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Pro-Mix® Conservative Term CIT
Pro-Mix® Conservative Term CIT
Pro-Mix® Conservative Term CIT
Pro-Mix® Extended Term CIT
Pro-Mix® Maximum Term CIT
Pro-Mix® Moderate Term CIT
Retirement Target 2015 CIT
Retirement Target 2020 CIT
Retirement Target 2025 CIT
Retirement Target 2030 CIT
Retirement Target 2035 CIT
Retirement Target 2040 CIT
Retirement Target 2045 CIT
Retirement Target 2050 CIT
Retirement Target 2055 CIT
Retirement Target 2060 CIT
Retirement Target Income CIT
Investment Objective
To provide capital preservation, with income and capital growth as secondary objectives.
Investment Strategy
The portfolio is invested in a conservative mix of securities that seeks stability with some growth and income potential. Holdings are diversified primarily among fixed income securities, typically focusing on short to intermediate-term maturities. Stock investments may be focused on dividend paying securities in pursuit of growth opportunities and income generation.
The fund manager will adjust the investment mix over time to manage risk by continually evaluating individual securities and market conditions to determine the relative attractiveness of each investment. In general, stock exposure will increase when valuations are low and decrease during speculative markets.
May be Appropriate for Investors
- Who seek to minimize declines in account value with the potential for modest growth and income generation
- Who want to assume a minimal amount of capital risk through limited stock exposure
About Our Risk-Based Funds
Risk-based funds offer professional management and asset allocation through a choice of investment objectives that range from fairly aggressive to fairly conservative. All an investor has to do is determine which objective best suits his or her current risk tolerance and investment time horizon, then decide when to move to a different objective as his or her personal situation changes over the years.
Time Horizon & Range of Stock Exposure
| Conservative Term | Moderate Term | Extended Term | Maximum Term |
| 0-5 Years | 3-10 Years | 7-20 Years | 15+ Years |
| 15-45% | 20-60% | 40-70% | 70-95% |
Generally, the longer your time horizon, the more aggressive your investment objective can be. Greater stock exposure is typically associated with higher return potential and higher capital risk.
Daily Price
$30.91
Daily $ Change
$0.12
Daily % Change
0.39%
as of 07/02/2020
CUSIP
563821149
Inception Date
01/01/2000
This fund is only available for use within certain qualified employee benefit plans.
Important Documents
| Annual Report | |
| Applications & Forms |
Performance
As of 05/31/2020
YTD
1.63%
1 Year
8.09%
3 Year
5.18%
5 Year
4.08%
10 Year
5.11%
Inception
(01/01/2000)
5.61%
US Stock Market Cycle (04/01/2000 - 05/31/2020)
5.56%
Returns are net of Pro-Mix® CIT Class S expenses. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.
Expense Ratio
| Gross | 0.87% |
| Net | 0.85%* |
*Reflects the Trustee’s contractual agreement to limit fees and voluntary agreement to reimburse certain expenses.
Top Ten Investments
As of 05/31/2020
| TREASURY NOTES | 9.23% |
| GOVERNMENT AGENCY | 8.09% |
| TSY INFL IX N/B 2.00000 01/15/2026 | 3.01% |
| TSY INFL IX N/B 0.50000 04/15/2024 | 1.97% |
| EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 | 1.52% |
| TREASURY BONDS | 1.47% |
| VERIZON COMMUNICATIONS 5.25000 03/16/2037 | 1.29% |
| BOOKING HOLDINGS INC 3.60000 06/01/2026 | 1.22% |
| ALIBABA GROUP HOLDING 3.40000 12/06/2027 | 1.21% |
| AMERICAN TOWER CORP 3.80000 08/15/2029 | 1.13% |
This investment list is unaudited and excludes cash.
Asset Allocation
As of 05/31/2020
| Bonds | 68.54% |
| Stocks | 29.49% |
| Cash | 1.97% |
Detailed Asset Class Allocation
As of 05/31/2020
| International Equities | 6.18% |
| Small Capitalization | 0.12% |
| Mid Capitalization | 1.54% |
| Large Capitalization | 21.64% |
| Long Term Fixed Income | 19.92% |
| Intermediate Term Fixed Income | 41.20% |
| Short Term Fixed Income | 7.43% |
| Cash | 1.97% |
Due to rounding, the sum of the detailed asset class allocation categories may not equal the asset allocation totals provided above.
May Fund Holdings
As of 05/31/2020
| CUSIP | Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|---|
| 00101JAK2 | ADT SEC CORP 6.25000 10/15/2021 | US | 15,000 | $15,511.95 | |
| 00206RDQ2 | AT&T INC 4.25000 03/01/2027 | US | 310,000 | $347,940.63 | |
| 00287Y109 | ABBVIE INC | US | ABBV | 2,945 | $272,913.15 |
| 004239109 | ACADIA REALTY TRUST | US | AKR | 1,075 | $12,609.75 |
| 00507V109 | ACTIVISION INC | US | ATVI | 3,550 | $255,529.00 |
| 00774MAG0 | AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 | IE | 970,000 | $835,594.80 | |
| 00791GAA5 | AG MERGER SUB II INC 10.75000 08/01/2027 | US | 15,000 | $13,500.00 | |
| 008492100 | AGREE REALTY CORP | US | ADC | 430 | $26,991.10 |
| 00912XAV6 | AIR LEASE CORP 3.62500 04/01/2027 | US | 400,000 | $351,026.51 | |
| 00912XBA1 | AIR LEASE CORP 3.25000 03/01/2025 | US | 25,000 | $22,878.57 | |
| 013822AC5 | ALCOA NEDERLAND HOLDING 6.12500 05/15/2028 | NL | 35,000 | $34,137.95 | |
| 015271109 | ALEXANDRIA REAL EST EQUITIES | US | ARE | 225 | $34,587.00 |
| 01609W102 | ALIBABA GROUP - ADR | CN | BABA | 930 | $192,872.70 |
| 01609WAT9 | ALIBABA GROUP HOLDING 3.40000 12/06/2027 | KY | 1,120,000 | $1,242,799.16 | |
| 02079K107 | ALPHABET INC-CL C | US | GOOG | 70 | $100,024.40 |
| 02079K305 | ALPHABET INC-CL A | US | GOOGL | 380 | $544,737.60 |
| 02154CAE3 | ALTICE FINANCING SA 7.50000 05/15/2026 | LU | 20,000 | $21,057.40 | |
| 023135106 | AMAZON.COM INC | US | AMZN | 240 | $586,168.80 |
| 0237400 | DIAGEO PLC | GB | DGE LN | 5,460 | $190,498.03 |
| 024835100 | AMERICAN CAMPUS COMMUNITIES | US | ACC | 1,412 | $45,607.60 |
| 02665T306 | AMERICAN HOMES 4 RENT- A | US | AMH | 2,190 | $55,275.60 |
| 03019LAA4 | AMERICAN TANKER INC 9.25000 02/22/2022 | US | 45,000 | $44,897.74 | |
| 03027X100 | AMERICAN TOWER REIT INC | US | AMT | 970 | $250,424.90 |
| 03027XAW0 | AMERICAN TOWER CORP 3.80000 08/15/2029 | US | 1,040,000 | $1,165,808.79 | |
| 03063NAA5 | AMERICOLD LLC TRUST 3.84730 01/14/2029 | US | 9,560.42 | $9,587.31 | |
| 03064D108 | AMERICOLD REALTY TRUST | US | COLD | 1,585 | $56,600.35 |
| 03674XAJ5 | ANTERO RESOURCES CORP 5.00000 03/01/2025 | US | 25,000 | $14,000.00 | |
| 03690AAD8 | ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 | US | 50,000 | $39,375.00 | |
| 03690AAF3 | ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 | US | 45,000 | $35,181.00 | |
| 03748R754 | APARTMENT INVT & MGMT CO -A | US | AIV | 989 | $36,464.43 |
| 053015103 | AUTOMATIC DATA PROCESSING | US | ADP | 753 | $110,306.97 |
| 053484101 | AVALONBAY COMMUNITIES INC | US | AVB | 465 | $72,544.65 |
| 05401AAJ0 | AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 | KY | 420,000 | $322,955.94 | |
| 060505104 | BANK OF AMERICA CORP | US | BAC | 12,655 | $305,238.60 |
| 06051GFM6 | BANK OF AMERICA CORP 4.00000 01/22/2025 | US | 490,000 | $535,197.28 | |
| 084670702 | BERKSHIRE HATHAWAY INC-CL B | US | BRK/B | 2,060 | $382,294.80 |
| 09061G101 | BIOMARIN PHARMACEUTICAL INC | US | BMRN | 2,570 | $273,833.50 |
| 09857L108 | BOOKING HOLDINGS INC | US | BKNG | 110 | $180,336.20 |
| 101121101 | BOSTON PROPERTIES INC | US | BXP | 162 | $13,928.76 |
| 105368203 | BRANDYWINE REALTY TRUST | US | BDN | 2,580 | $24,897.00 |
| 110122108 | BRISTOL MYERS SQUIBB CO | US | BMY | 4,529 | $270,471.88 |
| 11680JAA0 | BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 | US | 130,000 | $1,300.00 | |
| 1248EPCE1 | CCO HLDGS LLC/CAP CORP 4.50000 08/15/2030 | US | 20,000 | $20,750.00 | |
| 12503M108 | CBOE GLOBAL MARKETS INC | US | CBOE | 3,360 | $357,705.60 |
| 12555DAA3 | CIM 2019-INV1 A1 4.00000 02/25/2049 | US | 130,337.6 | $133,261.66 | |
| 12572Q105 | CME GROUP INC | US | CME | 1,080 | $197,208.00 |
| 12646XAH5 | CSMC 2013-IVR3 A1 2.50000 05/25/2043 | US | 365,098.52 | $371,265.73 | |
| 12653CAC2 | CNX RESOURCES CORP 7.25000 03/14/2027 | US | 15,000 | $14,175.00 | |
| 12654TAA8 | CNX MIDSTREAM PTR/CNX 6.50000 03/15/2026 | US | 15,000 | $13,537.50 | |
| 127097103 | CABOT OIL & GAS CORP | US | COG | 24,870 | $493,420.80 |
| 131477AT8 | CALUMET SPECIALTY PROD 11.00000 04/15/2025 | US | 20,000 | $18,200.00 | |
| 133131102 | CAMDEN PROPERTY TRUST | US | CPT | 700 | $64,099.00 |
| 133131AZ5 | CAMDEN PROPERTY TRUST 2.80000 05/15/2030 | US | 750,000 | $785,642.99 | |
| 136375102 | CANADIAN NATIONAL RAILWAY CO | CA | CNI | 1,314 | $113,056.56 |
| 14180LAA4 | CARGO AIRCRAFT MANAGEMENT 4.75000 02/01/2028 | US | 30,000 | $29,966.70 | |
| 143905AN7 | CARRIAGE SERVICES INC 6.62500 06/01/2026 | US | 20,000 | $20,900.00 | |
| 149123101 | CATERPILLAR INC | US | CAT | 1,322 | $158,811.86 |
| 14980AAA0 | CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 | US | 176,481.76 | $174,742.07 | |
| 16119P108 | CHARTER COMMUNICATIONS INC-A | US | CHTR | 240 | $130,560.00 |
| 16411QAD3 | CHENIERE ENERGY PARTNERS 5.62500 10/01/2026 | US | 45,000 | $45,801.00 | |
| 165183AL8 | CFII 2017-2A A1 1.99000 05/15/2029 | US | 208,271.85 | $208,934.90 | |
| 166764100 | CHEVRON CORP | US | CVX | 875 | $80,237.50 |
| 17275R102 | CISCO SYSTEMS INC | US | CSCO | 7,367 | $352,289.94 |
| 172967424 | CITIGROUP INC | US | C | 3,798 | $181,962.18 |
| 172967KA8 | CITIGROUP INCA 4.45000 09/29/2027 | US | 860,000 | $957,489.62 | |
| 191216100 | COCA COLA CO/THE | US | KO | 11,620 | $542,421.60 |
| 194162103 | COLGATE-PALMOLIVE CO | US | CL | 2,452 | $177,353.16 |
| 20030N101 | COMCAST CORP-CL A | US | CMCSA | 5,724 | $226,670.40 |
| 20030NCY5 | COMCAST CORP 3.25000 11/01/2039 | US | 780,000 | $854,618.05 | |
| 20268CAA6 | CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 | US | 430,523.97 | $444,213.00 | |
| 20369C106 | COMMUNITY HEALTHCARE TRUST I | US | CHCT | 760 | $27,679.20 |
| 20451NAG6 | COMPASS MINERALS INTERNA 6.75000 12/01/2027 | US | 20,000 | $21,029.40 | |
| 20605P101 | CONCHO RESOURCES INC | US | CXO | 1,720 | $93,774.40 |
| 20825C104 | CONOCOPHILLIPS | US | COP | 3,490 | $147,208.20 |
| 217204106 | COPART INC | US | CPRT | 2,190 | $195,764.10 |
| 21870Q105 | CORESITE REALTY CORP | US | COR | 145 | $18,098.90 |
| 222795502 | COUSINS PROPERTIES INC | US | CUZ | 2,004 | $62,364.48 |
| 22534GAA1 | CAALT 2020-1A 2.01000 02/15/2029 | US | 440,000 | $436,591.19 | |
| 22822V101 | CROWN CASTLE INTL CORP | US | CCI | 310 | $53,369.60 |
| 22822VAN1 | CROWN CASTLE INTL CORP 3.10000 11/15/2029 | US | 820,000 | $864,817.79 | |
| 22822VAR2 | CROWN CASTLE INTL CORP 3.30000 07/01/2030 | US | 260,000 | $280,326.34 | |
| 22944PAA5 | CSMC 2013-TH1 A1 2.13000 02/25/2043 | US | 261,346.2 | $264,359.97 | |
| 247361ZN1 | DELTA AIR LINES INC 4.37500 04/19/2028 | US | 25,000 | $20,321.56 | |
| 25243Q205 | DIAGEO PLC-SPONSORED ADR | GB | DEO | 959 | $134,844.99 |
| 253868103 | DIGITAL REALTY TRUST INC | US | DLR | 698 | $100,204.88 |
| 254687106 | WALT DISNEY CO/THE | US | DIS | 1,810 | $212,313.00 |
| 254687FW1 | WALT DISNEY COMPANY/THE 2.20000 01/13/2028 | US | 320,000 | $334,015.19 | |
| 254709AP3 | DISCOVER FINANCIAL SVS 4.50000 01/30/2026 | US | 20,000 | $21,414.88 | |
| 25470DAT6 | DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 | US | 910,000 | $1,010,489.85 | |
| 256746108 | DOLLAR TREE STORES INC | US | DLTR | 2,210 | $216,292.70 |
| 25746UDG1 | DOMINION ENERGY 3.37500 04/01/2030 | US | 500,000 | $548,693.28 | |
| 25787GAC4 | DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 | US | 40,000 | $39,200.00 | |
| 25960P109 | DOUGLAS EMMETT INC | US | DEI | 1,100 | $32,296.00 |
| 26151AAA7 | DRAX FINCO PLC 6.62500 11/01/2025 | GB | 200,000 | $210,250.00 | |
| 26439XAC7 | DCP MIDSTREAM OPERATING 8.12500 08/16/2030 | US | 15,000 | $15,000.00 | |
| 264411505 | DUKE RLTY INVTS INC | US | DRE | 1,370 | $47,237.60 |
| 26875P101 | EOG RESOURCES INC | US | EOG | 3,700 | $188,589.00 |
| 277276101 | EASTGROUP PROPERTIES | US | EGP | 112 | $13,020.00 |
| 285512109 | ELECTRONIC ARTS | US | EA | 2,490 | $305,971.20 |
| 291011104 | EMERSON ELEC CO | US | EMR | 1,952 | $119,111.04 |
| 29273RAR0 | ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 | US | 860,000 | $971,935.90 | |
| 29444U700 | EQUINIX INC | US | EQIX | 782 | $545,546.66 |
| 29472R108 | EQUITY LIFESTYLE PROPERTIES | US | ELS | 1,090 | $67,907.00 |
| 29476L107 | EQUITY RESIDENTIAL | US | EQR | 715 | $43,300.40 |
| 297178105 | ESSEX PROPERTY TRUST INC | US | ESS | 126 | $30,589.02 |
| 30212P303 | EXPEDIA INC | US | EXPE | 6,270 | $498,339.60 |
| 30212PAS4 | EXPEDIA GROUP INC 6.25000 05/01/2025 | US | 365,000 | $389,788.90 | |
| 302154BV0 | EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 | KR | 1,550,000 | $1,563,306.44 | |
| 30225T102 | EXTRA SPACE STORAGE INC | US | EXR | 150 | $14,512.50 |
| 30231G102 | EXXON MOBIL CORP | US | XOM | 3,370 | $153,233.90 |
| 302491303 | FMC CORP | US | FMC | 2,250 | $221,422.50 |
| 30262DAL5 | FREMF 2011-K13 B 4.61111 01/25/2048 | US | 410,000 | $413,592.42 | |
| 30262SAR9 | FREMF 2015-K42 B FLT 3.85077 12/25/2024 | US | 180,000 | $188,739.40 | |
| 30264DAA7 | FS ENERGY & POWER FUND 7.50000 08/15/2023 | US | 10,000 | $8,000.00 | |
| 30287EAE0 | FREMF 2014-K41 B FLT 3.83267 11/25/2047 | US | 700,000 | $739,688.81 | |
| 30291HAA5 | FREMF 2013-K28 X2A 0.10000 06/25/2046 | US | 10,539,223.62 | $22,197.71 | |
| 30303M102 | FACEBOOK INC -A | US | FB | 1,690 | $380,402.10 |
| 3128M1AM1 | FHLM POOL G11912 5.50000 03/01/2021 | US | 1,846.78 | $1,856.77 | |
| 3128M6HZ4 | FHLM POOL G04448 5.50000 07/01/2038 | US | 131,983.61 | $152,609.55 | |
| 3128M6SU3 | FHLM POOL G04731 5.50000 04/01/2038 | US | 2,991.45 | $3,469.91 | |
| 3128M73P9 | FHLM POOL G05906 6.00000 04/01/2040 | US | 9,778.99 | $11,233.89 | |
| 3128M82W3 | FHLM POOL G06789 6.00000 05/01/2040 | US | 104,048.6 | $120,449.80 | |
| 3128M9ZU9 | FHLM POOL G07655 5.50000 12/01/2035 | US | 34,920.92 | $40,738.65 | |
| 3128MB4Q7 | FHLM POOL G13331 5.50000 10/01/2023 | US | 38,504.16 | $40,138.70 | |
| 3128MBDP9 | FHLM POOL G12610 6.00000 03/01/2022 | US | 2,349.07 | $2,405.50 | |
| 3128MBUB1 | FHLM POOL G13078 6.00000 03/01/2023 | US | 2,332.38 | $2,417.83 | |
| 3128MJ2U3 | FHLM GOLD POOL FG G08786 4.50000 10/01/2047 | US | 425,078.81 | $461,934.65 | |
| 3128MJJT8 | FHLM POOL G08273 5.50000 06/01/2038 | US | 73,364.32 | $84,311.88 | |
| 3128MJY87 | FHLM POOL FG G08734 4.00000 11/01/2046 | US | 38,478.81 | $41,584.43 | |
| 3128P75F6 | FHLM POOL C91746 4.50000 12/01/2033 | US | 36,107.06 | $39,790.93 | |
| 312941ZQ3 | FHLM POOL Q93451 4.50000 08/01/2040 | US | 369,529.9 | $410,216.78 | |
| 3132QUNJ8 | FHLM POOL Q37592 4.00000 12/01/2045 | US | 119,192.42 | $129,942.97 | |
| 3132XTPU6 | FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 | US | 391,999.31 | $418,594.97 | |
| 3132Y33P7 | FHLM POOL FG Q59805 4.50000 11/01/2048 | US | 268,442.23 | $289,976.48 | |
| 31335CCY8 | FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 | US | 247,108.79 | $269,831.58 | |
| 31336WBS7 | FHLM POOL G11850 5.50000 07/01/2020 | US | 6.39 | $6.38 | |
| 3136AY6W8 | FNA 2017-M15 A1 2.95933 09/25/2027 | US | 468,404.55 | $509,217.48 | |
| 3136B1YD0 | FNR 2018-31 KP 3.50000 07/25/2047 | US | 294,206.38 | $304,744.18 | |
| 31371MLB1 | FEDERAL NATL MTG ASSN 256022 5.50000 12/01/2035 | US | 44,181.04 | $51,619.55 | |
| 31371MRU3 | FEDERAL NATL MTG ASSN 256199 5.00000 04/01/2021 | US | 1,809.2 | $1,905.33 | |
| 31371NDQ5 | FEDERAL NATL MTG ASSN 256711 5.50000 05/01/2037 | US | 5,315.62 | $6,168.12 | |
| 3137A2B34 | FHMS K009 X1 FLT 1.21114 08/25/2020 | US | 480,517.21 | $500.84 | |
| 3137ADTK3 | FHMS K014 X1 FLT 1.14928 04/25/2021 | US | 10,681,728.37 | $75,131.00 | |
| 3137AJMG6 | FMHS K016 X1 FLT 1.47797 10/25/2021 | US | 2,270,550.82 | $37,296.98 | |
| 3137AUPF0 | FHMS K021 x1 FLT 1.41666 06/25/2022 | US | 15,315,748.79 | $355,656.19 | |
| 3137B3NB0 | FHMS K030 X1 FLT 0.17807 04/25/2023 | US | 29,167,877.39 | $133,830.97 | |
| 3137B4GZ3 | FHMS K032 X1 FLT 0.09354 05/25/2023 | US | 17,144,949.86 | $54,634.10 | |
| 3137F4YU0 | FHR 4791 BA MTGE 4.00000 03/15/2044 | US | 302,951.73 | $309,380.18 | |
| 3137FG2L8 | FHR 4801 BA MTGE 4.50000 05/15/2044 | US | 203,347.2 | $207,004.72 | |
| 3138A7BL1 | FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 | US | 180,588.29 | $196,535.37 | |
| 3138AJ4A7 | FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 | US | 30,367.51 | $32,803.53 | |
| 3138EPLE2 | FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 | US | 79,339.98 | $88,211.81 | |
| 3138ETT89 | FEDERAL NATL MTG ASSN AL8674 FLT 5.64400 01/01/2049 | US | 525,803.13 | $615,363.75 | |
| 3138WDRZ6 | FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 | US | 470,324.24 | $519,767.13 | |
| 31403DDX4 | FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 | US | 48,072.35 | $56,139.28 | |
| 31403DVZ9 | FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 | US | 8,094.36 | $9,594.57 | |
| 3140F4UB0 | FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 | US | 456,086.13 | $492,770.66 | |
| 3140F9M51 | FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 | US | 87,331.54 | $94,562.26 | |
| 3140HPUY1 | FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 | US | 99,342.9 | $107,349.30 | |
| 3140JGVQ5 | FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 | US | 339,270.15 | $366,287.70 | |
| 3140Q84E2 | FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 | US | 319,480.74 | $359,494.09 | |
| 3140Q9D42 | FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 | US | 200,039.64 | $218,608.70 | |
| 3140Q9JA2 | FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 | US | 297,455.91 | $321,440.06 | |
| 3140Q9T78 | FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 | US | 181,363.06 | $197,993.85 | |
| 31410FSE6 | FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 | US | 1,316.51 | $1,343.83 | |
| 31410FV51 | FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 | US | 1,620.75 | $1,657.49 | |
| 31410GCD3 | FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 | US | 8,536.14 | $8,633.04 | |
| 31410GN33 | FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 | US | 9,541.12 | $9,656.42 | |
| 31410KLD4 | FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 | US | 14,367.45 | $16,540.01 | |
| 31410WSY5 | FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 | US | 5,591.8 | $6,225.47 | |
| 31411JXP6 | FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 | US | 32,323.26 | $37,586.56 | |
| 31411RHZ4 | FEDERAL NATL MTG ASSN 912948 5.00000 05/01/2038 | US | 4,300.44 | $4,697.79 | |
| 31413CCL1 | FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 | US | 2,457.67 | $2,732.35 | |
| 31413MR66 | FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 | US | 16,197.92 | $18,451.50 | |
| 31413S6R0 | FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 | US | 11,454.86 | $13,212.03 | |
| 31414CQ50 | FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 | US | 2,479.04 | $2,845.30 | |
| 31414DJ23 | FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 | US | 7,439.75 | $8,464.50 | |
| 31414QX28 | FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 | US | 4,247.26 | $4,487.56 | |
| 31414UF52 | FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 | US | 25,514.46 | $26,903.25 | |
| 31415ALX7 | FEDERAL NATL MTG ASSN 981042 6.00000 04/01/2038 | US | 4,578 | $5,086.52 | |
| 31415BBC2 | FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 | US | 12,838.8 | $14,686.95 | |
| 31415BBT5 | FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 | US | 5,006.85 | $5,463.85 | |
| 31416BVW5 | FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 | US | 5,432.28 | $5,503.83 | |
| 31417YJC2 | FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 | US | 13,344.9 | $14,819.83 | |
| 31418BBC9 | FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 | US | 165,459.22 | $181,996.84 | |
| 31418BDH6 | FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 | US | 177,952.13 | $196,052.67 | |
| 31418CRE6 | FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 | US | 369,214.18 | $401,032.58 | |
| 31418CYJ7 | FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 | US | 238,042.72 | $252,157.46 | |
| 31418CZH0 | FEDERAL NATL MTG ASSN FN MA3443 4.00000 08/01/2048 | US | 314,648.32 | $334,494.84 | |
| 31418DNN8 | FEDERAL NATL MTG ASSN FN MA3996 2.50000 04/01/2050 | US | 308,591.84 | $314,853.85 | |
| 31418MG63 | FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 | US | 22,401.03 | $25,921.84 | |
| 31418MJC7 | FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 | US | 78,062.17 | $90,109.48 | |
| 31418MKV3 | FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 | US | 14,187.81 | $16,501.64 | |
| 315786AC7 | FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 | US | 55,000 | $58,850.00 | |
| 316067107 | FIDELITY CASH RESERVES | US | 8,543.9 | $8,543.90 | |
| 32054K103 | FIRST INDUSTRIAL REALTY TR | US | FR | 535 | $20,265.80 |
| 33834YAA6 | FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 | US | 20,000 | $19,604.00 | |
| 34461LAA2 | FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 | US | 470,000 | $452,098.97 | |
| 345370CX6 | FORD MOTOR COMPANY 9.62500 04/22/2030 | US | 50,000 | $55,500.00 | |
| 345397XU2 | FORD MOTOR CREDIT CO LLC 4.38900 01/08/2026 | US | 20,000 | $18,800.00 | |
| 346232AE1 | FORESTAR GROUP INC 5.00000 03/01/2028 | US | 40,000 | $38,000.00 | |
| 34960PAB7 | FORTRESS TRANS & INFRAST 6.50000 10/01/2025 | US | 50,000 | $41,875.00 | |
| 35166FAA0 | FOXTROT ESCROW ISSUER 12.25000 11/15/2026 | US | 25,000 | $22,875.00 | |
| 357081AE8 | FREMF 2015-K720 B FLT 3.39335 07/25/2022 | US | 100,000 | $100,560.11 | |
| 36166LAA5 | GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 | AE | 25,000 | $22,791.50 | |
| 36246MAT6 | GTP AQUISITION PARTNERS 2.35000 06/15/2020 | US | 115,000 | $115,249.45 | |
| 36248EAA3 | GSMS 2010-C2 3.84900 12/10/2043 | US | 4,645.19 | $4,653.51 | |
| 36257MAA3 | GSMS 2019-70P A 1.18363 10/15/2036 | US | 340,000 | $328,071.27 | |
| 36294VKJ8 | GNMA POOL 660997 5.50000 05/15/2037 | US | 29,714.37 | $32,755.26 | |
| 369550108 | GENERAL DYNAMICS CORP | US | GD | 705 | $103,515.15 |
| 369604BQ5 | GENERAL ELECTRIC CO 5.00000 01/21/2021 | US | 780,000 | $598,416.00 | |
| 370334104 | GENERAL MLS INC | US | GIS | 2,195 | $138,372.80 |
| 37045VAP5 | GENERAL MOTORS CO 5.15000 04/01/2038 | US | 30,000 | $29,028.37 | |
| 37185LAL6 | GENESIS ENERGY LP/FIN 7.75000 02/01/2028 | US | 20,000 | $18,698.00 | |
| 374297109 | GETTY REALTY CORP | US | GTY | 605 | $16,105.10 |
| 375558103 | GILEAD SCIENCES INC | US | GILD | 3,220 | $250,612.60 |
| 38379RRX3 | GNR 2017-54 AH MTGE 2.60000 12/16/2056 | US | 396,588.57 | $411,714.54 | |
| 388689101 | GRAPHIC PACKAGING HOLDING CO | US | GPK | 26,680 | $386,059.60 |
| 398433AP7 | GRIFFON CORPORATION 5.75000 03/01/2028 | US | 20,000 | $19,866.00 | |
| 4031976 | ADIDAS AG | DE | ADS GR | 820 | $217,470.22 |
| 404119BX6 | HCA INC 4.12500 06/15/2029 | US | 590,000 | $641,100.74 | |
| 404139AD9 | HC2 HOLDINGS INC 11.50000 12/01/2021 | US | 10,000 | $9,000.00 | |
| 418751AB9 | HAT HOLDINGS I LLC 6.00000 04/15/2025 | US | 45,000 | $46,448.44 | |
| 421946104 | HEALTHCARE REALTY TRUST INC | US | HR | 580 | $17,806.00 |
| 42225P501 | HEALTHCARE TRUST OF AMERICA | US | HTA | 535 | $14,161.45 |
| 42250P103 | HEALTHPEAK PROPERTIES INC | US | PEAK | 1,905 | $46,939.20 |
| 427866108 | HERSHEY CO/THE | US | HSY | 653 | $88,599.04 |
| 43300A203 | HILTON WORLDWIDE HOLDINGS INC | US | HLT | 360 | $28,551.60 |
| 437076102 | HOME DEPOT INC | US | HD | 1,652 | $410,488.96 |
| 438128308 | HONDA MOTOR CO LTD -SPONS ADR | JP | HMC | 5,023 | $130,849.15 |
| 438516106 | HONEYWELL INTERNATIONAL INC | US | HON | 1,500 | $218,775.00 |
| 44107P104 | HOST MARRIOTT CORP | US | HST | 1,183 | $14,125.02 |
| 443201AA6 | HOWMET AEROSPACE INC 6.87500 05/01/2025 | US | 40,000 | $42,500.94 | |
| 450913AE8 | IAMGOLD CORP 7.00000 04/15/2025 | CA | 45,000 | $45,974.70 | |
| 452308109 | ILLINOIS TOOL WKS INC | US | ITW | 853 | $147,108.38 |
| 45337C102 | INCYTE CORP | US | INCY | 1,190 | $121,272.90 |
| 45569LAA9 | INDIGO NATURAL RES LLC 6.87500 02/15/2026 | US | 15,000 | $14,512.50 | |
| 45682RAA8 | INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 | AU | 20,000 | $17,188.00 | |
| 458140100 | INTEL CORP | US | INTC | 6,010 | $378,209.30 |
| 45866F104 | INTERCONTINENTALEXCHANGE INC | US | ICE | 2,140 | $208,115.00 |
| 459200101 | INTERNATIONAL BUSINESS MACH CORP | US | IBM | 1,864 | $232,813.60 |
| 46116VAE5 | INTL FC STORE INC 8.62500 06/15/2025 | US | 35,000 | $35,612.50 | |
| 46187BAA1 | IHSFR 2017-SFR2 A 1.03213 12/17/2036 | US | 146,188.51 | $143,670.40 | |
| 46187BAB9 | IHSFR 2017-SFR2 B 1.33213 12/17/2036 | US | 120,000 | $116,807.44 | |
| 46187W107 | INVITATION HOMES INC | US | INVH | 3,206 | $84,317.80 |
| 465410BX5 | ITALY GOV'T INT BOND 2.37500 10/17/2024 | IT | 200,000 | $199,284.55 | |
| 46625H100 | JP MORGAN CHASE & CO | US | JPM | 3,454 | $336,108.74 |
| 46635GAE0 | JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 | US | 25,709.21 | $25,706.45 | |
| 46639GAL0 | JPMMT 2013-1 1A2 3.00000 03/25/2043 | US | 188,699.01 | $192,066.99 | |
| 46640BAC8 | JPMMT 2013-2 A2 3.50000 05/25/2043 | US | 214,383.42 | $222,029.17 | |
| 46641YAA1 | JPMMT 2014-2 1A1 3.00000 06/25/2029 | US | 245,451.64 | $250,136.45 | |
| 46647PBP0 | JPMORGAN CHASE & CO 2.95600 05/13/2031 | US | 870,000 | $897,691.14 | |
| 46647SAJ9 | JPMMT 2017-3 1A5 3.50000 08/25/2047 | US | 221,126.53 | $224,070.34 | |
| 46649HAE2 | JPMMT 2017-6 A5 3.50000 12/25/2048 | US | 188,004.74 | $191,372.28 | |
| 476405105 | JERNIGAN CAPITAL INC | US | JCAP | 1,700 | $20,519.00 |
| 478160104 | JOHNSON & JOHNSON | US | JNJ | 6,256 | $930,580.00 |
| 47987LAA9 | JONAH NRG LLC/FINANCE 7.25000 10/15/2025 | US | 25,000 | $1,250.00 | |
| 487526AB1 | KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 | US | 20,000 | $21,100.00 | |
| 49271VAJ9 | KEURIG DR PEPPER INC 3.20000 05/01/2030 | US | 760,000 | $827,599.69 | |
| 49427F108 | KILROY REALTY CORP | US | KRC | 1,017 | $58,091.04 |
| 494368103 | KIMBERLY CLARK CORP | US | KMB | 893 | $126,305.92 |
| 494550AW6 | KINDER MORGAN ENER PART 6.95000 01/15/2038 | US | 630,000 | $842,409.60 | |
| 50187TAE6 | LGI HOMES INC 6.87500 07/15/2026 | US | 35,000 | $35,700.00 | |
| 505742AD8 | LADDER CAP FIN LLLP/CORP 5.87500 08/01/2021 | US | 25,000 | $23,812.50 | |
| 505742AG1 | LADDER CAP FIN LLLP/CORP 5.25000 10/01/2025 | US | 25,000 | $21,250.00 | |
| 516806AG1 | LAREDO PETROLEUM INC 10.12500 01/15/2028 | US | 20,000 | $13,702.00 | |
| 53223X107 | LIFE STORAGE INC | US | LSI | 135 | $13,159.80 |
| 532457108 | ELI LILLY & CO | US | LLY | 1,267 | $193,787.65 |
| 53627NAC5 | LIONS GATE CAPITAL HOLD 6.37500 02/01/2024 | US | 15,000 | $15,131.55 | |
| 539830109 | LOCKHEED MARTIN CORP | US | LMT | 645 | $250,543.80 |
| 54238XAC2 | LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 | US | 45,000 | $2,925.00 | |
| 550021109 | LULULEMON - ADR | CA | LULU | 690 | $207,065.55 |
| 57636Q104 | MASTERCARD INC-CLASS A | US | MA | 2,780 | $836,474.20 |
| 58933Y105 | MERCK & CO INC | US | MRK | 4,263 | $344,109.36 |
| 594918104 | MICROSOFT CORP | US | MSFT | 2,255 | $413,228.75 |
| 595112103 | MICRON TECHNOLOGY INC | US | MU | 11,970 | $573,482.70 |
| 59522J103 | MID-AMERICA APARTMENT COMM | US | MAA | 335 | $38,980.60 |
| 609207105 | MONDELEZ INTERNATIONAL INC | US | MDLZ | 10,655 | $555,338.60 |
| 615369105 | MOODY'S CORPORATION | US | MCO | 600 | $160,446.00 |
| 61965RAA3 | MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 | US | 15,000 | $7,888.50 | |
| 62426EAA3 | MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 | CA | 10,000 | $5,075.00 | |
| 63938CAA6 | NAVIENT CORP 5.00000 10/26/2020 | US | 20,000 | $19,700.00 | |
| 63938CAH1 | NAVIENT CORP 6.75000 06/25/2025 | US | 35,000 | $32,900.00 | |
| 63940YAA4 | NAVSL 2019-CA A1 2.82000 02/15/2068 | US | 195,593.22 | $196,577.43 | |
| 63941RAB6 | NAVSL 2019-2A A2 1.16825 02/27/2068 | US | 1,000,000 | $954,449.60 | |
| 64829DAG1 | NRZT 2014-3A AFX3 3.75000 11/25/2054 | US | 246,148.21 | $253,354.25 | |
| 64829EAA2 | NRZT 2015-2A A1 3.75000 08/25/2055 | US | 305,755.77 | $314,589.30 | |
| 64829LAA6 | NRZT 2016-4A A1 3.75000 11/25/2056 | US | 399,967.6 | $413,380.71 | |
| 65342QAK8 | NEXTERA ENERGY OPERATING 4.25000 07/15/2024 | US | 10,000 | $10,325.00 | |
| 65343HAA9 | NEXSTAR BROADCASTING INC 5.62500 07/15/2027 | US | 30,000 | $30,750.00 | |
| 654106AJ2 | NIKE INC 2.75000 03/27/2027 | US | 200,000 | $218,855.19 | |
| 6642321 | NIKON CORP | JP | 7731 JP | 19,600 | $180,398.08 |
| 66727WAA0 | NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | CA | 135,000 | $1,350.00 | |
| 66987V109 | NOVARTIS AG- REG | CH | NVS | 6,710 | $586,655.30 |
| 67059TAD7 | NUSTAR LOGISTICS LP 6.75000 02/01/2021 | US | 15,000 | $15,093.75 | |
| 67401PAB4 | OAKTREE SPECIALTY LEND 3.50000 02/25/2025 | US | 20,000 | $18,987.07 | |
| 675232AB8 | OCEANEERING INTL INC 6.00000 02/01/2028 | US | 40,000 | $26,800.00 | |
| 68389X105 | ORACLE CORP | US | ORCL | 3,898 | $209,595.46 |
| 69318FAH1 | PBF HOLDING CO LLC 6.00000 02/15/2028 | US | 20,000 | $16,799.80 | |
| 69318UAB1 | 6.8750000 05/15/2023 6.87500 05/15/2023 | US | 30,000 | $28,575.00 | |
| 69327RAJ0 | PDC ENERGY INC 5.75000 05/15/2026 | US | 10,000 | $9,237.50 | |
| 693475105 | PNC FINANCIAL SERVICES GROUP | US | PNC | 808 | $92,144.32 |
| 70450Y103 | PAYPAL HOLDINGS INC | US | PYPL | 2,470 | $382,874.70 |
| 7123870 | NESTLE SA-REGISTERED | CH | NESN SW | 3,510 | $381,105.46 |
| 713448108 | PEPSICO INC | US | PEP | 1,440 | $189,432.00 |
| 717081103 | PFIZER INC | US | PFE | 9,574 | $365,631.06 |
| 717081EW9 | PFIZER INC 2.62500 04/01/2030 | US | 220,000 | $240,395.90 | |
| 719245AD4 | PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 | US | 35,000 | $31,731.00 | |
| 71943U104 | PHYSICIANS REALTY TRUST | US | DOC | 1,405 | $24,264.35 |
| 723787107 | PIONEER NATURAL RESOURCES CO | US | PXD | 1,020 | $93,432.00 |
| 73179PAM8 | POLYONE CORP 5.75000 05/15/2025 | US | 25,000 | $26,218.75 | |
| 733174AK2 | POPULAR INC 6.12500 09/14/2023 | PR | 20,000 | $20,150.00 | |
| 741503AZ9 | BOOKING HOLDINGS INC 3.60000 06/01/2026 | US | 1,170,000 | $1,250,312.11 | |
| 74166MAE6 | PRIME SECSRVC BRW/FINANC 6.25000 01/15/2028 | US | 40,000 | $37,900.00 | |
| 74333KAA6 | PROG 2017-SFR2 A 2.89700 12/17/2034 | US | 299,442.64 | $301,341.41 | |
| 74340W103 | PROLOGIS | US | PLD | 2,332 | $213,378.00 |
| 74460D109 | PUBLIC STORAGE INC | US | PSA | 340 | $68,931.60 |
| 747525103 | QUALCOMM INC | US | QCOM | 1,836 | $148,495.68 |
| 750236AW1 | RADIAN GROUP INC 4.87500 03/15/2027 | US | 65,000 | $60,637.20 | |
| 75513E101 | RAYTHEON TECHNOLOGIES CORP | US | RTX | 3,130 | $201,947.60 |
| 756109104 | REALTY INCOME CORP | US | O | 305 | $16,869.55 |
| 758849103 | REGENCY CENTERS CORP | US | REG | 275 | $11,767.25 |
| 76169C100 | REXFORD INDUSTRIAL REALITY IN | US | REXR | 835 | $33,233.00 |
| 780259107 | ROYAL DUTCH SHELL PLC-ADR B | NL | RDS/B | 1,650 | $50,226.00 |
| 783513203 | RYANAIR HOLDINGS - ADR | IE | RYAAY | 4,490 | $322,247.30 |
| 78409V104 | S&P GLOBAL INC | US | SPGI | 480 | $156,009.60 |
| 78410G104 | SBA COMMUNICATIONS CORP | US | SBAC | 870 | $273,293.10 |
| 78442PGC4 | SLM CORP 5.12500 04/05/2022 | US | 45,000 | $44,367.75 | |
| 78443BAG1 | SLMA 2006-10 A6 FLT 1.14138 03/25/2044 | US | 130,000 | $118,303.38 | |
| 78471CAB5 | SOFI 2017-D A2FX 2.65000 09/25/2040 | US | 657,313.74 | $671,535.51 | |
| 785592AU0 | SABINE PASS LIQUEFACTION 4.20000 03/15/2028 | US | 310,000 | $326,588.89 | |
| 785592AV8 | SABINE PASS LIQUEFACTION 5.87500 06/30/2026 | US | 910,000 | $1,045,445.81 | |
| 79466L302 | SALESFORCE.COM | US | CRM | 1,650 | $288,403.50 |
| 80282KAE6 | SANTANDER HOLDINGS USA 4.50000 07/17/2025 | US | 770,000 | $827,097.44 | |
| 806857108 | SCHLUMBERGER LTD | NL | SLB | 5,090 | $94,012.30 |
| 808625AA5 | SCIENCE APPLICATIONS INT 4.87500 04/01/2028 | US | 25,000 | $25,562.50 | |
| 81745BAB1 | SEMT 2013-6 A2 3.00000 05/25/2043 | US | 353,920.22 | $365,356.41 | |
| 81745CAB9 | SEMT 2013-7 A2 3.00000 06/25/2043 | US | 229,012.19 | $234,487.99 | |
| 81745EAA7 | SEMT 2013-8 A1 3.00000 06/25/2043 | US | 317,193.79 | $326,853.13 | |
| 81745MAA9 | SEMT 2013-2 1.87400 02/25/2043 | US | 237,208.62 | $237,695.87 | |
| 81762P102 | SERVICENOW INC | US | NOW | 530 | $205,602.90 |
| 83402DAC5 | SOFI 2016-C A2B 2.36000 12/27/2032 | US | 188,571.19 | $188,749.20 | |
| 83404LAC5 | SOFI 2016-D A2B 2.34000 04/25/2033 | US | 68,452.43 | $69,280.77 | |
| 83404RAB4 | SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 | US | 250,000 | $257,035.10 | |
| 83406CAA7 | SCLP 2019-2 A MTGE 3.01000 04/25/2028 | US | 204,796.36 | $206,885.86 | |
| 844741BJ6 | SOUTHWEST AIRLINES CO 5.25000 05/04/2025 | US | 700,000 | $711,445.34 | |
| 85172FAN9 | SPRINGLEAF FINANCE CORP 7.12500 03/15/2026 | US | 45,000 | $44,325.00 | |
| 85207UAE5 | SPRINT CORP 7.25000 09/15/2021 | US | 15,000 | $15,720.75 | |
| 85207UAH8 | SPRINT CORP 7.12500 06/15/2024 | US | 30,000 | $34,014.00 | |
| 85254J102 | STAG INDUSTRIAL INC | US | STAG | 805 | $21,654.50 |
| 855030AN2 | STAPLES INC 7.50000 04/15/2026 | US | 20,000 | $17,471.00 | |
| 85571BAP0 | STARWOOD PROPERTY TRUST 3.62500 02/01/2021 | US | 30,000 | $29,400.00 | |
| 85571XAA5 | SRPT 2014-STAR A FLTG RATE 1.65363 11/15/2027 | US | 886,341.61 | $660,969.58 | |
| 858912AF5 | STERICYCLE INC 5.37500 07/15/2024 | US | 20,000 | $20,450.00 | |
| 862121100 | STORE CAPITAL CORP | US | STOR | 940 | $18,179.60 |
| 86212XAA8 | STR 2019-1 A1 MTGE 2.82000 11/20/2049 | US | 296,912.58 | $296,092.06 | |
| 866674104 | SUN COMMUNITIES | US | SUI | 710 | $97,404.90 |
| 867892101 | SUNSTONE HOTEL INVESTORS INC | US | SHO | 1,155 | $10,221.75 |
| 87105L104 | SWITCH INC - A | US | SWCH | 1,200 | $22,932.00 |
| 872540AR0 | TJX COS INC 3.50000 04/15/2025 | US | 500,000 | $557,431.71 | |
| 87422VAJ7 | TALEN ENERGY SUPPLY LLC 7.62500 06/01/2028 | US | 35,000 | $35,353.50 | |
| 87677QAA9 | TXEZ 2016-1A 3.13100 06/15/2028 | US | 103,894.71 | $104,075.56 | |
| 87854WAA1 | TECHNIPLAS LLC 10.00000 05/01/2020 | US | 15,000 | $3,337.50 | |
| 88032WAN6 | TENCENT HOLDINGS 3.97500 04/11/2029 | KY | 780,000 | $874,725.66 | |
| 88146M101 | TERRENO REALTY CORP | US | TRNO | 235 | $12,029.65 |
| 882508104 | TEXAS INSTRUMENTS INC | US | TXN | 1,987 | $235,936.38 |
| 883556102 | THERMO FISHER SCIENTIFIC INC | US | TMO | 580 | $202,530.20 |
| 88579Y101 | 3M CO | US | MMM | 1,289 | $201,651.16 |
| 89151E109 | TOTAL S A SPONSORED ADR | FR | TOT | 8,671 | $325,856.18 |
| 89173CAA5 | TPMT 2016-5 A1 2.50000 10/25/2056 | US | 590,882.35 | $597,037.28 | |
| 89173FAA8 | TPMT 2017-1 A1 2.75000 10/25/2056 | US | 269,001 | $272,875.21 | |
| 89177EAA7 | TPMT 2019-HY1 A1 1.16825 10/25/2048 | US | 240,509.75 | $237,477.26 | |
| 892231AA9 | TOWNSQUARE MEDIA INC 6.50000 04/01/2023 | US | 25,000 | $19,750.00 | |
| 89613BAA5 | TAH 2016-SFR1 A 2.58900 11/17/2033 | US | 774,187.9 | $778,103.28 | |
| 89613FAA6 | TAH 2017-SFR2 A 2.92800 01/17/2036 | US | 497,781.2 | $511,981.06 | |
| 89832Q109 | TRUIST FINANCIAL CORP | US | TFC | 3,540 | $130,201.20 |
| 901109AF5 | TUTOR PERINI CORP 6.87500 05/01/2025 | US | 85,000 | $75,012.50 | |
| 902653104 | UDR INC | US | UDR | 608 | $22,483.84 |
| 902973304 | U.S. BANCORP | US | USB | 3,694 | $131,358.64 |
| 904767704 | UNILEVER PLC - ADR | GB | UL | 16,646 | $899,716.30 |
| 907818108 | UNION PAC CORP | US | UNP | 1,429 | $242,729.94 |
| 912796SZ3 | TREASURY BILL 0.00000 07/16/2020 | US | 800,000 | $799,867.50 | |
| 912810FS2 | TSY INFL IX N/B 2.00000 01/15/2026 | US | 2,711,500.8 | $3,092,175.37 | |
| 9128286N5 | TSY INFL IX N/B 0.50000 04/15/2024 | US | 1,960,872.72 | $2,028,004.73 | |
| 912828R36 | US TREASURY N/B 1.62500 05/15/2026 | US | 1,900,000 | $2,034,781.25 | |
| 912828VS6 | US TREASURY N/B 2.50000 08/15/2023 | US | 1,405,000 | $1,507,960.16 | |
| 912828WJ5 | US TREASURY N/B 2.50000 05/15/2024 | US | 1,890,000 | $2,057,368.36 | |
| 912828XB1 | UNITED STATES TREAS NTS 2.12500 05/15/2025 | US | 1,880,000 | $2,046,335.93 | |
| 912828YN4 | US TREASURY FRN FLT 0.45006 10/31/2021 | US | 3,338,000 | $3,349,008.26 | |
| 91704F104 | URBAN EDGE PROPERTIES | US | UE | 1,425 | $13,893.75 |
| 91823AAN1 | VBTOW 2020-1A C2 3.03100 06/15/2050 | US | 150,000 | $151,350.00 | |
| 92343VDU5 | VERIZON COMMUNICATIONS 5.25000 03/16/2037 | US | 990,000 | $1,329,091.56 | |
| 92826C839 | VISA INC - CLASS A SHARES | US | V | 4,020 | $784,864.80 |
| 92826CAK8 | VISA INC 2.70000 04/15/2040 | US | 210,000 | $222,905.40 | |
| 92840JAA7 | VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 | MUL | 50,000 | $39,875.00 | |
| 92840VAG7 | VISTRA OPERATIONS CO LLC 3.70000 01/30/2027 | US | 25,000 | $25,393.65 | |
| 928668BE1 | VOLKSWAGEN GROUP AMERICA 3.35000 05/13/2025 | US | 500,000 | $520,801.63 | |
| 93065PAA9 | WBHT 2019-WBM A FLT 1.23363 12/15/2033 | US | 390,000 | $361,656.13 | |
| 931142103 | WAL MART STORES | US | WMT | 2,872 | $356,300.32 |
| 94106L109 | WASTE MANAGEMENT INC | US | WM | 1,180 | $125,965.00 |
| 94856UAA9 | WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 | US | 20,000 | $19,000.00 | |
| 949746101 | WELLS FARGO COMPANY | US | WFC | 7,840 | $207,524.80 |
| 95040Q104 | WELLTOWER INC. | US | WELL | 923 | $46,768.41 |
| 962178AN9 | TRI POINTE GROUP / HOMES 5.87500 06/15/2024 | US | 15,000 | $15,089.06 | |
| 966387AH5 | WHITING PETROLEUM CORP 5.75000 03/15/2021 | US | 20,000 | $2,350.00 | |
| 96949LAD7 | WILLIAMS PARTNERS LP 3.75000 06/15/2027 | US | 700,000 | $744,826.47 | |
| 97651JAE6 | WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 | US | 77,331.2 | $77,611.47 | |
| 97652TAA1 | WIN 2015-1 A1 3.50000 01/20/2045 | US | 298,831.44 | $309,339.28 | |
| 98311A105 | WYNDHAM HOTELS & RESORTS INC | US | WH | 915 | $42,025.95 |
| B3ZD2V9 | MEX BONOS DESARR FIX RT 6.50000 06/10/2021 | MX | 400,000 | $18,277.03 | |
| B4888C1 | CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 | CA | 140,000 | $106,708.50 | |
| B4NDCC9 | MEX BONOS DESARR FIX RT 6.50000 06/09/2022 | MX | 1,100,000 | $50,894.81 | |
| B615Y14 | MEX BONOS DESARR FIX RT 8.00000 06/11/2020 | MX | 1,800,000 | $81,143.48 | |
| B63QM77 | NEXON CO LTD | JP | 3659 JP | 34,700 | $723,003.24 |
| B6TC406 | MEX BONOS DESARR FIX RT 7.75000 05/29/2031 | MX | 350,000 | $17,446.26 | |
| BBG00T36KXJ4 | BABA US 05/29/20 P195 | CN | -7 | -$7.00 | |
| BBG00T7BRKC7 | DIS US 05/29/20 C113 | US | -13 | -$5,460.00 | |
| BBG00TF3H2M6 | ATVI US 06/05/20 P70 | US | -22 | -$1,320.00 | |
| BBG00TKX88P8 | NOW US 06/12/20 P330 | US | -4 | -$524.00 | |
| BBG00TPV7B53 | CRM US 06/12/20 C187.5 | US | -8 | -$904.00 | |
| BGHQ198 | HIBERNIA REIT PLC | IE | HBRN ID | 14,315 | $17,358.80 |
| BJVB695 | BUONI POLIENNALI DEL TES 2.45000 09/01/2050 | IT | 180,000 | $202,054.13 | |
| BMMV2K8 | TENCENT HOLDINGS LTD | CN | 700 HK | 7,480 | $405,085.89 |
| BYYHL23 | ANHEUSER-BUSCH INBEV SA/NV | BE | ABI BB | 4,010 | $187,127.22 |
| G1151C101 | ACCENTURE PLC - CL A | IE | ACN | 917 | $184,885.54 |
| G29183103 | EATON CORP PLC | US | ETN | 1,255 | $106,549.50 |
| G5494J103 | LINDE PLC | GB | LIN | 817 | $165,311.78 |
| G5960L103 | MEDTRONIC INC | IE | MDT | 4,571 | $450,609.18 |
| H01301128 | ALCON INC | CH | ALC | 3,150 | $200,151.00 |
| H1467J104 | CHUBB LTD | CH | CB | 1,004 | $122,427.76 |
| USD | US DOLLAR | US | 2,059,211 | $2,059,211.00 |
Investments will change over time.
A Word About Risk
All investments involve risks, including possible loss of principal. Because the fund invests in both stocks and bonds, the value of your investment will fluctuate in response to stock market movements and changes in interest rates. Investing in the fund will also involve a number of other risks, including issuer-specific risk, foreign investment risk, and small-cap/mid-cap risk. Investments in options and futures, like all 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.
About The Fund Manager
Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company, Trustee of the Manning & Napier Collective Investment Trust Funds. Manning & Napier is headquartered in Rochester, NY and has more than 45 years of experience managing investment objectives. The Firm’s active management approach focuses on participating in rising markets and, as important, helping to reduce the risk of large losses in sustained bear market periods. A team of investment analysts and professionals make all investment decisions in an effort to provide investors with strong risk-adjusted returns.
Daily Price
$30.91
Daily $ Change
$0.12
Daily % Change
0.39%
as of 07/02/2020
CUSIP
563821149
Inception Date
01/01/2000
This fund is only available for use within certain qualified employee benefit plans.
Important Documents
| Annual Report | |
| Fact Sheet | |
| Applications & Forms |
Investment Objective
To provide capital preservation, with income and capital growth as secondary objectives.
Investment Strategy
The portfolio is invested in a conservative mix of securities that seeks stability with some growth and income potential. Holdings are diversified primarily among fixed income securities, typically focusing on short to intermediate-term maturities. Stock investments may be focused on dividend paying securities in pursuit of growth opportunities and income generation.
The fund manager will adjust the investment mix over time to manage risk by continually evaluating individual securities and market conditions to determine the relative attractiveness of each investment. In general, stock exposure will increase when valuations are low and decrease during speculative markets.
May be Appropriate for Investors
- Who seek to minimize declines in account value with the potential for modest growth and income generation
- Who want to assume a minimal amount of capital risk through limited stock exposure
About Our Risk-Based Funds
Risk-based funds offer professional management and asset allocation through a choice of investment objectives that range from fairly aggressive to fairly conservative. All an investor has to do is determine which objective best suits his or her current risk tolerance and investment time horizon, then decide when to move to a different objective as his or her personal situation changes over the years.
Time Horizon & Range of Stock Exposure
| Conservative Term | Moderate Term | Extended Term | Maximum Term |
| 0-5 Years | 3-10 Years | 7-20 Years | 15+ Years |
| 15-45% | 20-60% | 40-70% | 70-95% |
Generally, the longer your time horizon, the more aggressive your investment objective can be. Greater stock exposure is typically associated with higher return potential and higher capital risk.
Performance
As of 05/31/2020
YTD
1.63%
1 Year
8.09%
3 Year
5.18%
5 Year
4.08%
10 Year
5.11%
Inception
(01/01/2000)
5.61%
US Stock Market Cycle (04/01/2000 - 05/31/2020)
5.56%
Returns are net of Pro-Mix® CIT Class S expenses. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.
Expense Ratio
| Gross | 0.87% |
| Net | 0.85%* |
*Reflects the Trustee’s contractual agreement to limit fees and voluntary agreement to reimburse certain expenses.
Top Ten Investments
As of 05/31/2020
| TREASURY NOTES | 9.23% |
| GOVERNMENT AGENCY | 8.09% |
| TSY INFL IX N/B 2.00000 01/15/2026 | 3.01% |
| TSY INFL IX N/B 0.50000 04/15/2024 | 1.97% |
| EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 | 1.52% |
| TREASURY BONDS | 1.47% |
| VERIZON COMMUNICATIONS 5.25000 03/16/2037 | 1.29% |
| BOOKING HOLDINGS INC 3.60000 06/01/2026 | 1.22% |
| ALIBABA GROUP HOLDING 3.40000 12/06/2027 | 1.21% |
| AMERICAN TOWER CORP 3.80000 08/15/2029 | 1.13% |
This investment list is unaudited and excludes cash.
Asset Allocation
As of 05/31/2020
| Bonds | 68.54% | |
| Stocks | 29.49% | |
| Cash | 1.97% |
Detailed Asset Class Allocation
As of 05/31/2020
| International Equities | 6.18% | |
| Small Capitalization | 0.12% | |
| Mid Capitalization | 1.54% | |
| Large Capitalization | 21.64% | |
| Long Term Fixed Income | 19.92% | |
| Intermediate Term Fixed Income | 41.20% | |
| Short Term Fixed Income | 7.43% | |
| Cash | 1.97% |
Due to rounding, the sum of the detailed asset class allocation categories may not equal the asset allocation totals provided above.
May Fund Holdings
As of 05/31/2020
| CUSIP | Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|---|
| 00101JAK2 | ADT SEC CORP 6.25000 10/15/2021 | US | 15,000 | $15,511.95 | |
| 00206RDQ2 | AT&T INC 4.25000 03/01/2027 | US | 310,000 | $347,940.63 | |
| 00287Y109 | ABBVIE INC | US | ABBV | 2,945 | $272,913.15 |
| 004239109 | ACADIA REALTY TRUST | US | AKR | 1,075 | $12,609.75 |
| 00507V109 | ACTIVISION INC | US | ATVI | 3,550 | $255,529.00 |
| 00774MAG0 | AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 | IE | 970,000 | $835,594.80 | |
| 00791GAA5 | AG MERGER SUB II INC 10.75000 08/01/2027 | US | 15,000 | $13,500.00 | |
| 008492100 | AGREE REALTY CORP | US | ADC | 430 | $26,991.10 |
| 00912XAV6 | AIR LEASE CORP 3.62500 04/01/2027 | US | 400,000 | $351,026.51 | |
| 00912XBA1 | AIR LEASE CORP 3.25000 03/01/2025 | US | 25,000 | $22,878.57 | |
| 013822AC5 | ALCOA NEDERLAND HOLDING 6.12500 05/15/2028 | NL | 35,000 | $34,137.95 | |
| 015271109 | ALEXANDRIA REAL EST EQUITIES | US | ARE | 225 | $34,587.00 |
| 01609W102 | ALIBABA GROUP - ADR | CN | BABA | 930 | $192,872.70 |
| 01609WAT9 | ALIBABA GROUP HOLDING 3.40000 12/06/2027 | KY | 1,120,000 | $1,242,799.16 | |
| 02079K107 | ALPHABET INC-CL C | US | GOOG | 70 | $100,024.40 |
| 02079K305 | ALPHABET INC-CL A | US | GOOGL | 380 | $544,737.60 |
| 02154CAE3 | ALTICE FINANCING SA 7.50000 05/15/2026 | LU | 20,000 | $21,057.40 | |
| 023135106 | AMAZON.COM INC | US | AMZN | 240 | $586,168.80 |
| 0237400 | DIAGEO PLC | GB | DGE LN | 5,460 | $190,498.03 |
| 024835100 | AMERICAN CAMPUS COMMUNITIES | US | ACC | 1,412 | $45,607.60 |
| 02665T306 | AMERICAN HOMES 4 RENT- A | US | AMH | 2,190 | $55,275.60 |
| 03019LAA4 | AMERICAN TANKER INC 9.25000 02/22/2022 | US | 45,000 | $44,897.74 | |
| 03027X100 | AMERICAN TOWER REIT INC | US | AMT | 970 | $250,424.90 |
| 03027XAW0 | AMERICAN TOWER CORP 3.80000 08/15/2029 | US | 1,040,000 | $1,165,808.79 | |
| 03063NAA5 | AMERICOLD LLC TRUST 3.84730 01/14/2029 | US | 9,560.42 | $9,587.31 | |
| 03064D108 | AMERICOLD REALTY TRUST | US | COLD | 1,585 | $56,600.35 |
| 03674XAJ5 | ANTERO RESOURCES CORP 5.00000 03/01/2025 | US | 25,000 | $14,000.00 | |
| 03690AAD8 | ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 | US | 50,000 | $39,375.00 | |
| 03690AAF3 | ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 | US | 45,000 | $35,181.00 | |
| 03748R754 | APARTMENT INVT & MGMT CO -A | US | AIV | 989 | $36,464.43 |
| 053015103 | AUTOMATIC DATA PROCESSING | US | ADP | 753 | $110,306.97 |
| 053484101 | AVALONBAY COMMUNITIES INC | US | AVB | 465 | $72,544.65 |
| 05401AAJ0 | AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 | KY | 420,000 | $322,955.94 | |
| 060505104 | BANK OF AMERICA CORP | US | BAC | 12,655 | $305,238.60 |
| 06051GFM6 | BANK OF AMERICA CORP 4.00000 01/22/2025 | US | 490,000 | $535,197.28 | |
| 084670702 | BERKSHIRE HATHAWAY INC-CL B | US | BRK/B | 2,060 | $382,294.80 |
| 09061G101 | BIOMARIN PHARMACEUTICAL INC | US | BMRN | 2,570 | $273,833.50 |
| 09857L108 | BOOKING HOLDINGS INC | US | BKNG | 110 | $180,336.20 |
| 101121101 | BOSTON PROPERTIES INC | US | BXP | 162 | $13,928.76 |
| 105368203 | BRANDYWINE REALTY TRUST | US | BDN | 2,580 | $24,897.00 |
| 110122108 | BRISTOL MYERS SQUIBB CO | US | BMY | 4,529 | $270,471.88 |
| 11680JAA0 | BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 | US | 130,000 | $1,300.00 | |
| 1248EPCE1 | CCO HLDGS LLC/CAP CORP 4.50000 08/15/2030 | US | 20,000 | $20,750.00 | |
| 12503M108 | CBOE GLOBAL MARKETS INC | US | CBOE | 3,360 | $357,705.60 |
| 12555DAA3 | CIM 2019-INV1 A1 4.00000 02/25/2049 | US | 130,337.6 | $133,261.66 | |
| 12572Q105 | CME GROUP INC | US | CME | 1,080 | $197,208.00 |
| 12646XAH5 | CSMC 2013-IVR3 A1 2.50000 05/25/2043 | US | 365,098.52 | $371,265.73 | |
| 12653CAC2 | CNX RESOURCES CORP 7.25000 03/14/2027 | US | 15,000 | $14,175.00 | |
| 12654TAA8 | CNX MIDSTREAM PTR/CNX 6.50000 03/15/2026 | US | 15,000 | $13,537.50 | |
| 127097103 | CABOT OIL & GAS CORP | US | COG | 24,870 | $493,420.80 |
| 131477AT8 | CALUMET SPECIALTY PROD 11.00000 04/15/2025 | US | 20,000 | $18,200.00 | |
| 133131102 | CAMDEN PROPERTY TRUST | US | CPT | 700 | $64,099.00 |
| 133131AZ5 | CAMDEN PROPERTY TRUST 2.80000 05/15/2030 | US | 750,000 | $785,642.99 | |
| 136375102 | CANADIAN NATIONAL RAILWAY CO | CA | CNI | 1,314 | $113,056.56 |
| 14180LAA4 | CARGO AIRCRAFT MANAGEMENT 4.75000 02/01/2028 | US | 30,000 | $29,966.70 | |
| 143905AN7 | CARRIAGE SERVICES INC 6.62500 06/01/2026 | US | 20,000 | $20,900.00 | |
| 149123101 | CATERPILLAR INC | US | CAT | 1,322 | $158,811.86 |
| 14980AAA0 | CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 | US | 176,481.76 | $174,742.07 | |
| 16119P108 | CHARTER COMMUNICATIONS INC-A | US | CHTR | 240 | $130,560.00 |
| 16411QAD3 | CHENIERE ENERGY PARTNERS 5.62500 10/01/2026 | US | 45,000 | $45,801.00 | |
| 165183AL8 | CFII 2017-2A A1 1.99000 05/15/2029 | US | 208,271.85 | $208,934.90 | |
| 166764100 | CHEVRON CORP | US | CVX | 875 | $80,237.50 |
| 17275R102 | CISCO SYSTEMS INC | US | CSCO | 7,367 | $352,289.94 |
| 172967424 | CITIGROUP INC | US | C | 3,798 | $181,962.18 |
| 172967KA8 | CITIGROUP INCA 4.45000 09/29/2027 | US | 860,000 | $957,489.62 | |
| 191216100 | COCA COLA CO/THE | US | KO | 11,620 | $542,421.60 |
| 194162103 | COLGATE-PALMOLIVE CO | US | CL | 2,452 | $177,353.16 |
| 20030N101 | COMCAST CORP-CL A | US | CMCSA | 5,724 | $226,670.40 |
| 20030NCY5 | COMCAST CORP 3.25000 11/01/2039 | US | 780,000 | $854,618.05 | |
| 20268CAA6 | CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 | US | 430,523.97 | $444,213.00 | |
| 20369C106 | COMMUNITY HEALTHCARE TRUST I | US | CHCT | 760 | $27,679.20 |
| 20451NAG6 | COMPASS MINERALS INTERNA 6.75000 12/01/2027 | US | 20,000 | $21,029.40 | |
| 20605P101 | CONCHO RESOURCES INC | US | CXO | 1,720 | $93,774.40 |
| 20825C104 | CONOCOPHILLIPS | US | COP | 3,490 | $147,208.20 |
| 217204106 | COPART INC | US | CPRT | 2,190 | $195,764.10 |
| 21870Q105 | CORESITE REALTY CORP | US | COR | 145 | $18,098.90 |
| 222795502 | COUSINS PROPERTIES INC | US | CUZ | 2,004 | $62,364.48 |
| 22534GAA1 | CAALT 2020-1A 2.01000 02/15/2029 | US | 440,000 | $436,591.19 | |
| 22822V101 | CROWN CASTLE INTL CORP | US | CCI | 310 | $53,369.60 |
| 22822VAN1 | CROWN CASTLE INTL CORP 3.10000 11/15/2029 | US | 820,000 | $864,817.79 | |
| 22822VAR2 | CROWN CASTLE INTL CORP 3.30000 07/01/2030 | US | 260,000 | $280,326.34 | |
| 22944PAA5 | CSMC 2013-TH1 A1 2.13000 02/25/2043 | US | 261,346.2 | $264,359.97 | |
| 247361ZN1 | DELTA AIR LINES INC 4.37500 04/19/2028 | US | 25,000 | $20,321.56 | |
| 25243Q205 | DIAGEO PLC-SPONSORED ADR | GB | DEO | 959 | $134,844.99 |
| 253868103 | DIGITAL REALTY TRUST INC | US | DLR | 698 | $100,204.88 |
| 254687106 | WALT DISNEY CO/THE | US | DIS | 1,810 | $212,313.00 |
| 254687FW1 | WALT DISNEY COMPANY/THE 2.20000 01/13/2028 | US | 320,000 | $334,015.19 | |
| 254709AP3 | DISCOVER FINANCIAL SVS 4.50000 01/30/2026 | US | 20,000 | $21,414.88 | |
| 25470DAT6 | DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 | US | 910,000 | $1,010,489.85 | |
| 256746108 | DOLLAR TREE STORES INC | US | DLTR | 2,210 | $216,292.70 |
| 25746UDG1 | DOMINION ENERGY 3.37500 04/01/2030 | US | 500,000 | $548,693.28 | |
| 25787GAC4 | DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 | US | 40,000 | $39,200.00 | |
| 25960P109 | DOUGLAS EMMETT INC | US | DEI | 1,100 | $32,296.00 |
| 26151AAA7 | DRAX FINCO PLC 6.62500 11/01/2025 | GB | 200,000 | $210,250.00 | |
| 26439XAC7 | DCP MIDSTREAM OPERATING 8.12500 08/16/2030 | US | 15,000 | $15,000.00 | |
| 264411505 | DUKE RLTY INVTS INC | US | DRE | 1,370 | $47,237.60 |
| 26875P101 | EOG RESOURCES INC | US | EOG | 3,700 | $188,589.00 |
| 277276101 | EASTGROUP PROPERTIES | US | EGP | 112 | $13,020.00 |
| 285512109 | ELECTRONIC ARTS | US | EA | 2,490 | $305,971.20 |
| 291011104 | EMERSON ELEC CO | US | EMR | 1,952 | $119,111.04 |
| 29273RAR0 | ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 | US | 860,000 | $971,935.90 | |
| 29444U700 | EQUINIX INC | US | EQIX | 782 | $545,546.66 |
| 29472R108 | EQUITY LIFESTYLE PROPERTIES | US | ELS | 1,090 | $67,907.00 |
| 29476L107 | EQUITY RESIDENTIAL | US | EQR | 715 | $43,300.40 |
| 297178105 | ESSEX PROPERTY TRUST INC | US | ESS | 126 | $30,589.02 |
| 30212P303 | EXPEDIA INC | US | EXPE | 6,270 | $498,339.60 |
| 30212PAS4 | EXPEDIA GROUP INC 6.25000 05/01/2025 | US | 365,000 | $389,788.90 | |
| 302154BV0 | EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 | KR | 1,550,000 | $1,563,306.44 | |
| 30225T102 | EXTRA SPACE STORAGE INC | US | EXR | 150 | $14,512.50 |
| 30231G102 | EXXON MOBIL CORP | US | XOM | 3,370 | $153,233.90 |
| 302491303 | FMC CORP | US | FMC | 2,250 | $221,422.50 |
| 30262DAL5 | FREMF 2011-K13 B 4.61111 01/25/2048 | US | 410,000 | $413,592.42 | |
| 30262SAR9 | FREMF 2015-K42 B FLT 3.85077 12/25/2024 | US | 180,000 | $188,739.40 | |
| 30264DAA7 | FS ENERGY & POWER FUND 7.50000 08/15/2023 | US | 10,000 | $8,000.00 | |
| 30287EAE0 | FREMF 2014-K41 B FLT 3.83267 11/25/2047 | US | 700,000 | $739,688.81 | |
| 30291HAA5 | FREMF 2013-K28 X2A 0.10000 06/25/2046 | US | 10,539,223.62 | $22,197.71 | |
| 30303M102 | FACEBOOK INC -A | US | FB | 1,690 | $380,402.10 |
| 3128M1AM1 | FHLM POOL G11912 5.50000 03/01/2021 | US | 1,846.78 | $1,856.77 | |
| 3128M6HZ4 | FHLM POOL G04448 5.50000 07/01/2038 | US | 131,983.61 | $152,609.55 | |
| 3128M6SU3 | FHLM POOL G04731 5.50000 04/01/2038 | US | 2,991.45 | $3,469.91 | |
| 3128M73P9 | FHLM POOL G05906 6.00000 04/01/2040 | US | 9,778.99 | $11,233.89 | |
| 3128M82W3 | FHLM POOL G06789 6.00000 05/01/2040 | US | 104,048.6 | $120,449.80 | |
| 3128M9ZU9 | FHLM POOL G07655 5.50000 12/01/2035 | US | 34,920.92 | $40,738.65 | |
| 3128MB4Q7 | FHLM POOL G13331 5.50000 10/01/2023 | US | 38,504.16 | $40,138.70 | |
| 3128MBDP9 | FHLM POOL G12610 6.00000 03/01/2022 | US | 2,349.07 | $2,405.50 | |
| 3128MBUB1 | FHLM POOL G13078 6.00000 03/01/2023 | US | 2,332.38 | $2,417.83 | |
| 3128MJ2U3 | FHLM GOLD POOL FG G08786 4.50000 10/01/2047 | US | 425,078.81 | $461,934.65 | |
| 3128MJJT8 | FHLM POOL G08273 5.50000 06/01/2038 | US | 73,364.32 | $84,311.88 | |
| 3128MJY87 | FHLM POOL FG G08734 4.00000 11/01/2046 | US | 38,478.81 | $41,584.43 | |
| 3128P75F6 | FHLM POOL C91746 4.50000 12/01/2033 | US | 36,107.06 | $39,790.93 | |
| 312941ZQ3 | FHLM POOL Q93451 4.50000 08/01/2040 | US | 369,529.9 | $410,216.78 | |
| 3132QUNJ8 | FHLM POOL Q37592 4.00000 12/01/2045 | US | 119,192.42 | $129,942.97 | |
| 3132XTPU6 | FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 | US | 391,999.31 | $418,594.97 | |
| 3132Y33P7 | FHLM POOL FG Q59805 4.50000 11/01/2048 | US | 268,442.23 | $289,976.48 | |
| 31335CCY8 | FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 | US | 247,108.79 | $269,831.58 | |
| 31336WBS7 | FHLM POOL G11850 5.50000 07/01/2020 | US | 6.39 | $6.38 | |
| 3136AY6W8 | FNA 2017-M15 A1 2.95933 09/25/2027 | US | 468,404.55 | $509,217.48 | |
| 3136B1YD0 | FNR 2018-31 KP 3.50000 07/25/2047 | US | 294,206.38 | $304,744.18 | |
| 31371MLB1 | FEDERAL NATL MTG ASSN 256022 5.50000 12/01/2035 | US | 44,181.04 | $51,619.55 | |
| 31371MRU3 | FEDERAL NATL MTG ASSN 256199 5.00000 04/01/2021 | US | 1,809.2 | $1,905.33 | |
| 31371NDQ5 | FEDERAL NATL MTG ASSN 256711 5.50000 05/01/2037 | US | 5,315.62 | $6,168.12 | |
| 3137A2B34 | FHMS K009 X1 FLT 1.21114 08/25/2020 | US | 480,517.21 | $500.84 | |
| 3137ADTK3 | FHMS K014 X1 FLT 1.14928 04/25/2021 | US | 10,681,728.37 | $75,131.00 | |
| 3137AJMG6 | FMHS K016 X1 FLT 1.47797 10/25/2021 | US | 2,270,550.82 | $37,296.98 | |
| 3137AUPF0 | FHMS K021 x1 FLT 1.41666 06/25/2022 | US | 15,315,748.79 | $355,656.19 | |
| 3137B3NB0 | FHMS K030 X1 FLT 0.17807 04/25/2023 | US | 29,167,877.39 | $133,830.97 | |
| 3137B4GZ3 | FHMS K032 X1 FLT 0.09354 05/25/2023 | US | 17,144,949.86 | $54,634.10 | |
| 3137F4YU0 | FHR 4791 BA MTGE 4.00000 03/15/2044 | US | 302,951.73 | $309,380.18 | |
| 3137FG2L8 | FHR 4801 BA MTGE 4.50000 05/15/2044 | US | 203,347.2 | $207,004.72 | |
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| 3138AJ4A7 | FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 | US | 30,367.51 | $32,803.53 | |
| 3138EPLE2 | FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 | US | 79,339.98 | $88,211.81 | |
| 3138ETT89 | FEDERAL NATL MTG ASSN AL8674 FLT 5.64400 01/01/2049 | US | 525,803.13 | $615,363.75 | |
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| 42250P103 | HEALTHPEAK PROPERTIES INC | US | PEAK | 1,905 | $46,939.20 |
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| 44107P104 | HOST MARRIOTT CORP | US | HST | 1,183 | $14,125.02 |
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| 45337C102 | INCYTE CORP | US | INCY | 1,190 | $121,272.90 |
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| 458140100 | INTEL CORP | US | INTC | 6,010 | $378,209.30 |
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| 459200101 | INTERNATIONAL BUSINESS MACH CORP | US | IBM | 1,864 | $232,813.60 |
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| 46187BAB9 | IHSFR 2017-SFR2 B 1.33213 12/17/2036 | US | 120,000 | $116,807.44 | |
| 46187W107 | INVITATION HOMES INC | US | INVH | 3,206 | $84,317.80 |
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| 46640BAC8 | JPMMT 2013-2 A2 3.50000 05/25/2043 | US | 214,383.42 | $222,029.17 | |
| 46641YAA1 | JPMMT 2014-2 1A1 3.00000 06/25/2029 | US | 245,451.64 | $250,136.45 | |
| 46647PBP0 | JPMORGAN CHASE & CO 2.95600 05/13/2031 | US | 870,000 | $897,691.14 | |
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| 46649HAE2 | JPMMT 2017-6 A5 3.50000 12/25/2048 | US | 188,004.74 | $191,372.28 | |
| 476405105 | JERNIGAN CAPITAL INC | US | JCAP | 1,700 | $20,519.00 |
| 478160104 | JOHNSON & JOHNSON | US | JNJ | 6,256 | $930,580.00 |
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| 494368103 | KIMBERLY CLARK CORP | US | KMB | 893 | $126,305.92 |
| 494550AW6 | KINDER MORGAN ENER PART 6.95000 01/15/2038 | US | 630,000 | $842,409.60 | |
| 50187TAE6 | LGI HOMES INC 6.87500 07/15/2026 | US | 35,000 | $35,700.00 | |
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| 516806AG1 | LAREDO PETROLEUM INC 10.12500 01/15/2028 | US | 20,000 | $13,702.00 | |
| 53223X107 | LIFE STORAGE INC | US | LSI | 135 | $13,159.80 |
| 532457108 | ELI LILLY & CO | US | LLY | 1,267 | $193,787.65 |
| 53627NAC5 | LIONS GATE CAPITAL HOLD 6.37500 02/01/2024 | US | 15,000 | $15,131.55 | |
| 539830109 | LOCKHEED MARTIN CORP | US | LMT | 645 | $250,543.80 |
| 54238XAC2 | LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 | US | 45,000 | $2,925.00 | |
| 550021109 | LULULEMON - ADR | CA | LULU | 690 | $207,065.55 |
| 57636Q104 | MASTERCARD INC-CLASS A | US | MA | 2,780 | $836,474.20 |
| 58933Y105 | MERCK & CO INC | US | MRK | 4,263 | $344,109.36 |
| 594918104 | MICROSOFT CORP | US | MSFT | 2,255 | $413,228.75 |
| 595112103 | MICRON TECHNOLOGY INC | US | MU | 11,970 | $573,482.70 |
| 59522J103 | MID-AMERICA APARTMENT COMM | US | MAA | 335 | $38,980.60 |
| 609207105 | MONDELEZ INTERNATIONAL INC | US | MDLZ | 10,655 | $555,338.60 |
| 615369105 | MOODY'S CORPORATION | US | MCO | 600 | $160,446.00 |
| 61965RAA3 | MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 | US | 15,000 | $7,888.50 | |
| 62426EAA3 | MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 | CA | 10,000 | $5,075.00 | |
| 63938CAA6 | NAVIENT CORP 5.00000 10/26/2020 | US | 20,000 | $19,700.00 | |
| 63938CAH1 | NAVIENT CORP 6.75000 06/25/2025 | US | 35,000 | $32,900.00 | |
| 63940YAA4 | NAVSL 2019-CA A1 2.82000 02/15/2068 | US | 195,593.22 | $196,577.43 | |
| 63941RAB6 | NAVSL 2019-2A A2 1.16825 02/27/2068 | US | 1,000,000 | $954,449.60 | |
| 64829DAG1 | NRZT 2014-3A AFX3 3.75000 11/25/2054 | US | 246,148.21 | $253,354.25 | |
| 64829EAA2 | NRZT 2015-2A A1 3.75000 08/25/2055 | US | 305,755.77 | $314,589.30 | |
| 64829LAA6 | NRZT 2016-4A A1 3.75000 11/25/2056 | US | 399,967.6 | $413,380.71 | |
| 65342QAK8 | NEXTERA ENERGY OPERATING 4.25000 07/15/2024 | US | 10,000 | $10,325.00 | |
| 65343HAA9 | NEXSTAR BROADCASTING INC 5.62500 07/15/2027 | US | 30,000 | $30,750.00 | |
| 654106AJ2 | NIKE INC 2.75000 03/27/2027 | US | 200,000 | $218,855.19 | |
| 6642321 | NIKON CORP | JP | 7731 JP | 19,600 | $180,398.08 |
| 66727WAA0 | NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | CA | 135,000 | $1,350.00 | |
| 66987V109 | NOVARTIS AG- REG | CH | NVS | 6,710 | $586,655.30 |
| 67059TAD7 | NUSTAR LOGISTICS LP 6.75000 02/01/2021 | US | 15,000 | $15,093.75 | |
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| 675232AB8 | OCEANEERING INTL INC 6.00000 02/01/2028 | US | 40,000 | $26,800.00 | |
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| 69318FAH1 | PBF HOLDING CO LLC 6.00000 02/15/2028 | US | 20,000 | $16,799.80 | |
| 69318UAB1 | 6.8750000 05/15/2023 6.87500 05/15/2023 | US | 30,000 | $28,575.00 | |
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| 70450Y103 | PAYPAL HOLDINGS INC | US | PYPL | 2,470 | $382,874.70 |
| 7123870 | NESTLE SA-REGISTERED | CH | NESN SW | 3,510 | $381,105.46 |
| 713448108 | PEPSICO INC | US | PEP | 1,440 | $189,432.00 |
| 717081103 | PFIZER INC | US | PFE | 9,574 | $365,631.06 |
| 717081EW9 | PFIZER INC 2.62500 04/01/2030 | US | 220,000 | $240,395.90 | |
| 719245AD4 | PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 | US | 35,000 | $31,731.00 | |
| 71943U104 | PHYSICIANS REALTY TRUST | US | DOC | 1,405 | $24,264.35 |
| 723787107 | PIONEER NATURAL RESOURCES CO | US | PXD | 1,020 | $93,432.00 |
| 73179PAM8 | POLYONE CORP 5.75000 05/15/2025 | US | 25,000 | $26,218.75 | |
| 733174AK2 | POPULAR INC 6.12500 09/14/2023 | PR | 20,000 | $20,150.00 | |
| 741503AZ9 | BOOKING HOLDINGS INC 3.60000 06/01/2026 | US | 1,170,000 | $1,250,312.11 | |
| 74166MAE6 | PRIME SECSRVC BRW/FINANC 6.25000 01/15/2028 | US | 40,000 | $37,900.00 | |
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| 74460D109 | PUBLIC STORAGE INC | US | PSA | 340 | $68,931.60 |
| 747525103 | QUALCOMM INC | US | QCOM | 1,836 | $148,495.68 |
| 750236AW1 | RADIAN GROUP INC 4.87500 03/15/2027 | US | 65,000 | $60,637.20 | |
| 75513E101 | RAYTHEON TECHNOLOGIES CORP | US | RTX | 3,130 | $201,947.60 |
| 756109104 | REALTY INCOME CORP | US | O | 305 | $16,869.55 |
| 758849103 | REGENCY CENTERS CORP | US | REG | 275 | $11,767.25 |
| 76169C100 | REXFORD INDUSTRIAL REALITY IN | US | REXR | 835 | $33,233.00 |
| 780259107 | ROYAL DUTCH SHELL PLC-ADR B | NL | RDS/B | 1,650 | $50,226.00 |
| 783513203 | RYANAIR HOLDINGS - ADR | IE | RYAAY | 4,490 | $322,247.30 |
| 78409V104 | S&P GLOBAL INC | US | SPGI | 480 | $156,009.60 |
| 78410G104 | SBA COMMUNICATIONS CORP | US | SBAC | 870 | $273,293.10 |
| 78442PGC4 | SLM CORP 5.12500 04/05/2022 | US | 45,000 | $44,367.75 | |
| 78443BAG1 | SLMA 2006-10 A6 FLT 1.14138 03/25/2044 | US | 130,000 | $118,303.38 | |
| 78471CAB5 | SOFI 2017-D A2FX 2.65000 09/25/2040 | US | 657,313.74 | $671,535.51 | |
| 785592AU0 | SABINE PASS LIQUEFACTION 4.20000 03/15/2028 | US | 310,000 | $326,588.89 | |
| 785592AV8 | SABINE PASS LIQUEFACTION 5.87500 06/30/2026 | US | 910,000 | $1,045,445.81 | |
| 79466L302 | SALESFORCE.COM | US | CRM | 1,650 | $288,403.50 |
| 80282KAE6 | SANTANDER HOLDINGS USA 4.50000 07/17/2025 | US | 770,000 | $827,097.44 | |
| 806857108 | SCHLUMBERGER LTD | NL | SLB | 5,090 | $94,012.30 |
| 808625AA5 | SCIENCE APPLICATIONS INT 4.87500 04/01/2028 | US | 25,000 | $25,562.50 | |
| 81745BAB1 | SEMT 2013-6 A2 3.00000 05/25/2043 | US | 353,920.22 | $365,356.41 | |
| 81745CAB9 | SEMT 2013-7 A2 3.00000 06/25/2043 | US | 229,012.19 | $234,487.99 | |
| 81745EAA7 | SEMT 2013-8 A1 3.00000 06/25/2043 | US | 317,193.79 | $326,853.13 | |
| 81745MAA9 | SEMT 2013-2 1.87400 02/25/2043 | US | 237,208.62 | $237,695.87 | |
| 81762P102 | SERVICENOW INC | US | NOW | 530 | $205,602.90 |
| 83402DAC5 | SOFI 2016-C A2B 2.36000 12/27/2032 | US | 188,571.19 | $188,749.20 | |
| 83404LAC5 | SOFI 2016-D A2B 2.34000 04/25/2033 | US | 68,452.43 | $69,280.77 | |
| 83404RAB4 | SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 | US | 250,000 | $257,035.10 | |
| 83406CAA7 | SCLP 2019-2 A MTGE 3.01000 04/25/2028 | US | 204,796.36 | $206,885.86 | |
| 844741BJ6 | SOUTHWEST AIRLINES CO 5.25000 05/04/2025 | US | 700,000 | $711,445.34 | |
| 85172FAN9 | SPRINGLEAF FINANCE CORP 7.12500 03/15/2026 | US | 45,000 | $44,325.00 | |
| 85207UAE5 | SPRINT CORP 7.25000 09/15/2021 | US | 15,000 | $15,720.75 | |
| 85207UAH8 | SPRINT CORP 7.12500 06/15/2024 | US | 30,000 | $34,014.00 | |
| 85254J102 | STAG INDUSTRIAL INC | US | STAG | 805 | $21,654.50 |
| 855030AN2 | STAPLES INC 7.50000 04/15/2026 | US | 20,000 | $17,471.00 | |
| 85571BAP0 | STARWOOD PROPERTY TRUST 3.62500 02/01/2021 | US | 30,000 | $29,400.00 | |
| 85571XAA5 | SRPT 2014-STAR A FLTG RATE 1.65363 11/15/2027 | US | 886,341.61 | $660,969.58 | |
| 858912AF5 | STERICYCLE INC 5.37500 07/15/2024 | US | 20,000 | $20,450.00 | |
| 862121100 | STORE CAPITAL CORP | US | STOR | 940 | $18,179.60 |
| 86212XAA8 | STR 2019-1 A1 MTGE 2.82000 11/20/2049 | US | 296,912.58 | $296,092.06 | |
| 866674104 | SUN COMMUNITIES | US | SUI | 710 | $97,404.90 |
| 867892101 | SUNSTONE HOTEL INVESTORS INC | US | SHO | 1,155 | $10,221.75 |
| 87105L104 | SWITCH INC - A | US | SWCH | 1,200 | $22,932.00 |
| 872540AR0 | TJX COS INC 3.50000 04/15/2025 | US | 500,000 | $557,431.71 | |
| 87422VAJ7 | TALEN ENERGY SUPPLY LLC 7.62500 06/01/2028 | US | 35,000 | $35,353.50 | |
| 87677QAA9 | TXEZ 2016-1A 3.13100 06/15/2028 | US | 103,894.71 | $104,075.56 | |
| 87854WAA1 | TECHNIPLAS LLC 10.00000 05/01/2020 | US | 15,000 | $3,337.50 | |
| 88032WAN6 | TENCENT HOLDINGS 3.97500 04/11/2029 | KY | 780,000 | $874,725.66 | |
| 88146M101 | TERRENO REALTY CORP | US | TRNO | 235 | $12,029.65 |
| 882508104 | TEXAS INSTRUMENTS INC | US | TXN | 1,987 | $235,936.38 |
| 883556102 | THERMO FISHER SCIENTIFIC INC | US | TMO | 580 | $202,530.20 |
| 88579Y101 | 3M CO | US | MMM | 1,289 | $201,651.16 |
| 89151E109 | TOTAL S A SPONSORED ADR | FR | TOT | 8,671 | $325,856.18 |
| 89173CAA5 | TPMT 2016-5 A1 2.50000 10/25/2056 | US | 590,882.35 | $597,037.28 | |
| 89173FAA8 | TPMT 2017-1 A1 2.75000 10/25/2056 | US | 269,001 | $272,875.21 | |
| 89177EAA7 | TPMT 2019-HY1 A1 1.16825 10/25/2048 | US | 240,509.75 | $237,477.26 | |
| 892231AA9 | TOWNSQUARE MEDIA INC 6.50000 04/01/2023 | US | 25,000 | $19,750.00 | |
| 89613BAA5 | TAH 2016-SFR1 A 2.58900 11/17/2033 | US | 774,187.9 | $778,103.28 | |
| 89613FAA6 | TAH 2017-SFR2 A 2.92800 01/17/2036 | US | 497,781.2 | $511,981.06 | |
| 89832Q109 | TRUIST FINANCIAL CORP | US | TFC | 3,540 | $130,201.20 |
| 901109AF5 | TUTOR PERINI CORP 6.87500 05/01/2025 | US | 85,000 | $75,012.50 | |
| 902653104 | UDR INC | US | UDR | 608 | $22,483.84 |
| 902973304 | U.S. BANCORP | US | USB | 3,694 | $131,358.64 |
| 904767704 | UNILEVER PLC - ADR | GB | UL | 16,646 | $899,716.30 |
| 907818108 | UNION PAC CORP | US | UNP | 1,429 | $242,729.94 |
| 912796SZ3 | TREASURY BILL 0.00000 07/16/2020 | US | 800,000 | $799,867.50 | |
| 912810FS2 | TSY INFL IX N/B 2.00000 01/15/2026 | US | 2,711,500.8 | $3,092,175.37 | |
| 9128286N5 | TSY INFL IX N/B 0.50000 04/15/2024 | US | 1,960,872.72 | $2,028,004.73 | |
| 912828R36 | US TREASURY N/B 1.62500 05/15/2026 | US | 1,900,000 | $2,034,781.25 | |
| 912828VS6 | US TREASURY N/B 2.50000 08/15/2023 | US | 1,405,000 | $1,507,960.16 | |
| 912828WJ5 | US TREASURY N/B 2.50000 05/15/2024 | US | 1,890,000 | $2,057,368.36 | |
| 912828XB1 | UNITED STATES TREAS NTS 2.12500 05/15/2025 | US | 1,880,000 | $2,046,335.93 | |
| 912828YN4 | US TREASURY FRN FLT 0.45006 10/31/2021 | US | 3,338,000 | $3,349,008.26 | |
| 91704F104 | URBAN EDGE PROPERTIES | US | UE | 1,425 | $13,893.75 |
| 91823AAN1 | VBTOW 2020-1A C2 3.03100 06/15/2050 | US | 150,000 | $151,350.00 | |
| 92343VDU5 | VERIZON COMMUNICATIONS 5.25000 03/16/2037 | US | 990,000 | $1,329,091.56 | |
| 92826C839 | VISA INC - CLASS A SHARES | US | V | 4,020 | $784,864.80 |
| 92826CAK8 | VISA INC 2.70000 04/15/2040 | US | 210,000 | $222,905.40 | |
| 92840JAA7 | VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 | MUL | 50,000 | $39,875.00 | |
| 92840VAG7 | VISTRA OPERATIONS CO LLC 3.70000 01/30/2027 | US | 25,000 | $25,393.65 | |
| 928668BE1 | VOLKSWAGEN GROUP AMERICA 3.35000 05/13/2025 | US | 500,000 | $520,801.63 | |
| 93065PAA9 | WBHT 2019-WBM A FLT 1.23363 12/15/2033 | US | 390,000 | $361,656.13 | |
| 931142103 | WAL MART STORES | US | WMT | 2,872 | $356,300.32 |
| 94106L109 | WASTE MANAGEMENT INC | US | WM | 1,180 | $125,965.00 |
| 94856UAA9 | WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 | US | 20,000 | $19,000.00 | |
| 949746101 | WELLS FARGO COMPANY | US | WFC | 7,840 | $207,524.80 |
| 95040Q104 | WELLTOWER INC. | US | WELL | 923 | $46,768.41 |
| 962178AN9 | TRI POINTE GROUP / HOMES 5.87500 06/15/2024 | US | 15,000 | $15,089.06 | |
| 966387AH5 | WHITING PETROLEUM CORP 5.75000 03/15/2021 | US | 20,000 | $2,350.00 | |
| 96949LAD7 | WILLIAMS PARTNERS LP 3.75000 06/15/2027 | US | 700,000 | $744,826.47 | |
| 97651JAE6 | WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 | US | 77,331.2 | $77,611.47 | |
| 97652TAA1 | WIN 2015-1 A1 3.50000 01/20/2045 | US | 298,831.44 | $309,339.28 | |
| 98311A105 | WYNDHAM HOTELS & RESORTS INC | US | WH | 915 | $42,025.95 |
| B3ZD2V9 | MEX BONOS DESARR FIX RT 6.50000 06/10/2021 | MX | 400,000 | $18,277.03 | |
| B4888C1 | CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 | CA | 140,000 | $106,708.50 | |
| B4NDCC9 | MEX BONOS DESARR FIX RT 6.50000 06/09/2022 | MX | 1,100,000 | $50,894.81 | |
| B615Y14 | MEX BONOS DESARR FIX RT 8.00000 06/11/2020 | MX | 1,800,000 | $81,143.48 | |
| B63QM77 | NEXON CO LTD | JP | 3659 JP | 34,700 | $723,003.24 |
| B6TC406 | MEX BONOS DESARR FIX RT 7.75000 05/29/2031 | MX | 350,000 | $17,446.26 | |
| BBG00T36KXJ4 | BABA US 05/29/20 P195 | CN | -7 | -$7.00 | |
| BBG00T7BRKC7 | DIS US 05/29/20 C113 | US | -13 | -$5,460.00 | |
| BBG00TF3H2M6 | ATVI US 06/05/20 P70 | US | -22 | -$1,320.00 | |
| BBG00TKX88P8 | NOW US 06/12/20 P330 | US | -4 | -$524.00 | |
| BBG00TPV7B53 | CRM US 06/12/20 C187.5 | US | -8 | -$904.00 | |
| BGHQ198 | HIBERNIA REIT PLC | IE | HBRN ID | 14,315 | $17,358.80 |
| BJVB695 | BUONI POLIENNALI DEL TES 2.45000 09/01/2050 | IT | 180,000 | $202,054.13 | |
| BMMV2K8 | TENCENT HOLDINGS LTD | CN | 700 HK | 7,480 | $405,085.89 |
| BYYHL23 | ANHEUSER-BUSCH INBEV SA/NV | BE | ABI BB | 4,010 | $187,127.22 |
| G1151C101 | ACCENTURE PLC - CL A | IE | ACN | 917 | $184,885.54 |
| G29183103 | EATON CORP PLC | US | ETN | 1,255 | $106,549.50 |
| G5494J103 | LINDE PLC | GB | LIN | 817 | $165,311.78 |
| G5960L103 | MEDTRONIC INC | IE | MDT | 4,571 | $450,609.18 |
| H01301128 | ALCON INC | CH | ALC | 3,150 | $200,151.00 |
| H1467J104 | CHUBB LTD | CH | CB | 1,004 | $122,427.76 |
| USD | US DOLLAR | US | 2,059,211 | $2,059,211.00 |
Investments will change over time.
A Word About Risk
All investments involve risks, including possible loss of principal. Because the fund invests in both stocks and bonds, the value of your investment will fluctuate in response to stock market movements and changes in interest rates. Investing in the fund will also involve a number of other risks, including issuer-specific risk, foreign investment risk, and small-cap/mid-cap risk. Investments in options and futures, like all 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.
About The Fund Manager
Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company, Trustee of the Manning & Napier Collective Investment Trust Funds. Manning & Napier is headquartered in Rochester, NY and has more than 45 years of experience managing investment objectives. The Firm’s active management approach focuses on participating in rising markets and, as important, helping to reduce the risk of large losses in sustained bear market periods. A team of investment analysts and professionals make all investment decisions in an effort to provide investors with strong risk-adjusted returns.
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