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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.
$9.80
$0.01
0.10%
as of 06/23/2022
EXCPX
563821206
04/21/2005
$2,000.00
Investment minimum may be waived for certain qualified retirement plans, participants in an automatic investment program, and discretionary investment accounts of the Advisor.
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Fact Sheet | |
| Applications & Forms | |
| N-Port Part F Reports |
As of 05/31/2022
-5.21%
-4.62%
2.38%
2.18%
2.50%
4.07%
Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.
| Gross | 0.74%* |
*Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee.
As of 05/31/2022
| TREASURY NOTES | 4.53% |
| ALEXANDER FUNDING TRUST 1.84100 11/15/2023 | 1.41% |
| GSMBS 2022-PJ3 A24 3.00000 08/25/2052 | 1.36% |
| FCAT 2019-4 2.53000 11/17/2025 | 1.29% |
| ALLYA 2022-1 A1 1.35500 05/15/2023 | 1.18% |
| LFS 2022-A A MTGE 5.25000 05/15/2034 | 1.17% |
| NAVIENT CORP 5.50000 01/25/2023 | 1.14% |
| MAGALLANES INC FLT 2.23763 03/15/2024 | 1.11% |
| GOLDMAN SACH GROUP INC FLT 1.84763 03/15/2024 | 1.11% |
| QUEBECOR MEDIA INC 5.75000 01/15/2023 | 1.11% |
Top Ten Investments list is unaudited and excludes cash.
As of 05/31/2022
| Treasury | 4.03% |
| Government | 1.65% |
| Cash | 11.27% |
| Corporate | 37.44% |
| Mortgage | 44.56% |
| Other | 1.05% |
As of 05/31/2022
| AAA | 30.96% |
| AA | 1.46% |
| A | 12.76% |
| BBB | 13.59% |
| BB | 10.11% |
| B | 2.75% |
| CCC | 0.45% |
| D | 0.16% |
| NR | 27.76% |
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 05/31/2022
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 | IE | 1,970,000 | $1,727,606.14 | |
| ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 | US | 4,746,124.63 | $4,979,342.83 | |
| ALEXANDER FUNDING TRUST 1.84100 11/15/2023 | US | 10,000,000 | $9,607,181.90 | |
| ALIBABA GROUP HOLDING 4.00000 12/06/2037 | KY | 3,210,000 | $2,794,765.22 | |
| ADC 2021-1A A2 1.93700 08/15/2046 | US | 4,500,000 | $4,060,543.86 | |
| ALLYA 2022-1 A1 1.35500 05/15/2023 | US | 8,000,000 | $7,997,583.52 | |
| AMAZON.COM INC 3.30000 04/13/2027 | US | 4,000,000 | $3,996,315.00 | |
| AMERICAN AXLE & MANUFACTURING 3.40970 04/06/2024 | US | 6,526,018.82 | $6,395,498.44 | |
| ARBOR REALTY TRUST INC 8.00000 04/30/2023 | US | 3,555,000 | $3,596,242.09 | |
| ARGO BLOCKCHAIN PLC | GB | 75,000 | $1,572,750.00 | |
| ASHTEAD CAPITAL INC 4.00000 05/01/2028 | US | 1,500,000 | $1,426,352.21 | |
| AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 | KY | 4,500,000 | $4,106,438.69 | |
| BDS 2021-FL8 B MTGE 2.28557 01/18/2036 | KY | 3,000,000 | $2,882,163.00 | |
| BNSF FUNDING TRUST I 6.61300 12/15/2055 | US | 1,500,000 | $1,518,554.06 | |
| BRSP 2021-FL1 A 2.07843 08/19/2038 | US | 3,000,000 | $2,891,577.30 | |
| BANK ONE CORP 8.00000 04/29/2027 | US | 3,000,000 | $3,500,504.28 | |
| BLACKSTONE PRIVATE CRE 2.62500 12/15/2026 | US | 1,785,000 | $1,553,013.56 | |
| BLACKSTONE SECURED LEND 2.75000 09/16/2026 | US | 1,850,000 | $1,683,025.68 | |
| BRAVO 2019-2 3.50000 10/25/2044 | US | 4,041,894.4 | $3,932,039.35 | |
| BABS 2021-RM2 A 1.75000 10/25/2061 | US | 2,905,188.04 | $2,628,570.27 | |
| BJETS 2021-1A A 2.16200 04/15/2036 | US | 4,338,483.44 | $3,901,057.58 | |
| JONAH ENERGY PARENT LLC | US | 85,915 | $4,610,198.90 | |
| SORT 2020-1 A1 MTGE 1.69000 07/15/2060 | US | 3,774,064.34 | $3,462,441.36 | |
| SORT 2020-1 B1 2.28000 07/15/2060 | US | 1,841,007 | $1,677,600.14 | |
| CIM 2019-INV1 A1 4.00000 02/25/2049 | US | 95,436.23 | $95,325.14 | |
| CLIF 2021-1A A MTGE 1.64000 02/18/2046 | US | 5,863,935.76 | $5,271,725.22 | |
| CAMPBELL SOUP CO 3.65000 03/15/2023 | US | 4,680,000 | $4,714,115.14 | |
| CARRINGTON HOLDING CO LL 8.00000 01/01/2026 | US | 3,500,000 | $3,439,457.49 | |
| CRVNA 2020-N1A B 2.01000 03/17/2025 | US | 3,455,561.21 | $3,453,012.01 | |
| CENOVUS ENERGY INC 6.75000 11/15/2039 | CA | 3,910,000 | $4,406,199.21 | |
| CENTURYLINK INC 7.50000 04/01/2024 | US | 5,075,000 | $5,250,186.77 | |
| CASL 2021-A A2 1.60000 07/25/2051 | US | 2,045,732.03 | $1,878,827.73 | |
| CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 | US | 2,188,103.64 | $2,136,364.99 | |
| COLONY AMERICAN FINANCE LTD 3.32400 03/15/2052 | US | 2,141,825.37 | $2,131,954.32 | |
| CAFL 2019-3 A 2.70500 10/15/2052 | US | 2,045,918.05 | $1,988,364.25 | |
| CAFL 2020-4 A MTGE 1.17400 12/15/2052 | US | 1,102,410.48 | $1,009,090.87 | |
| CAFL 2020-3 A 1.35800 08/15/2053 | US | 1,336,569.93 | $1,208,651.57 | |
| CAALT 2021-3A C MTGE 1.63000 09/16/2030 | US | 3,000,000 | $2,799,946.53 | |
| CAALT 2021-2A A 1.64000 06/17/2030 | US | 3,800,000 | $3,475,592.75 | |
| CROWN CASTLE INTL CORP 3.10000 11/15/2029 | US | 2,250,000 | $2,046,220.40 | |
| CSMC 2013-TH1 A1 2.13000 02/25/2043 | US | 122,299.02 | $111,486.07 | |
| DCP MIDSTREAM OPERATING 3.87500 03/15/2023 | US | 5,000,000 | $5,015,770.15 | |
| COLO 2021-1A A2 MTGE 2.06000 02/27/2051 | US | 5,200,000 | $4,707,851.20 | |
| DNRFA 2021- 1A A MTGE 1.76000 04/15/2049 | US | 5,000,000 | $4,463,344.50 | |
| DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 | US | 2,850,000 | $2,650,375.06 | |
| DREYFUS GVT CSH MANAGEMENT | US | 86,088,821 | $86,088,821.00 | |
| EQM MIDSTREAM 4.75000 07/15/2023 | US | 5,514,000 | $5,619,818.35 | |
| ECO MATERIAL TECH INC 7.87500 01/31/2027 | US | 1,835,000 | $1,738,863.67 | |
| EDVES 2019-A A MTGE 3.58000 11/25/2038 | US | 1,886,279.86 | $1,850,396.20 | |
| EDVES 2021-A A MTGE 1.80000 11/25/2045 | US | 2,074,465.97 | $1,871,819.89 | |
| ENERGY TRANSFER LP 4.25000 03/15/2023 | US | 4,000,000 | $4,024,762.36 | |
| EXPEDIA GROUP INC 3.25000 02/15/2030 | US | 3,400,000 | $3,006,422.26 | |
| FREMF 2015-K42 B FLT 3.84863 01/25/2048 | US | 1,900,000 | $1,875,651.37 | |
| FS ENERGY & POWER FUND 7.50000 08/15/2023 | US | 3,235,000 | $3,294,840.61 | |
| FREMF 2015-K43 B FLT 3.73230 02/25/2048 | US | 1,500,000 | $1,474,327.94 | |
| FREMF 2013-K28 X2A 0.10000 06/25/2046 | US | 78,668,227.6 | $37,100.72 | |
| FSRIA 2021-FL2 A 2.09471 05/16/2038 | US | 3,000,000 | $2,896,014.90 | |
| FHLM POOL D98711 4.50000 07/01/2031 | US | 258,036.79 | $268,072.69 | |
| FHLM POOL G05900 6.00000 03/01/2040 | US | 39,586.9 | $44,091.27 | |
| FHLM POOL G13331 5.50000 10/01/2023 | US | 550.2 | $559.30 | |
| FHLM POOL G12988 6.00000 01/01/2023 | US | 286.93 | $287.74 | |
| FHLM POOL G13078 6.00000 03/01/2023 | US | 422.54 | $424.12 | |
| FHLM POOL C91746 4.50000 12/01/2033 | US | 188,789.55 | $196,005.84 | |
| FHLM POOL C91359 4.50000 02/01/2031 | US | 89,086.56 | $92,546.00 | |
| FNR 2018-31 KP 3.50000 07/25/2047 | US | 116,213.5 | $116,906.55 | |
| FHMS K030 X1 FLT 0.14558 04/25/2023 | US | 49,811,383.66 | $57,927.15 | |
| FHMS K032 X1 FLT 0.06799 05/25/2023 | US | 29,948,060.67 | $25,673.27 | |
| FHMS K106 X1 MTGE 1.35428 01/25/2030 | US | 53,825,473.68 | $4,493,723.02 | |
| FEDERAL NATL MTG ASSN AS3878 4.50000 11/01/2044 | US | 407,967.98 | $425,422.20 | |
| FEDERAL NATL MTG ASSN AW5338 4.50000 06/01/2044 | US | 540,645.91 | $557,937.43 | |
| FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 | US | 97,706.85 | $100,805.30 | |
| FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 | US | 50.69 | $50.69 | |
| FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 | US | 227,714.47 | $252,024.03 | |
| FHLM POOL MA0115 4.50000 07/01/2029 | US | 32,019.83 | $33,228.34 | |
| FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 | US | 136,058.55 | $141,200.19 | |
| FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 | US | 3,121.67 | $3,218.36 | |
| FCAT 2019-4 2.53000 11/17/2025 | US | 8,756,842.48 | $8,758,050.49 | |
| FLX 2021-1A A2 3.25000 11/27/2051 | US | 4,760,000 | $4,410,447.50 | |
| FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 | US | 4,480,000 | $4,317,178.30 | |
| FORDL 2022-A 1.37400 05/15/2023 | US | 4,425,930.59 | $4,422,238.08 | |
| FORD MOTOR CREDIT 3.08700 01/09/2023 | US | 3,110,000 | $3,107,142.31 | |
| FORD MOTOR CREDIT CO LLC 2.97900 08/03/2022 | US | 2,050,000 | $2,050,188.23 | |
| FORD MOTOR CREDIT CO LLC 3.35000 11/01/2022 | US | 3,518,000 | $3,516,277.27 | |
| GSMS 2021- RENT B 2.06070 11/21/2035 | US | 3,958,981.02 | $3,900,523.78 | |
| GSMBS 2021-PJ9 A8 2.50000 02/26/2052 | US | 3,567,057.22 | $3,308,202.37 | |
| GSMBS 2022-PJ1 A15 1.43446 05/28/2052 | US | 4,775,065.01 | $4,508,687.53 | |
| GSMBS 2021-GRE A6 2.50000 04/25/2052 | US | 6,032,731.32 | $5,588,191.60 | |
| GSMBS 2022-PJ3 A24 3.00000 08/25/2052 | US | 9,791,521.19 | $9,241,389.76 | |
| GOLDMAN SACH GROUP INC FLT 1.84763 03/15/2024 | US | 7,500,000 | $7,550,728.58 | |
| GOODG 2020-1A MTGE 2.63000 04/15/2055 | US | 3,651,880.79 | $3,347,764.94 | |
| GREENIDGE GEN HLD INC | US | 70,000 | $1,394,400.00 | |
| HTS2021-1 A MTGE 1.41100 08/25/2036 | US | 1,750,000 | $1,720,316.68 | |
| HARROW HEALTH | US | 109,800 | $2,766,960.00 | |
| HAWAII ST 2.63200 10/01/2037 | US | 3,905,000 | $3,133,194.63 | |
| HERTZ 4.61990 06/30/2028 | US | 4,184,368.41 | $4,026,157.44 | |
| HERTZ 4.61990 06/30/2028 | US | 794,551.65 | $764,509.65 | |
| HERTZ 2021-1A B 1.56000 12/26/2025 | US | 3,000,000 | $2,791,382.52 | |
| HWIRE 2021-1 A2 2.31100 11/20/2051 | US | 3,500,000 | $3,142,398.70 | |
| HALST 2020-B 0.51000 09/15/2023 | US | 5,837,217.17 | $5,813,049.69 | |
| IIP OPERATING PARTNER 5.50000 05/25/2026 | US | 3,500,000 | $3,309,599.62 | |
| IMPRL 2022-NQM3 4.38000 05/25/2067 | US | 4,615,927.53 | $4,586,626.08 | |
| IMPRL 2022-NQM2 3.63800 03/25/2067 | US | 7,359,962.12 | $7,067,449.63 | |
| INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 | AU | 3,425,000 | $3,470,105.64 | |
| INTL FC STORE INC 8.62500 06/15/2025 | US | 3,580,000 | $3,691,008.00 | |
| ITALY GOV'T INT BOND 2.37500 10/17/2024 | IT | 4,500,000 | $4,401,559.71 | |
| JPMMT 2022-INV3 A4B 3.00000 09/25/2052 | US | 7,721,349.45 | $7,278,747.80 | |
| JPMMT 2014-2 1A1 3.00000 06/25/2029 | US | 446,556.92 | $432,183.24 | |
| KREF 2021-FL2 AS MTGE 2.18671 02/15/2039 | US | 3,500,000 | $3,355,086.35 | |
| LCCM 2021-FL2 AS 2.42471 12/13/2038 | US | 2,000,000 | $1,928,308.60 | |
| LCCM 2021-FL2 B 2.77471 12/13/2038 | US | 3,000,000 | $2,887,807.20 | |
| LFS 2022-A A MTGE 5.25000 05/15/2034 | US | 8,000,000 | $7,985,744.00 | |
| LRK 2019-A A2FX Mtge 2.73000 10/25/2048 | US | 548,946.83 | $545,923.94 | |
| LEGAL BUSINESS SERVICES LLC 8.00000 06/15/2026 | US | 4,000,000 | $3,964,062.50 | |
| LIBERTY COMMERICAL 6.00000 06/30/2026 | US | 1,000,000 | $913,297.75 | |
| OASIS 2022-1A A 4.75000 05/15/2034 | US | 4,000,000 | $3,986,665.20 | |
| MGM RESORTS INTL 6.00000 03/15/2023 | US | 6,700,000 | $6,778,661.22 | |
| MAGALLANES INC FLT 2.23763 03/15/2024 | US | 7,500,000 | $7,552,948.50 | |
| MAGALLANES INC 4.05400 03/15/2029 | US | 4,500,000 | $4,313,879.28 | |
| BANK OF AMERICA CORP 1.58600 09/15/2026 | US | 3,561,000 | $3,464,992.41 | |
| MST 2019-1A A MTGE 3.75000 04/25/2058 | US | 908,743.4 | $892,784.50 | |
| NYMT 2022-CP1 A1 2.04240 07/25/2061 | US | 2,524,547.08 | $2,400,513.30 | |
| NAVIENT CORP 6.75000 06/25/2025 | US | 1,800,000 | $1,816,802.91 | |
| NAVSL 2014-1 A3 FLT 1.51571 06/25/2031 | US | 4,386,589.62 | $4,219,096.95 | |
| NAVSL 2015-BA A3 2.32471 07/16/2040 | US | 2,164,151.05 | $2,165,069.82 | |
| NAVSL 2017-2A A FLT 2.05571 12/27/2066 | US | 3,337,417.34 | $3,316,451.98 | |
| NAVSL 2020-GA A MTGE 1.17000 09/16/2069 | US | 716,801.95 | $678,288.13 | |
| NAVSL 2021-A A 0.84000 05/15/2069 | US | 1,075,995.29 | $996,648.48 | |
| NAVSL 2020-1A A1B 2.05571 06/25/2069 | US | 2,516,476.56 | $2,503,105.34 | |
| NAVSL 2022-A 2.23000 07/15/2070 | US | 3,858,042.06 | $3,680,721.01 | |
| NAVSL 2021-1A A1A 1.31000 12/26/2069 | US | 6,017,280.71 | $5,273,944.54 | |
| NRZT 2014-3A AFX3 3.75000 11/25/2054 | US | 289,847.57 | $284,703.91 | |
| NRZT 2015-2A A1 3.75000 08/25/2055 | US | 407,848.91 | $397,335.46 | |
| NRZT 2019-2A A1 4.25000 12/25/2057 | US | 2,047,970.66 | $2,036,432.19 | |
| NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 | AU | 1,750,000 | $1,590,716.02 | |
| NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | CA | 5,870,000 | $587.00 | |
| OWL ROCK TECHNOLOGY 3.75000 06/17/2026 | US | 3,000,000 | $2,793,593.61 | |
| OXFIN 2020-1A A2 3.10100 02/15/2028 | US | 7,416,897.19 | $7,374,119.49 | |
| OXFIN 2020-1A B 4.03700 02/15/2028 | US | 2,794,288.56 | $2,736,725.66 | |
| OXFIN 2019-1A A2 4.45900 02/15/2027 | US | 5,072,930.17 | $5,060,888.05 | |
| OXFIN 2022-1A 3.60200 02/15/2030 | US | 4,650,000 | $4,426,149.93 | |
| PRA GROUP INC 7.37500 09/01/2025 | US | 3,570,000 | $3,605,769.90 | |
| PEAR 2021-1 A MTGE 2.60000 01/15/2034 | US | 5,271,019.16 | $5,072,475.15 | |
| PELORUS FUND REIT 7.00000 09/30/2026 | US | 3,500,000 | $3,389,388.42 | |
| POPULAR INC 6.12500 09/14/2023 | PR | 3,135,000 | $3,170,482.59 | |
| 2019- SFR4 CLASS A 2.68700 10/17/2036 | US | 3,800,000 | $3,712,474.94 | |
| QUEBECOR MEDIA INC 5.75000 01/15/2023 | CA | 7,450,000 | $7,527,087.16 | |
| RCKT 2021-6 A5 2.50000 12/25/2051 | US | 5,699,404.27 | $5,271,965.36 | |
| RUN 2022-NQM1 A1 4.00000 03/25/2067 | US | 3,473,274.97 | $3,419,385.37 | |
| RAILWORKS HOLDINGS LP/R 8.25000 11/15/2028 | US | 3,735,000 | $3,614,353.71 | |
| SBA TOWER TRUST 2.83600 01/15/2025 | US | 3,500,000 | $3,414,705.35 | |
| SBA TOWER TRUST 1.88400 01/15/2026 | US | 2,750,000 | $2,566,061.03 | |
| SALTT 2021-1A AA 2.30100 02/28/2033 | US | 1,072,599.07 | $1,014,105.42 | |
| NAVIENT CORP 5.50000 01/25/2023 | US | 7,750,000 | $7,782,581.54 | |
| SMB 2014-A A3 2.37471 04/15/2032 | US | 2,988,012.78 | $2,991,373.31 | |
| SLAM 2021-1A A MTGE 2.43400 06/15/2046 | US | 6,033,280 | $5,203,623.15 | |
| SMB 2020-BA A1A 1.29000 07/15/2053 | US | 1,697,995.57 | $1,583,146.04 | |
| SABINE PASS LIQUEFACTION 5.75000 05/15/2024 | US | 7,000,000 | $7,232,954.05 | |
| SDART 2020-2 C 1.46000 09/15/2025 | US | 7,514,535.14 | $7,478,906.78 | |
| SEMT 2013-6 A2 3.00000 05/25/2043 | US | 1,398,736.23 | $1,309,909.28 | |
| SEMT 2013-7 A2 3.00000 06/25/2043 | US | 136,439.32 | $127,845.88 | |
| SEMT 2013-8 A1 3.00000 06/25/2043 | US | 158,698.98 | $149,055.27 | |
| SEMT 2013-2 1.87400 02/25/2043 | US | 137,842.75 | $124,838.53 | |
| SIMON PROPERTY GROUP LP 2.65000 02/01/2032 | US | 5,500,000 | $4,749,994.87 | |
| SMB 2019-B A2A 2.84000 06/15/2037 | US | 2,954,360.04 | $2,865,766.76 | |
| SOFI 2017-F A2FX 2.84000 01/25/2041 | US | 206,130.06 | $203,561.90 | |
| SOFI 2016-C A2B 2.36000 12/27/2032 | US | 20,726.44 | $20,702.51 | |
| SOUTHWEST AIRLINES CO 5.25000 05/04/2025 | US | 3,000,000 | $3,131,563.95 | |
| ONEMAIN FINANCE CORP 5.62500 03/15/2023 | US | 5,803,000 | $5,873,566.34 | |
| SPRINT COMMUNICATIONS 6.00000 11/15/2022 | US | 1,650,000 | $1,671,353.46 | |
| SPRINT CORP 7.87500 09/15/2023 | US | 1,537,000 | $1,613,998.52 | |
| SIDC 2021-1A A2 MTGE 1.87700 03/26/2046 | US | 3,400,000 | $3,082,886.73 | |
| SRPT 2014-STAR A FLTG RATE 2.34500 11/15/2027 | US | 1,777,114.94 | $1,221,580.74 | |
| STR 2019-1 A1 MTGE 2.82000 11/20/2049 | US | 2,391,877.53 | $2,230,733.39 | |
| SCML 2019-SBC8 2.86000 04/25/2041 | US | 2,469,437.88 | $2,318,740.43 | |
| SYNCHRONOSS TECH | US | 152,955 | $3,392,541.90 | |
| TRP 2021-1 A MTGE 2.07000 06/19/2051 | US | 2,954,944.72 | $2,679,992.64 | |
| TACORA RESOURCES INC 8.25000 05/15/2026 | CA | 1,890,000 | $1,803,259.87 | |
| TENCENT HOLDINGS 3.97500 04/11/2029 | KY | 6,650,000 | $6,407,541.13 | |
| TMCL 2021-A1 A 1.68000 02/20/2046 | BM | 5,940,000 | $5,261,721.85 | |
| TPMT 2016-5 A1 2.50000 10/25/2056 | US | 258,704.62 | $257,575.01 | |
| TPMT 2017-1 A1 2.75000 10/25/2056 | US | 866,053.61 | $862,644.30 | |
| TPMT 2018-2 A1 3.25000 03/25/2058 | US | 679,628.73 | $671,507.51 | |
| TPMT 2019-HY1 A1 2.00571 10/25/2048 | US | 1,578,220.08 | $1,562,507.79 | |
| TAH 2020-SFR1 C 2.24900 07/17/2038 | US | 2,500,000 | $2,293,195.70 | |
| TRL 2021-1A A MTGE 2.26000 07/19/2051 | US | 1,938,668.12 | $1,721,634.36 | |
| TRL 2020-1A A 1.96000 10/17/2050 | US | 2,463,098.5 | $2,258,615.29 | |
| TCF 2021-1A 1.86000 03/20/2046 | US | 5,945,500 | $5,216,663.39 | |
| STEAM 2021-3 A MTGE 2.21000 06/28/2051 | US | 5,764,085.11 | $5,269,320.37 | |
| UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 | US | 3,597,792.99 | $3,238,441.83 | |
| UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 | US | 2,925,901.15 | $2,740,889.93 | |
| UNITED MEXICAN STATES 4.12500 01/21/2026 | MX | 1,800,000 | $1,827,524.90 | |
| US TREASURY N/B 0.37500 08/15/2024 | US | 10,460,000 | $9,967,235.99 | |
| US TREASURY N/B 0.12500 08/31/2023 | US | 21,400,000 | $20,844,937.50 | |
| VDC 2020-1A A2 1.64500 09/15/2045 | US | 6,500,000 | $5,923,057.40 | |
| VBTOW 2020-2A A 2.63600 09/15/2050 | US | 4,000,000 | $3,781,828.40 | |
| VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 | US | 3,500,000 | $3,435,573.54 | |
| WARRIOR MET COAL INC 7.87500 12/01/2028 | US | 1,815,000 | $1,840,955.35 | |
| WIN 2015-1 A1 3.50000 01/20/2045 | US | 82,930.24 | $79,286.93 | |
| MEX BONOS DESARR FIX RT 6.50000 06/09/2022 | MX | 126,000,000 | $6,401,336.89 | |
| 90DAY EURO$ FUTR EDZ2 | US | 1,900 | -$11,404,788.00 | |
| AMERICAN TANKER INC 7.75000 07/02/2025 | US | 6,560,000 | $6,232,000.00 | |
| TUTOR PERINI FLT 5.75000 08/18/2027 | US | 6,914,898.98 | $6,655,590.27 | |
| MEDIA AND GAMES INVEST FLOAT 5.75000 11/27/2024 | MT | 3,200,000 | $3,411,728.67 | |
| SEASPAN CORP 6.50000 02/05/2024 | MH | 7,000,000 | $6,982,395.70 | |
| PETROTAL CORP 12.00000 02/16/2024 | CA | 2,720,000 | $2,801,600.00 | |
| COPPER MOUNTAIN MINING C 8.00000 04/09/2026 | CA | 2,856,000 | $2,854,208.03 | |
| NORTH INVST GROUP FLT 9.41900 05/05/2024 | SE | 23,750,000 | $2,417,903.04 | |
| AIRSWIFT GLOBAL AS FLT 10.38899 05/12/2025 | NO | 7,000,000 | $7,011,642.96 | |
| GAMING INNOVATION GRP FLT 8.50000 06/11/2024 | MT | 10,000,000 | $1,030,417.01 | |
| KENT GLOBAL PLC 10.00000 06/28/2026 | GB | 3,500,000 | $3,465,000.00 | |
| PING PETROLEUM UK 12.00000 07/29/2024 | GB | 2,715,000 | $2,657,622.49 | |
| TRYM AS 9.07000 09/10/2024 | NO | 30,000,000 | $3,194,057.35 | |
| JOTUL AS FLT 8.23000 10/06/2024 | NO | 23,000,000 | $2,390,645.40 | |
| GREENFOOD AB FLT 7.37600 11/04/2025 | SE | 21,250,000 | $2,121,585.40 | |
| NOVEDO HOLDINGS AB FLT 7.00500 11/26/2024 | SE | 26,250,000 | $2,641,464.72 | |
| EXTENDA RETAIL HOLDING FLT 6.83100 03/30/2027 | SE | 34,000,000 | $3,397,473.94 | |
| CABONLINE GROUP HOLD FLT 9.57200 04/19/2026 | SE | 17,500,000 | $1,799,285.78 | |
| NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 | MH | 3,550,000 | $3,587,372.73 | |
| BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 | AE | 5,008,508 | $5,003,931.08 |
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.
$9.80
$0.01
0.10%
as of 06/23/2022
EXCPX
563821206
04/21/2005
$2,000.00
Investment minimum may be waived for certain qualified retirement plans, participants in an automatic investment program, and discretionary investment accounts of the Advisor.
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Fact Sheet | |
| Applications & Forms | |
| N-Port Part F Reports |
To provide long-term total return, with a secondary objective of providing preservation of capital.
Under normal circumstances, at least 80% of the Series’ assets will be invested in bonds and other financial instruments with economic characteristics similar to bonds.
Up to 50% of the Series may be invested in below investment-grade securities and up to 50% may be invested in non-U.S. dollar denominated securities, including securities issued by companies located in emerging markets. Derivatives such as futures, options, swaps, and forwards may be used to manage interest rate exposure, enhance duration management, or hedge currency exposure, for example.
While there are no maturity or duration restrictions, the Series’ duration is expected to range between -3 and 8 years.
As of 05/31/2022
-5.21%
-4.62%
2.38%
2.18%
2.50%
4.07%
Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.
| Gross | 0.74%* |
*Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee.
As of 05/31/2022
| TREASURY NOTES | 4.53% |
| ALEXANDER FUNDING TRUST 1.84100 11/15/2023 | 1.41% |
| GSMBS 2022-PJ3 A24 3.00000 08/25/2052 | 1.36% |
| FCAT 2019-4 2.53000 11/17/2025 | 1.29% |
| ALLYA 2022-1 A1 1.35500 05/15/2023 | 1.18% |
| LFS 2022-A A MTGE 5.25000 05/15/2034 | 1.17% |
| NAVIENT CORP 5.50000 01/25/2023 | 1.14% |
| MAGALLANES INC FLT 2.23763 03/15/2024 | 1.11% |
| GOLDMAN SACH GROUP INC FLT 1.84763 03/15/2024 | 1.11% |
| QUEBECOR MEDIA INC 5.75000 01/15/2023 | 1.11% |
Top Ten Investments list is unaudited and excludes cash.
As of 05/31/2022
| Treasury | 4.03% | |
| Government | 1.65% | |
| Cash | 11.27% | |
| Corporate | 37.44% | |
| Mortgage | 44.56% | |
| Other | 1.05% |
As of 05/31/2022
| AAA | 30.96% | |
| AA | 1.46% | |
| A | 12.76% | |
| BBB | 13.59% | |
| BB | 10.11% | |
| B | 2.75% | |
| CCC | 0.45% | |
| D | 0.16% | |
| NR | 27.76% |
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 05/31/2022
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 | IE | 1,970,000 | $1,727,606.14 | |
| ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 | US | 4,746,124.63 | $4,979,342.83 | |
| ALEXANDER FUNDING TRUST 1.84100 11/15/2023 | US | 10,000,000 | $9,607,181.90 | |
| ALIBABA GROUP HOLDING 4.00000 12/06/2037 | KY | 3,210,000 | $2,794,765.22 | |
| ADC 2021-1A A2 1.93700 08/15/2046 | US | 4,500,000 | $4,060,543.86 | |
| ALLYA 2022-1 A1 1.35500 05/15/2023 | US | 8,000,000 | $7,997,583.52 | |
| AMAZON.COM INC 3.30000 04/13/2027 | US | 4,000,000 | $3,996,315.00 | |
| AMERICAN AXLE & MANUFACTURING 3.40970 04/06/2024 | US | 6,526,018.82 | $6,395,498.44 | |
| ARBOR REALTY TRUST INC 8.00000 04/30/2023 | US | 3,555,000 | $3,596,242.09 | |
| ARGO BLOCKCHAIN PLC | GB | 75,000 | $1,572,750.00 | |
| ASHTEAD CAPITAL INC 4.00000 05/01/2028 | US | 1,500,000 | $1,426,352.21 | |
| AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 | KY | 4,500,000 | $4,106,438.69 | |
| BDS 2021-FL8 B MTGE 2.28557 01/18/2036 | KY | 3,000,000 | $2,882,163.00 | |
| BNSF FUNDING TRUST I 6.61300 12/15/2055 | US | 1,500,000 | $1,518,554.06 | |
| BRSP 2021-FL1 A 2.07843 08/19/2038 | US | 3,000,000 | $2,891,577.30 | |
| BANK ONE CORP 8.00000 04/29/2027 | US | 3,000,000 | $3,500,504.28 | |
| BLACKSTONE PRIVATE CRE 2.62500 12/15/2026 | US | 1,785,000 | $1,553,013.56 | |
| BLACKSTONE SECURED LEND 2.75000 09/16/2026 | US | 1,850,000 | $1,683,025.68 | |
| BRAVO 2019-2 3.50000 10/25/2044 | US | 4,041,894.4 | $3,932,039.35 | |
| BABS 2021-RM2 A 1.75000 10/25/2061 | US | 2,905,188.04 | $2,628,570.27 | |
| BJETS 2021-1A A 2.16200 04/15/2036 | US | 4,338,483.44 | $3,901,057.58 | |
| JONAH ENERGY PARENT LLC | US | 85,915 | $4,610,198.90 | |
| SORT 2020-1 A1 MTGE 1.69000 07/15/2060 | US | 3,774,064.34 | $3,462,441.36 | |
| SORT 2020-1 B1 2.28000 07/15/2060 | US | 1,841,007 | $1,677,600.14 | |
| CIM 2019-INV1 A1 4.00000 02/25/2049 | US | 95,436.23 | $95,325.14 | |
| CLIF 2021-1A A MTGE 1.64000 02/18/2046 | US | 5,863,935.76 | $5,271,725.22 | |
| CAMPBELL SOUP CO 3.65000 03/15/2023 | US | 4,680,000 | $4,714,115.14 | |
| CARRINGTON HOLDING CO LL 8.00000 01/01/2026 | US | 3,500,000 | $3,439,457.49 | |
| CRVNA 2020-N1A B 2.01000 03/17/2025 | US | 3,455,561.21 | $3,453,012.01 | |
| CENOVUS ENERGY INC 6.75000 11/15/2039 | CA | 3,910,000 | $4,406,199.21 | |
| CENTURYLINK INC 7.50000 04/01/2024 | US | 5,075,000 | $5,250,186.77 | |
| CASL 2021-A A2 1.60000 07/25/2051 | US | 2,045,732.03 | $1,878,827.73 | |
| CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 | US | 2,188,103.64 | $2,136,364.99 | |
| COLONY AMERICAN FINANCE LTD 3.32400 03/15/2052 | US | 2,141,825.37 | $2,131,954.32 | |
| CAFL 2019-3 A 2.70500 10/15/2052 | US | 2,045,918.05 | $1,988,364.25 | |
| CAFL 2020-4 A MTGE 1.17400 12/15/2052 | US | 1,102,410.48 | $1,009,090.87 | |
| CAFL 2020-3 A 1.35800 08/15/2053 | US | 1,336,569.93 | $1,208,651.57 | |
| CAALT 2021-3A C MTGE 1.63000 09/16/2030 | US | 3,000,000 | $2,799,946.53 | |
| CAALT 2021-2A A 1.64000 06/17/2030 | US | 3,800,000 | $3,475,592.75 | |
| CROWN CASTLE INTL CORP 3.10000 11/15/2029 | US | 2,250,000 | $2,046,220.40 | |
| CSMC 2013-TH1 A1 2.13000 02/25/2043 | US | 122,299.02 | $111,486.07 | |
| DCP MIDSTREAM OPERATING 3.87500 03/15/2023 | US | 5,000,000 | $5,015,770.15 | |
| COLO 2021-1A A2 MTGE 2.06000 02/27/2051 | US | 5,200,000 | $4,707,851.20 | |
| DNRFA 2021- 1A A MTGE 1.76000 04/15/2049 | US | 5,000,000 | $4,463,344.50 | |
| DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 | US | 2,850,000 | $2,650,375.06 | |
| DREYFUS GVT CSH MANAGEMENT | US | 86,088,821 | $86,088,821.00 | |
| EQM MIDSTREAM 4.75000 07/15/2023 | US | 5,514,000 | $5,619,818.35 | |
| ECO MATERIAL TECH INC 7.87500 01/31/2027 | US | 1,835,000 | $1,738,863.67 | |
| EDVES 2019-A A MTGE 3.58000 11/25/2038 | US | 1,886,279.86 | $1,850,396.20 | |
| EDVES 2021-A A MTGE 1.80000 11/25/2045 | US | 2,074,465.97 | $1,871,819.89 | |
| ENERGY TRANSFER LP 4.25000 03/15/2023 | US | 4,000,000 | $4,024,762.36 | |
| EXPEDIA GROUP INC 3.25000 02/15/2030 | US | 3,400,000 | $3,006,422.26 | |
| FREMF 2015-K42 B FLT 3.84863 01/25/2048 | US | 1,900,000 | $1,875,651.37 | |
| FS ENERGY & POWER FUND 7.50000 08/15/2023 | US | 3,235,000 | $3,294,840.61 | |
| FREMF 2015-K43 B FLT 3.73230 02/25/2048 | US | 1,500,000 | $1,474,327.94 | |
| FREMF 2013-K28 X2A 0.10000 06/25/2046 | US | 78,668,227.6 | $37,100.72 | |
| FSRIA 2021-FL2 A 2.09471 05/16/2038 | US | 3,000,000 | $2,896,014.90 | |
| FHLM POOL D98711 4.50000 07/01/2031 | US | 258,036.79 | $268,072.69 | |
| FHLM POOL G05900 6.00000 03/01/2040 | US | 39,586.9 | $44,091.27 | |
| FHLM POOL G13331 5.50000 10/01/2023 | US | 550.2 | $559.30 | |
| FHLM POOL G12988 6.00000 01/01/2023 | US | 286.93 | $287.74 | |
| FHLM POOL G13078 6.00000 03/01/2023 | US | 422.54 | $424.12 | |
| FHLM POOL C91746 4.50000 12/01/2033 | US | 188,789.55 | $196,005.84 | |
| FHLM POOL C91359 4.50000 02/01/2031 | US | 89,086.56 | $92,546.00 | |
| FNR 2018-31 KP 3.50000 07/25/2047 | US | 116,213.5 | $116,906.55 | |
| FHMS K030 X1 FLT 0.14558 04/25/2023 | US | 49,811,383.66 | $57,927.15 | |
| FHMS K032 X1 FLT 0.06799 05/25/2023 | US | 29,948,060.67 | $25,673.27 | |
| FHMS K106 X1 MTGE 1.35428 01/25/2030 | US | 53,825,473.68 | $4,493,723.02 | |
| FEDERAL NATL MTG ASSN AS3878 4.50000 11/01/2044 | US | 407,967.98 | $425,422.20 | |
| FEDERAL NATL MTG ASSN AW5338 4.50000 06/01/2044 | US | 540,645.91 | $557,937.43 | |
| FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 | US | 97,706.85 | $100,805.30 | |
| FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 | US | 50.69 | $50.69 | |
| FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 | US | 227,714.47 | $252,024.03 | |
| FHLM POOL MA0115 4.50000 07/01/2029 | US | 32,019.83 | $33,228.34 | |
| FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 | US | 136,058.55 | $141,200.19 | |
| FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 | US | 3,121.67 | $3,218.36 | |
| FCAT 2019-4 2.53000 11/17/2025 | US | 8,756,842.48 | $8,758,050.49 | |
| FLX 2021-1A A2 3.25000 11/27/2051 | US | 4,760,000 | $4,410,447.50 | |
| FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 | US | 4,480,000 | $4,317,178.30 | |
| FORDL 2022-A 1.37400 05/15/2023 | US | 4,425,930.59 | $4,422,238.08 | |
| FORD MOTOR CREDIT 3.08700 01/09/2023 | US | 3,110,000 | $3,107,142.31 | |
| FORD MOTOR CREDIT CO LLC 2.97900 08/03/2022 | US | 2,050,000 | $2,050,188.23 | |
| FORD MOTOR CREDIT CO LLC 3.35000 11/01/2022 | US | 3,518,000 | $3,516,277.27 | |
| GSMS 2021- RENT B 2.06070 11/21/2035 | US | 3,958,981.02 | $3,900,523.78 | |
| GSMBS 2021-PJ9 A8 2.50000 02/26/2052 | US | 3,567,057.22 | $3,308,202.37 | |
| GSMBS 2022-PJ1 A15 1.43446 05/28/2052 | US | 4,775,065.01 | $4,508,687.53 | |
| GSMBS 2021-GRE A6 2.50000 04/25/2052 | US | 6,032,731.32 | $5,588,191.60 | |
| GSMBS 2022-PJ3 A24 3.00000 08/25/2052 | US | 9,791,521.19 | $9,241,389.76 | |
| GOLDMAN SACH GROUP INC FLT 1.84763 03/15/2024 | US | 7,500,000 | $7,550,728.58 | |
| GOODG 2020-1A MTGE 2.63000 04/15/2055 | US | 3,651,880.79 | $3,347,764.94 | |
| GREENIDGE GEN HLD INC | US | 70,000 | $1,394,400.00 | |
| HTS2021-1 A MTGE 1.41100 08/25/2036 | US | 1,750,000 | $1,720,316.68 | |
| HARROW HEALTH | US | 109,800 | $2,766,960.00 | |
| HAWAII ST 2.63200 10/01/2037 | US | 3,905,000 | $3,133,194.63 | |
| HERTZ 4.61990 06/30/2028 | US | 4,184,368.41 | $4,026,157.44 | |
| HERTZ 4.61990 06/30/2028 | US | 794,551.65 | $764,509.65 | |
| HERTZ 2021-1A B 1.56000 12/26/2025 | US | 3,000,000 | $2,791,382.52 | |
| HWIRE 2021-1 A2 2.31100 11/20/2051 | US | 3,500,000 | $3,142,398.70 | |
| HALST 2020-B 0.51000 09/15/2023 | US | 5,837,217.17 | $5,813,049.69 | |
| IIP OPERATING PARTNER 5.50000 05/25/2026 | US | 3,500,000 | $3,309,599.62 | |
| IMPRL 2022-NQM3 4.38000 05/25/2067 | US | 4,615,927.53 | $4,586,626.08 | |
| IMPRL 2022-NQM2 3.63800 03/25/2067 | US | 7,359,962.12 | $7,067,449.63 | |
| INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 | AU | 3,425,000 | $3,470,105.64 | |
| INTL FC STORE INC 8.62500 06/15/2025 | US | 3,580,000 | $3,691,008.00 | |
| ITALY GOV'T INT BOND 2.37500 10/17/2024 | IT | 4,500,000 | $4,401,559.71 | |
| JPMMT 2022-INV3 A4B 3.00000 09/25/2052 | US | 7,721,349.45 | $7,278,747.80 | |
| JPMMT 2014-2 1A1 3.00000 06/25/2029 | US | 446,556.92 | $432,183.24 | |
| KREF 2021-FL2 AS MTGE 2.18671 02/15/2039 | US | 3,500,000 | $3,355,086.35 | |
| LCCM 2021-FL2 AS 2.42471 12/13/2038 | US | 2,000,000 | $1,928,308.60 | |
| LCCM 2021-FL2 B 2.77471 12/13/2038 | US | 3,000,000 | $2,887,807.20 | |
| LFS 2022-A A MTGE 5.25000 05/15/2034 | US | 8,000,000 | $7,985,744.00 | |
| LRK 2019-A A2FX Mtge 2.73000 10/25/2048 | US | 548,946.83 | $545,923.94 | |
| LEGAL BUSINESS SERVICES LLC 8.00000 06/15/2026 | US | 4,000,000 | $3,964,062.50 | |
| LIBERTY COMMERICAL 6.00000 06/30/2026 | US | 1,000,000 | $913,297.75 | |
| OASIS 2022-1A A 4.75000 05/15/2034 | US | 4,000,000 | $3,986,665.20 | |
| MGM RESORTS INTL 6.00000 03/15/2023 | US | 6,700,000 | $6,778,661.22 | |
| MAGALLANES INC FLT 2.23763 03/15/2024 | US | 7,500,000 | $7,552,948.50 | |
| MAGALLANES INC 4.05400 03/15/2029 | US | 4,500,000 | $4,313,879.28 | |
| BANK OF AMERICA CORP 1.58600 09/15/2026 | US | 3,561,000 | $3,464,992.41 | |
| MST 2019-1A A MTGE 3.75000 04/25/2058 | US | 908,743.4 | $892,784.50 | |
| NYMT 2022-CP1 A1 2.04240 07/25/2061 | US | 2,524,547.08 | $2,400,513.30 | |
| NAVIENT CORP 6.75000 06/25/2025 | US | 1,800,000 | $1,816,802.91 | |
| NAVSL 2014-1 A3 FLT 1.51571 06/25/2031 | US | 4,386,589.62 | $4,219,096.95 | |
| NAVSL 2015-BA A3 2.32471 07/16/2040 | US | 2,164,151.05 | $2,165,069.82 | |
| NAVSL 2017-2A A FLT 2.05571 12/27/2066 | US | 3,337,417.34 | $3,316,451.98 | |
| NAVSL 2020-GA A MTGE 1.17000 09/16/2069 | US | 716,801.95 | $678,288.13 | |
| NAVSL 2021-A A 0.84000 05/15/2069 | US | 1,075,995.29 | $996,648.48 | |
| NAVSL 2020-1A A1B 2.05571 06/25/2069 | US | 2,516,476.56 | $2,503,105.34 | |
| NAVSL 2022-A 2.23000 07/15/2070 | US | 3,858,042.06 | $3,680,721.01 | |
| NAVSL 2021-1A A1A 1.31000 12/26/2069 | US | 6,017,280.71 | $5,273,944.54 | |
| NRZT 2014-3A AFX3 3.75000 11/25/2054 | US | 289,847.57 | $284,703.91 | |
| NRZT 2015-2A A1 3.75000 08/25/2055 | US | 407,848.91 | $397,335.46 | |
| NRZT 2019-2A A1 4.25000 12/25/2057 | US | 2,047,970.66 | $2,036,432.19 | |
| NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 | AU | 1,750,000 | $1,590,716.02 | |
| NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | CA | 5,870,000 | $587.00 | |
| OWL ROCK TECHNOLOGY 3.75000 06/17/2026 | US | 3,000,000 | $2,793,593.61 | |
| OXFIN 2020-1A A2 3.10100 02/15/2028 | US | 7,416,897.19 | $7,374,119.49 | |
| OXFIN 2020-1A B 4.03700 02/15/2028 | US | 2,794,288.56 | $2,736,725.66 | |
| OXFIN 2019-1A A2 4.45900 02/15/2027 | US | 5,072,930.17 | $5,060,888.05 | |
| OXFIN 2022-1A 3.60200 02/15/2030 | US | 4,650,000 | $4,426,149.93 | |
| PRA GROUP INC 7.37500 09/01/2025 | US | 3,570,000 | $3,605,769.90 | |
| PEAR 2021-1 A MTGE 2.60000 01/15/2034 | US | 5,271,019.16 | $5,072,475.15 | |
| PELORUS FUND REIT 7.00000 09/30/2026 | US | 3,500,000 | $3,389,388.42 | |
| POPULAR INC 6.12500 09/14/2023 | PR | 3,135,000 | $3,170,482.59 | |
| 2019- SFR4 CLASS A 2.68700 10/17/2036 | US | 3,800,000 | $3,712,474.94 | |
| QUEBECOR MEDIA INC 5.75000 01/15/2023 | CA | 7,450,000 | $7,527,087.16 | |
| RCKT 2021-6 A5 2.50000 12/25/2051 | US | 5,699,404.27 | $5,271,965.36 | |
| RUN 2022-NQM1 A1 4.00000 03/25/2067 | US | 3,473,274.97 | $3,419,385.37 | |
| RAILWORKS HOLDINGS LP/R 8.25000 11/15/2028 | US | 3,735,000 | $3,614,353.71 | |
| SBA TOWER TRUST 2.83600 01/15/2025 | US | 3,500,000 | $3,414,705.35 | |
| SBA TOWER TRUST 1.88400 01/15/2026 | US | 2,750,000 | $2,566,061.03 | |
| SALTT 2021-1A AA 2.30100 02/28/2033 | US | 1,072,599.07 | $1,014,105.42 | |
| NAVIENT CORP 5.50000 01/25/2023 | US | 7,750,000 | $7,782,581.54 | |
| SMB 2014-A A3 2.37471 04/15/2032 | US | 2,988,012.78 | $2,991,373.31 | |
| SLAM 2021-1A A MTGE 2.43400 06/15/2046 | US | 6,033,280 | $5,203,623.15 | |
| SMB 2020-BA A1A 1.29000 07/15/2053 | US | 1,697,995.57 | $1,583,146.04 | |
| SABINE PASS LIQUEFACTION 5.75000 05/15/2024 | US | 7,000,000 | $7,232,954.05 | |
| SDART 2020-2 C 1.46000 09/15/2025 | US | 7,514,535.14 | $7,478,906.78 | |
| SEMT 2013-6 A2 3.00000 05/25/2043 | US | 1,398,736.23 | $1,309,909.28 | |
| SEMT 2013-7 A2 3.00000 06/25/2043 | US | 136,439.32 | $127,845.88 | |
| SEMT 2013-8 A1 3.00000 06/25/2043 | US | 158,698.98 | $149,055.27 | |
| SEMT 2013-2 1.87400 02/25/2043 | US | 137,842.75 | $124,838.53 | |
| SIMON PROPERTY GROUP LP 2.65000 02/01/2032 | US | 5,500,000 | $4,749,994.87 | |
| SMB 2019-B A2A 2.84000 06/15/2037 | US | 2,954,360.04 | $2,865,766.76 | |
| SOFI 2017-F A2FX 2.84000 01/25/2041 | US | 206,130.06 | $203,561.90 | |
| SOFI 2016-C A2B 2.36000 12/27/2032 | US | 20,726.44 | $20,702.51 | |
| SOUTHWEST AIRLINES CO 5.25000 05/04/2025 | US | 3,000,000 | $3,131,563.95 | |
| ONEMAIN FINANCE CORP 5.62500 03/15/2023 | US | 5,803,000 | $5,873,566.34 | |
| SPRINT COMMUNICATIONS 6.00000 11/15/2022 | US | 1,650,000 | $1,671,353.46 | |
| SPRINT CORP 7.87500 09/15/2023 | US | 1,537,000 | $1,613,998.52 | |
| SIDC 2021-1A A2 MTGE 1.87700 03/26/2046 | US | 3,400,000 | $3,082,886.73 | |
| SRPT 2014-STAR A FLTG RATE 2.34500 11/15/2027 | US | 1,777,114.94 | $1,221,580.74 | |
| STR 2019-1 A1 MTGE 2.82000 11/20/2049 | US | 2,391,877.53 | $2,230,733.39 | |
| SCML 2019-SBC8 2.86000 04/25/2041 | US | 2,469,437.88 | $2,318,740.43 | |
| SYNCHRONOSS TECH | US | 152,955 | $3,392,541.90 | |
| TRP 2021-1 A MTGE 2.07000 06/19/2051 | US | 2,954,944.72 | $2,679,992.64 | |
| TACORA RESOURCES INC 8.25000 05/15/2026 | CA | 1,890,000 | $1,803,259.87 | |
| TENCENT HOLDINGS 3.97500 04/11/2029 | KY | 6,650,000 | $6,407,541.13 | |
| TMCL 2021-A1 A 1.68000 02/20/2046 | BM | 5,940,000 | $5,261,721.85 | |
| TPMT 2016-5 A1 2.50000 10/25/2056 | US | 258,704.62 | $257,575.01 | |
| TPMT 2017-1 A1 2.75000 10/25/2056 | US | 866,053.61 | $862,644.30 | |
| TPMT 2018-2 A1 3.25000 03/25/2058 | US | 679,628.73 | $671,507.51 | |
| TPMT 2019-HY1 A1 2.00571 10/25/2048 | US | 1,578,220.08 | $1,562,507.79 | |
| TAH 2020-SFR1 C 2.24900 07/17/2038 | US | 2,500,000 | $2,293,195.70 | |
| TRL 2021-1A A MTGE 2.26000 07/19/2051 | US | 1,938,668.12 | $1,721,634.36 | |
| TRL 2020-1A A 1.96000 10/17/2050 | US | 2,463,098.5 | $2,258,615.29 | |
| TCF 2021-1A 1.86000 03/20/2046 | US | 5,945,500 | $5,216,663.39 | |
| STEAM 2021-3 A MTGE 2.21000 06/28/2051 | US | 5,764,085.11 | $5,269,320.37 | |
| UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 | US | 3,597,792.99 | $3,238,441.83 | |
| UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 | US | 2,925,901.15 | $2,740,889.93 | |
| UNITED MEXICAN STATES 4.12500 01/21/2026 | MX | 1,800,000 | $1,827,524.90 | |
| US TREASURY N/B 0.37500 08/15/2024 | US | 10,460,000 | $9,967,235.99 | |
| US TREASURY N/B 0.12500 08/31/2023 | US | 21,400,000 | $20,844,937.50 | |
| VDC 2020-1A A2 1.64500 09/15/2045 | US | 6,500,000 | $5,923,057.40 | |
| VBTOW 2020-2A A 2.63600 09/15/2050 | US | 4,000,000 | $3,781,828.40 | |
| VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 | US | 3,500,000 | $3,435,573.54 | |
| WARRIOR MET COAL INC 7.87500 12/01/2028 | US | 1,815,000 | $1,840,955.35 | |
| WIN 2015-1 A1 3.50000 01/20/2045 | US | 82,930.24 | $79,286.93 | |
| MEX BONOS DESARR FIX RT 6.50000 06/09/2022 | MX | 126,000,000 | $6,401,336.89 | |
| 90DAY EURO$ FUTR EDZ2 | US | 1,900 | -$11,404,788.00 | |
| AMERICAN TANKER INC 7.75000 07/02/2025 | US | 6,560,000 | $6,232,000.00 | |
| TUTOR PERINI FLT 5.75000 08/18/2027 | US | 6,914,898.98 | $6,655,590.27 | |
| MEDIA AND GAMES INVEST FLOAT 5.75000 11/27/2024 | MT | 3,200,000 | $3,411,728.67 | |
| SEASPAN CORP 6.50000 02/05/2024 | MH | 7,000,000 | $6,982,395.70 | |
| PETROTAL CORP 12.00000 02/16/2024 | CA | 2,720,000 | $2,801,600.00 | |
| COPPER MOUNTAIN MINING C 8.00000 04/09/2026 | CA | 2,856,000 | $2,854,208.03 | |
| NORTH INVST GROUP FLT 9.41900 05/05/2024 | SE | 23,750,000 | $2,417,903.04 | |
| AIRSWIFT GLOBAL AS FLT 10.38899 05/12/2025 | NO | 7,000,000 | $7,011,642.96 | |
| GAMING INNOVATION GRP FLT 8.50000 06/11/2024 | MT | 10,000,000 | $1,030,417.01 | |
| KENT GLOBAL PLC 10.00000 06/28/2026 | GB | 3,500,000 | $3,465,000.00 | |
| PING PETROLEUM UK 12.00000 07/29/2024 | GB | 2,715,000 | $2,657,622.49 | |
| TRYM AS 9.07000 09/10/2024 | NO | 30,000,000 | $3,194,057.35 | |
| JOTUL AS FLT 8.23000 10/06/2024 | NO | 23,000,000 | $2,390,645.40 | |
| GREENFOOD AB FLT 7.37600 11/04/2025 | SE | 21,250,000 | $2,121,585.40 | |
| NOVEDO HOLDINGS AB FLT 7.00500 11/26/2024 | SE | 26,250,000 | $2,641,464.72 | |
| EXTENDA RETAIL HOLDING FLT 6.83100 03/30/2027 | SE | 34,000,000 | $3,397,473.94 | |
| CABONLINE GROUP HOLD FLT 9.57200 04/19/2026 | SE | 17,500,000 | $1,799,285.78 | |
| NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 | MH | 3,550,000 | $3,587,372.73 | |
| BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 | AE | 5,008,508 | $5,003,931.08 |
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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