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
$8.98
Daily $ Change
$0.02
Daily % Change
0.22%
as of 07/26/2024
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
1.46%
1 Year
5.99%
3 Year
-1.12%
5 Year
---
10 Year
---
Inception
(04/14/2020)
1.22%
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.
| FEDERAL NATL MTG ASSN FR . 20300805 0.875% | 2.41% |
| FHLMC SUPER Y FIXED . 20520801 4.500% | 2.09% |
| FHLMC SUPER Y FIXED . 20521201 5.000% | 2.05% |
| JPMORGAN CHASE n CO SR GLBL NT 20310324 4.493% | 1.93% |
| FNMA UMBS LNG YEAR . 20520601 4.000% | 1.92% |
| FNMA UMBS LNG YEAR . 20530501 6.000% | 1.80% |
| SIMON PPTY GROUP LP SR GLBL NT 20320201 2.650% | 1.70% |
| CAPITAL ONE FINL CORP SR GLBL NT 20311030 7.624% | 1.61% |
| FNMA UMBS LNG YEAR . 20491201 3.500% | 1.54% |
| PCG - LLC SR SEC GLBL 20290725 11.345% | 1.52% |
Top Ten Investments list is unaudited and excludes cash
| Mortgage | 47.59% | |
| Corporate | 30.98% | |
| Securitized Credit | 17.72% | |
| Agency | 2.41% | |
| Municipal | 1.29% |
| AAA | 48.51% | |
| A | 18.15% | |
| BBB | 16.31% | |
| NR | 15.63% | |
| AA | 1.40% |
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) |
|---|---|---|---|---|
| AERCAP IRELAND CAPITAL LIMITED SR GLBL NT 20281029 3.000% | US | 2,700,000 | $2,454,948.00 | |
| AGATE BAY MTG TR - A- FLT 20460325 3.500% | US | 846,780.7 | $750,213.41 | |
| ALEXANDER FDG TR II SR SEC GLBL 20280731 7.467% | US | 2,290,000 | $2,423,255.10 | |
| ALIBABA GROUP HLDG LTD SR GLBL NT 20310209 2.125% | US | 1,400,000 | $1,158,556.00 | |
| ALIBABA GROUP HLDG LTD SR GLBL NT 20371206 4.000% | US | 5,235,000 | $4,449,331.20 | |
| ALLO ISSUER LLC - A- . 20530620 6.200% | US | 1,600,000 | $1,614,236.96 | |
| ASHTEAD CAP INC SR SEC GLBL 20280501 4.000% | US | 2,590,000 | $2,448,119.80 | |
| BANK AMERICA CORP FR . 20320422 2.687% | US | 4,015,000 | $3,398,777.80 | |
| BNSF FUNDING TRUST GTD PFD SECS 20551215 6.613% | US | 2,540,000 | $2,538,933.20 | |
| BREAN ABS TR -RM A . 20611025 1.750% | US | 801,810.8 | $725,855.10 | |
| BUSINESS JET SEC LLC - A . 20360415 2.162% | US | 549,892.68 | $520,724.34 | |
| BX TRUST -VLT A FLT 20410617 0.000% | US | 1,900,000 | $1,897,615.88 | |
| CAPITAL ONE FINL CORP SR GLBL NT 20311030 7.624% | US | 4,310,000 | $4,748,111.50 | |
| CENOVUS ENERGY INC SR NT . 20391115 6.750% | US | 3,380,000 | $3,656,957.20 | |
| CF HIPPOLYTA ISSUER - B- . 20600715 2.280% | US | 2,113,712.2 | $1,974,828.41 | |
| CF HIPPOLYTA ISSUER LLC - B- . 20610315 1.980% | US | 895,325.6 | $799,298.97 | |
| CITIGROUP INC SR GLBL NT 20270609 1.462% | US | 4,000,000 | $3,707,200.00 | |
| COGENT IPV LLC, - A- . 20540525 7.924% | US | 990,000 | $1,008,337.97 | |
| COMMONBOND ST LN TR -A-GS A . 20500825 1.980% | US | 537,437.13 | $469,098.40 | |
| CREDIT ACC AUTO LN - TR B . 20300715 1.380% | US | 450,000 | $447,501.15 | |
| CSMC TR -J A- FLT 20480225 3.500% | US | 3,797,725.25 | $3,368,487.73 | |
| CSMC TRUST - A- FLT 20430825 3.500% | US | 233,456.68 | $208,579.58 | |
| DATABANK ISSUER LLC - A- . 20511025 2.400% | US | 900,000 | $816,204.15 | |
| DATABANK ISSUER LLC - A- . 20530225 5.116% | US | 1,350,000 | $1,292,882.45 | |
| ENERGY TRANSFER L P SR GLBL A 20310201 7.375% | US | 2,330,000 | $2,431,867.60 | |
| ENERGY TRANSFER L P SR NT . 20420201 6.500% | US | 3,465,000 | $3,601,971.45 | |
| FEDERAL NATL MTG ASSN FR . 20300805 0.875% | US | 8,764,000 | $7,105,150.08 | |
| FHLMC REMIC SERIES CP . 20490625 2.500% | US | 4,062,605.6 | $3,469,004.89 | |
| FHLMC REMIC SERIES K- X FLT 20300125 1.440% | US | 15,070,114.4 | $913,208.24 | |
| FHLMC SUPER Y FIXED . 20430601 5.000% | US | 3,264,872.12 | $3,204,765.82 | |
| FHLMC SUPER Y FIXED . 20520601 4.500% | US | 4,595,727.02 | $4,346,087.13 | |
| FHLMC SUPER Y FIXED . 20520701 5.500% | US | 3,438,501.71 | $3,403,291.45 | |
| FHLMC SUPER Y FIXED . 20520801 4.500% | US | 6,496,778.99 | $6,135,882.92 | |
| FHLMC SUPER Y FIXED . 20521201 5.000% | US | 6,208,475.37 | $6,019,241.04 | |
| FHLMC SUPER Y FIXED . 20531101 6.000% | US | 2,955,519.45 | $2,985,429.31 | |
| FHLMC UMBS Y FIXED . 20420601 3.500% | US | 2,989,849.91 | $2,736,609.62 | |
| FHLMC UMBS Y FIXED . 20420801 4.500% | US | 1,950,621.96 | $1,880,945.74 | |
| FHLMC UMBS Y FIXED . 20520401 3.500% | US | 1,549,647.3 | $1,389,491.25 | |
| FHLMC UMBS Y FIXED . 20520901 4.500% | US | 3,556,983.42 | $3,363,696.94 | |
| FHLMC UMBS Y FIXED . 20530701 6.000% | US | 3,313,427.79 | $3,343,745.65 | |
| FHLMC UMBS Y FIXED . 20531001 5.000% | US | 3,910,028.68 | $3,799,531.27 | |
| FIFTH THIRD BANCORP SR GLBL NT 20281027 6.361% | US | 760,000 | $776,666.80 | |
| FIN OF AMER STRU SECS -S A . 20721225 3.000% | US | 1,443,159.5 | $1,379,128.53 | |
| FLAGSTAR MTG TR -INV A- FLT 20510925 2.500% | US | 785,773.09 | $626,281.58 | |
| FLEXENTIAL ISSUER LLC - A- . 20511127 3.250% | US | 1,525,000 | $1,402,893.10 | |
| FNMA REMC TRUST - WJ . 20501025 1.500% | US | 604,867.14 | $483,350.06 | |
| FNMA REMIC TRUST - DC . 20500725 2.500% | US | 3,845,963.2 | $3,270,558.65 | |
| FNMA SUPER INT YEAR . 20421001 4.500% | US | 3,049,479.58 | $2,940,552.17 | |
| FNMA SUPER INT YEAR . 20430601 4.500% | US | 3,498,830.05 | $3,357,687.25 | |
| FNMA SUPER LNG YEAR . 20500301 3.500% | US | 3,320,840.4 | $2,994,601.04 | |
| FNMA SUPER LNG YEAR . 20500601 3.000% | US | 1,889,321.23 | $1,634,489.58 | |
| FNMA SUPER LNG YEAR . 20501201 3.000% | US | 2,420,039.57 | $2,093,648.83 | |
| FNMA SUPER LNG YEAR . 20510701 3.500% | US | 3,933,716 | $3,532,988.35 | |
| FNMA SUPER LNG YEAR . 20511201 3.000% | US | 4,125,145.91 | $3,564,497.33 | |
| FNMA SUPER LNG YEAR . 20531001 5.500% | US | 3,942,890.84 | $3,901,214.48 | |
| FNMA UMBS INT YEAR . 20420601 4.000% | US | 4,062,852.25 | $3,795,313.43 | |
| FNMA UMBS INT YEAR . 20421101 5.000% | US | 3,723,068.03 | $3,664,802.02 | |
| FNMA UMBS LNG YEAR . 20491201 3.500% | US | 5,047,391.84 | $4,533,264.51 | |
| FNMA UMBS LNG YEAR . 20500701 3.000% | US | 1,413,065.24 | $1,207,167.50 | |
| FNMA UMBS LNG YEAR . 20520101 3.500% | US | 1,470,597.02 | $1,312,287.25 | |
| FNMA UMBS LNG YEAR . 20520401 3.000% | US | 2,469,144.99 | $2,135,020.29 | |
| FNMA UMBS LNG YEAR . 20520601 4.000% | US | 6,145,185.62 | $5,637,163.12 | |
| FNMA UMBS LNG YEAR . 20520801 5.000% | US | 3,679,634.29 | $3,571,269.06 | |
| FNMA UMBS LNG YEAR . 20521101 5.500% | US | 2,294,297.12 | $2,272,478.35 | |
| FNMA UMBS LNG YEAR . 20530501 5.500% | US | 3,814,482.34 | $3,771,607.56 | |
| FNMA UMBS LNG YEAR . 20530501 6.000% | US | 5,179,985.3 | $5,290,111.79 | |
| GOODGREEN - A . 20550415 2.630% | US | 698,646.93 | $581,295.97 | |
| GS MBS TR -PJ A- FLT 20520225 2.500% | US | 599,586.63 | $516,169.74 | |
| GS MBS TR -PJ A- FLT 20520825 3.000% | US | 1,727,276.82 | $1,433,100.85 | |
| GS MRTG BCK SEC TR -INV A- FLT 20511225 2.500% | US | 781,408.42 | $673,520.38 | |
| GS MTG -BACK SEC TR -PJ A- FLT 20511125 2.500% | US | 521,367.79 | $449,245.11 | |
| GS MTG SECS TR -PJ A- FLT 20501025 3.000% | US | 235,247.58 | $198,536.02 | |
| HAWAII ST TAXABLE GO REF BDS G 20371001 2.632% | US | 2,240,000 | $1,716,041.60 | |
| HOTWIRE FDING LLC - A- . 20530520 5.687% | US | 2,400,000 | $2,402,037.60 | |
| HOTWIRE FUNDING LLC - A- . 20511120 2.311% | US | 1,470,000 | $1,355,381.16 | |
| HUNTINGTON BANCSHARES INC GLBL NT . 20300204 2.550% | US | 1,161,000 | $993,258.72 | |
| IMPERIAL FD MTG TR -NQM A- FLT 20670325 3.638% | US | 1,248,680.93 | $1,147,591.34 | |
| IMPERIAL FUND MTG TR -NQM A- FLT 20561125 1.595% | US | 712,626.92 | $601,117.84 | |
| J.P. MORGAN MTG TR -INV A--B FLT 20520925 3.000% | US | 1,660,290.42 | $1,374,368.49 | |
| JEFFERIES FINANCIAL GROUP INC SR GLBL NT. 20340414 6.200% | US | 3,390,000 | $3,435,019.20 | |
| JP MORG WLTH MTG TR -ATR A- FLT 20500225 3.000% | US | 1,937,915.51 | $1,651,462.72 | |
| JP MORGAN CHASE CMBS -ICON A . 20340106 3.884% | US | 1,667,364.46 | $1,588,547.31 | |
| JP MORGAN MTG TR - -A- FLT 20461025 2.500% | US | 620,372.91 | $561,263.16 | |
| JP MORGAN MTG TR - A--B FLT 20510825 2.000% | US | 2,488,591.85 | $1,902,702.67 | |
| JP MORGAN MTG TR -INV A- FLT 20500525 3.500% | US | 607,200.32 | $539,141.18 | |
| JP MORGAN MTG TR -INV A--A FLT 20500525 3.000% | US | 456,853.87 | $395,109.25 | |
| JPMORGAN CHASE n CO SR GLBL NT 20310324 4.493% | US | 5,900,000 | $5,686,892.00 | |
| KEYBANK NATIONAL ASSOCIATION SR GLBL NT 20271115 5.850% | US | 2,200,000 | $2,193,114.00 | |
| KRFF -FL LTD A-S FLT 20390217 6.743% | KY | 1,500,000 | $1,175,753.43 | |
| LIBRA SOL LLC - A . 20341015 6.850% | US | 341,067.48 | $340,513.21 | |
| LIBRA SOL LLC - A . 20350215 7.000% | US | 549,538.19 | $548,484.12 | |
| MASSMUTUAL GLBL FDG II MTN A NT . 20290117 4.850% | US | 1,210,000 | $1,201,893.00 | |
| METROPOLITAN LIFE GLOBAL FDG I FR . 20290108 4.850% | US | 1,210,000 | $1,200,344.20 | |
| MORGAN STANLEY CAP TR -CNP A FLT 20300405 2.428% | US | 1,000,000 | $811,566.30 | |
| NAVIENT PRIV ED LN -D A . 20690515 1.690% | US | 446,232.07 | $409,734.84 | |
| NAVIENT PVT ED RI LN TR -A A . 20690515 0.840% | US | 318,848.48 | $281,745.26 | |
| NAVIENT STUDENT LN TR - A FLT 20661227 6.500% | US | 1,466,416.92 | $1,470,603.54 | |
| NELNET ST LN TR - A FLT 20400326 6.150% | US | 510,379.45 | $507,882.37 | |
| NEW YORK LIFE GLOBAL FDG FR . 20290129 4.700% | US | 1,210,000 | $1,201,421.10 | |
| NEWCASTLE COAL INFRASTRUCTURE SR SEC A NT 20270929 4.400% | US | 2,860,672.57 | $2,713,805.64 | |
| NEWREZ WARH SEC TR - A FLT 20550525 6.181% | US | .66 | $0.66 | |
| OAK ST INV GD NET LS FD - A- . 20501120 1.850% | US | 1,847,626.79 | $1,734,527.64 | |
| OBX TRUST -NQM A- . 20631125 5.928% | US | 2,627,087.33 | $2,628,552.46 | |
| OCEANVIEW MORTGAE LN TR - A-A FLT 20500528 1.733% | US | 494,979.49 | $444,375.76 | |
| OXFORD FIN FDG TR - A- . 20310215 6.716% | US | 2,120,000 | $2,126,164.96 | |
| OXFORD FIN FDG TR LLC - A- . 20300215 3.602% | US | 2,614,722.29 | $2,490,615.80 | |
| PALOMINO FDG TR I SR SEC GLBL 20280517 7.233% | US | 4,245,000 | $4,457,632.05 | |
| PCG - LLC SR SEC GLBL 20290725 11.345% | US | 4,487,647.52 | $4,486,974.37 | |
| PEAR - LLC A . 20350716 0.000% | US | 1,228,845.81 | $1,238,316.03 | |
| PEAR LLC - A . 20360215 6.950% | US | 902,720.99 | $901,707.14 | |
| PEAR, LLC - A . 20340115 2.600% | US | 721,202.29 | $700,503.86 | |
| PHEAA STUDENT LN TR - A FLT 20650925 6.600% | US | 402,724.9 | $403,406.79 | |
| PNC FINL SVCS GROUP INC SR GLBL NT 20260612 5.812% | US | 3,250,000 | $3,253,152.50 | |
| PROVIDENT FDG MTG TR - A-A FLT 20510525 2.000% | US | 650,617.01 | $548,616.92 | |
| PROVIDENT FND MTG TR -INV A- FLT 20510825 2.500% | US | 1,333,431.67 | $1,062,119.66 | |
| RCKT MRTG TR - A- FLT 20511225 2.500% | US | 809,960.52 | $645,057.42 | |
| RCKT MRTG TR - A- FLT 20511225 2.500% | US | 903,884.82 | $776,009.70 | |
| RUN TR -NQM A- FLT 20670325 4.000% | US | 834,659.91 | $795,852.65 | |
| SBA TOWER TR - - . 20521115 6.599% | US | 3,940,000 | $4,021,978.79 | |
| SEQUOIA MTG TR - A- . 20430725 3.500% | US | 3,458,987.01 | $3,072,841.96 | |
| SEQUOIA MTG TR - A- FLT 20430525 2.500% | US | 444,890.9 | $374,946.84 | |
| SEQUOIA MTG TR - A- FLT 20470425 3.500% | US | 1,346,007.24 | $1,172,617.01 | |
| SIMON PPTY GROUP LP GLBL NT . 20320115 2.250% | US | 2,160,000 | $1,756,771.20 | |
| SIMON PPTY GROUP LP SR GLBL NT 20320201 2.650% | US | 5,980,000 | $5,000,535.80 | |
| SIRIUSPOINT LTD SR GLBL NT 20290405 7.000% | US | 2,325,000 | $2,358,619.50 | |
| SLAM LTD - A . 20460615 2.434% | KY | 1,543,750 | $1,381,347.50 | |
| SLM STUDENT LOAN TR - A- FLT 20341025 6.650% | US | 417,982.85 | $419,293.39 | |
| SLM STUDENT LOAN TR - A--B FLT 20280626 6.100% | US | 1,070,923.43 | $1,067,905.57 | |
| SMB PRIVATE ED LN TR -B A-A . 20351015 2.820% | US | 94,315.7 | $91,585.68 | |
| SMB PRIVATE ED LN TR -B A-B FLT 20351015 6.193% | US | 427,154.42 | $426,413.73 | |
| SOUTH CAROLINA ST PUB SVCS AUT TAXABLE REF OBLIGS B 20281201 2.329% | US | 1,355,000 | $1,218,443.10 | |
| STACK INFRASTRUCTURE - A- . 20460326 1.877% | US | 1,050,000 | $977,197.41 | |
| TAMPA-HILLSBOROUGH CNTY FLA EX TAXABLE REF BDS B 20290701 1.892% | US | 1,000,000 | $873,610.00 | |
| TENCENT HLDGS LTD FR . 20290411 3.975% | US | 4,700,000 | $4,469,324.00 | |
| TRICON AMERICN HM TR -SFR A . 20380719 1.499% | US | 1,391,266.77 | $1,285,150.12 | |
| TRUIST FINL CORP FR . 20290607 1.887% | US | 3,795,000 | $3,323,926.65 | |
| US BANCORP FR . 20290201 4.653% | US | 3,360,000 | $3,289,137.60 | |
| US DOLLARS | US | 2,937,003.49 | $2,937,003.49 | |
| VANTAGE DATA CENTER - LLC A- . 20450915 1.645% | US | 1,750,000 | $1,657,383.35 | |
| WARNERMEDIA HLDGS INC SR GLBL NT 20290315 4.054% | US | 3,730,000 | $3,446,631.90 | |
| WELLS FARGO n CO FR . 20280422 5.707% | US | 3,350,000 | $3,379,915.50 | |
| WINWATER MTG LN TR - A- FLT 20450320 3.500% | US | 1,166,127.12 | $1,054,682.92 |
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
$8.98
Daily $ Change
$0.02
Daily % Change
0.22%
as of 07/26/2024
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
1.46%
1 Year
5.99%
3 Year
-1.12%
5 Year
---
10 Year
---
Inception
(04/14/2020)
1.22%
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.
| FEDERAL NATL MTG ASSN FR . 20300805 0.875% | 2.41% |
| FHLMC SUPER Y FIXED . 20520801 4.500% | 2.09% |
| FHLMC SUPER Y FIXED . 20521201 5.000% | 2.05% |
| JPMORGAN CHASE n CO SR GLBL NT 20310324 4.493% | 1.93% |
| FNMA UMBS LNG YEAR . 20520601 4.000% | 1.92% |
| FNMA UMBS LNG YEAR . 20530501 6.000% | 1.80% |
| SIMON PPTY GROUP LP SR GLBL NT 20320201 2.650% | 1.70% |
| CAPITAL ONE FINL CORP SR GLBL NT 20311030 7.624% | 1.61% |
| FNMA UMBS LNG YEAR . 20491201 3.500% | 1.54% |
| PCG - LLC SR SEC GLBL 20290725 11.345% | 1.52% |
Top Ten Investments list is unaudited and excludes cash
| Mortgage | 47.59% | |
| Corporate | 30.98% | |
| Securitized Credit | 17.72% | |
| Agency | 2.41% | |
| Municipal | 1.29% |
| AAA | 48.51% | |
| A | 18.15% | |
| BBB | 16.31% | |
| NR | 15.63% | |
| AA | 1.40% |
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) |
|---|---|---|---|---|
| AERCAP IRELAND CAPITAL LIMITED SR GLBL NT 20281029 3.000% | US | 2,700,000 | $2,454,948.00 | |
| AGATE BAY MTG TR - A- FLT 20460325 3.500% | US | 846,780.7 | $750,213.41 | |
| ALEXANDER FDG TR II SR SEC GLBL 20280731 7.467% | US | 2,290,000 | $2,423,255.10 | |
| ALIBABA GROUP HLDG LTD SR GLBL NT 20310209 2.125% | US | 1,400,000 | $1,158,556.00 | |
| ALIBABA GROUP HLDG LTD SR GLBL NT 20371206 4.000% | US | 5,235,000 | $4,449,331.20 | |
| ALLO ISSUER LLC - A- . 20530620 6.200% | US | 1,600,000 | $1,614,236.96 | |
| ASHTEAD CAP INC SR SEC GLBL 20280501 4.000% | US | 2,590,000 | $2,448,119.80 | |
| BANK AMERICA CORP FR . 20320422 2.687% | US | 4,015,000 | $3,398,777.80 | |
| BNSF FUNDING TRUST GTD PFD SECS 20551215 6.613% | US | 2,540,000 | $2,538,933.20 | |
| BREAN ABS TR -RM A . 20611025 1.750% | US | 801,810.8 | $725,855.10 | |
| BUSINESS JET SEC LLC - A . 20360415 2.162% | US | 549,892.68 | $520,724.34 | |
| BX TRUST -VLT A FLT 20410617 0.000% | US | 1,900,000 | $1,897,615.88 | |
| CAPITAL ONE FINL CORP SR GLBL NT 20311030 7.624% | US | 4,310,000 | $4,748,111.50 | |
| CENOVUS ENERGY INC SR NT . 20391115 6.750% | US | 3,380,000 | $3,656,957.20 | |
| CF HIPPOLYTA ISSUER - B- . 20600715 2.280% | US | 2,113,712.2 | $1,974,828.41 | |
| CF HIPPOLYTA ISSUER LLC - B- . 20610315 1.980% | US | 895,325.6 | $799,298.97 | |
| CITIGROUP INC SR GLBL NT 20270609 1.462% | US | 4,000,000 | $3,707,200.00 | |
| COGENT IPV LLC, - A- . 20540525 7.924% | US | 990,000 | $1,008,337.97 | |
| COMMONBOND ST LN TR -A-GS A . 20500825 1.980% | US | 537,437.13 | $469,098.40 | |
| CREDIT ACC AUTO LN - TR B . 20300715 1.380% | US | 450,000 | $447,501.15 | |
| CSMC TR -J A- FLT 20480225 3.500% | US | 3,797,725.25 | $3,368,487.73 | |
| CSMC TRUST - A- FLT 20430825 3.500% | US | 233,456.68 | $208,579.58 | |
| DATABANK ISSUER LLC - A- . 20511025 2.400% | US | 900,000 | $816,204.15 | |
| DATABANK ISSUER LLC - A- . 20530225 5.116% | US | 1,350,000 | $1,292,882.45 | |
| ENERGY TRANSFER L P SR GLBL A 20310201 7.375% | US | 2,330,000 | $2,431,867.60 | |
| ENERGY TRANSFER L P SR NT . 20420201 6.500% | US | 3,465,000 | $3,601,971.45 | |
| FEDERAL NATL MTG ASSN FR . 20300805 0.875% | US | 8,764,000 | $7,105,150.08 | |
| FHLMC REMIC SERIES CP . 20490625 2.500% | US | 4,062,605.6 | $3,469,004.89 | |
| FHLMC REMIC SERIES K- X FLT 20300125 1.440% | US | 15,070,114.4 | $913,208.24 | |
| FHLMC SUPER Y FIXED . 20430601 5.000% | US | 3,264,872.12 | $3,204,765.82 | |
| FHLMC SUPER Y FIXED . 20520601 4.500% | US | 4,595,727.02 | $4,346,087.13 | |
| FHLMC SUPER Y FIXED . 20520701 5.500% | US | 3,438,501.71 | $3,403,291.45 | |
| FHLMC SUPER Y FIXED . 20520801 4.500% | US | 6,496,778.99 | $6,135,882.92 | |
| FHLMC SUPER Y FIXED . 20521201 5.000% | US | 6,208,475.37 | $6,019,241.04 | |
| FHLMC SUPER Y FIXED . 20531101 6.000% | US | 2,955,519.45 | $2,985,429.31 | |
| FHLMC UMBS Y FIXED . 20420601 3.500% | US | 2,989,849.91 | $2,736,609.62 | |
| FHLMC UMBS Y FIXED . 20420801 4.500% | US | 1,950,621.96 | $1,880,945.74 | |
| FHLMC UMBS Y FIXED . 20520401 3.500% | US | 1,549,647.3 | $1,389,491.25 | |
| FHLMC UMBS Y FIXED . 20520901 4.500% | US | 3,556,983.42 | $3,363,696.94 | |
| FHLMC UMBS Y FIXED . 20530701 6.000% | US | 3,313,427.79 | $3,343,745.65 | |
| FHLMC UMBS Y FIXED . 20531001 5.000% | US | 3,910,028.68 | $3,799,531.27 | |
| FIFTH THIRD BANCORP SR GLBL NT 20281027 6.361% | US | 760,000 | $776,666.80 | |
| FIN OF AMER STRU SECS -S A . 20721225 3.000% | US | 1,443,159.5 | $1,379,128.53 | |
| FLAGSTAR MTG TR -INV A- FLT 20510925 2.500% | US | 785,773.09 | $626,281.58 | |
| FLEXENTIAL ISSUER LLC - A- . 20511127 3.250% | US | 1,525,000 | $1,402,893.10 | |
| FNMA REMC TRUST - WJ . 20501025 1.500% | US | 604,867.14 | $483,350.06 | |
| FNMA REMIC TRUST - DC . 20500725 2.500% | US | 3,845,963.2 | $3,270,558.65 | |
| FNMA SUPER INT YEAR . 20421001 4.500% | US | 3,049,479.58 | $2,940,552.17 | |
| FNMA SUPER INT YEAR . 20430601 4.500% | US | 3,498,830.05 | $3,357,687.25 | |
| FNMA SUPER LNG YEAR . 20500301 3.500% | US | 3,320,840.4 | $2,994,601.04 | |
| FNMA SUPER LNG YEAR . 20500601 3.000% | US | 1,889,321.23 | $1,634,489.58 | |
| FNMA SUPER LNG YEAR . 20501201 3.000% | US | 2,420,039.57 | $2,093,648.83 | |
| FNMA SUPER LNG YEAR . 20510701 3.500% | US | 3,933,716 | $3,532,988.35 | |
| FNMA SUPER LNG YEAR . 20511201 3.000% | US | 4,125,145.91 | $3,564,497.33 | |
| FNMA SUPER LNG YEAR . 20531001 5.500% | US | 3,942,890.84 | $3,901,214.48 | |
| FNMA UMBS INT YEAR . 20420601 4.000% | US | 4,062,852.25 | $3,795,313.43 | |
| FNMA UMBS INT YEAR . 20421101 5.000% | US | 3,723,068.03 | $3,664,802.02 | |
| FNMA UMBS LNG YEAR . 20491201 3.500% | US | 5,047,391.84 | $4,533,264.51 | |
| FNMA UMBS LNG YEAR . 20500701 3.000% | US | 1,413,065.24 | $1,207,167.50 | |
| FNMA UMBS LNG YEAR . 20520101 3.500% | US | 1,470,597.02 | $1,312,287.25 | |
| FNMA UMBS LNG YEAR . 20520401 3.000% | US | 2,469,144.99 | $2,135,020.29 | |
| FNMA UMBS LNG YEAR . 20520601 4.000% | US | 6,145,185.62 | $5,637,163.12 | |
| FNMA UMBS LNG YEAR . 20520801 5.000% | US | 3,679,634.29 | $3,571,269.06 | |
| FNMA UMBS LNG YEAR . 20521101 5.500% | US | 2,294,297.12 | $2,272,478.35 | |
| FNMA UMBS LNG YEAR . 20530501 5.500% | US | 3,814,482.34 | $3,771,607.56 | |
| FNMA UMBS LNG YEAR . 20530501 6.000% | US | 5,179,985.3 | $5,290,111.79 | |
| GOODGREEN - A . 20550415 2.630% | US | 698,646.93 | $581,295.97 | |
| GS MBS TR -PJ A- FLT 20520225 2.500% | US | 599,586.63 | $516,169.74 | |
| GS MBS TR -PJ A- FLT 20520825 3.000% | US | 1,727,276.82 | $1,433,100.85 | |
| GS MRTG BCK SEC TR -INV A- FLT 20511225 2.500% | US | 781,408.42 | $673,520.38 | |
| GS MTG -BACK SEC TR -PJ A- FLT 20511125 2.500% | US | 521,367.79 | $449,245.11 | |
| GS MTG SECS TR -PJ A- FLT 20501025 3.000% | US | 235,247.58 | $198,536.02 | |
| HAWAII ST TAXABLE GO REF BDS G 20371001 2.632% | US | 2,240,000 | $1,716,041.60 | |
| HOTWIRE FDING LLC - A- . 20530520 5.687% | US | 2,400,000 | $2,402,037.60 | |
| HOTWIRE FUNDING LLC - A- . 20511120 2.311% | US | 1,470,000 | $1,355,381.16 | |
| HUNTINGTON BANCSHARES INC GLBL NT . 20300204 2.550% | US | 1,161,000 | $993,258.72 | |
| IMPERIAL FD MTG TR -NQM A- FLT 20670325 3.638% | US | 1,248,680.93 | $1,147,591.34 | |
| IMPERIAL FUND MTG TR -NQM A- FLT 20561125 1.595% | US | 712,626.92 | $601,117.84 | |
| J.P. MORGAN MTG TR -INV A--B FLT 20520925 3.000% | US | 1,660,290.42 | $1,374,368.49 | |
| JEFFERIES FINANCIAL GROUP INC SR GLBL NT. 20340414 6.200% | US | 3,390,000 | $3,435,019.20 | |
| JP MORG WLTH MTG TR -ATR A- FLT 20500225 3.000% | US | 1,937,915.51 | $1,651,462.72 | |
| JP MORGAN CHASE CMBS -ICON A . 20340106 3.884% | US | 1,667,364.46 | $1,588,547.31 | |
| JP MORGAN MTG TR - -A- FLT 20461025 2.500% | US | 620,372.91 | $561,263.16 | |
| JP MORGAN MTG TR - A--B FLT 20510825 2.000% | US | 2,488,591.85 | $1,902,702.67 | |
| JP MORGAN MTG TR -INV A- FLT 20500525 3.500% | US | 607,200.32 | $539,141.18 | |
| JP MORGAN MTG TR -INV A--A FLT 20500525 3.000% | US | 456,853.87 | $395,109.25 | |
| JPMORGAN CHASE n CO SR GLBL NT 20310324 4.493% | US | 5,900,000 | $5,686,892.00 | |
| KEYBANK NATIONAL ASSOCIATION SR GLBL NT 20271115 5.850% | US | 2,200,000 | $2,193,114.00 | |
| KRFF -FL LTD A-S FLT 20390217 6.743% | KY | 1,500,000 | $1,175,753.43 | |
| LIBRA SOL LLC - A . 20341015 6.850% | US | 341,067.48 | $340,513.21 | |
| LIBRA SOL LLC - A . 20350215 7.000% | US | 549,538.19 | $548,484.12 | |
| MASSMUTUAL GLBL FDG II MTN A NT . 20290117 4.850% | US | 1,210,000 | $1,201,893.00 | |
| METROPOLITAN LIFE GLOBAL FDG I FR . 20290108 4.850% | US | 1,210,000 | $1,200,344.20 | |
| MORGAN STANLEY CAP TR -CNP A FLT 20300405 2.428% | US | 1,000,000 | $811,566.30 | |
| NAVIENT PRIV ED LN -D A . 20690515 1.690% | US | 446,232.07 | $409,734.84 | |
| NAVIENT PVT ED RI LN TR -A A . 20690515 0.840% | US | 318,848.48 | $281,745.26 | |
| NAVIENT STUDENT LN TR - A FLT 20661227 6.500% | US | 1,466,416.92 | $1,470,603.54 | |
| NELNET ST LN TR - A FLT 20400326 6.150% | US | 510,379.45 | $507,882.37 | |
| NEW YORK LIFE GLOBAL FDG FR . 20290129 4.700% | US | 1,210,000 | $1,201,421.10 | |
| NEWCASTLE COAL INFRASTRUCTURE SR SEC A NT 20270929 4.400% | US | 2,860,672.57 | $2,713,805.64 | |
| NEWREZ WARH SEC TR - A FLT 20550525 6.181% | US | .66 | $0.66 | |
| OAK ST INV GD NET LS FD - A- . 20501120 1.850% | US | 1,847,626.79 | $1,734,527.64 | |
| OBX TRUST -NQM A- . 20631125 5.928% | US | 2,627,087.33 | $2,628,552.46 | |
| OCEANVIEW MORTGAE LN TR - A-A FLT 20500528 1.733% | US | 494,979.49 | $444,375.76 | |
| OXFORD FIN FDG TR - A- . 20310215 6.716% | US | 2,120,000 | $2,126,164.96 | |
| OXFORD FIN FDG TR LLC - A- . 20300215 3.602% | US | 2,614,722.29 | $2,490,615.80 | |
| PALOMINO FDG TR I SR SEC GLBL 20280517 7.233% | US | 4,245,000 | $4,457,632.05 | |
| PCG - LLC SR SEC GLBL 20290725 11.345% | US | 4,487,647.52 | $4,486,974.37 | |
| PEAR - LLC A . 20350716 0.000% | US | 1,228,845.81 | $1,238,316.03 | |
| PEAR LLC - A . 20360215 6.950% | US | 902,720.99 | $901,707.14 | |
| PEAR, LLC - A . 20340115 2.600% | US | 721,202.29 | $700,503.86 | |
| PHEAA STUDENT LN TR - A FLT 20650925 6.600% | US | 402,724.9 | $403,406.79 | |
| PNC FINL SVCS GROUP INC SR GLBL NT 20260612 5.812% | US | 3,250,000 | $3,253,152.50 | |
| PROVIDENT FDG MTG TR - A-A FLT 20510525 2.000% | US | 650,617.01 | $548,616.92 | |
| PROVIDENT FND MTG TR -INV A- FLT 20510825 2.500% | US | 1,333,431.67 | $1,062,119.66 | |
| RCKT MRTG TR - A- FLT 20511225 2.500% | US | 809,960.52 | $645,057.42 | |
| RCKT MRTG TR - A- FLT 20511225 2.500% | US | 903,884.82 | $776,009.70 | |
| RUN TR -NQM A- FLT 20670325 4.000% | US | 834,659.91 | $795,852.65 | |
| SBA TOWER TR - - . 20521115 6.599% | US | 3,940,000 | $4,021,978.79 | |
| SEQUOIA MTG TR - A- . 20430725 3.500% | US | 3,458,987.01 | $3,072,841.96 | |
| SEQUOIA MTG TR - A- FLT 20430525 2.500% | US | 444,890.9 | $374,946.84 | |
| SEQUOIA MTG TR - A- FLT 20470425 3.500% | US | 1,346,007.24 | $1,172,617.01 | |
| SIMON PPTY GROUP LP GLBL NT . 20320115 2.250% | US | 2,160,000 | $1,756,771.20 | |
| SIMON PPTY GROUP LP SR GLBL NT 20320201 2.650% | US | 5,980,000 | $5,000,535.80 | |
| SIRIUSPOINT LTD SR GLBL NT 20290405 7.000% | US | 2,325,000 | $2,358,619.50 | |
| SLAM LTD - A . 20460615 2.434% | KY | 1,543,750 | $1,381,347.50 | |
| SLM STUDENT LOAN TR - A- FLT 20341025 6.650% | US | 417,982.85 | $419,293.39 | |
| SLM STUDENT LOAN TR - A--B FLT 20280626 6.100% | US | 1,070,923.43 | $1,067,905.57 | |
| SMB PRIVATE ED LN TR -B A-A . 20351015 2.820% | US | 94,315.7 | $91,585.68 | |
| SMB PRIVATE ED LN TR -B A-B FLT 20351015 6.193% | US | 427,154.42 | $426,413.73 | |
| SOUTH CAROLINA ST PUB SVCS AUT TAXABLE REF OBLIGS B 20281201 2.329% | US | 1,355,000 | $1,218,443.10 | |
| STACK INFRASTRUCTURE - A- . 20460326 1.877% | US | 1,050,000 | $977,197.41 | |
| TAMPA-HILLSBOROUGH CNTY FLA EX TAXABLE REF BDS B 20290701 1.892% | US | 1,000,000 | $873,610.00 | |
| TENCENT HLDGS LTD FR . 20290411 3.975% | US | 4,700,000 | $4,469,324.00 | |
| TRICON AMERICN HM TR -SFR A . 20380719 1.499% | US | 1,391,266.77 | $1,285,150.12 | |
| TRUIST FINL CORP FR . 20290607 1.887% | US | 3,795,000 | $3,323,926.65 | |
| US BANCORP FR . 20290201 4.653% | US | 3,360,000 | $3,289,137.60 | |
| US DOLLARS | US | 2,937,003.49 | $2,937,003.49 | |
| VANTAGE DATA CENTER - LLC A- . 20450915 1.645% | US | 1,750,000 | $1,657,383.35 | |
| WARNERMEDIA HLDGS INC SR GLBL NT 20290315 4.054% | US | 3,730,000 | $3,446,631.90 | |
| WELLS FARGO n CO FR . 20280422 5.707% | US | 3,350,000 | $3,379,915.50 | |
| WINWATER MTG LN TR - A- FLT 20450320 3.500% | US | 1,166,127.12 | $1,054,682.92 |
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.