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.

Manning and Napier Risk-Based Funds Graphic

Learn more about our Pro-Mix® Series

Daily Price

$15.37

Daily $ Change

-$0.04

Daily % Change

-0.26%

as of 08/04/2021

CUSIP

302027123

Inception Date

10/15/2013

This fund is only available for use within certain qualified employee benefit plans.

Important Documents

Annual Report
Applications & Forms

Performance

As of 06/30/2021

YTD

4.23%

1 Year

12.61%

3 Year

8.88%

5 Year

7.15%

10 Year

5.66%

Inception
(01/01/2000)

6.26%

Performance through the inception date of the Pro-Mix® CIT Class U units is based on the historical performance of the CIT's oldest unit class. Returns are net of Pro-Mix CIT® Class U 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 0.51%
Net 0.49%*

*Reflects the Trustee’s contractual agreement to limit fees and voluntary agreement to reimburse certain expenses.

Top Ten Investments

As of 06/30/2021

TREASURY NOTES 24.17%
GOVERNMENT AGENCY 5.52%
ISHARES BROAD USD INVESTMENT 1.54300 1.75%
AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 1.54%
TENCENT HOLDINGS 3.97500 04/11/2029 1.33%
VERIZON COMMUNICATIONS 4.27200 01/15/2036 1.10%
AMAZON.COM INC 0.99%
JOHNSON & JOHNSON 0.92%
AMERICAN TOWER CORP 3.80000 08/15/2029 0.89%
FACEBOOK INC -A 0.86%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 06/30/2021

Bonds 66.56%
Stocks 32.00%
Cash 1.44%

Detailed Asset Class Allocation

As of 06/30/2021

International Equities 6.97%
Small Capitalization 0.48%
Mid Capitalization 2.91%
Large Capitalization 21.66%
Long Term Fixed Income 17.86%
Intermediate Term Fixed Income 36.08%
Short Term Fixed Income 12.60%
Cash 1.44%

Due to rounding, the sum of the detailed asset class allocation categories may not equal the asset allocation totals provided above.

June Fund Holdings

As of 06/30/2021

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 310,000 $351,838.26
00507V109 ACTIVISION INC US ATVI 2,639 $251,866.16
00842XAA7 AFFINITY GAMING 6.87500 12/15/2027 US 25,000 $26,531.25
008474108 AGNICO EAGLE MINES LTD CA AEM 3,435 $207,645.75
008492100 AGREE REALTY CORP US ADC 540 $38,064.60
009126202 AIR LIQUIDE-ADR FR AIQUY 10,879 $382,288.06
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 420,000 $451,088.22
01166WAA5 ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 49,724.32 $55,771.81
01609WAU6 ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 810,000 $909,593.02
01879NAA3 ALLIANCE RES OP/FINANCE 7.50000 05/01/2025 US 25,000 $24,406.25
02079K305 ALPHABET INC-CL A US GOOGL 420 $1,025,551.80
023135106 AMAZON.COM INC US AMZN 377 $1,296,940.32
0237400 DIAGEO PLC GB DGE LN 3,811 $182,655.62
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 742 $34,666.24
02665T306 AMERICAN HOMES 4 RENT- A US AMH 2,335 $90,714.75
03027X100 AMERICAN TOWER REIT INC US AMT 1,461 $394,674.54
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 1,040,000 $1,159,864.42
03064D108 AMERICOLD REALTY TRUST US COLD 1,132 $42,846.20
032654105 ANALOG DEVICES INC US ADI 948 $163,207.68
03784Y200 APPLE HOSPITALITY REIT INC US APLE 2,198 $33,541.48
038923AS7 ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 50,000 $52,847.83
045054AJ2 ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 360,000 $380,754.00
053015103 AUTOMATIC DATA PROCESSING US ADP 995 $197,626.90
053484101 AVALONBAY COMMUNITIES INC US AVB 315 $65,737.35
05401AAP6 AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 KY 2,030,000 $2,010,275.87
05545E209 BHP GROUP PLC SPONSORED ADR AU BBL 4,684 $279,587.96
055622104 BP PLC-SPONS ADR GB BP 4,135 $109,246.70
05567SAA0 BNSF FUNDING TRUST I 6.61300 12/15/2055 US 380,000 $435,039.20
067901108 BARRICK GOLD CORP CA GOLD 10,280 $212,590.40
071734AM9 BAUSCH HEALTH COS INC 5.00000 02/15/2029 CA 40,000 $37,300.00
07403VAA7 BEASLEY MEZ HLDGS LLC 8.62500 02/01/2026 US 40,000 $40,400.00
084423102 WR BERKLEY CORP US WRB 3,734 $277,921.62
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 823 $228,728.16
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 5,698 $475,441.12
09261XAA0 BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 440,000 $446,143.73
10373QBR0 BP CAP MARKETS AMERICA 3.06000 06/17/2041 US 1,100,000 $1,111,616.00
105368203 BRANDYWINE REALTY TRUST US BDN 2,569 $35,220.99
110122108 BRISTOL MYERS SQUIBB CO US BMY 4,394 $293,607.08
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 4,771 $187,548.01
12345678 JONAH ENERGY PARENT LLC US 2,051 $30,765.00
12467AAF5 C&S GROUP ENTERPRISES LL 5.00000 12/15/2028 US 35,000 $34,693.75
12530MAA3 SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 357,892.06 $363,796.21
12530MAB1 SORT 2020-1 A2 1.99000 07/15/2060 US 288,417.03 $292,972.66
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 42,248.12 $42,855.44
12598FAA7 CPI CG INC 8.62500 03/15/2026 US 40,000 $42,500.00
12626K203 CRH PLC -SPONSORED ADR IE CRH 2,614 $132,895.76
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 161,021.67 $162,791.78
127097103 CABOT OIL & GAS CORP US COG 14,079 $245,819.34
133131102 CAMDEN PROPERTY TRUST US CPT 370 $49,087.90
13321L108 CAMECO CORP CA CCJ 14,240 $273,123.20
136375102 CANADIAN NATIONAL RAILWAY CO CA CNI 3,436 $362,566.72
14174T107 CARETRUST REIT INC US CTRE 958 $22,254.34
149123101 CATERPILLAR INC US CAT 1,327 $288,795.01
156700BA3 CENTURYLINK INC 7.50000 04/01/2024 US 20,000 $22,450.00
16119P108 CHARTER COMMUNICATIONS INC-A US CHTR 599 $432,148.55
17275R102 CISCO SYSTEMS INC US CSCO 7,616 $403,648.00
172967424 CITIGROUP INC US C 3,916 $277,057.00
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 650,000 $742,559.58
180848P56 CLARK CNTY NV 1.51000 11/01/2028 US 800,000 $793,488.00
191216100 COCA COLA CO/THE US KO 7,355 $397,979.05
194162103 COLGATE-PALMOLIVE CO US CL 2,250 $183,037.50
20030N101 COMCAST CORP-CL A US CMCSA 7,327 $417,785.54
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 247,945.98 $254,125.49
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 928 $44,042.88
20825C104 CONOCOPHILLIPS US COP 6,785 $413,206.50
217204106 COPART INC US CPRT 2,049 $270,119.67
222795502 COUSINS PROPERTIES INC US CUZ 2,159 $79,408.02
225310AM3 CREDIT ACCEPTANC 6.62500 03/15/2026 US 40,000 $42,100.00
22534GAA1 CAALT 2020-1A 2.01000 02/15/2029 US 440,000 $447,576.05
22536BAA0 CAALT 2020-3A A 1.24000 10/15/2029 US 670,000 $676,757.29
22537CAA7 CAALT 2021-2A A 0.96000 02/15/2030 US 800,000 $800,543.92
22822V101 CROWN CASTLE INTL CORP US CCI 119 $23,216.90
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 820,000 $870,602.86
22822VAR2 CROWN CASTLE INTL CORP 3.30000 07/01/2030 US 260,000 $278,745.11
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 110,548.97 $112,223.95
231021106 CUMMINS INC US CMI 552 $134,583.12
253868103 DIGITAL REALTY TRUST INC US DLR 598 $89,975.08
256677105 DOLLAR GENERAL CORP US DG 1,155 $249,930.45
256746108 DOLLAR TREE STORES INC US DLTR 2,164 $215,318.00
25960P109 DOUGLAS EMMETT INC US DEI 939 $31,569.18
264411505 DUKE RLTY INVTS INC US DRE 1,564 $74,055.40
267475AD3 DYCOM INDUSTRIES INC 4.50000 04/15/2029 US 50,000 $50,433.00
26875P101 EOG RESOURCES INC US EOG 3,507 $292,624.08
26884L109 EQT CORP US EQT 13,176 $293,297.76
285512109 ELECTRONIC ARTS US EA 1,789 $257,311.87
291011104 EMERSON ELEC CO US EMR 1,966 $189,207.84
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 860,000 $1,117,047.64
29275YAC6 ENERSYS 4.37500 12/15/2027 US 25,000 $26,017.25
29278MAC9 ENERGY VEB/ENVEN FIN 11.75000 04/15/2026 US 50,000 $52,144.00
29444U700 EQUINIX INC US EQIX 674 $540,952.40
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 998 $74,161.38
297178105 ESSEX PROPERTY TRUST INC US ESS 221 $66,302.21
30212P303 EXPEDIA INC US EXPE 3,577 $585,590.67
30212PBK0 EXPEDIA GROUP INC 4.62500 08/01/2027 US 400,000 $452,282.59
30225T102 EXTRA SPACE STORAGE INC US EXR 382 $62,579.24
30231G102 EXXON MOBIL CORP US XOM 3,293 $207,722.44
302491303 FMC CORP US FMC 3,177 $343,751.40
30262SAR9 FREMF 2015-K42 B FLT 3.98167 01/25/2048 US 180,000 $195,691.77
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 35,000 $36,137.50
30287EAE0 FREMF 2014-K41 B FLT 3.96396 11/25/2047 US 700,000 $761,215.28
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 10,235,543.55 $11,559.00
30303M102 FACEBOOK INC -A US FB 3,217 $1,118,583.07
303250104 FAIR ISAAC CORP US FICO 537 $269,939.16
3128M6HZ4 FHLM POOL G04448 5.50000 07/01/2038 US 99,585.75 $116,004.78
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 2,211.1 $2,575.33
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 8,131.76 $9,641.52
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 85,327.88 $101,094.05
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 25,030.74 $28,995.61
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 14,705.85 $15,126.99
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 330.13 $332.77
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 653.5 $667.27
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 226,644.68 $246,205.10
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 51,218.72 $59,678.73
3128MJY87 FHLM POOL FG G08734 4.00000 11/01/2046 US 23,846.44 $25,745.21
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 24,870.51 $27,148.35
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 239,941.29 $265,109.28
3132DWAG8 FEDERAL NATL MTG ASSN FR SD8107 2.50000 11/01/2050 US 1,069,737.56 $1,108,173.19
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 80,405.6 $87,961.17
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 181,372.52 $194,082.87
3133KYU98 FHLM POOL RB5108 2.00000 04/01/2041 US 1,283,072.9 $1,311,598.06
3136AY6W8 FNA 2017-M15 A1 FLT 3.05795 09/25/2027 US 427,990.76 $458,176.14
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 63,265.54 $65,114.76
31371MLB1 FEDERAL NATL MTG ASSN 256022 5.50000 12/01/2035 US 30,646.43 $35,536.49
31371NDQ5 FEDERAL NATL MTG ASSN 256711 5.50000 05/01/2037 US 3,719.7 $4,319.61
3137AJMG6 FMHS K016 X1 FLT 1.64991 10/25/2021 US 1,215,288.62 $48.00
3137AUPF0 FHMS K021 x1 FLT 1.52606 06/25/2022 US 14,449,826.69 $110,970.33
3137B3NB0 FHMS K030 X1 FLT 0.27352 04/25/2023 US 27,710,830.65 $69,213.34
3137B4GZ3 FHMS K032 X1 FLT 0.19884 05/25/2023 US 16,594,894.68 $33,174.85
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 22,618.97 $22,647.25
3138A7BL1 FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 108,062.38 $116,482.68
3138AJ4A7 FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 29,437.81 $31,704.91
3138EPLE2 FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 52,477.6 $58,333.59
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64600 01/01/2049 US 420,361.79 $479,768.16
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 401,608.03 $442,624.54
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 35,726.58 $41,424.94
31403DVZ9 FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 6,234.83 $7,194.55
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 231,137.78 $249,376.09
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 52,324.19 $56,702.16
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 33 $33.05
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 109.11 $109.45
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US .62 $0.62
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 120.49 $121.21
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 10,879.72 $12,671.15
31410WSY5 FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 3,371.08 $3,777.56
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 21,141.3 $24,425.61
31413CCL1 FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 1,669.4 $1,875.67
31413MR66 FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 15,589.71 $18,081.65
31413S6R0 FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 8,364.61 $9,694.49
31414CQ50 FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 2,332.55 $2,752.33
31414DJ23 FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 6,066.69 $6,952.53
31414QX28 FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 1,459.16 $1,527.52
31414UF52 FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 13,159.86 $13,776.41
31415ALX7 FEDERAL NATL MTG ASSN 981042 6.00000 04/01/2038 US 4,260.11 $4,776.58
31415BBC2 FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 7,670.49 $8,625.10
31415BBT5 FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 3,425.08 $3,763.19
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 109.71 $110.13
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 8,304.57 $9,235.29
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 117,517.85 $128,240.72
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 139,524.31 $152,543.49
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 200,705.43 $217,905.44
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 104,125.74 $109,893.55
31418DU59 FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 1,185,977.7 $1,231,344.82
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 18,263.82 $21,692.35
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 54,442.72 $63,406.72
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 10,662.75 $12,418.07
32054K103 FIRST INDUSTRIAL REALTY TR US FR 550 $28,726.50
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 470,000 $494,661.46
345370CW8 FORD MOTOR COMPANY 9.00000 04/22/2025 US 50,000 $61,643.50
346232AF8 FORESTAR GROUP INC 3.85000 05/15/2026 US 35,000 $35,316.75
34960PAC5 FORTRESS TRANS & INFRAST 9.75000 08/01/2027 US 30,000 $34,687.50
357081AE8 FREMF 2015-K720 B FLT 3.51073 07/25/2022 US 100,000 $102,605.34
36257MAA3 GSMS 2019-70P A 1.07300 10/15/2036 US 340,000 $339,996.94
36262LAJ9 GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 950,000 $973,119.11
36294VKJ8 GNMA POOL 660997 5.50000 05/15/2037 US 28,585.51 $32,145.26
369550108 GENERAL DYNAMICS CORP US GD 774 $145,713.24
369604BQ5 GENERAL ELECTRIC CO 3.44888 01/21/2099 US 780,000 $767,130.00
37255LAA5 GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 US 40,000 $44,088.00
374297109 GETTY REALTY CORP US GTY 1,131 $35,230.65
375558103 GILEAD SCIENCES INC US GILD 2,978 $205,065.08
38138JAC7 GLM 2021-9A A FLT 1.19475 01/20/2033 KY 1,000,000 $1,000,159.00
382550BL4 GOODYEAR TIRE & RUBBER 5.00000 07/15/2029 US 50,000 $52,350.00
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 317,769.37 $328,420.40
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 27,224 $493,843.36
404119BX6 HCA INC 4.12500 06/15/2029 US 500,000 $563,546.02
418751AE3 HAT HOLDINGS I LLC/HAT 3.37500 06/15/2026 US 40,000 $40,300.00
419792A22 HAWAII ST 2.68200 10/01/2030 US 380,000 $385,639.20
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 1,290 $34,443.00
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 1,391 $46,306.39
423012301 HEINEKEN NV-SPN ADR NL HEINY 4,522 $274,706.07
42806MAA7 HERTZ 2021-1A A 1.21000 12/26/2025 US 500,000 $499,730.00
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 266 $32,084.92
437076102 HOME DEPOT INC US HD 1,452 $463,028.28
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 5,243 $168,719.74
438516106 HONEYWELL INTERNATIONAL INC US HON 1,534 $336,482.90
44267DAE7 HOWARD HUGHES CORP 4.12500 02/01/2029 US 35,000 $34,994.05
448579102 HYATT HOTEL US H 3,011 $233,774.04
44988FAC4 IIP OPERATING PARTNER 5.50000 05/25/2026 US 50,000 $51,469.36
450913AF5 IAMGOLD CORP 5.75000 10/15/2028 CA 50,000 $52,017.50
451102BX4 ICAHN ENTERPRISES/FIN 5.25000 05/15/2027 US 35,000 $36,137.50
45168D104 IDEXX LABORATORIES INC US IDXX 436 $275,355.80
452308109 ILLINOIS TOOL WKS INC US ITW 886 $198,074.16
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 45,000 $47,531.25
45778Q107 INSPERITY INC US NSP 2,899 $261,982.63
45781V101 INNOVATIVE INDUSTRIAL PROPER US IIPR 68 $12,989.36
458140100 INTEL CORP US INTC 6,925 $388,769.50
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 4,148 $492,367.60
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 1,939 $284,238.01
46116VAE5 INTL FC STORE INC 8.62500 06/15/2025 US 40,000 $42,750.00
46187BAA1 IHSFR 2017-SFR2 A 0.93200 12/17/2036 US 142,784.41 $142,909.56
46187BAB9 IHSFR 2017-SFR2 B 1.23200 12/17/2036 US 119,979.78 $120,136.50
46187W107 INVITATION HOMES INC US INVH 3,436 $128,128.44
464288620 ISHARES BROAD USD INVESTMENT 1.54300 US 37,706 $2,284,606.54
465410BX5 ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 100,000 $103,919.00
46625H100 JP MORGAN CHASE & CO US JPM 2,912 $452,932.48
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 11,197.55 $11,225.77
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 84,862.44 $86,067.77
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 79,118.86 $80,407.88
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 167,450.87 $171,218.35
46647PBP0 JPMORGAN CHASE & CO 2.95600 05/13/2031 US 870,000 $914,876.03
478160104 JOHNSON & JOHNSON US JNJ 7,337 $1,208,697.38
48088LAB3 JOSEPH T RYERSON & SON 8.50000 08/01/2028 US 47,000 $52,170.00
49427F108 KILROY REALTY CORP US KRC 731 $50,906.84
494368103 KIMBERLY CLARK CORP US KMB 947 $126,689.66
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 710,000 $1,015,503.69
500472303 KONINKLIJKE PHILIPS NVR - NY ADR NL PHG 2,221 $110,383.70
500754106 KRAFT HEINZ CO/THE US KHC 3,102 $126,499.56
512816109 LAMAR ADVERTISING CO-A US LAMR 222 $23,181.24
53223X107 LIFE STORAGE INC US LSI 466 $50,025.10
539830109 LOCKHEED MARTIN CORP US LMT 607 $229,658.45
550021109 LULULEMON - ADR CA LULU 725 $264,603.25
552848AG8 MGIC INVESTMENT CORP 5.25000 08/15/2028 US 35,000 $37,100.00
57636Q104 MASTERCARD INC-CLASS A US MA 1,879 $686,004.11
58933Y105 MERCK & CO INC US MRK 4,468 $347,476.36
59022CAJ2 MERRILL LYNCH 6.11000 01/29/2037 US 515,000 $705,594.65
594918104 MICROSOFT CORP US MSFT 3,010 $815,409.00
595112103 MICRON TECHNOLOGY INC US MU 3,046 $258,849.08
59522J103 MID-AMERICA APARTMENT COMM US MAA 649 $109,304.58
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 12,015 $750,216.60
615369105 MOODY'S CORPORATION US MCO 1,306 $473,255.22
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 45,000 $41,850.00
62913TAJ1 NGL ENRGY PART LP/FIN CO 7.50000 11/01/2023 US 40,000 $39,400.00
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 55,000 $60,843.75
63938NAF1 NAVIOS SA LOGIST/FIN US 10.75000 07/01/2025 MUL 20,000 $22,100.00
63941XAA5 NAVSL 2020-FA A 1.22000 07/15/2069 US 366,206.02 $368,343.31
63942FAB1 NAVSL 2020-1A A1B 1.14150 06/25/2069 US 649,928.37 $665,889.64
64033QAB5 NSLT 2015-2A A2 0.69150 09/25/2047 US 653,989.08 $655,562.25
64134JAA1 NEUB 2021-40A A 1.24788 04/16/2033 KY 700,000 $701,633.10
644393AA8 NEW FORTRESS ENERGY INC 6.75000 09/15/2025 US 40,000 $41,050.00
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 191,659.23 $204,281.18
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 215,437.66 $228,442.71
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 301,496.87 $320,203.70
64971XPG7 NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 215,000 $220,228.80
65106WAA3 NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 430,000 $447,271.98
651639106 NEWMONT GOLDCORP CORP US NEM 5,930 $375,843.40
65341D102 NEXPOINT RESIDENTIAL US NXRT 407 $22,376.86
655844108 NORFOLK SOUTHN CORP US NSC 863 $229,048.83
6642321 NIKON CORP JP 7731 JP 16,800 $179,213.81
666807102 NORTHROP GRUMMAN CORP US NOC 403 $146,462.29
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 135,000 $13.50
66981QAA4 BRUNDAGE-BONE CONCRETE 6.00000 02/01/2026 US 40,000 $42,108.00
66987V109 NOVARTIS AG- REG CH NVS 9,010 $822,072.40
67066G104 NVIDIA CORP US NVDA 395 $316,039.50
67421QAA0 OASIS MIDSTREAM PARTNERS 8.00000 04/01/2029 US 45,000 $47,837.25
68389X105 ORACLE CORP US ORCL 4,928 $383,595.52
68622V106 ORGANNON & CO US OGN 446 $13,495.96
691205AE8 OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 380,000 $399,742.38
69144AAA7 OXFIN 2020-1A A2 3.10100 02/15/2028 US 300,000 $308,769.51
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 677,249.08 $698,510.84
69354NAC0 PRA GROUP INC 7.37500 09/01/2025 US 30,000 $32,362.50
70450Y103 PAYPAL HOLDINGS INC US PYPL 1,960 $571,300.80
7123870 NESTLE SA-REGISTERED CH NESN SW 3,242 $404,105.84
71654V101 PETROLEO BRASIL-SP PREF ADR BR PBR/A 15,128 $178,661.68
723787107 PIONEER NATURAL RESOURCES CO US PXD 1,622 $263,607.44
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 50,000 $55,233.50
742718109 PROCTER & GAMBLE CO US PG 3,273 $441,625.89
74340W103 PROLOGIS US PLD 2,390 $285,676.70
74388JAD7 PFMT 2021-2 A2A 2.00000 04/25/2051 US 472,969.84 $476,775.78
74460D109 PUBLIC STORAGE INC US PSA 429 $128,996.01
747525103 QUALCOMM INC US QCOM 2,120 $303,011.60
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 30,000 $32,625.00
750481103 RADIUS GLOBAL INFRASTRUCTURE US RADI 1,894 $27,463.00
756109104 REALTY INCOME CORP US O 289 $19,287.86
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 1,156 $65,834.20
767204100 RIO TINTO PLC - SPON ADR GB RIO 2,968 $248,985.52
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 1,420 $55,138.60
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 2,261 $244,662.81
78409V104 S&P GLOBAL INC US SPGI 451 $185,112.95
78410G104 SBA COMMUNICATIONS CORP US SBAC 2,252 $717,712.40
78442PGC4 SLM CORP 5.12500 04/05/2022 US 50,000 $50,937.50
78443BAG1 SLMA 2006-10 A6 FLT 0.32575 03/25/2044 US 118,780.58 $116,485.81
78448QAD0 SMB 2015 B A3 1.82288 05/17/2032 US 800,000 $810,231.44
78449XAA0 SMB 2020-BA A1A 1.29000 07/15/2053 US 548,699.65 $550,612.53
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 355,767.84 $363,427.31
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 910,000 $1,077,635.66
79466L302 SALESFORCE.COM US CRM 1,029 $251,353.83
80105N105 SANOFI-AVENTIS-ADR FR SNY 4,635 $244,079.10
81141R100 SEA LTD - ADR SG SE 1,846 $506,911.60
81181C104 SEAGEN INC US SGEN 3,104 $490,059.52
81745BAB1 SEMT 2013-6 A2 3.00000 05/25/2043 US 175,677.6 $177,657.05
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 102,479.89 $103,695.94
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 130,184.27 $131,748.80
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 111,486.13 $112,218.76
81762P102 SERVICENOW INC US NOW 471 $258,838.05
82967NBJ6 SIRIUS XM RADIO INC 4.00000 07/15/2028 US 25,000 $25,776.50
83192CAB3 SMB 2019-B A2A 2.84000 06/15/2037 US 675,220.06 $704,326.37
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 67,281.55 $67,916.33
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 33,552.97 $34,128.26
83404RAB4 SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 157,091.9 $161,053.63
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 24,417.6 $24,483.64
83419MAA0 SOLARIS MIDSTREAM HOLDIN 7.62500 04/01/2026 US 45,000 $47,700.00
835699307 SONY CORP SPONSORED ADR JP SONY 2,365 $229,925.30
837151XF1 SOUTH CAROLINA ST PUBLIC SVC 1.85200 12/01/2026 US 290,000 $295,341.80
844741BJ6 SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 700,000 $798,947.46
85571BAL9 STARWOOD PROPERTY TRUST 4.75000 03/15/2025 US 40,000 $41,600.00
85571XAA5 SRPT 2014-STAR A FLTG RATE 1.54290 11/15/2027 US 886,341.61 $662,540.35
861036AA9 STL HOLDING CO LLC 7.50000 02/15/2026 US 45,000 $47,362.50
86184WAA4 STONEMOR INC 8.50000 05/15/2029 US 50,000 $50,562.50
86212XAA8 STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 290,223.16 $304,240.65
866674104 SUN COMMUNITIES US SUI 661 $113,295.40
87105L104 SWITCH INC - A US SWCH 4,465 $94,256.15
87157B301 SYNCHRONOSS TECH 8.37500 06/30/2026 US 1,120 $28,000.00
87356LAA8 TACORA RESOURCES INC 8.25000 05/15/2026 CA 60,000 $62,100.00
874060205 TAKEDA PHARMACEUTIC - SP ADR JP TAK 7,630 $128,412.90
87485LAC8 TALOS PRODUCTION 12.00000 01/15/2026 US 45,000 $47,700.00
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 1,560,000 $1,740,351.60
88146M101 TERRENO REALTY CORP US TRNO 672 $43,357.44
883556102 THERMO FISHER SCIENTIFIC INC US TMO 488 $246,181.36
88579Y101 3M CO US MMM 1,354 $268,945.02
88830MAL6 TITAN INTERNATIONAL INC 7.00000 04/30/2028 US 50,000 $52,312.50
89151E109 TOTALENERGIES SE SPON ADR FR TTE 2,144 $97,037.44
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 361,641.95 $367,448.36
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 147,853.37 $150,115.98
89177EAA7 TPMT 2019-HY1 A1 1.09150 10/25/2048 US 159,777.68 $160,914.55
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 493,561.7 $504,541.77
89613GAA4 TAH 2020-SFR1 A 1.49900 07/17/2038 US 609,447.53 $609,037.86
89680HAE2 TCF 2021-1A 1.86000 03/20/2046 US 660,656.25 $656,850.87
902653104 UDR INC US UDR 1,238 $60,637.24
902973304 U.S. BANCORP US USB 3,961 $225,658.17
904767704 UNILEVER PLC - ADR GB UL 17,570 $1,027,845.00
907818108 UNION PAC CORP US UNP 1,500 $329,895.00
90932KAA7 UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 35,831.46 $35,484.65
90932NAA1 UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 27,152.92 $28,037.95
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 6,480,000 $6,719,203.11
912828VB3 UNITED STATES TREAS NTS 1.75000 05/15/2023 US 7,810,000 $8,030,876.56
912828WJ5 US TREASURY N/B 2.50000 05/15/2024 US 7,290,000 $7,722,559.00
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 8,650,000 $9,135,886.76
91823AAN1 VBTOW 2020-1A C2 3.03100 06/15/2050 US 150,000 $156,794.34
92276F100 VENTAS INC US VTR 514 $29,349.40
92343V104 VERIZON COMMUNICATIONS US VZ 6,142 $344,136.26
92343VCV4 VERIZON COMMUNICATIONS 4.27200 01/15/2036 US 1,200,000 $1,433,356.28
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 2,898 $584,323.74
92826C839 VISA INC - CLASS A SHARES US V 3,166 $740,274.12
92840VAH5 VISTRA OPERATIONS CO LLC 4.37500 05/01/2029 US 50,000 $50,250.00
93065PAA9 WBHT 2019-WBM A FLT 1.12300 12/15/2033 US 390,000 $390,228.11
931142103 WAL MART STORES US WMT 3,263 $460,148.26
93114W107 WALMART DE MEXICO MX WMMVY 7,629 $249,773.46
94106L109 WASTE MANAGEMENT INC US WM 1,227 $171,914.97
95040Q104 WELLTOWER INC. US WELL 518 $43,045.80
969457BY5 WILLIAMS COMPANIES INC 2.60000 03/15/2031 US 900,000 $912,435.46
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 91,128.14 $92,551.94
98978V103 ZOETIS INC US ZTS 748 $139,397.28
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 140,000 $115,508.02
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 1,100,000 $55,702.47
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 350,000 $18,533.11
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 14,451 $21,247.74
BK0939417 AMERICAN TANKER INC 7.75000 07/02/2025 US 70,000 $71,820.00
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 4,070 $306,440.52
BMXKJ81 FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 1,926 $34,090.20
BN7860420 PETROTAL CORP 12.00000 02/16/2024 CA 30,000 $30,900.00
G29183103 EATON CORP PLC US ETN 1,282 $189,966.76
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 2,632 $180,634.16
G5494J103 LINDE PLC GB LIN 990 $286,209.00
G5960L103 MEDTRONIC INC IE MDT 1,867 $231,750.71
H01301128 ALCON INC CH ALC 6,513 $457,603.38
H1467J104 CHUBB LTD CH CB 1,106 $175,787.64
USD US DOLLAR US 1,915,747.44 $1,915,747.44
ZO4110185 BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 200,000 $194,500.00

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 50 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

$15.37

Daily $ Change

-$0.04

Daily % Change

-0.26%

as of 08/04/2021

CUSIP

302027123

Inception Date

10/15/2013

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.

Manning and Napier Risk-Based Funds Graphic

Learn more about our Pro-Mix® Series

Performance

As of 06/30/2021

YTD

4.23%

1 Year

12.61%

3 Year

8.88%

5 Year

7.15%

10 Year

5.66%

Inception
(01/01/2000)

6.26%

Performance through the inception date of the Pro-Mix® CIT Class U units is based on the historical performance of the CIT's oldest unit class. Returns are net of Pro-Mix CIT® Class U 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 0.51%
Net 0.49%*

*Reflects the Trustee’s contractual agreement to limit fees and voluntary agreement to reimburse certain expenses.

Top Ten Investments

As of 06/30/2021

TREASURY NOTES 24.17%
GOVERNMENT AGENCY 5.52%
ISHARES BROAD USD INVESTMENT 1.54300 1.75%
AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 1.54%
TENCENT HOLDINGS 3.97500 04/11/2029 1.33%
VERIZON COMMUNICATIONS 4.27200 01/15/2036 1.10%
AMAZON.COM INC 0.99%
JOHNSON & JOHNSON 0.92%
AMERICAN TOWER CORP 3.80000 08/15/2029 0.89%
FACEBOOK INC -A 0.86%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 06/30/2021

Bonds
66.56%
Stocks
32.00%
Cash
1.44%

Detailed Asset Class Allocation

As of 06/30/2021

International Equities
6.97%
Small Capitalization
0.48%
Mid Capitalization
2.91%
Large Capitalization
21.66%
Long Term Fixed Income
17.86%
Intermediate Term Fixed Income
36.08%
Short Term Fixed Income
12.60%
Cash
1.44%

Due to rounding, the sum of the detailed asset class allocation categories may not equal the asset allocation totals provided above.

June Fund Holdings

As of 06/30/2021

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 310,000 $351,838.26
00507V109 ACTIVISION INC US ATVI 2,639 $251,866.16
00842XAA7 AFFINITY GAMING 6.87500 12/15/2027 US 25,000 $26,531.25
008474108 AGNICO EAGLE MINES LTD CA AEM 3,435 $207,645.75
008492100 AGREE REALTY CORP US ADC 540 $38,064.60
009126202 AIR LIQUIDE-ADR FR AIQUY 10,879 $382,288.06
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 420,000 $451,088.22
01166WAA5 ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 49,724.32 $55,771.81
01609WAU6 ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 810,000 $909,593.02
01879NAA3 ALLIANCE RES OP/FINANCE 7.50000 05/01/2025 US 25,000 $24,406.25
02079K305 ALPHABET INC-CL A US GOOGL 420 $1,025,551.80
023135106 AMAZON.COM INC US AMZN 377 $1,296,940.32
0237400 DIAGEO PLC GB DGE LN 3,811 $182,655.62
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 742 $34,666.24
02665T306 AMERICAN HOMES 4 RENT- A US AMH 2,335 $90,714.75
03027X100 AMERICAN TOWER REIT INC US AMT 1,461 $394,674.54
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 1,040,000 $1,159,864.42
03064D108 AMERICOLD REALTY TRUST US COLD 1,132 $42,846.20
032654105 ANALOG DEVICES INC US ADI 948 $163,207.68
03784Y200 APPLE HOSPITALITY REIT INC US APLE 2,198 $33,541.48
038923AS7 ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 50,000 $52,847.83
045054AJ2 ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 360,000 $380,754.00
053015103 AUTOMATIC DATA PROCESSING US ADP 995 $197,626.90
053484101 AVALONBAY COMMUNITIES INC US AVB 315 $65,737.35
05401AAP6 AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 KY 2,030,000 $2,010,275.87
05545E209 BHP GROUP PLC SPONSORED ADR AU BBL 4,684 $279,587.96
055622104 BP PLC-SPONS ADR GB BP 4,135 $109,246.70
05567SAA0 BNSF FUNDING TRUST I 6.61300 12/15/2055 US 380,000 $435,039.20
067901108 BARRICK GOLD CORP CA GOLD 10,280 $212,590.40
071734AM9 BAUSCH HEALTH COS INC 5.00000 02/15/2029 CA 40,000 $37,300.00
07403VAA7 BEASLEY MEZ HLDGS LLC 8.62500 02/01/2026 US 40,000 $40,400.00
084423102 WR BERKLEY CORP US WRB 3,734 $277,921.62
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 823 $228,728.16
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 5,698 $475,441.12
09261XAA0 BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 440,000 $446,143.73
10373QBR0 BP CAP MARKETS AMERICA 3.06000 06/17/2041 US 1,100,000 $1,111,616.00
105368203 BRANDYWINE REALTY TRUST US BDN 2,569 $35,220.99
110122108 BRISTOL MYERS SQUIBB CO US BMY 4,394 $293,607.08
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 4,771 $187,548.01
12345678 JONAH ENERGY PARENT LLC US 2,051 $30,765.00
12467AAF5 C&S GROUP ENTERPRISES LL 5.00000 12/15/2028 US 35,000 $34,693.75
12530MAA3 SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 357,892.06 $363,796.21
12530MAB1 SORT 2020-1 A2 1.99000 07/15/2060 US 288,417.03 $292,972.66
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 42,248.12 $42,855.44
12598FAA7 CPI CG INC 8.62500 03/15/2026 US 40,000 $42,500.00
12626K203 CRH PLC -SPONSORED ADR IE CRH 2,614 $132,895.76
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 161,021.67 $162,791.78
127097103 CABOT OIL & GAS CORP US COG 14,079 $245,819.34
133131102 CAMDEN PROPERTY TRUST US CPT 370 $49,087.90
13321L108 CAMECO CORP CA CCJ 14,240 $273,123.20
136375102 CANADIAN NATIONAL RAILWAY CO CA CNI 3,436 $362,566.72
14174T107 CARETRUST REIT INC US CTRE 958 $22,254.34
149123101 CATERPILLAR INC US CAT 1,327 $288,795.01
156700BA3 CENTURYLINK INC 7.50000 04/01/2024 US 20,000 $22,450.00
16119P108 CHARTER COMMUNICATIONS INC-A US CHTR 599 $432,148.55
17275R102 CISCO SYSTEMS INC US CSCO 7,616 $403,648.00
172967424 CITIGROUP INC US C 3,916 $277,057.00
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 650,000 $742,559.58
180848P56 CLARK CNTY NV 1.51000 11/01/2028 US 800,000 $793,488.00
191216100 COCA COLA CO/THE US KO 7,355 $397,979.05
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20030N101 COMCAST CORP-CL A US CMCSA 7,327 $417,785.54
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20825C104 CONOCOPHILLIPS US COP 6,785 $413,206.50
217204106 COPART INC US CPRT 2,049 $270,119.67
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256677105 DOLLAR GENERAL CORP US DG 1,155 $249,930.45
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297178105 ESSEX PROPERTY TRUST INC US ESS 221 $66,302.21
30212P303 EXPEDIA INC US EXPE 3,577 $585,590.67
30212PBK0 EXPEDIA GROUP INC 4.62500 08/01/2027 US 400,000 $452,282.59
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30231G102 EXXON MOBIL CORP US XOM 3,293 $207,722.44
302491303 FMC CORP US FMC 3,177 $343,751.40
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30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 10,235,543.55 $11,559.00
30303M102 FACEBOOK INC -A US FB 3,217 $1,118,583.07
303250104 FAIR ISAAC CORP US FICO 537 $269,939.16
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3133KYU98 FHLM POOL RB5108 2.00000 04/01/2041 US 1,283,072.9 $1,311,598.06
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3137AUPF0 FHMS K021 x1 FLT 1.52606 06/25/2022 US 14,449,826.69 $110,970.33
3137B3NB0 FHMS K030 X1 FLT 0.27352 04/25/2023 US 27,710,830.65 $69,213.34
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3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64600 01/01/2049 US 420,361.79 $479,768.16
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31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 35,726.58 $41,424.94
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31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 33 $33.05
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 109.11 $109.45
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US .62 $0.62
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 120.49 $121.21
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 10,879.72 $12,671.15
31410WSY5 FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 3,371.08 $3,777.56
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 21,141.3 $24,425.61
31413CCL1 FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 1,669.4 $1,875.67
31413MR66 FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 15,589.71 $18,081.65
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31414CQ50 FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 2,332.55 $2,752.33
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31414QX28 FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 1,459.16 $1,527.52
31414UF52 FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 13,159.86 $13,776.41
31415ALX7 FEDERAL NATL MTG ASSN 981042 6.00000 04/01/2038 US 4,260.11 $4,776.58
31415BBC2 FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 7,670.49 $8,625.10
31415BBT5 FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 3,425.08 $3,763.19
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31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 8,304.57 $9,235.29
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31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 139,524.31 $152,543.49
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 200,705.43 $217,905.44
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 104,125.74 $109,893.55
31418DU59 FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 1,185,977.7 $1,231,344.82
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31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 10,662.75 $12,418.07
32054K103 FIRST INDUSTRIAL REALTY TR US FR 550 $28,726.50
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 470,000 $494,661.46
345370CW8 FORD MOTOR COMPANY 9.00000 04/22/2025 US 50,000 $61,643.50
346232AF8 FORESTAR GROUP INC 3.85000 05/15/2026 US 35,000 $35,316.75
34960PAC5 FORTRESS TRANS & INFRAST 9.75000 08/01/2027 US 30,000 $34,687.50
357081AE8 FREMF 2015-K720 B FLT 3.51073 07/25/2022 US 100,000 $102,605.34
36257MAA3 GSMS 2019-70P A 1.07300 10/15/2036 US 340,000 $339,996.94
36262LAJ9 GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 950,000 $973,119.11
36294VKJ8 GNMA POOL 660997 5.50000 05/15/2037 US 28,585.51 $32,145.26
369550108 GENERAL DYNAMICS CORP US GD 774 $145,713.24
369604BQ5 GENERAL ELECTRIC CO 3.44888 01/21/2099 US 780,000 $767,130.00
37255LAA5 GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 US 40,000 $44,088.00
374297109 GETTY REALTY CORP US GTY 1,131 $35,230.65
375558103 GILEAD SCIENCES INC US GILD 2,978 $205,065.08
38138JAC7 GLM 2021-9A A FLT 1.19475 01/20/2033 KY 1,000,000 $1,000,159.00
382550BL4 GOODYEAR TIRE & RUBBER 5.00000 07/15/2029 US 50,000 $52,350.00
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 317,769.37 $328,420.40
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 27,224 $493,843.36
404119BX6 HCA INC 4.12500 06/15/2029 US 500,000 $563,546.02
418751AE3 HAT HOLDINGS I LLC/HAT 3.37500 06/15/2026 US 40,000 $40,300.00
419792A22 HAWAII ST 2.68200 10/01/2030 US 380,000 $385,639.20
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 1,290 $34,443.00
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 1,391 $46,306.39
423012301 HEINEKEN NV-SPN ADR NL HEINY 4,522 $274,706.07
42806MAA7 HERTZ 2021-1A A 1.21000 12/26/2025 US 500,000 $499,730.00
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 266 $32,084.92
437076102 HOME DEPOT INC US HD 1,452 $463,028.28
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 5,243 $168,719.74
438516106 HONEYWELL INTERNATIONAL INC US HON 1,534 $336,482.90
44267DAE7 HOWARD HUGHES CORP 4.12500 02/01/2029 US 35,000 $34,994.05
448579102 HYATT HOTEL US H 3,011 $233,774.04
44988FAC4 IIP OPERATING PARTNER 5.50000 05/25/2026 US 50,000 $51,469.36
450913AF5 IAMGOLD CORP 5.75000 10/15/2028 CA 50,000 $52,017.50
451102BX4 ICAHN ENTERPRISES/FIN 5.25000 05/15/2027 US 35,000 $36,137.50
45168D104 IDEXX LABORATORIES INC US IDXX 436 $275,355.80
452308109 ILLINOIS TOOL WKS INC US ITW 886 $198,074.16
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 45,000 $47,531.25
45778Q107 INSPERITY INC US NSP 2,899 $261,982.63
45781V101 INNOVATIVE INDUSTRIAL PROPER US IIPR 68 $12,989.36
458140100 INTEL CORP US INTC 6,925 $388,769.50
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 4,148 $492,367.60
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 1,939 $284,238.01
46116VAE5 INTL FC STORE INC 8.62500 06/15/2025 US 40,000 $42,750.00
46187BAA1 IHSFR 2017-SFR2 A 0.93200 12/17/2036 US 142,784.41 $142,909.56
46187BAB9 IHSFR 2017-SFR2 B 1.23200 12/17/2036 US 119,979.78 $120,136.50
46187W107 INVITATION HOMES INC US INVH 3,436 $128,128.44
464288620 ISHARES BROAD USD INVESTMENT 1.54300 US 37,706 $2,284,606.54
465410BX5 ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 100,000 $103,919.00
46625H100 JP MORGAN CHASE & CO US JPM 2,912 $452,932.48
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 11,197.55 $11,225.77
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 84,862.44 $86,067.77
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 79,118.86 $80,407.88
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 167,450.87 $171,218.35
46647PBP0 JPMORGAN CHASE & CO 2.95600 05/13/2031 US 870,000 $914,876.03
478160104 JOHNSON & JOHNSON US JNJ 7,337 $1,208,697.38
48088LAB3 JOSEPH T RYERSON & SON 8.50000 08/01/2028 US 47,000 $52,170.00
49427F108 KILROY REALTY CORP US KRC 731 $50,906.84
494368103 KIMBERLY CLARK CORP US KMB 947 $126,689.66
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 710,000 $1,015,503.69
500472303 KONINKLIJKE PHILIPS NVR - NY ADR NL PHG 2,221 $110,383.70
500754106 KRAFT HEINZ CO/THE US KHC 3,102 $126,499.56
512816109 LAMAR ADVERTISING CO-A US LAMR 222 $23,181.24
53223X107 LIFE STORAGE INC US LSI 466 $50,025.10
539830109 LOCKHEED MARTIN CORP US LMT 607 $229,658.45
550021109 LULULEMON - ADR CA LULU 725 $264,603.25
552848AG8 MGIC INVESTMENT CORP 5.25000 08/15/2028 US 35,000 $37,100.00
57636Q104 MASTERCARD INC-CLASS A US MA 1,879 $686,004.11
58933Y105 MERCK & CO INC US MRK 4,468 $347,476.36
59022CAJ2 MERRILL LYNCH 6.11000 01/29/2037 US 515,000 $705,594.65
594918104 MICROSOFT CORP US MSFT 3,010 $815,409.00
595112103 MICRON TECHNOLOGY INC US MU 3,046 $258,849.08
59522J103 MID-AMERICA APARTMENT COMM US MAA 649 $109,304.58
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 12,015 $750,216.60
615369105 MOODY'S CORPORATION US MCO 1,306 $473,255.22
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 45,000 $41,850.00
62913TAJ1 NGL ENRGY PART LP/FIN CO 7.50000 11/01/2023 US 40,000 $39,400.00
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 55,000 $60,843.75
63938NAF1 NAVIOS SA LOGIST/FIN US 10.75000 07/01/2025 MUL 20,000 $22,100.00
63941XAA5 NAVSL 2020-FA A 1.22000 07/15/2069 US 366,206.02 $368,343.31
63942FAB1 NAVSL 2020-1A A1B 1.14150 06/25/2069 US 649,928.37 $665,889.64
64033QAB5 NSLT 2015-2A A2 0.69150 09/25/2047 US 653,989.08 $655,562.25
64134JAA1 NEUB 2021-40A A 1.24788 04/16/2033 KY 700,000 $701,633.10
644393AA8 NEW FORTRESS ENERGY INC 6.75000 09/15/2025 US 40,000 $41,050.00
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 191,659.23 $204,281.18
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 215,437.66 $228,442.71
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 301,496.87 $320,203.70
64971XPG7 NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 215,000 $220,228.80
65106WAA3 NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 430,000 $447,271.98
651639106 NEWMONT GOLDCORP CORP US NEM 5,930 $375,843.40
65341D102 NEXPOINT RESIDENTIAL US NXRT 407 $22,376.86
655844108 NORFOLK SOUTHN CORP US NSC 863 $229,048.83
6642321 NIKON CORP JP 7731 JP 16,800 $179,213.81
666807102 NORTHROP GRUMMAN CORP US NOC 403 $146,462.29
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 135,000 $13.50
66981QAA4 BRUNDAGE-BONE CONCRETE 6.00000 02/01/2026 US 40,000 $42,108.00
66987V109 NOVARTIS AG- REG CH NVS 9,010 $822,072.40
67066G104 NVIDIA CORP US NVDA 395 $316,039.50
67421QAA0 OASIS MIDSTREAM PARTNERS 8.00000 04/01/2029 US 45,000 $47,837.25
68389X105 ORACLE CORP US ORCL 4,928 $383,595.52
68622V106 ORGANNON & CO US OGN 446 $13,495.96
691205AE8 OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 380,000 $399,742.38
69144AAA7 OXFIN 2020-1A A2 3.10100 02/15/2028 US 300,000 $308,769.51
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 677,249.08 $698,510.84
69354NAC0 PRA GROUP INC 7.37500 09/01/2025 US 30,000 $32,362.50
70450Y103 PAYPAL HOLDINGS INC US PYPL 1,960 $571,300.80
7123870 NESTLE SA-REGISTERED CH NESN SW 3,242 $404,105.84
71654V101 PETROLEO BRASIL-SP PREF ADR BR PBR/A 15,128 $178,661.68
723787107 PIONEER NATURAL RESOURCES CO US PXD 1,622 $263,607.44
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 50,000 $55,233.50
742718109 PROCTER & GAMBLE CO US PG 3,273 $441,625.89
74340W103 PROLOGIS US PLD 2,390 $285,676.70
74388JAD7 PFMT 2021-2 A2A 2.00000 04/25/2051 US 472,969.84 $476,775.78
74460D109 PUBLIC STORAGE INC US PSA 429 $128,996.01
747525103 QUALCOMM INC US QCOM 2,120 $303,011.60
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 30,000 $32,625.00
750481103 RADIUS GLOBAL INFRASTRUCTURE US RADI 1,894 $27,463.00
756109104 REALTY INCOME CORP US O 289 $19,287.86
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 1,156 $65,834.20
767204100 RIO TINTO PLC - SPON ADR GB RIO 2,968 $248,985.52
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 1,420 $55,138.60
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 2,261 $244,662.81
78409V104 S&P GLOBAL INC US SPGI 451 $185,112.95
78410G104 SBA COMMUNICATIONS CORP US SBAC 2,252 $717,712.40
78442PGC4 SLM CORP 5.12500 04/05/2022 US 50,000 $50,937.50
78443BAG1 SLMA 2006-10 A6 FLT 0.32575 03/25/2044 US 118,780.58 $116,485.81
78448QAD0 SMB 2015 B A3 1.82288 05/17/2032 US 800,000 $810,231.44
78449XAA0 SMB 2020-BA A1A 1.29000 07/15/2053 US 548,699.65 $550,612.53
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 355,767.84 $363,427.31
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 910,000 $1,077,635.66
79466L302 SALESFORCE.COM US CRM 1,029 $251,353.83
80105N105 SANOFI-AVENTIS-ADR FR SNY 4,635 $244,079.10
81141R100 SEA LTD - ADR SG SE 1,846 $506,911.60
81181C104 SEAGEN INC US SGEN 3,104 $490,059.52
81745BAB1 SEMT 2013-6 A2 3.00000 05/25/2043 US 175,677.6 $177,657.05
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 102,479.89 $103,695.94
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 130,184.27 $131,748.80
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 111,486.13 $112,218.76
81762P102 SERVICENOW INC US NOW 471 $258,838.05
82967NBJ6 SIRIUS XM RADIO INC 4.00000 07/15/2028 US 25,000 $25,776.50
83192CAB3 SMB 2019-B A2A 2.84000 06/15/2037 US 675,220.06 $704,326.37
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 67,281.55 $67,916.33
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 33,552.97 $34,128.26
83404RAB4 SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 157,091.9 $161,053.63
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 24,417.6 $24,483.64
83419MAA0 SOLARIS MIDSTREAM HOLDIN 7.62500 04/01/2026 US 45,000 $47,700.00
835699307 SONY CORP SPONSORED ADR JP SONY 2,365 $229,925.30
837151XF1 SOUTH CAROLINA ST PUBLIC SVC 1.85200 12/01/2026 US 290,000 $295,341.80
844741BJ6 SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 700,000 $798,947.46
85571BAL9 STARWOOD PROPERTY TRUST 4.75000 03/15/2025 US 40,000 $41,600.00
85571XAA5 SRPT 2014-STAR A FLTG RATE 1.54290 11/15/2027 US 886,341.61 $662,540.35
861036AA9 STL HOLDING CO LLC 7.50000 02/15/2026 US 45,000 $47,362.50
86184WAA4 STONEMOR INC 8.50000 05/15/2029 US 50,000 $50,562.50
86212XAA8 STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 290,223.16 $304,240.65
866674104 SUN COMMUNITIES US SUI 661 $113,295.40
87105L104 SWITCH INC - A US SWCH 4,465 $94,256.15
87157B301 SYNCHRONOSS TECH 8.37500 06/30/2026 US 1,120 $28,000.00
87356LAA8 TACORA RESOURCES INC 8.25000 05/15/2026 CA 60,000 $62,100.00
874060205 TAKEDA PHARMACEUTIC - SP ADR JP TAK 7,630 $128,412.90
87485LAC8 TALOS PRODUCTION 12.00000 01/15/2026 US 45,000 $47,700.00
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 1,560,000 $1,740,351.60
88146M101 TERRENO REALTY CORP US TRNO 672 $43,357.44
883556102 THERMO FISHER SCIENTIFIC INC US TMO 488 $246,181.36
88579Y101 3M CO US MMM 1,354 $268,945.02
88830MAL6 TITAN INTERNATIONAL INC 7.00000 04/30/2028 US 50,000 $52,312.50
89151E109 TOTALENERGIES SE SPON ADR FR TTE 2,144 $97,037.44
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 361,641.95 $367,448.36
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 147,853.37 $150,115.98
89177EAA7 TPMT 2019-HY1 A1 1.09150 10/25/2048 US 159,777.68 $160,914.55
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 493,561.7 $504,541.77
89613GAA4 TAH 2020-SFR1 A 1.49900 07/17/2038 US 609,447.53 $609,037.86
89680HAE2 TCF 2021-1A 1.86000 03/20/2046 US 660,656.25 $656,850.87
902653104 UDR INC US UDR 1,238 $60,637.24
902973304 U.S. BANCORP US USB 3,961 $225,658.17
904767704 UNILEVER PLC - ADR GB UL 17,570 $1,027,845.00
907818108 UNION PAC CORP US UNP 1,500 $329,895.00
90932KAA7 UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 35,831.46 $35,484.65
90932NAA1 UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 27,152.92 $28,037.95
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 6,480,000 $6,719,203.11
912828VB3 UNITED STATES TREAS NTS 1.75000 05/15/2023 US 7,810,000 $8,030,876.56
912828WJ5 US TREASURY N/B 2.50000 05/15/2024 US 7,290,000 $7,722,559.00
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 8,650,000 $9,135,886.76
91823AAN1 VBTOW 2020-1A C2 3.03100 06/15/2050 US 150,000 $156,794.34
92276F100 VENTAS INC US VTR 514 $29,349.40
92343V104 VERIZON COMMUNICATIONS US VZ 6,142 $344,136.26
92343VCV4 VERIZON COMMUNICATIONS 4.27200 01/15/2036 US 1,200,000 $1,433,356.28
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 2,898 $584,323.74
92826C839 VISA INC - CLASS A SHARES US V 3,166 $740,274.12
92840VAH5 VISTRA OPERATIONS CO LLC 4.37500 05/01/2029 US 50,000 $50,250.00
93065PAA9 WBHT 2019-WBM A FLT 1.12300 12/15/2033 US 390,000 $390,228.11
931142103 WAL MART STORES US WMT 3,263 $460,148.26
93114W107 WALMART DE MEXICO MX WMMVY 7,629 $249,773.46
94106L109 WASTE MANAGEMENT INC US WM 1,227 $171,914.97
95040Q104 WELLTOWER INC. US WELL 518 $43,045.80
969457BY5 WILLIAMS COMPANIES INC 2.60000 03/15/2031 US 900,000 $912,435.46
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 91,128.14 $92,551.94
98978V103 ZOETIS INC US ZTS 748 $139,397.28
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 140,000 $115,508.02
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 1,100,000 $55,702.47
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 350,000 $18,533.11
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 14,451 $21,247.74
BK0939417 AMERICAN TANKER INC 7.75000 07/02/2025 US 70,000 $71,820.00
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 4,070 $306,440.52
BMXKJ81 FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 1,926 $34,090.20
BN7860420 PETROTAL CORP 12.00000 02/16/2024 CA 30,000 $30,900.00
G29183103 EATON CORP PLC US ETN 1,282 $189,966.76
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 2,632 $180,634.16
G5494J103 LINDE PLC GB LIN 990 $286,209.00
G5960L103 MEDTRONIC INC IE MDT 1,867 $231,750.71
H01301128 ALCON INC CH ALC 6,513 $457,603.38
H1467J104 CHUBB LTD CH CB 1,106 $175,787.64
USD US DOLLAR US 1,915,747.44 $1,915,747.44
ZO4110185 BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 200,000 $194,500.00

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 50 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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