Top 10 Holdings holdings by Issuer as of 12/31/25 (%)
| % of Net Assets | |
|---|---|
| The Realreal, Inc. | 4.20 |
| Viapath Tech. | 2.90 |
| Angi Group LLC | 2.80 |
| Conduent Inc. | 2.80 |
| Icahn Enterprises L.P. | 2.70 |
| % of Net Assets | |
|---|---|
| Pitney Bowes Inc. | 2.70 |
| Twilio Inc. | 2.70 |
| United Natural Foods Inc. | 2.60 |
| Beach Acq. Bido (Skechers) | 2.50 |
| Cinemark USA Inc. | 2.40 |
Sector Allocation as of 12/31/25 (%)
| % of Net Assets | |
|---|---|
| Consumer Discretionary | 21.5 |
| Financials | 16.3 |
| Communication Services | 15.5 |
| Industrials | 13.7 |
| Consumer Staples | 9.8 |
| Information Technology | 7.0 |
| Health Care | 4.8 |
| Real Estate | 4.1 |
| Energy | 3.5 |
| Materials | 3.0 |
| Cash or Equivalent | 0.8 |
Asset Allocation as of 12/31/25 (%)
| % of Net Assets | |
|---|---|
| Corporate Bonds | 81.7 |
| Loans | 10.5 |
| Convertible Bonds | 4.5 |
| Common Stocks | 1.5 |
| Preferred Stocks | 1.3 |
| Cash or Equivalent | 0.5 |
Credit Quality as of 12/31/25 (%)
| Standard and Poor's Credit Quality | % of Net Assets |
|---|---|
| AA and Above | 0 |
| A | 1.3 |
| BBB | 4.1 |
| BB | 28.7 |
| B | 32.0 |
| CCC | 6.6 |
| Non-rated | 23.8 |
| Preferred Stock | 1.3 |
| Common Stock | 1.2 |
| Cash or Equivalent | 1.0 |
Portfolio Characteristics as of 12/31/25
Weighted Avg Maturity
3.86 yrs
Weighted Avg Yield to Worst
8.00%
Effective Duration
1.83 yrs
30-day Subsidized SEC Yield
6.99%
30-day Unsubsidized SEC Yield
6.99%