Mutual Funds
High Yield Bond Series
Investment Objective
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.
Investment Strategy
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.
May be Appropriate for Investors
- Seeking a long-term investment and who are willing to accept the risk of interest rate fluctuations
- Seeking to diversify a portfolio by adding a bond component
Daily Price
$9.75
Daily $ Change
$0.01
Daily % Change
0.10%
as of 07/22/2025
Ticker
MNHAX
CUSIP
56382P195
Inception Date
08/01/2012
Investment Minimum
$1,000,000.00
Investment minimum may be waived for certain qualified retirement plans and discretionary investment accounts of the Advisor.
Important Documents
YTD
2.95%
1 Year
8.44%
3 Year
9.72%
5 Year
8.24%
10 Year
6.26%
Inception
(09/14/2009)
7.16%
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.
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.
Expense Ratio
| Gross | 0.59% |
*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.
| OWENS n MINOR INC SR GLBL A 20300401 6.625% | 2.20% |
| APH SOM APHAPH SR A NT 20291101 7.875% | 2.04% |
| BGC GROUP INC CR SEN SR GLBL 20290610 6.600% | 2.03% |
| VENTURE GLOBAL LNG INC SR SEC A NT 20290201 9.500% | 2.01% |
| SLM CORP SR GLBL NT. 20300131 6.500% | 1.76% |
| PRA GROUP INC SR A NT 20300131 8.875% | 1.70% |
| MINERVA LUXEMBOURG S A SR GLBL A 20310318 4.375% | 1.68% |
| CABLE ONE INC SR GLBL A 20301115 4.000% | 1.64% |
| ORGANON n CO SR GLBL A 20310430 5.125% | 1.62% |
| TERRAFORM PWR OPER LLC SR GLBL A 20300115 4.750% | 1.62% |
Top Ten Investments list is unaudited and excludes cash.
| Corporate Credit | 95.80% | |
| Cash and Equivalents | 1.88% | |
| Other | 1.83% | |
| Securitized Credit | 0.43% | |
| Mortgages | 0.06% |
| BB | 39.25% | |
| B | 38.03% | |
| NR | 10.25% | |
| BBB | 7.06% | |
| CCC | 5.35% | |
| A | 0.06% |
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 reflect the median of Moody’s Investors Services and Standard & Poor’s ratings. Data obtained from Bloomberg.
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| AADVANTAGE LOYALTY IP LTD AME SR SEC GLBL 20290420 5.750% | US | 20,330,000 | $20,312,109.60 | |
| ACG HOLDCO 1 LTD 14.75% 01/13/2029 14.75 20290113 | US | 16,000,000 | $16,500,000.00 | |
| ADAMS HOMES INC SR A NT 20281015 9.250% | US | 19,680,000 | $20,285,750.40 | |
| ADAPTHEALTH LLC SR GLBL A 20290801 4.625% | US | 20,175,000 | $19,017,762.00 | |
| AFFINITY GAMING SR SEC GLBL 20271215 6.875% | US | 28,295,000 | $17,366,056.25 | |
| AIRBORNE CAP USA LLC SR A NT 20290802 10.500% | US | 5,000,000 | $5,000,000.00 | |
| ALASKA AIRLINES EQ TR -B B . 20270215 8.000% | US | 799,752.74 | $802,626.73 | |
| ALEXANDER FDG TR II SR SEC GLBL 20280731 7.467% | US | 12,540,000 | $13,410,150.60 | |
| APH SOM APHAPH SR A NT 20291101 7.875% | US | 26,565,000 | $27,173,604.15 | |
| ATKORE INC SR GLBL A 20310601 4.250% | US | 18,320,000 | $16,954,793.60 | |
| ATLANTICA SUSTAINABLE INFR PLC SR A NT 20280615 4.125% | GB | 17,826,000 | $17,040,051.66 | |
| BEACON MOBILITY FIN CORP SR SEC A NT 20300801 7.250% | US | 19,235,000 | $19,639,512.05 | |
| BGC GROUP INC CR SEN SR GLBL 20290610 6.600% | US | 26,035,000 | $26,982,934.35 | |
| BORR IHC LTD BORR FIN LLC SR SEC A 20281115 10.000% | US | 16,995,646.35 | $15,521,953.85 | |
| BROOGE PETROLEUM AND GAS | AE | 10,763,493 | $9,364,238.91 | |
| CABLE ONE INC SR GLBL A 20301115 4.000% | US | 27,740,000 | $21,855,236.40 | |
| CARNIVAL CORP SR GLBL A 20310615 5.875% | US | 13,540,000 | $13,793,875.00 | |
| CERDIA FINANZ GMBH SR SEC A NT 20311003 9.375% | US | 16,640,000 | $17,246,860.80 | |
| CnS GROUP ENTERPRISES LLC SR GLBL A 20281215 5.000% | US | 20,030,000 | $18,085,487.60 | |
| CONNECT FINCO SARL CONNECT U SR SEC GLBL 20290915 9.000% | US | 16,535,000 | $16,619,824.55 | |
| CONTSHIPS LOGISTICS CORP 9% 02/11/2030 | US | 14,750,000 | $14,135,515.00 | |
| CORECIVIC INC SR GLBL NT 20271015 4.750% | US | 12,921,000 | $12,676,534.68 | |
| DIRECTV FING LLC DIRECTV SR SEC A NT 20310215 10.000% | US | 18,055,000 | $17,528,155.10 | |
| DRAWBRIDGE SPL OPPORTUNITIES SR GLBL A 20260215 3.875% | US | 9,623,000 | $9,486,449.63 | |
| DYE n DURHAM CORP SR SEC A NT 20290415 8.625% | US | 11,185,000 | $11,705,997.30 | |
| ENCORE CAP GROUP INC SR SEC GLBL 20290401 9.250% | US | 12,910,000 | $13,728,881.30 | |
| ENDEAVOUR MNG PLC SR A NT 20300528 7.000% | US | 20,540,000 | $20,622,160.00 | |
| FnG ANNUITIES n LIFE INC SR GLBL NT. 20290604 6.500% | US | 19,055,000 | $19,647,229.40 | |
| FORVIA SE SR GLBL A 20300615 8.000% | US | 12,375,000 | $12,679,301.25 | |
| GARRETT MOTION HLDGS INC GARR SR GLBL A 20320531 7.750% | US | 12,070,000 | $12,566,439.10 | |
| GEO GROUP INC SR SEC GLBL NT 20290415 8.625% | US | 10,830,000 | $11,466,045.90 | |
| GRAY MEDIA INC SR SEC GLBL 20290715 10.500% | US | 8,170,000 | $8,776,867.60 | |
| ICAHN ENTERPRISES LPCORP SR GLBL NT 20300615 9.000% | US | 21,820,000 | $20,403,882.00 | |
| IHS HOLDING LIMITED SR GLBL A 20281129 6.250% | US | 21,640,000 | $21,032,132.40 | |
| IIP OPER PARTNERSHIP L P SR GLBL NT. 20260525 5.500% | US | 5,455,000 | $5,305,969.40 | |
| JANE STR GROUP LLC JSG FIN SR SEC A NT 20330501 6.750% | US | 11,325,000 | $11,644,478.25 | |
| JEFFERSON CAPITAL HOLDINGS LLC SR A NT 20300515 8.250% | US | 19,380,000 | $20,080,587.00 | |
| LGI HOMES INC SR GLBL A 20290715 4.000% | US | 23,178,000 | $20,739,210.84 | |
| MAGNERA CORP SR SEC GLBL 20311115 7.250% | US | 17,210,000 | $16,227,309.00 | |
| MARTIN MIDSTREAM PARTNERS LP SR SEC GLBL 20280215 11.500% | US | 12,630,000 | $13,274,887.80 | |
| MATTHEWS INTL CORP SR SEC GLBL 20271001 8.625% | US | 15,350,000 | $15,969,372.50 | |
| MILLICOM INTL CELLULAR S A SR GLBL A 20310427 4.500% | US | 18,345,000 | $16,755,772.65 | |
| MINERVA LUXEMBOURG S A SR GLBL A 20310318 4.375% | US | 25,105,000 | $22,381,107.50 | |
| MORELD AS 9.875% 02/11/2030 | US | 8,600,000 | $8,487,512.00 | |
| MUELLER WTR PRODS INC SR GLBL A 20290615 4.000% | US | 9,402,000 | $9,026,296.08 | |
| NAVIENT CORPORATION SR GLBL NT 20320615 7.875% | US | 19,910,000 | $20,706,400.00 | |
| NAVIOS SOUTH AMERICAN L 8.875% 07/14/203 8.875 8.875 20300714 | US | 7,000,000 | $7,000,000.00 | |
| NEW FORTRESS ENERGY INC SR SEC GLBL 20290315 8.750% | US | 19,325,000 | $6,715,437.50 | |
| NEXSTAR BROADCASTING INC SR GLBL A 20281101 4.750% | US | 10,052,000 | $9,791,251.12 | |
| NGL ENERGY OPERATING LLC NGL SR SEC GLBL 20320215 8.375% | US | 20,900,000 | $20,962,700.00 | |
| OI EUROPEAN GROUP BV SR GLBL A 20300215 4.750% | NL | 22,185,000 | $21,340,638.90 | |
| ORGANON n CO SR GLBL A 20310430 5.125% | US | 24,875,000 | $21,588,017.50 | |
| OWENS n MINOR INC SR GLBL A 20300401 6.625% | US | 31,151,000 | $29,261,691.85 | |
| OXFORD FIN FDG TR - A- . 20310215 6.716% | US | 3,449,779 | $3,461,250.55 | |
| OXFORD FINANCE LLC OXFORD FI SR A NT 20270201 6.375% | US | 17,190,000 | $17,284,373.10 | |
| PALOMINO FDG TR I SR SEC GLBL 20280517 7.233% | US | 3,738,000 | $3,949,234.38 | |
| PCG - LLC SR SEC GLBL 20290725 10.319% | US | 2,399,178.28 | $2,398,914.37 | |
| PELORUS FUND REIT LLC CR SEN SR GLBL 20260930 7.000% | US | 4,355,000 | $4,319,593.85 | |
| PEMBROKE OLIVE DOWNS 11.5 20300218 | US | 7,415,000 | $7,186,766.30 | |
| PHH ESCROW ISSUER LLCPHH CORP SR GLBL A 20291101 9.875% | US | 15,940,000 | $15,900,787.60 | |
| POLARIS RENEWABLE ENERGY INC 9.75 20291120 | US | 2,750,000 | $2,842,812.50 | |
| POPULAR INC SR GLBL NT 20280313 7.250% | US | 11,420,000 | $12,132,836.40 | |
| PRA GROUP INC SR A NT 20300131 8.875% | US | 22,035,000 | $22,709,271.00 | |
| PRIME HEALTHCARE SVCS INC SR SEC A NT 20290901 9.375% | US | 19,985,000 | $19,835,112.50 | |
| PRIME SEC SVCS BORROWER LLC SR SEC GLBL 20270831 3.375% | US | 13,288,000 | $12,869,428.00 | |
| PROVIDENT FDG ASSOCIATES LP SR A NT 20290915 9.750% | US | 14,920,000 | $15,688,678.40 | |
| RADIOLOGY PARTNERS INC LIEN A NT 20320715 8.500% | US | 9,155,000 | $9,176,331.15 | |
| RINGCENTRAL INC SR GLBL A 20300815 8.500% | US | 10,570,000 | $11,309,794.30 | |
| SIRIUS XM RADIO INC SR GLBL A 20310901 3.875% | US | 18,495,000 | $16,440,575.40 | |
| SIRIUSPOINT LTD SR GLBL NT 20290405 7.000% | US | 19,525,000 | $20,554,943.75 | |
| SLM CORP SR GLBL NT. 20300131 6.500% | US | 22,390,000 | $23,501,439.60 | |
| SP CRUISES INTERMEDIATE 11.5% 03/14/2030 11.5 20300314 | US | 14,000,000 | $13,101,340.00 | |
| STAPLES INC SR SEC A NT 20290901 10.750% | US | 18,630,000 | $17,631,990.90 | |
| STAR PARENT INC SR SEC A NT 20301001 9.000% | US | 19,750,000 | $20,773,445.00 | |
| STARWOOD PPTY TR INC SR GLBL A 20290401 7.250% | US | 16,340,000 | $17,186,738.80 | |
| STONEX ESCROW ISSUER LLC SR SEC GLBL 20320715 6.875% | US | 5,240,000 | $5,292,714.40 | |
| STONEX GROUP INC SR SEC GLBL 20310301 7.875% | US | 1,625,000 | $1,703,406.25 | |
| SUMMIT MIDSTREAM HLDGS LLC SR SEC GLBL 20291031 8.625% | US | 18,675,000 | $19,105,272.00 | |
| SUNCOKE ENERGY INC SR SEC GLBL 20290630 4.875% | US | 5,436,000 | $5,059,176.48 | |
| TEGNA INC SR GLBL NT 20280315 4.625% | US | 10,575,000 | $10,277,208.00 | |
| TELEFLEX INCORPORATED SR GLBL A 20280601 4.250% | US | 10,970,000 | $10,717,580.30 | |
| TERRAFORM PWR OPER LLC SR GLBL A 20300115 4.750% | US | 22,487,000 | $21,528,828.93 | |
| UNITED AIR PASS THRU TR - B . 20291101 3.500% | US | 3,571,943.68 | $3,434,850.34 | |
| UNITED AIRLS INC -B B . 20270901 4.600% | US | 9,649,956.8 | $9,530,374.54 | |
| US DOLLARS | US | USD | 25,469,327.44 | $25,469,327.44 |
| UWM HLDGS LLC SR GLBL A 20300201 6.625% | US | 16,450,000 | $16,466,943.50 | |
| VELOCITY PORTFOLIO GROUP INC. SNR NTS USD (144A) 9.75 20330301 | US | 7,000,000 | $7,000,000.00 | |
| VENTURE GLOBAL LNG INC SR SEC A NT 20290201 9.500% | US | 24,555,000 | $26,749,725.90 | |
| VFH PARENT LLC n VALOR CO-ISSU SR A NT. 20310615 7.500% | US | 4,748,000 | $4,982,551.20 | |
| VISTAJET MALTA FIN P L C SR A NT. 20280601 9.500% | US | 19,982,000 | $20,537,299.78 | |
| VMED O UK FING I PLC SR SEC GLBL 20310715 4.750% | US | 13,955,000 | $12,908,793.65 | |
| WestJet Airlnes Term B | US | 17,971,006.01 | $17,858,687.22 | |
| ZIFF DAVIS INC SR GLBL A 20301015 4.625% | US | 13,235,000 | $12,354,475.45 |
Investments will change over time.
A Word About Risk
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.
Daily Price
$9.75
Daily $ Change
$0.01
Daily % Change
0.10%
as of 07/22/2025
Ticker
MNHAX
CUSIP
56382P195
Inception Date
08/01/2012
Investment Minimum
$1,000,000.00
Investment minimum may be waived for certain qualified retirement plans and discretionary investment accounts of the Advisor.
Important Documents
Investment Objective
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.
Investment Strategy
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.
May be Appropriate for Investors
- Seeking a long-term investment and who are willing to accept the risk of interest rate fluctuations
- Seeking to diversify a portfolio by adding a bond component
YTD
2.95%
1 Year
8.44%
3 Year
9.72%
5 Year
8.24%
10 Year
6.26%
Inception
(09/14/2009)
7.16%
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.
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.
Expense Ratio
| Gross | 0.59% |
*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.
| OWENS n MINOR INC SR GLBL A 20300401 6.625% | 2.20% |
| APH SOM APHAPH SR A NT 20291101 7.875% | 2.04% |
| BGC GROUP INC CR SEN SR GLBL 20290610 6.600% | 2.03% |
| VENTURE GLOBAL LNG INC SR SEC A NT 20290201 9.500% | 2.01% |
| SLM CORP SR GLBL NT. 20300131 6.500% | 1.76% |
| PRA GROUP INC SR A NT 20300131 8.875% | 1.70% |
| MINERVA LUXEMBOURG S A SR GLBL A 20310318 4.375% | 1.68% |
| CABLE ONE INC SR GLBL A 20301115 4.000% | 1.64% |
| ORGANON n CO SR GLBL A 20310430 5.125% | 1.62% |
| TERRAFORM PWR OPER LLC SR GLBL A 20300115 4.750% | 1.62% |
Top Ten Investments list is unaudited and excludes cash.
| Corporate Credit | 95.80% | |
| Cash and Equivalents | 1.88% | |
| Other | 1.83% | |
| Securitized Credit | 0.43% | |
| Mortgages | 0.06% |
| BB | 39.25% | |
| B | 38.03% | |
| NR | 10.25% | |
| BBB | 7.06% | |
| CCC | 5.35% | |
| A | 0.06% |
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 reflect the median of Moody’s Investors Services and Standard & Poor’s ratings. Data obtained from Bloomberg.
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| AADVANTAGE LOYALTY IP LTD AME SR SEC GLBL 20290420 5.750% | US | 20,330,000 | $20,312,109.60 | |
| ACG HOLDCO 1 LTD 14.75% 01/13/2029 14.75 20290113 | US | 16,000,000 | $16,500,000.00 | |
| ADAMS HOMES INC SR A NT 20281015 9.250% | US | 19,680,000 | $20,285,750.40 | |
| ADAPTHEALTH LLC SR GLBL A 20290801 4.625% | US | 20,175,000 | $19,017,762.00 | |
| AFFINITY GAMING SR SEC GLBL 20271215 6.875% | US | 28,295,000 | $17,366,056.25 | |
| AIRBORNE CAP USA LLC SR A NT 20290802 10.500% | US | 5,000,000 | $5,000,000.00 | |
| ALASKA AIRLINES EQ TR -B B . 20270215 8.000% | US | 799,752.74 | $802,626.73 | |
| ALEXANDER FDG TR II SR SEC GLBL 20280731 7.467% | US | 12,540,000 | $13,410,150.60 | |
| APH SOM APHAPH SR A NT 20291101 7.875% | US | 26,565,000 | $27,173,604.15 | |
| ATKORE INC SR GLBL A 20310601 4.250% | US | 18,320,000 | $16,954,793.60 | |
| ATLANTICA SUSTAINABLE INFR PLC SR A NT 20280615 4.125% | GB | 17,826,000 | $17,040,051.66 | |
| BEACON MOBILITY FIN CORP SR SEC A NT 20300801 7.250% | US | 19,235,000 | $19,639,512.05 | |
| BGC GROUP INC CR SEN SR GLBL 20290610 6.600% | US | 26,035,000 | $26,982,934.35 | |
| BORR IHC LTD BORR FIN LLC SR SEC A 20281115 10.000% | US | 16,995,646.35 | $15,521,953.85 | |
| BROOGE PETROLEUM AND GAS | AE | 10,763,493 | $9,364,238.91 | |
| CABLE ONE INC SR GLBL A 20301115 4.000% | US | 27,740,000 | $21,855,236.40 | |
| CARNIVAL CORP SR GLBL A 20310615 5.875% | US | 13,540,000 | $13,793,875.00 | |
| CERDIA FINANZ GMBH SR SEC A NT 20311003 9.375% | US | 16,640,000 | $17,246,860.80 | |
| CnS GROUP ENTERPRISES LLC SR GLBL A 20281215 5.000% | US | 20,030,000 | $18,085,487.60 | |
| CONNECT FINCO SARL CONNECT U SR SEC GLBL 20290915 9.000% | US | 16,535,000 | $16,619,824.55 | |
| CONTSHIPS LOGISTICS CORP 9% 02/11/2030 | US | 14,750,000 | $14,135,515.00 | |
| CORECIVIC INC SR GLBL NT 20271015 4.750% | US | 12,921,000 | $12,676,534.68 | |
| DIRECTV FING LLC DIRECTV SR SEC A NT 20310215 10.000% | US | 18,055,000 | $17,528,155.10 | |
| DRAWBRIDGE SPL OPPORTUNITIES SR GLBL A 20260215 3.875% | US | 9,623,000 | $9,486,449.63 | |
| DYE n DURHAM CORP SR SEC A NT 20290415 8.625% | US | 11,185,000 | $11,705,997.30 | |
| ENCORE CAP GROUP INC SR SEC GLBL 20290401 9.250% | US | 12,910,000 | $13,728,881.30 | |
| ENDEAVOUR MNG PLC SR A NT 20300528 7.000% | US | 20,540,000 | $20,622,160.00 | |
| FnG ANNUITIES n LIFE INC SR GLBL NT. 20290604 6.500% | US | 19,055,000 | $19,647,229.40 | |
| FORVIA SE SR GLBL A 20300615 8.000% | US | 12,375,000 | $12,679,301.25 | |
| GARRETT MOTION HLDGS INC GARR SR GLBL A 20320531 7.750% | US | 12,070,000 | $12,566,439.10 | |
| GEO GROUP INC SR SEC GLBL NT 20290415 8.625% | US | 10,830,000 | $11,466,045.90 | |
| GRAY MEDIA INC SR SEC GLBL 20290715 10.500% | US | 8,170,000 | $8,776,867.60 | |
| ICAHN ENTERPRISES LPCORP SR GLBL NT 20300615 9.000% | US | 21,820,000 | $20,403,882.00 | |
| IHS HOLDING LIMITED SR GLBL A 20281129 6.250% | US | 21,640,000 | $21,032,132.40 | |
| IIP OPER PARTNERSHIP L P SR GLBL NT. 20260525 5.500% | US | 5,455,000 | $5,305,969.40 | |
| JANE STR GROUP LLC JSG FIN SR SEC A NT 20330501 6.750% | US | 11,325,000 | $11,644,478.25 | |
| JEFFERSON CAPITAL HOLDINGS LLC SR A NT 20300515 8.250% | US | 19,380,000 | $20,080,587.00 | |
| LGI HOMES INC SR GLBL A 20290715 4.000% | US | 23,178,000 | $20,739,210.84 | |
| MAGNERA CORP SR SEC GLBL 20311115 7.250% | US | 17,210,000 | $16,227,309.00 | |
| MARTIN MIDSTREAM PARTNERS LP SR SEC GLBL 20280215 11.500% | US | 12,630,000 | $13,274,887.80 | |
| MATTHEWS INTL CORP SR SEC GLBL 20271001 8.625% | US | 15,350,000 | $15,969,372.50 | |
| MILLICOM INTL CELLULAR S A SR GLBL A 20310427 4.500% | US | 18,345,000 | $16,755,772.65 | |
| MINERVA LUXEMBOURG S A SR GLBL A 20310318 4.375% | US | 25,105,000 | $22,381,107.50 | |
| MORELD AS 9.875% 02/11/2030 | US | 8,600,000 | $8,487,512.00 | |
| MUELLER WTR PRODS INC SR GLBL A 20290615 4.000% | US | 9,402,000 | $9,026,296.08 | |
| NAVIENT CORPORATION SR GLBL NT 20320615 7.875% | US | 19,910,000 | $20,706,400.00 | |
| NAVIOS SOUTH AMERICAN L 8.875% 07/14/203 8.875 8.875 20300714 | US | 7,000,000 | $7,000,000.00 | |
| NEW FORTRESS ENERGY INC SR SEC GLBL 20290315 8.750% | US | 19,325,000 | $6,715,437.50 | |
| NEXSTAR BROADCASTING INC SR GLBL A 20281101 4.750% | US | 10,052,000 | $9,791,251.12 | |
| NGL ENERGY OPERATING LLC NGL SR SEC GLBL 20320215 8.375% | US | 20,900,000 | $20,962,700.00 | |
| OI EUROPEAN GROUP BV SR GLBL A 20300215 4.750% | NL | 22,185,000 | $21,340,638.90 | |
| ORGANON n CO SR GLBL A 20310430 5.125% | US | 24,875,000 | $21,588,017.50 | |
| OWENS n MINOR INC SR GLBL A 20300401 6.625% | US | 31,151,000 | $29,261,691.85 | |
| OXFORD FIN FDG TR - A- . 20310215 6.716% | US | 3,449,779 | $3,461,250.55 | |
| OXFORD FINANCE LLC OXFORD FI SR A NT 20270201 6.375% | US | 17,190,000 | $17,284,373.10 | |
| PALOMINO FDG TR I SR SEC GLBL 20280517 7.233% | US | 3,738,000 | $3,949,234.38 | |
| PCG - LLC SR SEC GLBL 20290725 10.319% | US | 2,399,178.28 | $2,398,914.37 | |
| PELORUS FUND REIT LLC CR SEN SR GLBL 20260930 7.000% | US | 4,355,000 | $4,319,593.85 | |
| PEMBROKE OLIVE DOWNS 11.5 20300218 | US | 7,415,000 | $7,186,766.30 | |
| PHH ESCROW ISSUER LLCPHH CORP SR GLBL A 20291101 9.875% | US | 15,940,000 | $15,900,787.60 | |
| POLARIS RENEWABLE ENERGY INC 9.75 20291120 | US | 2,750,000 | $2,842,812.50 | |
| POPULAR INC SR GLBL NT 20280313 7.250% | US | 11,420,000 | $12,132,836.40 | |
| PRA GROUP INC SR A NT 20300131 8.875% | US | 22,035,000 | $22,709,271.00 | |
| PRIME HEALTHCARE SVCS INC SR SEC A NT 20290901 9.375% | US | 19,985,000 | $19,835,112.50 | |
| PRIME SEC SVCS BORROWER LLC SR SEC GLBL 20270831 3.375% | US | 13,288,000 | $12,869,428.00 | |
| PROVIDENT FDG ASSOCIATES LP SR A NT 20290915 9.750% | US | 14,920,000 | $15,688,678.40 | |
| RADIOLOGY PARTNERS INC LIEN A NT 20320715 8.500% | US | 9,155,000 | $9,176,331.15 | |
| RINGCENTRAL INC SR GLBL A 20300815 8.500% | US | 10,570,000 | $11,309,794.30 | |
| SIRIUS XM RADIO INC SR GLBL A 20310901 3.875% | US | 18,495,000 | $16,440,575.40 | |
| SIRIUSPOINT LTD SR GLBL NT 20290405 7.000% | US | 19,525,000 | $20,554,943.75 | |
| SLM CORP SR GLBL NT. 20300131 6.500% | US | 22,390,000 | $23,501,439.60 | |
| SP CRUISES INTERMEDIATE 11.5% 03/14/2030 11.5 20300314 | US | 14,000,000 | $13,101,340.00 | |
| STAPLES INC SR SEC A NT 20290901 10.750% | US | 18,630,000 | $17,631,990.90 | |
| STAR PARENT INC SR SEC A NT 20301001 9.000% | US | 19,750,000 | $20,773,445.00 | |
| STARWOOD PPTY TR INC SR GLBL A 20290401 7.250% | US | 16,340,000 | $17,186,738.80 | |
| STONEX ESCROW ISSUER LLC SR SEC GLBL 20320715 6.875% | US | 5,240,000 | $5,292,714.40 | |
| STONEX GROUP INC SR SEC GLBL 20310301 7.875% | US | 1,625,000 | $1,703,406.25 | |
| SUMMIT MIDSTREAM HLDGS LLC SR SEC GLBL 20291031 8.625% | US | 18,675,000 | $19,105,272.00 | |
| SUNCOKE ENERGY INC SR SEC GLBL 20290630 4.875% | US | 5,436,000 | $5,059,176.48 | |
| TEGNA INC SR GLBL NT 20280315 4.625% | US | 10,575,000 | $10,277,208.00 | |
| TELEFLEX INCORPORATED SR GLBL A 20280601 4.250% | US | 10,970,000 | $10,717,580.30 | |
| TERRAFORM PWR OPER LLC SR GLBL A 20300115 4.750% | US | 22,487,000 | $21,528,828.93 | |
| UNITED AIR PASS THRU TR - B . 20291101 3.500% | US | 3,571,943.68 | $3,434,850.34 | |
| UNITED AIRLS INC -B B . 20270901 4.600% | US | 9,649,956.8 | $9,530,374.54 | |
| US DOLLARS | US | USD | 25,469,327.44 | $25,469,327.44 |
| UWM HLDGS LLC SR GLBL A 20300201 6.625% | US | 16,450,000 | $16,466,943.50 | |
| VELOCITY PORTFOLIO GROUP INC. SNR NTS USD (144A) 9.75 20330301 | US | 7,000,000 | $7,000,000.00 | |
| VENTURE GLOBAL LNG INC SR SEC A NT 20290201 9.500% | US | 24,555,000 | $26,749,725.90 | |
| VFH PARENT LLC n VALOR CO-ISSU SR A NT. 20310615 7.500% | US | 4,748,000 | $4,982,551.20 | |
| VISTAJET MALTA FIN P L C SR A NT. 20280601 9.500% | US | 19,982,000 | $20,537,299.78 | |
| VMED O UK FING I PLC SR SEC GLBL 20310715 4.750% | US | 13,955,000 | $12,908,793.65 | |
| WestJet Airlnes Term B | US | 17,971,006.01 | $17,858,687.22 | |
| ZIFF DAVIS INC SR GLBL A 20301015 4.625% | US | 13,235,000 | $12,354,475.45 |
Investments will change over time.
Distributions
A Word About Risk
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.