Mutual Funds
Unconstrained Bond Series
Investment Objective
To provide long-term total return, with a secondary objective of providing preservation of capital.
Investment Strategy
Under normal circumstances, at least 80% of the Series’ assets will be invested in bonds and other financial instruments with economic characteristics similar to bonds.
Up to 50% of the Series may be invested in below investment-grade securities and up to 50% may be invested in non-U.S. dollar denominated securities, including securities issued by companies located in emerging markets. Derivatives such as futures, options, swaps, and forwards may be used to manage interest rate exposure, enhance duration management, or hedge currency exposure, for example.
While there are no maturity or duration restrictions, the Series’ duration is expected to range between -3 and 8 years.
May be Appropriate for Investors
- Looking to diversify a portfolio by adding a non-traditional bond component
- Who want to enhance the conventional benefits associated with fixed income investing through access to a broader set of securities that may help reduce volatility
- Seeking an active approach that is objectives-driven, not benchmark-driven
Daily Price
$9.92
Daily $ Change
$0.01
Daily % Change
0.10%
as of 07/18/2025
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
YTD
3.64%
1 Year
6.63%
3 Year
4.55%
5 Year
3.06%
10 Year
2.74%
Inception
(04/21/2005)
4.04%
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 | 0.78% |
| Net | 0.76%* |
*Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee.
| UNITED STATES TREAS NTS FRN TNOTE 20261031 4.440% | 8.97% |
| UNITED STATES TREAS NTS . 20281115 3.125% | 8.15% |
| UNITED STATES TREAS NTS . 20271115 2.250% | 7.66% |
| UNITED STATES TREAS BDS . 20450215 2.500% | 2.09% |
| ALEXANDER FDG TR II SR SEC GLBL 20280731 7.467% | 1.11% |
| SLM STUDENT LOAN TR - A- FLT 20260526 5.070% | 1.06% |
| BOURZOUR LLC nCO ISSUERS - A- . 20491122 5.781% | 1.05% |
| MORGAN STANLEY MTG TR - A- FLT 20510725 2.500% | 1.02% |
| GCAT TRUST -NQM A- FLT 20670425 4.322% | 1.00% |
| FHLMC UMBS Y FIXED . 20531001 5.000% | 0.97% |
Top Ten Investments list is unaudited and excludes cash.
| Securitized Credit | 30.58% | |
| US Treasury | 26.00% | |
| Mortgages | 22.05% | |
| Corporate Credit | 15.82% | |
| Cash and Equivalents | 3.22% | |
| Other | 2.34% |
| AA | 37.31% | |
| NR | 32.95% | |
| AAA | 12.93% | |
| A | 7.62% | |
| BB | 3.45% | |
| BBB | 3.08% | |
| B | 2.22% | |
| CCC | 0.43% |
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 reflect the median of Moody’s Investors Services and Standard & Poor’s ratings. Data obtained from Bloomberg.
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| AADVANTAGE LOYALTY IP LTD AME SR SEC GLBL 20260420 5.500% | US | 6,999,999.99 | $6,983,969.99 | |
| ACG HOLDCO 1 LTD 14.75% 01/13/2029 14.75 20290113 | US | 4,050,000 | $4,176,562.50 | |
| AIRBORNE CAP USA LLC SR A NT 20290802 10.500% | US | 4,000,000 | $4,000,000.00 | |
| ALASKA AIRLINES EQ TR -B B . 20270215 8.000% | US | 1,341,079.89 | $1,345,899.19 | |
| ALEXANDER FDG TR II SR SEC GLBL 20280731 7.467% | US | 8,250,000 | $8,822,467.50 | |
| ALIGNED DT CEN ISS LLC - A- . 20460815 1.937% | US | 4,500,000 | $4,349,398.50 | |
| ALLO ISSUER LLC - A- . 20530620 6.200% | US | 4,400,000 | $4,463,119.32 | |
| ALLY AUTO RECEIVABLES - A- . 20270115 5.320% | US | 182,345.85 | $182,438.17 | |
| BANK AMERICA CORP JR SB GLBL FL 20260915 5.340% | US | 3,561,000 | $3,555,658.50 | |
| BGC GROUP INC CR SEN SR GLBL 20251215 4.375% | US | 4,460,000 | $4,446,352.40 | |
| BORR IHC LTD BORR FIN LLC SR SEC A 20281115 10.000% | US | 3,560,975.61 | $3,252,203.41 | |
| BOURZOUR LLC nCO ISSUERS - A- . 20491122 5.781% | US | 8,250,000 | $8,357,900.93 | |
| BRAVO RES FDG TR - A FLT 20441025 3.500% | US | 1,858,699.78 | $1,779,125.13 | |
| BREAN ABS TR -RM A . 20611025 1.750% | US | 2,274,940.89 | $2,184,327.04 | |
| BREAN ASS BAC SEC TR -RM A- . 20640525 4.500% | US | 3,677,749.8 | $3,592,110.09 | |
| BREAN ASSET BKD SECS -RM A . 20650525 4.750% | US | 2,992,914.78 | $2,911,829.83 | |
| BROOGE PETROLEUM AND GAS | AE | 7,937,297 | $6,905,448.39 | |
| BRSP LTD -FL A FLT 20380819 5.582% | KY | 1,139,239.86 | $1,137,459.80 | |
| BX TRUST -VLT A FLT 20410617 5.803% | US | 5,100,000 | $5,098,406.25 | |
| CAPTERIS EQUIPMNT FIN - LLC A- . 20320720 5.580% | US | 3,288,842.05 | $3,332,347.51 | |
| CARNIVAL PLC SR GLBL DEB 20270601 7.875% | US | 800,000 | $843,528.00 | |
| CENTERSQUARE ISSUER LLC - A- . 20541026 5.200% | US | 6,000,000 | $5,733,877.56 | |
| CF HIPPOLYTA ISSUER - A- . 20600715 1.690% | US | 3,687,753.2 | $3,648,290.55 | |
| CF HIPPOLYTA ISSUER - B- . 20600715 2.280% | US | 1,798,904 | $1,779,924.66 | |
| CIM TR -INV A- FLT 20490225 4.000% | US | 40,280.7 | $38,546.12 | |
| COGENT IPV LLC, - A- . 20540525 7.924% | US | 2,380,000 | $2,522,148.12 | |
| COLLEGE AVE STD LN LLC -A A- . 20510725 1.600% | US | 1,139,852.95 | $1,038,056.10 | |
| COLT MORTGAGE LOAN TR - A- FLT 20661025 1.397% | US | 6,655,929.66 | $5,665,549.96 | |
| COMMONBOND ST LN TR -A-GS A- . 20470125 2.540% | US | 1,260,407.26 | $1,153,425.40 | |
| CONTSHIPS LOGISTICS CORP 9% 02/11/2030 | US | 4,500,000 | $4,312,530.00 | |
| COREVEST AMCR FIN TR - A . 20521217 1.174% | US | 430,005 | $425,180.43 | |
| COREVEST AMCR FIN TR - A . 20530815 1.358% | US | 322,579.39 | $316,710.45 | |
| COREVEST AMER FIN TR - A . 20521018 2.705% | US | 995,623.46 | $989,119.85 | |
| CSMC TRUST -TH A- FLT 20430225 2.130% | US | 97,294.7 | $85,229.10 | |
| DATABANK ISSUER LLC - A- . 20510227 2.060% | US | 5,200,000 | $5,086,579.68 | |
| DATABANK ISSUER LLC - A- . 20530225 5.116% | US | 3,345,000 | $3,338,154.79 | |
| DEEPHAVEN RES MTG TR - A- FLT 20660825 1.194% | US | 5,986,389.52 | $5,261,444.33 | |
| DIAMOND INFSTR FDG - A . 20490415 1.760% | US | 5,000,000 | $4,755,722.50 | |
| DRAWBRIDGE SPL OPPORTUNITIES SR GLBL A 20260215 3.875% | US | 4,500,000 | $4,436,145.00 | |
| E-MINI CRUDE OIL SEP25 | US | 145 | $0.01 | |
| ECMC GRP STD LN TR - A FLT 20731127 5.455% | US | 4,028,429.97 | $4,034,934.68 | |
| EDVESTINU PRIV ED -A A . 20381125 3.580% | US | 686,362.86 | $671,657.40 | |
| ENCORE CAP GROUP INC SR SEC GLBL 20300515 8.500% | US | 4,000,000 | $4,290,400.00 | |
| FHLMC GIANT MBS GOLD COMB . 20400301 6.000% | US | 28,067.48 | $29,365.60 | |
| FHLMC MBS GOLD CASH . 20310201 4.500% | US | 39,879.49 | $40,074.10 | |
| FHLMC MBS GOLD CASH . 20331201 4.500% | US | 105,536.79 | $106,236.50 | |
| FHLMC MBS GOLD GUAR . 20310701 4.500% | US | 132,243.7 | $132,963.11 | |
| FHLMC REMIC SERIES K- X FLT 20300125 1.438% | US | 50,476,733.28 | $2,564,187.76 | |
| FHLMC UMBS Y FIXED . 20431101 5.500% | US | 6,279,457.76 | $6,390,101.81 | |
| FHLMC UMBS Y FIXED . 20530101 5.000% | US | 6,172,084.45 | $6,077,404.67 | |
| FHLMC UMBS Y FIXED . 20530701 6.000% | US | 7,081,375.02 | $7,272,076.45 | |
| FHLMC UMBS Y FIXED . 20531001 5.000% | US | 7,825,747.11 | $7,722,603.76 | |
| FIN OF AMER STRU SECS -S A . 20721225 3.000% | US | 4,050,730.46 | $3,999,160.21 | |
| FINANCE OF AMER ST SEC -S A FLT 20750225 3.500% | US | 4,708,244.06 | $4,508,544.36 | |
| FINANCE OF AMER STR TR -S A FLT 20740425 3.500% | US | 4,114,281.95 | $3,977,403.49 | |
| FLEXENTIAL ISSUER LLC - A- . 20511127 3.250% | US | 4,760,000 | $4,606,346.72 | |
| FnG ANNUITIES n LIFE INC SR GLBL NT. 20290604 6.500% | US | 3,039,000 | $3,133,452.12 | |
| FNMA REMIC TRUST - KP . 20470725 3.500% | US | 36,386.5 | $35,595.72 | |
| FNMA SUPER INT YEAR . 20421201 3.500% | US | 6,594,049 | $6,197,416.95 | |
| FNMA SUPER LNG YEAR . 20381101 6.000% | US | 145,107.36 | $152,120.40 | |
| FNMA SUPER LNG YEAR . 20531001 5.500% | US | 7,235,511.28 | $7,274,365.98 | |
| FNMA UMBS INT YEAR . 20290701 4.500% | US | 12,561.4 | $12,556.50 | |
| FNMA UMBS INT YEAR . 20340201 4.500% | US | 79,495.7 | $79,929.75 | |
| FNMA UMBS LNG YEAR . 20440601 4.500% | US | 446,510.75 | $434,432.63 | |
| FNMA UMBS LNG YEAR . 20441101 4.500% | US | 223,670.33 | $219,297.58 | |
| FNMA UMBS LNG YEAR . 20470201 4.500% | US | 76,903.95 | $74,892.14 | |
| FNMA UMBS LNG YEAR . 20521201 5.000% | US | 7,418,749.32 | $7,314,590.08 | |
| FONTA MIA BE MRTG TR -FBLU A FLT 20391215 5.762% | US | 5,000,000 | $4,999,999.00 | |
| FS RIALTO ISSUER LTD -FL A FLT 20380518 5.663% | KY | 1,419,020.87 | $1,281,386.30 | |
| GCAT TRUST -NQM A- FLT 20590125 6.007% | US | 3,301,278.8 | $3,313,003.62 | |
| GCAT TRUST -NQM A- FLT 20670425 4.322% | US | 7,974,335.4 | $7,946,130.18 | |
| GOLDEN PEAR FUNDING HOLDCO LLC SR A NT 20280302 10.000% | US | 1,200,000 | $1,118,040.00 | |
| GOLUB CAP PT ABS FDG - A- . 20340125 6.885% | US | 4,000,000 | $4,000,000.00 | |
| GOODGREEN - A . 20550415 2.630% | US | 2,389,249.65 | $2,007,165.86 | |
| GS MBS TR -PJ A- FLT 20520225 2.500% | US | 2,749,728.87 | $2,434,782.35 | |
| GS MBS TR -PJ A- FLT 20520525 5.000% | US | 3,989,403.83 | $3,695,543.94 | |
| GS MBS TR -PJ A- FLT 20520825 3.000% | US | 7,491,877.77 | $6,730,968.95 | |
| GS MTG BK SEC TR -GR A- FLT 20520425 2.500% | US | 4,331,733.76 | $3,856,835.82 | |
| HAWAII HOTEL TRUST -MAUI A FLT 20420317 5.705% | US | 4,050,000 | $4,052,151.36 | |
| HORIZON AIRCAFT FINANCE - A . 20490915 5.375% | US | 7,122,500 | $7,121,230.06 | |
| HOTWIRE FUND LLC - A- . 20540620 5.893% | US | 1,000,000 | $1,015,012.20 | |
| HOTWIRE FUNDING LLC - A- . 20511120 2.311% | US | 3,500,000 | $3,367,797.65 | |
| HTS FUND II LLC - A . 20450723 5.351% | US | 3,650,000 | $3,650,000.00 | |
| ICAHN ENTERPRISES LPCORP SR SEC GLBL 20291115 10.000% | US | 4,000,000 | $3,960,080.00 | |
| IIP OPER PARTNERSHIP L P SR GLBL NT. 20260525 5.500% | US | 4,320,000 | $4,201,977.60 | |
| IMPERIAL FD MTG TR -NQM A- FLT 20670325 3.638% | US | 5,631,098.16 | $5,384,996.65 | |
| IMPERIAL FD MTG TR -NQM A- FLT 20670525 4.380% | US | 3,231,951.98 | $3,217,979.93 | |
| IMPERIAL FD MTG TR -NQM A- FLT 20670625 4.767% | US | 7,487,636.27 | $7,458,906.21 | |
| J P MORGAN SEASONED MTG - A- FLT 20630125 0.000% | US | 4,000,000 | $3,741,440.00 | |
| J.P. MORGAN MTG TR -INV A--B FLT 20520925 3.000% | US | 5,641,873.95 | $5,147,244.09 | |
| J.P. MORGAN MTG TR -LTV A- FLT 20520525 2.519% | US | 4,122,548.71 | $3,550,954.45 | |
| J.P. MORGAN SND MTG TR - A- FLT 20630125 4.446% | US | 4,455,411.12 | $4,338,502.91 | |
| JP MORGAN MRT TR -INV A--A FLT 20511225 2.500% | US | 2,620,614.93 | $2,361,608.81 | |
| JP MORGAN MTG TR - -A- FLT 20290625 3.000% | US | 133,450.99 | $130,861.91 | |
| JP MORGAN MTG TR - A- FLT 20510625 4.972% | US | 3,161,669.89 | $2,935,567.81 | |
| JP MORGAN MTG TR - A- FLT 20510825 2.500% | US | 7,796,010.78 | $6,989,331.04 | |
| JP MORGAN MTG TR - A--B FLT 20510825 2.000% | US | 3,895,656.62 | $3,027,462.79 | |
| JPN YEN CURR FUT SEP25 | US | 240 | $0.03 | |
| KRFF -FL LTD A-S FLT 20390217 5.728% | KY | 3,500,000 | $35,000.00 | |
| LAUREL RD PRIME SL TR -A A-FX . 20481025 2.730% | US | 27,749.21 | $27,642.48 | |
| LEGAL BUSINESS SERVICES LLC SR A NT 20260615 8.000% | US | 4,000,000 | $3,782,080.00 | |
| LEGRES AB FR SNR SEC 12/25 SEK1250000 | SE | 32,500,000 | $3,260,946.55 | |
| LIBRA SOLUTIONS LLC - A . 20380930 5.880% | US | 5,000,000 | $4,965,565.50 | |
| LONG GILT FUTURE Sep25 | GB | 625 | $85.65 | |
| LYRA MUSIC ASSETS - A- . 20641220 5.760% | US | 3,994,267.3 | $4,007,984.01 | |
| METLIFE SEC TR - A FLT 20580425 3.750% | US | 585,748.96 | $561,199.81 | |
| MFA TRUST -INV A- FLT 20561125 1.906% | US | 3,208,350.73 | $2,870,655.13 | |
| MORELD AS 9.875% 02/11/2030 | US | 1,400,000 | $1,381,688.00 | |
| MORGAN STANLEY MTG TR - A- FLT 20510725 2.500% | US | 9,173,715.31 | $8,148,749.86 | |
| NAVIENT PRIV ED LN TR -B A- FLT 20400716 5.876% | US | 755,518.08 | $759,099.92 | |
| NAVIENT PRIV ED LN TR -G A . 20690915 1.170% | US | 321,447.34 | $299,349.57 | |
| NAVIENT PRIVATE EDUCATION A-A . 20720315 6.480% | US | 395,258.53 | $404,936.87 | |
| NAVIENT PRIVATE EDUCATION A-B FLT 20720315 6.004% | US | 922,269.9 | $929,990.68 | |
| NAVIENT PVT ED LN TR -A A . 20700715 2.230% | US | 2,453,226.45 | $2,245,869.45 | |
| NAVIENT PVT ED RI LN TR -A A . 20690515 0.840% | US | 537,031.93 | $489,445.48 | |
| NAVIENT ST LN TR - A-B FLT 20690625 0.000% | US | 3,107,786.93 | $3,107,949.16 | |
| NAVIENT STUDENT LN - TR A-A . 20691226 1.310% | US | 3,331,570.7 | $2,841,635.58 | |
| NAVIENT STUDENT LN TR - A FLT 20661227 5.470% | US | 2,430,297.6 | $2,427,702.29 | |
| NAVIENT STUDENT LN TR - A- FLT 20310625 4.930% | US | 1,989,365.37 | $1,951,752.44 | |
| NEW FORTRESS ENERGY INC SR SEC GLBL 20290315 8.750% | US | 4,195,000 | $1,457,762.50 | |
| NEW RESI MTG LN TR - A- FLT 20550825 3.750% | US | 241,128.09 | $233,946.60 | |
| NEW RESI MTG LN TR - A- FLT 20571225 4.250% | US | 1,155,689.53 | $1,133,057.66 | |
| NEW RESI MTG LN TR - A-FXD FLT 20541125 3.750% | US | 176,205.04 | $169,624.42 | |
| NEW RSDNTL MTG LN TR -NQM A- FLT 20620325 3.079% | US | 7,696,568.59 | $7,246,806.52 | |
| NEWCASTLE COAL INFRASTRUCTURE SR SEC A NT 20270929 4.400% | US | 1,700,661.67 | $1,679,964.62 | |
| NORTH INVST GROUP | SE | 23,750,000 | $1,773,499.80 | |
| NUSTAR LOGISTICS L P SR NT . 20270428 5.625% | US | 927,000 | $935,046.36 | |
| NYMT LN TR -CP A- . 20610725 2.042% | US | 1,446,591.35 | $1,355,891.66 | |
| OBX TR -NQM A-A FLT 20620125 2.783% | US | 3,100,939.95 | $2,975,610.50 | |
| OBX TRUST -NQM A- . 20631125 5.928% | US | 2,857,757.1 | $2,867,667.23 | |
| OPEN INFRA US ASSETS AB (PUBL) 11.0 20270222 | US | 4,200,000 | $4,187,108.56 | |
| OXFORD FIN CR FD III -A LP A- . 20320114 6.675% | US | 2,700,000 | $2,737,754.64 | |
| OXFORD FIN CR FD III -A LP A- FLT 20340814 5.878% | US | 3,400,000 | $3,393,359.39 | |
| OXFORD FIN FDG TR - A- . 20310215 6.716% | US | 3,969,485.97 | $3,982,685.70 | |
| OXFORD FIN FDG TR LLC - A- . 20300215 3.602% | US | 2,738,251.23 | $2,615,116.45 | |
| OXFORD FINANCE LLC OXFORD FI SR A NT 20270201 6.375% | US | 4,500,000 | $4,524,705.00 | |
| PALOMINO FDG TR I SR SEC GLBL 20280517 7.233% | US | 1,105,000 | $1,167,443.55 | |
| PCG - LLC SR SEC GLBL 20290725 10.319% | US | 2,399,178.28 | $2,398,914.37 | |
| PEAR - LLC A . 20350716 0.000% | US | 5,028,819.29 | $5,133,777.79 | |
| PEAR LCC - A- . 20341015 7.250% | US | 1,756,993.18 | $1,775,635.58 | |
| PEAR LLC - A . 20360215 6.950% | US | 2,486,060.2 | $2,506,250.49 | |
| PEAR, LLC - A . 20340115 2.600% | US | 846,530.17 | $839,664.64 | |
| PELORUS FUND REIT LLC CR SEN SR GLBL 20260930 7.000% | US | 4,345,000 | $4,309,675.15 | |
| PEMBROKE OLIVE DOWNS 11.5 20300218 | US | 3,385,000 | $3,280,809.70 | |
| PHH ESCROW ISSUER LLCPHH CORP SR GLBL A 20291101 9.875% | US | 2,000,000 | $1,995,080.00 | |
| RCKT MRTG TR - A- FLT 20511225 2.500% | US | 4,344,738.83 | $3,838,921.29 | |
| READYCAP HLDGS LLC CR SEN SR SEC 20280301 9.375% | US | 4,250,000 | $4,231,555.00 | |
| ROCK TR -CNTR A . 20411115 5.388% | US | 4,250,000 | $4,347,687.10 | |
| RUN TR -NQM A- FLT 20670325 4.000% | US | 2,677,505.95 | $2,622,926.33 | |
| SALT TR - AA . 20330228 2.301% | US | 372,500.9 | $356,677.96 | |
| SBA TOWER TR - - . 20521115 6.599% | US | 6,110,000 | $6,279,054.54 | |
| SBA TOWER TRUST - C . 20541015 4.831% | US | 3,630,000 | $3,628,091.35 | |
| SBA TOWER TRUST -- C . 20500715 1.884% | US | 2,750,000 | $2,705,079.58 | |
| SEQUOIA MTG TR - A FLT 20430225 1.874% | US | 93,761.96 | $80,555.30 | |
| SEQUOIA MTG TR - A- FLT 20430525 3.000% | US | 991,503.4 | $891,220.27 | |
| SEQUOIA MTG TR - A- FLT 20430625 3.000% | US | 96,313.39 | $86,401.00 | |
| SEQUOIA MTG TR - A- FLT 20430625 3.000% | US | 120,990.04 | $109,208.27 | |
| SLAM LTD - A . 20460615 2.434% | KY | 4,800,000 | $4,496,780.16 | |
| SLM CORP SR GLBL NT. 20300131 6.500% | US | 4,325,000 | $4,539,693.00 | |
| SLM STUDENT LOAN TR - A- FLT 20220725 6.275% | US | 1,880,571.39 | $1,884,763.56 | |
| SLM STUDENT LOAN TR - A- FLT 20260526 5.070% | US | 8,689,496.84 | $8,426,212.91 | |
| SLM STUDENT LOAN TR - A- FLT 20280925 5.370% | US | 5,444,678.8 | $5,347,063.88 | |
| SLM STUDENT LOAN TR - A- FLT 20830426 5.625% | US | 3,498,329.92 | $3,464,392.97 | |
| SLR GROUP GMBH FRN 10/2027 EUR1000 | DE | 2,500,000 | $2,776,155.25 | |
| SMB PRIVATE EDU LN TR -B A-A . 20370615 2.840% | US | 1,097,002.12 | $1,070,521.70 | |
| SMB PRIVATE EDU LN TR -D A-B FLT 20530715 5.404% | US | 4,682,812.63 | $4,682,811.69 | |
| SP CRUISES INTERMEDIATE 11.5% 03/14/2030 11.5 20300314 | US | 4,000,000 | $3,743,240.00 | |
| STACK INFRASTRUCTURE - A- . 20460326 1.877% | US | 3,400,000 | $3,320,443.40 | |
| STARWOOD RTL PPTY TR -STAR A FLT 20271115 7.494% | US | 1,533,784.66 | $922,188.03 | |
| STORE MSTR FDG I-VII - A- . 20491120 2.820% | US | 2,352,294 | $2,280,299.69 | |
| SUA - LLC A . 20400525 5.875% | US | 4,500,000 | $4,500,000.00 | |
| SUTHERLAND COML MTG TF -SB A FLT 20410425 2.860% | US | 1,478,467.55 | $1,409,373.59 | |
| SWCH COMM MTG TR -DATA A FLT 20420218 5.755% | US | 3,500,000 | $3,474,105.25 | |
| SWITCH ABS ISSUER LLC - A- . 20540625 5.436% | US | 4,000,000 | $4,029,780.00 | |
| TOWD PT MTG TR - A FLT 20580325 3.250% | US | 182,356.71 | $179,803.73 | |
| TOWD PT MTG TR -HY A FLT 20481026 5.441% | US | 593,065.92 | $593,444.24 | |
| TRICON AMERICN HM TR -SFR C . 20380719 2.249% | US | 2,500,000 | $2,424,972.50 | |
| TRICON RESIDENTIAL -SFR A . 20291117 4.300% | US | 2,991,924.99 | $2,948,997.75 | |
| TRINITY RAIL LEASE A . 20501017 1.960% | US | 1,329,948.13 | $1,249,532.02 | |
| TRINITYR RAIL LEAS - LLC A . 20510719 2.500% | US | 1,679,620.78 | $1,555,109.15 | |
| TRP LLC - A . 20510617 2.070% | US | 2,612,194.28 | $2,474,466.08 | |
| UNITED AIR PASS THRU TR - B . 20291101 3.500% | US | 2,128,918.2 | $2,047,209.04 | |
| UNITED AIRLS INC -B B . 20270901 4.600% | US | 2,287,373.8 | $2,259,028.66 | |
| UNITED STATES TREAS BDS . 20450215 2.500% | US | 23,694,000 | $16,680,102.12 | |
| UNITED STATES TREAS NTS . 20271115 2.250% | US | 63,121,000 | $61,037,375.79 | |
| UNITED STATES TREAS NTS . 20281115 3.125% | US | 66,178,000 | $64,942,456.74 | |
| UNITED STATES TREAS NTS FRN TNOTE 20261031 4.440% | US | 71,422,000 | $71,507,706.40 | |
| US 2YR NOTE CBT Sep25 | US | 750 | $0.15 | |
| US CLAIMS LITIGATION FDG LLC SR A NT 20280317 10.250% | US | 1,375,000 | $1,277,237.50 | |
| US DOLLARS | US | USD | 26,028,689.32 | $26,028,689.32 |
| USQ RAIL II LLC - A . 20510628 2.210% | US | 5,103,868.1 | $4,845,235.20 | |
| UWM MTG TR - A- FLT 20510625 2.500% | US | 2,142,460.61 | $1,733,050.31 | |
| VANTAGE DATA CENTER - LLC A- . 20450915 1.645% | US | 6,500,000 | $6,449,379.95 | |
| VAREL OIL GAS GTD 10/04/2028 USD125000 | US | 3,375,000 | $3,304,698.75 | |
| VELOCITY PORTFOLIO GROUP INC. SNR NTS USD (144A) 9.75 20330301 | US | 4,000,000 | $4,000,000.00 | |
| VERTICAL BRIDGE CC - A . 20500915 2.636% | US | 4,000,000 | $3,977,041.60 | |
| WBHT CML MTG TR -WBM A FLT 20420616 6.057% | US | 3,650,000 | $3,642,299.23 | |
| WELLS FARGO MTG SEC - A- FLT 20491225 3.000% | US | 2,075,725.12 | $1,799,489.49 | |
| WestJet Airlnes Term B | US | 4,950,000 | $4,919,062.50 | |
| WINWATER MTG LN TR - A- FLT 20450120 3.500% | US | 65,770.51 | $61,540.39 |
Investments will change over time.
A Word About Risk
All investments involve risks, including possible loss of principal. There is an inverse relationship between bond prices and interest rates; as interest rates rise, bond prices (and therefore the value of bond funds) fall. Likewise, as interest rates fall, bond prices and the value of bond funds rise. Investments in higher-yielding, lower-rated securities involve additional risks, including a higher risk of default and loss of principal. Funds that invest in foreign countries may be subject to the risks of adverse changes in foreign economic, political, regulatory and other conditions as well as risks related to the use of different financial standards. Investments in emerging markets may be more volatile than investments in more developed markets. Investments in derivatives can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. Also, the use of leverage increases exposure to the market and may magnify potential losses.
Daily Price
$9.92
Daily $ Change
$0.01
Daily % Change
0.10%
as of 07/18/2025
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
Investment Objective
To provide long-term total return, with a secondary objective of providing preservation of capital.
Investment Strategy
Under normal circumstances, at least 80% of the Series’ assets will be invested in bonds and other financial instruments with economic characteristics similar to bonds.
Up to 50% of the Series may be invested in below investment-grade securities and up to 50% may be invested in non-U.S. dollar denominated securities, including securities issued by companies located in emerging markets. Derivatives such as futures, options, swaps, and forwards may be used to manage interest rate exposure, enhance duration management, or hedge currency exposure, for example.
While there are no maturity or duration restrictions, the Series’ duration is expected to range between -3 and 8 years.
May be Appropriate for Investors
- Looking to diversify a portfolio by adding a non-traditional bond component
- Who want to enhance the conventional benefits associated with fixed income investing through access to a broader set of securities that may help reduce volatility
- Seeking an active approach that is objectives-driven, not benchmark-driven
YTD
3.64%
1 Year
6.63%
3 Year
4.55%
5 Year
3.06%
10 Year
2.74%
Inception
(04/21/2005)
4.04%
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 | 0.78% |
| Net | 0.76%* |
*Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee.
| UNITED STATES TREAS NTS FRN TNOTE 20261031 4.440% | 8.97% |
| UNITED STATES TREAS NTS . 20281115 3.125% | 8.15% |
| UNITED STATES TREAS NTS . 20271115 2.250% | 7.66% |
| UNITED STATES TREAS BDS . 20450215 2.500% | 2.09% |
| ALEXANDER FDG TR II SR SEC GLBL 20280731 7.467% | 1.11% |
| SLM STUDENT LOAN TR - A- FLT 20260526 5.070% | 1.06% |
| BOURZOUR LLC nCO ISSUERS - A- . 20491122 5.781% | 1.05% |
| MORGAN STANLEY MTG TR - A- FLT 20510725 2.500% | 1.02% |
| GCAT TRUST -NQM A- FLT 20670425 4.322% | 1.00% |
| FHLMC UMBS Y FIXED . 20531001 5.000% | 0.97% |
Top Ten Investments list is unaudited and excludes cash.
| Securitized Credit | 30.58% | |
| US Treasury | 26.00% | |
| Mortgages | 22.05% | |
| Corporate Credit | 15.82% | |
| Cash and Equivalents | 3.22% | |
| Other | 2.34% |
| AA | 37.31% | |
| NR | 32.95% | |
| AAA | 12.93% | |
| A | 7.62% | |
| BB | 3.45% | |
| BBB | 3.08% | |
| B | 2.22% | |
| CCC | 0.43% |
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 reflect the median of Moody’s Investors Services and Standard & Poor’s ratings. Data obtained from Bloomberg.
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| AADVANTAGE LOYALTY IP LTD AME SR SEC GLBL 20260420 5.500% | US | 6,999,999.99 | $6,983,969.99 | |
| ACG HOLDCO 1 LTD 14.75% 01/13/2029 14.75 20290113 | US | 4,050,000 | $4,176,562.50 | |
| AIRBORNE CAP USA LLC SR A NT 20290802 10.500% | US | 4,000,000 | $4,000,000.00 | |
| ALASKA AIRLINES EQ TR -B B . 20270215 8.000% | US | 1,341,079.89 | $1,345,899.19 | |
| ALEXANDER FDG TR II SR SEC GLBL 20280731 7.467% | US | 8,250,000 | $8,822,467.50 | |
| ALIGNED DT CEN ISS LLC - A- . 20460815 1.937% | US | 4,500,000 | $4,349,398.50 | |
| ALLO ISSUER LLC - A- . 20530620 6.200% | US | 4,400,000 | $4,463,119.32 | |
| ALLY AUTO RECEIVABLES - A- . 20270115 5.320% | US | 182,345.85 | $182,438.17 | |
| BANK AMERICA CORP JR SB GLBL FL 20260915 5.340% | US | 3,561,000 | $3,555,658.50 | |
| BGC GROUP INC CR SEN SR GLBL 20251215 4.375% | US | 4,460,000 | $4,446,352.40 | |
| BORR IHC LTD BORR FIN LLC SR SEC A 20281115 10.000% | US | 3,560,975.61 | $3,252,203.41 | |
| BOURZOUR LLC nCO ISSUERS - A- . 20491122 5.781% | US | 8,250,000 | $8,357,900.93 | |
| BRAVO RES FDG TR - A FLT 20441025 3.500% | US | 1,858,699.78 | $1,779,125.13 | |
| BREAN ABS TR -RM A . 20611025 1.750% | US | 2,274,940.89 | $2,184,327.04 | |
| BREAN ASS BAC SEC TR -RM A- . 20640525 4.500% | US | 3,677,749.8 | $3,592,110.09 | |
| BREAN ASSET BKD SECS -RM A . 20650525 4.750% | US | 2,992,914.78 | $2,911,829.83 | |
| BROOGE PETROLEUM AND GAS | AE | 7,937,297 | $6,905,448.39 | |
| BRSP LTD -FL A FLT 20380819 5.582% | KY | 1,139,239.86 | $1,137,459.80 | |
| BX TRUST -VLT A FLT 20410617 5.803% | US | 5,100,000 | $5,098,406.25 | |
| CAPTERIS EQUIPMNT FIN - LLC A- . 20320720 5.580% | US | 3,288,842.05 | $3,332,347.51 | |
| CARNIVAL PLC SR GLBL DEB 20270601 7.875% | US | 800,000 | $843,528.00 | |
| CENTERSQUARE ISSUER LLC - A- . 20541026 5.200% | US | 6,000,000 | $5,733,877.56 | |
| CF HIPPOLYTA ISSUER - A- . 20600715 1.690% | US | 3,687,753.2 | $3,648,290.55 | |
| CF HIPPOLYTA ISSUER - B- . 20600715 2.280% | US | 1,798,904 | $1,779,924.66 | |
| CIM TR -INV A- FLT 20490225 4.000% | US | 40,280.7 | $38,546.12 | |
| COGENT IPV LLC, - A- . 20540525 7.924% | US | 2,380,000 | $2,522,148.12 | |
| COLLEGE AVE STD LN LLC -A A- . 20510725 1.600% | US | 1,139,852.95 | $1,038,056.10 | |
| COLT MORTGAGE LOAN TR - A- FLT 20661025 1.397% | US | 6,655,929.66 | $5,665,549.96 | |
| COMMONBOND ST LN TR -A-GS A- . 20470125 2.540% | US | 1,260,407.26 | $1,153,425.40 | |
| CONTSHIPS LOGISTICS CORP 9% 02/11/2030 | US | 4,500,000 | $4,312,530.00 | |
| COREVEST AMCR FIN TR - A . 20521217 1.174% | US | 430,005 | $425,180.43 | |
| COREVEST AMCR FIN TR - A . 20530815 1.358% | US | 322,579.39 | $316,710.45 | |
| COREVEST AMER FIN TR - A . 20521018 2.705% | US | 995,623.46 | $989,119.85 | |
| CSMC TRUST -TH A- FLT 20430225 2.130% | US | 97,294.7 | $85,229.10 | |
| DATABANK ISSUER LLC - A- . 20510227 2.060% | US | 5,200,000 | $5,086,579.68 | |
| DATABANK ISSUER LLC - A- . 20530225 5.116% | US | 3,345,000 | $3,338,154.79 | |
| DEEPHAVEN RES MTG TR - A- FLT 20660825 1.194% | US | 5,986,389.52 | $5,261,444.33 | |
| DIAMOND INFSTR FDG - A . 20490415 1.760% | US | 5,000,000 | $4,755,722.50 | |
| DRAWBRIDGE SPL OPPORTUNITIES SR GLBL A 20260215 3.875% | US | 4,500,000 | $4,436,145.00 | |
| E-MINI CRUDE OIL SEP25 | US | 145 | $0.01 | |
| ECMC GRP STD LN TR - A FLT 20731127 5.455% | US | 4,028,429.97 | $4,034,934.68 | |
| EDVESTINU PRIV ED -A A . 20381125 3.580% | US | 686,362.86 | $671,657.40 | |
| ENCORE CAP GROUP INC SR SEC GLBL 20300515 8.500% | US | 4,000,000 | $4,290,400.00 | |
| FHLMC GIANT MBS GOLD COMB . 20400301 6.000% | US | 28,067.48 | $29,365.60 | |
| FHLMC MBS GOLD CASH . 20310201 4.500% | US | 39,879.49 | $40,074.10 | |
| FHLMC MBS GOLD CASH . 20331201 4.500% | US | 105,536.79 | $106,236.50 | |
| FHLMC MBS GOLD GUAR . 20310701 4.500% | US | 132,243.7 | $132,963.11 | |
| FHLMC REMIC SERIES K- X FLT 20300125 1.438% | US | 50,476,733.28 | $2,564,187.76 | |
| FHLMC UMBS Y FIXED . 20431101 5.500% | US | 6,279,457.76 | $6,390,101.81 | |
| FHLMC UMBS Y FIXED . 20530101 5.000% | US | 6,172,084.45 | $6,077,404.67 | |
| FHLMC UMBS Y FIXED . 20530701 6.000% | US | 7,081,375.02 | $7,272,076.45 | |
| FHLMC UMBS Y FIXED . 20531001 5.000% | US | 7,825,747.11 | $7,722,603.76 | |
| FIN OF AMER STRU SECS -S A . 20721225 3.000% | US | 4,050,730.46 | $3,999,160.21 | |
| FINANCE OF AMER ST SEC -S A FLT 20750225 3.500% | US | 4,708,244.06 | $4,508,544.36 | |
| FINANCE OF AMER STR TR -S A FLT 20740425 3.500% | US | 4,114,281.95 | $3,977,403.49 | |
| FLEXENTIAL ISSUER LLC - A- . 20511127 3.250% | US | 4,760,000 | $4,606,346.72 | |
| FnG ANNUITIES n LIFE INC SR GLBL NT. 20290604 6.500% | US | 3,039,000 | $3,133,452.12 | |
| FNMA REMIC TRUST - KP . 20470725 3.500% | US | 36,386.5 | $35,595.72 | |
| FNMA SUPER INT YEAR . 20421201 3.500% | US | 6,594,049 | $6,197,416.95 | |
| FNMA SUPER LNG YEAR . 20381101 6.000% | US | 145,107.36 | $152,120.40 | |
| FNMA SUPER LNG YEAR . 20531001 5.500% | US | 7,235,511.28 | $7,274,365.98 | |
| FNMA UMBS INT YEAR . 20290701 4.500% | US | 12,561.4 | $12,556.50 | |
| FNMA UMBS INT YEAR . 20340201 4.500% | US | 79,495.7 | $79,929.75 | |
| FNMA UMBS LNG YEAR . 20440601 4.500% | US | 446,510.75 | $434,432.63 | |
| FNMA UMBS LNG YEAR . 20441101 4.500% | US | 223,670.33 | $219,297.58 | |
| FNMA UMBS LNG YEAR . 20470201 4.500% | US | 76,903.95 | $74,892.14 | |
| FNMA UMBS LNG YEAR . 20521201 5.000% | US | 7,418,749.32 | $7,314,590.08 | |
| FONTA MIA BE MRTG TR -FBLU A FLT 20391215 5.762% | US | 5,000,000 | $4,999,999.00 | |
| FS RIALTO ISSUER LTD -FL A FLT 20380518 5.663% | KY | 1,419,020.87 | $1,281,386.30 | |
| GCAT TRUST -NQM A- FLT 20590125 6.007% | US | 3,301,278.8 | $3,313,003.62 | |
| GCAT TRUST -NQM A- FLT 20670425 4.322% | US | 7,974,335.4 | $7,946,130.18 | |
| GOLDEN PEAR FUNDING HOLDCO LLC SR A NT 20280302 10.000% | US | 1,200,000 | $1,118,040.00 | |
| GOLUB CAP PT ABS FDG - A- . 20340125 6.885% | US | 4,000,000 | $4,000,000.00 | |
| GOODGREEN - A . 20550415 2.630% | US | 2,389,249.65 | $2,007,165.86 | |
| GS MBS TR -PJ A- FLT 20520225 2.500% | US | 2,749,728.87 | $2,434,782.35 | |
| GS MBS TR -PJ A- FLT 20520525 5.000% | US | 3,989,403.83 | $3,695,543.94 | |
| GS MBS TR -PJ A- FLT 20520825 3.000% | US | 7,491,877.77 | $6,730,968.95 | |
| GS MTG BK SEC TR -GR A- FLT 20520425 2.500% | US | 4,331,733.76 | $3,856,835.82 | |
| HAWAII HOTEL TRUST -MAUI A FLT 20420317 5.705% | US | 4,050,000 | $4,052,151.36 | |
| HORIZON AIRCAFT FINANCE - A . 20490915 5.375% | US | 7,122,500 | $7,121,230.06 | |
| HOTWIRE FUND LLC - A- . 20540620 5.893% | US | 1,000,000 | $1,015,012.20 | |
| HOTWIRE FUNDING LLC - A- . 20511120 2.311% | US | 3,500,000 | $3,367,797.65 | |
| HTS FUND II LLC - A . 20450723 5.351% | US | 3,650,000 | $3,650,000.00 | |
| ICAHN ENTERPRISES LPCORP SR SEC GLBL 20291115 10.000% | US | 4,000,000 | $3,960,080.00 | |
| IIP OPER PARTNERSHIP L P SR GLBL NT. 20260525 5.500% | US | 4,320,000 | $4,201,977.60 | |
| IMPERIAL FD MTG TR -NQM A- FLT 20670325 3.638% | US | 5,631,098.16 | $5,384,996.65 | |
| IMPERIAL FD MTG TR -NQM A- FLT 20670525 4.380% | US | 3,231,951.98 | $3,217,979.93 | |
| IMPERIAL FD MTG TR -NQM A- FLT 20670625 4.767% | US | 7,487,636.27 | $7,458,906.21 | |
| J P MORGAN SEASONED MTG - A- FLT 20630125 0.000% | US | 4,000,000 | $3,741,440.00 | |
| J.P. MORGAN MTG TR -INV A--B FLT 20520925 3.000% | US | 5,641,873.95 | $5,147,244.09 | |
| J.P. MORGAN MTG TR -LTV A- FLT 20520525 2.519% | US | 4,122,548.71 | $3,550,954.45 | |
| J.P. MORGAN SND MTG TR - A- FLT 20630125 4.446% | US | 4,455,411.12 | $4,338,502.91 | |
| JP MORGAN MRT TR -INV A--A FLT 20511225 2.500% | US | 2,620,614.93 | $2,361,608.81 | |
| JP MORGAN MTG TR - -A- FLT 20290625 3.000% | US | 133,450.99 | $130,861.91 | |
| JP MORGAN MTG TR - A- FLT 20510625 4.972% | US | 3,161,669.89 | $2,935,567.81 | |
| JP MORGAN MTG TR - A- FLT 20510825 2.500% | US | 7,796,010.78 | $6,989,331.04 | |
| JP MORGAN MTG TR - A--B FLT 20510825 2.000% | US | 3,895,656.62 | $3,027,462.79 | |
| JPN YEN CURR FUT SEP25 | US | 240 | $0.03 | |
| KRFF -FL LTD A-S FLT 20390217 5.728% | KY | 3,500,000 | $35,000.00 | |
| LAUREL RD PRIME SL TR -A A-FX . 20481025 2.730% | US | 27,749.21 | $27,642.48 | |
| LEGAL BUSINESS SERVICES LLC SR A NT 20260615 8.000% | US | 4,000,000 | $3,782,080.00 | |
| LEGRES AB FR SNR SEC 12/25 SEK1250000 | SE | 32,500,000 | $3,260,946.55 | |
| LIBRA SOLUTIONS LLC - A . 20380930 5.880% | US | 5,000,000 | $4,965,565.50 | |
| LONG GILT FUTURE Sep25 | GB | 625 | $85.65 | |
| LYRA MUSIC ASSETS - A- . 20641220 5.760% | US | 3,994,267.3 | $4,007,984.01 | |
| METLIFE SEC TR - A FLT 20580425 3.750% | US | 585,748.96 | $561,199.81 | |
| MFA TRUST -INV A- FLT 20561125 1.906% | US | 3,208,350.73 | $2,870,655.13 | |
| MORELD AS 9.875% 02/11/2030 | US | 1,400,000 | $1,381,688.00 | |
| MORGAN STANLEY MTG TR - A- FLT 20510725 2.500% | US | 9,173,715.31 | $8,148,749.86 | |
| NAVIENT PRIV ED LN TR -B A- FLT 20400716 5.876% | US | 755,518.08 | $759,099.92 | |
| NAVIENT PRIV ED LN TR -G A . 20690915 1.170% | US | 321,447.34 | $299,349.57 | |
| NAVIENT PRIVATE EDUCATION A-A . 20720315 6.480% | US | 395,258.53 | $404,936.87 | |
| NAVIENT PRIVATE EDUCATION A-B FLT 20720315 6.004% | US | 922,269.9 | $929,990.68 | |
| NAVIENT PVT ED LN TR -A A . 20700715 2.230% | US | 2,453,226.45 | $2,245,869.45 | |
| NAVIENT PVT ED RI LN TR -A A . 20690515 0.840% | US | 537,031.93 | $489,445.48 | |
| NAVIENT ST LN TR - A-B FLT 20690625 0.000% | US | 3,107,786.93 | $3,107,949.16 | |
| NAVIENT STUDENT LN - TR A-A . 20691226 1.310% | US | 3,331,570.7 | $2,841,635.58 | |
| NAVIENT STUDENT LN TR - A FLT 20661227 5.470% | US | 2,430,297.6 | $2,427,702.29 | |
| NAVIENT STUDENT LN TR - A- FLT 20310625 4.930% | US | 1,989,365.37 | $1,951,752.44 | |
| NEW FORTRESS ENERGY INC SR SEC GLBL 20290315 8.750% | US | 4,195,000 | $1,457,762.50 | |
| NEW RESI MTG LN TR - A- FLT 20550825 3.750% | US | 241,128.09 | $233,946.60 | |
| NEW RESI MTG LN TR - A- FLT 20571225 4.250% | US | 1,155,689.53 | $1,133,057.66 | |
| NEW RESI MTG LN TR - A-FXD FLT 20541125 3.750% | US | 176,205.04 | $169,624.42 | |
| NEW RSDNTL MTG LN TR -NQM A- FLT 20620325 3.079% | US | 7,696,568.59 | $7,246,806.52 | |
| NEWCASTLE COAL INFRASTRUCTURE SR SEC A NT 20270929 4.400% | US | 1,700,661.67 | $1,679,964.62 | |
| NORTH INVST GROUP | SE | 23,750,000 | $1,773,499.80 | |
| NUSTAR LOGISTICS L P SR NT . 20270428 5.625% | US | 927,000 | $935,046.36 | |
| NYMT LN TR -CP A- . 20610725 2.042% | US | 1,446,591.35 | $1,355,891.66 | |
| OBX TR -NQM A-A FLT 20620125 2.783% | US | 3,100,939.95 | $2,975,610.50 | |
| OBX TRUST -NQM A- . 20631125 5.928% | US | 2,857,757.1 | $2,867,667.23 | |
| OPEN INFRA US ASSETS AB (PUBL) 11.0 20270222 | US | 4,200,000 | $4,187,108.56 | |
| OXFORD FIN CR FD III -A LP A- . 20320114 6.675% | US | 2,700,000 | $2,737,754.64 | |
| OXFORD FIN CR FD III -A LP A- FLT 20340814 5.878% | US | 3,400,000 | $3,393,359.39 | |
| OXFORD FIN FDG TR - A- . 20310215 6.716% | US | 3,969,485.97 | $3,982,685.70 | |
| OXFORD FIN FDG TR LLC - A- . 20300215 3.602% | US | 2,738,251.23 | $2,615,116.45 | |
| OXFORD FINANCE LLC OXFORD FI SR A NT 20270201 6.375% | US | 4,500,000 | $4,524,705.00 | |
| PALOMINO FDG TR I SR SEC GLBL 20280517 7.233% | US | 1,105,000 | $1,167,443.55 | |
| PCG - LLC SR SEC GLBL 20290725 10.319% | US | 2,399,178.28 | $2,398,914.37 | |
| PEAR - LLC A . 20350716 0.000% | US | 5,028,819.29 | $5,133,777.79 | |
| PEAR LCC - A- . 20341015 7.250% | US | 1,756,993.18 | $1,775,635.58 | |
| PEAR LLC - A . 20360215 6.950% | US | 2,486,060.2 | $2,506,250.49 | |
| PEAR, LLC - A . 20340115 2.600% | US | 846,530.17 | $839,664.64 | |
| PELORUS FUND REIT LLC CR SEN SR GLBL 20260930 7.000% | US | 4,345,000 | $4,309,675.15 | |
| PEMBROKE OLIVE DOWNS 11.5 20300218 | US | 3,385,000 | $3,280,809.70 | |
| PHH ESCROW ISSUER LLCPHH CORP SR GLBL A 20291101 9.875% | US | 2,000,000 | $1,995,080.00 | |
| RCKT MRTG TR - A- FLT 20511225 2.500% | US | 4,344,738.83 | $3,838,921.29 | |
| READYCAP HLDGS LLC CR SEN SR SEC 20280301 9.375% | US | 4,250,000 | $4,231,555.00 | |
| ROCK TR -CNTR A . 20411115 5.388% | US | 4,250,000 | $4,347,687.10 | |
| RUN TR -NQM A- FLT 20670325 4.000% | US | 2,677,505.95 | $2,622,926.33 | |
| SALT TR - AA . 20330228 2.301% | US | 372,500.9 | $356,677.96 | |
| SBA TOWER TR - - . 20521115 6.599% | US | 6,110,000 | $6,279,054.54 | |
| SBA TOWER TRUST - C . 20541015 4.831% | US | 3,630,000 | $3,628,091.35 | |
| SBA TOWER TRUST -- C . 20500715 1.884% | US | 2,750,000 | $2,705,079.58 | |
| SEQUOIA MTG TR - A FLT 20430225 1.874% | US | 93,761.96 | $80,555.30 | |
| SEQUOIA MTG TR - A- FLT 20430525 3.000% | US | 991,503.4 | $891,220.27 | |
| SEQUOIA MTG TR - A- FLT 20430625 3.000% | US | 96,313.39 | $86,401.00 | |
| SEQUOIA MTG TR - A- FLT 20430625 3.000% | US | 120,990.04 | $109,208.27 | |
| SLAM LTD - A . 20460615 2.434% | KY | 4,800,000 | $4,496,780.16 | |
| SLM CORP SR GLBL NT. 20300131 6.500% | US | 4,325,000 | $4,539,693.00 | |
| SLM STUDENT LOAN TR - A- FLT 20220725 6.275% | US | 1,880,571.39 | $1,884,763.56 | |
| SLM STUDENT LOAN TR - A- FLT 20260526 5.070% | US | 8,689,496.84 | $8,426,212.91 | |
| SLM STUDENT LOAN TR - A- FLT 20280925 5.370% | US | 5,444,678.8 | $5,347,063.88 | |
| SLM STUDENT LOAN TR - A- FLT 20830426 5.625% | US | 3,498,329.92 | $3,464,392.97 | |
| SLR GROUP GMBH FRN 10/2027 EUR1000 | DE | 2,500,000 | $2,776,155.25 | |
| SMB PRIVATE EDU LN TR -B A-A . 20370615 2.840% | US | 1,097,002.12 | $1,070,521.70 | |
| SMB PRIVATE EDU LN TR -D A-B FLT 20530715 5.404% | US | 4,682,812.63 | $4,682,811.69 | |
| SP CRUISES INTERMEDIATE 11.5% 03/14/2030 11.5 20300314 | US | 4,000,000 | $3,743,240.00 | |
| STACK INFRASTRUCTURE - A- . 20460326 1.877% | US | 3,400,000 | $3,320,443.40 | |
| STARWOOD RTL PPTY TR -STAR A FLT 20271115 7.494% | US | 1,533,784.66 | $922,188.03 | |
| STORE MSTR FDG I-VII - A- . 20491120 2.820% | US | 2,352,294 | $2,280,299.69 | |
| SUA - LLC A . 20400525 5.875% | US | 4,500,000 | $4,500,000.00 | |
| SUTHERLAND COML MTG TF -SB A FLT 20410425 2.860% | US | 1,478,467.55 | $1,409,373.59 | |
| SWCH COMM MTG TR -DATA A FLT 20420218 5.755% | US | 3,500,000 | $3,474,105.25 | |
| SWITCH ABS ISSUER LLC - A- . 20540625 5.436% | US | 4,000,000 | $4,029,780.00 | |
| TOWD PT MTG TR - A FLT 20580325 3.250% | US | 182,356.71 | $179,803.73 | |
| TOWD PT MTG TR -HY A FLT 20481026 5.441% | US | 593,065.92 | $593,444.24 | |
| TRICON AMERICN HM TR -SFR C . 20380719 2.249% | US | 2,500,000 | $2,424,972.50 | |
| TRICON RESIDENTIAL -SFR A . 20291117 4.300% | US | 2,991,924.99 | $2,948,997.75 | |
| TRINITY RAIL LEASE A . 20501017 1.960% | US | 1,329,948.13 | $1,249,532.02 | |
| TRINITYR RAIL LEAS - LLC A . 20510719 2.500% | US | 1,679,620.78 | $1,555,109.15 | |
| TRP LLC - A . 20510617 2.070% | US | 2,612,194.28 | $2,474,466.08 | |
| UNITED AIR PASS THRU TR - B . 20291101 3.500% | US | 2,128,918.2 | $2,047,209.04 | |
| UNITED AIRLS INC -B B . 20270901 4.600% | US | 2,287,373.8 | $2,259,028.66 | |
| UNITED STATES TREAS BDS . 20450215 2.500% | US | 23,694,000 | $16,680,102.12 | |
| UNITED STATES TREAS NTS . 20271115 2.250% | US | 63,121,000 | $61,037,375.79 | |
| UNITED STATES TREAS NTS . 20281115 3.125% | US | 66,178,000 | $64,942,456.74 | |
| UNITED STATES TREAS NTS FRN TNOTE 20261031 4.440% | US | 71,422,000 | $71,507,706.40 | |
| US 2YR NOTE CBT Sep25 | US | 750 | $0.15 | |
| US CLAIMS LITIGATION FDG LLC SR A NT 20280317 10.250% | US | 1,375,000 | $1,277,237.50 | |
| US DOLLARS | US | USD | 26,028,689.32 | $26,028,689.32 |
| USQ RAIL II LLC - A . 20510628 2.210% | US | 5,103,868.1 | $4,845,235.20 | |
| UWM MTG TR - A- FLT 20510625 2.500% | US | 2,142,460.61 | $1,733,050.31 | |
| VANTAGE DATA CENTER - LLC A- . 20450915 1.645% | US | 6,500,000 | $6,449,379.95 | |
| VAREL OIL GAS GTD 10/04/2028 USD125000 | US | 3,375,000 | $3,304,698.75 | |
| VELOCITY PORTFOLIO GROUP INC. SNR NTS USD (144A) 9.75 20330301 | US | 4,000,000 | $4,000,000.00 | |
| VERTICAL BRIDGE CC - A . 20500915 2.636% | US | 4,000,000 | $3,977,041.60 | |
| WBHT CML MTG TR -WBM A FLT 20420616 6.057% | US | 3,650,000 | $3,642,299.23 | |
| WELLS FARGO MTG SEC - A- FLT 20491225 3.000% | US | 2,075,725.12 | $1,799,489.49 | |
| WestJet Airlnes Term B | US | 4,950,000 | $4,919,062.50 | |
| WINWATER MTG LN TR - A- FLT 20450120 3.500% | US | 65,770.51 | $61,540.39 |
Investments will change over time.
Distributions
A Word About Risk
All investments involve risks, including possible loss of principal. There is an inverse relationship between bond prices and interest rates; as interest rates rise, bond prices (and therefore the value of bond funds) fall. Likewise, as interest rates fall, bond prices and the value of bond funds rise. Investments in higher-yielding, lower-rated securities involve additional risks, including a higher risk of default and loss of principal. Funds that invest in foreign countries may be subject to the risks of adverse changes in foreign economic, political, regulatory and other conditions as well as risks related to the use of different financial standards. Investments in emerging markets may be more volatile than investments in more developed markets. Investments in derivatives can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. Also, the use of leverage increases exposure to the market and may magnify potential losses.