Investment Objective

To provide equal emphasis on long-term capital growth and capital preservation.

Investment Strategy

The portfolio is invested in a moderately conservative mix of securities that seeks to balance growth and capital preservation for a more stable rate of return relative to an investment in the stock market. Holdings are diversified primarily among intermediate to long-term fixed income securities. Because this fund is designed to moderate risk, stocks will typically be a minority in the portfolio, unless the fund manager’s analysis shows that the stock market is especially attractive.

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 long-term capital growth and who seek to minimize extreme declines in account value
  • Who have a moderate tolerance for capital risk

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 15+ Years 7-20 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

$35.07

Daily $ Change

$0.23

Daily % Change

0.66%

as of 07/15/2020

CUSIP

563821131

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 06/30/2020

YTD

4.10%

1 Year

9.51%

3 Year

6.90%

5 Year

5.27%

10 Year

6.71%

Inception
(01/01/2000)

6.17%

US Stock Market Cycle (04/01/2000 - 06/30/2020)

6.15%

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%
Net 0.90%*

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

Top Ten Investments

As of 06/30/2020

GOVERNMENT AGENCY 7.64%
TREASURY NOTES 7.59%
TSY INFL IX N/B 2.00000 01/15/2026 2.28%
TSY INFL IX N/B 0.50000 04/15/2024 1.62%
MASTERCARD INC-CLASS A 1.61%
VISA INC - CLASS A SHARES 1.60%
TSY INFL IX N/B 0.12500 04/15/2025 1.52%
NEXON CO LTD 1.34%
AMAZON.COM INC 1.25%
TREASURY BONDS 1.24%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 06/30/2020

Bonds 55.97%
Stocks 43.62%
Cash 0.41%

Detailed Asset Class Allocation

As of 06/30/2020

International Equities 12.54%
Small Capitalization 0.64%
Mid Capitalization 2.94%
Large Capitalization 27.49%
Long Term Fixed Income 17.45%
Intermediate Term Fixed Income 34.32%
Short Term Fixed Income 4.21%
Cash 0.41%

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 06/30/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 870,000 $991,053.32
00287Y109 ABBVIE INC US ABBV 1,226 $120,368.68
00507V109 ACTIVISION INC US ATVI 39,740 $3,016,266.00
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 2,680,000 $2,574,926.55
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 45,000 $44,100.00
008492100 AGREE REALTY CORP US ADC 1,373 $90,219.83
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 1,105,000 $1,083,783.01
00914AAB8 AIR LEASE CORP 3.75000 06/01/2026 US 830,000 $837,587.64
01166WAA5 ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 75,000 $75,937.50
013822AC5 ALCOA NEDERLAND HOLDING 6.12500 05/15/2028 NL 105,000 $107,559.90
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 485 $78,691.25
01609W102 ALIBABA GROUP - ADR CN BABA 15,075 $3,251,677.50
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 3,100,000 $3,443,967.29
020002101 ALLSTATE CORPORATION US ALL 360 $34,916.40
02079K305 ALPHABET INC-CL A US GOOGL 2,025 $2,871,551.25
023135106 AMAZON.COM INC US AMZN 1,740 $4,800,346.80
02319V103 AMBEV SA-ADR BR ABEV 36,790 $97,125.60
0237400 DIAGEO PLC GB DGE LN 46,855 $1,557,331.04
02406PBA7 AMERICAN AXLE & MFG INC 6.87500 07/01/2028 US 75,000 $74,250.00
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 3,900 $136,344.00
02665T306 AMERICAN HOMES 4 RENT- A US AMH 5,605 $150,774.50
03027X100 AMERICAN TOWER REIT INC US AMT 7,450 $1,926,123.00
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 2,140,000 $2,421,998.41
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 21,867.32 $21,885.78
03064D108 AMERICOLD REALTY TRUST US COLD 4,485 $162,805.50
032654105 ANALOG DEVICES INC US ADI 338 $41,452.32
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 130,000 $102,700.00
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 125,000 $98,750.00
03748R754 APARTMENT INVT & MGMT CO -A US AIV 2,811 $105,806.04
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 731 $29,166.90
053015103 AUTOMATIC DATA PROCESSING US ADP 324 $48,240.36
053484101 AVALONBAY COMMUNITIES INC US AVB 1,325 $204,898.00
05401AAJ0 AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 KY 1,150,000 $928,884.85
055622104 BP PLC-SPONS ADR GB BP 1,895 $44,191.40
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 4,000,000 $4,079,667.60
05722G100 BAKER HUGHES CO US BKR 1,516 $23,331.24
060505104 BANK OF AMERICA CORP US BAC 5,367 $127,466.25
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 1,340,000 $1,479,835.75
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 14,630 $2,611,601.30
086516101 BEST BUY INC US BBY 407 $35,518.89
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 17,310 $2,135,015.40
0946580 WEIR GROUP PLC/THE GB WEIR LN 10,585 $139,099.82
09857L108 BOOKING HOLDINGS INC US BKNG 925 $1,472,914.50
101121101 BOSTON PROPERTIES INC US BXP 443 $40,038.34
105368203 BRANDYWINE REALTY TRUST US BDN 7,100 $77,319.00
110122108 BRISTOL MYERS SQUIBB CO US BMY 1,817 $106,839.60
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 380,000 $7,600.00
12503M108 CBOE GLOBAL MARKETS INC US CBOE 23,790 $2,219,131.20
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 274 $21,662.44
12555DAA3 CIM 2019-INV1 A1 3.84515 02/25/2049 US 303,689.36 $312,394.92
12572Q105 CME GROUP INC US CME 8,260 $1,342,580.40
12591QAR3 COMM 2014-UBS4 A5 3.69400 08/10/2047 US 3,600,000 $3,877,434.36
12593GAF9 COMM 2015-PC1 A5 3.90200 07/10/2050 US 1,900,000 $2,091,541.85
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 2,000,000 $2,155,485.00
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 656,697.06 $677,893.47
12653CAC2 CNX RESOURCES CORP 7.25000 03/14/2027 US 45,000 $41,400.00
12654TAA8 CNX MIDSTREAM PTR/CNX 6.50000 03/15/2026 US 35,000 $32,200.00
127097103 CABOT OIL & GAS CORP US COG 246,110 $4,228,169.80
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 65,000 $62,725.00
133131102 CAMDEN PROPERTY TRUST US CPT 2,060 $187,913.20
133131AZ5 CAMDEN PROPERTY TRUST 2.80000 05/15/2030 US 2,070,000 $2,239,364.17
13321L108 CAMECO CORP CA CCJ 21,581 $221,205.25
14180LAA4 CARGO AIRCRAFT MANAGEMENT 4.75000 02/01/2028 US 105,000 $104,081.25
143905AN7 CARRIAGE SERVICES INC 6.62500 06/01/2026 US 70,000 $73,587.50
149123101 CATERPILLAR INC US CAT 561 $70,966.50
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 477,081.55 $472,844.02
15135UAF6 CENOVUS ENERGY INC 6.75000 11/15/2039 CA 75,000 $73,024.71
16119P108 CHARTER COMMUNICATIONS INC-A US CHTR 5,350 $2,728,714.00
16411QAD3 CHENIERE ENERGY PARTNERS 5.62500 10/01/2026 US 120,000 $119,400.00
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 713,410.08 $718,328.83
166764100 CHEVRON CORP US CVX 6,790 $605,871.70
172062101 CINCINNATI FINANCIAL CORP US CINF 201 $12,870.03
17275R102 CISCO SYSTEMS INC US CSCO 3,105 $144,817.20
172967424 CITIGROUP INC US C 1,613 $82,424.30
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 2,330,000 $2,660,084.72
191216100 COCA COLA CO/THE US KO 83,090 $3,712,461.20
194162103 COLGATE-PALMOLIVE CO US CL 992 $72,673.92
20030N101 COMCAST CORP-CL A US CMCSA 2,444 $95,267.12
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 2,150,000 $2,384,979.11
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 2,145 $87,730.50
20451NAG6 COMPASS MINERALS INTERNA 6.75000 12/01/2027 US 55,000 $57,750.00
205887102 CONAGRA BRAND INC. US CAG 778 $27,362.26
20605P101 CONCHO RESOURCES INC US CXO 36,770 $1,893,655.00
20825C104 CONOCOPHILLIPS US COP 27,116 $1,139,414.32
21036P108 CONSTELLATION BRANDS INC-A US STZ 178 $31,141.10
217204106 COPART INC US CPRT 16,360 $1,362,297.20
21870Q105 CORESITE REALTY CORP US COR 390 $47,213.40
222795502 COUSINS PROPERTIES INC US CUZ 5,524 $164,780.92
22822V101 CROWN CASTLE INTL CORP US CCI 1,110 $185,758.50
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 1,500,000 $1,607,982.98
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 427,560.2 $438,138.17
231021106 CUMMINS INC US CMI 221 $38,290.46
247361ZZ4 DELTA AIR LINES INC 7.37500 01/15/2026 US 115,000 $111,250.79
253868103 DIGITAL REALTY TRUST INC US DLR 1,792 $254,661.12
254687FW1 WALT DISNEY COMPANY/THE 2.20000 01/13/2028 US 905,000 $944,847.12
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 2,320,000 $2,699,134.10
256746108 DOLLAR TREE STORES INC US DLTR 16,465 $1,525,976.20
25746UDG1 DOMINION ENERGY 3.37500 04/01/2030 US 1,385,000 $1,528,805.21
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 145,000 $142,838.05
25960P109 DOUGLAS EMMETT INC US DEI 3,875 $118,807.50
260003108 DOVER CORP US DOV 180 $17,380.80
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 200,000 $205,000.00
26439XAC7 DCP MIDSTREAM OPERATING 8.12500 08/16/2030 US 40,000 $42,000.00
264411505 DUKE RLTY INVTS INC US DRE 3,783 $133,880.37
26875P101 EOG RESOURCES INC US EOG 28,288 $1,433,070.08
26884L109 EQT CORP US EQT 108,985 $1,296,921.50
26884LAG4 EQT CORP 7.00000 02/01/2030 US 75,000 $77,252.25
2715777 QUEBECOR INC -CL B CA QBR/B CN 10,395 $223,351.61
277276101 EASTGROUP PROPERTIES US EGP 447 $53,018.67
285512109 ELECTRONIC ARTS US EA 17,460 $2,305,593.00
2866857 LUNDIN MINING CORP CA LUN CN 25,185 $135,052.15
291011104 EMERSON ELEC CO US EMR 820 $50,864.60
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 2,410,000 $2,610,599.63
29444U700 EQUINIX INC US EQIX 4,651 $3,266,397.30
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 2,930 $183,066.40
29476L107 EQUITY RESIDENTIAL US EQR 1,620 $95,288.40
297178105 ESSEX PROPERTY TRUST INC US ESS 261 $59,813.37
30212P303 EXPEDIA INC US EXPE 56,550 $4,648,410.00
30212PAS4 EXPEDIA GROUP INC 6.25000 05/01/2025 US 1,030,000 $1,097,231.37
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 4,675,000 $4,713,615.50
30225T102 EXTRA SPACE STORAGE INC US EXR 520 $48,032.40
30231G102 EXXON MOBIL CORP US XOM 25,220 $1,127,838.40
302491303 FMC CORP US FMC 14,410 $1,435,524.20
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 65,000 $55,412.50
30286XAN9 FREMF 2015-K43 B FLT 3.86118 02/25/2048 US 2,300,000 $2,468,388.98
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 101,393,739.09 $205,900.27
30303M102 FACEBOOK INC -A US FB 12,660 $2,874,706.20
311900104 FASTENAL CO US FAST 893 $38,256.12
3128M5A91 FHLM POOL G03332 6.00000 10/01/2037 US 36,258.48 $42,095.71
3128M5NM8 FHLM POOL G03696 5.50000 01/01/2038 US 78,839.23 $90,518.92
3128M6B98 FHLM POOL G04264 5.50000 04/01/2038 US 269,472.78 $309,094.41
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 70,906.86 $82,804.01
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 85,874.58 $99,354.71
3128M7KW5 FHLM POOL G05409 5.50000 03/01/2039 US 189,332.34 $217,166.57
3128M8AW4 FHLM POOL G06021 5.50000 01/01/2040 US 74,500.02 $85,419.75
3128M9C83 FHLM POOL G06995 6.00000 05/01/2040 US 224,541.75 $261,888.22
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 4,840.58 $5,038.18
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 7,405.9 $7,568.17
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 5,217.6 $5,355.30
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 5,025.11 $5,218.79
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 7,806.72 $8,073.15
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 1,345,716.94 $1,454,476.64
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 191,516.32 $219,402.87
31335ABB3 FHLM POOL G60034 4.50000 02/01/2045 US 2,293,917.21 $2,554,139.09
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 421,265.66 $454,216.12
3133A6DB4 FEDERAL NATL MTG ASSN FR QB0098 2.50000 06/01/2050 US 2,810,030.71 $2,929,738.89
3136AY6W8 FNA 2017-M15 A1 FLT 3.05797 09/25/2027 US 1,410,537.72 $1,537,034.74
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 644,362.42 $668,429.55
31371NCJ2 FEDERAL NATL MTG ASSN 256673 5.50000 04/01/2037 US 367,592.5 $421,745.18
3137A2B34 FHMS K009 X1 FLT 1.35336 08/25/2020 US 3,129,439.58 $640.91
3137ADTK3 FHMS K014 X1 FLT 1.32363 04/25/2021 US 6,406,136.63 $39,065.26
3137AJMG6 FMHS K016 X1 FLT 1.63485 10/25/2021 US 3,732,102.78 $57,375.48
3137AUPF0 FHMS K021 x1 FLT 1.54788 06/25/2022 US 14,736,491.13 $324,568.27
3137B3NB0 FHMS K030 X1 FLT 0.28853 04/25/2023 US 44,110,457.67 $196,560.61
3137B4GZ3 FHMS K032 X1 FLT 0.20687 05/25/2023 US 28,435,995.46 $88,842.58
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 668,966.19 $683,225.87
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 441,290.1 $448,591.47
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 162,544.01 $180,745.63
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 92,825.7 $103,284.61
3138EQTZ5 FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 1,365,182.15 $1,518,344.72
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64500 01/01/2049 US 1,705,509.04 $1,997,622.69
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 401,243.66 $461,008.31
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 436,621.12 $480,153.90
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 497,445.55 $530,133.46
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 1,247,247.08 $1,344,714.01
3140FEXR0 FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 1,249,143.78 $1,334,413.16
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 4,390.71 $4,473.16
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 5,430.82 $5,542.78
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 24,637.86 $24,905.65
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 27,263.89 $27,576.86
31410KJV7 FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 247,576.53 $289,009.45
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 237,029.11 $271,507.33
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 84,732.37 $97,005.35
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 288.83 $290.82
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 15,481.95 $15,649.44
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 404,793.72 $443,736.19
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 444,130.76 $486,861.89
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 414,877.01 $438,169.88
31418DNN8 FEDERAL NATL MTG ASSN FN MA3996 2.50000 04/01/2050 US 1,061,585.04 $1,094,336.67
31418DQ21 FEDERAL NATL MTG ASSN FN MA4072 2.50000 07/01/2040 US 1,815,000 $1,893,366.16
31418DQG0 FEDERAL NATL MTG ASSN FN MA4054 2.50000 06/01/2040 US 3,752,535.85 $3,914,552.75
31418DQZ8 FEDERAL NATL MTG ASSN FN MA4071 2.00000 07/01/2040 US 1,950,000 $2,002,401.88
31418MDZ2 FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 116,745.15 $135,828.04
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 49,136.22 $57,326.48
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 137,638.34 $157,619.94
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 238,009.51 $273,358.36
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 8,621.08 $9,104.78
31419BBV6 FEDERAL NATL MTG ASSN AE0951 4.50000 02/01/2041 US 392,319.4 $436,485.65
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 150,000 $162,000.00
316067107 FIDELITY CASH RESERVES US 89,006.02 $89,006.02
316773100 FIFTH THIRD BANCORP US FITB 1,024 $19,742.72
32054K103 FIRST INDUSTRIAL REALTY TR US FR 2,560 $98,406.40
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 115,000 $108,675.00
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 1,240,000 $1,245,231.68
345370CX6 FORD MOTOR COMPANY 9.62500 04/22/2030 US 140,000 $165,802.00
345397XU2 FORD MOTOR CREDIT CO LLC 4.38900 01/08/2026 US 80,000 $76,174.40
346232AE1 FORESTAR GROUP INC 5.00000 03/01/2028 US 120,000 $117,600.00
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 135,000 $121,528.35
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 90,000 $87,412.50
357081AE8 FREMF 2015-K720 B FLT 3.50973 07/25/2022 US 970,000 $1,001,182.69
36166LAA5 GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 AE 75,000 $71,250.00
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 8,006.47 $8,006.67
36257MAA3 GSMS 2019-70P A 1.18475 10/15/2036 US 1,000,000 $971,214.50
369550108 GENERAL DYNAMICS CORP US GD 298 $44,539.08
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 1,880,000 $1,468,430.40
370334104 GENERAL MLS INC US GIS 882 $54,375.30
37185LAL6 GENESIS ENERGY LP/FIN 7.75000 02/01/2028 US 60,000 $53,400.00
372460105 GENUINE PARTS CO US GPC 279 $24,261.84
374297109 GETTY REALTY CORP US GTY 2,375 $70,490.00
375558103 GILEAD SCIENCES INC US GILD 1,283 $98,714.02
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 1,069,212.15 $1,116,923.60
384802104 WW GRAINGER INC US GWW 63 $19,792.08
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 211,295 $2,956,017.05
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 1,085 $77,924.70
40051E202 GRUPO AEROPORTUARIO DEL SURESTE MX ASR 665 $74,672.85
4012250 AIRBUS SE FR AIR FP 405 $29,019.66
4031976 ADIDAS AG DE ADS GR 6,520 $1,719,001.54
404119BX6 HCA INC 4.12500 06/15/2029 US 1,620,000 $1,787,001.85
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 25,000 $23,812.50
416515104 HARTFORD FINL SVCS US HIG 526 $20,277.30
418751AB9 HAT HOLDINGS I LLC 6.00000 04/15/2025 US 115,000 $120,462.50
421946104 HEALTHCARE REALTY TRUST INC US HR 1,600 $46,864.00
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 1,800 $47,736.00
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 5,705 $157,229.80
427866108 HERSHEY CO/THE US HSY 275 $35,645.50
431571AB4 HILLENBRAND INC 4.50000 09/15/2026 US 115,000 $115,466.90
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 1,105 $81,162.25
437076102 HOME DEPOT INC US HD 739 $185,126.89
438516106 HONEYWELL INTERNATIONAL INC US HON 630 $91,091.70
440452100 HORMEL FOODS CORP US HRL 535 $25,824.45
44107P104 HOST MARRIOTT CORP US HST 3,268 $35,261.72
443201AA6 HOWMET AEROSPACE INC 6.87500 05/01/2025 US 120,000 $130,183.32
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 75,000 $77,565.00
450913AE8 IAMGOLD CORP 7.00000 04/15/2025 CA 150,000 $150,781.50
452308109 ILLINOIS TOOL WKS INC US ITW 361 $63,120.85
45337C102 INCYTE CORP US INCY 8,790 $913,896.30
45569LAA9 INDIGO NATURAL RES LLC 6.87500 02/15/2026 US 80,000 $74,400.00
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 65,000 $58,662.50
45778Q107 INSPERITY INC US NSP 12,070 $781,291.10
458140100 INTEL CORP US INTC 2,875 $172,011.25
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 15,450 $1,415,220.00
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 782 $94,442.14
459506101 INTERNATIONAL FLVRS & FRAGRANCES US IFF 134 $16,409.64
46116VAE5 INTL FC STORE INC 8.62500 06/15/2025 US 170,000 $177,544.60
46187BAA1 IHSFR 2017-SFR2 A 1.04388 12/17/2036 US 474,316.3 $468,467.36
46187BAB9 IHSFR 2017-SFR2 B 1.34388 12/17/2036 US 390,000 $388,292.46
46187W107 INVITATION HOMES INC US INVH 8,215 $226,158.95
46284VAL5 IRON MOUNTAIN INC 5.62500 07/15/2032 US 80,000 $79,832.00
465410BX5 ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 500,000 $506,230.19
46625H100 JP MORGAN CHASE & CO US JPM 1,774 $166,862.44
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 312,847.48 $321,204.42
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 374,777.34 $392,061.13
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 539,386.19 $553,495.62
46647PBP0 JPMORGAN CHASE & CO 2.95600 05/13/2031 US 2,410,000 $2,556,006.26
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 506,440.35 $512,441.41
476405105 JERNIGAN CAPITAL INC US JCAP 4,980 $68,126.40
478160104 JOHNSON & JOHNSON US JNJ 31,731 $4,462,330.53
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 90,000 $11,025.00
482480100 KLA-TENCOR CORPORATION US KLAC 221 $42,980.08
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 85,000 $90,525.00
49271VAJ9 KEURIG DR PEPPER INC 3.20000 05/01/2030 US 2,050,000 $2,280,579.84
49427F108 KILROY REALTY CORP US KRC 2,346 $137,710.20
494368103 KIMBERLY CLARK CORP US KMB 377 $53,288.95
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 1,730,000 $2,318,478.72
501044101 KROGER CO US KR 1,094 $37,031.90
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 125,000 $127,187.50
505742AG1 LADDER CAP FIN LLLP/CORP 5.25000 10/01/2025 US 115,000 $99,153.00
5107401 BEIERSDORF AG DE BEI GR 1,585 $180,236.24
512816109 LAMAR ADVERTISING CO-A US LAMR 670 $44,729.20
516806AG1 LAREDO PETROLEUM INC 10.12500 01/15/2028 US 60,000 $41,400.00
53223X107 LIFE STORAGE INC US LSI 460 $43,677.00
532457108 ELI LILLY & CO US LLY 541 $88,821.38
539473AE8 LLOYDS BANK PLC 12.00000 12/16/2024 GB 100,000 $115,380.00
539830109 LOCKHEED MARTIN CORP US LMT 262 $95,609.04
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 135,000 $12,825.00
550021109 LULULEMON - ADR CA LULU 5,210 $1,625,572.10
552697AQ7 MDC PARTNERS INC 6.50000 05/01/2024 CA 80,000 $74,400.00
56585A102 MARATHON PETROLEUM CORP US MPC 918 $34,314.84
573284106 MARTIN MARIETTA MATERIALS US MLM 3,465 $715,765.05
57636Q104 MASTERCARD INC-CLASS A US MA 20,840 $6,162,388.00
58933Y105 MERCK & CO INC US MRK 1,790 $138,420.70
59001KAG5 MERITOR INC 6.25000 06/01/2025 US 75,000 $75,750.00
594918104 MICROSOFT CORP US MSFT 15,090 $3,070,965.90
595112103 MICRON TECHNOLOGY INC US MU 77,970 $4,017,014.40
59522J103 MID-AMERICA APARTMENT COMM US MAA 1,165 $133,590.55
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 53,218 $2,721,036.34
615369105 MOODY'S CORPORATION US MCO 4,540 $1,247,274.20
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 75,000 $37,500.00
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 40,000 $22,200.00
6253983 ARISTOCRAT LEISURE LTD AU ALL AU 3,100 $55,510.00
62913TAJ1 NGL ENRGY PART LP/FIN CO 7.50000 11/01/2023 US 75,000 $62,250.00
6321954 TRAVELSKY TECHNOLOGY LTD-H CN 696 HK 1,000 $1,770.54
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 120,000 $114,450.00
63938NAF1 NAVIOS SA LOGIST/FIN US 10.75000 07/01/2025 MH 45,000 $46,462.50
64033QAB5 NSLT 2015-2A A2 0.78450 09/25/2047 US 1,614,012.35 $1,550,777.93
64110D104 NETAPP INC US NTAP 379 $16,816.23
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 441,063.14 $470,758.82
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 580,810.9 $622,828.15
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 1,096,085.21 $1,164,937.89
655844108 NORFOLK SOUTHN CORP US NSC 222 $38,976.54
6642321 NIKON CORP JP 7731 JP 185,900 $1,561,248.55
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 380,000 $3,895.00
66987V109 NOVARTIS AG- REG CH NVS 51,435 $4,492,332.90
670346105 NUCOR CORP US NUE 540 $22,361.40
67401PAB4 OAKTREE SPECIALTY LEND 3.50000 02/25/2025 US 75,000 $73,273.27
6742340 SHANDONG WEIGAO CN 1066 HK 156,000 $348,324.48
674599EA9 OCCIDENTAL PETROLEUM COR 8.87500 07/15/2030 US 45,000 $44,943.75
675232AB8 OCEANEERING INTL INC 6.00000 02/01/2028 US 110,000 $77,000.00
6821506 SONY CORP FIRST SECTION JP 6758 JP 1,700 $117,351.31
68389X105 ORACLE CORP US ORCL 1,668 $92,190.36
69318FAH1 PBF HOLDING CO LLC 6.00000 02/15/2028 US 75,000 $62,250.00
69327RAJ0 PDC ENERGY INC 5.75000 05/15/2026 US 65,000 $59,150.00
693456AW5 PMTLT 2013-J1 a9 3.50000 09/25/2043 US 925,846.04 $975,325.38
693475105 PNC FINANCIAL SERVICES GROUP US PNC 346 $36,402.66
693506107 PPG INDUSTRIES INC US PPG 255 $27,045.30
701094104 PARKER HANNIFIN CORP US PH 156 $28,590.12
7021963 DEUTSCHE BOERSE AG DE DB1 GR 1,725 $312,183.43
70450Y103 PAYPAL HOLDINGS INC US PYPL 18,000 $3,136,140.00
7123870 NESTLE SA-REGISTERED CH NESN SW 32,004 $3,548,303.49
713448108 PEPSICO INC US PEP 10,880 $1,438,988.80
717081103 PFIZER INC US PFE 4,311 $140,969.70
719245AD4 PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 US 100,000 $94,375.00
71943U104 PHYSICIANS REALTY TRUST US DOC 2,945 $51,596.40
71953LAA9 PICASSO FINANCE SUB INC 6.12500 06/15/2025 US 110,000 $112,475.00
723787107 PIONEER NATURAL RESOURCES CO US PXD 22,760 $2,223,652.00
73179PAM8 POLYONE CORP 5.75000 05/15/2025 US 75,000 $77,156.25
733174AK2 POPULAR INC 6.12500 09/14/2023 PR 75,000 $75,750.00
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 3,210,000 $3,522,715.89
74166MAE6 PRIME SECSRVC BRW/FINANC 6.25000 01/15/2028 US 120,000 $113,100.00
74340W103 PROLOGIS US PLD 5,887 $549,433.71
74460D109 PUBLIC STORAGE INC US PSA 925 $177,498.25
747525103 QUALCOMM INC US QCOM 783 $71,417.43
74834L100 QUEST DIAGNOSTICS INC US DGX 228 $25,982.88
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 170,000 $159,800.00
75513E101 RAYTHEON TECHNOLOGIES CORP US RTX 1,322 $81,461.64
756109104 REALTY INCOME CORP US O 1,100 $65,450.00
758849103 REGENCY CENTERS CORP US REG 1,095 $50,249.55
7591EP100 REGIONS FINANCIAL CORP. US RF 1,528 $16,991.36
76131D103 RESTAURANT BRANDS INTERN CA QSR 4,340 $237,094.20
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 3,160 $130,918.80
7698356 GETINGE AB-B SHS SE GETIB SS 9,075 $169,106.94
773903109 ROCKWELL AUTOMATION INC US ROK 159 $33,867.00
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 23,375 $711,768.75
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 33,348 $2,212,306.32
78409V104 S&P GLOBAL INC US SPGI 3,230 $1,064,220.40
78410G104 SBA COMMUNICATIONS CORP US SBAC 6,800 $2,025,856.00
78442PGC4 SLM CORP 5.12500 04/05/2022 US 125,000 $123,750.00
78490DAA2 SOFI 2018-C A1FX 3.08000 01/25/2048 US 713,101.37 $718,209.67
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 2,620,000 $3,078,500.00
79466L302 SALESFORCE.COM US CRM 12,380 $2,319,145.40
806857108 SCHLUMBERGER LTD NL SLB 46,245 $850,445.55
808625AA5 SCIENCE APPLICATIONS INT 4.87500 04/01/2028 US 80,000 $79,524.80
81141R100 SEA LTD - ADR SG SE 1,905 $204,292.20
81745BAB1 SEMT 2013-6 A2 3.00000 05/25/2043 US 986,353.22 $1,031,537.17
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 405,829.04 $420,946.50
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 554,125.42 $578,386.91
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 418,602.92 $421,675.72
81762P102 SERVICENOW INC US NOW 3,960 $1,604,037.60
83088M102 SKYWORKS SOLUTIONS INC US SWKS 202 $25,827.72
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 202 $21,373.62
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 214,111.11 $218,859.45
83404RAB4 SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 900,000 $930,538.98
83404YAA1 SCLP 2016-5 A 3.06000 09/25/2028 US 31,651.01 $31,717.86
83406EAB1 SOFI 2018-A A2A 2.39000 02/25/2042 US 79,312.6 $79,485.07
844741BJ6 SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 1,930,000 $2,037,402.42
85172FAN9 SPRINGLEAF FINANCE CORP 7.12500 03/15/2026 US 120,000 $124,198.80
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 100,000 $112,914.00
85254J102 STAG INDUSTRIAL INC US STAG 2,315 $67,875.80
854502101 STANLEY WORKS/THE US SWK 191 $26,621.58
85571BAL9 STARWOOD PROPERTY TRUST 4.75000 03/15/2025 US 120,000 $109,200.00
85571BAP0 STARWOOD PROPERTY TRUST 3.62500 02/01/2021 US 60,000 $58,950.00
85571XAA5 SRPT 2014-STAR A FLTG RATE 1.65475 11/15/2027 US 1,506,780.74 $1,151,072.30
862121100 STORE CAPITAL CORP US STOR 1,910 $45,477.10
866674104 SUN COMMUNITIES US SUI 1,765 $239,475.20
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 3,945 $32,151.75
86935CAA0 SCML 2019-SBC8 2.86000 04/25/2041 US 1,800,530.84 $1,814,875.67
87105L104 SWITCH INC - A US SWCH 3,297 $58,752.54
871829107 SYSCO CORP US SYY 604 $33,014.64
872540AR0 TJX COS INC 3.50000 04/15/2025 US 1,385,000 $1,541,714.94
87422VAJ7 TALEN ENERGY SUPPLY LLC 7.62500 06/01/2028 US 110,000 $110,000.00
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 230,942.32 $231,524.62
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 55,000 $12,237.50
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 2,140,000 $2,398,630.26
88146M101 TERRENO REALTY CORP US TRNO 975 $51,324.00
882508104 TEXAS INSTRUMENTS INC US TXN 836 $106,146.92
883556102 THERMO FISHER SCIENTIFIC INC US TMO 4,200 $1,521,828.00
88579Y101 3M CO US MMM 541 $84,390.59
89151E109 TOTAL S A SPONSORED ADR FR TOT 33,830 $1,301,101.80
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 1,366,046.86 $1,389,404.08
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 819,873.48 $838,902.91
89177EAA7 TPMT 2019-HY1 A1 1.18450 10/25/2048 US 729,179.45 $725,755.15
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 110,000 $94,600.00
89417E109 TRAVELLERS COS INC US TRV 291 $33,188.55
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 1,908,600.2 $1,916,849.74
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 910,939.6 $946,765.76
89832Q109 TRUIST FINANCIAL CORP US TFC 1,486 $55,799.30
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 195,000 $185,737.50
902494103 TYSON FOODS INC -CL A US TSN 473 $28,242.83
902653104 UDR INC US UDR 2,028 $75,806.64
902973304 U.S. BANCORP US USB 1,549 $57,034.18
904767704 UNILEVER PLC - ADR GB UL 85,413 $4,687,465.44
907818108 UNION PAC CORP US UNP 598 $101,103.86
91086QBG2 UNITED MEXICAN STATES 4.12500 01/21/2026 MX 200,000 $216,002.00
912796SZ3 TREASURY BILL 0.00000 07/16/2020 US 4,500,000 $4,499,760.92
912810FS2 TSY INFL IX N/B 2.00000 01/15/2026 US 7,511,700.7 $8,729,497.09
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 3,484,000 $4,748,855.33
9128286N5 TSY INFL IX N/B 0.50000 04/15/2024 US 5,918,528.76 $6,220,226.71
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 10,485,000 $11,236,561.55
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 13,925,000 $15,163,019.53
912828YN4 US TREASURY FRN FLT 0.45006 10/31/2021 US 2,691,000 $2,699,537.79
912828ZJ2 TSY INFL IX N/B 0.12500 04/15/2025 US 5,563,523 $5,828,396.43
91704F104 URBAN EDGE PROPERTIES US UE 4,920 $58,400.40
918204108 VF CORP US VFC 560 $34,126.40
91913Y100 VALERO ENERGY US VLO 544 $31,998.08
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 2,900,000 $3,882,408.12
92826C839 VISA INC - CLASS A SHARES US V 31,705 $6,124,454.85
92826CAK8 VISA INC 2.70000 04/15/2040 US 2,300,000 $2,461,074.38
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 80,000 $72,000.00
92840VAG7 VISTRA OPERATIONS CO LLC 3.70000 01/30/2027 US 75,000 $77,237.18
928668BE1 VOLKSWAGEN GROUP AMERICA 3.35000 05/13/2025 US 1,415,000 $1,510,138.71
929160109 VULCAN MATERIALS CO US VMC 12,285 $1,423,217.25
93065PAA9 WBHT 2019-WBM A FLT 1.23475 12/15/2033 US 1,045,000 $976,943.12
931142103 WAL MART STORES US WMT 1,475 $176,675.50
94106L109 WASTE MANAGEMENT INC US WM 494 $52,319.54
949746101 WELLS FARGO COMPANY US WFC 3,309 $84,710.40
95040Q104 WELLTOWER INC. US WELL 2,564 $132,687.00
95081QAP9 WESCO DISTRIBUTION INC 7.25000 06/15/2028 US 75,000 $79,312.50
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 110,000 $112,971.10
966387AH5 WHITING PETROLEUM CORP 5.75000 03/15/2021 US 390,000 $75,075.00
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 1,920,000 $2,055,578.48
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 103,778.05 $103,952.65
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 500,933.74 $515,776.36
98212BAM5 WPX ENERGY 5.87500 06/15/2028 US 35,000 $33,633.25
98311A105 WYNDHAM HOTELS & RESORTS INC US WH 2,526 $107,658.12
983919101 XILINX INC US XLNX 276 $27,155.64
B02J639 ADMIRAL GROUP PLC GB ADM LN 11,520 $326,694.15
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 13,100 $60,887.69
B1Y47Y7 GERRESHEIMER AG DE GXI GR 2,540 $234,734.18
B1Y9TB3 DANONE FR BN FP 4,025 $279,386.75
B3QJ0H8 TOURMALINE OIL CORP CA TOU CN 21,945 $191,873.27
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 2,850,000 $125,983.03
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 360,000 $277,743.08
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 4,000,000 $179,916.03
B4YVF56 BRENNTAG AG DE BNR GR 3,075 $163,036.03
B63QM77 NEXON CO LTD JP 3659 JP 227,700 $5,136,099.03
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 1,000,000 $49,165.74
BBG00V0BGWX2 EOG US 07/02/20 P46 US -206 -$1,030.00
BBG00V0C53Z4 EXPE US 07/02/20 P76.5 US -124 -$4,960.00
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 2,415 $54,222.59
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 46,405 $58,586.36
BH8295835 SAUDI INTERNATIONAL BOND 2.90000 10/22/2025 SA 200,000 $212,080.00
BJ2KSG2 AKZO NOBEL NL AKZA NA 2,070 $185,969.23
BJVB695 BUONI POLIENNALI DEL TES 2.45000 09/01/2050 IT 700,000 $825,724.43
BK0939417 AMERICAN TANKER INC 7.75000 07/02/2025 US 200,000 $200,000.00
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 66,906 $4,287,196.85
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 39,475 $194,311.31
BNGN9Z1 FINECOBANK SPA IT FBK IM 27,815 $376,448.38
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 7,760 $205,898.66
BVYVFW2 AUTO TRADER GROUP PLC GB AUTO LN 19,290 $125,592.06
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 37,807 $1,863,741.66
BZ0VW78 BINGO INDUSTRIES LTD AU BIN AU 64,530 $96,762.58
BZ1HM42 ADYEN NV NL ADYEN NA 60 $87,329.23
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 4,190 $102,194.10
G1151C101 ACCENTURE PLC - CL A IE ACN 1,301 $279,350.72
G29183103 EATON CORP PLC US ETN 527 $46,101.96
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 1,157 $39,499.98
G5494J103 LINDE PLC GB LIN 348 $73,814.28
G5960L103 MEDTRONIC INC IE MDT 18,611 $1,706,628.70
G8994E103 TRANE TECHNOLOGIES IE TT 263 $23,401.74
G97822103 PERRIGO CO PLC IE PRGO 3,270 $180,732.90
H01301128 ALCON INC CH ALC 30,113 $1,726,077.16
H1467J104 CHUBB LTD CH CB 430 $54,446.60
H2906T109 GARMIN LTD CH GRMN 226 $22,035.00
N53745100 LYONDELLBASELL INDU-CL A US LYB 523 $34,371.56
USD US DOLLAR US 1,480,802.55 $1,480,802.55

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

$35.07

Daily $ Change

$0.23

Daily % Change

0.66%

as of 07/15/2020

CUSIP

563821131

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 equal emphasis on long-term capital growth and capital preservation.

Investment Strategy

The portfolio is invested in a moderately conservative mix of securities that seeks to balance growth and capital preservation for a more stable rate of return relative to an investment in the stock market. Holdings are diversified primarily among intermediate to long-term fixed income securities. Because this fund is designed to moderate risk, stocks will typically be a minority in the portfolio, unless the fund manager’s analysis shows that the stock market is especially attractive.

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 long-term capital growth and who seek to minimize extreme declines in account value
  • Who have a moderate tolerance for capital risk

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 15+ Years 7-20 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 06/30/2020

YTD

4.10%

1 Year

9.51%

3 Year

6.90%

5 Year

5.27%

10 Year

6.71%

Inception
(01/01/2000)

6.17%

US Stock Market Cycle (04/01/2000 - 06/30/2020)

6.15%

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%
Net 0.90%*

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

Top Ten Investments

As of 06/30/2020

GOVERNMENT AGENCY 7.64%
TREASURY NOTES 7.59%
TSY INFL IX N/B 2.00000 01/15/2026 2.28%
TSY INFL IX N/B 0.50000 04/15/2024 1.62%
MASTERCARD INC-CLASS A 1.61%
VISA INC - CLASS A SHARES 1.60%
TSY INFL IX N/B 0.12500 04/15/2025 1.52%
NEXON CO LTD 1.34%
AMAZON.COM INC 1.25%
TREASURY BONDS 1.24%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 06/30/2020

Bonds
55.97%
Stocks
43.62%
Cash
0.41%

Detailed Asset Class Allocation

As of 06/30/2020

International Equities
12.54%
Small Capitalization
0.64%
Mid Capitalization
2.94%
Large Capitalization
27.49%
Long Term Fixed Income
17.45%
Intermediate Term Fixed Income
34.32%
Short Term Fixed Income
4.21%
Cash
0.41%

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 06/30/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 870,000 $991,053.32
00287Y109 ABBVIE INC US ABBV 1,226 $120,368.68
00507V109 ACTIVISION INC US ATVI 39,740 $3,016,266.00
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 2,680,000 $2,574,926.55
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 45,000 $44,100.00
008492100 AGREE REALTY CORP US ADC 1,373 $90,219.83
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 1,105,000 $1,083,783.01
00914AAB8 AIR LEASE CORP 3.75000 06/01/2026 US 830,000 $837,587.64
01166WAA5 ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 75,000 $75,937.50
013822AC5 ALCOA NEDERLAND HOLDING 6.12500 05/15/2028 NL 105,000 $107,559.90
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 485 $78,691.25
01609W102 ALIBABA GROUP - ADR CN BABA 15,075 $3,251,677.50
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 3,100,000 $3,443,967.29
020002101 ALLSTATE CORPORATION US ALL 360 $34,916.40
02079K305 ALPHABET INC-CL A US GOOGL 2,025 $2,871,551.25
023135106 AMAZON.COM INC US AMZN 1,740 $4,800,346.80
02319V103 AMBEV SA-ADR BR ABEV 36,790 $97,125.60
0237400 DIAGEO PLC GB DGE LN 46,855 $1,557,331.04
02406PBA7 AMERICAN AXLE & MFG INC 6.87500 07/01/2028 US 75,000 $74,250.00
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 3,900 $136,344.00
02665T306 AMERICAN HOMES 4 RENT- A US AMH 5,605 $150,774.50
03027X100 AMERICAN TOWER REIT INC US AMT 7,450 $1,926,123.00
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 2,140,000 $2,421,998.41
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 21,867.32 $21,885.78
03064D108 AMERICOLD REALTY TRUST US COLD 4,485 $162,805.50
032654105 ANALOG DEVICES INC US ADI 338 $41,452.32
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 130,000 $102,700.00
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 125,000 $98,750.00
03748R754 APARTMENT INVT & MGMT CO -A US AIV 2,811 $105,806.04
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 731 $29,166.90
053015103 AUTOMATIC DATA PROCESSING US ADP 324 $48,240.36
053484101 AVALONBAY COMMUNITIES INC US AVB 1,325 $204,898.00
05401AAJ0 AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 KY 1,150,000 $928,884.85
055622104 BP PLC-SPONS ADR GB BP 1,895 $44,191.40
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 4,000,000 $4,079,667.60
05722G100 BAKER HUGHES CO US BKR 1,516 $23,331.24
060505104 BANK OF AMERICA CORP US BAC 5,367 $127,466.25
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 1,340,000 $1,479,835.75
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 14,630 $2,611,601.30
086516101 BEST BUY INC US BBY 407 $35,518.89
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 17,310 $2,135,015.40
0946580 WEIR GROUP PLC/THE GB WEIR LN 10,585 $139,099.82
09857L108 BOOKING HOLDINGS INC US BKNG 925 $1,472,914.50
101121101 BOSTON PROPERTIES INC US BXP 443 $40,038.34
105368203 BRANDYWINE REALTY TRUST US BDN 7,100 $77,319.00
110122108 BRISTOL MYERS SQUIBB CO US BMY 1,817 $106,839.60
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 380,000 $7,600.00
12503M108 CBOE GLOBAL MARKETS INC US CBOE 23,790 $2,219,131.20
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 274 $21,662.44
12555DAA3 CIM 2019-INV1 A1 3.84515 02/25/2049 US 303,689.36 $312,394.92
12572Q105 CME GROUP INC US CME 8,260 $1,342,580.40
12591QAR3 COMM 2014-UBS4 A5 3.69400 08/10/2047 US 3,600,000 $3,877,434.36
12593GAF9 COMM 2015-PC1 A5 3.90200 07/10/2050 US 1,900,000 $2,091,541.85
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 2,000,000 $2,155,485.00
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 656,697.06 $677,893.47
12653CAC2 CNX RESOURCES CORP 7.25000 03/14/2027 US 45,000 $41,400.00
12654TAA8 CNX MIDSTREAM PTR/CNX 6.50000 03/15/2026 US 35,000 $32,200.00
127097103 CABOT OIL & GAS CORP US COG 246,110 $4,228,169.80
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 65,000 $62,725.00
133131102 CAMDEN PROPERTY TRUST US CPT 2,060 $187,913.20
133131AZ5 CAMDEN PROPERTY TRUST 2.80000 05/15/2030 US 2,070,000 $2,239,364.17
13321L108 CAMECO CORP CA CCJ 21,581 $221,205.25
14180LAA4 CARGO AIRCRAFT MANAGEMENT 4.75000 02/01/2028 US 105,000 $104,081.25
143905AN7 CARRIAGE SERVICES INC 6.62500 06/01/2026 US 70,000 $73,587.50
149123101 CATERPILLAR INC US CAT 561 $70,966.50
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 477,081.55 $472,844.02
15135UAF6 CENOVUS ENERGY INC 6.75000 11/15/2039 CA 75,000 $73,024.71
16119P108 CHARTER COMMUNICATIONS INC-A US CHTR 5,350 $2,728,714.00
16411QAD3 CHENIERE ENERGY PARTNERS 5.62500 10/01/2026 US 120,000 $119,400.00
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 713,410.08 $718,328.83
166764100 CHEVRON CORP US CVX 6,790 $605,871.70
172062101 CINCINNATI FINANCIAL CORP US CINF 201 $12,870.03
17275R102 CISCO SYSTEMS INC US CSCO 3,105 $144,817.20
172967424 CITIGROUP INC US C 1,613 $82,424.30
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 2,330,000 $2,660,084.72
191216100 COCA COLA CO/THE US KO 83,090 $3,712,461.20
194162103 COLGATE-PALMOLIVE CO US CL 992 $72,673.92
20030N101 COMCAST CORP-CL A US CMCSA 2,444 $95,267.12
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 2,150,000 $2,384,979.11
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 2,145 $87,730.50
20451NAG6 COMPASS MINERALS INTERNA 6.75000 12/01/2027 US 55,000 $57,750.00
205887102 CONAGRA BRAND INC. US CAG 778 $27,362.26
20605P101 CONCHO RESOURCES INC US CXO 36,770 $1,893,655.00
20825C104 CONOCOPHILLIPS US COP 27,116 $1,139,414.32
21036P108 CONSTELLATION BRANDS INC-A US STZ 178 $31,141.10
217204106 COPART INC US CPRT 16,360 $1,362,297.20
21870Q105 CORESITE REALTY CORP US COR 390 $47,213.40
222795502 COUSINS PROPERTIES INC US CUZ 5,524 $164,780.92
22822V101 CROWN CASTLE INTL CORP US CCI 1,110 $185,758.50
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 1,500,000 $1,607,982.98
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 427,560.2 $438,138.17
231021106 CUMMINS INC US CMI 221 $38,290.46
247361ZZ4 DELTA AIR LINES INC 7.37500 01/15/2026 US 115,000 $111,250.79
253868103 DIGITAL REALTY TRUST INC US DLR 1,792 $254,661.12
254687FW1 WALT DISNEY COMPANY/THE 2.20000 01/13/2028 US 905,000 $944,847.12
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 2,320,000 $2,699,134.10
256746108 DOLLAR TREE STORES INC US DLTR 16,465 $1,525,976.20
25746UDG1 DOMINION ENERGY 3.37500 04/01/2030 US 1,385,000 $1,528,805.21
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 145,000 $142,838.05
25960P109 DOUGLAS EMMETT INC US DEI 3,875 $118,807.50
260003108 DOVER CORP US DOV 180 $17,380.80
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 200,000 $205,000.00
26439XAC7 DCP MIDSTREAM OPERATING 8.12500 08/16/2030 US 40,000 $42,000.00
264411505 DUKE RLTY INVTS INC US DRE 3,783 $133,880.37
26875P101 EOG RESOURCES INC US EOG 28,288 $1,433,070.08
26884L109 EQT CORP US EQT 108,985 $1,296,921.50
26884LAG4 EQT CORP 7.00000 02/01/2030 US 75,000 $77,252.25
2715777 QUEBECOR INC -CL B CA QBR/B CN 10,395 $223,351.61
277276101 EASTGROUP PROPERTIES US EGP 447 $53,018.67
285512109 ELECTRONIC ARTS US EA 17,460 $2,305,593.00
2866857 LUNDIN MINING CORP CA LUN CN 25,185 $135,052.15
291011104 EMERSON ELEC CO US EMR 820 $50,864.60
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 2,410,000 $2,610,599.63
29444U700 EQUINIX INC US EQIX 4,651 $3,266,397.30
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 2,930 $183,066.40
29476L107 EQUITY RESIDENTIAL US EQR 1,620 $95,288.40
297178105 ESSEX PROPERTY TRUST INC US ESS 261 $59,813.37
30212P303 EXPEDIA INC US EXPE 56,550 $4,648,410.00
30212PAS4 EXPEDIA GROUP INC 6.25000 05/01/2025 US 1,030,000 $1,097,231.37
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 4,675,000 $4,713,615.50
30225T102 EXTRA SPACE STORAGE INC US EXR 520 $48,032.40
30231G102 EXXON MOBIL CORP US XOM 25,220 $1,127,838.40
302491303 FMC CORP US FMC 14,410 $1,435,524.20
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 65,000 $55,412.50
30286XAN9 FREMF 2015-K43 B FLT 3.86118 02/25/2048 US 2,300,000 $2,468,388.98
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 101,393,739.09 $205,900.27
30303M102 FACEBOOK INC -A US FB 12,660 $2,874,706.20
311900104 FASTENAL CO US FAST 893 $38,256.12
3128M5A91 FHLM POOL G03332 6.00000 10/01/2037 US 36,258.48 $42,095.71
3128M5NM8 FHLM POOL G03696 5.50000 01/01/2038 US 78,839.23 $90,518.92
3128M6B98 FHLM POOL G04264 5.50000 04/01/2038 US 269,472.78 $309,094.41
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 70,906.86 $82,804.01
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 85,874.58 $99,354.71
3128M7KW5 FHLM POOL G05409 5.50000 03/01/2039 US 189,332.34 $217,166.57
3128M8AW4 FHLM POOL G06021 5.50000 01/01/2040 US 74,500.02 $85,419.75
3128M9C83 FHLM POOL G06995 6.00000 05/01/2040 US 224,541.75 $261,888.22
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 4,840.58 $5,038.18
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 7,405.9 $7,568.17
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 5,217.6 $5,355.30
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 5,025.11 $5,218.79
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 7,806.72 $8,073.15
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 1,345,716.94 $1,454,476.64
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 191,516.32 $219,402.87
31335ABB3 FHLM POOL G60034 4.50000 02/01/2045 US 2,293,917.21 $2,554,139.09
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 421,265.66 $454,216.12
3133A6DB4 FEDERAL NATL MTG ASSN FR QB0098 2.50000 06/01/2050 US 2,810,030.71 $2,929,738.89
3136AY6W8 FNA 2017-M15 A1 FLT 3.05797 09/25/2027 US 1,410,537.72 $1,537,034.74
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 644,362.42 $668,429.55
31371NCJ2 FEDERAL NATL MTG ASSN 256673 5.50000 04/01/2037 US 367,592.5 $421,745.18
3137A2B34 FHMS K009 X1 FLT 1.35336 08/25/2020 US 3,129,439.58 $640.91
3137ADTK3 FHMS K014 X1 FLT 1.32363 04/25/2021 US 6,406,136.63 $39,065.26
3137AJMG6 FMHS K016 X1 FLT 1.63485 10/25/2021 US 3,732,102.78 $57,375.48
3137AUPF0 FHMS K021 x1 FLT 1.54788 06/25/2022 US 14,736,491.13 $324,568.27
3137B3NB0 FHMS K030 X1 FLT 0.28853 04/25/2023 US 44,110,457.67 $196,560.61
3137B4GZ3 FHMS K032 X1 FLT 0.20687 05/25/2023 US 28,435,995.46 $88,842.58
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 668,966.19 $683,225.87
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 441,290.1 $448,591.47
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 162,544.01 $180,745.63
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 92,825.7 $103,284.61
3138EQTZ5 FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 1,365,182.15 $1,518,344.72
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64500 01/01/2049 US 1,705,509.04 $1,997,622.69
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 401,243.66 $461,008.31
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 436,621.12 $480,153.90
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 497,445.55 $530,133.46
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 1,247,247.08 $1,344,714.01
3140FEXR0 FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 1,249,143.78 $1,334,413.16
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 4,390.71 $4,473.16
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 5,430.82 $5,542.78
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 24,637.86 $24,905.65
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 27,263.89 $27,576.86
31410KJV7 FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 247,576.53 $289,009.45
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 237,029.11 $271,507.33
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 84,732.37 $97,005.35
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 288.83 $290.82
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 15,481.95 $15,649.44
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 404,793.72 $443,736.19
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 444,130.76 $486,861.89
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 414,877.01 $438,169.88
31418DNN8 FEDERAL NATL MTG ASSN FN MA3996 2.50000 04/01/2050 US 1,061,585.04 $1,094,336.67
31418DQ21 FEDERAL NATL MTG ASSN FN MA4072 2.50000 07/01/2040 US 1,815,000 $1,893,366.16
31418DQG0 FEDERAL NATL MTG ASSN FN MA4054 2.50000 06/01/2040 US 3,752,535.85 $3,914,552.75
31418DQZ8 FEDERAL NATL MTG ASSN FN MA4071 2.00000 07/01/2040 US 1,950,000 $2,002,401.88
31418MDZ2 FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 116,745.15 $135,828.04
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 49,136.22 $57,326.48
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 137,638.34 $157,619.94
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 238,009.51 $273,358.36
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 8,621.08 $9,104.78
31419BBV6 FEDERAL NATL MTG ASSN AE0951 4.50000 02/01/2041 US 392,319.4 $436,485.65
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 150,000 $162,000.00
316067107 FIDELITY CASH RESERVES US 89,006.02 $89,006.02
316773100 FIFTH THIRD BANCORP US FITB 1,024 $19,742.72
32054K103 FIRST INDUSTRIAL REALTY TR US FR 2,560 $98,406.40
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 115,000 $108,675.00
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 1,240,000 $1,245,231.68
345370CX6 FORD MOTOR COMPANY 9.62500 04/22/2030 US 140,000 $165,802.00
345397XU2 FORD MOTOR CREDIT CO LLC 4.38900 01/08/2026 US 80,000 $76,174.40
346232AE1 FORESTAR GROUP INC 5.00000 03/01/2028 US 120,000 $117,600.00
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 135,000 $121,528.35
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 90,000 $87,412.50
357081AE8 FREMF 2015-K720 B FLT 3.50973 07/25/2022 US 970,000 $1,001,182.69
36166LAA5 GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 AE 75,000 $71,250.00
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 8,006.47 $8,006.67
36257MAA3 GSMS 2019-70P A 1.18475 10/15/2036 US 1,000,000 $971,214.50
369550108 GENERAL DYNAMICS CORP US GD 298 $44,539.08
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750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 170,000 $159,800.00
75513E101 RAYTHEON TECHNOLOGIES CORP US RTX 1,322 $81,461.64
756109104 REALTY INCOME CORP US O 1,100 $65,450.00
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832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 202 $21,373.62
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866674104 SUN COMMUNITIES US SUI 1,765 $239,475.20
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871829107 SYSCO CORP US SYY 604 $33,014.64
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883556102 THERMO FISHER SCIENTIFIC INC US TMO 4,200 $1,521,828.00
88579Y101 3M CO US MMM 541 $84,390.59
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89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 819,873.48 $838,902.91
89177EAA7 TPMT 2019-HY1 A1 1.18450 10/25/2048 US 729,179.45 $725,755.15
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89417E109 TRAVELLERS COS INC US TRV 291 $33,188.55
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 1,908,600.2 $1,916,849.74
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 910,939.6 $946,765.76
89832Q109 TRUIST FINANCIAL CORP US TFC 1,486 $55,799.30
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949746101 WELLS FARGO COMPANY US WFC 3,309 $84,710.40
95040Q104 WELLTOWER INC. US WELL 2,564 $132,687.00
95081QAP9 WESCO DISTRIBUTION INC 7.25000 06/15/2028 US 75,000 $79,312.50
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 110,000 $112,971.10
966387AH5 WHITING PETROLEUM CORP 5.75000 03/15/2021 US 390,000 $75,075.00
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 1,920,000 $2,055,578.48
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98311A105 WYNDHAM HOTELS & RESORTS INC US WH 2,526 $107,658.12
983919101 XILINX INC US XLNX 276 $27,155.64
B02J639 ADMIRAL GROUP PLC GB ADM LN 11,520 $326,694.15
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 13,100 $60,887.69
B1Y47Y7 GERRESHEIMER AG DE GXI GR 2,540 $234,734.18
B1Y9TB3 DANONE FR BN FP 4,025 $279,386.75
B3QJ0H8 TOURMALINE OIL CORP CA TOU CN 21,945 $191,873.27
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 2,850,000 $125,983.03
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B4YVF56 BRENNTAG AG DE BNR GR 3,075 $163,036.03
B63QM77 NEXON CO LTD JP 3659 JP 227,700 $5,136,099.03
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BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 2,415 $54,222.59
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 46,405 $58,586.36
BH8295835 SAUDI INTERNATIONAL BOND 2.90000 10/22/2025 SA 200,000 $212,080.00
BJ2KSG2 AKZO NOBEL NL AKZA NA 2,070 $185,969.23
BJVB695 BUONI POLIENNALI DEL TES 2.45000 09/01/2050 IT 700,000 $825,724.43
BK0939417 AMERICAN TANKER INC 7.75000 07/02/2025 US 200,000 $200,000.00
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 66,906 $4,287,196.85
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 39,475 $194,311.31
BNGN9Z1 FINECOBANK SPA IT FBK IM 27,815 $376,448.38
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 7,760 $205,898.66
BVYVFW2 AUTO TRADER GROUP PLC GB AUTO LN 19,290 $125,592.06
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BZ0VW78 BINGO INDUSTRIES LTD AU BIN AU 64,530 $96,762.58
BZ1HM42 ADYEN NV NL ADYEN NA 60 $87,329.23
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 4,190 $102,194.10
G1151C101 ACCENTURE PLC - CL A IE ACN 1,301 $279,350.72
G29183103 EATON CORP PLC US ETN 527 $46,101.96
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 1,157 $39,499.98
G5494J103 LINDE PLC GB LIN 348 $73,814.28
G5960L103 MEDTRONIC INC IE MDT 18,611 $1,706,628.70
G8994E103 TRANE TECHNOLOGIES IE TT 263 $23,401.74
G97822103 PERRIGO CO PLC IE PRGO 3,270 $180,732.90
H01301128 ALCON INC CH ALC 30,113 $1,726,077.16
H1467J104 CHUBB LTD CH CB 430 $54,446.60
H2906T109 GARMIN LTD CH GRMN 226 $22,035.00
N53745100 LYONDELLBASELL INDU-CL A US LYB 523 $34,371.56
USD US DOLLAR US 1,480,802.55 $1,480,802.55

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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