A Hybrid Approach to Investing

Despite today's low-yield environment, many investors will still need to look to fixed income for income generation, growth, and diversification. The low correlation to equities and other fixed income asset classes make high yield bonds an attractive option.

 

Performance discussed within is as of 04/30/2018. See below for most recent performance.

Request the product spotlight

Our team is here to answer any questions you may have. Contact us if you would like to learn more about our selective, straightforward approach to high yield investing.

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

$9.26

Daily $ Change

-$0.02

Daily % Change

-0.22%

as of 06/23/2022

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
Fact Sheet ---
Applications & Forms
N-Port Part F Reports

Performance

As of 05/31/2022

YTD

-4.63%

1 Year

0.49%

3 Year

6.56%

5 Year

5.71%

10 Year

6.21%

Inception
(09/14/2009)

7.09%

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. 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 0.57%
Net 0.10%*

*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.

Top Ten Investments

As of 05/31/2022

FS ENERGY & POWER FUND 7.50000 08/15/2023 2.16%
VISTRA OPERATIONS CO LLC 4.37500 05/01/2029 2.10%
SEASPAN CORP 6.50000 02/05/2024 2.09%
GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 2.02%
AMERICAN TANKER INC 7.75000 07/02/2025 1.99%
IEA ENERGY SERVICES LLC 6.62500 08/15/2029 1.96%
PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 1.94%
IIP OPERATING PARTNER 5.50000 05/25/2026 1.93%
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 1.91%
CLEARWATER PAPER CORP 4.75000 08/15/2028 1.86%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 05/31/2022

Cash 5.44%
Corporate 91.28%
Mortgage 3.28%

Credit Quality Distribution

As of 05/31/2022

AAA 5.44%
BBB 5.33%
BB 46.33%
B 22.61%
CCC 1.29%
D 0.00%
NR 19.00%

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.

May Fund Holdings

As of 05/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 2,497,580.41 $2,620,308.16
AMERICAN AXLE & MANUFACTURING 3.40970 04/06/2024 US 4,528,280.78 $4,437,715.16
ATLANTICA SUSTAIN INFRA 4.12500 06/15/2028 GB 4,551,000 $4,120,234.65
BAUSCH HEALTH COS INC 4.87500 06/01/2028 CA 4,500,000 $3,856,727.07
BEASLEY MEZ HLDGS LLC 8.62500 02/01/2026 US 5,600,000 $4,884,463.58
BED BATH & BEYOND INC 4.91500 08/01/2034 US 2,750,000 $1,489,906.74
BURFORD CAPITAL GLBL FIN 6.87500 04/15/2030 US 4,000,000 $3,740,555.44
JONAH ENERGY PARENT LLC US 65,341 $3,506,198.06
CARGO AIRCRAFT MANAGEMENT 4.75000 02/01/2028 US 2,750,000 $2,631,445.36
CARRINGTON HOLDING CO LL 8.00000 01/01/2026 US 3,000,000 $2,948,106.42
CENTURYLINK INC 7.50000 04/01/2024 US 3,075,000 $3,181,147.65
CLEARWATER PAPER CORP 4.75000 08/15/2028 US 5,500,000 $4,970,173.45
COINBASE GLOBAL INC 3.37500 10/01/2028 US 4,000,000 $2,944,250.36
DAVITA INC 4.62500 06/01/2030 US 3,000,000 $2,611,455.57
DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 US 2,400,000 $2,231,894.78
DREYFUS GVT CSH MANAGEMENT US 14,928,170.59 $14,928,170.59
ECO MATERIAL TECH INC 7.87500 01/31/2027 US 4,000,000 $3,790,438.52
ENDEAVOR MINING PLC 5.00000 10/14/2026 GB 4,000,000 $3,516,245.96
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 5,670,000 $5,774,882.92
FORD MOTOR CREDIT 3.08700 01/09/2023 US 3,000,000 $2,997,243.39
FORD MOTOR CREDIT CO LLC 5.11300 05/03/2029 US 3,000,000 $2,914,398.54
FORESTAR GROUP INC 5.00000 03/01/2028 US 3,000,000 $2,717,336.10
GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 US 5,400,000 $5,415,668.91
GOODYEAR TIRE& RUBBER 5.00000 07/15/2029 US 5,018,000 $4,607,603.37
GRAFTECH FINANCE 4.62500 12/15/2028 US 3,103,000 $2,821,783.55
GUARA NORTE SARL 5.19800 06/15/2034 LU 3,982,091 $3,390,881.18
HARROW HEALTH US 94,800 $2,388,960.00
HERTZ 4.61990 06/30/2028 US 3,347,494.72 $3,220,925.94
HERTZ 4.61990 06/30/2028 US 635,641.32 $611,607.72
HESS MIDSTREAM OPERATION 4.25000 02/15/2030 US 4,000,000 $3,669,375.64
IHS HOLDING LTD 6.25000 11/29/2028 KY 4,250,000 $3,883,548.64
IIP OPERATING PARTNER 5.50000 05/25/2026 US 5,455,000 $5,158,247.40
IEA ENERGY SERVICES LLC 6.62500 08/15/2029 US 6,050,000 $5,235,460.43
INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 3,479,000 $3,524,816.79
INTL FC STORE INC 8.62500 06/15/2025 US 3,230,000 $3,330,155.26
LD HOLDINGS GROUP 6.12500 04/01/2028 US 4,000,000 $3,202,924.08
LOGAN MERGER SUB INC 5.50000 09/01/2027 US 5,250,000 $4,231,552.92
MGIC INVESTMENT CORP 5.25000 08/15/2028 US 2,625,000 $2,535,767.35
MACY'S RETAIL HLDGS LLC 4.50000 12/15/2034 US 5,000,000 $3,739,052.10
MIDCAP FINANCIAL ISSR TR 6.50000 05/01/2028 US 5,500,000 $4,744,871.62
MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 4,000,000 $3,603,567.60
NRG ENERGY INC 3.37500 02/15/2029 US 4,750,000 $4,234,762.85
NAVIENT CORP 6.75000 06/25/2025 US 2,800,000 $2,826,137.86
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 6,535,000 $653.50
PRA GROUP 5.00000 10/01/2029 US 4,250,000 $3,826,692.31
PELORUS FUND REIT 7.00000 09/30/2026 US 2,750,000 $2,663,090.90
PILGRIM'S PRIDE CORP 4.25000 04/15/2031 US 4,500,000 $4,194,302.18
POPULAR INC 6.12500 09/14/2023 PR 3,485,000 $3,524,443.96
PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 5,250,000 $5,196,415.51
RAILWORKS HOLDINGS LP/R 8.25000 11/15/2028 US 3,750,000 $3,628,869.19
SLM CORP 5.62500 08/01/2033 US 4,000,000 $3,140,308.20
SLM CORP 3.12500 11/02/2026 US 4,700,000 $4,327,681.75
SIRIUS XM RADIO INC 4.00000 07/15/2028 US 4,250,000 $3,945,522.69
SUNNOVA ENERGY CORP 5.87500 09/01/2026 US 4,000,000 $3,590,302.24
SYNCHRONOSS TECH US 104,700 $2,322,246.00
TACORA RESOURCES INC 8.25000 05/15/2026 CA 4,260,000 $4,064,490.50
TEVA PHARMACEUTICALS 7.12500 01/31/2025 NL 3,500,000 $3,593,025.42
TUTOR PERINI CORP 6.87500 05/01/2025 US 2,250,000 $2,093,979.69
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 5,682,031.68 $5,114,504.68
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 1,340,470.97 $1,255,710.02
UNITED WHOLESALE MTGE LL 5.50000 04/15/2029 US 4,000,000 $3,518,423.76
VISTRA OPERATIONS CO LLC 4.37500 05/01/2029 US 6,000,000 $5,608,020.12
WARRIOR MET COAL INC 7.87500 12/01/2028 US 2,100,000 $2,130,030.99
WESTERN GLOBAL AIRLINES 10.37500 08/15/2025 US 4,000,000 $4,042,998.08
AMERICAN TANKER INC 7.75000 07/02/2025 US 5,605,000 $5,324,750.00
TUTOR PERINI FLT 5.75000 08/18/2027 US 3,857,991.74 $3,713,317.05
JAZZ TL B 1L 4.61970 05/05/2028 LU 2,481,250 $2,422,320.31
EVOLUTION WELL SERVICES 8.39260 03/04/2027 US 4,000,000 $3,740,000.00
SEASPAN CORP 6.50000 02/05/2024 MH 5,600,000 $5,585,916.56
PETROTAL CORP 12.00000 02/16/2024 CA 3,064,000 $3,155,920.00
COPPER MOUNTAIN MINING C 8.00000 04/09/2026 CA 4,032,000 $4,029,470.16
AIRSWIFT GLOBAL AS FLT 10.38899 05/12/2025 NO 3,500,000 $3,505,821.48
JERVOIS MINING LTD 12.50000 07/20/2026 AU 2,800,000 $2,973,070.04
KENT GLOBAL PLC 10.00000 06/28/2026 GB 3,965,000 $3,925,350.00
PING PETROLEUM UK 12.00000 07/29/2024 GB 2,000,000 $1,957,732.96
NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 MH 3,200,000 $3,233,688.10
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 3,906,000 $3,902,430.58

Investments will change over time.

Distributions

  • High Yield Bond Series Class W Distribution History
  • 2022 Distribution Calendar
  • First Quarter 2022 Distributions
  • Fourth Quarter 2021 Distributions
  • Third Quarter 2021 Distributions
  • Second Quarter 2022 Distributions
  • Tax Letter

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.

A Hybrid Approach to Investing

Despite today's low-yield environment, many investors will still need to look to fixed income for income generation, growth, and diversification. The low correlation to equities and other fixed income asset classes make high yield bonds an attractive option.

 

Performance discussed within is as of 04/30/2018. See below for most recent performance.

Request the product spotlight

Our team is here to answer any questions you may have. Contact us if you would like to learn more about our selective, straightforward approach to high yield investing.

Daily Price

$9.26

Daily $ Change

-$0.02

Daily % Change

-0.22%

as of 06/23/2022

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
Fact Sheet ---
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

Performance

As of 05/31/2022

YTD

-4.63%

1 Year

0.49%

3 Year

6.56%

5 Year

5.71%

10 Year

6.21%

Inception
(09/14/2009)

7.09%

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. 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 0.57%
Net 0.10%*

*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.

Top Ten Investments

As of 05/31/2022

FS ENERGY & POWER FUND 7.50000 08/15/2023 2.16%
VISTRA OPERATIONS CO LLC 4.37500 05/01/2029 2.10%
SEASPAN CORP 6.50000 02/05/2024 2.09%
GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 2.02%
AMERICAN TANKER INC 7.75000 07/02/2025 1.99%
IEA ENERGY SERVICES LLC 6.62500 08/15/2029 1.96%
PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 1.94%
IIP OPERATING PARTNER 5.50000 05/25/2026 1.93%
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 1.91%
CLEARWATER PAPER CORP 4.75000 08/15/2028 1.86%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 05/31/2022

Cash
5.44%
Corporate
91.28%
Mortgage
3.28%

Credit Quality Distribution

As of 05/31/2022

AAA
5.44%
BBB
5.33%
BB
46.33%
B
22.61%
CCC
1.29%
D
0.00%
NR
19.00%

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.

May Fund Holdings

As of 05/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 2,497,580.41 $2,620,308.16
AMERICAN AXLE & MANUFACTURING 3.40970 04/06/2024 US 4,528,280.78 $4,437,715.16
ATLANTICA SUSTAIN INFRA 4.12500 06/15/2028 GB 4,551,000 $4,120,234.65
BAUSCH HEALTH COS INC 4.87500 06/01/2028 CA 4,500,000 $3,856,727.07
BEASLEY MEZ HLDGS LLC 8.62500 02/01/2026 US 5,600,000 $4,884,463.58
BED BATH & BEYOND INC 4.91500 08/01/2034 US 2,750,000 $1,489,906.74
BURFORD CAPITAL GLBL FIN 6.87500 04/15/2030 US 4,000,000 $3,740,555.44
JONAH ENERGY PARENT LLC US 65,341 $3,506,198.06
CARGO AIRCRAFT MANAGEMENT 4.75000 02/01/2028 US 2,750,000 $2,631,445.36
CARRINGTON HOLDING CO LL 8.00000 01/01/2026 US 3,000,000 $2,948,106.42
CENTURYLINK INC 7.50000 04/01/2024 US 3,075,000 $3,181,147.65
CLEARWATER PAPER CORP 4.75000 08/15/2028 US 5,500,000 $4,970,173.45
COINBASE GLOBAL INC 3.37500 10/01/2028 US 4,000,000 $2,944,250.36
DAVITA INC 4.62500 06/01/2030 US 3,000,000 $2,611,455.57
DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 US 2,400,000 $2,231,894.78
DREYFUS GVT CSH MANAGEMENT US 14,928,170.59 $14,928,170.59
ECO MATERIAL TECH INC 7.87500 01/31/2027 US 4,000,000 $3,790,438.52
ENDEAVOR MINING PLC 5.00000 10/14/2026 GB 4,000,000 $3,516,245.96
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 5,670,000 $5,774,882.92
FORD MOTOR CREDIT 3.08700 01/09/2023 US 3,000,000 $2,997,243.39
FORD MOTOR CREDIT CO LLC 5.11300 05/03/2029 US 3,000,000 $2,914,398.54
FORESTAR GROUP INC 5.00000 03/01/2028 US 3,000,000 $2,717,336.10
GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 US 5,400,000 $5,415,668.91
GOODYEAR TIRE& RUBBER 5.00000 07/15/2029 US 5,018,000 $4,607,603.37
GRAFTECH FINANCE 4.62500 12/15/2028 US 3,103,000 $2,821,783.55
GUARA NORTE SARL 5.19800 06/15/2034 LU 3,982,091 $3,390,881.18
HARROW HEALTH US 94,800 $2,388,960.00
HERTZ 4.61990 06/30/2028 US 3,347,494.72 $3,220,925.94
HERTZ 4.61990 06/30/2028 US 635,641.32 $611,607.72
HESS MIDSTREAM OPERATION 4.25000 02/15/2030 US 4,000,000 $3,669,375.64
IHS HOLDING LTD 6.25000 11/29/2028 KY 4,250,000 $3,883,548.64
IIP OPERATING PARTNER 5.50000 05/25/2026 US 5,455,000 $5,158,247.40
IEA ENERGY SERVICES LLC 6.62500 08/15/2029 US 6,050,000 $5,235,460.43
INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 3,479,000 $3,524,816.79
INTL FC STORE INC 8.62500 06/15/2025 US 3,230,000 $3,330,155.26
LD HOLDINGS GROUP 6.12500 04/01/2028 US 4,000,000 $3,202,924.08
LOGAN MERGER SUB INC 5.50000 09/01/2027 US 5,250,000 $4,231,552.92
MGIC INVESTMENT CORP 5.25000 08/15/2028 US 2,625,000 $2,535,767.35
MACY'S RETAIL HLDGS LLC 4.50000 12/15/2034 US 5,000,000 $3,739,052.10
MIDCAP FINANCIAL ISSR TR 6.50000 05/01/2028 US 5,500,000 $4,744,871.62
MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 4,000,000 $3,603,567.60
NRG ENERGY INC 3.37500 02/15/2029 US 4,750,000 $4,234,762.85
NAVIENT CORP 6.75000 06/25/2025 US 2,800,000 $2,826,137.86
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 6,535,000 $653.50
PRA GROUP 5.00000 10/01/2029 US 4,250,000 $3,826,692.31
PELORUS FUND REIT 7.00000 09/30/2026 US 2,750,000 $2,663,090.90
PILGRIM'S PRIDE CORP 4.25000 04/15/2031 US 4,500,000 $4,194,302.18
POPULAR INC 6.12500 09/14/2023 PR 3,485,000 $3,524,443.96
PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 5,250,000 $5,196,415.51
RAILWORKS HOLDINGS LP/R 8.25000 11/15/2028 US 3,750,000 $3,628,869.19
SLM CORP 5.62500 08/01/2033 US 4,000,000 $3,140,308.20
SLM CORP 3.12500 11/02/2026 US 4,700,000 $4,327,681.75
SIRIUS XM RADIO INC 4.00000 07/15/2028 US 4,250,000 $3,945,522.69
SUNNOVA ENERGY CORP 5.87500 09/01/2026 US 4,000,000 $3,590,302.24
SYNCHRONOSS TECH US 104,700 $2,322,246.00
TACORA RESOURCES INC 8.25000 05/15/2026 CA 4,260,000 $4,064,490.50
TEVA PHARMACEUTICALS 7.12500 01/31/2025 NL 3,500,000 $3,593,025.42
TUTOR PERINI CORP 6.87500 05/01/2025 US 2,250,000 $2,093,979.69
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 5,682,031.68 $5,114,504.68
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 1,340,470.97 $1,255,710.02
UNITED WHOLESALE MTGE LL 5.50000 04/15/2029 US 4,000,000 $3,518,423.76
VISTRA OPERATIONS CO LLC 4.37500 05/01/2029 US 6,000,000 $5,608,020.12
WARRIOR MET COAL INC 7.87500 12/01/2028 US 2,100,000 $2,130,030.99
WESTERN GLOBAL AIRLINES 10.37500 08/15/2025 US 4,000,000 $4,042,998.08
AMERICAN TANKER INC 7.75000 07/02/2025 US 5,605,000 $5,324,750.00
TUTOR PERINI FLT 5.75000 08/18/2027 US 3,857,991.74 $3,713,317.05
JAZZ TL B 1L 4.61970 05/05/2028 LU 2,481,250 $2,422,320.31
EVOLUTION WELL SERVICES 8.39260 03/04/2027 US 4,000,000 $3,740,000.00
SEASPAN CORP 6.50000 02/05/2024 MH 5,600,000 $5,585,916.56
PETROTAL CORP 12.00000 02/16/2024 CA 3,064,000 $3,155,920.00
COPPER MOUNTAIN MINING C 8.00000 04/09/2026 CA 4,032,000 $4,029,470.16
AIRSWIFT GLOBAL AS FLT 10.38899 05/12/2025 NO 3,500,000 $3,505,821.48
JERVOIS MINING LTD 12.50000 07/20/2026 AU 2,800,000 $2,973,070.04
KENT GLOBAL PLC 10.00000 06/28/2026 GB 3,965,000 $3,925,350.00
PING PETROLEUM UK 12.00000 07/29/2024 GB 2,000,000 $1,957,732.96
NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 MH 3,200,000 $3,233,688.10
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 3,906,000 $3,902,430.58

Investments will change over time.

Distributions

  • High Yield Bond Series Class W Distribution History
  • 2022 Distribution Calendar
  • First Quarter 2022 Distributions
  • Fourth Quarter 2021 Distributions
  • Third Quarter 2021 Distributions
  • Second Quarter 2022 Distributions
  • Tax Letter

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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