Harbor Core Bond Fund (HACBX)
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Welcome
Aware, but not constrained. The bottom-up security selection process seeks to add value by rotating between sectors based on relative value. The portfolio managers are aware of the benchmark, but not constrained by it, and take the opportunities that the market offers. Purchase and sell decisions focus on fundamental credit analysis, security structure and price relative to other opportunities.
Disciplined approach. The team-oriented investment decision-making process is disciplined, repeatable, and based on a core foundation of bottom-up research. That process supports a duration- and curve-neutral portfolio.
Stable, experienced, and independent. IR+M is a privately-owned, independent, fixed income investment manager, with over 30 years of experience serving private and institutional clients. The investment team has experience managing through various credit cycles. All members of IR+M's Management Committee and senior portfolio managers have ownership in the firm and are dedicated to its success.
Related Products to Consider
Overview
Investment Team
As of 9/22/2023
As of 8/31/2023
“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.
5 Yr.
Since Inception
Net Expense Ratio
Gross Expense Ratio
Core Bond Fund
-0.86%
1.85%
-1.00%
-4.32%
0.70%
0.78%
0.34%
0.44%
Bloomberg US Aggregate Bond Index
-1.06%
1.37%
-1.19%
-4.41%
0.49%
0.57%
--
--
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
8/30/2023
8/31/2023
8/31/2023
0.00000
0.02858
0.00000
--
0.00000
--
0.02858
0.00000
8.77
7/28/2023
7/31/2023
7/31/2023
0.00000
0.02808
0.00000
--
0.00000
--
0.02808
0.00000
8.85
6/29/2023
6/30/2023
6/30/2023
0.00000
0.02717
0.00000
--
0.00000
--
0.02717
0.00000
8.88
5/30/2023
5/31/2023
5/31/2023
0.00000
0.03197
0.00000
--
0.00000
--
0.03197
0.00000
8.93
4/27/2023
4/28/2023
4/28/2023
0.00000
0.02542
0.00000
--
0.00000
--
0.02542
0.00000
9.06
3/30/2023
3/31/2023
3/31/2023
0.00000
0.02891
0.00000
--
0.00000
--
0.02891
0.00000
--
2/27/2023
2/28/2023
2/28/2023
0.00000
0.02317
0.00000
--
0.00000
--
0.02317
0.00000
--
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 6/30/2023
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
6,097
5.9
US TREASURY N/B 01/28 3.5
1/31/2028
3.5
4,841
4.6
US TREASURY N/B 08/52 3
8/15/2052
3.0
4,012
3.9
US TREASURY N/B 08/32 2.75
8/15/2032
2.8
1,266
1.2
US TREASURY N/B 02/42 2.375
2/15/2042
2.4
1,109
1.1
FNMA POOL FM5601 FN 01/49 FIXED VAR
1/1/2049
4.0
963
0.9
US TREASURY N/B 02/52 2.25
2/15/2052
2.3
928
0.9
FED HM LN PC POOL ZA1195 FR 05/42 FIXED 3.5
5/1/2042
3.5
916
0.9
FNMA POOL CA5181 FN 02/50 FIXED 4.5
2/1/2050
4.5
889
0.9
United Airlines Pass-Through Trust
10/11/2027
4.0
775
0.7
FEDERAL NATIONAL MORTGAGE ASSOCIATION
8/1/2050
2.0
774
0.7
GNMA II POOL 785283 G2 01/51 FIXED 2.5
1/20/2051
2.5
729
0.7
FED HM LN PC POOL SD1100 FR 05/52 FIXED 2.5
5/1/2052
2.5
714
0.7
FED HM LN PC POOL SD7548 FR 11/51 FIXED 2.5
11/1/2051
2.5
662
0.6
FED HM LN PC POOL SD0499 FR 08/50 FIXED 3
8/1/2050
3.0
659
0.6
FED HM LN PC POOL SD7543 FR 08/51 FIXED 2.5
8/1/2051
2.5
654
0.6
FNMA POOL FM3522 FN 02/35 FIXED VAR
2/1/2035
3.0
639
0.6
PENSKE TRUCK LEASING/PTL PENSKE TRUCK LEASING/PTL
5/1/2028
5.5
628
0.6
Morgan Stanley MTN
7/27/2026
3.1
623
0.6
New York State Urban Development Corp.
3/15/2039
5.8
581
0.6
FNMA POOL FS1590 FN 04/52 FIXED VAR
4/1/2052
2.5
580
0.6
FNMA POOL CB4337 FN 08/52 FIXED 4.5
8/1/2052
4.5
579
0.6
FNMA POOL FM8672 FN 11/46 FIXED VAR
11/1/2046
4.0
571
0.5
FNMA POOL BX0426 FN 11/52 FIXED 5.5
11/1/2052
5.5
568
0.5
MORGAN STANLEY BAML TRUST MSBAM 2015 C26 A5
10/15/2048
3.5
567
0.5
JPMorgan Chase & Co.
7/23/2029
4.2
557
0.5
CVS Pass-Through Trust
7/10/2031
8.4
538
0.5
PEACEHEALTH OBLIGATED GR SR UNSECURED 11/25 1.375
11/15/2025
1.4
532
0.5
FLORIDA POWER + LIGHT CO 1ST MORTGAGE 02/32 2.45
2/3/2032
2.5
530
0.5
FNMA POOL CB0671 FN 06/51 FIXED 2.5
6/1/2051
2.5
530
0.5
FNMA POOL BW0045 FN 07/52 FIXED 5
7/1/2052
5.0
530
0.5
PFS FINANCING CORP. PFSFC 2023 A A 144A
3/15/2028
0.0
523
0.5
SMALL BUSINESS ADMINISTRATION SBAP 2023 25C 1
3/1/2048
4.9
522
0.5
SMALL BUSINESS ADMINISTRATION SBIC 2023 10A 1
3/10/2033
5.2
521
0.5
AMERICAN TOWER TRUST I SR SECURED 144A 03/28 5.49
3/15/2028
5.5
515
0.5
DTE ENERGY CO SR UNSECURED 06/28 4.875
6/1/2028
4.9
515
0.5
U.S. Treasury Inflation Index Notes
1/15/2030
0.1
513
0.5
AT&T Inc.
6/12/2024
4.0
508
0.5
TACO BELL FUNDING, LLC BELL 2021 1A A2II 144A
8/25/2051
2.3
507
0.5
SALES TAX SECURITIZATION CORP STSGEN 01/40 FIXED 4.637
1/1/2040
4.6
507
0.5
HOME PARTNERS OF AMERICA TRUST HPA 2022 1 A 144A
4/17/2039
3.9
506
0.5
HEALTHPEAK PROPERTIES SR UNSECURED 07/26 3.25
7/15/2026
3.3
503
0.5
T MOBILE USA INC T MOBILE USA INC
7/15/2033
5.0
502
0.5
Liberty Mutual Group Inc.
2/1/2029
4.6
500
0.5
GS MORTGAGE SECURITIES TRUST GSMS 2016 GS3 A4
10/10/2049
2.9
499
0.5
FNMA POOL FS4050 FN 03/38 FIXED VAR
3/1/2038
1.0
497
0.5
FED HM LN PC POOL SB0811 FR 12/37 FIXED 4
12/1/2037
4.0
497
0.5
BANK OF AMERICA CORP SR UNSECURED 07/28 VAR
7/22/2028
4.9
496
0.5
CAPITAL ONE FINANCIAL CO SR UNSECURED 02/29 VAR
2/1/2029
5.5
492
0.5
Charter Communications Operating LLC / Charter Communications Operating Capital
10/23/2035
6.4
486
0.5
Sunoco Logistics Partners Operations LP
7/15/2026
3.9
480
0.5
UBS Group AG
4/15/2026
4.1
477
0.5
FNMA POOL BX0425 FN 11/52 FIXED 5.5
11/1/2052
5.5
476
0.5
FEDERAL REALTY INVESTMEN SR UNSECURED 02/26 1.25
2/15/2026
1.3
476
0.5
Lloyds Banking Group plc
2/5/2026
2.4
471
0.5
CREDIT SUISSE NEW YORK 01/25 7.95
1/9/2025
8.0
457
0.4
Government National Mortgage Association
6/20/2045
4.5
451
0.4
FNMA POOL MA3305 FN 03/48 FIXED 3.5
3/1/2048
3.5
449
0.4
FNMA POOL FS3669 FN 03/46 FIXED VAR
3/1/2046
4.0
445
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
442
0.4
MACQUARIE GROUP LTD SR UNSECURED 144A 01/27 VAR
1/12/2027
1.3
439
0.4
COMM MORTGAGE TRUST COMM 2014 UBS3 A3
6/10/2047
3.5
432
0.4
APTIV PLC / APTIV CORP COMPANY GUAR 03/32 3.25
3/1/2032
3.3
420
0.4
Progress Residential Trust
9/17/2036
2.3
419
0.4
NATIONAL SECS CLEARING SR UNSECURED 144A 05/28 5
5/30/2028
5.0
416
0.4
NXP BV/NXP FDG/NXP USA COMPANY GUAR 05/27 3.15
5/1/2027
3.1
413
0.4
ELEVANCE HEALTH INC SR UNSECURED 02/33 4.75
2/15/2033
4.8
413
0.4
NEW YORK CITY NY TRANSITIONAL NYCGEN 08/32 FIXED 3.95
8/1/2032
4.0
409
0.4
DOMINOS PIZZA MASTER ISSUER LL DPABS 2021 1A A2I 144A
4/25/2051
2.7
409
0.4
BX Commercial Mortgage Trust
10/15/2036
2.9
406
0.4
FNMA POOL FM4622 FN 07/50 FIXED VAR
7/1/2050
3.0
403
0.4
PSMC TRUST PSMC 2021 2 A3 144A
5/25/2051
2.5
402
0.4
FNMA POOL CA5624 FN 04/35 FIXED 2.5
4/1/2035
2.5
402
0.4
GA GLOBAL FUNDING TRUST SECURED 144A 04/25 3.85
4/11/2025
3.9
400
0.4
PROGRESS RESIDENTIAL TRUST PROG 2019 SFR4 A 144A
10/17/2036
2.7
396
0.4
FNMA POOL BW6309 FN 08/52 FIXED 5
8/1/2052
5.0
395
0.4
PNC FINANCIAL SERVICES SR UNSECURED 01/34 VAR
1/24/2034
5.1
393
0.4
BX TRUST BX 2021 VOLT A 144A
9/15/2036
0.8
390
0.4
AIA GROUP LTD SR UNSECURED 144A 04/29 3.6
4/9/2029
3.6
388
0.4
GENERAL MOTORS FINL CO SR UNSECURED 10/28 2.4
10/15/2028
2.4
385
0.4
SMALL BUSINESS ADMINISTRATION SBAP 2022 25E 1
5/1/2047
3.9
374
0.4
Air Lease Corp.
7/3/2023
3.9
374
0.4
BARCLAYS COMMERCIAL MORTGAGE S BBCMS 2022 C18 A5
12/15/2055
1.0
371
0.4
SMALL BUSINESS ADMINISTRATION SBAP 2022 25L 1
12/1/2047
4.7
369
0.4
FNMA POOL MA4305 FN 04/51 FIXED 2
4/1/2051
2.0
368
0.4
State of California
4/1/2034
7.5
366
0.4
SMALL BUSINESS ADMINISTRATION SBAP 2023 25A 1
1/1/2048
4.9
365
0.4
BANK OF AMERICA CREDIT CARD TR BACCT 2022 A2 A2
4/15/2028
5.0
364
0.4
MERCEDES BENZ AUTO RECEIVABLES MBART 2022 1 A4
2/15/2029
5.3
364
0.3
FNMA POOL FS1938 FN 02/52 FIXED VAR
2/1/2052
2.5
363
0.3
WELLS FARGO COMMERCIAL MORTGAG WFCM 2015 C31 A4
11/15/2048
3.7
359
0.3
BANK OF AMERICA CORP SR UNSECURED 10/32 VAR
10/20/2032
2.6
359
0.3
FNMA POOL FM5721 FN 12/40 FIXED VAR
12/1/2040
3.0
359
0.3
AMSR TRUST AMSR 2021 SFR3 A 144A
10/17/2038
1.5
358
0.3
SMALL BUSINESS ADMINISTRATION SBAP 2022 25K 1
11/1/2047
5.1
354
0.3
FNMA POOL MA4208 FN 12/50 FIXED 2
12/1/2050
2.0
354
0.3
FED HM LN PC POOL SD0232 FR 01/50 FIXED 3
1/1/2050
3.0
354
0.3
COMM MORTGAGE TRUST COMM 2016 COR1 A3
10/10/2049
2.8
353
0.3
FNMA POOL CB2857 FN 02/52 FIXED 2.5
2/1/2052
2.5
352
0.3
FNMA POOL BP0661 FN 03/35 FIXED 2.5
3/1/2035
2.5
351
0.3
BOEING CO. SR UNSECURED 05/30 5.15
5/1/2030
5.2
346
0.3
FNMA POOL FM4765 FN 11/50 FIXED VAR
11/1/2050
2.0
345
0.3
FNMA POOL FS1511 FN 07/50 FIXED VAR
7/1/2050
5.0
345
0.3
Wendy's Funding LLC
6/15/2049
3.8
345
0.3
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide Inc.
2/1/2046
4.9
342
0.3
PALMER SQUARE LOAN FUNDING LTD PSTAT 2022 2A A1 144A
10/15/2030
0.0
340
0.3
ALIGNED DATA CENTERS ISSUER LL ADC 2021 1A A2 144A
8/15/2046
1.9
337
0.3
FED HM LN PC POOL QF1983 FR 10/52 FIXED 5
10/1/2052
5.0
332
0.3
BENCHMARK MORTGAGE TRUST 06/54 2.391
6/15/2054
2.4
331
0.3
BAE Systems Holdings Inc.
4/15/2030
3.4
327
0.3
FNMA POOL FS2764 FN 07/35 FIXED VAR
7/1/2035
3.0
326
0.3
FIRSTKEY HOMES 2020 SFR1 TRUST FKH 2021 SFR1 A 144A
8/17/2038
1.5
325
0.3
NEXTGEAR FLOORPLAN MASTER OWNE NFMOT 2023 1A A2 144A
3/15/2028
5.7
323
0.3
FED HM LN PC POOL G08737 FG 12/46 FIXED 3
12/1/2046
3.0
322
0.3
FIRSTKEY HOMES 2020 SFR1 TRUST FKH 2020 SFR2 A 144A
10/19/2037
1.3
322
0.3
AMAZON.COM INC SR UNSECURED 04/62 4.1
4/13/2062
4.1
320
0.3
AMERICAN EXPRESS CO SR UNSECURED 05/34 VAR
5/1/2034
5.0
315
0.3
COX COMMUNICATIONS INC.
10/1/2030
1.8
315
0.3
DUKE ENERGY FLORIDA LLC 1ST MORTGAGE 07/28 3.8
7/15/2028
3.8
314
0.3
CIFC FUNDING LTD CIFC 2018 3A A 144A
7/18/2031
6.4
311
0.3
ORACLE CORP SR UNSECURED 03/26 1.65
3/25/2026
1.6
309
0.3
MET LIFE GLOB FUNDING I SR SECURED 144A 03/29 3.3
3/21/2029
3.3
307
0.3
BANK OF NY MELLON CORP SR UNSECURED 10/28 VAR
10/25/2028
5.8
306
0.3
TORONTO DOMINION BANK SR UNSECURED 01/27 1.95
1/12/2027
1.9
306
0.3
DOMINION ENERGY INC SR UNSECURED 08/33 5.25
8/1/2033
5.3
306
0.3
MITSUBISHI UFJ FIN GRP SR UNSECURED 07/28 VAR
7/20/2028
5.0
304
0.3
FNMA POOL FM5767 FN 09/49 FIXED VAR
9/1/2049
1.0
304
0.3
FNMA POOL CA6738 FN 08/50 FIXED 3
8/1/2050
3.0
304
0.3
BARCLAYS PLC SR UNSECURED 08/26 5.304
8/9/2026
5.3
303
0.3
Cigna Corp.
3/1/2027
3.4
302
0.3
Delta Air Lines Pass-Through Trust
1/30/2029
3.6
301
0.3
SMALL BUSINESS ADMINISTRATION SBAP 2023 25B 1
2/1/2048
4.6
301
0.3
FED HM LN PC POOL ZS7930 FR 01/33 FIXED 3
1/1/2033
3.0
300
0.3
PG+E WILDFIRE RECOVERY SR SECURED 06/33 4.022
6/1/2033
4.0
297
0.3
FNMA POOL CA6097 FN 06/50 FIXED 3.5
6/1/2050
3.5
297
0.3
OAK STREET INVESTMENT GRADE NE OAKIG 2020 1A A1 144A
11/20/2050
1.9
296
0.3
Equitable Financial Life Global Funding
7/7/2025
1.4
296
0.3
Tricon American Homes Trust
7/17/2038
1.5
295
0.3
ABBVIE INC.
5/14/2035
4.5
295
0.3
DISCOVER CARD EXECUTION NOTE T DCENT 2022 A4 A
10/15/2027
4.6
290
0.3
Berkshire Hathaway Energy Co.
4/1/2036
6.1
287
0.3
Goldman Sachs Group Inc.
3/15/2030
3.8
279
0.3
GM FINANCIAL SECURITIZED TERM GMCAR 2022 3 A4
12/16/2027
3.7
278
0.3
SOUTHERN CO SR UNSECURED 07/36 4.25
7/1/2036
4.3
275
0.3
U.S. Small Business Administration
7/1/2038
3.5
269
0.3
Morgan Stanley
4/1/2031
3.6
266
0.3
US TREASURY N/B 01/25 4.125
1/31/2025
4.1
264
0.3
FLAGSTAR MORTGAGE TRUST FSMT 2021 8INV A3 144A
9/25/2051
2.5
263
0.3
Citigroup Inc.
3/31/2031
4.4
262
0.3
ORACLE CORP SR UNSECURED 03/51 3.95
3/25/2051
4.0
260
0.2
BROADCOM INC. CO.
9/15/2028
4.1
257
0.2
FED HM LN PC POOL SD0558 FR 03/51 FIXED 2.5
3/1/2051
2.5
254
0.2
Occidental Petroleum Corp.
10/10/2036
0.0
252
0.2
NXP BV/NXP FDG/NXP USA COMPANY GUAR 05/25 2.7
5/1/2025
2.7
251
0.2
FNMA POOL BR5632 FN 03/51 FIXED 2
3/1/2051
2.0
251
0.2
MORGAN STANLEY BAML TRUST MSBAM 2015 C25 A4
10/15/2048
3.4
247
0.2
FED HM LN PC POOL QF4936 FR 12/52 FIXED 5.5
12/1/2052
5.5
245
0.2
FNMA POOL FM6497 FN 03/51 FIXED VAR
3/1/2051
2.0
244
0.2
US TREASURY N/B 05/43 3.875
5/15/2043
3.9
244
0.2
Air Canada Pass-Through Trust
9/15/2028
3.6
240
0.2
JPMorgan Chase & Co.
3/24/2031
4.5
240
0.2
NAVIENT STUDENT LOAN TRUST NAVSL 2021 BA A 144A
7/15/2069
0.9
240
0.2
FNMA POOL BJ4564 FN 01/48 FIXED 4
1/1/2048
4.0
239
0.2
FNMA POOL FM9728 FN 11/51 FIXED VAR
11/1/2051
2.5
237
0.2
Blackstone Holdings Finance Co. LLC
9/10/2049
3.5
237
0.2
FREDDIE MAC SCRT SCRT 2021 3 MA
3/25/2061
2.0
236
0.2
ROGERS COMMUNICATIONS IN COMPANY GUAR 10/43 5.45
10/1/2043
5.5
236
0.2
Ford Credit Auto Owner Trust
8/15/2031
2.0
235
0.2
SBA TOWER TRUST ASSET BACKED 144A 11/52 6.559
1/15/2028
6.6
234
0.2
Lincoln National Corp.
1/15/2031
3.4
233
0.2
Ryder System Inc. MTN
3/18/2024
3.6
233
0.2
Aquarion Co.
8/15/2024
4.0
233
0.2
FNMA POOL FM8922 FN 09/50 FIXED VAR
9/1/2050
4.5
230
0.2
Fresb Mortgage Trust
2/25/2039
2.5
229
0.2
Lockheed Martin Corp.
5/15/2046
4.7
226
0.2
Government National Mortgage Association
8/20/2047
4.5
226
0.2
Exelon Corp.
6/15/2045
5.1
225
0.2
DIGITAL REALTY TRUST LP COMPANY GUAR 07/29 3.6
7/1/2029
3.6
225
0.2
PFS FINANCING CORP. PFSFC 2022 D A 144A
8/15/2027
4.3
225
0.2
HSBC HOLDINGS PLC SR UNSECURED 11/28 VAR
11/3/2028
7.4
224
0.2
Citigroup Inc.
10/27/2028
3.5
222
0.2
WASTE MANAGEMENT INC COMPANY GUAR 04/32 4.15
4/15/2032
4.2
219
0.2
ALEXANDRIA REAL ESTATE E COMPANY GUAR 05/32 2
5/18/2032
2.0
219
0.2
Verisk Analytics Inc.
5/15/2050
3.6
217
0.2
HOME PARTNERS OF AMERICA TRUST HPA 2020 2 A 144A
1/17/2041
1.5
217
0.2
Federal Home Loan Mortgage Corp.
2/1/2046
4.0
217
0.2
Southern Co.
7/1/2026
3.3
216
0.2
AT&T Inc.
6/1/2027
2.3
216
0.2
MOODY S CORPORATION SR UNSECURED 05/50 3.25
5/20/2050
3.3
215
0.2
FREDDIE MAC SCRT SCRT 2021 1 MA
9/25/2060
2.0
212
0.2
Commercial Mortgage Pass-Through Certificates
12/10/2047
3.5
212
0.2
VANTAGE DATA CENTERS LLC VDC 2020 2A A2 144A
9/15/2045
2.0
212
0.2
FNMA POOL FM4330 FN 10/50 FIXED VAR
10/1/2050
2.5
211
0.2
FNMA POOL CA0623 FN 10/47 FIXED 4.5
10/1/2047
4.5
210
0.2
FNMA POOL FM7321 FN 04/49 FIXED VAR
4/1/2049
4.0
205
0.2
Xcel Energy Inc.
6/1/2030
3.4
205
0.2
Canadian Pacific Railway Co.
9/15/2115
6.1
197
0.2
Federal National Mortgage Association
7/1/2047
4.5
194
0.2
Eversource Energy
10/1/2024
2.9
193
0.2
Federal National Mortgage Association
5/1/2046
4.5
191
0.2
Sabey Data Center Issuer LLC
4/20/2045
3.8
191
0.2
UNITED AIR 2016 1 AA PTT PASS THRU CE 01/30 3.1
1/7/2030
3.1
190
0.2
Federal Home Loan Mortgage Corp.
11/1/2043
3.0
190
0.2
RYDER SYSTEM INC SR UNSECURED 06/28 5.25
6/1/2028
5.3
189
0.2
Commonspirit Health
10/1/2049
4.2
188
0.2
Lowe's Cos Inc.
4/15/2040
5.0
187
0.2
Store Master Funding I-VII
10/20/2048
4.3
186
0.2
FNMA POOL CA5969 FN 06/50 FIXED 2.5
6/1/2050
2.5
186
0.2
Federal Home Loan Mortgage Corp.
6/1/2050
2.0
186
0.2
US TREASURY N/B 05/53 3.625
5/15/2053
3.6
183
0.2
Schlumberger Holdings Corp.
5/17/2028
3.9
181
0.2
SOUTHERN CO. GAS CAPITAL CO. GUAR 01/31 1.75
1/15/2031
1.8
181
0.2
U.S. Small Business Administration
8/1/2035
2.8
179
0.2
PG+E WILDFIRE RECOVERY SR SECURED 06/39 4.722
6/1/2037
4.7
178
0.2
PG+E WILDFIRE RECOVERY SR SECURED 06/39 4.722
6/1/2037
4.7
178
0.2
Stack Infrastructure Issuer LLC
10/25/2044
3.1
176
0.2
AERCAP IRELAND CAP 10/28 3
10/29/2028
3.0
174
0.2
U.S. Small Business Administration
2/1/2038
3.2
170
0.2
WENDYS FUNDING LLC WEN 2021 1A A2I 144A
6/15/2051
2.4
166
0.2
SMALL BUSINESS ADMINISTRATION SBAP 2014 20K 1
11/1/2034
2.8
165
0.2
Freddie Mac Seasoned Credit Risk Transfer Trust
8/25/2058
3.5
165
0.2
CARLISLE COS INC SR UNSECURED 03/30 2.75
3/1/2030
2.8
165
0.2
CVS Pass-Through Trust
1/10/2033
5.8
164
0.2
BERKSHIRE HATHAWAY FIN COMPANY GUAR 03/52 3.85
3/15/2052
3.9
164
0.2
MASS MUTUAL LIFE INS CO SUBORDINATED 144A 12/52 5.672
12/1/2052
5.7
163
0.2
Federal Home Loan Mortgage Corp.
12/1/2046
3.0
163
0.2
Citigroup Inc.
5/1/2026
3.4
163
0.2
FNMA POOL BM6706 FN 12/36 FLOATING VAR
12/1/2036
1.0
156
0.2
FNMA POOL CA5986 FN 06/50 FIXED 2.5
6/1/2050
2.5
156
0.1
Metropolitan Water Reclamation District of Greater Chicago
12/1/2038
5.7
155
0.1
Verizon Communications Inc.
8/10/2033
4.5
153
0.1
FREDDIE MAC SCRT SCRT 2020 3 MA
5/25/2060
2.0
152
0.1
Northrop Grumman Corp.
5/1/2050
5.3
151
0.1
Five Corners Funding Trust
11/15/2023
4.4
148
0.1
KKR Group Finance Co. III LLC
6/1/2044
5.1
147
0.1
Store Master Funding I-VII
11/20/2049
2.8
147
0.1
FNMA POOL CA6635 FN 08/50 FIXED 2.5
8/1/2050
2.5
147
0.1
DB MASTER FINANCE LLC DNKN 2021 1A A2I 144A
11/20/2051
2.0
146
0.1
Federal National Mortgage Association
2/1/2047
4.5
146
0.1
FED HM LN PC POOL 841089 FH 06/47 FLOATING VAR
6/1/2047
2.2
146
0.1
Freddie Mac Seasoned Credit Risk Transfer Trust
8/25/2059
2.5
145
0.1
Norfolk Southern Corp.
10/1/2041
4.8
144
0.1
NORTHERN STATES PWR MINN 1ST MORTGAGE 06/52 4.5
6/1/2052
4.5
143
0.1
Government National Mortgage Association
9/20/2041
4.0
140
0.1
Federal National Mortgage Association
4/1/2045
4.0
140
0.1
DISCOVER FINANCIAL SVS SR UNSECURED 11/32 6.7
11/29/2032
6.7
139
0.1
GS Mortgage Backed Securities Trust
10/25/2050
3.0
139
0.1
Home Depot Inc.
4/15/2040
3.3
138
0.1
U.S. Small Business Administration
10/1/2037
2.9
138
0.1
Toyota Motor Credit Corp. MTN
4/1/2030
3.4
135
0.1
Federal Home Loan Mortgage Corp.
3/1/2049
4.5
131
0.1
Mass Mutual Life Insurance Co.
4/15/2050
3.4
129
0.1
Freddie Mac Seasoned Credit Risk Transfer Trust
11/25/2059
2.0
129
0.1
Government National Mortgage Association
9/15/2046
4.0
129
0.1
WARNERMEDIA HOLDINGS INC COMPANY GUAR 03/52 5.141
3/15/2052
5.1
126
0.1
CF Hippolyta Issuer LLC
7/15/2060
1.7
122
0.1
LOWE S COS INC SR UNSECURED 04/53 5.625
4/15/2053
5.6
117
0.1
BOEING CO SR UNSECURED 05/50 5.805
5/1/2050
5.8
116
0.1
NAVIENT STUDENT LOAN TRUST NAVSL 2021 A A 144A
5/15/2069
0.8
109
0.1
ALEXANDRIA REAL ESTATE E COMPANY GUAR 04/35 4.75
4/15/2035
4.8
107
0.1
Government National Mortgage Association
8/15/2045
4.0
103
0.1
METLIFE SECURITIZATION TRUST MST 2020 INV1 A2A 144A
5/25/2050
2.5
103
0.1
Freddie Mac Seasoned Credit Risk Transfer Trust
5/25/2057
3.0
103
0.1
Bank of America Corp. MTN
3/15/2050
4.3
100
0.1
BLACKSTONE HOLDINGS FINANCE CO. LLC
9/30/2050
2.8
99
0.1
U.S. Small Business Administration
8/1/2037
2.8
95
0.1
Federal Home Loan Mortgage Corp.
10/1/2046
3.0
93
0.1
PG+E WILDFIRE RECOVERY SR SECURED 06/32 3.594
6/1/2032
3.6
92
0.1
GS MORTGAGE BACKED SECURITIES GSMBS 2020 PJ4 A2 144A
1/25/2051
3.0
91
0.1
Federal National Mortgage Association
6/1/2050
2.5
89
0.1
Government National Mortgage Association
2/20/2046
4.5
82
0.1
CVS Pass-Through Trust
1/10/2028
5.9
80
0.1
MICHIGAN ST UNIV REVENUES MISHGR 08/22 FIXED 4.165
8/15/2122
4.2
66
0.1
U.S. Small Business Administration
3/1/2032
2.5
65
0.1
Government National Mortgage Association
1/15/2042
4.5
64
0.1
LOWE S COS INC SR UNSECURED 04/46 3.7
4/15/2046
3.7
59
0.1
Exelon Corp.
4/15/2050
4.7
55
0.1
FREDDIE MAC SCRT SCRT 2017 2 MA
8/25/2056
3.0
51
0.0
KKR Group Finance Co. II LLC
2/1/2043
5.5
49
0.0
PSMC Trust
5/25/2050
3.0
48
0.0
Total
--
--
102,146
97.6
Cash and Other Assets Less Liabilities
--
--
--
2.4
Total Net Assets
--
--
--
100%
Sector Allocation
As of 6/30/2023
Core Bond Fund (HCBRX)
Bloomberg US Aggregate Bond Index
Securitized
HCBRX: 42.1%
Benchmark: 29.1%
Credit
HCBRX: 31.4%
Benchmark: 28.1%
Government
HCBRX: 23.5%
Benchmark: 42.1%
Municipal
HCBRX: 2.0%
Benchmark: 0.6%
HCBRX: Core Bond Fund
Benchmark: Bloomberg US Aggregate Bond Index
Maturity Profile
As of 6/30/2023
Maturity
Core Bond Fund %
Bloomberg US Aggregate Bond Index %
0-1 yr
4.3
0.0
1-3 yr
13.8
22.0
3-5 yr
19.0
17.5
5-7 yr
18.6
14.6
7-10 yr
22.5
24.8
10-20 yr
12.6
9.9
20-30 yr
8.6
10.3
Over 30 yr
0.6
0.8
Duration
As of 6/30/2023
Duration
Core Bond Fund %
Bloomberg US Aggregate Bond Index %
0-1 yr
5.4
0.2
1-3 yr
18.2
23.5
3-5 yr
27.7
22.1
5-7 yr
19.3
21.0
7-10 yr
12.4
17.1
10-20 yr
17.1
15.9
20-30 yr
0.0
0.3
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.
Documents
Name
Date
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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