Investment objective & strategy
As of Feb. 27, 2026 · prospectusObjective. The Fund seeks to provide a high level of current income,
Strategy. The Fund?s Sub-Adviser seeks to achieve the Fund?s investment objectives by investing primarily in lower-rated (generally rated BB and B), and unrated, higher-risk corporate bonds of any maturity. The Fund normally invests at least 80% of its assets (defined as net assets plus any borrowing for investment purposes) in debt securities and convertible securities rated below investment grade (rated BB+ or lower) by S&P or comparably rated by another nationally recognized statistical rating organization (NRSRO), also known as ?high-yield? or ?junk? bonds, and in unrated debt securities determined by the Sub-Adviser to be of comparable quality. These securities may be issued in reliance on Rule 144A under the Securities Act of 1933, and subject to restriction on resale. The Fund?s … The Fund?s Sub-Adviser seeks to achieve the Fund?s investment objectives by investing primarily in lower-rated (generally rated BB and B), and unrated, higher-risk corporate bonds of any maturity. The Fund normally invests at least 80% of its assets (defined as net assets plus any borrowing for investment purposes) in debt securities and convertible securities rated below investment grade (rated BB+ or lower) by S&P or comparably rated by another nationally recognized statistical rating organization (NRSRO), also known as ?high-yield? or ?junk? bonds, and in unrated debt securities determined by the Sub-Adviser to be of comparable quality. These securities may be issued in reliance on Rule 144A under the Securities Act of 1933, and subject to restriction on resale. The Fund?s Sub-Adviser selects investments and seeks to reduce risk through portfolio diversification, credit analysis and attention to current developments in economic conditions. In general, the Sub-Adviser typically buys high-yield securities that provide high current income that it believes possess attractive risk/reward characteristics. The Sub-Adviser measures a security?s risk/reward ratio by its yield and expected probability of default when compared to a peer group of securities with similar credit risk. The Sub-Adviser typically will sell securities when, in the Sub-Adviser?s view, they no longer meet the buy criteria and when an issuer?s credit fundamentals deteriorate. The Fund may also engage in securities lending.
Top holdings
As of Jan. 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| FRST AM-GV OB-Z | FGZXX | $8.61M | 3.59% |
| ALTICE FING SA 5% 01/15/2028 144A | ALTICE | $2.42M | 1.01% |
| Venture Global LNG Inc | — | $2.34M | 0.98% |
| CORPBOND | ASUCOR | $2.26M | 0.94% |
| NLSN 9.29% Secured Nts due 2029 144A | NLSN | $2.18M | 0.91% |
| Maya SAS/Paris France | ILIADH | $2.13M | 0.89% |
| XPLR INFRASTRUCTURE OPERATING SR UNSECURED 144A 01/29 7.25 | XIFR | $1.93M | 0.81% |
| NRG ENERGY INC REGD 144A P/P 3.62500000 | NRG | $1.91M | 0.80% |
| ITT HOLDINGS LLC SR UNSECURED 144A 08/29 6.5 | INTMAT | $1.87M | 0.78% |
| HLF Financing S.a.r.l. LLC / Herbalife International Inc. | — | $1.78M | 0.74% |
Portfolio moves
Oct 31, 2025 → Jan 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| High Yield Fund · THYUX | 79% | 0.82% |
| SA PineBridge High-Yield Bond Portfolio | 68% | 0.72% |
| Neuberger Berman High Income Bond Fund · NHINX, NHILX, NHIAX, NHICX, NHIRX, NRHIX, NHIEX | 19% | 0.09% |
Advisers
| Firm | Role |
|---|---|
| PineBridge Investments LLC | Sub-adviser |
| Dunham & Associates Investment Counsel, Inc. | Adviser |
Footnotes
- Expense ratio as of February 27, 2026, from the fund's prospectus.
- Net assets and holdings count as of January 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. As reported in the fund's prospectus performance bar chart.
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