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

$9.05

Daily $ Change

$0.01

Daily % Change

0.11%

as of 03/23/2023

Ticker

MNHYX

CUSIP

56382P583

Inception Date

09/14/2009

Investment Minimum

$2,000.00

Investment minimum may be waived for certain qualified retirement plans, participants in an automatic investment program, and discretionary investment accounts of the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms
N-Port Part F Reports

Performance

As of 02/28/2023

YTD

1.71%

1 Year

-3.78%

3 Year

3.81%

5 Year

4.37%

10 Year

4.65%

Inception
(09/14/2009)

6.38%

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.

Expense Ratio

Gross 0.95%
Net 0.90%*

*Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee. 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.

Top Ten Investments

As of 02/28/2023

SLM CORP 3.12500 11/02/2026 2.62%
AMERICAN TANKER INC 7.75000 07/02/2025 2.60%
GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 2.41%
RADIAN GROUP INC 4.87500 03/15/2027 2.36%
SLM CORP 5.62500 08/01/2033 2.07%
ISHARES IBOXX H/Y CORP BOND 4.10900 2.07%
NRG ENERGY INC 3.37500 02/15/2029 2.05%
IHS HOLDING LTD 6.25000 11/29/2028 2.00%
VISTRA OPERATIONS CO LLC 4.37500 05/01/2029 1.99%
ATLANTICA SUSTAIN INFRA 4.12500 06/15/2028 1.91%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 02/28/2023

Cash 4.13%
Corporate 91.16%
Mortgage 2.70%
Other 2.01%

Credit Quality Distribution

As of 02/28/2023

AAA 4.15%
BBB 12.33%
BB 35.17%
B 29.44%
CCC 6.04%
D 0.00%
NR 12.87%

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.

February Fund Holdings

As of 02/28/2023

Security Description Country Ticker Shares/Par Market Value (USD)
ATP TOW / AND TELECOM 4.05000 04/27/2026 MUL 4,135,000 $3,667,637.12
ADAPTHEALTH LLC 4.62500 08/01/2029 US 5,398,000 $4,536,883.24
AFFINITY GAMING 6.87500 12/15/2027 US 5,700,000 $5,077,673.77
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 2,491,917.56 $2,546,138.50
ARDAGH PKG FIN/HLDGS USA 5.25000 08/15/2027 MUL 4,270,000 $3,511,259.81
ATLANTICA SUSTAIN INFRA 4.12500 06/15/2028 GB 7,481,000 $6,628,240.66
BAUSCH HEALTH COS INC 4.87500 06/01/2028 CA 5,500,000 $3,431,292.70
BURFORD CAPITAL GLBL FIN 6.87500 04/15/2030 US 3,950,000 $3,402,274.32
JONAH ENERGY PARENT LLC US 65,341 $3,151,396.43
C&S GROUP ENTERPRISES LL 5.00000 12/15/2028 US 7,000,000 $5,390,964.81
CCO HLDGS LLC/CAP CORP 4.25000 02/01/2031 US 6,715,000 $5,388,978.47
CHS/COMMUNITY HEALTH SYS 5.25000 05/15/2030 US 4,275,000 $3,434,732.03
CARGO AIRCRAFT MANAGEMENT 4.75000 02/01/2028 US 5,455,000 $4,724,805.70
CLEARWATER PAPER CORP 4.75000 08/15/2028 US 4,245,000 $3,732,990.56
COINBASE GLOBAL INC 3.37500 10/01/2028 US 4,600,000 $3,009,459.56
CRESTWOOD MID PARTNER LP 6.00000 02/01/2029 US 3,600,000 $3,272,620.68
DAVITA INC 4.62500 06/01/2030 US 4,850,000 $3,998,464.74
DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 US 2,400,000 $2,174,674.10
ECO MATERIAL TECH INC 7.87500 01/31/2027 US 4,250,000 $4,074,637.95
ELCORADO GOLD CORP 6.25000 09/01/2029 CA 6,140,000 $5,423,583.69
ENDEAVOR MINING PLC 5.00000 10/14/2026 GB 5,825,000 $4,954,987.67
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 6,020,000 $6,023,198.79
FORD MOTOR CREDIT CO LLC 7.35000 03/06/2030 US 5,500,000 $5,569,570.33
GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 US 8,500,000 $8,353,357.83
GLOBAL INFRASTRUCTURE SO 5.62500 06/01/2029 US 4,095,000 $3,429,133.59
GRAFTECH FINANCE 4.62500 12/15/2028 US 6,220,000 $5,078,467.04
GUARA NORTE SARL 5.19800 06/15/2034 LU 7,125,210.25 $5,988,905.73
HESS MIDSTREAM OPERATION 4.25000 02/15/2030 US 6,315,000 $5,329,137.63
HILLENBRAND INC 3.75000 03/01/2031 US 5,907,000 $4,824,131.00
IHS HOLDING LTD 6.25000 11/29/2028 KY 8,500,000 $6,951,495.59
IIP OPERATING PARTNER 5.50000 05/25/2026 US 5,455,000 $4,728,291.50
IEA ENERGY SERVICES LLC 6.62500 08/15/2029 US 6,800,000 $6,527,052.83
IHEARTCOMMUNICATIONS INC 6.37500 05/01/2026 US 4,910,000 $4,626,276.09
INTL FC STORE INC 8.62500 06/15/2025 US 3,170,000 $3,201,278.83
ISHARES IBOXX H/Y CORP BOND 4.10900 US 96,325 $7,179,102.25
LD HOLDINGS GROUP 6.12500 04/01/2028 US 4,900,000 $2,900,853.90
LOGAN MERGER SUB INC 5.50000 09/01/2027 US 6,950,000 $3,332,368.63
MGIC INVESTMENT CORP 5.25000 08/15/2028 US 5,000,000 $4,669,560.90
MRT MID PART/MRT MID FIN 11.50000 02/15/2028 US 3,625,000 $3,577,578.73
MIDCAP FINANCIAL ISSR TR 6.50000 05/01/2028 US 6,000,000 $5,169,081.60
MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 3,500,000 $3,146,885.91
NRG ENERGY INC 3.37500 02/15/2029 US 8,750,000 $7,132,358.36
ALTICE USA 9.06350 01/18/2028 US 6,486,807.39 $6,065,164.91
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 6,535,000 $653.50
OPEN TEXT HOLDINGS INC 4.12500 12/01/2031 US 6,853,000 $5,453,596.84
OXFIN 2023-1A A2 6.71600 02/15/2031 US 3,850,000 $3,796,173.15
PRA GROUP INC 8.37500 02/01/2028 US 3,465,000 $3,494,687.43
PELORUS FUND REIT 7.00000 09/30/2026 US 4,355,000 $4,071,793.48
PERRIGO FINANCE UNLIMIED 4.40000 06/15/2030 IE 4,000,000 $3,432,415.60
POPULAR INC 6.12500 09/14/2023 PR 3,880,000 $3,862,220.71
RADIAN GROUP INC 4.87500 03/15/2027 US 8,750,000 $8,191,605.89
RAND PARENT LLC 8.50000 02/15/2030 US 3,830,000 $3,682,000.49
ROYAL CARIBBEAN CRUISES 5.50000 04/01/2028 LR 6,060,000 $5,282,890.81
SLM CORP 5.62500 08/01/2033 US 9,515,000 $7,200,550.09
SLM CORP 3.12500 11/02/2026 US 10,550,000 $9,100,013.28
SIRIUS XM RADIO INC 4.00000 07/15/2028 US 4,250,000 $3,637,358.80
ONEMAIN FINANCE CORP 5.62500 03/15/2023 US 3,225,000 $3,222,052.29
STAPLES INC 10.75000 04/15/2027 US 4,270,000 $3,260,564.74
SUMMIT MID HLDS LLC/ FI 8.50000 10/15/2026 US 5,365,000 $5,101,320.77
SYNCHRONOSS TECH US 85,424 $1,576,072.80
SYNEOS HEALTH INC 3.62500 01/15/2029 US 6,750,000 $5,575,255.79
TTM TECHNOLOGIES INC 4.00000 03/01/2029 US 3,900,000 $3,240,180.45
TRINET GROUP INC 3.50000 03/01/2029 US 4,100,000 $3,436,087.70
TUTOR PERINI CORP 6.87500 05/01/2025 US 6,000,000 $5,051,599.14
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 6,167,767.68 $5,532,900.73
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 3,461,220.34 $3,294,588.30
UNITED WHOLESALE MTGE LL 5.50000 04/15/2029 US 5,025,000 $4,160,544.88
VISTAJET MALTA XO MGMT 7.87500 05/01/2027 MUL 5,120,000 $4,901,815.96
VISTRA OPERATIONS CO LLC 4.37500 05/01/2029 US 8,000,000 $6,918,037.44
VITERRA FINANCE BV 3.20000 04/21/2031 NL 6,693,000 $5,126,713.31
AMERICAN TANKER INC 7.75000 07/02/2025 US 9,355,000 $9,022,691.13
EVOLUTION WELL SERVICES 11.95790 03/04/2027 US 4,000,000 $3,880,000.00
SEASPAN CORP 6.50000 02/05/2024 MH 6,200,000 $6,202,641.70
PETROTAL CORP 12.00000 02/16/2024 CA 2,106,500 $2,159,162.50
PING PETROLEUM UK 12.00000 07/29/2024 GB 1,700,000 $1,562,974.44
US DOLLAR US 14,769,495.69 $14,769,495.69
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 3,759,000 $3,376,317.75

Investments will change over time.

Distributions

  • High Yield Bond Series Class S Distribution History
  • 2023 Distribution Calendar
  • 2023 Distributions
  • Tax Letter

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

$9.05

Daily $ Change

$0.01

Daily % Change

0.11%

as of 03/23/2023

Ticker

MNHYX

CUSIP

56382P583

Inception Date

09/14/2009

Investment Minimum

$2,000.00

Investment minimum may be waived for certain qualified retirement plans, participants in an automatic investment program, and discretionary investment accounts of the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms
N-Port Part F Reports

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

Performance

As of 02/28/2023

YTD

1.71%

1 Year

-3.78%

3 Year

3.81%

5 Year

4.37%

10 Year

4.65%

Inception
(09/14/2009)

6.38%

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.

Expense Ratio

Gross 0.95%
Net 0.90%*

*Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee. 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.

Top Ten Investments

As of 02/28/2023

SLM CORP 3.12500 11/02/2026 2.62%
AMERICAN TANKER INC 7.75000 07/02/2025 2.60%
GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 2.41%
RADIAN GROUP INC 4.87500 03/15/2027 2.36%
SLM CORP 5.62500 08/01/2033 2.07%
ISHARES IBOXX H/Y CORP BOND 4.10900 2.07%
NRG ENERGY INC 3.37500 02/15/2029 2.05%
IHS HOLDING LTD 6.25000 11/29/2028 2.00%
VISTRA OPERATIONS CO LLC 4.37500 05/01/2029 1.99%
ATLANTICA SUSTAIN INFRA 4.12500 06/15/2028 1.91%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 02/28/2023

Cash
4.13%
Corporate
91.16%
Mortgage
2.70%
Other
2.01%

Credit Quality Distribution

As of 02/28/2023

AAA
4.15%
BBB
12.33%
BB
35.17%
B
29.44%
CCC
6.04%
D
0.00%
NR
12.87%

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.

February Fund Holdings

As of 02/28/2023

Security Description Country Ticker Shares/Par Market Value (USD)
ATP TOW / AND TELECOM 4.05000 04/27/2026 MUL 4,135,000 $3,667,637.12
ADAPTHEALTH LLC 4.62500 08/01/2029 US 5,398,000 $4,536,883.24
AFFINITY GAMING 6.87500 12/15/2027 US 5,700,000 $5,077,673.77
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 2,491,917.56 $2,546,138.50
ARDAGH PKG FIN/HLDGS USA 5.25000 08/15/2027 MUL 4,270,000 $3,511,259.81
ATLANTICA SUSTAIN INFRA 4.12500 06/15/2028 GB 7,481,000 $6,628,240.66
BAUSCH HEALTH COS INC 4.87500 06/01/2028 CA 5,500,000 $3,431,292.70
BURFORD CAPITAL GLBL FIN 6.87500 04/15/2030 US 3,950,000 $3,402,274.32
JONAH ENERGY PARENT LLC US 65,341 $3,151,396.43
C&S GROUP ENTERPRISES LL 5.00000 12/15/2028 US 7,000,000 $5,390,964.81
CCO HLDGS LLC/CAP CORP 4.25000 02/01/2031 US 6,715,000 $5,388,978.47
CHS/COMMUNITY HEALTH SYS 5.25000 05/15/2030 US 4,275,000 $3,434,732.03
CARGO AIRCRAFT MANAGEMENT 4.75000 02/01/2028 US 5,455,000 $4,724,805.70
CLEARWATER PAPER CORP 4.75000 08/15/2028 US 4,245,000 $3,732,990.56
COINBASE GLOBAL INC 3.37500 10/01/2028 US 4,600,000 $3,009,459.56
CRESTWOOD MID PARTNER LP 6.00000 02/01/2029 US 3,600,000 $3,272,620.68
DAVITA INC 4.62500 06/01/2030 US 4,850,000 $3,998,464.74
DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 US 2,400,000 $2,174,674.10
ECO MATERIAL TECH INC 7.87500 01/31/2027 US 4,250,000 $4,074,637.95
ELCORADO GOLD CORP 6.25000 09/01/2029 CA 6,140,000 $5,423,583.69
ENDEAVOR MINING PLC 5.00000 10/14/2026 GB 5,825,000 $4,954,987.67
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 6,020,000 $6,023,198.79
FORD MOTOR CREDIT CO LLC 7.35000 03/06/2030 US 5,500,000 $5,569,570.33
GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 US 8,500,000 $8,353,357.83
GLOBAL INFRASTRUCTURE SO 5.62500 06/01/2029 US 4,095,000 $3,429,133.59
GRAFTECH FINANCE 4.62500 12/15/2028 US 6,220,000 $5,078,467.04
GUARA NORTE SARL 5.19800 06/15/2034 LU 7,125,210.25 $5,988,905.73
HESS MIDSTREAM OPERATION 4.25000 02/15/2030 US 6,315,000 $5,329,137.63
HILLENBRAND INC 3.75000 03/01/2031 US 5,907,000 $4,824,131.00
IHS HOLDING LTD 6.25000 11/29/2028 KY 8,500,000 $6,951,495.59
IIP OPERATING PARTNER 5.50000 05/25/2026 US 5,455,000 $4,728,291.50
IEA ENERGY SERVICES LLC 6.62500 08/15/2029 US 6,800,000 $6,527,052.83
IHEARTCOMMUNICATIONS INC 6.37500 05/01/2026 US 4,910,000 $4,626,276.09
INTL FC STORE INC 8.62500 06/15/2025 US 3,170,000 $3,201,278.83
ISHARES IBOXX H/Y CORP BOND 4.10900 US 96,325 $7,179,102.25
LD HOLDINGS GROUP 6.12500 04/01/2028 US 4,900,000 $2,900,853.90
LOGAN MERGER SUB INC 5.50000 09/01/2027 US 6,950,000 $3,332,368.63
MGIC INVESTMENT CORP 5.25000 08/15/2028 US 5,000,000 $4,669,560.90
MRT MID PART/MRT MID FIN 11.50000 02/15/2028 US 3,625,000 $3,577,578.73
MIDCAP FINANCIAL ISSR TR 6.50000 05/01/2028 US 6,000,000 $5,169,081.60
MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 3,500,000 $3,146,885.91
NRG ENERGY INC 3.37500 02/15/2029 US 8,750,000 $7,132,358.36
ALTICE USA 9.06350 01/18/2028 US 6,486,807.39 $6,065,164.91
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 6,535,000 $653.50
OPEN TEXT HOLDINGS INC 4.12500 12/01/2031 US 6,853,000 $5,453,596.84
OXFIN 2023-1A A2 6.71600 02/15/2031 US 3,850,000 $3,796,173.15
PRA GROUP INC 8.37500 02/01/2028 US 3,465,000 $3,494,687.43
PELORUS FUND REIT 7.00000 09/30/2026 US 4,355,000 $4,071,793.48
PERRIGO FINANCE UNLIMIED 4.40000 06/15/2030 IE 4,000,000 $3,432,415.60
POPULAR INC 6.12500 09/14/2023 PR 3,880,000 $3,862,220.71
RADIAN GROUP INC 4.87500 03/15/2027 US 8,750,000 $8,191,605.89
RAND PARENT LLC 8.50000 02/15/2030 US 3,830,000 $3,682,000.49
ROYAL CARIBBEAN CRUISES 5.50000 04/01/2028 LR 6,060,000 $5,282,890.81
SLM CORP 5.62500 08/01/2033 US 9,515,000 $7,200,550.09
SLM CORP 3.12500 11/02/2026 US 10,550,000 $9,100,013.28
SIRIUS XM RADIO INC 4.00000 07/15/2028 US 4,250,000 $3,637,358.80
ONEMAIN FINANCE CORP 5.62500 03/15/2023 US 3,225,000 $3,222,052.29
STAPLES INC 10.75000 04/15/2027 US 4,270,000 $3,260,564.74
SUMMIT MID HLDS LLC/ FI 8.50000 10/15/2026 US 5,365,000 $5,101,320.77
SYNCHRONOSS TECH US 85,424 $1,576,072.80
SYNEOS HEALTH INC 3.62500 01/15/2029 US 6,750,000 $5,575,255.79
TTM TECHNOLOGIES INC 4.00000 03/01/2029 US 3,900,000 $3,240,180.45
TRINET GROUP INC 3.50000 03/01/2029 US 4,100,000 $3,436,087.70
TUTOR PERINI CORP 6.87500 05/01/2025 US 6,000,000 $5,051,599.14
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 6,167,767.68 $5,532,900.73
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 3,461,220.34 $3,294,588.30
UNITED WHOLESALE MTGE LL 5.50000 04/15/2029 US 5,025,000 $4,160,544.88
VISTAJET MALTA XO MGMT 7.87500 05/01/2027 MUL 5,120,000 $4,901,815.96
VISTRA OPERATIONS CO LLC 4.37500 05/01/2029 US 8,000,000 $6,918,037.44
VITERRA FINANCE BV 3.20000 04/21/2031 NL 6,693,000 $5,126,713.31
AMERICAN TANKER INC 7.75000 07/02/2025 US 9,355,000 $9,022,691.13
EVOLUTION WELL SERVICES 11.95790 03/04/2027 US 4,000,000 $3,880,000.00
SEASPAN CORP 6.50000 02/05/2024 MH 6,200,000 $6,202,641.70
PETROTAL CORP 12.00000 02/16/2024 CA 2,106,500 $2,159,162.50
PING PETROLEUM UK 12.00000 07/29/2024 GB 1,700,000 $1,562,974.44
US DOLLAR US 14,769,495.69 $14,769,495.69
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 3,759,000 $3,376,317.75

Investments will change over time.

Distributions

  • High Yield Bond Series Class S Distribution History
  • 2023 Distribution Calendar
  • 2023 Distributions
  • Tax Letter

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.


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