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

$10.49

Daily $ Change

$0.01

Daily % Change

0.10%

as of 04/16/2021

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

Performance

As of 03/31/2021

YTD

2.86%

1 Year

29.46%

3 Year

7.94%

5 Year

8.27%

10 Year

6.56%

Inception
(09/14/2009)

7.57%

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 0.70%
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.

Top Ten Investments

As of 03/31/2021

GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 2.45%
AMERICAN TANKER INC 7.75000 07/02/2025 2.44%
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 2.38%
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 2.09%
PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 2.01%
STARWOOD PROPERTY TRUST 4.75000 03/15/2025 1.99%
FORD MOTOR COMPANY 9.00000 04/22/2025 1.99%
COPPER MOUNTAIN MINING C 8.00000 04/09/2026 1.89%
BURFORD CAPITAL GLBL FIN 6.25000 04/15/2028 1.86%
NAVIENT CORP 6.75000 06/25/2025 1.83%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 03/31/2021

Cash 5.65%
Corporate 92.73%
Mortgage 1.62%

Credit Quality Distribution

As of 03/31/2021

AAA 5.66%
BBB 7.70%
BB 39.76%
B 27.65%
CCC 5.59%
D 0.00%
NR 13.64%

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.

March Fund Holdings

As of 03/31/2021

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 1,382,000 $1,546,637.66
00842XAA7 AFFINITY GAMING 6.87500 12/15/2027 US 1,370,000 $1,443,637.50
01166WAA5 ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 3,111,966.17 $3,455,542.48
02406MAP2 AMERICAN AXLE & MANUFACTURING 3.00000 04/06/2024 US 1,816,317.84 $1,805,256.46
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 1,470,000 $1,468,162.50
071734AH0 BAUSCH HEALTH COS INC 5.00000 01/30/2028 CA 2,100,000 $2,140,320.00
07403VAA7 BEASLEY MEZ HLDGS LLC 8.62500 02/01/2026 US 1,575,000 $1,582,875.00
12116LAA7 BURFORD CAPITAL GLBL FIN 6.25000 04/15/2028 US 3,000,000 $3,075,000.00
12345678 JONAH ENERGY PARENT LLC US 65,341 $980,115.00
12467AAF5 C&S GROUP ENTERPRISES LL 5.00000 12/15/2028 US 2,270,000 $2,207,575.00
12598FAA7 CPI CG INC 8.62500 03/15/2026 US 2,345,000 $2,457,067.55
12654TAA8 CNX MIDSTREAM PTR/CNX 6.50000 03/15/2026 US 2,416,000 $2,458,280.00
156700BA3 CENTURYLINK INC 7.50000 04/01/2024 US 1,445,000 $1,619,628.11
225310AM3 CREDIT ACCEPTANC 6.62500 03/15/2026 US 2,370,000 $2,494,425.00
23311VAG2 DCP MIDSTREAM 5.37500 07/15/2025 US 1,465,000 $1,587,510.63
23585WAA2 DANAOS CORP 8.50000 03/01/2028 MH 2,300,000 $2,458,125.00
26150TAE9 DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 US 2,400,000 $2,460,797.71
262006208 DREYFUS GVT CSH MANAGEMENT US 9,772,090.21 $9,772,090.21
267475AD3 DYCOM INDUSTRIES INC 4.50000 04/15/2029 US 1,555,000 $1,557,394.70
29275YAC6 ENERSYS 4.37500 12/15/2027 US 1,485,000 $1,518,412.50
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 2,415,000 $2,427,075.00
343412AC6 FLUOR CORP 3.50000 12/15/2024 US 1,865,000 $1,919,782.51
345370CW8 FORD MOTOR COMPANY 9.00000 04/22/2025 US 2,705,000 $3,276,066.08
34960PAC5 FORTRESS TRANS & INFRAST 9.75000 08/01/2027 US 1,320,000 $1,503,150.00
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 2,255,000 $2,576,337.50
37255LAA5 GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 US 3,745,000 $4,046,940.63
376535AC4 GLADSTONE CAPITAL CORP 5.12500 01/31/2026 US 2,000,000 $2,102,500.00
400666AA1 GUARA NORTE SARL 5.19800 06/15/2034 LU 2,400,000 $2,353,920.00
418751AD5 HAT HOLDINGS I LLC/HAT 3.75000 09/15/2030 US 1,400,000 $1,347,500.00
443201AA6 HOWMET AEROSPACE INC 6.87500 05/01/2025 US 1,235,000 $1,431,056.25
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 1,305,000 $1,436,139.45
450913AF5 IAMGOLD CORP 5.75000 10/15/2028 CA 2,555,000 $2,587,704.00
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 2,479,000 $2,479,000.00
460599AF0 INTERNATIONAL GAME TECH 4.12500 04/15/2026 GB 1,500,000 $1,541,370.00
46116VAE5 INTL FC STORE INC 8.62500 06/15/2025 US 2,230,000 $2,355,437.50
48088LAB3 JOSEPH T RYERSON & SON 8.50000 08/01/2028 US 1,789,000 $2,003,680.00
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 2,242,000 $2,494,225.00
505742AG1 LADDER CAP FIN LLLP/CORP 5.25000 10/01/2025 US 2,335,000 $2,335,000.00
539473AE8 LLOYDS BANK PLC 12.00000 12/16/2024 GB 2,250,000 $2,497,500.00
541056AA5 LOGAN MERGER SUB INC 5.50000 09/01/2027 US 1,515,000 $1,586,023.20
54240F202 LONESTAR RES US INC NPV US LONE 76,108 $426,204.80
552848AG8 MGIC INVESTMENT CORP 5.25000 08/15/2028 US 2,060,000 $2,144,975.00
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 2,070,000 $1,666,764.00
62913TAJ1 NGL ENRGY PART LP/FIN CO 7.50000 11/01/2023 US 2,330,000 $2,248,450.00
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 2,775,000 $3,014,343.75
63938NAF1 NAVIOS SA LOGIST/FIN US 10.75000 07/01/2025 MUL 1,380,000 $1,521,450.00
644393AA8 NEW FORTRESS ENERGY INC 6.75000 09/15/2025 US 2,260,000 $2,321,924.00
644393AB6 NEW FORTRESS ENERGY INC 6.50000 09/30/2026 US 1,480,000 $1,489,620.00
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 6,535,000 $653.50
66981QAA4 BRUNDAGE-BONE CONCRETE 6.00000 02/01/2026 US 2,321,000 $2,419,642.50
67421QAA0 OASIS MIDSTREAM PARTNERS 8.00000 04/01/2029 US 2,535,000 $2,604,712.50
691205AC2 OWL ROCK TECHNOLOGY FINA 4.75000 12/15/2025 US 1,975,000 $2,111,434.40
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 1,480,000 $1,501,904.00
69354NAC0 PRA GROUP INC 7.37500 09/01/2025 US 1,955,000 $2,091,850.00
69356MAA4 PM GENERAL PURCHASER LLC 9.50000 10/01/2028 US 1,450,000 $1,547,875.00
70806AAA4 PENNANTPARK FLOATING RAT 4.25000 04/01/2026 US 2,300,000 $2,304,593.63
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 3,070,000 $3,313,220.75
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 2,205,000 $2,312,493.75
75606DAL5 REALOGY GROUP/CO-ISSUER 5.75000 01/15/2029 US 1,775,000 $1,750,593.75
78442PGC4 SLM CORP 5.12500 04/05/2022 US 1,483,000 $1,516,367.50
78442PGD2 SLM CORP 4.20000 10/29/2025 US 1,620,000 $1,701,032.24
83419MAA0 SOLARIS MIDSTREAM HOLDIN 7.62500 04/01/2026 US 2,585,000 $2,643,162.50
85172FAN9 SPRINGLEAF FINANCE CORP 7.12500 03/15/2026 US 1,375,000 $1,585,856.25
85571BAL9 STARWOOD PROPERTY TRUST 4.75000 03/15/2025 US 3,165,000 $3,286,156.20
861036AA9 STL HOLDING CO LLC 7.50000 02/15/2026 US 2,830,000 $2,943,200.00
87422VAA6 TALEN ENERGY SUPPLY LLC 6.50000 06/01/2025 US 1,465,000 $1,176,578.13
87485LAA2 TALOS PRODUCTION INC 12.00000 01/15/2026 US 2,590,000 $2,530,948.00
87901JAJ4 TENGA INC 4.62500 03/15/2028 US 2,215,000 $2,253,762.50
88167AAK7 TEVA PHARMACEUTICALS NE 6.75000 03/01/2028 NL 1,200,000 $1,348,200.00
90932KAA7 UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 1,285,801.73 $1,251,028.90
90932NAA1 UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 1,528,321.85 $1,545,622.61
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 2,010,000 $2,221,050.00
BK0939417 AMERICAN TANKER INC 7.75000 07/02/2025 US 3,950,000 $4,028,191.83
BN6725160 SEASPAN CORP 6.50000 02/05/2024 MH 1,600,000 $1,652,000.00
BN7860420 PETROTAL CORP 12.00000 02/16/2024 CA 1,600,000 $1,600,000.00
BO4553299 TIGER HOLDCO PTE LTD 13.00000 06/10/2023 SG 2,000,000 $2,006,580.00
BO8204600 COPPER MOUNTAIN MINING C 8.00000 04/09/2026 CA 3,200,000 $3,120,000.00
EP0490375 DYNAGAS LNG PARTNERS LP MH 15,320 $390,047.20
ZO1818103 NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 MH 2,750,000 $2,860,000.00
ZO4110185 BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 4,200,000 $3,927,000.00

Investments will change over time.

Distributions

  • High Yield Bond Series Class W Distribution History
  • 2021 Distribution Calendar
  • First Quarter 2021 Distributions
  • Fourth Quarter 2020 Distributions
  • Third Quarter 2020 Distributions
  • Second Quarter 2020 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

$10.49

Daily $ Change

$0.01

Daily % Change

0.10%

as of 04/16/2021

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

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 03/31/2021

YTD

2.86%

1 Year

29.46%

3 Year

7.94%

5 Year

8.27%

10 Year

6.56%

Inception
(09/14/2009)

7.57%

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 0.70%
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.

Top Ten Investments

As of 03/31/2021

GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 2.45%
AMERICAN TANKER INC 7.75000 07/02/2025 2.44%
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 2.38%
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 2.09%
PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 2.01%
STARWOOD PROPERTY TRUST 4.75000 03/15/2025 1.99%
FORD MOTOR COMPANY 9.00000 04/22/2025 1.99%
COPPER MOUNTAIN MINING C 8.00000 04/09/2026 1.89%
BURFORD CAPITAL GLBL FIN 6.25000 04/15/2028 1.86%
NAVIENT CORP 6.75000 06/25/2025 1.83%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 03/31/2021

Cash
5.65%
Corporate
92.73%
Mortgage
1.62%

Credit Quality Distribution

As of 03/31/2021

AAA
5.66%
BBB
7.70%
BB
39.76%
B
27.65%
CCC
5.59%
D
0.00%
NR
13.64%

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.

March Fund Holdings

As of 03/31/2021

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 1,382,000 $1,546,637.66
00842XAA7 AFFINITY GAMING 6.87500 12/15/2027 US 1,370,000 $1,443,637.50
01166WAA5 ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 3,111,966.17 $3,455,542.48
02406MAP2 AMERICAN AXLE & MANUFACTURING 3.00000 04/06/2024 US 1,816,317.84 $1,805,256.46
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 1,470,000 $1,468,162.50
071734AH0 BAUSCH HEALTH COS INC 5.00000 01/30/2028 CA 2,100,000 $2,140,320.00
07403VAA7 BEASLEY MEZ HLDGS LLC 8.62500 02/01/2026 US 1,575,000 $1,582,875.00
12116LAA7 BURFORD CAPITAL GLBL FIN 6.25000 04/15/2028 US 3,000,000 $3,075,000.00
12345678 JONAH ENERGY PARENT LLC US 65,341 $980,115.00
12467AAF5 C&S GROUP ENTERPRISES LL 5.00000 12/15/2028 US 2,270,000 $2,207,575.00
12598FAA7 CPI CG INC 8.62500 03/15/2026 US 2,345,000 $2,457,067.55
12654TAA8 CNX MIDSTREAM PTR/CNX 6.50000 03/15/2026 US 2,416,000 $2,458,280.00
156700BA3 CENTURYLINK INC 7.50000 04/01/2024 US 1,445,000 $1,619,628.11
225310AM3 CREDIT ACCEPTANC 6.62500 03/15/2026 US 2,370,000 $2,494,425.00
23311VAG2 DCP MIDSTREAM 5.37500 07/15/2025 US 1,465,000 $1,587,510.63
23585WAA2 DANAOS CORP 8.50000 03/01/2028 MH 2,300,000 $2,458,125.00
26150TAE9 DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 US 2,400,000 $2,460,797.71
262006208 DREYFUS GVT CSH MANAGEMENT US 9,772,090.21 $9,772,090.21
267475AD3 DYCOM INDUSTRIES INC 4.50000 04/15/2029 US 1,555,000 $1,557,394.70
29275YAC6 ENERSYS 4.37500 12/15/2027 US 1,485,000 $1,518,412.50
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 2,415,000 $2,427,075.00
343412AC6 FLUOR CORP 3.50000 12/15/2024 US 1,865,000 $1,919,782.51
345370CW8 FORD MOTOR COMPANY 9.00000 04/22/2025 US 2,705,000 $3,276,066.08
34960PAC5 FORTRESS TRANS & INFRAST 9.75000 08/01/2027 US 1,320,000 $1,503,150.00
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 2,255,000 $2,576,337.50
37255LAA5 GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 US 3,745,000 $4,046,940.63
376535AC4 GLADSTONE CAPITAL CORP 5.12500 01/31/2026 US 2,000,000 $2,102,500.00
400666AA1 GUARA NORTE SARL 5.19800 06/15/2034 LU 2,400,000 $2,353,920.00
418751AD5 HAT HOLDINGS I LLC/HAT 3.75000 09/15/2030 US 1,400,000 $1,347,500.00
443201AA6 HOWMET AEROSPACE INC 6.87500 05/01/2025 US 1,235,000 $1,431,056.25
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 1,305,000 $1,436,139.45
450913AF5 IAMGOLD CORP 5.75000 10/15/2028 CA 2,555,000 $2,587,704.00
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 2,479,000 $2,479,000.00
460599AF0 INTERNATIONAL GAME TECH 4.12500 04/15/2026 GB 1,500,000 $1,541,370.00
46116VAE5 INTL FC STORE INC 8.62500 06/15/2025 US 2,230,000 $2,355,437.50
48088LAB3 JOSEPH T RYERSON & SON 8.50000 08/01/2028 US 1,789,000 $2,003,680.00
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 2,242,000 $2,494,225.00
505742AG1 LADDER CAP FIN LLLP/CORP 5.25000 10/01/2025 US 2,335,000 $2,335,000.00
539473AE8 LLOYDS BANK PLC 12.00000 12/16/2024 GB 2,250,000 $2,497,500.00
541056AA5 LOGAN MERGER SUB INC 5.50000 09/01/2027 US 1,515,000 $1,586,023.20
54240F202 LONESTAR RES US INC NPV US LONE 76,108 $426,204.80
552848AG8 MGIC INVESTMENT CORP 5.25000 08/15/2028 US 2,060,000 $2,144,975.00
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 2,070,000 $1,666,764.00
62913TAJ1 NGL ENRGY PART LP/FIN CO 7.50000 11/01/2023 US 2,330,000 $2,248,450.00
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 2,775,000 $3,014,343.75
63938NAF1 NAVIOS SA LOGIST/FIN US 10.75000 07/01/2025 MUL 1,380,000 $1,521,450.00
644393AA8 NEW FORTRESS ENERGY INC 6.75000 09/15/2025 US 2,260,000 $2,321,924.00
644393AB6 NEW FORTRESS ENERGY INC 6.50000 09/30/2026 US 1,480,000 $1,489,620.00
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 6,535,000 $653.50
66981QAA4 BRUNDAGE-BONE CONCRETE 6.00000 02/01/2026 US 2,321,000 $2,419,642.50
67421QAA0 OASIS MIDSTREAM PARTNERS 8.00000 04/01/2029 US 2,535,000 $2,604,712.50
691205AC2 OWL ROCK TECHNOLOGY FINA 4.75000 12/15/2025 US 1,975,000 $2,111,434.40
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 1,480,000 $1,501,904.00
69354NAC0 PRA GROUP INC 7.37500 09/01/2025 US 1,955,000 $2,091,850.00
69356MAA4 PM GENERAL PURCHASER LLC 9.50000 10/01/2028 US 1,450,000 $1,547,875.00
70806AAA4 PENNANTPARK FLOATING RAT 4.25000 04/01/2026 US 2,300,000 $2,304,593.63
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 3,070,000 $3,313,220.75
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 2,205,000 $2,312,493.75
75606DAL5 REALOGY GROUP/CO-ISSUER 5.75000 01/15/2029 US 1,775,000 $1,750,593.75
78442PGC4 SLM CORP 5.12500 04/05/2022 US 1,483,000 $1,516,367.50
78442PGD2 SLM CORP 4.20000 10/29/2025 US 1,620,000 $1,701,032.24
83419MAA0 SOLARIS MIDSTREAM HOLDIN 7.62500 04/01/2026 US 2,585,000 $2,643,162.50
85172FAN9 SPRINGLEAF FINANCE CORP 7.12500 03/15/2026 US 1,375,000 $1,585,856.25
85571BAL9 STARWOOD PROPERTY TRUST 4.75000 03/15/2025 US 3,165,000 $3,286,156.20
861036AA9 STL HOLDING CO LLC 7.50000 02/15/2026 US 2,830,000 $2,943,200.00
87422VAA6 TALEN ENERGY SUPPLY LLC 6.50000 06/01/2025 US 1,465,000 $1,176,578.13
87485LAA2 TALOS PRODUCTION INC 12.00000 01/15/2026 US 2,590,000 $2,530,948.00
87901JAJ4 TENGA INC 4.62500 03/15/2028 US 2,215,000 $2,253,762.50
88167AAK7 TEVA PHARMACEUTICALS NE 6.75000 03/01/2028 NL 1,200,000 $1,348,200.00
90932KAA7 UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 1,285,801.73 $1,251,028.90
90932NAA1 UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 1,528,321.85 $1,545,622.61
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 2,010,000 $2,221,050.00
BK0939417 AMERICAN TANKER INC 7.75000 07/02/2025 US 3,950,000 $4,028,191.83
BN6725160 SEASPAN CORP 6.50000 02/05/2024 MH 1,600,000 $1,652,000.00
BN7860420 PETROTAL CORP 12.00000 02/16/2024 CA 1,600,000 $1,600,000.00
BO4553299 TIGER HOLDCO PTE LTD 13.00000 06/10/2023 SG 2,000,000 $2,006,580.00
BO8204600 COPPER MOUNTAIN MINING C 8.00000 04/09/2026 CA 3,200,000 $3,120,000.00
EP0490375 DYNAGAS LNG PARTNERS LP MH 15,320 $390,047.20
ZO1818103 NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 MH 2,750,000 $2,860,000.00
ZO4110185 BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 4,200,000 $3,927,000.00

Investments will change over time.

Distributions

  • High Yield Bond Series Class W Distribution History
  • 2021 Distribution Calendar
  • First Quarter 2021 Distributions
  • Fourth Quarter 2020 Distributions
  • Third Quarter 2020 Distributions
  • Second Quarter 2020 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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