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

$10.54

Daily $ Change

-$0.02

Daily % Change

-0.19%

as of 01/18/2018

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 12/31/2017

YTD

---

1 Year

2.91%

3 Year

1.95%

5 Year

1.73%

10 Year

4.55%

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 12/31/2017

TREASURY NOTES 17.88%
GOVERNMENT AGENCY 15.70%
TREASURY BONDS 5.75%
ASSURED GUARANTY US HLDG 5.00000 07/01/2024 1.28%
LLOYDS BANKING GROUP PLC 4.58200 12/10/2025 1.07%
ANHEUSER-BUSCH INBEV WOR 8.20000 01/15/2039 1.07%
JPMORGAN CHASE & CO 2.77600 04/25/2023 1.06%
KINDER MORGAN ENER PART 4.30000 05/01/2024 1.06%
PRICELINE GROUP INC/THE 3.60000 06/01/2026 1.06%
APPLIED MATERIALS INC 3.30000 04/01/2027 1.05%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 12/31/2017

Treasury 26.38%
Agency 3.44%
Government 1.02%
Cash 0.32%
Corporate 38.27%
Mortgage 30.57%

Credit Quality Distribution

As of 12/31/2017

AAA 53.96%
AA 3.65%
A 10.51%
BBB 26.05%
NR 5.83%

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.

December Fund Holdings

As of 12/31/2017

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206REM0 AT&T INC 3.90000 08/14/2027 US 2,000,000 $2,013,363.52
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 2,000,000 $1,968,720.00
00507VAM1 ACTIVISION BLIZZARD 3.40000 06/15/2027 US 1,995,000 $2,009,036.60
00772BAF8 AERCAP IRELAND CAP LTD/A 4.50000 05/15/2021 IE 1,880,000 $1,974,411.34
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 1,500,000 $1,499,621.67
023135BA3 AMAZON.COM INC 3.15000 08/22/2027 US 975,000 $976,469.35
026874CY1 AMERICAN INTL GROUP 4.12500 02/15/2024 US 1,435,000 $1,516,225.51
03027XAH3 AMERICAN TOWER CORP 3.30000 02/15/2021 US 1,935,000 $1,970,479.54
03040WAQ8 AMERICAN WATER CAPITAL C 2.95000 09/01/2027 US 2,000,000 $1,979,322.04
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 36,252.98 $37,007.25
034863AT7 ANGLO AMERICAN CAPITAL 4.00000 09/11/2027 GB 1,935,000 $1,922,072.69
03523TBF4 ANHEUSER-BUSCH INBEV WOR 8.20000 01/15/2039 US 1,303,000 $2,072,261.19
038222AL9 APPLIED MATERIALS INC 3.30000 04/01/2027 US 2,000,000 $2,034,197.04
04621WAC4 ASSURED GUARANTY US HLDG 5.00000 07/01/2024 US 2,300,000 $2,478,033.57
05565QDG0 BP CAPITAL MARKETS PLC 3.21600 11/28/2023 GB 1,805,000 $1,843,834.48
05582QAD9 BMWOT 2016-A A3 1.16000 11/25/2020 US 950,000 $942,684.43
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 400,000 $392,870.52
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 1,480,000 $1,539,735.42
06739FFU0 BARCLAYS BANK PLC 10.17900 06/12/2021 GB 750,000 $914,049.65
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 1,330,000 $1,483,549.46
12592TAA3 COMM 2015-3BP A FLT 3.17800 02/10/2035 US 400,000 $402,868.52
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 275,822.72 $262,387.12
12647MBY0 CSMC 2013-6 2A1 3.50000 08/25/2043 US 924,796.68 $941,414.35
12770QAA3 CZR 2017-VICI A 3.53100 10/15/2034 US 570,000 $582,912.10
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 86,734.27 $86,409.02
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 710,000 $707,716.29
172967JL6 CITIGROUP INC 3.87500 03/26/2025 US 1,960,000 $2,006,351.28
19625JAA1 CAH 2015-1A A 2.63185 07/17/2032 US 545,325.91 $547,178.44
20030NBP5 COMCAST CORP 4.40000 08/15/2035 US 975,000 $1,065,962.06
20826FAG1 CONOCOPHILLIPS COMPANY 3.35000 05/15/2025 US 935,000 $963,018.03
21987BAW8 CODELCO INC 3.62500 08/01/2027 CL 1,950,000 $1,952,125.50
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 350,000 $349,455.79
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 205,937.78 $197,069.89
25470DAR0 DISCOVERY COMMUNICATIONS 3.95000 03/20/2028 US 1,450,000 $1,442,250.63
256677AC9 DOLLAR GENERAL CORP 3.25000 04/15/2023 US 1,030,000 $1,043,890.11
257559AH7 DOMTAR CORP 4.40000 04/01/2022 US 935,000 $983,647.99
262006208 DREYFUS GVT CSH MANAGEMENT US 620,237.63 $620,237.63
269246BP8 E*TRADE FINANCIAL CORP 2.95000 08/24/2022 US 975,000 $966,769.24
28370TAG4 KINDER MORGAN ENER PART 4.30000 05/01/2024 US 1,965,000 $2,045,874.94
29250NAR6 ENBRIDGE INC 3.70000 07/15/2027 CA 1,000,000 $1,004,216.18
29372EBL1 ENTERPRISE FLEET FINANCING FLT 1.59000 02/22/2021 US 170,755.26 $170,610.41
29372EBS6 EFF 2016-2 A2 1.74000 02/22/2022 US 304,208.01 $303,604.37
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 2,000,000 $1,982,338.00
30219GAK4 EXPRESS SCRIPTS HOLDING 3.50000 06/15/2024 US 1,500,000 $1,513,267.61
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 34,945.14 $34,953.28
30262SAR9 FREMF 2015-K42 B FLT 3.85231 12/25/2024 US 380,000 $388,872.13
30263HAL5 FREMF 2011-K15 B FLT 4.94821 08/25/2044 US 170,000 $180,993.70
30286XAN9 FREMF 2015-K43 B FLT 3.73450 02/25/2048 US 400,000 $406,477.84
30291EAE4 FREMF 2013-K712 B FLT 3.36178 05/25/2045 US 360,000 $363,202.60
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 150,949.25 $160,996.45
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 75,628.92 $85,220.39
3128M7FQ4 FHLM POOL G05275 5.50000 02/01/2039 US 315,453.32 $346,577.92
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 114,274.46 $127,095.59
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 19,222.77 $20,176.36
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 13,655.97 $14,322.00
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 10,366.42 $10,938.15
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 18,226.02 $19,189.12
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 451,250.69 $481,456.13
3128MJJN1 FHLM POOL G08268 5.00000 05/01/2038 US 897,903.56 $977,152.19
3128MJZU7 FHLM POOL G08754 4.50000 03/01/2047 US 610,683.18 $648,994.81
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 144,958.77 $155,589.23
3128P75P4 FHLM POOL C91754 4.50000 03/01/2034 US 131,693.8 $141,186.30
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 174,616.11 $188,048.13
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 157,586 $169,126.88
3128P8A92 FHLM POOL C91832 3.50000 06/01/2035 US 784,728.86 $815,273.67
3128P8BX8 FHLM POOL C91854 4.00000 10/01/2035 US 568,026.04 $601,367.67
3128P8CD1 FHLM POOL C91868 3.50000 04/01/2036 US 866,195.62 $899,883.16
312941F69 FHLM POOL A92889 4.50000 07/01/2040 US 382,770.96 $408,433.39
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 997,314.01 $1,064,062.12
3132J8YK0 FHLM POOL Q17513 3.50000 04/01/2043 US 222,649.76 $229,766.83
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 977,738.57 $1,028,076.85
3132QUWT6 FHLM POOL Q37857 4.00000 12/01/2045 US 851,287.05 $890,318.09
3132QVKA8 FHLM POOL Q38388 4.00000 01/01/2046 US 946,508.63 $996,921.44
3132WL4Q6 FHLM POOL Q47130 4.50000 04/01/2047 US 435,212.86 $462,617.33
3132WPDP9 FHLM GOLD POOL FG Q49109 4.00000 07/01/2047 US 422,076.54 $441,420.28
3132XSLZ1 FHLM GOLD POOL FG Q50343 4.00000 08/01/2047 US 447,453.36 $467,960.69
31335A5Q7 FHLM POOL G60855 4.50000 12/01/2045 US 397,595.93 $422,994.47
31335ACG1 FHLM POOL G60071 4.50000 07/01/2042 US 391,970.25 $418,055.71
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 561,915.81 $589,037.94
31335ASA7 FHLM POOL G60513 5.00000 07/01/2041 US 938,078.03 $1,021,709.40
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 32,686.71 $33,364.19
3135G0ZR7 FEDERAL NATL MTG ASSN 2.62500 09/06/2024 US 6,586,000 $6,673,692.59
3137ADTK3 FHMS K014 X1 FLT 1.18352 04/25/2021 US 7,377,367.15 $244,148.06
3137AJMG6 FMHS K016 X1 FLT 1.52418 10/25/2021 US 1,151,612.75 $54,996.53
3137AL6W4 FHMS K706 X1 FLT 1.54648 10/25/2018 US 1,548,285.68 $14,004.40
3137AUPF0 FHMS K021 x1 FLT 1.46532 06/25/2022 US 9,279,660.3 $499,963.04
3137B36J2 FHMS K029 A2 3.32000 02/25/2023 US 900,000 $935,789.13
3137B3NB0 FHMS K030 X1 FLT 0.20689 04/25/2023 US 13,829,189.77 $132,432.47
3137B4GZ3 FHMS K032 X1 FLT 0.10997 05/25/2023 US 8,124,649 $46,871.91
3137B4WB8 FHMS K033 A2 3.06000 07/25/2023 US 870,000 $893,459.90
3137B5KW2 FHMS K035 A2 3.45800 08/25/2023 US 1,895,000 $1,983,852.95
3137BPVZ9 FHMS K055 A1 2.26300 04/25/2025 US 577,671.12 $571,331.99
3137BT7J4 FHMS KJ10 A2 2.91200 12/25/2023 US 1,400,000 $1,419,517.96
3137BWVV3 FHMS KJ13 A2 2.86400 08/25/2022 US 1,800,000 $1,826,752.86
3138A5JC7 FEDERAL NATL MTG ASSN AH3858 4.50000 08/01/2041 US 641,409.81 $687,620.60
3138AJXA5 FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 US 142,978.61 $150,160.71
3138EGHT4 FEDERAL NATL MTG ASSN AL0241 4.00000 04/01/2041 US 341,268.98 $358,420.02
3138EQST0 FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 187,773.91 $197,204.26
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65700 01/01/2049 US 727,058.62 $797,256.73
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 424,465.26 $455,931.71
3138YNFD4 FEDERAL NATL MTG ASSN AY8263 3.00000 05/01/2035 US 486,308.09 $490,131.30
3138YNR25 FEDERAL NATL MTG ASSN AY8604 3.50000 04/01/2045 US 324,127.88 $332,966.58
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 400,777.43 $444,622.32
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 1,096,863.01 $1,149,353.29
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 168,336.75 $172,927.16
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 161,842.83 $169,323.35
3140F8KD8 FEDERAL NATL MTG ASSN BD1191 3.50000 01/01/2047 US 540,986.74 $555,739.00
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 350,843.92 $367,060.76
3140FA5G3 FEDERAL NATL MTG ASSN FN BD3546 4.00000 09/01/2047 US 288,223.39 $301,707.36
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 326,729.88 $349,192.95
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 14,574.6 $15,234.21
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 18,478.32 $19,362.67
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 135,333.78 $140,140.57
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 161,874.44 $167,483.21
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 377,162.98 $418,437.64
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 54,818.33 $60,507.74
31412SY41 FEDERAL NATL MTG ASSN 933731 5.50000 04/01/2038 US 37,520.55 $41,177.33
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 8,744.45 $8,985.59
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 94,599.26 $97,942.79
31416CJV9 FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 162,403.39 $183,518.51
31418B2V7 FEDERAL NATL MTG ASSN MA2587 3.50000 04/01/2036 US 772,917.23 $804,226.65
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 111,406.37 $119,521.49
31418BM37 FEDERAL NATL MTG ASSN MA2177 4.00000 02/01/2035 US 176,585.32 $186,404.37
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 57,571.88 $63,660.03
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 12,734.66 $13,446.60
34531GAD3 FORDL 2017-A A3 1.88000 04/15/2020 US 1,000,000 $998,051.80
357081AE8 FREMF 2015-K720 B FLT 3.38858 07/25/2022 US 340,000 $341,049.51
36143WAN1 GAHR 2015-NRF BFX FLT 3.38216 12/15/2034 US 400,000 $404,624.36
36143WAS0 GAHR 2015-NRF DFX FLT 3.38216 12/15/2034 US 220,000 $220,798.31
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 450,000 $446,221.40
36251LAE3 GMALT 2016-2 A4 1.76000 03/20/2020 US 1,000,000 $996,506.10
38141GVR2 GOLDMAN SACHS GROUP INC 4.25000 10/21/2025 US 1,010,000 $1,055,581.19
437302AA0 HOME PARTNERS OF AMERICA FLT RT 3.10951 03/17/2033 US 309,865.09 $311,738.81
43814RAB2 HAROT 2016-4 A2 1.04000 04/18/2019 US 180,649.29 $180,308.06
46115HAL1 INTESA SANPAOLO SPA 3.87500 01/15/2019 IT 935,000 $947,474.26
46186YAA2 IHSFR 2015-SFR3 A FLT 2.75951 08/17/2032 US 569,876.32 $573,438.39
46187BAA1 IHSFR 2017-SFR2 A 2.34078 12/17/2036 US 154,352.29 $154,847.71
46187BAB9 IHSFR 2017-SFR2 B 2.64078 12/17/2036 US 115,000 $115,216.81
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 200,000 $206,968.76
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 145,118.11 $144,823.38
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 161,482.63 $164,085.89
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 206,915.3 $208,168.17
46647PAE6 JPMORGAN CHASE & CO 2.77600 04/25/2023 US 2,050,000 $2,051,986.90
46649HAC6 JPMMT 2017-6 A3 3.50000 12/25/2048 US 350,000 $354,785.17
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 600,000 $607,968.78
500630CK2 KOREA DEVELOPMENT BANK 1.37500 09/12/2019 KR 1,000,000 $977,637.41
50218LAC0 LSTAR COMMERCIAL MORTGAGE TR FLT 2.76700 01/20/2041 US 37,612.52 $37,520.83
539439AM1 LLOYDS BANKING GROUP PLC 4.58200 12/10/2025 GB 1,978,000 $2,074,034.85
559222AR5 MAGNA INTERNATIONAL INC 4.15000 10/01/2025 CA 1,405,000 $1,493,181.03
58768MAC5 MBALT 2016-B A3 1.35000 08/15/2019 US 900,000 $896,940.27
6174467X1 MORGAN STANLEY 5.00000 11/24/2025 US 1,385,000 $1,515,524.82
61744YAG3 MORGAN STANLEY FLT 2.61703 05/08/2024 US 1,550,000 $1,582,594.44
62944TAE5 NVR INC 3.95000 09/15/2022 US 1,485,000 $1,550,216.54
63940HAA1 NAVSL 2016-3A A1 2.15213 06/25/2065 US 290,647.7 $291,184.41
64828AAA1 NRZT 2014-1A A 3.75000 01/25/2054 US 380,918.47 $388,441.53
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 171,603.64 $175,309.30
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 359,293.55 $368,005.88
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 291,037.69 $297,379.58
67087MAA4 OBP DEPOSITOR LLC TRUST 4.64620 07/15/2045 US 100,000 $104,558.50
683235AA3 ONTARIO (PROVINCE OF) 2.00000 09/27/2018 CA 450,000 $450,185.07
68323ADY7 ONTARIO (PROVINCE OF) 1.25000 06/17/2019 CA 400,000 $394,980.32
713448CX4 PEPSICO INC 3.10000 07/17/2022 US 895,000 $916,443.89
71654QCB6 PETROLEOS MEXICANOS 6.87500 08/04/2026 MX 885,000 $1,003,368.75
741503AZ9 PRICELINE GROUP INC/THE 3.60000 06/01/2026 US 2,030,000 $2,038,694.23
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 400,000 $396,752.20
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 870,000 $950,475.00
78408XAD3 SCGT 2013-SRP1 AJ FLT 3.42703 11/15/2026 US 450,000 $448,526.21
78469EAB5 SOFI 2014-A A2 3.02000 10/25/2027 US 210,757.44 $211,865.96
78470RAC1 SOFI 2016-E A2B 2.49000 01/25/2036 US 1,000,000 $990,034.40
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 865,000 $971,800.03
80282KAQ9 SANTANDER HOLDINGS USA 3.40000 01/18/2023 US 1,410,000 $1,404,505.98
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 161,380.41 $160,976.96
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 220,711.62 $219,689.95
81745FAA4 SEMT 2012-3 A1 3.50000 07/25/2042 US 423,205.23 $429,222.79
831641FC4 SBIC 2015-10A 1 2.51700 03/10/2025 US 592,883.17 $594,223.26
831641FE0 SBIC 2015-10B 1 2.82900 09/10/2025 US 1,518,767.04 $1,531,409.71
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 175,000 $174,545.37
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 150,000 $150,200.03
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 189,548.49 $188,632.88
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 437,834.88 $436,065.50
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 414,330.14 $413,248.03
834423AA3 SOLVAY FINANCE (AMERICA) 3.40000 12/03/2020 US 1,060,000 $1,082,373.74
84265VAH8 SOUTHERN COPPER CORP 3.87500 04/23/2025 US 1,021,000 $1,058,807.29
85571XAA5 SRPT 2014-STAR A FLTG RATE 2.69703 11/15/2027 US 382,297.73 $382,572.11
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 155,818.96 $155,987.49
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 694,154.95 $689,157.94
89613BAA5 TAH 2013-SFR1 A 2.58900 11/17/2033 US 500,000 $492,975.20
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 500,000 $497,947.00
90270YBF5 UBS-BARCLAYS COMMERCIAL MORTGAGE 3.18470 03/10/2046 US 800,000 $814,439.28
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 2,625,000 $3,690,483.41
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 2,700,000 $3,597,011.71
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 1,893,960.7 $1,912,393.99
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 4,000,000 $3,813,281.24
912828D23 US TREASURY N/B 1.62500 04/30/2019 US 5,750,000 $5,732,255.90
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 1,955,662.11 $1,951,651.54
912828K58 UNITED STATES TREAS NTS 1.37500 04/30/2020 US 5,750,000 $5,678,798.84
912828R28 US TREASURY N/B 1.62500 04/30/2023 US 6,005,000 $5,821,800.60
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 4,000,000 $3,767,500.00
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 1,635,003.9 $1,622,306.05
912828WZ9 UNITED STATES TREAS NTS 1.75000 04/30/2022 US 6,818,000 $6,700,549.31
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 3,900,000 $3,888,878.92
912828XQ8 US TREASURY N/B 2.00000 07/31/2022 US 2,975,000 $2,952,338.86
92343VDY7 VERIZON COMMUNICATIONS 4.12500 03/16/2027 US 1,930,000 $2,012,436.01
92826CAC6 VISA INC 2.80000 12/14/2022 US 1,470,000 $1,491,536.44
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 245,000 $253,696.64
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 801,968.35 $849,698.06
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 275,000 $287,667.41
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 1,495,000 $1,498,107.31
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 168,769.27 $170,397.56
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 178,764.39 $181,529.70

Investments will change over time.

Investments will change over time.

Daily Price

$10.54

Daily $ Change

-$0.02

Daily % Change

-0.19%

as of 01/18/2018

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 12/31/2017

YTD

---

1 Year

2.91%

3 Year

1.95%

5 Year

1.73%

10 Year

4.55%

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 12/31/2017

TREASURY NOTES 17.88%
GOVERNMENT AGENCY 15.70%
TREASURY BONDS 5.75%
ASSURED GUARANTY US HLDG 5.00000 07/01/2024 1.28%
LLOYDS BANKING GROUP PLC 4.58200 12/10/2025 1.07%
ANHEUSER-BUSCH INBEV WOR 8.20000 01/15/2039 1.07%
JPMORGAN CHASE & CO 2.77600 04/25/2023 1.06%
KINDER MORGAN ENER PART 4.30000 05/01/2024 1.06%
PRICELINE GROUP INC/THE 3.60000 06/01/2026 1.06%
APPLIED MATERIALS INC 3.30000 04/01/2027 1.05%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 12/31/2017

Treasury
26.38%
Agency
3.44%
Government
1.02%
Cash
0.32%
Corporate
38.27%
Mortgage
30.57%

Credit Quality Distribution

As of 12/31/2017

AAA
53.96%
AA
3.65%
A
10.51%
BBB
26.05%
NR
5.83%

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.

December Fund Holdings

As of 12/31/2017

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206REM0 AT&T INC 3.90000 08/14/2027 US 2,000,000 $2,013,363.52
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 2,000,000 $1,968,720.00
00507VAM1 ACTIVISION BLIZZARD 3.40000 06/15/2027 US 1,995,000 $2,009,036.60
00772BAF8 AERCAP IRELAND CAP LTD/A 4.50000 05/15/2021 IE 1,880,000 $1,974,411.34
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 1,500,000 $1,499,621.67
023135BA3 AMAZON.COM INC 3.15000 08/22/2027 US 975,000 $976,469.35
026874CY1 AMERICAN INTL GROUP 4.12500 02/15/2024 US 1,435,000 $1,516,225.51
03027XAH3 AMERICAN TOWER CORP 3.30000 02/15/2021 US 1,935,000 $1,970,479.54
03040WAQ8 AMERICAN WATER CAPITAL C 2.95000 09/01/2027 US 2,000,000 $1,979,322.04
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 36,252.98 $37,007.25
034863AT7 ANGLO AMERICAN CAPITAL 4.00000 09/11/2027 GB 1,935,000 $1,922,072.69
03523TBF4 ANHEUSER-BUSCH INBEV WOR 8.20000 01/15/2039 US 1,303,000 $2,072,261.19
038222AL9 APPLIED MATERIALS INC 3.30000 04/01/2027 US 2,000,000 $2,034,197.04
04621WAC4 ASSURED GUARANTY US HLDG 5.00000 07/01/2024 US 2,300,000 $2,478,033.57
05565QDG0 BP CAPITAL MARKETS PLC 3.21600 11/28/2023 GB 1,805,000 $1,843,834.48
05582QAD9 BMWOT 2016-A A3 1.16000 11/25/2020 US 950,000 $942,684.43
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 400,000 $392,870.52
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 1,480,000 $1,539,735.42
06739FFU0 BARCLAYS BANK PLC 10.17900 06/12/2021 GB 750,000 $914,049.65
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 1,330,000 $1,483,549.46
12592TAA3 COMM 2015-3BP A FLT 3.17800 02/10/2035 US 400,000 $402,868.52
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 275,822.72 $262,387.12
12647MBY0 CSMC 2013-6 2A1 3.50000 08/25/2043 US 924,796.68 $941,414.35
12770QAA3 CZR 2017-VICI A 3.53100 10/15/2034 US 570,000 $582,912.10
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 86,734.27 $86,409.02
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 710,000 $707,716.29
172967JL6 CITIGROUP INC 3.87500 03/26/2025 US 1,960,000 $2,006,351.28
19625JAA1 CAH 2015-1A A 2.63185 07/17/2032 US 545,325.91 $547,178.44
20030NBP5 COMCAST CORP 4.40000 08/15/2035 US 975,000 $1,065,962.06
20826FAG1 CONOCOPHILLIPS COMPANY 3.35000 05/15/2025 US 935,000 $963,018.03
21987BAW8 CODELCO INC 3.62500 08/01/2027 CL 1,950,000 $1,952,125.50
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 350,000 $349,455.79
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 205,937.78 $197,069.89
25470DAR0 DISCOVERY COMMUNICATIONS 3.95000 03/20/2028 US 1,450,000 $1,442,250.63
256677AC9 DOLLAR GENERAL CORP 3.25000 04/15/2023 US 1,030,000 $1,043,890.11
257559AH7 DOMTAR CORP 4.40000 04/01/2022 US 935,000 $983,647.99
262006208 DREYFUS GVT CSH MANAGEMENT US 620,237.63 $620,237.63
269246BP8 E*TRADE FINANCIAL CORP 2.95000 08/24/2022 US 975,000 $966,769.24
28370TAG4 KINDER MORGAN ENER PART 4.30000 05/01/2024 US 1,965,000 $2,045,874.94
29250NAR6 ENBRIDGE INC 3.70000 07/15/2027 CA 1,000,000 $1,004,216.18
29372EBL1 ENTERPRISE FLEET FINANCING FLT 1.59000 02/22/2021 US 170,755.26 $170,610.41
29372EBS6 EFF 2016-2 A2 1.74000 02/22/2022 US 304,208.01 $303,604.37
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 2,000,000 $1,982,338.00
30219GAK4 EXPRESS SCRIPTS HOLDING 3.50000 06/15/2024 US 1,500,000 $1,513,267.61
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 34,945.14 $34,953.28
30262SAR9 FREMF 2015-K42 B FLT 3.85231 12/25/2024 US 380,000 $388,872.13
30263HAL5 FREMF 2011-K15 B FLT 4.94821 08/25/2044 US 170,000 $180,993.70
30286XAN9 FREMF 2015-K43 B FLT 3.73450 02/25/2048 US 400,000 $406,477.84
30291EAE4 FREMF 2013-K712 B FLT 3.36178 05/25/2045 US 360,000 $363,202.60
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 150,949.25 $160,996.45
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 75,628.92 $85,220.39
3128M7FQ4 FHLM POOL G05275 5.50000 02/01/2039 US 315,453.32 $346,577.92
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 114,274.46 $127,095.59
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 19,222.77 $20,176.36
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 13,655.97 $14,322.00
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 10,366.42 $10,938.15
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 18,226.02 $19,189.12
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 451,250.69 $481,456.13
3128MJJN1 FHLM POOL G08268 5.00000 05/01/2038 US 897,903.56 $977,152.19
3128MJZU7 FHLM POOL G08754 4.50000 03/01/2047 US 610,683.18 $648,994.81
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 144,958.77 $155,589.23
3128P75P4 FHLM POOL C91754 4.50000 03/01/2034 US 131,693.8 $141,186.30
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 174,616.11 $188,048.13
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 157,586 $169,126.88
3128P8A92 FHLM POOL C91832 3.50000 06/01/2035 US 784,728.86 $815,273.67
3128P8BX8 FHLM POOL C91854 4.00000 10/01/2035 US 568,026.04 $601,367.67
3128P8CD1 FHLM POOL C91868 3.50000 04/01/2036 US 866,195.62 $899,883.16
312941F69 FHLM POOL A92889 4.50000 07/01/2040 US 382,770.96 $408,433.39
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 997,314.01 $1,064,062.12
3132J8YK0 FHLM POOL Q17513 3.50000 04/01/2043 US 222,649.76 $229,766.83
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 977,738.57 $1,028,076.85
3132QUWT6 FHLM POOL Q37857 4.00000 12/01/2045 US 851,287.05 $890,318.09
3132QVKA8 FHLM POOL Q38388 4.00000 01/01/2046 US 946,508.63 $996,921.44
3132WL4Q6 FHLM POOL Q47130 4.50000 04/01/2047 US 435,212.86 $462,617.33
3132WPDP9 FHLM GOLD POOL FG Q49109 4.00000 07/01/2047 US 422,076.54 $441,420.28
3132XSLZ1 FHLM GOLD POOL FG Q50343 4.00000 08/01/2047 US 447,453.36 $467,960.69
31335A5Q7 FHLM POOL G60855 4.50000 12/01/2045 US 397,595.93 $422,994.47
31335ACG1 FHLM POOL G60071 4.50000 07/01/2042 US 391,970.25 $418,055.71
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 561,915.81 $589,037.94
31335ASA7 FHLM POOL G60513 5.00000 07/01/2041 US 938,078.03 $1,021,709.40
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 32,686.71 $33,364.19
3135G0ZR7 FEDERAL NATL MTG ASSN 2.62500 09/06/2024 US 6,586,000 $6,673,692.59
3137ADTK3 FHMS K014 X1 FLT 1.18352 04/25/2021 US 7,377,367.15 $244,148.06
3137AJMG6 FMHS K016 X1 FLT 1.52418 10/25/2021 US 1,151,612.75 $54,996.53
3137AL6W4 FHMS K706 X1 FLT 1.54648 10/25/2018 US 1,548,285.68 $14,004.40
3137AUPF0 FHMS K021 x1 FLT 1.46532 06/25/2022 US 9,279,660.3 $499,963.04
3137B36J2 FHMS K029 A2 3.32000 02/25/2023 US 900,000 $935,789.13
3137B3NB0 FHMS K030 X1 FLT 0.20689 04/25/2023 US 13,829,189.77 $132,432.47
3137B4GZ3 FHMS K032 X1 FLT 0.10997 05/25/2023 US 8,124,649 $46,871.91
3137B4WB8 FHMS K033 A2 3.06000 07/25/2023 US 870,000 $893,459.90
3137B5KW2 FHMS K035 A2 3.45800 08/25/2023 US 1,895,000 $1,983,852.95
3137BPVZ9 FHMS K055 A1 2.26300 04/25/2025 US 577,671.12 $571,331.99
3137BT7J4 FHMS KJ10 A2 2.91200 12/25/2023 US 1,400,000 $1,419,517.96
3137BWVV3 FHMS KJ13 A2 2.86400 08/25/2022 US 1,800,000 $1,826,752.86
3138A5JC7 FEDERAL NATL MTG ASSN AH3858 4.50000 08/01/2041 US 641,409.81 $687,620.60
3138AJXA5 FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 US 142,978.61 $150,160.71
3138EGHT4 FEDERAL NATL MTG ASSN AL0241 4.00000 04/01/2041 US 341,268.98 $358,420.02
3138EQST0 FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 187,773.91 $197,204.26
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65700 01/01/2049 US 727,058.62 $797,256.73
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 424,465.26 $455,931.71
3138YNFD4 FEDERAL NATL MTG ASSN AY8263 3.00000 05/01/2035 US 486,308.09 $490,131.30
3138YNR25 FEDERAL NATL MTG ASSN AY8604 3.50000 04/01/2045 US 324,127.88 $332,966.58
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 400,777.43 $444,622.32
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 1,096,863.01 $1,149,353.29
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 168,336.75 $172,927.16
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 161,842.83 $169,323.35
3140F8KD8 FEDERAL NATL MTG ASSN BD1191 3.50000 01/01/2047 US 540,986.74 $555,739.00
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 350,843.92 $367,060.76
3140FA5G3 FEDERAL NATL MTG ASSN FN BD3546 4.00000 09/01/2047 US 288,223.39 $301,707.36
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 326,729.88 $349,192.95
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 14,574.6 $15,234.21
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 18,478.32 $19,362.67
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 135,333.78 $140,140.57
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 161,874.44 $167,483.21
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 377,162.98 $418,437.64
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 54,818.33 $60,507.74
31412SY41 FEDERAL NATL MTG ASSN 933731 5.50000 04/01/2038 US 37,520.55 $41,177.33
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 8,744.45 $8,985.59
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 94,599.26 $97,942.79
31416CJV9 FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 162,403.39 $183,518.51
31418B2V7 FEDERAL NATL MTG ASSN MA2587 3.50000 04/01/2036 US 772,917.23 $804,226.65
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 111,406.37 $119,521.49
31418BM37 FEDERAL NATL MTG ASSN MA2177 4.00000 02/01/2035 US 176,585.32 $186,404.37
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 57,571.88 $63,660.03
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 12,734.66 $13,446.60
34531GAD3 FORDL 2017-A A3 1.88000 04/15/2020 US 1,000,000 $998,051.80
357081AE8 FREMF 2015-K720 B FLT 3.38858 07/25/2022 US 340,000 $341,049.51
36143WAN1 GAHR 2015-NRF BFX FLT 3.38216 12/15/2034 US 400,000 $404,624.36
36143WAS0 GAHR 2015-NRF DFX FLT 3.38216 12/15/2034 US 220,000 $220,798.31
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 450,000 $446,221.40
36251LAE3 GMALT 2016-2 A4 1.76000 03/20/2020 US 1,000,000 $996,506.10
38141GVR2 GOLDMAN SACHS GROUP INC 4.25000 10/21/2025 US 1,010,000 $1,055,581.19
437302AA0 HOME PARTNERS OF AMERICA FLT RT 3.10951 03/17/2033 US 309,865.09 $311,738.81
43814RAB2 HAROT 2016-4 A2 1.04000 04/18/2019 US 180,649.29 $180,308.06
46115HAL1 INTESA SANPAOLO SPA 3.87500 01/15/2019 IT 935,000 $947,474.26
46186YAA2 IHSFR 2015-SFR3 A FLT 2.75951 08/17/2032 US 569,876.32 $573,438.39
46187BAA1 IHSFR 2017-SFR2 A 2.34078 12/17/2036 US 154,352.29 $154,847.71
46187BAB9 IHSFR 2017-SFR2 B 2.64078 12/17/2036 US 115,000 $115,216.81
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 200,000 $206,968.76
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 145,118.11 $144,823.38
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 161,482.63 $164,085.89
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 206,915.3 $208,168.17
46647PAE6 JPMORGAN CHASE & CO 2.77600 04/25/2023 US 2,050,000 $2,051,986.90
46649HAC6 JPMMT 2017-6 A3 3.50000 12/25/2048 US 350,000 $354,785.17
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 600,000 $607,968.78
500630CK2 KOREA DEVELOPMENT BANK 1.37500 09/12/2019 KR 1,000,000 $977,637.41
50218LAC0 LSTAR COMMERCIAL MORTGAGE TR FLT 2.76700 01/20/2041 US 37,612.52 $37,520.83
539439AM1 LLOYDS BANKING GROUP PLC 4.58200 12/10/2025 GB 1,978,000 $2,074,034.85
559222AR5 MAGNA INTERNATIONAL INC 4.15000 10/01/2025 CA 1,405,000 $1,493,181.03
58768MAC5 MBALT 2016-B A3 1.35000 08/15/2019 US 900,000 $896,940.27
6174467X1 MORGAN STANLEY 5.00000 11/24/2025 US 1,385,000 $1,515,524.82
61744YAG3 MORGAN STANLEY FLT 2.61703 05/08/2024 US 1,550,000 $1,582,594.44
62944TAE5 NVR INC 3.95000 09/15/2022 US 1,485,000 $1,550,216.54
63940HAA1 NAVSL 2016-3A A1 2.15213 06/25/2065 US 290,647.7 $291,184.41
64828AAA1 NRZT 2014-1A A 3.75000 01/25/2054 US 380,918.47 $388,441.53
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 171,603.64 $175,309.30
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 359,293.55 $368,005.88
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 291,037.69 $297,379.58
67087MAA4 OBP DEPOSITOR LLC TRUST 4.64620 07/15/2045 US 100,000 $104,558.50
683235AA3 ONTARIO (PROVINCE OF) 2.00000 09/27/2018 CA 450,000 $450,185.07
68323ADY7 ONTARIO (PROVINCE OF) 1.25000 06/17/2019 CA 400,000 $394,980.32
713448CX4 PEPSICO INC 3.10000 07/17/2022 US 895,000 $916,443.89
71654QCB6 PETROLEOS MEXICANOS 6.87500 08/04/2026 MX 885,000 $1,003,368.75
741503AZ9 PRICELINE GROUP INC/THE 3.60000 06/01/2026 US 2,030,000 $2,038,694.23
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 400,000 $396,752.20
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 870,000 $950,475.00
78408XAD3 SCGT 2013-SRP1 AJ FLT 3.42703 11/15/2026 US 450,000 $448,526.21
78469EAB5 SOFI 2014-A A2 3.02000 10/25/2027 US 210,757.44 $211,865.96
78470RAC1 SOFI 2016-E A2B 2.49000 01/25/2036 US 1,000,000 $990,034.40
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 865,000 $971,800.03
80282KAQ9 SANTANDER HOLDINGS USA 3.40000 01/18/2023 US 1,410,000 $1,404,505.98
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 161,380.41 $160,976.96
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 220,711.62 $219,689.95
81745FAA4 SEMT 2012-3 A1 3.50000 07/25/2042 US 423,205.23 $429,222.79
831641FC4 SBIC 2015-10A 1 2.51700 03/10/2025 US 592,883.17 $594,223.26
831641FE0 SBIC 2015-10B 1 2.82900 09/10/2025 US 1,518,767.04 $1,531,409.71
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 175,000 $174,545.37
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 150,000 $150,200.03
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 189,548.49 $188,632.88
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 437,834.88 $436,065.50
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 414,330.14 $413,248.03
834423AA3 SOLVAY FINANCE (AMERICA) 3.40000 12/03/2020 US 1,060,000 $1,082,373.74
84265VAH8 SOUTHERN COPPER CORP 3.87500 04/23/2025 US 1,021,000 $1,058,807.29
85571XAA5 SRPT 2014-STAR A FLTG RATE 2.69703 11/15/2027 US 382,297.73 $382,572.11
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 155,818.96 $155,987.49
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 694,154.95 $689,157.94
89613BAA5 TAH 2013-SFR1 A 2.58900 11/17/2033 US 500,000 $492,975.20
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 500,000 $497,947.00
90270YBF5 UBS-BARCLAYS COMMERCIAL MORTGAGE 3.18470 03/10/2046 US 800,000 $814,439.28
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 2,625,000 $3,690,483.41
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 2,700,000 $3,597,011.71
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 1,893,960.7 $1,912,393.99
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 4,000,000 $3,813,281.24
912828D23 US TREASURY N/B 1.62500 04/30/2019 US 5,750,000 $5,732,255.90
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 1,955,662.11 $1,951,651.54
912828K58 UNITED STATES TREAS NTS 1.37500 04/30/2020 US 5,750,000 $5,678,798.84
912828R28 US TREASURY N/B 1.62500 04/30/2023 US 6,005,000 $5,821,800.60
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 4,000,000 $3,767,500.00
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 1,635,003.9 $1,622,306.05
912828WZ9 UNITED STATES TREAS NTS 1.75000 04/30/2022 US 6,818,000 $6,700,549.31
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 3,900,000 $3,888,878.92
912828XQ8 US TREASURY N/B 2.00000 07/31/2022 US 2,975,000 $2,952,338.86
92343VDY7 VERIZON COMMUNICATIONS 4.12500 03/16/2027 US 1,930,000 $2,012,436.01
92826CAC6 VISA INC 2.80000 12/14/2022 US 1,470,000 $1,491,536.44
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 245,000 $253,696.64
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 801,968.35 $849,698.06
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 275,000 $287,667.41
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 1,495,000 $1,498,107.31
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 168,769.27 $170,397.56
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 178,764.39 $181,529.70

Investments will change over time.

Distributions

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


Loading...