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

$10.51

Daily $ Change

-$0.01

Daily % Change

-0.10%

as of 10/19/2020

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 09/30/2020

YTD

---

1 Year

---

3 Year

---

5 Year

---

10 Year

---

Inception
(04/14/2020)

5.58%

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 09/30/2020

GOVERNMENT AGENCY 4.95%
ISHARES BROAD USD INVESTMENT 1.79900 2.98%
ALIBABA GROUP HOLDING 3.40000 12/06/2027 2.93%
VERIZON COMMUNICATIONS 5.25000 03/16/2037 2.76%
SABINE PASS LIQUEFACTION 5.87500 06/30/2026 2.68%
AMERICAN TOWER CORP 3.80000 08/15/2029 2.62%
BOOKING HOLDINGS INC 4.10000 04/13/2025 2.37%
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 2.30%
AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 2.26%
JPMORGAN CHASE & CO 2.95600 05/13/2031 2.20%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 09/30/2020

Agency 4.88%
Cash 1.28%
Corporate 55.24%
Mortgage 35.66%
Other 2.94%

Credit Quality Distribution

As of 09/30/2020

AAA 32.29%
AA 4.16%
A 22.72%
BBB 33.69%
NR 7.14%

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.

September Fund Holdings

As of 09/30/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 1,310,000 $1,520,962.19
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 4,040,000 $4,036,648.42
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 3,000,000 $2,961,833.91
00914AAB8 AIR LEASE CORP 3.75000 06/01/2026 US 510,000 $518,915.20
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 4,670,000 $5,229,639.40
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 4,090,000 $4,682,115.23
05401AAG6 AVOLON HOLDINGS FNDG LTD 4.37500 05/01/2026 KY 1,900,000 $1,805,707.07
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 2,020,000 $2,250,280.00
09857LAP3 BOOKING HOLDINGS INC 4.10000 04/13/2025 US 3,750,000 $4,219,578.19
12530MAB1 SORT 2020-1 A2 1.99000 07/15/2060 US 748,750.52 $763,596.67
12530MAC9 SORT 2020-1 B1 2.28000 07/15/2060 US 2,350,000 $2,391,047.92
12646LAA6 CSMC 2012-CIM3 A1 2.50000 11/25/2042 US 806,472.69 $837,078.65
12647PAK4 CSMC 2013-7 A6 3.50000 08/25/2043 US 772,093.23 $801,185.39
133131AZ5 CAMDEN PROPERTY TRUST 2.80000 05/15/2030 US 3,200,000 $3,486,660.99
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 2,940,000 $3,409,205.77
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 3,240,000 $3,608,168.52
20267WAA3 CBSLT 2020-AGS A 1.98000 08/25/2050 US 1,913,016.73 $1,953,908.61
22534BAA2 CAALT 2018-1A A MTGE 3.01000 02/16/2027 US 307,694.2 $308,902.12
22822VAK7 CROWN CASTLE INTL CORP 3.80000 02/15/2028 US 3,120,000 $3,539,665.33
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 1,105,000 $1,197,406.60
24703NAC3 DEFT 2020-1 A3 2.24000 02/22/2023 US 2,000,000 $2,062,799.80
254687FW1 WALT DISNEY COMPANY/THE 2.20000 01/13/2028 US 1,410,000 $1,484,833.56
25746UDG1 DOMINION ENERGY 3.37500 04/01/2030 US 2,120,000 $2,390,362.16
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 3,920,000 $4,106,069.35
29373EAC1 EFF 2017-3 A3 2.36000 05/20/2023 US 900,000 $910,372.41
30212PAM7 EXPEDIA GROUP INC 5.00000 02/15/2026 US 1,300,000 $1,386,455.67
30212PAS4 EXPEDIA GROUP INC 6.25000 05/01/2025 US 260,000 $286,756.32
30286XAN9 FREMF 2015-K43 B FLT 3.86084 02/25/2048 US 400,000 $435,321.40
30291XAE2 FREMF 2014-K715 B FLT 4.14590 02/25/2046 US 465,000 $467,545.41
3135G0Q22 FANNIE MAE 1.87500 09/24/2026 US 8,145,000 $8,827,873.79
3137FEBQ2 FHMS K072 A2 MTGE 3.44400 12/25/2027 US 1,000,000 $1,166,846.10
3137FRUV1 FHMS K106 X1 MTGE 1.47768 01/25/2030 US 15,989,362.76 $1,744,693.71
357081AE8 FREMF 2015-K720 B FLT 3.50978 07/25/2022 US 2,500,000 $2,583,404.75
36257MAA3 GSMS 2019-70P A 1.15238 10/15/2036 US 1,500,000 $1,443,555.60
36258VAE4 GMCAR 2020-2 A4 MTGE 1.74000 08/18/2025 US 1,500,000 $1,553,070.60
36258WAS1 GSMBS 2020-PJ3 A14 3.00000 10/25/2050 US 944,079.1 $968,161.61
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 2,650,000 $2,111,422.98
38217TAA3 GOODG 2020-1A MTGE 2.63000 04/15/2055 US 1,297,951.71 $1,306,594.25
404119BX6 HCA INC 4.12500 06/15/2029 US 2,080,000 $2,352,583.88
46187BAA1 IHSFR 2017-SFR2 A 1.00050 12/17/2036 US 1,805,988.35 $1,800,658.16
464288620 ISHARES BROAD USD INVESTMENT 1.79900 US 87,415 $5,313,083.70
46590TAE5 JPMDB 2017-C5 A5 3.69390 03/15/2050 US 1,496,000 $1,707,074.98
46647PBP0 JPMORGAN CHASE & CO 2.95600 05/13/2031 US 3,650,000 $3,916,100.66
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 166,337.88 $167,316.56
46650RAA4 JPMCC 2019-ICON 3.88370 01/05/2034 US 2,000,000 $2,094,710.00
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 2,800,000 $3,664,246.10
61764PBU5 MSBAM 2014-C19 A4 MTGE 3.52600 12/15/2047 US 965,361 $1,044,984.17
61767FBA8 MSC 2016-UB11 A4 MTGE 2.78200 08/15/2049 US 500,000 $537,382.10
61767YAZ3 MSC 2018-H3 A5 4.17700 07/15/2051 US 1,000,000 $1,187,049.10
61770YAA3 MSC 2020-CNP A 2.50800 04/05/2042 US 1,000,000 $1,048,085.50
63939RAA2 NAVSL 2017-2A A FLT 1.19813 12/27/2066 US 2,149,385.72 $2,125,293.47
63941HAA0 NAVSL 2020-DA A 1.69000 05/15/2069 US 1,840,458.76 $1,864,101.66
63941RAB6 NAVSL 2019-2A A2 1.14813 02/27/2068 US 670,000 $675,089.52
64032XAA3 NSLT 2012-3A A MTGE FLT 0.84813 02/25/2045 US 1,241,337.45 $1,220,815.54
654106AM5 NIKE INC 3.37500 03/27/2050 US 1,490,000 $1,740,510.47
66981FAA8 ASMR 2020- SFR4 A 1.35500 11/17/2037 US 1,425,000 $1,425,885.92
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 900,000 $927,186.21
717081EW9 PFIZER INC 2.62500 04/01/2030 US 1,470,000 $1,643,570.04
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 630,000 $697,882.25
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 399,256.85 $400,595.84
74333LAA4 PROG 2020-SFR2 A 2.07800 06/17/2037 US 500,000 $510,569.80
778296AE3 ROSS STORES INC 5.45000 04/15/2050 US 1,290,000 $1,690,736.17
78403DAR1 SBA TOWER TRUST 2.32800 01/15/2028 US 1,400,000 $1,421,715.26
78446JAB2 SLMA 2011-2 A2 MTGE 1.34813 10/25/2034 US 880,000 $884,933.46
78448CAG4 SLMA 2013-6 A3 FLT 0.79813 06/25/2055 US 1,889,764.26 $1,853,839.09
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 4,050,000 $4,789,101.59
80281GAB2 SRT 2019-B A2A MTGE 2.29000 04/20/2022 US 1,005,240.68 $1,014,463.16
80285JAC0 SRT 2019-A A2 MTGE 2.72000 01/20/2022 US 741,208.72 $745,473.56
81745AAA5 SEMT 2013-5 A1 MTGE 2.50000 05/25/2043 US 1,424,152.77 $1,438,085.83
83189DAB6 SMB 2017-B A2A MTGE 2.82000 10/15/2035 US 358,212.83 $370,244.66
83189DAC4 SMB 2017-B A2B FLT 0.90238 10/15/2035 US 1,801,875.42 $1,787,731.60
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 2,041,922.13 $2,098,389.44
83404RAB4 SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 549,883.06 $566,712.89
844741BJ6 SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 2,900,000 $3,193,943.74
86212VAD6 STR 2018-1A A1 3.96000 10/20/2048 US 1,440,598.54 $1,505,164.01
872540AU3 TJX COS INC 4.50000 04/15/2050 US 2,010,000 $2,595,016.23
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 3,230,000 $3,671,314.90
89237JAA4 TALNT 2020-1A A 1.35000 05/25/2033 US 2,500,000 $2,566,013.00
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 1,239,681.16 $1,283,714.01
89613GAA4 TAH 2020-SFR1 A 1.49900 07/17/2038 US 1,400,000 $1,402,937.34
90276WAS6 UBSCM 2017-C4 3.67900 12/15/2050 US 1,000,000 $1,150,894.20
91823AAN1 VBTOW 2020-1A C2 3.03100 06/15/2050 US 775,000 $807,767.70
92212KAB2 VDC 2020-1A A2 1.64500 09/15/2045 US 1,750,000 $1,750,000.00
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 3,560,000 $4,930,098.75
92826CAK8 VISA INC 2.70000 04/15/2040 US 3,470,000 $3,753,443.72
928668BE1 VOLKSWAGEN GROUP AMERICA 3.35000 05/13/2025 US 2,150,000 $2,347,683.84
94989NBE6 WFCM 2015-C30 A4 3.66400 09/15/2058 US 1,500,000 $1,672,807.05
94989XBC8 WFCM 2015-NXS4 3.71800 12/15/2048 US 1,000,000 $1,120,348.10
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 2,890,000 $3,171,353.03
USD US DOLLAR US 2,319,135.33 $2,319,135.33

Investments will change over time.

Distributions

  • Credit Series Class W Distribution History
  • 2020 Distribution Calendar
  • Tax Letter
  • Third Quarter 2020 Distributions
  • Second Quarter 2020 Distributions
  • First Quarter 2020 Distributions
  • Fourth Quarter 2019 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

$10.51

Daily $ Change

-$0.01

Daily % Change

-0.10%

as of 10/19/2020

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 09/30/2020

YTD

---

1 Year

---

3 Year

---

5 Year

---

10 Year

---

Inception
(04/14/2020)

5.58%

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 09/30/2020

GOVERNMENT AGENCY 4.95%
ISHARES BROAD USD INVESTMENT 1.79900 2.98%
ALIBABA GROUP HOLDING 3.40000 12/06/2027 2.93%
VERIZON COMMUNICATIONS 5.25000 03/16/2037 2.76%
SABINE PASS LIQUEFACTION 5.87500 06/30/2026 2.68%
AMERICAN TOWER CORP 3.80000 08/15/2029 2.62%
BOOKING HOLDINGS INC 4.10000 04/13/2025 2.37%
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 2.30%
AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 2.26%
JPMORGAN CHASE & CO 2.95600 05/13/2031 2.20%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 09/30/2020

Agency
4.88%
Cash
1.28%
Corporate
55.24%
Mortgage
35.66%
Other
2.94%

Credit Quality Distribution

As of 09/30/2020

AAA
32.29%
AA
4.16%
A
22.72%
BBB
33.69%
NR
7.14%

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.

September Fund Holdings

As of 09/30/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 1,310,000 $1,520,962.19
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 4,040,000 $4,036,648.42
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 3,000,000 $2,961,833.91
00914AAB8 AIR LEASE CORP 3.75000 06/01/2026 US 510,000 $518,915.20
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 4,670,000 $5,229,639.40
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 4,090,000 $4,682,115.23
05401AAG6 AVOLON HOLDINGS FNDG LTD 4.37500 05/01/2026 KY 1,900,000 $1,805,707.07
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 2,020,000 $2,250,280.00
09857LAP3 BOOKING HOLDINGS INC 4.10000 04/13/2025 US 3,750,000 $4,219,578.19
12530MAB1 SORT 2020-1 A2 1.99000 07/15/2060 US 748,750.52 $763,596.67
12530MAC9 SORT 2020-1 B1 2.28000 07/15/2060 US 2,350,000 $2,391,047.92
12646LAA6 CSMC 2012-CIM3 A1 2.50000 11/25/2042 US 806,472.69 $837,078.65
12647PAK4 CSMC 2013-7 A6 3.50000 08/25/2043 US 772,093.23 $801,185.39
133131AZ5 CAMDEN PROPERTY TRUST 2.80000 05/15/2030 US 3,200,000 $3,486,660.99
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 2,940,000 $3,409,205.77
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 3,240,000 $3,608,168.52
20267WAA3 CBSLT 2020-AGS A 1.98000 08/25/2050 US 1,913,016.73 $1,953,908.61
22534BAA2 CAALT 2018-1A A MTGE 3.01000 02/16/2027 US 307,694.2 $308,902.12
22822VAK7 CROWN CASTLE INTL CORP 3.80000 02/15/2028 US 3,120,000 $3,539,665.33
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 1,105,000 $1,197,406.60
24703NAC3 DEFT 2020-1 A3 2.24000 02/22/2023 US 2,000,000 $2,062,799.80
254687FW1 WALT DISNEY COMPANY/THE 2.20000 01/13/2028 US 1,410,000 $1,484,833.56
25746UDG1 DOMINION ENERGY 3.37500 04/01/2030 US 2,120,000 $2,390,362.16
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 3,920,000 $4,106,069.35
29373EAC1 EFF 2017-3 A3 2.36000 05/20/2023 US 900,000 $910,372.41
30212PAM7 EXPEDIA GROUP INC 5.00000 02/15/2026 US 1,300,000 $1,386,455.67
30212PAS4 EXPEDIA GROUP INC 6.25000 05/01/2025 US 260,000 $286,756.32
30286XAN9 FREMF 2015-K43 B FLT 3.86084 02/25/2048 US 400,000 $435,321.40
30291XAE2 FREMF 2014-K715 B FLT 4.14590 02/25/2046 US 465,000 $467,545.41
3135G0Q22 FANNIE MAE 1.87500 09/24/2026 US 8,145,000 $8,827,873.79
3137FEBQ2 FHMS K072 A2 MTGE 3.44400 12/25/2027 US 1,000,000 $1,166,846.10
3137FRUV1 FHMS K106 X1 MTGE 1.47768 01/25/2030 US 15,989,362.76 $1,744,693.71
357081AE8 FREMF 2015-K720 B FLT 3.50978 07/25/2022 US 2,500,000 $2,583,404.75
36257MAA3 GSMS 2019-70P A 1.15238 10/15/2036 US 1,500,000 $1,443,555.60
36258VAE4 GMCAR 2020-2 A4 MTGE 1.74000 08/18/2025 US 1,500,000 $1,553,070.60
36258WAS1 GSMBS 2020-PJ3 A14 3.00000 10/25/2050 US 944,079.1 $968,161.61
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 2,650,000 $2,111,422.98
38217TAA3 GOODG 2020-1A MTGE 2.63000 04/15/2055 US 1,297,951.71 $1,306,594.25
404119BX6 HCA INC 4.12500 06/15/2029 US 2,080,000 $2,352,583.88
46187BAA1 IHSFR 2017-SFR2 A 1.00050 12/17/2036 US 1,805,988.35 $1,800,658.16
464288620 ISHARES BROAD USD INVESTMENT 1.79900 US 87,415 $5,313,083.70
46590TAE5 JPMDB 2017-C5 A5 3.69390 03/15/2050 US 1,496,000 $1,707,074.98
46647PBP0 JPMORGAN CHASE & CO 2.95600 05/13/2031 US 3,650,000 $3,916,100.66
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 166,337.88 $167,316.56
46650RAA4 JPMCC 2019-ICON 3.88370 01/05/2034 US 2,000,000 $2,094,710.00
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 2,800,000 $3,664,246.10
61764PBU5 MSBAM 2014-C19 A4 MTGE 3.52600 12/15/2047 US 965,361 $1,044,984.17
61767FBA8 MSC 2016-UB11 A4 MTGE 2.78200 08/15/2049 US 500,000 $537,382.10
61767YAZ3 MSC 2018-H3 A5 4.17700 07/15/2051 US 1,000,000 $1,187,049.10
61770YAA3 MSC 2020-CNP A 2.50800 04/05/2042 US 1,000,000 $1,048,085.50
63939RAA2 NAVSL 2017-2A A FLT 1.19813 12/27/2066 US 2,149,385.72 $2,125,293.47
63941HAA0 NAVSL 2020-DA A 1.69000 05/15/2069 US 1,840,458.76 $1,864,101.66
63941RAB6 NAVSL 2019-2A A2 1.14813 02/27/2068 US 670,000 $675,089.52
64032XAA3 NSLT 2012-3A A MTGE FLT 0.84813 02/25/2045 US 1,241,337.45 $1,220,815.54
654106AM5 NIKE INC 3.37500 03/27/2050 US 1,490,000 $1,740,510.47
66981FAA8 ASMR 2020- SFR4 A 1.35500 11/17/2037 US 1,425,000 $1,425,885.92
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 900,000 $927,186.21
717081EW9 PFIZER INC 2.62500 04/01/2030 US 1,470,000 $1,643,570.04
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 630,000 $697,882.25
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 399,256.85 $400,595.84
74333LAA4 PROG 2020-SFR2 A 2.07800 06/17/2037 US 500,000 $510,569.80
778296AE3 ROSS STORES INC 5.45000 04/15/2050 US 1,290,000 $1,690,736.17
78403DAR1 SBA TOWER TRUST 2.32800 01/15/2028 US 1,400,000 $1,421,715.26
78446JAB2 SLMA 2011-2 A2 MTGE 1.34813 10/25/2034 US 880,000 $884,933.46
78448CAG4 SLMA 2013-6 A3 FLT 0.79813 06/25/2055 US 1,889,764.26 $1,853,839.09
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 4,050,000 $4,789,101.59
80281GAB2 SRT 2019-B A2A MTGE 2.29000 04/20/2022 US 1,005,240.68 $1,014,463.16
80285JAC0 SRT 2019-A A2 MTGE 2.72000 01/20/2022 US 741,208.72 $745,473.56
81745AAA5 SEMT 2013-5 A1 MTGE 2.50000 05/25/2043 US 1,424,152.77 $1,438,085.83
83189DAB6 SMB 2017-B A2A MTGE 2.82000 10/15/2035 US 358,212.83 $370,244.66
83189DAC4 SMB 2017-B A2B FLT 0.90238 10/15/2035 US 1,801,875.42 $1,787,731.60
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 2,041,922.13 $2,098,389.44
83404RAB4 SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 549,883.06 $566,712.89
844741BJ6 SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 2,900,000 $3,193,943.74
86212VAD6 STR 2018-1A A1 3.96000 10/20/2048 US 1,440,598.54 $1,505,164.01
872540AU3 TJX COS INC 4.50000 04/15/2050 US 2,010,000 $2,595,016.23
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 3,230,000 $3,671,314.90
89237JAA4 TALNT 2020-1A A 1.35000 05/25/2033 US 2,500,000 $2,566,013.00
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 1,239,681.16 $1,283,714.01
89613GAA4 TAH 2020-SFR1 A 1.49900 07/17/2038 US 1,400,000 $1,402,937.34
90276WAS6 UBSCM 2017-C4 3.67900 12/15/2050 US 1,000,000 $1,150,894.20
91823AAN1 VBTOW 2020-1A C2 3.03100 06/15/2050 US 775,000 $807,767.70
92212KAB2 VDC 2020-1A A2 1.64500 09/15/2045 US 1,750,000 $1,750,000.00
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 3,560,000 $4,930,098.75
92826CAK8 VISA INC 2.70000 04/15/2040 US 3,470,000 $3,753,443.72
928668BE1 VOLKSWAGEN GROUP AMERICA 3.35000 05/13/2025 US 2,150,000 $2,347,683.84
94989NBE6 WFCM 2015-C30 A4 3.66400 09/15/2058 US 1,500,000 $1,672,807.05
94989XBC8 WFCM 2015-NXS4 3.71800 12/15/2048 US 1,000,000 $1,120,348.10
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 2,890,000 $3,171,353.03
USD US DOLLAR US 2,319,135.33 $2,319,135.33

Investments will change over time.

Distributions

  • Credit Series Class W Distribution History
  • 2020 Distribution Calendar
  • Tax Letter
  • Third Quarter 2020 Distributions
  • Second Quarter 2020 Distributions
  • First Quarter 2020 Distributions
  • Fourth Quarter 2019 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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