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

$7.39

Daily $ Change

$0.18

Daily % Change

2.44%

as of 04/09/2020

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 03/31/2020

YTD

-15.00%

1 Year

-8.57%

3 Year

0.30%

5 Year

2.30%

10 Year

5.08%

Inception
(09/14/2009)

5.65%

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 03/31/2020

SPDR BARCLAYS CAPITAL HIGH 5.85500 2.95%
DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 2.11%
ISHARES IBOXX H/Y CORP BOND 4.37400 1.70%
FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 1.60%
TUTOR PERINI CORP 6.87500 05/01/2025 1.60%
LGI HOMES INC 6.87500 07/15/2026 1.55%
STARWOOD PROPERTY TRUST 3.62500 02/01/2021 1.53%
TOWNSQUARE MEDIA INC 6.50000 04/01/2023 1.52%
CARGO AIRCRAFT MANAGEMENT 4.75000 02/01/2028 1.50%
VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 1.45%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 03/31/2020

Cash 18.73%
Corporate 76.62%
Mortgage 0.87%
Other 3.78%

Credit Quality Distribution

As of 03/31/2020

AAA 18.73%
BBB 5.74%
BB 30.40%
B 34.38%
CCC 4.45%
D 0.11%
NR 6.19%

March Fund Holdings

As of 03/31/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 660,000 $645,150.00
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 660,000 $567,600.00
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 1,179,000 $1,025,730.00
00912XBA1 AIR LEASE CORP 3.25000 03/01/2025 US 1,500,000 $1,175,594.37
013092AB7 ALBERTSONS COS LLC/SAFEW 5.87500 02/15/2028 US 408,000 $415,262.40
013092AC5 ALBERTSONS COS/SAFEWAY 4.62500 01/15/2027 US 1,075,000 $1,069,625.00
02005NBF6 ALLY FINANCIAL INC 5.75000 11/20/2025 US 1,230,000 $1,203,186.00
02154CAE3 ALTICE FINANCING SA 7.50000 05/15/2026 LU 1,230,000 $1,191,747.00
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 1,095,000 $985,502.81
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 695,000 $444,800.00
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 695,000 $444,800.00
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 715,000 $572,000.00
08576PAA9 BERRY GLOBAL INC 4.50000 02/15/2026 US 1,260,000 $1,215,900.00
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 2,310,000 $161,700.00
1248EPCE1 CCO HLDGS LLC/CAP CORP 4.50000 08/15/2030 US 1,410,000 $1,381,800.00
12527GAC7 CF INDUSTRIES 3.45000 06/01/2023 US 1,230,000 $1,208,561.10
125581GQ5 CIT GROUP INC 5.00000 08/15/2022 US 865,000 $839,050.00
125581GV4 CIT GROUP INC 4.12500 03/09/2021 US 1,000,000 $985,000.00
12662PAD0 CVR ENERGY INC 5.75000 02/15/2028 US 1,250,000 $934,375.00
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 1,025,000 $738,358.75
14180LAA4 CARGO AIRCRAFT MANAGEMENT 4.75000 02/01/2028 US 1,875,000 $1,739,062.50
143905AN7 CARRIAGE SERVICES INC 6.62500 06/01/2026 US 1,225,000 $1,203,562.50
15137TAA8 CENTENE CORP 5.37500 06/01/2026 US 1,153,000 $1,187,716.83
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 660,000 $660,000.00
156700BA3 CENTURYLINK INC 7.50000 04/01/2024 US 750,000 $821,250.00
16411QAB7 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 750,000 $690,000.00
16412XAC9 CHENIERE CORP CHRISTI HD 5.87500 03/31/2025 US 1,135,000 $950,705.85
20451NAG6 COMPASS MINERALS INTERNA 6.75000 12/01/2027 US 965,000 $871,153.75
225310AN1 CREDIT ACCEPTANC 5.12500 12/31/2024 US 430,000 $391,300.00
23110AAA4 CUMULUS MEDIA NEW HLDGS 6.75000 07/01/2026 US 1,650,000 $1,476,750.00
254709AP3 DISCOVER FINANCIAL SVS 4.50000 01/30/2026 US 1,345,000 $1,371,871.80
25470DAL3 DISCOVERY COMMUNICATIONS 4.90000 03/11/2026 US 1,250,000 $1,300,456.53
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 2,610,000 $2,453,400.00
26150TAA7 DRAWBRIDGE SPEC OPPOR FU 5.00000 08/01/2021 US 970,000 $931,757.41
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 1,245,000 $1,248,112.50
29413XAD9 ENVIVA PARTNERS LP/FIN C 6.50000 01/15/2026 US 1,285,000 $1,252,875.00
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 1,885,000 $1,862,003.00
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 1,050,000 $903,000.00
345397XU2 FORD MOTOR CREDIT CO LLC 4.38900 01/08/2026 US 1,500,000 $1,312,500.00
346232AE1 FORESTAR GROUP INC 5.00000 03/01/2028 US 1,400,000 $1,162,518.00
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 1,785,000 $1,307,512.50
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 1,545,000 $1,205,100.00
36166LAA5 GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 AE 1,425,000 $1,186,312.50
37185LAL6 GENESIS ENERGY LP/FIN 7.75000 02/01/2028 US 995,000 $692,719.00
38869PAK0 GRAPHIC PACKAGING INTERN 4.75000 04/15/2021 US 1,122,000 $1,108,311.60
398433AN2 GRIFFON CORPORATION 5.75000 03/01/2028 US 1,290,000 $1,212,600.00
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 625,000 $581,250.00
450913AE8 IAMGOLD CORP 7.00000 04/15/2025 CA 935,000 $869,550.00
451102BQ9 ICAHN ENTERPRISES/FIN 6.37500 12/15/2025 US 1,300,000 $1,228,500.00
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 1,173,000 $932,535.00
46284PAP9 IRON MOUNTAIN INC 5.75000 08/15/2024 US 1,260,000 $1,253,700.00
464288513 ISHARES IBOXX H/Y CORP BOND 4.37400 US 25,629 $1,975,227.03
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 2,215,000 $99,675.00
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 1,000,000 $1,005,000.00
496902AQ0 KINROSS GOLD CORP 4.50000 07/15/2027 CA 675,000 $635,316.75
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 2,070,000 $1,800,900.00
50201DAA1 LCPR SR SECURED FIN DAC 6.75000 10/15/2027 IE 600,000 $591,000.00
505742AD8 LADDER CAP FIN LLLP/CORP 5.87500 08/01/2021 US 1,455,000 $1,222,200.00
516806AG1 LAREDO PETROLEUM INC 10.12500 01/15/2028 US 995,000 $378,100.00
539473AE8 LLOYDS BANK PLC 12.00000 12/16/2024 GB 1,130,000 $1,240,966.00
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 695,000 $126,837.50
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 640,000 $185,600.00
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 650,000 $468,000.00
629377CC4 NRG ENERGY INC 6.62500 01/15/2027 US 750,000 $780,000.00
63938CAA6 NAVIENT CORP 5.00000 10/26/2020 US 975,000 $960,375.00
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 660,000 $607,200.00
65342QAK8 NEXTERA ENERGY OPERATING 4.25000 07/15/2024 US 850,000 $828,750.00
65343HAA9 NEXSTAR BROADCASTING INC 5.62500 07/15/2027 US 750,000 $733,125.00
65409QBB7 NIELSEN FINANCE LLC/CO 5.00000 04/15/2022 US 1,310,000 $1,207,584.20
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 1,395,000 $683,550.00
67054KAA7 NUMERICABLE-SFR SA 7.37500 05/01/2026 FR 1,250,000 $1,240,812.50
67059TAD7 NUSTAR LOGISTICS LP 6.75000 02/01/2021 US 670,000 $532,650.00
67401PAB4 OAKTREE SPECIALTY LEND 3.50000 02/25/2025 US 1,285,000 $1,152,563.78
675232AB8 OCEANEERING INTL INC 6.00000 02/01/2028 US 970,000 $371,427.55
68245XAE9 1011778 BC / NEW RED FIN 5.00000 10/15/2025 CA 1,310,000 $1,251,036.90
69144AAB5 OXFIN 2020-1A B 4.03700 02/15/2028 US 1,300,000 $1,249,586.39
69318FAH1 PBF HOLDING CO LLC 6.00000 02/15/2028 US 1,250,000 $825,000.00
71642QAB3 PDLLN 7 1/4 05/01/22 7.25000 05/01/2022 GB 695,000 $159,850.00
719245AD4 PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 US 1,020,000 $826,200.00
733174AK2 POPULAR INC 6.12500 09/14/2023 PR 1,230,000 $1,137,750.00
74166MAB2 PRIME SECSRVC BRW/FINANC 5.25000 04/15/2024 US 1,235,000 $1,219,920.65
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 1,215,000 $1,190,700.00
74166MAE6 PRIME SECSRVC BRW/FINANC 6.25000 01/15/2028 US 1,615,000 $1,392,937.50
745867AV3 PULTEGROUP INC 4.25000 03/01/2021 US 400,000 $390,000.00
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 1,708,000 $1,682,380.00
78410GAC8 SBA COMMUNICATIONS CORP 3.87500 02/15/2027 US 1,225,000 $1,228,062.50
78442FET1 SLM CORP 6.12500 03/25/2024 US 750,000 $693,750.00
78442PGC4 SLM CORP 5.12500 04/05/2022 US 1,577,000 $1,356,220.00
78468R622 SPDR BARCLAYS CAPITAL HIGH 5.85500 US 36,135 $3,423,429.90
785592AM8 SABINE PASS LIQUEFACTION 5.62500 03/01/2025 US 435,000 $399,283.01
808625AA5 SCIENCE APPLICATIONS INT 4.87500 04/01/2028 US 1,340,000 $1,286,400.00
81725WAH6 SENSATA TECHNOLOGIES BV 5.62500 11/01/2024 NL 750,000 $731,250.00
82967NAU2 SIRIUS XM RADIO INC 5.37500 04/15/2025 US 1,250,000 $1,262,487.50
82967NBE7 SIRIUS XM RADIO INC 4.62500 07/15/2024 US 1,250,000 $1,268,662.50
85172FAN9 SPRINGLEAF FINANCE CORP 7.12500 03/15/2026 US 1,240,000 $1,227,600.00
852061AR1 SPRINT COMMUNICATIONS 7.00000 08/15/2020 US 695,000 $695,417.00
85207UAE5 SPRINT CORP 7.25000 09/15/2021 US 660,000 $680,262.00
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 1,180,000 $1,295,227.00
855030AN2 STAPLES INC 7.50000 04/15/2026 US 1,310,000 $1,157,712.50
85571BAP0 STARWOOD PROPERTY TRUST 3.62500 02/01/2021 US 1,895,000 $1,772,014.50
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 870,000 $595,950.00
88947EAR1 TOLL BROS FINANCE CORP 4.87500 11/15/2025 US 750,000 $712,500.00
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 1,845,000 $1,771,200.00
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 2,240,000 $1,859,200.00
91911KAK8 BAUSCH HEALTH COS INC 7.00000 03/15/2024 CA 1,250,000 $1,273,425.00
92564RAC9 VICI PROPERTIES / NOTE 3.50000 02/15/2025 US 750,000 $699,375.00
92769XAM7 VIRGIN MEDIA SECURED FIN 5.50000 08/15/2026 GB 750,000 $761,250.00
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 2,090,000 $1,690,287.50
92840VAB8 VISTRA OPERATIONS CO LLC 5.62500 02/15/2027 US 1,230,000 $1,268,437.50
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 1,000,000 $900,000.00
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 1,060,000 $984,718.80
966387AH5 WHITING PETROLEUM CORP 5.75000 03/15/2021 US 990,000 $66,528.00
983793AD2 XPO LOGISTICS INC 6.50000 06/15/2022 US 1,190,000 $1,192,975.00
BGDM907 DIANA SHIPPING INC 9.50000 09/27/2023 MH 700,000 $490,000.00
BZ121X9 EURONAV LUXEMBOURG SA 7.50000 05/31/2022 LU 800,000 $720,000.00
USD US DOLLAR US 26,769,860.96 $26,769,860.96

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 2019 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

$7.39

Daily $ Change

$0.18

Daily % Change

2.44%

as of 04/09/2020

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 03/31/2020

YTD

-15.00%

1 Year

-8.57%

3 Year

0.30%

5 Year

2.30%

10 Year

5.08%

Inception
(09/14/2009)

5.65%

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 03/31/2020

SPDR BARCLAYS CAPITAL HIGH 5.85500 2.95%
DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 2.11%
ISHARES IBOXX H/Y CORP BOND 4.37400 1.70%
FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 1.60%
TUTOR PERINI CORP 6.87500 05/01/2025 1.60%
LGI HOMES INC 6.87500 07/15/2026 1.55%
STARWOOD PROPERTY TRUST 3.62500 02/01/2021 1.53%
TOWNSQUARE MEDIA INC 6.50000 04/01/2023 1.52%
CARGO AIRCRAFT MANAGEMENT 4.75000 02/01/2028 1.50%
VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 1.45%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 03/31/2020

Cash
18.73%
Corporate
76.62%
Mortgage
0.87%
Other
3.78%

Credit Quality Distribution

As of 03/31/2020

AAA
18.73%
BBB
5.74%
BB
30.40%
B
34.38%
CCC
4.45%
D
0.11%
NR
6.19%

March Fund Holdings

As of 03/31/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 660,000 $645,150.00
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 660,000 $567,600.00
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 1,179,000 $1,025,730.00
00912XBA1 AIR LEASE CORP 3.25000 03/01/2025 US 1,500,000 $1,175,594.37
013092AB7 ALBERTSONS COS LLC/SAFEW 5.87500 02/15/2028 US 408,000 $415,262.40
013092AC5 ALBERTSONS COS/SAFEWAY 4.62500 01/15/2027 US 1,075,000 $1,069,625.00
02005NBF6 ALLY FINANCIAL INC 5.75000 11/20/2025 US 1,230,000 $1,203,186.00
02154CAE3 ALTICE FINANCING SA 7.50000 05/15/2026 LU 1,230,000 $1,191,747.00
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 1,095,000 $985,502.81
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 695,000 $444,800.00
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 695,000 $444,800.00
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 715,000 $572,000.00
08576PAA9 BERRY GLOBAL INC 4.50000 02/15/2026 US 1,260,000 $1,215,900.00
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 2,310,000 $161,700.00
1248EPCE1 CCO HLDGS LLC/CAP CORP 4.50000 08/15/2030 US 1,410,000 $1,381,800.00
12527GAC7 CF INDUSTRIES 3.45000 06/01/2023 US 1,230,000 $1,208,561.10
125581GQ5 CIT GROUP INC 5.00000 08/15/2022 US 865,000 $839,050.00
125581GV4 CIT GROUP INC 4.12500 03/09/2021 US 1,000,000 $985,000.00
12662PAD0 CVR ENERGY INC 5.75000 02/15/2028 US 1,250,000 $934,375.00
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 1,025,000 $738,358.75
14180LAA4 CARGO AIRCRAFT MANAGEMENT 4.75000 02/01/2028 US 1,875,000 $1,739,062.50
143905AN7 CARRIAGE SERVICES INC 6.62500 06/01/2026 US 1,225,000 $1,203,562.50
15137TAA8 CENTENE CORP 5.37500 06/01/2026 US 1,153,000 $1,187,716.83
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 660,000 $660,000.00
156700BA3 CENTURYLINK INC 7.50000 04/01/2024 US 750,000 $821,250.00
16411QAB7 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 750,000 $690,000.00
16412XAC9 CHENIERE CORP CHRISTI HD 5.87500 03/31/2025 US 1,135,000 $950,705.85
20451NAG6 COMPASS MINERALS INTERNA 6.75000 12/01/2027 US 965,000 $871,153.75
225310AN1 CREDIT ACCEPTANC 5.12500 12/31/2024 US 430,000 $391,300.00
23110AAA4 CUMULUS MEDIA NEW HLDGS 6.75000 07/01/2026 US 1,650,000 $1,476,750.00
254709AP3 DISCOVER FINANCIAL SVS 4.50000 01/30/2026 US 1,345,000 $1,371,871.80
25470DAL3 DISCOVERY COMMUNICATIONS 4.90000 03/11/2026 US 1,250,000 $1,300,456.53
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 2,610,000 $2,453,400.00
26150TAA7 DRAWBRIDGE SPEC OPPOR FU 5.00000 08/01/2021 US 970,000 $931,757.41
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 1,245,000 $1,248,112.50
29413XAD9 ENVIVA PARTNERS LP/FIN C 6.50000 01/15/2026 US 1,285,000 $1,252,875.00
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 1,885,000 $1,862,003.00
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 1,050,000 $903,000.00
345397XU2 FORD MOTOR CREDIT CO LLC 4.38900 01/08/2026 US 1,500,000 $1,312,500.00
346232AE1 FORESTAR GROUP INC 5.00000 03/01/2028 US 1,400,000 $1,162,518.00
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 1,785,000 $1,307,512.50
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 1,545,000 $1,205,100.00
36166LAA5 GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 AE 1,425,000 $1,186,312.50
37185LAL6 GENESIS ENERGY LP/FIN 7.75000 02/01/2028 US 995,000 $692,719.00
38869PAK0 GRAPHIC PACKAGING INTERN 4.75000 04/15/2021 US 1,122,000 $1,108,311.60
398433AN2 GRIFFON CORPORATION 5.75000 03/01/2028 US 1,290,000 $1,212,600.00
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 625,000 $581,250.00
450913AE8 IAMGOLD CORP 7.00000 04/15/2025 CA 935,000 $869,550.00
451102BQ9 ICAHN ENTERPRISES/FIN 6.37500 12/15/2025 US 1,300,000 $1,228,500.00
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 1,173,000 $932,535.00
46284PAP9 IRON MOUNTAIN INC 5.75000 08/15/2024 US 1,260,000 $1,253,700.00
464288513 ISHARES IBOXX H/Y CORP BOND 4.37400 US 25,629 $1,975,227.03
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 2,215,000 $99,675.00
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 1,000,000 $1,005,000.00
496902AQ0 KINROSS GOLD CORP 4.50000 07/15/2027 CA 675,000 $635,316.75
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 2,070,000 $1,800,900.00
50201DAA1 LCPR SR SECURED FIN DAC 6.75000 10/15/2027 IE 600,000 $591,000.00
505742AD8 LADDER CAP FIN LLLP/CORP 5.87500 08/01/2021 US 1,455,000 $1,222,200.00
516806AG1 LAREDO PETROLEUM INC 10.12500 01/15/2028 US 995,000 $378,100.00
539473AE8 LLOYDS BANK PLC 12.00000 12/16/2024 GB 1,130,000 $1,240,966.00
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 695,000 $126,837.50
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 640,000 $185,600.00
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 650,000 $468,000.00
629377CC4 NRG ENERGY INC 6.62500 01/15/2027 US 750,000 $780,000.00
63938CAA6 NAVIENT CORP 5.00000 10/26/2020 US 975,000 $960,375.00
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 660,000 $607,200.00
65342QAK8 NEXTERA ENERGY OPERATING 4.25000 07/15/2024 US 850,000 $828,750.00
65343HAA9 NEXSTAR BROADCASTING INC 5.62500 07/15/2027 US 750,000 $733,125.00
65409QBB7 NIELSEN FINANCE LLC/CO 5.00000 04/15/2022 US 1,310,000 $1,207,584.20
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 1,395,000 $683,550.00
67054KAA7 NUMERICABLE-SFR SA 7.37500 05/01/2026 FR 1,250,000 $1,240,812.50
67059TAD7 NUSTAR LOGISTICS LP 6.75000 02/01/2021 US 670,000 $532,650.00
67401PAB4 OAKTREE SPECIALTY LEND 3.50000 02/25/2025 US 1,285,000 $1,152,563.78
675232AB8 OCEANEERING INTL INC 6.00000 02/01/2028 US 970,000 $371,427.55
68245XAE9 1011778 BC / NEW RED FIN 5.00000 10/15/2025 CA 1,310,000 $1,251,036.90
69144AAB5 OXFIN 2020-1A B 4.03700 02/15/2028 US 1,300,000 $1,249,586.39
69318FAH1 PBF HOLDING CO LLC 6.00000 02/15/2028 US 1,250,000 $825,000.00
71642QAB3 PDLLN 7 1/4 05/01/22 7.25000 05/01/2022 GB 695,000 $159,850.00
719245AD4 PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 US 1,020,000 $826,200.00
733174AK2 POPULAR INC 6.12500 09/14/2023 PR 1,230,000 $1,137,750.00
74166MAB2 PRIME SECSRVC BRW/FINANC 5.25000 04/15/2024 US 1,235,000 $1,219,920.65
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 1,215,000 $1,190,700.00
74166MAE6 PRIME SECSRVC BRW/FINANC 6.25000 01/15/2028 US 1,615,000 $1,392,937.50
745867AV3 PULTEGROUP INC 4.25000 03/01/2021 US 400,000 $390,000.00
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 1,708,000 $1,682,380.00
78410GAC8 SBA COMMUNICATIONS CORP 3.87500 02/15/2027 US 1,225,000 $1,228,062.50
78442FET1 SLM CORP 6.12500 03/25/2024 US 750,000 $693,750.00
78442PGC4 SLM CORP 5.12500 04/05/2022 US 1,577,000 $1,356,220.00
78468R622 SPDR BARCLAYS CAPITAL HIGH 5.85500 US 36,135 $3,423,429.90
785592AM8 SABINE PASS LIQUEFACTION 5.62500 03/01/2025 US 435,000 $399,283.01
808625AA5 SCIENCE APPLICATIONS INT 4.87500 04/01/2028 US 1,340,000 $1,286,400.00
81725WAH6 SENSATA TECHNOLOGIES BV 5.62500 11/01/2024 NL 750,000 $731,250.00
82967NAU2 SIRIUS XM RADIO INC 5.37500 04/15/2025 US 1,250,000 $1,262,487.50
82967NBE7 SIRIUS XM RADIO INC 4.62500 07/15/2024 US 1,250,000 $1,268,662.50
85172FAN9 SPRINGLEAF FINANCE CORP 7.12500 03/15/2026 US 1,240,000 $1,227,600.00
852061AR1 SPRINT COMMUNICATIONS 7.00000 08/15/2020 US 695,000 $695,417.00
85207UAE5 SPRINT CORP 7.25000 09/15/2021 US 660,000 $680,262.00
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 1,180,000 $1,295,227.00
855030AN2 STAPLES INC 7.50000 04/15/2026 US 1,310,000 $1,157,712.50
85571BAP0 STARWOOD PROPERTY TRUST 3.62500 02/01/2021 US 1,895,000 $1,772,014.50
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 870,000 $595,950.00
88947EAR1 TOLL BROS FINANCE CORP 4.87500 11/15/2025 US 750,000 $712,500.00
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 1,845,000 $1,771,200.00
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 2,240,000 $1,859,200.00
91911KAK8 BAUSCH HEALTH COS INC 7.00000 03/15/2024 CA 1,250,000 $1,273,425.00
92564RAC9 VICI PROPERTIES / NOTE 3.50000 02/15/2025 US 750,000 $699,375.00
92769XAM7 VIRGIN MEDIA SECURED FIN 5.50000 08/15/2026 GB 750,000 $761,250.00
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 2,090,000 $1,690,287.50
92840VAB8 VISTRA OPERATIONS CO LLC 5.62500 02/15/2027 US 1,230,000 $1,268,437.50
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 1,000,000 $900,000.00
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 1,060,000 $984,718.80
966387AH5 WHITING PETROLEUM CORP 5.75000 03/15/2021 US 990,000 $66,528.00
983793AD2 XPO LOGISTICS INC 6.50000 06/15/2022 US 1,190,000 $1,192,975.00
BGDM907 DIANA SHIPPING INC 9.50000 09/27/2023 MH 700,000 $490,000.00
BZ121X9 EURONAV LUXEMBOURG SA 7.50000 05/31/2022 LU 800,000 $720,000.00
USD US DOLLAR US 26,769,860.96 $26,769,860.96

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 2019 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.


Loading...