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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.
$11.00
-$0.01
-0.09%
as of 04/16/2021
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 |
As of 03/31/2021
0.21%
12.80%
4.47%
3.72%
3.62%
4.57%
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 | 0.77% |
| Net | 0.76%* |
*Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee.
As of 03/31/2021
| ISHARES JP MORGAN USD EMERGI 4.32000 | 3.00% |
| VANECK VECTORS J.P. MORGAN 1.55200 | 2.84% |
| ALEXANDER FUNDING TRUST 1.84100 11/15/2023 | 1.54% |
| AMERICAN TOWER CORP 3.80000 08/15/2029 | 1.37% |
| AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 | 1.36% |
| PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 | 1.33% |
| OCT18 2018-18A 1.18338 04/16/2031 | 1.22% |
| SABINE PASS LIQUEFACTION 5.75000 05/15/2024 | 1.20% |
| BANK OF AMERICA CORP 4.00000 01/22/2025 | 1.16% |
| OXFIN 2019-1A A2 4.45900 02/15/2027 | 1.14% |
Top Ten Investments list is unaudited and excludes cash.
As of 03/31/2021
| Government | 2.29% |
| Cash | 2.88% |
| Corporate | 46.22% |
| Mortgage | 42.34% |
| Other | 6.27% |
As of 03/31/2021
| AAA | 21.82% |
| AA | 2.56% |
| A | 12.96% |
| BBB | 17.64% |
| BB | 13.82% |
| B | 6.90% |
| CCC | 0.62% |
| D | 0.00% |
| NR | 23.68% |
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 03/31/2021
| CUSIP | Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|---|
| 00206RDQ2 | AT&T INC 4.25000 03/01/2027 | US | 2,000,000 | $2,246,501.88 | |
| 01166WAA5 | ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 | US | 5,913,635.13 | $6,566,529.43 | |
| 014621AA4 | ALEXANDER FUNDING TRUST 1.84100 11/15/2023 | US | 10,000,000 | $10,152,598.80 | |
| 01609WAU6 | ALIBABA GROUP HOLDING 4.00000 12/06/2037 | KY | 1,685,000 | $1,811,531.35 | |
| 01609WAY8 | ALIBABA GROUP HOLDING 2.70000 02/09/2041 | KY | 1,775,000 | $1,607,107.99 | |
| 02406MAP2 | AMERICAN AXLE & MANUFACTURING 3.00000 04/06/2024 | US | 5,448,953.53 | $5,415,769.40 | |
| 03027XAW0 | AMERICAN TOWER CORP 3.80000 08/15/2029 | US | 8,250,000 | $8,976,609.26 | |
| 03690AAF3 | ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 | US | 1,555,000 | $1,553,056.25 | |
| 045054AJ2 | ASHTEAD CAPITAL INC 4.00000 05/01/2028 | US | 1,500,000 | $1,566,960.00 | |
| 05401AAJ0 | AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 | KY | 9,000,000 | $8,921,697.84 | |
| 05567SAA0 | BNSF FUNDING TRUST I 6.61300 12/15/2055 | US | 1,500,000 | $1,718,712.00 | |
| 059438AK7 | BANK ONE CORP 8.00000 04/29/2027 | US | 3,000,000 | $4,061,837.43 | |
| 06051GFM6 | BANK OF AMERICA CORP 4.00000 01/22/2025 | US | 7,000,000 | $7,647,993.08 | |
| 071734AH0 | BAUSCH HEALTH COS INC 5.00000 01/30/2028 | CA | 145,000 | $147,784.00 | |
| 07403VAA7 | BEASLEY MEZ HLDGS LLC 8.62500 02/01/2026 | US | 1,545,000 | $1,552,725.00 | |
| 09261XAA0 | BLACKSTONE SECURED LEND 2.75000 09/16/2026 | US | 1,850,000 | $1,837,194.23 | |
| 105756BV1 | FED REPUBLIC OF BRAZIL 4.25000 01/07/2025 | BR | 1,300,000 | $1,389,037.00 | |
| 12116LAA7 | BURFORD CAPITAL GLBL FIN 6.25000 04/15/2028 | US | 2,000,000 | $2,050,000.00 | |
| 12327BAA4 | BJETS 2021-1A A 2.16200 04/15/2036 | US | 5,650,000 | $5,632,798.58 | |
| 12345678 | JONAH ENERGY PARENT LLC | US | 85,915 | $1,288,725.00 | |
| 12467AAF5 | C&S GROUP ENTERPRISES LL 5.00000 12/15/2028 | US | 2,300,000 | $2,236,750.00 | |
| 12530MAA3 | SORT 2020-1 A1 MTGE 1.69000 07/15/2060 | US | 3,912,953.23 | $3,941,317.84 | |
| 12530MAC9 | SORT 2020-1 B1 2.28000 07/15/2060 | US | 1,908,757.67 | $1,940,187.27 | |
| 12555DAA3 | CIM 2019-INV1 A1 4.00000 02/25/2049 | US | 394,922.07 | $402,090.93 | |
| 12565KAA5 | CLIF 2021-1A A MTGE 1.64000 02/18/2046 | US | 6,700,000 | $6,543,023.02 | |
| 12598FAA7 | CPI CG INC 8.62500 03/15/2026 | US | 3,540,000 | $3,709,176.60 | |
| 133131AZ5 | CAMDEN PROPERTY TRUST 2.80000 05/15/2030 | US | 3,225,000 | $3,305,957.30 | |
| 14980AAA0 | CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 | US | 1,594,278.02 | $1,601,833.78 | |
| 156700BA3 | CENTURYLINK INC 7.50000 04/01/2024 | US | 5,990,000 | $6,713,890.90 | |
| 172967KA8 | CITIGROUP INCA 4.45000 09/29/2027 | US | 3,700,000 | $4,166,772.02 | |
| 17327XAA5 | CGCMT 2019-SST2 1.02600 12/15/2036 | US | 7,000,000 | $7,002,204.30 | |
| 19424KAB9 | CASL 2021-A A2 1.60000 07/25/2051 | US | 3,000,000 | $2,964,650.70 | |
| 20268CAA6 | CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 | US | 3,738,579.38 | $3,835,408.59 | |
| 21872FAA5 | COLONY AMERICAN FINANCE LTD 3.32400 03/15/2052 | US | 4,837,820.46 | $5,137,480.86 | |
| 21872NAA8 | CAFL 2019-3 A 2.70500 10/15/2052 | US | 2,796,985.92 | $2,913,152.58 | |
| 21873AAA5 | CAFL 2020-4 A MTGE 1.17400 12/15/2052 | US | 1,232,923.11 | $1,215,852.30 | |
| 21873CAA1 | CAFL 2020-3 A 1.35800 08/15/2053 | US | 1,962,804.28 | $1,934,572.68 | |
| 225310AN1 | CREDIT ACCEPTANC 5.12500 12/31/2024 | US | 3,017,000 | $3,077,340.00 | |
| 22535AAA3 | CAALT 2019-1A A 3.33000 02/15/2028 | US | 3,590,099.08 | $3,638,005.72 | |
| 22535FAA2 | CAALT 2018-2A A Mtge 3.47000 05/17/2027 | US | 399,454.09 | $399,943.82 | |
| 22537CAE9 | CAALT 2021-2A A 1.64000 06/17/2030 | US | 3,800,000 | $3,770,109.58 | |
| 22822VAN1 | CROWN CASTLE INTL CORP 3.10000 11/15/2029 | US | 5,000,000 | $5,148,366.95 | |
| 22822VAR2 | CROWN CASTLE INTL CORP 3.30000 07/01/2030 | US | 1,850,000 | $1,931,486.04 | |
| 22944PAA5 | CSMC 2013-TH1 A1 2.13000 02/25/2043 | US | 224,222.88 | $226,950.48 | |
| 23311RAE6 | DCP MIDSTREAM OPERATING 4.75000 09/30/2021 | US | 3,637,000 | $3,659,731.25 | |
| 23311VAG2 | DCP MIDSTREAM 5.37500 07/15/2025 | US | 2,000,000 | $2,167,250.00 | |
| 23585WAA2 | DANAOS CORP 8.50000 03/01/2028 | MH | 1,000,000 | $1,068,750.00 | |
| 23802WAA9 | COLO 2021-1A A2 MTGE 2.06000 02/27/2051 | US | 5,200,000 | $5,154,848.40 | |
| 25470XAE5 | DISH DBS CORP 6.75000 06/01/2021 | US | 5,518,000 | $5,555,936.25 | |
| 26150TAE9 | DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 | US | 2,850,000 | $2,922,197.28 | |
| 28166GAA3 | EDVES 2019-A A MTGE 3.58000 11/25/2038 | US | 2,973,493.68 | $3,089,727.25 | |
| 28166LAA2 | EDVES 2021-A A MTGE 1.80000 11/25/2045 | US | 2,750,000 | $2,721,216.30 | |
| 29275YAC6 | ENERSYS 4.37500 12/15/2027 | US | 305,000 | $311,862.50 | |
| 30262SAR9 | FREMF 2015-K42 B FLT 3.85081 12/25/2024 | US | 1,900,000 | $2,041,622.39 | |
| 30264DAA7 | FS ENERGY & POWER FUND 7.50000 08/15/2023 | US | 3,085,000 | $3,100,425.00 | |
| 30286XAN9 | FREMF 2015-K43 B FLT 3.73284 02/25/2048 | US | 1,500,000 | $1,614,947.25 | |
| 30291HAA5 | FREMF 2013-K28 X2A 0.10000 06/25/2046 | US | 82,526,627.86 | $111,988.63 | |
| 30291YAJ9 | FREMF 2014-K716 B FLT 3.90344 08/25/2047 | US | 2,550,000 | $2,562,363.68 | |
| 302957AQ8 | FREMF MORTGAGE TRUST 4.06766 07/25/2036 | US | 4,000,000 | $3,488,085.60 | |
| 302967AQ7 | FREMF MORTGAGE TRUST 4.36149 11/25/2033 | US | 3,500,000 | $3,656,388.40 | |
| 3128E5VC0 | FHLM POOL D98711 4.50000 07/01/2031 | US | 353,607.5 | $389,960.03 | |
| 3128LCD86 | FHLM POOL A78227 5.50000 06/01/2038 | US | 150,401.98 | $176,509.77 | |
| 3128M56M7 | FHLM POOL G04176 5.50000 05/01/2038 | US | 128,443.27 | $151,072.37 | |
| 3128M73H7 | FHLM POOL G05900 6.00000 03/01/2040 | US | 47,137.14 | $55,528.34 | |
| 3128M9ZU9 | FHLM POOL G07655 5.50000 12/01/2035 | US | 289,156.95 | $338,471.90 | |
| 3128MB4Q7 | FHLM POOL G13331 5.50000 10/01/2023 | US | 2,944.52 | $3,040.02 | |
| 3128MBDP9 | FHLM POOL G12610 6.00000 03/01/2022 | US | 3,053.74 | $3,087.12 | |
| 3128MBE45 | FHLM POOL G12655 6.00000 05/01/2022 | US | 2,406.23 | $2,433.75 | |
| 3128MBRH2 | FHLM POOL G12988 6.00000 01/01/2023 | US | 3,268.02 | $3,353.81 | |
| 3128MBUB1 | FHLM POOL G13078 6.00000 03/01/2023 | US | 4,764.5 | $4,884.80 | |
| 3128P75F6 | FHLM POOL C91746 4.50000 12/01/2033 | US | 290,269.68 | $320,818.39 | |
| 3128P7QL0 | FHLM POOL C91359 4.50000 02/01/2031 | US | 125,162.04 | $138,025.81 | |
| 3136B1YD0 | FNR 2018-31 KP 3.50000 07/25/2047 | US | 739,448.03 | $765,743.91 | |
| 3137ADTK3 | FHMS K014 X1 FLT 1.46248 04/25/2021 | US | 358,569.14 | $3.59 | |
| 3137AJMG6 | FMHS K016 X1 FLT 1.48185 10/25/2021 | US | 4,125,695.42 | $6,512.41 | |
| 3137AME78 | FHMS K017 X1 FLT 1.28501 12/25/2021 | US | 29,388,760.33 | $105,902.40 | |
| 3137AUPF0 | FHMS K021 x1 FLT 1.39972 06/25/2022 | US | 15,894,905.47 | $178,264.54 | |
| 3137B3NB0 | FHMS K030 X1 FLT 0.16646 04/25/2023 | US | 53,166,086.43 | $161,465.40 | |
| 3137B4GZ3 | FHMS K032 X1 FLT 0.08767 05/25/2023 | US | 31,299,772.63 | $70,643.59 | |
| 3137F4YU0 | FHR 4791 BA MTGE 4.00000 03/15/2044 | US | 512,137.39 | $515,587.51 | |
| 3137FG2L8 | FHR 4801 BA MTGE 4.50000 05/15/2044 | US | 112,364.46 | $112,605.08 | |
| 3137FRUV1 | FHMS K106 X1 MTGE 1.35473 01/25/2030 | US | 53,925,350.09 | $5,586,164.76 | |
| 3138WDJY8 | FEDERAL NATL MTG ASSN AS3878 4.50000 11/01/2044 | US | 574,342.6 | $641,609.05 | |
| 3138XU4Y5 | FEDERAL NATL MTG ASSN AW5338 4.50000 06/01/2044 | US | 710,769.75 | $799,751.75 | |
| 3140FTWF4 | FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 | US | 200,562.81 | $220,565.93 | |
| 31410FSE6 | FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 | US | 864.17 | $868.05 | |
| 31410FV51 | FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 | US | 1,672.25 | $1,682.40 | |
| 31410GCD3 | FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 | US | 1,249.96 | $1,251.23 | |
| 31410GN33 | FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 | US | 2,937.79 | $2,948.73 | |
| 31410KLD4 | FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 | US | 112,952.51 | $132,800.26 | |
| 31411YN90 | FEDERAL NATL MTG ASSN 918516 5.50000 06/01/2037 | US | 68,178.83 | $80,048.27 | |
| 31416BSW9 | FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 | US | 9.42 | $9.45 | |
| 31416BVW5 | FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 | US | 1,104.42 | $1,109.37 | |
| 31416CJV9 | FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 | US | 308,721.17 | $368,032.19 | |
| 31416RBE2 | FEDERAL NATL MTG ASSN AA7236 4.00000 06/01/2039 | US | 524,509.23 | $577,874.81 | |
| 31417YDV6 | FHLM POOL MA0115 4.50000 07/01/2029 | US | 47,051.23 | $51,628.65 | |
| 31418BBC9 | FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 | US | 180,138.24 | $199,039.34 | |
| 31418MKV3 | FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 | US | 112,149.54 | $131,853.04 | |
| 31418MQQ8 | FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 | US | 7,755.04 | $8,150.31 | |
| 343412AC6 | FLUOR CORP 3.50000 12/15/2024 | US | 6,362,000 | $6,548,877.39 | |
| 34461LAA2 | FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 | US | 4,480,000 | $4,710,810.50 | |
| 345370CV0 | FORD MOTOR COMPANY 8.50000 04/21/2023 | US | 4,000,000 | $4,460,000.00 | |
| 345397XA6 | FORD MOTOR CREDIT CO LLC 3.21900 01/09/2022 | US | 950,000 | $960,402.50 | |
| 345397YQ0 | FORD MOTOR CREDIT CO LLC 2.97900 08/03/2022 | US | 2,050,000 | $2,080,750.00 | |
| 34960PAC5 | FORTRESS TRANS & INFRAST 9.75000 08/01/2027 | US | 20,000 | $22,775.00 | |
| 36260XAL0 | GSMS 2021- RENT B 1.21100 11/21/2035 | US | 4,000,000 | $3,999,999.20 | |
| 37255LAA5 | GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 | US | 3,340,000 | $3,609,287.50 | |
| 376535AC4 | GLADSTONE CAPITAL CORP 5.12500 01/31/2026 | US | 3,000,000 | $3,153,750.00 | |
| 38138JAC7 | GLM 2021-9A A FLT 1.19475 01/20/2033 | KY | 6,000,000 | $6,001,884.00 | |
| 38217TAA3 | GOODG 2020-1A MTGE 2.63000 04/15/2055 | US | 4,729,979.25 | $4,858,178.72 | |
| 400666AA1 | GUARA NORTE SARL 5.19800 06/15/2034 | LU | 3,100,000 | $3,040,480.00 | |
| 418751AD5 | HAT HOLDINGS I LLC/HAT 3.75000 09/15/2030 | US | 240,000 | $231,000.00 | |
| 419792ZZ2 | HAWAII ST 2.63200 10/01/2030 | US | 3,905,000 | $3,914,762.50 | |
| 428041BD8 | HFLF 2018-1 A2 MTGE 3.23000 05/10/2032 | US | 2,095,947.47 | $2,099,199.12 | |
| 450913AF5 | IAMGOLD CORP 5.75000 10/15/2028 | CA | 2,475,000 | $2,506,680.00 | |
| 45682RAA8 | INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 | AU | 3,425,000 | $3,425,000.00 | |
| 46116VAE5 | INTL FC STORE INC 8.62500 06/15/2025 | US | 3,580,000 | $3,781,375.00 | |
| 46187BAA1 | IHSFR 2017-SFR2 A 0.95800 12/17/2036 | US | 447,955.96 | $448,446.11 | |
| 46187BAB9 | IHSFR 2017-SFR2 B 1.25800 12/17/2036 | US | 400,000 | $400,752.08 | |
| 464288281 | ISHARES JP MORGAN USD EMERGI 4.32000 | US | 180,900 | $19,696,392.00 | |
| 465410BX5 | ITALY GOV'T INT BOND 2.37500 10/17/2024 | IT | 4,500,000 | $4,695,572.39 | |
| 46635GAE0 | JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 | US | 184,532.34 | $184,993.67 | |
| 46639GAL0 | JPMMT 2013-1 1A2 3.00000 03/25/2043 | US | 168,544.46 | $170,754.11 | |
| 46640BAC8 | JPMMT 2013-2 A2 3.50000 05/25/2043 | US | 173,710.27 | $176,787.10 | |
| 46641YAA1 | JPMMT 2014-2 1A1 3.00000 06/25/2029 | US | 428,292.7 | $437,877.85 | |
| 48088LAB3 | JOSEPH T RYERSON & SON 8.50000 08/01/2028 | US | 580,000 | $649,600.00 | |
| 487526AB1 | KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 | US | 1,555,000 | $1,729,937.50 | |
| 494550AW6 | KINDER MORGAN ENER PART 6.95000 01/15/2038 | US | 3,500,000 | $4,686,824.21 | |
| 505742AG1 | LADDER CAP FIN LLLP/CORP 5.25000 10/01/2025 | US | 3,560,000 | $3,560,000.00 | |
| 51889RAB5 | LRK 2019-A A2FX Mtge 2.73000 10/25/2048 | US | 1,263,487.33 | $1,291,825.58 | |
| 539473AE8 | LLOYDS BANK PLC 12.00000 12/16/2024 | GB | 3,000,000 | $3,330,000.00 | |
| 54240F202 | LONESTAR RES US INC NPV | US | LONE | 133,824 | $749,414.40 |
| 552848AG8 | MGIC INVESTMENT CORP 5.25000 08/15/2028 | US | 2,405,000 | $2,504,206.25 | |
| 57109HAA0 | MFT 2019-2A A MTGE 3.13000 07/16/2029 | US | 668,659.49 | $673,459.13 | |
| 59022CAA1 | BANK OF AMERICA CORP 0.94388 09/15/2026 | US | 3,561,000 | $3,525,640.98 | |
| 59166EAA3 | MST 2019-1A A MTGE 3.75000 04/25/2058 | US | 1,346,386.23 | $1,416,032.23 | |
| 62913TAJ1 | NGL ENRGY PART LP/FIN CO 7.50000 11/01/2023 | US | 2,095,000 | $2,021,675.00 | |
| 62954NAA3 | NYCTL 2018-A A 3.22000 11/10/2031 | US | 283,078.13 | $283,785.83 | |
| 63938CAD0 | NAVIENT CORP 6.62500 07/26/2021 | US | 3,717,000 | $3,786,693.75 | |
| 63938CAH1 | NAVIENT CORP 6.75000 06/25/2025 | US | 3,050,000 | $3,313,062.50 | |
| 63938EAC8 | NAVSL 2014-1 A3 FLT 0.61863 06/25/2031 | US | 5,108,906.61 | $5,070,479.46 | |
| 63939KAC3 | NAVSL 2015-BA A3 1.55600 07/16/2040 | US | 2,740,802.15 | $2,782,559.64 | |
| 63939RAA2 | NAVSL 2017-2A A FLT 1.15863 12/27/2066 | US | 3,522,439.44 | $3,567,284.67 | |
| 63941MAA9 | NAVSL 2019-EA A1 2.39000 05/15/2068 | US | 180,209.22 | $180,303.51 | |
| 63941UAA1 | NAVSL 2020-GA A MTGE 1.17000 09/16/2069 | US | 1,338,930.34 | $1,343,967.80 | |
| 63942BAA2 | NAVSL 2021-A A 0.84000 05/15/2069 | US | 1,983,142.39 | $1,976,669.02 | |
| 63942FAB1 | NAVSL 2020-1A A1B 1.15863 06/25/2069 | US | 2,865,664.39 | $2,925,390.28 | |
| 63942NAA6 | NAVSL 2021-1A A1A 1.31000 12/26/2069 | US | 7,000,000 | $6,850,064.20 | |
| 63946BAF7 | NBCUNIVERSAL MEDIA LLC 6.40000 04/30/2040 | US | 2,640,000 | $3,803,777.50 | |
| 64134JAC7 | NEUB 2021-40A B 1.58788 04/16/2033 | KY | 4,200,000 | $4,200,865.20 | |
| 64829DAG1 | NRZT 2014-3A AFX3 3.75000 11/25/2054 | US | 400,222.26 | $426,271.45 | |
| 64829EAA2 | NRZT 2015-2A A1 3.75000 08/25/2055 | US | 580,648.31 | $615,598.46 | |
| 64830DAB9 | NRZT 2019-2A A1 4.25000 12/25/2057 | US | 3,006,990.01 | $3,189,716.07 | |
| 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 | $4,798,176.79 | |
| 670898AC9 | OCP 2020-8RA A1 1.43967 01/17/2032 | KY | 3,500,000 | $3,501,368.50 | |
| 67421QAA0 | OASIS MIDSTREAM PARTNERS 8.00000 04/01/2029 | US | 2,565,000 | $2,635,537.50 | |
| 67576FAA7 | OCT18 2018-18A 1.18338 04/16/2031 | KY | 8,000,000 | $8,001,272.00 | |
| 691205AC2 | OWL ROCK TECHNOLOGY FINA 4.75000 12/15/2025 | US | 2,280,000 | $2,437,504.02 | |
| 691205AE8 | OWL ROCK TECHNOLOGY 3.75000 06/17/2026 | US | 3,000,000 | $3,066,585.18 | |
| 69144AAA7 | OXFIN 2020-1A A2 3.10100 02/15/2028 | US | 6,300,000 | $6,506,451.00 | |
| 69144AAB5 | OXFIN 2020-1A B 4.03700 02/15/2028 | US | 3,700,000 | $3,821,614.56 | |
| 69145AAB4 | OXFIN 2019-1A A2 4.45900 02/15/2027 | US | 7,235,000 | $7,492,629.67 | |
| 69145LAA2 | OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 | US | 1,695,000 | $1,720,086.00 | |
| 69354NAC0 | PRA GROUP INC 7.37500 09/01/2025 | US | 3,570,000 | $3,819,900.00 | |
| 69375BAC1 | PSMC 2019-3 A3 MTGE 3.50000 11/25/2049 | US | 465,181.34 | $465,810.59 | |
| 70806AAA4 | PENNANTPARK FLOATING RAT 4.25000 04/01/2026 | US | 3,500,000 | $3,506,990.31 | |
| 733174AK2 | POPULAR INC 6.12500 09/14/2023 | PR | 3,053,000 | $3,297,240.00 | |
| 74166MAC0 | PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 | US | 1,090,000 | $1,176,355.25 | |
| 74331AAA0 | 2019- SFR4 CLASS A 2.68700 10/17/2036 | US | 3,800,000 | $3,894,085.72 | |
| 74333NAA0 | PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 | US | 8,543,742.62 | $8,737,186.62 | |
| 750236AW1 | RADIAN GROUP INC 4.87500 03/15/2027 | US | 440,000 | $461,450.00 | |
| 75606DAL5 | REALOGY GROUP/CO-ISSUER 5.75000 01/15/2029 | US | 1,130,000 | $1,114,462.50 | |
| 78403DAN0 | SBA TOWER TRUST 2.83600 01/15/2025 | US | 3,500,000 | $3,670,816.10 | |
| 78403DAP5 | SBA TOWER TRUST 1.88400 01/15/2026 | US | 2,750,000 | $2,738,340.83 | |
| 78442FEL8 | NAVIENT CORP 7.25000 01/25/2022 | US | 1,050,000 | $1,088,062.50 | |
| 78442FEQ7 | NAVIENT CORP 5.50000 01/25/2023 | US | 2,417,000 | $2,507,637.50 | |
| 78442PGC4 | SLM CORP 5.12500 04/05/2022 | US | 5,336,000 | $5,456,060.00 | |
| 784456AD7 | SMB 2014-A A3 1.60600 04/15/2032 | US | 4,545,000 | $4,598,723.72 | |
| 78449XAA0 | SMB 2020-BA A1A 1.29000 07/15/2053 | US | 2,539,348.89 | $2,544,093.16 | |
| 78472CAA6 | SCLP 2019-1 A 3.24000 02/25/2028 | US | 313,699.47 | $314,999.06 | |
| 785592AJ5 | SABINE PASS LIQUEFACTION 5.75000 05/15/2024 | US | 7,000,000 | $7,897,866.69 | |
| 81745BAB1 | SEMT 2013-6 A2 3.00000 05/25/2043 | US | 2,519,921.08 | $2,539,765.46 | |
| 81745CAB9 | SEMT 2013-7 A2 3.00000 06/25/2043 | US | 226,394.69 | $228,582.89 | |
| 81745EAA7 | SEMT 2013-8 A1 3.00000 06/25/2043 | US | 288,376.79 | $291,323.19 | |
| 81745MAA9 | SEMT 2013-2 1.87400 02/25/2043 | US | 271,392.77 | $272,326.39 | |
| 81748MAD0 | SEMT 2020-1 A4 3.50000 02/25/2050 | US | 963,287.54 | $969,305.29 | |
| 83192CAB3 | SMB 2019-B A2A 2.84000 06/15/2037 | US | 4,249,221.12 | $4,421,805.36 | |
| 83401BAB2 | SOFI 2017-F A2FX 2.84000 01/25/2041 | US | 456,342.28 | $467,004.12 | |
| 83402DAC5 | SOFI 2016-C A2B 2.36000 12/27/2032 | US | 133,459.15 | $134,961.39 | |
| 83405JAA3 | SCLP 2017-4 A 2.50000 05/26/2026 | US | 12,838.17 | $12,857.37 | |
| 83405TAA1 | SCLP 2019-3 A MTGE 2.90000 05/25/2028 | US | 450,186.24 | $453,805.56 | |
| 83406CAA7 | SCLP 2019-2 A MTGE 3.01000 04/25/2028 | US | 566,238.79 | $570,338.59 | |
| 844741BJ6 | SOUTHWEST AIRLINES CO 5.25000 05/04/2025 | US | 3,000,000 | $3,412,249.50 | |
| 85207UAE5 | SPRINT CORP 7.25000 09/15/2021 | US | 4,918,000 | $5,041,441.80 | |
| 85236KAE2 | SIDC 2021-1A A2 MTGE 1.87700 03/26/2046 | US | 3,400,000 | $3,375,030.40 | |
| 85571BAG0 | STARWOOD PROPERTY TRUST 5.00000 12/15/2021 | US | 2,150,000 | $2,179,562.50 | |
| 85571BAL9 | STARWOOD PROPERTY TRUST 4.75000 03/15/2025 | US | 2,850,000 | $2,959,098.00 | |
| 85571XAA5 | SRPT 2014-STAR A FLTG RATE 1.57600 11/15/2027 | US | 1,777,114.94 | $1,306,179.48 | |
| 861036AA9 | STL HOLDING CO LLC 7.50000 02/15/2026 | US | 3,195,000 | $3,322,800.00 | |
| 86212XAA8 | STR 2019-1 A1 MTGE 2.82000 11/20/2049 | US | 2,431,390.58 | $2,472,513.90 | |
| 86935CAA0 | SCML 2019-SBC8 2.86000 04/25/2041 | US | 3,112,869.31 | $3,129,401.14 | |
| 87230AAQ9 | TFLAT 2016-1A CR2 2.43622 01/17/2032 | KY | 2,500,000 | $2,495,825.00 | |
| 87422VAA6 | TALEN ENERGY SUPPLY LLC 6.50000 06/01/2025 | US | 1,450,000 | $1,164,531.25 | |
| 87485LAA2 | TALOS PRODUCTION INC 12.00000 01/15/2026 | US | 3,510,000 | $3,429,972.00 | |
| 87677QAA9 | TXEZ 2016-1A 3.13100 06/15/2028 | US | 82,980.86 | $83,160.01 | |
| 87901JAJ4 | TENGA INC 4.62500 03/15/2028 | US | 890,000 | $905,575.00 | |
| 88032WAN6 | TENCENT HOLDINGS 3.97500 04/11/2029 | KY | 6,650,000 | $7,219,705.50 | |
| 88315LAL2 | TMCL 2021-A1 A 1.68000 02/20/2046 | BM | 6,556,000 | $6,360,881.64 | |
| 89052KAA3 | TOORAK MORTGAGE CORP 4.53510 03/25/2022 | US | 5,000,000 | $5,054,308.00 | |
| 89173CAA5 | TPMT 2016-5 A1 2.50000 10/25/2056 | US | 773,876.42 | $788,701.03 | |
| 89173FAA8 | TPMT 2017-1 A1 2.75000 10/25/2056 | US | 2,445,314.55 | $2,487,002.52 | |
| 89175VAA1 | TPMT 2018-2 A1 3.25000 03/25/2058 | US | 1,126,194.04 | $1,174,188.83 | |
| 89177EAA7 | TPMT 2019-HY1 A1 1.10863 10/25/2048 | US | 2,615,923.81 | $2,635,455.34 | |
| 89613GAC0 | TAH 2020-SFR1 C 2.24900 07/17/2038 | US | 2,500,000 | $2,496,362.50 | |
| 89657AAC0 | TRL 2020-1A A 1.96000 10/17/2050 | US | 2,854,151.42 | $2,854,224.20 | |
| 89680HAE2 | TCF 2021-1A 1.86000 03/20/2046 | US | 6,600,000 | $6,437,661.12 | |
| 90932KAA7 | UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 | US | 2,533,364.01 | $2,464,852.47 | |
| 90932NAA1 | UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 | US | 3,335,930.97 | $3,373,694.05 | |
| 91086QBG2 | UNITED MEXICAN STATES 4.12500 01/21/2026 | MX | 1,800,000 | $1,998,702.00 | |
| 92189H300 | VANECK VECTORS J.P. MORGAN 1.55200 | US | 609,000 | $18,684,120.00 | |
| 92212KAB2 | VDC 2020-1A A2 1.64500 09/15/2045 | US | 6,500,000 | $6,502,221.70 | |
| 92343VCV4 | VERIZON COMMUNICATIONS 4.27200 01/15/2036 | US | 4,000,000 | $4,516,628.60 | |
| 92535VAF9 | VBTOW 2020-2A A 2.63600 09/15/2050 | US | 4,000,000 | $4,004,520.80 | |
| 93065PAA9 | WBHT 2019-WBM A FLT 1.15600 12/15/2033 | US | 7,000,000 | $6,991,520.20 | |
| 962178AN9 | TRI POINTE GROUP / HOMES 5.87500 06/15/2024 | US | 3,052,000 | $3,372,460.00 | |
| 969457BY5 | WILLIAMS COMPANIES INC 2.60000 03/15/2031 | US | 3,550,000 | $3,459,106.83 | |
| 97652TAA1 | WIN 2015-1 A1 3.50000 01/20/2045 | US | 191,288.26 | $195,795.60 | |
| B4NDCC9 | MEX BONOS DESARR FIX RT 6.50000 06/09/2022 | MX | 126,000,000 | $6,286,222.27 | |
| BBG003D8K9C6 | 90DAY EURO$ FUTR EDU2 | EU | -2,750 | $346,625.13 | |
| BBG0058ZNYR3 | 90DAY EURO$ FUTR EDU3 | EU | 2,750 | -$793,500.13 | |
| BBG00X71TD89 | EURO-BUXL 30Y BND FUTURE UBM1 | DE | -203 | $438,071.97 | |
| BBG00X71TD98 | EURO-BUND FUTURE RXM1 | DE | 559 | $27,247.43 | |
| BBG00X9DZQ76 | US 10YR NOTE FUTURE TYM1 | US | -85 | $279,398.40 | |
| BBG00X9DZR92 | US 10YR ULTRA FUTURE UXYM1 | US | -55 | $277,896.85 | |
| BH8295835 | SAUDI INTERNATIONAL BOND 2.90000 10/22/2025 | SA | 1,000,000 | $1,060,002.00 | |
| BK0939417 | AMERICAN TANKER INC 7.75000 07/02/2025 | US | 5,590,000 | $5,700,656.29 | |
| BL3427798 | TUTOR PERINI FLT 5.75000 08/18/2027 | US | 4,987,500 | $5,037,375.00 | |
| BN6725160 | SEASPAN CORP 6.50000 02/05/2024 | MH | 7,000,000 | $7,227,500.00 | |
| BN7860420 | PETROTAL CORP 12.00000 02/16/2024 | CA | 3,400,000 | $3,400,000.00 | |
| BO4553299 | TIGER HOLDCO PTE LTD 13.00000 06/10/2023 | SG | 6,000,000 | $6,019,740.00 | |
| BO8204600 | COPPER MOUNTAIN MINING C 8.00000 04/09/2026 | CA | 6,800,000 | $6,630,000.00 | |
| USD | US DOLLAR | US | 19,430,936.46 | $19,430,936.46 | |
| ZO1818103 | NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 | MH | 3,550,000 | $3,692,000.00 | |
| ZO4110185 | BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 | AE | 6,800,000 | $6,358,000.00 |
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.
$11.00
-$0.01
-0.09%
as of 04/16/2021
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 |
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 03/31/2021
0.21%
12.80%
4.47%
3.72%
3.62%
4.57%
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 | 0.77% |
| Net | 0.76%* |
*Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee.
As of 03/31/2021
| ISHARES JP MORGAN USD EMERGI 4.32000 | 3.00% |
| VANECK VECTORS J.P. MORGAN 1.55200 | 2.84% |
| ALEXANDER FUNDING TRUST 1.84100 11/15/2023 | 1.54% |
| AMERICAN TOWER CORP 3.80000 08/15/2029 | 1.37% |
| AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 | 1.36% |
| PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 | 1.33% |
| OCT18 2018-18A 1.18338 04/16/2031 | 1.22% |
| SABINE PASS LIQUEFACTION 5.75000 05/15/2024 | 1.20% |
| BANK OF AMERICA CORP 4.00000 01/22/2025 | 1.16% |
| OXFIN 2019-1A A2 4.45900 02/15/2027 | 1.14% |
Top Ten Investments list is unaudited and excludes cash.
As of 03/31/2021
| Government | 2.29% | |
| Cash | 2.88% | |
| Corporate | 46.22% | |
| Mortgage | 42.34% | |
| Other | 6.27% |
As of 03/31/2021
| AAA | 21.82% | |
| AA | 2.56% | |
| A | 12.96% | |
| BBB | 17.64% | |
| BB | 13.82% | |
| B | 6.90% | |
| CCC | 0.62% | |
| D | 0.00% | |
| NR | 23.68% |
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 03/31/2021
| CUSIP | Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|---|
| 00206RDQ2 | AT&T INC 4.25000 03/01/2027 | US | 2,000,000 | $2,246,501.88 | |
| 01166WAA5 | ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 | US | 5,913,635.13 | $6,566,529.43 | |
| 014621AA4 | ALEXANDER FUNDING TRUST 1.84100 11/15/2023 | US | 10,000,000 | $10,152,598.80 | |
| 01609WAU6 | ALIBABA GROUP HOLDING 4.00000 12/06/2037 | KY | 1,685,000 | $1,811,531.35 | |
| 01609WAY8 | ALIBABA GROUP HOLDING 2.70000 02/09/2041 | KY | 1,775,000 | $1,607,107.99 | |
| 02406MAP2 | AMERICAN AXLE & MANUFACTURING 3.00000 04/06/2024 | US | 5,448,953.53 | $5,415,769.40 | |
| 03027XAW0 | AMERICAN TOWER CORP 3.80000 08/15/2029 | US | 8,250,000 | $8,976,609.26 | |
| 03690AAF3 | ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 | US | 1,555,000 | $1,553,056.25 | |
| 045054AJ2 | ASHTEAD CAPITAL INC 4.00000 05/01/2028 | US | 1,500,000 | $1,566,960.00 | |
| 05401AAJ0 | AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 | KY | 9,000,000 | $8,921,697.84 | |
| 05567SAA0 | BNSF FUNDING TRUST I 6.61300 12/15/2055 | US | 1,500,000 | $1,718,712.00 | |
| 059438AK7 | BANK ONE CORP 8.00000 04/29/2027 | US | 3,000,000 | $4,061,837.43 | |
| 06051GFM6 | BANK OF AMERICA CORP 4.00000 01/22/2025 | US | 7,000,000 | $7,647,993.08 | |
| 071734AH0 | BAUSCH HEALTH COS INC 5.00000 01/30/2028 | CA | 145,000 | $147,784.00 | |
| 07403VAA7 | BEASLEY MEZ HLDGS LLC 8.62500 02/01/2026 | US | 1,545,000 | $1,552,725.00 | |
| 09261XAA0 | BLACKSTONE SECURED LEND 2.75000 09/16/2026 | US | 1,850,000 | $1,837,194.23 | |
| 105756BV1 | FED REPUBLIC OF BRAZIL 4.25000 01/07/2025 | BR | 1,300,000 | $1,389,037.00 | |
| 12116LAA7 | BURFORD CAPITAL GLBL FIN 6.25000 04/15/2028 | US | 2,000,000 | $2,050,000.00 | |
| 12327BAA4 | BJETS 2021-1A A 2.16200 04/15/2036 | US | 5,650,000 | $5,632,798.58 | |
| 12345678 | JONAH ENERGY PARENT LLC | US | 85,915 | $1,288,725.00 | |
| 12467AAF5 | C&S GROUP ENTERPRISES LL 5.00000 12/15/2028 | US | 2,300,000 | $2,236,750.00 | |
| 12530MAA3 | SORT 2020-1 A1 MTGE 1.69000 07/15/2060 | US | 3,912,953.23 | $3,941,317.84 | |
| 12530MAC9 | SORT 2020-1 B1 2.28000 07/15/2060 | US | 1,908,757.67 | $1,940,187.27 | |
| 12555DAA3 | CIM 2019-INV1 A1 4.00000 02/25/2049 | US | 394,922.07 | $402,090.93 | |
| 12565KAA5 | CLIF 2021-1A A MTGE 1.64000 02/18/2046 | US | 6,700,000 | $6,543,023.02 | |
| 12598FAA7 | CPI CG INC 8.62500 03/15/2026 | US | 3,540,000 | $3,709,176.60 | |
| 133131AZ5 | CAMDEN PROPERTY TRUST 2.80000 05/15/2030 | US | 3,225,000 | $3,305,957.30 | |
| 14980AAA0 | CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 | US | 1,594,278.02 | $1,601,833.78 | |
| 156700BA3 | CENTURYLINK INC 7.50000 04/01/2024 | US | 5,990,000 | $6,713,890.90 | |
| 172967KA8 | CITIGROUP INCA 4.45000 09/29/2027 | US | 3,700,000 | $4,166,772.02 | |
| 17327XAA5 | CGCMT 2019-SST2 1.02600 12/15/2036 | US | 7,000,000 | $7,002,204.30 | |
| 19424KAB9 | CASL 2021-A A2 1.60000 07/25/2051 | US | 3,000,000 | $2,964,650.70 | |
| 20268CAA6 | CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 | US | 3,738,579.38 | $3,835,408.59 | |
| 21872FAA5 | COLONY AMERICAN FINANCE LTD 3.32400 03/15/2052 | US | 4,837,820.46 | $5,137,480.86 | |
| 21872NAA8 | CAFL 2019-3 A 2.70500 10/15/2052 | US | 2,796,985.92 | $2,913,152.58 | |
| 21873AAA5 | CAFL 2020-4 A MTGE 1.17400 12/15/2052 | US | 1,232,923.11 | $1,215,852.30 | |
| 21873CAA1 | CAFL 2020-3 A 1.35800 08/15/2053 | US | 1,962,804.28 | $1,934,572.68 | |
| 225310AN1 | CREDIT ACCEPTANC 5.12500 12/31/2024 | US | 3,017,000 | $3,077,340.00 | |
| 22535AAA3 | CAALT 2019-1A A 3.33000 02/15/2028 | US | 3,590,099.08 | $3,638,005.72 | |
| 22535FAA2 | CAALT 2018-2A A Mtge 3.47000 05/17/2027 | US | 399,454.09 | $399,943.82 | |
| 22537CAE9 | CAALT 2021-2A A 1.64000 06/17/2030 | US | 3,800,000 | $3,770,109.58 | |
| 22822VAN1 | CROWN CASTLE INTL CORP 3.10000 11/15/2029 | US | 5,000,000 | $5,148,366.95 | |
| 22822VAR2 | CROWN CASTLE INTL CORP 3.30000 07/01/2030 | US | 1,850,000 | $1,931,486.04 | |
| 22944PAA5 | CSMC 2013-TH1 A1 2.13000 02/25/2043 | US | 224,222.88 | $226,950.48 | |
| 23311RAE6 | DCP MIDSTREAM OPERATING 4.75000 09/30/2021 | US | 3,637,000 | $3,659,731.25 | |
| 23311VAG2 | DCP MIDSTREAM 5.37500 07/15/2025 | US | 2,000,000 | $2,167,250.00 | |
| 23585WAA2 | DANAOS CORP 8.50000 03/01/2028 | MH | 1,000,000 | $1,068,750.00 | |
| 23802WAA9 | COLO 2021-1A A2 MTGE 2.06000 02/27/2051 | US | 5,200,000 | $5,154,848.40 | |
| 25470XAE5 | DISH DBS CORP 6.75000 06/01/2021 | US | 5,518,000 | $5,555,936.25 | |
| 26150TAE9 | DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 | US | 2,850,000 | $2,922,197.28 | |
| 28166GAA3 | EDVES 2019-A A MTGE 3.58000 11/25/2038 | US | 2,973,493.68 | $3,089,727.25 | |
| 28166LAA2 | EDVES 2021-A A MTGE 1.80000 11/25/2045 | US | 2,750,000 | $2,721,216.30 | |
| 29275YAC6 | ENERSYS 4.37500 12/15/2027 | US | 305,000 | $311,862.50 | |
| 30262SAR9 | FREMF 2015-K42 B FLT 3.85081 12/25/2024 | US | 1,900,000 | $2,041,622.39 | |
| 30264DAA7 | FS ENERGY & POWER FUND 7.50000 08/15/2023 | US | 3,085,000 | $3,100,425.00 | |
| 30286XAN9 | FREMF 2015-K43 B FLT 3.73284 02/25/2048 | US | 1,500,000 | $1,614,947.25 | |
| 30291HAA5 | FREMF 2013-K28 X2A 0.10000 06/25/2046 | US | 82,526,627.86 | $111,988.63 | |
| 30291YAJ9 | FREMF 2014-K716 B FLT 3.90344 08/25/2047 | US | 2,550,000 | $2,562,363.68 | |
| 302957AQ8 | FREMF MORTGAGE TRUST 4.06766 07/25/2036 | US | 4,000,000 | $3,488,085.60 | |
| 302967AQ7 | FREMF MORTGAGE TRUST 4.36149 11/25/2033 | US | 3,500,000 | $3,656,388.40 | |
| 3128E5VC0 | FHLM POOL D98711 4.50000 07/01/2031 | US | 353,607.5 | $389,960.03 | |
| 3128LCD86 | FHLM POOL A78227 5.50000 06/01/2038 | US | 150,401.98 | $176,509.77 | |
| 3128M56M7 | FHLM POOL G04176 5.50000 05/01/2038 | US | 128,443.27 | $151,072.37 | |
| 3128M73H7 | FHLM POOL G05900 6.00000 03/01/2040 | US | 47,137.14 | $55,528.34 | |
| 3128M9ZU9 | FHLM POOL G07655 5.50000 12/01/2035 | US | 289,156.95 | $338,471.90 | |
| 3128MB4Q7 | FHLM POOL G13331 5.50000 10/01/2023 | US | 2,944.52 | $3,040.02 | |
| 3128MBDP9 | FHLM POOL G12610 6.00000 03/01/2022 | US | 3,053.74 | $3,087.12 | |
| 3128MBE45 | FHLM POOL G12655 6.00000 05/01/2022 | US | 2,406.23 | $2,433.75 | |
| 3128MBRH2 | FHLM POOL G12988 6.00000 01/01/2023 | US | 3,268.02 | $3,353.81 | |
| 3128MBUB1 | FHLM POOL G13078 6.00000 03/01/2023 | US | 4,764.5 | $4,884.80 | |
| 3128P75F6 | FHLM POOL C91746 4.50000 12/01/2033 | US | 290,269.68 | $320,818.39 | |
| 3128P7QL0 | FHLM POOL C91359 4.50000 02/01/2031 | US | 125,162.04 | $138,025.81 | |
| 3136B1YD0 | FNR 2018-31 KP 3.50000 07/25/2047 | US | 739,448.03 | $765,743.91 | |
| 3137ADTK3 | FHMS K014 X1 FLT 1.46248 04/25/2021 | US | 358,569.14 | $3.59 | |
| 3137AJMG6 | FMHS K016 X1 FLT 1.48185 10/25/2021 | US | 4,125,695.42 | $6,512.41 | |
| 3137AME78 | FHMS K017 X1 FLT 1.28501 12/25/2021 | US | 29,388,760.33 | $105,902.40 | |
| 3137AUPF0 | FHMS K021 x1 FLT 1.39972 06/25/2022 | US | 15,894,905.47 | $178,264.54 | |
| 3137B3NB0 | FHMS K030 X1 FLT 0.16646 04/25/2023 | US | 53,166,086.43 | $161,465.40 | |
| 3137B4GZ3 | FHMS K032 X1 FLT 0.08767 05/25/2023 | US | 31,299,772.63 | $70,643.59 | |
| 3137F4YU0 | FHR 4791 BA MTGE 4.00000 03/15/2044 | US | 512,137.39 | $515,587.51 | |
| 3137FG2L8 | FHR 4801 BA MTGE 4.50000 05/15/2044 | US | 112,364.46 | $112,605.08 | |
| 3137FRUV1 | FHMS K106 X1 MTGE 1.35473 01/25/2030 | US | 53,925,350.09 | $5,586,164.76 | |
| 3138WDJY8 | FEDERAL NATL MTG ASSN AS3878 4.50000 11/01/2044 | US | 574,342.6 | $641,609.05 | |
| 3138XU4Y5 | FEDERAL NATL MTG ASSN AW5338 4.50000 06/01/2044 | US | 710,769.75 | $799,751.75 | |
| 3140FTWF4 | FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 | US | 200,562.81 | $220,565.93 | |
| 31410FSE6 | FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 | US | 864.17 | $868.05 | |
| 31410FV51 | FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 | US | 1,672.25 | $1,682.40 | |
| 31410GCD3 | FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 | US | 1,249.96 | $1,251.23 | |
| 31410GN33 | FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 | US | 2,937.79 | $2,948.73 | |
| 31410KLD4 | FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 | US | 112,952.51 | $132,800.26 | |
| 31411YN90 | FEDERAL NATL MTG ASSN 918516 5.50000 06/01/2037 | US | 68,178.83 | $80,048.27 | |
| 31416BSW9 | FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 | US | 9.42 | $9.45 | |
| 31416BVW5 | FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 | US | 1,104.42 | $1,109.37 | |
| 31416CJV9 | FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 | US | 308,721.17 | $368,032.19 | |
| 31416RBE2 | FEDERAL NATL MTG ASSN AA7236 4.00000 06/01/2039 | US | 524,509.23 | $577,874.81 | |
| 31417YDV6 | FHLM POOL MA0115 4.50000 07/01/2029 | US | 47,051.23 | $51,628.65 | |
| 31418BBC9 | FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 | US | 180,138.24 | $199,039.34 | |
| 31418MKV3 | FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 | US | 112,149.54 | $131,853.04 | |
| 31418MQQ8 | FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 | US | 7,755.04 | $8,150.31 | |
| 343412AC6 | FLUOR CORP 3.50000 12/15/2024 | US | 6,362,000 | $6,548,877.39 | |
| 34461LAA2 | FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 | US | 4,480,000 | $4,710,810.50 | |
| 345370CV0 | FORD MOTOR COMPANY 8.50000 04/21/2023 | US | 4,000,000 | $4,460,000.00 | |
| 345397XA6 | FORD MOTOR CREDIT CO LLC 3.21900 01/09/2022 | US | 950,000 | $960,402.50 | |
| 345397YQ0 | FORD MOTOR CREDIT CO LLC 2.97900 08/03/2022 | US | 2,050,000 | $2,080,750.00 | |
| 34960PAC5 | FORTRESS TRANS & INFRAST 9.75000 08/01/2027 | US | 20,000 | $22,775.00 | |
| 36260XAL0 | GSMS 2021- RENT B 1.21100 11/21/2035 | US | 4,000,000 | $3,999,999.20 | |
| 37255LAA5 | GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 | US | 3,340,000 | $3,609,287.50 | |
| 376535AC4 | GLADSTONE CAPITAL CORP 5.12500 01/31/2026 | US | 3,000,000 | $3,153,750.00 | |
| 38138JAC7 | GLM 2021-9A A FLT 1.19475 01/20/2033 | KY | 6,000,000 | $6,001,884.00 | |
| 38217TAA3 | GOODG 2020-1A MTGE 2.63000 04/15/2055 | US | 4,729,979.25 | $4,858,178.72 | |
| 400666AA1 | GUARA NORTE SARL 5.19800 06/15/2034 | LU | 3,100,000 | $3,040,480.00 | |
| 418751AD5 | HAT HOLDINGS I LLC/HAT 3.75000 09/15/2030 | US | 240,000 | $231,000.00 | |
| 419792ZZ2 | HAWAII ST 2.63200 10/01/2030 | US | 3,905,000 | $3,914,762.50 | |
| 428041BD8 | HFLF 2018-1 A2 MTGE 3.23000 05/10/2032 | US | 2,095,947.47 | $2,099,199.12 | |
| 450913AF5 | IAMGOLD CORP 5.75000 10/15/2028 | CA | 2,475,000 | $2,506,680.00 | |
| 45682RAA8 | INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 | AU | 3,425,000 | $3,425,000.00 | |
| 46116VAE5 | INTL FC STORE INC 8.62500 06/15/2025 | US | 3,580,000 | $3,781,375.00 | |
| 46187BAA1 | IHSFR 2017-SFR2 A 0.95800 12/17/2036 | US | 447,955.96 | $448,446.11 | |
| 46187BAB9 | IHSFR 2017-SFR2 B 1.25800 12/17/2036 | US | 400,000 | $400,752.08 | |
| 464288281 | ISHARES JP MORGAN USD EMERGI 4.32000 | US | 180,900 | $19,696,392.00 | |
| 465410BX5 | ITALY GOV'T INT BOND 2.37500 10/17/2024 | IT | 4,500,000 | $4,695,572.39 | |
| 46635GAE0 | JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 | US | 184,532.34 | $184,993.67 | |
| 46639GAL0 | JPMMT 2013-1 1A2 3.00000 03/25/2043 | US | 168,544.46 | $170,754.11 | |
| 46640BAC8 | JPMMT 2013-2 A2 3.50000 05/25/2043 | US | 173,710.27 | $176,787.10 | |
| 46641YAA1 | JPMMT 2014-2 1A1 3.00000 06/25/2029 | US | 428,292.7 | $437,877.85 | |
| 48088LAB3 | JOSEPH T RYERSON & SON 8.50000 08/01/2028 | US | 580,000 | $649,600.00 | |
| 487526AB1 | KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 | US | 1,555,000 | $1,729,937.50 | |
| 494550AW6 | KINDER MORGAN ENER PART 6.95000 01/15/2038 | US | 3,500,000 | $4,686,824.21 | |
| 505742AG1 | LADDER CAP FIN LLLP/CORP 5.25000 10/01/2025 | US | 3,560,000 | $3,560,000.00 | |
| 51889RAB5 | LRK 2019-A A2FX Mtge 2.73000 10/25/2048 | US | 1,263,487.33 | $1,291,825.58 | |
| 539473AE8 | LLOYDS BANK PLC 12.00000 12/16/2024 | GB | 3,000,000 | $3,330,000.00 | |
| 54240F202 | LONESTAR RES US INC NPV | US | LONE | 133,824 | $749,414.40 |
| 552848AG8 | MGIC INVESTMENT CORP 5.25000 08/15/2028 | US | 2,405,000 | $2,504,206.25 | |
| 57109HAA0 | MFT 2019-2A A MTGE 3.13000 07/16/2029 | US | 668,659.49 | $673,459.13 | |
| 59022CAA1 | BANK OF AMERICA CORP 0.94388 09/15/2026 | US | 3,561,000 | $3,525,640.98 | |
| 59166EAA3 | MST 2019-1A A MTGE 3.75000 04/25/2058 | US | 1,346,386.23 | $1,416,032.23 | |
| 62913TAJ1 | NGL ENRGY PART LP/FIN CO 7.50000 11/01/2023 | US | 2,095,000 | $2,021,675.00 | |
| 62954NAA3 | NYCTL 2018-A A 3.22000 11/10/2031 | US | 283,078.13 | $283,785.83 | |
| 63938CAD0 | NAVIENT CORP 6.62500 07/26/2021 | US | 3,717,000 | $3,786,693.75 | |
| 63938CAH1 | NAVIENT CORP 6.75000 06/25/2025 | US | 3,050,000 | $3,313,062.50 | |
| 63938EAC8 | NAVSL 2014-1 A3 FLT 0.61863 06/25/2031 | US | 5,108,906.61 | $5,070,479.46 | |
| 63939KAC3 | NAVSL 2015-BA A3 1.55600 07/16/2040 | US | 2,740,802.15 | $2,782,559.64 | |
| 63939RAA2 | NAVSL 2017-2A A FLT 1.15863 12/27/2066 | US | 3,522,439.44 | $3,567,284.67 | |
| 63941MAA9 | NAVSL 2019-EA A1 2.39000 05/15/2068 | US | 180,209.22 | $180,303.51 | |
| 63941UAA1 | NAVSL 2020-GA A MTGE 1.17000 09/16/2069 | US | 1,338,930.34 | $1,343,967.80 | |
| 63942BAA2 | NAVSL 2021-A A 0.84000 05/15/2069 | US | 1,983,142.39 | $1,976,669.02 | |
| 63942FAB1 | NAVSL 2020-1A A1B 1.15863 06/25/2069 | US | 2,865,664.39 | $2,925,390.28 | |
| 63942NAA6 | NAVSL 2021-1A A1A 1.31000 12/26/2069 | US | 7,000,000 | $6,850,064.20 | |
| 63946BAF7 | NBCUNIVERSAL MEDIA LLC 6.40000 04/30/2040 | US | 2,640,000 | $3,803,777.50 | |
| 64134JAC7 | NEUB 2021-40A B 1.58788 04/16/2033 | KY | 4,200,000 | $4,200,865.20 | |
| 64829DAG1 | NRZT 2014-3A AFX3 3.75000 11/25/2054 | US | 400,222.26 | $426,271.45 | |
| 64829EAA2 | NRZT 2015-2A A1 3.75000 08/25/2055 | US | 580,648.31 | $615,598.46 | |
| 64830DAB9 | NRZT 2019-2A A1 4.25000 12/25/2057 | US | 3,006,990.01 | $3,189,716.07 | |
| 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 | $4,798,176.79 | |
| 670898AC9 | OCP 2020-8RA A1 1.43967 01/17/2032 | KY | 3,500,000 | $3,501,368.50 | |
| 67421QAA0 | OASIS MIDSTREAM PARTNERS 8.00000 04/01/2029 | US | 2,565,000 | $2,635,537.50 | |
| 67576FAA7 | OCT18 2018-18A 1.18338 04/16/2031 | KY | 8,000,000 | $8,001,272.00 | |
| 691205AC2 | OWL ROCK TECHNOLOGY FINA 4.75000 12/15/2025 | US | 2,280,000 | $2,437,504.02 | |
| 691205AE8 | OWL ROCK TECHNOLOGY 3.75000 06/17/2026 | US | 3,000,000 | $3,066,585.18 | |
| 69144AAA7 | OXFIN 2020-1A A2 3.10100 02/15/2028 | US | 6,300,000 | $6,506,451.00 | |
| 69144AAB5 | OXFIN 2020-1A B 4.03700 02/15/2028 | US | 3,700,000 | $3,821,614.56 | |
| 69145AAB4 | OXFIN 2019-1A A2 4.45900 02/15/2027 | US | 7,235,000 | $7,492,629.67 | |
| 69145LAA2 | OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 | US | 1,695,000 | $1,720,086.00 | |
| 69354NAC0 | PRA GROUP INC 7.37500 09/01/2025 | US | 3,570,000 | $3,819,900.00 | |
| 69375BAC1 | PSMC 2019-3 A3 MTGE 3.50000 11/25/2049 | US | 465,181.34 | $465,810.59 | |
| 70806AAA4 | PENNANTPARK FLOATING RAT 4.25000 04/01/2026 | US | 3,500,000 | $3,506,990.31 | |
| 733174AK2 | POPULAR INC 6.12500 09/14/2023 | PR | 3,053,000 | $3,297,240.00 | |
| 74166MAC0 | PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 | US | 1,090,000 | $1,176,355.25 | |
| 74331AAA0 | 2019- SFR4 CLASS A 2.68700 10/17/2036 | US | 3,800,000 | $3,894,085.72 | |
| 74333NAA0 | PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 | US | 8,543,742.62 | $8,737,186.62 | |
| 750236AW1 | RADIAN GROUP INC 4.87500 03/15/2027 | US | 440,000 | $461,450.00 | |
| 75606DAL5 | REALOGY GROUP/CO-ISSUER 5.75000 01/15/2029 | US | 1,130,000 | $1,114,462.50 | |
| 78403DAN0 | SBA TOWER TRUST 2.83600 01/15/2025 | US | 3,500,000 | $3,670,816.10 | |
| 78403DAP5 | SBA TOWER TRUST 1.88400 01/15/2026 | US | 2,750,000 | $2,738,340.83 | |
| 78442FEL8 | NAVIENT CORP 7.25000 01/25/2022 | US | 1,050,000 | $1,088,062.50 | |
| 78442FEQ7 | NAVIENT CORP 5.50000 01/25/2023 | US | 2,417,000 | $2,507,637.50 | |
| 78442PGC4 | SLM CORP 5.12500 04/05/2022 | US | 5,336,000 | $5,456,060.00 | |
| 784456AD7 | SMB 2014-A A3 1.60600 04/15/2032 | US | 4,545,000 | $4,598,723.72 | |
| 78449XAA0 | SMB 2020-BA A1A 1.29000 07/15/2053 | US | 2,539,348.89 | $2,544,093.16 | |
| 78472CAA6 | SCLP 2019-1 A 3.24000 02/25/2028 | US | 313,699.47 | $314,999.06 | |
| 785592AJ5 | SABINE PASS LIQUEFACTION 5.75000 05/15/2024 | US | 7,000,000 | $7,897,866.69 | |
| 81745BAB1 | SEMT 2013-6 A2 3.00000 05/25/2043 | US | 2,519,921.08 | $2,539,765.46 | |
| 81745CAB9 | SEMT 2013-7 A2 3.00000 06/25/2043 | US | 226,394.69 | $228,582.89 | |
| 81745EAA7 | SEMT 2013-8 A1 3.00000 06/25/2043 | US | 288,376.79 | $291,323.19 | |
| 81745MAA9 | SEMT 2013-2 1.87400 02/25/2043 | US | 271,392.77 | $272,326.39 | |
| 81748MAD0 | SEMT 2020-1 A4 3.50000 02/25/2050 | US | 963,287.54 | $969,305.29 | |
| 83192CAB3 | SMB 2019-B A2A 2.84000 06/15/2037 | US | 4,249,221.12 | $4,421,805.36 | |
| 83401BAB2 | SOFI 2017-F A2FX 2.84000 01/25/2041 | US | 456,342.28 | $467,004.12 | |
| 83402DAC5 | SOFI 2016-C A2B 2.36000 12/27/2032 | US | 133,459.15 | $134,961.39 | |
| 83405JAA3 | SCLP 2017-4 A 2.50000 05/26/2026 | US | 12,838.17 | $12,857.37 | |
| 83405TAA1 | SCLP 2019-3 A MTGE 2.90000 05/25/2028 | US | 450,186.24 | $453,805.56 | |
| 83406CAA7 | SCLP 2019-2 A MTGE 3.01000 04/25/2028 | US | 566,238.79 | $570,338.59 | |
| 844741BJ6 | SOUTHWEST AIRLINES CO 5.25000 05/04/2025 | US | 3,000,000 | $3,412,249.50 | |
| 85207UAE5 | SPRINT CORP 7.25000 09/15/2021 | US | 4,918,000 | $5,041,441.80 | |
| 85236KAE2 | SIDC 2021-1A A2 MTGE 1.87700 03/26/2046 | US | 3,400,000 | $3,375,030.40 | |
| 85571BAG0 | STARWOOD PROPERTY TRUST 5.00000 12/15/2021 | US | 2,150,000 | $2,179,562.50 | |
| 85571BAL9 | STARWOOD PROPERTY TRUST 4.75000 03/15/2025 | US | 2,850,000 | $2,959,098.00 | |
| 85571XAA5 | SRPT 2014-STAR A FLTG RATE 1.57600 11/15/2027 | US | 1,777,114.94 | $1,306,179.48 | |
| 861036AA9 | STL HOLDING CO LLC 7.50000 02/15/2026 | US | 3,195,000 | $3,322,800.00 | |
| 86212XAA8 | STR 2019-1 A1 MTGE 2.82000 11/20/2049 | US | 2,431,390.58 | $2,472,513.90 | |
| 86935CAA0 | SCML 2019-SBC8 2.86000 04/25/2041 | US | 3,112,869.31 | $3,129,401.14 | |
| 87230AAQ9 | TFLAT 2016-1A CR2 2.43622 01/17/2032 | KY | 2,500,000 | $2,495,825.00 | |
| 87422VAA6 | TALEN ENERGY SUPPLY LLC 6.50000 06/01/2025 | US | 1,450,000 | $1,164,531.25 | |
| 87485LAA2 | TALOS PRODUCTION INC 12.00000 01/15/2026 | US | 3,510,000 | $3,429,972.00 | |
| 87677QAA9 | TXEZ 2016-1A 3.13100 06/15/2028 | US | 82,980.86 | $83,160.01 | |
| 87901JAJ4 | TENGA INC 4.62500 03/15/2028 | US | 890,000 | $905,575.00 | |
| 88032WAN6 | TENCENT HOLDINGS 3.97500 04/11/2029 | KY | 6,650,000 | $7,219,705.50 | |
| 88315LAL2 | TMCL 2021-A1 A 1.68000 02/20/2046 | BM | 6,556,000 | $6,360,881.64 | |
| 89052KAA3 | TOORAK MORTGAGE CORP 4.53510 03/25/2022 | US | 5,000,000 | $5,054,308.00 | |
| 89173CAA5 | TPMT 2016-5 A1 2.50000 10/25/2056 | US | 773,876.42 | $788,701.03 | |
| 89173FAA8 | TPMT 2017-1 A1 2.75000 10/25/2056 | US | 2,445,314.55 | $2,487,002.52 | |
| 89175VAA1 | TPMT 2018-2 A1 3.25000 03/25/2058 | US | 1,126,194.04 | $1,174,188.83 | |
| 89177EAA7 | TPMT 2019-HY1 A1 1.10863 10/25/2048 | US | 2,615,923.81 | $2,635,455.34 | |
| 89613GAC0 | TAH 2020-SFR1 C 2.24900 07/17/2038 | US | 2,500,000 | $2,496,362.50 | |
| 89657AAC0 | TRL 2020-1A A 1.96000 10/17/2050 | US | 2,854,151.42 | $2,854,224.20 | |
| 89680HAE2 | TCF 2021-1A 1.86000 03/20/2046 | US | 6,600,000 | $6,437,661.12 | |
| 90932KAA7 | UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 | US | 2,533,364.01 | $2,464,852.47 | |
| 90932NAA1 | UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 | US | 3,335,930.97 | $3,373,694.05 | |
| 91086QBG2 | UNITED MEXICAN STATES 4.12500 01/21/2026 | MX | 1,800,000 | $1,998,702.00 | |
| 92189H300 | VANECK VECTORS J.P. MORGAN 1.55200 | US | 609,000 | $18,684,120.00 | |
| 92212KAB2 | VDC 2020-1A A2 1.64500 09/15/2045 | US | 6,500,000 | $6,502,221.70 | |
| 92343VCV4 | VERIZON COMMUNICATIONS 4.27200 01/15/2036 | US | 4,000,000 | $4,516,628.60 | |
| 92535VAF9 | VBTOW 2020-2A A 2.63600 09/15/2050 | US | 4,000,000 | $4,004,520.80 | |
| 93065PAA9 | WBHT 2019-WBM A FLT 1.15600 12/15/2033 | US | 7,000,000 | $6,991,520.20 | |
| 962178AN9 | TRI POINTE GROUP / HOMES 5.87500 06/15/2024 | US | 3,052,000 | $3,372,460.00 | |
| 969457BY5 | WILLIAMS COMPANIES INC 2.60000 03/15/2031 | US | 3,550,000 | $3,459,106.83 | |
| 97652TAA1 | WIN 2015-1 A1 3.50000 01/20/2045 | US | 191,288.26 | $195,795.60 | |
| B4NDCC9 | MEX BONOS DESARR FIX RT 6.50000 06/09/2022 | MX | 126,000,000 | $6,286,222.27 | |
| BBG003D8K9C6 | 90DAY EURO$ FUTR EDU2 | EU | -2,750 | $346,625.13 | |
| BBG0058ZNYR3 | 90DAY EURO$ FUTR EDU3 | EU | 2,750 | -$793,500.13 | |
| BBG00X71TD89 | EURO-BUXL 30Y BND FUTURE UBM1 | DE | -203 | $438,071.97 | |
| BBG00X71TD98 | EURO-BUND FUTURE RXM1 | DE | 559 | $27,247.43 | |
| BBG00X9DZQ76 | US 10YR NOTE FUTURE TYM1 | US | -85 | $279,398.40 | |
| BBG00X9DZR92 | US 10YR ULTRA FUTURE UXYM1 | US | -55 | $277,896.85 | |
| BH8295835 | SAUDI INTERNATIONAL BOND 2.90000 10/22/2025 | SA | 1,000,000 | $1,060,002.00 | |
| BK0939417 | AMERICAN TANKER INC 7.75000 07/02/2025 | US | 5,590,000 | $5,700,656.29 | |
| BL3427798 | TUTOR PERINI FLT 5.75000 08/18/2027 | US | 4,987,500 | $5,037,375.00 | |
| BN6725160 | SEASPAN CORP 6.50000 02/05/2024 | MH | 7,000,000 | $7,227,500.00 | |
| BN7860420 | PETROTAL CORP 12.00000 02/16/2024 | CA | 3,400,000 | $3,400,000.00 | |
| BO4553299 | TIGER HOLDCO PTE LTD 13.00000 06/10/2023 | SG | 6,000,000 | $6,019,740.00 | |
| BO8204600 | COPPER MOUNTAIN MINING C 8.00000 04/09/2026 | CA | 6,800,000 | $6,630,000.00 | |
| USD | US DOLLAR | US | 19,430,936.46 | $19,430,936.46 | |
| ZO1818103 | NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 | MH | 3,550,000 | $3,692,000.00 | |
| ZO4110185 | BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 | AE | 6,800,000 | $6,358,000.00 |
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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