Mutual Fund
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
$9.36
Daily $ Change
$0.01
Daily % Change
0.11%
as of 11/30/2023
Ticker
MHYWX
CUSIP
56382R357
Inception Date
03/01/2019
This fund is only available to discretionary investment accounts and other accounts managed by the Advisor.
Important Documents
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Applications & Forms | |
| N-Port Part F Reports |
YTD
5.16%
1 Year
7.22%
3 Year
4.95%
5 Year
5.37%
10 Year
4.93%
Inception
(03/01/2019)
6.55%
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 03/01/2019 (the inception date of the Class W shares), performance for the Class W shares is based on the historical performance of the Class S shares. Because the Class W 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 | 0.57% |
| Net | 0.11%* |
*Reflects the Advisor's contractual agreement to waive its management fee and limit and reimburse certain other expenses. These contractual waivers may not be amended or terminated without the prior approval of the Fund's Board of Directors. The Class W shares are only available to discretionary investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the fund's expenses.
| BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 | 2.79% |
| TUTOR PERINI CORP 6.87500 05/01/2025 | 2.69% |
| SLM CORP 3.12500 11/02/2026 | 2.65% |
| SUMMIT MID HLDS LLC/ FI 9.00000 10/15/2026 | 2.22% |
| ATP TOW / AND TELECOM 4.05000 04/27/2026 | 2.14% |
| FORD MOTOR CREDIT CO LLC 7.35000 03/06/2030 | 2.07% |
| IHS HOLDING LTD 6.25000 11/29/2028 | 2.07% |
| VENTURE GLOBAL LNG INC 8.12500 06/01/2028 | 2.06% |
| GLOBAL INFRASTRUCTURE SO 7.50000 04/15/2032 | 2.03% |
| NAVIENT CORP 5.62500 08/01/2033 | 2.02% |
Top Ten Investments list is unaudited and excludes cash
| Cash | 3.34% | |
| Corporate | 92.17% | |
| Mortgage | 4.49% |
| AAA | 3.34% | |
| BBB | 8.97% | |
| BB | 40.37% | |
| B | 29.10% | |
| CCC | 10.07% | |
| D | 0.00% | |
| NR | 8.15% |
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.
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| ADT SEC CORP 4.12500 08/01/2029 | US | 4,320,000 | $3,703,506.97 | |
| AFFINITY GAMING 6.87500 12/15/2027 | US | 7,500,000 | $6,115,805.03 | |
| ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 | US | 1,815,051.63 | $1,809,322.66 | |
| ALLWYN ENTERTAINMENT FIN 7.87500 04/30/2029 | GB | 6,575,000 | $6,453,308.45 | |
| AMER AIRLINES 21-1B PTT 3.95000 07/11/2030 | US | 2,837,380 | $2,413,894.62 | |
| ATLANTICA SUSTAIN INFRA 4.12500 06/15/2028 | GB | 7,106,000 | $6,132,295.73 | |
| ATP TOW / AND TELECOM 4.05000 04/27/2026 | MUL | 10,010,000 | $8,542,568.23 | |
| BAUSCH & LOMB ESCROW COR 8.37500 10/01/2028 | CA | 4,495,000 | $4,457,001.83 | |
| BAUSCH HEALTH COS INC 4.87500 06/01/2028 | CA | 7,000,000 | $3,478,779.50 | |
| BGC GROUP INC 4.37500 12/15/2025 | US | 2,225,000 | $2,053,490.79 | |
| BGC GROUP INC 8.00000 05/25/2028 | US | 6,750,000 | $6,572,427.68 | |
| BORR IHC LTD 10.00000 11/15/2028 | MUL | 6,515,000 | $6,499,111.74 | |
| BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 | AE | 12,333,169 | $11,176,819.83 | |
| BURFORD CAPITAL GLBL FIN 6.87500 04/15/2030 | US | 6,880,000 | $6,206,450.96 | |
| C&S GROUP ENTERPRISES LL 5.00000 12/15/2028 | US | 8,500,000 | $6,580,036.75 | |
| CALDERYS FINANCING LLC 11.25000 06/01/2028 | US | 6,560,000 | $6,627,720.72 | |
| CCO HLDGS LLC/CAP CORP 4.25000 02/01/2031 | US | 7,750,000 | $6,029,791.17 | |
| CHS/COMMUNITY HEALTH SYS 5.25000 05/15/2030 | US | 5,500,000 | $3,912,858.35 | |
| COINBASE GLOBAL INC 3.37500 10/01/2028 | US | 5,850,000 | $4,306,005.05 | |
| CSC HOLDINGS LLC 5.25000 06/01/2024 | US | 4,500,000 | $4,216,247.87 | |
| DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 | US | 6,500,000 | $5,773,694.68 | |
| DRAX FINCO PLC 6.62500 11/01/2025 | GB | 5,239,000 | $5,055,121.79 | |
| DREYFUS GVT CSH MANAGEMENT | US | 13,808,212.06 | $13,808,212.06 | |
| ELCORADO GOLD CORP 6.25000 09/01/2029 | CA | 7,494,000 | $6,429,361.44 | |
| ENDEAVOR MINING PLC 5.00000 10/14/2026 | GB | 7,575,000 | $6,660,937.70 | |
| FORD MOTOR CREDIT CO LLC 7.35000 03/06/2030 | US | 8,250,000 | $8,286,871.64 | |
| FULL HOUSE RESORTS INC 8.25000 02/15/2028 | US | 6,648,000 | $5,603,811.34 | |
| GLOBAL INFRASTRUCTURE SO 7.50000 04/15/2032 | US | 9,858,000 | $8,128,152.86 | |
| GUARA NORTE SARL 5.19800 06/15/2034 | LU | 7,361,464.5 | $6,224,671.30 | |
| IEA ENERGY SERVICES LLC 6.62500 08/15/2029 | US | 5,943,000 | $5,641,976.17 | |
| IHEARTCOMMUNICATIONS INC 6.37500 05/01/2026 | US | 7,496,000 | $6,129,808.20 | |
| IHS HOLDING LTD 6.25000 11/29/2028 | KY | 11,250,000 | $8,271,755.21 | |
| IIP OPERATING PARTNER 5.50000 05/25/2026 | US | 5,455,000 | $4,884,598.20 | |
| INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 | AU | 6,610,000 | $6,523,299.67 | |
| IRON MOUNTAIN INC 5.25000 07/15/2030 | US | 5,000,000 | $4,329,876.65 | |
| LD HOLDINGS GROUP 6.12500 04/01/2028 | US | 6,750,000 | $3,754,202.04 | |
| LIFEPOINT HEALTH INC 9.87500 08/15/2030 | US | 4,725,000 | $4,267,885.59 | |
| LOGAN MERGER SUB INC 5.50000 09/01/2027 | US | 6,950,000 | $3,618,268.20 | |
| MINERAL RESOURCES LTD 9.25000 10/01/2028 | AU | 6,610,000 | $6,602,034.42 | |
| MINERVA LUXEMBOURG SA 4.37500 03/18/2031 | LU | 8,136,000 | $6,288,671.73 | |
| MRT MID PART/MRT MID FIN 11.50000 02/15/2028 | US | 4,000,000 | $3,930,623.28 | |
| NAVIENT CORP 5.62500 08/01/2033 | US | 11,821,000 | $8,082,627.07 | |
| NGL ENERGY OP/FIN 7.50000 02/01/2026 | US | 4,280,000 | $4,169,714.46 | |
| NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | CA | 6,535,000 | $653.50 | |
| NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 | US | 6,620,000 | $6,565,408.70 | |
| NRG ENERGY INC 3.37500 02/15/2029 | US | 7,837,000 | $6,374,176.85 | |
| ODFJELL DRILLING LTD 9.25000 05/31/2028 | BM | 7,000,000 | $7,055,032.25 | |
| OPEN TEXT HOLDINGS INC 4.12500 12/01/2031 | US | 6,853,000 | $5,400,989.58 | |
| OXFIN 2023-1A A2 6.71600 02/15/2031 | US | 3,850,000 | $3,774,994.30 | |
| OXFORD FIN LLC/CO-ISS II 6.37500 02/01/2027 | US | 6,730,000 | $6,138,697.02 | |
| PCG 2023 1 NOTE MTG 11.32444 07/25/2029 | US | 4,497,058.32 | $4,496,385.69 | |
| PELORUS FUND REIT 7.00000 09/30/2026 | US | 4,355,000 | $4,102,890.62 | |
| PING PETROLEUM UK 12.00000 07/29/2024 | GB | 1,700,000 | $1,548,133.58 | |
| PRA GROUP INC 8.37500 02/01/2028 | US | 7,000,000 | $5,707,572.50 | |
| PUFFIN FINANCE SARL 15.00000 09/11/2025 | LU | 3,530,000 | $3,660,741.46 | |
| SIRIUS XM RADIO INC 4.00000 07/15/2028 | US | 7,600,000 | $6,453,268.98 | |
| SLM CORP 3.12500 11/02/2026 | US | 12,114,000 | $10,583,621.54 | |
| STAPLES INC 10.75000 04/15/2027 | US | 6,015,000 | $3,311,787.90 | |
| SUMMIT MID HLDS LLC/ FI 9.00000 10/15/2026 | US | 9,250,000 | $8,889,128.92 | |
| SYNCHRONOSS TECH | US | 50,995 | $869,464.75 | |
| TALEN ENERGY SUPPLY LLC 8.62500 06/01/2030 | US | 6,185,000 | $6,299,954.60 | |
| TELENET FINANCE LUX NOTE 5.50000 03/01/2028 | LU | 7,200,000 | $6,342,598.08 | |
| TERRAFORM POWER OPERATIN 4.75000 01/15/2030 | US | 2,650,000 | $2,254,626.17 | |
| TEVA PHARMACEUTICALS NE 8.12500 09/15/2031 | NL | 6,250,000 | $6,193,106.69 | |
| TTM TECHNOLOGIES INC 4.00000 03/01/2029 | US | 4,500,000 | $3,696,546.92 | |
| TUTOR PERINI CORP 6.87500 05/01/2025 | US | 12,456,000 | $10,764,194.82 | |
| UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 | US | 3,728,539.86 | $3,443,083.34 | |
| UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 | US | 5,648,602.89 | $5,002,022.57 | |
| UNITED WHOLESALE MTGE LL 5.50000 04/15/2029 | US | 4,994,000 | $4,210,882.87 | |
| VENTURE GLOBAL LNG INC 8.12500 06/01/2028 | US | 8,500,000 | $8,237,802.46 | |
| VISTA OUTDOOR INC 4.50000 03/15/2029 | US | 5,373,000 | $5,001,293.01 | |
| VISTAJET MALTA/VM HOLDS 9.50000 06/01/2028 | MUL | 7,000,000 | $5,453,509.95 | |
| VISTRA OPERATIONS CO LLC 7.75000 10/15/2031 | US | 6,620,000 | $6,413,624.74 | |
| VMED 02 UK FINAN 4.75000 07/15/2031 | GB | 7,300,000 | $5,868,420.07 |
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
$9.36
Daily $ Change
$0.01
Daily % Change
0.11%
as of 11/30/2023
Ticker
MHYWX
CUSIP
56382R357
Inception Date
03/01/2019
This fund is only available to discretionary investment accounts and other accounts managed by the Advisor.
Important Documents
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| 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
YTD
5.16%
1 Year
7.22%
3 Year
4.95%
5 Year
5.37%
10 Year
4.93%
Inception
(03/01/2019)
6.55%
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 03/01/2019 (the inception date of the Class W shares), performance for the Class W shares is based on the historical performance of the Class S shares. Because the Class W 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 | 0.57% |
| Net | 0.11%* |
*Reflects the Advisor's contractual agreement to waive its management fee and limit and reimburse certain other expenses. These contractual waivers may not be amended or terminated without the prior approval of the Fund's Board of Directors. The Class W shares are only available to discretionary investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the fund's expenses.
| BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 | 2.79% |
| TUTOR PERINI CORP 6.87500 05/01/2025 | 2.69% |
| SLM CORP 3.12500 11/02/2026 | 2.65% |
| SUMMIT MID HLDS LLC/ FI 9.00000 10/15/2026 | 2.22% |
| ATP TOW / AND TELECOM 4.05000 04/27/2026 | 2.14% |
| FORD MOTOR CREDIT CO LLC 7.35000 03/06/2030 | 2.07% |
| IHS HOLDING LTD 6.25000 11/29/2028 | 2.07% |
| VENTURE GLOBAL LNG INC 8.12500 06/01/2028 | 2.06% |
| GLOBAL INFRASTRUCTURE SO 7.50000 04/15/2032 | 2.03% |
| NAVIENT CORP 5.62500 08/01/2033 | 2.02% |
Top Ten Investments list is unaudited and excludes cash
| Cash | 3.34% | |
| Corporate | 92.17% | |
| Mortgage | 4.49% |
| AAA | 3.34% | |
| BBB | 8.97% | |
| BB | 40.37% | |
| B | 29.10% | |
| CCC | 10.07% | |
| D | 0.00% | |
| NR | 8.15% |
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.
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| ADT SEC CORP 4.12500 08/01/2029 | US | 4,320,000 | $3,703,506.97 | |
| AFFINITY GAMING 6.87500 12/15/2027 | US | 7,500,000 | $6,115,805.03 | |
| ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 | US | 1,815,051.63 | $1,809,322.66 | |
| ALLWYN ENTERTAINMENT FIN 7.87500 04/30/2029 | GB | 6,575,000 | $6,453,308.45 | |
| AMER AIRLINES 21-1B PTT 3.95000 07/11/2030 | US | 2,837,380 | $2,413,894.62 | |
| ATLANTICA SUSTAIN INFRA 4.12500 06/15/2028 | GB | 7,106,000 | $6,132,295.73 | |
| ATP TOW / AND TELECOM 4.05000 04/27/2026 | MUL | 10,010,000 | $8,542,568.23 | |
| BAUSCH & LOMB ESCROW COR 8.37500 10/01/2028 | CA | 4,495,000 | $4,457,001.83 | |
| BAUSCH HEALTH COS INC 4.87500 06/01/2028 | CA | 7,000,000 | $3,478,779.50 | |
| BGC GROUP INC 4.37500 12/15/2025 | US | 2,225,000 | $2,053,490.79 | |
| BGC GROUP INC 8.00000 05/25/2028 | US | 6,750,000 | $6,572,427.68 | |
| BORR IHC LTD 10.00000 11/15/2028 | MUL | 6,515,000 | $6,499,111.74 | |
| BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 | AE | 12,333,169 | $11,176,819.83 | |
| BURFORD CAPITAL GLBL FIN 6.87500 04/15/2030 | US | 6,880,000 | $6,206,450.96 | |
| C&S GROUP ENTERPRISES LL 5.00000 12/15/2028 | US | 8,500,000 | $6,580,036.75 | |
| CALDERYS FINANCING LLC 11.25000 06/01/2028 | US | 6,560,000 | $6,627,720.72 | |
| CCO HLDGS LLC/CAP CORP 4.25000 02/01/2031 | US | 7,750,000 | $6,029,791.17 | |
| CHS/COMMUNITY HEALTH SYS 5.25000 05/15/2030 | US | 5,500,000 | $3,912,858.35 | |
| COINBASE GLOBAL INC 3.37500 10/01/2028 | US | 5,850,000 | $4,306,005.05 | |
| CSC HOLDINGS LLC 5.25000 06/01/2024 | US | 4,500,000 | $4,216,247.87 | |
| DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 | US | 6,500,000 | $5,773,694.68 | |
| DRAX FINCO PLC 6.62500 11/01/2025 | GB | 5,239,000 | $5,055,121.79 | |
| DREYFUS GVT CSH MANAGEMENT | US | 13,808,212.06 | $13,808,212.06 | |
| ELCORADO GOLD CORP 6.25000 09/01/2029 | CA | 7,494,000 | $6,429,361.44 | |
| ENDEAVOR MINING PLC 5.00000 10/14/2026 | GB | 7,575,000 | $6,660,937.70 | |
| FORD MOTOR CREDIT CO LLC 7.35000 03/06/2030 | US | 8,250,000 | $8,286,871.64 | |
| FULL HOUSE RESORTS INC 8.25000 02/15/2028 | US | 6,648,000 | $5,603,811.34 | |
| GLOBAL INFRASTRUCTURE SO 7.50000 04/15/2032 | US | 9,858,000 | $8,128,152.86 | |
| GUARA NORTE SARL 5.19800 06/15/2034 | LU | 7,361,464.5 | $6,224,671.30 | |
| IEA ENERGY SERVICES LLC 6.62500 08/15/2029 | US | 5,943,000 | $5,641,976.17 | |
| IHEARTCOMMUNICATIONS INC 6.37500 05/01/2026 | US | 7,496,000 | $6,129,808.20 | |
| IHS HOLDING LTD 6.25000 11/29/2028 | KY | 11,250,000 | $8,271,755.21 | |
| IIP OPERATING PARTNER 5.50000 05/25/2026 | US | 5,455,000 | $4,884,598.20 | |
| INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 | AU | 6,610,000 | $6,523,299.67 | |
| IRON MOUNTAIN INC 5.25000 07/15/2030 | US | 5,000,000 | $4,329,876.65 | |
| LD HOLDINGS GROUP 6.12500 04/01/2028 | US | 6,750,000 | $3,754,202.04 | |
| LIFEPOINT HEALTH INC 9.87500 08/15/2030 | US | 4,725,000 | $4,267,885.59 | |
| LOGAN MERGER SUB INC 5.50000 09/01/2027 | US | 6,950,000 | $3,618,268.20 | |
| MINERAL RESOURCES LTD 9.25000 10/01/2028 | AU | 6,610,000 | $6,602,034.42 | |
| MINERVA LUXEMBOURG SA 4.37500 03/18/2031 | LU | 8,136,000 | $6,288,671.73 | |
| MRT MID PART/MRT MID FIN 11.50000 02/15/2028 | US | 4,000,000 | $3,930,623.28 | |
| NAVIENT CORP 5.62500 08/01/2033 | US | 11,821,000 | $8,082,627.07 | |
| NGL ENERGY OP/FIN 7.50000 02/01/2026 | US | 4,280,000 | $4,169,714.46 | |
| NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | CA | 6,535,000 | $653.50 | |
| NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 | US | 6,620,000 | $6,565,408.70 | |
| NRG ENERGY INC 3.37500 02/15/2029 | US | 7,837,000 | $6,374,176.85 | |
| ODFJELL DRILLING LTD 9.25000 05/31/2028 | BM | 7,000,000 | $7,055,032.25 | |
| OPEN TEXT HOLDINGS INC 4.12500 12/01/2031 | US | 6,853,000 | $5,400,989.58 | |
| OXFIN 2023-1A A2 6.71600 02/15/2031 | US | 3,850,000 | $3,774,994.30 | |
| OXFORD FIN LLC/CO-ISS II 6.37500 02/01/2027 | US | 6,730,000 | $6,138,697.02 | |
| PCG 2023 1 NOTE MTG 11.32444 07/25/2029 | US | 4,497,058.32 | $4,496,385.69 | |
| PELORUS FUND REIT 7.00000 09/30/2026 | US | 4,355,000 | $4,102,890.62 | |
| PING PETROLEUM UK 12.00000 07/29/2024 | GB | 1,700,000 | $1,548,133.58 | |
| PRA GROUP INC 8.37500 02/01/2028 | US | 7,000,000 | $5,707,572.50 | |
| PUFFIN FINANCE SARL 15.00000 09/11/2025 | LU | 3,530,000 | $3,660,741.46 | |
| SIRIUS XM RADIO INC 4.00000 07/15/2028 | US | 7,600,000 | $6,453,268.98 | |
| SLM CORP 3.12500 11/02/2026 | US | 12,114,000 | $10,583,621.54 | |
| STAPLES INC 10.75000 04/15/2027 | US | 6,015,000 | $3,311,787.90 | |
| SUMMIT MID HLDS LLC/ FI 9.00000 10/15/2026 | US | 9,250,000 | $8,889,128.92 | |
| SYNCHRONOSS TECH | US | 50,995 | $869,464.75 | |
| TALEN ENERGY SUPPLY LLC 8.62500 06/01/2030 | US | 6,185,000 | $6,299,954.60 | |
| TELENET FINANCE LUX NOTE 5.50000 03/01/2028 | LU | 7,200,000 | $6,342,598.08 | |
| TERRAFORM POWER OPERATIN 4.75000 01/15/2030 | US | 2,650,000 | $2,254,626.17 | |
| TEVA PHARMACEUTICALS NE 8.12500 09/15/2031 | NL | 6,250,000 | $6,193,106.69 | |
| TTM TECHNOLOGIES INC 4.00000 03/01/2029 | US | 4,500,000 | $3,696,546.92 | |
| TUTOR PERINI CORP 6.87500 05/01/2025 | US | 12,456,000 | $10,764,194.82 | |
| UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 | US | 3,728,539.86 | $3,443,083.34 | |
| UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 | US | 5,648,602.89 | $5,002,022.57 | |
| UNITED WHOLESALE MTGE LL 5.50000 04/15/2029 | US | 4,994,000 | $4,210,882.87 | |
| VENTURE GLOBAL LNG INC 8.12500 06/01/2028 | US | 8,500,000 | $8,237,802.46 | |
| VISTA OUTDOOR INC 4.50000 03/15/2029 | US | 5,373,000 | $5,001,293.01 | |
| VISTAJET MALTA/VM HOLDS 9.50000 06/01/2028 | MUL | 7,000,000 | $5,453,509.95 | |
| VISTRA OPERATIONS CO LLC 7.75000 10/15/2031 | US | 6,620,000 | $6,413,624.74 | |
| VMED 02 UK FINAN 4.75000 07/15/2031 | GB | 7,300,000 | $5,868,420.07 |
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.