Investment Objective

To provide long-term total return, with a secondary objective of providing preservation of capital.

Investment Strategy

Under normal circumstances, at least 80% of the Series’ assets will be invested in bonds and other financial instruments with economic characteristics similar to bonds.

Up to 50% of the Series may be invested in below investment-grade securities and up to 50% may be invested in non-U.S. dollar denominated securities, including securities issued by companies located in emerging markets. Derivatives such as futures, options, swaps, and forwards may be used to manage interest rate exposure, enhance duration management, or hedge currency exposure, for example.

While there are no maturity or duration restrictions, the Series’ duration is expected to range between -3 and 8 years.

May be Appropriate for Investors

  • Looking to diversify a portfolio by adding a non-traditional bond component
  • Who want to enhance the conventional benefits associated with fixed income investing through access to a broader set of securities that may help reduce volatility
  • Seeking an active approach that is objectives-driven, not benchmark-driven

Daily Price

$10.97

Daily $ Change

-$0.02

Daily % Change

-0.18%

as of 11/24/2021

Ticker

EXCPX

CUSIP

563821206

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 10/31/2021

YTD

2.78%

1 Year

5.63%

3 Year

5.22%

5 Year

3.64%

10 Year

3.52%

Inception
(04/21/2005)

4.56%

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 0.74%*

*Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee.

Top Ten Investments

As of 10/31/2021

TREASURY NOTES 6.02%
VANECK VECTORS J.P. MORGAN 1.50800 2.54%
ALEXANDER FUNDING TRUST 1.84100 11/15/2023 1.44%
AMERICAN TOWER CORP 3.80000 08/15/2029 1.28%
PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 1.22%
OCT18 2018-18A 1.08225 04/16/2031 1.14%
SABINE PASS LIQUEFACTION 5.75000 05/15/2024 1.09%
SEASPAN CORP 6.50000 02/05/2024 1.05%
TENCENT HOLDINGS 3.97500 04/11/2029 1.03%
AIRSWIFT GLOBAL AS FLT 8.62275 05/12/2025 1.00%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 10/31/2021

Treasury 5.88%
Government 1.76%
Cash 3.70%
Corporate 41.53%
Mortgage 42.66%
Other 4.47%

Credit Quality Distribution

As of 10/31/2021

AAA 24.71%
AA 4.02%
A 13.81%
BBB 18.77%
BB 6.35%
B 3.79%
D 0.15%
NR 28.40%

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 10/31/2021

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00774MAW5 AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 3,750,000 $3,806,601.90
01166WAA5 ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 5,313,632.09 $5,993,009.18
014621AA4 ALEXANDER FUNDING TRUST 1.84100 11/15/2023 US 10,000,000 $10,155,935.20
01609WAU6 ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 3,210,000 $3,478,951.55
01627AAA6 ADC 2021-1A A2 1.93700 08/15/2046 US 4,500,000 $4,478,722.20
02406MAP2 AMERICAN AXLE & MANUFACTURING 3.00000 04/06/2024 US 6,933,895 $6,919,056.46
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 8,250,000 $9,070,445.84
038923AS7 ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 3,555,000 $3,737,645.84
038923AW8 ARBOR REALTY TRUST 5.00000 04/30/2026 US 3,500,000 $3,502,962.82
045054AJ2 ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 1,500,000 $1,582,723.80
05401AAJ0 AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 KY 4,500,000 $4,615,145.37
05493JAE1 BDS 2021-FL8 B MTGE 1.43038 01/18/2036 KY 3,000,000 $2,998,163.70
05567SAA0 BNSF FUNDING TRUST I 6.61300 12/15/2055 US 1,500,000 $1,708,575.00
05591XAA9 BRSP 2021-FL1 A 1.23038 08/19/2038 US 3,000,000 $2,999,999.10
059438AK7 BANK ONE CORP 8.00000 04/29/2027 US 3,000,000 $3,917,105.52
09261HAC1 BLACKSTONE PRIVATE CRE 2.62500 12/15/2026 US 1,785,000 $1,754,445.30
09261XAB8 BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 1,850,000 $1,867,082.51
10373QBR0 BP CAP MARKETS AMERICA 3.06000 06/17/2041 US 5,250,000 $5,292,625.64
10638MAA8 BABS 2021-RM2 A 1.75000 10/25/2061 US 3,000,000 $2,910,680.40
12327BAA4 BJETS 2021-1A A 2.16200 04/15/2036 US 4,961,880.12 $4,981,116.34
12345678 JONAH ENERGY PARENT LLC US 85,915 $5,369,687.50
12530MAA3 SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 3,820,844.69 $3,821,589.75
12530MAC9 SORT 2020-1 B1 2.28000 07/15/2060 US 1,863,826.68 $1,874,919.06
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 182,997.83 $185,109.42
12565KAA5 CLIF 2021-1A A MTGE 1.64000 02/18/2046 US 6,254,769.06 $6,130,683.82
144523AC1 CARRINGTON HOLDING CO LL 8.00000 01/01/2026 US 3,500,000 $3,524,974.11
15135UAF6 CENOVUS ENERGY INC 6.75000 11/15/2039 CA 3,910,000 $5,352,749.22
156700BA3 CENTURYLINK INC 7.50000 04/01/2024 US 6,075,000 $6,667,312.50
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 3,700,000 $4,150,470.75
18469LAA7 CLEAR STREET HOLDINGS 5.87500 05/15/2026 US 3,500,000 $3,516,300.17
19424KAB9 CASL 2021-A A2 1.60000 07/25/2051 US 2,570,417.33 $2,536,501.19
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 2,758,852.87 $2,811,658.14
21872FAA5 COLONY AMERICAN FINANCE LTD 3.32400 03/15/2052 US 3,968,632.53 $4,113,287.60
21872NAA8 CAFL 2019-3 A 2.70500 10/15/2052 US 2,477,315 $2,555,888.99
21873AAA5 CAFL 2020-4 A MTGE 1.17400 12/15/2052 US 1,176,749.37 $1,156,036.93
21873CAA1 CAFL 2020-3 A 1.35800 08/15/2053 US 1,648,240.18 $1,621,095.97
22535AAA3 CAALT 2019-1A A 3.33000 02/15/2028 US 273,021.62 $273,381.46
22535GAC6 CAALT 2021-3A C MTGE 1.63000 09/16/2030 US 3,000,000 $2,979,772.80
22537CAE9 CAALT 2021-2A A 1.64000 06/17/2030 US 3,800,000 $3,773,716.54
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 5,000,000 $5,229,358.20
22822VAR2 CROWN CASTLE INTL CORP 3.30000 07/01/2030 US 1,850,000 $1,956,730.51
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 159,475.83 $160,867.10
23802WAA9 COLO 2021-1A A2 MTGE 2.06000 02/27/2051 US 5,200,000 $5,168,154.68
25265LAA8 DNRFA 2021- 1A A MTGE 1.76000 04/15/2049 US 5,000,000 $4,896,521.00
26150TAE9 DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 US 2,850,000 $2,927,150.27
28166GAA3 EDVES 2019-A A MTGE 3.58000 11/25/2038 US 2,442,270.17 $2,516,342.51
28166LAA2 EDVES 2021-A A MTGE 1.80000 11/25/2045 US 2,415,799.53 $2,392,674.29
30212PAR6 EXPEDIA GROUP INC 3.25000 02/15/2030 US 3,400,000 $3,496,775.05
30262SAR9 FREMF 2015-K42 B FLT 3.84953 01/25/2048 US 1,900,000 $2,025,259.78
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 3,235,000 $3,364,400.00
30286XAN9 FREMF 2015-K43 B FLT 3.73157 02/25/2048 US 1,500,000 $1,599,023.25
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 80,986,195.65 $76,985.48
30319YAA6 FSRIA 2021-FL2 A 1.30588 04/16/2028 US 3,000,000 $3,003,472.50
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 307,173.18 $334,976.32
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 42,414.36 $49,387.04
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 1,441.01 $1,476.24
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 340.87 $342.09
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 282.99 $283.93
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 1,304.74 $1,324.13
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 1,772.56 $1,797.87
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 237,039.54 $259,573.16
3128P7QL0 FHLM POOL C91359 4.50000 02/01/2031 US 104,681.57 $114,160.64
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 342,196.03 $352,084.98
3137AME78 FHMS K017 X1 FLT 1.45937 12/25/2021 US 5,854,618.27 $451.98
3137AUPF0 FHMS K021 x1 FLT 1.37556 06/25/2022 US 15,198,825.04 $44,582.71
3137B3NB0 FHMS K030 X1 FLT 0.14755 04/25/2023 US 51,118,563.74 $107,839.72
3137B4GZ3 FHMS K032 X1 FLT 0.07332 05/25/2023 US 30,527,910.25 $43,789.23
3137FRUV1 FHMS K106 X1 MTGE 1.35449 01/25/2030 US 53,876,452.16 $5,263,729.38
3138WDJY8 FEDERAL NATL MTG ASSN AS3878 4.50000 11/01/2044 US 495,242.64 $550,006.77
3138XU4Y5 FEDERAL NATL MTG ASSN AW5338 4.50000 06/01/2044 US 548,995.3 $602,694.17
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 115,386.58 $125,684.65
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 187.7 $188.95
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 64.64 $64.58
31416CJV9 FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 268,644.54 $317,488.87
31417YDV6 FHLM POOL MA0115 4.50000 07/01/2029 US 38,536.93 $41,628.06
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 151,285.77 $165,995.41
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 4,773 $4,975.75
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 4,480,000 $4,634,558.21
345370CV0 FORD MOTOR COMPANY 8.50000 04/21/2023 US 4,000,000 $4,386,000.00
345397XA6 FORD MOTOR CREDIT CO LLC 3.21900 01/09/2022 US 950,000 $952,850.00
345397YQ0 FORD MOTOR CREDIT CO LLC 2.97900 08/03/2022 US 2,050,000 $2,065,908.00
36260XAL0 GSMS 2021- RENT B 1.18560 11/21/2035 US 4,000,000 $3,990,825.20
36263CAH2 GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 3,938,227.22 $3,993,819.24
36962G4B7 GENERAL ELECTRIC CO 6.87500 01/10/2039 US 3,600,000 $5,475,928.50
38138JAC7 GLM 2021-9A A FLT 1.20150 01/20/2033 KY 6,000,000 $6,001,428.00
38217TAA3 GOODG 2020-1A MTGE 2.63000 04/15/2055 US 4,093,856.69 $4,114,145.02
39531G209 GREENIDGE GEN HLD INC US 70,000 $1,736,000.00
40456HAA5 HTS2021-1 A MTGE 1.41100 08/25/2036 US 1,750,000 $1,740,577.65
415858208 HARROW HEALTH US 105,000 $2,745,750.00
419792ZZ2 HAWAII ST 2.63200 10/01/2030 US 3,905,000 $3,916,090.20
42806MAB5 HERTZ 2021-1A B 1.56000 12/26/2025 US 3,000,000 $2,993,556.30
44988FAD2 IIP OPERATING PARTNER 5.50000 05/25/2026 US 3,500,000 $3,693,355.58
450913AF5 IAMGOLD CORP 5.75000 10/15/2028 CA 1,133,000 $1,113,172.50
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 3,425,000 $3,621,937.50
46116VAE5 INTL FC STORE INC 8.62500 06/15/2025 US 3,580,000 $3,803,750.00
46187BAA1 IHSFR 2017-SFR2 A 0.93600 12/17/2036 US 148,689.63 $148,508.94
46187BAB9 IHSFR 2017-SFR2 B 1.23600 12/17/2036 US 134,123.21 $134,231.25
465410BX5 ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 4,500,000 $4,630,038.89
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 121,702.83 $122,804.45
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 110,028.55 $111,290.96
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 318,413.89 $323,143.45
48275RAC1 KREF 2021-FL2 AS MTGE 1.38588 02/15/2039 US 3,500,000 $3,500,710.15
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 3,500,000 $4,930,619.51
50202KAC0 LCCM 2021-FL2 AS 1.64025 12/13/2038 US 2,000,000 $1,999,387.00
50202KAE6 LCCM 2021-FL2 B 1.99025 12/13/2038 US 3,000,000 $2,999,073.90
51889RAB5 LRK 2019-A A2FX Mtge 2.73000 10/25/2048 US 822,062.93 $835,080.13
52474DAA7 LEGAL BUSINESS SERVICES LLC 8.00000 06/15/2026 US 4,000,000 $3,943,125.00
53036LAA8 LIBERTY COMMERICAL 6.00000 06/30/2026 US 3,000,000 $3,015,102.75
539473AE8 LLOYDS BANK PLC 12.00000 12/16/2024 GB 3,000,000 $3,086,250.00
542798AE3 LNGPT 2017-1A A2 FLT 1.49725 01/17/2030 KY 2,400,000 $2,389,216.80
59022CAA1 BANK OF AMERICA CORP 0.87600 09/15/2026 US 3,561,000 $3,543,197.85
59022CAJ2 MERRILL LYNCH 6.11000 01/29/2037 US 2,300,000 $3,107,588.40
59166EAA3 MST 2019-1A A MTGE 3.75000 04/25/2058 US 1,111,438.94 $1,156,528.57
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 3,050,000 $3,356,738.50
63938EAC8 NAVSL 2014-1 A3 FLT 0.59925 06/25/2031 US 4,756,169.1 $4,694,972.90
63939KAC3 NAVSL 2015-BA A3 1.54025 07/16/2040 US 2,437,730.47 $2,449,794.07
63939RAA2 NAVSL 2017-2A A FLT 1.13925 12/27/2066 US 3,438,874.91 $3,480,460.19
63941UAA1 NAVSL 2020-GA A MTGE 1.17000 09/16/2069 US 955,147.19 $954,957.69
63942BAA2 NAVSL 2021-A A 0.84000 05/15/2069 US 1,422,769.99 $1,413,010.07
63942FAB1 NAVSL 2020-1A A1B 1.13925 06/25/2069 US 2,687,932.67 $2,759,384.64
63942NAA6 NAVSL 2021-1A A1A 1.31000 12/26/2069 US 6,547,206.84 $6,409,618.60
64134JAC7 NEUB 2021-40A B 1.52225 04/16/2033 KY 4,200,000 $4,202,772.00
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 338,309.2 $356,263.78
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 490,947.66 $514,291.39
64830DAB9 NRZT 2019-2A A1 4.25000 12/25/2057 US 2,440,112.5 $2,550,577.12
65106WAA3 NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 1,750,000 $1,771,626.92
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 5,870,000 $587.00
66981FAA8 ASMR 2020- SFR4 A 1.35500 11/17/2037 US 4,833,000 $4,777,476.56
670898AC9 OCP 2020-8RA A1 1.34225 01/17/2032 KY 3,500,000 $3,500,150.50
67576FAA7 OCT18 2018-18A 1.08225 04/16/2031 KY 8,000,000 $8,018,192.00
67576PAQ0 OCT42 2019-3A BR FLT 1.77375 07/15/2034 KY 3,750,000 $3,753,183.75
691205AE8 OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 3,000,000 $3,131,766.60
69144AAA7 OXFIN 2020-1A A2 3.10100 02/15/2028 US 6,300,000 $6,406,576.47
69144AAB5 OXFIN 2020-1A B 4.03700 02/15/2028 US 3,700,000 $3,764,790.70
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 5,943,125.91 $6,093,359.22
69354NAC0 PRA GROUP INC 7.37500 09/01/2025 US 3,570,000 $3,806,512.50
70615PAA2 PELORUS FUND REIT 7.00000 09/30/2026 US 3,500,000 $3,446,695.18
70806AAA4 PENNANTPARK FLOATING RAT 4.25000 04/01/2026 US 3,500,000 $3,514,200.17
733174AK2 POPULAR INC 6.12500 09/14/2023 PR 3,135,000 $3,347,284.64
74331AAA0 2019- SFR4 CLASS A 2.68700 10/17/2036 US 3,800,000 $3,854,495.80
74333NAA0 PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 US 8,534,180.53 $8,579,520.92
78403DAN0 SBA TOWER TRUST 2.83600 01/15/2025 US 3,500,000 $3,630,561.55
78403DAP5 SBA TOWER TRUST 1.88400 01/15/2026 US 2,750,000 $2,775,661.08
78433XAA8 SALTT 2021-1A AA 2.30100 02/28/2033 US 1,188,000 $1,187,967.33
78442PGC4 SLM CORP 5.12500 04/05/2022 US 5,336,000 $5,413,372.00
784456AD7 SMB 2014-A A3 1.59025 04/15/2032 US 4,154,436.05 $4,197,187.69
78449AAA0 SLAM 2021-1A A MTGE 2.43400 06/15/2046 US 6,266,880 $6,205,966.55
78449XAA0 SMB 2020-BA A1A 1.29000 07/15/2053 US 2,104,167.81 $2,091,701.67
785592AJ5 SABINE PASS LIQUEFACTION 5.75000 05/15/2024 US 7,000,000 $7,706,364.68
81745BAB1 SEMT 2013-6 A2 3.00000 05/25/2043 US 1,758,971.7 $1,766,353.58
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 161,039.51 $161,905.47
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 196,013.2 $197,588.93
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 186,269.4 $186,175.56
81748MAD0 SEMT 2020-1 A4 3.50000 02/25/2050 US 149,244.29 $149,364.92
83192CAB3 SMB 2019-B A2A 2.84000 06/15/2037 US 3,498,631.06 $3,610,190.16
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 306,285.1 $312,663.09
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 65,080.47 $65,529.38
83405TAA1 SCLP 2019-3 A MTGE 2.90000 05/25/2028 US 1,970.6 $1,972.87
844741BJ6 SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 3,000,000 $3,363,673.20
85236KAE2 SIDC 2021-1A A2 MTGE 1.87700 03/26/2046 US 3,400,000 $3,382,554.60
85571BAG0 STARWOOD PROPERTY TRUST 5.00000 12/15/2021 US 922,000 $923,152.50
85571XAA5 SRPT 2014-STAR A FLTG RATE 1.56020 11/15/2027 US 1,777,114.94 $1,084,040.11
861036AA9 STL HOLDING CO LLC 7.50000 02/15/2026 US 3,195,000 $3,346,762.50
86212XAA8 STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 2,401,373.99 $2,485,718.41
86935CAA0 SCML 2019-SBC8 2.86000 04/25/2041 US 2,763,541.13 $2,747,053.57
87157B301 SYNCHRONOSS TECH 8.37500 06/30/2026 US 136,955 $3,311,571.90
87230AAQ9 TFLAT 2016-1A CR2 2.32225 01/17/2032 KY 2,500,000 $2,503,130.00
87267CAA6 TRP 2021-1 A MTGE 2.07000 06/19/2051 US 2,983,616.27 $2,965,800.20
87356LAA8 TACORA RESOURCES INC 8.25000 05/15/2026 CA 6,880,000 $6,897,200.00
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 6,650,000 $7,252,890.86
88315LAL2 TMCL 2021-A1 A 1.68000 02/20/2046 BM 6,248,000 $6,120,677.63
89052KAA3 TOORAK MORTGAGE CORP 4.53510 03/25/2022 US 1,788,244.71 $1,793,369.10
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 483,523.94 $488,631.16
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 1,541,769.63 $1,561,141.35
89175VAA1 TPMT 2018-2 A1 3.25000 03/25/2058 US 887,256.81 $909,788.34
89177EAA7 TPMT 2019-HY1 A1 1.08925 10/25/2048 US 2,005,999.58 $2,014,299.20
89613GAC0 TAH 2020-SFR1 C 2.24900 07/17/2038 US 2,500,000 $2,504,010.75
89642JAC9 TRNTS 2021-17A B1 FLT 1.81308 10/20/2034 US 5,120,000 $5,121,766.40
89656GAA2 TRL 2021-1A A MTGE 2.26000 07/19/2051 US 1,984,667.03 $1,980,943.60
89657AAC0 TRL 2020-1A A 1.96000 10/17/2050 US 2,646,938.5 $2,633,388.29
89680HAE2 TCF 2021-1A 1.86000 03/20/2046 US 6,272,750.02 $6,172,254.29
90354PAA5 STEAM 2021-3 A MTGE 2.21000 06/28/2051 US 5,904,736.53 $5,877,597.18
90932KAA7 UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 3,395,030.53 $3,353,066.59
90932NAA1 UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 3,130,916.06 $3,197,366.31
91086QBG2 UNITED MEXICAN STATES 4.12500 01/21/2026 MX 1,800,000 $1,989,450.00
91282CCT6 US TREASURY N/B 0.37500 08/15/2024 US 21,400,000 $21,201,046.77
91282CCU3 US TREASURY N/B 0.12500 08/31/2023 US 21,400,000 $21,273,773.38
92189H300 VANECK VECTORS J.P. MORGAN 1.50800 US 609,000 $17,928,960.00
92212KAB2 VDC 2020-1A A2 1.64500 09/15/2045 US 6,500,000 $6,427,015.40
92343VCV4 VERIZON COMMUNICATIONS 4.27200 01/15/2036 US 4,000,000 $4,679,065.36
92535VAF9 VBTOW 2020-2A A 2.63600 09/15/2050 US 4,000,000 $4,058,291.60
92840VAD4 VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 3,500,000 $3,646,606.29
93065PAA9 WBHT 2019-WBM A FLT 1.14000 12/15/2033 US 7,000,000 $6,991,485.20
95039LAA6 WELLTEC INTERNATIONAL 8.25000 10/15/2026 DK 1,290,000 $1,322,546.70
969457BY5 WILLIAMS COMPANIES INC 2.60000 03/15/2031 US 3,550,000 $3,559,070.04
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 116,556.6 $118,089.56
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 126,000,000 $6,129,678.45
BBG003QGMD60 90DAY EURO$ FUTR EDZ2 US 2,850 -$1,254,057.00
BBG007QXM7P6 90DAY EURO$ FUTR EDZ4 US 2,850 $562,818.00
BBG00BNS8PV0 90DAY EURO$ FUTR EDZ5 US -2,850 -$1,252,082.02
BBG00YG0D5Y4 JADZ1C DEC21C US 400 $7,500.00
BBG00ZKY3HQ6 EURO-BTP FUTURE IKZ1 DE -230 $1,504,564.40
BBG00ZMZ6DH7 US 10YR NOTE (CBT) FUTURE TYZ1 US -105 $244,022.10
BBG00ZMZ6FL7 US 10YR ULTRA FUT UXYZ1 US -68 $162,964.04
BK0939417 AMERICAN TANKER INC 7.75000 07/02/2025 US 6,560,000 $6,719,080.00
BL3427798 TUTOR PERINI FLT 5.75000 08/18/2027 US 4,950,000 $4,956,187.50
BL3556133 JAZZ TL B 1L 4.00000 05/05/2028 LU 3,491,250 $3,495,614.06
BL3665124 MEDLINE 3.75000 10/21/2028 US 3,500,000 $3,503,465.00
BM4495487 MEDIA AND GAMES INVEST FLOAT 5.75000 11/27/2024 MT 3,200,000 $3,802,037.76
BN6725160 SEASPAN CORP 6.50000 02/05/2024 MH 7,000,000 $7,385,000.00
BN7860420 PETROTAL CORP 12.00000 02/16/2024 CA 3,400,000 $3,570,000.00
BO4553299 TIGER HOLDCO PTE LTD 13.00000 06/10/2023 SG 6,150,937 $6,212,446.37
BO8204600 COPPER MOUNTAIN MINING C 8.00000 04/09/2026 CA 3,528,000 $3,677,940.00
BP2021775 NORTH INVST GROUP FLT 9.00000 05/05/2024 SE 23,750,000 $2,765,486.73
BP3061408 AIRSWIFT GLOBAL AS FLT 8.62275 05/12/2025 NO 7,000,000 $7,035,000.00
BQ0584657 JERVOIS MINING LTD 12.50000 07/20/2026 AU 3,500,000 $3,707,830.00
BQ1125120 KENT GLOBAL PLC 10.00000 06/28/2026 GB 3,500,000 $3,492,055.00
BQ5523163 PING PETROLEUM UK 12.00000 07/29/2024 GB 2,715,000 $2,687,850.00
BR2423530 TRYM AS 8.23000 09/10/2024 NO 30,000,000 $3,533,488.06
BR6451446 JOTUL AS FLT 7.59000 10/06/2024 NO 23,000,000 $2,722,565.21
BR8705906 TIDEWATER INC 8.50000 11/16/2026 US 3,600,000 $3,597,084.00
BS1439477 GREENFOOD AB FLT 7.00000 11/04/2025 SE 21,250,000 $2,474,382.86
USD US DOLLAR US 26,729,061.61 $26,729,061.61
ZO1818103 NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 MH 3,550,000 $3,709,750.00
ZO4110185 BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 6,562,000 $6,709,645.00

Investments will change over time.

Distributions

  • Unconstrained Bond Class S Distribution History
  • 2021 Distribution Calendar
  • Fourth Quarter 2021 Distribution Estimates
  • Third Quarter 2021 Distributions
  • Second Quarter 2021 Distributions
  • First Quarter 2021 Distributions
  • Tax Letter
  • Unconstrained Bond Return of Capital 2015

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 higher-yielding, lower-rated securities involve additional risks, including a higher risk of default and loss of principal. Funds that invest in foreign countries may be subject to the risks of adverse changes in foreign economic, political, regulatory and other conditions as well as risks related to the use of different financial standards. Investments in emerging markets may be more volatile than investments in more developed markets. 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

$10.97

Daily $ Change

-$0.02

Daily % Change

-0.18%

as of 11/24/2021

Ticker

EXCPX

CUSIP

563821206

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, with a secondary objective of providing preservation of capital.

Investment Strategy

Under normal circumstances, at least 80% of the Series’ assets will be invested in bonds and other financial instruments with economic characteristics similar to bonds.

Up to 50% of the Series may be invested in below investment-grade securities and up to 50% may be invested in non-U.S. dollar denominated securities, including securities issued by companies located in emerging markets. Derivatives such as futures, options, swaps, and forwards may be used to manage interest rate exposure, enhance duration management, or hedge currency exposure, for example.

While there are no maturity or duration restrictions, the Series’ duration is expected to range between -3 and 8 years.

May be Appropriate for Investors

  • Looking to diversify a portfolio by adding a non-traditional bond component
  • Who want to enhance the conventional benefits associated with fixed income investing through access to a broader set of securities that may help reduce volatility
  • Seeking an active approach that is objectives-driven, not benchmark-driven

Performance

As of 10/31/2021

YTD

2.78%

1 Year

5.63%

3 Year

5.22%

5 Year

3.64%

10 Year

3.52%

Inception
(04/21/2005)

4.56%

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 0.74%*

*Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee.

Top Ten Investments

As of 10/31/2021

TREASURY NOTES 6.02%
VANECK VECTORS J.P. MORGAN 1.50800 2.54%
ALEXANDER FUNDING TRUST 1.84100 11/15/2023 1.44%
AMERICAN TOWER CORP 3.80000 08/15/2029 1.28%
PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 1.22%
OCT18 2018-18A 1.08225 04/16/2031 1.14%
SABINE PASS LIQUEFACTION 5.75000 05/15/2024 1.09%
SEASPAN CORP 6.50000 02/05/2024 1.05%
TENCENT HOLDINGS 3.97500 04/11/2029 1.03%
AIRSWIFT GLOBAL AS FLT 8.62275 05/12/2025 1.00%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 10/31/2021

Treasury
5.88%
Government
1.76%
Cash
3.70%
Corporate
41.53%
Mortgage
42.66%
Other
4.47%

Credit Quality Distribution

As of 10/31/2021

AAA
24.71%
AA
4.02%
A
13.81%
BBB
18.77%
BB
6.35%
B
3.79%
D
0.15%
NR
28.40%

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 10/31/2021

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00774MAW5 AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 3,750,000 $3,806,601.90
01166WAA5 ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 5,313,632.09 $5,993,009.18
014621AA4 ALEXANDER FUNDING TRUST 1.84100 11/15/2023 US 10,000,000 $10,155,935.20
01609WAU6 ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 3,210,000 $3,478,951.55
01627AAA6 ADC 2021-1A A2 1.93700 08/15/2046 US 4,500,000 $4,478,722.20
02406MAP2 AMERICAN AXLE & MANUFACTURING 3.00000 04/06/2024 US 6,933,895 $6,919,056.46
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 8,250,000 $9,070,445.84
038923AS7 ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 3,555,000 $3,737,645.84
038923AW8 ARBOR REALTY TRUST 5.00000 04/30/2026 US 3,500,000 $3,502,962.82
045054AJ2 ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 1,500,000 $1,582,723.80
05401AAJ0 AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 KY 4,500,000 $4,615,145.37
05493JAE1 BDS 2021-FL8 B MTGE 1.43038 01/18/2036 KY 3,000,000 $2,998,163.70
05567SAA0 BNSF FUNDING TRUST I 6.61300 12/15/2055 US 1,500,000 $1,708,575.00
05591XAA9 BRSP 2021-FL1 A 1.23038 08/19/2038 US 3,000,000 $2,999,999.10
059438AK7 BANK ONE CORP 8.00000 04/29/2027 US 3,000,000 $3,917,105.52
09261HAC1 BLACKSTONE PRIVATE CRE 2.62500 12/15/2026 US 1,785,000 $1,754,445.30
09261XAB8 BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 1,850,000 $1,867,082.51
10373QBR0 BP CAP MARKETS AMERICA 3.06000 06/17/2041 US 5,250,000 $5,292,625.64
10638MAA8 BABS 2021-RM2 A 1.75000 10/25/2061 US 3,000,000 $2,910,680.40
12327BAA4 BJETS 2021-1A A 2.16200 04/15/2036 US 4,961,880.12 $4,981,116.34
12345678 JONAH ENERGY PARENT LLC US 85,915 $5,369,687.50
12530MAA3 SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 3,820,844.69 $3,821,589.75
12530MAC9 SORT 2020-1 B1 2.28000 07/15/2060 US 1,863,826.68 $1,874,919.06
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 182,997.83 $185,109.42
12565KAA5 CLIF 2021-1A A MTGE 1.64000 02/18/2046 US 6,254,769.06 $6,130,683.82
144523AC1 CARRINGTON HOLDING CO LL 8.00000 01/01/2026 US 3,500,000 $3,524,974.11
15135UAF6 CENOVUS ENERGY INC 6.75000 11/15/2039 CA 3,910,000 $5,352,749.22
156700BA3 CENTURYLINK INC 7.50000 04/01/2024 US 6,075,000 $6,667,312.50
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 3,700,000 $4,150,470.75
18469LAA7 CLEAR STREET HOLDINGS 5.87500 05/15/2026 US 3,500,000 $3,516,300.17
19424KAB9 CASL 2021-A A2 1.60000 07/25/2051 US 2,570,417.33 $2,536,501.19
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 2,758,852.87 $2,811,658.14
21872FAA5 COLONY AMERICAN FINANCE LTD 3.32400 03/15/2052 US 3,968,632.53 $4,113,287.60
21872NAA8 CAFL 2019-3 A 2.70500 10/15/2052 US 2,477,315 $2,555,888.99
21873AAA5 CAFL 2020-4 A MTGE 1.17400 12/15/2052 US 1,176,749.37 $1,156,036.93
21873CAA1 CAFL 2020-3 A 1.35800 08/15/2053 US 1,648,240.18 $1,621,095.97
22535AAA3 CAALT 2019-1A A 3.33000 02/15/2028 US 273,021.62 $273,381.46
22535GAC6 CAALT 2021-3A C MTGE 1.63000 09/16/2030 US 3,000,000 $2,979,772.80
22537CAE9 CAALT 2021-2A A 1.64000 06/17/2030 US 3,800,000 $3,773,716.54
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 5,000,000 $5,229,358.20
22822VAR2 CROWN CASTLE INTL CORP 3.30000 07/01/2030 US 1,850,000 $1,956,730.51
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 159,475.83 $160,867.10
23802WAA9 COLO 2021-1A A2 MTGE 2.06000 02/27/2051 US 5,200,000 $5,168,154.68
25265LAA8 DNRFA 2021- 1A A MTGE 1.76000 04/15/2049 US 5,000,000 $4,896,521.00
26150TAE9 DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 US 2,850,000 $2,927,150.27
28166GAA3 EDVES 2019-A A MTGE 3.58000 11/25/2038 US 2,442,270.17 $2,516,342.51
28166LAA2 EDVES 2021-A A MTGE 1.80000 11/25/2045 US 2,415,799.53 $2,392,674.29
30212PAR6 EXPEDIA GROUP INC 3.25000 02/15/2030 US 3,400,000 $3,496,775.05
30262SAR9 FREMF 2015-K42 B FLT 3.84953 01/25/2048 US 1,900,000 $2,025,259.78
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 3,235,000 $3,364,400.00
30286XAN9 FREMF 2015-K43 B FLT 3.73157 02/25/2048 US 1,500,000 $1,599,023.25
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 80,986,195.65 $76,985.48
30319YAA6 FSRIA 2021-FL2 A 1.30588 04/16/2028 US 3,000,000 $3,003,472.50
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 307,173.18 $334,976.32
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 42,414.36 $49,387.04
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 1,441.01 $1,476.24
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 340.87 $342.09
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 282.99 $283.93
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 1,304.74 $1,324.13
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 1,772.56 $1,797.87
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 237,039.54 $259,573.16
3128P7QL0 FHLM POOL C91359 4.50000 02/01/2031 US 104,681.57 $114,160.64
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 342,196.03 $352,084.98
3137AME78 FHMS K017 X1 FLT 1.45937 12/25/2021 US 5,854,618.27 $451.98
3137AUPF0 FHMS K021 x1 FLT 1.37556 06/25/2022 US 15,198,825.04 $44,582.71
3137B3NB0 FHMS K030 X1 FLT 0.14755 04/25/2023 US 51,118,563.74 $107,839.72
3137B4GZ3 FHMS K032 X1 FLT 0.07332 05/25/2023 US 30,527,910.25 $43,789.23
3137FRUV1 FHMS K106 X1 MTGE 1.35449 01/25/2030 US 53,876,452.16 $5,263,729.38
3138WDJY8 FEDERAL NATL MTG ASSN AS3878 4.50000 11/01/2044 US 495,242.64 $550,006.77
3138XU4Y5 FEDERAL NATL MTG ASSN AW5338 4.50000 06/01/2044 US 548,995.3 $602,694.17
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 115,386.58 $125,684.65
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 187.7 $188.95
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 64.64 $64.58
31416CJV9 FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 268,644.54 $317,488.87
31417YDV6 FHLM POOL MA0115 4.50000 07/01/2029 US 38,536.93 $41,628.06
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 151,285.77 $165,995.41
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 4,773 $4,975.75
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 4,480,000 $4,634,558.21
345370CV0 FORD MOTOR COMPANY 8.50000 04/21/2023 US 4,000,000 $4,386,000.00
345397XA6 FORD MOTOR CREDIT CO LLC 3.21900 01/09/2022 US 950,000 $952,850.00
345397YQ0 FORD MOTOR CREDIT CO LLC 2.97900 08/03/2022 US 2,050,000 $2,065,908.00
36260XAL0 GSMS 2021- RENT B 1.18560 11/21/2035 US 4,000,000 $3,990,825.20
36263CAH2 GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 3,938,227.22 $3,993,819.24
36962G4B7 GENERAL ELECTRIC CO 6.87500 01/10/2039 US 3,600,000 $5,475,928.50
38138JAC7 GLM 2021-9A A FLT 1.20150 01/20/2033 KY 6,000,000 $6,001,428.00
38217TAA3 GOODG 2020-1A MTGE 2.63000 04/15/2055 US 4,093,856.69 $4,114,145.02
39531G209 GREENIDGE GEN HLD INC US 70,000 $1,736,000.00
40456HAA5 HTS2021-1 A MTGE 1.41100 08/25/2036 US 1,750,000 $1,740,577.65
415858208 HARROW HEALTH US 105,000 $2,745,750.00
419792ZZ2 HAWAII ST 2.63200 10/01/2030 US 3,905,000 $3,916,090.20
42806MAB5 HERTZ 2021-1A B 1.56000 12/26/2025 US 3,000,000 $2,993,556.30
44988FAD2 IIP OPERATING PARTNER 5.50000 05/25/2026 US 3,500,000 $3,693,355.58
450913AF5 IAMGOLD CORP 5.75000 10/15/2028 CA 1,133,000 $1,113,172.50
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 3,425,000 $3,621,937.50
46116VAE5 INTL FC STORE INC 8.62500 06/15/2025 US 3,580,000 $3,803,750.00
46187BAA1 IHSFR 2017-SFR2 A 0.93600 12/17/2036 US 148,689.63 $148,508.94
46187BAB9 IHSFR 2017-SFR2 B 1.23600 12/17/2036 US 134,123.21 $134,231.25
465410BX5 ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 4,500,000 $4,630,038.89
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 121,702.83 $122,804.45
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 110,028.55 $111,290.96
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 318,413.89 $323,143.45
48275RAC1 KREF 2021-FL2 AS MTGE 1.38588 02/15/2039 US 3,500,000 $3,500,710.15
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 3,500,000 $4,930,619.51
50202KAC0 LCCM 2021-FL2 AS 1.64025 12/13/2038 US 2,000,000 $1,999,387.00
50202KAE6 LCCM 2021-FL2 B 1.99025 12/13/2038 US 3,000,000 $2,999,073.90
51889RAB5 LRK 2019-A A2FX Mtge 2.73000 10/25/2048 US 822,062.93 $835,080.13
52474DAA7 LEGAL BUSINESS SERVICES LLC 8.00000 06/15/2026 US 4,000,000 $3,943,125.00
53036LAA8 LIBERTY COMMERICAL 6.00000 06/30/2026 US 3,000,000 $3,015,102.75
539473AE8 LLOYDS BANK PLC 12.00000 12/16/2024 GB 3,000,000 $3,086,250.00
542798AE3 LNGPT 2017-1A A2 FLT 1.49725 01/17/2030 KY 2,400,000 $2,389,216.80
59022CAA1 BANK OF AMERICA CORP 0.87600 09/15/2026 US 3,561,000 $3,543,197.85
59022CAJ2 MERRILL LYNCH 6.11000 01/29/2037 US 2,300,000 $3,107,588.40
59166EAA3 MST 2019-1A A MTGE 3.75000 04/25/2058 US 1,111,438.94 $1,156,528.57
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 3,050,000 $3,356,738.50
63938EAC8 NAVSL 2014-1 A3 FLT 0.59925 06/25/2031 US 4,756,169.1 $4,694,972.90
63939KAC3 NAVSL 2015-BA A3 1.54025 07/16/2040 US 2,437,730.47 $2,449,794.07
63939RAA2 NAVSL 2017-2A A FLT 1.13925 12/27/2066 US 3,438,874.91 $3,480,460.19
63941UAA1 NAVSL 2020-GA A MTGE 1.17000 09/16/2069 US 955,147.19 $954,957.69
63942BAA2 NAVSL 2021-A A 0.84000 05/15/2069 US 1,422,769.99 $1,413,010.07
63942FAB1 NAVSL 2020-1A A1B 1.13925 06/25/2069 US 2,687,932.67 $2,759,384.64
63942NAA6 NAVSL 2021-1A A1A 1.31000 12/26/2069 US 6,547,206.84 $6,409,618.60
64134JAC7 NEUB 2021-40A B 1.52225 04/16/2033 KY 4,200,000 $4,202,772.00
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 338,309.2 $356,263.78
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 490,947.66 $514,291.39
64830DAB9 NRZT 2019-2A A1 4.25000 12/25/2057 US 2,440,112.5 $2,550,577.12
65106WAA3 NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 1,750,000 $1,771,626.92
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 5,870,000 $587.00
66981FAA8 ASMR 2020- SFR4 A 1.35500 11/17/2037 US 4,833,000 $4,777,476.56
670898AC9 OCP 2020-8RA A1 1.34225 01/17/2032 KY 3,500,000 $3,500,150.50
67576FAA7 OCT18 2018-18A 1.08225 04/16/2031 KY 8,000,000 $8,018,192.00
67576PAQ0 OCT42 2019-3A BR FLT 1.77375 07/15/2034 KY 3,750,000 $3,753,183.75
691205AE8 OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 3,000,000 $3,131,766.60
69144AAA7 OXFIN 2020-1A A2 3.10100 02/15/2028 US 6,300,000 $6,406,576.47
69144AAB5 OXFIN 2020-1A B 4.03700 02/15/2028 US 3,700,000 $3,764,790.70
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 5,943,125.91 $6,093,359.22
69354NAC0 PRA GROUP INC 7.37500 09/01/2025 US 3,570,000 $3,806,512.50
70615PAA2 PELORUS FUND REIT 7.00000 09/30/2026 US 3,500,000 $3,446,695.18
70806AAA4 PENNANTPARK FLOATING RAT 4.25000 04/01/2026 US 3,500,000 $3,514,200.17
733174AK2 POPULAR INC 6.12500 09/14/2023 PR 3,135,000 $3,347,284.64
74331AAA0 2019- SFR4 CLASS A 2.68700 10/17/2036 US 3,800,000 $3,854,495.80
74333NAA0 PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 US 8,534,180.53 $8,579,520.92
78403DAN0 SBA TOWER TRUST 2.83600 01/15/2025 US 3,500,000 $3,630,561.55
78403DAP5 SBA TOWER TRUST 1.88400 01/15/2026 US 2,750,000 $2,775,661.08
78433XAA8 SALTT 2021-1A AA 2.30100 02/28/2033 US 1,188,000 $1,187,967.33
78442PGC4 SLM CORP 5.12500 04/05/2022 US 5,336,000 $5,413,372.00
784456AD7 SMB 2014-A A3 1.59025 04/15/2032 US 4,154,436.05 $4,197,187.69
78449AAA0 SLAM 2021-1A A MTGE 2.43400 06/15/2046 US 6,266,880 $6,205,966.55
78449XAA0 SMB 2020-BA A1A 1.29000 07/15/2053 US 2,104,167.81 $2,091,701.67
785592AJ5 SABINE PASS LIQUEFACTION 5.75000 05/15/2024 US 7,000,000 $7,706,364.68
81745BAB1 SEMT 2013-6 A2 3.00000 05/25/2043 US 1,758,971.7 $1,766,353.58
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 161,039.51 $161,905.47
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 196,013.2 $197,588.93
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 186,269.4 $186,175.56
81748MAD0 SEMT 2020-1 A4 3.50000 02/25/2050 US 149,244.29 $149,364.92
83192CAB3 SMB 2019-B A2A 2.84000 06/15/2037 US 3,498,631.06 $3,610,190.16
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 306,285.1 $312,663.09
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 65,080.47 $65,529.38
83405TAA1 SCLP 2019-3 A MTGE 2.90000 05/25/2028 US 1,970.6 $1,972.87
844741BJ6 SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 3,000,000 $3,363,673.20
85236KAE2 SIDC 2021-1A A2 MTGE 1.87700 03/26/2046 US 3,400,000 $3,382,554.60
85571BAG0 STARWOOD PROPERTY TRUST 5.00000 12/15/2021 US 922,000 $923,152.50
85571XAA5 SRPT 2014-STAR A FLTG RATE 1.56020 11/15/2027 US 1,777,114.94 $1,084,040.11
861036AA9 STL HOLDING CO LLC 7.50000 02/15/2026 US 3,195,000 $3,346,762.50
86212XAA8 STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 2,401,373.99 $2,485,718.41
86935CAA0 SCML 2019-SBC8 2.86000 04/25/2041 US 2,763,541.13 $2,747,053.57
87157B301 SYNCHRONOSS TECH 8.37500 06/30/2026 US 136,955 $3,311,571.90
87230AAQ9 TFLAT 2016-1A CR2 2.32225 01/17/2032 KY 2,500,000 $2,503,130.00
87267CAA6 TRP 2021-1 A MTGE 2.07000 06/19/2051 US 2,983,616.27 $2,965,800.20
87356LAA8 TACORA RESOURCES INC 8.25000 05/15/2026 CA 6,880,000 $6,897,200.00
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 6,650,000 $7,252,890.86
88315LAL2 TMCL 2021-A1 A 1.68000 02/20/2046 BM 6,248,000 $6,120,677.63
89052KAA3 TOORAK MORTGAGE CORP 4.53510 03/25/2022 US 1,788,244.71 $1,793,369.10
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 483,523.94 $488,631.16
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 1,541,769.63 $1,561,141.35
89175VAA1 TPMT 2018-2 A1 3.25000 03/25/2058 US 887,256.81 $909,788.34
89177EAA7 TPMT 2019-HY1 A1 1.08925 10/25/2048 US 2,005,999.58 $2,014,299.20
89613GAC0 TAH 2020-SFR1 C 2.24900 07/17/2038 US 2,500,000 $2,504,010.75
89642JAC9 TRNTS 2021-17A B1 FLT 1.81308 10/20/2034 US 5,120,000 $5,121,766.40
89656GAA2 TRL 2021-1A A MTGE 2.26000 07/19/2051 US 1,984,667.03 $1,980,943.60
89657AAC0 TRL 2020-1A A 1.96000 10/17/2050 US 2,646,938.5 $2,633,388.29
89680HAE2 TCF 2021-1A 1.86000 03/20/2046 US 6,272,750.02 $6,172,254.29
90354PAA5 STEAM 2021-3 A MTGE 2.21000 06/28/2051 US 5,904,736.53 $5,877,597.18
90932KAA7 UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 3,395,030.53 $3,353,066.59
90932NAA1 UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 3,130,916.06 $3,197,366.31
91086QBG2 UNITED MEXICAN STATES 4.12500 01/21/2026 MX 1,800,000 $1,989,450.00
91282CCT6 US TREASURY N/B 0.37500 08/15/2024 US 21,400,000 $21,201,046.77
91282CCU3 US TREASURY N/B 0.12500 08/31/2023 US 21,400,000 $21,273,773.38
92189H300 VANECK VECTORS J.P. MORGAN 1.50800 US 609,000 $17,928,960.00
92212KAB2 VDC 2020-1A A2 1.64500 09/15/2045 US 6,500,000 $6,427,015.40
92343VCV4 VERIZON COMMUNICATIONS 4.27200 01/15/2036 US 4,000,000 $4,679,065.36
92535VAF9 VBTOW 2020-2A A 2.63600 09/15/2050 US 4,000,000 $4,058,291.60
92840VAD4 VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 3,500,000 $3,646,606.29
93065PAA9 WBHT 2019-WBM A FLT 1.14000 12/15/2033 US 7,000,000 $6,991,485.20
95039LAA6 WELLTEC INTERNATIONAL 8.25000 10/15/2026 DK 1,290,000 $1,322,546.70
969457BY5 WILLIAMS COMPANIES INC 2.60000 03/15/2031 US 3,550,000 $3,559,070.04
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 116,556.6 $118,089.56
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 126,000,000 $6,129,678.45
BBG003QGMD60 90DAY EURO$ FUTR EDZ2 US 2,850 -$1,254,057.00
BBG007QXM7P6 90DAY EURO$ FUTR EDZ4 US 2,850 $562,818.00
BBG00BNS8PV0 90DAY EURO$ FUTR EDZ5 US -2,850 -$1,252,082.02
BBG00YG0D5Y4 JADZ1C DEC21C US 400 $7,500.00
BBG00ZKY3HQ6 EURO-BTP FUTURE IKZ1 DE -230 $1,504,564.40
BBG00ZMZ6DH7 US 10YR NOTE (CBT) FUTURE TYZ1 US -105 $244,022.10
BBG00ZMZ6FL7 US 10YR ULTRA FUT UXYZ1 US -68 $162,964.04
BK0939417 AMERICAN TANKER INC 7.75000 07/02/2025 US 6,560,000 $6,719,080.00
BL3427798 TUTOR PERINI FLT 5.75000 08/18/2027 US 4,950,000 $4,956,187.50
BL3556133 JAZZ TL B 1L 4.00000 05/05/2028 LU 3,491,250 $3,495,614.06
BL3665124 MEDLINE 3.75000 10/21/2028 US 3,500,000 $3,503,465.00
BM4495487 MEDIA AND GAMES INVEST FLOAT 5.75000 11/27/2024 MT 3,200,000 $3,802,037.76
BN6725160 SEASPAN CORP 6.50000 02/05/2024 MH 7,000,000 $7,385,000.00
BN7860420 PETROTAL CORP 12.00000 02/16/2024 CA 3,400,000 $3,570,000.00
BO4553299 TIGER HOLDCO PTE LTD 13.00000 06/10/2023 SG 6,150,937 $6,212,446.37
BO8204600 COPPER MOUNTAIN MINING C 8.00000 04/09/2026 CA 3,528,000 $3,677,940.00
BP2021775 NORTH INVST GROUP FLT 9.00000 05/05/2024 SE 23,750,000 $2,765,486.73
BP3061408 AIRSWIFT GLOBAL AS FLT 8.62275 05/12/2025 NO 7,000,000 $7,035,000.00
BQ0584657 JERVOIS MINING LTD 12.50000 07/20/2026 AU 3,500,000 $3,707,830.00
BQ1125120 KENT GLOBAL PLC 10.00000 06/28/2026 GB 3,500,000 $3,492,055.00
BQ5523163 PING PETROLEUM UK 12.00000 07/29/2024 GB 2,715,000 $2,687,850.00
BR2423530 TRYM AS 8.23000 09/10/2024 NO 30,000,000 $3,533,488.06
BR6451446 JOTUL AS FLT 7.59000 10/06/2024 NO 23,000,000 $2,722,565.21
BR8705906 TIDEWATER INC 8.50000 11/16/2026 US 3,600,000 $3,597,084.00
BS1439477 GREENFOOD AB FLT 7.00000 11/04/2025 SE 21,250,000 $2,474,382.86
USD US DOLLAR US 26,729,061.61 $26,729,061.61
ZO1818103 NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 MH 3,550,000 $3,709,750.00
ZO4110185 BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 6,562,000 $6,709,645.00

Investments will change over time.

Distributions

  • Unconstrained Bond Class S Distribution History
  • 2021 Distribution Calendar
  • Fourth Quarter 2021 Distribution Estimates
  • Third Quarter 2021 Distributions
  • Second Quarter 2021 Distributions
  • First Quarter 2021 Distributions
  • Tax Letter
  • Unconstrained Bond Return of Capital 2015

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 higher-yielding, lower-rated securities involve additional risks, including a higher risk of default and loss of principal. Funds that invest in foreign countries may be subject to the risks of adverse changes in foreign economic, political, regulatory and other conditions as well as risks related to the use of different financial standards. Investments in emerging markets may be more volatile than investments in more developed markets. 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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