Mutual Funds
Credit Series
Investment Objective
To provide long-term total return.
Investment Strategy
Under normal circumstances, at least 80% of the Series’ assets will be invested in U.S. dollar denominated credit-related instruments and other financial instruments, principally derivative instruments and exchange-traded funds (ETFs), with economic characteristics similar to credit-related instruments. The Series will principally invest in investment grade securities, and is not subject to maturity or duration restrictions.
Daily Price
$8.85
Daily $ Change
$0.02
Daily % Change
0.23%
as of 05/09/2024
Ticker
MCDWX
CUSIP
56382R464
Inception Date
04/14/2020
The Series is offered exclusively to discretionary investment accounts and other funds managed by the Advisor.
Important Documents
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Applications & Forms | |
| N-Port Part F Reports |
YTD
-1.42%
1 Year
2.28%
3 Year
-1.56%
5 Year
---
10 Year
---
Inception
(04/14/2020)
0.55%
Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.
Expense Ratio
| Gross | 0.36% |
| Net | 0.10%* |
*Reflects the Advisor's contractual agreement to limit its fees and reimburse certain expenses, including the management fee. The contractual waiver 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.
| GOVERNMENT AGENCY | 35.45% |
| TENCENT HOLDINGS 3.97500 04/11/2029 | 3.25% |
| JPMORGAN CHASE & CO 4.49300 03/24/2031 | 2.03% |
| SIMON PROPERTY GROUP LP 2.65000 02/01/2032 | 1.77% |
| CAPITAL ONE FINANCIAL CO 5.70000 02/01/2030 | 1.72% |
| PEPSICO INC 3.90000 07/18/2032 | 1.66% |
| PCG 2023 1 NOTE MTG 11.31685 07/25/2029 | 1.63% |
| PALOMINO FUNDING TRUST I 7.23300 05/17/2028 | 1.59% |
| ALIBABA GROUP HOLDING 4.00000 12/06/2037 | 1.58% |
| SBA TOWER TRUST 6.59900 01/15/2028 | 1.45% |
Top Ten Investments list is unaudited and excludes cash
| Cash | 1.44% | |
| Corporate | 31.61% | |
| Mortgage | 65.63% | |
| Other | 1.32% |
| AAA | 46.71% | |
| AA | 1.44% | |
| A | 20.92% | |
| BBB | 14.33% | |
| NR | 16.60% |
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 for each issue are obtained from Bloomberg using ratings derived from Moody’s Investors Services (Moody’s) or Standard & Poor’s. When ratings from Moody’s are not available, ratings from Standard & Poor’s are used.
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| ABMT 2016-2 A3 3.50000 03/25/2046 | US | 851,901.24 | $748,473.15 | |
| AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 | IE | 2,700,000 | $2,408,440.82 | |
| ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 | KY | 1,400,000 | $1,132,313.10 | |
| ALIBABA GROUP HOLDING 4.00000 12/06/2037 | KY | 5,235,000 | $4,350,868.49 | |
| ALLO 2023-1A A2 6.20000 06/20/2053 | US | 1,600,000 | $1,574,140.64 | |
| ASHTEAD CAPITAL INC 4.00000 05/01/2028 | US | 2,590,000 | $2,416,482.79 | |
| BABS 2021-RM2 A 1.75000 10/25/2061 | US | 850,438.44 | $753,951.86 | |
| BANK OF AMERICA CORP 2.68700 04/22/2032 | US | 4,015,000 | $3,308,984.93 | |
| BJETS 2021-1A A 2.16200 04/15/2036 | US | 565,833.58 | $529,077.03 | |
| BNSF FUNDING TRUST I 6.61300 12/15/2055 | US | 2,540,000 | $2,511,922.18 | |
| CAALT 2021-2A A 1.64000 06/17/2030 | US | 879,156.32 | $875,178.27 | |
| CAALT 2021-3A B MTGE 1.38000 07/15/2030 | US | 450,000 | $443,895.12 | |
| CAPITAL ONE FINANCIAL CO 5.70000 02/01/2030 | US | 4,820,000 | $4,753,078.06 | |
| CARMX 2020-4 A3 0.50000 08/15/2025 | US | 121,402.15 | $121,170.84 | |
| CBSLT 2020-AGS A 1.98000 08/25/2050 | US | 556,041.19 | $475,951.13 | |
| CENOVUS ENERGY INC 6.75000 11/15/2039 | CA | 3,380,000 | $3,556,578.94 | |
| CGNT 2024-1A A2 7.92400 05/25/2054 | US | 990,000 | $989,969.90 | |
| CITIGROUP INC 1.46200 06/09/2027 | US | 4,000,000 | $3,661,634.88 | |
| COLO 2021-2A A2 MTGE 2.40000 10/25/2051 | US | 900,000 | $804,825.79 | |
| COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 | US | 1,350,000 | $1,264,917.92 | |
| CSMC 2013-7 A6 3.50000 08/25/2043 | US | 237,415.24 | $210,620.31 | |
| CSMC 2018-J1 3.50000 02/25/2048 | US | 3,844,442.06 | $3,292,120.95 | |
| DREYFUS GVT CSH MANAGEMENT | US | 4,023,868.84 | $4,023,868.84 | |
| ENERGY TRANSFER LP 7.37500 02/01/2031 | US | 2,330,000 | $2,402,021.79 | |
| ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 | US | 3,465,000 | $3,510,678.89 | |
| FASST 2022-S6 A1 3.00000 07/25/2061 | US | 1,438,846.46 | $1,360,620.12 | |
| FEDERAL NATIONAL FS5443 MTGE 4.50000 06/01/2043 | US | 3,589,921.56 | $3,368,633.66 | |
| FEDERAL NATL MTG ASSN BK0433 3.50000 12/01/2049 | US | 5,068,929.52 | $4,389,487.22 | |
| FEDERAL NATL MTG ASSN FN BV5383 3.00000 04/01/2052 | US | 2,544,630.63 | $2,124,323.86 | |
| FEDERAL NATL MTG ASSN FN CA6316 3.00000 07/01/2050 | US | 1,434,728.44 | $1,187,749.41 | |
| FEDERAL NATL MTG ASSN FN FM6890 3.00000 06/01/2050 | US | 1,902,891.79 | $1,599,867.69 | |
| FEDERAL NATL MTG ASSN FN MA4514 3.50000 01/01/2052 | US | 1,483,064.9 | $1,281,613.16 | |
| FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 | US | 4,148,938.8 | $3,811,618.71 | |
| FEDERAL NATL MTG ASSN FR QE0356 3.50000 04/01/2052 | US | 1,586,617.2 | $1,385,329.23 | |
| FEDERAL NATL MTG ASSN FS1807 3.50000 07/01/2051 | US | 3,999,507.4 | $3,508,954.46 | |
| FEDERAL NATL MTG ASSN FS1838 3.00000 12/01/2051 | US | 4,191,317.19 | $3,510,732.03 | |
| FEDERAL NATL MTG ASSN MA4626 4.00000 06/01/2052 | US | 6,236,835.78 | $5,581,795.95 | |
| FEDERAL NATL MTG ASSN MA4737 5.00000 08/01/2052 | US | 3,749,928.97 | $3,564,503.38 | |
| FEDERAL NATL MTG ASSN MA4851 5.00000 11/01/2042 | US | 3,844,970.42 | $3,720,612.62 | |
| FEDERAL NATL MTG ASSN QE9161 4.50000 09/01/2052 | US | 3,600,912.31 | $3,322,078.94 | |
| FEDERAL NATL MTG ASSN SD4235 6.00000 11/01/2053 | US | 2,964,805.17 | $2,951,476.50 | |
| FEDERAL NATL MTG ASSN SD8276 5.00000 12/01/2052 | US | 6,286,943.7 | $5,966,327.87 | |
| FHLM POOL FR RB5169 3.50000 06/01/2042 | US | 3,039,284.46 | $2,720,883.21 | |
| FHLM POOL SD8230 4.50000 06/01/2052 | US | 4,674,786.92 | $4,311,266.93 | |
| FHMS K106 X1 MTGE 1.43966 01/25/2030 | US | 15,076,705.92 | $934,971.06 | |
| FHR 5189 CP 2.50000 06/25/2049 | US | 4,131,291.28 | $3,393,268.40 | |
| FLX 2021-1A A2 3.25000 11/27/2051 | US | 1,525,000 | $1,380,970.57 | |
| FN BX9903 MTGE 6.00000 05/01/2053 | US | 5,364,614.65 | $5,401,521.27 | |
| FN CB6326 MTGE 5.50000 05/01/2053 | US | 3,849,629.95 | $3,741,955.03 | |
| FN FS3146 MTGE 4.50000 10/01/2042 | US | 3,141,002.83 | $2,952,404.64 | |
| FN FS4253 MTGE 3.50000 03/01/2050 | US | 3,378,560.64 | $2,977,179.70 | |
| FN FS4339 MTGE 3.00000 12/01/2050 | US | 2,451,098.31 | $2,065,963.36 | |
| FN FS6206 MTGE 5.50000 10/01/2053 | US | 3,954,727.76 | $3,860,292.62 | |
| FN MA4807 MTGE 5.50000 11/01/2052 | US | 2,332,590.93 | $2,274,309.40 | |
| FNR 2020-48 DC 2.50000 07/25/2050 | US | 3,921,032.8 | $3,236,223.87 | |
| FNR 2021-69 WJ 1.50000 10/25/2050 | US | 613,530.79 | $494,265.39 | |
| FR QG6308 MTG 6.00000 07/01/2053 | US | 3,363,352.25 | $3,344,498.17 | |
| FR RB5178 MTGE 4.50000 08/01/2042 | US | 2,027,581.75 | $1,899,197.95 | |
| FR RJ0062 MTGE 5.00000 10/01/2053 | US | 3,920,054.76 | $3,724,044.14 | |
| FR SC0393 5.00000 06/01/2043 | US | 3,390,642.08 | $3,277,087.88 | |
| FR SD1360 MTGE 5.50000 07/01/2052 | US | 3,483,111.2 | $3,392,597.82 | |
| FSMT 2021-8INV A3 2.50000 09/25/2051 | US | 799,128.35 | $629,408.01 | |
| GOODG 2020-1A MTGE 2.63000 04/15/2055 | US | 709,659.78 | $570,998.57 | |
| GSMBS 2020-PJ3 A14 3.00000 10/25/2050 | US | 242,874.24 | $200,428.68 | |
| GSMBS 2021-INV1 A6 2.50000 12/25/2051 | US | 791,401.66 | $665,945.81 | |
| GSMBS 2021-PJ6 A8 2.50000 11/25/2051 | US | 533,072.32 | $457,496.05 | |
| GSMBS 2021-PJ9 A8 2.50000 02/26/2052 | US | 608,266.8 | $512,415.36 | |
| GSMBS 2022-PJ3 3.00000 08/25/2052 | US | 1,754,600.68 | $1,413,277.74 | |
| HAWAII ST 2.63200 10/01/2037 | US | 2,240,000 | $1,668,566.03 | |
| HOTWIRE FUNDING LLC 5.68700 05/20/2053 | US | 2,400,000 | $2,317,695.12 | |
| HWIRE 2021-1 A2 2.31100 11/20/2051 | US | 1,470,000 | $1,320,671.96 | |
| IMPRL 2021-NQM3 1.59500 11/25/2056 | US | 722,537.37 | $598,439.98 | |
| IMPRL 2022-NQM2 3.63800 03/25/2067 | US | 1,266,684.94 | $1,144,273.71 | |
| JEFFERIES FIN GROUP INC 6.20000 04/14/2034 | US | 3,390,000 | $3,350,046.31 | |
| JPMCC 2019-ICON 3.88370 01/05/2034 | US | 1,917,385.86 | $1,833,029.70 | |
| JPMMT 2016-3 2A2 2.50000 10/25/2046 | US | 647,552.98 | $584,265.19 | |
| JPMMT 2019-INV3 A3 MTGE 3.50000 05/25/2050 | US | 612,868.9 | $517,360.34 | |
| JPMMT 2019-INV3 A3A 3.00000 05/25/2050 | US | 461,118.88 | $374,749.18 | |
| JPMMT 2022-INV3 3.00000 09/25/2052 | US | 1,690,401.84 | $1,385,237.48 | |
| JPMORGAN CHASE & CO 4.49300 03/24/2031 | US | 5,900,000 | $5,584,907.49 | |
| KREF 2021-FL2 AS MTGE 6.73072 02/15/2039 | US | 1,500,000 | $1,446,459.30 | |
| MASSMUTUAL GLOBAL FUNDING 4.85000 01/17/2029 | US | 1,210,000 | $1,180,726.59 | |
| MET LIFE GLOB FUNDING I 4.85000 01/08/2029 | US | 1,210,000 | $1,179,955.74 | |
| MSC 2020-CNP A 2.42760 04/05/2042 | US | 1,000,000 | $787,027.13 | |
| NAVSL 2017-2A A FLT 6.49450 12/27/2066 | US | 1,525,701.61 | $1,529,762.51 | |
| NAVSL 2020-DA A 1.69000 05/15/2069 | US | 466,696.75 | $423,073.51 | |
| NAVSL 2021-A A 0.84000 05/15/2069 | US | 331,325.59 | $287,065.44 | |
| NEW YORK LIFE GLOBAL FDG 4.70000 01/29/2029 | US | 1,210,000 | $1,178,176.32 | |
| NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 | AU | 2,849,997.19 | $2,665,056.14 | |
| NEWZ 201-1 A FLT 6.18133 05/25/2055 | US | 1,733,333.33 | $1,733,324.84 | |
| NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 | US | 2,290,000 | $2,387,774.44 | |
| NSLT 2012-3A A MTGE FLT 6.14450 03/26/2040 | US | 543,929.55 | $542,437.70 | |
| OAKIG 2020-1A 1.85000 11/20/2050 | US | 1,849,297.69 | $1,714,052.45 | |
| OASIS 2022-2A A 6.85000 10/15/2034 | US | 403,145.79 | $402,053.43 | |
| OASIS 2023-1A 7.00000 02/15/2035 | US | 639,819.51 | $638,259.37 | |
| OBX 2024-NQM1 A1 5.92800 11/25/2063 | US | 2,754,603.08 | $2,727,159.55 | |
| OVMLT 2020-1 1.73291 05/28/2050 | US | 508,190.84 | $449,305.66 | |
| OXFIN 2022-1A 3.60200 02/15/2030 | US | 2,777,676.66 | $2,650,903.78 | |
| OXFIN 2023-1A A2 6.71600 02/15/2031 | US | 2,120,000 | $2,121,504.14 | |
| PALOMINO FUNDING TRUST I 7.23300 05/17/2028 | US | 4,245,000 | $4,377,223.26 | |
| PCG 2023 1 NOTE MTG 11.31685 07/25/2029 | US | 4,492,146.2 | $4,491,475.34 | |
| PEAR 2021-1 A MTGE 2.60000 01/15/2034 | US | 808,155.91 | $782,552.97 | |
| PEAR 2023-1A 7.42000 07/15/2035 | US | 1,288,312.66 | $1,290,487.07 | |
| PEAR 2024-1 A 6.95000 02/15/2036 | US | 957,121.86 | $949,613.62 | |
| PEPSICO INC 3.90000 07/18/2032 | US | 5,010,000 | $4,589,000.43 | |
| PFMT 2021 -INV1 A1 2.50000 08/25/2051 | US | 1,344,132.9 | $1,053,984.49 | |
| PFMT 2021-2 A2A 2.00000 04/25/2051 | US | 663,544.55 | $539,624.84 | |
| PHEAA 2016-1A A FLT 6.59450 09/25/2065 | US | 379,522.5 | $382,129.34 | |
| QUALCOMM INC 4.25000 05/20/2032 | US | 3,495,000 | $3,260,674.47 | |
| RCKT 2021-6 A1 2.50000 12/25/2051 | US | 817,211.76 | $639,014.17 | |
| RCKT 2021-6 A5 2.50000 12/25/2051 | US | 915,334.24 | $776,197.93 | |
| RUN 2022-NQM1 A1 4.00000 03/25/2067 | US | 840,156.43 | $786,888.74 | |
| SBA TOWER TRUST 6.59900 01/15/2028 | US | 3,940,000 | $3,997,765.13 | |
| SEMT 2013-5 A1 MTGE 2.50000 05/25/2043 | US | 448,048.76 | $377,363.89 | |
| SEMT 2013-9 A1 MTGE 3.50000 07/25/2043 | US | 3,484,865.67 | $3,085,448.52 | |
| SEMT 2017-3 A19 3.50000 04/25/2047 | US | 1,356,534.24 | $1,168,290.49 | |
| SIDC 2021-1A A2 MTGE 1.87700 03/26/2046 | US | 1,050,000 | $961,470.50 | |
| SIMON PROPERTY 2.25000 01/15/2032 | US | 2,160,000 | $1,714,079.32 | |
| SIMON PROPERTY GROUP LP 2.65000 02/01/2032 | US | 5,980,000 | $4,878,343.11 | |
| SIRIUSPOINT LTD 7.00000 04/05/2029 | BM | 2,325,000 | $2,327,715.20 | |
| SLAM 2021-1A A MTGE 2.43400 06/15/2046 | US | 1,563,510 | $1,365,656.10 | |
| SLMA 2011-2 A2 MTGE 6.64450 10/25/2034 | US | 462,872.08 | $465,609.59 | |
| SLMA 2013-6 A3 FLT 6.09450 06/26/2028 | US | 1,121,703.86 | $1,106,543.34 | |
| SMB 2017-B A2A MTGE 2.82000 10/15/2035 | US | 104,970.93 | $100,571.84 | |
| SMB 2017-B A2B FLT 6.18546 10/15/2035 | US | 475,411.84 | $473,615.10 | |
| SORT 2020-1 B1 2.28000 07/15/2060 | US | 2,113,712.21 | $1,943,124.43 | |
| SORT 2021-1A B1 MTGE 1.98000 03/15/2061 | US | 895,325.18 | $786,667.08 | |
| SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 | US | 1,355,000 | $1,183,761.92 | |
| TAH 2020-SFR1 A 1.49900 07/17/2038 | US | 1,392,913.11 | $1,273,504.27 | |
| TAMPA-HILLSBOROUGH CNTY FL 1.89200 07/01/2029 | US | 1,000,000 | $849,781.19 | |
| TENCENT HOLDINGS 3.97500 04/11/2029 | KY | 9,600,000 | $8,966,253.98 | |
| VDC 2020-1A A2 1.64500 09/15/2045 | US | 1,750,000 | $1,636,832.42 | |
| WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 | US | 3,730,000 | $3,400,248.83 | |
| WELLS FARGO & COMPANY 5.70700 04/22/2028 | US | 3,350,000 | $3,354,951.13 | |
| WIN 2015-3 A1 3.50000 03/20/2045 | US | 1,174,338 | $1,038,150.23 |
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 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
$8.85
Daily $ Change
$0.02
Daily % Change
0.23%
as of 05/09/2024
Ticker
MCDWX
CUSIP
56382R464
Inception Date
04/14/2020
The Series is offered exclusively to discretionary investment accounts and other funds managed by the Advisor.
Important Documents
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Applications & Forms | |
| N-Port Part F Reports |
Investment Objective
To provide long-term total return.
Investment Strategy
Under normal circumstances, at least 80% of the Series’ assets will be invested in U.S. dollar denominated credit-related instruments and other financial instruments, principally derivative instruments and exchange-traded funds (ETFs), with economic characteristics similar to credit-related instruments. The Series will principally invest in investment grade securities, and is not subject to maturity or duration restrictions.
YTD
-1.42%
1 Year
2.28%
3 Year
-1.56%
5 Year
---
10 Year
---
Inception
(04/14/2020)
0.55%
Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.
Expense Ratio
| Gross | 0.36% |
| Net | 0.10%* |
*Reflects the Advisor's contractual agreement to limit its fees and reimburse certain expenses, including the management fee. The contractual waiver 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.
| GOVERNMENT AGENCY | 35.45% |
| TENCENT HOLDINGS 3.97500 04/11/2029 | 3.25% |
| JPMORGAN CHASE & CO 4.49300 03/24/2031 | 2.03% |
| SIMON PROPERTY GROUP LP 2.65000 02/01/2032 | 1.77% |
| CAPITAL ONE FINANCIAL CO 5.70000 02/01/2030 | 1.72% |
| PEPSICO INC 3.90000 07/18/2032 | 1.66% |
| PCG 2023 1 NOTE MTG 11.31685 07/25/2029 | 1.63% |
| PALOMINO FUNDING TRUST I 7.23300 05/17/2028 | 1.59% |
| ALIBABA GROUP HOLDING 4.00000 12/06/2037 | 1.58% |
| SBA TOWER TRUST 6.59900 01/15/2028 | 1.45% |
Top Ten Investments list is unaudited and excludes cash
| Cash | 1.44% | |
| Corporate | 31.61% | |
| Mortgage | 65.63% | |
| Other | 1.32% |
| AAA | 46.71% | |
| AA | 1.44% | |
| A | 20.92% | |
| BBB | 14.33% | |
| NR | 16.60% |
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 for each issue are obtained from Bloomberg using ratings derived from Moody’s Investors Services (Moody’s) or Standard & Poor’s. When ratings from Moody’s are not available, ratings from Standard & Poor’s are used.
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| ABMT 2016-2 A3 3.50000 03/25/2046 | US | 851,901.24 | $748,473.15 | |
| AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 | IE | 2,700,000 | $2,408,440.82 | |
| ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 | KY | 1,400,000 | $1,132,313.10 | |
| ALIBABA GROUP HOLDING 4.00000 12/06/2037 | KY | 5,235,000 | $4,350,868.49 | |
| ALLO 2023-1A A2 6.20000 06/20/2053 | US | 1,600,000 | $1,574,140.64 | |
| ASHTEAD CAPITAL INC 4.00000 05/01/2028 | US | 2,590,000 | $2,416,482.79 | |
| BABS 2021-RM2 A 1.75000 10/25/2061 | US | 850,438.44 | $753,951.86 | |
| BANK OF AMERICA CORP 2.68700 04/22/2032 | US | 4,015,000 | $3,308,984.93 | |
| BJETS 2021-1A A 2.16200 04/15/2036 | US | 565,833.58 | $529,077.03 | |
| BNSF FUNDING TRUST I 6.61300 12/15/2055 | US | 2,540,000 | $2,511,922.18 | |
| CAALT 2021-2A A 1.64000 06/17/2030 | US | 879,156.32 | $875,178.27 | |
| CAALT 2021-3A B MTGE 1.38000 07/15/2030 | US | 450,000 | $443,895.12 | |
| CAPITAL ONE FINANCIAL CO 5.70000 02/01/2030 | US | 4,820,000 | $4,753,078.06 | |
| CARMX 2020-4 A3 0.50000 08/15/2025 | US | 121,402.15 | $121,170.84 | |
| CBSLT 2020-AGS A 1.98000 08/25/2050 | US | 556,041.19 | $475,951.13 | |
| CENOVUS ENERGY INC 6.75000 11/15/2039 | CA | 3,380,000 | $3,556,578.94 | |
| CGNT 2024-1A A2 7.92400 05/25/2054 | US | 990,000 | $989,969.90 | |
| CITIGROUP INC 1.46200 06/09/2027 | US | 4,000,000 | $3,661,634.88 | |
| COLO 2021-2A A2 MTGE 2.40000 10/25/2051 | US | 900,000 | $804,825.79 | |
| COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 | US | 1,350,000 | $1,264,917.92 | |
| CSMC 2013-7 A6 3.50000 08/25/2043 | US | 237,415.24 | $210,620.31 | |
| CSMC 2018-J1 3.50000 02/25/2048 | US | 3,844,442.06 | $3,292,120.95 | |
| DREYFUS GVT CSH MANAGEMENT | US | 4,023,868.84 | $4,023,868.84 | |
| ENERGY TRANSFER LP 7.37500 02/01/2031 | US | 2,330,000 | $2,402,021.79 | |
| ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 | US | 3,465,000 | $3,510,678.89 | |
| FASST 2022-S6 A1 3.00000 07/25/2061 | US | 1,438,846.46 | $1,360,620.12 | |
| FEDERAL NATIONAL FS5443 MTGE 4.50000 06/01/2043 | US | 3,589,921.56 | $3,368,633.66 | |
| FEDERAL NATL MTG ASSN BK0433 3.50000 12/01/2049 | US | 5,068,929.52 | $4,389,487.22 | |
| FEDERAL NATL MTG ASSN FN BV5383 3.00000 04/01/2052 | US | 2,544,630.63 | $2,124,323.86 | |
| FEDERAL NATL MTG ASSN FN CA6316 3.00000 07/01/2050 | US | 1,434,728.44 | $1,187,749.41 | |
| FEDERAL NATL MTG ASSN FN FM6890 3.00000 06/01/2050 | US | 1,902,891.79 | $1,599,867.69 | |
| FEDERAL NATL MTG ASSN FN MA4514 3.50000 01/01/2052 | US | 1,483,064.9 | $1,281,613.16 | |
| FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 | US | 4,148,938.8 | $3,811,618.71 | |
| FEDERAL NATL MTG ASSN FR QE0356 3.50000 04/01/2052 | US | 1,586,617.2 | $1,385,329.23 | |
| FEDERAL NATL MTG ASSN FS1807 3.50000 07/01/2051 | US | 3,999,507.4 | $3,508,954.46 | |
| FEDERAL NATL MTG ASSN FS1838 3.00000 12/01/2051 | US | 4,191,317.19 | $3,510,732.03 | |
| FEDERAL NATL MTG ASSN MA4626 4.00000 06/01/2052 | US | 6,236,835.78 | $5,581,795.95 | |
| FEDERAL NATL MTG ASSN MA4737 5.00000 08/01/2052 | US | 3,749,928.97 | $3,564,503.38 | |
| FEDERAL NATL MTG ASSN MA4851 5.00000 11/01/2042 | US | 3,844,970.42 | $3,720,612.62 | |
| FEDERAL NATL MTG ASSN QE9161 4.50000 09/01/2052 | US | 3,600,912.31 | $3,322,078.94 | |
| FEDERAL NATL MTG ASSN SD4235 6.00000 11/01/2053 | US | 2,964,805.17 | $2,951,476.50 | |
| FEDERAL NATL MTG ASSN SD8276 5.00000 12/01/2052 | US | 6,286,943.7 | $5,966,327.87 | |
| FHLM POOL FR RB5169 3.50000 06/01/2042 | US | 3,039,284.46 | $2,720,883.21 | |
| FHLM POOL SD8230 4.50000 06/01/2052 | US | 4,674,786.92 | $4,311,266.93 | |
| FHMS K106 X1 MTGE 1.43966 01/25/2030 | US | 15,076,705.92 | $934,971.06 | |
| FHR 5189 CP 2.50000 06/25/2049 | US | 4,131,291.28 | $3,393,268.40 | |
| FLX 2021-1A A2 3.25000 11/27/2051 | US | 1,525,000 | $1,380,970.57 | |
| FN BX9903 MTGE 6.00000 05/01/2053 | US | 5,364,614.65 | $5,401,521.27 | |
| FN CB6326 MTGE 5.50000 05/01/2053 | US | 3,849,629.95 | $3,741,955.03 | |
| FN FS3146 MTGE 4.50000 10/01/2042 | US | 3,141,002.83 | $2,952,404.64 | |
| FN FS4253 MTGE 3.50000 03/01/2050 | US | 3,378,560.64 | $2,977,179.70 | |
| FN FS4339 MTGE 3.00000 12/01/2050 | US | 2,451,098.31 | $2,065,963.36 | |
| FN FS6206 MTGE 5.50000 10/01/2053 | US | 3,954,727.76 | $3,860,292.62 | |
| FN MA4807 MTGE 5.50000 11/01/2052 | US | 2,332,590.93 | $2,274,309.40 | |
| FNR 2020-48 DC 2.50000 07/25/2050 | US | 3,921,032.8 | $3,236,223.87 | |
| FNR 2021-69 WJ 1.50000 10/25/2050 | US | 613,530.79 | $494,265.39 | |
| FR QG6308 MTG 6.00000 07/01/2053 | US | 3,363,352.25 | $3,344,498.17 | |
| FR RB5178 MTGE 4.50000 08/01/2042 | US | 2,027,581.75 | $1,899,197.95 | |
| FR RJ0062 MTGE 5.00000 10/01/2053 | US | 3,920,054.76 | $3,724,044.14 | |
| FR SC0393 5.00000 06/01/2043 | US | 3,390,642.08 | $3,277,087.88 | |
| FR SD1360 MTGE 5.50000 07/01/2052 | US | 3,483,111.2 | $3,392,597.82 | |
| FSMT 2021-8INV A3 2.50000 09/25/2051 | US | 799,128.35 | $629,408.01 | |
| GOODG 2020-1A MTGE 2.63000 04/15/2055 | US | 709,659.78 | $570,998.57 | |
| GSMBS 2020-PJ3 A14 3.00000 10/25/2050 | US | 242,874.24 | $200,428.68 | |
| GSMBS 2021-INV1 A6 2.50000 12/25/2051 | US | 791,401.66 | $665,945.81 | |
| GSMBS 2021-PJ6 A8 2.50000 11/25/2051 | US | 533,072.32 | $457,496.05 | |
| GSMBS 2021-PJ9 A8 2.50000 02/26/2052 | US | 608,266.8 | $512,415.36 | |
| GSMBS 2022-PJ3 3.00000 08/25/2052 | US | 1,754,600.68 | $1,413,277.74 | |
| HAWAII ST 2.63200 10/01/2037 | US | 2,240,000 | $1,668,566.03 | |
| HOTWIRE FUNDING LLC 5.68700 05/20/2053 | US | 2,400,000 | $2,317,695.12 | |
| HWIRE 2021-1 A2 2.31100 11/20/2051 | US | 1,470,000 | $1,320,671.96 | |
| IMPRL 2021-NQM3 1.59500 11/25/2056 | US | 722,537.37 | $598,439.98 | |
| IMPRL 2022-NQM2 3.63800 03/25/2067 | US | 1,266,684.94 | $1,144,273.71 | |
| JEFFERIES FIN GROUP INC 6.20000 04/14/2034 | US | 3,390,000 | $3,350,046.31 | |
| JPMCC 2019-ICON 3.88370 01/05/2034 | US | 1,917,385.86 | $1,833,029.70 | |
| JPMMT 2016-3 2A2 2.50000 10/25/2046 | US | 647,552.98 | $584,265.19 | |
| JPMMT 2019-INV3 A3 MTGE 3.50000 05/25/2050 | US | 612,868.9 | $517,360.34 | |
| JPMMT 2019-INV3 A3A 3.00000 05/25/2050 | US | 461,118.88 | $374,749.18 | |
| JPMMT 2022-INV3 3.00000 09/25/2052 | US | 1,690,401.84 | $1,385,237.48 | |
| JPMORGAN CHASE & CO 4.49300 03/24/2031 | US | 5,900,000 | $5,584,907.49 | |
| KREF 2021-FL2 AS MTGE 6.73072 02/15/2039 | US | 1,500,000 | $1,446,459.30 | |
| MASSMUTUAL GLOBAL FUNDING 4.85000 01/17/2029 | US | 1,210,000 | $1,180,726.59 | |
| MET LIFE GLOB FUNDING I 4.85000 01/08/2029 | US | 1,210,000 | $1,179,955.74 | |
| MSC 2020-CNP A 2.42760 04/05/2042 | US | 1,000,000 | $787,027.13 | |
| NAVSL 2017-2A A FLT 6.49450 12/27/2066 | US | 1,525,701.61 | $1,529,762.51 | |
| NAVSL 2020-DA A 1.69000 05/15/2069 | US | 466,696.75 | $423,073.51 | |
| NAVSL 2021-A A 0.84000 05/15/2069 | US | 331,325.59 | $287,065.44 | |
| NEW YORK LIFE GLOBAL FDG 4.70000 01/29/2029 | US | 1,210,000 | $1,178,176.32 | |
| NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 | AU | 2,849,997.19 | $2,665,056.14 | |
| NEWZ 201-1 A FLT 6.18133 05/25/2055 | US | 1,733,333.33 | $1,733,324.84 | |
| NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 | US | 2,290,000 | $2,387,774.44 | |
| NSLT 2012-3A A MTGE FLT 6.14450 03/26/2040 | US | 543,929.55 | $542,437.70 | |
| OAKIG 2020-1A 1.85000 11/20/2050 | US | 1,849,297.69 | $1,714,052.45 | |
| OASIS 2022-2A A 6.85000 10/15/2034 | US | 403,145.79 | $402,053.43 | |
| OASIS 2023-1A 7.00000 02/15/2035 | US | 639,819.51 | $638,259.37 | |
| OBX 2024-NQM1 A1 5.92800 11/25/2063 | US | 2,754,603.08 | $2,727,159.55 | |
| OVMLT 2020-1 1.73291 05/28/2050 | US | 508,190.84 | $449,305.66 | |
| OXFIN 2022-1A 3.60200 02/15/2030 | US | 2,777,676.66 | $2,650,903.78 | |
| OXFIN 2023-1A A2 6.71600 02/15/2031 | US | 2,120,000 | $2,121,504.14 | |
| PALOMINO FUNDING TRUST I 7.23300 05/17/2028 | US | 4,245,000 | $4,377,223.26 | |
| PCG 2023 1 NOTE MTG 11.31685 07/25/2029 | US | 4,492,146.2 | $4,491,475.34 | |
| PEAR 2021-1 A MTGE 2.60000 01/15/2034 | US | 808,155.91 | $782,552.97 | |
| PEAR 2023-1A 7.42000 07/15/2035 | US | 1,288,312.66 | $1,290,487.07 | |
| PEAR 2024-1 A 6.95000 02/15/2036 | US | 957,121.86 | $949,613.62 | |
| PEPSICO INC 3.90000 07/18/2032 | US | 5,010,000 | $4,589,000.43 | |
| PFMT 2021 -INV1 A1 2.50000 08/25/2051 | US | 1,344,132.9 | $1,053,984.49 | |
| PFMT 2021-2 A2A 2.00000 04/25/2051 | US | 663,544.55 | $539,624.84 | |
| PHEAA 2016-1A A FLT 6.59450 09/25/2065 | US | 379,522.5 | $382,129.34 | |
| QUALCOMM INC 4.25000 05/20/2032 | US | 3,495,000 | $3,260,674.47 | |
| RCKT 2021-6 A1 2.50000 12/25/2051 | US | 817,211.76 | $639,014.17 | |
| RCKT 2021-6 A5 2.50000 12/25/2051 | US | 915,334.24 | $776,197.93 | |
| RUN 2022-NQM1 A1 4.00000 03/25/2067 | US | 840,156.43 | $786,888.74 | |
| SBA TOWER TRUST 6.59900 01/15/2028 | US | 3,940,000 | $3,997,765.13 | |
| SEMT 2013-5 A1 MTGE 2.50000 05/25/2043 | US | 448,048.76 | $377,363.89 | |
| SEMT 2013-9 A1 MTGE 3.50000 07/25/2043 | US | 3,484,865.67 | $3,085,448.52 | |
| SEMT 2017-3 A19 3.50000 04/25/2047 | US | 1,356,534.24 | $1,168,290.49 | |
| SIDC 2021-1A A2 MTGE 1.87700 03/26/2046 | US | 1,050,000 | $961,470.50 | |
| SIMON PROPERTY 2.25000 01/15/2032 | US | 2,160,000 | $1,714,079.32 | |
| SIMON PROPERTY GROUP LP 2.65000 02/01/2032 | US | 5,980,000 | $4,878,343.11 | |
| SIRIUSPOINT LTD 7.00000 04/05/2029 | BM | 2,325,000 | $2,327,715.20 | |
| SLAM 2021-1A A MTGE 2.43400 06/15/2046 | US | 1,563,510 | $1,365,656.10 | |
| SLMA 2011-2 A2 MTGE 6.64450 10/25/2034 | US | 462,872.08 | $465,609.59 | |
| SLMA 2013-6 A3 FLT 6.09450 06/26/2028 | US | 1,121,703.86 | $1,106,543.34 | |
| SMB 2017-B A2A MTGE 2.82000 10/15/2035 | US | 104,970.93 | $100,571.84 | |
| SMB 2017-B A2B FLT 6.18546 10/15/2035 | US | 475,411.84 | $473,615.10 | |
| SORT 2020-1 B1 2.28000 07/15/2060 | US | 2,113,712.21 | $1,943,124.43 | |
| SORT 2021-1A B1 MTGE 1.98000 03/15/2061 | US | 895,325.18 | $786,667.08 | |
| SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 | US | 1,355,000 | $1,183,761.92 | |
| TAH 2020-SFR1 A 1.49900 07/17/2038 | US | 1,392,913.11 | $1,273,504.27 | |
| TAMPA-HILLSBOROUGH CNTY FL 1.89200 07/01/2029 | US | 1,000,000 | $849,781.19 | |
| TENCENT HOLDINGS 3.97500 04/11/2029 | KY | 9,600,000 | $8,966,253.98 | |
| VDC 2020-1A A2 1.64500 09/15/2045 | US | 1,750,000 | $1,636,832.42 | |
| WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 | US | 3,730,000 | $3,400,248.83 | |
| WELLS FARGO & COMPANY 5.70700 04/22/2028 | US | 3,350,000 | $3,354,951.13 | |
| WIN 2015-3 A1 3.50000 03/20/2045 | US | 1,174,338 | $1,038,150.23 |
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 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.