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.

Download the product spotlight 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

$8.02

Daily $ Change

-$0.01

Daily % Change

-0.12%

as of 07/09/2020

Ticker

MHYZX

CUSIP

56382R241

Inception Date

03/01/2019

Investment Minimum

$1,000,000.00

Investment minimum may be waived for certain qualified retirement plans and discretionary investment accounts of the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms

Performance

As of 06/30/2020

YTD

-5.80%

1 Year

-0.98%

3 Year

3.03%

5 Year

4.19%

10 Year

6.17%

Inception
(09/14/2009)

6.53%

Market Cycle

---

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. 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 0.51%*

*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.

Top Ten Investments

As of 06/30/2020

TUTOR PERINI CORP 6.87500 05/01/2025 2.50%
INTL FC STORE INC 8.62500 06/15/2025 2.29%
AMERICAN TANKER INC 7.75000 07/02/2025 2.08%
RADIAN GROUP INC 4.87500 03/15/2027 2.01%
DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 1.98%
FORTRESS TRANS & INFRAST 6.50000 10/01/2025 1.98%
FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 1.97%
IAMGOLD CORP 7.00000 04/15/2025 1.95%
LLOYDS BANK PLC 12.00000 12/16/2024 1.93%
HOWMET AEROSPACE INC 6.87500 05/01/2025 1.65%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 06/30/2020

Cash 4.81%
Corporate 94.25%
Mortgage 0.94%

Credit Quality Distribution

As of 06/30/2020

AAA 4.80%
BBB 10.19%
BB 37.99%
B 36.39%
CCC 5.40%
CC 0.17%
D 1.07%
NR 3.99%

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 06/30/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00687YAA3 ADIENT GLOBAL HOLDINGS 4.87500 08/15/2026 JE 750,000 $614,850.00
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 1,179,000 $1,155,420.00
01166WAA5 ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 1,310,000 $1,326,375.00
013822AC5 ALCOA NEDERLAND HOLDING 6.12500 05/15/2028 NL 1,740,000 $1,782,421.20
02406PBA7 AMERICAN AXLE & MFG INC 6.87500 07/01/2028 US 1,265,000 $1,252,350.00
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 1,905,000 $1,504,950.00
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 1,965,000 $1,552,350.00
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 4,253,000 $85,060.00
12653CAC2 CNX RESOURCES CORP 7.25000 03/14/2027 US 690,000 $634,800.00
12654TAA8 CNX MIDSTREAM PTR/CNX 6.50000 03/15/2026 US 595,000 $547,400.00
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 1,025,000 $989,125.00
14180LAA4 CARGO AIRCRAFT MANAGEMENT 4.75000 02/01/2028 US 1,875,000 $1,858,593.75
143905AN7 CARRIAGE SERVICES INC 6.62500 06/01/2026 US 1,125,000 $1,182,656.25
15135UAF6 CENOVUS ENERGY INC 6.75000 11/15/2039 CA 1,250,000 $1,217,078.45
16411QAD3 CHENIERE ENERGY PARTNERS 5.62500 10/01/2026 US 2,045,000 $2,034,775.00
20451NAG6 COMPASS MINERALS INTERNA 6.75000 12/01/2027 US 965,000 $1,013,250.00
247361ZZ4 DELTA AIR LINES INC 7.37500 01/15/2026 US 1,975,000 $1,910,611.33
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 2,610,000 $2,571,084.90
26150TAA7 DRAWBRIDGE SPEC OPPOR FU 5.00000 08/01/2021 US 970,000 $970,436.25
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 1,445,000 $1,481,125.00
262006208 DREYFUS GVT CSH MANAGEMENT US 6,546,399.99 $6,546,399.99
26439XAC7 DCP MIDSTREAM OPERATING 8.12500 08/16/2030 US 618,000 $648,900.00
26884LAG4 EQT CORP 7.00000 02/01/2030 US 1,305,000 $1,344,189.15
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 1,095,000 $933,487.50
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 2,360,000 $2,548,800.00
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 1,987,000 $1,877,715.00
345370CW8 FORD MOTOR COMPANY 9.00000 04/22/2025 US 1,000,000 $1,082,200.00
345370CX6 FORD MOTOR COMPANY 9.62500 04/22/2030 US 1,000,000 $1,184,300.00
345397XU2 FORD MOTOR CREDIT CO LLC 4.38900 01/08/2026 US 1,500,000 $1,428,270.00
346232AE1 FORESTAR GROUP INC 5.00000 03/01/2028 US 2,110,000 $2,067,800.00
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 2,848,000 $2,563,798.08
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 1,545,000 $1,500,581.25
36166LAA5 GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 AE 1,985,000 $1,885,750.00
37185LAL6 GENESIS ENERGY LP/FIN 7.75000 02/01/2028 US 995,000 $885,550.00
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 493,000 $469,582.50
418751AB9 HAT HOLDINGS I LLC 6.00000 04/15/2025 US 1,860,000 $1,948,350.00
431571AB4 HILLENBRAND INC 4.50000 09/15/2026 US 1,970,000 $1,977,998.20
436106AA6 HOLLYFRONTIER CORP 5.87500 04/01/2026 US 1,915,000 $2,101,545.40
443201AA6 HOWMET AEROSPACE INC 6.87500 05/01/2025 US 1,975,000 $2,142,600.40
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 1,305,000 $1,349,631.00
450913AE8 IAMGOLD CORP 7.00000 04/15/2025 CA 2,520,000 $2,533,129.20
45569LAA9 INDIGO NATURAL RES LLC 6.87500 02/15/2026 US 690,000 $641,700.00
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 1,489,000 $1,343,822.50
46116VAE5 INTL FC STORE INC 8.62500 06/15/2025 US 2,840,000 $2,966,039.20
46284VAL5 IRON MOUNTAIN INC 5.62500 07/15/2032 US 1,385,000 $1,382,091.50
46567TAA2 ITHACA ENERGY NORTH 9.37500 07/15/2024 GB 1,000,000 $802,500.00
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 2,215,000 $271,337.50
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 1,440,000 $1,533,600.00
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 2,070,000 $2,106,225.00
505742AG1 LADDER CAP FIN LLLP/CORP 5.25000 10/01/2025 US 1,950,000 $1,681,290.00
516806AG1 LAREDO PETROLEUM INC 10.12500 01/15/2028 US 995,000 $686,550.00
539473AE8 LLOYDS BANK PLC 12.00000 12/16/2024 GB 2,165,000 $2,497,977.00
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 2,370,000 $225,150.00
552697AQ7 MDC PARTNERS INC 6.50000 05/01/2024 CA 1,415,000 $1,315,950.00
59001KAG5 MERITOR INC 6.25000 06/01/2025 US 1,250,000 $1,262,500.00
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 1,140,000 $570,000.00
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 1,655,000 $918,525.00
62913TAJ1 NGL ENRGY PART LP/FIN CO 7.50000 11/01/2023 US 1,250,000 $1,037,500.00
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 1,940,000 $1,850,275.00
63938NAF1 NAVIOS SA LOGIST/FIN US 10.75000 07/01/2025 MH 745,000 $769,212.50
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 6,535,000 $66,983.75
67401PAB4 OAKTREE SPECIALTY LEND 3.50000 02/25/2025 US 1,285,000 $1,255,415.32
674599EA9 OCCIDENTAL PETROLEUM COR 8.87500 07/15/2030 US 745,000 $744,068.75
675232AB8 OCEANEERING INTL INC 6.00000 02/01/2028 US 2,065,000 $1,445,500.00
69144AAB5 OXFIN 2020-1A B 4.03700 02/15/2028 US 1,300,000 $1,280,500.00
69318FAH1 PBF HOLDING CO LLC 6.00000 02/15/2028 US 1,250,000 $1,037,500.00
69327RAJ0 PDC ENERGY INC 5.75000 05/15/2026 US 1,165,000 $1,060,150.00
719245AD4 PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 US 1,670,000 $1,576,062.50
71953LAA9 PICASSO FINANCE SUB INC 6.12500 06/15/2025 US 1,835,000 $1,876,287.50
73179PAM8 POLYONE CORP 5.75000 05/15/2025 US 1,225,000 $1,260,218.75
733174AK2 POPULAR INC 6.12500 09/14/2023 PR 1,230,000 $1,242,300.00
74166MAE6 PRIME SECSRVC BRW/FINANC 6.25000 01/15/2028 US 2,050,000 $1,932,125.00
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 2,775,000 $2,608,500.00
78442PGC4 SLM CORP 5.12500 04/05/2022 US 2,064,000 $2,043,360.00
808625AA5 SCIENCE APPLICATIONS INT 4.87500 04/01/2028 US 1,825,000 $1,814,159.50
85172FAN9 SPRINGLEAF FINANCE CORP 7.12500 03/15/2026 US 1,975,000 $2,044,105.25
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 1,680,000 $1,896,955.20
85571BAL9 STARWOOD PROPERTY TRUST 4.75000 03/15/2025 US 2,040,000 $1,856,400.00
85571BAP0 STARWOOD PROPERTY TRUST 3.62500 02/01/2021 US 1,135,000 $1,115,137.50
87422VAJ7 TALEN ENERGY SUPPLY LLC 7.62500 06/01/2028 US 1,785,000 $1,785,000.00
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 870,000 $193,575.00
88167AAK7 TEVA PHARMACEUTICALS NE 6.75000 03/01/2028 NL 1,200,000 $1,268,256.00
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 1,935,000 $1,664,100.00
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 3,395,000 $3,233,737.50
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 1,340,000 $1,206,000.00
92840VAG7 VISTRA OPERATIONS CO LLC 3.70000 01/30/2027 US 1,220,000 $1,256,391.43
95081QAP9 WESCO DISTRIBUTION INC 7.25000 06/15/2028 US 1,220,000 $1,290,150.00
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 1,680,000 $1,725,376.80
966387AH5 WHITING PETROLEUM CORP 5.75000 03/15/2021 US 5,375,000 $1,034,687.50
98212BAM5 WPX ENERGY 5.87500 06/15/2028 US 625,000 $600,593.75
BGDM907 DIANA SHIPPING INC 9.50000 09/27/2023 MH 700,000 $644,000.00
BK0939417 AMERICAN TANKER INC 7.75000 07/02/2025 US 2,700,000 $2,700,000.00
BZ121X9 EURONAV LUXEMBOURG SA 7.50000 05/31/2022 LU 800,000 $812,000.00

Investments will change over time.

Distributions

  • High Yield Bond Series Class Z Distribution History
  • 2020 Distribution Calendar
  • First Quarter 2020 Distributions
  • Fourth Quarter 2019 Distributions
  • Third Quarter 2019 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.

Download the product spotlight to learn more about our selective, straightforward approach to high yield investing

Daily Price

$8.02

Daily $ Change

-$0.01

Daily % Change

-0.12%

as of 07/09/2020

Ticker

MHYZX

CUSIP

56382R241

Inception Date

03/01/2019

Investment Minimum

$1,000,000.00

Investment minimum may be waived for certain qualified retirement plans and discretionary investment accounts of the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
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 06/30/2020

YTD

-5.80%

1 Year

-0.98%

3 Year

3.03%

5 Year

4.19%

10 Year

6.17%

Inception
(09/14/2009)

6.53%

Market Cycle

---

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. 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 0.51%*

*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.

Top Ten Investments

As of 06/30/2020

TUTOR PERINI CORP 6.87500 05/01/2025 2.50%
INTL FC STORE INC 8.62500 06/15/2025 2.29%
AMERICAN TANKER INC 7.75000 07/02/2025 2.08%
RADIAN GROUP INC 4.87500 03/15/2027 2.01%
DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 1.98%
FORTRESS TRANS & INFRAST 6.50000 10/01/2025 1.98%
FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 1.97%
IAMGOLD CORP 7.00000 04/15/2025 1.95%
LLOYDS BANK PLC 12.00000 12/16/2024 1.93%
HOWMET AEROSPACE INC 6.87500 05/01/2025 1.65%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 06/30/2020

Cash
4.81%
Corporate
94.25%
Mortgage
0.94%

Credit Quality Distribution

As of 06/30/2020

AAA
4.80%
BBB
10.19%
BB
37.99%
B
36.39%
CCC
5.40%
CC
0.17%
D
1.07%
NR
3.99%

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 06/30/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00687YAA3 ADIENT GLOBAL HOLDINGS 4.87500 08/15/2026 JE 750,000 $614,850.00
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 1,179,000 $1,155,420.00
01166WAA5 ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 1,310,000 $1,326,375.00
013822AC5 ALCOA NEDERLAND HOLDING 6.12500 05/15/2028 NL 1,740,000 $1,782,421.20
02406PBA7 AMERICAN AXLE & MFG INC 6.87500 07/01/2028 US 1,265,000 $1,252,350.00
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 1,905,000 $1,504,950.00
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 1,965,000 $1,552,350.00
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 4,253,000 $85,060.00
12653CAC2 CNX RESOURCES CORP 7.25000 03/14/2027 US 690,000 $634,800.00
12654TAA8 CNX MIDSTREAM PTR/CNX 6.50000 03/15/2026 US 595,000 $547,400.00
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 1,025,000 $989,125.00
14180LAA4 CARGO AIRCRAFT MANAGEMENT 4.75000 02/01/2028 US 1,875,000 $1,858,593.75
143905AN7 CARRIAGE SERVICES INC 6.62500 06/01/2026 US 1,125,000 $1,182,656.25
15135UAF6 CENOVUS ENERGY INC 6.75000 11/15/2039 CA 1,250,000 $1,217,078.45
16411QAD3 CHENIERE ENERGY PARTNERS 5.62500 10/01/2026 US 2,045,000 $2,034,775.00
20451NAG6 COMPASS MINERALS INTERNA 6.75000 12/01/2027 US 965,000 $1,013,250.00
247361ZZ4 DELTA AIR LINES INC 7.37500 01/15/2026 US 1,975,000 $1,910,611.33
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 2,610,000 $2,571,084.90
26150TAA7 DRAWBRIDGE SPEC OPPOR FU 5.00000 08/01/2021 US 970,000 $970,436.25
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 1,445,000 $1,481,125.00
262006208 DREYFUS GVT CSH MANAGEMENT US 6,546,399.99 $6,546,399.99
26439XAC7 DCP MIDSTREAM OPERATING 8.12500 08/16/2030 US 618,000 $648,900.00
26884LAG4 EQT CORP 7.00000 02/01/2030 US 1,305,000 $1,344,189.15
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 1,095,000 $933,487.50
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 2,360,000 $2,548,800.00
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 1,987,000 $1,877,715.00
345370CW8 FORD MOTOR COMPANY 9.00000 04/22/2025 US 1,000,000 $1,082,200.00
345370CX6 FORD MOTOR COMPANY 9.62500 04/22/2030 US 1,000,000 $1,184,300.00
345397XU2 FORD MOTOR CREDIT CO LLC 4.38900 01/08/2026 US 1,500,000 $1,428,270.00
346232AE1 FORESTAR GROUP INC 5.00000 03/01/2028 US 2,110,000 $2,067,800.00
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 2,848,000 $2,563,798.08
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 1,545,000 $1,500,581.25
36166LAA5 GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 AE 1,985,000 $1,885,750.00
37185LAL6 GENESIS ENERGY LP/FIN 7.75000 02/01/2028 US 995,000 $885,550.00
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 493,000 $469,582.50
418751AB9 HAT HOLDINGS I LLC 6.00000 04/15/2025 US 1,860,000 $1,948,350.00
431571AB4 HILLENBRAND INC 4.50000 09/15/2026 US 1,970,000 $1,977,998.20
436106AA6 HOLLYFRONTIER CORP 5.87500 04/01/2026 US 1,915,000 $2,101,545.40
443201AA6 HOWMET AEROSPACE INC 6.87500 05/01/2025 US 1,975,000 $2,142,600.40
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 1,305,000 $1,349,631.00
450913AE8 IAMGOLD CORP 7.00000 04/15/2025 CA 2,520,000 $2,533,129.20
45569LAA9 INDIGO NATURAL RES LLC 6.87500 02/15/2026 US 690,000 $641,700.00
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 1,489,000 $1,343,822.50
46116VAE5 INTL FC STORE INC 8.62500 06/15/2025 US 2,840,000 $2,966,039.20
46284VAL5 IRON MOUNTAIN INC 5.62500 07/15/2032 US 1,385,000 $1,382,091.50
46567TAA2 ITHACA ENERGY NORTH 9.37500 07/15/2024 GB 1,000,000 $802,500.00
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 2,215,000 $271,337.50
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 1,440,000 $1,533,600.00
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 2,070,000 $2,106,225.00
505742AG1 LADDER CAP FIN LLLP/CORP 5.25000 10/01/2025 US 1,950,000 $1,681,290.00
516806AG1 LAREDO PETROLEUM INC 10.12500 01/15/2028 US 995,000 $686,550.00
539473AE8 LLOYDS BANK PLC 12.00000 12/16/2024 GB 2,165,000 $2,497,977.00
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 2,370,000 $225,150.00
552697AQ7 MDC PARTNERS INC 6.50000 05/01/2024 CA 1,415,000 $1,315,950.00
59001KAG5 MERITOR INC 6.25000 06/01/2025 US 1,250,000 $1,262,500.00
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 1,140,000 $570,000.00
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 1,655,000 $918,525.00
62913TAJ1 NGL ENRGY PART LP/FIN CO 7.50000 11/01/2023 US 1,250,000 $1,037,500.00
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 1,940,000 $1,850,275.00
63938NAF1 NAVIOS SA LOGIST/FIN US 10.75000 07/01/2025 MH 745,000 $769,212.50
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 6,535,000 $66,983.75
67401PAB4 OAKTREE SPECIALTY LEND 3.50000 02/25/2025 US 1,285,000 $1,255,415.32
674599EA9 OCCIDENTAL PETROLEUM COR 8.87500 07/15/2030 US 745,000 $744,068.75
675232AB8 OCEANEERING INTL INC 6.00000 02/01/2028 US 2,065,000 $1,445,500.00
69144AAB5 OXFIN 2020-1A B 4.03700 02/15/2028 US 1,300,000 $1,280,500.00
69318FAH1 PBF HOLDING CO LLC 6.00000 02/15/2028 US 1,250,000 $1,037,500.00
69327RAJ0 PDC ENERGY INC 5.75000 05/15/2026 US 1,165,000 $1,060,150.00
719245AD4 PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 US 1,670,000 $1,576,062.50
71953LAA9 PICASSO FINANCE SUB INC 6.12500 06/15/2025 US 1,835,000 $1,876,287.50
73179PAM8 POLYONE CORP 5.75000 05/15/2025 US 1,225,000 $1,260,218.75
733174AK2 POPULAR INC 6.12500 09/14/2023 PR 1,230,000 $1,242,300.00
74166MAE6 PRIME SECSRVC BRW/FINANC 6.25000 01/15/2028 US 2,050,000 $1,932,125.00
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 2,775,000 $2,608,500.00
78442PGC4 SLM CORP 5.12500 04/05/2022 US 2,064,000 $2,043,360.00
808625AA5 SCIENCE APPLICATIONS INT 4.87500 04/01/2028 US 1,825,000 $1,814,159.50
85172FAN9 SPRINGLEAF FINANCE CORP 7.12500 03/15/2026 US 1,975,000 $2,044,105.25
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 1,680,000 $1,896,955.20
85571BAL9 STARWOOD PROPERTY TRUST 4.75000 03/15/2025 US 2,040,000 $1,856,400.00
85571BAP0 STARWOOD PROPERTY TRUST 3.62500 02/01/2021 US 1,135,000 $1,115,137.50
87422VAJ7 TALEN ENERGY SUPPLY LLC 7.62500 06/01/2028 US 1,785,000 $1,785,000.00
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 870,000 $193,575.00
88167AAK7 TEVA PHARMACEUTICALS NE 6.75000 03/01/2028 NL 1,200,000 $1,268,256.00
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 1,935,000 $1,664,100.00
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 3,395,000 $3,233,737.50
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 1,340,000 $1,206,000.00
92840VAG7 VISTRA OPERATIONS CO LLC 3.70000 01/30/2027 US 1,220,000 $1,256,391.43
95081QAP9 WESCO DISTRIBUTION INC 7.25000 06/15/2028 US 1,220,000 $1,290,150.00
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 1,680,000 $1,725,376.80
966387AH5 WHITING PETROLEUM CORP 5.75000 03/15/2021 US 5,375,000 $1,034,687.50
98212BAM5 WPX ENERGY 5.87500 06/15/2028 US 625,000 $600,593.75
BGDM907 DIANA SHIPPING INC 9.50000 09/27/2023 MH 700,000 $644,000.00
BK0939417 AMERICAN TANKER INC 7.75000 07/02/2025 US 2,700,000 $2,700,000.00
BZ121X9 EURONAV LUXEMBOURG SA 7.50000 05/31/2022 LU 800,000 $812,000.00

Investments will change over time.

Distributions

  • High Yield Bond Series Class Z Distribution History
  • 2020 Distribution Calendar
  • First Quarter 2020 Distributions
  • Fourth Quarter 2019 Distributions
  • Third Quarter 2019 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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