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

$9.58

Daily $ Change

$0.01

Daily % Change

0.10%

as of 05/24/2018

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 participants in an automatic investment program.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms
XBRL-05/14/18

Annualized Performance

As of 04/30/2018

YTD

-2.19%

1 Year

-0.78%

3 Year

0.88%

5 Year

1.02%

10 Year

4.28%

Inception
(04/21/2005)

4.21%

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. 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 0.51%
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 prior to the expiration date (04/30/2018) without the approval of the Fund's Board of Directors.

Top Ten Investments

As of 04/30/2018

TREASURY NOTES 18.56%
GOVERNMENT AGENCY 12.19%
TREASURY BONDS 9.91%
TREASURY BILLS 4.04%
SABINE PASS LIQUEFACTION 5.87500 06/30/2026 1.50%
JPMORGAN CHASE & CO 6.30000 04/23/2019 1.50%
MORGAN STANLEY FLT 3.01070 05/08/2024 1.50%
BANK OF AMERICA CORP 4.00000 01/22/2025 1.49%
ALIBABA GROUP HOLDING 3.40000 12/06/2027 1.49%
VERIZON COMMUNICATIONS 5.50000 03/16/2047 1.49%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 04/30/2018

Treasury 35.12%
Government 1.06%
Cash 1.17%
Corporate 32.43%
Mortgage 30.22%

Credit Quality Distribution

As of 04/30/2018

AAA 59.57%
AA 3.97%
A 6.59%
BBB 23.06%
BB 0.99%
NR 5.82%

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.

April Fund Holdings

As of 04/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 1,820,000 $1,806,772.93
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 2,000,000 $1,962,102.58
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 2,880,000 $2,711,488.38
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 1,870,000 $1,797,825.50
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 32,595.02 $32,937.34
034863AT7 ANGLO AMERICAN CAPITAL 4.00000 09/11/2027 GB 1,935,000 $1,822,920.27
05582QAD9 BMWOT 2016-A A3 1.16000 11/25/2020 US 944,216.44 $935,878.54
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 400,000 $381,222.04
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 2,750,000 $2,718,091.59
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 2,530,000 $2,698,849.62
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 1,820,000 $1,824,550.00
12592TAA3 COMM 2015-3BP A FLT 3.17800 02/10/2035 US 400,000 $389,778.48
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 266,850.5 $248,580.79
12647MBY0 CSMC 2013-6 2A1 3.50000 08/25/2043 US 884,179.53 $870,088.36
12770QAA3 CZR 2017-VICI A 3.53100 10/15/2034 US 570,000 $572,187.38
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 70,551.92 $70,110.97
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 660,858.05 $656,251.80
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 1,840,000 $2,664,920.34
19625JAA1 CAH 2015-1A A 3.09713 07/17/2032 US 541,792.34 $541,791.47
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 1,610,000 $1,804,580.45
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 350,000 $347,847.29
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 199,284.23 $184,039.38
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 1,870,000 $1,829,001.56
262006208 DREYFUS GVT CSH MANAGEMENT US 2,156,414.74 $2,156,414.74
29372EBL1 ENTERPRISE FLEET FINANCING FLT 1.59000 02/22/2021 US 47,251.26 $47,224.79
29372EBS6 EFF 2016-2 A2 1.74000 02/22/2022 US 240,042.61 $238,814.07
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 2,000,000 $1,959,048.00
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 29,410.49 $29,311.36
30262SAR9 FREMF 2015-K42 B FLT 3.98377 12/25/2024 US 380,000 $371,652.81
30263HAL5 FREMF 2011-K15 B FLT 5.11582 08/25/2044 US 170,000 $178,273.70
30286XAN9 FREMF 2015-K43 B FLT 3.86222 02/25/2048 US 400,000 $388,421.28
30291EAE4 FREMF 2013-K712 B FLT 3.47714 05/25/2045 US 360,000 $361,140.44
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 137,366.84 $143,592.11
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 69,203.73 $77,157.48
3128M7FQ4 FHLM POOL G05275 5.50000 02/01/2039 US 287,209.61 $313,258.93
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 107,091.35 $117,277.88
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 16,829.57 $17,463.50
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 11,760.2 $12,202.81
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 9,069.15 $9,451.44
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 15,879.72 $16,529.54
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 424,942.33 $444,369.30
3128MJJN1 FHLM POOL G08268 5.00000 05/01/2038 US 820,754.56 $879,132.86
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 129,368.33 $135,465.01
3128P75P4 FHLM POOL C91754 4.50000 03/01/2034 US 119,667.37 $125,274.81
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 167,891.47 $177,266.02
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 155,304.86 $163,411.74
3128P8A92 FHLM POOL C91832 3.50000 06/01/2035 US 751,179.35 $758,580.11
3128P8BX8 FHLM POOL C91854 4.00000 10/01/2035 US 533,394.83 $549,693.54
312941F69 FHLM POOL A92889 4.50000 07/01/2040 US 376,093.86 $395,898.96
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 959,256.14 $1,009,731.38
3132J8YK0 FHLM POOL Q17513 3.50000 04/01/2043 US 220,673.89 $220,938.64
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 914,622.19 $934,712.01
3132QUWT6 FHLM POOL Q37857 4.00000 12/01/2045 US 751,952.19 $768,184.12
3132QVKA8 FHLM POOL Q38388 4.00000 01/01/2046 US 893,753.03 $914,299.51
3132WL4Q6 FHLM POOL Q47130 4.50000 04/01/2047 US 415,196.57 $432,578.80
3132WPDP9 FHLM GOLD POOL FG Q49109 4.00000 07/01/2047 US 405,755.8 $413,972.89
3132XSLZ1 FHLM GOLD POOL FG Q50343 4.00000 08/01/2047 US 445,108.32 $454,002.11
31335A5Q7 FHLM POOL G60855 4.50000 12/01/2045 US 369,797.24 $385,704.08
31335ACG1 FHLM POOL G60071 4.50000 07/01/2042 US 371,775.06 $391,314.49
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 520,796.85 $532,236.90
31335ASA7 FHLM POOL G60513 5.00000 07/01/2041 US 872,457.57 $934,332.81
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 23,663.13 $23,994.25
3137ADTK3 FHMS K014 X1 FLT 1.35057 04/25/2021 US 7,329,117.59 $214,764.40
3137AJMG6 FMHS K016 X1 FLT 1.67495 10/25/2021 US 1,143,818.19 $49,101.03
3137AL6W4 FHMS K706 X1 FLT 1.68589 10/25/2018 US 1,535,886.4 $6,369.32
3137AUPF0 FHMS K021 x1 FLT 1.59275 06/25/2022 US 9,207,934.45 $455,608.60
3137B36J2 FHMS K029 A2 3.32000 02/25/2023 US 900,000 $909,256.86
3137B3NB0 FHMS K030 X1 FLT 0.31510 04/25/2023 US 13,719,806.56 $121,531.42
3137B4GZ3 FHMS K032 X1 FLT 0.22177 05/25/2023 US 8,056,222.33 $43,384.37
3137B4WB8 FHMS K033 A2 3.06000 07/25/2023 US 870,000 $867,691.54
3137B5KW2 FHMS K035 A2 3.45800 08/25/2023 US 1,895,000 $1,920,901.05
3137BPVZ9 FHMS K055 A1 2.26300 04/25/2025 US 569,093.87 $549,402.03
3137BT7J4 FHMS KJ10 A2 2.91200 12/25/2023 US 1,400,000 $1,381,627.66
3137BWVV3 FHMS KJ13 A2 2.86400 08/25/2022 US 1,800,000 $1,787,685.48
3137F4YU0 FHLM POOL FHR4791 4.00000 03/15/2044 US 920,000 $938,367.71
3138A5JC7 FEDERAL NATL MTG ASSN AH3858 4.50000 08/01/2041 US 600,467.34 $632,087.16
3138AJXA5 FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 US 126,648.01 $129,970.84
3138EQST0 FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 178,570.41 $183,244.97
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65100 01/01/2049 US 691,216.23 $744,668.38
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 371,180.53 $391,431.84
3138YNFD4 FEDERAL NATL MTG ASSN AY8263 3.00000 05/01/2035 US 428,893.5 $417,623.70
3138YNR25 FEDERAL NATL MTG ASSN AY8604 3.50000 04/01/2045 US 315,584.87 $314,163.37
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 377,824.48 $413,382.47
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 1,015,049.54 $1,036,105.26
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 159,257.83 $158,317.53
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 154,667.26 $157,667.85
3140F8KD8 FEDERAL NATL MTG ASSN BD1191 3.50000 01/01/2047 US 537,620.01 $534,443.90
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 340,191.29 $346,783.08
3140FA5G3 FEDERAL NATL MTG ASSN FN BD3546 4.00000 09/01/2047 US 280,138.1 $285,928.83
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 305,432.25 $320,452.59
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 12,696.37 $13,151.00
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 15,541.01 $16,078.07
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 114,195.72 $117,257.33
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 136,865.81 $140,455.35
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 348,371.98 $381,110.47
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 50,370.08 $54,928.37
31412SY41 FEDERAL NATL MTG ASSN 933731 5.50000 04/01/2038 US 35,876.97 $39,108.39
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 6,794.86 $6,932.27
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 77,665.08 $79,653.72
31416CJV9 FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 148,732.95 $165,701.22
31418B2V7 FEDERAL NATL MTG ASSN MA2587 3.50000 04/01/2036 US 732,513.61 $739,508.19
31418B6G6 FEDERAL NATL MTG ASSN FN MA2670 3.00000 07/01/2046 US 398,331.11 $384,863.93
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 103,734.34 $108,568.09
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 1,136,657.71 $1,098,231.43
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 52,829.28 $57,669.86
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 11,284.96 $11,790.83
34531GAD3 FORDL 2017-A A3 1.88000 04/15/2020 US 1,000,000 $993,558.80
357081AE8 FREMF 2015-K720 B FLT 3.50460 07/25/2022 US 340,000 $334,812.96
35802XAA1 FRESENIUS MED CARE US 6.50000 09/15/2018 US 1,760,000 $1,782,588.93
36143WAN1 GAHR 2015-NRF BFX FLT 3.49490 12/15/2034 US 400,000 $399,675.64
36143WAS0 GAHR 2015-NRF DFX FLT 3.49490 12/15/2034 US 220,000 $218,661.08
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 450,000 $443,545.07
36251LAE3 GMALT 2016-2 A4 1.76000 03/20/2020 US 1,000,000 $992,673.10
43814RAB2 HAROT 2016-4 A2 1.04000 04/18/2019 US 71,119.68 $71,006.24
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 1,760,000 $1,817,742.45
46115HBD8 INTESA SANPAOLO SPA 3.87500 01/12/2028 IT 2,880,000 $2,690,110.94
46186YAA2 IHSFR 2015-SFR3 A FLT 3.19563 08/17/2032 US 564,039.03 $565,292.61
46187BAA1 IHSFR 2017-SFR2 A 2.74550 12/17/2036 US 154,291.88 $154,532.84
46187BAB9 IHSFR 2017-SFR2 B 3.04550 12/17/2036 US 115,000 $115,339.78
46625HHL7 JPMORGAN CHASE & CO 6.30000 04/23/2019 US 2,630,000 $2,722,736.22
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 195,124.39 $198,062.98
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 135,421.54 $130,554.90
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 151,958.24 $149,346.53
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 190,937.6 $188,901.44
46649HAC6 JPMMT 2017-6 A3 3.50000 12/25/2048 US 335,156 $328,767.26
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 568,191.44 $562,110.09
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 2,270,000 $2,694,028.42
500630CK2 KOREA DEVELOPMENT BANK 1.37500 09/12/2019 KR 1,000,000 $974,804.87
50218LAC0 LSTAR COMMERCIAL MORTGAGE TR FLT 2.76700 01/20/2041 US 24,252.5 $24,144.95
58768MAC5 MBALT 2016-B A3 1.35000 08/15/2019 US 900,000 $896,550.84
61744YAG3 MORGAN STANLEY FLT 3.01070 05/08/2024 US 2,670,000 $2,722,591.04
63940HAA1 NAVSL 2016-3A A1 2.49711 06/25/2065 US 152,415.62 $152,587.26
64828AAA1 NRZT 2014-1A A 3.75000 01/25/2054 US 345,761.58 $346,847.62
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 158,192.98 $158,005.96
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 329,001.93 $330,263.75
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 271,993.07 $272,448.77
67087MAA4 OBP DEPOSITOR LLC TRUST 4.64620 07/15/2045 US 100,000 $102,790.74
683235AA3 ONTARIO (PROVINCE OF) 2.00000 09/27/2018 CA 450,000 $449,352.16
68323ADY7 ONTARIO (PROVINCE OF) 1.25000 06/17/2019 CA 400,000 $394,180.81
71654QCJ9 PETROLEOS MEXICANOS 6.35000 02/12/2048 MX 2,820,000 $2,585,940.00
741503AZ9 PRICELINE GROUP INC/THE 3.60000 06/01/2026 US 2,790,000 $2,704,544.45
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 400,000 $386,815.68
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 1,710,000 $1,819,012.50
78408XAD3 SCGT 2013-SRP1 AJ FLT 4.09688 11/15/2026 US 450,000 $449,055.63
78469EAB5 SOFI 2014-A A2 3.02000 10/25/2027 US 172,855.21 $172,318.89
78470RAC1 SOFI 2016-E A2B 2.49000 01/25/2036 US 1,000,000 $974,820.80
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 2,520,000 $2,736,743.39
80282KAS5 SANTANDER HOLDINGS USA 3.40000 01/18/2023 US 1,860,000 $1,802,157.94
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 154,189.7 $148,045.39
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 214,958.71 $206,860.31
81745FAA4 SEMT 2012-3 A1 3.50000 07/25/2042 US 391,294.94 $387,504.47
831641FC4 SBIC 2015-10A 1 2.51700 03/10/2025 US 544,637.27 $533,115.85
831641FE0 SBIC 2015-10B 1 2.82900 09/10/2025 US 1,394,826.15 $1,383,707.99
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 152,769.31 $151,407.45
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 150,000 $146,119.55
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 135,999.74 $134,799.69
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 340,493 $337,397.07
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 294,479.15 $292,467.45
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 1,740,000 $1,809,871.16
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.11688 11/15/2027 US 378,861.79 $379,219.66
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 141,067.93 $140,959.36
88032WAG1 TENCENT HOLDINGS LTD 3.59500 01/19/2028 KY 1,900,000 $1,805,565.67
88161DAA9 TESLA 2018-A A 2.32000 12/20/2019 US 351,414.08 $349,955.40
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 635,103.55 $622,192.91
89613BAA5 TAH 2013-SFR1 A 2.58900 11/17/2033 US 499,598.69 $484,143.20
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 500,000 $482,385.75
90270YBF5 UBS-BARCLAYS COMMERCIAL MORTGAGE 3.18470 03/10/2046 US 800,000 $792,914.40
912796PY9 TREASURY BILL 0.00000 09/06/2018 US 7,400,000 $7,350,324.24
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 2,625,000 $3,498,427.75
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 2,700,000 $3,385,546.88
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 1,911,831.2 $1,858,838.11
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 4,000,000 $3,568,437.52
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 7,717,000 $7,575,019.24
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 3,800,000 $3,740,328.14
912828D23 US TREASURY N/B 1.62500 04/30/2019 US 5,470,000 $5,434,103.13
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 1,788,050.71 $1,773,048.50
912828K58 UNITED STATES TREAS NTS 1.37500 04/30/2020 US 5,580,000 $5,457,937.50
912828R28 US TREASURY N/B 1.62500 04/30/2023 US 5,750,000 $5,436,669.91
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 6,000,000 $5,442,187.50
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 1,898,529.6 $1,854,425.31
912828WZ9 UNITED STATES TREAS NTS 1.75000 04/30/2022 US 2,825,000 $2,720,166.00
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 5,800,000 $5,543,531.25
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 2,540,000 $2,707,741.32
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 245,000 $250,603.71
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 794,342.73 $825,465.24
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 275,000 $282,343.00
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 1,495,000 $1,406,441.91
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 153,141.52 $153,341.11
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 167,460.38 $164,792.15

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.

Daily Price

$9.58

Daily $ Change

$0.01

Daily % Change

0.10%

as of 05/24/2018

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 participants in an automatic investment program.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms
XBRL-05/14/18

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

Annualized Performance

As of 04/30/2018

YTD

-2.19%

1 Year

-0.78%

3 Year

0.88%

5 Year

1.02%

10 Year

4.28%

Inception
(04/21/2005)

4.21%

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. 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 0.51%
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 prior to the expiration date (04/30/2018) without the approval of the Fund's Board of Directors.

Top Ten Investments

As of 04/30/2018

TREASURY NOTES 18.56%
GOVERNMENT AGENCY 12.19%
TREASURY BONDS 9.91%
TREASURY BILLS 4.04%
SABINE PASS LIQUEFACTION 5.87500 06/30/2026 1.50%
JPMORGAN CHASE & CO 6.30000 04/23/2019 1.50%
MORGAN STANLEY FLT 3.01070 05/08/2024 1.50%
BANK OF AMERICA CORP 4.00000 01/22/2025 1.49%
ALIBABA GROUP HOLDING 3.40000 12/06/2027 1.49%
VERIZON COMMUNICATIONS 5.50000 03/16/2047 1.49%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 04/30/2018

Treasury
35.12%
Government
1.06%
Cash
1.17%
Corporate
32.43%
Mortgage
30.22%

Credit Quality Distribution

As of 04/30/2018

AAA
59.57%
AA
3.97%
A
6.59%
BBB
23.06%
BB
0.99%
NR
5.82%

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.

April Fund Holdings

As of 04/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 1,820,000 $1,806,772.93
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 2,000,000 $1,962,102.58
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 2,880,000 $2,711,488.38
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 1,870,000 $1,797,825.50
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 32,595.02 $32,937.34
034863AT7 ANGLO AMERICAN CAPITAL 4.00000 09/11/2027 GB 1,935,000 $1,822,920.27
05582QAD9 BMWOT 2016-A A3 1.16000 11/25/2020 US 944,216.44 $935,878.54
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 400,000 $381,222.04
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 2,750,000 $2,718,091.59
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 2,530,000 $2,698,849.62
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 1,820,000 $1,824,550.00
12592TAA3 COMM 2015-3BP A FLT 3.17800 02/10/2035 US 400,000 $389,778.48
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 266,850.5 $248,580.79
12647MBY0 CSMC 2013-6 2A1 3.50000 08/25/2043 US 884,179.53 $870,088.36
12770QAA3 CZR 2017-VICI A 3.53100 10/15/2034 US 570,000 $572,187.38
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 70,551.92 $70,110.97
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 660,858.05 $656,251.80
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 1,840,000 $2,664,920.34
19625JAA1 CAH 2015-1A A 3.09713 07/17/2032 US 541,792.34 $541,791.47
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 1,610,000 $1,804,580.45
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 350,000 $347,847.29
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 199,284.23 $184,039.38
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 1,870,000 $1,829,001.56
262006208 DREYFUS GVT CSH MANAGEMENT US 2,156,414.74 $2,156,414.74
29372EBL1 ENTERPRISE FLEET FINANCING FLT 1.59000 02/22/2021 US 47,251.26 $47,224.79
29372EBS6 EFF 2016-2 A2 1.74000 02/22/2022 US 240,042.61 $238,814.07
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 2,000,000 $1,959,048.00
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 29,410.49 $29,311.36
30262SAR9 FREMF 2015-K42 B FLT 3.98377 12/25/2024 US 380,000 $371,652.81
30263HAL5 FREMF 2011-K15 B FLT 5.11582 08/25/2044 US 170,000 $178,273.70
30286XAN9 FREMF 2015-K43 B FLT 3.86222 02/25/2048 US 400,000 $388,421.28
30291EAE4 FREMF 2013-K712 B FLT 3.47714 05/25/2045 US 360,000 $361,140.44
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 137,366.84 $143,592.11
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 69,203.73 $77,157.48
3128M7FQ4 FHLM POOL G05275 5.50000 02/01/2039 US 287,209.61 $313,258.93
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 107,091.35 $117,277.88
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 16,829.57 $17,463.50
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 11,760.2 $12,202.81
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 9,069.15 $9,451.44
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 15,879.72 $16,529.54
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 424,942.33 $444,369.30
3128MJJN1 FHLM POOL G08268 5.00000 05/01/2038 US 820,754.56 $879,132.86
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 129,368.33 $135,465.01
3128P75P4 FHLM POOL C91754 4.50000 03/01/2034 US 119,667.37 $125,274.81
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 167,891.47 $177,266.02
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 155,304.86 $163,411.74
3128P8A92 FHLM POOL C91832 3.50000 06/01/2035 US 751,179.35 $758,580.11
3128P8BX8 FHLM POOL C91854 4.00000 10/01/2035 US 533,394.83 $549,693.54
312941F69 FHLM POOL A92889 4.50000 07/01/2040 US 376,093.86 $395,898.96
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 959,256.14 $1,009,731.38
3132J8YK0 FHLM POOL Q17513 3.50000 04/01/2043 US 220,673.89 $220,938.64
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 914,622.19 $934,712.01
3132QUWT6 FHLM POOL Q37857 4.00000 12/01/2045 US 751,952.19 $768,184.12
3132QVKA8 FHLM POOL Q38388 4.00000 01/01/2046 US 893,753.03 $914,299.51
3132WL4Q6 FHLM POOL Q47130 4.50000 04/01/2047 US 415,196.57 $432,578.80
3132WPDP9 FHLM GOLD POOL FG Q49109 4.00000 07/01/2047 US 405,755.8 $413,972.89
3132XSLZ1 FHLM GOLD POOL FG Q50343 4.00000 08/01/2047 US 445,108.32 $454,002.11
31335A5Q7 FHLM POOL G60855 4.50000 12/01/2045 US 369,797.24 $385,704.08
31335ACG1 FHLM POOL G60071 4.50000 07/01/2042 US 371,775.06 $391,314.49
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 520,796.85 $532,236.90
31335ASA7 FHLM POOL G60513 5.00000 07/01/2041 US 872,457.57 $934,332.81
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 23,663.13 $23,994.25
3137ADTK3 FHMS K014 X1 FLT 1.35057 04/25/2021 US 7,329,117.59 $214,764.40
3137AJMG6 FMHS K016 X1 FLT 1.67495 10/25/2021 US 1,143,818.19 $49,101.03
3137AL6W4 FHMS K706 X1 FLT 1.68589 10/25/2018 US 1,535,886.4 $6,369.32
3137AUPF0 FHMS K021 x1 FLT 1.59275 06/25/2022 US 9,207,934.45 $455,608.60
3137B36J2 FHMS K029 A2 3.32000 02/25/2023 US 900,000 $909,256.86
3137B3NB0 FHMS K030 X1 FLT 0.31510 04/25/2023 US 13,719,806.56 $121,531.42
3137B4GZ3 FHMS K032 X1 FLT 0.22177 05/25/2023 US 8,056,222.33 $43,384.37
3137B4WB8 FHMS K033 A2 3.06000 07/25/2023 US 870,000 $867,691.54
3137B5KW2 FHMS K035 A2 3.45800 08/25/2023 US 1,895,000 $1,920,901.05
3137BPVZ9 FHMS K055 A1 2.26300 04/25/2025 US 569,093.87 $549,402.03
3137BT7J4 FHMS KJ10 A2 2.91200 12/25/2023 US 1,400,000 $1,381,627.66
3137BWVV3 FHMS KJ13 A2 2.86400 08/25/2022 US 1,800,000 $1,787,685.48
3137F4YU0 FHLM POOL FHR4791 4.00000 03/15/2044 US 920,000 $938,367.71
3138A5JC7 FEDERAL NATL MTG ASSN AH3858 4.50000 08/01/2041 US 600,467.34 $632,087.16
3138AJXA5 FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 US 126,648.01 $129,970.84
3138EQST0 FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 178,570.41 $183,244.97
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65100 01/01/2049 US 691,216.23 $744,668.38
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 371,180.53 $391,431.84
3138YNFD4 FEDERAL NATL MTG ASSN AY8263 3.00000 05/01/2035 US 428,893.5 $417,623.70
3138YNR25 FEDERAL NATL MTG ASSN AY8604 3.50000 04/01/2045 US 315,584.87 $314,163.37
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 377,824.48 $413,382.47
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 1,015,049.54 $1,036,105.26
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 159,257.83 $158,317.53
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 154,667.26 $157,667.85
3140F8KD8 FEDERAL NATL MTG ASSN BD1191 3.50000 01/01/2047 US 537,620.01 $534,443.90
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 340,191.29 $346,783.08
3140FA5G3 FEDERAL NATL MTG ASSN FN BD3546 4.00000 09/01/2047 US 280,138.1 $285,928.83
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 305,432.25 $320,452.59
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 12,696.37 $13,151.00
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 15,541.01 $16,078.07
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 114,195.72 $117,257.33
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 136,865.81 $140,455.35
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 348,371.98 $381,110.47
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 50,370.08 $54,928.37
31412SY41 FEDERAL NATL MTG ASSN 933731 5.50000 04/01/2038 US 35,876.97 $39,108.39
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 6,794.86 $6,932.27
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 77,665.08 $79,653.72
31416CJV9 FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 148,732.95 $165,701.22
31418B2V7 FEDERAL NATL MTG ASSN MA2587 3.50000 04/01/2036 US 732,513.61 $739,508.19
31418B6G6 FEDERAL NATL MTG ASSN FN MA2670 3.00000 07/01/2046 US 398,331.11 $384,863.93
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 103,734.34 $108,568.09
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 1,136,657.71 $1,098,231.43
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 52,829.28 $57,669.86
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 11,284.96 $11,790.83
34531GAD3 FORDL 2017-A A3 1.88000 04/15/2020 US 1,000,000 $993,558.80
357081AE8 FREMF 2015-K720 B FLT 3.50460 07/25/2022 US 340,000 $334,812.96
35802XAA1 FRESENIUS MED CARE US 6.50000 09/15/2018 US 1,760,000 $1,782,588.93
36143WAN1 GAHR 2015-NRF BFX FLT 3.49490 12/15/2034 US 400,000 $399,675.64
36143WAS0 GAHR 2015-NRF DFX FLT 3.49490 12/15/2034 US 220,000 $218,661.08
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 450,000 $443,545.07
36251LAE3 GMALT 2016-2 A4 1.76000 03/20/2020 US 1,000,000 $992,673.10
43814RAB2 HAROT 2016-4 A2 1.04000 04/18/2019 US 71,119.68 $71,006.24
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 1,760,000 $1,817,742.45
46115HBD8 INTESA SANPAOLO SPA 3.87500 01/12/2028 IT 2,880,000 $2,690,110.94
46186YAA2 IHSFR 2015-SFR3 A FLT 3.19563 08/17/2032 US 564,039.03 $565,292.61
46187BAA1 IHSFR 2017-SFR2 A 2.74550 12/17/2036 US 154,291.88 $154,532.84
46187BAB9 IHSFR 2017-SFR2 B 3.04550 12/17/2036 US 115,000 $115,339.78
46625HHL7 JPMORGAN CHASE & CO 6.30000 04/23/2019 US 2,630,000 $2,722,736.22
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 195,124.39 $198,062.98
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 135,421.54 $130,554.90
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 151,958.24 $149,346.53
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 190,937.6 $188,901.44
46649HAC6 JPMMT 2017-6 A3 3.50000 12/25/2048 US 335,156 $328,767.26
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 568,191.44 $562,110.09
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 2,270,000 $2,694,028.42
500630CK2 KOREA DEVELOPMENT BANK 1.37500 09/12/2019 KR 1,000,000 $974,804.87
50218LAC0 LSTAR COMMERCIAL MORTGAGE TR FLT 2.76700 01/20/2041 US 24,252.5 $24,144.95
58768MAC5 MBALT 2016-B A3 1.35000 08/15/2019 US 900,000 $896,550.84
61744YAG3 MORGAN STANLEY FLT 3.01070 05/08/2024 US 2,670,000 $2,722,591.04
63940HAA1 NAVSL 2016-3A A1 2.49711 06/25/2065 US 152,415.62 $152,587.26
64828AAA1 NRZT 2014-1A A 3.75000 01/25/2054 US 345,761.58 $346,847.62
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 158,192.98 $158,005.96
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 329,001.93 $330,263.75
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 271,993.07 $272,448.77
67087MAA4 OBP DEPOSITOR LLC TRUST 4.64620 07/15/2045 US 100,000 $102,790.74
683235AA3 ONTARIO (PROVINCE OF) 2.00000 09/27/2018 CA 450,000 $449,352.16
68323ADY7 ONTARIO (PROVINCE OF) 1.25000 06/17/2019 CA 400,000 $394,180.81
71654QCJ9 PETROLEOS MEXICANOS 6.35000 02/12/2048 MX 2,820,000 $2,585,940.00
741503AZ9 PRICELINE GROUP INC/THE 3.60000 06/01/2026 US 2,790,000 $2,704,544.45
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 400,000 $386,815.68
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 1,710,000 $1,819,012.50
78408XAD3 SCGT 2013-SRP1 AJ FLT 4.09688 11/15/2026 US 450,000 $449,055.63
78469EAB5 SOFI 2014-A A2 3.02000 10/25/2027 US 172,855.21 $172,318.89
78470RAC1 SOFI 2016-E A2B 2.49000 01/25/2036 US 1,000,000 $974,820.80
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 2,520,000 $2,736,743.39
80282KAS5 SANTANDER HOLDINGS USA 3.40000 01/18/2023 US 1,860,000 $1,802,157.94
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 154,189.7 $148,045.39
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 214,958.71 $206,860.31
81745FAA4 SEMT 2012-3 A1 3.50000 07/25/2042 US 391,294.94 $387,504.47
831641FC4 SBIC 2015-10A 1 2.51700 03/10/2025 US 544,637.27 $533,115.85
831641FE0 SBIC 2015-10B 1 2.82900 09/10/2025 US 1,394,826.15 $1,383,707.99
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 152,769.31 $151,407.45
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 150,000 $146,119.55
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 135,999.74 $134,799.69
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 340,493 $337,397.07
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 294,479.15 $292,467.45
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 1,740,000 $1,809,871.16
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.11688 11/15/2027 US 378,861.79 $379,219.66
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 141,067.93 $140,959.36
88032WAG1 TENCENT HOLDINGS LTD 3.59500 01/19/2028 KY 1,900,000 $1,805,565.67
88161DAA9 TESLA 2018-A A 2.32000 12/20/2019 US 351,414.08 $349,955.40
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 635,103.55 $622,192.91
89613BAA5 TAH 2013-SFR1 A 2.58900 11/17/2033 US 499,598.69 $484,143.20
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 500,000 $482,385.75
90270YBF5 UBS-BARCLAYS COMMERCIAL MORTGAGE 3.18470 03/10/2046 US 800,000 $792,914.40
912796PY9 TREASURY BILL 0.00000 09/06/2018 US 7,400,000 $7,350,324.24
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 2,625,000 $3,498,427.75
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 2,700,000 $3,385,546.88
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 1,911,831.2 $1,858,838.11
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 4,000,000 $3,568,437.52
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 7,717,000 $7,575,019.24
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 3,800,000 $3,740,328.14
912828D23 US TREASURY N/B 1.62500 04/30/2019 US 5,470,000 $5,434,103.13
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 1,788,050.71 $1,773,048.50
912828K58 UNITED STATES TREAS NTS 1.37500 04/30/2020 US 5,580,000 $5,457,937.50
912828R28 US TREASURY N/B 1.62500 04/30/2023 US 5,750,000 $5,436,669.91
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 6,000,000 $5,442,187.50
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 1,898,529.6 $1,854,425.31
912828WZ9 UNITED STATES TREAS NTS 1.75000 04/30/2022 US 2,825,000 $2,720,166.00
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 5,800,000 $5,543,531.25
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 2,540,000 $2,707,741.32
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 245,000 $250,603.71
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 794,342.73 $825,465.24
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 275,000 $282,343.00
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 1,495,000 $1,406,441.91
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 153,141.52 $153,341.11
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 167,460.38 $164,792.15

Investments will change over time.

Distributions

  • Core Bond Series Class I Distribution History
  • 2018 Distribution Calendar
  • Fourth Quarter 2017 Distributions
  • Third Quarter 2017 Distributions
  • Second Quarter 2017 Distributions
  • First Quarter 2018 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.


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