How can DLTNX provides such high yield (8.5%)? About 45% of the holding only yields 5% and it holds 10% cash. It is even higher than most of the high yield ETFs (JNK,HYG). Unless the fund uses leverage or holding something that yields over 12% to have an average yield of 8.5%.
You might read the WSJ article 10/5 on DLTNX/Gundlach. Even the experts say it is hard to decifer his holdings, but he seems to be expert in what he is doing (so far). Very complicated investment approach that he has done well by his investors for many years.