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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.
$7.73
$0.07
0.91%
as of 02/02/2023
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 12/31/2022
---
-7.38%
2.88%
4.25%
4.95%
6.53%
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 | 0.67% |
| Net | 0.65%* |
*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 12/31/2022
| GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 | 2.68% |
| RADIAN GROUP INC 4.87500 03/15/2027 | 2.58% |
| AMERICAN TANKER INC 7.75000 07/02/2025 | 2.57% |
| SLM CORP 3.12500 11/02/2026 | 2.48% |
| ATLANTICA SUSTAIN INFRA 4.12500 06/15/2028 | 2.13% |
| VISTRA OPERATIONS CO LLC 4.37500 05/01/2029 | 2.05% |
| IEA ENERGY SERVICES LLC 6.62500 08/15/2029 | 2.04% |
| NRG ENERGY INC 3.37500 02/15/2029 | 2.02% |
| SEASPAN CORP 6.50000 02/05/2024 | 1.98% |
| FS ENERGY & POWER FUND 7.50000 08/15/2023 | 1.94% |
Top Ten Investments list is unaudited and excludes cash.
As of 12/31/2022
| Cash | 4.74% |
| Corporate | 91.06% |
| Mortgage | 4.20% |
As of 12/31/2022
| AAA | 4.74% |
| A | 1.17% |
| BBB | 13.43% |
| BB | 39.22% |
| B | 22.90% |
| CCC | 6.55% |
| D | 0.11% |
| NR | 11.88% |
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 12/31/2022
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| ADAPTHEALTH LLC 4.62500 08/01/2029 | US | 5,398,000 | $4,524,590.81 | |
| AFFINITY GAMING 6.87500 12/15/2027 | US | 5,700,000 | $4,846,570.86 | |
| ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 | US | 2,491,917.56 | $2,504,153.12 | |
| ARDAGH PKG FIN/HLDGS USA 5.25000 08/15/2027 | MUL | 4,270,000 | $3,220,036.29 | |
| ATLANTICA SUSTAIN INFRA 4.12500 06/15/2028 | GB | 7,481,000 | $6,646,681.48 | |
| BAUSCH HEALTH COS INC 4.87500 06/01/2028 | CA | 4,750,000 | $3,038,380.20 | |
| BEASLEY MEZ HLDGS LLC 8.62500 02/01/2026 | US | 6,250,000 | $3,749,560.88 | |
| BED BATH & BEYOND INC 4.91500 08/01/2034 | US | 3,750,000 | $354,522.79 | |
| BURFORD CAPITAL GLBL FIN 6.87500 04/15/2030 | US | 5,450,000 | $4,884,077.18 | |
| JONAH ENERGY PARENT LLC | US | 65,341 | $4,066,170.43 | |
| CCO HLDGS LLC/CAP CORP 4.25000 02/01/2031 | US | 3,785,000 | $3,040,400.08 | |
| CHS/COMMUNITY HEALTH SYS 5.25000 05/15/2030 | US | 4,275,000 | $3,226,487.59 | |
| CARGO AIRCRAFT MANAGEMENT 4.75000 02/01/2028 | US | 5,455,000 | $4,947,090.08 | |
| CARRINGTON HOLDING CO LL 8.00000 01/01/2026 | US | 3,000,000 | $2,901,680.64 | |
| CLEARWATER PAPER CORP 4.75000 08/15/2028 | US | 4,245,000 | $3,743,572.36 | |
| COINBASE GLOBAL INC 3.37500 10/01/2028 | US | 4,600,000 | $2,430,154.61 | |
| DAVITA INC 4.62500 06/01/2030 | US | 4,850,000 | $3,909,977.75 | |
| DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 | US | 2,400,000 | $2,161,230.60 | |
| DREYFUS GVT CSH MANAGEMENT | US | 15,145,805.83 | $15,145,805.83 | |
| ECO MATERIAL TECH INC 7.87500 01/31/2027 | US | 4,250,000 | $4,109,713.28 | |
| ELCORADO GOLD CORP 6.25000 09/01/2029 | CA | 5,700,000 | $5,008,915.98 | |
| ENDEAVOR MINING PLC 5.00000 10/14/2026 | GB | 3,875,000 | $3,283,279.40 | |
| FS ENERGY & POWER FUND 7.50000 08/15/2023 | US | 6,020,000 | $6,036,370.13 | |
| FORD MOTOR CREDIT CO LLC 3.81500 11/02/2027 | US | 5,250,000 | $4,628,029.40 | |
| FORESTAR GROUP INC 5.00000 03/01/2028 | US | 1,925,000 | $1,661,032.41 | |
| GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 | US | 8,500,000 | $8,356,570.24 | |
| GUARA NORTE SARL 5.19800 06/15/2034 | LU | 7,125,210.25 | $6,022,138.57 | |
| HARROW HEALTH | US | 73,702 | $1,757,792.70 | |
| HESS MIDSTREAM OPERATION 4.25000 02/15/2030 | US | 5,750,000 | $4,932,091.19 | |
| HILLENBRAND INC 3.75000 03/01/2031 | US | 5,907,000 | $4,875,499.28 | |
| IHS HOLDING LTD 6.25000 11/29/2028 | KY | 6,100,000 | $4,929,678.64 | |
| IIP OPERATING PARTNER 5.50000 05/25/2026 | US | 5,455,000 | $4,785,989.25 | |
| IEA ENERGY SERVICES LLC 6.62500 08/15/2029 | US | 6,800,000 | $6,346,270.95 | |
| IHEARTCOMMUNICATIONS INC 6.37500 05/01/2026 | US | 4,910,000 | $4,516,481.37 | |
| INTL FC STORE INC 8.62500 06/15/2025 | US | 3,170,000 | $3,198,362.91 | |
| JEFFERIES GRP LLC / CAP 2.62500 10/15/2031 | US | 4,250,000 | $3,249,825.27 | |
| LD HOLDINGS GROUP 6.12500 04/01/2028 | US | 4,900,000 | $2,925,233.85 | |
| LOGAN MERGER SUB INC 5.50000 09/01/2027 | US | 6,250,000 | $3,373,438.44 | |
| MGIC INVESTMENT CORP 5.25000 08/15/2028 | US | 5,000,000 | $4,618,548.30 | |
| MACY'S RETAIL HLDGS LLC 4.50000 12/15/2034 | US | 5,250,000 | $3,602,826.68 | |
| MIDCAP FINANCIAL ISSR TR 6.50000 05/01/2028 | US | 6,000,000 | $5,166,058.14 | |
| MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 | US | 3,500,000 | $3,147,370.10 | |
| NRG ENERGY INC 3.37500 02/15/2029 | US | 7,800,000 | $6,284,457.43 | |
| NAVIENT CORP 6.75000 06/25/2025 | US | 4,965,000 | $4,772,631.97 | |
| ALTICE USA 6.66290 07/17/2025 | US | 3,514,183.15 | $3,312,117.62 | |
| NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | CA | 6,535,000 | $653.50 | |
| OPEN TEXT HOLDINGS INC 4.12500 12/01/2031 | US | 4,530,000 | $3,533,009.33 | |
| PELORUS FUND REIT 7.00000 09/30/2026 | US | 4,355,000 | $4,010,910.75 | |
| PERRIGO FINANCE UNLIMIED 4.40000 06/15/2030 | IE | 4,000,000 | $3,416,230.08 | |
| PILGRIM'S PRIDE CORP 4.25000 04/15/2031 | US | 4,360,000 | $3,710,926.93 | |
| POPULAR INC 6.12500 09/14/2023 | PR | 3,880,000 | $3,857,283.53 | |
| RADIAN GROUP INC 4.87500 03/15/2027 | US | 8,750,000 | $8,028,574.66 | |
| SBA TOWER TRUST 6.59900 01/15/2028 | US | 3,730,000 | $3,741,836.04 | |
| SLM CORP 5.62500 08/01/2033 | US | 4,250,000 | $3,055,972.74 | |
| SLM CORP 3.12500 11/02/2026 | US | 9,050,000 | $7,742,359.07 | |
| SIRIUS XM RADIO INC 4.00000 07/15/2028 | US | 4,250,000 | $3,688,284.43 | |
| ONEMAIN FINANCE CORP 5.62500 03/15/2023 | US | 3,225,000 | $3,221,200.82 | |
| STAPLES INC 10.75000 04/15/2027 | US | 4,270,000 | $3,075,408.02 | |
| SYNCHRONOSS TECH | US | 98,752 | $1,772,598.40 | |
| TTM TECHNOLOGIES INC 4.00000 03/01/2029 | US | 5,500,000 | $4,720,664.47 | |
| TENET HEALTHCARE CORP 6.12500 10/01/2028 | US | 3,600,000 | $3,230,334.14 | |
| TEVA PHARMACEUTICALS 7.12500 01/31/2025 | NL | 4,600,000 | $4,573,011.75 | |
| TRINET GROUP INC 3.50000 03/01/2029 | US | 3,800,000 | $3,148,210.97 | |
| TUTOR PERINI CORP 6.87500 05/01/2025 | US | 6,000,000 | $5,260,877.94 | |
| COHERENT CORP 5.00000 12/15/2029 | US | 3,500,000 | $3,042,616.40 | |
| UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 | US | 4,737,394.84 | $4,039,250.89 | |
| UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 | US | 3,461,220.34 | $3,134,039.17 | |
| UNITED WHOLESALE MTGE LL 5.50000 04/15/2029 | US | 4,500,000 | $3,586,096.49 | |
| VISTAJET MALTA XO MGMT 7.87500 05/01/2027 | MUL | 5,405,000 | $4,890,689.17 | |
| VISTRA OPERATIONS CO LLC 4.37500 05/01/2029 | US | 7,400,000 | $6,380,272.23 | |
| VITERRA FINANCE BV 3.20000 04/21/2031 | NL | 3,693,000 | $2,782,363.96 | |
| WESTERN GLOBAL AIRLINES 10.37500 08/15/2025 | US | 6,275,000 | $4,741,709.59 | |
| AMERICAN TANKER INC 7.75000 07/02/2025 | US | 8,355,000 | $8,003,248.07 | |
| EVOLUTION WELL SERVICES 11.61390 03/04/2027 | US | 4,000,000 | $3,820,000.00 | |
| SEASPAN CORP 6.50000 02/05/2024 | MH | 6,200,000 | $6,156,190.86 | |
| PETROTAL CORP 12.00000 02/16/2024 | CA | 3,064,000 | $3,087,097.47 | |
| PING PETROLEUM UK 12.00000 07/29/2024 | GB | 1,700,000 | $1,590,459.85 | |
| BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 | AE | 3,759,000 | $3,562,195.56 |
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.
$7.73
$0.07
0.91%
as of 02/02/2023
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 12/31/2022
---
-7.38%
2.88%
4.25%
4.95%
6.53%
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 | 0.67% |
| Net | 0.65%* |
*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 12/31/2022
| GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 | 2.68% |
| RADIAN GROUP INC 4.87500 03/15/2027 | 2.58% |
| AMERICAN TANKER INC 7.75000 07/02/2025 | 2.57% |
| SLM CORP 3.12500 11/02/2026 | 2.48% |
| ATLANTICA SUSTAIN INFRA 4.12500 06/15/2028 | 2.13% |
| VISTRA OPERATIONS CO LLC 4.37500 05/01/2029 | 2.05% |
| IEA ENERGY SERVICES LLC 6.62500 08/15/2029 | 2.04% |
| NRG ENERGY INC 3.37500 02/15/2029 | 2.02% |
| SEASPAN CORP 6.50000 02/05/2024 | 1.98% |
| FS ENERGY & POWER FUND 7.50000 08/15/2023 | 1.94% |
Top Ten Investments list is unaudited and excludes cash.
As of 12/31/2022
| Cash | 4.74% | |
| Corporate | 91.06% | |
| Mortgage | 4.20% |
As of 12/31/2022
| AAA | 4.74% | |
| A | 1.17% | |
| BBB | 13.43% | |
| BB | 39.22% | |
| B | 22.90% | |
| CCC | 6.55% | |
| D | 0.11% | |
| NR | 11.88% |
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 12/31/2022
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| ADAPTHEALTH LLC 4.62500 08/01/2029 | US | 5,398,000 | $4,524,590.81 | |
| AFFINITY GAMING 6.87500 12/15/2027 | US | 5,700,000 | $4,846,570.86 | |
| ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 | US | 2,491,917.56 | $2,504,153.12 | |
| ARDAGH PKG FIN/HLDGS USA 5.25000 08/15/2027 | MUL | 4,270,000 | $3,220,036.29 | |
| ATLANTICA SUSTAIN INFRA 4.12500 06/15/2028 | GB | 7,481,000 | $6,646,681.48 | |
| BAUSCH HEALTH COS INC 4.87500 06/01/2028 | CA | 4,750,000 | $3,038,380.20 | |
| BEASLEY MEZ HLDGS LLC 8.62500 02/01/2026 | US | 6,250,000 | $3,749,560.88 | |
| BED BATH & BEYOND INC 4.91500 08/01/2034 | US | 3,750,000 | $354,522.79 | |
| BURFORD CAPITAL GLBL FIN 6.87500 04/15/2030 | US | 5,450,000 | $4,884,077.18 | |
| JONAH ENERGY PARENT LLC | US | 65,341 | $4,066,170.43 | |
| CCO HLDGS LLC/CAP CORP 4.25000 02/01/2031 | US | 3,785,000 | $3,040,400.08 | |
| CHS/COMMUNITY HEALTH SYS 5.25000 05/15/2030 | US | 4,275,000 | $3,226,487.59 | |
| CARGO AIRCRAFT MANAGEMENT 4.75000 02/01/2028 | US | 5,455,000 | $4,947,090.08 | |
| CARRINGTON HOLDING CO LL 8.00000 01/01/2026 | US | 3,000,000 | $2,901,680.64 | |
| CLEARWATER PAPER CORP 4.75000 08/15/2028 | US | 4,245,000 | $3,743,572.36 | |
| COINBASE GLOBAL INC 3.37500 10/01/2028 | US | 4,600,000 | $2,430,154.61 | |
| DAVITA INC 4.62500 06/01/2030 | US | 4,850,000 | $3,909,977.75 | |
| DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 | US | 2,400,000 | $2,161,230.60 | |
| DREYFUS GVT CSH MANAGEMENT | US | 15,145,805.83 | $15,145,805.83 | |
| ECO MATERIAL TECH INC 7.87500 01/31/2027 | US | 4,250,000 | $4,109,713.28 | |
| ELCORADO GOLD CORP 6.25000 09/01/2029 | CA | 5,700,000 | $5,008,915.98 | |
| ENDEAVOR MINING PLC 5.00000 10/14/2026 | GB | 3,875,000 | $3,283,279.40 | |
| FS ENERGY & POWER FUND 7.50000 08/15/2023 | US | 6,020,000 | $6,036,370.13 | |
| FORD MOTOR CREDIT CO LLC 3.81500 11/02/2027 | US | 5,250,000 | $4,628,029.40 | |
| FORESTAR GROUP INC 5.00000 03/01/2028 | US | 1,925,000 | $1,661,032.41 | |
| GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 | US | 8,500,000 | $8,356,570.24 | |
| GUARA NORTE SARL 5.19800 06/15/2034 | LU | 7,125,210.25 | $6,022,138.57 | |
| HARROW HEALTH | US | 73,702 | $1,757,792.70 | |
| HESS MIDSTREAM OPERATION 4.25000 02/15/2030 | US | 5,750,000 | $4,932,091.19 | |
| HILLENBRAND INC 3.75000 03/01/2031 | US | 5,907,000 | $4,875,499.28 | |
| IHS HOLDING LTD 6.25000 11/29/2028 | KY | 6,100,000 | $4,929,678.64 | |
| IIP OPERATING PARTNER 5.50000 05/25/2026 | US | 5,455,000 | $4,785,989.25 | |
| IEA ENERGY SERVICES LLC 6.62500 08/15/2029 | US | 6,800,000 | $6,346,270.95 | |
| IHEARTCOMMUNICATIONS INC 6.37500 05/01/2026 | US | 4,910,000 | $4,516,481.37 | |
| INTL FC STORE INC 8.62500 06/15/2025 | US | 3,170,000 | $3,198,362.91 | |
| JEFFERIES GRP LLC / CAP 2.62500 10/15/2031 | US | 4,250,000 | $3,249,825.27 | |
| LD HOLDINGS GROUP 6.12500 04/01/2028 | US | 4,900,000 | $2,925,233.85 | |
| LOGAN MERGER SUB INC 5.50000 09/01/2027 | US | 6,250,000 | $3,373,438.44 | |
| MGIC INVESTMENT CORP 5.25000 08/15/2028 | US | 5,000,000 | $4,618,548.30 | |
| MACY'S RETAIL HLDGS LLC 4.50000 12/15/2034 | US | 5,250,000 | $3,602,826.68 | |
| MIDCAP FINANCIAL ISSR TR 6.50000 05/01/2028 | US | 6,000,000 | $5,166,058.14 | |
| MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 | US | 3,500,000 | $3,147,370.10 | |
| NRG ENERGY INC 3.37500 02/15/2029 | US | 7,800,000 | $6,284,457.43 | |
| NAVIENT CORP 6.75000 06/25/2025 | US | 4,965,000 | $4,772,631.97 | |
| ALTICE USA 6.66290 07/17/2025 | US | 3,514,183.15 | $3,312,117.62 | |
| NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | CA | 6,535,000 | $653.50 | |
| OPEN TEXT HOLDINGS INC 4.12500 12/01/2031 | US | 4,530,000 | $3,533,009.33 | |
| PELORUS FUND REIT 7.00000 09/30/2026 | US | 4,355,000 | $4,010,910.75 | |
| PERRIGO FINANCE UNLIMIED 4.40000 06/15/2030 | IE | 4,000,000 | $3,416,230.08 | |
| PILGRIM'S PRIDE CORP 4.25000 04/15/2031 | US | 4,360,000 | $3,710,926.93 | |
| POPULAR INC 6.12500 09/14/2023 | PR | 3,880,000 | $3,857,283.53 | |
| RADIAN GROUP INC 4.87500 03/15/2027 | US | 8,750,000 | $8,028,574.66 | |
| SBA TOWER TRUST 6.59900 01/15/2028 | US | 3,730,000 | $3,741,836.04 | |
| SLM CORP 5.62500 08/01/2033 | US | 4,250,000 | $3,055,972.74 | |
| SLM CORP 3.12500 11/02/2026 | US | 9,050,000 | $7,742,359.07 | |
| SIRIUS XM RADIO INC 4.00000 07/15/2028 | US | 4,250,000 | $3,688,284.43 | |
| ONEMAIN FINANCE CORP 5.62500 03/15/2023 | US | 3,225,000 | $3,221,200.82 | |
| STAPLES INC 10.75000 04/15/2027 | US | 4,270,000 | $3,075,408.02 | |
| SYNCHRONOSS TECH | US | 98,752 | $1,772,598.40 | |
| TTM TECHNOLOGIES INC 4.00000 03/01/2029 | US | 5,500,000 | $4,720,664.47 | |
| TENET HEALTHCARE CORP 6.12500 10/01/2028 | US | 3,600,000 | $3,230,334.14 | |
| TEVA PHARMACEUTICALS 7.12500 01/31/2025 | NL | 4,600,000 | $4,573,011.75 | |
| TRINET GROUP INC 3.50000 03/01/2029 | US | 3,800,000 | $3,148,210.97 | |
| TUTOR PERINI CORP 6.87500 05/01/2025 | US | 6,000,000 | $5,260,877.94 | |
| COHERENT CORP 5.00000 12/15/2029 | US | 3,500,000 | $3,042,616.40 | |
| UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 | US | 4,737,394.84 | $4,039,250.89 | |
| UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 | US | 3,461,220.34 | $3,134,039.17 | |
| UNITED WHOLESALE MTGE LL 5.50000 04/15/2029 | US | 4,500,000 | $3,586,096.49 | |
| VISTAJET MALTA XO MGMT 7.87500 05/01/2027 | MUL | 5,405,000 | $4,890,689.17 | |
| VISTRA OPERATIONS CO LLC 4.37500 05/01/2029 | US | 7,400,000 | $6,380,272.23 | |
| VITERRA FINANCE BV 3.20000 04/21/2031 | NL | 3,693,000 | $2,782,363.96 | |
| WESTERN GLOBAL AIRLINES 10.37500 08/15/2025 | US | 6,275,000 | $4,741,709.59 | |
| AMERICAN TANKER INC 7.75000 07/02/2025 | US | 8,355,000 | $8,003,248.07 | |
| EVOLUTION WELL SERVICES 11.61390 03/04/2027 | US | 4,000,000 | $3,820,000.00 | |
| SEASPAN CORP 6.50000 02/05/2024 | MH | 6,200,000 | $6,156,190.86 | |
| PETROTAL CORP 12.00000 02/16/2024 | CA | 3,064,000 | $3,087,097.47 | |
| PING PETROLEUM UK 12.00000 07/29/2024 | GB | 1,700,000 | $1,590,459.85 | |
| BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 | AE | 3,759,000 | $3,562,195.56 |
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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