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

$10.45

Daily $ Change

$0.00

Daily % Change

0.00%

as of 11/12/2019

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 10/31/2019

YTD

3.91%

1 Year

4.29%

3 Year

2.29%

5 Year

1.94%

10 Year

3.97%

Inception
(04/21/2005)

4.41%

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.

Sector Allocation

As of 10/31/2019

Treasury 15.21%
Government 1.35%
Cash 5.15%
Corporate 39.54%
Mortgage 38.75%

Credit Quality Distribution

As of 10/31/2019

AAA 50.86%
AA 3.17%
A 8.43%
BBB 17.36%
BB 7.55%
B 4.40%
CCC 1.48%
NR 6.75%

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 10/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 1,000,000 $1,066,250.00
00206RCK6 AT&T INC FLT 3.03438 06/30/2020 US 8,000,000 $8,041,016.00
00206RCL4 AT&T INC 2.45000 06/30/2020 US 2,000,000 $2,005,424.00
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 9,000,000 $9,884,749.23
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 1,865,000 $1,706,475.00
00772BAQ4 AERCAP IRELAND CAP LTD/A 4.62500 10/30/2020 IE 4,974,000 $5,097,244.33
00928QAG6 AIRCASTLE LTD 7.62500 04/15/2020 BM 6,375,000 $6,525,459.44
02004VAB9 ALLYA 2018-2 A2 MTGE 2.64000 02/16/2021 US 261,922.44 $262,017.78
02005NAE0 ALLY FINANCIAL INC 8.00000 03/15/2020 US 1,835,000 $1,870,782.50
02005NAJ9 ALLY FINANCIAL 7.50000 09/15/2020 US 708,000 $738,090.00
0258M0DU0 AMERICAN EXPRESS CREDIT FLRT 2.86225 05/26/2020 US 7,500,000 $7,524,822.83
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 4,450,000 $4,474,950.53
03027XAF7 AMERICAN TOWER CORP 2.80000 06/01/2020 US 5,595,000 $5,618,596.24
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 66,844.16 $67,512.16
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 2,200,000 $1,636,250.00
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 1,440,000 $1,087,200.00
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 2,348,437 $2,442,374.48
05367AAA1 AVIATION CAPITAL GROUP 7.12500 10/15/2020 US 2,572,000 $2,687,364.28
05367AAD5 AVIATION CAPITAL GROUP 6.75000 04/06/2021 US 3,750,000 $3,972,742.24
056752AF5 BAIDU INC 3.00000 06/30/2020 KY 2,400,000 $2,408,673.02
059438AK7 BANK ONE CORP 8.00000 04/29/2027 US 9,000,000 $12,021,604.74
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 7,000,000 $7,466,333.35
06738EAD7 BARCLAYS PLC 2.75000 11/08/2019 GB 3,215,000 $3,215,182.39
06738EAG0 BARCLAYS PLC 2.87500 06/08/2020 GB 3,292,000 $3,301,415.12
105756BV1 FED REPUBLIC OF BRAZIL 4.25000 01/07/2025 BR 1,300,000 $1,376,713.00
12510GAB8 CCG 2019-1 A2 2.80000 09/14/2026 US 6,000,000 $6,055,854.00
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 1,147,800.34 $1,172,850.16
12686CBA6 CABLEVISION SYSTEMS CORP 8.00000 04/15/2020 US 5,887,000 $6,034,175.00
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 3,445,000 $3,453,612.50
14042WAA8 COPAR 2019-1 A1 MTGE 2.50668 06/15/2020 US 1,581,163.22 $1,581,083.53
14314MAC7 CARMX 2016-2 A3 1.52000 02/16/2021 US 117,218.88 $117,190.91
14314WAD3 CARMX 2017-3 A3 1.97000 04/15/2022 US 2,820,977.11 $2,820,322.93
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 11,044.37 $11,037.92
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 4,454,593.42 $4,486,940.90
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 1,400,000 $1,417,500.00
161175AX2 CHARTER COMM OPT LLC/CAP 3.57900 07/23/2020 US 5,708,000 $5,756,736.16
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 1,357,377.76 $1,356,956.84
168863AU2 REPUBLIC OF CHILE 5.50000 08/05/2020 CL 1,800,000,000 $2,487,475.73
17327XAA5 CGCMT 2019-SST2 2.84125 12/15/2036 US 7,000,000 $6,986,830.20
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 6,500,000 $6,497,780.90
21872FAA5 COLONY AMERICAN FINANCE LTD 3.32400 03/15/2052 US 4,975,493.86 $5,168,839.06
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 338,920.29 $339,054.81
22534BAA2 CAALT 2018-1A A MTGE 3.01000 02/16/2027 US 7,846,000 $7,891,490.32
22535AAA3 CAALT 2019-1A A 3.33000 02/15/2028 US 4,050,000 $4,138,678.80
22535FAA2 CAALT 2018-2A A Mtge 3.47000 05/17/2027 US 8,991,534.28 $9,121,652.57
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 7,655,000 $7,704,604.40
22822VAA9 CROWN CASTLE INTL CORP 3.40000 02/15/2021 US 532,000 $540,810.29
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 543,804.87 $531,817.07
23291GAA2 DLL 2019-DA1 A1 MTGE 2.65683 04/20/2020 US 234,998.65 $235,080.15
23291GAB0 DLL 2019-DA1 A2 MTGE 2.79000 11/22/2021 US 4,500,000 $4,515,323.85
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 3,638,000 $3,665,285.00
23343CAA9 DTAOT 2018-3A A MTGE 3.02000 02/15/2022 US 2,427,988.08 $2,434,882.35
23343GAA0 DTAOT 2019-1A A MTGE 3.08000 09/15/2022 US 2,844,984.46 $2,856,373.50
24704BAA2 DEFT 2019-1 A1 2.64771 04/22/2020 US 905,746.62 $906,531.00
24704BAC8 DEFT 2019-1 A2 2.78000 08/23/2021 US 6,500,000 $6,538,097.80
25470DAR0 DISCOVERY COMMUNICATIONS 3.95000 03/20/2028 US 9,000,000 $9,478,112.94
26150TAA7 DRAWBRIDGE SPEC OPPOR FU 5.00000 08/01/2021 US 2,755,000 $2,783,467.19
262006208 DREYFUS GVT CSH MANAGEMENT US 46,710,784.85 $46,710,784.85
26208NAB0 DRIVE 2019 -1 A2A MTGE 3.08000 09/15/2021 US 787,338.43 $787,776.35
26252TAA4 DTAOT 2019-2A A 2.85000 09/15/2022 US 1,780,203.41 $1,787,331.17
26253KAA2 DTAOT 2019-3A A 2.55000 08/15/2022 US 1,986,976.99 $1,990,080.45
28166GAA3 EDVES 2019-A A MTGE 3.58000 11/25/2038 US 4,191,073.8 $4,269,536.99
28370TAA7 KINDER MORGAN ENER PART 6.50000 04/01/2020 US 5,223,000 $5,313,752.97
29372EBT4 EFF 2016-2 A3 2.04000 02/22/2022 US 3,293,950.98 $3,292,461.46
29372EBV9 EFF 2017-1 A2 2.13000 07/20/2022 US 375,201.71 $375,242.83
29373FAB0 EFF 2018 -2 A2 MTGE 3.14000 02/20/2024 US 4,592,241.5 $4,633,462.84
29374AAB0 EFF 2019-1 A2 2.98000 10/22/2024 US 2,500,000 $2,525,094.50
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 7,186.88 $7,174.03
30262SAR9 FREMF 2015-K42 B FLT 3.85112 12/25/2024 US 1,900,000 $1,990,527.21
30286XAN9 FREMF 2015-K43 B FLT 3.73374 02/25/2048 US 1,500,000 $1,561,066.95
30291EAE4 FREMF 2013-K712 B FLT 3.26320 05/25/2045 US 1,300,000 $1,298,709.62
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 85,665,410.78 $229,549.03
30291XAE2 FREMF 2014-K715 B FLT 3.97143 02/25/2046 US 2,185,000 $2,227,209.83
30291YAJ9 FREMF 2014-K716 B FLT 3.94755 08/25/2047 US 2,550,000 $2,618,193.89
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 487,204.39 $523,309.88
3128LCD86 FHLM POOL A78227 5.50000 06/01/2038 US 177,708.06 $196,359.62
3128M56M7 FHLM POOL G04176 5.50000 05/01/2038 US 174,275.5 $196,005.22
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 70,488.05 $79,592.86
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 410,055.06 $461,190.35
3128MAGF0 FHLM POOL G07998 4.50000 07/01/2044 US 2,999,106.66 $3,248,669.49
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 8,529.3 $8,845.30
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 17,291.52 $17,719.56
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 11,943.44 $12,279.34
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 10,493.83 $10,883.15
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 17,461.71 $18,048.30
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 423,520.8 $455,298.04
3128P75V1 FHLM POOL C91760 3.50000 05/01/2034 US 2,323,919.88 $2,421,015.97
3128P7QL0 FHLM POOL C91359 4.50000 02/01/2031 US 174,591.7 $187,498.89
312945B80 FHLM POOL A96363 4.50000 01/01/2041 US 2,862,976.49 $3,112,439.40
3132QVMX6 FHLM POOL Q38473 4.00000 01/01/2046 US 4,206,549.53 $4,449,635.43
3132WDMZ4 FHLM POOL Q40375 3.50000 05/01/2046 US 4,467,133.08 $4,656,540.42
31335ALX4 FHLM POOL G60342 4.50000 05/01/2042 US 2,607,003.02 $2,826,732.65
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 1,304.87 $1,308.56
3136AY6W8 FNA 2017-M15 A1 2.95932 09/25/2027 US 5,651,159.94 $5,921,499.56
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 2,967,996 $3,098,429.04
3137A2B34 FHMS K009 X1 FLT 1.25979 08/25/2020 US 8,554,529.06 $61,421.52
3137ADTK3 FHMS K014 X1 FLT 1.14919 04/25/2021 US 6,936,296.33 $96,799.48
3137AJMG6 FMHS K016 X1 FLT 1.47773 10/25/2021 US 4,307,059.77 $106,594.13
3137AME78 FHMS K017 X1 FLT 1.29766 12/25/2021 US 31,986,549.18 $710,210.15
3137AUPF0 FHMS K021 x1 FLT 1.42834 06/25/2022 US 16,524,200.92 $531,758.70
3137B3NB0 FHMS K030 X1 FLT 0.18772 04/25/2023 US 55,666,014.56 $335,994.50
3137B4GZ3 FHMS K032 X1 FLT 0.09785 05/25/2023 US 32,628,241.07 $127,351.29
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 2,992,234.99 $3,032,666.97
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 2,725,932.8 $2,782,859.82
3138ATF70 FEDERAL NATL MTG ASSN AJ1989 4.50000 10/01/2041 US 1,571,816.63 $1,704,156.08
3138WDJY8 FEDERAL NATL MTG ASSN AS3878 4.50000 11/01/2044 US 874,761.5 $939,291.96
3138XU4Y5 FEDERAL NATL MTG ASSN AW5338 4.50000 06/01/2044 US 946,132.11 $1,017,177.56
31398WD50 FHMS K005 AX FLT 1.74575 11/25/2019 US 1,629,481.92 $16.29
3140F1BL5 FEDERAL NATL MTG ASSN BC5442 4.00000 04/01/2046 US 2,208,814.34 $2,334,743.17
3140F5T29 FEDERAL NATL MTG ASSN BC9568 4.00000 05/01/2046 US 3,094,405.93 $3,239,441.20
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 537,272.44 $567,305.66
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 3,260,663.38 $3,495,637.71
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 12,141.07 $12,402.53
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 13,659.25 $13,976.44
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 84,456.77 $85,677.47
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 102,354.3 $103,707.61
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 152,028.45 $170,814.93
31411YN90 FEDERAL NATL MTG ASSN 918516 5.50000 06/01/2037 US 94,580.33 $105,997.84
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 2,710.31 $2,735.74
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 57,700.74 $58,589.51
31416CJV9 FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 394,042.28 $453,412.19
31416RBE2 FEDERAL NATL MTG ASSN AA7236 4.00000 06/01/2039 US 831,270.06 $889,035.17
31417YDV6 FHLM POOL MA0115 4.50000 07/01/2029 US 70,147.75 $74,653.76
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 285,301.28 $306,630.47
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 4,371,526.69 $4,530,259.93
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 154,397.2 $173,410.34
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 15,446.87 $16,218.14
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 5,235,000 $4,947,964.95
34531HAD1 FORDO 2017-B A3 MTGE 1.69000 11/15/2021 US 184,308.75 $184,089.90
345397WX7 FORD MOTOR CREDIT CO LLC FLRT 3.21675 11/04/2019 US 9,000,000 $9,000,000.00
345397YF4 FORD MOTOR CREDIT CO LLC 3.01200 01/09/2020 US 700,000 $700,611.42
345397YN7 FORD MOTOR CREDIT CO LLC 2.92163 06/12/2020 US 2,630,000 $2,629,126.00
346232AD3 FORESTAR GROUP INC 8.00000 04/15/2024 US 3,203,000 $3,443,225.00
35802XAH6 FRESENIUS MED CARE II 4.12500 10/15/2020 US 11,869,000 $12,019,321.95
36166LAA5 GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 AE 1,880,000 $1,948,150.00
36255XAA1 GCAR 2018-3A A MTGE 3.35000 08/15/2022 US 1,025,999.14 $1,031,264.05
36257NAA1 GCAR 2019-2A A MTGE 3.06000 04/17/2023 US 2,328,950.65 $2,342,175.60
36257PAA6 GMCAR 2019-3 2.27017 07/16/2020 US 1,485,711.21 $1,485,621.62
37045XAR7 GENERAL MOTORS FINL CO 3.15000 01/15/2020 US 5,000,000 $5,006,759.80
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 1,973,000 $2,046,987.50
38013FAB7 GMCAR 2018-4 A2 MTGE 2.93000 11/16/2021 US 580,098.22 $581,547.65
38141EA58 GOLDMAN SACHS GP GS 5.37500 03/15/2020 US 7,800,000 $7,895,699.92
39154TAV0 GALC 2019-1 A2 2.97000 06/15/2021 US 3,000,000 $3,016,130.70
40412CAC5 HCA HEALTHCARE INC 6.25000 02/15/2021 US 500,000 $523,750.00
428041BD8 HFLF 2018-1 A2 MTGE 3.23000 05/10/2032 US 6,153,175.96 $6,199,198.64
44931PAD8 HART 2017-A A3 1.76000 08/16/2021 US 72,626.76 $72,570.15
44932NAA8 HART 2019-A A1 MTGE 2.60464 04/15/2020 US 408,549.31 $408,546.49
44932NAB6 HART 2019-A A2 2.67000 12/15/2021 US 2,500,000 $2,511,007.25
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 3,425,000 $3,490,486.00
46187BAA1 IHSFR 2017-SFR2 A 2.73913 12/17/2036 US 469,463.9 $468,803.97
46187BAB9 IHSFR 2017-SFR2 B 3.03913 12/17/2036 US 400,000 $400,375.24
46625HHQ6 JPMORGAN CHASE JPM 4.95000 03/25/2020 US 150,000 $151,734.99
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 595,157.76 $599,836.06
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 386,942.43 $390,730.21
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 452,916.52 $461,757.45
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 649,118.66 $659,299.96
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 2,579,984.82 $2,610,823.38
47789JAB2 JDOT 2019-A A2 2.85000 12/15/2021 US 2,505,000 $2,515,230.17
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 1,620,000 $453,600.00
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 1,500,000 $1,538,437.50
494550BB1 KINDER MORGAN ENER PART 6.85000 02/15/2020 US 3,677,000 $3,725,015.30
49456BAE1 KINDER MORGAN INC/ DELAWA 3.05000 12/01/2019 US 1,000,000 $1,000,682.35
50077LAH9 KRAFT HEINZ FOODS CO 2.80000 07/02/2020 US 938,000 $940,457.34
51889RAB5 LRK 2019-A A2FX Mtge 2.73000 10/25/2048 US 2,100,000 $2,118,552.24
526057BU7 LENNAR CORP 4.50000 11/15/2019 US 700,000 $700,350.00
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 3,485,000 $2,439,500.00
57109HAA0 MFT 2019-2A A MTGE 3.13000 07/16/2029 US 3,099,378.7 $3,125,186.61
59001AAN2 MERITAGE HOMES CORP 7.15000 04/15/2020 US 4,000,000 $4,075,000.00
59022CAA1 BANK OF AMERICA CORP 2.87850 09/15/2026 US 3,561,000 $3,458,754.54
59166EAA3 MST 2019-1A A MTGE 3.75000 04/25/2058 US 1,856,080.19 $1,951,210.05
61747YDX0 MORGAN STANLEY FLT 3.07563 01/27/2020 US 8,750,000 $8,769,937.05
62954NAA3 NYCTL 2018-A A 3.22000 11/10/2031 US 1,572,309.68 $1,576,537.46
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 3,260,527.36 $3,292,474.99
63941LAA1 NAVSL 2019-BA A1 2.31350 12/15/2059 US 3,830,924.19 $3,829,747.33
63941MAA9 NAVSL 2019-EA A1 2.39000 05/15/2068 US 10,647,794.53 $10,680,063.74
63941RAB6 NAVSL 2019-2A A2 2.82275 02/27/2068 US 5,540,000 $5,588,125.98
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 551,899.38 $574,104.06
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 891,702.38 $929,643.69
64830DAB9 NRZT 2019-2A A1 4.25000 12/25/2057 US 4,402,873.17 $4,612,172.11
65478LAA7 NALT 2019-B 2.28222 07/15/2020 US 4,074,065.61 $4,073,771.87
65478WAD7 NAROT 2016-C A3 1.18000 01/15/2021 US 548,359.74 $547,758.35
65479PAA7 NALT 2019-A A1 2.59881 04/15/2020 US 508,210.5 $508,334.55
65479PAB5 NALT 2019 - A A2 MTGE 2.71000 07/15/2021 US 5,000,000 $5,021,757.00
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 5,870,000 $2,935,000.00
67087MAA4 OBP DEPOSITOR LLC TRUST 4.64620 07/15/2045 US 420,000 $421,647.16
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 7,000,000 $7,179,619.30
69375BAC1 PSMC 2019-3 A3 MTGE 3.50000 11/25/2049 US 3,500,000 $3,557,831.90
719245AD4 PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 US 5,450,000 $4,796,708.50
72650RAW2 PLAINS ALL AMER PIPELINE 5.75000 01/15/2020 US 388,000 $390,522.60
72650RBG6 PLAINS ALL AMER PIPELINE 2.60000 12/15/2019 US 2,752,000 $2,752,052.04
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 7,450,000 $8,065,798.08
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 1,000,000 $1,024,700.00
74331AAA0 2019- SFR4 CLASS A 2.68700 10/17/2036 US 3,800,000 $3,816,231.70
74332NAA1 PROG 2015-SFR3 A 3.06700 11/12/2032 US 4,836,028.01 $4,833,570.82
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 1,650,000 $1,658,217.50
74333NAA0 PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 US 8,610,000 $8,759,435.16
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 9,861,000 $10,026,634.72
78397AAA2 SCFET 2019-1A A1 3.04000 03/20/2023 US 1,957,764.47 $1,965,446.35
78403DAN0 SBA TOWER TRUST 2.83600 01/15/2025 US 3,500,000 $3,534,794.20
784423AF2 SLCLT 2004-1 A6 2.31813 05/15/2023 US 757,813.44 $757,665.44
78442FEJ3 NAVIENT CORP 8.00000 03/25/2020 US 7,500,000 $7,659,375.00
78442GNG7 SLMA 2004-10 A6A FLT RT 2.48963 04/27/2026 US 775,847.71 $776,816.98
78442PGC4 SLM CORP 5.12500 04/05/2022 US 6,109,000 $6,307,542.50
78449PAA7 SMB 2018-A A1 FLT 2.27125 03/16/2026 US 941,164.96 $941,151.03
78449TAA9 SMB 2019-A A1 2.26350 02/16/2026 US 2,425,065.02 $2,424,780.56
78472CAA6 SCLP 2019-1 A 3.24000 02/25/2028 US 3,181,676.02 $3,214,120.21
785592AE6 SABINE PASS LIQUEFACTION 5.62500 02/01/2021 US 9,000,000 $9,289,076.49
785592AJ5 SABINE PASS LIQUEFACTION 5.75000 05/15/2024 US 7,000,000 $7,812,245.77
80282KAD8 SANTANDER HOLDINGS USA 2.65000 04/17/2020 US 3,950,000 $3,958,034.30
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 481,064.18 $484,567.53
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 666,098.15 $673,617.73
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 567,058.65 $546,728.86
832696AQ1 JM SMUCKER CO 2.20000 12/06/2019 US 4,800,000 $4,800,301.68
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 185,082.16 $185,068.56
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 750,000 $761,136.98
83401LAB0 SOFI 2015-A A2 2.42000 03/25/2030 US 309,572.56 $309,702.64
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 409,431.33 $410,340.72
83404JAA4 SCLP 2017-3 A MTGE 2.77000 05/25/2026 US 1,635,429.62 $1,642,210.27
83404RAA6 SOFI 2018-B A1FX 2.64000 08/25/2047 US 3,634,583.57 $3,647,823.99
83404WAA5 SOFI 2019-B A1FX 2.78000 08/17/2048 US 4,611,550.92 $4,645,135.00
83404YAA1 SCLP 2016-5 A 3.06000 09/25/2028 US 568,788.71 $571,705.57
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 109,943.14 $109,884.54
83405JAA3 SCLP 2017-4 A 2.50000 05/26/2026 US 612,224.15 $613,840.85
83405TAA1 SCLP 2019-3 A MTGE 2.90000 05/25/2028 US 1,873,003.85 $1,886,332.15
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 2,925,652.61 $2,948,557.84
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 3,000,000 $3,037,009.98
852061AQ3 SPRINT COMMUNICATIONS 7.00000 03/01/2020 US 8,238,000 $8,358,274.80
85571BAP0 STARWOOD PROPERTY TRUST 3.62500 02/01/2021 US 2,000,000 $2,015,000.00
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.13350 11/15/2027 US 1,777,114.94 $1,773,917.73
86935CAA0 SCML 2019-SBC8 2.86000 12/25/2035 US 4,146,903.31 $4,170,538.59
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 328,213.31 $328,139.27
88032WAC0 TENCENT HOLDINGS LTD 2.87500 02/11/2020 KY 3,873,000 $3,879,164.11
880451AS8 TENNESEE GAS PIPELINE 7.00000 03/15/2027 US 6,775,000 $8,369,046.46
880451AV1 TENNESEE GAS PIPELINE 7.00000 10/15/2028 US 2,225,000 $2,823,188.16
89052KAA3 TOORAK MORTGAGE CORP 4.45830 03/25/2022 US 5,000,000 $5,087,832.50
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 1,247,124.12 $1,251,893.25
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 4,376,269.65 $4,428,050.55
89175VAA1 TPMT 2018-2 A1 3.25000 03/25/2058 US 1,562,064.65 $1,596,598.31
89177EAA7 TPMT 2019-HY1 A1 2.82275 10/25/2048 US 4,264,188.78 $4,286,968.50
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 2,335,546.57 $2,335,052.37
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 1,665,000 $1,660,587.75
90261XHN5 UBS AG STAMFORD CT FLT 2.98763 06/01/2020 CH 8,000,000 $8,036,179.76
912828B25 UNITED STATES TREAS INFL INDEX 0.62500 01/15/2024 US 45,004,581.5 $45,767,207.99
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 46,013,520 $45,767,275.89
912828Q60 TSY INFL IX N/B 0.12500 04/15/2021 US 46,752,743.1 $46,375,899.63
92343VDY7 VERIZON COMMUNICATIONS 4.12500 03/16/2027 US 9,000,000 $10,036,423.17
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 2,250,000 $2,188,125.00
92888DAB1 VFET 2019-1A A2 2.90000 11/15/2021 US 1,000,000 $1,004,898.70
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 1,195,000 $1,203,380.77
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 1,451,339.67 $1,485,465.75
93065PAA9 WBHT 2019-WBM A FLT 2.97125 12/15/2033 US 7,000,000 $7,004,340.70
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 1,470,000 $1,492,050.00
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 1,350,000 $1,367,845.52
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 4,000,000 $4,170,578.04
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 439,067 $440,063.86
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 623,639.14 $635,064.21
98162EAC1 WOART 2017-A A3 Mtge 1.93000 09/15/2022 US 2,366,089.55 $2,363,434.09
98162KAD5 WOLS 2017-A A4 Mtge 2.32000 08/15/2022 US 750,000 $750,262.35
98162VAB5 WOART 2019-B A2 MTGE 2.63000 06/15/2022 US 3,885,000 $3,903,695.01
98162XAB1 WOLS 2019-A A2 2.89000 11/15/2021 US 2,554,124.61 $2,567,859.67
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 2,860,000 $2,688,400.00
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 126,000,000 $6,542,384.53
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 35,000,000 $1,832,394.15
BBG00NKCYV59 EURO BUXL 30Y BND DEC19 DE -25 $277,955.27
BBG00NKCYV68 EURO-BUND FUTURE DEC19 DE -150 $613,773.39
BBG00NKZN3P0 US 10YR ULTRA FUT DEC19 US -553 $1,102,925.32
BBG00NPL8Z18 US 5YR NOTE (CBT) DEC19 US -200 $136,990.00
BBG00NPL8ZS9 US 2YR NOTE (CBT) DEC19 US 1,670 -$741,068.98
BBG00NQKT9P8 LONG GILT FUTURE DEC19 GB -141 $330,382.46
BBG00PYYDPP5 UEAF0P 1.1200 COMB EU 200 $172,500.00
BBG00PYYDST5 UEAF0C 1.1200 COMB EU 200 $285,000.00
BGDM907 DIANA SHIPPING INC 9.50000 09/27/2023 MH 4,450,000 $4,383,250.00
BZ121X9 EURONAV LUXEMBOURG SA 7.50000 05/31/2022 LU 1,800,000 $1,836,000.00
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 1,753,000 $1,823,120.00

Investments will change over time.

Distributions

  • Unconstrained Bond Class S Distribution History
  • 2019 Distribution Calendar
  • Fourth Quarter 2018 Distributions
  • Third Quarter 2019 Distributions
  • Second Quarter 2019 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

$10.45

Daily $ Change

$0.00

Daily % Change

0.00%

as of 11/12/2019

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 10/31/2019

YTD

3.91%

1 Year

4.29%

3 Year

2.29%

5 Year

1.94%

10 Year

3.97%

Inception
(04/21/2005)

4.41%

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.

Sector Allocation

As of 10/31/2019

Treasury
15.21%
Government
1.35%
Cash
5.15%
Corporate
39.54%
Mortgage
38.75%

Credit Quality Distribution

As of 10/31/2019

AAA
50.86%
AA
3.17%
A
8.43%
BBB
17.36%
BB
7.55%
B
4.40%
CCC
1.48%
NR
6.75%

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 10/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 1,000,000 $1,066,250.00
00206RCK6 AT&T INC FLT 3.03438 06/30/2020 US 8,000,000 $8,041,016.00
00206RCL4 AT&T INC 2.45000 06/30/2020 US 2,000,000 $2,005,424.00
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 9,000,000 $9,884,749.23
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 1,865,000 $1,706,475.00
00772BAQ4 AERCAP IRELAND CAP LTD/A 4.62500 10/30/2020 IE 4,974,000 $5,097,244.33
00928QAG6 AIRCASTLE LTD 7.62500 04/15/2020 BM 6,375,000 $6,525,459.44
02004VAB9 ALLYA 2018-2 A2 MTGE 2.64000 02/16/2021 US 261,922.44 $262,017.78
02005NAE0 ALLY FINANCIAL INC 8.00000 03/15/2020 US 1,835,000 $1,870,782.50
02005NAJ9 ALLY FINANCIAL 7.50000 09/15/2020 US 708,000 $738,090.00
0258M0DU0 AMERICAN EXPRESS CREDIT FLRT 2.86225 05/26/2020 US 7,500,000 $7,524,822.83
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 4,450,000 $4,474,950.53
03027XAF7 AMERICAN TOWER CORP 2.80000 06/01/2020 US 5,595,000 $5,618,596.24
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 66,844.16 $67,512.16
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 2,200,000 $1,636,250.00
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 1,440,000 $1,087,200.00
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 2,348,437 $2,442,374.48
05367AAA1 AVIATION CAPITAL GROUP 7.12500 10/15/2020 US 2,572,000 $2,687,364.28
05367AAD5 AVIATION CAPITAL GROUP 6.75000 04/06/2021 US 3,750,000 $3,972,742.24
056752AF5 BAIDU INC 3.00000 06/30/2020 KY 2,400,000 $2,408,673.02
059438AK7 BANK ONE CORP 8.00000 04/29/2027 US 9,000,000 $12,021,604.74
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 7,000,000 $7,466,333.35
06738EAD7 BARCLAYS PLC 2.75000 11/08/2019 GB 3,215,000 $3,215,182.39
06738EAG0 BARCLAYS PLC 2.87500 06/08/2020 GB 3,292,000 $3,301,415.12
105756BV1 FED REPUBLIC OF BRAZIL 4.25000 01/07/2025 BR 1,300,000 $1,376,713.00
12510GAB8 CCG 2019-1 A2 2.80000 09/14/2026 US 6,000,000 $6,055,854.00
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 1,147,800.34 $1,172,850.16
12686CBA6 CABLEVISION SYSTEMS CORP 8.00000 04/15/2020 US 5,887,000 $6,034,175.00
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 3,445,000 $3,453,612.50
14042WAA8 COPAR 2019-1 A1 MTGE 2.50668 06/15/2020 US 1,581,163.22 $1,581,083.53
14314MAC7 CARMX 2016-2 A3 1.52000 02/16/2021 US 117,218.88 $117,190.91
14314WAD3 CARMX 2017-3 A3 1.97000 04/15/2022 US 2,820,977.11 $2,820,322.93
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 11,044.37 $11,037.92
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 4,454,593.42 $4,486,940.90
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 1,400,000 $1,417,500.00
161175AX2 CHARTER COMM OPT LLC/CAP 3.57900 07/23/2020 US 5,708,000 $5,756,736.16
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 1,357,377.76 $1,356,956.84
168863AU2 REPUBLIC OF CHILE 5.50000 08/05/2020 CL 1,800,000,000 $2,487,475.73
17327XAA5 CGCMT 2019-SST2 2.84125 12/15/2036 US 7,000,000 $6,986,830.20
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 6,500,000 $6,497,780.90
21872FAA5 COLONY AMERICAN FINANCE LTD 3.32400 03/15/2052 US 4,975,493.86 $5,168,839.06
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 338,920.29 $339,054.81
22534BAA2 CAALT 2018-1A A MTGE 3.01000 02/16/2027 US 7,846,000 $7,891,490.32
22535AAA3 CAALT 2019-1A A 3.33000 02/15/2028 US 4,050,000 $4,138,678.80
22535FAA2 CAALT 2018-2A A Mtge 3.47000 05/17/2027 US 8,991,534.28 $9,121,652.57
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 7,655,000 $7,704,604.40
22822VAA9 CROWN CASTLE INTL CORP 3.40000 02/15/2021 US 532,000 $540,810.29
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 543,804.87 $531,817.07
23291GAA2 DLL 2019-DA1 A1 MTGE 2.65683 04/20/2020 US 234,998.65 $235,080.15
23291GAB0 DLL 2019-DA1 A2 MTGE 2.79000 11/22/2021 US 4,500,000 $4,515,323.85
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 3,638,000 $3,665,285.00
23343CAA9 DTAOT 2018-3A A MTGE 3.02000 02/15/2022 US 2,427,988.08 $2,434,882.35
23343GAA0 DTAOT 2019-1A A MTGE 3.08000 09/15/2022 US 2,844,984.46 $2,856,373.50
24704BAA2 DEFT 2019-1 A1 2.64771 04/22/2020 US 905,746.62 $906,531.00
24704BAC8 DEFT 2019-1 A2 2.78000 08/23/2021 US 6,500,000 $6,538,097.80
25470DAR0 DISCOVERY COMMUNICATIONS 3.95000 03/20/2028 US 9,000,000 $9,478,112.94
26150TAA7 DRAWBRIDGE SPEC OPPOR FU 5.00000 08/01/2021 US 2,755,000 $2,783,467.19
262006208 DREYFUS GVT CSH MANAGEMENT US 46,710,784.85 $46,710,784.85
26208NAB0 DRIVE 2019 -1 A2A MTGE 3.08000 09/15/2021 US 787,338.43 $787,776.35
26252TAA4 DTAOT 2019-2A A 2.85000 09/15/2022 US 1,780,203.41 $1,787,331.17
26253KAA2 DTAOT 2019-3A A 2.55000 08/15/2022 US 1,986,976.99 $1,990,080.45
28166GAA3 EDVES 2019-A A MTGE 3.58000 11/25/2038 US 4,191,073.8 $4,269,536.99
28370TAA7 KINDER MORGAN ENER PART 6.50000 04/01/2020 US 5,223,000 $5,313,752.97
29372EBT4 EFF 2016-2 A3 2.04000 02/22/2022 US 3,293,950.98 $3,292,461.46
29372EBV9 EFF 2017-1 A2 2.13000 07/20/2022 US 375,201.71 $375,242.83
29373FAB0 EFF 2018 -2 A2 MTGE 3.14000 02/20/2024 US 4,592,241.5 $4,633,462.84
29374AAB0 EFF 2019-1 A2 2.98000 10/22/2024 US 2,500,000 $2,525,094.50
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 7,186.88 $7,174.03
30262SAR9 FREMF 2015-K42 B FLT 3.85112 12/25/2024 US 1,900,000 $1,990,527.21
30286XAN9 FREMF 2015-K43 B FLT 3.73374 02/25/2048 US 1,500,000 $1,561,066.95
30291EAE4 FREMF 2013-K712 B FLT 3.26320 05/25/2045 US 1,300,000 $1,298,709.62
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 85,665,410.78 $229,549.03
30291XAE2 FREMF 2014-K715 B FLT 3.97143 02/25/2046 US 2,185,000 $2,227,209.83
30291YAJ9 FREMF 2014-K716 B FLT 3.94755 08/25/2047 US 2,550,000 $2,618,193.89
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 487,204.39 $523,309.88
3128LCD86 FHLM POOL A78227 5.50000 06/01/2038 US 177,708.06 $196,359.62
3128M56M7 FHLM POOL G04176 5.50000 05/01/2038 US 174,275.5 $196,005.22
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 70,488.05 $79,592.86
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 410,055.06 $461,190.35
3128MAGF0 FHLM POOL G07998 4.50000 07/01/2044 US 2,999,106.66 $3,248,669.49
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 8,529.3 $8,845.30
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 17,291.52 $17,719.56
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 11,943.44 $12,279.34
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 10,493.83 $10,883.15
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 17,461.71 $18,048.30
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 423,520.8 $455,298.04
3128P75V1 FHLM POOL C91760 3.50000 05/01/2034 US 2,323,919.88 $2,421,015.97
3128P7QL0 FHLM POOL C91359 4.50000 02/01/2031 US 174,591.7 $187,498.89
312945B80 FHLM POOL A96363 4.50000 01/01/2041 US 2,862,976.49 $3,112,439.40
3132QVMX6 FHLM POOL Q38473 4.00000 01/01/2046 US 4,206,549.53 $4,449,635.43
3132WDMZ4 FHLM POOL Q40375 3.50000 05/01/2046 US 4,467,133.08 $4,656,540.42
31335ALX4 FHLM POOL G60342 4.50000 05/01/2042 US 2,607,003.02 $2,826,732.65
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 1,304.87 $1,308.56
3136AY6W8 FNA 2017-M15 A1 2.95932 09/25/2027 US 5,651,159.94 $5,921,499.56
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 2,967,996 $3,098,429.04
3137A2B34 FHMS K009 X1 FLT 1.25979 08/25/2020 US 8,554,529.06 $61,421.52
3137ADTK3 FHMS K014 X1 FLT 1.14919 04/25/2021 US 6,936,296.33 $96,799.48
3137AJMG6 FMHS K016 X1 FLT 1.47773 10/25/2021 US 4,307,059.77 $106,594.13
3137AME78 FHMS K017 X1 FLT 1.29766 12/25/2021 US 31,986,549.18 $710,210.15
3137AUPF0 FHMS K021 x1 FLT 1.42834 06/25/2022 US 16,524,200.92 $531,758.70
3137B3NB0 FHMS K030 X1 FLT 0.18772 04/25/2023 US 55,666,014.56 $335,994.50
3137B4GZ3 FHMS K032 X1 FLT 0.09785 05/25/2023 US 32,628,241.07 $127,351.29
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 2,992,234.99 $3,032,666.97
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 2,725,932.8 $2,782,859.82
3138ATF70 FEDERAL NATL MTG ASSN AJ1989 4.50000 10/01/2041 US 1,571,816.63 $1,704,156.08
3138WDJY8 FEDERAL NATL MTG ASSN AS3878 4.50000 11/01/2044 US 874,761.5 $939,291.96
3138XU4Y5 FEDERAL NATL MTG ASSN AW5338 4.50000 06/01/2044 US 946,132.11 $1,017,177.56
31398WD50 FHMS K005 AX FLT 1.74575 11/25/2019 US 1,629,481.92 $16.29
3140F1BL5 FEDERAL NATL MTG ASSN BC5442 4.00000 04/01/2046 US 2,208,814.34 $2,334,743.17
3140F5T29 FEDERAL NATL MTG ASSN BC9568 4.00000 05/01/2046 US 3,094,405.93 $3,239,441.20
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 537,272.44 $567,305.66
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 3,260,663.38 $3,495,637.71
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 12,141.07 $12,402.53
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 13,659.25 $13,976.44
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 84,456.77 $85,677.47
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 102,354.3 $103,707.61
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 152,028.45 $170,814.93
31411YN90 FEDERAL NATL MTG ASSN 918516 5.50000 06/01/2037 US 94,580.33 $105,997.84
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 2,710.31 $2,735.74
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 57,700.74 $58,589.51
31416CJV9 FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 394,042.28 $453,412.19
31416RBE2 FEDERAL NATL MTG ASSN AA7236 4.00000 06/01/2039 US 831,270.06 $889,035.17
31417YDV6 FHLM POOL MA0115 4.50000 07/01/2029 US 70,147.75 $74,653.76
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 285,301.28 $306,630.47
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 4,371,526.69 $4,530,259.93
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 154,397.2 $173,410.34
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 15,446.87 $16,218.14
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 5,235,000 $4,947,964.95
34531HAD1 FORDO 2017-B A3 MTGE 1.69000 11/15/2021 US 184,308.75 $184,089.90
345397WX7 FORD MOTOR CREDIT CO LLC FLRT 3.21675 11/04/2019 US 9,000,000 $9,000,000.00
345397YF4 FORD MOTOR CREDIT CO LLC 3.01200 01/09/2020 US 700,000 $700,611.42
345397YN7 FORD MOTOR CREDIT CO LLC 2.92163 06/12/2020 US 2,630,000 $2,629,126.00
346232AD3 FORESTAR GROUP INC 8.00000 04/15/2024 US 3,203,000 $3,443,225.00
35802XAH6 FRESENIUS MED CARE II 4.12500 10/15/2020 US 11,869,000 $12,019,321.95
36166LAA5 GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 AE 1,880,000 $1,948,150.00
36255XAA1 GCAR 2018-3A A MTGE 3.35000 08/15/2022 US 1,025,999.14 $1,031,264.05
36257NAA1 GCAR 2019-2A A MTGE 3.06000 04/17/2023 US 2,328,950.65 $2,342,175.60
36257PAA6 GMCAR 2019-3 2.27017 07/16/2020 US 1,485,711.21 $1,485,621.62
37045XAR7 GENERAL MOTORS FINL CO 3.15000 01/15/2020 US 5,000,000 $5,006,759.80
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 1,973,000 $2,046,987.50
38013FAB7 GMCAR 2018-4 A2 MTGE 2.93000 11/16/2021 US 580,098.22 $581,547.65
38141EA58 GOLDMAN SACHS GP GS 5.37500 03/15/2020 US 7,800,000 $7,895,699.92
39154TAV0 GALC 2019-1 A2 2.97000 06/15/2021 US 3,000,000 $3,016,130.70
40412CAC5 HCA HEALTHCARE INC 6.25000 02/15/2021 US 500,000 $523,750.00
428041BD8 HFLF 2018-1 A2 MTGE 3.23000 05/10/2032 US 6,153,175.96 $6,199,198.64
44931PAD8 HART 2017-A A3 1.76000 08/16/2021 US 72,626.76 $72,570.15
44932NAA8 HART 2019-A A1 MTGE 2.60464 04/15/2020 US 408,549.31 $408,546.49
44932NAB6 HART 2019-A A2 2.67000 12/15/2021 US 2,500,000 $2,511,007.25
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 3,425,000 $3,490,486.00
46187BAA1 IHSFR 2017-SFR2 A 2.73913 12/17/2036 US 469,463.9 $468,803.97
46187BAB9 IHSFR 2017-SFR2 B 3.03913 12/17/2036 US 400,000 $400,375.24
46625HHQ6 JPMORGAN CHASE JPM 4.95000 03/25/2020 US 150,000 $151,734.99
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 595,157.76 $599,836.06
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 386,942.43 $390,730.21
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 452,916.52 $461,757.45
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 649,118.66 $659,299.96
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 2,579,984.82 $2,610,823.38
47789JAB2 JDOT 2019-A A2 2.85000 12/15/2021 US 2,505,000 $2,515,230.17
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 1,620,000 $453,600.00
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 1,500,000 $1,538,437.50
494550BB1 KINDER MORGAN ENER PART 6.85000 02/15/2020 US 3,677,000 $3,725,015.30
49456BAE1 KINDER MORGAN INC/ DELAWA 3.05000 12/01/2019 US 1,000,000 $1,000,682.35
50077LAH9 KRAFT HEINZ FOODS CO 2.80000 07/02/2020 US 938,000 $940,457.34
51889RAB5 LRK 2019-A A2FX Mtge 2.73000 10/25/2048 US 2,100,000 $2,118,552.24
526057BU7 LENNAR CORP 4.50000 11/15/2019 US 700,000 $700,350.00
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 3,485,000 $2,439,500.00
57109HAA0 MFT 2019-2A A MTGE 3.13000 07/16/2029 US 3,099,378.7 $3,125,186.61
59001AAN2 MERITAGE HOMES CORP 7.15000 04/15/2020 US 4,000,000 $4,075,000.00
59022CAA1 BANK OF AMERICA CORP 2.87850 09/15/2026 US 3,561,000 $3,458,754.54
59166EAA3 MST 2019-1A A MTGE 3.75000 04/25/2058 US 1,856,080.19 $1,951,210.05
61747YDX0 MORGAN STANLEY FLT 3.07563 01/27/2020 US 8,750,000 $8,769,937.05
62954NAA3 NYCTL 2018-A A 3.22000 11/10/2031 US 1,572,309.68 $1,576,537.46
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 3,260,527.36 $3,292,474.99
63941LAA1 NAVSL 2019-BA A1 2.31350 12/15/2059 US 3,830,924.19 $3,829,747.33
63941MAA9 NAVSL 2019-EA A1 2.39000 05/15/2068 US 10,647,794.53 $10,680,063.74
63941RAB6 NAVSL 2019-2A A2 2.82275 02/27/2068 US 5,540,000 $5,588,125.98
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 551,899.38 $574,104.06
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 891,702.38 $929,643.69
64830DAB9 NRZT 2019-2A A1 4.25000 12/25/2057 US 4,402,873.17 $4,612,172.11
65478LAA7 NALT 2019-B 2.28222 07/15/2020 US 4,074,065.61 $4,073,771.87
65478WAD7 NAROT 2016-C A3 1.18000 01/15/2021 US 548,359.74 $547,758.35
65479PAA7 NALT 2019-A A1 2.59881 04/15/2020 US 508,210.5 $508,334.55
65479PAB5 NALT 2019 - A A2 MTGE 2.71000 07/15/2021 US 5,000,000 $5,021,757.00
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 5,870,000 $2,935,000.00
67087MAA4 OBP DEPOSITOR LLC TRUST 4.64620 07/15/2045 US 420,000 $421,647.16
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 7,000,000 $7,179,619.30
69375BAC1 PSMC 2019-3 A3 MTGE 3.50000 11/25/2049 US 3,500,000 $3,557,831.90
719245AD4 PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 US 5,450,000 $4,796,708.50
72650RAW2 PLAINS ALL AMER PIPELINE 5.75000 01/15/2020 US 388,000 $390,522.60
72650RBG6 PLAINS ALL AMER PIPELINE 2.60000 12/15/2019 US 2,752,000 $2,752,052.04
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 7,450,000 $8,065,798.08
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 1,000,000 $1,024,700.00
74331AAA0 2019- SFR4 CLASS A 2.68700 10/17/2036 US 3,800,000 $3,816,231.70
74332NAA1 PROG 2015-SFR3 A 3.06700 11/12/2032 US 4,836,028.01 $4,833,570.82
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 1,650,000 $1,658,217.50
74333NAA0 PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 US 8,610,000 $8,759,435.16
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 9,861,000 $10,026,634.72
78397AAA2 SCFET 2019-1A A1 3.04000 03/20/2023 US 1,957,764.47 $1,965,446.35
78403DAN0 SBA TOWER TRUST 2.83600 01/15/2025 US 3,500,000 $3,534,794.20
784423AF2 SLCLT 2004-1 A6 2.31813 05/15/2023 US 757,813.44 $757,665.44
78442FEJ3 NAVIENT CORP 8.00000 03/25/2020 US 7,500,000 $7,659,375.00
78442GNG7 SLMA 2004-10 A6A FLT RT 2.48963 04/27/2026 US 775,847.71 $776,816.98
78442PGC4 SLM CORP 5.12500 04/05/2022 US 6,109,000 $6,307,542.50
78449PAA7 SMB 2018-A A1 FLT 2.27125 03/16/2026 US 941,164.96 $941,151.03
78449TAA9 SMB 2019-A A1 2.26350 02/16/2026 US 2,425,065.02 $2,424,780.56
78472CAA6 SCLP 2019-1 A 3.24000 02/25/2028 US 3,181,676.02 $3,214,120.21
785592AE6 SABINE PASS LIQUEFACTION 5.62500 02/01/2021 US 9,000,000 $9,289,076.49
785592AJ5 SABINE PASS LIQUEFACTION 5.75000 05/15/2024 US 7,000,000 $7,812,245.77
80282KAD8 SANTANDER HOLDINGS USA 2.65000 04/17/2020 US 3,950,000 $3,958,034.30
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 481,064.18 $484,567.53
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 666,098.15 $673,617.73
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 567,058.65 $546,728.86
832696AQ1 JM SMUCKER CO 2.20000 12/06/2019 US 4,800,000 $4,800,301.68
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 185,082.16 $185,068.56
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 750,000 $761,136.98
83401LAB0 SOFI 2015-A A2 2.42000 03/25/2030 US 309,572.56 $309,702.64
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 409,431.33 $410,340.72
83404JAA4 SCLP 2017-3 A MTGE 2.77000 05/25/2026 US 1,635,429.62 $1,642,210.27
83404RAA6 SOFI 2018-B A1FX 2.64000 08/25/2047 US 3,634,583.57 $3,647,823.99
83404WAA5 SOFI 2019-B A1FX 2.78000 08/17/2048 US 4,611,550.92 $4,645,135.00
83404YAA1 SCLP 2016-5 A 3.06000 09/25/2028 US 568,788.71 $571,705.57
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 109,943.14 $109,884.54
83405JAA3 SCLP 2017-4 A 2.50000 05/26/2026 US 612,224.15 $613,840.85
83405TAA1 SCLP 2019-3 A MTGE 2.90000 05/25/2028 US 1,873,003.85 $1,886,332.15
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 2,925,652.61 $2,948,557.84
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 3,000,000 $3,037,009.98
852061AQ3 SPRINT COMMUNICATIONS 7.00000 03/01/2020 US 8,238,000 $8,358,274.80
85571BAP0 STARWOOD PROPERTY TRUST 3.62500 02/01/2021 US 2,000,000 $2,015,000.00
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.13350 11/15/2027 US 1,777,114.94 $1,773,917.73
86935CAA0 SCML 2019-SBC8 2.86000 12/25/2035 US 4,146,903.31 $4,170,538.59
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 328,213.31 $328,139.27
88032WAC0 TENCENT HOLDINGS LTD 2.87500 02/11/2020 KY 3,873,000 $3,879,164.11
880451AS8 TENNESEE GAS PIPELINE 7.00000 03/15/2027 US 6,775,000 $8,369,046.46
880451AV1 TENNESEE GAS PIPELINE 7.00000 10/15/2028 US 2,225,000 $2,823,188.16
89052KAA3 TOORAK MORTGAGE CORP 4.45830 03/25/2022 US 5,000,000 $5,087,832.50
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 1,247,124.12 $1,251,893.25
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 4,376,269.65 $4,428,050.55
89175VAA1 TPMT 2018-2 A1 3.25000 03/25/2058 US 1,562,064.65 $1,596,598.31
89177EAA7 TPMT 2019-HY1 A1 2.82275 10/25/2048 US 4,264,188.78 $4,286,968.50
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 2,335,546.57 $2,335,052.37
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 1,665,000 $1,660,587.75
90261XHN5 UBS AG STAMFORD CT FLT 2.98763 06/01/2020 CH 8,000,000 $8,036,179.76
912828B25 UNITED STATES TREAS INFL INDEX 0.62500 01/15/2024 US 45,004,581.5 $45,767,207.99
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 46,013,520 $45,767,275.89
912828Q60 TSY INFL IX N/B 0.12500 04/15/2021 US 46,752,743.1 $46,375,899.63
92343VDY7 VERIZON COMMUNICATIONS 4.12500 03/16/2027 US 9,000,000 $10,036,423.17
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 2,250,000 $2,188,125.00
92888DAB1 VFET 2019-1A A2 2.90000 11/15/2021 US 1,000,000 $1,004,898.70
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 1,195,000 $1,203,380.77
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 1,451,339.67 $1,485,465.75
93065PAA9 WBHT 2019-WBM A FLT 2.97125 12/15/2033 US 7,000,000 $7,004,340.70
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 1,470,000 $1,492,050.00
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 1,350,000 $1,367,845.52
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 4,000,000 $4,170,578.04
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 439,067 $440,063.86
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 623,639.14 $635,064.21
98162EAC1 WOART 2017-A A3 Mtge 1.93000 09/15/2022 US 2,366,089.55 $2,363,434.09
98162KAD5 WOLS 2017-A A4 Mtge 2.32000 08/15/2022 US 750,000 $750,262.35
98162VAB5 WOART 2019-B A2 MTGE 2.63000 06/15/2022 US 3,885,000 $3,903,695.01
98162XAB1 WOLS 2019-A A2 2.89000 11/15/2021 US 2,554,124.61 $2,567,859.67
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 2,860,000 $2,688,400.00
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 126,000,000 $6,542,384.53
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 35,000,000 $1,832,394.15
BBG00NKCYV59 EURO BUXL 30Y BND DEC19 DE -25 $277,955.27
BBG00NKCYV68 EURO-BUND FUTURE DEC19 DE -150 $613,773.39
BBG00NKZN3P0 US 10YR ULTRA FUT DEC19 US -553 $1,102,925.32
BBG00NPL8Z18 US 5YR NOTE (CBT) DEC19 US -200 $136,990.00
BBG00NPL8ZS9 US 2YR NOTE (CBT) DEC19 US 1,670 -$741,068.98
BBG00NQKT9P8 LONG GILT FUTURE DEC19 GB -141 $330,382.46
BBG00PYYDPP5 UEAF0P 1.1200 COMB EU 200 $172,500.00
BBG00PYYDST5 UEAF0C 1.1200 COMB EU 200 $285,000.00
BGDM907 DIANA SHIPPING INC 9.50000 09/27/2023 MH 4,450,000 $4,383,250.00
BZ121X9 EURONAV LUXEMBOURG SA 7.50000 05/31/2022 LU 1,800,000 $1,836,000.00
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 1,753,000 $1,823,120.00

Investments will change over time.

Distributions

  • Unconstrained Bond Class S Distribution History
  • 2019 Distribution Calendar
  • Fourth Quarter 2018 Distributions
  • Third Quarter 2019 Distributions
  • Second Quarter 2019 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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