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To provide long-term total return, with a secondary objective of providing preservation of capital.
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.
$10.97
-$0.02
-0.18%
as of 11/24/2021
EXCPX
563821206
04/21/2005
$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.
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Fact Sheet | |
| Applications & Forms | |
| N-Port Part F Reports |
As of 10/31/2021
2.78%
5.63%
5.22%
3.64%
3.52%
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.
| Gross | 0.74%* |
*Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee.
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.
As of 10/31/2021
| Treasury | 5.88% |
| Government | 1.76% |
| Cash | 3.70% |
| Corporate | 41.53% |
| Mortgage | 42.66% |
| Other | 4.47% |
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.
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.
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.
$10.97
-$0.02
-0.18%
as of 11/24/2021
EXCPX
563821206
04/21/2005
$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.
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Fact Sheet | |
| Applications & Forms | |
| N-Port Part F Reports |
To provide long-term total return, with a secondary objective of providing preservation of capital.
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.
As of 10/31/2021
2.78%
5.63%
5.22%
3.64%
3.52%
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.
| Gross | 0.74%* |
*Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee.
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.
As of 10/31/2021
| Treasury | 5.88% | |
| Government | 1.76% | |
| Cash | 3.70% | |
| Corporate | 41.53% | |
| Mortgage | 42.66% | |
| Other | 4.47% |
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.
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.
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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