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

$9.27

Daily $ Change

$0.00

Daily % Change

0.00%

as of 11/25/2022

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
N-Port Part F Reports

Performance

As of 10/31/2022

YTD

-16.29%

1 Year

-16.33%

3 Year

-3.78%

5 Year

-0.85%

10 Year

0.45%

Inception
(04/21/2005)

2.95%

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 0.65%*

*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 10/31/2022

TREASURY BONDS 21.82%
TREASURY NOTES 19.54%
GOVERNMENT AGENCY 16.21%
TENCENT HOLDINGS 3.97500 04/11/2029 2.06%
CAALT 2020-3A A 1.24000 10/15/2029 1.51%
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 1.48%
MAGALLANES INC 4.05400 03/15/2029 1.33%
JPMORGAN CHASE & CO 4.49300 03/24/2031 1.25%
AMAZON.COM INC 3.30000 04/13/2027 1.14%
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 1.13%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 10/31/2022

Treasury 40.47%
Cash 2.14%
Corporate 20.55%
Mortgage 35.37%
Other 1.47%

Credit Quality Distribution

As of 10/31/2022

AAA 66.22%
AA 2.02%
A 13.55%
BBB 10.18%
NR 8.03%

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.

October Fund Holdings

As of 10/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 1,970,000 $1,591,100.62
AIR LEASE CORP 3.62500 04/01/2027 US 1,700,000 $1,497,477.37
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 3,440,000 $2,340,752.64
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 1,310,000 $941,793.34
AMAZON.COM INC 3.30000 04/13/2027 US 3,520,000 $3,302,020.30
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 1,800,000 $1,568,198.43
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 1,570,000 $1,452,270.85
BANK OF AMERICA CORP 2.68700 04/22/2032 US 2,790,000 $2,150,639.11
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 460,000 $394,635.44
BABS 2021-RM2 A 1.75000 10/25/2061 US 1,311,914.49 $1,129,397.67
BJETS 2021-1A A 2.16200 04/15/2036 US 2,025,781.91 $1,753,841.55
SORT 2020-1 A2 1.99000 07/15/2060 US 1,190,434.75 $971,247.86
SORT 2020-1 B1 2.28000 07/15/2060 US 1,508,696.33 $1,294,053.05
SORT 2021-1A B1 MTGE 1.98000 03/15/2061 US 1,686,202.61 $1,415,593.73
CIM 2019-INV1 A1 4.00000 02/25/2049 US 20,995.11 $20,088.42
CLIF 2021-1A A MTGE 1.64000 02/18/2046 US 2,907,416.72 $2,445,236.23
CSMC 2013-IVR2 A2 3.00000 04/25/2043 US 193,864.13 $167,941.86
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 56,553.35 $48,300.88
CSMC 2013-6 2A1 3.50000 08/25/2043 US 185,726.97 $162,919.43
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 1,696,000 $1,667,372.86
CITIGROUP INC 1.46200 06/09/2027 US 2,670,000 $2,267,422.66
CMLTI 2021-INV1 2.50000 05/25/2051 US 884,628.45 $686,268.33
CLARK CNTY NV 1.15000 11/01/2026 US 3,410,000 $2,919,596.58
CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 471,146.48 $419,510.15
CAFL 2020-3 A 1.35800 08/15/2053 US 846,869.5 $744,564.62
CAALT 2020-1A 2.01000 02/15/2029 US 33,098.42 $33,046.71
CAALT 2020-1A B 2.39000 04/16/2029 US 600,000 $592,940.85
CAALT 2020-3A A 1.24000 10/15/2029 US 4,500,000 $4,374,140.45
CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 2,270,000 $1,889,110.62
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 33,254.61 $27,928.07
COLO 2021-1A A2 MTGE 2.06000 02/27/2051 US 2,400,000 $2,045,643.96
DREYFUS GVT CSH MANAGEMENT US 6,339,460.51 $6,339,460.51
EDVES 2021-A A MTGE 1.80000 11/25/2045 US 1,128,770.33 $937,013.13
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 3,590,000 $3,287,705.16
EXPEDIA GROUP INC 3.25000 02/15/2030 US 1,850,000 $1,490,410.82
FHLM POOL D98711 4.50000 07/01/2031 US 50,120.25 $49,372.56
FHLM POOL G05900 6.00000 03/01/2040 US 19,847.78 $20,600.06
FHLM POOL G12988 6.00000 01/01/2023 US 4.83 $4.82
FHLM POOL G13078 6.00000 03/01/2023 US 21.13 $21.09
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 76,748.56 $73,481.13
FHLM POOL G08268 5.00000 05/01/2038 US 289,422.95 $289,810.59
FHLM POOL C91746 4.50000 12/01/2033 US 38,251.75 $37,665.92
FHLM POOL C91771 4.50000 06/01/2034 US 49,879.21 $48,055.31
FHLM POOL C91780 4.50000 07/01/2034 US 60,795.53 $58,622.67
FHLM POOL C91832 3.50000 06/01/2035 US 229,290.8 $214,229.39
FHLM POOL A92889 4.50000 07/01/2040 US 113,956.6 $110,333.82
FHLM POOL Q93451 4.50000 08/01/2040 US 321,162.47 $310,952.43
FR SD1129 4.00000 08/01/2051 US 2,600,334.52 $2,402,968.45
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 2,983,605.26 $2,559,602.07
FHLM POOL SD8230 4.50000 06/01/2052 US 1,677,268.11 $1,573,887.58
FHLM POOL Q17513 3.50000 04/01/2043 US 64,070.96 $58,056.58
FHLM POOL Q37857 4.00000 12/01/2045 US 240,529.38 $224,591.59
FHLM POOL Q38388 4.00000 01/01/2046 US 227,666.27 $212,580.80
FHLM POOL Q47130 4.50000 04/01/2047 US 25,566.48 $24,478.04
FHLM POOL FG Q47544 4.00000 03/01/2047 US 257,370.07 $238,558.16
FHLM POOL G60855 4.50000 12/01/2045 US 104,470.07 $100,967.60
FHLM POOL G60071 4.50000 07/01/2042 US 115,547.98 $111,874.61
FHLM POOL G60513 5.00000 07/01/2041 US 293,464.29 $293,753.15
FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 US 393,001.66 $364,742.26
FREDDIE MAC POOL RB5188 4.00000 10/01/2042 US 3,680,439.76 $3,398,191.95
FNR 2018-13 PA MTGE 3.00000 03/25/2048 US 1,775,362.41 $1,527,736.07
FNR 2018-31 KP 3.50000 07/25/2047 US 21,863.82 $21,014.59
FNR 2021-69 WJ 1.50000 10/25/2050 US 1,260,230.39 $1,034,321.12
FHMS K030 X1 FLT 0.14022 04/25/2023 US 10,879,716.55 $3,670.27
FHMS K032 X1 FLT 0.06404 05/25/2023 US 7,006,071.42 $2,238.51
FHR 5189 CP 2.50000 06/25/2049 US 1,459,855.11 $1,237,297.89
FEDERAL NATL MTG ASSN AH3858 4.50000 08/01/2041 US 207,509.25 $200,665.57
FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 US 42,385.95 $39,687.18
FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 49,792.87 $46,622.49
FEDERAL NATL MTG ASSN AL8674 FLT 5.65600 01/01/2049 US 270,698.41 $279,007.67
FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 139,946.98 $135,116.13
FEDERAL NATL MTG ASSN FN AX1685 3.50000 11/01/2044 US 456,793.87 $410,382.62
FEDERAL NATL MTG ASSN AY8604 3.50000 04/01/2045 US 69,418.16 $62,275.13
FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 29,518.88 $26,458.93
FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 24,586.35 $22,774.57
FEDERAL NATL MTG ASSN BD1191 3.50000 01/01/2047 US 191,305.37 $171,474.48
FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 34,866.53 $33,399.98
FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 US 370,949.94 $353,071.87
FEDERAL NATL MTG ASSN FN FM2568 3.00000 05/01/2038 US 430,293.11 $390,473.11
FEDERAL NATL MTG ASSN FN FM2232 4.00000 06/01/2048 US 108,253.36 $100,239.68
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 2,849,377.41 $2,553,308.01
FN DS2696 3.00000 12/01/2051 US 2,778,440.62 $2,379,783.37
FEDERAL NATL MTG ASSN FS2998 3.50000 04/01/2052 US 4,900,000 $4,364,800.93
FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US .78 $0.78
FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 60,741.45 $62,975.16
FEDERAL NATL MTG ASSN MA2587 3.50000 04/01/2036 US 201,467.11 $186,810.21
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 31,421.68 $30,249.84
FEDERAL NATL MTG ASSN FN MA3007 3.00000 04/01/2047 US 724,282.54 $626,757.64
FEDERAL NATL NTG ASSN MA3215 3.50000 12/01/2037 US 642,867.83 $594,725.37
FEDERAL NATL MTG ASSN FN MA3463 4.00000 09/01/2033 US 106,125.05 $102,731.61
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 2,834,627.83 $2,389,362.87
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 3,106,881.9 $2,732,816.33
FEDERAL NATL MTG ASSN MA4633 3.50000 06/01/2042 US 2,136,056.34 $1,912,654.15
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 3,058,624.25 $2,783,166.57
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 3,063,259.41 $2,827,846.58
FN MA4733 4.50000 09/01/2052 US 2,620,116.25 $2,458,501.06
FN MA4807 MTGE 5.50000 11/01/2052 US 5,050,000 $4,984,014.02
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 891.77 $899.71
FLX 2021-1A A2 3.25000 11/27/2051 US 2,825,000 $2,412,147.16
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 1,050,000 $967,435.39
GSMBS 2020-PJ3 A14 3.00000 10/25/2050 US 556,485.8 $437,988.59
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 1,301,411.71 $1,104,078.90
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 1,296,068.94 $1,099,510.96
GSMBS 2021-INV1 A9 3.84682 12/25/2051 US 1,697,932.76 $1,530,821.71
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 1,528,718.39 $1,232,020.14
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 73,969.74 $69,032.15
HCA INC 4.12500 06/15/2029 US 2,590,000 $2,282,804.79
HAWAII ST 2.68200 10/01/2038 US 95,000 $64,578.23
IMPRL 2021-NQM3 1.59500 11/25/2056 US 1,544,057.31 $1,224,144.26
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 48,912.76 $44,908.40
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 4,000,000 $3,616,783.60
JPMMT 2017-6 A3 3.50000 12/25/2048 US 21,061.49 $18,587.09
OASIS 2022-2A A 7.01707 10/15/2034 US 1,530,000 $1,520,650.02
MAGALLANES INC 4.05400 03/15/2029 US 4,560,000 $3,876,331.92
NAVSL 2019-EA A2A 2.64000 05/15/2068 US 466,927.81 $436,579.14
NRZT 2014-1A A 3.75000 01/25/2054 US 115,495.67 $106,147.58
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 53,710.7 $49,234.95
NRZT 2015-2A A1 3.75000 08/25/2055 US 102,740.19 $94,062.99
NRZT 2016-4A A1 3.75000 11/25/2056 US 93,697.82 $85,319.06
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 910,000 $864,135.99
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 1,810,000 $1,532,919.57
OBX 2022-INV1 A1 3.00000 12/25/2051 US 1,409,320.47 $1,125,827.91
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 1,680,000 $1,445,299.82
OXFIN 2020-1A A2 3.10100 02/15/2028 US 978,543.32 $966,870.67
OXFIN 2019-1A A2 4.45900 02/15/2027 US 399,624.15 $395,332.11
OXFIN 2022-1A 3.60200 02/15/2030 US 2,650,000 $2,417,693.32
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 173,604.79 $151,769.26
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 2,818,755.96 $2,641,443.53
PEAR 2022-1 A1 6.50000 10/15/2034 US 1,250,000 $1,247,758.75
PEPSICO INC 3.90000 07/18/2032 US 3,110,000 $2,876,804.43
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 2,597,524.81 $1,989,422.17
PFMT 2021-2 A2A 2.00000 04/25/2051 US 1,669,068.88 $1,396,856.46
QUALCOMM INC 4.25000 05/20/2032 US 3,170,000 $2,970,987.94
RCKT 2021-6 A1 2.50000 12/25/2051 US 1,673,687.24 $1,284,597.80
SEMT 2013-4 A1 2.32500 04/25/2043 US 1,554,602.34 $1,248,160.40
SEMT 2013-6 A2 3.00000 05/25/2043 US 461,830.63 $397,736.45
SEMT 2013-7 A2 3.00000 06/25/2043 US 34,955.48 $30,006.15
SEMT 2013-8 A1 3.00000 06/25/2043 US 87,427.33 $75,770.84
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 5,680,000 $4,311,706.35
SOFI 2020-C AFX 1.95000 02/15/2046 US 439,386.15 $390,868.67
SOFI 2017-F A2FX 2.84000 01/25/2041 US 881,239.45 $841,585.91
SOFI 2020-A A2FX MTGE 2.54000 05/15/2046 US 588,650.01 $537,080.74
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 600,000 $504,866.91
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 2,970,000 $2,894,896.60
SCML 2019-SBC8 2.86000 04/25/2041 US 524,297.7 $473,630.09
TENCENT HOLDINGS 3.97500 04/11/2029 KY 7,120,000 $5,994,943.88
TPMT 2016-5 A1 2.50000 10/25/2056 US 62,199.96 $61,266.53
TPMT 2017-1 A1 2.75000 10/25/2056 US 50,435.03 $49,487.94
TPMT 2019-HY1 A1 4.58557 10/25/2048 US 112,188.49 $110,141.59
TAH 2020-SFR1 B MTGE 2.04900 07/17/2038 US 1,300,000 $1,115,191.04
TCF 2021-1A 1.86000 03/20/2046 US 2,423,166.67 $2,015,243.89
US TREASURY N/B 3.00000 05/15/2047 US 26,757,000 $20,962,437.19
US TREASURY 1.87500 11/15/2051 US 10,560,000 $6,397,050.00
TREASURY BOND 2.37500 02/15/2042 US 29,275,000 $21,292,988.28
TREASURY BOND 2.25000 11/15/2027 US 16,210,000 $14,725,771.88
US TREASURY N/B 2.25000 11/15/2025 US 19,390,000 $18,179,639.94
US TREASURY N/B 2.00000 11/15/2026 US 16,233,000 $14,817,685.31
UNITED STATES TREAS NTS 1.75000 05/15/2023 US 18,115,000 $17,843,982.57
US TREASURY N/B 1.37500 11/15/2031 US 7,430,000 $5,921,942.19
VBTOW 2020-2A A 2.63600 09/15/2050 US 2,250,000 $2,021,090.18
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 810,000 $771,420.23
VISTRA OPERATIONS 4.87500 05/13/2024 US 2,630,000 $2,559,149.22
WIN 2015-1 A1 3.50000 01/20/2045 US 15,224.79 $13,475.56
WIN 2015-2 A11 3.50000 02/20/2045 US 451,924.7 $394,441.65

Investments will change over time.

Distributions

  • Core Bond Series Class S Distribution History
  • 2022 Distribution Calendar
  • Fourth Quarter 2021 Distributions
  • Third Quarter 2022 Distributions
  • Second Quarter 2022 Distributions
  • First Quarter 2022 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

$9.27

Daily $ Change

$0.00

Daily % Change

0.00%

as of 11/25/2022

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
N-Port Part F Reports

Investment Objective

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

Investment Strategy

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

May be Appropriate for Investors

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

Performance

As of 10/31/2022

YTD

-16.29%

1 Year

-16.33%

3 Year

-3.78%

5 Year

-0.85%

10 Year

0.45%

Inception
(04/21/2005)

2.95%

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 0.65%*

*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 10/31/2022

TREASURY BONDS 21.82%
TREASURY NOTES 19.54%
GOVERNMENT AGENCY 16.21%
TENCENT HOLDINGS 3.97500 04/11/2029 2.06%
CAALT 2020-3A A 1.24000 10/15/2029 1.51%
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 1.48%
MAGALLANES INC 4.05400 03/15/2029 1.33%
JPMORGAN CHASE & CO 4.49300 03/24/2031 1.25%
AMAZON.COM INC 3.30000 04/13/2027 1.14%
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 1.13%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 10/31/2022

Treasury
40.47%
Cash
2.14%
Corporate
20.55%
Mortgage
35.37%
Other
1.47%

Credit Quality Distribution

As of 10/31/2022

AAA
66.22%
AA
2.02%
A
13.55%
BBB
10.18%
NR
8.03%

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.

October Fund Holdings

As of 10/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 1,970,000 $1,591,100.62
AIR LEASE CORP 3.62500 04/01/2027 US 1,700,000 $1,497,477.37
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 3,440,000 $2,340,752.64
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 1,310,000 $941,793.34
AMAZON.COM INC 3.30000 04/13/2027 US 3,520,000 $3,302,020.30
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 1,800,000 $1,568,198.43
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 1,570,000 $1,452,270.85
BANK OF AMERICA CORP 2.68700 04/22/2032 US 2,790,000 $2,150,639.11
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 460,000 $394,635.44
BABS 2021-RM2 A 1.75000 10/25/2061 US 1,311,914.49 $1,129,397.67
BJETS 2021-1A A 2.16200 04/15/2036 US 2,025,781.91 $1,753,841.55
SORT 2020-1 A2 1.99000 07/15/2060 US 1,190,434.75 $971,247.86
SORT 2020-1 B1 2.28000 07/15/2060 US 1,508,696.33 $1,294,053.05
SORT 2021-1A B1 MTGE 1.98000 03/15/2061 US 1,686,202.61 $1,415,593.73
CIM 2019-INV1 A1 4.00000 02/25/2049 US 20,995.11 $20,088.42
CLIF 2021-1A A MTGE 1.64000 02/18/2046 US 2,907,416.72 $2,445,236.23
CSMC 2013-IVR2 A2 3.00000 04/25/2043 US 193,864.13 $167,941.86
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 56,553.35 $48,300.88
CSMC 2013-6 2A1 3.50000 08/25/2043 US 185,726.97 $162,919.43
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 1,696,000 $1,667,372.86
CITIGROUP INC 1.46200 06/09/2027 US 2,670,000 $2,267,422.66
CMLTI 2021-INV1 2.50000 05/25/2051 US 884,628.45 $686,268.33
CLARK CNTY NV 1.15000 11/01/2026 US 3,410,000 $2,919,596.58
CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 471,146.48 $419,510.15
CAFL 2020-3 A 1.35800 08/15/2053 US 846,869.5 $744,564.62
CAALT 2020-1A 2.01000 02/15/2029 US 33,098.42 $33,046.71
CAALT 2020-1A B 2.39000 04/16/2029 US 600,000 $592,940.85
CAALT 2020-3A A 1.24000 10/15/2029 US 4,500,000 $4,374,140.45
CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 2,270,000 $1,889,110.62
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 33,254.61 $27,928.07
COLO 2021-1A A2 MTGE 2.06000 02/27/2051 US 2,400,000 $2,045,643.96
DREYFUS GVT CSH MANAGEMENT US 6,339,460.51 $6,339,460.51
EDVES 2021-A A MTGE 1.80000 11/25/2045 US 1,128,770.33 $937,013.13
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 3,590,000 $3,287,705.16
EXPEDIA GROUP INC 3.25000 02/15/2030 US 1,850,000 $1,490,410.82
FHLM POOL D98711 4.50000 07/01/2031 US 50,120.25 $49,372.56
FHLM POOL G05900 6.00000 03/01/2040 US 19,847.78 $20,600.06
FHLM POOL G12988 6.00000 01/01/2023 US 4.83 $4.82
FHLM POOL G13078 6.00000 03/01/2023 US 21.13 $21.09
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 76,748.56 $73,481.13
FHLM POOL G08268 5.00000 05/01/2038 US 289,422.95 $289,810.59
FHLM POOL C91746 4.50000 12/01/2033 US 38,251.75 $37,665.92
FHLM POOL C91771 4.50000 06/01/2034 US 49,879.21 $48,055.31
FHLM POOL C91780 4.50000 07/01/2034 US 60,795.53 $58,622.67
FHLM POOL C91832 3.50000 06/01/2035 US 229,290.8 $214,229.39
FHLM POOL A92889 4.50000 07/01/2040 US 113,956.6 $110,333.82
FHLM POOL Q93451 4.50000 08/01/2040 US 321,162.47 $310,952.43
FR SD1129 4.00000 08/01/2051 US 2,600,334.52 $2,402,968.45
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 2,983,605.26 $2,559,602.07
FHLM POOL SD8230 4.50000 06/01/2052 US 1,677,268.11 $1,573,887.58
FHLM POOL Q17513 3.50000 04/01/2043 US 64,070.96 $58,056.58
FHLM POOL Q37857 4.00000 12/01/2045 US 240,529.38 $224,591.59
FHLM POOL Q38388 4.00000 01/01/2046 US 227,666.27 $212,580.80
FHLM POOL Q47130 4.50000 04/01/2047 US 25,566.48 $24,478.04
FHLM POOL FG Q47544 4.00000 03/01/2047 US 257,370.07 $238,558.16
FHLM POOL G60855 4.50000 12/01/2045 US 104,470.07 $100,967.60
FHLM POOL G60071 4.50000 07/01/2042 US 115,547.98 $111,874.61
FHLM POOL G60513 5.00000 07/01/2041 US 293,464.29 $293,753.15
FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 US 393,001.66 $364,742.26
FREDDIE MAC POOL RB5188 4.00000 10/01/2042 US 3,680,439.76 $3,398,191.95
FNR 2018-13 PA MTGE 3.00000 03/25/2048 US 1,775,362.41 $1,527,736.07
FNR 2018-31 KP 3.50000 07/25/2047 US 21,863.82 $21,014.59
FNR 2021-69 WJ 1.50000 10/25/2050 US 1,260,230.39 $1,034,321.12
FHMS K030 X1 FLT 0.14022 04/25/2023 US 10,879,716.55 $3,670.27
FHMS K032 X1 FLT 0.06404 05/25/2023 US 7,006,071.42 $2,238.51
FHR 5189 CP 2.50000 06/25/2049 US 1,459,855.11 $1,237,297.89
FEDERAL NATL MTG ASSN AH3858 4.50000 08/01/2041 US 207,509.25 $200,665.57
FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 US 42,385.95 $39,687.18
FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 49,792.87 $46,622.49
FEDERAL NATL MTG ASSN AL8674 FLT 5.65600 01/01/2049 US 270,698.41 $279,007.67
FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 139,946.98 $135,116.13
FEDERAL NATL MTG ASSN FN AX1685 3.50000 11/01/2044 US 456,793.87 $410,382.62
FEDERAL NATL MTG ASSN AY8604 3.50000 04/01/2045 US 69,418.16 $62,275.13
FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 29,518.88 $26,458.93
FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 24,586.35 $22,774.57
FEDERAL NATL MTG ASSN BD1191 3.50000 01/01/2047 US 191,305.37 $171,474.48
FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 34,866.53 $33,399.98
FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 US 370,949.94 $353,071.87
FEDERAL NATL MTG ASSN FN FM2568 3.00000 05/01/2038 US 430,293.11 $390,473.11
FEDERAL NATL MTG ASSN FN FM2232 4.00000 06/01/2048 US 108,253.36 $100,239.68
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 2,849,377.41 $2,553,308.01
FN DS2696 3.00000 12/01/2051 US 2,778,440.62 $2,379,783.37
FEDERAL NATL MTG ASSN FS2998 3.50000 04/01/2052 US 4,900,000 $4,364,800.93
FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US .78 $0.78
FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 60,741.45 $62,975.16
FEDERAL NATL MTG ASSN MA2587 3.50000 04/01/2036 US 201,467.11 $186,810.21
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 31,421.68 $30,249.84
FEDERAL NATL MTG ASSN FN MA3007 3.00000 04/01/2047 US 724,282.54 $626,757.64
FEDERAL NATL NTG ASSN MA3215 3.50000 12/01/2037 US 642,867.83 $594,725.37
FEDERAL NATL MTG ASSN FN MA3463 4.00000 09/01/2033 US 106,125.05 $102,731.61
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 2,834,627.83 $2,389,362.87
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 3,106,881.9 $2,732,816.33
FEDERAL NATL MTG ASSN MA4633 3.50000 06/01/2042 US 2,136,056.34 $1,912,654.15
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 3,058,624.25 $2,783,166.57
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 3,063,259.41 $2,827,846.58
FN MA4733 4.50000 09/01/2052 US 2,620,116.25 $2,458,501.06
FN MA4807 MTGE 5.50000 11/01/2052 US 5,050,000 $4,984,014.02
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 891.77 $899.71
FLX 2021-1A A2 3.25000 11/27/2051 US 2,825,000 $2,412,147.16
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 1,050,000 $967,435.39
GSMBS 2020-PJ3 A14 3.00000 10/25/2050 US 556,485.8 $437,988.59
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 1,301,411.71 $1,104,078.90
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 1,296,068.94 $1,099,510.96
GSMBS 2021-INV1 A9 3.84682 12/25/2051 US 1,697,932.76 $1,530,821.71
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 1,528,718.39 $1,232,020.14
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 73,969.74 $69,032.15
HCA INC 4.12500 06/15/2029 US 2,590,000 $2,282,804.79
HAWAII ST 2.68200 10/01/2038 US 95,000 $64,578.23
IMPRL 2021-NQM3 1.59500 11/25/2056 US 1,544,057.31 $1,224,144.26
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 48,912.76 $44,908.40
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 4,000,000 $3,616,783.60
JPMMT 2017-6 A3 3.50000 12/25/2048 US 21,061.49 $18,587.09
OASIS 2022-2A A 7.01707 10/15/2034 US 1,530,000 $1,520,650.02
MAGALLANES INC 4.05400 03/15/2029 US 4,560,000 $3,876,331.92
NAVSL 2019-EA A2A 2.64000 05/15/2068 US 466,927.81 $436,579.14
NRZT 2014-1A A 3.75000 01/25/2054 US 115,495.67 $106,147.58
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 53,710.7 $49,234.95
NRZT 2015-2A A1 3.75000 08/25/2055 US 102,740.19 $94,062.99
NRZT 2016-4A A1 3.75000 11/25/2056 US 93,697.82 $85,319.06
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 910,000 $864,135.99
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 1,810,000 $1,532,919.57
OBX 2022-INV1 A1 3.00000 12/25/2051 US 1,409,320.47 $1,125,827.91
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 1,680,000 $1,445,299.82
OXFIN 2020-1A A2 3.10100 02/15/2028 US 978,543.32 $966,870.67
OXFIN 2019-1A A2 4.45900 02/15/2027 US 399,624.15 $395,332.11
OXFIN 2022-1A 3.60200 02/15/2030 US 2,650,000 $2,417,693.32
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 173,604.79 $151,769.26
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 2,818,755.96 $2,641,443.53
PEAR 2022-1 A1 6.50000 10/15/2034 US 1,250,000 $1,247,758.75
PEPSICO INC 3.90000 07/18/2032 US 3,110,000 $2,876,804.43
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 2,597,524.81 $1,989,422.17
PFMT 2021-2 A2A 2.00000 04/25/2051 US 1,669,068.88 $1,396,856.46
QUALCOMM INC 4.25000 05/20/2032 US 3,170,000 $2,970,987.94
RCKT 2021-6 A1 2.50000 12/25/2051 US 1,673,687.24 $1,284,597.80
SEMT 2013-4 A1 2.32500 04/25/2043 US 1,554,602.34 $1,248,160.40
SEMT 2013-6 A2 3.00000 05/25/2043 US 461,830.63 $397,736.45
SEMT 2013-7 A2 3.00000 06/25/2043 US 34,955.48 $30,006.15
SEMT 2013-8 A1 3.00000 06/25/2043 US 87,427.33 $75,770.84
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 5,680,000 $4,311,706.35
SOFI 2020-C AFX 1.95000 02/15/2046 US 439,386.15 $390,868.67
SOFI 2017-F A2FX 2.84000 01/25/2041 US 881,239.45 $841,585.91
SOFI 2020-A A2FX MTGE 2.54000 05/15/2046 US 588,650.01 $537,080.74
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 600,000 $504,866.91
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 2,970,000 $2,894,896.60
SCML 2019-SBC8 2.86000 04/25/2041 US 524,297.7 $473,630.09
TENCENT HOLDINGS 3.97500 04/11/2029 KY 7,120,000 $5,994,943.88
TPMT 2016-5 A1 2.50000 10/25/2056 US 62,199.96 $61,266.53
TPMT 2017-1 A1 2.75000 10/25/2056 US 50,435.03 $49,487.94
TPMT 2019-HY1 A1 4.58557 10/25/2048 US 112,188.49 $110,141.59
TAH 2020-SFR1 B MTGE 2.04900 07/17/2038 US 1,300,000 $1,115,191.04
TCF 2021-1A 1.86000 03/20/2046 US 2,423,166.67 $2,015,243.89
US TREASURY N/B 3.00000 05/15/2047 US 26,757,000 $20,962,437.19
US TREASURY 1.87500 11/15/2051 US 10,560,000 $6,397,050.00
TREASURY BOND 2.37500 02/15/2042 US 29,275,000 $21,292,988.28
TREASURY BOND 2.25000 11/15/2027 US 16,210,000 $14,725,771.88
US TREASURY N/B 2.25000 11/15/2025 US 19,390,000 $18,179,639.94
US TREASURY N/B 2.00000 11/15/2026 US 16,233,000 $14,817,685.31
UNITED STATES TREAS NTS 1.75000 05/15/2023 US 18,115,000 $17,843,982.57
US TREASURY N/B 1.37500 11/15/2031 US 7,430,000 $5,921,942.19
VBTOW 2020-2A A 2.63600 09/15/2050 US 2,250,000 $2,021,090.18
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 810,000 $771,420.23
VISTRA OPERATIONS 4.87500 05/13/2024 US 2,630,000 $2,559,149.22
WIN 2015-1 A1 3.50000 01/20/2045 US 15,224.79 $13,475.56
WIN 2015-2 A11 3.50000 02/20/2045 US 451,924.7 $394,441.65

Investments will change over time.

Distributions

  • Core Bond Series Class S Distribution History
  • 2022 Distribution Calendar
  • Fourth Quarter 2021 Distributions
  • Third Quarter 2022 Distributions
  • Second Quarter 2022 Distributions
  • First Quarter 2022 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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