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
$9.77
Daily $ Change
$0.00
Daily % Change
0.00%
as of 10/08/2026
Ticker
MSYSX
CUSIP
56382X206
Inception Date
09/15/2025
Investment Minimum
$2,000.00
Investment minimum may be waived for certain qualified retirement plans, participants in an automatic investment program, 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
1.10%
1 Year
2.90%
3 Year
---
5 Year
---
10 Year
---
Inception
(09/15/2025)
2.69%
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 | 142.78% |
| Net | 0.86%* |
*Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee. 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.
| 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% | 0.43% |
| FIVE POINT OPERATING COMPANY SR GLBL A 20301001 8.000% | 0.43% |
| SPEEDWAY MOTORSPORTS LLC SP SR GLBL A 20271101 4.875% | 0.43% |
| FMG RESOURCES AUGUST PTY SR GLBL A 20270915 4.500% | 0.42% |
| INSIGHT ENTERPRISES INC SR GLBL A 20320515 6.625% | 0.42% |
| BRANDYWINE OPER PARTNERSHIP L SR GLBL NT 20271115 3.950% | 0.42% |
| SUMMIT MIDSTREAM HLDGS LLC SR SEC GLBL 20291031 8.625% | 0.42% |
| BLOOMIN BRANDS INC OSI RESTA SR GLBL A 20290415 5.125% | 0.42% |
Top Ten Investments list is unaudited and excludes cash
| B | 51.85% | |
| BB | 46.20% | |
| BBB | 1.95% |
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 5.75 20290420 | US | 96,250 | $94,926.56 | |
| ACADEMY LTD / ACADEMY FIN CORP 5.875 20310515 | US | 105,000 | $101,207.40 | |
| ACCO BRANDS CORP SR GLBL A 20290315 4.250% | US | 110,000 | $102,109.70 | |
| ACRISURE LLC / ACRISURE FIN 4.25 20290215 | US | 110,000 | $94,878.30 | |
| ADAMS HOMES INC SR A NT 20281015 9.250% | US | 100,000 | $100,140.00 | |
| ADAPTHEALTH LLC SR GLBL A 20290801 4.625% | US | 110,000 | $102,017.30 | |
| ADIENT GLOBAL HLDGS LTD SR GLBL A 20330215 7.500% | US | 110,000 | $109,556.70 | |
| ADT SECURITY CORPORATION LIEN GLBL 20331015 5.875% | US | 110,000 | $102,646.71 | |
| ADVANCE AUTO PARTS INC SR GLBL A 20300801 7.000% | US | 100,000 | $99,210.00 | |
| AK AIRLINES INC 6.5 20310601 | US | 100,000 | $96,356.14 | |
| ALBERTSONS COS INC SAFEWAY I SR GLBL A 20310331 5.500% | US | 105,000 | $98,477.40 | |
| ALLEGIANT TRAVEL CO 7.125 20310701 | US | 105,000 | $103,441.80 | |
| ALLIANCE RES OP PART LPALLIAN SR GLBL A 20290615 8.625% | US | 95,000 | $97,902.25 | |
| AMERIGAS PARTNERS L P 6.875 20310601 | US | 105,000 | $100,339.05 | |
| AMERITEX HOLDCO INTER LLC LIEN GLBL 20330815 7.625% | US | 100,000 | $99,480.00 | |
| ANYWHERE REAL ESTATE GROUP LLC LIEN GLBL 20300415 9.750% | US | 100,000 | $104,985.00 | |
| APH SOM APHAPH SR A NT 20291101 7.875% | US | 100,000 | $96,061.43 | |
| APLD COMPUTECO LLC LIEN GLBL 20301215 9.250% | US | 95,000 | $98,879.80 | |
| ARCHES BUYER INC 5 YR 9.0 20310731 | US | 105,000 | $105,624.75 | |
| ARDAGH GROUP S A LIEN A NT 20301201 9.500% | US | 95,000 | $97,909.85 | |
| ARETEC ESCROW ISSUER INC SR SEC A NT 20300815 10.000% | US | 95,000 | $98,385.80 | |
| ASBURY AUTOMOTIVE GROUP INC SR GLBL A 20320215 5.000% | US | 105,000 | $96,245.10 | |
| ASCENT RES UTICA HLDGS LLC A SR A NT 20330715 6.625% | US | 100,000 | $98,176.00 | |
| ASGN INC SR GLBL A 20280515 4.625% | US | 110,000 | $106,183.00 | |
| ASHTON WOODS USA LLC ASHTON SR A NT 20300401 4.625% | US | 110,000 | $101,689.50 | |
| ASSURANT INC SUB GLBL NT 20480327 7.000% | US | 100,000 | $100,670.00 | |
| ATS CORPORATION GLBL A NT 20281215 4.125% | US | 110,000 | $104,985.10 | |
| AVIS BUDGET CAR RENT LLC AVIS SR GLBL A 20290301 5.375% | US | 105,000 | $100,351.65 | |
| AZORRA FIN LTD SR GLBL A 20310115 7.250% | US | 100,000 | $100,533.00 | |
| BATH n BODY WORKS INC SR GLBL NT. 20290615 7.500% | US | 48,000 | $48,383.52 | |
| BEACON ROOFING SUPPLY 6.75 20320430 | US | 100,000 | $98,681.00 | |
| BEAZER HOMES USA INC SR GLBL A 20310315 7.500% | US | 105,000 | $100,948.05 | |
| BELLRING BRANDS INC SR A NT 20300315 7.000% | US | 100,000 | $92,098.00 | |
| BEUSA INVESTMENTS LLC SR GLBL 144A 31 7.0 20310801 | US | 105,000 | $100,558.50 | |
| BLACK PEARL COMPUTE LLC 6.125 20310215 | US | 105,000 | $102,750.90 | |
| BLACKSTONE MORTGAGE TRUST INC SR SEC GLBL 20291201 7.750% | US | 100,000 | $99,762.00 | |
| BLOOMIN BRANDS INC OSI RESTA SR GLBL A 20290415 5.125% | US | 115,000 | $106,593.50 | |
| BRANDYWINE OPER PARTNERSHIP L CR SEN GLBL NT 20280315 7.550% | US | 85,000 | $86,427.15 | |
| BRANDYWINE OPER PARTNERSHIP L SR GLBL NT 20271115 3.950% | US | 110,000 | $107,247.80 | |
| BREAD FINANCIAL HOLDINGS INC SR GLBL A 20310515 6.750% | US | 105,000 | $103,581.45 | |
| BROOKFIELD RESIDENTIAL SR GLBL A 20300215 4.875% | US | 95,000 | $86,545.95 | |
| BRUNDAGE-BONE CONCRETE PUMPING SR SEC GLBL 20320201 7.500% | US | 100,000 | $100,326.00 | |
| BUILDERS FIRSTSOURCE INC SR GLBL A 20350515 6.750% | US | 95,000 | $90,242.40 | |
| CAESARS ENTERTAINMENT INC NEW LIEN A NT 20320215 6.500% | US | 100,000 | $93,805.00 | |
| CARS COM INC SR GLBL A 20281101 6.375% | US | 105,000 | $100,721.26 | |
| CATURUS ENERGY LLC SR GLBL 144A 31 7.125 20310515 | US | 100,000 | $97,379.00 | |
| CAVALIER ACQUISITION CORP SR SEC GLBL 33 8.25 20330815 | US | 105,000 | $105,319.20 | |
| CCO HLDGS LLC CCO HLDGS CAP SR GLBL A 20300815 4.500% | US | 110,000 | $98,302.60 | |
| CELANESE US HLDGS LLC CR SEN SR GLBL 20301115 6.550% | US | 95,000 | $97,484.25 | |
| CENTENE CORP DEL SR GLBL NT 20280715 2.450% | US | 110,000 | $103,335.10 | |
| CENTURY COMMUNITIES INC SR GLBL A 20290815 3.875% | US | 115,000 | $106,567.05 | |
| CHAMPION IRON CDA INC SR A NT 20320715 7.875% | US | 100,000 | $96,909.00 | |
| CHARLES RIV LABS INTL INC SR GLBL A 20280501 4.250% | US | 105,000 | $102,424.35 | |
| CHEMOURS CO SR GLBL A 20291115 4.625% | US | 110,000 | $101,174.70 | |
| CIPHER COMPUTE LLC SR SEC GLBL 20301115 7.125% | US | 105,000 | $105,693.00 | |
| CLARIVATE SCIENCE HOLDINGS COR LIEN GLBL 20280701 3.875% | US | 105,000 | $100,373.70 | |
| CLEVELAND-CLIFFS INC NEW SR GLBL A 20310301 4.875% | US | 110,000 | $99,391.60 | |
| CLYDESDALE ACQUISITION HLDGS LIEN A NT 20290415 6.625% | US | 100,000 | $98,775.00 | |
| CNX MIDSTREAM PARTNERS LP SR GLBL A 20300415 4.750% | US | 110,000 | $102,581.60 | |
| COINBASE GLOBAL INC SR GLBL A 20281001 3.375% | US | 110,000 | $103,381.30 | |
| COINBASE GLOBAL INC SR GLBL A 20311001 3.625% | US | 115,000 | $97,879.95 | |
| COLUMBUS MCKINNON CORP N Y SR SEC A NT 20330201 7.125% | US | 100,000 | $96,794.00 | |
| COMSTOCK RES INC SR GLBL 144A 29 6.75 20290301 | US | 105,000 | $104,713.35 | |
| CONSENSUS CLOUD SOLUTIONS INC SR GLBL A 20281015 6.500% | US | 105,000 | $103,742.10 | |
| COTY INC HFC PRESTIGE P SR GLBL A 20310115 5.600% | US | 105,000 | $99,113.70 | |
| CREDIT ACCEP CORP MICH SR GLBL A 20300315 6.625% | US | 100,000 | $97,663.00 | |
| CRESCENT ENERGY FINANCE LLC 7.375 20330115 | US | 105,000 | $104,413.05 | |
| CROCS INC SR GLBL A 20310815 4.125% | US | 110,000 | $98,921.90 | |
| CROSSCOUNTRY INTER HOLDCO LLC SR A NT. 20301001 6.500% | US | 105,000 | $98,227.50 | |
| CVR ENERGY INC SR GLBL 144A 31 7.5 20310215 | US | 100,000 | $100,054.00 | |
| CYPRIUM CORP / CYPRIUM HLDGS SR SEC GLBL 31 6.125 20310415 | US | 105,000 | $101,078.25 | |
| DCLI BIDCO LLC SR SEC GLBL 20291115 7.750% | US | 100,000 | $101,210.00 | |
| DELEK LOGISTICS PARTNERS LP SR GLBL A 20290315 8.625% | US | 62,000 | $63,455.14 | |
| DELUXE CORP MEDIUM TERM NTS SR SEC GLBL 20290915 8.125% | US | 100,000 | $101,864.00 | |
| DISCOVERY GLOBAL HOLDINGS INC 4.279 20320315 | US | 110,000 | $94,325.00 | |
| DIVERSIFIED HEALTHCARE TR SR GLBL NT 20310301 4.375% | US | 115,000 | $101,791.10 | |
| DPL INC SR GLBL NT 20290415 4.350% | US | 105,000 | $100,155.30 | |
| DREAM FINDERS HOMES INC SR GLBL A 20280815 8.250% | US | 100,000 | $100,194.00 | |
| ELASTIC N V SR GLBL A 20290715 4.125% | NL | 110,000 | $104,016.00 | |
| EMPIRE COMMUNITIES CORPORATION SR A NT 20290501 9.750% | US | 95,000 | $96,143.80 | |
| ENDO FIN HLDGS INC SR SEC GLBL 20310415 8.500% | US | 100,000 | $103,305.00 | |
| ENERFLEX INC SR GLBL A 20310115 6.875% | US | 105,000 | $104,164.20 | |
| EQUIPMENTSHARE COM INC LIEN A NT 20280515 9.000% | US | 100,000 | $100,975.00 | |
| ESAB CORPORATION SR GLBL A 20290415 6.250% | US | 100,000 | $99,120.00 | |
| FAIR ISAAC CORP SR GLBL A 20280615 4.000% | US | 105,000 | $100,273.95 | |
| FIESTA PURCHASER INC SR SEC A NT 20310301 7.875% | US | 100,000 | $97,045.73 | |
| FIRST CASH INC SR GLBL A 20280901 4.625% | US | 105,000 | $101,578.05 | |
| FIRST EAGLE HOLDINGS INC 7.25 20320815 | US | 105,000 | $103,440.75 | |
| FIVE POINT OPERATING COMPANY SR GLBL A 20301001 8.000% | US | 110,000 | $109,324.55 | |
| FLASH COMPUTE LLC 7.25 20301231 | US | 100,000 | $99,234.50 | |
| FMC CORP SR GLBL NT 20291001 3.450% | US | 110,000 | $99,929.50 | |
| FMG RESOURCES AUGUST PTY SR GLBL A 20270915 4.500% | AU | 110,000 | $108,216.90 | |
| FORTRESS INTER INC SR SEC A NT 20310601 7.500% | US | 100,000 | $99,751.00 | |
| FREEDOM MTG HLDGS LLC SR A NT 20290201 9.250% | US | 100,000 | $100,950.00 | |
| GAP INC SR GLBL A 20291001 3.625% | US | 110,000 | $102,054.70 | |
| GARDA WORLD SECURITY CORP LIEN GLBL 20310115 6.500% | CA | 105,000 | $102,904.20 | |
| GEN DIGITAL INC SR GLBL A 20330401 6.250% | US | 105,000 | $99,165.15 | |
| GENESIS ENERGY LP n GEN E SR GLBL NT 20320515 7.875% | US | 100,000 | $101,043.00 | |
| GEO GROUP INC SR GLBL NT 20310415 10.250% | US | 90,000 | $95,870.70 | |
| GFL ENVIRONMENTAL HOLDINGS US 5.625 20310701 | US | 110,000 | $104,508.80 | |
| GGAM FIN LTD SR GLBL A 20280615 8.000% | US | 95,000 | $97,004.50 | |
| GLOBAL MEDICAL RESPONSE INC 7.375 20321001 | US | 105,000 | $104,212.50 | |
| GLOBAL PARTNERS LP GLP FIN C SR GLBL A 20330701 7.125% | US | 100,000 | $99,574.00 | |
| GO DADDY OPER CO LLC GD FIN SR GLBL A 20290301 3.500% | US | 110,000 | $102,168.00 | |
| GOODYEAR TIRE n RUBR CO SR GLBL NT 20290715 5.000% | US | 105,000 | $96,995.85 | |
| GOODYEAR TIRE n RUBR CO SR GLBL NT 20310715 5.250% | US | 110,000 | $91,315.40 | |
| GRAND CANYON UNIVERSITY GLBL B SNK 20281001 5.125% | US | 105,000 | $102,576.60 | |
| GRAPHIC PACKAGING INTL LLC SR GLBL A 20300201 3.750% | US | 110,000 | $100,576.30 | |
| GRAY MEDIA INC LIEN GLBL 20330815 7.250% | US | 105,000 | $100,031.40 | |
| GREYSTAR REAL ESTATE PRTN SR SEC A NT 20300901 7.750% | US | 100,000 | $100,926.00 | |
| GROUP AUTOMOTIVE INC SR GLBL A 20300115 6.375% | US | 100,000 | $98,148.00 | |
| HILCORP ENERGY I L P HILCORP SR GLBL A 20310201 6.000% | US | 105,000 | $100,664.55 | |
| HLF FING SARL LLC HERBALIFE SR GLBL A 20290601 4.875% | US | 100,000 | $92,149.81 | |
| HNI CORP 5.125% 01/18/2029 5.125 20290118 | US | 105,000 | $102,174.45 | |
| 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 | $99,706.95 | |
| HUDSON PAC PPTYS L P SR GLBL NT 20271101 3.950% | US | 105,000 | $101,431.05 | |
| HUNT COS INC SR SEC A NT 20290415 5.250% | US | 110,000 | $103,494.60 | |
| HUNTSMAN INTERNATIONAL LLC . 20290501 4.500% | US | 105,000 | $98,016.45 | |
| INSIGHT ENTERPRISES INC SR GLBL A 20320515 6.625% | US | 110,000 | $108,171.80 | |
| JACOBS ENTMT INC SR A NT 20290215 6.750% | US | 105,000 | $101,774.40 | |
| JB POINDEXTER n CO INC SR A NT 20311215 8.750% | US | 95,000 | $95,251.75 | |
| JEFFERSON CAPITAL HOLDINGS LLC SR A NT 20300515 8.250% | US | 100,000 | $102,346.00 | |
| K HOVNANIAN ENTERPRISES INC SR GLBL A 20310401 8.000% | US | 105,000 | $103,625.55 | |
| KBR INC SR GLBL A 20280930 4.750% | US | 105,000 | $102,937.80 | |
| KODIAK GAS SVCS LLC SR A NT 20310401 5.875% | US | 105,000 | $101,029.95 | |
| KRAKEN OIL n GAS PARTNERS LLC SR A NT 20290815 7.625% | US | 100,000 | $100,750.00 | |
| LEEWARD RENEWABLE ENERGY OPER SR A NT 20290701 4.250% | US | 110,000 | $102,737.80 | |
| LEVEL FING INC LIEN GLBL 20330630 6.875% | US | 100,000 | $97,305.00 | |
| LGI HOMES INC SR GLBL A 20290715 4.000% | US | 110,000 | $100,029.31 | |
| LITHIA MTRS INC SR GLBL A 20310115 4.375% | US | 105,000 | $96,165.30 | |
| LONG RIDGE ENERGY LLC SR SEC GLBL 20320215 8.750% | US | 110,000 | $110,358.60 | |
| MACYS RETAIL HLDGS LLC SR A NT 20320315 6.125% | US | 100,000 | $96,975.00 | |
| MAGNERA CORP SR GLBL A 20291115 4.750% | US | 110,000 | $101,721.40 | |
| MARRIOTT OWNERSHIP RESORTS INC SR GLBL A 20331001 6.500% | US | 105,000 | $99,892.80 | |
| MASTERBRAND INC SR GLBL A 20320715 7.000% | US | 100,000 | $95,012.00 | |
| MATCH GROUP HOLDINGS II LLC GLBL A NT 20280601 4.625% | US | 105,000 | $102,354.00 | |
| MATTAMY GROUP CORP SR GLBL A 20300301 4.625% | US | 105,000 | $98,168.70 | |
| MAUSER PACKAGING SOLUTIONS LIEN A NT 20270415 7.875% | US | 100,000 | $100,125.00 | |
| MCGRAW-HILL ED INC SR SEC A NT 20310901 7.375% | US | 100,000 | $100,114.73 | |
| METHANEX US OPERATIONS INC SR GLBL A 20320315 6.250% | US | 100,000 | $97,963.00 | |
| MGM RESORTS INTERNATIONAL SR GLBL NT. 20320415 6.500% | US | 100,000 | $95,974.00 | |
| MIDAS OPCO HLDGS LLC SR GLBL A 20290815 5.625% | US | 105,000 | $99,680.91 | |
| MILLROSE PPTYS INC SR GLBL A 20300801 6.375% | US | 100,000 | $97,744.00 | |
| MINERAL RES LTD 6.0 20320501 | US | 105,000 | $100,267.65 | |
| MITER BRANDS ACQUISITION HOLDC LIEN A NT 20320401 6.750% | US | 100,000 | $96,333.00 | |
| MOHEGAN ESCROW ISSUER LLC SR SEC GLBL 20300415 8.250% | US | 100,000 | $101,736.00 | |
| MOLINA HEALTHCARE INC 6.5 20310215 | US | 105,000 | $103,663.35 | |
| NABORS INDS INC SR 144A NT 32 7.625 20321115 | US | 100,000 | $99,988.00 | |
| NAVIENT CORPORATION SR GLBL NT 20280315 4.875% | US | 105,000 | $102,247.95 | |
| NCL CORP LTD SR GLBL 144A 31 5.875 20310115 | US | 110,000 | $100,670.90 | |
| NEPTUNE BIDCO US INC SR SEC GLBL 20290415 9.290% | US | 105,000 | $106,018.50 | |
| NEW HOME CO INC SR A NT 20291001 9.250% | US | 100,000 | $99,309.00 | |
| NEWMARK GROUP INC CR SEN SR GLBL 20290112 7.500% | US | 95,000 | $96,930.40 | |
| NEXSTAR BROADCASTING INC SR GLBL A 20281101 4.750% | US | 105,000 | $101,725.05 | |
| NGL ENERGY OPERATING LLC NGL SR SEC GLBL 20320215 8.375% | US | 100,000 | $101,330.00 | |
| NISSAN MTR ACCEP CO LLC FR . 20280915 2.450% | US | 115,000 | $106,576.25 | |
| NORDSTROM INC SR GLBL NT 20300401 4.375% | US | 110,000 | $101,754.40 | |
| NORTHERN OIL AND GAS INC SR GLBL 144A 31 8.75 20310615 | US | 100,000 | $102,425.00 | |
| NORTHRIVER MIDSTREAM FINANCE L SR SEC A NT 20320715 6.750% | US | 100,000 | $99,139.00 | |
| NOVELIS CORP SR GLBL A 20300130 4.750% | US | 105,000 | $98,975.10 | |
| NUFARM AUSTRALIA LTD NUFA SR A NT 20300127 5.000% | AU | 105,000 | $97,400.10 | |
| OI EUROPEAN GROUP BV SR GLBL A 20300215 4.750% | NL | 100,000 | $87,083.91 | |
| OLIN CORP SR GLBL NT 20300201 5.000% | US | 105,000 | $99,215.55 | |
| ONEMAIN FIN CORP SR GLBL NT 20280915 3.875% | US | 105,000 | $99,757.35 | |
| ONTARIO GAMING GTA LTD PARTNER SR SEC A NT 20300801 8.000% | US | 100,000 | $94,931.00 | |
| OPEN TEXT CORP SR GLBL A 20280215 3.875% | US | 105,000 | $102,262.65 | |
| PANTHER ES IS LLCCO-IS INC SR SEC A NT 20310601 7.125% | US | 105,000 | $99,967.35 | |
| PARAMOUNT GLOBAL SR GLBL NT. 20280601 3.700% | US | 105,000 | $100,031.40 | |
| PARK INTER HLDGS LLC PK DOME LIEN GLBL 20290515 4.875% | US | 110,000 | $105,262.30 | |
| PBF HLDG CO LLC PBF FIN CORP SR GLBL A 20300315 9.875% | US | 100,000 | $106,010.00 | |
| PENNYMAC FINL SVCS INC NEW 7.125 20301115 | US | 105,000 | $99,701.70 | |
| PERRIGO FINANCE UNLIMITED COMP SR GLBL NT 20320930 6.125% | US | 105,000 | $100,094.40 | |
| PGnE CORP LIEN GLBL NT 20300701 5.250% | US | 110,000 | $104,412.00 | |
| PHINIA INC SR SEC GLBL 20290415 6.750% | US | 100,000 | $99,968.00 | |
| PHOENIX AVIATION CAP LTD SR A NT 20300715 9.250% | US | 95,000 | $95,744.80 | |
| PITNEY BOWES INC SR GLBL A 20290315 7.250% | US | 105,000 | $105,223.65 | |
| PLS GROUP LTD SR A NT 20310501 6.875% | AU | 105,000 | $104,134.80 | |
| POPULAR INC SR GLBL NT 20280313 7.250% | US | 100,000 | $101,638.24 | |
| PRA GROUP INC SR GLBL A 20280201 8.375% | US | 100,000 | $100,069.00 | |
| PRECISION DRILLING CORP SR GLBL A 20290115 6.875% | CA | 105,000 | $104,929.65 | |
| PRIME HEALTHCARE SVCS INC SR SEC A NT 20290901 9.375% | US | 100,000 | $101,994.93 | |
| PROG HOLDINGS INC SR GLBL A 20291115 6.000% | US | 105,000 | $99,660.75 | |
| PROVIDENT FDG ASSOCIATES LP SR A NT 20290915 9.750% | US | 95,000 | $96,652.05 | |
| PTC INC SR GLBL A 20280215 4.000% | US | 105,000 | $102,172.35 | |
| QUICKEN LNS LLCQUICKEN LNS CO SR GLBL A 20290301 3.625% | US | 105,000 | $98,698.95 | |
| RADIOLOGY PARTNERS INC LIEN A NT 20320715 8.500% | US | 100,000 | $97,909.07 | |
| RAILWORKS HLDGS LP RAILWORKS SR SEC A NT 20281115 8.250% | US | 100,000 | $97,949.00 | |
| RAND PARENT LLC LIEN A NT 20300215 8.500% | US | 100,000 | $101,654.00 | |
| RESIDEO FDG II LLC 6.5 20320715 | US | 105,000 | $100,563.75 | |
| RITHM CAPITAL CORP SR GLBL A 20300715 8.000% | US | 100,000 | $97,255.00 | |
| ROBLOX CORP SR GLBL A 20300501 3.875% | US | 110,000 | $100,653.30 | |
| ROGERS COMMUNICATIONS INC SUB GLBL NT 20550415 7.000% | US | 100,000 | $97,796.00 | |
| RXO INC 6.375 20310515 | US | 105,000 | $101,783.85 | |
| SATURN OIL AND GAS INC SR 144A NT8.5%31 8.5 20310730 | US | 105,000 | $106,158.15 | |
| SCRIPPS ESCROW II INC LIEN GLBL 20290115 3.875% | US | 115,000 | $103,849.60 | |
| SELECT MEDICAL CORP SR GLBL A 20321201 6.250% | US | 105,000 | $98,705.25 | |
| SESI L L C SR SEC A NT 20300930 7.875% | US | 100,000 | $99,500.41 | |
| SHIFT PMTS LLC SHIFT PMTS SR GLBL A 20320815 6.750% | US | 100,000 | $94,206.00 | |
| SIRIUS XM RADIO INC SR GLBL A 20280715 4.000% | US | 105,000 | $101,042.55 | |
| SLM CORP SR GLBL NT. 20300131 6.500% | US | 100,000 | $98,935.22 | |
| SM ENERGY COMPANY SR GLBL A 20290801 6.750% | US | 100,000 | $100,412.00 | |
| SNAP INC SR GLBL A 20340315 6.875% | US | 100,000 | $93,714.00 | |
| SOLARIS ENERGY INFRASTRUCTURE 6.375 20310515 | US | 105,000 | $102,245.85 | |
| SOMNIGROUP INTERNATIONAL INC SR GLBL A 20290415 4.000% | US | 105,000 | $99,294.30 | |
| SPEEDWAY MOTORSPORTS LLC SP SR GLBL A 20271101 4.875% | US | 110,000 | $108,926.40 | |
| STANDARD BLDG SOLUTIONS INC SR GLBL A 20300715 4.375% | US | 105,000 | $96,658.80 | |
| STAR HOLDING LLC SR SEC 144A NT31 8.75 20310801 | US | 105,000 | $104,841.45 | |
| STARWOOD PPTY TR INC SR GLBL A 20281015 5.250% | US | 100,000 | $96,997.00 | |
| STINGRAY COMPUTE LLC 6.0 20310615 | US | 110,000 | $105,039.00 | |
| STONEMOR INC SR SEC GLBL 20290515 8.500% | US | 105,000 | $103,376.70 | |
| STONEPEAK NILE PARENT LLC SR SEC A NT 20320315 7.250% | US | 95,000 | $94,981.95 | |
| STONEX ESCROW ISSUER LLC SR SEC GLBL 20320715 6.875% | US | 100,000 | $98,127.20 | |
| SUBURBAN PROPANE PARTNERS L P SR GLBL A 20351215 6.500% | US | 105,000 | $98,123.55 | |
| SUMMIT MIDSTREAM HLDGS LLC SR SEC GLBL 20291031 8.625% | US | 105,000 | $107,058.00 | |
| SUNCOKE ENERGY INC SR SEC GLBL 20290630 4.875% | US | 105,000 | $99,581.53 | |
| SUPERIOR PLUS LP SUPERIOR GE SR GLBL A 20290315 4.500% | US | 105,000 | $99,933.75 | |
| SWORD PURCHASER LLC 8.25 20330415 | US | 100,000 | $101,364.00 | |
| TAILORED BRANDS INC LIEN A NT 20310201 9.000% | US | 89,000 | $93,352.10 | |
| TALEN ENERGY SUPPLY LLC SR GLBL A 20360201 6.500% | US | 110,000 | $103,417.60 | |
| TENNECO LLC SR SEC GLBL 28 8.0 20281117 | US | 100,000 | $99,235.00 | |
| TERRAFORM PWR OPER LLC SR GLBL A 20280131 5.000% | US | 105,000 | $102,717.30 | |
| TITAN INTL INC ILL SR SEC GLBL NT 20280430 7.000% | US | 100,000 | $99,716.00 | |
| TRAVEL PLUS LEISURE CO LIEN GLBL 20300301 4.625% | US | 105,000 | $98,028.00 | |
| TRINET GROUP INC SR GLBL A 20290301 3.500% | US | 110,000 | $102,619.00 | |
| TRUENOORD CAPITAL DAC SR GLBL A 20300301 8.750% | US | 95,000 | $96,254.00 | |
| TTM TECHNOLOGIES INC SR GLBL A 20290301 4.000% | US | 110,000 | $104,140.30 | |
| TURNING PT BRANDS INC SR SEC A NT 20320315 7.625% | US | 95,000 | $94,174.45 | |
| UKG INC SR SEC A NT 20310201 6.875% | US | 105,000 | $101,149.65 | |
| UNDER ARMOUR INC SR GLBL A 20300715 7.250% | US | 100,000 | $96,760.00 | |
| UNITED AIRLS HLDGS INC 4.875 20290301 | US | 105,000 | $100,905.00 | |
| UNIVISION COMMUNICATIONS INC SR SEC A NT 20310731 8.500% | US | 100,000 | $97,329.00 | |
| UPBOUND GROUP INC SR GLBL A 20290215 6.375% | US | 105,000 | $101,943.45 | |
| US DOLLARS | US | USD | 284,338.5 | $284,338.50 |
| V F CORP SR GLBL NT 20300423 2.950% | US | 120,000 | $106,066.80 | |
| VALIDUS ENERGY II MIDCON LLC SR 144A NT 8%31 8.0 20310801 | US | 105,000 | $103,597.20 | |
| VENTURE GLOBAL CALCASIEU PASS SR SEC A NT 20300115 6.250% | US | 95,000 | $94,371.10 | |
| VENTURE GLOBAL LNG INC SR SEC A NT 20290201 9.500% | US | 95,000 | $100,221.09 | |
| VERMILION ENERGY INC SR A NT 20300501 6.875% | US | 100,000 | $98,303.00 | |
| VERSANT MEDIA GROUP INC SR SEC A NT 20310130 7.250% | US | 100,000 | $100,042.00 | |
| VICTRA HLDGS LLC VICTRA FIN SR SEC GLBL 20290915 8.750% | US | 100,000 | $98,922.00 | |
| VISTAJET MALTA FIN P L C X SR A NT 20300201 6.375% | US | 105,000 | $98,493.15 | |
| VODAFONE GROUP PLC SUB GLBL NT 20790404 7.000% | US | 100,000 | $100,690.00 | |
| VOLTAGRID LLC LIEN A NT 20301101 7.375% | US | 100,000 | $99,245.00 | |
| VORNADO RLTY L P GLBL NT . 20310601 3.400% | US | 115,000 | $100,749.20 | |
| VT TOPCO INC SR SEC A NT 20300815 8.500% | US | 100,000 | $100,430.00 | |
| W. R. GRACE HOLDINGS LLC SR SEC A NT 20320815 6.625% | US | 105,000 | $96,814.20 | |
| WALKER n DUNLOP INC SR GLBL A 20330401 6.625% | US | 105,000 | $100,457.70 | |
| WBI OPER LLC SR GLBL A 20301015 6.250% | US | 105,000 | $102,096.75 | |
| WEEKLEY HOMES LLC FIN CORP SR GLBL A 20280915 4.875% | US | 105,000 | $101,173.80 | |
| WEX INC SR GLBL A 20330315 6.500% | US | 100,000 | $96,150.00 | |
| WILLIAM CARTER CO SR GLBL A 20310215 7.375% | US | 100,000 | $100,116.00 | |
| WINDSTREAM SVCS LLC WINDSTRE M A NT 20311001 8.250% | US | 110,000 | $110,339.90 | |
| WORTHINGTON STL INC 7.75 20330601 | US | 100,000 | $100,992.00 | |
| WULF COMPUTE LLC LIEN AMZ A 20301015 7.750% | US | 95,000 | $97,155.55 | |
| XPLR INFRASTRUCTURE SR GLBL A 20270915 4.500% | US | 105,000 | $103,524.75 | |
| XPO INC SR DEB . 20340501 6.700% | US | 95,000 | $93,825.80 |
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
$9.77
Daily $ Change
$0.00
Daily % Change
0.00%
as of 10/08/2026
Ticker
MSYSX
CUSIP
56382X206
Inception Date
09/15/2025
Investment Minimum
$2,000.00
Investment minimum may be waived for certain qualified retirement plans, participants in an automatic investment program, 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
1.10%
1 Year
2.90%
3 Year
---
5 Year
---
10 Year
---
Inception
(09/15/2025)
2.69%
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 | 142.78% |
| Net | 0.86%* |
*Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee. 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.
| 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% | 0.43% |
| FIVE POINT OPERATING COMPANY SR GLBL A 20301001 8.000% | 0.43% |
| SPEEDWAY MOTORSPORTS LLC SP SR GLBL A 20271101 4.875% | 0.43% |
| FMG RESOURCES AUGUST PTY SR GLBL A 20270915 4.500% | 0.42% |
| INSIGHT ENTERPRISES INC SR GLBL A 20320515 6.625% | 0.42% |
| BRANDYWINE OPER PARTNERSHIP L SR GLBL NT 20271115 3.950% | 0.42% |
| SUMMIT MIDSTREAM HLDGS LLC SR SEC GLBL 20291031 8.625% | 0.42% |
| BLOOMIN BRANDS INC OSI RESTA SR GLBL A 20290415 5.125% | 0.42% |
Top Ten Investments list is unaudited and excludes cash
| B | 51.85% | |
| BB | 46.20% | |
| BBB | 1.95% |
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 5.75 20290420 | US | 96,250 | $94,926.56 | |
| ACADEMY LTD / ACADEMY FIN CORP 5.875 20310515 | US | 105,000 | $101,207.40 | |
| ACCO BRANDS CORP SR GLBL A 20290315 4.250% | US | 110,000 | $102,109.70 | |
| ACRISURE LLC / ACRISURE FIN 4.25 20290215 | US | 110,000 | $94,878.30 | |
| ADAMS HOMES INC SR A NT 20281015 9.250% | US | 100,000 | $100,140.00 | |
| ADAPTHEALTH LLC SR GLBL A 20290801 4.625% | US | 110,000 | $102,017.30 | |
| ADIENT GLOBAL HLDGS LTD SR GLBL A 20330215 7.500% | US | 110,000 | $109,556.70 | |
| ADT SECURITY CORPORATION LIEN GLBL 20331015 5.875% | US | 110,000 | $102,646.71 | |
| ADVANCE AUTO PARTS INC SR GLBL A 20300801 7.000% | US | 100,000 | $99,210.00 | |
| AK AIRLINES INC 6.5 20310601 | US | 100,000 | $96,356.14 | |
| ALBERTSONS COS INC SAFEWAY I SR GLBL A 20310331 5.500% | US | 105,000 | $98,477.40 | |
| ALLEGIANT TRAVEL CO 7.125 20310701 | US | 105,000 | $103,441.80 | |
| ALLIANCE RES OP PART LPALLIAN SR GLBL A 20290615 8.625% | US | 95,000 | $97,902.25 | |
| AMERIGAS PARTNERS L P 6.875 20310601 | US | 105,000 | $100,339.05 | |
| AMERITEX HOLDCO INTER LLC LIEN GLBL 20330815 7.625% | US | 100,000 | $99,480.00 | |
| ANYWHERE REAL ESTATE GROUP LLC LIEN GLBL 20300415 9.750% | US | 100,000 | $104,985.00 | |
| APH SOM APHAPH SR A NT 20291101 7.875% | US | 100,000 | $96,061.43 | |
| APLD COMPUTECO LLC LIEN GLBL 20301215 9.250% | US | 95,000 | $98,879.80 | |
| ARCHES BUYER INC 5 YR 9.0 20310731 | US | 105,000 | $105,624.75 | |
| ARDAGH GROUP S A LIEN A NT 20301201 9.500% | US | 95,000 | $97,909.85 | |
| ARETEC ESCROW ISSUER INC SR SEC A NT 20300815 10.000% | US | 95,000 | $98,385.80 | |
| ASBURY AUTOMOTIVE GROUP INC SR GLBL A 20320215 5.000% | US | 105,000 | $96,245.10 | |
| ASCENT RES UTICA HLDGS LLC A SR A NT 20330715 6.625% | US | 100,000 | $98,176.00 | |
| ASGN INC SR GLBL A 20280515 4.625% | US | 110,000 | $106,183.00 | |
| ASHTON WOODS USA LLC ASHTON SR A NT 20300401 4.625% | US | 110,000 | $101,689.50 | |
| ASSURANT INC SUB GLBL NT 20480327 7.000% | US | 100,000 | $100,670.00 | |
| ATS CORPORATION GLBL A NT 20281215 4.125% | US | 110,000 | $104,985.10 | |
| AVIS BUDGET CAR RENT LLC AVIS SR GLBL A 20290301 5.375% | US | 105,000 | $100,351.65 | |
| AZORRA FIN LTD SR GLBL A 20310115 7.250% | US | 100,000 | $100,533.00 | |
| BATH n BODY WORKS INC SR GLBL NT. 20290615 7.500% | US | 48,000 | $48,383.52 | |
| BEACON ROOFING SUPPLY 6.75 20320430 | US | 100,000 | $98,681.00 | |
| BEAZER HOMES USA INC SR GLBL A 20310315 7.500% | US | 105,000 | $100,948.05 | |
| BELLRING BRANDS INC SR A NT 20300315 7.000% | US | 100,000 | $92,098.00 | |
| BEUSA INVESTMENTS LLC SR GLBL 144A 31 7.0 20310801 | US | 105,000 | $100,558.50 | |
| BLACK PEARL COMPUTE LLC 6.125 20310215 | US | 105,000 | $102,750.90 | |
| BLACKSTONE MORTGAGE TRUST INC SR SEC GLBL 20291201 7.750% | US | 100,000 | $99,762.00 | |
| BLOOMIN BRANDS INC OSI RESTA SR GLBL A 20290415 5.125% | US | 115,000 | $106,593.50 | |
| BRANDYWINE OPER PARTNERSHIP L CR SEN GLBL NT 20280315 7.550% | US | 85,000 | $86,427.15 | |
| BRANDYWINE OPER PARTNERSHIP L SR GLBL NT 20271115 3.950% | US | 110,000 | $107,247.80 | |
| BREAD FINANCIAL HOLDINGS INC SR GLBL A 20310515 6.750% | US | 105,000 | $103,581.45 | |
| BROOKFIELD RESIDENTIAL SR GLBL A 20300215 4.875% | US | 95,000 | $86,545.95 | |
| BRUNDAGE-BONE CONCRETE PUMPING SR SEC GLBL 20320201 7.500% | US | 100,000 | $100,326.00 | |
| BUILDERS FIRSTSOURCE INC SR GLBL A 20350515 6.750% | US | 95,000 | $90,242.40 | |
| CAESARS ENTERTAINMENT INC NEW LIEN A NT 20320215 6.500% | US | 100,000 | $93,805.00 | |
| CARS COM INC SR GLBL A 20281101 6.375% | US | 105,000 | $100,721.26 | |
| CATURUS ENERGY LLC SR GLBL 144A 31 7.125 20310515 | US | 100,000 | $97,379.00 | |
| CAVALIER ACQUISITION CORP SR SEC GLBL 33 8.25 20330815 | US | 105,000 | $105,319.20 | |
| CCO HLDGS LLC CCO HLDGS CAP SR GLBL A 20300815 4.500% | US | 110,000 | $98,302.60 | |
| CELANESE US HLDGS LLC CR SEN SR GLBL 20301115 6.550% | US | 95,000 | $97,484.25 | |
| CENTENE CORP DEL SR GLBL NT 20280715 2.450% | US | 110,000 | $103,335.10 | |
| CENTURY COMMUNITIES INC SR GLBL A 20290815 3.875% | US | 115,000 | $106,567.05 | |
| CHAMPION IRON CDA INC SR A NT 20320715 7.875% | US | 100,000 | $96,909.00 | |
| CHARLES RIV LABS INTL INC SR GLBL A 20280501 4.250% | US | 105,000 | $102,424.35 | |
| CHEMOURS CO SR GLBL A 20291115 4.625% | US | 110,000 | $101,174.70 | |
| CIPHER COMPUTE LLC SR SEC GLBL 20301115 7.125% | US | 105,000 | $105,693.00 | |
| CLARIVATE SCIENCE HOLDINGS COR LIEN GLBL 20280701 3.875% | US | 105,000 | $100,373.70 | |
| CLEVELAND-CLIFFS INC NEW SR GLBL A 20310301 4.875% | US | 110,000 | $99,391.60 | |
| CLYDESDALE ACQUISITION HLDGS LIEN A NT 20290415 6.625% | US | 100,000 | $98,775.00 | |
| CNX MIDSTREAM PARTNERS LP SR GLBL A 20300415 4.750% | US | 110,000 | $102,581.60 | |
| COINBASE GLOBAL INC SR GLBL A 20281001 3.375% | US | 110,000 | $103,381.30 | |
| COINBASE GLOBAL INC SR GLBL A 20311001 3.625% | US | 115,000 | $97,879.95 | |
| COLUMBUS MCKINNON CORP N Y SR SEC A NT 20330201 7.125% | US | 100,000 | $96,794.00 | |
| COMSTOCK RES INC SR GLBL 144A 29 6.75 20290301 | US | 105,000 | $104,713.35 | |
| CONSENSUS CLOUD SOLUTIONS INC SR GLBL A 20281015 6.500% | US | 105,000 | $103,742.10 | |
| COTY INC HFC PRESTIGE P SR GLBL A 20310115 5.600% | US | 105,000 | $99,113.70 | |
| CREDIT ACCEP CORP MICH SR GLBL A 20300315 6.625% | US | 100,000 | $97,663.00 | |
| CRESCENT ENERGY FINANCE LLC 7.375 20330115 | US | 105,000 | $104,413.05 | |
| CROCS INC SR GLBL A 20310815 4.125% | US | 110,000 | $98,921.90 | |
| CROSSCOUNTRY INTER HOLDCO LLC SR A NT. 20301001 6.500% | US | 105,000 | $98,227.50 | |
| CVR ENERGY INC SR GLBL 144A 31 7.5 20310215 | US | 100,000 | $100,054.00 | |
| CYPRIUM CORP / CYPRIUM HLDGS SR SEC GLBL 31 6.125 20310415 | US | 105,000 | $101,078.25 | |
| DCLI BIDCO LLC SR SEC GLBL 20291115 7.750% | US | 100,000 | $101,210.00 | |
| DELEK LOGISTICS PARTNERS LP SR GLBL A 20290315 8.625% | US | 62,000 | $63,455.14 | |
| DELUXE CORP MEDIUM TERM NTS SR SEC GLBL 20290915 8.125% | US | 100,000 | $101,864.00 | |
| DISCOVERY GLOBAL HOLDINGS INC 4.279 20320315 | US | 110,000 | $94,325.00 | |
| DIVERSIFIED HEALTHCARE TR SR GLBL NT 20310301 4.375% | US | 115,000 | $101,791.10 | |
| DPL INC SR GLBL NT 20290415 4.350% | US | 105,000 | $100,155.30 | |
| DREAM FINDERS HOMES INC SR GLBL A 20280815 8.250% | US | 100,000 | $100,194.00 | |
| ELASTIC N V SR GLBL A 20290715 4.125% | NL | 110,000 | $104,016.00 | |
| EMPIRE COMMUNITIES CORPORATION SR A NT 20290501 9.750% | US | 95,000 | $96,143.80 | |
| ENDO FIN HLDGS INC SR SEC GLBL 20310415 8.500% | US | 100,000 | $103,305.00 | |
| ENERFLEX INC SR GLBL A 20310115 6.875% | US | 105,000 | $104,164.20 | |
| EQUIPMENTSHARE COM INC LIEN A NT 20280515 9.000% | US | 100,000 | $100,975.00 | |
| ESAB CORPORATION SR GLBL A 20290415 6.250% | US | 100,000 | $99,120.00 | |
| FAIR ISAAC CORP SR GLBL A 20280615 4.000% | US | 105,000 | $100,273.95 | |
| FIESTA PURCHASER INC SR SEC A NT 20310301 7.875% | US | 100,000 | $97,045.73 | |
| FIRST CASH INC SR GLBL A 20280901 4.625% | US | 105,000 | $101,578.05 | |
| FIRST EAGLE HOLDINGS INC 7.25 20320815 | US | 105,000 | $103,440.75 | |
| FIVE POINT OPERATING COMPANY SR GLBL A 20301001 8.000% | US | 110,000 | $109,324.55 | |
| FLASH COMPUTE LLC 7.25 20301231 | US | 100,000 | $99,234.50 | |
| FMC CORP SR GLBL NT 20291001 3.450% | US | 110,000 | $99,929.50 | |
| FMG RESOURCES AUGUST PTY SR GLBL A 20270915 4.500% | AU | 110,000 | $108,216.90 | |
| FORTRESS INTER INC SR SEC A NT 20310601 7.500% | US | 100,000 | $99,751.00 | |
| FREEDOM MTG HLDGS LLC SR A NT 20290201 9.250% | US | 100,000 | $100,950.00 | |
| GAP INC SR GLBL A 20291001 3.625% | US | 110,000 | $102,054.70 | |
| GARDA WORLD SECURITY CORP LIEN GLBL 20310115 6.500% | CA | 105,000 | $102,904.20 | |
| GEN DIGITAL INC SR GLBL A 20330401 6.250% | US | 105,000 | $99,165.15 | |
| GENESIS ENERGY LP n GEN E SR GLBL NT 20320515 7.875% | US | 100,000 | $101,043.00 | |
| GEO GROUP INC SR GLBL NT 20310415 10.250% | US | 90,000 | $95,870.70 | |
| GFL ENVIRONMENTAL HOLDINGS US 5.625 20310701 | US | 110,000 | $104,508.80 | |
| GGAM FIN LTD SR GLBL A 20280615 8.000% | US | 95,000 | $97,004.50 | |
| GLOBAL MEDICAL RESPONSE INC 7.375 20321001 | US | 105,000 | $104,212.50 | |
| GLOBAL PARTNERS LP GLP FIN C SR GLBL A 20330701 7.125% | US | 100,000 | $99,574.00 | |
| GO DADDY OPER CO LLC GD FIN SR GLBL A 20290301 3.500% | US | 110,000 | $102,168.00 | |
| GOODYEAR TIRE n RUBR CO SR GLBL NT 20290715 5.000% | US | 105,000 | $96,995.85 | |
| GOODYEAR TIRE n RUBR CO SR GLBL NT 20310715 5.250% | US | 110,000 | $91,315.40 | |
| GRAND CANYON UNIVERSITY GLBL B SNK 20281001 5.125% | US | 105,000 | $102,576.60 | |
| GRAPHIC PACKAGING INTL LLC SR GLBL A 20300201 3.750% | US | 110,000 | $100,576.30 | |
| GRAY MEDIA INC LIEN GLBL 20330815 7.250% | US | 105,000 | $100,031.40 | |
| GREYSTAR REAL ESTATE PRTN SR SEC A NT 20300901 7.750% | US | 100,000 | $100,926.00 | |
| GROUP AUTOMOTIVE INC SR GLBL A 20300115 6.375% | US | 100,000 | $98,148.00 | |
| HILCORP ENERGY I L P HILCORP SR GLBL A 20310201 6.000% | US | 105,000 | $100,664.55 | |
| HLF FING SARL LLC HERBALIFE SR GLBL A 20290601 4.875% | US | 100,000 | $92,149.81 | |
| HNI CORP 5.125% 01/18/2029 5.125 20290118 | US | 105,000 | $102,174.45 | |
| 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 | $99,706.95 | |
| HUDSON PAC PPTYS L P SR GLBL NT 20271101 3.950% | US | 105,000 | $101,431.05 | |
| HUNT COS INC SR SEC A NT 20290415 5.250% | US | 110,000 | $103,494.60 | |
| HUNTSMAN INTERNATIONAL LLC . 20290501 4.500% | US | 105,000 | $98,016.45 | |
| INSIGHT ENTERPRISES INC SR GLBL A 20320515 6.625% | US | 110,000 | $108,171.80 | |
| JACOBS ENTMT INC SR A NT 20290215 6.750% | US | 105,000 | $101,774.40 | |
| JB POINDEXTER n CO INC SR A NT 20311215 8.750% | US | 95,000 | $95,251.75 | |
| JEFFERSON CAPITAL HOLDINGS LLC SR A NT 20300515 8.250% | US | 100,000 | $102,346.00 | |
| K HOVNANIAN ENTERPRISES INC SR GLBL A 20310401 8.000% | US | 105,000 | $103,625.55 | |
| KBR INC SR GLBL A 20280930 4.750% | US | 105,000 | $102,937.80 | |
| KODIAK GAS SVCS LLC SR A NT 20310401 5.875% | US | 105,000 | $101,029.95 | |
| KRAKEN OIL n GAS PARTNERS LLC SR A NT 20290815 7.625% | US | 100,000 | $100,750.00 | |
| LEEWARD RENEWABLE ENERGY OPER SR A NT 20290701 4.250% | US | 110,000 | $102,737.80 | |
| LEVEL FING INC LIEN GLBL 20330630 6.875% | US | 100,000 | $97,305.00 | |
| LGI HOMES INC SR GLBL A 20290715 4.000% | US | 110,000 | $100,029.31 | |
| LITHIA MTRS INC SR GLBL A 20310115 4.375% | US | 105,000 | $96,165.30 | |
| LONG RIDGE ENERGY LLC SR SEC GLBL 20320215 8.750% | US | 110,000 | $110,358.60 | |
| MACYS RETAIL HLDGS LLC SR A NT 20320315 6.125% | US | 100,000 | $96,975.00 | |
| MAGNERA CORP SR GLBL A 20291115 4.750% | US | 110,000 | $101,721.40 | |
| MARRIOTT OWNERSHIP RESORTS INC SR GLBL A 20331001 6.500% | US | 105,000 | $99,892.80 | |
| MASTERBRAND INC SR GLBL A 20320715 7.000% | US | 100,000 | $95,012.00 | |
| MATCH GROUP HOLDINGS II LLC GLBL A NT 20280601 4.625% | US | 105,000 | $102,354.00 | |
| MATTAMY GROUP CORP SR GLBL A 20300301 4.625% | US | 105,000 | $98,168.70 | |
| MAUSER PACKAGING SOLUTIONS LIEN A NT 20270415 7.875% | US | 100,000 | $100,125.00 | |
| MCGRAW-HILL ED INC SR SEC A NT 20310901 7.375% | US | 100,000 | $100,114.73 | |
| METHANEX US OPERATIONS INC SR GLBL A 20320315 6.250% | US | 100,000 | $97,963.00 | |
| MGM RESORTS INTERNATIONAL SR GLBL NT. 20320415 6.500% | US | 100,000 | $95,974.00 | |
| MIDAS OPCO HLDGS LLC SR GLBL A 20290815 5.625% | US | 105,000 | $99,680.91 | |
| MILLROSE PPTYS INC SR GLBL A 20300801 6.375% | US | 100,000 | $97,744.00 | |
| MINERAL RES LTD 6.0 20320501 | US | 105,000 | $100,267.65 | |
| MITER BRANDS ACQUISITION HOLDC LIEN A NT 20320401 6.750% | US | 100,000 | $96,333.00 | |
| MOHEGAN ESCROW ISSUER LLC SR SEC GLBL 20300415 8.250% | US | 100,000 | $101,736.00 | |
| MOLINA HEALTHCARE INC 6.5 20310215 | US | 105,000 | $103,663.35 | |
| NABORS INDS INC SR 144A NT 32 7.625 20321115 | US | 100,000 | $99,988.00 | |
| NAVIENT CORPORATION SR GLBL NT 20280315 4.875% | US | 105,000 | $102,247.95 | |
| NCL CORP LTD SR GLBL 144A 31 5.875 20310115 | US | 110,000 | $100,670.90 | |
| NEPTUNE BIDCO US INC SR SEC GLBL 20290415 9.290% | US | 105,000 | $106,018.50 | |
| NEW HOME CO INC SR A NT 20291001 9.250% | US | 100,000 | $99,309.00 | |
| NEWMARK GROUP INC CR SEN SR GLBL 20290112 7.500% | US | 95,000 | $96,930.40 | |
| NEXSTAR BROADCASTING INC SR GLBL A 20281101 4.750% | US | 105,000 | $101,725.05 | |
| NGL ENERGY OPERATING LLC NGL SR SEC GLBL 20320215 8.375% | US | 100,000 | $101,330.00 | |
| NISSAN MTR ACCEP CO LLC FR . 20280915 2.450% | US | 115,000 | $106,576.25 | |
| NORDSTROM INC SR GLBL NT 20300401 4.375% | US | 110,000 | $101,754.40 | |
| NORTHERN OIL AND GAS INC SR GLBL 144A 31 8.75 20310615 | US | 100,000 | $102,425.00 | |
| NORTHRIVER MIDSTREAM FINANCE L SR SEC A NT 20320715 6.750% | US | 100,000 | $99,139.00 | |
| NOVELIS CORP SR GLBL A 20300130 4.750% | US | 105,000 | $98,975.10 | |
| NUFARM AUSTRALIA LTD NUFA SR A NT 20300127 5.000% | AU | 105,000 | $97,400.10 | |
| OI EUROPEAN GROUP BV SR GLBL A 20300215 4.750% | NL | 100,000 | $87,083.91 | |
| OLIN CORP SR GLBL NT 20300201 5.000% | US | 105,000 | $99,215.55 | |
| ONEMAIN FIN CORP SR GLBL NT 20280915 3.875% | US | 105,000 | $99,757.35 | |
| ONTARIO GAMING GTA LTD PARTNER SR SEC A NT 20300801 8.000% | US | 100,000 | $94,931.00 | |
| OPEN TEXT CORP SR GLBL A 20280215 3.875% | US | 105,000 | $102,262.65 | |
| PANTHER ES IS LLCCO-IS INC SR SEC A NT 20310601 7.125% | US | 105,000 | $99,967.35 | |
| PARAMOUNT GLOBAL SR GLBL NT. 20280601 3.700% | US | 105,000 | $100,031.40 | |
| PARK INTER HLDGS LLC PK DOME LIEN GLBL 20290515 4.875% | US | 110,000 | $105,262.30 | |
| PBF HLDG CO LLC PBF FIN CORP SR GLBL A 20300315 9.875% | US | 100,000 | $106,010.00 | |
| PENNYMAC FINL SVCS INC NEW 7.125 20301115 | US | 105,000 | $99,701.70 | |
| PERRIGO FINANCE UNLIMITED COMP SR GLBL NT 20320930 6.125% | US | 105,000 | $100,094.40 | |
| PGnE CORP LIEN GLBL NT 20300701 5.250% | US | 110,000 | $104,412.00 | |
| PHINIA INC SR SEC GLBL 20290415 6.750% | US | 100,000 | $99,968.00 | |
| PHOENIX AVIATION CAP LTD SR A NT 20300715 9.250% | US | 95,000 | $95,744.80 | |
| PITNEY BOWES INC SR GLBL A 20290315 7.250% | US | 105,000 | $105,223.65 | |
| PLS GROUP LTD SR A NT 20310501 6.875% | AU | 105,000 | $104,134.80 | |
| POPULAR INC SR GLBL NT 20280313 7.250% | US | 100,000 | $101,638.24 | |
| PRA GROUP INC SR GLBL A 20280201 8.375% | US | 100,000 | $100,069.00 | |
| PRECISION DRILLING CORP SR GLBL A 20290115 6.875% | CA | 105,000 | $104,929.65 | |
| PRIME HEALTHCARE SVCS INC SR SEC A NT 20290901 9.375% | US | 100,000 | $101,994.93 | |
| PROG HOLDINGS INC SR GLBL A 20291115 6.000% | US | 105,000 | $99,660.75 | |
| PROVIDENT FDG ASSOCIATES LP SR A NT 20290915 9.750% | US | 95,000 | $96,652.05 | |
| PTC INC SR GLBL A 20280215 4.000% | US | 105,000 | $102,172.35 | |
| QUICKEN LNS LLCQUICKEN LNS CO SR GLBL A 20290301 3.625% | US | 105,000 | $98,698.95 | |
| RADIOLOGY PARTNERS INC LIEN A NT 20320715 8.500% | US | 100,000 | $97,909.07 | |
| RAILWORKS HLDGS LP RAILWORKS SR SEC A NT 20281115 8.250% | US | 100,000 | $97,949.00 | |
| RAND PARENT LLC LIEN A NT 20300215 8.500% | US | 100,000 | $101,654.00 | |
| RESIDEO FDG II LLC 6.5 20320715 | US | 105,000 | $100,563.75 | |
| RITHM CAPITAL CORP SR GLBL A 20300715 8.000% | US | 100,000 | $97,255.00 | |
| ROBLOX CORP SR GLBL A 20300501 3.875% | US | 110,000 | $100,653.30 | |
| ROGERS COMMUNICATIONS INC SUB GLBL NT 20550415 7.000% | US | 100,000 | $97,796.00 | |
| RXO INC 6.375 20310515 | US | 105,000 | $101,783.85 | |
| SATURN OIL AND GAS INC SR 144A NT8.5%31 8.5 20310730 | US | 105,000 | $106,158.15 | |
| SCRIPPS ESCROW II INC LIEN GLBL 20290115 3.875% | US | 115,000 | $103,849.60 | |
| SELECT MEDICAL CORP SR GLBL A 20321201 6.250% | US | 105,000 | $98,705.25 | |
| SESI L L C SR SEC A NT 20300930 7.875% | US | 100,000 | $99,500.41 | |
| SHIFT PMTS LLC SHIFT PMTS SR GLBL A 20320815 6.750% | US | 100,000 | $94,206.00 | |
| SIRIUS XM RADIO INC SR GLBL A 20280715 4.000% | US | 105,000 | $101,042.55 | |
| SLM CORP SR GLBL NT. 20300131 6.500% | US | 100,000 | $98,935.22 | |
| SM ENERGY COMPANY SR GLBL A 20290801 6.750% | US | 100,000 | $100,412.00 | |
| SNAP INC SR GLBL A 20340315 6.875% | US | 100,000 | $93,714.00 | |
| SOLARIS ENERGY INFRASTRUCTURE 6.375 20310515 | US | 105,000 | $102,245.85 | |
| SOMNIGROUP INTERNATIONAL INC SR GLBL A 20290415 4.000% | US | 105,000 | $99,294.30 | |
| SPEEDWAY MOTORSPORTS LLC SP SR GLBL A 20271101 4.875% | US | 110,000 | $108,926.40 | |
| STANDARD BLDG SOLUTIONS INC SR GLBL A 20300715 4.375% | US | 105,000 | $96,658.80 | |
| STAR HOLDING LLC SR SEC 144A NT31 8.75 20310801 | US | 105,000 | $104,841.45 | |
| STARWOOD PPTY TR INC SR GLBL A 20281015 5.250% | US | 100,000 | $96,997.00 | |
| STINGRAY COMPUTE LLC 6.0 20310615 | US | 110,000 | $105,039.00 | |
| STONEMOR INC SR SEC GLBL 20290515 8.500% | US | 105,000 | $103,376.70 | |
| STONEPEAK NILE PARENT LLC SR SEC A NT 20320315 7.250% | US | 95,000 | $94,981.95 | |
| STONEX ESCROW ISSUER LLC SR SEC GLBL 20320715 6.875% | US | 100,000 | $98,127.20 | |
| SUBURBAN PROPANE PARTNERS L P SR GLBL A 20351215 6.500% | US | 105,000 | $98,123.55 | |
| SUMMIT MIDSTREAM HLDGS LLC SR SEC GLBL 20291031 8.625% | US | 105,000 | $107,058.00 | |
| SUNCOKE ENERGY INC SR SEC GLBL 20290630 4.875% | US | 105,000 | $99,581.53 | |
| SUPERIOR PLUS LP SUPERIOR GE SR GLBL A 20290315 4.500% | US | 105,000 | $99,933.75 | |
| SWORD PURCHASER LLC 8.25 20330415 | US | 100,000 | $101,364.00 | |
| TAILORED BRANDS INC LIEN A NT 20310201 9.000% | US | 89,000 | $93,352.10 | |
| TALEN ENERGY SUPPLY LLC SR GLBL A 20360201 6.500% | US | 110,000 | $103,417.60 | |
| TENNECO LLC SR SEC GLBL 28 8.0 20281117 | US | 100,000 | $99,235.00 | |
| TERRAFORM PWR OPER LLC SR GLBL A 20280131 5.000% | US | 105,000 | $102,717.30 | |
| TITAN INTL INC ILL SR SEC GLBL NT 20280430 7.000% | US | 100,000 | $99,716.00 | |
| TRAVEL PLUS LEISURE CO LIEN GLBL 20300301 4.625% | US | 105,000 | $98,028.00 | |
| TRINET GROUP INC SR GLBL A 20290301 3.500% | US | 110,000 | $102,619.00 | |
| TRUENOORD CAPITAL DAC SR GLBL A 20300301 8.750% | US | 95,000 | $96,254.00 | |
| TTM TECHNOLOGIES INC SR GLBL A 20290301 4.000% | US | 110,000 | $104,140.30 | |
| TURNING PT BRANDS INC SR SEC A NT 20320315 7.625% | US | 95,000 | $94,174.45 | |
| UKG INC SR SEC A NT 20310201 6.875% | US | 105,000 | $101,149.65 | |
| UNDER ARMOUR INC SR GLBL A 20300715 7.250% | US | 100,000 | $96,760.00 | |
| UNITED AIRLS HLDGS INC 4.875 20290301 | US | 105,000 | $100,905.00 | |
| UNIVISION COMMUNICATIONS INC SR SEC A NT 20310731 8.500% | US | 100,000 | $97,329.00 | |
| UPBOUND GROUP INC SR GLBL A 20290215 6.375% | US | 105,000 | $101,943.45 | |
| US DOLLARS | US | USD | 284,338.5 | $284,338.50 |
| V F CORP SR GLBL NT 20300423 2.950% | US | 120,000 | $106,066.80 | |
| VALIDUS ENERGY II MIDCON LLC SR 144A NT 8%31 8.0 20310801 | US | 105,000 | $103,597.20 | |
| VENTURE GLOBAL CALCASIEU PASS SR SEC A NT 20300115 6.250% | US | 95,000 | $94,371.10 | |
| VENTURE GLOBAL LNG INC SR SEC A NT 20290201 9.500% | US | 95,000 | $100,221.09 | |
| VERMILION ENERGY INC SR A NT 20300501 6.875% | US | 100,000 | $98,303.00 | |
| VERSANT MEDIA GROUP INC SR SEC A NT 20310130 7.250% | US | 100,000 | $100,042.00 | |
| VICTRA HLDGS LLC VICTRA FIN SR SEC GLBL 20290915 8.750% | US | 100,000 | $98,922.00 | |
| VISTAJET MALTA FIN P L C X SR A NT 20300201 6.375% | US | 105,000 | $98,493.15 | |
| VODAFONE GROUP PLC SUB GLBL NT 20790404 7.000% | US | 100,000 | $100,690.00 | |
| VOLTAGRID LLC LIEN A NT 20301101 7.375% | US | 100,000 | $99,245.00 | |
| VORNADO RLTY L P GLBL NT . 20310601 3.400% | US | 115,000 | $100,749.20 | |
| VT TOPCO INC SR SEC A NT 20300815 8.500% | US | 100,000 | $100,430.00 | |
| W. R. GRACE HOLDINGS LLC SR SEC A NT 20320815 6.625% | US | 105,000 | $96,814.20 | |
| WALKER n DUNLOP INC SR GLBL A 20330401 6.625% | US | 105,000 | $100,457.70 | |
| WBI OPER LLC SR GLBL A 20301015 6.250% | US | 105,000 | $102,096.75 | |
| WEEKLEY HOMES LLC FIN CORP SR GLBL A 20280915 4.875% | US | 105,000 | $101,173.80 | |
| WEX INC SR GLBL A 20330315 6.500% | US | 100,000 | $96,150.00 | |
| WILLIAM CARTER CO SR GLBL A 20310215 7.375% | US | 100,000 | $100,116.00 | |
| WINDSTREAM SVCS LLC WINDSTRE M A NT 20311001 8.250% | US | 110,000 | $110,339.90 | |
| WORTHINGTON STL INC 7.75 20330601 | US | 100,000 | $100,992.00 | |
| WULF COMPUTE LLC LIEN AMZ A 20301015 7.750% | US | 95,000 | $97,155.55 | |
| XPLR INFRASTRUCTURE SR GLBL A 20270915 4.500% | US | 105,000 | $103,524.75 | |
| XPO INC SR DEB . 20340501 6.700% | US | 95,000 | $93,825.80 |
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.