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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.
$10.20
$0.01
0.10%
as of 01/17/2020
MNHYX
56382P583
09/14/2009
$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.
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Fact Sheet | |
| Applications & Forms |
As of 12/31/2019
---
13.97%
6.86%
6.01%
7.15%
7.43%
---
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 | 0.99% |
| Net | 0.91%* |
*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.
As of 12/31/2019
| SPDR BARCLAYS CAPITAL HIGH 5.95800 | 3.09% |
| AMERICAN TANKER INC 9.25000 02/22/2022 | 2.89% |
| TUTOR PERINI CORP 6.87500 05/01/2025 | 2.34% |
| SLM CORP 5.12500 04/05/2022 | 2.27% |
| LGI HOMES INC 6.87500 07/15/2026 | 2.26% |
| MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 | 2.19% |
| BOREALIS FINANCE LLC 7.50000 11/16/2022 | 2.17% |
| COMPASS MINERALS INTERNA 6.75000 12/01/2027 | 2.16% |
| FORTRESS TRANS & INFRAST 6.50000 10/01/2025 | 2.13% |
| GLOBAL AIR LEASE CO LTD 6.50000 09/15/2024 | 2.09% |
Top Ten Investments list is unaudited and excludes cash.
As of 12/31/2019
| Cash | 2.83% |
| Corporate | 94.16% |
| Other | 3.01% |
As of 12/31/2019
| AAA | 2.83% |
| BB | 27.23% |
| B | 46.65% |
| CCC | 13.00% |
| NR | 10.29% |
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 12/31/2019
| CUSIP | Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|---|
| 00101JAK2 | ADT SEC CORP 6.25000 10/15/2021 | US | 660,000 | $696,300.00 | |
| 00489LAA1 | ACRISURE LLC / FIN INC 7.00000 11/15/2025 | US | 1,065,000 | $1,027,725.00 | |
| 00791GAA5 | AG MERGER SUB II INC 10.75000 08/01/2027 | US | 975,000 | $975,000.00 | |
| 013093AD1 | ALBERTSONS COS LLC/SAFEW 5.75000 03/15/2025 | US | 630,000 | $652,050.00 | |
| 03019LAA4 | AMERICAN TANKER INC 9.25000 02/22/2022 | US | 1,760,000 | $1,803,532.88 | |
| 03690AAD8 | ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 | US | 695,000 | $611,165.63 | |
| 03690AAF3 | ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 | US | 695,000 | $604,650.00 | |
| 045086AF2 | ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 | US | 715,000 | $731,087.50 | |
| 11680JAA0 | BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 | US | 695,000 | $451,750.00 | |
| 131477AT8 | CALUMET SPECIALTY PROD 11.00000 04/15/2025 | US | 1,025,000 | $1,114,687.50 | |
| 156700AW6 | CENTURYLINK INC 5.62500 04/01/2020 | US | 660,000 | $664,125.00 | |
| 20451NAG6 | COMPASS MINERALS INTERNA 6.75000 12/01/2027 | US | 1,270,000 | $1,349,375.00 | |
| 225310AN1 | CREDIT ACCEPTANC 5.12500 12/31/2024 | US | 630,000 | $654,229.80 | |
| 23110AAA4 | CUMULUS MEDIA NEW HLDGS 6.75000 07/01/2026 | US | 690,000 | $739,162.50 | |
| 25277LAC0 | DIAMOND SPORTS GR/DIAMON 6.62500 08/15/2027 | US | 980,000 | $953,050.00 | |
| 25787GAC4 | DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 | US | 1,080,000 | $1,104,300.00 | |
| 26151AAA7 | DRAX FINCO PLC 6.62500 11/01/2025 | GB | 555,000 | $589,687.50 | |
| 29413XAD9 | ENVIVA PARTNERS LP/FIN C 6.50000 01/15/2026 | US | 955,000 | $1,022,451.65 | |
| 315786AC7 | FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 | US | 670,000 | $713,550.00 | |
| 33834YAA6 | FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 | US | 1,050,000 | $1,057,675.50 | |
| 346232AD3 | FORESTAR GROUP INC 8.00000 04/15/2024 | US | 640,000 | $696,000.00 | |
| 34960PAB7 | FORTRESS TRANS & INFRAST 6.50000 10/01/2025 | US | 1,260,000 | $1,329,930.00 | |
| 35166FAA0 | FOXTROT ESCROW ISSUER 12.25000 11/15/2026 | US | 980,000 | $1,020,425.00 | |
| 36166LAA5 | GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 | AE | 825,000 | $868,312.50 | |
| 37953TAB1 | GLOBAL SHIP LEASE INC 9.87500 11/15/2022 | MH | 1,248,000 | $1,301,040.00 | |
| 37960JAA6 | GLOBAL AIR LEASE CO LTD 6.50000 09/15/2024 | KY | 1,250,000 | $1,304,312.50 | |
| 404139AD9 | HC2 HOLDINGS INC 11.50000 12/01/2021 | US | 350,000 | $325,500.00 | |
| 45031UCG4 | ISTAR INC 4.25000 08/01/2025 | US | 630,000 | $636,904.80 | |
| 450913AE8 | IAMGOLD CORP 7.00000 04/15/2025 | CA | 935,000 | $974,139.10 | |
| 45682RAA8 | INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 | AU | 1,035,000 | $1,066,857.30 | |
| 47232MAE2 | JEFFERIES FIN LLC 6.25000 06/03/2026 | US | 350,000 | $366,625.00 | |
| 47987LAA9 | JONAH NRG LLC/FINANCE 7.25000 10/15/2025 | US | 1,085,000 | $320,075.00 | |
| 487526AB1 | KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 | US | 1,000,000 | $1,047,500.00 | |
| 496902AQ0 | KINROSS GOLD CORP 4.50000 07/15/2027 | CA | 675,000 | $707,062.50 | |
| 50187TAE6 | LGI HOMES INC 6.87500 07/15/2026 | US | 1,345,000 | $1,408,887.50 | |
| 50201DAA1 | LCPR SR SECURED FIN DAC 6.75000 10/15/2027 | IE | 1,000,000 | $1,060,000.00 | |
| 516806AD8 | LAREDO PETROLEUM INC 5.62500 01/15/2022 | US | 630,000 | $611,100.00 | |
| 54238XAC2 | LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 | US | 695,000 | $474,337.50 | |
| 61965RAA3 | MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 | US | 640,000 | $486,400.00 | |
| 61965RAB1 | MOSS CREEK RESOURCES HLD 10.50000 05/15/2027 | US | 225,000 | $187,875.00 | |
| 62426EAA3 | MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 | CA | 1,415,000 | $1,365,475.00 | |
| 63938CAA6 | NAVIENT CORP 5.00000 10/26/2020 | US | 975,000 | $989,332.50 | |
| 66727WAA0 | NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | CA | 1,395,000 | $1,046,250.00 | |
| 67059TAD7 | NUSTAR LOGISTICS LP 6.75000 02/01/2021 | US | 670,000 | $695,125.00 | |
| 67091GAC7 | OCI NV 5.25000 11/01/2024 | NL | 800,000 | $830,000.00 | |
| 675232AB8 | OCEANEERING INTL INC 6.00000 02/01/2028 | US | 970,000 | $950,600.00 | |
| 680665AL0 | OLIN CORP 5.62500 08/01/2029 | US | 685,000 | $723,497.00 | |
| 71642QAB3 | PDLLN 7 1/4 05/01/22 7.25000 05/01/2022 | GB | 695,000 | $438,718.75 | |
| 719245AD4 | PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 | US | 1,020,000 | $948,600.00 | |
| 74166MAB2 | PRIME SECSRVC BRW/FINANC 5.25000 04/15/2024 | US | 600,000 | $634,800.00 | |
| 74166MAC0 | PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 | US | 660,000 | $717,340.80 | |
| 750236AW1 | RADIAN GROUP INC 4.87500 03/15/2027 | US | 940,000 | $989,350.00 | |
| 77340RAK3 | ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 | US | 1,025,000 | $1,035,862.63 | |
| 78442PGC4 | SLM CORP 5.12500 04/05/2022 | US | 1,365,000 | $1,412,775.00 | |
| 78468R622 | SPDR BARCLAYS CAPITAL HIGH 5.95800 | US | 17,615 | $1,929,547.10 | |
| 822538AE4 | SHELF DRILL HOLD LTD 8.25000 02/15/2025 | KY | 695,000 | $661,987.50 | |
| 852061AR1 | SPRINT COMMUNICATIONS 7.00000 08/15/2020 | US | 695,000 | $709,768.75 | |
| 85207UAE5 | SPRINT CORP 7.25000 09/15/2021 | US | 660,000 | $697,950.00 | |
| 85207UAH8 | SPRINT CORP 7.12500 06/15/2024 | US | 645,000 | $695,793.75 | |
| 85571BAP0 | STARWOOD PROPERTY TRUST 3.62500 02/01/2021 | US | 935,000 | $940,843.75 | |
| 86723CAF5 | SUNCOKE ENRGY PART LP/FI 7.50000 06/15/2025 | US | 650,000 | $625,085.50 | |
| 87854WAA1 | TECHNIPLAS LLC 10.00000 05/01/2020 | US | 870,000 | $739,500.00 | |
| 892231AA9 | TOWNSQUARE MEDIA INC 6.50000 04/01/2023 | US | 875,000 | $888,125.00 | |
| 901109AF5 | TUTOR PERINI CORP 6.87500 05/01/2025 | US | 1,510,000 | $1,457,150.00 | |
| 92840JAA7 | VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 | MUL | 1,060,000 | $1,007,000.00 | |
| 92922PAL0 | W & T OFFSHORE INC 9.75000 11/01/2023 | US | 640,000 | $610,400.00 | |
| 94856UAA9 | WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 | US | 1,170,000 | $1,213,875.00 | |
| 962178AN9 | TRI POINTE GROUP / HOMES 5.87500 06/15/2024 | US | 750,000 | $815,625.00 | |
| AP8694550 | BOREALIS FINANCE LLC 7.50000 11/16/2022 | MH | 1,470,000 | $1,352,400.00 | |
| 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 | $822,000.00 | |
| USD | US DOLLAR | US | 1,814,273.03 | $1,814,273.03 |
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.
$10.20
$0.01
0.10%
as of 01/17/2020
MNHYX
56382P583
09/14/2009
$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.
| 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 12/31/2019
---
13.97%
6.86%
6.01%
7.15%
7.43%
---
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 | 0.99% |
| Net | 0.91%* |
*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.
As of 12/31/2019
| SPDR BARCLAYS CAPITAL HIGH 5.95800 | 3.09% |
| AMERICAN TANKER INC 9.25000 02/22/2022 | 2.89% |
| TUTOR PERINI CORP 6.87500 05/01/2025 | 2.34% |
| SLM CORP 5.12500 04/05/2022 | 2.27% |
| LGI HOMES INC 6.87500 07/15/2026 | 2.26% |
| MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 | 2.19% |
| BOREALIS FINANCE LLC 7.50000 11/16/2022 | 2.17% |
| COMPASS MINERALS INTERNA 6.75000 12/01/2027 | 2.16% |
| FORTRESS TRANS & INFRAST 6.50000 10/01/2025 | 2.13% |
| GLOBAL AIR LEASE CO LTD 6.50000 09/15/2024 | 2.09% |
Top Ten Investments list is unaudited and excludes cash.
As of 12/31/2019
| Cash | 2.83% | |
| Corporate | 94.16% | |
| Other | 3.01% |
As of 12/31/2019
| AAA | 2.83% | |
| BB | 27.23% | |
| B | 46.65% | |
| CCC | 13.00% | |
| NR | 10.29% |
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 12/31/2019
| CUSIP | Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|---|
| 00101JAK2 | ADT SEC CORP 6.25000 10/15/2021 | US | 660,000 | $696,300.00 | |
| 00489LAA1 | ACRISURE LLC / FIN INC 7.00000 11/15/2025 | US | 1,065,000 | $1,027,725.00 | |
| 00791GAA5 | AG MERGER SUB II INC 10.75000 08/01/2027 | US | 975,000 | $975,000.00 | |
| 013093AD1 | ALBERTSONS COS LLC/SAFEW 5.75000 03/15/2025 | US | 630,000 | $652,050.00 | |
| 03019LAA4 | AMERICAN TANKER INC 9.25000 02/22/2022 | US | 1,760,000 | $1,803,532.88 | |
| 03690AAD8 | ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 | US | 695,000 | $611,165.63 | |
| 03690AAF3 | ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 | US | 695,000 | $604,650.00 | |
| 045086AF2 | ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 | US | 715,000 | $731,087.50 | |
| 11680JAA0 | BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 | US | 695,000 | $451,750.00 | |
| 131477AT8 | CALUMET SPECIALTY PROD 11.00000 04/15/2025 | US | 1,025,000 | $1,114,687.50 | |
| 156700AW6 | CENTURYLINK INC 5.62500 04/01/2020 | US | 660,000 | $664,125.00 | |
| 20451NAG6 | COMPASS MINERALS INTERNA 6.75000 12/01/2027 | US | 1,270,000 | $1,349,375.00 | |
| 225310AN1 | CREDIT ACCEPTANC 5.12500 12/31/2024 | US | 630,000 | $654,229.80 | |
| 23110AAA4 | CUMULUS MEDIA NEW HLDGS 6.75000 07/01/2026 | US | 690,000 | $739,162.50 | |
| 25277LAC0 | DIAMOND SPORTS GR/DIAMON 6.62500 08/15/2027 | US | 980,000 | $953,050.00 | |
| 25787GAC4 | DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 | US | 1,080,000 | $1,104,300.00 | |
| 26151AAA7 | DRAX FINCO PLC 6.62500 11/01/2025 | GB | 555,000 | $589,687.50 | |
| 29413XAD9 | ENVIVA PARTNERS LP/FIN C 6.50000 01/15/2026 | US | 955,000 | $1,022,451.65 | |
| 315786AC7 | FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 | US | 670,000 | $713,550.00 | |
| 33834YAA6 | FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 | US | 1,050,000 | $1,057,675.50 | |
| 346232AD3 | FORESTAR GROUP INC 8.00000 04/15/2024 | US | 640,000 | $696,000.00 | |
| 34960PAB7 | FORTRESS TRANS & INFRAST 6.50000 10/01/2025 | US | 1,260,000 | $1,329,930.00 | |
| 35166FAA0 | FOXTROT ESCROW ISSUER 12.25000 11/15/2026 | US | 980,000 | $1,020,425.00 | |
| 36166LAA5 | GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 | AE | 825,000 | $868,312.50 | |
| 37953TAB1 | GLOBAL SHIP LEASE INC 9.87500 11/15/2022 | MH | 1,248,000 | $1,301,040.00 | |
| 37960JAA6 | GLOBAL AIR LEASE CO LTD 6.50000 09/15/2024 | KY | 1,250,000 | $1,304,312.50 | |
| 404139AD9 | HC2 HOLDINGS INC 11.50000 12/01/2021 | US | 350,000 | $325,500.00 | |
| 45031UCG4 | ISTAR INC 4.25000 08/01/2025 | US | 630,000 | $636,904.80 | |
| 450913AE8 | IAMGOLD CORP 7.00000 04/15/2025 | CA | 935,000 | $974,139.10 | |
| 45682RAA8 | INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 | AU | 1,035,000 | $1,066,857.30 | |
| 47232MAE2 | JEFFERIES FIN LLC 6.25000 06/03/2026 | US | 350,000 | $366,625.00 | |
| 47987LAA9 | JONAH NRG LLC/FINANCE 7.25000 10/15/2025 | US | 1,085,000 | $320,075.00 | |
| 487526AB1 | KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 | US | 1,000,000 | $1,047,500.00 | |
| 496902AQ0 | KINROSS GOLD CORP 4.50000 07/15/2027 | CA | 675,000 | $707,062.50 | |
| 50187TAE6 | LGI HOMES INC 6.87500 07/15/2026 | US | 1,345,000 | $1,408,887.50 | |
| 50201DAA1 | LCPR SR SECURED FIN DAC 6.75000 10/15/2027 | IE | 1,000,000 | $1,060,000.00 | |
| 516806AD8 | LAREDO PETROLEUM INC 5.62500 01/15/2022 | US | 630,000 | $611,100.00 | |
| 54238XAC2 | LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 | US | 695,000 | $474,337.50 | |
| 61965RAA3 | MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 | US | 640,000 | $486,400.00 | |
| 61965RAB1 | MOSS CREEK RESOURCES HLD 10.50000 05/15/2027 | US | 225,000 | $187,875.00 | |
| 62426EAA3 | MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 | CA | 1,415,000 | $1,365,475.00 | |
| 63938CAA6 | NAVIENT CORP 5.00000 10/26/2020 | US | 975,000 | $989,332.50 | |
| 66727WAA0 | NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | CA | 1,395,000 | $1,046,250.00 | |
| 67059TAD7 | NUSTAR LOGISTICS LP 6.75000 02/01/2021 | US | 670,000 | $695,125.00 | |
| 67091GAC7 | OCI NV 5.25000 11/01/2024 | NL | 800,000 | $830,000.00 | |
| 675232AB8 | OCEANEERING INTL INC 6.00000 02/01/2028 | US | 970,000 | $950,600.00 | |
| 680665AL0 | OLIN CORP 5.62500 08/01/2029 | US | 685,000 | $723,497.00 | |
| 71642QAB3 | PDLLN 7 1/4 05/01/22 7.25000 05/01/2022 | GB | 695,000 | $438,718.75 | |
| 719245AD4 | PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 | US | 1,020,000 | $948,600.00 | |
| 74166MAB2 | PRIME SECSRVC BRW/FINANC 5.25000 04/15/2024 | US | 600,000 | $634,800.00 | |
| 74166MAC0 | PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 | US | 660,000 | $717,340.80 | |
| 750236AW1 | RADIAN GROUP INC 4.87500 03/15/2027 | US | 940,000 | $989,350.00 | |
| 77340RAK3 | ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 | US | 1,025,000 | $1,035,862.63 | |
| 78442PGC4 | SLM CORP 5.12500 04/05/2022 | US | 1,365,000 | $1,412,775.00 | |
| 78468R622 | SPDR BARCLAYS CAPITAL HIGH 5.95800 | US | 17,615 | $1,929,547.10 | |
| 822538AE4 | SHELF DRILL HOLD LTD 8.25000 02/15/2025 | KY | 695,000 | $661,987.50 | |
| 852061AR1 | SPRINT COMMUNICATIONS 7.00000 08/15/2020 | US | 695,000 | $709,768.75 | |
| 85207UAE5 | SPRINT CORP 7.25000 09/15/2021 | US | 660,000 | $697,950.00 | |
| 85207UAH8 | SPRINT CORP 7.12500 06/15/2024 | US | 645,000 | $695,793.75 | |
| 85571BAP0 | STARWOOD PROPERTY TRUST 3.62500 02/01/2021 | US | 935,000 | $940,843.75 | |
| 86723CAF5 | SUNCOKE ENRGY PART LP/FI 7.50000 06/15/2025 | US | 650,000 | $625,085.50 | |
| 87854WAA1 | TECHNIPLAS LLC 10.00000 05/01/2020 | US | 870,000 | $739,500.00 | |
| 892231AA9 | TOWNSQUARE MEDIA INC 6.50000 04/01/2023 | US | 875,000 | $888,125.00 | |
| 901109AF5 | TUTOR PERINI CORP 6.87500 05/01/2025 | US | 1,510,000 | $1,457,150.00 | |
| 92840JAA7 | VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 | MUL | 1,060,000 | $1,007,000.00 | |
| 92922PAL0 | W & T OFFSHORE INC 9.75000 11/01/2023 | US | 640,000 | $610,400.00 | |
| 94856UAA9 | WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 | US | 1,170,000 | $1,213,875.00 | |
| 962178AN9 | TRI POINTE GROUP / HOMES 5.87500 06/15/2024 | US | 750,000 | $815,625.00 | |
| AP8694550 | BOREALIS FINANCE LLC 7.50000 11/16/2022 | MH | 1,470,000 | $1,352,400.00 | |
| 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 | $822,000.00 | |
| USD | US DOLLAR | US | 1,814,273.03 | $1,814,273.03 |
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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