Mutual Fund
Core Bond Series
Investment Objective
To provide long-term total return by investing primarily in fixed income securities.
Investment Strategy
Under normal circumstances, at least 80% of the Series’ assets will be invested in investment-grade bonds and other financial instruments with economic characteristics similar to bonds. Holdings will consist of U.S. dollar denominated securities. The Series is not subject to maturity or duration restrictions.
May be Appropriate for Investors
- Seeking an intermediate-term oriented, high quality bond component
- Looking to diversify a portfolio by adding an actively managed fixed income approach that is objectives-driven, not benchmark-driven
Daily Price
$8.45
Daily $ Change
-$0.03
Daily % Change
-0.36%
as of 06/07/2023
Ticker
EXCIX
CUSIP
56382R720
Inception Date
08/03/2015
Investment Minimum
$1,000,000.00
Investment minimum may be waived for certain qualified retirement plans and discretionary investment accounts of the Advisor.
Important Documents
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Applications & Forms | |
| Fact Sheet | |
| N-Port Part F Reports |
YTD
2.72%
1 Year
-1.82%
3 Year
-3.02%
5 Year
0.95%
10 Year
1.23%
Inception
(08/03/2015)
3.31%
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.
Based on the Core Bond Series Class S inception of 04/21/2005. For periods through 08/03/2015 (the inception date of the Class I shares), performance for the Class I shares is based on the historical performance of the Class S shares. Because the Class I 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 | 0.49% |
| Net | 0.45%* |
*Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated without the prior approval of the Fund's Board of Directors.
| TREASURY NOTES | 30.31% |
| GOVERNMENT AGENCY | 15.97% |
| TREASURY BONDS | 13.81% |
| TREASURY BILLS | 5.02% |
| TENCENT HOLDINGS 3.97500 04/11/2029 | 2.14% |
| SIMON PROPERTY GROUP LP 2.65000 02/01/2032 | 1.47% |
| WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 | 1.33% |
| JPMORGAN CHASE & CO 4.49300 03/24/2031 | 1.23% |
| ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 | 1.14% |
| AMAZON.COM INC 3.30000 04/13/2027 | 1.08% |
Top Ten Investments list is unaudited and excludes cash.
| Treasury | 48.81% | |
| Cash | 0.69% | |
| Corporate | 16.68% | |
| Mortgage | 32.67% | |
| Other | 1.15% |
| AAA | 70.43% | |
| AA | 1.68% | |
| A | 12.83% | |
| BBB | 6.14% | |
| NR | 8.92% |
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 for each issue are obtained from Bloomberg using ratings derived from Moody’s Investors Services (Moody’s) or Standard & Poor’s. When ratings from Moody’s are not available, ratings from Standard & Poor’s are used.
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 | IE | 1,970,000 | $1,707,905.29 | |
| ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 | KY | 1,310,000 | $1,076,038.57 | |
| ALIBABA GROUP HOLDING 4.00000 12/06/2037 | KY | 3,440,000 | $2,913,722.48 | |
| AMAZON.COM INC 3.30000 04/13/2027 | US | 3,520,000 | $3,394,629.92 | |
| ASHTEAD CAPITAL INC 4.00000 05/01/2028 | US | 1,800,000 | $1,667,845.10 | |
| BABS 2021-RM2 A 1.75000 10/25/2061 | US | 1,286,273.93 | $1,124,813.11 | |
| BANK OF AMERICA CORP 2.68700 04/22/2032 | US | 2,790,000 | $2,304,598.48 | |
| BJETS 2021-1A A 2.16200 04/15/2036 | US | 1,706,550.05 | $1,570,043.11 | |
| BNSF FUNDING TRUST I 6.61300 12/15/2055 | US | 1,570,000 | $1,508,764.93 | |
| CAFL 2020-3 A 1.35800 08/15/2053 | US | 692,192.87 | $629,510.86 | |
| CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 | US | 423,548.52 | $384,558.72 | |
| CENOVUS ENERGY INC 6.75000 11/15/2039 | CA | 1,696,000 | $1,775,455.85 | |
| CIM 2019-INV1 A1 4.00000 02/25/2049 | US | 18,319.14 | $17,761.03 | |
| CITIGROUP INC 1.46200 06/09/2027 | US | 2,670,000 | $2,380,149.93 | |
| CLARK CNTY NV 1.15000 11/01/2026 | US | 3,410,000 | $3,039,365.43 | |
| CMLTI 2021-INV1 2.50000 05/25/2051 | US | 857,376.64 | $691,367.25 | |
| COLO 2021-1A A2 MTGE 2.06000 02/27/2051 | US | 2,400,000 | $2,129,139.05 | |
| COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 | US | 1,180,000 | $1,108,071.90 | |
| CSMC 2013-6 2A1 3.50000 08/25/2043 | US | 178,062.73 | $157,623.42 | |
| CSMC 2013-IVR2 A2 3.00000 04/25/2043 | US | 186,174.29 | $165,255.49 | |
| CSMC 2013-IVR3 A1 2.50000 05/25/2043 | US | 54,317.27 | $46,650.02 | |
| CSMC 2013-TH1 A1 2.13000 02/25/2043 | US | 32,422.18 | $27,471.45 | |
| DREYFUS GVT CSH MANAGEMENT | US | 2,178,592.88 | $2,178,592.88 | |
| EDVES 2021-A A MTGE 1.80000 11/25/2045 | US | 1,031,587.83 | $902,835.46 | |
| ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 | US | 3,590,000 | $3,580,839.40 | |
| FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 | US | 57,118.19 | $60,379.64 | |
| FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 | US | 37,331.07 | $36,048.18 | |
| FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 | US | 445.65 | $442.45 | |
| FEDERAL NATL MTG ASSN AH3858 4.50000 08/01/2041 | US | 164,594.49 | $163,149.43 | |
| FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 | US | 46,901.49 | $45,289.71 | |
| FEDERAL NATL MTG ASSN AL8674 FLT 5.64500 01/01/2049 | US | 250,747.2 | $261,681.41 | |
| FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 | US | 137,404.28 | $136,157.45 | |
| FEDERAL NATL MTG ASSN AY8604 3.50000 04/01/2045 | US | 66,635.26 | $62,216.78 | |
| FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 | US | 27,985.7 | $26,024.68 | |
| FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 | US | 24,210.7 | $23,212.70 | |
| FEDERAL NATL MTG ASSN BD1191 3.50000 01/01/2047 | US | 174,107.49 | $161,907.40 | |
| FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 | US | 29,127.73 | $28,765.72 | |
| FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 | US | 353,726.4 | $340,671.97 | |
| FEDERAL NATL MTG ASSN FN AX1685 3.50000 11/01/2044 | US | 437,657.84 | $410,594.30 | |
| FEDERAL NATL MTG ASSN FN FM2232 4.00000 06/01/2048 | US | 100,216.81 | $95,964.48 | |
| FEDERAL NATL MTG ASSN FN FM2568 3.00000 05/01/2038 | US | 401,810.65 | $377,199.14 | |
| FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 | US | 2,686,850.04 | $2,497,881.30 | |
| FEDERAL NATL MTG ASSN FN MA3007 3.00000 04/01/2047 | US | 693,528.56 | $626,306.74 | |
| FEDERAL NATL MTG ASSN FN MA3463 4.00000 09/01/2033 | US | 95,047.6 | $92,706.28 | |
| FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 | US | 2,899,178.02 | $2,772,555.14 | |
| FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 | US | 372,943.45 | $354,071.41 | |
| FEDERAL NATL MTG ASSN FS2998 3.50000 04/01/2052 | US | 4,604,702.38 | $4,263,565.91 | |
| FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 | US | 28,117.8 | $27,943.45 | |
| FEDERAL NATL MTG ASSN MA2587 3.50000 04/01/2036 | US | 184,921.37 | $177,504.77 | |
| FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 | US | 3,011,965.77 | $2,763,007.79 | |
| FEDERAL NATL MTG ASSN MA4633 3.50000 06/01/2042 | US | 2,028,509.6 | $1,890,969.06 | |
| FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 | US | 2,944,795.1 | $2,780,016.03 | |
| FEDERAL NATL MTG ASSN MA5043 5.00000 06/01/2038 | US | 2,400,000 | $2,393,951.04 | |
| FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 | US | 2,840,891.99 | $2,537,531.77 | |
| FEDERAL NATL MTG ASSN SD8276 5.00000 12/01/2052 | US | 1,548,508.93 | $1,524,043.48 | |
| FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 | US | 2,681,441.63 | $2,366,347.60 | |
| FEDERAL NATL NTG ASSN MA3215 3.50000 12/01/2037 | US | 597,789.06 | $570,007.15 | |
| FHLM GOLD POOL FG G08786 4.50000 10/01/2047 | US | 71,414.16 | $70,377.66 | |
| FHLM POOL A92889 4.50000 07/01/2040 | US | 101,279.17 | $100,547.24 | |
| FHLM POOL C91746 4.50000 12/01/2033 | US | 34,765.25 | $34,592.10 | |
| FHLM POOL C91771 4.50000 06/01/2034 | US | 46,825.8 | $46,585.82 | |
| FHLM POOL C91780 4.50000 07/01/2034 | US | 50,716.88 | $50,528.65 | |
| FHLM POOL C91832 3.50000 06/01/2035 | US | 211,076.29 | $203,071.72 | |
| FHLM POOL D98711 4.50000 07/01/2031 | US | 45,717.16 | $45,599.36 | |
| FHLM POOL FG Q47544 4.00000 03/01/2047 | US | 237,700.61 | $228,947.83 | |
| FHLM POOL G05900 6.00000 03/01/2040 | US | 18,453.52 | $19,528.42 | |
| FHLM POOL G08268 5.00000 05/01/2038 | US | 266,312.05 | $271,488.66 | |
| FHLM POOL G60071 4.50000 07/01/2042 | US | 105,534.74 | $104,768.40 | |
| FHLM POOL G60513 5.00000 07/01/2041 | US | 269,937.78 | $274,877.80 | |
| FHLM POOL G60855 4.50000 12/01/2045 | US | 96,837.42 | $96,061.37 | |
| FHLM POOL Q17513 3.50000 04/01/2043 | US | 62,801.7 | $59,023.51 | |
| FHLM POOL Q37857 4.00000 12/01/2045 | US | 236,665.92 | $228,430.13 | |
| FHLM POOL Q38388 4.00000 01/01/2046 | US | 223,284.32 | $215,514.20 | |
| FHLM POOL Q47130 4.50000 04/01/2047 | US | 25,241.82 | $24,873.67 | |
| FHLM POOL Q93451 4.50000 08/01/2040 | US | 298,246.44 | $296,080.72 | |
| FHLM POOL SD8230 4.50000 06/01/2052 | US | 1,620,919.37 | $1,567,018.06 | |
| FHR 5189 CP 2.50000 06/25/2049 | US | 1,402,460.2 | $1,214,856.79 | |
| FLX 2021-1A A2 3.25000 11/27/2051 | US | 2,825,000 | $2,502,950.00 | |
| FN DS2696 3.00000 12/01/2051 | US | 2,631,670.88 | $2,350,442.48 | |
| FN MA4733 4.50000 09/01/2052 | US | 2,540,405.98 | $2,455,935.19 | |
| FN MA4807 MTGE 5.50000 11/01/2052 | US | 4,801,912.24 | $4,796,611.89 | |
| FNR 2018-13 PA MTGE 3.00000 03/25/2048 | US | 1,690,749.82 | $1,504,456.29 | |
| FNR 2018-31 KP 3.50000 07/25/2047 | US | 14,626.5 | $14,139.43 | |
| FNR 2021-69 WJ 1.50000 10/25/2050 | US | 1,215,263.96 | $1,021,803.85 | |
| FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 | US | 1,050,000 | $996,673.89 | |
| FR SD1129 4.00000 08/01/2051 | US | 2,429,144.37 | $2,320,795.59 | |
| FREDDIE MAC POOL RB5188 4.00000 10/01/2042 | US | 3,536,591.19 | $3,382,181.99 | |
| GNR 2017-54 AH MTGE 2.60000 12/16/2056 | US | 72,774.18 | $66,684.07 | |
| GOODG 2020-1A MTGE 2.63000 04/15/2055 | US | 1,470,068.97 | $1,238,147.66 | |
| GSMBS 2020-PJ3 A14 3.00000 10/25/2050 | US | 517,544.89 | $442,835.18 | |
| GSMBS 2021-INV1 A9 5.00000 12/25/2051 | US | 1,636,869.85 | $1,514,420.69 | |
| GSMBS 2021-PJ6 A8 2.50000 11/25/2051 | US | 1,252,251.3 | $1,079,903.77 | |
| GSMBS 2021-PJ9 A8 2.50000 02/26/2052 | US | 1,253,864.7 | $1,080,780.31 | |
| HAWAII ST 2.68200 10/01/2038 | US | 95,000 | $72,120.31 | |
| HOTWIRE FUNDING LLC 5.68700 05/20/2053 | US | 1,600,000 | $1,591,202.56 | |
| IMPRL 2021-NQM3 1.59500 11/25/2056 | US | 1,484,883.3 | $1,246,074.21 | |
| JPMMT 2014-2 1A1 3.00000 06/25/2029 | US | 38,192.7 | $36,099.15 | |
| JPMMT 2017-6 A3 3.50000 12/25/2048 | US | 18,687.12 | $16,900.94 | |
| JPMORGAN CHASE & CO 4.49300 03/24/2031 | US | 4,000,000 | $3,861,187.40 | |
| NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 | AU | 1,810,000 | $1,628,317.01 | |
| NRZT 2014-1A A 3.75000 01/25/2054 | US | 104,642.44 | $98,389.68 | |
| NRZT 2014-3A AFX3 3.75000 11/25/2054 | US | 48,696.05 | $44,531.34 | |
| NRZT 2015-2A A1 3.75000 08/25/2055 | US | 93,950.85 | $87,745.23 | |
| NRZT 2016-4A A1 3.75000 11/25/2056 | US | 86,298.72 | $79,392.73 | |
| OASIS 2022-2A A 6.85000 10/15/2034 | US | 1,043,824.4 | $1,036,586.73 | |
| OASIS 2023-1A 7.00000 02/15/2035 | US | 1,087,636.34 | $1,079,129.28 | |
| OBX 2022-INV1 A1 3.00000 12/25/2051 | US | 1,361,105.38 | $1,143,722.70 | |
| OXFIN 2019-1A A2 4.45900 02/15/2027 | US | 259,306.24 | $257,261.07 | |
| OXFIN 2020-1A A2 3.10100 02/15/2028 | US | 668,843.7 | $662,503.06 | |
| OXFIN 2022-1A 3.60200 02/15/2030 | US | 2,650,000 | $2,434,463.31 | |
| OXFIN 2023-1A A2 6.71600 02/15/2031 | US | 2,600,000 | $2,579,732.74 | |
| PEAR 2021-1 A MTGE 2.60000 01/15/2034 | US | 2,294,117.92 | $2,165,827.18 | |
| PEAR 2022-1 A1 6.50000 10/15/2034 | US | 602,101.33 | $601,144.35 | |
| PEPSICO INC 3.90000 07/18/2032 | US | 3,110,000 | $3,003,634.58 | |
| PFMT 2021 -INV1 A1 2.50000 08/25/2051 | US | 2,533,493.46 | $2,044,177.57 | |
| PFMT 2021-2 A2A 2.00000 04/25/2051 | US | 1,618,377.57 | $1,376,285.60 | |
| PMTLT 2013-J1 a9 3.50000 09/25/2043 | US | 166,073.08 | $150,224.32 | |
| QUALCOMM 5.40000 05/20/2033 | US | 2,920,000 | $3,053,413.69 | |
| RCKT 2021-6 A1 2.50000 12/25/2051 | US | 1,627,292.94 | $1,313,066.74 | |
| SBA TOWER TRUST 6.59900 01/15/2028 | US | 2,325,000 | $2,405,973.24 | |
| SCML 2019-SBC8 2.86000 04/25/2041 | US | 485,071.22 | $447,160.72 | |
| SEMT 2013-4 A1 2.32500 04/25/2043 | US | 1,485,907.72 | $1,280,884.19 | |
| SEMT 2013-6 A2 3.00000 05/25/2043 | US | 441,941.23 | $380,591.01 | |
| SEMT 2013-7 A2 3.00000 06/25/2043 | US | 32,409.51 | $28,653.56 | |
| SEMT 2013-8 A1 3.00000 06/25/2043 | US | 83,029.87 | $73,732.89 | |
| SIMON PROPERTY GROUP LP 2.65000 02/01/2032 | US | 5,680,000 | $4,615,201.24 | |
| SOFI 2020-C AFX 1.95000 02/15/2046 | US | 384,381.11 | $347,002.30 | |
| SORT 2020-1 A2 1.99000 07/15/2060 | US | 1,167,604.49 | $981,556.17 | |
| SORT 2020-1 B1 2.28000 07/15/2060 | US | 1,484,095.8 | $1,332,844.32 | |
| SORT 2021-1A B1 MTGE 1.98000 03/15/2061 | US | 1,658,707.7 | $1,414,575.95 | |
| SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 | US | 600,000 | $520,106.83 | |
| TAH 2020-SFR1 B MTGE 2.04900 07/17/2038 | US | 1,300,000 | $1,158,878.31 | |
| TENCENT HOLDINGS 3.97500 04/11/2029 | KY | 7,120,000 | $6,709,425.70 | |
| TPMT 2016-5 A1 2.50000 10/25/2056 | US | 38,906.36 | $38,218.18 | |
| TPMT 2017-1 A1 2.75000 10/25/2056 | US | 29,144.09 | $28,657.57 | |
| TPMT 2019-HY1 A1 6.13800 10/25/2048 | US | 97,006.28 | $96,142.28 | |
| TREASURY BILL 0.00000 05/16/2024 | US | 16,550,000 | $15,757,200.55 | |
| TREASURY BOND 2.37500 02/15/2042 | US | 25,560,000 | $19,964,756.25 | |
| TREASURY NOTE 2.25000 11/15/2027 | US | 17,145,000 | $16,037,272.35 | |
| UNITED STATES TREAS NTS 2.25000 11/15/2024 | US | 3,070,000 | $2,961,110.94 | |
| US TEASURY NOTE 1.75000 11/15/2029 | US | 23,255,000 | $20,727,835.66 | |
| US TREASURY N/B 0.87500 11/15/2030 | US | 5,825,000 | $4,791,062.50 | |
| US TREASURY N/B 1.37500 11/15/2031 | US | 22,730,000 | $19,000,859.38 | |
| US TREASURY N/B 2.00000 11/15/2026 | US | 16,688,000 | $15,633,266.33 | |
| US TREASURY N/B 3.00000 05/15/2047 | US | 24,172,000 | $20,391,348.13 | |
| US TREASURY N/B 3.12500 11/15/2028 | US | 16,535,000 | $15,998,904.38 | |
| US TREASURY N/B 3.62500 02/15/2053 | US | 3,140,000 | $3,007,040.63 | |
| VBTOW 2020-2A A 2.63600 09/15/2050 | US | 2,250,000 | $2,067,459.53 | |
| VISTRA OPERATIONS 4.87500 05/13/2024 | US | 2,630,000 | $2,592,325.28 | |
| VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 | US | 810,000 | $783,502.59 | |
| WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 | US | 4,560,000 | $4,166,631.65 | |
| WIN 2015-1 A1 3.50000 01/20/2045 | US | 14,174.83 | $12,924.80 | |
| WIN 2015-2 A11 3.50000 02/20/2045 | US | 434,382.26 | $393,696.31 |
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 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
$8.45
Daily $ Change
-$0.03
Daily % Change
-$0.36
as of 06/07/2023
Ticker
EXCIX
CUSIP
56382R720
Inception Date
08/03/2015
Investment Minimum
$1,000,000.00
Investment minimum may be waived for certain qualified retirement plans and discretionary investment accounts of the Advisor.
Important Documents
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Applications & Forms | |
| Fact Sheet | |
| N-Port Part F Reports |
Investment Objective
To provide long-term total return by investing primarily in fixed income securities.
Investment Strategy
Under normal circumstances, at least 80% of the Series’ assets will be invested in investment-grade bonds and other financial instruments with economic characteristics similar to bonds. Holdings will consist of U.S. dollar denominated securities. The Series is not subject to maturity or duration restrictions.
May be Appropriate for Investors
- Seeking an intermediate-term oriented, high quality bond component
- Looking to diversify a portfolio by adding an actively managed fixed income approach that is objectives-driven, not benchmark-driven
YTD
2.72%
1 Year
-1.82%
3 Year
-3.02%
5 Year
0.95%
10 Year
1.23%
Inception
(08/03/2015)
3.31%
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.
Based on the Core Bond Series Class S inception of 04/21/2005. For periods through 08/03/2015 (the inception date of the Class I shares), performance for the Class I shares is based on the historical performance of the Class S shares. Because the Class I 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 | 0.49% |
| Net | 0.45%* |
*Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated without the prior approval of the Fund's Board of Directors.
| TREASURY NOTES | 30.31% |
| GOVERNMENT AGENCY | 15.97% |
| TREASURY BONDS | 13.81% |
| TREASURY BILLS | 5.02% |
| TENCENT HOLDINGS 3.97500 04/11/2029 | 2.14% |
| SIMON PROPERTY GROUP LP 2.65000 02/01/2032 | 1.47% |
| WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 | 1.33% |
| JPMORGAN CHASE & CO 4.49300 03/24/2031 | 1.23% |
| ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 | 1.14% |
| AMAZON.COM INC 3.30000 04/13/2027 | 1.08% |
Top Ten Investments list is unaudited and excludes cash.
| Treasury | 48.81% | |
| Cash | 0.69% | |
| Corporate | 16.68% | |
| Mortgage | 32.67% | |
| Other | 1.15% |
| AAA | 70.43% | |
| AA | 1.68% | |
| A | 12.83% | |
| BBB | 6.14% | |
| NR | 8.92% |
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 for each issue are obtained from Bloomberg using ratings derived from Moody’s Investors Services (Moody’s) or Standard & Poor’s. When ratings from Moody’s are not available, ratings from Standard & Poor’s are used.
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 | IE | 1,970,000 | $1,707,905.29 | |
| ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 | KY | 1,310,000 | $1,076,038.57 | |
| ALIBABA GROUP HOLDING 4.00000 12/06/2037 | KY | 3,440,000 | $2,913,722.48 | |
| AMAZON.COM INC 3.30000 04/13/2027 | US | 3,520,000 | $3,394,629.92 | |
| ASHTEAD CAPITAL INC 4.00000 05/01/2028 | US | 1,800,000 | $1,667,845.10 | |
| BABS 2021-RM2 A 1.75000 10/25/2061 | US | 1,286,273.93 | $1,124,813.11 | |
| BANK OF AMERICA CORP 2.68700 04/22/2032 | US | 2,790,000 | $2,304,598.48 | |
| BJETS 2021-1A A 2.16200 04/15/2036 | US | 1,706,550.05 | $1,570,043.11 | |
| BNSF FUNDING TRUST I 6.61300 12/15/2055 | US | 1,570,000 | $1,508,764.93 | |
| CAFL 2020-3 A 1.35800 08/15/2053 | US | 692,192.87 | $629,510.86 | |
| CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 | US | 423,548.52 | $384,558.72 | |
| CENOVUS ENERGY INC 6.75000 11/15/2039 | CA | 1,696,000 | $1,775,455.85 | |
| CIM 2019-INV1 A1 4.00000 02/25/2049 | US | 18,319.14 | $17,761.03 | |
| CITIGROUP INC 1.46200 06/09/2027 | US | 2,670,000 | $2,380,149.93 | |
| CLARK CNTY NV 1.15000 11/01/2026 | US | 3,410,000 | $3,039,365.43 | |
| CMLTI 2021-INV1 2.50000 05/25/2051 | US | 857,376.64 | $691,367.25 | |
| COLO 2021-1A A2 MTGE 2.06000 02/27/2051 | US | 2,400,000 | $2,129,139.05 | |
| COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 | US | 1,180,000 | $1,108,071.90 | |
| CSMC 2013-6 2A1 3.50000 08/25/2043 | US | 178,062.73 | $157,623.42 | |
| CSMC 2013-IVR2 A2 3.00000 04/25/2043 | US | 186,174.29 | $165,255.49 | |
| CSMC 2013-IVR3 A1 2.50000 05/25/2043 | US | 54,317.27 | $46,650.02 | |
| CSMC 2013-TH1 A1 2.13000 02/25/2043 | US | 32,422.18 | $27,471.45 | |
| DREYFUS GVT CSH MANAGEMENT | US | 2,178,592.88 | $2,178,592.88 | |
| EDVES 2021-A A MTGE 1.80000 11/25/2045 | US | 1,031,587.83 | $902,835.46 | |
| ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 | US | 3,590,000 | $3,580,839.40 | |
| FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 | US | 57,118.19 | $60,379.64 | |
| FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 | US | 37,331.07 | $36,048.18 | |
| FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 | US | 445.65 | $442.45 | |
| FEDERAL NATL MTG ASSN AH3858 4.50000 08/01/2041 | US | 164,594.49 | $163,149.43 | |
| FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 | US | 46,901.49 | $45,289.71 | |
| FEDERAL NATL MTG ASSN AL8674 FLT 5.64500 01/01/2049 | US | 250,747.2 | $261,681.41 | |
| FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 | US | 137,404.28 | $136,157.45 | |
| FEDERAL NATL MTG ASSN AY8604 3.50000 04/01/2045 | US | 66,635.26 | $62,216.78 | |
| FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 | US | 27,985.7 | $26,024.68 | |
| FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 | US | 24,210.7 | $23,212.70 | |
| FEDERAL NATL MTG ASSN BD1191 3.50000 01/01/2047 | US | 174,107.49 | $161,907.40 | |
| FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 | US | 29,127.73 | $28,765.72 | |
| FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 | US | 353,726.4 | $340,671.97 | |
| FEDERAL NATL MTG ASSN FN AX1685 3.50000 11/01/2044 | US | 437,657.84 | $410,594.30 | |
| FEDERAL NATL MTG ASSN FN FM2232 4.00000 06/01/2048 | US | 100,216.81 | $95,964.48 | |
| FEDERAL NATL MTG ASSN FN FM2568 3.00000 05/01/2038 | US | 401,810.65 | $377,199.14 | |
| FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 | US | 2,686,850.04 | $2,497,881.30 | |
| FEDERAL NATL MTG ASSN FN MA3007 3.00000 04/01/2047 | US | 693,528.56 | $626,306.74 | |
| FEDERAL NATL MTG ASSN FN MA3463 4.00000 09/01/2033 | US | 95,047.6 | $92,706.28 | |
| FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 | US | 2,899,178.02 | $2,772,555.14 | |
| FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 | US | 372,943.45 | $354,071.41 | |
| FEDERAL NATL MTG ASSN FS2998 3.50000 04/01/2052 | US | 4,604,702.38 | $4,263,565.91 | |
| FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 | US | 28,117.8 | $27,943.45 | |
| FEDERAL NATL MTG ASSN MA2587 3.50000 04/01/2036 | US | 184,921.37 | $177,504.77 | |
| FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 | US | 3,011,965.77 | $2,763,007.79 | |
| FEDERAL NATL MTG ASSN MA4633 3.50000 06/01/2042 | US | 2,028,509.6 | $1,890,969.06 | |
| FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 | US | 2,944,795.1 | $2,780,016.03 | |
| FEDERAL NATL MTG ASSN MA5043 5.00000 06/01/2038 | US | 2,400,000 | $2,393,951.04 | |
| FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 | US | 2,840,891.99 | $2,537,531.77 | |
| FEDERAL NATL MTG ASSN SD8276 5.00000 12/01/2052 | US | 1,548,508.93 | $1,524,043.48 | |
| FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 | US | 2,681,441.63 | $2,366,347.60 | |
| FEDERAL NATL NTG ASSN MA3215 3.50000 12/01/2037 | US | 597,789.06 | $570,007.15 | |
| FHLM GOLD POOL FG G08786 4.50000 10/01/2047 | US | 71,414.16 | $70,377.66 | |
| FHLM POOL A92889 4.50000 07/01/2040 | US | 101,279.17 | $100,547.24 | |
| FHLM POOL C91746 4.50000 12/01/2033 | US | 34,765.25 | $34,592.10 | |
| FHLM POOL C91771 4.50000 06/01/2034 | US | 46,825.8 | $46,585.82 | |
| FHLM POOL C91780 4.50000 07/01/2034 | US | 50,716.88 | $50,528.65 | |
| FHLM POOL C91832 3.50000 06/01/2035 | US | 211,076.29 | $203,071.72 | |
| FHLM POOL D98711 4.50000 07/01/2031 | US | 45,717.16 | $45,599.36 | |
| FHLM POOL FG Q47544 4.00000 03/01/2047 | US | 237,700.61 | $228,947.83 | |
| FHLM POOL G05900 6.00000 03/01/2040 | US | 18,453.52 | $19,528.42 | |
| FHLM POOL G08268 5.00000 05/01/2038 | US | 266,312.05 | $271,488.66 | |
| FHLM POOL G60071 4.50000 07/01/2042 | US | 105,534.74 | $104,768.40 | |
| FHLM POOL G60513 5.00000 07/01/2041 | US | 269,937.78 | $274,877.80 | |
| FHLM POOL G60855 4.50000 12/01/2045 | US | 96,837.42 | $96,061.37 | |
| FHLM POOL Q17513 3.50000 04/01/2043 | US | 62,801.7 | $59,023.51 | |
| FHLM POOL Q37857 4.00000 12/01/2045 | US | 236,665.92 | $228,430.13 | |
| FHLM POOL Q38388 4.00000 01/01/2046 | US | 223,284.32 | $215,514.20 | |
| FHLM POOL Q47130 4.50000 04/01/2047 | US | 25,241.82 | $24,873.67 | |
| FHLM POOL Q93451 4.50000 08/01/2040 | US | 298,246.44 | $296,080.72 | |
| FHLM POOL SD8230 4.50000 06/01/2052 | US | 1,620,919.37 | $1,567,018.06 | |
| FHR 5189 CP 2.50000 06/25/2049 | US | 1,402,460.2 | $1,214,856.79 | |
| FLX 2021-1A A2 3.25000 11/27/2051 | US | 2,825,000 | $2,502,950.00 | |
| FN DS2696 3.00000 12/01/2051 | US | 2,631,670.88 | $2,350,442.48 | |
| FN MA4733 4.50000 09/01/2052 | US | 2,540,405.98 | $2,455,935.19 | |
| FN MA4807 MTGE 5.50000 11/01/2052 | US | 4,801,912.24 | $4,796,611.89 | |
| FNR 2018-13 PA MTGE 3.00000 03/25/2048 | US | 1,690,749.82 | $1,504,456.29 | |
| FNR 2018-31 KP 3.50000 07/25/2047 | US | 14,626.5 | $14,139.43 | |
| FNR 2021-69 WJ 1.50000 10/25/2050 | US | 1,215,263.96 | $1,021,803.85 | |
| FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 | US | 1,050,000 | $996,673.89 | |
| FR SD1129 4.00000 08/01/2051 | US | 2,429,144.37 | $2,320,795.59 | |
| FREDDIE MAC POOL RB5188 4.00000 10/01/2042 | US | 3,536,591.19 | $3,382,181.99 | |
| GNR 2017-54 AH MTGE 2.60000 12/16/2056 | US | 72,774.18 | $66,684.07 | |
| GOODG 2020-1A MTGE 2.63000 04/15/2055 | US | 1,470,068.97 | $1,238,147.66 | |
| GSMBS 2020-PJ3 A14 3.00000 10/25/2050 | US | 517,544.89 | $442,835.18 | |
| GSMBS 2021-INV1 A9 5.00000 12/25/2051 | US | 1,636,869.85 | $1,514,420.69 | |
| GSMBS 2021-PJ6 A8 2.50000 11/25/2051 | US | 1,252,251.3 | $1,079,903.77 | |
| GSMBS 2021-PJ9 A8 2.50000 02/26/2052 | US | 1,253,864.7 | $1,080,780.31 | |
| HAWAII ST 2.68200 10/01/2038 | US | 95,000 | $72,120.31 | |
| HOTWIRE FUNDING LLC 5.68700 05/20/2053 | US | 1,600,000 | $1,591,202.56 | |
| IMPRL 2021-NQM3 1.59500 11/25/2056 | US | 1,484,883.3 | $1,246,074.21 | |
| JPMMT 2014-2 1A1 3.00000 06/25/2029 | US | 38,192.7 | $36,099.15 | |
| JPMMT 2017-6 A3 3.50000 12/25/2048 | US | 18,687.12 | $16,900.94 | |
| JPMORGAN CHASE & CO 4.49300 03/24/2031 | US | 4,000,000 | $3,861,187.40 | |
| NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 | AU | 1,810,000 | $1,628,317.01 | |
| NRZT 2014-1A A 3.75000 01/25/2054 | US | 104,642.44 | $98,389.68 | |
| NRZT 2014-3A AFX3 3.75000 11/25/2054 | US | 48,696.05 | $44,531.34 | |
| NRZT 2015-2A A1 3.75000 08/25/2055 | US | 93,950.85 | $87,745.23 | |
| NRZT 2016-4A A1 3.75000 11/25/2056 | US | 86,298.72 | $79,392.73 | |
| OASIS 2022-2A A 6.85000 10/15/2034 | US | 1,043,824.4 | $1,036,586.73 | |
| OASIS 2023-1A 7.00000 02/15/2035 | US | 1,087,636.34 | $1,079,129.28 | |
| OBX 2022-INV1 A1 3.00000 12/25/2051 | US | 1,361,105.38 | $1,143,722.70 | |
| OXFIN 2019-1A A2 4.45900 02/15/2027 | US | 259,306.24 | $257,261.07 | |
| OXFIN 2020-1A A2 3.10100 02/15/2028 | US | 668,843.7 | $662,503.06 | |
| OXFIN 2022-1A 3.60200 02/15/2030 | US | 2,650,000 | $2,434,463.31 | |
| OXFIN 2023-1A A2 6.71600 02/15/2031 | US | 2,600,000 | $2,579,732.74 | |
| PEAR 2021-1 A MTGE 2.60000 01/15/2034 | US | 2,294,117.92 | $2,165,827.18 | |
| PEAR 2022-1 A1 6.50000 10/15/2034 | US | 602,101.33 | $601,144.35 | |
| PEPSICO INC 3.90000 07/18/2032 | US | 3,110,000 | $3,003,634.58 | |
| PFMT 2021 -INV1 A1 2.50000 08/25/2051 | US | 2,533,493.46 | $2,044,177.57 | |
| PFMT 2021-2 A2A 2.00000 04/25/2051 | US | 1,618,377.57 | $1,376,285.60 | |
| PMTLT 2013-J1 a9 3.50000 09/25/2043 | US | 166,073.08 | $150,224.32 | |
| QUALCOMM 5.40000 05/20/2033 | US | 2,920,000 | $3,053,413.69 | |
| RCKT 2021-6 A1 2.50000 12/25/2051 | US | 1,627,292.94 | $1,313,066.74 | |
| SBA TOWER TRUST 6.59900 01/15/2028 | US | 2,325,000 | $2,405,973.24 | |
| SCML 2019-SBC8 2.86000 04/25/2041 | US | 485,071.22 | $447,160.72 | |
| SEMT 2013-4 A1 2.32500 04/25/2043 | US | 1,485,907.72 | $1,280,884.19 | |
| SEMT 2013-6 A2 3.00000 05/25/2043 | US | 441,941.23 | $380,591.01 | |
| SEMT 2013-7 A2 3.00000 06/25/2043 | US | 32,409.51 | $28,653.56 | |
| SEMT 2013-8 A1 3.00000 06/25/2043 | US | 83,029.87 | $73,732.89 | |
| SIMON PROPERTY GROUP LP 2.65000 02/01/2032 | US | 5,680,000 | $4,615,201.24 | |
| SOFI 2020-C AFX 1.95000 02/15/2046 | US | 384,381.11 | $347,002.30 | |
| SORT 2020-1 A2 1.99000 07/15/2060 | US | 1,167,604.49 | $981,556.17 | |
| SORT 2020-1 B1 2.28000 07/15/2060 | US | 1,484,095.8 | $1,332,844.32 | |
| SORT 2021-1A B1 MTGE 1.98000 03/15/2061 | US | 1,658,707.7 | $1,414,575.95 | |
| SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 | US | 600,000 | $520,106.83 | |
| TAH 2020-SFR1 B MTGE 2.04900 07/17/2038 | US | 1,300,000 | $1,158,878.31 | |
| TENCENT HOLDINGS 3.97500 04/11/2029 | KY | 7,120,000 | $6,709,425.70 | |
| TPMT 2016-5 A1 2.50000 10/25/2056 | US | 38,906.36 | $38,218.18 | |
| TPMT 2017-1 A1 2.75000 10/25/2056 | US | 29,144.09 | $28,657.57 | |
| TPMT 2019-HY1 A1 6.13800 10/25/2048 | US | 97,006.28 | $96,142.28 | |
| TREASURY BILL 0.00000 05/16/2024 | US | 16,550,000 | $15,757,200.55 | |
| TREASURY BOND 2.37500 02/15/2042 | US | 25,560,000 | $19,964,756.25 | |
| TREASURY NOTE 2.25000 11/15/2027 | US | 17,145,000 | $16,037,272.35 | |
| UNITED STATES TREAS NTS 2.25000 11/15/2024 | US | 3,070,000 | $2,961,110.94 | |
| US TEASURY NOTE 1.75000 11/15/2029 | US | 23,255,000 | $20,727,835.66 | |
| US TREASURY N/B 0.87500 11/15/2030 | US | 5,825,000 | $4,791,062.50 | |
| US TREASURY N/B 1.37500 11/15/2031 | US | 22,730,000 | $19,000,859.38 | |
| US TREASURY N/B 2.00000 11/15/2026 | US | 16,688,000 | $15,633,266.33 | |
| US TREASURY N/B 3.00000 05/15/2047 | US | 24,172,000 | $20,391,348.13 | |
| US TREASURY N/B 3.12500 11/15/2028 | US | 16,535,000 | $15,998,904.38 | |
| US TREASURY N/B 3.62500 02/15/2053 | US | 3,140,000 | $3,007,040.63 | |
| VBTOW 2020-2A A 2.63600 09/15/2050 | US | 2,250,000 | $2,067,459.53 | |
| VISTRA OPERATIONS 4.87500 05/13/2024 | US | 2,630,000 | $2,592,325.28 | |
| VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 | US | 810,000 | $783,502.59 | |
| WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 | US | 4,560,000 | $4,166,631.65 | |
| WIN 2015-1 A1 3.50000 01/20/2045 | US | 14,174.83 | $12,924.80 | |
| WIN 2015-2 A11 3.50000 02/20/2045 | US | 434,382.26 | $393,696.31 |
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 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.