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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.
Our team is here to answer any questions you may have. Contact us if you would like to learn more about our selective, straightforward approach to high yield investing.
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.
$9.08
-$0.02
-0.22%
as of 11/24/2021
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 | |
| N-Port Part F Reports |
As of 10/31/2021
9.34%
16.32%
9.04%
7.61%
7.20%
7.79%
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 | 0.76% |
| 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 10/31/2021
| AMERICAN TANKER INC 7.75000 07/02/2025 | 2.37% |
| IEA ENERGY SERVICES LLC 6.62500 08/15/2029 | 2.15% |
| AMERICAN AXLE & MANUFACTURING 3.00000 04/06/2024 | 2.10% |
| IIP OPERATING PARTNER 5.50000 05/25/2026 | 2.05% |
| FORD MOTOR COMPANY 9.00000 04/22/2025 | 2.03% |
| PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 | 2.02% |
| COPPER MOUNTAIN MINING C 8.00000 04/09/2026 | 1.88% |
| TACORA RESOURCES INC 8.25000 05/15/2026 | 1.87% |
| BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 | 1.81% |
| JONAH ENERGY PARENT LLC | 1.78% |
Top Ten Investments list is unaudited and excludes cash.
As of 10/31/2021
| Cash | 8.05% |
| Corporate | 86.83% |
| Mortgage | 3.00% |
| Other | 2.12% |
As of 10/31/2021
| AAA | 8.05% |
| BBB | 7.14% |
| BB | 35.55% |
| B | 22.73% |
| CCC | 1.31% |
| D | 0.00% |
| NR | 25.22% |
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 10/31/2021
| CUSIP | Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|---|
| 01166WAA5 | ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 | US | 2,796,223.12 | $3,153,735.63 | |
| 02406MAP2 | AMERICAN AXLE & MANUFACTURING 3.00000 04/06/2024 | US | 4,811,298.33 | $4,801,002.15 | |
| 04916WAA2 | ATLANTICA SUSTAIN INFRA 4.12500 06/15/2028 | GB | 3,250,000 | $3,310,937.50 | |
| 07403VAA7 | BEASLEY MEZ HLDGS LLC 8.62500 02/01/2026 | US | 3,250,000 | $3,266,250.00 | |
| 075896AB6 | BED BATH & BEYOND INC 4.91500 08/01/2034 | US | 2,100,000 | $1,890,000.00 | |
| 12345678 | JONAH ENERGY PARENT LLC | US | 65,341 | $4,083,812.50 | |
| 144523AC1 | CARRINGTON HOLDING CO LL 8.00000 01/01/2026 | US | 3,000,000 | $3,021,406.38 | |
| 156700BA3 | CENTURYLINK INC 7.50000 04/01/2024 | US | 3,075,000 | $3,374,812.50 | |
| 18469LAA7 | CLEAR STREET HOLDINGS 5.87500 05/15/2026 | US | 1,500,000 | $1,506,985.79 | |
| 18538RAJ2 | CLEARWATER PAPER CORP 4.75000 08/15/2028 | US | 3,070,000 | $3,112,212.50 | |
| 19260QAC1 | COINBASE GLOBAL INC 3.37500 10/01/2028 | US | 3,675,000 | $3,546,375.00 | |
| 26150TAE9 | DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 | US | 2,400,000 | $2,464,968.65 | |
| 267475AD3 | DYCOM INDUSTRIES INC 4.50000 04/15/2029 | US | 3,302,000 | $3,351,530.00 | |
| 29261HAA3 | ENDEAVOR MINING PLC 5.00000 10/14/2026 | GB | 3,000,000 | $3,022,500.00 | |
| 29275YAC6 | ENERSYS 4.37500 12/15/2027 | US | 1,768,000 | $1,856,400.00 | |
| 30264DAA7 | FS ENERGY & POWER FUND 7.50000 08/15/2023 | US | 3,140,000 | $3,265,600.00 | |
| 345370CW8 | FORD MOTOR COMPANY 9.00000 04/22/2025 | US | 3,865,000 | $4,647,662.50 | |
| 346232AF8 | FORESTAR GROUP INC 3.85000 05/15/2026 | US | 2,630,000 | $2,629,973.70 | |
| 37255LAA5 | GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 | US | 2,645,000 | $2,896,275.00 | |
| 382550BL4 | GOODYEAR TIRE & RUBBER 5.00000 07/15/2029 | US | 3,250,000 | $3,428,750.00 | |
| 400666AA1 | GUARA NORTE SARL 5.19800 06/15/2034 | LU | 3,585,358.5 | $3,509,205.49 | |
| 411618AB7 | HARBOUR ENERGY PLC 5.50000 10/15/2026 | GB | 3,500,000 | $3,477,460.00 | |
| 415858208 | HARROW HEALTH | US | 70,000 | $1,830,500.00 | |
| 418751AE3 | HAT HOLDINGS I LLC/HAT 3.37500 06/15/2026 | US | 3,250,000 | $3,221,562.50 | |
| 428102AE7 | HESS MIDSTREAM OPERATION 4.25000 02/15/2030 | US | 3,000,000 | $3,000,000.00 | |
| 44267DAE7 | HOWARD HUGHES CORP 4.12500 02/01/2029 | US | 3,060,000 | $3,063,090.60 | |
| 44988FAD2 | IIP OPERATING PARTNER 5.50000 05/25/2026 | US | 4,455,000 | $4,701,114.02 | |
| 450913AF5 | IAMGOLD CORP 5.75000 10/15/2028 | CA | 3,555,000 | $3,492,787.50 | |
| 45174AAA0 | IEA ENERGY SERVICES LLC 6.62500 08/15/2029 | US | 5,000,000 | $4,925,000.00 | |
| 45682RAA8 | INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 | AU | 2,479,000 | $2,621,542.50 | |
| 46116VAE5 | INTL FC STORE INC 8.62500 06/15/2025 | US | 2,230,000 | $2,369,375.00 | |
| 505742AM8 | LONDON CAP FIN 4.25000 02/01/2027 | US | 3,500,000 | $3,517,465.00 | |
| 539473AE8 | LLOYDS BANK PLC 12.00000 12/16/2024 | GB | 3,950,000 | $4,063,562.50 | |
| 55616XAM9 | MACY'S RETAIL HLDGS LLC 4.50000 12/15/2034 | US | 3,600,000 | $3,521,916.00 | |
| 59567LAA2 | MIDCAP FINANCIAL ISSR TR 6.50000 05/01/2028 | US | 3,250,000 | $3,371,875.00 | |
| 61965RAA3 | MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 | US | 3,500,000 | $3,183,950.00 | |
| 63938CAH1 | NAVIENT CORP 6.75000 06/25/2025 | US | 1,875,000 | $2,063,568.75 | |
| 644393AA8 | NEW FORTRESS ENERGY INC 6.75000 09/15/2025 | US | 3,287,000 | $3,200,699.82 | |
| 66727WAA0 | NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | CA | 6,535,000 | $653.50 | |
| 69354NAD8 | PRA GROUP 5.00000 10/01/2029 | US | 2,500,000 | $2,470,475.00 | |
| 70615PAA2 | PELORUS FUND REIT 7.00000 09/30/2026 | US | 2,750,000 | $2,708,117.64 | |
| 70789PAA2 | PENN VIRGINIA ESC LLC 9.25000 08/15/2026 | US | 3,060,000 | $3,190,050.00 | |
| 70806AAA4 | PENNANTPARK FLOATING RAT 4.25000 04/01/2026 | US | 1,960,000 | $1,967,952.09 | |
| 727493AC2 | PLANTRONICS INC 4.75000 03/01/2029 | US | 3,500,000 | $3,211,250.00 | |
| 733174AK2 | POPULAR INC 6.12500 09/14/2023 | PR | 3,200,000 | $3,416,686.08 | |
| 74166MAC0 | PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 | US | 4,330,000 | $4,631,584.50 | |
| 750236AW1 | RADIAN GROUP INC 4.87500 03/15/2027 | US | 2,205,000 | $2,406,206.25 | |
| 76174LAA1 | REYNOLDS GRP ISS/REYNOLD 4.00000 10/15/2027 | US | 2,250,000 | $2,201,625.00 | |
| 78442FAZ1 | SLM CORP 5.62500 08/01/2033 | US | 2,090,000 | $1,985,500.00 | |
| 78442PGC4 | SLM CORP 5.12500 04/05/2022 | US | 358,000 | $363,191.00 | |
| 78468R622 | SPDR BARCLAYS CAPITAL HIGH 4.72800 | US | 33,348 | $3,622,259.76 | |
| 82967NBJ6 | SIRIUS XM RADIO INC 4.00000 07/15/2028 | US | 3,500,000 | $3,521,698.25 | |
| 85571BAL9 | STARWOOD PROPERTY TRUST 4.75000 03/15/2025 | US | 3,000,000 | $3,152,700.00 | |
| 861036AA9 | STL HOLDING CO LLC 7.50000 02/15/2026 | US | 2,830,000 | $2,964,425.00 | |
| 86745GAF0 | SUNNOVA ENERGY CORP 5.87500 09/01/2026 | US | 3,500,000 | $3,552,500.00 | |
| 87157B301 | SYNCHRONOSS TECH 8.37500 06/30/2026 | US | 90,700 | $2,193,126.00 | |
| 87356LAA8 | TACORA RESOURCES INC 8.25000 05/15/2026 | CA | 4,260,000 | $4,270,650.00 | |
| 90932KAA7 | UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 | US | 2,678,401.4 | $2,645,295.28 | |
| 90932NAA1 | UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 | US | 1,434,396.41 | $1,464,839.90 | |
| 92840VAH5 | VISTRA OPERATIONS CO LLC 4.37500 05/01/2029 | US | 3,711,000 | $3,673,890.00 | |
| BK0939417 | AMERICAN TANKER INC 7.75000 07/02/2025 | US | 5,300,000 | $5,428,525.00 | |
| BL3556133 | JAZZ TL B 1L 4.00000 05/05/2028 | LU | 2,493,750 | $2,496,867.19 | |
| BL3665124 | MEDLINE 3.75000 10/21/2028 | US | 3,500,000 | $3,503,465.00 | |
| BN6725160 | SEASPAN CORP 6.50000 02/05/2024 | MH | 3,200,000 | $3,376,000.00 | |
| BN7860420 | PETROTAL CORP 12.00000 02/16/2024 | CA | 2,275,000 | $2,388,750.00 | |
| BO4553299 | TIGER HOLDCO PTE LTD 13.00000 06/10/2023 | SG | 50,312 | $50,815.12 | |
| BO8204600 | COPPER MOUNTAIN MINING C 8.00000 04/09/2026 | CA | 4,116,000 | $4,290,930.00 | |
| BP3061408 | AIRSWIFT GLOBAL AS FLT 8.62275 05/12/2025 | NO | 3,100,000 | $3,115,500.00 | |
| BP9857429 | DIANA SHIPPING INC 8.37500 06/22/2026 | MH | 3,000,000 | $3,112,500.00 | |
| BQ0584657 | JERVOIS MINING LTD 12.50000 07/20/2026 | AU | 3,000,000 | $3,178,140.00 | |
| BQ1125120 | KENT GLOBAL PLC 10.00000 06/28/2026 | GB | 3,420,000 | $3,412,236.60 | |
| BQ5523163 | PING PETROLEUM UK 12.00000 07/29/2024 | GB | 2,000,000 | $1,980,000.00 | |
| BR8705906 | TIDEWATER INC 8.50000 11/16/2026 | US | 3,600,000 | $3,597,084.00 | |
| USD | US DOLLAR | US | 19,500,511.51 | $19,500,511.51 | |
| ZO1818103 | NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 | MH | 3,200,000 | $3,344,000.00 | |
| ZO4110185 | BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 | AE | 4,053,000 | $4,144,192.50 |
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.
Our team is here to answer any questions you may have. Contact us if you would like to learn more about our selective, straightforward approach to high yield investing.
$9.08
-$0.02
-0.22%
as of 11/24/2021
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 | |
| N-Port Part F Reports |
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 10/31/2021
9.34%
16.32%
9.04%
7.61%
7.20%
7.79%
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 | 0.76% |
| 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 10/31/2021
| AMERICAN TANKER INC 7.75000 07/02/2025 | 2.37% |
| IEA ENERGY SERVICES LLC 6.62500 08/15/2029 | 2.15% |
| AMERICAN AXLE & MANUFACTURING 3.00000 04/06/2024 | 2.10% |
| IIP OPERATING PARTNER 5.50000 05/25/2026 | 2.05% |
| FORD MOTOR COMPANY 9.00000 04/22/2025 | 2.03% |
| PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 | 2.02% |
| COPPER MOUNTAIN MINING C 8.00000 04/09/2026 | 1.88% |
| TACORA RESOURCES INC 8.25000 05/15/2026 | 1.87% |
| BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 | 1.81% |
| JONAH ENERGY PARENT LLC | 1.78% |
Top Ten Investments list is unaudited and excludes cash.
As of 10/31/2021
| Cash | 8.05% | |
| Corporate | 86.83% | |
| Mortgage | 3.00% | |
| Other | 2.12% |
As of 10/31/2021
| AAA | 8.05% | |
| BBB | 7.14% | |
| BB | 35.55% | |
| B | 22.73% | |
| CCC | 1.31% | |
| D | 0.00% | |
| NR | 25.22% |
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 10/31/2021
| CUSIP | Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|---|
| 01166WAA5 | ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 | US | 2,796,223.12 | $3,153,735.63 | |
| 02406MAP2 | AMERICAN AXLE & MANUFACTURING 3.00000 04/06/2024 | US | 4,811,298.33 | $4,801,002.15 | |
| 04916WAA2 | ATLANTICA SUSTAIN INFRA 4.12500 06/15/2028 | GB | 3,250,000 | $3,310,937.50 | |
| 07403VAA7 | BEASLEY MEZ HLDGS LLC 8.62500 02/01/2026 | US | 3,250,000 | $3,266,250.00 | |
| 075896AB6 | BED BATH & BEYOND INC 4.91500 08/01/2034 | US | 2,100,000 | $1,890,000.00 | |
| 12345678 | JONAH ENERGY PARENT LLC | US | 65,341 | $4,083,812.50 | |
| 144523AC1 | CARRINGTON HOLDING CO LL 8.00000 01/01/2026 | US | 3,000,000 | $3,021,406.38 | |
| 156700BA3 | CENTURYLINK INC 7.50000 04/01/2024 | US | 3,075,000 | $3,374,812.50 | |
| 18469LAA7 | CLEAR STREET HOLDINGS 5.87500 05/15/2026 | US | 1,500,000 | $1,506,985.79 | |
| 18538RAJ2 | CLEARWATER PAPER CORP 4.75000 08/15/2028 | US | 3,070,000 | $3,112,212.50 | |
| 19260QAC1 | COINBASE GLOBAL INC 3.37500 10/01/2028 | US | 3,675,000 | $3,546,375.00 | |
| 26150TAE9 | DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 | US | 2,400,000 | $2,464,968.65 | |
| 267475AD3 | DYCOM INDUSTRIES INC 4.50000 04/15/2029 | US | 3,302,000 | $3,351,530.00 | |
| 29261HAA3 | ENDEAVOR MINING PLC 5.00000 10/14/2026 | GB | 3,000,000 | $3,022,500.00 | |
| 29275YAC6 | ENERSYS 4.37500 12/15/2027 | US | 1,768,000 | $1,856,400.00 | |
| 30264DAA7 | FS ENERGY & POWER FUND 7.50000 08/15/2023 | US | 3,140,000 | $3,265,600.00 | |
| 345370CW8 | FORD MOTOR COMPANY 9.00000 04/22/2025 | US | 3,865,000 | $4,647,662.50 | |
| 346232AF8 | FORESTAR GROUP INC 3.85000 05/15/2026 | US | 2,630,000 | $2,629,973.70 | |
| 37255LAA5 | GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 | US | 2,645,000 | $2,896,275.00 | |
| 382550BL4 | GOODYEAR TIRE & RUBBER 5.00000 07/15/2029 | US | 3,250,000 | $3,428,750.00 | |
| 400666AA1 | GUARA NORTE SARL 5.19800 06/15/2034 | LU | 3,585,358.5 | $3,509,205.49 | |
| 411618AB7 | HARBOUR ENERGY PLC 5.50000 10/15/2026 | GB | 3,500,000 | $3,477,460.00 | |
| 415858208 | HARROW HEALTH | US | 70,000 | $1,830,500.00 | |
| 418751AE3 | HAT HOLDINGS I LLC/HAT 3.37500 06/15/2026 | US | 3,250,000 | $3,221,562.50 | |
| 428102AE7 | HESS MIDSTREAM OPERATION 4.25000 02/15/2030 | US | 3,000,000 | $3,000,000.00 | |
| 44267DAE7 | HOWARD HUGHES CORP 4.12500 02/01/2029 | US | 3,060,000 | $3,063,090.60 | |
| 44988FAD2 | IIP OPERATING PARTNER 5.50000 05/25/2026 | US | 4,455,000 | $4,701,114.02 | |
| 450913AF5 | IAMGOLD CORP 5.75000 10/15/2028 | CA | 3,555,000 | $3,492,787.50 | |
| 45174AAA0 | IEA ENERGY SERVICES LLC 6.62500 08/15/2029 | US | 5,000,000 | $4,925,000.00 | |
| 45682RAA8 | INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 | AU | 2,479,000 | $2,621,542.50 | |
| 46116VAE5 | INTL FC STORE INC 8.62500 06/15/2025 | US | 2,230,000 | $2,369,375.00 | |
| 505742AM8 | LONDON CAP FIN 4.25000 02/01/2027 | US | 3,500,000 | $3,517,465.00 | |
| 539473AE8 | LLOYDS BANK PLC 12.00000 12/16/2024 | GB | 3,950,000 | $4,063,562.50 | |
| 55616XAM9 | MACY'S RETAIL HLDGS LLC 4.50000 12/15/2034 | US | 3,600,000 | $3,521,916.00 | |
| 59567LAA2 | MIDCAP FINANCIAL ISSR TR 6.50000 05/01/2028 | US | 3,250,000 | $3,371,875.00 | |
| 61965RAA3 | MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 | US | 3,500,000 | $3,183,950.00 | |
| 63938CAH1 | NAVIENT CORP 6.75000 06/25/2025 | US | 1,875,000 | $2,063,568.75 | |
| 644393AA8 | NEW FORTRESS ENERGY INC 6.75000 09/15/2025 | US | 3,287,000 | $3,200,699.82 | |
| 66727WAA0 | NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | CA | 6,535,000 | $653.50 | |
| 69354NAD8 | PRA GROUP 5.00000 10/01/2029 | US | 2,500,000 | $2,470,475.00 | |
| 70615PAA2 | PELORUS FUND REIT 7.00000 09/30/2026 | US | 2,750,000 | $2,708,117.64 | |
| 70789PAA2 | PENN VIRGINIA ESC LLC 9.25000 08/15/2026 | US | 3,060,000 | $3,190,050.00 | |
| 70806AAA4 | PENNANTPARK FLOATING RAT 4.25000 04/01/2026 | US | 1,960,000 | $1,967,952.09 | |
| 727493AC2 | PLANTRONICS INC 4.75000 03/01/2029 | US | 3,500,000 | $3,211,250.00 | |
| 733174AK2 | POPULAR INC 6.12500 09/14/2023 | PR | 3,200,000 | $3,416,686.08 | |
| 74166MAC0 | PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 | US | 4,330,000 | $4,631,584.50 | |
| 750236AW1 | RADIAN GROUP INC 4.87500 03/15/2027 | US | 2,205,000 | $2,406,206.25 | |
| 76174LAA1 | REYNOLDS GRP ISS/REYNOLD 4.00000 10/15/2027 | US | 2,250,000 | $2,201,625.00 | |
| 78442FAZ1 | SLM CORP 5.62500 08/01/2033 | US | 2,090,000 | $1,985,500.00 | |
| 78442PGC4 | SLM CORP 5.12500 04/05/2022 | US | 358,000 | $363,191.00 | |
| 78468R622 | SPDR BARCLAYS CAPITAL HIGH 4.72800 | US | 33,348 | $3,622,259.76 | |
| 82967NBJ6 | SIRIUS XM RADIO INC 4.00000 07/15/2028 | US | 3,500,000 | $3,521,698.25 | |
| 85571BAL9 | STARWOOD PROPERTY TRUST 4.75000 03/15/2025 | US | 3,000,000 | $3,152,700.00 | |
| 861036AA9 | STL HOLDING CO LLC 7.50000 02/15/2026 | US | 2,830,000 | $2,964,425.00 | |
| 86745GAF0 | SUNNOVA ENERGY CORP 5.87500 09/01/2026 | US | 3,500,000 | $3,552,500.00 | |
| 87157B301 | SYNCHRONOSS TECH 8.37500 06/30/2026 | US | 90,700 | $2,193,126.00 | |
| 87356LAA8 | TACORA RESOURCES INC 8.25000 05/15/2026 | CA | 4,260,000 | $4,270,650.00 | |
| 90932KAA7 | UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 | US | 2,678,401.4 | $2,645,295.28 | |
| 90932NAA1 | UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 | US | 1,434,396.41 | $1,464,839.90 | |
| 92840VAH5 | VISTRA OPERATIONS CO LLC 4.37500 05/01/2029 | US | 3,711,000 | $3,673,890.00 | |
| BK0939417 | AMERICAN TANKER INC 7.75000 07/02/2025 | US | 5,300,000 | $5,428,525.00 | |
| BL3556133 | JAZZ TL B 1L 4.00000 05/05/2028 | LU | 2,493,750 | $2,496,867.19 | |
| BL3665124 | MEDLINE 3.75000 10/21/2028 | US | 3,500,000 | $3,503,465.00 | |
| BN6725160 | SEASPAN CORP 6.50000 02/05/2024 | MH | 3,200,000 | $3,376,000.00 | |
| BN7860420 | PETROTAL CORP 12.00000 02/16/2024 | CA | 2,275,000 | $2,388,750.00 | |
| BO4553299 | TIGER HOLDCO PTE LTD 13.00000 06/10/2023 | SG | 50,312 | $50,815.12 | |
| BO8204600 | COPPER MOUNTAIN MINING C 8.00000 04/09/2026 | CA | 4,116,000 | $4,290,930.00 | |
| BP3061408 | AIRSWIFT GLOBAL AS FLT 8.62275 05/12/2025 | NO | 3,100,000 | $3,115,500.00 | |
| BP9857429 | DIANA SHIPPING INC 8.37500 06/22/2026 | MH | 3,000,000 | $3,112,500.00 | |
| BQ0584657 | JERVOIS MINING LTD 12.50000 07/20/2026 | AU | 3,000,000 | $3,178,140.00 | |
| BQ1125120 | KENT GLOBAL PLC 10.00000 06/28/2026 | GB | 3,420,000 | $3,412,236.60 | |
| BQ5523163 | PING PETROLEUM UK 12.00000 07/29/2024 | GB | 2,000,000 | $1,980,000.00 | |
| BR8705906 | TIDEWATER INC 8.50000 11/16/2026 | US | 3,600,000 | $3,597,084.00 | |
| USD | US DOLLAR | US | 19,500,511.51 | $19,500,511.51 | |
| ZO1818103 | NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 | MH | 3,200,000 | $3,344,000.00 | |
| ZO4110185 | BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 | AE | 4,053,000 | $4,144,192.50 |
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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