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

$9.77

Daily $ Change

$0.01

Daily % Change

0.10%

as of 06/23/2022

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
Fact Sheet ---
Applications & Forms
N-Port Part F Reports

Performance

As of 05/31/2022

YTD

-4.93%

1 Year

-3.98%

3 Year

3.06%

5 Year

2.65%

10 Year

2.73%

Inception
(04/21/2005)

4.21%

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. 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 0.38%
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 05/31/2022

TREASURY NOTES 4.53%
ALEXANDER FUNDING TRUST 1.84100 11/15/2023 1.41%
GSMBS 2022-PJ3 A24 3.00000 08/25/2052 1.36%
FCAT 2019-4 2.53000 11/17/2025 1.29%
ALLYA 2022-1 A1 1.35500 05/15/2023 1.18%
LFS 2022-A A MTGE 5.25000 05/15/2034 1.17%
NAVIENT CORP 5.50000 01/25/2023 1.14%
MAGALLANES INC FLT 2.23763 03/15/2024 1.11%
GOLDMAN SACH GROUP INC FLT 1.84763 03/15/2024 1.11%
QUEBECOR MEDIA INC 5.75000 01/15/2023 1.11%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 05/31/2022

Treasury 4.03%
Government 1.65%
Cash 11.27%
Corporate 37.44%
Mortgage 44.56%
Other 1.05%

Credit Quality Distribution

As of 05/31/2022

AAA 30.96%
AA 1.46%
A 12.76%
BBB 13.59%
BB 10.11%
B 2.75%
CCC 0.45%
D 0.16%
NR 27.76%

May Fund Holdings

As of 05/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 1,970,000 $1,727,606.14
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 4,746,124.63 $4,979,342.83
ALEXANDER FUNDING TRUST 1.84100 11/15/2023 US 10,000,000 $9,607,181.90
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 3,210,000 $2,794,765.22
ADC 2021-1A A2 1.93700 08/15/2046 US 4,500,000 $4,060,543.86
ALLYA 2022-1 A1 1.35500 05/15/2023 US 8,000,000 $7,997,583.52
AMAZON.COM INC 3.30000 04/13/2027 US 4,000,000 $3,996,315.00
AMERICAN AXLE & MANUFACTURING 3.40970 04/06/2024 US 6,526,018.82 $6,395,498.44
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 3,555,000 $3,596,242.09
ARGO BLOCKCHAIN PLC GB 75,000 $1,572,750.00
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 1,500,000 $1,426,352.21
AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 KY 4,500,000 $4,106,438.69
BDS 2021-FL8 B MTGE 2.28557 01/18/2036 KY 3,000,000 $2,882,163.00
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 1,500,000 $1,518,554.06
BRSP 2021-FL1 A 2.07843 08/19/2038 US 3,000,000 $2,891,577.30
BANK ONE CORP 8.00000 04/29/2027 US 3,000,000 $3,500,504.28
BLACKSTONE PRIVATE CRE 2.62500 12/15/2026 US 1,785,000 $1,553,013.56
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 1,850,000 $1,683,025.68
BRAVO 2019-2 3.50000 10/25/2044 US 4,041,894.4 $3,932,039.35
BABS 2021-RM2 A 1.75000 10/25/2061 US 2,905,188.04 $2,628,570.27
BJETS 2021-1A A 2.16200 04/15/2036 US 4,338,483.44 $3,901,057.58
JONAH ENERGY PARENT LLC US 85,915 $4,610,198.90
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 3,774,064.34 $3,462,441.36
SORT 2020-1 B1 2.28000 07/15/2060 US 1,841,007 $1,677,600.14
CIM 2019-INV1 A1 4.00000 02/25/2049 US 95,436.23 $95,325.14
CLIF 2021-1A A MTGE 1.64000 02/18/2046 US 5,863,935.76 $5,271,725.22
CAMPBELL SOUP CO 3.65000 03/15/2023 US 4,680,000 $4,714,115.14
CARRINGTON HOLDING CO LL 8.00000 01/01/2026 US 3,500,000 $3,439,457.49
CRVNA 2020-N1A B 2.01000 03/17/2025 US 3,455,561.21 $3,453,012.01
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 3,910,000 $4,406,199.21
CENTURYLINK INC 7.50000 04/01/2024 US 5,075,000 $5,250,186.77
CASL 2021-A A2 1.60000 07/25/2051 US 2,045,732.03 $1,878,827.73
CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 2,188,103.64 $2,136,364.99
COLONY AMERICAN FINANCE LTD 3.32400 03/15/2052 US 2,141,825.37 $2,131,954.32
CAFL 2019-3 A 2.70500 10/15/2052 US 2,045,918.05 $1,988,364.25
CAFL 2020-4 A MTGE 1.17400 12/15/2052 US 1,102,410.48 $1,009,090.87
CAFL 2020-3 A 1.35800 08/15/2053 US 1,336,569.93 $1,208,651.57
CAALT 2021-3A C MTGE 1.63000 09/16/2030 US 3,000,000 $2,799,946.53
CAALT 2021-2A A 1.64000 06/17/2030 US 3,800,000 $3,475,592.75
CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 2,250,000 $2,046,220.40
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 122,299.02 $111,486.07
DCP MIDSTREAM OPERATING 3.87500 03/15/2023 US 5,000,000 $5,015,770.15
COLO 2021-1A A2 MTGE 2.06000 02/27/2051 US 5,200,000 $4,707,851.20
DNRFA 2021- 1A A MTGE 1.76000 04/15/2049 US 5,000,000 $4,463,344.50
DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 US 2,850,000 $2,650,375.06
DREYFUS GVT CSH MANAGEMENT US 86,088,821 $86,088,821.00
EQM MIDSTREAM 4.75000 07/15/2023 US 5,514,000 $5,619,818.35
ECO MATERIAL TECH INC 7.87500 01/31/2027 US 1,835,000 $1,738,863.67
EDVES 2019-A A MTGE 3.58000 11/25/2038 US 1,886,279.86 $1,850,396.20
EDVES 2021-A A MTGE 1.80000 11/25/2045 US 2,074,465.97 $1,871,819.89
ENERGY TRANSFER LP 4.25000 03/15/2023 US 4,000,000 $4,024,762.36
EXPEDIA GROUP INC 3.25000 02/15/2030 US 3,400,000 $3,006,422.26
FREMF 2015-K42 B FLT 3.84863 01/25/2048 US 1,900,000 $1,875,651.37
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 3,235,000 $3,294,840.61
FREMF 2015-K43 B FLT 3.73230 02/25/2048 US 1,500,000 $1,474,327.94
FREMF 2013-K28 X2A 0.10000 06/25/2046 US 78,668,227.6 $37,100.72
FSRIA 2021-FL2 A 2.09471 05/16/2038 US 3,000,000 $2,896,014.90
FHLM POOL D98711 4.50000 07/01/2031 US 258,036.79 $268,072.69
FHLM POOL G05900 6.00000 03/01/2040 US 39,586.9 $44,091.27
FHLM POOL G13331 5.50000 10/01/2023 US 550.2 $559.30
FHLM POOL G12988 6.00000 01/01/2023 US 286.93 $287.74
FHLM POOL G13078 6.00000 03/01/2023 US 422.54 $424.12
FHLM POOL C91746 4.50000 12/01/2033 US 188,789.55 $196,005.84
FHLM POOL C91359 4.50000 02/01/2031 US 89,086.56 $92,546.00
FNR 2018-31 KP 3.50000 07/25/2047 US 116,213.5 $116,906.55
FHMS K030 X1 FLT 0.14558 04/25/2023 US 49,811,383.66 $57,927.15
FHMS K032 X1 FLT 0.06799 05/25/2023 US 29,948,060.67 $25,673.27
FHMS K106 X1 MTGE 1.35428 01/25/2030 US 53,825,473.68 $4,493,723.02
FEDERAL NATL MTG ASSN AS3878 4.50000 11/01/2044 US 407,967.98 $425,422.20
FEDERAL NATL MTG ASSN AW5338 4.50000 06/01/2044 US 540,645.91 $557,937.43
FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 97,706.85 $100,805.30
FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 50.69 $50.69
FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 227,714.47 $252,024.03
FHLM POOL MA0115 4.50000 07/01/2029 US 32,019.83 $33,228.34
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 136,058.55 $141,200.19
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 3,121.67 $3,218.36
FCAT 2019-4 2.53000 11/17/2025 US 8,756,842.48 $8,758,050.49
FLX 2021-1A A2 3.25000 11/27/2051 US 4,760,000 $4,410,447.50
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 4,480,000 $4,317,178.30
FORDL 2022-A 1.37400 05/15/2023 US 4,425,930.59 $4,422,238.08
FORD MOTOR CREDIT 3.08700 01/09/2023 US 3,110,000 $3,107,142.31
FORD MOTOR CREDIT CO LLC 2.97900 08/03/2022 US 2,050,000 $2,050,188.23
FORD MOTOR CREDIT CO LLC 3.35000 11/01/2022 US 3,518,000 $3,516,277.27
GSMS 2021- RENT B 2.06070 11/21/2035 US 3,958,981.02 $3,900,523.78
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 3,567,057.22 $3,308,202.37
GSMBS 2022-PJ1 A15 1.43446 05/28/2052 US 4,775,065.01 $4,508,687.53
GSMBS 2021-GRE A6 2.50000 04/25/2052 US 6,032,731.32 $5,588,191.60
GSMBS 2022-PJ3 A24 3.00000 08/25/2052 US 9,791,521.19 $9,241,389.76
GOLDMAN SACH GROUP INC FLT 1.84763 03/15/2024 US 7,500,000 $7,550,728.58
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 3,651,880.79 $3,347,764.94
GREENIDGE GEN HLD INC US 70,000 $1,394,400.00
HTS2021-1 A MTGE 1.41100 08/25/2036 US 1,750,000 $1,720,316.68
HARROW HEALTH US 109,800 $2,766,960.00
HAWAII ST 2.63200 10/01/2037 US 3,905,000 $3,133,194.63
HERTZ 4.61990 06/30/2028 US 4,184,368.41 $4,026,157.44
HERTZ 4.61990 06/30/2028 US 794,551.65 $764,509.65
HERTZ 2021-1A B 1.56000 12/26/2025 US 3,000,000 $2,791,382.52
HWIRE 2021-1 A2 2.31100 11/20/2051 US 3,500,000 $3,142,398.70
HALST 2020-B 0.51000 09/15/2023 US 5,837,217.17 $5,813,049.69
IIP OPERATING PARTNER 5.50000 05/25/2026 US 3,500,000 $3,309,599.62
IMPRL 2022-NQM3 4.38000 05/25/2067 US 4,615,927.53 $4,586,626.08
IMPRL 2022-NQM2 3.63800 03/25/2067 US 7,359,962.12 $7,067,449.63
INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 3,425,000 $3,470,105.64
INTL FC STORE INC 8.62500 06/15/2025 US 3,580,000 $3,691,008.00
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 4,500,000 $4,401,559.71
JPMMT 2022-INV3 A4B 3.00000 09/25/2052 US 7,721,349.45 $7,278,747.80
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 446,556.92 $432,183.24
KREF 2021-FL2 AS MTGE 2.18671 02/15/2039 US 3,500,000 $3,355,086.35
LCCM 2021-FL2 AS 2.42471 12/13/2038 US 2,000,000 $1,928,308.60
LCCM 2021-FL2 B 2.77471 12/13/2038 US 3,000,000 $2,887,807.20
LFS 2022-A A MTGE 5.25000 05/15/2034 US 8,000,000 $7,985,744.00
LRK 2019-A A2FX Mtge 2.73000 10/25/2048 US 548,946.83 $545,923.94
LEGAL BUSINESS SERVICES LLC 8.00000 06/15/2026 US 4,000,000 $3,964,062.50
LIBERTY COMMERICAL 6.00000 06/30/2026 US 1,000,000 $913,297.75
OASIS 2022-1A A 4.75000 05/15/2034 US 4,000,000 $3,986,665.20
MGM RESORTS INTL 6.00000 03/15/2023 US 6,700,000 $6,778,661.22
MAGALLANES INC FLT 2.23763 03/15/2024 US 7,500,000 $7,552,948.50
MAGALLANES INC 4.05400 03/15/2029 US 4,500,000 $4,313,879.28
BANK OF AMERICA CORP 1.58600 09/15/2026 US 3,561,000 $3,464,992.41
MST 2019-1A A MTGE 3.75000 04/25/2058 US 908,743.4 $892,784.50
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 2,524,547.08 $2,400,513.30
NAVIENT CORP 6.75000 06/25/2025 US 1,800,000 $1,816,802.91
NAVSL 2014-1 A3 FLT 1.51571 06/25/2031 US 4,386,589.62 $4,219,096.95
NAVSL 2015-BA A3 2.32471 07/16/2040 US 2,164,151.05 $2,165,069.82
NAVSL 2017-2A A FLT 2.05571 12/27/2066 US 3,337,417.34 $3,316,451.98
NAVSL 2020-GA A MTGE 1.17000 09/16/2069 US 716,801.95 $678,288.13
NAVSL 2021-A A 0.84000 05/15/2069 US 1,075,995.29 $996,648.48
NAVSL 2020-1A A1B 2.05571 06/25/2069 US 2,516,476.56 $2,503,105.34
NAVSL 2022-A 2.23000 07/15/2070 US 3,858,042.06 $3,680,721.01
NAVSL 2021-1A A1A 1.31000 12/26/2069 US 6,017,280.71 $5,273,944.54
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 289,847.57 $284,703.91
NRZT 2015-2A A1 3.75000 08/25/2055 US 407,848.91 $397,335.46
NRZT 2019-2A A1 4.25000 12/25/2057 US 2,047,970.66 $2,036,432.19
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 1,750,000 $1,590,716.02
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 5,870,000 $587.00
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 3,000,000 $2,793,593.61
OXFIN 2020-1A A2 3.10100 02/15/2028 US 7,416,897.19 $7,374,119.49
OXFIN 2020-1A B 4.03700 02/15/2028 US 2,794,288.56 $2,736,725.66
OXFIN 2019-1A A2 4.45900 02/15/2027 US 5,072,930.17 $5,060,888.05
OXFIN 2022-1A 3.60200 02/15/2030 US 4,650,000 $4,426,149.93
PRA GROUP INC 7.37500 09/01/2025 US 3,570,000 $3,605,769.90
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 5,271,019.16 $5,072,475.15
PELORUS FUND REIT 7.00000 09/30/2026 US 3,500,000 $3,389,388.42
POPULAR INC 6.12500 09/14/2023 PR 3,135,000 $3,170,482.59
2019- SFR4 CLASS A 2.68700 10/17/2036 US 3,800,000 $3,712,474.94
QUEBECOR MEDIA INC 5.75000 01/15/2023 CA 7,450,000 $7,527,087.16
RCKT 2021-6 A5 2.50000 12/25/2051 US 5,699,404.27 $5,271,965.36
RUN 2022-NQM1 A1 4.00000 03/25/2067 US 3,473,274.97 $3,419,385.37
RAILWORKS HOLDINGS LP/R 8.25000 11/15/2028 US 3,735,000 $3,614,353.71
SBA TOWER TRUST 2.83600 01/15/2025 US 3,500,000 $3,414,705.35
SBA TOWER TRUST 1.88400 01/15/2026 US 2,750,000 $2,566,061.03
SALTT 2021-1A AA 2.30100 02/28/2033 US 1,072,599.07 $1,014,105.42
NAVIENT CORP 5.50000 01/25/2023 US 7,750,000 $7,782,581.54
SMB 2014-A A3 2.37471 04/15/2032 US 2,988,012.78 $2,991,373.31
SLAM 2021-1A A MTGE 2.43400 06/15/2046 US 6,033,280 $5,203,623.15
SMB 2020-BA A1A 1.29000 07/15/2053 US 1,697,995.57 $1,583,146.04
SABINE PASS LIQUEFACTION 5.75000 05/15/2024 US 7,000,000 $7,232,954.05
SDART 2020-2 C 1.46000 09/15/2025 US 7,514,535.14 $7,478,906.78
SEMT 2013-6 A2 3.00000 05/25/2043 US 1,398,736.23 $1,309,909.28
SEMT 2013-7 A2 3.00000 06/25/2043 US 136,439.32 $127,845.88
SEMT 2013-8 A1 3.00000 06/25/2043 US 158,698.98 $149,055.27
SEMT 2013-2 1.87400 02/25/2043 US 137,842.75 $124,838.53
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 5,500,000 $4,749,994.87
SMB 2019-B A2A 2.84000 06/15/2037 US 2,954,360.04 $2,865,766.76
SOFI 2017-F A2FX 2.84000 01/25/2041 US 206,130.06 $203,561.90
SOFI 2016-C A2B 2.36000 12/27/2032 US 20,726.44 $20,702.51
SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 3,000,000 $3,131,563.95
ONEMAIN FINANCE CORP 5.62500 03/15/2023 US 5,803,000 $5,873,566.34
SPRINT COMMUNICATIONS 6.00000 11/15/2022 US 1,650,000 $1,671,353.46
SPRINT CORP 7.87500 09/15/2023 US 1,537,000 $1,613,998.52
SIDC 2021-1A A2 MTGE 1.87700 03/26/2046 US 3,400,000 $3,082,886.73
SRPT 2014-STAR A FLTG RATE 2.34500 11/15/2027 US 1,777,114.94 $1,221,580.74
STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 2,391,877.53 $2,230,733.39
SCML 2019-SBC8 2.86000 04/25/2041 US 2,469,437.88 $2,318,740.43
SYNCHRONOSS TECH US 152,955 $3,392,541.90
TRP 2021-1 A MTGE 2.07000 06/19/2051 US 2,954,944.72 $2,679,992.64
TACORA RESOURCES INC 8.25000 05/15/2026 CA 1,890,000 $1,803,259.87
TENCENT HOLDINGS 3.97500 04/11/2029 KY 6,650,000 $6,407,541.13
TMCL 2021-A1 A 1.68000 02/20/2046 BM 5,940,000 $5,261,721.85
TPMT 2016-5 A1 2.50000 10/25/2056 US 258,704.62 $257,575.01
TPMT 2017-1 A1 2.75000 10/25/2056 US 866,053.61 $862,644.30
TPMT 2018-2 A1 3.25000 03/25/2058 US 679,628.73 $671,507.51
TPMT 2019-HY1 A1 2.00571 10/25/2048 US 1,578,220.08 $1,562,507.79
TAH 2020-SFR1 C 2.24900 07/17/2038 US 2,500,000 $2,293,195.70
TRL 2021-1A A MTGE 2.26000 07/19/2051 US 1,938,668.12 $1,721,634.36
TRL 2020-1A A 1.96000 10/17/2050 US 2,463,098.5 $2,258,615.29
TCF 2021-1A 1.86000 03/20/2046 US 5,945,500 $5,216,663.39
STEAM 2021-3 A MTGE 2.21000 06/28/2051 US 5,764,085.11 $5,269,320.37
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 3,597,792.99 $3,238,441.83
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 2,925,901.15 $2,740,889.93
UNITED MEXICAN STATES 4.12500 01/21/2026 MX 1,800,000 $1,827,524.90
US TREASURY N/B 0.37500 08/15/2024 US 10,460,000 $9,967,235.99
US TREASURY N/B 0.12500 08/31/2023 US 21,400,000 $20,844,937.50
VDC 2020-1A A2 1.64500 09/15/2045 US 6,500,000 $5,923,057.40
VBTOW 2020-2A A 2.63600 09/15/2050 US 4,000,000 $3,781,828.40
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 3,500,000 $3,435,573.54
WARRIOR MET COAL INC 7.87500 12/01/2028 US 1,815,000 $1,840,955.35
WIN 2015-1 A1 3.50000 01/20/2045 US 82,930.24 $79,286.93
MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 126,000,000 $6,401,336.89
90DAY EURO$ FUTR EDZ2 US 1,900 -$11,404,788.00
AMERICAN TANKER INC 7.75000 07/02/2025 US 6,560,000 $6,232,000.00
TUTOR PERINI FLT 5.75000 08/18/2027 US 6,914,898.98 $6,655,590.27
MEDIA AND GAMES INVEST FLOAT 5.75000 11/27/2024 MT 3,200,000 $3,411,728.67
SEASPAN CORP 6.50000 02/05/2024 MH 7,000,000 $6,982,395.70
PETROTAL CORP 12.00000 02/16/2024 CA 2,720,000 $2,801,600.00
COPPER MOUNTAIN MINING C 8.00000 04/09/2026 CA 2,856,000 $2,854,208.03
NORTH INVST GROUP FLT 9.41900 05/05/2024 SE 23,750,000 $2,417,903.04
AIRSWIFT GLOBAL AS FLT 10.38899 05/12/2025 NO 7,000,000 $7,011,642.96
GAMING INNOVATION GRP FLT 8.50000 06/11/2024 MT 10,000,000 $1,030,417.01
KENT GLOBAL PLC 10.00000 06/28/2026 GB 3,500,000 $3,465,000.00
PING PETROLEUM UK 12.00000 07/29/2024 GB 2,715,000 $2,657,622.49
TRYM AS 9.07000 09/10/2024 NO 30,000,000 $3,194,057.35
JOTUL AS FLT 8.23000 10/06/2024 NO 23,000,000 $2,390,645.40
GREENFOOD AB FLT 7.37600 11/04/2025 SE 21,250,000 $2,121,585.40
NOVEDO HOLDINGS AB FLT 7.00500 11/26/2024 SE 26,250,000 $2,641,464.72
EXTENDA RETAIL HOLDING FLT 6.83100 03/30/2027 SE 34,000,000 $3,397,473.94
CABONLINE GROUP HOLD FLT 9.57200 04/19/2026 SE 17,500,000 $1,799,285.78
NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 MH 3,550,000 $3,587,372.73
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 5,008,508 $5,003,931.08

Investments will change over time.

Distributions

  • Unconstrained Bond Series Class W Distribution History
  • 2022 Distribution Calendar
  • First Quarter 2022 Distributions
  • Fourth Quarter 2021 Distributions
  • Third Quarter 2021 Distributions
  • Second Quarter 2022 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

$9.77

Daily $ Change

$0.01

Daily % Change

0.10%

as of 06/23/2022

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
Fact Sheet ---
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 05/31/2022

YTD

-4.93%

1 Year

-3.98%

3 Year

3.06%

5 Year

2.65%

10 Year

2.73%

Inception
(04/21/2005)

4.21%

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. 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 0.38%
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 05/31/2022

TREASURY NOTES 4.53%
ALEXANDER FUNDING TRUST 1.84100 11/15/2023 1.41%
GSMBS 2022-PJ3 A24 3.00000 08/25/2052 1.36%
FCAT 2019-4 2.53000 11/17/2025 1.29%
ALLYA 2022-1 A1 1.35500 05/15/2023 1.18%
LFS 2022-A A MTGE 5.25000 05/15/2034 1.17%
NAVIENT CORP 5.50000 01/25/2023 1.14%
MAGALLANES INC FLT 2.23763 03/15/2024 1.11%
GOLDMAN SACH GROUP INC FLT 1.84763 03/15/2024 1.11%
QUEBECOR MEDIA INC 5.75000 01/15/2023 1.11%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 05/31/2022

Treasury
4.03%
Government
1.65%
Cash
11.27%
Corporate
37.44%
Mortgage
44.56%
Other
1.05%

Credit Quality Distribution

As of 05/31/2022

AAA
30.96%
AA
1.46%
A
12.76%
BBB
13.59%
BB
10.11%
B
2.75%
CCC
0.45%
D
0.16%
NR
27.76%

May Fund Holdings

As of 05/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 1,970,000 $1,727,606.14
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 4,746,124.63 $4,979,342.83
ALEXANDER FUNDING TRUST 1.84100 11/15/2023 US 10,000,000 $9,607,181.90
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 3,210,000 $2,794,765.22
ADC 2021-1A A2 1.93700 08/15/2046 US 4,500,000 $4,060,543.86
ALLYA 2022-1 A1 1.35500 05/15/2023 US 8,000,000 $7,997,583.52
AMAZON.COM INC 3.30000 04/13/2027 US 4,000,000 $3,996,315.00
AMERICAN AXLE & MANUFACTURING 3.40970 04/06/2024 US 6,526,018.82 $6,395,498.44
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 3,555,000 $3,596,242.09
ARGO BLOCKCHAIN PLC GB 75,000 $1,572,750.00
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 1,500,000 $1,426,352.21
AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 KY 4,500,000 $4,106,438.69
BDS 2021-FL8 B MTGE 2.28557 01/18/2036 KY 3,000,000 $2,882,163.00
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 1,500,000 $1,518,554.06
BRSP 2021-FL1 A 2.07843 08/19/2038 US 3,000,000 $2,891,577.30
BANK ONE CORP 8.00000 04/29/2027 US 3,000,000 $3,500,504.28
BLACKSTONE PRIVATE CRE 2.62500 12/15/2026 US 1,785,000 $1,553,013.56
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 1,850,000 $1,683,025.68
BRAVO 2019-2 3.50000 10/25/2044 US 4,041,894.4 $3,932,039.35
BABS 2021-RM2 A 1.75000 10/25/2061 US 2,905,188.04 $2,628,570.27
BJETS 2021-1A A 2.16200 04/15/2036 US 4,338,483.44 $3,901,057.58
JONAH ENERGY PARENT LLC US 85,915 $4,610,198.90
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 3,774,064.34 $3,462,441.36
SORT 2020-1 B1 2.28000 07/15/2060 US 1,841,007 $1,677,600.14
CIM 2019-INV1 A1 4.00000 02/25/2049 US 95,436.23 $95,325.14
CLIF 2021-1A A MTGE 1.64000 02/18/2046 US 5,863,935.76 $5,271,725.22
CAMPBELL SOUP CO 3.65000 03/15/2023 US 4,680,000 $4,714,115.14
CARRINGTON HOLDING CO LL 8.00000 01/01/2026 US 3,500,000 $3,439,457.49
CRVNA 2020-N1A B 2.01000 03/17/2025 US 3,455,561.21 $3,453,012.01
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 3,910,000 $4,406,199.21
CENTURYLINK INC 7.50000 04/01/2024 US 5,075,000 $5,250,186.77
CASL 2021-A A2 1.60000 07/25/2051 US 2,045,732.03 $1,878,827.73
CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 2,188,103.64 $2,136,364.99
COLONY AMERICAN FINANCE LTD 3.32400 03/15/2052 US 2,141,825.37 $2,131,954.32
CAFL 2019-3 A 2.70500 10/15/2052 US 2,045,918.05 $1,988,364.25
CAFL 2020-4 A MTGE 1.17400 12/15/2052 US 1,102,410.48 $1,009,090.87
CAFL 2020-3 A 1.35800 08/15/2053 US 1,336,569.93 $1,208,651.57
CAALT 2021-3A C MTGE 1.63000 09/16/2030 US 3,000,000 $2,799,946.53
CAALT 2021-2A A 1.64000 06/17/2030 US 3,800,000 $3,475,592.75
CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 2,250,000 $2,046,220.40
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 122,299.02 $111,486.07
DCP MIDSTREAM OPERATING 3.87500 03/15/2023 US 5,000,000 $5,015,770.15
COLO 2021-1A A2 MTGE 2.06000 02/27/2051 US 5,200,000 $4,707,851.20
DNRFA 2021- 1A A MTGE 1.76000 04/15/2049 US 5,000,000 $4,463,344.50
DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 US 2,850,000 $2,650,375.06
DREYFUS GVT CSH MANAGEMENT US 86,088,821 $86,088,821.00
EQM MIDSTREAM 4.75000 07/15/2023 US 5,514,000 $5,619,818.35
ECO MATERIAL TECH INC 7.87500 01/31/2027 US 1,835,000 $1,738,863.67
EDVES 2019-A A MTGE 3.58000 11/25/2038 US 1,886,279.86 $1,850,396.20
EDVES 2021-A A MTGE 1.80000 11/25/2045 US 2,074,465.97 $1,871,819.89
ENERGY TRANSFER LP 4.25000 03/15/2023 US 4,000,000 $4,024,762.36
EXPEDIA GROUP INC 3.25000 02/15/2030 US 3,400,000 $3,006,422.26
FREMF 2015-K42 B FLT 3.84863 01/25/2048 US 1,900,000 $1,875,651.37
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 3,235,000 $3,294,840.61
FREMF 2015-K43 B FLT 3.73230 02/25/2048 US 1,500,000 $1,474,327.94
FREMF 2013-K28 X2A 0.10000 06/25/2046 US 78,668,227.6 $37,100.72
FSRIA 2021-FL2 A 2.09471 05/16/2038 US 3,000,000 $2,896,014.90
FHLM POOL D98711 4.50000 07/01/2031 US 258,036.79 $268,072.69
FHLM POOL G05900 6.00000 03/01/2040 US 39,586.9 $44,091.27
FHLM POOL G13331 5.50000 10/01/2023 US 550.2 $559.30
FHLM POOL G12988 6.00000 01/01/2023 US 286.93 $287.74
FHLM POOL G13078 6.00000 03/01/2023 US 422.54 $424.12
FHLM POOL C91746 4.50000 12/01/2033 US 188,789.55 $196,005.84
FHLM POOL C91359 4.50000 02/01/2031 US 89,086.56 $92,546.00
FNR 2018-31 KP 3.50000 07/25/2047 US 116,213.5 $116,906.55
FHMS K030 X1 FLT 0.14558 04/25/2023 US 49,811,383.66 $57,927.15
FHMS K032 X1 FLT 0.06799 05/25/2023 US 29,948,060.67 $25,673.27
FHMS K106 X1 MTGE 1.35428 01/25/2030 US 53,825,473.68 $4,493,723.02
FEDERAL NATL MTG ASSN AS3878 4.50000 11/01/2044 US 407,967.98 $425,422.20
FEDERAL NATL MTG ASSN AW5338 4.50000 06/01/2044 US 540,645.91 $557,937.43
FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 97,706.85 $100,805.30
FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 50.69 $50.69
FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 227,714.47 $252,024.03
FHLM POOL MA0115 4.50000 07/01/2029 US 32,019.83 $33,228.34
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 136,058.55 $141,200.19
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 3,121.67 $3,218.36
FCAT 2019-4 2.53000 11/17/2025 US 8,756,842.48 $8,758,050.49
FLX 2021-1A A2 3.25000 11/27/2051 US 4,760,000 $4,410,447.50
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 4,480,000 $4,317,178.30
FORDL 2022-A 1.37400 05/15/2023 US 4,425,930.59 $4,422,238.08
FORD MOTOR CREDIT 3.08700 01/09/2023 US 3,110,000 $3,107,142.31
FORD MOTOR CREDIT CO LLC 2.97900 08/03/2022 US 2,050,000 $2,050,188.23
FORD MOTOR CREDIT CO LLC 3.35000 11/01/2022 US 3,518,000 $3,516,277.27
GSMS 2021- RENT B 2.06070 11/21/2035 US 3,958,981.02 $3,900,523.78
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 3,567,057.22 $3,308,202.37
GSMBS 2022-PJ1 A15 1.43446 05/28/2052 US 4,775,065.01 $4,508,687.53
GSMBS 2021-GRE A6 2.50000 04/25/2052 US 6,032,731.32 $5,588,191.60
GSMBS 2022-PJ3 A24 3.00000 08/25/2052 US 9,791,521.19 $9,241,389.76
GOLDMAN SACH GROUP INC FLT 1.84763 03/15/2024 US 7,500,000 $7,550,728.58
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 3,651,880.79 $3,347,764.94
GREENIDGE GEN HLD INC US 70,000 $1,394,400.00
HTS2021-1 A MTGE 1.41100 08/25/2036 US 1,750,000 $1,720,316.68
HARROW HEALTH US 109,800 $2,766,960.00
HAWAII ST 2.63200 10/01/2037 US 3,905,000 $3,133,194.63
HERTZ 4.61990 06/30/2028 US 4,184,368.41 $4,026,157.44
HERTZ 4.61990 06/30/2028 US 794,551.65 $764,509.65
HERTZ 2021-1A B 1.56000 12/26/2025 US 3,000,000 $2,791,382.52
HWIRE 2021-1 A2 2.31100 11/20/2051 US 3,500,000 $3,142,398.70
HALST 2020-B 0.51000 09/15/2023 US 5,837,217.17 $5,813,049.69
IIP OPERATING PARTNER 5.50000 05/25/2026 US 3,500,000 $3,309,599.62
IMPRL 2022-NQM3 4.38000 05/25/2067 US 4,615,927.53 $4,586,626.08
IMPRL 2022-NQM2 3.63800 03/25/2067 US 7,359,962.12 $7,067,449.63
INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 3,425,000 $3,470,105.64
INTL FC STORE INC 8.62500 06/15/2025 US 3,580,000 $3,691,008.00
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 4,500,000 $4,401,559.71
JPMMT 2022-INV3 A4B 3.00000 09/25/2052 US 7,721,349.45 $7,278,747.80
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 446,556.92 $432,183.24
KREF 2021-FL2 AS MTGE 2.18671 02/15/2039 US 3,500,000 $3,355,086.35
LCCM 2021-FL2 AS 2.42471 12/13/2038 US 2,000,000 $1,928,308.60
LCCM 2021-FL2 B 2.77471 12/13/2038 US 3,000,000 $2,887,807.20
LFS 2022-A A MTGE 5.25000 05/15/2034 US 8,000,000 $7,985,744.00
LRK 2019-A A2FX Mtge 2.73000 10/25/2048 US 548,946.83 $545,923.94
LEGAL BUSINESS SERVICES LLC 8.00000 06/15/2026 US 4,000,000 $3,964,062.50
LIBERTY COMMERICAL 6.00000 06/30/2026 US 1,000,000 $913,297.75
OASIS 2022-1A A 4.75000 05/15/2034 US 4,000,000 $3,986,665.20
MGM RESORTS INTL 6.00000 03/15/2023 US 6,700,000 $6,778,661.22
MAGALLANES INC FLT 2.23763 03/15/2024 US 7,500,000 $7,552,948.50
MAGALLANES INC 4.05400 03/15/2029 US 4,500,000 $4,313,879.28
BANK OF AMERICA CORP 1.58600 09/15/2026 US 3,561,000 $3,464,992.41
MST 2019-1A A MTGE 3.75000 04/25/2058 US 908,743.4 $892,784.50
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 2,524,547.08 $2,400,513.30
NAVIENT CORP 6.75000 06/25/2025 US 1,800,000 $1,816,802.91
NAVSL 2014-1 A3 FLT 1.51571 06/25/2031 US 4,386,589.62 $4,219,096.95
NAVSL 2015-BA A3 2.32471 07/16/2040 US 2,164,151.05 $2,165,069.82
NAVSL 2017-2A A FLT 2.05571 12/27/2066 US 3,337,417.34 $3,316,451.98
NAVSL 2020-GA A MTGE 1.17000 09/16/2069 US 716,801.95 $678,288.13
NAVSL 2021-A A 0.84000 05/15/2069 US 1,075,995.29 $996,648.48
NAVSL 2020-1A A1B 2.05571 06/25/2069 US 2,516,476.56 $2,503,105.34
NAVSL 2022-A 2.23000 07/15/2070 US 3,858,042.06 $3,680,721.01
NAVSL 2021-1A A1A 1.31000 12/26/2069 US 6,017,280.71 $5,273,944.54
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 289,847.57 $284,703.91
NRZT 2015-2A A1 3.75000 08/25/2055 US 407,848.91 $397,335.46
NRZT 2019-2A A1 4.25000 12/25/2057 US 2,047,970.66 $2,036,432.19
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 1,750,000 $1,590,716.02
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 5,870,000 $587.00
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 3,000,000 $2,793,593.61
OXFIN 2020-1A A2 3.10100 02/15/2028 US 7,416,897.19 $7,374,119.49
OXFIN 2020-1A B 4.03700 02/15/2028 US 2,794,288.56 $2,736,725.66
OXFIN 2019-1A A2 4.45900 02/15/2027 US 5,072,930.17 $5,060,888.05
OXFIN 2022-1A 3.60200 02/15/2030 US 4,650,000 $4,426,149.93
PRA GROUP INC 7.37500 09/01/2025 US 3,570,000 $3,605,769.90
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 5,271,019.16 $5,072,475.15
PELORUS FUND REIT 7.00000 09/30/2026 US 3,500,000 $3,389,388.42
POPULAR INC 6.12500 09/14/2023 PR 3,135,000 $3,170,482.59
2019- SFR4 CLASS A 2.68700 10/17/2036 US 3,800,000 $3,712,474.94
QUEBECOR MEDIA INC 5.75000 01/15/2023 CA 7,450,000 $7,527,087.16
RCKT 2021-6 A5 2.50000 12/25/2051 US 5,699,404.27 $5,271,965.36
RUN 2022-NQM1 A1 4.00000 03/25/2067 US 3,473,274.97 $3,419,385.37
RAILWORKS HOLDINGS LP/R 8.25000 11/15/2028 US 3,735,000 $3,614,353.71
SBA TOWER TRUST 2.83600 01/15/2025 US 3,500,000 $3,414,705.35
SBA TOWER TRUST 1.88400 01/15/2026 US 2,750,000 $2,566,061.03
SALTT 2021-1A AA 2.30100 02/28/2033 US 1,072,599.07 $1,014,105.42
NAVIENT CORP 5.50000 01/25/2023 US 7,750,000 $7,782,581.54
SMB 2014-A A3 2.37471 04/15/2032 US 2,988,012.78 $2,991,373.31
SLAM 2021-1A A MTGE 2.43400 06/15/2046 US 6,033,280 $5,203,623.15
SMB 2020-BA A1A 1.29000 07/15/2053 US 1,697,995.57 $1,583,146.04
SABINE PASS LIQUEFACTION 5.75000 05/15/2024 US 7,000,000 $7,232,954.05
SDART 2020-2 C 1.46000 09/15/2025 US 7,514,535.14 $7,478,906.78
SEMT 2013-6 A2 3.00000 05/25/2043 US 1,398,736.23 $1,309,909.28
SEMT 2013-7 A2 3.00000 06/25/2043 US 136,439.32 $127,845.88
SEMT 2013-8 A1 3.00000 06/25/2043 US 158,698.98 $149,055.27
SEMT 2013-2 1.87400 02/25/2043 US 137,842.75 $124,838.53
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 5,500,000 $4,749,994.87
SMB 2019-B A2A 2.84000 06/15/2037 US 2,954,360.04 $2,865,766.76
SOFI 2017-F A2FX 2.84000 01/25/2041 US 206,130.06 $203,561.90
SOFI 2016-C A2B 2.36000 12/27/2032 US 20,726.44 $20,702.51
SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 3,000,000 $3,131,563.95
ONEMAIN FINANCE CORP 5.62500 03/15/2023 US 5,803,000 $5,873,566.34
SPRINT COMMUNICATIONS 6.00000 11/15/2022 US 1,650,000 $1,671,353.46
SPRINT CORP 7.87500 09/15/2023 US 1,537,000 $1,613,998.52
SIDC 2021-1A A2 MTGE 1.87700 03/26/2046 US 3,400,000 $3,082,886.73
SRPT 2014-STAR A FLTG RATE 2.34500 11/15/2027 US 1,777,114.94 $1,221,580.74
STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 2,391,877.53 $2,230,733.39
SCML 2019-SBC8 2.86000 04/25/2041 US 2,469,437.88 $2,318,740.43
SYNCHRONOSS TECH US 152,955 $3,392,541.90
TRP 2021-1 A MTGE 2.07000 06/19/2051 US 2,954,944.72 $2,679,992.64
TACORA RESOURCES INC 8.25000 05/15/2026 CA 1,890,000 $1,803,259.87
TENCENT HOLDINGS 3.97500 04/11/2029 KY 6,650,000 $6,407,541.13
TMCL 2021-A1 A 1.68000 02/20/2046 BM 5,940,000 $5,261,721.85
TPMT 2016-5 A1 2.50000 10/25/2056 US 258,704.62 $257,575.01
TPMT 2017-1 A1 2.75000 10/25/2056 US 866,053.61 $862,644.30
TPMT 2018-2 A1 3.25000 03/25/2058 US 679,628.73 $671,507.51
TPMT 2019-HY1 A1 2.00571 10/25/2048 US 1,578,220.08 $1,562,507.79
TAH 2020-SFR1 C 2.24900 07/17/2038 US 2,500,000 $2,293,195.70
TRL 2021-1A A MTGE 2.26000 07/19/2051 US 1,938,668.12 $1,721,634.36
TRL 2020-1A A 1.96000 10/17/2050 US 2,463,098.5 $2,258,615.29
TCF 2021-1A 1.86000 03/20/2046 US 5,945,500 $5,216,663.39
STEAM 2021-3 A MTGE 2.21000 06/28/2051 US 5,764,085.11 $5,269,320.37
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 3,597,792.99 $3,238,441.83
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 2,925,901.15 $2,740,889.93
UNITED MEXICAN STATES 4.12500 01/21/2026 MX 1,800,000 $1,827,524.90
US TREASURY N/B 0.37500 08/15/2024 US 10,460,000 $9,967,235.99
US TREASURY N/B 0.12500 08/31/2023 US 21,400,000 $20,844,937.50
VDC 2020-1A A2 1.64500 09/15/2045 US 6,500,000 $5,923,057.40
VBTOW 2020-2A A 2.63600 09/15/2050 US 4,000,000 $3,781,828.40
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 3,500,000 $3,435,573.54
WARRIOR MET COAL INC 7.87500 12/01/2028 US 1,815,000 $1,840,955.35
WIN 2015-1 A1 3.50000 01/20/2045 US 82,930.24 $79,286.93
MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 126,000,000 $6,401,336.89
90DAY EURO$ FUTR EDZ2 US 1,900 -$11,404,788.00
AMERICAN TANKER INC 7.75000 07/02/2025 US 6,560,000 $6,232,000.00
TUTOR PERINI FLT 5.75000 08/18/2027 US 6,914,898.98 $6,655,590.27
MEDIA AND GAMES INVEST FLOAT 5.75000 11/27/2024 MT 3,200,000 $3,411,728.67
SEASPAN CORP 6.50000 02/05/2024 MH 7,000,000 $6,982,395.70
PETROTAL CORP 12.00000 02/16/2024 CA 2,720,000 $2,801,600.00
COPPER MOUNTAIN MINING C 8.00000 04/09/2026 CA 2,856,000 $2,854,208.03
NORTH INVST GROUP FLT 9.41900 05/05/2024 SE 23,750,000 $2,417,903.04
AIRSWIFT GLOBAL AS FLT 10.38899 05/12/2025 NO 7,000,000 $7,011,642.96
GAMING INNOVATION GRP FLT 8.50000 06/11/2024 MT 10,000,000 $1,030,417.01
KENT GLOBAL PLC 10.00000 06/28/2026 GB 3,500,000 $3,465,000.00
PING PETROLEUM UK 12.00000 07/29/2024 GB 2,715,000 $2,657,622.49
TRYM AS 9.07000 09/10/2024 NO 30,000,000 $3,194,057.35
JOTUL AS FLT 8.23000 10/06/2024 NO 23,000,000 $2,390,645.40
GREENFOOD AB FLT 7.37600 11/04/2025 SE 21,250,000 $2,121,585.40
NOVEDO HOLDINGS AB FLT 7.00500 11/26/2024 SE 26,250,000 $2,641,464.72
EXTENDA RETAIL HOLDING FLT 6.83100 03/30/2027 SE 34,000,000 $3,397,473.94
CABONLINE GROUP HOLD FLT 9.57200 04/19/2026 SE 17,500,000 $1,799,285.78
NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 MH 3,550,000 $3,587,372.73
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 5,008,508 $5,003,931.08

Investments will change over time.

Distributions

  • Unconstrained Bond Series Class W Distribution History
  • 2022 Distribution Calendar
  • First Quarter 2022 Distributions
  • Fourth Quarter 2021 Distributions
  • Third Quarter 2021 Distributions
  • Second Quarter 2022 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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