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

$9.92

Daily $ Change

$0.00

Daily % Change

0.00%

as of 04/06/2020

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 02/29/2020

YTD

-0.10%

1 Year

4.00%

3 Year

2.65%

5 Year

2.17%

10 Year

3.87%

Inception
(04/21/2005)

4.43%

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 0.36%
Net 0.05%*

*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.

Sector Allocation

As of 02/29/2020

Treasury 21.11%
Government 1.35%
Cash 5.10%
Corporate 35.35%
Mortgage 37.09%

Credit Quality Distribution

As of 02/29/2020

AAA 53.39%
AA 2.74%
A 7.17%
BBB 18.45%
BB 5.24%
B 3.77%
CCC 1.20%
NR 8.04%

February Fund Holdings

As of 02/29/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 1,000,000 $1,042,720.00
00206RCK6 AT&T INC FLT 2.89050 06/30/2020 US 8,000,000 $8,021,840.00
00206RCL4 AT&T INC 2.45000 06/30/2020 US 2,000,000 $2,001,907.06
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 9,000,000 $10,143,311.04
00772BAQ4 AERCAP IRELAND CAP LTD/A 4.62500 10/30/2020 IE 4,974,000 $5,051,801.97
00928QAG6 AIRCASTLE LTD 7.62500 04/15/2020 BM 6,375,000 $6,415,385.82
02005NAE0 ALLY FINANCIAL INC 8.00000 03/15/2020 US 1,835,000 $1,838,486.50
0258M0DU0 AMERICAN EXPRESS CREDIT FLRT 2.37663 05/26/2020 US 7,500,000 $7,507,476.45
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 4,450,000 $4,628,420.75
03027XAF7 AMERICAN TOWER CORP 2.80000 06/01/2020 US 5,595,000 $5,604,855.14
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 8,250,000 $9,088,375.48
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 49,420.79 $49,722.90
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 2,200,000 $1,496,000.00
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 1,440,000 $986,400.00
05367AAA1 AVIATION CAPITAL GROUP 7.12500 10/15/2020 US 2,572,000 $2,657,364.86
05367AAD5 AVIATION CAPITAL GROUP 6.75000 04/06/2021 US 3,750,000 $3,947,357.74
05401AAJ0 AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 KY 9,000,000 $9,060,236.91
056752AF5 BAIDU INC 3.00000 06/30/2020 KY 2,400,000 $2,409,936.00
059438AK7 BANK ONE CORP 8.00000 04/29/2027 US 9,000,000 $12,343,886.46
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 7,000,000 $7,636,591.76
06738EAG0 BARCLAYS PLC 2.87500 06/08/2020 GB 3,292,000 $3,291,795.90
105756BV1 FED REPUBLIC OF BRAZIL 4.25000 01/07/2025 BR 1,300,000 $1,415,063.00
12510GAB8 CCG 2019-1 A2 2.80000 09/14/2026 US 5,472,753.09 $5,542,100.53
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 968,992.26 $997,015.32
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 3,245,000 $3,423,475.00
14314WAD3 CARMX 2017-3 A3 1.97000 04/15/2022 US 2,043,200.46 $2,047,563.31
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 3,313,670.48 $3,362,228.34
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 1,400,000 $1,402,625.00
161175AX2 CHARTER COMM OPT LLC/CAP 3.57900 07/23/2020 US 5,708,000 $5,739,763.88
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 980,695.32 $982,777.73
168863AU2 REPUBLIC OF CHILE 5.50000 08/05/2020 CL 1,800,000,000 $2,228,201.49
17327XAA5 CGCMT 2019-SST2 2.57850 12/15/2036 US 7,000,000 $6,993,692.30
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 6,167,453.72 $6,317,277.82
21872FAA5 COLONY AMERICAN FINANCE LTD 3.32400 03/15/2052 US 4,955,803.14 $5,245,852.42
21872NAA8 CAFL 2019-3 A 2.70500 10/15/2052 US 3,238,746.95 $3,356,613.05
22534BAA2 CAALT 2018-1A A MTGE 3.01000 02/16/2027 US 7,846,000 $7,893,436.13
22535AAA3 CAALT 2019-1A A 3.33000 02/15/2028 US 4,050,000 $4,162,372.11
22535FAA2 CAALT 2018-2A A Mtge 3.47000 05/17/2027 US 9,000,000 $9,146,876.40
22822VAA9 CROWN CASTLE INTL CORP 3.40000 02/15/2021 US 532,000 $539,342.67
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 5,000,000 $5,269,668.25
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 495,140.32 $486,884.25
23291GAB0 DLL 2019-DA1 A2 MTGE 2.79000 11/22/2021 US 3,088,721.7 $3,102,804.11
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 3,638,000 $3,642,553.43
23343CAA9 DTAOT 2018-3A A MTGE 3.02000 02/15/2022 US 1,167,300.4 $1,169,803.56
23343GAA0 DTAOT 2019-1A A MTGE 3.08000 09/15/2022 US 1,744,055.34 $1,751,584.25
24704BAC8 DEFT 2019-1 A2 2.78000 08/23/2021 US 5,820,019.94 $5,856,661.62
25470DAR0 DISCOVERY COMMUNICATIONS 3.95000 03/20/2028 US 5,000,000 $5,466,025.20
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 3,725,000 $4,391,482.81
26150TAA7 DRAWBRIDGE SPEC OPPOR FU 5.00000 08/01/2021 US 2,755,000 $2,812,647.74
262006208 DREYFUS GVT CSH MANAGEMENT US 44,736,976.84 $44,736,976.84
26252TAA4 DTAOT 2019-2A A 2.85000 09/15/2022 US 1,250,711.66 $1,256,846.03
26253KAA2 DTAOT 2019-3A A 2.55000 08/15/2022 US 1,412,091.94 $1,417,664.62
28166GAA3 EDVES 2019-A A MTGE 3.58000 11/25/2038 US 3,965,095.85 $4,137,250.40
28370TAA7 KINDER MORGAN ENER PART 6.50000 04/01/2020 US 5,223,000 $5,241,049.43
29372EBV9 EFF 2017-1 A2 2.13000 07/20/2022 US 92,812.7 $92,863.17
29373FAB0 EFF 2018 -2 A2 MTGE 3.14000 02/20/2024 US 3,764,578.52 $3,807,848.21
29374AAB0 EFF 2019-1 A2 2.98000 10/20/2024 US 2,359,591.34 $2,400,260.08
30262SAR9 FREMF 2015-K42 B FLT 3.85083 12/25/2024 US 1,900,000 $2,049,520.69
30286XAN9 FREMF 2015-K43 B FLT 3.73341 02/25/2048 US 1,500,000 $1,611,526.20
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 84,954,431.15 $201,579.87
30291XAE2 FREMF 2014-K715 B FLT 3.97097 02/25/2046 US 2,185,000 $2,219,205.96
30291YAJ9 FREMF 2014-K716 B FLT 3.95176 08/25/2047 US 2,550,000 $2,612,068.02
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 467,886.77 $507,224.17
3128LCD86 FHLM POOL A78227 5.50000 06/01/2038 US 166,964.53 $187,780.38
3128M56M7 FHLM POOL G04176 5.50000 05/01/2038 US 160,513.4 $184,809.20
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 64,335.56 $75,237.57
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 387,874.54 $445,082.12
3128MAGF0 FHLM POOL G07998 4.50000 07/01/2044 US 2,824,658.31 $3,112,192.76
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 6,831.95 $7,086.71
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 13,359.31 $13,672.03
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 9,167.08 $9,413.07
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 8,487.74 $8,800.63
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 14,018.7 $14,512.98
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 394,581.41 $429,881.42
3128P7QL0 FHLM POOL C91359 4.50000 02/01/2031 US 162,648.4 $176,295.91
312945B80 FHLM POOL A96363 4.50000 01/01/2041 US 2,531,813.35 $2,780,491.91
3132QVMX6 FHLM POOL Q38473 4.00000 01/01/2046 US 3,758,269.65 $4,043,594.21
3132WDMZ4 FHLM POOL Q40375 3.50000 05/01/2046 US 4,228,793.35 $4,471,426.42
31335ALX4 FHLM POOL G60342 4.50000 05/01/2042 US 2,423,297.77 $2,670,001.09
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 300.17 $300.46
3136AY6W8 FNA 2017-M15 A1 2.95932 09/25/2027 US 5,533,378.53 $5,888,366.34
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 2,632,763.94 $2,808,889.79
3137A2B34 FHMS K009 X1 FLT 1.26002 08/25/2020 US 7,573,905.28 $26,773.76
3137ADTK3 FHMS K014 X1 FLT 1.14924 04/25/2021 US 6,886,446.52 $69,383.01
3137AJMG6 FMHS K016 X1 FLT 1.47787 10/25/2021 US 4,275,265.01 $87,142.30
3137AME78 FHMS K017 X1 FLT 1.28612 12/25/2021 US 30,324,423.84 $542,052.11
3137AUPF0 FHMS K021 x1 FLT 1.42177 06/25/2022 US 16,382,317.87 $448,872.23
3137B3NB0 FHMS K030 X1 FLT 0.18125 04/25/2023 US 54,990,174.1 $288,615.93
3137B4GZ3 FHMS K032 X1 FLT 0.09543 05/25/2023 US 32,326,958.67 $116,936.31
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 2,524,181.77 $2,589,562.62
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 2,052,892.46 $2,105,068.77
3138ATF70 FEDERAL NATL MTG ASSN AJ1989 4.50000 10/01/2041 US 1,433,067.48 $1,580,983.14
3138WDJY8 FEDERAL NATL MTG ASSN AS3878 4.50000 11/01/2044 US 801,217.95 $875,972.44
3138XU4Y5 FEDERAL NATL MTG ASSN AW5338 4.50000 06/01/2044 US 869,322.3 $957,156.70
3140F1BL5 FEDERAL NATL MTG ASSN BC5442 4.00000 04/01/2046 US 1,731,902.53 $1,845,555.15
3140F5T29 FEDERAL NATL MTG ASSN BC9568 4.00000 05/01/2046 US 2,544,756.82 $2,712,186.19
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 424,657.41 $458,433.02
3140K1TB2 FEDERAL NATL MTG ASSN FN BO5945 3.50000 11/01/2049 US 3,922,457.28 $4,092,277.95
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 2,449,410.25 $2,659,285.89
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 8,778.84 $8,961.79
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 10,326.72 $10,539.83
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 56,407.73 $57,096.54
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 66,257.74 $66,980.12
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 146,265.79 $168,515.84
31411YN90 FEDERAL NATL MTG ASSN 918516 5.50000 06/01/2037 US 93,217.35 $107,154.72
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 1,229.76 $1,238.99
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 37,660.48 $38,111.80
31416CJV9 FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 377,352.31 $443,088.78
31416RBE2 FEDERAL NATL MTG ASSN AA7236 4.00000 06/01/2039 US 784,385.63 $851,556.89
31417YDV6 FHLM POOL MA0115 4.50000 07/01/2029 US 65,131.16 $70,361.89
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 256,529.94 $279,234.22
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 3,874,422.61 $4,061,028.09
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 145,202.06 $167,321.10
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 13,603.02 $14,336.37
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 2,405,000 $2,415,533.90
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 4,480,000 $4,748,808.06
34531HAD1 FORDO 2017-B A3 MTGE 1.69000 11/15/2021 US 115,177.3 $115,245.08
345397YN7 FORD MOTOR CREDIT CO LLC 2.67725 06/12/2020 US 2,630,000 $2,631,331.38
35802XAH6 FRESENIUS MED CARE II 4.12500 10/15/2020 US 11,869,000 $11,972,693.16
36166LAA5 GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 AE 1,880,000 $1,927,000.00
36255XAA1 GCAR 2018-3A A MTGE 3.35000 08/15/2022 US 655,838.69 $659,143.66
36257NAA1 GCAR 2019-2A A MTGE 3.06000 04/17/2023 US 1,722,818.87 $1,736,909.98
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 1,773,000 $1,827,076.50
38013FAB7 GMCAR 2018-4 A2 MTGE 2.93000 11/16/2021 US 262,113.65 $262,575.60
38141EA58 GOLDMAN SACHS GP GS 5.37500 03/15/2020 US 7,800,000 $7,809,644.23
39154TAV0 GALC 2019-1 A2 2.97000 06/15/2021 US 2,240,445.12 $2,253,614.01
428041BD8 HFLF 2018-1 A2 MTGE 3.23000 05/10/2032 US 5,096,782.04 $5,135,853.97
44931PAD8 HART 2017-A A3 1.76000 08/16/2021 US 38,812.14 $38,829.34
44932NAB6 HART 2019-A A2 2.67000 12/15/2021 US 1,849,612.22 $1,857,010.48
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 3,425,000 $3,506,343.75
46187BAA1 IHSFR 2017-SFR2 A 2.50850 12/17/2036 US 462,175.18 $459,621.75
46187BAB9 IHSFR 2017-SFR2 B 2.80850 12/17/2036 US 400,000 $399,121.88
46625HHQ6 JPMORGAN CHASE JPM 4.95000 03/25/2020 US 150,000 $150,315.81
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 415,469.1 $417,369.79
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 346,100.71 $354,477.39
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 414,437.03 $427,529.51
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 601,801.74 $612,423.30
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 2,067,008.47 $2,114,836.98
47789JAB2 JDOT 2019-A A2 2.85000 12/15/2021 US 1,634,738.03 $1,643,065.88
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 1,620,000 $388,800.00
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 1,500,000 $1,575,000.00
50077LAH9 KRAFT HEINZ FOODS CO 2.80000 07/02/2020 US 938,000 $937,925.19
51889RAB5 LRK 2019-A A2FX Mtge 2.73000 10/25/2048 US 2,100,000 $2,161,907.37
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 3,485,000 $2,273,962.50
57109HAA0 MFT 2019-2A A MTGE 3.13000 07/16/2029 US 2,430,059.87 $2,456,832.08
59022CAA1 BANK OF AMERICA CORP 2.65363 09/15/2026 US 3,561,000 $3,535,436.61
59166EAA3 MST 2019-1A A MTGE 3.75000 04/25/2058 US 1,755,539.82 $1,875,723.37
62954NAA3 NYCTL 2018-A A 3.22000 11/10/2031 US 904,605.35 $912,979.64
63938CAA6 NAVIENT CORP 5.00000 10/26/2020 US 500,000 $504,850.00
63938EAC8 NAVSL 2014-1 A3 2.13675 06/25/2031 US 5,846,222.83 $5,753,446.78
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 2,076,516.79 $2,091,496.99
63941LAA1 NAVSL 2019-BA A1 2.05825 12/15/2059 US 2,752,086.61 $2,753,384.22
63941MAA9 NAVSL 2019-EA A1 2.39000 05/15/2068 US 7,926,442.24 $8,001,162.43
63941RAB6 NAVSL 2019-2A A2 2.62675 02/27/2068 US 5,540,000 $5,581,584.35
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 499,959.99 $529,235.10
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 819,708.91 $865,837.78
64830DAB9 NRZT 2019-2A A1 4.25000 12/25/2057 US 4,115,396.55 $4,400,121.91
65479PAB5 NALT 2019 - A A2 MTGE 2.71000 07/15/2021 US 3,952,470.99 $3,970,605.32
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 5,870,000 $4,461,200.00
67059TAB1 NUSTAR LOGISTICS LP 4.80000 09/01/2020 US 1,250,000 $1,257,812.50
69144AAA7 OXFIN 2020-1A A2 3.10100 02/15/2028 US 6,300,000 $6,406,764.84
69144AAB5 OXFIN 2020-1A B 4.03700 02/15/2028 US 400,000 $405,613.56
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 7,000,000 $7,209,323.10
69375BAC1 PSMC 2019-3 A3 MTGE 3.50000 11/25/2049 US 3,379,029.77 $3,474,064.98
719245AD4 PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 US 5,450,000 $5,163,875.00
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 7,450,000 $8,158,230.82
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 1,000,000 $1,029,700.00
74331AAA0 2019- SFR4 CLASS A 2.68700 10/17/2036 US 3,800,000 $3,906,022.28
74332NAA1 PROG 2015-SFR3 A 3.06700 11/12/2032 US 4,836,028.01 $4,839,009.42
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 1,646,934.52 $1,663,725.18
74333NAA0 PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 US 8,610,000 $8,887,216.17
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 9,861,000 $9,891,275.44
78397AAA2 SCFET 2019-1A A1 3.04000 03/20/2023 US 1,542,375.87 $1,548,593.03
78403DAN0 SBA TOWER TRUST 2.83600 01/15/2025 US 3,500,000 $3,669,293.95
78442FEJ3 NAVIENT CORP 8.00000 03/25/2020 US 2,496,000 $2,504,736.00
78442GNG7 SLMA 2004-10 A6A FLT RT 2.34413 04/27/2026 US 497,157.36 $497,494.23
78442PGC4 SLM CORP 5.12500 04/05/2022 US 6,109,000 $6,231,180.00
78449PAA7 SMB 2018-A A1 FLT 2.00850 03/16/2026 US 314,823.8 $314,872.13
78449TAA9 SMB 2019-A A1 2.00825 02/16/2026 US 1,548,967.52 $1,548,539.54
78472CAA6 SCLP 2019-1 A 3.24000 02/25/2028 US 2,426,620.05 $2,450,758.85
785592AE6 SABINE PASS LIQUEFACTION 5.62500 02/01/2021 US 9,000,000 $9,209,475.27
785592AJ5 SABINE PASS LIQUEFACTION 5.75000 05/15/2024 US 7,000,000 $7,873,878.67
80282KAD8 SANTANDER HOLDINGS USA 2.65000 04/17/2020 US 3,950,000 $3,951,814.31
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 453,021.26 $460,831.07
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 605,980.48 $620,404.63
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 517,917.93 $507,188.33
81748MAD0 SEMT 2020-1 A4 3.50000 02/25/2050 US 3,396,023.23 $3,493,658.90
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 72,101.7 $72,125.21
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 750,000 $766,670.25
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 337,159.56 $341,614.31
83404JAA4 SCLP 2017-3 A MTGE 2.77000 05/25/2026 US 1,217,286.79 $1,226,247.24
83404RAA6 SOFI 2018-B A1FX 2.64000 08/25/2047 US 2,218,915.8 $2,223,501.19
83404WAA5 SOFI 2019-B A1FX 2.78000 08/17/2048 US 3,351,379.12 $3,373,823.98
83404YAA1 SCLP 2016-5 A 3.06000 09/25/2028 US 335,692.39 $337,431.68
83405JAA3 SCLP 2017-4 A 2.50000 05/26/2026 US 463,401.37 $465,728.57
83405TAA1 SCLP 2019-3 A MTGE 2.90000 05/25/2028 US 1,507,763.55 $1,523,559.48
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 2,299,448.24 $2,320,774.93
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 3,000,000 $3,004,500.00
852061AQ3 SPRINT COMMUNICATIONS 7.00000 03/01/2020 US 8,238,000 $8,238,000.00
85571BAP0 STARWOOD PROPERTY TRUST 3.62500 02/01/2021 US 4,785,000 $4,743,131.25
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.12850 11/15/2027 US 1,777,114.94 $1,768,024.29
86212XAA8 STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 2,487,135.73 $2,591,767.79
86935CAA0 SCML 2019-SBC8 2.86000 04/25/2041 US 3,906,089.11 $3,990,702.81
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 279,320.92 $280,195.81
880451AS8 TENNESEE GAS PIPELINE 7.00000 03/15/2027 US 6,775,000 $8,483,920.38
880451AV1 TENNESEE GAS PIPELINE 7.00000 10/15/2028 US 2,225,000 $2,907,928.35
88165GAA8 TESLA FINANCE LLC 2.00502 12/18/2020 US 4,514,767.21 $4,520,022.85
89052KAA3 TOORAK MORTGAGE CORP 4.45830 03/25/2022 US 5,000,000 $5,087,493.50
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 1,133,956.08 $1,148,647.05
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 3,981,619.35 $4,064,267.42
89175VAA1 TPMT 2018-2 A1 3.25000 03/25/2058 US 1,470,782.82 $1,525,008.08
89177EAA7 TPMT 2019-HY1 A1 2.62675 10/25/2048 US 3,786,540.25 $3,807,012.56
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 2,322,181.62 $2,341,816.13
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 3,840,000 $3,648,000.00
90261XHN5 UBS AG STAMFORD CT FLT 2.43038 06/01/2020 CH 8,000,000 $8,016,682.88
912828B25 UNITED STATES TREAS INFL INDEX 0.62500 01/15/2024 US 45,077,436.9 $46,814,787.13
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 46,087,860 $46,188,130.13
912828Q60 TSY INFL IX N/B 0.12500 04/15/2021 US 46,828,757.5 $46,895,160.21
912828YN4 US TREASURY FRN 1.45838 10/31/2021 US 45,000,000 $45,168,932.70
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 6,750,000 $9,017,114.06
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 2,250,000 $2,103,750.00
92888DAB1 VFET 2019-1A A2 2.90000 11/15/2021 US 749,001.46 $752,865.56
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 1,195,000 $1,195,796.23
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 1,328,951.37 $1,353,672.79
93065PAA9 WBHT 2019-WBM A FLT 2.70850 12/15/2033 US 7,000,000 $7,000,249.90
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 1,099,354 $1,104,497.99
966387AH5 WHITING PETROLEUM CORP 5.75000 03/15/2021 US 4,000,000 $2,300,000.00
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 4,000,000 $4,197,852.08
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 303,625.71 $304,011.50
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 532,400.65 $548,580.84
98162EAC1 WOART 2017-A A3 Mtge 1.93000 09/15/2022 US 1,731,887.52 $1,733,946.73
98162VAB5 WOART 2019-B A2 MTGE 2.63000 06/15/2022 US 3,095,712.4 $3,110,913.90
98162XAB1 WOLS 2019-A A2 2.89000 11/15/2021 US 1,934,828.09 $1,947,110.19
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 2,860,000 $2,745,600.00
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 126,000,000 $6,380,914.49
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 35,000,000 $1,783,074.23
BBG008871BH4 BP CURRENCY FUT MAR20 GB 114 -$232,602.18
BBG0088D6F14 C$ CURRENCY FUT MAR20 CA 243 -$149,430.42
BBG00JL7R9V6 FED FUND 30DAY DEC 20 US -500 -$941,115.00
BBG00PD5Z8R3 EURO-BUND FUTURE MAR20 DE -150 -$662,565.68
BBG00PD5Z8S2 EURO-BUXL 30Y BND MAR20 DE -25 -$354,400.06
BBG00PD5Z9C7 EURO-BTP FUTURE MAR20 IT 165 $309,449.68
BBG00PD5Z9D6 EURO-BONO SP GOV MAR20 ES -265 -$756,427.79
BBG00PD5Z9J0 EURO-OAT FUTURE MAR20 FR 116 $432,683.43
BBG00Q7B2748 US 10YR ULTRA FUT JUN20 US -550 -$1,659,702.00
BBG00QB9KLK9 US 2YR NOTE FUTURE TUM0 US 1,675 $2,233,471.13
BBG00QBKKQ5 US 5 YR NOTE FUTURE FVM0 US -195 -$292,874.40
BBG00QFNTQW1 LONG GILT FUTURE JUN20 GB -130 -$160,187.32
BGDM907 DIANA SHIPPING INC 9.50000 09/27/2023 MH 4,450,000 $4,416,625.00
BZ121X9 EURONAV LUXEMBOURG SA 7.50000 05/31/2022 LU 1,800,000 $1,836,000.00

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 2019 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

$9.92

Daily $ Change

$0.00

Daily % Change

0.00%

as of 04/06/2020

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 02/29/2020

YTD

-0.10%

1 Year

4.00%

3 Year

2.65%

5 Year

2.17%

10 Year

3.87%

Inception
(04/21/2005)

4.43%

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 0.36%
Net 0.05%*

*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.

Sector Allocation

As of 02/29/2020

Treasury
21.11%
Government
1.35%
Cash
5.10%
Corporate
35.35%
Mortgage
37.09%

Credit Quality Distribution

As of 02/29/2020

AAA
53.39%
AA
2.74%
A
7.17%
BBB
18.45%
BB
5.24%
B
3.77%
CCC
1.20%
NR
8.04%

February Fund Holdings

As of 02/29/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 1,000,000 $1,042,720.00
00206RCK6 AT&T INC FLT 2.89050 06/30/2020 US 8,000,000 $8,021,840.00
00206RCL4 AT&T INC 2.45000 06/30/2020 US 2,000,000 $2,001,907.06
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 9,000,000 $10,143,311.04
00772BAQ4 AERCAP IRELAND CAP LTD/A 4.62500 10/30/2020 IE 4,974,000 $5,051,801.97
00928QAG6 AIRCASTLE LTD 7.62500 04/15/2020 BM 6,375,000 $6,415,385.82
02005NAE0 ALLY FINANCIAL INC 8.00000 03/15/2020 US 1,835,000 $1,838,486.50
0258M0DU0 AMERICAN EXPRESS CREDIT FLRT 2.37663 05/26/2020 US 7,500,000 $7,507,476.45
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 4,450,000 $4,628,420.75
03027XAF7 AMERICAN TOWER CORP 2.80000 06/01/2020 US 5,595,000 $5,604,855.14
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 8,250,000 $9,088,375.48
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 49,420.79 $49,722.90
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 2,200,000 $1,496,000.00
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 1,440,000 $986,400.00
05367AAA1 AVIATION CAPITAL GROUP 7.12500 10/15/2020 US 2,572,000 $2,657,364.86
05367AAD5 AVIATION CAPITAL GROUP 6.75000 04/06/2021 US 3,750,000 $3,947,357.74
05401AAJ0 AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 KY 9,000,000 $9,060,236.91
056752AF5 BAIDU INC 3.00000 06/30/2020 KY 2,400,000 $2,409,936.00
059438AK7 BANK ONE CORP 8.00000 04/29/2027 US 9,000,000 $12,343,886.46
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 7,000,000 $7,636,591.76
06738EAG0 BARCLAYS PLC 2.87500 06/08/2020 GB 3,292,000 $3,291,795.90
105756BV1 FED REPUBLIC OF BRAZIL 4.25000 01/07/2025 BR 1,300,000 $1,415,063.00
12510GAB8 CCG 2019-1 A2 2.80000 09/14/2026 US 5,472,753.09 $5,542,100.53
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 968,992.26 $997,015.32
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 3,245,000 $3,423,475.00
14314WAD3 CARMX 2017-3 A3 1.97000 04/15/2022 US 2,043,200.46 $2,047,563.31
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 3,313,670.48 $3,362,228.34
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 1,400,000 $1,402,625.00
161175AX2 CHARTER COMM OPT LLC/CAP 3.57900 07/23/2020 US 5,708,000 $5,739,763.88
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 980,695.32 $982,777.73
168863AU2 REPUBLIC OF CHILE 5.50000 08/05/2020 CL 1,800,000,000 $2,228,201.49
17327XAA5 CGCMT 2019-SST2 2.57850 12/15/2036 US 7,000,000 $6,993,692.30
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 6,167,453.72 $6,317,277.82
21872FAA5 COLONY AMERICAN FINANCE LTD 3.32400 03/15/2052 US 4,955,803.14 $5,245,852.42
21872NAA8 CAFL 2019-3 A 2.70500 10/15/2052 US 3,238,746.95 $3,356,613.05
22534BAA2 CAALT 2018-1A A MTGE 3.01000 02/16/2027 US 7,846,000 $7,893,436.13
22535AAA3 CAALT 2019-1A A 3.33000 02/15/2028 US 4,050,000 $4,162,372.11
22535FAA2 CAALT 2018-2A A Mtge 3.47000 05/17/2027 US 9,000,000 $9,146,876.40
22822VAA9 CROWN CASTLE INTL CORP 3.40000 02/15/2021 US 532,000 $539,342.67
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 5,000,000 $5,269,668.25
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 495,140.32 $486,884.25
23291GAB0 DLL 2019-DA1 A2 MTGE 2.79000 11/22/2021 US 3,088,721.7 $3,102,804.11
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 3,638,000 $3,642,553.43
23343CAA9 DTAOT 2018-3A A MTGE 3.02000 02/15/2022 US 1,167,300.4 $1,169,803.56
23343GAA0 DTAOT 2019-1A A MTGE 3.08000 09/15/2022 US 1,744,055.34 $1,751,584.25
24704BAC8 DEFT 2019-1 A2 2.78000 08/23/2021 US 5,820,019.94 $5,856,661.62
25470DAR0 DISCOVERY COMMUNICATIONS 3.95000 03/20/2028 US 5,000,000 $5,466,025.20
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 3,725,000 $4,391,482.81
26150TAA7 DRAWBRIDGE SPEC OPPOR FU 5.00000 08/01/2021 US 2,755,000 $2,812,647.74
262006208 DREYFUS GVT CSH MANAGEMENT US 44,736,976.84 $44,736,976.84
26252TAA4 DTAOT 2019-2A A 2.85000 09/15/2022 US 1,250,711.66 $1,256,846.03
26253KAA2 DTAOT 2019-3A A 2.55000 08/15/2022 US 1,412,091.94 $1,417,664.62
28166GAA3 EDVES 2019-A A MTGE 3.58000 11/25/2038 US 3,965,095.85 $4,137,250.40
28370TAA7 KINDER MORGAN ENER PART 6.50000 04/01/2020 US 5,223,000 $5,241,049.43
29372EBV9 EFF 2017-1 A2 2.13000 07/20/2022 US 92,812.7 $92,863.17
29373FAB0 EFF 2018 -2 A2 MTGE 3.14000 02/20/2024 US 3,764,578.52 $3,807,848.21
29374AAB0 EFF 2019-1 A2 2.98000 10/20/2024 US 2,359,591.34 $2,400,260.08
30262SAR9 FREMF 2015-K42 B FLT 3.85083 12/25/2024 US 1,900,000 $2,049,520.69
30286XAN9 FREMF 2015-K43 B FLT 3.73341 02/25/2048 US 1,500,000 $1,611,526.20
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 84,954,431.15 $201,579.87
30291XAE2 FREMF 2014-K715 B FLT 3.97097 02/25/2046 US 2,185,000 $2,219,205.96
30291YAJ9 FREMF 2014-K716 B FLT 3.95176 08/25/2047 US 2,550,000 $2,612,068.02
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 467,886.77 $507,224.17
3128LCD86 FHLM POOL A78227 5.50000 06/01/2038 US 166,964.53 $187,780.38
3128M56M7 FHLM POOL G04176 5.50000 05/01/2038 US 160,513.4 $184,809.20
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 64,335.56 $75,237.57
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 387,874.54 $445,082.12
3128MAGF0 FHLM POOL G07998 4.50000 07/01/2044 US 2,824,658.31 $3,112,192.76
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 6,831.95 $7,086.71
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 13,359.31 $13,672.03
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 9,167.08 $9,413.07
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 8,487.74 $8,800.63
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 14,018.7 $14,512.98
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 394,581.41 $429,881.42
3128P7QL0 FHLM POOL C91359 4.50000 02/01/2031 US 162,648.4 $176,295.91
312945B80 FHLM POOL A96363 4.50000 01/01/2041 US 2,531,813.35 $2,780,491.91
3132QVMX6 FHLM POOL Q38473 4.00000 01/01/2046 US 3,758,269.65 $4,043,594.21
3132WDMZ4 FHLM POOL Q40375 3.50000 05/01/2046 US 4,228,793.35 $4,471,426.42
31335ALX4 FHLM POOL G60342 4.50000 05/01/2042 US 2,423,297.77 $2,670,001.09
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 300.17 $300.46
3136AY6W8 FNA 2017-M15 A1 2.95932 09/25/2027 US 5,533,378.53 $5,888,366.34
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 2,632,763.94 $2,808,889.79
3137A2B34 FHMS K009 X1 FLT 1.26002 08/25/2020 US 7,573,905.28 $26,773.76
3137ADTK3 FHMS K014 X1 FLT 1.14924 04/25/2021 US 6,886,446.52 $69,383.01
3137AJMG6 FMHS K016 X1 FLT 1.47787 10/25/2021 US 4,275,265.01 $87,142.30
3137AME78 FHMS K017 X1 FLT 1.28612 12/25/2021 US 30,324,423.84 $542,052.11
3137AUPF0 FHMS K021 x1 FLT 1.42177 06/25/2022 US 16,382,317.87 $448,872.23
3137B3NB0 FHMS K030 X1 FLT 0.18125 04/25/2023 US 54,990,174.1 $288,615.93
3137B4GZ3 FHMS K032 X1 FLT 0.09543 05/25/2023 US 32,326,958.67 $116,936.31
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 2,524,181.77 $2,589,562.62
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 2,052,892.46 $2,105,068.77
3138ATF70 FEDERAL NATL MTG ASSN AJ1989 4.50000 10/01/2041 US 1,433,067.48 $1,580,983.14
3138WDJY8 FEDERAL NATL MTG ASSN AS3878 4.50000 11/01/2044 US 801,217.95 $875,972.44
3138XU4Y5 FEDERAL NATL MTG ASSN AW5338 4.50000 06/01/2044 US 869,322.3 $957,156.70
3140F1BL5 FEDERAL NATL MTG ASSN BC5442 4.00000 04/01/2046 US 1,731,902.53 $1,845,555.15
3140F5T29 FEDERAL NATL MTG ASSN BC9568 4.00000 05/01/2046 US 2,544,756.82 $2,712,186.19
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 424,657.41 $458,433.02
3140K1TB2 FEDERAL NATL MTG ASSN FN BO5945 3.50000 11/01/2049 US 3,922,457.28 $4,092,277.95
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 2,449,410.25 $2,659,285.89
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 8,778.84 $8,961.79
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 10,326.72 $10,539.83
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 56,407.73 $57,096.54
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 66,257.74 $66,980.12
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 146,265.79 $168,515.84
31411YN90 FEDERAL NATL MTG ASSN 918516 5.50000 06/01/2037 US 93,217.35 $107,154.72
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 1,229.76 $1,238.99
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 37,660.48 $38,111.80
31416CJV9 FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 377,352.31 $443,088.78
31416RBE2 FEDERAL NATL MTG ASSN AA7236 4.00000 06/01/2039 US 784,385.63 $851,556.89
31417YDV6 FHLM POOL MA0115 4.50000 07/01/2029 US 65,131.16 $70,361.89
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 256,529.94 $279,234.22
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 3,874,422.61 $4,061,028.09
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 145,202.06 $167,321.10
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 13,603.02 $14,336.37
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 2,405,000 $2,415,533.90
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 4,480,000 $4,748,808.06
34531HAD1 FORDO 2017-B A3 MTGE 1.69000 11/15/2021 US 115,177.3 $115,245.08
345397YN7 FORD MOTOR CREDIT CO LLC 2.67725 06/12/2020 US 2,630,000 $2,631,331.38
35802XAH6 FRESENIUS MED CARE II 4.12500 10/15/2020 US 11,869,000 $11,972,693.16
36166LAA5 GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 AE 1,880,000 $1,927,000.00
36255XAA1 GCAR 2018-3A A MTGE 3.35000 08/15/2022 US 655,838.69 $659,143.66
36257NAA1 GCAR 2019-2A A MTGE 3.06000 04/17/2023 US 1,722,818.87 $1,736,909.98
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 1,773,000 $1,827,076.50
38013FAB7 GMCAR 2018-4 A2 MTGE 2.93000 11/16/2021 US 262,113.65 $262,575.60
38141EA58 GOLDMAN SACHS GP GS 5.37500 03/15/2020 US 7,800,000 $7,809,644.23
39154TAV0 GALC 2019-1 A2 2.97000 06/15/2021 US 2,240,445.12 $2,253,614.01
428041BD8 HFLF 2018-1 A2 MTGE 3.23000 05/10/2032 US 5,096,782.04 $5,135,853.97
44931PAD8 HART 2017-A A3 1.76000 08/16/2021 US 38,812.14 $38,829.34
44932NAB6 HART 2019-A A2 2.67000 12/15/2021 US 1,849,612.22 $1,857,010.48
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 3,425,000 $3,506,343.75
46187BAA1 IHSFR 2017-SFR2 A 2.50850 12/17/2036 US 462,175.18 $459,621.75
46187BAB9 IHSFR 2017-SFR2 B 2.80850 12/17/2036 US 400,000 $399,121.88
46625HHQ6 JPMORGAN CHASE JPM 4.95000 03/25/2020 US 150,000 $150,315.81
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 415,469.1 $417,369.79
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 346,100.71 $354,477.39
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 414,437.03 $427,529.51
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 601,801.74 $612,423.30
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 2,067,008.47 $2,114,836.98
47789JAB2 JDOT 2019-A A2 2.85000 12/15/2021 US 1,634,738.03 $1,643,065.88
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 1,620,000 $388,800.00
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 1,500,000 $1,575,000.00
50077LAH9 KRAFT HEINZ FOODS CO 2.80000 07/02/2020 US 938,000 $937,925.19
51889RAB5 LRK 2019-A A2FX Mtge 2.73000 10/25/2048 US 2,100,000 $2,161,907.37
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 3,485,000 $2,273,962.50
57109HAA0 MFT 2019-2A A MTGE 3.13000 07/16/2029 US 2,430,059.87 $2,456,832.08
59022CAA1 BANK OF AMERICA CORP 2.65363 09/15/2026 US 3,561,000 $3,535,436.61
59166EAA3 MST 2019-1A A MTGE 3.75000 04/25/2058 US 1,755,539.82 $1,875,723.37
62954NAA3 NYCTL 2018-A A 3.22000 11/10/2031 US 904,605.35 $912,979.64
63938CAA6 NAVIENT CORP 5.00000 10/26/2020 US 500,000 $504,850.00
63938EAC8 NAVSL 2014-1 A3 2.13675 06/25/2031 US 5,846,222.83 $5,753,446.78
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 2,076,516.79 $2,091,496.99
63941LAA1 NAVSL 2019-BA A1 2.05825 12/15/2059 US 2,752,086.61 $2,753,384.22
63941MAA9 NAVSL 2019-EA A1 2.39000 05/15/2068 US 7,926,442.24 $8,001,162.43
63941RAB6 NAVSL 2019-2A A2 2.62675 02/27/2068 US 5,540,000 $5,581,584.35
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 499,959.99 $529,235.10
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 819,708.91 $865,837.78
64830DAB9 NRZT 2019-2A A1 4.25000 12/25/2057 US 4,115,396.55 $4,400,121.91
65479PAB5 NALT 2019 - A A2 MTGE 2.71000 07/15/2021 US 3,952,470.99 $3,970,605.32
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 5,870,000 $4,461,200.00
67059TAB1 NUSTAR LOGISTICS LP 4.80000 09/01/2020 US 1,250,000 $1,257,812.50
69144AAA7 OXFIN 2020-1A A2 3.10100 02/15/2028 US 6,300,000 $6,406,764.84
69144AAB5 OXFIN 2020-1A B 4.03700 02/15/2028 US 400,000 $405,613.56
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 7,000,000 $7,209,323.10
69375BAC1 PSMC 2019-3 A3 MTGE 3.50000 11/25/2049 US 3,379,029.77 $3,474,064.98
719245AD4 PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 US 5,450,000 $5,163,875.00
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 7,450,000 $8,158,230.82
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 1,000,000 $1,029,700.00
74331AAA0 2019- SFR4 CLASS A 2.68700 10/17/2036 US 3,800,000 $3,906,022.28
74332NAA1 PROG 2015-SFR3 A 3.06700 11/12/2032 US 4,836,028.01 $4,839,009.42
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 1,646,934.52 $1,663,725.18
74333NAA0 PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 US 8,610,000 $8,887,216.17
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 9,861,000 $9,891,275.44
78397AAA2 SCFET 2019-1A A1 3.04000 03/20/2023 US 1,542,375.87 $1,548,593.03
78403DAN0 SBA TOWER TRUST 2.83600 01/15/2025 US 3,500,000 $3,669,293.95
78442FEJ3 NAVIENT CORP 8.00000 03/25/2020 US 2,496,000 $2,504,736.00
78442GNG7 SLMA 2004-10 A6A FLT RT 2.34413 04/27/2026 US 497,157.36 $497,494.23
78442PGC4 SLM CORP 5.12500 04/05/2022 US 6,109,000 $6,231,180.00
78449PAA7 SMB 2018-A A1 FLT 2.00850 03/16/2026 US 314,823.8 $314,872.13
78449TAA9 SMB 2019-A A1 2.00825 02/16/2026 US 1,548,967.52 $1,548,539.54
78472CAA6 SCLP 2019-1 A 3.24000 02/25/2028 US 2,426,620.05 $2,450,758.85
785592AE6 SABINE PASS LIQUEFACTION 5.62500 02/01/2021 US 9,000,000 $9,209,475.27
785592AJ5 SABINE PASS LIQUEFACTION 5.75000 05/15/2024 US 7,000,000 $7,873,878.67
80282KAD8 SANTANDER HOLDINGS USA 2.65000 04/17/2020 US 3,950,000 $3,951,814.31
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 453,021.26 $460,831.07
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 605,980.48 $620,404.63
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 517,917.93 $507,188.33
81748MAD0 SEMT 2020-1 A4 3.50000 02/25/2050 US 3,396,023.23 $3,493,658.90
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 72,101.7 $72,125.21
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 750,000 $766,670.25
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 337,159.56 $341,614.31
83404JAA4 SCLP 2017-3 A MTGE 2.77000 05/25/2026 US 1,217,286.79 $1,226,247.24
83404RAA6 SOFI 2018-B A1FX 2.64000 08/25/2047 US 2,218,915.8 $2,223,501.19
83404WAA5 SOFI 2019-B A1FX 2.78000 08/17/2048 US 3,351,379.12 $3,373,823.98
83404YAA1 SCLP 2016-5 A 3.06000 09/25/2028 US 335,692.39 $337,431.68
83405JAA3 SCLP 2017-4 A 2.50000 05/26/2026 US 463,401.37 $465,728.57
83405TAA1 SCLP 2019-3 A MTGE 2.90000 05/25/2028 US 1,507,763.55 $1,523,559.48
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 2,299,448.24 $2,320,774.93
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 3,000,000 $3,004,500.00
852061AQ3 SPRINT COMMUNICATIONS 7.00000 03/01/2020 US 8,238,000 $8,238,000.00
85571BAP0 STARWOOD PROPERTY TRUST 3.62500 02/01/2021 US 4,785,000 $4,743,131.25
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.12850 11/15/2027 US 1,777,114.94 $1,768,024.29
86212XAA8 STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 2,487,135.73 $2,591,767.79
86935CAA0 SCML 2019-SBC8 2.86000 04/25/2041 US 3,906,089.11 $3,990,702.81
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 279,320.92 $280,195.81
880451AS8 TENNESEE GAS PIPELINE 7.00000 03/15/2027 US 6,775,000 $8,483,920.38
880451AV1 TENNESEE GAS PIPELINE 7.00000 10/15/2028 US 2,225,000 $2,907,928.35
88165GAA8 TESLA FINANCE LLC 2.00502 12/18/2020 US 4,514,767.21 $4,520,022.85
89052KAA3 TOORAK MORTGAGE CORP 4.45830 03/25/2022 US 5,000,000 $5,087,493.50
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 1,133,956.08 $1,148,647.05
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 3,981,619.35 $4,064,267.42
89175VAA1 TPMT 2018-2 A1 3.25000 03/25/2058 US 1,470,782.82 $1,525,008.08
89177EAA7 TPMT 2019-HY1 A1 2.62675 10/25/2048 US 3,786,540.25 $3,807,012.56
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 2,322,181.62 $2,341,816.13
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 3,840,000 $3,648,000.00
90261XHN5 UBS AG STAMFORD CT FLT 2.43038 06/01/2020 CH 8,000,000 $8,016,682.88
912828B25 UNITED STATES TREAS INFL INDEX 0.62500 01/15/2024 US 45,077,436.9 $46,814,787.13
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 46,087,860 $46,188,130.13
912828Q60 TSY INFL IX N/B 0.12500 04/15/2021 US 46,828,757.5 $46,895,160.21
912828YN4 US TREASURY FRN 1.45838 10/31/2021 US 45,000,000 $45,168,932.70
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 6,750,000 $9,017,114.06
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 2,250,000 $2,103,750.00
92888DAB1 VFET 2019-1A A2 2.90000 11/15/2021 US 749,001.46 $752,865.56
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 1,195,000 $1,195,796.23
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 1,328,951.37 $1,353,672.79
93065PAA9 WBHT 2019-WBM A FLT 2.70850 12/15/2033 US 7,000,000 $7,000,249.90
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 1,099,354 $1,104,497.99
966387AH5 WHITING PETROLEUM CORP 5.75000 03/15/2021 US 4,000,000 $2,300,000.00
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 4,000,000 $4,197,852.08
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 303,625.71 $304,011.50
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 532,400.65 $548,580.84
98162EAC1 WOART 2017-A A3 Mtge 1.93000 09/15/2022 US 1,731,887.52 $1,733,946.73
98162VAB5 WOART 2019-B A2 MTGE 2.63000 06/15/2022 US 3,095,712.4 $3,110,913.90
98162XAB1 WOLS 2019-A A2 2.89000 11/15/2021 US 1,934,828.09 $1,947,110.19
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 2,860,000 $2,745,600.00
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 126,000,000 $6,380,914.49
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 35,000,000 $1,783,074.23
BBG008871BH4 BP CURRENCY FUT MAR20 GB 114 -$232,602.18
BBG0088D6F14 C$ CURRENCY FUT MAR20 CA 243 -$149,430.42
BBG00JL7R9V6 FED FUND 30DAY DEC 20 US -500 -$941,115.00
BBG00PD5Z8R3 EURO-BUND FUTURE MAR20 DE -150 -$662,565.68
BBG00PD5Z8S2 EURO-BUXL 30Y BND MAR20 DE -25 -$354,400.06
BBG00PD5Z9C7 EURO-BTP FUTURE MAR20 IT 165 $309,449.68
BBG00PD5Z9D6 EURO-BONO SP GOV MAR20 ES -265 -$756,427.79
BBG00PD5Z9J0 EURO-OAT FUTURE MAR20 FR 116 $432,683.43
BBG00Q7B2748 US 10YR ULTRA FUT JUN20 US -550 -$1,659,702.00
BBG00QB9KLK9 US 2YR NOTE FUTURE TUM0 US 1,675 $2,233,471.13
BBG00QBKKQ5 US 5 YR NOTE FUTURE FVM0 US -195 -$292,874.40
BBG00QFNTQW1 LONG GILT FUTURE JUN20 GB -130 -$160,187.32
BGDM907 DIANA SHIPPING INC 9.50000 09/27/2023 MH 4,450,000 $4,416,625.00
BZ121X9 EURONAV LUXEMBOURG SA 7.50000 05/31/2022 LU 1,800,000 $1,836,000.00

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 2019 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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