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

$10.68

Daily $ Change

$0.00

Daily % Change

0.00%

as of 08/04/2021

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
N-Port Part F Reports

Performance

As of 06/30/2021

YTD

6.55%

1 Year

20.96%

3 Year

8.98%

5 Year

8.13%

10 Year

6.87%

Inception
(09/14/2009)

7.73%

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 0.65%
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 06/30/2021

BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 2.13%
AMERICAN TANKER INC 7.75000 07/02/2025 2.11%
COPPER MOUNTAIN MINING C 8.00000 04/09/2026 2.00%
TACORA RESOURCES INC 8.25000 05/15/2026 1.95%
NAVIENT CORP 6.75000 06/25/2025 1.89%
LLOYDS BANK PLC 12.00000 12/16/2024 1.84%
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 1.83%
PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 1.77%
FORD MOTOR COMPANY 9.00000 04/22/2025 1.74%
STARWOOD PROPERTY TRUST 4.75000 03/15/2025 1.68%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 06/30/2021

Cash 2.38%
Corporate 93.28%
Mortgage 3.56%
Other 0.78%

Credit Quality Distribution

As of 06/30/2021

AAA 2.39%
BBB 6.67%
BB 33.64%
B 28.01%
CCC 6.86%
D 0.00%
NR 22.43%

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.

June Fund Holdings

As of 06/30/2021

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00842XAA7 AFFINITY GAMING 6.87500 12/15/2027 US 1,370,000 $1,453,912.50
01166WAA5 ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 3,128,111.56 $3,508,553.43
01879NAA3 ALLIANCE RES OP/FINANCE 7.50000 05/01/2025 US 1,930,000 $1,884,162.50
02406MAP2 AMERICAN AXLE & MANUFACTURING 3.00000 04/06/2024 US 1,561,298.33 $1,554,334.94
04916WAA2 ATLANTICA SUSTAIN INFRA 4.12500 06/15/2028 GB 2,750,000 $2,801,700.00
071734AM9 BAUSCH HEALTH COS INC 5.00000 02/15/2029 CA 2,950,000 $2,750,875.00
07403VAA7 BEASLEY MEZ HLDGS LLC 8.62500 02/01/2026 US 2,600,000 $2,626,000.00
12116LAA7 BURFORD CAPITAL GLBL FIN 6.25000 04/15/2028 US 3,000,000 $3,150,810.00
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 $2,250,137.50
12598FAA7 CPI CG INC 8.62500 03/15/2026 US 2,345,000 $2,491,562.50
144523AC1 CARRINGTON HOLDING CO LL 8.00000 01/01/2026 US 3,000,000 $3,009,862.92
156700BA3 CENTURYLINK INC 7.50000 04/01/2024 US 1,445,000 $1,622,012.50
18469LAA7 CLEAR STREET HOLDINGS 5.87500 05/15/2026 US 1,500,000 $1,512,630.00
225310AM3 CREDIT ACCEPTANC 6.62500 03/15/2026 US 2,370,000 $2,494,425.00
26150TAE9 DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 US 2,400,000 $2,489,448.26
262006208 DREYFUS GVT CSH MANAGEMENT US 4,612,276.5 $4,612,276.50
267475AD3 DYCOM INDUSTRIES INC 4.50000 04/15/2029 US 2,702,000 $2,725,399.32
29275YAC6 ENERSYS 4.37500 12/15/2027 US 1,485,000 $1,545,424.65
29278MAC9 ENERGY VEB/ENVEN FIN 11.75000 04/15/2026 US 2,600,000 $2,711,488.00
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 2,415,000 $2,493,487.50
345370CW8 FORD MOTOR COMPANY 9.00000 04/22/2025 US 2,705,000 $3,334,913.35
346232AF8 FORESTAR GROUP INC 3.85000 05/15/2026 US 1,775,000 $1,791,063.75
34960PAC5 FORTRESS TRANS & INFRAST 9.75000 08/01/2027 US 1,320,000 $1,526,250.00
37255LAA5 GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 US 2,645,000 $2,915,319.00
376535AC4 GLADSTONE CAPITAL CORP 5.12500 01/31/2026 US 2,000,000 $2,110,000.00
382550BL4 GOODYEAR TIRE & RUBBER 5.00000 07/15/2029 US 2,800,000 $2,931,600.00
400666AA1 GUARA NORTE SARL 5.19800 06/15/2034 LU 2,357,452.73 $2,457,644.47
415858208 HARROW HEALTH US 70,000 $1,848,000.00
418751AE3 HAT HOLDINGS I LLC/HAT 3.37500 06/15/2026 US 2,845,000 $2,866,337.50
44267DAE7 HOWARD HUGHES CORP 4.12500 02/01/2029 US 1,860,000 $1,859,683.80
44988FAC4 IIP OPERATING PARTNER 5.50000 05/25/2026 US 2,825,000 $2,908,018.78
450913AF5 IAMGOLD CORP 5.75000 10/15/2028 CA 2,555,000 $2,658,094.25
451102BX4 ICAHN ENTERPRISES/FIN 5.25000 05/15/2027 US 1,855,000 $1,915,287.50
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 2,479,000 $2,618,443.75
46116VAE5 INTL FC STORE INC 8.62500 06/15/2025 US 2,230,000 $2,383,312.50
48088LAB3 JOSEPH T RYERSON & SON 8.50000 08/01/2028 US 2,339,000 $2,596,290.00
51809EAE5 LASSHI TL 2L 8.25000 05/07/2029 US 2,500,000 $2,493,750.00
539473AE8 LLOYDS BANK PLC 12.00000 12/16/2024 GB 3,250,000 $3,529,825.00
552848AG8 MGIC INVESTMENT CORP 5.25000 08/15/2028 US 2,060,000 $2,183,600.00
59567LAA2 MIDCAP FINANCIAL ISSR TR 6.50000 05/01/2028 US 2,500,000 $2,616,350.00
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 2,560,000 $2,380,800.00
62913TAJ1 NGL ENRGY PART LP/FIN CO 7.50000 11/01/2023 US 2,990,000 $2,945,150.00
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 3,275,000 $3,622,968.75
63938NAF1 NAVIOS SA LOGIST/FIN US 10.75000 07/01/2025 MUL 1,380,000 $1,524,900.00
644393AA8 NEW FORTRESS ENERGY INC 6.75000 09/15/2025 US 2,260,000 $2,319,325.00
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 $2,443,316.70
67421QAA0 OASIS MIDSTREAM PARTNERS 8.00000 04/01/2029 US 2,535,000 $2,694,831.75
69354NAC0 PRA GROUP INC 7.37500 09/01/2025 US 1,955,000 $2,108,956.25
70806AAA4 PENNANTPARK FLOATING RAT 4.25000 04/01/2026 US 2,300,000 $2,318,060.84
733174AK2 POPULAR INC 6.12500 09/14/2023 PR 868,000 $936,572.00
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 3,070,000 $3,391,336.90
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 2,205,000 $2,397,937.50
78442PGC4 SLM CORP 5.12500 04/05/2022 US 1,483,000 $1,510,806.25
82967NBJ6 SIRIUS XM RADIO INC 4.00000 07/15/2028 US 1,885,000 $1,943,548.10
83419MAA0 SOLARIS MIDSTREAM HOLDIN 7.62500 04/01/2026 US 2,585,000 $2,740,100.00
85571BAL9 STARWOOD PROPERTY TRUST 4.75000 03/15/2025 US 3,100,000 $3,224,000.00
861036AA9 STL HOLDING CO LLC 7.50000 02/15/2026 US 2,830,000 $2,978,575.00
86184WAA4 STONEMOR INC 8.50000 05/15/2029 US 2,680,000 $2,710,150.00
87157B301 SYNCHRONOSS TECH 8.37500 06/30/2026 US 71,755 $1,793,875.00
87356LAA8 TACORA RESOURCES INC 8.25000 05/15/2026 CA 3,625,000 $3,751,875.00
87485LAC8 TALOS PRODUCTION 12.00000 01/15/2026 US 2,590,000 $2,745,400.00
88167AAK7 TEVA PHARMACEUTICALS NE 6.75000 03/01/2028 NL 2,200,000 $2,409,000.00
88830MAL6 TITAN INTERNATIONAL INC 7.00000 04/30/2028 US 2,625,000 $2,746,406.25
90932KAA7 UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 1,809,488.57 $1,791,974.89
90932NAA1 UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 1,528,321.85 $1,578,136.28
92840VAH5 VISTRA OPERATIONS CO LLC 4.37500 05/01/2029 US 2,820,000 $2,834,100.00
BK0939417 AMERICAN TANKER INC 7.75000 07/02/2025 US 3,950,000 $4,052,700.00
BL3556133 JAZZ TL B 1L 4.00000 04/22/2028 LU 2,500,000 $2,507,025.00
BN6725160 SEASPAN CORP 6.50000 02/05/2024 MH 1,600,000 $1,664,000.00
BN7860420 PETROTAL CORP 12.00000 02/16/2024 CA 2,275,000 $2,343,250.00
BO4553299 TIGER HOLDCO PTE LTD 13.00000 06/10/2023 SG 2,025,000 $2,045,882.81
BO8204600 COPPER MOUNTAIN MINING C 8.00000 04/09/2026 CA 3,700,000 $3,838,750.00
BP3061408 AIRSWIFT GLOBAL AS FLT 8.66750 05/12/2025 NO 2,900,000 $2,871,000.00
BP9857429 DIANA SHIPPING INC 8.37500 06/22/2026 MH 3,000,000 $3,027,000.00
BQ1125120 KENT GLOBAL PLC 10.00000 06/28/2026 GB 3,000,000 $2,938,710.00
EP0490375 DYNAGAS LNG PARTNERS LP MH 15,120 $387,073.51
ZO1818103 NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 MH 2,750,000 $2,873,750.00
ZO4110185 BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 4,200,000 $4,084,500.00

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 2021 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

$10.68

Daily $ Change

$0.00

Daily % Change

0.00%

as of 08/04/2021

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
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 06/30/2021

YTD

6.55%

1 Year

20.96%

3 Year

8.98%

5 Year

8.13%

10 Year

6.87%

Inception
(09/14/2009)

7.73%

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 0.65%
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 06/30/2021

BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 2.13%
AMERICAN TANKER INC 7.75000 07/02/2025 2.11%
COPPER MOUNTAIN MINING C 8.00000 04/09/2026 2.00%
TACORA RESOURCES INC 8.25000 05/15/2026 1.95%
NAVIENT CORP 6.75000 06/25/2025 1.89%
LLOYDS BANK PLC 12.00000 12/16/2024 1.84%
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 1.83%
PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 1.77%
FORD MOTOR COMPANY 9.00000 04/22/2025 1.74%
STARWOOD PROPERTY TRUST 4.75000 03/15/2025 1.68%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 06/30/2021

Cash
2.38%
Corporate
93.28%
Mortgage
3.56%
Other
0.78%

Credit Quality Distribution

As of 06/30/2021

AAA
2.39%
BBB
6.67%
BB
33.64%
B
28.01%
CCC
6.86%
D
0.00%
NR
22.43%

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.

June Fund Holdings

As of 06/30/2021

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00842XAA7 AFFINITY GAMING 6.87500 12/15/2027 US 1,370,000 $1,453,912.50
01166WAA5 ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 3,128,111.56 $3,508,553.43
01879NAA3 ALLIANCE RES OP/FINANCE 7.50000 05/01/2025 US 1,930,000 $1,884,162.50
02406MAP2 AMERICAN AXLE & MANUFACTURING 3.00000 04/06/2024 US 1,561,298.33 $1,554,334.94
04916WAA2 ATLANTICA SUSTAIN INFRA 4.12500 06/15/2028 GB 2,750,000 $2,801,700.00
071734AM9 BAUSCH HEALTH COS INC 5.00000 02/15/2029 CA 2,950,000 $2,750,875.00
07403VAA7 BEASLEY MEZ HLDGS LLC 8.62500 02/01/2026 US 2,600,000 $2,626,000.00
12116LAA7 BURFORD CAPITAL GLBL FIN 6.25000 04/15/2028 US 3,000,000 $3,150,810.00
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 $2,250,137.50
12598FAA7 CPI CG INC 8.62500 03/15/2026 US 2,345,000 $2,491,562.50
144523AC1 CARRINGTON HOLDING CO LL 8.00000 01/01/2026 US 3,000,000 $3,009,862.92
156700BA3 CENTURYLINK INC 7.50000 04/01/2024 US 1,445,000 $1,622,012.50
18469LAA7 CLEAR STREET HOLDINGS 5.87500 05/15/2026 US 1,500,000 $1,512,630.00
225310AM3 CREDIT ACCEPTANC 6.62500 03/15/2026 US 2,370,000 $2,494,425.00
26150TAE9 DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 US 2,400,000 $2,489,448.26
262006208 DREYFUS GVT CSH MANAGEMENT US 4,612,276.5 $4,612,276.50
267475AD3 DYCOM INDUSTRIES INC 4.50000 04/15/2029 US 2,702,000 $2,725,399.32
29275YAC6 ENERSYS 4.37500 12/15/2027 US 1,485,000 $1,545,424.65
29278MAC9 ENERGY VEB/ENVEN FIN 11.75000 04/15/2026 US 2,600,000 $2,711,488.00
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 2,415,000 $2,493,487.50
345370CW8 FORD MOTOR COMPANY 9.00000 04/22/2025 US 2,705,000 $3,334,913.35
346232AF8 FORESTAR GROUP INC 3.85000 05/15/2026 US 1,775,000 $1,791,063.75
34960PAC5 FORTRESS TRANS & INFRAST 9.75000 08/01/2027 US 1,320,000 $1,526,250.00
37255LAA5 GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 US 2,645,000 $2,915,319.00
376535AC4 GLADSTONE CAPITAL CORP 5.12500 01/31/2026 US 2,000,000 $2,110,000.00
382550BL4 GOODYEAR TIRE & RUBBER 5.00000 07/15/2029 US 2,800,000 $2,931,600.00
400666AA1 GUARA NORTE SARL 5.19800 06/15/2034 LU 2,357,452.73 $2,457,644.47
415858208 HARROW HEALTH US 70,000 $1,848,000.00
418751AE3 HAT HOLDINGS I LLC/HAT 3.37500 06/15/2026 US 2,845,000 $2,866,337.50
44267DAE7 HOWARD HUGHES CORP 4.12500 02/01/2029 US 1,860,000 $1,859,683.80
44988FAC4 IIP OPERATING PARTNER 5.50000 05/25/2026 US 2,825,000 $2,908,018.78
450913AF5 IAMGOLD CORP 5.75000 10/15/2028 CA 2,555,000 $2,658,094.25
451102BX4 ICAHN ENTERPRISES/FIN 5.25000 05/15/2027 US 1,855,000 $1,915,287.50
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 2,479,000 $2,618,443.75
46116VAE5 INTL FC STORE INC 8.62500 06/15/2025 US 2,230,000 $2,383,312.50
48088LAB3 JOSEPH T RYERSON & SON 8.50000 08/01/2028 US 2,339,000 $2,596,290.00
51809EAE5 LASSHI TL 2L 8.25000 05/07/2029 US 2,500,000 $2,493,750.00
539473AE8 LLOYDS BANK PLC 12.00000 12/16/2024 GB 3,250,000 $3,529,825.00
552848AG8 MGIC INVESTMENT CORP 5.25000 08/15/2028 US 2,060,000 $2,183,600.00
59567LAA2 MIDCAP FINANCIAL ISSR TR 6.50000 05/01/2028 US 2,500,000 $2,616,350.00
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 2,560,000 $2,380,800.00
62913TAJ1 NGL ENRGY PART LP/FIN CO 7.50000 11/01/2023 US 2,990,000 $2,945,150.00
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 3,275,000 $3,622,968.75
63938NAF1 NAVIOS SA LOGIST/FIN US 10.75000 07/01/2025 MUL 1,380,000 $1,524,900.00
644393AA8 NEW FORTRESS ENERGY INC 6.75000 09/15/2025 US 2,260,000 $2,319,325.00
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 $2,443,316.70
67421QAA0 OASIS MIDSTREAM PARTNERS 8.00000 04/01/2029 US 2,535,000 $2,694,831.75
69354NAC0 PRA GROUP INC 7.37500 09/01/2025 US 1,955,000 $2,108,956.25
70806AAA4 PENNANTPARK FLOATING RAT 4.25000 04/01/2026 US 2,300,000 $2,318,060.84
733174AK2 POPULAR INC 6.12500 09/14/2023 PR 868,000 $936,572.00
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 3,070,000 $3,391,336.90
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 2,205,000 $2,397,937.50
78442PGC4 SLM CORP 5.12500 04/05/2022 US 1,483,000 $1,510,806.25
82967NBJ6 SIRIUS XM RADIO INC 4.00000 07/15/2028 US 1,885,000 $1,943,548.10
83419MAA0 SOLARIS MIDSTREAM HOLDIN 7.62500 04/01/2026 US 2,585,000 $2,740,100.00
85571BAL9 STARWOOD PROPERTY TRUST 4.75000 03/15/2025 US 3,100,000 $3,224,000.00
861036AA9 STL HOLDING CO LLC 7.50000 02/15/2026 US 2,830,000 $2,978,575.00
86184WAA4 STONEMOR INC 8.50000 05/15/2029 US 2,680,000 $2,710,150.00
87157B301 SYNCHRONOSS TECH 8.37500 06/30/2026 US 71,755 $1,793,875.00
87356LAA8 TACORA RESOURCES INC 8.25000 05/15/2026 CA 3,625,000 $3,751,875.00
87485LAC8 TALOS PRODUCTION 12.00000 01/15/2026 US 2,590,000 $2,745,400.00
88167AAK7 TEVA PHARMACEUTICALS NE 6.75000 03/01/2028 NL 2,200,000 $2,409,000.00
88830MAL6 TITAN INTERNATIONAL INC 7.00000 04/30/2028 US 2,625,000 $2,746,406.25
90932KAA7 UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 1,809,488.57 $1,791,974.89
90932NAA1 UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 1,528,321.85 $1,578,136.28
92840VAH5 VISTRA OPERATIONS CO LLC 4.37500 05/01/2029 US 2,820,000 $2,834,100.00
BK0939417 AMERICAN TANKER INC 7.75000 07/02/2025 US 3,950,000 $4,052,700.00
BL3556133 JAZZ TL B 1L 4.00000 04/22/2028 LU 2,500,000 $2,507,025.00
BN6725160 SEASPAN CORP 6.50000 02/05/2024 MH 1,600,000 $1,664,000.00
BN7860420 PETROTAL CORP 12.00000 02/16/2024 CA 2,275,000 $2,343,250.00
BO4553299 TIGER HOLDCO PTE LTD 13.00000 06/10/2023 SG 2,025,000 $2,045,882.81
BO8204600 COPPER MOUNTAIN MINING C 8.00000 04/09/2026 CA 3,700,000 $3,838,750.00
BP3061408 AIRSWIFT GLOBAL AS FLT 8.66750 05/12/2025 NO 2,900,000 $2,871,000.00
BP9857429 DIANA SHIPPING INC 8.37500 06/22/2026 MH 3,000,000 $3,027,000.00
BQ1125120 KENT GLOBAL PLC 10.00000 06/28/2026 GB 3,000,000 $2,938,710.00
EP0490375 DYNAGAS LNG PARTNERS LP MH 15,120 $387,073.51
ZO1818103 NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 MH 2,750,000 $2,873,750.00
ZO4110185 BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 4,200,000 $4,084,500.00

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 2021 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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