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

$10.61

Daily $ Change

$0.01

Daily % Change

0.09%

as of 08/06/2020

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
Fact Sheet ---
Applications & Forms

Performance

As of 07/31/2020

YTD

---

1 Year

---

3 Year

---

5 Year

---

10 Year

---

Inception
(04/14/2020)

6.09%

Market Cycle

---

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 0.32%
Net 0.07%*

*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.

Top Ten Investments

As of 07/31/2020

ALIBABA GROUP HOLDING 3.40000 12/06/2027 3.20%
VERIZON COMMUNICATIONS 5.25000 03/16/2037 3.03%
SABINE PASS LIQUEFACTION 5.87500 06/30/2026 2.95%
AMERICAN TOWER CORP 3.80000 08/15/2029 2.89%
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 2.60%
BOOKING HOLDINGS INC 4.10000 04/13/2025 2.58%
JPMORGAN CHASE & CO 2.95600 05/13/2031 2.40%
VISA INC 2.70000 04/15/2040 2.38%
AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 2.38%
KINDER MORGAN ENER PART 6.95000 01/15/2038 2.35%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 07/31/2020

Cash 3.48%
Corporate 62.13%
Mortgage 34.39%

Credit Quality Distribution

As of 07/31/2020

AAA 29.87%
AA 4.49%
A 22.38%
BBB 39.84%
NR 3.42%

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.

July Fund Holdings

As of 07/31/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 1,310,000 $1,533,891.34
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 4,040,000 $3,941,179.78
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 3,000,000 $2,971,699.11
00914AAB8 AIR LEASE CORP 3.75000 06/01/2026 US 510,000 $518,767.82
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 4,670,000 $5,306,801.62
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 4,090,000 $4,792,090.79
05401AAG6 AVOLON HOLDINGS FNDG LTD 4.37500 05/01/2026 KY 1,900,000 $1,680,950.27
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 2,020,000 $2,259,149.34
09857LAP3 BOOKING HOLDINGS INC 4.10000 04/13/2025 US 3,750,000 $4,267,750.13
12530MAB1 SORT 2020-1 A2 1.99000 07/15/2060 US 750,000 $758,118.68
12530MAC9 SORT 2020-1 B1 2.28000 07/15/2060 US 2,350,000 $2,373,533.61
12646LAA6 CSMC 2012-CIM3 A1 2.50000 11/25/2042 US 874,329.89 $906,336.22
12647PAK4 CSMC 2013-7 A6 3.50000 08/25/2043 US 834,106.84 $864,305.51
133131AZ5 CAMDEN PROPERTY TRUST 2.80000 05/15/2030 US 3,200,000 $3,557,196.83
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 2,940,000 $3,422,737.47
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 3,240,000 $3,818,308.44
20267WAA3 CBSLT 2020-AGS A 1.98000 08/25/2050 US 2,000,000 $2,024,085.20
22534BAA2 CAALT 2018-1A A MTGE 3.01000 02/16/2027 US 444,441.86 $447,016.96
22822VAK7 CROWN CASTLE INTL CORP 3.80000 02/15/2028 US 3,120,000 $3,634,369.69
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 1,105,000 $1,232,514.28
24703NAC3 DEFT 2020-1 A3 2.24000 02/22/2023 US 2,000,000 $2,049,346.80
254687FW1 WALT DISNEY COMPANY/THE 2.20000 01/13/2028 US 1,410,000 $1,490,695.67
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 2,600,000 $3,318,072.16
25746UDG1 DOMINION ENERGY 3.37500 04/01/2030 US 2,120,000 $2,450,050.74
262006208 DREYFUS GVT CSH MANAGEMENT US 5,964,569.45 $5,964,569.45
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 3,920,000 $4,303,480.35
29373EAC1 EFF 2017-3 A3 2.36000 05/20/2023 US 900,000 $910,757.61
30212PAM7 EXPEDIA GROUP INC 5.00000 02/15/2026 US 1,300,000 $1,371,669.08
30212PAS4 EXPEDIA GROUP INC 6.25000 05/01/2025 US 260,000 $284,157.27
30286XAN9 FREMF 2015-K43 B FLT 3.73328 02/25/2048 US 400,000 $436,985.64
30291XAE2 FREMF 2014-K715 B FLT 3.98236 02/25/2046 US 465,000 $468,896.70
3137FEBQ2 FHMS K072 A2 MTGE 3.44400 12/25/2027 US 1,000,000 $1,168,953.70
357081AE8 FREMF 2015-K720 B FLT 3.39319 07/25/2022 US 2,500,000 $2,581,096.50
36257MAA3 GSMS 2019-70P A 1.17475 10/15/2036 US 1,500,000 $1,447,306.65
36258VAE4 GMCAR 2020-2 A4 MTGE 1.74000 08/18/2025 US 1,500,000 $1,563,583.35
36258WAS1 GSMBS 2020-PJ3 A14 3.00000 10/25/2050 US 982,341.19 $1,014,278.08
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 2,650,000 $2,100,125.00
38217TAA3 GOODG 2020-1A MTGE 2.63000 04/15/2055 US 1,300,000 $1,299,350.00
404119BX6 HCA INC 4.12500 06/15/2029 US 2,080,000 $2,434,543.82
46187BAA1 IHSFR 2017-SFR2 A 1.02475 12/17/2036 US 1,817,176 $1,801,442.71
46590TAE5 JPMDB 2017-C5 A5 3.69390 03/15/2050 US 1,496,000 $1,702,049.47
46647PBP0 JPMORGAN CHASE & CO 2.95600 05/13/2031 US 3,650,000 $3,975,537.55
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 223,457.28 $226,603.87
46650RAA4 JPMCC 2019-ICON 3.88370 01/05/2034 US 2,000,000 $2,096,473.40
49271VAJ9 KEURIG DR PEPPER INC 3.20000 05/01/2030 US 3,060,000 $3,473,521.27
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 2,800,000 $3,898,186.68
61764PBU5 MSBAM 2014-C19 A4 MTGE 3.52600 12/15/2047 US 965,361 $1,045,433.54
61767FBA8 MSC 2016-UB11 A4 MTGE 2.78200 08/15/2049 US 500,000 $537,181.15
61767YAZ3 MSC 2018-H3 A5 4.17700 07/15/2051 US 1,000,000 $1,178,695.80
61770YAA3 MSC 2020-CNP A 2.50800 04/05/2042 US 1,000,000 $1,020,275.60
63939RAA2 NAVSL 2017-2A A FLT 1.22163 12/27/2066 US 2,176,592.06 $2,134,782.99
63941HAA0 NAVSL 2020-DA A 1.69000 05/15/2069 US 2,000,000 $2,014,206.40
63941RAB6 NAVSL 2019-2A A2 1.17163 02/27/2068 US 670,000 $674,900.45
64032XAA3 NSLT 2012-3A A MTGE FLT 0.87163 02/25/2045 US 1,263,963.72 $1,228,974.68
654106AM5 NIKE INC 3.37500 03/27/2050 US 1,490,000 $1,809,142.74
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 900,000 $923,561.73
717081EW9 PFIZER INC 2.62500 04/01/2030 US 1,470,000 $1,662,542.08
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 630,000 $709,642.92
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 399,256.85 $400,846.61
74333LAA4 PROG 2020-SFR2 A 2.07800 06/18/2037 US 500,000 $513,174.75
78403DAR1 SBA TOWER TRUST 2.32800 01/15/2028 US 1,400,000 $1,423,835.98
78446JAB2 SLMA 2011-2 A2 MTGE 1.37163 10/25/2034 US 880,000 $872,271.84
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 4,050,000 $4,880,631.79
80281GAB2 SRT 2019-B A2A MTGE 2.29000 04/20/2022 US 1,145,459.3 $1,156,762.12
80285JAC0 SRT 2019-A A2 MTGE 2.72000 01/20/2022 US 919,660.91 $927,190.54
81745AAA5 SEMT 2013-5 A1 MTGE 2.50000 05/25/2043 US 1,560,641.79 $1,600,967.37
83189DAB6 SMB 2017-B A2A MTGE 2.82000 10/15/2035 US 370,613.53 $383,288.48
83189DAC4 SMB 2017-B A2B FLT 0.92475 10/15/2035 US 1,864,253.15 $1,847,255.26
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 2,288,644.57 $2,340,189.88
83404RAB4 SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 550,000 $569,578.52
844741BJ6 SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 2,900,000 $3,089,550.55
86212VAD6 STR 2018-1A A1 3.96000 10/20/2048 US 1,445,763.89 $1,525,019.80
872540AU3 TJX COS INC 4.50000 04/15/2050 US 2,010,000 $2,767,930.90
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 3,230,000 $3,762,301.97
89237JAA4 TALNT 2020-1A A 1.35000 05/25/2033 US 2,500,000 $2,566,391.25
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 1,243,104.15 $1,286,861.42
89613GAA4 TAH 2020-SFR1 A 1.49900 07/17/2038 US 1,400,000 $1,408,502.90
90276WAS6 UBSCM 2017-C4 3.67900 12/15/2050 US 1,000,000 $1,135,566.40
91823AAN1 VBTOW 2020-1A C2 3.03100 06/15/2050 US 775,000 $799,595.40
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 3,560,000 $5,023,118.67
92826CAK8 VISA INC 2.70000 04/15/2040 US 3,470,000 $3,946,731.43
928668BE1 VOLKSWAGEN GROUP AMERICA 3.35000 05/13/2025 US 2,150,000 $2,346,421.33
94989NBE6 WFCM 2015-C30 A4 3.66400 09/15/2058 US 1,500,000 $1,665,404.40
94989XBC8 WFCM 2015-NXS4 3.71800 12/15/2048 US 1,000,000 $1,116,092.20
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 2,890,000 $3,168,293.13

Investments will change over time.

Distributions

  • 2020 Distribution Calendar
  • Tax Letter

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

$10.61

Daily $ Change

$0.01

Daily % Change

0.09%

as of 08/06/2020

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
Fact Sheet ---
Applications & Forms

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.

Performance

As of 07/31/2020

YTD

---

1 Year

---

3 Year

---

5 Year

---

10 Year

---

Inception
(04/14/2020)

6.09%

Market Cycle

---

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 0.32%
Net 0.07%*

*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.

Top Ten Investments

As of 07/31/2020

ALIBABA GROUP HOLDING 3.40000 12/06/2027 3.20%
VERIZON COMMUNICATIONS 5.25000 03/16/2037 3.03%
SABINE PASS LIQUEFACTION 5.87500 06/30/2026 2.95%
AMERICAN TOWER CORP 3.80000 08/15/2029 2.89%
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 2.60%
BOOKING HOLDINGS INC 4.10000 04/13/2025 2.58%
JPMORGAN CHASE & CO 2.95600 05/13/2031 2.40%
VISA INC 2.70000 04/15/2040 2.38%
AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 2.38%
KINDER MORGAN ENER PART 6.95000 01/15/2038 2.35%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 07/31/2020

Cash
3.48%
Corporate
62.13%
Mortgage
34.39%

Credit Quality Distribution

As of 07/31/2020

AAA
29.87%
AA
4.49%
A
22.38%
BBB
39.84%
NR
3.42%

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.

July Fund Holdings

As of 07/31/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 1,310,000 $1,533,891.34
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 4,040,000 $3,941,179.78
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 3,000,000 $2,971,699.11
00914AAB8 AIR LEASE CORP 3.75000 06/01/2026 US 510,000 $518,767.82
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 4,670,000 $5,306,801.62
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 4,090,000 $4,792,090.79
05401AAG6 AVOLON HOLDINGS FNDG LTD 4.37500 05/01/2026 KY 1,900,000 $1,680,950.27
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 2,020,000 $2,259,149.34
09857LAP3 BOOKING HOLDINGS INC 4.10000 04/13/2025 US 3,750,000 $4,267,750.13
12530MAB1 SORT 2020-1 A2 1.99000 07/15/2060 US 750,000 $758,118.68
12530MAC9 SORT 2020-1 B1 2.28000 07/15/2060 US 2,350,000 $2,373,533.61
12646LAA6 CSMC 2012-CIM3 A1 2.50000 11/25/2042 US 874,329.89 $906,336.22
12647PAK4 CSMC 2013-7 A6 3.50000 08/25/2043 US 834,106.84 $864,305.51
133131AZ5 CAMDEN PROPERTY TRUST 2.80000 05/15/2030 US 3,200,000 $3,557,196.83
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 2,940,000 $3,422,737.47
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 3,240,000 $3,818,308.44
20267WAA3 CBSLT 2020-AGS A 1.98000 08/25/2050 US 2,000,000 $2,024,085.20
22534BAA2 CAALT 2018-1A A MTGE 3.01000 02/16/2027 US 444,441.86 $447,016.96
22822VAK7 CROWN CASTLE INTL CORP 3.80000 02/15/2028 US 3,120,000 $3,634,369.69
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 1,105,000 $1,232,514.28
24703NAC3 DEFT 2020-1 A3 2.24000 02/22/2023 US 2,000,000 $2,049,346.80
254687FW1 WALT DISNEY COMPANY/THE 2.20000 01/13/2028 US 1,410,000 $1,490,695.67
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 2,600,000 $3,318,072.16
25746UDG1 DOMINION ENERGY 3.37500 04/01/2030 US 2,120,000 $2,450,050.74
262006208 DREYFUS GVT CSH MANAGEMENT US 5,964,569.45 $5,964,569.45
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 3,920,000 $4,303,480.35
29373EAC1 EFF 2017-3 A3 2.36000 05/20/2023 US 900,000 $910,757.61
30212PAM7 EXPEDIA GROUP INC 5.00000 02/15/2026 US 1,300,000 $1,371,669.08
30212PAS4 EXPEDIA GROUP INC 6.25000 05/01/2025 US 260,000 $284,157.27
30286XAN9 FREMF 2015-K43 B FLT 3.73328 02/25/2048 US 400,000 $436,985.64
30291XAE2 FREMF 2014-K715 B FLT 3.98236 02/25/2046 US 465,000 $468,896.70
3137FEBQ2 FHMS K072 A2 MTGE 3.44400 12/25/2027 US 1,000,000 $1,168,953.70
357081AE8 FREMF 2015-K720 B FLT 3.39319 07/25/2022 US 2,500,000 $2,581,096.50
36257MAA3 GSMS 2019-70P A 1.17475 10/15/2036 US 1,500,000 $1,447,306.65
36258VAE4 GMCAR 2020-2 A4 MTGE 1.74000 08/18/2025 US 1,500,000 $1,563,583.35
36258WAS1 GSMBS 2020-PJ3 A14 3.00000 10/25/2050 US 982,341.19 $1,014,278.08
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 2,650,000 $2,100,125.00
38217TAA3 GOODG 2020-1A MTGE 2.63000 04/15/2055 US 1,300,000 $1,299,350.00
404119BX6 HCA INC 4.12500 06/15/2029 US 2,080,000 $2,434,543.82
46187BAA1 IHSFR 2017-SFR2 A 1.02475 12/17/2036 US 1,817,176 $1,801,442.71
46590TAE5 JPMDB 2017-C5 A5 3.69390 03/15/2050 US 1,496,000 $1,702,049.47
46647PBP0 JPMORGAN CHASE & CO 2.95600 05/13/2031 US 3,650,000 $3,975,537.55
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 223,457.28 $226,603.87
46650RAA4 JPMCC 2019-ICON 3.88370 01/05/2034 US 2,000,000 $2,096,473.40
49271VAJ9 KEURIG DR PEPPER INC 3.20000 05/01/2030 US 3,060,000 $3,473,521.27
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 2,800,000 $3,898,186.68
61764PBU5 MSBAM 2014-C19 A4 MTGE 3.52600 12/15/2047 US 965,361 $1,045,433.54
61767FBA8 MSC 2016-UB11 A4 MTGE 2.78200 08/15/2049 US 500,000 $537,181.15
61767YAZ3 MSC 2018-H3 A5 4.17700 07/15/2051 US 1,000,000 $1,178,695.80
61770YAA3 MSC 2020-CNP A 2.50800 04/05/2042 US 1,000,000 $1,020,275.60
63939RAA2 NAVSL 2017-2A A FLT 1.22163 12/27/2066 US 2,176,592.06 $2,134,782.99
63941HAA0 NAVSL 2020-DA A 1.69000 05/15/2069 US 2,000,000 $2,014,206.40
63941RAB6 NAVSL 2019-2A A2 1.17163 02/27/2068 US 670,000 $674,900.45
64032XAA3 NSLT 2012-3A A MTGE FLT 0.87163 02/25/2045 US 1,263,963.72 $1,228,974.68
654106AM5 NIKE INC 3.37500 03/27/2050 US 1,490,000 $1,809,142.74
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 900,000 $923,561.73
717081EW9 PFIZER INC 2.62500 04/01/2030 US 1,470,000 $1,662,542.08
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 630,000 $709,642.92
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 399,256.85 $400,846.61
74333LAA4 PROG 2020-SFR2 A 2.07800 06/18/2037 US 500,000 $513,174.75
78403DAR1 SBA TOWER TRUST 2.32800 01/15/2028 US 1,400,000 $1,423,835.98
78446JAB2 SLMA 2011-2 A2 MTGE 1.37163 10/25/2034 US 880,000 $872,271.84
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 4,050,000 $4,880,631.79
80281GAB2 SRT 2019-B A2A MTGE 2.29000 04/20/2022 US 1,145,459.3 $1,156,762.12
80285JAC0 SRT 2019-A A2 MTGE 2.72000 01/20/2022 US 919,660.91 $927,190.54
81745AAA5 SEMT 2013-5 A1 MTGE 2.50000 05/25/2043 US 1,560,641.79 $1,600,967.37
83189DAB6 SMB 2017-B A2A MTGE 2.82000 10/15/2035 US 370,613.53 $383,288.48
83189DAC4 SMB 2017-B A2B FLT 0.92475 10/15/2035 US 1,864,253.15 $1,847,255.26
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 2,288,644.57 $2,340,189.88
83404RAB4 SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 550,000 $569,578.52
844741BJ6 SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 2,900,000 $3,089,550.55
86212VAD6 STR 2018-1A A1 3.96000 10/20/2048 US 1,445,763.89 $1,525,019.80
872540AU3 TJX COS INC 4.50000 04/15/2050 US 2,010,000 $2,767,930.90
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 3,230,000 $3,762,301.97
89237JAA4 TALNT 2020-1A A 1.35000 05/25/2033 US 2,500,000 $2,566,391.25
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 1,243,104.15 $1,286,861.42
89613GAA4 TAH 2020-SFR1 A 1.49900 07/17/2038 US 1,400,000 $1,408,502.90
90276WAS6 UBSCM 2017-C4 3.67900 12/15/2050 US 1,000,000 $1,135,566.40
91823AAN1 VBTOW 2020-1A C2 3.03100 06/15/2050 US 775,000 $799,595.40
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 3,560,000 $5,023,118.67
92826CAK8 VISA INC 2.70000 04/15/2040 US 3,470,000 $3,946,731.43
928668BE1 VOLKSWAGEN GROUP AMERICA 3.35000 05/13/2025 US 2,150,000 $2,346,421.33
94989NBE6 WFCM 2015-C30 A4 3.66400 09/15/2058 US 1,500,000 $1,665,404.40
94989XBC8 WFCM 2015-NXS4 3.71800 12/15/2048 US 1,000,000 $1,116,092.20
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 2,890,000 $3,168,293.13

Investments will change over time.

Distributions

  • 2020 Distribution Calendar
  • Tax Letter

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.


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