Harbor Core Bond Fund (HACBX)

Overview

Performance

Holdings

Investment Team

Documents

800-422-1050

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Overview

Investment Team

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Current Price

As of 6/2/2023

$8.91

Price (NAV)

-$0.04

NAV Daily Change ($)

-0.45%

NAV Daily Change (%)

2.50%

NAV YTD Return

4.04%

Current 30-Day Sub. SEC Yield

3.97%

Current 30-Day Unsub. SEC Yield

4.12%

Effective 30-Day Sub. SEC Yield

4.04%

Effective 30-Day Unsub. SEC Yield

Fund Facts

As of 5/31/2023

6/1/2018

Inception Date

0.34

Net Expense Ratio

0.44

Gross Expense Ratio

$32.17

Total Net Assets (million)

As of 5/31/2023

HACBX

Ticker

2043

Fund Number

Institutional Class

Share Class

“Our team comes in every day excited to build a diversified portfolio comprised of unique bond structures and attractive relative-value ideas. Sitting shoulder-to-shoulder, our portfolio managers, traders, and analysts work together to provide solid, consistent investment results within appropriate risk parameters."

Bill O'Malley

Chief Executive Officer, Co-Chief Investment Officer and Senior Portfolio Manager, Income Research + Management

Performance

Total Returns

Fund Name

3 Mo.

YTD Return

1 Yr.

3 Yr.

Since Inception

Net Expense Ratio

Gross Expense Ratio

Core Bond Fund

1.76%

2.73%

-1.92%

-3.36%

0.99%

0.34% disclaimer

0.44%

Bloomberg US Aggregate Bond Index

2.04%

2.46%

-2.14%

-3.65%

0.81%

Performance data shown represents past performance and is no guarantee of future results. Past performance is net of management fees and expenses and reflects reinvested dividends and distributions. Past performance reflects the beneficial effect of any expense waivers or reimbursements, without which returns would have been lower. Investment returns and principal value will fluctuate and when redeemed may be worth more or less than their original cost. Returns for periods less than one year are not annualized. Current performance may be higher or lower and is available through the most recent month end at harborcapital.com or by calling 800-422-1050.

The Bloomberg US Aggregate Bond Index is an unmanaged index of investment-grade fixed-rate debt issues with maturities of at least one year. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

Price History

Distribution History

Record Date

Reinvest Date

Payable Date

Return of Capital Non Taxable Dist

Ordinary Income

Total Capital Gains

Short Term Capital Gains

Mid Term Capital Gains

Long Term Capital Gains

Total Distribution

Foreign Tax Credit

Reinvest Price

5/30/2023

5/31/2023

0.00000

0.03197

0.00000

0.03197

0.00000

8.93

4/27/2023

4/28/2023

0.00000

0.02542

0.00000

0.02542

0.00000

9.06

3/30/2023

3/31/2023

0.00000

0.02891

0.00000

0.02891

0.00000

2/27/2023

2/28/2023

0.00000

0.02317

0.00000

0.02317

0.00000

1/30/2023

1/31/2023

0.00000

0.02117

0.00000

0.02117

0.00000

9.11

12/16/2022

12/19/2022

0.00000

0.07157

0.00000

0.07157

0.00000

8.97

11/28/2022

11/29/2022

0.00000

0.02163

0.00000

0.02163

0.00000

8.87

10/27/2022

10/28/2022

0.00000

0.02062

0.00000

0.02062

0.00000

8.67

9/28/2022

9/29/2022

0.00000

0.01929

0.00000

0.01929

0.00000

8.81

8/29/2022

8/30/2022

0.00000

0.02258

0.00000

0.02258

0.00000

9.24

7/27/2022

7/28/2022

0.00000

0.01869

0.00000

0.01869

0.00000

9.47

6/28/2022

6/29/2022

0.00000

0.02150

0.00000

0.02150

0.00000

9.24

5/25/2022

5/26/2022

0.00000

0.02077

0.00000

0.02077

0.00000

9.49

4/27/2022

4/28/2022

0.00000

0.01467

0.00000

0.01467

0.00000

9.48

3/29/2022

3/30/2022

0.00000

0.02048

0.00000

0.02048

0.00000

9.81

2/24/2022

2/25/2022

0.00000

0.01343

0.00000

0.01343

0.00000

10.05

1/27/2022

1/28/2022

0.00000

0.01204

0.00000

0.01204

0.00000

10.27

12/29/2021

12/30/2021

0.00000

0.08259

0.00000

0.08259

0.00000

10.49

11/26/2021

11/29/2021

0.00000

0.01150

0.00000

0.01150

0.00000

10.59

10/27/2021

10/28/2021

0.00000

0.01266

0.00000

0.01266

0.00000

10.61

9/28/2021

9/29/2021

0.00000

0.01190

0.00000

0.01190

0.00000

10.63

8/27/2021

8/30/2021

0.00000

0.01513

0.00000

0.01513

0.00000

10.74

7/28/2021

7/29/2021

0.00000

0.01466

0.00000

0.01466

0.00000

10.76

6/28/2021

6/29/2021

0.00000

0.01643

0.00000

0.01643

0.00000

10.66

5/26/2021

5/27/2021

0.00000

0.01370

0.00000

0.01370

0.00000

10.60

4/28/2021

4/29/2021

0.00000

0.01338

0.00000

0.01338

0.00000

10.59

3/29/2021

3/30/2021

0.00000

0.03671

0.00000

0.03671

0.00000

10.53

12/16/2020

12/17/2020

0.00000

0.08317

0.22475

0.08232

0.00000

0.14243

0.30792

0.00000

10.87

9/28/2020

9/29/2020

0.00000

0.05629

0.00000

0.05629

0.00000

11.13

6/26/2020

6/29/2020

0.00000

0.05739

0.00000

0.05739

0.00000

11.05

3/27/2020

3/30/2020

0.00000

0.06157

0.00000

0.06157

0.00000

10.61

12/13/2019

12/16/2019

0.00000

0.09052

0.07274

0.01933

0.00000

0.05341

0.16326

0.00000

10.45

9/25/2019

9/26/2019

0.00000

0.07084

0.00000

0.07084

0.00000

10.59

6/26/2019

6/27/2019

0.00000

0.07389

0.00000

0.07389

0.00000

10.43

3/27/2019

3/28/2019

0.00000

0.06214

0.00000

0.06214

0.00000

10.21

12/14/2018

12/17/2018

0.00000

0.08695

0.00000

0.08695

0.00000

9.90

9/26/2018

9/27/2018

0.00000

0.06675

0.00000

0.06675

0.00000

9.92

6/27/2018

6/28/2018

0.00000

0.01853

0.00000

0.01853

0.00000

9.98

Holdings

Portfolio Characteristics

As of 3/31/2023

Core Bond Fund

Bloomberg US Aggregate Bond Index

Number of Bonds

271

13278

Avg. Market Coupon (%)

3.64

2.87

Wtd. Avg. Maturity (yrs)

8.92

8.5

Wtd. Avg. Duration (yrs)

6.35

6.33

Top Ten Holdings

As of 3/31/2023

Company Name

Maturity Date

Coupon Rate (%)

Value ($000's)

% of Net Assets

US TREASURY N/B 08/42 3.375

8/15/2042

3.4

6,306

6.0

US TREASURY N/B 01/28 3.5

1/31/2028

3.5

5,109

4.8

US TREASURY N/B 08/52 3

8/15/2052

3.0

3,759

3.6

US TREASURY N/B 01/25 4.125

1/31/2025

4.1

3,142

3.0

US TREASURY N/B 08/32 2.75

8/15/2032

2.8

2,467

2.3

US TREASURY N/B 02/42 2.375

2/15/2042

2.4

1,452

1.4

US TREASURY N/B 02/52 2.25

2/15/2052

2.3

1,063

1.0

FNMA POOL FM5601 FN 01/49 FIXED VAR

1/1/2049

4.0

1,017

1.0

FED HM LN PC POOL ZA1195 FR 05/42 FIXED 3.5

5/1/2042

3.5

953

0.9

FNMA POOL CA5181 FN 02/50 FIXED 4.5

2/1/2050

4.5

930

0.9

% of Total Holdings:

24.9%

This information should not be considered as a recommendation to purchase or sell a particular security. The weightings and holdings mentioned may change at any time and may not represent current or future investments.

Full Holdings

As of 3/31/2023

Download: Calendar Quarter-End Holdings (csv)

Company Name

Maturity Date

Coupon Rate (%)

Market Value ($000's)

% of Net Assets

US TREASURY N/B 08/42 3.375

8/15/2042

3.4

6,306

6.0

US TREASURY N/B 01/28 3.5

1/31/2028

3.5

5,109

4.8

US TREASURY N/B 08/52 3

8/15/2052

3.0

3,759

3.6

US TREASURY N/B 01/25 4.125

1/31/2025

4.1

3,142

3.0

US TREASURY N/B 08/32 2.75

8/15/2032

2.8

2,467

2.3

US TREASURY N/B 02/42 2.375

2/15/2042

2.4

1,452

1.4

US TREASURY N/B 02/52 2.25

2/15/2052

2.3

1,063

1.0

FNMA POOL FM5601 FN 01/49 FIXED VAR

1/1/2049

4.0

1,017

1.0

FED HM LN PC POOL ZA1195 FR 05/42 FIXED 3.5

5/1/2042

3.5

953

0.9

FNMA POOL CA5181 FN 02/50 FIXED 4.5

2/1/2050

4.5

930

0.9

United Airlines Pass-Through Trust

10/11/2027

4.0

814

0.8

FEDERAL NATIONAL MORTGAGE ASSOCIATION

8/1/2050

2.0

790

0.7

GNMA II POOL 785283 G2 01/51 FIXED 2.5

1/20/2051

2.5

763

0.7

FED HM LN PC POOL SD1100 FR 05/52 FIXED 2.5

5/1/2052

2.5

740

0.7

FED HM LN PC POOL SD7548 FR 11/51 FIXED 2.5

11/1/2051

2.5

690

0.7

FED HM LN PC POOL SD0499 FR 08/50 FIXED 3

8/1/2050

3.0

689

0.7

FED HM LN PC POOL SD7543 FR 08/51 FIXED 2.5

8/1/2051

2.5

685

0.6

FNMA POOL FM3522 FN 02/35 FIXED VAR

2/1/2035

3.0

684

0.6

PENSKE TRUCK LEASING/PTL PENSKE TRUCK LEASING/PTL

5/1/2028

5.5

636

0.6

Morgan Stanley MTN

7/27/2026

3.1

630

0.6

FNMA POOL CB4337 FN 08/52 FIXED 4.5

8/1/2052

4.5

605

0.6

FNMA POOL FS1590 FN 04/52 FIXED VAR

4/1/2052

2.5

603

0.6

FNMA POOL FM8672 FN 11/46 FIXED VAR

11/1/2046

4.0

592

0.6

New York State Urban Development Corp.

3/15/2039

5.8

582

0.6

FNMA POOL BX0426 FN 11/52 FIXED 5.5

11/1/2052

5.5

580

0.6

MORGAN STANLEY BAML TRUST MSBAM 2015 C26 A5

10/15/2048

3.5

573

0.5

JPMorgan Chase & Co.

7/23/2029

4.2

567

0.5

CVS Pass-Through Trust

7/10/2031

8.4

561

0.5

FNMA POOL CB0671 FN 06/51 FIXED 2.5

6/1/2051

2.5

558

0.5

FNMA POOL BW0045 FN 07/52 FIXED 5

7/1/2052

5.0

554

0.5

FLORIDA POWER + LIGHT CO 1ST MORTGAGE 02/32 2.45

2/3/2032

2.5

538

0.5

PEACEHEALTH OBLIGATED GR SR UNSECURED 11/25 1.375

11/15/2025

1.4

537

0.5

FED HM LN PC POOL SB0811 FR 12/37 FIXED 4

12/1/2037

4.0

536

0.5

FNMA POOL FS4050 FN 03/38 FIXED VAR

3/1/2038

4.0

533

0.5

PFS FINANCING CORP. PFSFC 2023 A A 144A

3/15/2028

0.0

531

0.5

SMALL BUSINESS ADMINISTRATION SBIC 2023 10A 1

3/1/2033

5.2

530

0.5

SMALL BUSINESS ADMINISTRATION SBAP 2023 25C 1

3/1/2048

4.9

530

0.5

AMERICAN TOWER TRUST I SR SECURED 144A 03/28 5.49

3/15/2028

5.5

520

0.5

HOME PARTNERS OF AMERICA TRUST HPA 2022 1 A 144A

4/17/2039

3.9

516

0.5

T MOBILE USA INC T MOBILE USA INC

7/15/2033

5.0

514

0.5

SALES TAX SECURITIZATION CORP STSGEN 01/40 FIXED 4.637

1/1/2040

4.6

514

0.5

HEALTHPEAK PROPERTIES SR UNSECURED 07/26 3.25

7/15/2026

3.3

513

0.5

Liberty Mutual Group Inc.

2/1/2029

4.6

511

0.5

GS MORTGAGE SECURITIES TRUST GSMS 2016 GS3 A4

10/10/2049

2.9

507

0.5

AT&T Inc.

6/12/2024

4.0

506

0.5

BANK OF AMERICA CORP SR UNSECURED 07/28 VAR

7/22/2028

4.9

503

0.5

CAPITAL ONE FINANCIAL CO SR UNSECURED 02/29 VAR

2/1/2029

5.5

500

0.5

Charter Communications Operating LLC / Charter Communications Operating Capital

10/23/2035

6.4

497

0.5

FNMA POOL BX0425 FN 11/52 FIXED 5.5

11/1/2052

5.5

492

0.5

FEDERAL REALTY INVESTMEN SR UNSECURED 02/26 1.25

2/15/2026

1.3

487

0.5

Sunoco Logistics Partners Operations LP

7/15/2026

3.9

486

0.5

UBS Group AG

4/15/2026

4.1

476

0.5

Government National Mortgage Association

6/20/2045

4.5

472

0.4

FNMA POOL MA3305 FN 03/48 FIXED 3.5

3/1/2048

3.5

472

0.4

Lloyds Banking Group plc

2/5/2026

2.4

469

0.4

CREDIT SUISSE NEW YORK 01/25 7.95

1/9/2025

8.0

456

0.4

FERGUSON FINANCE PLC COMPANY GUAR 144A 06/30 3.25

6/2/2030

3.3

443

0.4

PALMER SQUARE CLO LTD PLMRS 2013 2A A1A3 144A

10/17/2031

0.0

441

0.4

MACQUARIE GROUP LTD SR UNSECURED 144A 01/27 VAR

1/12/2027

1.3

440

0.4

COMM MORTGAGE TRUST COMM 2014 UBS3 A3

6/10/2047

3.5

430

0.4

ELEVANCE HEALTH INC SR UNSECURED 02/33 4.75

2/15/2033

4.8

427

0.4

APTIV PLC / APTIV CORP COMPANY GUAR 03/32 3.25

3/1/2032

3.3

427

0.4

FNMA POOL FM4622 FN 07/50 FIXED VAR

7/1/2050

3.0

424

0.4

Progress Residential Trust

9/17/2036

2.3

421

0.4

NXP BV/NXP FDG/NXP USA COMPANY GUAR 05/27 3.15

5/1/2027

3.1

417

0.4

BX Commercial Mortgage Trust

10/15/2036

2.9

416

0.4

DOMINOS PIZZA MASTER ISSUER LL DPABS 2021 1A A2I 144A

4/25/2051

2.7

415

0.4

FNMA POOL BW6309 FN 08/52 FIXED 5

8/1/2052

5.0

414

0.4

PSMC TRUST PSMC 2021 2 A3 144A

5/25/2051

2.5

411

0.4

GA GLOBAL FUNDING TRUST SECURED 144A 04/25 3.85

4/11/2025

3.9

407

0.4

PNC FINANCIAL SERVICES SR UNSECURED 01/34 VAR

1/24/2034

5.1

405

0.4

PROGRESS RESIDENTIAL TRUST PROG 2019 SFR4 A 144A

10/17/2036

2.7

396

0.4

SMALL BUSINESS ADMINISTRATION SBAP 2022 25E 1

5/1/2047

3.9

395

0.4

AIA GROUP LTD SR UNSECURED 144A 04/29 3.6

4/9/2029

3.6

394

0.4

GENERAL MOTORS FINL CO SR UNSECURED 10/28 2.4

10/15/2028

2.4

389

0.4

BX TRUST BX 2021 VOLT A 144A

9/15/2036

0.8

388

0.4

SMALL BUSINESS ADMINISTRATION SBAP 2022 25L 1

12/1/2047

4.7

384

0.4

FNMA POOL MA4305 FN 04/51 FIXED 2

4/1/2051

2.0

379

0.4

SMALL BUSINESS ADMINISTRATION SBAP 2023 25A 1

1/1/2048

4.9

379

0.4

FNMA POOL FS1938 FN 02/52 FIXED VAR

2/1/2052

2.5

377

0.4

FNMA POOL BP0661 FN 03/35 FIXED 2.5

3/1/2035

2.5

376

0.4

State of California

4/1/2034

7.5

375

0.4

BARCLAYS COMMERCIAL MORTGAGE S BBCMS 2022 C18 A5

12/15/2055

1.0

374

0.4

FNMA POOL FM5721 FN 12/40 FIXED VAR

12/1/2040

3.0

373

0.4

Air Lease Corp.

7/3/2023

3.9

372

0.4

BANK OF AMERICA CREDIT CARD TR BACCT 2022 A2 A2

4/15/2028

5.0

371

0.4

SMALL BUSINESS ADMINISTRATION SBAP 2022 25K 1

11/1/2047

5.1

370

0.4

MERCEDES BENZ AUTO RECEIVABLES MBART 2022 1 A4

2/15/2029

5.3

369

0.4

FED HM LN PC POOL SD0232 FR 01/50 FIXED 3

1/1/2050

3.0

369

0.4

FNMA POOL CB2857 FN 02/52 FIXED 2.5

2/1/2052

2.5

365

0.3

AMSR TRUST AMSR 2021 SFR3 A 144A

10/17/2038

1.5

364

0.3

WELLS FARGO COMMERCIAL MORTGAG WFCM 2015 C31 A4

11/15/2048

3.7

364

0.3

FNMA POOL MA4208 FN 12/50 FIXED 2

12/1/2050

2.0

363

0.3

FNMA POOL FS1511 FN 07/50 FIXED VAR

7/1/2050

5.0

362

0.3

PALMER SQUARE LOAN FUNDING LTD PSTAT 2022 2A A1 144A

10/15/2030

0.0

360

0.3

BANK OF AMERICA CORP SR UNSECURED 10/32 VAR

10/20/2032

2.6

360

0.3

FNMA POOL FM4765 FN 11/50 FIXED VAR

11/1/2050

2.0

359

0.3

COMM MORTGAGE TRUST COMM 2016 COR1 A3

10/10/2049

2.8

359

0.3

BOEING CO. SR UNSECURED 05/30 5.15

5/1/2030

5.2

351

0.3

Wendy's Funding LLC

6/15/2049

3.8

351

0.3

Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide Inc.

2/1/2046

4.9

350

0.3

FNMA POOL FS2764 FN 07/35 FIXED VAR

7/1/2035

3.0

348

0.3

ALIGNED DATA CENTERS ISSUER LL ADC 2021 1A A2 144A

8/15/2046

1.9

340

0.3

FED HM LN PC POOL G08737 FG 12/46 FIXED 3

12/1/2046

3.0

337

0.3

BENCHMARK MORTGAGE TRUST 06/54 2.391

6/15/2054

2.4

337

0.3

BAE Systems Holdings Inc.

4/15/2030

3.4

332

0.3

FIRSTKEY HOMES 2020 SFR1 TRUST FKH 2021 SFR1 A 144A

8/17/2038

1.5

328

0.3

AMAZON.COM INC SR UNSECURED 04/62 4.1

4/13/2062

4.1

327

0.3

FIRSTKEY HOMES 2020 SFR1 TRUST FKH 2020 SFR2 A 144A

10/19/2037

1.3

326

0.3

NEXTGEAR FLOORPLAN MASTER OWNE NFMOT 2023 1A A2 144A

3/15/2028

5.7

325

0.3

PG+E WILDFIRE RECOVERY SR SECURED 06/33 4.022

6/1/2033

4.0

322

0.3

DUKE ENERGY FLORIDA LLC 1ST MORTGAGE 07/28 3.8

7/15/2028

3.8

322

0.3

FED HM LN PC POOL ZS7930 FR 01/33 FIXED 3

1/1/2033

3.0

321

0.3

TACO BELL FUNDING, LLC BELL 2021 1A A2II 144A

8/25/2051

2.3

319

0.3

FNMA POOL CA6738 FN 08/50 FIXED 3

8/1/2050

3.0

318

0.3

FNMA POOL FM5767 FN 09/49 FIXED VAR

9/1/2049

1.0

318

0.3

COX COMMUNICATIONS INC.

10/1/2030

1.8

317

0.3

MET LIFE GLOB FUNDING I SR SECURED 144A 03/29 3.3

3/21/2029

3.3

317

0.3

TEXAS NAT GAS SECURITIZATION F 04/41 5.169

4/1/2041

0.0

314

0.3

BANK OF NY MELLON CORP SR UNSECURED 10/28 VAR

10/25/2028

5.8

313

0.3

DOMINION ENERGY INC SR UNSECURED 08/33 5.25

8/1/2033

5.3

313

0.3

ORACLE CORP SR UNSECURED 03/26 1.65

3/25/2026

1.6

313

0.3

MITSUBISHI UFJ FIN GRP SR UNSECURED 07/28 VAR

7/20/2028

5.0

308

0.3

FNMA POOL CA6097 FN 06/50 FIXED 3.5

6/1/2050

3.5

307

0.3

Cigna Corp.

3/1/2027

3.4

306

0.3

Delta Air Lines Pass-Through Trust

1/30/2029

3.6

305

0.3

TORONTO DOMINION BANK SR UNSECURED 01/27 1.95

1/12/2027

1.9

305

0.3

BARCLAYS PLC SR UNSECURED 08/26 5.304

8/9/2026

5.3

304

0.3

SMALL BUSINESS ADMINISTRATION SBAP 2023 25B 1

2/1/2048

4.6

304

0.3

Berkshire Hathaway Energy Co.

4/1/2036

6.1

303

0.3

OAK STREET INVESTMENT GRADE NE OAKIG 2020 1A A1 144A

11/20/2050

1.9

302

0.3

Tricon American Homes Trust

7/17/2038

1.5

301

0.3

Equitable Financial Life Global Funding

7/7/2025

1.4

301

0.3

ABBVIE INC.

5/14/2035

4.5

301

0.3

DISCOVER CARD EXECUTION NOTE T DCENT 2022 A4 A

10/15/2027

4.6

295

0.3

U.S. Treasury Inflation Index Notes

1/15/2030

0.1

289

0.3

SOUTHERN CO SR UNSECURED 07/36 4.25

7/1/2036

4.3

283

0.3

GM FINANCIAL SECURITIZED TERM GMCAR 2022 3 A4

12/16/2027

3.7

282

0.3

Goldman Sachs Group Inc.

3/15/2030

3.8

281

0.3

U.S. Small Business Administration

7/1/2038

3.5

275

0.3

Morgan Stanley

4/1/2031

3.6

270

0.3

FLAGSTAR MORTGAGE TRUST FSMT 2021 8INV A3 144A

9/25/2051

2.5

270

0.3

FED HM LN PC POOL SD0558 FR 03/51 FIXED 2.5

3/1/2051

2.5

265

0.3

Citigroup Inc.

3/31/2031

4.4

265

0.3

BROADCOM INC. CO.

9/15/2028

4.1

260

0.2

FNMA POOL BR5632 FN 03/51 FIXED 2

3/1/2051

2.0

260

0.2

ORACLE CORP SR UNSECURED 03/51 3.95

3/25/2051

4.0

259

0.2

NAVIENT STUDENT LOAN TRUST NAVSL 2021 BA A 144A

7/15/2069

0.9

255

0.2

FED HM LN PC POOL QF4936 FR 12/52 FIXED 5.5

12/1/2052

5.5

255

0.2

FNMA POOL FM6497 FN 03/51 FIXED VAR

3/1/2051

2.0

253

0.2

NXP BV/NXP FDG/NXP USA COMPANY GUAR 05/25 2.7

5/1/2025

2.7

252

0.2

FREDDIE MAC SCRT SCRT 2021 3 MA

3/25/2061

2.0

249

0.2

MORGAN STANLEY BAML TRUST MSBAM 2015 C25 A4

10/15/2048

3.4

248

0.2

FNMA POOL BJ4564 FN 01/48 FIXED 4

1/1/2048

4.0

246

0.2

Blackstone Holdings Finance Co. LLC

9/10/2049

3.5

245

0.2

FNMA POOL FM9728 FN 11/51 FIXED VAR

11/1/2051

2.5

245

0.2

Fresb Mortgage Trust

2/25/2039

2.5

244

0.2

SBA TOWER TRUST ASSET BACKED 144A 11/52 6.559

1/15/2028

6.6

243

0.2

JPMorgan Chase & Co.

3/24/2031

4.5

243

0.2

ROGERS COMMUNICATIONS IN COMPANY GUAR 10/43 5.45

10/1/2043

5.5

243

0.2

Occidental Petroleum Corp.

10/10/2036

0.0

242

0.2

FNMA POOL FM8922 FN 09/50 FIXED VAR

9/1/2050

4.5

240

0.2

Air Canada Pass-Through Trust

9/15/2028

3.6

240

0.2

Ford Credit Auto Owner Trust

8/15/2031

2.0

237

0.2

Aquarion Co.

8/15/2024

4.0

235

0.2

Lockheed Martin Corp.

5/15/2046

4.7

234

0.2

Ryder System Inc. MTN

3/18/2024

3.6

233

0.2

Government National Mortgage Association

8/20/2047

4.5

232

0.2

Exelon Corp.

6/15/2045

5.1

230

0.2

PFS FINANCING CORP. PFSFC 2022 D A 144A

8/15/2027

4.3

228

0.2

DIGITAL REALTY TRUST LP COMPANY GUAR 07/29 3.6

7/1/2029

3.6

228

0.2

Lincoln National Corp.

1/15/2031

3.4

226

0.2

Federal Home Loan Mortgage Corp.

2/1/2046

4.0

226

0.2

HSBC HOLDINGS PLC SR UNSECURED 11/28 VAR

11/3/2028

7.4

226

0.2

FNMA POOL CA0623 FN 10/47 FIXED 4.5

10/1/2047

4.5

226

0.2

FREDDIE MAC SCRT SCRT 2021 1 MA

9/25/2060

2.0

224

0.2

Citigroup Inc.

10/27/2028

3.5

224

0.2

ALEXANDRIA REAL ESTATE E COMPANY GUAR 05/32 2

5/18/2032

2.0

223

0.2

WASTE MANAGEMENT INC COMPANY GUAR 04/32 4.15

4/15/2032

4.2

223

0.2

HOME PARTNERS OF AMERICA TRUST HPA 2020 2 A 144A

1/17/2041

1.5

221

0.2

AT&T Inc.

6/1/2027

2.3

220

0.2

Southern Co.

7/1/2026

3.3

219

0.2

FNMA POOL FM4330 FN 10/50 FIXED VAR

10/1/2050

2.5

218

0.2

FNMA POOL FM7321 FN 04/49 FIXED VAR

4/1/2049

4.0

218

0.2

MOODY S CORPORATION SR UNSECURED 05/50 3.25

5/20/2050

3.3

217

0.2

Verisk Analytics Inc.

5/15/2050

3.6

217

0.2

Commercial Mortgage Pass-Through Certificates

12/10/2047

3.5

216

0.2

VANTAGE DATA CENTERS LLC VDC 2020 2A A2 144A

9/15/2045

2.0

213

0.2

Xcel Energy Inc.

6/1/2030

3.4

210

0.2

Canadian Pacific Railway Co.

9/15/2115

6.1

204

0.2

Federal National Mortgage Association

7/1/2047

4.5

203

0.2

Federal National Mortgage Association

5/1/2046

4.5

200

0.2

Federal Home Loan Mortgage Corp.

11/1/2043

3.0

196

0.2

FNMA POOL CA5969 FN 06/50 FIXED 2.5

6/1/2050

2.5

193

0.2

Sabey Data Center Issuer LLC

4/20/2045

3.8

193

0.2

Eversource Energy

10/1/2024

2.9

193

0.2

Federal Home Loan Mortgage Corp.

6/1/2050

2.0

190

0.2

Commonspirit Health

10/1/2049

4.2

190

0.2

UNITED AIR 2016 1 AA PTT PASS THRU CE 01/30 3.1

1/7/2030

3.1

190

0.2

Lowe's Cos Inc.

4/15/2040

5.0

190

0.2

Store Master Funding I-VII

10/20/2048

4.3

188

0.2

Schlumberger Holdings Corp.

5/17/2028

3.9

185

0.2

SOUTHERN CO. GAS CAPITAL CO. GUAR 01/31 1.75

1/15/2031

1.8

183

0.2

PG+E WILDFIRE RECOVERY SR SECURED 06/39 4.722

6/1/2037

4.7

183

0.2

PG+E WILDFIRE RECOVERY SR SECURED 06/39 4.722

6/1/2037

4.7

183

0.2

U.S. Small Business Administration

8/1/2035

2.8

182

0.2

Stack Infrastructure Issuer LLC

10/25/2044

3.1

177

0.2

SMALL BUSINESS ADMINISTRATION SBAP 2014 20K 1

11/1/2034

2.8

176

0.2

AERCAP IRELAND CAP 10/28 3

10/29/2028

3.0

176

0.2

CVS Pass-Through Trust

1/10/2033

5.8

175

0.2

Freddie Mac Seasoned Credit Risk Transfer Trust

8/25/2058

3.5

175

0.2

U.S. Small Business Administration

2/1/2038

3.2

174

0.2

Federal Home Loan Mortgage Corp.

12/1/2046

3.0

170

0.2

WENDYS FUNDING LLC WEN 2021 1A A2I 144A

6/15/2051

2.4

169

0.2

FNMA POOL CA5986 FN 06/50 FIXED 2.5

6/1/2050

2.5

165

0.2

CARLISLE COS INC SR UNSECURED 03/30 2.75

3/1/2030

2.8

165

0.2

MASS MUTUAL LIFE INS CO SUBORDINATED 144A 12/52 5.672

12/1/2052

5.7

164

0.2

BERKSHIRE HATHAWAY FIN COMPANY GUAR 01/49 4.25

1/15/2049

4.3

164

0.2

Citigroup Inc.

5/1/2026

3.4

163

0.2

FREDDIE MAC SCRT SCRT 2020 3 MA

5/25/2060

2.0

161

0.2

FNMA POOL BM6706 FN 12/36 FLOATING VAR

12/1/2036

1.0

160

0.2

Metropolitan Water Reclamation District of Greater Chicago

12/1/2038

5.7

160

0.2

Verizon Communications Inc.

8/10/2033

4.5

157

0.1

FED HM LN PC POOL 841089 FH 06/47 FLOATING VAR

6/1/2047

2.2

156

0.1

Federal National Mortgage Association

2/1/2047

4.5

154

0.1

Northrop Grumman Corp.

5/1/2050

5.3

153

0.1

Freddie Mac Seasoned Credit Risk Transfer Trust

8/25/2059

2.5

153

0.1

FNMA POOL CA6635 FN 08/50 FIXED 2.5

8/1/2050

2.5

152

0.1

Store Master Funding I-VII

11/20/2049

2.8

151

0.1

KKR Group Finance Co. III LLC

6/1/2044

5.1

150

0.1

Five Corners Funding Trust

11/15/2023

4.4

149

0.1

DB MASTER FINANCE LLC DNKN 2021 1A A2I 144A

11/20/2051

2.0

148

0.1

U.S. Small Business Administration

10/1/2037

2.9

147

0.1

Government National Mortgage Association

9/20/2041

4.0

147

0.1

GS Mortgage Backed Securities Trust

10/25/2050

3.0

147

0.1

Federal National Mortgage Association

4/1/2045

4.0

146

0.1

NORTHERN STATES PWR MINN 1ST MORTGAGE 06/52 4.5

6/1/2052

4.5

146

0.1

Norfolk Southern Corp.

10/1/2041

4.8

146

0.1

Home Depot Inc.

4/15/2040

3.3

142

0.1

DISCOVER FINANCIAL SVS SR UNSECURED 11/32 6.7

11/29/2032

6.7

139

0.1

Toyota Motor Credit Corp. MTN

4/1/2030

3.4

138

0.1

Federal Home Loan Mortgage Corp.

3/1/2049

4.5

137

0.1

Freddie Mac Seasoned Credit Risk Transfer Trust

11/25/2059

2.0

136

0.1

Mass Mutual Life Insurance Co.

4/15/2050

3.4

132

0.1

Government National Mortgage Association

9/15/2046

4.0

131

0.1

MAGALLANES INC COMPANY GUAR 144A 03/52 5.141

3/15/2052

5.1

126

0.1

CF Hippolyta Issuer LLC

7/15/2060

1.7

124

0.1

LOWE S COS INC SR UNSECURED 04/53 5.625

4/15/2053

5.6

118

0.1

BOEING CO SR UNSECURED 05/50 5.805

5/1/2050

5.8

117

0.1

NAVIENT STUDENT LOAN TRUST NAVSL 2021 A A 144A

5/15/2069

0.8

116

0.1

Freddie Mac Seasoned Credit Risk Transfer Trust

5/25/2057

3.0

109

0.1

ALEXANDRIA REAL ESTATE E COMPANY GUAR 04/35 4.75

4/15/2035

4.8

108

0.1

METLIFE SECURITIZATION TRUST MST 2020 INV1 A2A 144A

5/25/2050

2.5

108

0.1

Government National Mortgage Association

8/15/2045

4.0

107

0.1

BLACKSTONE HOLDINGS FINANCE CO. LLC

9/30/2050

2.8

103

0.1

Bank of America Corp. MTN

3/15/2050

4.3

100

0.1

PG+E WILDFIRE RECOVERY SR SECURED 06/32 3.594

6/1/2032

3.6

0.1

Federal Home Loan Mortgage Corp.

10/1/2046

3.0

0.1

U.S. Small Business Administration

8/1/2037

2.8

0.1

GS MORTGAGE BACKED SECURITIES GSMBS 2020 PJ4 A2 144A

1/25/2051

3.0

0.1

Federal National Mortgage Association

6/1/2050

2.5

0.1

Government National Mortgage Association

2/20/2046

4.5

0.1

CVS Pass-Through Trust

1/10/2028

5.9

0.1

Government National Mortgage Association

1/15/2042

4.5

0.1

MICHIGAN ST UNIV REVENUES MISHGR 08/22 FIXED 4.165

8/15/2122

4.2

0.1

U.S. Small Business Administration

3/1/2032

2.5

0.1

LOWE S COS INC SR UNSECURED 04/46 3.7

4/15/2046

3.7

0.1

Exelon Corp.

4/15/2050

4.7

0.1

FREDDIE MAC SCRT SCRT 2017 2 MA

8/25/2056

3.0

0.1

KKR Group Finance Co. II LLC

2/1/2043

5.5

0.0

PSMC Trust

5/25/2050

3.0

0.0

JPMBB Commercial Mortgage Securities Trust

11/15/2048

2.8

0.0

Total

105,139

99.7

Cash and Other Assets Less Liabilities

0.3

Total Net Assets

100%

Sector Allocation

As of 3/31/2023

Core Bond Fund (HACBX)

Bloomberg US Aggregate Bond Index

Securitized

HACBX: 41.8%

Benchmark: 29.4%

Credit

HACBX: 30.1%

Benchmark: 27.8%

Government

HACBX: 26.2%

Benchmark: 42.2%

Municipal

HACBX: 1.6%

Benchmark: 0.6%

HACBX: Core Bond Fund

Benchmark: Bloomberg US Aggregate Bond Index

Maturity Profile

As of 3/31/2023

Maturity

Core Bond Fund %

Bloomberg US Aggregate Bond Index %

0-1 yr

2.3

0.1

1-3 yr

14.8

21.9

3-5 yr

22.0

17.6

5-7 yr

13.8

16.2

7-10 yr

24.9

26.3

10-20 yr

13.3

6.8

20-30 yr

8.1

10.4

Over 30 yr

0.7

0.8

Duration

As of 3/31/2023

Duration

Core Bond Fund %

Bloomberg US Aggregate Bond Index %

0-1 yr

3.1

0.3

1-3 yr

19.7

23.8

3-5 yr

29.2

22.7

5-7 yr

18.4

21.1

7-10 yr

12.9

16.1

10-20 yr

16.6

15.6

20-30 yr

0.0

0.5

Over 30 yr

0.0

Investment Team

Income Research + Management is a privately-owned, independent, fixed income investment management firm that serves institutional and private clients. They believe that an open, collaborative culture promotes excellence from an investment team of high energy, curious individuals. IR+M’s investment philosophy and process are based on their belief that careful security selection and active risk management provide strong results over the long-term. By combining the capacity and technology of a larger firm with the culture and nimbleness of a boutique firm, the firm strives to provide exceptional service for their clients and a rewarding experience for their employees.

William A. O’Malley, CFA

Chief Executive Officer and Co-Chief Investment Officer

James E. Gubitosi, CFA

Co-Chief Investment Officer

Bill O’Neill, CFA

Principal and Senior Portfolio Manager

Jake Remley, CFA

Principal and Senior Portfolio Manager

Matt Walker, CFA

Senior Portfolio Manager

Rachel Campbell

Director of Securitized Research, Portfolio Manager

From time to time, certain fees and/or expenses have been voluntarily or contractually waived or reimbursed, which has resulted in higher returns. Without these waivers or reimbursements, the returns would have been lower. Voluntary waivers or reimbursements may be applied or discontinued at any time without notice. Only the Board of Trustees may modify or terminate contractual fee waivers or expense reimbursements.

As a result of changing market conditions, total net asset levels, expenses and other factors may change at any time during the current fiscal period and may differ from those shown.

There is no guarantee that the investment objective of the Fund will be achieved. Fixed income investments are affected by interest rate changes and the creditworthiness of the issues held by the Fund. As interest rates rise, the values of fixed income securities held by the Fund are likely to decrease and reduce the value of the Fund's portfolio. There may be a greater risk that the Fund could lose money due to prepayment and extension risks because the Fund invests heavily at times in mortgage-related and/or asset backed securities.

Wtd. Avg. Market Coupon (%): the weighted average coupon rate of the underlying bonds in the Fund.

Wtd. Avg. Maturity (yrs): the weighted average length of time to the repayment of principal for the securities in the Fund. This metric considers the likelihood that bonds will be called or prepaid before the scheduled maturity date.

Wtd. Avg. Duration (yrs): the weight average duration of the underlying bonds or derivative market exposures in the Fund. Duration is a time measure of a bond's interest-rate sensitivity. The longer a fund's duration, the more sensitive the fund is to shifts in interest rates

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