Mutual Funds
Unconstrained Bond Series
Investment Objective
To provide long-term total return, with a secondary objective of providing preservation of capital.
Investment Strategy
Under normal circumstances, at least 80% of the Series’ assets will be invested in bonds and other financial instruments with economic characteristics similar to bonds.
Up to 50% of the Series may be invested in below investment-grade securities and up to 50% may be invested in non-U.S. dollar denominated securities, including securities issued by companies located in emerging markets. Derivatives such as futures, options, swaps, and forwards may be used to manage interest rate exposure, enhance duration management, or hedge currency exposure, for example.
While there are no maturity or duration restrictions, the Series’ duration is expected to range between -3 and 8 years.
May be Appropriate for Investors
- Looking to diversify a portfolio by adding a non-traditional bond component
- Who want to enhance the conventional benefits associated with fixed income investing through access to a broader set of securities that may help reduce volatility
- Seeking an active approach that is objectives-driven, not benchmark-driven
Daily Price
$9.86
Daily $ Change
$0.00
Daily % Change
0.00%
as of 11/08/2024
Ticker
MUBWX
CUSIP
56382R332
Inception Date
03/01/2019
This fund is only available to discretionary investment accounts and other accounts managed by the Advisor.
Important Documents
YTD
4.48%
1 Year
8.60%
3 Year
1.51%
5 Year
3.45%
10 Year
2.74%
Inception
(04/21/2005)
4.19%
Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.
Inception performance is based on the Unconstrained Bond Series Class S inception of 04/21/2005. For periods through 03/01/2019 (the inception date of the Class W shares), performance for the Class W shares is based on the historical performance of the Class S shares. Because the Class W shares invest in the same portfolio of securities as the Class S shares, performance will be different only to the extent that the Class S shares have a higher expense ratio.
Expense Ratio
| Gross | 0.40% |
| Net | 0.06%* |
*Reflects the Advisor's contractual agreement to waive its management fee and limit and reimburse certain other expenses. These contractual waivers may not be amended or terminated without the prior approval of the Fund's Board of Directors. The Class W shares are only available to discretionary investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the fund's expenses.
| UNITED STATES TREAS NTS . 20280215 2.750% | 6.13% |
| UNITED STATES TREAS NTS . 20280515 2.875% | 6.09% |
| UNITED STATES TREAS NTS . 20250515 2.125% | 3.17% |
| VANECK VECTORS ETF TR JP MORGAN MKTS | 2.83% |
| UNITED STATES TREAS NTS . 20311115 1.375% | 2.55% |
| UNITED STATES TREAS NTS . 20281115 3.125% | 2.50% |
| UNITED STATES TREAS NTS . 20271115 2.250% | 2.09% |
| UNITED STATES TREAS NTS TIPS . 20260415 0.125% | 1.63% |
| UNITED STATES TREAS NTS TIPS . 20251015 0.125% | 1.63% |
| UNITED STATES TREAS NTS TIPS . 20280115 0.500% | 1.62% |
Top Ten Investments list is unaudited and excludes cash
| Treasury | 23.07% | |
| Securitized Credit | 18.90% | |
| Mortgage | 17.85% | |
| Corporate | 17.39% | |
| Securitized | 10.51% | |
| TIPS | 4.89% | |
| Equity | 2.83% | |
| Securitized / Covered | 2.04% | |
| Residential Mortgage Backed | 1.43% | |
| Commercial Mortgage Backed | 0.71% | |
| Fixed Income | 0.37% | |
| Unknown | 0.00% |
| AAA | 47.84% | |
| NR | 32.49% | |
| A | 7.65% | |
| B | 3.83% | |
| BB | 3.71% | |
| BBB | 3.58% | |
| CCC | 0.69% | |
| AA | 0.22% |
Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Not Rated (NR) is used to classify securities for which a rating is not available. Credit quality ratings reflect the median of Moody’s Investors Services and Standard & Poor’s ratings. Data obtained from Bloomberg.
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| ACL HOLDINGS LTD Leisure (BCLASS) | US | 4,400,000 | $4,729,091.40 | |
| AIRBORNE CAP USA LLC SR A NT 20290802 10.500% | US | 4,000,000 | $4,000,000.00 | |
| ALASKA AIRLINES EQ TR -B B . 20270215 8.000% | US | 1,908,587.3 | $1,930,224.19 | |
| ALEXANDER FDG TR II SR SEC GLBL 20280731 7.467% | US | 8,250,000 | $8,738,152.50 | |
| ALIGNED DT CEN ISS LLC - A- . 20460815 1.937% | US | 4,500,000 | $4,249,816.65 | |
| ALLO ISSUER LLC - A- . 20530620 6.200% | US | 4,400,000 | $4,444,443.96 | |
| ALLY AUTO RECEIVABLES - A- . 20270115 5.320% | US | 1,397,298.12 | $1,398,403.38 | |
| ARIS MINING CORPORATION SR A NT 20291031 8.000% | US | 2,000,000 | $2,007,360.00 | |
| ATP TOWER HOLDINGS LLC ANDEAN SR SEC GLBL 20260427 4.050% | US | 4,500,000 | $4,341,870.00 | |
| AZERION GROUP N.V FRN GTD SNR SEC 10/2026 EUR | NL | 1,650,000 | $1,782,365.89 | |
| BANK AMERICA CORP JR SB GLBL FL 20260915 5.968% | US | 3,561,000 | $3,569,368.35 | |
| BAUSCH HEALTH COS INC . 20270815 5.750% | CA | 2,003,000 | $1,653,135.99 | |
| BGC GROUP INC CR SEN SR GLBL 20251215 4.375% | US | 4,460,000 | $4,412,278.00 | |
| BLACKROCK TCP CAPITAL CORP SR GLBL NT 20290530 6.950% | US | 4,000,000 | $4,021,800.00 | |
| BORR IHC LTD SR SEC A 20281115 10.000% | US | 3,853,658.54 | $3,940,828.30 | |
| BRAVO RES FDG TR - A FLT 20441025 3.500% | US | 2,207,523.39 | $2,086,476.49 | |
| BREAN ABS TR -RM A . 20611025 1.750% | US | 2,370,784.32 | $2,184,611.37 | |
| BROOGE PETROLEUM AND GAS | AE | 8,323,138 | $7,490,824.20 | |
| BRSP LTD -FL A FLT 20380819 6.024% | KY | 1,881,986.49 | $1,877,281.43 | |
| BX TRUST -VLT A FLT 20410617 6.295% | US | 5,100,000 | $5,103,187.50 | |
| CAPTERIS EQUIPMNT FIN - LLC A- . 20320720 5.580% | US | 3,650,000 | $3,675,083.90 | |
| CARLYLE SECURED LENDING INC SR GLBL NT 20300218 6.750% | US | 4,395,000 | $4,421,677.65 | |
| CARNIVAL PLC SR GLBL DEB 20270601 7.875% | US | 800,000 | $844,592.00 | |
| CARVANA AUTO REC TR -P A- . 20261008 0.610% | US | 1,263,301.06 | $1,254,226.39 | |
| CENTERSQUARE ISSUER LLC - A- . 20541026 5.200% | US | 6,000,000 | $5,775,000.00 | |
| CF HIPPOLYTA ISSUER - A- . 20600715 1.690% | US | 3,687,753.2 | $3,572,154.31 | |
| CF HIPPOLYTA ISSUER - B- . 20600715 2.280% | US | 1,798,904 | $1,730,103.66 | |
| CIM TR -INV A- FLT 20490225 4.000% | US | 48,730.83 | $46,115.05 | |
| COGENT IPV LLC, - A- . 20540525 7.924% | US | 2,380,000 | $2,443,121.88 | |
| COLLEGE AVE STD LN LLC -A A- . 20510725 1.600% | US | 1,300,401.99 | $1,168,412.23 | |
| COLT MORTGAGE LOAN TR - A- FLT 20661025 1.397% | US | 7,049,611.7 | $5,887,700.34 | |
| COMMONBOND ST LN TR -A-GS A- . 20470125 2.540% | US | 1,415,636.18 | $1,276,508.02 | |
| COREVEST AMCR FIN TR - A . 20521217 1.174% | US | 563,146.3 | $544,618.45 | |
| COREVEST AMCR FIN TR - A . 20530815 1.358% | US | 544,823.8 | $523,741.52 | |
| COREVEST AMER FIN TR - A . 20521018 2.705% | US | 1,693,436.16 | $1,672,824.67 | |
| CREDIT ACC AUTO LN - TR C . 20300916 1.630% | US | 1,885,962.37 | $1,882,773.02 | |
| CREDIT ACC AUTO LN TR - A . 20320615 4.600% | US | 4,354,386.9 | $4,347,176.91 | |
| CSMC TRUST -TH A- FLT 20430225 2.130% | US | 103,988.85 | $88,757.18 | |
| DATABANK ISSUER LLC - A- . 20510227 2.060% | US | 5,200,000 | $4,950,006.88 | |
| DATABANK ISSUER LLC - A- . 20530225 5.116% | US | 3,345,000 | $3,269,022.67 | |
| DCLI BIDCO LLC SR SEC GLBL 20291115 7.750% | US | 745,000 | $757,590.50 | |
| DEEPHAVEN RES MTG TR - A- FLT 20660825 1.194% | US | 6,529,239.39 | $5,661,537.43 | |
| DIAMOND INFRASTRUCTURE FUNDING A . 20490415 1.760% | US | 5,000,000 | $4,628,133.00 | |
| DRAWBRIDGE SPL OPPORTUNITIES SR GLBL A 20260215 3.875% | US | 2,850,000 | $2,762,163.00 | |
| ECMC GRP STD LN TR - A FLT 20731127 0.000% | US | 4,450,000 | $4,448,177.73 | |
| EDVESTINU PRIV ED -A A . 20381125 3.580% | US | 927,604.2 | $901,272.95 | |
| ENCORE CAP GROUP INC SR SEC GLBL 20300515 8.500% | US | 4,000,000 | $4,216,800.00 | |
| EXTENDA RETAIL HOLDING | SE | 34,000,000 | $3,173,837.51 | |
| FHLMC GIANT MBS GOLD COMB . 20400301 6.000% | US | 29,796.48 | $30,869.45 | |
| FHLMC MBS GOLD CASH . 20310201 4.500% | US | 48,808.19 | $48,641.27 | |
| FHLMC MBS GOLD CASH . 20331201 4.500% | US | 122,342.21 | $121,587.36 | |
| FHLMC MBS GOLD GUAR . 20310701 4.500% | US | 155,641.28 | $155,152.57 | |
| FHLMC REMIC SERIES K- X FLT 20300125 1.317% | US | 50,816,707.56 | $2,898,859.41 | |
| FHLMC UMBS Y FIXED . 20431101 5.500% | US | 7,226,749.04 | $7,254,282.95 | |
| FHLMC UMBS Y FIXED . 20530701 6.000% | US | 7,700,222.97 | $7,806,794.06 | |
| FHLMC UMBS Y FIXED . 20531001 5.000% | US | 8,191,425.27 | $8,005,889.49 | |
| FIN OF AMER STRU SECS -S A . 20721225 3.000% | US | 4,156,056.72 | $4,031,109.03 | |
| FLEXENTIAL ISSUER LLC - A- . 20511127 3.250% | US | 4,760,000 | $4,480,652.74 | |
| FNMA REMIC TRUST - KP . 20470725 3.500% | US | 40,760.42 | $39,722.14 | |
| FNMA SUPER INT YEAR . 20421201 3.500% | US | 6,988,719.22 | $6,454,501.52 | |
| FNMA SUPER LNG YEAR . 20381101 6.000% | US | 166,566.84 | $172,823.09 | |
| FNMA SUPER LNG YEAR . 20531001 5.500% | US | 7,561,761.92 | $7,528,187.70 | |
| FNMA UMBS INT YEAR . 20290701 4.500% | US | 16,503.73 | $16,404.05 | |
| FNMA UMBS INT YEAR . 20340201 4.500% | US | 85,399.38 | $84,884.42 | |
| FNMA UMBS LNG YEAR . 20440601 4.500% | US | 455,725.8 | $441,780.59 | |
| FNMA UMBS LNG YEAR . 20441101 4.500% | US | 251,613.23 | $243,916.38 | |
| FNMA UMBS LNG YEAR . 20470201 4.500% | US | 78,202.13 | $75,533.87 | |
| FONTAINEBLEAU MIAMI -FBLU A . 20361212 3.144% | US | 4,480,000 | $4,452,184.13 | |
| FS RIALTO ISSUER LTD -FL A FLT 20380518 6.431% | KY | 2,164,854.71 | $2,101,640.95 | |
| GCAT TRUST -NQM A- FLT 20590125 6.007% | US | 4,131,983.15 | $4,142,826.30 | |
| GCAT TRUST -NQM A- FLT 20670425 4.325% | US | 8,472,023.4 | $8,357,523.16 | |
| GOLDEN PEAR FUNDING HOLDCO LLC SR A NT 20280302 10.000% | US | 1,200,000 | $1,118,040.00 | |
| GOLUB CAP PT ABS FDG - A- . 20340125 6.885% | US | 4,000,000 | $4,000,000.00 | |
| GOODGREEN - A . 20550415 2.630% | US | 2,501,378.43 | $2,049,625.98 | |
| GS MBS TR -PJ A- FLT 20520225 2.500% | US | 2,924,748.64 | $2,555,612.90 | |
| GS MBS TR -PJ A- FLT 20520525 5.000% | US | 4,175,447.65 | $3,867,186.46 | |
| GS MBS TR -PJ A- FLT 20520825 3.000% | US | 8,026,860.17 | $7,139,050.91 | |
| GS MTG BK SEC TR -GR A- FLT 20520425 2.500% | US | 4,649,236.5 | $4,063,752.57 | |
| HERTZ VEHICLE - FIN LLC B . 20251225 1.560% | US | 1,000,000 | $994,983.60 | |
| HORIZON AIRCAFT FINANCE - A . 20490915 5.375% | US | 7,368,920 | $7,171,912.66 | |
| HOTWIRE FUND LLC - A- . 20540620 5.893% | US | 1,000,000 | $1,012,460.20 | |
| HOTWIRE FUNDING LLC - A- . 20511120 2.311% | US | 3,500,000 | $3,289,958.70 | |
| HTS FUND LLC - A . 20360825 1.411% | US | 1,279,205.28 | $1,084,554.62 | |
| IIP OPER PARTNERSHIP L P SR GLBL NT. 20260525 5.500% | US | 4,320,000 | $4,146,724.80 | |
| IMPERIAL FD MTG TR -NQM A- FLT 20670325 3.638% | US | 6,030,986.87 | $5,576,137.08 | |
| IMPERIAL FD MTG TR -NQM A- FLT 20670525 4.380% | US | 3,474,123.45 | $3,377,074.16 | |
| IMPERIAL FD MTG TR -NQM A- FLT 20670625 4.767% | US | 8,040,957.29 | $7,981,022.41 | |
| INFRABUILD AUSTRALIA PTY LTD SR A NT 20281115 14.500% | US | 4,000,000 | $3,935,560.00 | |
| J.P. MORGAN MTG TR -INV A--B FLT 20520925 3.000% | US | 5,993,586.55 | $5,353,406.18 | |
| J.P. MORGAN MTG TR -LTV A- FLT 20520525 2.519% | US | 4,290,938.02 | $3,489,609.21 | |
| JP MORGAN MTG - TR A- FLT 20510825 2.500% | US | 8,278,097.79 | $7,316,451.04 | |
| JP MORGAN MTG TR - -A- FLT 20290625 3.000% | US | 197,396 | $191,698.22 | |
| JP MORGAN MTG TR - A--B FLT 20510825 2.000% | US | 4,080,310.05 | $3,153,475.78 | |
| KRFF -FL LTD A-S FLT 20390217 6.195% | KY | 3,500,000 | $2,743,424.67 | |
| LAUREL RD PRIME SL TR -A A-FX . 20481025 2.730% | US | 116,907.56 | $115,452.87 | |
| LCCM TR -FL A-S FLT 20381215 6.450% | US | 2,000,000 | $1,990,461.04 | |
| LCCM TR -FL B FLT 20381215 6.800% | US | 3,000,000 | $3,002,812.53 | |
| LEGAL BUSINESS SERVICES LLC SR A NT 20260615 8.000% | US | 4,000,000 | $3,782,080.00 | |
| LEGRES AB FR SNR SEC 12/25 SEK1250000 | SE | 32,500,000 | $2,895,913.06 | |
| LFS LLC -A A . 20340515 5.250% | US | 1,651,784.69 | $1,636,004.20 | |
| LIBRA SOL LLC - A . 20350215 7.000% | US | 775,850.65 | $777,546.66 | |
| LIBRA SOLUTIONS LLC - A . 20380930 5.880% | US | 5,000,000 | $4,915,516.00 | |
| MCGRAW-HILL EDUCATION Term Loan | US | 3,848,139.71 | $3,852,949.88 | |
| METLIFE SEC TR - A FLT 20580425 3.750% | US | 639,240.06 | $604,455.17 | |
| MFA TRUST -INV A- FLT 20561125 1.906% | US | 3,603,190.38 | $3,138,552.86 | |
| MORGAN STANLEY MTG TR - A- FLT 20510725 2.500% | US | 9,886,516.65 | $8,661,405.21 | |
| NAVIENT CORPORATION SR GLBL NT 20250625 6.750% | US | 1,800,000 | $1,808,676.00 | |
| NAVIENT PRIV ED LN TR -B A- FLT 20400716 6.368% | US | 1,013,533.61 | $1,015,847.10 | |
| NAVIENT PRIV ED LN TR -G A . 20690915 1.170% | US | 394,085.16 | $361,295.74 | |
| NAVIENT PRIVATE EDUCATION A-A . 20720315 6.480% | US | 519,865.18 | $533,884.49 | |
| NAVIENT PRIVATE EDUCATION A-B FLT 20720315 6.710% | US | 1,213,018.75 | $1,220,113.21 | |
| NAVIENT PVT ED LN TR -A A . 20700715 2.230% | US | 2,737,716.55 | $2,450,443.02 | |
| NAVIENT PVT ED RI LN TR -A A . 20690515 0.840% | US | 638,140.65 | $573,483.03 | |
| NAVIENT ST LN TR - A-B FLT 20690625 0.000% | US | 2,727,589.43 | $2,721,541.27 | |
| NAVIENT STUDENT LN - TR A-A . 20691226 1.310% | US | 3,505,499 | $3,060,866.77 | |
| NAVIENT STUDENT LN TR - A FLT 20661227 6.021% | US | 2,543,314.82 | $2,549,178.18 | |
| NAVIENT STUDENT LN TR - A- FLT 20310625 5.481% | US | 2,116,642 | $2,090,116.45 | |
| NEW FORTRESS ENERGY INC SR SEC GLBL 20250915 6.750% | US | 4,250,000 | $4,241,882.50 | |
| NEW FORTRESS ENERGY INC SR SEC GLBL 20290315 8.750% | US | 4,195,000 | $3,501,986.00 | |
| NEW RESI MTG LN TR - A- FLT 20550825 3.750% | US | 266,611.36 | $251,591.36 | |
| NEW RESI MTG LN TR - A- FLT 20571225 4.250% | US | 1,299,769.99 | $1,254,862.68 | |
| NEW RESI MTG LN TR - A-FXD FLT 20541125 3.750% | US | 191,827.86 | $180,781.63 | |
| NEW RSDNTL MTG LN TR -NQM A- FLT 20620325 3.079% | US | 7,969,325.25 | $7,358,676.50 | |
| NEWCASTLE COAL INFRASTRUCTURE SR SEC A NT 20270929 4.400% | US | 1,709,713.72 | $1,659,892.66 | |
| NORTH INVST GROUP | SE | 23,750,000 | $2,121,717.42 | |
| NUSTAR LOGISTICS L P SR NT . 20270428 5.625% | US | 927,000 | $919,797.21 | |
| NYMT LN TR -CP A- . 20610725 2.042% | US | 1,650,539.83 | $1,515,739.09 | |
| OBX TR -NQM A-A FLT 20620125 2.783% | US | 3,317,246.46 | $3,107,981.62 | |
| OBX TRUST -NQM A- . 20631125 5.928% | US | 3,449,014.88 | $3,461,885.57 | |
| OPEN INFRA US ASSETS AB (PUBL) 11.0 20270222 | US | 4,200,000 | $4,206,609.12 | |
| OXFORD FIN CR FD III -A LP A- . 20320114 6.675% | US | 2,700,000 | $2,710,003.50 | |
| OXFORD FIN FDG LLC - A- . 20280215 3.100% | US | 1,612,669.01 | $1,601,854.61 | |
| OXFORD FIN FDG LLC - B . 20280215 3.110% | US | 718,654.46 | $712,527.86 | |
| OXFORD FIN FDG TR - A- . 20310215 6.716% | US | 4,430,000 | $4,468,548.53 | |
| OXFORD FIN FDG TR LLC - A- . 20300215 3.602% | US | 4,012,654.96 | $3,832,212.29 | |
| OXFORD FINANCE LLC OXFORD FI SR A NT 20270201 6.375% | US | 4,500,000 | $4,432,815.00 | |
| PCG - LLC SR SEC GLBL 20290725 10.738% | US | 4,473,071.18 | $4,472,758.07 | |
| PEAR - LLC A . 20350716 0.000% | US | 2,698,501.27 | $2,707,032.85 | |
| PEAR LCC - A- . 20341015 7.250% | US | 2,053,182.73 | $2,077,844.74 | |
| PEAR LLC - A . 20360215 6.950% | US | 3,247,483.86 | $3,273,885.90 | |
| PEAR, LLC - A . 20340115 2.600% | US | 1,749,632.21 | $1,714,287.01 | |
| PELORUS FUND REIT LLC CR SEN SR GLBL 20260930 7.000% | US | 4,345,000 | $4,223,340.00 | |
| PHH ESCROW ISSUER LLC SR A NT 20291101 9.875% | US | 2,000,000 | $1,960,000.00 | |
| RCKT MRTG TR - A- FLT 20511225 2.500% | US | 4,659,951.51 | $4,071,166.17 | |
| ROCK TR -CNTR A . 20411115 0.000% | US | 4,250,000 | $4,232,303.43 | |
| RUN TR -NQM A- FLT 20670325 4.000% | US | 2,831,197.68 | $2,745,661.54 | |
| SALT TR - AA . 20330228 2.301% | US | 517,687.7 | $493,245.28 | |
| SBA TOWER TR - - . 20521115 6.599% | US | 6,110,000 | $6,243,092.91 | |
| SBA TOWER TRUST - C . 20500115 2.836% | US | 3,500,000 | $3,484,193.65 | |
| SBA TOWER TRUST - C . 20541015 4.831% | US | 3,630,000 | $3,521,383.50 | |
| SBA TOWER TRUST -- C . 20500715 1.884% | US | 2,750,000 | $2,648,259.35 | |
| SEQUOIA MTG TR - A FLT 20430225 1.874% | US | 101,933.24 | $85,126.13 | |
| SEQUOIA MTG TR - A- FLT 20430525 3.000% | US | 1,025,748.04 | $902,284.60 | |
| SEQUOIA MTG TR - A- FLT 20430625 3.000% | US | 104,175.95 | $91,367.65 | |
| SEQUOIA MTG TR - A- FLT 20430625 3.000% | US | 125,841.95 | $111,190.66 | |
| SLAM LTD - A . 20460615 2.434% | KY | 5,066,880 | $4,601,157.22 | |
| SLM CORP SR GLBL NT. 20251029 4.200% | US | 1,400,000 | $1,374,254.00 | |
| SLM STUDENT LOAN TR - A- FLT 20220725 7.095% | US | 2,108,724 | $2,113,330.72 | |
| SLM STUDENT LOAN TR - A- FLT 20260526 5.621% | US | 9,136,070.84 | $8,884,483.55 | |
| SLM STUDENT LOAN TR - A- FLT 20280925 5.921% | US | 5,887,345.19 | $5,805,995.03 | |
| SLM STUDENT LOAN TR - A- FLT 20830426 6.445% | US | 3,950,472.91 | $3,923,285.36 | |
| SLR GROUP GMBH FRN 10/2027 EUR1000 | DE | 2,500,000 | $2,655,309.91 | |
| SMB PRIVATE EDU LN TR -B A-A . 20370615 2.840% | US | 1,450,025.98 | $1,402,485.72 | |
| SMB PRIVATE EDU LN TR -D A-B FLT 20530715 6.110% | US | 5,095,131.55 | $5,107,351.71 | |
| SOUTHWEST AIRLS CO SR GLBL NT 20250504 5.250% | US | 3,000,000 | $3,002,550.00 | |
| STACK INFRASTRUCTURE - A- . 20460326 1.877% | US | 3,400,000 | $3,242,232.18 | |
| STARWOOD RTL PPTY TR -STAR A FLT 20271115 8.494% | US | 1,623,209.91 | $924,060.94 | |
| STORE MSTR FDG I-VII - A- . 20491120 2.820% | US | 2,360,627.38 | $2,245,025.33 | |
| SUTHERLAND COML MTG TF -SB A FLT 20410425 2.860% | US | 1,669,922.12 | $1,569,987.97 | |
| SWITCH ABS ISSUER LLC - A- . 20540625 5.436% | US | 4,000,000 | $3,988,018.40 | |
| TELFORD FINCO 11.0 20291106 | US | 4,200,000 | $4,158,000.00 | |
| TOWD PT MTG TR - A FLT 20580325 3.250% | US | 279,712.68 | $273,790.69 | |
| TOWD PT MTG TR -HY A FLT 20481026 5.969% | US | 774,153.67 | $785,397.09 | |
| TRICON AMERICN HM TR -SFR C . 20380719 2.249% | US | 2,500,000 | $2,377,050.00 | |
| TRICON RESIDENTIAL -SFR A . 20291117 4.300% | US | 3,000,000 | $3,000,000.00 | |
| TRINITY RAIL LEASE A . 20501017 1.960% | US | 1,536,647.73 | $1,418,147.14 | |
| TRINITYR RAIL LEAS - LLC A . 20510719 2.500% | US | 1,731,626.42 | $1,566,248.30 | |
| TRP LLC - A . 20510617 2.070% | US | 2,703,264.33 | $2,485,594.78 | |
| UNITED AIR PASS THRU TR - B . 20291101 3.500% | US | 2,747,774.2 | $2,598,332.93 | |
| UNITED AIRLS INC -B B . 20270901 4.600% | US | 2,563,905.56 | $2,520,296.35 | |
| UNITED STATES TREAS NTS . 20250515 2.125% | US | 25,982,000 | $25,661,901.76 | |
| UNITED STATES TREAS NTS . 20271115 2.250% | US | 17,928,000 | $16,967,955.60 | |
| UNITED STATES TREAS NTS . 20280215 2.750% | US | 51,925,000 | $49,700,013.75 | |
| UNITED STATES TREAS NTS . 20280515 2.875% | US | 51,494,000 | $49,337,946.22 | |
| UNITED STATES TREAS NTS . 20280815 2.875% | US | 4,542,000 | $4,338,155.04 | |
| UNITED STATES TREAS NTS . 20281115 3.125% | US | 21,089,000 | $20,278,338.84 | |
| UNITED STATES TREAS NTS . 20311115 1.375% | US | 25,015,000 | $20,690,156.65 | |
| UNITED STATES TREAS NTS TIPS . 20251015 0.125% | US | 13,476,525.52 | $13,227,883.62 | |
| UNITED STATES TREAS NTS TIPS . 20260415 0.125% | US | 13,631,344.94 | $13,240,670.59 | |
| UNITED STATES TREAS NTS TIPS . 20280115 0.500% | US | 13,711,546.52 | $13,150,058.69 | |
| US 2YR NOTE (CBT) Dec24 | US | 1,050 | $210.00 | |
| US 5YR NOTE (CBT) Dec24 | US | 320 | $0.03 | |
| US CLAIMS LITIGATION FDG LLC SR A NT 20280317 10.250% | US | 1,375,000 | $1,277,237.50 | |
| US DOLLARS | US | USD | 20,494,734.65 | $20,494,734.65 |
| USQ RAIL II LLC - A . 20510628 2.210% | US | 5,212,814.66 | $4,814,683.33 | |
| VANECK VECTORS ETF TR JP MORGAN MKTS | US | EMLC | 950,390 | $22,951,918.50 |
| VANTAGE DATA CENTER - LLC A- . 20450915 1.645% | US | 6,500,000 | $6,298,752.85 | |
| VAREL OIL GAS GTD 10/04/2028 USD125000 | US | 3,375,000 | $3,481,886.25 | |
| VERTICAL BRIDGE CC - A . 20500915 2.636% | US | 4,000,000 | $3,904,926.80 | |
| WELLS FARGO MTG SEC - A- FLT 20491225 3.000% | US | 2,202,728.91 | $1,882,006.07 | |
| WestJet Airlnes Term B | US | 4,975,000 | $4,943,906.25 | |
| WINWATER MTG LN TR - A- FLT 20450120 3.500% | US | 67,446.03 | $61,793.64 | |
| ZITON A/S FRN SNR SEC 06/2028 EUR1 | NO | 2,886,516 | $3,266,961.65 |
Investments will change over time.
A Word About Risk
All investments involve risks, including possible loss of principal. There is an inverse relationship between bond prices and interest rates; as interest rates rise, bond prices (and therefore the value of bond funds) fall. Likewise, as interest rates fall, bond prices and the value of bond funds rise. Investments in higher-yielding, lower-rated securities involve additional risks, including a higher risk of default and loss of principal. Funds that invest in foreign countries may be subject to the risks of adverse changes in foreign economic, political, regulatory and other conditions as well as risks related to the use of different financial standards. Investments in emerging markets may be more volatile than investments in more developed markets. Investments in derivatives can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. Also, the use of leverage increases exposure to the market and may magnify potential losses.
Daily Price
$9.86
Daily $ Change
$0.00
Daily % Change
0.00%
as of 11/08/2024
Ticker
MUBWX
CUSIP
56382R332
Inception Date
03/01/2019
This fund is only available to discretionary investment accounts and other accounts managed by the Advisor.
Important Documents
Investment Objective
To provide long-term total return, with a secondary objective of providing preservation of capital.
Investment Strategy
Under normal circumstances, at least 80% of the Series’ assets will be invested in bonds and other financial instruments with economic characteristics similar to bonds.
Up to 50% of the Series may be invested in below investment-grade securities and up to 50% may be invested in non-U.S. dollar denominated securities, including securities issued by companies located in emerging markets. Derivatives such as futures, options, swaps, and forwards may be used to manage interest rate exposure, enhance duration management, or hedge currency exposure, for example.
While there are no maturity or duration restrictions, the Series’ duration is expected to range between -3 and 8 years.
May be Appropriate for Investors
- Looking to diversify a portfolio by adding a non-traditional bond component
- Who want to enhance the conventional benefits associated with fixed income investing through access to a broader set of securities that may help reduce volatility
- Seeking an active approach that is objectives-driven, not benchmark-driven
YTD
4.48%
1 Year
8.60%
3 Year
1.51%
5 Year
3.45%
10 Year
2.74%
Inception
(04/21/2005)
4.19%
Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.
Inception performance is based on the Unconstrained Bond Series Class S inception of 04/21/2005. For periods through 03/01/2019 (the inception date of the Class W shares), performance for the Class W shares is based on the historical performance of the Class S shares. Because the Class W shares invest in the same portfolio of securities as the Class S shares, performance will be different only to the extent that the Class S shares have a higher expense ratio.
Expense Ratio
| Gross | 0.40% |
| Net | 0.06%* |
*Reflects the Advisor's contractual agreement to waive its management fee and limit and reimburse certain other expenses. These contractual waivers may not be amended or terminated without the prior approval of the Fund's Board of Directors. The Class W shares are only available to discretionary investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the fund's expenses.
| UNITED STATES TREAS NTS . 20280215 2.750% | 6.13% |
| UNITED STATES TREAS NTS . 20280515 2.875% | 6.09% |
| UNITED STATES TREAS NTS . 20250515 2.125% | 3.17% |
| VANECK VECTORS ETF TR JP MORGAN MKTS | 2.83% |
| UNITED STATES TREAS NTS . 20311115 1.375% | 2.55% |
| UNITED STATES TREAS NTS . 20281115 3.125% | 2.50% |
| UNITED STATES TREAS NTS . 20271115 2.250% | 2.09% |
| UNITED STATES TREAS NTS TIPS . 20260415 0.125% | 1.63% |
| UNITED STATES TREAS NTS TIPS . 20251015 0.125% | 1.63% |
| UNITED STATES TREAS NTS TIPS . 20280115 0.500% | 1.62% |
Top Ten Investments list is unaudited and excludes cash
| Treasury | 23.07% | |
| Securitized Credit | 18.90% | |
| Mortgage | 17.85% | |
| Corporate | 17.39% | |
| Securitized | 10.51% | |
| TIPS | 4.89% | |
| Equity | 2.83% | |
| Securitized / Covered | 2.04% | |
| Residential Mortgage Backed | 1.43% | |
| Commercial Mortgage Backed | 0.71% | |
| Fixed Income | 0.37% | |
| Unknown | 0.00% |
| AAA | 47.84% | |
| NR | 32.49% | |
| A | 7.65% | |
| B | 3.83% | |
| BB | 3.71% | |
| BBB | 3.58% | |
| CCC | 0.69% | |
| AA | 0.22% |
Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Not Rated (NR) is used to classify securities for which a rating is not available. Credit quality ratings reflect the median of Moody’s Investors Services and Standard & Poor’s ratings. Data obtained from Bloomberg.
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| ACL HOLDINGS LTD Leisure (BCLASS) | US | 4,400,000 | $4,729,091.40 | |
| AIRBORNE CAP USA LLC SR A NT 20290802 10.500% | US | 4,000,000 | $4,000,000.00 | |
| ALASKA AIRLINES EQ TR -B B . 20270215 8.000% | US | 1,908,587.3 | $1,930,224.19 | |
| ALEXANDER FDG TR II SR SEC GLBL 20280731 7.467% | US | 8,250,000 | $8,738,152.50 | |
| ALIGNED DT CEN ISS LLC - A- . 20460815 1.937% | US | 4,500,000 | $4,249,816.65 | |
| ALLO ISSUER LLC - A- . 20530620 6.200% | US | 4,400,000 | $4,444,443.96 | |
| ALLY AUTO RECEIVABLES - A- . 20270115 5.320% | US | 1,397,298.12 | $1,398,403.38 | |
| ARIS MINING CORPORATION SR A NT 20291031 8.000% | US | 2,000,000 | $2,007,360.00 | |
| ATP TOWER HOLDINGS LLC ANDEAN SR SEC GLBL 20260427 4.050% | US | 4,500,000 | $4,341,870.00 | |
| AZERION GROUP N.V FRN GTD SNR SEC 10/2026 EUR | NL | 1,650,000 | $1,782,365.89 | |
| BANK AMERICA CORP JR SB GLBL FL 20260915 5.968% | US | 3,561,000 | $3,569,368.35 | |
| BAUSCH HEALTH COS INC . 20270815 5.750% | CA | 2,003,000 | $1,653,135.99 | |
| BGC GROUP INC CR SEN SR GLBL 20251215 4.375% | US | 4,460,000 | $4,412,278.00 | |
| BLACKROCK TCP CAPITAL CORP SR GLBL NT 20290530 6.950% | US | 4,000,000 | $4,021,800.00 | |
| BORR IHC LTD SR SEC A 20281115 10.000% | US | 3,853,658.54 | $3,940,828.30 | |
| BRAVO RES FDG TR - A FLT 20441025 3.500% | US | 2,207,523.39 | $2,086,476.49 | |
| BREAN ABS TR -RM A . 20611025 1.750% | US | 2,370,784.32 | $2,184,611.37 | |
| BROOGE PETROLEUM AND GAS | AE | 8,323,138 | $7,490,824.20 | |
| BRSP LTD -FL A FLT 20380819 6.024% | KY | 1,881,986.49 | $1,877,281.43 | |
| BX TRUST -VLT A FLT 20410617 6.295% | US | 5,100,000 | $5,103,187.50 | |
| CAPTERIS EQUIPMNT FIN - LLC A- . 20320720 5.580% | US | 3,650,000 | $3,675,083.90 | |
| CARLYLE SECURED LENDING INC SR GLBL NT 20300218 6.750% | US | 4,395,000 | $4,421,677.65 | |
| CARNIVAL PLC SR GLBL DEB 20270601 7.875% | US | 800,000 | $844,592.00 | |
| CARVANA AUTO REC TR -P A- . 20261008 0.610% | US | 1,263,301.06 | $1,254,226.39 | |
| CENTERSQUARE ISSUER LLC - A- . 20541026 5.200% | US | 6,000,000 | $5,775,000.00 | |
| CF HIPPOLYTA ISSUER - A- . 20600715 1.690% | US | 3,687,753.2 | $3,572,154.31 | |
| CF HIPPOLYTA ISSUER - B- . 20600715 2.280% | US | 1,798,904 | $1,730,103.66 | |
| CIM TR -INV A- FLT 20490225 4.000% | US | 48,730.83 | $46,115.05 | |
| COGENT IPV LLC, - A- . 20540525 7.924% | US | 2,380,000 | $2,443,121.88 | |
| COLLEGE AVE STD LN LLC -A A- . 20510725 1.600% | US | 1,300,401.99 | $1,168,412.23 | |
| COLT MORTGAGE LOAN TR - A- FLT 20661025 1.397% | US | 7,049,611.7 | $5,887,700.34 | |
| COMMONBOND ST LN TR -A-GS A- . 20470125 2.540% | US | 1,415,636.18 | $1,276,508.02 | |
| COREVEST AMCR FIN TR - A . 20521217 1.174% | US | 563,146.3 | $544,618.45 | |
| COREVEST AMCR FIN TR - A . 20530815 1.358% | US | 544,823.8 | $523,741.52 | |
| COREVEST AMER FIN TR - A . 20521018 2.705% | US | 1,693,436.16 | $1,672,824.67 | |
| CREDIT ACC AUTO LN - TR C . 20300916 1.630% | US | 1,885,962.37 | $1,882,773.02 | |
| CREDIT ACC AUTO LN TR - A . 20320615 4.600% | US | 4,354,386.9 | $4,347,176.91 | |
| CSMC TRUST -TH A- FLT 20430225 2.130% | US | 103,988.85 | $88,757.18 | |
| DATABANK ISSUER LLC - A- . 20510227 2.060% | US | 5,200,000 | $4,950,006.88 | |
| DATABANK ISSUER LLC - A- . 20530225 5.116% | US | 3,345,000 | $3,269,022.67 | |
| DCLI BIDCO LLC SR SEC GLBL 20291115 7.750% | US | 745,000 | $757,590.50 | |
| DEEPHAVEN RES MTG TR - A- FLT 20660825 1.194% | US | 6,529,239.39 | $5,661,537.43 | |
| DIAMOND INFRASTRUCTURE FUNDING A . 20490415 1.760% | US | 5,000,000 | $4,628,133.00 | |
| DRAWBRIDGE SPL OPPORTUNITIES SR GLBL A 20260215 3.875% | US | 2,850,000 | $2,762,163.00 | |
| ECMC GRP STD LN TR - A FLT 20731127 0.000% | US | 4,450,000 | $4,448,177.73 | |
| EDVESTINU PRIV ED -A A . 20381125 3.580% | US | 927,604.2 | $901,272.95 | |
| ENCORE CAP GROUP INC SR SEC GLBL 20300515 8.500% | US | 4,000,000 | $4,216,800.00 | |
| EXTENDA RETAIL HOLDING | SE | 34,000,000 | $3,173,837.51 | |
| FHLMC GIANT MBS GOLD COMB . 20400301 6.000% | US | 29,796.48 | $30,869.45 | |
| FHLMC MBS GOLD CASH . 20310201 4.500% | US | 48,808.19 | $48,641.27 | |
| FHLMC MBS GOLD CASH . 20331201 4.500% | US | 122,342.21 | $121,587.36 | |
| FHLMC MBS GOLD GUAR . 20310701 4.500% | US | 155,641.28 | $155,152.57 | |
| FHLMC REMIC SERIES K- X FLT 20300125 1.317% | US | 50,816,707.56 | $2,898,859.41 | |
| FHLMC UMBS Y FIXED . 20431101 5.500% | US | 7,226,749.04 | $7,254,282.95 | |
| FHLMC UMBS Y FIXED . 20530701 6.000% | US | 7,700,222.97 | $7,806,794.06 | |
| FHLMC UMBS Y FIXED . 20531001 5.000% | US | 8,191,425.27 | $8,005,889.49 | |
| FIN OF AMER STRU SECS -S A . 20721225 3.000% | US | 4,156,056.72 | $4,031,109.03 | |
| FLEXENTIAL ISSUER LLC - A- . 20511127 3.250% | US | 4,760,000 | $4,480,652.74 | |
| FNMA REMIC TRUST - KP . 20470725 3.500% | US | 40,760.42 | $39,722.14 | |
| FNMA SUPER INT YEAR . 20421201 3.500% | US | 6,988,719.22 | $6,454,501.52 | |
| FNMA SUPER LNG YEAR . 20381101 6.000% | US | 166,566.84 | $172,823.09 | |
| FNMA SUPER LNG YEAR . 20531001 5.500% | US | 7,561,761.92 | $7,528,187.70 | |
| FNMA UMBS INT YEAR . 20290701 4.500% | US | 16,503.73 | $16,404.05 | |
| FNMA UMBS INT YEAR . 20340201 4.500% | US | 85,399.38 | $84,884.42 | |
| FNMA UMBS LNG YEAR . 20440601 4.500% | US | 455,725.8 | $441,780.59 | |
| FNMA UMBS LNG YEAR . 20441101 4.500% | US | 251,613.23 | $243,916.38 | |
| FNMA UMBS LNG YEAR . 20470201 4.500% | US | 78,202.13 | $75,533.87 | |
| FONTAINEBLEAU MIAMI -FBLU A . 20361212 3.144% | US | 4,480,000 | $4,452,184.13 | |
| FS RIALTO ISSUER LTD -FL A FLT 20380518 6.431% | KY | 2,164,854.71 | $2,101,640.95 | |
| GCAT TRUST -NQM A- FLT 20590125 6.007% | US | 4,131,983.15 | $4,142,826.30 | |
| GCAT TRUST -NQM A- FLT 20670425 4.325% | US | 8,472,023.4 | $8,357,523.16 | |
| GOLDEN PEAR FUNDING HOLDCO LLC SR A NT 20280302 10.000% | US | 1,200,000 | $1,118,040.00 | |
| GOLUB CAP PT ABS FDG - A- . 20340125 6.885% | US | 4,000,000 | $4,000,000.00 | |
| GOODGREEN - A . 20550415 2.630% | US | 2,501,378.43 | $2,049,625.98 | |
| GS MBS TR -PJ A- FLT 20520225 2.500% | US | 2,924,748.64 | $2,555,612.90 | |
| GS MBS TR -PJ A- FLT 20520525 5.000% | US | 4,175,447.65 | $3,867,186.46 | |
| GS MBS TR -PJ A- FLT 20520825 3.000% | US | 8,026,860.17 | $7,139,050.91 | |
| GS MTG BK SEC TR -GR A- FLT 20520425 2.500% | US | 4,649,236.5 | $4,063,752.57 | |
| HERTZ VEHICLE - FIN LLC B . 20251225 1.560% | US | 1,000,000 | $994,983.60 | |
| HORIZON AIRCAFT FINANCE - A . 20490915 5.375% | US | 7,368,920 | $7,171,912.66 | |
| HOTWIRE FUND LLC - A- . 20540620 5.893% | US | 1,000,000 | $1,012,460.20 | |
| HOTWIRE FUNDING LLC - A- . 20511120 2.311% | US | 3,500,000 | $3,289,958.70 | |
| HTS FUND LLC - A . 20360825 1.411% | US | 1,279,205.28 | $1,084,554.62 | |
| IIP OPER PARTNERSHIP L P SR GLBL NT. 20260525 5.500% | US | 4,320,000 | $4,146,724.80 | |
| IMPERIAL FD MTG TR -NQM A- FLT 20670325 3.638% | US | 6,030,986.87 | $5,576,137.08 | |
| IMPERIAL FD MTG TR -NQM A- FLT 20670525 4.380% | US | 3,474,123.45 | $3,377,074.16 | |
| IMPERIAL FD MTG TR -NQM A- FLT 20670625 4.767% | US | 8,040,957.29 | $7,981,022.41 | |
| INFRABUILD AUSTRALIA PTY LTD SR A NT 20281115 14.500% | US | 4,000,000 | $3,935,560.00 | |
| J.P. MORGAN MTG TR -INV A--B FLT 20520925 3.000% | US | 5,993,586.55 | $5,353,406.18 | |
| J.P. MORGAN MTG TR -LTV A- FLT 20520525 2.519% | US | 4,290,938.02 | $3,489,609.21 | |
| JP MORGAN MTG - TR A- FLT 20510825 2.500% | US | 8,278,097.79 | $7,316,451.04 | |
| JP MORGAN MTG TR - -A- FLT 20290625 3.000% | US | 197,396 | $191,698.22 | |
| JP MORGAN MTG TR - A--B FLT 20510825 2.000% | US | 4,080,310.05 | $3,153,475.78 | |
| KRFF -FL LTD A-S FLT 20390217 6.195% | KY | 3,500,000 | $2,743,424.67 | |
| LAUREL RD PRIME SL TR -A A-FX . 20481025 2.730% | US | 116,907.56 | $115,452.87 | |
| LCCM TR -FL A-S FLT 20381215 6.450% | US | 2,000,000 | $1,990,461.04 | |
| LCCM TR -FL B FLT 20381215 6.800% | US | 3,000,000 | $3,002,812.53 | |
| LEGAL BUSINESS SERVICES LLC SR A NT 20260615 8.000% | US | 4,000,000 | $3,782,080.00 | |
| LEGRES AB FR SNR SEC 12/25 SEK1250000 | SE | 32,500,000 | $2,895,913.06 | |
| LFS LLC -A A . 20340515 5.250% | US | 1,651,784.69 | $1,636,004.20 | |
| LIBRA SOL LLC - A . 20350215 7.000% | US | 775,850.65 | $777,546.66 | |
| LIBRA SOLUTIONS LLC - A . 20380930 5.880% | US | 5,000,000 | $4,915,516.00 | |
| MCGRAW-HILL EDUCATION Term Loan | US | 3,848,139.71 | $3,852,949.88 | |
| METLIFE SEC TR - A FLT 20580425 3.750% | US | 639,240.06 | $604,455.17 | |
| MFA TRUST -INV A- FLT 20561125 1.906% | US | 3,603,190.38 | $3,138,552.86 | |
| MORGAN STANLEY MTG TR - A- FLT 20510725 2.500% | US | 9,886,516.65 | $8,661,405.21 | |
| NAVIENT CORPORATION SR GLBL NT 20250625 6.750% | US | 1,800,000 | $1,808,676.00 | |
| NAVIENT PRIV ED LN TR -B A- FLT 20400716 6.368% | US | 1,013,533.61 | $1,015,847.10 | |
| NAVIENT PRIV ED LN TR -G A . 20690915 1.170% | US | 394,085.16 | $361,295.74 | |
| NAVIENT PRIVATE EDUCATION A-A . 20720315 6.480% | US | 519,865.18 | $533,884.49 | |
| NAVIENT PRIVATE EDUCATION A-B FLT 20720315 6.710% | US | 1,213,018.75 | $1,220,113.21 | |
| NAVIENT PVT ED LN TR -A A . 20700715 2.230% | US | 2,737,716.55 | $2,450,443.02 | |
| NAVIENT PVT ED RI LN TR -A A . 20690515 0.840% | US | 638,140.65 | $573,483.03 | |
| NAVIENT ST LN TR - A-B FLT 20690625 0.000% | US | 2,727,589.43 | $2,721,541.27 | |
| NAVIENT STUDENT LN - TR A-A . 20691226 1.310% | US | 3,505,499 | $3,060,866.77 | |
| NAVIENT STUDENT LN TR - A FLT 20661227 6.021% | US | 2,543,314.82 | $2,549,178.18 | |
| NAVIENT STUDENT LN TR - A- FLT 20310625 5.481% | US | 2,116,642 | $2,090,116.45 | |
| NEW FORTRESS ENERGY INC SR SEC GLBL 20250915 6.750% | US | 4,250,000 | $4,241,882.50 | |
| NEW FORTRESS ENERGY INC SR SEC GLBL 20290315 8.750% | US | 4,195,000 | $3,501,986.00 | |
| NEW RESI MTG LN TR - A- FLT 20550825 3.750% | US | 266,611.36 | $251,591.36 | |
| NEW RESI MTG LN TR - A- FLT 20571225 4.250% | US | 1,299,769.99 | $1,254,862.68 | |
| NEW RESI MTG LN TR - A-FXD FLT 20541125 3.750% | US | 191,827.86 | $180,781.63 | |
| NEW RSDNTL MTG LN TR -NQM A- FLT 20620325 3.079% | US | 7,969,325.25 | $7,358,676.50 | |
| NEWCASTLE COAL INFRASTRUCTURE SR SEC A NT 20270929 4.400% | US | 1,709,713.72 | $1,659,892.66 | |
| NORTH INVST GROUP | SE | 23,750,000 | $2,121,717.42 | |
| NUSTAR LOGISTICS L P SR NT . 20270428 5.625% | US | 927,000 | $919,797.21 | |
| NYMT LN TR -CP A- . 20610725 2.042% | US | 1,650,539.83 | $1,515,739.09 | |
| OBX TR -NQM A-A FLT 20620125 2.783% | US | 3,317,246.46 | $3,107,981.62 | |
| OBX TRUST -NQM A- . 20631125 5.928% | US | 3,449,014.88 | $3,461,885.57 | |
| OPEN INFRA US ASSETS AB (PUBL) 11.0 20270222 | US | 4,200,000 | $4,206,609.12 | |
| OXFORD FIN CR FD III -A LP A- . 20320114 6.675% | US | 2,700,000 | $2,710,003.50 | |
| OXFORD FIN FDG LLC - A- . 20280215 3.100% | US | 1,612,669.01 | $1,601,854.61 | |
| OXFORD FIN FDG LLC - B . 20280215 3.110% | US | 718,654.46 | $712,527.86 | |
| OXFORD FIN FDG TR - A- . 20310215 6.716% | US | 4,430,000 | $4,468,548.53 | |
| OXFORD FIN FDG TR LLC - A- . 20300215 3.602% | US | 4,012,654.96 | $3,832,212.29 | |
| OXFORD FINANCE LLC OXFORD FI SR A NT 20270201 6.375% | US | 4,500,000 | $4,432,815.00 | |
| PCG - LLC SR SEC GLBL 20290725 10.738% | US | 4,473,071.18 | $4,472,758.07 | |
| PEAR - LLC A . 20350716 0.000% | US | 2,698,501.27 | $2,707,032.85 | |
| PEAR LCC - A- . 20341015 7.250% | US | 2,053,182.73 | $2,077,844.74 | |
| PEAR LLC - A . 20360215 6.950% | US | 3,247,483.86 | $3,273,885.90 | |
| PEAR, LLC - A . 20340115 2.600% | US | 1,749,632.21 | $1,714,287.01 | |
| PELORUS FUND REIT LLC CR SEN SR GLBL 20260930 7.000% | US | 4,345,000 | $4,223,340.00 | |
| PHH ESCROW ISSUER LLC SR A NT 20291101 9.875% | US | 2,000,000 | $1,960,000.00 | |
| RCKT MRTG TR - A- FLT 20511225 2.500% | US | 4,659,951.51 | $4,071,166.17 | |
| ROCK TR -CNTR A . 20411115 0.000% | US | 4,250,000 | $4,232,303.43 | |
| RUN TR -NQM A- FLT 20670325 4.000% | US | 2,831,197.68 | $2,745,661.54 | |
| SALT TR - AA . 20330228 2.301% | US | 517,687.7 | $493,245.28 | |
| SBA TOWER TR - - . 20521115 6.599% | US | 6,110,000 | $6,243,092.91 | |
| SBA TOWER TRUST - C . 20500115 2.836% | US | 3,500,000 | $3,484,193.65 | |
| SBA TOWER TRUST - C . 20541015 4.831% | US | 3,630,000 | $3,521,383.50 | |
| SBA TOWER TRUST -- C . 20500715 1.884% | US | 2,750,000 | $2,648,259.35 | |
| SEQUOIA MTG TR - A FLT 20430225 1.874% | US | 101,933.24 | $85,126.13 | |
| SEQUOIA MTG TR - A- FLT 20430525 3.000% | US | 1,025,748.04 | $902,284.60 | |
| SEQUOIA MTG TR - A- FLT 20430625 3.000% | US | 104,175.95 | $91,367.65 | |
| SEQUOIA MTG TR - A- FLT 20430625 3.000% | US | 125,841.95 | $111,190.66 | |
| SLAM LTD - A . 20460615 2.434% | KY | 5,066,880 | $4,601,157.22 | |
| SLM CORP SR GLBL NT. 20251029 4.200% | US | 1,400,000 | $1,374,254.00 | |
| SLM STUDENT LOAN TR - A- FLT 20220725 7.095% | US | 2,108,724 | $2,113,330.72 | |
| SLM STUDENT LOAN TR - A- FLT 20260526 5.621% | US | 9,136,070.84 | $8,884,483.55 | |
| SLM STUDENT LOAN TR - A- FLT 20280925 5.921% | US | 5,887,345.19 | $5,805,995.03 | |
| SLM STUDENT LOAN TR - A- FLT 20830426 6.445% | US | 3,950,472.91 | $3,923,285.36 | |
| SLR GROUP GMBH FRN 10/2027 EUR1000 | DE | 2,500,000 | $2,655,309.91 | |
| SMB PRIVATE EDU LN TR -B A-A . 20370615 2.840% | US | 1,450,025.98 | $1,402,485.72 | |
| SMB PRIVATE EDU LN TR -D A-B FLT 20530715 6.110% | US | 5,095,131.55 | $5,107,351.71 | |
| SOUTHWEST AIRLS CO SR GLBL NT 20250504 5.250% | US | 3,000,000 | $3,002,550.00 | |
| STACK INFRASTRUCTURE - A- . 20460326 1.877% | US | 3,400,000 | $3,242,232.18 | |
| STARWOOD RTL PPTY TR -STAR A FLT 20271115 8.494% | US | 1,623,209.91 | $924,060.94 | |
| STORE MSTR FDG I-VII - A- . 20491120 2.820% | US | 2,360,627.38 | $2,245,025.33 | |
| SUTHERLAND COML MTG TF -SB A FLT 20410425 2.860% | US | 1,669,922.12 | $1,569,987.97 | |
| SWITCH ABS ISSUER LLC - A- . 20540625 5.436% | US | 4,000,000 | $3,988,018.40 | |
| TELFORD FINCO 11.0 20291106 | US | 4,200,000 | $4,158,000.00 | |
| TOWD PT MTG TR - A FLT 20580325 3.250% | US | 279,712.68 | $273,790.69 | |
| TOWD PT MTG TR -HY A FLT 20481026 5.969% | US | 774,153.67 | $785,397.09 | |
| TRICON AMERICN HM TR -SFR C . 20380719 2.249% | US | 2,500,000 | $2,377,050.00 | |
| TRICON RESIDENTIAL -SFR A . 20291117 4.300% | US | 3,000,000 | $3,000,000.00 | |
| TRINITY RAIL LEASE A . 20501017 1.960% | US | 1,536,647.73 | $1,418,147.14 | |
| TRINITYR RAIL LEAS - LLC A . 20510719 2.500% | US | 1,731,626.42 | $1,566,248.30 | |
| TRP LLC - A . 20510617 2.070% | US | 2,703,264.33 | $2,485,594.78 | |
| UNITED AIR PASS THRU TR - B . 20291101 3.500% | US | 2,747,774.2 | $2,598,332.93 | |
| UNITED AIRLS INC -B B . 20270901 4.600% | US | 2,563,905.56 | $2,520,296.35 | |
| UNITED STATES TREAS NTS . 20250515 2.125% | US | 25,982,000 | $25,661,901.76 | |
| UNITED STATES TREAS NTS . 20271115 2.250% | US | 17,928,000 | $16,967,955.60 | |
| UNITED STATES TREAS NTS . 20280215 2.750% | US | 51,925,000 | $49,700,013.75 | |
| UNITED STATES TREAS NTS . 20280515 2.875% | US | 51,494,000 | $49,337,946.22 | |
| UNITED STATES TREAS NTS . 20280815 2.875% | US | 4,542,000 | $4,338,155.04 | |
| UNITED STATES TREAS NTS . 20281115 3.125% | US | 21,089,000 | $20,278,338.84 | |
| UNITED STATES TREAS NTS . 20311115 1.375% | US | 25,015,000 | $20,690,156.65 | |
| UNITED STATES TREAS NTS TIPS . 20251015 0.125% | US | 13,476,525.52 | $13,227,883.62 | |
| UNITED STATES TREAS NTS TIPS . 20260415 0.125% | US | 13,631,344.94 | $13,240,670.59 | |
| UNITED STATES TREAS NTS TIPS . 20280115 0.500% | US | 13,711,546.52 | $13,150,058.69 | |
| US 2YR NOTE (CBT) Dec24 | US | 1,050 | $210.00 | |
| US 5YR NOTE (CBT) Dec24 | US | 320 | $0.03 | |
| US CLAIMS LITIGATION FDG LLC SR A NT 20280317 10.250% | US | 1,375,000 | $1,277,237.50 | |
| US DOLLARS | US | USD | 20,494,734.65 | $20,494,734.65 |
| USQ RAIL II LLC - A . 20510628 2.210% | US | 5,212,814.66 | $4,814,683.33 | |
| VANECK VECTORS ETF TR JP MORGAN MKTS | US | EMLC | 950,390 | $22,951,918.50 |
| VANTAGE DATA CENTER - LLC A- . 20450915 1.645% | US | 6,500,000 | $6,298,752.85 | |
| VAREL OIL GAS GTD 10/04/2028 USD125000 | US | 3,375,000 | $3,481,886.25 | |
| VERTICAL BRIDGE CC - A . 20500915 2.636% | US | 4,000,000 | $3,904,926.80 | |
| WELLS FARGO MTG SEC - A- FLT 20491225 3.000% | US | 2,202,728.91 | $1,882,006.07 | |
| WestJet Airlnes Term B | US | 4,975,000 | $4,943,906.25 | |
| WINWATER MTG LN TR - A- FLT 20450120 3.500% | US | 67,446.03 | $61,793.64 | |
| ZITON A/S FRN SNR SEC 06/2028 EUR1 | NO | 2,886,516 | $3,266,961.65 |
Investments will change over time.
Distributions
A Word About Risk
All investments involve risks, including possible loss of principal. There is an inverse relationship between bond prices and interest rates; as interest rates rise, bond prices (and therefore the value of bond funds) fall. Likewise, as interest rates fall, bond prices and the value of bond funds rise. Investments in higher-yielding, lower-rated securities involve additional risks, including a higher risk of default and loss of principal. Funds that invest in foreign countries may be subject to the risks of adverse changes in foreign economic, political, regulatory and other conditions as well as risks related to the use of different financial standards. Investments in emerging markets may be more volatile than investments in more developed markets. Investments in derivatives can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. Also, the use of leverage increases exposure to the market and may magnify potential losses.