Mutual Fund

Unconstrained Bond Series

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

$8.43

Daily $ Change

-$0.01

Daily % Change

-0.12%

as of 06/07/2023

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
Applications & Forms
Fact Sheet
XBRL-05/14/18
N-Port Part F Reports

Performance

As of 05/31/2023

YTD

2.16%

1 Year

0.67%

3 Year

2.11%

5 Year

2.39%

10 Year

2.12%

Inception
(08/01/2013)

4.00%

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.

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.

Expense Ratio

Gross 0.48%

Top Ten Investments

As of 05/31/2023

TREASURY NOTES 32.70%
CPS 2021-C 1.21000 06/15/2027 1.35%
ALEXANDER FUNDING TRUST 1.84100 11/15/2023 1.26%
IMPRL 2022-NQM4 A1 4.76700 06/25/2067 1.17%
GCAT 2022-NQM3 A1 4.34800 04/25/2067 1.15%
MEDIA AND GAMES INVEST FLT 9.00000 06/21/2026 1.08%
GSMBS 2022-PJ3 A24 3.00000 08/25/2052 1.04%
GOLDMAN SACH GROUP INC FLT 6.29733 03/15/2024 0.97%
WARNERMEDIA HOLDINGS INC FLT 6.68731 03/15/2024 0.97%
CAALT 2022 4.60000 06/15/2032 0.93%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 05/31/2023

Treasury
31.33%
Government
0.53%
Cash
4.13%
Corporate
21.34%
Mortgage
41.83%
Other
0.84%

Credit Quality Distribution

As of 05/31/2023

AAA
52.65%
AA
1.09%
A
13.50%
BBB
8.17%
BB
0.68%
B
1.02%
CCC
0.26%
D
0.16%
NR
22.47%

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.

Security Description Country Ticker Shares/Par Market Value (USD)
2019- SFR4 CLASS A 2.68700 10/17/2036 US 3,790,781.75 $3,632,138.48
ADC 2021-1A A2 1.93700 08/15/2046 US 4,500,000 $3,972,369.69
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 1,970,000 $1,707,905.29
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 3,611,109.72 $3,660,462.97
ALEXANDER FUNDING TRUST 1.84100 11/15/2023 US 10,000,000 $9,743,058.40
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 3,210,000 $2,718,909.64
AMAZON.COM INC 3.30000 04/13/2027 US 4,000,000 $3,857,534.00
AMERICAN TANKER INC 7.75000 07/02/2025 US 6,560,000 $6,304,229.86
ARGO BLOCKCHAIN PLC GB 71,086 $426,516.00
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 1,500,000 $1,389,870.92
BABS 2021-RM2 A 1.75000 10/25/2061 US 2,572,547.86 $2,249,626.22
BANK OF AMERICA CORP 5.62629 09/15/2026 US 3,561,000 $3,495,653.26
BANK ONE CORP 8.00000 04/29/2027 US 3,000,000 $3,325,011.15
BDS 2021-FL8 B MTGE 6.46129 01/18/2036 KY 3,000,000 $2,876,281.50
BJETS 2021-1A A 2.16200 04/15/2036 US 3,419,151.7 $3,145,653.76
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 1,500,000 $1,441,495.16
BRAVO 2019-2 3.50000 10/25/2044 US 3,132,654.26 $2,946,207.14
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 8,125,334 $6,980,947.66
BRSP 2021-FL1 A 6.33774 08/19/2038 US 3,000,000 $2,898,825.00
CAALT 2020-3A A 1.24000 10/15/2029 US 2,347,270.96 $2,321,665.33
CAALT 2021-2A A 1.64000 06/17/2030 US 3,800,000 $3,523,922.51
CAALT 2021-3A C MTGE 1.63000 09/16/2030 US 3,000,000 $2,769,725.13
CAALT 2022 4.60000 06/15/2032 US 7,400,000 $7,208,431.46
CABONLINE GROUP HOLD FLT 13.01400 04/19/2026 SE 17,500,000 $1,441,606.53
CAFL 2019-3 A 2.70500 10/15/2052 US 1,783,471.25 $1,683,359.84
CAFL 2020-3 A 1.35800 08/15/2053 US 922,923.82 $839,347.81
CAFL 2020-4 A MTGE 1.17400 12/15/2052 US 962,148.34 $874,209.49
CALDERYS FINANCING LLC 11.25000 06/01/2028 US 4,000,000 $4,052,200.00
CARMX 2020-4 A3 0.50000 08/15/2025 US 4,530,685.53 $4,415,857.07
CARMX 2023-2 5.50800 05/15/2024 US 2,989,763.75 $2,986,519.86
CASL 2021-A A2 1.60000 07/25/2051 US 1,689,955.86 $1,471,856.49
CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 1,835,376.91 $1,666,421.11
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 1,579,000 $1,652,974.52
CIM 2019-INV1 A1 4.00000 02/25/2049 US 74,531.31 $72,260.66
CNH 2023-A 5.42500 05/15/2024 US 2,141,674.1 $2,136,417.06
COLO 2021-1A A2 MTGE 2.06000 02/27/2051 US 5,200,000 $4,613,134.60
COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 US 3,345,000 $3,141,102.11
COLONY AMERICAN FINANCE LTD 3.32400 03/15/2052 US 478,053.34 $471,572.51
CPS 2021-C 1.21000 06/15/2027 US 10,720,000 $10,469,388.59
CROWN CASTLE INTL CORP 3.15000 07/15/2023 US 3,615,000 $3,603,243.33
CRVNA 2020-P1 A4 0.61000 10/08/2026 US 5,788,000 $5,489,220.78
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 112,943.2 $95,697.25
DNRFA 2021- 1A A MTGE 1.76000 04/15/2049 US 5,000,000 $4,288,943.50
DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 US 2,850,000 $2,541,251.78
DREYFUS GVT CSH MANAGEMENT US 33,416,129.6 $33,416,129.60
EDVES 2019-A A MTGE 3.58000 11/25/2038 US 1,454,668.45 $1,384,265.46
EDVES 2021-A A MTGE 1.80000 11/25/2045 US 1,773,041.58 $1,551,748.44
EXTENDA RETAIL HOLDING FLT 10.08500 03/30/2027 SE 34,000,000 $3,109,044.06
FCAT 2023-2 A1 5.42000 05/15/2024 US 3,500,000 $3,499,492.96
FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 201,162.92 $212,649.32
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 1,082.42 $1,074.64
FEDERAL NATL MTG ASSN AS3878 4.50000 11/01/2044 US 324,651.83 $321,705.88
FEDERAL NATL MTG ASSN AW5338 4.50000 06/01/2044 US 474,381.25 $466,495.72
FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 80,910.35 $79,904.76
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 108,897.9 $108,222.64
FHLM POOL C91359 4.50000 02/01/2031 US 69,876.33 $69,705.17
FHLM POOL C91746 4.50000 12/01/2033 US 153,877.39 $153,111.01
FHLM POOL D98711 4.50000 07/01/2031 US 208,267.08 $207,730.44
FHLM POOL G05900 6.00000 03/01/2040 US 35,482.81 $37,549.64
FHLM POOL G13331 5.50000 10/01/2023 US 42.69 $42.53
FHLM POOL MA0115 4.50000 07/01/2029 US 24,682.69 $24,377.79
FHMS K106 X1 MTGE 1.35401 01/25/2030 US 53,720,369.64 $3,873,086.62
FLX 2021-1A A2 3.25000 11/27/2051 US 4,760,000 $4,217,360.00
FNR 2018-31 KP 3.50000 07/25/2047 US 68,328.19 $66,052.80
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 4,480,000 $4,252,475.27
FSRIA 2021-FL2 A 6.32543 05/16/2038 US 3,000,000 $2,925,712.20
GALC 2022-1 A1 4.33500 10/16/2023 US 1,003,459.95 $1,002,270.70
GAMING INNOVATION GRP FLT 11.76400 06/11/2024 MT 10,000,000 $945,775.40
GCAT 2022-NQM3 A1 4.34800 04/25/2067 US 9,293,558.31 $8,950,466.81
GMALT 2021-1 B 0.54000 02/20/2025 US 5,690,000 $5,650,611.20
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 1,200,000 $1,122,163.01
GOLDMAN SACH GROUP INC FLT 6.29733 03/15/2024 US 7,500,000 $7,536,513.90
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 3,062,643.69 $2,579,474.28
GREENFOOD AB FLT 10.58400 11/04/2025 SE 21,250,000 $1,837,762.69
GREENIDGE GEN HLD INC US 70,000 $332,500.00
GSMBS 2021-GRE A6 2.50000 04/25/2052 US 5,397,163.32 $4,656,998.12
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 3,343,639.2 $2,882,080.84
GSMBS 2022-PJ1 A15 5.00000 05/28/2052 US 4,535,326.71 $4,173,102.41
GSMBS 2022-PJ3 A24 3.00000 08/25/2052 US 9,017,968.61 $8,063,056.18
HAWAII ST 2.63200 10/01/2037 US 3,905,000 $2,999,754.26
HERTZ 2021-1A B 1.56000 12/26/2025 US 3,000,000 $2,800,665.72
HTS2021-1 A MTGE 1.41100 08/25/2036 US 1,750,000 $1,553,125.00
HWIRE 2021-1 A2 2.31100 11/20/2051 US 3,500,000 $3,107,784.75
IIP OPERATING PARTNER 5.50000 05/25/2026 US 4,320,000 $3,700,031.36
IMPRL 2022-NQM2 3.63800 03/25/2067 US 6,820,827.2 $6,235,037.10
IMPRL 2022-NQM3 4.38000 05/25/2067 US 4,249,607.43 $4,064,960.46
IMPRL 2022-NQM4 A1 4.76700 06/25/2067 US 9,391,651.97 $9,099,506.32
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 4,500,000 $4,303,972.22
JOTUL AS FLT 10.66000 10/06/2024 NO 23,000,000 $2,101,539.04
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 315,089.78 $297,818.00
JPMMT 2022-INV3 A4B 3.00000 09/25/2052 US 6,988,107.34 $6,205,142.04
JPN 10Y BOND(OSE) JUN 23 JP -105 -$2,392,123.45
KEY BANK NA 5.29604 01/03/2024 US 5,000,000 $4,920,875.45
KREF 2021-FL2 AS MTGE 6.40771 02/15/2039 US 3,500,000 $3,323,222.00
LCCM 2021-FL2 AS 6.65743 12/13/2038 US 2,000,000 $1,906,384.60
LCCM 2021-FL2 B 7.00743 12/13/2038 US 3,000,000 $2,838,438.00
LEGAL BUSINESS SERVICES LLC 9.00000 06/15/2026 US 4,000,000 $3,769,985.88
LFS 2022-A A MTGE 5.25000 05/15/2034 US 4,826,878.47 $4,670,218.75
LRK 2019-A A2FX Mtge 2.73000 10/25/2048 US 326,712.94 $318,115.69
MEDIA AND GAMES INVEST FLT 9.00000 06/21/2026 SE 8,000,000 $8,337,744.43
MORGAN STANLEY 5.47758 01/25/2024 US 5,000,000 $4,997,425.80
MRT MID PART/MRT MID FIN 11.50000 02/15/2028 US 2,200,000 $2,073,414.93
MST 2019-1A A MTGE 3.75000 04/25/2058 US 774,877.87 $736,122.82
NAROT 2023-A 5.42400 05/15/2024 US 3,671,796.68 $3,667,299.06
NAVIENT CORP 6.75000 06/25/2025 US 1,800,000 $1,751,472.61
NAVSL 2014-1 A3 FLT 5.64800 06/25/2031 US 3,426,601.16 $3,296,053.00
NAVSL 2015-BA A3 6.55743 07/16/2040 US 1,701,262.21 $1,699,941.67
NAVSL 2017-2A A FLT 6.18800 12/27/2066 US 2,979,727.08 $2,948,267.39
NAVSL 2020-1A A1B 6.18800 06/25/2069 US 2,060,089.04 $2,031,604.35
NAVSL 2020-GA A MTGE 1.17000 09/16/2069 US 565,566.9 $500,669.39
NAVSL 2021-1A A1A 1.31000 12/26/2069 US 4,881,412.64 $4,151,753.63
NAVSL 2021-A A 0.84000 05/15/2069 US 866,413.04 $759,758.31
NAVSL 2022-A 2.23000 07/15/2070 US 3,357,766 $2,949,236.75
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 1,750,000 $1,574,339.66
NORTH INVST GROUP FLT 12.62100 05/05/2024 SE 23,750,000 $2,208,489.47
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 5,870,000 $587.00
NOVEDO HOLDINGS AB FLT 10.15900 11/26/2024 SE 26,250,000 $2,310,146.35
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 242,130.72 $221,422.59
NRZT 2015-2A A1 3.75000 08/25/2055 US 344,486.44 $321,732.49
NRZT 2019-2A A1 4.25000 12/25/2057 US 1,664,876.46 $1,586,715.01
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 2,109,749.81 $1,902,641.16
OASIS 2022-1A A 4.75000 05/15/2034 US 1,846,182.73 $1,820,980.86
OASIS 2022-2A A 6.85000 10/15/2034 US 3,547,638.48 $3,523,039.86
OASIS 2023-1A 7.00000 02/15/2035 US 2,356,545.41 $2,338,113.45
ODFJELL DRILLING LTD 9.25000 05/31/2028 BM 4,200,000 $4,221,000.00
OXFIN 2019-1A A2 4.45900 02/15/2027 US 1,971,962.21 $1,956,409.15
OXFIN 2020-1A A2 3.10100 02/15/2028 US 3,389,780.08 $3,357,644.96
OXFIN 2020-1A B 4.03700 02/15/2028 US 1,414,619.55 $1,388,697.78
OXFIN 2022-1A 3.60200 02/15/2030 US 4,650,000 $4,271,794.11
OXFIN 2023-1A A2 6.71600 02/15/2031 US 4,430,000 $4,395,467.71
PARTS 2023-1A 5.57800 05/15/2024 US 3,000,000 $2,998,947.06
PEAR 2020-1 A MTGE 3.75000 12/15/2032 US 1,257,011.91 $1,235,202.88
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 3,755,718.29 $3,545,692.51
PEAR 2022-1 A1 6.50000 10/15/2034 US 1,204,202.65 $1,202,288.69
PEAR 2022-1 A2 7.25000 10/15/2034 US 2,500,000 $2,429,794.50
PELORUS FUND REIT 7.00000 09/30/2026 US 4,345,000 $4,070,602.65
PEPSICO INC 3.90000 07/18/2032 US 4,000,000 $3,863,195.60
PING PETROLEUM UK 12.00000 07/29/2024 GB 2,300,000 $2,129,138.91
POPULAR INC 6.12500 09/14/2023 PR 3,735,000 $3,716,325.00
PRIVATE EXPORT FUNDING 3.90000 10/15/2027 US 5,000,000 $4,959,355.10
RCKT 2021-6 A5 2.50000 12/25/2051 US 5,232,412.6 $4,499,495.12
RUN 2022-NQM1 A1 4.00000 03/25/2067 US 3,224,463.4 $3,068,983.61
SABINE PASS LIQUEFACTION 5.75000 05/15/2024 US 7,000,000 $6,985,815.06
SALTT 2021-1A AA 2.30100 02/28/2033 US 820,811.74 $754,391.65
SBA TOWER TRUST 1.88400 01/15/2026 US 2,750,000 $2,483,600.08
SBA TOWER TRUST 2.83600 01/15/2025 US 3,500,000 $3,322,856.60
SBA TOWER TRUST 6.59900 01/15/2028 US 6,110,000 $6,322,794.19
SCML 2019-SBC8 2.86000 04/25/2041 US 2,098,865.85 $1,934,830.04
SDART 2020-3 C 1.12000 01/15/2026 US 612,087.7 $610,969.45
SDART 2020-4 C 1.01000 01/15/2026 US 1,177,103.32 $1,170,101.06
SDART 2023 - 4 B 0.88000 06/15/2026 US 3,594,419.05 $3,544,746.62
SEMT 2013-2 1.87400 02/25/2043 US 120,120.37 $104,645.37
SEMT 2013-6 A2 3.00000 05/25/2043 US 1,264,680.12 $1,089,117.40
SEMT 2013-7 A2 3.00000 06/25/2043 US 119,220.69 $105,404.16
SEMT 2013-8 A1 3.00000 06/25/2043 US 141,598.24 $125,743.28
SIDC 2021-1A A2 MTGE 1.87700 03/26/2046 US 3,400,000 $3,013,366.48
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 5,500,000 $4,468,944.87
SLAM 2021-1A A MTGE 2.43400 06/15/2046 US 5,633,280 $4,957,286.40
SMB 2019-B A2A 2.84000 06/15/2037 US 2,266,377.92 $2,092,481.62
SMB 2020-BA A1A 1.29000 07/15/2053 US 1,323,237.5 $1,156,199.37
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 3,687,753.21 $3,330,537.15
SORT 2020-1 B1 2.28000 07/15/2060 US 1,798,904 $1,615,568.88
SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 3,000,000 $2,987,408.07
SRPT 2014-STAR A FLTG RATE 6.57800 11/15/2027 US 1,777,114.94 $1,297,269.08
STEAM 2021-3 A MTGE 2.21000 06/28/2051 US 5,512,028.63 $4,784,104.45
STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 2,378,335.79 $2,161,016.07
SYNCHRONOSS TECH US 98,948 $1,830,538.00
TAH 2020-SFR1 C 2.24900 07/17/2038 US 2,500,000 $2,234,877.30
TCF 2021-1A 1.86000 03/20/2046 US 5,384,500 $4,611,119.42
TENCENT HOLDINGS 3.97500 04/11/2029 KY 6,650,000 $6,266,528.22
TMCL 2021-A1 A 1.68000 02/20/2046 BM 5,412,000 $4,639,245.69
TPMT 2016-5 A1 2.50000 10/25/2056 US 109,853.26 $107,910.16
TPMT 2017-1 A1 2.75000 10/25/2056 US 326,656.68 $321,203.57
TPMT 2018-2 A1 3.25000 03/25/2058 US 495,635.69 $473,894.28
TPMT 2019-HY1 A1 6.13800 10/25/2048 US 1,155,452.59 $1,145,161.44
TREASURY NOTE 2.25000 11/15/2027 US 44,305,000 $41,442,481.86
TRL 2020-1A A 1.96000 10/17/2050 US 2,058,460.11 $1,824,796.19
TRL 2021-1A A MTGE 2.26000 07/19/2051 US 1,856,248.32 $1,581,563.24
TRP 2021-1 A MTGE 2.07000 06/19/2051 US 2,895,963.68 $2,510,812.24
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 3,393,500.85 $3,193,958.22
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 3,366,630.2 $3,036,542.51
US 10YR ULTRA FUT US -440 -$351,538.00
US 2YR NOTE (CBT) US 1,050 -$182,483.70
US CLAIMS LIT FNDG LLC 10.25000 03/17/2028 US 1,375,000 $1,316,112.99
US TREASURY N/B 0.12500 08/31/2023 US 21,400,000 $21,121,632.87
US TREASURY N/B 0.37500 08/15/2024 US 10,460,000 $9,898,183.57
US TREASURY N/B 1.12500 01/15/2025 US 43,875,000 $41,458,447.49
US TREASURY N/B 2.75000 02/15/2028 US 26,155,000 $24,961,678.13
US TREASURY N/B 2.87500 05/15/2028 US 68,425,000 $65,602,468.75
US TREASURY N/B 2.87500 08/15/2028 US 25,475,000 $24,372,410.16
US TREASURY N/B 3.12500 11/15/2028 US 25,385,000 $24,561,970.83
VBTOW 2020-2A A 2.63600 09/15/2050 US 4,000,000 $3,675,483.60
VDC 2020-1A A2 1.64500 09/15/2045 US 6,500,000 $5,845,980.60
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 3,500,000 $3,385,505.03
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 4,500,000 $4,111,807.55
WARNERMEDIA HOLDINGS INC FLT 6.68731 03/15/2024 US 7,500,000 $7,492,578.98
WIN 2015-1 A1 3.50000 01/20/2045 US 70,874.14 $64,624.00
ZITON AS 12.95900 06/09/2028 DK 4,000,000 $4,275,600.00

Investments will change over time.

Distributions

  • Unconstrained Bond Class I Distribution History
  • 2023 Distribution Calendar
  • 2023 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

$8.43

Daily $ Change

-$0.01

Daily % Change

-$0.12

as of 06/07/2023

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
Applications & Forms
Fact Sheet
XBRL-05/14/18
N-Port Part F Reports

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 05/31/2023

YTD

2.16%

1 Year

0.67%

3 Year

2.11%

5 Year

2.39%

10 Year

2.12%

Inception
(08/01/2013)

4.00%

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.

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.

Expense Ratio

Gross 0.48%

Top Ten Investments

As of 05/31/2023

TREASURY NOTES 32.70%
CPS 2021-C 1.21000 06/15/2027 1.35%
ALEXANDER FUNDING TRUST 1.84100 11/15/2023 1.26%
IMPRL 2022-NQM4 A1 4.76700 06/25/2067 1.17%
GCAT 2022-NQM3 A1 4.34800 04/25/2067 1.15%
MEDIA AND GAMES INVEST FLT 9.00000 06/21/2026 1.08%
GSMBS 2022-PJ3 A24 3.00000 08/25/2052 1.04%
GOLDMAN SACH GROUP INC FLT 6.29733 03/15/2024 0.97%
WARNERMEDIA HOLDINGS INC FLT 6.68731 03/15/2024 0.97%
CAALT 2022 4.60000 06/15/2032 0.93%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 05/31/2023

Treasury
31.33%
Government
0.53%
Cash
4.13%
Corporate
21.34%
Mortgage
41.83%
Other
0.84%

Credit Quality Distribution

As of 05/31/2023

AAA
52.65%
AA
1.09%
A
13.50%
BBB
8.17%
BB
0.68%
B
1.02%
CCC
0.26%
D
0.16%
NR
22.47%

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.

Security Description Country Ticker Shares/Par Market Value (USD)
2019- SFR4 CLASS A 2.68700 10/17/2036 US 3,790,781.75 $3,632,138.48
ADC 2021-1A A2 1.93700 08/15/2046 US 4,500,000 $3,972,369.69
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 1,970,000 $1,707,905.29
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 3,611,109.72 $3,660,462.97
ALEXANDER FUNDING TRUST 1.84100 11/15/2023 US 10,000,000 $9,743,058.40
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 3,210,000 $2,718,909.64
AMAZON.COM INC 3.30000 04/13/2027 US 4,000,000 $3,857,534.00
AMERICAN TANKER INC 7.75000 07/02/2025 US 6,560,000 $6,304,229.86
ARGO BLOCKCHAIN PLC GB 71,086 $426,516.00
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 1,500,000 $1,389,870.92
BABS 2021-RM2 A 1.75000 10/25/2061 US 2,572,547.86 $2,249,626.22
BANK OF AMERICA CORP 5.62629 09/15/2026 US 3,561,000 $3,495,653.26
BANK ONE CORP 8.00000 04/29/2027 US 3,000,000 $3,325,011.15
BDS 2021-FL8 B MTGE 6.46129 01/18/2036 KY 3,000,000 $2,876,281.50
BJETS 2021-1A A 2.16200 04/15/2036 US 3,419,151.7 $3,145,653.76
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 1,500,000 $1,441,495.16
BRAVO 2019-2 3.50000 10/25/2044 US 3,132,654.26 $2,946,207.14
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 8,125,334 $6,980,947.66
BRSP 2021-FL1 A 6.33774 08/19/2038 US 3,000,000 $2,898,825.00
CAALT 2020-3A A 1.24000 10/15/2029 US 2,347,270.96 $2,321,665.33
CAALT 2021-2A A 1.64000 06/17/2030 US 3,800,000 $3,523,922.51
CAALT 2021-3A C MTGE 1.63000 09/16/2030 US 3,000,000 $2,769,725.13
CAALT 2022 4.60000 06/15/2032 US 7,400,000 $7,208,431.46
CABONLINE GROUP HOLD FLT 13.01400 04/19/2026 SE 17,500,000 $1,441,606.53
CAFL 2019-3 A 2.70500 10/15/2052 US 1,783,471.25 $1,683,359.84
CAFL 2020-3 A 1.35800 08/15/2053 US 922,923.82 $839,347.81
CAFL 2020-4 A MTGE 1.17400 12/15/2052 US 962,148.34 $874,209.49
CALDERYS FINANCING LLC 11.25000 06/01/2028 US 4,000,000 $4,052,200.00
CARMX 2020-4 A3 0.50000 08/15/2025 US 4,530,685.53 $4,415,857.07
CARMX 2023-2 5.50800 05/15/2024 US 2,989,763.75 $2,986,519.86
CASL 2021-A A2 1.60000 07/25/2051 US 1,689,955.86 $1,471,856.49
CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 1,835,376.91 $1,666,421.11
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 1,579,000 $1,652,974.52
CIM 2019-INV1 A1 4.00000 02/25/2049 US 74,531.31 $72,260.66
CNH 2023-A 5.42500 05/15/2024 US 2,141,674.1 $2,136,417.06
COLO 2021-1A A2 MTGE 2.06000 02/27/2051 US 5,200,000 $4,613,134.60
COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 US 3,345,000 $3,141,102.11
COLONY AMERICAN FINANCE LTD 3.32400 03/15/2052 US 478,053.34 $471,572.51
CPS 2021-C 1.21000 06/15/2027 US 10,720,000 $10,469,388.59
CROWN CASTLE INTL CORP 3.15000 07/15/2023 US 3,615,000 $3,603,243.33
CRVNA 2020-P1 A4 0.61000 10/08/2026 US 5,788,000 $5,489,220.78
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 112,943.2 $95,697.25
DNRFA 2021- 1A A MTGE 1.76000 04/15/2049 US 5,000,000 $4,288,943.50
DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 US 2,850,000 $2,541,251.78
DREYFUS GVT CSH MANAGEMENT US 33,416,129.6 $33,416,129.60
EDVES 2019-A A MTGE 3.58000 11/25/2038 US 1,454,668.45 $1,384,265.46
EDVES 2021-A A MTGE 1.80000 11/25/2045 US 1,773,041.58 $1,551,748.44
EXTENDA RETAIL HOLDING FLT 10.08500 03/30/2027 SE 34,000,000 $3,109,044.06
FCAT 2023-2 A1 5.42000 05/15/2024 US 3,500,000 $3,499,492.96
FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 201,162.92 $212,649.32
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 1,082.42 $1,074.64
FEDERAL NATL MTG ASSN AS3878 4.50000 11/01/2044 US 324,651.83 $321,705.88
FEDERAL NATL MTG ASSN AW5338 4.50000 06/01/2044 US 474,381.25 $466,495.72
FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 80,910.35 $79,904.76
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 108,897.9 $108,222.64
FHLM POOL C91359 4.50000 02/01/2031 US 69,876.33 $69,705.17
FHLM POOL C91746 4.50000 12/01/2033 US 153,877.39 $153,111.01
FHLM POOL D98711 4.50000 07/01/2031 US 208,267.08 $207,730.44
FHLM POOL G05900 6.00000 03/01/2040 US 35,482.81 $37,549.64
FHLM POOL G13331 5.50000 10/01/2023 US 42.69 $42.53
FHLM POOL MA0115 4.50000 07/01/2029 US 24,682.69 $24,377.79
FHMS K106 X1 MTGE 1.35401 01/25/2030 US 53,720,369.64 $3,873,086.62
FLX 2021-1A A2 3.25000 11/27/2051 US 4,760,000 $4,217,360.00
FNR 2018-31 KP 3.50000 07/25/2047 US 68,328.19 $66,052.80
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 4,480,000 $4,252,475.27
FSRIA 2021-FL2 A 6.32543 05/16/2038 US 3,000,000 $2,925,712.20
GALC 2022-1 A1 4.33500 10/16/2023 US 1,003,459.95 $1,002,270.70
GAMING INNOVATION GRP FLT 11.76400 06/11/2024 MT 10,000,000 $945,775.40
GCAT 2022-NQM3 A1 4.34800 04/25/2067 US 9,293,558.31 $8,950,466.81
GMALT 2021-1 B 0.54000 02/20/2025 US 5,690,000 $5,650,611.20
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 1,200,000 $1,122,163.01
GOLDMAN SACH GROUP INC FLT 6.29733 03/15/2024 US 7,500,000 $7,536,513.90
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 3,062,643.69 $2,579,474.28
GREENFOOD AB FLT 10.58400 11/04/2025 SE 21,250,000 $1,837,762.69
GREENIDGE GEN HLD INC US 70,000 $332,500.00
GSMBS 2021-GRE A6 2.50000 04/25/2052 US 5,397,163.32 $4,656,998.12
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 3,343,639.2 $2,882,080.84
GSMBS 2022-PJ1 A15 5.00000 05/28/2052 US 4,535,326.71 $4,173,102.41
GSMBS 2022-PJ3 A24 3.00000 08/25/2052 US 9,017,968.61 $8,063,056.18
HAWAII ST 2.63200 10/01/2037 US 3,905,000 $2,999,754.26
HERTZ 2021-1A B 1.56000 12/26/2025 US 3,000,000 $2,800,665.72
HTS2021-1 A MTGE 1.41100 08/25/2036 US 1,750,000 $1,553,125.00
HWIRE 2021-1 A2 2.31100 11/20/2051 US 3,500,000 $3,107,784.75
IIP OPERATING PARTNER 5.50000 05/25/2026 US 4,320,000 $3,700,031.36
IMPRL 2022-NQM2 3.63800 03/25/2067 US 6,820,827.2 $6,235,037.10
IMPRL 2022-NQM3 4.38000 05/25/2067 US 4,249,607.43 $4,064,960.46
IMPRL 2022-NQM4 A1 4.76700 06/25/2067 US 9,391,651.97 $9,099,506.32
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 4,500,000 $4,303,972.22
JOTUL AS FLT 10.66000 10/06/2024 NO 23,000,000 $2,101,539.04
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 315,089.78 $297,818.00
JPMMT 2022-INV3 A4B 3.00000 09/25/2052 US 6,988,107.34 $6,205,142.04
JPN 10Y BOND(OSE) JUN 23 JP -105 -$2,392,123.45
KEY BANK NA 5.29604 01/03/2024 US 5,000,000 $4,920,875.45
KREF 2021-FL2 AS MTGE 6.40771 02/15/2039 US 3,500,000 $3,323,222.00
LCCM 2021-FL2 AS 6.65743 12/13/2038 US 2,000,000 $1,906,384.60
LCCM 2021-FL2 B 7.00743 12/13/2038 US 3,000,000 $2,838,438.00
LEGAL BUSINESS SERVICES LLC 9.00000 06/15/2026 US 4,000,000 $3,769,985.88
LFS 2022-A A MTGE 5.25000 05/15/2034 US 4,826,878.47 $4,670,218.75
LRK 2019-A A2FX Mtge 2.73000 10/25/2048 US 326,712.94 $318,115.69
MEDIA AND GAMES INVEST FLT 9.00000 06/21/2026 SE 8,000,000 $8,337,744.43
MORGAN STANLEY 5.47758 01/25/2024 US 5,000,000 $4,997,425.80
MRT MID PART/MRT MID FIN 11.50000 02/15/2028 US 2,200,000 $2,073,414.93
MST 2019-1A A MTGE 3.75000 04/25/2058 US 774,877.87 $736,122.82
NAROT 2023-A 5.42400 05/15/2024 US 3,671,796.68 $3,667,299.06
NAVIENT CORP 6.75000 06/25/2025 US 1,800,000 $1,751,472.61
NAVSL 2014-1 A3 FLT 5.64800 06/25/2031 US 3,426,601.16 $3,296,053.00
NAVSL 2015-BA A3 6.55743 07/16/2040 US 1,701,262.21 $1,699,941.67
NAVSL 2017-2A A FLT 6.18800 12/27/2066 US 2,979,727.08 $2,948,267.39
NAVSL 2020-1A A1B 6.18800 06/25/2069 US 2,060,089.04 $2,031,604.35
NAVSL 2020-GA A MTGE 1.17000 09/16/2069 US 565,566.9 $500,669.39
NAVSL 2021-1A A1A 1.31000 12/26/2069 US 4,881,412.64 $4,151,753.63
NAVSL 2021-A A 0.84000 05/15/2069 US 866,413.04 $759,758.31
NAVSL 2022-A 2.23000 07/15/2070 US 3,357,766 $2,949,236.75
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 1,750,000 $1,574,339.66
NORTH INVST GROUP FLT 12.62100 05/05/2024 SE 23,750,000 $2,208,489.47
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 5,870,000 $587.00
NOVEDO HOLDINGS AB FLT 10.15900 11/26/2024 SE 26,250,000 $2,310,146.35
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 242,130.72 $221,422.59
NRZT 2015-2A A1 3.75000 08/25/2055 US 344,486.44 $321,732.49
NRZT 2019-2A A1 4.25000 12/25/2057 US 1,664,876.46 $1,586,715.01
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 2,109,749.81 $1,902,641.16
OASIS 2022-1A A 4.75000 05/15/2034 US 1,846,182.73 $1,820,980.86
OASIS 2022-2A A 6.85000 10/15/2034 US 3,547,638.48 $3,523,039.86
OASIS 2023-1A 7.00000 02/15/2035 US 2,356,545.41 $2,338,113.45
ODFJELL DRILLING LTD 9.25000 05/31/2028 BM 4,200,000 $4,221,000.00
OXFIN 2019-1A A2 4.45900 02/15/2027 US 1,971,962.21 $1,956,409.15
OXFIN 2020-1A A2 3.10100 02/15/2028 US 3,389,780.08 $3,357,644.96
OXFIN 2020-1A B 4.03700 02/15/2028 US 1,414,619.55 $1,388,697.78
OXFIN 2022-1A 3.60200 02/15/2030 US 4,650,000 $4,271,794.11
OXFIN 2023-1A A2 6.71600 02/15/2031 US 4,430,000 $4,395,467.71
PARTS 2023-1A 5.57800 05/15/2024 US 3,000,000 $2,998,947.06
PEAR 2020-1 A MTGE 3.75000 12/15/2032 US 1,257,011.91 $1,235,202.88
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 3,755,718.29 $3,545,692.51
PEAR 2022-1 A1 6.50000 10/15/2034 US 1,204,202.65 $1,202,288.69
PEAR 2022-1 A2 7.25000 10/15/2034 US 2,500,000 $2,429,794.50
PELORUS FUND REIT 7.00000 09/30/2026 US 4,345,000 $4,070,602.65
PEPSICO INC 3.90000 07/18/2032 US 4,000,000 $3,863,195.60
PING PETROLEUM UK 12.00000 07/29/2024 GB 2,300,000 $2,129,138.91
POPULAR INC 6.12500 09/14/2023 PR 3,735,000 $3,716,325.00
PRIVATE EXPORT FUNDING 3.90000 10/15/2027 US 5,000,000 $4,959,355.10
RCKT 2021-6 A5 2.50000 12/25/2051 US 5,232,412.6 $4,499,495.12
RUN 2022-NQM1 A1 4.00000 03/25/2067 US 3,224,463.4 $3,068,983.61
SABINE PASS LIQUEFACTION 5.75000 05/15/2024 US 7,000,000 $6,985,815.06
SALTT 2021-1A AA 2.30100 02/28/2033 US 820,811.74 $754,391.65
SBA TOWER TRUST 1.88400 01/15/2026 US 2,750,000 $2,483,600.08
SBA TOWER TRUST 2.83600 01/15/2025 US 3,500,000 $3,322,856.60
SBA TOWER TRUST 6.59900 01/15/2028 US 6,110,000 $6,322,794.19
SCML 2019-SBC8 2.86000 04/25/2041 US 2,098,865.85 $1,934,830.04
SDART 2020-3 C 1.12000 01/15/2026 US 612,087.7 $610,969.45
SDART 2020-4 C 1.01000 01/15/2026 US 1,177,103.32 $1,170,101.06
SDART 2023 - 4 B 0.88000 06/15/2026 US 3,594,419.05 $3,544,746.62
SEMT 2013-2 1.87400 02/25/2043 US 120,120.37 $104,645.37
SEMT 2013-6 A2 3.00000 05/25/2043 US 1,264,680.12 $1,089,117.40
SEMT 2013-7 A2 3.00000 06/25/2043 US 119,220.69 $105,404.16
SEMT 2013-8 A1 3.00000 06/25/2043 US 141,598.24 $125,743.28
SIDC 2021-1A A2 MTGE 1.87700 03/26/2046 US 3,400,000 $3,013,366.48
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 5,500,000 $4,468,944.87
SLAM 2021-1A A MTGE 2.43400 06/15/2046 US 5,633,280 $4,957,286.40
SMB 2019-B A2A 2.84000 06/15/2037 US 2,266,377.92 $2,092,481.62
SMB 2020-BA A1A 1.29000 07/15/2053 US 1,323,237.5 $1,156,199.37
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 3,687,753.21 $3,330,537.15
SORT 2020-1 B1 2.28000 07/15/2060 US 1,798,904 $1,615,568.88
SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 3,000,000 $2,987,408.07
SRPT 2014-STAR A FLTG RATE 6.57800 11/15/2027 US 1,777,114.94 $1,297,269.08
STEAM 2021-3 A MTGE 2.21000 06/28/2051 US 5,512,028.63 $4,784,104.45
STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 2,378,335.79 $2,161,016.07
SYNCHRONOSS TECH US 98,948 $1,830,538.00
TAH 2020-SFR1 C 2.24900 07/17/2038 US 2,500,000 $2,234,877.30
TCF 2021-1A 1.86000 03/20/2046 US 5,384,500 $4,611,119.42
TENCENT HOLDINGS 3.97500 04/11/2029 KY 6,650,000 $6,266,528.22
TMCL 2021-A1 A 1.68000 02/20/2046 BM 5,412,000 $4,639,245.69
TPMT 2016-5 A1 2.50000 10/25/2056 US 109,853.26 $107,910.16
TPMT 2017-1 A1 2.75000 10/25/2056 US 326,656.68 $321,203.57
TPMT 2018-2 A1 3.25000 03/25/2058 US 495,635.69 $473,894.28
TPMT 2019-HY1 A1 6.13800 10/25/2048 US 1,155,452.59 $1,145,161.44
TREASURY NOTE 2.25000 11/15/2027 US 44,305,000 $41,442,481.86
TRL 2020-1A A 1.96000 10/17/2050 US 2,058,460.11 $1,824,796.19
TRL 2021-1A A MTGE 2.26000 07/19/2051 US 1,856,248.32 $1,581,563.24
TRP 2021-1 A MTGE 2.07000 06/19/2051 US 2,895,963.68 $2,510,812.24
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 3,393,500.85 $3,193,958.22
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 3,366,630.2 $3,036,542.51
US 10YR ULTRA FUT US -440 -$351,538.00
US 2YR NOTE (CBT) US 1,050 -$182,483.70
US CLAIMS LIT FNDG LLC 10.25000 03/17/2028 US 1,375,000 $1,316,112.99
US TREASURY N/B 0.12500 08/31/2023 US 21,400,000 $21,121,632.87
US TREASURY N/B 0.37500 08/15/2024 US 10,460,000 $9,898,183.57
US TREASURY N/B 1.12500 01/15/2025 US 43,875,000 $41,458,447.49
US TREASURY N/B 2.75000 02/15/2028 US 26,155,000 $24,961,678.13
US TREASURY N/B 2.87500 05/15/2028 US 68,425,000 $65,602,468.75
US TREASURY N/B 2.87500 08/15/2028 US 25,475,000 $24,372,410.16
US TREASURY N/B 3.12500 11/15/2028 US 25,385,000 $24,561,970.83
VBTOW 2020-2A A 2.63600 09/15/2050 US 4,000,000 $3,675,483.60
VDC 2020-1A A2 1.64500 09/15/2045 US 6,500,000 $5,845,980.60
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 3,500,000 $3,385,505.03
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 4,500,000 $4,111,807.55
WARNERMEDIA HOLDINGS INC FLT 6.68731 03/15/2024 US 7,500,000 $7,492,578.98
WIN 2015-1 A1 3.50000 01/20/2045 US 70,874.14 $64,624.00
ZITON AS 12.95900 06/09/2028 DK 4,000,000 $4,275,600.00

Investments will change over time.

Distributions

  • Unconstrained Bond Class I Distribution History
  • 2023 Distribution Calendar
  • 2023 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.

Sign up to receive the latest financial planning and investment tips and news.

View all Preferences