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

$9.68

Daily $ Change

$0.01

Daily % Change

0.10%

as of 01/14/2021

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 12/31/2020

YTD

---

1 Year

7.74%

3 Year

4.46%

5 Year

4.23%

10 Year

3.94%

Inception
(04/21/2005)

4.74%

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 12/31/2020

VANECK VECTORS J.P. MORGAN 1.62900 3.20%
AT&T INC 4.25000 03/01/2027 1.67%
ALEXANDER FUNDING TRUST 1.84100 11/15/2023 1.60%
AMERICAN TOWER CORP 3.80000 08/15/2029 1.52%
ITALY GOV'T INT BOND 2.37500 10/17/2024 1.50%
AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 1.45%
PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 1.40%
BOOKING HOLDINGS INC 3.60000 06/01/2026 1.34%
TENNESEE GAS PIPELINE 7.00000 03/15/2027 1.34%
SABINE PASS LIQUEFACTION 5.75000 05/15/2024 1.27%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 12/31/2020

Government 3.07%
Cash 5.72%
Corporate 51.94%
Mortgage 35.33%
Other 3.94%

Credit Quality Distribution

As of 12/31/2020

AAA 23.98%
AA 2.65%
A 8.93%
BBB 20.52%
BB 15.02%
B 11.24%
CCC 0.95%
D 0.02%
NR 16.69%

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.

December Fund Holdings

As of 12/31/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 9,000,000 $10,527,598.71
00653VAA9 ADAPTHEALTH LLC 6.12500 08/01/2028 US 2,375,000 $2,550,156.25
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 2,414,000 $2,667,470.00
00842XAA7 AFFINITY GAMING 6.87500 12/15/2027 US 1,520,000 $1,592,640.80
01166WAA5 ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 3,165,000 $3,437,988.21
014621AA4 ALEXANDER FUNDING TRUST 1.84100 11/15/2023 US 10,000,000 $10,113,825.10
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 8,250,000 $9,591,760.45
03217CAA4 AMS AG 7.00000 07/31/2025 AT 1,565,000 $1,698,025.00
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 2,200,000 $2,161,500.00
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 1,555,000 $1,493,111.00
03690EAA6 ANTERO MIDSTREAM PART/FI 7.87500 05/15/2026 US 640,000 $660,851.20
04364VAR4 ASCENT RESOURCES 8.25000 12/31/2028 US 1,475,000 $1,471,312.50
045054AJ2 ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 1,500,000 $1,593,210.00
05367AAD5 AVIATION CAPITAL GROUP 6.75000 04/06/2021 US 3,750,000 $3,800,201.29
05401AAJ0 AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 KY 9,000,000 $9,182,864.16
059438AK7 BANK ONE CORP 8.00000 04/29/2027 US 3,000,000 $4,194,169.14
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 7,000,000 $7,865,770.57
071734AH0 BAUSCH HEALTH COS INC 5.00000 01/30/2028 CA 2,425,000 $2,499,059.50
105756BV1 FED REPUBLIC OF BRAZIL 4.25000 01/07/2025 BR 1,300,000 $1,426,100.00
116ESCAD6 BRUIN E&P PARTNERS LLC 0.00000 08/01/2023 US 4,940,000 $494.00
12467AAF5 C&S GROUP ENTERPRISES LL 5.00000 12/15/2028 US 2,300,000 $2,293,284.00
12510GAB8 CCG 2019-1 A2 2.80000 09/14/2026 US 3,098,823.86 $3,146,665.36
12530MAA3 SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 3,912,953.23 $3,985,793.25
12530MAC9 SORT 2020-1 B1 2.28000 07/15/2060 US 1,908,757.67 $1,938,284.43
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 524,736.29 $539,416.84
125581GQ5 CIT GROUP INC 5.00000 08/15/2022 US 990,000 $1,049,400.00
12654TAA8 CNX MIDSTREAM PTR/CNX 6.50000 03/15/2026 US 1,150,000 $1,170,125.00
133131AZ5 CAMDEN PROPERTY TRUST 2.80000 05/15/2030 US 3,225,000 $3,581,552.84
14314WAD3 CARMX 2017-3 A3 1.97000 04/15/2022 US 347,447.86 $348,023.34
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 2,054,930.64 $2,063,659.99
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 117,218.57 $117,321.10
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 3,700,000 $4,373,911.27
17327XAA5 CGCMT 2019-SST2 1.07863 12/15/2036 US 7,000,000 $7,002,198.00
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 4,338,891.05 $4,448,261.04
21872FAA5 COLONY AMERICAN FINANCE LTD 3.32400 03/15/2052 US 4,864,126.5 $5,180,534.04
21872NAA8 CAFL 2019-3 A 2.70500 10/15/2052 US 3,163,479.6 $3,333,939.90
21873AAA5 CAFL 2020-4 A MTGE 1.17400 12/15/2052 US 1,250,000 $1,254,369.38
21873CAA1 CAFL 2020-3 A 1.35800 08/15/2053 US 1,994,033.18 $2,013,698.34
22534BAA2 CAALT 2018-1A A MTGE 3.01000 02/16/2027 US 471,829.48 $472,224.07
22535AAA3 CAALT 2019-1A A 3.33000 02/15/2028 US 4,050,000 $4,125,132.77
22535FAA2 CAALT 2018-2A A Mtge 3.47000 05/17/2027 US 2,735,658.28 $2,751,595.68
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 5,000,000 $5,509,669.75
22822VAR2 CROWN CASTLE INTL CORP 3.30000 07/01/2030 US 1,850,000 $2,070,666.21
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 282,404.06 $287,515.29
23311RAE6 DCP MIDSTREAM OPERATING 4.75000 09/30/2021 US 6,637,000 $6,736,555.00
24704BAC8 DEFT 2019-1 A2 2.78000 08/23/2021 US 385,138.42 $385,729.49
25470XAE5 DISH DBS CORP 6.75000 06/01/2021 US 820,000 $836,572.20
26150TAA7 DRAWBRIDGE SPEC OPPOR FU 5.00000 08/01/2021 US 3,725,000 $3,760,846.94
26252TAA4 DTAOT 2019-2A A 2.85000 09/15/2022 US 110,715.39 $110,823.23
26253KAA2 DTAOT 2019-3A A 2.55000 08/15/2022 US 226,768.63 $227,151.96
26439XAC7 DCP MIDSTREAM OPERATING 8.12500 08/16/2030 US 1,975,000 $2,523,062.50
26884LAG4 EQT CORP 8.75000 02/01/2030 US 1,710,000 $2,094,750.00
28166GAA3 EDVES 2019-A A MTGE 3.58000 11/25/2038 US 3,210,965.01 $3,416,453.93
29275YAC6 ENERSYS 4.37500 12/15/2027 US 305,000 $322,537.50
29373FAB0 EFF 2018 -2 A2 MTGE 3.14000 02/20/2024 US 1,501,501.53 $1,511,881.71
29374AAB0 EFF 2019-1 A2 2.98000 10/20/2024 US 1,324,723.38 $1,347,098.75
30262SAR9 FREMF 2015-K42 B FLT 3.85003 12/25/2024 US 1,900,000 $2,065,915.60
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 2,430,000 $2,317,612.50
30286XAN9 FREMF 2015-K43 B FLT 3.73274 02/25/2048 US 1,500,000 $1,638,302.70
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 83,103,972.85 $131,628.38
30291XAE2 FREMF 2014-K715 B FLT 3.97160 02/25/2046 US 2,185,000 $2,182,979.75
30291YAJ9 FREMF 2014-K716 B FLT 3.92935 08/25/2047 US 2,550,000 $2,576,985.89
302957AQ8 FREMF MORTGAGE TRUST 4.06769 07/25/2036 US 4,000,000 $3,724,110.80
302967AQ7 FREMF MORTGAGE TRUST 4.36136 11/25/2033 US 3,500,000 $3,359,052.55
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 384,785.3 $425,392.62
3128LCD86 FHLM POOL A78227 5.50000 06/01/2038 US 151,773.67 $178,088.86
3128M56M7 FHLM POOL G04176 5.50000 05/01/2038 US 135,515.85 $159,364.04
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 53,815.44 $63,479.09
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 307,299.45 $360,525.76
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 3,693.97 $3,824.77
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 4,825.21 $4,891.72
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 3,638.13 $3,700.64
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 4,185.88 $4,313.78
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 6,326.21 $6,508.55
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 315,927.14 $349,319.20
3128P7QL0 FHLM POOL C91359 4.50000 02/01/2031 US 134,446.71 $148,631.58
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 987,980.35 $1,023,360.52
3137ADTK3 FHMS K014 X1 FLT 1.17813 04/25/2021 US 5,168,815.38 $6,036.14
3137AJMG6 FMHS K016 X1 FLT 1.48098 10/25/2021 US 4,151,904.15 $21,371.10
3137AME78 FHMS K017 X1 FLT 1.28567 12/25/2021 US 29,586,302.62 $202,876.24
3137AUPF0 FHMS K021 x1 FLT 1.40440 06/25/2022 US 16,011,222.97 $236,492.17
3137B3NB0 FHMS K030 X1 FLT 0.16985 04/25/2023 US 53,636,904.34 $188,040.26
3137B4GZ3 FHMS K032 X1 FLT 0.08901 05/25/2023 US 31,543,800.01 $79,357.89
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 916,557.3 $927,457.37
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 460,368.45 $464,265.61
3137FRUV1 FHMS K106 X1 MTGE 1.35478 01/25/2030 US 53,945,446.99 $5,758,692.65
3138WDJY8 FEDERAL NATL MTG ASSN AS3878 4.50000 11/01/2044 US 627,266.04 $700,509.19
3138XU4Y5 FEDERAL NATL MTG ASSN AW5338 4.50000 06/01/2044 US 715,152.52 $801,575.15
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 219,281.58 $239,917.72
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 2,091.32 $2,107.77
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 3,223.05 $3,258.17
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 7,589.59 $7,618.43
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 9,657.21 $9,709.52
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 119,608.04 $140,579.06
31411YN90 FEDERAL NATL MTG ASSN 918516 5.50000 06/01/2037 US 76,833.58 $90,309.83
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 27.13 $27.23
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 3,615.33 $3,638.04
31416CJV9 FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 328,038.09 $388,432.29
31416RBE2 FEDERAL NATL MTG ASSN AA7236 4.00000 06/01/2039 US 581,245.1 $635,694.26
31417YDV6 FHLM POOL MA0115 4.50000 07/01/2029 US 50,850.1 $55,573.89
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 205,520.12 $227,188.43
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 118,718.41 $139,565.75
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 9,014.43 $9,514.68
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 4,480,000 $4,694,438.78
345370CV0 FORD MOTOR COMPANY 8.50000 04/21/2023 US 2,000,000 $2,251,020.00
345370CW8 FORD MOTOR COMPANY 9.00000 04/22/2025 US 1,360,000 $1,667,373.60
345397XA6 FORD MOTOR CREDIT CO LLC 3.21900 01/09/2022 US 950,000 $958,811.78
345397XU2 FORD MOTOR CREDIT CO LLC 4.38900 01/08/2026 US 2,375,000 $2,492,990.00
345397YQ0 FORD MOTOR CREDIT CO LLC 2.97900 08/03/2022 US 2,050,000 $2,084,235.00
346232AE1 FORESTAR GROUP INC 5.00000 03/01/2028 US 1,565,000 $1,615,862.50
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 1,605,000 $1,677,401.55
34960PAC5 FORTRESS TRANS & INFRAST 9.75000 08/01/2027 US 1,520,000 $1,742,300.00
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 1,420,000 $1,618,800.00
36166LAA5 GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 AE 2,080,000 $2,168,400.00
36257NAA1 GCAR 2019-2A A MTGE 3.06000 04/17/2023 US 574,369.12 $578,146.52
37255LAA5 GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 US 2,930,000 $3,171,725.00
376535AC4 GLADSTONE CAPITAL CORP 5.12500 01/31/2026 US 3,000,000 $3,120,000.00
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 1,659,000 $1,700,475.00
38217TAA3 GOODG 2020-1A MTGE 2.63000 04/15/2055 US 4,883,874.41 $4,957,101.76
383909AF5 WR GRACE & CO-CONN 5.62500 10/01/2024 US 192,000 $207,120.00
418751AD5 HAT HOLDINGS I LLC/HAT 3.75000 09/15/2030 US 1,640,000 $1,701,500.00
419792ZZ2 HAWAII ST 2.63200 10/01/2030 US 3,905,000 $4,071,782.55
428041BD8 HFLF 2018-1 A2 MTGE 3.23000 05/10/2032 US 2,677,436.42 $2,692,479.60
431571AB4 HILLENBRAND INC 5.00000 09/15/2026 US 1,494,000 $1,675,147.50
443201AA6 HOWMET AEROSPACE INC 6.87500 05/01/2025 US 1,250,000 $1,462,500.00
443628AH5 HUDBAY MINERALS INC 6.12500 04/01/2029 CA 1,490,000 $1,605,475.00
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 1,535,000 $1,694,256.25
450913AF5 IAMGOLD CORP 5.75000 10/15/2028 CA 2,475,000 $2,512,125.00
45569LAA9 INDIGO NATURAL RES LLC 6.87500 02/15/2026 US 1,635,000 $1,671,787.50
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 3,425,000 $3,463,531.25
45780KAN6 INTOW 2020-1A A MTGE 1.49600 09/15/2050 US 2,500,000 $2,511,536.75
46116VAE5 INTL FC STORE INC 8.62500 06/15/2025 US 3,664,000 $3,984,600.00
46187BAA1 IHSFR 2017-SFR2 A 1.00300 12/17/2036 US 449,780.65 $448,683.55
46187BAB9 IHSFR 2017-SFR2 B 1.30300 12/17/2036 US 400,000 $399,031.64
46284VAN1 IRON MOUNTAIN INC 4.50000 02/15/2031 US 1,645,000 $1,723,137.50
465410BX5 ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 9,000,000 $9,464,060.70
46567TAA2 ITHACA ENERGY NORTH 9.37500 07/15/2024 GB 1,200,000 $1,174,968.00
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 303,145.33 $302,849.13
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 209,297.36 $212,276.81
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 246,123.93 $250,976.24
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 479,281.75 $490,192.02
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 333,194.83 $333,415.24
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 7,120,000 $69,662.08
48088LAB3 JOSEPH T RYERSON & SON 8.50000 08/01/2028 US 1,350,000 $1,528,875.00
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 2,400,000 $2,694,000.00
50212YAC8 LPL HOLDINGS INC 4.62500 11/15/2027 US 1,562,000 $1,616,670.00
505742AG1 LADDER CAP FIN LLLP/CORP 5.25000 10/01/2025 US 2,940,000 $2,932,650.00
51889RAB5 LRK 2019-A A2FX Mtge 2.73000 10/25/2048 US 1,533,656.44 $1,569,433.27
541056AA5 LOGAN MERGER SUB INC 5.50000 09/01/2027 US 1,310,000 $1,372,225.00
54240F202 LONESTAR RES US INC NPV US 133,824 $243,559.68
552848AG8 MGIC INVESTMENT CORP 5.25000 08/15/2028 US 2,405,000 $2,573,350.00
55303XAL9 MGM GROWTH/MGM FINANCE 3.87500 02/15/2029 US 1,520,000 $1,554,200.00
57109HAA0 MFT 2019-2A A MTGE 3.13000 07/16/2029 US 1,028,517.19 $1,037,378.07
577128AA9 MATTHEWS INTERNATIONAL C 5.25000 12/01/2025 US 2,275,000 $2,297,750.00
59022CAA1 BANK OF AMERICA CORP 0.97650 09/15/2026 US 3,561,000 $3,489,815.15
59166EAA3 MST 2019-1A A MTGE 3.75000 04/25/2058 US 1,470,687.02 $1,618,556.95
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 2,395,000 $1,820,200.00
62913TAJ1 NGL ENRGY PART LP/FIN CO 7.50000 11/01/2023 US 2,095,000 $1,483,521.88
62954NAA3 NYCTL 2018-A A 3.22000 11/10/2031 US 441,261.74 $444,702.88
63938CAD0 NAVIENT CORP 6.62500 07/26/2021 US 3,717,000 $3,795,986.25
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 1,410,000 $1,533,375.00
63938EAC8 NAVSL 2014-1 A3 FLT 0.65800 06/25/2031 US 5,237,795.92 $5,121,571.32
63938NAF1 NAVIOS SA LOGIST/FIN US 10.75000 07/01/2025 MUL 1,560,000 $1,669,200.00
63939KAC3 NAVSL 2015-BA A3 1.60863 07/16/2040 US 2,879,663.71 $2,917,345.26
63939RAA2 NAVSL 2017-2A A FLT 1.19800 12/27/2066 US 3,552,711.53 $3,597,195.74
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 334,789.63 $335,577.22
63941LAA1 NAVSL 2019-BA A1 0.55863 12/15/2059 US 551,743.83 $551,505.42
63941MAA9 NAVSL 2019-EA A1 2.39000 05/15/2068 US 1,767,960.79 $1,774,970.75
63941RAB6 NAVSL 2019-2A A2 1.14800 02/27/2068 US 3,900,000 $3,941,008.50
63941UAA1 NAVSL 2020-GA A MTGE 1.17000 09/16/2069 US 1,580,440.07 $1,592,335.88
63942FAB1 NAVSL 2020-1A A1B 1.19800 06/25/2069 US 2,932,281.7 $2,969,926.04
63946BAF7 NBCUNIVERSAL MEDIA LLC 6.40000 04/30/2040 US 2,640,000 $4,162,345.07
644393AA8 NEW FORTRESS ENERGY INC 6.75000 09/15/2025 US 3,175,000 $3,372,421.50
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 421,657.16 $451,749.57
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 626,840.75 $667,974.10
64830DAB9 NRZT 2019-2A A1 4.25000 12/25/2057 US 3,303,082.37 $3,557,476.53
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 5,870,000 $39,622.50
66981FAA8 ASMR 2020- SFR4 A 1.35500 11/17/2037 US 4,833,000 $4,873,887.18
670898AC9 OCP 2020-8RA A1 0.00000 01/17/2032 KY 3,500,000 $3,500,000.00
674599EA9 OCCIDENTAL PETROLEUM COR 8.87500 07/15/2030 US 1,545,000 $1,813,443.75
675232AB8 OCEANEERING INTL INC 6.00000 02/01/2028 US 2,430,000 $2,171,812.50
691205AC2 OWL ROCK TECHNOLOGY FINA 4.75000 12/15/2025 US 2,280,000 $2,380,878.19
691205AE8 OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 3,000,000 $3,016,283.61
69121KAE4 OWL ROCK CAPITAL CORP 3.40000 07/15/2026 US 6,300,000 $6,390,206.74
69144AAA7 OXFIN 2020-1A A2 3.10100 02/15/2028 US 6,300,000 $6,448,046.22
69144AAB5 OXFIN 2020-1A B 4.03700 02/15/2028 US 3,700,000 $3,783,465.71
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 7,235,000 $7,485,506.09
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 1,695,000 $1,690,762.50
69306RAA4 P&L DEV LLC/PLD 7.75000 11/15/2025 US 2,455,000 $2,639,125.00
69327RAJ0 PDC ENERGY INC 5.75000 05/15/2026 US 1,510,000 $1,559,075.00
69354NAC0 PRA GROUP INC 7.37500 09/01/2025 US 2,270,000 $2,451,600.00
69356MAA4 PM GENERAL PURCHASER LLC 9.50000 10/01/2028 US 2,515,000 $2,785,362.50
69375BAC1 PSMC 2019-3 A3 MTGE 3.50000 11/25/2049 US 1,527,079.51 $1,540,097.71
733174AK2 POPULAR INC 6.12500 09/14/2023 PR 100,000 $108,000.00
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 7,450,000 $8,467,336.46
74165HAB4 PRIME HEALTHCARE SERVICE 7.25000 11/01/2025 US 2,455,000 $2,608,437.50
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 1,565,000 $1,713,675.00
74331AAA0 2019- SFR4 CLASS A 2.68700 10/17/2036 US 3,800,000 $3,918,833.22
74333NAA0 PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 US 8,552,308.67 $8,830,751.31
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 2,778,000 $3,050,799.60
78403DAN0 SBA TOWER TRUST 2.83600 01/15/2025 US 3,500,000 $3,726,271.15
78403DAP5 SBA TOWER TRUST 1.88400 01/15/2026 US 2,750,000 $2,819,677.58
78442FEQ7 NAVIENT CORP 5.50000 01/25/2023 US 990,000 $1,034,550.00
78442PGC4 SLM CORP 5.12500 04/05/2022 US 5,336,000 $5,456,060.00
78442PGD2 SLM CORP 4.20000 10/29/2025 US 3,130,000 $3,306,062.50
78449XAA0 SMB 2020-BA A1A 1.29000 07/15/2053 US 2,735,453.2 $2,744,723.10
78472CAA6 SCLP 2019-1 A 3.24000 02/25/2028 US 751,115.97 $756,411.19
785592AJ5 SABINE PASS LIQUEFACTION 5.75000 05/15/2024 US 7,000,000 $8,003,047.15
81745BAB1 SEMT 2013-6 A2 3.00000 05/25/2043 US 3,075,791.66 $3,124,803.17
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 274,141.01 $278,512.05
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 369,251.88 $375,155.33
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 331,890.54 $335,073.83
81748MAD0 SEMT 2020-1 A4 3.50000 02/25/2050 US 1,470,865.6 $1,484,455.07
83192CAB3 SMB 2019-B A2A 2.84000 06/15/2037 US 4,350,000 $4,593,371.63
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 534,013.85 $545,835.96
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 173,788.83 $176,015.59
83404JAA4 SCLP 2017-3 A MTGE 2.77000 05/25/2026 US 206,779.24 $207,385.17
83404WAA5 SOFI 2019-B A1FX 2.78000 08/17/2048 US 473,324.48 $474,495.77
83405JAA3 SCLP 2017-4 A 2.50000 05/26/2026 US 110,222.26 $110,632.87
83405TAA1 SCLP 2019-3 A MTGE 2.90000 05/25/2028 US 670,634.2 $677,686.19
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 927,233.74 $936,568.85
844741BJ6 SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 3,000,000 $3,474,482.64
85172FAD1 SPRINGLEAF FINANCE CORP 7.75000 10/01/2021 US 3,000,000 $3,157,500.00
85172FAN9 SPRINGLEAF FINANCE CORP 7.12500 03/15/2026 US 1,535,000 $1,815,137.50
85207UAE5 SPRINT CORP 7.25000 09/15/2021 US 4,918,000 $5,117,179.00
85571BAG0 STARWOOD PROPERTY TRUST 5.00000 12/15/2021 US 1,150,000 $1,169,285.50
85571BAL9 STARWOOD PROPERTY TRUST 4.75000 03/15/2025 US 2,400,000 $2,460,000.00
85571XAA5 SRPT 2014-STAR A FLTG RATE 1.62863 11/15/2027 US 1,777,114.94 $1,172,895.86
861036AA9 STL HOLDING CO LLC 7.50000 02/15/2026 US 3,195,000 $3,314,812.50
86212XAA8 STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 2,444,254.85 $2,450,037.22
86935CAA0 SCML 2019-SBC8 2.86000 04/25/2041 US 3,263,202.69 $3,293,960.33
87230AAQ9 TFLAT 2016-1A CR2 0.00000 01/17/2032 KY 2,500,000 $2,500,000.00
872540AR0 TJX COS INC 3.50000 04/15/2025 US 2,750,000 $3,070,352.37
87422VAA6 TALEN ENERGY SUPPLY LLC 6.50000 06/01/2025 US 1,450,000 $1,181,750.00
87485LAA2 TALOS PRODUCTION INC 12.00000 01/15/2026 US 1,405,000 $1,367,022.85
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 126,346.4 $126,628.89
87901JAE5 TEGNA INC 4.62500 03/15/2028 US 500,000 $511,250.00
880451AS8 TENNESEE GAS PIPELINE 7.00000 03/15/2027 US 6,775,000 $8,453,926.57
880451AV1 TENNESEE GAS PIPELINE 7.00000 10/15/2028 US 2,225,000 $2,900,417.71
88167AAK7 TEVA PHARMACEUTICALS NE 6.75000 03/01/2028 NL 1,600,000 $1,810,000.00
89052KAA3 TOORAK MORTGAGE CORP 4.45830 03/25/2022 US 5,000,000 $5,077,274.50
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 848,871.68 $865,374.34
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 2,856,402.85 $2,927,531.57
89175VAA1 TPMT 2018-2 A1 3.25000 03/25/2058 US 1,213,125.98 $1,269,833.19
89177EAA7 TPMT 2019-HY1 A1 1.14800 10/25/2048 US 2,900,152.09 $2,911,423.53
89613GAC0 TAH 2020-SFR1 C 2.24900 07/17/2038 US 2,500,000 $2,532,392.50
89657AAC0 TRL 2020-1A A 1.96000 10/17/2050 US 2,968,802.69 $3,003,385.09
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 4,340,000 $4,253,200.00
909214BV9 UNISYS CORP 6.87500 11/01/2027 US 1,555,000 $1,698,837.50
91086QBG2 UNITED MEXICAN STATES 4.12500 01/21/2026 MX 1,800,000 $2,067,750.00
917567FV6 UTAH ST TRANSIT AUTH SALES 2.97000 12/15/2030 US 2,000,000 $2,085,460.00
92189H300 VANECK VECTORS J.P. MORGAN 1.62900 US 609,000 $20,261,430.00
92212KAB2 VDC 2020-1A A2 1.64500 09/15/2045 US 6,500,000 $6,544,547.10
92343VCV4 VERIZON COMMUNICATIONS 4.27200 01/15/2036 US 4,000,000 $4,961,121.80
92535VAF9 VBTOW 2020-2A A 2.63600 09/15/2050 US 4,000,000 $4,037,127.60
927804FG4 VIRGINIA ELEC & PWR 8.87500 11/15/2038 US 1,350,000 $2,503,109.88
92826CAF9 VISA INC 4.30000 12/14/2045 US 635,000 $869,783.73
92826CAK8 VISA INC 2.70000 04/15/2040 US 1,215,000 $1,326,332.27
92837TAA0 AUSTIN BIDCO INC 7.12500 12/15/2028 US 415,000 $433,156.25
928668BE1 VOLKSWAGEN GROUP AMERICA 3.35000 05/13/2025 US 2,250,000 $2,473,548.86
92888DAB1 VFET 2019-1A A2 2.90000 11/15/2021 US 69.27 $69.34
93065PAA9 WBHT 2019-WBM A FLT 1.20900 12/15/2033 US 7,000,000 $6,807,962.70
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 1,552,000 $1,694,008.00
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 4,000,000 $4,564,146.32
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 252,330.83 $258,933.57
98162VAB5 WOART 2019-B A2 MTGE 2.63000 06/15/2022 US 246,862.51 $247,085.82
98162XAB1 WOLS 2019-A A2 2.89000 11/15/2021 US 13,835.62 $13,849.54
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 126,000,000 $6,518,732.63
BBG00VC9WGD3 EURO-SCHATZ FUT MAR21 DUH1 DE -2,200 $184,935.82
BBG00VFLL326 US 10YR NOTE CBT MAR21 US -167 -$36,531.25
BBG00VFLL3S8 US ULTRA BOND CBT FUTURE WNH1 US -36 $106,517.52
BBG00VFLL479 US 10YR ULTRA FUT MAR 21 US -103 -$46,672.39
BBG00VNLY6B6 US 5YR NOTE CBT MAR21 US 266 $35,327.46
BH8295835 SAUDI INTERNATIONAL BOND 2.90000 10/22/2025 SA 1,000,000 $1,077,350.00
BK0939417 AMERICAN TANKER INC 7.75000 07/02/2025 US 3,590,000 $3,597,359.50
BL3427798 TUTOR PERINI FLT 5.75000 08/18/2027 US 5,000,000 $5,012,500.00
USD US DOLLAR US 38,307,143.78 $38,307,143.78
ZO1818103 NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 MH 3,150,000 $3,244,500.00
ZO4110185 BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 5,500,000 $5,228,555.59

Investments will change over time.

Distributions

  • Unconstrained Bond Class I Distribution History
  • 2020 Distribution Calendar
  • Fourth Quarter 2020 Distributions
  • Third Quarter 2020 Distributions
  • Second Quarter 2020 Distributions
  • First Quarter 2020 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

$9.68

Daily $ Change

$0.01

Daily % Change

0.10%

as of 01/14/2021

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 12/31/2020

YTD

---

1 Year

7.74%

3 Year

4.46%

5 Year

4.23%

10 Year

3.94%

Inception
(04/21/2005)

4.74%

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 12/31/2020

VANECK VECTORS J.P. MORGAN 1.62900 3.20%
AT&T INC 4.25000 03/01/2027 1.67%
ALEXANDER FUNDING TRUST 1.84100 11/15/2023 1.60%
AMERICAN TOWER CORP 3.80000 08/15/2029 1.52%
ITALY GOV'T INT BOND 2.37500 10/17/2024 1.50%
AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 1.45%
PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 1.40%
BOOKING HOLDINGS INC 3.60000 06/01/2026 1.34%
TENNESEE GAS PIPELINE 7.00000 03/15/2027 1.34%
SABINE PASS LIQUEFACTION 5.75000 05/15/2024 1.27%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 12/31/2020

Government
3.07%
Cash
5.72%
Corporate
51.94%
Mortgage
35.33%
Other
3.94%

Credit Quality Distribution

As of 12/31/2020

AAA
23.98%
AA
2.65%
A
8.93%
BBB
20.52%
BB
15.02%
B
11.24%
CCC
0.95%
D
0.02%
NR
16.69%

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.

December Fund Holdings

As of 12/31/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 9,000,000 $10,527,598.71
00653VAA9 ADAPTHEALTH LLC 6.12500 08/01/2028 US 2,375,000 $2,550,156.25
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 2,414,000 $2,667,470.00
00842XAA7 AFFINITY GAMING 6.87500 12/15/2027 US 1,520,000 $1,592,640.80
01166WAA5 ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 3,165,000 $3,437,988.21
014621AA4 ALEXANDER FUNDING TRUST 1.84100 11/15/2023 US 10,000,000 $10,113,825.10
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 8,250,000 $9,591,760.45
03217CAA4 AMS AG 7.00000 07/31/2025 AT 1,565,000 $1,698,025.00
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 2,200,000 $2,161,500.00
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 1,555,000 $1,493,111.00
03690EAA6 ANTERO MIDSTREAM PART/FI 7.87500 05/15/2026 US 640,000 $660,851.20
04364VAR4 ASCENT RESOURCES 8.25000 12/31/2028 US 1,475,000 $1,471,312.50
045054AJ2 ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 1,500,000 $1,593,210.00
05367AAD5 AVIATION CAPITAL GROUP 6.75000 04/06/2021 US 3,750,000 $3,800,201.29
05401AAJ0 AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 KY 9,000,000 $9,182,864.16
059438AK7 BANK ONE CORP 8.00000 04/29/2027 US 3,000,000 $4,194,169.14
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 7,000,000 $7,865,770.57
071734AH0 BAUSCH HEALTH COS INC 5.00000 01/30/2028 CA 2,425,000 $2,499,059.50
105756BV1 FED REPUBLIC OF BRAZIL 4.25000 01/07/2025 BR 1,300,000 $1,426,100.00
116ESCAD6 BRUIN E&P PARTNERS LLC 0.00000 08/01/2023 US 4,940,000 $494.00
12467AAF5 C&S GROUP ENTERPRISES LL 5.00000 12/15/2028 US 2,300,000 $2,293,284.00
12510GAB8 CCG 2019-1 A2 2.80000 09/14/2026 US 3,098,823.86 $3,146,665.36
12530MAA3 SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 3,912,953.23 $3,985,793.25
12530MAC9 SORT 2020-1 B1 2.28000 07/15/2060 US 1,908,757.67 $1,938,284.43
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 524,736.29 $539,416.84
125581GQ5 CIT GROUP INC 5.00000 08/15/2022 US 990,000 $1,049,400.00
12654TAA8 CNX MIDSTREAM PTR/CNX 6.50000 03/15/2026 US 1,150,000 $1,170,125.00
133131AZ5 CAMDEN PROPERTY TRUST 2.80000 05/15/2030 US 3,225,000 $3,581,552.84
14314WAD3 CARMX 2017-3 A3 1.97000 04/15/2022 US 347,447.86 $348,023.34
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 2,054,930.64 $2,063,659.99
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 117,218.57 $117,321.10
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 3,700,000 $4,373,911.27
17327XAA5 CGCMT 2019-SST2 1.07863 12/15/2036 US 7,000,000 $7,002,198.00
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 4,338,891.05 $4,448,261.04
21872FAA5 COLONY AMERICAN FINANCE LTD 3.32400 03/15/2052 US 4,864,126.5 $5,180,534.04
21872NAA8 CAFL 2019-3 A 2.70500 10/15/2052 US 3,163,479.6 $3,333,939.90
21873AAA5 CAFL 2020-4 A MTGE 1.17400 12/15/2052 US 1,250,000 $1,254,369.38
21873CAA1 CAFL 2020-3 A 1.35800 08/15/2053 US 1,994,033.18 $2,013,698.34
22534BAA2 CAALT 2018-1A A MTGE 3.01000 02/16/2027 US 471,829.48 $472,224.07
22535AAA3 CAALT 2019-1A A 3.33000 02/15/2028 US 4,050,000 $4,125,132.77
22535FAA2 CAALT 2018-2A A Mtge 3.47000 05/17/2027 US 2,735,658.28 $2,751,595.68
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 5,000,000 $5,509,669.75
22822VAR2 CROWN CASTLE INTL CORP 3.30000 07/01/2030 US 1,850,000 $2,070,666.21
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 282,404.06 $287,515.29
23311RAE6 DCP MIDSTREAM OPERATING 4.75000 09/30/2021 US 6,637,000 $6,736,555.00
24704BAC8 DEFT 2019-1 A2 2.78000 08/23/2021 US 385,138.42 $385,729.49
25470XAE5 DISH DBS CORP 6.75000 06/01/2021 US 820,000 $836,572.20
26150TAA7 DRAWBRIDGE SPEC OPPOR FU 5.00000 08/01/2021 US 3,725,000 $3,760,846.94
26252TAA4 DTAOT 2019-2A A 2.85000 09/15/2022 US 110,715.39 $110,823.23
26253KAA2 DTAOT 2019-3A A 2.55000 08/15/2022 US 226,768.63 $227,151.96
26439XAC7 DCP MIDSTREAM OPERATING 8.12500 08/16/2030 US 1,975,000 $2,523,062.50
26884LAG4 EQT CORP 8.75000 02/01/2030 US 1,710,000 $2,094,750.00
28166GAA3 EDVES 2019-A A MTGE 3.58000 11/25/2038 US 3,210,965.01 $3,416,453.93
29275YAC6 ENERSYS 4.37500 12/15/2027 US 305,000 $322,537.50
29373FAB0 EFF 2018 -2 A2 MTGE 3.14000 02/20/2024 US 1,501,501.53 $1,511,881.71
29374AAB0 EFF 2019-1 A2 2.98000 10/20/2024 US 1,324,723.38 $1,347,098.75
30262SAR9 FREMF 2015-K42 B FLT 3.85003 12/25/2024 US 1,900,000 $2,065,915.60
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 2,430,000 $2,317,612.50
30286XAN9 FREMF 2015-K43 B FLT 3.73274 02/25/2048 US 1,500,000 $1,638,302.70
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 83,103,972.85 $131,628.38
30291XAE2 FREMF 2014-K715 B FLT 3.97160 02/25/2046 US 2,185,000 $2,182,979.75
30291YAJ9 FREMF 2014-K716 B FLT 3.92935 08/25/2047 US 2,550,000 $2,576,985.89
302957AQ8 FREMF MORTGAGE TRUST 4.06769 07/25/2036 US 4,000,000 $3,724,110.80
302967AQ7 FREMF MORTGAGE TRUST 4.36136 11/25/2033 US 3,500,000 $3,359,052.55
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 384,785.3 $425,392.62
3128LCD86 FHLM POOL A78227 5.50000 06/01/2038 US 151,773.67 $178,088.86
3128M56M7 FHLM POOL G04176 5.50000 05/01/2038 US 135,515.85 $159,364.04
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 53,815.44 $63,479.09
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 307,299.45 $360,525.76
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 3,693.97 $3,824.77
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 4,825.21 $4,891.72
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 3,638.13 $3,700.64
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 4,185.88 $4,313.78
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 6,326.21 $6,508.55
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 315,927.14 $349,319.20
3128P7QL0 FHLM POOL C91359 4.50000 02/01/2031 US 134,446.71 $148,631.58
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 987,980.35 $1,023,360.52
3137ADTK3 FHMS K014 X1 FLT 1.17813 04/25/2021 US 5,168,815.38 $6,036.14
3137AJMG6 FMHS K016 X1 FLT 1.48098 10/25/2021 US 4,151,904.15 $21,371.10
3137AME78 FHMS K017 X1 FLT 1.28567 12/25/2021 US 29,586,302.62 $202,876.24
3137AUPF0 FHMS K021 x1 FLT 1.40440 06/25/2022 US 16,011,222.97 $236,492.17
3137B3NB0 FHMS K030 X1 FLT 0.16985 04/25/2023 US 53,636,904.34 $188,040.26
3137B4GZ3 FHMS K032 X1 FLT 0.08901 05/25/2023 US 31,543,800.01 $79,357.89
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 916,557.3 $927,457.37
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 460,368.45 $464,265.61
3137FRUV1 FHMS K106 X1 MTGE 1.35478 01/25/2030 US 53,945,446.99 $5,758,692.65
3138WDJY8 FEDERAL NATL MTG ASSN AS3878 4.50000 11/01/2044 US 627,266.04 $700,509.19
3138XU4Y5 FEDERAL NATL MTG ASSN AW5338 4.50000 06/01/2044 US 715,152.52 $801,575.15
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 219,281.58 $239,917.72
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 2,091.32 $2,107.77
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 3,223.05 $3,258.17
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 7,589.59 $7,618.43
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 9,657.21 $9,709.52
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 119,608.04 $140,579.06
31411YN90 FEDERAL NATL MTG ASSN 918516 5.50000 06/01/2037 US 76,833.58 $90,309.83
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 27.13 $27.23
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 3,615.33 $3,638.04
31416CJV9 FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 328,038.09 $388,432.29
31416RBE2 FEDERAL NATL MTG ASSN AA7236 4.00000 06/01/2039 US 581,245.1 $635,694.26
31417YDV6 FHLM POOL MA0115 4.50000 07/01/2029 US 50,850.1 $55,573.89
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 205,520.12 $227,188.43
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 118,718.41 $139,565.75
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 9,014.43 $9,514.68
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 4,480,000 $4,694,438.78
345370CV0 FORD MOTOR COMPANY 8.50000 04/21/2023 US 2,000,000 $2,251,020.00
345370CW8 FORD MOTOR COMPANY 9.00000 04/22/2025 US 1,360,000 $1,667,373.60
345397XA6 FORD MOTOR CREDIT CO LLC 3.21900 01/09/2022 US 950,000 $958,811.78
345397XU2 FORD MOTOR CREDIT CO LLC 4.38900 01/08/2026 US 2,375,000 $2,492,990.00
345397YQ0 FORD MOTOR CREDIT CO LLC 2.97900 08/03/2022 US 2,050,000 $2,084,235.00
346232AE1 FORESTAR GROUP INC 5.00000 03/01/2028 US 1,565,000 $1,615,862.50
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 1,605,000 $1,677,401.55
34960PAC5 FORTRESS TRANS & INFRAST 9.75000 08/01/2027 US 1,520,000 $1,742,300.00
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 1,420,000 $1,618,800.00
36166LAA5 GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 AE 2,080,000 $2,168,400.00
36257NAA1 GCAR 2019-2A A MTGE 3.06000 04/17/2023 US 574,369.12 $578,146.52
37255LAA5 GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 US 2,930,000 $3,171,725.00
376535AC4 GLADSTONE CAPITAL CORP 5.12500 01/31/2026 US 3,000,000 $3,120,000.00
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 1,659,000 $1,700,475.00
38217TAA3 GOODG 2020-1A MTGE 2.63000 04/15/2055 US 4,883,874.41 $4,957,101.76
383909AF5 WR GRACE & CO-CONN 5.62500 10/01/2024 US 192,000 $207,120.00
418751AD5 HAT HOLDINGS I LLC/HAT 3.75000 09/15/2030 US 1,640,000 $1,701,500.00
419792ZZ2 HAWAII ST 2.63200 10/01/2030 US 3,905,000 $4,071,782.55
428041BD8 HFLF 2018-1 A2 MTGE 3.23000 05/10/2032 US 2,677,436.42 $2,692,479.60
431571AB4 HILLENBRAND INC 5.00000 09/15/2026 US 1,494,000 $1,675,147.50
443201AA6 HOWMET AEROSPACE INC 6.87500 05/01/2025 US 1,250,000 $1,462,500.00
443628AH5 HUDBAY MINERALS INC 6.12500 04/01/2029 CA 1,490,000 $1,605,475.00
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 1,535,000 $1,694,256.25
450913AF5 IAMGOLD CORP 5.75000 10/15/2028 CA 2,475,000 $2,512,125.00
45569LAA9 INDIGO NATURAL RES LLC 6.87500 02/15/2026 US 1,635,000 $1,671,787.50
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 3,425,000 $3,463,531.25
45780KAN6 INTOW 2020-1A A MTGE 1.49600 09/15/2050 US 2,500,000 $2,511,536.75
46116VAE5 INTL FC STORE INC 8.62500 06/15/2025 US 3,664,000 $3,984,600.00
46187BAA1 IHSFR 2017-SFR2 A 1.00300 12/17/2036 US 449,780.65 $448,683.55
46187BAB9 IHSFR 2017-SFR2 B 1.30300 12/17/2036 US 400,000 $399,031.64
46284VAN1 IRON MOUNTAIN INC 4.50000 02/15/2031 US 1,645,000 $1,723,137.50
465410BX5 ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 9,000,000 $9,464,060.70
46567TAA2 ITHACA ENERGY NORTH 9.37500 07/15/2024 GB 1,200,000 $1,174,968.00
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 303,145.33 $302,849.13
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 209,297.36 $212,276.81
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 246,123.93 $250,976.24
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 479,281.75 $490,192.02
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 333,194.83 $333,415.24
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 7,120,000 $69,662.08
48088LAB3 JOSEPH T RYERSON & SON 8.50000 08/01/2028 US 1,350,000 $1,528,875.00
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 2,400,000 $2,694,000.00
50212YAC8 LPL HOLDINGS INC 4.62500 11/15/2027 US 1,562,000 $1,616,670.00
505742AG1 LADDER CAP FIN LLLP/CORP 5.25000 10/01/2025 US 2,940,000 $2,932,650.00
51889RAB5 LRK 2019-A A2FX Mtge 2.73000 10/25/2048 US 1,533,656.44 $1,569,433.27
541056AA5 LOGAN MERGER SUB INC 5.50000 09/01/2027 US 1,310,000 $1,372,225.00
54240F202 LONESTAR RES US INC NPV US 133,824 $243,559.68
552848AG8 MGIC INVESTMENT CORP 5.25000 08/15/2028 US 2,405,000 $2,573,350.00
55303XAL9 MGM GROWTH/MGM FINANCE 3.87500 02/15/2029 US 1,520,000 $1,554,200.00
57109HAA0 MFT 2019-2A A MTGE 3.13000 07/16/2029 US 1,028,517.19 $1,037,378.07
577128AA9 MATTHEWS INTERNATIONAL C 5.25000 12/01/2025 US 2,275,000 $2,297,750.00
59022CAA1 BANK OF AMERICA CORP 0.97650 09/15/2026 US 3,561,000 $3,489,815.15
59166EAA3 MST 2019-1A A MTGE 3.75000 04/25/2058 US 1,470,687.02 $1,618,556.95
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 2,395,000 $1,820,200.00
62913TAJ1 NGL ENRGY PART LP/FIN CO 7.50000 11/01/2023 US 2,095,000 $1,483,521.88
62954NAA3 NYCTL 2018-A A 3.22000 11/10/2031 US 441,261.74 $444,702.88
63938CAD0 NAVIENT CORP 6.62500 07/26/2021 US 3,717,000 $3,795,986.25
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 1,410,000 $1,533,375.00
63938EAC8 NAVSL 2014-1 A3 FLT 0.65800 06/25/2031 US 5,237,795.92 $5,121,571.32
63938NAF1 NAVIOS SA LOGIST/FIN US 10.75000 07/01/2025 MUL 1,560,000 $1,669,200.00
63939KAC3 NAVSL 2015-BA A3 1.60863 07/16/2040 US 2,879,663.71 $2,917,345.26
63939RAA2 NAVSL 2017-2A A FLT 1.19800 12/27/2066 US 3,552,711.53 $3,597,195.74
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 334,789.63 $335,577.22
63941LAA1 NAVSL 2019-BA A1 0.55863 12/15/2059 US 551,743.83 $551,505.42
63941MAA9 NAVSL 2019-EA A1 2.39000 05/15/2068 US 1,767,960.79 $1,774,970.75
63941RAB6 NAVSL 2019-2A A2 1.14800 02/27/2068 US 3,900,000 $3,941,008.50
63941UAA1 NAVSL 2020-GA A MTGE 1.17000 09/16/2069 US 1,580,440.07 $1,592,335.88
63942FAB1 NAVSL 2020-1A A1B 1.19800 06/25/2069 US 2,932,281.7 $2,969,926.04
63946BAF7 NBCUNIVERSAL MEDIA LLC 6.40000 04/30/2040 US 2,640,000 $4,162,345.07
644393AA8 NEW FORTRESS ENERGY INC 6.75000 09/15/2025 US 3,175,000 $3,372,421.50
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 421,657.16 $451,749.57
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 626,840.75 $667,974.10
64830DAB9 NRZT 2019-2A A1 4.25000 12/25/2057 US 3,303,082.37 $3,557,476.53
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 5,870,000 $39,622.50
66981FAA8 ASMR 2020- SFR4 A 1.35500 11/17/2037 US 4,833,000 $4,873,887.18
670898AC9 OCP 2020-8RA A1 0.00000 01/17/2032 KY 3,500,000 $3,500,000.00
674599EA9 OCCIDENTAL PETROLEUM COR 8.87500 07/15/2030 US 1,545,000 $1,813,443.75
675232AB8 OCEANEERING INTL INC 6.00000 02/01/2028 US 2,430,000 $2,171,812.50
691205AC2 OWL ROCK TECHNOLOGY FINA 4.75000 12/15/2025 US 2,280,000 $2,380,878.19
691205AE8 OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 3,000,000 $3,016,283.61
69121KAE4 OWL ROCK CAPITAL CORP 3.40000 07/15/2026 US 6,300,000 $6,390,206.74
69144AAA7 OXFIN 2020-1A A2 3.10100 02/15/2028 US 6,300,000 $6,448,046.22
69144AAB5 OXFIN 2020-1A B 4.03700 02/15/2028 US 3,700,000 $3,783,465.71
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 7,235,000 $7,485,506.09
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 1,695,000 $1,690,762.50
69306RAA4 P&L DEV LLC/PLD 7.75000 11/15/2025 US 2,455,000 $2,639,125.00
69327RAJ0 PDC ENERGY INC 5.75000 05/15/2026 US 1,510,000 $1,559,075.00
69354NAC0 PRA GROUP INC 7.37500 09/01/2025 US 2,270,000 $2,451,600.00
69356MAA4 PM GENERAL PURCHASER LLC 9.50000 10/01/2028 US 2,515,000 $2,785,362.50
69375BAC1 PSMC 2019-3 A3 MTGE 3.50000 11/25/2049 US 1,527,079.51 $1,540,097.71
733174AK2 POPULAR INC 6.12500 09/14/2023 PR 100,000 $108,000.00
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 7,450,000 $8,467,336.46
74165HAB4 PRIME HEALTHCARE SERVICE 7.25000 11/01/2025 US 2,455,000 $2,608,437.50
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 1,565,000 $1,713,675.00
74331AAA0 2019- SFR4 CLASS A 2.68700 10/17/2036 US 3,800,000 $3,918,833.22
74333NAA0 PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 US 8,552,308.67 $8,830,751.31
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 2,778,000 $3,050,799.60
78403DAN0 SBA TOWER TRUST 2.83600 01/15/2025 US 3,500,000 $3,726,271.15
78403DAP5 SBA TOWER TRUST 1.88400 01/15/2026 US 2,750,000 $2,819,677.58
78442FEQ7 NAVIENT CORP 5.50000 01/25/2023 US 990,000 $1,034,550.00
78442PGC4 SLM CORP 5.12500 04/05/2022 US 5,336,000 $5,456,060.00
78442PGD2 SLM CORP 4.20000 10/29/2025 US 3,130,000 $3,306,062.50
78449XAA0 SMB 2020-BA A1A 1.29000 07/15/2053 US 2,735,453.2 $2,744,723.10
78472CAA6 SCLP 2019-1 A 3.24000 02/25/2028 US 751,115.97 $756,411.19
785592AJ5 SABINE PASS LIQUEFACTION 5.75000 05/15/2024 US 7,000,000 $8,003,047.15
81745BAB1 SEMT 2013-6 A2 3.00000 05/25/2043 US 3,075,791.66 $3,124,803.17
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 274,141.01 $278,512.05
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 369,251.88 $375,155.33
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 331,890.54 $335,073.83
81748MAD0 SEMT 2020-1 A4 3.50000 02/25/2050 US 1,470,865.6 $1,484,455.07
83192CAB3 SMB 2019-B A2A 2.84000 06/15/2037 US 4,350,000 $4,593,371.63
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 534,013.85 $545,835.96
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 173,788.83 $176,015.59
83404JAA4 SCLP 2017-3 A MTGE 2.77000 05/25/2026 US 206,779.24 $207,385.17
83404WAA5 SOFI 2019-B A1FX 2.78000 08/17/2048 US 473,324.48 $474,495.77
83405JAA3 SCLP 2017-4 A 2.50000 05/26/2026 US 110,222.26 $110,632.87
83405TAA1 SCLP 2019-3 A MTGE 2.90000 05/25/2028 US 670,634.2 $677,686.19
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 927,233.74 $936,568.85
844741BJ6 SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 3,000,000 $3,474,482.64
85172FAD1 SPRINGLEAF FINANCE CORP 7.75000 10/01/2021 US 3,000,000 $3,157,500.00
85172FAN9 SPRINGLEAF FINANCE CORP 7.12500 03/15/2026 US 1,535,000 $1,815,137.50
85207UAE5 SPRINT CORP 7.25000 09/15/2021 US 4,918,000 $5,117,179.00
85571BAG0 STARWOOD PROPERTY TRUST 5.00000 12/15/2021 US 1,150,000 $1,169,285.50
85571BAL9 STARWOOD PROPERTY TRUST 4.75000 03/15/2025 US 2,400,000 $2,460,000.00
85571XAA5 SRPT 2014-STAR A FLTG RATE 1.62863 11/15/2027 US 1,777,114.94 $1,172,895.86
861036AA9 STL HOLDING CO LLC 7.50000 02/15/2026 US 3,195,000 $3,314,812.50
86212XAA8 STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 2,444,254.85 $2,450,037.22
86935CAA0 SCML 2019-SBC8 2.86000 04/25/2041 US 3,263,202.69 $3,293,960.33
87230AAQ9 TFLAT 2016-1A CR2 0.00000 01/17/2032 KY 2,500,000 $2,500,000.00
872540AR0 TJX COS INC 3.50000 04/15/2025 US 2,750,000 $3,070,352.37
87422VAA6 TALEN ENERGY SUPPLY LLC 6.50000 06/01/2025 US 1,450,000 $1,181,750.00
87485LAA2 TALOS PRODUCTION INC 12.00000 01/15/2026 US 1,405,000 $1,367,022.85
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 126,346.4 $126,628.89
87901JAE5 TEGNA INC 4.62500 03/15/2028 US 500,000 $511,250.00
880451AS8 TENNESEE GAS PIPELINE 7.00000 03/15/2027 US 6,775,000 $8,453,926.57
880451AV1 TENNESEE GAS PIPELINE 7.00000 10/15/2028 US 2,225,000 $2,900,417.71
88167AAK7 TEVA PHARMACEUTICALS NE 6.75000 03/01/2028 NL 1,600,000 $1,810,000.00
89052KAA3 TOORAK MORTGAGE CORP 4.45830 03/25/2022 US 5,000,000 $5,077,274.50
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 848,871.68 $865,374.34
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 2,856,402.85 $2,927,531.57
89175VAA1 TPMT 2018-2 A1 3.25000 03/25/2058 US 1,213,125.98 $1,269,833.19
89177EAA7 TPMT 2019-HY1 A1 1.14800 10/25/2048 US 2,900,152.09 $2,911,423.53
89613GAC0 TAH 2020-SFR1 C 2.24900 07/17/2038 US 2,500,000 $2,532,392.50
89657AAC0 TRL 2020-1A A 1.96000 10/17/2050 US 2,968,802.69 $3,003,385.09
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 4,340,000 $4,253,200.00
909214BV9 UNISYS CORP 6.87500 11/01/2027 US 1,555,000 $1,698,837.50
91086QBG2 UNITED MEXICAN STATES 4.12500 01/21/2026 MX 1,800,000 $2,067,750.00
917567FV6 UTAH ST TRANSIT AUTH SALES 2.97000 12/15/2030 US 2,000,000 $2,085,460.00
92189H300 VANECK VECTORS J.P. MORGAN 1.62900 US 609,000 $20,261,430.00
92212KAB2 VDC 2020-1A A2 1.64500 09/15/2045 US 6,500,000 $6,544,547.10
92343VCV4 VERIZON COMMUNICATIONS 4.27200 01/15/2036 US 4,000,000 $4,961,121.80
92535VAF9 VBTOW 2020-2A A 2.63600 09/15/2050 US 4,000,000 $4,037,127.60
927804FG4 VIRGINIA ELEC & PWR 8.87500 11/15/2038 US 1,350,000 $2,503,109.88
92826CAF9 VISA INC 4.30000 12/14/2045 US 635,000 $869,783.73
92826CAK8 VISA INC 2.70000 04/15/2040 US 1,215,000 $1,326,332.27
92837TAA0 AUSTIN BIDCO INC 7.12500 12/15/2028 US 415,000 $433,156.25
928668BE1 VOLKSWAGEN GROUP AMERICA 3.35000 05/13/2025 US 2,250,000 $2,473,548.86
92888DAB1 VFET 2019-1A A2 2.90000 11/15/2021 US 69.27 $69.34
93065PAA9 WBHT 2019-WBM A FLT 1.20900 12/15/2033 US 7,000,000 $6,807,962.70
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 1,552,000 $1,694,008.00
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 4,000,000 $4,564,146.32
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 252,330.83 $258,933.57
98162VAB5 WOART 2019-B A2 MTGE 2.63000 06/15/2022 US 246,862.51 $247,085.82
98162XAB1 WOLS 2019-A A2 2.89000 11/15/2021 US 13,835.62 $13,849.54
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 126,000,000 $6,518,732.63
BBG00VC9WGD3 EURO-SCHATZ FUT MAR21 DUH1 DE -2,200 $184,935.82
BBG00VFLL326 US 10YR NOTE CBT MAR21 US -167 -$36,531.25
BBG00VFLL3S8 US ULTRA BOND CBT FUTURE WNH1 US -36 $106,517.52
BBG00VFLL479 US 10YR ULTRA FUT MAR 21 US -103 -$46,672.39
BBG00VNLY6B6 US 5YR NOTE CBT MAR21 US 266 $35,327.46
BH8295835 SAUDI INTERNATIONAL BOND 2.90000 10/22/2025 SA 1,000,000 $1,077,350.00
BK0939417 AMERICAN TANKER INC 7.75000 07/02/2025 US 3,590,000 $3,597,359.50
BL3427798 TUTOR PERINI FLT 5.75000 08/18/2027 US 5,000,000 $5,012,500.00
USD US DOLLAR US 38,307,143.78 $38,307,143.78
ZO1818103 NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 MH 3,150,000 $3,244,500.00
ZO4110185 BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 5,500,000 $5,228,555.59

Investments will change over time.

Distributions

  • Unconstrained Bond Class I Distribution History
  • 2020 Distribution Calendar
  • Fourth Quarter 2020 Distributions
  • Third Quarter 2020 Distributions
  • Second Quarter 2020 Distributions
  • First Quarter 2020 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.


Loading...