Traditional distress funds have drifted reluctantly into risky, but still solvent, junk bonds and high-yield loans to keep business ticking along.

百般无奈之下，传统危机基金开始调整食谱，转向高风险但偿还能力尚可的垃圾债券和高收益的债务。

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It was a leader of a new breed of alternative hedge funds that invested in high-yield loans to junk-rated corporate borrowers and helped fuel a leveraged buy-out boom in the process.

作为另类对冲基金的领导者，这个过程中，公司将高收益贷款投向公司借贷者并且推动杠杆收购的繁荣。

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Besides, the weak sustainability of the funds shows that good performance of the past does not necessarily mean a high yield in the future.

此外，开放式基金的业绩持续性不强，过去表现好的基金并不意味着一定能在未来取得好的收益。

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In 2012, investors have been pouring money into high-yield funds.

FORBES: Junk Bond Bubble Myths vs. Reality

But a proper rescheduling would be better than the current situation, where as much as a quarter of trading in emerging-market bonds is accounted for by opportunistic high-yield funds, betting on a pay-out in the courts.

ECONOMIST: Bail in, bail out

Two high-yield bond funds Appel is still holding: Northeast Investors Trust ( NTHEX) and Federated High-Yield Trust ( FHYTX) .

FORBES: Magazine Article