Effective 3/31/26, the Fund modified its investment strategy and changed the portfolio manager. Returns prior to 3/31/26 reflect the performance of the Fund’s prior investment strategy. Pending the Fund’s Board of Directors approval, Management anticipates converting the Fund into an ETF in the 2026 fourth quarter. Please see the prospectus supplement for additional information.
High Conviction
Uses fundamental research to construct a high-yield portfolio of core, higher-quality bonds and opportunistic, lower-quality ideas with upside potential
Total Return Focused
Targets total returns by emphasizing credit selection and seeks to capitalize on mispriced default risk opportunities in lower quality high yield
Sub-advised by Wellington
Wellington prioritizes independent thought and collaboration across all major asset classes
Objective: Seeks to provide high current income, and long-term total return.
The portfolio manager is supported by the full resources of Wellington.
Performance
Performance data quoted represents past performance and does not guarantee future results. 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 lower or higher than the performance data quoted.
SI = Since Inception.
Fund Inception: 09/30/1998
Share Class Inception: 12/22/06.
Class R4-share performance prior to its inception date reflects Class Y-share performance and operating expenses. SI performance is calculated from 9/30/98.
Characteristics
| Dividend Frequency | Monthly |
|---|---|
| # of Holdings | 279 |
| Yield to Worst (%) | 6.93% |
|---|---|
| Effective Duration | 2.65 yrs |
| Aaa/AAA | 0 |
| Aa/AA | 0 |
| A | 0 |
| Baa/BBB | 3 |
| Ba/BB | 40 |
| B | 41 |
| Caa/CCC or lower | 12 |
| Not Rated | 3 |
| Cash & Cash Offsets | 1 |
| Tenet Healthcare Corp. | 1.92 |
| Level 3 Financing, Inc. | 1.89 |
| CHS/Community Health Systems, Inc. | 1.79 |
| CCO Holdings LLC/CCO Holdings Capital Corp. | 1.77 |
| Antero Midstream Partners LP/Antero Midstream Finance Corp. | 1.69 |
| EchoStar Corp. | 1.47 |
| Champ Acquisition Corp. | 1.47 |
| 1261229 BC Ltd. | 1.38 |
| Asurion LLC/Asurion Co-Issuer, Inc. | 1.30 |
| Freedom Mortgage Holdings LLC | 1.28 |
| Total Portfolio % | 15.96 |
| Distribution Yield at NAV | 5.89 |
| Trailing 12 Month Yield | 5.90 |
| 30-Day SEC Yield | 5.56 |
|
Unsubsidized 30-Day SEC Yield
|
5.52 |
FUND |
BENCHMARK | UNDERWEIGHT / OVERWEIGHT | |||||
|---|---|---|---|---|---|---|---|
| 3/31/26 | 4/30/26 | 4/30/26 | -5 0 5 | ||||
| Consumer Non-Cyclical | 11 | 16 | 11 | ||||
| Communications | 15 | 18 | 15 | ||||
| Financial Institutions | 16 | 14 | 12 | ||||
| Technology | 10 | 9 | 8 | ||||
| Basic Industry | 6 | 6 | 6 | ||||
| Transportation | 1 | 2 | 2 | ||||
| Cash, Cash Equivalents and Cash Offsets | 5 | 1 | 1 | ||||
| Other | -2 | 0 | 1 | ||||
| Consumer Cyclical | 19 | 17 | 19 | ||||
| Utilities | 2 | 1 | 3 | ||||
| Energy | 8 | 8 | 11 | ||||
| Capital Goods | 9 | 7 | 10 | ||||
| Distribution Date | Distribution NAV | ordinary income | short term capital gains | long term capital gains | total distribution |
|---|---|---|---|---|---|
| 4/30/2026 | 7.11 | $0.0349 | $0.0000 | $0.0000 | $0.0349 |
| 3/31/2026 | 7.03 | $0.0341 | $0.0000 | $0.0000 | $0.0341 |
| 2/27/2026 | 7.17 | $0.0338 | $0.0000 | $0.0000 | $0.0338 |
| 1/30/2026 | 7.20 | $0.0348 | $0.0000 | $0.0000 | $0.0348 |
| 12/31/2025 | 7.20 | $0.0345 | $0.0000 | $0.0000 | $0.0345 |
| 12/29/2025 | 7.19 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
| 12/17/2025 | 7.16 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
| 11/28/2025 | 7.19 | $0.0347 | $0.0000 | $0.0000 | $0.0347 |
| 10/31/2025 | 7.18 | $0.0364 | $0.0000 | $0.0000 | $0.0364 |
| 9/30/2025 | 7.20 | $0.0354 | $0.0000 | $0.0000 | $0.0354 |
| 8/29/2025 | 7.18 | $0.0353 | $0.0000 | $0.0000 | $0.0353 |
| 7/31/2025 | 7.13 | $0.0354 | $0.0000 | $0.0000 | $0.0354 |
| 6/30/2025 | 7.12 | $0.0348 | $0.0000 | $0.0000 | $0.0348 |
| 5/30/2025 | 7.01 | $0.0351 | $0.0000 | $0.0000 | $0.0351 |
Insights
Resources
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