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
$9.96
Daily $ Change
-$0.03
Daily % Change
-0.30%
as of 03/06/2026
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
YTD
0.67%
1 Year
---
3 Year
---
5 Year
---
10 Year
---
Inception
(09/15/2025)
2.55%
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 | 1.27% |
| Net | 0.60%* |
*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% | 0.45% |
| MANITOWOC CO INC SR SEC GLBL 20311001 9.250% | 0.44% |
| LONG RIDGE ENERGY LLC SR SEC GLBL 20320215 8.750% | 0.43% |
| WINDSTREAM SVCS LLC WINDSTRE M A NT 20311001 8.250% | 0.43% |
| ADIENT GLOBAL HLDGS LTD SR GLBL A 20330215 7.500% | 0.42% |
| FIVE POINT OPERATING COMPANY SR GLBL A 20301001 8.000% | 0.42% |
| SLM CORP SR GLBL NT. 20300131 6.500% | 0.41% |
| INSIGHT ENTERPRISES INC SR GLBL A 20320515 6.625% | 0.41% |
| V F CORP SR GLBL NT 20300423 2.950% | 0.41% |
| XHR LP SR GLBL A 20300515 6.625% | 0.40% |
Top Ten Investments list is unaudited and excludes cash
| Corporate Credit | 96.40% | |
| Cash and Equivalents | 3.22% | |
| US Agency | 0.37% |
| B | 52.71% | |
| BB | 44.28% | |
| CCC | 2.26% | |
| BBB | 0.38% | |
| NR | 0.36% |
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 | $106,187.55 | |
| ACADIA HEALTHCARE COMPANY INC SR GLBL A 20330315 7.375% | US | 95,000 | $98,073.25 | |
| ADAMS HOMES INC SR A NT 20281015 9.250% | US | 100,000 | $103,745.00 | |
| ADAPTHEALTH LLC SR GLBL A 20290801 4.625% | US | 110,000 | $105,543.90 | |
| ADIENT GLOBAL HLDGS LTD SR GLBL A 20330215 7.500% | US | 110,000 | $115,446.10 | |
| ADTALEM GLOBAL ED INC LIEN GLBL 20280301 5.500% | US | 105,000 | $105,000.00 | |
| ADVANCE AUTO PARTS INC SR GLBL A 20300801 7.000% | US | 100,000 | $102,588.00 | |
| ALLEGIANT TRAVEL CO SR SEC GLBL 20270815 7.250% | US | 76,000 | $76,705.28 | |
| AMERICAN AXLE n MFG INC SR GLBL NT 20291001 5.000% | US | 100,000 | $97,695.00 | |
| AMERIGAS PARTNERS L P SR GLBL A 20280601 9.375% | US | 100,000 | $103,359.00 | |
| AMERITEX HOLDCO INTER LLC LIEN GLBL 20330815 7.625% | US | 100,000 | $104,702.00 | |
| AMN HEALTHCARE INC SR GLBL A 20290415 4.000% | US | 110,000 | $104,765.10 | |
| ANGI GROUP LLC SR GLBL A 20280815 3.875% | US | 110,000 | $98,726.10 | |
| APH SOM APHAPH SR A NT 20291101 7.875% | US | 100,000 | $96,882.00 | |
| ARDAGH GROUP S A LIEN A NT 20301201 9.500% | US | 95,000 | $102,877.40 | |
| ASBURY AUTOMOTIVE GROUP INC SR GLBL A 20320215 5.000% | US | 105,000 | $102,114.60 | |
| ASCENT RES UTICA HLDGS LLC A SR A NT 20330715 6.625% | US | 100,000 | $103,769.00 | |
| ASGN INC SR GLBL A 20280515 4.625% | US | 105,000 | $101,818.50 | |
| ASHTON WOODS USA LLC ASHTON SR A NT 20300401 4.625% | US | 110,000 | $105,073.10 | |
| ATKORE INC SR GLBL A 20310601 4.250% | US | 110,000 | $105,504.30 | |
| ATS CORPORATION GLBL A NT 20281215 4.125% | US | 105,000 | $102,596.55 | |
| AVANTOR FDG INC SR GLBL A 20280715 4.625% | US | 105,000 | $104,042.40 | |
| AVIS BUDGET CAR RENT LLC AVIS SR GLBL A 20280401 4.750% | US | 105,000 | $102,597.60 | |
| AZORRA FIN LTD SR GLBL A 20310115 7.250% | US | 100,000 | $104,369.00 | |
| BEACON ROOFING SUPPLY LIEN GLBL 20320430 6.750% | US | 100,000 | $103,572.00 | |
| BEAZER HOMES USA INC SR GLBL A 20310315 7.500% | US | 105,000 | $108,031.35 | |
| BELLRING BRANDS INC SR A NT 20300315 7.000% | US | 100,000 | $102,007.00 | |
| BLACKSTONE MORTGAGE TRUST INC SR SEC GLBL 20291201 7.750% | US | 100,000 | $106,593.00 | |
| BLOCK INC SR GLBL A 20300815 5.625% | US | 100,000 | $101,311.00 | |
| BLOOMIN BRANDS INC OSI RESTA SR GLBL A 20290415 5.125% | US | 115,000 | $101,516.25 | |
| BLUELINX HLDGS INC SR SEC GLBL 20291115 6.000% | US | 100,000 | $98,619.00 | |
| BRANDYWINE OPER PARTNERSHIP L CR SEN GLBL NT 20280315 7.550% | US | 95,000 | $100,253.50 | |
| BREAD FINANCIAL HOLDINGS INC SR GLBL A 20310515 6.750% | US | 105,000 | $106,978.20 | |
| BROOKFIELD PPTY REIT INC BPR SR SEC GLBL 20270401 4.500% | US | 105,000 | $103,608.75 | |
| BROOKFIELD RESIDENTIAL PPTYS SR GLBL A 20300215 4.875% | US | 95,000 | $89,291.45 | |
| BRUNDAGE-BONE CONCRETE PUMPING SR SEC GLBL 20320201 7.500% | US | 100,000 | $101,867.00 | |
| BUILDERS FIRSTSOURCE INC SR GLBL A 20350515 6.750% | US | 95,000 | $99,139.15 | |
| CAESARS ENTERTAINMENT INC NEW LIEN A NT 20320215 6.500% | US | 100,000 | $101,620.00 | |
| CARNIVAL CORP SR A NT 20320801 5.750% | US | 100,000 | $103,780.00 | |
| CARS COM INC SR GLBL A 20281101 6.375% | US | 105,000 | $102,800.25 | |
| CASCADES INC SR GLBL A 20300715 6.750% | US | 105,000 | $107,625.00 | |
| CCO HLDGS LLC CCO HLDGS CAP SR GLBL A 20300815 4.500% | US | 110,000 | $104,921.30 | |
| CELANESE US HLDGS LLC CR SEN SR GLBL 20301115 6.550% | US | 100,000 | $106,619.00 | |
| CENTRAL GARDEN n PET CO SR GLBL A 20310430 4.125% | US | 110,000 | $105,001.60 | |
| CENTURY COMMUNITIES INC SR GLBL A 20290815 3.875% | US | 110,000 | $104,870.70 | |
| CHAMPION IRON CDA INC SR A NT 20320715 7.875% | US | 100,000 | $106,359.00 | |
| CHARLES RIV LABS INTL INC SR GLBL A 20280501 4.250% | US | 105,000 | $103,603.50 | |
| CHEMOURS CO SR GLBL A 20281115 5.750% | US | 105,000 | $105,610.05 | |
| CHURCHILL DOWNS INC SR GLBL A 20270401 5.500% | US | 105,000 | $105,051.45 | |
| CIPHER COMPUTE LLC SR SEC GLBL 20301115 7.125% | US | 100,000 | $104,234.00 | |
| CITGO PETE CORP SR SEC A NT 20290115 8.375% | US | 100,000 | $103,697.00 | |
| CLEVELAND-CLIFFS INC NEW SR GLBL A 20310301 4.875% | US | 110,000 | $104,361.40 | |
| CLUE OPCO LLC LIEN A NT 20311015 9.500% | US | 100,000 | $103,555.00 | |
| CLYDESDALE ACQUISITION HLDGS SR SEC A NT 20320415 6.750% | US | 100,000 | $100,755.00 | |
| CNX MIDSTREAM PARTNERS LP SR GLBL A 20300415 4.750% | US | 110,000 | $107,279.70 | |
| COINBASE GLOBAL INC SR GLBL A 20281001 3.375% | US | 110,000 | $104,921.30 | |
| COINBASE GLOBAL INC SR GLBL A 20311001 3.625% | US | 115,000 | $100,518.05 | |
| COMMUNITY HEALTH SYS INC NEW LIEN GLBL 20300515 5.250% | US | 110,000 | $105,691.30 | |
| CONSENSUS CLOUD SOLUTIONS INC SR GLBL A 20281015 6.500% | US | 105,000 | $104,221.95 | |
| CP ATLAS BUYER INC. LIEN A NT 20300715 9.750% | US | 100,000 | $100,095.00 | |
| CPI CG INCORPORATED SR SEC GLBL 20290715 10.000% | US | 100,000 | $105,647.00 | |
| CREDIT ACCEP CORP MICH SR GLBL A 20300315 6.625% | US | 100,000 | $99,479.00 | |
| CROCS INC SR GLBL A 20310815 4.125% | US | 110,000 | $102,575.00 | |
| CROSSCOUNTRY INTER HOLDCO LLC SR A NT. 20301001 6.500% | US | 105,000 | $104,583.15 | |
| CVR ENERGY INC SR GLBL A 20280215 5.750% | US | 47,000 | $46,915.40 | |
| CVR PARTNERS LPCVR NITROGEN SR SEC GLBL 20280615 6.125% | US | 105,000 | $104,720.70 | |
| DAVITA INC SR GLBL A 20300601 4.625% | US | 105,000 | $102,787.65 | |
| DELUXE CORP MEDIUM TERM NTS SR SEC GLBL 20290915 8.125% | US | 100,000 | $104,892.00 | |
| DIVERSIFIED HEALTHCARE TR SR GLBL NT 20310301 4.375% | US | 115,000 | $104,020.95 | |
| DREAM FINDERS HOMES INC SR GLBL A 20280815 8.250% | US | 100,000 | $103,298.00 | |
| EDGEWELL PERSONAL CARE CO SR GLBL A 20290401 4.125% | US | 105,000 | $101,320.80 | |
| ELASTIC N V SR GLBL A 20290715 4.125% | NL | 110,000 | $103,925.80 | |
| EMBECTA CORP SR SEC A NT 20300215 5.000% | US | 110,000 | $103,387.90 | |
| EMPIRE COMMUNITIES CORPORATION SR A NT 20290501 9.750% | US | 95,000 | $98,108.40 | |
| ENDO FIN HLDGS INC SR SEC GLBL 20310415 8.500% | US | 95,000 | $100,965.05 | |
| ENTEGRIS INC SR GLBL A 20280415 4.375% | US | 105,000 | $104,102.25 | |
| EXCELERATE ENERGY LTD PARTNERS SR GLBL A 20300515 8.000% | US | 95,000 | $100,702.85 | |
| EZCORP INC SR GLBL A 20320401 7.375% | US | 100,000 | $107,094.00 | |
| FAIR ISAAC CORP SR GLBL A 20280615 4.000% | US | 105,000 | $102,796.05 | |
| FERRELLGAS L P FERRELLGAS SR GLBL A 20290401 5.875% | US | 110,000 | $106,338.10 | |
| FERTITTA ENTMT LLC FERTITTA SR SEC A NT 20290115 4.625% | US | 105,000 | $102,098.85 | |
| FIESTA PURCHASER INC SR SEC A NT 20310301 7.875% | US | 100,000 | $103,004.00 | |
| FIVE POINT OPERATING COMPANY SR GLBL A 20301001 8.000% | US | 110,000 | $113,911.60 | |
| FORTRESS INTER INC SR SEC A NT 20310601 7.500% | US | 100,000 | $97,766.00 | |
| FREEDOM MTG HLDGS LLC SR A NT 20290201 9.250% | US | 100,000 | $104,448.00 | |
| FULLER H B CO SR GLBL NT 20270215 4.000% | US | 105,000 | $103,791.45 | |
| GAP INC SR GLBL A 20291001 3.625% | US | 110,000 | $104,637.50 | |
| GARDA WORLD SECURITY CORP LIEN GLBL 20310115 6.500% | CA | 100,000 | $102,736.00 | |
| GARRETT MOTION HLDGS INC GARR SR GLBL A 20320531 7.750% | US | 95,000 | $100,397.90 | |
| GEN DIGITAL INC SR GLBL A 20270930 6.750% | US | 105,000 | $105,799.05 | |
| GEO GROUP INC SR GLBL NT 20310415 10.250% | US | 90,000 | $96,635.70 | |
| GGAM FIN LTD SR GLBL A 20280615 8.000% | US | 95,000 | $99,877.30 | |
| GLOBAL PARTNERS LP GLP FIN C SR GLBL A 20330701 7.125% | US | 100,000 | $103,466.00 | |
| GO DADDY OPER CO LLC GD FIN SR GLBL A 20290301 3.500% | US | 110,000 | $102,908.30 | |
| GOODYEAR TIRE n RUBR CO SR GLBL NT 20310715 5.250% | US | 110,000 | $104,951.00 | |
| GRAND CANYON UNIVERSITY GLBL B SNK 20281001 5.125% | US | 105,000 | $105,323.40 | |
| GRAPHIC PACKAGING INTL LLC SR GLBL A 20300201 3.750% | US | 110,000 | $104,069.90 | |
| GROUP AUTOMOTIVE INC SR GLBL A 20300115 6.375% | US | 100,000 | $102,509.00 | |
| HERC HLDGS INC SR GLBL A 20310315 5.750% | US | 105,000 | $106,440.60 | |
| HESS MIDSTREAM OPERATIONS LP SR A NT 20280301 5.875% | US | 100,000 | $101,659.00 | |
| HILTON GRAND VACATIONS BORROWE SR SEC GLBL 20290601 5.000% | US | 105,000 | $102,475.80 | |
| HLF FING SARL LLC HERBALIFE SR GLBL A 20290601 4.875% | US | 100,000 | $95,803.00 | |
| HNI CORP 5.125% SNR NTS USD (144A) 5.125 20290118 | US | 97,000 | $97,000.00 | |
| HOWARD HUGHES HOLDINGS INC SR GLBL A 20290201 4.125% | US | 105,000 | $101,666.25 | |
| HOWARD MIDSTREAM ENERGY PARTNE SR A NT 20320715 7.375% | US | 100,000 | $105,532.00 | |
| HUDSON PAC PPTYS L P SR GLBL NT 20271101 3.950% | US | 105,000 | $99,850.80 | |
| HUNT COS INC SR SEC A NT 20290415 5.250% | US | 105,000 | $100,150.05 | |
| ICAHN ENTERPRISES LPCORP SR SEC GLBL NT 20270515 5.250% | US | 105,000 | $103,419.75 | |
| INGEVITY CORP SR GLBL A 20281101 3.875% | US | 100,000 | $97,506.00 | |
| INSIGHT ENTERPRISES INC SR GLBL A 20320515 6.625% | US | 110,000 | $110,275.00 | |
| IRON MTN INC DEL SR GLBL A 20300715 5.250% | US | 105,000 | $104,473.95 | |
| JACOBS ENTMT INC SR A NT 20290215 6.750% | US | 105,000 | $103,217.10 | |
| JB POINDEXTER n CO INC SR A NT 20311215 8.750% | US | 95,000 | $98,359.20 | |
| JEFFERSON CAPITAL HOLDINGS LLC SR A NT 20300515 8.250% | US | 100,000 | $104,769.00 | |
| K HOVNANIAN ENTERPRISES INC SR GLBL A 20310401 8.000% | US | 105,000 | $107,990.40 | |
| KBR INC SR GLBL A 20280930 4.750% | US | 105,000 | $103,629.75 | |
| KENNEDY WILSON INC SR GLBL NT 20300201 4.750% | US | 110,000 | $106,691.20 | |
| KNIFE RIVER CORP SR A NT 20310501 7.750% | US | 100,000 | $104,253.00 | |
| KOHLS CORP SR SEC GLBL 20300601 10.000% | US | 95,000 | $103,418.90 | |
| KONTOOR BRANDS INC SR GLBL A 20291115 4.125% | US | 105,000 | $100,050.30 | |
| LBM ACQUISITION LLC LIEN GLBL 20310615 9.500% | US | 95,000 | $88,606.50 | |
| LEEWARD RENEWABLE ENERGY OPER SR A NT 20290701 4.250% | US | 110,000 | $103,702.50 | |
| LEVEL FING INC LIEN GLBL 20330630 6.875% | US | 100,000 | $103,568.00 | |
| LGI HOMES INC SR GLBL A 20290715 4.000% | US | 110,000 | $102,193.30 | |
| LITHIA MTRS INC SR GLBL A 20310115 4.375% | US | 105,000 | $100,993.20 | |
| LONG RIDGE ENERGY LLC SR SEC GLBL 20320215 8.750% | US | 110,000 | $118,055.30 | |
| LSB INDS INC SR SEC GLBL 20281015 6.250% | US | 105,000 | $105,549.15 | |
| MACYS RETAIL HLDGS LLC SR A NT 20320315 6.125% | US | 100,000 | $100,726.00 | |
| MAGNOLIA OIL n GAS OPER LLC SR GLBL A 20321201 6.875% | US | 100,000 | $104,526.00 | |
| MANITOWOC CO INC SR SEC GLBL 20311001 9.250% | US | 110,000 | $119,572.20 | |
| MARRIOTT OWNERSHIP RESORTS INC SR GLBL A 20331001 6.500% | US | 105,000 | $101,811.15 | |
| MASTERBRAND INC SR GLBL A 20320715 7.000% | US | 100,000 | $100,643.00 | |
| MATADOR RES CO SR GLBL A 20320415 6.500% | US | 100,000 | $102,126.00 | |
| MATCH GROUP HOLDINGS II LLC GLBL A NT 20280601 4.625% | US | 105,000 | $103,727.40 | |
| MAUSER PACKAGING SOLUTIONS LIEN A NT 20270415 7.875% | US | 100,000 | $97,000.00 | |
| MAUSER PACKAGING SOLUTIONS LIEN A NT 20300415 7.875% | US | 100,000 | $102,375.00 | |
| MCGRAW-HILL ED INC SR SEC A NT 20310901 7.375% | US | 100,000 | $102,184.00 | |
| METHANEX US OPERATIONS INC SR GLBL A 20320315 6.250% | US | 100,000 | $103,500.00 | |
| MGM RESORTS INTERNATIONAL SR GLBL NT. 20320415 6.500% | US | 100,000 | $102,644.00 | |
| MI HOMES INC SR NT . 20300215 3.950% | US | 110,000 | $105,944.30 | |
| MIDAS OPCO HLDGS LLC SR GLBL A 20290815 5.625% | US | 105,000 | $96,782.70 | |
| MILLROSE PPTYS INC SR GLBL A 20300801 6.375% | US | 100,000 | $102,590.00 | |
| MINERAL RES LTD SR A NT 20271101 8.000% | US | 100,000 | $102,197.00 | |
| MINERALS TECHNOLOGIES INC SR GLBL A 20280701 5.000% | US | 105,000 | $104,606.25 | |
| MITER BRANDS ACQUISITION HOLDC LIEN A NT 20320401 6.750% | US | 100,000 | $100,830.00 | |
| MOHEGAN ESCROW ISSUER LLC SR SEC GLBL 20300415 8.250% | US | 100,000 | $104,206.00 | |
| MOLINA HEALTHCARE INC SR GLBL A 20280615 4.375% | US | 105,000 | $103,171.95 | |
| MURPHY OIL USA INC SR GLBL NT 20270501 5.625% | US | 105,000 | $104,904.45 | |
| NAVIENT CORPORATION SR GLBL NT 20280315 4.875% | US | 105,000 | $100,310.70 | |
| NCR ATLEOS CORPORATION LIEN A NT 20290401 9.500% | US | 95,000 | $102,020.50 | |
| NEW FLYER HLDGS INC LIEN GLBL 20300701 9.250% | US | 95,000 | $102,544.90 | |
| NEW HOME CO INC SR A NT 20291001 9.250% | US | 100,000 | $105,316.00 | |
| NEWELL BRANDS INC SR GLBL A 20280601 8.500% | US | 95,000 | $99,997.00 | |
| NEWMARK GROUP INC CR SEN SR GLBL 20290112 7.500% | US | 95,000 | $100,462.50 | |
| NISSAN MTR ACCEP CO LLC FR . 20280915 2.450% | US | 115,000 | $107,590.55 | |
| NOBLE FIN II LLC SR GLBL A 20300415 8.000% | US | 100,000 | $104,082.00 | |
| NORDSTROM INC SR GLBL NT 20270315 4.000% | US | 105,000 | $104,161.05 | |
| NORTHRIVER MIDSTREAM FINANCE L SR SEC A NT 20320715 6.750% | US | 100,000 | $102,829.00 | |
| NOVELIS CORP SR GLBL A 20300130 4.750% | US | 105,000 | $101,756.55 | |
| NRG ENERGY INC SR GLBL A 20290715 5.750% | US | 105,000 | $105,181.65 | |
| NUSTAR LOGISTICS L P SR NT . 20270428 5.625% | US | 100,000 | $100,957.00 | |
| OCEANEERING INTL INC SR GLBL NT 20280201 6.000% | US | 100,000 | $101,746.00 | |
| OI EUROPEAN GROUP BV SR GLBL A 20300215 4.750% | NL | 100,000 | $96,334.00 | |
| OLIN CORP SR GLBL NT 20300201 5.000% | US | 105,000 | $102,109.35 | |
| ONEMAIN FIN CORP SR GLBL NT 20280915 3.875% | US | 105,000 | $101,601.15 | |
| ONTARIO GAMING GTA LTD PARTNER SR SEC A NT 20300801 8.000% | US | 100,000 | $96,661.00 | |
| OPEN TEXT CORP SR GLBL A 20280215 3.875% | US | 105,000 | $100,090.20 | |
| OXFORD FINANCE LLC OXFORD FI SR A NT 20270201 6.375% | US | 105,000 | $104,200.95 | |
| PARK INTER HLDGS LLC PK DOME SR GLBL A 20300201 7.000% | US | 100,000 | $103,537.00 | |
| PARK OHIO INDS INC-OHIO SR SEC GLBL 20300801 8.500% | US | 100,000 | $103,823.00 | |
| PAYSAFE FIN PLC PAYSAFE HLDG SR SEC A NT 20290615 4.000% | GB | 95,000 | $79,507.40 | |
| PBF HLDG CO LLC PBF FIN CORP SR GLBL NT 20280215 6.000% | US | 105,000 | $104,562.15 | |
| PENNYMAC FINL SVCS INC NEW SR GLBL A 20340215 6.750% | US | 100,000 | $98,866.00 | |
| PERRIGO FINANCE UNLIMITED COMP SR GLBL NT 20320930 6.125% | US | 105,000 | $102,740.40 | |
| PGnE CORP LIEN GLBL NT 20300701 5.250% | US | 105,000 | $105,087.15 | |
| PHINIA INC SR SEC GLBL 20290415 6.750% | US | 100,000 | $103,354.00 | |
| PHOENIX AVIATION CAP LTD SR A NT 20300715 9.250% | US | 95,000 | $99,506.80 | |
| PITNEY BOWES INC SR GLBL A 20290315 7.250% | US | 105,000 | $104,714.40 | |
| POPULAR INC SR GLBL NT 20280313 7.250% | US | 100,000 | $104,379.00 | |
| PRECISION DRILLING CORP SR GLBL A 20290115 6.875% | CA | 105,000 | $106,361.85 | |
| PRIME HEALTHCARE SVCS INC SR SEC A NT 20290901 9.375% | US | 100,000 | $104,453.00 | |
| PROG HOLDINGS INC SR GLBL A 20291115 6.000% | US | 105,000 | $103,091.10 | |
| PROVIDENT FDG ASSOCIATES LP SR A NT 20290915 9.750% | US | 95,000 | $98,482.70 | |
| QNITY ELECTRONICS INC LIEN A NT 20320815 5.750% | US | 100,000 | $102,317.00 | |
| QUICKEN LNS LLCQUICKEN LNS CO SR GLBL A 20290301 3.625% | US | 105,000 | $101,164.35 | |
| RADIOLOGY PARTNERS INC LIEN A NT 20320715 8.500% | US | 100,000 | $102,968.00 | |
| RAILWORKS HLDGS LP RAILWORKS SR SEC A NT 20281115 8.250% | US | 100,000 | $100,992.00 | |
| RB GLOBAL HOLDINGS INC SR SEC GLBL 20280315 6.750% | US | 100,000 | $101,614.00 | |
| RESIDEO FDG INC SR GLBL A 20320715 6.500% | US | 105,000 | $107,196.60 | |
| RINGCENTRAL INC SR GLBL A 20300815 8.500% | US | 95,000 | $99,753.80 | |
| RITHM CAPITAL CORP SR GLBL A 20300715 8.000% | US | 100,000 | $100,461.00 | |
| RIVERS ENT BOR LLCFIN CORP SR SEC GLBL 20330201 6.625% | US | 105,000 | $107,757.30 | |
| RIVERS ENTERPRISE LENDER LLC LIEN GLBL 20301015 6.250% | US | 105,000 | $107,286.90 | |
| RLJ LODGING TR SR SEC GLBL 20290915 4.000% | US | 110,000 | $105,230.40 | |
| ROCKCLIFF ENERGY II LLC SR A NT. 20291015 5.500% | US | 105,000 | $103,871.25 | |
| ROCKIES EXPRESS PIPELINE LLC SR GLBL A 20300515 4.800% | US | 105,000 | $103,345.20 | |
| ROGERS COMMUNICATIONS INC SUB GLBL A 20820315 5.250% | CA | 105,000 | $105,134.40 | |
| SCRIPPS ESCROW II INC LIEN GLBL 20290115 3.875% | US | 115,000 | $108,478.35 | |
| SELECT MEDICAL CORP SR GLBL A 20321201 6.250% | US | 105,000 | $102,428.55 | |
| SERVICE PPTYS TR SR GLBL NT 29 8.375 20290615 | US | 100,000 | $104,953.00 | |
| SHIFT PMTS LLC SHIFT PMTS SR GLBL A 20320815 6.750% | US | 100,000 | $97,880.00 | |
| SIRIUS XM RADIO INC SR GLBL A 20280715 4.000% | US | 105,000 | $102,505.20 | |
| SIX FLAGS ENTERTAINMENT CORP SR GLBL NT 20290715 5.250% | US | 105,000 | $100,992.15 | |
| SLM CORP SR GLBL NT. 20300131 6.500% | US | 110,000 | $111,712.70 | |
| SM ENERGY COMPANY SR GLBL A 20290801 6.750% | US | 100,000 | $102,246.00 | |
| SMYRNA READY MIX LLC SR SEC GLBL 20281101 6.000% | US | 100,000 | $100,135.00 | |
| SNAP INC SR GLBL A 20340315 6.875% | US | 100,000 | $99,695.00 | |
| SONIC AUTOMOTIVE INC SR GLBL A 20311115 4.875% | US | 105,000 | $101,451.00 | |
| SPECIALTY BLDG PRODS HLDG LLC SR SEC A NT 20291015 7.750% | US | 100,000 | $96,441.00 | |
| STANDARD BLDG SOLUTIONS INC SR GLBL A 20300715 4.375% | US | 105,000 | $101,297.70 | |
| STAR PARENT INC SR SEC A NT 20301001 9.000% | US | 95,000 | $96,422.15 | |
| STERIGENICS-NORDION HLDGS LLC SR SEC A NT 20310601 7.375% | US | 95,000 | $99,960.90 | |
| STONEMOR INC SR SEC GLBL 20290515 8.500% | US | 105,000 | $101,852.10 | |
| STONEPEAK NILE PARENT LLC SR SEC A NT 20320315 7.250% | US | 95,000 | $100,815.90 | |
| STONEX ESCROW ISSUER LLC SR SEC GLBL 20320715 6.875% | US | 100,000 | $103,773.00 | |
| SUBURBAN PROPANE PARTNERS L P SR GLBL A 20351215 6.500% | US | 105,000 | $103,932.15 | |
| SUNOCO LP SUNOCO FIN CORP SR GLBL NT 20280315 5.875% | US | 105,000 | $105,039.90 | |
| SUPERIOR PLUS LP SUPERIOR GE SR GLBL A 20290315 4.500% | US | 105,000 | $102,019.05 | |
| TALLGRASS ENERGY PARTNERS LP SR A NT 20310901 6.000% | US | 105,000 | $106,116.15 | |
| TALOS PRODTN INC LIEN GLBL 20290201 9.000% | US | 100,000 | $104,145.00 | |
| TAYLOR MORRISON CMNTYS INC SR GLBL A 20280115 5.750% | US | 100,000 | $101,999.00 | |
| TEGNA INC SR GLBL NT 20280315 4.625% | US | 105,000 | $104,702.85 | |
| TEINE ENERGY LTD SR A NT 20290415 6.875% | CA | 105,000 | $105,193.20 | |
| TERRAFORM PWR OPER LLC SR GLBL A 20280131 5.000% | US | 105,000 | $105,133.35 | |
| TIDEWATER INC NEW SR GLBL A 20300715 9.125% | US | 95,000 | $102,771.00 | |
| TMS INTL CORP SR A NT 20290415 6.250% | US | 105,000 | $103,031.25 | |
| TRANSDIGM INC SR SEC GLBL 20280815 6.750% | US | 100,000 | $101,781.00 | |
| TRAVEL PLUS LEISURE CO LIEN GLBL 20300301 4.625% | US | 105,000 | $102,550.35 | |
| TRI POINTE HOMES INC GLBL NT . 20280615 5.700% | US | 100,000 | $101,544.00 | |
| TRINET GROUP INC SR GLBL A 20290301 3.500% | US | 110,000 | $98,722.80 | |
| TRUENOORD CAPITAL DAC SR GLBL A 20300301 8.750% | US | 95,000 | $100,242.10 | |
| TURNING PT BRANDS INC SR SEC A NT 20320315 7.625% | US | 95,000 | $101,874.20 | |
| UKG INC SR SEC A NT 20310201 6.875% | US | 105,000 | $101,865.75 | |
| UNDER ARMOUR INC SR GLBL A 20300715 7.250% | US | 100,000 | $103,284.00 | |
| UNITED WHOLESALE MORTGAGE LLC SR GLBL A 20270615 5.750% | US | 105,000 | $104,544.30 | |
| UNIVISION COMMUNICATIONS INC SR SEC A NT 20310731 8.500% | US | 100,000 | $102,341.00 | |
| UPBOUND GROUP INC SR GLBL A 20290215 6.375% | US | 105,000 | $103,943.70 | |
| US DOLLARS | US | USD | 905,018.26 | $905,018.26 |
| UWM HLDGS LLC SR GLBL A 20300201 6.625% | US | 100,000 | $99,244.00 | |
| V F CORP SR GLBL NT 20300423 2.950% | US | 120,000 | $110,139.60 | |
| VALARIS LTD LIEN A NT 20300430 8.375% | US | 95,000 | $99,627.45 | |
| VENTURE GLOBAL CALCASIEU PASS SR SEC A NT 20300115 6.250% | US | 95,000 | $98,099.85 | |
| VERDE PURCHASER LLC SR SEC A NT 20301130 10.500% | US | 115,000 | $123,046.55 | |
| VFH PARENT LLC n VALOR CO-ISSU LIEN A NT 20310615 7.500% | US | 100,000 | $104,082.00 | |
| VICTRA HLDGS LLC VICTRA FIN SR SEC GLBL 20290915 8.750% | US | 100,000 | $105,089.00 | |
| VISTAJET MALTA FIN P L C X SR A NT 20300201 6.375% | US | 105,000 | $97,680.45 | |
| VORNADO RLTY L P GLBL NT . 20310601 3.400% | US | 115,000 | $105,135.30 | |
| VT TOPCO INC SR SEC A NT 20300815 8.500% | US | 100,000 | $99,342.00 | |
| W. R. GRACE HOLDINGS LLC SR SEC A NT 20320815 6.625% | US | 105,000 | $106,221.15 | |
| WABASH NATL CORP SR GLBL A 20281015 4.500% | US | 95,000 | $87,511.15 | |
| WALKER n DUNLOP INC SR GLBL A 20330401 6.625% | US | 105,000 | $103,783.05 | |
| WARNERMEDIA HLDGS INC SR GLBL NT 20320315 4.279% | US | 110,000 | $101,062.50 | |
| WAYFAIR LLC SR SEC GLBL 20300915 7.750% | US | 100,000 | $105,161.00 | |
| WBI OPER LLC SR GLBL A 20301015 6.250% | US | 105,000 | $107,020.20 | |
| WEEKLEY HOMES LLC FIN CORP SR GLBL A 20280915 4.875% | US | 105,000 | $103,639.20 | |
| WEX INC SR GLBL A 20330315 6.500% | US | 100,000 | $100,504.00 | |
| WHIRLPOOL CORP SR GLBL NT. 20310515 2.400% | US | 120,000 | $100,322.40 | |
| WILTON RE LIMITED PERP SUB GLBL 00000000 6.000% | US | 100,000 | $98,561.00 | |
| WINDSTREAM SVCS LLC LIEN GLBL 20331015 7.500% | US | 100,000 | $104,043.00 | |
| WINDSTREAM SVCS LLC WINDSTRE M A NT 20311001 8.250% | US | 110,000 | $115,812.40 | |
| WYNDHAM HOTELS n RESORTS INC SR GLBL A 20280815 4.375% | US | 105,000 | $104,257.65 | |
| WYNN RESORTS FIN LLC WYNN RE SR A NT 20310215 7.125% | US | 100,000 | $107,994.00 | |
| XHR LP SR GLBL A 20300515 6.625% | US | 105,000 | $108,878.70 | |
| XPLR INFRASTRUCTURE SR GLBL A 20270915 4.500% | US | 105,000 | $104,550.60 | |
| XPO INC SR DEB . 20340501 6.700% | US | 95,000 | $101,918.85 | |
| ZOOMINFO TECHNOLOGIES LLC ZO SR GLBL A 20290201 3.875% | US | 105,000 | $90,564.60 |
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
$9.96
Daily $ Change
-$0.03
Daily % Change
-0.30%
as of 03/06/2026
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
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
0.67%
1 Year
---
3 Year
---
5 Year
---
10 Year
---
Inception
(09/15/2025)
2.55%
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 | 1.27% |
| Net | 0.60%* |
*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% | 0.45% |
| MANITOWOC CO INC SR SEC GLBL 20311001 9.250% | 0.44% |
| LONG RIDGE ENERGY LLC SR SEC GLBL 20320215 8.750% | 0.43% |
| WINDSTREAM SVCS LLC WINDSTRE M A NT 20311001 8.250% | 0.43% |
| ADIENT GLOBAL HLDGS LTD SR GLBL A 20330215 7.500% | 0.42% |
| FIVE POINT OPERATING COMPANY SR GLBL A 20301001 8.000% | 0.42% |
| SLM CORP SR GLBL NT. 20300131 6.500% | 0.41% |
| INSIGHT ENTERPRISES INC SR GLBL A 20320515 6.625% | 0.41% |
| V F CORP SR GLBL NT 20300423 2.950% | 0.41% |
| XHR LP SR GLBL A 20300515 6.625% | 0.40% |
Top Ten Investments list is unaudited and excludes cash
| Corporate Credit | 96.40% | |
| Cash and Equivalents | 3.22% | |
| US Agency | 0.37% |
| B | 52.71% | |
| BB | 44.28% | |
| CCC | 2.26% | |
| BBB | 0.38% | |
| NR | 0.36% |
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 | $106,187.55 | |
| ACADIA HEALTHCARE COMPANY INC SR GLBL A 20330315 7.375% | US | 95,000 | $98,073.25 | |
| ADAMS HOMES INC SR A NT 20281015 9.250% | US | 100,000 | $103,745.00 | |
| ADAPTHEALTH LLC SR GLBL A 20290801 4.625% | US | 110,000 | $105,543.90 | |
| ADIENT GLOBAL HLDGS LTD SR GLBL A 20330215 7.500% | US | 110,000 | $115,446.10 | |
| ADTALEM GLOBAL ED INC LIEN GLBL 20280301 5.500% | US | 105,000 | $105,000.00 | |
| ADVANCE AUTO PARTS INC SR GLBL A 20300801 7.000% | US | 100,000 | $102,588.00 | |
| ALLEGIANT TRAVEL CO SR SEC GLBL 20270815 7.250% | US | 76,000 | $76,705.28 | |
| AMERICAN AXLE n MFG INC SR GLBL NT 20291001 5.000% | US | 100,000 | $97,695.00 | |
| AMERIGAS PARTNERS L P SR GLBL A 20280601 9.375% | US | 100,000 | $103,359.00 | |
| AMERITEX HOLDCO INTER LLC LIEN GLBL 20330815 7.625% | US | 100,000 | $104,702.00 | |
| AMN HEALTHCARE INC SR GLBL A 20290415 4.000% | US | 110,000 | $104,765.10 | |
| ANGI GROUP LLC SR GLBL A 20280815 3.875% | US | 110,000 | $98,726.10 | |
| APH SOM APHAPH SR A NT 20291101 7.875% | US | 100,000 | $96,882.00 | |
| ARDAGH GROUP S A LIEN A NT 20301201 9.500% | US | 95,000 | $102,877.40 | |
| ASBURY AUTOMOTIVE GROUP INC SR GLBL A 20320215 5.000% | US | 105,000 | $102,114.60 | |
| ASCENT RES UTICA HLDGS LLC A SR A NT 20330715 6.625% | US | 100,000 | $103,769.00 | |
| ASGN INC SR GLBL A 20280515 4.625% | US | 105,000 | $101,818.50 | |
| ASHTON WOODS USA LLC ASHTON SR A NT 20300401 4.625% | US | 110,000 | $105,073.10 | |
| ATKORE INC SR GLBL A 20310601 4.250% | US | 110,000 | $105,504.30 | |
| ATS CORPORATION GLBL A NT 20281215 4.125% | US | 105,000 | $102,596.55 | |
| AVANTOR FDG INC SR GLBL A 20280715 4.625% | US | 105,000 | $104,042.40 | |
| AVIS BUDGET CAR RENT LLC AVIS SR GLBL A 20280401 4.750% | US | 105,000 | $102,597.60 | |
| AZORRA FIN LTD SR GLBL A 20310115 7.250% | US | 100,000 | $104,369.00 | |
| BEACON ROOFING SUPPLY LIEN GLBL 20320430 6.750% | US | 100,000 | $103,572.00 | |
| BEAZER HOMES USA INC SR GLBL A 20310315 7.500% | US | 105,000 | $108,031.35 | |
| BELLRING BRANDS INC SR A NT 20300315 7.000% | US | 100,000 | $102,007.00 | |
| BLACKSTONE MORTGAGE TRUST INC SR SEC GLBL 20291201 7.750% | US | 100,000 | $106,593.00 | |
| BLOCK INC SR GLBL A 20300815 5.625% | US | 100,000 | $101,311.00 | |
| BLOOMIN BRANDS INC OSI RESTA SR GLBL A 20290415 5.125% | US | 115,000 | $101,516.25 | |
| BLUELINX HLDGS INC SR SEC GLBL 20291115 6.000% | US | 100,000 | $98,619.00 | |
| BRANDYWINE OPER PARTNERSHIP L CR SEN GLBL NT 20280315 7.550% | US | 95,000 | $100,253.50 | |
| BREAD FINANCIAL HOLDINGS INC SR GLBL A 20310515 6.750% | US | 105,000 | $106,978.20 | |
| BROOKFIELD PPTY REIT INC BPR SR SEC GLBL 20270401 4.500% | US | 105,000 | $103,608.75 | |
| BROOKFIELD RESIDENTIAL PPTYS SR GLBL A 20300215 4.875% | US | 95,000 | $89,291.45 | |
| BRUNDAGE-BONE CONCRETE PUMPING SR SEC GLBL 20320201 7.500% | US | 100,000 | $101,867.00 | |
| BUILDERS FIRSTSOURCE INC SR GLBL A 20350515 6.750% | US | 95,000 | $99,139.15 | |
| CAESARS ENTERTAINMENT INC NEW LIEN A NT 20320215 6.500% | US | 100,000 | $101,620.00 | |
| CARNIVAL CORP SR A NT 20320801 5.750% | US | 100,000 | $103,780.00 | |
| CARS COM INC SR GLBL A 20281101 6.375% | US | 105,000 | $102,800.25 | |
| CASCADES INC SR GLBL A 20300715 6.750% | US | 105,000 | $107,625.00 | |
| CCO HLDGS LLC CCO HLDGS CAP SR GLBL A 20300815 4.500% | US | 110,000 | $104,921.30 | |
| CELANESE US HLDGS LLC CR SEN SR GLBL 20301115 6.550% | US | 100,000 | $106,619.00 | |
| CENTRAL GARDEN n PET CO SR GLBL A 20310430 4.125% | US | 110,000 | $105,001.60 | |
| CENTURY COMMUNITIES INC SR GLBL A 20290815 3.875% | US | 110,000 | $104,870.70 | |
| CHAMPION IRON CDA INC SR A NT 20320715 7.875% | US | 100,000 | $106,359.00 | |
| CHARLES RIV LABS INTL INC SR GLBL A 20280501 4.250% | US | 105,000 | $103,603.50 | |
| CHEMOURS CO SR GLBL A 20281115 5.750% | US | 105,000 | $105,610.05 | |
| CHURCHILL DOWNS INC SR GLBL A 20270401 5.500% | US | 105,000 | $105,051.45 | |
| CIPHER COMPUTE LLC SR SEC GLBL 20301115 7.125% | US | 100,000 | $104,234.00 | |
| CITGO PETE CORP SR SEC A NT 20290115 8.375% | US | 100,000 | $103,697.00 | |
| CLEVELAND-CLIFFS INC NEW SR GLBL A 20310301 4.875% | US | 110,000 | $104,361.40 | |
| CLUE OPCO LLC LIEN A NT 20311015 9.500% | US | 100,000 | $103,555.00 | |
| CLYDESDALE ACQUISITION HLDGS SR SEC A NT 20320415 6.750% | US | 100,000 | $100,755.00 | |
| CNX MIDSTREAM PARTNERS LP SR GLBL A 20300415 4.750% | US | 110,000 | $107,279.70 | |
| COINBASE GLOBAL INC SR GLBL A 20281001 3.375% | US | 110,000 | $104,921.30 | |
| COINBASE GLOBAL INC SR GLBL A 20311001 3.625% | US | 115,000 | $100,518.05 | |
| COMMUNITY HEALTH SYS INC NEW LIEN GLBL 20300515 5.250% | US | 110,000 | $105,691.30 | |
| CONSENSUS CLOUD SOLUTIONS INC SR GLBL A 20281015 6.500% | US | 105,000 | $104,221.95 | |
| CP ATLAS BUYER INC. LIEN A NT 20300715 9.750% | US | 100,000 | $100,095.00 | |
| CPI CG INCORPORATED SR SEC GLBL 20290715 10.000% | US | 100,000 | $105,647.00 | |
| CREDIT ACCEP CORP MICH SR GLBL A 20300315 6.625% | US | 100,000 | $99,479.00 | |
| CROCS INC SR GLBL A 20310815 4.125% | US | 110,000 | $102,575.00 | |
| CROSSCOUNTRY INTER HOLDCO LLC SR A NT. 20301001 6.500% | US | 105,000 | $104,583.15 | |
| CVR ENERGY INC SR GLBL A 20280215 5.750% | US | 47,000 | $46,915.40 | |
| CVR PARTNERS LPCVR NITROGEN SR SEC GLBL 20280615 6.125% | US | 105,000 | $104,720.70 | |
| DAVITA INC SR GLBL A 20300601 4.625% | US | 105,000 | $102,787.65 | |
| DELUXE CORP MEDIUM TERM NTS SR SEC GLBL 20290915 8.125% | US | 100,000 | $104,892.00 | |
| DIVERSIFIED HEALTHCARE TR SR GLBL NT 20310301 4.375% | US | 115,000 | $104,020.95 | |
| DREAM FINDERS HOMES INC SR GLBL A 20280815 8.250% | US | 100,000 | $103,298.00 | |
| EDGEWELL PERSONAL CARE CO SR GLBL A 20290401 4.125% | US | 105,000 | $101,320.80 | |
| ELASTIC N V SR GLBL A 20290715 4.125% | NL | 110,000 | $103,925.80 | |
| EMBECTA CORP SR SEC A NT 20300215 5.000% | US | 110,000 | $103,387.90 | |
| EMPIRE COMMUNITIES CORPORATION SR A NT 20290501 9.750% | US | 95,000 | $98,108.40 | |
| ENDO FIN HLDGS INC SR SEC GLBL 20310415 8.500% | US | 95,000 | $100,965.05 | |
| ENTEGRIS INC SR GLBL A 20280415 4.375% | US | 105,000 | $104,102.25 | |
| EXCELERATE ENERGY LTD PARTNERS SR GLBL A 20300515 8.000% | US | 95,000 | $100,702.85 | |
| EZCORP INC SR GLBL A 20320401 7.375% | US | 100,000 | $107,094.00 | |
| FAIR ISAAC CORP SR GLBL A 20280615 4.000% | US | 105,000 | $102,796.05 | |
| FERRELLGAS L P FERRELLGAS SR GLBL A 20290401 5.875% | US | 110,000 | $106,338.10 | |
| FERTITTA ENTMT LLC FERTITTA SR SEC A NT 20290115 4.625% | US | 105,000 | $102,098.85 | |
| FIESTA PURCHASER INC SR SEC A NT 20310301 7.875% | US | 100,000 | $103,004.00 | |
| FIVE POINT OPERATING COMPANY SR GLBL A 20301001 8.000% | US | 110,000 | $113,911.60 | |
| FORTRESS INTER INC SR SEC A NT 20310601 7.500% | US | 100,000 | $97,766.00 | |
| FREEDOM MTG HLDGS LLC SR A NT 20290201 9.250% | US | 100,000 | $104,448.00 | |
| FULLER H B CO SR GLBL NT 20270215 4.000% | US | 105,000 | $103,791.45 | |
| GAP INC SR GLBL A 20291001 3.625% | US | 110,000 | $104,637.50 | |
| GARDA WORLD SECURITY CORP LIEN GLBL 20310115 6.500% | CA | 100,000 | $102,736.00 | |
| GARRETT MOTION HLDGS INC GARR SR GLBL A 20320531 7.750% | US | 95,000 | $100,397.90 | |
| GEN DIGITAL INC SR GLBL A 20270930 6.750% | US | 105,000 | $105,799.05 | |
| GEO GROUP INC SR GLBL NT 20310415 10.250% | US | 90,000 | $96,635.70 | |
| GGAM FIN LTD SR GLBL A 20280615 8.000% | US | 95,000 | $99,877.30 | |
| GLOBAL PARTNERS LP GLP FIN C SR GLBL A 20330701 7.125% | US | 100,000 | $103,466.00 | |
| GO DADDY OPER CO LLC GD FIN SR GLBL A 20290301 3.500% | US | 110,000 | $102,908.30 | |
| GOODYEAR TIRE n RUBR CO SR GLBL NT 20310715 5.250% | US | 110,000 | $104,951.00 | |
| GRAND CANYON UNIVERSITY GLBL B SNK 20281001 5.125% | US | 105,000 | $105,323.40 | |
| GRAPHIC PACKAGING INTL LLC SR GLBL A 20300201 3.750% | US | 110,000 | $104,069.90 | |
| GROUP AUTOMOTIVE INC SR GLBL A 20300115 6.375% | US | 100,000 | $102,509.00 | |
| HERC HLDGS INC SR GLBL A 20310315 5.750% | US | 105,000 | $106,440.60 | |
| HESS MIDSTREAM OPERATIONS LP SR A NT 20280301 5.875% | US | 100,000 | $101,659.00 | |
| HILTON GRAND VACATIONS BORROWE SR SEC GLBL 20290601 5.000% | US | 105,000 | $102,475.80 | |
| HLF FING SARL LLC HERBALIFE SR GLBL A 20290601 4.875% | US | 100,000 | $95,803.00 | |
| HNI CORP 5.125% SNR NTS USD (144A) 5.125 20290118 | US | 97,000 | $97,000.00 | |
| HOWARD HUGHES HOLDINGS INC SR GLBL A 20290201 4.125% | US | 105,000 | $101,666.25 | |
| HOWARD MIDSTREAM ENERGY PARTNE SR A NT 20320715 7.375% | US | 100,000 | $105,532.00 | |
| HUDSON PAC PPTYS L P SR GLBL NT 20271101 3.950% | US | 105,000 | $99,850.80 | |
| HUNT COS INC SR SEC A NT 20290415 5.250% | US | 105,000 | $100,150.05 | |
| ICAHN ENTERPRISES LPCORP SR SEC GLBL NT 20270515 5.250% | US | 105,000 | $103,419.75 | |
| INGEVITY CORP SR GLBL A 20281101 3.875% | US | 100,000 | $97,506.00 | |
| INSIGHT ENTERPRISES INC SR GLBL A 20320515 6.625% | US | 110,000 | $110,275.00 | |
| IRON MTN INC DEL SR GLBL A 20300715 5.250% | US | 105,000 | $104,473.95 | |
| JACOBS ENTMT INC SR A NT 20290215 6.750% | US | 105,000 | $103,217.10 | |
| JB POINDEXTER n CO INC SR A NT 20311215 8.750% | US | 95,000 | $98,359.20 | |
| JEFFERSON CAPITAL HOLDINGS LLC SR A NT 20300515 8.250% | US | 100,000 | $104,769.00 | |
| K HOVNANIAN ENTERPRISES INC SR GLBL A 20310401 8.000% | US | 105,000 | $107,990.40 | |
| KBR INC SR GLBL A 20280930 4.750% | US | 105,000 | $103,629.75 | |
| KENNEDY WILSON INC SR GLBL NT 20300201 4.750% | US | 110,000 | $106,691.20 | |
| KNIFE RIVER CORP SR A NT 20310501 7.750% | US | 100,000 | $104,253.00 | |
| KOHLS CORP SR SEC GLBL 20300601 10.000% | US | 95,000 | $103,418.90 | |
| KONTOOR BRANDS INC SR GLBL A 20291115 4.125% | US | 105,000 | $100,050.30 | |
| LBM ACQUISITION LLC LIEN GLBL 20310615 9.500% | US | 95,000 | $88,606.50 | |
| LEEWARD RENEWABLE ENERGY OPER SR A NT 20290701 4.250% | US | 110,000 | $103,702.50 | |
| LEVEL FING INC LIEN GLBL 20330630 6.875% | US | 100,000 | $103,568.00 | |
| LGI HOMES INC SR GLBL A 20290715 4.000% | US | 110,000 | $102,193.30 | |
| LITHIA MTRS INC SR GLBL A 20310115 4.375% | US | 105,000 | $100,993.20 | |
| LONG RIDGE ENERGY LLC SR SEC GLBL 20320215 8.750% | US | 110,000 | $118,055.30 | |
| LSB INDS INC SR SEC GLBL 20281015 6.250% | US | 105,000 | $105,549.15 | |
| MACYS RETAIL HLDGS LLC SR A NT 20320315 6.125% | US | 100,000 | $100,726.00 | |
| MAGNOLIA OIL n GAS OPER LLC SR GLBL A 20321201 6.875% | US | 100,000 | $104,526.00 | |
| MANITOWOC CO INC SR SEC GLBL 20311001 9.250% | US | 110,000 | $119,572.20 | |
| MARRIOTT OWNERSHIP RESORTS INC SR GLBL A 20331001 6.500% | US | 105,000 | $101,811.15 | |
| MASTERBRAND INC SR GLBL A 20320715 7.000% | US | 100,000 | $100,643.00 | |
| MATADOR RES CO SR GLBL A 20320415 6.500% | US | 100,000 | $102,126.00 | |
| MATCH GROUP HOLDINGS II LLC GLBL A NT 20280601 4.625% | US | 105,000 | $103,727.40 | |
| MAUSER PACKAGING SOLUTIONS LIEN A NT 20270415 7.875% | US | 100,000 | $97,000.00 | |
| MAUSER PACKAGING SOLUTIONS LIEN A NT 20300415 7.875% | US | 100,000 | $102,375.00 | |
| MCGRAW-HILL ED INC SR SEC A NT 20310901 7.375% | US | 100,000 | $102,184.00 | |
| METHANEX US OPERATIONS INC SR GLBL A 20320315 6.250% | US | 100,000 | $103,500.00 | |
| MGM RESORTS INTERNATIONAL SR GLBL NT. 20320415 6.500% | US | 100,000 | $102,644.00 | |
| MI HOMES INC SR NT . 20300215 3.950% | US | 110,000 | $105,944.30 | |
| MIDAS OPCO HLDGS LLC SR GLBL A 20290815 5.625% | US | 105,000 | $96,782.70 | |
| MILLROSE PPTYS INC SR GLBL A 20300801 6.375% | US | 100,000 | $102,590.00 | |
| MINERAL RES LTD SR A NT 20271101 8.000% | US | 100,000 | $102,197.00 | |
| MINERALS TECHNOLOGIES INC SR GLBL A 20280701 5.000% | US | 105,000 | $104,606.25 | |
| MITER BRANDS ACQUISITION HOLDC LIEN A NT 20320401 6.750% | US | 100,000 | $100,830.00 | |
| MOHEGAN ESCROW ISSUER LLC SR SEC GLBL 20300415 8.250% | US | 100,000 | $104,206.00 | |
| MOLINA HEALTHCARE INC SR GLBL A 20280615 4.375% | US | 105,000 | $103,171.95 | |
| MURPHY OIL USA INC SR GLBL NT 20270501 5.625% | US | 105,000 | $104,904.45 | |
| NAVIENT CORPORATION SR GLBL NT 20280315 4.875% | US | 105,000 | $100,310.70 | |
| NCR ATLEOS CORPORATION LIEN A NT 20290401 9.500% | US | 95,000 | $102,020.50 | |
| NEW FLYER HLDGS INC LIEN GLBL 20300701 9.250% | US | 95,000 | $102,544.90 | |
| NEW HOME CO INC SR A NT 20291001 9.250% | US | 100,000 | $105,316.00 | |
| NEWELL BRANDS INC SR GLBL A 20280601 8.500% | US | 95,000 | $99,997.00 | |
| NEWMARK GROUP INC CR SEN SR GLBL 20290112 7.500% | US | 95,000 | $100,462.50 | |
| NISSAN MTR ACCEP CO LLC FR . 20280915 2.450% | US | 115,000 | $107,590.55 | |
| NOBLE FIN II LLC SR GLBL A 20300415 8.000% | US | 100,000 | $104,082.00 | |
| NORDSTROM INC SR GLBL NT 20270315 4.000% | US | 105,000 | $104,161.05 | |
| NORTHRIVER MIDSTREAM FINANCE L SR SEC A NT 20320715 6.750% | US | 100,000 | $102,829.00 | |
| NOVELIS CORP SR GLBL A 20300130 4.750% | US | 105,000 | $101,756.55 | |
| NRG ENERGY INC SR GLBL A 20290715 5.750% | US | 105,000 | $105,181.65 | |
| NUSTAR LOGISTICS L P SR NT . 20270428 5.625% | US | 100,000 | $100,957.00 | |
| OCEANEERING INTL INC SR GLBL NT 20280201 6.000% | US | 100,000 | $101,746.00 | |
| OI EUROPEAN GROUP BV SR GLBL A 20300215 4.750% | NL | 100,000 | $96,334.00 | |
| OLIN CORP SR GLBL NT 20300201 5.000% | US | 105,000 | $102,109.35 | |
| ONEMAIN FIN CORP SR GLBL NT 20280915 3.875% | US | 105,000 | $101,601.15 | |
| ONTARIO GAMING GTA LTD PARTNER SR SEC A NT 20300801 8.000% | US | 100,000 | $96,661.00 | |
| OPEN TEXT CORP SR GLBL A 20280215 3.875% | US | 105,000 | $100,090.20 | |
| OXFORD FINANCE LLC OXFORD FI SR A NT 20270201 6.375% | US | 105,000 | $104,200.95 | |
| PARK INTER HLDGS LLC PK DOME SR GLBL A 20300201 7.000% | US | 100,000 | $103,537.00 | |
| PARK OHIO INDS INC-OHIO SR SEC GLBL 20300801 8.500% | US | 100,000 | $103,823.00 | |
| PAYSAFE FIN PLC PAYSAFE HLDG SR SEC A NT 20290615 4.000% | GB | 95,000 | $79,507.40 | |
| PBF HLDG CO LLC PBF FIN CORP SR GLBL NT 20280215 6.000% | US | 105,000 | $104,562.15 | |
| PENNYMAC FINL SVCS INC NEW SR GLBL A 20340215 6.750% | US | 100,000 | $98,866.00 | |
| PERRIGO FINANCE UNLIMITED COMP SR GLBL NT 20320930 6.125% | US | 105,000 | $102,740.40 | |
| PGnE CORP LIEN GLBL NT 20300701 5.250% | US | 105,000 | $105,087.15 | |
| PHINIA INC SR SEC GLBL 20290415 6.750% | US | 100,000 | $103,354.00 | |
| PHOENIX AVIATION CAP LTD SR A NT 20300715 9.250% | US | 95,000 | $99,506.80 | |
| PITNEY BOWES INC SR GLBL A 20290315 7.250% | US | 105,000 | $104,714.40 | |
| POPULAR INC SR GLBL NT 20280313 7.250% | US | 100,000 | $104,379.00 | |
| PRECISION DRILLING CORP SR GLBL A 20290115 6.875% | CA | 105,000 | $106,361.85 | |
| PRIME HEALTHCARE SVCS INC SR SEC A NT 20290901 9.375% | US | 100,000 | $104,453.00 | |
| PROG HOLDINGS INC SR GLBL A 20291115 6.000% | US | 105,000 | $103,091.10 | |
| PROVIDENT FDG ASSOCIATES LP SR A NT 20290915 9.750% | US | 95,000 | $98,482.70 | |
| QNITY ELECTRONICS INC LIEN A NT 20320815 5.750% | US | 100,000 | $102,317.00 | |
| QUICKEN LNS LLCQUICKEN LNS CO SR GLBL A 20290301 3.625% | US | 105,000 | $101,164.35 | |
| RADIOLOGY PARTNERS INC LIEN A NT 20320715 8.500% | US | 100,000 | $102,968.00 | |
| RAILWORKS HLDGS LP RAILWORKS SR SEC A NT 20281115 8.250% | US | 100,000 | $100,992.00 | |
| RB GLOBAL HOLDINGS INC SR SEC GLBL 20280315 6.750% | US | 100,000 | $101,614.00 | |
| RESIDEO FDG INC SR GLBL A 20320715 6.500% | US | 105,000 | $107,196.60 | |
| RINGCENTRAL INC SR GLBL A 20300815 8.500% | US | 95,000 | $99,753.80 | |
| RITHM CAPITAL CORP SR GLBL A 20300715 8.000% | US | 100,000 | $100,461.00 | |
| RIVERS ENT BOR LLCFIN CORP SR SEC GLBL 20330201 6.625% | US | 105,000 | $107,757.30 | |
| RIVERS ENTERPRISE LENDER LLC LIEN GLBL 20301015 6.250% | US | 105,000 | $107,286.90 | |
| RLJ LODGING TR SR SEC GLBL 20290915 4.000% | US | 110,000 | $105,230.40 | |
| ROCKCLIFF ENERGY II LLC SR A NT. 20291015 5.500% | US | 105,000 | $103,871.25 | |
| ROCKIES EXPRESS PIPELINE LLC SR GLBL A 20300515 4.800% | US | 105,000 | $103,345.20 | |
| ROGERS COMMUNICATIONS INC SUB GLBL A 20820315 5.250% | CA | 105,000 | $105,134.40 | |
| SCRIPPS ESCROW II INC LIEN GLBL 20290115 3.875% | US | 115,000 | $108,478.35 | |
| SELECT MEDICAL CORP SR GLBL A 20321201 6.250% | US | 105,000 | $102,428.55 | |
| SERVICE PPTYS TR SR GLBL NT 29 8.375 20290615 | US | 100,000 | $104,953.00 | |
| SHIFT PMTS LLC SHIFT PMTS SR GLBL A 20320815 6.750% | US | 100,000 | $97,880.00 | |
| SIRIUS XM RADIO INC SR GLBL A 20280715 4.000% | US | 105,000 | $102,505.20 | |
| SIX FLAGS ENTERTAINMENT CORP SR GLBL NT 20290715 5.250% | US | 105,000 | $100,992.15 | |
| SLM CORP SR GLBL NT. 20300131 6.500% | US | 110,000 | $111,712.70 | |
| SM ENERGY COMPANY SR GLBL A 20290801 6.750% | US | 100,000 | $102,246.00 | |
| SMYRNA READY MIX LLC SR SEC GLBL 20281101 6.000% | US | 100,000 | $100,135.00 | |
| SNAP INC SR GLBL A 20340315 6.875% | US | 100,000 | $99,695.00 | |
| SONIC AUTOMOTIVE INC SR GLBL A 20311115 4.875% | US | 105,000 | $101,451.00 | |
| SPECIALTY BLDG PRODS HLDG LLC SR SEC A NT 20291015 7.750% | US | 100,000 | $96,441.00 | |
| STANDARD BLDG SOLUTIONS INC SR GLBL A 20300715 4.375% | US | 105,000 | $101,297.70 | |
| STAR PARENT INC SR SEC A NT 20301001 9.000% | US | 95,000 | $96,422.15 | |
| STERIGENICS-NORDION HLDGS LLC SR SEC A NT 20310601 7.375% | US | 95,000 | $99,960.90 | |
| STONEMOR INC SR SEC GLBL 20290515 8.500% | US | 105,000 | $101,852.10 | |
| STONEPEAK NILE PARENT LLC SR SEC A NT 20320315 7.250% | US | 95,000 | $100,815.90 | |
| STONEX ESCROW ISSUER LLC SR SEC GLBL 20320715 6.875% | US | 100,000 | $103,773.00 | |
| SUBURBAN PROPANE PARTNERS L P SR GLBL A 20351215 6.500% | US | 105,000 | $103,932.15 | |
| SUNOCO LP SUNOCO FIN CORP SR GLBL NT 20280315 5.875% | US | 105,000 | $105,039.90 | |
| SUPERIOR PLUS LP SUPERIOR GE SR GLBL A 20290315 4.500% | US | 105,000 | $102,019.05 | |
| TALLGRASS ENERGY PARTNERS LP SR A NT 20310901 6.000% | US | 105,000 | $106,116.15 | |
| TALOS PRODTN INC LIEN GLBL 20290201 9.000% | US | 100,000 | $104,145.00 | |
| TAYLOR MORRISON CMNTYS INC SR GLBL A 20280115 5.750% | US | 100,000 | $101,999.00 | |
| TEGNA INC SR GLBL NT 20280315 4.625% | US | 105,000 | $104,702.85 | |
| TEINE ENERGY LTD SR A NT 20290415 6.875% | CA | 105,000 | $105,193.20 | |
| TERRAFORM PWR OPER LLC SR GLBL A 20280131 5.000% | US | 105,000 | $105,133.35 | |
| TIDEWATER INC NEW SR GLBL A 20300715 9.125% | US | 95,000 | $102,771.00 | |
| TMS INTL CORP SR A NT 20290415 6.250% | US | 105,000 | $103,031.25 | |
| TRANSDIGM INC SR SEC GLBL 20280815 6.750% | US | 100,000 | $101,781.00 | |
| TRAVEL PLUS LEISURE CO LIEN GLBL 20300301 4.625% | US | 105,000 | $102,550.35 | |
| TRI POINTE HOMES INC GLBL NT . 20280615 5.700% | US | 100,000 | $101,544.00 | |
| TRINET GROUP INC SR GLBL A 20290301 3.500% | US | 110,000 | $98,722.80 | |
| TRUENOORD CAPITAL DAC SR GLBL A 20300301 8.750% | US | 95,000 | $100,242.10 | |
| TURNING PT BRANDS INC SR SEC A NT 20320315 7.625% | US | 95,000 | $101,874.20 | |
| UKG INC SR SEC A NT 20310201 6.875% | US | 105,000 | $101,865.75 | |
| UNDER ARMOUR INC SR GLBL A 20300715 7.250% | US | 100,000 | $103,284.00 | |
| UNITED WHOLESALE MORTGAGE LLC SR GLBL A 20270615 5.750% | US | 105,000 | $104,544.30 | |
| UNIVISION COMMUNICATIONS INC SR SEC A NT 20310731 8.500% | US | 100,000 | $102,341.00 | |
| UPBOUND GROUP INC SR GLBL A 20290215 6.375% | US | 105,000 | $103,943.70 | |
| US DOLLARS | US | USD | 905,018.26 | $905,018.26 |
| UWM HLDGS LLC SR GLBL A 20300201 6.625% | US | 100,000 | $99,244.00 | |
| V F CORP SR GLBL NT 20300423 2.950% | US | 120,000 | $110,139.60 | |
| VALARIS LTD LIEN A NT 20300430 8.375% | US | 95,000 | $99,627.45 | |
| VENTURE GLOBAL CALCASIEU PASS SR SEC A NT 20300115 6.250% | US | 95,000 | $98,099.85 | |
| VERDE PURCHASER LLC SR SEC A NT 20301130 10.500% | US | 115,000 | $123,046.55 | |
| VFH PARENT LLC n VALOR CO-ISSU LIEN A NT 20310615 7.500% | US | 100,000 | $104,082.00 | |
| VICTRA HLDGS LLC VICTRA FIN SR SEC GLBL 20290915 8.750% | US | 100,000 | $105,089.00 | |
| VISTAJET MALTA FIN P L C X SR A NT 20300201 6.375% | US | 105,000 | $97,680.45 | |
| VORNADO RLTY L P GLBL NT . 20310601 3.400% | US | 115,000 | $105,135.30 | |
| VT TOPCO INC SR SEC A NT 20300815 8.500% | US | 100,000 | $99,342.00 | |
| W. R. GRACE HOLDINGS LLC SR SEC A NT 20320815 6.625% | US | 105,000 | $106,221.15 | |
| WABASH NATL CORP SR GLBL A 20281015 4.500% | US | 95,000 | $87,511.15 | |
| WALKER n DUNLOP INC SR GLBL A 20330401 6.625% | US | 105,000 | $103,783.05 | |
| WARNERMEDIA HLDGS INC SR GLBL NT 20320315 4.279% | US | 110,000 | $101,062.50 | |
| WAYFAIR LLC SR SEC GLBL 20300915 7.750% | US | 100,000 | $105,161.00 | |
| WBI OPER LLC SR GLBL A 20301015 6.250% | US | 105,000 | $107,020.20 | |
| WEEKLEY HOMES LLC FIN CORP SR GLBL A 20280915 4.875% | US | 105,000 | $103,639.20 | |
| WEX INC SR GLBL A 20330315 6.500% | US | 100,000 | $100,504.00 | |
| WHIRLPOOL CORP SR GLBL NT. 20310515 2.400% | US | 120,000 | $100,322.40 | |
| WILTON RE LIMITED PERP SUB GLBL 00000000 6.000% | US | 100,000 | $98,561.00 | |
| WINDSTREAM SVCS LLC LIEN GLBL 20331015 7.500% | US | 100,000 | $104,043.00 | |
| WINDSTREAM SVCS LLC WINDSTRE M A NT 20311001 8.250% | US | 110,000 | $115,812.40 | |
| WYNDHAM HOTELS n RESORTS INC SR GLBL A 20280815 4.375% | US | 105,000 | $104,257.65 | |
| WYNN RESORTS FIN LLC WYNN RE SR A NT 20310215 7.125% | US | 100,000 | $107,994.00 | |
| XHR LP SR GLBL A 20300515 6.625% | US | 105,000 | $108,878.70 | |
| XPLR INFRASTRUCTURE SR GLBL A 20270915 4.500% | US | 105,000 | $104,550.60 | |
| XPO INC SR DEB . 20340501 6.700% | US | 95,000 | $101,918.85 | |
| ZOOMINFO TECHNOLOGIES LLC ZO SR GLBL A 20290201 3.875% | US | 105,000 | $90,564.60 |
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.