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To provide long-term total return, with a secondary objective of providing preservation of capital.
Under normal circumstances, at least 80% of the Series’ assets will be invested in bonds and other financial instruments with economic characteristics similar to bonds.
Up to 50% of the Series may be invested in below investment-grade securities and up to 50% may be invested in non-U.S. dollar denominated securities, including securities issued by companies located in emerging markets. Derivatives such as futures, options, swaps, and forwards may be used to manage interest rate exposure, enhance duration management, or hedge currency exposure, for example.
While there are no maturity or duration restrictions, the Series’ duration is expected to range between -3 and 8 years.
$9.85
$0.01
0.10%
as of 02/02/2023
EXCPX
563821206
04/21/2005
$2,000.00
Investment minimum may be waived for certain qualified retirement plans, participants in an automatic investment program, and discretionary investment accounts of the Advisor.
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Fact Sheet | --- |
| Applications & Forms | |
| N-Port Part F Reports |
As of 12/31/2022
---
-6.71%
0.96%
1.61%
1.75%
3.84%
Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.
| Gross | 0.74%* |
*Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee.
As of 12/31/2022
| TREASURY NOTES | 22.22% |
| ALEXANDER FUNDING TRUST 1.84100 11/15/2023 | 1.25% |
| IMPRL 2022-NQM4 A1 4.76700 06/25/2067 | 1.24% |
| GCAT 2022-NQM3 A1 4.34800 04/25/2067 | 1.19% |
| GSMBS 2022-PJ3 A24 3.00000 08/25/2052 | 1.08% |
| MEDIA AND GAMES INVEST FLT 8.31300 06/21/2026 | 1.06% |
| SEASPAN CORP 6.50000 02/05/2024 | 0.99% |
| GOLDMAN SACH GROUP INC FLT 5.65799 03/15/2024 | 0.99% |
| MAGALLANES INC FLT 6.04799 03/15/2024 | 0.99% |
| QUEBECOR MEDIA INC 5.75000 01/15/2023 | 0.98% |
Top Ten Investments list is unaudited and excludes cash.
As of 12/31/2022
| Treasury | 21.11% |
| Government | 0.75% |
| Cash | 6.10% |
| Corporate | 28.14% |
| Mortgage | 43.01% |
| Other | 0.89% |
As of 12/31/2022
| AAA | 43.81% |
| AA | 1.09% |
| A | 14.77% |
| BBB | 11.69% |
| BB | 3.97% |
| B | 0.92% |
| D | 0.15% |
| NR | 23.60% |
Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Not Rated (NR) is used to classify securities for which a rating is not available. Credit quality ratings for each issue are obtained from Bloomberg using ratings derived from Moody’s Investors Services (Moody’s) or Standard & Poor’s. When ratings from Moody’s are not available, ratings from Standard & Poor’s are used.
As of 12/31/2022
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 | IE | 1,970,000 | $1,655,888.11 | |
| ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 | US | 4,178,617.18 | $4,199,134.61 | |
| ALEXANDER FUNDING TRUST 1.84100 11/15/2023 | US | 10,000,000 | $9,473,275.50 | |
| ALIBABA GROUP HOLDING 4.00000 12/06/2037 | KY | 3,210,000 | $2,702,101.31 | |
| ADC 2021-1A A2 1.93700 08/15/2046 | US | 4,500,000 | $3,830,246.78 | |
| AMAZON.COM INC 3.30000 04/13/2027 | US | 4,000,000 | $3,802,572.36 | |
| ARBOR REALTY TRUST INC 8.00000 04/30/2023 | US | 3,555,000 | $3,554,503.58 | |
| ARGO BLOCKCHAIN PLC | GB | 71,086 | $216,812.30 | |
| ASHTEAD CAPITAL INC 4.00000 05/01/2028 | US | 1,500,000 | $1,365,428.94 | |
| AESOP 2017 2A A 2.97000 03/20/2024 | US | 4,000,000 | $3,988,262.32 | |
| BDS 2021-FL8 B MTGE 5.68914 01/18/2036 | KY | 3,000,000 | $2,845,817.70 | |
| BNSF FUNDING TRUST I 6.61300 12/15/2055 | US | 1,500,000 | $1,414,843.07 | |
| BRSP 2021-FL1 A 5.48914 08/19/2038 | US | 3,000,000 | $2,892,473.40 | |
| BANK ONE CORP 8.00000 04/29/2027 | US | 3,000,000 | $3,358,787.58 | |
| BANK OF AMERICA CORP 3.55000 03/05/2024 | US | 3,000,000 | $2,988,792.75 | |
| BLACKSTONE SECURED LEND 2.75000 09/16/2026 | US | 1,239,000 | $1,087,689.10 | |
| BRAVO 2019-2 3.50000 10/25/2044 | US | 3,456,172.48 | $3,201,676.53 | |
| BABS 2021-RM2 A 1.75000 10/25/2061 | US | 2,599,070.38 | $2,270,634.69 | |
| BJETS 2021-1A A 2.16200 04/15/2036 | US | 3,966,268.3 | $3,482,596.16 | |
| JONAH ENERGY PARENT LLC | US | 85,915 | $5,346,490.45 | |
| SORT 2020-1 A1 MTGE 1.69000 07/15/2060 | US | 3,724,037.73 | $3,326,575.65 | |
| SORT 2020-1 B1 2.28000 07/15/2060 | US | 1,816,603.77 | $1,586,676.23 | |
| CIM 2019-INV1 A1 4.00000 02/25/2049 | US | 83,503.73 | $79,845.80 | |
| CLIF 2021-1A A MTGE 1.64000 02/18/2046 | US | 5,446,302.45 | $4,636,019.82 | |
| CAMPBELL SOUP CO 3.65000 03/15/2023 | US | 4,680,000 | $4,667,620.74 | |
| CARMX 2020-4 A3 0.50000 08/15/2025 | US | 6,808,183.59 | $6,610,729.18 | |
| CARRINGTON HOLDING CO LL 8.00000 01/01/2026 | US | 3,500,000 | $3,385,294.08 | |
| CRVNA 2020-P1 A4 0.61000 10/08/2026 | US | 5,788,000 | $5,376,090.27 | |
| CENOVUS ENERGY INC 6.75000 11/15/2039 | CA | 1,579,000 | $1,644,276.79 | |
| CHAOT 2022-AA A1 2.98300 08/25/2023 | US | 1,992,635.82 | $1,990,161.70 | |
| CASL 2021-A A2 1.60000 07/25/2051 | US | 1,793,026.73 | $1,528,307.15 | |
| CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 | US | 1,970,790.13 | $1,796,015.85 | |
| COLONY AMERICAN FINANCE LTD 3.32400 03/15/2052 | US | 569,492.75 | $557,381.29 | |
| CAFL 2019-3 A 2.70500 10/15/2052 | US | 1,851,676.93 | $1,734,589.51 | |
| CAFL 2020-4 A MTGE 1.17400 12/15/2052 | US | 1,059,683.7 | $935,877.20 | |
| CAFL 2020-3 A 1.35800 08/15/2053 | US | 1,100,855.2 | $961,306.53 | |
| CAALT 2022 4.60000 06/15/2032 | US | 7,400,000 | $7,182,529.91 | |
| CAALT 2021-3A C MTGE 1.63000 09/16/2030 | US | 3,000,000 | $2,700,528.66 | |
| CAALT 2020-3A A 1.24000 10/15/2029 | US | 5,224,143.07 | $5,113,908.27 | |
| CAALT 2021-2A A 1.64000 06/17/2030 | US | 3,800,000 | $3,413,189.91 | |
| CROWN CASTLE INTL CORP 3.15000 07/15/2023 | US | 3,615,000 | $3,573,500.81 | |
| CSMC 2013-TH1 A1 2.13000 02/25/2043 | US | 115,027.34 | $97,782.64 | |
| DCP MIDSTREAM OPERATING 3.87500 03/15/2023 | US | 5,000,000 | $4,969,547.95 | |
| DTA0T 2020-1A C MTGE 2.29000 11/17/2025 | US | 3,402,880.87 | $3,383,852.20 | |
| COLO 2021-1A A2 MTGE 2.06000 02/27/2051 | US | 5,200,000 | $4,504,458.66 | |
| DNRFA 2021- 1A A MTGE 1.76000 04/15/2049 | US | 5,000,000 | $4,100,926.50 | |
| DIST OF COLUMBIA REVENUE 1.55800 04/01/2023 | US | 520,000 | $515,088.06 | |
| DOMINION ENERGY INC 2.45000 01/15/2023 | US | 2,000,000 | $1,996,534.50 | |
| DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 | US | 2,850,000 | $2,566,461.34 | |
| DREYFUS GVT CSH MANAGEMENT | US | 48,672,221.79 | $48,672,221.79 | |
| EDVES 2019-A A MTGE 3.58000 11/25/2038 | US | 1,603,421.91 | $1,506,911.34 | |
| EDVES 2021-A A MTGE 1.80000 11/25/2045 | US | 1,887,527.19 | $1,595,082.41 | |
| ENERGY TRANSFER LP 4.25000 03/15/2023 | US | 4,000,000 | $3,990,782.28 | |
| EXPEDIA GROUP INC 3.25000 02/15/2030 | US | 3,400,000 | $2,894,127.97 | |
| FS ENERGY & POWER FUND 7.50000 08/15/2023 | US | 3,685,000 | $3,695,020.58 | |
| FREMF 2013-K28 X2A 0.10000 06/25/2046 | US | 17,223,663.82 | $672.76 | |
| FSRIA 2021-FL2 A 5.54629 05/16/2038 | US | 3,000,000 | $2,848,880.40 | |
| FHLM POOL D98711 4.50000 07/01/2031 | US | 223,659.66 | $221,299.14 | |
| FHLM POOL G05900 6.00000 03/01/2040 | US | 37,781.75 | $39,651.91 | |
| FHLM POOL G13331 5.50000 10/01/2023 | US | 208.8 | $208.08 | |
| FHLM POOL G12988 6.00000 01/01/2023 | US | 1.27 | $1.27 | |
| FHLM POOL G13078 6.00000 03/01/2023 | US | 10.74 | $10.71 | |
| FHLM POOL C91746 4.50000 12/01/2033 | US | 162,740.5 | $161,070.48 | |
| FHLM POOL C91359 4.50000 02/01/2031 | US | 76,591.88 | $75,783.52 | |
| FNR 2018-31 KP 3.50000 07/25/2047 | US | 90,927.26 | $87,939.88 | |
| FHMS K030 X1 FLT 0.13744 04/25/2023 | US | 38,601,132.03 | $9,375.83 | |
| FHMS K032 X1 FLT 0.06240 05/25/2023 | US | 29,037,330.34 | $6,370.50 | |
| FHMS K106 X1 MTGE 1.35424 01/25/2030 | US | 53,769,575.52 | $3,996,571.57 | |
| FEDERAL NATL MTG ASSN AS3878 4.50000 11/01/2044 | US | 329,046.9 | $325,419.89 | |
| FEDERAL NATL MTG ASSN AW5338 4.50000 06/01/2044 | US | 479,698.56 | $471,827.49 | |
| FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 | US | 96,497.79 | $94,900.93 | |
| FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 | US | 210,848.15 | $221,039.16 | |
| FHLM POOL MA0115 4.50000 07/01/2029 | US | 27,680.94 | $27,363.67 | |
| FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 | US | 119,145.98 | $117,658.95 | |
| FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 | US | 1,715.66 | $1,706.24 | |
| FLX 2021-1A A2 3.25000 11/27/2051 | US | 4,760,000 | $4,154,930.70 | |
| FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 | US | 4,480,000 | $4,184,631.90 | |
| FORDO 2022-C A1 MTGE 3.63300 10/15/2023 | US | 2,551,718.51 | $2,549,486.65 | |
| GCAT 2022-NQM3 A1 4.34800 04/25/2067 | US | 9,540,897.92 | $9,064,520.89 | |
| GSMBS 2021-PJ9 A8 2.50000 02/26/2052 | US | 3,429,536.81 | $2,952,520.03 | |
| GSMBS 2022-PJ1 A15 4.37080 05/28/2052 | US | 4,603,293.15 | $4,184,169.75 | |
| GSMBS 2021-GRE A6 2.50000 04/25/2052 | US | 5,625,323.35 | $4,842,421.73 | |
| GSMBS 2022-PJ3 A24 3.00000 08/25/2052 | US | 9,306,418.01 | $8,213,037.02 | |
| GOLDMAN SACHS GROUP INC 0.67300 03/08/2024 | US | 5,000,000 | $4,942,969.35 | |
| GOLDMAN SACH GROUP INC FLT 5.65799 03/15/2024 | US | 7,500,000 | $7,509,333.23 | |
| GOODG 2020-1A MTGE 2.63000 04/15/2055 | US | 3,135,094.27 | $2,582,496.91 | |
| GALC 2022-1 A1 4.33500 10/16/2023 | US | 3,868,155.23 | $3,858,651.06 | |
| GREENIDGE GEN HLD INC | US | 70,000 | $74,900.00 | |
| HTS2021-1 A MTGE 1.41100 08/25/2036 | US | 1,750,000 | $1,723,573.43 | |
| HARROW HEALTH | US | 54,816 | $1,307,361.60 | |
| HAWAII ST 2.63200 10/01/2037 | US | 3,905,000 | $2,854,671.13 | |
| HERTZ 2021-1A B 1.56000 12/26/2025 | US | 3,000,000 | $2,748,594.24 | |
| HWIRE 2021-1 A2 2.31100 11/20/2051 | US | 3,500,000 | $3,040,336.25 | |
| HYUNDAI CAPITAL AMERICA 5.75000 04/06/2023 | US | 5,000,000 | $5,001,237.25 | |
| HALST 2020-B 0.51000 09/15/2023 | US | 54,815.99 | $54,746.81 | |
| IIP OPERATING PARTNER 5.50000 05/25/2026 | US | 4,320,000 | $3,790,187.64 | |
| IMPRL 2022-NQM3 4.38000 05/25/2067 | US | 4,376,104.89 | $4,052,924.34 | |
| IMPRL 2022-NQM4 A1 4.76700 06/25/2067 | US | 9,674,478.8 | $9,387,332.14 | |
| IMPRL 2022-NQM2 3.63800 03/25/2067 | US | 7,023,791.12 | $6,341,003.82 | |
| INTL FC STORE INC 8.62500 06/15/2025 | US | 338,000 | $341,024.18 | |
| ITALY GOV'T INT BOND 2.37500 10/17/2024 | IT | 4,500,000 | $4,236,482.66 | |
| JPMMT 2022-INV3 A4B 3.00000 09/25/2052 | US | 7,202,542.57 | $6,331,559.70 | |
| JPMMT 2014-2 1A1 3.00000 06/25/2029 | US | 370,746.47 | $346,364.10 | |
| KREF 2021-FL2 AS MTGE 5.62629 02/15/2039 | US | 3,500,000 | $3,274,856.55 | |
| KEY BANK NA 4.64395 01/03/2024 | US | 5,000,000 | $4,968,450.55 | |
| LCCM 2021-FL2 AS 5.86786 12/13/2038 | US | 2,000,000 | $1,901,429.80 | |
| LCCM 2021-FL2 B 6.21786 12/13/2038 | US | 3,000,000 | $2,851,221.90 | |
| LFS 2022-A A MTGE 5.25000 05/15/2034 | US | 5,980,448.07 | $5,799,574.80 | |
| LRK 2019-A A2FX Mtge 2.73000 10/25/2048 | US | 401,857.83 | $390,042.71 | |
| LEGAL BUSINESS SERVICES LLC 8.00000 06/15/2026 | US | 4,000,000 | $3,702,137.60 | |
| OASIS 2022-2A A 6.85000 10/15/2034 | US | 4,743,331.27 | $4,718,138.01 | |
| OASIS 2022-1A A 4.75000 05/15/2034 | US | 2,685,328.01 | $2,634,331.48 | |
| MGM RESORTS INTL 6.00000 03/15/2023 | US | 7,363,000 | $7,365,093.67 | |
| MAGALLANES INC FLT 6.04799 03/15/2024 | US | 7,500,000 | $7,479,771.15 | |
| MAGALLANES INC 4.05400 03/15/2029 | US | 4,500,000 | $3,907,086.57 | |
| BANK OF AMERICA CORP 5.52900 09/15/2026 | US | 3,561,000 | $3,433,370.56 | |
| MST 2019-1A A MTGE 3.74629 04/25/2058 | US | 813,357.34 | $766,326.74 | |
| MORGAN STANLEY 0.52900 01/25/2024 | US | 5,000,000 | $4,968,978.35 | |
| NYMT 2022-CP1 A1 2.04240 07/25/2061 | US | 2,240,108.56 | $2,001,724.50 | |
| NAVIENT CORP 6.75000 06/25/2025 | US | 1,800,000 | $1,730,259.32 | |
| NAVSL 2014-1 A3 FLT 4.89871 06/25/2031 | US | 3,757,388.08 | $3,551,820.89 | |
| NAVSL 2015-BA A3 5.76786 07/16/2040 | US | 1,934,283.22 | $1,899,709.57 | |
| NAVSL 2017-2A A FLT 5.43871 12/27/2066 | US | 3,139,489.05 | $3,024,511.04 | |
| NAVSL 2020-GA A MTGE 1.17000 09/16/2069 | US | 621,727.35 | $562,748.63 | |
| NAVSL 2021-A A 0.84000 05/15/2069 | US | 946,872.33 | $817,921.41 | |
| NAVSL 2020-1A A1B 5.43871 06/25/2069 | US | 2,256,877.71 | $2,183,685.45 | |
| NAVSL 2022-A 2.23000 07/15/2070 | US | 3,552,976.34 | $3,091,811.10 | |
| NAVSL 2021-1A A1A 1.31000 12/26/2069 | US | 5,251,828.66 | $4,294,905.41 | |
| NRZT 2014-3A AFX3 3.75000 11/25/2054 | US | 259,072.17 | $238,715.76 | |
| NRZT 2015-2A A1 3.75000 08/25/2055 | US | 363,034.32 | $337,658.80 | |
| NRZT 2019-2A A1 4.25000 12/25/2057 | US | 1,780,707.08 | $1,684,315.09 | |
| NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 | AU | 1,750,000 | $1,497,536.02 | |
| NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | CA | 5,870,000 | $587.00 | |
| OWL ROCK TECHNOLOGY 3.75000 06/17/2026 | US | 2,390,000 | $2,080,938.66 | |
| OXFIN 2020-1A A2 3.10100 02/15/2028 | US | 4,176,630.68 | $4,130,469.30 | |
| OXFIN 2020-1A B 4.03700 02/15/2028 | US | 1,760,602.45 | $1,722,059.87 | |
| OXFIN 2019-1A A2 4.45900 02/15/2027 | US | 2,653,366.37 | $2,632,375.59 | |
| OXFIN 2022-1A 3.60200 02/15/2030 | US | 4,650,000 | $4,239,546.36 | |
| PEAR 2020-1 A MTGE 3.75000 12/15/2032 | US | 1,880,039.12 | $1,839,533.87 | |
| PEAR 2021-1 A MTGE 2.60000 01/15/2034 | US | 4,438,177.67 | $4,174,905.41 | |
| PEAR 2022-1 A1 6.50000 10/15/2034 | US | 2,132,928.41 | $2,129,129.88 | |
| PEAR 2022-1 A2 7.25000 10/15/2034 | US | 2,500,000 | $2,431,468.00 | |
| PELORUS FUND REIT 7.00000 09/30/2026 | US | 4,345,000 | $4,001,700.85 | |
| PNFED 2022-A A1 3.17400 09/15/2023 | US | 2,200,937.14 | $2,198,328.90 | |
| PEPSICO INC 3.90000 07/18/2032 | US | 4,000,000 | $3,794,987.64 | |
| POPULAR INC 6.12500 09/14/2023 | PR | 3,735,000 | $3,713,132.47 | |
| 2019- SFR4 CLASS A 2.68700 10/17/2036 | US | 3,800,000 | $3,611,662.50 | |
| QUEBECOR MEDIA INC 5.75000 01/15/2023 | CA | 7,450,000 | $7,448,126.85 | |
| RCKT 2021-6 A5 2.50000 12/25/2051 | US | 5,355,196.5 | $4,610,240.63 | |
| RUN 2022-NQM1 A1 4.00000 03/25/2067 | US | 3,334,000.95 | $3,148,151.97 | |
| SBA TOWER TRUST 2.83600 01/15/2025 | US | 3,500,000 | $3,300,670.45 | |
| SBA TOWER TRUST 1.88400 01/15/2026 | US | 2,750,000 | $2,420,944.08 | |
| SBA TOWER TRUST 6.59900 01/15/2028 | US | 6,110,000 | $6,129,388.25 | |
| SALTT 2021-1A AA 2.30100 02/28/2033 | US | 1,001,487.32 | $890,919.01 | |
| NAVIENT CORP 5.50000 01/25/2023 | US | 5,000,000 | $4,990,154.10 | |
| SLAM 2021-1A A MTGE 2.43400 06/15/2046 | US | 5,799,680 | $4,805,201.33 | |
| SMB 2020-BA A1A 1.29000 07/15/2053 | US | 1,471,249.47 | $1,299,179.53 | |
| SABINE PASS LIQUEFACTION 5.75000 05/15/2024 | US | 7,000,000 | $7,007,072.59 | |
| SDART 2020-2 C 1.46000 09/15/2025 | US | 2,750,166.36 | $2,737,282.82 | |
| SDART 2020-3 C 1.12000 01/15/2026 | US | 4,426,912.45 | $4,386,757.70 | |
| SDART 2020-4 C 1.01000 01/15/2026 | US | 3,412,807.6 | $3,369,901.17 | |
| SEMT 2013-6 A2 3.00000 05/25/2043 | US | 1,285,991.77 | $1,131,663.11 | |
| SEMT 2013-7 A2 3.00000 06/25/2043 | US | 123,896.91 | $108,644.85 | |
| SEMT 2013-8 A1 3.00000 06/25/2043 | US | 147,620.28 | $130,541.00 | |
| SEMT 2013-2 1.87400 02/25/2043 | US | 123,253 | $104,133.95 | |
| SIMON PROPERTY GROUP LP 2.65000 02/01/2032 | US | 5,500,000 | $4,437,663.34 | |
| SMB 2019-B A2A 2.84000 06/15/2037 | US | 2,553,868.66 | $2,341,782.00 | |
| SOFI 2017-F A2FX 2.84000 01/25/2041 | US | 158,363.36 | $152,387.52 | |
| SOUTHWEST AIRLINES CO 5.25000 05/04/2025 | US | 3,000,000 | $3,012,036.54 | |
| ONEMAIN FINANCE CORP 5.62500 03/15/2023 | US | 4,775,000 | $4,769,374.86 | |
| SIDC 2021-1A A2 MTGE 1.87700 03/26/2046 | US | 3,400,000 | $2,915,662.38 | |
| SRPT 2014-STAR A FLTG RATE 5.78800 11/15/2027 | US | 1,777,114.94 | $1,233,252.57 | |
| STR 2019-1 A1 MTGE 2.82000 11/20/2049 | US | 2,383,544.15 | $2,137,070.67 | |
| SCML 2019-SBC8 2.86000 04/25/2041 | US | 2,207,823.17 | $2,019,682.64 | |
| SYNCHRONOSS TECH | US | 144,265 | $2,589,556.75 | |
| TRP 2021-1 A MTGE 2.07000 06/19/2051 | US | 2,928,198.63 | $2,460,555.32 | |
| TENCENT HOLDINGS 3.97500 04/11/2029 | KY | 6,650,000 | $6,150,305.30 | |
| TMCL 2021-A1 A 1.68000 02/20/2046 | BM | 5,632,000 | $4,709,591.15 | |
| TPMT 2016-5 A1 2.50000 10/25/2056 | US | 157,923.24 | $155,272.01 | |
| TPMT 2017-1 A1 2.75000 10/25/2056 | US | 491,044.06 | $482,785.83 | |
| TPMT 2018-2 A1 3.25000 03/25/2058 | US | 554,483.72 | $530,820.24 | |
| TPMT 2019-HY1 A1 5.38871 10/25/2048 | US | 1,267,449.2 | $1,257,244.84 | |
| TAH 2020-SFR1 C 2.24900 07/17/2038 | US | 2,500,000 | $2,182,030.50 | |
| TRL 2021-1A A MTGE 2.26000 07/19/2051 | US | 1,886,681.4 | $1,557,284.35 | |
| TRL 2020-1A A 1.96000 10/17/2050 | US | 2,248,266.77 | $1,954,184.87 | |
| TCF 2021-1A 1.86000 03/20/2046 | US | 5,618,250 | $4,691,641.24 | |
| STEAM 2021-3 A MTGE 2.21000 06/28/2051 | US | 5,613,623.85 | $4,731,218.04 | |
| UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 | US | 3,676,058.2 | $3,134,322.10 | |
| UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 | US | 3,670,032.59 | $3,323,112.89 | |
| UNITED MEXICAN STATES 4.12500 01/21/2026 | MX | 1,800,000 | $1,756,909.37 | |
| TREASURY NOTE 2.25000 11/15/2027 | US | 44,305,000 | $40,881,746.71 | |
| US TREASURY N/B 2.75000 02/15/2028 | US | 26,155,000 | $24,628,610.68 | |
| US TREASURY N/B 2.87500 05/15/2028 | US | 25,615,000 | $24,214,179.69 | |
| US TREASURY N/B 2.87500 08/15/2028 | US | 25,475,000 | $24,036,060.67 | |
| US TREASURY N/B 3.12500 11/15/2028 | US | 25,385,000 | $24,252,591.14 | |
| US TREASURY N/B 0.37500 08/15/2024 | US | 10,460,000 | $9,774,379.74 | |
| US TREASURY N/B 0.12500 08/31/2023 | US | 21,400,000 | $20,756,328.23 | |
| VDC 2020-1A A2 1.64500 09/15/2045 | US | 6,500,000 | $5,722,355.28 | |
| VBTOW 2020-2A A 2.63600 09/15/2050 | US | 4,000,000 | $3,569,948.00 | |
| VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 | US | 3,500,000 | $3,360,328.86 | |
| WIN 2015-1 A1 3.50000 01/20/2045 | US | 71,881.04 | $65,493.05 | |
| CAN 10YR BOND FUT MAR23 | CA | -550 | $1,667,671.33 | |
| CAN 2YR BOND FUT MAR23 | CA | 2,850 | -$747,714.76 | |
| US 10YR ULTRA FUT MAR 23 UXYH3 | US | -600 | $123,726.00 | |
| US 5YR NOTE (CBT) MAR23 | US | 455 | -$573,177.15 | |
| US 2YR NOTE (CBT) MAR23 FUT TUH3 | US | 1,400 | -$631,517.60 | |
| IBOXX ISHR BND ID JAN23 | US | -300 | -$337,054.19 | |
| AMERICAN TANKER INC 7.75000 07/02/2025 | US | 6,560,000 | $6,283,818.95 | |
| SEASPAN CORP 6.50000 02/05/2024 | MH | 7,600,000 | $7,546,298.48 | |
| PETROTAL CORP 12.00000 02/16/2024 | CA | 2,720,000 | $2,740,504.28 | |
| NORTH INVST GROUP FLT 11.13700 05/05/2024 | SE | 23,750,000 | $2,244,249.28 | |
| GAMING INNOVATION GRP FLT 10.99300 06/11/2024 | MT | 10,000,000 | $968,353.93 | |
| PING PETROLEUM UK 12.00000 07/29/2024 | GB | 2,300,000 | $2,151,798.63 | |
| JOTUL AS FLT 10.22000 10/06/2024 | NO | 23,000,000 | $2,325,132.49 | |
| GREENFOOD AB FLT 9.09600 11/04/2025 | SE | 21,250,000 | $1,839,333.68 | |
| NOVEDO HOLDINGS AB FLT 8.88200 11/26/2024 | SE | 26,250,000 | $2,383,937.74 | |
| EXTENDA RETAIL HOLDING FLT 9.41400 03/30/2027 | SE | 34,000,000 | $3,061,572.01 | |
| CABONLINE GROUP HOLD FLT 11.25400 04/19/2026 | SE | 17,500,000 | $1,512,860.37 | |
| MEDIA AND GAMES INVEST FLT 8.31300 06/21/2026 | MT | 8,000,000 | $8,072,751.83 | |
| BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 | AE | 4,820,016 | $4,567,661.51 |
Investments will change over time.
All investments involve risks, including possible loss of principal. There is an inverse relationship between bond prices and interest rates; as interest rates rise, bond prices (and therefore the value of bond funds) fall. Likewise, as interest rates fall, bond prices and the value of bond funds rise. Investments in higher-yielding, lower-rated securities involve additional risks, including a higher risk of default and loss of principal. Funds that invest in foreign countries may be subject to the risks of adverse changes in foreign economic, political, regulatory and other conditions as well as risks related to the use of different financial standards. Investments in emerging markets may be more volatile than investments in more developed markets. Investments in derivatives can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. Also, the use of leverage increases exposure to the market and may magnify potential losses.
$9.85
$0.01
0.10%
as of 02/02/2023
EXCPX
563821206
04/21/2005
$2,000.00
Investment minimum may be waived for certain qualified retirement plans, participants in an automatic investment program, and discretionary investment accounts of the Advisor.
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Fact Sheet | --- |
| Applications & Forms | |
| N-Port Part F Reports |
To provide long-term total return, with a secondary objective of providing preservation of capital.
Under normal circumstances, at least 80% of the Series’ assets will be invested in bonds and other financial instruments with economic characteristics similar to bonds.
Up to 50% of the Series may be invested in below investment-grade securities and up to 50% may be invested in non-U.S. dollar denominated securities, including securities issued by companies located in emerging markets. Derivatives such as futures, options, swaps, and forwards may be used to manage interest rate exposure, enhance duration management, or hedge currency exposure, for example.
While there are no maturity or duration restrictions, the Series’ duration is expected to range between -3 and 8 years.
As of 12/31/2022
---
-6.71%
0.96%
1.61%
1.75%
3.84%
Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.
| Gross | 0.74%* |
*Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee.
As of 12/31/2022
| TREASURY NOTES | 22.22% |
| ALEXANDER FUNDING TRUST 1.84100 11/15/2023 | 1.25% |
| IMPRL 2022-NQM4 A1 4.76700 06/25/2067 | 1.24% |
| GCAT 2022-NQM3 A1 4.34800 04/25/2067 | 1.19% |
| GSMBS 2022-PJ3 A24 3.00000 08/25/2052 | 1.08% |
| MEDIA AND GAMES INVEST FLT 8.31300 06/21/2026 | 1.06% |
| SEASPAN CORP 6.50000 02/05/2024 | 0.99% |
| GOLDMAN SACH GROUP INC FLT 5.65799 03/15/2024 | 0.99% |
| MAGALLANES INC FLT 6.04799 03/15/2024 | 0.99% |
| QUEBECOR MEDIA INC 5.75000 01/15/2023 | 0.98% |
Top Ten Investments list is unaudited and excludes cash.
As of 12/31/2022
| Treasury | 21.11% | |
| Government | 0.75% | |
| Cash | 6.10% | |
| Corporate | 28.14% | |
| Mortgage | 43.01% | |
| Other | 0.89% |
As of 12/31/2022
| AAA | 43.81% | |
| AA | 1.09% | |
| A | 14.77% | |
| BBB | 11.69% | |
| BB | 3.97% | |
| B | 0.92% | |
| D | 0.15% | |
| NR | 23.60% |
Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Not Rated (NR) is used to classify securities for which a rating is not available. Credit quality ratings for each issue are obtained from Bloomberg using ratings derived from Moody’s Investors Services (Moody’s) or Standard & Poor’s. When ratings from Moody’s are not available, ratings from Standard & Poor’s are used.
As of 12/31/2022
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 | IE | 1,970,000 | $1,655,888.11 | |
| ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 | US | 4,178,617.18 | $4,199,134.61 | |
| ALEXANDER FUNDING TRUST 1.84100 11/15/2023 | US | 10,000,000 | $9,473,275.50 | |
| ALIBABA GROUP HOLDING 4.00000 12/06/2037 | KY | 3,210,000 | $2,702,101.31 | |
| ADC 2021-1A A2 1.93700 08/15/2046 | US | 4,500,000 | $3,830,246.78 | |
| AMAZON.COM INC 3.30000 04/13/2027 | US | 4,000,000 | $3,802,572.36 | |
| ARBOR REALTY TRUST INC 8.00000 04/30/2023 | US | 3,555,000 | $3,554,503.58 | |
| ARGO BLOCKCHAIN PLC | GB | 71,086 | $216,812.30 | |
| ASHTEAD CAPITAL INC 4.00000 05/01/2028 | US | 1,500,000 | $1,365,428.94 | |
| AESOP 2017 2A A 2.97000 03/20/2024 | US | 4,000,000 | $3,988,262.32 | |
| BDS 2021-FL8 B MTGE 5.68914 01/18/2036 | KY | 3,000,000 | $2,845,817.70 | |
| BNSF FUNDING TRUST I 6.61300 12/15/2055 | US | 1,500,000 | $1,414,843.07 | |
| BRSP 2021-FL1 A 5.48914 08/19/2038 | US | 3,000,000 | $2,892,473.40 | |
| BANK ONE CORP 8.00000 04/29/2027 | US | 3,000,000 | $3,358,787.58 | |
| BANK OF AMERICA CORP 3.55000 03/05/2024 | US | 3,000,000 | $2,988,792.75 | |
| BLACKSTONE SECURED LEND 2.75000 09/16/2026 | US | 1,239,000 | $1,087,689.10 | |
| BRAVO 2019-2 3.50000 10/25/2044 | US | 3,456,172.48 | $3,201,676.53 | |
| BABS 2021-RM2 A 1.75000 10/25/2061 | US | 2,599,070.38 | $2,270,634.69 | |
| BJETS 2021-1A A 2.16200 04/15/2036 | US | 3,966,268.3 | $3,482,596.16 | |
| JONAH ENERGY PARENT LLC | US | 85,915 | $5,346,490.45 | |
| SORT 2020-1 A1 MTGE 1.69000 07/15/2060 | US | 3,724,037.73 | $3,326,575.65 | |
| SORT 2020-1 B1 2.28000 07/15/2060 | US | 1,816,603.77 | $1,586,676.23 | |
| CIM 2019-INV1 A1 4.00000 02/25/2049 | US | 83,503.73 | $79,845.80 | |
| CLIF 2021-1A A MTGE 1.64000 02/18/2046 | US | 5,446,302.45 | $4,636,019.82 | |
| CAMPBELL SOUP CO 3.65000 03/15/2023 | US | 4,680,000 | $4,667,620.74 | |
| CARMX 2020-4 A3 0.50000 08/15/2025 | US | 6,808,183.59 | $6,610,729.18 | |
| CARRINGTON HOLDING CO LL 8.00000 01/01/2026 | US | 3,500,000 | $3,385,294.08 | |
| CRVNA 2020-P1 A4 0.61000 10/08/2026 | US | 5,788,000 | $5,376,090.27 | |
| CENOVUS ENERGY INC 6.75000 11/15/2039 | CA | 1,579,000 | $1,644,276.79 | |
| CHAOT 2022-AA A1 2.98300 08/25/2023 | US | 1,992,635.82 | $1,990,161.70 | |
| CASL 2021-A A2 1.60000 07/25/2051 | US | 1,793,026.73 | $1,528,307.15 | |
| CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 | US | 1,970,790.13 | $1,796,015.85 | |
| COLONY AMERICAN FINANCE LTD 3.32400 03/15/2052 | US | 569,492.75 | $557,381.29 | |
| CAFL 2019-3 A 2.70500 10/15/2052 | US | 1,851,676.93 | $1,734,589.51 | |
| CAFL 2020-4 A MTGE 1.17400 12/15/2052 | US | 1,059,683.7 | $935,877.20 | |
| CAFL 2020-3 A 1.35800 08/15/2053 | US | 1,100,855.2 | $961,306.53 | |
| CAALT 2022 4.60000 06/15/2032 | US | 7,400,000 | $7,182,529.91 | |
| CAALT 2021-3A C MTGE 1.63000 09/16/2030 | US | 3,000,000 | $2,700,528.66 | |
| CAALT 2020-3A A 1.24000 10/15/2029 | US | 5,224,143.07 | $5,113,908.27 | |
| CAALT 2021-2A A 1.64000 06/17/2030 | US | 3,800,000 | $3,413,189.91 | |
| CROWN CASTLE INTL CORP 3.15000 07/15/2023 | US | 3,615,000 | $3,573,500.81 | |
| CSMC 2013-TH1 A1 2.13000 02/25/2043 | US | 115,027.34 | $97,782.64 | |
| DCP MIDSTREAM OPERATING 3.87500 03/15/2023 | US | 5,000,000 | $4,969,547.95 | |
| DTA0T 2020-1A C MTGE 2.29000 11/17/2025 | US | 3,402,880.87 | $3,383,852.20 | |
| COLO 2021-1A A2 MTGE 2.06000 02/27/2051 | US | 5,200,000 | $4,504,458.66 | |
| DNRFA 2021- 1A A MTGE 1.76000 04/15/2049 | US | 5,000,000 | $4,100,926.50 | |
| DIST OF COLUMBIA REVENUE 1.55800 04/01/2023 | US | 520,000 | $515,088.06 | |
| DOMINION ENERGY INC 2.45000 01/15/2023 | US | 2,000,000 | $1,996,534.50 | |
| DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 | US | 2,850,000 | $2,566,461.34 | |
| DREYFUS GVT CSH MANAGEMENT | US | 48,672,221.79 | $48,672,221.79 | |
| EDVES 2019-A A MTGE 3.58000 11/25/2038 | US | 1,603,421.91 | $1,506,911.34 | |
| EDVES 2021-A A MTGE 1.80000 11/25/2045 | US | 1,887,527.19 | $1,595,082.41 | |
| ENERGY TRANSFER LP 4.25000 03/15/2023 | US | 4,000,000 | $3,990,782.28 | |
| EXPEDIA GROUP INC 3.25000 02/15/2030 | US | 3,400,000 | $2,894,127.97 | |
| FS ENERGY & POWER FUND 7.50000 08/15/2023 | US | 3,685,000 | $3,695,020.58 | |
| FREMF 2013-K28 X2A 0.10000 06/25/2046 | US | 17,223,663.82 | $672.76 | |
| FSRIA 2021-FL2 A 5.54629 05/16/2038 | US | 3,000,000 | $2,848,880.40 | |
| FHLM POOL D98711 4.50000 07/01/2031 | US | 223,659.66 | $221,299.14 | |
| FHLM POOL G05900 6.00000 03/01/2040 | US | 37,781.75 | $39,651.91 | |
| FHLM POOL G13331 5.50000 10/01/2023 | US | 208.8 | $208.08 | |
| FHLM POOL G12988 6.00000 01/01/2023 | US | 1.27 | $1.27 | |
| FHLM POOL G13078 6.00000 03/01/2023 | US | 10.74 | $10.71 | |
| FHLM POOL C91746 4.50000 12/01/2033 | US | 162,740.5 | $161,070.48 | |
| FHLM POOL C91359 4.50000 02/01/2031 | US | 76,591.88 | $75,783.52 | |
| FNR 2018-31 KP 3.50000 07/25/2047 | US | 90,927.26 | $87,939.88 | |
| FHMS K030 X1 FLT 0.13744 04/25/2023 | US | 38,601,132.03 | $9,375.83 | |
| FHMS K032 X1 FLT 0.06240 05/25/2023 | US | 29,037,330.34 | $6,370.50 | |
| FHMS K106 X1 MTGE 1.35424 01/25/2030 | US | 53,769,575.52 | $3,996,571.57 | |
| FEDERAL NATL MTG ASSN AS3878 4.50000 11/01/2044 | US | 329,046.9 | $325,419.89 | |
| FEDERAL NATL MTG ASSN AW5338 4.50000 06/01/2044 | US | 479,698.56 | $471,827.49 | |
| FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 | US | 96,497.79 | $94,900.93 | |
| FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 | US | 210,848.15 | $221,039.16 | |
| FHLM POOL MA0115 4.50000 07/01/2029 | US | 27,680.94 | $27,363.67 | |
| FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 | US | 119,145.98 | $117,658.95 | |
| FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 | US | 1,715.66 | $1,706.24 | |
| FLX 2021-1A A2 3.25000 11/27/2051 | US | 4,760,000 | $4,154,930.70 | |
| FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 | US | 4,480,000 | $4,184,631.90 | |
| FORDO 2022-C A1 MTGE 3.63300 10/15/2023 | US | 2,551,718.51 | $2,549,486.65 | |
| GCAT 2022-NQM3 A1 4.34800 04/25/2067 | US | 9,540,897.92 | $9,064,520.89 | |
| GSMBS 2021-PJ9 A8 2.50000 02/26/2052 | US | 3,429,536.81 | $2,952,520.03 | |
| GSMBS 2022-PJ1 A15 4.37080 05/28/2052 | US | 4,603,293.15 | $4,184,169.75 | |
| GSMBS 2021-GRE A6 2.50000 04/25/2052 | US | 5,625,323.35 | $4,842,421.73 | |
| GSMBS 2022-PJ3 A24 3.00000 08/25/2052 | US | 9,306,418.01 | $8,213,037.02 | |
| GOLDMAN SACHS GROUP INC 0.67300 03/08/2024 | US | 5,000,000 | $4,942,969.35 | |
| GOLDMAN SACH GROUP INC FLT 5.65799 03/15/2024 | US | 7,500,000 | $7,509,333.23 | |
| GOODG 2020-1A MTGE 2.63000 04/15/2055 | US | 3,135,094.27 | $2,582,496.91 | |
| GALC 2022-1 A1 4.33500 10/16/2023 | US | 3,868,155.23 | $3,858,651.06 | |
| GREENIDGE GEN HLD INC | US | 70,000 | $74,900.00 | |
| HTS2021-1 A MTGE 1.41100 08/25/2036 | US | 1,750,000 | $1,723,573.43 | |
| HARROW HEALTH | US | 54,816 | $1,307,361.60 | |
| HAWAII ST 2.63200 10/01/2037 | US | 3,905,000 | $2,854,671.13 | |
| HERTZ 2021-1A B 1.56000 12/26/2025 | US | 3,000,000 | $2,748,594.24 | |
| HWIRE 2021-1 A2 2.31100 11/20/2051 | US | 3,500,000 | $3,040,336.25 | |
| HYUNDAI CAPITAL AMERICA 5.75000 04/06/2023 | US | 5,000,000 | $5,001,237.25 | |
| HALST 2020-B 0.51000 09/15/2023 | US | 54,815.99 | $54,746.81 | |
| IIP OPERATING PARTNER 5.50000 05/25/2026 | US | 4,320,000 | $3,790,187.64 | |
| IMPRL 2022-NQM3 4.38000 05/25/2067 | US | 4,376,104.89 | $4,052,924.34 | |
| IMPRL 2022-NQM4 A1 4.76700 06/25/2067 | US | 9,674,478.8 | $9,387,332.14 | |
| IMPRL 2022-NQM2 3.63800 03/25/2067 | US | 7,023,791.12 | $6,341,003.82 | |
| INTL FC STORE INC 8.62500 06/15/2025 | US | 338,000 | $341,024.18 | |
| ITALY GOV'T INT BOND 2.37500 10/17/2024 | IT | 4,500,000 | $4,236,482.66 | |
| JPMMT 2022-INV3 A4B 3.00000 09/25/2052 | US | 7,202,542.57 | $6,331,559.70 | |
| JPMMT 2014-2 1A1 3.00000 06/25/2029 | US | 370,746.47 | $346,364.10 | |
| KREF 2021-FL2 AS MTGE 5.62629 02/15/2039 | US | 3,500,000 | $3,274,856.55 | |
| KEY BANK NA 4.64395 01/03/2024 | US | 5,000,000 | $4,968,450.55 | |
| LCCM 2021-FL2 AS 5.86786 12/13/2038 | US | 2,000,000 | $1,901,429.80 | |
| LCCM 2021-FL2 B 6.21786 12/13/2038 | US | 3,000,000 | $2,851,221.90 | |
| LFS 2022-A A MTGE 5.25000 05/15/2034 | US | 5,980,448.07 | $5,799,574.80 | |
| LRK 2019-A A2FX Mtge 2.73000 10/25/2048 | US | 401,857.83 | $390,042.71 | |
| LEGAL BUSINESS SERVICES LLC 8.00000 06/15/2026 | US | 4,000,000 | $3,702,137.60 | |
| OASIS 2022-2A A 6.85000 10/15/2034 | US | 4,743,331.27 | $4,718,138.01 | |
| OASIS 2022-1A A 4.75000 05/15/2034 | US | 2,685,328.01 | $2,634,331.48 | |
| MGM RESORTS INTL 6.00000 03/15/2023 | US | 7,363,000 | $7,365,093.67 | |
| MAGALLANES INC FLT 6.04799 03/15/2024 | US | 7,500,000 | $7,479,771.15 | |
| MAGALLANES INC 4.05400 03/15/2029 | US | 4,500,000 | $3,907,086.57 | |
| BANK OF AMERICA CORP 5.52900 09/15/2026 | US | 3,561,000 | $3,433,370.56 | |
| MST 2019-1A A MTGE 3.74629 04/25/2058 | US | 813,357.34 | $766,326.74 | |
| MORGAN STANLEY 0.52900 01/25/2024 | US | 5,000,000 | $4,968,978.35 | |
| NYMT 2022-CP1 A1 2.04240 07/25/2061 | US | 2,240,108.56 | $2,001,724.50 | |
| NAVIENT CORP 6.75000 06/25/2025 | US | 1,800,000 | $1,730,259.32 | |
| NAVSL 2014-1 A3 FLT 4.89871 06/25/2031 | US | 3,757,388.08 | $3,551,820.89 | |
| NAVSL 2015-BA A3 5.76786 07/16/2040 | US | 1,934,283.22 | $1,899,709.57 | |
| NAVSL 2017-2A A FLT 5.43871 12/27/2066 | US | 3,139,489.05 | $3,024,511.04 | |
| NAVSL 2020-GA A MTGE 1.17000 09/16/2069 | US | 621,727.35 | $562,748.63 | |
| NAVSL 2021-A A 0.84000 05/15/2069 | US | 946,872.33 | $817,921.41 | |
| NAVSL 2020-1A A1B 5.43871 06/25/2069 | US | 2,256,877.71 | $2,183,685.45 | |
| NAVSL 2022-A 2.23000 07/15/2070 | US | 3,552,976.34 | $3,091,811.10 | |
| NAVSL 2021-1A A1A 1.31000 12/26/2069 | US | 5,251,828.66 | $4,294,905.41 | |
| NRZT 2014-3A AFX3 3.75000 11/25/2054 | US | 259,072.17 | $238,715.76 | |
| NRZT 2015-2A A1 3.75000 08/25/2055 | US | 363,034.32 | $337,658.80 | |
| NRZT 2019-2A A1 4.25000 12/25/2057 | US | 1,780,707.08 | $1,684,315.09 | |
| NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 | AU | 1,750,000 | $1,497,536.02 | |
| NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | CA | 5,870,000 | $587.00 | |
| OWL ROCK TECHNOLOGY 3.75000 06/17/2026 | US | 2,390,000 | $2,080,938.66 | |
| OXFIN 2020-1A A2 3.10100 02/15/2028 | US | 4,176,630.68 | $4,130,469.30 | |
| OXFIN 2020-1A B 4.03700 02/15/2028 | US | 1,760,602.45 | $1,722,059.87 | |
| OXFIN 2019-1A A2 4.45900 02/15/2027 | US | 2,653,366.37 | $2,632,375.59 | |
| OXFIN 2022-1A 3.60200 02/15/2030 | US | 4,650,000 | $4,239,546.36 | |
| PEAR 2020-1 A MTGE 3.75000 12/15/2032 | US | 1,880,039.12 | $1,839,533.87 | |
| PEAR 2021-1 A MTGE 2.60000 01/15/2034 | US | 4,438,177.67 | $4,174,905.41 | |
| PEAR 2022-1 A1 6.50000 10/15/2034 | US | 2,132,928.41 | $2,129,129.88 | |
| PEAR 2022-1 A2 7.25000 10/15/2034 | US | 2,500,000 | $2,431,468.00 | |
| PELORUS FUND REIT 7.00000 09/30/2026 | US | 4,345,000 | $4,001,700.85 | |
| PNFED 2022-A A1 3.17400 09/15/2023 | US | 2,200,937.14 | $2,198,328.90 | |
| PEPSICO INC 3.90000 07/18/2032 | US | 4,000,000 | $3,794,987.64 | |
| POPULAR INC 6.12500 09/14/2023 | PR | 3,735,000 | $3,713,132.47 | |
| 2019- SFR4 CLASS A 2.68700 10/17/2036 | US | 3,800,000 | $3,611,662.50 | |
| QUEBECOR MEDIA INC 5.75000 01/15/2023 | CA | 7,450,000 | $7,448,126.85 | |
| RCKT 2021-6 A5 2.50000 12/25/2051 | US | 5,355,196.5 | $4,610,240.63 | |
| RUN 2022-NQM1 A1 4.00000 03/25/2067 | US | 3,334,000.95 | $3,148,151.97 | |
| SBA TOWER TRUST 2.83600 01/15/2025 | US | 3,500,000 | $3,300,670.45 | |
| SBA TOWER TRUST 1.88400 01/15/2026 | US | 2,750,000 | $2,420,944.08 | |
| SBA TOWER TRUST 6.59900 01/15/2028 | US | 6,110,000 | $6,129,388.25 | |
| SALTT 2021-1A AA 2.30100 02/28/2033 | US | 1,001,487.32 | $890,919.01 | |
| NAVIENT CORP 5.50000 01/25/2023 | US | 5,000,000 | $4,990,154.10 | |
| SLAM 2021-1A A MTGE 2.43400 06/15/2046 | US | 5,799,680 | $4,805,201.33 | |
| SMB 2020-BA A1A 1.29000 07/15/2053 | US | 1,471,249.47 | $1,299,179.53 | |
| SABINE PASS LIQUEFACTION 5.75000 05/15/2024 | US | 7,000,000 | $7,007,072.59 | |
| SDART 2020-2 C 1.46000 09/15/2025 | US | 2,750,166.36 | $2,737,282.82 | |
| SDART 2020-3 C 1.12000 01/15/2026 | US | 4,426,912.45 | $4,386,757.70 | |
| SDART 2020-4 C 1.01000 01/15/2026 | US | 3,412,807.6 | $3,369,901.17 | |
| SEMT 2013-6 A2 3.00000 05/25/2043 | US | 1,285,991.77 | $1,131,663.11 | |
| SEMT 2013-7 A2 3.00000 06/25/2043 | US | 123,896.91 | $108,644.85 | |
| SEMT 2013-8 A1 3.00000 06/25/2043 | US | 147,620.28 | $130,541.00 | |
| SEMT 2013-2 1.87400 02/25/2043 | US | 123,253 | $104,133.95 | |
| SIMON PROPERTY GROUP LP 2.65000 02/01/2032 | US | 5,500,000 | $4,437,663.34 | |
| SMB 2019-B A2A 2.84000 06/15/2037 | US | 2,553,868.66 | $2,341,782.00 | |
| SOFI 2017-F A2FX 2.84000 01/25/2041 | US | 158,363.36 | $152,387.52 | |
| SOUTHWEST AIRLINES CO 5.25000 05/04/2025 | US | 3,000,000 | $3,012,036.54 | |
| ONEMAIN FINANCE CORP 5.62500 03/15/2023 | US | 4,775,000 | $4,769,374.86 | |
| SIDC 2021-1A A2 MTGE 1.87700 03/26/2046 | US | 3,400,000 | $2,915,662.38 | |
| SRPT 2014-STAR A FLTG RATE 5.78800 11/15/2027 | US | 1,777,114.94 | $1,233,252.57 | |
| STR 2019-1 A1 MTGE 2.82000 11/20/2049 | US | 2,383,544.15 | $2,137,070.67 | |
| SCML 2019-SBC8 2.86000 04/25/2041 | US | 2,207,823.17 | $2,019,682.64 | |
| SYNCHRONOSS TECH | US | 144,265 | $2,589,556.75 | |
| TRP 2021-1 A MTGE 2.07000 06/19/2051 | US | 2,928,198.63 | $2,460,555.32 | |
| TENCENT HOLDINGS 3.97500 04/11/2029 | KY | 6,650,000 | $6,150,305.30 | |
| TMCL 2021-A1 A 1.68000 02/20/2046 | BM | 5,632,000 | $4,709,591.15 | |
| TPMT 2016-5 A1 2.50000 10/25/2056 | US | 157,923.24 | $155,272.01 | |
| TPMT 2017-1 A1 2.75000 10/25/2056 | US | 491,044.06 | $482,785.83 | |
| TPMT 2018-2 A1 3.25000 03/25/2058 | US | 554,483.72 | $530,820.24 | |
| TPMT 2019-HY1 A1 5.38871 10/25/2048 | US | 1,267,449.2 | $1,257,244.84 | |
| TAH 2020-SFR1 C 2.24900 07/17/2038 | US | 2,500,000 | $2,182,030.50 | |
| TRL 2021-1A A MTGE 2.26000 07/19/2051 | US | 1,886,681.4 | $1,557,284.35 | |
| TRL 2020-1A A 1.96000 10/17/2050 | US | 2,248,266.77 | $1,954,184.87 | |
| TCF 2021-1A 1.86000 03/20/2046 | US | 5,618,250 | $4,691,641.24 | |
| STEAM 2021-3 A MTGE 2.21000 06/28/2051 | US | 5,613,623.85 | $4,731,218.04 | |
| UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 | US | 3,676,058.2 | $3,134,322.10 | |
| UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 | US | 3,670,032.59 | $3,323,112.89 | |
| UNITED MEXICAN STATES 4.12500 01/21/2026 | MX | 1,800,000 | $1,756,909.37 | |
| TREASURY NOTE 2.25000 11/15/2027 | US | 44,305,000 | $40,881,746.71 | |
| US TREASURY N/B 2.75000 02/15/2028 | US | 26,155,000 | $24,628,610.68 | |
| US TREASURY N/B 2.87500 05/15/2028 | US | 25,615,000 | $24,214,179.69 | |
| US TREASURY N/B 2.87500 08/15/2028 | US | 25,475,000 | $24,036,060.67 | |
| US TREASURY N/B 3.12500 11/15/2028 | US | 25,385,000 | $24,252,591.14 | |
| US TREASURY N/B 0.37500 08/15/2024 | US | 10,460,000 | $9,774,379.74 | |
| US TREASURY N/B 0.12500 08/31/2023 | US | 21,400,000 | $20,756,328.23 | |
| VDC 2020-1A A2 1.64500 09/15/2045 | US | 6,500,000 | $5,722,355.28 | |
| VBTOW 2020-2A A 2.63600 09/15/2050 | US | 4,000,000 | $3,569,948.00 | |
| VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 | US | 3,500,000 | $3,360,328.86 | |
| WIN 2015-1 A1 3.50000 01/20/2045 | US | 71,881.04 | $65,493.05 | |
| CAN 10YR BOND FUT MAR23 | CA | -550 | $1,667,671.33 | |
| CAN 2YR BOND FUT MAR23 | CA | 2,850 | -$747,714.76 | |
| US 10YR ULTRA FUT MAR 23 UXYH3 | US | -600 | $123,726.00 | |
| US 5YR NOTE (CBT) MAR23 | US | 455 | -$573,177.15 | |
| US 2YR NOTE (CBT) MAR23 FUT TUH3 | US | 1,400 | -$631,517.60 | |
| IBOXX ISHR BND ID JAN23 | US | -300 | -$337,054.19 | |
| AMERICAN TANKER INC 7.75000 07/02/2025 | US | 6,560,000 | $6,283,818.95 | |
| SEASPAN CORP 6.50000 02/05/2024 | MH | 7,600,000 | $7,546,298.48 | |
| PETROTAL CORP 12.00000 02/16/2024 | CA | 2,720,000 | $2,740,504.28 | |
| NORTH INVST GROUP FLT 11.13700 05/05/2024 | SE | 23,750,000 | $2,244,249.28 | |
| GAMING INNOVATION GRP FLT 10.99300 06/11/2024 | MT | 10,000,000 | $968,353.93 | |
| PING PETROLEUM UK 12.00000 07/29/2024 | GB | 2,300,000 | $2,151,798.63 | |
| JOTUL AS FLT 10.22000 10/06/2024 | NO | 23,000,000 | $2,325,132.49 | |
| GREENFOOD AB FLT 9.09600 11/04/2025 | SE | 21,250,000 | $1,839,333.68 | |
| NOVEDO HOLDINGS AB FLT 8.88200 11/26/2024 | SE | 26,250,000 | $2,383,937.74 | |
| EXTENDA RETAIL HOLDING FLT 9.41400 03/30/2027 | SE | 34,000,000 | $3,061,572.01 | |
| CABONLINE GROUP HOLD FLT 11.25400 04/19/2026 | SE | 17,500,000 | $1,512,860.37 | |
| MEDIA AND GAMES INVEST FLT 8.31300 06/21/2026 | MT | 8,000,000 | $8,072,751.83 | |
| BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 | AE | 4,820,016 | $4,567,661.51 |
Investments will change over time.
All investments involve risks, including possible loss of principal. There is an inverse relationship between bond prices and interest rates; as interest rates rise, bond prices (and therefore the value of bond funds) fall. Likewise, as interest rates fall, bond prices and the value of bond funds rise. Investments in higher-yielding, lower-rated securities involve additional risks, including a higher risk of default and loss of principal. Funds that invest in foreign countries may be subject to the risks of adverse changes in foreign economic, political, regulatory and other conditions as well as risks related to the use of different financial standards. Investments in emerging markets may be more volatile than investments in more developed markets. Investments in derivatives can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. Also, the use of leverage increases exposure to the market and may magnify potential losses.
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