Address And Details

Two Intl Place, Suite 1400 , Boston, MA 02110
Fund Manager Team Managed
Manager Tenure

Strategy And Objective

The Fund's primary investment objective is to provide a high level of current income. The Fund seeks growth of capital as a secondary investment objective. The Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in fixed-income securities, including preferred securities and other hybrid securities (many of which have fixed maturities), senior floating rate loans and secured and unsecured subordinated ( junior ) floating rate loans ( loans ) and convertible securities. The Fund invests primarily in high yield, high risk corporate bonds (commonly referred to as junk bonds ). The Fund invests a substantial portion of its assets in bonds issued in connection with mergers, acquisitions and other highly-leveraged transactions. The Fund normally invests primarily in bonds rated below investment grade (i.e., bonds rated lower than Baa by Moody s Investors Service, Inc. ( Moody s ) or lower than BBB by S&P Global Ratings ( S&P ) or Fitch Ratings ( Fitch )) and in comparable unrated bonds as determined by the investment adviser. Bonds rated BBB and Baa have speculative characteristics, while lower rated bonds are predominantly speculative. The Fund may invest up to 15% of its total assets in convertible securities. The Fund may also purchase securities that make in-kind interest payments ( PIK ), bonds not paying current income and bonds that do not make regular interest payments. The Fund may invest up to 25% of its total assets in foreign securities, some of which may be issued by companies domiciled in emerging market countries, which are predominantly U.S. dollar denominated and up to 5% of its total assets in non-U.S. dollar denominated investments. With respect to non-U.S. dollar denominated securities, the Fund may hedge currency fluctuations by entering into forward foreign currency exchange contracts. Under normal circumstances, the Fund will generally hold well in excess of 100 securities, which may help reduce investment risk. The Fund may invest up to 15% of its total assets in equity securities and up to 10% of its net assets in municipal obligations, including shares of affiliated investment companies which invest in municipal obligations. The Fund will utilize short sales and repurchase agreements. The Fund may purchase or sell derivative instruments for hedging purposes, to seek return, to manage certain investment risks and/or as a substitute for the purchase or sale of securities. Derivative instruments may include: the purchase or sale of futures contracts on securities, indices or other financial instruments or currencies; options on futures contracts; exchange-traded and over-the-counter options on securities, indices, currencies and other instruments; interest rate, credit default, inflation and total return swaps; forward rate contracts; and credit linked notes as well as instruments that have a greater or lesser credit risk than the security underlying that instrument. The Fund may use interest rate swaps for risk management purposes and not as a speculative investment and would typically use interest rate swaps to seek to shorten the average interest rate re-set time of its holdings. It is anticipated that the Fund may have net economic leverage of up to 20% through the use of credit default swaps. There is no other stated limit on the Fund s use of derivatives. The Fund is not appropriate for investors who cannot assume the greater risk of capital depreciation or loss inherent in seeking higher yields. The Fund s investments are actively managed and securities may be bought and sold on a daily basis. Preservation of capital is considered when consistent with the Fund s objective. The investment adviser s and sub-adviser s staff monitors the credit quality of securities held by the Fund and other securities available to the Fund. Although the investment adviser and sub-adviser consider security ratings when making investment decisions, they perform their own credit and investment analysis utilizing various methodologies including bottom up/top down analysis and consideration of macroeconomic and technical factors, and do not rely primarily on the ratings assigned by the rating services. The portfolio managers attempt to improve yield and preserve and enhance principal value through timely trading. The portfolio managers also consider the relative value of securities in the marketplace in making investment decisions. The portfolio managers may also consider financially material environmental, social and governance factors in evaluating an issuer. These considerations may be taken into account alongside other factors in the investment selection process. The Fund currently invests its assets in the Portfolio, a separate registered investment company with the same investment objectives and policies as the Fund.

Net Asset Value

as of 4:58 PM ET 09/13/2021


  • 1 Week
  • +0.22%
  • 1 Month
  • +1.12%
  • 3 Months
  • +0.44%
  • 1 Yr Return
  • +6.59%
  • 5 Yr Return
  • +1.80%

Equity Sector Breakdown

ConsumerDurables n/a
Energy n/a
Finance n/a
Health n/a
IndustrialCyclical n/a
NonDurables n/a
RetailTrade n/a
Services n/a
Technology n/a
Utilities n/a

Asset Allocation

Asset Type % Of Allocation
Bonds 92.28%
Stocks 3.78%
Cash 2.24%
Convertible 0.80%
Preferred 0.51%
Other 0.39%
ForeignStocks 0.00%
ForeignBonds 0.00%
ForeignHedged 0.00%
Total Net Assets 465.78 M

Risk Measures

Criteria 3 Years 5 Years 10 Years
Alpha 3.37 4.06 5.17
Beta 0.55 0.46 0.48
R Squared 0.04 0.04 0.05
Std Deviation 9.78 7.65 6.65
Sharpe Ratio 0.60 0.66 n/a

Purchase Information

as of 5:40 PM ET 09/01/2021
Minimum Initial $250000
Minimum Additional $0
Minimum Initial IRA $0


Timeframe Average Annual Current Performance Monthly As Of 08/31/2021 Average Annual Current Performance Quarterly As Of 05/31/2021 Avg Annual Current Performance Monthly As Of 08/31/2021 Avg Annual Current Performance Quarterly As Of 05/31/2021
1 Year
  • +11.24%
  • +15.83%
+11.24% +15.83%
3 Year
  • +6.46%
  • +6.51%
+6.46% +6.51%
10 Year
  • +6.92%
  • +6.28%
+6.92% +6.28%
Life Of Fund
  • +7.89%
  • +7.91%
+7.89% +7.91%

Top 10 Holdings

Symbol Company Name % Of Assets

Recent Articles from TheStreet

Hong Kong Stocks Slump On Tech Sector Worries As US Official Signals Flaws In China Trade Deal

Intraday Reversals Signal Struggles for Market

But James "Rev Shark" Deporre says the trading action is both normal, and appropriate for September, and he's been adding some names to his portfolio.

stocks market index sh

Cramer's Mad Money Recap: FedEx, Costco, Nike

Jim Cramer says this is a rough season for stock, and investors need to take defensive action.

anxiety grocery mask sh

Jensen: Economy Has a Bearish Outlook

Real Money's Bret Jensen says a slower-than-expected pandemic recovery is a warning for the stock market.

Pfizer vaccine Lead

FDA Panel Recommends Covid Booster Shots for 65, Older and Those at High Risk

Food and Drug Administration's advisory panel on Friday voted to recommend Covid-19 booster shots of the Pfizer vaccine for a limited section of the population.

Ford Lead

Stock Market Today With Jim Cramer: How to Trade Ford

Jim Cramer discusses Ford and the impact of the impending tax policy changes on the stock market.

Jim Cramer: Stay Long Thermo Fisher, Sell FEI

Thermo Fisher Climbs on Strong 2022 Guidance

Thermo Fisher expects revenue to increase 12% year over year next year to $40.3 billion.