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

$10.50

Daily $ Change

$0.00

Daily % Change

0.00%

as of 07/09/2020

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

Performance

As of 06/30/2020

YTD

1.51%

1 Year

3.91%

3 Year

2.82%

5 Year

2.63%

10 Year

3.66%

Inception
(04/21/2005)

4.44%

Market Cycle

---

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 0.37%
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 06/30/2020

VANECK VECTORS J.P. MORGAN 1.92100 2.61%
BUONI POLIENNALI DEL TES 2.45000 09/01/2050 2.34%
AT&T INC 4.25000 03/01/2027 1.77%
AMERICAN TOWER CORP 3.80000 08/15/2029 1.61%
ITALY GOV'T INT BOND 2.37500 10/17/2024 1.57%
VERIZON COMMUNICATIONS 5.25000 03/16/2037 1.56%
PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 1.53%
TENNESEE GAS PIPELINE 7.00000 03/15/2027 1.43%
BOOKING HOLDINGS INC 3.60000 06/01/2026 1.41%
CAALT 2018-2A A Mtge 3.47000 05/17/2027 1.40%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 06/30/2020

Government 5.56%
Cash 7.33%
Corporate 47.25%
Mortgage 37.45%
Other 2.41%

Credit Quality Distribution

As of 06/30/2020

AAA 32.17%
AA 1.93%
A 6.35%
BBB 26.44%
BB 10.40%
B 8.74%
CCC 1.32%
CC 0.05%
D 0.31%
NR 12.29%

June Fund Holdings

As of 06/30/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 9,000,000 $10,252,275.75
00687YAA3 ADIENT GLOBAL HOLDINGS 4.87500 08/15/2026 JE 750,000 $614,850.00
00772BAQ4 AERCAP IRELAND CAP LTD/A 4.62500 10/30/2020 IE 4,974,000 $4,995,636.90
01166WAA5 ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 1,530,000 $1,549,125.00
013822AC5 ALCOA NEDERLAND HOLDING 6.12500 05/15/2028 NL 2,330,000 $2,386,805.40
02406PBA7 AMERICAN AXLE & MFG INC 6.87500 07/01/2028 US 1,605,000 $1,588,950.00
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 8,250,000 $9,337,143.42
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 31,707.62 $31,734.39
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 2,200,000 $1,738,000.00
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 1,965,000 $1,552,350.00
05367AAD5 AVIATION CAPITAL GROUP 6.75000 04/06/2021 US 3,750,000 $3,759,785.44
05401AAJ0 AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 KY 9,000,000 $7,269,533.64
059438AK7 BANK ONE CORP 8.00000 04/29/2027 US 3,000,000 $4,161,495.69
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 7,000,000 $7,730,485.28
105756BV1 FED REPUBLIC OF BRAZIL 4.25000 01/07/2025 BR 1,300,000 $1,372,163.00
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 4,940,000 $98,800.00
12510GAB8 CCG 2019-1 A2 2.80000 09/14/2026 US 4,725,841.7 $4,807,511.81
12555DAA3 CIM 2019-INV1 A1 3.84515 02/25/2049 US 812,574.23 $835,867.48
12653CAC2 CNX RESOURCES CORP 7.25000 03/14/2027 US 690,000 $634,800.00
12654TAA8 CNX MIDSTREAM PTR/CNX 6.50000 03/15/2026 US 595,000 $547,400.00
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 3,245,000 $3,131,425.00
133131AZ5 CAMDEN PROPERTY TRUST 2.80000 05/15/2030 US 3,225,000 $3,488,864.47
14180LAA4 CARGO AIRCRAFT MANAGEMENT 4.75000 02/01/2028 US 1,745,000 $1,729,731.25
14314WAD3 CARMX 2017-3 A3 1.97000 04/15/2022 US 1,339,304.38 $1,345,764.65
143905AN7 CARRIAGE SERVICES INC 6.62500 06/01/2026 US 1,125,000 $1,182,656.25
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 2,909,859.08 $2,884,013.13
15135UAF6 CENOVUS ENERGY INC 6.75000 11/15/2039 CA 1,595,000 $1,552,992.10
16411QAD3 CHENIERE ENERGY PARTNERS 5.62500 10/01/2026 US 2,405,000 $2,392,975.00
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 610,846.81 $613,532.09
168863AU2 REPUBLIC OF CHILE 5.50000 08/05/2020 CL 1,800,000,000 $2,195,412.71
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 3,700,000 $4,224,168.86
17327XAA5 CGCMT 2019-SST2 1.10475 12/15/2036 US 7,000,000 $6,855,310.70
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 5,464,201.58 $5,674,392.48
21872FAA5 COLONY AMERICAN FINANCE LTD 3.32400 03/15/2052 US 4,938,130.19 $5,149,788.33
21872NAA8 CAFL 2019-3 A 2.70500 10/15/2052 US 3,222,756.65 $3,306,042.03
22534BAA2 CAALT 2018-1A A MTGE 3.01000 02/16/2027 US 4,649,679.39 $4,678,441.84
22535AAA3 CAALT 2019-1A A 3.33000 02/15/2028 US 4,050,000 $4,144,736.39
22535FAA2 CAALT 2018-2A A Mtge 3.47000 05/17/2027 US 8,035,802.63 $8,134,888.09
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 5,000,000 $5,359,943.25
22822VAR2 CROWN CASTLE INTL CORP 3.30000 07/01/2030 US 1,850,000 $2,034,725.63
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 417,035.64 $427,353.23
23291GAB0 DLL 2019-DA1 A2 MTGE 2.79000 11/22/2021 US 1,558,260.6 $1,563,149.49
23343CAA9 DTAOT 2018-3A A MTGE 3.02000 02/15/2022 US 48,368.61 $48,414.32
23343GAA0 DTAOT 2019-1A A MTGE 3.08000 09/15/2022 US 710,361.95 $712,215.36
24704BAC8 DEFT 2019-1 A2 2.78000 08/23/2021 US 3,511,267.27 $3,534,189.17
247361ZZ4 DELTA AIR LINES INC 7.37500 01/15/2026 US 2,505,000 $2,423,332.34
254687FW1 WALT DISNEY COMPANY/THE 2.20000 01/13/2028 US 1,600,000 $1,670,447.95
25470DAR0 DISCOVERY COMMUNICATIONS 3.95000 03/20/2028 US 5,000,000 $5,587,238.90
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 3,725,000 $4,333,739.02
25746UDG1 DOMINION ENERGY 3.37500 04/01/2030 US 2,750,000 $3,035,533.82
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 2,190,000 $2,157,347.10
26150TAA7 DRAWBRIDGE SPEC OPPOR FU 5.00000 08/01/2021 US 2,755,000 $2,756,239.03
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 1,310,000 $1,342,750.00
26252TAA4 DTAOT 2019-2A A 2.85000 09/15/2022 US 757,691.74 $761,509.37
26253KAA2 DTAOT 2019-3A A 2.55000 08/15/2022 US 902,941.35 $907,589.42
26439XAC7 DCP MIDSTREAM OPERATING 8.12500 08/16/2030 US 610,000 $640,500.00
26884LAG4 EQT CORP 7.00000 02/01/2030 US 1,535,000 $1,581,096.05
28166GAA3 EDVES 2019-A A MTGE 3.58000 11/25/2038 US 3,683,713.81 $3,846,401.72
29373FAB0 EFF 2018 -2 A2 MTGE 3.14000 02/20/2024 US 2,741,303.44 $2,769,959.66
29374AAB0 EFF 2019-1 A2 2.98000 10/20/2024 US 1,919,951.67 $1,954,926.09
30262SAR9 FREMF 2015-K42 B FLT 3.98235 12/25/2024 US 1,900,000 $2,025,797.48
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 1,435,000 $1,223,337.50
30286XAN9 FREMF 2015-K43 B FLT 3.86118 02/25/2048 US 1,500,000 $1,609,818.90
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 84,215,430.8 $171,016.28
30291XAE2 FREMF 2014-K715 B FLT 4.12096 02/25/2046 US 2,185,000 $2,207,283.07
30291YAJ9 FREMF 2014-K716 B FLT 4.08103 08/25/2047 US 2,550,000 $2,598,317.66
302957AQ8 FREMF MORTGAGE TRUST 4.20679 07/25/2036 US 4,000,000 $3,652,443.60
302967AQ7 FREMF MORTGAGE TRUST 4.51008 11/25/2033 US 3,500,000 $3,236,817.85
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 425,960.9 $464,714.06
3128LCD86 FHLM POOL A78227 5.50000 06/01/2038 US 158,658.3 $180,967.83
3128M56M7 FHLM POOL G04176 5.50000 05/01/2038 US 150,422.69 $172,485.83
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 60,270.83 $70,383.40
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 362,881.99 $416,369.00
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 5,456.66 $5,679.41
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 9,819.72 $10,034.88
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 6,955.39 $7,138.95
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 6,689.17 $6,946.99
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 10,346.74 $10,699.86
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 370,258.11 $406,004.06
3128P7QL0 FHLM POOL C91359 4.50000 02/01/2031 US 150,750.75 $164,415.08
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 1,909,221.98 $1,980,531.99
3137A2B34 FHMS K009 X1 FLT 1.35336 08/25/2020 US 2,599,244.51 $532.33
3137ADTK3 FHMS K014 X1 FLT 1.32363 04/25/2021 US 6,833,776.69 $41,673.05
3137AJMG6 FMHS K016 X1 FLT 1.63485 10/25/2021 US 4,201,752.72 $64,595.65
3137AME78 FHMS K017 X1 FLT 1.43323 12/25/2021 US 30,072,814.21 $401,496.13
3137AUPF0 FHMS K021 x1 FLT 1.54788 06/25/2022 US 16,234,150.24 $357,553.91
3137B3NB0 FHMS K030 X1 FLT 0.28853 04/25/2023 US 54,469,382.34 $242,721.01
3137B4GZ3 FHMS K032 X1 FLT 0.20687 05/25/2023 US 32,014,402.45 $100,022.60
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 1,914,627.36 $1,955,439.56
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 1,308,653.4 $1,330,305.72
3138WDJY8 FEDERAL NATL MTG ASSN AS3878 4.50000 11/01/2044 US 756,808.78 $836,323.14
3138XU4Y5 FEDERAL NATL MTG ASSN AW5338 4.50000 06/01/2044 US 723,754.99 $794,357.91
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 326,306.69 $352,978.36
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 5,843.83 $5,953.56
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 7,231.76 $7,380.85
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 32,658.14 $33,013.10
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 36,123.22 $36,537.89
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 135,601.68 $155,326.28
31411YN90 FEDERAL NATL MTG ASSN 918516 5.50000 06/01/2037 US 85,943.72 $98,393.02
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 440.76 $443.80
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 20,610.56 $20,833.53
31416CJV9 FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 362,305.42 $422,940.72
31416RBE2 FEDERAL NATL MTG ASSN AA7236 4.00000 06/01/2039 US 746,762.95 $819,226.87
31417YDV6 FHLM POOL MA0115 4.50000 07/01/2029 US 59,793.33 $64,368.36
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 231,578.11 $253,856.68
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 136,162.65 $156,385.34
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 11,502.98 $12,148.38
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 2,365,000 $2,554,200.00
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 2,405,000 $2,272,725.00
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 4,480,000 $4,498,901.57
34531HAD1 FORDO 2017-B A3 MTGE 1.69000 11/15/2021 US 57,839.43 $57,995.27
345370CX6 FORD MOTOR COMPANY 9.62500 04/22/2030 US 2,060,000 $2,439,658.00
345397XU2 FORD MOTOR CREDIT CO LLC 4.38900 01/08/2026 US 1,375,000 $1,309,247.50
346232AE1 FORESTAR GROUP INC 5.00000 03/01/2028 US 1,815,000 $1,778,700.00
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 2,150,000 $1,935,451.50
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 1,420,000 $1,379,175.00
35802XAH6 FRESENIUS MED CARE II 4.12500 10/15/2020 US 8,000,000 $8,009,710.16
36166LAA5 GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 AE 2,080,000 $1,976,000.00
36255XAA1 GCAR 2018-3A A MTGE 3.35000 08/15/2022 US 361,356.79 $363,046.53
36257NAA1 GCAR 2019-2A A MTGE 3.06000 04/17/2023 US 1,179,670.64 $1,192,425.71
39154TAV0 GALC 2019-1 A2 2.97000 06/15/2021 US 1,276,385.56 $1,282,482.85
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 519,000 $494,347.50
418751AB9 HAT HOLDINGS I LLC 6.00000 04/15/2025 US 1,880,000 $1,969,300.00
428041BD8 HFLF 2018-1 A2 MTGE 3.23000 05/10/2032 US 4,188,078.62 $4,209,491.43
431571AB4 HILLENBRAND INC 4.50000 09/15/2026 US 2,505,000 $2,515,170.30
436106AA6 HOLLYFRONTIER CORP 5.87500 04/01/2026 US 250,000 $274,353.19
443201AA6 HOWMET AEROSPACE INC 6.87500 05/01/2025 US 1,980,000 $2,148,024.70
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 1,535,000 $1,587,497.00
44931PAD8 HART 2017-A A3 1.76000 08/16/2021 US 9,517.6 $9,525.07
44932NAB6 HART 2019-A A2 2.67000 12/15/2021 US 1,062,980.74 $1,068,727.85
450913AE8 IAMGOLD CORP 7.00000 04/15/2025 CA 2,180,000 $2,191,357.80
45569LAA9 INDIGO NATURAL RES LLC 6.87500 02/15/2026 US 1,155,000 $1,074,150.00
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 3,425,000 $3,091,062.50
46116VAE5 INTL FC STORE INC 8.62500 06/15/2025 US 3,670,000 $3,832,874.60
46187BAA1 IHSFR 2017-SFR2 A 1.04388 12/17/2036 US 456,073.36 $450,449.38
46187BAB9 IHSFR 2017-SFR2 B 1.34388 12/17/2036 US 400,000 $398,248.68
46284VAL5 IRON MOUNTAIN INC 5.62500 07/15/2032 US 1,645,000 $1,641,545.50
465410BX5 ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 9,000,000 $9,112,143.33
46567TAA2 ITHACA ENERGY NORTH 9.37500 07/15/2024 GB 1,200,000 $963,000.00
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 333,762.83 $333,418.09
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 305,146.62 $313,297.85
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 365,580.35 $382,440.00
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 554,797.22 $569,309.77
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 1,340,577.38 $1,356,462.55
47789JAB2 JDOT 2019-A A2 2.85000 12/15/2021 US 863,722.73 $867,653.70
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 4,120,000 $504,700.00
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 1,825,000 $1,943,625.00
49271VAJ9 KEURIG DR PEPPER INC 3.20000 05/01/2030 US 3,000,000 $3,337,433.91
50077LAH9 KRAFT HEINZ FOODS CO 2.80000 07/02/2020 US 938,000 $938,000.00
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 1,820,000 $1,851,850.00
505742AG1 LADDER CAP FIN LLLP/CORP 5.25000 10/01/2025 US 2,530,000 $2,181,366.00
516806AG1 LAREDO PETROLEUM INC 10.12500 01/15/2028 US 520,000 $358,800.00
51889RAB5 LRK 2019-A A2FX Mtge 2.73000 10/25/2048 US 2,100,000 $2,163,213.57
526057CK8 LENNAR CORP 8.37500 01/15/2021 US 298,000 $307,312.50
539473AE8 LLOYDS BANK PLC 12.00000 12/16/2024 GB 2,585,000 $2,982,573.00
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 3,485,000 $331,075.00
552697AQ7 MDC PARTNERS INC 6.50000 05/01/2024 CA 1,860,000 $1,729,800.00
57109HAA0 MFT 2019-2A A MTGE 3.13000 07/16/2029 US 1,831,329.51 $1,847,248.16
59001KAG5 MERITOR INC 6.25000 06/01/2025 US 1,595,000 $1,610,950.00
59022CAA1 BANK OF AMERICA CORP 1.07338 09/15/2026 US 3,561,000 $3,399,103.12
59166EAA3 MST 2019-1A A MTGE 3.75000 04/25/2058 US 1,664,589.5 $1,782,949.97
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 1,675,000 $837,500.00
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 995,000 $552,225.00
62913TAJ1 NGL ENRGY PART LP/FIN CO 7.50000 11/01/2023 US 1,595,000 $1,323,850.00
62954NAA3 NYCTL 2018-A A 3.22000 11/10/2031 US 722,723.37 $727,362.24
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 1,410,000 $1,344,787.50
63938EAC8 NAVSL 2014-1 A3 FLT 0.69450 06/25/2031 US 5,604,880.89 $5,388,544.26
63938NAF1 NAVIOS SA LOGIST/FIN US 10.75000 07/01/2025 MH 865,000 $893,112.50
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 1,387,639.95 $1,396,587.73
63941LAA1 NAVSL 2019-BA A1 0.58475 12/15/2059 US 1,867,688.6 $1,860,910.57
63941MAA9 NAVSL 2019-EA A1 2.39000 05/15/2068 US 5,534,293.46 $5,557,368.70
63941RAB6 NAVSL 2019-2A A2 1.18450 02/27/2068 US 5,540,000 $5,571,549.19
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 471,269.95 $502,999.38
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 751,637.63 $806,012.90
64830DAB9 NRZT 2019-2A A1 4.25000 12/25/2057 US 3,853,482.18 $4,115,596.04
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 5,870,000 $60,167.50
67401PAB4 OAKTREE SPECIALTY LEND 3.50000 02/25/2025 US 1,065,000 $1,040,480.40
674599EA9 OCCIDENTAL PETROLEUM COR 8.87500 07/15/2030 US 865,000 $863,918.75
675232AB8 OCEANEERING INTL INC 6.00000 02/01/2028 US 2,430,000 $1,701,000.00
69144AAA7 OXFIN 2020-1A A2 3.10100 02/15/2028 US 6,300,000 $6,395,792.76
69144AAB5 OXFIN 2020-1A B 4.03700 02/15/2028 US 400,000 $394,000.00
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 7,235,000 $7,425,520.70
69318FAH1 PBF HOLDING CO LLC 6.00000 02/15/2028 US 1,640,000 $1,361,200.00
69327RAJ0 PDC ENERGY INC 5.75000 05/15/2026 US 1,510,000 $1,374,100.00
69375BAC1 PSMC 2019-3 A3 MTGE 3.50000 11/25/2049 US 2,708,856.85 $2,767,707.04
719245AD4 PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 US 5,450,000 $5,143,437.50
71953LAA9 PICASSO FINANCE SUB INC 6.12500 06/15/2025 US 2,395,000 $2,448,887.50
73179PAM8 POLYONE CORP 5.75000 05/15/2025 US 1,150,000 $1,183,062.50
733174AK2 POPULAR INC 6.12500 09/14/2023 PR 1,135,000 $1,146,350.00
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 7,450,000 $8,175,773.64
74166MAE6 PRIME SECSRVC BRW/FINANC 6.25000 01/15/2028 US 2,737,000 $2,579,622.50
74331AAA0 2019- SFR4 CLASS A 2.68700 10/17/2036 US 3,800,000 $3,930,378.38
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 1,646,934.52 $1,653,951.28
74333NAA0 PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 US 8,604,501.79 $8,878,098.27
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 2,778,000 $2,611,320.00
78397AAA2 SCFET 2019-1A A1 3.04000 03/20/2023 US 1,253,807.06 $1,254,175.93
78403DAN0 SBA TOWER TRUST 2.83600 01/15/2025 US 3,500,000 $3,608,607.10
78442GNG7 SLMA 2004-10 A6A FLT RT 1.54138 04/27/2026 US 224,296.65 $224,310.83
78442PGC4 SLM CORP 5.12500 04/05/2022 US 5,336,000 $5,282,640.00
78449TAA9 SMB 2019-A A1 0.53475 02/16/2026 US 789,618.43 $788,799.67
78472CAA6 SCLP 2019-1 A 3.24000 02/25/2028 US 1,693,068.96 $1,710,164.22
785592AJ5 SABINE PASS LIQUEFACTION 5.75000 05/15/2024 US 7,000,000 $7,883,048.53
808625AA5 SCIENCE APPLICATIONS INT 4.87500 04/01/2028 US 1,182,000 $1,174,978.92
81745BAB1 SEMT 2013-6 A2 3.00000 05/25/2043 US 4,105,593.38 $4,293,666.92
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 396,212.24 $410,971.46
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 540,462.05 $564,125.32
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 459,518.99 $462,892.14
81748MAD0 SEMT 2020-1 A4 3.50000 02/25/2050 US 2,763,787.74 $2,820,391.22
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 713,703.69 $729,531.50
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 261,287.25 $263,727.15
83404JAA4 SCLP 2017-3 A MTGE 2.77000 05/25/2026 US 799,391.91 $804,099.45
83404RAA6 SOFI 2018-B A1FX 2.64000 08/25/2047 US 904,024.14 $906,271.00
83404WAA5 SOFI 2019-B A1FX 2.78000 08/17/2048 US 2,085,695.64 $2,099,216.16
83404YAA1 SCLP 2016-5 A 3.06000 09/25/2028 US 129,995.21 $130,269.76
83405JAA3 SCLP 2017-4 A 2.50000 05/26/2026 US 326,290.67 $329,416.80
83405TAA1 SCLP 2019-3 A MTGE 2.90000 05/25/2028 US 1,144,312.8 $1,160,193.57
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 1,708,107.64 $1,730,520.06
844741BJ6 SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 3,000,000 $3,166,946.76
85172FAN9 SPRINGLEAF FINANCE CORP 7.12500 03/15/2026 US 1,960,000 $2,028,580.40
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 780,000 $880,729.20
85571BAL9 STARWOOD PROPERTY TRUST 4.75000 03/15/2025 US 2,400,000 $2,184,000.00
85571BAP0 STARWOOD PROPERTY TRUST 3.62500 02/01/2021 US 3,335,000 $3,276,637.50
85571XAA5 SRPT 2014-STAR A FLTG RATE 1.65475 11/15/2027 US 1,777,114.94 $1,357,588.22
86212XAA8 STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 2,469,983.38 $2,473,113.34
86935CAA0 SCML 2019-SBC8 2.86000 04/25/2041 US 3,666,239.26 $3,695,448.19
872540AR0 TJX COS INC 3.50000 04/15/2025 US 2,750,000 $3,061,166.85
87422VAJ7 TALEN ENERGY SUPPLY LLC 7.62500 06/01/2028 US 2,500,000 $2,500,000.00
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 237,540.67 $238,139.61
880451AS8 TENNESEE GAS PIPELINE 7.00000 03/15/2027 US 6,775,000 $8,271,531.24
880451AV1 TENNESEE GAS PIPELINE 7.00000 10/15/2028 US 2,225,000 $2,814,947.00
88165GAA8 TESLA FINANCE LLC 2.00502 12/18/2020 US 74,298.08 $74,356.02
88167AAK7 TEVA PHARMACEUTICALS NE 6.75000 03/01/2028 NL 1,600,000 $1,691,008.00
89052KAA3 TOORAK MORTGAGE CORP 4.45830 03/25/2022 US 5,000,000 $5,012,342.50
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 1,037,503.95 $1,055,243.61
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 3,605,656.12 $3,689,344.12
89175VAA1 TPMT 2018-2 A1 3.25000 03/25/2058 US 1,403,402.39 $1,474,220.60
89177EAA7 TPMT 2019-HY1 A1 1.18450 10/25/2048 US 3,458,762.72 $3,442,520.02
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 2,530,000 $2,175,800.00
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 2,290,320.24 $2,300,219.69
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 4,340,000 $4,133,850.00
91086QBG2 UNITED MEXICAN STATES 4.12500 01/21/2026 MX 1,800,000 $1,944,018.00
92189H300 VANECK VECTORS J.P. MORGAN 1.92100 US 492,000 $15,124,080.00
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 6,750,000 $9,036,639.59
92826CAF9 VISA INC 4.30000 12/14/2045 US 635,000 $838,468.68
92826CAK8 VISA INC 2.70000 04/15/2040 US 1,215,000 $1,300,089.29
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 1,751,000 $1,575,900.00
92840VAG7 VISTRA OPERATIONS CO LLC 3.70000 01/30/2027 US 1,625,000 $1,673,472.19
928668BE1 VOLKSWAGEN GROUP AMERICA 3.35000 05/13/2025 US 2,250,000 $2,401,280.64
92888DAB1 VFET 2019-1A A2 2.90000 11/15/2021 US 437,249.24 $439,263.69
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 1,312,167.89 $1,328,319.36
93065PAA9 WBHT 2019-WBM A FLT 1.23475 12/15/2033 US 7,000,000 $6,544,116.60
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 312,073.02 $312,765.17
95081QAP9 WESCO DISTRIBUTION INC 7.25000 06/15/2028 US 1,625,000 $1,718,437.50
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 1,722,000 $1,768,511.22
966387AH5 WHITING PETROLEUM CORP 5.75000 03/15/2021 US 6,670,000 $1,283,975.00
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 4,000,000 $4,282,455.16
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 98,589.15 $98,755.02
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 455,394.31 $468,887.60
98162VAB5 WOART 2019-B A2 MTGE 2.63000 06/15/2022 US 1,941,619.47 $1,954,545.22
98162XAB1 WOLS 2019-A A2 2.89000 11/15/2021 US 1,374,597.49 $1,383,781.31
98212BAM5 WPX ENERGY 5.87500 06/15/2028 US 800,000 $768,760.00
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 126,000,000 $5,667,354.96
BBG009YQCQ77 AUDUSD Crncy Fut Sep20 AU 92 $12,735.93
BBG009YQCQQ6 JPN YEN CURR FUT JP 55 $34,842.78
BBG009YQCRH4 BP CURRENCY FUT SEP 20 GB 80 -$90,229.60
BBG009YQCSG3 EURO FX CURR FUT EU 45 $17,741.48
BBG009YVTL33 C$ CURRENCY FUT SEP20 CA 85 -$24,738.91
BBG00JL7R9V6 FED FUND 30DAY DEC 20 US -500 -$2,191,115.00
BBG00R2NN573 US LONG BOND FUTURE USU0 US -100 -$175,207.00
BGDM907 DIANA SHIPPING INC 9.50000 09/27/2023 MH 2,950,000 $2,714,000.00
BH8295835 SAUDI INTERNATIONAL BOND 2.90000 10/22/2025 SA 1,000,000 $1,060,400.00
BJVB695 BUONI POLIENNALI DEL TES 2.45000 09/01/2050 IT 11,500,000 $13,565,472.77
BK0939417 AMERICAN TANKER INC 7.75000 07/02/2025 US 3,200,000 $3,200,000.00
BZ121X9 EURONAV LUXEMBOURG SA 7.50000 05/31/2022 LU 1,800,000 $1,827,000.00
USD US DOLLAR US 46,031,634.55 $46,031,634.55

Investments will change over time.

Distributions

  • Unconstrained Bond Series Class W Distribution History
  • 2020 Distribution Calendar
  • First Quarter 2020 Distributions
  • Fourth Quarter 2019 Distributions
  • Third Quarter 2019 Distributions
  • Second Quarter 2020 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

$10.50

Daily $ Change

$0.00

Daily % Change

0.00%

as of 07/09/2020

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

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 06/30/2020

YTD

1.51%

1 Year

3.91%

3 Year

2.82%

5 Year

2.63%

10 Year

3.66%

Inception
(04/21/2005)

4.44%

Market Cycle

---

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 0.37%
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 06/30/2020

VANECK VECTORS J.P. MORGAN 1.92100 2.61%
BUONI POLIENNALI DEL TES 2.45000 09/01/2050 2.34%
AT&T INC 4.25000 03/01/2027 1.77%
AMERICAN TOWER CORP 3.80000 08/15/2029 1.61%
ITALY GOV'T INT BOND 2.37500 10/17/2024 1.57%
VERIZON COMMUNICATIONS 5.25000 03/16/2037 1.56%
PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 1.53%
TENNESEE GAS PIPELINE 7.00000 03/15/2027 1.43%
BOOKING HOLDINGS INC 3.60000 06/01/2026 1.41%
CAALT 2018-2A A Mtge 3.47000 05/17/2027 1.40%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 06/30/2020

Government
5.56%
Cash
7.33%
Corporate
47.25%
Mortgage
37.45%
Other
2.41%

Credit Quality Distribution

As of 06/30/2020

AAA
32.17%
AA
1.93%
A
6.35%
BBB
26.44%
BB
10.40%
B
8.74%
CCC
1.32%
CC
0.05%
D
0.31%
NR
12.29%

June Fund Holdings

As of 06/30/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 9,000,000 $10,252,275.75
00687YAA3 ADIENT GLOBAL HOLDINGS 4.87500 08/15/2026 JE 750,000 $614,850.00
00772BAQ4 AERCAP IRELAND CAP LTD/A 4.62500 10/30/2020 IE 4,974,000 $4,995,636.90
01166WAA5 ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 1,530,000 $1,549,125.00
013822AC5 ALCOA NEDERLAND HOLDING 6.12500 05/15/2028 NL 2,330,000 $2,386,805.40
02406PBA7 AMERICAN AXLE & MFG INC 6.87500 07/01/2028 US 1,605,000 $1,588,950.00
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 8,250,000 $9,337,143.42
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 31,707.62 $31,734.39
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 2,200,000 $1,738,000.00
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 1,965,000 $1,552,350.00
05367AAD5 AVIATION CAPITAL GROUP 6.75000 04/06/2021 US 3,750,000 $3,759,785.44
05401AAJ0 AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 KY 9,000,000 $7,269,533.64
059438AK7 BANK ONE CORP 8.00000 04/29/2027 US 3,000,000 $4,161,495.69
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 7,000,000 $7,730,485.28
105756BV1 FED REPUBLIC OF BRAZIL 4.25000 01/07/2025 BR 1,300,000 $1,372,163.00
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 4,940,000 $98,800.00
12510GAB8 CCG 2019-1 A2 2.80000 09/14/2026 US 4,725,841.7 $4,807,511.81
12555DAA3 CIM 2019-INV1 A1 3.84515 02/25/2049 US 812,574.23 $835,867.48
12653CAC2 CNX RESOURCES CORP 7.25000 03/14/2027 US 690,000 $634,800.00
12654TAA8 CNX MIDSTREAM PTR/CNX 6.50000 03/15/2026 US 595,000 $547,400.00
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 3,245,000 $3,131,425.00
133131AZ5 CAMDEN PROPERTY TRUST 2.80000 05/15/2030 US 3,225,000 $3,488,864.47
14180LAA4 CARGO AIRCRAFT MANAGEMENT 4.75000 02/01/2028 US 1,745,000 $1,729,731.25
14314WAD3 CARMX 2017-3 A3 1.97000 04/15/2022 US 1,339,304.38 $1,345,764.65
143905AN7 CARRIAGE SERVICES INC 6.62500 06/01/2026 US 1,125,000 $1,182,656.25
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 2,909,859.08 $2,884,013.13
15135UAF6 CENOVUS ENERGY INC 6.75000 11/15/2039 CA 1,595,000 $1,552,992.10
16411QAD3 CHENIERE ENERGY PARTNERS 5.62500 10/01/2026 US 2,405,000 $2,392,975.00
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 610,846.81 $613,532.09
168863AU2 REPUBLIC OF CHILE 5.50000 08/05/2020 CL 1,800,000,000 $2,195,412.71
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 3,700,000 $4,224,168.86
17327XAA5 CGCMT 2019-SST2 1.10475 12/15/2036 US 7,000,000 $6,855,310.70
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 5,464,201.58 $5,674,392.48
21872FAA5 COLONY AMERICAN FINANCE LTD 3.32400 03/15/2052 US 4,938,130.19 $5,149,788.33
21872NAA8 CAFL 2019-3 A 2.70500 10/15/2052 US 3,222,756.65 $3,306,042.03
22534BAA2 CAALT 2018-1A A MTGE 3.01000 02/16/2027 US 4,649,679.39 $4,678,441.84
22535AAA3 CAALT 2019-1A A 3.33000 02/15/2028 US 4,050,000 $4,144,736.39
22535FAA2 CAALT 2018-2A A Mtge 3.47000 05/17/2027 US 8,035,802.63 $8,134,888.09
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 5,000,000 $5,359,943.25
22822VAR2 CROWN CASTLE INTL CORP 3.30000 07/01/2030 US 1,850,000 $2,034,725.63
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 417,035.64 $427,353.23
23291GAB0 DLL 2019-DA1 A2 MTGE 2.79000 11/22/2021 US 1,558,260.6 $1,563,149.49
23343CAA9 DTAOT 2018-3A A MTGE 3.02000 02/15/2022 US 48,368.61 $48,414.32
23343GAA0 DTAOT 2019-1A A MTGE 3.08000 09/15/2022 US 710,361.95 $712,215.36
24704BAC8 DEFT 2019-1 A2 2.78000 08/23/2021 US 3,511,267.27 $3,534,189.17
247361ZZ4 DELTA AIR LINES INC 7.37500 01/15/2026 US 2,505,000 $2,423,332.34
254687FW1 WALT DISNEY COMPANY/THE 2.20000 01/13/2028 US 1,600,000 $1,670,447.95
25470DAR0 DISCOVERY COMMUNICATIONS 3.95000 03/20/2028 US 5,000,000 $5,587,238.90
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 3,725,000 $4,333,739.02
25746UDG1 DOMINION ENERGY 3.37500 04/01/2030 US 2,750,000 $3,035,533.82
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 2,190,000 $2,157,347.10
26150TAA7 DRAWBRIDGE SPEC OPPOR FU 5.00000 08/01/2021 US 2,755,000 $2,756,239.03
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 1,310,000 $1,342,750.00
26252TAA4 DTAOT 2019-2A A 2.85000 09/15/2022 US 757,691.74 $761,509.37
26253KAA2 DTAOT 2019-3A A 2.55000 08/15/2022 US 902,941.35 $907,589.42
26439XAC7 DCP MIDSTREAM OPERATING 8.12500 08/16/2030 US 610,000 $640,500.00
26884LAG4 EQT CORP 7.00000 02/01/2030 US 1,535,000 $1,581,096.05
28166GAA3 EDVES 2019-A A MTGE 3.58000 11/25/2038 US 3,683,713.81 $3,846,401.72
29373FAB0 EFF 2018 -2 A2 MTGE 3.14000 02/20/2024 US 2,741,303.44 $2,769,959.66
29374AAB0 EFF 2019-1 A2 2.98000 10/20/2024 US 1,919,951.67 $1,954,926.09
30262SAR9 FREMF 2015-K42 B FLT 3.98235 12/25/2024 US 1,900,000 $2,025,797.48
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 1,435,000 $1,223,337.50
30286XAN9 FREMF 2015-K43 B FLT 3.86118 02/25/2048 US 1,500,000 $1,609,818.90
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 84,215,430.8 $171,016.28
30291XAE2 FREMF 2014-K715 B FLT 4.12096 02/25/2046 US 2,185,000 $2,207,283.07
30291YAJ9 FREMF 2014-K716 B FLT 4.08103 08/25/2047 US 2,550,000 $2,598,317.66
302957AQ8 FREMF MORTGAGE TRUST 4.20679 07/25/2036 US 4,000,000 $3,652,443.60
302967AQ7 FREMF MORTGAGE TRUST 4.51008 11/25/2033 US 3,500,000 $3,236,817.85
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 425,960.9 $464,714.06
3128LCD86 FHLM POOL A78227 5.50000 06/01/2038 US 158,658.3 $180,967.83
3128M56M7 FHLM POOL G04176 5.50000 05/01/2038 US 150,422.69 $172,485.83
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 60,270.83 $70,383.40
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 362,881.99 $416,369.00
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 5,456.66 $5,679.41
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 9,819.72 $10,034.88
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 6,955.39 $7,138.95
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 6,689.17 $6,946.99
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 10,346.74 $10,699.86
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 370,258.11 $406,004.06
3128P7QL0 FHLM POOL C91359 4.50000 02/01/2031 US 150,750.75 $164,415.08
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 1,909,221.98 $1,980,531.99
3137A2B34 FHMS K009 X1 FLT 1.35336 08/25/2020 US 2,599,244.51 $532.33
3137ADTK3 FHMS K014 X1 FLT 1.32363 04/25/2021 US 6,833,776.69 $41,673.05
3137AJMG6 FMHS K016 X1 FLT 1.63485 10/25/2021 US 4,201,752.72 $64,595.65
3137AME78 FHMS K017 X1 FLT 1.43323 12/25/2021 US 30,072,814.21 $401,496.13
3137AUPF0 FHMS K021 x1 FLT 1.54788 06/25/2022 US 16,234,150.24 $357,553.91
3137B3NB0 FHMS K030 X1 FLT 0.28853 04/25/2023 US 54,469,382.34 $242,721.01
3137B4GZ3 FHMS K032 X1 FLT 0.20687 05/25/2023 US 32,014,402.45 $100,022.60
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 1,914,627.36 $1,955,439.56
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 1,308,653.4 $1,330,305.72
3138WDJY8 FEDERAL NATL MTG ASSN AS3878 4.50000 11/01/2044 US 756,808.78 $836,323.14
3138XU4Y5 FEDERAL NATL MTG ASSN AW5338 4.50000 06/01/2044 US 723,754.99 $794,357.91
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 326,306.69 $352,978.36
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 5,843.83 $5,953.56
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 7,231.76 $7,380.85
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 32,658.14 $33,013.10
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 36,123.22 $36,537.89
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 135,601.68 $155,326.28
31411YN90 FEDERAL NATL MTG ASSN 918516 5.50000 06/01/2037 US 85,943.72 $98,393.02
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 440.76 $443.80
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 20,610.56 $20,833.53
31416CJV9 FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 362,305.42 $422,940.72
31416RBE2 FEDERAL NATL MTG ASSN AA7236 4.00000 06/01/2039 US 746,762.95 $819,226.87
31417YDV6 FHLM POOL MA0115 4.50000 07/01/2029 US 59,793.33 $64,368.36
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 231,578.11 $253,856.68
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 136,162.65 $156,385.34
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 11,502.98 $12,148.38
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 2,365,000 $2,554,200.00
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 2,405,000 $2,272,725.00
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 4,480,000 $4,498,901.57
34531HAD1 FORDO 2017-B A3 MTGE 1.69000 11/15/2021 US 57,839.43 $57,995.27
345370CX6 FORD MOTOR COMPANY 9.62500 04/22/2030 US 2,060,000 $2,439,658.00
345397XU2 FORD MOTOR CREDIT CO LLC 4.38900 01/08/2026 US 1,375,000 $1,309,247.50
346232AE1 FORESTAR GROUP INC 5.00000 03/01/2028 US 1,815,000 $1,778,700.00
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 2,150,000 $1,935,451.50
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 1,420,000 $1,379,175.00
35802XAH6 FRESENIUS MED CARE II 4.12500 10/15/2020 US 8,000,000 $8,009,710.16
36166LAA5 GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 AE 2,080,000 $1,976,000.00
36255XAA1 GCAR 2018-3A A MTGE 3.35000 08/15/2022 US 361,356.79 $363,046.53
36257NAA1 GCAR 2019-2A A MTGE 3.06000 04/17/2023 US 1,179,670.64 $1,192,425.71
39154TAV0 GALC 2019-1 A2 2.97000 06/15/2021 US 1,276,385.56 $1,282,482.85
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 519,000 $494,347.50
418751AB9 HAT HOLDINGS I LLC 6.00000 04/15/2025 US 1,880,000 $1,969,300.00
428041BD8 HFLF 2018-1 A2 MTGE 3.23000 05/10/2032 US 4,188,078.62 $4,209,491.43
431571AB4 HILLENBRAND INC 4.50000 09/15/2026 US 2,505,000 $2,515,170.30
436106AA6 HOLLYFRONTIER CORP 5.87500 04/01/2026 US 250,000 $274,353.19
443201AA6 HOWMET AEROSPACE INC 6.87500 05/01/2025 US 1,980,000 $2,148,024.70
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 1,535,000 $1,587,497.00
44931PAD8 HART 2017-A A3 1.76000 08/16/2021 US 9,517.6 $9,525.07
44932NAB6 HART 2019-A A2 2.67000 12/15/2021 US 1,062,980.74 $1,068,727.85
450913AE8 IAMGOLD CORP 7.00000 04/15/2025 CA 2,180,000 $2,191,357.80
45569LAA9 INDIGO NATURAL RES LLC 6.87500 02/15/2026 US 1,155,000 $1,074,150.00
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 3,425,000 $3,091,062.50
46116VAE5 INTL FC STORE INC 8.62500 06/15/2025 US 3,670,000 $3,832,874.60
46187BAA1 IHSFR 2017-SFR2 A 1.04388 12/17/2036 US 456,073.36 $450,449.38
46187BAB9 IHSFR 2017-SFR2 B 1.34388 12/17/2036 US 400,000 $398,248.68
46284VAL5 IRON MOUNTAIN INC 5.62500 07/15/2032 US 1,645,000 $1,641,545.50
465410BX5 ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 9,000,000 $9,112,143.33
46567TAA2 ITHACA ENERGY NORTH 9.37500 07/15/2024 GB 1,200,000 $963,000.00
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 333,762.83 $333,418.09
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 305,146.62 $313,297.85
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 365,580.35 $382,440.00
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 554,797.22 $569,309.77
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 1,340,577.38 $1,356,462.55
47789JAB2 JDOT 2019-A A2 2.85000 12/15/2021 US 863,722.73 $867,653.70
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 4,120,000 $504,700.00
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 1,825,000 $1,943,625.00
49271VAJ9 KEURIG DR PEPPER INC 3.20000 05/01/2030 US 3,000,000 $3,337,433.91
50077LAH9 KRAFT HEINZ FOODS CO 2.80000 07/02/2020 US 938,000 $938,000.00
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 1,820,000 $1,851,850.00
505742AG1 LADDER CAP FIN LLLP/CORP 5.25000 10/01/2025 US 2,530,000 $2,181,366.00
516806AG1 LAREDO PETROLEUM INC 10.12500 01/15/2028 US 520,000 $358,800.00
51889RAB5 LRK 2019-A A2FX Mtge 2.73000 10/25/2048 US 2,100,000 $2,163,213.57
526057CK8 LENNAR CORP 8.37500 01/15/2021 US 298,000 $307,312.50
539473AE8 LLOYDS BANK PLC 12.00000 12/16/2024 GB 2,585,000 $2,982,573.00
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 3,485,000 $331,075.00
552697AQ7 MDC PARTNERS INC 6.50000 05/01/2024 CA 1,860,000 $1,729,800.00
57109HAA0 MFT 2019-2A A MTGE 3.13000 07/16/2029 US 1,831,329.51 $1,847,248.16
59001KAG5 MERITOR INC 6.25000 06/01/2025 US 1,595,000 $1,610,950.00
59022CAA1 BANK OF AMERICA CORP 1.07338 09/15/2026 US 3,561,000 $3,399,103.12
59166EAA3 MST 2019-1A A MTGE 3.75000 04/25/2058 US 1,664,589.5 $1,782,949.97
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 1,675,000 $837,500.00
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 995,000 $552,225.00
62913TAJ1 NGL ENRGY PART LP/FIN CO 7.50000 11/01/2023 US 1,595,000 $1,323,850.00
62954NAA3 NYCTL 2018-A A 3.22000 11/10/2031 US 722,723.37 $727,362.24
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 1,410,000 $1,344,787.50
63938EAC8 NAVSL 2014-1 A3 FLT 0.69450 06/25/2031 US 5,604,880.89 $5,388,544.26
63938NAF1 NAVIOS SA LOGIST/FIN US 10.75000 07/01/2025 MH 865,000 $893,112.50
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 1,387,639.95 $1,396,587.73
63941LAA1 NAVSL 2019-BA A1 0.58475 12/15/2059 US 1,867,688.6 $1,860,910.57
63941MAA9 NAVSL 2019-EA A1 2.39000 05/15/2068 US 5,534,293.46 $5,557,368.70
63941RAB6 NAVSL 2019-2A A2 1.18450 02/27/2068 US 5,540,000 $5,571,549.19
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 471,269.95 $502,999.38
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 751,637.63 $806,012.90
64830DAB9 NRZT 2019-2A A1 4.25000 12/25/2057 US 3,853,482.18 $4,115,596.04
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 5,870,000 $60,167.50
67401PAB4 OAKTREE SPECIALTY LEND 3.50000 02/25/2025 US 1,065,000 $1,040,480.40
674599EA9 OCCIDENTAL PETROLEUM COR 8.87500 07/15/2030 US 865,000 $863,918.75
675232AB8 OCEANEERING INTL INC 6.00000 02/01/2028 US 2,430,000 $1,701,000.00
69144AAA7 OXFIN 2020-1A A2 3.10100 02/15/2028 US 6,300,000 $6,395,792.76
69144AAB5 OXFIN 2020-1A B 4.03700 02/15/2028 US 400,000 $394,000.00
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 7,235,000 $7,425,520.70
69318FAH1 PBF HOLDING CO LLC 6.00000 02/15/2028 US 1,640,000 $1,361,200.00
69327RAJ0 PDC ENERGY INC 5.75000 05/15/2026 US 1,510,000 $1,374,100.00
69375BAC1 PSMC 2019-3 A3 MTGE 3.50000 11/25/2049 US 2,708,856.85 $2,767,707.04
719245AD4 PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 US 5,450,000 $5,143,437.50
71953LAA9 PICASSO FINANCE SUB INC 6.12500 06/15/2025 US 2,395,000 $2,448,887.50
73179PAM8 POLYONE CORP 5.75000 05/15/2025 US 1,150,000 $1,183,062.50
733174AK2 POPULAR INC 6.12500 09/14/2023 PR 1,135,000 $1,146,350.00
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 7,450,000 $8,175,773.64
74166MAE6 PRIME SECSRVC BRW/FINANC 6.25000 01/15/2028 US 2,737,000 $2,579,622.50
74331AAA0 2019- SFR4 CLASS A 2.68700 10/17/2036 US 3,800,000 $3,930,378.38
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 1,646,934.52 $1,653,951.28
74333NAA0 PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 US 8,604,501.79 $8,878,098.27
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 2,778,000 $2,611,320.00
78397AAA2 SCFET 2019-1A A1 3.04000 03/20/2023 US 1,253,807.06 $1,254,175.93
78403DAN0 SBA TOWER TRUST 2.83600 01/15/2025 US 3,500,000 $3,608,607.10
78442GNG7 SLMA 2004-10 A6A FLT RT 1.54138 04/27/2026 US 224,296.65 $224,310.83
78442PGC4 SLM CORP 5.12500 04/05/2022 US 5,336,000 $5,282,640.00
78449TAA9 SMB 2019-A A1 0.53475 02/16/2026 US 789,618.43 $788,799.67
78472CAA6 SCLP 2019-1 A 3.24000 02/25/2028 US 1,693,068.96 $1,710,164.22
785592AJ5 SABINE PASS LIQUEFACTION 5.75000 05/15/2024 US 7,000,000 $7,883,048.53
808625AA5 SCIENCE APPLICATIONS INT 4.87500 04/01/2028 US 1,182,000 $1,174,978.92
81745BAB1 SEMT 2013-6 A2 3.00000 05/25/2043 US 4,105,593.38 $4,293,666.92
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 396,212.24 $410,971.46
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 540,462.05 $564,125.32
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 459,518.99 $462,892.14
81748MAD0 SEMT 2020-1 A4 3.50000 02/25/2050 US 2,763,787.74 $2,820,391.22
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 713,703.69 $729,531.50
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 261,287.25 $263,727.15
83404JAA4 SCLP 2017-3 A MTGE 2.77000 05/25/2026 US 799,391.91 $804,099.45
83404RAA6 SOFI 2018-B A1FX 2.64000 08/25/2047 US 904,024.14 $906,271.00
83404WAA5 SOFI 2019-B A1FX 2.78000 08/17/2048 US 2,085,695.64 $2,099,216.16
83404YAA1 SCLP 2016-5 A 3.06000 09/25/2028 US 129,995.21 $130,269.76
83405JAA3 SCLP 2017-4 A 2.50000 05/26/2026 US 326,290.67 $329,416.80
83405TAA1 SCLP 2019-3 A MTGE 2.90000 05/25/2028 US 1,144,312.8 $1,160,193.57
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 1,708,107.64 $1,730,520.06
844741BJ6 SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 3,000,000 $3,166,946.76
85172FAN9 SPRINGLEAF FINANCE CORP 7.12500 03/15/2026 US 1,960,000 $2,028,580.40
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 780,000 $880,729.20
85571BAL9 STARWOOD PROPERTY TRUST 4.75000 03/15/2025 US 2,400,000 $2,184,000.00
85571BAP0 STARWOOD PROPERTY TRUST 3.62500 02/01/2021 US 3,335,000 $3,276,637.50
85571XAA5 SRPT 2014-STAR A FLTG RATE 1.65475 11/15/2027 US 1,777,114.94 $1,357,588.22
86212XAA8 STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 2,469,983.38 $2,473,113.34
86935CAA0 SCML 2019-SBC8 2.86000 04/25/2041 US 3,666,239.26 $3,695,448.19
872540AR0 TJX COS INC 3.50000 04/15/2025 US 2,750,000 $3,061,166.85
87422VAJ7 TALEN ENERGY SUPPLY LLC 7.62500 06/01/2028 US 2,500,000 $2,500,000.00
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 237,540.67 $238,139.61
880451AS8 TENNESEE GAS PIPELINE 7.00000 03/15/2027 US 6,775,000 $8,271,531.24
880451AV1 TENNESEE GAS PIPELINE 7.00000 10/15/2028 US 2,225,000 $2,814,947.00
88165GAA8 TESLA FINANCE LLC 2.00502 12/18/2020 US 74,298.08 $74,356.02
88167AAK7 TEVA PHARMACEUTICALS NE 6.75000 03/01/2028 NL 1,600,000 $1,691,008.00
89052KAA3 TOORAK MORTGAGE CORP 4.45830 03/25/2022 US 5,000,000 $5,012,342.50
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 1,037,503.95 $1,055,243.61
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 3,605,656.12 $3,689,344.12
89175VAA1 TPMT 2018-2 A1 3.25000 03/25/2058 US 1,403,402.39 $1,474,220.60
89177EAA7 TPMT 2019-HY1 A1 1.18450 10/25/2048 US 3,458,762.72 $3,442,520.02
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 2,530,000 $2,175,800.00
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 2,290,320.24 $2,300,219.69
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 4,340,000 $4,133,850.00
91086QBG2 UNITED MEXICAN STATES 4.12500 01/21/2026 MX 1,800,000 $1,944,018.00
92189H300 VANECK VECTORS J.P. MORGAN 1.92100 US 492,000 $15,124,080.00
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 6,750,000 $9,036,639.59
92826CAF9 VISA INC 4.30000 12/14/2045 US 635,000 $838,468.68
92826CAK8 VISA INC 2.70000 04/15/2040 US 1,215,000 $1,300,089.29
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 1,751,000 $1,575,900.00
92840VAG7 VISTRA OPERATIONS CO LLC 3.70000 01/30/2027 US 1,625,000 $1,673,472.19
928668BE1 VOLKSWAGEN GROUP AMERICA 3.35000 05/13/2025 US 2,250,000 $2,401,280.64
92888DAB1 VFET 2019-1A A2 2.90000 11/15/2021 US 437,249.24 $439,263.69
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 1,312,167.89 $1,328,319.36
93065PAA9 WBHT 2019-WBM A FLT 1.23475 12/15/2033 US 7,000,000 $6,544,116.60
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 312,073.02 $312,765.17
95081QAP9 WESCO DISTRIBUTION INC 7.25000 06/15/2028 US 1,625,000 $1,718,437.50
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 1,722,000 $1,768,511.22
966387AH5 WHITING PETROLEUM CORP 5.75000 03/15/2021 US 6,670,000 $1,283,975.00
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 4,000,000 $4,282,455.16
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 98,589.15 $98,755.02
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 455,394.31 $468,887.60
98162VAB5 WOART 2019-B A2 MTGE 2.63000 06/15/2022 US 1,941,619.47 $1,954,545.22
98162XAB1 WOLS 2019-A A2 2.89000 11/15/2021 US 1,374,597.49 $1,383,781.31
98212BAM5 WPX ENERGY 5.87500 06/15/2028 US 800,000 $768,760.00
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 126,000,000 $5,667,354.96
BBG009YQCQ77 AUDUSD Crncy Fut Sep20 AU 92 $12,735.93
BBG009YQCQQ6 JPN YEN CURR FUT JP 55 $34,842.78
BBG009YQCRH4 BP CURRENCY FUT SEP 20 GB 80 -$90,229.60
BBG009YQCSG3 EURO FX CURR FUT EU 45 $17,741.48
BBG009YVTL33 C$ CURRENCY FUT SEP20 CA 85 -$24,738.91
BBG00JL7R9V6 FED FUND 30DAY DEC 20 US -500 -$2,191,115.00
BBG00R2NN573 US LONG BOND FUTURE USU0 US -100 -$175,207.00
BGDM907 DIANA SHIPPING INC 9.50000 09/27/2023 MH 2,950,000 $2,714,000.00
BH8295835 SAUDI INTERNATIONAL BOND 2.90000 10/22/2025 SA 1,000,000 $1,060,400.00
BJVB695 BUONI POLIENNALI DEL TES 2.45000 09/01/2050 IT 11,500,000 $13,565,472.77
BK0939417 AMERICAN TANKER INC 7.75000 07/02/2025 US 3,200,000 $3,200,000.00
BZ121X9 EURONAV LUXEMBOURG SA 7.50000 05/31/2022 LU 1,800,000 $1,827,000.00
USD US DOLLAR US 46,031,634.55 $46,031,634.55

Investments will change over time.

Distributions

  • Unconstrained Bond Series Class W Distribution History
  • 2020 Distribution Calendar
  • First Quarter 2020 Distributions
  • Fourth Quarter 2019 Distributions
  • Third Quarter 2019 Distributions
  • Second Quarter 2020 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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