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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.
$8.68
$0.01
0.12%
as of 06/24/2019
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 05/31/2019
7.28%
6.33%
7.09%
4.45%
---
7.41%
---
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 | 0.69% |
| 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 05/31/2019
| GASLOG LTD 8.87500 03/22/2022 | 2.74% |
| LGI HOMES INC 6.87500 07/15/2026 | 2.66% |
| ISHARES IBOXX H/Y CORP BOND 4.59200 | 2.65% |
| BOREALIS FINANCE LLC 7.50000 11/16/2022 | 2.53% |
| GLOBAL SHIP LEASE INC 9.87500 11/15/2022 | 2.52% |
| SLM CORP 5.12500 04/05/2022 | 2.38% |
| MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 | 2.24% |
| HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 | 2.23% |
| DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 | 2.14% |
| DRAX FINCO PLC 6.62500 11/01/2025 | 2.13% |
Top Ten Investments list is unaudited and excludes cash.
As of 05/31/2019
| Cash | 10.27% |
| Corporate | 87.35% |
| Other | 2.38% |
As of 05/31/2019
| AAA | 10.27% |
| BBB | 2.58% |
| BB | 27.67% |
| B | 41.86% |
| CCC | 7.02% |
| NR | 10.60% |
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 05/31/2019
| CUSIP | Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|---|
| 00101JAM8 | ADT CORP 5.25000 03/15/2020 | US | 1,200,000 | $1,212,000.00 | |
| 00928QAK7 | AIRCASTLE LTD 6.25000 12/01/2019 | BM | 1,295,000 | $1,315,947.78 | |
| 02376RAA0 | AMERICAN AIRLINES GROUP 5.50000 10/01/2019 | US | 1,265,000 | $1,269,743.75 | |
| 02753GAA7 | AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 | US | 1,985,000 | $1,925,450.00 | |
| 03019LAA4 | AMERICAN TANKER INC 9.25000 02/22/2022 | US | 1,760,000 | $1,777,181.12 | |
| 03690AAD8 | ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 | US | 1,200,000 | $1,209,000.00 | |
| 03968AAA9 | ARD SECURITIES FINANCE 8.75000 01/31/2023 | LU | 585,000 | $561,600.00 | |
| 03969AAL4 | ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 | MUL | 1,160,000 | $1,148,632.00 | |
| 045086AF2 | ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 | US | 570,000 | $532,950.00 | |
| 11680JAA0 | BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 | US | 1,275,000 | $1,144,312.50 | |
| 156504AH5 | CENTURY COMMUNITIES 5.87500 07/15/2025 | US | 1,275,000 | $1,243,125.00 | |
| 156504AJ1 | CENTURY COMMUNITIES 6.75000 06/01/2027 | US | 1,115,000 | $1,097,940.50 | |
| 23311RAD8 | DCP MIDSTREAM OPERATING 5.35000 03/15/2020 | US | 1,200,000 | $1,213,500.00 | |
| 23918KAR9 | DAVITA INC 5.00000 05/01/2025 | US | 1,175,000 | $1,111,197.50 | |
| 25787GAC4 | DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 | US | 1,140,000 | $1,165,650.00 | |
| 26151AAA7 | DRAX FINCO PLC 6.62500 11/01/2025 | GB | 2,135,000 | $2,164,398.95 | |
| 26780TAA5 | DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 | MH | 2,295,000 | $2,170,266.75 | |
| 30264DAA7 | FS ENERGY & POWER FUND 7.50000 08/15/2023 | US | 2,125,000 | $2,146,250.00 | |
| 315786AC7 | FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 | US | 1,720,000 | $1,743,220.00 | |
| 335934AK1 | FIRST QUANTUM MINERALS L 7.25000 04/01/2023 | CA | 1,085,000 | $990,062.50 | |
| 33834YAA6 | FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 | US | 570,000 | $567,150.00 | |
| 346232AD3 | FORESTAR GROUP INC 8.00000 04/15/2024 | US | 2,125,000 | $2,156,875.00 | |
| 34960PAB7 | FORTRESS TRANS & INFRAST 6.50000 10/01/2025 | US | 1,650,000 | $1,658,250.00 | |
| 37185LAF9 | GENESIS ENERGY LP/GENESI 5.62500 06/15/2024 | US | 1,450,000 | $1,363,000.00 | |
| 37953TAB1 | GLOBAL SHIP LEASE INC 9.87500 11/15/2022 | MH | 2,515,000 | $2,552,725.00 | |
| 39807UAB2 | GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 | US | 1,290,000 | $1,280,325.00 | |
| 40060QAA3 | GTCR AP FINANCE INC 8.00000 05/15/2027 | US | 300,000 | $294,000.00 | |
| 404139AD9 | HC2 HOLDINGS INC 11.50000 12/01/2021 | US | 570,000 | $495,900.00 | |
| 444454AD4 | HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 | US | 2,275,000 | $2,264,262.00 | |
| 45031UCD1 | ISTAR INC 5.25000 09/15/2022 | US | 1,130,000 | $1,134,237.50 | |
| 46284VAC5 | IRON MOUNTAIN INC 4.87500 09/15/2027 | US | 1,120,000 | $1,052,800.00 | |
| 464288513 | ISHARES IBOXX H/Y CORP BOND 4.59200 | US | 31,660 | $2,687,934.00 | |
| 47987LAA9 | JONAH NRG LLC/FINANCE 7.25000 10/15/2025 | US | 2,610,000 | $1,533,375.00 | |
| 496902AQ0 | KINROSS GOLD CORP 4.50000 07/15/2027 | CA | 1,090,000 | $1,024,600.00 | |
| 50187TAE6 | LGI HOMES INC 6.87500 07/15/2026 | US | 2,680,000 | $2,700,100.00 | |
| 50212YAB0 | LPL HOLDINGS INC 5.75000 09/15/2025 | US | 1,260,000 | $1,266,300.00 | |
| 502160AM6 | LSB INDUSTRIES 9.62500 05/01/2023 | US | 1,140,000 | $1,175,625.00 | |
| 54238XAC2 | LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 | US | 1,175,000 | $1,142,687.50 | |
| 55933JAB0 | MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 | US | 1,780,000 | $1,708,800.00 | |
| 563571AL2 | MANITOWOC COMPANY INC 9.00000 04/01/2026 | US | 570,000 | $554,325.00 | |
| 58502BAC0 | MEDNAX INC 6.25000 01/15/2027 | US | 1,565,000 | $1,580,650.00 | |
| 59001ABA9 | MERITAGE HOMES CORP 5.12500 06/06/2027 | US | 1,300,000 | $1,268,735.00 | |
| 61965RAB1 | MOSS CREEK RESOURCES HLD 10.50000 05/15/2027 | US | 285,000 | $263,268.75 | |
| 62426EAA3 | MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 | CA | 2,274,000 | $2,268,315.00 | |
| 62913TAM4 | NGL ENRGY PART LP/FIN CO 6.12500 03/01/2025 | US | 1,712,000 | $1,682,040.00 | |
| 62957HAC9 | NABORS INDUSTRIES INC 5.50000 01/15/2023 | US | 1,130,000 | $991,236.00 | |
| 63902MAE8 | NATURAL RESRCE PART LP 9.12500 06/30/2025 | US | 285,000 | $289,987.50 | |
| 66727WAA0 | NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | CA | 2,465,000 | $1,916,537.50 | |
| 67059TAD7 | NUSTAR LOGISTICS LP 6.75000 02/01/2021 | US | 1,135,000 | $1,174,725.00 | |
| 69145LAA2 | OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 | US | 1,115,000 | $1,148,450.00 | |
| 70014LAC4 | PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 | KY | 1,580,000 | $1,597,648.60 | |
| 71642QAB3 | PDLLN 7 1/4 05/01/22 7.25000 05/01/2022 | GB | 1,325,000 | $1,268,687.50 | |
| 74166MAB2 | PRIME SECSRVC BRW/FINANC 5.25000 04/15/2024 | US | 1,105,000 | $1,084,314.40 | |
| 77340RAK3 | ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 | US | 1,380,000 | $1,400,658.60 | |
| 77714PAB5 | SEMGROUP / ROSE ROCK FIN 5.62500 07/15/2022 | US | 774,000 | $766,260.00 | |
| 77714TAB7 | SEMGROUP/ ROSE ROCK FIN 5.62500 11/15/2023 | US | 1,000,000 | $950,000.00 | |
| 78442PGC4 | SLM CORP 5.12500 04/05/2022 | US | 2,470,000 | $2,408,250.00 | |
| 822538AE4 | SHELF DRILL HOLD LTD 8.25000 02/15/2025 | KY | 1,685,000 | $1,558,625.00 | |
| 845467AL3 | SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 | US | 1,845,000 | $1,715,278.05 | |
| 85207UAH8 | SPRINT CORP 7.12500 06/15/2024 | US | 1,115,000 | $1,159,600.00 | |
| 855030AN2 | STAPLES INC 7.50000 04/15/2026 | US | 1,640,000 | $1,574,580.40 | |
| 87854WAA1 | TECHNIPLAS LLC 10.00000 05/01/2020 | US | 1,395,000 | $1,283,400.00 | |
| 88160RAE1 | TESLA INC 5.30000 08/15/2025 | US | 285,000 | $232,280.70 | |
| 901109AF5 | TUTOR PERINI CORP 6.87500 05/01/2025 | US | 2,160,000 | $2,074,356.00 | |
| 92840JAA7 | VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 | MUL | 1,720,000 | $1,674,764.00 | |
| 92922PAL0 | W & T OFFSHORE INC 9.75000 11/01/2023 | US | 1,150,000 | $1,131,312.50 | |
| 948565AC0 | WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 | US | 1,045,000 | $1,024,100.00 | |
| 94856UAA9 | WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 | US | 1,620,000 | $1,591,650.00 | |
| 962178AN9 | TRI POINTE GROUP / HOMES 5.87500 06/15/2024 | US | 1,645,000 | $1,628,829.65 | |
| AP8694550 | BOREALIS FINANCE LLC 7.50000 11/16/2022 | MH | 2,650,000 | $2,560,695.00 | |
| BF955D8 | TELENET FINANCE LUX NOTE 5.50000 03/01/2028 | LU | 1,600,000 | $1,576,800.00 | |
| G37585AC3 | GASLOG LTD 8.87500 03/22/2022 | BM | 2,700,000 | $2,777,625.00 | |
| USD | US DOLLAR | US | 11,597,559.35 | $11,597,559.35 |
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.
$8.68
$0.01
0.12%
as of 06/24/2019
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 05/31/2019
7.28%
6.33%
7.09%
4.45%
---
7.41%
---
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 | 0.69% |
| 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 05/31/2019
| GASLOG LTD 8.87500 03/22/2022 | 2.74% |
| LGI HOMES INC 6.87500 07/15/2026 | 2.66% |
| ISHARES IBOXX H/Y CORP BOND 4.59200 | 2.65% |
| BOREALIS FINANCE LLC 7.50000 11/16/2022 | 2.53% |
| GLOBAL SHIP LEASE INC 9.87500 11/15/2022 | 2.52% |
| SLM CORP 5.12500 04/05/2022 | 2.38% |
| MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 | 2.24% |
| HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 | 2.23% |
| DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 | 2.14% |
| DRAX FINCO PLC 6.62500 11/01/2025 | 2.13% |
Top Ten Investments list is unaudited and excludes cash.
As of 05/31/2019
| Cash | 10.27% | |
| Corporate | 87.35% | |
| Other | 2.38% |
As of 05/31/2019
| AAA | 10.27% | |
| BBB | 2.58% | |
| BB | 27.67% | |
| B | 41.86% | |
| CCC | 7.02% | |
| NR | 10.60% |
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 05/31/2019
| CUSIP | Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|---|
| 00101JAM8 | ADT CORP 5.25000 03/15/2020 | US | 1,200,000 | $1,212,000.00 | |
| 00928QAK7 | AIRCASTLE LTD 6.25000 12/01/2019 | BM | 1,295,000 | $1,315,947.78 | |
| 02376RAA0 | AMERICAN AIRLINES GROUP 5.50000 10/01/2019 | US | 1,265,000 | $1,269,743.75 | |
| 02753GAA7 | AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 | US | 1,985,000 | $1,925,450.00 | |
| 03019LAA4 | AMERICAN TANKER INC 9.25000 02/22/2022 | US | 1,760,000 | $1,777,181.12 | |
| 03690AAD8 | ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 | US | 1,200,000 | $1,209,000.00 | |
| 03968AAA9 | ARD SECURITIES FINANCE 8.75000 01/31/2023 | LU | 585,000 | $561,600.00 | |
| 03969AAL4 | ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 | MUL | 1,160,000 | $1,148,632.00 | |
| 045086AF2 | ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 | US | 570,000 | $532,950.00 | |
| 11680JAA0 | BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 | US | 1,275,000 | $1,144,312.50 | |
| 156504AH5 | CENTURY COMMUNITIES 5.87500 07/15/2025 | US | 1,275,000 | $1,243,125.00 | |
| 156504AJ1 | CENTURY COMMUNITIES 6.75000 06/01/2027 | US | 1,115,000 | $1,097,940.50 | |
| 23311RAD8 | DCP MIDSTREAM OPERATING 5.35000 03/15/2020 | US | 1,200,000 | $1,213,500.00 | |
| 23918KAR9 | DAVITA INC 5.00000 05/01/2025 | US | 1,175,000 | $1,111,197.50 | |
| 25787GAC4 | DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 | US | 1,140,000 | $1,165,650.00 | |
| 26151AAA7 | DRAX FINCO PLC 6.62500 11/01/2025 | GB | 2,135,000 | $2,164,398.95 | |
| 26780TAA5 | DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 | MH | 2,295,000 | $2,170,266.75 | |
| 30264DAA7 | FS ENERGY & POWER FUND 7.50000 08/15/2023 | US | 2,125,000 | $2,146,250.00 | |
| 315786AC7 | FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 | US | 1,720,000 | $1,743,220.00 | |
| 335934AK1 | FIRST QUANTUM MINERALS L 7.25000 04/01/2023 | CA | 1,085,000 | $990,062.50 | |
| 33834YAA6 | FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 | US | 570,000 | $567,150.00 | |
| 346232AD3 | FORESTAR GROUP INC 8.00000 04/15/2024 | US | 2,125,000 | $2,156,875.00 | |
| 34960PAB7 | FORTRESS TRANS & INFRAST 6.50000 10/01/2025 | US | 1,650,000 | $1,658,250.00 | |
| 37185LAF9 | GENESIS ENERGY LP/GENESI 5.62500 06/15/2024 | US | 1,450,000 | $1,363,000.00 | |
| 37953TAB1 | GLOBAL SHIP LEASE INC 9.87500 11/15/2022 | MH | 2,515,000 | $2,552,725.00 | |
| 39807UAB2 | GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 | US | 1,290,000 | $1,280,325.00 | |
| 40060QAA3 | GTCR AP FINANCE INC 8.00000 05/15/2027 | US | 300,000 | $294,000.00 | |
| 404139AD9 | HC2 HOLDINGS INC 11.50000 12/01/2021 | US | 570,000 | $495,900.00 | |
| 444454AD4 | HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 | US | 2,275,000 | $2,264,262.00 | |
| 45031UCD1 | ISTAR INC 5.25000 09/15/2022 | US | 1,130,000 | $1,134,237.50 | |
| 46284VAC5 | IRON MOUNTAIN INC 4.87500 09/15/2027 | US | 1,120,000 | $1,052,800.00 | |
| 464288513 | ISHARES IBOXX H/Y CORP BOND 4.59200 | US | 31,660 | $2,687,934.00 | |
| 47987LAA9 | JONAH NRG LLC/FINANCE 7.25000 10/15/2025 | US | 2,610,000 | $1,533,375.00 | |
| 496902AQ0 | KINROSS GOLD CORP 4.50000 07/15/2027 | CA | 1,090,000 | $1,024,600.00 | |
| 50187TAE6 | LGI HOMES INC 6.87500 07/15/2026 | US | 2,680,000 | $2,700,100.00 | |
| 50212YAB0 | LPL HOLDINGS INC 5.75000 09/15/2025 | US | 1,260,000 | $1,266,300.00 | |
| 502160AM6 | LSB INDUSTRIES 9.62500 05/01/2023 | US | 1,140,000 | $1,175,625.00 | |
| 54238XAC2 | LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 | US | 1,175,000 | $1,142,687.50 | |
| 55933JAB0 | MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 | US | 1,780,000 | $1,708,800.00 | |
| 563571AL2 | MANITOWOC COMPANY INC 9.00000 04/01/2026 | US | 570,000 | $554,325.00 | |
| 58502BAC0 | MEDNAX INC 6.25000 01/15/2027 | US | 1,565,000 | $1,580,650.00 | |
| 59001ABA9 | MERITAGE HOMES CORP 5.12500 06/06/2027 | US | 1,300,000 | $1,268,735.00 | |
| 61965RAB1 | MOSS CREEK RESOURCES HLD 10.50000 05/15/2027 | US | 285,000 | $263,268.75 | |
| 62426EAA3 | MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 | CA | 2,274,000 | $2,268,315.00 | |
| 62913TAM4 | NGL ENRGY PART LP/FIN CO 6.12500 03/01/2025 | US | 1,712,000 | $1,682,040.00 | |
| 62957HAC9 | NABORS INDUSTRIES INC 5.50000 01/15/2023 | US | 1,130,000 | $991,236.00 | |
| 63902MAE8 | NATURAL RESRCE PART LP 9.12500 06/30/2025 | US | 285,000 | $289,987.50 | |
| 66727WAA0 | NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | CA | 2,465,000 | $1,916,537.50 | |
| 67059TAD7 | NUSTAR LOGISTICS LP 6.75000 02/01/2021 | US | 1,135,000 | $1,174,725.00 | |
| 69145LAA2 | OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 | US | 1,115,000 | $1,148,450.00 | |
| 70014LAC4 | PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 | KY | 1,580,000 | $1,597,648.60 | |
| 71642QAB3 | PDLLN 7 1/4 05/01/22 7.25000 05/01/2022 | GB | 1,325,000 | $1,268,687.50 | |
| 74166MAB2 | PRIME SECSRVC BRW/FINANC 5.25000 04/15/2024 | US | 1,105,000 | $1,084,314.40 | |
| 77340RAK3 | ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 | US | 1,380,000 | $1,400,658.60 | |
| 77714PAB5 | SEMGROUP / ROSE ROCK FIN 5.62500 07/15/2022 | US | 774,000 | $766,260.00 | |
| 77714TAB7 | SEMGROUP/ ROSE ROCK FIN 5.62500 11/15/2023 | US | 1,000,000 | $950,000.00 | |
| 78442PGC4 | SLM CORP 5.12500 04/05/2022 | US | 2,470,000 | $2,408,250.00 | |
| 822538AE4 | SHELF DRILL HOLD LTD 8.25000 02/15/2025 | KY | 1,685,000 | $1,558,625.00 | |
| 845467AL3 | SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 | US | 1,845,000 | $1,715,278.05 | |
| 85207UAH8 | SPRINT CORP 7.12500 06/15/2024 | US | 1,115,000 | $1,159,600.00 | |
| 855030AN2 | STAPLES INC 7.50000 04/15/2026 | US | 1,640,000 | $1,574,580.40 | |
| 87854WAA1 | TECHNIPLAS LLC 10.00000 05/01/2020 | US | 1,395,000 | $1,283,400.00 | |
| 88160RAE1 | TESLA INC 5.30000 08/15/2025 | US | 285,000 | $232,280.70 | |
| 901109AF5 | TUTOR PERINI CORP 6.87500 05/01/2025 | US | 2,160,000 | $2,074,356.00 | |
| 92840JAA7 | VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 | MUL | 1,720,000 | $1,674,764.00 | |
| 92922PAL0 | W & T OFFSHORE INC 9.75000 11/01/2023 | US | 1,150,000 | $1,131,312.50 | |
| 948565AC0 | WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 | US | 1,045,000 | $1,024,100.00 | |
| 94856UAA9 | WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 | US | 1,620,000 | $1,591,650.00 | |
| 962178AN9 | TRI POINTE GROUP / HOMES 5.87500 06/15/2024 | US | 1,645,000 | $1,628,829.65 | |
| AP8694550 | BOREALIS FINANCE LLC 7.50000 11/16/2022 | MH | 2,650,000 | $2,560,695.00 | |
| BF955D8 | TELENET FINANCE LUX NOTE 5.50000 03/01/2028 | LU | 1,600,000 | $1,576,800.00 | |
| G37585AC3 | GASLOG LTD 8.87500 03/22/2022 | BM | 2,700,000 | $2,777,625.00 | |
| USD | US DOLLAR | US | 11,597,559.35 | $11,597,559.35 |
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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