Mutual Funds

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

$9.71

Daily $ Change

$0.00

Daily % Change

0.00%

as of 02/27/2024

Ticker

MUBWX

CUSIP

56382R332

Inception Date

03/01/2019

This fund is only available to discretionary investment accounts and other accounts managed by the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Applications & Forms
N-Port Part F Reports

Performance

As of 01/31/2024

YTD

0.30%

1 Year

5.15%

3 Year

1.04%

5 Year

3.28%

10 Year

2.60%

Inception
(03/01/2019)

4.13%

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 03/01/2019 (the inception date of the Class W shares), performance for the Class W shares is based on the historical performance of the Class S shares. Because the Class W 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 0.38%
Net 0.06%*

*Reflects the Advisor's contractual agreement to waive its management fee and limit and reimburse certain other expenses. These contractual waivers may not be amended or terminated without the prior approval of the Fund's Board of Directors. The Class W shares are only available to discretionary investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the fund's expenses.

Top Ten Investments

As of 01/31/2024

TREASURY NOTES 27.92%
GOVERNMENT AGENCY 5.17%
VANECK VECTORS J.P. MORGAN 1.51900 2.97%
TSY INFL IX N/B 0.12500 10/15/2025 1.59%
TSY INFL IX N/B 0.12500 04/15/2026 1.59%
TSY INFL IX N/B 0.50000 01/15/2028 1.59%
MSRM 2021-4 A4 2.50000 07/25/2051 1.17%
IMPRL 2022-NQM4 A1 4.76700 06/25/2067 1.10%
NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 1.09%
GCAT 2022-NQM3 A1 4.34800 04/25/2067 1.09%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 01/31/2024

Treasury
32.17%
Government
0.54%
Cash
1.61%
Corporate
16.80%
Mortgage
45.09%
Other
3.79%

Credit Quality Distribution

As of 01/31/2024

AAA
50.71%
AA
1.05%
A
9.79%
BBB
5.31%
BB
0.93%
B
1.01%
CCC
0.37%
D
0.14%
NR
30.69%
Security Description Country Ticker Shares/Par Market Value (USD)
0 12.71000 07/15/2026 NO 39,000,000 $3,708,458.63
3 MONTH SOFR FUT DEC24 US -1,625 -$2,258,782.50
ADC 2021-1A A2 1.93700 08/15/2046 US 4,500,000 $4,060,892.07
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 1,970,000 $1,788,432.59
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 3,043,602.27 $3,064,768.33
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 3,210,000 $2,791,931.40
ALLO 2023-1A A2 6.20000 06/20/2053 US 4,400,000 $4,335,622.72
AMAZON.COM INC 3.30000 04/13/2027 US 4,000,000 $3,880,073.96
ARGO BLOCKCHAIN PLC GB 62,279 $560,511.00
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 1,500,000 $1,419,124.38
AZERION GROUP NV FLT 10.64300 10/02/2026 NL 3,700,000 $3,898,444.55
BABS 2021-RM2 A 1.75000 10/25/2061 US 2,556,269.55 $2,303,073.35
BANK OF AMERICA CORP 6.40624 09/15/2026 US 3,561,000 $3,523,828.22
BANK ONE CORP 8.00000 04/29/2027 US 3,000,000 $3,308,943.87
BDS 2021-FL8 B MTGE 6.79926 01/18/2036 KY 3,000,000 $2,983,850.10
BGC GROUP INC 3.75000 10/01/2024 US 8,250,000 $8,065,514.74
BJETS 2021-1A A 2.16200 04/15/2036 US 2,618,819.31 $2,449,863.04
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 1,500,000 $1,485,001.50
BORR IHC LTD 10.00000 11/15/2028 MUL 4,000,000 $4,144,515.76
BRAVO 2019-2 3.50000 10/25/2044 US 2,674,138.56 $2,527,236.36
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 9,094,820 $8,152,437.49
BRSP 2021-FL1 A 6.59926 08/19/2038 US 2,478,434.58 $2,435,461.25
CAALT 2021-2A A 1.64000 06/17/2030 US 3,800,000 $3,713,081.46
CAALT 2021-3A C MTGE 1.63000 09/16/2030 US 3,000,000 $2,895,489.48
CAALT 2022 4.60000 06/15/2032 US 7,400,000 $7,346,503.70
CAFL 2019-3 A 2.70500 10/15/2052 US 1,477,170.78 $1,440,567.89
CAFL 2020-3 A 1.35800 08/15/2053 US 751,329.51 $701,537.21
CAFL 2020-4 A MTGE 1.17400 12/15/2052 US 871,316.57 $812,462.03
CARMX 2020-4 A3 0.50000 08/15/2025 US 1,380,428.7 $1,368,691.51
CASL 2021-A A2 1.60000 07/25/2051 US 1,508,546.14 $1,325,623.58
CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 1,638,388.49 $1,478,003.10
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 454,000 $500,681.91
CIM 2019-INV1 A1 4.00000 02/25/2049 US 60,886.09 $58,295.99
COLO 2021-1A A2 MTGE 2.06000 02/27/2051 US 5,200,000 $4,729,226.22
COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 US 3,345,000 $3,183,721.63
CPS 2021-C 1.21000 06/15/2027 US 3,132,602.84 $3,114,669.85
CRVNA 2020-P1 A4 0.61000 10/08/2026 US 4,110,655.39 $4,001,680.02
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 108,004.62 $94,019.03
DNRFA 2021- 1A A MTGE 1.76000 04/15/2049 US 5,000,000 $4,442,639.00
DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 US 2,850,000 $2,628,713.43
EDVES 2019-A A MTGE 3.58000 11/25/2038 US 1,226,805.38 $1,172,070.67
EXTENDA RETAIL HOLDING FLT 10.78600 03/30/2027 SE 34,000,000 $3,268,980.04
FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 178,940.43 $188,310.44
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 386.84 $384.64
FEDERAL NATL MTG ASSN AS3878 4.50000 11/01/2044 US 272,871.38 $269,931.48
FEDERAL NATL MTG ASSN AW5338 4.50000 06/01/2044 US 465,751.55 $460,401.52
FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 79,646.91 $78,477.53
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 101,478.46 $100,368.20
FHLM POOL C91359 4.50000 02/01/2031 US 60,037.28 $59,585.52
FHLM POOL C91746 4.50000 12/01/2033 US 134,695.35 $133,404.08
FHLM POOL D98711 4.50000 07/01/2031 US 180,927.27 $179,668.46
FHLM POOL G05900 6.00000 03/01/2040 US 33,029.26 $34,797.56
FHLM POOL MA0115 4.50000 07/01/2029 US 20,448.11 $20,216.96
FHMS K106 X1 MTGE 1.43986 01/25/2030 US 50,917,326.84 $3,341,225.03
FLX 2021-1A A2 3.25000 11/27/2051 US 4,760,000 $4,312,783.72
FN FS4047 MTGE 3.50000 12/01/2042 US 7,568,515.96 $7,078,975.19
FN FS6206 MTGE 5.50000 10/01/2053 US 7,944,984 $8,038,417.89
FNR 2018-31 KP 3.50000 07/25/2047 US 53,752.86 $52,540.55
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 4,480,000 $4,358,800.68
FR QG6308 MTG 6.00000 07/01/2053 US 8,286,961.82 $8,423,084.12
FR RB5264 5.50000 11/01/2043 US 7,829,618.16 $7,918,722.74
FR RJ0062 MTGE 5.00000 10/01/2053 US 8,388,398.4 $8,319,084.06
FSRIA 2021-FL2 A 6.66764 05/16/2038 US 2,737,751.43 $2,699,623.04
GCAT 2022-NQM3 A1 4.34800 04/25/2067 US 8,943,555.98 $8,685,542.08
GCAT 2024- NQM1 AT MTGE 6.00700 01/25/2059 US 5,000,000 $5,050,566.40
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 1,200,000 $1,021,834.81
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 2,761,644.19 $2,197,429.24
GREENFOOD AB FLT 11.09000 11/04/2025 SE 45,000,000 $3,914,542.59
GREENIDGE GEN HLD INC US 66,192 $584,475.36
GSMBS 2021-GRE A6 2.50000 04/25/2052 US 5,016,581.96 $4,423,578.23
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 3,135,805.49 $2,743,920.15
GSMBS 2022-PJ1 A15 5.00000 05/28/2052 US 4,384,367.63 $4,044,028.46
GSMBS 2022-PJ3 A24 3.00000 08/25/2052 US 8,548,538.4 $7,622,524.65
HAWAII ST 2.63200 10/01/2037 US 3,905,000 $3,066,075.69
HERTZ 2021-1A B 1.56000 12/26/2025 US 3,000,000 $2,906,651.34
HTS2021-1 A MTGE 1.41100 08/25/2036 US 1,510,820.55 $1,335,824.93
HWIRE 2021-1 A2 2.31100 11/20/2051 US 3,500,000 $3,165,129.10
ICE 3MTH SONIA FU DEC 24 GB 1,300 $1,745,795.73
IIP OPERATING PARTNER 5.50000 05/25/2026 US 4,320,000 $3,994,522.21
IMPRL 2022-NQM2 3.63800 03/25/2067 US 6,530,536.64 $6,033,604.01
IMPRL 2022-NQM3 4.38000 05/25/2067 US 3,940,901.72 $3,824,144.78
IMPRL 2022-NQM4 A1 4.76700 06/25/2067 US 8,785,163.31 $8,788,206.75
INFRABUILD AUTRALIA PTY 14.50000 11/15/2028 AU 4,000,000 $4,089,397.60
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 4,500,000 $4,408,354.85
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 261,320.34 $251,463.45
JPMMT 2021- LTV2 A1 MTGE 2.51950 05/25/2052 US 4,618,145.97 $3,784,959.56
JPMMT 2021-5 A4 2.50000 08/25/2051 US 9,189,520.31 $8,156,067.50
JPMMT 2022-INV3 A4B 3.00000 09/25/2052 US 6,493,009.47 $5,820,742.68
JPN YEN CURR FUT MAR 24 JP 275 -$586,883.00
KREF 2021-FL2 AS MTGE 6.74624 02/15/2039 US 3,500,000 $3,366,965.70
LCCM 2021-FL2 AS 6.99764 12/13/2038 US 2,000,000 $1,946,317.80
LCCM 2021-FL2 B 7.34764 12/13/2038 US 3,000,000 $2,891,071.20
LEGAL BUSINESS SERVICES LLC 9.00000 06/15/2026 US 4,000,000 $3,963,770.32
LEGRES AB FLT 13.07600 12/30/2025 SE 32,500,000 $2,966,905.30
LFS 2022-A A MTGE 5.25000 05/15/2034 US 3,229,377.18 $3,172,122.26
LRK 2019-A A2FX Mtge 2.73000 10/25/2048 US 221,522.15 $218,326.22
MEDIA AND GAMES INVEST FLT 10.17300 06/21/2026 SE 8,000,000 $8,411,735.40
MSRM 2021-4 A4 2.50000 07/25/2051 US 10,548,241.75 $9,325,967.19
MST 2019-1A A MTGE 3.75000 04/25/2058 US 703,512.42 $666,810.74
NAVIENT CORP 6.75000 06/25/2025 US 1,800,000 $1,814,063.60
NAVSL 2014-1 A3 FLT 5.96912 06/25/2031 US 2,944,008.1 $2,864,657.07
NAVSL 2015-BA A3 6.89764 07/16/2040 US 1,351,893.18 $1,351,745.43
NAVSL 2017-2A A FLT 6.50912 12/27/2066 US 2,700,912.38 $2,700,798.13
NAVSL 2020-1A A1B 6.50912 06/25/2069 US 1,871,398.4 $1,873,054.36
NAVSL 2020-GA A MTGE 1.17000 09/16/2069 US 482,278.85 $436,350.69
NAVSL 2021-1A A1A 1.31000 12/26/2069 US 4,321,210.4 $3,714,050.61
NAVSL 2021-A A 0.84000 05/15/2069 US 757,090.03 $669,487.39
NAVSL 2022-A 2.23000 07/15/2070 US 3,067,642.72 $2,710,046.07
NAVSL 2023-BA A1A 6.48000 03/15/2072 US 701,605.24 $718,850.70
NAVSL 2023-BA A1B 7.04600 03/15/2072 US 1,637,078.9 $1,667,332.69
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 1,744,319.08 $1,651,623.55
NORTH INVST GROUP FLT 13.09000 05/05/2024 SE 23,750,000 $2,296,289.44
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 5,870,000 $587.00
NOVEDO HOLDINGS AB FLT 10.64700 11/26/2024 SE 26,250,000 $2,341,706.66
NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 US 8,250,000 $8,713,196.00
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 218,127.2 $204,334.89
NRZT 2015-2A A1 3.75000 08/25/2055 US 303,452.33 $285,136.16
NRZT 2019-2A A1 4.25000 12/25/2057 US 1,468,829.2 $1,411,190.14
NRZT 2022-NQM2 A1 3.07900 03/27/2062 US 8,782,609.34 $8,043,417.51
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 1,880,259.66 $1,723,433.59
OASIS 2022-1A A 4.75000 05/15/2034 US 845,325.76 $844,272.15
OASIS 2022-2A A 6.85000 10/15/2034 US 2,016,929.98 $2,015,725.27
OASIS 2023-1A 7.00000 02/15/2035 US 1,498,129.28 $1,498,393.70
OBX 2024-NQM1 A1 5.92800 11/25/2063 US 3,985,295.11 $4,007,516.04
OXFIN 2020-1A A2 3.10100 02/15/2028 US 1,834,001.91 $1,776,630.66
OXFIN 2020-1A B 4.03700 02/15/2028 US 765,363.8 $729,977.36
OXFIN 2022-1A 3.60200 02/15/2030 US 4,650,000 $4,442,002.25
OXFIN 2023-1A A2 6.71600 02/15/2031 US 4,430,000 $4,376,883.86
OXFINF 2024-A A2 6.67500 01/14/2032 US 2,700,000 $2,713,154.40
PCG 2023 1 NOTE MTG 11.33586 07/25/2029 US 4,494,806.94 $4,494,155.73
PEAR 2020-1 A MTGE 3.75000 12/15/2032 US 378,419.32 $376,730.89
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 2,777,393.58 $2,674,120.92
PEAR 2022-1 A2 7.25000 10/15/2034 US 2,395,031.09 $2,394,020.63
PEAR 2023-1A 7.42000 07/15/2035 US 3,137,820.11 $3,153,828.33
PELORUS FUND REIT 7.00000 09/30/2026 US 4,345,000 $4,261,985.39
PEPSICO INC 3.90000 07/18/2032 US 4,000,000 $3,839,073.56
PING PETROLEUM UK 12.00000 07/29/2024 GB 2,300,000 $2,106,179.02
PUFFIN FINANCE SARL 15.00000 09/11/2025 LU 3,670,000 $3,766,794.56
RCKT 2021-6 A5 2.50000 12/25/2051 US 4,952,007.44 $4,294,930.77
RUN 2022-NQM1 A1 4.00000 03/25/2067 US 3,004,810 $2,848,299.54
SALTT 2021-1A AA 2.30100 02/28/2033 US 623,703.3 $579,919.33
SBA TOWER TRUST 1.88400 01/15/2026 US 2,750,000 $2,556,853.48
SBA TOWER TRUST 2.83600 01/15/2025 US 3,500,000 $3,389,321.25
SBA TOWER TRUST 6.59900 01/15/2028 US 6,110,000 $6,271,327.22
SCML 2019-SBC8 2.86000 04/25/2041 US 1,901,079.24 $1,775,719.41
SEMT 2013-2 1.87400 02/25/2043 US 114,281.43 $97,569.12
SEMT 2013-6 A2 3.00000 05/25/2043 US 1,160,861.37 $1,036,427.84
SEMT 2013-7 A2 3.00000 06/25/2043 US 110,360.48 $95,926.67
SEMT 2013-8 A1 3.00000 06/25/2043 US 132,189.39 $118,628.90
SIDC 2021-1A A2 MTGE 1.87700 03/26/2046 US 3,400,000 $3,105,845.60
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 5,500,000 $4,668,953.96
SLAM 2021-1A A MTGE 2.43400 06/15/2046 US 5,366,400 $4,656,707.02
SLMA 2008-3 A3 6.62250 10/25/2021 US 5,852,791.62 $5,762,631.18
SLMA 2008-4 A4 7.27250 07/25/2022 US 3,090,554.17 $3,102,809.82
SMB 2019-B A2A 2.84000 06/15/2037 US 1,877,274.42 $1,790,838.55
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 3,687,753.21 $3,438,548.86
SORT 2020-1 B1 2.28000 07/15/2060 US 1,798,904 $1,648,787.08
SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 3,000,000 $3,001,453.86
SRPT 2014-STAR A FLTG RATE 8.50000 11/15/2027 US 1,623,209.63 $1,163,923.36
STEAM 2021-3 A MTGE 2.21000 06/28/2051 US 5,357,760.35 $4,826,043.46
STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 2,370,002.41 $2,189,208.91
TAH 2020-SFR1 C 2.24900 07/17/2038 US 2,500,000 $2,317,567.88
TENCENT HOLDINGS 3.97500 04/11/2029 KY 6,650,000 $6,344,617.37
TPMT 2016-5 A1 2.50000 10/25/2056 US 35,867.58 $35,605.97
TPMT 2017-1 A1 2.75000 10/25/2056 US 67,663.41 $67,295.63
TPMT 2018-2 A1 3.25000 03/25/2058 US 396,628.87 $384,056.61
TPMT 2019-HY1 A1 6.45034 10/25/2048 US 946,704.45 $957,283.21
TREASURY NOTE 2.25000 11/15/2027 US 44,305,000 $41,681,313.28
TRL 2020-1A A 1.96000 10/17/2050 US 1,813,198.15 $1,639,176.97
TRL 2021-1A A MTGE 2.26000 07/19/2051 US 1,798,040.33 $1,571,748.94
TRP 2021-1 A MTGE 2.07000 06/19/2051 US 2,809,086.86 $2,510,937.74
TSY INFL IX N/B 0.12500 04/15/2026 US 13,295,945.48 $12,725,595.56
TSY INFL IX N/B 0.12500 10/15/2025 US 13,144,985.04 $12,729,575.38
TSY INFL IX N/B 0.50000 01/15/2028 US 13,374,238.64 $12,723,376.50
TUTOR PERINI CORP 6.87500 05/01/2025 US 3,000,000 $2,962,140.84
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 3,116,969.04 $2,966,006.84
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 3,057,202.2 $2,781,217.70
UNITED STATES TREAS NTS 2.12500 05/15/2025 US 51,023,000 $49,516,227.03
US 10 YR ULTRA FUT MAR 24 US -438 $75,701.85
US 2YR NOTE CBT MAR 24 US 1,020 -$45,263.40
US CLAIMS LIT FNDG LLC 10.25000 03/17/2028 US 1,375,000 $1,184,335.98
US DOLLAR US 13,099,526.78 $13,099,526.78
US TREASURY N/B 0.37500 08/15/2024 US 10,460,000 $10,200,134.38
US TREASURY N/B 1.12500 01/15/2025 US 18,818,000 $18,191,713.44
US TREASURY N/B 2.75000 02/15/2028 US 26,155,000 $25,004,588.80
US TREASURY N/B 2.87500 05/15/2028 US 51,494,000 $49,389,987.60
US TREASURY N/B 2.87500 08/15/2028 US 4,542,000 $4,347,900.49
US TREASURY N/B 3.12500 11/15/2028 US 25,385,000 $24,532,222.66
VANECK VECTORS J.P. MORGAN 1.51900 US 950,390 $23,731,238.30
VBTOW 2020-2A A 2.63600 09/15/2050 US 4,000,000 $3,761,119.20
VDC 2020-1A A2 1.64500 09/15/2045 US 6,500,000 $6,047,712.91
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 3,500,000 $3,458,588.11
WIN 2015-1 A1 3.50000 01/20/2045 US 69,294.39 $62,718.80
ZITON AS 13.46900 06/09/2028 DK 4,000,000 $4,409,256.00

Investments will change over time.

Distributions

  • Unconstrained Bond Series Class W Distribution History
  • 2024 Distribution Calendar
  • 2024 Distributions
  • Tax Letter

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

$0.00

Daily % Change

0.00%

as of 02/27/2024

Ticker

MUBWX

CUSIP

56382R332

Inception Date

03/01/2019

This fund is only available to discretionary investment accounts and other accounts managed by the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Applications & Forms
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 01/31/2024

YTD

0.30%

1 Year

5.15%

3 Year

1.04%

5 Year

3.28%

10 Year

2.60%

Inception
(03/01/2019)

4.13%

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 03/01/2019 (the inception date of the Class W shares), performance for the Class W shares is based on the historical performance of the Class S shares. Because the Class W 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 0.38%
Net 0.06%*

*Reflects the Advisor's contractual agreement to waive its management fee and limit and reimburse certain other expenses. These contractual waivers may not be amended or terminated without the prior approval of the Fund's Board of Directors. The Class W shares are only available to discretionary investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the fund's expenses.

Top Ten Investments

As of 01/31/2024

TREASURY NOTES 27.92%
GOVERNMENT AGENCY 5.17%
VANECK VECTORS J.P. MORGAN 1.51900 2.97%
TSY INFL IX N/B 0.12500 10/15/2025 1.59%
TSY INFL IX N/B 0.12500 04/15/2026 1.59%
TSY INFL IX N/B 0.50000 01/15/2028 1.59%
MSRM 2021-4 A4 2.50000 07/25/2051 1.17%
IMPRL 2022-NQM4 A1 4.76700 06/25/2067 1.10%
NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 1.09%
GCAT 2022-NQM3 A1 4.34800 04/25/2067 1.09%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 01/31/2024

Treasury
32.17%
Government
0.54%
Cash
1.61%
Corporate
16.80%
Mortgage
45.09%
Other
3.79%

Credit Quality Distribution

As of 01/31/2024

AAA
50.71%
AA
1.05%
A
9.79%
BBB
5.31%
BB
0.93%
B
1.01%
CCC
0.37%
D
0.14%
NR
30.69%
Security Description Country Ticker Shares/Par Market Value (USD)
0 12.71000 07/15/2026 NO 39,000,000 $3,708,458.63
3 MONTH SOFR FUT DEC24 US -1,625 -$2,258,782.50
ADC 2021-1A A2 1.93700 08/15/2046 US 4,500,000 $4,060,892.07
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 1,970,000 $1,788,432.59
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 3,043,602.27 $3,064,768.33
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 3,210,000 $2,791,931.40
ALLO 2023-1A A2 6.20000 06/20/2053 US 4,400,000 $4,335,622.72
AMAZON.COM INC 3.30000 04/13/2027 US 4,000,000 $3,880,073.96
ARGO BLOCKCHAIN PLC GB 62,279 $560,511.00
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 1,500,000 $1,419,124.38
AZERION GROUP NV FLT 10.64300 10/02/2026 NL 3,700,000 $3,898,444.55
BABS 2021-RM2 A 1.75000 10/25/2061 US 2,556,269.55 $2,303,073.35
BANK OF AMERICA CORP 6.40624 09/15/2026 US 3,561,000 $3,523,828.22
BANK ONE CORP 8.00000 04/29/2027 US 3,000,000 $3,308,943.87
BDS 2021-FL8 B MTGE 6.79926 01/18/2036 KY 3,000,000 $2,983,850.10
BGC GROUP INC 3.75000 10/01/2024 US 8,250,000 $8,065,514.74
BJETS 2021-1A A 2.16200 04/15/2036 US 2,618,819.31 $2,449,863.04
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 1,500,000 $1,485,001.50
BORR IHC LTD 10.00000 11/15/2028 MUL 4,000,000 $4,144,515.76
BRAVO 2019-2 3.50000 10/25/2044 US 2,674,138.56 $2,527,236.36
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 9,094,820 $8,152,437.49
BRSP 2021-FL1 A 6.59926 08/19/2038 US 2,478,434.58 $2,435,461.25
CAALT 2021-2A A 1.64000 06/17/2030 US 3,800,000 $3,713,081.46
CAALT 2021-3A C MTGE 1.63000 09/16/2030 US 3,000,000 $2,895,489.48
CAALT 2022 4.60000 06/15/2032 US 7,400,000 $7,346,503.70
CAFL 2019-3 A 2.70500 10/15/2052 US 1,477,170.78 $1,440,567.89
CAFL 2020-3 A 1.35800 08/15/2053 US 751,329.51 $701,537.21
CAFL 2020-4 A MTGE 1.17400 12/15/2052 US 871,316.57 $812,462.03
CARMX 2020-4 A3 0.50000 08/15/2025 US 1,380,428.7 $1,368,691.51
CASL 2021-A A2 1.60000 07/25/2051 US 1,508,546.14 $1,325,623.58
CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 1,638,388.49 $1,478,003.10
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 454,000 $500,681.91
CIM 2019-INV1 A1 4.00000 02/25/2049 US 60,886.09 $58,295.99
COLO 2021-1A A2 MTGE 2.06000 02/27/2051 US 5,200,000 $4,729,226.22
COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 US 3,345,000 $3,183,721.63
CPS 2021-C 1.21000 06/15/2027 US 3,132,602.84 $3,114,669.85
CRVNA 2020-P1 A4 0.61000 10/08/2026 US 4,110,655.39 $4,001,680.02
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 108,004.62 $94,019.03
DNRFA 2021- 1A A MTGE 1.76000 04/15/2049 US 5,000,000 $4,442,639.00
DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 US 2,850,000 $2,628,713.43
EDVES 2019-A A MTGE 3.58000 11/25/2038 US 1,226,805.38 $1,172,070.67
EXTENDA RETAIL HOLDING FLT 10.78600 03/30/2027 SE 34,000,000 $3,268,980.04
FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 178,940.43 $188,310.44
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 386.84 $384.64
FEDERAL NATL MTG ASSN AS3878 4.50000 11/01/2044 US 272,871.38 $269,931.48
FEDERAL NATL MTG ASSN AW5338 4.50000 06/01/2044 US 465,751.55 $460,401.52
FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 79,646.91 $78,477.53
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 101,478.46 $100,368.20
FHLM POOL C91359 4.50000 02/01/2031 US 60,037.28 $59,585.52
FHLM POOL C91746 4.50000 12/01/2033 US 134,695.35 $133,404.08
FHLM POOL D98711 4.50000 07/01/2031 US 180,927.27 $179,668.46
FHLM POOL G05900 6.00000 03/01/2040 US 33,029.26 $34,797.56
FHLM POOL MA0115 4.50000 07/01/2029 US 20,448.11 $20,216.96
FHMS K106 X1 MTGE 1.43986 01/25/2030 US 50,917,326.84 $3,341,225.03
FLX 2021-1A A2 3.25000 11/27/2051 US 4,760,000 $4,312,783.72
FN FS4047 MTGE 3.50000 12/01/2042 US 7,568,515.96 $7,078,975.19
FN FS6206 MTGE 5.50000 10/01/2053 US 7,944,984 $8,038,417.89
FNR 2018-31 KP 3.50000 07/25/2047 US 53,752.86 $52,540.55
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 4,480,000 $4,358,800.68
FR QG6308 MTG 6.00000 07/01/2053 US 8,286,961.82 $8,423,084.12
FR RB5264 5.50000 11/01/2043 US 7,829,618.16 $7,918,722.74
FR RJ0062 MTGE 5.00000 10/01/2053 US 8,388,398.4 $8,319,084.06
FSRIA 2021-FL2 A 6.66764 05/16/2038 US 2,737,751.43 $2,699,623.04
GCAT 2022-NQM3 A1 4.34800 04/25/2067 US 8,943,555.98 $8,685,542.08
GCAT 2024- NQM1 AT MTGE 6.00700 01/25/2059 US 5,000,000 $5,050,566.40
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 1,200,000 $1,021,834.81
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 2,761,644.19 $2,197,429.24
GREENFOOD AB FLT 11.09000 11/04/2025 SE 45,000,000 $3,914,542.59
GREENIDGE GEN HLD INC US 66,192 $584,475.36
GSMBS 2021-GRE A6 2.50000 04/25/2052 US 5,016,581.96 $4,423,578.23
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 3,135,805.49 $2,743,920.15
GSMBS 2022-PJ1 A15 5.00000 05/28/2052 US 4,384,367.63 $4,044,028.46
GSMBS 2022-PJ3 A24 3.00000 08/25/2052 US 8,548,538.4 $7,622,524.65
HAWAII ST 2.63200 10/01/2037 US 3,905,000 $3,066,075.69
HERTZ 2021-1A B 1.56000 12/26/2025 US 3,000,000 $2,906,651.34
HTS2021-1 A MTGE 1.41100 08/25/2036 US 1,510,820.55 $1,335,824.93
HWIRE 2021-1 A2 2.31100 11/20/2051 US 3,500,000 $3,165,129.10
ICE 3MTH SONIA FU DEC 24 GB 1,300 $1,745,795.73
IIP OPERATING PARTNER 5.50000 05/25/2026 US 4,320,000 $3,994,522.21
IMPRL 2022-NQM2 3.63800 03/25/2067 US 6,530,536.64 $6,033,604.01
IMPRL 2022-NQM3 4.38000 05/25/2067 US 3,940,901.72 $3,824,144.78
IMPRL 2022-NQM4 A1 4.76700 06/25/2067 US 8,785,163.31 $8,788,206.75
INFRABUILD AUTRALIA PTY 14.50000 11/15/2028 AU 4,000,000 $4,089,397.60
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 4,500,000 $4,408,354.85
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 261,320.34 $251,463.45
JPMMT 2021- LTV2 A1 MTGE 2.51950 05/25/2052 US 4,618,145.97 $3,784,959.56
JPMMT 2021-5 A4 2.50000 08/25/2051 US 9,189,520.31 $8,156,067.50
JPMMT 2022-INV3 A4B 3.00000 09/25/2052 US 6,493,009.47 $5,820,742.68
JPN YEN CURR FUT MAR 24 JP 275 -$586,883.00
KREF 2021-FL2 AS MTGE 6.74624 02/15/2039 US 3,500,000 $3,366,965.70
LCCM 2021-FL2 AS 6.99764 12/13/2038 US 2,000,000 $1,946,317.80
LCCM 2021-FL2 B 7.34764 12/13/2038 US 3,000,000 $2,891,071.20
LEGAL BUSINESS SERVICES LLC 9.00000 06/15/2026 US 4,000,000 $3,963,770.32
LEGRES AB FLT 13.07600 12/30/2025 SE 32,500,000 $2,966,905.30
LFS 2022-A A MTGE 5.25000 05/15/2034 US 3,229,377.18 $3,172,122.26
LRK 2019-A A2FX Mtge 2.73000 10/25/2048 US 221,522.15 $218,326.22
MEDIA AND GAMES INVEST FLT 10.17300 06/21/2026 SE 8,000,000 $8,411,735.40
MSRM 2021-4 A4 2.50000 07/25/2051 US 10,548,241.75 $9,325,967.19
MST 2019-1A A MTGE 3.75000 04/25/2058 US 703,512.42 $666,810.74
NAVIENT CORP 6.75000 06/25/2025 US 1,800,000 $1,814,063.60
NAVSL 2014-1 A3 FLT 5.96912 06/25/2031 US 2,944,008.1 $2,864,657.07
NAVSL 2015-BA A3 6.89764 07/16/2040 US 1,351,893.18 $1,351,745.43
NAVSL 2017-2A A FLT 6.50912 12/27/2066 US 2,700,912.38 $2,700,798.13
NAVSL 2020-1A A1B 6.50912 06/25/2069 US 1,871,398.4 $1,873,054.36
NAVSL 2020-GA A MTGE 1.17000 09/16/2069 US 482,278.85 $436,350.69
NAVSL 2021-1A A1A 1.31000 12/26/2069 US 4,321,210.4 $3,714,050.61
NAVSL 2021-A A 0.84000 05/15/2069 US 757,090.03 $669,487.39
NAVSL 2022-A 2.23000 07/15/2070 US 3,067,642.72 $2,710,046.07
NAVSL 2023-BA A1A 6.48000 03/15/2072 US 701,605.24 $718,850.70
NAVSL 2023-BA A1B 7.04600 03/15/2072 US 1,637,078.9 $1,667,332.69
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 1,744,319.08 $1,651,623.55
NORTH INVST GROUP FLT 13.09000 05/05/2024 SE 23,750,000 $2,296,289.44
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 5,870,000 $587.00
NOVEDO HOLDINGS AB FLT 10.64700 11/26/2024 SE 26,250,000 $2,341,706.66
NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 US 8,250,000 $8,713,196.00
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 218,127.2 $204,334.89
NRZT 2015-2A A1 3.75000 08/25/2055 US 303,452.33 $285,136.16
NRZT 2019-2A A1 4.25000 12/25/2057 US 1,468,829.2 $1,411,190.14
NRZT 2022-NQM2 A1 3.07900 03/27/2062 US 8,782,609.34 $8,043,417.51
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 1,880,259.66 $1,723,433.59
OASIS 2022-1A A 4.75000 05/15/2034 US 845,325.76 $844,272.15
OASIS 2022-2A A 6.85000 10/15/2034 US 2,016,929.98 $2,015,725.27
OASIS 2023-1A 7.00000 02/15/2035 US 1,498,129.28 $1,498,393.70
OBX 2024-NQM1 A1 5.92800 11/25/2063 US 3,985,295.11 $4,007,516.04
OXFIN 2020-1A A2 3.10100 02/15/2028 US 1,834,001.91 $1,776,630.66
OXFIN 2020-1A B 4.03700 02/15/2028 US 765,363.8 $729,977.36
OXFIN 2022-1A 3.60200 02/15/2030 US 4,650,000 $4,442,002.25
OXFIN 2023-1A A2 6.71600 02/15/2031 US 4,430,000 $4,376,883.86
OXFINF 2024-A A2 6.67500 01/14/2032 US 2,700,000 $2,713,154.40
PCG 2023 1 NOTE MTG 11.33586 07/25/2029 US 4,494,806.94 $4,494,155.73
PEAR 2020-1 A MTGE 3.75000 12/15/2032 US 378,419.32 $376,730.89
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 2,777,393.58 $2,674,120.92
PEAR 2022-1 A2 7.25000 10/15/2034 US 2,395,031.09 $2,394,020.63
PEAR 2023-1A 7.42000 07/15/2035 US 3,137,820.11 $3,153,828.33
PELORUS FUND REIT 7.00000 09/30/2026 US 4,345,000 $4,261,985.39
PEPSICO INC 3.90000 07/18/2032 US 4,000,000 $3,839,073.56
PING PETROLEUM UK 12.00000 07/29/2024 GB 2,300,000 $2,106,179.02
PUFFIN FINANCE SARL 15.00000 09/11/2025 LU 3,670,000 $3,766,794.56
RCKT 2021-6 A5 2.50000 12/25/2051 US 4,952,007.44 $4,294,930.77
RUN 2022-NQM1 A1 4.00000 03/25/2067 US 3,004,810 $2,848,299.54
SALTT 2021-1A AA 2.30100 02/28/2033 US 623,703.3 $579,919.33
SBA TOWER TRUST 1.88400 01/15/2026 US 2,750,000 $2,556,853.48
SBA TOWER TRUST 2.83600 01/15/2025 US 3,500,000 $3,389,321.25
SBA TOWER TRUST 6.59900 01/15/2028 US 6,110,000 $6,271,327.22
SCML 2019-SBC8 2.86000 04/25/2041 US 1,901,079.24 $1,775,719.41
SEMT 2013-2 1.87400 02/25/2043 US 114,281.43 $97,569.12
SEMT 2013-6 A2 3.00000 05/25/2043 US 1,160,861.37 $1,036,427.84
SEMT 2013-7 A2 3.00000 06/25/2043 US 110,360.48 $95,926.67
SEMT 2013-8 A1 3.00000 06/25/2043 US 132,189.39 $118,628.90
SIDC 2021-1A A2 MTGE 1.87700 03/26/2046 US 3,400,000 $3,105,845.60
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 5,500,000 $4,668,953.96
SLAM 2021-1A A MTGE 2.43400 06/15/2046 US 5,366,400 $4,656,707.02
SLMA 2008-3 A3 6.62250 10/25/2021 US 5,852,791.62 $5,762,631.18
SLMA 2008-4 A4 7.27250 07/25/2022 US 3,090,554.17 $3,102,809.82
SMB 2019-B A2A 2.84000 06/15/2037 US 1,877,274.42 $1,790,838.55
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 3,687,753.21 $3,438,548.86
SORT 2020-1 B1 2.28000 07/15/2060 US 1,798,904 $1,648,787.08
SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 3,000,000 $3,001,453.86
SRPT 2014-STAR A FLTG RATE 8.50000 11/15/2027 US 1,623,209.63 $1,163,923.36
STEAM 2021-3 A MTGE 2.21000 06/28/2051 US 5,357,760.35 $4,826,043.46
STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 2,370,002.41 $2,189,208.91
TAH 2020-SFR1 C 2.24900 07/17/2038 US 2,500,000 $2,317,567.88
TENCENT HOLDINGS 3.97500 04/11/2029 KY 6,650,000 $6,344,617.37
TPMT 2016-5 A1 2.50000 10/25/2056 US 35,867.58 $35,605.97
TPMT 2017-1 A1 2.75000 10/25/2056 US 67,663.41 $67,295.63
TPMT 2018-2 A1 3.25000 03/25/2058 US 396,628.87 $384,056.61
TPMT 2019-HY1 A1 6.45034 10/25/2048 US 946,704.45 $957,283.21
TREASURY NOTE 2.25000 11/15/2027 US 44,305,000 $41,681,313.28
TRL 2020-1A A 1.96000 10/17/2050 US 1,813,198.15 $1,639,176.97
TRL 2021-1A A MTGE 2.26000 07/19/2051 US 1,798,040.33 $1,571,748.94
TRP 2021-1 A MTGE 2.07000 06/19/2051 US 2,809,086.86 $2,510,937.74
TSY INFL IX N/B 0.12500 04/15/2026 US 13,295,945.48 $12,725,595.56
TSY INFL IX N/B 0.12500 10/15/2025 US 13,144,985.04 $12,729,575.38
TSY INFL IX N/B 0.50000 01/15/2028 US 13,374,238.64 $12,723,376.50
TUTOR PERINI CORP 6.87500 05/01/2025 US 3,000,000 $2,962,140.84
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 3,116,969.04 $2,966,006.84
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 3,057,202.2 $2,781,217.70
UNITED STATES TREAS NTS 2.12500 05/15/2025 US 51,023,000 $49,516,227.03
US 10 YR ULTRA FUT MAR 24 US -438 $75,701.85
US 2YR NOTE CBT MAR 24 US 1,020 -$45,263.40
US CLAIMS LIT FNDG LLC 10.25000 03/17/2028 US 1,375,000 $1,184,335.98
US DOLLAR US 13,099,526.78 $13,099,526.78
US TREASURY N/B 0.37500 08/15/2024 US 10,460,000 $10,200,134.38
US TREASURY N/B 1.12500 01/15/2025 US 18,818,000 $18,191,713.44
US TREASURY N/B 2.75000 02/15/2028 US 26,155,000 $25,004,588.80
US TREASURY N/B 2.87500 05/15/2028 US 51,494,000 $49,389,987.60
US TREASURY N/B 2.87500 08/15/2028 US 4,542,000 $4,347,900.49
US TREASURY N/B 3.12500 11/15/2028 US 25,385,000 $24,532,222.66
VANECK VECTORS J.P. MORGAN 1.51900 US 950,390 $23,731,238.30
VBTOW 2020-2A A 2.63600 09/15/2050 US 4,000,000 $3,761,119.20
VDC 2020-1A A2 1.64500 09/15/2045 US 6,500,000 $6,047,712.91
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 3,500,000 $3,458,588.11
WIN 2015-1 A1 3.50000 01/20/2045 US 69,294.39 $62,718.80
ZITON AS 13.46900 06/09/2028 DK 4,000,000 $4,409,256.00

Investments will change over time.

Distributions

  • Unconstrained Bond Series Class W Distribution History
  • 2024 Distribution Calendar
  • 2024 Distributions
  • Tax Letter

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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