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

$10.28

Daily $ Change

$0.00

Daily % Change

0.00%

as of 08/04/2021

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 06/30/2021

YTD

-1.34%

1 Year

1.32%

3 Year

5.62%

5 Year

3.36%

10 Year

3.63%

Inception
(04/21/2005)

4.46%

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 0.46%
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 06/30/2021

TREASURY NOTES 32.28%
GOVERNMENT AGENCY 10.07%
TREASURY BONDS 6.67%
AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 2.31%
TENCENT HOLDINGS 3.97500 04/11/2029 1.98%
SABINE PASS LIQUEFACTION 5.87500 06/30/2026 1.40%
VERIZON COMMUNICATIONS 4.27200 01/15/2036 1.33%
AMERICAN TOWER CORP 3.80000 08/15/2029 1.30%
CROWN CASTLE INTL CORP 3.10000 11/15/2029 1.30%
BP CAP MARKETS AMERICA 3.06000 06/17/2041 1.29%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 06/30/2021

Treasury 38.13%
Cash 2.12%
Corporate 24.45%
Mortgage 33.53%
Other 1.77%

Credit Quality Distribution

As of 06/30/2021

AAA 64.00%
AA 2.11%
A 11.45%
BBB 18.79%
NR 3.65%

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.

June Fund Holdings

As of 06/30/2021

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 1,440,000 $1,634,345.47
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 1,700,000 $1,825,833.27
01609WAU6 ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 3,440,000 $3,862,962.93
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 4,320,000 $4,817,898.36
045054AJ2 ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 1,580,000 $1,671,087.00
05401AAP6 AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 KY 8,620,000 $8,536,245.32
05567SAA0 BNSF FUNDING TRUST I 6.61300 12/15/2055 US 1,570,000 $1,797,398.80
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 400,000 $405,806.24
09261XAA0 BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 1,810,000 $1,835,273.07
10373QBR0 BP CAP MARKETS AMERICA 3.06000 06/17/2041 US 4,710,000 $4,759,737.60
12327BAA4 BJETS 2021-1A A 2.16200 04/15/2036 US 2,694,941.34 $2,716,694.91
12530MAB1 SORT 2020-1 A2 1.99000 07/15/2060 US 1,257,687.37 $1,277,552.92
12530MAC9 SORT 2020-1 B1 2.28000 07/15/2060 US 1,574,725.08 $1,601,214.00
12530MAG0 SORT 2021-1A B1 MTGE 1.98000 03/15/2061 US 1,760,000 $1,775,772.94
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 67,045.93 $68,009.72
12565KAA5 CLIF 2021-1A A MTGE 1.64000 02/18/2046 US 3,384,083.34 $3,356,108.82
12646WAH7 CSMC 2013-IVR2 A2 3.00000 04/25/2043 US 342,480.64 $350,525.34
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 80,050.78 $80,930.78
12647MBY0 CSMC 2013-6 2A1 3.50000 08/25/2043 US 282,646.52 $286,610.64
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 2,910,000 $3,324,382.14
180848P31 CLARK CNTY NV 1.15000 11/01/2026 US 3,410,000 $3,392,302.10
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 743,837.94 $762,376.46
21873CAA1 CAFL 2020-3 A 1.35800 08/15/2053 US 1,343,896.66 $1,331,746.89
22534GAA1 CAALT 2020-1A 2.01000 02/15/2029 US 500,000 $508,609.15
22534GAC7 CAALT 2020-1A B 2.39000 04/16/2029 US 600,000 $616,265.58
22536BAA0 CAALT 2020-3A A 1.24000 10/15/2029 US 4,500,000 $4,545,384.75
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 4,510,000 $4,788,315.75
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 54,378.14 $55,202.05
23802WAA9 COLO 2021-1A A2 MTGE 2.06000 02/27/2051 US 2,400,000 $2,431,191.84
262006208 DREYFUS GVT CSH MANAGEMENT US 8,006,098.86 $8,006,098.86
28166LAA2 EDVES 2021-A A MTGE 1.80000 11/25/2045 US 1,516,890.49 $1,520,858.68
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 3,590,000 $4,663,024.47
30212PBK0 EXPEDIA GROUP INC 4.62500 08/01/2027 US 1,630,000 $1,843,051.55
30262SAR9 FREMF 2015-K42 B FLT 3.98167 01/25/2048 US 380,000 $413,127.07
30263HAL5 FREMF 2011-K15 B FLT 5.08795 08/25/2044 US 170,000 $169,958.03
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 74,878.04 $81,735.99
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 23,504.74 $27,723.09
3128M7FQ4 FHLM POOL G05275 5.50000 02/01/2039 US 113,696.3 $131,161.67
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 52,679.08 $61,023.45
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 618.41 $623.35
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 549.98 $554.35
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 940.84 $961.20
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 1,317.01 $1,344.77
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 135,398.12 $147,083.57
3128MJJN1 FHLM POOL G08268 5.00000 05/01/2038 US 383,501.9 $440,307.95
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 58,553.83 $63,916.66
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 70,920.13 $77,564.65
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 90,531.22 $99,009.94
3128P8A92 FHLM POOL C91832 3.50000 06/01/2035 US 339,313.54 $363,969.54
312941F69 FHLM POOL A92889 4.50000 07/01/2040 US 164,674.55 $183,891.12
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 429,368.63 $474,406.08
3132DWAG8 FEDERAL NATL MTG ASSN FR SD8107 2.50000 11/01/2050 US 356,579.19 $369,391.07
3132J8YK0 FHLM POOL Q17513 3.50000 04/01/2043 US 114,093.41 $123,339.73
3132LQA80 FHLM POOL FG K93731 3.00000 11/01/2036 US 1,828,160 $1,919,991.38
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 418,109.11 $457,398.07
3132QUWT6 FHLM POOL Q37857 4.00000 12/01/2045 US 344,476.2 $375,185.07
3132QVKA8 FHLM POOL Q38388 4.00000 01/01/2046 US 495,122.67 $542,521.14
3132WL4Q6 FHLM POOL Q47130 4.50000 04/01/2047 US 51,971.03 $56,044.59
3132WML28 FHLM POOL FG Q47544 4.00000 03/01/2047 US 359,035.68 $389,475.75
31335A5Q7 FHLM POOL G60855 4.50000 12/01/2045 US 157,713.85 $173,935.64
31335ACG1 FHLM POOL G60071 4.50000 07/01/2042 US 171,646.82 $191,445.81
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 180,979.32 $195,999.58
31335ASA7 FHLM POOL G60513 5.00000 07/01/2041 US 415,967.21 $476,916.03
3133G6L60 FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 US 487,425.1 $514,091.34
3133KYU98 FHLM POOL RB5108 2.00000 04/01/2041 US 5,428,385.33 $5,549,068.70
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 98,492.94 $101,371.84
3137AJMG6 FMHS K016 X1 FLT 1.64991 10/25/2021 US 539,640.07 $21.32
3137AUPF0 FHMS K021 x1 FLT 1.52606 06/25/2022 US 8,217,028.93 $63,104.32
3137B3NB0 FHMS K030 X1 FLT 0.27352 04/25/2023 US 12,304,793.03 $30,733.68
3137B4GZ3 FHMS K032 X1 FLT 0.19884 05/25/2023 US 7,368,842.44 $14,731.05
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 34,682.42 $34,725.78
3138A5JC7 FEDERAL NATL MTG ASSN AH3858 4.50000 08/01/2041 US 299,809.44 $334,505.42
3138AJXA5 FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 US 59,084.18 $64,677.56
3138EQST0 FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 73,816.33 $80,222.16
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64600 01/01/2049 US 386,361.94 $440,963.39
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 203,345.84 $224,113.69
3138WHQN5 FEDERAL NATL MTG ASSN FN AS7660 2.50000 08/01/2046 US 3,129,233.8 $3,251,318.60
3138Y22T9 FEDERAL NATL MTG ASSN FN AX1685 3.50000 11/01/2044 US 693,141.96 $752,471.11
3138YNR25 FEDERAL NATL MTG ASSN AY8604 3.50000 04/01/2045 US 118,979.99 $127,469.34
3138YWH42 FEDERAL NATL MTG ASSN FN AZ4750 3.50000 10/01/2045 US 862,962.96 $929,468.21
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 186,704.5 $216,313.62
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 457,706.4 $493,149.25
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 42,316.7 $45,096.97
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 47,615.06 $51,372.20
3140F8KD8 FEDERAL NATL MTG ASSN BD1191 3.50000 01/01/2047 US 254,942.9 $270,257.00
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 146,507.73 $158,766.06
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 47,488.82 $51,599.90
3140JAD88 FEDERAL NATL MTG ASSN FN BM5526 3.50000 02/01/2048 US 1,108,872.8 $1,171,567.98
3140X3A81 FEDERAL NATL MTG ASSN FN FM0030 3.00000 02/01/2049 US 2,689,672.9 $2,829,178.11
3140X4JC1 FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 US 622,929.59 $667,354.19
3140X52A0 FEDERAL NATL MTG ASSN FN FM2568 3.00000 05/01/2038 US 635,171.28 $664,086.45
3140X5PS6 FEDERAL NATL MTG ASSN FN FM2232 4.00000 06/01/2048 US 191,604 $204,259.44
3140X6QK0 FEDERAL NATL MTG ASSN FN FM3157 3.50000 01/01/2048 US 1,568,952.51 $1,670,760.02
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 67.44 $67.53
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 221.03 $221.73
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 1.15 $1.15
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 221.58 $222.90
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 174,052.68 $201,823.62
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 27,322.23 $31,821.05
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US .67 $0.67
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 203.17 $203.96
31416CJV9 FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 82,143.78 $97,441.78
31418B2V7 FEDERAL NATL MTG ASSN MA2587 3.50000 04/01/2036 US 301,863.61 $322,948.77
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 42,697.41 $46,593.32
31418CKV5 FEDERAL NATL MTG ASSN FN MA3007 3.00000 04/01/2047 US 1,023,735.82 $1,077,583.84
31418CS47 FEDERAL NATL MTG ASSN FN MA3238 3.50000 01/01/2048 US 945,214.41 $999,547.17
31418CSD7 FEDERAL NATL NTG ASSN MA3215 3.50000 12/01/2037 US 1,012,673.73 $1,069,948.30
31418CZ56 FEDERAL NATL MTG ASSN FN MA3463 4.00000 09/01/2033 US 198,723.27 $211,082.39
31418DNE8 FEDERAL NATL MTG ASSN FN MA3988 3.00000 04/01/2040 US 611,329.03 $638,711.07
31418DU59 FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 4,132,096.89 $4,290,161.70
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 26,777.32 $31,185.45
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 2,484.55 $2,595.46
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 1,050,000 $1,105,094.76
34528GAL0 FORDO 2020-A A4 1.35000 07/15/2025 US 1,750,000 $1,784,771.45
357081AE8 FREMF 2015-K720 B FLT 3.51073 07/25/2022 US 340,000 $348,858.16
36258WAS1 GSMBS 2020-PJ3 A14 3.00000 10/25/2050 US 1,056,322.36 $1,077,231.52
36262LAJ9 GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 1,550,000 $1,587,720.65
369604BQ5 GENERAL ELECTRIC CO 3.44888 01/21/2099 US 3,190,000 $3,137,365.00
38217TAA3 GOODG 2020-1A MTGE 2.63000 04/15/2055 US 2,185,075.39 $2,251,782.68
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 324,124.76 $334,988.81
404119BX6 HCA INC 4.12500 06/15/2029 US 2,220,000 $2,502,144.33
419792A22 HAWAII ST 2.68200 10/01/2030 US 95,000 $96,409.80
42806MAF6 HERTZ 2021-2A B 2.12000 12/27/2027 US 1,800,000 $1,797,051.96
43731QAA6 HPA 2019-1 A 2.90800 09/17/2039 US 902,533.8 $925,450.94
46187BAA1 IHSFR 2017-SFR2 A 0.93200 12/17/2036 US 138,322.4 $138,443.64
46187BAB9 IHSFR 2017-SFR2 B 1.23200 12/17/2036 US 114,980.62 $115,130.81
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 44,790.21 $44,903.07
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 41,743.15 $42,336.04
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 38,231.93 $38,854.81
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 86,426.25 $88,370.75
46647PBP0 JPMORGAN CHASE & CO 2.95600 05/13/2031 US 3,890,000 $4,090,652.58
46649HAC6 JPMMT 2017-6 A3 3.50000 12/25/2048 US 60,165.73 $60,910.65
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 3,240,000 $4,634,129.52
49474FXR6 KING CNTY WA 1.30000 12/01/2028 US 1,675,000 $1,647,245.25
59022CAJ2 MERRILL LYNCH 6.11000 01/29/2037 US 2,195,000 $3,007,340.31
61767YAZ3 MSC 2018-H3 A5 4.17700 07/15/2051 US 1,423,000 $1,645,095.58
63938EAC8 NAVSL 2014-1 A3 FLT 0.60150 06/25/2031 US 875,655.97 $871,356.50
63939KAC3 NAVSL 2015-BA A3 1.52288 07/16/2040 US 1,460,621.28 $1,482,054.29
63941MAB7 NAVSL 2019-EA A2A 2.64000 05/15/2068 US 866,867 $885,200.98
64033GAA9 NSLT 2013-5A A MTGE FLT 0.72150 01/25/2037 US 1,063,491.66 $1,066,763.28
64033QAB5 NSLT 2015-2A A2 0.69150 09/25/2047 US 2,784,727.71 $2,791,426.37
64828AAA1 NRZT 2014-1A A 3.75000 01/25/2054 US 155,539.81 $164,300.84
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 75,102.67 $80,048.65
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 147,728.68 $156,646.43
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 137,044.03 $145,547.13
64971XPG7 NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 910,000 $932,131.20
65106WAA3 NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 1,810,000 $1,882,702.99
66981FAA8 ASMR 2020- SFR4 A 1.35500 11/17/2037 US 2,700,000 $2,692,133.55
670898AC9 OCP 2020-8RA A1 1.43967 01/17/2032 KY 2,500,000 $2,499,987.50
691205AE8 OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 1,680,000 $1,767,282.10
69144AAA7 OXFIN 2020-1A A2 3.10100 02/15/2028 US 1,835,000 $1,888,640.17
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 948,148.71 $977,915.18
693456AW5 PMTLT 2013-J1 a9 3.50000 09/25/2043 US 268,587.69 $273,682.85
74331AAA0 2019- SFR4 CLASS A 2.68700 10/17/2036 US 800,000 $819,130.32
74333LAA4 PROG 2020-SFR2 A 2.07800 06/17/2037 US 1,000,000 $1,021,796.40
74333NAA0 PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 US 902,997.19 $919,382.62
74388JAD7 PFMT 2021-2 A2A 2.00000 04/25/2051 US 2,011,366.5 $2,027,551.77
78403DAR1 SBA TOWER TRUST 2.32800 01/15/2028 US 1,300,000 $1,348,210.63
78449UAB4 SMB 2020-A A2A MTGE 2.23000 09/15/2037 US 1,285,000 $1,321,274.01
78470RAC1 SOFI 2016-E A2B 2.49000 01/25/2036 US 182,123.96 $183,743.41
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 4,360,000 $5,163,177.44
81745BAB1 SEMT 2013-6 A2 3.00000 05/25/2043 US 740,581.03 $748,925.53
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 49,473.05 $50,060.11
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 136,734.42 $138,377.67
81746NAK4 SEMT 2016-3 A10 3.50000 11/25/2046 US 217,765.66 $218,384.68
81748MAD0 SEMT 2020-1 A4 3.50000 02/25/2050 US 163,907.56 $164,482.38
83390UAF4 SOFI 2020-C AFX 1.95000 02/15/2046 US 623,436.53 $632,549.36
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 2,025,114.69 $2,070,934.12
83405TAA1 SCLP 2019-3 A MTGE 2.90000 05/25/2028 US 104,772.67 $105,319.44
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 43,724.54 $43,842.81
83406TAB8 SOFI 2020-A A2FX MTGE 2.54000 05/15/2046 US 820,000 $847,208.58
837151XH7 SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 600,000 $619,092.00
844741BK3 SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 2,970,000 $3,499,135.20
85236KAE2 SIDC 2021-1A A2 MTGE 1.87700 03/26/2046 US 2,000,000 $2,009,115.40
86935CAA0 SCML 2019-SBC8 2.86000 04/25/2041 US 688,236.84 $691,076.78
87230AAQ9 TFLAT 2016-1A CR2 2.38975 01/17/2032 KY 1,500,000 $1,504,258.50
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 6,550,000 $7,307,245.50
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 232,875.5 $236,614.48
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 181,973.38 $184,758.14
89177EAA7 TPMT 2019-HY1 A1 1.09150 10/25/2048 US 196,986.18 $198,387.80
89237JAA4 TALNT 2020-1A A 1.35000 05/25/2033 US 3,000,000 $3,050,926.20
89613GAB2 TAH 2020-SFR1 B MTGE 2.04900 07/17/2038 US 1,300,000 $1,314,607.32
89680HAE2 TCF 2021-1A 1.86000 03/20/2046 US 2,740,500 $2,724,714.72
90276WAS6 UBSCM 2017-C4 3.67900 12/15/2050 US 1,000,000 $1,104,024.40
912810QK7 US TREASURY N/BB 3.87500 08/15/2040 US 10,420,000 $13,706,777.37
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 12,257,000 $13,270,596.41
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 9,572,000 $11,386,940.99
9128284N7 US TREASURY N/B 2.87500 05/15/2028 US 23,760,000 $26,411,653.07
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 25,457,000 $26,396,721.23
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 24,525,000 $26,415,149.35
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 24,955,000 $26,356,769.27
91823AAN1 VBTOW 2020-1A C2 3.03100 06/15/2050 US 375,000 $391,985.85
92212KAB2 VDC 2020-1A A2 1.64500 09/15/2045 US 1,750,000 $1,755,371.45
92343VCV4 VERIZON COMMUNICATIONS 4.27200 01/15/2036 US 4,130,000 $4,933,134.54
92535VAF9 VBTOW 2020-2A A 2.63600 09/15/2050 US 2,250,000 $2,293,499.93
92938VAQ8 WFRBS 2014-C19 A5 4.10100 03/15/2047 US 2,000,000 $2,160,234.00
93065PAA9 WBHT 2019-WBM A FLT 1.12300 12/15/2033 US 415,000 $415,242.73
94989NBE6 WFCM 2015-C30 A4 3.66400 09/15/2058 US 3,000,000 $3,284,127.00
969457BY5 WILLIAMS COMPANIES INC 2.60000 03/15/2031 US 3,650,000 $3,700,432.71
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 30,376.05 $30,850.65
97652UAL4 WIN 2015-2 A11 3.50000 02/20/2045 US 864,754.14 $871,492.04

Investments will change over time.

Distributions

  • Core Bond Series Class I Distribution History
  • 2021 Distribution Calendar
  • Fourth Quarter 2020 Distributions
  • Third Quarter 2020 Distributions
  • Second Quarter 2021 Distributions
  • First Quarter 2021 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

$10.28

Daily $ Change

$0.00

Daily % Change

0.00%

as of 08/04/2021

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 06/30/2021

YTD

-1.34%

1 Year

1.32%

3 Year

5.62%

5 Year

3.36%

10 Year

3.63%

Inception
(04/21/2005)

4.46%

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 0.46%
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 06/30/2021

TREASURY NOTES 32.28%
GOVERNMENT AGENCY 10.07%
TREASURY BONDS 6.67%
AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 2.31%
TENCENT HOLDINGS 3.97500 04/11/2029 1.98%
SABINE PASS LIQUEFACTION 5.87500 06/30/2026 1.40%
VERIZON COMMUNICATIONS 4.27200 01/15/2036 1.33%
AMERICAN TOWER CORP 3.80000 08/15/2029 1.30%
CROWN CASTLE INTL CORP 3.10000 11/15/2029 1.30%
BP CAP MARKETS AMERICA 3.06000 06/17/2041 1.29%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 06/30/2021

Treasury
38.13%
Cash
2.12%
Corporate
24.45%
Mortgage
33.53%
Other
1.77%

Credit Quality Distribution

As of 06/30/2021

AAA
64.00%
AA
2.11%
A
11.45%
BBB
18.79%
NR
3.65%

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.

June Fund Holdings

As of 06/30/2021

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 1,440,000 $1,634,345.47
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 1,700,000 $1,825,833.27
01609WAU6 ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 3,440,000 $3,862,962.93
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 4,320,000 $4,817,898.36
045054AJ2 ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 1,580,000 $1,671,087.00
05401AAP6 AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 KY 8,620,000 $8,536,245.32
05567SAA0 BNSF FUNDING TRUST I 6.61300 12/15/2055 US 1,570,000 $1,797,398.80
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 400,000 $405,806.24
09261XAA0 BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 1,810,000 $1,835,273.07
10373QBR0 BP CAP MARKETS AMERICA 3.06000 06/17/2041 US 4,710,000 $4,759,737.60
12327BAA4 BJETS 2021-1A A 2.16200 04/15/2036 US 2,694,941.34 $2,716,694.91
12530MAB1 SORT 2020-1 A2 1.99000 07/15/2060 US 1,257,687.37 $1,277,552.92
12530MAC9 SORT 2020-1 B1 2.28000 07/15/2060 US 1,574,725.08 $1,601,214.00
12530MAG0 SORT 2021-1A B1 MTGE 1.98000 03/15/2061 US 1,760,000 $1,775,772.94
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 67,045.93 $68,009.72
12565KAA5 CLIF 2021-1A A MTGE 1.64000 02/18/2046 US 3,384,083.34 $3,356,108.82
12646WAH7 CSMC 2013-IVR2 A2 3.00000 04/25/2043 US 342,480.64 $350,525.34
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 80,050.78 $80,930.78
12647MBY0 CSMC 2013-6 2A1 3.50000 08/25/2043 US 282,646.52 $286,610.64
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 2,910,000 $3,324,382.14
180848P31 CLARK CNTY NV 1.15000 11/01/2026 US 3,410,000 $3,392,302.10
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 743,837.94 $762,376.46
21873CAA1 CAFL 2020-3 A 1.35800 08/15/2053 US 1,343,896.66 $1,331,746.89
22534GAA1 CAALT 2020-1A 2.01000 02/15/2029 US 500,000 $508,609.15
22534GAC7 CAALT 2020-1A B 2.39000 04/16/2029 US 600,000 $616,265.58
22536BAA0 CAALT 2020-3A A 1.24000 10/15/2029 US 4,500,000 $4,545,384.75
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 4,510,000 $4,788,315.75
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 54,378.14 $55,202.05
23802WAA9 COLO 2021-1A A2 MTGE 2.06000 02/27/2051 US 2,400,000 $2,431,191.84
262006208 DREYFUS GVT CSH MANAGEMENT US 8,006,098.86 $8,006,098.86
28166LAA2 EDVES 2021-A A MTGE 1.80000 11/25/2045 US 1,516,890.49 $1,520,858.68
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 3,590,000 $4,663,024.47
30212PBK0 EXPEDIA GROUP INC 4.62500 08/01/2027 US 1,630,000 $1,843,051.55
30262SAR9 FREMF 2015-K42 B FLT 3.98167 01/25/2048 US 380,000 $413,127.07
30263HAL5 FREMF 2011-K15 B FLT 5.08795 08/25/2044 US 170,000 $169,958.03
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 74,878.04 $81,735.99
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 23,504.74 $27,723.09
3128M7FQ4 FHLM POOL G05275 5.50000 02/01/2039 US 113,696.3 $131,161.67
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 52,679.08 $61,023.45
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 618.41 $623.35
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 549.98 $554.35
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 940.84 $961.20
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 1,317.01 $1,344.77
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 135,398.12 $147,083.57
3128MJJN1 FHLM POOL G08268 5.00000 05/01/2038 US 383,501.9 $440,307.95
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 58,553.83 $63,916.66
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 70,920.13 $77,564.65
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 90,531.22 $99,009.94
3128P8A92 FHLM POOL C91832 3.50000 06/01/2035 US 339,313.54 $363,969.54
312941F69 FHLM POOL A92889 4.50000 07/01/2040 US 164,674.55 $183,891.12
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 429,368.63 $474,406.08
3132DWAG8 FEDERAL NATL MTG ASSN FR SD8107 2.50000 11/01/2050 US 356,579.19 $369,391.07
3132J8YK0 FHLM POOL Q17513 3.50000 04/01/2043 US 114,093.41 $123,339.73
3132LQA80 FHLM POOL FG K93731 3.00000 11/01/2036 US 1,828,160 $1,919,991.38
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 418,109.11 $457,398.07
3132QUWT6 FHLM POOL Q37857 4.00000 12/01/2045 US 344,476.2 $375,185.07
3132QVKA8 FHLM POOL Q38388 4.00000 01/01/2046 US 495,122.67 $542,521.14
3132WL4Q6 FHLM POOL Q47130 4.50000 04/01/2047 US 51,971.03 $56,044.59
3132WML28 FHLM POOL FG Q47544 4.00000 03/01/2047 US 359,035.68 $389,475.75
31335A5Q7 FHLM POOL G60855 4.50000 12/01/2045 US 157,713.85 $173,935.64
31335ACG1 FHLM POOL G60071 4.50000 07/01/2042 US 171,646.82 $191,445.81
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 180,979.32 $195,999.58
31335ASA7 FHLM POOL G60513 5.00000 07/01/2041 US 415,967.21 $476,916.03
3133G6L60 FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 US 487,425.1 $514,091.34
3133KYU98 FHLM POOL RB5108 2.00000 04/01/2041 US 5,428,385.33 $5,549,068.70
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 98,492.94 $101,371.84
3137AJMG6 FMHS K016 X1 FLT 1.64991 10/25/2021 US 539,640.07 $21.32
3137AUPF0 FHMS K021 x1 FLT 1.52606 06/25/2022 US 8,217,028.93 $63,104.32
3137B3NB0 FHMS K030 X1 FLT 0.27352 04/25/2023 US 12,304,793.03 $30,733.68
3137B4GZ3 FHMS K032 X1 FLT 0.19884 05/25/2023 US 7,368,842.44 $14,731.05
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 34,682.42 $34,725.78
3138A5JC7 FEDERAL NATL MTG ASSN AH3858 4.50000 08/01/2041 US 299,809.44 $334,505.42
3138AJXA5 FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 US 59,084.18 $64,677.56
3138EQST0 FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 73,816.33 $80,222.16
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64600 01/01/2049 US 386,361.94 $440,963.39
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 203,345.84 $224,113.69
3138WHQN5 FEDERAL NATL MTG ASSN FN AS7660 2.50000 08/01/2046 US 3,129,233.8 $3,251,318.60
3138Y22T9 FEDERAL NATL MTG ASSN FN AX1685 3.50000 11/01/2044 US 693,141.96 $752,471.11
3138YNR25 FEDERAL NATL MTG ASSN AY8604 3.50000 04/01/2045 US 118,979.99 $127,469.34
3138YWH42 FEDERAL NATL MTG ASSN FN AZ4750 3.50000 10/01/2045 US 862,962.96 $929,468.21
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 186,704.5 $216,313.62
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 457,706.4 $493,149.25
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 42,316.7 $45,096.97
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 47,615.06 $51,372.20
3140F8KD8 FEDERAL NATL MTG ASSN BD1191 3.50000 01/01/2047 US 254,942.9 $270,257.00
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 146,507.73 $158,766.06
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 47,488.82 $51,599.90
3140JAD88 FEDERAL NATL MTG ASSN FN BM5526 3.50000 02/01/2048 US 1,108,872.8 $1,171,567.98
3140X3A81 FEDERAL NATL MTG ASSN FN FM0030 3.00000 02/01/2049 US 2,689,672.9 $2,829,178.11
3140X4JC1 FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 US 622,929.59 $667,354.19
3140X52A0 FEDERAL NATL MTG ASSN FN FM2568 3.00000 05/01/2038 US 635,171.28 $664,086.45
3140X5PS6 FEDERAL NATL MTG ASSN FN FM2232 4.00000 06/01/2048 US 191,604 $204,259.44
3140X6QK0 FEDERAL NATL MTG ASSN FN FM3157 3.50000 01/01/2048 US 1,568,952.51 $1,670,760.02
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 67.44 $67.53
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 221.03 $221.73
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 1.15 $1.15
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 221.58 $222.90
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 174,052.68 $201,823.62
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 27,322.23 $31,821.05
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US .67 $0.67
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 203.17 $203.96
31416CJV9 FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 82,143.78 $97,441.78
31418B2V7 FEDERAL NATL MTG ASSN MA2587 3.50000 04/01/2036 US 301,863.61 $322,948.77
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 42,697.41 $46,593.32
31418CKV5 FEDERAL NATL MTG ASSN FN MA3007 3.00000 04/01/2047 US 1,023,735.82 $1,077,583.84
31418CS47 FEDERAL NATL MTG ASSN FN MA3238 3.50000 01/01/2048 US 945,214.41 $999,547.17
31418CSD7 FEDERAL NATL NTG ASSN MA3215 3.50000 12/01/2037 US 1,012,673.73 $1,069,948.30
31418CZ56 FEDERAL NATL MTG ASSN FN MA3463 4.00000 09/01/2033 US 198,723.27 $211,082.39
31418DNE8 FEDERAL NATL MTG ASSN FN MA3988 3.00000 04/01/2040 US 611,329.03 $638,711.07
31418DU59 FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 4,132,096.89 $4,290,161.70
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 26,777.32 $31,185.45
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 2,484.55 $2,595.46
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 1,050,000 $1,105,094.76
34528GAL0 FORDO 2020-A A4 1.35000 07/15/2025 US 1,750,000 $1,784,771.45
357081AE8 FREMF 2015-K720 B FLT 3.51073 07/25/2022 US 340,000 $348,858.16
36258WAS1 GSMBS 2020-PJ3 A14 3.00000 10/25/2050 US 1,056,322.36 $1,077,231.52
36262LAJ9 GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 1,550,000 $1,587,720.65
369604BQ5 GENERAL ELECTRIC CO 3.44888 01/21/2099 US 3,190,000 $3,137,365.00
38217TAA3 GOODG 2020-1A MTGE 2.63000 04/15/2055 US 2,185,075.39 $2,251,782.68
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 324,124.76 $334,988.81
404119BX6 HCA INC 4.12500 06/15/2029 US 2,220,000 $2,502,144.33
419792A22 HAWAII ST 2.68200 10/01/2030 US 95,000 $96,409.80
42806MAF6 HERTZ 2021-2A B 2.12000 12/27/2027 US 1,800,000 $1,797,051.96
43731QAA6 HPA 2019-1 A 2.90800 09/17/2039 US 902,533.8 $925,450.94
46187BAA1 IHSFR 2017-SFR2 A 0.93200 12/17/2036 US 138,322.4 $138,443.64
46187BAB9 IHSFR 2017-SFR2 B 1.23200 12/17/2036 US 114,980.62 $115,130.81
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 44,790.21 $44,903.07
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 41,743.15 $42,336.04
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 38,231.93 $38,854.81
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 86,426.25 $88,370.75
46647PBP0 JPMORGAN CHASE & CO 2.95600 05/13/2031 US 3,890,000 $4,090,652.58
46649HAC6 JPMMT 2017-6 A3 3.50000 12/25/2048 US 60,165.73 $60,910.65
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 3,240,000 $4,634,129.52
49474FXR6 KING CNTY WA 1.30000 12/01/2028 US 1,675,000 $1,647,245.25
59022CAJ2 MERRILL LYNCH 6.11000 01/29/2037 US 2,195,000 $3,007,340.31
61767YAZ3 MSC 2018-H3 A5 4.17700 07/15/2051 US 1,423,000 $1,645,095.58
63938EAC8 NAVSL 2014-1 A3 FLT 0.60150 06/25/2031 US 875,655.97 $871,356.50
63939KAC3 NAVSL 2015-BA A3 1.52288 07/16/2040 US 1,460,621.28 $1,482,054.29
63941MAB7 NAVSL 2019-EA A2A 2.64000 05/15/2068 US 866,867 $885,200.98
64033GAA9 NSLT 2013-5A A MTGE FLT 0.72150 01/25/2037 US 1,063,491.66 $1,066,763.28
64033QAB5 NSLT 2015-2A A2 0.69150 09/25/2047 US 2,784,727.71 $2,791,426.37
64828AAA1 NRZT 2014-1A A 3.75000 01/25/2054 US 155,539.81 $164,300.84
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 75,102.67 $80,048.65
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 147,728.68 $156,646.43
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 137,044.03 $145,547.13
64971XPG7 NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 910,000 $932,131.20
65106WAA3 NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 1,810,000 $1,882,702.99
66981FAA8 ASMR 2020- SFR4 A 1.35500 11/17/2037 US 2,700,000 $2,692,133.55
670898AC9 OCP 2020-8RA A1 1.43967 01/17/2032 KY 2,500,000 $2,499,987.50
691205AE8 OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 1,680,000 $1,767,282.10
69144AAA7 OXFIN 2020-1A A2 3.10100 02/15/2028 US 1,835,000 $1,888,640.17
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 948,148.71 $977,915.18
693456AW5 PMTLT 2013-J1 a9 3.50000 09/25/2043 US 268,587.69 $273,682.85
74331AAA0 2019- SFR4 CLASS A 2.68700 10/17/2036 US 800,000 $819,130.32
74333LAA4 PROG 2020-SFR2 A 2.07800 06/17/2037 US 1,000,000 $1,021,796.40
74333NAA0 PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 US 902,997.19 $919,382.62
74388JAD7 PFMT 2021-2 A2A 2.00000 04/25/2051 US 2,011,366.5 $2,027,551.77
78403DAR1 SBA TOWER TRUST 2.32800 01/15/2028 US 1,300,000 $1,348,210.63
78449UAB4 SMB 2020-A A2A MTGE 2.23000 09/15/2037 US 1,285,000 $1,321,274.01
78470RAC1 SOFI 2016-E A2B 2.49000 01/25/2036 US 182,123.96 $183,743.41
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 4,360,000 $5,163,177.44
81745BAB1 SEMT 2013-6 A2 3.00000 05/25/2043 US 740,581.03 $748,925.53
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 49,473.05 $50,060.11
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 136,734.42 $138,377.67
81746NAK4 SEMT 2016-3 A10 3.50000 11/25/2046 US 217,765.66 $218,384.68
81748MAD0 SEMT 2020-1 A4 3.50000 02/25/2050 US 163,907.56 $164,482.38
83390UAF4 SOFI 2020-C AFX 1.95000 02/15/2046 US 623,436.53 $632,549.36
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 2,025,114.69 $2,070,934.12
83405TAA1 SCLP 2019-3 A MTGE 2.90000 05/25/2028 US 104,772.67 $105,319.44
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 43,724.54 $43,842.81
83406TAB8 SOFI 2020-A A2FX MTGE 2.54000 05/15/2046 US 820,000 $847,208.58
837151XH7 SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 600,000 $619,092.00
844741BK3 SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 2,970,000 $3,499,135.20
85236KAE2 SIDC 2021-1A A2 MTGE 1.87700 03/26/2046 US 2,000,000 $2,009,115.40
86935CAA0 SCML 2019-SBC8 2.86000 04/25/2041 US 688,236.84 $691,076.78
87230AAQ9 TFLAT 2016-1A CR2 2.38975 01/17/2032 KY 1,500,000 $1,504,258.50
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 6,550,000 $7,307,245.50
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 232,875.5 $236,614.48
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 181,973.38 $184,758.14
89177EAA7 TPMT 2019-HY1 A1 1.09150 10/25/2048 US 196,986.18 $198,387.80
89237JAA4 TALNT 2020-1A A 1.35000 05/25/2033 US 3,000,000 $3,050,926.20
89613GAB2 TAH 2020-SFR1 B MTGE 2.04900 07/17/2038 US 1,300,000 $1,314,607.32
89680HAE2 TCF 2021-1A 1.86000 03/20/2046 US 2,740,500 $2,724,714.72
90276WAS6 UBSCM 2017-C4 3.67900 12/15/2050 US 1,000,000 $1,104,024.40
912810QK7 US TREASURY N/BB 3.87500 08/15/2040 US 10,420,000 $13,706,777.37
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 12,257,000 $13,270,596.41
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 9,572,000 $11,386,940.99
9128284N7 US TREASURY N/B 2.87500 05/15/2028 US 23,760,000 $26,411,653.07
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 25,457,000 $26,396,721.23
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 24,525,000 $26,415,149.35
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 24,955,000 $26,356,769.27
91823AAN1 VBTOW 2020-1A C2 3.03100 06/15/2050 US 375,000 $391,985.85
92212KAB2 VDC 2020-1A A2 1.64500 09/15/2045 US 1,750,000 $1,755,371.45
92343VCV4 VERIZON COMMUNICATIONS 4.27200 01/15/2036 US 4,130,000 $4,933,134.54
92535VAF9 VBTOW 2020-2A A 2.63600 09/15/2050 US 2,250,000 $2,293,499.93
92938VAQ8 WFRBS 2014-C19 A5 4.10100 03/15/2047 US 2,000,000 $2,160,234.00
93065PAA9 WBHT 2019-WBM A FLT 1.12300 12/15/2033 US 415,000 $415,242.73
94989NBE6 WFCM 2015-C30 A4 3.66400 09/15/2058 US 3,000,000 $3,284,127.00
969457BY5 WILLIAMS COMPANIES INC 2.60000 03/15/2031 US 3,650,000 $3,700,432.71
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 30,376.05 $30,850.65
97652UAL4 WIN 2015-2 A11 3.50000 02/20/2045 US 864,754.14 $871,492.04

Investments will change over time.

Distributions

  • Core Bond Series Class I Distribution History
  • 2021 Distribution Calendar
  • Fourth Quarter 2020 Distributions
  • Third Quarter 2020 Distributions
  • Second Quarter 2021 Distributions
  • First Quarter 2021 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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