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

$10.08

Daily $ Change

-$0.06

Daily % Change

-0.60%

as of 09/13/2019

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
Fact Sheet
Applications & Forms

Performance

As of 08/31/2019

YTD

9.06%

1 Year

9.64%

3 Year

3.13%

5 Year

2.88%

10 Year

4.36%

Inception
(04/21/2005)

4.56%

Market Cycle

---

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. 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 0.43%

Top Ten Investments

As of 08/31/2019

TREASURY NOTES 23.40%
GOVERNMENT AGENCY 19.99%
TREASURY BONDS 13.94%
TSY INFL IX N/B 0.50000 04/15/2024 2.44%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 2.40%
VERIZON COMMUNICATIONS 5.50000 03/16/2047 1.51%
BOOKING HOLDINGS INC 3.60000 06/01/2026 1.32%
BANK OF AMERICA CORP 4.00000 01/22/2025 1.30%
SABINE PASS LIQUEFACTION 5.87500 06/30/2026 1.28%
MORGAN STANLEY FLT 3.40700 05/08/2024 1.20%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 08/31/2019

Treasury 43.05%
Government 0.89%
Cash 0.20%
Corporate 20.07%
Mortgage 35.79%

Credit Quality Distribution

As of 08/31/2019

AAA 74.75%
AA 2.84%
A 4.02%
BBB 15.74%
NR 2.65%

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.

August Fund Holdings

As of 08/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 1,820,000 $2,002,511.20
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 1,810,000 $1,941,109.30
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 17,344.52 $17,524.09
05582QAD9 BMWOT 2016-A A3 1.16000 11/25/2020 US 59,498.65 $59,431.10
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 400,000 $416,429.92
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 2,750,000 $2,937,811.00
12510GAB8 CCG 2019-1 A2 2.80000 09/14/2026 US 1,940,000 $1,960,430.33
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 306,568.98 $316,307.82
12592TAA3 COMM 2015-3BP A FLT 3.17800 02/10/2035 US 400,000 $422,434.44
12596JAA1 CNH 2019-A A1 2.75334 02/28/2020 US 349,708.22 $349,852.30
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 230,108.64 $228,107.29
12647MBY0 CSMC 2013-6 2A1 3.50000 08/25/2043 US 734,713.42 $747,336.90
12770QAA3 CZR 2017-VICI A 3.53100 10/15/2034 US 570,000 $595,676.33
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 6,172.19 $6,164.74
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 297,549.48 $299,676.87
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 689,227.24 $688,306.50
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 280,636.69 $280,574.28
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 960,000 $1,604,317.67
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 132,458.97 $132,488.38
22534BAA2 CAALT 2018-1A A MTGE 3.01000 02/16/2027 US 900,000 $906,302.25
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 870,000 $879,313.86
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 162,439.08 $159,190.46
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 1,870,000 $2,115,195.69
262006208 DREYFUS GVT CSH MANAGEMENT US 455,348.09 $455,348.09
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 1,330,000 $1,615,481.29
29372EBS6 EFF 2016-2 A2 1.74000 02/22/2022 US 4,486.11 $4,483.95
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 2,000,000 $2,013,284.68
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 16,364.78 $16,327.87
30262SAR9 FREMF 2015-K42 B FLT 3.98244 12/25/2024 US 380,000 $399,543.36
30263HAL5 FREMF 2011-K15 B FLT 5.11574 08/25/2044 US 170,000 $178,062.76
30286XAN9 FREMF 2015-K43 B FLT 3.86165 02/25/2048 US 400,000 $423,634.60
30291EAE4 FREMF 2013-K712 B FLT 3.40789 05/25/2045 US 360,000 $359,702.60
30291XAE2 FREMF 2014-K715 B FLT 4.11226 02/25/2046 US 465,000 $474,445.36
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 113,620.57 $121,869.50
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 38,493.89 $43,593.90
3128M7FQ4 FHLM POOL G05275 5.50000 02/01/2039 US 231,437.46 $260,451.52
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 84,463.66 $95,473.07
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 8,023.32 $8,224.51
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 5,499.76 $5,652.65
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 4,708 $4,873.94
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 7,921.92 $8,185.39
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 335,847.41 $356,775.17
3128MJJN1 FHLM POOL G08268 5.00000 05/01/2038 US 682,733.26 $760,038.16
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 100,455.84 $107,750.90
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 118,966.53 $127,473.81
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 126,976.97 $136,183.56
3128P8A92 FHLM POOL C91832 3.50000 06/01/2035 US 614,382.46 $640,729.72
312941F69 FHLM POOL A92889 4.50000 07/01/2040 US 290,312.07 $314,602.60
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 803,248.16 $870,480.59
3131XVYW9 FEDERAL NATL MTG ASSN FR ZM2525 3.00000 12/01/2046 US 1,138,728.7 $1,168,963.62
3132J8YK0 FHLM POOL Q17513 3.50000 04/01/2043 US 204,076.65 $213,566.34
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 764,193.66 $807,365.95
3132QUWT6 FHLM POOL Q37857 4.00000 12/01/2045 US 678,820.35 $716,239.25
3132QVKA8 FHLM POOL Q38388 4.00000 01/01/2046 US 774,953.43 $819,527.26
3132WL4Q6 FHLM POOL Q47130 4.50000 04/01/2047 US 369,689.19 $391,512.26
3132WML28 FHLM POOL FG Q47544 4.00000 03/01/2047 US 933,194.53 $992,250.10
3132Y06K1 FHLM POOL FG Q57173 4.50000 07/01/2048 US 786,065.86 $828,962.68
3132Y33P7 FHLM POOL FG Q59805 4.50000 11/01/2048 US 577,779.28 $611,234.66
3132Y3ZJ6 FHLM POOL FG Q59744 4.50000 11/01/2048 US 1,037,856.17 $1,100,878.63
31334WF97 FEDERA; NATL MTG ASSN FR QA0192 3.50000 06/01/2049 US 990,468.18 $1,020,018.68
31335A5Q7 FHLM POOL G60855 4.50000 12/01/2045 US 289,727.54 $311,621.55
31335ACG1 FHLM POOL G60071 4.50000 07/01/2042 US 298,264.86 $323,151.17
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 348,584.48 $365,368.73
31335ASA7 FHLM POOL G60513 5.00000 07/01/2041 US 691,567.29 $769,494.74
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 1,219,168.66 $1,303,115.58
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 1,060.39 $1,062.42
3133G6L60 FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 US 1,210,000 $1,241,366.75
3136AY6W8 FNA 2017-M15 A1 3.05802 09/25/2027 US 979,084.09 $1,029,580.45
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 643,092.06 $680,481.95
3137ADTK3 FHMS K014 X1 FLT 1.32350 04/25/2021 US 6,880,906.78 $108,852.50
3137AJMG6 FMHS K016 X1 FLT 1.63450 10/25/2021 US 1,025,603.09 $27,867.28
3137AUPF0 FHMS K021 x1 FLT 1.56444 06/25/2022 US 8,883,767.37 $305,760.62
3137B3NB0 FHMS K030 X1 FLT 0.30107 04/25/2023 US 13,264,594.12 $84,678.52
3137B4GZ3 FHMS K032 X1 FLT 0.21295 05/25/2023 US 7,776,585.73 $32,090.86
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 720,559.03 $735,311.11
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 667,074.96 $679,008.60
3138A5JC7 FEDERAL NATL MTG ASSN AH3858 4.50000 08/01/2041 US 454,106.34 $491,964.24
3138AJXA5 FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 US 107,803.2 $115,222.61
3138EQST0 FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 147,787.9 $157,909.83
3138ERN30 FEDERAL NATL MTG ASSN FN AL9409 3.50000 11/01/2031 US 993,625 $1,032,291.64
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64400 01/01/2049 US 556,382.91 $629,327.52
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 2,238,597.65 $2,351,107.62
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 281,815.19 $303,589.98
3138Y22T9 FEDERAL NATL MTG ASSN FN AX1685 3.50000 11/01/2044 US 1,103,509.78 $1,159,942.09
3138YNR25 FEDERAL NATL MTG ASSN AY8604 3.50000 04/01/2045 US 242,553.87 $253,144.69
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 291,245.68 $329,657.90
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 753,040.51 $790,364.96
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 126,355.91 $131,768.22
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 111,598.98 $117,481.77
3140F8KD8 FEDERAL NATL MTG ASSN BD1191 3.50000 01/01/2047 US 500,190.67 $520,666.10
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 284,023.05 $298,916.89
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 212,489.54 $224,881.93
3140HPMQ7 FEDERAL NATIONAL MTGE FN BK9366 4.50000 08/01/2048 US 324,780.67 $342,310.31
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 377,854.41 $399,538.57
3140JAQM3 FEDERAL NATL MTG ASSN FN BM5859 4.00000 10/01/2048 US 935,945.49 $975,565.31
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 678,471.81 $716,853.63
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 781,655.13 $838,311.05
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 503,228.24 $533,744.84
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 1,183,730.72 $1,270,073.65
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 721,839.85 $774,767.19
3140X4JC1 FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 US 1,135,097.44 $1,178,459.79
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 5,750.37 $5,878.95
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 6,527.14 $6,674.78
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 41,769.47 $42,401.04
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 49,780.56 $50,501.24
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 277,536.92 $313,108.35
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 41,153.89 $46,375.44
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 1,374.41 $1,387.02
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 28,803.45 $29,238.66
31416CJV9 FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 116,324.84 $133,218.37
31418B2V7 FEDERAL NATL MTG ASSN MA2587 3.50000 04/01/2036 US 593,006.68 $616,089.17
31418B6G6 FEDERAL NATL MTG ASSN FN MA2670 3.00000 07/01/2046 US 344,600.45 $354,837.27
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 75,116.44 $80,467.67
31418C4F8 FEDERAL NATL MTG ASSN FN MA3521 4.00000 11/01/2048 US 3,602,875.41 $3,746,788.45
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 979,389.25 $1,008,235.32
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 2,137,838.3 $2,217,693.81
31418CZ56 FEDERAL NATL MTG ASSN FN MA3463 4.00000 09/01/2033 US 688,967.87 $720,391.21
31418CZH0 FEDERAL NATL MTG ASSN FN MA3443 4.00000 08/01/2048 US 1,049,860.34 $1,091,083.87
31418DC67 FEDERAL NATL MTG ASSN FN MA3692 3.50000 07/01/2049 US 1,854,918.69 $1,910,239.28
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 40,951.81 $46,109.29
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 6,785.26 $7,127.97
357081AE8 FREMF 2015-K720 B FLT 3.50394 07/25/2022 US 340,000 $348,538.01
35802XAH6 FRESENIUS MED CARE II 4.12500 10/15/2020 US 2,000,000 $2,029,435.28
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 450,000 $449,250.26
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 1,590,000 $1,442,925.00
37045VAR1 GENERAL MOTORS CO FLT 3.35300 09/10/2021 US 1,320,000 $1,318,774.49
37045XAR7 GENERAL MOTORS FINL CO 3.15000 01/15/2020 US 890,000 $891,641.51
38141GVR2 GOLDMAN SACHS GROUP INC 4.25000 10/21/2025 US 920,000 $992,185.82
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 464,667.03 $467,248.21
404119BX6 HCA INC 4.12500 06/15/2029 US 1,540,000 $1,638,544.60
43731QAA6 HPA 2019-1 A 2.90800 09/17/2039 US 1,000,000 $1,024,062.50
46187BAA1 IHSFR 2017-SFR2 A 3.03200 12/17/2036 US 146,267.25 $146,129.88
46187BAB9 IHSFR 2017-SFR2 B 3.33200 12/17/2036 US 115,000 $115,175.39
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 159,891.35 $161,906.08
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 115,058.17 $115,646.91
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 125,756.34 $128,217.39
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 147,625.47 $150,142.75
46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 1,320,000 $1,418,774.86
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 705,374.34 $716,626.47
46649HAC6 JPMMT 2017-6 A3 3.50000 12/25/2048 US 291,670.35 $299,349.33
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 475,007.94 $482,585.27
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 1,620,000 $2,150,722.06
500630CK2 KOREA DEVELOPMENT BANK 1.37500 09/12/2019 KR 1,000,000 $999,880.00
61744YAG3 MORGAN STANLEY FLT 3.40700 05/08/2024 US 2,670,000 $2,706,792.60
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 915,854.39 $925,302.44
63941MAB7 NAVSL 2019-EA A2A 2.64000 05/15/2068 US 1,000,000 $1,022,018.20
63941RAB6 NAVSL 2019-2A A2 3.14525 02/27/2068 US 1,820,000 $1,834,800.79
64828AAA1 NRZT 2014-1A A 3.75000 01/25/2054 US 256,598.91 $267,382.97
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 114,746.54 $119,049.42
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 250,674.32 $261,466.02
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 212,993.52 $220,915.17
67087MAA4 OBP DEPOSITOR LLC TRUST 4.64620 07/15/2045 US 100,000 $100,726.15
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 900,000 $928,464.66
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 2,790,000 $2,988,077.28
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 400,000 $400,827.32
74333NAA0 PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 US 910,000 $933,550.53
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 1,710,000 $1,829,700.00
78470RAC1 SOFI 2016-E A2B 2.49000 01/25/2036 US 822,804.28 $829,126.13
78490DAA2 SOFI 2018-C A1FX 3.08000 01/25/2048 US 409,117.55 $412,433.82
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 2,520,000 $2,896,164.03
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 1,780,000 $1,916,197.41
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 134,966.67 $136,780.35
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 185,201.44 $187,690.18
81745FAA4 SEMT 2012-3 A1 3.50000 07/25/2042 US 334,401.26 $340,109.49
81746NAK4 SEMT 2016-3 A10 3.50000 11/25/2046 US 962,056.62 $981,059.16
831641FC4 SBIC 2015-10A 1 2.51700 03/10/2025 US 425,425.55 $436,875.45
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 56,349.08 $56,253.03
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 150,000 $153,441.78
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 1,399.77 $1,398.84
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 57,919.76 $57,825.81
83405TAA1 SCLP 2019-3 A MTGE 2.90000 05/25/2028 US 895,325.6 $902,471.73
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 641,965.76 $647,398.78
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 1,740,000 $1,768,419.59
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.41513 11/15/2027 US 365,118.03 $364,334.74
86935CAA0 SCML 2019-SBC8 2.86000 12/25/2035 US 989,382.71 $998,925.41
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 79,206.09 $79,104.94
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 464,410.85 $464,654.34
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 407,287.07 $409,608.81
89177EAA7 TPMT 2019-HY1 A1 3.14525 10/25/2048 US 377,466.91 $379,302.64
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 489,033.08 $488,672.61
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 498,745.68 $509,451.85
90270YBF5 UBS-BARCLAYS COMMERCIAL MORTGAGE 3.18470 03/10/2046 US 800,000 $829,489.60
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 4,625,000 $6,781,767.56
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 4,565,000 $6,671,854.50
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 1,966,743.95 $2,158,492.67
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 8,217,000 $9,114,771.42
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 7,337,000 $8,965,183.46
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 8,143,000 $8,957,300.00
9128286B1 US TREASURY N/B 2.62500 02/15/2029 US 6,375,000 $6,999,301.77
9128286N5 TSY INFL IX N/B 0.50000 04/15/2024 US 5,408,070 $5,520,620.91
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 5,477,322.11 $5,425,437.30
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 8,755,000 $8,848,705.82
912828VB3 UNITED STATES TREAS NTS 1.75000 05/15/2023 US 3,745,000 $3,788,740.44
912828WJ5 US TREASURY N/B 2.50000 05/15/2024 US 6,295,000 $6,604,340.20
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 8,380,000 $8,935,175.00
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 8,478,000 $8,797,249.69
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 2,540,000 $3,408,079.52
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 245,000 $247,515.86
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 762,601.5 $782,984.47
93065PAA9 WBHT 2019-WBM A FLT 3.24513 12/15/2033 US 415,000 $412,453.19
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 275,000 $279,121.95
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 1,495,000 $1,558,915.03
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 103,431.51 $103,783.26
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 132,569.1 $134,997.77

Investments will change over time.

Distributions

  • Core Bond Series Class I Distribution History
  • 2019 Distribution Calendar
  • Fourth Quarter 2018 Distributions
  • Third Quarter 2018 Distributions
  • Second Quarter 2019 Distributions
  • First 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 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

$10.08

Daily $ Change

-$0.06

Daily % Change

-0.60%

as of 09/13/2019

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
Fact Sheet
Applications & Forms

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

Performance

As of 08/31/2019

YTD

9.06%

1 Year

9.64%

3 Year

3.13%

5 Year

2.88%

10 Year

4.36%

Inception
(04/21/2005)

4.56%

Market Cycle

---

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. 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 0.43%

Top Ten Investments

As of 08/31/2019

TREASURY NOTES 23.40%
GOVERNMENT AGENCY 19.99%
TREASURY BONDS 13.94%
TSY INFL IX N/B 0.50000 04/15/2024 2.44%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 2.40%
VERIZON COMMUNICATIONS 5.50000 03/16/2047 1.51%
BOOKING HOLDINGS INC 3.60000 06/01/2026 1.32%
BANK OF AMERICA CORP 4.00000 01/22/2025 1.30%
SABINE PASS LIQUEFACTION 5.87500 06/30/2026 1.28%
MORGAN STANLEY FLT 3.40700 05/08/2024 1.20%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 08/31/2019

Treasury
43.05%
Government
0.89%
Cash
0.20%
Corporate
20.07%
Mortgage
35.79%

Credit Quality Distribution

As of 08/31/2019

AAA
74.75%
AA
2.84%
A
4.02%
BBB
15.74%
NR
2.65%

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.

August Fund Holdings

As of 08/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 1,820,000 $2,002,511.20
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 1,810,000 $1,941,109.30
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 17,344.52 $17,524.09
05582QAD9 BMWOT 2016-A A3 1.16000 11/25/2020 US 59,498.65 $59,431.10
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 400,000 $416,429.92
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 2,750,000 $2,937,811.00
12510GAB8 CCG 2019-1 A2 2.80000 09/14/2026 US 1,940,000 $1,960,430.33
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 306,568.98 $316,307.82
12592TAA3 COMM 2015-3BP A FLT 3.17800 02/10/2035 US 400,000 $422,434.44
12596JAA1 CNH 2019-A A1 2.75334 02/28/2020 US 349,708.22 $349,852.30
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 230,108.64 $228,107.29
12647MBY0 CSMC 2013-6 2A1 3.50000 08/25/2043 US 734,713.42 $747,336.90
12770QAA3 CZR 2017-VICI A 3.53100 10/15/2034 US 570,000 $595,676.33
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 6,172.19 $6,164.74
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 297,549.48 $299,676.87
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 689,227.24 $688,306.50
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 280,636.69 $280,574.28
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 960,000 $1,604,317.67
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 132,458.97 $132,488.38
22534BAA2 CAALT 2018-1A A MTGE 3.01000 02/16/2027 US 900,000 $906,302.25
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 870,000 $879,313.86
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 162,439.08 $159,190.46
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 1,870,000 $2,115,195.69
262006208 DREYFUS GVT CSH MANAGEMENT US 455,348.09 $455,348.09
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 1,330,000 $1,615,481.29
29372EBS6 EFF 2016-2 A2 1.74000 02/22/2022 US 4,486.11 $4,483.95
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 2,000,000 $2,013,284.68
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 16,364.78 $16,327.87
30262SAR9 FREMF 2015-K42 B FLT 3.98244 12/25/2024 US 380,000 $399,543.36
30263HAL5 FREMF 2011-K15 B FLT 5.11574 08/25/2044 US 170,000 $178,062.76
30286XAN9 FREMF 2015-K43 B FLT 3.86165 02/25/2048 US 400,000 $423,634.60
30291EAE4 FREMF 2013-K712 B FLT 3.40789 05/25/2045 US 360,000 $359,702.60
30291XAE2 FREMF 2014-K715 B FLT 4.11226 02/25/2046 US 465,000 $474,445.36
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 113,620.57 $121,869.50
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 38,493.89 $43,593.90
3128M7FQ4 FHLM POOL G05275 5.50000 02/01/2039 US 231,437.46 $260,451.52
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 84,463.66 $95,473.07
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 8,023.32 $8,224.51
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 5,499.76 $5,652.65
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 4,708 $4,873.94
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 7,921.92 $8,185.39
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 335,847.41 $356,775.17
3128MJJN1 FHLM POOL G08268 5.00000 05/01/2038 US 682,733.26 $760,038.16
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 100,455.84 $107,750.90
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 118,966.53 $127,473.81
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 126,976.97 $136,183.56
3128P8A92 FHLM POOL C91832 3.50000 06/01/2035 US 614,382.46 $640,729.72
312941F69 FHLM POOL A92889 4.50000 07/01/2040 US 290,312.07 $314,602.60
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 803,248.16 $870,480.59
3131XVYW9 FEDERAL NATL MTG ASSN FR ZM2525 3.00000 12/01/2046 US 1,138,728.7 $1,168,963.62
3132J8YK0 FHLM POOL Q17513 3.50000 04/01/2043 US 204,076.65 $213,566.34
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 764,193.66 $807,365.95
3132QUWT6 FHLM POOL Q37857 4.00000 12/01/2045 US 678,820.35 $716,239.25
3132QVKA8 FHLM POOL Q38388 4.00000 01/01/2046 US 774,953.43 $819,527.26
3132WL4Q6 FHLM POOL Q47130 4.50000 04/01/2047 US 369,689.19 $391,512.26
3132WML28 FHLM POOL FG Q47544 4.00000 03/01/2047 US 933,194.53 $992,250.10
3132Y06K1 FHLM POOL FG Q57173 4.50000 07/01/2048 US 786,065.86 $828,962.68
3132Y33P7 FHLM POOL FG Q59805 4.50000 11/01/2048 US 577,779.28 $611,234.66
3132Y3ZJ6 FHLM POOL FG Q59744 4.50000 11/01/2048 US 1,037,856.17 $1,100,878.63
31334WF97 FEDERA; NATL MTG ASSN FR QA0192 3.50000 06/01/2049 US 990,468.18 $1,020,018.68
31335A5Q7 FHLM POOL G60855 4.50000 12/01/2045 US 289,727.54 $311,621.55
31335ACG1 FHLM POOL G60071 4.50000 07/01/2042 US 298,264.86 $323,151.17
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 348,584.48 $365,368.73
31335ASA7 FHLM POOL G60513 5.00000 07/01/2041 US 691,567.29 $769,494.74
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 1,219,168.66 $1,303,115.58
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 1,060.39 $1,062.42
3133G6L60 FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 US 1,210,000 $1,241,366.75
3136AY6W8 FNA 2017-M15 A1 3.05802 09/25/2027 US 979,084.09 $1,029,580.45
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 643,092.06 $680,481.95
3137ADTK3 FHMS K014 X1 FLT 1.32350 04/25/2021 US 6,880,906.78 $108,852.50
3137AJMG6 FMHS K016 X1 FLT 1.63450 10/25/2021 US 1,025,603.09 $27,867.28
3137AUPF0 FHMS K021 x1 FLT 1.56444 06/25/2022 US 8,883,767.37 $305,760.62
3137B3NB0 FHMS K030 X1 FLT 0.30107 04/25/2023 US 13,264,594.12 $84,678.52
3137B4GZ3 FHMS K032 X1 FLT 0.21295 05/25/2023 US 7,776,585.73 $32,090.86
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 720,559.03 $735,311.11
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 667,074.96 $679,008.60
3138A5JC7 FEDERAL NATL MTG ASSN AH3858 4.50000 08/01/2041 US 454,106.34 $491,964.24
3138AJXA5 FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 US 107,803.2 $115,222.61
3138EQST0 FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 147,787.9 $157,909.83
3138ERN30 FEDERAL NATL MTG ASSN FN AL9409 3.50000 11/01/2031 US 993,625 $1,032,291.64
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64400 01/01/2049 US 556,382.91 $629,327.52
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 2,238,597.65 $2,351,107.62
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 281,815.19 $303,589.98
3138Y22T9 FEDERAL NATL MTG ASSN FN AX1685 3.50000 11/01/2044 US 1,103,509.78 $1,159,942.09
3138YNR25 FEDERAL NATL MTG ASSN AY8604 3.50000 04/01/2045 US 242,553.87 $253,144.69
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 291,245.68 $329,657.90
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 753,040.51 $790,364.96
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 126,355.91 $131,768.22
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 111,598.98 $117,481.77
3140F8KD8 FEDERAL NATL MTG ASSN BD1191 3.50000 01/01/2047 US 500,190.67 $520,666.10
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 284,023.05 $298,916.89
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 212,489.54 $224,881.93
3140HPMQ7 FEDERAL NATIONAL MTGE FN BK9366 4.50000 08/01/2048 US 324,780.67 $342,310.31
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 377,854.41 $399,538.57
3140JAQM3 FEDERAL NATL MTG ASSN FN BM5859 4.00000 10/01/2048 US 935,945.49 $975,565.31
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 678,471.81 $716,853.63
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 781,655.13 $838,311.05
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 503,228.24 $533,744.84
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 1,183,730.72 $1,270,073.65
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 721,839.85 $774,767.19
3140X4JC1 FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 US 1,135,097.44 $1,178,459.79
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 5,750.37 $5,878.95
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 6,527.14 $6,674.78
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 41,769.47 $42,401.04
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 49,780.56 $50,501.24
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 277,536.92 $313,108.35
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 41,153.89 $46,375.44
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 1,374.41 $1,387.02
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 28,803.45 $29,238.66
31416CJV9 FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 116,324.84 $133,218.37
31418B2V7 FEDERAL NATL MTG ASSN MA2587 3.50000 04/01/2036 US 593,006.68 $616,089.17
31418B6G6 FEDERAL NATL MTG ASSN FN MA2670 3.00000 07/01/2046 US 344,600.45 $354,837.27
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 75,116.44 $80,467.67
31418C4F8 FEDERAL NATL MTG ASSN FN MA3521 4.00000 11/01/2048 US 3,602,875.41 $3,746,788.45
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 979,389.25 $1,008,235.32
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 2,137,838.3 $2,217,693.81
31418CZ56 FEDERAL NATL MTG ASSN FN MA3463 4.00000 09/01/2033 US 688,967.87 $720,391.21
31418CZH0 FEDERAL NATL MTG ASSN FN MA3443 4.00000 08/01/2048 US 1,049,860.34 $1,091,083.87
31418DC67 FEDERAL NATL MTG ASSN FN MA3692 3.50000 07/01/2049 US 1,854,918.69 $1,910,239.28
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 40,951.81 $46,109.29
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 6,785.26 $7,127.97
357081AE8 FREMF 2015-K720 B FLT 3.50394 07/25/2022 US 340,000 $348,538.01
35802XAH6 FRESENIUS MED CARE II 4.12500 10/15/2020 US 2,000,000 $2,029,435.28
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 450,000 $449,250.26
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 1,590,000 $1,442,925.00
37045VAR1 GENERAL MOTORS CO FLT 3.35300 09/10/2021 US 1,320,000 $1,318,774.49
37045XAR7 GENERAL MOTORS FINL CO 3.15000 01/15/2020 US 890,000 $891,641.51
38141GVR2 GOLDMAN SACHS GROUP INC 4.25000 10/21/2025 US 920,000 $992,185.82
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 464,667.03 $467,248.21
404119BX6 HCA INC 4.12500 06/15/2029 US 1,540,000 $1,638,544.60
43731QAA6 HPA 2019-1 A 2.90800 09/17/2039 US 1,000,000 $1,024,062.50
46187BAA1 IHSFR 2017-SFR2 A 3.03200 12/17/2036 US 146,267.25 $146,129.88
46187BAB9 IHSFR 2017-SFR2 B 3.33200 12/17/2036 US 115,000 $115,175.39
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 159,891.35 $161,906.08
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 115,058.17 $115,646.91
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 125,756.34 $128,217.39
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 147,625.47 $150,142.75
46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 1,320,000 $1,418,774.86
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 705,374.34 $716,626.47
46649HAC6 JPMMT 2017-6 A3 3.50000 12/25/2048 US 291,670.35 $299,349.33
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 475,007.94 $482,585.27
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 1,620,000 $2,150,722.06
500630CK2 KOREA DEVELOPMENT BANK 1.37500 09/12/2019 KR 1,000,000 $999,880.00
61744YAG3 MORGAN STANLEY FLT 3.40700 05/08/2024 US 2,670,000 $2,706,792.60
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 915,854.39 $925,302.44
63941MAB7 NAVSL 2019-EA A2A 2.64000 05/15/2068 US 1,000,000 $1,022,018.20
63941RAB6 NAVSL 2019-2A A2 3.14525 02/27/2068 US 1,820,000 $1,834,800.79
64828AAA1 NRZT 2014-1A A 3.75000 01/25/2054 US 256,598.91 $267,382.97
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 114,746.54 $119,049.42
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 250,674.32 $261,466.02
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 212,993.52 $220,915.17
67087MAA4 OBP DEPOSITOR LLC TRUST 4.64620 07/15/2045 US 100,000 $100,726.15
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 900,000 $928,464.66
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 2,790,000 $2,988,077.28
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 400,000 $400,827.32
74333NAA0 PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 US 910,000 $933,550.53
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 1,710,000 $1,829,700.00
78470RAC1 SOFI 2016-E A2B 2.49000 01/25/2036 US 822,804.28 $829,126.13
78490DAA2 SOFI 2018-C A1FX 3.08000 01/25/2048 US 409,117.55 $412,433.82
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 2,520,000 $2,896,164.03
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 1,780,000 $1,916,197.41
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 134,966.67 $136,780.35
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 185,201.44 $187,690.18
81745FAA4 SEMT 2012-3 A1 3.50000 07/25/2042 US 334,401.26 $340,109.49
81746NAK4 SEMT 2016-3 A10 3.50000 11/25/2046 US 962,056.62 $981,059.16
831641FC4 SBIC 2015-10A 1 2.51700 03/10/2025 US 425,425.55 $436,875.45
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 56,349.08 $56,253.03
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 150,000 $153,441.78
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 1,399.77 $1,398.84
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 57,919.76 $57,825.81
83405TAA1 SCLP 2019-3 A MTGE 2.90000 05/25/2028 US 895,325.6 $902,471.73
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 641,965.76 $647,398.78
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 1,740,000 $1,768,419.59
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.41513 11/15/2027 US 365,118.03 $364,334.74
86935CAA0 SCML 2019-SBC8 2.86000 12/25/2035 US 989,382.71 $998,925.41
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 79,206.09 $79,104.94
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 464,410.85 $464,654.34
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 407,287.07 $409,608.81
89177EAA7 TPMT 2019-HY1 A1 3.14525 10/25/2048 US 377,466.91 $379,302.64
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 489,033.08 $488,672.61
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 498,745.68 $509,451.85
90270YBF5 UBS-BARCLAYS COMMERCIAL MORTGAGE 3.18470 03/10/2046 US 800,000 $829,489.60
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 4,625,000 $6,781,767.56
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 4,565,000 $6,671,854.50
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 1,966,743.95 $2,158,492.67
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 8,217,000 $9,114,771.42
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 7,337,000 $8,965,183.46
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 8,143,000 $8,957,300.00
9128286B1 US TREASURY N/B 2.62500 02/15/2029 US 6,375,000 $6,999,301.77
9128286N5 TSY INFL IX N/B 0.50000 04/15/2024 US 5,408,070 $5,520,620.91
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 5,477,322.11 $5,425,437.30
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 8,755,000 $8,848,705.82
912828VB3 UNITED STATES TREAS NTS 1.75000 05/15/2023 US 3,745,000 $3,788,740.44
912828WJ5 US TREASURY N/B 2.50000 05/15/2024 US 6,295,000 $6,604,340.20
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 8,380,000 $8,935,175.00
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 8,478,000 $8,797,249.69
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 2,540,000 $3,408,079.52
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 245,000 $247,515.86
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 762,601.5 $782,984.47
93065PAA9 WBHT 2019-WBM A FLT 3.24513 12/15/2033 US 415,000 $412,453.19
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 275,000 $279,121.95
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 1,495,000 $1,558,915.03
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 103,431.51 $103,783.26
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 132,569.1 $134,997.77

Investments will change over time.

Distributions

  • Core Bond Series Class I Distribution History
  • 2019 Distribution Calendar
  • Fourth Quarter 2018 Distributions
  • Third Quarter 2018 Distributions
  • Second Quarter 2019 Distributions
  • First 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 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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