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

$10.26

Daily $ Change

$0.00

Daily % Change

0.00%

as of 11/09/2018

Ticker

EXCPX

CUSIP

563821206

Inception Date

04/21/2005

Investment Minimum

$2,000.00

Investment minimum may be waived for certain qualified retirement plans, 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
XBRL-05/14/18

Performance

As of 10/31/2018

YTD

-0.17%

1 Year

-0.05%

3 Year

2.00%

5 Year

1.78%

10 Year

5.81%

Inception
(04/21/2005)

4.42%

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 0.75%*

*Includes a shareholder servicing fee of 0.25%.

Sector Allocation

As of 10/31/2018

Government 3.41%
Treasury 3.06%
Cash 1.12%
Corporate 63.22%
Mortgage 29.19%

Credit Quality Distribution

As of 10/31/2018

AAA 29.30%
AA 5.33%
A 12.72%
BBB 25.46%
BB 12.22%
B 10.87%
CCC 0.89%
NR 3.21%

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.

October Fund Holdings

As of 10/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 1,000,000 $1,010,000.00
00206RCK6 AT&T INC FLT 3.31613 06/30/2020 US 8,000,000 $8,069,176.00
00206RCL4 AT&T INC 2.45000 06/30/2020 US 2,000,000 $1,969,355.70
00206RDC3 AT&T INC FLT 4.45000 04/01/2024 US 3,620,000 $3,655,069.76
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 7,640,000 $7,869,200.00
00928QAG6 AIRCASTLE LTD 7.62500 04/15/2020 BM 6,375,000 $6,717,479.34
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 610,000 $626,897.00
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 7,500,000 $7,537,500.00
02004VAB9 ALLYA 2018-2 A2 MTGE 2.64000 02/16/2021 US 1,835,000 $1,832,318.88
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 4,940,000 $4,933,825.00
02005NBE9 ALLY FINANCIAL INC 3.25000 11/05/2018 US 2,500,000 $2,499,675.00
02007CAE2 ALLYA 2016-1 A4 1.73000 11/16/2020 US 750,000 $745,032.00
02155FAF2 ALTICE US FINANCE I CORP 5.50000 05/15/2026 US 1,015,000 $988,670.90
0258M0DU0 AMERICAN EXPRESS CREDIT FLRT 3.04138 05/26/2020 US 7,500,000 $7,550,135.03
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 1,410,000 $1,381,800.00
03027XAC4 AMERICAN TOWER CORP 3.40000 02/15/2019 US 1,400,000 $1,401,579.49
03027XAF7 AMERICAN TOWER CORP 2.80000 06/01/2020 US 4,500,000 $4,451,040.00
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 117,422.48 $117,953.09
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 1,410,000 $1,321,875.00
040114HB9 REPUBLIC OF ARGENTINA 6.25000 04/22/2019 AR 2,000,000 $2,011,000.00
05582QAD9 BMWOT 2016-A A3 1.16000 11/25/2020 US 2,515,205.95 $2,494,836.81
06416CAB4 BANK OF NOVA SCOTIA 1.85000 04/14/2020 CA 8,000,000 $7,854,674.56
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 12,000,000 $12,538,945.80
105756BV1 FED REPUBLIC OF BRAZIL 4.25000 01/07/2025 BR 1,300,000 $1,254,968.00
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 960,000 $926,400.00
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 1,390,000 $1,355,250.00
12509KAA4 CCG 2018-2 A1 MTGE 2.47000 08/14/2019 US 4,011,428.31 $4,011,562.29
126307AC1 CSC HOLDINGS LLC 8.62500 02/15/2019 US 4,478,000 $4,522,780.00
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 930,000 $896,287.50
12686CBA6 CABLEVISION SYSTEMS CORP 8.00000 04/15/2020 US 5,887,000 $6,159,273.75
14041NFF3 CAPITAL ONE MULTI-ASSET 1.33000 06/15/2022 US 3,337,000 $3,295,205.41
14314JAB6 CARMX 2017-1 A2 1.54000 02/18/2020 US 147,916.37 $147,842.52
14314MAC7 CARMX 2016-2 A3 1.52000 02/16/2021 US 2,053,485.18 $2,040,624.41
14314WAD3 CARMX 2017-3 A3 1.97000 04/15/2022 US 3,800,000 $3,738,926.78
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 94,559.03 $94,352.18
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 7,640,262.54 $7,606,311.51
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 2,095,000 $1,895,975.00
15672WAM6 CEQUEL COM HLDG I/CAP CP 7.50000 04/01/2028 US 1,000,000 $1,036,470.00
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 2,513,164.28 $2,487,565.69
168863AU2 REPUBLIC OF CHILE 5.50000 08/05/2020 CL 1,800,000,000 $2,660,541.23
17305EFS9 CCCIT 2014-A6 A6 2.15000 07/15/2021 US 3,760,000 $3,740,825.13
19625JAA1 CAH 2015-1A A 3.48713 07/17/2032 US 1,691,719.35 $1,691,721.55
21036PAM0 CONSTELLATION BRANDS INC 3.87500 11/15/2019 US 545,000 $548,410.51
21036PBA5 CONSTELLATION BRANDS INC FLT 3.20925 11/15/2021 US 2,000,000 $1,998,716.00
21987BAV0 CODELCO INC 4.50000 09/16/2025 CL 8,000,000 $7,946,700.08
22282EAH5 COVANTA HOLDING CORP 6.00000 01/01/2027 US 1,140,000 $1,100,100.00
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 1,700,000 $1,691,059.70
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 1,065,000 $1,023,465.00
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 631,161.77 $572,055.36
23311VAE7 DCP MIDSTREAM OPERATING 2.70000 04/01/2019 US 7,715,000 $7,657,137.50
23343CAA9 DTAOT 2018-3A A MTGE 3.02000 02/15/2022 US 6,500,000 $6,499,644.45
233864AB3 DTRT 2018-1 A2 2.60000 05/15/2020 US 4,021,105.22 $4,017,225.66
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 1,445,000 $1,365,525.00
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 1,770,000 $1,765,575.00
262006208 DREYFUS GVT CSH MANAGEMENT US 8,146,709.73 $8,146,709.73
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 1,565,000 $1,561,087.50
28370TAA7 KINDER MORGAN ENER PART 6.50000 04/01/2020 US 900,000 $937,691.72
29273RAK5 ENERGY TRANSFER PARTNERS 9.70000 03/15/2019 US 360,000 $368,473.16
29273RAM1 ENERGY TRAN PTNR ETP 9.00000 04/15/2019 US 397,000 $407,199.43
29372EBS6 EFF 2016-2 A2 1.74000 02/22/2022 US 636,600.25 $634,135.40
29372EBT4 EFF 2016-2 A3 2.04000 02/22/2022 US 3,900,000 $3,846,133.98
29372EBV9 EFF 2017-1 A2 2.13000 07/20/2022 US 1,502,182.75 $1,493,632.33
29373LAA9 EFF 2018-1 A1 2.15000 03/20/2019 US 2,208,662.75 $2,207,613.86
302154CB3 EXPORT - IMPORT BANK KOREA 1.75000 05/26/2019 KR 7,716,000 $7,662,150.04
30216HAC3 EXPORT-IMPORT BANK CHINA 2.50000 07/31/2019 CN 7,500,000 $7,451,701.35
30219GAK4 EXPRESS SCRIPTS HOLDING 3.50000 06/15/2024 US 6,500,000 $6,311,472.12
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 109,431.81 $108,847.35
30261KAN6 FREMF 2012-K711 B 3.57019 08/25/2045 US 2,175,000 $2,174,961.72
30262SAR9 FREMF 2015-K42 B FLT 3.85159 12/25/2024 US 1,900,000 $1,857,544.31
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 1,825,000 $1,850,550.00
30286XAN9 FREMF 2015-K43 B FLT 3.73427 02/25/2048 US 1,500,000 $1,452,722.70
30291EAE4 FREMF 2013-K712 B FLT 3.35777 05/25/2045 US 1,300,000 $1,297,866.83
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 87,783,290.64 $298,989.89
30291XAE2 FREMF 2014-K715 B FLT 3.97812 02/25/2046 US 2,185,000 $2,201,480.36
30291YAJ9 FREMF 2014-K716 B FLT 3.94917 08/25/2047 US 2,550,000 $2,565,983.91
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 577,502.94 $593,700.25
3128LCD86 FHLM POOL A78227 5.50000 06/01/2038 US 230,151.47 $245,819.06
3128M56M7 FHLM POOL G04176 5.50000 05/01/2038 US 212,673.4 $227,680.15
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 92,158.55 $99,486.07
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 497,051.55 $534,594.26
3128MAGF0 FHLM POOL G07998 4.50000 07/01/2044 US 3,455,095.08 $3,550,793.13
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 14,130.07 $14,516.31
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 31,538.95 $32,273.04
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 22,230.12 $22,848.93
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 17,230.08 $17,754.29
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 30,348.4 $31,270.45
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 527,804.45 $543,664.08
3128P75V1 FHLM POOL C91760 3.50000 05/01/2034 US 2,760,338.88 $2,741,503.24
3128P7QL0 FHLM POOL C91359 4.50000 02/01/2031 US 210,638.14 $216,542.62
312945B80 FHLM POOL A96363 4.50000 01/01/2041 US 3,262,721.55 $3,378,255.47
3132QVMX6 FHLM POOL Q38473 4.00000 01/01/2046 US 4,865,855.4 $4,875,034.20
3132WDMZ4 FHLM POOL Q40375 3.50000 05/01/2046 US 5,324,065.92 $5,200,632.67
31335ALX4 FHLM POOL G60342 4.50000 05/01/2042 US 3,042,435.11 $3,152,345.85
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 28,769.9 $29,000.86
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 3,146,842.66 $3,105,143.85
3137A2B34 FHMS K009 X1 FLT 1.27965 08/25/2020 US 8,957,436.65 $161,416.59
3137ADTK3 FHMS K014 X1 FLT 1.14903 04/25/2021 US 7,084,269.14 $173,061.61
3137AJMG6 FMHS K016 X1 FLT 1.50068 10/25/2021 US 4,649,724.38 $171,115.90
3137AME78 FHMS K017 X1 FLT 1.30551 12/25/2021 US 33,330,481.88 $1,111,568.24
3137ATSC7 FEDERAL NATL MTG ASSN KP01 A2 1.72000 01/25/2019 US 35,494.78 $35,431.04
3137AUPF0 FHMS K021 x1 FLT 1.44696 06/25/2022 US 16,946,482.33 $732,391.38
3137B3NB0 FHMS K030 X1 FLT 0.19863 04/25/2023 US 57,124,820.89 $441,323.52
3137B4GZ3 FHMS K032 X1 FLT 0.10471 05/25/2023 US 33,524,319.95 $158,144.27
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 3,877,949.57 $3,931,966.31
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 4,084,395.64 $4,202,616.84
3138ATF70 FEDERAL NATL MTG ASSN AJ1989 4.50000 10/01/2041 US 1,834,646.08 $1,899,879.65
3138WDJY8 FEDERAL NATL MTG ASSN AS3878 4.50000 11/01/2044 US 975,032.27 $1,003,996.98
3138XU4Y5 FEDERAL NATL MTG ASSN AW5338 4.50000 06/01/2044 US 1,040,036.76 $1,073,076.94
31398WD50 FHMS K005 AX FLT 1.34573 11/25/2019 US 6,894,838.35 $82,900.78
3140F1BL5 FEDERAL NATL MTG ASSN BC5442 4.00000 04/01/2046 US 2,942,135.21 $2,946,406.54
3140F5T29 FEDERAL NATL MTG ASSN BC9568 4.00000 05/01/2046 US 3,812,764.16 $3,816,746.74
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 787,134.01 $811,878.61
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 4,276,713.61 $4,468,316.67
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 23,818.68 $24,416.31
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 28,815.15 $29,532.65
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 197,089.47 $200,454.94
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 239,278.61 $243,380.41
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 177,207.97 $189,282.98
31411YN90 FEDERAL NATL MTG ASSN 918516 5.50000 06/01/2037 US 113,657.9 $120,910.20
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 11,195.58 $11,341.73
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 137,255.54 $139,712.73
31416CJV9 FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 476,864.32 $520,681.42
31416RBE2 FEDERAL NATL MTG ASSN AA7236 4.00000 06/01/2039 US 942,613.65 $949,711.60
31417YDV6 FHLM POOL MA0115 4.50000 07/01/2029 US 84,982.35 $87,770.30
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 365,439.11 $376,052.83
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 184,104.07 $196,990.51
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 22,647.01 $23,463.51
336130AB5 FIRST QUALITY FINANCE CO 5.00000 07/01/2025 US 1,050,000 $966,000.00
34531HAD1 FORDO 2017-B A3 MTGE 1.69000 11/15/2021 US 300,000 $295,245.15
345397WX7 FORD MOTOR CREDIT CO LLC FLRT 3.51150 11/04/2019 US 9,000,000 $8,992,074.69
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 1,275,000 $1,252,687.50
36143WAN1 GAHR 2015-NRF BFX FLT 3.38216 12/15/2034 US 2,000,000 $1,993,808.00
36143WAS0 GAHR 2015-NRF DFX FLT 3.38216 12/15/2034 US 1,150,000 $1,141,469.53
36251MAE1 GMALT 2016-3 A4 1.78000 05/20/2020 US 4,000,000 $3,981,000.00
36255XAA1 GCAR 2018-3A A MTGE 3.35000 08/15/2022 US 2,500,000 $2,498,343.00
37045VAR1 GENERAL MOTORS CO FLT 3.22706 09/10/2021 US 7,500,000 $7,489,155.00
37185LAF9 GENESIS ENERGY LP/GENESI 5.62500 06/15/2024 US 1,050,000 $950,250.00
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 2,095,000 $1,995,487.50
38013FAB7 GMCAR 2018-4 A2 MTGE 2.93000 11/16/2021 US 1,290,000 $1,288,888.41
38141EA58 GOLDMAN SACHS GP GS 5.37500 03/15/2020 US 7,800,000 $8,008,572.00
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 1,560,000 $1,513,200.00
404119BP3 HCA INC 4.25000 10/15/2019 US 1,500,000 $1,505,625.00
404121AC9 HCA INC 6.50000 02/15/2020 US 7,650,000 $7,898,625.00
404121AH8 HCA INC 5.37500 09/01/2026 US 1,350,000 $1,339,875.00
42217KAY2 WELLTOWER INC. 4.12500 04/01/2019 US 7,300,000 $7,315,085.01
428041BD8 HFLF 2018-1 A2 MTGE 3.23000 05/10/2032 US 7,000,000 $6,985,398.70
44053FAA8 HORIZON PHARMA INC/HORIZ 8.75000 11/01/2024 US 1,735,000 $1,817,412.50
444454AB8 HUGHES SATELITE SYSTEMS 6.50000 06/15/2019 US 7,325,000 $7,426,451.25
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 2,630,000 $2,498,500.00
44890WAD2 HART 2015-A A4 1.37000 07/15/2020 US 288,138.71 $287,976.66
44929EAD7 HALST 2016-C A3 1.49000 02/18/2020 US 553,574.86 $552,806.66
44931PAD8 HART 2017-A A3 1.76000 08/16/2021 US 165,000 $163,074.48
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 1,530,000 $1,480,275.00
45763PAE6 INMARSAT FINANCE PLC 4.87500 05/15/2022 GB 940,000 $920,748.80
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 8,000,000 $8,127,592.24
46115HAL1 INTESA SANPAOLO SPA 3.87500 01/15/2019 IT 8,800,000 $8,801,352.03
46187BAA1 IHSFR 2017-SFR2 A 3.13950 12/17/2036 US 496,312.93 $496,777.88
46187BAB9 IHSFR 2017-SFR2 B 3.43950 12/17/2036 US 400,000 $402,633.68
46625HHL7 JPMORGAN CHASE & CO 6.30000 04/23/2019 US 12,000,000 $12,194,337.84
46625HHQ6 JPMORGAN CHASE JPM 4.95000 03/25/2020 US 150,000 $153,465.25
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 661,047.98 $666,877.50
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 445,513.24 $422,136.27
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 527,415.74 $508,970.96
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 787,103.4 $771,023.66
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 3,426,589.43 $3,356,851.48
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 2,095,000 $1,665,525.00
494550BB1 KINDER MORGAN ENER PART 6.85000 02/15/2020 US 3,677,000 $3,834,799.04
494550BR6 KINDER MORGAN ENER PART 2.65000 02/01/2019 US 1,395,000 $1,392,324.70
500630CK2 KOREA DEVELOPMENT BANK 1.37500 09/12/2019 KR 1,500,000 $1,478,273.52
50077LAH9 KRAFT HEINZ FOODS CO 2.80000 07/02/2020 US 7,040,000 $6,967,450.69
50117PAA7 KCOT 2018-1A A1 MTGE 2.37000 05/15/2019 US 2,388,557.96 $2,388,227.62
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 1,635,000 $1,553,250.00
50212YAB0 LPL HOLDINGS INC 5.75000 09/15/2025 US 1,490,000 $1,447,162.50
502160AM6 LSB INDUSTRIES 9.62500 05/01/2023 US 1,950,000 $2,023,125.00
50218LAC0 LSTAR COMMERCIAL MORTGAGE TR FLT 2.76700 01/20/2041 US 16,139.55 $16,102.60
505742AD8 LADDER CAP FIN LLLP/CORP 5.87500 08/01/2021 US 970,000 $977,275.00
526057BU7 LENNAR CORP 4.50000 11/15/2019 US 700,000 $702,625.00
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 1,635,000 $1,536,900.00
58768MAC5 MBALT 2016-B A3 1.35000 08/15/2019 US 1,412,397.6 $1,410,601.74
59001ABA9 MERITAGE HOMES CORP 5.12500 06/06/2027 US 1,020,000 $897,600.00
59022CAA1 BANK OF AMERICA CORP 3.09413 09/15/2026 US 4,811,000 $4,639,390.91
61746BDM5 MORGAN STANELY 2.50000 01/24/2019 US 8,500,000 $8,494,526.94
61747YDX0 MORGAN STANLEY FLT 3.64925 01/27/2020 US 8,750,000 $8,834,151.38
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 2,671,000 $2,711,065.00
62913TAM4 NGL ENRGY PART LP/FIN CO 6.12500 03/01/2025 US 1,455,000 $1,324,050.00
62943WAE9 NRG YIELD OPERATING LLC 5.00000 09/15/2026 US 975,000 $906,750.00
62954NAA3 NYCTL 2018-A A 3.22000 11/10/2031 US 4,500,000 $4,489,215.30
63938CAE8 NAVIENT CORP 7.25000 09/25/2023 US 880,000 $910,800.00
63941DAA9 NAVSL 2018-2A A1 2.52138 03/25/2067 US 2,817,706.74 $2,818,893.56
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 688,760.71 $685,181.56
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 1,082,793.91 $1,076,096.72
65478WAD7 NAROT 2016-C A3 1.18000 01/15/2021 US 2,843,370.14 $2,814,408.42
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 2,520,000 $2,537,262.00
67087MAA4 OBP DEPOSITOR LLC TRUST 4.64620 07/15/2045 US 420,000 $426,851.50
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 1,570,000 $1,591,587.50
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 1,640,000 $1,560,263.20
71654QAU6 PETROLEOS MEXICANOS 8.00000 05/03/2019 MX 8,000,000 $8,155,680.00
733174AK2 POPULAR INC 6.12500 09/14/2023 PR 1,405,000 $1,421,579.00
741503AZ9 PRICELINE GROUP INC/THE 3.60000 06/01/2026 US 12,000,000 $11,460,475.68
74153WCK3 PRICOA GLOBAL FUNDING 1 1.45000 09/13/2019 US 2,000,000 $1,972,365.06
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 1,650,000 $1,590,337.16
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 2,460,000 $2,559,630.00
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 5,000,000 $5,108,500.00
77340RAP2 ROCKIES EXPRESS PIPELINE 6.00000 01/15/2019 US 3,000,000 $3,009,375.00
784423AF2 SLCLT 2004-1 A6 2.47375 05/15/2023 US 2,443,811.83 $2,442,542.27
78442FEJ3 NAVIENT CORP 8.00000 03/25/2020 US 1,000,000 $1,043,750.00
78442FER5 NAVIENT CORP 5.50000 01/15/2019 US 1,335,000 $1,340,006.25
78442FES3 NAVIENT CORP 4.87500 06/17/2019 US 4,189,000 $4,204,708.75
78442GNG7 SLMA 2004-10 A6A FLT RT 3.03988 04/27/2026 US 1,971,941.18 $1,977,526.51
78442PGC4 SLM CORP 5.12500 04/05/2022 US 1,420,000 $1,412,900.00
78449PAA7 SMB 2018-A A1 FLT 2.62950 03/16/2026 US 2,884,407.37 $2,884,850.41
78470RAB3 SOFI 2016-E A2A 1.63000 01/25/2036 US 322,190.99 $321,271.39
78471CAA7 SOFI 2017-D A1FX 1.72000 09/25/2040 US 1,512,622.32 $1,501,945.78
785592AE6 SABINE PASS LIQUEFACTION 5.62500 02/01/2021 US 1,781,000 $1,842,851.00
785592AJ5 SABINE PASS LIQUEFACTION 5.75000 05/15/2024 US 10,000,000 $10,590,367.30
80282KAD8 SANTANDER HOLDINGS USA 2.65000 04/17/2020 US 3,950,000 $3,900,787.74
80282KAH9 SANTANDER HOLDINGS USA 2.70000 05/24/2019 US 9,446,000 $9,408,573.91
81663AAD7 SEMGROUP CORP 6.37500 03/15/2025 US 960,000 $928,800.00
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 538,881.33 $504,548.66
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 743,406.37 $696,563.59
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 648,177.63 $564,750.04
81783QAC9 SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 CA 1,060,000 $988,450.00
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 1,335,000 $1,338,337.50
832696AQ1 JM SMUCKER CO 2.20000 12/06/2019 US 4,800,000 $4,747,932.77
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 500,196.19 $495,005.85
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 750,000 $727,171.05
83401LAB0 SOFI 2015-A A2 2.42000 03/25/2030 US 548,478.17 $540,090.62
83402DAB7 SOFI 2016-C A2A 1.48000 05/26/2031 US 132,408.48 $132,188.79
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 600,000 $585,036.06
83403YAA2 SOFI 2017-B A1FX 1.83000 05/25/2040 US 147,056.49 $146,108.56
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 426,264.16 $422,878.94
83404RAA6 SOFI 2018-B A1FX 2.64000 08/25/2047 US 7,369,417.62 $7,315,131.54
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 980,514.13 $971,575.76
83405JAA3 SCLP 2017-4 A 2.50000 05/26/2026 US 1,162,773.8 $1,145,869.16
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 968,328.36 $963,789.42
83714RAZ6 SOUTH CAROLINA ST STUDENT LOAN 2.46100 12/01/2023 US 108,508.38 $108,506.21
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 3,000,000 $3,081,473.64
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 1,125,000 $1,094,062.50
852060AG7 SPRINT CAPITAL CORP 6.90000 05/01/2019 US 7,540,000 $7,638,698.60
852061AK6 SPRINT COMMUNICATIONS 9.00000 11/15/2018 US 945,000 $946,890.00
852061AQ3 SPRINT COMMUNICATIONS 7.00000 03/01/2020 US 2,945,000 $3,051,756.25
85571BAM7 STARWOOD PROPERTY TRUST 3.62500 02/01/2021 US 2,000,000 $1,942,500.00
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.49950 11/15/2027 US 1,827,522.69 $1,827,770.68
87470LAA9 TALLGRASS NRG PRTNR/FIN 5.50000 09/15/2024 US 955,000 $960,968.75
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 485,181.81 $483,505.56
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 1,065,000 $1,001,100.00
88032WAB2 TENCENT HOLDINGS LTD 3.37500 05/02/2019 KY 3,700,000 $3,704,458.50
88032WAC0 TENCENT HOLDINGS LTD 2.87500 02/11/2020 KY 200,000 $198,628.09
88104LAE3 TERRAFORM POWER OPERATIN 5.00000 01/31/2028 US 960,000 $858,000.00
891145W59 TORONTO-DOMINION BANK 2.25000 09/25/2019 CA 4,000,000 $3,974,669.72
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 1,607,227.93 $1,560,369.84
89613BAA5 TAH 2013-SFR1 A 2.58900 11/17/2033 US 2,389,726.44 $2,301,151.23
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 1,665,000 $1,667,081.25
90261XHN5 UBS AG STAMFORD CT FLT 3.17075 06/01/2020 CH 8,000,000 $8,071,728.00
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 910,000 $885,430.00
90945AAA4 UACST 2018-2 A 2.89000 03/10/2021 US 1,676,489.25 $1,674,815.11
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 22,611,120 $22,225,729.97
92343VCA0 VERIZON COMMUNICATIONS FLT 3.10413 06/17/2019 US 8,668,000 $8,701,159.69
92343VDY7 VERIZON COMMUNICATIONS 4.12500 03/16/2027 US 4,400,000 $4,354,727.30
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 1,195,000 $1,211,994.57
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 1,305,000 $1,262,848.50
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 1,498,101.94 $1,535,895.16
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 2,555,000 $2,606,100.00
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 1,010,000 $969,600.00
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 1,470,000 $1,389,150.00
94974BFQ8 WELLS FARGO & COMPANY 2.15000 01/15/2019 US 8,500,000 $8,490,563.30
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 1,350,000 $1,370,685.24
96122WAH3 WESTPAC BANKING CORP 2.00000 03/03/2020 AU 4,000,000 $3,938,440.00
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 7,675,000 $7,675,000.00
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 1,430,000 $1,335,262.50
96328DAT1 WHLS 2016-1A A2 1.59000 05/20/2025 US 104,998.5 $104,681.77
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 4,000,000 $3,724,553.88
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 652,942.32 $651,236.64
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 753,928.37 $734,052.93
98162EAC1 WOART 2017-A A3 Mtge 1.93000 09/15/2022 US 4,000,000 $3,955,436.80
98162KAD5 WOLS 2017-A A4 Mtge 2.32000 08/15/2022 US 750,000 $742,923.68
AP0787667 MPC CONTAINER SHIPS FLT 7.11638 09/22/2022 NL 1,000,000 $1,016,580.00
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 2,010,000 $1,969,800.00
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 126,000,000 $5,790,978.79
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 35,000,000 $1,706,834.21
BBG00K96DQT9 SHORT EURO-BTP FU DEC18 IT -142 -$194,799.06
BBG00K96DR08 EURO-SCHATZ FUT DEC18 DE -405 -$79,440.19
BBG00K96DRJ8 EURO-BTP FUTURE DEC18 IT 50 $48,636.30
BBG00K96DY03 EURO-BOBL FUTURE DEC18 DE -224 -$89,916.70
BBG00K96DYK1 EURO-BUND FUTURE DEC18 DE -204 -$41,548.51
BBG00K96FF84 EURO BUXL 30Y BND DEC18 DE -40 -$115,855.43
BBG00KDZS8H7 US 5YR NOTE (CBT) DEC18 US -200 -$8,196.00
BBG00KDZS958 US 2YR NOTE (CBT) DEC18 US -445 -$7,787.50
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 800,000 $822,000.00
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 2,000,000 $1,855,000.00
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 1,889,000 $1,955,115.00
JV9105265 BUONI POLIENNALI DEL TES 2.70000 03/01/2047 IT 4,000,000 $3,708,067.82
Y23862AE8 EXPORT-IMPORT BANK CHINA 2.50000 07/31/2019 CN 630,000 $625,942.80

Investments will change over time.

Distributions

  • Unconstrained Bond Class S Distribution History
  • 2018 Distribution Calendar
  • Fourth Quarter 2017 Distributions
  • Third Quarter 2018 Distributions
  • Second Quarter 2018 Distributions
  • First Quarter 2018 Distributions
  • Tax Letter
  • Unconstrained Bond Return of Capital 2015

A Word About Risk

There is an inverse relationship between bond prices and interest rates; as interest rates rise, bond prices (and therefore the value of bond funds) fall. Likewise, as interest rates fall, bond prices and the value of bond funds rise. Investments in higher-yielding, lower-rated securities involve additional risks, including a higher risk of default and loss of principal. Funds that invest in foreign countries may be subject to the risks of adverse changes in foreign economic, political, regulatory and other conditions as well as risks related to the use of different financial standards. Investments in emerging markets may be more volatile than investments in more developed markets. Investments in derivatives can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. Also, the use of leverage increases exposure to the market and may magnify potential losses.

Daily Price

$10.26

Daily $ Change

$0.00

Daily % Change

0.00%

as of 11/09/2018

Ticker

EXCPX

CUSIP

563821206

Inception Date

04/21/2005

Investment Minimum

$2,000.00

Investment minimum may be waived for certain qualified retirement plans, 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
XBRL-05/14/18

Investment Objective

To provide long-term total return, with a secondary objective of providing preservation of capital.

Investment Strategy

Under normal circumstances, at least 80% of the Series’ assets will be invested in bonds and other financial instruments with economic characteristics similar to bonds.

Up to 50% of the Series may be invested in below investment-grade securities and up to 50% may be invested in non-U.S. dollar denominated securities, including securities issued by companies located in emerging markets. Derivatives such as futures, options, swaps, and forwards may be used to manage interest rate exposure, enhance duration management, or hedge currency exposure, for example.

While there are no maturity or duration restrictions, the Series’ duration is expected to range between -3 and 8 years.

May be Appropriate for Investors

  • Looking to diversify a portfolio by adding a non-traditional bond component
  • Who want to enhance the conventional benefits associated with fixed income investing through access to a broader set of securities that may help reduce volatility
  • Seeking an active approach that is objectives-driven, not benchmark-driven

Performance

As of 10/31/2018

YTD

-0.17%

1 Year

-0.05%

3 Year

2.00%

5 Year

1.78%

10 Year

5.81%

Inception
(04/21/2005)

4.42%

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 0.75%*

*Includes a shareholder servicing fee of 0.25%.

Sector Allocation

As of 10/31/2018

Government
3.41%
Treasury
3.06%
Cash
1.12%
Corporate
63.22%
Mortgage
29.19%

Credit Quality Distribution

As of 10/31/2018

AAA
29.30%
AA
5.33%
A
12.72%
BBB
25.46%
BB
12.22%
B
10.87%
CCC
0.89%
NR
3.21%

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.

October Fund Holdings

As of 10/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 1,000,000 $1,010,000.00
00206RCK6 AT&T INC FLT 3.31613 06/30/2020 US 8,000,000 $8,069,176.00
00206RCL4 AT&T INC 2.45000 06/30/2020 US 2,000,000 $1,969,355.70
00206RDC3 AT&T INC FLT 4.45000 04/01/2024 US 3,620,000 $3,655,069.76
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 7,640,000 $7,869,200.00
00928QAG6 AIRCASTLE LTD 7.62500 04/15/2020 BM 6,375,000 $6,717,479.34
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 610,000 $626,897.00
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 7,500,000 $7,537,500.00
02004VAB9 ALLYA 2018-2 A2 MTGE 2.64000 02/16/2021 US 1,835,000 $1,832,318.88
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 4,940,000 $4,933,825.00
02005NBE9 ALLY FINANCIAL INC 3.25000 11/05/2018 US 2,500,000 $2,499,675.00
02007CAE2 ALLYA 2016-1 A4 1.73000 11/16/2020 US 750,000 $745,032.00
02155FAF2 ALTICE US FINANCE I CORP 5.50000 05/15/2026 US 1,015,000 $988,670.90
0258M0DU0 AMERICAN EXPRESS CREDIT FLRT 3.04138 05/26/2020 US 7,500,000 $7,550,135.03
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 1,410,000 $1,381,800.00
03027XAC4 AMERICAN TOWER CORP 3.40000 02/15/2019 US 1,400,000 $1,401,579.49
03027XAF7 AMERICAN TOWER CORP 2.80000 06/01/2020 US 4,500,000 $4,451,040.00
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 117,422.48 $117,953.09
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 1,410,000 $1,321,875.00
040114HB9 REPUBLIC OF ARGENTINA 6.25000 04/22/2019 AR 2,000,000 $2,011,000.00
05582QAD9 BMWOT 2016-A A3 1.16000 11/25/2020 US 2,515,205.95 $2,494,836.81
06416CAB4 BANK OF NOVA SCOTIA 1.85000 04/14/2020 CA 8,000,000 $7,854,674.56
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 12,000,000 $12,538,945.80
105756BV1 FED REPUBLIC OF BRAZIL 4.25000 01/07/2025 BR 1,300,000 $1,254,968.00
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 960,000 $926,400.00
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 1,390,000 $1,355,250.00
12509KAA4 CCG 2018-2 A1 MTGE 2.47000 08/14/2019 US 4,011,428.31 $4,011,562.29
126307AC1 CSC HOLDINGS LLC 8.62500 02/15/2019 US 4,478,000 $4,522,780.00
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 930,000 $896,287.50
12686CBA6 CABLEVISION SYSTEMS CORP 8.00000 04/15/2020 US 5,887,000 $6,159,273.75
14041NFF3 CAPITAL ONE MULTI-ASSET 1.33000 06/15/2022 US 3,337,000 $3,295,205.41
14314JAB6 CARMX 2017-1 A2 1.54000 02/18/2020 US 147,916.37 $147,842.52
14314MAC7 CARMX 2016-2 A3 1.52000 02/16/2021 US 2,053,485.18 $2,040,624.41
14314WAD3 CARMX 2017-3 A3 1.97000 04/15/2022 US 3,800,000 $3,738,926.78
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 94,559.03 $94,352.18
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 7,640,262.54 $7,606,311.51
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 2,095,000 $1,895,975.00
15672WAM6 CEQUEL COM HLDG I/CAP CP 7.50000 04/01/2028 US 1,000,000 $1,036,470.00
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 2,513,164.28 $2,487,565.69
168863AU2 REPUBLIC OF CHILE 5.50000 08/05/2020 CL 1,800,000,000 $2,660,541.23
17305EFS9 CCCIT 2014-A6 A6 2.15000 07/15/2021 US 3,760,000 $3,740,825.13
19625JAA1 CAH 2015-1A A 3.48713 07/17/2032 US 1,691,719.35 $1,691,721.55
21036PAM0 CONSTELLATION BRANDS INC 3.87500 11/15/2019 US 545,000 $548,410.51
21036PBA5 CONSTELLATION BRANDS INC FLT 3.20925 11/15/2021 US 2,000,000 $1,998,716.00
21987BAV0 CODELCO INC 4.50000 09/16/2025 CL 8,000,000 $7,946,700.08
22282EAH5 COVANTA HOLDING CORP 6.00000 01/01/2027 US 1,140,000 $1,100,100.00
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 1,700,000 $1,691,059.70
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 1,065,000 $1,023,465.00
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 631,161.77 $572,055.36
23311VAE7 DCP MIDSTREAM OPERATING 2.70000 04/01/2019 US 7,715,000 $7,657,137.50
23343CAA9 DTAOT 2018-3A A MTGE 3.02000 02/15/2022 US 6,500,000 $6,499,644.45
233864AB3 DTRT 2018-1 A2 2.60000 05/15/2020 US 4,021,105.22 $4,017,225.66
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 1,445,000 $1,365,525.00
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 1,770,000 $1,765,575.00
262006208 DREYFUS GVT CSH MANAGEMENT US 8,146,709.73 $8,146,709.73
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 1,565,000 $1,561,087.50
28370TAA7 KINDER MORGAN ENER PART 6.50000 04/01/2020 US 900,000 $937,691.72
29273RAK5 ENERGY TRANSFER PARTNERS 9.70000 03/15/2019 US 360,000 $368,473.16
29273RAM1 ENERGY TRAN PTNR ETP 9.00000 04/15/2019 US 397,000 $407,199.43
29372EBS6 EFF 2016-2 A2 1.74000 02/22/2022 US 636,600.25 $634,135.40
29372EBT4 EFF 2016-2 A3 2.04000 02/22/2022 US 3,900,000 $3,846,133.98
29372EBV9 EFF 2017-1 A2 2.13000 07/20/2022 US 1,502,182.75 $1,493,632.33
29373LAA9 EFF 2018-1 A1 2.15000 03/20/2019 US 2,208,662.75 $2,207,613.86
302154CB3 EXPORT - IMPORT BANK KOREA 1.75000 05/26/2019 KR 7,716,000 $7,662,150.04
30216HAC3 EXPORT-IMPORT BANK CHINA 2.50000 07/31/2019 CN 7,500,000 $7,451,701.35
30219GAK4 EXPRESS SCRIPTS HOLDING 3.50000 06/15/2024 US 6,500,000 $6,311,472.12
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 109,431.81 $108,847.35
30261KAN6 FREMF 2012-K711 B 3.57019 08/25/2045 US 2,175,000 $2,174,961.72
30262SAR9 FREMF 2015-K42 B FLT 3.85159 12/25/2024 US 1,900,000 $1,857,544.31
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 1,825,000 $1,850,550.00
30286XAN9 FREMF 2015-K43 B FLT 3.73427 02/25/2048 US 1,500,000 $1,452,722.70
30291EAE4 FREMF 2013-K712 B FLT 3.35777 05/25/2045 US 1,300,000 $1,297,866.83
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 87,783,290.64 $298,989.89
30291XAE2 FREMF 2014-K715 B FLT 3.97812 02/25/2046 US 2,185,000 $2,201,480.36
30291YAJ9 FREMF 2014-K716 B FLT 3.94917 08/25/2047 US 2,550,000 $2,565,983.91
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 577,502.94 $593,700.25
3128LCD86 FHLM POOL A78227 5.50000 06/01/2038 US 230,151.47 $245,819.06
3128M56M7 FHLM POOL G04176 5.50000 05/01/2038 US 212,673.4 $227,680.15
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 92,158.55 $99,486.07
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 497,051.55 $534,594.26
3128MAGF0 FHLM POOL G07998 4.50000 07/01/2044 US 3,455,095.08 $3,550,793.13
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 14,130.07 $14,516.31
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 31,538.95 $32,273.04
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 22,230.12 $22,848.93
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 17,230.08 $17,754.29
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 30,348.4 $31,270.45
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 527,804.45 $543,664.08
3128P75V1 FHLM POOL C91760 3.50000 05/01/2034 US 2,760,338.88 $2,741,503.24
3128P7QL0 FHLM POOL C91359 4.50000 02/01/2031 US 210,638.14 $216,542.62
312945B80 FHLM POOL A96363 4.50000 01/01/2041 US 3,262,721.55 $3,378,255.47
3132QVMX6 FHLM POOL Q38473 4.00000 01/01/2046 US 4,865,855.4 $4,875,034.20
3132WDMZ4 FHLM POOL Q40375 3.50000 05/01/2046 US 5,324,065.92 $5,200,632.67
31335ALX4 FHLM POOL G60342 4.50000 05/01/2042 US 3,042,435.11 $3,152,345.85
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 28,769.9 $29,000.86
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 3,146,842.66 $3,105,143.85
3137A2B34 FHMS K009 X1 FLT 1.27965 08/25/2020 US 8,957,436.65 $161,416.59
3137ADTK3 FHMS K014 X1 FLT 1.14903 04/25/2021 US 7,084,269.14 $173,061.61
3137AJMG6 FMHS K016 X1 FLT 1.50068 10/25/2021 US 4,649,724.38 $171,115.90
3137AME78 FHMS K017 X1 FLT 1.30551 12/25/2021 US 33,330,481.88 $1,111,568.24
3137ATSC7 FEDERAL NATL MTG ASSN KP01 A2 1.72000 01/25/2019 US 35,494.78 $35,431.04
3137AUPF0 FHMS K021 x1 FLT 1.44696 06/25/2022 US 16,946,482.33 $732,391.38
3137B3NB0 FHMS K030 X1 FLT 0.19863 04/25/2023 US 57,124,820.89 $441,323.52
3137B4GZ3 FHMS K032 X1 FLT 0.10471 05/25/2023 US 33,524,319.95 $158,144.27
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 3,877,949.57 $3,931,966.31
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 4,084,395.64 $4,202,616.84
3138ATF70 FEDERAL NATL MTG ASSN AJ1989 4.50000 10/01/2041 US 1,834,646.08 $1,899,879.65
3138WDJY8 FEDERAL NATL MTG ASSN AS3878 4.50000 11/01/2044 US 975,032.27 $1,003,996.98
3138XU4Y5 FEDERAL NATL MTG ASSN AW5338 4.50000 06/01/2044 US 1,040,036.76 $1,073,076.94
31398WD50 FHMS K005 AX FLT 1.34573 11/25/2019 US 6,894,838.35 $82,900.78
3140F1BL5 FEDERAL NATL MTG ASSN BC5442 4.00000 04/01/2046 US 2,942,135.21 $2,946,406.54
3140F5T29 FEDERAL NATL MTG ASSN BC9568 4.00000 05/01/2046 US 3,812,764.16 $3,816,746.74
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 787,134.01 $811,878.61
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 4,276,713.61 $4,468,316.67
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 23,818.68 $24,416.31
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 28,815.15 $29,532.65
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 197,089.47 $200,454.94
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 239,278.61 $243,380.41
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 177,207.97 $189,282.98
31411YN90 FEDERAL NATL MTG ASSN 918516 5.50000 06/01/2037 US 113,657.9 $120,910.20
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 11,195.58 $11,341.73
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 137,255.54 $139,712.73
31416CJV9 FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 476,864.32 $520,681.42
31416RBE2 FEDERAL NATL MTG ASSN AA7236 4.00000 06/01/2039 US 942,613.65 $949,711.60
31417YDV6 FHLM POOL MA0115 4.50000 07/01/2029 US 84,982.35 $87,770.30
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 365,439.11 $376,052.83
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 184,104.07 $196,990.51
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 22,647.01 $23,463.51
336130AB5 FIRST QUALITY FINANCE CO 5.00000 07/01/2025 US 1,050,000 $966,000.00
34531HAD1 FORDO 2017-B A3 MTGE 1.69000 11/15/2021 US 300,000 $295,245.15
345397WX7 FORD MOTOR CREDIT CO LLC FLRT 3.51150 11/04/2019 US 9,000,000 $8,992,074.69
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 1,275,000 $1,252,687.50
36143WAN1 GAHR 2015-NRF BFX FLT 3.38216 12/15/2034 US 2,000,000 $1,993,808.00
36143WAS0 GAHR 2015-NRF DFX FLT 3.38216 12/15/2034 US 1,150,000 $1,141,469.53
36251MAE1 GMALT 2016-3 A4 1.78000 05/20/2020 US 4,000,000 $3,981,000.00
36255XAA1 GCAR 2018-3A A MTGE 3.35000 08/15/2022 US 2,500,000 $2,498,343.00
37045VAR1 GENERAL MOTORS CO FLT 3.22706 09/10/2021 US 7,500,000 $7,489,155.00
37185LAF9 GENESIS ENERGY LP/GENESI 5.62500 06/15/2024 US 1,050,000 $950,250.00
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 2,095,000 $1,995,487.50
38013FAB7 GMCAR 2018-4 A2 MTGE 2.93000 11/16/2021 US 1,290,000 $1,288,888.41
38141EA58 GOLDMAN SACHS GP GS 5.37500 03/15/2020 US 7,800,000 $8,008,572.00
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 1,560,000 $1,513,200.00
404119BP3 HCA INC 4.25000 10/15/2019 US 1,500,000 $1,505,625.00
404121AC9 HCA INC 6.50000 02/15/2020 US 7,650,000 $7,898,625.00
404121AH8 HCA INC 5.37500 09/01/2026 US 1,350,000 $1,339,875.00
42217KAY2 WELLTOWER INC. 4.12500 04/01/2019 US 7,300,000 $7,315,085.01
428041BD8 HFLF 2018-1 A2 MTGE 3.23000 05/10/2032 US 7,000,000 $6,985,398.70
44053FAA8 HORIZON PHARMA INC/HORIZ 8.75000 11/01/2024 US 1,735,000 $1,817,412.50
444454AB8 HUGHES SATELITE SYSTEMS 6.50000 06/15/2019 US 7,325,000 $7,426,451.25
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 2,630,000 $2,498,500.00
44890WAD2 HART 2015-A A4 1.37000 07/15/2020 US 288,138.71 $287,976.66
44929EAD7 HALST 2016-C A3 1.49000 02/18/2020 US 553,574.86 $552,806.66
44931PAD8 HART 2017-A A3 1.76000 08/16/2021 US 165,000 $163,074.48
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 1,530,000 $1,480,275.00
45763PAE6 INMARSAT FINANCE PLC 4.87500 05/15/2022 GB 940,000 $920,748.80
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 8,000,000 $8,127,592.24
46115HAL1 INTESA SANPAOLO SPA 3.87500 01/15/2019 IT 8,800,000 $8,801,352.03
46187BAA1 IHSFR 2017-SFR2 A 3.13950 12/17/2036 US 496,312.93 $496,777.88
46187BAB9 IHSFR 2017-SFR2 B 3.43950 12/17/2036 US 400,000 $402,633.68
46625HHL7 JPMORGAN CHASE & CO 6.30000 04/23/2019 US 12,000,000 $12,194,337.84
46625HHQ6 JPMORGAN CHASE JPM 4.95000 03/25/2020 US 150,000 $153,465.25
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 661,047.98 $666,877.50
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 445,513.24 $422,136.27
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 527,415.74 $508,970.96
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 787,103.4 $771,023.66
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 3,426,589.43 $3,356,851.48
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 2,095,000 $1,665,525.00
494550BB1 KINDER MORGAN ENER PART 6.85000 02/15/2020 US 3,677,000 $3,834,799.04
494550BR6 KINDER MORGAN ENER PART 2.65000 02/01/2019 US 1,395,000 $1,392,324.70
500630CK2 KOREA DEVELOPMENT BANK 1.37500 09/12/2019 KR 1,500,000 $1,478,273.52
50077LAH9 KRAFT HEINZ FOODS CO 2.80000 07/02/2020 US 7,040,000 $6,967,450.69
50117PAA7 KCOT 2018-1A A1 MTGE 2.37000 05/15/2019 US 2,388,557.96 $2,388,227.62
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 1,635,000 $1,553,250.00
50212YAB0 LPL HOLDINGS INC 5.75000 09/15/2025 US 1,490,000 $1,447,162.50
502160AM6 LSB INDUSTRIES 9.62500 05/01/2023 US 1,950,000 $2,023,125.00
50218LAC0 LSTAR COMMERCIAL MORTGAGE TR FLT 2.76700 01/20/2041 US 16,139.55 $16,102.60
505742AD8 LADDER CAP FIN LLLP/CORP 5.87500 08/01/2021 US 970,000 $977,275.00
526057BU7 LENNAR CORP 4.50000 11/15/2019 US 700,000 $702,625.00
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 1,635,000 $1,536,900.00
58768MAC5 MBALT 2016-B A3 1.35000 08/15/2019 US 1,412,397.6 $1,410,601.74
59001ABA9 MERITAGE HOMES CORP 5.12500 06/06/2027 US 1,020,000 $897,600.00
59022CAA1 BANK OF AMERICA CORP 3.09413 09/15/2026 US 4,811,000 $4,639,390.91
61746BDM5 MORGAN STANELY 2.50000 01/24/2019 US 8,500,000 $8,494,526.94
61747YDX0 MORGAN STANLEY FLT 3.64925 01/27/2020 US 8,750,000 $8,834,151.38
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 2,671,000 $2,711,065.00
62913TAM4 NGL ENRGY PART LP/FIN CO 6.12500 03/01/2025 US 1,455,000 $1,324,050.00
62943WAE9 NRG YIELD OPERATING LLC 5.00000 09/15/2026 US 975,000 $906,750.00
62954NAA3 NYCTL 2018-A A 3.22000 11/10/2031 US 4,500,000 $4,489,215.30
63938CAE8 NAVIENT CORP 7.25000 09/25/2023 US 880,000 $910,800.00
63941DAA9 NAVSL 2018-2A A1 2.52138 03/25/2067 US 2,817,706.74 $2,818,893.56
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 688,760.71 $685,181.56
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 1,082,793.91 $1,076,096.72
65478WAD7 NAROT 2016-C A3 1.18000 01/15/2021 US 2,843,370.14 $2,814,408.42
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 2,520,000 $2,537,262.00
67087MAA4 OBP DEPOSITOR LLC TRUST 4.64620 07/15/2045 US 420,000 $426,851.50
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 1,570,000 $1,591,587.50
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 1,640,000 $1,560,263.20
71654QAU6 PETROLEOS MEXICANOS 8.00000 05/03/2019 MX 8,000,000 $8,155,680.00
733174AK2 POPULAR INC 6.12500 09/14/2023 PR 1,405,000 $1,421,579.00
741503AZ9 PRICELINE GROUP INC/THE 3.60000 06/01/2026 US 12,000,000 $11,460,475.68
74153WCK3 PRICOA GLOBAL FUNDING 1 1.45000 09/13/2019 US 2,000,000 $1,972,365.06
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 1,650,000 $1,590,337.16
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 2,460,000 $2,559,630.00
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 5,000,000 $5,108,500.00
77340RAP2 ROCKIES EXPRESS PIPELINE 6.00000 01/15/2019 US 3,000,000 $3,009,375.00
784423AF2 SLCLT 2004-1 A6 2.47375 05/15/2023 US 2,443,811.83 $2,442,542.27
78442FEJ3 NAVIENT CORP 8.00000 03/25/2020 US 1,000,000 $1,043,750.00
78442FER5 NAVIENT CORP 5.50000 01/15/2019 US 1,335,000 $1,340,006.25
78442FES3 NAVIENT CORP 4.87500 06/17/2019 US 4,189,000 $4,204,708.75
78442GNG7 SLMA 2004-10 A6A FLT RT 3.03988 04/27/2026 US 1,971,941.18 $1,977,526.51
78442PGC4 SLM CORP 5.12500 04/05/2022 US 1,420,000 $1,412,900.00
78449PAA7 SMB 2018-A A1 FLT 2.62950 03/16/2026 US 2,884,407.37 $2,884,850.41
78470RAB3 SOFI 2016-E A2A 1.63000 01/25/2036 US 322,190.99 $321,271.39
78471CAA7 SOFI 2017-D A1FX 1.72000 09/25/2040 US 1,512,622.32 $1,501,945.78
785592AE6 SABINE PASS LIQUEFACTION 5.62500 02/01/2021 US 1,781,000 $1,842,851.00
785592AJ5 SABINE PASS LIQUEFACTION 5.75000 05/15/2024 US 10,000,000 $10,590,367.30
80282KAD8 SANTANDER HOLDINGS USA 2.65000 04/17/2020 US 3,950,000 $3,900,787.74
80282KAH9 SANTANDER HOLDINGS USA 2.70000 05/24/2019 US 9,446,000 $9,408,573.91
81663AAD7 SEMGROUP CORP 6.37500 03/15/2025 US 960,000 $928,800.00
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 538,881.33 $504,548.66
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 743,406.37 $696,563.59
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 648,177.63 $564,750.04
81783QAC9 SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 CA 1,060,000 $988,450.00
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 1,335,000 $1,338,337.50
832696AQ1 JM SMUCKER CO 2.20000 12/06/2019 US 4,800,000 $4,747,932.77
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 500,196.19 $495,005.85
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 750,000 $727,171.05
83401LAB0 SOFI 2015-A A2 2.42000 03/25/2030 US 548,478.17 $540,090.62
83402DAB7 SOFI 2016-C A2A 1.48000 05/26/2031 US 132,408.48 $132,188.79
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 600,000 $585,036.06
83403YAA2 SOFI 2017-B A1FX 1.83000 05/25/2040 US 147,056.49 $146,108.56
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 426,264.16 $422,878.94
83404RAA6 SOFI 2018-B A1FX 2.64000 08/25/2047 US 7,369,417.62 $7,315,131.54
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 980,514.13 $971,575.76
83405JAA3 SCLP 2017-4 A 2.50000 05/26/2026 US 1,162,773.8 $1,145,869.16
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 968,328.36 $963,789.42
83714RAZ6 SOUTH CAROLINA ST STUDENT LOAN 2.46100 12/01/2023 US 108,508.38 $108,506.21
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 3,000,000 $3,081,473.64
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 1,125,000 $1,094,062.50
852060AG7 SPRINT CAPITAL CORP 6.90000 05/01/2019 US 7,540,000 $7,638,698.60
852061AK6 SPRINT COMMUNICATIONS 9.00000 11/15/2018 US 945,000 $946,890.00
852061AQ3 SPRINT COMMUNICATIONS 7.00000 03/01/2020 US 2,945,000 $3,051,756.25
85571BAM7 STARWOOD PROPERTY TRUST 3.62500 02/01/2021 US 2,000,000 $1,942,500.00
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.49950 11/15/2027 US 1,827,522.69 $1,827,770.68
87470LAA9 TALLGRASS NRG PRTNR/FIN 5.50000 09/15/2024 US 955,000 $960,968.75
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 485,181.81 $483,505.56
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 1,065,000 $1,001,100.00
88032WAB2 TENCENT HOLDINGS LTD 3.37500 05/02/2019 KY 3,700,000 $3,704,458.50
88032WAC0 TENCENT HOLDINGS LTD 2.87500 02/11/2020 KY 200,000 $198,628.09
88104LAE3 TERRAFORM POWER OPERATIN 5.00000 01/31/2028 US 960,000 $858,000.00
891145W59 TORONTO-DOMINION BANK 2.25000 09/25/2019 CA 4,000,000 $3,974,669.72
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 1,607,227.93 $1,560,369.84
89613BAA5 TAH 2013-SFR1 A 2.58900 11/17/2033 US 2,389,726.44 $2,301,151.23
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 1,665,000 $1,667,081.25
90261XHN5 UBS AG STAMFORD CT FLT 3.17075 06/01/2020 CH 8,000,000 $8,071,728.00
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 910,000 $885,430.00
90945AAA4 UACST 2018-2 A 2.89000 03/10/2021 US 1,676,489.25 $1,674,815.11
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 22,611,120 $22,225,729.97
92343VCA0 VERIZON COMMUNICATIONS FLT 3.10413 06/17/2019 US 8,668,000 $8,701,159.69
92343VDY7 VERIZON COMMUNICATIONS 4.12500 03/16/2027 US 4,400,000 $4,354,727.30
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 1,195,000 $1,211,994.57
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 1,305,000 $1,262,848.50
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 1,498,101.94 $1,535,895.16
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 2,555,000 $2,606,100.00
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 1,010,000 $969,600.00
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 1,470,000 $1,389,150.00
94974BFQ8 WELLS FARGO & COMPANY 2.15000 01/15/2019 US 8,500,000 $8,490,563.30
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 1,350,000 $1,370,685.24
96122WAH3 WESTPAC BANKING CORP 2.00000 03/03/2020 AU 4,000,000 $3,938,440.00
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 7,675,000 $7,675,000.00
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 1,430,000 $1,335,262.50
96328DAT1 WHLS 2016-1A A2 1.59000 05/20/2025 US 104,998.5 $104,681.77
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 4,000,000 $3,724,553.88
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 652,942.32 $651,236.64
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 753,928.37 $734,052.93
98162EAC1 WOART 2017-A A3 Mtge 1.93000 09/15/2022 US 4,000,000 $3,955,436.80
98162KAD5 WOLS 2017-A A4 Mtge 2.32000 08/15/2022 US 750,000 $742,923.68
AP0787667 MPC CONTAINER SHIPS FLT 7.11638 09/22/2022 NL 1,000,000 $1,016,580.00
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 2,010,000 $1,969,800.00
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 126,000,000 $5,790,978.79
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 35,000,000 $1,706,834.21
BBG00K96DQT9 SHORT EURO-BTP FU DEC18 IT -142 -$194,799.06
BBG00K96DR08 EURO-SCHATZ FUT DEC18 DE -405 -$79,440.19
BBG00K96DRJ8 EURO-BTP FUTURE DEC18 IT 50 $48,636.30
BBG00K96DY03 EURO-BOBL FUTURE DEC18 DE -224 -$89,916.70
BBG00K96DYK1 EURO-BUND FUTURE DEC18 DE -204 -$41,548.51
BBG00K96FF84 EURO BUXL 30Y BND DEC18 DE -40 -$115,855.43
BBG00KDZS8H7 US 5YR NOTE (CBT) DEC18 US -200 -$8,196.00
BBG00KDZS958 US 2YR NOTE (CBT) DEC18 US -445 -$7,787.50
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 800,000 $822,000.00
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 2,000,000 $1,855,000.00
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 1,889,000 $1,955,115.00
JV9105265 BUONI POLIENNALI DEL TES 2.70000 03/01/2047 IT 4,000,000 $3,708,067.82
Y23862AE8 EXPORT-IMPORT BANK CHINA 2.50000 07/31/2019 CN 630,000 $625,942.80

Investments will change over time.

Distributions

  • Unconstrained Bond Class S Distribution History
  • 2018 Distribution Calendar
  • Fourth Quarter 2017 Distributions
  • Third Quarter 2018 Distributions
  • Second Quarter 2018 Distributions
  • First Quarter 2018 Distributions
  • Tax Letter
  • Unconstrained Bond Return of Capital 2015

A Word About Risk

There is an inverse relationship between bond prices and interest rates; as interest rates rise, bond prices (and therefore the value of bond funds) fall. Likewise, as interest rates fall, bond prices and the value of bond funds rise. Investments in higher-yielding, lower-rated securities involve additional risks, including a higher risk of default and loss of principal. Funds that invest in foreign countries may be subject to the risks of adverse changes in foreign economic, political, regulatory and other conditions as well as risks related to the use of different financial standards. Investments in emerging markets may be more volatile than investments in more developed markets. Investments in derivatives can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. Also, the use of leverage increases exposure to the market and may magnify potential losses.


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