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
$10.04
Daily $ Change
-$0.01
Daily % Change
-0.10%
as of 01/08/2026
Ticker
MSHWX
CUSIP
56382X305
Inception Date
09/15/2025
This fund is only available to discretionary investment accounts and other accounts managed by the Advisor.
Important Documents
YTD
---
1 Year
---
3 Year
---
5 Year
---
10 Year
---
Inception
(09/15/2025)
1.96%
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 | 1.12% |
| Net | 0.10%* |
*Reflects the Advisor's contractual agreement to waive its management fee and limit and reimburse certain other expenses. These contractual waivers may not be amended or terminated without the prior approval of the Fund's Board of Directors. The Class W shares are only available to discretionary investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the fund's expenses.
| VERDE PURCHASER LLC SR SEC A NT 20301130 10.500% | 0.44% |
| MANITOWOC CO INC SR SEC GLBL 20311001 9.250% | 0.42% |
| LONG RIDGE ENERGY LLC SR SEC GLBL 20320215 8.750% | 0.42% |
| WINDSOR HLDGS III LLC SR SEC A NT 20300615 8.500% | 0.42% |
| WINDSTREAM SVCS LLC WINDSTRE M A NT 20311001 8.250% | 0.41% |
| FIVE POINT OPERATING COMPANY SR GLBL A 20301001 8.000% | 0.41% |
| SLM CORP SR GLBL NT. 20300131 6.500% | 0.41% |
| ADIENT GLOBAL HLDGS LTD SR GLBL A 20330215 7.500% | 0.41% |
| INSIGHT ENTERPRISES INC SR GLBL A 20320515 6.625% | 0.41% |
| EQUIPMENTSHARE COM INC LIEN A NT 20320515 8.625% | 0.40% |
Top Ten Investments list is unaudited and excludes cash
| Corporate Credit | 98.18% | |
| Cash and Equivalents | 1.45% | |
| US Agency | 0.37% |
| B | 52.53% | |
| BB | 43.10% | |
| CCC | 2.54% | |
| BBB | 1.11% | |
| NR | 0.73% |
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 | $106,925.70 | |
| ACADIA HEALTHCARE COMPANY INC SR GLBL A 20330315 7.375% | US | 95,000 | $95,950.00 | |
| ADAMS HOMES INC SR A NT 20281015 9.250% | US | 100,000 | $104,591.00 | |
| ADAPTHEALTH LLC SR GLBL A 20290801 4.625% | US | 110,000 | $106,604.30 | |
| ADIENT GLOBAL HLDGS LTD SR GLBL A 20330215 7.500% | US | 110,000 | $113,526.60 | |
| ADTALEM GLOBAL ED INC LIEN GLBL 20280301 5.500% | US | 105,000 | $104,738.55 | |
| ADVANCE AUTO PARTS INC SR GLBL A 20300801 7.000% | US | 100,000 | $100,530.00 | |
| ALLEGIANT TRAVEL CO SR SEC GLBL 20270815 7.250% | US | 76,000 | $77,061.72 | |
| ALLIANCE RES OP PART LPALLIAN SR GLBL A 20290615 8.625% | US | 100,000 | $105,417.00 | |
| ALLISON TRANSMISSION INC SR GLBL A 20310130 3.750% | US | 115,000 | $108,285.15 | |
| AMENTUM ESCROW CORP SR GLBL A 20320801 7.250% | US | 100,000 | $105,408.00 | |
| AMERICAN AXLE n MFG INC SR GLBL NT 20291001 5.000% | US | 100,000 | $96,328.00 | |
| AMERIGAS PARTNERS L P SR GLBL A 20280601 9.375% | US | 100,000 | $103,675.00 | |
| AMERITEX HOLDCO INTER LLC LIEN GLBL 20330815 7.625% | US | 100,000 | $105,365.00 | |
| AMN HEALTHCARE INC SR GLBL A 20290415 4.000% | US | 110,000 | $105,021.40 | |
| ANGI GROUP LLC SR GLBL A 20280815 3.875% | US | 110,000 | $101,601.50 | |
| APH SOM APHAPH SR A NT 20291101 7.875% | US | 100,000 | $100,998.00 | |
| APOLLO COML REAL ESTATE FIN SR SEC GLBL 20290615 4.625% | US | 105,000 | $101,552.85 | |
| ASBURY AUTOMOTIVE GROUP INC SR GLBL A 20320215 5.000% | US | 105,000 | $102,039.00 | |
| ASCENT RES UTICA HLDGS LLC A SR A NT 20330715 6.625% | US | 100,000 | $103,504.00 | |
| ASGN INC SR GLBL A 20280515 4.625% | US | 105,000 | $103,174.05 | |
| ASHLAND INC SR GLBL A 20310901 3.375% | US | 115,000 | $105,190.50 | |
| ASHTON WOODS USA LLC ASHTON SR A NT 20300401 4.625% | US | 110,000 | $105,048.90 | |
| ATKORE INC SR GLBL A 20310601 4.250% | US | 110,000 | $105,557.10 | |
| ATS CORPORATION GLBL A NT 20281215 4.125% | US | 105,000 | $102,420.15 | |
| AVANTOR FDG INC SR GLBL A 20280715 4.625% | US | 105,000 | $104,429.85 | |
| AVIENT CORPORATION SR GLBL A 20311101 6.250% | US | 100,000 | $102,786.00 | |
| AVIS BUDGET CAR RENT LLC AVIS SR GLBL A 20280401 4.750% | US | 105,000 | $102,435.90 | |
| AZORRA FIN LTD SR GLBL A 20310115 7.250% | US | 100,000 | $104,783.00 | |
| BATH n BODY WORKS INC SR DEB . 20330301 6.950% | US | 95,000 | $94,324.55 | |
| BAUSCH PLUS LOMB CORP LIEN GLBL 20281001 8.375% | US | 95,000 | $99,156.25 | |
| BEACON ROOFING SUPPLY LIEN GLBL 20320430 6.750% | US | 100,000 | $104,442.00 | |
| BEAZER HOMES USA INC SR GLBL A 20310315 7.500% | US | 105,000 | $106,462.65 | |
| BLACKSTONE MORTGAGE TRUST INC SR SEC GLBL 20291201 7.750% | US | 100,000 | $106,692.00 | |
| BLOCK INC SR GLBL A 20300815 5.625% | US | 100,000 | $102,032.00 | |
| BLUELINX HLDGS INC SR SEC GLBL 20291115 6.000% | US | 100,000 | $97,986.00 | |
| BRANDYWINE OPER PARTNERSHIP L CR SEN GLBL NT 20280315 7.550% | US | 95,000 | $100,152.80 | |
| BREAD FINANCIAL HOLDINGS INC SR GLBL A 20310515 6.750% | US | 105,000 | $108,708.60 | |
| BROOKFIELD PPTY REIT INC BPR SR SEC GLBL 20270401 4.500% | US | 105,000 | $103,772.55 | |
| BROOKFIELD RESIDENTIAL PPTYS SR GLBL A 20300215 4.875% | US | 95,000 | $88,487.75 | |
| BRUNDAGE-BONE CONCRETE PUMPING SR SEC GLBL 20320201 7.500% | US | 100,000 | $102,052.00 | |
| BUILDERS FIRSTSOURCE INC SR GLBL A 20350515 6.750% | US | 95,000 | $99,323.45 | |
| CALIFORNIA RES CORP SR GLBL A 20290615 8.250% | US | 100,000 | $104,598.00 | |
| CAPSTONE BORROWER INC SR SEC A NT 20300615 8.000% | US | 95,000 | $97,847.15 | |
| CARNIVAL CORP SR A NT 20320801 5.750% | US | 100,000 | $102,628.00 | |
| CASCADES INC SR GLBL A 20300715 6.750% | US | 105,000 | $109,068.75 | |
| CCO HLDGS LLC CCO HLDGS CAP SR GLBL A 20300815 4.500% | US | 110,000 | $103,566.10 | |
| CENTRAL GARDEN n PET CO SR GLBL A 20310430 4.125% | US | 110,000 | $103,766.30 | |
| CENTURY COMMUNITIES INC SR GLBL A 20290815 3.875% | US | 110,000 | $104,589.10 | |
| CHAMPION IRON CDA INC SR A NT 20320715 7.875% | US | 100,000 | $106,165.00 | |
| CHARLES RIV LABS INTL INC SR GLBL A 20280501 4.250% | US | 105,000 | $104,055.00 | |
| CHEMOURS CO SR GLBL A 20281115 5.750% | US | 105,000 | $102,113.55 | |
| CIVITAS RESOURCES INC SR GLBL A 20280701 8.375% | US | 100,000 | $103,039.00 | |
| CLARIVATE SCIENCE HOLDINGS COR SR GLBL A 20290701 4.875% | US | 110,000 | $104,006.10 | |
| CLEVELAND-CLIFFS INC NEW SR GLBL A 20290301 4.625% | US | 105,000 | $103,386.15 | |
| CLOUD SOFTWARE GROUP INC SR SEC A NT 20320630 8.250% | US | 95,000 | $99,278.80 | |
| CLYDESDALE ACQUISITION HLDGS SR SEC A NT 20320415 6.750% | US | 100,000 | $102,827.00 | |
| CNX MIDSTREAM PARTNERS LP SR GLBL A 20300415 4.750% | US | 110,000 | $106,639.50 | |
| CNX RES CORP SR GLBL A 20290115 6.000% | US | 100,000 | $100,674.00 | |
| COINBASE GLOBAL INC SR GLBL A 20311001 3.625% | US | 115,000 | $102,530.55 | |
| COMMERCIAL METALS CO SR GLBL NT 20300115 4.125% | US | 105,000 | $101,952.90 | |
| COMMUNITY HEALTH SYS INC NEW LIEN GLBL 20300515 5.250% | US | 110,000 | $103,310.90 | |
| COMPASS GROUP DIVERSIFIED HLDG SR GLBL PIK 20290415 5.250% | US | 1,283 | $1,190.02 | |
| CONSENSUS CLOUD SOLUTIONS INC SR GLBL A 20281015 6.500% | US | 105,000 | $105,493.50 | |
| CPI CG INCORPORATED SR SEC GLBL 20290715 10.000% | US | 100,000 | $105,952.00 | |
| CREDIT ACCEP CORP MICH SR GLBL A 20300315 6.625% | US | 100,000 | $100,197.00 | |
| CROCS INC SR GLBL A 20310815 4.125% | US | 110,000 | $101,620.20 | |
| CROSSCOUNTRY INTER HOLDCO LLC SR A NT. 20301001 6.500% | US | 105,000 | $107,100.00 | |
| CVR ENERGY INC SR GLBL A 20280215 5.750% | US | 105,000 | $103,538.40 | |
| CVR PARTNERS LPCVR NITROGEN SR SEC GLBL 20280615 6.125% | US | 105,000 | $105,285.60 | |
| DAVITA INC SR GLBL A 20300601 4.625% | US | 105,000 | $102,100.95 | |
| DELEK LOGISTICS PARTNERS LP SR GLBL A 20280601 7.125% | US | 105,000 | $105,602.70 | |
| DELUXE CORP MEDIUM TERM NTS SR SEC GLBL 20290915 8.125% | US | 100,000 | $105,348.00 | |
| DIAMOND FGN ASSET CO DIAMOND LIEN GLBL 20301001 8.500% | US | 95,000 | $100,637.30 | |
| DIVERSIFIED HEALTHCARE TR SR GLBL NT 20310301 4.375% | US | 115,000 | $101,203.45 | |
| DREAM FINDERS HOMES INC SR GLBL A 20280815 8.250% | US | 100,000 | $102,916.00 | |
| EDGEWELL PERSONAL CARE CO SR GLBL A 20290401 4.125% | US | 105,000 | $100,321.20 | |
| EMBECTA CORP SR SEC A NT 20300215 5.000% | US | 110,000 | $105,129.20 | |
| EMPIRE COMMUNITIES CORPORATION SR A NT 20290501 9.750% | US | 95,000 | $97,989.65 | |
| ENDO FIN HLDGS INC SR SEC GLBL 20310415 8.500% | US | 95,000 | $100,409.30 | |
| ENTEGRIS INC SR GLBL A 20280415 4.375% | US | 105,000 | $104,231.40 | |
| EQUIPMENTSHARE COM INC LIEN A NT 20320515 8.625% | US | 105,000 | $110,908.35 | |
| EXCELERATE ENERGY LTD PARTNERS SR GLBL A 20300515 8.000% | US | 95,000 | $100,390.30 | |
| EZCORP INC SR GLBL A 20320401 7.375% | US | 100,000 | $106,096.00 | |
| FAIR ISAAC CORP SR GLBL A 20280615 4.000% | US | 105,000 | $103,556.25 | |
| FERRELLGAS L P FERRELLGAS SR GLBL A 20290401 5.875% | US | 110,000 | $105,699.00 | |
| FERTITTA ENTMT LLC FERTITTA SR SEC A NT 20290115 4.625% | US | 105,000 | $101,979.15 | |
| FIVE POINT OPERATING COMPANY SR GLBL A 20301001 8.000% | US | 110,000 | $114,925.80 | |
| FREEDOM MORTGAGE CORPORATION SR A NT 20270115 6.625% | US | 105,000 | $105,392.70 | |
| FULLER H B CO SR GLBL NT 20281015 4.250% | US | 100,000 | $98,944.00 | |
| GAP INC SR GLBL A 20291001 3.625% | US | 110,000 | $104,220.60 | |
| GARRETT MOTION HLDGS INC GARR SR GLBL A 20320531 7.750% | US | 95,000 | $100,972.65 | |
| GEO GROUP INC SR GLBL NT 20310415 10.250% | US | 90,000 | $98,521.20 | |
| GGAM FIN LTD SR GLBL A 20280615 8.000% | US | 95,000 | $100,602.15 | |
| GLOBAL INFRASTRUCTURE SOLUTION SR A NT. 20320415 7.500% | US | 100,000 | $106,626.00 | |
| GLOBAL PARTNERS LP GLP FIN C SR GLBL A 20330701 7.125% | US | 100,000 | $101,824.00 | |
| GOODYEAR TIRE n RUBR CO SR GLBL NT 20310715 5.250% | US | 110,000 | $104,347.10 | |
| GRAPHIC PACKAGING INTL LLC SR GLBL A 20300201 3.750% | US | 110,000 | $103,981.90 | |
| GRAY MEDIA INC LIEN GLBL 20290715 10.500% | US | 85,000 | $91,403.90 | |
| GROUP AUTOMOTIVE INC SR GLBL A 20300115 6.375% | US | 100,000 | $102,899.00 | |
| GTE FLA INC SR GLBL -E DB 20280201 6.860% | US | 100,000 | $103,586.00 | |
| HERC HLDGS INC SR A NT 20300615 7.000% | US | 100,000 | $105,243.00 | |
| HESS MIDSTREAM OPERATIONS LP SR A NT 20280301 5.875% | US | 100,000 | $101,877.00 | |
| HILCORP ENERGY I L P HILCORP SR A NT 20281101 6.250% | US | 100,000 | $100,568.00 | |
| HILTON GRAND VACATIONS BORROWE SR SEC GLBL 20290601 5.000% | US | 105,000 | $101,989.65 | |
| HLF FING SARL LLC HERBALIFE SR GLBL A 20290601 4.875% | US | 100,000 | $93,912.00 | |
| 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 | $102,034.80 | |
| HOWARD MIDSTREAM ENERGY PARTNE SR A NT 20320715 7.375% | US | 100,000 | $105,517.00 | |
| HUDSON PAC PPTYS L P SR GLBL NT 20271101 3.950% | US | 105,000 | $100,670.85 | |
| HUNT COS INC SR SEC A NT 20290415 5.250% | US | 105,000 | $102,496.80 | |
| ICAHN ENTERPRISES LPCORP SR GLBL NT 20270515 5.250% | US | 105,000 | $103,557.30 | |
| INGEVITY CORP SR GLBL A 20281101 3.875% | US | 100,000 | $97,371.00 | |
| INGLES MKTS INC SR GLBL A 20310615 4.000% | US | 110,000 | $103,944.50 | |
| INSIGHT ENTERPRISES INC SR GLBL A 20320515 6.625% | US | 110,000 | $113,080.00 | |
| JACOBS ENTMT INC SR A NT 20290215 6.750% | US | 105,000 | $102,884.25 | |
| JB POINDEXTER n CO INC SR A NT 20311215 8.750% | US | 95,000 | $99,510.60 | |
| K HOVNANIAN ENTERPRISES INC SR GLBL A 20310401 8.000% | US | 105,000 | $107,159.85 | |
| KB HOME SR GLBL NT 20270615 6.875% | US | 100,000 | $102,063.00 | |
| KBR INC SR GLBL A 20280930 4.750% | US | 105,000 | $102,900.00 | |
| KENNEDY WILSON INC SR GLBL NT 20300201 4.750% | US | 110,000 | $103,677.20 | |
| KONTOOR BRANDS INC SR GLBL A 20291115 4.125% | US | 105,000 | $100,195.20 | |
| LADDER CAPITAL FIN HLDGSCORP SR GLBL A 20270201 4.250% | US | 105,000 | $104,299.65 | |
| LBM ACQUISITION LLC LIEN GLBL 20310615 9.500% | US | 95,000 | $99,031.80 | |
| LCM INVESTMENTS HOLDINGS II LL SR A NT 20310801 8.250% | US | 100,000 | $105,769.00 | |
| LEEWARD RENEWABLE ENERGY OPER SR A NT 20290701 4.250% | US | 110,000 | $104,699.10 | |
| LEVEL FING INC LIEN GLBL 20330630 6.875% | US | 100,000 | $102,328.00 | |
| LGI HOMES INC SR GLBL A 20290715 4.000% | US | 110,000 | $100,245.20 | |
| LITHIA MTRS INC SR GLBL A 20310115 4.375% | US | 105,000 | $100,913.40 | |
| LONG RIDGE ENERGY LLC SR SEC GLBL 20320215 8.750% | US | 110,000 | $117,088.40 | |
| LSB INDS INC SR SEC GLBL 20281015 6.250% | US | 105,000 | $104,832.00 | |
| MACYS RETAIL HLDGS LLC SR A NT 20320315 6.125% | US | 100,000 | $101,213.00 | |
| MAGNOLIA OIL n GAS OPER LLC SR GLBL A 20321201 6.875% | US | 100,000 | $102,777.00 | |
| MANITOWOC CO INC SR SEC GLBL 20311001 9.250% | US | 110,000 | $118,151.00 | |
| MARRIOTT OWNERSHIP RESORTS INC SR GLBL A 20331001 6.500% | US | 105,000 | $100,727.55 | |
| MASTERBRAND INC SR GLBL A 20320715 7.000% | US | 100,000 | $103,603.00 | |
| MATADOR RES CO SR GLBL A 20320415 6.500% | US | 100,000 | $101,417.00 | |
| MATCH GROUP HOLDINGS II LLC GLBL A NT 20280601 4.625% | US | 105,000 | $104,060.25 | |
| MAUSER PACKAGING SOLUTIONS LIEN A NT 20270415 7.875% | US | 100,000 | $96,375.00 | |
| MCGRAW-HILL ED INC SR SEC A NT 20310901 7.375% | US | 100,000 | $105,506.00 | |
| METHANEX US OPERATIONS INC SR GLBL A 20320315 6.250% | US | 100,000 | $102,967.00 | |
| MGM RESORTS INTERNATIONAL SR GLBL NT. 20320415 6.500% | US | 100,000 | $103,031.00 | |
| MI HOMES INC SR NT . 20300215 3.950% | US | 110,000 | $105,901.40 | |
| MIDAS OPCO HLDGS LLC SR GLBL A 20290815 5.625% | US | 105,000 | $102,390.75 | |
| MILLROSE PPTYS INC SR GLBL A 20300801 6.375% | US | 100,000 | $102,322.00 | |
| MINERAL RES LTD SR A NT. 20300501 8.500% | US | 100,000 | $103,994.00 | |
| MINERALS TECHNOLOGIES INC SR GLBL A 20280701 5.000% | US | 105,000 | $103,950.00 | |
| MITER BRANDS ACQUISITION HOLDC LIEN A NT 20320401 6.750% | US | 100,000 | $102,519.00 | |
| MOHEGAN ESCROW ISSUER LLC SR SEC GLBL 20300415 8.250% | US | 100,000 | $104,240.00 | |
| MOLINA HEALTHCARE INC SR GLBL A 20280615 4.375% | US | 105,000 | $103,262.25 | |
| MURPHY OIL USA INC SR GLBL NT 20270501 5.625% | US | 105,000 | $105,055.65 | |
| NAVIENT CORPORATION SR GLBL NT 20280315 4.875% | US | 105,000 | $103,825.05 | |
| NEW FLYER HLDGS INC LIEN GLBL 20300701 9.250% | US | 95,000 | $102,107.90 | |
| NEW HOME CO INC SR A NT 20291001 9.250% | US | 100,000 | $104,367.00 | |
| NEWELL BRANDS INC SR GLBL A 20280601 8.500% | US | 95,000 | $99,612.25 | |
| NEWMARK GROUP INC CR SEN SR GLBL 20290112 7.500% | US | 95,000 | $101,819.10 | |
| NISSAN MTR ACCEP CO LLC FR . 20280915 2.450% | US | 115,000 | $106,354.30 | |
| NOBLE FIN II LLC SR GLBL A 20300415 8.000% | US | 100,000 | $103,891.00 | |
| NORDSTROM INC SR GLBL NT 20270315 4.000% | US | 105,000 | $103,438.65 | |
| NORTHRIVER MIDSTREAM FINANCE L SR SEC A NT 20320715 6.750% | US | 100,000 | $101,905.00 | |
| NOVELIS CORP SR GLBL A 20300130 4.750% | US | 105,000 | $101,430.00 | |
| NUSTAR LOGISTICS L P SR NT . 20270428 5.625% | US | 100,000 | $101,082.00 | |
| OCEANEERING INTL INC SR GLBL NT 20280201 6.000% | US | 100,000 | $101,123.00 | |
| OI EUROPEAN GROUP BV SR GLBL A 20300215 4.750% | NL | 100,000 | $96,762.00 | |
| OLIN CORP SR GLBL NT 20300201 5.000% | US | 105,000 | $103,243.35 | |
| ONEMAIN FIN CORP SR GLBL NT 20280915 3.875% | US | 105,000 | $102,336.15 | |
| ONESKY FLIGHT LLC SR A NT 20291215 8.875% | US | 95,000 | $101,663.30 | |
| ONTARIO GAMING GTA LTD PARTNER SR SEC A NT 20300801 8.000% | US | 100,000 | $94,819.00 | |
| OPEN TEXT CORP SR GLBL A 20280215 3.875% | US | 105,000 | $103,045.95 | |
| OXFORD FINANCE LLC OXFORD FI SR A NT 20270201 6.375% | US | 105,000 | $104,987.40 | |
| PARK INTER HLDGS LLC PK DOME SR GLBL A 20300201 7.000% | US | 100,000 | $102,639.00 | |
| PARK OHIO INDS INC-OHIO SR SEC GLBL 20300801 8.500% | US | 100,000 | $102,682.00 | |
| PATTERN ENERGY OPERATIONS P SR SEC GLBL 20280815 4.500% | US | 105,000 | $103,559.40 | |
| PAYSAFE FIN PLC PAYSAFE HLDG SR SEC A NT 20290615 4.000% | GB | 95,000 | $87,399.05 | |
| PENNYMAC FINL SVCS INC NEW SR GLBL A 20340215 6.750% | US | 100,000 | $103,373.00 | |
| PERMIAN RES OPER LLC SR A NT 20290701 5.875% | US | 100,000 | $100,586.00 | |
| PERRIGO FINANCE UNLIMITED COMP SR GLBL NT 20320930 6.125% | US | 105,000 | $102,277.35 | |
| PGnE CORP LIEN GLBL NT 20300701 5.250% | US | 105,000 | $104,256.60 | |
| PHINIA INC SR SEC GLBL 20290415 6.750% | US | 100,000 | $103,498.00 | |
| PHOENIX AVIATION CAP LTD SR A NT 20300715 9.250% | US | 95,000 | $101,204.45 | |
| PITNEY BOWES INC SR GLBL A 20290315 7.250% | US | 105,000 | $106,418.55 | |
| POPULAR INC SR GLBL NT 20280313 7.250% | US | 100,000 | $105,382.00 | |
| PRECISION DRILLING CORP SR GLBL A 20290115 6.875% | CA | 105,000 | $106,182.30 | |
| PRIME HEALTHCARE SVCS INC SR SEC A NT 20290901 9.375% | US | 100,000 | $105,000.00 | |
| PRIMO WTR HLDGS INC TRIT SR SEC GLBL 20290430 4.375% | US | 100,000 | $97,288.00 | |
| PROG HOLDINGS INC SR GLBL A 20291115 6.000% | US | 105,000 | $103,747.35 | |
| PROVIDENT FDG ASSOCIATES LP SR A NT 20290915 9.750% | US | 95,000 | $100,198.40 | |
| QNITY ELECTRONICS INC LIEN A NT 20320815 5.750% | US | 100,000 | $102,245.00 | |
| QUICKEN LNS LLCQUICKEN LNS CO SR GLBL A 20290301 3.625% | US | 105,000 | $101,416.35 | |
| RADIOLOGY PARTNERS INC LIEN A NT 20320715 8.500% | US | 100,000 | $104,464.00 | |
| RAILWORKS HLDGS LP RAILWORKS SR SEC A NT 20281115 8.250% | US | 100,000 | $100,564.00 | |
| RESIDEO FDG INC SR GLBL A 20320715 6.500% | US | 105,000 | $107,470.65 | |
| RINGCENTRAL INC SR GLBL A 20300815 8.500% | US | 95,000 | $100,707.60 | |
| RITHM CAPITAL CORP SR GLBL A 20300715 8.000% | US | 100,000 | $102,266.00 | |
| RIVERS ENT BOR LLCFIN CORP SR SEC GLBL 20330201 6.625% | US | 105,000 | $107,346.75 | |
| RIVERS ENTERPRISE LENDER LLC LIEN GLBL 20301015 6.250% | US | 105,000 | $107,176.65 | |
| RLJ LODGING TR SR SEC GLBL 20290915 4.000% | US | 110,000 | $104,332.80 | |
| ROCKCLIFF ENERGY II LLC SR A NT. 20291015 5.500% | US | 105,000 | $103,974.15 | |
| ROCKET SOFTWARE INC SR SEC A NT 20281128 9.000% | US | 100,000 | $103,116.00 | |
| ROCKIES EXPRESS PIPELINE LLC SR GLBL A 20300515 4.800% | US | 105,000 | $103,261.20 | |
| ROGERS COMMUNICATIONS INC SUB GLBL A 20820315 5.250% | CA | 105,000 | $104,953.80 | |
| RXO INC GLBL A NT 20271115 7.500% | US | 100,000 | $102,207.00 | |
| SCIENCE APPLICATIONS INTL CORP SR GLBL A 20280401 4.875% | US | 105,000 | $104,721.75 | |
| SCRIPPS ESCROW II INC LIEN GLBL 20290115 3.875% | US | 115,000 | $105,816.10 | |
| SERVICE PPTYS TR SR GLBL NT. 20271215 5.500% | US | 105,000 | $103,363.05 | |
| SHEA HOMES LP SHEA HOMES FDG SR GLBL NT 20280215 4.750% | US | 105,000 | $104,081.25 | |
| SHIFT PMTS LLC SHIFT PMTS SR GLBL A 20320815 6.750% | US | 100,000 | $103,249.00 | |
| SIRIUS XM RADIO INC SR GLBL A 20280715 4.000% | US | 105,000 | $102,644.85 | |
| SIX FLAGS ENTERTAINMENT CORP SR GLBL NT 20290715 5.250% | US | 105,000 | $97,916.70 | |
| SLM CORP SR GLBL NT 20261102 3.125% | US | 105,000 | $103,210.80 | |
| SLM CORP SR GLBL NT. 20300131 6.500% | US | 110,000 | $113,856.60 | |
| SMYRNA READY MIX LLC SR SEC GLBL 20281101 6.000% | US | 100,000 | $100,462.00 | |
| SNAP INC SR GLBL A 20340315 6.875% | US | 100,000 | $102,962.00 | |
| SONIC AUTOMOTIVE INC SR GLBL A 20311115 4.875% | US | 105,000 | $101,411.10 | |
| SPECIALTY BLDG PRODS HLDG LLC SR SEC A NT 20291015 7.750% | US | 100,000 | $97,568.00 | |
| SPEEDWAY MOTORSPORTS LLC SP SR GLBL A 20271101 4.875% | US | 105,000 | $104,506.50 | |
| STANDARD BLDG SOLUTIONS INC SR GLBL A 20300715 4.375% | US | 105,000 | $101,294.55 | |
| STAR PARENT INC SR SEC A NT 20301001 9.000% | US | 95,000 | $101,384.95 | |
| STARWOOD PPTY TR INC SR GLBL A 20270115 4.375% | US | 105,000 | $104,347.95 | |
| STERIGENICS-NORDION HLDGS LLC SR SEC A NT 20310601 7.375% | US | 95,000 | $99,637.90 | |
| STONEMOR INC SR SEC GLBL 20290515 8.500% | US | 105,000 | $102,624.90 | |
| STONEPEAK NILE PARENT LLC SR SEC A NT 20320315 7.250% | US | 95,000 | $100,538.50 | |
| STONEX ESCROW ISSUER LLC SR SEC GLBL 20320715 6.875% | US | 100,000 | $103,723.00 | |
| SUNOCO LP SUNOCO FIN CORP SR GLBL NT 20280315 5.875% | US | 105,000 | $105,256.20 | |
| SUPERIOR PLUS LP SUPERIOR GE SR GLBL A 20290315 4.500% | US | 105,000 | $102,496.80 | |
| SYNAPTICS INC SR GLBL A 20290615 4.000% | US | 100,000 | $96,807.00 | |
| TALLGRASS ENERGY PARTNERS LP SR A NT 20310901 6.000% | US | 105,000 | $104,508.60 | |
| TALOS PRODTN INC LIEN GLBL 20290201 9.000% | US | 100,000 | $103,864.00 | |
| TAYLOR MORRISON CMNTYS INC SR GLBL A 20280115 5.750% | US | 100,000 | $101,785.00 | |
| TEGNA INC SR GLBL NT 20280315 4.625% | US | 105,000 | $103,920.60 | |
| TEINE ENERGY LTD SR A NT 20290415 6.875% | CA | 105,000 | $104,980.05 | |
| TERRAFORM PWR OPER LLC SR GLBL A 20280131 5.000% | US | 105,000 | $104,903.40 | |
| THOR INDS INC SR GLBL A 20291015 4.000% | US | 105,000 | $101,130.75 | |
| TIDEWATER INC NEW SR GLBL A 20300715 9.125% | US | 95,000 | $101,929.30 | |
| TMS INTL CORP SR A NT 20290415 6.250% | US | 105,000 | $101,469.90 | |
| TRAVEL PLUS LEISURE CO LIEN GLBL 20300301 4.625% | US | 105,000 | $102,381.30 | |
| TRINET GROUP INC SR GLBL A 20290301 3.500% | US | 110,000 | $103,945.60 | |
| TRUENOORD CAPITAL DAC SR GLBL A 20300301 8.750% | US | 95,000 | $100,341.85 | |
| TURNING PT BRANDS INC SR SEC A NT 20320315 7.625% | US | 95,000 | $101,109.45 | |
| UNITED WHOLESALE MORTGAGE LLC SR GLBL A 20270615 5.750% | US | 105,000 | $105,280.35 | |
| UNIVISION COMMUNICATIONS INC SR SEC A NT 20310731 8.500% | US | 100,000 | $104,463.00 | |
| UPBOUND GROUP INC SR GLBL A 20290215 6.375% | US | 105,000 | $103,426.05 | |
| US DOLLARS | US | USD | 411,908.94 | $411,908.94 |
| UWM HLDGS LLC SR GLBL A 20300201 6.625% | US | 100,000 | $101,258.00 | |
| V F CORP SR GLBL NT 20300423 2.950% | US | 120,000 | $108,630.00 | |
| VALARIS LTD LIEN A NT 20300430 8.375% | US | 95,000 | $98,843.70 | |
| VENTURE GLOBAL CALCASIEU PASS SR SEC A NT 20300115 6.250% | US | 95,000 | $96,179.90 | |
| VENTURE GLOBAL LNG INC SR SEC A NT 20280601 8.125% | US | 100,000 | $101,290.00 | |
| VERDE PURCHASER LLC SR SEC A NT 20301130 10.500% | US | 115,000 | $123,649.15 | |
| VFH PARENT LLC n VALOR CO-ISSU LIEN A NT 20310615 7.500% | US | 100,000 | $104,748.00 | |
| VICTORIAS SECRET AND CO SR A NT 20290715 4.625% | US | 110,000 | $106,643.90 | |
| VICTRA HLDGS LLC VICTRA FIN SR SEC GLBL 20290915 8.750% | US | 100,000 | $105,501.00 | |
| VISTAJET MALTA FIN P L C X SR A NT 20300201 6.375% | US | 105,000 | $99,923.25 | |
| VORNADO RLTY L P GLBL NT . 20310601 3.400% | US | 115,000 | $104,334.90 | |
| VT TOPCO INC SR SEC A NT 20300815 8.500% | US | 100,000 | $104,465.00 | |
| W. R. GRACE HOLDINGS LLC SR SEC A NT 20320815 6.625% | US | 105,000 | $106,340.85 | |
| WABASH NATL CORP SR GLBL A 20281015 4.500% | US | 95,000 | $88,854.45 | |
| WALKER n DUNLOP INC SR GLBL A 20330401 6.625% | US | 105,000 | $107,721.60 | |
| WARNERMEDIA HLDGS INC SR GLBL NT 20320315 4.279% | US | 110,000 | $96,560.20 | |
| WAYFAIR LLC SR SEC GLBL 20300915 7.750% | US | 100,000 | $106,546.00 | |
| WEEKLEY HOMES LLC FIN CORP SR GLBL A 20280915 4.875% | US | 105,000 | $103,549.95 | |
| WEX INC SR GLBL A 20330315 6.500% | US | 100,000 | $102,366.00 | |
| WHIRLPOOL CORP SR GLBL NT. 20310515 2.400% | US | 120,000 | $99,040.80 | |
| WILTON RE LIMITED PERP SUB GLBL 00000000 6.000% | US | 100,000 | $99,060.00 | |
| WINDSOR HLDGS III LLC SR SEC A NT 20300615 8.500% | US | 110,000 | $116,199.60 | |
| WINDSTREAM SERVICES LLCUNITI LIEN GLBL 20280415 4.750% | US | 105,000 | $104,354.25 | |
| WINDSTREAM SVCS LLC WINDSTRE M A NT 20311001 8.250% | US | 110,000 | $115,474.70 | |
| WYNDHAM HOTELS n RESORTS INC SR GLBL A 20280815 4.375% | US | 105,000 | $103,544.70 | |
| WYNN LAS VEGAS LLC WYNN SR GLBL A 20270515 5.250% | US | 105,000 | $105,407.40 | |
| WYNN RESORTS FIN LLC WYNN RE SR A NT 20310215 7.125% | US | 100,000 | $108,209.00 | |
| XHR LP SR GLBL A 20300515 6.625% | US | 105,000 | $108,369.45 | |
| XPO INC SR DEB . 20340501 6.700% | US | 95,000 | $101,175.00 | |
| ZOOMINFO TECHNOLOGIES LLC ZO SR GLBL A 20290201 3.875% | US | 105,000 | $99,088.50 |
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
$10.04
Daily $ Change
-$0.01
Daily % Change
-0.10%
as of 01/08/2026
Ticker
MSHWX
CUSIP
56382X305
Inception Date
09/15/2025
This fund is only available to discretionary investment accounts and other accounts managed by 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
---
1 Year
---
3 Year
---
5 Year
---
10 Year
---
Inception
(09/15/2025)
1.96%
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 | 1.12% |
| Net | 0.10%* |
*Reflects the Advisor's contractual agreement to waive its management fee and limit and reimburse certain other expenses. These contractual waivers may not be amended or terminated without the prior approval of the Fund's Board of Directors. The Class W shares are only available to discretionary investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the fund's expenses.
| VERDE PURCHASER LLC SR SEC A NT 20301130 10.500% | 0.44% |
| MANITOWOC CO INC SR SEC GLBL 20311001 9.250% | 0.42% |
| LONG RIDGE ENERGY LLC SR SEC GLBL 20320215 8.750% | 0.42% |
| WINDSOR HLDGS III LLC SR SEC A NT 20300615 8.500% | 0.42% |
| WINDSTREAM SVCS LLC WINDSTRE M A NT 20311001 8.250% | 0.41% |
| FIVE POINT OPERATING COMPANY SR GLBL A 20301001 8.000% | 0.41% |
| SLM CORP SR GLBL NT. 20300131 6.500% | 0.41% |
| ADIENT GLOBAL HLDGS LTD SR GLBL A 20330215 7.500% | 0.41% |
| INSIGHT ENTERPRISES INC SR GLBL A 20320515 6.625% | 0.41% |
| EQUIPMENTSHARE COM INC LIEN A NT 20320515 8.625% | 0.40% |
Top Ten Investments list is unaudited and excludes cash
| Corporate Credit | 98.18% | |
| Cash and Equivalents | 1.45% | |
| US Agency | 0.37% |
| B | 52.53% | |
| BB | 43.10% | |
| CCC | 2.54% | |
| BBB | 1.11% | |
| NR | 0.73% |
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 | $106,925.70 | |
| ACADIA HEALTHCARE COMPANY INC SR GLBL A 20330315 7.375% | US | 95,000 | $95,950.00 | |
| ADAMS HOMES INC SR A NT 20281015 9.250% | US | 100,000 | $104,591.00 | |
| ADAPTHEALTH LLC SR GLBL A 20290801 4.625% | US | 110,000 | $106,604.30 | |
| ADIENT GLOBAL HLDGS LTD SR GLBL A 20330215 7.500% | US | 110,000 | $113,526.60 | |
| ADTALEM GLOBAL ED INC LIEN GLBL 20280301 5.500% | US | 105,000 | $104,738.55 | |
| ADVANCE AUTO PARTS INC SR GLBL A 20300801 7.000% | US | 100,000 | $100,530.00 | |
| ALLEGIANT TRAVEL CO SR SEC GLBL 20270815 7.250% | US | 76,000 | $77,061.72 | |
| ALLIANCE RES OP PART LPALLIAN SR GLBL A 20290615 8.625% | US | 100,000 | $105,417.00 | |
| ALLISON TRANSMISSION INC SR GLBL A 20310130 3.750% | US | 115,000 | $108,285.15 | |
| AMENTUM ESCROW CORP SR GLBL A 20320801 7.250% | US | 100,000 | $105,408.00 | |
| AMERICAN AXLE n MFG INC SR GLBL NT 20291001 5.000% | US | 100,000 | $96,328.00 | |
| AMERIGAS PARTNERS L P SR GLBL A 20280601 9.375% | US | 100,000 | $103,675.00 | |
| AMERITEX HOLDCO INTER LLC LIEN GLBL 20330815 7.625% | US | 100,000 | $105,365.00 | |
| AMN HEALTHCARE INC SR GLBL A 20290415 4.000% | US | 110,000 | $105,021.40 | |
| ANGI GROUP LLC SR GLBL A 20280815 3.875% | US | 110,000 | $101,601.50 | |
| APH SOM APHAPH SR A NT 20291101 7.875% | US | 100,000 | $100,998.00 | |
| APOLLO COML REAL ESTATE FIN SR SEC GLBL 20290615 4.625% | US | 105,000 | $101,552.85 | |
| ASBURY AUTOMOTIVE GROUP INC SR GLBL A 20320215 5.000% | US | 105,000 | $102,039.00 | |
| ASCENT RES UTICA HLDGS LLC A SR A NT 20330715 6.625% | US | 100,000 | $103,504.00 | |
| ASGN INC SR GLBL A 20280515 4.625% | US | 105,000 | $103,174.05 | |
| ASHLAND INC SR GLBL A 20310901 3.375% | US | 115,000 | $105,190.50 | |
| ASHTON WOODS USA LLC ASHTON SR A NT 20300401 4.625% | US | 110,000 | $105,048.90 | |
| ATKORE INC SR GLBL A 20310601 4.250% | US | 110,000 | $105,557.10 | |
| ATS CORPORATION GLBL A NT 20281215 4.125% | US | 105,000 | $102,420.15 | |
| AVANTOR FDG INC SR GLBL A 20280715 4.625% | US | 105,000 | $104,429.85 | |
| AVIENT CORPORATION SR GLBL A 20311101 6.250% | US | 100,000 | $102,786.00 | |
| AVIS BUDGET CAR RENT LLC AVIS SR GLBL A 20280401 4.750% | US | 105,000 | $102,435.90 | |
| AZORRA FIN LTD SR GLBL A 20310115 7.250% | US | 100,000 | $104,783.00 | |
| BATH n BODY WORKS INC SR DEB . 20330301 6.950% | US | 95,000 | $94,324.55 | |
| BAUSCH PLUS LOMB CORP LIEN GLBL 20281001 8.375% | US | 95,000 | $99,156.25 | |
| BEACON ROOFING SUPPLY LIEN GLBL 20320430 6.750% | US | 100,000 | $104,442.00 | |
| BEAZER HOMES USA INC SR GLBL A 20310315 7.500% | US | 105,000 | $106,462.65 | |
| BLACKSTONE MORTGAGE TRUST INC SR SEC GLBL 20291201 7.750% | US | 100,000 | $106,692.00 | |
| BLOCK INC SR GLBL A 20300815 5.625% | US | 100,000 | $102,032.00 | |
| BLUELINX HLDGS INC SR SEC GLBL 20291115 6.000% | US | 100,000 | $97,986.00 | |
| BRANDYWINE OPER PARTNERSHIP L CR SEN GLBL NT 20280315 7.550% | US | 95,000 | $100,152.80 | |
| BREAD FINANCIAL HOLDINGS INC SR GLBL A 20310515 6.750% | US | 105,000 | $108,708.60 | |
| BROOKFIELD PPTY REIT INC BPR SR SEC GLBL 20270401 4.500% | US | 105,000 | $103,772.55 | |
| BROOKFIELD RESIDENTIAL PPTYS SR GLBL A 20300215 4.875% | US | 95,000 | $88,487.75 | |
| BRUNDAGE-BONE CONCRETE PUMPING SR SEC GLBL 20320201 7.500% | US | 100,000 | $102,052.00 | |
| BUILDERS FIRSTSOURCE INC SR GLBL A 20350515 6.750% | US | 95,000 | $99,323.45 | |
| CALIFORNIA RES CORP SR GLBL A 20290615 8.250% | US | 100,000 | $104,598.00 | |
| CAPSTONE BORROWER INC SR SEC A NT 20300615 8.000% | US | 95,000 | $97,847.15 | |
| CARNIVAL CORP SR A NT 20320801 5.750% | US | 100,000 | $102,628.00 | |
| CASCADES INC SR GLBL A 20300715 6.750% | US | 105,000 | $109,068.75 | |
| CCO HLDGS LLC CCO HLDGS CAP SR GLBL A 20300815 4.500% | US | 110,000 | $103,566.10 | |
| CENTRAL GARDEN n PET CO SR GLBL A 20310430 4.125% | US | 110,000 | $103,766.30 | |
| CENTURY COMMUNITIES INC SR GLBL A 20290815 3.875% | US | 110,000 | $104,589.10 | |
| CHAMPION IRON CDA INC SR A NT 20320715 7.875% | US | 100,000 | $106,165.00 | |
| CHARLES RIV LABS INTL INC SR GLBL A 20280501 4.250% | US | 105,000 | $104,055.00 | |
| CHEMOURS CO SR GLBL A 20281115 5.750% | US | 105,000 | $102,113.55 | |
| CIVITAS RESOURCES INC SR GLBL A 20280701 8.375% | US | 100,000 | $103,039.00 | |
| CLARIVATE SCIENCE HOLDINGS COR SR GLBL A 20290701 4.875% | US | 110,000 | $104,006.10 | |
| CLEVELAND-CLIFFS INC NEW SR GLBL A 20290301 4.625% | US | 105,000 | $103,386.15 | |
| CLOUD SOFTWARE GROUP INC SR SEC A NT 20320630 8.250% | US | 95,000 | $99,278.80 | |
| CLYDESDALE ACQUISITION HLDGS SR SEC A NT 20320415 6.750% | US | 100,000 | $102,827.00 | |
| CNX MIDSTREAM PARTNERS LP SR GLBL A 20300415 4.750% | US | 110,000 | $106,639.50 | |
| CNX RES CORP SR GLBL A 20290115 6.000% | US | 100,000 | $100,674.00 | |
| COINBASE GLOBAL INC SR GLBL A 20311001 3.625% | US | 115,000 | $102,530.55 | |
| COMMERCIAL METALS CO SR GLBL NT 20300115 4.125% | US | 105,000 | $101,952.90 | |
| COMMUNITY HEALTH SYS INC NEW LIEN GLBL 20300515 5.250% | US | 110,000 | $103,310.90 | |
| COMPASS GROUP DIVERSIFIED HLDG SR GLBL PIK 20290415 5.250% | US | 1,283 | $1,190.02 | |
| CONSENSUS CLOUD SOLUTIONS INC SR GLBL A 20281015 6.500% | US | 105,000 | $105,493.50 | |
| CPI CG INCORPORATED SR SEC GLBL 20290715 10.000% | US | 100,000 | $105,952.00 | |
| CREDIT ACCEP CORP MICH SR GLBL A 20300315 6.625% | US | 100,000 | $100,197.00 | |
| CROCS INC SR GLBL A 20310815 4.125% | US | 110,000 | $101,620.20 | |
| CROSSCOUNTRY INTER HOLDCO LLC SR A NT. 20301001 6.500% | US | 105,000 | $107,100.00 | |
| CVR ENERGY INC SR GLBL A 20280215 5.750% | US | 105,000 | $103,538.40 | |
| CVR PARTNERS LPCVR NITROGEN SR SEC GLBL 20280615 6.125% | US | 105,000 | $105,285.60 | |
| DAVITA INC SR GLBL A 20300601 4.625% | US | 105,000 | $102,100.95 | |
| DELEK LOGISTICS PARTNERS LP SR GLBL A 20280601 7.125% | US | 105,000 | $105,602.70 | |
| DELUXE CORP MEDIUM TERM NTS SR SEC GLBL 20290915 8.125% | US | 100,000 | $105,348.00 | |
| DIAMOND FGN ASSET CO DIAMOND LIEN GLBL 20301001 8.500% | US | 95,000 | $100,637.30 | |
| DIVERSIFIED HEALTHCARE TR SR GLBL NT 20310301 4.375% | US | 115,000 | $101,203.45 | |
| DREAM FINDERS HOMES INC SR GLBL A 20280815 8.250% | US | 100,000 | $102,916.00 | |
| EDGEWELL PERSONAL CARE CO SR GLBL A 20290401 4.125% | US | 105,000 | $100,321.20 | |
| EMBECTA CORP SR SEC A NT 20300215 5.000% | US | 110,000 | $105,129.20 | |
| EMPIRE COMMUNITIES CORPORATION SR A NT 20290501 9.750% | US | 95,000 | $97,989.65 | |
| ENDO FIN HLDGS INC SR SEC GLBL 20310415 8.500% | US | 95,000 | $100,409.30 | |
| ENTEGRIS INC SR GLBL A 20280415 4.375% | US | 105,000 | $104,231.40 | |
| EQUIPMENTSHARE COM INC LIEN A NT 20320515 8.625% | US | 105,000 | $110,908.35 | |
| EXCELERATE ENERGY LTD PARTNERS SR GLBL A 20300515 8.000% | US | 95,000 | $100,390.30 | |
| EZCORP INC SR GLBL A 20320401 7.375% | US | 100,000 | $106,096.00 | |
| FAIR ISAAC CORP SR GLBL A 20280615 4.000% | US | 105,000 | $103,556.25 | |
| FERRELLGAS L P FERRELLGAS SR GLBL A 20290401 5.875% | US | 110,000 | $105,699.00 | |
| FERTITTA ENTMT LLC FERTITTA SR SEC A NT 20290115 4.625% | US | 105,000 | $101,979.15 | |
| FIVE POINT OPERATING COMPANY SR GLBL A 20301001 8.000% | US | 110,000 | $114,925.80 | |
| FREEDOM MORTGAGE CORPORATION SR A NT 20270115 6.625% | US | 105,000 | $105,392.70 | |
| FULLER H B CO SR GLBL NT 20281015 4.250% | US | 100,000 | $98,944.00 | |
| GAP INC SR GLBL A 20291001 3.625% | US | 110,000 | $104,220.60 | |
| GARRETT MOTION HLDGS INC GARR SR GLBL A 20320531 7.750% | US | 95,000 | $100,972.65 | |
| GEO GROUP INC SR GLBL NT 20310415 10.250% | US | 90,000 | $98,521.20 | |
| GGAM FIN LTD SR GLBL A 20280615 8.000% | US | 95,000 | $100,602.15 | |
| GLOBAL INFRASTRUCTURE SOLUTION SR A NT. 20320415 7.500% | US | 100,000 | $106,626.00 | |
| GLOBAL PARTNERS LP GLP FIN C SR GLBL A 20330701 7.125% | US | 100,000 | $101,824.00 | |
| GOODYEAR TIRE n RUBR CO SR GLBL NT 20310715 5.250% | US | 110,000 | $104,347.10 | |
| GRAPHIC PACKAGING INTL LLC SR GLBL A 20300201 3.750% | US | 110,000 | $103,981.90 | |
| GRAY MEDIA INC LIEN GLBL 20290715 10.500% | US | 85,000 | $91,403.90 | |
| GROUP AUTOMOTIVE INC SR GLBL A 20300115 6.375% | US | 100,000 | $102,899.00 | |
| GTE FLA INC SR GLBL -E DB 20280201 6.860% | US | 100,000 | $103,586.00 | |
| HERC HLDGS INC SR A NT 20300615 7.000% | US | 100,000 | $105,243.00 | |
| HESS MIDSTREAM OPERATIONS LP SR A NT 20280301 5.875% | US | 100,000 | $101,877.00 | |
| HILCORP ENERGY I L P HILCORP SR A NT 20281101 6.250% | US | 100,000 | $100,568.00 | |
| HILTON GRAND VACATIONS BORROWE SR SEC GLBL 20290601 5.000% | US | 105,000 | $101,989.65 | |
| HLF FING SARL LLC HERBALIFE SR GLBL A 20290601 4.875% | US | 100,000 | $93,912.00 | |
| 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 | $102,034.80 | |
| HOWARD MIDSTREAM ENERGY PARTNE SR A NT 20320715 7.375% | US | 100,000 | $105,517.00 | |
| HUDSON PAC PPTYS L P SR GLBL NT 20271101 3.950% | US | 105,000 | $100,670.85 | |
| HUNT COS INC SR SEC A NT 20290415 5.250% | US | 105,000 | $102,496.80 | |
| ICAHN ENTERPRISES LPCORP SR GLBL NT 20270515 5.250% | US | 105,000 | $103,557.30 | |
| INGEVITY CORP SR GLBL A 20281101 3.875% | US | 100,000 | $97,371.00 | |
| INGLES MKTS INC SR GLBL A 20310615 4.000% | US | 110,000 | $103,944.50 | |
| INSIGHT ENTERPRISES INC SR GLBL A 20320515 6.625% | US | 110,000 | $113,080.00 | |
| JACOBS ENTMT INC SR A NT 20290215 6.750% | US | 105,000 | $102,884.25 | |
| JB POINDEXTER n CO INC SR A NT 20311215 8.750% | US | 95,000 | $99,510.60 | |
| K HOVNANIAN ENTERPRISES INC SR GLBL A 20310401 8.000% | US | 105,000 | $107,159.85 | |
| KB HOME SR GLBL NT 20270615 6.875% | US | 100,000 | $102,063.00 | |
| KBR INC SR GLBL A 20280930 4.750% | US | 105,000 | $102,900.00 | |
| KENNEDY WILSON INC SR GLBL NT 20300201 4.750% | US | 110,000 | $103,677.20 | |
| KONTOOR BRANDS INC SR GLBL A 20291115 4.125% | US | 105,000 | $100,195.20 | |
| LADDER CAPITAL FIN HLDGSCORP SR GLBL A 20270201 4.250% | US | 105,000 | $104,299.65 | |
| LBM ACQUISITION LLC LIEN GLBL 20310615 9.500% | US | 95,000 | $99,031.80 | |
| LCM INVESTMENTS HOLDINGS II LL SR A NT 20310801 8.250% | US | 100,000 | $105,769.00 | |
| LEEWARD RENEWABLE ENERGY OPER SR A NT 20290701 4.250% | US | 110,000 | $104,699.10 | |
| LEVEL FING INC LIEN GLBL 20330630 6.875% | US | 100,000 | $102,328.00 | |
| LGI HOMES INC SR GLBL A 20290715 4.000% | US | 110,000 | $100,245.20 | |
| LITHIA MTRS INC SR GLBL A 20310115 4.375% | US | 105,000 | $100,913.40 | |
| LONG RIDGE ENERGY LLC SR SEC GLBL 20320215 8.750% | US | 110,000 | $117,088.40 | |
| LSB INDS INC SR SEC GLBL 20281015 6.250% | US | 105,000 | $104,832.00 | |
| MACYS RETAIL HLDGS LLC SR A NT 20320315 6.125% | US | 100,000 | $101,213.00 | |
| MAGNOLIA OIL n GAS OPER LLC SR GLBL A 20321201 6.875% | US | 100,000 | $102,777.00 | |
| MANITOWOC CO INC SR SEC GLBL 20311001 9.250% | US | 110,000 | $118,151.00 | |
| MARRIOTT OWNERSHIP RESORTS INC SR GLBL A 20331001 6.500% | US | 105,000 | $100,727.55 | |
| MASTERBRAND INC SR GLBL A 20320715 7.000% | US | 100,000 | $103,603.00 | |
| MATADOR RES CO SR GLBL A 20320415 6.500% | US | 100,000 | $101,417.00 | |
| MATCH GROUP HOLDINGS II LLC GLBL A NT 20280601 4.625% | US | 105,000 | $104,060.25 | |
| MAUSER PACKAGING SOLUTIONS LIEN A NT 20270415 7.875% | US | 100,000 | $96,375.00 | |
| MCGRAW-HILL ED INC SR SEC A NT 20310901 7.375% | US | 100,000 | $105,506.00 | |
| METHANEX US OPERATIONS INC SR GLBL A 20320315 6.250% | US | 100,000 | $102,967.00 | |
| MGM RESORTS INTERNATIONAL SR GLBL NT. 20320415 6.500% | US | 100,000 | $103,031.00 | |
| MI HOMES INC SR NT . 20300215 3.950% | US | 110,000 | $105,901.40 | |
| MIDAS OPCO HLDGS LLC SR GLBL A 20290815 5.625% | US | 105,000 | $102,390.75 | |
| MILLROSE PPTYS INC SR GLBL A 20300801 6.375% | US | 100,000 | $102,322.00 | |
| MINERAL RES LTD SR A NT. 20300501 8.500% | US | 100,000 | $103,994.00 | |
| MINERALS TECHNOLOGIES INC SR GLBL A 20280701 5.000% | US | 105,000 | $103,950.00 | |
| MITER BRANDS ACQUISITION HOLDC LIEN A NT 20320401 6.750% | US | 100,000 | $102,519.00 | |
| MOHEGAN ESCROW ISSUER LLC SR SEC GLBL 20300415 8.250% | US | 100,000 | $104,240.00 | |
| MOLINA HEALTHCARE INC SR GLBL A 20280615 4.375% | US | 105,000 | $103,262.25 | |
| MURPHY OIL USA INC SR GLBL NT 20270501 5.625% | US | 105,000 | $105,055.65 | |
| NAVIENT CORPORATION SR GLBL NT 20280315 4.875% | US | 105,000 | $103,825.05 | |
| NEW FLYER HLDGS INC LIEN GLBL 20300701 9.250% | US | 95,000 | $102,107.90 | |
| NEW HOME CO INC SR A NT 20291001 9.250% | US | 100,000 | $104,367.00 | |
| NEWELL BRANDS INC SR GLBL A 20280601 8.500% | US | 95,000 | $99,612.25 | |
| NEWMARK GROUP INC CR SEN SR GLBL 20290112 7.500% | US | 95,000 | $101,819.10 | |
| NISSAN MTR ACCEP CO LLC FR . 20280915 2.450% | US | 115,000 | $106,354.30 | |
| NOBLE FIN II LLC SR GLBL A 20300415 8.000% | US | 100,000 | $103,891.00 | |
| NORDSTROM INC SR GLBL NT 20270315 4.000% | US | 105,000 | $103,438.65 | |
| NORTHRIVER MIDSTREAM FINANCE L SR SEC A NT 20320715 6.750% | US | 100,000 | $101,905.00 | |
| NOVELIS CORP SR GLBL A 20300130 4.750% | US | 105,000 | $101,430.00 | |
| NUSTAR LOGISTICS L P SR NT . 20270428 5.625% | US | 100,000 | $101,082.00 | |
| OCEANEERING INTL INC SR GLBL NT 20280201 6.000% | US | 100,000 | $101,123.00 | |
| OI EUROPEAN GROUP BV SR GLBL A 20300215 4.750% | NL | 100,000 | $96,762.00 | |
| OLIN CORP SR GLBL NT 20300201 5.000% | US | 105,000 | $103,243.35 | |
| ONEMAIN FIN CORP SR GLBL NT 20280915 3.875% | US | 105,000 | $102,336.15 | |
| ONESKY FLIGHT LLC SR A NT 20291215 8.875% | US | 95,000 | $101,663.30 | |
| ONTARIO GAMING GTA LTD PARTNER SR SEC A NT 20300801 8.000% | US | 100,000 | $94,819.00 | |
| OPEN TEXT CORP SR GLBL A 20280215 3.875% | US | 105,000 | $103,045.95 | |
| OXFORD FINANCE LLC OXFORD FI SR A NT 20270201 6.375% | US | 105,000 | $104,987.40 | |
| PARK INTER HLDGS LLC PK DOME SR GLBL A 20300201 7.000% | US | 100,000 | $102,639.00 | |
| PARK OHIO INDS INC-OHIO SR SEC GLBL 20300801 8.500% | US | 100,000 | $102,682.00 | |
| PATTERN ENERGY OPERATIONS P SR SEC GLBL 20280815 4.500% | US | 105,000 | $103,559.40 | |
| PAYSAFE FIN PLC PAYSAFE HLDG SR SEC A NT 20290615 4.000% | GB | 95,000 | $87,399.05 | |
| PENNYMAC FINL SVCS INC NEW SR GLBL A 20340215 6.750% | US | 100,000 | $103,373.00 | |
| PERMIAN RES OPER LLC SR A NT 20290701 5.875% | US | 100,000 | $100,586.00 | |
| PERRIGO FINANCE UNLIMITED COMP SR GLBL NT 20320930 6.125% | US | 105,000 | $102,277.35 | |
| PGnE CORP LIEN GLBL NT 20300701 5.250% | US | 105,000 | $104,256.60 | |
| PHINIA INC SR SEC GLBL 20290415 6.750% | US | 100,000 | $103,498.00 | |
| PHOENIX AVIATION CAP LTD SR A NT 20300715 9.250% | US | 95,000 | $101,204.45 | |
| PITNEY BOWES INC SR GLBL A 20290315 7.250% | US | 105,000 | $106,418.55 | |
| POPULAR INC SR GLBL NT 20280313 7.250% | US | 100,000 | $105,382.00 | |
| PRECISION DRILLING CORP SR GLBL A 20290115 6.875% | CA | 105,000 | $106,182.30 | |
| PRIME HEALTHCARE SVCS INC SR SEC A NT 20290901 9.375% | US | 100,000 | $105,000.00 | |
| PRIMO WTR HLDGS INC TRIT SR SEC GLBL 20290430 4.375% | US | 100,000 | $97,288.00 | |
| PROG HOLDINGS INC SR GLBL A 20291115 6.000% | US | 105,000 | $103,747.35 | |
| PROVIDENT FDG ASSOCIATES LP SR A NT 20290915 9.750% | US | 95,000 | $100,198.40 | |
| QNITY ELECTRONICS INC LIEN A NT 20320815 5.750% | US | 100,000 | $102,245.00 | |
| QUICKEN LNS LLCQUICKEN LNS CO SR GLBL A 20290301 3.625% | US | 105,000 | $101,416.35 | |
| RADIOLOGY PARTNERS INC LIEN A NT 20320715 8.500% | US | 100,000 | $104,464.00 | |
| RAILWORKS HLDGS LP RAILWORKS SR SEC A NT 20281115 8.250% | US | 100,000 | $100,564.00 | |
| RESIDEO FDG INC SR GLBL A 20320715 6.500% | US | 105,000 | $107,470.65 | |
| RINGCENTRAL INC SR GLBL A 20300815 8.500% | US | 95,000 | $100,707.60 | |
| RITHM CAPITAL CORP SR GLBL A 20300715 8.000% | US | 100,000 | $102,266.00 | |
| RIVERS ENT BOR LLCFIN CORP SR SEC GLBL 20330201 6.625% | US | 105,000 | $107,346.75 | |
| RIVERS ENTERPRISE LENDER LLC LIEN GLBL 20301015 6.250% | US | 105,000 | $107,176.65 | |
| RLJ LODGING TR SR SEC GLBL 20290915 4.000% | US | 110,000 | $104,332.80 | |
| ROCKCLIFF ENERGY II LLC SR A NT. 20291015 5.500% | US | 105,000 | $103,974.15 | |
| ROCKET SOFTWARE INC SR SEC A NT 20281128 9.000% | US | 100,000 | $103,116.00 | |
| ROCKIES EXPRESS PIPELINE LLC SR GLBL A 20300515 4.800% | US | 105,000 | $103,261.20 | |
| ROGERS COMMUNICATIONS INC SUB GLBL A 20820315 5.250% | CA | 105,000 | $104,953.80 | |
| RXO INC GLBL A NT 20271115 7.500% | US | 100,000 | $102,207.00 | |
| SCIENCE APPLICATIONS INTL CORP SR GLBL A 20280401 4.875% | US | 105,000 | $104,721.75 | |
| SCRIPPS ESCROW II INC LIEN GLBL 20290115 3.875% | US | 115,000 | $105,816.10 | |
| SERVICE PPTYS TR SR GLBL NT. 20271215 5.500% | US | 105,000 | $103,363.05 | |
| SHEA HOMES LP SHEA HOMES FDG SR GLBL NT 20280215 4.750% | US | 105,000 | $104,081.25 | |
| SHIFT PMTS LLC SHIFT PMTS SR GLBL A 20320815 6.750% | US | 100,000 | $103,249.00 | |
| SIRIUS XM RADIO INC SR GLBL A 20280715 4.000% | US | 105,000 | $102,644.85 | |
| SIX FLAGS ENTERTAINMENT CORP SR GLBL NT 20290715 5.250% | US | 105,000 | $97,916.70 | |
| SLM CORP SR GLBL NT 20261102 3.125% | US | 105,000 | $103,210.80 | |
| SLM CORP SR GLBL NT. 20300131 6.500% | US | 110,000 | $113,856.60 | |
| SMYRNA READY MIX LLC SR SEC GLBL 20281101 6.000% | US | 100,000 | $100,462.00 | |
| SNAP INC SR GLBL A 20340315 6.875% | US | 100,000 | $102,962.00 | |
| SONIC AUTOMOTIVE INC SR GLBL A 20311115 4.875% | US | 105,000 | $101,411.10 | |
| SPECIALTY BLDG PRODS HLDG LLC SR SEC A NT 20291015 7.750% | US | 100,000 | $97,568.00 | |
| SPEEDWAY MOTORSPORTS LLC SP SR GLBL A 20271101 4.875% | US | 105,000 | $104,506.50 | |
| STANDARD BLDG SOLUTIONS INC SR GLBL A 20300715 4.375% | US | 105,000 | $101,294.55 | |
| STAR PARENT INC SR SEC A NT 20301001 9.000% | US | 95,000 | $101,384.95 | |
| STARWOOD PPTY TR INC SR GLBL A 20270115 4.375% | US | 105,000 | $104,347.95 | |
| STERIGENICS-NORDION HLDGS LLC SR SEC A NT 20310601 7.375% | US | 95,000 | $99,637.90 | |
| STONEMOR INC SR SEC GLBL 20290515 8.500% | US | 105,000 | $102,624.90 | |
| STONEPEAK NILE PARENT LLC SR SEC A NT 20320315 7.250% | US | 95,000 | $100,538.50 | |
| STONEX ESCROW ISSUER LLC SR SEC GLBL 20320715 6.875% | US | 100,000 | $103,723.00 | |
| SUNOCO LP SUNOCO FIN CORP SR GLBL NT 20280315 5.875% | US | 105,000 | $105,256.20 | |
| SUPERIOR PLUS LP SUPERIOR GE SR GLBL A 20290315 4.500% | US | 105,000 | $102,496.80 | |
| SYNAPTICS INC SR GLBL A 20290615 4.000% | US | 100,000 | $96,807.00 | |
| TALLGRASS ENERGY PARTNERS LP SR A NT 20310901 6.000% | US | 105,000 | $104,508.60 | |
| TALOS PRODTN INC LIEN GLBL 20290201 9.000% | US | 100,000 | $103,864.00 | |
| TAYLOR MORRISON CMNTYS INC SR GLBL A 20280115 5.750% | US | 100,000 | $101,785.00 | |
| TEGNA INC SR GLBL NT 20280315 4.625% | US | 105,000 | $103,920.60 | |
| TEINE ENERGY LTD SR A NT 20290415 6.875% | CA | 105,000 | $104,980.05 | |
| TERRAFORM PWR OPER LLC SR GLBL A 20280131 5.000% | US | 105,000 | $104,903.40 | |
| THOR INDS INC SR GLBL A 20291015 4.000% | US | 105,000 | $101,130.75 | |
| TIDEWATER INC NEW SR GLBL A 20300715 9.125% | US | 95,000 | $101,929.30 | |
| TMS INTL CORP SR A NT 20290415 6.250% | US | 105,000 | $101,469.90 | |
| TRAVEL PLUS LEISURE CO LIEN GLBL 20300301 4.625% | US | 105,000 | $102,381.30 | |
| TRINET GROUP INC SR GLBL A 20290301 3.500% | US | 110,000 | $103,945.60 | |
| TRUENOORD CAPITAL DAC SR GLBL A 20300301 8.750% | US | 95,000 | $100,341.85 | |
| TURNING PT BRANDS INC SR SEC A NT 20320315 7.625% | US | 95,000 | $101,109.45 | |
| UNITED WHOLESALE MORTGAGE LLC SR GLBL A 20270615 5.750% | US | 105,000 | $105,280.35 | |
| UNIVISION COMMUNICATIONS INC SR SEC A NT 20310731 8.500% | US | 100,000 | $104,463.00 | |
| UPBOUND GROUP INC SR GLBL A 20290215 6.375% | US | 105,000 | $103,426.05 | |
| US DOLLARS | US | USD | 411,908.94 | $411,908.94 |
| UWM HLDGS LLC SR GLBL A 20300201 6.625% | US | 100,000 | $101,258.00 | |
| V F CORP SR GLBL NT 20300423 2.950% | US | 120,000 | $108,630.00 | |
| VALARIS LTD LIEN A NT 20300430 8.375% | US | 95,000 | $98,843.70 | |
| VENTURE GLOBAL CALCASIEU PASS SR SEC A NT 20300115 6.250% | US | 95,000 | $96,179.90 | |
| VENTURE GLOBAL LNG INC SR SEC A NT 20280601 8.125% | US | 100,000 | $101,290.00 | |
| VERDE PURCHASER LLC SR SEC A NT 20301130 10.500% | US | 115,000 | $123,649.15 | |
| VFH PARENT LLC n VALOR CO-ISSU LIEN A NT 20310615 7.500% | US | 100,000 | $104,748.00 | |
| VICTORIAS SECRET AND CO SR A NT 20290715 4.625% | US | 110,000 | $106,643.90 | |
| VICTRA HLDGS LLC VICTRA FIN SR SEC GLBL 20290915 8.750% | US | 100,000 | $105,501.00 | |
| VISTAJET MALTA FIN P L C X SR A NT 20300201 6.375% | US | 105,000 | $99,923.25 | |
| VORNADO RLTY L P GLBL NT . 20310601 3.400% | US | 115,000 | $104,334.90 | |
| VT TOPCO INC SR SEC A NT 20300815 8.500% | US | 100,000 | $104,465.00 | |
| W. R. GRACE HOLDINGS LLC SR SEC A NT 20320815 6.625% | US | 105,000 | $106,340.85 | |
| WABASH NATL CORP SR GLBL A 20281015 4.500% | US | 95,000 | $88,854.45 | |
| WALKER n DUNLOP INC SR GLBL A 20330401 6.625% | US | 105,000 | $107,721.60 | |
| WARNERMEDIA HLDGS INC SR GLBL NT 20320315 4.279% | US | 110,000 | $96,560.20 | |
| WAYFAIR LLC SR SEC GLBL 20300915 7.750% | US | 100,000 | $106,546.00 | |
| WEEKLEY HOMES LLC FIN CORP SR GLBL A 20280915 4.875% | US | 105,000 | $103,549.95 | |
| WEX INC SR GLBL A 20330315 6.500% | US | 100,000 | $102,366.00 | |
| WHIRLPOOL CORP SR GLBL NT. 20310515 2.400% | US | 120,000 | $99,040.80 | |
| WILTON RE LIMITED PERP SUB GLBL 00000000 6.000% | US | 100,000 | $99,060.00 | |
| WINDSOR HLDGS III LLC SR SEC A NT 20300615 8.500% | US | 110,000 | $116,199.60 | |
| WINDSTREAM SERVICES LLCUNITI LIEN GLBL 20280415 4.750% | US | 105,000 | $104,354.25 | |
| WINDSTREAM SVCS LLC WINDSTRE M A NT 20311001 8.250% | US | 110,000 | $115,474.70 | |
| WYNDHAM HOTELS n RESORTS INC SR GLBL A 20280815 4.375% | US | 105,000 | $103,544.70 | |
| WYNN LAS VEGAS LLC WYNN SR GLBL A 20270515 5.250% | US | 105,000 | $105,407.40 | |
| WYNN RESORTS FIN LLC WYNN RE SR A NT 20310215 7.125% | US | 100,000 | $108,209.00 | |
| XHR LP SR GLBL A 20300515 6.625% | US | 105,000 | $108,369.45 | |
| XPO INC SR DEB . 20340501 6.700% | US | 95,000 | $101,175.00 | |
| ZOOMINFO TECHNOLOGIES LLC ZO SR GLBL A 20290201 3.875% | US | 105,000 | $99,088.50 |
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.