Short Duration High Income Strategy

The strategy seeks a high current income with lower volatility and interest rate risk than the broader high yield market by investing in short-term, higher-quality high yield bonds with a duration of less than three years. The strategy utilizes issue selection, sector/industry selection, and opportunistic trading to mitigate volatility and generate excess returns.

Portfolio Attributes

Inception Date	10/01/2022
Benchmark	ICE BofA 1-3 Year BB US Cash Pay High Yield Index

Portfolio Managers Industry Start Date

David L. Albrycht, CFA
President and Chief Investment Officer

1985
William J. Eastwood, CFA
Senior Managing Director, Portfolio Manager, and Head of Trading

1995
Eric Hess, CFA
Senior Managing Director, Portfolio Manager, and High Yield Sector Head

2006

Documents

Important risk considerations

Debt Instruments: Debt instruments are subject to greater levels of credit and liquidity risk, may be speculative and may decline in value due to changes in interest rates or an issuer's or counterparty's deterioration or default.

High Yield Fixed Income Securities: There is a greater risk of issuer default, less liquidity, and increased price volatility related to high yield securities than investment grade securities.

Market Volatility: The value of the securities in the portfolio may go up or down in response to the prospects of individual companies and/or general economic conditions. Local, regional, or global events such as war or military conflict, terrorism, pandemic, or recession could impact the portfolio, including hampering the ability of the portfolio's manager(s) to invest its assets as intended.

Issuer Risk: The portfolio will be affected by factors specific to the issuers of securities and other instruments in which the portfolio invests, including actual or perceived changes in the financial condition or business prospects of such issuers.

Interest Rate: The values of debt instruments may rise or fall in response to changes in interest rates, and this risk may be enhanced for securities with longer maturities.

Credit Risk: If the issuer of a debt instrument fails to pay interest or principal in a timely manner, or negative perceptions exist in the market of the issuer's ability to make such payments, the price of the security may decline.