Investment Objective

To provide a high level of long-term total return, which is a combination of income and capital appreciation.

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

$10.14

Daily $ Change

$0.00

Daily % Change

0.00%

as of 01/18/2018

Ticker

MNHYX

CUSIP

56382P583

Inception Date

09/14/2009

Investment Minimum

$2,000.00

Investment minimum may be waived for certain qualified retirement plans and participants in an automatic investment program.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms
XBRL-05/11/17

Annualized Performance

As of 12/31/2017

YTD

---

1 Year

8.49%

3 Year

5.97%

5 Year

5.41%

10 Year

---

Inception
(09/14/2009)

7.77%

Market Cycle

---

Performance data quoted represents past performance and does not guarantee future results. 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 0.93%
Net 0.91%*

*Includes a shareholder servicing fee of 0.25%. Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated prior to the expiration date (04/30/2018) without the approval of the Fund’s Board of Directors.

Top Ten Investments

As of 12/31/2017

INMARSAT FINANCE PLC 4.87500 05/15/2022 2.82%
ABENGOA YIELD PLC 7.00000 11/15/2019 2.51%
HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 2.49%
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 2.37%
JONAH NRG LLC/FINANCE 7.25000 10/15/2025 1.99%
GLOBAL SHIP LEASE INC 9.87500 11/15/2022 1.98%
CENTURY COMMUNITIES 5.87500 07/15/2025 1.96%
TALLGRASS NRG PRTNR/FIN 5.50000 09/15/2024 1.95%
ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 1.94%
C&S GROUP ENTERPRISES 5.37500 07/15/2022 1.88%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 12/31/2017

Cash 0.57%
Corporate 99.43%

Credit Quality Distribution

As of 12/31/2017

AAA 0.57%
BBB 2.28%
BB 43.21%
B 45.44%
CCC 3.92%
NR 4.58%

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.

December Fund Holdings

As of 12/31/2017

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00163UAB2 AMAG PHARMACEUTICALS INC 7.87500 09/01/2023 US 1,205,000 $1,173,368.75
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 2,820,000 $2,971,575.00
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 680,000 $717,400.00
009563AD9 AIRXCEL INC 8.50000 02/15/2022 US 1,655,000 $1,754,300.00
013093AD1 ALBERTSONS COS LLC/SAFEW 5.75000 03/15/2025 US 340,000 $306,680.00
013817AQ4 ALCOA INC 5.87000 02/23/2022 US 340,000 $368,050.00
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 1,115,000 $1,144,268.75
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 680,000 $683,400.00
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 1,085,000 $1,114,837.50
034863AB6 ANGLO AMERICAN CAPITAL 9.37500 04/08/2019 GB 730,000 $791,563.96
03938LAQ7 ARCELORMITTAL 5.75000 08/05/2020 LU 340,000 $358,700.00
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 2,365,000 $2,229,012.50
12527GAB9 CF INDUSTRIES INC 7.12500 05/01/2020 US 160,000 $174,448.00
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 2,180,000 $2,147,300.00
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 2,305,000 $2,316,525.00
156700BA3 CENTURYLINK INC 7.50000 04/01/2024 US 1,050,000 $1,047,375.00
161175BB9 CHARTER COMM OPT LLC/CAP 4.46400 07/23/2022 US 480,000 $500,807.58
16411QAA9 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 1,670,000 $1,699,225.00
16412XAD7 CHENIERE CORP CHRISTI HD 7.00000 06/30/2024 US 1,625,000 $1,849,453.13
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 1,170,000 $1,175,850.00
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 1,655,000 $1,654,503.50
25470XAJ4 DISH DBS CORP 5.87500 07/15/2022 US 480,000 $482,400.00
262006208 DREYFUS GVT CSH MANAGEMENT US 674,838.98 $674,838.98
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 1,735,000 $1,748,012.50
29413XAB3 ENVIVA PARTNERS LP /FIN C 8.50000 11/01/2021 US 1,600,000 $1,704,000.00
315419AA9 FERROGLOBE / GLOBE SPEC 9.37500 03/01/2022 GB 1,680,000 $1,810,200.00
336130AB5 FIRST QUALITY FINANCE CO 5.00000 07/01/2025 US 1,290,000 $1,315,800.00
35671DBH7 FREEPORT-MCMORAN INC 4.00000 11/14/2021 US 340,000 $340,000.00
35802XAA1 FRESENIUS MED CARE US 6.50000 09/15/2018 US 680,000 $701,154.16
361841AD1 GLP CAPITAL LP / FIN II 4.87500 11/01/2020 US 340,000 $352,750.00
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 2,270,000 $2,346,612.50
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 1,720,000 $1,771,600.00
404119BM0 HCA INC 3.75000 03/15/2019 US 480,000 $484,200.00
40412CAC5 HCA HEALTHCARE INC 6.25000 02/15/2021 US 480,000 $508,800.00
410345AL6 HANESBRANDS INC 4.87500 05/15/2026 US 1,200,000 $1,230,000.00
431318AQ7 HILCORP ENERGY I/HILCORP 5.75000 10/01/2025 US 1,700,000 $1,738,250.00
431475AB8 HILL-ROM HOLDINGS INC 5.00000 02/15/2025 US 1,120,000 $1,142,064.00
44053FAA8 HORIZON PHARMA INC/HORIZ 8.75000 11/01/2024 US 1,650,000 $1,742,812.50
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 2,895,000 $2,952,900.00
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 1,675,000 $1,685,468.75
45763PAE6 INMARSAT FINANCE PLC 4.87500 05/15/2022 GB 3,345,000 $3,336,637.50
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 1,170,000 $1,226,048.32
46115HAT4 INTESA SANPAOLO SPA 5.01700 06/26/2024 IT 1,100,000 $1,126,315.10
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 2,335,000 $2,352,512.50
497864AA6 KISSNER GR HLDG 8.37500 12/01/2022 CA 1,375,000 $1,388,750.00
50212YAB0 LPL HOLDINGS INC 5.75000 09/15/2025 US 1,100,000 $1,119,250.00
505742AD8 LADDER CAP FIN LLLP/CORP 5.87500 08/01/2021 US 1,595,000 $1,642,850.00
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 1,780,000 $1,726,600.00
580037AB5 MCDERMOTT INTERNATIONAL 8.00000 05/01/2021 PA 1,625,000 $1,670,256.25
59001ABA9 MERITAGE HOMES CORP 5.12500 06/06/2027 US 1,175,000 $1,195,562.50
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 1,205,000 $1,191,443.75
62947QAS7 NXP BV/NXP FUNDING LLC 4.12500 06/15/2020 NL 550,000 $563,216.50
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 2,715,000 $2,803,237.50
66977WAQ2 NOVA CHEMICALS CORP 4.87500 06/01/2024 CA 1,275,000 $1,271,812.50
67054LAC1 NUMERICABLE-SFR SAS 6.25000 05/15/2024 FR 400,000 $401,000.00
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 1,755,000 $1,812,037.50
69318FAG3 PBF HOLDING CO LLC 7.25000 06/15/2025 US 1,255,000 $1,317,750.00
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 1,130,000 $1,079,150.00
71642QAB3 PDLLN 7 1/4 05/01/22 7.25000 05/01/2022 GB 1,500,000 $1,521,750.00
733174AJ5 POPULAR INC 7.00000 07/01/2019 US 1,665,000 $1,731,600.00
767754CH5 RITE AID CORP 6.12500 04/01/2023 US 340,000 $306,850.00
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 2,190,000 $2,294,025.00
780097AY7 ROYAL BK SCOTLND GRP PLC 6.10000 06/10/2023 GB 480,000 $528,558.04
78442FET1 SLM CORP 6.12500 03/25/2024 US 1,120,000 $1,134,000.00
78442PGC4 SLM CORP 5.12500 04/05/2022 US 1,945,000 $2,022,800.00
81663AAC9 SEMGROUP CORP 6.37500 03/15/2025 US 1,560,000 $1,536,600.00
81783QAC9 SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 CA 1,140,000 $1,151,400.00
82967NAY4 SIRIUS XM RADIO INC 3.87500 08/01/2022 US 515,000 $516,287.50
845467AL3 SOUTHWESTERN ENERGY CO 6.70000 01/23/2025 US 1,285,000 $1,334,793.75
852061AK6 SPRINT COMMUNICATIONS 9.00000 11/15/2018 US 480,000 $505,248.00
852061AR1 SPRINT COMMUNICATIONS 7.00000 08/15/2020 US 480,000 $508,800.00
85571BAJ4 STARWOOD PROPERTY TRUST 4.75000 03/15/2025 US 1,165,000 $1,156,262.50
87470LAA9 TALLGRASS NRG PRTNR/FIN 5.50000 09/15/2024 US 2,250,000 $2,309,062.50
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 1,625,000 $1,332,500.00
88033GBW9 TENET HEALTHCARE CORP 6.75000 02/01/2020 US 480,000 $484,800.00
896356AE2 TRINIDAD DRILLING LTD 6.62500 02/15/2025 CA 1,770,000 $1,681,500.00
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 1,715,000 $1,843,625.00
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 2,194,000 $2,209,138.60
918370AB3 VTR FINANCE BV 6.87500 01/15/2024 NL 1,590,000 $1,677,450.00
91911KAJ1 VALEANT PHARMACEUTICALS 6.50000 03/15/2022 CA 340,000 $357,000.00
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 1,545,000 $1,537,275.00
94856TAA2 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 1,620,000 $1,611,900.00
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 1,105,000 $1,127,100.00
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 1,300,000 $1,387,750.00
98416JAE0 XERIUM TECHNOLOGIES INC 9.50000 08/15/2021 US 1,320,000 $1,336,500.00
98954UAB9 ZIGGO BOND FINANCE BV 6.00000 01/15/2027 NL 350,000 $341,250.00
AP0787667 MPC CONTAINER SHIPS FLT 6.40793 09/22/2022 NL 1,000,000 $981,430.00
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 950,000 $945,307.00
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 1,800,000 $1,795,500.00
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 1,680,000 $1,776,600.00

Investments will change over time.

Investments will change over time.

Daily Price

$10.14

Daily $ Change

$0.00

Daily % Change

0.00%

as of 01/18/2018

Ticker

MNHYX

CUSIP

56382P583

Inception Date

09/14/2009

Investment Minimum

$2,000.00

Investment minimum may be waived for certain qualified retirement plans and participants in an automatic investment program.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms
XBRL-05/11/17

Investment Objective

To provide a high level of long-term total return, which is a combination of income and capital appreciation.

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

Annualized Performance

As of 12/31/2017

YTD

---

1 Year

8.49%

3 Year

5.97%

5 Year

5.41%

10 Year

---

Inception
(09/14/2009)

7.77%

Market Cycle

---

Performance data quoted represents past performance and does not guarantee future results. 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 0.93%
Net 0.91%*

*Includes a shareholder servicing fee of 0.25%. Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated prior to the expiration date (04/30/2018) without the approval of the Fund’s Board of Directors.

Top Ten Investments

As of 12/31/2017

INMARSAT FINANCE PLC 4.87500 05/15/2022 2.82%
ABENGOA YIELD PLC 7.00000 11/15/2019 2.51%
HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 2.49%
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 2.37%
JONAH NRG LLC/FINANCE 7.25000 10/15/2025 1.99%
GLOBAL SHIP LEASE INC 9.87500 11/15/2022 1.98%
CENTURY COMMUNITIES 5.87500 07/15/2025 1.96%
TALLGRASS NRG PRTNR/FIN 5.50000 09/15/2024 1.95%
ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 1.94%
C&S GROUP ENTERPRISES 5.37500 07/15/2022 1.88%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 12/31/2017

Cash
0.57%
Corporate
99.43%

Credit Quality Distribution

As of 12/31/2017

AAA
0.57%
BBB
2.28%
BB
43.21%
B
45.44%
CCC
3.92%
NR
4.58%

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.

December Fund Holdings

As of 12/31/2017

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00163UAB2 AMAG PHARMACEUTICALS INC 7.87500 09/01/2023 US 1,205,000 $1,173,368.75
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 2,820,000 $2,971,575.00
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 680,000 $717,400.00
009563AD9 AIRXCEL INC 8.50000 02/15/2022 US 1,655,000 $1,754,300.00
013093AD1 ALBERTSONS COS LLC/SAFEW 5.75000 03/15/2025 US 340,000 $306,680.00
013817AQ4 ALCOA INC 5.87000 02/23/2022 US 340,000 $368,050.00
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 1,115,000 $1,144,268.75
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 680,000 $683,400.00
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 1,085,000 $1,114,837.50
034863AB6 ANGLO AMERICAN CAPITAL 9.37500 04/08/2019 GB 730,000 $791,563.96
03938LAQ7 ARCELORMITTAL 5.75000 08/05/2020 LU 340,000 $358,700.00
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 2,365,000 $2,229,012.50
12527GAB9 CF INDUSTRIES INC 7.12500 05/01/2020 US 160,000 $174,448.00
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 2,180,000 $2,147,300.00
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 2,305,000 $2,316,525.00
156700BA3 CENTURYLINK INC 7.50000 04/01/2024 US 1,050,000 $1,047,375.00
161175BB9 CHARTER COMM OPT LLC/CAP 4.46400 07/23/2022 US 480,000 $500,807.58
16411QAA9 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 1,670,000 $1,699,225.00
16412XAD7 CHENIERE CORP CHRISTI HD 7.00000 06/30/2024 US 1,625,000 $1,849,453.13
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 1,170,000 $1,175,850.00
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 1,655,000 $1,654,503.50
25470XAJ4 DISH DBS CORP 5.87500 07/15/2022 US 480,000 $482,400.00
262006208 DREYFUS GVT CSH MANAGEMENT US 674,838.98 $674,838.98
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 1,735,000 $1,748,012.50
29413XAB3 ENVIVA PARTNERS LP /FIN C 8.50000 11/01/2021 US 1,600,000 $1,704,000.00
315419AA9 FERROGLOBE / GLOBE SPEC 9.37500 03/01/2022 GB 1,680,000 $1,810,200.00
336130AB5 FIRST QUALITY FINANCE CO 5.00000 07/01/2025 US 1,290,000 $1,315,800.00
35671DBH7 FREEPORT-MCMORAN INC 4.00000 11/14/2021 US 340,000 $340,000.00
35802XAA1 FRESENIUS MED CARE US 6.50000 09/15/2018 US 680,000 $701,154.16
361841AD1 GLP CAPITAL LP / FIN II 4.87500 11/01/2020 US 340,000 $352,750.00
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 2,270,000 $2,346,612.50
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 1,720,000 $1,771,600.00
404119BM0 HCA INC 3.75000 03/15/2019 US 480,000 $484,200.00
40412CAC5 HCA HEALTHCARE INC 6.25000 02/15/2021 US 480,000 $508,800.00
410345AL6 HANESBRANDS INC 4.87500 05/15/2026 US 1,200,000 $1,230,000.00
431318AQ7 HILCORP ENERGY I/HILCORP 5.75000 10/01/2025 US 1,700,000 $1,738,250.00
431475AB8 HILL-ROM HOLDINGS INC 5.00000 02/15/2025 US 1,120,000 $1,142,064.00
44053FAA8 HORIZON PHARMA INC/HORIZ 8.75000 11/01/2024 US 1,650,000 $1,742,812.50
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 2,895,000 $2,952,900.00
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 1,675,000 $1,685,468.75
45763PAE6 INMARSAT FINANCE PLC 4.87500 05/15/2022 GB 3,345,000 $3,336,637.50
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 1,170,000 $1,226,048.32
46115HAT4 INTESA SANPAOLO SPA 5.01700 06/26/2024 IT 1,100,000 $1,126,315.10
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 2,335,000 $2,352,512.50
497864AA6 KISSNER GR HLDG 8.37500 12/01/2022 CA 1,375,000 $1,388,750.00
50212YAB0 LPL HOLDINGS INC 5.75000 09/15/2025 US 1,100,000 $1,119,250.00
505742AD8 LADDER CAP FIN LLLP/CORP 5.87500 08/01/2021 US 1,595,000 $1,642,850.00
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 1,780,000 $1,726,600.00
580037AB5 MCDERMOTT INTERNATIONAL 8.00000 05/01/2021 PA 1,625,000 $1,670,256.25
59001ABA9 MERITAGE HOMES CORP 5.12500 06/06/2027 US 1,175,000 $1,195,562.50
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 1,205,000 $1,191,443.75
62947QAS7 NXP BV/NXP FUNDING LLC 4.12500 06/15/2020 NL 550,000 $563,216.50
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 2,715,000 $2,803,237.50
66977WAQ2 NOVA CHEMICALS CORP 4.87500 06/01/2024 CA 1,275,000 $1,271,812.50
67054LAC1 NUMERICABLE-SFR SAS 6.25000 05/15/2024 FR 400,000 $401,000.00
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 1,755,000 $1,812,037.50
69318FAG3 PBF HOLDING CO LLC 7.25000 06/15/2025 US 1,255,000 $1,317,750.00
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 1,130,000 $1,079,150.00
71642QAB3 PDLLN 7 1/4 05/01/22 7.25000 05/01/2022 GB 1,500,000 $1,521,750.00
733174AJ5 POPULAR INC 7.00000 07/01/2019 US 1,665,000 $1,731,600.00
767754CH5 RITE AID CORP 6.12500 04/01/2023 US 340,000 $306,850.00
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 2,190,000 $2,294,025.00
780097AY7 ROYAL BK SCOTLND GRP PLC 6.10000 06/10/2023 GB 480,000 $528,558.04
78442FET1 SLM CORP 6.12500 03/25/2024 US 1,120,000 $1,134,000.00
78442PGC4 SLM CORP 5.12500 04/05/2022 US 1,945,000 $2,022,800.00
81663AAC9 SEMGROUP CORP 6.37500 03/15/2025 US 1,560,000 $1,536,600.00
81783QAC9 SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 CA 1,140,000 $1,151,400.00
82967NAY4 SIRIUS XM RADIO INC 3.87500 08/01/2022 US 515,000 $516,287.50
845467AL3 SOUTHWESTERN ENERGY CO 6.70000 01/23/2025 US 1,285,000 $1,334,793.75
852061AK6 SPRINT COMMUNICATIONS 9.00000 11/15/2018 US 480,000 $505,248.00
852061AR1 SPRINT COMMUNICATIONS 7.00000 08/15/2020 US 480,000 $508,800.00
85571BAJ4 STARWOOD PROPERTY TRUST 4.75000 03/15/2025 US 1,165,000 $1,156,262.50
87470LAA9 TALLGRASS NRG PRTNR/FIN 5.50000 09/15/2024 US 2,250,000 $2,309,062.50
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 1,625,000 $1,332,500.00
88033GBW9 TENET HEALTHCARE CORP 6.75000 02/01/2020 US 480,000 $484,800.00
896356AE2 TRINIDAD DRILLING LTD 6.62500 02/15/2025 CA 1,770,000 $1,681,500.00
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 1,715,000 $1,843,625.00
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 2,194,000 $2,209,138.60
918370AB3 VTR FINANCE BV 6.87500 01/15/2024 NL 1,590,000 $1,677,450.00
91911KAJ1 VALEANT PHARMACEUTICALS 6.50000 03/15/2022 CA 340,000 $357,000.00
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 1,545,000 $1,537,275.00
94856TAA2 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 1,620,000 $1,611,900.00
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 1,105,000 $1,127,100.00
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 1,300,000 $1,387,750.00
98416JAE0 XERIUM TECHNOLOGIES INC 9.50000 08/15/2021 US 1,320,000 $1,336,500.00
98954UAB9 ZIGGO BOND FINANCE BV 6.00000 01/15/2027 NL 350,000 $341,250.00
AP0787667 MPC CONTAINER SHIPS FLT 6.40793 09/22/2022 NL 1,000,000 $981,430.00
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 950,000 $945,307.00
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 1,800,000 $1,795,500.00
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 1,680,000 $1,776,600.00

Investments will change over time.

Distributions

  • High Yield Bond Series Class S Distribution History
  • 2018 Distribution Calendar
  • Fourth Quarter 2017 Distributions
  • Third Quarter 2017 Distributions
  • Second Quarter 2017 Distributions
  • First Quarter 2017 Distributions
  • Tax Letter
  • High Yield Bond Return of Capital 2017

A Word About Risk

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.


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