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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.
$8.69
$0.01
0.12%
as of 01/14/2021
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 |
As of 12/31/2020
---
6.60%
6.44%
8.28%
6.67%
7.53%
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 12/31/2020
| AMERICAN TANKER INC 7.75000 07/02/2025 | 2.42% |
| TUTOR PERINI CORP 6.87500 05/01/2025 | 2.26% |
| GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 | 2.08% |
| RADIAN GROUP INC 4.87500 03/15/2027 | 2.07% |
| ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 | 2.04% |
| STL HOLDING CO LLC 7.50000 02/15/2026 | 1.99% |
| NEW FORTRESS ENERGY INC 6.75000 09/15/2025 | 1.97% |
| SLM CORP 4.20000 10/29/2025 | 1.97% |
| INTL FC STORE INC 8.62500 06/15/2025 | 1.95% |
| LADDER CAP FIN LLLP/CORP 5.25000 10/01/2025 | 1.93% |
Top Ten Investments list is unaudited and excludes cash.
As of 12/31/2020
| Cash | 2.68% |
| Corporate | 97.32% |
As of 12/31/2020
| AAA | 2.68% |
| BBB | 4.88% |
| BB | 41.66% |
| B | 40.93% |
| CCC | 3.80% |
| D | 0.06% |
| NR | 5.99% |
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 12/31/2020
| CUSIP | Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|---|
| 00653VAA9 | ADAPTHEALTH LLC 6.12500 08/01/2028 | US | 2,030,000 | $2,179,712.50 | |
| 00791GAA5 | AG MERGER SUB II INC 10.75000 08/01/2027 | US | 2,057,000 | $2,272,985.00 | |
| 00842XAA7 | AFFINITY GAMING 6.87500 12/15/2027 | US | 1,370,000 | $1,435,472.30 | |
| 01166WAA5 | ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 | US | 2,770,000 | $3,008,918.59 | |
| 03217CAA4 | AMS AG 7.00000 07/31/2025 | AT | 1,340,000 | $1,453,900.00 | |
| 03690AAD8 | ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 | US | 1,905,000 | $1,871,662.50 | |
| 03690AAF3 | ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 | US | 1,470,000 | $1,411,494.00 | |
| 03690EAA6 | ANTERO MIDSTREAM PART/FI 7.87500 05/15/2026 | US | 605,000 | $624,710.90 | |
| 04364VAR4 | ASCENT RESOURCES 8.25000 12/31/2028 | US | 1,470,000 | $1,466,325.00 | |
| 071734AH0 | BAUSCH HEALTH COS INC 5.00000 01/30/2028 | CA | 2,100,000 | $2,164,134.00 | |
| 116ESCAD6 | BRUIN E&P PARTNERS LLC 0.00000 08/01/2023 | US | 4,253,000 | $425.30 | |
| 12467AAF5 | C&S GROUP ENTERPRISES LL 5.00000 12/15/2028 | US | 2,270,000 | $2,263,371.60 | |
| 12654TAA8 | CNX MIDSTREAM PTR/CNX 6.50000 03/15/2026 | US | 1,256,000 | $1,277,980.00 | |
| 262006208 | DREYFUS GVT CSH MANAGEMENT | US | 4,047,744.78 | $4,047,744.78 | |
| 26439XAC7 | DCP MIDSTREAM OPERATING 8.12500 08/16/2030 | US | 1,708,000 | $2,181,970.00 | |
| 26884LAG4 | EQT CORP 8.75000 02/01/2030 | US | 1,830,000 | $2,241,750.00 | |
| 29275YAC6 | ENERSYS 4.37500 12/15/2027 | US | 564,000 | $596,430.00 | |
| 30264DAA7 | FS ENERGY & POWER FUND 7.50000 08/15/2023 | US | 2,070,000 | $1,974,262.50 | |
| 345370CW8 | FORD MOTOR COMPANY 9.00000 04/22/2025 | US | 1,200,000 | $1,471,212.00 | |
| 345397XU2 | FORD MOTOR CREDIT CO LLC 4.38900 01/08/2026 | US | 2,100,000 | $2,204,328.00 | |
| 346232AE1 | FORESTAR GROUP INC 5.00000 03/01/2028 | US | 1,275,000 | $1,316,437.50 | |
| 34960PAC5 | FORTRESS TRANS & INFRAST 9.75000 08/01/2027 | US | 1,320,000 | $1,513,050.00 | |
| 35166FAA0 | FOXTROT ESCROW ISSUER 12.25000 11/15/2026 | US | 1,695,000 | $1,932,300.00 | |
| 36166LAA5 | GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 | AE | 1,985,000 | $2,069,362.50 | |
| 36168QAK0 | GFL ENVIRONMENTAL INC 3.75000 08/01/2025 | CA | 529,000 | $542,225.00 | |
| 37255LAA5 | GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 | US | 2,830,000 | $3,063,475.00 | |
| 37953TAB1 | GLOBAL SHIP LEASE INC 9.87500 11/15/2022 | MH | 1,400,000 | $1,435,000.00 | |
| 383909AF5 | WR GRACE & CO-CONN 5.62500 10/01/2024 | US | 1,390,000 | $1,499,462.50 | |
| 418751AD5 | HAT HOLDINGS I LLC/HAT 3.75000 09/15/2030 | US | 1,400,000 | $1,452,500.00 | |
| 431571AB4 | HILLENBRAND INC 5.00000 09/15/2026 | US | 1,460,000 | $1,637,025.00 | |
| 443201AA6 | HOWMET AEROSPACE INC 6.87500 05/01/2025 | US | 1,235,000 | $1,444,950.00 | |
| 443628AH5 | HUDBAY MINERALS INC 6.12500 04/01/2029 | CA | 1,420,000 | $1,530,050.00 | |
| 444454AD4 | HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 | US | 1,305,000 | $1,440,393.75 | |
| 450913AF5 | IAMGOLD CORP 5.75000 10/15/2028 | CA | 2,115,000 | $2,146,725.00 | |
| 45569LAA9 | INDIGO NATURAL RES LLC 6.87500 02/15/2026 | US | 1,390,000 | $1,421,275.00 | |
| 45682RAA8 | INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 | AU | 1,979,000 | $2,001,263.75 | |
| 46116VAE5 | INTL FC STORE INC 8.62500 06/15/2025 | US | 2,646,000 | $2,877,525.00 | |
| 46284VAN1 | IRON MOUNTAIN INC 4.50000 02/15/2031 | US | 1,385,000 | $1,450,787.50 | |
| 47987LAA9 | JONAH NRG LLC/FINANCE 7.25000 10/15/2025 | US | 5,415,000 | $52,980.36 | |
| 48088LAB3 | JOSEPH T RYERSON & SON 8.50000 08/01/2028 | US | 1,139,000 | $1,289,917.50 | |
| 487526AB1 | KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 | US | 2,490,000 | $2,795,025.00 | |
| 50212YAC8 | LPL HOLDINGS INC 4.62500 11/15/2027 | US | 1,530,000 | $1,583,550.00 | |
| 505742AG1 | LADDER CAP FIN LLLP/CORP 5.25000 10/01/2025 | US | 2,850,000 | $2,842,875.00 | |
| 541056AA5 | LOGAN MERGER SUB INC 5.50000 09/01/2027 | US | 1,115,000 | $1,167,962.50 | |
| 54240F202 | LONESTAR RES US INC NPV | US | 91,008 | $165,634.56 | |
| 552848AG8 | MGIC INVESTMENT CORP 5.25000 08/15/2028 | US | 2,060,000 | $2,204,200.00 | |
| 55303XAL9 | MGM GROWTH/MGM FINANCE 3.87500 02/15/2029 | US | 1,470,000 | $1,503,075.00 | |
| 577128AA9 | MATTHEWS INTERNATIONAL C 5.25000 12/01/2025 | US | 2,310,000 | $2,333,100.00 | |
| 61965RAA3 | MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 | US | 2,070,000 | $1,573,200.00 | |
| 62913TAJ1 | NGL ENRGY PART LP/FIN CO 7.50000 11/01/2023 | US | 2,030,000 | $1,437,493.75 | |
| 629377CR1 | NRG ENERGY INC 3.62500 02/15/2031 | US | 1,000,000 | $1,028,800.00 | |
| 63938CAH1 | NAVIENT CORP 6.75000 06/25/2025 | US | 1,940,000 | $2,109,750.00 | |
| 63938NAF1 | NAVIOS SA LOGIST/FIN US 10.75000 07/01/2025 | MUL | 1,380,000 | $1,476,600.00 | |
| 644393AA8 | NEW FORTRESS ENERGY INC 6.75000 09/15/2025 | US | 2,725,000 | $2,894,440.50 | |
| 66727WAA0 | NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | CA | 6,535,000 | $44,111.25 | |
| 674599EA9 | OCCIDENTAL PETROLEUM COR 8.87500 07/15/2030 | US | 1,375,000 | $1,613,906.25 | |
| 675232AB8 | OCEANEERING INTL INC 6.00000 02/01/2028 | US | 2,065,000 | $1,845,593.75 | |
| 691205AC2 | OWL ROCK TECHNOLOGY FINA 4.75000 12/15/2025 | US | 1,975,000 | $2,062,383.52 | |
| 69121KAE4 | OWL ROCK CAPITAL CORP 3.40000 07/15/2026 | US | 2,270,000 | $2,302,503.06 | |
| 69145LAA2 | OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 | US | 1,480,000 | $1,476,300.00 | |
| 69306RAA4 | P&L DEV LLC/PLD 7.75000 11/15/2025 | US | 2,150,000 | $2,311,250.00 | |
| 69327RAJ0 | PDC ENERGY INC 5.75000 05/15/2026 | US | 1,335,000 | $1,378,387.50 | |
| 69354NAC0 | PRA GROUP INC 7.37500 09/01/2025 | US | 1,955,000 | $2,111,400.00 | |
| 69356MAA4 | PM GENERAL PURCHASER LLC 9.50000 10/01/2028 | US | 2,160,000 | $2,392,200.00 | |
| 74165HAB4 | PRIME HEALTHCARE SERVICE 7.25000 11/01/2025 | US | 2,150,000 | $2,284,375.00 | |
| 74166MAC0 | PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 | US | 1,530,000 | $1,675,350.00 | |
| 750236AW1 | RADIAN GROUP INC 4.87500 03/15/2027 | US | 2,775,000 | $3,047,505.00 | |
| 78442PGC4 | SLM CORP 5.12500 04/05/2022 | US | 1,483,000 | $1,516,367.50 | |
| 78442PGD2 | SLM CORP 4.20000 10/29/2025 | US | 2,740,000 | $2,894,125.00 | |
| 85172FAN9 | SPRINGLEAF FINANCE CORP 7.12500 03/15/2026 | US | 1,375,000 | $1,625,937.50 | |
| 85571BAL9 | STARWOOD PROPERTY TRUST 4.75000 03/15/2025 | US | 2,040,000 | $2,091,000.00 | |
| 861036AA9 | STL HOLDING CO LLC 7.50000 02/15/2026 | US | 2,830,000 | $2,936,125.00 | |
| 87422VAA6 | TALEN ENERGY SUPPLY LLC 6.50000 06/01/2025 | US | 1,465,000 | $1,193,975.00 | |
| 87485LAA2 | TALOS PRODUCTION INC 12.00000 01/15/2026 | US | 1,505,000 | $1,464,319.85 | |
| 87901JAE5 | TEGNA INC 4.62500 03/15/2028 | US | 750,000 | $766,875.00 | |
| 88167AAK7 | TEVA PHARMACEUTICALS NE 6.75000 03/01/2028 | NL | 1,200,000 | $1,357,500.00 | |
| 892231AB7 | TOWNSQUARE MEDIA 6.87500 02/01/2026 | US | 1,000,000 | $1,047,330.00 | |
| 901109AF5 | TUTOR PERINI CORP 6.87500 05/01/2025 | US | 3,395,000 | $3,327,100.00 | |
| 909214BV9 | UNISYS CORP 6.87500 11/01/2027 | US | 1,375,000 | $1,502,187.50 | |
| 92837TAA0 | AUSTIN BIDCO INC 7.12500 12/15/2028 | US | 415,000 | $433,156.25 | |
| 962178AN9 | TRI POINTE GROUP / HOMES 5.87500 06/15/2024 | US | 2,010,000 | $2,193,915.00 | |
| BK0939417 | AMERICAN TANKER INC 7.75000 07/02/2025 | US | 3,550,000 | $3,557,277.50 | |
| ZO1818103 | NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 | MH | 2,750,000 | $2,832,500.00 | |
| ZO4110185 | BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 | AE | 2,800,000 | $2,661,810.12 |
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.
$8.69
$0.01
0.12%
as of 01/14/2021
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 |
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 12/31/2020
---
6.60%
6.44%
8.28%
6.67%
7.53%
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 12/31/2020
| AMERICAN TANKER INC 7.75000 07/02/2025 | 2.42% |
| TUTOR PERINI CORP 6.87500 05/01/2025 | 2.26% |
| GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 | 2.08% |
| RADIAN GROUP INC 4.87500 03/15/2027 | 2.07% |
| ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 | 2.04% |
| STL HOLDING CO LLC 7.50000 02/15/2026 | 1.99% |
| NEW FORTRESS ENERGY INC 6.75000 09/15/2025 | 1.97% |
| SLM CORP 4.20000 10/29/2025 | 1.97% |
| INTL FC STORE INC 8.62500 06/15/2025 | 1.95% |
| LADDER CAP FIN LLLP/CORP 5.25000 10/01/2025 | 1.93% |
Top Ten Investments list is unaudited and excludes cash.
As of 12/31/2020
| Cash | 2.68% | |
| Corporate | 97.32% |
As of 12/31/2020
| AAA | 2.68% | |
| BBB | 4.88% | |
| BB | 41.66% | |
| B | 40.93% | |
| CCC | 3.80% | |
| D | 0.06% | |
| NR | 5.99% |
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 12/31/2020
| CUSIP | Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|---|
| 00653VAA9 | ADAPTHEALTH LLC 6.12500 08/01/2028 | US | 2,030,000 | $2,179,712.50 | |
| 00791GAA5 | AG MERGER SUB II INC 10.75000 08/01/2027 | US | 2,057,000 | $2,272,985.00 | |
| 00842XAA7 | AFFINITY GAMING 6.87500 12/15/2027 | US | 1,370,000 | $1,435,472.30 | |
| 01166WAA5 | ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 | US | 2,770,000 | $3,008,918.59 | |
| 03217CAA4 | AMS AG 7.00000 07/31/2025 | AT | 1,340,000 | $1,453,900.00 | |
| 03690AAD8 | ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 | US | 1,905,000 | $1,871,662.50 | |
| 03690AAF3 | ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 | US | 1,470,000 | $1,411,494.00 | |
| 03690EAA6 | ANTERO MIDSTREAM PART/FI 7.87500 05/15/2026 | US | 605,000 | $624,710.90 | |
| 04364VAR4 | ASCENT RESOURCES 8.25000 12/31/2028 | US | 1,470,000 | $1,466,325.00 | |
| 071734AH0 | BAUSCH HEALTH COS INC 5.00000 01/30/2028 | CA | 2,100,000 | $2,164,134.00 | |
| 116ESCAD6 | BRUIN E&P PARTNERS LLC 0.00000 08/01/2023 | US | 4,253,000 | $425.30 | |
| 12467AAF5 | C&S GROUP ENTERPRISES LL 5.00000 12/15/2028 | US | 2,270,000 | $2,263,371.60 | |
| 12654TAA8 | CNX MIDSTREAM PTR/CNX 6.50000 03/15/2026 | US | 1,256,000 | $1,277,980.00 | |
| 262006208 | DREYFUS GVT CSH MANAGEMENT | US | 4,047,744.78 | $4,047,744.78 | |
| 26439XAC7 | DCP MIDSTREAM OPERATING 8.12500 08/16/2030 | US | 1,708,000 | $2,181,970.00 | |
| 26884LAG4 | EQT CORP 8.75000 02/01/2030 | US | 1,830,000 | $2,241,750.00 | |
| 29275YAC6 | ENERSYS 4.37500 12/15/2027 | US | 564,000 | $596,430.00 | |
| 30264DAA7 | FS ENERGY & POWER FUND 7.50000 08/15/2023 | US | 2,070,000 | $1,974,262.50 | |
| 345370CW8 | FORD MOTOR COMPANY 9.00000 04/22/2025 | US | 1,200,000 | $1,471,212.00 | |
| 345397XU2 | FORD MOTOR CREDIT CO LLC 4.38900 01/08/2026 | US | 2,100,000 | $2,204,328.00 | |
| 346232AE1 | FORESTAR GROUP INC 5.00000 03/01/2028 | US | 1,275,000 | $1,316,437.50 | |
| 34960PAC5 | FORTRESS TRANS & INFRAST 9.75000 08/01/2027 | US | 1,320,000 | $1,513,050.00 | |
| 35166FAA0 | FOXTROT ESCROW ISSUER 12.25000 11/15/2026 | US | 1,695,000 | $1,932,300.00 | |
| 36166LAA5 | GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 | AE | 1,985,000 | $2,069,362.50 | |
| 36168QAK0 | GFL ENVIRONMENTAL INC 3.75000 08/01/2025 | CA | 529,000 | $542,225.00 | |
| 37255LAA5 | GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 | US | 2,830,000 | $3,063,475.00 | |
| 37953TAB1 | GLOBAL SHIP LEASE INC 9.87500 11/15/2022 | MH | 1,400,000 | $1,435,000.00 | |
| 383909AF5 | WR GRACE & CO-CONN 5.62500 10/01/2024 | US | 1,390,000 | $1,499,462.50 | |
| 418751AD5 | HAT HOLDINGS I LLC/HAT 3.75000 09/15/2030 | US | 1,400,000 | $1,452,500.00 | |
| 431571AB4 | HILLENBRAND INC 5.00000 09/15/2026 | US | 1,460,000 | $1,637,025.00 | |
| 443201AA6 | HOWMET AEROSPACE INC 6.87500 05/01/2025 | US | 1,235,000 | $1,444,950.00 | |
| 443628AH5 | HUDBAY MINERALS INC 6.12500 04/01/2029 | CA | 1,420,000 | $1,530,050.00 | |
| 444454AD4 | HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 | US | 1,305,000 | $1,440,393.75 | |
| 450913AF5 | IAMGOLD CORP 5.75000 10/15/2028 | CA | 2,115,000 | $2,146,725.00 | |
| 45569LAA9 | INDIGO NATURAL RES LLC 6.87500 02/15/2026 | US | 1,390,000 | $1,421,275.00 | |
| 45682RAA8 | INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 | AU | 1,979,000 | $2,001,263.75 | |
| 46116VAE5 | INTL FC STORE INC 8.62500 06/15/2025 | US | 2,646,000 | $2,877,525.00 | |
| 46284VAN1 | IRON MOUNTAIN INC 4.50000 02/15/2031 | US | 1,385,000 | $1,450,787.50 | |
| 47987LAA9 | JONAH NRG LLC/FINANCE 7.25000 10/15/2025 | US | 5,415,000 | $52,980.36 | |
| 48088LAB3 | JOSEPH T RYERSON & SON 8.50000 08/01/2028 | US | 1,139,000 | $1,289,917.50 | |
| 487526AB1 | KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 | US | 2,490,000 | $2,795,025.00 | |
| 50212YAC8 | LPL HOLDINGS INC 4.62500 11/15/2027 | US | 1,530,000 | $1,583,550.00 | |
| 505742AG1 | LADDER CAP FIN LLLP/CORP 5.25000 10/01/2025 | US | 2,850,000 | $2,842,875.00 | |
| 541056AA5 | LOGAN MERGER SUB INC 5.50000 09/01/2027 | US | 1,115,000 | $1,167,962.50 | |
| 54240F202 | LONESTAR RES US INC NPV | US | 91,008 | $165,634.56 | |
| 552848AG8 | MGIC INVESTMENT CORP 5.25000 08/15/2028 | US | 2,060,000 | $2,204,200.00 | |
| 55303XAL9 | MGM GROWTH/MGM FINANCE 3.87500 02/15/2029 | US | 1,470,000 | $1,503,075.00 | |
| 577128AA9 | MATTHEWS INTERNATIONAL C 5.25000 12/01/2025 | US | 2,310,000 | $2,333,100.00 | |
| 61965RAA3 | MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 | US | 2,070,000 | $1,573,200.00 | |
| 62913TAJ1 | NGL ENRGY PART LP/FIN CO 7.50000 11/01/2023 | US | 2,030,000 | $1,437,493.75 | |
| 629377CR1 | NRG ENERGY INC 3.62500 02/15/2031 | US | 1,000,000 | $1,028,800.00 | |
| 63938CAH1 | NAVIENT CORP 6.75000 06/25/2025 | US | 1,940,000 | $2,109,750.00 | |
| 63938NAF1 | NAVIOS SA LOGIST/FIN US 10.75000 07/01/2025 | MUL | 1,380,000 | $1,476,600.00 | |
| 644393AA8 | NEW FORTRESS ENERGY INC 6.75000 09/15/2025 | US | 2,725,000 | $2,894,440.50 | |
| 66727WAA0 | NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | CA | 6,535,000 | $44,111.25 | |
| 674599EA9 | OCCIDENTAL PETROLEUM COR 8.87500 07/15/2030 | US | 1,375,000 | $1,613,906.25 | |
| 675232AB8 | OCEANEERING INTL INC 6.00000 02/01/2028 | US | 2,065,000 | $1,845,593.75 | |
| 691205AC2 | OWL ROCK TECHNOLOGY FINA 4.75000 12/15/2025 | US | 1,975,000 | $2,062,383.52 | |
| 69121KAE4 | OWL ROCK CAPITAL CORP 3.40000 07/15/2026 | US | 2,270,000 | $2,302,503.06 | |
| 69145LAA2 | OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 | US | 1,480,000 | $1,476,300.00 | |
| 69306RAA4 | P&L DEV LLC/PLD 7.75000 11/15/2025 | US | 2,150,000 | $2,311,250.00 | |
| 69327RAJ0 | PDC ENERGY INC 5.75000 05/15/2026 | US | 1,335,000 | $1,378,387.50 | |
| 69354NAC0 | PRA GROUP INC 7.37500 09/01/2025 | US | 1,955,000 | $2,111,400.00 | |
| 69356MAA4 | PM GENERAL PURCHASER LLC 9.50000 10/01/2028 | US | 2,160,000 | $2,392,200.00 | |
| 74165HAB4 | PRIME HEALTHCARE SERVICE 7.25000 11/01/2025 | US | 2,150,000 | $2,284,375.00 | |
| 74166MAC0 | PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 | US | 1,530,000 | $1,675,350.00 | |
| 750236AW1 | RADIAN GROUP INC 4.87500 03/15/2027 | US | 2,775,000 | $3,047,505.00 | |
| 78442PGC4 | SLM CORP 5.12500 04/05/2022 | US | 1,483,000 | $1,516,367.50 | |
| 78442PGD2 | SLM CORP 4.20000 10/29/2025 | US | 2,740,000 | $2,894,125.00 | |
| 85172FAN9 | SPRINGLEAF FINANCE CORP 7.12500 03/15/2026 | US | 1,375,000 | $1,625,937.50 | |
| 85571BAL9 | STARWOOD PROPERTY TRUST 4.75000 03/15/2025 | US | 2,040,000 | $2,091,000.00 | |
| 861036AA9 | STL HOLDING CO LLC 7.50000 02/15/2026 | US | 2,830,000 | $2,936,125.00 | |
| 87422VAA6 | TALEN ENERGY SUPPLY LLC 6.50000 06/01/2025 | US | 1,465,000 | $1,193,975.00 | |
| 87485LAA2 | TALOS PRODUCTION INC 12.00000 01/15/2026 | US | 1,505,000 | $1,464,319.85 | |
| 87901JAE5 | TEGNA INC 4.62500 03/15/2028 | US | 750,000 | $766,875.00 | |
| 88167AAK7 | TEVA PHARMACEUTICALS NE 6.75000 03/01/2028 | NL | 1,200,000 | $1,357,500.00 | |
| 892231AB7 | TOWNSQUARE MEDIA 6.87500 02/01/2026 | US | 1,000,000 | $1,047,330.00 | |
| 901109AF5 | TUTOR PERINI CORP 6.87500 05/01/2025 | US | 3,395,000 | $3,327,100.00 | |
| 909214BV9 | UNISYS CORP 6.87500 11/01/2027 | US | 1,375,000 | $1,502,187.50 | |
| 92837TAA0 | AUSTIN BIDCO INC 7.12500 12/15/2028 | US | 415,000 | $433,156.25 | |
| 962178AN9 | TRI POINTE GROUP / HOMES 5.87500 06/15/2024 | US | 2,010,000 | $2,193,915.00 | |
| BK0939417 | AMERICAN TANKER INC 7.75000 07/02/2025 | US | 3,550,000 | $3,557,277.50 | |
| ZO1818103 | NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 | MH | 2,750,000 | $2,832,500.00 | |
| ZO4110185 | BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 | AE | 2,800,000 | $2,661,810.12 |
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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