If you follow what Jeff is saying he has reduced his position in MBS because of QE infinity from uncle Ben. Doing that has reduced the payout in the fund. You should probably join his weekly newsletter to have a better understanding of his investment strategy.
Because the spread between short term and long term rates continues to shrink because of the Fed buying mortgage backed securities. This is also hammering the REITS like NLY which have had to cut their dividends repeatedly, which has caused the stock prices of REITS to plunge. That's why I like DBLTX, the NAV has not gone down just slowed down. Hopefully with long term rates and the spread starting to increase, GUNDLACH will be able to start increasing the dividend in the near future.