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

$8.37

Daily $ Change

-$0.02

Daily % Change

-0.24%

as of 09/29/2022

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
N-Port Part F Reports

Performance

As of 08/31/2022

YTD

-10.69%

1 Year

-11.75%

3 Year

-1.67%

5 Year

0.55%

10 Year

1.44%

Inception
(04/21/2005)

3.46%

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 0.47%
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.

Top Ten Investments

As of 08/31/2022

TREASURY NOTES 24.14%
TREASURY BONDS 22.28%
GOVERNMENT AGENCY 11.36%
TENCENT HOLDINGS 3.97500 04/11/2029 2.15%
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 1.52%
CAALT 2020-3A A 1.24000 10/15/2029 1.41%
CENOVUS ENERGY INC 6.75000 11/15/2039 1.33%
MAGALLANES INC 4.05400 03/15/2029 1.33%
JPMORGAN CHASE & CO 4.49300 03/24/2031 1.25%
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 1.16%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 08/31/2022

Treasury 45.77%
Cash 1.42%
Corporate 21.47%
Mortgage 29.91%
Other 1.43%

Credit Quality Distribution

As of 08/31/2022

AAA 66.04%
AA 1.98%
A 13.92%
BBB 10.83%
NR 7.23%

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 08/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 1,970,000 $1,688,431.86
AIR LEASE CORP 3.62500 04/01/2027 US 1,700,000 $1,577,173.83
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 3,440,000 $2,892,955.75
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 1,310,000 $1,091,662.51
AMAZON.COM INC 3.30000 04/13/2027 US 3,520,000 $3,444,065.36
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 1,800,000 $1,649,468.75
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 1,570,000 $1,545,553.00
BANK OF AMERICA CORP 2.68700 04/22/2032 US 2,790,000 $2,328,571.44
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 460,000 $407,008.12
BABS 2021-RM2 A 1.75000 10/25/2061 US 1,361,386.55 $1,209,125.13
BJETS 2021-1A A 2.16200 04/15/2036 US 2,104,538.53 $1,894,352.80
SORT 2020-1 A2 1.99000 07/15/2060 US 1,199,433.99 $1,028,262.53
SORT 2020-1 B1 2.28000 07/15/2060 US 1,518,830.77 $1,372,608.68
SORT 2021-1A B1 MTGE 1.98000 03/15/2061 US 1,697,529.42 $1,459,322.25
CIM 2019-INV1 A1 4.00000 02/25/2049 US 21,775.47 $21,609.42
CLIF 2021-1A A MTGE 1.64000 02/18/2046 US 2,969,750.03 $2,606,729.81
CSMC 2013-IVR2 A2 3.00000 04/25/2043 US 196,289.83 $183,194.28
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 56,878.03 $52,834.05
CSMC 2013-6 2A1 3.50000 08/25/2043 US 186,944.64 $179,525.13
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 3,814,000 $4,165,680.78
CITIGROUP INC 1.46200 06/09/2027 US 2,670,000 $2,356,713.57
CMLTI 2021-INV1 2.50000 05/25/2051 US 891,917.12 $768,155.09
CLARK CNTY NV 1.15000 11/01/2026 US 3,410,000 $3,047,818.61
CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 484,460.75 $452,641.34
CAFL 2020-3 A 1.35800 08/15/2053 US 902,340.97 $807,781.76
CAALT 2020-1A 2.01000 02/15/2029 US 132,349.3 $132,138.93
CAALT 2020-1A B 2.39000 04/16/2029 US 600,000 $592,849.02
CAALT 2020-3A A 1.24000 10/15/2029 US 4,500,000 $4,398,614.15
CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 2,270,000 $2,009,600.36
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 33,778.07 $30,088.15
COLO 2021-1A A2 MTGE 2.06000 02/27/2051 US 2,400,000 $2,133,603.84
DREYFUS GVT CSH MANAGEMENT US 4,494,474.18 $4,494,474.18
EDVES 2021-A A MTGE 1.80000 11/25/2045 US 1,154,869.22 $1,016,565.89
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 3,590,000 $3,628,784.17
EXPEDIA GROUP INC 3.25000 02/15/2030 US 1,850,000 $1,600,879.83
FREMF 2015-K42 B FLT 3.97997 01/25/2048 US 380,000 $368,637.26
FHLM POOL D98711 4.50000 07/01/2031 US 51,980.98 $52,703.17
FHLM POOL G05900 6.00000 03/01/2040 US 20,081.04 $21,746.35
FHLM POOL G12988 6.00000 01/01/2023 US 29.26 $29.25
FHLM POOL G13078 6.00000 03/01/2023 US 59.54 $59.56
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 79,337.91 $80,158.89
FHLM POOL G08268 5.00000 05/01/2038 US 295,937.95 $309,230.46
FHLM POOL C91746 4.50000 12/01/2033 US 41,592.39 $42,173.52
FHLM POOL C91771 4.50000 06/01/2034 US 50,683.65 $51,916.92
FHLM POOL C91780 4.50000 07/01/2034 US 61,637.56 $63,241.33
FHLM POOL C91832 3.50000 06/01/2035 US 233,642.82 $229,911.27
FHLM POOL A92889 4.50000 07/01/2040 US 116,654.1 $119,438.86
FHLM POOL Q93451 4.50000 08/01/2040 US 323,492.76 $331,215.17
FR SD1129 4.00000 08/01/2051 US 2,688,018.91 $2,654,448.67
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 3,046,358.78 $2,847,811.22
FHLM POOL SD8230 4.50000 06/01/2052 US 1,699,151.35 $1,693,328.87
FHLM POOL Q17513 3.50000 04/01/2043 US 64,432.94 $62,777.54
FHLM POOL Q37857 4.00000 12/01/2045 US 266,518.99 $265,108.41
FHLM POOL Q38388 4.00000 01/01/2046 US 239,179.33 $237,913.45
FHLM POOL Q47130 4.50000 04/01/2047 US 25,657.56 $25,923.06
FHLM POOL FG Q47544 4.00000 03/01/2047 US 259,339.8 $257,397.14
FHLM POOL G60855 4.50000 12/01/2045 US 107,308.14 $109,718.33
FHLM POOL G60071 4.50000 07/01/2042 US 118,885.9 $121,723.94
FHLM POOL G60513 5.00000 07/01/2041 US 302,906.81 $316,188.36
FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 US 398,361.91 $387,841.03
FNR 2018-13 PA MTGE 3.00000 03/25/2048 US 1,828,143.52 $1,702,518.40
FNR 2018-31 KP 3.50000 07/25/2047 US 22,123.65 $21,872.22
FNR 2021-69 WJ 1.50000 10/25/2050 US 1,275,577.88 $1,116,607.47
FHMS K030 X1 FLT 0.25907 04/25/2023 US 11,615,325.59 $7,366.56
FHMS K032 X1 FLT 0.17942 05/25/2023 US 7,045,950.6 $3,598.44
FHR 5189 CP 2.50000 06/25/2049 US 1,481,705.77 $1,348,949.32
FEDERAL NATL MTG ASSN AH3858 4.50000 08/01/2041 US 209,210.1 $213,990.77
FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 US 42,823.4 $42,861.18
FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 50,727.31 $50,772.07
FEDERAL NATL MTG ASSN AL8674 FLT 5.65900 01/01/2049 US 277,357.3 $295,517.18
FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 140,660.59 $143,678.33
FEDERAL NATL MTG ASSN FN AX1685 3.50000 11/01/2044 US 462,841.84 $449,232.30
FEDERAL NATL MTG ASSN AY8604 3.50000 04/01/2045 US 77,357.36 $75,057.87
FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 29,685.73 $28,705.52
FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 24,689.24 $24,489.40
FEDERAL NATL MTG ASSN BD1191 3.50000 01/01/2047 US 192,101.81 $185,758.72
FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 34,990.04 $35,436.29
FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 US 375,649.7 $371,871.99
FEDERAL NATL MTG ASSN FN FM2568 3.00000 05/01/2038 US 438,051.02 $421,425.25
FEDERAL NATL MTG ASSN FN FM2232 4.00000 06/01/2048 US 112,970.11 $112,018.14
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 2,914,513.84 $2,818,032.36
FN DS2696 3.00000 12/01/2051 US 2,835,000 $2,648,186.17
FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 7.14 $7.13
FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 62,062.55 $66,789.66
FEDERAL NATL MTG ASSN MA2587 3.50000 04/01/2036 US 207,344.82 $203,511.19
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 32,058.57 $32,793.72
FEDERAL NATL MTG ASSN FN MA3007 3.00000 04/01/2047 US 733,318.96 $690,510.65
FEDERAL NATL NTG ASSN MA3215 3.50000 12/01/2037 US 658,973.29 $644,877.84
FEDERAL NATL MTG ASSN FN MA3463 4.00000 09/01/2033 US 112,410.53 $112,775.82
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 2,925,081.06 $2,666,462.45
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 3,133,605.58 $2,994,660.60
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 3,094,103.52 $3,026,899.28
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 3,123,811.11 $3,085,567.88
FN MA4733 4.50000 09/01/2052 US 2,655,000 $2,643,854.84
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 1,025.95 $1,041.99
FLX 2021-1A A2 3.25000 11/27/2051 US 2,825,000 $2,581,213.52
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 1,050,000 $999,943.13
GSMBS 2020-PJ3 A14 3.00000 10/25/2050 US 562,900.96 $524,015.55
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 1,315,614.37 $1,193,101.68
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 1,309,956.61 $1,184,495.14
GSMBS 2021-INV1 A9 3.03319 12/25/2051 US 1,715,205.3 $1,609,663.06
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 1,685,456.48 $1,511,516.87
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 101,706.52 $96,519.66
HCA INC 4.12500 06/15/2029 US 2,590,000 $2,406,190.76
HAWAII ST 2.68200 10/01/2038 US 95,000 $74,674.98
IMPRL 2021-NQM3 1.59500 11/25/2056 US 1,570,547 $1,340,424.42
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 50,898.43 $48,582.09
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 4,000,000 $3,890,833.32
JPMMT 2017-6 A3 3.50000 12/25/2048 US 21,873.9 $21,003.58
MAGALLANES INC 4.05400 03/15/2029 US 4,560,000 $4,150,410.08
NAVSL 2019-EA A2A 2.64000 05/15/2068 US 492,629.11 $471,942.77
NRZT 2014-1A A 3.75000 01/25/2054 US 120,055.18 $115,171.30
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 55,186.51 $52,785.25
NRZT 2015-2A A1 3.75000 08/25/2055 US 105,903.95 $100,940.59
NRZT 2016-4A A1 3.75000 11/25/2056 US 95,783.92 $91,440.76
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 910,000 $879,835.49
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 1,810,000 $1,570,643.63
OBX 2022-INV1 A1 3.00000 12/25/2051 US 1,424,687.01 $1,269,796.58
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 1,680,000 $1,503,170.84
OXFIN 2020-1A A2 3.10100 02/15/2028 US 1,134,611.33 $1,123,457.99
OXFIN 2019-1A A2 4.45900 02/15/2027 US 490,558.72 $487,965.28
OXFIN 2022-1A 3.60200 02/15/2030 US 2,650,000 $2,487,256.35
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 174,669.66 $167,704.99
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 3,007,386.72 $2,855,717.89
PEPSICO INC 3.90000 07/18/2032 US 3,110,000 $3,055,109.59
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 2,622,336.21 $2,241,810.26
PFMT 2021-2 A2A 2.00000 04/25/2051 US 1,697,598.57 $1,483,405.16
QUALCOMM INC 4.25000 05/20/2032 US 3,170,000 $3,207,660.42
RCKT 2021-6 A1 2.50000 12/25/2051 US 1,696,244.94 $1,446,700.58
SMB 2020-A A2A MTGE 2.23000 09/15/2037 US 961,983.01 $891,819.29
SEMT 2013-6 A2 3.00000 05/25/2043 US 479,343.82 $448,110.05
SEMT 2013-7 A2 3.00000 06/25/2043 US 36,044.33 $32,319.84
SEMT 2013-8 A1 3.00000 06/25/2043 US 90,342.71 $84,662.00
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 5,680,000 $4,755,748.41
SOFI 2020-C AFX 1.95000 02/15/2046 US 457,668.28 $438,521.31
SOFI 2017-F A2FX 2.84000 01/25/2041 US 957,144.73 $938,195.22
SOFI 2020-A A2FX MTGE 2.54000 05/15/2046 US 613,439.2 $583,837.25
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 600,000 $538,830.32
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 2,970,000 $3,024,996.53
SCML 2019-SBC8 2.86000 04/25/2041 US 547,387.52 $506,112.86
TENCENT HOLDINGS 3.97500 04/11/2029 KY 7,120,000 $6,710,544.75
TPMT 2016-5 A1 2.50000 10/25/2056 US 72,737.52 $72,009.19
TPMT 2017-1 A1 2.75000 10/25/2056 US 59,496.88 $58,986.22
TPMT 2019-HY1 A1 3.44371 10/25/2048 US 118,254.66 $116,926.35
TAH 2020-SFR1 B MTGE 2.04900 07/17/2038 US 1,300,000 $1,164,569.39
TCF 2021-1A 1.86000 03/20/2046 US 2,462,833.33 $2,129,465.52
US TREASURY N/B 3.00000 05/15/2047 US 25,502,000 $23,278,544.38
US TREASURY 1.87500 11/15/2051 US 10,560,000 $7,726,950.00
TREASURY BOND 2.37500 02/15/2042 US 27,890,000 $23,218,425.00
TREASURY BOND 2.25000 11/15/2027 US 16,210,000 $15,384,303.13
US TREASURY N/B 3.12500 11/15/2028 US 18,332,000 $18,141,519.15
US TREASURY N/B 2.25000 11/15/2025 US 19,390,000 $18,673,479.00
US TREASURY N/B 2.00000 11/15/2026 US 16,233,000 $15,347,794.22
UNITED STATES TREAS NTS 1.75000 05/15/2023 US 19,035,000 $18,822,343.45
US TREASURY N/B 1.37500 11/15/2031 US 5,170,000 $4,442,160.94
VBTOW 2020-2A A 2.63600 09/15/2050 US 2,250,000 $2,072,849.63
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 810,000 $781,116.83
VISTRA OPERATIONS 4.87500 05/13/2024 US 2,630,000 $2,599,941.31
WIN 2015-1 A1 3.50000 01/20/2045 US 15,806.55 $15,223.10
WIN 2015-2 A11 3.50000 02/20/2045 US 462,010.32 $443,478.98

Investments will change over time.

Distributions

  • Core Bond Series Class I Distribution History
  • 2022 Distribution Calendar
  • First Quarter 2022 Distributions
  • Fourth Quarter 2021 Distributions
  • Third Quarter 2022 Distributions
  • Second Quarter 2022 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

$8.37

Daily $ Change

-$0.02

Daily % Change

-0.24%

as of 09/29/2022

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
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

Performance

As of 08/31/2022

YTD

-10.69%

1 Year

-11.75%

3 Year

-1.67%

5 Year

0.55%

10 Year

1.44%

Inception
(04/21/2005)

3.46%

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 0.47%
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.

Top Ten Investments

As of 08/31/2022

TREASURY NOTES 24.14%
TREASURY BONDS 22.28%
GOVERNMENT AGENCY 11.36%
TENCENT HOLDINGS 3.97500 04/11/2029 2.15%
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 1.52%
CAALT 2020-3A A 1.24000 10/15/2029 1.41%
CENOVUS ENERGY INC 6.75000 11/15/2039 1.33%
MAGALLANES INC 4.05400 03/15/2029 1.33%
JPMORGAN CHASE & CO 4.49300 03/24/2031 1.25%
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 1.16%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 08/31/2022

Treasury
45.77%
Cash
1.42%
Corporate
21.47%
Mortgage
29.91%
Other
1.43%

Credit Quality Distribution

As of 08/31/2022

AAA
66.04%
AA
1.98%
A
13.92%
BBB
10.83%
NR
7.23%

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 08/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 1,970,000 $1,688,431.86
AIR LEASE CORP 3.62500 04/01/2027 US 1,700,000 $1,577,173.83
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 3,440,000 $2,892,955.75
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 1,310,000 $1,091,662.51
AMAZON.COM INC 3.30000 04/13/2027 US 3,520,000 $3,444,065.36
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 1,800,000 $1,649,468.75
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 1,570,000 $1,545,553.00
BANK OF AMERICA CORP 2.68700 04/22/2032 US 2,790,000 $2,328,571.44
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 460,000 $407,008.12
BABS 2021-RM2 A 1.75000 10/25/2061 US 1,361,386.55 $1,209,125.13
BJETS 2021-1A A 2.16200 04/15/2036 US 2,104,538.53 $1,894,352.80
SORT 2020-1 A2 1.99000 07/15/2060 US 1,199,433.99 $1,028,262.53
SORT 2020-1 B1 2.28000 07/15/2060 US 1,518,830.77 $1,372,608.68
SORT 2021-1A B1 MTGE 1.98000 03/15/2061 US 1,697,529.42 $1,459,322.25
CIM 2019-INV1 A1 4.00000 02/25/2049 US 21,775.47 $21,609.42
CLIF 2021-1A A MTGE 1.64000 02/18/2046 US 2,969,750.03 $2,606,729.81
CSMC 2013-IVR2 A2 3.00000 04/25/2043 US 196,289.83 $183,194.28
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 56,878.03 $52,834.05
CSMC 2013-6 2A1 3.50000 08/25/2043 US 186,944.64 $179,525.13
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 3,814,000 $4,165,680.78
CITIGROUP INC 1.46200 06/09/2027 US 2,670,000 $2,356,713.57
CMLTI 2021-INV1 2.50000 05/25/2051 US 891,917.12 $768,155.09
CLARK CNTY NV 1.15000 11/01/2026 US 3,410,000 $3,047,818.61
CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 484,460.75 $452,641.34
CAFL 2020-3 A 1.35800 08/15/2053 US 902,340.97 $807,781.76
CAALT 2020-1A 2.01000 02/15/2029 US 132,349.3 $132,138.93
CAALT 2020-1A B 2.39000 04/16/2029 US 600,000 $592,849.02
CAALT 2020-3A A 1.24000 10/15/2029 US 4,500,000 $4,398,614.15
CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 2,270,000 $2,009,600.36
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 33,778.07 $30,088.15
COLO 2021-1A A2 MTGE 2.06000 02/27/2051 US 2,400,000 $2,133,603.84
DREYFUS GVT CSH MANAGEMENT US 4,494,474.18 $4,494,474.18
EDVES 2021-A A MTGE 1.80000 11/25/2045 US 1,154,869.22 $1,016,565.89
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 3,590,000 $3,628,784.17
EXPEDIA GROUP INC 3.25000 02/15/2030 US 1,850,000 $1,600,879.83
FREMF 2015-K42 B FLT 3.97997 01/25/2048 US 380,000 $368,637.26
FHLM POOL D98711 4.50000 07/01/2031 US 51,980.98 $52,703.17
FHLM POOL G05900 6.00000 03/01/2040 US 20,081.04 $21,746.35
FHLM POOL G12988 6.00000 01/01/2023 US 29.26 $29.25
FHLM POOL G13078 6.00000 03/01/2023 US 59.54 $59.56
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 79,337.91 $80,158.89
FHLM POOL G08268 5.00000 05/01/2038 US 295,937.95 $309,230.46
FHLM POOL C91746 4.50000 12/01/2033 US 41,592.39 $42,173.52
FHLM POOL C91771 4.50000 06/01/2034 US 50,683.65 $51,916.92
FHLM POOL C91780 4.50000 07/01/2034 US 61,637.56 $63,241.33
FHLM POOL C91832 3.50000 06/01/2035 US 233,642.82 $229,911.27
FHLM POOL A92889 4.50000 07/01/2040 US 116,654.1 $119,438.86
FHLM POOL Q93451 4.50000 08/01/2040 US 323,492.76 $331,215.17
FR SD1129 4.00000 08/01/2051 US 2,688,018.91 $2,654,448.67
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 3,046,358.78 $2,847,811.22
FHLM POOL SD8230 4.50000 06/01/2052 US 1,699,151.35 $1,693,328.87
FHLM POOL Q17513 3.50000 04/01/2043 US 64,432.94 $62,777.54
FHLM POOL Q37857 4.00000 12/01/2045 US 266,518.99 $265,108.41
FHLM POOL Q38388 4.00000 01/01/2046 US 239,179.33 $237,913.45
FHLM POOL Q47130 4.50000 04/01/2047 US 25,657.56 $25,923.06
FHLM POOL FG Q47544 4.00000 03/01/2047 US 259,339.8 $257,397.14
FHLM POOL G60855 4.50000 12/01/2045 US 107,308.14 $109,718.33
FHLM POOL G60071 4.50000 07/01/2042 US 118,885.9 $121,723.94
FHLM POOL G60513 5.00000 07/01/2041 US 302,906.81 $316,188.36
FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 US 398,361.91 $387,841.03
FNR 2018-13 PA MTGE 3.00000 03/25/2048 US 1,828,143.52 $1,702,518.40
FNR 2018-31 KP 3.50000 07/25/2047 US 22,123.65 $21,872.22
FNR 2021-69 WJ 1.50000 10/25/2050 US 1,275,577.88 $1,116,607.47
FHMS K030 X1 FLT 0.25907 04/25/2023 US 11,615,325.59 $7,366.56
FHMS K032 X1 FLT 0.17942 05/25/2023 US 7,045,950.6 $3,598.44
FHR 5189 CP 2.50000 06/25/2049 US 1,481,705.77 $1,348,949.32
FEDERAL NATL MTG ASSN AH3858 4.50000 08/01/2041 US 209,210.1 $213,990.77
FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 US 42,823.4 $42,861.18
FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 50,727.31 $50,772.07
FEDERAL NATL MTG ASSN AL8674 FLT 5.65900 01/01/2049 US 277,357.3 $295,517.18
FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 140,660.59 $143,678.33
FEDERAL NATL MTG ASSN FN AX1685 3.50000 11/01/2044 US 462,841.84 $449,232.30
FEDERAL NATL MTG ASSN AY8604 3.50000 04/01/2045 US 77,357.36 $75,057.87
FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 29,685.73 $28,705.52
FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 24,689.24 $24,489.40
FEDERAL NATL MTG ASSN BD1191 3.50000 01/01/2047 US 192,101.81 $185,758.72
FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 34,990.04 $35,436.29
FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 US 375,649.7 $371,871.99
FEDERAL NATL MTG ASSN FN FM2568 3.00000 05/01/2038 US 438,051.02 $421,425.25
FEDERAL NATL MTG ASSN FN FM2232 4.00000 06/01/2048 US 112,970.11 $112,018.14
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 2,914,513.84 $2,818,032.36
FN DS2696 3.00000 12/01/2051 US 2,835,000 $2,648,186.17
FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 7.14 $7.13
FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 62,062.55 $66,789.66
FEDERAL NATL MTG ASSN MA2587 3.50000 04/01/2036 US 207,344.82 $203,511.19
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 32,058.57 $32,793.72
FEDERAL NATL MTG ASSN FN MA3007 3.00000 04/01/2047 US 733,318.96 $690,510.65
FEDERAL NATL NTG ASSN MA3215 3.50000 12/01/2037 US 658,973.29 $644,877.84
FEDERAL NATL MTG ASSN FN MA3463 4.00000 09/01/2033 US 112,410.53 $112,775.82
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 2,925,081.06 $2,666,462.45
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 3,133,605.58 $2,994,660.60
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 3,094,103.52 $3,026,899.28
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 3,123,811.11 $3,085,567.88
FN MA4733 4.50000 09/01/2052 US 2,655,000 $2,643,854.84
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 1,025.95 $1,041.99
FLX 2021-1A A2 3.25000 11/27/2051 US 2,825,000 $2,581,213.52
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 1,050,000 $999,943.13
GSMBS 2020-PJ3 A14 3.00000 10/25/2050 US 562,900.96 $524,015.55
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 1,315,614.37 $1,193,101.68
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 1,309,956.61 $1,184,495.14
GSMBS 2021-INV1 A9 3.03319 12/25/2051 US 1,715,205.3 $1,609,663.06
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 1,685,456.48 $1,511,516.87
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 101,706.52 $96,519.66
HCA INC 4.12500 06/15/2029 US 2,590,000 $2,406,190.76
HAWAII ST 2.68200 10/01/2038 US 95,000 $74,674.98
IMPRL 2021-NQM3 1.59500 11/25/2056 US 1,570,547 $1,340,424.42
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 50,898.43 $48,582.09
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 4,000,000 $3,890,833.32
JPMMT 2017-6 A3 3.50000 12/25/2048 US 21,873.9 $21,003.58
MAGALLANES INC 4.05400 03/15/2029 US 4,560,000 $4,150,410.08
NAVSL 2019-EA A2A 2.64000 05/15/2068 US 492,629.11 $471,942.77
NRZT 2014-1A A 3.75000 01/25/2054 US 120,055.18 $115,171.30
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 55,186.51 $52,785.25
NRZT 2015-2A A1 3.75000 08/25/2055 US 105,903.95 $100,940.59
NRZT 2016-4A A1 3.75000 11/25/2056 US 95,783.92 $91,440.76
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 910,000 $879,835.49
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 1,810,000 $1,570,643.63
OBX 2022-INV1 A1 3.00000 12/25/2051 US 1,424,687.01 $1,269,796.58
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 1,680,000 $1,503,170.84
OXFIN 2020-1A A2 3.10100 02/15/2028 US 1,134,611.33 $1,123,457.99
OXFIN 2019-1A A2 4.45900 02/15/2027 US 490,558.72 $487,965.28
OXFIN 2022-1A 3.60200 02/15/2030 US 2,650,000 $2,487,256.35
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 174,669.66 $167,704.99
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 3,007,386.72 $2,855,717.89
PEPSICO INC 3.90000 07/18/2032 US 3,110,000 $3,055,109.59
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 2,622,336.21 $2,241,810.26
PFMT 2021-2 A2A 2.00000 04/25/2051 US 1,697,598.57 $1,483,405.16
QUALCOMM INC 4.25000 05/20/2032 US 3,170,000 $3,207,660.42
RCKT 2021-6 A1 2.50000 12/25/2051 US 1,696,244.94 $1,446,700.58
SMB 2020-A A2A MTGE 2.23000 09/15/2037 US 961,983.01 $891,819.29
SEMT 2013-6 A2 3.00000 05/25/2043 US 479,343.82 $448,110.05
SEMT 2013-7 A2 3.00000 06/25/2043 US 36,044.33 $32,319.84
SEMT 2013-8 A1 3.00000 06/25/2043 US 90,342.71 $84,662.00
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 5,680,000 $4,755,748.41
SOFI 2020-C AFX 1.95000 02/15/2046 US 457,668.28 $438,521.31
SOFI 2017-F A2FX 2.84000 01/25/2041 US 957,144.73 $938,195.22
SOFI 2020-A A2FX MTGE 2.54000 05/15/2046 US 613,439.2 $583,837.25
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 600,000 $538,830.32
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 2,970,000 $3,024,996.53
SCML 2019-SBC8 2.86000 04/25/2041 US 547,387.52 $506,112.86
TENCENT HOLDINGS 3.97500 04/11/2029 KY 7,120,000 $6,710,544.75
TPMT 2016-5 A1 2.50000 10/25/2056 US 72,737.52 $72,009.19
TPMT 2017-1 A1 2.75000 10/25/2056 US 59,496.88 $58,986.22
TPMT 2019-HY1 A1 3.44371 10/25/2048 US 118,254.66 $116,926.35
TAH 2020-SFR1 B MTGE 2.04900 07/17/2038 US 1,300,000 $1,164,569.39
TCF 2021-1A 1.86000 03/20/2046 US 2,462,833.33 $2,129,465.52
US TREASURY N/B 3.00000 05/15/2047 US 25,502,000 $23,278,544.38
US TREASURY 1.87500 11/15/2051 US 10,560,000 $7,726,950.00
TREASURY BOND 2.37500 02/15/2042 US 27,890,000 $23,218,425.00
TREASURY BOND 2.25000 11/15/2027 US 16,210,000 $15,384,303.13
US TREASURY N/B 3.12500 11/15/2028 US 18,332,000 $18,141,519.15
US TREASURY N/B 2.25000 11/15/2025 US 19,390,000 $18,673,479.00
US TREASURY N/B 2.00000 11/15/2026 US 16,233,000 $15,347,794.22
UNITED STATES TREAS NTS 1.75000 05/15/2023 US 19,035,000 $18,822,343.45
US TREASURY N/B 1.37500 11/15/2031 US 5,170,000 $4,442,160.94
VBTOW 2020-2A A 2.63600 09/15/2050 US 2,250,000 $2,072,849.63
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 810,000 $781,116.83
VISTRA OPERATIONS 4.87500 05/13/2024 US 2,630,000 $2,599,941.31
WIN 2015-1 A1 3.50000 01/20/2045 US 15,806.55 $15,223.10
WIN 2015-2 A11 3.50000 02/20/2045 US 462,010.32 $443,478.98

Investments will change over time.

Distributions

  • Core Bond Series Class I Distribution History
  • 2022 Distribution Calendar
  • First Quarter 2022 Distributions
  • Fourth Quarter 2021 Distributions
  • Third Quarter 2022 Distributions
  • Second Quarter 2022 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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