Mutual Funds

Core Bond Series

Investment Objective

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

Investment Strategy

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

May be Appropriate for Investors

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

Daily Price

$9.23

Daily $ Change

-$0.02

Daily % Change

-0.22%

as of 07/19/2024

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
Applications & Forms
Fact Sheet
N-Port Part F Reports

Performance

As of 06/30/2024

YTD

-0.30%

1 Year

3.05%

3 Year

-3.17%

5 Year

-0.14%

10 Year

0.99%

Inception
(04/21/2005)

3.16%

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 0.67%

*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 06/30/2024

UNITED STATES TREAS BDS 20470515 3.000% 6.09%
UNITED STATES TREAS NTS . 20331115 4.500% 5.62%
UNITED STATES TREAS BDS . 20530215 3.625% 5.07%
UNITED STATES TREAS BDS . 20420215 2.375% 4.07%
UNITED STATES TREAS NTS . 20281115 3.125% 3.07%
UNITED STATES TREAS NTS . 20291115 1.750% 3.07%
UNITED STATES TREAS NTS TIPS . 20310115 0.125% 3.07%
UNITED STATES TREAS NTS . 20311115 1.375% 3.07%
UNITED STATES TREAS NTS . 20321115 4.125% 3.07%
FNMA SUPER LNG YEAR . 20540401 5.500% 2.58%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 06/30/2024

Treasury
36.31%
Mortgage
24.49%
Corporate
22.64%
Securitized Credit
6.32%
TIPS
5.08%
Equity
5.07%
Municipal
0.09%

Credit Quality Distribution

As of 06/30/2024

AAA
64.32%
A
12.91%
BBB
12.90%
NR
9.34%
AA
0.53%

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

Security Description Country Ticker Shares/Par Market Value (USD)
AERCAP IRELAND CAPITAL LIMITED SR GLBL NT 20281029 3.000% US 3,895,000 $3,541,489.80
ALEXANDER FDG TR II SR SEC GLBL 20280731 7.467% US 3,355,000 $3,550,227.45
ALIBABA GROUP HLDG LTD SR GLBL NT 20310209 2.125% US 2,135,000 $1,766,797.90
ALIBABA GROUP HLDG LTD SR GLBL NT 20371206 4.000% US 8,325,000 $7,075,584.00
ASHTEAD CAP INC SR SEC GLBL 20280501 4.000% US 3,745,000 $3,539,848.90
BANK AMERICA CORP FR . 20320422 2.687% US 6,260,000 $5,299,215.20
BNSF FUNDING TRUST GTD PFD SECS 20551215 6.613% US 3,550,000 $3,548,509.00
BREAN ABS TR -RM A . 20611025 1.750% US 1,202,716.2 $1,088,782.65
BUSINESS JET SEC LLC - A . 20360415 2.162% US 1,013,527.69 $959,766.43
CAPITAL ONE FINL CORP SR GLBL NT 20311030 7.624% US 6,435,000 $7,089,117.75
CENOVUS ENERGY INC SR NT . 20391115 6.750% US 4,905,000 $5,306,915.70
CF HIPPOLYTA ISSUER - B- . 20600715 2.280% US 1,484,095.8 $1,386,581.65
CF HIPPOLYTA ISSUER LLC - B- . 20610315 1.980% US 1,658,708.48 $1,480,806.52
CIM TR -INV A- FLT 20490225 4.000% US 13,329.57 $12,444.26
CITIGROUP INC SR GLBL NT 20270609 1.462% US 5,730,000 $5,310,564.00
CITIGROUP MTG LN TR -INV A-A FLT 20510525 2.500% US 807,187.9 $640,427.72
CITIZENS BK NA PROVIDENCE RI SR GLBL NT 20280809 4.575% US 3,675,000 $3,549,351.75
COGENT IPV LLC, - A- . 20540525 7.924% US 940,000 $957,411.81
COMMONBOND ST LN TR -A-GS A- . 20470125 2.540% US 347,512.27 $309,358.10
COREVEST AMCR FIN TR - A . 20530815 1.358% US 491,657.56 $464,172.57
CSMC TRUST - -A FLT 20430825 3.500% US 165,911.18 $148,555.05
CSMC TRUST -IVR A- FLT 20430425 3.000% US 167,515.84 $145,882.01
CSMC TRUST -IVR A- FLT 20430525 2.500% US 49,905.09 $42,421.97
CSMC TRUST -TH A- FLT 20430225 2.130% US 30,365.23 $25,169.04
DATABANK ISSUER LLC - A- . 20510227 2.060% US 2,400,000 $2,227,492.56
DATABANK ISSUER LLC - A- . 20530225 5.116% US 1,180,000 $1,130,075.03
ENERGY TRANSFER L P SR GLBL A 20310201 7.375% US 3,395,000 $3,543,429.40
ENERGY TRANSFER L P SR NT . 20420201 6.500% US 5,125,000 $5,327,591.25
FHLMC GIANT MBS GOLD COMB . 20380501 5.000% US 240,549.23 $238,581.54
FHLMC GIANT MBS GOLD COMB . 20400301 6.000% US 16,358.59 $16,766.08
FHLMC GIANT MBS GOLD COMB . 20410701 5.000% US 227,159.34 $225,410.21
FHLMC GIANT MBS GOLD COMB . 20420701 4.500% US 93,978.9 $91,557.06
FHLMC GIANT MBS GOLD COMB . 20451201 4.500% US 86,529.14 $83,868.37
FHLMC GIANT MBS GOLD COMB . 20471001 4.500% US 61,926.64 $59,728.24
FHLMC MBS GOLD CASH . 20331201 4.500% US 28,677.32 $28,254.90
FHLMC MBS GOLD CASH . 20340601 4.500% US 38,625.79 $37,738.94
FHLMC MBS GOLD CASH . 20340701 4.500% US 45,106.58 $44,075.44
FHLMC MBS GOLD CASH . 20350601 3.500% US 175,934.65 $166,940.87
FHLMC MBS GOLD COMB . 20400701 4.500% US 93,897.05 $91,474.51
FHLMC MBS GOLD COMB . 20400801 4.500% US 275,117.49 $268,016.71
FHLMC MBS GOLD GUAR . 20310701 4.500% US 37,133.6 $36,640.47
FHLMC MBS GOLD PC YR . 20430401 3.500% US 60,274.7 $54,857.81
FHLMC MBS GOLD PC YR . 20451201 4.000% US 209,015.54 $196,271.86
FHLMC MBS GOLD PC YR . 20460101 4.000% US 192,997.43 $181,243.89
FHLMC MBS GOLD PC YR . 20470301 4.000% US 201,459.83 $189,172.79
FHLMC MBS GOLD PC YR . 20470401 4.500% US 24,613.89 $23,594.63
FHLMC REMIC SERIES CP . 20490625 2.500% US 1,277,754.99 $1,091,057.99
FHLMC SUPER 30Y FIXED 5.0 20540501 US 6,929,759.34 $6,735,726.08
FHLMC SUPER Y FIXED . 20500201 3.000% US 2,597,735.57 $2,247,301.04
FHLMC SUPER Y FIXED . 20510801 4.000% US 2,177,047.47 $2,020,038.81
FHLMC SUPER Y FIXED . 20520601 4.500% US 1,490,273.24 $1,409,321.60
FHLMC SUPER Y FIXED . 20520701 5.500% US 3,688,570.01 $3,650,799.05
FHLMC SUPER Y FIXED . 20520801 4.500% US 3,317,278.91 $3,133,004.07
FHLMC SUPER Y FIXED . 20521201 5.000% US 6,888,235.45 $6,678,282.03
FHLMC SUPER Y FIXED . 20531101 6.000% US 1,527,018.38 $1,542,471.81
FHLMC UMBS Y FIXED . 20340801 3.000% US 317,681.87 $296,101.74
FHLMC UMBS Y FIXED . 20421001 4.000% US 3,238,294.2 $3,024,923.00
FHLMC UMBS Y FIXED . 20530701 6.000% US 2,175,015.45 $2,194,916.84
FHLMC UMBS Y FIXED . 20531001 5.000% US 3,157,348.16 $3,068,121.50
FIFTH THIRD BANCORP SR GLBL NT 20281027 6.361% US 3,465,000 $3,540,987.45
FIN OF AMER STRU SECS -S A . 20721225 3.000% US 1,194,338.9 $1,141,347.76
FLEXENTIAL ISSUER LLC - A- . 20511127 3.250% US 2,825,000 $2,598,801.97
FNMA MEGA WGTD AVG MEGA . 20490101 5.642% US 205,946.11 $205,892.56
FNMA REMC TRUST - WJ . 20501025 1.500% US 1,123,324.69 $897,650.11
FNMA REMIC TRUST - KP . 20470725 3.500% US 10,905.28 $10,473.14
FNMA REMIC TRUST - PA . 20480325 3.000% US 1,549,201.13 $1,330,972.76
FNMA SUPER INT YEAR . 20241001 5.500% US 22.44 $22.50
FNMA SUPER INT YEAR . 20340601 3.500% US 281,317.1 $268,112.08
FNMA SUPER INT YEAR . 20380501 3.000% US 358,104.71 $331,404.42
FNMA SUPER INT YEAR . 20430501 5.000% US 4,215,449.1 $4,134,006.62
FNMA SUPER LNG 30 YEAR 2.0 20470401 US 12,000,000 $9,626,400.00
FNMA SUPER LNG YEAR . 20381101 6.000% US 48,656.43 $49,805.69
FNMA SUPER LNG YEAR . 20430601 4.000% US 41,552.89 $39,075.09
FNMA SUPER LNG YEAR . 20480601 4.000% US 88,638.8 $82,700.00
FNMA SUPER LNG YEAR . 20491201 3.500% US 2,442,828.96 $2,215,255.01
FNMA SUPER LNG YEAR . 20501201 3.000% US 2,688,932.85 $2,326,276.48
FNMA SUPER LNG YEAR . 20510801 4.000% US 3,873,837.89 $3,594,495.44
FNMA SUPER LNG YEAR . 20511201 3.000% US 2,374,170.18 $2,053,942.11
FNMA SUPER LNG YEAR . 20520401 3.500% US 4,161,450.98 $3,737,523.97
FNMA SUPER LNG YEAR . 20520401 3.500% US 3,102,000.38 $2,779,764.58
FNMA SUPER LNG YEAR . 20520501 3.000% US 10,166,361.98 $8,733,209.93
FNMA SUPER LNG YEAR . 20540401 5.500% US 18,000,000 $17,817,660.00
FNMA UMBS INT YEAR . 20330901 4.000% US 76,452.42 $73,637.44
FNMA UMBS INT YEAR . 20340201 4.500% US 23,983.46 $23,633.78
FNMA UMBS INT YEAR . 20360401 3.500% US 159,728.94 $151,185.04
FNMA UMBS INT YEAR . 20371201 3.500% US 526,344.65 $493,969.19
FNMA UMBS INT YEAR . 20401201 2.500% US 2,387,490.88 $2,087,287.78
FNMA UMBS INT YEAR . 20420601 3.500% US 1,849,145.58 $1,698,329.27
FNMA UMBS INT YEAR . 20420601 4.000% US 2,567,722.62 $2,398,638.09
FNMA UMBS LNG 30 YEAR 3.0 20461201 US 8,123,830.2 $7,037,674.10
FNMA UMBS LNG YEAR . 20410801 4.000% US 33,423.75 $31,356.49
FNMA UMBS LNG YEAR . 20410801 4.500% US 131,672.97 $128,111.22
FNMA UMBS LNG YEAR . 20441101 3.500% US 414,582.49 $376,453.34
FNMA UMBS LNG YEAR . 20441201 4.500% US 112,218.44 $108,648.77
FNMA UMBS LNG YEAR . 20450401 3.500% US 59,376.92 $53,917.81
FNMA UMBS LNG YEAR . 20460401 3.500% US 26,162.27 $23,744.35
FNMA UMBS LNG YEAR . 20460501 4.000% US 19,099.87 $17,902.50
FNMA UMBS LNG YEAR . 20470101 3.500% US 168,735.77 $153,014.66
FNMA UMBS LNG YEAR . 20470201 4.500% US 28,380.54 $27,348.62
FNMA UMBS LNG YEAR . 20470401 3.000% US 619,283.29 $541,030.65
FNMA UMBS LNG YEAR . 20500401 3.000% US 4,257,058.22 $3,682,866.21
FNMA UMBS LNG YEAR . 20500501 3.000% US 4,166,067.12 $3,601,981.63
FNMA UMBS LNG YEAR . 20520501 3.500% US 1,526,730.44 $1,354,866.39
FNMA UMBS LNG YEAR . 20520501 4.000% US 2,702,470.05 $2,481,462.05
FNMA UMBS LNG YEAR . 20520701 4.500% US 8,781,075.7 $8,304,351.10
FNMA UMBS LNG YEAR . 20520901 4.500% US 2,368,695.63 $2,238,677.93
FNMA UMBS LNG YEAR . 20521101 5.500% US 3,237,218.48 $3,206,432.53
GNMA REMIC TRUST - AH . 20561216 2.600% US 50,937.17 $45,780.96
GNMA REMIC TRUST - BQ . 20540420 5.000% US 4,492,179.46 $4,415,207.76
GOODGREEN - A . 20550415 2.630% US 1,289,809.72 $1,073,161.80
GS MBS TR -PJ A- FLT 20520225 2.500% US 1,124,224.93 $967,818.26
GS MRTG BCK SEC TR -INV A- FLT 20511225 5.000% US 1,535,482.85 $1,418,932.79
GS MTG -BACK SEC TR -PJ A- FLT 20511125 2.500% US 1,138,197.3 $980,746.37
GS MTG SECS TR -PJ A- FLT 20501025 3.000% US 470,495.16 $397,072.04
HAWAII ST TAXABLE GO REF BDS G 20381001 2.682% US 95,000 $71,694.60
HOTWIRE FDING LLC - A- . 20530520 5.687% US 1,600,000 $1,601,358.40
HUNTINGTON BANCSHARES INC GLBL NT . 20300204 2.550% US 4,145,000 $3,546,130.40
IMPERIAL FUND MTG TR -NQM A- FLT 20561125 1.595% US 1,311,536.78 $1,106,312.62
JEFFERIES FINANCIAL GROUP INC SR GLBL NT. 20340414 6.200% US 5,260,000 $5,329,852.80
JP MORGAN MTG TR - -A- FLT 20290625 3.000% US 27,613.08 $26,405.18
JP MORGAN MTG TR - A- FLT 20481225 3.500% US 15,176.18 $13,452.04
JP MORGAN MTG TR - A--B FLT 20510825 2.000% US 1,683,459.19 $1,287,122.39
JPMORGAN CHASE n CO SR GLBL NT 20310324 4.493% US 9,185,000 $8,853,237.80
KEYBANK NATIONAL ASSOCIATION SR GLBL NT 20271115 5.850% US 7,555,000 $7,531,352.85
LIBRA SOL LLC - A . 20341015 6.850% US 392,355.83 $391,718.21
LIBRA SOL LLC - A . 20350215 7.000% US 488,478.39 $487,541.44
MASSMUTUAL GLBL FDG II MTN A NT . 20290117 4.850% US 1,775,000 $1,763,107.50
METROPOLITAN LIFE GLOBAL FDG I FR . 20290108 4.850% US 1,785,000 $1,770,755.70
NEW RESI MTG LN TR - A FLT 20540125 3.750% US 89,415.94 $83,122.93
NEW RESI MTG LN TR - A- FLT 20550825 3.750% US 76,734.33 $71,097.23
NEW RESI MTG LN TR - A- FLT 20561125 3.750% US 70,702.7 $65,530.83
NEW RESI MTG LN TR - A-FXD FLT 20541125 3.750% US 40,563.95 $37,670.34
NEW YORK LIFE GLOBAL FDG FR . 20290129 4.700% US 1,785,000 $1,772,344.35
NEWCASTLE COAL INFRASTRUCTURE SR SEC A NT 20270929 4.400% US 3,720,666.18 $3,529,647.18
OBX TRUST -INV A- FLT 20511225 3.000% US 1,256,249.19 $1,040,724.57
OBX TRUST -NQM A- . 20631125 5.928% US 1,474,856.04 $1,475,678.57
OBX TRUST 2020-EXP1 4.54 20600225 US 8,125,799.5 $8,125,799.50
OXFORD FIN FDG LLC - A- . 20280215 3.100% US 339,785.71 $335,353.34
OXFORD FIN FDG TR - A- . 20310215 6.716% US 2,600,000 $2,607,560.80
OXFORD FIN FDG TR LLC - A- . 20300215 3.602% US 2,431,233.01 $2,315,835.75
PALOMINO FDG TR I SR SEC GLBL 20280517 7.233% US 6,750,000 $7,088,107.50
PCG - LLC SR SEC GLBL 20290725 11.345% US 4,387,922.02 $4,387,263.83
PEAR - LLC A . 20350716 0.000% US 1,090,105.16 $1,098,506.16
PEAR LLC - A . 20360215 6.950% US 1,092,292.4 $1,091,065.65
PEAR, LLC - A . 20340115 2.600% US 1,321,603.19 $1,283,673.31
PMT LOAN TRUST -J A- FLT 20430925 3.500% US 590,400.44 $528,763.81
PNC FINL SVCS GROUP INC SR GLBL NT 20260612 5.812% US 5,305,000 $5,310,145.85
PROVIDENT FDG MTG TR - A-A FLT 20510525 2.000% US 1,485,024.14 $1,252,210.37
PROVIDENT FND MTG TR -INV A- FLT 20510825 2.500% US 2,416,844.9 $1,925,091.89
RCKT MRTG TR - A- FLT 20511225 2.500% US 1,534,662.04 $1,222,214.06
SBA TOWER TR - - . 20521115 6.599% US 5,225,000 $5,333,715.53
SEQUOIA MTG TR - A- FLT 20430425 2.325% US 1,351,463.87 $1,124,083.18
SEQUOIA MTG TR - A- FLT 20430525 3.000% US 371,117.25 $322,524.75
SEQUOIA MTG TR - A- FLT 20430625 3.000% US 29,094.58 $25,211.49
SEQUOIA MTG TR - A- FLT 20430625 3.000% US 76,006.32 $66,068.68
SIMON PPTY GROUP LP GLBL NT . 20320115 2.250% US 8,620,000 $7,010,818.40
SIMON PPTY GROUP LP SR GLBL NT 20320201 2.650% US 4,285,000 $3,583,159.85
SIRIUSPOINT LTD SR GLBL NT 20290405 7.000% US 5,091,000 $5,164,615.86
SMB PRIVATE EDU LN TR -D A- . 20530715 0.000% US 5,500,000 $5,481,738.30
SOUTH CAROLINA ST PUB SVCS AUT TAXABLE REF OBLIGS B 20281201 2.329% US 600,000 $539,532.00
SPDR SER TR INV GRD FLT RT US 567,445 $17,505,678.25
SPDR SERIES TRUST BARC CAPTL ETF US 589,027 $17,494,101.90
SUTHERLAND COML MTG TF -SB A FLT 20410425 2.860% US 411,170.09 $381,744.91
TENCENT HLDGS LTD FR . 20290411 3.975% US 7,435,000 $7,070,090.20
TOWD PT MTG TR -HY A FLT 20481026 6.193% US 71,400.99 $72,464.12
TRUIST FINL CORP FR . 20290607 1.887% US 6,075,000 $5,320,910.25
UNITED STATES TREAS BDS . 20420215 2.375% US 38,367,000 $28,060,472.79
UNITED STATES TREAS BDS . 20530215 3.625% US 40,842,000 $34,966,061.46
UNITED STATES TREAS BDS 20470515 3.000% US 54,643,000 $42,034,674.18
UNITED STATES TREAS BDS TIPS . 20270115 2.375% US 13,892,138 $13,884,080.56
UNITED STATES TREAS NTS . 20251115 2.250% US 12,846,000 $12,388,425.48
UNITED STATES TREAS NTS . 20271115 2.250% US 10,302,000 $9,585,701.94
UNITED STATES TREAS NTS . 20281115 3.125% US 22,338,000 $21,221,993.52
UNITED STATES TREAS NTS . 20291115 1.750% US 24,140,000 $21,217,853.00
UNITED STATES TREAS NTS . 20311115 1.375% US 26,004,000 $21,181,038.12
UNITED STATES TREAS NTS . 20321115 4.125% US 21,493,000 $21,166,521.33
UNITED STATES TREAS NTS . 20331115 4.500% US 38,316,000 $38,753,185.56
UNITED STATES TREAS NTS TIPS . 20310115 0.125% US 23,981,375.99 $21,197,138.24
US BANCORP FR . 20290201 4.653% US 5,430,000 $5,315,481.30
VERTICAL BRIDGE CC - A . 20500915 2.636% US 1,950,000 $1,868,199.06
WARNERMEDIA HLDGS INC SR GLBL NT 20290315 4.054% US 9,750,000 $9,009,292.50
WELLS FARGO n CO FR . 20280422 5.707% US 5,260,000 $5,306,971.80
WINWATER MTG LN TR - A- FLT 20450120 3.500% US 13,655.92 $12,279.13
WINWATER MTG LN TR - A- FLT 20450220 3.500% US 403,031.98 $358,379.06

Investments will change over time.

Distributions

  • 2024 Distribution Calendar
  • 2024 Distributions
  • 2023 Distributions
  • 2022 Distributions
  • 2021 Distributions
  • 2020 Distributions
  • Tax Letter
  • Core Bond Series - 2023 - 8937 Form

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

$9.23

Daily $ Change

-$0.02

Daily % Change

-0.22%

as of 07/19/2024

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
Applications & Forms
Fact Sheet
N-Port Part F Reports

Investment Objective

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

Investment Strategy

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

May be Appropriate for Investors

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

Performance

As of 06/30/2024

YTD

-0.30%

1 Year

3.05%

3 Year

-3.17%

5 Year

-0.14%

10 Year

0.99%

Inception
(04/21/2005)

3.16%

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 0.67%

*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 06/30/2024

UNITED STATES TREAS BDS 20470515 3.000% 6.09%
UNITED STATES TREAS NTS . 20331115 4.500% 5.62%
UNITED STATES TREAS BDS . 20530215 3.625% 5.07%
UNITED STATES TREAS BDS . 20420215 2.375% 4.07%
UNITED STATES TREAS NTS . 20281115 3.125% 3.07%
UNITED STATES TREAS NTS . 20291115 1.750% 3.07%
UNITED STATES TREAS NTS TIPS . 20310115 0.125% 3.07%
UNITED STATES TREAS NTS . 20311115 1.375% 3.07%
UNITED STATES TREAS NTS . 20321115 4.125% 3.07%
FNMA SUPER LNG YEAR . 20540401 5.500% 2.58%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 06/30/2024

Treasury
36.31%
Mortgage
24.49%
Corporate
22.64%
Securitized Credit
6.32%
TIPS
5.08%
Equity
5.07%
Municipal
0.09%

Credit Quality Distribution

As of 06/30/2024

AAA
64.32%
A
12.91%
BBB
12.90%
NR
9.34%
AA
0.53%

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

Security Description Country Ticker Shares/Par Market Value (USD)
AERCAP IRELAND CAPITAL LIMITED SR GLBL NT 20281029 3.000% US 3,895,000 $3,541,489.80
ALEXANDER FDG TR II SR SEC GLBL 20280731 7.467% US 3,355,000 $3,550,227.45
ALIBABA GROUP HLDG LTD SR GLBL NT 20310209 2.125% US 2,135,000 $1,766,797.90
ALIBABA GROUP HLDG LTD SR GLBL NT 20371206 4.000% US 8,325,000 $7,075,584.00
ASHTEAD CAP INC SR SEC GLBL 20280501 4.000% US 3,745,000 $3,539,848.90
BANK AMERICA CORP FR . 20320422 2.687% US 6,260,000 $5,299,215.20
BNSF FUNDING TRUST GTD PFD SECS 20551215 6.613% US 3,550,000 $3,548,509.00
BREAN ABS TR -RM A . 20611025 1.750% US 1,202,716.2 $1,088,782.65
BUSINESS JET SEC LLC - A . 20360415 2.162% US 1,013,527.69 $959,766.43
CAPITAL ONE FINL CORP SR GLBL NT 20311030 7.624% US 6,435,000 $7,089,117.75
CENOVUS ENERGY INC SR NT . 20391115 6.750% US 4,905,000 $5,306,915.70
CF HIPPOLYTA ISSUER - B- . 20600715 2.280% US 1,484,095.8 $1,386,581.65
CF HIPPOLYTA ISSUER LLC - B- . 20610315 1.980% US 1,658,708.48 $1,480,806.52
CIM TR -INV A- FLT 20490225 4.000% US 13,329.57 $12,444.26
CITIGROUP INC SR GLBL NT 20270609 1.462% US 5,730,000 $5,310,564.00
CITIGROUP MTG LN TR -INV A-A FLT 20510525 2.500% US 807,187.9 $640,427.72
CITIZENS BK NA PROVIDENCE RI SR GLBL NT 20280809 4.575% US 3,675,000 $3,549,351.75
COGENT IPV LLC, - A- . 20540525 7.924% US 940,000 $957,411.81
COMMONBOND ST LN TR -A-GS A- . 20470125 2.540% US 347,512.27 $309,358.10
COREVEST AMCR FIN TR - A . 20530815 1.358% US 491,657.56 $464,172.57
CSMC TRUST - -A FLT 20430825 3.500% US 165,911.18 $148,555.05
CSMC TRUST -IVR A- FLT 20430425 3.000% US 167,515.84 $145,882.01
CSMC TRUST -IVR A- FLT 20430525 2.500% US 49,905.09 $42,421.97
CSMC TRUST -TH A- FLT 20430225 2.130% US 30,365.23 $25,169.04
DATABANK ISSUER LLC - A- . 20510227 2.060% US 2,400,000 $2,227,492.56
DATABANK ISSUER LLC - A- . 20530225 5.116% US 1,180,000 $1,130,075.03
ENERGY TRANSFER L P SR GLBL A 20310201 7.375% US 3,395,000 $3,543,429.40
ENERGY TRANSFER L P SR NT . 20420201 6.500% US 5,125,000 $5,327,591.25
FHLMC GIANT MBS GOLD COMB . 20380501 5.000% US 240,549.23 $238,581.54
FHLMC GIANT MBS GOLD COMB . 20400301 6.000% US 16,358.59 $16,766.08
FHLMC GIANT MBS GOLD COMB . 20410701 5.000% US 227,159.34 $225,410.21
FHLMC GIANT MBS GOLD COMB . 20420701 4.500% US 93,978.9 $91,557.06
FHLMC GIANT MBS GOLD COMB . 20451201 4.500% US 86,529.14 $83,868.37
FHLMC GIANT MBS GOLD COMB . 20471001 4.500% US 61,926.64 $59,728.24
FHLMC MBS GOLD CASH . 20331201 4.500% US 28,677.32 $28,254.90
FHLMC MBS GOLD CASH . 20340601 4.500% US 38,625.79 $37,738.94
FHLMC MBS GOLD CASH . 20340701 4.500% US 45,106.58 $44,075.44
FHLMC MBS GOLD CASH . 20350601 3.500% US 175,934.65 $166,940.87
FHLMC MBS GOLD COMB . 20400701 4.500% US 93,897.05 $91,474.51
FHLMC MBS GOLD COMB . 20400801 4.500% US 275,117.49 $268,016.71
FHLMC MBS GOLD GUAR . 20310701 4.500% US 37,133.6 $36,640.47
FHLMC MBS GOLD PC YR . 20430401 3.500% US 60,274.7 $54,857.81
FHLMC MBS GOLD PC YR . 20451201 4.000% US 209,015.54 $196,271.86
FHLMC MBS GOLD PC YR . 20460101 4.000% US 192,997.43 $181,243.89
FHLMC MBS GOLD PC YR . 20470301 4.000% US 201,459.83 $189,172.79
FHLMC MBS GOLD PC YR . 20470401 4.500% US 24,613.89 $23,594.63
FHLMC REMIC SERIES CP . 20490625 2.500% US 1,277,754.99 $1,091,057.99
FHLMC SUPER 30Y FIXED 5.0 20540501 US 6,929,759.34 $6,735,726.08
FHLMC SUPER Y FIXED . 20500201 3.000% US 2,597,735.57 $2,247,301.04
FHLMC SUPER Y FIXED . 20510801 4.000% US 2,177,047.47 $2,020,038.81
FHLMC SUPER Y FIXED . 20520601 4.500% US 1,490,273.24 $1,409,321.60
FHLMC SUPER Y FIXED . 20520701 5.500% US 3,688,570.01 $3,650,799.05
FHLMC SUPER Y FIXED . 20520801 4.500% US 3,317,278.91 $3,133,004.07
FHLMC SUPER Y FIXED . 20521201 5.000% US 6,888,235.45 $6,678,282.03
FHLMC SUPER Y FIXED . 20531101 6.000% US 1,527,018.38 $1,542,471.81
FHLMC UMBS Y FIXED . 20340801 3.000% US 317,681.87 $296,101.74
FHLMC UMBS Y FIXED . 20421001 4.000% US 3,238,294.2 $3,024,923.00
FHLMC UMBS Y FIXED . 20530701 6.000% US 2,175,015.45 $2,194,916.84
FHLMC UMBS Y FIXED . 20531001 5.000% US 3,157,348.16 $3,068,121.50
FIFTH THIRD BANCORP SR GLBL NT 20281027 6.361% US 3,465,000 $3,540,987.45
FIN OF AMER STRU SECS -S A . 20721225 3.000% US 1,194,338.9 $1,141,347.76
FLEXENTIAL ISSUER LLC - A- . 20511127 3.250% US 2,825,000 $2,598,801.97
FNMA MEGA WGTD AVG MEGA . 20490101 5.642% US 205,946.11 $205,892.56
FNMA REMC TRUST - WJ . 20501025 1.500% US 1,123,324.69 $897,650.11
FNMA REMIC TRUST - KP . 20470725 3.500% US 10,905.28 $10,473.14
FNMA REMIC TRUST - PA . 20480325 3.000% US 1,549,201.13 $1,330,972.76
FNMA SUPER INT YEAR . 20241001 5.500% US 22.44 $22.50
FNMA SUPER INT YEAR . 20340601 3.500% US 281,317.1 $268,112.08
FNMA SUPER INT YEAR . 20380501 3.000% US 358,104.71 $331,404.42
FNMA SUPER INT YEAR . 20430501 5.000% US 4,215,449.1 $4,134,006.62
FNMA SUPER LNG 30 YEAR 2.0 20470401 US 12,000,000 $9,626,400.00
FNMA SUPER LNG YEAR . 20381101 6.000% US 48,656.43 $49,805.69
FNMA SUPER LNG YEAR . 20430601 4.000% US 41,552.89 $39,075.09
FNMA SUPER LNG YEAR . 20480601 4.000% US 88,638.8 $82,700.00
FNMA SUPER LNG YEAR . 20491201 3.500% US 2,442,828.96 $2,215,255.01
FNMA SUPER LNG YEAR . 20501201 3.000% US 2,688,932.85 $2,326,276.48
FNMA SUPER LNG YEAR . 20510801 4.000% US 3,873,837.89 $3,594,495.44
FNMA SUPER LNG YEAR . 20511201 3.000% US 2,374,170.18 $2,053,942.11
FNMA SUPER LNG YEAR . 20520401 3.500% US 4,161,450.98 $3,737,523.97
FNMA SUPER LNG YEAR . 20520401 3.500% US 3,102,000.38 $2,779,764.58
FNMA SUPER LNG YEAR . 20520501 3.000% US 10,166,361.98 $8,733,209.93
FNMA SUPER LNG YEAR . 20540401 5.500% US 18,000,000 $17,817,660.00
FNMA UMBS INT YEAR . 20330901 4.000% US 76,452.42 $73,637.44
FNMA UMBS INT YEAR . 20340201 4.500% US 23,983.46 $23,633.78
FNMA UMBS INT YEAR . 20360401 3.500% US 159,728.94 $151,185.04
FNMA UMBS INT YEAR . 20371201 3.500% US 526,344.65 $493,969.19
FNMA UMBS INT YEAR . 20401201 2.500% US 2,387,490.88 $2,087,287.78
FNMA UMBS INT YEAR . 20420601 3.500% US 1,849,145.58 $1,698,329.27
FNMA UMBS INT YEAR . 20420601 4.000% US 2,567,722.62 $2,398,638.09
FNMA UMBS LNG 30 YEAR 3.0 20461201 US 8,123,830.2 $7,037,674.10
FNMA UMBS LNG YEAR . 20410801 4.000% US 33,423.75 $31,356.49
FNMA UMBS LNG YEAR . 20410801 4.500% US 131,672.97 $128,111.22
FNMA UMBS LNG YEAR . 20441101 3.500% US 414,582.49 $376,453.34
FNMA UMBS LNG YEAR . 20441201 4.500% US 112,218.44 $108,648.77
FNMA UMBS LNG YEAR . 20450401 3.500% US 59,376.92 $53,917.81
FNMA UMBS LNG YEAR . 20460401 3.500% US 26,162.27 $23,744.35
FNMA UMBS LNG YEAR . 20460501 4.000% US 19,099.87 $17,902.50
FNMA UMBS LNG YEAR . 20470101 3.500% US 168,735.77 $153,014.66
FNMA UMBS LNG YEAR . 20470201 4.500% US 28,380.54 $27,348.62
FNMA UMBS LNG YEAR . 20470401 3.000% US 619,283.29 $541,030.65
FNMA UMBS LNG YEAR . 20500401 3.000% US 4,257,058.22 $3,682,866.21
FNMA UMBS LNG YEAR . 20500501 3.000% US 4,166,067.12 $3,601,981.63
FNMA UMBS LNG YEAR . 20520501 3.500% US 1,526,730.44 $1,354,866.39
FNMA UMBS LNG YEAR . 20520501 4.000% US 2,702,470.05 $2,481,462.05
FNMA UMBS LNG YEAR . 20520701 4.500% US 8,781,075.7 $8,304,351.10
FNMA UMBS LNG YEAR . 20520901 4.500% US 2,368,695.63 $2,238,677.93
FNMA UMBS LNG YEAR . 20521101 5.500% US 3,237,218.48 $3,206,432.53
GNMA REMIC TRUST - AH . 20561216 2.600% US 50,937.17 $45,780.96
GNMA REMIC TRUST - BQ . 20540420 5.000% US 4,492,179.46 $4,415,207.76
GOODGREEN - A . 20550415 2.630% US 1,289,809.72 $1,073,161.80
GS MBS TR -PJ A- FLT 20520225 2.500% US 1,124,224.93 $967,818.26
GS MRTG BCK SEC TR -INV A- FLT 20511225 5.000% US 1,535,482.85 $1,418,932.79
GS MTG -BACK SEC TR -PJ A- FLT 20511125 2.500% US 1,138,197.3 $980,746.37
GS MTG SECS TR -PJ A- FLT 20501025 3.000% US 470,495.16 $397,072.04
HAWAII ST TAXABLE GO REF BDS G 20381001 2.682% US 95,000 $71,694.60
HOTWIRE FDING LLC - A- . 20530520 5.687% US 1,600,000 $1,601,358.40
HUNTINGTON BANCSHARES INC GLBL NT . 20300204 2.550% US 4,145,000 $3,546,130.40
IMPERIAL FUND MTG TR -NQM A- FLT 20561125 1.595% US 1,311,536.78 $1,106,312.62
JEFFERIES FINANCIAL GROUP INC SR GLBL NT. 20340414 6.200% US 5,260,000 $5,329,852.80
JP MORGAN MTG TR - -A- FLT 20290625 3.000% US 27,613.08 $26,405.18
JP MORGAN MTG TR - A- FLT 20481225 3.500% US 15,176.18 $13,452.04
JP MORGAN MTG TR - A--B FLT 20510825 2.000% US 1,683,459.19 $1,287,122.39
JPMORGAN CHASE n CO SR GLBL NT 20310324 4.493% US 9,185,000 $8,853,237.80
KEYBANK NATIONAL ASSOCIATION SR GLBL NT 20271115 5.850% US 7,555,000 $7,531,352.85
LIBRA SOL LLC - A . 20341015 6.850% US 392,355.83 $391,718.21
LIBRA SOL LLC - A . 20350215 7.000% US 488,478.39 $487,541.44
MASSMUTUAL GLBL FDG II MTN A NT . 20290117 4.850% US 1,775,000 $1,763,107.50
METROPOLITAN LIFE GLOBAL FDG I FR . 20290108 4.850% US 1,785,000 $1,770,755.70
NEW RESI MTG LN TR - A FLT 20540125 3.750% US 89,415.94 $83,122.93
NEW RESI MTG LN TR - A- FLT 20550825 3.750% US 76,734.33 $71,097.23
NEW RESI MTG LN TR - A- FLT 20561125 3.750% US 70,702.7 $65,530.83
NEW RESI MTG LN TR - A-FXD FLT 20541125 3.750% US 40,563.95 $37,670.34
NEW YORK LIFE GLOBAL FDG FR . 20290129 4.700% US 1,785,000 $1,772,344.35
NEWCASTLE COAL INFRASTRUCTURE SR SEC A NT 20270929 4.400% US 3,720,666.18 $3,529,647.18
OBX TRUST -INV A- FLT 20511225 3.000% US 1,256,249.19 $1,040,724.57
OBX TRUST -NQM A- . 20631125 5.928% US 1,474,856.04 $1,475,678.57
OBX TRUST 2020-EXP1 4.54 20600225 US 8,125,799.5 $8,125,799.50
OXFORD FIN FDG LLC - A- . 20280215 3.100% US 339,785.71 $335,353.34
OXFORD FIN FDG TR - A- . 20310215 6.716% US 2,600,000 $2,607,560.80
OXFORD FIN FDG TR LLC - A- . 20300215 3.602% US 2,431,233.01 $2,315,835.75
PALOMINO FDG TR I SR SEC GLBL 20280517 7.233% US 6,750,000 $7,088,107.50
PCG - LLC SR SEC GLBL 20290725 11.345% US 4,387,922.02 $4,387,263.83
PEAR - LLC A . 20350716 0.000% US 1,090,105.16 $1,098,506.16
PEAR LLC - A . 20360215 6.950% US 1,092,292.4 $1,091,065.65
PEAR, LLC - A . 20340115 2.600% US 1,321,603.19 $1,283,673.31
PMT LOAN TRUST -J A- FLT 20430925 3.500% US 590,400.44 $528,763.81
PNC FINL SVCS GROUP INC SR GLBL NT 20260612 5.812% US 5,305,000 $5,310,145.85
PROVIDENT FDG MTG TR - A-A FLT 20510525 2.000% US 1,485,024.14 $1,252,210.37
PROVIDENT FND MTG TR -INV A- FLT 20510825 2.500% US 2,416,844.9 $1,925,091.89
RCKT MRTG TR - A- FLT 20511225 2.500% US 1,534,662.04 $1,222,214.06
SBA TOWER TR - - . 20521115 6.599% US 5,225,000 $5,333,715.53
SEQUOIA MTG TR - A- FLT 20430425 2.325% US 1,351,463.87 $1,124,083.18
SEQUOIA MTG TR - A- FLT 20430525 3.000% US 371,117.25 $322,524.75
SEQUOIA MTG TR - A- FLT 20430625 3.000% US 29,094.58 $25,211.49
SEQUOIA MTG TR - A- FLT 20430625 3.000% US 76,006.32 $66,068.68
SIMON PPTY GROUP LP GLBL NT . 20320115 2.250% US 8,620,000 $7,010,818.40
SIMON PPTY GROUP LP SR GLBL NT 20320201 2.650% US 4,285,000 $3,583,159.85
SIRIUSPOINT LTD SR GLBL NT 20290405 7.000% US 5,091,000 $5,164,615.86
SMB PRIVATE EDU LN TR -D A- . 20530715 0.000% US 5,500,000 $5,481,738.30
SOUTH CAROLINA ST PUB SVCS AUT TAXABLE REF OBLIGS B 20281201 2.329% US 600,000 $539,532.00
SPDR SER TR INV GRD FLT RT US 567,445 $17,505,678.25
SPDR SERIES TRUST BARC CAPTL ETF US 589,027 $17,494,101.90
SUTHERLAND COML MTG TF -SB A FLT 20410425 2.860% US 411,170.09 $381,744.91
TENCENT HLDGS LTD FR . 20290411 3.975% US 7,435,000 $7,070,090.20
TOWD PT MTG TR -HY A FLT 20481026 6.193% US 71,400.99 $72,464.12
TRUIST FINL CORP FR . 20290607 1.887% US 6,075,000 $5,320,910.25
UNITED STATES TREAS BDS . 20420215 2.375% US 38,367,000 $28,060,472.79
UNITED STATES TREAS BDS . 20530215 3.625% US 40,842,000 $34,966,061.46
UNITED STATES TREAS BDS 20470515 3.000% US 54,643,000 $42,034,674.18
UNITED STATES TREAS BDS TIPS . 20270115 2.375% US 13,892,138 $13,884,080.56
UNITED STATES TREAS NTS . 20251115 2.250% US 12,846,000 $12,388,425.48
UNITED STATES TREAS NTS . 20271115 2.250% US 10,302,000 $9,585,701.94
UNITED STATES TREAS NTS . 20281115 3.125% US 22,338,000 $21,221,993.52
UNITED STATES TREAS NTS . 20291115 1.750% US 24,140,000 $21,217,853.00
UNITED STATES TREAS NTS . 20311115 1.375% US 26,004,000 $21,181,038.12
UNITED STATES TREAS NTS . 20321115 4.125% US 21,493,000 $21,166,521.33
UNITED STATES TREAS NTS . 20331115 4.500% US 38,316,000 $38,753,185.56
UNITED STATES TREAS NTS TIPS . 20310115 0.125% US 23,981,375.99 $21,197,138.24
US BANCORP FR . 20290201 4.653% US 5,430,000 $5,315,481.30
VERTICAL BRIDGE CC - A . 20500915 2.636% US 1,950,000 $1,868,199.06
WARNERMEDIA HLDGS INC SR GLBL NT 20290315 4.054% US 9,750,000 $9,009,292.50
WELLS FARGO n CO FR . 20280422 5.707% US 5,260,000 $5,306,971.80
WINWATER MTG LN TR - A- FLT 20450120 3.500% US 13,655.92 $12,279.13
WINWATER MTG LN TR - A- FLT 20450220 3.500% US 403,031.98 $358,379.06

Investments will change over time.

Distributions

  • 2024 Distribution Calendar
  • 2024 Distributions
  • 2023 Distributions
  • 2022 Distributions
  • 2021 Distributions
  • 2020 Distributions
  • Tax Letter
  • Core Bond Series - 2023 - 8937 Form

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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