Investment Objective

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

Investment Strategy

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

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

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

May be Appropriate for Investors

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

Daily Price

$10.42

Daily $ Change

$0.00

Daily % Change

0.00%

as of 01/18/2018

Ticker

EXCPX

CUSIP

563821206

Inception Date

04/21/2005

Investment Minimum

$2,000.00

Investment minimum may be waived for certain qualified retirement plans and participants in an automatic investment program.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms
XBRL-05/11/17

Annualized Performance

As of 12/31/2017

YTD

---

1 Year

3.19%

3 Year

2.11%

5 Year

1.89%

10 Year

5.01%

Inception
(---)

---

Market Cycle

---

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.

Expense Ratio

Gross 0.76%*

*Includes a shareholder servicing fee of 0.25%.

Top Ten Investments

This product does not provide top ten investment information.

Sector Allocation

As of 12/31/2017

Government 5.01%
Treasury 3.13%
Cash 2.46%
Corporate 63.08%
Mortgage 26.14%
Other 0.18%

Credit Quality Distribution

As of 12/31/2017

AAA 31.31%
AA 5.64%
A 18.73%
BBB 27.78%
BB 8.22%
B 6.26%
CCC 0.47%
NR 1.59%

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.

December Fund Holdings

As of 12/31/2017

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00163UAB2 AMAG PHARMACEUTICALS INC 7.87500 09/01/2023 US 1,100,000 $1,071,125.00
00206RCK6 AT&T INC FLT 2.62339 06/30/2020 US 8,000,000 $8,095,472.80
00206RDC3 AT&T INC FLT 4.45000 04/01/2024 US 3,620,000 $3,829,278.68
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 4,500,000 $4,429,620.00
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 2,140,000 $2,255,025.00
00507VAM1 ACTIVISION BLIZZARD 3.40000 06/15/2027 US 8,500,000 $8,559,805.07
00772BAF8 AERCAP IRELAND CAP LTD/A 4.50000 05/15/2021 IE 8,335,000 $8,753,573.70
00928QAG6 AIRCASTLE LTD 7.62500 04/15/2020 BM 3,375,000 $3,687,187.50
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 610,000 $643,550.00
009563AD9 AIRXCEL INC 8.50000 02/15/2022 US 1,585,000 $1,680,100.00
013093AD1 ALBERTSONS COS LLC/SAFEW 5.75000 03/15/2025 US 305,000 $275,110.00
013817AQ4 ALCOA INC 5.87000 02/23/2022 US 360,000 $389,700.00
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 6,390,000 $6,388,388.31
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 1,030,000 $1,057,037.50
02005NBE9 ALLY FINANCIAL INC 3.25000 11/05/2018 US 2,500,000 $2,506,250.00
02007CAE2 ALLYA 2016-1 A4 1.73000 11/16/2020 US 750,000 $746,976.30
023135BA3 AMAZON.COM INC 3.15000 08/22/2027 US 4,400,000 $4,406,630.93
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 985,000 $1,012,087.50
0258M0DU0 AMERICAN EXPRESS CREDIT FLRT 2.19206 05/26/2020 US 7,500,000 $7,568,222.78
026874CU9 AMERICAN INTL GROUP 4.87500 06/01/2022 US 4,260,000 $4,632,244.64
03027WAH5 AMERICAN TOWER TRUST I 1.55100 03/15/2018 US 1,625,000 $1,622,796.01
03027XAF7 AMERICAN TOWER CORP 2.80000 06/01/2020 US 4,000,000 $4,024,920.32
03040WAQ8 AMERICAN WATER CAPITAL C 2.95000 09/01/2027 US 8,000,000 $7,917,288.16
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 157,700.48 $160,981.53
034863AB6 ANGLO AMERICAN CAPITAL 9.37500 04/08/2019 GB 8,000,000 $8,674,673.52
03523TBE7 ANHEUSER-BUSCH INBEV WOR 7.75000 01/15/2019 US 8,200,000 $8,660,119.96
03938LAQ7 ARCELORMITTAL 5.75000 08/05/2020 LU 305,000 $321,775.00
04621WAC4 ASSURED GUARANTY US HLDG 5.00000 07/01/2024 US 10,700,000 $11,528,243.13
05565QCS5 BP CAPITAL MARKETS PLC 3.53500 11/04/2024 GB 8,000,000 $8,311,768.56
05582QAB3 BMWOT 2016-A A2A 0.99000 05/28/2019 US 791,982.06 $790,992.40
05582QAD9 BMWOT 2016-A A3 1.16000 11/25/2020 US 4,400,000 $4,366,117.36
06416CAB4 BANK OF NOVA SCOTIA 1.85000 04/14/2020 CA 4,500,000 $4,457,116.49
06739FFU0 BARCLAYS BANK PLC 10.17900 06/12/2021 GB 2,540,000 $3,095,581.46
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 5,700,000 $6,358,069.10
105756BV1 FED REPUBLIC OF BRAZIL 4.25000 01/07/2025 BR 1,300,000 $1,322,100.00
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 2,145,000 $2,021,662.50
12527GAB9 CF INDUSTRIES INC 7.12500 05/01/2020 US 144,000 $157,003.20
12623EAF8 CHN INDUSTRIAL CAPITAL L 3.62500 04/15/2018 US 1,850,000 $1,859,583.00
126304AK0 CSC HOLDINGS LLC 7.62500 07/15/2018 US 285,000 $291,412.50
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 2,000,000 $1,970,000.00
13063DAD0 CALIFORNIA ST 2.36700 04/01/2022 US 1,500,000 $1,495,260.00
14041NFF3 CAPITAL ONE MULTI-ASSET 1.33000 06/15/2022 US 3,337,000 $3,295,565.47
14042RFJ5 CAPITAL ONE NA FLT 2.52796 01/30/2023 US 5,000,000 $5,028,578.70
14312QAB2 CARMX 2016-4 A2 1.21000 11/15/2019 US 2,042,195.76 $2,037,907.97
14314EAB7 CARMX 2016-3 A2A 1.17000 08/15/2019 US 1,320,705.02 $1,319,135.49
14314JAB6 CARMX 2017-1 A2 1.54000 02/18/2020 US 3,365,663.11 $3,361,221.11
14314MAC7 CARMX 2016-2 A3 1.52000 02/16/2021 US 3,758,000 $3,742,508.40
14314WAD3 CARMX 2017-3 A3 1.97000 04/15/2022 US 3,800,000 $3,779,448.08
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 253,264.06 $252,314.32
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 2,095,000 $2,105,475.00
156700BA3 CENTURYLINK INC 7.50000 04/01/2024 US 1,000,000 $997,500.00
161175BB9 CHARTER COMM OPT LLC/CAP 4.46400 07/23/2022 US 445,000 $464,290.36
16411QAA9 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 1,450,000 $1,475,375.00
16412XAD7 CHENIERE CORP CHRISTI HD 7.00000 06/30/2024 US 1,385,000 $1,576,303.13
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 3,430,000 $3,418,967.41
166764AE0 CHEVRON CORP 1.71800 06/24/2018 US 8,950,000 $8,949,979.50
168863AU2 REPUBLIC OF CHILE 5.50000 08/05/2020 CL 1,800,000,000 $3,061,257.72
172967DS7 CITIGROUP INC 2.01206 08/25/2036 US 6,330,000 $5,399,490.00
17305EFS9 CCCIT 2014-A6 A6 2.15000 07/15/2021 US 3,760,000 $3,763,894.23
19625JAA1 CAH 2015-1A A 2.63185 07/17/2032 US 1,754,526.83 $1,760,487.13
198280AB5 COLUMBIA PIPELINE GROUP 2.45000 06/01/2018 US 3,500,000 $3,502,069.03
20826FAH9 CONOCOPHILLIPS COMPANY FLRT 2.31586 05/15/2022 US 7,000,000 $7,152,197.22
21987BAV0 CODELCO INC 4.50000 09/16/2025 CL 8,000,000 $8,564,388.00
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 1,700,000 $1,697,356.67
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 1,065,000 $1,070,325.00
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 717,387.64 $686,496.21
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 1,480,000 $1,479,556.00
25470XAJ4 DISH DBS CORP 5.87500 07/15/2022 US 445,000 $447,225.00
256677AC9 DOLLAR GENERAL CORP 3.25000 04/15/2023 US 4,000,000 $4,053,942.16
257559AH7 DOMTAR CORP 4.40000 04/01/2022 US 3,565,000 $3,750,486.74
262006208 DREYFUS GVT CSH MANAGEMENT US 20,281,744.78 $20,281,744.78
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 1,565,000 $1,576,737.50
28336LBR9 KINDER MORGAN INC/DELAWA 7.25000 06/01/2018 US 9,000,000 $9,189,580.68
29250NAR6 ENBRIDGE INC 3.70000 07/15/2027 CA 4,500,000 $4,518,972.81
29372EBL1 ENTERPRISE FLEET FINANCING FLT 1.59000 02/22/2021 US 635,916.13 $635,376.68
29372EBS6 EFF 2016-2 A2 1.74000 02/22/2022 US 1,309,883.91 $1,307,284.71
29372EBT4 EFF 2016-2 A3 2.04000 02/22/2022 US 3,900,000 $3,878,845.62
29372EBV9 EFF 2017-1 A2 2.13000 07/20/2022 US 2,446,220.84 $2,446,226.96
29413XAB3 ENVIVA PARTNERS LP /FIN C 8.50000 11/01/2021 US 1,500,000 $1,597,500.00
302154CB3 EXPORT - IMPORT BANK KOREA 1.75000 05/26/2019 KR 7,716,000 $7,621,610.17
30216KAA0 EXPORT-IMPORT BK INDIA 3.37500 08/05/2026 IN 3,000,000 $2,945,574.00
30219GAK4 EXPRESS SCRIPTS HOLDING 3.50000 06/15/2024 US 6,500,000 $6,557,492.96
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 175,368.09 $175,408.93
30262SAR9 FREMF 2015-K42 B FLT 3.85231 12/25/2024 US 1,900,000 $1,944,360.63
30263FAL9 FREMF MORTGAGE TRUST FLT 4.77381 04/25/2044 US 230,000 $230,058.31
30286XAN9 FREMF 2015-K43 B FLT 3.73450 02/25/2048 US 1,500,000 $1,524,291.90
30291EAE4 FREMF 2013-K712 B FLT 3.36178 05/25/2045 US 1,300,000 $1,311,564.93
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 89,485,810.31 $366,659.16
30291YAJ9 FREMF 2014-K716 B FLT 3.95041 08/25/2047 US 2,550,000 $2,617,945.26
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 687,657.69 $733,428.28
3128LCD86 FHLM POOL A78227 5.50000 06/01/2038 US 296,550.41 $327,591.86
3128M56M7 FHLM POOL G04176 5.50000 05/01/2038 US 256,541.3 $283,599.08
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 145,420.87 $163,863.55
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 578,470.08 $643,372.08
3128MAGF0 FHLM POOL G07998 4.50000 07/01/2044 US 3,952,122.67 $4,218,744.60
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 20,067.21 $21,062.28
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 46,648 $48,962.08
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 33,170.45 $34,788.23
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 25,202.2 $26,592.16
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 44,179.04 $46,513.55
3128MJZU7 FHLM POOL G08754 4.50000 03/01/2047 US 1,768,135.44 $1,879,060.64
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 641,614.17 $688,666.53
3128P75P4 FHLM POOL C91754 4.50000 03/01/2034 US 178,727.3 $191,609.98
3128P75V1 FHLM POOL C91760 3.50000 05/01/2034 US 3,190,130.1 $3,320,043.27
3128P7QL0 FHLM POOL C91359 4.50000 02/01/2031 US 245,793.3 $262,150.10
3128P8AL5 FHLM POOL C91811 4.00000 01/01/2035 US 1,408,959.6 $1,489,044.31
3128P8CH2 FHLM POOL C91872 3.50000 04/01/2036 US 3,698,175.4 $3,842,013.20
312945B80 FHLM POOL A96363 4.50000 01/01/2041 US 3,497,325.59 $3,741,665.79
3132LNE34 FHLM POOL K92054 4.00000 10/01/2034 US 944,288.22 $997,931.79
3132QVMX6 FHLM POOL Q38473 4.00000 01/01/2046 US 5,616,849.83 $5,874,192.10
3132WDMZ4 FHLM POOL Q40375 3.50000 05/01/2046 US 5,826,384.72 $5,992,221.28
31335ALX4 FHLM POOL G60342 4.50000 05/01/2042 US 3,493,452.81 $3,726,190.83
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 79,459.92 $81,106.84
3137A2B34 FHMS K009 X1 FLT 1.30017 08/25/2020 US 9,145,394.97 $260,315.44
3137ADTK3 FHMS K014 X1 FLT 1.18352 04/25/2021 US 7,463,618.01 $247,002.47
3137AJMG6 FMHS K016 X1 FLT 1.52418 10/25/2021 US 4,854,195.82 $231,817.46
3137AL6W4 FHMS K706 X1 FLT 1.54648 10/25/2018 US 7,603,506.41 $68,774.48
3137AME78 FHMS K017 X1 FLT 1.34993 12/25/2021 US 34,704,327.16 $1,523,589.37
3137ATSC7 FEDERAL NATL MTG ASSN KP01 A2 1.72000 01/25/2019 US 693,157.04 $692,209.49
3137AUPF0 FHMS K021 x1 FLT 1.46532 06/25/2022 US 17,335,005.64 $933,963.30
3137B3NB0 FHMS K030 X1 FLT 0.20689 04/25/2023 US 58,291,803.73 $558,219.80
3137B4GZ3 FHMS K032 X1 FLT 0.10997 05/25/2023 US 34,246,434.79 $197,571.11
3138ATF70 FEDERAL NATL MTG ASSN AJ1989 4.50000 10/01/2041 US 2,145,073.62 $2,295,798.16
3138WDJY8 FEDERAL NATL MTG ASSN AS3878 4.50000 11/01/2044 US 1,201,545.33 $1,286,469.34
3138XU4Y5 FEDERAL NATL MTG ASSN AW5338 4.50000 06/01/2044 US 1,131,890.69 $1,211,471.04
31398WD50 FHMS K005 AX FLT 1.35162 11/25/2019 US 6,993,979.19 $157,593.93
3140F1BL5 FEDERAL NATL MTG ASSN BC5442 4.00000 04/01/2046 US 3,248,908.77 $3,398,781.19
3140F5T29 FEDERAL NATL MTG ASSN BC9568 4.00000 05/01/2046 US 4,249,417.77 $4,445,842.09
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 907,582.99 $969,980.40
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 35,422.62 $37,025.76
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 44,752.19 $46,893.96
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 328,243.77 $339,902.35
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 392,724.17 $406,331.63
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 212,306.11 $234,340.64
31411YN90 FEDERAL NATL MTG ASSN 918516 5.50000 06/01/2037 US 170,129.18 $188,042.19
31412SY41 FEDERAL NATL MTG ASSN 933731 5.50000 04/01/2038 US 145,313.47 $159,475.81
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 22,884.41 $23,515.47
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 229,994.8 $238,123.76
31416CJV9 FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 571,963.9 $646,328.63
31416RBE2 FEDERAL NATL MTG ASSN AA7236 4.00000 06/01/2039 US 1,050,073.55 $1,104,212.78
31417YDV6 FHLM POOL MA0115 4.50000 07/01/2029 US 102,179.88 $109,624.11
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 431,467.68 $462,896.87
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 222,970.23 $246,549.02
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 30,930.58 $32,659.78
315419AA9 FERROGLOBE / GLOBE SPEC 9.37500 03/01/2022 GB 1,545,000 $1,664,737.50
336130AB5 FIRST QUALITY FINANCE CO 5.00000 07/01/2025 US 710,000 $724,200.00
34530QAD2 FORDO 2015-A A3 1.28000 09/15/2019 US 1,056,396.35 $1,055,307.63
34531AAE4 FORDL 2016-A A4 1.85000 07/15/2019 US 750,000 $749,991.00
345397WX7 FORD MOTOR CREDIT CO LLC FLRT 2.32139 11/04/2019 US 9,000,000 $9,082,544.31
35671DBH7 FREEPORT-MCMORAN INC 4.00000 11/14/2021 US 305,000 $305,000.00
35802XAA1 FRESENIUS MED CARE US 6.50000 09/15/2018 US 7,707,000 $7,946,757.53
36143WAN1 GAHR 2015-NRF BFX FLT 3.38216 12/15/2034 US 2,000,000 $2,023,121.80
36143WAS0 GAHR 2015-NRF DFX FLT 3.38216 12/15/2034 US 1,150,000 $1,154,173.01
361841AD1 GLP CAPITAL LP / FIN II 4.87500 11/01/2020 US 160,000 $166,000.00
36250UAD6 GMALT 2016-1 A3 1.64000 07/20/2019 US 4,093,773.97 $4,089,083.73
36251MAE1 GMALT 2016-3 A4 1.78000 05/20/2020 US 4,000,000 $3,985,023.60
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 2,095,000 $2,165,706.25
38141EA58 GOLDMAN SACHS GP GS 5.37500 03/15/2020 US 3,000,000 $3,180,993.90
38141EB81 GOLDMAN SACHS GROUP INC 3.07725 11/29/2023 US 8,305,000 $8,644,088.91
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 1,560,000 $1,606,800.00
404119BM0 HCA INC 3.75000 03/15/2019 US 445,000 $448,893.75
40412CAC5 HCA HEALTHCARE INC 6.25000 02/15/2021 US 445,000 $471,700.00
410345AL6 HANESBRANDS INC 4.87500 05/15/2026 US 1,060,000 $1,086,500.00
42805RBN8 HERTZ 2013-1A A2 1.83000 08/25/2019 US 4,000,000 $3,994,421.60
42806DAD1 HERTZ 2015-2A A 2.02000 09/25/2019 US 4,000,000 $3,991,323.60
431318AQ7 HILCORP ENERGY I/HILCORP 5.75000 10/01/2025 US 1,535,000 $1,569,537.50
431475AB8 HILL-ROM HOLDINGS INC 5.00000 02/15/2025 US 1,065,000 $1,085,980.50
43814RAB2 HAROT 2016-4 A2 1.04000 04/18/2019 US 2,077,466.81 $2,073,542.68
44053FAA8 HORIZON PHARMA INC/HORIZ 8.75000 11/01/2024 US 1,535,000 $1,621,343.75
444454AB8 HUGHES SATELITE SYSTEMS 6.50000 06/15/2019 US 2,325,000 $2,429,625.00
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 2,630,000 $2,682,600.00
44928UAE0 HALST 2015-B A4 1.66000 07/15/2019 US 5,000,000 $4,998,708.50
44931PAD8 HART 2017-A A3 1.76000 08/16/2021 US 165,000 $164,131.89
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 1,530,000 $1,539,562.50
452281JC3 ISAC 2010-1 A2 2.41742 04/25/2022 US 492,330.11 $493,368.93
45763PAE6 INMARSAT FINANCE PLC 4.87500 05/15/2022 GB 2,395,000 $2,389,012.50
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 3,540,000 $3,709,582.11
46115HAL1 INTESA SANPAOLO SPA 3.87500 01/15/2019 IT 8,800,000 $8,917,404.76
46115HAT4 INTESA SANPAOLO SPA 5.01700 06/26/2024 IT 900,000 $921,530.54
46186YAA2 IHSFR 2015-SFR3 A FLT 2.75951 08/17/2032 US 1,733,373.82 $1,744,208.45
46187BAA1 IHSFR 2017-SFR2 A 2.34078 12/17/2036 US 497,910.62 $499,508.76
46187BAB9 IHSFR 2017-SFR2 B 2.64078 12/17/2036 US 400,000 $400,754.12
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 750,000 $776,132.85
46636DAE6 JPMCC 2011 - C4 A3 4.10630 07/15/2046 US 3,568,486.32 $3,580,970.67
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 505,521.33 $504,494.62
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 594,345.8 $603,927.25
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 931,118.86 $936,756.78
46647PAD8 JPMORGAN CHASE & CO 2.26742 04/25/2023 US 13,000,000 $13,146,024.97
46647PAE6 JPMORGAN CHASE & CO 2.77600 04/25/2023 US 4,310,000 $4,314,177.34
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 2,095,000 $2,110,712.50
497864AA6 KISSNER GR HLDG 8.37500 12/01/2022 CA 1,110,000 $1,121,100.00
500630CK2 KOREA DEVELOPMENT BANK 1.37500 09/12/2019 KR 1,500,000 $1,466,456.12
50065TAE3 KOREA DEVELOPMENT BANK 2.87500 08/22/2018 KR 5,839,000 $5,854,765.30
50212YAB0 LPL HOLDINGS INC 5.75000 09/15/2025 US 980,000 $997,150.00
50218LAC0 LSTAR COMMERCIAL MORTGAGE TR FLT 2.76700 01/20/2041 US 162,417.72 $162,021.78
505742AD8 LADDER CAP FIN LLLP/CORP 5.87500 08/01/2021 US 1,525,000 $1,570,750.00
539439AM1 LLOYDS BANKING GROUP PLC 4.58200 12/10/2025 GB 7,516,000 $7,880,913.00
559222AR5 MAGNA INTERNATIONAL INC 4.15000 10/01/2025 CA 6,000,000 $6,376,573.80
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 1,635,000 $1,585,950.00
580037AB5 MCDERMOTT INTERNATIONAL 8.00000 05/01/2021 PA 1,500,000 $1,541,775.00
58768MAC5 MBALT 2016-B A3 1.35000 08/15/2019 US 4,400,000 $4,385,041.32
59001ABA9 MERITAGE HOMES CORP 5.12500 06/06/2027 US 1,060,000 $1,078,550.00
59022CAA1 BANK OF AMERICA CORP 2.34849 09/15/2026 US 7,811,000 $7,385,811.11
61746BDM5 MORGAN STANELY 2.50000 01/24/2019 US 8,500,000 $8,521,652.65
61747WAF6 MORGAN STANLEY 5.75000 01/25/2021 US 3,940,000 $4,293,557.99
61747YDX0 MORGAN STANLEY FLT 2.51446 01/27/2020 US 8,750,000 $8,876,086.71
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 1,050,000 $1,038,187.50
62944TAE5 NVR INC 3.95000 09/15/2022 US 6,745,000 $7,041,219.22
62947QAS7 NXP BV/NXP FUNDING LLC 4.12500 06/15/2020 NL 450,000 $460,813.50
63253WAF8 NATIONAL AUSTRALIA BANK 2.00000 02/22/2019 AU 4,500,000 $4,489,064.06
633067D34 NATIONAL BANK OF CANADA 1.40000 04/20/2018 CA 4,500,000 $4,495,554.14
63940FAA5 NAVSL 2016-2 A1 2.30213 06/25/2065 US 516,800.45 $518,075.24
63940HAA1 NAVSL 2016-3A A1 2.15213 06/25/2065 US 1,403,615.71 $1,406,207.63
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 853,262.46 $871,688.07
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 1,317,409.69 $1,349,354.90
65478QAB4 NALT 2016-A A2A 1.22000 08/15/2018 US 12,778.47 $12,775.47
65478WAD7 NAROT 2016-C A3 1.18000 01/15/2021 US 4,000,000 $3,958,827.60
655042AD1 NOBLE HOLDING/NOBLE DRI 7.50000 03/15/2019 US 2,146,000 $2,196,967.50
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 2,520,000 $2,601,900.00
66977WAQ2 NOVA CHEMICALS CORP 4.87500 06/01/2024 CA 1,130,000 $1,127,175.00
67054LAC1 NUMERICABLE-SFR SAS 6.25000 05/15/2024 FR 400,000 $401,000.00
67087MAA4 OBP DEPOSITOR LLC TRUST 4.64620 07/15/2045 US 420,000 $439,145.70
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 1,520,000 $1,569,400.00
69318FAG3 PBF HOLDING CO LLC 7.25000 06/15/2025 US 1,135,000 $1,191,750.00
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 830,000 $792,650.00
713448CX4 PEPSICO INC 3.10000 07/17/2022 US 4,000,000 $4,095,838.60
71642QAB3 PDLLN 7 1/4 05/01/22 7.25000 05/01/2022 GB 1,525,000 $1,547,112.50
71654QAU6 PETROLEOS MEXICANOS 8.00000 05/03/2019 MX 8,000,000 $8,544,000.00
71654QCB6 PETROLEOS MEXICANOS 6.87500 08/04/2026 MX 3,930,000 $4,455,637.50
733174AJ5 POPULAR INC 7.00000 07/01/2019 US 1,655,000 $1,721,200.00
741503AZ9 PRICELINE GROUP INC/THE 3.60000 06/01/2026 US 8,000,000 $8,034,262.96
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 1,650,000 $1,636,602.83
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 2,460,000 $2,687,550.00
767754CH5 RITE AID CORP 6.12500 04/01/2023 US 305,000 $275,262.50
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 5,000,000 $5,237,500.00
780097AM3 RBS 4.7 07/03/18 4.70000 07/03/2018 GB 2,000,000 $2,020,282.94
780097AY7 ROYAL BK SCOTLND GRP PLC 6.10000 06/10/2023 GB 445,000 $490,017.35
78011DAG9 ROYAL BANK OF CANADA 2.20000 09/23/2019 CA 4,500,000 $4,497,529.55
78408XAD3 SCGT 2013-SRP1 AJ FLT 3.42703 11/15/2026 US 2,000,000 $1,993,449.80
784423AF2 SLCLT 2004-1 A6 1.57586 05/15/2023 US 3,719,077.67 $3,719,065.77
78442FET1 SLM CORP 6.12500 03/25/2024 US 1,040,000 $1,053,000.00
78442GNG7 SLMA 2004-10 A6A FLT RT 1.91742 04/27/2026 US 3,388,529.78 $3,400,761.02
78442PGC4 SLM CORP 5.12500 04/05/2022 US 1,665,000 $1,731,600.00
78445CAC6 SLMA 2008-6 A3 FLT 2.11742 01/25/2019 US 104,736.16 $104,787.40
78445FAC9 SLMA 2008-7 A3 2.01742 04/25/2019 US 437,330.5 $437,328.09
78447EAB2 SLMA 2015-5 A2 FLT 1.62750 06/25/2019 US 211,761.24 $211,788.37
78447KAB8 SLMA 2012-7 A2 FLT 1.60750 09/25/2019 US 220,608.26 $220,651.96
78447MAB4 SLMA 2013-1 A2 1.57750 09/25/2019 US 94,539.86 $94,547.45
78470RAB3 SOFI 2016-E A2A 1.63000 01/25/2036 US 1,242,950.84 $1,238,747.68
78471CAA7 SOFI 2017-D A1FX 1.72000 09/25/2040 US 3,120,934.6 $3,108,998.90
80282KAD8 SANTANDER HOLDINGS USA 2.65000 04/17/2020 US 3,750,000 $3,748,010.59
80282KAH9 SANTANDER HOLDINGS USA 2.70000 05/24/2019 US 9,000,000 $9,019,624.68
81663AAC9 SEMGROUP CORP 6.37500 03/15/2025 US 1,405,000 $1,383,925.00
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 593,649.36 $592,165.24
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 816,346.37 $812,567.50
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 713,848.44 $674,252.34
81783QAC9 SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 CA 1,060,000 $1,070,600.00
82967NAY4 SIRIUS XM RADIO INC 3.87500 08/01/2022 US 450,000 $451,125.00
832696AQ1 JM SMUCKER CO 2.20000 12/06/2019 US 4,800,000 $4,793,161.54
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 750,000 $748,051.58
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 750,000 $751,000.13
83401LAB0 SOFI 2015-A A2 2.42000 03/25/2030 US 849,135.91 $849,346.58
83402DAB7 SOFI 2016-C A2A 1.48000 05/26/2031 US 942,838.32 $939,249.59
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 600,000 $592,408.74
83403YAA2 SOFI 2017-B A1FX 1.83000 05/25/2040 US 338,959.47 $338,014.38
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 975,729.47 $971,016.21
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 1,987,692.86 $1,979,660.20
83405JAA3 SCLP 2017-4 A 2.50000 05/26/2026 US 1,797,425.18 $1,791,532.32
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 2,361,681.82 $2,355,513.82
83714RAZ6 SOUTH CAROLINA ST STUDENT LOAN 1.62100 12/01/2023 US 717,160.97 $717,117.94
845467AL3 SOUTHWESTERN ENERGY CO 6.70000 01/23/2025 US 1,125,000 $1,168,593.75
852061AK6 SPRINT COMMUNICATIONS 9.00000 11/15/2018 US 945,000 $994,707.00
852061AR1 SPRINT COMMUNICATIONS 7.00000 08/15/2020 US 445,000 $471,700.00
85375CAX9 CALATLANTIC GROUP INC 8.37500 05/15/2018 US 2,274,000 $2,319,480.00
85571BAJ4 STARWOOD PROPERTY TRUST 4.75000 03/15/2025 US 835,000 $828,737.50
85571XAA5 SRPT 2014-STAR A FLTG RATE 2.69703 11/15/2027 US 1,869,529.16 $1,870,870.92
87470LAA9 TALLGRASS NRG PRTNR/FIN 5.50000 09/15/2024 US 2,100,000 $2,155,125.00
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 647,247.99 $647,948.05
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 1,065,000 $873,300.00
88033GBW9 TENET HEALTHCARE CORP 6.75000 02/01/2020 US 445,000 $449,450.00
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 1,959,966.91 $1,945,857.70
89231LAB3 TAOT 2016-D A2A 1.06000 05/15/2019 US 2,228,310.52 $2,224,910.34
89237WAB3 TAOT 2016-C 1.00000 01/15/2019 US 215,786.29 $215,643.57
89613BAA5 TAH 2013-SFR1 A 2.58900 11/17/2033 US 2,400,000 $2,366,280.96
896356AE2 TRINIDAD DRILLING LTD 6.62500 02/15/2025 CA 1,580,000 $1,501,000.00
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 1,550,000 $1,666,250.00
90261XHN5 UBS AG STAMFORD CT FLT 2.33063 06/01/2020 CH 8,000,000 $8,097,448.00
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 2,100,000 $2,114,490.00
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 6,100,000 $8,575,980.48
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 6,300,000 $8,393,027.33
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 9,300,000 $8,865,878.88
91731VAA4 AMERICAN AIRLINES GROUP 6.12500 06/01/2018 US 750,000 $760,312.50
918370AB3 VTR FINANCE BV 6.87500 01/15/2024 NL 1,465,000 $1,545,575.00
91911KAJ1 VALEANT PHARMACEUTICALS 6.50000 03/15/2022 CA 305,000 $320,250.00
92343VDY7 VERIZON COMMUNICATIONS 4.12500 03/16/2027 US 4,400,000 $4,587,937.02
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 1,195,000 $1,237,418.32
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 1,534,630.8 $1,625,965.43
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 1,010,000 $1,004,950.00
94856TAA2 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 1,470,000 $1,462,650.00
94974BFQ8 WELLS FARGO & COMPANY 2.15000 01/15/2019 US 8,500,000 $8,513,646.16
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 1,350,000 $1,412,185.46
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 5,175,000 $5,278,500.00
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 875,000 $934,062.50
96328DAT1 WHLS 2016-1A A2 1.59000 05/20/2025 US 339,261.11 $338,355.89
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 6,400,000 $6,413,302.21
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 843,846.36 $851,987.79
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 893,821.97 $907,648.50
98161FAB1 WOLS 2016-A A2A 1.20000 02/15/2019 US 1,354,151.99 $1,351,406.99
98162EAC1 WOART 2017-A A3 Mtge 1.93000 09/15/2022 US 4,000,000 $3,974,949.20
98162KAD5 WOLS 2017-A A4 Mtge 2.32000 08/15/2022 US 750,000 $749,441.78
98416JAE0 XERIUM TECHNOLOGIES INC 9.50000 08/15/2021 US 745,000 $754,312.50
98954UAB9 ZIGGO BOND FINANCE BV 6.00000 01/15/2027 NL 350,000 $341,250.00
AP0787667 MPC CONTAINER SHIPS FLT 6.40793 09/22/2022 NL 1,000,000 $981,430.00
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 1,010,000 $1,005,010.60
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 126,000,000 $6,133,933.12
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 35,000,000 $1,794,456.45
BBG000ZB5GX9 90 DAY EURO FUTR MAR20 EU -75 $2,624.25
BBG00GX2G1K1 EURO-SCHATZ FUT MAR18 EU 250 -$48,341.81
BBG00GX2G201 EURO-BTP FUTURE MAR18 EU -55 $152,555.91
BBG00GX2G2D7 EURO-OAT FUTURE MAR18 EU 48 -$109,204.84
BBG00GX2G2N6 EURO-BUND FUTURE MAR18 EU -65 $82,578.95
BBG00GXL7SX6 US 10YR NOTE (CBT) MAR18 US -134 $49,980.66
BBG00GXL7TM6 US ULTRA BOND CBT MAR18 US -37 -$57,601.60
BBG00GXL7V14 US 10YR ULTRA FUT MAR18 US -57 $330.60
BBG00H15N1C8 US 5YR NOTE (CBT) MAR18 US -214 $88,202.24
BBG00H15N218 US 2YR NOTE (CBT) MAR18 US -243 $90,673.02
BDB46H0 JAPAN (2 YEAR ISSUE) 0.10000 10/15/2018 JP 1,750,000,000 $15,561,371.20
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 1,600,000 $1,596,000.00
EDH9 COMDTY 90DAY EURO$ FUTR Mar19 US 75 -$3,938.25
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 1,520,000 $1,607,400.00
QZ4952797 DEXIA CREDIT LOCAL 1.87500 09/15/2021 FR 5,000,000 $4,883,325.00
Y23862AE8 EXPORT-IMPORT BANK CHINA 2.50000 07/31/2019 CN 630,000 $630,101.43

Investments will change over time.

Investments will change over time.

Daily Price

$10.42

Daily $ Change

$0.00

Daily % Change

0.00%

as of 01/18/2018

Ticker

EXCPX

CUSIP

563821206

Inception Date

04/21/2005

Investment Minimum

$2,000.00

Investment minimum may be waived for certain qualified retirement plans and participants in an automatic investment program.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms
XBRL-05/11/17

Investment Objective

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

Investment Strategy

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

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

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

May be Appropriate for Investors

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

Annualized Performance

As of 12/31/2017

YTD

---

1 Year

3.19%

3 Year

2.11%

5 Year

1.89%

10 Year

5.01%

Inception
(---)

---

Market Cycle

---

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.

Expense Ratio

Gross 0.76%*

*Includes a shareholder servicing fee of 0.25%.

Top Ten Investments

This product does not provide top ten investment information.

Sector Allocation

As of 12/31/2017

Government
5.01%
Treasury
3.13%
Cash
2.46%
Corporate
63.08%
Mortgage
26.14%
Other
0.18%

Credit Quality Distribution

As of 12/31/2017

AAA
31.31%
AA
5.64%
A
18.73%
BBB
27.78%
BB
8.22%
B
6.26%
CCC
0.47%
NR
1.59%

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.

December Fund Holdings

As of 12/31/2017

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00163UAB2 AMAG PHARMACEUTICALS INC 7.87500 09/01/2023 US 1,100,000 $1,071,125.00
00206RCK6 AT&T INC FLT 2.62339 06/30/2020 US 8,000,000 $8,095,472.80
00206RDC3 AT&T INC FLT 4.45000 04/01/2024 US 3,620,000 $3,829,278.68
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 4,500,000 $4,429,620.00
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 2,140,000 $2,255,025.00
00507VAM1 ACTIVISION BLIZZARD 3.40000 06/15/2027 US 8,500,000 $8,559,805.07
00772BAF8 AERCAP IRELAND CAP LTD/A 4.50000 05/15/2021 IE 8,335,000 $8,753,573.70
00928QAG6 AIRCASTLE LTD 7.62500 04/15/2020 BM 3,375,000 $3,687,187.50
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 610,000 $643,550.00
009563AD9 AIRXCEL INC 8.50000 02/15/2022 US 1,585,000 $1,680,100.00
013093AD1 ALBERTSONS COS LLC/SAFEW 5.75000 03/15/2025 US 305,000 $275,110.00
013817AQ4 ALCOA INC 5.87000 02/23/2022 US 360,000 $389,700.00
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 6,390,000 $6,388,388.31
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 1,030,000 $1,057,037.50
02005NBE9 ALLY FINANCIAL INC 3.25000 11/05/2018 US 2,500,000 $2,506,250.00
02007CAE2 ALLYA 2016-1 A4 1.73000 11/16/2020 US 750,000 $746,976.30
023135BA3 AMAZON.COM INC 3.15000 08/22/2027 US 4,400,000 $4,406,630.93
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 985,000 $1,012,087.50
0258M0DU0 AMERICAN EXPRESS CREDIT FLRT 2.19206 05/26/2020 US 7,500,000 $7,568,222.78
026874CU9 AMERICAN INTL GROUP 4.87500 06/01/2022 US 4,260,000 $4,632,244.64
03027WAH5 AMERICAN TOWER TRUST I 1.55100 03/15/2018 US 1,625,000 $1,622,796.01
03027XAF7 AMERICAN TOWER CORP 2.80000 06/01/2020 US 4,000,000 $4,024,920.32
03040WAQ8 AMERICAN WATER CAPITAL C 2.95000 09/01/2027 US 8,000,000 $7,917,288.16
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 157,700.48 $160,981.53
034863AB6 ANGLO AMERICAN CAPITAL 9.37500 04/08/2019 GB 8,000,000 $8,674,673.52
03523TBE7 ANHEUSER-BUSCH INBEV WOR 7.75000 01/15/2019 US 8,200,000 $8,660,119.96
03938LAQ7 ARCELORMITTAL 5.75000 08/05/2020 LU 305,000 $321,775.00
04621WAC4 ASSURED GUARANTY US HLDG 5.00000 07/01/2024 US 10,700,000 $11,528,243.13
05565QCS5 BP CAPITAL MARKETS PLC 3.53500 11/04/2024 GB 8,000,000 $8,311,768.56
05582QAB3 BMWOT 2016-A A2A 0.99000 05/28/2019 US 791,982.06 $790,992.40
05582QAD9 BMWOT 2016-A A3 1.16000 11/25/2020 US 4,400,000 $4,366,117.36
06416CAB4 BANK OF NOVA SCOTIA 1.85000 04/14/2020 CA 4,500,000 $4,457,116.49
06739FFU0 BARCLAYS BANK PLC 10.17900 06/12/2021 GB 2,540,000 $3,095,581.46
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 5,700,000 $6,358,069.10
105756BV1 FED REPUBLIC OF BRAZIL 4.25000 01/07/2025 BR 1,300,000 $1,322,100.00
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 2,145,000 $2,021,662.50
12527GAB9 CF INDUSTRIES INC 7.12500 05/01/2020 US 144,000 $157,003.20
12623EAF8 CHN INDUSTRIAL CAPITAL L 3.62500 04/15/2018 US 1,850,000 $1,859,583.00
126304AK0 CSC HOLDINGS LLC 7.62500 07/15/2018 US 285,000 $291,412.50
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 2,000,000 $1,970,000.00
13063DAD0 CALIFORNIA ST 2.36700 04/01/2022 US 1,500,000 $1,495,260.00
14041NFF3 CAPITAL ONE MULTI-ASSET 1.33000 06/15/2022 US 3,337,000 $3,295,565.47
14042RFJ5 CAPITAL ONE NA FLT 2.52796 01/30/2023 US 5,000,000 $5,028,578.70
14312QAB2 CARMX 2016-4 A2 1.21000 11/15/2019 US 2,042,195.76 $2,037,907.97
14314EAB7 CARMX 2016-3 A2A 1.17000 08/15/2019 US 1,320,705.02 $1,319,135.49
14314JAB6 CARMX 2017-1 A2 1.54000 02/18/2020 US 3,365,663.11 $3,361,221.11
14314MAC7 CARMX 2016-2 A3 1.52000 02/16/2021 US 3,758,000 $3,742,508.40
14314WAD3 CARMX 2017-3 A3 1.97000 04/15/2022 US 3,800,000 $3,779,448.08
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 253,264.06 $252,314.32
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23918KAR9 DAVITA INC 5.00000 05/01/2025 US 1,480,000 $1,479,556.00
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256677AC9 DOLLAR GENERAL CORP 3.25000 04/15/2023 US 4,000,000 $4,053,942.16
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81783QAC9 SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 CA 1,060,000 $1,070,600.00
82967NAY4 SIRIUS XM RADIO INC 3.87500 08/01/2022 US 450,000 $451,125.00
832696AQ1 JM SMUCKER CO 2.20000 12/06/2019 US 4,800,000 $4,793,161.54
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 750,000 $748,051.58
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 750,000 $751,000.13
83401LAB0 SOFI 2015-A A2 2.42000 03/25/2030 US 849,135.91 $849,346.58
83402DAB7 SOFI 2016-C A2A 1.48000 05/26/2031 US 942,838.32 $939,249.59
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 600,000 $592,408.74
83403YAA2 SOFI 2017-B A1FX 1.83000 05/25/2040 US 338,959.47 $338,014.38
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 975,729.47 $971,016.21
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 1,987,692.86 $1,979,660.20
83405JAA3 SCLP 2017-4 A 2.50000 05/26/2026 US 1,797,425.18 $1,791,532.32
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 2,361,681.82 $2,355,513.82
83714RAZ6 SOUTH CAROLINA ST STUDENT LOAN 1.62100 12/01/2023 US 717,160.97 $717,117.94
845467AL3 SOUTHWESTERN ENERGY CO 6.70000 01/23/2025 US 1,125,000 $1,168,593.75
852061AK6 SPRINT COMMUNICATIONS 9.00000 11/15/2018 US 945,000 $994,707.00
852061AR1 SPRINT COMMUNICATIONS 7.00000 08/15/2020 US 445,000 $471,700.00
85375CAX9 CALATLANTIC GROUP INC 8.37500 05/15/2018 US 2,274,000 $2,319,480.00
85571BAJ4 STARWOOD PROPERTY TRUST 4.75000 03/15/2025 US 835,000 $828,737.50
85571XAA5 SRPT 2014-STAR A FLTG RATE 2.69703 11/15/2027 US 1,869,529.16 $1,870,870.92
87470LAA9 TALLGRASS NRG PRTNR/FIN 5.50000 09/15/2024 US 2,100,000 $2,155,125.00
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 647,247.99 $647,948.05
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 1,065,000 $873,300.00
88033GBW9 TENET HEALTHCARE CORP 6.75000 02/01/2020 US 445,000 $449,450.00
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 1,959,966.91 $1,945,857.70
89231LAB3 TAOT 2016-D A2A 1.06000 05/15/2019 US 2,228,310.52 $2,224,910.34
89237WAB3 TAOT 2016-C 1.00000 01/15/2019 US 215,786.29 $215,643.57
89613BAA5 TAH 2013-SFR1 A 2.58900 11/17/2033 US 2,400,000 $2,366,280.96
896356AE2 TRINIDAD DRILLING LTD 6.62500 02/15/2025 CA 1,580,000 $1,501,000.00
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 1,550,000 $1,666,250.00
90261XHN5 UBS AG STAMFORD CT FLT 2.33063 06/01/2020 CH 8,000,000 $8,097,448.00
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 2,100,000 $2,114,490.00
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 6,100,000 $8,575,980.48
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 6,300,000 $8,393,027.33
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 9,300,000 $8,865,878.88
91731VAA4 AMERICAN AIRLINES GROUP 6.12500 06/01/2018 US 750,000 $760,312.50
918370AB3 VTR FINANCE BV 6.87500 01/15/2024 NL 1,465,000 $1,545,575.00
91911KAJ1 VALEANT PHARMACEUTICALS 6.50000 03/15/2022 CA 305,000 $320,250.00
92343VDY7 VERIZON COMMUNICATIONS 4.12500 03/16/2027 US 4,400,000 $4,587,937.02
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 1,195,000 $1,237,418.32
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 1,534,630.8 $1,625,965.43
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 1,010,000 $1,004,950.00
94856TAA2 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 1,470,000 $1,462,650.00
94974BFQ8 WELLS FARGO & COMPANY 2.15000 01/15/2019 US 8,500,000 $8,513,646.16
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 1,350,000 $1,412,185.46
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 5,175,000 $5,278,500.00
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 875,000 $934,062.50
96328DAT1 WHLS 2016-1A A2 1.59000 05/20/2025 US 339,261.11 $338,355.89
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 6,400,000 $6,413,302.21
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 843,846.36 $851,987.79
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 893,821.97 $907,648.50
98161FAB1 WOLS 2016-A A2A 1.20000 02/15/2019 US 1,354,151.99 $1,351,406.99
98162EAC1 WOART 2017-A A3 Mtge 1.93000 09/15/2022 US 4,000,000 $3,974,949.20
98162KAD5 WOLS 2017-A A4 Mtge 2.32000 08/15/2022 US 750,000 $749,441.78
98416JAE0 XERIUM TECHNOLOGIES INC 9.50000 08/15/2021 US 745,000 $754,312.50
98954UAB9 ZIGGO BOND FINANCE BV 6.00000 01/15/2027 NL 350,000 $341,250.00
AP0787667 MPC CONTAINER SHIPS FLT 6.40793 09/22/2022 NL 1,000,000 $981,430.00
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 1,010,000 $1,005,010.60
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 126,000,000 $6,133,933.12
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 35,000,000 $1,794,456.45
BBG000ZB5GX9 90 DAY EURO FUTR MAR20 EU -75 $2,624.25
BBG00GX2G1K1 EURO-SCHATZ FUT MAR18 EU 250 -$48,341.81
BBG00GX2G201 EURO-BTP FUTURE MAR18 EU -55 $152,555.91
BBG00GX2G2D7 EURO-OAT FUTURE MAR18 EU 48 -$109,204.84
BBG00GX2G2N6 EURO-BUND FUTURE MAR18 EU -65 $82,578.95
BBG00GXL7SX6 US 10YR NOTE (CBT) MAR18 US -134 $49,980.66
BBG00GXL7TM6 US ULTRA BOND CBT MAR18 US -37 -$57,601.60
BBG00GXL7V14 US 10YR ULTRA FUT MAR18 US -57 $330.60
BBG00H15N1C8 US 5YR NOTE (CBT) MAR18 US -214 $88,202.24
BBG00H15N218 US 2YR NOTE (CBT) MAR18 US -243 $90,673.02
BDB46H0 JAPAN (2 YEAR ISSUE) 0.10000 10/15/2018 JP 1,750,000,000 $15,561,371.20
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 1,600,000 $1,596,000.00
EDH9 COMDTY 90DAY EURO$ FUTR Mar19 US 75 -$3,938.25
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 1,520,000 $1,607,400.00
QZ4952797 DEXIA CREDIT LOCAL 1.87500 09/15/2021 FR 5,000,000 $4,883,325.00
Y23862AE8 EXPORT-IMPORT BANK CHINA 2.50000 07/31/2019 CN 630,000 $630,101.43

Investments will change over time.

Distributions

  • Unconstrained Bond Class S Distribution History
  • 2018 Distribution Calendar
  • Fourth Quarter 2017 Distributions
  • Third Quarter 2017 Distributions
  • Second Quarter 2017 Distributions
  • First Quarter 2017 Distributions
  • Tax Letter
  • Unconstrained Bond Return of Capital 2015

A Word About Risk

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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