Investment objective & strategy
As of Nov. 5, 2025 · prospectusObjective. The Fund?s investment objective is current income.
Strategy. The Fund seeks to achieve its investment objective by investing primarily in short-term U.S. corporate bonds issued by companies, including real estate investment trusts (?REITs?), whose executives are purchasing shares of the company?s common stock. The Fund may invest in corporate bonds, including convertible bonds, of any credit quality (including ?junk? bonds), effective maturity or average modified duration, but intends to hold a majority of the portfolio in investment grade corporate bonds (rated BBB or higher by S&P Global Ratings or the equivalent by another nationally recognized statistical ratings organization) with an average effective maturity of less than four years and an average duration of less than three and a half years. The Advisor uses public information that is filed … The Fund seeks to achieve its investment objective by investing primarily in short-term U.S. corporate bonds issued by companies, including real estate investment trusts (?REITs?), whose executives are purchasing shares of the company?s common stock. The Fund may invest in corporate bonds, including convertible bonds, of any credit quality (including ?junk? bonds), effective maturity or average modified duration, but intends to hold a majority of the portfolio in investment grade corporate bonds (rated BBB or higher by S&P Global Ratings or the equivalent by another nationally recognized statistical ratings organization) with an average effective maturity of less than four years and an average duration of less than three and a half years. The Advisor uses public information that is filed with the Securities and Exchange Commission (?SEC?) on corporate insider buying activity for its investment decisions. The Advisor?s research and quantitative back-testing of insider trading data over long periods of time has resulted in the development of a proprietary method of analyzing insider trading activity that it believes has the potential to substantially reduce the likelihood of bankruptcy. The underlying thesis is that corporate insiders know more about the prospects of the company than anybody else and would not take a stake in the equity of their company if the company were in jeopardy of declaring bankruptcy. The Advisor?s investment process focuses on insider identities (position in the company), motivations, insider trading trends, trading volumes, firm size, and other factors to select what the Advisor believes to be the most significant insider buying signals the signals that are historically associated with companies that have avoided bankruptcy. Corporate bonds meeting the insider activity screen criterion are analyzed and selected in an attempt to establish a portfolio with the target credit quality, duration, maturity, and SEC yield ( i.e. , the income generated by a bond fund over a 30-day period after accounting for expenses). The Advisor generally intends to hold bonds to maturity, but positions may be sold if insider trading trends reverse in a manner the Advisor believes to be significant, or if the Advisor believes the bonds no longer offer favorable risk-adjusted return potential. The Fund is classified as ?non-diversified? for purposes of the Investment Company Act of 1940, as amended (the ?1940 Act?), which means a relatively high percentage of the Fund?s assets may be invested in the securities of a limited number of companies that could be in the same or related economic sectors.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| RITM 8 04/01/29 144A | RITM | $4.91M | 7.44% |
| HCA INC | — | $4.00M | 6.06% |
| AMBAC ASSURANCE CORP SUBORDINATED 144A 12/99 5.1 | ABK | $3.82M | 5.78% |
| MAIN STREET CAPI | — | $3.18M | 4.81% |
| PMT 8.5 06/01/29 | PMT | $3.14M | 4.75% |
| FORD MOTOR CO | — | $3.13M | 4.74% |
| IT 4.5 07/01/28 144A | IT | $2.95M | 4.47% |
| TransDigm, Inc. | — | $2.94M | 4.45% |
| DKS 4 10/01/29 144A | DKS | $2.92M | 4.42% |
| SUNOCO LP SR UNSECURED 144A 10/29 4.5 | SUN | $2.90M | 4.39% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Rational Premium Income Fund · HRSAX, HRSTX, HRSFX | 33% | 2.04% |
| Catalyst Systematic High Income Fund · CWXAX, CWXCX, CWXIX | 22% | 2.06% |
| Rational Special Situations Income Fund · RFXIX, RFXAX, RFXCX | 10% | 1.77% |
Footnotes
- Expense ratio as of November 5, 2025, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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