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

$10.41

Daily $ Change

$0.01

Daily % Change

0.10%

as of 07/18/2019

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 06/30/2019

YTD

3.29%

1 Year

3.99%

3 Year

2.56%

5 Year

1.77%

10 Year

4.70%

Inception
(04/21/2005)

4.47%

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 06/30/2019

Treasury 10.46%
Government 3.87%
Cash 3.40%
Corporate 42.87%
Mortgage 39.40%

Credit Quality Distribution

As of 06/30/2019

AAA 44.96%
AA 3.43%
A 8.28%
BBB 21.38%
BB 5.95%
B 5.52%
CCC 1.27%
NR 9.21%

June Fund Holdings

As of 06/30/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 4,077,000 $4,138,155.00
00206RCK6 AT&T INC FLT 3.25988 06/30/2020 US 8,000,000 $8,056,003.92
00206RCL4 AT&T INC 2.45000 06/30/2020 US 2,000,000 $1,999,140.44
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 9,000,000 $9,646,057.08
00772BAQ4 AERCAP IRELAND CAP LTD/A 4.62500 10/30/2020 IE 4,974,000 $5,100,369.34
00928QAG6 AIRCASTLE LTD 7.62500 04/15/2020 BM 6,375,000 $6,608,174.74
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 1,100,000 $1,115,551.64
02004VAB9 ALLYA 2018-2 A2 MTGE 2.64000 02/16/2021 US 778,757.45 $779,049.95
02005NAE0 ALLY FINANCIAL INC 8.00000 03/15/2020 US 925,000 $958,105.75
02007CAE2 ALLYA 2016-1 A4 1.73000 11/16/2020 US 382,014.79 $381,719.87
0258M0DU0 AMERICAN EXPRESS CREDIT FLRT 3.25063 05/26/2020 US 7,500,000 $7,540,984.88
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 4,450,000 $4,484,028.17
03027XAF7 AMERICAN TOWER CORP 2.80000 06/01/2020 US 5,595,000 $5,607,765.05
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 83,982.47 $84,879.93
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 1,440,000 $1,425,600.00
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 2,250,000 $2,266,875.00
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 2,250,000 $2,171,250.00
05367AAA1 AVIATION CAPITAL GROUP 7.12500 10/15/2020 US 1,784,000 $1,887,066.71
05582QAD9 BMWOT 2016-A A3 1.16000 11/25/2020 US 651,368.27 $649,923.14
059438AK7 BANK ONE CORP 8.00000 04/29/2027 US 9,000,000 $11,856,715.74
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 7,000,000 $7,362,647.74
06738EAG0 BARCLAYS PLC 2.87500 06/08/2020 GB 2,577,000 $2,578,381.27
105756BV1 FED REPUBLIC OF BRAZIL 4.25000 01/07/2025 BR 1,300,000 $1,370,642.00
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 950,000 $798,000.00
12510GAB8 CCG 2019-1 A2 2.80000 09/14/2026 US 6,000,000 $6,038,624.40
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 1,351,822.79 $1,384,186.24
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 7,090,000 $7,091,640.48
12596JAA1 CNH 2019-A A1 2.75334 02/28/2020 US 880,919.35 $880,966.92
12686CBA6 CABLEVISION SYSTEMS CORP 8.00000 04/15/2020 US 5,887,000 $6,080,270.21
14041NFF3 CAPITAL ONE MULTI-ASSET 1.33000 06/15/2022 US 3,337,000 $3,332,518.41
14042WAA8 COPAR 2019-1 A1 MTGE 2.50668 06/15/2020 US 5,936,686.61 $5,936,862.34
14314MAC7 CARMX 2016-2 A3 1.52000 02/16/2021 US 703,875.43 $702,540.18
14314WAD3 CARMX 2017-3 A3 1.97000 04/15/2022 US 3,655,418.2 $3,647,537.12
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 32,124.86 $32,072.77
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 5,439,077.39 $5,473,040.62
161175AX2 CHARTER COMM OPT LLC/CAP 3.57900 07/23/2020 US 5,084,000 $5,129,577.30
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 1,722,573.56 $1,718,419.57
168863AU2 REPUBLIC OF CHILE 5.50000 08/05/2020 CL 1,800,000,000 $2,726,623.13
17305EFS9 CCCIT 2014-A6 A6 2.15000 07/15/2021 US 3,760,000 $3,759,598.43
17327XAA5 CGCMT 2019-SST2 3.31425 12/15/2036 US 7,000,000 $6,921,125.40
21036PAM0 CONSTELLATION BRANDS INC 3.87500 11/15/2019 US 545,000 $547,507.75
21872FAA5 COLONY AMERICAN FINANCE LTD 3.32400 03/15/2052 US 4,991,910.09 $5,183,826.57
22025YAM2 CORRECTIONS CORP OF AMER 4.12500 04/01/2020 US 550,000 $545,875.00
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 958,894.32 $958,896.33
22534BAA2 CAALT 2018-1A A MTGE 3.01000 02/16/2027 US 7,846,000 $7,889,834.03
22535AAA3 CAALT 2019-1A A 3.33000 02/15/2028 US 2,500,000 $2,553,607.00
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 7,655,000 $7,766,813.29
22822VAA9 CROWN CASTLE INTL CORP 3.40000 02/15/2021 US 532,000 $539,267.12
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 583,203.93 $574,879.28
23291GAA2 DLL 2019-DA1 A1 MTGE 2.65683 04/20/2020 US 2,837,111.97 $2,838,639.19
23291GAB0 DLL 2019-DA1 A2 MTGE 2.79000 11/22/2021 US 4,500,000 $4,519,066.05
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 698,000 $707,597.50
23343CAA9 DTAOT 2018-3A A MTGE 3.02000 02/15/2022 US 3,703,234.01 $3,713,356.80
23343GAA0 DTAOT 2019-1A A MTGE 3.08000 09/15/2022 US 3,956,308.31 $3,970,681.58
233864AB3 DTRT 2018-1 A2 2.60000 05/15/2020 US 684,394.39 $684,344.36
24704BAA2 DEFT 2019-1 A1 2.64771 04/22/2020 US 2,477,789.47 $2,479,030.35
24704BAC8 DEFT 2019-1 A2 2.78000 08/23/2021 US 6,500,000 $6,534,848.45
25470DAR0 DISCOVERY COMMUNICATIONS 3.95000 03/20/2028 US 9,000,000 $9,265,080.60
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 890,000 $921,150.00
26150TAA7 DRAWBRIDGE SPEC OPPOR FU 5.00000 08/01/2021 US 2,755,000 $2,791,149.95
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 1,770,000 $1,809,063.90
262006208 DREYFUS GVT CSH MANAGEMENT US 31,145,516.58 $31,145,516.58
26208NAB0 DRIVE 2019 -1 A2A MTGE 3.08000 09/15/2021 US 2,581,675.34 $2,586,110.92
26252TAA4 DTAOT 2019-2A A 2.85000 09/15/2022 US 2,337,418.69 $2,345,167.93
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 4,340,000 $4,166,400.00
28166GAA3 EDVES 2019-A A MTGE 3.58000 11/25/2038 US 4,500,000 $4,574,002.50
28370TAA7 KINDER MORGAN ENER PART 6.50000 04/01/2020 US 5,223,000 $5,374,244.34
29372EBS6 EFF 2016-2 A2 1.74000 02/22/2022 US 117,806.98 $117,683.80
29372EBT4 EFF 2016-2 A3 2.04000 02/22/2022 US 3,900,000 $3,889,849.86
29372EBV9 EFF 2017-1 A2 2.13000 07/20/2022 US 769,947.74 $768,809.22
29373FAB0 EFF 2018 -2 A2 MTGE 3.14000 02/20/2024 US 5,457,915.63 $5,498,679.71
29374AAB0 EFF 2019-1 A2 2.98000 10/22/2024 US 2,500,000 $2,528,859.50
30216HAC3 EXPORT-IMPORT BANK CHINA 2.50000 07/31/2019 CN 7,500,000 $7,500,440.10
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 45,024.97 $44,904.25
30261KAN6 FREMF 2012-K711 B 3.57602 08/25/2045 US 2,175,000 $2,170,850.10
30262SAR9 FREMF 2015-K42 B FLT 3.98263 12/25/2024 US 1,900,000 $1,977,985.31
30286XAN9 FREMF 2015-K43 B FLT 3.86175 02/25/2048 US 1,500,000 $1,549,470.00
30291EAE4 FREMF 2013-K712 B FLT 3.45367 05/25/2045 US 1,300,000 $1,300,465.01
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 86,376,986.98 $255,770.90
30291XAE2 FREMF 2014-K715 B FLT 4.11249 02/25/2046 US 2,185,000 $2,231,069.20
30291YAJ9 FREMF 2014-K716 B FLT 4.07972 08/25/2047 US 2,550,000 $2,625,284.42
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 529,257.35 $563,782.63
3128LCD86 FHLM POOL A78227 5.50000 06/01/2038 US 213,984.59 $232,268.10
3128M56M7 FHLM POOL G04176 5.50000 05/01/2038 US 183,779.18 $200,053.80
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 75,446.34 $84,213.31
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 444,853.19 $494,082.80
3128MAGF0 FHLM POOL G07998 4.50000 07/01/2044 US 3,100,776.8 $3,327,350.75
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 10,235.77 $10,607.94
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 21,842.32 $22,396.91
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 15,047.51 $15,509.48
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 12,589.58 $13,065.23
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 21,361.48 $22,118.26
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 461,312.29 $491,410.83
3128P75V1 FHLM POOL C91760 3.50000 05/01/2034 US 2,501,183.22 $2,595,730.95
3128P7QL0 FHLM POOL C91359 4.50000 02/01/2031 US 185,392.25 $197,483.63
312945B80 FHLM POOL A96363 4.50000 01/01/2041 US 3,082,072.4 $3,316,263.98
3132QVMX6 FHLM POOL Q38473 4.00000 01/01/2046 US 4,440,550.88 $4,647,467.05
3132WDMZ4 FHLM POOL Q40375 3.50000 05/01/2046 US 4,800,213.58 $4,951,740.00
31335ALX4 FHLM POOL G60342 4.50000 05/01/2042 US 2,784,652.21 $2,992,584.31
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 5,531.72 $5,541.74
3136AY6W8 FNA 2017-M15 A1 3.05802 09/25/2027 US 5,769,556.86 $5,988,201.72
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 3,037,958.11 $3,153,561.23
3137A2B34 FHMS K009 X1 FLT 1.42744 08/25/2020 US 8,679,369.63 $100,314.42
3137ADTK3 FHMS K014 X1 FLT 1.32347 04/25/2021 US 6,986,192.15 $124,904.03
3137AJMG6 FMHS K016 X1 FLT 1.63773 10/25/2021 US 4,338,912.74 $128,844.01
3137AME78 FHMS K017 X1 FLT 1.44550 12/25/2021 US 32,237,626.57 $845,563.93
3137AUPF0 FHMS K021 x1 FLT 1.56759 06/25/2022 US 16,666,218.24 $610,130.25
3137B3NB0 FHMS K030 X1 FLT 0.30291 04/25/2023 US 56,156,391.19 $380,274.23
3137B4GZ3 FHMS K032 X1 FLT 0.21411 05/25/2023 US 32,929,440.19 $139,067.61
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 3,442,831.45 $3,571,199.83
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 3,398,628.75 $3,551,816.50
3138ATF70 FEDERAL NATL MTG ASSN AJ1989 4.50000 10/01/2041 US 1,794,524.5 $1,927,424.27
3138WDJY8 FEDERAL NATL MTG ASSN AS3878 4.50000 11/01/2044 US 907,562.71 $965,408.98
3138XU4Y5 FEDERAL NATL MTG ASSN AW5338 4.50000 06/01/2044 US 953,189.9 $1,018,434.70
31398WD50 FHMS K005 AX FLT 1.52018 11/25/2019 US 6,474,370.78 $23,351.11
3140F1BL5 FEDERAL NATL MTG ASSN BC5442 4.00000 04/01/2046 US 2,597,950.52 $2,717,287.33
3140F5T29 FEDERAL NATL MTG ASSN BC9568 4.00000 05/01/2046 US 3,609,267.68 $3,775,065.38
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 646,084.81 $680,547.85
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 3,711,987.3 $3,943,334.09
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 15,816.94 $16,197.30
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 18,172.4 $18,608.53
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 117,661.06 $119,545.57
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 144,444.48 $146,612.02
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 161,278.82 $175,722.60
31411YN90 FEDERAL NATL MTG ASSN 918516 5.50000 06/01/2037 US 102,347.96 $113,021.91
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 4,769.21 $4,815.72
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 82,123.31 $83,438.35
31416CJV9 FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 424,259.16 $481,148.78
31416RBE2 FEDERAL NATL MTG ASSN AA7236 4.00000 06/01/2039 US 881,226.09 $929,129.74
31417YDV6 FHLM POOL MA0115 4.50000 07/01/2029 US 75,932.75 $79,993.69
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 298,515.11 $317,098.79
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 162,386.69 $179,638.34
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 17,574.53 $18,436.02
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 1,750,000 $1,815,625.00
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 2,250,000 $2,261,295.00
34531HAD1 FORDO 2017-B A3 MTGE 1.69000 11/15/2021 US 261,588.69 $260,619.06
345397WX7 FORD MOTOR CREDIT CO LLC FLRT 3.49513 11/04/2019 US 9,000,000 $9,011,608.56
346232AD3 FORESTAR GROUP INC 8.00000 04/15/2024 US 4,683,000 $4,911,296.25
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 1,125,000 $1,158,750.00
35802XAH6 FRESENIUS MED CARE II 4.12500 10/15/2020 US 8,934,000 $9,057,289.20
36255XAA1 GCAR 2018-3A A MTGE 3.35000 08/15/2022 US 1,547,524.06 $1,554,638.18
36257NAA1 GCAR 2019-2A A MTGE 3.06000 04/17/2023 US 2,889,925.06 $2,906,534.90
37045VAR1 GENERAL MOTORS CO FLT 3.35300 09/10/2021 US 7,500,000 $7,477,674.98
37045XAR7 GENERAL MOTORS FINL CO 3.15000 01/15/2020 US 5,000,000 $5,009,800.00
37185LAF9 GENESIS ENERGY LP/GENESI 5.62500 06/15/2024 US 1,050,000 $1,010,625.00
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 1,973,000 $1,977,932.50
38013FAB7 GMCAR 2018-4 A2 MTGE 2.93000 11/16/2021 US 931,663.13 $934,044.18
38141EA58 GOLDMAN SACHS GP GS 5.37500 03/15/2020 US 7,800,000 $7,960,554.42
39154TAV0 GALC 2019-1 A2 2.97000 06/15/2021 US 3,000,000 $3,013,458.60
40060QAA3 GTCR AP FINANCE INC 8.00000 05/15/2027 US 1,485,000 $1,492,425.00
404119BP3 HCA INC 4.25000 10/15/2019 US 1,500,000 $1,506,086.04
404121AC9 HCA INC 6.50000 02/15/2020 US 7,650,000 $7,826,070.18
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 2,250,000 $1,980,000.00
428041BD8 HFLF 2018-1 A2 MTGE 3.23000 05/10/2032 US 7,000,000 $7,034,363.70
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 1,777,000 $1,825,867.50
44931PAD8 HART 2017-A A3 1.76000 08/16/2021 US 110,425.75 $110,157.64
44932NAA8 HART 2019-A A1 MTGE 2.60464 04/15/2020 US 2,014,304.08 $2,014,591.32
44932NAB6 HART 2019-A A2 2.67000 12/15/2021 US 2,500,000 $2,508,609.50
46187BAA1 IHSFR 2017-SFR2 A 3.24425 12/17/2036 US 476,505.57 $473,328.18
46187BAB9 IHSFR 2017-SFR2 B 3.54425 12/17/2036 US 400,000 $399,593.12
46625HHQ6 JPMORGAN CHASE JPM 4.95000 03/25/2020 US 150,000 $152,868.52
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 643,739.39 $652,664.32
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 411,396.76 $411,589.66
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 482,133.72 $489,038.84
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 701,241.01 $709,801.62
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 3,007,682.32 $3,051,859.16
47789JAB2 JDOT 2019-A A2 2.85000 12/15/2021 US 2,505,000 $2,519,744.43
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 2,095,000 $1,000,362.50
494550BB1 KINDER MORGAN ENER PART 6.85000 02/15/2020 US 3,677,000 $3,770,552.18
49456BAE1 KINDER MORGAN INC/ DELAWA 3.05000 12/01/2019 US 1,000,000 $1,001,802.09
50077LAH9 KRAFT HEINZ FOODS CO 2.80000 07/02/2020 US 7,040,000 $7,047,821.79
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 2,185,000 $2,234,162.50
502160AM6 LSB INDUSTRIES 9.62500 05/01/2023 US 890,000 $905,575.00
526057BU7 LENNAR CORP 4.50000 11/15/2019 US 700,000 $702,625.00
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 875,000 $831,250.00
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 1,415,000 $1,399,081.25
563571AL2 MANITOWOC COMPANY INC 9.00000 04/01/2026 US 2,000,000 $2,000,000.00
57109HAA0 MFT 2019-2A A MTGE 3.13000 07/16/2029 US 4,000,000 $4,023,302.80
59001AAN2 MERITAGE HOMES CORP 7.15000 04/15/2020 US 4,000,000 $4,120,000.00
59022CAA1 BANK OF AMERICA CORP 3.17025 09/15/2026 US 3,561,000 $3,338,032.47
59166EAA3 MST 2019-1A A MTGE 3.75000 04/25/2058 US 1,947,863.26 $2,025,392.31
61747YDX0 MORGAN STANLEY FLT 3.72238 01/27/2020 US 8,750,000 $8,798,262.11
61965RAB1 MOSS CREEK RESOURCES HLD 10.50000 05/15/2027 US 1,500,000 $1,421,250.00
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 1,871,000 $1,861,645.00
62954NAA3 NYCTL 2018-A A 3.22000 11/10/2031 US 2,176,078.56 $2,177,699.09
62957HAC9 NABORS INDUSTRIES INC 5.50000 01/15/2023 US 835,000 $780,725.00
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 3,980,000 $4,004,192.83
63941DAA9 NAVSL 2018-2A A1 2.64438 03/25/2067 US 250,357.27 $250,299.06
63941LAA1 NAVSL 2019-BA A1 2.79425 12/15/2059 US 5,124,086.44 $5,124,168.94
63941RAB6 NAVSL 2019-2A A2 3.40438 02/27/2068 US 5,540,000 $5,548,191.44
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 588,773.37 $607,887.90
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 951,608.27 $984,519.45
64830DAB9 NRZT 2019-2A A1 4.25000 12/25/2057 US 4,748,351.7 $4,933,645.20
65478WAD7 NAROT 2016-C A3 1.18000 01/15/2021 US 1,218,937.29 $1,214,641.02
65479PAA7 NALT 2019-A A1 2.59881 04/15/2020 US 4,306,783.21 $4,308,036.48
65479PAB5 NALT 2019 - A A2 MTGE 2.71000 07/15/2021 US 5,000,000 $5,019,590.00
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 1,655,000 $1,141,950.00
67059TAD7 NUSTAR LOGISTICS LP 6.75000 02/01/2021 US 910,000 $950,950.00
67087MAA4 OBP DEPOSITOR LLC TRUST 4.64620 07/15/2045 US 420,000 $424,677.54
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 7,000,000 $7,187,983.60
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 1,044,000 $1,077,575.04
72650RAW2 PLAINS ALL AMER PIPELINE 5.75000 01/15/2020 US 388,000 $393,575.63
72650RBG6 PLAINS ALL AMER PIPELINE 2.60000 12/15/2019 US 2,752,000 $2,749,676.07
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 7,450,000 $7,855,796.14
74153WCK3 PRICOA GLOBAL FUNDING 1 1.45000 09/13/2019 US 2,000,000 $1,996,091.84
74332NAA1 PROG 2015-SFR3 A 3.06700 11/12/2032 US 4,844,991.24 $4,847,604.63
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 1,650,000 $1,660,712.96
74333NAA0 PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 US 8,610,000 $8,761,175.24
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 9,861,000 $10,021,241.25
77714PAB5 SEMGROUP / ROSE ROCK FIN 5.62500 07/15/2022 US 1,370,000 $1,350,491.20
78397AAA2 SCFET 2019-1A A1 3.04000 03/20/2023 US 2,629,789.91 $2,641,401.48
784423AF2 SLCLT 2004-1 A6 2.67800 05/15/2023 US 1,174,982.38 $1,173,546.79
78442FEJ3 NAVIENT CORP 8.00000 03/25/2020 US 6,000,000 $6,210,000.00
78442GNG7 SLMA 2004-10 A6A FLT RT 3.13025 04/27/2026 US 1,343,556.53 $1,345,191.10
78442PGC4 SLM CORP 5.12500 04/05/2022 US 6,424,000 $6,375,820.00
78449PAA7 SMB 2018-A A1 FLT 2.74425 03/16/2026 US 1,575,013.65 $1,575,312.59
78449TAA9 SMB 2019-A A1 2.74425 02/16/2026 US 3,157,978.76 $3,157,066.42
78471CAA7 SOFI 2017-D A1FX 1.72000 09/25/2040 US 488,976.77 $487,821.22
78472CAA6 SCLP 2019-1 A 3.24000 02/25/2028 US 3,993,996.74 $4,033,429.07
785592AE6 SABINE PASS LIQUEFACTION 5.62500 02/01/2021 US 9,000,000 $9,348,390.00
785592AJ5 SABINE PASS LIQUEFACTION 5.75000 05/15/2024 US 7,000,000 $7,784,646.52
80282KAD8 SANTANDER HOLDINGS USA 2.65000 04/17/2020 US 3,950,000 $3,948,903.12
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 505,341.34 $504,261.17
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 698,765.5 $699,915.32
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 607,297.64 $565,347.58
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 1,335,000 $1,232,205.00
832696AQ1 JM SMUCKER CO 2.20000 12/06/2019 US 4,800,000 $4,792,758.67
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 288,978.98 $288,363.11
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 750,000 $757,985.18
83401LAB0 SOFI 2015-A A2 2.42000 03/25/2030 US 388,957.08 $388,719.23
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 484,136.28 $483,442.75
83403YAA2 SOFI 2017-B A1FX 1.83000 05/25/2040 US 32,597.68 $32,550.40
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 98,297.54 $98,094.35
83404JAA4 SCLP 2017-3 A MTGE 2.77000 05/25/2026 US 2,100,578.17 $2,104,539.44
83404RAA6 SOFI 2018-B A1FX 2.64000 08/25/2047 US 5,098,327.76 $5,110,045.25
83404WAA5 SOFI 2019-B A1FX 2.78000 08/17/2048 US 5,590,198.46 $5,621,171.51
83404YAA1 SCLP 2016-5 A 3.06000 09/25/2028 US 802,498.71 $807,694.09
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 399,879.72 $398,669.28
83405JAA3 SCLP 2017-4 A 2.50000 05/26/2026 US 783,145.3 $783,737.75
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 122,975.22 $122,900.13
83405TAA1 SCLP 2019-3 A MTGE 2.90000 05/25/2028 US 2,330,000 $2,342,063.81
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 3,647,864.27 $3,671,397.74
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 3,000,000 $3,063,813.39
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 1,420,000 $1,295,750.00
852061AQ3 SPRINT COMMUNICATIONS 7.00000 03/01/2020 US 8,238,000 $8,443,950.00
855030AN2 STAPLES INC 7.50000 04/15/2026 US 1,430,000 $1,421,577.30
85571BAP0 STARWOOD PROPERTY TRUST 3.62500 02/01/2021 US 2,000,000 $1,995,000.00
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.61425 11/15/2027 US 1,793,917.52 $1,789,036.09
86935CAA0 SCML 2019-SBC8 2.86000 12/25/2035 US 4,500,000 $4,509,896.85
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 361,507.57 $360,755.82
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 1,065,000 $974,475.00
88032WAC0 TENCENT HOLDINGS LTD 2.87500 02/11/2020 KY 3,873,000 $3,881,324.55
880451AS8 TENNESEE GAS PIPELINE 7.00000 03/15/2027 US 6,775,000 $8,224,425.14
880451AV1 TENNESEE GAS PIPELINE 7.00000 10/15/2028 US 2,225,000 $2,773,670.27
89052KAA3 TOORAK MORTGAGE CORP 4.45830 03/25/2022 US 5,000,000 $5,075,350.00
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 1,378,877.79 $1,376,230.07
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 4,742,187.25 $4,760,990.97
89175VAA1 TPMT 2018-2 A1 3.25000 03/25/2058 US 1,674,726.45 $1,702,724.69
89177EAA7 TPMT 2019-HY1 A1 3.40438 10/25/2048 US 4,792,469.74 $4,811,240.41
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 2,358,109.41 $2,355,541.19
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 1,665,000 $1,594,237.50
90261XHN5 UBS AG STAMFORD CT FLT 3.37025 06/01/2020 CH 8,000,000 $8,048,147.52
90945AAA4 UACST 2018-2 A 2.89000 03/10/2021 US 457,945.2 $458,095.36
912796SB6 TREASURY BILL 0.00000 08/01/2019 US 23,090,000 $23,050,035.14
912796SG5 TREASURY BILL 0.00000 09/05/2019 US 23,160,000 $23,071,152.45
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 22,916,040 $22,675,640.20
912828Q60 TSY INFL IX N/B 0.12500 04/15/2021 US 27,290,001.3 $27,036,291.89
92343VDY7 VERIZON COMMUNICATIONS 4.12500 03/16/2027 US 9,000,000 $9,788,271.57
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 2,250,000 $2,244,375.00
92888DAB1 VFET 2019-1A A2 2.90000 11/15/2021 US 1,000,000 $1,004,912.80
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 1,195,000 $1,212,562.56
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 885,000 $847,387.50
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 1,467,184.92 $1,511,814.04
93065PAA9 WBHT 2019-WBM A FLT 3.44425 12/15/2033 US 7,000,000 $6,959,397.20
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 1,470,000 $1,451,625.00
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 1,350,000 $1,372,196.70
96926DAV2 WILLIAM LYONS HOMES INC 6.62500 07/15/2027 US 2,000,000 $1,995,000.00
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 4,000,000 $4,129,855.84
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 550,447.64 $553,162.89
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 680,798.36 $687,435.74
98162EAC1 WOART 2017-A A3 Mtge 1.93000 09/15/2022 US 3,083,732.27 $3,074,508.52
98162KAD5 WOLS 2017-A A4 Mtge 2.32000 08/15/2022 US 750,000 $749,578.20
98162VAB5 WOART 2019-B A2 MTGE 2.63000 06/15/2022 US 3,885,000 $3,898,409.08
98162XAB1 WOLS 2019-A A2 2.89000 11/15/2021 US 2,820,000 $2,834,305.30
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 2,010,000 $1,932,213.00
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 126,000,000 $6,395,072.35
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 35,000,000 $1,826,063.17
BBG0074B3TV4 EURO FX CURR FUT SEP19 EU -130 -$66,185.60
BBG00LY416X6 GBP/USD CURRENCY FUTURE GB 200 $180,000.00
BBG00LY419J6 GBP/USD CURRENCY FUTURE GB 200 $178,750.00
BBG00MRPH5G9 EURO-BOBL FUTURE SEP19 DE -60 -$46,474.88
BBG00MRPH5L3 EURO-BUND FUTURE SEP 19 DE -135 -$359,392.62
BBG00MRRP923 EURO BUXL 30Y BND SEP19 EU -20 -$191,514.73
BBG00MYMRVL4 LONG GILT FUTURE SEP19 GB -140 -$124,871.54
BJDRF50 BUONI POLIENNALI DEL TES 1.00000 07/15/2022 IT 16,350,000 $18,697,559.78
BZ121X9 EURONAV LUXEMBOURG SA 7.50000 05/31/2022 LU 3,000,000 $3,030,000.00
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 4,223,000 $4,349,690.00
JV9105265 BUONI POLIENNALI DEL TES 2.70000 03/01/2047 IT 4,000,000 $4,445,124.68
Y23862AE8 EXPORT-IMPORT BANK CHINA 2.50000 07/31/2019 CN 630,000 $630,037.17

Investments will change over time.

Distributions

  • Unconstrained Bond Series Class W Distribution History
  • 2019 Distribution Calendar
  • First Quarter 2019 Distributions
  • Fourth Quarter 2018 Distributions
  • Third Quarter 2018 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

$10.41

Daily $ Change

$0.01

Daily % Change

0.10%

as of 07/18/2019

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 06/30/2019

YTD

3.29%

1 Year

3.99%

3 Year

2.56%

5 Year

1.77%

10 Year

4.70%

Inception
(04/21/2005)

4.47%

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 06/30/2019

Treasury
10.46%
Government
3.87%
Cash
3.40%
Corporate
42.87%
Mortgage
39.40%

Credit Quality Distribution

As of 06/30/2019

AAA
44.96%
AA
3.43%
A
8.28%
BBB
21.38%
BB
5.95%
B
5.52%
CCC
1.27%
NR
9.21%

June Fund Holdings

As of 06/30/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 4,077,000 $4,138,155.00
00206RCK6 AT&T INC FLT 3.25988 06/30/2020 US 8,000,000 $8,056,003.92
00206RCL4 AT&T INC 2.45000 06/30/2020 US 2,000,000 $1,999,140.44
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 9,000,000 $9,646,057.08
00772BAQ4 AERCAP IRELAND CAP LTD/A 4.62500 10/30/2020 IE 4,974,000 $5,100,369.34
00928QAG6 AIRCASTLE LTD 7.62500 04/15/2020 BM 6,375,000 $6,608,174.74
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 1,100,000 $1,115,551.64
02004VAB9 ALLYA 2018-2 A2 MTGE 2.64000 02/16/2021 US 778,757.45 $779,049.95
02005NAE0 ALLY FINANCIAL INC 8.00000 03/15/2020 US 925,000 $958,105.75
02007CAE2 ALLYA 2016-1 A4 1.73000 11/16/2020 US 382,014.79 $381,719.87
0258M0DU0 AMERICAN EXPRESS CREDIT FLRT 3.25063 05/26/2020 US 7,500,000 $7,540,984.88
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 4,450,000 $4,484,028.17
03027XAF7 AMERICAN TOWER CORP 2.80000 06/01/2020 US 5,595,000 $5,607,765.05
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 83,982.47 $84,879.93
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 1,440,000 $1,425,600.00
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 2,250,000 $2,266,875.00
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 2,250,000 $2,171,250.00
05367AAA1 AVIATION CAPITAL GROUP 7.12500 10/15/2020 US 1,784,000 $1,887,066.71
05582QAD9 BMWOT 2016-A A3 1.16000 11/25/2020 US 651,368.27 $649,923.14
059438AK7 BANK ONE CORP 8.00000 04/29/2027 US 9,000,000 $11,856,715.74
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 7,000,000 $7,362,647.74
06738EAG0 BARCLAYS PLC 2.87500 06/08/2020 GB 2,577,000 $2,578,381.27
105756BV1 FED REPUBLIC OF BRAZIL 4.25000 01/07/2025 BR 1,300,000 $1,370,642.00
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 950,000 $798,000.00
12510GAB8 CCG 2019-1 A2 2.80000 09/14/2026 US 6,000,000 $6,038,624.40
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 1,351,822.79 $1,384,186.24
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 7,090,000 $7,091,640.48
12596JAA1 CNH 2019-A A1 2.75334 02/28/2020 US 880,919.35 $880,966.92
12686CBA6 CABLEVISION SYSTEMS CORP 8.00000 04/15/2020 US 5,887,000 $6,080,270.21
14041NFF3 CAPITAL ONE MULTI-ASSET 1.33000 06/15/2022 US 3,337,000 $3,332,518.41
14042WAA8 COPAR 2019-1 A1 MTGE 2.50668 06/15/2020 US 5,936,686.61 $5,936,862.34
14314MAC7 CARMX 2016-2 A3 1.52000 02/16/2021 US 703,875.43 $702,540.18
14314WAD3 CARMX 2017-3 A3 1.97000 04/15/2022 US 3,655,418.2 $3,647,537.12
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 32,124.86 $32,072.77
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 5,439,077.39 $5,473,040.62
161175AX2 CHARTER COMM OPT LLC/CAP 3.57900 07/23/2020 US 5,084,000 $5,129,577.30
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 1,722,573.56 $1,718,419.57
168863AU2 REPUBLIC OF CHILE 5.50000 08/05/2020 CL 1,800,000,000 $2,726,623.13
17305EFS9 CCCIT 2014-A6 A6 2.15000 07/15/2021 US 3,760,000 $3,759,598.43
17327XAA5 CGCMT 2019-SST2 3.31425 12/15/2036 US 7,000,000 $6,921,125.40
21036PAM0 CONSTELLATION BRANDS INC 3.87500 11/15/2019 US 545,000 $547,507.75
21872FAA5 COLONY AMERICAN FINANCE LTD 3.32400 03/15/2052 US 4,991,910.09 $5,183,826.57
22025YAM2 CORRECTIONS CORP OF AMER 4.12500 04/01/2020 US 550,000 $545,875.00
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 958,894.32 $958,896.33
22534BAA2 CAALT 2018-1A A MTGE 3.01000 02/16/2027 US 7,846,000 $7,889,834.03
22535AAA3 CAALT 2019-1A A 3.33000 02/15/2028 US 2,500,000 $2,553,607.00
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 7,655,000 $7,766,813.29
22822VAA9 CROWN CASTLE INTL CORP 3.40000 02/15/2021 US 532,000 $539,267.12
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 583,203.93 $574,879.28
23291GAA2 DLL 2019-DA1 A1 MTGE 2.65683 04/20/2020 US 2,837,111.97 $2,838,639.19
23291GAB0 DLL 2019-DA1 A2 MTGE 2.79000 11/22/2021 US 4,500,000 $4,519,066.05
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 698,000 $707,597.50
23343CAA9 DTAOT 2018-3A A MTGE 3.02000 02/15/2022 US 3,703,234.01 $3,713,356.80
23343GAA0 DTAOT 2019-1A A MTGE 3.08000 09/15/2022 US 3,956,308.31 $3,970,681.58
233864AB3 DTRT 2018-1 A2 2.60000 05/15/2020 US 684,394.39 $684,344.36
24704BAA2 DEFT 2019-1 A1 2.64771 04/22/2020 US 2,477,789.47 $2,479,030.35
24704BAC8 DEFT 2019-1 A2 2.78000 08/23/2021 US 6,500,000 $6,534,848.45
25470DAR0 DISCOVERY COMMUNICATIONS 3.95000 03/20/2028 US 9,000,000 $9,265,080.60
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 890,000 $921,150.00
26150TAA7 DRAWBRIDGE SPEC OPPOR FU 5.00000 08/01/2021 US 2,755,000 $2,791,149.95
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 1,770,000 $1,809,063.90
262006208 DREYFUS GVT CSH MANAGEMENT US 31,145,516.58 $31,145,516.58
26208NAB0 DRIVE 2019 -1 A2A MTGE 3.08000 09/15/2021 US 2,581,675.34 $2,586,110.92
26252TAA4 DTAOT 2019-2A A 2.85000 09/15/2022 US 2,337,418.69 $2,345,167.93
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 4,340,000 $4,166,400.00
28166GAA3 EDVES 2019-A A MTGE 3.58000 11/25/2038 US 4,500,000 $4,574,002.50
28370TAA7 KINDER MORGAN ENER PART 6.50000 04/01/2020 US 5,223,000 $5,374,244.34
29372EBS6 EFF 2016-2 A2 1.74000 02/22/2022 US 117,806.98 $117,683.80
29372EBT4 EFF 2016-2 A3 2.04000 02/22/2022 US 3,900,000 $3,889,849.86
29372EBV9 EFF 2017-1 A2 2.13000 07/20/2022 US 769,947.74 $768,809.22
29373FAB0 EFF 2018 -2 A2 MTGE 3.14000 02/20/2024 US 5,457,915.63 $5,498,679.71
29374AAB0 EFF 2019-1 A2 2.98000 10/22/2024 US 2,500,000 $2,528,859.50
30216HAC3 EXPORT-IMPORT BANK CHINA 2.50000 07/31/2019 CN 7,500,000 $7,500,440.10
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 45,024.97 $44,904.25
30261KAN6 FREMF 2012-K711 B 3.57602 08/25/2045 US 2,175,000 $2,170,850.10
30262SAR9 FREMF 2015-K42 B FLT 3.98263 12/25/2024 US 1,900,000 $1,977,985.31
30286XAN9 FREMF 2015-K43 B FLT 3.86175 02/25/2048 US 1,500,000 $1,549,470.00
30291EAE4 FREMF 2013-K712 B FLT 3.45367 05/25/2045 US 1,300,000 $1,300,465.01
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 86,376,986.98 $255,770.90
30291XAE2 FREMF 2014-K715 B FLT 4.11249 02/25/2046 US 2,185,000 $2,231,069.20
30291YAJ9 FREMF 2014-K716 B FLT 4.07972 08/25/2047 US 2,550,000 $2,625,284.42
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 529,257.35 $563,782.63
3128LCD86 FHLM POOL A78227 5.50000 06/01/2038 US 213,984.59 $232,268.10
3128M56M7 FHLM POOL G04176 5.50000 05/01/2038 US 183,779.18 $200,053.80
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 75,446.34 $84,213.31
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 444,853.19 $494,082.80
3128MAGF0 FHLM POOL G07998 4.50000 07/01/2044 US 3,100,776.8 $3,327,350.75
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 10,235.77 $10,607.94
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 21,842.32 $22,396.91
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 15,047.51 $15,509.48
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 12,589.58 $13,065.23
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 21,361.48 $22,118.26
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 461,312.29 $491,410.83
3128P75V1 FHLM POOL C91760 3.50000 05/01/2034 US 2,501,183.22 $2,595,730.95
3128P7QL0 FHLM POOL C91359 4.50000 02/01/2031 US 185,392.25 $197,483.63
312945B80 FHLM POOL A96363 4.50000 01/01/2041 US 3,082,072.4 $3,316,263.98
3132QVMX6 FHLM POOL Q38473 4.00000 01/01/2046 US 4,440,550.88 $4,647,467.05
3132WDMZ4 FHLM POOL Q40375 3.50000 05/01/2046 US 4,800,213.58 $4,951,740.00
31335ALX4 FHLM POOL G60342 4.50000 05/01/2042 US 2,784,652.21 $2,992,584.31
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 5,531.72 $5,541.74
3136AY6W8 FNA 2017-M15 A1 3.05802 09/25/2027 US 5,769,556.86 $5,988,201.72
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 3,037,958.11 $3,153,561.23
3137A2B34 FHMS K009 X1 FLT 1.42744 08/25/2020 US 8,679,369.63 $100,314.42
3137ADTK3 FHMS K014 X1 FLT 1.32347 04/25/2021 US 6,986,192.15 $124,904.03
3137AJMG6 FMHS K016 X1 FLT 1.63773 10/25/2021 US 4,338,912.74 $128,844.01
3137AME78 FHMS K017 X1 FLT 1.44550 12/25/2021 US 32,237,626.57 $845,563.93
3137AUPF0 FHMS K021 x1 FLT 1.56759 06/25/2022 US 16,666,218.24 $610,130.25
3137B3NB0 FHMS K030 X1 FLT 0.30291 04/25/2023 US 56,156,391.19 $380,274.23
3137B4GZ3 FHMS K032 X1 FLT 0.21411 05/25/2023 US 32,929,440.19 $139,067.61
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 3,442,831.45 $3,571,199.83
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 3,398,628.75 $3,551,816.50
3138ATF70 FEDERAL NATL MTG ASSN AJ1989 4.50000 10/01/2041 US 1,794,524.5 $1,927,424.27
3138WDJY8 FEDERAL NATL MTG ASSN AS3878 4.50000 11/01/2044 US 907,562.71 $965,408.98
3138XU4Y5 FEDERAL NATL MTG ASSN AW5338 4.50000 06/01/2044 US 953,189.9 $1,018,434.70
31398WD50 FHMS K005 AX FLT 1.52018 11/25/2019 US 6,474,370.78 $23,351.11
3140F1BL5 FEDERAL NATL MTG ASSN BC5442 4.00000 04/01/2046 US 2,597,950.52 $2,717,287.33
3140F5T29 FEDERAL NATL MTG ASSN BC9568 4.00000 05/01/2046 US 3,609,267.68 $3,775,065.38
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 646,084.81 $680,547.85
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 3,711,987.3 $3,943,334.09
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 15,816.94 $16,197.30
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 18,172.4 $18,608.53
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 117,661.06 $119,545.57
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 144,444.48 $146,612.02
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 161,278.82 $175,722.60
31411YN90 FEDERAL NATL MTG ASSN 918516 5.50000 06/01/2037 US 102,347.96 $113,021.91
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 4,769.21 $4,815.72
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 82,123.31 $83,438.35
31416CJV9 FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 424,259.16 $481,148.78
31416RBE2 FEDERAL NATL MTG ASSN AA7236 4.00000 06/01/2039 US 881,226.09 $929,129.74
31417YDV6 FHLM POOL MA0115 4.50000 07/01/2029 US 75,932.75 $79,993.69
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 298,515.11 $317,098.79
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 162,386.69 $179,638.34
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 17,574.53 $18,436.02
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 1,750,000 $1,815,625.00
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 2,250,000 $2,261,295.00
34531HAD1 FORDO 2017-B A3 MTGE 1.69000 11/15/2021 US 261,588.69 $260,619.06
345397WX7 FORD MOTOR CREDIT CO LLC FLRT 3.49513 11/04/2019 US 9,000,000 $9,011,608.56
346232AD3 FORESTAR GROUP INC 8.00000 04/15/2024 US 4,683,000 $4,911,296.25
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 1,125,000 $1,158,750.00
35802XAH6 FRESENIUS MED CARE II 4.12500 10/15/2020 US 8,934,000 $9,057,289.20
36255XAA1 GCAR 2018-3A A MTGE 3.35000 08/15/2022 US 1,547,524.06 $1,554,638.18
36257NAA1 GCAR 2019-2A A MTGE 3.06000 04/17/2023 US 2,889,925.06 $2,906,534.90
37045VAR1 GENERAL MOTORS CO FLT 3.35300 09/10/2021 US 7,500,000 $7,477,674.98
37045XAR7 GENERAL MOTORS FINL CO 3.15000 01/15/2020 US 5,000,000 $5,009,800.00
37185LAF9 GENESIS ENERGY LP/GENESI 5.62500 06/15/2024 US 1,050,000 $1,010,625.00
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 1,973,000 $1,977,932.50
38013FAB7 GMCAR 2018-4 A2 MTGE 2.93000 11/16/2021 US 931,663.13 $934,044.18
38141EA58 GOLDMAN SACHS GP GS 5.37500 03/15/2020 US 7,800,000 $7,960,554.42
39154TAV0 GALC 2019-1 A2 2.97000 06/15/2021 US 3,000,000 $3,013,458.60
40060QAA3 GTCR AP FINANCE INC 8.00000 05/15/2027 US 1,485,000 $1,492,425.00
404119BP3 HCA INC 4.25000 10/15/2019 US 1,500,000 $1,506,086.04
404121AC9 HCA INC 6.50000 02/15/2020 US 7,650,000 $7,826,070.18
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 2,250,000 $1,980,000.00
428041BD8 HFLF 2018-1 A2 MTGE 3.23000 05/10/2032 US 7,000,000 $7,034,363.70
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 1,777,000 $1,825,867.50
44931PAD8 HART 2017-A A3 1.76000 08/16/2021 US 110,425.75 $110,157.64
44932NAA8 HART 2019-A A1 MTGE 2.60464 04/15/2020 US 2,014,304.08 $2,014,591.32
44932NAB6 HART 2019-A A2 2.67000 12/15/2021 US 2,500,000 $2,508,609.50
46187BAA1 IHSFR 2017-SFR2 A 3.24425 12/17/2036 US 476,505.57 $473,328.18
46187BAB9 IHSFR 2017-SFR2 B 3.54425 12/17/2036 US 400,000 $399,593.12
46625HHQ6 JPMORGAN CHASE JPM 4.95000 03/25/2020 US 150,000 $152,868.52
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 643,739.39 $652,664.32
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 411,396.76 $411,589.66
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 482,133.72 $489,038.84
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 701,241.01 $709,801.62
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 3,007,682.32 $3,051,859.16
47789JAB2 JDOT 2019-A A2 2.85000 12/15/2021 US 2,505,000 $2,519,744.43
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 2,095,000 $1,000,362.50
494550BB1 KINDER MORGAN ENER PART 6.85000 02/15/2020 US 3,677,000 $3,770,552.18
49456BAE1 KINDER MORGAN INC/ DELAWA 3.05000 12/01/2019 US 1,000,000 $1,001,802.09
50077LAH9 KRAFT HEINZ FOODS CO 2.80000 07/02/2020 US 7,040,000 $7,047,821.79
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 2,185,000 $2,234,162.50
502160AM6 LSB INDUSTRIES 9.62500 05/01/2023 US 890,000 $905,575.00
526057BU7 LENNAR CORP 4.50000 11/15/2019 US 700,000 $702,625.00
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 875,000 $831,250.00
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 1,415,000 $1,399,081.25
563571AL2 MANITOWOC COMPANY INC 9.00000 04/01/2026 US 2,000,000 $2,000,000.00
57109HAA0 MFT 2019-2A A MTGE 3.13000 07/16/2029 US 4,000,000 $4,023,302.80
59001AAN2 MERITAGE HOMES CORP 7.15000 04/15/2020 US 4,000,000 $4,120,000.00
59022CAA1 BANK OF AMERICA CORP 3.17025 09/15/2026 US 3,561,000 $3,338,032.47
59166EAA3 MST 2019-1A A MTGE 3.75000 04/25/2058 US 1,947,863.26 $2,025,392.31
61747YDX0 MORGAN STANLEY FLT 3.72238 01/27/2020 US 8,750,000 $8,798,262.11
61965RAB1 MOSS CREEK RESOURCES HLD 10.50000 05/15/2027 US 1,500,000 $1,421,250.00
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 1,871,000 $1,861,645.00
62954NAA3 NYCTL 2018-A A 3.22000 11/10/2031 US 2,176,078.56 $2,177,699.09
62957HAC9 NABORS INDUSTRIES INC 5.50000 01/15/2023 US 835,000 $780,725.00
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 3,980,000 $4,004,192.83
63941DAA9 NAVSL 2018-2A A1 2.64438 03/25/2067 US 250,357.27 $250,299.06
63941LAA1 NAVSL 2019-BA A1 2.79425 12/15/2059 US 5,124,086.44 $5,124,168.94
63941RAB6 NAVSL 2019-2A A2 3.40438 02/27/2068 US 5,540,000 $5,548,191.44
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 588,773.37 $607,887.90
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 951,608.27 $984,519.45
64830DAB9 NRZT 2019-2A A1 4.25000 12/25/2057 US 4,748,351.7 $4,933,645.20
65478WAD7 NAROT 2016-C A3 1.18000 01/15/2021 US 1,218,937.29 $1,214,641.02
65479PAA7 NALT 2019-A A1 2.59881 04/15/2020 US 4,306,783.21 $4,308,036.48
65479PAB5 NALT 2019 - A A2 MTGE 2.71000 07/15/2021 US 5,000,000 $5,019,590.00
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 1,655,000 $1,141,950.00
67059TAD7 NUSTAR LOGISTICS LP 6.75000 02/01/2021 US 910,000 $950,950.00
67087MAA4 OBP DEPOSITOR LLC TRUST 4.64620 07/15/2045 US 420,000 $424,677.54
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 7,000,000 $7,187,983.60
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 1,044,000 $1,077,575.04
72650RAW2 PLAINS ALL AMER PIPELINE 5.75000 01/15/2020 US 388,000 $393,575.63
72650RBG6 PLAINS ALL AMER PIPELINE 2.60000 12/15/2019 US 2,752,000 $2,749,676.07
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 7,450,000 $7,855,796.14
74153WCK3 PRICOA GLOBAL FUNDING 1 1.45000 09/13/2019 US 2,000,000 $1,996,091.84
74332NAA1 PROG 2015-SFR3 A 3.06700 11/12/2032 US 4,844,991.24 $4,847,604.63
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 1,650,000 $1,660,712.96
74333NAA0 PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 US 8,610,000 $8,761,175.24
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 9,861,000 $10,021,241.25
77714PAB5 SEMGROUP / ROSE ROCK FIN 5.62500 07/15/2022 US 1,370,000 $1,350,491.20
78397AAA2 SCFET 2019-1A A1 3.04000 03/20/2023 US 2,629,789.91 $2,641,401.48
784423AF2 SLCLT 2004-1 A6 2.67800 05/15/2023 US 1,174,982.38 $1,173,546.79
78442FEJ3 NAVIENT CORP 8.00000 03/25/2020 US 6,000,000 $6,210,000.00
78442GNG7 SLMA 2004-10 A6A FLT RT 3.13025 04/27/2026 US 1,343,556.53 $1,345,191.10
78442PGC4 SLM CORP 5.12500 04/05/2022 US 6,424,000 $6,375,820.00
78449PAA7 SMB 2018-A A1 FLT 2.74425 03/16/2026 US 1,575,013.65 $1,575,312.59
78449TAA9 SMB 2019-A A1 2.74425 02/16/2026 US 3,157,978.76 $3,157,066.42
78471CAA7 SOFI 2017-D A1FX 1.72000 09/25/2040 US 488,976.77 $487,821.22
78472CAA6 SCLP 2019-1 A 3.24000 02/25/2028 US 3,993,996.74 $4,033,429.07
785592AE6 SABINE PASS LIQUEFACTION 5.62500 02/01/2021 US 9,000,000 $9,348,390.00
785592AJ5 SABINE PASS LIQUEFACTION 5.75000 05/15/2024 US 7,000,000 $7,784,646.52
80282KAD8 SANTANDER HOLDINGS USA 2.65000 04/17/2020 US 3,950,000 $3,948,903.12
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 505,341.34 $504,261.17
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 698,765.5 $699,915.32
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 607,297.64 $565,347.58
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 1,335,000 $1,232,205.00
832696AQ1 JM SMUCKER CO 2.20000 12/06/2019 US 4,800,000 $4,792,758.67
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 288,978.98 $288,363.11
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 750,000 $757,985.18
83401LAB0 SOFI 2015-A A2 2.42000 03/25/2030 US 388,957.08 $388,719.23
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 484,136.28 $483,442.75
83403YAA2 SOFI 2017-B A1FX 1.83000 05/25/2040 US 32,597.68 $32,550.40
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 98,297.54 $98,094.35
83404JAA4 SCLP 2017-3 A MTGE 2.77000 05/25/2026 US 2,100,578.17 $2,104,539.44
83404RAA6 SOFI 2018-B A1FX 2.64000 08/25/2047 US 5,098,327.76 $5,110,045.25
83404WAA5 SOFI 2019-B A1FX 2.78000 08/17/2048 US 5,590,198.46 $5,621,171.51
83404YAA1 SCLP 2016-5 A 3.06000 09/25/2028 US 802,498.71 $807,694.09
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 399,879.72 $398,669.28
83405JAA3 SCLP 2017-4 A 2.50000 05/26/2026 US 783,145.3 $783,737.75
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 122,975.22 $122,900.13
83405TAA1 SCLP 2019-3 A MTGE 2.90000 05/25/2028 US 2,330,000 $2,342,063.81
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 3,647,864.27 $3,671,397.74
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 3,000,000 $3,063,813.39
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 1,420,000 $1,295,750.00
852061AQ3 SPRINT COMMUNICATIONS 7.00000 03/01/2020 US 8,238,000 $8,443,950.00
855030AN2 STAPLES INC 7.50000 04/15/2026 US 1,430,000 $1,421,577.30
85571BAP0 STARWOOD PROPERTY TRUST 3.62500 02/01/2021 US 2,000,000 $1,995,000.00
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.61425 11/15/2027 US 1,793,917.52 $1,789,036.09
86935CAA0 SCML 2019-SBC8 2.86000 12/25/2035 US 4,500,000 $4,509,896.85
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 361,507.57 $360,755.82
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 1,065,000 $974,475.00
88032WAC0 TENCENT HOLDINGS LTD 2.87500 02/11/2020 KY 3,873,000 $3,881,324.55
880451AS8 TENNESEE GAS PIPELINE 7.00000 03/15/2027 US 6,775,000 $8,224,425.14
880451AV1 TENNESEE GAS PIPELINE 7.00000 10/15/2028 US 2,225,000 $2,773,670.27
89052KAA3 TOORAK MORTGAGE CORP 4.45830 03/25/2022 US 5,000,000 $5,075,350.00
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 1,378,877.79 $1,376,230.07
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 4,742,187.25 $4,760,990.97
89175VAA1 TPMT 2018-2 A1 3.25000 03/25/2058 US 1,674,726.45 $1,702,724.69
89177EAA7 TPMT 2019-HY1 A1 3.40438 10/25/2048 US 4,792,469.74 $4,811,240.41
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 2,358,109.41 $2,355,541.19
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 1,665,000 $1,594,237.50
90261XHN5 UBS AG STAMFORD CT FLT 3.37025 06/01/2020 CH 8,000,000 $8,048,147.52
90945AAA4 UACST 2018-2 A 2.89000 03/10/2021 US 457,945.2 $458,095.36
912796SB6 TREASURY BILL 0.00000 08/01/2019 US 23,090,000 $23,050,035.14
912796SG5 TREASURY BILL 0.00000 09/05/2019 US 23,160,000 $23,071,152.45
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 22,916,040 $22,675,640.20
912828Q60 TSY INFL IX N/B 0.12500 04/15/2021 US 27,290,001.3 $27,036,291.89
92343VDY7 VERIZON COMMUNICATIONS 4.12500 03/16/2027 US 9,000,000 $9,788,271.57
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 2,250,000 $2,244,375.00
92888DAB1 VFET 2019-1A A2 2.90000 11/15/2021 US 1,000,000 $1,004,912.80
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 1,195,000 $1,212,562.56
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 885,000 $847,387.50
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 1,467,184.92 $1,511,814.04
93065PAA9 WBHT 2019-WBM A FLT 3.44425 12/15/2033 US 7,000,000 $6,959,397.20
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 1,470,000 $1,451,625.00
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 1,350,000 $1,372,196.70
96926DAV2 WILLIAM LYONS HOMES INC 6.62500 07/15/2027 US 2,000,000 $1,995,000.00
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 4,000,000 $4,129,855.84
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 550,447.64 $553,162.89
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 680,798.36 $687,435.74
98162EAC1 WOART 2017-A A3 Mtge 1.93000 09/15/2022 US 3,083,732.27 $3,074,508.52
98162KAD5 WOLS 2017-A A4 Mtge 2.32000 08/15/2022 US 750,000 $749,578.20
98162VAB5 WOART 2019-B A2 MTGE 2.63000 06/15/2022 US 3,885,000 $3,898,409.08
98162XAB1 WOLS 2019-A A2 2.89000 11/15/2021 US 2,820,000 $2,834,305.30
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 2,010,000 $1,932,213.00
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 126,000,000 $6,395,072.35
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 35,000,000 $1,826,063.17
BBG0074B3TV4 EURO FX CURR FUT SEP19 EU -130 -$66,185.60
BBG00LY416X6 GBP/USD CURRENCY FUTURE GB 200 $180,000.00
BBG00LY419J6 GBP/USD CURRENCY FUTURE GB 200 $178,750.00
BBG00MRPH5G9 EURO-BOBL FUTURE SEP19 DE -60 -$46,474.88
BBG00MRPH5L3 EURO-BUND FUTURE SEP 19 DE -135 -$359,392.62
BBG00MRRP923 EURO BUXL 30Y BND SEP19 EU -20 -$191,514.73
BBG00MYMRVL4 LONG GILT FUTURE SEP19 GB -140 -$124,871.54
BJDRF50 BUONI POLIENNALI DEL TES 1.00000 07/15/2022 IT 16,350,000 $18,697,559.78
BZ121X9 EURONAV LUXEMBOURG SA 7.50000 05/31/2022 LU 3,000,000 $3,030,000.00
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 4,223,000 $4,349,690.00
JV9105265 BUONI POLIENNALI DEL TES 2.70000 03/01/2047 IT 4,000,000 $4,445,124.68
Y23862AE8 EXPORT-IMPORT BANK CHINA 2.50000 07/31/2019 CN 630,000 $630,037.17

Investments will change over time.

Distributions

  • Unconstrained Bond Series Class W Distribution History
  • 2019 Distribution Calendar
  • First Quarter 2019 Distributions
  • Fourth Quarter 2018 Distributions
  • Third Quarter 2018 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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