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

$8.79

Daily $ Change

$0.03

Daily % Change

0.34%

as of 06/23/2022

Ticker

MCBZX

CUSIP

56382R233

Inception Date

03/01/2019

Investment Minimum

$1,000,000.00

*May be waived for certain qualified retirement plans that are not discretionary investment clients 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 05/31/2022

YTD

-8.85%

1 Year

-8.39%

3 Year

0.43%

5 Year

1.18%

10 Year

1.88%

Inception
(04/21/2005)

3.60%

Inception performance is based on the Core Bond Series Class S inception of 04/21/2005. For periods through 03/01/2019 (the inception date of the Class Z shares), performance for the Class Z shares is based on the historical performance of the Class S shares. Because the Class Z shares invest in the same portfolio of securities as the Class S shares, performance will be different only to the extent that the Class S shares have a higher expense ratio. 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 0.35%
Net 0.30%*

*Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses, where applicable. The contractual waiver may not be amended or terminated without the prior approval of the Fund’s Board of Directors. Class Z shares do not make payments to financial intermediaries.

Top Ten Investments

As of 05/31/2022

TREASURY NOTES 36.14%
TREASURY BONDS 9.55%
GOVERNMENT AGENCY 9.28%
TENCENT HOLDINGS 3.97500 04/11/2029 2.18%
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 1.56%
CENOVUS ENERGY INC 6.75000 11/15/2039 1.50%
CAALT 2020-3A A 1.24000 10/15/2029 1.40%
MAGALLANES INC 4.05400 03/15/2029 1.39%
AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 1.33%
JPMORGAN CHASE & CO 4.49300 03/24/2031 1.29%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 05/31/2022

Treasury 45.32%
Cash 0.81%
Corporate 23.45%
Mortgage 28.97%
Other 1.45%

Credit Quality Distribution

As of 05/31/2022

AAA 63.22%
AA 2.26%
A 13.30%
BBB 13.52%
NR 7.70%

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.

May Fund Holdings

As of 05/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 1,970,000 $1,727,606.14
AIR LEASE CORP 3.62500 04/01/2027 US 1,700,000 $1,616,692.59
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 3,440,000 $2,995,013.19
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 1,310,000 $1,089,717.37
AMAZON.COM INC 3.30000 04/13/2027 US 3,520,000 $3,516,757.20
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 1,800,000 $1,711,622.65
AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 KY 4,820,000 $4,176,699.71
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 1,570,000 $1,589,419.91
BANK OF AMERICA CORP 2.68700 04/22/2032 US 2,790,000 $2,441,001.91
BLACKSTONE PRIVATE CRE 2.62500 12/15/2026 US 1,910,000 $1,661,768.02
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 1,810,000 $1,646,635.93
BABS 2021-RM2 A 1.75000 10/25/2061 US 1,452,594.02 $1,314,285.14
BJETS 2021-1A A 2.16200 04/15/2036 US 2,165,402.35 $1,947,076.52
SORT 2020-1 A2 1.99000 07/15/2060 US 1,201,936.36 $1,055,412.75
SORT 2020-1 B1 2.28000 07/15/2060 US 1,518,830.77 $1,384,020.11
SORT 2021-1A B1 MTGE 1.98000 03/15/2061 US 1,697,529.42 $1,495,589.45
CIM 2019-INV1 A1 4.00000 02/25/2049 US 23,457.39 $23,430.09
CLIF 2021-1A A MTGE 1.64000 02/18/2046 US 3,063,250.02 $2,753,886.30
CSMC 2013-IVR2 A2 3.00000 04/25/2043 US 200,426.53 $189,520.60
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 58,295.07 $54,694.32
CSMC 2013-6 2A1 3.50000 08/25/2043 US 190,687.1 $181,317.78
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 4,200,000 $4,733,001.71
CITIGROUP INC 1.46200 06/09/2027 US 2,670,000 $2,405,062.23
CMLTI 2021-INV1 2.50000 05/25/2051 US 914,713.18 $805,073.16
CLARK CNTY NV 1.15000 11/01/2026 US 3,410,000 $3,110,823.68
CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 504,946.99 $493,007.30
CAFL 2020-3 A 1.35800 08/15/2053 US 1,002,427.45 $906,488.68
CAALT 2020-1A 2.01000 02/15/2029 US 297,659.58 $297,120.49
CAALT 2020-1A B 2.39000 04/16/2029 US 600,000 $590,493.97
CAALT 2020-3A A 1.24000 10/15/2029 US 4,500,000 $4,402,410.80
CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 2,270,000 $2,064,409.03
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 35,107.92 $32,003.89
COLO 2021-1A A2 MTGE 2.06000 02/27/2051 US 2,400,000 $2,172,854.40
DREYFUS GVT CSH MANAGEMENT US 2,571,217.55 $2,571,217.55
EDVES 2021-A A MTGE 1.80000 11/25/2045 US 1,206,962.02 $1,089,058.85
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 3,590,000 $3,754,195.26
EXPEDIA GROUP INC 3.25000 02/15/2030 US 1,850,000 $1,635,847.40
FREMF 2015-K42 B FLT 3.84863 01/25/2048 US 380,000 $375,130.27
FHLM POOL D98711 4.50000 07/01/2031 US 56,642.22 $58,845.22
FHLM POOL G05900 6.00000 03/01/2040 US 20,587.93 $22,930.51
FHLM POOL G12988 6.00000 01/01/2023 US 118.02 $118.35
FHLM POOL G13078 6.00000 03/01/2023 US 174.32 $174.97
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 83,889.53 $86,431.72
FHLM POOL G08268 5.00000 05/01/2038 US 303,867.23 $323,272.71
FHLM POOL C91746 4.50000 12/01/2033 US 42,652.89 $44,283.25
FHLM POOL C91771 4.50000 06/01/2034 US 52,334 $54,362.28
FHLM POOL C91780 4.50000 07/01/2034 US 66,331.3 $69,182.00
FHLM POOL C91832 3.50000 06/01/2035 US 243,650.56 $246,459.21
FHLM POOL A92889 4.50000 07/01/2040 US 122,141.24 $127,576.43
FHLM POOL Q93451 4.50000 08/01/2040 US 350,393.36 $366,027.75
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 3,169,734.19 $3,049,648.30
FHLM POOL SD8230 4.50000 06/01/2052 US 1,730,000 $1,762,980.91
FHLM POOL Q17513 3.50000 04/01/2043 US 78,979.38 $79,188.50
FHLM POOL Q37857 4.00000 12/01/2045 US 268,691.45 $273,623.96
FHLM POOL Q38388 4.00000 01/01/2046 US 272,678.9 $277,684.61
FHLM POOL Q47130 4.50000 04/01/2047 US 25,792.8 $26,577.53
FHLM POOL FG Q47544 4.00000 03/01/2047 US 261,620.27 $266,085.20
FHLM POOL G60855 4.50000 12/01/2045 US 112,272.05 $117,165.99
FHLM POOL G60071 4.50000 07/01/2042 US 124,084.05 $129,620.62
FHLM POOL G60513 5.00000 07/01/2041 US 316,862.57 $337,166.09
FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 US 406,864.63 $405,075.04
FNR 2018-13 PA MTGE 3.00000 03/25/2048 US 1,929,410.94 $1,842,944.12
FNR 2018-31 KP 3.50000 07/25/2047 US 24,876.95 $25,025.30
FNR 2021-69 WJ 1.50000 10/25/2050 US 1,308,502.01 $1,168,024.69
FHMS K030 X1 FLT 0.14558 04/25/2023 US 11,817,288.76 $13,742.68
FHMS K032 X1 FLT 0.06799 05/25/2023 US 7,104,899.61 $6,090.75
FHR 5189 CP 2.50000 06/25/2049 US 1,517,249.87 $1,410,861.95
FEDERAL NATL MTG ASSN AH3858 4.50000 08/01/2041 US 211,974.72 $221,215.77
FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 US 44,784.81 $45,869.26
FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 53,143.82 $54,430.68
FEDERAL NATL MTG ASSN AL8674 FLT 5.65900 01/01/2049 US 292,939.4 $320,265.41
FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 141,720.44 $147,783.71
FEDERAL NATL MTG ASSN FN AX1685 3.50000 11/01/2044 US 524,757.7 $525,005.97
FEDERAL NATL MTG ASSN AY8604 3.50000 04/01/2045 US 78,121.22 $77,917.92
FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 31,073.35 $30,938.92
FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 28,843.61 $29,240.54
FEDERAL NATL MTG ASSN BD1191 3.50000 01/01/2047 US 201,039.72 $200,170.00
FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 35,174.47 $36,289.91
FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 US 426,400.1 $432,688.28
FEDERAL NATL MTG ASSN FN FM2568 3.00000 05/01/2038 US 452,540.33 $448,412.80
FEDERAL NATL MTG ASSN FN FM2232 4.00000 06/01/2048 US 119,571.6 $121,369.94
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 3,075,741.63 $3,058,759.45
FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 20.89 $20.89
FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 64,657.23 $71,559.69
FEDERAL NATL MTG ASSN MA2587 3.50000 04/01/2036 US 216,475.96 $218,791.13
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 35,130.76 $36,458.35
FEDERAL NATL MTG ASSN FN MA3007 3.00000 04/01/2047 US 755,066.73 $729,358.00
FEDERAL NATL NTG ASSN MA3215 3.50000 12/01/2037 US 688,860.43 $689,397.07
FEDERAL NATL MTG ASSN FN MA3463 4.00000 09/01/2033 US 118,507.07 $121,578.33
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 3,032,631.05 $2,852,592.18
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 3,184,952.3 $3,124,481.71
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 3,148,222.68 $3,152,306.71
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 3,160,000 $3,198,220.20
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 1,285.25 $1,325.06
FLX 2021-1A A2 3.25000 11/27/2051 US 2,825,000 $2,617,545.00
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 1,050,000 $1,011,838.66
FREMF 2015-K720 B FLT 3.45856 07/25/2022 US 190,467.02 $190,441.31
GSMBS 2020-PJ3 A14 3.00000 10/25/2050 US 577,693.69 $527,552.07
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 1,353,236 $1,257,643.68
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 1,337,646.46 $1,240,575.89
GSMBS 2021-INV1 A9 1.43446 12/25/2051 US 1,755,351.14 $1,661,125.30
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 1,752,902.78 $1,606,927.17
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 130,220.25 $126,824.37
HCA INC 4.12500 06/15/2029 US 2,590,000 $2,521,225.71
HAWAII ST 2.68200 10/01/2038 US 95,000 $75,228.91
IMPRL 2021-NQM3 1.59500 11/25/2056 US 1,603,388.32 $1,522,160.51
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 54,128.11 $52,385.85
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 4,000,000 $4,052,930.56
JPMMT 2017-6 A3 3.50000 12/25/2048 US 24,301.06 $22,976.46
MAGALLANES INC 4.05400 03/15/2029 US 4,560,000 $4,371,397.67
NAVSL 2019-EA A2A 2.64000 05/15/2068 US 533,082.49 $526,587.83
NRZT 2014-1A A 3.75000 01/25/2054 US 126,258.92 $123,803.93
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 58,292.61 $57,258.14
NRZT 2015-2A A1 3.75000 08/25/2055 US 111,231.52 $108,364.22
NRZT 2016-4A A1 3.75000 11/25/2056 US 101,692.97 $99,381.25
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 910,000 $883,386.15
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 1,810,000 $1,645,254.85
OBX 2022-INV1 A1 3.00000 12/25/2051 US 1,457,379.28 $1,328,825.57
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 1,680,000 $1,564,412.42
OXFIN 2020-1A A2 3.10100 02/15/2028 US 1,463,441.54 $1,455,000.99
OXFIN 2019-1A A2 4.45900 02/15/2027 US 667,072.85 $665,489.35
OXFIN 2022-1A 3.60200 02/15/2030 US 2,650,000 $2,522,429.53
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 180,374.99 $171,484.80
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 3,219,714.21 $3,098,436.91
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 2,666,743.11 $2,342,450.93
PFMT 2021-2 A2A 2.00000 04/25/2051 US 1,764,248.29 $1,598,260.40
QUALCOMM INC 4.25000 05/20/2032 US 3,170,000 $3,291,626.43
RCKT 2021-6 A1 2.50000 12/25/2051 US 1,732,366.02 $1,519,558.99
SMB 2020-A A2A MTGE 2.23000 09/15/2037 US 1,022,236.6 $975,967.21
SEMT 2013-6 A2 3.00000 05/25/2043 US 488,787.01 $457,746.52
SEMT 2013-7 A2 3.00000 06/25/2043 US 37,090.3 $34,754.22
SEMT 2013-8 A1 3.00000 06/25/2043 US 93,057.34 $87,402.50
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 5,680,000 $4,905,449.24
SOFI 2020-C AFX 1.95000 02/15/2046 US 407,268.94 $395,516.89
SOFI 2017-F A2FX 2.84000 01/25/2041 US 1,077,647.98 $1,064,221.65
SOFI 2020-A A2FX MTGE 2.54000 05/15/2046 US 658,945.52 $642,721.05
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 600,000 $540,190.02
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 2,970,000 $3,096,648.31
SCML 2019-SBC8 2.86000 04/25/2041 US 570,714.53 $535,886.68
TENCENT HOLDINGS 3.97500 04/11/2029 KY 7,120,000 $6,860,404.94
TPMT 2016-5 A1 2.50000 10/25/2056 US 91,624.55 $91,224.48
TPMT 2017-1 A1 2.75000 10/25/2056 US 77,268.72 $76,964.54
TPMT 2019-HY1 A1 2.00571 10/25/2048 US 132,499.82 $131,180.69
TAH 2020-SFR1 B MTGE 2.04900 07/17/2038 US 1,300,000 $1,185,294.59
TCF 2021-1A 1.86000 03/20/2046 US 2,522,333.33 $2,213,129.92
US TREASURY N/BB 3.87500 08/15/2040 US 17,455,000 $19,124,134.38
US TREASURY N/B 2.50000 02/15/2045 US 22,232,000 $19,248,048.75
US TREASURY N/B 3.00000 05/15/2047 US 4,642,000 $4,425,131.56
US TREASURY N/B 2.00000 02/15/2050 US 8,140,000 $6,421,696.88
US TREASURY N/B 2.87500 05/15/2028 US 20,236,000 $20,229,676.25
US TREASURY N/B 1.62500 05/15/2026 US 24,260,000 $23,192,939.18
US TREASURY N/B 2.37500 05/15/2027 US 26,205,000 $25,637,907.55
UNITED STATES TREAS NTS 2.12500 05/15/2025 US 26,155,000 $25,713,634.38
VBTOW 2020-2A A 2.63600 09/15/2050 US 2,250,000 $2,127,278.48
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 810,000 $795,089.88
VISTRA OPERATIONS 4.87500 05/13/2024 US 2,630,000 $2,639,989.92
WIN 2015-1 A1 3.50000 01/20/2045 US 16,586.05 $15,857.39
WIN 2015-2 A11 3.50000 02/20/2045 US 498,273.32 $473,097.44

Investments will change over time.

Distributions

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

$8.79

Daily $ Change

$0.03

Daily % Change

0.34%

as of 06/23/2022

Ticker

MCBZX

CUSIP

56382R233

Inception Date

03/01/2019

Investment Minimum

$1,000,000.00

*May be waived for certain qualified retirement plans that are not discretionary investment clients 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 05/31/2022

YTD

-8.85%

1 Year

-8.39%

3 Year

0.43%

5 Year

1.18%

10 Year

1.88%

Inception
(04/21/2005)

3.60%

Inception performance is based on the Core Bond Series Class S inception of 04/21/2005. For periods through 03/01/2019 (the inception date of the Class Z shares), performance for the Class Z shares is based on the historical performance of the Class S shares. Because the Class Z shares invest in the same portfolio of securities as the Class S shares, performance will be different only to the extent that the Class S shares have a higher expense ratio. 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 0.35%
Net 0.30%*

*Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses, where applicable. The contractual waiver may not be amended or terminated without the prior approval of the Fund’s Board of Directors. Class Z shares do not make payments to financial intermediaries.

Top Ten Investments

As of 05/31/2022

TREASURY NOTES 36.14%
TREASURY BONDS 9.55%
GOVERNMENT AGENCY 9.28%
TENCENT HOLDINGS 3.97500 04/11/2029 2.18%
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 1.56%
CENOVUS ENERGY INC 6.75000 11/15/2039 1.50%
CAALT 2020-3A A 1.24000 10/15/2029 1.40%
MAGALLANES INC 4.05400 03/15/2029 1.39%
AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 1.33%
JPMORGAN CHASE & CO 4.49300 03/24/2031 1.29%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 05/31/2022

Treasury
45.32%
Cash
0.81%
Corporate
23.45%
Mortgage
28.97%
Other
1.45%

Credit Quality Distribution

As of 05/31/2022

AAA
63.22%
AA
2.26%
A
13.30%
BBB
13.52%
NR
7.70%

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.

May Fund Holdings

As of 05/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 1,970,000 $1,727,606.14
AIR LEASE CORP 3.62500 04/01/2027 US 1,700,000 $1,616,692.59
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 3,440,000 $2,995,013.19
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 1,310,000 $1,089,717.37
AMAZON.COM INC 3.30000 04/13/2027 US 3,520,000 $3,516,757.20
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 1,800,000 $1,711,622.65
AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 KY 4,820,000 $4,176,699.71
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 1,570,000 $1,589,419.91
BANK OF AMERICA CORP 2.68700 04/22/2032 US 2,790,000 $2,441,001.91
BLACKSTONE PRIVATE CRE 2.62500 12/15/2026 US 1,910,000 $1,661,768.02
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 1,810,000 $1,646,635.93
BABS 2021-RM2 A 1.75000 10/25/2061 US 1,452,594.02 $1,314,285.14
BJETS 2021-1A A 2.16200 04/15/2036 US 2,165,402.35 $1,947,076.52
SORT 2020-1 A2 1.99000 07/15/2060 US 1,201,936.36 $1,055,412.75
SORT 2020-1 B1 2.28000 07/15/2060 US 1,518,830.77 $1,384,020.11
SORT 2021-1A B1 MTGE 1.98000 03/15/2061 US 1,697,529.42 $1,495,589.45
CIM 2019-INV1 A1 4.00000 02/25/2049 US 23,457.39 $23,430.09
CLIF 2021-1A A MTGE 1.64000 02/18/2046 US 3,063,250.02 $2,753,886.30
CSMC 2013-IVR2 A2 3.00000 04/25/2043 US 200,426.53 $189,520.60
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 58,295.07 $54,694.32
CSMC 2013-6 2A1 3.50000 08/25/2043 US 190,687.1 $181,317.78
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 4,200,000 $4,733,001.71
CITIGROUP INC 1.46200 06/09/2027 US 2,670,000 $2,405,062.23
CMLTI 2021-INV1 2.50000 05/25/2051 US 914,713.18 $805,073.16
CLARK CNTY NV 1.15000 11/01/2026 US 3,410,000 $3,110,823.68
CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 504,946.99 $493,007.30
CAFL 2020-3 A 1.35800 08/15/2053 US 1,002,427.45 $906,488.68
CAALT 2020-1A 2.01000 02/15/2029 US 297,659.58 $297,120.49
CAALT 2020-1A B 2.39000 04/16/2029 US 600,000 $590,493.97
CAALT 2020-3A A 1.24000 10/15/2029 US 4,500,000 $4,402,410.80
CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 2,270,000 $2,064,409.03
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 35,107.92 $32,003.89
COLO 2021-1A A2 MTGE 2.06000 02/27/2051 US 2,400,000 $2,172,854.40
DREYFUS GVT CSH MANAGEMENT US 2,571,217.55 $2,571,217.55
EDVES 2021-A A MTGE 1.80000 11/25/2045 US 1,206,962.02 $1,089,058.85
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 3,590,000 $3,754,195.26
EXPEDIA GROUP INC 3.25000 02/15/2030 US 1,850,000 $1,635,847.40
FREMF 2015-K42 B FLT 3.84863 01/25/2048 US 380,000 $375,130.27
FHLM POOL D98711 4.50000 07/01/2031 US 56,642.22 $58,845.22
FHLM POOL G05900 6.00000 03/01/2040 US 20,587.93 $22,930.51
FHLM POOL G12988 6.00000 01/01/2023 US 118.02 $118.35
FHLM POOL G13078 6.00000 03/01/2023 US 174.32 $174.97
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 83,889.53 $86,431.72
FHLM POOL G08268 5.00000 05/01/2038 US 303,867.23 $323,272.71
FHLM POOL C91746 4.50000 12/01/2033 US 42,652.89 $44,283.25
FHLM POOL C91771 4.50000 06/01/2034 US 52,334 $54,362.28
FHLM POOL C91780 4.50000 07/01/2034 US 66,331.3 $69,182.00
FHLM POOL C91832 3.50000 06/01/2035 US 243,650.56 $246,459.21
FHLM POOL A92889 4.50000 07/01/2040 US 122,141.24 $127,576.43
FHLM POOL Q93451 4.50000 08/01/2040 US 350,393.36 $366,027.75
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 3,169,734.19 $3,049,648.30
FHLM POOL SD8230 4.50000 06/01/2052 US 1,730,000 $1,762,980.91
FHLM POOL Q17513 3.50000 04/01/2043 US 78,979.38 $79,188.50
FHLM POOL Q37857 4.00000 12/01/2045 US 268,691.45 $273,623.96
FHLM POOL Q38388 4.00000 01/01/2046 US 272,678.9 $277,684.61
FHLM POOL Q47130 4.50000 04/01/2047 US 25,792.8 $26,577.53
FHLM POOL FG Q47544 4.00000 03/01/2047 US 261,620.27 $266,085.20
FHLM POOL G60855 4.50000 12/01/2045 US 112,272.05 $117,165.99
FHLM POOL G60071 4.50000 07/01/2042 US 124,084.05 $129,620.62
FHLM POOL G60513 5.00000 07/01/2041 US 316,862.57 $337,166.09
FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 US 406,864.63 $405,075.04
FNR 2018-13 PA MTGE 3.00000 03/25/2048 US 1,929,410.94 $1,842,944.12
FNR 2018-31 KP 3.50000 07/25/2047 US 24,876.95 $25,025.30
FNR 2021-69 WJ 1.50000 10/25/2050 US 1,308,502.01 $1,168,024.69
FHMS K030 X1 FLT 0.14558 04/25/2023 US 11,817,288.76 $13,742.68
FHMS K032 X1 FLT 0.06799 05/25/2023 US 7,104,899.61 $6,090.75
FHR 5189 CP 2.50000 06/25/2049 US 1,517,249.87 $1,410,861.95
FEDERAL NATL MTG ASSN AH3858 4.50000 08/01/2041 US 211,974.72 $221,215.77
FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 US 44,784.81 $45,869.26
FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 53,143.82 $54,430.68
FEDERAL NATL MTG ASSN AL8674 FLT 5.65900 01/01/2049 US 292,939.4 $320,265.41
FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 141,720.44 $147,783.71
FEDERAL NATL MTG ASSN FN AX1685 3.50000 11/01/2044 US 524,757.7 $525,005.97
FEDERAL NATL MTG ASSN AY8604 3.50000 04/01/2045 US 78,121.22 $77,917.92
FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 31,073.35 $30,938.92
FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 28,843.61 $29,240.54
FEDERAL NATL MTG ASSN BD1191 3.50000 01/01/2047 US 201,039.72 $200,170.00
FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 35,174.47 $36,289.91
FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 US 426,400.1 $432,688.28
FEDERAL NATL MTG ASSN FN FM2568 3.00000 05/01/2038 US 452,540.33 $448,412.80
FEDERAL NATL MTG ASSN FN FM2232 4.00000 06/01/2048 US 119,571.6 $121,369.94
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 3,075,741.63 $3,058,759.45
FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 20.89 $20.89
FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 64,657.23 $71,559.69
FEDERAL NATL MTG ASSN MA2587 3.50000 04/01/2036 US 216,475.96 $218,791.13
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 35,130.76 $36,458.35
FEDERAL NATL MTG ASSN FN MA3007 3.00000 04/01/2047 US 755,066.73 $729,358.00
FEDERAL NATL NTG ASSN MA3215 3.50000 12/01/2037 US 688,860.43 $689,397.07
FEDERAL NATL MTG ASSN FN MA3463 4.00000 09/01/2033 US 118,507.07 $121,578.33
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 3,032,631.05 $2,852,592.18
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 3,184,952.3 $3,124,481.71
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 3,148,222.68 $3,152,306.71
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 3,160,000 $3,198,220.20
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 1,285.25 $1,325.06
FLX 2021-1A A2 3.25000 11/27/2051 US 2,825,000 $2,617,545.00
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 1,050,000 $1,011,838.66
FREMF 2015-K720 B FLT 3.45856 07/25/2022 US 190,467.02 $190,441.31
GSMBS 2020-PJ3 A14 3.00000 10/25/2050 US 577,693.69 $527,552.07
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 1,353,236 $1,257,643.68
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 1,337,646.46 $1,240,575.89
GSMBS 2021-INV1 A9 1.43446 12/25/2051 US 1,755,351.14 $1,661,125.30
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 1,752,902.78 $1,606,927.17
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 130,220.25 $126,824.37
HCA INC 4.12500 06/15/2029 US 2,590,000 $2,521,225.71
HAWAII ST 2.68200 10/01/2038 US 95,000 $75,228.91
IMPRL 2021-NQM3 1.59500 11/25/2056 US 1,603,388.32 $1,522,160.51
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 54,128.11 $52,385.85
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 4,000,000 $4,052,930.56
JPMMT 2017-6 A3 3.50000 12/25/2048 US 24,301.06 $22,976.46
MAGALLANES INC 4.05400 03/15/2029 US 4,560,000 $4,371,397.67
NAVSL 2019-EA A2A 2.64000 05/15/2068 US 533,082.49 $526,587.83
NRZT 2014-1A A 3.75000 01/25/2054 US 126,258.92 $123,803.93
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 58,292.61 $57,258.14
NRZT 2015-2A A1 3.75000 08/25/2055 US 111,231.52 $108,364.22
NRZT 2016-4A A1 3.75000 11/25/2056 US 101,692.97 $99,381.25
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 910,000 $883,386.15
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 1,810,000 $1,645,254.85
OBX 2022-INV1 A1 3.00000 12/25/2051 US 1,457,379.28 $1,328,825.57
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 1,680,000 $1,564,412.42
OXFIN 2020-1A A2 3.10100 02/15/2028 US 1,463,441.54 $1,455,000.99
OXFIN 2019-1A A2 4.45900 02/15/2027 US 667,072.85 $665,489.35
OXFIN 2022-1A 3.60200 02/15/2030 US 2,650,000 $2,522,429.53
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 180,374.99 $171,484.80
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 3,219,714.21 $3,098,436.91
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 2,666,743.11 $2,342,450.93
PFMT 2021-2 A2A 2.00000 04/25/2051 US 1,764,248.29 $1,598,260.40
QUALCOMM INC 4.25000 05/20/2032 US 3,170,000 $3,291,626.43
RCKT 2021-6 A1 2.50000 12/25/2051 US 1,732,366.02 $1,519,558.99
SMB 2020-A A2A MTGE 2.23000 09/15/2037 US 1,022,236.6 $975,967.21
SEMT 2013-6 A2 3.00000 05/25/2043 US 488,787.01 $457,746.52
SEMT 2013-7 A2 3.00000 06/25/2043 US 37,090.3 $34,754.22
SEMT 2013-8 A1 3.00000 06/25/2043 US 93,057.34 $87,402.50
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 5,680,000 $4,905,449.24
SOFI 2020-C AFX 1.95000 02/15/2046 US 407,268.94 $395,516.89
SOFI 2017-F A2FX 2.84000 01/25/2041 US 1,077,647.98 $1,064,221.65
SOFI 2020-A A2FX MTGE 2.54000 05/15/2046 US 658,945.52 $642,721.05
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 600,000 $540,190.02
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 2,970,000 $3,096,648.31
SCML 2019-SBC8 2.86000 04/25/2041 US 570,714.53 $535,886.68
TENCENT HOLDINGS 3.97500 04/11/2029 KY 7,120,000 $6,860,404.94
TPMT 2016-5 A1 2.50000 10/25/2056 US 91,624.55 $91,224.48
TPMT 2017-1 A1 2.75000 10/25/2056 US 77,268.72 $76,964.54
TPMT 2019-HY1 A1 2.00571 10/25/2048 US 132,499.82 $131,180.69
TAH 2020-SFR1 B MTGE 2.04900 07/17/2038 US 1,300,000 $1,185,294.59
TCF 2021-1A 1.86000 03/20/2046 US 2,522,333.33 $2,213,129.92
US TREASURY N/BB 3.87500 08/15/2040 US 17,455,000 $19,124,134.38
US TREASURY N/B 2.50000 02/15/2045 US 22,232,000 $19,248,048.75
US TREASURY N/B 3.00000 05/15/2047 US 4,642,000 $4,425,131.56
US TREASURY N/B 2.00000 02/15/2050 US 8,140,000 $6,421,696.88
US TREASURY N/B 2.87500 05/15/2028 US 20,236,000 $20,229,676.25
US TREASURY N/B 1.62500 05/15/2026 US 24,260,000 $23,192,939.18
US TREASURY N/B 2.37500 05/15/2027 US 26,205,000 $25,637,907.55
UNITED STATES TREAS NTS 2.12500 05/15/2025 US 26,155,000 $25,713,634.38
VBTOW 2020-2A A 2.63600 09/15/2050 US 2,250,000 $2,127,278.48
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 810,000 $795,089.88
VISTRA OPERATIONS 4.87500 05/13/2024 US 2,630,000 $2,639,989.92
WIN 2015-1 A1 3.50000 01/20/2045 US 16,586.05 $15,857.39
WIN 2015-2 A11 3.50000 02/20/2045 US 498,273.32 $473,097.44

Investments will change over time.

Distributions

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