Investment Objective

To provide long-term capital growth, with capital preservation as a secondary objective.

Investment Strategy

The portfolio is invested in a growth-oriented mix of securities that seeks to earn a good portion of the long-term growth of the stock market with less volatility. Holdings are diversified primarily among various stock investments, as long as stock market valuations are favorable versus long-term bond yields. A substantial portion of the fund may be invested in long-term, fixed income securities.

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 want to be invested in long-term assets without full market risk
  • Who have a reasonably high capital risk tolerance

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

$41.38

Daily $ Change

$0.01

Daily % Change

0.02%

as of 09/24/2020

CUSIP

563821123

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 08/31/2020

YTD

11.38%

1 Year

15.83%

3 Year

9.15%

5 Year

8.48%

10 Year

8.35%

Inception
(01/01/2000)

7.20%

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 0.90%*

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

Top Ten Investments

As of 08/31/2020

GOVERNMENT AGENCY 5.30%
TREASURY NOTES 3.45%
TREASURY BONDS 2.34%
VISA INC - CLASS A SHARES 2.25%
MASTERCARD INC-CLASS A 2.20%
EXPEDIA INC 1.69%
NOVARTIS AG- REG 1.69%
UNILEVER PLC - ADR 1.68%
JOHNSON & JOHNSON 1.66%
CABOT OIL & GAS CORP 1.64%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 08/31/2020

Stocks 56.99%
Bonds 37.22%
Cash 5.79%

Detailed Asset Class Allocation

As of 08/31/2020

International Equities 16.58%
Small Capitalization 2.29%
Mid Capitalization 7.71%
Large Capitalization 30.40%
Long Term Fixed Income 13.92%
Intermediate Term Fixed Income 19.55%
Short Term Fixed Income 3.76%
Cash 5.79%

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

August Fund Holdings

As of 08/31/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 580,000 $679,931.37
00287Y109 ABBVIE INC US ABBV 1,480 $141,739.60
00507V109 ACTIVISION INC US ATVI 45,820 $3,826,886.40
00653VAA9 ADAPTHEALTH LLC 6.12500 08/01/2028 US 130,000 $136,175.00
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 1,740,000 $1,743,911.31
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 120,000 $122,400.00
008492100 AGREE REALTY CORP US ADC 1,730 $115,771.60
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 1,480,000 $1,483,099.71
01166WAA5 ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 135,000 $140,152.76
013822AC5 ALCOA NEDERLAND HOLDING 6.12500 05/15/2028 NL 105,000 $113,400.00
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 408 $68,699.04
01609W102 ALIBABA GROUP - ADR CN BABA 15,150 $4,348,504.50
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 2,070,000 $2,344,550.91
020002101 ALLSTATE CORPORATION US ALL 440 $40,920.00
02079K305 ALPHABET INC-CL A US GOOGL 2,370 $3,861,986.10
023135106 AMAZON.COM INC US AMZN 1,700 $5,866,632.00
02319V103 AMBEV SA-ADR BR ABEV 48,007 $108,015.75
0237400 DIAGEO PLC GB DGE LN 50,027 $1,671,466.01
02406PBA7 AMERICAN AXLE & MFG INC 6.87500 07/01/2028 US 75,000 $78,109.50
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 3,628 $122,989.20
02665T306 AMERICAN HOMES 4 RENT- A US AMH 7,545 $216,088.80
03027X100 AMERICAN TOWER REIT INC US AMT 9,480 $2,361,942.00
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 1,740,000 $2,012,769.50
03064D108 AMERICOLD REALTY TRUST US COLD 4,764 $182,699.40
03217CAA4 AMS AG 7.00000 07/31/2025 AT 200,000 $208,000.00
032654105 ANALOG DEVICES INC US ADI 378 $44,180.64
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 130,000 $116,025.00
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 85,000 $75,862.50
03748R754 APARTMENT INVT & MGMT CO -A US AIV 3,030 $109,170.90
03784Y200 APPLE HOSPITALITY REIT INC US APLE 10,860 $110,446.20
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 868 $38,851.68
053015103 AUTOMATIC DATA PROCESSING US ADP 371 $51,602.39
053484101 AVALONBAY COMMUNITIES INC US AVB 920 $145,415.20
05401AAJ0 AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 KY 870,000 $748,007.64
055622104 BP PLC-SPONS ADR GB BP 3,160 $66,138.80
05722G100 BAKER HUGHES CO US BKR 1,947 $27,803.16
060505104 BANK OF AMERICA CORP US BAC 6,354 $163,551.96
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 900,000 $1,008,601.59
071734AH0 BAUSCH HEALTH COS INC 5.00000 01/30/2028 CA 100,000 $98,750.00
084423102 WR BERKLEY CORP US WRB 41,690 $2,586,864.50
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 18,110 $3,948,704.40
086516101 BEST BUY INC US BBY 474 $52,571.34
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 16,365 $1,276,960.95
0946580 WEIR GROUP PLC/THE GB WEIR LN 11,395 $194,437.26
09857L108 BOOKING HOLDINGS INC US BKNG 1,030 $1,967,763.50
105368203 BRANDYWINE REALTY TRUST US BDN 6,880 $76,574.40
110122108 BRISTOL MYERS SQUIBB CO US BMY 2,060 $128,132.00
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 385,000 $754.60
12503M108 CBOE GLOBAL MARKETS INC US CBOE 11,480 $1,053,749.20
12530MAA3 SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 750,000 $761,011.88
12530MAB1 SORT 2020-1 A2 1.99000 07/15/2060 US 624,479.17 $635,683.89
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 306 $30,079.80
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 291,319.87 $301,787.23
12572Q105 CME GROUP INC US CME 6,065 $1,066,651.55
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 558,456 $569,936.12
12654TAA8 CNX MIDSTREAM PTR/CNX 6.50000 03/15/2026 US 85,000 $85,125.80
127097103 CABOT OIL & GAS CORP US COG 335,020 $6,355,329.40
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 80,000 $76,000.00
133131102 CAMDEN PROPERTY TRUST US CPT 1,767 $160,690.98
13321L108 CAMECO CORP CA CCJ 223,004 $2,580,156.28
149123101 CATERPILLAR INC US CAT 637 $90,651.47
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 392,776.02 $389,459.50
15135UAS8 CENOVUS ENERGY INC 5.37500 07/15/2025 CA 20,000 $20,357.37
16119P108 CHARTER COMMUNICATIONS INC-A US CHTR 6,300 $3,878,343.00
166764100 CHEVRON CORP US CVX 8,920 $748,655.60
172062101 CINCINNATI FINANCIAL CORP US CINF 241 $19,137.81
17275R102 CISCO SYSTEMS INC US CSCO 3,612 $152,498.64
172967424 CITIGROUP INC US C 1,916 $97,945.92
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 1,540,000 $1,790,303.50
191216100 COCA COLA CO/THE US KO 113,660 $5,629,579.80
194162103 COLGATE-PALMOLIVE CO US CL 1,045 $82,826.70
20030N101 COMCAST CORP-CL A US CMCSA 2,752 $123,317.12
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 1,340,000 $1,487,371.59
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 2,376 $110,959.20
20449X401 COMPASS GROUP PLC ADR GB CMPGY 137,945 $2,214,017.25
205887102 CONAGRA BRAND INC. US CAG 924 $35,444.64
20605P101 CONCHO RESOURCES INC US CXO 48,825 $2,537,923.50
20825C104 CONOCOPHILLIPS US COP 35,964 $1,362,675.96
21036P108 CONSTELLATION BRANDS INC-A US STZ 214 $39,478.72
217204106 COPART INC US CPRT 19,000 $1,963,080.00
222795502 COUSINS PROPERTIES INC US CUZ 5,868 $175,159.80
22534GAA1 CAALT 2020-1A 2.01000 02/15/2029 US 930,000 $952,537.53
22822V101 CROWN CASTLE INTL CORP US CCI 1,303 $212,714.75
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 1,000,000 $1,099,134.34
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 349,052.6 $357,827.50
229663109 CUBESMART US CUBE 2,485 $78,575.70
231021106 CUMMINS INC US CMI 266 $55,128.50
253868103 DIGITAL REALTY TRUST INC US DLR 2,085 $324,530.25
254687FW1 WALT DISNEY COMPANY/THE 2.20000 01/13/2028 US 610,000 $645,488.36
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 1,650,000 $1,979,018.63
256746108 DOLLAR TREE STORES INC US DLTR 18,740 $1,804,099.80
25746UDG1 DOMINION ENERGY 3.37500 04/01/2030 US 910,000 $1,035,873.68
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 140,000 $145,600.00
25960P109 DOUGLAS EMMETT INC US DEI 3,717 $103,778.64
260003108 DOVER CORP US DOV 212 $23,286.08
26439XAC7 DCP MIDSTREAM OPERATING 8.12500 08/16/2030 US 100,000 $118,750.00
264411505 DUKE RLTY INVTS INC US DRE 3,938 $151,809.90
26875P101 EOG RESOURCES INC US EOG 37,611 $1,705,282.74
26884L109 EQT CORP US EQT 121,600 $1,929,792.00
26884LAG4 EQT CORP 8.75000 02/01/2030 US 75,000 $89,812.50
2715777 QUEBECOR INC -CL B CA QBR/B CN 11,335 $281,039.52
277276101 EASTGROUP PROPERTIES US EGP 332 $44,209.12
285512109 ELECTRONIC ARTS US EA 20,210 $2,818,688.70
2866857 LUNDIN MINING CORP CA LUN CN 24,460 $153,209.03
291011104 EMERSON ELEC CO US EMR 923 $64,120.81
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 1,610,000 $1,735,079.98
29444U700 EQUINIX INC US EQIX 5,322 $4,203,209.16
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 2,669 $176,928.01
29476L107 EQUITY RESIDENTIAL US EQR 1,670 $94,271.50
297178105 ESSEX PROPERTY TRUST INC US ESS 198 $42,868.98
30212P303 EXPEDIA INC US EXPE 66,730 $6,549,549.50
30212PAS4 EXPEDIA GROUP INC 6.25000 05/01/2025 US 750,000 $824,119.31
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 3,075,000 $3,094,861.03
30225T102 EXTRA SPACE STORAGE INC US EXR 499 $53,168.45
30231G102 EXXON MOBIL CORP US XOM 37,205 $1,485,967.70
302491303 FMC CORP US FMC 17,970 $1,920,274.20
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 65,000 $58,500.00
30286XAN9 FREMF 2015-K43 B FLT 3.86095 02/25/2048 US 2,100,000 $2,284,950.36
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 137,271,995.06 $258,290.99
30291XAE2 FREMF 2014-K715 B FLT 4.11951 02/25/2046 US 1,750,000 $1,761,183.73
30303M102 FACEBOOK INC -A US FB 13,160 $3,858,512.00
311900104 FASTENAL CO US FAST 1,027 $50,179.22
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 205,925.99 $239,623.14
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 124,126.62 $143,656.37
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 88,244.36 $103,983.59
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 3,676.84 $3,821.32
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 6,219.68 $6,342.96
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 4,338.89 $4,440.76
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 4,414.57 $4,569.40
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 6,853.33 $7,081.49
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 897,614.5 $973,702.92
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 183,279.4 $212,125.60
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 667,440.48 $735,460.57
3132LMMM5 FHLM POOL K91364 4.50000 11/01/2033 US 331,880.29 $359,096.21
3132LNE83 FHLM POOL K92059 4.50000 09/01/2034 US 453,547.46 $493,944.76
3133A6DB4 FEDERAL NATL MTG ASSN FR QB0098 2.50000 06/01/2050 US 1,800,251.93 $1,894,185.22
3135G0Q22 FANNIE MAE 1.87500 09/24/2026 US 3,800,000 $4,101,186.02
3136AY6W8 FNA 2017-M15 A1 FLT 3.05797 09/25/2027 US 1,261,580.32 $1,371,138.86
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 434,796.43 $451,681.84
3137ADTK3 FHMS K014 X1 FLT 1.32366 04/25/2021 US 3,326,433.43 $13,672.31
3137AJMG6 FMHS K016 X1 FLT 1.63779 10/25/2021 US 3,760,922.52 $47,944.62
3137AME78 FHMS K017 X1 FLT 1.43314 12/25/2021 US 25,340,187.05 $280,034.41
3137AUPF0 FHMS K021 x1 FLT 1.54441 06/25/2022 US 11,892,978.52 $231,559.86
3137B3NB0 FHMS K030 X1 FLT 0.28647 04/25/2023 US 44,540,021.68 $183,384.63
3137B4GZ3 FHMS K032 X1 FLT 0.20559 05/25/2023 US 28,628,357.65 $80,820.72
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 458,439.49 $468,005.20
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 271,198.67 $274,876.86
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 151,946.09 $169,002.34
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 73,877.89 $82,430.05
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64300 01/01/2049 US 2,401,710.16 $2,837,443.96
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 433,643.53 $507,322.84
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 227,654.61 $266,942.48
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 3,366.91 $3,415.21
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 4,320.71 $4,393.30
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 17,564.05 $17,702.77
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 19,375.46 $19,553.59
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 416,957.93 $490,807.66
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 78,975.89 $91,427.11
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 148.4 $149.13
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 10,694.19 $10,784.06
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 614,479 $676,939.92
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 364,825.62 $385,201.18
31418DNN8 FEDERAL NATL MTG ASSN FN MA3996 2.50000 04/01/2050 US 981,778.29 $1,017,078.42
31418DQG0 FEDERAL NATL MTG ASSN FN MA4054 2.50000 06/01/2040 US 2,529,582.51 $2,662,988.67
31418DQZ8 FEDERAL NATL MTG ASSN FN MA4071 2.00000 07/01/2040 US 1,903,037.11 $1,964,827.05
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 32,516.49 $38,420.87
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 8,123.92 $8,567.33
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 145,000 $159,862.50
316067107 FIDELITY CASH RESERVES US 109,107.89 $109,107.89
316773100 FIFTH THIRD BANCORP US FITB 1,271 $26,258.86
32054K103 FIRST INDUSTRIAL REALTY TR US FR 3,148 $134,262.20
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 115,000 $115,575.00
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 970,000 $993,582.64
345370CX6 FORD MOTOR COMPANY 9.62500 04/22/2030 US 135,000 $176,954.63
345397XU2 FORD MOTOR CREDIT CO LLC 4.38900 01/08/2026 US 75,000 $76,299.00
346232AE1 FORESTAR GROUP INC 5.00000 03/01/2028 US 75,000 $75,778.50
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 85,000 $82,450.00
34960PAC5 FORTRESS TRANS & INFRAST 9.75000 08/01/2027 US 75,000 $79,970.25
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 90,000 $98,241.30
357081AE8 FREMF 2015-K720 B FLT 3.50986 07/25/2022 US 1,070,000 $1,104,401.78
36166LAA5 GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 AE 75,000 $72,375.00
36223NTR5 GNMA POOL 312960 9.00000 09/15/2021 US 78.88 $79.15
36237HAA9 G-III APPAREL GROUP LTD 7.87500 08/15/2025 US 120,000 $119,250.00
36257MAA3 GSMS 2019-70P A 1.16188 10/15/2036 US 925,000 $890,246.55
369550108 GENERAL DYNAMICS CORP US GD 364 $54,363.40
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 1,400,000 $1,098,356.00
370334104 GENERAL MLS INC US GIS 923 $59,025.85
372460105 GENUINE PARTS CO US GPC 313 $29,559.72
37255LAA5 GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 US 120,000 $126,465.60
374297109 GETTY REALTY CORP US GTY 3,116 $91,267.64
375558103 GILEAD SCIENCES INC US GILD 1,372 $91,581.00
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 200,000 $195,750.00
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 1,223,976.66 $1,283,312.85
384802104 WW GRAINGER INC US GWW 74 $27,041.82
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 274,550 $3,838,209.00
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 1,105 $85,615.40
40051E202 GRUPO AEROPORTUARIO DEL SURESTE MX ASR 885 $100,412.10
4012250 AIRBUS SE FR AIR FP 825 $67,845.78
4031976 ADIDAS AG DE ADS GR 7,085 $2,155,939.37
404119BX6 HCA INC 4.12500 06/15/2029 US 1,300,000 $1,497,821.00
416515104 HARTFORD FINL SVCS US HIG 675 $27,303.75
418751AD5 HAT HOLDINGS I LLC/HAT 3.75000 09/15/2030 US 85,000 $85,425.00
421946104 HEALTHCARE REALTY TRUST INC US HR 1,688 $48,698.80
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 2,993 $78,985.27
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 7,432 $205,420.48
427866108 HERSHEY CO/THE US HSY 322 $47,862.08
431571AB4 HILLENBRAND INC 4.50000 09/15/2026 US 115,000 $123,337.50
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 24,047 $2,172,886.92
437076102 HOME DEPOT INC US HD 841 $239,718.64
438516106 HONEYWELL INTERNATIONAL INC US HON 700 $115,885.00
440452100 HORMEL FOODS CORP US HRL 658 $33,544.84
443201AA6 HOWMET AEROSPACE INC 6.87500 05/01/2025 US 120,000 $136,400.85
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 75,000 $81,937.50
450913AE8 IAMGOLD CORP 7.00000 04/15/2025 CA 145,000 $152,250.00
452308109 ILLINOIS TOOL WKS INC US ITW 408 $80,600.40
45337C102 INCYTE CORP US INCY 14,430 $1,390,330.50
45569LAA9 INDIGO NATURAL RES LLC 6.87500 02/15/2026 US 80,000 $81,800.00
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 120,000 $114,000.00
45778Q107 INSPERITY INC US NSP 32,050 $2,159,208.50
458140100 INTEL CORP US INTC 3,218 $163,957.10
45857P806 INTERCONTINENTAL HOTELS-ADR GB IHG 16,830 $975,466.80
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 41,345 $4,392,079.35
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 910 $112,212.10
459506101 INTERNATIONAL FLVRS & FRAGRANCES US IFF 155 $19,187.45
46116VAE5 INTL FC STORE INC 8.62500 06/15/2025 US 190,000 $205,675.00
46187BAA1 IHSFR 2017-SFR2 A 1.01188 12/17/2036 US 448,607.22 $445,289.23
46187BAB9 IHSFR 2017-SFR2 B 1.31188 12/17/2036 US 370,000 $369,370.56
46187W107 INVITATION HOMES INC US INVH 9,741 $278,884.83
46284VAN1 IRON MOUNTAIN INC 4.50000 02/15/2031 US 80,000 $82,109.60
465410BX5 ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 500,000 $517,107.82
46625H100 JP MORGAN CHASE & CO US JPM 2,039 $204,287.41
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 273,511.07 $278,361.52
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 310,657.13 $324,775.84
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 582,039.9 $588,729.34
46647PBP0 JPMORGAN CHASE & CO 2.95600 05/13/2031 US 1,610,000 $1,731,673.34
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 307,542.12 $308,719.30
478160104 JOHNSON & JOHNSON US JNJ 42,025 $6,447,055.25
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 90,000 $12,600.00
48088LAB3 JOSEPH T RYERSON & SON 8.50000 08/01/2028 US 70,000 $76,475.00
482480100 KLA-TENCOR CORPORATION US KLAC 254 $52,105.56
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 120,000 $130,500.00
49427F108 KILROY REALTY CORP US KRC 2,611 $152,795.72
494368103 KIMBERLY CLARK CORP US KMB 461 $72,727.36
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 1,390,000 $1,849,073.02
501044101 KROGER CO US KR 1,305 $46,562.40
505742AG1 LADDER CAP FIN LLLP/CORP 5.25000 10/01/2025 US 115,000 $109,250.00
5107401 BEIERSDORF AG DE BEI GR 2,090 $241,581.94
512816109 LAMAR ADVERTISING CO-A US LAMR 1,118 $77,399.14
53223X107 LIFE STORAGE INC US LSI 1,263 $133,158.09
532457108 ELI LILLY & CO US LLY 656 $97,343.84
539473AE8 LLOYDS BANK PLC 12.00000 12/16/2024 GB 100,000 $116,854.80
539830109 LOCKHEED MARTIN CORP US LMT 286 $111,614.36
541056AA5 LOGAN MERGER SUB INC 5.50000 09/01/2027 US 65,000 $66,279.85
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 130,000 $20,800.00
550021109 LULULEMON - ADR CA LULU 5,654 $2,124,038.18
552697AQ7 MDC PARTNERS INC 6.50000 05/01/2024 CA 80,000 $76,400.00
552848AG8 MGIC INVESTMENT CORP 5.25000 08/15/2028 US 120,000 $126,000.00
56585A102 MARATHON PETROLEUM CORP US MPC 1,179 $41,807.34
573284106 MARTIN MARIETTA MATERIALS US MLM 4,625 $938,273.75
57636Q104 MASTERCARD INC-CLASS A US MA 23,820 $8,532,085.80
577128AA9 MATTHEWS INTERNATIONAL C 5.25000 12/01/2025 US 25,000 $23,625.00
58933Y105 MERCK & CO INC US MRK 2,062 $175,826.74
594918104 MICROSOFT CORP US MSFT 17,530 $3,953,540.90
595112103 MICRON TECHNOLOGY INC US MU 104,750 $4,767,172.50
59522J103 MID-AMERICA APARTMENT COMM US MAA 1,685 $197,347.20
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 73,876 $4,315,835.92
615369105 MOODY'S CORPORATION US MCO 5,980 $1,761,947.20
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 120,000 $82,200.00
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 40,000 $29,200.00
6253983 ARISTOCRAT LEISURE LTD AU ALL AU 2,040 $42,497.49
62913TAJ1 NGL ENRGY PART LP/FIN CO 7.50000 11/01/2023 US 75,000 $54,750.00
6321954 TRAVELSKY TECHNOLOGY LTD-H CN 696 HK 9,000 $18,689.71
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 115,000 $119,887.50
63938EAC8 NAVSL 2014-1 A3 FLT 0.68513 06/25/2031 US 802,551.18 $775,010.11
63938NAF1 NAVIOS SA LOGIST/FIN US 10.75000 07/01/2025 MH 45,000 $48,712.50
64110D104 NETAPP INC US NTAP 423 $20,045.97
644393AA8 NEW FORTRESS ENERGY INC 6.75000 09/15/2025 US 160,000 $162,352.00
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 383,153.13 $410,188.30
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 715,915.79 $772,910.71
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 1,324,587.69 $1,420,612.61
655844108 NORFOLK SOUTHN CORP US NSC 255 $54,195.15
6642321 NIKON CORP JP 7731 JP 191,400 $1,498,986.20
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 370,000 $5,920.00
66987V109 NOVARTIS AG- REG CH NVS 75,855 $6,528,081.30
670346105 NUCOR CORP US NUE 659 $29,958.14
67401PAB4 OAKTREE SPECIALTY LEND 3.50000 02/25/2025 US 75,000 $75,500.07
6742340 SHANDONG WEIGAO CN 1066 HK 132,000 $307,570.54
674599EA9 OCCIDENTAL PETROLEUM COR 8.87500 07/15/2030 US 75,000 $84,750.00
675232AB8 OCEANEERING INTL INC 6.00000 02/01/2028 US 110,000 $69,410.00
6821506 SONY CORP FIRST SECTION JP 6758 JP 1,800 $140,947.93
682189AQ8 ON SEMICONDUCTOR CORP 3.87500 09/01/2028 US 75,000 $78,261.00
68389X105 ORACLE CORP US ORCL 1,882 $107,688.04
68555PAA8 ORBCOMM INC 8.00000 04/01/2024 US 120,000 $116,700.00
69144AAA7 OXFIN 2020-1A A2 3.10100 02/15/2028 US 800,000 $811,514.32
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 25,000 $23,821.75
69327RAJ0 PDC ENERGY INC 5.75000 05/15/2026 US 70,000 $71,610.00
693456AW5 PMTLT 2013-J1 a9 3.50000 09/25/2043 US 611,970.87 $644,842.09
693475105 PNC FINANCIAL SERVICES GROUP US PNC 410 $45,592.00
693506107 PPG INDUSTRIES INC US PPG 286 $34,434.40
69354NAC0 PRA GROUP INC 7.37500 09/01/2025 US 115,000 $122,578.50
701094104 PARKER HANNIFIN CORP US PH 174 $35,845.74
7021963 DEUTSCHE BOERSE AG DE DB1 GR 2,300 $435,124.20
70450Y103 PAYPAL HOLDINGS INC US PYPL 12,700 $2,592,578.00
7123870 NESTLE SA-REGISTERED CH NESN SW 37,605 $4,529,414.57
713448108 PEPSICO INC US PEP 14,265 $1,997,955.90
717081103 PFIZER INC US PFE 4,731 $178,784.49
719245AD4 PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 US 100,000 $91,906.00
71943U104 PHYSICIANS REALTY TRUST US DOC 3,155 $57,263.25
723787107 PIONEER NATURAL RESOURCES CO US PXD 30,225 $3,141,284.25
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 2,600,000 $2,918,840.47
74166MAE6 PRIME SECSRVC BRW/FINANC 6.25000 01/15/2028 US 75,000 $78,750.00
74340W103 PROLOGIS US PLD 6,471 $659,136.06
74460D109 PUBLIC STORAGE INC US PSA 880 $186,912.00
747525103 QUALCOMM INC US QCOM 897 $106,832.70
74834L100 QUEST DIAGNOSTICS INC US DGX 264 $29,367.36
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 170,000 $170,510.00
75513E101 RAYTHEON TECHNOLOGIES CORP US RTX 1,487 $90,707.00
756109104 REALTY INCOME CORP US O 1,100 $68,233.00
758849103 REGENCY CENTERS CORP US REG 780 $30,973.80
7591EP100 REGIONS FINANCIAL CORP. US RF 1,846 $21,339.76
76131D103 RESTAURANT BRANDS INTERN CA QSR 4,890 $264,744.60
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 2,942 $141,157.16
7698356 GETINGE AB-B SHS SE GETIB SS 10,695 $238,297.02
773903109 ROCKWELL AUTOMATION INC US ROK 181 $41,725.93
778296AE3 ROSS STORES INC 5.45000 04/15/2050 US 530,000 $681,479.17
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 24,300 $682,830.00
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 37,846 $3,061,741.40
78409V104 S&P GLOBAL INC US SPGI 4,180 $1,531,635.60
78410G104 SBA COMMUNICATIONS CORP US SBAC 8,730 $2,671,991.10
78442PGC4 SLM CORP 5.12500 04/05/2022 US 175,000 $180,250.00
78449UAB4 SMB 2020-A A2A MTGE 2.23000 09/15/2037 US 1,055,000 $1,092,112.16
78449XAA0 SMB 2020-BA A1A 1.29000 07/15/2053 US 1,445,000 $1,443,276.40
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 1,940,000 $2,333,282.02
79466L302 SALESFORCE.COM US CRM 16,640 $4,536,896.00
806857108 SCHLUMBERGER LTD NL SLB 61,550 $1,170,065.50
81141R100 SEA LTD - ADR SG SE 1,230 $187,956.30
81745BAB1 SEMT 2013-6 A2 3.00000 05/25/2043 US 825,708.06 $863,867.00
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 356,788.51 $366,981.57
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 476,642.22 $490,336.39
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 398,752.84 $401,676.02
81762P102 SERVICENOW INC US NOW 4,000 $1,928,080.00
83088M102 SKYWORKS SOLUTIONS INC US SWKS 233 $33,750.05
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 226 $27,160.68
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 196,608.06 $201,936.32
83404RAB4 SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 860,000 $887,978.98
83406TAB8 SOFI 2020-A A2FX MTGE 2.54000 05/15/2046 US 665,000 $691,476.98
844741BJ6 SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 1,290,000 $1,407,944.12
85172FAN9 SPRINGLEAF FINANCE CORP 7.12500 03/15/2026 US 80,000 $91,799.60
85254J102 STAG INDUSTRIAL INC US STAG 2,292 $74,031.60
854502101 STANLEY WORKS/THE US SWK 206 $33,227.80
85571BAL9 STARWOOD PROPERTY TRUST 4.75000 03/15/2025 US 120,000 $115,500.00
85571XAA5 SRPT 2014-STAR A FLTG RATE 1.63188 11/15/2027 US 1,329,512.42 $930,950.79
861036AA9 STL HOLDING CO LLC 7.50000 02/15/2026 US 110,000 $111,375.00
866674104 SUN COMMUNITIES US SUI 1,946 $290,109.68
87105L104 SWITCH INC - A US SWCH 7,612 $130,926.40
871829107 SYSCO CORP US SYY 36,078 $2,169,730.92
872540AU3 TJX COS INC 4.50000 04/15/2050 US 770,000 $979,596.30
87422VAJ7 TALEN ENERGY SUPPLY LLC 7.62500 06/01/2028 US 110,000 $113,672.90
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 236,308.79 $236,787.29
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 55,000 $12,237.50
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 1,300,000 $1,500,187.46
88146M101 TERRENO REALTY CORP US TRNO 1,656 $98,763.84
882508104 TEXAS INSTRUMENTS INC US TXN 904 $128,503.60
883556102 THERMO FISHER SCIENTIFIC INC US TMO 4,570 $1,960,438.60
88579Y101 3M CO US MMM 646 $105,310.92
89151E109 TOTAL S A SPONSORED ADR FR TOT 45,865 $1,814,878.05
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 1,547,101.36 $1,579,762.84
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 840,521.14 $864,203.33
89177EAA7 TPMT 2019-HY1 A1 1.17513 10/25/2048 US 754,435.82 $752,865.54
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 107,000 $98,707.50
89417E109 TRAVELLERS COS INC US TRV 374 $43,398.96
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 2,124,716.61 $2,130,309.50
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 744,638.76 $771,594.68
89613GAA4 TAH 2020-SFR1 A 1.49900 07/17/2038 US 1,240,000 $1,239,747.16
89832Q109 TRUIST FINANCIAL CORP US TFC 1,814 $70,401.34
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 195,000 $187,687.50
902494103 TYSON FOODS INC -CL A US TSN 547 $34,351.60
902653104 UDR INC US UDR 1,567 $54,547.27
902973304 U.S. BANCORP US USB 1,929 $70,215.60
904767704 UNILEVER PLC - ADR GB UL 109,146 $6,502,918.68
907818108 UNION PAC CORP US UNP 695 $133,745.80
91086QBG2 UNITED MEXICAN STATES 4.12500 01/21/2026 MX 200,000 $223,100.00
9127963S6 TREASURY BILL 0.00000 07/15/2021 US 3,200,000 $3,196,196.00
912810FS2 TSY INFL IX N/B 2.00000 01/15/2026 US 5,318,872.65 $6,330,185.65
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 6,698,000 $9,057,475.12
912828K74 US TREASURY N/B 2.00000 08/15/2025 US 7,990,000 $8,669,462.09
912828YN4 US TREASURY FRN FLT 0.40503 10/31/2021 US 4,677,000 $4,692,122.05
912828ZJ2 TSY INFL IX N/B 0.12500 04/15/2025 US 3,732,707 $4,013,972.30
91704F104 URBAN EDGE PROPERTIES US UE 5,040 $53,222.40
918204108 VF CORP US VFC 632 $41,554.00
91913Y100 VALERO ENERGY US VLO 664 $34,919.76
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 2,160,000 $2,934,180.53
92826C839 VISA INC - CLASS A SHARES US V 41,125 $8,718,088.75
92826CAK8 VISA INC 2.70000 04/15/2040 US 1,540,000 $1,663,451.19
928668BE1 VOLKSWAGEN GROUP AMERICA 3.35000 05/13/2025 US 940,000 $1,033,158.90
929160109 VULCAN MATERIALS CO US VMC 16,400 $1,968,000.00
93065PAA9 WBHT 2019-WBM A FLT 1.21188 12/15/2033 US 1,135,000 $1,078,208.46
931142103 WAL MART STORES US WMT 1,807 $250,901.95
94106L109 WASTE MANAGEMENT INC US WM 568 $64,752.00
949746101 WELLS FARGO COMPANY US WFC 4,082 $98,580.30
95040Q104 WELLTOWER INC. US WELL 2,394 $137,702.88
95081QAP9 WESCO DISTRIBUTION INC 7.25000 06/15/2028 US 115,000 $128,280.78
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 115,000 $124,775.00
966387AH5 WHITING PETROLEUM CORP 5.75000 03/15/2021 US 390,000 $87,750.00
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 1,330,000 $1,469,449.24
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 364,403.68 $375,190.07
98311A105 WYNDHAM HOTELS & RESORTS INC US WH 2,180 $114,144.80
983919101 XILINX INC US XLNX 313 $32,602.08
B02J639 ADMIRAL GROUP PLC GB ADM LN 14,465 $504,708.07
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 17,500 $80,142.35
B1Y47Y7 GERRESHEIMER AG DE GXI GR 2,610 $307,881.45
B1Y9TB3 DANONE FR BN FP 5,163 $339,500.08
B3QJ0H8 TOURMALINE OIL CORP CA TOU CN 22,635 $287,547.02
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 1,250,000 $57,950.60
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 530,000 $424,032.51
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 3,100,000 $146,358.19
B4YVF56 BRENNTAG AG DE BNR GR 3,435 $215,224.16
B63QM77 NEXON CO LTD JP 3659 JP 178,450 $4,175,624.02
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 1,500,000 $77,460.93
BBG00W89CJ51 BABA US 09/04/20 P240 CN -56 -$336.00
BBG00WD4YYY7 COG US 09/11/20 C20 US -678 -$6,780.00
BBG00WD57V16 CRM US 09/11/20 C230 US -59 -$236,590.00
BBG00WDJ9S48 PYPL US 09/11/20 P195 US -69 -$10,350.00
BBG00WN64F39 FB US 09/11/20 C282.5 US -48 -$77,760.00
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 2,460 $72,279.44
BD6K457 COMPASS GROUP PLC GB CPG LN 3,370 $54,533.45
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 48,414 $68,815.27
BH8295835 SAUDI INTERNATIONAL BOND 2.90000 10/22/2025 SA 200,000 $212,008.00
BHJYC05 INTERCONTINENTAL HOTELS GROUP GB IHG LN 2,450 $141,457.32
BJ2KSG2 AKZO NOBEL NL AKZA NA 2,306 $227,609.59
BJVB695 BUONI POLIENNALI DEL TES 2.45000 09/01/2050 IT 460,000 $597,372.01
BK0939417 AMERICAN TANKER INC 7.75000 07/02/2025 US 200,000 $201,260.00
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 65,324 $4,462,828.63
BNGN9Z1 FINECOBANK SPA IT FBK IM 30,155 $456,503.26
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 9,370 $263,457.68
BVYVFW2 AUTO TRADER GROUP PLC GB AUTO LN 19,060 $142,490.93
BYPC1T4 ASSA ABLOY AB-B SE ASSAB SS 6,570 $152,202.59
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 37,840 $2,199,235.26
BZ0VW78 BINGO INDUSTRIES LTD AU BIN AU 86,780 $142,053.03
BZ1HM42 ADYEN NV NL ADYEN NA 60 $101,138.78
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 5,580 $140,616.00
G1151C101 ACCENTURE PLC - CL A IE ACN 1,623 $389,406.39
G29183103 EATON CORP PLC US ETN 599 $61,157.90
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 1,322 $53,845.06
G5494J103 LINDE PLC GB LIN 396 $98,897.04
G5960L103 MEDTRONIC INC IE MDT 23,347 $2,509,102.09
G85158106 STONECO LTD-A BR STNE 2,130 $108,630.00
G8994E103 TRANE TECHNOLOGIES IE TT 306 $36,227.34
G97822103 PERRIGO CO PLC IE PRGO 4,360 $228,028.00
H01301128 ALCON INC CH ALC 94,088 $5,395,005.92
H1467J104 CHUBB LTD CH CB 530 $66,250.00
H2906T109 GARMIN LTD CH GRMN 270 $27,974.70
N53745100 LYONDELLBASELL INDU-CL A US LYB 584 $38,240.32
USD US DOLLAR US 23,686,053.47 $23,686,053.47
ZO1818103 NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 MH 150,000 $150,361.50

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

$41.38

Daily $ Change

$0.01

Daily % Change

0.02%

as of 09/24/2020

CUSIP

563821123

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 long-term capital growth, with capital preservation as a secondary objective.

Investment Strategy

The portfolio is invested in a growth-oriented mix of securities that seeks to earn a good portion of the long-term growth of the stock market with less volatility. Holdings are diversified primarily among various stock investments, as long as stock market valuations are favorable versus long-term bond yields. A substantial portion of the fund may be invested in long-term, fixed income securities.

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 want to be invested in long-term assets without full market risk
  • Who have a reasonably high capital risk tolerance

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 08/31/2020

YTD

11.38%

1 Year

15.83%

3 Year

9.15%

5 Year

8.48%

10 Year

8.35%

Inception
(01/01/2000)

7.20%

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 0.90%*

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

Top Ten Investments

As of 08/31/2020

GOVERNMENT AGENCY 5.30%
TREASURY NOTES 3.45%
TREASURY BONDS 2.34%
VISA INC - CLASS A SHARES 2.25%
MASTERCARD INC-CLASS A 2.20%
EXPEDIA INC 1.69%
NOVARTIS AG- REG 1.69%
UNILEVER PLC - ADR 1.68%
JOHNSON & JOHNSON 1.66%
CABOT OIL & GAS CORP 1.64%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 08/31/2020

Stocks
56.99%
Bonds
37.22%
Cash
5.79%

Detailed Asset Class Allocation

As of 08/31/2020

International Equities
16.58%
Small Capitalization
2.29%
Mid Capitalization
7.71%
Large Capitalization
30.40%
Long Term Fixed Income
13.92%
Intermediate Term Fixed Income
19.55%
Short Term Fixed Income
3.76%
Cash
5.79%

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

August Fund Holdings

As of 08/31/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 580,000 $679,931.37
00287Y109 ABBVIE INC US ABBV 1,480 $141,739.60
00507V109 ACTIVISION INC US ATVI 45,820 $3,826,886.40
00653VAA9 ADAPTHEALTH LLC 6.12500 08/01/2028 US 130,000 $136,175.00
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 1,740,000 $1,743,911.31
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 120,000 $122,400.00
008492100 AGREE REALTY CORP US ADC 1,730 $115,771.60
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 1,480,000 $1,483,099.71
01166WAA5 ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 135,000 $140,152.76
013822AC5 ALCOA NEDERLAND HOLDING 6.12500 05/15/2028 NL 105,000 $113,400.00
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 408 $68,699.04
01609W102 ALIBABA GROUP - ADR CN BABA 15,150 $4,348,504.50
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 2,070,000 $2,344,550.91
020002101 ALLSTATE CORPORATION US ALL 440 $40,920.00
02079K305 ALPHABET INC-CL A US GOOGL 2,370 $3,861,986.10
023135106 AMAZON.COM INC US AMZN 1,700 $5,866,632.00
02319V103 AMBEV SA-ADR BR ABEV 48,007 $108,015.75
0237400 DIAGEO PLC GB DGE LN 50,027 $1,671,466.01
02406PBA7 AMERICAN AXLE & MFG INC 6.87500 07/01/2028 US 75,000 $78,109.50
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 3,628 $122,989.20
02665T306 AMERICAN HOMES 4 RENT- A US AMH 7,545 $216,088.80
03027X100 AMERICAN TOWER REIT INC US AMT 9,480 $2,361,942.00
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 1,740,000 $2,012,769.50
03064D108 AMERICOLD REALTY TRUST US COLD 4,764 $182,699.40
03217CAA4 AMS AG 7.00000 07/31/2025 AT 200,000 $208,000.00
032654105 ANALOG DEVICES INC US ADI 378 $44,180.64
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 130,000 $116,025.00
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 85,000 $75,862.50
03748R754 APARTMENT INVT & MGMT CO -A US AIV 3,030 $109,170.90
03784Y200 APPLE HOSPITALITY REIT INC US APLE 10,860 $110,446.20
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 868 $38,851.68
053015103 AUTOMATIC DATA PROCESSING US ADP 371 $51,602.39
053484101 AVALONBAY COMMUNITIES INC US AVB 920 $145,415.20
05401AAJ0 AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 KY 870,000 $748,007.64
055622104 BP PLC-SPONS ADR GB BP 3,160 $66,138.80
05722G100 BAKER HUGHES CO US BKR 1,947 $27,803.16
060505104 BANK OF AMERICA CORP US BAC 6,354 $163,551.96
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 900,000 $1,008,601.59
071734AH0 BAUSCH HEALTH COS INC 5.00000 01/30/2028 CA 100,000 $98,750.00
084423102 WR BERKLEY CORP US WRB 41,690 $2,586,864.50
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 18,110 $3,948,704.40
086516101 BEST BUY INC US BBY 474 $52,571.34
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 16,365 $1,276,960.95
0946580 WEIR GROUP PLC/THE GB WEIR LN 11,395 $194,437.26
09857L108 BOOKING HOLDINGS INC US BKNG 1,030 $1,967,763.50
105368203 BRANDYWINE REALTY TRUST US BDN 6,880 $76,574.40
110122108 BRISTOL MYERS SQUIBB CO US BMY 2,060 $128,132.00
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 385,000 $754.60
12503M108 CBOE GLOBAL MARKETS INC US CBOE 11,480 $1,053,749.20
12530MAA3 SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 750,000 $761,011.88
12530MAB1 SORT 2020-1 A2 1.99000 07/15/2060 US 624,479.17 $635,683.89
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 306 $30,079.80
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 291,319.87 $301,787.23
12572Q105 CME GROUP INC US CME 6,065 $1,066,651.55
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 558,456 $569,936.12
12654TAA8 CNX MIDSTREAM PTR/CNX 6.50000 03/15/2026 US 85,000 $85,125.80
127097103 CABOT OIL & GAS CORP US COG 335,020 $6,355,329.40
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 80,000 $76,000.00
133131102 CAMDEN PROPERTY TRUST US CPT 1,767 $160,690.98
13321L108 CAMECO CORP CA CCJ 223,004 $2,580,156.28
149123101 CATERPILLAR INC US CAT 637 $90,651.47
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 392,776.02 $389,459.50
15135UAS8 CENOVUS ENERGY INC 5.37500 07/15/2025 CA 20,000 $20,357.37
16119P108 CHARTER COMMUNICATIONS INC-A US CHTR 6,300 $3,878,343.00
166764100 CHEVRON CORP US CVX 8,920 $748,655.60
172062101 CINCINNATI FINANCIAL CORP US CINF 241 $19,137.81
17275R102 CISCO SYSTEMS INC US CSCO 3,612 $152,498.64
172967424 CITIGROUP INC US C 1,916 $97,945.92
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 1,540,000 $1,790,303.50
191216100 COCA COLA CO/THE US KO 113,660 $5,629,579.80
194162103 COLGATE-PALMOLIVE CO US CL 1,045 $82,826.70
20030N101 COMCAST CORP-CL A US CMCSA 2,752 $123,317.12
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 1,340,000 $1,487,371.59
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 2,376 $110,959.20
20449X401 COMPASS GROUP PLC ADR GB CMPGY 137,945 $2,214,017.25
205887102 CONAGRA BRAND INC. US CAG 924 $35,444.64
20605P101 CONCHO RESOURCES INC US CXO 48,825 $2,537,923.50
20825C104 CONOCOPHILLIPS US COP 35,964 $1,362,675.96
21036P108 CONSTELLATION BRANDS INC-A US STZ 214 $39,478.72
217204106 COPART INC US CPRT 19,000 $1,963,080.00
222795502 COUSINS PROPERTIES INC US CUZ 5,868 $175,159.80
22534GAA1 CAALT 2020-1A 2.01000 02/15/2029 US 930,000 $952,537.53
22822V101 CROWN CASTLE INTL CORP US CCI 1,303 $212,714.75
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 1,000,000 $1,099,134.34
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 349,052.6 $357,827.50
229663109 CUBESMART US CUBE 2,485 $78,575.70
231021106 CUMMINS INC US CMI 266 $55,128.50
253868103 DIGITAL REALTY TRUST INC US DLR 2,085 $324,530.25
254687FW1 WALT DISNEY COMPANY/THE 2.20000 01/13/2028 US 610,000 $645,488.36
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 1,650,000 $1,979,018.63
256746108 DOLLAR TREE STORES INC US DLTR 18,740 $1,804,099.80
25746UDG1 DOMINION ENERGY 3.37500 04/01/2030 US 910,000 $1,035,873.68
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 140,000 $145,600.00
25960P109 DOUGLAS EMMETT INC US DEI 3,717 $103,778.64
260003108 DOVER CORP US DOV 212 $23,286.08
26439XAC7 DCP MIDSTREAM OPERATING 8.12500 08/16/2030 US 100,000 $118,750.00
264411505 DUKE RLTY INVTS INC US DRE 3,938 $151,809.90
26875P101 EOG RESOURCES INC US EOG 37,611 $1,705,282.74
26884L109 EQT CORP US EQT 121,600 $1,929,792.00
26884LAG4 EQT CORP 8.75000 02/01/2030 US 75,000 $89,812.50
2715777 QUEBECOR INC -CL B CA QBR/B CN 11,335 $281,039.52
277276101 EASTGROUP PROPERTIES US EGP 332 $44,209.12
285512109 ELECTRONIC ARTS US EA 20,210 $2,818,688.70
2866857 LUNDIN MINING CORP CA LUN CN 24,460 $153,209.03
291011104 EMERSON ELEC CO US EMR 923 $64,120.81
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 1,610,000 $1,735,079.98
29444U700 EQUINIX INC US EQIX 5,322 $4,203,209.16
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 2,669 $176,928.01
29476L107 EQUITY RESIDENTIAL US EQR 1,670 $94,271.50
297178105 ESSEX PROPERTY TRUST INC US ESS 198 $42,868.98
30212P303 EXPEDIA INC US EXPE 66,730 $6,549,549.50
30212PAS4 EXPEDIA GROUP INC 6.25000 05/01/2025 US 750,000 $824,119.31
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 3,075,000 $3,094,861.03
30225T102 EXTRA SPACE STORAGE INC US EXR 499 $53,168.45
30231G102 EXXON MOBIL CORP US XOM 37,205 $1,485,967.70
302491303 FMC CORP US FMC 17,970 $1,920,274.20
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 65,000 $58,500.00
30286XAN9 FREMF 2015-K43 B FLT 3.86095 02/25/2048 US 2,100,000 $2,284,950.36
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 137,271,995.06 $258,290.99
30291XAE2 FREMF 2014-K715 B FLT 4.11951 02/25/2046 US 1,750,000 $1,761,183.73
30303M102 FACEBOOK INC -A US FB 13,160 $3,858,512.00
311900104 FASTENAL CO US FAST 1,027 $50,179.22
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 205,925.99 $239,623.14
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 124,126.62 $143,656.37
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 88,244.36 $103,983.59
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 3,676.84 $3,821.32
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 6,219.68 $6,342.96
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 4,338.89 $4,440.76
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 4,414.57 $4,569.40
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 6,853.33 $7,081.49
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 897,614.5 $973,702.92
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 183,279.4 $212,125.60
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 667,440.48 $735,460.57
3132LMMM5 FHLM POOL K91364 4.50000 11/01/2033 US 331,880.29 $359,096.21
3132LNE83 FHLM POOL K92059 4.50000 09/01/2034 US 453,547.46 $493,944.76
3133A6DB4 FEDERAL NATL MTG ASSN FR QB0098 2.50000 06/01/2050 US 1,800,251.93 $1,894,185.22
3135G0Q22 FANNIE MAE 1.87500 09/24/2026 US 3,800,000 $4,101,186.02
3136AY6W8 FNA 2017-M15 A1 FLT 3.05797 09/25/2027 US 1,261,580.32 $1,371,138.86
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 434,796.43 $451,681.84
3137ADTK3 FHMS K014 X1 FLT 1.32366 04/25/2021 US 3,326,433.43 $13,672.31
3137AJMG6 FMHS K016 X1 FLT 1.63779 10/25/2021 US 3,760,922.52 $47,944.62
3137AME78 FHMS K017 X1 FLT 1.43314 12/25/2021 US 25,340,187.05 $280,034.41
3137AUPF0 FHMS K021 x1 FLT 1.54441 06/25/2022 US 11,892,978.52 $231,559.86
3137B3NB0 FHMS K030 X1 FLT 0.28647 04/25/2023 US 44,540,021.68 $183,384.63
3137B4GZ3 FHMS K032 X1 FLT 0.20559 05/25/2023 US 28,628,357.65 $80,820.72
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 458,439.49 $468,005.20
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 271,198.67 $274,876.86
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 151,946.09 $169,002.34
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 73,877.89 $82,430.05
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64300 01/01/2049 US 2,401,710.16 $2,837,443.96
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 433,643.53 $507,322.84
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 227,654.61 $266,942.48
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 3,366.91 $3,415.21
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 4,320.71 $4,393.30
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 17,564.05 $17,702.77
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 19,375.46 $19,553.59
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 416,957.93 $490,807.66
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 78,975.89 $91,427.11
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 148.4 $149.13
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 10,694.19 $10,784.06
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 614,479 $676,939.92
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 364,825.62 $385,201.18
31418DNN8 FEDERAL NATL MTG ASSN FN MA3996 2.50000 04/01/2050 US 981,778.29 $1,017,078.42
31418DQG0 FEDERAL NATL MTG ASSN FN MA4054 2.50000 06/01/2040 US 2,529,582.51 $2,662,988.67
31418DQZ8 FEDERAL NATL MTG ASSN FN MA4071 2.00000 07/01/2040 US 1,903,037.11 $1,964,827.05
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 32,516.49 $38,420.87
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 8,123.92 $8,567.33
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 145,000 $159,862.50
316067107 FIDELITY CASH RESERVES US 109,107.89 $109,107.89
316773100 FIFTH THIRD BANCORP US FITB 1,271 $26,258.86
32054K103 FIRST INDUSTRIAL REALTY TR US FR 3,148 $134,262.20
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 115,000 $115,575.00
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 970,000 $993,582.64
345370CX6 FORD MOTOR COMPANY 9.62500 04/22/2030 US 135,000 $176,954.63
345397XU2 FORD MOTOR CREDIT CO LLC 4.38900 01/08/2026 US 75,000 $76,299.00
346232AE1 FORESTAR GROUP INC 5.00000 03/01/2028 US 75,000 $75,778.50
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 85,000 $82,450.00
34960PAC5 FORTRESS TRANS & INFRAST 9.75000 08/01/2027 US 75,000 $79,970.25
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 90,000 $98,241.30
357081AE8 FREMF 2015-K720 B FLT 3.50986 07/25/2022 US 1,070,000 $1,104,401.78
36166LAA5 GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 AE 75,000 $72,375.00
36223NTR5 GNMA POOL 312960 9.00000 09/15/2021 US 78.88 $79.15
36237HAA9 G-III APPAREL GROUP LTD 7.87500 08/15/2025 US 120,000 $119,250.00
36257MAA3 GSMS 2019-70P A 1.16188 10/15/2036 US 925,000 $890,246.55
369550108 GENERAL DYNAMICS CORP US GD 364 $54,363.40
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 1,400,000 $1,098,356.00
370334104 GENERAL MLS INC US GIS 923 $59,025.85
372460105 GENUINE PARTS CO US GPC 313 $29,559.72
37255LAA5 GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 US 120,000 $126,465.60
374297109 GETTY REALTY CORP US GTY 3,116 $91,267.64
375558103 GILEAD SCIENCES INC US GILD 1,372 $91,581.00
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 200,000 $195,750.00
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 1,223,976.66 $1,283,312.85
384802104 WW GRAINGER INC US GWW 74 $27,041.82
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 274,550 $3,838,209.00
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 1,105 $85,615.40
40051E202 GRUPO AEROPORTUARIO DEL SURESTE MX ASR 885 $100,412.10
4012250 AIRBUS SE FR AIR FP 825 $67,845.78
4031976 ADIDAS AG DE ADS GR 7,085 $2,155,939.37
404119BX6 HCA INC 4.12500 06/15/2029 US 1,300,000 $1,497,821.00
416515104 HARTFORD FINL SVCS US HIG 675 $27,303.75
418751AD5 HAT HOLDINGS I LLC/HAT 3.75000 09/15/2030 US 85,000 $85,425.00
421946104 HEALTHCARE REALTY TRUST INC US HR 1,688 $48,698.80
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 2,993 $78,985.27
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 7,432 $205,420.48
427866108 HERSHEY CO/THE US HSY 322 $47,862.08
431571AB4 HILLENBRAND INC 4.50000 09/15/2026 US 115,000 $123,337.50
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 24,047 $2,172,886.92
437076102 HOME DEPOT INC US HD 841 $239,718.64
438516106 HONEYWELL INTERNATIONAL INC US HON 700 $115,885.00
440452100 HORMEL FOODS CORP US HRL 658 $33,544.84
443201AA6 HOWMET AEROSPACE INC 6.87500 05/01/2025 US 120,000 $136,400.85
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 75,000 $81,937.50
450913AE8 IAMGOLD CORP 7.00000 04/15/2025 CA 145,000 $152,250.00
452308109 ILLINOIS TOOL WKS INC US ITW 408 $80,600.40
45337C102 INCYTE CORP US INCY 14,430 $1,390,330.50
45569LAA9 INDIGO NATURAL RES LLC 6.87500 02/15/2026 US 80,000 $81,800.00
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 120,000 $114,000.00
45778Q107 INSPERITY INC US NSP 32,050 $2,159,208.50
458140100 INTEL CORP US INTC 3,218 $163,957.10
45857P806 INTERCONTINENTAL HOTELS-ADR GB IHG 16,830 $975,466.80
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 41,345 $4,392,079.35
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 910 $112,212.10
459506101 INTERNATIONAL FLVRS & FRAGRANCES US IFF 155 $19,187.45
46116VAE5 INTL FC STORE INC 8.62500 06/15/2025 US 190,000 $205,675.00
46187BAA1 IHSFR 2017-SFR2 A 1.01188 12/17/2036 US 448,607.22 $445,289.23
46187BAB9 IHSFR 2017-SFR2 B 1.31188 12/17/2036 US 370,000 $369,370.56
46187W107 INVITATION HOMES INC US INVH 9,741 $278,884.83
46284VAN1 IRON MOUNTAIN INC 4.50000 02/15/2031 US 80,000 $82,109.60
465410BX5 ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 500,000 $517,107.82
46625H100 JP MORGAN CHASE & CO US JPM 2,039 $204,287.41
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 273,511.07 $278,361.52
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 310,657.13 $324,775.84
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 582,039.9 $588,729.34
46647PBP0 JPMORGAN CHASE & CO 2.95600 05/13/2031 US 1,610,000 $1,731,673.34
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 307,542.12 $308,719.30
478160104 JOHNSON & JOHNSON US JNJ 42,025 $6,447,055.25
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 90,000 $12,600.00
48088LAB3 JOSEPH T RYERSON & SON 8.50000 08/01/2028 US 70,000 $76,475.00
482480100 KLA-TENCOR CORPORATION US KLAC 254 $52,105.56
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 120,000 $130,500.00
49427F108 KILROY REALTY CORP US KRC 2,611 $152,795.72
494368103 KIMBERLY CLARK CORP US KMB 461 $72,727.36
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 1,390,000 $1,849,073.02
501044101 KROGER CO US KR 1,305 $46,562.40
505742AG1 LADDER CAP FIN LLLP/CORP 5.25000 10/01/2025 US 115,000 $109,250.00
5107401 BEIERSDORF AG DE BEI GR 2,090 $241,581.94
512816109 LAMAR ADVERTISING CO-A US LAMR 1,118 $77,399.14
53223X107 LIFE STORAGE INC US LSI 1,263 $133,158.09
532457108 ELI LILLY & CO US LLY 656 $97,343.84
539473AE8 LLOYDS BANK PLC 12.00000 12/16/2024 GB 100,000 $116,854.80
539830109 LOCKHEED MARTIN CORP US LMT 286 $111,614.36
541056AA5 LOGAN MERGER SUB INC 5.50000 09/01/2027 US 65,000 $66,279.85
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 130,000 $20,800.00
550021109 LULULEMON - ADR CA LULU 5,654 $2,124,038.18
552697AQ7 MDC PARTNERS INC 6.50000 05/01/2024 CA 80,000 $76,400.00
552848AG8 MGIC INVESTMENT CORP 5.25000 08/15/2028 US 120,000 $126,000.00
56585A102 MARATHON PETROLEUM CORP US MPC 1,179 $41,807.34
573284106 MARTIN MARIETTA MATERIALS US MLM 4,625 $938,273.75
57636Q104 MASTERCARD INC-CLASS A US MA 23,820 $8,532,085.80
577128AA9 MATTHEWS INTERNATIONAL C 5.25000 12/01/2025 US 25,000 $23,625.00
58933Y105 MERCK & CO INC US MRK 2,062 $175,826.74
594918104 MICROSOFT CORP US MSFT 17,530 $3,953,540.90
595112103 MICRON TECHNOLOGY INC US MU 104,750 $4,767,172.50
59522J103 MID-AMERICA APARTMENT COMM US MAA 1,685 $197,347.20
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 73,876 $4,315,835.92
615369105 MOODY'S CORPORATION US MCO 5,980 $1,761,947.20
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 120,000 $82,200.00
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 40,000 $29,200.00
6253983 ARISTOCRAT LEISURE LTD AU ALL AU 2,040 $42,497.49
62913TAJ1 NGL ENRGY PART LP/FIN CO 7.50000 11/01/2023 US 75,000 $54,750.00
6321954 TRAVELSKY TECHNOLOGY LTD-H CN 696 HK 9,000 $18,689.71
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 115,000 $119,887.50
63938EAC8 NAVSL 2014-1 A3 FLT 0.68513 06/25/2031 US 802,551.18 $775,010.11
63938NAF1 NAVIOS SA LOGIST/FIN US 10.75000 07/01/2025 MH 45,000 $48,712.50
64110D104 NETAPP INC US NTAP 423 $20,045.97
644393AA8 NEW FORTRESS ENERGY INC 6.75000 09/15/2025 US 160,000 $162,352.00
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 383,153.13 $410,188.30
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 715,915.79 $772,910.71
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 1,324,587.69 $1,420,612.61
655844108 NORFOLK SOUTHN CORP US NSC 255 $54,195.15
6642321 NIKON CORP JP 7731 JP 191,400 $1,498,986.20
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 370,000 $5,920.00
66987V109 NOVARTIS AG- REG CH NVS 75,855 $6,528,081.30
670346105 NUCOR CORP US NUE 659 $29,958.14
67401PAB4 OAKTREE SPECIALTY LEND 3.50000 02/25/2025 US 75,000 $75,500.07
6742340 SHANDONG WEIGAO CN 1066 HK 132,000 $307,570.54
674599EA9 OCCIDENTAL PETROLEUM COR 8.87500 07/15/2030 US 75,000 $84,750.00
675232AB8 OCEANEERING INTL INC 6.00000 02/01/2028 US 110,000 $69,410.00
6821506 SONY CORP FIRST SECTION JP 6758 JP 1,800 $140,947.93
682189AQ8 ON SEMICONDUCTOR CORP 3.87500 09/01/2028 US 75,000 $78,261.00
68389X105 ORACLE CORP US ORCL 1,882 $107,688.04
68555PAA8 ORBCOMM INC 8.00000 04/01/2024 US 120,000 $116,700.00
69144AAA7 OXFIN 2020-1A A2 3.10100 02/15/2028 US 800,000 $811,514.32
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 25,000 $23,821.75
69327RAJ0 PDC ENERGY INC 5.75000 05/15/2026 US 70,000 $71,610.00
693456AW5 PMTLT 2013-J1 a9 3.50000 09/25/2043 US 611,970.87 $644,842.09
693475105 PNC FINANCIAL SERVICES GROUP US PNC 410 $45,592.00
693506107 PPG INDUSTRIES INC US PPG 286 $34,434.40
69354NAC0 PRA GROUP INC 7.37500 09/01/2025 US 115,000 $122,578.50
701094104 PARKER HANNIFIN CORP US PH 174 $35,845.74
7021963 DEUTSCHE BOERSE AG DE DB1 GR 2,300 $435,124.20
70450Y103 PAYPAL HOLDINGS INC US PYPL 12,700 $2,592,578.00
7123870 NESTLE SA-REGISTERED CH NESN SW 37,605 $4,529,414.57
713448108 PEPSICO INC US PEP 14,265 $1,997,955.90
717081103 PFIZER INC US PFE 4,731 $178,784.49
719245AD4 PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 US 100,000 $91,906.00
71943U104 PHYSICIANS REALTY TRUST US DOC 3,155 $57,263.25
723787107 PIONEER NATURAL RESOURCES CO US PXD 30,225 $3,141,284.25
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 2,600,000 $2,918,840.47
74166MAE6 PRIME SECSRVC BRW/FINANC 6.25000 01/15/2028 US 75,000 $78,750.00
74340W103 PROLOGIS US PLD 6,471 $659,136.06
74460D109 PUBLIC STORAGE INC US PSA 880 $186,912.00
747525103 QUALCOMM INC US QCOM 897 $106,832.70
74834L100 QUEST DIAGNOSTICS INC US DGX 264 $29,367.36
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 170,000 $170,510.00
75513E101 RAYTHEON TECHNOLOGIES CORP US RTX 1,487 $90,707.00
756109104 REALTY INCOME CORP US O 1,100 $68,233.00
758849103 REGENCY CENTERS CORP US REG 780 $30,973.80
7591EP100 REGIONS FINANCIAL CORP. US RF 1,846 $21,339.76
76131D103 RESTAURANT BRANDS INTERN CA QSR 4,890 $264,744.60
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 2,942 $141,157.16
7698356 GETINGE AB-B SHS SE GETIB SS 10,695 $238,297.02
773903109 ROCKWELL AUTOMATION INC US ROK 181 $41,725.93
778296AE3 ROSS STORES INC 5.45000 04/15/2050 US 530,000 $681,479.17
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 24,300 $682,830.00
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 37,846 $3,061,741.40
78409V104 S&P GLOBAL INC US SPGI 4,180 $1,531,635.60
78410G104 SBA COMMUNICATIONS CORP US SBAC 8,730 $2,671,991.10
78442PGC4 SLM CORP 5.12500 04/05/2022 US 175,000 $180,250.00
78449UAB4 SMB 2020-A A2A MTGE 2.23000 09/15/2037 US 1,055,000 $1,092,112.16
78449XAA0 SMB 2020-BA A1A 1.29000 07/15/2053 US 1,445,000 $1,443,276.40
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 1,940,000 $2,333,282.02
79466L302 SALESFORCE.COM US CRM 16,640 $4,536,896.00
806857108 SCHLUMBERGER LTD NL SLB 61,550 $1,170,065.50
81141R100 SEA LTD - ADR SG SE 1,230 $187,956.30
81745BAB1 SEMT 2013-6 A2 3.00000 05/25/2043 US 825,708.06 $863,867.00
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 356,788.51 $366,981.57
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 476,642.22 $490,336.39
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 398,752.84 $401,676.02
81762P102 SERVICENOW INC US NOW 4,000 $1,928,080.00
83088M102 SKYWORKS SOLUTIONS INC US SWKS 233 $33,750.05
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 226 $27,160.68
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 196,608.06 $201,936.32
83404RAB4 SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 860,000 $887,978.98
83406TAB8 SOFI 2020-A A2FX MTGE 2.54000 05/15/2046 US 665,000 $691,476.98
844741BJ6 SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 1,290,000 $1,407,944.12
85172FAN9 SPRINGLEAF FINANCE CORP 7.12500 03/15/2026 US 80,000 $91,799.60
85254J102 STAG INDUSTRIAL INC US STAG 2,292 $74,031.60
854502101 STANLEY WORKS/THE US SWK 206 $33,227.80
85571BAL9 STARWOOD PROPERTY TRUST 4.75000 03/15/2025 US 120,000 $115,500.00
85571XAA5 SRPT 2014-STAR A FLTG RATE 1.63188 11/15/2027 US 1,329,512.42 $930,950.79
861036AA9 STL HOLDING CO LLC 7.50000 02/15/2026 US 110,000 $111,375.00
866674104 SUN COMMUNITIES US SUI 1,946 $290,109.68
87105L104 SWITCH INC - A US SWCH 7,612 $130,926.40
871829107 SYSCO CORP US SYY 36,078 $2,169,730.92
872540AU3 TJX COS INC 4.50000 04/15/2050 US 770,000 $979,596.30
87422VAJ7 TALEN ENERGY SUPPLY LLC 7.62500 06/01/2028 US 110,000 $113,672.90
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 236,308.79 $236,787.29
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 55,000 $12,237.50
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 1,300,000 $1,500,187.46
88146M101 TERRENO REALTY CORP US TRNO 1,656 $98,763.84
882508104 TEXAS INSTRUMENTS INC US TXN 904 $128,503.60
883556102 THERMO FISHER SCIENTIFIC INC US TMO 4,570 $1,960,438.60
88579Y101 3M CO US MMM 646 $105,310.92
89151E109 TOTAL S A SPONSORED ADR FR TOT 45,865 $1,814,878.05
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 1,547,101.36 $1,579,762.84
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 840,521.14 $864,203.33
89177EAA7 TPMT 2019-HY1 A1 1.17513 10/25/2048 US 754,435.82 $752,865.54
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 107,000 $98,707.50
89417E109 TRAVELLERS COS INC US TRV 374 $43,398.96
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 2,124,716.61 $2,130,309.50
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 744,638.76 $771,594.68
89613GAA4 TAH 2020-SFR1 A 1.49900 07/17/2038 US 1,240,000 $1,239,747.16
89832Q109 TRUIST FINANCIAL CORP US TFC 1,814 $70,401.34
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 195,000 $187,687.50
902494103 TYSON FOODS INC -CL A US TSN 547 $34,351.60
902653104 UDR INC US UDR 1,567 $54,547.27
902973304 U.S. BANCORP US USB 1,929 $70,215.60
904767704 UNILEVER PLC - ADR GB UL 109,146 $6,502,918.68
907818108 UNION PAC CORP US UNP 695 $133,745.80
91086QBG2 UNITED MEXICAN STATES 4.12500 01/21/2026 MX 200,000 $223,100.00
9127963S6 TREASURY BILL 0.00000 07/15/2021 US 3,200,000 $3,196,196.00
912810FS2 TSY INFL IX N/B 2.00000 01/15/2026 US 5,318,872.65 $6,330,185.65
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 6,698,000 $9,057,475.12
912828K74 US TREASURY N/B 2.00000 08/15/2025 US 7,990,000 $8,669,462.09
912828YN4 US TREASURY FRN FLT 0.40503 10/31/2021 US 4,677,000 $4,692,122.05
912828ZJ2 TSY INFL IX N/B 0.12500 04/15/2025 US 3,732,707 $4,013,972.30
91704F104 URBAN EDGE PROPERTIES US UE 5,040 $53,222.40
918204108 VF CORP US VFC 632 $41,554.00
91913Y100 VALERO ENERGY US VLO 664 $34,919.76
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 2,160,000 $2,934,180.53
92826C839 VISA INC - CLASS A SHARES US V 41,125 $8,718,088.75
92826CAK8 VISA INC 2.70000 04/15/2040 US 1,540,000 $1,663,451.19
928668BE1 VOLKSWAGEN GROUP AMERICA 3.35000 05/13/2025 US 940,000 $1,033,158.90
929160109 VULCAN MATERIALS CO US VMC 16,400 $1,968,000.00
93065PAA9 WBHT 2019-WBM A FLT 1.21188 12/15/2033 US 1,135,000 $1,078,208.46
931142103 WAL MART STORES US WMT 1,807 $250,901.95
94106L109 WASTE MANAGEMENT INC US WM 568 $64,752.00
949746101 WELLS FARGO COMPANY US WFC 4,082 $98,580.30
95040Q104 WELLTOWER INC. US WELL 2,394 $137,702.88
95081QAP9 WESCO DISTRIBUTION INC 7.25000 06/15/2028 US 115,000 $128,280.78
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 115,000 $124,775.00
966387AH5 WHITING PETROLEUM CORP 5.75000 03/15/2021 US 390,000 $87,750.00
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 1,330,000 $1,469,449.24
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 364,403.68 $375,190.07
98311A105 WYNDHAM HOTELS & RESORTS INC US WH 2,180 $114,144.80
983919101 XILINX INC US XLNX 313 $32,602.08
B02J639 ADMIRAL GROUP PLC GB ADM LN 14,465 $504,708.07
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 17,500 $80,142.35
B1Y47Y7 GERRESHEIMER AG DE GXI GR 2,610 $307,881.45
B1Y9TB3 DANONE FR BN FP 5,163 $339,500.08
B3QJ0H8 TOURMALINE OIL CORP CA TOU CN 22,635 $287,547.02
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 1,250,000 $57,950.60
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 530,000 $424,032.51
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 3,100,000 $146,358.19
B4YVF56 BRENNTAG AG DE BNR GR 3,435 $215,224.16
B63QM77 NEXON CO LTD JP 3659 JP 178,450 $4,175,624.02
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 1,500,000 $77,460.93
BBG00W89CJ51 BABA US 09/04/20 P240 CN -56 -$336.00
BBG00WD4YYY7 COG US 09/11/20 C20 US -678 -$6,780.00
BBG00WD57V16 CRM US 09/11/20 C230 US -59 -$236,590.00
BBG00WDJ9S48 PYPL US 09/11/20 P195 US -69 -$10,350.00
BBG00WN64F39 FB US 09/11/20 C282.5 US -48 -$77,760.00
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 2,460 $72,279.44
BD6K457 COMPASS GROUP PLC GB CPG LN 3,370 $54,533.45
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 48,414 $68,815.27
BH8295835 SAUDI INTERNATIONAL BOND 2.90000 10/22/2025 SA 200,000 $212,008.00
BHJYC05 INTERCONTINENTAL HOTELS GROUP GB IHG LN 2,450 $141,457.32
BJ2KSG2 AKZO NOBEL NL AKZA NA 2,306 $227,609.59
BJVB695 BUONI POLIENNALI DEL TES 2.45000 09/01/2050 IT 460,000 $597,372.01
BK0939417 AMERICAN TANKER INC 7.75000 07/02/2025 US 200,000 $201,260.00
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 65,324 $4,462,828.63
BNGN9Z1 FINECOBANK SPA IT FBK IM 30,155 $456,503.26
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 9,370 $263,457.68
BVYVFW2 AUTO TRADER GROUP PLC GB AUTO LN 19,060 $142,490.93
BYPC1T4 ASSA ABLOY AB-B SE ASSAB SS 6,570 $152,202.59
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 37,840 $2,199,235.26
BZ0VW78 BINGO INDUSTRIES LTD AU BIN AU 86,780 $142,053.03
BZ1HM42 ADYEN NV NL ADYEN NA 60 $101,138.78
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 5,580 $140,616.00
G1151C101 ACCENTURE PLC - CL A IE ACN 1,623 $389,406.39
G29183103 EATON CORP PLC US ETN 599 $61,157.90
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 1,322 $53,845.06
G5494J103 LINDE PLC GB LIN 396 $98,897.04
G5960L103 MEDTRONIC INC IE MDT 23,347 $2,509,102.09
G85158106 STONECO LTD-A BR STNE 2,130 $108,630.00
G8994E103 TRANE TECHNOLOGIES IE TT 306 $36,227.34
G97822103 PERRIGO CO PLC IE PRGO 4,360 $228,028.00
H01301128 ALCON INC CH ALC 94,088 $5,395,005.92
H1467J104 CHUBB LTD CH CB 530 $66,250.00
H2906T109 GARMIN LTD CH GRMN 270 $27,974.70
N53745100 LYONDELLBASELL INDU-CL A US LYB 584 $38,240.32
USD US DOLLAR US 23,686,053.47 $23,686,053.47
ZO1818103 NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 MH 150,000 $150,361.50

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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