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

$32.65

Daily $ Change

$0.12

Daily % Change

0.37%

as of 12/11/2019

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 11/30/2019

YTD

14.88%

1 Year

12.42%

3 Year

7.45%

5 Year

4.02%

10 Year

6.12%

Inception
(01/01/2000)

6.07%

US Stock Market Cycle (04/01/2000 - 11/30/2019)

6.05%

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 11/30/2019

GOVERNMENT AGENCY 11.36%
TREASURY NOTES 7.57%
TREASURY BONDS 5.88%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 2.97%
FACEBOOK INC -A 1.56%
TSY INFL IX N/B 0.50000 04/15/2024 1.50%
MEDTRONIC INC 1.33%
NOVARTIS AG- REG 1.32%
MASTERCARD INC-CLASS A 1.30%
NEXON CO LTD 1.24%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 11/30/2019

Bonds 59.78%
Stocks 39.20%
Cash 1.02%

Detailed Asset Class Allocation

As of 11/30/2019

International Equities 14.26%
Small Capitalization 0.20%
Mid Capitalization 1.19%
Large Capitalization 23.55%
Long Term Fixed Income 20.67%
Intermediate Term Fixed Income 29.76%
Short Term Fixed Income 9.35%
Cash 1.02%

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

November Fund Holdings

As of 11/30/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 40,000 $42,400.00
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 2,200,000 $2,406,813.20
00287Y109 ABBVIE INC US ABBV 1,306 $114,575.38
004239109 ACADIA REALTY TRUST US AKR 1,200 $32,256.00
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 65,000 $58,286.80
00507V109 ACTIVISION INC US ATVI 48,710 $2,670,769.30
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 2,450,000 $2,636,854.22
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 65,000 $63,862.50
008492100 AGREE REALTY CORP US ADC 740 $55,337.20
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 2,520,000 $2,611,392.61
013093AD1 ALBERTSONS COS LLC/SAFEW 5.75000 03/15/2025 US 45,000 $45,900.00
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 270 $43,880.40
01609W102 ALIBABA GROUP - ADR CN BABA 1,325 $265,000.00
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 1,740,000 $1,806,965.80
020002101 ALLSTATE CORPORATION US ALL 317 $35,297.95
02079K107 ALPHABET INC-CL C US GOOG 1,870 $2,440,275.20
02079K305 ALPHABET INC-CL A US GOOGL 1,870 $2,438,648.30
023135106 AMAZON.COM INC US AMZN 1,795 $3,232,436.00
02319V103 AMBEV SA-ADR BR ABEV 190,600 $802,426.00
0237400 DIAGEO PLC GB DGE LN 43,065 $1,759,487.18
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 1,920 $92,236.80
0263494 BAE SYSTEMS PLC GB BA/ LN 37,415 $277,073.89
02665T306 AMERICAN HOMES 4 RENT- A US AMH 6,055 $161,729.05
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 110,000 $112,190.99
03027X100 AMERICAN TOWER REIT INC US AMT 7,120 $1,523,893.60
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 2,440,000 $2,601,999.36
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 43,113.95 $43,453.97
03064D108 AMERICOLD REALTY TRUST US COLD 3,580 $134,679.60
031162100 AMGEN INC US AMGN 584 $137,076.48
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 45,000 $35,550.00
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 45,000 $34,762.50
03748R754 APARTMENT INVT & MGMT CO -A US AIV 3,146 $169,160.42
038222105 APPLIED MATERIALS INC US AMAT 830 $48,057.00
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 605 $25,972.65
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 45,000 $45,618.75
053484101 AVALONBAY COMMUNITIES INC US AVB 1,115 $239,067.15
054937107 BB&T CORP US BBT 688 $37,647.36
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 4,000,000 $4,066,071.20
05722G100 BAKER HUGHES CO US BKR 1,103 $24,729.26
060505104 BANK OF AMERICA CORP US BAC 4,383 $146,041.56
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 3,390,000 $3,607,340.09
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 18,200 $4,009,460.00
086516101 BEST BUY INC US BBY 449 $36,207.36
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 25,670 $2,071,825.70
09247X101 BLACKROCK INC US BLK 1,570 $777,008.70
0946580 WEIR GROUP PLC/THE GB WEIR LN 12,955 $233,436.28
097023105 BOEING CO US BA 390 $142,810.20
09857L108 BOOKING HOLDINGS INC US BKNG 760 $1,447,062.80
101121101 BOSTON PROPERTIES INC US BXP 993 $137,570.22
105368203 BRANDYWINE REALTY TRUST US BDN 9,395 $144,964.85
110122108 BRISTOL MYERS SQUIBB CO US BMY 1,475 $83,986.50
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 3,375 $133,683.75
11135F101 BROADCOM INC US AVGO 298 $94,230.58
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 45,000 $28,800.00
12429TAE4 BWAY HOLDING CO 7.25000 04/15/2025 US 45,000 $42,637.50
12503M108 CBOE GLOBAL MARKETS INC US CBOE 12,470 $1,482,683.00
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 289 $22,209.65
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 408,205.67 $415,968.07
12572Q105 CME GROUP INC US CME 7,620 $1,544,802.60
12591QAR3 COMM 2014-UBS4 A5 3.69400 08/10/2047 US 3,600,000 $3,802,653.72
12593GAF9 COMM 2015-PC1 A5 3.90200 07/10/2050 US 1,900,000 $2,039,129.40
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 2,000,000 $2,091,322.40
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 803,949.06 $792,666.44
126650100 CVS HEALTH CORP US CVS 1,219 $91,754.13
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 65,000 $65,407.55
133131102 CAMDEN PROPERTY TRUST US CPT 1,140 $127,167.00
13321L108 CAMECO CORP CA CCJ 19,291 $178,441.75
149123101 CATERPILLAR INC US CAT 514 $74,391.22
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 6,303.99 $6,303.07
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 669,570.88 $673,899.79
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 40,000 $40,403.60
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 1,115,567.23 $1,115,165.85
166764100 CHEVRON CORP US CVX 1,026 $120,175.38
17275R102 CISCO SYSTEMS INC US CSCO 3,059 $138,603.29
172967424 CITIGROUP INC US C 1,277 $95,928.24
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 1,170,000 $1,938,170.64
191216100 COCA COLA CO/THE US KO 55,580 $2,967,972.00
192422103 COGNEX CORP US CGNX 15,560 $780,800.80
194162103 COLGATE-PALMOLIVE CO US CL 916 $62,123.12
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 1,800,000 $1,827,601.18
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 2,100 $99,960.00
20451NAG6 COMPASS MINERALS INTERNA 6.75000 12/01/2027 US 85,000 $87,975.00
205887102 CONAGRA BRAND INC. US CAG 685 $19,775.95
222795502 COUSINS PROPERTIES INC US CUZ 5,894 $238,648.06
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 2,250,000 $2,258,535.53
22822V101 CROWN CASTLE INTL CORP US CCI 815 $108,932.90
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 537,206.86 $522,647.59
231021106 CUMMINS INC US CMI 231 $42,240.66
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 6,390 $58,449.52
25277LAC0 DIAMOND SPORTS GR/DIAMON 6.62500 08/15/2027 US 60,000 $58,482.60
253868103 DIGITAL REALTY TRUST INC US DLR 945 $114,297.75
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 2,320,000 $2,641,572.62
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 75,000 $76,218.75
25960P109 DOUGLAS EMMETT INC US DEI 2,520 $111,056.40
260557103 DOW INC US DOW 694 $37,038.78
2715777 QUEBECOR INC -CL B CA QBR/B CN 37,050 $918,788.68
277432100 EASTMAN CHEM CO US EMN 275 $21,551.75
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 47,600 $983,678.39
285512109 ELECTRONIC ARTS US EA 23,710 $2,394,947.10
2866857 LUNDIN MINING CORP CA LUN CN 10,860 $58,784.46
291011104 EMERSON ELEC CO US EMR 761 $56,207.46
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 1,600,000 $1,869,403.89
29413XAD9 ENVIVA PARTNERS LP/FIN C 6.50000 01/15/2026 US 65,000 $67,548.00
29444U700 EQUINIX INC US EQIX 4,210 $2,386,438.50
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 1,510 $111,860.80
29476L107 EQUITY RESIDENTIAL US EQR 1,800 $153,180.00
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 4,329 $112,943.61
297178105 ESSEX PROPERTY TRUST INC US ESS 361 $112,696.98
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 4,675,000 $4,701,318.29
30225T102 EXTRA SPACE STORAGE INC US EXR 380 $40,299.00
30261UAJ3 FREMF 2013-K713 B 3.25859 04/25/2046 US 1,200,000 $1,200,504.48
30286XAN9 FREMF 2015-K43 B FLT 3.86148 02/25/2048 US 2,300,000 $2,385,177.51
30291EAE4 FREMF 2013-K712 B FLT 3.28134 05/25/2045 US 301,336.74 $300,883.89
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 102,929,366.35 $263,252.15
30303M102 FACEBOOK INC -A US FB 30,950 $6,240,758.00
30744W107 FARFETCH LTD - CLASS A GB FTCH 6,755 $67,279.80
311900104 FASTENAL CO US FAST 884 $31,399.68
3128M5A91 FHLM POOL G03332 6.00000 10/01/2037 US 41,176.46 $47,341.31
3128M5NM8 FHLM POOL G03696 5.50000 01/01/2038 US 87,517.43 $98,361.23
3128M6B98 FHLM POOL G04264 5.50000 04/01/2038 US 306,914.44 $344,886.66
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 79,487 $89,605.27
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 105,322.97 $118,025.93
3128M7KW5 FHLM POOL G05409 5.50000 03/01/2039 US 212,973.53 $239,461.80
3128M8AW4 FHLM POOL G06021 5.50000 01/01/2040 US 83,539.75 $93,907.93
3128M9C83 FHLM POOL G06995 6.00000 05/01/2040 US 256,897.71 $295,359.20
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 7,234.68 $7,495.30
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 12,194.82 $12,479.89
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 8,418.33 $8,644.23
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 7,551.26 $7,823.10
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 12,569.98 $12,985.62
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 1,663,990.9 $1,762,451.07
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 210,810.01 $236,993.84
3131XVYW9 FEDERAL NATL MTG ASSN FR ZM2525 3.00000 12/01/2046 US 1,352,798.5 $1,383,903.46
3132VLY43 FHLM POOL FG Q60730 4.00000 01/01/2049 US 1,754,434.11 $1,825,902.81
3132Y33P7 FHLM POOL FG Q59805 4.50000 11/01/2048 US 943,989.45 $993,443.62
31335ABB3 FHLM POOL G60034 4.50000 02/01/2045 US 2,450,192.29 $2,636,149.00
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 538,001.44 $567,751.05
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 1,031,227.44 $1,102,411.18
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 726.46 $728.18
3133G6L60 FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 US 1,472,843.5 $1,508,893.16
3136AY6W8 FNA 2017-M15 A1 3.05802 09/25/2027 US 1,466,143.13 $1,531,685.01
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 995,275.38 $1,034,027.62
31371NCJ2 FEDERAL NATL MTG ASSN 256673 5.50000 04/01/2037 US 426,873.15 $480,046.55
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 270 $35,658.90
3137A2B34 FHMS K009 X1 FLT 1.42680 08/25/2020 US 10,276,343.24 $64,048.34
3137ADTK3 FHMS K014 X1 FLT 1.32354 04/25/2021 US 6,490,861.27 $85,201.64
3137AJMG6 FMHS K016 X1 FLT 1.63461 10/25/2021 US 3,818,750.45 $90,372.64
3137AUPF0 FHMS K021 x1 FLT 1.55966 06/25/2022 US 14,968,240.84 $466,578.03
3137B3NB0 FHMS K030 X1 FLT 0.29829 04/25/2023 US 44,834,068.62 $254,132.95
3137B4GZ3 FHMS K032 X1 FLT 0.21120 05/25/2023 US 28,915,466.38 $111,179.97
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 991,950.23 $1,009,360.25
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 841,931.89 $858,356.38
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 192,774.57 $208,961.63
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 110,057.4 $119,225.62
3138EQTZ5 FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 1,565,449.7 $1,696,133.16
3138ERN30 FEDERAL NATL MTG ASSN FN AL9409 3.50000 11/01/2031 US 1,149,339.41 $1,195,288.79
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64500 01/01/2049 US 1,902,515.08 $2,132,221.67
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 2,860,553.35 $3,010,903.03
3138WGK37 FEDERAL NATL MTG ASSN FN AS6613 4.00000 02/01/2046 US 2,525,551.42 $2,667,095.09
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 448,295.45 $504,932.40
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 500,933.03 $527,734.23
3140EWG66 FEDERAL NATL MTG ASSN BC2020 3.50000 07/01/2046 US 995,066.91 $1,036,965.45
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 624,113.94 $650,125.52
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 1,370,155.25 $1,443,777.05
3140FEXR0 FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 1,602,884.42 $1,684,081.69
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 423,589.34 $445,855.82
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 1,497,594.02 $1,574,287.68
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 1,504,574.6 $1,660,608.36
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 606,490.74 $649,656.35
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 2,278,162.49 $2,440,257.83
3140X4JC1 FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 US 2,055,991.95 $2,131,380.59
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 8,426.94 $8,599.21
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 9,572.67 $9,788.77
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 58,446.98 $59,239.41
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 70,997.35 $71,862.64
31410KJV7 FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 270,770.22 $311,126.51
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 262,414.49 $294,976.93
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 94,777.92 $106,223.81
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 1,482.14 $1,494.78
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 39,549.78 $40,127.64
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 491,129.24 $527,415.72
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 523,772.91 $562,474.88
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 815,052.2 $833,925.76
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 568,018.38 $590,387.01
31418CZH0 FEDERAL NATL MTG ASSN FN MA3443 4.00000 08/01/2048 US 1,102,319.93 $1,142,570.77
31418MDZ2 FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 137,146.47 $157,473.19
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 55,905.47 $64,206.45
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 156,335.38 $175,533.09
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 266,071.25 $298,987.08
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 11,220.81 $11,732.56
31419BBV6 FEDERAL NATL MTG ASSN AE0951 4.50000 02/01/2041 US 453,028.81 $491,019.10
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 40,000 $42,400.00
316067107 FIDELITY CASH RESERVES US 66,295.5 $66,295.50
316773100 FIFTH THIRD BANCORP US FITB 1,040 $31,397.60
32054K103 FIRST INDUSTRIAL REALTY TR US FR 1,770 $75,366.60
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 70,000 $68,541.90
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 1,240,000 $1,276,759.43
346232AD3 FORESTAR GROUP INC 8.00000 04/15/2024 US 40,000 $43,200.00
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 85,000 $87,479.45
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 60,000 $60,450.00
357081AE8 FREMF 2015-K720 B FLT 3.50722 07/25/2022 US 970,000 $989,428.52
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 21,990.86 $22,106.47
364760108 GAP INC US GPS 741 $12,308.01
369550108 GENERAL DYNAMICS CORP US GD 235 $42,708.90
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 1,880,000 $1,839,034.80
370334104 GENERAL MLS INC US GIS 850 $45,322.00
37045XAR7 GENERAL MOTORS FINL CO 3.15000 01/15/2020 US 2,300,000 $2,300,806.68
372460105 GENUINE PARTS CO US GPC 280 $29,223.60
374297109 GETTY REALTY CORP US GTY 2,055 $68,965.80
375558103 GILEAD SCIENCES INC US GILD 1,324 $89,025.76
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 200,000 $209,000.00
37960JAA6 GLOBAL AIR LEASE CO LTD 6.50000 09/15/2024 KY 65,000 $66,482.00
38141GVR2 GOLDMAN SACHS GROUP INC 4.25000 10/21/2025 US 1,120,000 $1,209,339.84
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 1,222,738.35 $1,230,585.76
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 91,445 $1,487,810.15
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 865 $87,520.70
40051E202 GRUPO AEROPORTUARIO DEL SURESTE MX ASR 720 $123,451.20
404119BX6 HCA INC 4.12500 06/15/2029 US 1,830,000 $1,927,903.88
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 25,000 $23,000.00
406216101 HALLIBURTON CO US HAL 96,032 $2,015,711.68
416515104 HARTFORD FINL SVCS US HIG 414 $25,610.04
421946104 HEALTHCARE REALTY TRUST INC US HR 3,090 $102,557.10
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 1,910 $57,968.50
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 5,160 $179,980.80
427866108 HERSHEY CO/THE US HSY 292 $43,262.72
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 665 $69,825.00
437076102 HOME DEPOT INC US HD 797 $175,746.47
438516106 HONEYWELL INTERNATIONAL INC US HON 601 $107,308.55
44107P104 HOST MARRIOTT CORP US HST 3,720 $65,062.80
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450913AE8 IAMGOLD CORP 7.00000 04/15/2025 CA 65,000 $66,097.20
452308109 ILLINOIS TOOL WKS INC US ITW 340 $59,272.20
45337C102 INCYTE CORP US INCY 11,110 $1,046,117.60
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458140100 INTEL CORP US INTC 3,320 $192,726.00
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 17,690 $1,665,867.30
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 801 $107,694.45
460146103 INTERNATIONAL PAPER CO US IP 476 $22,057.84
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46187BAB9 IHSFR 2017-SFR2 B 2.91250 12/17/2036 US 390,000 $389,441.29
46187W107 INVITATION HOMES INC US INVH 8,575 $261,794.75
46625H100 JP MORGAN CHASE & CO US JPM 1,714 $225,836.64
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615369105 MOODY'S CORPORATION US MCO 6,840 $1,550,422.80
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74460D109 PUBLIC STORAGE INC US PSA 700 $147,476.00
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773903109 ROCKWELL AUTOMATION INC US ROK 122 $23,892.48
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 2,183 $181,887.56
78409V104 S&P GLOBAL INC US SPGI 5,770 $1,527,030.50
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78442PGC4 SLM CORP 5.12500 04/05/2022 US 90,000 $92,812.50
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785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 2,620,000 $2,996,933.85
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806857108 SCHLUMBERGER LTD NL SLB 45,045 $1,630,629.00
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812578102 SEATTLE GENETICS INC US SGEN 8,200 $986,870.00
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81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 670,209.82 $675,340.95
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 507,690.48 $487,749.31
81762P102 SERVICENOW INC US NOW 11,060 $3,130,422.40
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 45,000 $38,180.25
828806109 SIMON PROPERTY GROUP INC US SPG 1,665 $251,764.65
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 204 $21,438.36
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83404YAA1 SCLP 2016-5 A 3.06000 09/25/2028 US 123,456.9 $124,038.80
83406EAB1 SOFI 2018-A A2A 2.39000 02/25/2042 US 258,627.81 $258,749.57
835699307 SONY CORP SPONSORED ADR JP SNE 52,200 $3,313,656.00
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 2,810,000 $2,835,273.81
852061AR1 SPRINT COMMUNICATIONS 7.00000 08/15/2020 US 100,000 $102,394.00
85207UAE5 SPRINT CORP 7.25000 09/15/2021 US 40,000 $42,420.00
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 40,000 $43,100.00
85254J102 STAG INDUSTRIAL INC US STAG 2,150 $66,628.50
855030AN2 STAPLES INC 7.50000 04/15/2026 US 70,000 $73,237.50
85571XAA5 SRPT 2014-STAR A FLTG RATE 2.98538 11/15/2027 US 1,503,219.1 $1,500,382.83
858912AF5 STERICYCLE INC 5.37500 07/15/2024 US 60,000 $62,700.00
862121100 STORE CAPITAL CORP US STOR 1,615 $65,746.65
866674104 SUN COMMUNITIES US SUI 980 $161,415.80
86723CAF5 SUNCOKE ENRGY PART LP/FI 7.50000 06/15/2025 US 40,000 $36,200.00
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 3,075 $43,050.00
867914103 SUNTRUST BANKS INC US STI 535 $37,899.40
86935CAA0 SCML 2019-SBC8 2.86000 12/25/2035 US 2,010,256.46 $2,016,917.04
871829107 SYSCO CORP US SYY 661 $53,243.55
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 301,404.87 $301,292.81
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 55,000 $48,950.00
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 1,830,000 $1,965,777.73
882508104 TEXAS INSTRUMENTS INC US TXN 849 $102,058.29
88579Y101 3M CO US MMM 577 $97,957.29
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 1,599,854.7 $1,603,430.54
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 965,540.72 $969,542.11
89177EAA7 TPMT 2019-HY1 A1 2.70800 10/25/2048 US 873,258.06 $875,787.28
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 45,000 $45,225.00
89417E109 TRAVELLERS COS INC US TRV 242 $33,086.24
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 1,940,581.6 $1,936,554.12
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 912,411.57 $919,876.10
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 100,000 $97,625.00
902494103 TYSON FOODS INC -CL A US TSN 347 $31,191.83
902653104 UDR INC US UDR 2,693 $129,398.65
902973304 U.S. BANCORP US USB 1,522 $91,365.66
903002103 UMH PROPERTIES INC US UMH 2,565 $40,039.65
904767704 UNILEVER PLC - ADR GB UL 48,928 $2,910,726.72
907818108 UNION PAC CORP US UNP 612 $107,705.88
911312106 UNITED PARCEL SERVICE US UPS 886 $106,080.78
912796SZ3 TREASURY BILL 0.00000 07/16/2020 US 4,500,000 $4,455,834.30
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 5,569,000 $7,839,890.29
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 1,846,487.5 $1,950,948.49
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 7,360,000 $7,777,162.52
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 6,784,000 $7,898,324.98
9128284P2 US TREASURY N/B 2.62500 05/15/2021 US 3,585,000 $3,633,173.44
9128286N5 TSY INFL IX N/B 0.50000 04/15/2024 US 5,927,028.88 $5,993,567.07
912828D56 US TREASURY N/B 2.37500 08/15/2024 US 2,615,000 $2,702,030.47
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 11,900,434.14 $11,866,915.62
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 8,054,000 $8,010,898.54
912828VB3 UNITED STATES TREAS NTS 1.75000 05/15/2023 US 7,899,000 $7,934,483.81
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 7,786,000 $7,968,180.25
913017109 UNITED TECHNOLOGIES CORP US UTX 727 $107,843.18
91704F104 URBAN EDGE PROPERTIES US UE 4,705 $97,534.65
918204108 VF CORP US VFC 512 $45,332.48
91913Y100 VALERO ENERGY US VLO 526 $50,227.74
92276F100 VENTAS INC US VTR 1,432 $83,499.92
92339V100 VEREIT INC US VER 12,385 $120,877.60
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 2,900,000 $3,664,589.03
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 4,580 $1,015,615.00
92553P201 VIACOM INC CL B US VIAB 685 $16,487.95
92826C839 VISA INC - CLASS A SHARES US V 25,200 $4,649,652.00
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 70,000 $67,550.00
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 275,000 $276,278.75
929042109 VORNADO REALTY TRUST US VNO 660 $42,616.20
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 40,000 $36,800.00
93065PAA9 WBHT 2019-WBM A FLT 2.81538 12/15/2033 US 1,045,000 $1,045,650.72
931142103 WAL MART STORES US WMT 1,854 $220,792.86
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 915 $54,534.00
94106L109 WASTE MANAGEMENT INC US WM 506 $57,132.46
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 70,000 $71,575.00
948741103 WEINGARTEN REALTY INVESTORS US WRI 3,015 $95,997.60
949746101 WELLS FARGO COMPANY US WFC 3,306 $180,044.76
95040Q104 WELLTOWER INC. US WELL 1,809 $152,987.13
958102105 WESTERN DIGITAL CORP US WDC 468 $23,554.44
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 1,880,000 $1,924,765.06
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 424,701.72 $425,127.91
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 671,798.64 $684,211.46
98311A105 WYNDHAM HOTELS & RESORTS INC US WH 1,215 $70,384.95
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 95,000 $89,478.22
B02J639 ADMIRAL GROUP PLC GB ADM LN 9,290 $256,835.77
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 17,900 $119,110.79
B1XH026 VINCI SA FR DG FP 1,120 $122,092.78
B1Y47Y7 GERRESHEIMER AG DE GXI GR 2,315 $170,225.86
B1Y9TB3 DANONE FR BN FP 3,735 $307,323.05
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 2,850,000 $144,894.60
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 360,000 $278,796.06
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 4,000,000 $202,717.08
B4R2R50 JULIUS BAER CH BAER SW 3,240 $152,618.36
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 5,300,000 $272,142.04
B63QM77 NEXON CO LTD JP 3659 JP 364,200 $4,975,533.16
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 1,000,000 $53,435.18
BBG00Q7Z9PN7 SE US 12/20/19 C39 SG -193 -$12,545.00
BBG00QR025W3 MU US 12/13/19 P43 US -229 -$3,206.00
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 3,865 $70,290.96
BD3HF92 BSR REAL ESTATE INVESTMENT CA HOM/U CN 1,460 $18,572.51
BD4TZK8 OCI NV NL OCI NA 2,700 $51,146.38
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 36,710 $58,971.56
BGHVXC0 DRILLING CO OF 1972/THE DK DRLCO DC 1,739 $105,292.14
BH3T8K8 ORBIA ADVANCE CORP SAB DE CV MX 68,400 $148,489.77
BJ2KSG2 AKZO NOBEL NL AKZA NA 1,930 $184,822.70
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 77,606 $3,274,597.17
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 32,455 $158,623.57
BNGN9Z1 FINECOBANK SPA IT FBK IM 20,375 $252,194.98
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 90,990 $2,831,100.70
BYXS699 QIAGEN N.V. NL QIA GR 6,340 $271,458.62
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 35,647 $2,825,675.41
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 5,435 $187,779.25
G29183103 EATON CORP PLC US ETN 557 $51,522.50
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 1,058 $45,314.14
G5960L103 MEDTRONIC INC IE MDT 47,836 $5,328,452.04
G97822103 PERRIGO CO PLC IE PRGO 3,730 $191,087.90
H01301128 ALCON INC CH ALC 31,298 $1,730,466.42
H1467J104 CHUBB LTD CH CB 348 $52,715.04
H8817H100 TRANSOCEAN LTD US RIG 84,430 $420,461.40
N22717107 CORE LABORATORIES N.V. NL CLB 2,620 $114,756.00
N47279109 INTERXION HOLDING NV NL INXN 2,605 $221,529.20
N53745100 LYONDELLBASELL INDU-CL A US LYB 513 $47,473.02
N72482123 QIAGEN N.V. ADR NL QGEN 3,760 $160,928.00
USD US DOLLAR US 4,043,484.69 $4,043,484.69

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

$32.65

Daily $ Change

$0.12

Daily % Change

0.37%

as of 12/11/2019

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 11/30/2019

YTD

14.88%

1 Year

12.42%

3 Year

7.45%

5 Year

4.02%

10 Year

6.12%

Inception
(01/01/2000)

6.07%

US Stock Market Cycle (04/01/2000 - 11/30/2019)

6.05%

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 11/30/2019

GOVERNMENT AGENCY 11.36%
TREASURY NOTES 7.57%
TREASURY BONDS 5.88%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 2.97%
FACEBOOK INC -A 1.56%
TSY INFL IX N/B 0.50000 04/15/2024 1.50%
MEDTRONIC INC 1.33%
NOVARTIS AG- REG 1.32%
MASTERCARD INC-CLASS A 1.30%
NEXON CO LTD 1.24%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 11/30/2019

Bonds
59.78%
Stocks
39.20%
Cash
1.02%

Detailed Asset Class Allocation

As of 11/30/2019

International Equities
14.26%
Small Capitalization
0.20%
Mid Capitalization
1.19%
Large Capitalization
23.55%
Long Term Fixed Income
20.67%
Intermediate Term Fixed Income
29.76%
Short Term Fixed Income
9.35%
Cash
1.02%

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

November Fund Holdings

As of 11/30/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 40,000 $42,400.00
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 2,200,000 $2,406,813.20
00287Y109 ABBVIE INC US ABBV 1,306 $114,575.38
004239109 ACADIA REALTY TRUST US AKR 1,200 $32,256.00
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 65,000 $58,286.80
00507V109 ACTIVISION INC US ATVI 48,710 $2,670,769.30
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 2,450,000 $2,636,854.22
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 65,000 $63,862.50
008492100 AGREE REALTY CORP US ADC 740 $55,337.20
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 2,520,000 $2,611,392.61
013093AD1 ALBERTSONS COS LLC/SAFEW 5.75000 03/15/2025 US 45,000 $45,900.00
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 270 $43,880.40
01609W102 ALIBABA GROUP - ADR CN BABA 1,325 $265,000.00
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 1,740,000 $1,806,965.80
020002101 ALLSTATE CORPORATION US ALL 317 $35,297.95
02079K107 ALPHABET INC-CL C US GOOG 1,870 $2,440,275.20
02079K305 ALPHABET INC-CL A US GOOGL 1,870 $2,438,648.30
023135106 AMAZON.COM INC US AMZN 1,795 $3,232,436.00
02319V103 AMBEV SA-ADR BR ABEV 190,600 $802,426.00
0237400 DIAGEO PLC GB DGE LN 43,065 $1,759,487.18
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 1,920 $92,236.80
0263494 BAE SYSTEMS PLC GB BA/ LN 37,415 $277,073.89
02665T306 AMERICAN HOMES 4 RENT- A US AMH 6,055 $161,729.05
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 110,000 $112,190.99
03027X100 AMERICAN TOWER REIT INC US AMT 7,120 $1,523,893.60
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 2,440,000 $2,601,999.36
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 43,113.95 $43,453.97
03064D108 AMERICOLD REALTY TRUST US COLD 3,580 $134,679.60
031162100 AMGEN INC US AMGN 584 $137,076.48
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 45,000 $35,550.00
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 45,000 $34,762.50
03748R754 APARTMENT INVT & MGMT CO -A US AIV 3,146 $169,160.42
038222105 APPLIED MATERIALS INC US AMAT 830 $48,057.00
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 605 $25,972.65
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 45,000 $45,618.75
053484101 AVALONBAY COMMUNITIES INC US AVB 1,115 $239,067.15
054937107 BB&T CORP US BBT 688 $37,647.36
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 4,000,000 $4,066,071.20
05722G100 BAKER HUGHES CO US BKR 1,103 $24,729.26
060505104 BANK OF AMERICA CORP US BAC 4,383 $146,041.56
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 3,390,000 $3,607,340.09
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 18,200 $4,009,460.00
086516101 BEST BUY INC US BBY 449 $36,207.36
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 25,670 $2,071,825.70
09247X101 BLACKROCK INC US BLK 1,570 $777,008.70
0946580 WEIR GROUP PLC/THE GB WEIR LN 12,955 $233,436.28
097023105 BOEING CO US BA 390 $142,810.20
09857L108 BOOKING HOLDINGS INC US BKNG 760 $1,447,062.80
101121101 BOSTON PROPERTIES INC US BXP 993 $137,570.22
105368203 BRANDYWINE REALTY TRUST US BDN 9,395 $144,964.85
110122108 BRISTOL MYERS SQUIBB CO US BMY 1,475 $83,986.50
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 3,375 $133,683.75
11135F101 BROADCOM INC US AVGO 298 $94,230.58
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 45,000 $28,800.00
12429TAE4 BWAY HOLDING CO 7.25000 04/15/2025 US 45,000 $42,637.50
12503M108 CBOE GLOBAL MARKETS INC US CBOE 12,470 $1,482,683.00
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 289 $22,209.65
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 408,205.67 $415,968.07
12572Q105 CME GROUP INC US CME 7,620 $1,544,802.60
12591QAR3 COMM 2014-UBS4 A5 3.69400 08/10/2047 US 3,600,000 $3,802,653.72
12593GAF9 COMM 2015-PC1 A5 3.90200 07/10/2050 US 1,900,000 $2,039,129.40
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 2,000,000 $2,091,322.40
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 803,949.06 $792,666.44
126650100 CVS HEALTH CORP US CVS 1,219 $91,754.13
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 65,000 $65,407.55
133131102 CAMDEN PROPERTY TRUST US CPT 1,140 $127,167.00
13321L108 CAMECO CORP CA CCJ 19,291 $178,441.75
149123101 CATERPILLAR INC US CAT 514 $74,391.22
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 6,303.99 $6,303.07
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 669,570.88 $673,899.79
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 40,000 $40,403.60
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 1,115,567.23 $1,115,165.85
166764100 CHEVRON CORP US CVX 1,026 $120,175.38
17275R102 CISCO SYSTEMS INC US CSCO 3,059 $138,603.29
172967424 CITIGROUP INC US C 1,277 $95,928.24
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 1,170,000 $1,938,170.64
191216100 COCA COLA CO/THE US KO 55,580 $2,967,972.00
192422103 COGNEX CORP US CGNX 15,560 $780,800.80
194162103 COLGATE-PALMOLIVE CO US CL 916 $62,123.12
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 1,800,000 $1,827,601.18
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 2,100 $99,960.00
20451NAG6 COMPASS MINERALS INTERNA 6.75000 12/01/2027 US 85,000 $87,975.00
205887102 CONAGRA BRAND INC. US CAG 685 $19,775.95
222795502 COUSINS PROPERTIES INC US CUZ 5,894 $238,648.06
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 2,250,000 $2,258,535.53
22822V101 CROWN CASTLE INTL CORP US CCI 815 $108,932.90
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 537,206.86 $522,647.59
231021106 CUMMINS INC US CMI 231 $42,240.66
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 6,390 $58,449.52
25277LAC0 DIAMOND SPORTS GR/DIAMON 6.62500 08/15/2027 US 60,000 $58,482.60
253868103 DIGITAL REALTY TRUST INC US DLR 945 $114,297.75
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 2,320,000 $2,641,572.62
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 75,000 $76,218.75
25960P109 DOUGLAS EMMETT INC US DEI 2,520 $111,056.40
260557103 DOW INC US DOW 694 $37,038.78
2715777 QUEBECOR INC -CL B CA QBR/B CN 37,050 $918,788.68
277432100 EASTMAN CHEM CO US EMN 275 $21,551.75
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 47,600 $983,678.39
285512109 ELECTRONIC ARTS US EA 23,710 $2,394,947.10
2866857 LUNDIN MINING CORP CA LUN CN 10,860 $58,784.46
291011104 EMERSON ELEC CO US EMR 761 $56,207.46
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 1,600,000 $1,869,403.89
29413XAD9 ENVIVA PARTNERS LP/FIN C 6.50000 01/15/2026 US 65,000 $67,548.00
29444U700 EQUINIX INC US EQIX 4,210 $2,386,438.50
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 1,510 $111,860.80
29476L107 EQUITY RESIDENTIAL US EQR 1,800 $153,180.00
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 4,329 $112,943.61
297178105 ESSEX PROPERTY TRUST INC US ESS 361 $112,696.98
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 4,675,000 $4,701,318.29
30225T102 EXTRA SPACE STORAGE INC US EXR 380 $40,299.00
30261UAJ3 FREMF 2013-K713 B 3.25859 04/25/2046 US 1,200,000 $1,200,504.48
30286XAN9 FREMF 2015-K43 B FLT 3.86148 02/25/2048 US 2,300,000 $2,385,177.51
30291EAE4 FREMF 2013-K712 B FLT 3.28134 05/25/2045 US 301,336.74 $300,883.89
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 102,929,366.35 $263,252.15
30303M102 FACEBOOK INC -A US FB 30,950 $6,240,758.00
30744W107 FARFETCH LTD - CLASS A GB FTCH 6,755 $67,279.80
311900104 FASTENAL CO US FAST 884 $31,399.68
3128M5A91 FHLM POOL G03332 6.00000 10/01/2037 US 41,176.46 $47,341.31
3128M5NM8 FHLM POOL G03696 5.50000 01/01/2038 US 87,517.43 $98,361.23
3128M6B98 FHLM POOL G04264 5.50000 04/01/2038 US 306,914.44 $344,886.66
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 79,487 $89,605.27
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 105,322.97 $118,025.93
3128M7KW5 FHLM POOL G05409 5.50000 03/01/2039 US 212,973.53 $239,461.80
3128M8AW4 FHLM POOL G06021 5.50000 01/01/2040 US 83,539.75 $93,907.93
3128M9C83 FHLM POOL G06995 6.00000 05/01/2040 US 256,897.71 $295,359.20
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 7,234.68 $7,495.30
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 12,194.82 $12,479.89
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 8,418.33 $8,644.23
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 7,551.26 $7,823.10
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 12,569.98 $12,985.62
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 1,663,990.9 $1,762,451.07
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 210,810.01 $236,993.84
3131XVYW9 FEDERAL NATL MTG ASSN FR ZM2525 3.00000 12/01/2046 US 1,352,798.5 $1,383,903.46
3132VLY43 FHLM POOL FG Q60730 4.00000 01/01/2049 US 1,754,434.11 $1,825,902.81
3132Y33P7 FHLM POOL FG Q59805 4.50000 11/01/2048 US 943,989.45 $993,443.62
31335ABB3 FHLM POOL G60034 4.50000 02/01/2045 US 2,450,192.29 $2,636,149.00
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 538,001.44 $567,751.05
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 1,031,227.44 $1,102,411.18
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 726.46 $728.18
3133G6L60 FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 US 1,472,843.5 $1,508,893.16
3136AY6W8 FNA 2017-M15 A1 3.05802 09/25/2027 US 1,466,143.13 $1,531,685.01
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 995,275.38 $1,034,027.62
31371NCJ2 FEDERAL NATL MTG ASSN 256673 5.50000 04/01/2037 US 426,873.15 $480,046.55
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 270 $35,658.90
3137A2B34 FHMS K009 X1 FLT 1.42680 08/25/2020 US 10,276,343.24 $64,048.34
3137ADTK3 FHMS K014 X1 FLT 1.32354 04/25/2021 US 6,490,861.27 $85,201.64
3137AJMG6 FMHS K016 X1 FLT 1.63461 10/25/2021 US 3,818,750.45 $90,372.64
3137AUPF0 FHMS K021 x1 FLT 1.55966 06/25/2022 US 14,968,240.84 $466,578.03
3137B3NB0 FHMS K030 X1 FLT 0.29829 04/25/2023 US 44,834,068.62 $254,132.95
3137B4GZ3 FHMS K032 X1 FLT 0.21120 05/25/2023 US 28,915,466.38 $111,179.97
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 991,950.23 $1,009,360.25
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 841,931.89 $858,356.38
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 192,774.57 $208,961.63
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 110,057.4 $119,225.62
3138EQTZ5 FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 1,565,449.7 $1,696,133.16
3138ERN30 FEDERAL NATL MTG ASSN FN AL9409 3.50000 11/01/2031 US 1,149,339.41 $1,195,288.79
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64500 01/01/2049 US 1,902,515.08 $2,132,221.67
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 2,860,553.35 $3,010,903.03
3138WGK37 FEDERAL NATL MTG ASSN FN AS6613 4.00000 02/01/2046 US 2,525,551.42 $2,667,095.09
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 448,295.45 $504,932.40
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 500,933.03 $527,734.23
3140EWG66 FEDERAL NATL MTG ASSN BC2020 3.50000 07/01/2046 US 995,066.91 $1,036,965.45
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 624,113.94 $650,125.52
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 1,370,155.25 $1,443,777.05
3140FEXR0 FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 1,602,884.42 $1,684,081.69
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 423,589.34 $445,855.82
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 1,497,594.02 $1,574,287.68
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 1,504,574.6 $1,660,608.36
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 606,490.74 $649,656.35
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 2,278,162.49 $2,440,257.83
3140X4JC1 FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 US 2,055,991.95 $2,131,380.59
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 8,426.94 $8,599.21
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 9,572.67 $9,788.77
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 58,446.98 $59,239.41
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 70,997.35 $71,862.64
31410KJV7 FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 270,770.22 $311,126.51
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 262,414.49 $294,976.93
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 94,777.92 $106,223.81
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 1,482.14 $1,494.78
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 39,549.78 $40,127.64
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 491,129.24 $527,415.72
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 523,772.91 $562,474.88
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 815,052.2 $833,925.76
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 568,018.38 $590,387.01
31418CZH0 FEDERAL NATL MTG ASSN FN MA3443 4.00000 08/01/2048 US 1,102,319.93 $1,142,570.77
31418MDZ2 FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 137,146.47 $157,473.19
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 55,905.47 $64,206.45
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 156,335.38 $175,533.09
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 266,071.25 $298,987.08
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 11,220.81 $11,732.56
31419BBV6 FEDERAL NATL MTG ASSN AE0951 4.50000 02/01/2041 US 453,028.81 $491,019.10
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 40,000 $42,400.00
316067107 FIDELITY CASH RESERVES US 66,295.5 $66,295.50
316773100 FIFTH THIRD BANCORP US FITB 1,040 $31,397.60
32054K103 FIRST INDUSTRIAL REALTY TR US FR 1,770 $75,366.60
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 70,000 $68,541.90
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 1,240,000 $1,276,759.43
346232AD3 FORESTAR GROUP INC 8.00000 04/15/2024 US 40,000 $43,200.00
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 85,000 $87,479.45
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 60,000 $60,450.00
357081AE8 FREMF 2015-K720 B FLT 3.50722 07/25/2022 US 970,000 $989,428.52
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 21,990.86 $22,106.47
364760108 GAP INC US GPS 741 $12,308.01
369550108 GENERAL DYNAMICS CORP US GD 235 $42,708.90
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 1,880,000 $1,839,034.80
370334104 GENERAL MLS INC US GIS 850 $45,322.00
37045XAR7 GENERAL MOTORS FINL CO 3.15000 01/15/2020 US 2,300,000 $2,300,806.68
372460105 GENUINE PARTS CO US GPC 280 $29,223.60
374297109 GETTY REALTY CORP US GTY 2,055 $68,965.80
375558103 GILEAD SCIENCES INC US GILD 1,324 $89,025.76
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 200,000 $209,000.00
37960JAA6 GLOBAL AIR LEASE CO LTD 6.50000 09/15/2024 KY 65,000 $66,482.00
38141GVR2 GOLDMAN SACHS GROUP INC 4.25000 10/21/2025 US 1,120,000 $1,209,339.84
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 1,222,738.35 $1,230,585.76
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 91,445 $1,487,810.15
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 865 $87,520.70
40051E202 GRUPO AEROPORTUARIO DEL SURESTE MX ASR 720 $123,451.20
404119BX6 HCA INC 4.12500 06/15/2029 US 1,830,000 $1,927,903.88
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 25,000 $23,000.00
406216101 HALLIBURTON CO US HAL 96,032 $2,015,711.68
416515104 HARTFORD FINL SVCS US HIG 414 $25,610.04
421946104 HEALTHCARE REALTY TRUST INC US HR 3,090 $102,557.10
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 1,910 $57,968.50
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 5,160 $179,980.80
427866108 HERSHEY CO/THE US HSY 292 $43,262.72
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 665 $69,825.00
437076102 HOME DEPOT INC US HD 797 $175,746.47
438516106 HONEYWELL INTERNATIONAL INC US HON 601 $107,308.55
44107P104 HOST MARRIOTT CORP US HST 3,720 $65,062.80
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 40,000 $43,400.00
450913AE8 IAMGOLD CORP 7.00000 04/15/2025 CA 65,000 $66,097.20
452308109 ILLINOIS TOOL WKS INC US ITW 340 $59,272.20
45337C102 INCYTE CORP US INCY 11,110 $1,046,117.60
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 5,050 $75,447.00
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 65,000 $66,300.00
458140100 INTEL CORP US INTC 3,320 $192,726.00
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 17,690 $1,665,867.30
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 801 $107,694.45
460146103 INTERNATIONAL PAPER CO US IP 476 $22,057.84
46187BAA1 IHSFR 2017-SFR2 A 2.61250 12/17/2036 US 486,891.92 $486,207.93
46187BAB9 IHSFR 2017-SFR2 B 2.91250 12/17/2036 US 390,000 $389,441.29
46187W107 INVITATION HOMES INC US INVH 8,575 $261,794.75
46625H100 JP MORGAN CHASE & CO US JPM 1,714 $225,836.64
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 389,380.98 $392,508.10
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 449,386.75 $458,229.33
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 614,151.32 $623,663.79
46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 1,690,000 $1,798,002.54
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 925,263.2 $937,154.68
4741844 MERCK KGAA DE MRK GR 28,320 $3,305,542.22
476405105 JERNIGAN CAPITAL INC US JCAP 5,870 $102,607.60
478160104 JOHNSON & JOHNSON US JNJ 36,148 $4,969,988.52
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 90,000 $26,100.00
4821100 SOLVAY SA BE SOLB BB 3,075 $352,380.06
482480100 KLA-TENCOR CORPORATION US KLAC 254 $41,620.44
483007AJ9 KAISER ALUMINUM CORP 4.62500 03/01/2028 US 40,000 $41,056.00
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 60,000 $62,400.00
487836108 KELLOGG CO US K 475 $30,932.00
493267108 KEYCORP US KEY 1,413 $27,398.07
49427F108 KILROY REALTY CORP US KRC 456 $37,957.44
494368103 KIMBERLY CLARK CORP US KMB 421 $57,399.14
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 1,960,000 $2,539,589.42
500255104 KOHLS CORP US KSS 314 $14,761.14
501044101 KROGER CO US KR 881 $24,086.54
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 85,000 $87,762.50
5107401 BEIERSDORF AG DE BEI GR 1,585 $184,850.60
512807108 LAM RESEARCH CORP US LRCX 146 $38,957.18
516806AD8 LAREDO PETROLEUM INC 5.62500 01/15/2022 US 45,000 $41,427.27
531172104 LIBERTY PROPERTY TRUST US LPT 1,485 $91,505.70
53223X107 LIFE STORAGE INC US LSI 500 $54,760.00
539830109 LOCKHEED MARTIN CORP US LMT 251 $98,148.53
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 45,000 $31,500.00
550021109 LULULEMON - ADR CA LULU 15,675 $3,537,690.75
56585A102 MARATHON PETROLEUM CORP US MPC 895 $54,272.80
57636Q104 MASTERCARD INC-CLASS A US MA 17,810 $5,204,616.30
57772K101 MAXIM INTEGRATED PRODUCTS US MXIM 421 $23,858.07
58933Y105 MERCK & CO INC US MRK 13,467 $1,174,053.06
594918104 MICROSOFT CORP US MSFT 30,850 $4,670,073.00
595112103 MICRON TECHNOLOGY INC US MU 98,945 $4,700,876.95
59522J103 MID-AMERICA APARTMENT COMM US MAA 545 $74,179.95
60871R209 MOLSON COORS BREWING CO -B US TAP 338 $17,062.24
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 56,172 $2,951,276.88
615369105 MOODY'S CORPORATION US MCO 6,840 $1,550,422.80
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 40,000 $26,600.00
61965RAB1 MOSS CREEK RESOURCES HLD 10.50000 05/15/2027 US 15,000 $11,025.00
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 90,000 $86,400.00
6356934 FANUC LTD JP 6954 JP 500 $95,471.30
637417106 NATIONAL RETAIL PROPERTIES US NNN 1,575 $87,790.50
637870106 NATIONAL STORAGE AFFILIATES US NSA 1,250 $41,875.00
63938CAA6 NAVIENT CORP 5.00000 10/26/2020 US 60,000 $61,200.00
64110D104 NETAPP INC US NTAP 296 $17,934.64
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 498,669.3 $517,076.53
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 671,140.4 $695,659.11
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 1,233,250.82 $1,275,414.43
6490995 KEYENCE CORP JP 6861 JP 1,000 $342,398.86
6514442 METROPOLITAN BANK & TRUST PH MBT PM 3,645.2 $4,753.60
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 90,000 $57,993.84
66987V109 NOVARTIS AG- REG CH NVS 57,115 $5,271,714.50
670346105 NUCOR CORP US NUE 526 $29,645.36
67059TAD7 NUSTAR LOGISTICS LP 6.75000 02/01/2021 US 45,000 $46,534.50
67066G104 NVIDIA CORP US NVDA 7,290 $1,580,034.60
67087MAA4 OBP DEPOSITOR LLC TRUST 4.64620 07/15/2045 US 100,000 $100,156.19
6742340 SHANDONG WEIGAO CN 1066 HK 132,000 $159,306.15
674599105 OCCIDENTAL PETROLEUM CORP US OXY 751 $28,966.07
680665AL0 OLIN CORP 5.62500 08/01/2029 US 45,000 $46,912.50
681936100 OMEGA HEALTHCARE INVS INC US OHI 1,735 $72,922.05
6821506 SONY CORP FIRST SECTION JP 6758 JP 5,200 $329,981.14
7021963 DEUTSCHE BOERSE AG DE DB1 GR 1,880 $287,718.81
70450Y103 PAYPAL HOLDINGS INC US PYPL 14,465 $1,562,364.65
7123870 NESTLE SA-REGISTERED CH NESN SW 32,239 $3,347,853.35
713448108 PEPSICO INC US PEP 22,000 $2,988,260.00
717081103 PFIZER INC US PFE 4,211 $162,207.72
718546104 PHILLIPS 66 US PSX 417 $47,838.24
719245AD4 PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 US 65,000 $54,437.50
71943U104 PHYSICIANS REALTY TRUST US DOC 6,415 $123,103.85
729640102 PLYMOUTH INDUSTRIAL REIT INC US 2,290 $42,456.60
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 3,660,000 $3,913,467.63
74166MAB2 PRIME SECSRVC BRW/FINANC 5.25000 04/15/2024 US 60,000 $61,800.00
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 40,000 $41,780.80
74340W103 PROLOGIS US PLD 4,150 $379,932.50
74460D109 PUBLIC STORAGE INC US PSA 700 $147,476.00
74834L100 QUEST DIAGNOSTICS INC US DGX 209 $22,268.95
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 65,000 $68,087.50
756109104 REALTY INCOME CORP US O 565 $43,295.95
7591EP100 REGIONS FINANCIAL CORP. US RF 1,255 $20,883.20
76131D103 RESTAURANT BRANDS INTERN CA QSR 2,805 $184,092.15
7698356 GETINGE AB-B SHS SE GETIB SS 8,935 $155,115.86
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 65,000 $65,910.28
773903109 ROCKWELL AUTOMATION INC US ROK 122 $23,892.48
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 2,183 $181,887.56
78409V104 S&P GLOBAL INC US SPGI 5,770 $1,527,030.50
78410G104 SBA COMMUNICATIONS CORP US SBAC 6,200 $1,466,114.00
78442PGC4 SLM CORP 5.12500 04/05/2022 US 90,000 $92,812.50
78490DAA2 SOFI 2018-C A1FX 3.08000 01/25/2048 US 1,521,869.54 $1,530,119.29
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 2,620,000 $2,996,933.85
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 2,430,000 $2,614,272.22
806857108 SCHLUMBERGER LTD NL SLB 45,045 $1,630,629.00
81141R100 SEA LTD - ADR SG SE 46,255 $1,713,285.20
812578102 SEATTLE GENETICS INC US SGEN 8,200 $986,870.00
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 484,896.8 $487,747.36
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 670,209.82 $675,340.95
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 507,690.48 $487,749.31
81762P102 SERVICENOW INC US NOW 11,060 $3,130,422.40
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 45,000 $38,180.25
828806109 SIMON PROPERTY GROUP INC US SPG 1,665 $251,764.65
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 204 $21,438.36
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 82,900.12 $82,863.17
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 225,000 $227,236.48
83404YAA1 SCLP 2016-5 A 3.06000 09/25/2028 US 123,456.9 $124,038.80
83406EAB1 SOFI 2018-A A2A 2.39000 02/25/2042 US 258,627.81 $258,749.57
835699307 SONY CORP SPONSORED ADR JP SNE 52,200 $3,313,656.00
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 2,810,000 $2,835,273.81
852061AR1 SPRINT COMMUNICATIONS 7.00000 08/15/2020 US 100,000 $102,394.00
85207UAE5 SPRINT CORP 7.25000 09/15/2021 US 40,000 $42,420.00
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 40,000 $43,100.00
85254J102 STAG INDUSTRIAL INC US STAG 2,150 $66,628.50
855030AN2 STAPLES INC 7.50000 04/15/2026 US 70,000 $73,237.50
85571XAA5 SRPT 2014-STAR A FLTG RATE 2.98538 11/15/2027 US 1,503,219.1 $1,500,382.83
858912AF5 STERICYCLE INC 5.37500 07/15/2024 US 60,000 $62,700.00
862121100 STORE CAPITAL CORP US STOR 1,615 $65,746.65
866674104 SUN COMMUNITIES US SUI 980 $161,415.80
86723CAF5 SUNCOKE ENRGY PART LP/FI 7.50000 06/15/2025 US 40,000 $36,200.00
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 3,075 $43,050.00
867914103 SUNTRUST BANKS INC US STI 535 $37,899.40
86935CAA0 SCML 2019-SBC8 2.86000 12/25/2035 US 2,010,256.46 $2,016,917.04
871829107 SYSCO CORP US SYY 661 $53,243.55
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 301,404.87 $301,292.81
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 55,000 $48,950.00
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 1,830,000 $1,965,777.73
882508104 TEXAS INSTRUMENTS INC US TXN 849 $102,058.29
88579Y101 3M CO US MMM 577 $97,957.29
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 1,599,854.7 $1,603,430.54
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 965,540.72 $969,542.11
89177EAA7 TPMT 2019-HY1 A1 2.70800 10/25/2048 US 873,258.06 $875,787.28
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 45,000 $45,225.00
89417E109 TRAVELLERS COS INC US TRV 242 $33,086.24
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 1,940,581.6 $1,936,554.12
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 912,411.57 $919,876.10
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 100,000 $97,625.00
902494103 TYSON FOODS INC -CL A US TSN 347 $31,191.83
902653104 UDR INC US UDR 2,693 $129,398.65
902973304 U.S. BANCORP US USB 1,522 $91,365.66
903002103 UMH PROPERTIES INC US UMH 2,565 $40,039.65
904767704 UNILEVER PLC - ADR GB UL 48,928 $2,910,726.72
907818108 UNION PAC CORP US UNP 612 $107,705.88
911312106 UNITED PARCEL SERVICE US UPS 886 $106,080.78
912796SZ3 TREASURY BILL 0.00000 07/16/2020 US 4,500,000 $4,455,834.30
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 5,569,000 $7,839,890.29
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 1,846,487.5 $1,950,948.49
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 7,360,000 $7,777,162.52
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 6,784,000 $7,898,324.98
9128284P2 US TREASURY N/B 2.62500 05/15/2021 US 3,585,000 $3,633,173.44
9128286N5 TSY INFL IX N/B 0.50000 04/15/2024 US 5,927,028.88 $5,993,567.07
912828D56 US TREASURY N/B 2.37500 08/15/2024 US 2,615,000 $2,702,030.47
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 11,900,434.14 $11,866,915.62
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 8,054,000 $8,010,898.54
912828VB3 UNITED STATES TREAS NTS 1.75000 05/15/2023 US 7,899,000 $7,934,483.81
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 7,786,000 $7,968,180.25
913017109 UNITED TECHNOLOGIES CORP US UTX 727 $107,843.18
91704F104 URBAN EDGE PROPERTIES US UE 4,705 $97,534.65
918204108 VF CORP US VFC 512 $45,332.48
91913Y100 VALERO ENERGY US VLO 526 $50,227.74
92276F100 VENTAS INC US VTR 1,432 $83,499.92
92339V100 VEREIT INC US VER 12,385 $120,877.60
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 2,900,000 $3,664,589.03
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 4,580 $1,015,615.00
92553P201 VIACOM INC CL B US VIAB 685 $16,487.95
92826C839 VISA INC - CLASS A SHARES US V 25,200 $4,649,652.00
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 70,000 $67,550.00
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 275,000 $276,278.75
929042109 VORNADO REALTY TRUST US VNO 660 $42,616.20
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 40,000 $36,800.00
93065PAA9 WBHT 2019-WBM A FLT 2.81538 12/15/2033 US 1,045,000 $1,045,650.72
931142103 WAL MART STORES US WMT 1,854 $220,792.86
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 915 $54,534.00
94106L109 WASTE MANAGEMENT INC US WM 506 $57,132.46
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 70,000 $71,575.00
948741103 WEINGARTEN REALTY INVESTORS US WRI 3,015 $95,997.60
949746101 WELLS FARGO COMPANY US WFC 3,306 $180,044.76
95040Q104 WELLTOWER INC. US WELL 1,809 $152,987.13
958102105 WESTERN DIGITAL CORP US WDC 468 $23,554.44
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 1,880,000 $1,924,765.06
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 424,701.72 $425,127.91
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 671,798.64 $684,211.46
98311A105 WYNDHAM HOTELS & RESORTS INC US WH 1,215 $70,384.95
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 95,000 $89,478.22
B02J639 ADMIRAL GROUP PLC GB ADM LN 9,290 $256,835.77
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 17,900 $119,110.79
B1XH026 VINCI SA FR DG FP 1,120 $122,092.78
B1Y47Y7 GERRESHEIMER AG DE GXI GR 2,315 $170,225.86
B1Y9TB3 DANONE FR BN FP 3,735 $307,323.05
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 2,850,000 $144,894.60
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 360,000 $278,796.06
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 4,000,000 $202,717.08
B4R2R50 JULIUS BAER CH BAER SW 3,240 $152,618.36
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 5,300,000 $272,142.04
B63QM77 NEXON CO LTD JP 3659 JP 364,200 $4,975,533.16
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 1,000,000 $53,435.18
BBG00Q7Z9PN7 SE US 12/20/19 C39 SG -193 -$12,545.00
BBG00QR025W3 MU US 12/13/19 P43 US -229 -$3,206.00
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 3,865 $70,290.96
BD3HF92 BSR REAL ESTATE INVESTMENT CA HOM/U CN 1,460 $18,572.51
BD4TZK8 OCI NV NL OCI NA 2,700 $51,146.38
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 36,710 $58,971.56
BGHVXC0 DRILLING CO OF 1972/THE DK DRLCO DC 1,739 $105,292.14
BH3T8K8 ORBIA ADVANCE CORP SAB DE CV MX 68,400 $148,489.77
BJ2KSG2 AKZO NOBEL NL AKZA NA 1,930 $184,822.70
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 77,606 $3,274,597.17
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 32,455 $158,623.57
BNGN9Z1 FINECOBANK SPA IT FBK IM 20,375 $252,194.98
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 90,990 $2,831,100.70
BYXS699 QIAGEN N.V. NL QIA GR 6,340 $271,458.62
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 35,647 $2,825,675.41
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 5,435 $187,779.25
G29183103 EATON CORP PLC US ETN 557 $51,522.50
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 1,058 $45,314.14
G5960L103 MEDTRONIC INC IE MDT 47,836 $5,328,452.04
G97822103 PERRIGO CO PLC IE PRGO 3,730 $191,087.90
H01301128 ALCON INC CH ALC 31,298 $1,730,466.42
H1467J104 CHUBB LTD CH CB 348 $52,715.04
H8817H100 TRANSOCEAN LTD US RIG 84,430 $420,461.40
N22717107 CORE LABORATORIES N.V. NL CLB 2,620 $114,756.00
N47279109 INTERXION HOLDING NV NL INXN 2,605 $221,529.20
N53745100 LYONDELLBASELL INDU-CL A US LYB 513 $47,473.02
N72482123 QIAGEN N.V. ADR NL QGEN 3,760 $160,928.00
USD US DOLLAR US 4,043,484.69 $4,043,484.69

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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