Mutual Funds
Systematic High Yield Bond Series
Investment Objective
To provide a high level of income as its primary objective and capital appreciation as a secondary objective.
Investment Strategy
Under normal circumstances, the Series will invest at least 80% of its assets in high yield fixed income securities (i.e., “junk bonds”) of any maturity and duration and other financial instruments, principally derivative instruments and exchange-traded funds (ETFs), with economic characteristics similar to high yield fixed income securities.
May be Appropriate for Investors
- Seeking a long-term investment and who are willing to accept the risks associated with non-investment grade debt
- Seeking to diversify a portfolio by adding a bond component
Daily Price
$9.93
Daily $ Change
$0.00
Daily % Change
0.00%
as of 05/21/2026
Ticker
MSHIX
CUSIP
56382X107
Inception Date
09/15/2025
Investment Minimum
$1,000,000.00
Investment minimum may be waived for certain qualified retirement plans and discretionary investment accounts of the Advisor.
Important Documents
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Proxy Voting Record | |
| Applications & Forms | |
| N-Port Part F Reports |
YTD
0.96%
1 Year
---
3 Year
---
5 Year
---
10 Year
---
Inception
(09/15/2025)
2.84%
Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.
Expense Ratio
| Gross | 44.99% |
| Net | 0.61%* |
*Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated without the prior approval of the Fund’s Board of Directors.
| VERDE PURCHASER LLC SR SEC A NT 20301130 10.500% | 0.46% |
| MANITOWOC CO INC SR SEC GLBL 20311001 9.250% | 0.44% |
| LONG RIDGE ENERGY LLC SR SEC GLBL 20320215 8.750% | 0.44% |
| WINDSTREAM SVCS LLC WINDSTRE M A NT 20311001 8.250% | 0.44% |
| FIVE POINT OPERATING COMPANY SR GLBL A 20301001 8.000% | 0.43% |
| ADIENT GLOBAL HLDGS LTD SR GLBL A 20330215 7.500% | 0.43% |
| INSIGHT ENTERPRISES INC SR GLBL A 20320515 6.625% | 0.41% |
| SCRIPPS ESCROW II INC LIEN GLBL 20290115 3.875% | 0.41% |
| V F CORP SR GLBL NT 20300423 2.950% | 0.41% |
| FERRELLGAS L P FERRELLGAS SR GLBL A 20290401 5.875% | 0.41% |
Top Ten Investments list is unaudited and excludes cash
| B | 52.23% | |
| BB | 45.47% | |
| BBB | 1.15% | |
| CCC | 0.78% | |
| NR | 0.37% |
Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Not Rated (NR) is used to classify securities for which a rating is not available. Credit quality ratings reflect the median of Moody’s Investors Services and Standard & Poor’s ratings. Data obtained from Bloomberg.
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| AADVANTAGE LOYALTY IP LTD AME LIEN GLBL 20290420 5.750% | US | 105,000 | $105,071.40 | |
| AAR CORP SR GLBL A 20290315 6.750% | US | 100,000 | $103,015.00 | |
| ACADIA HEALTHCARE COMPANY INC SR GLBL A 20330315 7.375% | US | 95,000 | $97,174.55 | |
| ADAMS HOMES INC SR A NT 20281015 9.250% | US | 100,000 | $103,370.00 | |
| ADAPTHEALTH LLC SR GLBL A 20290801 4.625% | US | 110,000 | $106,517.40 | |
| ADIENT GLOBAL HLDGS LTD SR GLBL A 20330215 7.500% | US | 110,000 | $112,523.40 | |
| ADVANCE AUTO PARTS INC SR GLBL A 20300801 7.000% | US | 100,000 | $103,158.00 | |
| ALLEGIANT TRAVEL CO SR SEC GLBL 20270815 7.250% | US | 76,000 | $76,253.08 | |
| ALLIANCE RES OP PART LPALLIAN SR GLBL A 20290615 8.625% | US | 95,000 | $99,222.75 | |
| AMERIGAS PARTNERS L P SR 144A NT9.5%30 9.5 20300601 | US | 95,000 | $101,437.20 | |
| AMERITEX HOLDCO INTER LLC LIEN GLBL 20330815 7.625% | US | 100,000 | $103,949.00 | |
| AMN HEALTHCARE INC SR GLBL A 20290415 4.000% | US | 110,000 | $105,150.10 | |
| APH SOM APHAPH SR A NT 20291101 7.875% | US | 100,000 | $96,815.00 | |
| APLD COMPUTECO LLC SR SEC A 20310315 6.750% | US | 100,000 | $99,006.00 | |
| ARDAGH GROUP S A LIEN A NT 20301201 9.500% | US | 95,000 | $100,737.05 | |
| ARETEC ESCROW ISSUER INC SR SEC A NT 20300815 10.000% | US | 95,000 | $100,615.45 | |
| ASBURY AUTOMOTIVE GROUP INC SR GLBL A 20320215 5.000% | US | 105,000 | $100,687.65 | |
| ASCENT RES UTICA HLDGS LLC A SR A NT 20330715 6.625% | US | 100,000 | $102,740.00 | |
| ASGN INC SR GLBL A 20280515 4.625% | US | 105,000 | $98,147.70 | |
| ASHTON WOODS USA LLC ASHTON SR A NT 20300401 4.625% | US | 110,000 | $104,731.00 | |
| ASSURANT INC SUB GLBL NT 20480327 7.000% | US | 100,000 | $101,292.00 | |
| ASURION LLC ASURION CO SR SEC A NT 20321231 8.000% | US | 95,000 | $99,236.05 | |
| ATKORE INC SR GLBL A 20310601 4.250% | US | 110,000 | $104,908.10 | |
| ATS CORPORATION GLBL A NT 20281215 4.125% | US | 105,000 | $102,516.75 | |
| AVANTOR FDG INC SR GLBL A 20280715 4.625% | US | 105,000 | $103,486.95 | |
| AZORRA FIN LTD SR GLBL A 20310115 7.250% | US | 100,000 | $102,434.00 | |
| BEACON ROOFING SUPPLY 6.75 20320430 | US | 100,000 | $101,810.00 | |
| BEAZER HOMES USA INC SR GLBL A 20310315 7.500% | US | 105,000 | $104,566.35 | |
| BELLRING BRANDS INC SR A NT 20300315 7.000% | US | 100,000 | $101,550.00 | |
| BLACKSTONE MORTGAGE TRUST INC SR SEC GLBL 20291201 7.750% | US | 100,000 | $106,074.00 | |
| BLOCK INC SR GLBL A 20300815 5.625% | US | 100,000 | $100,101.00 | |
| BLOOMIN BRANDS INC OSI RESTA SR GLBL A 20290415 5.125% | US | 115,000 | $103,636.85 | |
| BLUELINX HLDGS INC SR SEC GLBL 20291115 6.000% | US | 100,000 | $97,117.00 | |
| BREAD FINANCIAL HOLDINGS INC SR GLBL A 20310515 6.750% | US | 105,000 | $107,272.20 | |
| BROOKFIELD PPTY REIT INC BPR SR SEC GLBL 20270401 4.500% | US | 105,000 | $102,764.55 | |
| BROOKFIELD RESIDENTIAL SR GLBL A 20300215 4.875% | US | 95,000 | $89,065.35 | |
| BRUNDAGE-BONE CONCRETE PUMPING SR SEC GLBL 20320201 7.500% | US | 100,000 | $101,630.00 | |
| BUILDERS FIRSTSOURCE INC SR GLBL A 20350515 6.750% | US | 95,000 | $95,938.60 | |
| CAESARS ENTERTAINMENT INC NEW LIEN A NT 20320215 6.500% | US | 100,000 | $97,166.00 | |
| CARNIVAL CORP SR A NT 20320801 5.750% | US | 100,000 | $100,503.00 | |
| CARS COM INC SR GLBL A 20281101 6.375% | US | 105,000 | $103,226.55 | |
| CASCADES INC SR GLBL A 20300715 6.750% | US | 105,000 | $106,039.50 | |
| CCO HLDGS LLC CCO HLDGS CAP SR GLBL A 20300815 4.500% | US | 110,000 | $102,604.70 | |
| CELANESE US HLDGS LLC CR SEN SR GLBL 20301115 6.550% | US | 100,000 | $107,342.00 | |
| CENTURY COMMUNITIES INC SR GLBL A 20290815 3.875% | US | 110,000 | $104,167.80 | |
| CHAMPION IRON CDA INC SR A NT 20320715 7.875% | US | 100,000 | $104,810.00 | |
| CHARLES RIV LABS INTL INC SR GLBL A 20280501 4.250% | US | 105,000 | $103,108.95 | |
| CHEMOURS CO SR GLBL A 20291115 4.625% | US | 110,000 | $105,510.90 | |
| CITGO PETE CORP SR SEC A NT 20290115 8.375% | US | 100,000 | $102,907.00 | |
| CLEVELAND-CLIFFS INC NEW SR GLBL A 20310301 4.875% | US | 110,000 | $101,377.10 | |
| CLYDESDALE ACQUISITION HLDGS SR SEC A NT 20320415 6.750% | US | 100,000 | $94,082.00 | |
| CNX MIDSTREAM PARTNERS LP SR GLBL A 20300415 4.750% | US | 110,000 | $106,448.10 | |
| COINBASE GLOBAL INC SR GLBL A 20281001 3.375% | US | 110,000 | $105,470.20 | |
| COINBASE GLOBAL INC SR GLBL A 20311001 3.625% | US | 115,000 | $100,799.80 | |
| COLUMBUS MCKINNON CORP N Y SR SEC A NT 20330201 7.125% | US | 100,000 | $100,571.00 | |
| CONSENSUS CLOUD SOLUTIONS INC SR GLBL A 20281015 6.500% | US | 105,000 | $104,106.45 | |
| CPI CG INCORPORATED SR SEC GLBL 20290715 10.000% | US | 100,000 | $105,085.00 | |
| CREDIT ACCEP CORP MICH SR GLBL A 20300315 6.625% | US | 100,000 | $99,666.00 | |
| CROCS INC SR GLBL A 20310815 4.125% | US | 110,000 | $102,359.40 | |
| CROSSCOUNTRY INTER HOLDCO LLC SR A NT. 20301001 6.500% | US | 105,000 | $103,158.30 | |
| CUSHMAN n WAKEFIELD U S BRRWR SR SEC GLBL 20280515 6.750% | US | 100,000 | $100,008.00 | |
| CVR ENERGY INC SR GLBL 144A 31 7.5 20310215 | US | 100,000 | $101,272.00 | |
| CVR PARTNERS LPCVR NITROGEN SR SEC GLBL 20280615 6.125% | US | 105,000 | $104,929.65 | |
| DARLING INGREDIENTS INC SR GLBL A 20270415 5.250% | US | 100,000 | $99,918.00 | |
| DCLI BIDCO LLC SR SEC GLBL 20291115 7.750% | US | 100,000 | $102,731.00 | |
| DELEK LOGISTICS PARTNERS LP SR GLBL A 20290315 8.625% | US | 100,000 | $104,335.00 | |
| DELUXE CORP MEDIUM TERM NTS SR SEC GLBL 20290915 8.125% | US | 100,000 | $104,283.00 | |
| DIVERSIFIED HEALTHCARE TR SR GLBL NT 20310301 4.375% | US | 115,000 | $103,426.40 | |
| DPL INC SR GLBL NT 20290415 4.350% | US | 105,000 | $101,667.30 | |
| DREAM FINDERS HOMES INC SR GLBL A 20280815 8.250% | US | 100,000 | $102,499.00 | |
| EDGEWELL PERSONAL CARE CO SR GLBL A 20290401 4.125% | US | 105,000 | $100,350.60 | |
| ELASTIC N V SR GLBL A 20290715 4.125% | NL | 110,000 | $104,409.80 | |
| EMBECTA CORP SR SEC A NT 20300215 5.000% | US | 110,000 | $103,341.70 | |
| EMPIRE COMMUNITIES CORPORATION SR A NT 20290501 9.750% | US | 95,000 | $96,828.75 | |
| ENDO FIN HLDGS INC SR SEC GLBL 20310415 8.500% | US | 95,000 | $100,704.75 | |
| ENOVA INTL INC SR GLBL 144A 29 9.125 20290801 | US | 100,000 | $104,750.00 | |
| ENTEGRIS INC SR GLBL A 20280415 4.375% | US | 105,000 | $103,504.80 | |
| EXCELERATE ENERGY LTD PARTNERS SR GLBL A 20300515 8.000% | US | 95,000 | $100,746.55 | |
| EZCORP INC SR GLBL A 20320401 7.375% | US | 100,000 | $105,716.00 | |
| FAIR ISAAC CORP SR GLBL A 20280615 4.000% | US | 105,000 | $102,368.70 | |
| FERRELLGAS L P FERRELLGAS SR GLBL A 20290401 5.875% | US | 110,000 | $107,376.50 | |
| FERTITTA ENTMT LLC FERTITTA SR SEC A NT 20290115 4.625% | US | 105,000 | $102,222.75 | |
| FIESTA PURCHASER INC SR SEC A NT 20310301 7.875% | US | 100,000 | $103,268.00 | |
| FIRST CASH INC SR GLBL A 20280901 4.625% | US | 105,000 | $103,233.90 | |
| FIVE POINT OPERATING COMPANY SR GLBL A 20301001 8.000% | US | 110,000 | $112,795.10 | |
| FLASH COMPUTE LLC 7.25 20301231 | US | 100,000 | $102,007.00 | |
| FORTRESS INTER INC SR SEC A NT 20310601 7.500% | US | 100,000 | $100,998.00 | |
| FULLER H B CO SR GLBL NT 20281015 4.250% | US | 105,000 | $102,771.90 | |
| GAP INC SR GLBL A 20291001 3.625% | US | 110,000 | $103,782.80 | |
| GARRETT MOTION HLDGS INC GARR SR GLBL A 20320531 7.750% | US | 95,000 | $99,185.70 | |
| GEN DIGITAL INC SR GLBL A 20270930 6.750% | US | 105,000 | $105,432.60 | |
| GEO GROUP INC SR GLBL NT 20310415 10.250% | US | 90,000 | $96,592.50 | |
| GGAM FIN LTD SR GLBL A 20280615 8.000% | US | 95,000 | $98,951.05 | |
| GLOBAL PARTNERS LP GLP FIN C SR GLBL A 20330701 7.125% | US | 100,000 | $102,484.00 | |
| GO DADDY OPER CO LLC GD FIN SR GLBL A 20290301 3.500% | US | 110,000 | $102,795.00 | |
| GOODYEAR TIRE n RUBR CO SR GLBL NT 20310715 5.250% | US | 110,000 | $99,986.70 | |
| GRAND CANYON UNIVERSITY GLBL B SNK 20281001 5.125% | US | 105,000 | $104,031.90 | |
| GRAPHIC PACKAGING INTL LLC SR GLBL A 20300201 3.750% | US | 110,000 | $102,740.00 | |
| GREYSTAR REAL ESTATE PRTN SR SEC A NT 20300901 7.750% | US | 100,000 | $104,178.00 | |
| GROUP AUTOMOTIVE INC SR GLBL A 20300115 6.375% | US | 100,000 | $101,625.00 | |
| HELIX ENERGY SOLUTIONS GRP INC SR GLBL 144A 29 9.75 20290301 | US | 95,000 | $99,778.50 | |
| HERC HLDGS INC SR GLBL A 20310315 5.750% | US | 105,000 | $105,252.00 | |
| HESS MIDSTREAM OPERATIONS LP SR A NT 20280301 5.875% | US | 100,000 | $100,983.00 | |
| HILCORP ENERGY I L P HILCORP SR GLBL A 20310201 6.000% | US | 105,000 | $103,771.50 | |
| HLF FING SARL LLC HERBALIFE SR GLBL A 20290601 4.875% | US | 100,000 | $94,031.00 | |
| HNI CORP 5.125% SNR NTS USD (144A) 5.125 20290118 | US | 97,000 | $97,915.68 | |
| HOWARD HUGHES HOLDINGS INC SR GLBL A 20290201 4.125% | US | 105,000 | $101,099.25 | |
| HOWARD MIDSTREAM ENERGY PARTNE SR A NT 20320715 7.375% | US | 100,000 | $104,276.00 | |
| HUNT COS INC SR SEC A NT 20290415 5.250% | US | 105,000 | $101,717.70 | |
| HUNTSMAN INTERNATIONAL LLC . 20290501 4.500% | US | 105,000 | $100,557.45 | |
| ICAHN ENTERPRISES LPCORP SR SEC GLBL NT 20270515 5.250% | US | 105,000 | $103,993.05 | |
| INGEVITY CORP SR GLBL A 20281101 3.875% | US | 100,000 | $96,463.00 | |
| INSIGHT ENTERPRISES INC SR GLBL A 20320515 6.625% | US | 110,000 | $109,107.90 | |
| JACOBS ENTMT INC SR A NT 20290215 6.750% | US | 105,000 | $102,900.00 | |
| JB POINDEXTER n CO INC SR A NT 20311215 8.750% | US | 95,000 | $98,442.80 | |
| JEFFERSON CAPITAL HOLDINGS LLC SR A NT 20300515 8.250% | US | 100,000 | $104,657.00 | |
| JONES DESLAURIERS INS MGMT INC SR SEC GLBL 20300315 8.500% | US | 100,000 | $103,081.00 | |
| K HOVNANIAN ENTERPRISES INC SR GLBL A 20310401 8.000% | US | 105,000 | $105,876.75 | |
| KB HOME SR GLBL NT 20300715 7.250% | US | 100,000 | $102,108.00 | |
| KBR INC SR GLBL A 20280930 4.750% | US | 105,000 | $103,301.10 | |
| KONTOOR BRANDS INC SR GLBL A 20291115 4.125% | US | 105,000 | $100,034.55 | |
| KRAKEN OIL n GAS PARTNERS LLC SR A NT 20290815 7.625% | US | 100,000 | $101,895.00 | |
| LEEWARD RENEWABLE ENERGY OPER SR A NT 20290701 4.250% | US | 110,000 | $105,244.70 | |
| LEVEL FING INC LIEN GLBL 20330630 6.875% | US | 100,000 | $103,203.00 | |
| LGI HOMES INC SR GLBL A 20290715 4.000% | US | 110,000 | $99,781.00 | |
| LITHIA MTRS INC SR GLBL A 20310115 4.375% | US | 105,000 | $99,727.95 | |
| LONG RIDGE ENERGY LLC SR SEC GLBL 20320215 8.750% | US | 110,000 | $117,569.10 | |
| MACYS RETAIL HLDGS LLC SR A NT 20320315 6.125% | US | 100,000 | $100,048.00 | |
| MANITOWOC CO INC SR SEC GLBL 20311001 9.250% | US | 110,000 | $117,613.10 | |
| MARRIOTT OWNERSHIP RESORTS INC SR GLBL A 20331001 6.500% | US | 105,000 | $100,962.75 | |
| MARTIN MIDSTREAM PARTNERS LP SR SEC GLBL 20280215 11.500% | US | 100,000 | $102,876.00 | |
| MASTERBRAND INC SR GLBL A 20320715 7.000% | US | 100,000 | $99,457.00 | |
| MATCH GROUP HOLDINGS II LLC GLBL A NT 20280601 4.625% | US | 105,000 | $103,649.70 | |
| MATTAMY GROUP CORP SR GLBL A 20300301 4.625% | US | 105,000 | $100,277.10 | |
| MAUSER PACKAGING SOLUTIONS LIEN A NT 20270415 7.875% | US | 100,000 | $100,000.00 | |
| MAUSER PACKAGING SOLUTIONS LIEN A NT 20300415 7.875% | US | 100,000 | $101,117.00 | |
| MCGRAW-HILL ED INC SR SEC A NT 20310901 7.375% | US | 100,000 | $103,323.00 | |
| METHANEX US OPERATIONS INC SR GLBL A 20320315 6.250% | US | 100,000 | $102,905.00 | |
| MGM RESORTS INTERNATIONAL SR GLBL NT. 20320415 6.500% | US | 100,000 | $101,265.00 | |
| MI HOMES INC SR NT . 20300215 3.950% | US | 110,000 | $104,561.60 | |
| MIDAS OPCO HLDGS LLC SR GLBL A 20290815 5.625% | US | 105,000 | $99,882.30 | |
| MILLROSE PPTYS INC SR GLBL A 20300801 6.375% | US | 100,000 | $101,276.00 | |
| MINERAL RES LTD SR A NT. 20300501 8.500% | US | 100,000 | $103,005.00 | |
| MINERALS TECHNOLOGIES INC SR GLBL A 20280701 5.000% | US | 105,000 | $104,371.05 | |
| MITER BRANDS ACQUISITION HOLDC LIEN A NT 20320401 6.750% | US | 100,000 | $98,844.00 | |
| MOHEGAN ESCROW ISSUER LLC SR SEC GLBL 20300415 8.250% | US | 100,000 | $104,100.00 | |
| MOLINA HEALTHCARE INC SR GLBL A 20280615 4.375% | US | 105,000 | $103,520.55 | |
| NABORS INDS INC SR 144A NT 32 7.625 20321115 | US | 100,000 | $104,343.00 | |
| NEW FLYER HLDGS INC LIEN GLBL 20300701 9.250% | US | 95,000 | $102,509.75 | |
| NEW HOME CO INC SR A NT 20291001 9.250% | US | 100,000 | $103,760.00 | |
| NEWELL BRANDS INC SR GLBL A 20280601 8.500% | US | 95,000 | $99,272.15 | |
| NEWMARK GROUP INC CR SEN SR GLBL 20290112 7.500% | US | 95,000 | $100,006.50 | |
| NGL ENERGY OPERATING LLC NGL SR SEC GLBL 20290215 8.125% | US | 100,000 | $103,658.00 | |
| NISSAN MTR ACCEP CO LLC FR . 20280915 2.450% | US | 115,000 | $106,237.00 | |
| NOBLE FIN II LLC SR GLBL A 20300415 8.000% | US | 100,000 | $104,007.00 | |
| NORDSTROM INC SR GLBL NT 20300401 4.375% | US | 110,000 | $104,529.70 | |
| NORTHRIVER MIDSTREAM FINANCE L SR SEC A NT 20320715 6.750% | US | 100,000 | $102,388.00 | |
| NOVELIS CORP SR GLBL A 20300130 4.750% | US | 105,000 | $100,587.90 | |
| NUSTAR LOGISTICS L P SR NT . 20270428 5.625% | US | 100,000 | $100,357.00 | |
| OCEANEERING INTL INC SR GLBL NT 20280201 6.000% | US | 100,000 | $100,700.00 | |
| OI EUROPEAN GROUP BV SR GLBL A 20300215 4.750% | NL | 100,000 | $92,847.00 | |
| OLIN CORP SR GLBL NT 20300201 5.000% | US | 105,000 | $101,764.95 | |
| ONEMAIN FIN CORP SR GLBL NT 20280915 3.875% | US | 105,000 | $101,533.95 | |
| ONESKY FLIGHT LLC SR A NT 20291215 8.875% | US | 100,000 | $105,614.00 | |
| ONTARIO GAMING GTA LTD PARTNER SR SEC A NT 20300801 8.000% | US | 100,000 | $98,825.00 | |
| OPEN TEXT CORP SR GLBL A 20280215 3.875% | US | 105,000 | $101,594.85 | |
| PARAMOUNT GLOBAL SR GLBL NT. 20280601 3.700% | US | 105,000 | $101,688.30 | |
| PARK INTER HLDGS LLC PK DOME SR GLBL A 20300201 7.000% | US | 100,000 | $102,093.00 | |
| PARK OHIO INDS INC-OHIO SR SEC GLBL 20300801 8.500% | US | 100,000 | $104,081.00 | |
| PBF HLDG CO LLC PBF FIN CORP SR GLBL NT 20280215 6.000% | US | 105,000 | $104,908.65 | |
| PENNYMAC FINL SVCS INC NEW SR GLBL A 20340215 6.750% | US | 100,000 | $96,783.00 | |
| PERRIGO FINANCE UNLIMITED COMP SR GLBL NT 20320930 6.125% | US | 105,000 | $98,801.85 | |
| PHINIA INC SR SEC GLBL 20290415 6.750% | US | 100,000 | $102,354.00 | |
| PHOENIX AVIATION CAP LTD SR A NT 20300715 9.250% | US | 95,000 | $96,953.20 | |
| PITNEY BOWES INC SR GLBL A 20290315 7.250% | US | 105,000 | $105,596.40 | |
| POPULAR INC SR GLBL NT 20280313 7.250% | US | 100,000 | $103,607.00 | |
| PRECISION DRILLING CORP SR GLBL A 20290115 6.875% | CA | 105,000 | $105,948.15 | |
| PRIME HEALTHCARE SVCS INC SR SEC A NT 20290901 9.375% | US | 100,000 | $103,697.00 | |
| PROG HOLDINGS INC SR GLBL A 20291115 6.000% | US | 105,000 | $102,592.35 | |
| PROVIDENT FDG ASSOCIATES LP SR A NT 20290915 9.750% | US | 95,000 | $98,932.05 | |
| PTC INC SR GLBL A 20280215 4.000% | US | 105,000 | $102,502.05 | |
| QUICKEN LNS LLCQUICKEN LNS CO SR GLBL A 20290301 3.625% | US | 105,000 | $100,775.85 | |
| RADIOLOGY PARTNERS INC LIEN A NT 20320715 8.500% | US | 100,000 | $99,428.00 | |
| RAILWORKS HLDGS LP RAILWORKS SR SEC A NT 20281115 8.250% | US | 100,000 | $100,216.00 | |
| RAND PARENT LLC LIEN A NT 20300215 8.500% | US | 100,000 | $103,875.00 | |
| RB GLOBAL HOLDINGS INC SR SEC GLBL 20280315 6.750% | US | 100,000 | $101,356.00 | |
| RESIDEO FDG INC SR GLBL A 20320715 6.500% | US | 105,000 | $105,966.00 | |
| RINGCENTRAL INC SR GLBL A 20300815 8.500% | US | 95,000 | $99,771.85 | |
| RITHM CAPITAL CORP SR GLBL A 20300715 8.000% | US | 100,000 | $100,073.00 | |
| RIVERS ENT BOR LLCFIN CORP SR SEC GLBL 20330201 6.625% | US | 105,000 | $107,209.20 | |
| RIVERS ENTERPRISE LENDER LLC LIEN GLBL 20301015 6.250% | US | 105,000 | $106,813.35 | |
| RLJ LODGING TR SR SEC GLBL 20290915 4.000% | US | 110,000 | $103,939.00 | |
| ROCKIES EXPRESS PIPELINE LLC SR GLBL A 20300515 4.800% | US | 105,000 | $102,315.15 | |
| ROGERS COMMUNICATIONS INC SUB GLBL NT 20550415 7.000% | US | 100,000 | $102,069.00 | |
| SATURN OIL AND GAS INC 2LIEN SNK 144A29 9.625 20290615 | US | 95,000 | $99,619.85 | |
| SCRIPPS ESCROW II INC LIEN GLBL 20290115 3.875% | US | 115,000 | $108,967.10 | |
| SELECT MEDICAL CORP SR GLBL A 20321201 6.250% | US | 105,000 | $101,958.15 | |
| SESI L L C SR SEC A NT 20300930 7.875% | US | 100,000 | $103,264.00 | |
| SHIFT PMTS LLC SHIFT PMTS SR GLBL A 20320815 6.750% | US | 100,000 | $99,802.00 | |
| SIRIUS XM RADIO INC SR GLBL A 20280715 4.000% | US | 105,000 | $101,966.55 | |
| SM ENERGY COMPANY SR GLBL A 20290801 6.750% | US | 100,000 | $102,580.00 | |
| SMYRNA READY MIX LLC SR SEC GLBL 20281101 6.000% | US | 100,000 | $99,918.00 | |
| SNAP INC SR GLBL A 20340315 6.875% | US | 100,000 | $96,787.00 | |
| SONIC AUTOMOTIVE INC SR GLBL A 20311115 4.875% | US | 105,000 | $100,954.35 | |
| STANDARD BLDG SOLUTIONS INC SR GLBL A 20300715 4.375% | US | 105,000 | $100,251.90 | |
| STAR PARENT INC SR SEC A NT 20301001 9.000% | US | 95,000 | $99,517.25 | |
| STARWOOD PPTY TR INC SR GLBL A 20281015 5.250% | US | 100,000 | $99,522.00 | |
| STERIGENICS-NORDION HLDGS LLC SR SEC A NT 20310601 7.375% | US | 95,000 | $98,746.80 | |
| STONEMOR INC SR SEC GLBL 20290515 8.500% | US | 105,000 | $103,625.55 | |
| STONEPEAK NILE PARENT LLC SR SEC A NT 20320315 7.250% | US | 95,000 | $99,399.45 | |
| STONEX ESCROW ISSUER LLC SR SEC GLBL 20320715 6.875% | US | 100,000 | $103,395.00 | |
| SUBURBAN PROPANE PARTNERS L P SR GLBL A 20351215 6.500% | US | 105,000 | $104,150.55 | |
| SUPERIOR PLUS LP SUPERIOR GE SR GLBL A 20290315 4.500% | US | 105,000 | $101,814.30 | |
| SV RNO PPTY OWNER LLC SR SEC A 20310301 5.875% | US | 100,000 | $98,115.00 | |
| TALOS PRODTN INC LIEN GLBL 20290201 9.000% | US | 100,000 | $104,323.00 | |
| TAYLOR MORRISON CMNTYS INC SR GLBL A 20280115 5.750% | US | 100,000 | $100,903.00 | |
| TELEFLEX INCORPORATED SR GLBL A 20280601 4.250% | US | 105,000 | $103,475.40 | |
| TERRAFORM PWR OPER LLC SR GLBL A 20280131 5.000% | US | 105,000 | $103,976.25 | |
| TIDEWATER INC NEW SR GLBL A 20300715 9.125% | US | 95,000 | $102,267.50 | |
| TMS INTL CORP SR A NT 20290415 6.250% | US | 105,000 | $102,483.15 | |
| TRAVEL PLUS LEISURE CO LIEN GLBL 20300301 4.625% | US | 105,000 | $101,295.60 | |
| TRUENOORD CAPITAL DAC SR GLBL A 20300301 8.750% | US | 95,000 | $96,862.95 | |
| TURNING PT BRANDS INC SR SEC A NT 20320315 7.625% | US | 95,000 | $97,874.70 | |
| UKG INC SR SEC A NT 20310201 6.875% | US | 105,000 | $102,197.55 | |
| UNDER ARMOUR INC SR GLBL A 20300715 7.250% | US | 100,000 | $101,871.00 | |
| UNITED AIRLS HLDGS INC 4.875 20290301 | US | 105,000 | $103,431.30 | |
| UNITED WHOLESALE MORTGAGE LLC SR GLBL A 20270615 5.750% | US | 105,000 | $104,563.20 | |
| UNIVISION COMMUNICATIONS INC SR SEC A NT 20310731 8.500% | US | 100,000 | $101,490.00 | |
| UPBOUND GROUP INC SR GLBL A 20290215 6.375% | US | 105,000 | $103,758.90 | |
| US DOLLARS | US | USD | 632,250.77 | $632,250.77 |
| V F CORP SR GLBL NT 20300423 2.950% | US | 120,000 | $108,877.20 | |
| VENTURE GLOBAL CALCASIEU PASS SR SEC A NT 20300115 6.250% | US | 95,000 | $97,774.00 | |
| VERDE PURCHASER LLC SR SEC A NT 20301130 10.500% | US | 115,000 | $121,184.70 | |
| VERSANT MEDIA GROUP INC SR SEC A NT 20310130 7.250% | US | 100,000 | $103,826.00 | |
| VFH PARENT LLC n VALOR CO-ISSU LIEN A NT 20310615 7.500% | US | 100,000 | $105,015.00 | |
| VIASAT INC LIEN GLBL 20270415 5.625% | US | 100,000 | $99,760.00 | |
| VICTRA HLDGS LLC VICTRA FIN SR SEC GLBL 20290915 8.750% | US | 100,000 | $104,708.00 | |
| VISTAJET MALTA FIN P L C X SR A NT 20300201 6.375% | US | 105,000 | $98,329.35 | |
| VOLTAGRID LLC LIEN A NT 20301101 7.375% | US | 100,000 | $103,792.00 | |
| VORNADO RLTY L P GLBL NT . 20310601 3.400% | US | 115,000 | $104,518.90 | |
| VT TOPCO INC SR SEC A NT 20300815 8.500% | US | 100,000 | $102,385.00 | |
| W. R. GRACE HOLDINGS LLC SR SEC A NT 20320815 6.625% | US | 105,000 | $104,220.90 | |
| WABASH NATL CORP SR GLBL A 20281015 4.500% | US | 95,000 | $83,843.20 | |
| WALKER n DUNLOP INC SR GLBL A 20330401 6.625% | US | 105,000 | $104,418.30 | |
| WARNERMEDIA HLDGS INC SR GLBL NT 20320315 4.279% | US | 110,000 | $99,630.30 | |
| WAYFAIR LLC SR SEC GLBL 20300915 7.750% | US | 100,000 | $103,758.00 | |
| WBI OPER LLC SR GLBL A 20301015 6.250% | US | 105,000 | $106,460.55 | |
| WEEKLEY HOMES LLC FIN CORP SR GLBL A 20280915 4.875% | US | 105,000 | $102,661.65 | |
| WEX INC SR GLBL A 20330315 6.500% | US | 100,000 | $99,602.00 | |
| WHIRLPOOL CORP SR GLBL NT. 20310515 2.400% | US | 120,000 | $97,057.20 | |
| WILDFIRE INTER HLDGS LLC SR A NT. 20291015 7.500% | US | 100,000 | $102,921.00 | |
| WILLIAM CARTER CO SR GLBL A 20310215 7.375% | US | 100,000 | $102,796.00 | |
| WILTON RE LIMITED PERP SUB GLBL 00000000 6.000% | US | 100,000 | $96,680.00 | |
| WINDSOR HLDGS III LLC SR SEC A NT 20300615 8.500% | US | 100,000 | $104,389.00 | |
| WINDSTREAM SVCS LLC WINDSTRE M A NT 20311001 8.250% | US | 110,000 | $116,347.00 | |
| WULF COMPUTE LLC LIEN AMZ A 20301015 7.750% | US | 95,000 | $99,845.00 | |
| WYNN LAS VEGAS LLC WYNN SR GLBL A 20270515 5.250% | US | 100,000 | $100,090.00 | |
| WYNN RESORTS FIN LLC WYNN RE SR A NT 20310215 7.125% | US | 100,000 | $105,840.00 | |
| XPLR INFRASTRUCTURE SR GLBL A 20270915 4.500% | US | 105,000 | $104,228.25 | |
| XPO INC SR DEB . 20340501 6.700% | US | 95,000 | $99,965.65 |
Investments will change over time.
A Word About Risk
All investments involve risks, including possible loss of principal. There is an inverse relationship between bond prices and interest rates; as interest rates rise, bond prices (and therefore the value of bond funds) fall. Likewise, as interest rates fall, bond prices and the value of bond funds rise. Investments in higher-yielding, lower-rated securities involve additional risks, including a higher risk of default and loss of principal. Investments in derivatives can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. Also, the use of leverage increases exposure to the market and may magnify potential losses.
Daily Price
$9.93
Daily $ Change
$0.00
Daily % Change
0.00%
as of 05/21/2026
Ticker
MSHIX
CUSIP
56382X107
Inception Date
09/15/2025
Investment Minimum
$1,000,000.00
Investment minimum may be waived for certain qualified retirement plans and discretionary investment accounts of the Advisor.
Important Documents
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Proxy Voting Record | |
| Applications & Forms | |
| N-Port Part F Reports |
Investment Objective
To provide a high level of income as its primary objective and capital appreciation as a secondary objective.
Investment Strategy
Under normal circumstances, the Series will invest at least 80% of its assets in high yield fixed income securities (i.e., “junk bonds”) of any maturity and duration and other financial instruments, principally derivative instruments and exchange-traded funds (ETFs), with economic characteristics similar to high yield fixed income securities.
May be Appropriate for Investors
- Seeking a long-term investment and who are willing to accept the risks associated with non-investment grade debt
- Seeking to diversify a portfolio by adding a bond component
YTD
0.96%
1 Year
---
3 Year
---
5 Year
---
10 Year
---
Inception
(09/15/2025)
2.84%
Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.
Expense Ratio
| Gross | 44.99% |
| Net | 0.61%* |
*Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated without the prior approval of the Fund’s Board of Directors.
| VERDE PURCHASER LLC SR SEC A NT 20301130 10.500% | 0.46% |
| MANITOWOC CO INC SR SEC GLBL 20311001 9.250% | 0.44% |
| LONG RIDGE ENERGY LLC SR SEC GLBL 20320215 8.750% | 0.44% |
| WINDSTREAM SVCS LLC WINDSTRE M A NT 20311001 8.250% | 0.44% |
| FIVE POINT OPERATING COMPANY SR GLBL A 20301001 8.000% | 0.43% |
| ADIENT GLOBAL HLDGS LTD SR GLBL A 20330215 7.500% | 0.43% |
| INSIGHT ENTERPRISES INC SR GLBL A 20320515 6.625% | 0.41% |
| SCRIPPS ESCROW II INC LIEN GLBL 20290115 3.875% | 0.41% |
| V F CORP SR GLBL NT 20300423 2.950% | 0.41% |
| FERRELLGAS L P FERRELLGAS SR GLBL A 20290401 5.875% | 0.41% |
Top Ten Investments list is unaudited and excludes cash
| B | 52.23% | |
| BB | 45.47% | |
| BBB | 1.15% | |
| CCC | 0.78% | |
| NR | 0.37% |
Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Not Rated (NR) is used to classify securities for which a rating is not available. Credit quality ratings reflect the median of Moody’s Investors Services and Standard & Poor’s ratings. Data obtained from Bloomberg.
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| AADVANTAGE LOYALTY IP LTD AME LIEN GLBL 20290420 5.750% | US | 105,000 | $105,071.40 | |
| AAR CORP SR GLBL A 20290315 6.750% | US | 100,000 | $103,015.00 | |
| ACADIA HEALTHCARE COMPANY INC SR GLBL A 20330315 7.375% | US | 95,000 | $97,174.55 | |
| ADAMS HOMES INC SR A NT 20281015 9.250% | US | 100,000 | $103,370.00 | |
| ADAPTHEALTH LLC SR GLBL A 20290801 4.625% | US | 110,000 | $106,517.40 | |
| ADIENT GLOBAL HLDGS LTD SR GLBL A 20330215 7.500% | US | 110,000 | $112,523.40 | |
| ADVANCE AUTO PARTS INC SR GLBL A 20300801 7.000% | US | 100,000 | $103,158.00 | |
| ALLEGIANT TRAVEL CO SR SEC GLBL 20270815 7.250% | US | 76,000 | $76,253.08 | |
| ALLIANCE RES OP PART LPALLIAN SR GLBL A 20290615 8.625% | US | 95,000 | $99,222.75 | |
| AMERIGAS PARTNERS L P SR 144A NT9.5%30 9.5 20300601 | US | 95,000 | $101,437.20 | |
| AMERITEX HOLDCO INTER LLC LIEN GLBL 20330815 7.625% | US | 100,000 | $103,949.00 | |
| AMN HEALTHCARE INC SR GLBL A 20290415 4.000% | US | 110,000 | $105,150.10 | |
| APH SOM APHAPH SR A NT 20291101 7.875% | US | 100,000 | $96,815.00 | |
| APLD COMPUTECO LLC SR SEC A 20310315 6.750% | US | 100,000 | $99,006.00 | |
| ARDAGH GROUP S A LIEN A NT 20301201 9.500% | US | 95,000 | $100,737.05 | |
| ARETEC ESCROW ISSUER INC SR SEC A NT 20300815 10.000% | US | 95,000 | $100,615.45 | |
| ASBURY AUTOMOTIVE GROUP INC SR GLBL A 20320215 5.000% | US | 105,000 | $100,687.65 | |
| ASCENT RES UTICA HLDGS LLC A SR A NT 20330715 6.625% | US | 100,000 | $102,740.00 | |
| ASGN INC SR GLBL A 20280515 4.625% | US | 105,000 | $98,147.70 | |
| ASHTON WOODS USA LLC ASHTON SR A NT 20300401 4.625% | US | 110,000 | $104,731.00 | |
| ASSURANT INC SUB GLBL NT 20480327 7.000% | US | 100,000 | $101,292.00 | |
| ASURION LLC ASURION CO SR SEC A NT 20321231 8.000% | US | 95,000 | $99,236.05 | |
| ATKORE INC SR GLBL A 20310601 4.250% | US | 110,000 | $104,908.10 | |
| ATS CORPORATION GLBL A NT 20281215 4.125% | US | 105,000 | $102,516.75 | |
| AVANTOR FDG INC SR GLBL A 20280715 4.625% | US | 105,000 | $103,486.95 | |
| AZORRA FIN LTD SR GLBL A 20310115 7.250% | US | 100,000 | $102,434.00 | |
| BEACON ROOFING SUPPLY 6.75 20320430 | US | 100,000 | $101,810.00 | |
| BEAZER HOMES USA INC SR GLBL A 20310315 7.500% | US | 105,000 | $104,566.35 | |
| BELLRING BRANDS INC SR A NT 20300315 7.000% | US | 100,000 | $101,550.00 | |
| BLACKSTONE MORTGAGE TRUST INC SR SEC GLBL 20291201 7.750% | US | 100,000 | $106,074.00 | |
| BLOCK INC SR GLBL A 20300815 5.625% | US | 100,000 | $100,101.00 | |
| BLOOMIN BRANDS INC OSI RESTA SR GLBL A 20290415 5.125% | US | 115,000 | $103,636.85 | |
| BLUELINX HLDGS INC SR SEC GLBL 20291115 6.000% | US | 100,000 | $97,117.00 | |
| BREAD FINANCIAL HOLDINGS INC SR GLBL A 20310515 6.750% | US | 105,000 | $107,272.20 | |
| BROOKFIELD PPTY REIT INC BPR SR SEC GLBL 20270401 4.500% | US | 105,000 | $102,764.55 | |
| BROOKFIELD RESIDENTIAL SR GLBL A 20300215 4.875% | US | 95,000 | $89,065.35 | |
| BRUNDAGE-BONE CONCRETE PUMPING SR SEC GLBL 20320201 7.500% | US | 100,000 | $101,630.00 | |
| BUILDERS FIRSTSOURCE INC SR GLBL A 20350515 6.750% | US | 95,000 | $95,938.60 | |
| CAESARS ENTERTAINMENT INC NEW LIEN A NT 20320215 6.500% | US | 100,000 | $97,166.00 | |
| CARNIVAL CORP SR A NT 20320801 5.750% | US | 100,000 | $100,503.00 | |
| CARS COM INC SR GLBL A 20281101 6.375% | US | 105,000 | $103,226.55 | |
| CASCADES INC SR GLBL A 20300715 6.750% | US | 105,000 | $106,039.50 | |
| CCO HLDGS LLC CCO HLDGS CAP SR GLBL A 20300815 4.500% | US | 110,000 | $102,604.70 | |
| CELANESE US HLDGS LLC CR SEN SR GLBL 20301115 6.550% | US | 100,000 | $107,342.00 | |
| CENTURY COMMUNITIES INC SR GLBL A 20290815 3.875% | US | 110,000 | $104,167.80 | |
| CHAMPION IRON CDA INC SR A NT 20320715 7.875% | US | 100,000 | $104,810.00 | |
| CHARLES RIV LABS INTL INC SR GLBL A 20280501 4.250% | US | 105,000 | $103,108.95 | |
| CHEMOURS CO SR GLBL A 20291115 4.625% | US | 110,000 | $105,510.90 | |
| CITGO PETE CORP SR SEC A NT 20290115 8.375% | US | 100,000 | $102,907.00 | |
| CLEVELAND-CLIFFS INC NEW SR GLBL A 20310301 4.875% | US | 110,000 | $101,377.10 | |
| CLYDESDALE ACQUISITION HLDGS SR SEC A NT 20320415 6.750% | US | 100,000 | $94,082.00 | |
| CNX MIDSTREAM PARTNERS LP SR GLBL A 20300415 4.750% | US | 110,000 | $106,448.10 | |
| COINBASE GLOBAL INC SR GLBL A 20281001 3.375% | US | 110,000 | $105,470.20 | |
| COINBASE GLOBAL INC SR GLBL A 20311001 3.625% | US | 115,000 | $100,799.80 | |
| COLUMBUS MCKINNON CORP N Y SR SEC A NT 20330201 7.125% | US | 100,000 | $100,571.00 | |
| CONSENSUS CLOUD SOLUTIONS INC SR GLBL A 20281015 6.500% | US | 105,000 | $104,106.45 | |
| CPI CG INCORPORATED SR SEC GLBL 20290715 10.000% | US | 100,000 | $105,085.00 | |
| CREDIT ACCEP CORP MICH SR GLBL A 20300315 6.625% | US | 100,000 | $99,666.00 | |
| CROCS INC SR GLBL A 20310815 4.125% | US | 110,000 | $102,359.40 | |
| CROSSCOUNTRY INTER HOLDCO LLC SR A NT. 20301001 6.500% | US | 105,000 | $103,158.30 | |
| CUSHMAN n WAKEFIELD U S BRRWR SR SEC GLBL 20280515 6.750% | US | 100,000 | $100,008.00 | |
| CVR ENERGY INC SR GLBL 144A 31 7.5 20310215 | US | 100,000 | $101,272.00 | |
| CVR PARTNERS LPCVR NITROGEN SR SEC GLBL 20280615 6.125% | US | 105,000 | $104,929.65 | |
| DARLING INGREDIENTS INC SR GLBL A 20270415 5.250% | US | 100,000 | $99,918.00 | |
| DCLI BIDCO LLC SR SEC GLBL 20291115 7.750% | US | 100,000 | $102,731.00 | |
| DELEK LOGISTICS PARTNERS LP SR GLBL A 20290315 8.625% | US | 100,000 | $104,335.00 | |
| DELUXE CORP MEDIUM TERM NTS SR SEC GLBL 20290915 8.125% | US | 100,000 | $104,283.00 | |
| DIVERSIFIED HEALTHCARE TR SR GLBL NT 20310301 4.375% | US | 115,000 | $103,426.40 | |
| DPL INC SR GLBL NT 20290415 4.350% | US | 105,000 | $101,667.30 | |
| DREAM FINDERS HOMES INC SR GLBL A 20280815 8.250% | US | 100,000 | $102,499.00 | |
| EDGEWELL PERSONAL CARE CO SR GLBL A 20290401 4.125% | US | 105,000 | $100,350.60 | |
| ELASTIC N V SR GLBL A 20290715 4.125% | NL | 110,000 | $104,409.80 | |
| EMBECTA CORP SR SEC A NT 20300215 5.000% | US | 110,000 | $103,341.70 | |
| EMPIRE COMMUNITIES CORPORATION SR A NT 20290501 9.750% | US | 95,000 | $96,828.75 | |
| ENDO FIN HLDGS INC SR SEC GLBL 20310415 8.500% | US | 95,000 | $100,704.75 | |
| ENOVA INTL INC SR GLBL 144A 29 9.125 20290801 | US | 100,000 | $104,750.00 | |
| ENTEGRIS INC SR GLBL A 20280415 4.375% | US | 105,000 | $103,504.80 | |
| EXCELERATE ENERGY LTD PARTNERS SR GLBL A 20300515 8.000% | US | 95,000 | $100,746.55 | |
| EZCORP INC SR GLBL A 20320401 7.375% | US | 100,000 | $105,716.00 | |
| FAIR ISAAC CORP SR GLBL A 20280615 4.000% | US | 105,000 | $102,368.70 | |
| FERRELLGAS L P FERRELLGAS SR GLBL A 20290401 5.875% | US | 110,000 | $107,376.50 | |
| FERTITTA ENTMT LLC FERTITTA SR SEC A NT 20290115 4.625% | US | 105,000 | $102,222.75 | |
| FIESTA PURCHASER INC SR SEC A NT 20310301 7.875% | US | 100,000 | $103,268.00 | |
| FIRST CASH INC SR GLBL A 20280901 4.625% | US | 105,000 | $103,233.90 | |
| FIVE POINT OPERATING COMPANY SR GLBL A 20301001 8.000% | US | 110,000 | $112,795.10 | |
| FLASH COMPUTE LLC 7.25 20301231 | US | 100,000 | $102,007.00 | |
| FORTRESS INTER INC SR SEC A NT 20310601 7.500% | US | 100,000 | $100,998.00 | |
| FULLER H B CO SR GLBL NT 20281015 4.250% | US | 105,000 | $102,771.90 | |
| GAP INC SR GLBL A 20291001 3.625% | US | 110,000 | $103,782.80 | |
| GARRETT MOTION HLDGS INC GARR SR GLBL A 20320531 7.750% | US | 95,000 | $99,185.70 | |
| GEN DIGITAL INC SR GLBL A 20270930 6.750% | US | 105,000 | $105,432.60 | |
| GEO GROUP INC SR GLBL NT 20310415 10.250% | US | 90,000 | $96,592.50 | |
| GGAM FIN LTD SR GLBL A 20280615 8.000% | US | 95,000 | $98,951.05 | |
| GLOBAL PARTNERS LP GLP FIN C SR GLBL A 20330701 7.125% | US | 100,000 | $102,484.00 | |
| GO DADDY OPER CO LLC GD FIN SR GLBL A 20290301 3.500% | US | 110,000 | $102,795.00 | |
| GOODYEAR TIRE n RUBR CO SR GLBL NT 20310715 5.250% | US | 110,000 | $99,986.70 | |
| GRAND CANYON UNIVERSITY GLBL B SNK 20281001 5.125% | US | 105,000 | $104,031.90 | |
| GRAPHIC PACKAGING INTL LLC SR GLBL A 20300201 3.750% | US | 110,000 | $102,740.00 | |
| GREYSTAR REAL ESTATE PRTN SR SEC A NT 20300901 7.750% | US | 100,000 | $104,178.00 | |
| GROUP AUTOMOTIVE INC SR GLBL A 20300115 6.375% | US | 100,000 | $101,625.00 | |
| HELIX ENERGY SOLUTIONS GRP INC SR GLBL 144A 29 9.75 20290301 | US | 95,000 | $99,778.50 | |
| HERC HLDGS INC SR GLBL A 20310315 5.750% | US | 105,000 | $105,252.00 | |
| HESS MIDSTREAM OPERATIONS LP SR A NT 20280301 5.875% | US | 100,000 | $100,983.00 | |
| HILCORP ENERGY I L P HILCORP SR GLBL A 20310201 6.000% | US | 105,000 | $103,771.50 | |
| HLF FING SARL LLC HERBALIFE SR GLBL A 20290601 4.875% | US | 100,000 | $94,031.00 | |
| HNI CORP 5.125% SNR NTS USD (144A) 5.125 20290118 | US | 97,000 | $97,915.68 | |
| HOWARD HUGHES HOLDINGS INC SR GLBL A 20290201 4.125% | US | 105,000 | $101,099.25 | |
| HOWARD MIDSTREAM ENERGY PARTNE SR A NT 20320715 7.375% | US | 100,000 | $104,276.00 | |
| HUNT COS INC SR SEC A NT 20290415 5.250% | US | 105,000 | $101,717.70 | |
| HUNTSMAN INTERNATIONAL LLC . 20290501 4.500% | US | 105,000 | $100,557.45 | |
| ICAHN ENTERPRISES LPCORP SR SEC GLBL NT 20270515 5.250% | US | 105,000 | $103,993.05 | |
| INGEVITY CORP SR GLBL A 20281101 3.875% | US | 100,000 | $96,463.00 | |
| INSIGHT ENTERPRISES INC SR GLBL A 20320515 6.625% | US | 110,000 | $109,107.90 | |
| JACOBS ENTMT INC SR A NT 20290215 6.750% | US | 105,000 | $102,900.00 | |
| JB POINDEXTER n CO INC SR A NT 20311215 8.750% | US | 95,000 | $98,442.80 | |
| JEFFERSON CAPITAL HOLDINGS LLC SR A NT 20300515 8.250% | US | 100,000 | $104,657.00 | |
| JONES DESLAURIERS INS MGMT INC SR SEC GLBL 20300315 8.500% | US | 100,000 | $103,081.00 | |
| K HOVNANIAN ENTERPRISES INC SR GLBL A 20310401 8.000% | US | 105,000 | $105,876.75 | |
| KB HOME SR GLBL NT 20300715 7.250% | US | 100,000 | $102,108.00 | |
| KBR INC SR GLBL A 20280930 4.750% | US | 105,000 | $103,301.10 | |
| KONTOOR BRANDS INC SR GLBL A 20291115 4.125% | US | 105,000 | $100,034.55 | |
| KRAKEN OIL n GAS PARTNERS LLC SR A NT 20290815 7.625% | US | 100,000 | $101,895.00 | |
| LEEWARD RENEWABLE ENERGY OPER SR A NT 20290701 4.250% | US | 110,000 | $105,244.70 | |
| LEVEL FING INC LIEN GLBL 20330630 6.875% | US | 100,000 | $103,203.00 | |
| LGI HOMES INC SR GLBL A 20290715 4.000% | US | 110,000 | $99,781.00 | |
| LITHIA MTRS INC SR GLBL A 20310115 4.375% | US | 105,000 | $99,727.95 | |
| LONG RIDGE ENERGY LLC SR SEC GLBL 20320215 8.750% | US | 110,000 | $117,569.10 | |
| MACYS RETAIL HLDGS LLC SR A NT 20320315 6.125% | US | 100,000 | $100,048.00 | |
| MANITOWOC CO INC SR SEC GLBL 20311001 9.250% | US | 110,000 | $117,613.10 | |
| MARRIOTT OWNERSHIP RESORTS INC SR GLBL A 20331001 6.500% | US | 105,000 | $100,962.75 | |
| MARTIN MIDSTREAM PARTNERS LP SR SEC GLBL 20280215 11.500% | US | 100,000 | $102,876.00 | |
| MASTERBRAND INC SR GLBL A 20320715 7.000% | US | 100,000 | $99,457.00 | |
| MATCH GROUP HOLDINGS II LLC GLBL A NT 20280601 4.625% | US | 105,000 | $103,649.70 | |
| MATTAMY GROUP CORP SR GLBL A 20300301 4.625% | US | 105,000 | $100,277.10 | |
| MAUSER PACKAGING SOLUTIONS LIEN A NT 20270415 7.875% | US | 100,000 | $100,000.00 | |
| MAUSER PACKAGING SOLUTIONS LIEN A NT 20300415 7.875% | US | 100,000 | $101,117.00 | |
| MCGRAW-HILL ED INC SR SEC A NT 20310901 7.375% | US | 100,000 | $103,323.00 | |
| METHANEX US OPERATIONS INC SR GLBL A 20320315 6.250% | US | 100,000 | $102,905.00 | |
| MGM RESORTS INTERNATIONAL SR GLBL NT. 20320415 6.500% | US | 100,000 | $101,265.00 | |
| MI HOMES INC SR NT . 20300215 3.950% | US | 110,000 | $104,561.60 | |
| MIDAS OPCO HLDGS LLC SR GLBL A 20290815 5.625% | US | 105,000 | $99,882.30 | |
| MILLROSE PPTYS INC SR GLBL A 20300801 6.375% | US | 100,000 | $101,276.00 | |
| MINERAL RES LTD SR A NT. 20300501 8.500% | US | 100,000 | $103,005.00 | |
| MINERALS TECHNOLOGIES INC SR GLBL A 20280701 5.000% | US | 105,000 | $104,371.05 | |
| MITER BRANDS ACQUISITION HOLDC LIEN A NT 20320401 6.750% | US | 100,000 | $98,844.00 | |
| MOHEGAN ESCROW ISSUER LLC SR SEC GLBL 20300415 8.250% | US | 100,000 | $104,100.00 | |
| MOLINA HEALTHCARE INC SR GLBL A 20280615 4.375% | US | 105,000 | $103,520.55 | |
| NABORS INDS INC SR 144A NT 32 7.625 20321115 | US | 100,000 | $104,343.00 | |
| NEW FLYER HLDGS INC LIEN GLBL 20300701 9.250% | US | 95,000 | $102,509.75 | |
| NEW HOME CO INC SR A NT 20291001 9.250% | US | 100,000 | $103,760.00 | |
| NEWELL BRANDS INC SR GLBL A 20280601 8.500% | US | 95,000 | $99,272.15 | |
| NEWMARK GROUP INC CR SEN SR GLBL 20290112 7.500% | US | 95,000 | $100,006.50 | |
| NGL ENERGY OPERATING LLC NGL SR SEC GLBL 20290215 8.125% | US | 100,000 | $103,658.00 | |
| NISSAN MTR ACCEP CO LLC FR . 20280915 2.450% | US | 115,000 | $106,237.00 | |
| NOBLE FIN II LLC SR GLBL A 20300415 8.000% | US | 100,000 | $104,007.00 | |
| NORDSTROM INC SR GLBL NT 20300401 4.375% | US | 110,000 | $104,529.70 | |
| NORTHRIVER MIDSTREAM FINANCE L SR SEC A NT 20320715 6.750% | US | 100,000 | $102,388.00 | |
| NOVELIS CORP SR GLBL A 20300130 4.750% | US | 105,000 | $100,587.90 | |
| NUSTAR LOGISTICS L P SR NT . 20270428 5.625% | US | 100,000 | $100,357.00 | |
| OCEANEERING INTL INC SR GLBL NT 20280201 6.000% | US | 100,000 | $100,700.00 | |
| OI EUROPEAN GROUP BV SR GLBL A 20300215 4.750% | NL | 100,000 | $92,847.00 | |
| OLIN CORP SR GLBL NT 20300201 5.000% | US | 105,000 | $101,764.95 | |
| ONEMAIN FIN CORP SR GLBL NT 20280915 3.875% | US | 105,000 | $101,533.95 | |
| ONESKY FLIGHT LLC SR A NT 20291215 8.875% | US | 100,000 | $105,614.00 | |
| ONTARIO GAMING GTA LTD PARTNER SR SEC A NT 20300801 8.000% | US | 100,000 | $98,825.00 | |
| OPEN TEXT CORP SR GLBL A 20280215 3.875% | US | 105,000 | $101,594.85 | |
| PARAMOUNT GLOBAL SR GLBL NT. 20280601 3.700% | US | 105,000 | $101,688.30 | |
| PARK INTER HLDGS LLC PK DOME SR GLBL A 20300201 7.000% | US | 100,000 | $102,093.00 | |
| PARK OHIO INDS INC-OHIO SR SEC GLBL 20300801 8.500% | US | 100,000 | $104,081.00 | |
| PBF HLDG CO LLC PBF FIN CORP SR GLBL NT 20280215 6.000% | US | 105,000 | $104,908.65 | |
| PENNYMAC FINL SVCS INC NEW SR GLBL A 20340215 6.750% | US | 100,000 | $96,783.00 | |
| PERRIGO FINANCE UNLIMITED COMP SR GLBL NT 20320930 6.125% | US | 105,000 | $98,801.85 | |
| PHINIA INC SR SEC GLBL 20290415 6.750% | US | 100,000 | $102,354.00 | |
| PHOENIX AVIATION CAP LTD SR A NT 20300715 9.250% | US | 95,000 | $96,953.20 | |
| PITNEY BOWES INC SR GLBL A 20290315 7.250% | US | 105,000 | $105,596.40 | |
| POPULAR INC SR GLBL NT 20280313 7.250% | US | 100,000 | $103,607.00 | |
| PRECISION DRILLING CORP SR GLBL A 20290115 6.875% | CA | 105,000 | $105,948.15 | |
| PRIME HEALTHCARE SVCS INC SR SEC A NT 20290901 9.375% | US | 100,000 | $103,697.00 | |
| PROG HOLDINGS INC SR GLBL A 20291115 6.000% | US | 105,000 | $102,592.35 | |
| PROVIDENT FDG ASSOCIATES LP SR A NT 20290915 9.750% | US | 95,000 | $98,932.05 | |
| PTC INC SR GLBL A 20280215 4.000% | US | 105,000 | $102,502.05 | |
| QUICKEN LNS LLCQUICKEN LNS CO SR GLBL A 20290301 3.625% | US | 105,000 | $100,775.85 | |
| RADIOLOGY PARTNERS INC LIEN A NT 20320715 8.500% | US | 100,000 | $99,428.00 | |
| RAILWORKS HLDGS LP RAILWORKS SR SEC A NT 20281115 8.250% | US | 100,000 | $100,216.00 | |
| RAND PARENT LLC LIEN A NT 20300215 8.500% | US | 100,000 | $103,875.00 | |
| RB GLOBAL HOLDINGS INC SR SEC GLBL 20280315 6.750% | US | 100,000 | $101,356.00 | |
| RESIDEO FDG INC SR GLBL A 20320715 6.500% | US | 105,000 | $105,966.00 | |
| RINGCENTRAL INC SR GLBL A 20300815 8.500% | US | 95,000 | $99,771.85 | |
| RITHM CAPITAL CORP SR GLBL A 20300715 8.000% | US | 100,000 | $100,073.00 | |
| RIVERS ENT BOR LLCFIN CORP SR SEC GLBL 20330201 6.625% | US | 105,000 | $107,209.20 | |
| RIVERS ENTERPRISE LENDER LLC LIEN GLBL 20301015 6.250% | US | 105,000 | $106,813.35 | |
| RLJ LODGING TR SR SEC GLBL 20290915 4.000% | US | 110,000 | $103,939.00 | |
| ROCKIES EXPRESS PIPELINE LLC SR GLBL A 20300515 4.800% | US | 105,000 | $102,315.15 | |
| ROGERS COMMUNICATIONS INC SUB GLBL NT 20550415 7.000% | US | 100,000 | $102,069.00 | |
| SATURN OIL AND GAS INC 2LIEN SNK 144A29 9.625 20290615 | US | 95,000 | $99,619.85 | |
| SCRIPPS ESCROW II INC LIEN GLBL 20290115 3.875% | US | 115,000 | $108,967.10 | |
| SELECT MEDICAL CORP SR GLBL A 20321201 6.250% | US | 105,000 | $101,958.15 | |
| SESI L L C SR SEC A NT 20300930 7.875% | US | 100,000 | $103,264.00 | |
| SHIFT PMTS LLC SHIFT PMTS SR GLBL A 20320815 6.750% | US | 100,000 | $99,802.00 | |
| SIRIUS XM RADIO INC SR GLBL A 20280715 4.000% | US | 105,000 | $101,966.55 | |
| SM ENERGY COMPANY SR GLBL A 20290801 6.750% | US | 100,000 | $102,580.00 | |
| SMYRNA READY MIX LLC SR SEC GLBL 20281101 6.000% | US | 100,000 | $99,918.00 | |
| SNAP INC SR GLBL A 20340315 6.875% | US | 100,000 | $96,787.00 | |
| SONIC AUTOMOTIVE INC SR GLBL A 20311115 4.875% | US | 105,000 | $100,954.35 | |
| STANDARD BLDG SOLUTIONS INC SR GLBL A 20300715 4.375% | US | 105,000 | $100,251.90 | |
| STAR PARENT INC SR SEC A NT 20301001 9.000% | US | 95,000 | $99,517.25 | |
| STARWOOD PPTY TR INC SR GLBL A 20281015 5.250% | US | 100,000 | $99,522.00 | |
| STERIGENICS-NORDION HLDGS LLC SR SEC A NT 20310601 7.375% | US | 95,000 | $98,746.80 | |
| STONEMOR INC SR SEC GLBL 20290515 8.500% | US | 105,000 | $103,625.55 | |
| STONEPEAK NILE PARENT LLC SR SEC A NT 20320315 7.250% | US | 95,000 | $99,399.45 | |
| STONEX ESCROW ISSUER LLC SR SEC GLBL 20320715 6.875% | US | 100,000 | $103,395.00 | |
| SUBURBAN PROPANE PARTNERS L P SR GLBL A 20351215 6.500% | US | 105,000 | $104,150.55 | |
| SUPERIOR PLUS LP SUPERIOR GE SR GLBL A 20290315 4.500% | US | 105,000 | $101,814.30 | |
| SV RNO PPTY OWNER LLC SR SEC A 20310301 5.875% | US | 100,000 | $98,115.00 | |
| TALOS PRODTN INC LIEN GLBL 20290201 9.000% | US | 100,000 | $104,323.00 | |
| TAYLOR MORRISON CMNTYS INC SR GLBL A 20280115 5.750% | US | 100,000 | $100,903.00 | |
| TELEFLEX INCORPORATED SR GLBL A 20280601 4.250% | US | 105,000 | $103,475.40 | |
| TERRAFORM PWR OPER LLC SR GLBL A 20280131 5.000% | US | 105,000 | $103,976.25 | |
| TIDEWATER INC NEW SR GLBL A 20300715 9.125% | US | 95,000 | $102,267.50 | |
| TMS INTL CORP SR A NT 20290415 6.250% | US | 105,000 | $102,483.15 | |
| TRAVEL PLUS LEISURE CO LIEN GLBL 20300301 4.625% | US | 105,000 | $101,295.60 | |
| TRUENOORD CAPITAL DAC SR GLBL A 20300301 8.750% | US | 95,000 | $96,862.95 | |
| TURNING PT BRANDS INC SR SEC A NT 20320315 7.625% | US | 95,000 | $97,874.70 | |
| UKG INC SR SEC A NT 20310201 6.875% | US | 105,000 | $102,197.55 | |
| UNDER ARMOUR INC SR GLBL A 20300715 7.250% | US | 100,000 | $101,871.00 | |
| UNITED AIRLS HLDGS INC 4.875 20290301 | US | 105,000 | $103,431.30 | |
| UNITED WHOLESALE MORTGAGE LLC SR GLBL A 20270615 5.750% | US | 105,000 | $104,563.20 | |
| UNIVISION COMMUNICATIONS INC SR SEC A NT 20310731 8.500% | US | 100,000 | $101,490.00 | |
| UPBOUND GROUP INC SR GLBL A 20290215 6.375% | US | 105,000 | $103,758.90 | |
| US DOLLARS | US | USD | 632,250.77 | $632,250.77 |
| V F CORP SR GLBL NT 20300423 2.950% | US | 120,000 | $108,877.20 | |
| VENTURE GLOBAL CALCASIEU PASS SR SEC A NT 20300115 6.250% | US | 95,000 | $97,774.00 | |
| VERDE PURCHASER LLC SR SEC A NT 20301130 10.500% | US | 115,000 | $121,184.70 | |
| VERSANT MEDIA GROUP INC SR SEC A NT 20310130 7.250% | US | 100,000 | $103,826.00 | |
| VFH PARENT LLC n VALOR CO-ISSU LIEN A NT 20310615 7.500% | US | 100,000 | $105,015.00 | |
| VIASAT INC LIEN GLBL 20270415 5.625% | US | 100,000 | $99,760.00 | |
| VICTRA HLDGS LLC VICTRA FIN SR SEC GLBL 20290915 8.750% | US | 100,000 | $104,708.00 | |
| VISTAJET MALTA FIN P L C X SR A NT 20300201 6.375% | US | 105,000 | $98,329.35 | |
| VOLTAGRID LLC LIEN A NT 20301101 7.375% | US | 100,000 | $103,792.00 | |
| VORNADO RLTY L P GLBL NT . 20310601 3.400% | US | 115,000 | $104,518.90 | |
| VT TOPCO INC SR SEC A NT 20300815 8.500% | US | 100,000 | $102,385.00 | |
| W. R. GRACE HOLDINGS LLC SR SEC A NT 20320815 6.625% | US | 105,000 | $104,220.90 | |
| WABASH NATL CORP SR GLBL A 20281015 4.500% | US | 95,000 | $83,843.20 | |
| WALKER n DUNLOP INC SR GLBL A 20330401 6.625% | US | 105,000 | $104,418.30 | |
| WARNERMEDIA HLDGS INC SR GLBL NT 20320315 4.279% | US | 110,000 | $99,630.30 | |
| WAYFAIR LLC SR SEC GLBL 20300915 7.750% | US | 100,000 | $103,758.00 | |
| WBI OPER LLC SR GLBL A 20301015 6.250% | US | 105,000 | $106,460.55 | |
| WEEKLEY HOMES LLC FIN CORP SR GLBL A 20280915 4.875% | US | 105,000 | $102,661.65 | |
| WEX INC SR GLBL A 20330315 6.500% | US | 100,000 | $99,602.00 | |
| WHIRLPOOL CORP SR GLBL NT. 20310515 2.400% | US | 120,000 | $97,057.20 | |
| WILDFIRE INTER HLDGS LLC SR A NT. 20291015 7.500% | US | 100,000 | $102,921.00 | |
| WILLIAM CARTER CO SR GLBL A 20310215 7.375% | US | 100,000 | $102,796.00 | |
| WILTON RE LIMITED PERP SUB GLBL 00000000 6.000% | US | 100,000 | $96,680.00 | |
| WINDSOR HLDGS III LLC SR SEC A NT 20300615 8.500% | US | 100,000 | $104,389.00 | |
| WINDSTREAM SVCS LLC WINDSTRE M A NT 20311001 8.250% | US | 110,000 | $116,347.00 | |
| WULF COMPUTE LLC LIEN AMZ A 20301015 7.750% | US | 95,000 | $99,845.00 | |
| WYNN LAS VEGAS LLC WYNN SR GLBL A 20270515 5.250% | US | 100,000 | $100,090.00 | |
| WYNN RESORTS FIN LLC WYNN RE SR A NT 20310215 7.125% | US | 100,000 | $105,840.00 | |
| XPLR INFRASTRUCTURE SR GLBL A 20270915 4.500% | US | 105,000 | $104,228.25 | |
| XPO INC SR DEB . 20340501 6.700% | US | 95,000 | $99,965.65 |
Investments will change over time.
Distributions
A Word About Risk
All investments involve risks, including possible loss of principal. There is an inverse relationship between bond prices and interest rates; as interest rates rise, bond prices (and therefore the value of bond funds) fall. Likewise, as interest rates fall, bond prices and the value of bond funds rise. Investments in higher-yielding, lower-rated securities involve additional risks, including a higher risk of default and loss of principal. Investments in derivatives can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. Also, the use of leverage increases exposure to the market and may magnify potential losses.