Investment objective & strategy
As of Sept. 15, 2025 · prospectusObjective. The Fund seeks to provide a high level of current income.
Strategy. The Fund invests primarily in a diversified group of high-yielding, higher-risk corporate bondscommonly known as junk bondswith medium- and lower-range credit quality ratings. Under normal circumstances, the Fund invests at least 80% of its net assets plus the amount of any borrowings for investment purposes in corporate bonds that are rated below Baa by Moodys Ratings; have an equivalent rating by any other independent bond rating agency; or, if unrated, are determined to be of comparable quality by the Funds advisor. The Fund may not invest more than 20% of its assets in any of the following, in the aggregate: investment-grade debt securities, U.S. Treasury securities, convertible securities, preferred stocks, and fixed and floating rate loans of medium- to lower-range … The Fund invests primarily in a diversified group of high-yielding, higher-risk corporate bondscommonly known as junk bondswith medium- and lower-range credit quality ratings. Under normal circumstances, the Fund invests at least 80% of its net assets plus the amount of any borrowings for investment purposes in corporate bonds that are rated below Baa by Moodys Ratings; have an equivalent rating by any other independent bond rating agency; or, if unrated, are determined to be of comparable quality by the Funds advisor. The Fund may not invest more than 20% of its assets in any of the following, in the aggregate: investment-grade debt securities, U.S. Treasury securities, convertible securities, preferred stocks, and fixed and floating rate loans of medium- to lower-range credit quality. The Funds high-yield bonds and loans mostly have short- and intermediate-term maturities. The Fund may invest in derivatives, such as forward contracts, futures contracts, options contracts, and swaps.
Top holdings
As of Jan. 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| US TREASURY N/B | — | $2.96M | 1.55% |
| CHTR 4.75 03/01/30 144A | CHTR | $2.51M | 1.31% |
| US TREASURY N/B | — | $2.23M | 1.17% |
| CLEVELAND-CLIFFS INC REGD 144A P/P 4.62500000 | CLF | $2.22M | 1.16% |
| ZF NORTH AMERICA CAPITAL INC COMPANY GUAR 144A 03/31 7.5 | ZFFNGR | $2.14M | 1.12% |
| Opal Bidco SAS | — | $1.98M | 1.03% |
| IQVIA INC REGD 144A P/P 5.00000000 | IQV | $1.87M | 0.97% |
| Alcoa Nederland Holding BV | — | $1.74M | 0.91% |
| BLURAC 6.625 07/15/26 144A | BLURAC | $1.70M | 0.89% |
| TIHLLC 7 1/8 06/01/31 | TIHLLC | $1.58M | 0.83% |
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. |
|---|---|---|
| VANGUARD HIGH-YIELD CORPORATE FUND · VWEHX, VWEAX | 32% | 0.12% |
| HIGH-YIELD BOND PORTFOLIO | 32% | 0.24% |
| VANGUARD MULTI-SECTOR INCOME BOND ETF · VGMS | 31% | 0.30% |
Footnotes
- Expense ratio as of September 15, 2025, from the fund's prospectus.
- Net assets and holdings count as of January 31, 2026, from the fund's N-PORT filing.
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