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

$8.68

Daily $ Change

-$0.02

Daily % Change

-0.23%

as of 07/18/2019

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 06/30/2019

YTD

8.86%

1 Year

7.51%

3 Year

7.09%

5 Year

4.36%

10 Year

---

Inception
(09/14/2009)

7.32%

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 0.59%
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 06/30/2019

GASLOG LTD 8.87500 03/22/2022 2.59%
LGI HOMES INC 6.87500 07/15/2026 2.55%
BOREALIS FINANCE LLC 7.50000 11/16/2022 2.37%
GLOBAL SHIP LEASE INC 9.87500 11/15/2022 2.35%
SLM CORP 5.12500 04/05/2022 2.28%
HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 2.18%
MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 2.11%
FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 2.07%
DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 2.05%
DRAX FINCO PLC 6.62500 11/01/2025 2.03%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 06/30/2019

Cash 0.69%
Corporate 99.31%

Credit Quality Distribution

As of 06/30/2019

AAA 0.70%
BBB 3.78%
BB 37.93%
B 39.76%
CCC 8.10%
NR 9.73%

June Fund Holdings

As of 06/30/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 1,200,000 $1,218,000.00
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 1,295,000 $1,313,308.52
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 1,265,000 $1,270,692.50
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 1,760,000 $1,773,458.33
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 1,200,000 $1,200,000.00
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 1,100,000 $1,089,000.00
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 585,000 $589,387.50
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 570,000 $550,050.00
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 1,275,000 $1,071,000.00
12429TAE4 BWAY HOLDING CO 7.25000 04/15/2025 US 1,000,000 $965,000.00
1248EPCB7 CCO HLDGS LLC/CAP CORP 5.37500 06/01/2029 US 1,100,000 $1,135,750.00
14879EAE8 CATALENT PHARMA SOLUTION 5.00000 07/15/2027 US 1,000,000 $1,017,500.00
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 1,775,000 $1,783,875.00
23110AAA4 CUMULUS MEDIA NEW HLDGS 6.75000 07/01/2026 US 1,100,000 $1,097,030.00
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 1,200,000 $1,216,500.00
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 1,175,000 $1,160,018.75
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 1,140,000 $1,179,900.00
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 2,135,000 $2,182,119.45
262006208 DREYFUS GVT CSH MANAGEMENT US 746,658.3 $746,658.30
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 2,295,000 $2,203,200.00
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 1,075,000 $1,091,125.00
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 2,140,000 $2,220,250.00
335934AK1 FIRST QUANTUM MINERALS L 7.25000 04/01/2023 CA 1,085,000 $1,056,518.75
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 570,000 $572,861.40
346232AD3 FORESTAR GROUP INC 8.00000 04/15/2024 US 1,950,000 $2,045,062.50
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 1,650,000 $1,699,500.00
37185LAF9 GENESIS ENERGY LP/GENESI 5.62500 06/15/2024 US 1,450,000 $1,395,625.00
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 2,515,000 $2,521,287.50
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 1,290,000 $1,315,800.00
40060QAA3 GTCR AP FINANCE INC 8.00000 05/15/2027 US 300,000 $301,500.00
404121AJ4 HCA INC 5.62500 09/01/2028 US 1,100,000 $1,190,750.00
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 570,000 $501,600.00
418751AA1 HAT HOLDINGS I LLC/HAT 5.25000 07/15/2024 US 1,000,000 $1,020,000.00
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 2,275,000 $2,337,562.50
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 1,130,000 $1,156,837.50
46284VAC5 IRON MOUNTAIN INC 4.87500 09/15/2027 US 1,500,000 $1,486,875.00
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 2,610,000 $1,246,275.00
496902AQ0 KINROSS GOLD CORP 4.50000 07/15/2027 CA 1,090,000 $1,100,900.00
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 2,680,000 $2,740,300.00
502160AM6 LSB INDUSTRIES 9.62500 05/01/2023 US 1,140,000 $1,159,950.00
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 1,175,000 $1,116,250.00
563571AL2 MANITOWOC COMPANY INC 9.00000 04/01/2026 US 570,000 $570,000.00
58502BAC0 MEDNAX INC 6.25000 01/15/2027 US 1,565,000 $1,539,568.75
59001ABA9 MERITAGE HOMES CORP 5.12500 06/06/2027 US 1,300,000 $1,319,500.00
61965RAB1 MOSS CREEK RESOURCES HLD 10.50000 05/15/2027 US 285,000 $270,037.50
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 2,274,000 $2,262,630.00
62913TAM4 NGL ENRGY PART LP/FIN CO 6.12500 03/01/2025 US 1,712,000 $1,694,880.00
62957HAC9 NABORS INDUSTRIES INC 5.50000 01/15/2023 US 1,130,000 $1,056,550.00
65342QAK8 NEXTERA ENERGY OPERATING 4.25000 07/15/2024 US 1,000,000 $1,006,270.00
65548PAF3 NORBORD INC 5.75000 07/15/2027 CA 1,000,000 $1,006,250.00
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 2,465,000 $1,700,850.00
67059TAD7 NUSTAR LOGISTICS LP 6.75000 02/01/2021 US 1,135,000 $1,186,075.00
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 1,115,000 $1,145,662.50
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 1,580,000 $1,630,812.80
71642QAB3 PDLLN 7 1/4 05/01/22 7.25000 05/01/2022 GB 1,325,000 $1,311,750.00
74166MAB2 PRIME SECSRVC BRW/FINANC 5.25000 04/15/2024 US 1,105,000 $1,124,337.50
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 2,000,000 $2,012,500.00
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 1,380,000 $1,402,425.00
77714PAB5 SEMGROUP / ROSE ROCK FIN 5.62500 07/15/2022 US 774,000 $762,978.24
77714TAB7 SEMGROUP/ ROSE ROCK FIN 5.62500 11/15/2023 US 1,375,000 $1,313,125.00
78442PGC4 SLM CORP 5.12500 04/05/2022 US 2,470,000 $2,451,475.00
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 1,685,000 $1,555,255.00
82967NBA5 SIRIUS XM RADIO INC 5.00000 08/01/2027 US 1,100,000 $1,119,140.00
82967NBE7 SIRIUS XM RADIO INC 4.62500 07/15/2024 US 1,000,000 $1,023,280.00
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 1,845,000 $1,683,562.50
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 1,115,000 $1,182,234.50
855030AN2 STAPLES INC 7.50000 04/15/2026 US 1,640,000 $1,630,340.40
858912AF5 STERICYCLE INC 5.37500 07/15/2024 US 1,100,000 $1,148,257.00
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 1,395,000 $1,276,425.00
88104LAC7 TERRAFORM POWER OPERATIN 4.25000 01/31/2023 US 350,000 $349,562.50
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 2,160,000 $2,068,200.00
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 1,720,000 $1,715,700.00
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 1,150,000 $1,101,125.00
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 1,620,000 $1,599,750.00
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 1,645,000 $1,697,969.00
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 2,650,000 $2,547,445.00
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 1,600,000 $1,624,000.00
BZ121X9 EURONAV LUXEMBOURG SA 7.50000 05/31/2022 LU 1,200,000 $1,212,000.00
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 2,700,000 $2,781,000.00

Investments will change over time.

Distributions

  • High Yield Bond Series Class Z Distribution History
  • 2019 Distribution Calendar
  • First Quarter 2019 Distributions
  • Fourth Quarter 2018 Distributions
  • Third Quarter 2018 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

$8.68

Daily $ Change

-$0.02

Daily % Change

-0.23%

as of 07/18/2019

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 06/30/2019

YTD

8.86%

1 Year

7.51%

3 Year

7.09%

5 Year

4.36%

10 Year

---

Inception
(09/14/2009)

7.32%

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 0.59%
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 06/30/2019

GASLOG LTD 8.87500 03/22/2022 2.59%
LGI HOMES INC 6.87500 07/15/2026 2.55%
BOREALIS FINANCE LLC 7.50000 11/16/2022 2.37%
GLOBAL SHIP LEASE INC 9.87500 11/15/2022 2.35%
SLM CORP 5.12500 04/05/2022 2.28%
HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 2.18%
MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 2.11%
FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 2.07%
DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 2.05%
DRAX FINCO PLC 6.62500 11/01/2025 2.03%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 06/30/2019

Cash
0.69%
Corporate
99.31%

Credit Quality Distribution

As of 06/30/2019

AAA
0.70%
BBB
3.78%
BB
37.93%
B
39.76%
CCC
8.10%
NR
9.73%

June Fund Holdings

As of 06/30/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 1,200,000 $1,218,000.00
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 1,295,000 $1,313,308.52
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 1,265,000 $1,270,692.50
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 1,760,000 $1,773,458.33
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 1,200,000 $1,200,000.00
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 1,100,000 $1,089,000.00
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 585,000 $589,387.50
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 570,000 $550,050.00
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 1,275,000 $1,071,000.00
12429TAE4 BWAY HOLDING CO 7.25000 04/15/2025 US 1,000,000 $965,000.00
1248EPCB7 CCO HLDGS LLC/CAP CORP 5.37500 06/01/2029 US 1,100,000 $1,135,750.00
14879EAE8 CATALENT PHARMA SOLUTION 5.00000 07/15/2027 US 1,000,000 $1,017,500.00
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 1,775,000 $1,783,875.00
23110AAA4 CUMULUS MEDIA NEW HLDGS 6.75000 07/01/2026 US 1,100,000 $1,097,030.00
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 1,200,000 $1,216,500.00
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 1,175,000 $1,160,018.75
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 1,140,000 $1,179,900.00
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 2,135,000 $2,182,119.45
262006208 DREYFUS GVT CSH MANAGEMENT US 746,658.3 $746,658.30
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 2,295,000 $2,203,200.00
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 1,075,000 $1,091,125.00
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 2,140,000 $2,220,250.00
335934AK1 FIRST QUANTUM MINERALS L 7.25000 04/01/2023 CA 1,085,000 $1,056,518.75
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 570,000 $572,861.40
346232AD3 FORESTAR GROUP INC 8.00000 04/15/2024 US 1,950,000 $2,045,062.50
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 1,650,000 $1,699,500.00
37185LAF9 GENESIS ENERGY LP/GENESI 5.62500 06/15/2024 US 1,450,000 $1,395,625.00
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 2,515,000 $2,521,287.50
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 1,290,000 $1,315,800.00
40060QAA3 GTCR AP FINANCE INC 8.00000 05/15/2027 US 300,000 $301,500.00
404121AJ4 HCA INC 5.62500 09/01/2028 US 1,100,000 $1,190,750.00
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 570,000 $501,600.00
418751AA1 HAT HOLDINGS I LLC/HAT 5.25000 07/15/2024 US 1,000,000 $1,020,000.00
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 2,275,000 $2,337,562.50
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 1,130,000 $1,156,837.50
46284VAC5 IRON MOUNTAIN INC 4.87500 09/15/2027 US 1,500,000 $1,486,875.00
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 2,610,000 $1,246,275.00
496902AQ0 KINROSS GOLD CORP 4.50000 07/15/2027 CA 1,090,000 $1,100,900.00
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 2,680,000 $2,740,300.00
502160AM6 LSB INDUSTRIES 9.62500 05/01/2023 US 1,140,000 $1,159,950.00
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 1,175,000 $1,116,250.00
563571AL2 MANITOWOC COMPANY INC 9.00000 04/01/2026 US 570,000 $570,000.00
58502BAC0 MEDNAX INC 6.25000 01/15/2027 US 1,565,000 $1,539,568.75
59001ABA9 MERITAGE HOMES CORP 5.12500 06/06/2027 US 1,300,000 $1,319,500.00
61965RAB1 MOSS CREEK RESOURCES HLD 10.50000 05/15/2027 US 285,000 $270,037.50
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 2,274,000 $2,262,630.00
62913TAM4 NGL ENRGY PART LP/FIN CO 6.12500 03/01/2025 US 1,712,000 $1,694,880.00
62957HAC9 NABORS INDUSTRIES INC 5.50000 01/15/2023 US 1,130,000 $1,056,550.00
65342QAK8 NEXTERA ENERGY OPERATING 4.25000 07/15/2024 US 1,000,000 $1,006,270.00
65548PAF3 NORBORD INC 5.75000 07/15/2027 CA 1,000,000 $1,006,250.00
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 2,465,000 $1,700,850.00
67059TAD7 NUSTAR LOGISTICS LP 6.75000 02/01/2021 US 1,135,000 $1,186,075.00
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 1,115,000 $1,145,662.50
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 1,580,000 $1,630,812.80
71642QAB3 PDLLN 7 1/4 05/01/22 7.25000 05/01/2022 GB 1,325,000 $1,311,750.00
74166MAB2 PRIME SECSRVC BRW/FINANC 5.25000 04/15/2024 US 1,105,000 $1,124,337.50
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 2,000,000 $2,012,500.00
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 1,380,000 $1,402,425.00
77714PAB5 SEMGROUP / ROSE ROCK FIN 5.62500 07/15/2022 US 774,000 $762,978.24
77714TAB7 SEMGROUP/ ROSE ROCK FIN 5.62500 11/15/2023 US 1,375,000 $1,313,125.00
78442PGC4 SLM CORP 5.12500 04/05/2022 US 2,470,000 $2,451,475.00
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 1,685,000 $1,555,255.00
82967NBA5 SIRIUS XM RADIO INC 5.00000 08/01/2027 US 1,100,000 $1,119,140.00
82967NBE7 SIRIUS XM RADIO INC 4.62500 07/15/2024 US 1,000,000 $1,023,280.00
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 1,845,000 $1,683,562.50
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 1,115,000 $1,182,234.50
855030AN2 STAPLES INC 7.50000 04/15/2026 US 1,640,000 $1,630,340.40
858912AF5 STERICYCLE INC 5.37500 07/15/2024 US 1,100,000 $1,148,257.00
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 1,395,000 $1,276,425.00
88104LAC7 TERRAFORM POWER OPERATIN 4.25000 01/31/2023 US 350,000 $349,562.50
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 2,160,000 $2,068,200.00
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 1,720,000 $1,715,700.00
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 1,150,000 $1,101,125.00
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 1,620,000 $1,599,750.00
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 1,645,000 $1,697,969.00
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 2,650,000 $2,547,445.00
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 1,600,000 $1,624,000.00
BZ121X9 EURONAV LUXEMBOURG SA 7.50000 05/31/2022 LU 1,200,000 $1,212,000.00
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 2,700,000 $2,781,000.00

Investments will change over time.

Distributions

  • High Yield Bond Series Class Z Distribution History
  • 2019 Distribution Calendar
  • First Quarter 2019 Distributions
  • Fourth Quarter 2018 Distributions
  • Third Quarter 2018 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.


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