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Harbor Core Bond Fund (HACBX)
Overview
Current Price
as of 1/31/2023
NAV Price | $9.11 |
NAV Daily Change ($) | $0.01 |
NAV Daily Change (%) | 0.11% |
NAV YTD Return | 3.53% |
Current 30-Day Sub. SEC Yield | 3.58%  |
Current 30-Day Unsub. SEC Yield | 3.49% |
Effective 30-Day Sub. SEC Yield | 3.64% |
Effective 30-Day Unsub. SEC Yield | 3.55% |
Fund Facts
Inception Date | 6/1/2018 |
Net Expense Ratio | 0.34% |
Gross Expense Ratio | 0.40% |
Total Net Assets (million) as of 1/31/2023 | $31.816 |
Ticker | HACBX |
Fund Number | 2043 |
Share Class | Institutional |
Top 10 Holdings
as of 12/31/2022
US TREASURY N/B 08/27 3.125 | 5.1% |
US TREASURY N/B 08/42 3.375 | 2.7% |
US TREASURY N/B 02/42 2.375 | 2.4% |
US TREASURY N/B 08/52 3 | 2.1% |
US TREASURY N/B 02/52 2.25 | 1.6% |
FED HM LN PC POOL ZA1195 FR 05/42 FIXED 3.5 | 1.3% |
United Airlines Pass-Through Trust | 1.1% |
FEDERAL NATIONAL MORTGAGE ASSOCIATION | 1.0% |
US TREASURY N/B 09/25 3.5 | 1.0% |
GNMA II POOL 785283 G2 01/51 FIXED 2.5 | 1.0% |
% of Total Holdings: | 19.3% |
“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
Fund Name
3 Mo.
YTD Return
1 Yr.
3 Yr.
Since Inception
Net Expense Ratio
Gross Expense Ratio
Core Bond Fund
6.79%
3.53%
-8.40%
-1.99%
1.23%
0.34%
0.40%
Bloomberg US Aggregate Bond Index
6.39%
3.08%
-8.36%
-2.35%
1.00%
--
--
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.
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
1/30/2023
1/31/2023
1/31/2023
0.00000
0.02117
0.00000
--
0.00000
--
0.02117
0.00000
9.11
12/16/2022
12/19/2022
12/19/2022
0.00000
0.07157
0.00000
--
0.00000
--
0.07157
0.00000
8.97
11/28/2022
11/29/2022
11/29/2022
0.00000
0.02163
0.00000
--
0.00000
--
0.02163
0.00000
8.87
10/27/2022
10/28/2022
10/28/2022
0.00000
0.02062
0.00000
--
0.00000
--
0.02062
0.00000
8.67
9/28/2022
9/29/2022
9/29/2022
0.00000
0.01929
0.00000
--
0.00000
--
0.01929
0.00000
8.81
8/29/2022
8/30/2022
8/30/2022
0.00000
0.02258
0.00000
--
0.00000
--
0.02258
0.00000
9.24
7/27/2022
7/28/2022
7/28/2022
0.00000
0.01869
0.00000
--
0.00000
--
0.01869
0.00000
9.47
6/28/2022
6/29/2022
6/29/2022
0.00000
0.02150
0.00000
--
0.00000
--
0.02150
0.00000
9.24
5/25/2022
5/26/2022
5/26/2022
0.00000
0.02077
0.00000
--
0.00000
--
0.02077
0.00000
9.49
4/27/2022
4/28/2022
4/28/2022
0.00000
0.01467
0.00000
--
0.00000
--
0.01467
0.00000
9.48
3/29/2022
3/30/2022
3/30/2022
0.00000
0.02048
0.00000
--
0.00000
--
0.02048
0.00000
9.81
2/24/2022
2/25/2022
2/25/2022
0.00000
0.01343
0.00000
--
0.00000
--
0.01343
0.00000
10.05
1/27/2022
1/28/2022
1/28/2022
0.00000
0.01204
0.00000
--
0.00000
--
0.01204
0.00000
10.27
12/29/2021
12/30/2021
12/30/2021
0.00000
0.08259
0.00000
--
0.00000
--
0.08259
0.00000
10.49
11/26/2021
11/29/2021
11/29/2021
0.00000
0.01150
0.00000
--
0.00000
--
0.01150
0.00000
10.59
10/27/2021
10/28/2021
10/28/2021
0.00000
0.01266
0.00000
--
0.00000
--
0.01266
0.00000
10.61
9/28/2021
9/29/2021
9/29/2021
0.00000
0.01190
0.00000
0.00000
0.00000
0.00000
0.01190
0.00000
10.63
8/27/2021
8/30/2021
8/30/2021
0.00000
0.01513
0.00000
0.00000
0.00000
0.00000
0.01513
0.00000
10.74
7/28/2021
7/29/2021
7/29/2021
0.00000
0.01466
0.00000
0.00000
0.00000
0.00000
0.01466
0.00000
10.76
6/28/2021
6/29/2021
6/29/2021
0.00000
0.01643
0.00000
0.00000
0.00000
0.00000
0.01643
0.00000
10.66
5/26/2021
5/27/2021
5/27/2021
0.00000
0.01370
0.00000
0.00000
0.00000
0.00000
0.01370
0.00000
10.60
4/28/2021
4/29/2021
4/29/2021
0.00000
0.01338
0.00000
0.00000
0.00000
0.00000
0.01338
0.00000
10.59
3/29/2021
3/30/2021
3/30/2021
0.00000
0.03671
0.00000
0.00000
0.00000
0.00000
0.03671
0.00000
10.53
12/16/2020
12/17/2020
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
9/29/2020
0.00000
0.05629
0.00000
0.00000
0.00000
0.00000
0.05629
0.00000
11.13
6/26/2020
6/29/2020
6/29/2020
0.00000
0.05739
0.00000
0.00000
0.00000
0.00000
0.05739
0.00000
11.05
3/27/2020
3/30/2020
3/30/2020
0.00000
0.06157
0.00000
0.00000
0.00000
0.00000
0.06157
0.00000
10.61
12/13/2019
12/16/2019
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
9/26/2019
0.00000
0.07084
0.00000
0.00000
0.00000
0.00000
0.07084
0.00000
10.59
6/26/2019
6/27/2019
6/27/2019
0.00000
0.07389
0.00000
0.00000
0.00000
0.00000
0.07389
0.00000
10.43
3/27/2019
3/28/2019
3/28/2019
0.00000
0.06214
0.00000
0.00000
0.00000
0.00000
0.06214
0.00000
10.21
12/14/2018
12/17/2018
12/17/2018
0.00000
0.08695
0.00000
0.00000
0.00000
0.00000
0.08695
0.00000
9.90
9/26/2018
9/27/2018
9/27/2018
0.00000
0.06675
0.00000
0.00000
0.00000
0.00000
0.06675
0.00000
9.92
6/27/2018
6/28/2018
6/28/2018
0.00000
0.01853
0.00000
0.00000
0.00000
0.00000
0.01853
0.00000
9.98
Holdings
Full Holdings
as of 12/31/2022
Company Name
Maturity Date
Coupon Rate (%)
Market Value ($000's)
% of Net Assets
US TREASURY N/B 08/27 3.125
8/31/2027
3.1
3,812
5.1
US TREASURY N/B 08/42 3.375
8/15/2042
3.4
2,040
2.7
US TREASURY N/B 02/42 2.375
2/15/2042
2.4
1,782
2.4
US TREASURY N/B 08/52 3
8/15/2052
3.0
1,620
2.1
US TREASURY N/B 02/52 2.25
2/15/2052
2.3
1,203
1.6
FED HM LN PC POOL ZA1195 FR 05/42 FIXED 3.5
5/1/2042
3.5
960
1.3
United Airlines Pass-Through Trust
10/11/2027
4.0
802
1.1
FEDERAL NATIONAL MORTGAGE ASSOCIATION
8/1/2050
2.0
788
1.0
US TREASURY N/B 09/25 3.5
9/15/2025
3.5
780
1.0
GNMA II POOL 785283 G2 01/51 FIXED 2.5
1/20/2051
2.5
755
1.0
FED HM LN PC POOL SD0499 FR 08/50 FIXED 3
8/1/2050
3.0
691
0.9
FED HM LN PC POOL SD7548 FR 11/51 FIXED 2.5
11/1/2051
2.5
690
0.9
FED HM LN PC POOL SD7543 FR 08/51 FIXED 2.5
8/1/2051
2.5
683
0.9
US TREASURY N/B 08/32 2.75
8/15/2032
2.8
647
0.9
Morgan Stanley MTN
7/27/2026
3.1
621
0.8
FNMA POOL FS1590 FN 04/52 FIXED VAR
4/1/2052
2.5
607
0.8
FNMA POOL FM8672 FN 11/46 FIXED VAR
11/1/2046
4.0
591
0.8
New York State Urban Development Corp.
3/15/2039
5.8
571
0.8
CVS Pass-Through Trust
7/10/2031
8.4
570
0.8
FNMA POOL CB0671 FN 06/51 FIXED 2.5
6/1/2051
2.5
557
0.7
JPMorgan Chase & Co.
7/23/2029
4.2
547
0.7
BAE Systems Holdings Inc.
4/15/2030
3.4
531
0.7
PEACEHEALTH OBLIGATED GR SR UNSECURED 11/25 1.375
11/15/2025
1.4
529
0.7
AT&T Inc.
6/12/2024
4.0
508
0.7
Penske Truck Leasing Co. LP / Ptl Finance Corp.
2/1/2024
3.9
499
0.7
Liberty Mutual Group Inc.
2/1/2029
4.6
496
0.7
SALES TAX SECURITIZATION CORP STSGEN 01/40 FIXED 4.637
1/1/2040
4.6
496
0.7
BANK OF AMERICA CORP SR UNSECURED 07/28 VAR
7/22/2028
4.9
494
0.7
Charter Communications Operating LLC / Charter Communications Operating Capital
10/23/2035
6.4
487
0.6
UBS Group AG
4/15/2026
4.1
480
0.6
Sunoco Logistics Partners Operations LP
7/15/2026
3.9
478
0.6
Government National Mortgage Association
6/20/2045
4.5
478
0.6
FNMA POOL MA3305 FN 03/48 FIXED 3.5
3/1/2048
3.5
473
0.6
FEDERAL REALTY INVESTMEN SR UNSECURED 02/26 1.25
2/15/2026
1.3
470
0.6
Lloyds Banking Group plc
2/5/2026
2.4
466
0.6
PALMER SQUARE CLO LTD PLMRS 2013 2A A1A3 144A
10/17/2031
0.0
440
0.6
FERGUSON FINANCE PLC COMPANY GUAR 144A 06/30 3.25
6/2/2030
3.3
434
0.6
COMM MORTGAGE TRUST COMM 2014 UBS3 A3
6/10/2047
3.5
430
0.6
MACQUARIE GROUP LTD SR UNSECURED 144A 01/27 VAR
1/12/2027
1.3
430
0.6
FNMA POOL FM4622 FN 07/50 FIXED VAR
7/1/2050
3.0
425
0.6
Progress Residential Trust
9/17/2036
2.3
417
0.6
BX Commercial Mortgage Trust
10/15/2036
2.9
416
0.6
PSMC TRUST PSMC 2021 2 A3 144A
5/25/2051
2.5
412
0.5
FNMA POOL FM8968 FN 04/48 FIXED VAR
4/1/2048
1.0
409
0.5
DOMINOS PIZZA MASTER ISSUER LL DPABS 2021 1A A2I 144A
4/25/2051
2.7
404
0.5
BX TRUST BX 2021 VOLT A 144A
9/15/2036
0.8
389
0.5
FNMA POOL BP0661 FN 03/35 FIXED 2.5
3/1/2035
2.5
388
0.5
SMALL BUSINESS ADMINISTRATION SBAP 2022 25E 1
5/1/2047
3.9
387
0.5
AIA GROUP LTD SR UNSECURED 144A 04/29 3.6
4/9/2029
3.6
382
0.5
FNMA POOL MA4305 FN 04/51 FIXED 2
4/1/2051
2.0
378
0.5
GENERAL MOTORS FINL CO SR UNSECURED 10/28 2.4
10/15/2028
2.4
377
0.5
FNMA POOL FS1511 FN 07/50 FIXED VAR
7/1/2050
5.0
377
0.5
FNMA POOL FS1938 FN 02/52 FIXED VAR
2/1/2052
2.5
375
0.5
BARCLAYS COMMERCIAL MORTGAGE S BBCMS 2022 C18 A5
12/15/2055
1.0
374
0.5
SMALL BUSINESS ADMINISTRATION SBAP 2022 25L 1
12/1/2047
4.7
373
0.5
FED HM LN PC POOL SD0232 FR 01/50 FIXED 3
1/1/2050
3.0
371
0.5
Air Lease Corp.
7/3/2023
3.9
371
0.5
BANK OF AMERICA CREDIT CARD TR BACCT 2022 A2 A2
4/17/2028
5.0
370
0.5
PALMER SQUARE LOAN FUNDING LTD PSTAT 2022 2A A1 144A
10/15/2030
0.0
370
0.5
FNMA POOL FS2764 FN 07/35 FIXED VAR
7/1/2035
3.0
368
0.5
STELLANTIS FIN US INC COMPANY GUAR 144A 01/28 5.625
1/12/2028
5.6
367
0.5
FNMA POOL FM5721 FN 12/40 FIXED VAR
12/1/2040
3.0
367
0.5
FNMA POOL CB2857 FN 02/52 FIXED 2.5
2/1/2052
2.5
365
0.5
MERCEDES BENZ AUTO RECEIVABLES MBART 2022 1 A4
2/15/2029
5.3
364
0.5
State of California
4/1/2034
7.5
363
0.5
FNMA POOL MA4208 FN 12/50 FIXED 2
12/1/2050
2.0
363
0.5
WELLS FARGO COMMERCIAL MORTGAG WFCM 2015 C31 A4
11/15/2048
3.7
361
0.5
FNMA POOL FM4765 FN 11/50 FIXED VAR
11/1/2050
2.0
361
0.5
GM FINANCIAL REVOLVING RECEIVA GMREV 2022 1 A 144A
10/11/2035
5.9
360
0.5
COMM MORTGAGE TRUST COMM 2016 COR1 A3
10/10/2049
2.8
358
0.5
SMALL BUSINESS ADMINISTRATION SBAP 2022 25K 1
11/1/2047
5.1
356
0.5
WELLS FARGO + COMPANY SR UNSECURED 07/28 VAR
7/25/2028
4.8
354
0.5
AMSR TRUST AMSR 2021 SFR3 A 144A
10/17/2038
1.5
351
0.5
Wendy's Funding LLC
6/15/2049
3.8
345
0.5
BOEING CO. SR UNSECURED 05/30 5.15
5/1/2030
5.2
341
0.5
FED HM LN PC POOL G08737 FG 12/46 FIXED 3
12/1/2046
3.0
336
0.4
FED HM LN PC POOL ZS7930 FR 01/33 FIXED 3
1/1/2033
3.0
333
0.4
BENCHMARK MORTGAGE TRUST 06/54 2.391
6/15/2054
2.4
332
0.4
ALIGNED DATA CENTERS ISSUER LL ADC 2021 1A A2 144A
8/15/2046
1.9
330
0.4
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide Inc.
2/1/2046
4.9
327
0.4
FIRSTKEY HOMES 2020 SFR1 TRUST FKH 2021 SFR1 A 144A
8/17/2038
1.5
323
0.4
FNMA POOL CA6738 FN 08/50 FIXED 3
8/1/2050
3.0
319
0.4
FIRSTKEY HOMES 2020 SFR1 TRUST FKH 2020 SFR2 A 144A
10/19/2037
1.3
319
0.4
FNMA POOL FM5767 FN 09/49 FIXED VAR
9/1/2049
1.0
316
0.4
Delta Air Lines Pass-Through Trust
1/30/2029
3.6
312
0.4
TACO BELL FUNDING, LLC BELL 2021 1A A2II 144A
8/25/2051
2.3
307
0.4
DOMINION ENERGY INC SR UNSECURED 08/33 5.25
8/1/2033
5.3
305
0.4
COX COMMUNICATIONS INC.
10/1/2030
1.8
305
0.4
FNMA POOL CA6097 FN 06/50 FIXED 3.5
6/1/2050
3.5
303
0.4
JPMDB COMMERCIAL MORTGAGE SECU JPMDB 2019 COR6 A4
11/13/2052
3.1
303
0.4
Cigna Corp.
3/1/2027
3.4
301
0.4
OAK STREET INVESTMENT GRADE NE OAKIG 2020 1A A1 144A
11/20/2050
1.9
299
0.4
Equitable Financial Life Global Funding
7/7/2025
1.4
295
0.4
U.S. Small Business Administration
7/1/2038
3.5
294
0.4
DISCOVER CARD EXECUTION NOTE T DCENT 2022 A4 A
10/15/2027
4.6
294
0.4
Tricon American Homes Trust
7/17/2038
1.5
290
0.4
Berkshire Hathaway Energy Co.
4/1/2036
6.1
290
0.4
ABBVIE INC.
5/14/2035
4.5
288
0.4
GM FINANCIAL SECURITIZED TERM GMCAR 2022 3 A4
12/16/2027
3.7
280
0.4
U.S. Treasury Inflation Index Notes
1/15/2030
0.1
278
0.4
Goldman Sachs Group Inc.
3/15/2030
3.8
271
0.4
FLAGSTAR MORTGAGE TRUST FSMT 2021 8INV A3 144A
9/25/2051
2.5
271
0.4
SOUTHERN CO SR UNSECURED 07/36 4.25
7/1/2036
4.3
271
0.4
Aercap Ireland Capital Dac / Aercap Global Aviation Trust
7/3/2023
4.1
270
0.4
FNMA POOL BR5632 FN 03/51 FIXED 2
3/1/2051
2.0
260
0.3
NAVIENT STUDENT LOAN TRUST NAVSL 2021 BA A 144A
7/15/2069
0.9
259
0.3
Morgan Stanley
4/1/2031
3.6
258
0.3
Citigroup Inc.
3/31/2031
4.4
257
0.3
BROADCOM INC. CO.
9/15/2028
4.1
253
0.3
FNMA POOL FM6497 FN 03/51 FIXED VAR
3/1/2051
2.0
253
0.3
NXP BV/NXP FDG/NXP USA COMPANY GUAR 05/25 2.7
5/1/2025
2.7
250
0.3
FREDDIE MAC SCRT SCRT 2021 3 MA
3/25/2061
2.0
249
0.3
FNMA POOL BJ4564 FN 01/48 FIXED 4
1/1/2048
4.0
247
0.3
ORACLE CORP SR UNSECURED 03/51 3.95
3/25/2051
4.0
246
0.3
Fresb Mortgage Trust
2/25/2039
2.5
243
0.3
Air Canada Pass-Through Trust
9/15/2028
3.6
243
0.3
Blackstone Holdings Finance Co. LLC
9/10/2049
3.5
242
0.3
FNMA POOL FM8922 FN 09/50 FIXED VAR
9/1/2050
4.5
241
0.3
Occidental Petroleum Corp.
10/10/2036
0.0
238
0.3
Government National Mortgage Association
8/20/2047
4.5
236
0.3
Ford Credit Auto Owner Trust
8/15/2031
2.0
235
0.3
JPMorgan Chase & Co.
3/24/2031
4.5
234
0.3
Aquarion Co.
8/15/2024
4.0
234
0.3
Ryder System Inc. MTN
3/18/2024
3.6
232
0.3
FNMA POOL CA0623 FN 10/47 FIXED 4.5
10/1/2047
4.5
232
0.3
SBA TOWER TRUST ASSET BACKED 144A 11/52 6.559
1/15/2028
6.6
231
0.3
Lincoln National Corp.
1/15/2031
3.4
229
0.3
Exelon Corp.
6/15/2045
5.1
227
0.3
DIGITAL REALTY TRUST LP COMPANY GUAR 07/29 3.6
7/1/2029
3.6
227
0.3
Federal Home Loan Mortgage Corp.
2/1/2046
4.0
226
0.3
MAGALLANES INC COMPANY GUAR 144A 03/52 5.141
3/15/2052
5.1
226
0.3
FREDDIE MAC SCRT SCRT 2021 1 MA
9/25/2060
2.0
226
0.3
HSBC HOLDINGS PLC SR UNSECURED 11/28 VAR
11/3/2028
7.4
223
0.3
ALEXANDRIA REAL ESTATE E COMPANY GUAR 05/32 2
5/18/2032
2.0
223
0.3
Commercial Mortgage Pass-Through Certificates
12/10/2047
3.5
222
0.3
WASTE MANAGEMENT INC COMPANY GUAR 04/32 4.15
4/15/2032
4.2
220
0.3
Citigroup Inc.
10/27/2028
3.5
218
0.3
Lockheed Martin Corp.
5/15/2046
4.7
218
0.3
FNMA POOL FM4330 FN 10/50 FIXED VAR
10/1/2050
2.5
218
0.3
Southern Co.
7/1/2026
3.3
217
0.3
FNMA POOL FM7321 FN 04/49 FIXED VAR
4/1/2049
4.0
216
0.3
HOME PARTNERS OF AMERICA TRUST HPA 2020 2 A 144A
1/17/2041
1.5
215
0.3
AT&T Inc.
6/1/2027
2.3
214
0.3
APTIV PLC / APTIV CORP COMPANY GUAR 03/32 3.25
3/1/2032
3.3
213
0.3
FED HM LN PC POOL SD1100 FR 05/52 FIXED 2.5
5/1/2052
2.5
209
0.3
Federal National Mortgage Association
7/1/2047
4.5
207
0.3
VANTAGE DATA CENTERS LLC VDC 2020 2A A2 144A
9/15/2045
2.0
207
0.3
Xcel Energy Inc.
6/1/2030
3.4
206
0.3
Verisk Analytics Inc.
5/15/2050
3.6
205
0.3
Federal National Mortgage Association
5/1/2046
4.5
200
0.3
U.S. Small Business Administration
8/1/2035
2.8
198
0.3
Federal Home Loan Mortgage Corp.
11/1/2043
3.0
198
0.3
UNITED AIR 2016 1 AA PTT PASS THRU CE 01/30 3.1
1/7/2030
3.1
197
0.3
FNMA POOL CA5969 FN 06/50 FIXED 2.5
6/1/2050
2.5
194
0.3
U.S. Small Business Administration
2/1/2038
3.2
194
0.3
Eversource Energy
10/1/2024
2.9
193
0.3
Canadian Pacific Railway Co.
9/15/2115
6.1
192
0.3
Federal Home Loan Mortgage Corp.
6/1/2050
2.0
190
0.3
Sabey Data Center Issuer LLC
4/20/2045
3.8
189
0.3
FNMA POOL CA5181 FN 02/50 FIXED 4.5
2/1/2050
4.5
187
0.2
Store Master Funding I-VII
10/20/2048
4.3
186
0.2
Lowe's Cos Inc.
4/15/2040
5.0
185
0.2
Commonspirit Health
10/1/2049
4.2
182
0.2
Schlumberger Holdings Corp.
5/17/2028
3.9
179
0.2
Freddie Mac Seasoned Credit Risk Transfer Trust
8/25/2058
3.5
177
0.2
SOUTHERN CO. GAS CAPITAL CO. GUAR 01/31 1.75
1/15/2031
1.8
177
0.2
PG+E WILDFIRE RECOVERY SR SECURED 06/39 4.722
6/1/2037
4.7
174
0.2
PG+E WILDFIRE RECOVERY SR SECURED 06/39 4.722
6/1/2037
4.7
174
0.2
SMALL BUSINESS ADMINISTRATION SBAP 2014 20K 1
11/1/2034
2.8
174
0.2
Stack Infrastructure Issuer LLC
10/25/2044
3.1
173
0.2
CVS Pass-Through Trust
1/10/2033
5.8
173
0.2
Federal Home Loan Mortgage Corp.
12/1/2046
3.0
169
0.2
AERCAP IRELAND CAP 10/28 3
10/29/2028
3.0
169
0.2
BANK BANK 2021 BN36 A5
9/15/2064
2.5
168
0.2
FNMA POOL BM6706 FN 12/36 FLOATING VAR
12/1/2036
1.0
168
0.2
FNMA POOL CA5986 FN 06/50 FIXED 2.5
6/1/2050
2.5
166
0.2
FED HM LN PC POOL 841089 FH 06/47 FLOATING VAR
6/1/2047
2.2
166
0.2
FREDDIE MAC SCRT SCRT 2020 3 MA
5/25/2060
2.0
163
0.2
WENDYS FUNDING LLC WEN 2021 1A A2I 144A
6/15/2051
2.4
163
0.2
Citigroup Inc.
5/1/2026
3.4
162
0.2
MASS MUTUAL LIFE INS CO SUBORDINATED 144A 12/52 5.672
12/1/2052
5.7
159
0.2
Freddie Mac Seasoned Credit Risk Transfer Trust
8/25/2059
2.5
155
0.2
Federal National Mortgage Association
2/1/2047
4.5
155
0.2
Metropolitan Water Reclamation District of Greater Chicago
12/1/2038
5.7
153
0.2
FNMA POOL CA6635 FN 08/50 FIXED 2.5
8/1/2050
2.5
152
0.2
Verizon Communications Inc.
8/10/2033
4.5
152
0.2
Federal National Mortgage Association
4/1/2045
4.0
151
0.2
Five Corners Funding Trust
11/15/2023
4.4
149
0.2
KKR Group Finance Co. III LLC
6/1/2044
5.1
148
0.2
Government National Mortgage Association
9/20/2041
4.0
147
0.2
Store Master Funding I-VII
11/20/2049
2.8
147
0.2
Northrop Grumman Corp.
5/1/2050
5.3
147
0.2
U.S. Small Business Administration
10/1/2037
2.9
145
0.2
GS Mortgage Backed Securities Trust
10/25/2050
3.0
145
0.2
DB MASTER FINANCE LLC DNKN 2021 1A A2I 144A
11/20/2051
2.0
144
0.2
NORTHERN STATES PWR MINN 1ST MORTGAGE 06/52 4.5
6/1/2052
4.5
144
0.2
Norfolk Southern Corp.
10/1/2041
4.8
143
0.2
Federal Home Loan Mortgage Corp.
3/1/2049
4.5
138
0.2
Freddie Mac Seasoned Credit Risk Transfer Trust
11/25/2059
2.0
138
0.2
DISCOVER FINANCIAL SVS SR UNSECURED 11/32 6.7
11/29/2032
6.7
138
0.2
Home Depot Inc.
4/15/2040
3.3
136
0.2
Toyota Motor Credit Corp. MTN
4/1/2030
3.4
134
0.2
Government National Mortgage Association
9/15/2046
4.0
133
0.2
Bank of America Corp. MTN
3/15/2050
4.3
129
0.2
Mass Mutual Life Insurance Co.
4/15/2050
3.4
125
0.2
CF Hippolyta Issuer LLC
7/15/2060
1.7
123
0.2
FIRSTKEY HOMES TRUST FKH 2022 SFR1 A 144A
5/17/2039
4.1
121
0.2
NAVIENT STUDENT LOAN TRUST NAVSL 2021 A A 144A
5/15/2069
0.8
120
0.2
LOWE S COS INC SR UNSECURED 04/53 5.625
4/15/2053
5.6
113
0.1
METLIFE SECURITIZATION TRUST MST 2020 INV1 A2A 144A
5/25/2050
2.5
112
0.1
Freddie Mac Seasoned Credit Risk Transfer Trust
5/25/2057
3.0
110
0.1
Government National Mortgage Association
8/15/2045
4.0
110
0.1
BOEING CO SR UNSECURED 05/50 5.805
5/1/2050
5.8
108
0.1
U.S. Small Business Administration
8/1/2037
2.8
104
0.1
BLACKSTONE HOLDINGS FINANCE CO. LLC
9/30/2050
2.8
101
0.1
PG+E WILDFIRE RECOVERY SR SECURED 06/32 3.594
6/1/2032
3.6
98
0.1
Federal Home Loan Mortgage Corp.
10/1/2046
3.0
97
0.1
GS MORTGAGE BACKED SECURITIES GSMBS 2020 PJ4 A2 144A
1/25/2051
3.0
94
0.1
Federal National Mortgage Association
6/1/2050
2.5
93
0.1
Government National Mortgage Association
2/20/2046
4.5
88
0.1
CVS Pass-Through Trust
1/10/2028
5.9
88
0.1
CIM TRUST CORP.
4/25/2050
2.5
78
0.1
AMAZON.COM INC SR UNSECURED 04/62 4.1
4/13/2062
4.1
76
0.1
MICHIGAN ST UNIV REVENUES MISHGR 08/22 FIXED 4.165
8/15/2122
4.2
74
0.1
US TREASURY N/B 08/40 1.125
8/15/2040
1.1
72
0.1
U.S. Small Business Administration
3/1/2032
2.5
71
0.1
Government National Mortgage Association
1/15/2042
4.5
68
0.1
LOWE S COS INC SR UNSECURED 04/46 3.7
4/15/2046
3.7
57
0.1
Exelon Corp.
4/15/2050
4.7
54
0.1
FREDDIE MAC SCRT SCRT 2017 2 MA
8/25/2056
3.0
54
0.1
KKR Group Finance Co. II LLC
2/1/2043
5.5
50
0.1
PSMC Trust
5/25/2050
3.0
49
0.1
JPMBB Commercial Mortgage Securities Trust
11/15/2048
2.8
1
0.0
Total
--
--
74,164
98.4
Cash and Other Assets Less Liabilities
--
--
--
1.6
Total Net Assets
--
--
--
100%
Sector Allocation
as of 12/31/2022
Economic Sector
Core Bond Fund %
Bloomberg US Aggregate Bond Index %
Securitized
44.6
29.9
Credit
32.4
27.5
Government
20.0
42.1
Municipal
2.2
0.6
Maturity Profile
as of 12/31/2022
Maturity
Core Bond Fund %
Bloomberg US Aggregate Bond Index %
0-1 yr
3.3
0.0
1-3 yr
15.5
22.0
3-5 yr
20.1
16.7
5-7 yr
14.1
16.6
7-10 yr
26.2
26.9
10-20 yr
12.3
7.0
20-30 yr
8.0
10.0
Over 30 yr
0.6
0.8
Duration
as of 12/31/2022
Duration
Core Bond Fund %
Bloomberg US Aggregate Bond Index %
0-1 yr
5.3
0.2
1-3 yr
15.8
23.8
3-5 yr
27.0
22.4
5-7 yr
25.7
26.7
7-10 yr
11.7
11.6
10-20 yr
14.5
15.0
20-30 yr
0.0
0.3
Over 30 yr
0.0
--
Investment Team
Income Research + Management
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 superior 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.
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 superior 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.
![Rachel Campbell]()
Rachel Campbell
Director of Securitized Research, Portfolio Manager
Ms. Campbell joined IR+M in 2009 and is a Portfolio Manager and the Director of Securitized Research. Prior to joining IR+M, she was a Junior Risk Analyst at Cypress Tree Investment Management. Ms. Campbell began her investment career in 2006.
Ms. Campbell joined IR+M in 2009 and is a Portfolio Manager and the Director of Securitized Research. Prior to joining IR+M, she was a Junior Risk Analyst at Cypress Tree Investment Management. Ms. Campbell began her investment career in 2006.
![William A. O’Malley, CFA]()
William A. O’Malley, CFA
Chief Executive Officer and Co-Chief Investment Officer
Mr. O’Malley joined IR+M in 1994 and is Chief Executive Officer and Co-Chief Investment Officer. Prior to joining IR+M, Mr. O’Malley was a Vice President at Wellington Management Company, LLP. Before joining Wellington, he worked at The Vanguard Group and in Morgan Stanley’s Fixed Income Division. Mr. O’Malley began his investment career in 1988.
Mr. O’Malley joined IR+M in 1994 and is Chief Executive Officer and Co-Chief Investment Officer. Prior to joining IR+M, Mr. O’Malley was a Vice President at Wellington Management Company, LLP. Before joining Wellington, he worked at The Vanguard Group and in Morgan Stanley’s Fixed Income Division. Mr. O’Malley began his investment career in 1988.
![James E. Gubitosi, CFA]()
James E. Gubitosi, CFA
Co-Chief Investment Officer
Mr. Gubitosi joined IR+M in 2007 and is Co-Chief Investment Officer. Prior to joining IR+M, he was a Senior Analyst at Financial Architects Partners. Mr. Gubitosi began his investment career in 2004.
Mr. Gubitosi joined IR+M in 2007 and is Co-Chief Investment Officer. Prior to joining IR+M, he was a Senior Analyst at Financial Architects Partners. Mr. Gubitosi began his investment career in 2004.
![Bill O’Neill, CFA]()
Bill O’Neill, CFA
Principal and Senior Portfolio Manager
Mr. O’Neill joined IR+M in 2004 and is a Principal and Senior Portfolio Manager. Prior to joining IR+M, he was a Trader at Investors Bank and Trust. Mr. O’Neill began his investment career in 2000.
Mr. O’Neill joined IR+M in 2004 and is a Principal and Senior Portfolio Manager. Prior to joining IR+M, he was a Trader at Investors Bank and Trust. Mr. O’Neill began his investment career in 2000.
![Jake Remley, CFA]()
Jake Remley, CFA
Principal and Senior Portfolio Manager
Mr. Remley joined IR+M in 2004 and is a Principal and Senior Portfolio Manager. Prior to joining IR+M, he was an associate with Lehman Brothers Holdings. Mr. Remley began his investment career in 2001.
Mr. Remley joined IR+M in 2004 and is a Principal and Senior Portfolio Manager. Prior to joining IR+M, he was an associate with Lehman Brothers Holdings. Mr. Remley began his investment career in 2001.
![Matt Walker, CFA]()
Matt Walker, CFA
Senior Portfolio Manager
Mr. Walker joined IR+M in 2007 and is a Senior Portfolio Manager. Prior to joining IR+M, he was a Fixed Income Operations Representative at State Street Corporation. Mr. Walker began his investment career in 2003.
Mr. Walker joined IR+M in 2007 and is a Senior Portfolio Manager. Prior to joining IR+M, he was a Fixed Income Operations Representative at State Street Corporation. Mr. Walker began his investment career in 2003.
![Rachel Campbell]()
Rachel Campbell
Director of Securitized Research, Portfolio Manager
Ms. Campbell joined IR+M in 2009 and is a Portfolio Manager and the Director of Securitized Research. Prior to joining IR+M, she was a Junior Risk Analyst at Cypress Tree Investment Management. Ms. Campbell began her investment career in 2006.
Ms. Campbell joined IR+M in 2009 and is a Portfolio Manager and the Director of Securitized Research. Prior to joining IR+M, she was a Junior Risk Analyst at Cypress Tree Investment Management. Ms. Campbell began her investment career in 2006.
![William A. O’Malley, CFA]()
William A. O’Malley, CFA
Chief Executive Officer and Co-Chief Investment Officer
Mr. O’Malley joined IR+M in 1994 and is Chief Executive Officer and Co-Chief Investment Officer. Prior to joining IR+M, Mr. O’Malley was a Vice President at Wellington Management Company, LLP. Before joining Wellington, he worked at The Vanguard Group and in Morgan Stanley’s Fixed Income Division. Mr. O’Malley began his investment career in 1988.
Mr. O’Malley joined IR+M in 1994 and is Chief Executive Officer and Co-Chief Investment Officer. Prior to joining IR+M, Mr. O’Malley was a Vice President at Wellington Management Company, LLP. Before joining Wellington, he worked at The Vanguard Group and in Morgan Stanley’s Fixed Income Division. Mr. O’Malley began his investment career in 1988.
Documents
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.
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.