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

$11.63

Daily $ Change

$0.00

Daily % Change

0.00%

as of 09/22/2020

Ticker

EXCRX

CUSIP

563821404

Inception Date

04/21/2005

Investment Minimum

$2,000.00

Investment minimum may be waived for certain qualified retirement plans, participants in an automatic investment program, 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

Performance

As of 08/31/2020

YTD

7.16%

1 Year

6.43%

3 Year

4.65%

5 Year

3.91%

10 Year

3.69%

Inception
(04/21/2005)

4.61%

Market Cycle

---

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 0.76%
Net 0.70%*

*Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee. Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated without the prior approval of the Fund’s Board of Directors.

Top Ten Investments

As of 08/31/2020

GOVERNMENT AGENCY 20.05%
TREASURY NOTES 15.50%
TREASURY BONDS 4.72%
TSY INFL IX N/B 2.00000 01/15/2026 3.02%
TSY INFL IX N/B 0.12500 04/15/2025 2.50%
ALIBABA GROUP HOLDING 3.40000 12/06/2027 1.74%
SABINE PASS LIQUEFACTION 5.87500 06/30/2026 1.60%
BOOKING HOLDINGS INC 3.60000 06/01/2026 1.55%
AMERICAN TOWER CORP 3.80000 08/15/2029 1.53%
CROWN CASTLE INTL CORP 3.10000 11/15/2029 1.51%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 08/31/2020

Treasury 25.08%
Agency 2.88%
Government 0.60%
Cash 2.54%
Corporate 31.50%
Mortgage 37.40%

Credit Quality Distribution

As of 08/31/2020

AAA 63.10%
AA 3.52%
A 12.04%
BBB 18.97%
NR 2.37%

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

August Fund Holdings

As of 08/31/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 1,440,000 $1,688,105.46
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 4,100,000 $4,109,216.31
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 880,000 $881,843.07
00914AAB8 AIR LEASE CORP 3.75000 06/01/2026 US 2,160,000 $2,208,693.14
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 5,040,000 $5,708,471.78
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 4,320,000 $4,997,220.83
05401AAG6 AVOLON HOLDINGS FNDG LTD 4.37500 05/01/2026 KY 890,000 $820,038.63
05401AAJ0 AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 KY 1,060,000 $911,365.63
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 400,000 $406,935.92
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 2,200,000 $2,465,470.55
12510GAB8 CCG 2019-1 A2 2.80000 09/14/2026 US 1,361,248.81 $1,385,583.17
12530MAB1 SORT 2020-1 A2 1.99000 07/15/2060 US 1,328,891.67 $1,352,735.31
12530MAC9 SORT 2020-1 B1 2.28000 07/15/2060 US 1,650,000 $1,681,534.14
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 174,314.35 $180,577.60
12597PAC2 CNH 2020-A A3 1.16000 06/16/2025 US 1,000,000 $1,013,801.60
12646WAH7 CSMC 2013-IVR2 A2 3.00000 04/25/2043 US 669,676.84 $700,922.62
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 157,745.69 $160,988.45
12647MBY0 CSMC 2013-6 2A1 3.50000 08/25/2043 US 542,470.17 $556,973.76
133131AZ5 CAMDEN PROPERTY TRUST 2.80000 05/15/2030 US 3,070,000 $3,367,820.09
14315VAE2 CARMX 2020-2 A4 2.05000 05/15/2025 US 3,000,000 $3,130,929.30
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 157,705.52 $156,373.89
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 130,444.56 $131,209.60
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 2,910,000 $3,382,976.09
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 3,390,000 $3,762,828.13
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 1,184,908.52 $1,221,345.29
22534GAA1 CAALT 2020-1A 2.01000 02/15/2029 US 500,000 $512,116.95
22534GAC7 CAALT 2020-1A B 2.39000 04/16/2029 US 600,000 $610,869.48
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 4,510,000 $4,957,095.87
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 104,486.14 $107,112.84
254687FW1 WALT DISNEY COMPANY/THE 2.20000 01/13/2028 US 1,570,000 $1,661,338.89
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 2,530,000 $3,034,495.23
25746UDG1 DOMINION ENERGY 3.37500 04/01/2030 US 2,250,000 $2,561,226.12
262006208 DREYFUS GVT CSH MANAGEMENT US 8,532,198.41 $8,532,198.41
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 3,590,000 $3,868,905.05
30212PAS4 EXPEDIA GROUP INC 6.25000 05/01/2025 US 1,550,000 $1,703,179.91
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 2,000,000 $2,012,917.74
30262SAR9 FREMF 2015-K42 B FLT 3.98209 12/25/2024 US 380,000 $410,719.05
30263HAL5 FREMF 2011-K15 B FLT 5.12869 08/25/2044 US 170,000 $174,587.79
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 91,159.64 $100,444.22
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 30,766.7 $36,204.23
3128M7FQ4 FHLM POOL G05275 5.50000 02/01/2039 US 157,150.85 $181,355.98
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 68,615.94 $80,576.61
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 3,340.11 $3,406.31
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 2,339.45 $2,394.38
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 2,378.17 $2,461.58
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 3,685.94 $3,808.65
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 226,869.6 $246,100.74
3128MJJN1 FHLM POOL G08268 5.00000 05/01/2038 US 496,307.07 $568,950.12
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 78,349.67 $86,282.92
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 95,988.69 $105,772.43
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 105,027.89 $115,731.48
3128P8A92 FHLM POOL C91832 3.50000 06/01/2035 US 474,160.89 $512,808.98
312941F69 FHLM POOL A92889 4.50000 07/01/2040 US 211,790.37 $236,220.20
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 614,715.14 $687,323.99
3132J8YK0 FHLM POOL Q17513 3.50000 04/01/2043 US 157,839.5 $171,378.87
3132LQA80 FHLM POOL FG K93731 3.00000 11/01/2036 US 2,696,435.54 $2,850,579.65
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 572,563.63 $624,642.45
3132QUWT6 FHLM POOL Q37857 4.00000 12/01/2045 US 528,172.76 $574,617.82
3132QVKA8 FHLM POOL Q38388 4.00000 01/01/2046 US 626,648.36 $684,288.96
3132WL4Q6 FHLM POOL Q47130 4.50000 04/01/2047 US 147,148.78 $160,102.90
3132WML28 FHLM POOL FG Q47544 4.00000 03/01/2047 US 638,700.5 $693,956.59
31335A5Q7 FHLM POOL G60855 4.50000 12/01/2045 US 223,786.74 $250,186.87
31335ACG1 FHLM POOL G60071 4.50000 07/01/2042 US 236,844.8 $264,630.28
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 232,131.6 $249,880.88
31335ASA7 FHLM POOL G60513 5.00000 07/01/2041 US 557,077.71 $640,999.53
3133A45H5 FEDERAL NATL MTG ASSN FR QA9848 2.50000 05/01/2050 US 3,933,625 $4,138,878.21
3133G6L60 FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 US 977,917.26 $1,027,119.83
3135G0Q22 FANNIE MAE 1.87500 09/24/2026 US 8,960,000 $9,670,164.94
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 334,646.69 $347,642.76
3137ADTK3 FHMS K014 X1 FLT 1.32366 04/25/2021 US 6,728,891.06 $27,657.09
3137AJMG6 FMHS K016 X1 FLT 1.63779 10/25/2021 US 992,915.96 $12,657.79
3137AUPF0 FHMS K021 x1 FLT 1.54441 06/25/2022 US 8,650,852.74 $168,434.70
3137B3NB0 FHMS K030 X1 FLT 0.28647 04/25/2023 US 12,861,795.68 $52,955.87
3137B4GZ3 FHMS K032 X1 FLT 0.20559 05/25/2023 US 7,558,134.98 $21,337.37
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 345,425.33 $352,632.91
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 207,918.98 $210,738.92
3138A5JC7 FEDERAL NATL MTG ASSN AH3858 4.50000 08/01/2041 US 327,734.37 $362,125.60
3138AJXA5 FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 US 83,501.52 $92,097.22
3138EQST0 FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 117,648.98 $129,752.79
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64300 01/01/2049 US 465,217.44 $549,620.20
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 234,610.1 $258,686.21
3138WHQN5 FEDERAL NATL MTG ASSN FN AS7660 2.50000 08/01/2046 US 4,846,866.92 $5,129,376.83
3138Y22T9 FEDERAL NATL MTG ASSN FN AX1685 3.50000 11/01/2044 US 910,770.62 $1,000,200.51
3138YNR25 FEDERAL NATL MTG ASSN AY8604 3.50000 04/01/2045 US 183,001.64 $196,627.10
3138YWH42 FEDERAL NATL MTG ASSN FN AZ4750 3.50000 10/01/2045 US 1,284,016.86 $1,386,662.59
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 238,305.85 $279,431.88
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 587,194.33 $648,523.31
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 92,512.62 $98,904.25
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 83,581.07 $90,077.86
3140F8KD8 FEDERAL NATL MTG ASSN BD1191 3.50000 01/01/2047 US 394,292.59 $419,181.36
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 243,089.86 $264,019.08
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 97,462.16 $106,030.04
3140JAD88 FEDERAL NATL MTG ASSN FN BM5526 3.50000 02/01/2048 US 1,884,475.12 $1,994,481.94
3140X3A81 FEDERAL NATL MTG ASSN FN FM0030 3.00000 02/01/2049 US 4,191,543.25 $4,420,343.75
3140X4JC1 FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 US 949,663.52 $1,003,511.22
3140X52A0 FEDERAL NATL MTG ASSN FN FM2568 3.00000 05/01/2038 US 940,019.87 $991,332.00
3140X5PS6 FEDERAL NATL MTG ASSN FN FM2232 4.00000 06/01/2048 US 342,424.89 $366,049.32
3140X6QK0 FEDERAL NATL MTG ASSN FN FM3157 3.50000 01/01/2048 US 2,641,458.06 $2,818,794.04
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 1,813.56 $1,839.58
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 2,337.49 $2,376.76
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 9,438.32 $9,512.86
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 10,406.82 $10,502.50
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 224,515.81 $264,281.05
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 33,446.99 $38,708.30
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 84.44 $84.86
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 5,756.31 $5,804.68
31416CJV9 FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 97,195.83 $114,053.64
31418B2V7 FEDERAL NATL MTG ASSN MA2587 3.50000 04/01/2036 US 449,400.35 $485,812.69
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 56,482.75 $62,223.06
31418CKV5 FEDERAL NATL MTG ASSN FN MA3007 3.00000 04/01/2047 US 1,535,665.49 $1,623,998.80
31418CS47 FEDERAL NATL MTG ASSN FN MA3238 3.50000 01/01/2048 US 1,795,428.63 $1,898,914.44
31418CSD7 FEDERAL NATL NTG ASSN MA3215 3.50000 12/01/2037 US 1,756,276.29 $1,861,452.11
31418CZ56 FEDERAL NATL MTG ASSN FN MA3463 4.00000 09/01/2033 US 370,917.95 $393,253.05
31418DNE8 FEDERAL NATL MTG ASSN FN MA3988 3.00000 04/01/2040 US 1,050,979.86 $1,109,060.09
31418DNN8 FEDERAL NATL MTG ASSN FN MA3996 2.50000 04/01/2050 US 529,390.26 $548,424.65
31418DPA4 FEDERAL NATL MTG ASSN FN MA4016 2.50000 05/01/2040 US 2,642,023.97 $2,780,804.26
31418DQ21 FEDERAL NATL MTG ASSN FN MA4072 2.50000 07/01/2040 US 1,894,220.52 $1,994,120.90
31418DQG0 FEDERAL NATL MTG ASSN FN MA4054 2.50000 06/01/2040 US 2,746,122.65 $2,890,948.79
31418DQZ8 FEDERAL NATL MTG ASSN FN MA4071 2.00000 07/01/2040 US 1,932,772.06 $1,995,527.47
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 33,331.22 $38,673.38
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 4,387.65 $4,627.13
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 1,050,000 $1,075,527.60
34528GAL0 FORDO 2020-A A4 1.35000 07/15/2025 US 1,750,000 $1,796,988.03
357081AE8 FREMF 2015-K720 B FLT 3.50986 07/25/2022 US 340,000 $350,931.41
36258WAS1 GSMBS 2020-PJ3 A14 3.00000 10/25/2050 US 1,939,850.3 $1,989,840.24
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 3,190,000 $2,502,682.60
38217TAA3 GOODG 2020-1A MTGE 2.63000 04/15/2055 US 2,399,863.29 $2,416,785.69
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 402,727.8 $422,251.32
404119BX6 HCA INC 4.12500 06/15/2029 US 2,220,000 $2,557,817.40
43731QAA6 HPA 2019-1 A 2.90800 09/17/2039 US 953,460.6 $989,406.06
43813DAD0 HAROT 2020-2 A4 1.09000 10/15/2026 US 2,000,000 $2,035,960.60
46187BAA1 IHSFR 2017-SFR2 A 1.01188 12/17/2036 US 140,472.97 $139,434.00
46187BAB9 IHSFR 2017-SFR2 B 1.31188 12/17/2036 US 115,000 $114,804.36
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 84,736.69 $84,644.00
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 81,873.38 $83,325.32
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 87,372.32 $91,343.21
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 116,407.98 $117,745.87
46647PBP0 JPMORGAN CHASE & CO 2.95600 05/13/2031 US 3,890,000 $4,183,980.92
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 239,882.85 $240,801.05
46649HAC6 JPMMT 2017-6 A3 3.50000 12/25/2048 US 160,693.16 $164,696.86
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 2,850,000 $3,791,264.83
61767YAZ3 MSC 2018-H3 A5 4.17700 07/15/2051 US 1,423,000 $1,666,784.94
63938EAC8 NAVSL 2014-1 A3 FLT 0.68513 06/25/2031 US 968,596.25 $935,357.03
63941MAB7 NAVSL 2019-EA A2A 2.64000 05/15/2068 US 1,000,000 $1,044,748.80
63941RAB6 NAVSL 2019-2A A2 1.17513 02/27/2068 US 1,150,000 $1,158,549.33
64033GAA9 NSLT 2013-5A A MTGE FLT 0.80513 01/25/2037 US 1,077,907.23 $1,035,564.77
64033QAB5 NSLT 2015-2A A2 0.77513 09/25/2047 US 3,033,487.25 $2,931,804.76
64828AAA1 NRZT 2014-1A A 3.75000 01/25/2054 US 201,103.53 $216,548.46
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 90,226.14 $96,592.47
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 195,249.76 $210,793.83
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 171,282.89 $183,699.91
654106AM5 NIKE INC 3.37500 03/27/2050 US 1,330,000 $1,530,853.02
69144AAA7 OXFIN 2020-1A A2 3.10100 02/15/2028 US 935,000 $948,457.36
693456AW5 PMTLT 2013-J1 a9 3.50000 09/25/2043 US 623,244.02 $656,720.76
717081EW9 PFIZER INC 2.62500 04/01/2030 US 1,470,000 $1,641,227.72
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 4,510,000 $5,063,065.58
74331AAA0 2019- SFR4 CLASS A 2.68700 10/17/2036 US 800,000 $823,347.36
74333LAA4 PROG 2020-SFR2 A 2.07800 06/17/2037 US 1,000,000 $1,021,553.00
74333NAA0 PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 US 907,650.29 $939,876.50
778296AE3 ROSS STORES INC 5.45000 04/15/2050 US 1,200,000 $1,542,971.71
78403DAR1 SBA TOWER TRUST 2.32800 01/15/2028 US 1,300,000 $1,320,366.32
78449UAB4 SMB 2020-A A2A MTGE 2.23000 09/15/2037 US 1,285,000 $1,330,202.96
78470RAC1 SOFI 2016-E A2B 2.49000 01/25/2036 US 385,519.68 $390,694.66
78490DAA2 SOFI 2018-C A1FX 3.08000 01/25/2048 US 105,697.58 $106,370.18
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 4,360,000 $5,243,870.93
81745BAB1 SEMT 2013-6 A2 3.00000 05/25/2043 US 1,321,132.89 $1,382,187.20
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 100,100.99 $102,960.77
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 199,168.36 $204,890.57
81745FAA4 SEMT 2012-3 A1 3.50000 07/25/2042 US 215,230.26 $223,851.03
81746NAK4 SEMT 2016-3 A10 3.50000 11/25/2046 US 724,569.99 $739,730.68
81748MAD0 SEMT 2020-1 A4 3.50000 02/25/2050 US 604,824.6 $613,021.91
83390UAF4 SOFI 2020-C AFX 1.95000 02/15/2046 US 946,631.91 $965,627.50
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 3,426,223.11 $3,519,076.84
83405TAA1 SCLP 2019-3 A MTGE 2.90000 05/25/2028 US 421,346.25 $426,488.95
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 280,601.65 $283,842.46
83406TAB8 SOFI 2020-A A2FX MTGE 2.54000 05/15/2046 US 820,000 $852,648.30
844741BJ6 SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 3,140,000 $3,427,088.79
86935CAA0 SCML 2019-SBC8 2.86000 04/25/2041 US 803,580.57 $809,960.20
872540AU3 TJX COS INC 4.50000 04/15/2050 US 1,790,000 $2,277,243.35
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 51,630.49 $51,735.04
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 3,510,000 $4,050,506.13
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 346,062.15 $353,368.01
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 300,335.1 $308,797.22
89177EAA7 TPMT 2019-HY1 A1 1.17513 10/25/2048 US 273,787.19 $273,217.33
89237JAA4 TALNT 2020-1A A 1.35000 05/25/2033 US 3,000,000 $3,096,282.60
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 474,267.1 $475,515.51
89613GAB2 TAH 2020-SFR1 B MTGE 2.04900 07/17/2038 US 1,300,000 $1,321,299.72
90276WAS6 UBSCM 2017-C4 3.67900 12/15/2050 US 1,000,000 $1,145,932.80
912810FS2 TSY INFL IX N/B 2.00000 01/15/2026 US 8,312,768 $9,893,330.44
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 5,082,000 $6,238,552.01
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 6,812,000 $9,211,633.40
9128284P2 US TREASURY N/B 2.62500 05/15/2021 US 5,000 $5,086.52
912828K74 US TREASURY N/B 2.00000 08/15/2025 US 7,445,000 $8,078,115.80
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 10,262,000 $10,999,982.08
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 8,570,000 $9,658,657.81
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 8,650,000 $9,405,523.44
912828YN4 US TREASURY FRN FLT 0.40503 10/31/2021 US 12,610,000 $12,650,771.66
912828ZJ2 TSY INFL IX N/B 0.12500 04/15/2025 US 7,610,131.25 $8,183,566.51
91823AAN1 VBTOW 2020-1A C2 3.03100 06/15/2050 US 375,000 $388,192.46
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 3,640,000 $4,944,637.55
92826CAK8 VISA INC 2.70000 04/15/2040 US 3,490,000 $3,769,769.25
928668BE1 VOLKSWAGEN GROUP AMERICA 3.35000 05/13/2025 US 2,350,000 $2,582,897.24
92868JAD8 VALET 2020-1 A3 MTGE 0.98000 11/20/2024 US 410,000 $414,911.51
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 642,305.35 $647,892.76
92938VAQ8 WFRBS 2014-C19 A5 4.10100 03/15/2047 US 2,000,000 $2,179,890.60
93065PAA9 WBHT 2019-WBM A FLT 1.21188 12/15/2033 US 415,000 $394,234.81
94989NBE6 WFCM 2015-C30 A4 3.66400 09/15/2058 US 3,000,000 $3,336,640.50
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 3,060,000 $3,380,838.09
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 76,716.56 $78,987.38
97652UAL4 WIN 2015-2 A11 3.50000 02/20/2045 US 2,178,268.38 $2,222,998.25

Investments will change over time.

Distributions

  • Core Bond Series Class S Distribution History
  • 2020 Distribution Calendar
  • Fourth Quarter 2019 Distributions
  • Third Quarter 2020 Distributions
  • Second Quarter 2020 Distributions
  • First Quarter 2020 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

$11.63

Daily $ Change

$0.00

Daily % Change

0.00%

as of 09/22/2020

Ticker

EXCRX

CUSIP

563821404

Inception Date

04/21/2005

Investment Minimum

$2,000.00

Investment minimum may be waived for certain qualified retirement plans, participants in an automatic investment program, 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

Investment Objective

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

Investment Strategy

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

May be Appropriate for Investors

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

Performance

As of 08/31/2020

YTD

7.16%

1 Year

6.43%

3 Year

4.65%

5 Year

3.91%

10 Year

3.69%

Inception
(04/21/2005)

4.61%

Market Cycle

---

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 0.76%
Net 0.70%*

*Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee. Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated without the prior approval of the Fund’s Board of Directors.

Top Ten Investments

As of 08/31/2020

GOVERNMENT AGENCY 20.05%
TREASURY NOTES 15.50%
TREASURY BONDS 4.72%
TSY INFL IX N/B 2.00000 01/15/2026 3.02%
TSY INFL IX N/B 0.12500 04/15/2025 2.50%
ALIBABA GROUP HOLDING 3.40000 12/06/2027 1.74%
SABINE PASS LIQUEFACTION 5.87500 06/30/2026 1.60%
BOOKING HOLDINGS INC 3.60000 06/01/2026 1.55%
AMERICAN TOWER CORP 3.80000 08/15/2029 1.53%
CROWN CASTLE INTL CORP 3.10000 11/15/2029 1.51%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 08/31/2020

Treasury
25.08%
Agency
2.88%
Government
0.60%
Cash
2.54%
Corporate
31.50%
Mortgage
37.40%

Credit Quality Distribution

As of 08/31/2020

AAA
63.10%
AA
3.52%
A
12.04%
BBB
18.97%
NR
2.37%

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

August Fund Holdings

As of 08/31/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 1,440,000 $1,688,105.46
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 4,100,000 $4,109,216.31
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 880,000 $881,843.07
00914AAB8 AIR LEASE CORP 3.75000 06/01/2026 US 2,160,000 $2,208,693.14
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 5,040,000 $5,708,471.78
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 4,320,000 $4,997,220.83
05401AAG6 AVOLON HOLDINGS FNDG LTD 4.37500 05/01/2026 KY 890,000 $820,038.63
05401AAJ0 AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 KY 1,060,000 $911,365.63
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 400,000 $406,935.92
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 2,200,000 $2,465,470.55
12510GAB8 CCG 2019-1 A2 2.80000 09/14/2026 US 1,361,248.81 $1,385,583.17
12530MAB1 SORT 2020-1 A2 1.99000 07/15/2060 US 1,328,891.67 $1,352,735.31
12530MAC9 SORT 2020-1 B1 2.28000 07/15/2060 US 1,650,000 $1,681,534.14
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 174,314.35 $180,577.60
12597PAC2 CNH 2020-A A3 1.16000 06/16/2025 US 1,000,000 $1,013,801.60
12646WAH7 CSMC 2013-IVR2 A2 3.00000 04/25/2043 US 669,676.84 $700,922.62
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 157,745.69 $160,988.45
12647MBY0 CSMC 2013-6 2A1 3.50000 08/25/2043 US 542,470.17 $556,973.76
133131AZ5 CAMDEN PROPERTY TRUST 2.80000 05/15/2030 US 3,070,000 $3,367,820.09
14315VAE2 CARMX 2020-2 A4 2.05000 05/15/2025 US 3,000,000 $3,130,929.30
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 157,705.52 $156,373.89
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 130,444.56 $131,209.60
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 2,910,000 $3,382,976.09
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 3,390,000 $3,762,828.13
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 1,184,908.52 $1,221,345.29
22534GAA1 CAALT 2020-1A 2.01000 02/15/2029 US 500,000 $512,116.95
22534GAC7 CAALT 2020-1A B 2.39000 04/16/2029 US 600,000 $610,869.48
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 4,510,000 $4,957,095.87
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 104,486.14 $107,112.84
254687FW1 WALT DISNEY COMPANY/THE 2.20000 01/13/2028 US 1,570,000 $1,661,338.89
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 2,530,000 $3,034,495.23
25746UDG1 DOMINION ENERGY 3.37500 04/01/2030 US 2,250,000 $2,561,226.12
262006208 DREYFUS GVT CSH MANAGEMENT US 8,532,198.41 $8,532,198.41
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 3,590,000 $3,868,905.05
30212PAS4 EXPEDIA GROUP INC 6.25000 05/01/2025 US 1,550,000 $1,703,179.91
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 2,000,000 $2,012,917.74
30262SAR9 FREMF 2015-K42 B FLT 3.98209 12/25/2024 US 380,000 $410,719.05
30263HAL5 FREMF 2011-K15 B FLT 5.12869 08/25/2044 US 170,000 $174,587.79
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 91,159.64 $100,444.22
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 30,766.7 $36,204.23
3128M7FQ4 FHLM POOL G05275 5.50000 02/01/2039 US 157,150.85 $181,355.98
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 68,615.94 $80,576.61
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 3,340.11 $3,406.31
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 2,339.45 $2,394.38
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 2,378.17 $2,461.58
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 3,685.94 $3,808.65
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 226,869.6 $246,100.74
3128MJJN1 FHLM POOL G08268 5.00000 05/01/2038 US 496,307.07 $568,950.12
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 78,349.67 $86,282.92
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 95,988.69 $105,772.43
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 105,027.89 $115,731.48
3128P8A92 FHLM POOL C91832 3.50000 06/01/2035 US 474,160.89 $512,808.98
312941F69 FHLM POOL A92889 4.50000 07/01/2040 US 211,790.37 $236,220.20
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 614,715.14 $687,323.99
3132J8YK0 FHLM POOL Q17513 3.50000 04/01/2043 US 157,839.5 $171,378.87
3132LQA80 FHLM POOL FG K93731 3.00000 11/01/2036 US 2,696,435.54 $2,850,579.65
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 572,563.63 $624,642.45
3132QUWT6 FHLM POOL Q37857 4.00000 12/01/2045 US 528,172.76 $574,617.82
3132QVKA8 FHLM POOL Q38388 4.00000 01/01/2046 US 626,648.36 $684,288.96
3132WL4Q6 FHLM POOL Q47130 4.50000 04/01/2047 US 147,148.78 $160,102.90
3132WML28 FHLM POOL FG Q47544 4.00000 03/01/2047 US 638,700.5 $693,956.59
31335A5Q7 FHLM POOL G60855 4.50000 12/01/2045 US 223,786.74 $250,186.87
31335ACG1 FHLM POOL G60071 4.50000 07/01/2042 US 236,844.8 $264,630.28
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 232,131.6 $249,880.88
31335ASA7 FHLM POOL G60513 5.00000 07/01/2041 US 557,077.71 $640,999.53
3133A45H5 FEDERAL NATL MTG ASSN FR QA9848 2.50000 05/01/2050 US 3,933,625 $4,138,878.21
3133G6L60 FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 US 977,917.26 $1,027,119.83
3135G0Q22 FANNIE MAE 1.87500 09/24/2026 US 8,960,000 $9,670,164.94
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 334,646.69 $347,642.76
3137ADTK3 FHMS K014 X1 FLT 1.32366 04/25/2021 US 6,728,891.06 $27,657.09
3137AJMG6 FMHS K016 X1 FLT 1.63779 10/25/2021 US 992,915.96 $12,657.79
3137AUPF0 FHMS K021 x1 FLT 1.54441 06/25/2022 US 8,650,852.74 $168,434.70
3137B3NB0 FHMS K030 X1 FLT 0.28647 04/25/2023 US 12,861,795.68 $52,955.87
3137B4GZ3 FHMS K032 X1 FLT 0.20559 05/25/2023 US 7,558,134.98 $21,337.37
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 345,425.33 $352,632.91
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 207,918.98 $210,738.92
3138A5JC7 FEDERAL NATL MTG ASSN AH3858 4.50000 08/01/2041 US 327,734.37 $362,125.60
3138AJXA5 FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 US 83,501.52 $92,097.22
3138EQST0 FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 117,648.98 $129,752.79
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64300 01/01/2049 US 465,217.44 $549,620.20
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 234,610.1 $258,686.21
3138WHQN5 FEDERAL NATL MTG ASSN FN AS7660 2.50000 08/01/2046 US 4,846,866.92 $5,129,376.83
3138Y22T9 FEDERAL NATL MTG ASSN FN AX1685 3.50000 11/01/2044 US 910,770.62 $1,000,200.51
3138YNR25 FEDERAL NATL MTG ASSN AY8604 3.50000 04/01/2045 US 183,001.64 $196,627.10
3138YWH42 FEDERAL NATL MTG ASSN FN AZ4750 3.50000 10/01/2045 US 1,284,016.86 $1,386,662.59
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 238,305.85 $279,431.88
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 587,194.33 $648,523.31
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 92,512.62 $98,904.25
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 83,581.07 $90,077.86
3140F8KD8 FEDERAL NATL MTG ASSN BD1191 3.50000 01/01/2047 US 394,292.59 $419,181.36
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 243,089.86 $264,019.08
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 97,462.16 $106,030.04
3140JAD88 FEDERAL NATL MTG ASSN FN BM5526 3.50000 02/01/2048 US 1,884,475.12 $1,994,481.94
3140X3A81 FEDERAL NATL MTG ASSN FN FM0030 3.00000 02/01/2049 US 4,191,543.25 $4,420,343.75
3140X4JC1 FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 US 949,663.52 $1,003,511.22
3140X52A0 FEDERAL NATL MTG ASSN FN FM2568 3.00000 05/01/2038 US 940,019.87 $991,332.00
3140X5PS6 FEDERAL NATL MTG ASSN FN FM2232 4.00000 06/01/2048 US 342,424.89 $366,049.32
3140X6QK0 FEDERAL NATL MTG ASSN FN FM3157 3.50000 01/01/2048 US 2,641,458.06 $2,818,794.04
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 1,813.56 $1,839.58
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 2,337.49 $2,376.76
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 9,438.32 $9,512.86
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 10,406.82 $10,502.50
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 224,515.81 $264,281.05
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 33,446.99 $38,708.30
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 84.44 $84.86
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 5,756.31 $5,804.68
31416CJV9 FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 97,195.83 $114,053.64
31418B2V7 FEDERAL NATL MTG ASSN MA2587 3.50000 04/01/2036 US 449,400.35 $485,812.69
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 56,482.75 $62,223.06
31418CKV5 FEDERAL NATL MTG ASSN FN MA3007 3.00000 04/01/2047 US 1,535,665.49 $1,623,998.80
31418CS47 FEDERAL NATL MTG ASSN FN MA3238 3.50000 01/01/2048 US 1,795,428.63 $1,898,914.44
31418CSD7 FEDERAL NATL NTG ASSN MA3215 3.50000 12/01/2037 US 1,756,276.29 $1,861,452.11
31418CZ56 FEDERAL NATL MTG ASSN FN MA3463 4.00000 09/01/2033 US 370,917.95 $393,253.05
31418DNE8 FEDERAL NATL MTG ASSN FN MA3988 3.00000 04/01/2040 US 1,050,979.86 $1,109,060.09
31418DNN8 FEDERAL NATL MTG ASSN FN MA3996 2.50000 04/01/2050 US 529,390.26 $548,424.65
31418DPA4 FEDERAL NATL MTG ASSN FN MA4016 2.50000 05/01/2040 US 2,642,023.97 $2,780,804.26
31418DQ21 FEDERAL NATL MTG ASSN FN MA4072 2.50000 07/01/2040 US 1,894,220.52 $1,994,120.90
31418DQG0 FEDERAL NATL MTG ASSN FN MA4054 2.50000 06/01/2040 US 2,746,122.65 $2,890,948.79
31418DQZ8 FEDERAL NATL MTG ASSN FN MA4071 2.00000 07/01/2040 US 1,932,772.06 $1,995,527.47
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 33,331.22 $38,673.38
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 4,387.65 $4,627.13
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 1,050,000 $1,075,527.60
34528GAL0 FORDO 2020-A A4 1.35000 07/15/2025 US 1,750,000 $1,796,988.03
357081AE8 FREMF 2015-K720 B FLT 3.50986 07/25/2022 US 340,000 $350,931.41
36258WAS1 GSMBS 2020-PJ3 A14 3.00000 10/25/2050 US 1,939,850.3 $1,989,840.24
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 3,190,000 $2,502,682.60
38217TAA3 GOODG 2020-1A MTGE 2.63000 04/15/2055 US 2,399,863.29 $2,416,785.69
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 402,727.8 $422,251.32
404119BX6 HCA INC 4.12500 06/15/2029 US 2,220,000 $2,557,817.40
43731QAA6 HPA 2019-1 A 2.90800 09/17/2039 US 953,460.6 $989,406.06
43813DAD0 HAROT 2020-2 A4 1.09000 10/15/2026 US 2,000,000 $2,035,960.60
46187BAA1 IHSFR 2017-SFR2 A 1.01188 12/17/2036 US 140,472.97 $139,434.00
46187BAB9 IHSFR 2017-SFR2 B 1.31188 12/17/2036 US 115,000 $114,804.36
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 84,736.69 $84,644.00
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 81,873.38 $83,325.32
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 87,372.32 $91,343.21
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 116,407.98 $117,745.87
46647PBP0 JPMORGAN CHASE & CO 2.95600 05/13/2031 US 3,890,000 $4,183,980.92
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 239,882.85 $240,801.05
46649HAC6 JPMMT 2017-6 A3 3.50000 12/25/2048 US 160,693.16 $164,696.86
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 2,850,000 $3,791,264.83
61767YAZ3 MSC 2018-H3 A5 4.17700 07/15/2051 US 1,423,000 $1,666,784.94
63938EAC8 NAVSL 2014-1 A3 FLT 0.68513 06/25/2031 US 968,596.25 $935,357.03
63941MAB7 NAVSL 2019-EA A2A 2.64000 05/15/2068 US 1,000,000 $1,044,748.80
63941RAB6 NAVSL 2019-2A A2 1.17513 02/27/2068 US 1,150,000 $1,158,549.33
64033GAA9 NSLT 2013-5A A MTGE FLT 0.80513 01/25/2037 US 1,077,907.23 $1,035,564.77
64033QAB5 NSLT 2015-2A A2 0.77513 09/25/2047 US 3,033,487.25 $2,931,804.76
64828AAA1 NRZT 2014-1A A 3.75000 01/25/2054 US 201,103.53 $216,548.46
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 90,226.14 $96,592.47
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 195,249.76 $210,793.83
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 171,282.89 $183,699.91
654106AM5 NIKE INC 3.37500 03/27/2050 US 1,330,000 $1,530,853.02
69144AAA7 OXFIN 2020-1A A2 3.10100 02/15/2028 US 935,000 $948,457.36
693456AW5 PMTLT 2013-J1 a9 3.50000 09/25/2043 US 623,244.02 $656,720.76
717081EW9 PFIZER INC 2.62500 04/01/2030 US 1,470,000 $1,641,227.72
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 4,510,000 $5,063,065.58
74331AAA0 2019- SFR4 CLASS A 2.68700 10/17/2036 US 800,000 $823,347.36
74333LAA4 PROG 2020-SFR2 A 2.07800 06/17/2037 US 1,000,000 $1,021,553.00
74333NAA0 PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 US 907,650.29 $939,876.50
778296AE3 ROSS STORES INC 5.45000 04/15/2050 US 1,200,000 $1,542,971.71
78403DAR1 SBA TOWER TRUST 2.32800 01/15/2028 US 1,300,000 $1,320,366.32
78449UAB4 SMB 2020-A A2A MTGE 2.23000 09/15/2037 US 1,285,000 $1,330,202.96
78470RAC1 SOFI 2016-E A2B 2.49000 01/25/2036 US 385,519.68 $390,694.66
78490DAA2 SOFI 2018-C A1FX 3.08000 01/25/2048 US 105,697.58 $106,370.18
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 4,360,000 $5,243,870.93
81745BAB1 SEMT 2013-6 A2 3.00000 05/25/2043 US 1,321,132.89 $1,382,187.20
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 100,100.99 $102,960.77
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 199,168.36 $204,890.57
81745FAA4 SEMT 2012-3 A1 3.50000 07/25/2042 US 215,230.26 $223,851.03
81746NAK4 SEMT 2016-3 A10 3.50000 11/25/2046 US 724,569.99 $739,730.68
81748MAD0 SEMT 2020-1 A4 3.50000 02/25/2050 US 604,824.6 $613,021.91
83390UAF4 SOFI 2020-C AFX 1.95000 02/15/2046 US 946,631.91 $965,627.50
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 3,426,223.11 $3,519,076.84
83405TAA1 SCLP 2019-3 A MTGE 2.90000 05/25/2028 US 421,346.25 $426,488.95
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 280,601.65 $283,842.46
83406TAB8 SOFI 2020-A A2FX MTGE 2.54000 05/15/2046 US 820,000 $852,648.30
844741BJ6 SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 3,140,000 $3,427,088.79
86935CAA0 SCML 2019-SBC8 2.86000 04/25/2041 US 803,580.57 $809,960.20
872540AU3 TJX COS INC 4.50000 04/15/2050 US 1,790,000 $2,277,243.35
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 51,630.49 $51,735.04
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 3,510,000 $4,050,506.13
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 346,062.15 $353,368.01
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 300,335.1 $308,797.22
89177EAA7 TPMT 2019-HY1 A1 1.17513 10/25/2048 US 273,787.19 $273,217.33
89237JAA4 TALNT 2020-1A A 1.35000 05/25/2033 US 3,000,000 $3,096,282.60
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 474,267.1 $475,515.51
89613GAB2 TAH 2020-SFR1 B MTGE 2.04900 07/17/2038 US 1,300,000 $1,321,299.72
90276WAS6 UBSCM 2017-C4 3.67900 12/15/2050 US 1,000,000 $1,145,932.80
912810FS2 TSY INFL IX N/B 2.00000 01/15/2026 US 8,312,768 $9,893,330.44
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 5,082,000 $6,238,552.01
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 6,812,000 $9,211,633.40
9128284P2 US TREASURY N/B 2.62500 05/15/2021 US 5,000 $5,086.52
912828K74 US TREASURY N/B 2.00000 08/15/2025 US 7,445,000 $8,078,115.80
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 10,262,000 $10,999,982.08
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 8,570,000 $9,658,657.81
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 8,650,000 $9,405,523.44
912828YN4 US TREASURY FRN FLT 0.40503 10/31/2021 US 12,610,000 $12,650,771.66
912828ZJ2 TSY INFL IX N/B 0.12500 04/15/2025 US 7,610,131.25 $8,183,566.51
91823AAN1 VBTOW 2020-1A C2 3.03100 06/15/2050 US 375,000 $388,192.46
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 3,640,000 $4,944,637.55
92826CAK8 VISA INC 2.70000 04/15/2040 US 3,490,000 $3,769,769.25
928668BE1 VOLKSWAGEN GROUP AMERICA 3.35000 05/13/2025 US 2,350,000 $2,582,897.24
92868JAD8 VALET 2020-1 A3 MTGE 0.98000 11/20/2024 US 410,000 $414,911.51
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 642,305.35 $647,892.76
92938VAQ8 WFRBS 2014-C19 A5 4.10100 03/15/2047 US 2,000,000 $2,179,890.60
93065PAA9 WBHT 2019-WBM A FLT 1.21188 12/15/2033 US 415,000 $394,234.81
94989NBE6 WFCM 2015-C30 A4 3.66400 09/15/2058 US 3,000,000 $3,336,640.50
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 3,060,000 $3,380,838.09
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 76,716.56 $78,987.38
97652UAL4 WIN 2015-2 A11 3.50000 02/20/2045 US 2,178,268.38 $2,222,998.25

Investments will change over time.

Distributions

  • Core Bond Series Class S Distribution History
  • 2020 Distribution Calendar
  • Fourth Quarter 2019 Distributions
  • Third Quarter 2020 Distributions
  • Second Quarter 2020 Distributions
  • First Quarter 2020 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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