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Despite today's low-yield environment, many investors will still need to look to fixed income for income generation, growth, and diversification. The low correlation to equities and other fixed income asset classes make high yield bonds an attractive option.
Performance discussed within is as of 04/30/2018. See below for most recent performance.
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.
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.
$8.24
-$0.03
-0.36%
as of 09/24/2020
MNHAX
56382P195
08/01/2012
$1,000,000.00
Investment minimum may be waived for certain qualified retirement plans and discretionary investment accounts of the Advisor.
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Fact Sheet | |
| Applications & Forms |
As of 08/31/2020
0.43%
4.91%
4.95%
6.13%
6.59%
7.19%
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. 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.
| Gross | 0.79% |
| 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.
As of 08/31/2020
| AMERICAN TANKER INC 7.75000 07/02/2025 | 2.59% |
| AMS AG 7.00000 07/31/2025 | 2.56% |
| INTL FC STORE INC 8.62500 06/15/2025 | 2.55% |
| TUTOR PERINI CORP 6.87500 05/01/2025 | 2.37% |
| SLM CORP 5.12500 04/05/2022 | 2.25% |
| RADIAN GROUP INC 4.87500 03/15/2027 | 2.02% |
| NEW FORTRESS ENERGY INC 6.75000 09/15/2025 | 2.01% |
| NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 | 2.00% |
| FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 | 1.89% |
| LLOYDS BANK PLC 12.00000 12/16/2024 | 1.83% |
Top Ten Investments list is unaudited and excludes cash.
As of 08/31/2020
| Cash | 5.93% |
| Corporate | 93.19% |
| Mortgage | 0.88% |
As of 08/31/2020
| AAA | 5.93% |
| BBB | 6.67% |
| BB | 42.18% |
| B | 32.38% |
| CCC | 6.27% |
| D | 1.37% |
| NR | 5.20% |
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.
As of 08/31/2020
| CUSIP | Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|---|
| 00653VAA9 | ADAPTHEALTH LLC 6.12500 08/01/2028 | US | 2,030,000 | $2,126,425.00 | |
| 00791GAA5 | AG MERGER SUB II INC 10.75000 08/01/2027 | US | 2,057,000 | $2,098,140.00 | |
| 01166WAA5 | ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 | US | 2,290,000 | $2,377,406.09 | |
| 013822AC5 | ALCOA NEDERLAND HOLDING 6.12500 05/15/2028 | NL | 1,240,000 | $1,339,200.00 | |
| 02406PBA7 | AMERICAN AXLE & MFG INC 6.87500 07/01/2028 | US | 1,265,000 | $1,317,446.90 | |
| 03217CAA4 | AMS AG 7.00000 07/31/2025 | AT | 3,400,000 | $3,536,000.00 | |
| 03690AAD8 | ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 | US | 1,905,000 | $1,700,212.50 | |
| 03690AAF3 | ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 | US | 1,470,000 | $1,311,975.00 | |
| 071734AH0 | BAUSCH HEALTH COS INC 5.00000 01/30/2028 | CA | 1,705,000 | $1,683,687.50 | |
| 11680JAA0 | BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 | US | 4,253,000 | $8,335.88 | |
| 12654TAA8 | CNX MIDSTREAM PTR/CNX 6.50000 03/15/2026 | US | 595,000 | $595,880.60 | |
| 131477AT8 | CALUMET SPECIALTY PROD 11.00000 04/15/2025 | US | 1,330,000 | $1,263,500.00 | |
| 25787GAC4 | DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 | US | 2,070,000 | $2,152,800.00 | |
| 26150TAA7 | DRAWBRIDGE SPEC OPPOR FU 5.00000 08/01/2021 | US | 970,000 | $974,817.42 | |
| 262006208 | DREYFUS GVT CSH MANAGEMENT | US | 8,689,338.27 | $8,689,338.27 | |
| 26439XAC7 | DCP MIDSTREAM OPERATING 8.12500 08/16/2030 | US | 1,708,000 | $2,028,250.00 | |
| 26884LAG4 | EQT CORP 8.75000 02/01/2030 | US | 1,305,000 | $1,562,737.50 | |
| 30264DAA7 | FS ENERGY & POWER FUND 7.50000 08/15/2023 | US | 1,095,000 | $985,500.00 | |
| 315786AC7 | FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 | US | 2,360,000 | $2,601,900.00 | |
| 33834YAA6 | FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 | US | 1,987,000 | $1,996,935.00 | |
| 345370CW8 | FORD MOTOR COMPANY 9.00000 04/22/2025 | US | 1,000,000 | $1,170,265.00 | |
| 345370CX6 | FORD MOTOR COMPANY 9.62500 04/22/2030 | US | 1,000,000 | $1,310,775.00 | |
| 345397XU2 | FORD MOTOR CREDIT CO LLC 4.38900 01/08/2026 | US | 1,500,000 | $1,525,980.00 | |
| 346232AE1 | FORESTAR GROUP INC 5.00000 03/01/2028 | US | 1,275,000 | $1,288,234.50 | |
| 34960PAB7 | FORTRESS TRANS & INFRAST 6.50000 10/01/2025 | US | 1,435,000 | $1,391,950.00 | |
| 34960PAC5 | FORTRESS TRANS & INFRAST 9.75000 08/01/2027 | US | 1,320,000 | $1,407,476.40 | |
| 35166FAA0 | FOXTROT ESCROW ISSUER 12.25000 11/15/2026 | US | 1,545,000 | $1,686,475.65 | |
| 36166LAA5 | GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 | AE | 1,985,000 | $1,915,525.00 | |
| 36237HAA9 | G-III APPAREL GROUP LTD 7.87500 08/15/2025 | US | 2,050,000 | $2,037,187.50 | |
| 37255LAA5 | GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 | US | 2,060,000 | $2,170,992.80 | |
| 37953TAB1 | GLOBAL SHIP LEASE INC 9.87500 11/15/2022 | MH | 1,600,000 | $1,566,000.00 | |
| 418751AD5 | HAT HOLDINGS I LLC/HAT 3.75000 09/15/2030 | US | 1,400,000 | $1,407,000.00 | |
| 431571AB4 | HILLENBRAND INC 4.50000 09/15/2026 | US | 1,970,000 | $2,112,825.00 | |
| 443201AA6 | HOWMET AEROSPACE INC 6.87500 05/01/2025 | US | 1,975,000 | $2,244,930.70 | |
| 444454AD4 | HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 | US | 1,305,000 | $1,425,712.50 | |
| 450913AE8 | IAMGOLD CORP 7.00000 04/15/2025 | CA | 2,040,000 | $2,142,000.00 | |
| 45569LAA9 | INDIGO NATURAL RES LLC 6.87500 02/15/2026 | US | 890,000 | $910,025.00 | |
| 45682RAA8 | INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 | AU | 1,979,000 | $1,880,050.00 | |
| 46116VAE5 | INTL FC STORE INC 8.62500 06/15/2025 | US | 3,250,000 | $3,518,125.00 | |
| 46284VAN1 | IRON MOUNTAIN INC 4.50000 02/15/2031 | US | 1,385,000 | $1,421,522.45 | |
| 46567TAA2 | ITHACA ENERGY NORTH 9.37500 07/15/2024 | GB | 1,000,000 | $965,020.00 | |
| 47987LAA9 | JONAH NRG LLC/FINANCE 7.25000 10/15/2025 | US | 2,215,000 | $310,100.00 | |
| 48088LAB3 | JOSEPH T RYERSON & SON 8.50000 08/01/2028 | US | 1,265,000 | $1,382,012.50 | |
| 487526AB1 | KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 | US | 2,040,000 | $2,218,500.00 | |
| 505742AG1 | LADDER CAP FIN LLLP/CORP 5.25000 10/01/2025 | US | 1,950,000 | $1,852,500.00 | |
| 539473AE8 | LLOYDS BANK PLC 12.00000 12/16/2024 | GB | 2,165,000 | $2,529,906.42 | |
| 541056AA5 | LOGAN MERGER SUB INC 5.50000 09/01/2027 | US | 1,115,000 | $1,136,954.35 | |
| 54238XAC2 | LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 | US | 2,370,000 | $379,200.00 | |
| 552697AQ7 | MDC PARTNERS INC 6.50000 05/01/2024 | CA | 1,415,000 | $1,351,325.00 | |
| 552848AG8 | MGIC INVESTMENT CORP 5.25000 08/15/2028 | US | 2,060,000 | $2,163,000.00 | |
| 577128AA9 | MATTHEWS INTERNATIONAL C 5.25000 12/01/2025 | US | 460,000 | $434,700.00 | |
| 61965RAA3 | MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 | US | 2,070,000 | $1,417,950.00 | |
| 62426EAA3 | MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 | CA | 1,655,000 | $1,208,150.00 | |
| 62913TAJ1 | NGL ENRGY PART LP/FIN CO 7.50000 11/01/2023 | US | 1,250,000 | $912,500.00 | |
| 63938CAH1 | NAVIENT CORP 6.75000 06/25/2025 | US | 1,940,000 | $2,022,450.00 | |
| 63938NAF1 | NAVIOS SA LOGIST/FIN US 10.75000 07/01/2025 | MH | 745,000 | $806,462.50 | |
| 644393AA8 | NEW FORTRESS ENERGY INC 6.75000 09/15/2025 | US | 2,725,000 | $2,765,057.50 | |
| 66727WAA0 | NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | CA | 6,535,000 | $104,560.00 | |
| 67401PAB4 | OAKTREE SPECIALTY LEND 3.50000 02/25/2025 | US | 1,285,000 | $1,293,567.79 | |
| 674599EA9 | OCCIDENTAL PETROLEUM COR 8.87500 07/15/2030 | US | 1,310,000 | $1,480,300.00 | |
| 675232AB8 | OCEANEERING INTL INC 6.00000 02/01/2028 | US | 2,065,000 | $1,303,015.00 | |
| 682189AQ8 | ON SEMICONDUCTOR CORP 3.87500 09/01/2028 | US | 1,405,000 | $1,466,089.40 | |
| 68555PAA8 | ORBCOMM INC 8.00000 04/01/2024 | US | 2,050,000 | $1,993,625.00 | |
| 69144AAB5 | OXFIN 2020-1A B 4.03700 02/15/2028 | US | 1,300,000 | $1,286,228.84 | |
| 69145LAA2 | OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 | US | 543,000 | $517,408.41 | |
| 69327RAJ0 | PDC ENERGY INC 5.75000 05/15/2026 | US | 1,335,000 | $1,365,705.00 | |
| 69354NAC0 | PRA GROUP INC 7.37500 09/01/2025 | US | 1,955,000 | $2,083,834.50 | |
| 719245AD4 | PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 | US | 1,670,000 | $1,534,830.20 | |
| 74166MAE6 | PRIME SECSRVC BRW/FINANC 6.25000 01/15/2028 | US | 2,050,000 | $2,152,500.00 | |
| 750236AW1 | RADIAN GROUP INC 4.87500 03/15/2027 | US | 2,775,000 | $2,783,325.00 | |
| 78442PGC4 | SLM CORP 5.12500 04/05/2022 | US | 3,012,000 | $3,102,360.00 | |
| 85172FAN9 | SPRINGLEAF FINANCE CORP 7.12500 03/15/2026 | US | 1,375,000 | $1,577,805.63 | |
| 85571BAL9 | STARWOOD PROPERTY TRUST 4.75000 03/15/2025 | US | 2,040,000 | $1,963,500.00 | |
| 861036AA9 | STL HOLDING CO LLC 7.50000 02/15/2026 | US | 1,885,000 | $1,908,562.50 | |
| 87422VAJ7 | TALEN ENERGY SUPPLY LLC 7.62500 06/01/2028 | US | 1,785,000 | $1,844,601.15 | |
| 87854WAA1 | TECHNIPLAS LLC 10.00000 05/01/2020 | US | 870,000 | $193,575.00 | |
| 88167AAK7 | TEVA PHARMACEUTICALS NE 6.75000 03/01/2028 | NL | 1,200,000 | $1,308,000.00 | |
| 892231AA9 | TOWNSQUARE MEDIA INC 6.50000 04/01/2023 | US | 1,935,000 | $1,785,037.50 | |
| 901109AF5 | TUTOR PERINI CORP 6.87500 05/01/2025 | US | 3,395,000 | $3,267,687.50 | |
| 95081QAP9 | WESCO DISTRIBUTION INC 7.25000 06/15/2028 | US | 1,940,000 | $2,164,040.90 | |
| 962178AN9 | TRI POINTE GROUP / HOMES 5.87500 06/15/2024 | US | 1,680,000 | $1,822,800.00 | |
| 966387AH5 | WHITING PETROLEUM CORP 5.75000 03/15/2021 | US | 5,375,000 | $1,209,375.00 | |
| BK0939417 | AMERICAN TANKER INC 7.75000 07/02/2025 | US | 3,550,000 | $3,572,365.00 | |
| ZO1818103 | NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 | MH | 2,750,000 | $2,756,627.50 |
Investments will change over time.
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.
Despite today's low-yield environment, many investors will still need to look to fixed income for income generation, growth, and diversification. The low correlation to equities and other fixed income asset classes make high yield bonds an attractive option.
Performance discussed within is as of 04/30/2018. See below for most recent performance.
$8.24
-$0.03
-0.36%
as of 09/24/2020
MNHAX
56382P195
08/01/2012
$1,000,000.00
Investment minimum may be waived for certain qualified retirement plans and discretionary investment accounts of the Advisor.
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Fact Sheet | |
| Applications & Forms |
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.
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.
As of 08/31/2020
0.43%
4.91%
4.95%
6.13%
6.59%
7.19%
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. 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.
| Gross | 0.79% |
| 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.
As of 08/31/2020
| AMERICAN TANKER INC 7.75000 07/02/2025 | 2.59% |
| AMS AG 7.00000 07/31/2025 | 2.56% |
| INTL FC STORE INC 8.62500 06/15/2025 | 2.55% |
| TUTOR PERINI CORP 6.87500 05/01/2025 | 2.37% |
| SLM CORP 5.12500 04/05/2022 | 2.25% |
| RADIAN GROUP INC 4.87500 03/15/2027 | 2.02% |
| NEW FORTRESS ENERGY INC 6.75000 09/15/2025 | 2.01% |
| NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 | 2.00% |
| FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 | 1.89% |
| LLOYDS BANK PLC 12.00000 12/16/2024 | 1.83% |
Top Ten Investments list is unaudited and excludes cash.
As of 08/31/2020
| Cash | 5.93% | |
| Corporate | 93.19% | |
| Mortgage | 0.88% |
As of 08/31/2020
| AAA | 5.93% | |
| BBB | 6.67% | |
| BB | 42.18% | |
| B | 32.38% | |
| CCC | 6.27% | |
| D | 1.37% | |
| NR | 5.20% |
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.
As of 08/31/2020
| CUSIP | Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|---|
| 00653VAA9 | ADAPTHEALTH LLC 6.12500 08/01/2028 | US | 2,030,000 | $2,126,425.00 | |
| 00791GAA5 | AG MERGER SUB II INC 10.75000 08/01/2027 | US | 2,057,000 | $2,098,140.00 | |
| 01166WAA5 | ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 | US | 2,290,000 | $2,377,406.09 | |
| 013822AC5 | ALCOA NEDERLAND HOLDING 6.12500 05/15/2028 | NL | 1,240,000 | $1,339,200.00 | |
| 02406PBA7 | AMERICAN AXLE & MFG INC 6.87500 07/01/2028 | US | 1,265,000 | $1,317,446.90 | |
| 03217CAA4 | AMS AG 7.00000 07/31/2025 | AT | 3,400,000 | $3,536,000.00 | |
| 03690AAD8 | ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 | US | 1,905,000 | $1,700,212.50 | |
| 03690AAF3 | ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 | US | 1,470,000 | $1,311,975.00 | |
| 071734AH0 | BAUSCH HEALTH COS INC 5.00000 01/30/2028 | CA | 1,705,000 | $1,683,687.50 | |
| 11680JAA0 | BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 | US | 4,253,000 | $8,335.88 | |
| 12654TAA8 | CNX MIDSTREAM PTR/CNX 6.50000 03/15/2026 | US | 595,000 | $595,880.60 | |
| 131477AT8 | CALUMET SPECIALTY PROD 11.00000 04/15/2025 | US | 1,330,000 | $1,263,500.00 | |
| 25787GAC4 | DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 | US | 2,070,000 | $2,152,800.00 | |
| 26150TAA7 | DRAWBRIDGE SPEC OPPOR FU 5.00000 08/01/2021 | US | 970,000 | $974,817.42 | |
| 262006208 | DREYFUS GVT CSH MANAGEMENT | US | 8,689,338.27 | $8,689,338.27 | |
| 26439XAC7 | DCP MIDSTREAM OPERATING 8.12500 08/16/2030 | US | 1,708,000 | $2,028,250.00 | |
| 26884LAG4 | EQT CORP 8.75000 02/01/2030 | US | 1,305,000 | $1,562,737.50 | |
| 30264DAA7 | FS ENERGY & POWER FUND 7.50000 08/15/2023 | US | 1,095,000 | $985,500.00 | |
| 315786AC7 | FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 | US | 2,360,000 | $2,601,900.00 | |
| 33834YAA6 | FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 | US | 1,987,000 | $1,996,935.00 | |
| 345370CW8 | FORD MOTOR COMPANY 9.00000 04/22/2025 | US | 1,000,000 | $1,170,265.00 | |
| 345370CX6 | FORD MOTOR COMPANY 9.62500 04/22/2030 | US | 1,000,000 | $1,310,775.00 | |
| 345397XU2 | FORD MOTOR CREDIT CO LLC 4.38900 01/08/2026 | US | 1,500,000 | $1,525,980.00 | |
| 346232AE1 | FORESTAR GROUP INC 5.00000 03/01/2028 | US | 1,275,000 | $1,288,234.50 | |
| 34960PAB7 | FORTRESS TRANS & INFRAST 6.50000 10/01/2025 | US | 1,435,000 | $1,391,950.00 | |
| 34960PAC5 | FORTRESS TRANS & INFRAST 9.75000 08/01/2027 | US | 1,320,000 | $1,407,476.40 | |
| 35166FAA0 | FOXTROT ESCROW ISSUER 12.25000 11/15/2026 | US | 1,545,000 | $1,686,475.65 | |
| 36166LAA5 | GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 | AE | 1,985,000 | $1,915,525.00 | |
| 36237HAA9 | G-III APPAREL GROUP LTD 7.87500 08/15/2025 | US | 2,050,000 | $2,037,187.50 | |
| 37255LAA5 | GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 | US | 2,060,000 | $2,170,992.80 | |
| 37953TAB1 | GLOBAL SHIP LEASE INC 9.87500 11/15/2022 | MH | 1,600,000 | $1,566,000.00 | |
| 418751AD5 | HAT HOLDINGS I LLC/HAT 3.75000 09/15/2030 | US | 1,400,000 | $1,407,000.00 | |
| 431571AB4 | HILLENBRAND INC 4.50000 09/15/2026 | US | 1,970,000 | $2,112,825.00 | |
| 443201AA6 | HOWMET AEROSPACE INC 6.87500 05/01/2025 | US | 1,975,000 | $2,244,930.70 | |
| 444454AD4 | HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 | US | 1,305,000 | $1,425,712.50 | |
| 450913AE8 | IAMGOLD CORP 7.00000 04/15/2025 | CA | 2,040,000 | $2,142,000.00 | |
| 45569LAA9 | INDIGO NATURAL RES LLC 6.87500 02/15/2026 | US | 890,000 | $910,025.00 | |
| 45682RAA8 | INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 | AU | 1,979,000 | $1,880,050.00 | |
| 46116VAE5 | INTL FC STORE INC 8.62500 06/15/2025 | US | 3,250,000 | $3,518,125.00 | |
| 46284VAN1 | IRON MOUNTAIN INC 4.50000 02/15/2031 | US | 1,385,000 | $1,421,522.45 | |
| 46567TAA2 | ITHACA ENERGY NORTH 9.37500 07/15/2024 | GB | 1,000,000 | $965,020.00 | |
| 47987LAA9 | JONAH NRG LLC/FINANCE 7.25000 10/15/2025 | US | 2,215,000 | $310,100.00 | |
| 48088LAB3 | JOSEPH T RYERSON & SON 8.50000 08/01/2028 | US | 1,265,000 | $1,382,012.50 | |
| 487526AB1 | KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 | US | 2,040,000 | $2,218,500.00 | |
| 505742AG1 | LADDER CAP FIN LLLP/CORP 5.25000 10/01/2025 | US | 1,950,000 | $1,852,500.00 | |
| 539473AE8 | LLOYDS BANK PLC 12.00000 12/16/2024 | GB | 2,165,000 | $2,529,906.42 | |
| 541056AA5 | LOGAN MERGER SUB INC 5.50000 09/01/2027 | US | 1,115,000 | $1,136,954.35 | |
| 54238XAC2 | LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 | US | 2,370,000 | $379,200.00 | |
| 552697AQ7 | MDC PARTNERS INC 6.50000 05/01/2024 | CA | 1,415,000 | $1,351,325.00 | |
| 552848AG8 | MGIC INVESTMENT CORP 5.25000 08/15/2028 | US | 2,060,000 | $2,163,000.00 | |
| 577128AA9 | MATTHEWS INTERNATIONAL C 5.25000 12/01/2025 | US | 460,000 | $434,700.00 | |
| 61965RAA3 | MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 | US | 2,070,000 | $1,417,950.00 | |
| 62426EAA3 | MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 | CA | 1,655,000 | $1,208,150.00 | |
| 62913TAJ1 | NGL ENRGY PART LP/FIN CO 7.50000 11/01/2023 | US | 1,250,000 | $912,500.00 | |
| 63938CAH1 | NAVIENT CORP 6.75000 06/25/2025 | US | 1,940,000 | $2,022,450.00 | |
| 63938NAF1 | NAVIOS SA LOGIST/FIN US 10.75000 07/01/2025 | MH | 745,000 | $806,462.50 | |
| 644393AA8 | NEW FORTRESS ENERGY INC 6.75000 09/15/2025 | US | 2,725,000 | $2,765,057.50 | |
| 66727WAA0 | NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | CA | 6,535,000 | $104,560.00 | |
| 67401PAB4 | OAKTREE SPECIALTY LEND 3.50000 02/25/2025 | US | 1,285,000 | $1,293,567.79 | |
| 674599EA9 | OCCIDENTAL PETROLEUM COR 8.87500 07/15/2030 | US | 1,310,000 | $1,480,300.00 | |
| 675232AB8 | OCEANEERING INTL INC 6.00000 02/01/2028 | US | 2,065,000 | $1,303,015.00 | |
| 682189AQ8 | ON SEMICONDUCTOR CORP 3.87500 09/01/2028 | US | 1,405,000 | $1,466,089.40 | |
| 68555PAA8 | ORBCOMM INC 8.00000 04/01/2024 | US | 2,050,000 | $1,993,625.00 | |
| 69144AAB5 | OXFIN 2020-1A B 4.03700 02/15/2028 | US | 1,300,000 | $1,286,228.84 | |
| 69145LAA2 | OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 | US | 543,000 | $517,408.41 | |
| 69327RAJ0 | PDC ENERGY INC 5.75000 05/15/2026 | US | 1,335,000 | $1,365,705.00 | |
| 69354NAC0 | PRA GROUP INC 7.37500 09/01/2025 | US | 1,955,000 | $2,083,834.50 | |
| 719245AD4 | PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 | US | 1,670,000 | $1,534,830.20 | |
| 74166MAE6 | PRIME SECSRVC BRW/FINANC 6.25000 01/15/2028 | US | 2,050,000 | $2,152,500.00 | |
| 750236AW1 | RADIAN GROUP INC 4.87500 03/15/2027 | US | 2,775,000 | $2,783,325.00 | |
| 78442PGC4 | SLM CORP 5.12500 04/05/2022 | US | 3,012,000 | $3,102,360.00 | |
| 85172FAN9 | SPRINGLEAF FINANCE CORP 7.12500 03/15/2026 | US | 1,375,000 | $1,577,805.63 | |
| 85571BAL9 | STARWOOD PROPERTY TRUST 4.75000 03/15/2025 | US | 2,040,000 | $1,963,500.00 | |
| 861036AA9 | STL HOLDING CO LLC 7.50000 02/15/2026 | US | 1,885,000 | $1,908,562.50 | |
| 87422VAJ7 | TALEN ENERGY SUPPLY LLC 7.62500 06/01/2028 | US | 1,785,000 | $1,844,601.15 | |
| 87854WAA1 | TECHNIPLAS LLC 10.00000 05/01/2020 | US | 870,000 | $193,575.00 | |
| 88167AAK7 | TEVA PHARMACEUTICALS NE 6.75000 03/01/2028 | NL | 1,200,000 | $1,308,000.00 | |
| 892231AA9 | TOWNSQUARE MEDIA INC 6.50000 04/01/2023 | US | 1,935,000 | $1,785,037.50 | |
| 901109AF5 | TUTOR PERINI CORP 6.87500 05/01/2025 | US | 3,395,000 | $3,267,687.50 | |
| 95081QAP9 | WESCO DISTRIBUTION INC 7.25000 06/15/2028 | US | 1,940,000 | $2,164,040.90 | |
| 962178AN9 | TRI POINTE GROUP / HOMES 5.87500 06/15/2024 | US | 1,680,000 | $1,822,800.00 | |
| 966387AH5 | WHITING PETROLEUM CORP 5.75000 03/15/2021 | US | 5,375,000 | $1,209,375.00 | |
| BK0939417 | AMERICAN TANKER INC 7.75000 07/02/2025 | US | 3,550,000 | $3,572,365.00 | |
| ZO1818103 | NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 | MH | 2,750,000 | $2,756,627.50 |
Investments will change over time.
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.
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