Mutual Funds
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
$7.88
Daily $ Change
-$0.01
Daily % Change
-0.13%
as of 07/25/2024
Ticker
MHYZX
CUSIP
56382R241
Inception Date
03/01/2019
Investment Minimum
$1,000,000.00
Investment minimum may be waived for certain qualified retirement plans and discretionary investment accounts of the Advisor.
Important Documents
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Applications & Forms | |
| Fact Sheet | |
| N-Port Part F Reports |
YTD
4.41%
1 Year
13.16%
3 Year
4.55%
5 Year
6.37%
10 Year
5.36%
Inception
(09/14/2009)
7.00%
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 Z shares), performance for the Class Z shares is based on the historical performance of the Class S shares. Because the Class Z 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 | 0.51%* |
*Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses, where applicable. The contractual waiver may not be amended or terminated without the prior approval of the Fund’s Board of Directors. Class Z shares do not make payments to financial intermediaries.
| VENTURE GLOBAL LNG INC SR SEC A NT 20290201 9.500% | 2.55% |
| NAVIENT CORPORATION FR . 20330801 5.625% | 2.12% |
| NEW FORTRESS ENERGY INC SR SEC GLBL 20290315 8.750% | 2.04% |
| IHS HOLDING LIMITED SR GLBL A 20281129 6.250% | 2.02% |
| AFFINITY GAMING SR SEC GLBL 20271215 6.875% | 2.02% |
| FULL HSE RESORTS INC SR SEC GLBL 20280215 8.250% | 2.02% |
| LCPR SR SECD FING DESIGNATED A SR SEC GLBL 20271015 6.750% | 2.00% |
| WestJet Airlnes Term B | 1.79% |
| JEFFERSON CAPITAL HOLDINGS LLC SR A NT. 20290215 9.500% | 1.77% |
| BORR IHC LTD SR SEC A 20281115 10.000% | 1.58% |
Top Ten Investments list is unaudited and excludes cash
| Corporate | 94.81% | |
| Securitized Credit | 2.37% | |
| Bank Loan | 2.06% | |
| Unknown | 0.76% |
| B | 46.07% | |
| BB | 32.92% | |
| NR | 8.17% | |
| CCC | 6.62% | |
| BBB | 6.23% |
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) |
|---|---|---|---|---|
| ADAMS HOMES INC SR A NT 20281015 9.250% | US | 10,930,000 | $11,210,463.80 | |
| ADAPTHEALTH LLC SR GLBL A 20280801 6.125% | US | 11,625,000 | $11,100,131.25 | |
| AFFINITY GAMING SR SEC GLBL 20271215 6.875% | US | 16,860,000 | $14,867,148.00 | |
| ALASKA AIRLINES EQ TR -B B . 20270215 8.000% | US | 1,476,618.67 | $1,493,398.81 | |
| ALLIANCE RES OP PART LPALLIAN SR GLBL A 20290615 8.625% | US | 10,865,000 | $11,174,326.55 | |
| Allwyn Entertainment Financing Term Loan | US | 2,000,000 | $1,986,260.00 | |
| ALLWYN ENTMT FING UK PLC SR SEC A NT 20290430 7.875% | GB | 5,270,000 | $5,447,862.50 | |
| ATLANTICA SUSTAINABLE INFR PLC SR A NT 20280615 4.125% | GB | 10,263,000 | $10,044,705.99 | |
| ATP TOWER HOLDINGS LLC ANDEAN SR SEC GLBL 20260427 4.050% | US | 11,750,000 | $11,116,910.00 | |
| BAUSCH HEALTH COS INC SR SEC GLBL 20280601 4.875% | US | 9,985,000 | $7,472,374.60 | |
| BGC GROUP INC SR GLBL A 20290610 6.600% | US | 11,250,000 | $11,199,937.50 | |
| BLACKROCK TCP CAPITAL CORP SR GLBL NT 20290530 6.950% | US | 7,645,000 | $7,465,189.60 | |
| BORR IHC LTD SR SEC A 20281115 10.000% | US | 11,093,719.51 | $11,592,936.89 | |
| BROOGE PETROLEUM AND GAS | AE | 11,809,944 | $10,274,651.28 | |
| BURFORD CAPITAL GLOBAL FIN LLC SR GLBL A 20300415 6.875% | US | 7,595,000 | $7,457,530.50 | |
| CABLE ONE INC SR GLBL A 20301115 4.000% | US | 14,805,000 | $11,050,303.95 | |
| CCO HLDGS LLC CCO HLDGS CAP SR GLBL A 20310201 4.250% | US | 13,740,000 | $11,216,786.40 | |
| CENTURY COMMUNITIES INC SR GLBL A 20290815 3.875% | US | 9,330,000 | $8,319,374.40 | |
| CnS GROUP ENTERPRISES LLC SR GLBL A 20281215 5.000% | US | 15,530,000 | $11,182,376.50 | |
| COMMUNITY HEALTH SYS INC NEW SR SEC GLBL 20300515 5.250% | US | 13,525,000 | $11,139,190.00 | |
| DRAWBRIDGE SPL OPPORTUNITIES SR GLBL A 20260215 3.875% | US | 6,500,000 | $6,173,245.00 | |
| DYE n DURHAM CORP SR SEC A NT 20290415 8.625% | US | 11,095,000 | $11,257,097.95 | |
| ENCORE CAP GROUP INC SR SEC GLBL 20290401 9.250% | US | 10,765,000 | $11,196,461.20 | |
| ENDEAVOUR MNG PLC SR GLBL A 20261014 5.000% | US | 12,050,000 | $11,392,913.50 | |
| ENDO FIN HLDGS INC SR SEC A NT 20310415 8.500% | US | 7,235,000 | $7,465,579.45 | |
| FULL HSE RESORTS INC SR SEC GLBL 20280215 8.250% | US | 15,505,000 | $14,866,969.25 | |
| GEO GROUP INC SR SEC GLBL 20290415 8.625% | US | 10,905,000 | $11,173,263.00 | |
| GLOBAL INFRASTRUCTURE SOLUTION SR A NT. 20320415 7.500% | US | 11,385,000 | $11,166,408.00 | |
| ICAHN ENTERPRISES LPCORP SR A NT 20300615 9.000% | US | 11,235,000 | $11,180,959.65 | |
| IHS HOLDING LIMITED SR GLBL A 20281129 6.250% | US | 16,680,000 | $14,900,911.20 | |
| IIP OPER PARTNERSHIP L P SR GLBL NT. 20260525 5.500% | US | 5,455,000 | $5,217,598.40 | |
| INFRABUILD AUSTRALIA PTY LTD SR A NT 20281115 14.500% | US | 10,870,000 | $11,237,949.50 | |
| INGLES MKTS INC SR GLBL A 20310615 4.000% | US | 2,170,000 | $1,886,424.40 | |
| JEFFERSON CAPITAL HOLDINGS LLC SR A NT. 20290215 9.500% | US | 12,610,000 | $12,999,901.20 | |
| KEHE DISTRS LLC KEHE FIN CORP SR SEC A NT 20290215 9.000% | US | 10,940,000 | $11,214,375.20 | |
| LADDER CAPITAL FIN HLDGSCORP SR GLBL A 20290615 4.750% | US | 8,055,000 | $7,449,747.30 | |
| LCPR SR SECD FING DESIGNATED A SR SEC GLBL 20271015 6.750% | US | 15,725,000 | $14,728,821.25 | |
| LGI HOMES INC SR GLBL A 20290715 4.000% | US | 10,427,000 | $9,018,520.84 | |
| LIFEPOINT HEALTH INC SR SEC GLBL 20300815 9.875% | US | 10,465,000 | $11,161,236.45 | |
| MARTIN MIDSTREAM PARTNERS LP SR SEC GLBL 20280215 11.500% | US | 8,860,000 | $9,589,355.20 | |
| MAV ACQUISITION CORP SR SEC A NT 20280801 5.750% | US | 11,635,000 | $11,222,655.60 | |
| MIDAS OPCO HLDGS LLC SR GLBL A 20290815 5.625% | US | 12,190,000 | $11,275,628.10 | |
| MILLICOM INTL CELLULAR S A SR GLBL A 20310427 4.500% | US | 8,665,000 | $7,454,932.75 | |
| MINERVA LUXEMBOURG S A SR GLBL A 20310318 4.375% | US | 13,450,000 | $11,093,694.50 | |
| NAVIENT CORPORATION FR . 20330801 5.625% | US | 19,490,000 | $15,573,094.70 | |
| NEW FORTRESS ENERGY INC SR SEC GLBL 20290315 8.750% | US | 16,445,000 | $15,005,404.70 | |
| NEWCASTLE COAL INFRASTRUCTURE SR SEC A NT 20310512 4.700% | US | 9,202,412.54 | $8,324,870.48 | |
| NGL ENERGY OPERATING LLC NGL SR SEC GLBL 20320215 8.375% | US | 10,970,000 | $11,173,822.60 | |
| ORGANON n CO SR GLBL A 20310430 5.125% | US | 12,415,000 | $11,125,702.25 | |
| OXFORD FIN FDG TR - A- . 20310215 6.716% | US | 3,850,000 | $3,861,195.80 | |
| OXFORD FINANCE LLC OXFORD FI SR A NT 20270201 6.375% | US | 9,935,000 | $9,569,292.65 | |
| PCG - LLC SR SEC GLBL 20290725 11.345% | US | 4,487,647.52 | $4,486,974.37 | |
| PEDIATRIX MEDICAL GROUP INC SR GLBL A 20300215 5.375% | US | 12,645,000 | $11,180,835.45 | |
| PELORUS FUND REIT LLC CR SEN SR GLBL 20260930 7.000% | US | 4,355,000 | $4,162,421.90 | |
| PRA GROUP INC SR A NT 20300131 8.875% | US | 7,870,000 | $7,852,213.80 | |
| PRA GROUP INC SR GLBL A 20280201 8.375% | US | 3,290,000 | $3,279,241.70 | |
| PS MARINE MIDCO LTD 10 04/19/2027 | US | 7,500,000 | $7,549,125.00 | |
| PUFFIN FINANCE S.A 15% NTS 11/09/2025 USD1000 | LU | 5,330,000 | $5,409,950.00 | |
| RINGCENTRAL INC SR GLBL A 20300815 8.500% | US | 10,695,000 | $11,164,082.70 | |
| SAMOS ENERGY INFRA LTD 12.5 07/05/2028 12.5 20280705 | US | 5,600,000 | $5,600,000.00 | |
| SIRIUSPOINT LTD SR GLBL NT 20290405 7.000% | US | 11,025,000 | $11,184,421.50 | |
| STAR PARENT INC SR SEC A NT 20301001 9.000% | US | 10,625,000 | $11,170,062.50 | |
| STARWOOD PPTY TR INC SR GLBL A 20290401 7.250% | US | 7,380,000 | $7,449,076.80 | |
| STONEX GROUP INC SR SEC GLBL 20310301 7.875% | US | 10,835,000 | $11,175,219.00 | |
| TEGNA INC SR GLBL NT 20280315 4.625% | US | 12,485,000 | $11,246,862.55 | |
| TELENET FIN LUX 5.5% SNR SEC 01/03/2028 USD | LU | 8,000,000 | $7,593,440.00 | |
| TERRAFORM PWR OPER LLC SR GLBL A 20300115 4.750% | US | 11,710,000 | $10,679,988.40 | |
| UNISYS CORP SR SEC GLBL 20271101 6.875% | US | 12,600,000 | $11,058,390.00 | |
| UNITED AIR PASS THRU TR - B . 20291101 3.500% | US | 4,610,273.29 | $4,309,456.19 | |
| UNITED AIRLS INC -B B . 20270901 4.600% | US | 3,397,750.67 | $3,323,009.67 | |
| US DOLLARS | US | 23,052,055.67 | $23,052,055.67 | |
| VENTURE GLOBAL LNG INC SR SEC A NT 20290201 9.500% | US | 17,110,000 | $18,753,073.30 | |
| VERDE PURCHASER LLC SR SEC A NT 20301130 10.500% | US | 10,590,000 | $11,193,524.10 | |
| VFH PARENT LLC n VALOR CO-ISSU SR A NT. 20310615 7.500% | US | 11,080,000 | $11,137,948.40 | |
| VIASAT INC SR SEC A NT 20310530 7.500% | US | 8,400,000 | $5,630,184.00 | |
| VISTAJET MALTA FIN P L C SR A NT. 20280601 9.500% | US | 12,625,000 | $11,069,726.25 | |
| VMED O UK FING I PLC SR SEC GLBL 20310715 4.750% | US | 8,820,000 | $7,439,052.60 | |
| WestJet Airlnes Term B | US | 13,140,000 | $13,140,000.00 |
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
$7.88
Daily $ Change
-$0.01
Daily % Change
-0.13%
as of 07/25/2024
Ticker
MHYZX
CUSIP
56382R241
Inception Date
03/01/2019
Investment Minimum
$1,000,000.00
Investment minimum may be waived for certain qualified retirement plans and discretionary investment accounts of the Advisor.
Important Documents
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Applications & Forms | |
| Fact Sheet | |
| 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
4.41%
1 Year
13.16%
3 Year
4.55%
5 Year
6.37%
10 Year
5.36%
Inception
(09/14/2009)
7.00%
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 Z shares), performance for the Class Z shares is based on the historical performance of the Class S shares. Because the Class Z 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 | 0.51%* |
*Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses, where applicable. The contractual waiver may not be amended or terminated without the prior approval of the Fund’s Board of Directors. Class Z shares do not make payments to financial intermediaries.
| VENTURE GLOBAL LNG INC SR SEC A NT 20290201 9.500% | 2.55% |
| NAVIENT CORPORATION FR . 20330801 5.625% | 2.12% |
| NEW FORTRESS ENERGY INC SR SEC GLBL 20290315 8.750% | 2.04% |
| IHS HOLDING LIMITED SR GLBL A 20281129 6.250% | 2.02% |
| AFFINITY GAMING SR SEC GLBL 20271215 6.875% | 2.02% |
| FULL HSE RESORTS INC SR SEC GLBL 20280215 8.250% | 2.02% |
| LCPR SR SECD FING DESIGNATED A SR SEC GLBL 20271015 6.750% | 2.00% |
| WestJet Airlnes Term B | 1.79% |
| JEFFERSON CAPITAL HOLDINGS LLC SR A NT. 20290215 9.500% | 1.77% |
| BORR IHC LTD SR SEC A 20281115 10.000% | 1.58% |
Top Ten Investments list is unaudited and excludes cash
| Corporate | 94.81% | |
| Securitized Credit | 2.37% | |
| Bank Loan | 2.06% | |
| Unknown | 0.76% |
| B | 46.07% | |
| BB | 32.92% | |
| NR | 8.17% | |
| CCC | 6.62% | |
| BBB | 6.23% |
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) |
|---|---|---|---|---|
| ADAMS HOMES INC SR A NT 20281015 9.250% | US | 10,930,000 | $11,210,463.80 | |
| ADAPTHEALTH LLC SR GLBL A 20280801 6.125% | US | 11,625,000 | $11,100,131.25 | |
| AFFINITY GAMING SR SEC GLBL 20271215 6.875% | US | 16,860,000 | $14,867,148.00 | |
| ALASKA AIRLINES EQ TR -B B . 20270215 8.000% | US | 1,476,618.67 | $1,493,398.81 | |
| ALLIANCE RES OP PART LPALLIAN SR GLBL A 20290615 8.625% | US | 10,865,000 | $11,174,326.55 | |
| Allwyn Entertainment Financing Term Loan | US | 2,000,000 | $1,986,260.00 | |
| ALLWYN ENTMT FING UK PLC SR SEC A NT 20290430 7.875% | GB | 5,270,000 | $5,447,862.50 | |
| ATLANTICA SUSTAINABLE INFR PLC SR A NT 20280615 4.125% | GB | 10,263,000 | $10,044,705.99 | |
| ATP TOWER HOLDINGS LLC ANDEAN SR SEC GLBL 20260427 4.050% | US | 11,750,000 | $11,116,910.00 | |
| BAUSCH HEALTH COS INC SR SEC GLBL 20280601 4.875% | US | 9,985,000 | $7,472,374.60 | |
| BGC GROUP INC SR GLBL A 20290610 6.600% | US | 11,250,000 | $11,199,937.50 | |
| BLACKROCK TCP CAPITAL CORP SR GLBL NT 20290530 6.950% | US | 7,645,000 | $7,465,189.60 | |
| BORR IHC LTD SR SEC A 20281115 10.000% | US | 11,093,719.51 | $11,592,936.89 | |
| BROOGE PETROLEUM AND GAS | AE | 11,809,944 | $10,274,651.28 | |
| BURFORD CAPITAL GLOBAL FIN LLC SR GLBL A 20300415 6.875% | US | 7,595,000 | $7,457,530.50 | |
| CABLE ONE INC SR GLBL A 20301115 4.000% | US | 14,805,000 | $11,050,303.95 | |
| CCO HLDGS LLC CCO HLDGS CAP SR GLBL A 20310201 4.250% | US | 13,740,000 | $11,216,786.40 | |
| CENTURY COMMUNITIES INC SR GLBL A 20290815 3.875% | US | 9,330,000 | $8,319,374.40 | |
| CnS GROUP ENTERPRISES LLC SR GLBL A 20281215 5.000% | US | 15,530,000 | $11,182,376.50 | |
| COMMUNITY HEALTH SYS INC NEW SR SEC GLBL 20300515 5.250% | US | 13,525,000 | $11,139,190.00 | |
| DRAWBRIDGE SPL OPPORTUNITIES SR GLBL A 20260215 3.875% | US | 6,500,000 | $6,173,245.00 | |
| DYE n DURHAM CORP SR SEC A NT 20290415 8.625% | US | 11,095,000 | $11,257,097.95 | |
| ENCORE CAP GROUP INC SR SEC GLBL 20290401 9.250% | US | 10,765,000 | $11,196,461.20 | |
| ENDEAVOUR MNG PLC SR GLBL A 20261014 5.000% | US | 12,050,000 | $11,392,913.50 | |
| ENDO FIN HLDGS INC SR SEC A NT 20310415 8.500% | US | 7,235,000 | $7,465,579.45 | |
| FULL HSE RESORTS INC SR SEC GLBL 20280215 8.250% | US | 15,505,000 | $14,866,969.25 | |
| GEO GROUP INC SR SEC GLBL 20290415 8.625% | US | 10,905,000 | $11,173,263.00 | |
| GLOBAL INFRASTRUCTURE SOLUTION SR A NT. 20320415 7.500% | US | 11,385,000 | $11,166,408.00 | |
| ICAHN ENTERPRISES LPCORP SR A NT 20300615 9.000% | US | 11,235,000 | $11,180,959.65 | |
| IHS HOLDING LIMITED SR GLBL A 20281129 6.250% | US | 16,680,000 | $14,900,911.20 | |
| IIP OPER PARTNERSHIP L P SR GLBL NT. 20260525 5.500% | US | 5,455,000 | $5,217,598.40 | |
| INFRABUILD AUSTRALIA PTY LTD SR A NT 20281115 14.500% | US | 10,870,000 | $11,237,949.50 | |
| INGLES MKTS INC SR GLBL A 20310615 4.000% | US | 2,170,000 | $1,886,424.40 | |
| JEFFERSON CAPITAL HOLDINGS LLC SR A NT. 20290215 9.500% | US | 12,610,000 | $12,999,901.20 | |
| KEHE DISTRS LLC KEHE FIN CORP SR SEC A NT 20290215 9.000% | US | 10,940,000 | $11,214,375.20 | |
| LADDER CAPITAL FIN HLDGSCORP SR GLBL A 20290615 4.750% | US | 8,055,000 | $7,449,747.30 | |
| LCPR SR SECD FING DESIGNATED A SR SEC GLBL 20271015 6.750% | US | 15,725,000 | $14,728,821.25 | |
| LGI HOMES INC SR GLBL A 20290715 4.000% | US | 10,427,000 | $9,018,520.84 | |
| LIFEPOINT HEALTH INC SR SEC GLBL 20300815 9.875% | US | 10,465,000 | $11,161,236.45 | |
| MARTIN MIDSTREAM PARTNERS LP SR SEC GLBL 20280215 11.500% | US | 8,860,000 | $9,589,355.20 | |
| MAV ACQUISITION CORP SR SEC A NT 20280801 5.750% | US | 11,635,000 | $11,222,655.60 | |
| MIDAS OPCO HLDGS LLC SR GLBL A 20290815 5.625% | US | 12,190,000 | $11,275,628.10 | |
| MILLICOM INTL CELLULAR S A SR GLBL A 20310427 4.500% | US | 8,665,000 | $7,454,932.75 | |
| MINERVA LUXEMBOURG S A SR GLBL A 20310318 4.375% | US | 13,450,000 | $11,093,694.50 | |
| NAVIENT CORPORATION FR . 20330801 5.625% | US | 19,490,000 | $15,573,094.70 | |
| NEW FORTRESS ENERGY INC SR SEC GLBL 20290315 8.750% | US | 16,445,000 | $15,005,404.70 | |
| NEWCASTLE COAL INFRASTRUCTURE SR SEC A NT 20310512 4.700% | US | 9,202,412.54 | $8,324,870.48 | |
| NGL ENERGY OPERATING LLC NGL SR SEC GLBL 20320215 8.375% | US | 10,970,000 | $11,173,822.60 | |
| ORGANON n CO SR GLBL A 20310430 5.125% | US | 12,415,000 | $11,125,702.25 | |
| OXFORD FIN FDG TR - A- . 20310215 6.716% | US | 3,850,000 | $3,861,195.80 | |
| OXFORD FINANCE LLC OXFORD FI SR A NT 20270201 6.375% | US | 9,935,000 | $9,569,292.65 | |
| PCG - LLC SR SEC GLBL 20290725 11.345% | US | 4,487,647.52 | $4,486,974.37 | |
| PEDIATRIX MEDICAL GROUP INC SR GLBL A 20300215 5.375% | US | 12,645,000 | $11,180,835.45 | |
| PELORUS FUND REIT LLC CR SEN SR GLBL 20260930 7.000% | US | 4,355,000 | $4,162,421.90 | |
| PRA GROUP INC SR A NT 20300131 8.875% | US | 7,870,000 | $7,852,213.80 | |
| PRA GROUP INC SR GLBL A 20280201 8.375% | US | 3,290,000 | $3,279,241.70 | |
| PS MARINE MIDCO LTD 10 04/19/2027 | US | 7,500,000 | $7,549,125.00 | |
| PUFFIN FINANCE S.A 15% NTS 11/09/2025 USD1000 | LU | 5,330,000 | $5,409,950.00 | |
| RINGCENTRAL INC SR GLBL A 20300815 8.500% | US | 10,695,000 | $11,164,082.70 | |
| SAMOS ENERGY INFRA LTD 12.5 07/05/2028 12.5 20280705 | US | 5,600,000 | $5,600,000.00 | |
| SIRIUSPOINT LTD SR GLBL NT 20290405 7.000% | US | 11,025,000 | $11,184,421.50 | |
| STAR PARENT INC SR SEC A NT 20301001 9.000% | US | 10,625,000 | $11,170,062.50 | |
| STARWOOD PPTY TR INC SR GLBL A 20290401 7.250% | US | 7,380,000 | $7,449,076.80 | |
| STONEX GROUP INC SR SEC GLBL 20310301 7.875% | US | 10,835,000 | $11,175,219.00 | |
| TEGNA INC SR GLBL NT 20280315 4.625% | US | 12,485,000 | $11,246,862.55 | |
| TELENET FIN LUX 5.5% SNR SEC 01/03/2028 USD | LU | 8,000,000 | $7,593,440.00 | |
| TERRAFORM PWR OPER LLC SR GLBL A 20300115 4.750% | US | 11,710,000 | $10,679,988.40 | |
| UNISYS CORP SR SEC GLBL 20271101 6.875% | US | 12,600,000 | $11,058,390.00 | |
| UNITED AIR PASS THRU TR - B . 20291101 3.500% | US | 4,610,273.29 | $4,309,456.19 | |
| UNITED AIRLS INC -B B . 20270901 4.600% | US | 3,397,750.67 | $3,323,009.67 | |
| US DOLLARS | US | 23,052,055.67 | $23,052,055.67 | |
| VENTURE GLOBAL LNG INC SR SEC A NT 20290201 9.500% | US | 17,110,000 | $18,753,073.30 | |
| VERDE PURCHASER LLC SR SEC A NT 20301130 10.500% | US | 10,590,000 | $11,193,524.10 | |
| VFH PARENT LLC n VALOR CO-ISSU SR A NT. 20310615 7.500% | US | 11,080,000 | $11,137,948.40 | |
| VIASAT INC SR SEC A NT 20310530 7.500% | US | 8,400,000 | $5,630,184.00 | |
| VISTAJET MALTA FIN P L C SR A NT. 20280601 9.500% | US | 12,625,000 | $11,069,726.25 | |
| VMED O UK FING I PLC SR SEC GLBL 20310715 4.750% | US | 8,820,000 | $7,439,052.60 | |
| WestJet Airlnes Term B | US | 13,140,000 | $13,140,000.00 |
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.