Top 10 Holdings holdings by Issuer as of 9/30/25 (%)
| % of Net Assets | |
|---|---|
| The Realreal, Inc. | 3.80 |
| Viapath Tech. | 2.80 |
| United Natural Foods Inc. | 2.70 |
| Icahn Enterprises L.P. | 2.60 |
| Conduent Inc. | 2.60 |
| % of Net Assets | |
|---|---|
| Beach Acq. Bido (Skechers) | 2.60 |
| Twilio Inc. | 2.60 |
| Div. Healthcare Trust | 2.50 |
| Rithm Capital Corp. | 2.50 |
| Full House Resorts, Inc. | 2.50 |
Sector Allocation as of 09/30/25 (%)
| % of Net Assets | |
|---|---|
| Consumer Discretionary | 21.9 |
| Financials | 19.1 |
| Industrials | 13.6 |
| Communication Services | 10.2 |
| Energy | 8.2 |
| Information Technology | 7.7 |
| Consumer Staples | 6.5 |
| Health Care | 6.4 |
| Real Estate | 3.5 |
| Materials | 2.4 |
| Cash and Cash Equivalents | 0.5 |
Asset Allocation as of 09/30/25 (%)
| % 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 09/30/25 (%)
| Standard and Poor's Credit Quality | % of Net Assets |
|---|---|
| AA and Above | 0 |
| A | 1.4 |
| BBB | 6.0 |
| BB | 26.9 |
| B | 32.7 |
| CCC | 8.6 |
| Non-rated | 21.1 |
| Preferred Stock | 1.3 |
| Common Stock | 1.5 |
| Cash or Equivalent | 0.5 |
Portfolio Characteristics as of 09/30/25
Weighted Avg Maturity
3.76 yrs
Weighted Avg Yield to Worst
7.98%
Effective Duration
2.11 yrs
30-day Subsidized SEC Yield
6.85%
30-day Unsubsidized SEC Yield
6.82%