Investment Objective

To provide long-term total return, with a secondary objective of providing preservation of capital.

Investment Strategy

Under normal circumstances, at least 80% of the Series’ assets will be invested in bonds and other financial instruments with economic characteristics similar to bonds.

Up to 50% of the Series may be invested in below investment-grade securities and up to 50% may be invested in non-U.S. dollar denominated securities, including securities issued by companies located in emerging markets. Derivatives such as futures, options, swaps, and forwards may be used to manage interest rate exposure, enhance duration management, or hedge currency exposure, for example.

While there are no maturity or duration restrictions, the Series’ duration is expected to range between -3 and 8 years.

May be Appropriate for Investors

  • Looking to diversify a portfolio by adding a non-traditional bond component
  • Who want to enhance the conventional benefits associated with fixed income investing through access to a broader set of securities that may help reduce volatility
  • Seeking an active approach that is objectives-driven, not benchmark-driven

Daily Price

$9.71

Daily $ Change

-$0.01

Daily % Change

-0.10%

as of 04/16/2021

Ticker

MNCPX

CUSIP

56382P112

Inception Date

08/01/2013

Investment Minimum

$1,000,000.00

Investment minimum may be waived for certain qualified retirement plans and discretionary investment accounts of the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms

Performance

As of 03/31/2021

YTD

0.28%

1 Year

13.05%

3 Year

4.74%

5 Year

3.97%

10 Year

3.81%

Inception
(04/21/2005)

4.69%

Inception performance is based on the Unconstrained Bond Series Class S inception of 04/21/2005. For periods through 08/01/2013 (the inception date of the Class I shares), performance for the Class I shares is based on the historical performance of the Class S shares. Because the Class I shares invest in the same portfolio of securities as the Class S shares, performance will be different only to the extent that the Class S shares have a higher expense ratio. 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 0.50%

Top Ten Investments

As of 03/31/2021

ISHARES JP MORGAN USD EMERGI 4.32000 3.00%
VANECK VECTORS J.P. MORGAN 1.55200 2.84%
ALEXANDER FUNDING TRUST 1.84100 11/15/2023 1.54%
AMERICAN TOWER CORP 3.80000 08/15/2029 1.37%
AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 1.36%
PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 1.33%
OCT18 2018-18A 1.18338 04/16/2031 1.22%
SABINE PASS LIQUEFACTION 5.75000 05/15/2024 1.20%
BANK OF AMERICA CORP 4.00000 01/22/2025 1.16%
OXFIN 2019-1A A2 4.45900 02/15/2027 1.14%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 03/31/2021

Government 2.29%
Cash 2.88%
Corporate 46.22%
Mortgage 42.34%
Other 6.27%

Credit Quality Distribution

As of 03/31/2021

AAA 21.82%
AA 2.56%
A 12.96%
BBB 17.64%
BB 13.82%
B 6.90%
CCC 0.62%
D 0.00%
NR 23.68%

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.

March Fund Holdings

As of 03/31/2021

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 2,000,000 $2,246,501.88
01166WAA5 ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 5,913,635.13 $6,566,529.43
014621AA4 ALEXANDER FUNDING TRUST 1.84100 11/15/2023 US 10,000,000 $10,152,598.80
01609WAU6 ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 1,685,000 $1,811,531.35
01609WAY8 ALIBABA GROUP HOLDING 2.70000 02/09/2041 KY 1,775,000 $1,607,107.99
02406MAP2 AMERICAN AXLE & MANUFACTURING 3.00000 04/06/2024 US 5,448,953.53 $5,415,769.40
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 8,250,000 $8,976,609.26
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 1,555,000 $1,553,056.25
045054AJ2 ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 1,500,000 $1,566,960.00
05401AAJ0 AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 KY 9,000,000 $8,921,697.84
05567SAA0 BNSF FUNDING TRUST I 6.61300 12/15/2055 US 1,500,000 $1,718,712.00
059438AK7 BANK ONE CORP 8.00000 04/29/2027 US 3,000,000 $4,061,837.43
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 7,000,000 $7,647,993.08
071734AH0 BAUSCH HEALTH COS INC 5.00000 01/30/2028 CA 145,000 $147,784.00
07403VAA7 BEASLEY MEZ HLDGS LLC 8.62500 02/01/2026 US 1,545,000 $1,552,725.00
09261XAA0 BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 1,850,000 $1,837,194.23
105756BV1 FED REPUBLIC OF BRAZIL 4.25000 01/07/2025 BR 1,300,000 $1,389,037.00
12116LAA7 BURFORD CAPITAL GLBL FIN 6.25000 04/15/2028 US 2,000,000 $2,050,000.00
12327BAA4 BJETS 2021-1A A 2.16200 04/15/2036 US 5,650,000 $5,632,798.58
12345678 JONAH ENERGY PARENT LLC US 85,915 $1,288,725.00
12467AAF5 C&S GROUP ENTERPRISES LL 5.00000 12/15/2028 US 2,300,000 $2,236,750.00
12530MAA3 SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 3,912,953.23 $3,941,317.84
12530MAC9 SORT 2020-1 B1 2.28000 07/15/2060 US 1,908,757.67 $1,940,187.27
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 394,922.07 $402,090.93
12565KAA5 CLIF 2021-1A A MTGE 1.64000 02/18/2046 US 6,700,000 $6,543,023.02
12598FAA7 CPI CG INC 8.62500 03/15/2026 US 3,540,000 $3,709,176.60
133131AZ5 CAMDEN PROPERTY TRUST 2.80000 05/15/2030 US 3,225,000 $3,305,957.30
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 1,594,278.02 $1,601,833.78
156700BA3 CENTURYLINK INC 7.50000 04/01/2024 US 5,990,000 $6,713,890.90
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 3,700,000 $4,166,772.02
17327XAA5 CGCMT 2019-SST2 1.02600 12/15/2036 US 7,000,000 $7,002,204.30
19424KAB9 CASL 2021-A A2 1.60000 07/25/2051 US 3,000,000 $2,964,650.70
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 3,738,579.38 $3,835,408.59
21872FAA5 COLONY AMERICAN FINANCE LTD 3.32400 03/15/2052 US 4,837,820.46 $5,137,480.86
21872NAA8 CAFL 2019-3 A 2.70500 10/15/2052 US 2,796,985.92 $2,913,152.58
21873AAA5 CAFL 2020-4 A MTGE 1.17400 12/15/2052 US 1,232,923.11 $1,215,852.30
21873CAA1 CAFL 2020-3 A 1.35800 08/15/2053 US 1,962,804.28 $1,934,572.68
225310AN1 CREDIT ACCEPTANC 5.12500 12/31/2024 US 3,017,000 $3,077,340.00
22535AAA3 CAALT 2019-1A A 3.33000 02/15/2028 US 3,590,099.08 $3,638,005.72
22535FAA2 CAALT 2018-2A A Mtge 3.47000 05/17/2027 US 399,454.09 $399,943.82
22537CAE9 CAALT 2021-2A A 1.64000 06/17/2030 US 3,800,000 $3,770,109.58
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 5,000,000 $5,148,366.95
22822VAR2 CROWN CASTLE INTL CORP 3.30000 07/01/2030 US 1,850,000 $1,931,486.04
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 224,222.88 $226,950.48
23311RAE6 DCP MIDSTREAM OPERATING 4.75000 09/30/2021 US 3,637,000 $3,659,731.25
23311VAG2 DCP MIDSTREAM 5.37500 07/15/2025 US 2,000,000 $2,167,250.00
23585WAA2 DANAOS CORP 8.50000 03/01/2028 MH 1,000,000 $1,068,750.00
23802WAA9 COLO 2021-1A A2 MTGE 2.06000 02/27/2051 US 5,200,000 $5,154,848.40
25470XAE5 DISH DBS CORP 6.75000 06/01/2021 US 5,518,000 $5,555,936.25
26150TAE9 DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 US 2,850,000 $2,922,197.28
28166GAA3 EDVES 2019-A A MTGE 3.58000 11/25/2038 US 2,973,493.68 $3,089,727.25
28166LAA2 EDVES 2021-A A MTGE 1.80000 11/25/2045 US 2,750,000 $2,721,216.30
29275YAC6 ENERSYS 4.37500 12/15/2027 US 305,000 $311,862.50
30262SAR9 FREMF 2015-K42 B FLT 3.85081 12/25/2024 US 1,900,000 $2,041,622.39
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 3,085,000 $3,100,425.00
30286XAN9 FREMF 2015-K43 B FLT 3.73284 02/25/2048 US 1,500,000 $1,614,947.25
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 82,526,627.86 $111,988.63
30291YAJ9 FREMF 2014-K716 B FLT 3.90344 08/25/2047 US 2,550,000 $2,562,363.68
302957AQ8 FREMF MORTGAGE TRUST 4.06766 07/25/2036 US 4,000,000 $3,488,085.60
302967AQ7 FREMF MORTGAGE TRUST 4.36149 11/25/2033 US 3,500,000 $3,656,388.40
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 353,607.5 $389,960.03
3128LCD86 FHLM POOL A78227 5.50000 06/01/2038 US 150,401.98 $176,509.77
3128M56M7 FHLM POOL G04176 5.50000 05/01/2038 US 128,443.27 $151,072.37
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 47,137.14 $55,528.34
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 289,156.95 $338,471.90
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 2,944.52 $3,040.02
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 3,053.74 $3,087.12
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 2,406.23 $2,433.75
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 3,268.02 $3,353.81
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 4,764.5 $4,884.80
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 290,269.68 $320,818.39
3128P7QL0 FHLM POOL C91359 4.50000 02/01/2031 US 125,162.04 $138,025.81
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 739,448.03 $765,743.91
3137ADTK3 FHMS K014 X1 FLT 1.46248 04/25/2021 US 358,569.14 $3.59
3137AJMG6 FMHS K016 X1 FLT 1.48185 10/25/2021 US 4,125,695.42 $6,512.41
3137AME78 FHMS K017 X1 FLT 1.28501 12/25/2021 US 29,388,760.33 $105,902.40
3137AUPF0 FHMS K021 x1 FLT 1.39972 06/25/2022 US 15,894,905.47 $178,264.54
3137B3NB0 FHMS K030 X1 FLT 0.16646 04/25/2023 US 53,166,086.43 $161,465.40
3137B4GZ3 FHMS K032 X1 FLT 0.08767 05/25/2023 US 31,299,772.63 $70,643.59
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 512,137.39 $515,587.51
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 112,364.46 $112,605.08
3137FRUV1 FHMS K106 X1 MTGE 1.35473 01/25/2030 US 53,925,350.09 $5,586,164.76
3138WDJY8 FEDERAL NATL MTG ASSN AS3878 4.50000 11/01/2044 US 574,342.6 $641,609.05
3138XU4Y5 FEDERAL NATL MTG ASSN AW5338 4.50000 06/01/2044 US 710,769.75 $799,751.75
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 200,562.81 $220,565.93
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 864.17 $868.05
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 1,672.25 $1,682.40
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 1,249.96 $1,251.23
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 2,937.79 $2,948.73
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 112,952.51 $132,800.26
31411YN90 FEDERAL NATL MTG ASSN 918516 5.50000 06/01/2037 US 68,178.83 $80,048.27
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 9.42 $9.45
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 1,104.42 $1,109.37
31416CJV9 FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 308,721.17 $368,032.19
31416RBE2 FEDERAL NATL MTG ASSN AA7236 4.00000 06/01/2039 US 524,509.23 $577,874.81
31417YDV6 FHLM POOL MA0115 4.50000 07/01/2029 US 47,051.23 $51,628.65
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 180,138.24 $199,039.34
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 112,149.54 $131,853.04
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 7,755.04 $8,150.31
343412AC6 FLUOR CORP 3.50000 12/15/2024 US 6,362,000 $6,548,877.39
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 4,480,000 $4,710,810.50
345370CV0 FORD MOTOR COMPANY 8.50000 04/21/2023 US 4,000,000 $4,460,000.00
345397XA6 FORD MOTOR CREDIT CO LLC 3.21900 01/09/2022 US 950,000 $960,402.50
345397YQ0 FORD MOTOR CREDIT CO LLC 2.97900 08/03/2022 US 2,050,000 $2,080,750.00
34960PAC5 FORTRESS TRANS & INFRAST 9.75000 08/01/2027 US 20,000 $22,775.00
36260XAL0 GSMS 2021- RENT B 1.21100 11/21/2035 US 4,000,000 $3,999,999.20
37255LAA5 GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 US 3,340,000 $3,609,287.50
376535AC4 GLADSTONE CAPITAL CORP 5.12500 01/31/2026 US 3,000,000 $3,153,750.00
38138JAC7 GLM 2021-9A A FLT 1.19475 01/20/2033 KY 6,000,000 $6,001,884.00
38217TAA3 GOODG 2020-1A MTGE 2.63000 04/15/2055 US 4,729,979.25 $4,858,178.72
400666AA1 GUARA NORTE SARL 5.19800 06/15/2034 LU 3,100,000 $3,040,480.00
418751AD5 HAT HOLDINGS I LLC/HAT 3.75000 09/15/2030 US 240,000 $231,000.00
419792ZZ2 HAWAII ST 2.63200 10/01/2030 US 3,905,000 $3,914,762.50
428041BD8 HFLF 2018-1 A2 MTGE 3.23000 05/10/2032 US 2,095,947.47 $2,099,199.12
450913AF5 IAMGOLD CORP 5.75000 10/15/2028 CA 2,475,000 $2,506,680.00
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 3,425,000 $3,425,000.00
46116VAE5 INTL FC STORE INC 8.62500 06/15/2025 US 3,580,000 $3,781,375.00
46187BAA1 IHSFR 2017-SFR2 A 0.95800 12/17/2036 US 447,955.96 $448,446.11
46187BAB9 IHSFR 2017-SFR2 B 1.25800 12/17/2036 US 400,000 $400,752.08
464288281 ISHARES JP MORGAN USD EMERGI 4.32000 US 180,900 $19,696,392.00
465410BX5 ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 4,500,000 $4,695,572.39
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 184,532.34 $184,993.67
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 168,544.46 $170,754.11
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 173,710.27 $176,787.10
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 428,292.7 $437,877.85
48088LAB3 JOSEPH T RYERSON & SON 8.50000 08/01/2028 US 580,000 $649,600.00
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 1,555,000 $1,729,937.50
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 3,500,000 $4,686,824.21
505742AG1 LADDER CAP FIN LLLP/CORP 5.25000 10/01/2025 US 3,560,000 $3,560,000.00
51889RAB5 LRK 2019-A A2FX Mtge 2.73000 10/25/2048 US 1,263,487.33 $1,291,825.58
539473AE8 LLOYDS BANK PLC 12.00000 12/16/2024 GB 3,000,000 $3,330,000.00
54240F202 LONESTAR RES US INC NPV US LONE 133,824 $749,414.40
552848AG8 MGIC INVESTMENT CORP 5.25000 08/15/2028 US 2,405,000 $2,504,206.25
57109HAA0 MFT 2019-2A A MTGE 3.13000 07/16/2029 US 668,659.49 $673,459.13
59022CAA1 BANK OF AMERICA CORP 0.94388 09/15/2026 US 3,561,000 $3,525,640.98
59166EAA3 MST 2019-1A A MTGE 3.75000 04/25/2058 US 1,346,386.23 $1,416,032.23
62913TAJ1 NGL ENRGY PART LP/FIN CO 7.50000 11/01/2023 US 2,095,000 $2,021,675.00
62954NAA3 NYCTL 2018-A A 3.22000 11/10/2031 US 283,078.13 $283,785.83
63938CAD0 NAVIENT CORP 6.62500 07/26/2021 US 3,717,000 $3,786,693.75
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 3,050,000 $3,313,062.50
63938EAC8 NAVSL 2014-1 A3 FLT 0.61863 06/25/2031 US 5,108,906.61 $5,070,479.46
63939KAC3 NAVSL 2015-BA A3 1.55600 07/16/2040 US 2,740,802.15 $2,782,559.64
63939RAA2 NAVSL 2017-2A A FLT 1.15863 12/27/2066 US 3,522,439.44 $3,567,284.67
63941MAA9 NAVSL 2019-EA A1 2.39000 05/15/2068 US 180,209.22 $180,303.51
63941UAA1 NAVSL 2020-GA A MTGE 1.17000 09/16/2069 US 1,338,930.34 $1,343,967.80
63942BAA2 NAVSL 2021-A A 0.84000 05/15/2069 US 1,983,142.39 $1,976,669.02
63942FAB1 NAVSL 2020-1A A1B 1.15863 06/25/2069 US 2,865,664.39 $2,925,390.28
63942NAA6 NAVSL 2021-1A A1A 1.31000 12/26/2069 US 7,000,000 $6,850,064.20
63946BAF7 NBCUNIVERSAL MEDIA LLC 6.40000 04/30/2040 US 2,640,000 $3,803,777.50
64134JAC7 NEUB 2021-40A B 1.58788 04/16/2033 KY 4,200,000 $4,200,865.20
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 400,222.26 $426,271.45
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 580,648.31 $615,598.46
64830DAB9 NRZT 2019-2A A1 4.25000 12/25/2057 US 3,006,990.01 $3,189,716.07
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 5,870,000 $587.00
66981FAA8 ASMR 2020- SFR4 A 1.35500 11/17/2037 US 4,833,000 $4,798,176.79
670898AC9 OCP 2020-8RA A1 1.43967 01/17/2032 KY 3,500,000 $3,501,368.50
67421QAA0 OASIS MIDSTREAM PARTNERS 8.00000 04/01/2029 US 2,565,000 $2,635,537.50
67576FAA7 OCT18 2018-18A 1.18338 04/16/2031 KY 8,000,000 $8,001,272.00
691205AC2 OWL ROCK TECHNOLOGY FINA 4.75000 12/15/2025 US 2,280,000 $2,437,504.02
691205AE8 OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 3,000,000 $3,066,585.18
69144AAA7 OXFIN 2020-1A A2 3.10100 02/15/2028 US 6,300,000 $6,506,451.00
69144AAB5 OXFIN 2020-1A B 4.03700 02/15/2028 US 3,700,000 $3,821,614.56
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 7,235,000 $7,492,629.67
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 1,695,000 $1,720,086.00
69354NAC0 PRA GROUP INC 7.37500 09/01/2025 US 3,570,000 $3,819,900.00
69375BAC1 PSMC 2019-3 A3 MTGE 3.50000 11/25/2049 US 465,181.34 $465,810.59
70806AAA4 PENNANTPARK FLOATING RAT 4.25000 04/01/2026 US 3,500,000 $3,506,990.31
733174AK2 POPULAR INC 6.12500 09/14/2023 PR 3,053,000 $3,297,240.00
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 1,090,000 $1,176,355.25
74331AAA0 2019- SFR4 CLASS A 2.68700 10/17/2036 US 3,800,000 $3,894,085.72
74333NAA0 PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 US 8,543,742.62 $8,737,186.62
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 440,000 $461,450.00
75606DAL5 REALOGY GROUP/CO-ISSUER 5.75000 01/15/2029 US 1,130,000 $1,114,462.50
78403DAN0 SBA TOWER TRUST 2.83600 01/15/2025 US 3,500,000 $3,670,816.10
78403DAP5 SBA TOWER TRUST 1.88400 01/15/2026 US 2,750,000 $2,738,340.83
78442FEL8 NAVIENT CORP 7.25000 01/25/2022 US 1,050,000 $1,088,062.50
78442FEQ7 NAVIENT CORP 5.50000 01/25/2023 US 2,417,000 $2,507,637.50
78442PGC4 SLM CORP 5.12500 04/05/2022 US 5,336,000 $5,456,060.00
784456AD7 SMB 2014-A A3 1.60600 04/15/2032 US 4,545,000 $4,598,723.72
78449XAA0 SMB 2020-BA A1A 1.29000 07/15/2053 US 2,539,348.89 $2,544,093.16
78472CAA6 SCLP 2019-1 A 3.24000 02/25/2028 US 313,699.47 $314,999.06
785592AJ5 SABINE PASS LIQUEFACTION 5.75000 05/15/2024 US 7,000,000 $7,897,866.69
81745BAB1 SEMT 2013-6 A2 3.00000 05/25/2043 US 2,519,921.08 $2,539,765.46
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 226,394.69 $228,582.89
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 288,376.79 $291,323.19
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 271,392.77 $272,326.39
81748MAD0 SEMT 2020-1 A4 3.50000 02/25/2050 US 963,287.54 $969,305.29
83192CAB3 SMB 2019-B A2A 2.84000 06/15/2037 US 4,249,221.12 $4,421,805.36
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 456,342.28 $467,004.12
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 133,459.15 $134,961.39
83405JAA3 SCLP 2017-4 A 2.50000 05/26/2026 US 12,838.17 $12,857.37
83405TAA1 SCLP 2019-3 A MTGE 2.90000 05/25/2028 US 450,186.24 $453,805.56
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 566,238.79 $570,338.59
844741BJ6 SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 3,000,000 $3,412,249.50
85207UAE5 SPRINT CORP 7.25000 09/15/2021 US 4,918,000 $5,041,441.80
85236KAE2 SIDC 2021-1A A2 MTGE 1.87700 03/26/2046 US 3,400,000 $3,375,030.40
85571BAG0 STARWOOD PROPERTY TRUST 5.00000 12/15/2021 US 2,150,000 $2,179,562.50
85571BAL9 STARWOOD PROPERTY TRUST 4.75000 03/15/2025 US 2,850,000 $2,959,098.00
85571XAA5 SRPT 2014-STAR A FLTG RATE 1.57600 11/15/2027 US 1,777,114.94 $1,306,179.48
861036AA9 STL HOLDING CO LLC 7.50000 02/15/2026 US 3,195,000 $3,322,800.00
86212XAA8 STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 2,431,390.58 $2,472,513.90
86935CAA0 SCML 2019-SBC8 2.86000 04/25/2041 US 3,112,869.31 $3,129,401.14
87230AAQ9 TFLAT 2016-1A CR2 2.43622 01/17/2032 KY 2,500,000 $2,495,825.00
87422VAA6 TALEN ENERGY SUPPLY LLC 6.50000 06/01/2025 US 1,450,000 $1,164,531.25
87485LAA2 TALOS PRODUCTION INC 12.00000 01/15/2026 US 3,510,000 $3,429,972.00
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 82,980.86 $83,160.01
87901JAJ4 TENGA INC 4.62500 03/15/2028 US 890,000 $905,575.00
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 6,650,000 $7,219,705.50
88315LAL2 TMCL 2021-A1 A 1.68000 02/20/2046 BM 6,556,000 $6,360,881.64
89052KAA3 TOORAK MORTGAGE CORP 4.53510 03/25/2022 US 5,000,000 $5,054,308.00
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 773,876.42 $788,701.03
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 2,445,314.55 $2,487,002.52
89175VAA1 TPMT 2018-2 A1 3.25000 03/25/2058 US 1,126,194.04 $1,174,188.83
89177EAA7 TPMT 2019-HY1 A1 1.10863 10/25/2048 US 2,615,923.81 $2,635,455.34
89613GAC0 TAH 2020-SFR1 C 2.24900 07/17/2038 US 2,500,000 $2,496,362.50
89657AAC0 TRL 2020-1A A 1.96000 10/17/2050 US 2,854,151.42 $2,854,224.20
89680HAE2 TCF 2021-1A 1.86000 03/20/2046 US 6,600,000 $6,437,661.12
90932KAA7 UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 2,533,364.01 $2,464,852.47
90932NAA1 UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 3,335,930.97 $3,373,694.05
91086QBG2 UNITED MEXICAN STATES 4.12500 01/21/2026 MX 1,800,000 $1,998,702.00
92189H300 VANECK VECTORS J.P. MORGAN 1.55200 US 609,000 $18,684,120.00
92212KAB2 VDC 2020-1A A2 1.64500 09/15/2045 US 6,500,000 $6,502,221.70
92343VCV4 VERIZON COMMUNICATIONS 4.27200 01/15/2036 US 4,000,000 $4,516,628.60
92535VAF9 VBTOW 2020-2A A 2.63600 09/15/2050 US 4,000,000 $4,004,520.80
93065PAA9 WBHT 2019-WBM A FLT 1.15600 12/15/2033 US 7,000,000 $6,991,520.20
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 3,052,000 $3,372,460.00
969457BY5 WILLIAMS COMPANIES INC 2.60000 03/15/2031 US 3,550,000 $3,459,106.83
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 191,288.26 $195,795.60
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 126,000,000 $6,286,222.27
BBG003D8K9C6 90DAY EURO$ FUTR EDU2 EU -2,750 $346,625.13
BBG0058ZNYR3 90DAY EURO$ FUTR EDU3 EU 2,750 -$793,500.13
BBG00X71TD89 EURO-BUXL 30Y BND FUTURE UBM1 DE -203 $438,071.97
BBG00X71TD98 EURO-BUND FUTURE RXM1 DE 559 $27,247.43
BBG00X9DZQ76 US 10YR NOTE FUTURE TYM1 US -85 $279,398.40
BBG00X9DZR92 US 10YR ULTRA FUTURE UXYM1 US -55 $277,896.85
BH8295835 SAUDI INTERNATIONAL BOND 2.90000 10/22/2025 SA 1,000,000 $1,060,002.00
BK0939417 AMERICAN TANKER INC 7.75000 07/02/2025 US 5,590,000 $5,700,656.29
BL3427798 TUTOR PERINI FLT 5.75000 08/18/2027 US 4,987,500 $5,037,375.00
BN6725160 SEASPAN CORP 6.50000 02/05/2024 MH 7,000,000 $7,227,500.00
BN7860420 PETROTAL CORP 12.00000 02/16/2024 CA 3,400,000 $3,400,000.00
BO4553299 TIGER HOLDCO PTE LTD 13.00000 06/10/2023 SG 6,000,000 $6,019,740.00
BO8204600 COPPER MOUNTAIN MINING C 8.00000 04/09/2026 CA 6,800,000 $6,630,000.00
USD US DOLLAR US 19,430,936.46 $19,430,936.46
ZO1818103 NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 MH 3,550,000 $3,692,000.00
ZO4110185 BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 6,800,000 $6,358,000.00

Investments will change over time.

Distributions

  • Unconstrained Bond Class I Distribution History
  • 2021 Distribution Calendar
  • Fourth Quarter 2020 Distributions
  • Third Quarter 2020 Distributions
  • Second Quarter 2020 Distributions
  • First Quarter 2021 Distributions
  • Tax Letter
  • Unconstrained Bond Return of Capital 2015

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 higher-yielding, lower-rated securities involve additional risks, including a higher risk of default and loss of principal. Funds that invest in foreign countries may be subject to the risks of adverse changes in foreign economic, political, regulatory and other conditions as well as risks related to the use of different financial standards. Investments in emerging markets may be more volatile than investments in more developed markets. 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

$9.71

Daily $ Change

-$0.01

Daily % Change

-0.10%

as of 04/16/2021

Ticker

MNCPX

CUSIP

56382P112

Inception Date

08/01/2013

Investment Minimum

$1,000,000.00

Investment minimum may be waived for certain qualified retirement plans and discretionary investment accounts of 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, with a secondary objective of providing preservation of capital.

Investment Strategy

Under normal circumstances, at least 80% of the Series’ assets will be invested in bonds and other financial instruments with economic characteristics similar to bonds.

Up to 50% of the Series may be invested in below investment-grade securities and up to 50% may be invested in non-U.S. dollar denominated securities, including securities issued by companies located in emerging markets. Derivatives such as futures, options, swaps, and forwards may be used to manage interest rate exposure, enhance duration management, or hedge currency exposure, for example.

While there are no maturity or duration restrictions, the Series’ duration is expected to range between -3 and 8 years.

May be Appropriate for Investors

  • Looking to diversify a portfolio by adding a non-traditional bond component
  • Who want to enhance the conventional benefits associated with fixed income investing through access to a broader set of securities that may help reduce volatility
  • Seeking an active approach that is objectives-driven, not benchmark-driven

Performance

As of 03/31/2021

YTD

0.28%

1 Year

13.05%

3 Year

4.74%

5 Year

3.97%

10 Year

3.81%

Inception
(04/21/2005)

4.69%

Inception performance is based on the Unconstrained Bond Series Class S inception of 04/21/2005. For periods through 08/01/2013 (the inception date of the Class I shares), performance for the Class I shares is based on the historical performance of the Class S shares. Because the Class I shares invest in the same portfolio of securities as the Class S shares, performance will be different only to the extent that the Class S shares have a higher expense ratio. 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 0.50%

Top Ten Investments

As of 03/31/2021

ISHARES JP MORGAN USD EMERGI 4.32000 3.00%
VANECK VECTORS J.P. MORGAN 1.55200 2.84%
ALEXANDER FUNDING TRUST 1.84100 11/15/2023 1.54%
AMERICAN TOWER CORP 3.80000 08/15/2029 1.37%
AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 1.36%
PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 1.33%
OCT18 2018-18A 1.18338 04/16/2031 1.22%
SABINE PASS LIQUEFACTION 5.75000 05/15/2024 1.20%
BANK OF AMERICA CORP 4.00000 01/22/2025 1.16%
OXFIN 2019-1A A2 4.45900 02/15/2027 1.14%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 03/31/2021

Government
2.29%
Cash
2.88%
Corporate
46.22%
Mortgage
42.34%
Other
6.27%

Credit Quality Distribution

As of 03/31/2021

AAA
21.82%
AA
2.56%
A
12.96%
BBB
17.64%
BB
13.82%
B
6.90%
CCC
0.62%
D
0.00%
NR
23.68%

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.

March Fund Holdings

As of 03/31/2021

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 2,000,000 $2,246,501.88
01166WAA5 ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 5,913,635.13 $6,566,529.43
014621AA4 ALEXANDER FUNDING TRUST 1.84100 11/15/2023 US 10,000,000 $10,152,598.80
01609WAU6 ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 1,685,000 $1,811,531.35
01609WAY8 ALIBABA GROUP HOLDING 2.70000 02/09/2041 KY 1,775,000 $1,607,107.99
02406MAP2 AMERICAN AXLE & MANUFACTURING 3.00000 04/06/2024 US 5,448,953.53 $5,415,769.40
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 8,250,000 $8,976,609.26
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 1,555,000 $1,553,056.25
045054AJ2 ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 1,500,000 $1,566,960.00
05401AAJ0 AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 KY 9,000,000 $8,921,697.84
05567SAA0 BNSF FUNDING TRUST I 6.61300 12/15/2055 US 1,500,000 $1,718,712.00
059438AK7 BANK ONE CORP 8.00000 04/29/2027 US 3,000,000 $4,061,837.43
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 7,000,000 $7,647,993.08
071734AH0 BAUSCH HEALTH COS INC 5.00000 01/30/2028 CA 145,000 $147,784.00
07403VAA7 BEASLEY MEZ HLDGS LLC 8.62500 02/01/2026 US 1,545,000 $1,552,725.00
09261XAA0 BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 1,850,000 $1,837,194.23
105756BV1 FED REPUBLIC OF BRAZIL 4.25000 01/07/2025 BR 1,300,000 $1,389,037.00
12116LAA7 BURFORD CAPITAL GLBL FIN 6.25000 04/15/2028 US 2,000,000 $2,050,000.00
12327BAA4 BJETS 2021-1A A 2.16200 04/15/2036 US 5,650,000 $5,632,798.58
12345678 JONAH ENERGY PARENT LLC US 85,915 $1,288,725.00
12467AAF5 C&S GROUP ENTERPRISES LL 5.00000 12/15/2028 US 2,300,000 $2,236,750.00
12530MAA3 SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 3,912,953.23 $3,941,317.84
12530MAC9 SORT 2020-1 B1 2.28000 07/15/2060 US 1,908,757.67 $1,940,187.27
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 394,922.07 $402,090.93
12565KAA5 CLIF 2021-1A A MTGE 1.64000 02/18/2046 US 6,700,000 $6,543,023.02
12598FAA7 CPI CG INC 8.62500 03/15/2026 US 3,540,000 $3,709,176.60
133131AZ5 CAMDEN PROPERTY TRUST 2.80000 05/15/2030 US 3,225,000 $3,305,957.30
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 1,594,278.02 $1,601,833.78
156700BA3 CENTURYLINK INC 7.50000 04/01/2024 US 5,990,000 $6,713,890.90
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 3,700,000 $4,166,772.02
17327XAA5 CGCMT 2019-SST2 1.02600 12/15/2036 US 7,000,000 $7,002,204.30
19424KAB9 CASL 2021-A A2 1.60000 07/25/2051 US 3,000,000 $2,964,650.70
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 3,738,579.38 $3,835,408.59
21872FAA5 COLONY AMERICAN FINANCE LTD 3.32400 03/15/2052 US 4,837,820.46 $5,137,480.86
21872NAA8 CAFL 2019-3 A 2.70500 10/15/2052 US 2,796,985.92 $2,913,152.58
21873AAA5 CAFL 2020-4 A MTGE 1.17400 12/15/2052 US 1,232,923.11 $1,215,852.30
21873CAA1 CAFL 2020-3 A 1.35800 08/15/2053 US 1,962,804.28 $1,934,572.68
225310AN1 CREDIT ACCEPTANC 5.12500 12/31/2024 US 3,017,000 $3,077,340.00
22535AAA3 CAALT 2019-1A A 3.33000 02/15/2028 US 3,590,099.08 $3,638,005.72
22535FAA2 CAALT 2018-2A A Mtge 3.47000 05/17/2027 US 399,454.09 $399,943.82
22537CAE9 CAALT 2021-2A A 1.64000 06/17/2030 US 3,800,000 $3,770,109.58
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 5,000,000 $5,148,366.95
22822VAR2 CROWN CASTLE INTL CORP 3.30000 07/01/2030 US 1,850,000 $1,931,486.04
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 224,222.88 $226,950.48
23311RAE6 DCP MIDSTREAM OPERATING 4.75000 09/30/2021 US 3,637,000 $3,659,731.25
23311VAG2 DCP MIDSTREAM 5.37500 07/15/2025 US 2,000,000 $2,167,250.00
23585WAA2 DANAOS CORP 8.50000 03/01/2028 MH 1,000,000 $1,068,750.00
23802WAA9 COLO 2021-1A A2 MTGE 2.06000 02/27/2051 US 5,200,000 $5,154,848.40
25470XAE5 DISH DBS CORP 6.75000 06/01/2021 US 5,518,000 $5,555,936.25
26150TAE9 DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 US 2,850,000 $2,922,197.28
28166GAA3 EDVES 2019-A A MTGE 3.58000 11/25/2038 US 2,973,493.68 $3,089,727.25
28166LAA2 EDVES 2021-A A MTGE 1.80000 11/25/2045 US 2,750,000 $2,721,216.30
29275YAC6 ENERSYS 4.37500 12/15/2027 US 305,000 $311,862.50
30262SAR9 FREMF 2015-K42 B FLT 3.85081 12/25/2024 US 1,900,000 $2,041,622.39
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 3,085,000 $3,100,425.00
30286XAN9 FREMF 2015-K43 B FLT 3.73284 02/25/2048 US 1,500,000 $1,614,947.25
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 82,526,627.86 $111,988.63
30291YAJ9 FREMF 2014-K716 B FLT 3.90344 08/25/2047 US 2,550,000 $2,562,363.68
302957AQ8 FREMF MORTGAGE TRUST 4.06766 07/25/2036 US 4,000,000 $3,488,085.60
302967AQ7 FREMF MORTGAGE TRUST 4.36149 11/25/2033 US 3,500,000 $3,656,388.40
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 353,607.5 $389,960.03
3128LCD86 FHLM POOL A78227 5.50000 06/01/2038 US 150,401.98 $176,509.77
3128M56M7 FHLM POOL G04176 5.50000 05/01/2038 US 128,443.27 $151,072.37
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 47,137.14 $55,528.34
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 289,156.95 $338,471.90
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 2,944.52 $3,040.02
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 3,053.74 $3,087.12
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 2,406.23 $2,433.75
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 3,268.02 $3,353.81
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 4,764.5 $4,884.80
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 290,269.68 $320,818.39
3128P7QL0 FHLM POOL C91359 4.50000 02/01/2031 US 125,162.04 $138,025.81
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 739,448.03 $765,743.91
3137ADTK3 FHMS K014 X1 FLT 1.46248 04/25/2021 US 358,569.14 $3.59
3137AJMG6 FMHS K016 X1 FLT 1.48185 10/25/2021 US 4,125,695.42 $6,512.41
3137AME78 FHMS K017 X1 FLT 1.28501 12/25/2021 US 29,388,760.33 $105,902.40
3137AUPF0 FHMS K021 x1 FLT 1.39972 06/25/2022 US 15,894,905.47 $178,264.54
3137B3NB0 FHMS K030 X1 FLT 0.16646 04/25/2023 US 53,166,086.43 $161,465.40
3137B4GZ3 FHMS K032 X1 FLT 0.08767 05/25/2023 US 31,299,772.63 $70,643.59
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 512,137.39 $515,587.51
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 112,364.46 $112,605.08
3137FRUV1 FHMS K106 X1 MTGE 1.35473 01/25/2030 US 53,925,350.09 $5,586,164.76
3138WDJY8 FEDERAL NATL MTG ASSN AS3878 4.50000 11/01/2044 US 574,342.6 $641,609.05
3138XU4Y5 FEDERAL NATL MTG ASSN AW5338 4.50000 06/01/2044 US 710,769.75 $799,751.75
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 200,562.81 $220,565.93
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 864.17 $868.05
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 1,672.25 $1,682.40
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 1,249.96 $1,251.23
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 2,937.79 $2,948.73
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 112,952.51 $132,800.26
31411YN90 FEDERAL NATL MTG ASSN 918516 5.50000 06/01/2037 US 68,178.83 $80,048.27
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 9.42 $9.45
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 1,104.42 $1,109.37
31416CJV9 FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 308,721.17 $368,032.19
31416RBE2 FEDERAL NATL MTG ASSN AA7236 4.00000 06/01/2039 US 524,509.23 $577,874.81
31417YDV6 FHLM POOL MA0115 4.50000 07/01/2029 US 47,051.23 $51,628.65
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 180,138.24 $199,039.34
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 112,149.54 $131,853.04
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 7,755.04 $8,150.31
343412AC6 FLUOR CORP 3.50000 12/15/2024 US 6,362,000 $6,548,877.39
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 4,480,000 $4,710,810.50
345370CV0 FORD MOTOR COMPANY 8.50000 04/21/2023 US 4,000,000 $4,460,000.00
345397XA6 FORD MOTOR CREDIT CO LLC 3.21900 01/09/2022 US 950,000 $960,402.50
345397YQ0 FORD MOTOR CREDIT CO LLC 2.97900 08/03/2022 US 2,050,000 $2,080,750.00
34960PAC5 FORTRESS TRANS & INFRAST 9.75000 08/01/2027 US 20,000 $22,775.00
36260XAL0 GSMS 2021- RENT B 1.21100 11/21/2035 US 4,000,000 $3,999,999.20
37255LAA5 GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 US 3,340,000 $3,609,287.50
376535AC4 GLADSTONE CAPITAL CORP 5.12500 01/31/2026 US 3,000,000 $3,153,750.00
38138JAC7 GLM 2021-9A A FLT 1.19475 01/20/2033 KY 6,000,000 $6,001,884.00
38217TAA3 GOODG 2020-1A MTGE 2.63000 04/15/2055 US 4,729,979.25 $4,858,178.72
400666AA1 GUARA NORTE SARL 5.19800 06/15/2034 LU 3,100,000 $3,040,480.00
418751AD5 HAT HOLDINGS I LLC/HAT 3.75000 09/15/2030 US 240,000 $231,000.00
419792ZZ2 HAWAII ST 2.63200 10/01/2030 US 3,905,000 $3,914,762.50
428041BD8 HFLF 2018-1 A2 MTGE 3.23000 05/10/2032 US 2,095,947.47 $2,099,199.12
450913AF5 IAMGOLD CORP 5.75000 10/15/2028 CA 2,475,000 $2,506,680.00
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 3,425,000 $3,425,000.00
46116VAE5 INTL FC STORE INC 8.62500 06/15/2025 US 3,580,000 $3,781,375.00
46187BAA1 IHSFR 2017-SFR2 A 0.95800 12/17/2036 US 447,955.96 $448,446.11
46187BAB9 IHSFR 2017-SFR2 B 1.25800 12/17/2036 US 400,000 $400,752.08
464288281 ISHARES JP MORGAN USD EMERGI 4.32000 US 180,900 $19,696,392.00
465410BX5 ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 4,500,000 $4,695,572.39
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 184,532.34 $184,993.67
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 168,544.46 $170,754.11
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 173,710.27 $176,787.10
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 428,292.7 $437,877.85
48088LAB3 JOSEPH T RYERSON & SON 8.50000 08/01/2028 US 580,000 $649,600.00
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 1,555,000 $1,729,937.50
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 3,500,000 $4,686,824.21
505742AG1 LADDER CAP FIN LLLP/CORP 5.25000 10/01/2025 US 3,560,000 $3,560,000.00
51889RAB5 LRK 2019-A A2FX Mtge 2.73000 10/25/2048 US 1,263,487.33 $1,291,825.58
539473AE8 LLOYDS BANK PLC 12.00000 12/16/2024 GB 3,000,000 $3,330,000.00
54240F202 LONESTAR RES US INC NPV US LONE 133,824 $749,414.40
552848AG8 MGIC INVESTMENT CORP 5.25000 08/15/2028 US 2,405,000 $2,504,206.25
57109HAA0 MFT 2019-2A A MTGE 3.13000 07/16/2029 US 668,659.49 $673,459.13
59022CAA1 BANK OF AMERICA CORP 0.94388 09/15/2026 US 3,561,000 $3,525,640.98
59166EAA3 MST 2019-1A A MTGE 3.75000 04/25/2058 US 1,346,386.23 $1,416,032.23
62913TAJ1 NGL ENRGY PART LP/FIN CO 7.50000 11/01/2023 US 2,095,000 $2,021,675.00
62954NAA3 NYCTL 2018-A A 3.22000 11/10/2031 US 283,078.13 $283,785.83
63938CAD0 NAVIENT CORP 6.62500 07/26/2021 US 3,717,000 $3,786,693.75
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 3,050,000 $3,313,062.50
63938EAC8 NAVSL 2014-1 A3 FLT 0.61863 06/25/2031 US 5,108,906.61 $5,070,479.46
63939KAC3 NAVSL 2015-BA A3 1.55600 07/16/2040 US 2,740,802.15 $2,782,559.64
63939RAA2 NAVSL 2017-2A A FLT 1.15863 12/27/2066 US 3,522,439.44 $3,567,284.67
63941MAA9 NAVSL 2019-EA A1 2.39000 05/15/2068 US 180,209.22 $180,303.51
63941UAA1 NAVSL 2020-GA A MTGE 1.17000 09/16/2069 US 1,338,930.34 $1,343,967.80
63942BAA2 NAVSL 2021-A A 0.84000 05/15/2069 US 1,983,142.39 $1,976,669.02
63942FAB1 NAVSL 2020-1A A1B 1.15863 06/25/2069 US 2,865,664.39 $2,925,390.28
63942NAA6 NAVSL 2021-1A A1A 1.31000 12/26/2069 US 7,000,000 $6,850,064.20
63946BAF7 NBCUNIVERSAL MEDIA LLC 6.40000 04/30/2040 US 2,640,000 $3,803,777.50
64134JAC7 NEUB 2021-40A B 1.58788 04/16/2033 KY 4,200,000 $4,200,865.20
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 400,222.26 $426,271.45
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 580,648.31 $615,598.46
64830DAB9 NRZT 2019-2A A1 4.25000 12/25/2057 US 3,006,990.01 $3,189,716.07
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 5,870,000 $587.00
66981FAA8 ASMR 2020- SFR4 A 1.35500 11/17/2037 US 4,833,000 $4,798,176.79
670898AC9 OCP 2020-8RA A1 1.43967 01/17/2032 KY 3,500,000 $3,501,368.50
67421QAA0 OASIS MIDSTREAM PARTNERS 8.00000 04/01/2029 US 2,565,000 $2,635,537.50
67576FAA7 OCT18 2018-18A 1.18338 04/16/2031 KY 8,000,000 $8,001,272.00
691205AC2 OWL ROCK TECHNOLOGY FINA 4.75000 12/15/2025 US 2,280,000 $2,437,504.02
691205AE8 OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 3,000,000 $3,066,585.18
69144AAA7 OXFIN 2020-1A A2 3.10100 02/15/2028 US 6,300,000 $6,506,451.00
69144AAB5 OXFIN 2020-1A B 4.03700 02/15/2028 US 3,700,000 $3,821,614.56
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 7,235,000 $7,492,629.67
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 1,695,000 $1,720,086.00
69354NAC0 PRA GROUP INC 7.37500 09/01/2025 US 3,570,000 $3,819,900.00
69375BAC1 PSMC 2019-3 A3 MTGE 3.50000 11/25/2049 US 465,181.34 $465,810.59
70806AAA4 PENNANTPARK FLOATING RAT 4.25000 04/01/2026 US 3,500,000 $3,506,990.31
733174AK2 POPULAR INC 6.12500 09/14/2023 PR 3,053,000 $3,297,240.00
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 1,090,000 $1,176,355.25
74331AAA0 2019- SFR4 CLASS A 2.68700 10/17/2036 US 3,800,000 $3,894,085.72
74333NAA0 PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 US 8,543,742.62 $8,737,186.62
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 440,000 $461,450.00
75606DAL5 REALOGY GROUP/CO-ISSUER 5.75000 01/15/2029 US 1,130,000 $1,114,462.50
78403DAN0 SBA TOWER TRUST 2.83600 01/15/2025 US 3,500,000 $3,670,816.10
78403DAP5 SBA TOWER TRUST 1.88400 01/15/2026 US 2,750,000 $2,738,340.83
78442FEL8 NAVIENT CORP 7.25000 01/25/2022 US 1,050,000 $1,088,062.50
78442FEQ7 NAVIENT CORP 5.50000 01/25/2023 US 2,417,000 $2,507,637.50
78442PGC4 SLM CORP 5.12500 04/05/2022 US 5,336,000 $5,456,060.00
784456AD7 SMB 2014-A A3 1.60600 04/15/2032 US 4,545,000 $4,598,723.72
78449XAA0 SMB 2020-BA A1A 1.29000 07/15/2053 US 2,539,348.89 $2,544,093.16
78472CAA6 SCLP 2019-1 A 3.24000 02/25/2028 US 313,699.47 $314,999.06
785592AJ5 SABINE PASS LIQUEFACTION 5.75000 05/15/2024 US 7,000,000 $7,897,866.69
81745BAB1 SEMT 2013-6 A2 3.00000 05/25/2043 US 2,519,921.08 $2,539,765.46
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 226,394.69 $228,582.89
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 288,376.79 $291,323.19
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 271,392.77 $272,326.39
81748MAD0 SEMT 2020-1 A4 3.50000 02/25/2050 US 963,287.54 $969,305.29
83192CAB3 SMB 2019-B A2A 2.84000 06/15/2037 US 4,249,221.12 $4,421,805.36
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 456,342.28 $467,004.12
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 133,459.15 $134,961.39
83405JAA3 SCLP 2017-4 A 2.50000 05/26/2026 US 12,838.17 $12,857.37
83405TAA1 SCLP 2019-3 A MTGE 2.90000 05/25/2028 US 450,186.24 $453,805.56
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 566,238.79 $570,338.59
844741BJ6 SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 3,000,000 $3,412,249.50
85207UAE5 SPRINT CORP 7.25000 09/15/2021 US 4,918,000 $5,041,441.80
85236KAE2 SIDC 2021-1A A2 MTGE 1.87700 03/26/2046 US 3,400,000 $3,375,030.40
85571BAG0 STARWOOD PROPERTY TRUST 5.00000 12/15/2021 US 2,150,000 $2,179,562.50
85571BAL9 STARWOOD PROPERTY TRUST 4.75000 03/15/2025 US 2,850,000 $2,959,098.00
85571XAA5 SRPT 2014-STAR A FLTG RATE 1.57600 11/15/2027 US 1,777,114.94 $1,306,179.48
861036AA9 STL HOLDING CO LLC 7.50000 02/15/2026 US 3,195,000 $3,322,800.00
86212XAA8 STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 2,431,390.58 $2,472,513.90
86935CAA0 SCML 2019-SBC8 2.86000 04/25/2041 US 3,112,869.31 $3,129,401.14
87230AAQ9 TFLAT 2016-1A CR2 2.43622 01/17/2032 KY 2,500,000 $2,495,825.00
87422VAA6 TALEN ENERGY SUPPLY LLC 6.50000 06/01/2025 US 1,450,000 $1,164,531.25
87485LAA2 TALOS PRODUCTION INC 12.00000 01/15/2026 US 3,510,000 $3,429,972.00
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 82,980.86 $83,160.01
87901JAJ4 TENGA INC 4.62500 03/15/2028 US 890,000 $905,575.00
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 6,650,000 $7,219,705.50
88315LAL2 TMCL 2021-A1 A 1.68000 02/20/2046 BM 6,556,000 $6,360,881.64
89052KAA3 TOORAK MORTGAGE CORP 4.53510 03/25/2022 US 5,000,000 $5,054,308.00
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 773,876.42 $788,701.03
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 2,445,314.55 $2,487,002.52
89175VAA1 TPMT 2018-2 A1 3.25000 03/25/2058 US 1,126,194.04 $1,174,188.83
89177EAA7 TPMT 2019-HY1 A1 1.10863 10/25/2048 US 2,615,923.81 $2,635,455.34
89613GAC0 TAH 2020-SFR1 C 2.24900 07/17/2038 US 2,500,000 $2,496,362.50
89657AAC0 TRL 2020-1A A 1.96000 10/17/2050 US 2,854,151.42 $2,854,224.20
89680HAE2 TCF 2021-1A 1.86000 03/20/2046 US 6,600,000 $6,437,661.12
90932KAA7 UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 2,533,364.01 $2,464,852.47
90932NAA1 UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 3,335,930.97 $3,373,694.05
91086QBG2 UNITED MEXICAN STATES 4.12500 01/21/2026 MX 1,800,000 $1,998,702.00
92189H300 VANECK VECTORS J.P. MORGAN 1.55200 US 609,000 $18,684,120.00
92212KAB2 VDC 2020-1A A2 1.64500 09/15/2045 US 6,500,000 $6,502,221.70
92343VCV4 VERIZON COMMUNICATIONS 4.27200 01/15/2036 US 4,000,000 $4,516,628.60
92535VAF9 VBTOW 2020-2A A 2.63600 09/15/2050 US 4,000,000 $4,004,520.80
93065PAA9 WBHT 2019-WBM A FLT 1.15600 12/15/2033 US 7,000,000 $6,991,520.20
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 3,052,000 $3,372,460.00
969457BY5 WILLIAMS COMPANIES INC 2.60000 03/15/2031 US 3,550,000 $3,459,106.83
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 191,288.26 $195,795.60
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 126,000,000 $6,286,222.27
BBG003D8K9C6 90DAY EURO$ FUTR EDU2 EU -2,750 $346,625.13
BBG0058ZNYR3 90DAY EURO$ FUTR EDU3 EU 2,750 -$793,500.13
BBG00X71TD89 EURO-BUXL 30Y BND FUTURE UBM1 DE -203 $438,071.97
BBG00X71TD98 EURO-BUND FUTURE RXM1 DE 559 $27,247.43
BBG00X9DZQ76 US 10YR NOTE FUTURE TYM1 US -85 $279,398.40
BBG00X9DZR92 US 10YR ULTRA FUTURE UXYM1 US -55 $277,896.85
BH8295835 SAUDI INTERNATIONAL BOND 2.90000 10/22/2025 SA 1,000,000 $1,060,002.00
BK0939417 AMERICAN TANKER INC 7.75000 07/02/2025 US 5,590,000 $5,700,656.29
BL3427798 TUTOR PERINI FLT 5.75000 08/18/2027 US 4,987,500 $5,037,375.00
BN6725160 SEASPAN CORP 6.50000 02/05/2024 MH 7,000,000 $7,227,500.00
BN7860420 PETROTAL CORP 12.00000 02/16/2024 CA 3,400,000 $3,400,000.00
BO4553299 TIGER HOLDCO PTE LTD 13.00000 06/10/2023 SG 6,000,000 $6,019,740.00
BO8204600 COPPER MOUNTAIN MINING C 8.00000 04/09/2026 CA 6,800,000 $6,630,000.00
USD US DOLLAR US 19,430,936.46 $19,430,936.46
ZO1818103 NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 MH 3,550,000 $3,692,000.00
ZO4110185 BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 6,800,000 $6,358,000.00

Investments will change over time.

Distributions

  • Unconstrained Bond Class I Distribution History
  • 2021 Distribution Calendar
  • Fourth Quarter 2020 Distributions
  • Third Quarter 2020 Distributions
  • Second Quarter 2020 Distributions
  • First Quarter 2021 Distributions
  • Tax Letter
  • Unconstrained Bond Return of Capital 2015

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 higher-yielding, lower-rated securities involve additional risks, including a higher risk of default and loss of principal. Funds that invest in foreign countries may be subject to the risks of adverse changes in foreign economic, political, regulatory and other conditions as well as risks related to the use of different financial standards. Investments in emerging markets may be more volatile than investments in more developed markets. 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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