Mutual Funds

High Yield Bond Series

The High Yield Bond Series is closed to most new investors. For eligibility criteria, refer to the prospectus.

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

$9.90

Daily $ Change

$0.00

Daily % Change

0.00%

as of 11/01/2024

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
Proxy Voting Record
Applications & Forms
Fact Sheet
N-Port Part F Reports
Financial Statements and Other Information

Performance

As of 09/30/2024

YTD

9.31%

1 Year

16.99%

3 Year

5.40%

5 Year

6.71%

10 Year

5.77%

Inception
(09/14/2009)

7.07%

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 0.97%
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.

Top Ten Investments

As of 09/30/2024

ISHARES TR BROAD USD HIGH 3.45%
VENTURE GLOBAL LNG INC SR SEC A NT 20290201 9.500% 2.48%
BGC GROUP INC CR SEN SR GLBL 20290610 6.600% 2.28%
WestJet Airlnes Term B 2.02%
AFFINITY GAMING SR SEC GLBL 20271215 6.875% 2.01%
NAVIENT CORPORATION FR . 20330801 5.625% 1.91%
UNISYS CORP SR SEC GLBL 20271101 6.875% 1.85%
IHS HOLDING LIMITED SR GLBL A 20281129 6.250% 1.78%
JEFFERSON CAPITAL HOLDINGS LLC SR A NT. 20290215 9.500% 1.75%
INFRABUILD AUSTRALIA PTY LTD SR A NT 20281115 14.500% 1.73%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 09/30/2024

Corporate
92.33%
Fixed Income ETF
3.45%
Bank Loan
2.73%
Securitized Credit
1.49%

Credit Quality Distribution

As of 09/30/2024

B
52.44%
BB
31.49%
BBB
6.47%
CCC
5.13%
NR
4.37%
A
0.10%

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)
ADAMS HOMES INC SR A NT 20281015 9.250% US 15,180,000 $16,195,845.60
ADAPTHEALTH LLC SR GLBL A 20280801 6.125% US 5,425,000 $5,430,696.25
ADT SECURITY CORPORATION SR SEC GLBL 20320715 4.875% US 7,520,000 $7,182,728.00
AFFINITY GAMING SR SEC GLBL 20271215 6.875% US 26,515,000 $22,794,945.50
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 1,138,185.67 $1,154,824.35
ALLIANCE RES OP PART LPALLIAN SR GLBL A 20290615 8.625% US 14,800,000 $15,727,072.00
Allwyn Entertainment Financing Term Loan US 8,000,000 $8,040,000.00
ALLWYN ENTMT FING UK PLC SR SEC A NT 20290430 7.875% US 6,916,000 $7,271,828.20
ATKORE INC SR GLBL A 20310601 4.250% US 12,235,000 $11,184,992.30
ATP TOWER HOLDINGS LLC ANDEAN SR SEC GLBL 20260427 4.050% US 13,825,000 $13,479,513.25
BAUSCH HEALTH COS INC SR SEC GLBL 20280601 4.875% US 11,982,000 $9,375,915.00
BGC GROUP INC CR SEN SR GLBL 20290610 6.600% US 25,000,000 $25,852,500.00
BLACKROCK TCP CAPITAL CORP SR GLBL NT 20290530 6.950% US 15,958,000 $16,268,063.94
BORR IHC LTD SR SEC A 20281115 10.000% US 15,910,792.66 $16,507,447.38
BROOGE PETROLEUM AND GAS AE 11,286,718 $10,158,046.20
BURFORD CAPITAL GLOBAL FIN LLC SR GLBL A 20300415 6.875% US 7,595,000 $7,591,886.05
CABLE ONE INC SR GLBL A 20301115 4.000% US 19,805,000 $15,787,159.65
CCO HLDGS LLC CCO HLDGS CAP SR GLBL A 20310201 4.250% US 18,490,000 $16,303,187.70
CERDIA FINANZ GMBH SR SEC A NT 20311003 9.375% US 16,640,000 $16,972,800.00
CnS GROUP ENTERPRISES LLC SR GLBL A 20281215 5.000% US 20,030,000 $17,062,555.50
COMMUNITY HEALTH SYS INC NEW SR SEC GLBL 20300515 5.250% US 18,505,000 $17,030,336.55
CONNECT FINCO SARL CONNECT U SR SEC GLBL 20290915 9.000% US 15,675,000 $15,169,324.50
DRAWBRIDGE SPL OPPORTUNITIES SR GLBL A 20260215 3.875% US 6,500,000 $6,333,015.00
DYE n DURHAM CORP SR SEC A NT 20290415 8.625% US 15,000,000 $15,868,200.00
ENCORE CAP GROUP INC SR SEC GLBL 20290401 9.250% US 14,765,000 $15,886,401.75
ENDEAVOUR MNG PLC SR GLBL A 20261014 5.000% US 14,127,000 $13,655,299.47
FIESTA PURCHASER INC SR GLBL A 20320915 9.625% US 9,885,000 $10,232,358.90
GEO GROUP INC SR SEC GLBL NT 20290415 8.625% US 16,000,000 $16,633,280.00
GLOBAL INFRASTRUCTURE SOLUTION SR A NT. 20320415 7.500% US 16,490,000 $16,968,374.90
ICAHN ENTERPRISES LPCORP SR A NT 20300615 9.000% US 16,755,000 $16,893,563.85
IHS HOLDING LIMITED SR GLBL A 20281129 6.250% US 21,640,000 $20,253,525.20
IIP OPER PARTNERSHIP L P SR GLBL NT. 20260525 5.500% US 5,455,000 $5,268,875.40
INFRABUILD AUSTRALIA PTY LTD SR A NT 20281115 14.500% US 19,400,000 $19,606,416.00
INGLES MKTS INC SR GLBL A 20310615 4.000% US 2,766,000 $2,529,313.38
ISHARES TR BROAD USD HIGH US USHY 1,040,030 $39,157,129.50
JEFFERIES FINANCE LLCJFIN CP SR A NT 20280815 5.000% US 8,610,000 $8,186,474.10
JEFFERSON CAPITAL HOLDINGS LLC SR A NT. 20290215 9.500% US 18,595,000 $19,853,695.55
LCPR SR SECD FING DESIGNATED A SR SEC GLBL 20271015 6.750% US 5,160,000 $4,721,554.80
LGI HOMES INC SR GLBL A 20290715 4.000% US 14,992,000 $13,882,142.24
MARTIN MIDSTREAM PARTNERS LP SR SEC GLBL 20280215 11.500% US 9,860,000 $10,855,662.80
MATTHEWS INTL CORP SR SEC GLBL 20271001 8.625% US 11,095,000 $11,316,012.40
MCGRAW-HILL EDUCATION Term Loan US 14,000,000 $14,017,500.00
MIDAS OPCO HLDGS LLC SR GLBL A 20290815 5.625% US 17,000,000 $16,435,940.00
MILLICOM INTL CELLULAR S A SR GLBL A 20310427 4.500% US 18,435,000 $16,620,811.65
MINERVA LUXEMBOURG S A SR GLBL A 20310318 4.375% US 18,700,000 $16,617,194.00
MOSS CREEK RES HLDGS INC SR A NT 20310901 8.250% US 11,100,000 $10,960,473.00
NAVIENT CORPORATION FR . 20330801 5.625% US 24,500,000 $21,736,155.00
NEW FORTRESS ENERGY INC SR SEC GLBL 20290315 8.750% US 25,929,000 $19,521,684.81
NEWCASTLE COAL INFRASTRUCTURE SR SEC A NT 20310512 4.700% US 9,202,412.54 $8,706,126.43
NEXSTAR BROADCASTING INC SR GLBL A 20281101 4.750% US 18,500,000 $17,675,825.00
NGL ENERGY OPERATING LLC NGL SR SEC GLBL 20320215 8.375% US 16,913,000 $17,429,861.28
ORGANON n CO SR GLBL A 20310430 5.125% US 16,500,000 $15,544,980.00
OXFORD FIN FDG TR - A- . 20310215 6.716% US 3,850,000 $3,904,892.92
OXFORD FINANCE LLC OXFORD FI SR A NT 20270201 6.375% US 17,190,000 $17,077,405.50
PCG - LLC SR SEC GLBL 20290725 10.855% US 4,476,609.3 $4,476,027.34
PEDIATRIX MEDICAL GROUP INC SR GLBL A 20300215 5.375% US 17,300,000 $16,755,742.00
PELORUS FUND REIT LLC CR SEN SR GLBL 20260930 7.000% US 4,355,000 $4,251,525.20
PRA GROUP INC SR A NT 20300131 8.875% US 16,310,000 $16,988,006.70
PRIME HEALTHCARE SVCS INC SR SEC A NT 20290901 9.375% US 16,720,000 $17,246,345.60
PROVIDENT FDG ASSOCIATES LP SR A NT 20290915 9.750% US 11,065,000 $11,273,132.65
RINGCENTRAL INC SR GLBL A 20300815 8.500% US 14,615,000 $15,635,857.75
SABLE INTL FIN LTD SR SEC GLBL 20321015 7.125% US 660,000 $662,475.00
SEALED AIR CORP NEW SR GLBL A 20330715 6.875% US 6,165,000 $6,718,555.35
SIRIUS XM RADIO INC SR GLBL A 20310901 3.875% US 5,535,000 $4,822,479.45
SIRIUSPOINT LTD SR GLBL NT 20290405 7.000% US 15,525,000 $16,291,158.75
STAPLES INC SR SEC A NT 20290901 10.750% US 16,750,000 $16,252,525.00
STAR PARENT INC SR SEC A NT 20301001 9.000% US 15,685,000 $16,839,102.30
STARWOOD PPTY TR INC SR GLBL A 20290401 7.250% US 16,120,000 $16,902,787.20
STONEX GROUP INC SR SEC GLBL 20310301 7.875% US 10,835,000 $11,536,891.30
SUMMIT MIDSTREAM HLDGS LLC SR SEC GLBL 20291031 8.625% US 16,000,000 $16,735,520.00
TEGNA INC SR GLBL NT 20280315 4.625% US 16,985,000 $16,207,087.00
TERRAFORM PWR OPER LLC SR GLBL A 20300115 4.750% US 16,450,000 $15,743,308.00
UNISYS CORP SR SEC GLBL 20271101 6.875% US 21,740,000 $20,975,839.00
UNITED AIR PASS THRU TR - B . 20291101 3.500% US 4,610,273.29 $4,391,646.29
UNITED AIRLS INC -B B . 20270901 4.600% US 3,066,961.51 $3,024,644.50
US DOLLARS US USD 17,709,136.59 $17,709,136.59
VENTURE GLOBAL LNG INC SR SEC A NT 20290201 9.500% US 24,995,000 $28,157,117.45
VERDE PURCHASER LLC SR SEC A NT 20301130 10.500% US 15,090,000 $16,376,271.60
VFH PARENT LLC n VALOR CO-ISSU SR A NT. 20310615 7.500% US 12,580,000 $13,193,275.00
VIASAT INC SR SEC A NT 20310530 7.500% US 15,560,000 $10,712,593.20
VISTAJET MALTA FIN P L C SR A NT. 20280601 9.500% US 17,310,000 $16,918,620.90
VMED O UK FING I PLC SR SEC GLBL 20310715 4.750% US 12,705,000 $11,307,831.15
WestJet Airlnes Term B US 23,049,237.34 $22,905,179.61

Investments will change over time.

Distributions

  • 2024 Distribution Calendar
  • 2024 Distributions
  • 2023 Distributions
  • 2022 Distributions
  • 2021 Distributions
  • 2020 Distributions
  • Tax Letter
  • High Yield Bond Series Stock Split

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.

The High Yield Bond Series is closed to most new investors. For eligibility criteria, refer to the prospectus.

Daily Price

$9.90

Daily $ Change

$0.00

Daily % Change

0.00%

as of 11/01/2024

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
Proxy Voting Record
Applications & Forms
Fact Sheet
N-Port Part F Reports
Financial Statements and Other Information

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 09/30/2024

YTD

9.31%

1 Year

16.99%

3 Year

5.40%

5 Year

6.71%

10 Year

5.77%

Inception
(09/14/2009)

7.07%

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 0.97%
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.

Top Ten Investments

As of 09/30/2024

ISHARES TR BROAD USD HIGH 3.45%
VENTURE GLOBAL LNG INC SR SEC A NT 20290201 9.500% 2.48%
BGC GROUP INC CR SEN SR GLBL 20290610 6.600% 2.28%
WestJet Airlnes Term B 2.02%
AFFINITY GAMING SR SEC GLBL 20271215 6.875% 2.01%
NAVIENT CORPORATION FR . 20330801 5.625% 1.91%
UNISYS CORP SR SEC GLBL 20271101 6.875% 1.85%
IHS HOLDING LIMITED SR GLBL A 20281129 6.250% 1.78%
JEFFERSON CAPITAL HOLDINGS LLC SR A NT. 20290215 9.500% 1.75%
INFRABUILD AUSTRALIA PTY LTD SR A NT 20281115 14.500% 1.73%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 09/30/2024

Corporate
92.33%
Fixed Income ETF
3.45%
Bank Loan
2.73%
Securitized Credit
1.49%

Credit Quality Distribution

As of 09/30/2024

B
52.44%
BB
31.49%
BBB
6.47%
CCC
5.13%
NR
4.37%
A
0.10%

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)
ADAMS HOMES INC SR A NT 20281015 9.250% US 15,180,000 $16,195,845.60
ADAPTHEALTH LLC SR GLBL A 20280801 6.125% US 5,425,000 $5,430,696.25
ADT SECURITY CORPORATION SR SEC GLBL 20320715 4.875% US 7,520,000 $7,182,728.00
AFFINITY GAMING SR SEC GLBL 20271215 6.875% US 26,515,000 $22,794,945.50
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 1,138,185.67 $1,154,824.35
ALLIANCE RES OP PART LPALLIAN SR GLBL A 20290615 8.625% US 14,800,000 $15,727,072.00
Allwyn Entertainment Financing Term Loan US 8,000,000 $8,040,000.00
ALLWYN ENTMT FING UK PLC SR SEC A NT 20290430 7.875% US 6,916,000 $7,271,828.20
ATKORE INC SR GLBL A 20310601 4.250% US 12,235,000 $11,184,992.30
ATP TOWER HOLDINGS LLC ANDEAN SR SEC GLBL 20260427 4.050% US 13,825,000 $13,479,513.25
BAUSCH HEALTH COS INC SR SEC GLBL 20280601 4.875% US 11,982,000 $9,375,915.00
BGC GROUP INC CR SEN SR GLBL 20290610 6.600% US 25,000,000 $25,852,500.00
BLACKROCK TCP CAPITAL CORP SR GLBL NT 20290530 6.950% US 15,958,000 $16,268,063.94
BORR IHC LTD SR SEC A 20281115 10.000% US 15,910,792.66 $16,507,447.38
BROOGE PETROLEUM AND GAS AE 11,286,718 $10,158,046.20
BURFORD CAPITAL GLOBAL FIN LLC SR GLBL A 20300415 6.875% US 7,595,000 $7,591,886.05
CABLE ONE INC SR GLBL A 20301115 4.000% US 19,805,000 $15,787,159.65
CCO HLDGS LLC CCO HLDGS CAP SR GLBL A 20310201 4.250% US 18,490,000 $16,303,187.70
CERDIA FINANZ GMBH SR SEC A NT 20311003 9.375% US 16,640,000 $16,972,800.00
CnS GROUP ENTERPRISES LLC SR GLBL A 20281215 5.000% US 20,030,000 $17,062,555.50
COMMUNITY HEALTH SYS INC NEW SR SEC GLBL 20300515 5.250% US 18,505,000 $17,030,336.55
CONNECT FINCO SARL CONNECT U SR SEC GLBL 20290915 9.000% US 15,675,000 $15,169,324.50
DRAWBRIDGE SPL OPPORTUNITIES SR GLBL A 20260215 3.875% US 6,500,000 $6,333,015.00
DYE n DURHAM CORP SR SEC A NT 20290415 8.625% US 15,000,000 $15,868,200.00
ENCORE CAP GROUP INC SR SEC GLBL 20290401 9.250% US 14,765,000 $15,886,401.75
ENDEAVOUR MNG PLC SR GLBL A 20261014 5.000% US 14,127,000 $13,655,299.47
FIESTA PURCHASER INC SR GLBL A 20320915 9.625% US 9,885,000 $10,232,358.90
GEO GROUP INC SR SEC GLBL NT 20290415 8.625% US 16,000,000 $16,633,280.00
GLOBAL INFRASTRUCTURE SOLUTION SR A NT. 20320415 7.500% US 16,490,000 $16,968,374.90
ICAHN ENTERPRISES LPCORP SR A NT 20300615 9.000% US 16,755,000 $16,893,563.85
IHS HOLDING LIMITED SR GLBL A 20281129 6.250% US 21,640,000 $20,253,525.20
IIP OPER PARTNERSHIP L P SR GLBL NT. 20260525 5.500% US 5,455,000 $5,268,875.40
INFRABUILD AUSTRALIA PTY LTD SR A NT 20281115 14.500% US 19,400,000 $19,606,416.00
INGLES MKTS INC SR GLBL A 20310615 4.000% US 2,766,000 $2,529,313.38
ISHARES TR BROAD USD HIGH US USHY 1,040,030 $39,157,129.50
JEFFERIES FINANCE LLCJFIN CP SR A NT 20280815 5.000% US 8,610,000 $8,186,474.10
JEFFERSON CAPITAL HOLDINGS LLC SR A NT. 20290215 9.500% US 18,595,000 $19,853,695.55
LCPR SR SECD FING DESIGNATED A SR SEC GLBL 20271015 6.750% US 5,160,000 $4,721,554.80
LGI HOMES INC SR GLBL A 20290715 4.000% US 14,992,000 $13,882,142.24
MARTIN MIDSTREAM PARTNERS LP SR SEC GLBL 20280215 11.500% US 9,860,000 $10,855,662.80
MATTHEWS INTL CORP SR SEC GLBL 20271001 8.625% US 11,095,000 $11,316,012.40
MCGRAW-HILL EDUCATION Term Loan US 14,000,000 $14,017,500.00
MIDAS OPCO HLDGS LLC SR GLBL A 20290815 5.625% US 17,000,000 $16,435,940.00
MILLICOM INTL CELLULAR S A SR GLBL A 20310427 4.500% US 18,435,000 $16,620,811.65
MINERVA LUXEMBOURG S A SR GLBL A 20310318 4.375% US 18,700,000 $16,617,194.00
MOSS CREEK RES HLDGS INC SR A NT 20310901 8.250% US 11,100,000 $10,960,473.00
NAVIENT CORPORATION FR . 20330801 5.625% US 24,500,000 $21,736,155.00
NEW FORTRESS ENERGY INC SR SEC GLBL 20290315 8.750% US 25,929,000 $19,521,684.81
NEWCASTLE COAL INFRASTRUCTURE SR SEC A NT 20310512 4.700% US 9,202,412.54 $8,706,126.43
NEXSTAR BROADCASTING INC SR GLBL A 20281101 4.750% US 18,500,000 $17,675,825.00
NGL ENERGY OPERATING LLC NGL SR SEC GLBL 20320215 8.375% US 16,913,000 $17,429,861.28
ORGANON n CO SR GLBL A 20310430 5.125% US 16,500,000 $15,544,980.00
OXFORD FIN FDG TR - A- . 20310215 6.716% US 3,850,000 $3,904,892.92
OXFORD FINANCE LLC OXFORD FI SR A NT 20270201 6.375% US 17,190,000 $17,077,405.50
PCG - LLC SR SEC GLBL 20290725 10.855% US 4,476,609.3 $4,476,027.34
PEDIATRIX MEDICAL GROUP INC SR GLBL A 20300215 5.375% US 17,300,000 $16,755,742.00
PELORUS FUND REIT LLC CR SEN SR GLBL 20260930 7.000% US 4,355,000 $4,251,525.20
PRA GROUP INC SR A NT 20300131 8.875% US 16,310,000 $16,988,006.70
PRIME HEALTHCARE SVCS INC SR SEC A NT 20290901 9.375% US 16,720,000 $17,246,345.60
PROVIDENT FDG ASSOCIATES LP SR A NT 20290915 9.750% US 11,065,000 $11,273,132.65
RINGCENTRAL INC SR GLBL A 20300815 8.500% US 14,615,000 $15,635,857.75
SABLE INTL FIN LTD SR SEC GLBL 20321015 7.125% US 660,000 $662,475.00
SEALED AIR CORP NEW SR GLBL A 20330715 6.875% US 6,165,000 $6,718,555.35
SIRIUS XM RADIO INC SR GLBL A 20310901 3.875% US 5,535,000 $4,822,479.45
SIRIUSPOINT LTD SR GLBL NT 20290405 7.000% US 15,525,000 $16,291,158.75
STAPLES INC SR SEC A NT 20290901 10.750% US 16,750,000 $16,252,525.00
STAR PARENT INC SR SEC A NT 20301001 9.000% US 15,685,000 $16,839,102.30
STARWOOD PPTY TR INC SR GLBL A 20290401 7.250% US 16,120,000 $16,902,787.20
STONEX GROUP INC SR SEC GLBL 20310301 7.875% US 10,835,000 $11,536,891.30
SUMMIT MIDSTREAM HLDGS LLC SR SEC GLBL 20291031 8.625% US 16,000,000 $16,735,520.00
TEGNA INC SR GLBL NT 20280315 4.625% US 16,985,000 $16,207,087.00
TERRAFORM PWR OPER LLC SR GLBL A 20300115 4.750% US 16,450,000 $15,743,308.00
UNISYS CORP SR SEC GLBL 20271101 6.875% US 21,740,000 $20,975,839.00
UNITED AIR PASS THRU TR - B . 20291101 3.500% US 4,610,273.29 $4,391,646.29
UNITED AIRLS INC -B B . 20270901 4.600% US 3,066,961.51 $3,024,644.50
US DOLLARS US USD 17,709,136.59 $17,709,136.59
VENTURE GLOBAL LNG INC SR SEC A NT 20290201 9.500% US 24,995,000 $28,157,117.45
VERDE PURCHASER LLC SR SEC A NT 20301130 10.500% US 15,090,000 $16,376,271.60
VFH PARENT LLC n VALOR CO-ISSU SR A NT. 20310615 7.500% US 12,580,000 $13,193,275.00
VIASAT INC SR SEC A NT 20310530 7.500% US 15,560,000 $10,712,593.20
VISTAJET MALTA FIN P L C SR A NT. 20280601 9.500% US 17,310,000 $16,918,620.90
VMED O UK FING I PLC SR SEC GLBL 20310715 4.750% US 12,705,000 $11,307,831.15
WestJet Airlnes Term B US 23,049,237.34 $22,905,179.61

Investments will change over time.

Distributions

  • 2024 Distribution Calendar
  • 2024 Distributions
  • 2023 Distributions
  • 2022 Distributions
  • 2021 Distributions
  • 2020 Distributions
  • Tax Letter
  • High Yield Bond Series Stock Split

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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