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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
$10.33
Daily $ Change
-$0.01
Daily % Change
-0.10%
as of 04/24/2018
Ticker
EXCRX
CUSIP
563821404
Inception Date
04/21/2005
Investment Minimum
$2,000.00
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-05/11/17 |
Annualized Performance
As of 03/31/2018
YTD
-1.42%
1 Year
0.55%
3 Year
0.94%
5 Year
1.32%
10 Year
4.31%
Inception
(---)
---
Market Cycle
---
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 | 0.76% |
| Net | 0.70%* |
*Includes a shareholder servicing fee of 0.25%. 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 03/31/2018
| TREASURY NOTES | 16.64% |
| GOVERNMENT AGENCY | 12.17% |
| TREASURY BONDS | 10.09% |
| TREASURY BILLS | 2.01% |
| VERIZON COMMUNICATIONS 5.50000 03/16/2047 | 1.54% |
| CITIGROUP INC 8.12500 07/15/2039 | 1.53% |
| PRICELINE GROUP INC/THE 3.60000 06/01/2026 | 1.50% |
| KINDER MORGAN ENER PART 6.95000 01/15/2038 | 1.50% |
| ALIBABA GROUP HOLDING 3.40000 12/06/2027 | 1.50% |
| JPMORGAN CHASE & CO 6.30000 04/23/2019 | 1.49% |
Top Ten Investments list is unaudited and excludes cash.
Sector Allocation
As of 03/31/2018
| Treasury | 31.25% |
| Government | 2.09% |
| Cash | 1.42% |
| Corporate | 34.86% |
| Mortgage | 30.38% |
Credit Quality Distribution
As of 03/31/2018
| AAA | 57.18% |
| AA | 3.89% |
| A | 7.09% |
| BBB | 25.82% |
| BB | 0.17% |
| NR | 5.85% |
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.
March Fund Holdings
As of 03/31/2018
| CUSIP | Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|---|
| 00206REM0 | AT&T INC 3.90000 08/14/2027 | US | 2,000,000 | $2,013,769.10 | |
| 00254EML3 | SWEDISH EXPORT CREDIT 1.12500 08/28/2019 | SE | 2,000,000 | $1,964,580.00 | |
| 00772BAF8 | AERCAP IRELAND CAP LTD/A 4.50000 05/15/2021 | IE | 1,880,000 | $1,925,746.08 | |
| 01609WAT9 | ALIBABA GROUP HOLDING 3.40000 12/06/2027 | KY | 2,880,000 | $2,733,422.37 | |
| 02666TAA5 | AMERICAN HOMES 4 RENT 4.25000 02/15/2028 | US | 1,870,000 | $1,832,474.52 | |
| 026874CY1 | AMERICAN INTL GROUP 4.12500 02/15/2024 | US | 1,435,000 | $1,456,159.35 | |
| 03063NAA5 | AMERICOLD LLC TRUST 3.84730 01/14/2029 | US | 33,515.18 | $33,939.66 | |
| 034863AT7 | ANGLO AMERICAN CAPITAL 4.00000 09/11/2027 | GB | 1,935,000 | $1,855,671.56 | |
| 05582QAD9 | BMWOT 2016-A A3 1.16000 11/25/2020 | US | 950,000 | $940,832.88 | |
| 05604LAA0 | BWAY 2015-1740 A 2.91700 01/10/2035 | US | 400,000 | $386,479.16 | |
| 06051GFM6 | BANK OF AMERICA CORP 4.00000 01/22/2025 | US | 1,480,000 | $1,477,088.53 | |
| 096630AE8 | BOARDWALK PIPELINES LP 5.95000 06/01/2026 | US | 2,530,000 | $2,711,329.35 | |
| 12592BAB0 | CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 | US | 325,000 | $324,187.50 | |
| 12592TAA3 | COMM 2015-3BP A FLT 3.17800 02/10/2035 | US | 400,000 | $394,085.80 | |
| 12646XAH5 | CSMC 2013-IVR3 A1 2.50000 05/25/2043 | US | 269,322.78 | $250,112.52 | |
| 12647MBY0 | CSMC 2013-6 2A1 3.50000 08/25/2043 | US | 896,984.87 | $890,993.01 | |
| 12770QAA3 | CZR 2017-VICI A 3.53100 10/15/2034 | US | 570,000 | $575,369.69 | |
| 149806AA9 | CAZ 2015-1A A 2.00000 12/10/2023 | US | 74,061.49 | $73,968.91 | |
| 165183AL8 | CFII 2017-2A A1 1.99000 05/15/2029 | US | 685,741.48 | $678,529.40 | |
| 172967EW7 | CITIGROUP INC 8.12500 07/15/2039 | US | 1,840,000 | $2,786,321.22 | |
| 19625JAA1 | CAH 2015-1A A 2.91794 07/17/2032 | US | 542,963.88 | $544,676.12 | |
| 21987BAK4 | CODELCO INC 5.62500 09/21/2035 | CL | 1,610,000 | $1,845,479.02 | |
| 22530LAA4 | CAALT 2017-1A A 2.56000 10/15/2025 | US | 350,000 | $348,135.48 | |
| 22944PAA5 | CSMC 2013-TH1 A1 2.13000 02/25/2043 | US | 200,250.48 | $187,098.43 | |
| 262006208 | DREYFUS GVT CSH MANAGEMENT | US | 2,634,287.31 | $2,634,287.31 | |
| 269246BP8 | E*TRADE FINANCIAL CORP 2.95000 08/24/2022 | US | 975,000 | $949,120.92 | |
| 29250NAR6 | ENBRIDGE INC 3.70000 07/15/2027 | CA | 1,000,000 | $958,577.46 | |
| 29372EBL1 | ENTERPRISE FLEET FINANCING FLT 1.59000 02/22/2021 | US | 79,978.83 | $79,910.61 | |
| 29372EBS6 | EFF 2016-2 A2 1.74000 02/22/2022 | US | 257,286.29 | $256,020.29 | |
| 302154BV0 | EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 | KR | 2,000,000 | $1,968,694.00 | |
| 30251JAA9 | FDIC 2011-R1 A 2.67200 07/25/2026 | US | 30,812.22 | $30,733.77 | |
| 30262SAR9 | FREMF 2015-K42 B FLT 3.85233 12/25/2024 | US | 380,000 | $382,455.52 | |
| 30263HAL5 | FREMF 2011-K15 B FLT 4.94894 08/25/2044 | US | 170,000 | $178,112.15 | |
| 30286XAN9 | FREMF 2015-K43 B FLT 3.73459 02/25/2048 | US | 400,000 | $399,819.08 | |
| 30291EAE4 | FREMF 2013-K712 B FLT 3.36434 05/25/2045 | US | 360,000 | $362,064.96 | |
| 3128E5VC0 | FHLM POOL D98711 4.50000 07/01/2031 | US | 140,482.03 | $147,638.36 | |
| 3128M73H7 | FHLM POOL G05900 6.00000 03/01/2040 | US | 70,753.62 | $79,331.92 | |
| 3128M7FQ4 | FHLM POOL G05275 5.50000 02/01/2039 | US | 287,943.52 | $313,993.47 | |
| 3128M9ZU9 | FHLM POOL G07655 5.50000 12/01/2035 | US | 109,142.27 | $120,566.80 | |
| 3128MBDP9 | FHLM POOL G12610 6.00000 03/01/2022 | US | 17,544.39 | $18,278.97 | |
| 3128MBE45 | FHLM POOL G12655 6.00000 05/01/2022 | US | 12,149.77 | $12,636.11 | |
| 3128MBRH2 | FHLM POOL G12988 6.00000 01/01/2023 | US | 9,339.93 | $9,762.18 | |
| 3128MBUB1 | FHLM POOL G13078 6.00000 03/01/2023 | US | 16,521.1 | $17,266.65 | |
| 3128MJ2U3 | FHLM GOLD POOL FG G08786 4.50000 10/01/2047 | US | 432,153.45 | $454,272.70 | |
| 3128MJJN1 | FHLM POOL G08268 5.00000 05/01/2038 | US | 830,270.25 | $894,323.93 | |
| 3128MJZU7 | FHLM POOL G08754 4.50000 03/01/2047 | US | 569,795.21 | $596,795.79 | |
| 3128P75F6 | FHLM POOL C91746 4.50000 12/01/2033 | US | 131,859.31 | $138,807.88 | |
| 3128P75P4 | FHLM POOL C91754 4.50000 03/01/2034 | US | 121,906.94 | $128,193.88 | |
| 3128P76G3 | FHLM POOL C91771 4.50000 06/01/2034 | US | 168,494.88 | $178,808.65 | |
| 3128P76R9 | FHLM POOL C91780 4.50000 07/01/2034 | US | 155,882.27 | $164,859.51 | |
| 3128P8A92 | FHLM POOL C91832 3.50000 06/01/2035 | US | 754,258.26 | $768,523.61 | |
| 3128P8BX8 | FHLM POOL C91854 4.00000 10/01/2035 | US | 541,978.59 | $562,541.04 | |
| 312941F69 | FHLM POOL A92889 4.50000 07/01/2040 | US | 377,149.99 | $399,081.28 | |
| 312941ZQ3 | FHLM POOL Q93451 4.50000 08/01/2040 | US | 974,381.11 | $1,030,890.11 | |
| 3132J8YK0 | FHLM POOL Q17513 3.50000 04/01/2043 | US | 221,176.03 | $222,853.25 | |
| 3132QUNJ8 | FHLM POOL Q37592 4.00000 12/01/2045 | US | 931,461.95 | $959,177.57 | |
| 3132QUWT6 | FHLM POOL Q37857 4.00000 12/01/2045 | US | 753,145.15 | $775,010.14 | |
| 3132QVKA8 | FHLM POOL Q38388 4.00000 01/01/2046 | US | 895,212.97 | $923,374.47 | |
| 3132WL4Q6 | FHLM POOL Q47130 4.50000 04/01/2047 | US | 415,761.68 | $435,463.16 | |
| 3132WPDP9 | FHLM GOLD POOL FG Q49109 4.00000 07/01/2047 | US | 406,340 | $417,605.91 | |
| 3132XSLZ1 | FHLM GOLD POOL FG Q50343 4.00000 08/01/2047 | US | 445,703.33 | $457,940.31 | |
| 31335A5Q7 | FHLM POOL G60855 4.50000 12/01/2045 | US | 376,492.91 | $394,721.80 | |
| 31335ACG1 | FHLM POOL G60071 4.50000 07/01/2042 | US | 376,560.85 | $398,354.68 | |
| 31335AFY9 | FHLM POOL G60183 4.00000 12/01/2044 | US | 528,024.32 | $543,275.11 | |
| 31335ASA7 | FHLM POOL G60513 5.00000 07/01/2041 | US | 893,904.71 | $963,602.22 | |
| 31336WBS7 | FHLM POOL G11850 5.50000 07/01/2020 | US | 25,978.39 | $26,383.01 | |
| 3137ADTK3 | FHMS K014 X1 FLT 1.17939 04/25/2021 | US | 7,340,509.56 | $222,120.15 | |
| 3137AJMG6 | FMHS K016 X1 FLT 1.52075 10/25/2021 | US | 1,145,664.57 | $50,604.58 | |
| 3137AL6W4 | FHMS K706 X1 FLT 1.54720 10/25/2018 | US | 1,538,843.58 | $8,313.91 | |
| 3137AUPF0 | FHMS K021 x1 FLT 1.46192 06/25/2022 | US | 9,225,091.66 | $465,703.84 | |
| 3137B36J2 | FHMS K029 A2 3.32000 02/25/2023 | US | 900,000 | $916,779.33 | |
| 3137B3NB0 | FHMS K030 X1 FLT 0.20508 04/25/2023 | US | 13,746,667.15 | $123,889.09 | |
| 3137B4GZ3 | FHMS K032 X1 FLT 0.10903 05/25/2023 | US | 8,072,726.49 | $44,187.68 | |
| 3137B4WB8 | FHMS K033 A2 3.06000 07/25/2023 | US | 870,000 | $874,872.61 | |
| 3137B5KW2 | FHMS K035 A2 3.45800 08/25/2023 | US | 1,895,000 | $1,942,899.54 | |
| 3137BPVZ9 | FHMS K055 A1 2.26300 04/25/2025 | US | 571,314.96 | $554,922.05 | |
| 3137BT7J4 | FHMS KJ10 A2 2.91200 12/25/2023 | US | 1,400,000 | $1,394,076.18 | |
| 3137BWVV3 | FHMS KJ13 A2 2.86400 08/25/2022 | US | 1,800,000 | $1,800,192.42 | |
| 3138A5JC7 | FEDERAL NATL MTG ASSN AH3858 4.50000 08/01/2041 | US | 602,230.71 | $637,097.71 | |
| 3138AJXA5 | FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 | US | 130,433.11 | $134,833.59 | |
| 3138EQST0 | FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 | US | 180,552.78 | $186,617.58 | |
| 3138ETT89 | FEDERAL NATL MTG ASSN AL8674 FLT 5.65200 01/01/2049 | US | 702,297.5 | $760,904.58 | |
| 3138WDRZ6 | FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 | US | 371,771.04 | $393,373.98 | |
| 3138YNFD4 | FEDERAL NATL MTG ASSN AY8263 3.00000 05/01/2035 | US | 430,871.99 | $424,131.86 | |
| 3138YNR25 | FEDERAL NATL MTG ASSN AY8604 3.50000 04/01/2045 | US | 322,198.88 | $323,685.30 | |
| 31407EJW4 | FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 | US | 385,344.26 | $423,515.31 | |
| 3140E2GZ8 | FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 | US | 1,028,582.65 | $1,058,502.01 | |
| 3140F2QS2 | FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 | US | 161,528.99 | $162,051.50 | |
| 3140F4UB0 | FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 | US | 157,984.42 | $162,236.68 | |
| 3140F8KD8 | FEDERAL NATL MTG ASSN BD1191 3.50000 01/01/2047 | US | 538,470.24 | $540,213.96 | |
| 3140F9M51 | FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 | US | 349,226.92 | $358,626.60 | |
| 3140FA5G3 | FEDERAL NATL MTG ASSN FN BD3546 4.00000 09/01/2047 | US | 280,524.83 | $288,437.55 | |
| 3140FTWF4 | FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 | US | 305,831.61 | $321,712.60 | |
| 31410FSE6 | FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 | US | 13,209.91 | $13,730.46 | |
| 31410FV51 | FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 | US | 16,476.42 | $17,116.21 | |
| 31410GCD3 | FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 | US | 120,088.29 | $123,624.33 | |
| 31410GN33 | FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 | US | 144,431.41 | $148,723.03 | |
| 31410KGB4 | FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 | US | 357,016.97 | $392,221.50 | |
| 31410KLD4 | FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 | US | 51,036.67 | $55,821.27 | |
| 31412SY41 | FEDERAL NATL MTG ASSN 933731 5.50000 04/01/2038 | US | 36,969.39 | $40,433.43 | |
| 31416BSW9 | FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 | US | 7,270.02 | $7,426.24 | |
| 31416BVW5 | FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 | US | 81,555.1 | $83,839.58 | |
| 31416CJV9 | FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 | US | 153,768.69 | $172,765.23 | |
| 31418B2V7 | FEDERAL NATL MTG ASSN MA2587 3.50000 04/01/2036 | US | 742,760.49 | $756,603.50 | |
| 31418B6G6 | FEDERAL NATL MTG ASSN FN MA2670 3.00000 07/01/2046 | US | 401,779.63 | $392,223.55 | |
| 31418BBC9 | FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 | US | 104,764.03 | $110,682.70 | |
| 31418CAF1 | FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 | US | 1,146,278.66 | $1,119,017.53 | |
| 31418MKV3 | FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 | US | 54,243.77 | $59,454.65 | |
| 31418MQQ8 | FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 | US | 11,684.6 | $12,222.02 | |
| 34531GAD3 | FORDL 2017-A A3 1.88000 04/15/2020 | US | 1,000,000 | $994,165.70 | |
| 357081AE8 | FREMF 2015-K720 B FLT 3.38864 07/25/2022 | US | 340,000 | $337,234.30 | |
| 35802XAA1 | FRESENIUS MED CARE US 6.50000 09/15/2018 | US | 1,760,000 | $1,786,418.39 | |
| 36143WAN1 | GAHR 2015-NRF BFX FLT 3.38216 12/15/2034 | US | 400,000 | $400,660.20 | |
| 36143WAS0 | GAHR 2015-NRF DFX FLT 3.38216 12/15/2034 | US | 220,000 | $218,494.63 | |
| 36246MAT6 | GTP AQUISITION PARTNERS 2.35000 06/15/2020 | US | 450,000 | $444,774.92 | |
| 36251LAE3 | GMALT 2016-2 A4 1.76000 03/20/2020 | US | 1,000,000 | $992,725.20 | |
| 43814RAB2 | HAROT 2016-4 A2 1.04000 04/18/2019 | US | 98,582.04 | $98,381.38 | |
| 46115HBD8 | INTESA SANPAOLO SPA 3.87500 01/12/2028 | IT | 2,880,000 | $2,716,338.21 | |
| 46186YAA2 | IHSFR 2015-SFR3 A FLT 3.05032 08/17/2032 | US | 565,495.08 | $565,887.59 | |
| 46187BAA1 | IHSFR 2017-SFR2 A 2.65820 12/17/2036 | US | 154,291.88 | $155,426.20 | |
| 46187BAB9 | IHSFR 2017-SFR2 B 2.95820 12/17/2036 | US | 115,000 | $115,554.02 | |
| 46625HHL7 | JPMORGAN CHASE & CO 6.30000 04/23/2019 | US | 2,630,000 | $2,728,835.40 | |
| 46635GAE0 | JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 | US | 195,668.16 | $199,639.93 | |
| 46639GAL0 | JPMMT 2013-1 1A2 3.00000 03/25/2043 | US | 136,876.49 | $136,218.80 | |
| 46640BAC8 | JPMMT 2013-2 A2 3.50000 05/25/2043 | US | 152,328.94 | $151,501.79 | |
| 46641YAA1 | JPMMT 2014-2 1A1 3.00000 06/25/2029 | US | 193,694.5 | $192,937.93 | |
| 46649HAC6 | JPMMT 2017-6 A3 3.50000 12/25/2048 | US | 339,299.3 | $336,608.66 | |
| 46649HAE2 | JPMMT 2017-6 A5 3.50000 12/25/2048 | US | 577,069.93 | $577,159.95 | |
| 494550AW6 | KINDER MORGAN ENER PART 6.95000 01/15/2038 | US | 2,270,000 | $2,736,530.54 | |
| 500630CK2 | KOREA DEVELOPMENT BANK 1.37500 09/12/2019 | KR | 1,000,000 | $978,145.09 | |
| 50218LAC0 | LSTAR COMMERCIAL MORTGAGE TR FLT 2.76700 01/20/2041 | US | 25,420.25 | $25,310.50 | |
| 515110BU7 | LANDWIRTSCH. RENTENBANK 2.37500 02/21/2020 | DE | 1,900,000 | $1,897,853.00 | |
| 539439AM1 | LLOYDS BANKING GROUP PLC 4.58200 12/10/2025 | GB | 1,978,000 | $1,977,898.88 | |
| 58768MAC5 | MBALT 2016-B A3 1.35000 08/15/2019 | US | 900,000 | $895,741.65 | |
| 6174467X1 | MORGAN STANLEY 5.00000 11/24/2025 | US | 1,385,000 | $1,448,310.59 | |
| 61744YAG3 | MORGAN STANLEY FLT 3.01070 05/08/2024 | US | 2,670,000 | $2,712,826.80 | |
| 62944TAE5 | NVR INC 3.95000 09/15/2022 | US | 1,485,000 | $1,514,859.83 | |
| 63940HAA1 | NAVSL 2016-3A A1 2.47150 06/25/2065 | US | 186,406.86 | $186,632.17 | |
| 64828AAA1 | NRZT 2014-1A A 3.75000 01/25/2054 | US | 356,763.16 | $360,023.44 | |
| 64829DAG1 | NRZT 2014-3A AFX3 3.75000 11/25/2054 | US | 161,750.36 | $163,259.57 | |
| 64829EAA2 | NRZT 2015-2A A1 3.75000 08/25/2055 | US | 337,492.96 | $340,852.47 | |
| 64829LAA6 | NRZT 2016-4A A1 3.75000 11/25/2056 | US | 276,413.05 | $278,973.88 | |
| 67087MAA4 | OBP DEPOSITOR LLC TRUST 4.64620 07/15/2045 | US | 100,000 | $103,177.76 | |
| 683235AA3 | ONTARIO (PROVINCE OF) 2.00000 09/27/2018 | CA | 450,000 | $449,590.36 | |
| 68323ADY7 | ONTARIO (PROVINCE OF) 1.25000 06/17/2019 | CA | 400,000 | $394,544.00 | |
| 713448CX4 | PEPSICO INC 3.10000 07/17/2022 | US | 895,000 | $899,932.05 | |
| 71654QCJ9 | PETROLEOS MEXICANOS 6.35000 02/12/2048 | MX | 2,820,000 | $2,724,825.00 | |
| 741503AZ9 | PRICELINE GROUP INC/THE 3.60000 06/01/2026 | US | 2,790,000 | $2,740,911.88 | |
| 74333KAA6 | PROG 2017-SFR2 A 2.89700 12/17/2034 | US | 400,000 | $393,390.20 | |
| 744320AL6 | PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 | US | 1,710,000 | $1,799,775.00 | |
| 78408XAD3 | SCGT 2013-SRP1 AJ FLT 3.97660 11/15/2026 | US | 450,000 | $448,905.96 | |
| 78469EAB5 | SOFI 2014-A A2 3.02000 10/25/2027 | US | 179,476.52 | $179,164.34 | |
| 78470RAC1 | SOFI 2016-E A2B 2.49000 01/25/2036 | US | 1,000,000 | $979,430.60 | |
| 785592AV8 | SABINE PASS LIQUEFACTION 5.87500 06/30/2026 | US | 865,000 | $945,444.81 | |
| 80282KAS5 | SANTANDER HOLDINGS USA 3.40000 01/18/2023 | US | 1,860,000 | $1,816,857.23 | |
| 81745CAB9 | SEMT 2013-7 A2 3.00000 06/25/2043 | US | 156,624.94 | $152,072.32 | |
| 81745EAA7 | SEMT 2013-8 A1 3.00000 06/25/2043 | US | 217,342.36 | $210,979.01 | |
| 81745FAA4 | SEMT 2012-3 A1 3.50000 07/25/2042 | US | 405,212.66 | $405,038.42 | |
| 831641FC4 | SBIC 2015-10A 1 2.51700 03/10/2025 | US | 544,637.27 | $538,353.46 | |
| 831641FE0 | SBIC 2015-10B 1 2.82900 09/10/2025 | US | 1,394,826.15 | $1,394,139.62 | |
| 83401BAA4 | SOFI 2017-F A1FX 2.05000 01/25/2041 | US | 158,683.4 | $157,448.29 | |
| 83401BAB2 | SOFI 2017-F A2FX 2.84000 01/25/2041 | US | 150,000 | $147,545.45 | |
| 83404FAB0 | SOFI 2017-A A2A 1.55000 03/26/2040 | US | 149,238.57 | $147,982.86 | |
| 83405DAB4 | SOFI 2017-C A2A 1.75000 07/25/2040 | US | 364,285.22 | $361,207.92 | |
| 83405LAA8 | SCLP 2017-5 A1 2.14000 09/25/2026 | US | 322,815.93 | $320,994.18 | |
| 834423AA3 | SOLVAY FINANCE (AMERICA) 3.40000 12/03/2020 | US | 1,060,000 | $1,065,450.16 | |
| 84265VAD7 | SOUTHERN COPPER CORP 5.37500 04/16/2020 | US | 1,740,000 | $1,814,317.38 | |
| 85571XAA5 | SRPT 2014-STAR A FLTG RATE 2.99660 11/15/2027 | US | 379,720.78 | $380,099.21 | |
| 87677QAA9 | TXEZ 2016-1A 3.13100 06/15/2028 | US | 144,654.08 | $143,897.54 | |
| 88032WAG1 | TENCENT HOLDINGS LTD 3.59500 01/19/2028 | KY | 1,900,000 | $1,830,041.05 | |
| 88161DAA9 | TESLA 2018-A A 2.32000 12/20/2019 | US | 367,381.64 | $366,653.09 | |
| 89173CAA5 | TPMT 2016-5 A1 2.50000 10/25/2056 | US | 647,365.56 | $638,036.12 | |
| 89613BAA5 | TAH 2013-SFR1 A 2.58900 11/17/2033 | US | 499,598.69 | $489,355.92 | |
| 89613FAA6 | TAH 2017-SFR2 A 2.92800 01/17/2036 | US | 500,000 | $488,907.55 | |
| 90270YBF5 | UBS-BARCLAYS COMMERCIAL MORTGAGE 3.18470 03/10/2046 | US | 800,000 | $800,549.04 | |
| 912796PY9 | TREASURY BILL 0.00000 09/06/2018 | US | 3,700,000 | $3,670,104.37 | |
| 912810FM5 | UNITED STATES TREAS BOND 6.25000 05/15/2030 | US | 2,625,000 | $3,562,001.94 | |
| 912810PT9 | UNITED STATES TREAS BOND 4.75000 02/15/2037 | US | 2,700,000 | $3,456,000.00 | |
| 912810QV3 | UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 | US | 1,903,208.25 | $1,853,407.84 | |
| 912810RK6 | US TREASURY N/B 2.50000 02/15/2045 | US | 4,000,000 | $3,652,343.76 | |
| 912810RX8 | US TREASURY N/B 3.00000 05/15/2047 | US | 7,717,000 | $7,754,680.64 | |
| 9128283W8 | US TREASURY N/B 2.75000 02/15/2028 | US | 3,800,000 | $3,801,929.68 | |
| 912828D23 | US TREASURY N/B 1.62500 04/30/2019 | US | 5,745,000 | $5,712,459.98 | |
| 912828K25 | US TREASURY N/B 0.75000 04/15/2018 | US | 3,725,000 | $3,723,889.09 | |
| 912828K33 | UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 | US | 1,965,205.55 | $1,957,553.39 | |
| 912828K58 | UNITED STATES TREAS NTS 1.37500 04/30/2020 | US | 5,755,000 | $5,644,620.88 | |
| 912828R36 | US TREASURY N/B 1.62500 05/15/2026 | US | 6,400,000 | $5,886,750.02 | |
| 912828UH1 | UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 | US | 1,642,975.2 | $1,615,618.78 | |
| 912828X88 | US TREASURY N/B 2.37500 05/15/2027 | US | 5,800,000 | $5,627,132.80 | |
| 92343VDV3 | VERIZON COMMUNICATIONS 5.50000 03/16/2047 | US | 2,540,000 | $2,814,647.38 | |
| 92903PAC3 | VNO 2010 - VNO A2FX 4.00350 09/13/2028 | US | 245,000 | $251,768.59 | |
| 92935JBC8 | WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 | US | 796,138.06 | $830,325.90 | |
| 94987MAB7 | WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 | US | 275,000 | $283,907.36 | |
| 96949LAD7 | WILLIAMS PARTNERS LP 3.75000 06/15/2027 | US | 1,495,000 | $1,429,275.42 | |
| 97651JAE6 | WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 | US | 157,594.32 | $158,308.38 | |
| 97652TAA1 | WIN 2015-1 A1 3.50000 01/20/2045 | US | 169,222.23 | $167,699.42 |
Investments will change over time.
Daily Price
$10.33
Daily $ Change
-$0.01
Daily % Change
-0.10%
as of 04/24/2018
Ticker
EXCRX
CUSIP
563821404
Inception Date
04/21/2005
Investment Minimum
$2,000.00
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-05/11/17 |
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 03/31/2018
YTD
-1.42%
1 Year
0.55%
3 Year
0.94%
5 Year
1.32%
10 Year
4.31%
Inception
(---)
---
Market Cycle
---
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 | 0.76% |
| Net | 0.70%* |
*Includes a shareholder servicing fee of 0.25%. 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 03/31/2018
| TREASURY NOTES | 16.64% |
| GOVERNMENT AGENCY | 12.17% |
| TREASURY BONDS | 10.09% |
| TREASURY BILLS | 2.01% |
| VERIZON COMMUNICATIONS 5.50000 03/16/2047 | 1.54% |
| CITIGROUP INC 8.12500 07/15/2039 | 1.53% |
| PRICELINE GROUP INC/THE 3.60000 06/01/2026 | 1.50% |
| KINDER MORGAN ENER PART 6.95000 01/15/2038 | 1.50% |
| ALIBABA GROUP HOLDING 3.40000 12/06/2027 | 1.50% |
| JPMORGAN CHASE & CO 6.30000 04/23/2019 | 1.49% |
Top Ten Investments list is unaudited and excludes cash.
Sector Allocation
As of 03/31/2018
| Treasury | 31.25% | |
| Government | 2.09% | |
| Cash | 1.42% | |
| Corporate | 34.86% | |
| Mortgage | 30.38% |
Credit Quality Distribution
As of 03/31/2018
| AAA | 57.18% | |
| AA | 3.89% | |
| A | 7.09% | |
| BBB | 25.82% | |
| BB | 0.17% | |
| NR | 5.85% |
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.
March Fund Holdings
As of 03/31/2018
| CUSIP | Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|---|
| 00206REM0 | AT&T INC 3.90000 08/14/2027 | US | 2,000,000 | $2,013,769.10 | |
| 00254EML3 | SWEDISH EXPORT CREDIT 1.12500 08/28/2019 | SE | 2,000,000 | $1,964,580.00 | |
| 00772BAF8 | AERCAP IRELAND CAP LTD/A 4.50000 05/15/2021 | IE | 1,880,000 | $1,925,746.08 | |
| 01609WAT9 | ALIBABA GROUP HOLDING 3.40000 12/06/2027 | KY | 2,880,000 | $2,733,422.37 | |
| 02666TAA5 | AMERICAN HOMES 4 RENT 4.25000 02/15/2028 | US | 1,870,000 | $1,832,474.52 | |
| 026874CY1 | AMERICAN INTL GROUP 4.12500 02/15/2024 | US | 1,435,000 | $1,456,159.35 | |
| 03063NAA5 | AMERICOLD LLC TRUST 3.84730 01/14/2029 | US | 33,515.18 | $33,939.66 | |
| 034863AT7 | ANGLO AMERICAN CAPITAL 4.00000 09/11/2027 | GB | 1,935,000 | $1,855,671.56 | |
| 05582QAD9 | BMWOT 2016-A A3 1.16000 11/25/2020 | US | 950,000 | $940,832.88 | |
| 05604LAA0 | BWAY 2015-1740 A 2.91700 01/10/2035 | US | 400,000 | $386,479.16 | |
| 06051GFM6 | BANK OF AMERICA CORP 4.00000 01/22/2025 | US | 1,480,000 | $1,477,088.53 | |
| 096630AE8 | BOARDWALK PIPELINES LP 5.95000 06/01/2026 | US | 2,530,000 | $2,711,329.35 | |
| 12592BAB0 | CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 | US | 325,000 | $324,187.50 | |
| 12592TAA3 | COMM 2015-3BP A FLT 3.17800 02/10/2035 | US | 400,000 | $394,085.80 | |
| 12646XAH5 | CSMC 2013-IVR3 A1 2.50000 05/25/2043 | US | 269,322.78 | $250,112.52 | |
| 12647MBY0 | CSMC 2013-6 2A1 3.50000 08/25/2043 | US | 896,984.87 | $890,993.01 | |
| 12770QAA3 | CZR 2017-VICI A 3.53100 10/15/2034 | US | 570,000 | $575,369.69 | |
| 149806AA9 | CAZ 2015-1A A 2.00000 12/10/2023 | US | 74,061.49 | $73,968.91 | |
| 165183AL8 | CFII 2017-2A A1 1.99000 05/15/2029 | US | 685,741.48 | $678,529.40 | |
| 172967EW7 | CITIGROUP INC 8.12500 07/15/2039 | US | 1,840,000 | $2,786,321.22 | |
| 19625JAA1 | CAH 2015-1A A 2.91794 07/17/2032 | US | 542,963.88 | $544,676.12 | |
| 21987BAK4 | CODELCO INC 5.62500 09/21/2035 | CL | 1,610,000 | $1,845,479.02 | |
| 22530LAA4 | CAALT 2017-1A A 2.56000 10/15/2025 | US | 350,000 | $348,135.48 | |
| 22944PAA5 | CSMC 2013-TH1 A1 2.13000 02/25/2043 | US | 200,250.48 | $187,098.43 | |
| 262006208 | DREYFUS GVT CSH MANAGEMENT | US | 2,634,287.31 | $2,634,287.31 | |
| 269246BP8 | E*TRADE FINANCIAL CORP 2.95000 08/24/2022 | US | 975,000 | $949,120.92 | |
| 29250NAR6 | ENBRIDGE INC 3.70000 07/15/2027 | CA | 1,000,000 | $958,577.46 | |
| 29372EBL1 | ENTERPRISE FLEET FINANCING FLT 1.59000 02/22/2021 | US | 79,978.83 | $79,910.61 | |
| 29372EBS6 | EFF 2016-2 A2 1.74000 02/22/2022 | US | 257,286.29 | $256,020.29 | |
| 302154BV0 | EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 | KR | 2,000,000 | $1,968,694.00 | |
| 30251JAA9 | FDIC 2011-R1 A 2.67200 07/25/2026 | US | 30,812.22 | $30,733.77 | |
| 30262SAR9 | FREMF 2015-K42 B FLT 3.85233 12/25/2024 | US | 380,000 | $382,455.52 | |
| 30263HAL5 | FREMF 2011-K15 B FLT 4.94894 08/25/2044 | US | 170,000 | $178,112.15 | |
| 30286XAN9 | FREMF 2015-K43 B FLT 3.73459 02/25/2048 | US | 400,000 | $399,819.08 | |
| 30291EAE4 | FREMF 2013-K712 B FLT 3.36434 05/25/2045 | US | 360,000 | $362,064.96 | |
| 3128E5VC0 | FHLM POOL D98711 4.50000 07/01/2031 | US | 140,482.03 | $147,638.36 | |
| 3128M73H7 | FHLM POOL G05900 6.00000 03/01/2040 | US | 70,753.62 | $79,331.92 | |
| 3128M7FQ4 | FHLM POOL G05275 5.50000 02/01/2039 | US | 287,943.52 | $313,993.47 | |
| 3128M9ZU9 | FHLM POOL G07655 5.50000 12/01/2035 | US | 109,142.27 | $120,566.80 | |
| 3128MBDP9 | FHLM POOL G12610 6.00000 03/01/2022 | US | 17,544.39 | $18,278.97 | |
| 3128MBE45 | FHLM POOL G12655 6.00000 05/01/2022 | US | 12,149.77 | $12,636.11 | |
| 3128MBRH2 | FHLM POOL G12988 6.00000 01/01/2023 | US | 9,339.93 | $9,762.18 | |
| 3128MBUB1 | FHLM POOL G13078 6.00000 03/01/2023 | US | 16,521.1 | $17,266.65 | |
| 3128MJ2U3 | FHLM GOLD POOL FG G08786 4.50000 10/01/2047 | US | 432,153.45 | $454,272.70 | |
| 3128MJJN1 | FHLM POOL G08268 5.00000 05/01/2038 | US | 830,270.25 | $894,323.93 | |
| 3128MJZU7 | FHLM POOL G08754 4.50000 03/01/2047 | US | 569,795.21 | $596,795.79 | |
| 3128P75F6 | FHLM POOL C91746 4.50000 12/01/2033 | US | 131,859.31 | $138,807.88 | |
| 3128P75P4 | FHLM POOL C91754 4.50000 03/01/2034 | US | 121,906.94 | $128,193.88 | |
| 3128P76G3 | FHLM POOL C91771 4.50000 06/01/2034 | US | 168,494.88 | $178,808.65 | |
| 3128P76R9 | FHLM POOL C91780 4.50000 07/01/2034 | US | 155,882.27 | $164,859.51 | |
| 3128P8A92 | FHLM POOL C91832 3.50000 06/01/2035 | US | 754,258.26 | $768,523.61 | |
| 3128P8BX8 | FHLM POOL C91854 4.00000 10/01/2035 | US | 541,978.59 | $562,541.04 | |
| 312941F69 | FHLM POOL A92889 4.50000 07/01/2040 | US | 377,149.99 | $399,081.28 | |
| 312941ZQ3 | FHLM POOL Q93451 4.50000 08/01/2040 | US | 974,381.11 | $1,030,890.11 | |
| 3132J8YK0 | FHLM POOL Q17513 3.50000 04/01/2043 | US | 221,176.03 | $222,853.25 | |
| 3132QUNJ8 | FHLM POOL Q37592 4.00000 12/01/2045 | US | 931,461.95 | $959,177.57 | |
| 3132QUWT6 | FHLM POOL Q37857 4.00000 12/01/2045 | US | 753,145.15 | $775,010.14 | |
| 3132QVKA8 | FHLM POOL Q38388 4.00000 01/01/2046 | US | 895,212.97 | $923,374.47 | |
| 3132WL4Q6 | FHLM POOL Q47130 4.50000 04/01/2047 | US | 415,761.68 | $435,463.16 | |
| 3132WPDP9 | FHLM GOLD POOL FG Q49109 4.00000 07/01/2047 | US | 406,340 | $417,605.91 | |
| 3132XSLZ1 | FHLM GOLD POOL FG Q50343 4.00000 08/01/2047 | US | 445,703.33 | $457,940.31 | |
| 31335A5Q7 | FHLM POOL G60855 4.50000 12/01/2045 | US | 376,492.91 | $394,721.80 | |
| 31335ACG1 | FHLM POOL G60071 4.50000 07/01/2042 | US | 376,560.85 | $398,354.68 | |
| 31335AFY9 | FHLM POOL G60183 4.00000 12/01/2044 | US | 528,024.32 | $543,275.11 | |
| 31335ASA7 | FHLM POOL G60513 5.00000 07/01/2041 | US | 893,904.71 | $963,602.22 | |
| 31336WBS7 | FHLM POOL G11850 5.50000 07/01/2020 | US | 25,978.39 | $26,383.01 | |
| 3137ADTK3 | FHMS K014 X1 FLT 1.17939 04/25/2021 | US | 7,340,509.56 | $222,120.15 | |
| 3137AJMG6 | FMHS K016 X1 FLT 1.52075 10/25/2021 | US | 1,145,664.57 | $50,604.58 | |
| 3137AL6W4 | FHMS K706 X1 FLT 1.54720 10/25/2018 | US | 1,538,843.58 | $8,313.91 | |
| 3137AUPF0 | FHMS K021 x1 FLT 1.46192 06/25/2022 | US | 9,225,091.66 | $465,703.84 | |
| 3137B36J2 | FHMS K029 A2 3.32000 02/25/2023 | US | 900,000 | $916,779.33 | |
| 3137B3NB0 | FHMS K030 X1 FLT 0.20508 04/25/2023 | US | 13,746,667.15 | $123,889.09 | |
| 3137B4GZ3 | FHMS K032 X1 FLT 0.10903 05/25/2023 | US | 8,072,726.49 | $44,187.68 | |
| 3137B4WB8 | FHMS K033 A2 3.06000 07/25/2023 | US | 870,000 | $874,872.61 | |
| 3137B5KW2 | FHMS K035 A2 3.45800 08/25/2023 | US | 1,895,000 | $1,942,899.54 | |
| 3137BPVZ9 | FHMS K055 A1 2.26300 04/25/2025 | US | 571,314.96 | $554,922.05 | |
| 3137BT7J4 | FHMS KJ10 A2 2.91200 12/25/2023 | US | 1,400,000 | $1,394,076.18 | |
| 3137BWVV3 | FHMS KJ13 A2 2.86400 08/25/2022 | US | 1,800,000 | $1,800,192.42 | |
| 3138A5JC7 | FEDERAL NATL MTG ASSN AH3858 4.50000 08/01/2041 | US | 602,230.71 | $637,097.71 | |
| 3138AJXA5 | FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 | US | 130,433.11 | $134,833.59 | |
| 3138EQST0 | FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 | US | 180,552.78 | $186,617.58 | |
| 3138ETT89 | FEDERAL NATL MTG ASSN AL8674 FLT 5.65200 01/01/2049 | US | 702,297.5 | $760,904.58 | |
| 3138WDRZ6 | FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 | US | 371,771.04 | $393,373.98 | |
| 3138YNFD4 | FEDERAL NATL MTG ASSN AY8263 3.00000 05/01/2035 | US | 430,871.99 | $424,131.86 | |
| 3138YNR25 | FEDERAL NATL MTG ASSN AY8604 3.50000 04/01/2045 | US | 322,198.88 | $323,685.30 | |
| 31407EJW4 | FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 | US | 385,344.26 | $423,515.31 | |
| 3140E2GZ8 | FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 | US | 1,028,582.65 | $1,058,502.01 | |
| 3140F2QS2 | FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 | US | 161,528.99 | $162,051.50 | |
| 3140F4UB0 | FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 | US | 157,984.42 | $162,236.68 | |
| 3140F8KD8 | FEDERAL NATL MTG ASSN BD1191 3.50000 01/01/2047 | US | 538,470.24 | $540,213.96 | |
| 3140F9M51 | FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 | US | 349,226.92 | $358,626.60 | |
| 3140FA5G3 | FEDERAL NATL MTG ASSN FN BD3546 4.00000 09/01/2047 | US | 280,524.83 | $288,437.55 | |
| 3140FTWF4 | FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 | US | 305,831.61 | $321,712.60 | |
| 31410FSE6 | FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 | US | 13,209.91 | $13,730.46 | |
| 31410FV51 | FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 | US | 16,476.42 | $17,116.21 | |
| 31410GCD3 | FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 | US | 120,088.29 | $123,624.33 | |
| 31410GN33 | FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 | US | 144,431.41 | $148,723.03 | |
| 31410KGB4 | FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 | US | 357,016.97 | $392,221.50 | |
| 31410KLD4 | FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 | US | 51,036.67 | $55,821.27 | |
| 31412SY41 | FEDERAL NATL MTG ASSN 933731 5.50000 04/01/2038 | US | 36,969.39 | $40,433.43 | |
| 31416BSW9 | FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 | US | 7,270.02 | $7,426.24 | |
| 31416BVW5 | FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 | US | 81,555.1 | $83,839.58 | |
| 31416CJV9 | FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 | US | 153,768.69 | $172,765.23 | |
| 31418B2V7 | FEDERAL NATL MTG ASSN MA2587 3.50000 04/01/2036 | US | 742,760.49 | $756,603.50 | |
| 31418B6G6 | FEDERAL NATL MTG ASSN FN MA2670 3.00000 07/01/2046 | US | 401,779.63 | $392,223.55 | |
| 31418BBC9 | FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 | US | 104,764.03 | $110,682.70 | |
| 31418CAF1 | FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 | US | 1,146,278.66 | $1,119,017.53 | |
| 31418MKV3 | FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 | US | 54,243.77 | $59,454.65 | |
| 31418MQQ8 | FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 | US | 11,684.6 | $12,222.02 | |
| 34531GAD3 | FORDL 2017-A A3 1.88000 04/15/2020 | US | 1,000,000 | $994,165.70 | |
| 357081AE8 | FREMF 2015-K720 B FLT 3.38864 07/25/2022 | US | 340,000 | $337,234.30 | |
| 35802XAA1 | FRESENIUS MED CARE US 6.50000 09/15/2018 | US | 1,760,000 | $1,786,418.39 | |
| 36143WAN1 | GAHR 2015-NRF BFX FLT 3.38216 12/15/2034 | US | 400,000 | $400,660.20 | |
| 36143WAS0 | GAHR 2015-NRF DFX FLT 3.38216 12/15/2034 | US | 220,000 | $218,494.63 | |
| 36246MAT6 | GTP AQUISITION PARTNERS 2.35000 06/15/2020 | US | 450,000 | $444,774.92 | |
| 36251LAE3 | GMALT 2016-2 A4 1.76000 03/20/2020 | US | 1,000,000 | $992,725.20 | |
| 43814RAB2 | HAROT 2016-4 A2 1.04000 04/18/2019 | US | 98,582.04 | $98,381.38 | |
| 46115HBD8 | INTESA SANPAOLO SPA 3.87500 01/12/2028 | IT | 2,880,000 | $2,716,338.21 | |
| 46186YAA2 | IHSFR 2015-SFR3 A FLT 3.05032 08/17/2032 | US | 565,495.08 | $565,887.59 | |
| 46187BAA1 | IHSFR 2017-SFR2 A 2.65820 12/17/2036 | US | 154,291.88 | $155,426.20 | |
| 46187BAB9 | IHSFR 2017-SFR2 B 2.95820 12/17/2036 | US | 115,000 | $115,554.02 | |
| 46625HHL7 | JPMORGAN CHASE & CO 6.30000 04/23/2019 | US | 2,630,000 | $2,728,835.40 | |
| 46635GAE0 | JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 | US | 195,668.16 | $199,639.93 | |
| 46639GAL0 | JPMMT 2013-1 1A2 3.00000 03/25/2043 | US | 136,876.49 | $136,218.80 | |
| 46640BAC8 | JPMMT 2013-2 A2 3.50000 05/25/2043 | US | 152,328.94 | $151,501.79 | |
| 46641YAA1 | JPMMT 2014-2 1A1 3.00000 06/25/2029 | US | 193,694.5 | $192,937.93 | |
| 46649HAC6 | JPMMT 2017-6 A3 3.50000 12/25/2048 | US | 339,299.3 | $336,608.66 | |
| 46649HAE2 | JPMMT 2017-6 A5 3.50000 12/25/2048 | US | 577,069.93 | $577,159.95 | |
| 494550AW6 | KINDER MORGAN ENER PART 6.95000 01/15/2038 | US | 2,270,000 | $2,736,530.54 | |
| 500630CK2 | KOREA DEVELOPMENT BANK 1.37500 09/12/2019 | KR | 1,000,000 | $978,145.09 | |
| 50218LAC0 | LSTAR COMMERCIAL MORTGAGE TR FLT 2.76700 01/20/2041 | US | 25,420.25 | $25,310.50 | |
| 515110BU7 | LANDWIRTSCH. RENTENBANK 2.37500 02/21/2020 | DE | 1,900,000 | $1,897,853.00 | |
| 539439AM1 | LLOYDS BANKING GROUP PLC 4.58200 12/10/2025 | GB | 1,978,000 | $1,977,898.88 | |
| 58768MAC5 | MBALT 2016-B A3 1.35000 08/15/2019 | US | 900,000 | $895,741.65 | |
| 6174467X1 | MORGAN STANLEY 5.00000 11/24/2025 | US | 1,385,000 | $1,448,310.59 | |
| 61744YAG3 | MORGAN STANLEY FLT 3.01070 05/08/2024 | US | 2,670,000 | $2,712,826.80 | |
| 62944TAE5 | NVR INC 3.95000 09/15/2022 | US | 1,485,000 | $1,514,859.83 | |
| 63940HAA1 | NAVSL 2016-3A A1 2.47150 06/25/2065 | US | 186,406.86 | $186,632.17 | |
| 64828AAA1 | NRZT 2014-1A A 3.75000 01/25/2054 | US | 356,763.16 | $360,023.44 | |
| 64829DAG1 | NRZT 2014-3A AFX3 3.75000 11/25/2054 | US | 161,750.36 | $163,259.57 | |
| 64829EAA2 | NRZT 2015-2A A1 3.75000 08/25/2055 | US | 337,492.96 | $340,852.47 | |
| 64829LAA6 | NRZT 2016-4A A1 3.75000 11/25/2056 | US | 276,413.05 | $278,973.88 | |
| 67087MAA4 | OBP DEPOSITOR LLC TRUST 4.64620 07/15/2045 | US | 100,000 | $103,177.76 | |
| 683235AA3 | ONTARIO (PROVINCE OF) 2.00000 09/27/2018 | CA | 450,000 | $449,590.36 | |
| 68323ADY7 | ONTARIO (PROVINCE OF) 1.25000 06/17/2019 | CA | 400,000 | $394,544.00 | |
| 713448CX4 | PEPSICO INC 3.10000 07/17/2022 | US | 895,000 | $899,932.05 | |
| 71654QCJ9 | PETROLEOS MEXICANOS 6.35000 02/12/2048 | MX | 2,820,000 | $2,724,825.00 | |
| 741503AZ9 | PRICELINE GROUP INC/THE 3.60000 06/01/2026 | US | 2,790,000 | $2,740,911.88 | |
| 74333KAA6 | PROG 2017-SFR2 A 2.89700 12/17/2034 | US | 400,000 | $393,390.20 | |
| 744320AL6 | PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 | US | 1,710,000 | $1,799,775.00 | |
| 78408XAD3 | SCGT 2013-SRP1 AJ FLT 3.97660 11/15/2026 | US | 450,000 | $448,905.96 | |
| 78469EAB5 | SOFI 2014-A A2 3.02000 10/25/2027 | US | 179,476.52 | $179,164.34 | |
| 78470RAC1 | SOFI 2016-E A2B 2.49000 01/25/2036 | US | 1,000,000 | $979,430.60 | |
| 785592AV8 | SABINE PASS LIQUEFACTION 5.87500 06/30/2026 | US | 865,000 | $945,444.81 | |
| 80282KAS5 | SANTANDER HOLDINGS USA 3.40000 01/18/2023 | US | 1,860,000 | $1,816,857.23 | |
| 81745CAB9 | SEMT 2013-7 A2 3.00000 06/25/2043 | US | 156,624.94 | $152,072.32 | |
| 81745EAA7 | SEMT 2013-8 A1 3.00000 06/25/2043 | US | 217,342.36 | $210,979.01 | |
| 81745FAA4 | SEMT 2012-3 A1 3.50000 07/25/2042 | US | 405,212.66 | $405,038.42 | |
| 831641FC4 | SBIC 2015-10A 1 2.51700 03/10/2025 | US | 544,637.27 | $538,353.46 | |
| 831641FE0 | SBIC 2015-10B 1 2.82900 09/10/2025 | US | 1,394,826.15 | $1,394,139.62 | |
| 83401BAA4 | SOFI 2017-F A1FX 2.05000 01/25/2041 | US | 158,683.4 | $157,448.29 | |
| 83401BAB2 | SOFI 2017-F A2FX 2.84000 01/25/2041 | US | 150,000 | $147,545.45 | |
| 83404FAB0 | SOFI 2017-A A2A 1.55000 03/26/2040 | US | 149,238.57 | $147,982.86 | |
| 83405DAB4 | SOFI 2017-C A2A 1.75000 07/25/2040 | US | 364,285.22 | $361,207.92 | |
| 83405LAA8 | SCLP 2017-5 A1 2.14000 09/25/2026 | US | 322,815.93 | $320,994.18 | |
| 834423AA3 | SOLVAY FINANCE (AMERICA) 3.40000 12/03/2020 | US | 1,060,000 | $1,065,450.16 | |
| 84265VAD7 | SOUTHERN COPPER CORP 5.37500 04/16/2020 | US | 1,740,000 | $1,814,317.38 | |
| 85571XAA5 | SRPT 2014-STAR A FLTG RATE 2.99660 11/15/2027 | US | 379,720.78 | $380,099.21 | |
| 87677QAA9 | TXEZ 2016-1A 3.13100 06/15/2028 | US | 144,654.08 | $143,897.54 | |
| 88032WAG1 | TENCENT HOLDINGS LTD 3.59500 01/19/2028 | KY | 1,900,000 | $1,830,041.05 | |
| 88161DAA9 | TESLA 2018-A A 2.32000 12/20/2019 | US | 367,381.64 | $366,653.09 | |
| 89173CAA5 | TPMT 2016-5 A1 2.50000 10/25/2056 | US | 647,365.56 | $638,036.12 | |
| 89613BAA5 | TAH 2013-SFR1 A 2.58900 11/17/2033 | US | 499,598.69 | $489,355.92 | |
| 89613FAA6 | TAH 2017-SFR2 A 2.92800 01/17/2036 | US | 500,000 | $488,907.55 | |
| 90270YBF5 | UBS-BARCLAYS COMMERCIAL MORTGAGE 3.18470 03/10/2046 | US | 800,000 | $800,549.04 | |
| 912796PY9 | TREASURY BILL 0.00000 09/06/2018 | US | 3,700,000 | $3,670,104.37 | |
| 912810FM5 | UNITED STATES TREAS BOND 6.25000 05/15/2030 | US | 2,625,000 | $3,562,001.94 | |
| 912810PT9 | UNITED STATES TREAS BOND 4.75000 02/15/2037 | US | 2,700,000 | $3,456,000.00 | |
| 912810QV3 | UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 | US | 1,903,208.25 | $1,853,407.84 | |
| 912810RK6 | US TREASURY N/B 2.50000 02/15/2045 | US | 4,000,000 | $3,652,343.76 | |
| 912810RX8 | US TREASURY N/B 3.00000 05/15/2047 | US | 7,717,000 | $7,754,680.64 | |
| 9128283W8 | US TREASURY N/B 2.75000 02/15/2028 | US | 3,800,000 | $3,801,929.68 | |
| 912828D23 | US TREASURY N/B 1.62500 04/30/2019 | US | 5,745,000 | $5,712,459.98 | |
| 912828K25 | US TREASURY N/B 0.75000 04/15/2018 | US | 3,725,000 | $3,723,889.09 | |
| 912828K33 | UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 | US | 1,965,205.55 | $1,957,553.39 | |
| 912828K58 | UNITED STATES TREAS NTS 1.37500 04/30/2020 | US | 5,755,000 | $5,644,620.88 | |
| 912828R36 | US TREASURY N/B 1.62500 05/15/2026 | US | 6,400,000 | $5,886,750.02 | |
| 912828UH1 | UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 | US | 1,642,975.2 | $1,615,618.78 | |
| 912828X88 | US TREASURY N/B 2.37500 05/15/2027 | US | 5,800,000 | $5,627,132.80 | |
| 92343VDV3 | VERIZON COMMUNICATIONS 5.50000 03/16/2047 | US | 2,540,000 | $2,814,647.38 | |
| 92903PAC3 | VNO 2010 - VNO A2FX 4.00350 09/13/2028 | US | 245,000 | $251,768.59 | |
| 92935JBC8 | WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 | US | 796,138.06 | $830,325.90 | |
| 94987MAB7 | WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 | US | 275,000 | $283,907.36 | |
| 96949LAD7 | WILLIAMS PARTNERS LP 3.75000 06/15/2027 | US | 1,495,000 | $1,429,275.42 | |
| 97651JAE6 | WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 | US | 157,594.32 | $158,308.38 | |
| 97652TAA1 | WIN 2015-1 A1 3.50000 01/20/2045 | US | 169,222.23 | $167,699.42 |
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.
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