Mutual Funds

High Yield Bond Series

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

$7.74

Daily $ Change

$0.04

Daily % Change

0.52%

as of 04/23/2024

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
Applications & Forms
Fact Sheet
N-Port Part F Reports

Performance

As of 03/31/2024

YTD

2.45%

1 Year

13.76%

3 Year

5.07%

5 Year

6.45%

10 Year

5.41%

Inception
(03/01/2019)

6.99%

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.

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.

Expense Ratio

Gross 0.57%
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 03/31/2024

VENTURE GLOBAL LNG INC 9.50000 02/01/2029 2.52%
IHS HOLDING LTD 6.25000 11/29/2028 2.09%
LCPR SR SECURED FIN DAC 6.75000 10/15/2027 2.07%
AFFINITY GAMING 6.87500 12/15/2027 2.06%
NAVIENT CORP 5.62500 08/01/2033 2.00%
SUMMIT MID HLDS LLC/ FI 9.50000 10/15/2026 1.97%
FULL HOUSE RESORTS INC 8.25000 02/15/2028 1.95%
GLOBAL INFRASTRUCTURE SO 7.50000 04/15/2032 1.91%
PRA GROUP INC 8.37500 02/01/2028 1.75%
JEFFERSON CAPITAL HOLDING 9.50000 02/15/2029 1.71%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 03/31/2024

Cash
4.17%
Corporate
91.80%
Mortgage
2.93%
Other
1.10%

Credit Quality Distribution

As of 03/31/2024

AAA
4.18%
BBB
8.41%
BB
29.96%
B
40.56%
CCC
9.89%
D
0.00%
NR
7.00%

Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Not Rated (NR) is used to classify securities for which a rating is not available. Credit quality ratings for each issue are obtained from Bloomberg using ratings derived from Moody’s Investors Services (Moody’s) or Standard & Poor’s. When ratings from Moody’s are not available, ratings from Standard & Poor’s are used.

Security Description Country Ticker Shares/Par Market Value (USD)
ADAMS HOMES INC 9.25000 10/15/2028 US 10,840,000 $11,243,072.07
ADAPTHEALTH LLC 6.12500 08/01/2028 US 12,457,000 $11,694,904.78
AFFINITY GAMING 6.87500 12/15/2027 US 17,770,000 $16,631,702.85
AIRSWIFT GLOBAL AS 10.00000 02/28/2029 NO 6,800,000 $6,907,888.80
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 1,476,618.64 $1,503,199.01
AMER AIRLINES 21-1B PTT 3.95000 07/11/2030 US 2,697,070 $2,466,896.44
ATLANTICA SUSTAIN INFRA 4.12500 06/15/2028 GB 8,966,000 $8,240,621.73
ATP TOW / AND TELECOM 4.05000 04/27/2026 MUL 12,135,000 $11,420,452.13
BAUSCH HEALTH COS INC 4.87500 06/01/2028 CA 11,900,000 $6,484,250.50
BGC GROUP INC 4.37500 12/15/2025 US 8,600,000 $8,363,528.72
BGC GROUP INC 8.00000 05/25/2028 US 10,350,000 $11,002,672.35
BORR IHC LTD 10.00000 11/15/2028 MUL 11,515,000 $12,023,437.11
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 11,809,944 $8,320,029.26
BURFORD CAPITAL GLBL FIN 6.87500 04/15/2030 US 12,245,000 $12,056,254.22
C&S GROUP ENTERPRISES LL 5.00000 12/15/2028 US 14,850,000 $11,890,292.54
CABLE ONE INC 4.00000 11/15/2030 US 14,875,000 $11,606,414.80
CALDERYS FINANCING LLC 11.25000 06/01/2028 US 6,560,000 $7,058,621.01
CANTOR FITZGERALD LP 7.20000 12/12/2028 US 12,125,000 $12,549,400.83
CCO HLDGS LLC/CAP CORP 4.25000 02/01/2031 US 10,000,000 $8,141,271.30
CHS/COMMUNITY HEALTH SYS 5.25000 05/15/2030 US 14,135,000 $11,528,567.35
COINBASE GLOBAL INC 3.37500 10/01/2028 US 8,795,000 $7,512,577.57
CORECIVI INC 8.25000 04/15/2029 US 7,685,000 $8,038,415.86
CORECIVIC INC 4.75000 10/15/2027 US 7,005,000 $6,648,893.12
CVR PARTNERS/ CVR NITROGE 6.12500 06/15/2028 US 9,130,000 $8,797,818.74
DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 US 6,500,000 $6,109,428.52
DRAX FINCO PLC 6.62500 11/01/2025 GB 6,794,000 $6,733,879.76
ENCORE CAPITAL GROUP INC 9.25000 04/01/2029 US 12,110,000 $12,412,791.66
ENDEAVOR MINING PLC 5.00000 10/14/2026 GB 7,575,000 $7,186,541.73
ENVIRI CORP 5.75000 07/31/2027 US 2,155,000 $2,028,385.32
FULL HOUSE RESORTS INC 8.25000 02/15/2028 US 16,498,000 $15,759,171.39
GEO GROUP INC/THE 9.50000 12/31/2028 US 2,780,000 $2,808,007.47
GLOBAL INFRASTRUCTURE SO 7.50000 04/15/2032 US 15,798,000 $15,467,336.49
IEA ENERGY SERVICES LLC 6.62500 08/15/2029 US 12,285,000 $11,918,207.49
IHEARTCOMMUNICATIONS INC 6.37500 05/01/2026 US 14,601,000 $12,432,692.22
IHS HOLDING LTD 6.25000 11/29/2028 KY 19,250,000 $16,860,227.81
IIP OPERATING PARTNER 5.50000 05/25/2026 US 5,455,000 $5,212,786.93
INEOS FINANCE PLC 7.50000 04/15/2029 GB 8,440,000 $8,462,059.80
INFRABUILD AUTRALIA PTY 14.50000 11/15/2028 AU 11,150,000 $11,563,104.04
ISHARES BROAD USD HIGH YIELD 2.43400 US 253,265 $9,266,966.35
JEFFERSON CAPITAL HOLDING 9.50000 02/15/2029 US 13,480,000 $13,795,402.48
KEHE DIST/FIN/NEXTWAVE 9.00000 02/15/2029 US 10,805,000 $10,951,061.88
LADDER CAP FIN LLLP/CORP 4.75000 06/15/2029 US 8,535,000 $7,754,981.14
LCPR SR SECURED FIN DAC 6.75000 10/15/2027 IE 17,820,000 $16,705,912.85
LD HOLDINGS GROUP 6.12500 04/01/2028 US 10,000,000 $8,294,228.90
LIFEPOINT HEALTH INC 9.87500 08/15/2030 US 11,475,000 $12,003,342.74
MCGRAW-HILL EDUCATION 5.75000 08/01/2028 US 12,867,000 $12,099,976.51
MILLICOM INTL CELLULAR 4.50000 04/27/2031 LU 8,835,000 $7,555,950.25
MINERAL RESOURCES LTD 9.25000 10/01/2028 AU 11,555,000 $12,163,540.03
MINERVA LUXEMBOURG SA 4.37500 03/18/2031 LU 14,061,000 $11,741,490.83
MRT MID PART/MRT MID FIN 11.50000 02/15/2028 US 8,860,000 $9,430,506.65
NAVIENT CORP 5.62500 08/01/2033 US 19,471,000 $16,146,158.91
NEW FORTRESS ENERGY INC 6.50000 09/30/2026 US 2,940,000 $2,831,385.79
NEW FORTRESS ENERGY INC 8.75000 03/15/2029 US 13,805,000 $13,757,590.87
NEWCASTLE COAL INFRASTRU 4.70000 05/12/2031 AU 5,748,278.92 $5,235,956.66
NGL ENERGY PARTNERS LP 8.37500 02/15/2032 US 12,330,000 $12,651,832.11
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 6,535,000 $65.35
NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 US 6,620,000 $6,999,164.87
OXFIN 2023-1A A2 6.71600 02/15/2031 US 3,850,000 $3,880,008.44
OXFINF 2024-A A2 6.67500 01/14/2032 US 4,400,000 $4,373,162.64
OXFORD FIN LLC/CO-ISS II 6.37500 02/01/2027 US 8,505,000 $8,112,812.68
PCG 2023 1 NOTE MTG 11.32941 07/25/2029 US 4,492,788.46 $4,492,116.11
PEDIATRIX MEDICAL GROUP 5.37500 02/15/2030 US 13,030,000 $11,872,246.97
PELORUS FUND REIT 7.00000 09/30/2026 US 4,355,000 $4,270,404.60
PRA GROUP INC 8.37500 02/01/2028 US 14,200,000 $14,113,169.27
PS MARINE MIDCO LTD 10.00000 04/19/2027 BM 6,800,000 $6,837,516.35
PUFFIN FINANCE SARL 15.00000 09/11/2025 LU 5,330,000 $5,473,233.25
RINGCENTRAL INC 8.50000 08/15/2030 US 11,543,000 $11,997,875.92
STAPLES INC 10.75000 04/15/2027 US 9,515,000 $9,052,098.49
STAR PARENT INC 9.00000 10/01/2030 US 7,980,000 $8,450,218.71
STARWOOD PROPERTY TRUST 7.25000 04/01/2029 US 8,000,000 $8,060,481.84
STONEX GROUP INC 7.87500 03/01/2031 US 12,655,000 $12,836,237.57
SUMMIT MID HLDS LLC/ FI 9.50000 10/15/2026 US 15,725,000 $15,903,709.75
TALEN ENERGY SUPPLY LLC 8.62500 06/01/2030 US 8,680,000 $9,280,086.77
TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 12,600,000 $11,899,001.52
TENGA INC 4.62500 03/15/2028 US 13,084,000 $12,031,275.23
TUTOR PERINI CORP 6.87500 05/01/2025 US 10,486,000 $10,403,103.35
UBER 8.08110 03/04/2030 US 4,764,717.96 $4,783,109.77
UNISYS CORP 6.87500 11/01/2027 US 13,925,000 $12,420,655.10
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 3,397,750.68 $3,255,475.55
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 5,129,438.08 $4,738,562.23
US DOLLAR US 35,197,052.8 $35,197,052.80
VENTURE GLOBAL LNG INC 9.50000 02/01/2029 US 18,915,000 $20,377,477.91
VERDE PURCHASER LLC 10.50000 11/30/2030 US 11,944,000 $12,589,820.08
VISTAJET MALTA/VM HOLDS 9.50000 06/01/2028 MUL 14,225,000 $12,095,394.60
VMED 02 UK FINAN 4.75000 07/15/2031 GB 9,300,000 $8,017,913.35
WESTJET AIRLINE 9.06850 02/14/2031 CA 10,000,000 $9,991,700.00

Investments will change over time.

Distributions

  • High Yield Bond Series Class Z Distribution History
  • 2024 Distribution Calendar
  • 2024 Distributions
  • Tax Letter
  • High Yield Bond Series - 2023 - 8937 Form

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.

Daily Price

$7.74

Daily $ Change

$0.04

Daily % Change

0.52%

as of 04/23/2024

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
Applications & Forms
Fact Sheet
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 03/31/2024

YTD

2.45%

1 Year

13.76%

3 Year

5.07%

5 Year

6.45%

10 Year

5.41%

Inception
(03/01/2019)

6.99%

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.

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.

Expense Ratio

Gross 0.57%
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 03/31/2024

VENTURE GLOBAL LNG INC 9.50000 02/01/2029 2.52%
IHS HOLDING LTD 6.25000 11/29/2028 2.09%
LCPR SR SECURED FIN DAC 6.75000 10/15/2027 2.07%
AFFINITY GAMING 6.87500 12/15/2027 2.06%
NAVIENT CORP 5.62500 08/01/2033 2.00%
SUMMIT MID HLDS LLC/ FI 9.50000 10/15/2026 1.97%
FULL HOUSE RESORTS INC 8.25000 02/15/2028 1.95%
GLOBAL INFRASTRUCTURE SO 7.50000 04/15/2032 1.91%
PRA GROUP INC 8.37500 02/01/2028 1.75%
JEFFERSON CAPITAL HOLDING 9.50000 02/15/2029 1.71%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 03/31/2024

Cash
4.17%
Corporate
91.80%
Mortgage
2.93%
Other
1.10%

Credit Quality Distribution

As of 03/31/2024

AAA
4.18%
BBB
8.41%
BB
29.96%
B
40.56%
CCC
9.89%
D
0.00%
NR
7.00%

Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Not Rated (NR) is used to classify securities for which a rating is not available. Credit quality ratings for each issue are obtained from Bloomberg using ratings derived from Moody’s Investors Services (Moody’s) or Standard & Poor’s. When ratings from Moody’s are not available, ratings from Standard & Poor’s are used.

Security Description Country Ticker Shares/Par Market Value (USD)
ADAMS HOMES INC 9.25000 10/15/2028 US 10,840,000 $11,243,072.07
ADAPTHEALTH LLC 6.12500 08/01/2028 US 12,457,000 $11,694,904.78
AFFINITY GAMING 6.87500 12/15/2027 US 17,770,000 $16,631,702.85
AIRSWIFT GLOBAL AS 10.00000 02/28/2029 NO 6,800,000 $6,907,888.80
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 1,476,618.64 $1,503,199.01
AMER AIRLINES 21-1B PTT 3.95000 07/11/2030 US 2,697,070 $2,466,896.44
ATLANTICA SUSTAIN INFRA 4.12500 06/15/2028 GB 8,966,000 $8,240,621.73
ATP TOW / AND TELECOM 4.05000 04/27/2026 MUL 12,135,000 $11,420,452.13
BAUSCH HEALTH COS INC 4.87500 06/01/2028 CA 11,900,000 $6,484,250.50
BGC GROUP INC 4.37500 12/15/2025 US 8,600,000 $8,363,528.72
BGC GROUP INC 8.00000 05/25/2028 US 10,350,000 $11,002,672.35
BORR IHC LTD 10.00000 11/15/2028 MUL 11,515,000 $12,023,437.11
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 11,809,944 $8,320,029.26
BURFORD CAPITAL GLBL FIN 6.87500 04/15/2030 US 12,245,000 $12,056,254.22
C&S GROUP ENTERPRISES LL 5.00000 12/15/2028 US 14,850,000 $11,890,292.54
CABLE ONE INC 4.00000 11/15/2030 US 14,875,000 $11,606,414.80
CALDERYS FINANCING LLC 11.25000 06/01/2028 US 6,560,000 $7,058,621.01
CANTOR FITZGERALD LP 7.20000 12/12/2028 US 12,125,000 $12,549,400.83
CCO HLDGS LLC/CAP CORP 4.25000 02/01/2031 US 10,000,000 $8,141,271.30
CHS/COMMUNITY HEALTH SYS 5.25000 05/15/2030 US 14,135,000 $11,528,567.35
COINBASE GLOBAL INC 3.37500 10/01/2028 US 8,795,000 $7,512,577.57
CORECIVI INC 8.25000 04/15/2029 US 7,685,000 $8,038,415.86
CORECIVIC INC 4.75000 10/15/2027 US 7,005,000 $6,648,893.12
CVR PARTNERS/ CVR NITROGE 6.12500 06/15/2028 US 9,130,000 $8,797,818.74
DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 US 6,500,000 $6,109,428.52
DRAX FINCO PLC 6.62500 11/01/2025 GB 6,794,000 $6,733,879.76
ENCORE CAPITAL GROUP INC 9.25000 04/01/2029 US 12,110,000 $12,412,791.66
ENDEAVOR MINING PLC 5.00000 10/14/2026 GB 7,575,000 $7,186,541.73
ENVIRI CORP 5.75000 07/31/2027 US 2,155,000 $2,028,385.32
FULL HOUSE RESORTS INC 8.25000 02/15/2028 US 16,498,000 $15,759,171.39
GEO GROUP INC/THE 9.50000 12/31/2028 US 2,780,000 $2,808,007.47
GLOBAL INFRASTRUCTURE SO 7.50000 04/15/2032 US 15,798,000 $15,467,336.49
IEA ENERGY SERVICES LLC 6.62500 08/15/2029 US 12,285,000 $11,918,207.49
IHEARTCOMMUNICATIONS INC 6.37500 05/01/2026 US 14,601,000 $12,432,692.22
IHS HOLDING LTD 6.25000 11/29/2028 KY 19,250,000 $16,860,227.81
IIP OPERATING PARTNER 5.50000 05/25/2026 US 5,455,000 $5,212,786.93
INEOS FINANCE PLC 7.50000 04/15/2029 GB 8,440,000 $8,462,059.80
INFRABUILD AUTRALIA PTY 14.50000 11/15/2028 AU 11,150,000 $11,563,104.04
ISHARES BROAD USD HIGH YIELD 2.43400 US 253,265 $9,266,966.35
JEFFERSON CAPITAL HOLDING 9.50000 02/15/2029 US 13,480,000 $13,795,402.48
KEHE DIST/FIN/NEXTWAVE 9.00000 02/15/2029 US 10,805,000 $10,951,061.88
LADDER CAP FIN LLLP/CORP 4.75000 06/15/2029 US 8,535,000 $7,754,981.14
LCPR SR SECURED FIN DAC 6.75000 10/15/2027 IE 17,820,000 $16,705,912.85
LD HOLDINGS GROUP 6.12500 04/01/2028 US 10,000,000 $8,294,228.90
LIFEPOINT HEALTH INC 9.87500 08/15/2030 US 11,475,000 $12,003,342.74
MCGRAW-HILL EDUCATION 5.75000 08/01/2028 US 12,867,000 $12,099,976.51
MILLICOM INTL CELLULAR 4.50000 04/27/2031 LU 8,835,000 $7,555,950.25
MINERAL RESOURCES LTD 9.25000 10/01/2028 AU 11,555,000 $12,163,540.03
MINERVA LUXEMBOURG SA 4.37500 03/18/2031 LU 14,061,000 $11,741,490.83
MRT MID PART/MRT MID FIN 11.50000 02/15/2028 US 8,860,000 $9,430,506.65
NAVIENT CORP 5.62500 08/01/2033 US 19,471,000 $16,146,158.91
NEW FORTRESS ENERGY INC 6.50000 09/30/2026 US 2,940,000 $2,831,385.79
NEW FORTRESS ENERGY INC 8.75000 03/15/2029 US 13,805,000 $13,757,590.87
NEWCASTLE COAL INFRASTRU 4.70000 05/12/2031 AU 5,748,278.92 $5,235,956.66
NGL ENERGY PARTNERS LP 8.37500 02/15/2032 US 12,330,000 $12,651,832.11
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 6,535,000 $65.35
NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 US 6,620,000 $6,999,164.87
OXFIN 2023-1A A2 6.71600 02/15/2031 US 3,850,000 $3,880,008.44
OXFINF 2024-A A2 6.67500 01/14/2032 US 4,400,000 $4,373,162.64
OXFORD FIN LLC/CO-ISS II 6.37500 02/01/2027 US 8,505,000 $8,112,812.68
PCG 2023 1 NOTE MTG 11.32941 07/25/2029 US 4,492,788.46 $4,492,116.11
PEDIATRIX MEDICAL GROUP 5.37500 02/15/2030 US 13,030,000 $11,872,246.97
PELORUS FUND REIT 7.00000 09/30/2026 US 4,355,000 $4,270,404.60
PRA GROUP INC 8.37500 02/01/2028 US 14,200,000 $14,113,169.27
PS MARINE MIDCO LTD 10.00000 04/19/2027 BM 6,800,000 $6,837,516.35
PUFFIN FINANCE SARL 15.00000 09/11/2025 LU 5,330,000 $5,473,233.25
RINGCENTRAL INC 8.50000 08/15/2030 US 11,543,000 $11,997,875.92
STAPLES INC 10.75000 04/15/2027 US 9,515,000 $9,052,098.49
STAR PARENT INC 9.00000 10/01/2030 US 7,980,000 $8,450,218.71
STARWOOD PROPERTY TRUST 7.25000 04/01/2029 US 8,000,000 $8,060,481.84
STONEX GROUP INC 7.87500 03/01/2031 US 12,655,000 $12,836,237.57
SUMMIT MID HLDS LLC/ FI 9.50000 10/15/2026 US 15,725,000 $15,903,709.75
TALEN ENERGY SUPPLY LLC 8.62500 06/01/2030 US 8,680,000 $9,280,086.77
TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 12,600,000 $11,899,001.52
TENGA INC 4.62500 03/15/2028 US 13,084,000 $12,031,275.23
TUTOR PERINI CORP 6.87500 05/01/2025 US 10,486,000 $10,403,103.35
UBER 8.08110 03/04/2030 US 4,764,717.96 $4,783,109.77
UNISYS CORP 6.87500 11/01/2027 US 13,925,000 $12,420,655.10
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 3,397,750.68 $3,255,475.55
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 5,129,438.08 $4,738,562.23
US DOLLAR US 35,197,052.8 $35,197,052.80
VENTURE GLOBAL LNG INC 9.50000 02/01/2029 US 18,915,000 $20,377,477.91
VERDE PURCHASER LLC 10.50000 11/30/2030 US 11,944,000 $12,589,820.08
VISTAJET MALTA/VM HOLDS 9.50000 06/01/2028 MUL 14,225,000 $12,095,394.60
VMED 02 UK FINAN 4.75000 07/15/2031 GB 9,300,000 $8,017,913.35
WESTJET AIRLINE 9.06850 02/14/2031 CA 10,000,000 $9,991,700.00

Investments will change over time.

Distributions

  • High Yield Bond Series Class Z Distribution History
  • 2024 Distribution Calendar
  • 2024 Distributions
  • Tax Letter
  • High Yield Bond Series - 2023 - 8937 Form

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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