Core Plus Income Fund : Portfolio

As of June 30, 2018
Core Plus Income Fund

Credit Quality (a) :

36.5%
U.S. Treasury
0.2%
U.S. Government Agency Mortgage Related Securities (b)
9.9%
Aaa/AAA
9.8%
Aa/AA
10.0%
A/A
16.2%
Baa/BBB
5.6%
Ba/BB
3.6%
B/B
1.4%
Caa/CCC
2.0%
Non-Rated
0.7%
Common Stocks
4.1%
Cash Equivalents
100.0% Total
(a) The Fund receives credit quality ratings on underlying securities of the Portfolio when available from credit rating agencies. The Fund will use one rating for an underlying security if that is all that is provided. Ratings and portfolio credit quality may change over time. The Fund itself has not been rated by an independent rating agency.
(b) Mortgage related securities issued and guaranteed by government-sponsored entities such as Fannie Mae and Freddie Mac are generally not rated by ratings agencies.  Securities which are not rated do not necessarily indicate low quality. Fannie Mae’s and Freddie Mac’s senior long-term debt are currently rated Aaa and AAA by Moody’s and Fitch, respectively.
Source: Bloomberg Analytics
Based on percentage of portfolio.

Portfolio Characteristics :

Number of Companies
(Equity)
2
Number of Fixed Income Issuers (Including U.S. Treasury Bills, if applicable)
66
Annual Turnover
(3/31/18)
43%

Fixed Income Holdings Portfolio Summary

Average Maturity
5.1 years
Average Effective Maturity
4.9 years
Average Duration
4.2 years
Average Effective Duration
4.2 years
Average Coupon
3.5%
Source: Bloomberg Analytics

Maturity Distribution :

4.1%
Cash Equivalents
23.2%
Less than 1 Year
20.0%
1 - 3 Years
7.8%
3 - 5 Years
15.3%
5 - 7 Years
25.7%
7 - 10 Years
3.2%
10 Years or more
0.7%
Common Stocks
100.0% Total
Source: Bloomberg Analytics
Based on percentage of portfolio

Duration Distribution :

26.8%
0 - 1 Years
21.3%
1 - 3 Years
10.1%
3 - 5 Years
19.4%
5 - 7 Years
18.5%
7 - 10 Years
3.2%
10 Years or more
0.7%
Common Stocks
100.0% Total
Source: Bloomberg Analytics
Based on percentage of portfolio

Five Largest Corporate Bond Issuers :

2.7%
Equity Commonwealth
2.1%
Markel Corp.
2.0%
Andeavor Logistics LP
1.9%
Redwood Trust, Inc.
1.5%
RELX plc
Based on percentage of securities.
Portfolio composition is subject to change at any time. Current and future portfolio holdings are subject to risk.

An investment in the Fund involves certain risks, such as: When interest rates rise, bond prices generally fall, and the Fund’s share prices can fall. The Fund may purchase lower-rated and unrated fixed-income securities, which involve an increased possibility that the issuers of these may not be able to make payments of interest and principal. See the Fund’s Prospectus for a further discussion of risks.