Credit Series

Core Bond Series Credit Series Diversified Tax Exempt Series High Yield Bond Series New York Tax Exempt Series Unconstrained Bond Series
Class W

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

$10.63

Daily $ Change

-$0.01

Daily % Change

-0.09%

as of 08/04/2021

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
N-Port Part F Reports

Performance

As of 06/30/2021

As of
Month-End Quarter-End

YTD

0.09%

1 Year

5.10%

3 Year

---

5 Year

---

10 Year

---

Inception
(04/14/2020)

7.27%

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 0.43%
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.

Top Ten Investments

As of 06/30/2021

As of
Month-End Quarter-End
AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 4.66%
TENCENT HOLDINGS 3.97500 04/11/2029 3.91%
VERIZON COMMUNICATIONS 4.27200 01/15/2036 2.74%
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 2.64%
BP CAP MARKETS AMERICA 3.06000 06/17/2041 2.60%
KINDER MORGAN ENER PART 6.95000 01/15/2038 2.54%
SABINE PASS LIQUEFACTION 5.87500 06/30/2026 2.49%
AMERICAN TOWER CORP 3.80000 08/15/2029 2.36%
JPMORGAN CHASE & CO 2.95600 05/13/2031 2.35%
ALIBABA GROUP HOLDING 4.00000 12/06/2037 2.11%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 06/30/2021

As of
Month-End Quarter-End
Cash 3.91%
Corporate 48.65%
Mortgage 43.16%
Other 4.28%

Credit Quality Distribution

As of 06/30/2021

As of
Month-End Quarter-End
AAA 30.96%
AA 4.19%
A 23.38%
BBB 36.30%
NR 5.17%

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.

June Fund Holdings

As of 06/30/2021

June May April March February January December November October September August July
CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 1,600,000 $1,815,939.41
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 1,760,000 $1,890,274.44
01609WAU6 ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 3,620,000 $4,065,094.71
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 4,090,000 $4,561,389.88
045054AJ2 ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 1,780,000 $1,882,617.00
05401AAP6 AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 KY 9,070,000 $8,981,872.98
05567SAA0 BNSF FUNDING TRUST I 6.61300 12/15/2055 US 1,640,000 $1,877,537.60
09261XAA0 BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 1,880,000 $1,906,250.48
10373QBR0 BP CAP MARKETS AMERICA 3.06000 06/17/2041 US 4,970,000 $5,022,483.20
12327BAA4 BJETS 2021-1A A 2.16200 04/15/2036 US 1,462,149.02 $1,473,951.49
12530MAB1 SORT 2020-1 A2 1.99000 07/15/2060 US 709,222.2 $720,424.58
12530MAC9 SORT 2020-1 B1 2.28000 07/15/2060 US 2,242,790.27 $2,280,516.92
12530MAG0 SORT 2021-1A B1 MTGE 1.98000 03/15/2061 US 950,000 $958,513.81
12565KAA5 CLIF 2021-1A A MTGE 1.64000 02/18/2046 US 1,740,385.72 $1,725,998.82
12646LAA6 CSMC 2012-CIM3 A1 2.50000 11/25/2042 US 429,171.66 $436,362.09
12647PAK4 CSMC 2013-7 A6 3.50000 08/25/2043 US 409,571.61 $415,502.21
133131AZ5 CAMDEN PROPERTY TRUST 2.80000 05/15/2030 US 2,035,000 $2,158,662.37
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 2,940,000 $3,358,654.12
20267WAA3 CBSLT 2020-AGS A 1.98000 08/25/2050 US 1,166,189.67 $1,183,102.34
22535GAB8 CAALT 2021-3A B MTGE 1.38000 07/15/2030 US 1,300,000 $1,298,361.74
22536BAA0 CAALT 2020-3A A 1.24000 10/15/2029 US 1,600,000 $1,616,136.80
22537CAA7 CAALT 2021-2A A 0.96000 02/15/2030 US 800,000 $800,543.92
22537CAE9 CAALT 2021-2A A 1.64000 06/17/2030 US 1,000,000 $1,002,138.70
22822VAK7 CROWN CASTLE INTL CORP 3.80000 02/15/2028 US 3,120,000 $3,469,243.38
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 1,105,000 $1,173,190.45
28166LAA2 EDVES 2021-A A MTGE 1.80000 11/25/2045 US 853,250.9 $855,483.00
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 3,920,000 $5,091,659.03
30212PBK0 EXPEDIA GROUP INC 4.62500 08/01/2027 US 1,700,000 $1,922,201.00
30286XAN9 FREMF 2015-K43 B FLT 3.85979 02/25/2048 US 400,000 $433,743.64
3133KYU98 FHLM POOL RB5108 2.00000 04/01/2041 US 2,763,541.62 $2,824,980.43
3137FEBQ2 FHMS K072 A2 MTGE 3.44400 12/25/2027 US 1,000,000 $1,127,804.30
3137FRUV1 FHMS K106 X1 MTGE 1.47743 01/25/2030 US 15,971,753.36 $1,636,788.48
357081AE8 FREMF 2015-K720 B FLT 3.51073 07/25/2022 US 2,500,000 $2,565,133.50
36167RAA1 GCT 2021-GCT A FLT 0.87300 02/15/2038 US 1,900,000 $1,902,260.62
36257MAA3 GSMS 2019-70P A 1.07300 10/15/2036 US 1,500,000 $1,499,986.50
36258WAS1 GSMBS 2020-PJ3 A14 3.00000 10/25/2050 US 528,161.18 $538,615.76
36262LAJ9 GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 710,000 $727,278.49
369604BQ5 GENERAL ELECTRIC CO 3.44888 01/21/2099 US 3,010,000 $2,960,335.00
38138JAC7 GLM 2021-9A A FLT 1.19475 01/20/2033 KY 2,000,000 $2,000,318.00
38217TAA3 GOODG 2020-1A MTGE 2.63000 04/15/2055 US 1,183,582.5 $1,219,715.62
404119BX6 HCA INC 4.12500 06/15/2029 US 2,080,000 $2,344,351.44
419792ZZ2 HAWAII ST 2.63200 10/01/2030 US 2,240,000 $2,283,075.20
42806MAF6 HERTZ 2021-2A B 2.12000 12/27/2027 US 950,000 $948,444.09
46187BAA1 IHSFR 2017-SFR2 A 0.93200 12/17/2036 US 1,784,805.16 $1,786,369.54
464288620 ISHARES BROAD USD INVESTMENT 1.54300 US 47,795 $2,895,899.05
46590TAE5 JPMDB 2017-C5 A5 3.69390 03/15/2050 US 1,496,000 $1,652,716.77
46647PBP0 JPMORGAN CHASE & CO 2.95600 05/13/2031 US 4,310,000 $4,532,316.87
46650RAA4 JPMCC 2019-ICON 3.88370 01/05/2034 US 2,000,000 $2,098,348.40
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 3,430,000 $4,905,884.03
59022CAJ2 MERRILL LYNCH 6.11000 01/29/2037 US 2,320,000 $3,178,601.14
61764PBU5 MSBAM 2014-C19 A4 MTGE 3.52600 12/15/2047 US 965,361 $1,039,247.90
61767FBA8 MSC 2016-UB11 A4 MTGE 2.78200 08/15/2049 US 500,000 $532,589.30
61767YAZ3 MSC 2018-H3 A5 4.17700 07/15/2051 US 1,000,000 $1,156,075.60
61770YAA3 MSC 2020-CNP A 2.50852 04/05/2042 US 1,000,000 $1,030,379.70
63939RAA2 NAVSL 2017-2A A FLT 1.14150 12/27/2066 US 2,089,233.28 $2,123,837.25
63941HAA0 NAVSL 2020-DA A 1.69000 05/15/2069 US 1,178,717.14 $1,190,449.15
63942BAA2 NAVSL 2021-A A 0.84000 05/15/2069 US 803,956.9 $802,556.01
64032XAA3 NSLT 2012-3A A MTGE FLT 0.79150 02/25/2045 US 1,150,053.69 $1,144,751.71
64134JAA1 NEUB 2021-40A A 1.24788 04/16/2033 KY 800,000 $801,866.40
64134JAC7 NEUB 2021-40A B 1.58788 04/16/2033 KY 1,400,000 $1,401,121.40
64971XPG7 NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 985,000 $1,008,955.20
65106WAA3 NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 1,900,000 $1,976,318.06
65246PAA9 NEWZ 201-1 A 0.84150 05/25/2055 US 2,000,000 $2,002,994.00
66981FAA8 ASMR 2020- SFR4 A 1.35500 11/17/2037 US 1,425,000 $1,420,848.26
691205AE8 OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 1,890,000 $1,988,192.36
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 1,444,798.03 $1,490,156.45
69343FAA5 PHEAA 2016-1A A FLT 1.24150 09/25/2065 US 798,549.23 $809,533.83
74333LAA4 PROG 2020-SFR2 A 2.07800 06/17/2037 US 500,000 $510,898.20
74388JAD7 PFMT 2021-2 A2A 2.00000 04/25/2051 US 881,217.5 $888,308.57
78403DAR1 SBA TOWER TRUST 2.32800 01/15/2028 US 1,400,000 $1,451,919.14
78446JAB2 SLMA 2011-2 A2 MTGE 1.29150 10/25/2034 US 880,000 $893,493.66
78448CAG4 SLMA 2013-6 A3 FLT 0.74150 06/25/2055 US 1,741,089.13 $1,754,131.28
78448QAD0 SMB 2015 B A3 1.82288 05/17/2032 US 1,830,000 $1,853,404.42
78449AAA0 SLAM 2021-1A A MTGE 2.43400 06/15/2046 US 1,900,000 $1,900,225.34
78449GAB5 SMB 2016-B A2A 2.43000 02/17/2032 US 1,548,626.64 $1,586,595.71
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 4,050,000 $4,796,070.79
81745AAA5 SEMT 2013-5 A1 MTGE 2.50000 05/25/2043 US 735,723.67 $741,253.44
83189DAB6 SMB 2017-B A2A MTGE 2.82000 10/15/2035 US 329,575.45 $341,114.97
83189DAC4 SMB 2017-B A2B FLT 0.85088 10/15/2035 US 1,492,642.45 $1,498,180.45
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 1,291,197.84 $1,320,411.97
83404RAB4 SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 345,602.17 $354,317.98
837151XH7 SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 1,355,000 $1,398,116.10
844741BK3 SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 3,100,000 $3,652,296.00
85236KAE2 SIDC 2021-1A A2 MTGE 1.87700 03/26/2046 US 1,050,000 $1,054,785.59
86212VAD6 STR 2018-1A A1 3.96000 10/20/2048 US 1,428,015.87 $1,487,357.21
875301HQ9 TAMPA-HILLSBOROUGH CNTY FL 1.89200 07/01/2029 US 1,000,000 $1,017,010.00
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 6,770,000 $7,552,679.70
88315LAL2 TMCL 2021-A1 A 1.68000 02/20/2046 BM 1,849,333.33 $1,830,229.16
89237JAA4 TALNT 2020-1A A 1.35000 05/25/2033 US 2,500,000 $2,542,438.50
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 1,233,904.24 $1,261,354.41
89613GAA4 TAH 2020-SFR1 A 1.49900 07/17/2038 US 1,398,732.03 $1,397,791.80
89680HAE2 TCF 2021-1A 1.86000 03/20/2046 US 1,443,656.25 $1,435,340.79
90276WAS6 UBSCM 2017-C4 3.67900 12/15/2050 US 1,000,000 $1,104,024.40
91823AAN1 VBTOW 2020-1A C2 3.03100 06/15/2050 US 775,000 $810,104.09
92212KAB2 VDC 2020-1A A2 1.64500 09/15/2045 US 1,750,000 $1,755,371.45
92343VCV4 VERIZON COMMUNICATIONS 4.27200 01/15/2036 US 4,430,000 $5,291,473.62
94989NBE6 WFCM 2015-C30 A4 3.66400 09/15/2058 US 1,500,000 $1,642,063.50
94989XBC8 WFCM 2015-NXS4 3.71800 12/15/2048 US 1,000,000 $1,100,464.50
95003LAA8 WFCM 2021-SAVE A 1.22300 02/15/2040 US 909,021.83 $912,769.09
969457BY5 WILLIAMS COMPANIES INC 2.60000 03/15/2031 US 3,810,000 $3,862,643.46
USD US DOLLAR US 7,858,316.05 $7,858,316.05

Investments will change over time.

Distributions

  • Credit Series Class W Distribution History
  • 2021 Distribution Calendar
  • Tax Letter
  • Third Quarter 2020 Distributions
  • Second Quarter 2021 Distributions
  • First Quarter 2021 Distributions
  • Fourth Quarter 2020 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.

Daily Price

$10.63

Daily $ Change

-$0.01

Daily % Change

-0.09%

as of 08/04/2021

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
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.

Performance

As of 06/30/2021

As of
Month-End Quarter-End

YTD

0.09%

1 Year

5.10%

3 Year

---

5 Year

---

10 Year

---

Inception
(04/14/2020)

7.27%

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 0.43%
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.

Top Ten Investments

As of 06/30/2021

As of
Month-End Quarter-End
AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 4.66%
TENCENT HOLDINGS 3.97500 04/11/2029 3.91%
VERIZON COMMUNICATIONS 4.27200 01/15/2036 2.74%
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 2.64%
BP CAP MARKETS AMERICA 3.06000 06/17/2041 2.60%
KINDER MORGAN ENER PART 6.95000 01/15/2038 2.54%
SABINE PASS LIQUEFACTION 5.87500 06/30/2026 2.49%
AMERICAN TOWER CORP 3.80000 08/15/2029 2.36%
JPMORGAN CHASE & CO 2.95600 05/13/2031 2.35%
ALIBABA GROUP HOLDING 4.00000 12/06/2037 2.11%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 06/30/2021

As of
Month-End Quarter-End
Cash
3.91%
Corporate
48.65%
Mortgage
43.16%
Other
4.28%

Credit Quality Distribution

As of 06/30/2021

As of
Month-End Quarter-End
AAA
30.96%
AA
4.19%
A
23.38%
BBB
36.30%
NR
5.17%

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.

June Fund Holdings

As of 06/30/2021

June May April March February January December November October September August July
CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 1,600,000 $1,815,939.41
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 1,760,000 $1,890,274.44
01609WAU6 ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 3,620,000 $4,065,094.71
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 4,090,000 $4,561,389.88
045054AJ2 ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 1,780,000 $1,882,617.00
05401AAP6 AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 KY 9,070,000 $8,981,872.98
05567SAA0 BNSF FUNDING TRUST I 6.61300 12/15/2055 US 1,640,000 $1,877,537.60
09261XAA0 BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 1,880,000 $1,906,250.48
10373QBR0 BP CAP MARKETS AMERICA 3.06000 06/17/2041 US 4,970,000 $5,022,483.20
12327BAA4 BJETS 2021-1A A 2.16200 04/15/2036 US 1,462,149.02 $1,473,951.49
12530MAB1 SORT 2020-1 A2 1.99000 07/15/2060 US 709,222.2 $720,424.58
12530MAC9 SORT 2020-1 B1 2.28000 07/15/2060 US 2,242,790.27 $2,280,516.92
12530MAG0 SORT 2021-1A B1 MTGE 1.98000 03/15/2061 US 950,000 $958,513.81
12565KAA5 CLIF 2021-1A A MTGE 1.64000 02/18/2046 US 1,740,385.72 $1,725,998.82
12646LAA6 CSMC 2012-CIM3 A1 2.50000 11/25/2042 US 429,171.66 $436,362.09
12647PAK4 CSMC 2013-7 A6 3.50000 08/25/2043 US 409,571.61 $415,502.21
133131AZ5 CAMDEN PROPERTY TRUST 2.80000 05/15/2030 US 2,035,000 $2,158,662.37
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 2,940,000 $3,358,654.12
20267WAA3 CBSLT 2020-AGS A 1.98000 08/25/2050 US 1,166,189.67 $1,183,102.34
22535GAB8 CAALT 2021-3A B MTGE 1.38000 07/15/2030 US 1,300,000 $1,298,361.74
22536BAA0 CAALT 2020-3A A 1.24000 10/15/2029 US 1,600,000 $1,616,136.80
22537CAA7 CAALT 2021-2A A 0.96000 02/15/2030 US 800,000 $800,543.92
22537CAE9 CAALT 2021-2A A 1.64000 06/17/2030 US 1,000,000 $1,002,138.70
22822VAK7 CROWN CASTLE INTL CORP 3.80000 02/15/2028 US 3,120,000 $3,469,243.38
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 1,105,000 $1,173,190.45
28166LAA2 EDVES 2021-A A MTGE 1.80000 11/25/2045 US 853,250.9 $855,483.00
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 3,920,000 $5,091,659.03
30212PBK0 EXPEDIA GROUP INC 4.62500 08/01/2027 US 1,700,000 $1,922,201.00
30286XAN9 FREMF 2015-K43 B FLT 3.85979 02/25/2048 US 400,000 $433,743.64
3133KYU98 FHLM POOL RB5108 2.00000 04/01/2041 US 2,763,541.62 $2,824,980.43
3137FEBQ2 FHMS K072 A2 MTGE 3.44400 12/25/2027 US 1,000,000 $1,127,804.30
3137FRUV1 FHMS K106 X1 MTGE 1.47743 01/25/2030 US 15,971,753.36 $1,636,788.48
357081AE8 FREMF 2015-K720 B FLT 3.51073 07/25/2022 US 2,500,000 $2,565,133.50
36167RAA1 GCT 2021-GCT A FLT 0.87300 02/15/2038 US 1,900,000 $1,902,260.62
36257MAA3 GSMS 2019-70P A 1.07300 10/15/2036 US 1,500,000 $1,499,986.50
36258WAS1 GSMBS 2020-PJ3 A14 3.00000 10/25/2050 US 528,161.18 $538,615.76
36262LAJ9 GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 710,000 $727,278.49
369604BQ5 GENERAL ELECTRIC CO 3.44888 01/21/2099 US 3,010,000 $2,960,335.00
38138JAC7 GLM 2021-9A A FLT 1.19475 01/20/2033 KY 2,000,000 $2,000,318.00
38217TAA3 GOODG 2020-1A MTGE 2.63000 04/15/2055 US 1,183,582.5 $1,219,715.62
404119BX6 HCA INC 4.12500 06/15/2029 US 2,080,000 $2,344,351.44
419792ZZ2 HAWAII ST 2.63200 10/01/2030 US 2,240,000 $2,283,075.20
42806MAF6 HERTZ 2021-2A B 2.12000 12/27/2027 US 950,000 $948,444.09
46187BAA1 IHSFR 2017-SFR2 A 0.93200 12/17/2036 US 1,784,805.16 $1,786,369.54
464288620 ISHARES BROAD USD INVESTMENT 1.54300 US 47,795 $2,895,899.05
46590TAE5 JPMDB 2017-C5 A5 3.69390 03/15/2050 US 1,496,000 $1,652,716.77
46647PBP0 JPMORGAN CHASE & CO 2.95600 05/13/2031 US 4,310,000 $4,532,316.87
46650RAA4 JPMCC 2019-ICON 3.88370 01/05/2034 US 2,000,000 $2,098,348.40
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 3,430,000 $4,905,884.03
59022CAJ2 MERRILL LYNCH 6.11000 01/29/2037 US 2,320,000 $3,178,601.14
61764PBU5 MSBAM 2014-C19 A4 MTGE 3.52600 12/15/2047 US 965,361 $1,039,247.90
61767FBA8 MSC 2016-UB11 A4 MTGE 2.78200 08/15/2049 US 500,000 $532,589.30
61767YAZ3 MSC 2018-H3 A5 4.17700 07/15/2051 US 1,000,000 $1,156,075.60
61770YAA3 MSC 2020-CNP A 2.50852 04/05/2042 US 1,000,000 $1,030,379.70
63939RAA2 NAVSL 2017-2A A FLT 1.14150 12/27/2066 US 2,089,233.28 $2,123,837.25
63941HAA0 NAVSL 2020-DA A 1.69000 05/15/2069 US 1,178,717.14 $1,190,449.15
63942BAA2 NAVSL 2021-A A 0.84000 05/15/2069 US 803,956.9 $802,556.01
64032XAA3 NSLT 2012-3A A MTGE FLT 0.79150 02/25/2045 US 1,150,053.69 $1,144,751.71
64134JAA1 NEUB 2021-40A A 1.24788 04/16/2033 KY 800,000 $801,866.40
64134JAC7 NEUB 2021-40A B 1.58788 04/16/2033 KY 1,400,000 $1,401,121.40
64971XPG7 NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 985,000 $1,008,955.20
65106WAA3 NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 1,900,000 $1,976,318.06
65246PAA9 NEWZ 201-1 A 0.84150 05/25/2055 US 2,000,000 $2,002,994.00
66981FAA8 ASMR 2020- SFR4 A 1.35500 11/17/2037 US 1,425,000 $1,420,848.26
691205AE8 OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 1,890,000 $1,988,192.36
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 1,444,798.03 $1,490,156.45
69343FAA5 PHEAA 2016-1A A FLT 1.24150 09/25/2065 US 798,549.23 $809,533.83
74333LAA4 PROG 2020-SFR2 A 2.07800 06/17/2037 US 500,000 $510,898.20
74388JAD7 PFMT 2021-2 A2A 2.00000 04/25/2051 US 881,217.5 $888,308.57
78403DAR1 SBA TOWER TRUST 2.32800 01/15/2028 US 1,400,000 $1,451,919.14
78446JAB2 SLMA 2011-2 A2 MTGE 1.29150 10/25/2034 US 880,000 $893,493.66
78448CAG4 SLMA 2013-6 A3 FLT 0.74150 06/25/2055 US 1,741,089.13 $1,754,131.28
78448QAD0 SMB 2015 B A3 1.82288 05/17/2032 US 1,830,000 $1,853,404.42
78449AAA0 SLAM 2021-1A A MTGE 2.43400 06/15/2046 US 1,900,000 $1,900,225.34
78449GAB5 SMB 2016-B A2A 2.43000 02/17/2032 US 1,548,626.64 $1,586,595.71
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 4,050,000 $4,796,070.79
81745AAA5 SEMT 2013-5 A1 MTGE 2.50000 05/25/2043 US 735,723.67 $741,253.44
83189DAB6 SMB 2017-B A2A MTGE 2.82000 10/15/2035 US 329,575.45 $341,114.97
83189DAC4 SMB 2017-B A2B FLT 0.85088 10/15/2035 US 1,492,642.45 $1,498,180.45
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 1,291,197.84 $1,320,411.97
83404RAB4 SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 345,602.17 $354,317.98
837151XH7 SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 1,355,000 $1,398,116.10
844741BK3 SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 3,100,000 $3,652,296.00
85236KAE2 SIDC 2021-1A A2 MTGE 1.87700 03/26/2046 US 1,050,000 $1,054,785.59
86212VAD6 STR 2018-1A A1 3.96000 10/20/2048 US 1,428,015.87 $1,487,357.21
875301HQ9 TAMPA-HILLSBOROUGH CNTY FL 1.89200 07/01/2029 US 1,000,000 $1,017,010.00
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 6,770,000 $7,552,679.70
88315LAL2 TMCL 2021-A1 A 1.68000 02/20/2046 BM 1,849,333.33 $1,830,229.16
89237JAA4 TALNT 2020-1A A 1.35000 05/25/2033 US 2,500,000 $2,542,438.50
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 1,233,904.24 $1,261,354.41
89613GAA4 TAH 2020-SFR1 A 1.49900 07/17/2038 US 1,398,732.03 $1,397,791.80
89680HAE2 TCF 2021-1A 1.86000 03/20/2046 US 1,443,656.25 $1,435,340.79
90276WAS6 UBSCM 2017-C4 3.67900 12/15/2050 US 1,000,000 $1,104,024.40
91823AAN1 VBTOW 2020-1A C2 3.03100 06/15/2050 US 775,000 $810,104.09
92212KAB2 VDC 2020-1A A2 1.64500 09/15/2045 US 1,750,000 $1,755,371.45
92343VCV4 VERIZON COMMUNICATIONS 4.27200 01/15/2036 US 4,430,000 $5,291,473.62
94989NBE6 WFCM 2015-C30 A4 3.66400 09/15/2058 US 1,500,000 $1,642,063.50
94989XBC8 WFCM 2015-NXS4 3.71800 12/15/2048 US 1,000,000 $1,100,464.50
95003LAA8 WFCM 2021-SAVE A 1.22300 02/15/2040 US 909,021.83 $912,769.09
969457BY5 WILLIAMS COMPANIES INC 2.60000 03/15/2031 US 3,810,000 $3,862,643.46
USD US DOLLAR US 7,858,316.05 $7,858,316.05

Investments will change over time.

Distributions

  • Credit Series Class W Distribution History
  • 2021 Distribution Calendar
  • Tax Letter
  • Third Quarter 2020 Distributions
  • Second Quarter 2021 Distributions
  • First Quarter 2021 Distributions
  • Fourth Quarter 2020 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.


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