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

$9.06

Daily $ Change

$0.03

Daily % Change

0.33%

as of 06/23/2022

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 05/31/2022

As of
Month-End Quarter-End

YTD

-8.25%

1 Year

-7.49%

3 Year

---

5 Year

---

10 Year

---

Inception
(04/14/2020)

-0.08%

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 0.37%
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 05/31/2022

As of
Month-End Quarter-End
GOVERNMENT AGENCY 19.24%
TENCENT HOLDINGS 3.97500 04/11/2029 3.81%
CENOVUS ENERGY INC 6.75000 11/15/2039 2.87%
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 2.85%
TREASURY NOTES 2.52%
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 2.40%
JPMORGAN CHASE & CO 4.49300 03/24/2031 2.39%
MAGALLANES INC 4.05400 03/15/2029 2.38%
AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 2.37%
ALIBABA GROUP HOLDING 4.00000 12/06/2037 1.93%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 05/31/2022

As of
Month-End Quarter-End
Treasury 2.43%
Cash 3.47%
Corporate 40.87%
Mortgage 51.54%
Other 1.69%

Credit Quality Distribution

As of 05/31/2022

As of
Month-End Quarter-End
AAA 38.75%
AA 2.60%
A 22.80%
BBB 23.33%
NR 12.52%

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.

May Fund Holdings

As of 05/31/2022

May April March February January December November October September August July June
Security Description Country Ticker Shares/Par Market Value (USD)
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 3,000,000 $2,630,872.29
AIR LEASE CORP 3.62500 04/01/2027 US 2,740,000 $2,605,728.05
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 6,090,000 $5,302,218.12
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 1,700,000 $1,414,137.04
AMAZON.COM INC 3.30000 04/13/2027 US 5,230,000 $5,225,181.86
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 2,890,000 $2,748,105.25
AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 KY 7,520,000 $6,516,344.78
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 1,945,000 $1,969,058.42
BANK OF AMERICA CORP 2.68700 04/22/2032 US 4,530,000 $3,963,347.19
BLACKSTONE PRIVATE CRE 2.62500 12/15/2026 US 2,970,000 $2,584,005.76
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 2,840,000 $2,583,671.85
BABS 2021-RM2 A 1.75000 10/25/2061 US 968,396.01 $876,190.09
BJETS 2021-1A A 2.16200 04/15/2036 US 1,174,845.96 $1,056,392.59
SORT 2020-1 A2 1.99000 07/15/2060 US 677,783.66 $595,157.56
SORT 2020-1 B1 2.28000 07/15/2060 US 2,163,183.22 $1,971,180.16
SORT 2021-1A B1 MTGE 1.98000 03/15/2061 US 916,280.09 $807,278.40
CLIF 2021-1A A MTGE 1.64000 02/18/2046 US 1,575,385.73 $1,416,284.39
CSMC 2013-7 A6 3.50000 08/25/2043 US 289,061.78 $274,224.11
CSMC 2018-J1 3.50000 02/25/2048 US 4,714,984.66 $4,434,831.68
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 7,020,000 $7,910,874.29
CITIGROUP INC 1.46200 06/09/2027 US 4,360,000 $3,927,367.53
CBSLT 2020-AGS A 1.98000 08/25/2050 US 786,720.99 $761,341.13
CAALT 2021-3A B MTGE 1.38000 07/15/2030 US 1,300,000 $1,219,604.15
CAALT 2020-3A A 1.24000 10/15/2029 US 1,600,000 $1,565,301.62
CAALT 2021-2A A 0.96000 02/15/2030 US 800,000 $770,070.19
CAALT 2021-2A A 1.64000 06/17/2030 US 1,000,000 $914,629.67
CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 3,470,000 $3,155,726.58
COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 900,000 $820,403.60
DREYFUS GVT CSH MANAGEMENT US 9,909,218.17 $9,909,218.17
EDVES 2021-A A MTGE 1.80000 11/25/2045 US 678,916.13 $612,595.60
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 6,320,000 $6,609,056.83
EXPEDIA GROUP INC 3.25000 02/15/2030 US 2,940,000 $2,599,671.01
FREMF 2015-K43 B FLT 3.73230 02/25/2048 US 400,000 $393,154.12
FHLM POOL SD8230 4.50000 06/01/2052 US 5,335,000 $5,436,707.03
FEDERAL NATL MTG ASSN FR QE0356 3.50000 04/01/2052 US 1,996,335.08 $1,969,656.74
FHLM POOL FR RB5169 3.50000 06/01/2042 US 5,000,000 $4,962,595.95
FNR 2020-48 DC 2.50000 07/25/2050 US 5,120,706.4 $4,828,635.95
FNR 2021-69 WJ 1.50000 10/25/2050 US 704,578 $628,936.37
FHMS K072 A2 MTGE 3.44400 12/25/2027 US 1,000,000 $1,012,489.37
FHMS K106 X1 MTGE 1.35428 01/25/2030 US 15,948,288.5 $1,331,473.49
FHR 5189 CP 2.50000 06/25/2049 US 4,824,076.51 $4,485,817.48
FEDERAL NATL MTG ASSN BK0433 3.50000 12/01/2049 US 6,101,174.32 $6,041,829.66
FEDERAL NATL MTG ASSN FN BV5383 3.00000 04/01/2052 US 2,990,468.4 $2,858,574.33
FEDERAL NATL MTG ASSN FN CA6316 3.00000 07/01/2050 US 5,256,067.6 $5,038,349.56
FEDERAL NATL MTG ASSN FN FM6890 3.00000 06/01/2050 US 2,367,776.23 $2,275,002.14
FEDERAL NATL MTG ASSN FS1807 3.50000 07/01/2051 US 5,000,000 $4,950,157.45
FEDERAL NATL MTG ASSN FS1838 3.00000 12/01/2051 US 5,100,000 $4,896,750.31
FEDERAL NATL MTG ASSN FN MA4514 3.50000 01/01/2052 US 1,887,624.46 $1,856,222.51
FEDERAL NATL MTG ASSN MA4626 4.00000 06/01/2052 US 7,000,000 $7,006,564.39
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 5,000,000 $5,060,475.00
FSMT 2021-8INV A3 2.50000 09/25/2051 US 915,535.74 $805,135.52
FLX 2021-1A A2 3.25000 11/27/2051 US 1,525,000 $1,413,011.02
FREMF 2015-K720 B FLT 3.45856 07/25/2022 US 1,400,492.81 $1,400,303.76
GCT 2021-GCT A FLT 1.67500 02/15/2038 US 1,900,000 $1,837,317.69
GSMBS 2020-PJ3 A14 3.00000 10/25/2050 US 288,846.84 $263,776.03
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 619,869.39 $576,081.94
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 713,411.44 $661,640.47
GSMBS 2021-INV1 A6 2.50000 12/25/2051 US 943,416.63 $879,147.74
GSMBS 2022-PJ3 3.00000 08/25/2052 US 1,969,609.94 $1,792,479.59
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 949,489.01 $870,418.89
HCA INC 4.12500 06/15/2029 US 4,060,000 $3,952,191.65
HAWAII ST 2.63200 10/01/2037 US 2,240,000 $1,797,274.26
HWIRE 2021-1 A2 2.31100 11/20/2051 US 1,470,000 $1,319,807.45
IMPRL 2021-NQM3 1.59500 11/25/2056 US 871,205.22 $827,069.88
IMPRL 2022-NQM2 3.63800 03/25/2067 US 1,471,992.42 $1,413,489.92
JPMMT 2022-INV3 3.00000 09/25/2052 US 1,947,752.96 $1,774,722.69
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 6,500,000 $6,586,012.16
JPMCC 2019-ICON 3.88370 01/05/2034 US 2,000,000 $1,977,456.20
KREF 2021-FL2 AS MTGE 2.18671 02/15/2039 US 1,500,000 $1,437,894.15
MAGALLANES INC 4.05400 03/15/2029 US 6,850,000 $6,566,682.90
MSBAM 2014-C19 A4 MTGE 3.52600 12/15/2047 US 965,361 $955,370.92
MSC 2016-UB11 A4 MTGE 2.78200 08/15/2049 US 500,000 $475,358.89
MSC 2020-CNP A 2.50852 04/05/2042 US 1,000,000 $862,479.66
NAVSL 2017-2A A FLT 2.05571 12/27/2066 US 1,995,884.99 $1,983,347.02
NAVSL 2020-DA A 1.69000 05/15/2069 US 749,404.88 $720,115.71
NAVSL 2021-A A 0.84000 05/15/2069 US 498,631.96 $461,861.49
NSLT 2012-3A A MTGE FLT 1.70571 02/25/2045 US 1,001,232.07 $981,658.38
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 985,000 $956,192.70
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 2,870,000 $2,608,774.26
NEWZ 201-1 A FLT 1.75571 05/25/2055 US 2,000,000 $1,979,389.20
OVMLT 2020-1 1.73291 05/28/2050 US 770,958.68 $750,459.28
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 2,780,000 $2,588,730.08
OXFIN 2019-1A A2 4.45900 02/15/2027 US 1,016,491.96 $1,014,079.01
OXFIN 2022-1A 3.60200 02/15/2030 US 2,850,000 $2,712,801.57
PHEAA 2016-1A A FLT 2.15571 09/25/2065 US 661,787.94 $661,558.41
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 1,757,006.39 $1,690,825.05
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 1,471,306.54 $1,292,386.72
PFMT 2021-2 A2A 2.00000 04/25/2051 US 772,950.36 $700,227.94
QUALCOMM INC 4.25000 05/20/2032 US 5,080,000 $5,274,909.24
RCKT 2021-6 A1 2.50000 12/25/2051 US 914,304.29 $801,989.47
RCKT 2021-6 A5 2.50000 12/25/2051 US 1,068,638.3 $988,493.51
RUN 2022-NQM1 A1 4.00000 03/25/2067 US 988,973.51 $973,629.09
SLMA 2011-2 A2 MTGE 2.20571 10/25/2034 US 800,946.63 $797,346.37
SLMA 2013-6 A3 FLT 1.65571 06/26/2028 US 1,588,486.37 $1,550,545.42
SMB 2015 B A3 2.62471 05/17/2032 US 1,511,598.24 $1,522,209.22
SLAM 2021-1A A MTGE 2.43400 06/15/2046 US 1,791,130 $1,544,825.62
SMB 2016-B A2A 2.43000 02/17/2032 US 1,090,277.37 $1,069,529.54
SEMT 2013-5 A1 MTGE 2.50000 05/25/2043 US 549,992.26 $513,281.38
SEMT 2013-9 A1 MTGE 3.50000 07/25/2043 US 4,194,467.7 $4,024,466.43
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 9,100,000 $7,859,082.41
SMB 2017-B A2A MTGE 2.82000 10/15/2035 US 246,996.19 $242,483.60
SMB 2017-B A2B FLT 1.62471 10/15/2035 US 1,118,642.17 $1,107,206.77
SOFI 2017-F A2FX 2.84000 01/25/2041 US 687,100.22 $678,539.69
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 183,272.74 $182,022.92
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 1,355,000 $1,219,929.13
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 4,990,000 $5,202,786.22
SIDC 2021-1A A2 MTGE 1.87700 03/26/2046 US 1,050,000 $952,067.96
STR 2018-1A A1 3.96000 10/20/2048 US 1,414,265.87 $1,398,428.21
TAMPA-HILLSBOROUGH CNTY FL 1.89200 07/01/2029 US 1,000,000 $847,286.61
TENCENT HOLDINGS 3.97500 04/11/2029 KY 10,890,000 $10,492,950.82
TMCL 2021-A1 A 1.68000 02/20/2046 BM 1,710,000 $1,514,738.11
TAH 2017-SFR2 A 2.92800 01/17/2036 US 1,177,179.86 $1,163,648.72
TAH 2020-SFR1 A 1.49900 07/17/2038 US 1,397,146.76 $1,266,327.40
TCF 2021-1A 1.86000 03/20/2046 US 1,328,729.17 $1,165,845.23
UNITED STATES TREAS NTS 1.75000 05/15/2023 US 3,005,000 $2,994,083.41
US TREASURY N/B 2.50000 05/15/2024 US 3,945,000 $3,944,537.69
VDC 2020-1A A2 1.64500 09/15/2045 US 1,750,000 $1,594,669.30
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 885,000 $868,709.31
VISTRA OPERATIONS 4.87500 05/13/2024 US 2,855,000 $2,865,844.57
WFCM 2015-NXS4 3.71800 12/15/2048 US 1,000,000 $993,067.58
WIN 2015-3 A1 3.50000 03/20/2045 US 1,403,881.81 $1,344,397.18

Investments will change over time.

Distributions

  • Credit Series Class W Distribution History
  • 2022 Distribution Calendar
  • Tax Letter
  • Third Quarter 2021 Distributions
  • Second Quarter 2022 Distributions
  • First Quarter 2022 Distributions
  • Fourth Quarter 2021 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

$9.06

Daily $ Change

$0.03

Daily % Change

0.33%

as of 06/23/2022

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 05/31/2022

As of
Month-End Quarter-End

YTD

-8.25%

1 Year

-7.49%

3 Year

---

5 Year

---

10 Year

---

Inception
(04/14/2020)

-0.08%

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 0.37%
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 05/31/2022

As of
Month-End Quarter-End
GOVERNMENT AGENCY 19.24%
TENCENT HOLDINGS 3.97500 04/11/2029 3.81%
CENOVUS ENERGY INC 6.75000 11/15/2039 2.87%
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 2.85%
TREASURY NOTES 2.52%
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 2.40%
JPMORGAN CHASE & CO 4.49300 03/24/2031 2.39%
MAGALLANES INC 4.05400 03/15/2029 2.38%
AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 2.37%
ALIBABA GROUP HOLDING 4.00000 12/06/2037 1.93%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 05/31/2022

As of
Month-End Quarter-End
Treasury
2.43%
Cash
3.47%
Corporate
40.87%
Mortgage
51.54%
Other
1.69%

Credit Quality Distribution

As of 05/31/2022

As of
Month-End Quarter-End
AAA
38.75%
AA
2.60%
A
22.80%
BBB
23.33%
NR
12.52%

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.

May Fund Holdings

As of 05/31/2022

May April March February January December November October September August July June
Security Description Country Ticker Shares/Par Market Value (USD)
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 3,000,000 $2,630,872.29
AIR LEASE CORP 3.62500 04/01/2027 US 2,740,000 $2,605,728.05
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 6,090,000 $5,302,218.12
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 1,700,000 $1,414,137.04
AMAZON.COM INC 3.30000 04/13/2027 US 5,230,000 $5,225,181.86
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 2,890,000 $2,748,105.25
AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 KY 7,520,000 $6,516,344.78
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 1,945,000 $1,969,058.42
BANK OF AMERICA CORP 2.68700 04/22/2032 US 4,530,000 $3,963,347.19
BLACKSTONE PRIVATE CRE 2.62500 12/15/2026 US 2,970,000 $2,584,005.76
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 2,840,000 $2,583,671.85
BABS 2021-RM2 A 1.75000 10/25/2061 US 968,396.01 $876,190.09
BJETS 2021-1A A 2.16200 04/15/2036 US 1,174,845.96 $1,056,392.59
SORT 2020-1 A2 1.99000 07/15/2060 US 677,783.66 $595,157.56
SORT 2020-1 B1 2.28000 07/15/2060 US 2,163,183.22 $1,971,180.16
SORT 2021-1A B1 MTGE 1.98000 03/15/2061 US 916,280.09 $807,278.40
CLIF 2021-1A A MTGE 1.64000 02/18/2046 US 1,575,385.73 $1,416,284.39
CSMC 2013-7 A6 3.50000 08/25/2043 US 289,061.78 $274,224.11
CSMC 2018-J1 3.50000 02/25/2048 US 4,714,984.66 $4,434,831.68
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 7,020,000 $7,910,874.29
CITIGROUP INC 1.46200 06/09/2027 US 4,360,000 $3,927,367.53
CBSLT 2020-AGS A 1.98000 08/25/2050 US 786,720.99 $761,341.13
CAALT 2021-3A B MTGE 1.38000 07/15/2030 US 1,300,000 $1,219,604.15
CAALT 2020-3A A 1.24000 10/15/2029 US 1,600,000 $1,565,301.62
CAALT 2021-2A A 0.96000 02/15/2030 US 800,000 $770,070.19
CAALT 2021-2A A 1.64000 06/17/2030 US 1,000,000 $914,629.67
CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 3,470,000 $3,155,726.58
COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 900,000 $820,403.60
DREYFUS GVT CSH MANAGEMENT US 9,909,218.17 $9,909,218.17
EDVES 2021-A A MTGE 1.80000 11/25/2045 US 678,916.13 $612,595.60
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 6,320,000 $6,609,056.83
EXPEDIA GROUP INC 3.25000 02/15/2030 US 2,940,000 $2,599,671.01
FREMF 2015-K43 B FLT 3.73230 02/25/2048 US 400,000 $393,154.12
FHLM POOL SD8230 4.50000 06/01/2052 US 5,335,000 $5,436,707.03
FEDERAL NATL MTG ASSN FR QE0356 3.50000 04/01/2052 US 1,996,335.08 $1,969,656.74
FHLM POOL FR RB5169 3.50000 06/01/2042 US 5,000,000 $4,962,595.95
FNR 2020-48 DC 2.50000 07/25/2050 US 5,120,706.4 $4,828,635.95
FNR 2021-69 WJ 1.50000 10/25/2050 US 704,578 $628,936.37
FHMS K072 A2 MTGE 3.44400 12/25/2027 US 1,000,000 $1,012,489.37
FHMS K106 X1 MTGE 1.35428 01/25/2030 US 15,948,288.5 $1,331,473.49
FHR 5189 CP 2.50000 06/25/2049 US 4,824,076.51 $4,485,817.48
FEDERAL NATL MTG ASSN BK0433 3.50000 12/01/2049 US 6,101,174.32 $6,041,829.66
FEDERAL NATL MTG ASSN FN BV5383 3.00000 04/01/2052 US 2,990,468.4 $2,858,574.33
FEDERAL NATL MTG ASSN FN CA6316 3.00000 07/01/2050 US 5,256,067.6 $5,038,349.56
FEDERAL NATL MTG ASSN FN FM6890 3.00000 06/01/2050 US 2,367,776.23 $2,275,002.14
FEDERAL NATL MTG ASSN FS1807 3.50000 07/01/2051 US 5,000,000 $4,950,157.45
FEDERAL NATL MTG ASSN FS1838 3.00000 12/01/2051 US 5,100,000 $4,896,750.31
FEDERAL NATL MTG ASSN FN MA4514 3.50000 01/01/2052 US 1,887,624.46 $1,856,222.51
FEDERAL NATL MTG ASSN MA4626 4.00000 06/01/2052 US 7,000,000 $7,006,564.39
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 5,000,000 $5,060,475.00
FSMT 2021-8INV A3 2.50000 09/25/2051 US 915,535.74 $805,135.52
FLX 2021-1A A2 3.25000 11/27/2051 US 1,525,000 $1,413,011.02
FREMF 2015-K720 B FLT 3.45856 07/25/2022 US 1,400,492.81 $1,400,303.76
GCT 2021-GCT A FLT 1.67500 02/15/2038 US 1,900,000 $1,837,317.69
GSMBS 2020-PJ3 A14 3.00000 10/25/2050 US 288,846.84 $263,776.03
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 619,869.39 $576,081.94
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 713,411.44 $661,640.47
GSMBS 2021-INV1 A6 2.50000 12/25/2051 US 943,416.63 $879,147.74
GSMBS 2022-PJ3 3.00000 08/25/2052 US 1,969,609.94 $1,792,479.59
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 949,489.01 $870,418.89
HCA INC 4.12500 06/15/2029 US 4,060,000 $3,952,191.65
HAWAII ST 2.63200 10/01/2037 US 2,240,000 $1,797,274.26
HWIRE 2021-1 A2 2.31100 11/20/2051 US 1,470,000 $1,319,807.45
IMPRL 2021-NQM3 1.59500 11/25/2056 US 871,205.22 $827,069.88
IMPRL 2022-NQM2 3.63800 03/25/2067 US 1,471,992.42 $1,413,489.92
JPMMT 2022-INV3 3.00000 09/25/2052 US 1,947,752.96 $1,774,722.69
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 6,500,000 $6,586,012.16
JPMCC 2019-ICON 3.88370 01/05/2034 US 2,000,000 $1,977,456.20
KREF 2021-FL2 AS MTGE 2.18671 02/15/2039 US 1,500,000 $1,437,894.15
MAGALLANES INC 4.05400 03/15/2029 US 6,850,000 $6,566,682.90
MSBAM 2014-C19 A4 MTGE 3.52600 12/15/2047 US 965,361 $955,370.92
MSC 2016-UB11 A4 MTGE 2.78200 08/15/2049 US 500,000 $475,358.89
MSC 2020-CNP A 2.50852 04/05/2042 US 1,000,000 $862,479.66
NAVSL 2017-2A A FLT 2.05571 12/27/2066 US 1,995,884.99 $1,983,347.02
NAVSL 2020-DA A 1.69000 05/15/2069 US 749,404.88 $720,115.71
NAVSL 2021-A A 0.84000 05/15/2069 US 498,631.96 $461,861.49
NSLT 2012-3A A MTGE FLT 1.70571 02/25/2045 US 1,001,232.07 $981,658.38
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 985,000 $956,192.70
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 2,870,000 $2,608,774.26
NEWZ 201-1 A FLT 1.75571 05/25/2055 US 2,000,000 $1,979,389.20
OVMLT 2020-1 1.73291 05/28/2050 US 770,958.68 $750,459.28
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 2,780,000 $2,588,730.08
OXFIN 2019-1A A2 4.45900 02/15/2027 US 1,016,491.96 $1,014,079.01
OXFIN 2022-1A 3.60200 02/15/2030 US 2,850,000 $2,712,801.57
PHEAA 2016-1A A FLT 2.15571 09/25/2065 US 661,787.94 $661,558.41
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 1,757,006.39 $1,690,825.05
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 1,471,306.54 $1,292,386.72
PFMT 2021-2 A2A 2.00000 04/25/2051 US 772,950.36 $700,227.94
QUALCOMM INC 4.25000 05/20/2032 US 5,080,000 $5,274,909.24
RCKT 2021-6 A1 2.50000 12/25/2051 US 914,304.29 $801,989.47
RCKT 2021-6 A5 2.50000 12/25/2051 US 1,068,638.3 $988,493.51
RUN 2022-NQM1 A1 4.00000 03/25/2067 US 988,973.51 $973,629.09
SLMA 2011-2 A2 MTGE 2.20571 10/25/2034 US 800,946.63 $797,346.37
SLMA 2013-6 A3 FLT 1.65571 06/26/2028 US 1,588,486.37 $1,550,545.42
SMB 2015 B A3 2.62471 05/17/2032 US 1,511,598.24 $1,522,209.22
SLAM 2021-1A A MTGE 2.43400 06/15/2046 US 1,791,130 $1,544,825.62
SMB 2016-B A2A 2.43000 02/17/2032 US 1,090,277.37 $1,069,529.54
SEMT 2013-5 A1 MTGE 2.50000 05/25/2043 US 549,992.26 $513,281.38
SEMT 2013-9 A1 MTGE 3.50000 07/25/2043 US 4,194,467.7 $4,024,466.43
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 9,100,000 $7,859,082.41
SMB 2017-B A2A MTGE 2.82000 10/15/2035 US 246,996.19 $242,483.60
SMB 2017-B A2B FLT 1.62471 10/15/2035 US 1,118,642.17 $1,107,206.77
SOFI 2017-F A2FX 2.84000 01/25/2041 US 687,100.22 $678,539.69
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 183,272.74 $182,022.92
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 1,355,000 $1,219,929.13
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 4,990,000 $5,202,786.22
SIDC 2021-1A A2 MTGE 1.87700 03/26/2046 US 1,050,000 $952,067.96
STR 2018-1A A1 3.96000 10/20/2048 US 1,414,265.87 $1,398,428.21
TAMPA-HILLSBOROUGH CNTY FL 1.89200 07/01/2029 US 1,000,000 $847,286.61
TENCENT HOLDINGS 3.97500 04/11/2029 KY 10,890,000 $10,492,950.82
TMCL 2021-A1 A 1.68000 02/20/2046 BM 1,710,000 $1,514,738.11
TAH 2017-SFR2 A 2.92800 01/17/2036 US 1,177,179.86 $1,163,648.72
TAH 2020-SFR1 A 1.49900 07/17/2038 US 1,397,146.76 $1,266,327.40
TCF 2021-1A 1.86000 03/20/2046 US 1,328,729.17 $1,165,845.23
UNITED STATES TREAS NTS 1.75000 05/15/2023 US 3,005,000 $2,994,083.41
US TREASURY N/B 2.50000 05/15/2024 US 3,945,000 $3,944,537.69
VDC 2020-1A A2 1.64500 09/15/2045 US 1,750,000 $1,594,669.30
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 885,000 $868,709.31
VISTRA OPERATIONS 4.87500 05/13/2024 US 2,855,000 $2,865,844.57
WFCM 2015-NXS4 3.71800 12/15/2048 US 1,000,000 $993,067.58
WIN 2015-3 A1 3.50000 03/20/2045 US 1,403,881.81 $1,344,397.18

Investments will change over time.

Distributions

  • Credit Series Class W Distribution History
  • 2022 Distribution Calendar
  • Tax Letter
  • Third Quarter 2021 Distributions
  • Second Quarter 2022 Distributions
  • First Quarter 2022 Distributions
  • Fourth Quarter 2021 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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