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Unconstrained Bond Series
Unconstrained Bond Series
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
$10.28
Daily $ Change
$0.00
Daily % Change
0.00%
as of 05/18/2018
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-05/14/18 |
Annualized Performance
As of 04/30/2018
YTD
-0.73%
1 Year
0.79%
3 Year
1.35%
5 Year
1.24%
10 Year
4.83%
Inception
(04/21/2005)
4.55%
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%.
Sector Allocation
As of 04/30/2018
| Government | 5.35% |
| Treasury | 5.07% |
| Cash | 2.21% |
| Corporate | 56.81% |
| Mortgage | 30.37% |
| Other | 0.19% |
Credit Quality Distribution
As of 04/30/2018
| AAA | 35.90% |
| AA | 5.90% |
| A | 15.31% |
| BBB | 22.46% |
| BB | 11.49% |
| B | 6.47% |
| CCC | 0.57% |
| NR | 1.90% |
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.
April Fund Holdings
As of 04/30/2018
| CUSIP | Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|---|
| 00163UAB2 | AMAG PHARMACEUTICALS INC 7.87500 09/01/2023 | US | 1,100,000 | $1,094,500.00 | |
| 00206RCK6 | AT&T INC FLT 3.23200 06/30/2020 | US | 8,000,000 | $8,097,496.40 | |
| 00206RDC3 | AT&T INC FLT 4.45000 04/01/2024 | US | 3,620,000 | $3,707,808.71 | |
| 00254EML3 | SWEDISH EXPORT CREDIT 1.12500 08/28/2019 | SE | 4,500,000 | $4,414,730.81 | |
| 00289XAA7 | ABENGOA YIELD PLC 7.00000 11/15/2019 | GB | 7,640,000 | $7,964,700.00 | |
| 00928QAG6 | AIRCASTLE LTD 7.62500 04/15/2020 | BM | 3,375,000 | $3,611,250.00 | |
| 00928QAK7 | AIRCASTLE LTD 6.25000 12/01/2019 | BM | 610,000 | $633,637.50 | |
| 01609WAT9 | ALIBABA GROUP HOLDING 3.40000 12/06/2027 | KY | 12,000,000 | $11,297,868.24 | |
| 01748XAA0 | ALLEGIANT TRAVEL CO 5.50000 07/15/2019 | US | 1,030,000 | $1,040,300.00 | |
| 02004VAB9 | ALLYA 2018-2 A2 MTGE 2.64000 02/16/2021 | US | 1,835,000 | $1,834,820.17 | |
| 02005NAT7 | ALLY FINANCIAL INC 3.50000 01/27/2019 | US | 4,940,000 | $4,937,530.00 | |
| 02005NBE9 | ALLY FINANCIAL INC 3.25000 11/05/2018 | US | 2,500,000 | $2,500,000.00 | |
| 02007CAE2 | ALLYA 2016-1 A4 1.73000 11/16/2020 | US | 750,000 | $742,616.93 | |
| 02007MAC4 | ALLYA 2018-1 A1 1.75000 02/15/2019 | US | 2,326,784.67 | $2,326,808.64 | |
| 02155FAC9 | ALTICE US FINANCE I CORP 5.50000 05/15/2026 | US | 1,015,000 | $992,162.50 | |
| 0258M0DU0 | AMERICAN EXPRESS CREDIT FLRT 2.67363 05/26/2020 | US | 7,500,000 | $7,575,618.45 | |
| 03027XAF7 | AMERICAN TOWER CORP 2.80000 06/01/2020 | US | 4,000,000 | $3,966,611.32 | |
| 03063NAA5 | AMERICOLD LLC TRUST 3.84730 01/14/2029 | US | 141,788.33 | $143,277.43 | |
| 04621WAC4 | ASSURED GUARANTY US HLDG 5.00000 07/01/2024 | US | 10,700,000 | $11,102,896.41 | |
| 05565QCG1 | BP CAPITAL MARKETS PLC 2.24100 09/26/2018 | GB | 1,500,000 | $1,499,811.11 | |
| 05582QAD9 | BMWOT 2016-A A3 1.16000 11/25/2020 | US | 4,373,212.96 | $4,334,595.30 | |
| 06416CAB4 | BANK OF NOVA SCOTIA 1.85000 04/14/2020 | CA | 8,000,000 | $7,848,540.72 | |
| 096630AE8 | BOARDWALK PIPELINES LP 5.95000 06/01/2026 | US | 12,000,000 | $12,800,867.76 | |
| 105756BV1 | FED REPUBLIC OF BRAZIL 4.25000 01/07/2025 | BR | 1,300,000 | $1,279,200.00 | |
| 12467AAD0 | C&S GROUP ENTERPRISES 5.37500 07/15/2022 | US | 2,145,000 | $2,016,300.00 | |
| 1248EPBR3 | CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 | US | 880,000 | $856,856.00 | |
| 126304AK0 | CSC HOLDINGS LLC 7.62500 07/15/2018 | US | 285,000 | $287,493.75 | |
| 126307AC1 | CSC HOLDINGS LLC 8.62500 02/15/2019 | US | 2,000,000 | $2,081,340.00 | |
| 126307AH0 | CSC HOLDINGS LLC 5.25000 06/01/2024 | US | 2,000,000 | $1,873,750.00 | |
| 13063DAD0 | CALIFORNIA ST 2.36700 04/01/2022 | US | 1,500,000 | $1,463,355.00 | |
| 14041NFF3 | CAPITAL ONE MULTI-ASSET 1.33000 06/15/2022 | US | 3,337,000 | $3,278,006.51 | |
| 14312QAB2 | CARMX 2016-4 A2 1.21000 11/15/2019 | US | 958,997.3 | $957,243.10 | |
| 14314EAB7 | CARMX 2016-3 A2A 1.17000 08/15/2019 | US | 136,688.89 | $136,653.02 | |
| 14314JAB6 | CARMX 2017-1 A2 1.54000 02/18/2020 | US | 1,990,832.41 | $1,986,504.74 | |
| 14314MAC7 | CARMX 2016-2 A3 1.52000 02/16/2021 | US | 3,218,592.42 | $3,193,756.80 | |
| 14314WAD3 | CARMX 2017-3 A3 1.97000 04/15/2022 | US | 3,800,000 | $3,743,071.82 | |
| 149806AA9 | CAZ 2015-1A A 2.00000 12/10/2023 | US | 206,011.61 | $204,724.04 | |
| 156504AH5 | CENTURY COMMUNITIES 5.87500 07/15/2025 | US | 2,095,000 | $1,992,868.75 | |
| 15672WAJ3 | CEQUEL COM HLDG I/CAP CP 7.50000 04/01/2028 | US | 1,000,000 | $1,013,750.00 | |
| 16411QAA9 | CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 | US | 1,515,000 | $1,480,912.50 | |
| 165183AL8 | CFII 2017-2A A1 1.99000 05/15/2029 | US | 3,192,595.92 | $3,170,343.21 | |
| 166764AE0 | CHEVRON CORP 1.71800 06/24/2018 | US | 8,950,000 | $8,942,674.78 | |
| 168863AU2 | REPUBLIC OF CHILE 5.50000 08/05/2020 | CL | 1,800,000,000 | $3,052,598.80 | |
| 17305EFS9 | CCCIT 2014-A6 A6 2.15000 07/15/2021 | US | 3,760,000 | $3,737,588.52 | |
| 19238VAG0 | COGECO CABLE INC 4.87500 05/01/2020 | CA | 610,000 | $613,050.00 | |
| 19625JAA1 | CAH 2015-1A A 3.09713 07/17/2032 | US | 1,743,157.96 | $1,743,155.17 | |
| 198280AB5 | COLUMBIA PIPELINE GROUP 2.45000 06/01/2018 | US | 3,500,000 | $3,499,504.37 | |
| 21987BAV0 | CODELCO INC 4.50000 09/16/2025 | CL | 8,000,000 | $8,180,307.52 | |
| 22530LAA4 | CAALT 2017-1A A 2.56000 10/15/2025 | US | 1,700,000 | $1,689,543.98 | |
| 22663AAA7 | ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 | US | 1,065,000 | $1,054,350.00 | |
| 22944PAA5 | CSMC 2013-TH1 A1 2.13000 02/25/2043 | US | 694,209.9 | $641,104.23 | |
| 23311RAC0 | DCP MIDSTREAM OPERATING 9.75000 03/15/2019 | US | 3,110,000 | $3,273,275.00 | |
| 233864AB3 | DTRT 2018-1 A2 2.60000 05/15/2020 | US | 4,500,000 | $4,498,527.60 | |
| 23918KAR9 | DAVITA INC 5.00000 05/01/2025 | US | 1,850,000 | $1,753,245.00 | |
| 26151AAA7 | DRAX FINCO PLC 6.62500 11/01/2025 | GB | 1,490,000 | $1,497,450.00 | |
| 262006208 | DREYFUS GVT CSH MANAGEMENT | US | 17,481,849.14 | $17,481,849.14 | |
| 26780TAA5 | DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 | MH | 1,565,000 | $1,584,562.50 | |
| 28336LBR9 | KINDER MORGAN INC/DELAWA 7.25000 06/01/2018 | US | 9,000,000 | $9,032,580.00 | |
| 29372EBL1 | ENTERPRISE FLEET FINANCING FLT 1.59000 02/22/2021 | US | 175,970.22 | $175,871.62 | |
| 29372EBS6 | EFF 2016-2 A2 1.74000 02/22/2022 | US | 1,033,595.26 | $1,028,305.32 | |
| 29372EBT4 | EFF 2016-2 A3 2.04000 02/22/2022 | US | 3,900,000 | $3,844,318.53 | |
| 29372EBV9 | EFF 2017-1 A2 2.13000 07/20/2022 | US | 2,064,057.36 | $2,053,042.72 | |
| 29373LAA9 | EFF 2018-1 A1 2.15000 03/20/2019 | US | 6,595,820.41 | $6,596,003.11 | |
| 302154CB3 | EXPORT - IMPORT BANK KOREA 1.75000 05/26/2019 | KR | 7,716,000 | $7,605,769.22 | |
| 30216HAC3 | EXPORT-IMPORT BANK CHINA 2.50000 07/31/2019 | CN | 7,500,000 | $7,446,581.03 | |
| 30216KAA0 | EXPORT-IMPORT BK INDIA 3.37500 08/05/2026 | IN | 3,000,000 | $2,778,696.00 | |
| 30219GAK4 | EXPRESS SCRIPTS HOLDING 3.50000 06/15/2024 | US | 6,500,000 | $6,227,141.77 | |
| 30251JAA9 | FDIC 2011-R1 A 2.67200 07/25/2026 | US | 147,593.1 | $147,095.64 | |
| 30262SAR9 | FREMF 2015-K42 B FLT 3.98377 12/25/2024 | US | 1,900,000 | $1,858,264.03 | |
| 30286XAN9 | FREMF 2015-K43 B FLT 3.86222 02/25/2048 | US | 1,500,000 | $1,456,579.80 | |
| 30291EAE4 | FREMF 2013-K712 B FLT 3.47714 05/25/2045 | US | 1,300,000 | $1,304,118.27 | |
| 30291HAA5 | FREMF 2013-K28 X2A 0.10000 06/25/2046 | US | 88,808,155.77 | $337,764.06 | |
| 30291YAJ9 | FREMF 2014-K716 B FLT 4.08158 08/25/2047 | US | 2,550,000 | $2,590,365.74 | |
| 3128E5VC0 | FHLM POOL D98711 4.50000 07/01/2031 | US | 625,782.25 | $654,141.81 | |
| 3128LCD86 | FHLM POOL A78227 5.50000 06/01/2038 | US | 253,087.98 | $274,771.84 | |
| 3128M56M7 | FHLM POOL G04176 5.50000 05/01/2038 | US | 232,638.8 | $254,252.47 | |
| 3128M73H7 | FHLM POOL G05900 6.00000 03/01/2040 | US | 133,066.38 | $148,360.02 | |
| 3128M9ZU9 | FHLM POOL G07655 5.50000 12/01/2035 | US | 542,108.38 | $593,673.74 | |
| 3128MAGF0 | FHLM POOL G07998 4.50000 07/01/2044 | US | 3,774,837.57 | $3,950,241.93 | |
| 3128MB4Q7 | FHLM POOL G13331 5.50000 10/01/2023 | US | 17,462.29 | $18,090.92 | |
| 3128MBDP9 | FHLM POOL G12610 6.00000 03/01/2022 | US | 40,840.41 | $42,378.78 | |
| 3128MBE45 | FHLM POOL G12655 6.00000 05/01/2022 | US | 28,565.6 | $29,640.69 | |
| 3128MBRH2 | FHLM POOL G12988 6.00000 01/01/2023 | US | 22,048.34 | $22,977.75 | |
| 3128MBUB1 | FHLM POOL G13078 6.00000 03/01/2023 | US | 38,491.73 | $40,066.85 | |
| 3128MJZU7 | FHLM POOL G08754 4.50000 03/01/2047 | US | 3.71 | $3.87 | |
| 3128P75F6 | FHLM POOL C91746 4.50000 12/01/2033 | US | 572,608.02 | $599,593.04 | |
| 3128P75P4 | FHLM POOL C91754 4.50000 03/01/2034 | US | 162,405.72 | $170,015.82 | |
| 3128P75V1 | FHLM POOL C91760 3.50000 05/01/2034 | US | 3,033,314.04 | $3,063,184.39 | |
| 3128P7QL0 | FHLM POOL C91359 4.50000 02/01/2031 | US | 231,169.03 | $241,669.90 | |
| 3128P8AL5 | FHLM POOL C91811 4.00000 01/01/2035 | US | 1,337,424.93 | $1,383,234.70 | |
| 3128P8CH2 | FHLM POOL C91872 3.50000 04/01/2036 | US | 3,518,810.05 | $3,553,433.59 | |
| 312945B80 | FHLM POOL A96363 4.50000 01/01/2041 | US | 3,312,051.82 | $3,482,332.29 | |
| 3132LNE34 | FHLM POOL K92054 4.00000 10/01/2034 | US | 881,265.32 | $911,479.67 | |
| 3132QVMX6 | FHLM POOL Q38473 4.00000 01/01/2046 | US | 5,368,294.35 | $5,492,825.79 | |
| 3132WDMZ4 | FHLM POOL Q40375 3.50000 05/01/2046 | US | 5,717,937.38 | $5,697,662.77 | |
| 31335ALX4 | FHLM POOL G60342 4.50000 05/01/2042 | US | 3,268,451.17 | $3,440,210.80 | |
| 31336WBS7 | FHLM POOL G11850 5.50000 07/01/2020 | US | 57,524 | $58,328.94 | |
| 3137A2B34 | FHMS K009 X1 FLT 1.45890 08/25/2020 | US | 9,070,436.76 | $220,862.41 | |
| 3137ADTK3 | FHMS K014 X1 FLT 1.35057 04/25/2021 | US | 7,414,804.34 | $217,275.27 | |
| 3137AJMG6 | FMHS K016 X1 FLT 1.67495 10/25/2021 | US | 4,821,340.75 | $206,967.14 | |
| 3137AL6W4 | FHMS K706 X1 FLT 1.68589 10/25/2018 | US | 7,542,614.52 | $31,279.22 | |
| 3137AME78 | FHMS K017 X1 FLT 1.49098 12/25/2021 | US | 34,456,703.06 | $1,363,086.50 | |
| 3137ATSC7 | FEDERAL NATL MTG ASSN KP01 A2 1.72000 01/25/2019 | US | 121,370.66 | $120,805.47 | |
| 3137AUPF0 | FHMS K021 x1 FLT 1.59275 06/25/2022 | US | 17,201,017.12 | $851,106.33 | |
| 3137B3NB0 | FHMS K030 X1 FLT 0.31510 04/25/2023 | US | 57,830,739.52 | $512,270.47 | |
| 3137B4GZ3 | FHMS K032 X1 FLT 0.22177 05/25/2023 | US | 33,958,007.63 | $182,870.66 | |
| 3137F4YU0 | FHLM POOL FHR4791 4.00000 03/15/2044 | US | 4,150,000 | $4,232,854.34 | |
| 3138ATF70 | FEDERAL NATL MTG ASSN AJ1989 4.50000 10/01/2041 | US | 2,089,962.95 | $2,199,162.91 | |
| 3138WDJY8 | FEDERAL NATL MTG ASSN AS3878 4.50000 11/01/2044 | US | 1,063,417.19 | $1,113,221.08 | |
| 3138XU4Y5 | FEDERAL NATL MTG ASSN AW5338 4.50000 06/01/2044 | US | 1,050,807 | $1,105,243.05 | |
| 31398WD50 | FHMS K005 AX FLT 1.53487 11/25/2019 | US | 6,954,362.82 | $127,616.73 | |
| 3140F1BL5 | FEDERAL NATL MTG ASSN BC5442 4.00000 04/01/2046 | US | 3,082,231.36 | $3,141,903.64 | |
| 3140F5T29 | FEDERAL NATL MTG ASSN BC9568 4.00000 05/01/2046 | US | 4,071,592.31 | $4,150,507.59 | |
| 3140FTWF4 | FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 | US | 848,422.93 | $890,146.10 | |
| 31410FSE6 | FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 | US | 30,857.71 | $31,962.65 | |
| 31410FV51 | FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 | US | 37,638.39 | $38,939.09 | |
| 31410GCD3 | FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 | US | 276,974.7 | $284,400.44 | |
| 31410GN33 | FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 | US | 332,050.65 | $340,759.24 | |
| 31410KLD4 | FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 | US | 195,078.45 | $212,732.26 | |
| 31411YN90 | FEDERAL NATL MTG ASSN 918516 5.50000 06/01/2037 | US | 140,031.91 | $151,887.38 | |
| 31412SY41 | FEDERAL NATL MTG ASSN 933731 5.50000 04/01/2038 | US | 138,948.04 | $151,463.02 | |
| 31416BSW9 | FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 | US | 17,782.3 | $18,141.91 | |
| 31416BVW5 | FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 | US | 188,823.52 | $193,658.40 | |
| 31416CJV9 | FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 | US | 523,818.36 | $583,578.42 | |
| 31416RBE2 | FEDERAL NATL MTG ASSN AA7236 4.00000 06/01/2039 | US | 1,000,106.58 | $1,026,218.43 | |
| 31417YDV6 | FHLM POOL MA0115 4.50000 07/01/2029 | US | 94,915.93 | $99,725.47 | |
| 31418BBC9 | FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 | US | 401,754.53 | $420,475.25 | |
| 31418MKV3 | FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 | US | 204,602.62 | $223,349.72 | |
| 31418MQQ8 | FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 | US | 27,409.47 | $28,638.16 | |
| 315419AA9 | FERROGLOBE / GLOBE SPEC 9.37500 03/01/2022 | GB | 1,545,000 | $1,622,250.00 | |
| 336130AB5 | FIRST QUALITY FINANCE CO 5.00000 07/01/2025 | US | 570,000 | $545,775.00 | |
| 34530QAD2 | FORDO 2015-A A3 1.28000 09/15/2019 | US | 333,393.09 | $333,068.83 | |
| 34531AAE4 | FORDL 2016-A A4 1.85000 07/15/2019 | US | 750,000 | $749,666.25 | |
| 345397WX7 | FORD MOTOR CREDIT CO LLC FLRT 3.29294 11/04/2019 | US | 9,000,000 | $9,057,636.54 | |
| 35802XAA1 | FRESENIUS MED CARE US 6.50000 09/15/2018 | US | 10,097,000 | $10,226,591.16 | |
| 36143WAN1 | GAHR 2015-NRF BFX FLT 3.49490 12/15/2034 | US | 2,000,000 | $1,998,378.20 | |
| 36143WAS0 | GAHR 2015-NRF DFX FLT 3.49490 12/15/2034 | US | 1,150,000 | $1,143,001.10 | |
| 36250UAD6 | GMALT 2016-1 A3 1.64000 07/20/2019 | US | 2,194,804.6 | $2,189,786.18 | |
| 36251MAE1 | GMALT 2016-3 A4 1.78000 05/20/2020 | US | 4,000,000 | $3,966,726.40 | |
| 37953TAB1 | GLOBAL SHIP LEASE INC 9.87500 11/15/2022 | MH | 2,095,000 | $2,058,337.50 | |
| 38141EA58 | GOLDMAN SACHS GP GS 5.37500 03/15/2020 | US | 3,000,000 | $3,126,134.70 | |
| 39807UAB2 | GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 | US | 1,560,000 | $1,544,400.00 | |
| 404119BM0 | HCA INC 3.75000 03/15/2019 | US | 4,000,000 | $4,010,000.00 | |
| 404121AC9 | HCA INC 6.50000 02/15/2020 | US | 4,000,000 | $4,180,000.00 | |
| 410345AL6 | HANESBRANDS INC 4.87500 05/15/2026 | US | 1,060,000 | $1,017,600.00 | |
| 42217KAY2 | WELLTOWER INC. 4.12500 04/01/2019 | US | 7,300,000 | $7,360,562.55 | |
| 428041BD8 | HFLF 2018-1 A2 MTGE 3.23000 05/10/2032 | US | 7,000,000 | $6,998,905.90 | |
| 42805RBN8 | HERTZ 2013-1A A2 1.83000 08/25/2019 | US | 2,666,666.67 | $2,661,557.87 | |
| 42806DAD1 | HERTZ 2015-2A A 2.02000 09/25/2019 | US | 4,000,000 | $3,988,155.20 | |
| 431318AQ7 | HILCORP ENERGY I/HILCORP 5.75000 10/01/2025 | US | 1,535,000 | $1,519,650.00 | |
| 431475AB8 | HILL-ROM HOLDINGS INC 5.00000 02/15/2025 | US | 185,000 | $183,710.55 | |
| 43814RAB2 | HAROT 2016-4 A2 1.04000 04/18/2019 | US | 817,876.35 | $816,571.84 | |
| 44053FAA8 | HORIZON PHARMA INC/HORIZ 8.75000 11/01/2024 | US | 1,535,000 | $1,634,775.00 | |
| 444454AB8 | HUGHES SATELITE SYSTEMS 6.50000 06/15/2019 | US | 7,325,000 | $7,544,750.00 | |
| 444454AD4 | HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 | US | 2,630,000 | $2,570,825.00 | |
| 44890WAD2 | HART 2015-A A4 1.37000 07/15/2020 | US | 2,243,831.97 | $2,236,552.31 | |
| 44929EAD7 | HALST 2016-C A3 1.49000 02/18/2020 | US | 1,415,000 | $1,409,713.28 | |
| 44931PAD8 | HART 2017-A A3 1.76000 08/16/2021 | US | 165,000 | $162,548.71 | |
| 44935AAA3 | HALST 2018-A A1 1.95000 03/15/2019 | US | 1,420,222.38 | $1,420,245.81 | |
| 45031UCD1 | ISTAR INC 5.25000 09/15/2022 | US | 1,530,000 | $1,484,100.00 | |
| 452281JC3 | ISAC 2010-1 A2 2.41742 04/25/2022 | US | 368,850.56 | $369,341.13 | |
| 45763PAE6 | INMARSAT FINANCE PLC 4.87500 05/15/2022 | GB | 1,555,000 | $1,500,575.00 | |
| 459745GH2 | INTL LEASE FINANCE CORP 6.25000 05/15/2019 | US | 8,000,000 | $8,262,465.68 | |
| 46115HAL1 | INTESA SANPAOLO SPA 3.87500 01/15/2019 | IT | 8,800,000 | $8,849,761.71 | |
| 46115HAT4 | INTESA SANPAOLO SPA 5.01700 06/26/2024 | IT | 900,000 | $880,942.22 | |
| 46186YAA2 | IHSFR 2015-SFR3 A FLT 3.19563 08/17/2032 | US | 1,715,618.71 | $1,719,431.67 | |
| 46187BAA1 | IHSFR 2017-SFR2 A 2.74550 12/17/2036 | US | 497,715.73 | $498,493.01 | |
| 46187BAB9 | IHSFR 2017-SFR2 B 3.04550 12/17/2036 | US | 400,000 | $401,181.84 | |
| 46625HHL7 | JPMORGAN CHASE & CO 6.30000 04/23/2019 | US | 12,000,000 | $12,423,131.04 | |
| 46635GAE0 | JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 | US | 731,716.46 | $742,736.18 | |
| 46636DAE6 | JPMCC 2011 - C4 A3 4.10630 07/15/2046 | US | 2,071,874.77 | $2,070,241.10 | |
| 46639GAL0 | JPMMT 2013-1 1A2 3.00000 03/25/2043 | US | 471,743.16 | $454,790.13 | |
| 46640BAC8 | JPMMT 2013-2 A2 3.50000 05/25/2043 | US | 559,290.73 | $549,678.20 | |
| 46641YAA1 | JPMMT 2014-2 1A1 3.00000 06/25/2029 | US | 859,219.19 | $850,056.48 | |
| 47987LAA9 | JONAH NRG LLC/FINANCE 7.25000 10/15/2025 | US | 2,095,000 | $1,676,000.00 | |
| 497864AA6 | KISSNER GR HLDG 8.37500 12/01/2022 | CA | 1,110,000 | $1,137,750.00 | |
| 500630CK2 | KOREA DEVELOPMENT BANK 1.37500 09/12/2019 | KR | 1,500,000 | $1,462,207.31 | |
| 50065TAE3 | KOREA DEVELOPMENT BANK 2.87500 08/22/2018 | KR | 5,839,000 | $5,838,416.10 | |
| 50117PAA7 | KCOT 2018-1A A1 MTGE 2.37000 05/15/2019 | US | 7,400,000 | $7,400,000.00 | |
| 50212YAB0 | LPL HOLDINGS INC 5.75000 09/15/2025 | US | 980,000 | $950,600.00 | |
| 502160AM6 | LSB INDUSTRIES 9.62500 05/01/2023 | US | 1,515,000 | $1,520,681.25 | |
| 50218LAC0 | LSTAR COMMERCIAL MORTGAGE TR FLT 2.76700 01/20/2041 | US | 104,726.7 | $104,262.29 | |
| 505742AD8 | LADDER CAP FIN LLLP/CORP 5.87500 08/01/2021 | US | 970,000 | $986,975.00 | |
| 55933JAB0 | MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 | US | 1,635,000 | $1,573,687.50 | |
| 58768MAC5 | MBALT 2016-B A3 1.35000 08/15/2019 | US | 4,400,000 | $4,383,137.44 | |
| 59001ABA9 | MERITAGE HOMES CORP 5.12500 06/06/2027 | US | 1,570,000 | $1,489,537.50 | |
| 59022CAA1 | BANK OF AMERICA CORP 2.88450 09/15/2026 | US | 4,811,000 | $4,618,967.25 | |
| 61746BDM5 | MORGAN STANELY 2.50000 01/24/2019 | US | 8,500,000 | $8,495,339.88 | |
| 61747YDX0 | MORGAN STANLEY FLT 3.50561 01/27/2020 | US | 8,750,000 | $8,870,788.76 | |
| 62426EAA3 | MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 | CA | 2,690,000 | $2,663,100.00 | |
| 63938CAE8 | NAVIENT CORP 7.25000 09/25/2023 | US | 880,000 | $919,600.00 | |
| 63940FAA5 | NAVSL 2016-2 A1 2.64711 06/25/2065 | US | 310,096.3 | $310,475.49 | |
| 63940HAA1 | NAVSL 2016-3A A1 2.49711 06/25/2065 | US | 736,055.93 | $736,884.80 | |
| 63941DAA9 | NAVSL 2018-2A A1 2.21817 03/25/2067 | US | 4,500,000 | $4,498,820.10 | |
| 64829DAG1 | NRZT 2014-3A AFX3 3.75000 11/25/2054 | US | 786,580.78 | $785,650.88 | |
| 64829EAA2 | NRZT 2015-2A A1 3.75000 08/25/2055 | US | 1,206,340.42 | $1,210,967.10 | |
| 65478WAD7 | NAROT 2016-C A3 1.18000 01/15/2021 | US | 4,000,000 | $3,952,784.00 | |
| 66727WAA0 | NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | CA | 2,520,000 | $2,566,116.00 | |
| 67087MAA4 | OBP DEPOSITOR LLC TRUST 4.64620 07/15/2045 | US | 420,000 | $431,721.11 | |
| 67091GAA1 | OCI NV 6.62500 04/15/2023 | NL | 1,625,000 | $1,647,750.00 | |
| 69145LAA2 | OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 | US | 1,570,000 | $1,601,400.00 | |
| 70014LAC4 | PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 | KY | 1,640,000 | $1,570,300.00 | |
| 713448CX4 | PEPSICO INC 3.10000 07/17/2022 | US | 2,250,000 | $2,247,129.47 | |
| 71654QAU6 | PETROLEOS MEXICANOS 8.00000 05/03/2019 | MX | 8,000,000 | $8,357,840.00 | |
| 71654QCB6 | PETROLEOS MEXICANOS 6.87500 08/04/2026 | MX | 3,930,000 | $4,209,030.00 | |
| 733174AJ5 | POPULAR INC 7.00000 07/01/2019 | US | 1,655,000 | $1,683,962.50 | |
| 741503AZ9 | PRICELINE GROUP INC/THE 3.60000 06/01/2026 | US | 12,000,000 | $11,632,449.24 | |
| 74333KAA6 | PROG 2017-SFR2 A 2.89700 12/17/2034 | US | 1,650,000 | $1,595,614.68 | |
| 744320AL6 | PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 | US | 2,460,000 | $2,616,825.00 | |
| 77340RAK3 | ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 | US | 5,000,000 | $5,176,550.00 | |
| 77340RAP2 | ROCKIES EXPRESS PIPELINE 6.00000 01/15/2019 | US | 3,000,000 | $3,052,500.00 | |
| 780097AM3 | RBS 4.7 07/03/18 4.70000 07/03/2018 | GB | 2,000,000 | $2,003,978.38 | |
| 78408XAD3 | SCGT 2013-SRP1 AJ FLT 4.09688 11/15/2026 | US | 2,000,000 | $1,995,802.80 | |
| 784423AF2 | SLCLT 2004-1 A6 1.99875 05/15/2023 | US | 3,297,134.51 | $3,294,963.35 | |
| 78442FEJ3 | NAVIENT CORP 8.00000 03/25/2020 | US | 1,000,000 | $1,065,000.00 | |
| 78442FER5 | NAVIENT CORP 5.50000 01/15/2019 | US | 715,000 | $725,010.00 | |
| 78442FES3 | NAVIENT CORP 4.87500 06/17/2019 | US | 750,000 | $756,562.50 | |
| 78442GNG7 | SLMA 2004-10 A6A FLT RT 2.90954 04/27/2026 | US | 2,672,856.99 | $2,680,948.00 | |
| 78442PGC4 | SLM CORP 5.12500 04/05/2022 | US | 1,420,000 | $1,434,200.00 | |
| 78449PAA7 | SMB 2018-A A1 FLT 1.93000 03/16/2026 | US | 4,000,000 | $4,001,296.80 | |
| 78470RAB3 | SOFI 2016-E A2A 1.63000 01/25/2036 | US | 811,924.32 | $806,990.99 | |
| 78471CAA7 | SOFI 2017-D A1FX 1.72000 09/25/2040 | US | 2,443,424.53 | $2,424,765.32 | |
| 785592AJ5 | SABINE PASS LIQUEFACTION 5.75000 05/15/2024 | US | 10,000,000 | $10,735,354.60 | |
| 80282KAD8 | SANTANDER HOLDINGS USA 2.65000 04/17/2020 | US | 3,750,000 | $3,705,927.79 | |
| 80282KAH9 | SANTANDER HOLDINGS USA 2.70000 05/24/2019 | US | 9,446,000 | $9,405,776.10 | |
| 81663AAD7 | SEMGROUP CORP 6.37500 03/15/2025 | US | 1,875,000 | $1,785,937.50 | |
| 81745CAB9 | SEMT 2013-7 A2 3.00000 06/25/2043 | US | 567,197.84 | $544,595.57 | |
| 81745EAA7 | SEMT 2013-8 A1 3.00000 06/25/2043 | US | 795,068.05 | $765,114.50 | |
| 81745MAA9 | SEMT 2013-2 1.87400 02/25/2043 | US | 695,216.92 | $626,759.61 | |
| 81783QAC9 | SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 | CA | 1,060,000 | $1,030,850.00 | |
| 822538AE4 | SHELF DRILL HOLD LTD 8.25000 02/15/2025 | KY | 1,050,000 | $1,065,750.00 | |
| 832696AQ1 | JM SMUCKER CO 2.20000 12/06/2019 | US | 4,800,000 | $4,739,834.64 | |
| 83401BAA4 | SOFI 2017-F A1FX 2.05000 01/25/2041 | US | 654,725.61 | $648,889.06 | |
| 83401BAB2 | SOFI 2017-F A2FX 2.84000 01/25/2041 | US | 750,000 | $730,597.73 | |
| 83401LAB0 | SOFI 2015-A A2 2.42000 03/25/2030 | US | 697,061.11 | $689,744.76 | |
| 83402DAB7 | SOFI 2016-C A2A 1.48000 05/26/2031 | US | 586,650.67 | $584,043.48 | |
| 83402DAC5 | SOFI 2016-C A2B 2.36000 12/27/2032 | US | 600,000 | $580,759.02 | |
| 83403YAA2 | SOFI 2017-B A1FX 1.83000 05/25/2040 | US | 247,207.28 | $245,521.33 | |
| 83404FAB0 | SOFI 2017-A A2A 1.55000 03/26/2040 | US | 700,079.18 | $693,901.75 | |
| 83404RAA6 | SOFI 2018-B A1FX 2.64000 08/25/2047 | US | 8,914,007.62 | $8,870,279.06 | |
| 83405DAB4 | SOFI 2017-C A2A 1.75000 07/25/2040 | US | 1,545,777.94 | $1,531,722.95 | |
| 83405JAA3 | SCLP 2017-4 A 2.50000 05/26/2026 | US | 1,494,766.21 | $1,473,906.75 | |
| 83405LAA8 | SCLP 2017-5 A1 2.14000 09/25/2026 | US | 1,678,531.17 | $1,667,064.45 | |
| 83714RAZ6 | SOUTH CAROLINA ST STUDENT LOAN 2.14600 12/01/2023 | US | 504,907.19 | $504,629.49 | |
| 84265VAD7 | SOUTHERN COPPER CORP 5.37500 04/16/2020 | US | 3,000,000 | $3,120,467.52 | |
| 845467AL3 | SOUTHWESTERN ENERGY CO 6.70000 01/23/2025 | US | 1,125,000 | $1,102,500.00 | |
| 852061AK6 | SPRINT COMMUNICATIONS 9.00000 11/15/2018 | US | 945,000 | $971,578.13 | |
| 85375CAX9 | CALATLANTIC GROUP INC 8.37500 05/15/2018 | US | 2,274,000 | $2,276,842.50 | |
| 85571BAM7 | STARWOOD PROPERTY TRUST 3.62500 02/01/2021 | US | 2,000,000 | $1,965,000.00 | |
| 85571XAA5 | SRPT 2014-STAR A FLTG RATE 3.11688 11/15/2027 | US | 1,852,726.57 | $1,854,476.66 | |
| 87243QAB2 | TENET HEALTHCARE CORP 6.00000 10/01/2020 | US | 610,000 | $629,550.50 | |
| 87470LAA9 | TALLGRASS NRG PRTNR/FIN 5.50000 09/15/2024 | US | 1,520,000 | $1,542,800.00 | |
| 87677QAA9 | TXEZ 2016-1A 3.13100 06/15/2028 | US | 585,974.47 | $585,523.50 | |
| 87854WAA1 | TECHNIPLAS LLC 10.00000 05/01/2020 | US | 1,065,000 | $939,862.50 | |
| 88032WAB2 | TENCENT HOLDINGS LTD 3.37500 05/02/2019 | KY | 3,700,000 | $3,712,688.78 | |
| 89173CAA5 | TPMT 2016-5 A1 2.50000 10/25/2056 | US | 1,793,233.54 | $1,756,779.97 | |
| 89231LAB3 | TAOT 2016-D A2A 1.06000 05/15/2019 | US | 810,269.81 | $809,219.21 | |
| 89613BAA5 | TAH 2013-SFR1 A 2.58900 11/17/2033 | US | 2,398,073.69 | $2,323,887.36 | |
| 896356AE2 | TRINIDAD DRILLING LTD 6.62500 02/15/2025 | CA | 1,580,000 | $1,514,825.00 | |
| 901109AF5 | TUTOR PERINI CORP 6.87500 05/01/2025 | US | 1,550,000 | $1,588,285.00 | |
| 90261XHN5 | UBS AG STAMFORD CT FLT 2.85625 06/01/2020 | CH | 8,000,000 | $8,082,848.56 | |
| 90320MAA3 | UPCB FINANCE IV LTD 5.37500 01/15/2025 | KY | 2,100,000 | $2,052,750.00 | |
| 912810FM5 | UNITED STATES TREAS BOND 6.25000 05/15/2030 | US | 6,100,000 | $8,129,679.72 | |
| 912810PT9 | UNITED STATES TREAS BOND 4.75000 02/15/2037 | US | 6,300,000 | $7,899,609.38 | |
| 912810RK6 | US TREASURY N/B 2.50000 02/15/2045 | US | 9,300,000 | $8,296,617.23 | |
| 912828P79 | US TREASURY N/B 1.50000 02/28/2023 | US | 16,725,000 | $15,756,125.93 | |
| 91731VAA4 | AMERICAN AIRLINES GROUP 6.12500 06/01/2018 | US | 750,000 | $750,000.00 | |
| 92343VDY7 | VERIZON COMMUNICATIONS 4.12500 03/16/2027 | US | 4,400,000 | $4,399,342.86 | |
| 92903PAC3 | VNO 2010 - VNO A2FX 4.00350 09/13/2028 | US | 1,195,000 | $1,222,332.40 | |
| 92935JBC8 | WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 | US | 1,520,038.57 | $1,579,593.99 | |
| 92960PAA7 | W/S PACKAGING HOLDINGS 9.00000 04/15/2023 | US | 2,555,000 | $2,612,487.50 | |
| 948565AC0 | WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 | US | 1,010,000 | $997,375.00 | |
| 94856TAA2 | WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 | US | 1,470,000 | $1,425,900.00 | |
| 94974BFQ8 | WELLS FARGO & COMPANY 2.15000 01/15/2019 | US | 8,500,000 | $8,474,904.01 | |
| 94987MAB7 | WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 | US | 1,350,000 | $1,386,047.43 | |
| 96042NAA5 | WLAKE 2018-1A A1 1.75000 02/15/2019 | US | 2,085,740.15 | $2,085,574.96 | |
| 962178AL3 | TRI POINTE HOLDINGS INC 4.37500 06/15/2019 | US | 6,175,000 | $6,182,718.75 | |
| 962178AN9 | TRI POINTE GROUP / HOMES 5.87500 06/15/2024 | US | 875,000 | $887,031.25 | |
| 96328DAT1 | WHLS 2016-1A A2 1.59000 05/20/2025 | US | 249,204.44 | $247,878.87 | |
| 96949LAD7 | WILLIAMS PARTNERS LP 3.75000 06/15/2027 | US | 4,000,000 | $3,763,055.28 | |
| 97651JAE6 | WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 | US | 765,707.59 | $766,705.54 | |
| 97652TAA1 | WIN 2015-1 A1 3.50000 01/20/2045 | US | 837,301.91 | $823,960.76 | |
| 98161FAB1 | WOLS 2016-A A2A 1.20000 02/15/2019 | US | 520,722.41 | $519,847.23 | |
| 98161YAA2 | WOLS 2018-A A1 1.95000 03/15/2019 | US | 2,359,143.72 | $2,357,883.23 | |
| 98162EAC1 | WOART 2017-A A3 Mtge 1.93000 09/15/2022 | US | 4,000,000 | $3,947,488.40 | |
| 98162KAD5 | WOLS 2017-A A4 Mtge 2.32000 08/15/2022 | US | 750,000 | $742,891.43 | |
| 98416JAE0 | XERIUM TECHNOLOGIES INC 9.50000 08/15/2021 | US | 745,000 | $776,662.50 | |
| AN7903213 | SONGA BULK ASA 6.58875 06/13/2022 | NO | 1,200,000 | $1,200,000.00 | |
| AP0787667 | MPC CONTAINER SHIPS FLT 6.99814 09/22/2022 | NL | 1,000,000 | $1,009,030.00 | |
| AP8694550 | BOREALIS FINANCE LLC 7.50000 11/16/2022 | MH | 1,610,000 | $1,605,975.00 | |
| B4NDCC9 | MEX BONOS DESARR FIX RT 6.50000 06/09/2022 | MX | 126,000,000 | $6,526,151.95 | |
| B615Y14 | MEX BONOS DESARR FIX RT 8.00000 06/11/2020 | MX | 35,000,000 | $1,897,054.07 | |
| BBG000ZB5GX9 | 90 DAY EURO FUTR MAR20 | EU | -75 | $124,499.25 | |
| BBG00HNKJJM6 | EURO-SCHATZ FUT JUN18 | DE | 217 | $42,931.46 | |
| BBG00HNKKPL1 | RXM8 COMDTY EURO-BOND JUN18 | DE | -103 | -$240,203.98 | |
| BBG00HPLMTW5 | US 10YR ULTRA FUT JUN18 | US | 104 | $44,016.96 | |
| BBG00HVS7BQ6 | FVM8 5/25/18 C114.25 | US | 422 | $23,078.13 | |
| BBG00J05RYZ4 | TYM8 5/25/18 C120 | US | 268 | $75,375.00 | |
| BBG00JQ5V0Q5 | USM8 5/25/2018 C144 | US | 108 | $104,625.00 | |
| BD82246 | EAGLE BULK SHIPCO 8.25000 11/28/2022 | MH | 800,000 | $818,000.00 | |
| BDB46H0 | JAPAN (2 YEAR ISSUE) 0.10000 10/15/2018 | JP | 1,750,000,000 | $16,025,658.62 | |
| BF955D8 | TELENET FINANCE LUX NOTE 5.50000 03/01/2028 | LU | 2,000,000 | $1,910,000.00 | |
| EDH9 COMDTY | 90DAY EURO$ FUTR Mar19 | US | 75 | -$107,063.25 | |
| G37585AC3 | GASLOG LTD 8.87500 03/22/2022 | BM | 1,520,000 | $1,611,200.00 | |
| QZ4952797 | DEXIA CREDIT LOCAL 1.87500 09/15/2021 | FR | 5,000,000 | $4,807,625.00 | |
| Y23862AE8 | EXPORT-IMPORT BANK CHINA 2.50000 07/31/2019 | CN | 630,000 | $625,512.51 |
Investments will change over time.
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.
Daily Price
$10.28
Daily $ Change
$0.00
Daily % Change
0.00%
as of 05/18/2018
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-05/14/18 |
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 04/30/2018
YTD
-0.73%
1 Year
0.79%
3 Year
1.35%
5 Year
1.24%
10 Year
4.83%
Inception
(04/21/2005)
4.55%
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%.
Sector Allocation
As of 04/30/2018
| Government | 5.35% | |
| Treasury | 5.07% | |
| Cash | 2.21% | |
| Corporate | 56.81% | |
| Mortgage | 30.37% | |
| Other | 0.19% |
Credit Quality Distribution
As of 04/30/2018
| AAA | 35.90% | |
| AA | 5.90% | |
| A | 15.31% | |
| BBB | 22.46% | |
| BB | 11.49% | |
| B | 6.47% | |
| CCC | 0.57% | |
| NR | 1.90% |
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.
April Fund Holdings
As of 04/30/2018
| CUSIP | Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|---|
| 00163UAB2 | AMAG PHARMACEUTICALS INC 7.87500 09/01/2023 | US | 1,100,000 | $1,094,500.00 | |
| 00206RCK6 | AT&T INC FLT 3.23200 06/30/2020 | US | 8,000,000 | $8,097,496.40 | |
| 00206RDC3 | AT&T INC FLT 4.45000 04/01/2024 | US | 3,620,000 | $3,707,808.71 | |
| 00254EML3 | SWEDISH EXPORT CREDIT 1.12500 08/28/2019 | SE | 4,500,000 | $4,414,730.81 | |
| 00289XAA7 | ABENGOA YIELD PLC 7.00000 11/15/2019 | GB | 7,640,000 | $7,964,700.00 | |
| 00928QAG6 | AIRCASTLE LTD 7.62500 04/15/2020 | BM | 3,375,000 | $3,611,250.00 | |
| 00928QAK7 | AIRCASTLE LTD 6.25000 12/01/2019 | BM | 610,000 | $633,637.50 | |
| 01609WAT9 | ALIBABA GROUP HOLDING 3.40000 12/06/2027 | KY | 12,000,000 | $11,297,868.24 | |
| 01748XAA0 | ALLEGIANT TRAVEL CO 5.50000 07/15/2019 | US | 1,030,000 | $1,040,300.00 | |
| 02004VAB9 | ALLYA 2018-2 A2 MTGE 2.64000 02/16/2021 | US | 1,835,000 | $1,834,820.17 | |
| 02005NAT7 | ALLY FINANCIAL INC 3.50000 01/27/2019 | US | 4,940,000 | $4,937,530.00 | |
| 02005NBE9 | ALLY FINANCIAL INC 3.25000 11/05/2018 | US | 2,500,000 | $2,500,000.00 | |
| 02007CAE2 | ALLYA 2016-1 A4 1.73000 11/16/2020 | US | 750,000 | $742,616.93 | |
| 02007MAC4 | ALLYA 2018-1 A1 1.75000 02/15/2019 | US | 2,326,784.67 | $2,326,808.64 | |
| 02155FAC9 | ALTICE US FINANCE I CORP 5.50000 05/15/2026 | US | 1,015,000 | $992,162.50 | |
| 0258M0DU0 | AMERICAN EXPRESS CREDIT FLRT 2.67363 05/26/2020 | US | 7,500,000 | $7,575,618.45 | |
| 03027XAF7 | AMERICAN TOWER CORP 2.80000 06/01/2020 | US | 4,000,000 | $3,966,611.32 | |
| 03063NAA5 | AMERICOLD LLC TRUST 3.84730 01/14/2029 | US | 141,788.33 | $143,277.43 | |
| 04621WAC4 | ASSURED GUARANTY US HLDG 5.00000 07/01/2024 | US | 10,700,000 | $11,102,896.41 | |
| 05565QCG1 | BP CAPITAL MARKETS PLC 2.24100 09/26/2018 | GB | 1,500,000 | $1,499,811.11 | |
| 05582QAD9 | BMWOT 2016-A A3 1.16000 11/25/2020 | US | 4,373,212.96 | $4,334,595.30 | |
| 06416CAB4 | BANK OF NOVA SCOTIA 1.85000 04/14/2020 | CA | 8,000,000 | $7,848,540.72 | |
| 096630AE8 | BOARDWALK PIPELINES LP 5.95000 06/01/2026 | US | 12,000,000 | $12,800,867.76 | |
| 105756BV1 | FED REPUBLIC OF BRAZIL 4.25000 01/07/2025 | BR | 1,300,000 | $1,279,200.00 | |
| 12467AAD0 | C&S GROUP ENTERPRISES 5.37500 07/15/2022 | US | 2,145,000 | $2,016,300.00 | |
| 1248EPBR3 | CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 | US | 880,000 | $856,856.00 | |
| 126304AK0 | CSC HOLDINGS LLC 7.62500 07/15/2018 | US | 285,000 | $287,493.75 | |
| 126307AC1 | CSC HOLDINGS LLC 8.62500 02/15/2019 | US | 2,000,000 | $2,081,340.00 | |
| 126307AH0 | CSC HOLDINGS LLC 5.25000 06/01/2024 | US | 2,000,000 | $1,873,750.00 | |
| 13063DAD0 | CALIFORNIA ST 2.36700 04/01/2022 | US | 1,500,000 | $1,463,355.00 | |
| 14041NFF3 | CAPITAL ONE MULTI-ASSET 1.33000 06/15/2022 | US | 3,337,000 | $3,278,006.51 | |
| 14312QAB2 | CARMX 2016-4 A2 1.21000 11/15/2019 | US | 958,997.3 | $957,243.10 | |
| 14314EAB7 | CARMX 2016-3 A2A 1.17000 08/15/2019 | US | 136,688.89 | $136,653.02 | |
| 14314JAB6 | CARMX 2017-1 A2 1.54000 02/18/2020 | US | 1,990,832.41 | $1,986,504.74 | |
| 14314MAC7 | CARMX 2016-2 A3 1.52000 02/16/2021 | US | 3,218,592.42 | $3,193,756.80 | |
| 14314WAD3 | CARMX 2017-3 A3 1.97000 04/15/2022 | US | 3,800,000 | $3,743,071.82 | |
| 149806AA9 | CAZ 2015-1A A 2.00000 12/10/2023 | US | 206,011.61 | $204,724.04 | |
| 156504AH5 | CENTURY COMMUNITIES 5.87500 07/15/2025 | US | 2,095,000 | $1,992,868.75 | |
| 15672WAJ3 | CEQUEL COM HLDG I/CAP CP 7.50000 04/01/2028 | US | 1,000,000 | $1,013,750.00 | |
| 16411QAA9 | CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 | US | 1,515,000 | $1,480,912.50 | |
| 165183AL8 | CFII 2017-2A A1 1.99000 05/15/2029 | US | 3,192,595.92 | $3,170,343.21 | |
| 166764AE0 | CHEVRON CORP 1.71800 06/24/2018 | US | 8,950,000 | $8,942,674.78 | |
| 168863AU2 | REPUBLIC OF CHILE 5.50000 08/05/2020 | CL | 1,800,000,000 | $3,052,598.80 | |
| 17305EFS9 | CCCIT 2014-A6 A6 2.15000 07/15/2021 | US | 3,760,000 | $3,737,588.52 | |
| 19238VAG0 | COGECO CABLE INC 4.87500 05/01/2020 | CA | 610,000 | $613,050.00 | |
| 19625JAA1 | CAH 2015-1A A 3.09713 07/17/2032 | US | 1,743,157.96 | $1,743,155.17 | |
| 198280AB5 | COLUMBIA PIPELINE GROUP 2.45000 06/01/2018 | US | 3,500,000 | $3,499,504.37 | |
| 21987BAV0 | CODELCO INC 4.50000 09/16/2025 | CL | 8,000,000 | $8,180,307.52 | |
| 22530LAA4 | CAALT 2017-1A A 2.56000 10/15/2025 | US | 1,700,000 | $1,689,543.98 | |
| 22663AAA7 | ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 | US | 1,065,000 | $1,054,350.00 | |
| 22944PAA5 | CSMC 2013-TH1 A1 2.13000 02/25/2043 | US | 694,209.9 | $641,104.23 | |
| 23311RAC0 | DCP MIDSTREAM OPERATING 9.75000 03/15/2019 | US | 3,110,000 | $3,273,275.00 | |
| 233864AB3 | DTRT 2018-1 A2 2.60000 05/15/2020 | US | 4,500,000 | $4,498,527.60 | |
| 23918KAR9 | DAVITA INC 5.00000 05/01/2025 | US | 1,850,000 | $1,753,245.00 | |
| 26151AAA7 | DRAX FINCO PLC 6.62500 11/01/2025 | GB | 1,490,000 | $1,497,450.00 | |
| 262006208 | DREYFUS GVT CSH MANAGEMENT | US | 17,481,849.14 | $17,481,849.14 | |
| 26780TAA5 | DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 | MH | 1,565,000 | $1,584,562.50 | |
| 28336LBR9 | KINDER MORGAN INC/DELAWA 7.25000 06/01/2018 | US | 9,000,000 | $9,032,580.00 | |
| 29372EBL1 | ENTERPRISE FLEET FINANCING FLT 1.59000 02/22/2021 | US | 175,970.22 | $175,871.62 | |
| 29372EBS6 | EFF 2016-2 A2 1.74000 02/22/2022 | US | 1,033,595.26 | $1,028,305.32 | |
| 29372EBT4 | EFF 2016-2 A3 2.04000 02/22/2022 | US | 3,900,000 | $3,844,318.53 | |
| 29372EBV9 | EFF 2017-1 A2 2.13000 07/20/2022 | US | 2,064,057.36 | $2,053,042.72 | |
| 29373LAA9 | EFF 2018-1 A1 2.15000 03/20/2019 | US | 6,595,820.41 | $6,596,003.11 | |
| 302154CB3 | EXPORT - IMPORT BANK KOREA 1.75000 05/26/2019 | KR | 7,716,000 | $7,605,769.22 | |
| 30216HAC3 | EXPORT-IMPORT BANK CHINA 2.50000 07/31/2019 | CN | 7,500,000 | $7,446,581.03 | |
| 30216KAA0 | EXPORT-IMPORT BK INDIA 3.37500 08/05/2026 | IN | 3,000,000 | $2,778,696.00 | |
| 30219GAK4 | EXPRESS SCRIPTS HOLDING 3.50000 06/15/2024 | US | 6,500,000 | $6,227,141.77 | |
| 30251JAA9 | FDIC 2011-R1 A 2.67200 07/25/2026 | US | 147,593.1 | $147,095.64 | |
| 30262SAR9 | FREMF 2015-K42 B FLT 3.98377 12/25/2024 | US | 1,900,000 | $1,858,264.03 | |
| 30286XAN9 | FREMF 2015-K43 B FLT 3.86222 02/25/2048 | US | 1,500,000 | $1,456,579.80 | |
| 30291EAE4 | FREMF 2013-K712 B FLT 3.47714 05/25/2045 | US | 1,300,000 | $1,304,118.27 | |
| 30291HAA5 | FREMF 2013-K28 X2A 0.10000 06/25/2046 | US | 88,808,155.77 | $337,764.06 | |
| 30291YAJ9 | FREMF 2014-K716 B FLT 4.08158 08/25/2047 | US | 2,550,000 | $2,590,365.74 | |
| 3128E5VC0 | FHLM POOL D98711 4.50000 07/01/2031 | US | 625,782.25 | $654,141.81 | |
| 3128LCD86 | FHLM POOL A78227 5.50000 06/01/2038 | US | 253,087.98 | $274,771.84 | |
| 3128M56M7 | FHLM POOL G04176 5.50000 05/01/2038 | US | 232,638.8 | $254,252.47 | |
| 3128M73H7 | FHLM POOL G05900 6.00000 03/01/2040 | US | 133,066.38 | $148,360.02 | |
| 3128M9ZU9 | FHLM POOL G07655 5.50000 12/01/2035 | US | 542,108.38 | $593,673.74 | |
| 3128MAGF0 | FHLM POOL G07998 4.50000 07/01/2044 | US | 3,774,837.57 | $3,950,241.93 | |
| 3128MB4Q7 | FHLM POOL G13331 5.50000 10/01/2023 | US | 17,462.29 | $18,090.92 | |
| 3128MBDP9 | FHLM POOL G12610 6.00000 03/01/2022 | US | 40,840.41 | $42,378.78 | |
| 3128MBE45 | FHLM POOL G12655 6.00000 05/01/2022 | US | 28,565.6 | $29,640.69 | |
| 3128MBRH2 | FHLM POOL G12988 6.00000 01/01/2023 | US | 22,048.34 | $22,977.75 | |
| 3128MBUB1 | FHLM POOL G13078 6.00000 03/01/2023 | US | 38,491.73 | $40,066.85 | |
| 3128MJZU7 | FHLM POOL G08754 4.50000 03/01/2047 | US | 3.71 | $3.87 | |
| 3128P75F6 | FHLM POOL C91746 4.50000 12/01/2033 | US | 572,608.02 | $599,593.04 | |
| 3128P75P4 | FHLM POOL C91754 4.50000 03/01/2034 | US | 162,405.72 | $170,015.82 | |
| 3128P75V1 | FHLM POOL C91760 3.50000 05/01/2034 | US | 3,033,314.04 | $3,063,184.39 | |
| 3128P7QL0 | FHLM POOL C91359 4.50000 02/01/2031 | US | 231,169.03 | $241,669.90 | |
| 3128P8AL5 | FHLM POOL C91811 4.00000 01/01/2035 | US | 1,337,424.93 | $1,383,234.70 | |
| 3128P8CH2 | FHLM POOL C91872 3.50000 04/01/2036 | US | 3,518,810.05 | $3,553,433.59 | |
| 312945B80 | FHLM POOL A96363 4.50000 01/01/2041 | US | 3,312,051.82 | $3,482,332.29 | |
| 3132LNE34 | FHLM POOL K92054 4.00000 10/01/2034 | US | 881,265.32 | $911,479.67 | |
| 3132QVMX6 | FHLM POOL Q38473 4.00000 01/01/2046 | US | 5,368,294.35 | $5,492,825.79 | |
| 3132WDMZ4 | FHLM POOL Q40375 3.50000 05/01/2046 | US | 5,717,937.38 | $5,697,662.77 | |
| 31335ALX4 | FHLM POOL G60342 4.50000 05/01/2042 | US | 3,268,451.17 | $3,440,210.80 | |
| 31336WBS7 | FHLM POOL G11850 5.50000 07/01/2020 | US | 57,524 | $58,328.94 | |
| 3137A2B34 | FHMS K009 X1 FLT 1.45890 08/25/2020 | US | 9,070,436.76 | $220,862.41 | |
| 3137ADTK3 | FHMS K014 X1 FLT 1.35057 04/25/2021 | US | 7,414,804.34 | $217,275.27 | |
| 3137AJMG6 | FMHS K016 X1 FLT 1.67495 10/25/2021 | US | 4,821,340.75 | $206,967.14 | |
| 3137AL6W4 | FHMS K706 X1 FLT 1.68589 10/25/2018 | US | 7,542,614.52 | $31,279.22 | |
| 3137AME78 | FHMS K017 X1 FLT 1.49098 12/25/2021 | US | 34,456,703.06 | $1,363,086.50 | |
| 3137ATSC7 | FEDERAL NATL MTG ASSN KP01 A2 1.72000 01/25/2019 | US | 121,370.66 | $120,805.47 | |
| 3137AUPF0 | FHMS K021 x1 FLT 1.59275 06/25/2022 | US | 17,201,017.12 | $851,106.33 | |
| 3137B3NB0 | FHMS K030 X1 FLT 0.31510 04/25/2023 | US | 57,830,739.52 | $512,270.47 | |
| 3137B4GZ3 | FHMS K032 X1 FLT 0.22177 05/25/2023 | US | 33,958,007.63 | $182,870.66 | |
| 3137F4YU0 | FHLM POOL FHR4791 4.00000 03/15/2044 | US | 4,150,000 | $4,232,854.34 | |
| 3138ATF70 | FEDERAL NATL MTG ASSN AJ1989 4.50000 10/01/2041 | US | 2,089,962.95 | $2,199,162.91 | |
| 3138WDJY8 | FEDERAL NATL MTG ASSN AS3878 4.50000 11/01/2044 | US | 1,063,417.19 | $1,113,221.08 | |
| 3138XU4Y5 | FEDERAL NATL MTG ASSN AW5338 4.50000 06/01/2044 | US | 1,050,807 | $1,105,243.05 | |
| 31398WD50 | FHMS K005 AX FLT 1.53487 11/25/2019 | US | 6,954,362.82 | $127,616.73 | |
| 3140F1BL5 | FEDERAL NATL MTG ASSN BC5442 4.00000 04/01/2046 | US | 3,082,231.36 | $3,141,903.64 | |
| 3140F5T29 | FEDERAL NATL MTG ASSN BC9568 4.00000 05/01/2046 | US | 4,071,592.31 | $4,150,507.59 | |
| 3140FTWF4 | FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 | US | 848,422.93 | $890,146.10 | |
| 31410FSE6 | FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 | US | 30,857.71 | $31,962.65 | |
| 31410FV51 | FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 | US | 37,638.39 | $38,939.09 | |
| 31410GCD3 | FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 | US | 276,974.7 | $284,400.44 | |
| 31410GN33 | FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 | US | 332,050.65 | $340,759.24 | |
| 31410KLD4 | FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 | US | 195,078.45 | $212,732.26 | |
| 31411YN90 | FEDERAL NATL MTG ASSN 918516 5.50000 06/01/2037 | US | 140,031.91 | $151,887.38 | |
| 31412SY41 | FEDERAL NATL MTG ASSN 933731 5.50000 04/01/2038 | US | 138,948.04 | $151,463.02 | |
| 31416BSW9 | FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 | US | 17,782.3 | $18,141.91 | |
| 31416BVW5 | FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 | US | 188,823.52 | $193,658.40 | |
| 31416CJV9 | FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 | US | 523,818.36 | $583,578.42 | |
| 31416RBE2 | FEDERAL NATL MTG ASSN AA7236 4.00000 06/01/2039 | US | 1,000,106.58 | $1,026,218.43 | |
| 31417YDV6 | FHLM POOL MA0115 4.50000 07/01/2029 | US | 94,915.93 | $99,725.47 | |
| 31418BBC9 | FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 | US | 401,754.53 | $420,475.25 | |
| 31418MKV3 | FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 | US | 204,602.62 | $223,349.72 | |
| 31418MQQ8 | FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 | US | 27,409.47 | $28,638.16 | |
| 315419AA9 | FERROGLOBE / GLOBE SPEC 9.37500 03/01/2022 | GB | 1,545,000 | $1,622,250.00 | |
| 336130AB5 | FIRST QUALITY FINANCE CO 5.00000 07/01/2025 | US | 570,000 | $545,775.00 | |
| 34530QAD2 | FORDO 2015-A A3 1.28000 09/15/2019 | US | 333,393.09 | $333,068.83 | |
| 34531AAE4 | FORDL 2016-A A4 1.85000 07/15/2019 | US | 750,000 | $749,666.25 | |
| 345397WX7 | FORD MOTOR CREDIT CO LLC FLRT 3.29294 11/04/2019 | US | 9,000,000 | $9,057,636.54 | |
| 35802XAA1 | FRESENIUS MED CARE US 6.50000 09/15/2018 | US | 10,097,000 | $10,226,591.16 | |
| 36143WAN1 | GAHR 2015-NRF BFX FLT 3.49490 12/15/2034 | US | 2,000,000 | $1,998,378.20 | |
| 36143WAS0 | GAHR 2015-NRF DFX FLT 3.49490 12/15/2034 | US | 1,150,000 | $1,143,001.10 | |
| 36250UAD6 | GMALT 2016-1 A3 1.64000 07/20/2019 | US | 2,194,804.6 | $2,189,786.18 | |
| 36251MAE1 | GMALT 2016-3 A4 1.78000 05/20/2020 | US | 4,000,000 | $3,966,726.40 | |
| 37953TAB1 | GLOBAL SHIP LEASE INC 9.87500 11/15/2022 | MH | 2,095,000 | $2,058,337.50 | |
| 38141EA58 | GOLDMAN SACHS GP GS 5.37500 03/15/2020 | US | 3,000,000 | $3,126,134.70 | |
| 39807UAB2 | GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 | US | 1,560,000 | $1,544,400.00 | |
| 404119BM0 | HCA INC 3.75000 03/15/2019 | US | 4,000,000 | $4,010,000.00 | |
| 404121AC9 | HCA INC 6.50000 02/15/2020 | US | 4,000,000 | $4,180,000.00 | |
| 410345AL6 | HANESBRANDS INC 4.87500 05/15/2026 | US | 1,060,000 | $1,017,600.00 | |
| 42217KAY2 | WELLTOWER INC. 4.12500 04/01/2019 | US | 7,300,000 | $7,360,562.55 | |
| 428041BD8 | HFLF 2018-1 A2 MTGE 3.23000 05/10/2032 | US | 7,000,000 | $6,998,905.90 | |
| 42805RBN8 | HERTZ 2013-1A A2 1.83000 08/25/2019 | US | 2,666,666.67 | $2,661,557.87 | |
| 42806DAD1 | HERTZ 2015-2A A 2.02000 09/25/2019 | US | 4,000,000 | $3,988,155.20 | |
| 431318AQ7 | HILCORP ENERGY I/HILCORP 5.75000 10/01/2025 | US | 1,535,000 | $1,519,650.00 | |
| 431475AB8 | HILL-ROM HOLDINGS INC 5.00000 02/15/2025 | US | 185,000 | $183,710.55 | |
| 43814RAB2 | HAROT 2016-4 A2 1.04000 04/18/2019 | US | 817,876.35 | $816,571.84 | |
| 44053FAA8 | HORIZON PHARMA INC/HORIZ 8.75000 11/01/2024 | US | 1,535,000 | $1,634,775.00 | |
| 444454AB8 | HUGHES SATELITE SYSTEMS 6.50000 06/15/2019 | US | 7,325,000 | $7,544,750.00 | |
| 444454AD4 | HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 | US | 2,630,000 | $2,570,825.00 | |
| 44890WAD2 | HART 2015-A A4 1.37000 07/15/2020 | US | 2,243,831.97 | $2,236,552.31 | |
| 44929EAD7 | HALST 2016-C A3 1.49000 02/18/2020 | US | 1,415,000 | $1,409,713.28 | |
| 44931PAD8 | HART 2017-A A3 1.76000 08/16/2021 | US | 165,000 | $162,548.71 | |
| 44935AAA3 | HALST 2018-A A1 1.95000 03/15/2019 | US | 1,420,222.38 | $1,420,245.81 | |
| 45031UCD1 | ISTAR INC 5.25000 09/15/2022 | US | 1,530,000 | $1,484,100.00 | |
| 452281JC3 | ISAC 2010-1 A2 2.41742 04/25/2022 | US | 368,850.56 | $369,341.13 | |
| 45763PAE6 | INMARSAT FINANCE PLC 4.87500 05/15/2022 | GB | 1,555,000 | $1,500,575.00 | |
| 459745GH2 | INTL LEASE FINANCE CORP 6.25000 05/15/2019 | US | 8,000,000 | $8,262,465.68 | |
| 46115HAL1 | INTESA SANPAOLO SPA 3.87500 01/15/2019 | IT | 8,800,000 | $8,849,761.71 | |
| 46115HAT4 | INTESA SANPAOLO SPA 5.01700 06/26/2024 | IT | 900,000 | $880,942.22 | |
| 46186YAA2 | IHSFR 2015-SFR3 A FLT 3.19563 08/17/2032 | US | 1,715,618.71 | $1,719,431.67 | |
| 46187BAA1 | IHSFR 2017-SFR2 A 2.74550 12/17/2036 | US | 497,715.73 | $498,493.01 | |
| 46187BAB9 | IHSFR 2017-SFR2 B 3.04550 12/17/2036 | US | 400,000 | $401,181.84 | |
| 46625HHL7 | JPMORGAN CHASE & CO 6.30000 04/23/2019 | US | 12,000,000 | $12,423,131.04 | |
| 46635GAE0 | JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 | US | 731,716.46 | $742,736.18 | |
| 46636DAE6 | JPMCC 2011 - C4 A3 4.10630 07/15/2046 | US | 2,071,874.77 | $2,070,241.10 | |
| 46639GAL0 | JPMMT 2013-1 1A2 3.00000 03/25/2043 | US | 471,743.16 | $454,790.13 | |
| 46640BAC8 | JPMMT 2013-2 A2 3.50000 05/25/2043 | US | 559,290.73 | $549,678.20 | |
| 46641YAA1 | JPMMT 2014-2 1A1 3.00000 06/25/2029 | US | 859,219.19 | $850,056.48 | |
| 47987LAA9 | JONAH NRG LLC/FINANCE 7.25000 10/15/2025 | US | 2,095,000 | $1,676,000.00 | |
| 497864AA6 | KISSNER GR HLDG 8.37500 12/01/2022 | CA | 1,110,000 | $1,137,750.00 | |
| 500630CK2 | KOREA DEVELOPMENT BANK 1.37500 09/12/2019 | KR | 1,500,000 | $1,462,207.31 | |
| 50065TAE3 | KOREA DEVELOPMENT BANK 2.87500 08/22/2018 | KR | 5,839,000 | $5,838,416.10 | |
| 50117PAA7 | KCOT 2018-1A A1 MTGE 2.37000 05/15/2019 | US | 7,400,000 | $7,400,000.00 | |
| 50212YAB0 | LPL HOLDINGS INC 5.75000 09/15/2025 | US | 980,000 | $950,600.00 | |
| 502160AM6 | LSB INDUSTRIES 9.62500 05/01/2023 | US | 1,515,000 | $1,520,681.25 | |
| 50218LAC0 | LSTAR COMMERCIAL MORTGAGE TR FLT 2.76700 01/20/2041 | US | 104,726.7 | $104,262.29 | |
| 505742AD8 | LADDER CAP FIN LLLP/CORP 5.87500 08/01/2021 | US | 970,000 | $986,975.00 | |
| 55933JAB0 | MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 | US | 1,635,000 | $1,573,687.50 | |
| 58768MAC5 | MBALT 2016-B A3 1.35000 08/15/2019 | US | 4,400,000 | $4,383,137.44 | |
| 59001ABA9 | MERITAGE HOMES CORP 5.12500 06/06/2027 | US | 1,570,000 | $1,489,537.50 | |
| 59022CAA1 | BANK OF AMERICA CORP 2.88450 09/15/2026 | US | 4,811,000 | $4,618,967.25 | |
| 61746BDM5 | MORGAN STANELY 2.50000 01/24/2019 | US | 8,500,000 | $8,495,339.88 | |
| 61747YDX0 | MORGAN STANLEY FLT 3.50561 01/27/2020 | US | 8,750,000 | $8,870,788.76 | |
| 62426EAA3 | MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 | CA | 2,690,000 | $2,663,100.00 | |
| 63938CAE8 | NAVIENT CORP 7.25000 09/25/2023 | US | 880,000 | $919,600.00 | |
| 63940FAA5 | NAVSL 2016-2 A1 2.64711 06/25/2065 | US | 310,096.3 | $310,475.49 | |
| 63940HAA1 | NAVSL 2016-3A A1 2.49711 06/25/2065 | US | 736,055.93 | $736,884.80 | |
| 63941DAA9 | NAVSL 2018-2A A1 2.21817 03/25/2067 | US | 4,500,000 | $4,498,820.10 | |
| 64829DAG1 | NRZT 2014-3A AFX3 3.75000 11/25/2054 | US | 786,580.78 | $785,650.88 | |
| 64829EAA2 | NRZT 2015-2A A1 3.75000 08/25/2055 | US | 1,206,340.42 | $1,210,967.10 | |
| 65478WAD7 | NAROT 2016-C A3 1.18000 01/15/2021 | US | 4,000,000 | $3,952,784.00 | |
| 66727WAA0 | NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | CA | 2,520,000 | $2,566,116.00 | |
| 67087MAA4 | OBP DEPOSITOR LLC TRUST 4.64620 07/15/2045 | US | 420,000 | $431,721.11 | |
| 67091GAA1 | OCI NV 6.62500 04/15/2023 | NL | 1,625,000 | $1,647,750.00 | |
| 69145LAA2 | OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 | US | 1,570,000 | $1,601,400.00 | |
| 70014LAC4 | PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 | KY | 1,640,000 | $1,570,300.00 | |
| 713448CX4 | PEPSICO INC 3.10000 07/17/2022 | US | 2,250,000 | $2,247,129.47 | |
| 71654QAU6 | PETROLEOS MEXICANOS 8.00000 05/03/2019 | MX | 8,000,000 | $8,357,840.00 | |
| 71654QCB6 | PETROLEOS MEXICANOS 6.87500 08/04/2026 | MX | 3,930,000 | $4,209,030.00 | |
| 733174AJ5 | POPULAR INC 7.00000 07/01/2019 | US | 1,655,000 | $1,683,962.50 | |
| 741503AZ9 | PRICELINE GROUP INC/THE 3.60000 06/01/2026 | US | 12,000,000 | $11,632,449.24 | |
| 74333KAA6 | PROG 2017-SFR2 A 2.89700 12/17/2034 | US | 1,650,000 | $1,595,614.68 | |
| 744320AL6 | PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 | US | 2,460,000 | $2,616,825.00 | |
| 77340RAK3 | ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 | US | 5,000,000 | $5,176,550.00 | |
| 77340RAP2 | ROCKIES EXPRESS PIPELINE 6.00000 01/15/2019 | US | 3,000,000 | $3,052,500.00 | |
| 780097AM3 | RBS 4.7 07/03/18 4.70000 07/03/2018 | GB | 2,000,000 | $2,003,978.38 | |
| 78408XAD3 | SCGT 2013-SRP1 AJ FLT 4.09688 11/15/2026 | US | 2,000,000 | $1,995,802.80 | |
| 784423AF2 | SLCLT 2004-1 A6 1.99875 05/15/2023 | US | 3,297,134.51 | $3,294,963.35 | |
| 78442FEJ3 | NAVIENT CORP 8.00000 03/25/2020 | US | 1,000,000 | $1,065,000.00 | |
| 78442FER5 | NAVIENT CORP 5.50000 01/15/2019 | US | 715,000 | $725,010.00 | |
| 78442FES3 | NAVIENT CORP 4.87500 06/17/2019 | US | 750,000 | $756,562.50 | |
| 78442GNG7 | SLMA 2004-10 A6A FLT RT 2.90954 04/27/2026 | US | 2,672,856.99 | $2,680,948.00 | |
| 78442PGC4 | SLM CORP 5.12500 04/05/2022 | US | 1,420,000 | $1,434,200.00 | |
| 78449PAA7 | SMB 2018-A A1 FLT 1.93000 03/16/2026 | US | 4,000,000 | $4,001,296.80 | |
| 78470RAB3 | SOFI 2016-E A2A 1.63000 01/25/2036 | US | 811,924.32 | $806,990.99 | |
| 78471CAA7 | SOFI 2017-D A1FX 1.72000 09/25/2040 | US | 2,443,424.53 | $2,424,765.32 | |
| 785592AJ5 | SABINE PASS LIQUEFACTION 5.75000 05/15/2024 | US | 10,000,000 | $10,735,354.60 | |
| 80282KAD8 | SANTANDER HOLDINGS USA 2.65000 04/17/2020 | US | 3,750,000 | $3,705,927.79 | |
| 80282KAH9 | SANTANDER HOLDINGS USA 2.70000 05/24/2019 | US | 9,446,000 | $9,405,776.10 | |
| 81663AAD7 | SEMGROUP CORP 6.37500 03/15/2025 | US | 1,875,000 | $1,785,937.50 | |
| 81745CAB9 | SEMT 2013-7 A2 3.00000 06/25/2043 | US | 567,197.84 | $544,595.57 | |
| 81745EAA7 | SEMT 2013-8 A1 3.00000 06/25/2043 | US | 795,068.05 | $765,114.50 | |
| 81745MAA9 | SEMT 2013-2 1.87400 02/25/2043 | US | 695,216.92 | $626,759.61 | |
| 81783QAC9 | SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 | CA | 1,060,000 | $1,030,850.00 | |
| 822538AE4 | SHELF DRILL HOLD LTD 8.25000 02/15/2025 | KY | 1,050,000 | $1,065,750.00 | |
| 832696AQ1 | JM SMUCKER CO 2.20000 12/06/2019 | US | 4,800,000 | $4,739,834.64 | |
| 83401BAA4 | SOFI 2017-F A1FX 2.05000 01/25/2041 | US | 654,725.61 | $648,889.06 | |
| 83401BAB2 | SOFI 2017-F A2FX 2.84000 01/25/2041 | US | 750,000 | $730,597.73 | |
| 83401LAB0 | SOFI 2015-A A2 2.42000 03/25/2030 | US | 697,061.11 | $689,744.76 | |
| 83402DAB7 | SOFI 2016-C A2A 1.48000 05/26/2031 | US | 586,650.67 | $584,043.48 | |
| 83402DAC5 | SOFI 2016-C A2B 2.36000 12/27/2032 | US | 600,000 | $580,759.02 | |
| 83403YAA2 | SOFI 2017-B A1FX 1.83000 05/25/2040 | US | 247,207.28 | $245,521.33 | |
| 83404FAB0 | SOFI 2017-A A2A 1.55000 03/26/2040 | US | 700,079.18 | $693,901.75 | |
| 83404RAA6 | SOFI 2018-B A1FX 2.64000 08/25/2047 | US | 8,914,007.62 | $8,870,279.06 | |
| 83405DAB4 | SOFI 2017-C A2A 1.75000 07/25/2040 | US | 1,545,777.94 | $1,531,722.95 | |
| 83405JAA3 | SCLP 2017-4 A 2.50000 05/26/2026 | US | 1,494,766.21 | $1,473,906.75 | |
| 83405LAA8 | SCLP 2017-5 A1 2.14000 09/25/2026 | US | 1,678,531.17 | $1,667,064.45 | |
| 83714RAZ6 | SOUTH CAROLINA ST STUDENT LOAN 2.14600 12/01/2023 | US | 504,907.19 | $504,629.49 | |
| 84265VAD7 | SOUTHERN COPPER CORP 5.37500 04/16/2020 | US | 3,000,000 | $3,120,467.52 | |
| 845467AL3 | SOUTHWESTERN ENERGY CO 6.70000 01/23/2025 | US | 1,125,000 | $1,102,500.00 | |
| 852061AK6 | SPRINT COMMUNICATIONS 9.00000 11/15/2018 | US | 945,000 | $971,578.13 | |
| 85375CAX9 | CALATLANTIC GROUP INC 8.37500 05/15/2018 | US | 2,274,000 | $2,276,842.50 | |
| 85571BAM7 | STARWOOD PROPERTY TRUST 3.62500 02/01/2021 | US | 2,000,000 | $1,965,000.00 | |
| 85571XAA5 | SRPT 2014-STAR A FLTG RATE 3.11688 11/15/2027 | US | 1,852,726.57 | $1,854,476.66 | |
| 87243QAB2 | TENET HEALTHCARE CORP 6.00000 10/01/2020 | US | 610,000 | $629,550.50 | |
| 87470LAA9 | TALLGRASS NRG PRTNR/FIN 5.50000 09/15/2024 | US | 1,520,000 | $1,542,800.00 | |
| 87677QAA9 | TXEZ 2016-1A 3.13100 06/15/2028 | US | 585,974.47 | $585,523.50 | |
| 87854WAA1 | TECHNIPLAS LLC 10.00000 05/01/2020 | US | 1,065,000 | $939,862.50 | |
| 88032WAB2 | TENCENT HOLDINGS LTD 3.37500 05/02/2019 | KY | 3,700,000 | $3,712,688.78 | |
| 89173CAA5 | TPMT 2016-5 A1 2.50000 10/25/2056 | US | 1,793,233.54 | $1,756,779.97 | |
| 89231LAB3 | TAOT 2016-D A2A 1.06000 05/15/2019 | US | 810,269.81 | $809,219.21 | |
| 89613BAA5 | TAH 2013-SFR1 A 2.58900 11/17/2033 | US | 2,398,073.69 | $2,323,887.36 | |
| 896356AE2 | TRINIDAD DRILLING LTD 6.62500 02/15/2025 | CA | 1,580,000 | $1,514,825.00 | |
| 901109AF5 | TUTOR PERINI CORP 6.87500 05/01/2025 | US | 1,550,000 | $1,588,285.00 | |
| 90261XHN5 | UBS AG STAMFORD CT FLT 2.85625 06/01/2020 | CH | 8,000,000 | $8,082,848.56 | |
| 90320MAA3 | UPCB FINANCE IV LTD 5.37500 01/15/2025 | KY | 2,100,000 | $2,052,750.00 | |
| 912810FM5 | UNITED STATES TREAS BOND 6.25000 05/15/2030 | US | 6,100,000 | $8,129,679.72 | |
| 912810PT9 | UNITED STATES TREAS BOND 4.75000 02/15/2037 | US | 6,300,000 | $7,899,609.38 | |
| 912810RK6 | US TREASURY N/B 2.50000 02/15/2045 | US | 9,300,000 | $8,296,617.23 | |
| 912828P79 | US TREASURY N/B 1.50000 02/28/2023 | US | 16,725,000 | $15,756,125.93 | |
| 91731VAA4 | AMERICAN AIRLINES GROUP 6.12500 06/01/2018 | US | 750,000 | $750,000.00 | |
| 92343VDY7 | VERIZON COMMUNICATIONS 4.12500 03/16/2027 | US | 4,400,000 | $4,399,342.86 | |
| 92903PAC3 | VNO 2010 - VNO A2FX 4.00350 09/13/2028 | US | 1,195,000 | $1,222,332.40 | |
| 92935JBC8 | WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 | US | 1,520,038.57 | $1,579,593.99 | |
| 92960PAA7 | W/S PACKAGING HOLDINGS 9.00000 04/15/2023 | US | 2,555,000 | $2,612,487.50 | |
| 948565AC0 | WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 | US | 1,010,000 | $997,375.00 | |
| 94856TAA2 | WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 | US | 1,470,000 | $1,425,900.00 | |
| 94974BFQ8 | WELLS FARGO & COMPANY 2.15000 01/15/2019 | US | 8,500,000 | $8,474,904.01 | |
| 94987MAB7 | WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 | US | 1,350,000 | $1,386,047.43 | |
| 96042NAA5 | WLAKE 2018-1A A1 1.75000 02/15/2019 | US | 2,085,740.15 | $2,085,574.96 | |
| 962178AL3 | TRI POINTE HOLDINGS INC 4.37500 06/15/2019 | US | 6,175,000 | $6,182,718.75 | |
| 962178AN9 | TRI POINTE GROUP / HOMES 5.87500 06/15/2024 | US | 875,000 | $887,031.25 | |
| 96328DAT1 | WHLS 2016-1A A2 1.59000 05/20/2025 | US | 249,204.44 | $247,878.87 | |
| 96949LAD7 | WILLIAMS PARTNERS LP 3.75000 06/15/2027 | US | 4,000,000 | $3,763,055.28 | |
| 97651JAE6 | WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 | US | 765,707.59 | $766,705.54 | |
| 97652TAA1 | WIN 2015-1 A1 3.50000 01/20/2045 | US | 837,301.91 | $823,960.76 | |
| 98161FAB1 | WOLS 2016-A A2A 1.20000 02/15/2019 | US | 520,722.41 | $519,847.23 | |
| 98161YAA2 | WOLS 2018-A A1 1.95000 03/15/2019 | US | 2,359,143.72 | $2,357,883.23 | |
| 98162EAC1 | WOART 2017-A A3 Mtge 1.93000 09/15/2022 | US | 4,000,000 | $3,947,488.40 | |
| 98162KAD5 | WOLS 2017-A A4 Mtge 2.32000 08/15/2022 | US | 750,000 | $742,891.43 | |
| 98416JAE0 | XERIUM TECHNOLOGIES INC 9.50000 08/15/2021 | US | 745,000 | $776,662.50 | |
| AN7903213 | SONGA BULK ASA 6.58875 06/13/2022 | NO | 1,200,000 | $1,200,000.00 | |
| AP0787667 | MPC CONTAINER SHIPS FLT 6.99814 09/22/2022 | NL | 1,000,000 | $1,009,030.00 | |
| AP8694550 | BOREALIS FINANCE LLC 7.50000 11/16/2022 | MH | 1,610,000 | $1,605,975.00 | |
| B4NDCC9 | MEX BONOS DESARR FIX RT 6.50000 06/09/2022 | MX | 126,000,000 | $6,526,151.95 | |
| B615Y14 | MEX BONOS DESARR FIX RT 8.00000 06/11/2020 | MX | 35,000,000 | $1,897,054.07 | |
| BBG000ZB5GX9 | 90 DAY EURO FUTR MAR20 | EU | -75 | $124,499.25 | |
| BBG00HNKJJM6 | EURO-SCHATZ FUT JUN18 | DE | 217 | $42,931.46 | |
| BBG00HNKKPL1 | RXM8 COMDTY EURO-BOND JUN18 | DE | -103 | -$240,203.98 | |
| BBG00HPLMTW5 | US 10YR ULTRA FUT JUN18 | US | 104 | $44,016.96 | |
| BBG00HVS7BQ6 | FVM8 5/25/18 C114.25 | US | 422 | $23,078.13 | |
| BBG00J05RYZ4 | TYM8 5/25/18 C120 | US | 268 | $75,375.00 | |
| BBG00JQ5V0Q5 | USM8 5/25/2018 C144 | US | 108 | $104,625.00 | |
| BD82246 | EAGLE BULK SHIPCO 8.25000 11/28/2022 | MH | 800,000 | $818,000.00 | |
| BDB46H0 | JAPAN (2 YEAR ISSUE) 0.10000 10/15/2018 | JP | 1,750,000,000 | $16,025,658.62 | |
| BF955D8 | TELENET FINANCE LUX NOTE 5.50000 03/01/2028 | LU | 2,000,000 | $1,910,000.00 | |
| EDH9 COMDTY | 90DAY EURO$ FUTR Mar19 | US | 75 | -$107,063.25 | |
| G37585AC3 | GASLOG LTD 8.87500 03/22/2022 | BM | 1,520,000 | $1,611,200.00 | |
| QZ4952797 | DEXIA CREDIT LOCAL 1.87500 09/15/2021 | FR | 5,000,000 | $4,807,625.00 | |
| Y23862AE8 | EXPORT-IMPORT BANK CHINA 2.50000 07/31/2019 | CN | 630,000 | $625,512.51 |
Investments will change over time.
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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