Mutual Fund
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
$9.69
Daily $ Change
-$0.01
Daily % Change
-0.10%
as of 06/07/2023
Ticker
EXCPX
CUSIP
563821206
Inception Date
04/21/2005
Investment Minimum
$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.
Important Documents
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Applications & Forms | |
| Fact Sheet | |
| XBRL-05/14/18 | |
| N-Port Part F Reports |
YTD
2.10%
1 Year
0.48%
3 Year
1.88%
5 Year
2.14%
10 Year
1.88%
Inception
(04/21/2005)
3.87%
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.
Expense Ratio
| Gross | 0.73% |
*Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee.
| TREASURY NOTES | 32.70% |
| CPS 2021-C 1.21000 06/15/2027 | 1.35% |
| ALEXANDER FUNDING TRUST 1.84100 11/15/2023 | 1.26% |
| IMPRL 2022-NQM4 A1 4.76700 06/25/2067 | 1.17% |
| GCAT 2022-NQM3 A1 4.34800 04/25/2067 | 1.15% |
| MEDIA AND GAMES INVEST FLT 9.00000 06/21/2026 | 1.08% |
| GSMBS 2022-PJ3 A24 3.00000 08/25/2052 | 1.04% |
| GOLDMAN SACH GROUP INC FLT 6.29733 03/15/2024 | 0.97% |
| WARNERMEDIA HOLDINGS INC FLT 6.68731 03/15/2024 | 0.97% |
| CAALT 2022 4.60000 06/15/2032 | 0.93% |
Top Ten Investments list is unaudited and excludes cash.
| Treasury | 31.33% | |
| Government | 0.53% | |
| Cash | 4.13% | |
| Corporate | 21.34% | |
| Mortgage | 41.83% | |
| Other | 0.84% |
| AAA | 52.65% | |
| AA | 1.09% | |
| A | 13.50% | |
| BBB | 8.17% | |
| BB | 0.68% | |
| B | 1.02% | |
| CCC | 0.26% | |
| D | 0.16% | |
| NR | 22.47% |
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.
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| 2019- SFR4 CLASS A 2.68700 10/17/2036 | US | 3,790,781.75 | $3,632,138.48 | |
| ADC 2021-1A A2 1.93700 08/15/2046 | US | 4,500,000 | $3,972,369.69 | |
| AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 | IE | 1,970,000 | $1,707,905.29 | |
| ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 | US | 3,611,109.72 | $3,660,462.97 | |
| ALEXANDER FUNDING TRUST 1.84100 11/15/2023 | US | 10,000,000 | $9,743,058.40 | |
| ALIBABA GROUP HOLDING 4.00000 12/06/2037 | KY | 3,210,000 | $2,718,909.64 | |
| AMAZON.COM INC 3.30000 04/13/2027 | US | 4,000,000 | $3,857,534.00 | |
| AMERICAN TANKER INC 7.75000 07/02/2025 | US | 6,560,000 | $6,304,229.86 | |
| ARGO BLOCKCHAIN PLC | GB | 71,086 | $426,516.00 | |
| ASHTEAD CAPITAL INC 4.00000 05/01/2028 | US | 1,500,000 | $1,389,870.92 | |
| BABS 2021-RM2 A 1.75000 10/25/2061 | US | 2,572,547.86 | $2,249,626.22 | |
| BANK OF AMERICA CORP 5.62629 09/15/2026 | US | 3,561,000 | $3,495,653.26 | |
| BANK ONE CORP 8.00000 04/29/2027 | US | 3,000,000 | $3,325,011.15 | |
| BDS 2021-FL8 B MTGE 6.46129 01/18/2036 | KY | 3,000,000 | $2,876,281.50 | |
| BJETS 2021-1A A 2.16200 04/15/2036 | US | 3,419,151.7 | $3,145,653.76 | |
| BNSF FUNDING TRUST I 6.61300 12/15/2055 | US | 1,500,000 | $1,441,495.16 | |
| BRAVO 2019-2 3.50000 10/25/2044 | US | 3,132,654.26 | $2,946,207.14 | |
| BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 | AE | 8,125,334 | $6,980,947.66 | |
| BRSP 2021-FL1 A 6.33774 08/19/2038 | US | 3,000,000 | $2,898,825.00 | |
| CAALT 2020-3A A 1.24000 10/15/2029 | US | 2,347,270.96 | $2,321,665.33 | |
| CAALT 2021-2A A 1.64000 06/17/2030 | US | 3,800,000 | $3,523,922.51 | |
| CAALT 2021-3A C MTGE 1.63000 09/16/2030 | US | 3,000,000 | $2,769,725.13 | |
| CAALT 2022 4.60000 06/15/2032 | US | 7,400,000 | $7,208,431.46 | |
| CABONLINE GROUP HOLD FLT 13.01400 04/19/2026 | SE | 17,500,000 | $1,441,606.53 | |
| CAFL 2019-3 A 2.70500 10/15/2052 | US | 1,783,471.25 | $1,683,359.84 | |
| CAFL 2020-3 A 1.35800 08/15/2053 | US | 922,923.82 | $839,347.81 | |
| CAFL 2020-4 A MTGE 1.17400 12/15/2052 | US | 962,148.34 | $874,209.49 | |
| CALDERYS FINANCING LLC 11.25000 06/01/2028 | US | 4,000,000 | $4,052,200.00 | |
| CARMX 2020-4 A3 0.50000 08/15/2025 | US | 4,530,685.53 | $4,415,857.07 | |
| CARMX 2023-2 5.50800 05/15/2024 | US | 2,989,763.75 | $2,986,519.86 | |
| CASL 2021-A A2 1.60000 07/25/2051 | US | 1,689,955.86 | $1,471,856.49 | |
| CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 | US | 1,835,376.91 | $1,666,421.11 | |
| CENOVUS ENERGY INC 6.75000 11/15/2039 | CA | 1,579,000 | $1,652,974.52 | |
| CIM 2019-INV1 A1 4.00000 02/25/2049 | US | 74,531.31 | $72,260.66 | |
| CNH 2023-A 5.42500 05/15/2024 | US | 2,141,674.1 | $2,136,417.06 | |
| COLO 2021-1A A2 MTGE 2.06000 02/27/2051 | US | 5,200,000 | $4,613,134.60 | |
| COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 | US | 3,345,000 | $3,141,102.11 | |
| COLONY AMERICAN FINANCE LTD 3.32400 03/15/2052 | US | 478,053.34 | $471,572.51 | |
| CPS 2021-C 1.21000 06/15/2027 | US | 10,720,000 | $10,469,388.59 | |
| CROWN CASTLE INTL CORP 3.15000 07/15/2023 | US | 3,615,000 | $3,603,243.33 | |
| CRVNA 2020-P1 A4 0.61000 10/08/2026 | US | 5,788,000 | $5,489,220.78 | |
| CSMC 2013-TH1 A1 2.13000 02/25/2043 | US | 112,943.2 | $95,697.25 | |
| DNRFA 2021- 1A A MTGE 1.76000 04/15/2049 | US | 5,000,000 | $4,288,943.50 | |
| DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 | US | 2,850,000 | $2,541,251.78 | |
| DREYFUS GVT CSH MANAGEMENT | US | 33,416,129.6 | $33,416,129.60 | |
| EDVES 2019-A A MTGE 3.58000 11/25/2038 | US | 1,454,668.45 | $1,384,265.46 | |
| EDVES 2021-A A MTGE 1.80000 11/25/2045 | US | 1,773,041.58 | $1,551,748.44 | |
| EXTENDA RETAIL HOLDING FLT 10.08500 03/30/2027 | SE | 34,000,000 | $3,109,044.06 | |
| FCAT 2023-2 A1 5.42000 05/15/2024 | US | 3,500,000 | $3,499,492.96 | |
| FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 | US | 201,162.92 | $212,649.32 | |
| FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 | US | 1,082.42 | $1,074.64 | |
| FEDERAL NATL MTG ASSN AS3878 4.50000 11/01/2044 | US | 324,651.83 | $321,705.88 | |
| FEDERAL NATL MTG ASSN AW5338 4.50000 06/01/2044 | US | 474,381.25 | $466,495.72 | |
| FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 | US | 80,910.35 | $79,904.76 | |
| FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 | US | 108,897.9 | $108,222.64 | |
| FHLM POOL C91359 4.50000 02/01/2031 | US | 69,876.33 | $69,705.17 | |
| FHLM POOL C91746 4.50000 12/01/2033 | US | 153,877.39 | $153,111.01 | |
| FHLM POOL D98711 4.50000 07/01/2031 | US | 208,267.08 | $207,730.44 | |
| FHLM POOL G05900 6.00000 03/01/2040 | US | 35,482.81 | $37,549.64 | |
| FHLM POOL G13331 5.50000 10/01/2023 | US | 42.69 | $42.53 | |
| FHLM POOL MA0115 4.50000 07/01/2029 | US | 24,682.69 | $24,377.79 | |
| FHMS K106 X1 MTGE 1.35401 01/25/2030 | US | 53,720,369.64 | $3,873,086.62 | |
| FLX 2021-1A A2 3.25000 11/27/2051 | US | 4,760,000 | $4,217,360.00 | |
| FNR 2018-31 KP 3.50000 07/25/2047 | US | 68,328.19 | $66,052.80 | |
| FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 | US | 4,480,000 | $4,252,475.27 | |
| FSRIA 2021-FL2 A 6.32543 05/16/2038 | US | 3,000,000 | $2,925,712.20 | |
| GALC 2022-1 A1 4.33500 10/16/2023 | US | 1,003,459.95 | $1,002,270.70 | |
| GAMING INNOVATION GRP FLT 11.76400 06/11/2024 | MT | 10,000,000 | $945,775.40 | |
| GCAT 2022-NQM3 A1 4.34800 04/25/2067 | US | 9,293,558.31 | $8,950,466.81 | |
| GMALT 2021-1 B 0.54000 02/20/2025 | US | 5,690,000 | $5,650,611.20 | |
| GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 | US | 1,200,000 | $1,122,163.01 | |
| GOLDMAN SACH GROUP INC FLT 6.29733 03/15/2024 | US | 7,500,000 | $7,536,513.90 | |
| GOODG 2020-1A MTGE 2.63000 04/15/2055 | US | 3,062,643.69 | $2,579,474.28 | |
| GREENFOOD AB FLT 10.58400 11/04/2025 | SE | 21,250,000 | $1,837,762.69 | |
| GREENIDGE GEN HLD INC | US | 70,000 | $332,500.00 | |
| GSMBS 2021-GRE A6 2.50000 04/25/2052 | US | 5,397,163.32 | $4,656,998.12 | |
| GSMBS 2021-PJ9 A8 2.50000 02/26/2052 | US | 3,343,639.2 | $2,882,080.84 | |
| GSMBS 2022-PJ1 A15 5.00000 05/28/2052 | US | 4,535,326.71 | $4,173,102.41 | |
| GSMBS 2022-PJ3 A24 3.00000 08/25/2052 | US | 9,017,968.61 | $8,063,056.18 | |
| HAWAII ST 2.63200 10/01/2037 | US | 3,905,000 | $2,999,754.26 | |
| HERTZ 2021-1A B 1.56000 12/26/2025 | US | 3,000,000 | $2,800,665.72 | |
| HTS2021-1 A MTGE 1.41100 08/25/2036 | US | 1,750,000 | $1,553,125.00 | |
| HWIRE 2021-1 A2 2.31100 11/20/2051 | US | 3,500,000 | $3,107,784.75 | |
| IIP OPERATING PARTNER 5.50000 05/25/2026 | US | 4,320,000 | $3,700,031.36 | |
| IMPRL 2022-NQM2 3.63800 03/25/2067 | US | 6,820,827.2 | $6,235,037.10 | |
| IMPRL 2022-NQM3 4.38000 05/25/2067 | US | 4,249,607.43 | $4,064,960.46 | |
| IMPRL 2022-NQM4 A1 4.76700 06/25/2067 | US | 9,391,651.97 | $9,099,506.32 | |
| ITALY GOV'T INT BOND 2.37500 10/17/2024 | IT | 4,500,000 | $4,303,972.22 | |
| JOTUL AS FLT 10.66000 10/06/2024 | NO | 23,000,000 | $2,101,539.04 | |
| JPMMT 2014-2 1A1 3.00000 06/25/2029 | US | 315,089.78 | $297,818.00 | |
| JPMMT 2022-INV3 A4B 3.00000 09/25/2052 | US | 6,988,107.34 | $6,205,142.04 | |
| JPN 10Y BOND(OSE) JUN 23 | JP | -105 | -$2,392,123.45 | |
| KEY BANK NA 5.29604 01/03/2024 | US | 5,000,000 | $4,920,875.45 | |
| KREF 2021-FL2 AS MTGE 6.40771 02/15/2039 | US | 3,500,000 | $3,323,222.00 | |
| LCCM 2021-FL2 AS 6.65743 12/13/2038 | US | 2,000,000 | $1,906,384.60 | |
| LCCM 2021-FL2 B 7.00743 12/13/2038 | US | 3,000,000 | $2,838,438.00 | |
| LEGAL BUSINESS SERVICES LLC 9.00000 06/15/2026 | US | 4,000,000 | $3,769,985.88 | |
| LFS 2022-A A MTGE 5.25000 05/15/2034 | US | 4,826,878.47 | $4,670,218.75 | |
| LRK 2019-A A2FX Mtge 2.73000 10/25/2048 | US | 326,712.94 | $318,115.69 | |
| MEDIA AND GAMES INVEST FLT 9.00000 06/21/2026 | SE | 8,000,000 | $8,337,744.43 | |
| MORGAN STANLEY 5.47758 01/25/2024 | US | 5,000,000 | $4,997,425.80 | |
| MRT MID PART/MRT MID FIN 11.50000 02/15/2028 | US | 2,200,000 | $2,073,414.93 | |
| MST 2019-1A A MTGE 3.75000 04/25/2058 | US | 774,877.87 | $736,122.82 | |
| NAROT 2023-A 5.42400 05/15/2024 | US | 3,671,796.68 | $3,667,299.06 | |
| NAVIENT CORP 6.75000 06/25/2025 | US | 1,800,000 | $1,751,472.61 | |
| NAVSL 2014-1 A3 FLT 5.64800 06/25/2031 | US | 3,426,601.16 | $3,296,053.00 | |
| NAVSL 2015-BA A3 6.55743 07/16/2040 | US | 1,701,262.21 | $1,699,941.67 | |
| NAVSL 2017-2A A FLT 6.18800 12/27/2066 | US | 2,979,727.08 | $2,948,267.39 | |
| NAVSL 2020-1A A1B 6.18800 06/25/2069 | US | 2,060,089.04 | $2,031,604.35 | |
| NAVSL 2020-GA A MTGE 1.17000 09/16/2069 | US | 565,566.9 | $500,669.39 | |
| NAVSL 2021-1A A1A 1.31000 12/26/2069 | US | 4,881,412.64 | $4,151,753.63 | |
| NAVSL 2021-A A 0.84000 05/15/2069 | US | 866,413.04 | $759,758.31 | |
| NAVSL 2022-A 2.23000 07/15/2070 | US | 3,357,766 | $2,949,236.75 | |
| NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 | AU | 1,750,000 | $1,574,339.66 | |
| NORTH INVST GROUP FLT 12.62100 05/05/2024 | SE | 23,750,000 | $2,208,489.47 | |
| NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | CA | 5,870,000 | $587.00 | |
| NOVEDO HOLDINGS AB FLT 10.15900 11/26/2024 | SE | 26,250,000 | $2,310,146.35 | |
| NRZT 2014-3A AFX3 3.75000 11/25/2054 | US | 242,130.72 | $221,422.59 | |
| NRZT 2015-2A A1 3.75000 08/25/2055 | US | 344,486.44 | $321,732.49 | |
| NRZT 2019-2A A1 4.25000 12/25/2057 | US | 1,664,876.46 | $1,586,715.01 | |
| NYMT 2022-CP1 A1 2.04240 07/25/2061 | US | 2,109,749.81 | $1,902,641.16 | |
| OASIS 2022-1A A 4.75000 05/15/2034 | US | 1,846,182.73 | $1,820,980.86 | |
| OASIS 2022-2A A 6.85000 10/15/2034 | US | 3,547,638.48 | $3,523,039.86 | |
| OASIS 2023-1A 7.00000 02/15/2035 | US | 2,356,545.41 | $2,338,113.45 | |
| ODFJELL DRILLING LTD 9.25000 05/31/2028 | BM | 4,200,000 | $4,221,000.00 | |
| OXFIN 2019-1A A2 4.45900 02/15/2027 | US | 1,971,962.21 | $1,956,409.15 | |
| OXFIN 2020-1A A2 3.10100 02/15/2028 | US | 3,389,780.08 | $3,357,644.96 | |
| OXFIN 2020-1A B 4.03700 02/15/2028 | US | 1,414,619.55 | $1,388,697.78 | |
| OXFIN 2022-1A 3.60200 02/15/2030 | US | 4,650,000 | $4,271,794.11 | |
| OXFIN 2023-1A A2 6.71600 02/15/2031 | US | 4,430,000 | $4,395,467.71 | |
| PARTS 2023-1A 5.57800 05/15/2024 | US | 3,000,000 | $2,998,947.06 | |
| PEAR 2020-1 A MTGE 3.75000 12/15/2032 | US | 1,257,011.91 | $1,235,202.88 | |
| PEAR 2021-1 A MTGE 2.60000 01/15/2034 | US | 3,755,718.29 | $3,545,692.51 | |
| PEAR 2022-1 A1 6.50000 10/15/2034 | US | 1,204,202.65 | $1,202,288.69 | |
| PEAR 2022-1 A2 7.25000 10/15/2034 | US | 2,500,000 | $2,429,794.50 | |
| PELORUS FUND REIT 7.00000 09/30/2026 | US | 4,345,000 | $4,070,602.65 | |
| PEPSICO INC 3.90000 07/18/2032 | US | 4,000,000 | $3,863,195.60 | |
| PING PETROLEUM UK 12.00000 07/29/2024 | GB | 2,300,000 | $2,129,138.91 | |
| POPULAR INC 6.12500 09/14/2023 | PR | 3,735,000 | $3,716,325.00 | |
| PRIVATE EXPORT FUNDING 3.90000 10/15/2027 | US | 5,000,000 | $4,959,355.10 | |
| RCKT 2021-6 A5 2.50000 12/25/2051 | US | 5,232,412.6 | $4,499,495.12 | |
| RUN 2022-NQM1 A1 4.00000 03/25/2067 | US | 3,224,463.4 | $3,068,983.61 | |
| SABINE PASS LIQUEFACTION 5.75000 05/15/2024 | US | 7,000,000 | $6,985,815.06 | |
| SALTT 2021-1A AA 2.30100 02/28/2033 | US | 820,811.74 | $754,391.65 | |
| SBA TOWER TRUST 1.88400 01/15/2026 | US | 2,750,000 | $2,483,600.08 | |
| SBA TOWER TRUST 2.83600 01/15/2025 | US | 3,500,000 | $3,322,856.60 | |
| SBA TOWER TRUST 6.59900 01/15/2028 | US | 6,110,000 | $6,322,794.19 | |
| SCML 2019-SBC8 2.86000 04/25/2041 | US | 2,098,865.85 | $1,934,830.04 | |
| SDART 2020-3 C 1.12000 01/15/2026 | US | 612,087.7 | $610,969.45 | |
| SDART 2020-4 C 1.01000 01/15/2026 | US | 1,177,103.32 | $1,170,101.06 | |
| SDART 2023 - 4 B 0.88000 06/15/2026 | US | 3,594,419.05 | $3,544,746.62 | |
| SEMT 2013-2 1.87400 02/25/2043 | US | 120,120.37 | $104,645.37 | |
| SEMT 2013-6 A2 3.00000 05/25/2043 | US | 1,264,680.12 | $1,089,117.40 | |
| SEMT 2013-7 A2 3.00000 06/25/2043 | US | 119,220.69 | $105,404.16 | |
| SEMT 2013-8 A1 3.00000 06/25/2043 | US | 141,598.24 | $125,743.28 | |
| SIDC 2021-1A A2 MTGE 1.87700 03/26/2046 | US | 3,400,000 | $3,013,366.48 | |
| SIMON PROPERTY GROUP LP 2.65000 02/01/2032 | US | 5,500,000 | $4,468,944.87 | |
| SLAM 2021-1A A MTGE 2.43400 06/15/2046 | US | 5,633,280 | $4,957,286.40 | |
| SMB 2019-B A2A 2.84000 06/15/2037 | US | 2,266,377.92 | $2,092,481.62 | |
| SMB 2020-BA A1A 1.29000 07/15/2053 | US | 1,323,237.5 | $1,156,199.37 | |
| SORT 2020-1 A1 MTGE 1.69000 07/15/2060 | US | 3,687,753.21 | $3,330,537.15 | |
| SORT 2020-1 B1 2.28000 07/15/2060 | US | 1,798,904 | $1,615,568.88 | |
| SOUTHWEST AIRLINES CO 5.25000 05/04/2025 | US | 3,000,000 | $2,987,408.07 | |
| SRPT 2014-STAR A FLTG RATE 6.57800 11/15/2027 | US | 1,777,114.94 | $1,297,269.08 | |
| STEAM 2021-3 A MTGE 2.21000 06/28/2051 | US | 5,512,028.63 | $4,784,104.45 | |
| STR 2019-1 A1 MTGE 2.82000 11/20/2049 | US | 2,378,335.79 | $2,161,016.07 | |
| SYNCHRONOSS TECH | US | 98,948 | $1,830,538.00 | |
| TAH 2020-SFR1 C 2.24900 07/17/2038 | US | 2,500,000 | $2,234,877.30 | |
| TCF 2021-1A 1.86000 03/20/2046 | US | 5,384,500 | $4,611,119.42 | |
| TENCENT HOLDINGS 3.97500 04/11/2029 | KY | 6,650,000 | $6,266,528.22 | |
| TMCL 2021-A1 A 1.68000 02/20/2046 | BM | 5,412,000 | $4,639,245.69 | |
| TPMT 2016-5 A1 2.50000 10/25/2056 | US | 109,853.26 | $107,910.16 | |
| TPMT 2017-1 A1 2.75000 10/25/2056 | US | 326,656.68 | $321,203.57 | |
| TPMT 2018-2 A1 3.25000 03/25/2058 | US | 495,635.69 | $473,894.28 | |
| TPMT 2019-HY1 A1 6.13800 10/25/2048 | US | 1,155,452.59 | $1,145,161.44 | |
| TREASURY NOTE 2.25000 11/15/2027 | US | 44,305,000 | $41,442,481.86 | |
| TRL 2020-1A A 1.96000 10/17/2050 | US | 2,058,460.11 | $1,824,796.19 | |
| TRL 2021-1A A MTGE 2.26000 07/19/2051 | US | 1,856,248.32 | $1,581,563.24 | |
| TRP 2021-1 A MTGE 2.07000 06/19/2051 | US | 2,895,963.68 | $2,510,812.24 | |
| UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 | US | 3,393,500.85 | $3,193,958.22 | |
| UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 | US | 3,366,630.2 | $3,036,542.51 | |
| US 10YR ULTRA FUT | US | -440 | -$351,538.00 | |
| US 2YR NOTE (CBT) | US | 1,050 | -$182,483.70 | |
| US CLAIMS LIT FNDG LLC 10.25000 03/17/2028 | US | 1,375,000 | $1,316,112.99 | |
| US TREASURY N/B 0.12500 08/31/2023 | US | 21,400,000 | $21,121,632.87 | |
| US TREASURY N/B 0.37500 08/15/2024 | US | 10,460,000 | $9,898,183.57 | |
| US TREASURY N/B 1.12500 01/15/2025 | US | 43,875,000 | $41,458,447.49 | |
| US TREASURY N/B 2.75000 02/15/2028 | US | 26,155,000 | $24,961,678.13 | |
| US TREASURY N/B 2.87500 05/15/2028 | US | 68,425,000 | $65,602,468.75 | |
| US TREASURY N/B 2.87500 08/15/2028 | US | 25,475,000 | $24,372,410.16 | |
| US TREASURY N/B 3.12500 11/15/2028 | US | 25,385,000 | $24,561,970.83 | |
| VBTOW 2020-2A A 2.63600 09/15/2050 | US | 4,000,000 | $3,675,483.60 | |
| VDC 2020-1A A2 1.64500 09/15/2045 | US | 6,500,000 | $5,845,980.60 | |
| VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 | US | 3,500,000 | $3,385,505.03 | |
| WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 | US | 4,500,000 | $4,111,807.55 | |
| WARNERMEDIA HOLDINGS INC FLT 6.68731 03/15/2024 | US | 7,500,000 | $7,492,578.98 | |
| WIN 2015-1 A1 3.50000 01/20/2045 | US | 70,874.14 | $64,624.00 | |
| ZITON AS 12.95900 06/09/2028 | DK | 4,000,000 | $4,275,600.00 |
Investments will change over time.
A Word About Risk
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.
Daily Price
$9.69
Daily $ Change
-$0.01
Daily % Change
-$0.10
as of 06/07/2023
Ticker
EXCPX
CUSIP
563821206
Inception Date
04/21/2005
Investment Minimum
$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.
Important Documents
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Applications & Forms | |
| Fact Sheet | |
| XBRL-05/14/18 | |
| N-Port Part F Reports |
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
YTD
2.10%
1 Year
0.48%
3 Year
1.88%
5 Year
2.14%
10 Year
1.88%
Inception
(04/21/2005)
3.87%
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.
Expense Ratio
| Gross | 0.73% |
*Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee.
| TREASURY NOTES | 32.70% |
| CPS 2021-C 1.21000 06/15/2027 | 1.35% |
| ALEXANDER FUNDING TRUST 1.84100 11/15/2023 | 1.26% |
| IMPRL 2022-NQM4 A1 4.76700 06/25/2067 | 1.17% |
| GCAT 2022-NQM3 A1 4.34800 04/25/2067 | 1.15% |
| MEDIA AND GAMES INVEST FLT 9.00000 06/21/2026 | 1.08% |
| GSMBS 2022-PJ3 A24 3.00000 08/25/2052 | 1.04% |
| GOLDMAN SACH GROUP INC FLT 6.29733 03/15/2024 | 0.97% |
| WARNERMEDIA HOLDINGS INC FLT 6.68731 03/15/2024 | 0.97% |
| CAALT 2022 4.60000 06/15/2032 | 0.93% |
Top Ten Investments list is unaudited and excludes cash.
| Treasury | 31.33% | |
| Government | 0.53% | |
| Cash | 4.13% | |
| Corporate | 21.34% | |
| Mortgage | 41.83% | |
| Other | 0.84% |
| AAA | 52.65% | |
| AA | 1.09% | |
| A | 13.50% | |
| BBB | 8.17% | |
| BB | 0.68% | |
| B | 1.02% | |
| CCC | 0.26% | |
| D | 0.16% | |
| NR | 22.47% |
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.
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| 2019- SFR4 CLASS A 2.68700 10/17/2036 | US | 3,790,781.75 | $3,632,138.48 | |
| ADC 2021-1A A2 1.93700 08/15/2046 | US | 4,500,000 | $3,972,369.69 | |
| AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 | IE | 1,970,000 | $1,707,905.29 | |
| ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 | US | 3,611,109.72 | $3,660,462.97 | |
| ALEXANDER FUNDING TRUST 1.84100 11/15/2023 | US | 10,000,000 | $9,743,058.40 | |
| ALIBABA GROUP HOLDING 4.00000 12/06/2037 | KY | 3,210,000 | $2,718,909.64 | |
| AMAZON.COM INC 3.30000 04/13/2027 | US | 4,000,000 | $3,857,534.00 | |
| AMERICAN TANKER INC 7.75000 07/02/2025 | US | 6,560,000 | $6,304,229.86 | |
| ARGO BLOCKCHAIN PLC | GB | 71,086 | $426,516.00 | |
| ASHTEAD CAPITAL INC 4.00000 05/01/2028 | US | 1,500,000 | $1,389,870.92 | |
| BABS 2021-RM2 A 1.75000 10/25/2061 | US | 2,572,547.86 | $2,249,626.22 | |
| BANK OF AMERICA CORP 5.62629 09/15/2026 | US | 3,561,000 | $3,495,653.26 | |
| BANK ONE CORP 8.00000 04/29/2027 | US | 3,000,000 | $3,325,011.15 | |
| BDS 2021-FL8 B MTGE 6.46129 01/18/2036 | KY | 3,000,000 | $2,876,281.50 | |
| BJETS 2021-1A A 2.16200 04/15/2036 | US | 3,419,151.7 | $3,145,653.76 | |
| BNSF FUNDING TRUST I 6.61300 12/15/2055 | US | 1,500,000 | $1,441,495.16 | |
| BRAVO 2019-2 3.50000 10/25/2044 | US | 3,132,654.26 | $2,946,207.14 | |
| BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 | AE | 8,125,334 | $6,980,947.66 | |
| BRSP 2021-FL1 A 6.33774 08/19/2038 | US | 3,000,000 | $2,898,825.00 | |
| CAALT 2020-3A A 1.24000 10/15/2029 | US | 2,347,270.96 | $2,321,665.33 | |
| CAALT 2021-2A A 1.64000 06/17/2030 | US | 3,800,000 | $3,523,922.51 | |
| CAALT 2021-3A C MTGE 1.63000 09/16/2030 | US | 3,000,000 | $2,769,725.13 | |
| CAALT 2022 4.60000 06/15/2032 | US | 7,400,000 | $7,208,431.46 | |
| CABONLINE GROUP HOLD FLT 13.01400 04/19/2026 | SE | 17,500,000 | $1,441,606.53 | |
| CAFL 2019-3 A 2.70500 10/15/2052 | US | 1,783,471.25 | $1,683,359.84 | |
| CAFL 2020-3 A 1.35800 08/15/2053 | US | 922,923.82 | $839,347.81 | |
| CAFL 2020-4 A MTGE 1.17400 12/15/2052 | US | 962,148.34 | $874,209.49 | |
| CALDERYS FINANCING LLC 11.25000 06/01/2028 | US | 4,000,000 | $4,052,200.00 | |
| CARMX 2020-4 A3 0.50000 08/15/2025 | US | 4,530,685.53 | $4,415,857.07 | |
| CARMX 2023-2 5.50800 05/15/2024 | US | 2,989,763.75 | $2,986,519.86 | |
| CASL 2021-A A2 1.60000 07/25/2051 | US | 1,689,955.86 | $1,471,856.49 | |
| CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 | US | 1,835,376.91 | $1,666,421.11 | |
| CENOVUS ENERGY INC 6.75000 11/15/2039 | CA | 1,579,000 | $1,652,974.52 | |
| CIM 2019-INV1 A1 4.00000 02/25/2049 | US | 74,531.31 | $72,260.66 | |
| CNH 2023-A 5.42500 05/15/2024 | US | 2,141,674.1 | $2,136,417.06 | |
| COLO 2021-1A A2 MTGE 2.06000 02/27/2051 | US | 5,200,000 | $4,613,134.60 | |
| COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 | US | 3,345,000 | $3,141,102.11 | |
| COLONY AMERICAN FINANCE LTD 3.32400 03/15/2052 | US | 478,053.34 | $471,572.51 | |
| CPS 2021-C 1.21000 06/15/2027 | US | 10,720,000 | $10,469,388.59 | |
| CROWN CASTLE INTL CORP 3.15000 07/15/2023 | US | 3,615,000 | $3,603,243.33 | |
| CRVNA 2020-P1 A4 0.61000 10/08/2026 | US | 5,788,000 | $5,489,220.78 | |
| CSMC 2013-TH1 A1 2.13000 02/25/2043 | US | 112,943.2 | $95,697.25 | |
| DNRFA 2021- 1A A MTGE 1.76000 04/15/2049 | US | 5,000,000 | $4,288,943.50 | |
| DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 | US | 2,850,000 | $2,541,251.78 | |
| DREYFUS GVT CSH MANAGEMENT | US | 33,416,129.6 | $33,416,129.60 | |
| EDVES 2019-A A MTGE 3.58000 11/25/2038 | US | 1,454,668.45 | $1,384,265.46 | |
| EDVES 2021-A A MTGE 1.80000 11/25/2045 | US | 1,773,041.58 | $1,551,748.44 | |
| EXTENDA RETAIL HOLDING FLT 10.08500 03/30/2027 | SE | 34,000,000 | $3,109,044.06 | |
| FCAT 2023-2 A1 5.42000 05/15/2024 | US | 3,500,000 | $3,499,492.96 | |
| FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 | US | 201,162.92 | $212,649.32 | |
| FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 | US | 1,082.42 | $1,074.64 | |
| FEDERAL NATL MTG ASSN AS3878 4.50000 11/01/2044 | US | 324,651.83 | $321,705.88 | |
| FEDERAL NATL MTG ASSN AW5338 4.50000 06/01/2044 | US | 474,381.25 | $466,495.72 | |
| FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 | US | 80,910.35 | $79,904.76 | |
| FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 | US | 108,897.9 | $108,222.64 | |
| FHLM POOL C91359 4.50000 02/01/2031 | US | 69,876.33 | $69,705.17 | |
| FHLM POOL C91746 4.50000 12/01/2033 | US | 153,877.39 | $153,111.01 | |
| FHLM POOL D98711 4.50000 07/01/2031 | US | 208,267.08 | $207,730.44 | |
| FHLM POOL G05900 6.00000 03/01/2040 | US | 35,482.81 | $37,549.64 | |
| FHLM POOL G13331 5.50000 10/01/2023 | US | 42.69 | $42.53 | |
| FHLM POOL MA0115 4.50000 07/01/2029 | US | 24,682.69 | $24,377.79 | |
| FHMS K106 X1 MTGE 1.35401 01/25/2030 | US | 53,720,369.64 | $3,873,086.62 | |
| FLX 2021-1A A2 3.25000 11/27/2051 | US | 4,760,000 | $4,217,360.00 | |
| FNR 2018-31 KP 3.50000 07/25/2047 | US | 68,328.19 | $66,052.80 | |
| FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 | US | 4,480,000 | $4,252,475.27 | |
| FSRIA 2021-FL2 A 6.32543 05/16/2038 | US | 3,000,000 | $2,925,712.20 | |
| GALC 2022-1 A1 4.33500 10/16/2023 | US | 1,003,459.95 | $1,002,270.70 | |
| GAMING INNOVATION GRP FLT 11.76400 06/11/2024 | MT | 10,000,000 | $945,775.40 | |
| GCAT 2022-NQM3 A1 4.34800 04/25/2067 | US | 9,293,558.31 | $8,950,466.81 | |
| GMALT 2021-1 B 0.54000 02/20/2025 | US | 5,690,000 | $5,650,611.20 | |
| GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 | US | 1,200,000 | $1,122,163.01 | |
| GOLDMAN SACH GROUP INC FLT 6.29733 03/15/2024 | US | 7,500,000 | $7,536,513.90 | |
| GOODG 2020-1A MTGE 2.63000 04/15/2055 | US | 3,062,643.69 | $2,579,474.28 | |
| GREENFOOD AB FLT 10.58400 11/04/2025 | SE | 21,250,000 | $1,837,762.69 | |
| GREENIDGE GEN HLD INC | US | 70,000 | $332,500.00 | |
| GSMBS 2021-GRE A6 2.50000 04/25/2052 | US | 5,397,163.32 | $4,656,998.12 | |
| GSMBS 2021-PJ9 A8 2.50000 02/26/2052 | US | 3,343,639.2 | $2,882,080.84 | |
| GSMBS 2022-PJ1 A15 5.00000 05/28/2052 | US | 4,535,326.71 | $4,173,102.41 | |
| GSMBS 2022-PJ3 A24 3.00000 08/25/2052 | US | 9,017,968.61 | $8,063,056.18 | |
| HAWAII ST 2.63200 10/01/2037 | US | 3,905,000 | $2,999,754.26 | |
| HERTZ 2021-1A B 1.56000 12/26/2025 | US | 3,000,000 | $2,800,665.72 | |
| HTS2021-1 A MTGE 1.41100 08/25/2036 | US | 1,750,000 | $1,553,125.00 | |
| HWIRE 2021-1 A2 2.31100 11/20/2051 | US | 3,500,000 | $3,107,784.75 | |
| IIP OPERATING PARTNER 5.50000 05/25/2026 | US | 4,320,000 | $3,700,031.36 | |
| IMPRL 2022-NQM2 3.63800 03/25/2067 | US | 6,820,827.2 | $6,235,037.10 | |
| IMPRL 2022-NQM3 4.38000 05/25/2067 | US | 4,249,607.43 | $4,064,960.46 | |
| IMPRL 2022-NQM4 A1 4.76700 06/25/2067 | US | 9,391,651.97 | $9,099,506.32 | |
| ITALY GOV'T INT BOND 2.37500 10/17/2024 | IT | 4,500,000 | $4,303,972.22 | |
| JOTUL AS FLT 10.66000 10/06/2024 | NO | 23,000,000 | $2,101,539.04 | |
| JPMMT 2014-2 1A1 3.00000 06/25/2029 | US | 315,089.78 | $297,818.00 | |
| JPMMT 2022-INV3 A4B 3.00000 09/25/2052 | US | 6,988,107.34 | $6,205,142.04 | |
| JPN 10Y BOND(OSE) JUN 23 | JP | -105 | -$2,392,123.45 | |
| KEY BANK NA 5.29604 01/03/2024 | US | 5,000,000 | $4,920,875.45 | |
| KREF 2021-FL2 AS MTGE 6.40771 02/15/2039 | US | 3,500,000 | $3,323,222.00 | |
| LCCM 2021-FL2 AS 6.65743 12/13/2038 | US | 2,000,000 | $1,906,384.60 | |
| LCCM 2021-FL2 B 7.00743 12/13/2038 | US | 3,000,000 | $2,838,438.00 | |
| LEGAL BUSINESS SERVICES LLC 9.00000 06/15/2026 | US | 4,000,000 | $3,769,985.88 | |
| LFS 2022-A A MTGE 5.25000 05/15/2034 | US | 4,826,878.47 | $4,670,218.75 | |
| LRK 2019-A A2FX Mtge 2.73000 10/25/2048 | US | 326,712.94 | $318,115.69 | |
| MEDIA AND GAMES INVEST FLT 9.00000 06/21/2026 | SE | 8,000,000 | $8,337,744.43 | |
| MORGAN STANLEY 5.47758 01/25/2024 | US | 5,000,000 | $4,997,425.80 | |
| MRT MID PART/MRT MID FIN 11.50000 02/15/2028 | US | 2,200,000 | $2,073,414.93 | |
| MST 2019-1A A MTGE 3.75000 04/25/2058 | US | 774,877.87 | $736,122.82 | |
| NAROT 2023-A 5.42400 05/15/2024 | US | 3,671,796.68 | $3,667,299.06 | |
| NAVIENT CORP 6.75000 06/25/2025 | US | 1,800,000 | $1,751,472.61 | |
| NAVSL 2014-1 A3 FLT 5.64800 06/25/2031 | US | 3,426,601.16 | $3,296,053.00 | |
| NAVSL 2015-BA A3 6.55743 07/16/2040 | US | 1,701,262.21 | $1,699,941.67 | |
| NAVSL 2017-2A A FLT 6.18800 12/27/2066 | US | 2,979,727.08 | $2,948,267.39 | |
| NAVSL 2020-1A A1B 6.18800 06/25/2069 | US | 2,060,089.04 | $2,031,604.35 | |
| NAVSL 2020-GA A MTGE 1.17000 09/16/2069 | US | 565,566.9 | $500,669.39 | |
| NAVSL 2021-1A A1A 1.31000 12/26/2069 | US | 4,881,412.64 | $4,151,753.63 | |
| NAVSL 2021-A A 0.84000 05/15/2069 | US | 866,413.04 | $759,758.31 | |
| NAVSL 2022-A 2.23000 07/15/2070 | US | 3,357,766 | $2,949,236.75 | |
| NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 | AU | 1,750,000 | $1,574,339.66 | |
| NORTH INVST GROUP FLT 12.62100 05/05/2024 | SE | 23,750,000 | $2,208,489.47 | |
| NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | CA | 5,870,000 | $587.00 | |
| NOVEDO HOLDINGS AB FLT 10.15900 11/26/2024 | SE | 26,250,000 | $2,310,146.35 | |
| NRZT 2014-3A AFX3 3.75000 11/25/2054 | US | 242,130.72 | $221,422.59 | |
| NRZT 2015-2A A1 3.75000 08/25/2055 | US | 344,486.44 | $321,732.49 | |
| NRZT 2019-2A A1 4.25000 12/25/2057 | US | 1,664,876.46 | $1,586,715.01 | |
| NYMT 2022-CP1 A1 2.04240 07/25/2061 | US | 2,109,749.81 | $1,902,641.16 | |
| OASIS 2022-1A A 4.75000 05/15/2034 | US | 1,846,182.73 | $1,820,980.86 | |
| OASIS 2022-2A A 6.85000 10/15/2034 | US | 3,547,638.48 | $3,523,039.86 | |
| OASIS 2023-1A 7.00000 02/15/2035 | US | 2,356,545.41 | $2,338,113.45 | |
| ODFJELL DRILLING LTD 9.25000 05/31/2028 | BM | 4,200,000 | $4,221,000.00 | |
| OXFIN 2019-1A A2 4.45900 02/15/2027 | US | 1,971,962.21 | $1,956,409.15 | |
| OXFIN 2020-1A A2 3.10100 02/15/2028 | US | 3,389,780.08 | $3,357,644.96 | |
| OXFIN 2020-1A B 4.03700 02/15/2028 | US | 1,414,619.55 | $1,388,697.78 | |
| OXFIN 2022-1A 3.60200 02/15/2030 | US | 4,650,000 | $4,271,794.11 | |
| OXFIN 2023-1A A2 6.71600 02/15/2031 | US | 4,430,000 | $4,395,467.71 | |
| PARTS 2023-1A 5.57800 05/15/2024 | US | 3,000,000 | $2,998,947.06 | |
| PEAR 2020-1 A MTGE 3.75000 12/15/2032 | US | 1,257,011.91 | $1,235,202.88 | |
| PEAR 2021-1 A MTGE 2.60000 01/15/2034 | US | 3,755,718.29 | $3,545,692.51 | |
| PEAR 2022-1 A1 6.50000 10/15/2034 | US | 1,204,202.65 | $1,202,288.69 | |
| PEAR 2022-1 A2 7.25000 10/15/2034 | US | 2,500,000 | $2,429,794.50 | |
| PELORUS FUND REIT 7.00000 09/30/2026 | US | 4,345,000 | $4,070,602.65 | |
| PEPSICO INC 3.90000 07/18/2032 | US | 4,000,000 | $3,863,195.60 | |
| PING PETROLEUM UK 12.00000 07/29/2024 | GB | 2,300,000 | $2,129,138.91 | |
| POPULAR INC 6.12500 09/14/2023 | PR | 3,735,000 | $3,716,325.00 | |
| PRIVATE EXPORT FUNDING 3.90000 10/15/2027 | US | 5,000,000 | $4,959,355.10 | |
| RCKT 2021-6 A5 2.50000 12/25/2051 | US | 5,232,412.6 | $4,499,495.12 | |
| RUN 2022-NQM1 A1 4.00000 03/25/2067 | US | 3,224,463.4 | $3,068,983.61 | |
| SABINE PASS LIQUEFACTION 5.75000 05/15/2024 | US | 7,000,000 | $6,985,815.06 | |
| SALTT 2021-1A AA 2.30100 02/28/2033 | US | 820,811.74 | $754,391.65 | |
| SBA TOWER TRUST 1.88400 01/15/2026 | US | 2,750,000 | $2,483,600.08 | |
| SBA TOWER TRUST 2.83600 01/15/2025 | US | 3,500,000 | $3,322,856.60 | |
| SBA TOWER TRUST 6.59900 01/15/2028 | US | 6,110,000 | $6,322,794.19 | |
| SCML 2019-SBC8 2.86000 04/25/2041 | US | 2,098,865.85 | $1,934,830.04 | |
| SDART 2020-3 C 1.12000 01/15/2026 | US | 612,087.7 | $610,969.45 | |
| SDART 2020-4 C 1.01000 01/15/2026 | US | 1,177,103.32 | $1,170,101.06 | |
| SDART 2023 - 4 B 0.88000 06/15/2026 | US | 3,594,419.05 | $3,544,746.62 | |
| SEMT 2013-2 1.87400 02/25/2043 | US | 120,120.37 | $104,645.37 | |
| SEMT 2013-6 A2 3.00000 05/25/2043 | US | 1,264,680.12 | $1,089,117.40 | |
| SEMT 2013-7 A2 3.00000 06/25/2043 | US | 119,220.69 | $105,404.16 | |
| SEMT 2013-8 A1 3.00000 06/25/2043 | US | 141,598.24 | $125,743.28 | |
| SIDC 2021-1A A2 MTGE 1.87700 03/26/2046 | US | 3,400,000 | $3,013,366.48 | |
| SIMON PROPERTY GROUP LP 2.65000 02/01/2032 | US | 5,500,000 | $4,468,944.87 | |
| SLAM 2021-1A A MTGE 2.43400 06/15/2046 | US | 5,633,280 | $4,957,286.40 | |
| SMB 2019-B A2A 2.84000 06/15/2037 | US | 2,266,377.92 | $2,092,481.62 | |
| SMB 2020-BA A1A 1.29000 07/15/2053 | US | 1,323,237.5 | $1,156,199.37 | |
| SORT 2020-1 A1 MTGE 1.69000 07/15/2060 | US | 3,687,753.21 | $3,330,537.15 | |
| SORT 2020-1 B1 2.28000 07/15/2060 | US | 1,798,904 | $1,615,568.88 | |
| SOUTHWEST AIRLINES CO 5.25000 05/04/2025 | US | 3,000,000 | $2,987,408.07 | |
| SRPT 2014-STAR A FLTG RATE 6.57800 11/15/2027 | US | 1,777,114.94 | $1,297,269.08 | |
| STEAM 2021-3 A MTGE 2.21000 06/28/2051 | US | 5,512,028.63 | $4,784,104.45 | |
| STR 2019-1 A1 MTGE 2.82000 11/20/2049 | US | 2,378,335.79 | $2,161,016.07 | |
| SYNCHRONOSS TECH | US | 98,948 | $1,830,538.00 | |
| TAH 2020-SFR1 C 2.24900 07/17/2038 | US | 2,500,000 | $2,234,877.30 | |
| TCF 2021-1A 1.86000 03/20/2046 | US | 5,384,500 | $4,611,119.42 | |
| TENCENT HOLDINGS 3.97500 04/11/2029 | KY | 6,650,000 | $6,266,528.22 | |
| TMCL 2021-A1 A 1.68000 02/20/2046 | BM | 5,412,000 | $4,639,245.69 | |
| TPMT 2016-5 A1 2.50000 10/25/2056 | US | 109,853.26 | $107,910.16 | |
| TPMT 2017-1 A1 2.75000 10/25/2056 | US | 326,656.68 | $321,203.57 | |
| TPMT 2018-2 A1 3.25000 03/25/2058 | US | 495,635.69 | $473,894.28 | |
| TPMT 2019-HY1 A1 6.13800 10/25/2048 | US | 1,155,452.59 | $1,145,161.44 | |
| TREASURY NOTE 2.25000 11/15/2027 | US | 44,305,000 | $41,442,481.86 | |
| TRL 2020-1A A 1.96000 10/17/2050 | US | 2,058,460.11 | $1,824,796.19 | |
| TRL 2021-1A A MTGE 2.26000 07/19/2051 | US | 1,856,248.32 | $1,581,563.24 | |
| TRP 2021-1 A MTGE 2.07000 06/19/2051 | US | 2,895,963.68 | $2,510,812.24 | |
| UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 | US | 3,393,500.85 | $3,193,958.22 | |
| UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 | US | 3,366,630.2 | $3,036,542.51 | |
| US 10YR ULTRA FUT | US | -440 | -$351,538.00 | |
| US 2YR NOTE (CBT) | US | 1,050 | -$182,483.70 | |
| US CLAIMS LIT FNDG LLC 10.25000 03/17/2028 | US | 1,375,000 | $1,316,112.99 | |
| US TREASURY N/B 0.12500 08/31/2023 | US | 21,400,000 | $21,121,632.87 | |
| US TREASURY N/B 0.37500 08/15/2024 | US | 10,460,000 | $9,898,183.57 | |
| US TREASURY N/B 1.12500 01/15/2025 | US | 43,875,000 | $41,458,447.49 | |
| US TREASURY N/B 2.75000 02/15/2028 | US | 26,155,000 | $24,961,678.13 | |
| US TREASURY N/B 2.87500 05/15/2028 | US | 68,425,000 | $65,602,468.75 | |
| US TREASURY N/B 2.87500 08/15/2028 | US | 25,475,000 | $24,372,410.16 | |
| US TREASURY N/B 3.12500 11/15/2028 | US | 25,385,000 | $24,561,970.83 | |
| VBTOW 2020-2A A 2.63600 09/15/2050 | US | 4,000,000 | $3,675,483.60 | |
| VDC 2020-1A A2 1.64500 09/15/2045 | US | 6,500,000 | $5,845,980.60 | |
| VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 | US | 3,500,000 | $3,385,505.03 | |
| WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 | US | 4,500,000 | $4,111,807.55 | |
| WARNERMEDIA HOLDINGS INC FLT 6.68731 03/15/2024 | US | 7,500,000 | $7,492,578.98 | |
| WIN 2015-1 A1 3.50000 01/20/2045 | US | 70,874.14 | $64,624.00 | |
| ZITON AS 12.95900 06/09/2028 | DK | 4,000,000 | $4,275,600.00 |
Investments will change over time.
Distributions
A Word About Risk
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.