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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.
$7.14
$0.00
0.00%
as of 04/06/2020
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 02/29/2020
-1.74%
6.29%
5.25%
5.39%
7.05%
7.32%
---
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 02/29/2020
| AMERICAN TANKER INC 9.25000 02/22/2022 | 2.90% |
| TUTOR PERINI CORP 6.87500 05/01/2025 | 2.27% |
| BOREALIS FINANCE LLC 7.50000 11/16/2022 | 2.24% |
| SLM CORP 5.12500 04/05/2022 | 2.21% |
| MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 | 2.18% |
| OXFIN 2020-1A B 4.03700 02/15/2028 | 2.09% |
| SPRINT CORP 7.12500 06/15/2024 | 1.79% |
| FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 | 1.77% |
| DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 | 1.76% |
| CALUMET SPECIALTY PROD 11.00000 04/15/2025 | 1.71% |
Top Ten Investments list is unaudited and excludes cash.
As of 02/29/2020
| Cash | 1.72% |
| Corporate | 96.23% |
| Mortgage | 2.05% |
As of 02/29/2020
| AAA | 1.73% |
| BBB | 4.01% |
| BB | 26.70% |
| B | 45.37% |
| CCC | 12.74% |
| NR | 9.45% |
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 02/29/2020
| CUSIP | Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|---|
| 00101JAK2 | ADT SEC CORP 6.25000 10/15/2021 | US | 660,000 | $688,195.20 | |
| 00489LAA1 | ACRISURE LLC / FIN INC 7.00000 11/15/2025 | US | 660,000 | $644,952.00 | |
| 00791GAA5 | AG MERGER SUB II INC 10.75000 08/01/2027 | US | 630,000 | $663,075.00 | |
| 03019LAA4 | AMERICAN TANKER INC 9.25000 02/22/2022 | US | 1,760,000 | $1,830,566.41 | |
| 03690AAD8 | ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 | US | 695,000 | $472,600.00 | |
| 03690AAF3 | ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 | US | 695,000 | $476,075.00 | |
| 043436AT1 | ASBURY AUTOMOTIVE GROUP 4.75000 03/01/2030 | US | 710,000 | $722,425.00 | |
| 045086AF2 | ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 | US | 715,000 | $738,237.50 | |
| 11680JAA0 | BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 | US | 695,000 | $368,350.00 | |
| 1248EPCE1 | CCO HLDGS LLC/CAP CORP 4.50000 08/15/2030 | US | 660,000 | $667,425.00 | |
| 12662PAD0 | CVR ENERGY INC 5.75000 02/15/2028 | US | 660,000 | $623,700.00 | |
| 131477AT8 | CALUMET SPECIALTY PROD 11.00000 04/15/2025 | US | 1,025,000 | $1,081,375.00 | |
| 14180LAA4 | CARGO AIRCRAFT MANAGEMENT 4.75000 02/01/2028 | US | 660,000 | $654,225.00 | |
| 156700AW6 | CENTURYLINK INC 5.62500 04/01/2020 | US | 660,000 | $661,237.50 | |
| 20451NAG6 | COMPASS MINERALS INTERNA 6.75000 12/01/2027 | US | 965,000 | $1,022,900.00 | |
| 225310AN1 | CREDIT ACCEPTANC 5.12500 12/31/2024 | US | 430,000 | $442,900.00 | |
| 23110AAA4 | CUMULUS MEDIA NEW HLDGS 6.75000 07/01/2026 | US | 690,000 | $716,530.50 | |
| 25277LAC0 | DIAMOND SPORTS GR/DIAMON 6.62500 08/15/2027 | US | 980,000 | $790,517.00 | |
| 25787GAC4 | DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 | US | 1,080,000 | $1,109,376.00 | |
| 26150TAA7 | DRAWBRIDGE SPEC OPPOR FU 5.00000 08/01/2021 | US | 600,000 | $612,554.86 | |
| 26151AAA7 | DRAX FINCO PLC 6.62500 11/01/2025 | GB | 555,000 | $579,447.75 | |
| 262006208 | DREYFUS GVT CSH MANAGEMENT | US | 1,106,187.49 | $1,106,187.49 | |
| 29413XAD9 | ENVIVA PARTNERS LP/FIN C 6.50000 01/15/2026 | US | 955,000 | $993,219.10 | |
| 315786AC7 | FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 | US | 1,005,000 | $1,115,550.00 | |
| 33834YAA6 | FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 | US | 1,050,000 | $1,054,599.00 | |
| 346232AE1 | FORESTAR GROUP INC 5.00000 03/01/2028 | US | 1,000,000 | $982,500.00 | |
| 34960PAB7 | FORTRESS TRANS & INFRAST 6.50000 10/01/2025 | US | 650,000 | $680,875.00 | |
| 35166FAA0 | FOXTROT ESCROW ISSUER 12.25000 11/15/2026 | US | 980,000 | $1,018,906.00 | |
| 36166LAA5 | GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 | AE | 825,000 | $845,625.00 | |
| 37185LAL6 | GENESIS ENERGY LP/FIN 7.75000 02/01/2028 | US | 995,000 | $855,700.00 | |
| 37953TAB1 | GLOBAL SHIP LEASE INC 9.87500 11/15/2022 | MH | 1,048,000 | $1,079,964.00 | |
| 37960JAA6 | GLOBAL AIR LEASE CO LTD 6.50000 09/15/2024 | KY | 250,000 | $246,250.00 | |
| 38869PAK0 | GRAPHIC PACKAGING INTERN 4.75000 04/15/2021 | US | 847,000 | $859,679.59 | |
| 398433AN2 | GRIFFON CORPORATION 5.75000 03/01/2028 | US | 650,000 | $650,240.50 | |
| 404139AD9 | HC2 HOLDINGS INC 11.50000 12/01/2021 | US | 350,000 | $353,500.00 | |
| 450913AE8 | IAMGOLD CORP 7.00000 04/15/2025 | CA | 935,000 | $958,094.50 | |
| 45682RAA8 | INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 | AU | 1,035,000 | $1,059,581.25 | |
| 47232MAE2 | JEFFERIES FIN LLC 6.25000 06/03/2026 | US | 350,000 | $367,500.00 | |
| 47987LAA9 | JONAH NRG LLC/FINANCE 7.25000 10/15/2025 | US | 1,085,000 | $260,400.00 | |
| 487526AB1 | KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 | US | 1,000,000 | $1,050,000.00 | |
| 496902AQ0 | KINROSS GOLD CORP 4.50000 07/15/2027 | CA | 675,000 | $733,475.25 | |
| 50187TAE6 | LGI HOMES INC 6.87500 07/15/2026 | US | 945,000 | $986,343.75 | |
| 50201DAA1 | LCPR SR SECURED FIN DAC 6.75000 10/15/2027 | IE | 600,000 | $630,960.00 | |
| 516806AG1 | LAREDO PETROLEUM INC 10.12500 01/15/2028 | US | 995,000 | $713,788.13 | |
| 539473AE8 | LLOYDS BANK PLC 12.00000 12/16/2024 | GB | 800,000 | $963,872.00 | |
| 54238XAC2 | LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 | US | 695,000 | $453,487.50 | |
| 61965RAA3 | MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 | US | 640,000 | $374,208.00 | |
| 62426EAA3 | MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 | CA | 1,415,000 | $1,379,200.50 | |
| 63938CAA6 | NAVIENT CORP 5.00000 10/26/2020 | US | 975,000 | $984,457.50 | |
| 63938CAH1 | NAVIENT CORP 6.75000 06/25/2025 | US | 660,000 | $696,300.00 | |
| 66727WAA0 | NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | CA | 1,395,000 | $1,060,200.00 | |
| 67059TAD7 | NUSTAR LOGISTICS LP 6.75000 02/01/2021 | US | 670,000 | $683,467.00 | |
| 67401PAB4 | OAKTREE SPECIALTY LEND 3.50000 02/25/2025 | US | 1,000,000 | $1,001,322.45 | |
| 675232AB8 | OCEANEERING INTL INC 6.00000 02/01/2028 | US | 970,000 | $904,525.00 | |
| 69144AAB5 | OXFIN 2020-1A B 4.03700 02/15/2028 | US | 1,300,000 | $1,318,244.07 | |
| 71642QAB3 | PDLLN 7 1/4 05/01/22 7.25000 05/01/2022 | GB | 695,000 | $413,525.00 | |
| 719245AD4 | PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 | US | 1,020,000 | $966,450.00 | |
| 74166MAB2 | PRIME SECSRVC BRW/FINANC 5.25000 04/15/2024 | US | 600,000 | $621,000.00 | |
| 74166MAC0 | PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 | US | 660,000 | $679,602.00 | |
| 750236AW1 | RADIAN GROUP INC 4.87500 03/15/2027 | US | 940,000 | $996,400.00 | |
| 77340RAK3 | ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 | US | 1,025,000 | $1,028,146.98 | |
| 78442PGC4 | SLM CORP 5.12500 04/05/2022 | US | 1,365,000 | $1,392,300.00 | |
| 822538AE4 | SHELF DRILL HOLD LTD 8.25000 02/15/2025 | KY | 1,010,000 | $838,300.00 | |
| 852061AR1 | SPRINT COMMUNICATIONS 7.00000 08/15/2020 | US | 695,000 | $708,900.00 | |
| 85207UAE5 | SPRINT CORP 7.25000 09/15/2021 | US | 660,000 | $700,491.00 | |
| 85207UAH8 | SPRINT CORP 7.12500 06/15/2024 | US | 995,000 | $1,128,907.10 | |
| 85571BAP0 | STARWOOD PROPERTY TRUST 3.62500 02/01/2021 | US | 935,000 | $926,818.75 | |
| 86723CAF5 | SUNCOKE ENRGY PART LP/FI 7.50000 06/15/2025 | US | 650,000 | $585,000.00 | |
| 87854WAA1 | TECHNIPLAS LLC 10.00000 05/01/2020 | US | 870,000 | $609,000.00 | |
| 892231AA9 | TOWNSQUARE MEDIA INC 6.50000 04/01/2023 | US | 875,000 | $883,750.00 | |
| 901109AF5 | TUTOR PERINI CORP 6.87500 05/01/2025 | US | 1,510,000 | $1,434,500.00 | |
| 92840JAA7 | VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 | MUL | 1,060,000 | $991,100.00 | |
| 94856UAA9 | WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 | US | 1,000,000 | $1,040,000.00 | |
| 962178AN9 | TRI POINTE GROUP / HOMES 5.87500 06/15/2024 | US | 750,000 | $812,812.50 | |
| 966387AH5 | WHITING PETROLEUM CORP 5.75000 03/15/2021 | US | 990,000 | $569,250.00 | |
| AP8694550 | BOREALIS FINANCE LLC 7.50000 11/16/2022 | MH | 1,470,000 | $1,411,200.00 | |
| BGDM907 | DIANA SHIPPING INC 9.50000 09/27/2023 | MH | 700,000 | $694,750.00 | |
| BZ121X9 | EURONAV LUXEMBOURG SA 7.50000 05/31/2022 | LU | 800,000 | $816,000.00 |
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.
$7.14
$0.00
0.00%
as of 04/06/2020
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 02/29/2020
-1.74%
6.29%
5.25%
5.39%
7.05%
7.32%
---
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 02/29/2020
| AMERICAN TANKER INC 9.25000 02/22/2022 | 2.90% |
| TUTOR PERINI CORP 6.87500 05/01/2025 | 2.27% |
| BOREALIS FINANCE LLC 7.50000 11/16/2022 | 2.24% |
| SLM CORP 5.12500 04/05/2022 | 2.21% |
| MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 | 2.18% |
| OXFIN 2020-1A B 4.03700 02/15/2028 | 2.09% |
| SPRINT CORP 7.12500 06/15/2024 | 1.79% |
| FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 | 1.77% |
| DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 | 1.76% |
| CALUMET SPECIALTY PROD 11.00000 04/15/2025 | 1.71% |
Top Ten Investments list is unaudited and excludes cash.
As of 02/29/2020
| Cash | 1.72% | |
| Corporate | 96.23% | |
| Mortgage | 2.05% |
As of 02/29/2020
| AAA | 1.73% | |
| BBB | 4.01% | |
| BB | 26.70% | |
| B | 45.37% | |
| CCC | 12.74% | |
| NR | 9.45% |
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 02/29/2020
| CUSIP | Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|---|
| 00101JAK2 | ADT SEC CORP 6.25000 10/15/2021 | US | 660,000 | $688,195.20 | |
| 00489LAA1 | ACRISURE LLC / FIN INC 7.00000 11/15/2025 | US | 660,000 | $644,952.00 | |
| 00791GAA5 | AG MERGER SUB II INC 10.75000 08/01/2027 | US | 630,000 | $663,075.00 | |
| 03019LAA4 | AMERICAN TANKER INC 9.25000 02/22/2022 | US | 1,760,000 | $1,830,566.41 | |
| 03690AAD8 | ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 | US | 695,000 | $472,600.00 | |
| 03690AAF3 | ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 | US | 695,000 | $476,075.00 | |
| 043436AT1 | ASBURY AUTOMOTIVE GROUP 4.75000 03/01/2030 | US | 710,000 | $722,425.00 | |
| 045086AF2 | ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 | US | 715,000 | $738,237.50 | |
| 11680JAA0 | BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 | US | 695,000 | $368,350.00 | |
| 1248EPCE1 | CCO HLDGS LLC/CAP CORP 4.50000 08/15/2030 | US | 660,000 | $667,425.00 | |
| 12662PAD0 | CVR ENERGY INC 5.75000 02/15/2028 | US | 660,000 | $623,700.00 | |
| 131477AT8 | CALUMET SPECIALTY PROD 11.00000 04/15/2025 | US | 1,025,000 | $1,081,375.00 | |
| 14180LAA4 | CARGO AIRCRAFT MANAGEMENT 4.75000 02/01/2028 | US | 660,000 | $654,225.00 | |
| 156700AW6 | CENTURYLINK INC 5.62500 04/01/2020 | US | 660,000 | $661,237.50 | |
| 20451NAG6 | COMPASS MINERALS INTERNA 6.75000 12/01/2027 | US | 965,000 | $1,022,900.00 | |
| 225310AN1 | CREDIT ACCEPTANC 5.12500 12/31/2024 | US | 430,000 | $442,900.00 | |
| 23110AAA4 | CUMULUS MEDIA NEW HLDGS 6.75000 07/01/2026 | US | 690,000 | $716,530.50 | |
| 25277LAC0 | DIAMOND SPORTS GR/DIAMON 6.62500 08/15/2027 | US | 980,000 | $790,517.00 | |
| 25787GAC4 | DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 | US | 1,080,000 | $1,109,376.00 | |
| 26150TAA7 | DRAWBRIDGE SPEC OPPOR FU 5.00000 08/01/2021 | US | 600,000 | $612,554.86 | |
| 26151AAA7 | DRAX FINCO PLC 6.62500 11/01/2025 | GB | 555,000 | $579,447.75 | |
| 262006208 | DREYFUS GVT CSH MANAGEMENT | US | 1,106,187.49 | $1,106,187.49 | |
| 29413XAD9 | ENVIVA PARTNERS LP/FIN C 6.50000 01/15/2026 | US | 955,000 | $993,219.10 | |
| 315786AC7 | FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 | US | 1,005,000 | $1,115,550.00 | |
| 33834YAA6 | FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 | US | 1,050,000 | $1,054,599.00 | |
| 346232AE1 | FORESTAR GROUP INC 5.00000 03/01/2028 | US | 1,000,000 | $982,500.00 | |
| 34960PAB7 | FORTRESS TRANS & INFRAST 6.50000 10/01/2025 | US | 650,000 | $680,875.00 | |
| 35166FAA0 | FOXTROT ESCROW ISSUER 12.25000 11/15/2026 | US | 980,000 | $1,018,906.00 | |
| 36166LAA5 | GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 | AE | 825,000 | $845,625.00 | |
| 37185LAL6 | GENESIS ENERGY LP/FIN 7.75000 02/01/2028 | US | 995,000 | $855,700.00 | |
| 37953TAB1 | GLOBAL SHIP LEASE INC 9.87500 11/15/2022 | MH | 1,048,000 | $1,079,964.00 | |
| 37960JAA6 | GLOBAL AIR LEASE CO LTD 6.50000 09/15/2024 | KY | 250,000 | $246,250.00 | |
| 38869PAK0 | GRAPHIC PACKAGING INTERN 4.75000 04/15/2021 | US | 847,000 | $859,679.59 | |
| 398433AN2 | GRIFFON CORPORATION 5.75000 03/01/2028 | US | 650,000 | $650,240.50 | |
| 404139AD9 | HC2 HOLDINGS INC 11.50000 12/01/2021 | US | 350,000 | $353,500.00 | |
| 450913AE8 | IAMGOLD CORP 7.00000 04/15/2025 | CA | 935,000 | $958,094.50 | |
| 45682RAA8 | INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 | AU | 1,035,000 | $1,059,581.25 | |
| 47232MAE2 | JEFFERIES FIN LLC 6.25000 06/03/2026 | US | 350,000 | $367,500.00 | |
| 47987LAA9 | JONAH NRG LLC/FINANCE 7.25000 10/15/2025 | US | 1,085,000 | $260,400.00 | |
| 487526AB1 | KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 | US | 1,000,000 | $1,050,000.00 | |
| 496902AQ0 | KINROSS GOLD CORP 4.50000 07/15/2027 | CA | 675,000 | $733,475.25 | |
| 50187TAE6 | LGI HOMES INC 6.87500 07/15/2026 | US | 945,000 | $986,343.75 | |
| 50201DAA1 | LCPR SR SECURED FIN DAC 6.75000 10/15/2027 | IE | 600,000 | $630,960.00 | |
| 516806AG1 | LAREDO PETROLEUM INC 10.12500 01/15/2028 | US | 995,000 | $713,788.13 | |
| 539473AE8 | LLOYDS BANK PLC 12.00000 12/16/2024 | GB | 800,000 | $963,872.00 | |
| 54238XAC2 | LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 | US | 695,000 | $453,487.50 | |
| 61965RAA3 | MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 | US | 640,000 | $374,208.00 | |
| 62426EAA3 | MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 | CA | 1,415,000 | $1,379,200.50 | |
| 63938CAA6 | NAVIENT CORP 5.00000 10/26/2020 | US | 975,000 | $984,457.50 | |
| 63938CAH1 | NAVIENT CORP 6.75000 06/25/2025 | US | 660,000 | $696,300.00 | |
| 66727WAA0 | NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | CA | 1,395,000 | $1,060,200.00 | |
| 67059TAD7 | NUSTAR LOGISTICS LP 6.75000 02/01/2021 | US | 670,000 | $683,467.00 | |
| 67401PAB4 | OAKTREE SPECIALTY LEND 3.50000 02/25/2025 | US | 1,000,000 | $1,001,322.45 | |
| 675232AB8 | OCEANEERING INTL INC 6.00000 02/01/2028 | US | 970,000 | $904,525.00 | |
| 69144AAB5 | OXFIN 2020-1A B 4.03700 02/15/2028 | US | 1,300,000 | $1,318,244.07 | |
| 71642QAB3 | PDLLN 7 1/4 05/01/22 7.25000 05/01/2022 | GB | 695,000 | $413,525.00 | |
| 719245AD4 | PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 | US | 1,020,000 | $966,450.00 | |
| 74166MAB2 | PRIME SECSRVC BRW/FINANC 5.25000 04/15/2024 | US | 600,000 | $621,000.00 | |
| 74166MAC0 | PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 | US | 660,000 | $679,602.00 | |
| 750236AW1 | RADIAN GROUP INC 4.87500 03/15/2027 | US | 940,000 | $996,400.00 | |
| 77340RAK3 | ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 | US | 1,025,000 | $1,028,146.98 | |
| 78442PGC4 | SLM CORP 5.12500 04/05/2022 | US | 1,365,000 | $1,392,300.00 | |
| 822538AE4 | SHELF DRILL HOLD LTD 8.25000 02/15/2025 | KY | 1,010,000 | $838,300.00 | |
| 852061AR1 | SPRINT COMMUNICATIONS 7.00000 08/15/2020 | US | 695,000 | $708,900.00 | |
| 85207UAE5 | SPRINT CORP 7.25000 09/15/2021 | US | 660,000 | $700,491.00 | |
| 85207UAH8 | SPRINT CORP 7.12500 06/15/2024 | US | 995,000 | $1,128,907.10 | |
| 85571BAP0 | STARWOOD PROPERTY TRUST 3.62500 02/01/2021 | US | 935,000 | $926,818.75 | |
| 86723CAF5 | SUNCOKE ENRGY PART LP/FI 7.50000 06/15/2025 | US | 650,000 | $585,000.00 | |
| 87854WAA1 | TECHNIPLAS LLC 10.00000 05/01/2020 | US | 870,000 | $609,000.00 | |
| 892231AA9 | TOWNSQUARE MEDIA INC 6.50000 04/01/2023 | US | 875,000 | $883,750.00 | |
| 901109AF5 | TUTOR PERINI CORP 6.87500 05/01/2025 | US | 1,510,000 | $1,434,500.00 | |
| 92840JAA7 | VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 | MUL | 1,060,000 | $991,100.00 | |
| 94856UAA9 | WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 | US | 1,000,000 | $1,040,000.00 | |
| 962178AN9 | TRI POINTE GROUP / HOMES 5.87500 06/15/2024 | US | 750,000 | $812,812.50 | |
| 966387AH5 | WHITING PETROLEUM CORP 5.75000 03/15/2021 | US | 990,000 | $569,250.00 | |
| AP8694550 | BOREALIS FINANCE LLC 7.50000 11/16/2022 | MH | 1,470,000 | $1,411,200.00 | |
| BGDM907 | DIANA SHIPPING INC 9.50000 09/27/2023 | MH | 700,000 | $694,750.00 | |
| BZ121X9 | EURONAV LUXEMBOURG SA 7.50000 05/31/2022 | LU | 800,000 | $816,000.00 |
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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