Mutual Fund

Core Bond Series

Investment Objective

To provide long-term total return by investing primarily in fixed income securities.

Investment Strategy

Under normal circumstances, at least 80% of the Series’ assets will be invested in investment-grade bonds and other financial instruments with economic characteristics similar to bonds. Holdings will consist of U.S. dollar denominated securities. The Series is not subject to maturity or duration restrictions.

May be Appropriate for Investors

  • Seeking an intermediate-term oriented, high quality bond component
  • Looking to diversify a portfolio by adding an actively managed fixed income approach that is objectives-driven, not benchmark-driven

Daily Price

$8.45

Daily $ Change

-$0.03

Daily % Change

-0.36%

as of 06/07/2023

Ticker

EXCIX

CUSIP

56382R720

Inception Date

08/03/2015

Investment Minimum

$1,000,000.00

Investment minimum may be waived for certain qualified retirement plans and discretionary investment accounts of the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Applications & Forms
Fact Sheet
N-Port Part F Reports

Performance

As of 05/31/2023

YTD

2.72%

1 Year

-1.82%

3 Year

-3.02%

5 Year

0.95%

10 Year

1.23%

Inception
(08/03/2015)

3.31%

Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.

Based on the Core Bond Series Class S inception of 04/21/2005. For periods through 08/03/2015 (the inception date of the Class I shares), performance for the Class I shares is based on the historical performance of the Class S shares. Because the Class I shares invest in the same portfolio of securities as the Class S shares, performance will be different only to the extent that the Class S shares have a higher expense ratio.

Expense Ratio

Gross 0.49%
Net 0.45%*

*Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated without the prior approval of the Fund's Board of Directors.

Top Ten Investments

As of 05/31/2023

TREASURY NOTES 30.31%
GOVERNMENT AGENCY 15.97%
TREASURY BONDS 13.81%
TREASURY BILLS 5.02%
TENCENT HOLDINGS 3.97500 04/11/2029 2.14%
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 1.47%
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 1.33%
JPMORGAN CHASE & CO 4.49300 03/24/2031 1.23%
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 1.14%
AMAZON.COM INC 3.30000 04/13/2027 1.08%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 05/31/2023

Treasury
48.81%
Cash
0.69%
Corporate
16.68%
Mortgage
32.67%
Other
1.15%

Credit Quality Distribution

As of 05/31/2023

AAA
70.43%
AA
1.68%
A
12.83%
BBB
6.14%
NR
8.92%

Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Not Rated (NR) is used to classify securities for which a rating is not available. Credit quality ratings for each issue are obtained from Bloomberg using ratings derived from Moody’s Investors Services (Moody’s) or Standard & Poor’s. When ratings from Moody’s are not available, ratings from Standard & Poor’s are used.

Security Description Country Ticker Shares/Par Market Value (USD)
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 1,970,000 $1,707,905.29
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 1,310,000 $1,076,038.57
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 3,440,000 $2,913,722.48
AMAZON.COM INC 3.30000 04/13/2027 US 3,520,000 $3,394,629.92
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 1,800,000 $1,667,845.10
BABS 2021-RM2 A 1.75000 10/25/2061 US 1,286,273.93 $1,124,813.11
BANK OF AMERICA CORP 2.68700 04/22/2032 US 2,790,000 $2,304,598.48
BJETS 2021-1A A 2.16200 04/15/2036 US 1,706,550.05 $1,570,043.11
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 1,570,000 $1,508,764.93
CAFL 2020-3 A 1.35800 08/15/2053 US 692,192.87 $629,510.86
CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 423,548.52 $384,558.72
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 1,696,000 $1,775,455.85
CIM 2019-INV1 A1 4.00000 02/25/2049 US 18,319.14 $17,761.03
CITIGROUP INC 1.46200 06/09/2027 US 2,670,000 $2,380,149.93
CLARK CNTY NV 1.15000 11/01/2026 US 3,410,000 $3,039,365.43
CMLTI 2021-INV1 2.50000 05/25/2051 US 857,376.64 $691,367.25
COLO 2021-1A A2 MTGE 2.06000 02/27/2051 US 2,400,000 $2,129,139.05
COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 US 1,180,000 $1,108,071.90
CSMC 2013-6 2A1 3.50000 08/25/2043 US 178,062.73 $157,623.42
CSMC 2013-IVR2 A2 3.00000 04/25/2043 US 186,174.29 $165,255.49
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 54,317.27 $46,650.02
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 32,422.18 $27,471.45
DREYFUS GVT CSH MANAGEMENT US 2,178,592.88 $2,178,592.88
EDVES 2021-A A MTGE 1.80000 11/25/2045 US 1,031,587.83 $902,835.46
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 3,590,000 $3,580,839.40
FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 57,118.19 $60,379.64
FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 US 37,331.07 $36,048.18
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 445.65 $442.45
FEDERAL NATL MTG ASSN AH3858 4.50000 08/01/2041 US 164,594.49 $163,149.43
FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 46,901.49 $45,289.71
FEDERAL NATL MTG ASSN AL8674 FLT 5.64500 01/01/2049 US 250,747.2 $261,681.41
FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 137,404.28 $136,157.45
FEDERAL NATL MTG ASSN AY8604 3.50000 04/01/2045 US 66,635.26 $62,216.78
FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 27,985.7 $26,024.68
FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 24,210.7 $23,212.70
FEDERAL NATL MTG ASSN BD1191 3.50000 01/01/2047 US 174,107.49 $161,907.40
FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 29,127.73 $28,765.72
FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 US 353,726.4 $340,671.97
FEDERAL NATL MTG ASSN FN AX1685 3.50000 11/01/2044 US 437,657.84 $410,594.30
FEDERAL NATL MTG ASSN FN FM2232 4.00000 06/01/2048 US 100,216.81 $95,964.48
FEDERAL NATL MTG ASSN FN FM2568 3.00000 05/01/2038 US 401,810.65 $377,199.14
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 2,686,850.04 $2,497,881.30
FEDERAL NATL MTG ASSN FN MA3007 3.00000 04/01/2047 US 693,528.56 $626,306.74
FEDERAL NATL MTG ASSN FN MA3463 4.00000 09/01/2033 US 95,047.6 $92,706.28
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 2,899,178.02 $2,772,555.14
FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 US 372,943.45 $354,071.41
FEDERAL NATL MTG ASSN FS2998 3.50000 04/01/2052 US 4,604,702.38 $4,263,565.91
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 28,117.8 $27,943.45
FEDERAL NATL MTG ASSN MA2587 3.50000 04/01/2036 US 184,921.37 $177,504.77
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 3,011,965.77 $2,763,007.79
FEDERAL NATL MTG ASSN MA4633 3.50000 06/01/2042 US 2,028,509.6 $1,890,969.06
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 2,944,795.1 $2,780,016.03
FEDERAL NATL MTG ASSN MA5043 5.00000 06/01/2038 US 2,400,000 $2,393,951.04
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 2,840,891.99 $2,537,531.77
FEDERAL NATL MTG ASSN SD8276 5.00000 12/01/2052 US 1,548,508.93 $1,524,043.48
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 2,681,441.63 $2,366,347.60
FEDERAL NATL NTG ASSN MA3215 3.50000 12/01/2037 US 597,789.06 $570,007.15
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 71,414.16 $70,377.66
FHLM POOL A92889 4.50000 07/01/2040 US 101,279.17 $100,547.24
FHLM POOL C91746 4.50000 12/01/2033 US 34,765.25 $34,592.10
FHLM POOL C91771 4.50000 06/01/2034 US 46,825.8 $46,585.82
FHLM POOL C91780 4.50000 07/01/2034 US 50,716.88 $50,528.65
FHLM POOL C91832 3.50000 06/01/2035 US 211,076.29 $203,071.72
FHLM POOL D98711 4.50000 07/01/2031 US 45,717.16 $45,599.36
FHLM POOL FG Q47544 4.00000 03/01/2047 US 237,700.61 $228,947.83
FHLM POOL G05900 6.00000 03/01/2040 US 18,453.52 $19,528.42
FHLM POOL G08268 5.00000 05/01/2038 US 266,312.05 $271,488.66
FHLM POOL G60071 4.50000 07/01/2042 US 105,534.74 $104,768.40
FHLM POOL G60513 5.00000 07/01/2041 US 269,937.78 $274,877.80
FHLM POOL G60855 4.50000 12/01/2045 US 96,837.42 $96,061.37
FHLM POOL Q17513 3.50000 04/01/2043 US 62,801.7 $59,023.51
FHLM POOL Q37857 4.00000 12/01/2045 US 236,665.92 $228,430.13
FHLM POOL Q38388 4.00000 01/01/2046 US 223,284.32 $215,514.20
FHLM POOL Q47130 4.50000 04/01/2047 US 25,241.82 $24,873.67
FHLM POOL Q93451 4.50000 08/01/2040 US 298,246.44 $296,080.72
FHLM POOL SD8230 4.50000 06/01/2052 US 1,620,919.37 $1,567,018.06
FHR 5189 CP 2.50000 06/25/2049 US 1,402,460.2 $1,214,856.79
FLX 2021-1A A2 3.25000 11/27/2051 US 2,825,000 $2,502,950.00
FN DS2696 3.00000 12/01/2051 US 2,631,670.88 $2,350,442.48
FN MA4733 4.50000 09/01/2052 US 2,540,405.98 $2,455,935.19
FN MA4807 MTGE 5.50000 11/01/2052 US 4,801,912.24 $4,796,611.89
FNR 2018-13 PA MTGE 3.00000 03/25/2048 US 1,690,749.82 $1,504,456.29
FNR 2018-31 KP 3.50000 07/25/2047 US 14,626.5 $14,139.43
FNR 2021-69 WJ 1.50000 10/25/2050 US 1,215,263.96 $1,021,803.85
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 1,050,000 $996,673.89
FR SD1129 4.00000 08/01/2051 US 2,429,144.37 $2,320,795.59
FREDDIE MAC POOL RB5188 4.00000 10/01/2042 US 3,536,591.19 $3,382,181.99
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 72,774.18 $66,684.07
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 1,470,068.97 $1,238,147.66
GSMBS 2020-PJ3 A14 3.00000 10/25/2050 US 517,544.89 $442,835.18
GSMBS 2021-INV1 A9 5.00000 12/25/2051 US 1,636,869.85 $1,514,420.69
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 1,252,251.3 $1,079,903.77
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 1,253,864.7 $1,080,780.31
HAWAII ST 2.68200 10/01/2038 US 95,000 $72,120.31
HOTWIRE FUNDING LLC 5.68700 05/20/2053 US 1,600,000 $1,591,202.56
IMPRL 2021-NQM3 1.59500 11/25/2056 US 1,484,883.3 $1,246,074.21
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 38,192.7 $36,099.15
JPMMT 2017-6 A3 3.50000 12/25/2048 US 18,687.12 $16,900.94
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 4,000,000 $3,861,187.40
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 1,810,000 $1,628,317.01
NRZT 2014-1A A 3.75000 01/25/2054 US 104,642.44 $98,389.68
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 48,696.05 $44,531.34
NRZT 2015-2A A1 3.75000 08/25/2055 US 93,950.85 $87,745.23
NRZT 2016-4A A1 3.75000 11/25/2056 US 86,298.72 $79,392.73
OASIS 2022-2A A 6.85000 10/15/2034 US 1,043,824.4 $1,036,586.73
OASIS 2023-1A 7.00000 02/15/2035 US 1,087,636.34 $1,079,129.28
OBX 2022-INV1 A1 3.00000 12/25/2051 US 1,361,105.38 $1,143,722.70
OXFIN 2019-1A A2 4.45900 02/15/2027 US 259,306.24 $257,261.07
OXFIN 2020-1A A2 3.10100 02/15/2028 US 668,843.7 $662,503.06
OXFIN 2022-1A 3.60200 02/15/2030 US 2,650,000 $2,434,463.31
OXFIN 2023-1A A2 6.71600 02/15/2031 US 2,600,000 $2,579,732.74
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 2,294,117.92 $2,165,827.18
PEAR 2022-1 A1 6.50000 10/15/2034 US 602,101.33 $601,144.35
PEPSICO INC 3.90000 07/18/2032 US 3,110,000 $3,003,634.58
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 2,533,493.46 $2,044,177.57
PFMT 2021-2 A2A 2.00000 04/25/2051 US 1,618,377.57 $1,376,285.60
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 166,073.08 $150,224.32
QUALCOMM 5.40000 05/20/2033 US 2,920,000 $3,053,413.69
RCKT 2021-6 A1 2.50000 12/25/2051 US 1,627,292.94 $1,313,066.74
SBA TOWER TRUST 6.59900 01/15/2028 US 2,325,000 $2,405,973.24
SCML 2019-SBC8 2.86000 04/25/2041 US 485,071.22 $447,160.72
SEMT 2013-4 A1 2.32500 04/25/2043 US 1,485,907.72 $1,280,884.19
SEMT 2013-6 A2 3.00000 05/25/2043 US 441,941.23 $380,591.01
SEMT 2013-7 A2 3.00000 06/25/2043 US 32,409.51 $28,653.56
SEMT 2013-8 A1 3.00000 06/25/2043 US 83,029.87 $73,732.89
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 5,680,000 $4,615,201.24
SOFI 2020-C AFX 1.95000 02/15/2046 US 384,381.11 $347,002.30
SORT 2020-1 A2 1.99000 07/15/2060 US 1,167,604.49 $981,556.17
SORT 2020-1 B1 2.28000 07/15/2060 US 1,484,095.8 $1,332,844.32
SORT 2021-1A B1 MTGE 1.98000 03/15/2061 US 1,658,707.7 $1,414,575.95
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 600,000 $520,106.83
TAH 2020-SFR1 B MTGE 2.04900 07/17/2038 US 1,300,000 $1,158,878.31
TENCENT HOLDINGS 3.97500 04/11/2029 KY 7,120,000 $6,709,425.70
TPMT 2016-5 A1 2.50000 10/25/2056 US 38,906.36 $38,218.18
TPMT 2017-1 A1 2.75000 10/25/2056 US 29,144.09 $28,657.57
TPMT 2019-HY1 A1 6.13800 10/25/2048 US 97,006.28 $96,142.28
TREASURY BILL 0.00000 05/16/2024 US 16,550,000 $15,757,200.55
TREASURY BOND 2.37500 02/15/2042 US 25,560,000 $19,964,756.25
TREASURY NOTE 2.25000 11/15/2027 US 17,145,000 $16,037,272.35
UNITED STATES TREAS NTS 2.25000 11/15/2024 US 3,070,000 $2,961,110.94
US TEASURY NOTE 1.75000 11/15/2029 US 23,255,000 $20,727,835.66
US TREASURY N/B 0.87500 11/15/2030 US 5,825,000 $4,791,062.50
US TREASURY N/B 1.37500 11/15/2031 US 22,730,000 $19,000,859.38
US TREASURY N/B 2.00000 11/15/2026 US 16,688,000 $15,633,266.33
US TREASURY N/B 3.00000 05/15/2047 US 24,172,000 $20,391,348.13
US TREASURY N/B 3.12500 11/15/2028 US 16,535,000 $15,998,904.38
US TREASURY N/B 3.62500 02/15/2053 US 3,140,000 $3,007,040.63
VBTOW 2020-2A A 2.63600 09/15/2050 US 2,250,000 $2,067,459.53
VISTRA OPERATIONS 4.87500 05/13/2024 US 2,630,000 $2,592,325.28
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 810,000 $783,502.59
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 4,560,000 $4,166,631.65
WIN 2015-1 A1 3.50000 01/20/2045 US 14,174.83 $12,924.80
WIN 2015-2 A11 3.50000 02/20/2045 US 434,382.26 $393,696.31

Investments will change over time.

Distributions

  • Core Bond Series Class I Distribution History
  • 2023 Distribution Calendar
  • 2023 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

$8.45

Daily $ Change

-$0.03

Daily % Change

-$0.36

as of 06/07/2023

Ticker

EXCIX

CUSIP

56382R720

Inception Date

08/03/2015

Investment Minimum

$1,000,000.00

Investment minimum may be waived for certain qualified retirement plans and discretionary investment accounts of the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Applications & Forms
Fact Sheet
N-Port Part F Reports

Investment Objective

To provide long-term total return by investing primarily in fixed income securities.

Investment Strategy

Under normal circumstances, at least 80% of the Series’ assets will be invested in investment-grade bonds and other financial instruments with economic characteristics similar to bonds. Holdings will consist of U.S. dollar denominated securities. The Series is not subject to maturity or duration restrictions.

May be Appropriate for Investors

  • Seeking an intermediate-term oriented, high quality bond component
  • Looking to diversify a portfolio by adding an actively managed fixed income approach that is objectives-driven, not benchmark-driven

Performance

As of 05/31/2023

YTD

2.72%

1 Year

-1.82%

3 Year

-3.02%

5 Year

0.95%

10 Year

1.23%

Inception
(08/03/2015)

3.31%

Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.

Based on the Core Bond Series Class S inception of 04/21/2005. For periods through 08/03/2015 (the inception date of the Class I shares), performance for the Class I shares is based on the historical performance of the Class S shares. Because the Class I shares invest in the same portfolio of securities as the Class S shares, performance will be different only to the extent that the Class S shares have a higher expense ratio.

Expense Ratio

Gross 0.49%
Net 0.45%*

*Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated without the prior approval of the Fund's Board of Directors.

Top Ten Investments

As of 05/31/2023

TREASURY NOTES 30.31%
GOVERNMENT AGENCY 15.97%
TREASURY BONDS 13.81%
TREASURY BILLS 5.02%
TENCENT HOLDINGS 3.97500 04/11/2029 2.14%
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 1.47%
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 1.33%
JPMORGAN CHASE & CO 4.49300 03/24/2031 1.23%
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 1.14%
AMAZON.COM INC 3.30000 04/13/2027 1.08%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 05/31/2023

Treasury
48.81%
Cash
0.69%
Corporate
16.68%
Mortgage
32.67%
Other
1.15%

Credit Quality Distribution

As of 05/31/2023

AAA
70.43%
AA
1.68%
A
12.83%
BBB
6.14%
NR
8.92%

Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Not Rated (NR) is used to classify securities for which a rating is not available. Credit quality ratings for each issue are obtained from Bloomberg using ratings derived from Moody’s Investors Services (Moody’s) or Standard & Poor’s. When ratings from Moody’s are not available, ratings from Standard & Poor’s are used.

Security Description Country Ticker Shares/Par Market Value (USD)
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 1,970,000 $1,707,905.29
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 1,310,000 $1,076,038.57
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 3,440,000 $2,913,722.48
AMAZON.COM INC 3.30000 04/13/2027 US 3,520,000 $3,394,629.92
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 1,800,000 $1,667,845.10
BABS 2021-RM2 A 1.75000 10/25/2061 US 1,286,273.93 $1,124,813.11
BANK OF AMERICA CORP 2.68700 04/22/2032 US 2,790,000 $2,304,598.48
BJETS 2021-1A A 2.16200 04/15/2036 US 1,706,550.05 $1,570,043.11
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 1,570,000 $1,508,764.93
CAFL 2020-3 A 1.35800 08/15/2053 US 692,192.87 $629,510.86
CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 423,548.52 $384,558.72
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 1,696,000 $1,775,455.85
CIM 2019-INV1 A1 4.00000 02/25/2049 US 18,319.14 $17,761.03
CITIGROUP INC 1.46200 06/09/2027 US 2,670,000 $2,380,149.93
CLARK CNTY NV 1.15000 11/01/2026 US 3,410,000 $3,039,365.43
CMLTI 2021-INV1 2.50000 05/25/2051 US 857,376.64 $691,367.25
COLO 2021-1A A2 MTGE 2.06000 02/27/2051 US 2,400,000 $2,129,139.05
COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 US 1,180,000 $1,108,071.90
CSMC 2013-6 2A1 3.50000 08/25/2043 US 178,062.73 $157,623.42
CSMC 2013-IVR2 A2 3.00000 04/25/2043 US 186,174.29 $165,255.49
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 54,317.27 $46,650.02
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 32,422.18 $27,471.45
DREYFUS GVT CSH MANAGEMENT US 2,178,592.88 $2,178,592.88
EDVES 2021-A A MTGE 1.80000 11/25/2045 US 1,031,587.83 $902,835.46
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 3,590,000 $3,580,839.40
FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 57,118.19 $60,379.64
FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 US 37,331.07 $36,048.18
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 445.65 $442.45
FEDERAL NATL MTG ASSN AH3858 4.50000 08/01/2041 US 164,594.49 $163,149.43
FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 46,901.49 $45,289.71
FEDERAL NATL MTG ASSN AL8674 FLT 5.64500 01/01/2049 US 250,747.2 $261,681.41
FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 137,404.28 $136,157.45
FEDERAL NATL MTG ASSN AY8604 3.50000 04/01/2045 US 66,635.26 $62,216.78
FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 27,985.7 $26,024.68
FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 24,210.7 $23,212.70
FEDERAL NATL MTG ASSN BD1191 3.50000 01/01/2047 US 174,107.49 $161,907.40
FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 29,127.73 $28,765.72
FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 US 353,726.4 $340,671.97
FEDERAL NATL MTG ASSN FN AX1685 3.50000 11/01/2044 US 437,657.84 $410,594.30
FEDERAL NATL MTG ASSN FN FM2232 4.00000 06/01/2048 US 100,216.81 $95,964.48
FEDERAL NATL MTG ASSN FN FM2568 3.00000 05/01/2038 US 401,810.65 $377,199.14
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 2,686,850.04 $2,497,881.30
FEDERAL NATL MTG ASSN FN MA3007 3.00000 04/01/2047 US 693,528.56 $626,306.74
FEDERAL NATL MTG ASSN FN MA3463 4.00000 09/01/2033 US 95,047.6 $92,706.28
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 2,899,178.02 $2,772,555.14
FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 US 372,943.45 $354,071.41
FEDERAL NATL MTG ASSN FS2998 3.50000 04/01/2052 US 4,604,702.38 $4,263,565.91
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 28,117.8 $27,943.45
FEDERAL NATL MTG ASSN MA2587 3.50000 04/01/2036 US 184,921.37 $177,504.77
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 3,011,965.77 $2,763,007.79
FEDERAL NATL MTG ASSN MA4633 3.50000 06/01/2042 US 2,028,509.6 $1,890,969.06
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 2,944,795.1 $2,780,016.03
FEDERAL NATL MTG ASSN MA5043 5.00000 06/01/2038 US 2,400,000 $2,393,951.04
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 2,840,891.99 $2,537,531.77
FEDERAL NATL MTG ASSN SD8276 5.00000 12/01/2052 US 1,548,508.93 $1,524,043.48
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 2,681,441.63 $2,366,347.60
FEDERAL NATL NTG ASSN MA3215 3.50000 12/01/2037 US 597,789.06 $570,007.15
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 71,414.16 $70,377.66
FHLM POOL A92889 4.50000 07/01/2040 US 101,279.17 $100,547.24
FHLM POOL C91746 4.50000 12/01/2033 US 34,765.25 $34,592.10
FHLM POOL C91771 4.50000 06/01/2034 US 46,825.8 $46,585.82
FHLM POOL C91780 4.50000 07/01/2034 US 50,716.88 $50,528.65
FHLM POOL C91832 3.50000 06/01/2035 US 211,076.29 $203,071.72
FHLM POOL D98711 4.50000 07/01/2031 US 45,717.16 $45,599.36
FHLM POOL FG Q47544 4.00000 03/01/2047 US 237,700.61 $228,947.83
FHLM POOL G05900 6.00000 03/01/2040 US 18,453.52 $19,528.42
FHLM POOL G08268 5.00000 05/01/2038 US 266,312.05 $271,488.66
FHLM POOL G60071 4.50000 07/01/2042 US 105,534.74 $104,768.40
FHLM POOL G60513 5.00000 07/01/2041 US 269,937.78 $274,877.80
FHLM POOL G60855 4.50000 12/01/2045 US 96,837.42 $96,061.37
FHLM POOL Q17513 3.50000 04/01/2043 US 62,801.7 $59,023.51
FHLM POOL Q37857 4.00000 12/01/2045 US 236,665.92 $228,430.13
FHLM POOL Q38388 4.00000 01/01/2046 US 223,284.32 $215,514.20
FHLM POOL Q47130 4.50000 04/01/2047 US 25,241.82 $24,873.67
FHLM POOL Q93451 4.50000 08/01/2040 US 298,246.44 $296,080.72
FHLM POOL SD8230 4.50000 06/01/2052 US 1,620,919.37 $1,567,018.06
FHR 5189 CP 2.50000 06/25/2049 US 1,402,460.2 $1,214,856.79
FLX 2021-1A A2 3.25000 11/27/2051 US 2,825,000 $2,502,950.00
FN DS2696 3.00000 12/01/2051 US 2,631,670.88 $2,350,442.48
FN MA4733 4.50000 09/01/2052 US 2,540,405.98 $2,455,935.19
FN MA4807 MTGE 5.50000 11/01/2052 US 4,801,912.24 $4,796,611.89
FNR 2018-13 PA MTGE 3.00000 03/25/2048 US 1,690,749.82 $1,504,456.29
FNR 2018-31 KP 3.50000 07/25/2047 US 14,626.5 $14,139.43
FNR 2021-69 WJ 1.50000 10/25/2050 US 1,215,263.96 $1,021,803.85
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 1,050,000 $996,673.89
FR SD1129 4.00000 08/01/2051 US 2,429,144.37 $2,320,795.59
FREDDIE MAC POOL RB5188 4.00000 10/01/2042 US 3,536,591.19 $3,382,181.99
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 72,774.18 $66,684.07
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 1,470,068.97 $1,238,147.66
GSMBS 2020-PJ3 A14 3.00000 10/25/2050 US 517,544.89 $442,835.18
GSMBS 2021-INV1 A9 5.00000 12/25/2051 US 1,636,869.85 $1,514,420.69
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 1,252,251.3 $1,079,903.77
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 1,253,864.7 $1,080,780.31
HAWAII ST 2.68200 10/01/2038 US 95,000 $72,120.31
HOTWIRE FUNDING LLC 5.68700 05/20/2053 US 1,600,000 $1,591,202.56
IMPRL 2021-NQM3 1.59500 11/25/2056 US 1,484,883.3 $1,246,074.21
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 38,192.7 $36,099.15
JPMMT 2017-6 A3 3.50000 12/25/2048 US 18,687.12 $16,900.94
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 4,000,000 $3,861,187.40
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 1,810,000 $1,628,317.01
NRZT 2014-1A A 3.75000 01/25/2054 US 104,642.44 $98,389.68
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 48,696.05 $44,531.34
NRZT 2015-2A A1 3.75000 08/25/2055 US 93,950.85 $87,745.23
NRZT 2016-4A A1 3.75000 11/25/2056 US 86,298.72 $79,392.73
OASIS 2022-2A A 6.85000 10/15/2034 US 1,043,824.4 $1,036,586.73
OASIS 2023-1A 7.00000 02/15/2035 US 1,087,636.34 $1,079,129.28
OBX 2022-INV1 A1 3.00000 12/25/2051 US 1,361,105.38 $1,143,722.70
OXFIN 2019-1A A2 4.45900 02/15/2027 US 259,306.24 $257,261.07
OXFIN 2020-1A A2 3.10100 02/15/2028 US 668,843.7 $662,503.06
OXFIN 2022-1A 3.60200 02/15/2030 US 2,650,000 $2,434,463.31
OXFIN 2023-1A A2 6.71600 02/15/2031 US 2,600,000 $2,579,732.74
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 2,294,117.92 $2,165,827.18
PEAR 2022-1 A1 6.50000 10/15/2034 US 602,101.33 $601,144.35
PEPSICO INC 3.90000 07/18/2032 US 3,110,000 $3,003,634.58
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 2,533,493.46 $2,044,177.57
PFMT 2021-2 A2A 2.00000 04/25/2051 US 1,618,377.57 $1,376,285.60
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 166,073.08 $150,224.32
QUALCOMM 5.40000 05/20/2033 US 2,920,000 $3,053,413.69
RCKT 2021-6 A1 2.50000 12/25/2051 US 1,627,292.94 $1,313,066.74
SBA TOWER TRUST 6.59900 01/15/2028 US 2,325,000 $2,405,973.24
SCML 2019-SBC8 2.86000 04/25/2041 US 485,071.22 $447,160.72
SEMT 2013-4 A1 2.32500 04/25/2043 US 1,485,907.72 $1,280,884.19
SEMT 2013-6 A2 3.00000 05/25/2043 US 441,941.23 $380,591.01
SEMT 2013-7 A2 3.00000 06/25/2043 US 32,409.51 $28,653.56
SEMT 2013-8 A1 3.00000 06/25/2043 US 83,029.87 $73,732.89
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 5,680,000 $4,615,201.24
SOFI 2020-C AFX 1.95000 02/15/2046 US 384,381.11 $347,002.30
SORT 2020-1 A2 1.99000 07/15/2060 US 1,167,604.49 $981,556.17
SORT 2020-1 B1 2.28000 07/15/2060 US 1,484,095.8 $1,332,844.32
SORT 2021-1A B1 MTGE 1.98000 03/15/2061 US 1,658,707.7 $1,414,575.95
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 600,000 $520,106.83
TAH 2020-SFR1 B MTGE 2.04900 07/17/2038 US 1,300,000 $1,158,878.31
TENCENT HOLDINGS 3.97500 04/11/2029 KY 7,120,000 $6,709,425.70
TPMT 2016-5 A1 2.50000 10/25/2056 US 38,906.36 $38,218.18
TPMT 2017-1 A1 2.75000 10/25/2056 US 29,144.09 $28,657.57
TPMT 2019-HY1 A1 6.13800 10/25/2048 US 97,006.28 $96,142.28
TREASURY BILL 0.00000 05/16/2024 US 16,550,000 $15,757,200.55
TREASURY BOND 2.37500 02/15/2042 US 25,560,000 $19,964,756.25
TREASURY NOTE 2.25000 11/15/2027 US 17,145,000 $16,037,272.35
UNITED STATES TREAS NTS 2.25000 11/15/2024 US 3,070,000 $2,961,110.94
US TEASURY NOTE 1.75000 11/15/2029 US 23,255,000 $20,727,835.66
US TREASURY N/B 0.87500 11/15/2030 US 5,825,000 $4,791,062.50
US TREASURY N/B 1.37500 11/15/2031 US 22,730,000 $19,000,859.38
US TREASURY N/B 2.00000 11/15/2026 US 16,688,000 $15,633,266.33
US TREASURY N/B 3.00000 05/15/2047 US 24,172,000 $20,391,348.13
US TREASURY N/B 3.12500 11/15/2028 US 16,535,000 $15,998,904.38
US TREASURY N/B 3.62500 02/15/2053 US 3,140,000 $3,007,040.63
VBTOW 2020-2A A 2.63600 09/15/2050 US 2,250,000 $2,067,459.53
VISTRA OPERATIONS 4.87500 05/13/2024 US 2,630,000 $2,592,325.28
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 810,000 $783,502.59
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 4,560,000 $4,166,631.65
WIN 2015-1 A1 3.50000 01/20/2045 US 14,174.83 $12,924.80
WIN 2015-2 A11 3.50000 02/20/2045 US 434,382.26 $393,696.31

Investments will change over time.

Distributions

  • Core Bond Series Class I Distribution History
  • 2023 Distribution Calendar
  • 2023 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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