The High Yield Bond Series is closed to most new investors. For eligibility criteria, refer to the prospectus.
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
$9.75
Daily $ Change
$0.01
Daily % Change
0.10%
as of 12/20/2024
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
YTD
10.29%
1 Year
14.15%
3 Year
5.55%
5 Year
6.97%
10 Year
6.09%
Inception
(09/14/2009)
7.19%
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.
| BGC GROUP INC CR SEN SR GLBL 20290610 6.600% | 2.00% |
| WestJet Airlnes Term B | 1.79% |
| NAVIENT CORPORATION FR . 20330801 5.625% | 1.71% |
| ICAHN ENTERPRISES LPCORP SR GLBL NT 20300615 9.000% | 1.69% |
| VISTAJET MALTA FIN P L C SR A NT. 20280601 9.500% | 1.69% |
| UNISYS CORP SR SEC GLBL 20271101 6.875% | 1.68% |
| AFFINITY GAMING SR SEC GLBL 20271215 6.875% | 1.66% |
| VENTURE GLOBAL LNG INC SR SEC A NT 20290201 9.500% | 1.65% |
| PRA GROUP INC SR A NT 20300131 8.875% | 1.64% |
| IHS HOLDING LIMITED SR GLBL A 20281129 6.250% | 1.60% |
Top Ten Investments list is unaudited and excludes cash
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| AADVANTAGE LOYALTY IP LTD AME SR SEC GLBL 20290420 5.750% | US | 11,330,000 | $11,311,078.90 | |
| ADAMS HOMES INC SR A NT 20281015 9.250% | US | 15,180,000 | $15,974,673.00 | |
| AFFINITY GAMING SR SEC GLBL 20271215 6.875% | US | 26,515,000 | $21,181,772.90 | |
| 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 | $1,149,554.10 | |
| ALLIANCE RES OP PART LPALLIAN SR GLBL A 20290615 8.625% | US | 11,165,000 | $11,781,531.30 | |
| Allwyn Entertainment Financing Term Loan | US | 7,980,000 | $8,019,900.00 | |
| APH SOM APHAPH SR A NT 20291101 7.875% | US | 16,345,000 | $16,528,881.25 | |
| ARIS MINING CORPORATION SR A NT 20291031 8.000% | US | 11,050,000 | $11,102,708.50 | |
| ATKORE INC SR GLBL A 20310601 4.250% | US | 12,235,000 | $11,116,476.30 | |
| ATLANTICA SUSTAINABLE INFR PLC SR A NT 20280615 4.125% | GB | 6,676,000 | $6,313,893.76 | |
| ATP TOWER HOLDINGS LLC ANDEAN SR SEC GLBL 20260427 4.050% | US | 19,045,000 | $18,365,093.50 | |
| BAUSCH HEALTH COS INC SR SEC GLBL 20280601 4.875% | US | 13,482,000 | $11,157,298.74 | |
| BGC GROUP INC CR SEN SR GLBL 20290610 6.600% | US | 25,000,000 | $25,580,250.00 | |
| BLACKROCK TCP CAPITAL CORP SR GLBL NT 20290530 6.950% | US | 15,958,000 | $16,472,007.18 | |
| BORR IHC LTD SR SEC A 20281115 10.000% | US | 15,306,585.39 | $15,232,654.58 | |
| BROOGE PETROLEUM AND GAS | AE | 11,286,718 | $10,094,953.45 | |
| BURFORD CAPITAL GLOBAL FIN LLC SR GLBL A 20300415 6.875% | US | 3,235,000 | $3,241,405.30 | |
| CABLE ONE INC SR GLBL A 20301115 4.000% | US | 19,805,000 | $16,511,032.40 | |
| CARLYLE SECURED LENDING INC SR GLBL NT 20300218 6.750% | US | 10,585,000 | $10,770,555.05 | |
| CCO HLDGS LLC CCO HLDGS CAP SR GLBL A 20270501 5.125% | US | 4,100,000 | $4,044,609.00 | |
| CCO HLDGS LLC CCO HLDGS CAP SR GLBL A 20310201 4.250% | US | 18,490,000 | $16,557,240.30 | |
| CERDIA FINANZ GMBH SR SEC A NT 20311003 9.375% | US | 16,640,000 | $17,373,657.60 | |
| CHARLES RIV LABS INTL INC SR GLBL A 20310315 4.000% | US | 2,945,000 | $2,663,752.50 | |
| CnS GROUP ENTERPRISES LLC SR GLBL A 20281215 5.000% | US | 20,030,000 | $16,450,639.00 | |
| COMMUNITY HEALTH SYS INC NEW SR SEC GLBL 20300515 5.250% | US | 18,505,000 | $15,795,497.90 | |
| CONNECT FINCO SARL CONNECT U SR SEC GLBL 20290915 9.000% | US | 15,675,000 | $14,465,987.25 | |
| DRAWBRIDGE SPL OPPORTUNITIES SR GLBL A 20260215 3.875% | US | 6,500,000 | $6,312,150.00 | |
| DYE n DURHAM CORP SR SEC A NT 20290415 8.625% | US | 15,000,000 | $15,815,400.00 | |
| ENCORE CAP GROUP INC SR SEC GLBL 20290401 9.250% | US | 10,965,000 | $11,781,673.20 | |
| ENDEAVOUR MNG PLC SR GLBL A 20261014 5.000% | US | 16,127,000 | $15,664,961.45 | |
| FMG RESOURCES AUGUST PTY SR A NT 20310401 4.375% | US | 5,100,000 | $4,674,252.00 | |
| FnG ANNUITIES n LIFE INC SR GLBL NT. 20290604 6.500% | US | 16,055,000 | $16,530,388.55 | |
| GARRETT MOTION HLDGS INC GARR SR GLBL A 20320531 7.750% | US | 11,356,000 | $11,448,437.84 | |
| GEO GROUP INC SR SEC GLBL NT 20290415 8.625% | US | 10,195,000 | $10,783,455.40 | |
| GLOBAL INFRASTRUCTURE SOLUTION SR A NT. 20320415 7.500% | US | 16,490,000 | $16,717,397.10 | |
| GRAY TELEVISION INC SR SEC GLBL 20290715 10.500% | US | 13,060,000 | $13,291,031.40 | |
| ICAHN ENTERPRISES LPCORP SR GLBL NT 20270515 5.250% | US | 4,285,000 | $4,119,213.35 | |
| ICAHN ENTERPRISES LPCORP SR GLBL NT 20300615 9.000% | US | 21,790,000 | $21,629,625.60 | |
| IHS HOLDING LIMITED SR GLBL A 20281129 6.250% | US | 21,640,000 | $20,400,893.60 | |
| IIP OPER PARTNERSHIP L P SR GLBL NT. 20260525 5.500% | US | 5,455,000 | $5,350,754.95 | |
| INFRABUILD AUSTRALIA PTY LTD SR A NT 20281115 14.500% | US | 18,930,000 | $19,048,691.10 | |
| INGLES MKTS INC SR GLBL A 20310615 4.000% | US | 4,766,000 | $4,279,439.06 | |
| ISHARES TR EDEG HIG YLELD | US | HYDB | 419,550 | $20,117,422.50 |
| Jefferies Finance LLC | US | 17,500,000 | $17,456,250.00 | |
| JEFFERIES FINANCE LLCJFIN CP SR A NT 20280815 5.000% | US | 3,500,000 | $3,271,765.00 | |
| JEFFERSON CAPITAL HOLDINGS LLC SR A NT. 20290215 9.500% | US | 12,655,000 | $13,512,376.25 | |
| LGI HOMES INC SR GLBL A 20290715 4.000% | US | 17,992,000 | $16,283,659.60 | |
| MAGNERA CORP SR SEC GLBL 20311115 7.250% | US | 10,585,000 | $10,434,587.15 | |
| MARTIN MIDSTREAM PARTNERS LP SR SEC GLBL 20280215 11.500% | US | 9,860,000 | $10,731,229.60 | |
| MATTHEWS INTL CORP SR SEC GLBL 20271001 8.625% | US | 15,350,000 | $16,099,694.00 | |
| MCGRAW-HILL EDUCATION Term Loan | US | 13,468,488.99 | $13,485,324.60 | |
| MIDAS OPCO HLDGS LLC SR GLBL A 20290815 5.625% | US | 17,000,000 | $16,390,380.00 | |
| MILLICOM INTL CELLULAR S A SR GLBL A 20310427 4.500% | US | 18,435,000 | $16,414,155.30 | |
| MINERVA LUXEMBOURG S A SR GLBL A 20310318 4.375% | US | 18,700,000 | $15,953,718.00 | |
| MOSS CREEK RES HLDGS INC SR A NT 20310901 8.250% | US | 11,100,000 | $10,911,078.00 | |
| NAVIENT CORPORATION FR . 20330801 5.625% | US | 24,500,000 | $21,880,460.00 | |
| NEW FORTRESS ENERGY INC SR SEC GLBL 20290315 8.750% | US | 19,325,000 | $15,800,313.25 | |
| NEWCASTLE COAL INFRASTRUCTURE SR SEC A NT 20310512 4.700% | US | 9,053,676.16 | $8,560,160.27 | |
| NEWELL BRANDS INC SR GLBL NT 20300515 6.375% | US | 11,125,000 | $11,332,036.25 | |
| NEXSTAR BROADCASTING INC SR GLBL A 20281101 4.750% | US | 18,500,000 | $17,468,625.00 | |
| NGL ENERGY OPERATING LLC NGL SR SEC GLBL 20320215 8.375% | US | 16,913,000 | $17,311,808.54 | |
| ORGANON n CO SR GLBL A 20310430 5.125% | US | 18,000,000 | $16,477,200.00 | |
| OXFORD FIN FDG TR - A- . 20310215 6.716% | US | 3,850,000 | $3,880,602.50 | |
| OXFORD FINANCE LLC OXFORD FI SR A NT 20270201 6.375% | US | 17,190,000 | $16,970,655.60 | |
| PCG - LLC SR SEC GLBL 20290725 10.588% | US | 4,116,589.68 | $4,116,219.19 | |
| PEDIATRIX MEDICAL GROUP INC SR GLBL A 20300215 5.375% | US | 17,300,000 | $16,728,408.00 | |
| PELORUS FUND REIT LLC CR SEN SR GLBL 20260930 7.000% | US | 4,355,000 | $4,260,757.80 | |
| PHH ESCROW ISSUER LLC SR GLBL A 20291101 9.875% | US | 15,440,000 | $14,944,530.40 | |
| POLARIS RENEWABLE ENERGY INC 9.75 20291120 | US | 7,000,000 | $7,115,500.00 | |
| PRA GROUP INC SR A NT 20300131 8.875% | US | 19,910,000 | $20,927,401.00 | |
| PRIME HEALTHCARE SVCS INC SR SEC A NT 20290901 9.375% | US | 16,720,000 | $16,982,336.80 | |
| PRIME SEC SVCS BORROWER LLC SR SEC GLBL 20270831 3.375% | US | 4,520,000 | $4,249,658.80 | |
| PROVIDENT FDG ASSOCIATES LP SR A NT 20290915 9.750% | US | 14,575,000 | $15,168,494.00 | |
| RINGCENTRAL INC SR GLBL A 20300815 8.500% | US | 14,615,000 | $15,494,384.55 | |
| SEALED AIR CORP NEW SR GLBL A 20330715 6.875% | US | 6,165,000 | $6,537,119.40 | |
| SIRIUS XM RADIO INC SR GLBL A 20310901 3.875% | US | 17,350,000 | $15,019,201.00 | |
| SIRIUSPOINT LTD SR GLBL NT 20290405 7.000% | US | 15,525,000 | $16,018,695.00 | |
| SLM CORP SR GLBL NT. 20251029 4.200% | US | 8,835,000 | $8,708,041.05 | |
| STAPLES INC SR SEC A NT 20290901 10.750% | US | 16,750,000 | $16,514,327.50 | |
| STAR PARENT INC SR SEC A NT 20301001 9.000% | US | 15,685,000 | $16,194,762.50 | |
| STARWOOD PPTY TR INC SR GLBL A 20290401 7.250% | US | 16,120,000 | $16,598,925.20 | |
| STONEX GROUP INC SR SEC GLBL 20310301 7.875% | US | 9,635,000 | $10,189,494.25 | |
| SUMMIT MIDSTREAM HLDGS LLC SR SEC GLBL 20291031 8.625% | US | 16,000,000 | $16,742,080.00 | |
| TEGNA INC SR GLBL NT 20280315 4.625% | US | 16,985,000 | $16,146,110.85 | |
| TELFORD FINCO 11.0 20291106 | US | 16,150,000 | $15,984,624.00 | |
| TERRAFORM PWR OPER LLC SR GLBL A 20300115 4.750% | US | 19,450,000 | $18,236,903.50 | |
| TGS ASA SR SEC A NT 20300115 8.500% | US | 9,165,000 | $9,395,499.75 | |
| UNISYS CORP SR SEC GLBL 20271101 6.875% | US | 21,740,000 | $21,388,029.40 | |
| UNITED AIR PASS THRU TR - B . 20291101 3.500% | US | 4,091,108.48 | $3,878,982.05 | |
| UNITED AIRLS INC -B B . 20270901 4.600% | US | 3,066,961.51 | $3,017,586.80 | |
| US DOLLARS | US | USD | 40,928,909.03 | $40,928,909.03 |
| VENTURE GLOBAL LNG INC SR SEC A NT 20290201 9.500% | US | 18,845,000 | $21,051,561.05 | |
| VERDE PURCHASER LLC SR SEC A NT 20301130 10.500% | US | 15,090,000 | $16,177,536.30 | |
| VIASAT INC SR SEC A NT 20310530 7.500% | US | 15,560,000 | $10,547,657.20 | |
| VISTAJET MALTA FIN P L C SR A NT. 20280601 9.500% | US | 21,542,000 | $21,561,172.38 | |
| VMED O UK FING I PLC SR SEC GLBL 20310715 4.750% | US | 12,705,000 | $11,192,723.85 | |
| WestJet Airlnes Term B | US | 23,049,237.34 | $22,905,179.61 |
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.
The High Yield Bond Series is closed to most new investors. For eligibility criteria, refer to the prospectus.
Daily Price
$9.75
Daily $ Change
$0.01
Daily % Change
0.10%
as of 12/20/2024
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
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
10.29%
1 Year
14.15%
3 Year
5.55%
5 Year
6.97%
10 Year
6.09%
Inception
(09/14/2009)
7.19%
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.
| BGC GROUP INC CR SEN SR GLBL 20290610 6.600% | 2.00% |
| WestJet Airlnes Term B | 1.79% |
| NAVIENT CORPORATION FR . 20330801 5.625% | 1.71% |
| ICAHN ENTERPRISES LPCORP SR GLBL NT 20300615 9.000% | 1.69% |
| VISTAJET MALTA FIN P L C SR A NT. 20280601 9.500% | 1.69% |
| UNISYS CORP SR SEC GLBL 20271101 6.875% | 1.68% |
| AFFINITY GAMING SR SEC GLBL 20271215 6.875% | 1.66% |
| VENTURE GLOBAL LNG INC SR SEC A NT 20290201 9.500% | 1.65% |
| PRA GROUP INC SR A NT 20300131 8.875% | 1.64% |
| IHS HOLDING LIMITED SR GLBL A 20281129 6.250% | 1.60% |
Top Ten Investments list is unaudited and excludes cash
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| AADVANTAGE LOYALTY IP LTD AME SR SEC GLBL 20290420 5.750% | US | 11,330,000 | $11,311,078.90 | |
| ADAMS HOMES INC SR A NT 20281015 9.250% | US | 15,180,000 | $15,974,673.00 | |
| AFFINITY GAMING SR SEC GLBL 20271215 6.875% | US | 26,515,000 | $21,181,772.90 | |
| 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 | $1,149,554.10 | |
| ALLIANCE RES OP PART LPALLIAN SR GLBL A 20290615 8.625% | US | 11,165,000 | $11,781,531.30 | |
| Allwyn Entertainment Financing Term Loan | US | 7,980,000 | $8,019,900.00 | |
| APH SOM APHAPH SR A NT 20291101 7.875% | US | 16,345,000 | $16,528,881.25 | |
| ARIS MINING CORPORATION SR A NT 20291031 8.000% | US | 11,050,000 | $11,102,708.50 | |
| ATKORE INC SR GLBL A 20310601 4.250% | US | 12,235,000 | $11,116,476.30 | |
| ATLANTICA SUSTAINABLE INFR PLC SR A NT 20280615 4.125% | GB | 6,676,000 | $6,313,893.76 | |
| ATP TOWER HOLDINGS LLC ANDEAN SR SEC GLBL 20260427 4.050% | US | 19,045,000 | $18,365,093.50 | |
| BAUSCH HEALTH COS INC SR SEC GLBL 20280601 4.875% | US | 13,482,000 | $11,157,298.74 | |
| BGC GROUP INC CR SEN SR GLBL 20290610 6.600% | US | 25,000,000 | $25,580,250.00 | |
| BLACKROCK TCP CAPITAL CORP SR GLBL NT 20290530 6.950% | US | 15,958,000 | $16,472,007.18 | |
| BORR IHC LTD SR SEC A 20281115 10.000% | US | 15,306,585.39 | $15,232,654.58 | |
| BROOGE PETROLEUM AND GAS | AE | 11,286,718 | $10,094,953.45 | |
| BURFORD CAPITAL GLOBAL FIN LLC SR GLBL A 20300415 6.875% | US | 3,235,000 | $3,241,405.30 | |
| CABLE ONE INC SR GLBL A 20301115 4.000% | US | 19,805,000 | $16,511,032.40 | |
| CARLYLE SECURED LENDING INC SR GLBL NT 20300218 6.750% | US | 10,585,000 | $10,770,555.05 | |
| CCO HLDGS LLC CCO HLDGS CAP SR GLBL A 20270501 5.125% | US | 4,100,000 | $4,044,609.00 | |
| CCO HLDGS LLC CCO HLDGS CAP SR GLBL A 20310201 4.250% | US | 18,490,000 | $16,557,240.30 | |
| CERDIA FINANZ GMBH SR SEC A NT 20311003 9.375% | US | 16,640,000 | $17,373,657.60 | |
| CHARLES RIV LABS INTL INC SR GLBL A 20310315 4.000% | US | 2,945,000 | $2,663,752.50 | |
| CnS GROUP ENTERPRISES LLC SR GLBL A 20281215 5.000% | US | 20,030,000 | $16,450,639.00 | |
| COMMUNITY HEALTH SYS INC NEW SR SEC GLBL 20300515 5.250% | US | 18,505,000 | $15,795,497.90 | |
| CONNECT FINCO SARL CONNECT U SR SEC GLBL 20290915 9.000% | US | 15,675,000 | $14,465,987.25 | |
| DRAWBRIDGE SPL OPPORTUNITIES SR GLBL A 20260215 3.875% | US | 6,500,000 | $6,312,150.00 | |
| DYE n DURHAM CORP SR SEC A NT 20290415 8.625% | US | 15,000,000 | $15,815,400.00 | |
| ENCORE CAP GROUP INC SR SEC GLBL 20290401 9.250% | US | 10,965,000 | $11,781,673.20 | |
| ENDEAVOUR MNG PLC SR GLBL A 20261014 5.000% | US | 16,127,000 | $15,664,961.45 | |
| FMG RESOURCES AUGUST PTY SR A NT 20310401 4.375% | US | 5,100,000 | $4,674,252.00 | |
| FnG ANNUITIES n LIFE INC SR GLBL NT. 20290604 6.500% | US | 16,055,000 | $16,530,388.55 | |
| GARRETT MOTION HLDGS INC GARR SR GLBL A 20320531 7.750% | US | 11,356,000 | $11,448,437.84 | |
| GEO GROUP INC SR SEC GLBL NT 20290415 8.625% | US | 10,195,000 | $10,783,455.40 | |
| GLOBAL INFRASTRUCTURE SOLUTION SR A NT. 20320415 7.500% | US | 16,490,000 | $16,717,397.10 | |
| GRAY TELEVISION INC SR SEC GLBL 20290715 10.500% | US | 13,060,000 | $13,291,031.40 | |
| ICAHN ENTERPRISES LPCORP SR GLBL NT 20270515 5.250% | US | 4,285,000 | $4,119,213.35 | |
| ICAHN ENTERPRISES LPCORP SR GLBL NT 20300615 9.000% | US | 21,790,000 | $21,629,625.60 | |
| IHS HOLDING LIMITED SR GLBL A 20281129 6.250% | US | 21,640,000 | $20,400,893.60 | |
| IIP OPER PARTNERSHIP L P SR GLBL NT. 20260525 5.500% | US | 5,455,000 | $5,350,754.95 | |
| INFRABUILD AUSTRALIA PTY LTD SR A NT 20281115 14.500% | US | 18,930,000 | $19,048,691.10 | |
| INGLES MKTS INC SR GLBL A 20310615 4.000% | US | 4,766,000 | $4,279,439.06 | |
| ISHARES TR EDEG HIG YLELD | US | HYDB | 419,550 | $20,117,422.50 |
| Jefferies Finance LLC | US | 17,500,000 | $17,456,250.00 | |
| JEFFERIES FINANCE LLCJFIN CP SR A NT 20280815 5.000% | US | 3,500,000 | $3,271,765.00 | |
| JEFFERSON CAPITAL HOLDINGS LLC SR A NT. 20290215 9.500% | US | 12,655,000 | $13,512,376.25 | |
| LGI HOMES INC SR GLBL A 20290715 4.000% | US | 17,992,000 | $16,283,659.60 | |
| MAGNERA CORP SR SEC GLBL 20311115 7.250% | US | 10,585,000 | $10,434,587.15 | |
| MARTIN MIDSTREAM PARTNERS LP SR SEC GLBL 20280215 11.500% | US | 9,860,000 | $10,731,229.60 | |
| MATTHEWS INTL CORP SR SEC GLBL 20271001 8.625% | US | 15,350,000 | $16,099,694.00 | |
| MCGRAW-HILL EDUCATION Term Loan | US | 13,468,488.99 | $13,485,324.60 | |
| MIDAS OPCO HLDGS LLC SR GLBL A 20290815 5.625% | US | 17,000,000 | $16,390,380.00 | |
| MILLICOM INTL CELLULAR S A SR GLBL A 20310427 4.500% | US | 18,435,000 | $16,414,155.30 | |
| MINERVA LUXEMBOURG S A SR GLBL A 20310318 4.375% | US | 18,700,000 | $15,953,718.00 | |
| MOSS CREEK RES HLDGS INC SR A NT 20310901 8.250% | US | 11,100,000 | $10,911,078.00 | |
| NAVIENT CORPORATION FR . 20330801 5.625% | US | 24,500,000 | $21,880,460.00 | |
| NEW FORTRESS ENERGY INC SR SEC GLBL 20290315 8.750% | US | 19,325,000 | $15,800,313.25 | |
| NEWCASTLE COAL INFRASTRUCTURE SR SEC A NT 20310512 4.700% | US | 9,053,676.16 | $8,560,160.27 | |
| NEWELL BRANDS INC SR GLBL NT 20300515 6.375% | US | 11,125,000 | $11,332,036.25 | |
| NEXSTAR BROADCASTING INC SR GLBL A 20281101 4.750% | US | 18,500,000 | $17,468,625.00 | |
| NGL ENERGY OPERATING LLC NGL SR SEC GLBL 20320215 8.375% | US | 16,913,000 | $17,311,808.54 | |
| ORGANON n CO SR GLBL A 20310430 5.125% | US | 18,000,000 | $16,477,200.00 | |
| OXFORD FIN FDG TR - A- . 20310215 6.716% | US | 3,850,000 | $3,880,602.50 | |
| OXFORD FINANCE LLC OXFORD FI SR A NT 20270201 6.375% | US | 17,190,000 | $16,970,655.60 | |
| PCG - LLC SR SEC GLBL 20290725 10.588% | US | 4,116,589.68 | $4,116,219.19 | |
| PEDIATRIX MEDICAL GROUP INC SR GLBL A 20300215 5.375% | US | 17,300,000 | $16,728,408.00 | |
| PELORUS FUND REIT LLC CR SEN SR GLBL 20260930 7.000% | US | 4,355,000 | $4,260,757.80 | |
| PHH ESCROW ISSUER LLC SR GLBL A 20291101 9.875% | US | 15,440,000 | $14,944,530.40 | |
| POLARIS RENEWABLE ENERGY INC 9.75 20291120 | US | 7,000,000 | $7,115,500.00 | |
| PRA GROUP INC SR A NT 20300131 8.875% | US | 19,910,000 | $20,927,401.00 | |
| PRIME HEALTHCARE SVCS INC SR SEC A NT 20290901 9.375% | US | 16,720,000 | $16,982,336.80 | |
| PRIME SEC SVCS BORROWER LLC SR SEC GLBL 20270831 3.375% | US | 4,520,000 | $4,249,658.80 | |
| PROVIDENT FDG ASSOCIATES LP SR A NT 20290915 9.750% | US | 14,575,000 | $15,168,494.00 | |
| RINGCENTRAL INC SR GLBL A 20300815 8.500% | US | 14,615,000 | $15,494,384.55 | |
| SEALED AIR CORP NEW SR GLBL A 20330715 6.875% | US | 6,165,000 | $6,537,119.40 | |
| SIRIUS XM RADIO INC SR GLBL A 20310901 3.875% | US | 17,350,000 | $15,019,201.00 | |
| SIRIUSPOINT LTD SR GLBL NT 20290405 7.000% | US | 15,525,000 | $16,018,695.00 | |
| SLM CORP SR GLBL NT. 20251029 4.200% | US | 8,835,000 | $8,708,041.05 | |
| STAPLES INC SR SEC A NT 20290901 10.750% | US | 16,750,000 | $16,514,327.50 | |
| STAR PARENT INC SR SEC A NT 20301001 9.000% | US | 15,685,000 | $16,194,762.50 | |
| STARWOOD PPTY TR INC SR GLBL A 20290401 7.250% | US | 16,120,000 | $16,598,925.20 | |
| STONEX GROUP INC SR SEC GLBL 20310301 7.875% | US | 9,635,000 | $10,189,494.25 | |
| SUMMIT MIDSTREAM HLDGS LLC SR SEC GLBL 20291031 8.625% | US | 16,000,000 | $16,742,080.00 | |
| TEGNA INC SR GLBL NT 20280315 4.625% | US | 16,985,000 | $16,146,110.85 | |
| TELFORD FINCO 11.0 20291106 | US | 16,150,000 | $15,984,624.00 | |
| TERRAFORM PWR OPER LLC SR GLBL A 20300115 4.750% | US | 19,450,000 | $18,236,903.50 | |
| TGS ASA SR SEC A NT 20300115 8.500% | US | 9,165,000 | $9,395,499.75 | |
| UNISYS CORP SR SEC GLBL 20271101 6.875% | US | 21,740,000 | $21,388,029.40 | |
| UNITED AIR PASS THRU TR - B . 20291101 3.500% | US | 4,091,108.48 | $3,878,982.05 | |
| UNITED AIRLS INC -B B . 20270901 4.600% | US | 3,066,961.51 | $3,017,586.80 | |
| US DOLLARS | US | USD | 40,928,909.03 | $40,928,909.03 |
| VENTURE GLOBAL LNG INC SR SEC A NT 20290201 9.500% | US | 18,845,000 | $21,051,561.05 | |
| VERDE PURCHASER LLC SR SEC A NT 20301130 10.500% | US | 15,090,000 | $16,177,536.30 | |
| VIASAT INC SR SEC A NT 20310530 7.500% | US | 15,560,000 | $10,547,657.20 | |
| VISTAJET MALTA FIN P L C SR A NT. 20280601 9.500% | US | 21,542,000 | $21,561,172.38 | |
| VMED O UK FING I PLC SR SEC GLBL 20310715 4.750% | US | 12,705,000 | $11,192,723.85 | |
| WestJet Airlnes Term B | US | 23,049,237.34 | $22,905,179.61 |
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.