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

$10.35

Daily $ Change

$0.00

Daily % Change

0.00%

as of 03/19/2019

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
Fact Sheet
Applications & Forms

Performance

As of 02/28/2019

YTD

1.57%

1 Year

2.46%

3 Year

3.08%

5 Year

1.86%

10 Year

5.31%

Inception
(04/21/2005)

4.46%

Market Cycle

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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 0.76%
Net 0.75%*

*Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee. Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated without the prior approval of the Fund’s Board of Directors.

Sector Allocation

As of 02/28/2019

Government 3.88%
Treasury 3.14%
Cash 5.86%
Corporate 55.11%
Mortgage 32.01%

Credit Quality Distribution

As of 02/28/2019

AAA 34.01%
AA 5.03%
A 10.07%
BBB 26.00%
BB 11.24%
B 8.81%
CCC 0.57%
NR 4.27%

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.

February Fund Holdings

As of 02/28/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAH9 ADT SEC CORP 4.12500 06/15/2023 US 1,115,000 $1,094,093.75
00101JAM8 ADT CORP 5.25000 03/15/2020 US 4,077,000 $4,127,962.50
00206RCK6 AT&T INC FLT 3.73300 06/30/2020 US 8,000,000 $8,062,376.88
00206RCL4 AT&T INC 2.45000 06/30/2020 US 2,000,000 $1,985,905.20
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 7,640,000 $7,678,200.00
00928QAG6 AIRCASTLE LTD 7.62500 04/15/2020 BM 6,375,000 $6,645,110.41
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 610,000 $622,139.49
02004VAB9 ALLYA 2018-2 A2 MTGE 2.64000 02/16/2021 US 1,361,694.81 $1,361,148.63
02007CAE2 ALLYA 2016-1 A4 1.73000 11/16/2020 US 711,976.63 $709,860.35
0258M0DU0 AMERICAN EXPRESS CREDIT FLRT 3.37625 05/26/2020 US 7,500,000 $7,534,499.40
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 1,410,000 $1,302,854.10
03027XAF7 AMERICAN TOWER CORP 2.80000 06/01/2020 US 5,595,000 $5,572,851.35
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 100,840.38 $101,673.38
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 995,000 $1,002,462.50
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 MUL 1,410,000 $1,392,375.00
05582QAD9 BMWOT 2016-A A3 1.16000 11/25/2020 US 1,503,844.17 $1,496,630.08
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 7,000,000 $7,014,974.26
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 7,125,000 $7,384,453.95
105756BV1 FED REPUBLIC OF BRAZIL 4.25000 01/07/2025 BR 1,300,000 $1,309,100.00
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 950,000 $928,625.00
12509KAA4 CCG 2018-2 A1 MTGE 2.47000 08/14/2019 US 1,744,956.66 $1,743,914.40
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 7,090,000 $7,096,296.56
12596JAA1 CNH 2019-A A1 2.75334 02/28/2020 US 1,315,953.18 $1,315,939.23
126307AU1 CSC HOLDINGS LLC 5.50000 05/15/2026 US 1,015,000 $1,026,418.75
12686CBA6 CABLEVISION SYSTEMS CORP 8.00000 04/15/2020 US 5,887,000 $6,166,632.50
14041NFF3 CAPITAL ONE MULTI-ASSET 1.33000 06/15/2022 US 3,337,000 $3,317,621.04
14314MAC7 CARMX 2016-2 A3 1.52000 02/16/2021 US 1,352,228.28 $1,346,995.02
14314WAD3 CARMX 2017-3 A3 1.97000 04/15/2022 US 3,800,000 $3,770,739.24
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 57,182.07 $56,967.64
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 7,094,905.61 $7,068,184.78
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 2,095,000 $1,943,112.50
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 2,111,123.57 $2,091,154.87
168863AU2 REPUBLIC OF CHILE 5.50000 08/05/2020 CL 1,800,000,000 $2,812,890.94
17305EFS9 CCCIT 2014-A6 A6 2.15000 07/15/2021 US 3,760,000 $3,753,601.23
17327XAA5 CGCMT 2019-SST2 3.40188 12/15/2036 US 7,000,000 $7,000,000.00
21036PAM0 CONSTELLATION BRANDS INC 3.87500 11/15/2019 US 545,000 $548,058.22
22025YAM2 CORRECTIONS CORP OF AMER 4.12500 04/01/2020 US 550,000 $549,312.50
22282EAH5 COVANTA HOLDING CORP 6.00000 01/01/2027 US 1,140,000 $1,142,850.00
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 1,700,000 $1,697,062.23
22535AAA3 CAALT 2019-1A A 3.33000 02/15/2028 US 2,500,000 $2,503,432.00
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 5,000,000 $5,094,271.10
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 615,144.26 $578,345.41
23311VAE7 DCP MIDSTREAM OPERATING 2.70000 04/01/2019 US 7,715,000 $7,705,742.00
23343CAA9 DTAOT 2018-3A A MTGE 3.02000 02/15/2022 US 4,956,377.29 $4,955,768.65
23343GAA0 DTAOT 2019-1A A MTGE 3.08000 09/15/2022 US 5,250,000 $5,251,734.08
233864AB3 DTRT 2018-1 A2 2.60000 05/15/2020 US 2,264,555.51 $2,263,416.44
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 895,000 $863,675.00
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 890,000 $886,662.50
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 1,770,000 $1,798,762.50
262006208 DREYFUS GVT CSH MANAGEMENT US 41,794,645.93 $41,794,645.93
26208NAB0 DRIVE 2019 -1 A2A MTGE 3.08000 09/15/2021 US 3,500,000 $3,502,383.50
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 4,340,000 $4,231,500.00
28370TAA7 KINDER MORGAN ENER PART 6.50000 04/01/2020 US 900,000 $931,445.55
29273RAK5 ENERGY TRANSFER PARTNERS 9.70000 03/15/2019 US 360,000 $360,708.89
29273RAM1 ENERGY TRAN PTNR ETP 9.00000 04/15/2019 US 397,000 $399,596.74
29372EBS6 EFF 2016-2 A2 1.74000 02/22/2022 US 375,629.76 $374,534.87
29372EBT4 EFF 2016-2 A3 2.04000 02/22/2022 US 3,900,000 $3,865,390.62
29372EBV9 EFF 2017-1 A2 2.13000 07/20/2022 US 1,144,751.72 $1,139,898.09
302154CB3 EXPORT - IMPORT BANK KOREA 1.75000 05/26/2019 KR 7,716,000 $7,695,467.72
30216HAC3 EXPORT-IMPORT BANK CHINA 2.50000 07/31/2019 CN 7,500,000 $7,477,957.65
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 74,495.83 $74,201.39
30261KAN6 FREMF 2012-K711 B 3.49989 08/25/2045 US 2,175,000 $2,174,937.14
30262SAR9 FREMF 2015-K42 B FLT 3.85127 12/25/2024 US 1,900,000 $1,886,202.01
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 1,825,000 $1,846,553.25
30286XAN9 FREMF 2015-K43 B FLT 3.73410 02/25/2048 US 1,500,000 $1,479,831.15
30291EAE4 FREMF 2013-K712 B FLT 3.35791 05/25/2045 US 1,300,000 $1,300,674.05
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 87,099,082.25 $276,844.43
30291XAE2 FREMF 2014-K715 B FLT 3.97234 02/25/2046 US 2,185,000 $2,216,398.23
30291YAJ9 FREMF 2014-K716 B FLT 3.94865 08/25/2047 US 2,550,000 $2,593,937.01
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 544,311.49 $569,459.25
3128LCD86 FHLM POOL A78227 5.50000 06/01/2038 US 220,039.71 $238,301.15
3128M56M7 FHLM POOL G04176 5.50000 05/01/2038 US 196,735.59 $213,147.75
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 87,821.06 $95,244.04
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 474,143.43 $515,674.02
3128MAGF0 FHLM POOL G07998 4.50000 07/01/2044 US 3,292,837.67 $3,431,127.34
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 12,078.38 $12,462.33
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 26,255.92 $26,855.18
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 18,275.69 $18,787.53
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 14,901.05 $15,428.15
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 25,609.65 $26,426.66
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 487,357.69 $509,672.66
3128P75V1 FHLM POOL C91760 3.50000 05/01/2034 US 2,645,393.16 $2,688,743.03
3128P7QL0 FHLM POOL C91359 4.50000 02/01/2031 US 198,427.92 $207,349.44
312945B80 FHLM POOL A96363 4.50000 01/01/2041 US 3,232,441.85 $3,397,719.61
3132QVMX6 FHLM POOL Q38473 4.00000 01/01/2046 US 4,685,196.98 $4,797,959.27
3132WDMZ4 FHLM POOL Q40375 3.50000 05/01/2046 US 5,169,252.89 $5,194,472.80
31335ALX4 FHLM POOL G60342 4.50000 05/01/2042 US 2,907,440.52 $3,058,182.53
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 15,656.8 $15,732.19
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 3,097,705.98 $3,139,878.15
3137A2B34 FHMS K009 X1 FLT 1.27099 08/25/2020 US 8,881,703.79 $129,044.05
3137ADTK3 FHMS K014 X1 FLT 1.14909 04/25/2021 US 7,037,128.05 $150,595.95
3137AJMG6 FMHS K016 X1 FLT 1.47790 10/25/2021 US 4,496,311.07 $151,862.01
3137AME78 FHMS K017 X1 FLT 1.30243 12/25/2021 US 32,493,133.94 $977,416.21
3137AUPF0 FHMS K021 x1 FLT 1.44097 06/25/2022 US 16,810,593.88 $673,987.14
3137B3NB0 FHMS K030 X1 FLT 0.19512 04/25/2023 US 56,652,957.7 $414,897.94
3137B4GZ3 FHMS K032 X1 FLT 0.10251 05/25/2023 US 33,234,440.58 $151,705.25
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 3,703,328.4 $3,793,552.22
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 3,844,462.17 $3,987,893.67
3138ATF70 FEDERAL NATL MTG ASSN AJ1989 4.50000 10/01/2041 US 1,815,086.05 $1,905,897.69
3138WDJY8 FEDERAL NATL MTG ASSN AS3878 4.50000 11/01/2044 US 953,940.62 $995,785.55
3138XU4Y5 FEDERAL NATL MTG ASSN AW5338 4.50000 06/01/2044 US 1,032,621.56 $1,080,640.08
31398WD50 FHMS K005 AX FLT 1.34326 11/25/2019 US 6,855,078.32 $54,256.57
3140F1BL5 FEDERAL NATL MTG ASSN BC5442 4.00000 04/01/2046 US 2,616,307.55 $2,678,290.28
3140F5T29 FEDERAL NATL MTG ASSN BC9568 4.00000 05/01/2046 US 3,749,739.13 $3,837,224.71
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 750,314.01 $784,045.88
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 4,149,305.17 $4,357,368.88
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 19,811.83 $20,271.57
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 23,363.52 $23,906.27
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 152,784.74 $155,175.53
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 188,268.12 $191,309.47
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 168,869.87 $181,229.71
31411YN90 FEDERAL NATL MTG ASSN 918516 5.50000 06/01/2037 US 107,805.88 $117,036.84
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 7,707.82 $7,791.10
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 109,061.97 $110,892.37
31416CJV9 FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 447,591.31 $492,972.52
31416RBE2 FEDERAL NATL MTG ASSN AA7236 4.00000 06/01/2039 US 910,051.09 $936,032.64
31417YDV6 FHLM POOL MA0115 4.50000 07/01/2029 US 81,050.13 $84,615.26
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 332,652.55 $347,535.99
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 173,267.11 $188,020.37
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 19,861.96 $20,629.81
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 870,000 $855,862.50
335934AK1 FIRST QUANTUM MINERALS L 7.25000 04/01/2023 CA 975,000 $957,937.50
34531HAD1 FORDO 2017-B A3 MTGE 1.69000 11/15/2021 US 300,000 $297,409.98
345397WX7 FORD MOTOR CREDIT CO LLC FLRT 3.66750 11/04/2019 US 9,000,000 $8,975,015.91
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 1,275,000 $1,246,312.50
36143WAN1 GAHR 2015-NRF BFX FLT 3.38216 12/15/2034 US 2,000,000 $1,991,091.20
36143WAS0 GAHR 2015-NRF DFX FLT 3.38216 12/15/2034 US 1,150,000 $1,139,447.14
36251MAE1 GMALT 2016-3 A4 1.78000 05/20/2020 US 2,957,836.82 $2,955,481.20
36255XAA1 GCAR 2018-3A A MTGE 3.35000 08/15/2022 US 2,070,155.23 $2,072,543.36
37045VAR1 GENERAL MOTORS CO FLT 3.66713 09/10/2021 US 7,500,000 $7,391,463.75
37045XAR7 GENERAL MOTORS FINL CO 3.15000 01/15/2020 US 5,000,000 $4,999,587.80
37185LAF9 GENESIS ENERGY LP/GENESI 5.62500 06/15/2024 US 1,050,000 $976,510.50
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 1,973,000 $1,924,069.60
38013FAB7 GMCAR 2018-4 A2 MTGE 2.93000 11/16/2021 US 1,290,000 $1,291,162.03
38141EA58 GOLDMAN SACHS GP GS 5.37500 03/15/2020 US 7,800,000 $7,982,923.96
39154TAV0 GALC 2019-1 A2 2.97000 06/15/2021 US 3,000,000 $3,002,102.40
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 965,000 $969,612.70
404119BP3 HCA INC 4.25000 10/15/2019 US 1,500,000 $1,509,474.03
404121AC9 HCA INC 6.50000 02/15/2020 US 7,650,000 $7,878,884.02
42217KAY2 WELLTOWER INC. 4.12500 04/01/2019 US 7,300,000 $7,302,612.82
428041BD8 HFLF 2018-1 A2 MTGE 3.23000 05/10/2032 US 7,000,000 $7,007,338.80
44053FAA8 HORIZON PHARMA INC/HORIZ 8.75000 11/01/2024 US 1,735,000 $1,873,800.00
444454AB8 HUGHES SATELITE SYSTEMS 6.50000 06/15/2019 US 7,325,000 $7,370,781.25
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 2,132,000 $2,084,030.00
44931PAD8 HART 2017-A A3 1.76000 08/16/2021 US 151,774.32 $150,723.57
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 1,530,000 $1,499,400.00
45763PAE6 INMARSAT FINANCE PLC 4.87500 05/15/2022 GB 940,000 $940,000.00
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 8,000,000 $8,050,101.04
46187BAA1 IHSFR 2017-SFR2 A 3.33138 12/17/2036 US 486,822.97 $486,822.19
46187BAB9 IHSFR 2017-SFR2 B 3.63138 12/17/2036 US 400,000 $398,943.08
46625HHL7 JPMORGAN CHASE & CO 6.30000 04/23/2019 US 12,000,000 $12,057,218.28
46625HHQ6 JPMORGAN CHASE JPM 4.95000 03/25/2020 US 150,000 $153,237.05
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 652,715.81 $660,191.63
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 423,951.58 $411,797.74
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 501,862.36 $493,570.09
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 741,197.26 $733,945.02
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 3,220,469.9 $3,201,221.15
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 2,095,000 $1,351,275.00
494550BB1 KINDER MORGAN ENER PART 6.85000 02/15/2020 US 3,677,000 $3,803,335.29
49456BAE1 KINDER MORGAN INC/ DELAWA 3.05000 12/01/2019 US 1,000,000 $999,994.59
50077LAH9 KRAFT HEINZ FOODS CO 2.80000 07/02/2020 US 7,040,000 $7,000,046.24
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 1,635,000 $1,606,387.50
50212YAB0 LPL HOLDINGS INC 5.75000 09/15/2025 US 875,000 $884,843.75
502160AM6 LSB INDUSTRIES 9.62500 05/01/2023 US 890,000 $930,050.00
526057BU7 LENNAR CORP 4.50000 11/15/2019 US 700,000 $702,625.00
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 875,000 $853,125.00
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 1,635,000 $1,553,250.00
58502BAC0 MEDNAX INC 6.25000 01/15/2027 US 1,390,000 $1,397,714.50
59001AAN2 MERITAGE HOMES CORP 7.15000 04/15/2020 US 4,000,000 $4,130,000.00
59001ABA9 MERITAGE HOMES CORP 5.12500 06/06/2027 US 1,020,000 $951,150.00
59022CAA1 BANK OF AMERICA CORP 3.54819 09/15/2026 US 3,561,000 $3,321,234.99
61747YDX0 MORGAN STANLEY FLT 3.90475 01/27/2020 US 8,750,000 $8,812,430.20
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 2,671,000 $2,677,677.50
62913TAE2 NGL ENERGY PART LP / FIN CO 5.12500 07/15/2019 US 500,000 $502,650.00
62913TAM4 NGL ENRGY PART LP/FIN CO 6.12500 03/01/2025 US 1,455,000 $1,371,337.50
62954NAA3 NYCTL 2018-A A 3.22000 11/10/2031 US 2,739,899.48 $2,732,922.60
62957HAC9 NABORS INDUSTRIES INC 5.50000 01/15/2023 US 440,000 $412,500.00
63938CAE8 NAVIENT CORP 7.25000 09/25/2023 US 880,000 $907,500.00
63941DAA9 NAVSL 2018-2A A1 2.72988 03/25/2067 US 1,306,657.82 $1,306,080.41
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 637,427.96 $637,041.30
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 1,020,171.55 $1,020,536.87
65478WAD7 NAROT 2016-C A3 1.18000 01/15/2021 US 1,980,334.75 $1,967,497.82
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 2,520,000 $2,324,700.00
67087MAA4 OBP DEPOSITOR LLC TRUST 4.64620 07/15/2045 US 420,000 $425,650.55
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 7,000,000 $7,030,919.00
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 1,009,000 $1,036,747.50
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 1,640,000 $1,627,700.00
71642QAB3 PDLLN 7 1/4 05/01/22 7.25000 05/01/2022 GB 950,000 $883,500.00
71654QAU6 PETROLEOS MEXICANOS 8.00000 05/03/2019 MX 8,000,000 $8,060,000.00
72650RAW2 PLAINS ALL AMER PIPELINE 5.75000 01/15/2020 US 388,000 $396,014.00
72650RBG6 PLAINS ALL AMER PIPELINE 2.60000 12/15/2019 US 2,752,000 $2,739,661.27
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 7,450,000 $7,281,059.03
74153WCK3 PRICOA GLOBAL FUNDING 1 1.45000 09/13/2019 US 2,000,000 $1,985,205.06
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 1,650,000 $1,621,054.05
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 5,000,000 $5,100,000.00
77714PAB5 SEMGROUP / ROSE ROCK FIN 5.62500 07/15/2022 US 870,000 $847,162.50
784423AF2 SLCLT 2004-1 A6 2.84375 05/15/2023 US 1,612,956.7 $1,612,130.22
78442FEJ3 NAVIENT CORP 8.00000 03/25/2020 US 1,000,000 $1,044,330.00
78442FES3 NAVIENT CORP 4.87500 06/17/2019 US 4,372,000 $4,372,000.00
78442GNG7 SLMA 2004-10 A6A FLT RT 3.32063 04/27/2026 US 1,674,449.83 $1,676,902.56
78442PGC4 SLM CORP 5.12500 04/05/2022 US 6,424,000 $6,279,460.00
78449PAA7 SMB 2018-A A1 FLT 2.83875 03/16/2026 US 2,252,327.29 $2,251,295.95
78470RAB3 SOFI 2016-E A2A 1.63000 01/25/2036 US 58,129.98 $58,074.51
78471CAA7 SOFI 2017-D A1FX 1.72000 09/25/2040 US 957,592.58 $952,462.18
78472CAA6 SCLP 2019-1 A 3.24000 02/25/2028 US 5,000,000 $5,002,759.50
785592AE6 SABINE PASS LIQUEFACTION 5.62500 02/01/2021 US 6,649,000 $6,876,561.56
785592AJ5 SABINE PASS LIQUEFACTION 5.75000 05/15/2024 US 7,000,000 $7,575,804.25
80282KAD8 SANTANDER HOLDINGS USA 2.65000 04/17/2020 US 3,950,000 $3,923,148.61
80282KAH9 SANTANDER HOLDINGS USA 2.70000 05/24/2019 US 9,446,000 $9,433,831.47
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 523,992.64 $505,555.96
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 723,245.85 $700,534.48
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 627,198.67 $562,928.68
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 1,335,000 $1,274,925.00
832696AQ1 JM SMUCKER CO 2.20000 12/06/2019 US 4,800,000 $4,772,777.95
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 396,928.64 $394,053.77
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 750,000 $735,994.80
83401LAB0 SOFI 2015-A A2 2.42000 03/25/2030 US 470,723.47 $466,232.39
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 566,096.83 $555,721.41
83403YAA2 SOFI 2017-B A1FX 1.83000 05/25/2040 US 90,512.33 $90,124.56
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 253,895.73 $252,467.44
83404RAA6 SOFI 2018-B A1FX 2.64000 08/25/2047 US 6,286,893.27 $6,269,975.87
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 695,308.76 $691,128.36
83405JAA3 SCLP 2017-4 A 2.50000 05/26/2026 US 968,526.7 $959,897.42
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 539,028.73 $537,445.98
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 3,000,000 $3,073,952.49
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 1,420,000 $1,405,374.00
852060AG7 SPRINT CAPITAL CORP 6.90000 05/01/2019 US 7,540,000 $7,558,850.00
852061AQ3 SPRINT COMMUNICATIONS 7.00000 03/01/2020 US 3,000,000 $3,097,500.00
85571BAP0 STARWOOD PROPERTY TRUST 3.62500 02/01/2021 US 2,000,000 $1,987,500.00
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.70875 11/15/2027 US 1,810,720.11 $1,795,622.33
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 426,935.22 $424,073.69
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 1,065,000 $995,775.00
88032WAB2 TENCENT HOLDINGS LTD 3.37500 05/02/2019 KY 3,700,000 $3,703,012.02
88032WAC0 TENCENT HOLDINGS LTD 2.87500 02/11/2020 KY 3,873,000 $3,859,419.83
88104LAE3 TERRAFORM POWER OPERATIN 5.00000 01/31/2028 US 960,000 $912,000.00
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 1,497,506.64 $1,453,728.68
89177EAA7 TPMT 2019-HY1 A1 3.51400 10/25/2048 US 5,360,000 $5,366,432.00
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 2,380,619.82 $2,334,798.60
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 1,665,000 $1,665,000.00
90261XHN5 UBS AG STAMFORD CT FLT 3.47613 06/01/2020 CH 8,000,000 $8,050,753.36
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 989,000 $1,011,252.50
90945AAA4 UACST 2018-2 A 2.89000 03/10/2021 US 1,063,832.67 $1,063,527.67
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 22,529,220 $22,354,970.45
92343VCA0 VERIZON COMMUNICATIONS FLT 3.55819 06/17/2019 US 8,668,000 $8,686,384.83
92888DAB1 VFET 2019-1A A2 2.90000 11/15/2021 US 1,000,000 $1,001,419.40
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 1,195,000 $1,208,623.60
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 885,000 $876,150.00
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 1,483,441.31 $1,524,962.39
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 2,555,000 $2,625,262.50
93065PAA9 WBHT 2019-WBM A FLT 3.60000 12/15/2033 US 7,000,000 $6,968,981.60
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 1,010,000 $954,450.00
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 1,470,000 $1,385,475.00
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 1,350,000 $1,373,528.88
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 7,675,000 $7,665,406.25
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 1,430,000 $1,400,059.38
96328DAT1 WHLS 2016-1A A2 1.59000 05/20/2025 US 35,825.83 $35,779.05
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 4,000,000 $3,881,760.00
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 612,311.99 $611,877.92
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 720,078.36 $711,953.72
98162EAC1 WOART 2017-A A3 Mtge 1.93000 09/15/2022 US 3,864,175.3 $3,839,125.40
98162KAD5 WOLS 2017-A A4 Mtge 2.32000 08/15/2022 US 750,000 $746,540.70
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 2,010,000 $1,940,454.00
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 126,000,000 $6,248,832.55
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 35,000,000 $1,813,242.30
BBG00DG9H4R8 FED FUND 30DAY JUL19 US -750 -$481,672.50
BBG00L44S3Z5 EURO-SCHATZ FUT MAR19 DE -50 $4,197.76
BBG00L44S9F4 EURO-BOBL FUTURE MAR19 DE -45 -$31,796.77
BBG00L44SYB3 EURO-BUND FUTURE MAR19 DE -143 $54,505.61
BBG00L44T7N8 EURO BUXL 30Y BND MAR19 EU -14 -$124,576.17
BBG00L9H7BJ4 LONG GILT FUTURE MAR19 GB -148 $247,131.24
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 2,000,000 $1,925,000.00
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 2,223,000 $2,295,247.50
JV9105265 BUONI POLIENNALI DEL TES 2.70000 03/01/2047 IT 8,000,000 $7,762,864.55
Y23862AE8 EXPORT-IMPORT BANK CHINA 2.50000 07/31/2019 CN 630,000 $628,148.43

Investments will change over time.

Distributions

  • Unconstrained Bond Class S Distribution History
  • 2019 Distribution Calendar
  • Fourth Quarter 2018 Distributions
  • Third Quarter 2018 Distributions
  • Second Quarter 2018 Distributions
  • First Quarter 2019 Distributions
  • Tax Letter
  • Unconstrained Bond Return of Capital 2015

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

$10.35

Daily $ Change

$0.00

Daily % Change

0.00%

as of 03/19/2019

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
Fact Sheet
Applications & Forms

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

Performance

As of 02/28/2019

YTD

1.57%

1 Year

2.46%

3 Year

3.08%

5 Year

1.86%

10 Year

5.31%

Inception
(04/21/2005)

4.46%

Market Cycle

---

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 0.76%
Net 0.75%*

*Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee. Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated without the prior approval of the Fund’s Board of Directors.

Sector Allocation

As of 02/28/2019

Government
3.88%
Treasury
3.14%
Cash
5.86%
Corporate
55.11%
Mortgage
32.01%

Credit Quality Distribution

As of 02/28/2019

AAA
34.01%
AA
5.03%
A
10.07%
BBB
26.00%
BB
11.24%
B
8.81%
CCC
0.57%
NR
4.27%

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.

February Fund Holdings

As of 02/28/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAH9 ADT SEC CORP 4.12500 06/15/2023 US 1,115,000 $1,094,093.75
00101JAM8 ADT CORP 5.25000 03/15/2020 US 4,077,000 $4,127,962.50
00206RCK6 AT&T INC FLT 3.73300 06/30/2020 US 8,000,000 $8,062,376.88
00206RCL4 AT&T INC 2.45000 06/30/2020 US 2,000,000 $1,985,905.20
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 7,640,000 $7,678,200.00
00928QAG6 AIRCASTLE LTD 7.62500 04/15/2020 BM 6,375,000 $6,645,110.41
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 610,000 $622,139.49
02004VAB9 ALLYA 2018-2 A2 MTGE 2.64000 02/16/2021 US 1,361,694.81 $1,361,148.63
02007CAE2 ALLYA 2016-1 A4 1.73000 11/16/2020 US 711,976.63 $709,860.35
0258M0DU0 AMERICAN EXPRESS CREDIT FLRT 3.37625 05/26/2020 US 7,500,000 $7,534,499.40
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 1,410,000 $1,302,854.10
03027XAF7 AMERICAN TOWER CORP 2.80000 06/01/2020 US 5,595,000 $5,572,851.35
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 100,840.38 $101,673.38
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 995,000 $1,002,462.50
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 MUL 1,410,000 $1,392,375.00
05582QAD9 BMWOT 2016-A A3 1.16000 11/25/2020 US 1,503,844.17 $1,496,630.08
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 7,000,000 $7,014,974.26
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 7,125,000 $7,384,453.95
105756BV1 FED REPUBLIC OF BRAZIL 4.25000 01/07/2025 BR 1,300,000 $1,309,100.00
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 950,000 $928,625.00
12509KAA4 CCG 2018-2 A1 MTGE 2.47000 08/14/2019 US 1,744,956.66 $1,743,914.40
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 7,090,000 $7,096,296.56
12596JAA1 CNH 2019-A A1 2.75334 02/28/2020 US 1,315,953.18 $1,315,939.23
126307AU1 CSC HOLDINGS LLC 5.50000 05/15/2026 US 1,015,000 $1,026,418.75
12686CBA6 CABLEVISION SYSTEMS CORP 8.00000 04/15/2020 US 5,887,000 $6,166,632.50
14041NFF3 CAPITAL ONE MULTI-ASSET 1.33000 06/15/2022 US 3,337,000 $3,317,621.04
14314MAC7 CARMX 2016-2 A3 1.52000 02/16/2021 US 1,352,228.28 $1,346,995.02
14314WAD3 CARMX 2017-3 A3 1.97000 04/15/2022 US 3,800,000 $3,770,739.24
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 57,182.07 $56,967.64
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 7,094,905.61 $7,068,184.78
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 2,095,000 $1,943,112.50
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 2,111,123.57 $2,091,154.87
168863AU2 REPUBLIC OF CHILE 5.50000 08/05/2020 CL 1,800,000,000 $2,812,890.94
17305EFS9 CCCIT 2014-A6 A6 2.15000 07/15/2021 US 3,760,000 $3,753,601.23
17327XAA5 CGCMT 2019-SST2 3.40188 12/15/2036 US 7,000,000 $7,000,000.00
21036PAM0 CONSTELLATION BRANDS INC 3.87500 11/15/2019 US 545,000 $548,058.22
22025YAM2 CORRECTIONS CORP OF AMER 4.12500 04/01/2020 US 550,000 $549,312.50
22282EAH5 COVANTA HOLDING CORP 6.00000 01/01/2027 US 1,140,000 $1,142,850.00
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 1,700,000 $1,697,062.23
22535AAA3 CAALT 2019-1A A 3.33000 02/15/2028 US 2,500,000 $2,503,432.00
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 5,000,000 $5,094,271.10
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 615,144.26 $578,345.41
23311VAE7 DCP MIDSTREAM OPERATING 2.70000 04/01/2019 US 7,715,000 $7,705,742.00
23343CAA9 DTAOT 2018-3A A MTGE 3.02000 02/15/2022 US 4,956,377.29 $4,955,768.65
23343GAA0 DTAOT 2019-1A A MTGE 3.08000 09/15/2022 US 5,250,000 $5,251,734.08
233864AB3 DTRT 2018-1 A2 2.60000 05/15/2020 US 2,264,555.51 $2,263,416.44
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 895,000 $863,675.00
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 890,000 $886,662.50
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 1,770,000 $1,798,762.50
262006208 DREYFUS GVT CSH MANAGEMENT US 41,794,645.93 $41,794,645.93
26208NAB0 DRIVE 2019 -1 A2A MTGE 3.08000 09/15/2021 US 3,500,000 $3,502,383.50
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 4,340,000 $4,231,500.00
28370TAA7 KINDER MORGAN ENER PART 6.50000 04/01/2020 US 900,000 $931,445.55
29273RAK5 ENERGY TRANSFER PARTNERS 9.70000 03/15/2019 US 360,000 $360,708.89
29273RAM1 ENERGY TRAN PTNR ETP 9.00000 04/15/2019 US 397,000 $399,596.74
29372EBS6 EFF 2016-2 A2 1.74000 02/22/2022 US 375,629.76 $374,534.87
29372EBT4 EFF 2016-2 A3 2.04000 02/22/2022 US 3,900,000 $3,865,390.62
29372EBV9 EFF 2017-1 A2 2.13000 07/20/2022 US 1,144,751.72 $1,139,898.09
302154CB3 EXPORT - IMPORT BANK KOREA 1.75000 05/26/2019 KR 7,716,000 $7,695,467.72
30216HAC3 EXPORT-IMPORT BANK CHINA 2.50000 07/31/2019 CN 7,500,000 $7,477,957.65
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 74,495.83 $74,201.39
30261KAN6 FREMF 2012-K711 B 3.49989 08/25/2045 US 2,175,000 $2,174,937.14
30262SAR9 FREMF 2015-K42 B FLT 3.85127 12/25/2024 US 1,900,000 $1,886,202.01
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 1,825,000 $1,846,553.25
30286XAN9 FREMF 2015-K43 B FLT 3.73410 02/25/2048 US 1,500,000 $1,479,831.15
30291EAE4 FREMF 2013-K712 B FLT 3.35791 05/25/2045 US 1,300,000 $1,300,674.05
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 87,099,082.25 $276,844.43
30291XAE2 FREMF 2014-K715 B FLT 3.97234 02/25/2046 US 2,185,000 $2,216,398.23
30291YAJ9 FREMF 2014-K716 B FLT 3.94865 08/25/2047 US 2,550,000 $2,593,937.01
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 544,311.49 $569,459.25
3128LCD86 FHLM POOL A78227 5.50000 06/01/2038 US 220,039.71 $238,301.15
3128M56M7 FHLM POOL G04176 5.50000 05/01/2038 US 196,735.59 $213,147.75
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 87,821.06 $95,244.04
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 474,143.43 $515,674.02
3128MAGF0 FHLM POOL G07998 4.50000 07/01/2044 US 3,292,837.67 $3,431,127.34
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 12,078.38 $12,462.33
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 26,255.92 $26,855.18
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 18,275.69 $18,787.53
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 14,901.05 $15,428.15
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 25,609.65 $26,426.66
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 487,357.69 $509,672.66
3128P75V1 FHLM POOL C91760 3.50000 05/01/2034 US 2,645,393.16 $2,688,743.03
3128P7QL0 FHLM POOL C91359 4.50000 02/01/2031 US 198,427.92 $207,349.44
312945B80 FHLM POOL A96363 4.50000 01/01/2041 US 3,232,441.85 $3,397,719.61
3132QVMX6 FHLM POOL Q38473 4.00000 01/01/2046 US 4,685,196.98 $4,797,959.27
3132WDMZ4 FHLM POOL Q40375 3.50000 05/01/2046 US 5,169,252.89 $5,194,472.80
31335ALX4 FHLM POOL G60342 4.50000 05/01/2042 US 2,907,440.52 $3,058,182.53
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 15,656.8 $15,732.19
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 3,097,705.98 $3,139,878.15
3137A2B34 FHMS K009 X1 FLT 1.27099 08/25/2020 US 8,881,703.79 $129,044.05
3137ADTK3 FHMS K014 X1 FLT 1.14909 04/25/2021 US 7,037,128.05 $150,595.95
3137AJMG6 FMHS K016 X1 FLT 1.47790 10/25/2021 US 4,496,311.07 $151,862.01
3137AME78 FHMS K017 X1 FLT 1.30243 12/25/2021 US 32,493,133.94 $977,416.21
3137AUPF0 FHMS K021 x1 FLT 1.44097 06/25/2022 US 16,810,593.88 $673,987.14
3137B3NB0 FHMS K030 X1 FLT 0.19512 04/25/2023 US 56,652,957.7 $414,897.94
3137B4GZ3 FHMS K032 X1 FLT 0.10251 05/25/2023 US 33,234,440.58 $151,705.25
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 3,703,328.4 $3,793,552.22
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 3,844,462.17 $3,987,893.67
3138ATF70 FEDERAL NATL MTG ASSN AJ1989 4.50000 10/01/2041 US 1,815,086.05 $1,905,897.69
3138WDJY8 FEDERAL NATL MTG ASSN AS3878 4.50000 11/01/2044 US 953,940.62 $995,785.55
3138XU4Y5 FEDERAL NATL MTG ASSN AW5338 4.50000 06/01/2044 US 1,032,621.56 $1,080,640.08
31398WD50 FHMS K005 AX FLT 1.34326 11/25/2019 US 6,855,078.32 $54,256.57
3140F1BL5 FEDERAL NATL MTG ASSN BC5442 4.00000 04/01/2046 US 2,616,307.55 $2,678,290.28
3140F5T29 FEDERAL NATL MTG ASSN BC9568 4.00000 05/01/2046 US 3,749,739.13 $3,837,224.71
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 750,314.01 $784,045.88
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 4,149,305.17 $4,357,368.88
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 19,811.83 $20,271.57
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 23,363.52 $23,906.27
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 152,784.74 $155,175.53
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 188,268.12 $191,309.47
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 168,869.87 $181,229.71
31411YN90 FEDERAL NATL MTG ASSN 918516 5.50000 06/01/2037 US 107,805.88 $117,036.84
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 7,707.82 $7,791.10
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 109,061.97 $110,892.37
31416CJV9 FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 447,591.31 $492,972.52
31416RBE2 FEDERAL NATL MTG ASSN AA7236 4.00000 06/01/2039 US 910,051.09 $936,032.64
31417YDV6 FHLM POOL MA0115 4.50000 07/01/2029 US 81,050.13 $84,615.26
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 332,652.55 $347,535.99
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 173,267.11 $188,020.37
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 19,861.96 $20,629.81
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 870,000 $855,862.50
335934AK1 FIRST QUANTUM MINERALS L 7.25000 04/01/2023 CA 975,000 $957,937.50
34531HAD1 FORDO 2017-B A3 MTGE 1.69000 11/15/2021 US 300,000 $297,409.98
345397WX7 FORD MOTOR CREDIT CO LLC FLRT 3.66750 11/04/2019 US 9,000,000 $8,975,015.91
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 1,275,000 $1,246,312.50
36143WAN1 GAHR 2015-NRF BFX FLT 3.38216 12/15/2034 US 2,000,000 $1,991,091.20
36143WAS0 GAHR 2015-NRF DFX FLT 3.38216 12/15/2034 US 1,150,000 $1,139,447.14
36251MAE1 GMALT 2016-3 A4 1.78000 05/20/2020 US 2,957,836.82 $2,955,481.20
36255XAA1 GCAR 2018-3A A MTGE 3.35000 08/15/2022 US 2,070,155.23 $2,072,543.36
37045VAR1 GENERAL MOTORS CO FLT 3.66713 09/10/2021 US 7,500,000 $7,391,463.75
37045XAR7 GENERAL MOTORS FINL CO 3.15000 01/15/2020 US 5,000,000 $4,999,587.80
37185LAF9 GENESIS ENERGY LP/GENESI 5.62500 06/15/2024 US 1,050,000 $976,510.50
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 1,973,000 $1,924,069.60
38013FAB7 GMCAR 2018-4 A2 MTGE 2.93000 11/16/2021 US 1,290,000 $1,291,162.03
38141EA58 GOLDMAN SACHS GP GS 5.37500 03/15/2020 US 7,800,000 $7,982,923.96
39154TAV0 GALC 2019-1 A2 2.97000 06/15/2021 US 3,000,000 $3,002,102.40
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 965,000 $969,612.70
404119BP3 HCA INC 4.25000 10/15/2019 US 1,500,000 $1,509,474.03
404121AC9 HCA INC 6.50000 02/15/2020 US 7,650,000 $7,878,884.02
42217KAY2 WELLTOWER INC. 4.12500 04/01/2019 US 7,300,000 $7,302,612.82
428041BD8 HFLF 2018-1 A2 MTGE 3.23000 05/10/2032 US 7,000,000 $7,007,338.80
44053FAA8 HORIZON PHARMA INC/HORIZ 8.75000 11/01/2024 US 1,735,000 $1,873,800.00
444454AB8 HUGHES SATELITE SYSTEMS 6.50000 06/15/2019 US 7,325,000 $7,370,781.25
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 2,132,000 $2,084,030.00
44931PAD8 HART 2017-A A3 1.76000 08/16/2021 US 151,774.32 $150,723.57
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 1,530,000 $1,499,400.00
45763PAE6 INMARSAT FINANCE PLC 4.87500 05/15/2022 GB 940,000 $940,000.00
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 8,000,000 $8,050,101.04
46187BAA1 IHSFR 2017-SFR2 A 3.33138 12/17/2036 US 486,822.97 $486,822.19
46187BAB9 IHSFR 2017-SFR2 B 3.63138 12/17/2036 US 400,000 $398,943.08
46625HHL7 JPMORGAN CHASE & CO 6.30000 04/23/2019 US 12,000,000 $12,057,218.28
46625HHQ6 JPMORGAN CHASE JPM 4.95000 03/25/2020 US 150,000 $153,237.05
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 652,715.81 $660,191.63
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 423,951.58 $411,797.74
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 501,862.36 $493,570.09
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 741,197.26 $733,945.02
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 3,220,469.9 $3,201,221.15
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 2,095,000 $1,351,275.00
494550BB1 KINDER MORGAN ENER PART 6.85000 02/15/2020 US 3,677,000 $3,803,335.29
49456BAE1 KINDER MORGAN INC/ DELAWA 3.05000 12/01/2019 US 1,000,000 $999,994.59
50077LAH9 KRAFT HEINZ FOODS CO 2.80000 07/02/2020 US 7,040,000 $7,000,046.24
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 1,635,000 $1,606,387.50
50212YAB0 LPL HOLDINGS INC 5.75000 09/15/2025 US 875,000 $884,843.75
502160AM6 LSB INDUSTRIES 9.62500 05/01/2023 US 890,000 $930,050.00
526057BU7 LENNAR CORP 4.50000 11/15/2019 US 700,000 $702,625.00
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 875,000 $853,125.00
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 1,635,000 $1,553,250.00
58502BAC0 MEDNAX INC 6.25000 01/15/2027 US 1,390,000 $1,397,714.50
59001AAN2 MERITAGE HOMES CORP 7.15000 04/15/2020 US 4,000,000 $4,130,000.00
59001ABA9 MERITAGE HOMES CORP 5.12500 06/06/2027 US 1,020,000 $951,150.00
59022CAA1 BANK OF AMERICA CORP 3.54819 09/15/2026 US 3,561,000 $3,321,234.99
61747YDX0 MORGAN STANLEY FLT 3.90475 01/27/2020 US 8,750,000 $8,812,430.20
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 2,671,000 $2,677,677.50
62913TAE2 NGL ENERGY PART LP / FIN CO 5.12500 07/15/2019 US 500,000 $502,650.00
62913TAM4 NGL ENRGY PART LP/FIN CO 6.12500 03/01/2025 US 1,455,000 $1,371,337.50
62954NAA3 NYCTL 2018-A A 3.22000 11/10/2031 US 2,739,899.48 $2,732,922.60
62957HAC9 NABORS INDUSTRIES INC 5.50000 01/15/2023 US 440,000 $412,500.00
63938CAE8 NAVIENT CORP 7.25000 09/25/2023 US 880,000 $907,500.00
63941DAA9 NAVSL 2018-2A A1 2.72988 03/25/2067 US 1,306,657.82 $1,306,080.41
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 637,427.96 $637,041.30
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 1,020,171.55 $1,020,536.87
65478WAD7 NAROT 2016-C A3 1.18000 01/15/2021 US 1,980,334.75 $1,967,497.82
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 2,520,000 $2,324,700.00
67087MAA4 OBP DEPOSITOR LLC TRUST 4.64620 07/15/2045 US 420,000 $425,650.55
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 7,000,000 $7,030,919.00
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 1,009,000 $1,036,747.50
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 1,640,000 $1,627,700.00
71642QAB3 PDLLN 7 1/4 05/01/22 7.25000 05/01/2022 GB 950,000 $883,500.00
71654QAU6 PETROLEOS MEXICANOS 8.00000 05/03/2019 MX 8,000,000 $8,060,000.00
72650RAW2 PLAINS ALL AMER PIPELINE 5.75000 01/15/2020 US 388,000 $396,014.00
72650RBG6 PLAINS ALL AMER PIPELINE 2.60000 12/15/2019 US 2,752,000 $2,739,661.27
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 7,450,000 $7,281,059.03
74153WCK3 PRICOA GLOBAL FUNDING 1 1.45000 09/13/2019 US 2,000,000 $1,985,205.06
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 1,650,000 $1,621,054.05
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 5,000,000 $5,100,000.00
77714PAB5 SEMGROUP / ROSE ROCK FIN 5.62500 07/15/2022 US 870,000 $847,162.50
784423AF2 SLCLT 2004-1 A6 2.84375 05/15/2023 US 1,612,956.7 $1,612,130.22
78442FEJ3 NAVIENT CORP 8.00000 03/25/2020 US 1,000,000 $1,044,330.00
78442FES3 NAVIENT CORP 4.87500 06/17/2019 US 4,372,000 $4,372,000.00
78442GNG7 SLMA 2004-10 A6A FLT RT 3.32063 04/27/2026 US 1,674,449.83 $1,676,902.56
78442PGC4 SLM CORP 5.12500 04/05/2022 US 6,424,000 $6,279,460.00
78449PAA7 SMB 2018-A A1 FLT 2.83875 03/16/2026 US 2,252,327.29 $2,251,295.95
78470RAB3 SOFI 2016-E A2A 1.63000 01/25/2036 US 58,129.98 $58,074.51
78471CAA7 SOFI 2017-D A1FX 1.72000 09/25/2040 US 957,592.58 $952,462.18
78472CAA6 SCLP 2019-1 A 3.24000 02/25/2028 US 5,000,000 $5,002,759.50
785592AE6 SABINE PASS LIQUEFACTION 5.62500 02/01/2021 US 6,649,000 $6,876,561.56
785592AJ5 SABINE PASS LIQUEFACTION 5.75000 05/15/2024 US 7,000,000 $7,575,804.25
80282KAD8 SANTANDER HOLDINGS USA 2.65000 04/17/2020 US 3,950,000 $3,923,148.61
80282KAH9 SANTANDER HOLDINGS USA 2.70000 05/24/2019 US 9,446,000 $9,433,831.47
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 523,992.64 $505,555.96
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 723,245.85 $700,534.48
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 627,198.67 $562,928.68
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 1,335,000 $1,274,925.00
832696AQ1 JM SMUCKER CO 2.20000 12/06/2019 US 4,800,000 $4,772,777.95
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 396,928.64 $394,053.77
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 750,000 $735,994.80
83401LAB0 SOFI 2015-A A2 2.42000 03/25/2030 US 470,723.47 $466,232.39
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 566,096.83 $555,721.41
83403YAA2 SOFI 2017-B A1FX 1.83000 05/25/2040 US 90,512.33 $90,124.56
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 253,895.73 $252,467.44
83404RAA6 SOFI 2018-B A1FX 2.64000 08/25/2047 US 6,286,893.27 $6,269,975.87
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 695,308.76 $691,128.36
83405JAA3 SCLP 2017-4 A 2.50000 05/26/2026 US 968,526.7 $959,897.42
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 539,028.73 $537,445.98
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 3,000,000 $3,073,952.49
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 1,420,000 $1,405,374.00
852060AG7 SPRINT CAPITAL CORP 6.90000 05/01/2019 US 7,540,000 $7,558,850.00
852061AQ3 SPRINT COMMUNICATIONS 7.00000 03/01/2020 US 3,000,000 $3,097,500.00
85571BAP0 STARWOOD PROPERTY TRUST 3.62500 02/01/2021 US 2,000,000 $1,987,500.00
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.70875 11/15/2027 US 1,810,720.11 $1,795,622.33
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 426,935.22 $424,073.69
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 1,065,000 $995,775.00
88032WAB2 TENCENT HOLDINGS LTD 3.37500 05/02/2019 KY 3,700,000 $3,703,012.02
88032WAC0 TENCENT HOLDINGS LTD 2.87500 02/11/2020 KY 3,873,000 $3,859,419.83
88104LAE3 TERRAFORM POWER OPERATIN 5.00000 01/31/2028 US 960,000 $912,000.00
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 1,497,506.64 $1,453,728.68
89177EAA7 TPMT 2019-HY1 A1 3.51400 10/25/2048 US 5,360,000 $5,366,432.00
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 2,380,619.82 $2,334,798.60
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 1,665,000 $1,665,000.00
90261XHN5 UBS AG STAMFORD CT FLT 3.47613 06/01/2020 CH 8,000,000 $8,050,753.36
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 989,000 $1,011,252.50
90945AAA4 UACST 2018-2 A 2.89000 03/10/2021 US 1,063,832.67 $1,063,527.67
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 22,529,220 $22,354,970.45
92343VCA0 VERIZON COMMUNICATIONS FLT 3.55819 06/17/2019 US 8,668,000 $8,686,384.83
92888DAB1 VFET 2019-1A A2 2.90000 11/15/2021 US 1,000,000 $1,001,419.40
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 1,195,000 $1,208,623.60
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 885,000 $876,150.00
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 1,483,441.31 $1,524,962.39
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 2,555,000 $2,625,262.50
93065PAA9 WBHT 2019-WBM A FLT 3.60000 12/15/2033 US 7,000,000 $6,968,981.60
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 1,010,000 $954,450.00
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 1,470,000 $1,385,475.00
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 1,350,000 $1,373,528.88
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 7,675,000 $7,665,406.25
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 1,430,000 $1,400,059.38
96328DAT1 WHLS 2016-1A A2 1.59000 05/20/2025 US 35,825.83 $35,779.05
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 4,000,000 $3,881,760.00
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 612,311.99 $611,877.92
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 720,078.36 $711,953.72
98162EAC1 WOART 2017-A A3 Mtge 1.93000 09/15/2022 US 3,864,175.3 $3,839,125.40
98162KAD5 WOLS 2017-A A4 Mtge 2.32000 08/15/2022 US 750,000 $746,540.70
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 2,010,000 $1,940,454.00
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 126,000,000 $6,248,832.55
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 35,000,000 $1,813,242.30
BBG00DG9H4R8 FED FUND 30DAY JUL19 US -750 -$481,672.50
BBG00L44S3Z5 EURO-SCHATZ FUT MAR19 DE -50 $4,197.76
BBG00L44S9F4 EURO-BOBL FUTURE MAR19 DE -45 -$31,796.77
BBG00L44SYB3 EURO-BUND FUTURE MAR19 DE -143 $54,505.61
BBG00L44T7N8 EURO BUXL 30Y BND MAR19 EU -14 -$124,576.17
BBG00L9H7BJ4 LONG GILT FUTURE MAR19 GB -148 $247,131.24
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 2,000,000 $1,925,000.00
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 2,223,000 $2,295,247.50
JV9105265 BUONI POLIENNALI DEL TES 2.70000 03/01/2047 IT 8,000,000 $7,762,864.55
Y23862AE8 EXPORT-IMPORT BANK CHINA 2.50000 07/31/2019 CN 630,000 $628,148.43

Investments will change over time.

Distributions

  • Unconstrained Bond Class S Distribution History
  • 2019 Distribution Calendar
  • Fourth Quarter 2018 Distributions
  • Third Quarter 2018 Distributions
  • Second Quarter 2018 Distributions
  • First Quarter 2019 Distributions
  • Tax Letter
  • Unconstrained Bond Return of Capital 2015

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.


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