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
$9.62
Daily $ Change
$0.02
Daily % Change
0.21%
as of 04/17/2024
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 |
YTD
0.08%
1 Year
4.51%
3 Year
1.07%
5 Year
3.06%
10 Year
2.49%
Inception
(03/01/2019)
4.08%
Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.
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.
| TREASURY NOTES | 25.37% |
| GOVERNMENT AGENCY | 4.97% |
| VANECK VECTORS J.P. MORGAN 1.52500 | 2.86% |
| TSY INFL IX N/B 0.12500 10/15/2025 | 1.57% |
| TSY INFL IX N/B 0.12500 04/15/2026 | 1.57% |
| TSY INFL IX N/B 0.50000 01/15/2028 | 1.56% |
| MSRM 2021-4 A4 2.50000 07/25/2051 | 1.11% |
| NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 | 1.07% |
| GCAT 2022-NQM3 A1 4.34800 04/25/2067 | 1.06% |
| IMPRL 2022-NQM4 A1 4.76700 06/25/2067 | 1.06% |
Top Ten Investments list is unaudited and excludes cash
| Treasury | 29.53% | |
| Government | 0.53% | |
| Cash | 1.52% | |
| Corporate | 19.80% | |
| Mortgage | 44.96% | |
| Other | 3.66% |
| AAA | 48.05% | |
| AA | 0.68% | |
| A | 9.55% | |
| BBB | 4.79% | |
| BB | 2.15% | |
| B | 1.51% | |
| CCC | 0.36% | |
| D | 0.14% | |
| NR | 32.77% |
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| ACL HOLDINGS LTD 11.50000 02/16/2027 | GG | 4,400,000 | $4,807,107.46 | |
| ADC 2021-1A A2 1.93700 08/15/2046 | US | 4,500,000 | $4,095,848.12 | |
| AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 | IE | 1,970,000 | $1,784,552.00 | |
| AIRSWIFT GLOBAL AS 10.00000 02/28/2029 | NO | 4,000,000 | $4,063,464.00 | |
| ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 | US | 2,476,094.75 | $2,520,666.54 | |
| ALIBABA GROUP HOLDING 4.00000 12/06/2037 | KY | 3,210,000 | $2,788,658.10 | |
| ALLO 2023-1A A2 6.20000 06/20/2053 | US | 4,400,000 | $4,376,009.00 | |
| ALLYA 2024-1 A2 5.32000 01/15/2027 | US | 1,695,000 | $1,693,077.82 | |
| AMAZON.COM INC 3.30000 04/13/2027 | US | 4,000,000 | $3,848,177.76 | |
| ASHTEAD CAPITAL INC 4.00000 05/01/2028 | US | 1,500,000 | $1,410,555.12 | |
| AZERION GROUP NV FLT 10.65800 10/02/2026 | NL | 3,700,000 | $3,931,298.88 | |
| BABS 2021-RM2 A 1.75000 10/25/2061 | US | 2,547,600.06 | $2,268,562.95 | |
| BANK OF AMERICA CORP 6.35088 09/15/2026 | US | 3,561,000 | $3,571,926.11 | |
| BANK ONE CORP 8.00000 04/29/2027 | US | 3,000,000 | $3,263,665.62 | |
| BDS 2021-FL8 B MTGE 6.79115 01/18/2036 | KY | 3,000,000 | $2,985,672.00 | |
| BGC GROUP INC 3.75000 10/01/2024 | US | 8,250,000 | $8,098,861.40 | |
| BJETS 2021-1A A 2.16200 04/15/2036 | US | 2,463,828.71 | $2,305,142.87 | |
| BNSF FUNDING TRUST I 6.61300 12/15/2055 | US | 1,500,000 | $1,489,574.37 | |
| BORR IHC LTD 10.00000 11/15/2028 | MUL | 4,000,000 | $4,176,617.32 | |
| BRAVO 2019-2 3.50000 10/25/2044 | US | 2,572,964.22 | $2,413,461.28 | |
| BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 | AE | 8,708,979 | $6,135,419.45 | |
| BRSP 2021-FL1 A 6.59080 08/19/2038 | US | 2,478,434.58 | $2,439,340.25 | |
| CAALT 2021-2A A 1.64000 06/17/2030 | US | 3,800,000 | $3,758,076.23 | |
| CAALT 2021-3A C MTGE 1.63000 09/16/2030 | US | 3,000,000 | $2,915,710.50 | |
| CAALT 2022 4.60000 06/15/2032 | US | 7,400,000 | $7,334,474.26 | |
| CAFL 2019-3 A 2.70500 10/15/2052 | US | 4,553,450.43 | $4,453,118.70 | |
| CAFL 2020-3 A 1.35800 08/15/2053 | US | 691,923.21 | $646,581.14 | |
| CAFL 2020-4 A MTGE 1.17400 12/15/2052 | US | 747,839.97 | $699,838.53 | |
| CARMX 2020-4 A3 0.50000 08/15/2025 | US | 676,819.51 | $673,984.29 | |
| CASL 2021-A A2 1.60000 07/25/2051 | US | 1,464,111.44 | $1,285,562.29 | |
| CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 | US | 1,578,030.38 | $1,416,479.14 | |
| CENOVUS ENERGY INC 6.75000 11/15/2039 | CA | 454,000 | $501,289.08 | |
| CIM 2019-INV1 A1 4.00000 02/25/2049 | US | 57,930.33 | $55,094.27 | |
| COLO 2021-1A A2 MTGE 2.06000 02/27/2051 | US | 5,200,000 | $4,748,437.62 | |
| COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 | US | 3,345,000 | $3,183,201.65 | |
| CORECIVI INC 8.25000 04/15/2029 | US | 2,610,000 | $2,730,028.03 | |
| CPS 2021-C 1.21000 06/15/2027 | US | 1,256,774.73 | $1,253,488.25 | |
| CRVNA 2020-P1 A4 0.61000 10/08/2026 | US | 3,455,938.79 | $3,372,990.90 | |
| CSMC 2013-TH1 A1 2.13000 02/25/2043 | US | 107,118.36 | $89,198.56 | |
| DNRFA 2021- 1A A MTGE 1.76000 04/15/2049 | US | 5,000,000 | $4,463,110.00 | |
| DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 | US | 2,850,000 | $2,678,749.43 | |
| EDVES 2019-A A MTGE 3.58000 11/25/2038 | US | 1,161,278.8 | $1,103,352.02 | |
| EXTENDA RETAIL HOLDING FLT 10.77300 03/30/2027 | SE | 34,000,000 | $3,178,924.47 | |
| FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 | US | 175,867.95 | $183,749.62 | |
| FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 | US | 168.54 | $167.58 | |
| FEDERAL NATL MTG ASSN AS3878 4.50000 11/01/2044 | US | 258,341.38 | $252,477.59 | |
| FEDERAL NATL MTG ASSN AW5338 4.50000 06/01/2044 | US | 463,561.14 | $452,676.64 | |
| FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 | US | 79,320.53 | $77,145.23 | |
| FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 | US | 95,190.62 | $93,824.10 | |
| FHLM POOL C91359 4.50000 02/01/2031 | US | 56,928.22 | $56,233.00 | |
| FHLM POOL C91746 4.50000 12/01/2033 | US | 132,362.04 | $130,621.94 | |
| FHLM POOL D98711 4.50000 07/01/2031 | US | 176,435.27 | $174,336.86 | |
| FHLM POOL G05900 6.00000 03/01/2040 | US | 32,699.05 | $34,208.24 | |
| FHLM POOL MA0115 4.50000 07/01/2029 | US | 19,529.21 | $19,261.50 | |
| FHMS K106 X1 MTGE 1.31767 01/25/2030 | US | 50,894,599.86 | $3,225,756.23 | |
| FLX 2021-1A A2 3.25000 11/27/2051 | US | 4,760,000 | $4,314,002.71 | |
| FN FS4047 MTGE 3.50000 12/01/2042 | US | 7,359,249.03 | $6,790,699.21 | |
| FN FS6206 MTGE 5.50000 10/01/2053 | US | 7,920,166.32 | $7,939,563.28 | |
| FNR 2018-31 KP 3.50000 07/25/2047 | US | 52,633.41 | $51,211.10 | |
| FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 | US | 4,480,000 | $4,373,485.67 | |
| FR QG6308 MTG 6.00000 07/01/2053 | US | 8,219,937.02 | $8,327,594.52 | |
| FR RB5264 5.50000 11/01/2043 | US | 7,770,805.04 | $7,805,484.28 | |
| FR RJ0062 MTGE 5.00000 10/01/2053 | US | 8,356,398.54 | $8,183,572.59 | |
| FSRIA 2021-FL2 A 6.66115 05/16/2038 | US | 2,664,153.61 | $2,622,569.37 | |
| GCAT 2022-NQM3 A1 4.34800 04/25/2067 | US | 8,902,297.79 | $8,632,187.48 | |
| GCAT 2024- NQM1 AT MTGE 6.00700 01/25/2059 | US | 4,907,133.91 | $4,887,418.42 | |
| GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 | US | 1,200,000 | $1,010,129.02 | |
| GOLUB CAPITAL PAF 2024 1A A2 MTG 6.88500 01/25/2034 | US | 4,000,000 | $3,996,748.00 | |
| GOODG 2020-1A MTGE 2.63000 04/15/2055 | US | 2,738,386.68 | $2,252,701.76 | |
| GREENFOOD AB FLT 11.09000 11/04/2025 | SE | 45,000,000 | $3,618,799.65 | |
| GSMBS 2021-GRE A6 2.50000 04/25/2052 | US | 4,944,376.36 | $4,318,490.11 | |
| GSMBS 2021-PJ9 A8 2.50000 02/26/2052 | US | 3,062,260.97 | $2,639,156.70 | |
| GSMBS 2022-PJ1 A15 5.00000 05/28/2052 | US | 4,338,862.28 | $3,999,371.04 | |
| GSMBS 2022-PJ3 A24 3.00000 08/25/2052 | US | 8,424,589.63 | $7,418,923.20 | |
| HAWAII ST 2.63200 10/01/2037 | US | 3,905,000 | $3,063,766.43 | |
| HERTZ 2021-1A B 1.56000 12/26/2025 | US | 3,000,000 | $2,928,537.81 | |
| HTS2021-1 A MTGE 1.41100 08/25/2036 | US | 1,471,223.92 | $1,289,594.27 | |
| HWIRE 2021-1 A2 2.31100 11/20/2051 | US | 3,500,000 | $3,165,284.15 | |
| IIP OPERATING PARTNER 5.50000 05/25/2026 | US | 4,320,000 | $4,128,183.23 | |
| IMPRL 2022-NQM2 3.63800 03/25/2067 | US | 6,389,747.99 | $5,885,296.56 | |
| IMPRL 2022-NQM3 4.38000 05/25/2067 | US | 3,822,271.76 | $3,704,209.20 | |
| IMPRL 2022-NQM4 A1 4.76700 06/25/2067 | US | 8,697,143.08 | $8,608,444.48 | |
| INFRABUILD AUTRALIA PTY 14.50000 11/15/2028 | AU | 4,000,000 | $4,148,198.76 | |
| ITALY GOV'T INT BOND 2.37500 10/17/2024 | IT | 4,500,000 | $4,422,136.86 | |
| JPMMT 2014-2 1A1 3.00000 06/25/2029 | US | 248,270.08 | $237,948.28 | |
| JPMMT 2021- LTV2 A1 MTGE 2.51950 05/25/2052 | US | 4,574,339.53 | $3,764,084.99 | |
| JPMMT 2021-5 A4 2.50000 08/25/2051 | US | 9,071,428.95 | $7,948,665.99 | |
| JPMMT 2022-INV3 A4B 3.00000 09/25/2052 | US | 6,381,465.76 | $5,637,422.72 | |
| JPN YEN CURR FUT JUN24 | JP | 485 | -$1,040,383.20 | |
| KREF 2021-FL2 AS MTGE 6.73981 02/15/2039 | US | 3,500,000 | $3,374,198.10 | |
| LCCM 2021-FL2 AS 6.98981 12/13/2038 | US | 2,000,000 | $1,951,245.80 | |
| LCCM 2021-FL2 B 7.33981 12/13/2038 | US | 3,000,000 | $2,899,308.30 | |
| LEGAL BUSINESS SERVICES LLC 9.00000 06/15/2026 | US | 4,000,000 | $3,992,448.04 | |
| LEGRES AB FLT 13.07600 12/30/2025 | SE | 32,500,000 | $2,912,836.67 | |
| LFS 2022-A A MTGE 5.25000 05/15/2034 | US | 3,005,861.63 | $2,943,515.55 | |
| LRK 2019-A A2FX Mtge 2.73000 10/25/2048 | US | 197,655.47 | $195,558.69 | |
| MEDIA AND GAMES INVEST FLT 10.18500 06/21/2026 | SE | 8,000,000 | $8,589,865.24 | |
| MFRA TRUST 2021-INV2 A1 1.90600 11/25/2056 | US | 3,889,588.06 | $3,326,067.93 | |
| MSRM 2021-4 A4 2.50000 07/25/2051 | US | 10,412,127.36 | $9,047,723.02 | |
| MST 2019-1A A MTGE 3.75000 04/25/2058 | US | 689,266.6 | $647,796.19 | |
| NAVIENT CORP 6.75000 06/25/2025 | US | 1,800,000 | $1,811,481.59 | |
| NAVSL 2014-1 A3 FLT 5.94487 06/25/2031 | US | 2,760,673.89 | $2,725,137.50 | |
| NAVSL 2015-BA A3 6.88981 07/16/2040 | US | 1,276,341.42 | $1,275,955.42 | |
| NAVSL 2017-2A A FLT 6.48487 12/27/2066 | US | 2,601,235.71 | $2,601,316.37 | |
| NAVSL 2020-1A A1B 6.48487 06/25/2069 | US | 1,793,988.42 | $1,798,390.80 | |
| NAVSL 2020-GA A MTGE 1.17000 09/16/2069 | US | 462,528.78 | $413,812.21 | |
| NAVSL 2021-1A A1A 1.31000 12/26/2069 | US | 4,126,945.65 | $3,543,090.55 | |
| NAVSL 2021-A A 0.84000 05/15/2069 | US | 729,045.35 | $636,881.49 | |
| NAVSL 2022-A 2.23000 07/15/2070 | US | 2,993,539.38 | $2,643,438.78 | |
| NAVSL 2023-BA A1A 6.48000 03/15/2072 | US | 658,715.74 | $672,982.46 | |
| NAVSL 2023-BA A1B 7.01864 03/15/2072 | US | 1,537,003.39 | $1,562,952.91 | |
| NEW FORTRESS ENERGY INC 8.75000 03/15/2029 | US | 4,195,000 | $4,180,593.53 | |
| NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 | AU | 1,744,319.08 | $1,650,471.33 | |
| NORTH INVST GROUP FLT 13.09000 05/05/2024 | SE | 23,750,000 | $2,212,659.76 | |
| NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | CA | 5,870,000 | $58.70 | |
| NOVEDO HOLDINGS AB FLT 10.59700 11/26/2024 | SE | 26,250,000 | $2,319,720.74 | |
| NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 | US | 8,250,000 | $8,722,524.20 | |
| NRZT 2014-3A AFX3 3.75000 11/25/2054 | US | 209,568.3 | $195,517.48 | |
| NRZT 2015-2A A1 3.75000 08/25/2055 | US | 295,164.89 | $274,219.72 | |
| NRZT 2019-2A A1 4.25000 12/25/2057 | US | 1,420,665.62 | $1,361,745.64 | |
| NRZT 2022-NQM2 A1 3.07900 03/27/2062 | US | 8,700,464.88 | $7,769,617.72 | |
| NYMT 2022-CP1 A1 2.04240 07/25/2061 | US | 1,846,459.76 | $1,674,479.94 | |
| OASIS 2022-1A A 4.75000 05/15/2034 | US | 665,172.57 | $660,691.83 | |
| OASIS 2022-2A A 6.85000 10/15/2034 | US | 1,698,679.28 | $1,693,499.50 | |
| OASIS 2023-1A 7.00000 02/15/2035 | US | 1,316,268.96 | $1,313,791.74 | |
| OBX 2024-NQM1 A1 5.92800 11/25/2063 | US | 3,910,513.49 | $3,912,005.78 | |
| OPEN INFRA IS ASSETS AB 11.00000 02/22/2027 | US | 4,200,000 | $4,179,109.37 | |
| OXFIN 2020-1A A2 3.10100 02/15/2028 | US | 1,749,836.08 | $1,699,765.75 | |
| OXFIN 2020-1A B 4.03700 02/15/2028 | US | 765,363.8 | $734,409.81 | |
| OXFIN 2022-1A 3.60200 02/15/2030 | US | 4,648,026.55 | $4,440,588.84 | |
| OXFIN 2023-1A A2 6.71600 02/15/2031 | US | 4,430,000 | $4,464,529.19 | |
| OXFINF 2024-A A2 6.67500 01/14/2032 | US | 2,700,000 | $2,683,531.62 | |
| PCG 2023 1 NOTE MTG 11.32941 07/25/2029 | US | 4,492,788.46 | $4,492,116.11 | |
| PEAR 2021-1 A MTGE 2.60000 01/15/2034 | US | 2,541,328.47 | $2,454,900.94 | |
| PEAR 2022-1 A2 7.25000 10/15/2034 | US | 2,351,829.1 | $2,364,958.66 | |
| PEAR 2023-1A 7.42000 07/15/2035 | US | 3,033,343.84 | $3,065,792.73 | |
| PEAR 2024-1 A 6.95000 02/15/2036 | US | 3,929,945.06 | $3,935,938.62 | |
| PELORUS FUND REIT 7.00000 09/30/2026 | US | 4,345,000 | $4,260,598.85 | |
| PEPSICO INC 3.90000 07/18/2032 | US | 4,000,000 | $3,790,595.84 | |
| PS MARINE MIDCO LTD 10.00000 04/19/2027 | BM | 3,200,000 | $3,217,654.75 | |
| PUFFIN FINANCE SARL 15.00000 09/11/2025 | LU | 3,670,000 | $3,768,624.02 | |
| RCKT 2021-6 A5 2.50000 12/25/2051 | US | 4,915,244.88 | $4,218,035.58 | |
| RUN 2022-NQM1 A1 4.00000 03/25/2067 | US | 2,972,667.66 | $2,830,155.65 | |
| SALTT 2021-1A AA 2.30100 02/28/2033 | US | 576,962.01 | $536,605.25 | |
| SBA TOWER TRUST 1.88400 01/15/2026 | US | 2,750,000 | $2,567,508.35 | |
| SBA TOWER TRUST 2.83600 01/15/2025 | US | 3,500,000 | $3,416,089.95 | |
| SBA TOWER TRUST 6.59900 01/15/2028 | US | 6,110,000 | $6,262,285.64 | |
| SCML 2019-SBC8 2.86000 04/25/2041 | US | 1,848,867.29 | $1,716,811.94 | |
| SEMT 2013-2 1.87400 02/25/2043 | US | 111,203.89 | $93,909.65 | |
| SEMT 2013-6 A2 3.00000 05/25/2043 | US | 1,115,405.8 | $984,805.71 | |
| SEMT 2013-7 A2 3.00000 06/25/2043 | US | 109,625.83 | $95,808.25 | |
| SEMT 2013-8 A1 3.00000 06/25/2043 | US | 131,139.25 | $116,312.61 | |
| SIDC 2021-1A A2 MTGE 1.87700 03/26/2046 | US | 3,400,000 | $3,135,631.27 | |
| SIMON PROPERTY GROUP LP 2.65000 02/01/2032 | US | 5,500,000 | $4,638,854.94 | |
| SLAM 2021-1A A MTGE 2.43400 06/15/2046 | US | 5,299,840 | $4,628,802.35 | |
| SLMA 2008-3 A3 6.62250 10/25/2021 | US | 5,852,791.62 | $5,809,044.75 | |
| SLMA 2008-4 A4 7.27250 07/25/2022 | US | 3,090,554.17 | $3,122,257.14 | |
| SLR GROUP GMBH FLT 10.88500 10/09/2027 | DE | 3,500,000 | $3,775,975.00 | |
| SMB 2019-B A2A 2.84000 06/15/2037 | US | 1,789,902.93 | $1,706,253.07 | |
| SORT 2020-1 A1 MTGE 1.69000 07/15/2060 | US | 3,687,753.21 | $3,447,910.59 | |
| SORT 2020-1 B1 2.28000 07/15/2060 | US | 1,798,904 | $1,654,886.26 | |
| SOUTHWEST AIRLINES CO 5.25000 05/04/2025 | US | 3,000,000 | $2,989,517.46 | |
| SRPT 2014-STAR A FLTG RATE 8.50000 11/15/2027 | US | 1,623,209.63 | $1,152,468.94 | |
| STEAM 2021-3 A MTGE 2.21000 06/28/2051 | US | 5,342,567.8 | $4,817,380.62 | |
| STR 2019-1 A1 MTGE 2.82000 11/20/2049 | US | 2,367,919.09 | $2,184,970.58 | |
| TAH 2020-SFR1 C 2.24900 07/17/2038 | US | 2,500,000 | $2,302,703.75 | |
| TENCENT HOLDINGS 3.97500 04/11/2029 | KY | 6,650,000 | $6,321,021.77 | |
| TPMT 2016-5 A1 2.50000 10/25/2056 | US | 11,095.1 | $11,048.46 | |
| TPMT 2017-1 A1 2.75000 10/25/2056 | US | 16,748.3 | $16,677.50 | |
| TPMT 2018-2 A1 3.25000 03/25/2058 | US | 378,283.41 | $365,932.49 | |
| TPMT 2019-HY1 A1 6.44389 10/25/2048 | US | 910,845.15 | $924,186.21 | |
| TREASURY NOTE 2.25000 11/15/2027 | US | 44,305,000 | $41,231,340.63 | |
| TRL 2020-1A A 1.96000 10/17/2050 | US | 1,752,335.78 | $1,590,762.76 | |
| TRL 2021-1A A MTGE 2.26000 07/19/2051 | US | 1,782,720.13 | $1,577,416.14 | |
| TRP 2021-1 A MTGE 2.07000 06/19/2051 | US | 2,784,210.67 | $2,509,806.88 | |
| TSY INFL IX N/B 0.12500 04/15/2026 | US | 13,355,110.24 | $12,794,220.85 | |
| TSY INFL IX N/B 0.12500 10/15/2025 | US | 13,203,413.12 | $12,813,587.23 | |
| TSY INFL IX N/B 0.50000 01/15/2028 | US | 13,433,652.96 | $12,724,270.91 | |
| TUTOR PERINI CORP 6.87500 05/01/2025 | US | 3,000,000 | $2,976,283.62 | |
| U10 YR ULTRA FUT JAN 24 | US | -485 | -$432,207.75 | |
| UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 | US | 2,840,437.3 | $2,721,498.73 | |
| UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 | US | 3,057,202.2 | $2,824,235.84 | |
| UNITED STATES TREAS NTS 2.12500 05/15/2025 | US | 51,023,000 | $49,454,441.24 | |
| US 2YR NOTE CBT JUN 24 | US | 1,600 | -$663,710.40 | |
| US CLAIMS LIT FNDG LLC 10.25000 03/17/2028 | US | 1,375,000 | $1,171,045.41 | |
| US DOLLAR | US | 12,657,087.22 | $12,657,087.22 | |
| US TREASURY N/B 1.12500 01/15/2025 | US | 18,818,000 | $18,241,698.75 | |
| US TREASURY N/B 2.75000 02/15/2028 | US | 26,155,000 | $24,704,214.84 | |
| US TREASURY N/B 2.87500 05/15/2028 | US | 51,494,000 | $48,762,404.48 | |
| US TREASURY N/B 2.87500 08/15/2028 | US | 4,542,000 | $4,291,835.18 | |
| US TREASURY N/B 3.12500 11/15/2028 | US | 21,089,000 | $20,098,805.65 | |
| VANECK VECTORS J.P. MORGAN 1.52500 | US | 950,390 | $23,294,058.90 | |
| VAREL ENERY SOLUTIONS 12.25000 04/07/2028 | US | 4,000,000 | $4,000,000.00 | |
| VBTOW 2020-2A A 2.63600 09/15/2050 | US | 4,000,000 | $3,788,083.20 | |
| VDC 2020-1A A2 1.64500 09/15/2045 | US | 6,500,000 | $6,091,570.94 | |
| VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 | US | 3,500,000 | $3,471,194.41 | |
| WELLS FARGO MBS 2020-A A1 MTGE 3.00000 12/25/2049 | US | 2,328,097.9 | $1,970,086.31 | |
| WESTJET AIRLINE 9.06850 02/14/2031 | CA | 5,000,000 | $4,995,850.00 | |
| WIN 2015-1 A1 3.50000 01/20/2045 | US | 68,881.6 | $62,313.49 | |
| ZITON AS 13.42900 06/09/2028 | DK | 4,000,000 | $4,477,227.50 |
Investments will change over time.
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
$9.62
Daily $ Change
$0.02
Daily % Change
0.21%
as of 04/17/2024
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
YTD
0.08%
1 Year
4.51%
3 Year
1.07%
5 Year
3.06%
10 Year
2.49%
Inception
(03/01/2019)
4.08%
Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.
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.
| TREASURY NOTES | 25.37% |
| GOVERNMENT AGENCY | 4.97% |
| VANECK VECTORS J.P. MORGAN 1.52500 | 2.86% |
| TSY INFL IX N/B 0.12500 10/15/2025 | 1.57% |
| TSY INFL IX N/B 0.12500 04/15/2026 | 1.57% |
| TSY INFL IX N/B 0.50000 01/15/2028 | 1.56% |
| MSRM 2021-4 A4 2.50000 07/25/2051 | 1.11% |
| NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 | 1.07% |
| GCAT 2022-NQM3 A1 4.34800 04/25/2067 | 1.06% |
| IMPRL 2022-NQM4 A1 4.76700 06/25/2067 | 1.06% |
Top Ten Investments list is unaudited and excludes cash
| Treasury | 29.53% | |
| Government | 0.53% | |
| Cash | 1.52% | |
| Corporate | 19.80% | |
| Mortgage | 44.96% | |
| Other | 3.66% |
| AAA | 48.05% | |
| AA | 0.68% | |
| A | 9.55% | |
| BBB | 4.79% | |
| BB | 2.15% | |
| B | 1.51% | |
| CCC | 0.36% | |
| D | 0.14% | |
| NR | 32.77% |
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| ACL HOLDINGS LTD 11.50000 02/16/2027 | GG | 4,400,000 | $4,807,107.46 | |
| ADC 2021-1A A2 1.93700 08/15/2046 | US | 4,500,000 | $4,095,848.12 | |
| AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 | IE | 1,970,000 | $1,784,552.00 | |
| AIRSWIFT GLOBAL AS 10.00000 02/28/2029 | NO | 4,000,000 | $4,063,464.00 | |
| ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 | US | 2,476,094.75 | $2,520,666.54 | |
| ALIBABA GROUP HOLDING 4.00000 12/06/2037 | KY | 3,210,000 | $2,788,658.10 | |
| ALLO 2023-1A A2 6.20000 06/20/2053 | US | 4,400,000 | $4,376,009.00 | |
| ALLYA 2024-1 A2 5.32000 01/15/2027 | US | 1,695,000 | $1,693,077.82 | |
| AMAZON.COM INC 3.30000 04/13/2027 | US | 4,000,000 | $3,848,177.76 | |
| ASHTEAD CAPITAL INC 4.00000 05/01/2028 | US | 1,500,000 | $1,410,555.12 | |
| AZERION GROUP NV FLT 10.65800 10/02/2026 | NL | 3,700,000 | $3,931,298.88 | |
| BABS 2021-RM2 A 1.75000 10/25/2061 | US | 2,547,600.06 | $2,268,562.95 | |
| BANK OF AMERICA CORP 6.35088 09/15/2026 | US | 3,561,000 | $3,571,926.11 | |
| BANK ONE CORP 8.00000 04/29/2027 | US | 3,000,000 | $3,263,665.62 | |
| BDS 2021-FL8 B MTGE 6.79115 01/18/2036 | KY | 3,000,000 | $2,985,672.00 | |
| BGC GROUP INC 3.75000 10/01/2024 | US | 8,250,000 | $8,098,861.40 | |
| BJETS 2021-1A A 2.16200 04/15/2036 | US | 2,463,828.71 | $2,305,142.87 | |
| BNSF FUNDING TRUST I 6.61300 12/15/2055 | US | 1,500,000 | $1,489,574.37 | |
| BORR IHC LTD 10.00000 11/15/2028 | MUL | 4,000,000 | $4,176,617.32 | |
| BRAVO 2019-2 3.50000 10/25/2044 | US | 2,572,964.22 | $2,413,461.28 | |
| BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 | AE | 8,708,979 | $6,135,419.45 | |
| BRSP 2021-FL1 A 6.59080 08/19/2038 | US | 2,478,434.58 | $2,439,340.25 | |
| CAALT 2021-2A A 1.64000 06/17/2030 | US | 3,800,000 | $3,758,076.23 | |
| CAALT 2021-3A C MTGE 1.63000 09/16/2030 | US | 3,000,000 | $2,915,710.50 | |
| CAALT 2022 4.60000 06/15/2032 | US | 7,400,000 | $7,334,474.26 | |
| CAFL 2019-3 A 2.70500 10/15/2052 | US | 4,553,450.43 | $4,453,118.70 | |
| CAFL 2020-3 A 1.35800 08/15/2053 | US | 691,923.21 | $646,581.14 | |
| CAFL 2020-4 A MTGE 1.17400 12/15/2052 | US | 747,839.97 | $699,838.53 | |
| CARMX 2020-4 A3 0.50000 08/15/2025 | US | 676,819.51 | $673,984.29 | |
| CASL 2021-A A2 1.60000 07/25/2051 | US | 1,464,111.44 | $1,285,562.29 | |
| CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 | US | 1,578,030.38 | $1,416,479.14 | |
| CENOVUS ENERGY INC 6.75000 11/15/2039 | CA | 454,000 | $501,289.08 | |
| CIM 2019-INV1 A1 4.00000 02/25/2049 | US | 57,930.33 | $55,094.27 | |
| COLO 2021-1A A2 MTGE 2.06000 02/27/2051 | US | 5,200,000 | $4,748,437.62 | |
| COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 | US | 3,345,000 | $3,183,201.65 | |
| CORECIVI INC 8.25000 04/15/2029 | US | 2,610,000 | $2,730,028.03 | |
| CPS 2021-C 1.21000 06/15/2027 | US | 1,256,774.73 | $1,253,488.25 | |
| CRVNA 2020-P1 A4 0.61000 10/08/2026 | US | 3,455,938.79 | $3,372,990.90 | |
| CSMC 2013-TH1 A1 2.13000 02/25/2043 | US | 107,118.36 | $89,198.56 | |
| DNRFA 2021- 1A A MTGE 1.76000 04/15/2049 | US | 5,000,000 | $4,463,110.00 | |
| DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 | US | 2,850,000 | $2,678,749.43 | |
| EDVES 2019-A A MTGE 3.58000 11/25/2038 | US | 1,161,278.8 | $1,103,352.02 | |
| EXTENDA RETAIL HOLDING FLT 10.77300 03/30/2027 | SE | 34,000,000 | $3,178,924.47 | |
| FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 | US | 175,867.95 | $183,749.62 | |
| FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 | US | 168.54 | $167.58 | |
| FEDERAL NATL MTG ASSN AS3878 4.50000 11/01/2044 | US | 258,341.38 | $252,477.59 | |
| FEDERAL NATL MTG ASSN AW5338 4.50000 06/01/2044 | US | 463,561.14 | $452,676.64 | |
| FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 | US | 79,320.53 | $77,145.23 | |
| FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 | US | 95,190.62 | $93,824.10 | |
| FHLM POOL C91359 4.50000 02/01/2031 | US | 56,928.22 | $56,233.00 | |
| FHLM POOL C91746 4.50000 12/01/2033 | US | 132,362.04 | $130,621.94 | |
| FHLM POOL D98711 4.50000 07/01/2031 | US | 176,435.27 | $174,336.86 | |
| FHLM POOL G05900 6.00000 03/01/2040 | US | 32,699.05 | $34,208.24 | |
| FHLM POOL MA0115 4.50000 07/01/2029 | US | 19,529.21 | $19,261.50 | |
| FHMS K106 X1 MTGE 1.31767 01/25/2030 | US | 50,894,599.86 | $3,225,756.23 | |
| FLX 2021-1A A2 3.25000 11/27/2051 | US | 4,760,000 | $4,314,002.71 | |
| FN FS4047 MTGE 3.50000 12/01/2042 | US | 7,359,249.03 | $6,790,699.21 | |
| FN FS6206 MTGE 5.50000 10/01/2053 | US | 7,920,166.32 | $7,939,563.28 | |
| FNR 2018-31 KP 3.50000 07/25/2047 | US | 52,633.41 | $51,211.10 | |
| FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 | US | 4,480,000 | $4,373,485.67 | |
| FR QG6308 MTG 6.00000 07/01/2053 | US | 8,219,937.02 | $8,327,594.52 | |
| FR RB5264 5.50000 11/01/2043 | US | 7,770,805.04 | $7,805,484.28 | |
| FR RJ0062 MTGE 5.00000 10/01/2053 | US | 8,356,398.54 | $8,183,572.59 | |
| FSRIA 2021-FL2 A 6.66115 05/16/2038 | US | 2,664,153.61 | $2,622,569.37 | |
| GCAT 2022-NQM3 A1 4.34800 04/25/2067 | US | 8,902,297.79 | $8,632,187.48 | |
| GCAT 2024- NQM1 AT MTGE 6.00700 01/25/2059 | US | 4,907,133.91 | $4,887,418.42 | |
| GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 | US | 1,200,000 | $1,010,129.02 | |
| GOLUB CAPITAL PAF 2024 1A A2 MTG 6.88500 01/25/2034 | US | 4,000,000 | $3,996,748.00 | |
| GOODG 2020-1A MTGE 2.63000 04/15/2055 | US | 2,738,386.68 | $2,252,701.76 | |
| GREENFOOD AB FLT 11.09000 11/04/2025 | SE | 45,000,000 | $3,618,799.65 | |
| GSMBS 2021-GRE A6 2.50000 04/25/2052 | US | 4,944,376.36 | $4,318,490.11 | |
| GSMBS 2021-PJ9 A8 2.50000 02/26/2052 | US | 3,062,260.97 | $2,639,156.70 | |
| GSMBS 2022-PJ1 A15 5.00000 05/28/2052 | US | 4,338,862.28 | $3,999,371.04 | |
| GSMBS 2022-PJ3 A24 3.00000 08/25/2052 | US | 8,424,589.63 | $7,418,923.20 | |
| HAWAII ST 2.63200 10/01/2037 | US | 3,905,000 | $3,063,766.43 | |
| HERTZ 2021-1A B 1.56000 12/26/2025 | US | 3,000,000 | $2,928,537.81 | |
| HTS2021-1 A MTGE 1.41100 08/25/2036 | US | 1,471,223.92 | $1,289,594.27 | |
| HWIRE 2021-1 A2 2.31100 11/20/2051 | US | 3,500,000 | $3,165,284.15 | |
| IIP OPERATING PARTNER 5.50000 05/25/2026 | US | 4,320,000 | $4,128,183.23 | |
| IMPRL 2022-NQM2 3.63800 03/25/2067 | US | 6,389,747.99 | $5,885,296.56 | |
| IMPRL 2022-NQM3 4.38000 05/25/2067 | US | 3,822,271.76 | $3,704,209.20 | |
| IMPRL 2022-NQM4 A1 4.76700 06/25/2067 | US | 8,697,143.08 | $8,608,444.48 | |
| INFRABUILD AUTRALIA PTY 14.50000 11/15/2028 | AU | 4,000,000 | $4,148,198.76 | |
| ITALY GOV'T INT BOND 2.37500 10/17/2024 | IT | 4,500,000 | $4,422,136.86 | |
| JPMMT 2014-2 1A1 3.00000 06/25/2029 | US | 248,270.08 | $237,948.28 | |
| JPMMT 2021- LTV2 A1 MTGE 2.51950 05/25/2052 | US | 4,574,339.53 | $3,764,084.99 | |
| JPMMT 2021-5 A4 2.50000 08/25/2051 | US | 9,071,428.95 | $7,948,665.99 | |
| JPMMT 2022-INV3 A4B 3.00000 09/25/2052 | US | 6,381,465.76 | $5,637,422.72 | |
| JPN YEN CURR FUT JUN24 | JP | 485 | -$1,040,383.20 | |
| KREF 2021-FL2 AS MTGE 6.73981 02/15/2039 | US | 3,500,000 | $3,374,198.10 | |
| LCCM 2021-FL2 AS 6.98981 12/13/2038 | US | 2,000,000 | $1,951,245.80 | |
| LCCM 2021-FL2 B 7.33981 12/13/2038 | US | 3,000,000 | $2,899,308.30 | |
| LEGAL BUSINESS SERVICES LLC 9.00000 06/15/2026 | US | 4,000,000 | $3,992,448.04 | |
| LEGRES AB FLT 13.07600 12/30/2025 | SE | 32,500,000 | $2,912,836.67 | |
| LFS 2022-A A MTGE 5.25000 05/15/2034 | US | 3,005,861.63 | $2,943,515.55 | |
| LRK 2019-A A2FX Mtge 2.73000 10/25/2048 | US | 197,655.47 | $195,558.69 | |
| MEDIA AND GAMES INVEST FLT 10.18500 06/21/2026 | SE | 8,000,000 | $8,589,865.24 | |
| MFRA TRUST 2021-INV2 A1 1.90600 11/25/2056 | US | 3,889,588.06 | $3,326,067.93 | |
| MSRM 2021-4 A4 2.50000 07/25/2051 | US | 10,412,127.36 | $9,047,723.02 | |
| MST 2019-1A A MTGE 3.75000 04/25/2058 | US | 689,266.6 | $647,796.19 | |
| NAVIENT CORP 6.75000 06/25/2025 | US | 1,800,000 | $1,811,481.59 | |
| NAVSL 2014-1 A3 FLT 5.94487 06/25/2031 | US | 2,760,673.89 | $2,725,137.50 | |
| NAVSL 2015-BA A3 6.88981 07/16/2040 | US | 1,276,341.42 | $1,275,955.42 | |
| NAVSL 2017-2A A FLT 6.48487 12/27/2066 | US | 2,601,235.71 | $2,601,316.37 | |
| NAVSL 2020-1A A1B 6.48487 06/25/2069 | US | 1,793,988.42 | $1,798,390.80 | |
| NAVSL 2020-GA A MTGE 1.17000 09/16/2069 | US | 462,528.78 | $413,812.21 | |
| NAVSL 2021-1A A1A 1.31000 12/26/2069 | US | 4,126,945.65 | $3,543,090.55 | |
| NAVSL 2021-A A 0.84000 05/15/2069 | US | 729,045.35 | $636,881.49 | |
| NAVSL 2022-A 2.23000 07/15/2070 | US | 2,993,539.38 | $2,643,438.78 | |
| NAVSL 2023-BA A1A 6.48000 03/15/2072 | US | 658,715.74 | $672,982.46 | |
| NAVSL 2023-BA A1B 7.01864 03/15/2072 | US | 1,537,003.39 | $1,562,952.91 | |
| NEW FORTRESS ENERGY INC 8.75000 03/15/2029 | US | 4,195,000 | $4,180,593.53 | |
| NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 | AU | 1,744,319.08 | $1,650,471.33 | |
| NORTH INVST GROUP FLT 13.09000 05/05/2024 | SE | 23,750,000 | $2,212,659.76 | |
| NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | CA | 5,870,000 | $58.70 | |
| NOVEDO HOLDINGS AB FLT 10.59700 11/26/2024 | SE | 26,250,000 | $2,319,720.74 | |
| NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 | US | 8,250,000 | $8,722,524.20 | |
| NRZT 2014-3A AFX3 3.75000 11/25/2054 | US | 209,568.3 | $195,517.48 | |
| NRZT 2015-2A A1 3.75000 08/25/2055 | US | 295,164.89 | $274,219.72 | |
| NRZT 2019-2A A1 4.25000 12/25/2057 | US | 1,420,665.62 | $1,361,745.64 | |
| NRZT 2022-NQM2 A1 3.07900 03/27/2062 | US | 8,700,464.88 | $7,769,617.72 | |
| NYMT 2022-CP1 A1 2.04240 07/25/2061 | US | 1,846,459.76 | $1,674,479.94 | |
| OASIS 2022-1A A 4.75000 05/15/2034 | US | 665,172.57 | $660,691.83 | |
| OASIS 2022-2A A 6.85000 10/15/2034 | US | 1,698,679.28 | $1,693,499.50 | |
| OASIS 2023-1A 7.00000 02/15/2035 | US | 1,316,268.96 | $1,313,791.74 | |
| OBX 2024-NQM1 A1 5.92800 11/25/2063 | US | 3,910,513.49 | $3,912,005.78 | |
| OPEN INFRA IS ASSETS AB 11.00000 02/22/2027 | US | 4,200,000 | $4,179,109.37 | |
| OXFIN 2020-1A A2 3.10100 02/15/2028 | US | 1,749,836.08 | $1,699,765.75 | |
| OXFIN 2020-1A B 4.03700 02/15/2028 | US | 765,363.8 | $734,409.81 | |
| OXFIN 2022-1A 3.60200 02/15/2030 | US | 4,648,026.55 | $4,440,588.84 | |
| OXFIN 2023-1A A2 6.71600 02/15/2031 | US | 4,430,000 | $4,464,529.19 | |
| OXFINF 2024-A A2 6.67500 01/14/2032 | US | 2,700,000 | $2,683,531.62 | |
| PCG 2023 1 NOTE MTG 11.32941 07/25/2029 | US | 4,492,788.46 | $4,492,116.11 | |
| PEAR 2021-1 A MTGE 2.60000 01/15/2034 | US | 2,541,328.47 | $2,454,900.94 | |
| PEAR 2022-1 A2 7.25000 10/15/2034 | US | 2,351,829.1 | $2,364,958.66 | |
| PEAR 2023-1A 7.42000 07/15/2035 | US | 3,033,343.84 | $3,065,792.73 | |
| PEAR 2024-1 A 6.95000 02/15/2036 | US | 3,929,945.06 | $3,935,938.62 | |
| PELORUS FUND REIT 7.00000 09/30/2026 | US | 4,345,000 | $4,260,598.85 | |
| PEPSICO INC 3.90000 07/18/2032 | US | 4,000,000 | $3,790,595.84 | |
| PS MARINE MIDCO LTD 10.00000 04/19/2027 | BM | 3,200,000 | $3,217,654.75 | |
| PUFFIN FINANCE SARL 15.00000 09/11/2025 | LU | 3,670,000 | $3,768,624.02 | |
| RCKT 2021-6 A5 2.50000 12/25/2051 | US | 4,915,244.88 | $4,218,035.58 | |
| RUN 2022-NQM1 A1 4.00000 03/25/2067 | US | 2,972,667.66 | $2,830,155.65 | |
| SALTT 2021-1A AA 2.30100 02/28/2033 | US | 576,962.01 | $536,605.25 | |
| SBA TOWER TRUST 1.88400 01/15/2026 | US | 2,750,000 | $2,567,508.35 | |
| SBA TOWER TRUST 2.83600 01/15/2025 | US | 3,500,000 | $3,416,089.95 | |
| SBA TOWER TRUST 6.59900 01/15/2028 | US | 6,110,000 | $6,262,285.64 | |
| SCML 2019-SBC8 2.86000 04/25/2041 | US | 1,848,867.29 | $1,716,811.94 | |
| SEMT 2013-2 1.87400 02/25/2043 | US | 111,203.89 | $93,909.65 | |
| SEMT 2013-6 A2 3.00000 05/25/2043 | US | 1,115,405.8 | $984,805.71 | |
| SEMT 2013-7 A2 3.00000 06/25/2043 | US | 109,625.83 | $95,808.25 | |
| SEMT 2013-8 A1 3.00000 06/25/2043 | US | 131,139.25 | $116,312.61 | |
| SIDC 2021-1A A2 MTGE 1.87700 03/26/2046 | US | 3,400,000 | $3,135,631.27 | |
| SIMON PROPERTY GROUP LP 2.65000 02/01/2032 | US | 5,500,000 | $4,638,854.94 | |
| SLAM 2021-1A A MTGE 2.43400 06/15/2046 | US | 5,299,840 | $4,628,802.35 | |
| SLMA 2008-3 A3 6.62250 10/25/2021 | US | 5,852,791.62 | $5,809,044.75 | |
| SLMA 2008-4 A4 7.27250 07/25/2022 | US | 3,090,554.17 | $3,122,257.14 | |
| SLR GROUP GMBH FLT 10.88500 10/09/2027 | DE | 3,500,000 | $3,775,975.00 | |
| SMB 2019-B A2A 2.84000 06/15/2037 | US | 1,789,902.93 | $1,706,253.07 | |
| SORT 2020-1 A1 MTGE 1.69000 07/15/2060 | US | 3,687,753.21 | $3,447,910.59 | |
| SORT 2020-1 B1 2.28000 07/15/2060 | US | 1,798,904 | $1,654,886.26 | |
| SOUTHWEST AIRLINES CO 5.25000 05/04/2025 | US | 3,000,000 | $2,989,517.46 | |
| SRPT 2014-STAR A FLTG RATE 8.50000 11/15/2027 | US | 1,623,209.63 | $1,152,468.94 | |
| STEAM 2021-3 A MTGE 2.21000 06/28/2051 | US | 5,342,567.8 | $4,817,380.62 | |
| STR 2019-1 A1 MTGE 2.82000 11/20/2049 | US | 2,367,919.09 | $2,184,970.58 | |
| TAH 2020-SFR1 C 2.24900 07/17/2038 | US | 2,500,000 | $2,302,703.75 | |
| TENCENT HOLDINGS 3.97500 04/11/2029 | KY | 6,650,000 | $6,321,021.77 | |
| TPMT 2016-5 A1 2.50000 10/25/2056 | US | 11,095.1 | $11,048.46 | |
| TPMT 2017-1 A1 2.75000 10/25/2056 | US | 16,748.3 | $16,677.50 | |
| TPMT 2018-2 A1 3.25000 03/25/2058 | US | 378,283.41 | $365,932.49 | |
| TPMT 2019-HY1 A1 6.44389 10/25/2048 | US | 910,845.15 | $924,186.21 | |
| TREASURY NOTE 2.25000 11/15/2027 | US | 44,305,000 | $41,231,340.63 | |
| TRL 2020-1A A 1.96000 10/17/2050 | US | 1,752,335.78 | $1,590,762.76 | |
| TRL 2021-1A A MTGE 2.26000 07/19/2051 | US | 1,782,720.13 | $1,577,416.14 | |
| TRP 2021-1 A MTGE 2.07000 06/19/2051 | US | 2,784,210.67 | $2,509,806.88 | |
| TSY INFL IX N/B 0.12500 04/15/2026 | US | 13,355,110.24 | $12,794,220.85 | |
| TSY INFL IX N/B 0.12500 10/15/2025 | US | 13,203,413.12 | $12,813,587.23 | |
| TSY INFL IX N/B 0.50000 01/15/2028 | US | 13,433,652.96 | $12,724,270.91 | |
| TUTOR PERINI CORP 6.87500 05/01/2025 | US | 3,000,000 | $2,976,283.62 | |
| U10 YR ULTRA FUT JAN 24 | US | -485 | -$432,207.75 | |
| UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 | US | 2,840,437.3 | $2,721,498.73 | |
| UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 | US | 3,057,202.2 | $2,824,235.84 | |
| UNITED STATES TREAS NTS 2.12500 05/15/2025 | US | 51,023,000 | $49,454,441.24 | |
| US 2YR NOTE CBT JUN 24 | US | 1,600 | -$663,710.40 | |
| US CLAIMS LIT FNDG LLC 10.25000 03/17/2028 | US | 1,375,000 | $1,171,045.41 | |
| US DOLLAR | US | 12,657,087.22 | $12,657,087.22 | |
| US TREASURY N/B 1.12500 01/15/2025 | US | 18,818,000 | $18,241,698.75 | |
| US TREASURY N/B 2.75000 02/15/2028 | US | 26,155,000 | $24,704,214.84 | |
| US TREASURY N/B 2.87500 05/15/2028 | US | 51,494,000 | $48,762,404.48 | |
| US TREASURY N/B 2.87500 08/15/2028 | US | 4,542,000 | $4,291,835.18 | |
| US TREASURY N/B 3.12500 11/15/2028 | US | 21,089,000 | $20,098,805.65 | |
| VANECK VECTORS J.P. MORGAN 1.52500 | US | 950,390 | $23,294,058.90 | |
| VAREL ENERY SOLUTIONS 12.25000 04/07/2028 | US | 4,000,000 | $4,000,000.00 | |
| VBTOW 2020-2A A 2.63600 09/15/2050 | US | 4,000,000 | $3,788,083.20 | |
| VDC 2020-1A A2 1.64500 09/15/2045 | US | 6,500,000 | $6,091,570.94 | |
| VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 | US | 3,500,000 | $3,471,194.41 | |
| WELLS FARGO MBS 2020-A A1 MTGE 3.00000 12/25/2049 | US | 2,328,097.9 | $1,970,086.31 | |
| WESTJET AIRLINE 9.06850 02/14/2031 | CA | 5,000,000 | $4,995,850.00 | |
| WIN 2015-1 A1 3.50000 01/20/2045 | US | 68,881.6 | $62,313.49 | |
| ZITON AS 13.42900 06/09/2028 | DK | 4,000,000 | $4,477,227.50 |
Investments will change over time.
Distributions
A Word About Risk
All investments involve risks, including possible loss of principal. There is an inverse relationship between bond prices and interest rates; as interest rates rise, bond prices (and therefore the value of bond funds) fall. Likewise, as interest rates fall, bond prices and the value of bond funds rise. Investments in 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.