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

$13.11

Daily $ Change

$0.37

Daily % Change

2.82%

as of 04/06/2020

CUSIP

302027131

Inception Date

10/15/2013

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

Important Documents

Annual Report
Applications & Forms

Performance

As of 02/29/2020

YTD

-0.15%

1 Year

11.29%

3 Year

6.72%

5 Year

4.39%

10 Year

6.45%

Inception
(01/01/2000)

6.43%

US Stock Market Cycle (04/01/2000 - 02/29/2020)

6.41%

Performance through the inception date of the Pro-Mix® CIT Class U units is based on the historical performance of the CIT's oldest unit class. Returns are net of Pro-Mix CIT® Class U expenses. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.49%
Net 0.49%*

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

Top Ten Investments

As of 02/29/2020

TREASURY NOTES 11.45%
GOVERNMENT AGENCY 11.37%
TREASURY BONDS 5.03%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 2.97%
TSY INFL IX N/B 2.00000 01/15/2026 2.24%
TSY INFL IX N/B 0.50000 04/15/2024 1.60%
FACEBOOK INC -A 1.43%
NEXON CO LTD 1.38%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 1.23%
MASTERCARD INC-CLASS A 1.20%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 02/29/2020

Bonds 64.30%
Stocks 34.80%
Cash 0.90%

Detailed Asset Class Allocation

As of 02/29/2020

International Equities 13.25%
Small Capitalization 0.42%
Mid Capitalization 0.78%
Large Capitalization 20.35%
Long Term Fixed Income 18.60%
Intermediate Term Fixed Income 35.33%
Short Term Fixed Income 10.37%
Cash 0.90%

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

February Fund Holdings

As of 02/29/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 40,000 $41,708.80
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 2,200,000 $2,479,476.03
00287Y109 ABBVIE INC US ABBV 1,326 $113,651.46
004239109 ACADIA REALTY TRUST US AKR 2,730 $62,353.20
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 40,000 $39,088.00
00507V109 ACTIVISION INC US ATVI 41,000 $2,383,330.00
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 2,130,000 $2,348,827.36
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 45,000 $47,362.50
008492100 AGREE REALTY CORP US ADC 735 $52,787.70
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 1,105,000 $1,172,024.92
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 275 $41,767.00
01609W102 ALIBABA GROUP - ADR CN BABA 8,125 $1,690,000.00
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 1,740,000 $1,874,236.08
020002101 ALLSTATE CORPORATION US ALL 312 $32,838.00
02079K107 ALPHABET INC-CL C US GOOG 1,065 $1,426,386.45
02079K305 ALPHABET INC-CL A US GOOGL 1,065 $1,426,301.25
023135106 AMAZON.COM INC US AMZN 1,640 $3,089,350.00
02319V103 AMBEV SA-ADR BR ABEV 33,725 $108,257.25
0237400 DIAGEO PLC GB DGE LN 41,520 $1,481,416.02
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 2,670 $115,984.80
0263494 BAE SYSTEMS PLC GB BA/ LN 37,415 $295,955.70
02665T306 AMERICAN HOMES 4 RENT- A US AMH 6,055 $156,763.95
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 110,000 $114,410.40
03027X100 AMERICAN TOWER REIT INC US AMT 6,330 $1,435,644.00
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 2,140,000 $2,357,469.52
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 34,083.31 $34,291.66
03064D108 AMERICOLD REALTY TRUST US COLD 3,590 $110,105.30
031162100 AMGEN INC US AMGN 575 $114,844.75
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 45,000 $30,600.00
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 45,000 $30,825.00
03748R754 APARTMENT INVT & MGMT CO -A US AIV 3,241 $155,049.44
038222105 APPLIED MATERIALS INC US AMAT 806 $46,844.72
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 573 $21,573.45
043436AT1 ASBURY AUTOMOTIVE GROUP 4.75000 03/01/2030 US 50,000 $50,875.00
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 45,000 $46,462.50
053484101 AVALONBAY COMMUNITIES INC US AVB 1,195 $239,705.05
05401AAJ0 AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 KY 1,150,000 $1,157,696.94
055622104 BP PLC-SPONS ADR GB BP 18,325 $573,389.25
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 4,000,000 $4,085,688.40
05722G100 BAKER HUGHES CO US BKR 1,142 $18,374.78
060505104 BANK OF AMERICA CORP US BAC 4,306 $122,721.00
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 3,390,000 $3,698,292.30
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 16,130 $3,328,264.20
086516101 BEST BUY INC US BBY 441 $33,361.65
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 21,470 $1,940,243.90
0946580 WEIR GROUP PLC/THE GB WEIR LN 10,585 $178,786.98
097023105 BOEING CO US BA 390 $107,292.90
09857L108 BOOKING HOLDINGS INC US BKNG 710 $1,203,918.60
101121101 BOSTON PROPERTIES INC US BXP 1,338 $172,521.72
105368203 BRANDYWINE REALTY TRUST US BDN 9,590 $130,232.20
110122108 BRISTOL MYERS SQUIBB CO US BMY 1,436 $84,810.16
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 2,980 $118,604.00
11135F101 BROADCOM INC US AVGO 289 $78,787.18
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 45,000 $23,850.00
1248EPCE1 CCO HLDGS LLC/CAP CORP 4.50000 08/15/2030 US 40,000 $40,450.00
12503M108 CBOE GLOBAL MARKETS INC US CBOE 12,470 $1,421,580.00
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 267 $18,396.30
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 362,148.62 $372,621.89
12572Q105 CME GROUP INC US CME 6,980 $1,387,763.60
12591QAR3 COMM 2014-UBS4 A5 3.69400 08/10/2047 US 3,600,000 $3,878,902.44
12593GAF9 COMM 2015-PC1 A5 3.90200 07/10/2050 US 1,900,000 $2,108,355.90
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 2,000,000 $2,154,419.80
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 743,336.28 $742,947.96
12662PAD0 CVR ENERGY INC 5.75000 02/15/2028 US 40,000 $37,800.00
126650100 CVS HEALTH CORP US CVS 1,177 $69,654.86
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 65,000 $68,575.00
133131102 CAMDEN PROPERTY TRUST US CPT 1,800 $190,764.00
13321L108 CAMECO CORP CA CCJ 19,291 $167,445.88
14180LAA4 CARGO AIRCRAFT MANAGEMENT 4.75000 02/01/2028 US 40,000 $39,650.00
149123101 CATERPILLAR INC US CAT 495 $61,498.80
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 543,287.83 $551,249.06
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 40,000 $40,075.00
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 937,603.28 $941,686.35
166764100 CHEVRON CORP US CVX 6,465 $603,443.10
17275R102 CISCO SYSTEMS INC US CSCO 2,885 $115,198.05
172967424 CITIGROUP INC US C 1,221 $77,484.66
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 1,030,000 $1,783,155.49
191216100 COCA COLA CO/THE US KO 52,110 $2,787,363.90
194162103 COLGATE-PALMOLIVE CO US CL 895 $60,475.15
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 1,800,000 $1,945,201.48
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 2,145 $102,166.35
20451NAG6 COMPASS MINERALS INTERNA 6.75000 12/01/2027 US 55,000 $58,300.00
205887102 CONAGRA BRAND INC. US CAG 685 $18,282.65
20825C104 CONOCOPHILLIPS US COP 10,335 $500,420.70
222795502 COUSINS PROPERTIES INC US CUZ 4,279 $152,717.51
225310AN1 CREDIT ACCEPTANC 5.12500 12/31/2024 US 45,000 $46,350.00
22822V101 CROWN CASTLE INTL CORP US CCI 700 $100,303.00
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 500,000 $526,966.83
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 507,635.98 $499,171.56
231021106 CUMMINS INC US CMI 221 $33,435.09
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 7,865 $58,126.88
25277LAC0 DIAMOND SPORTS GR/DIAMON 6.62500 08/15/2027 US 60,000 $48,399.00
253868103 DIGITAL REALTY TRUST INC US DLR 220 $26,424.20
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 2,320,000 $2,735,098.02
256746108 DOLLAR TREE STORES INC US DLTR 16,465 $1,367,088.95
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 75,000 $77,040.00
25960P109 DOUGLAS EMMETT INC US DEI 2,845 $108,622.10
260557103 DOW INC US DOW 649 $26,226.09
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 200,000 $208,810.00
2715777 QUEBECOR INC -CL B CA QBR/B CN 33,975 $793,783.57
277432100 EASTMAN CHEM CO US EMN 256 $15,746.56
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 46,285 $801,043.43
285512109 ELECTRONIC ARTS US EA 19,910 $2,018,276.70
2866857 LUNDIN MINING CORP CA LUN CN 11,515 $58,765.32
291011104 EMERSON ELEC CO US EMR 746 $47,826.06
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 1,440,000 $1,735,375.55
29413XAD9 ENVIVA PARTNERS LP/FIN C 6.50000 01/15/2026 US 65,000 $67,601.30
29444U700 EQUINIX INC US EQIX 4,060 $2,325,568.00
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 1,065 $72,771.45
29476L107 EQUITY RESIDENTIAL US EQR 1,630 $122,413.00
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 3,754 $86,004.14
297178105 ESSEX PROPERTY TRUST INC US ESS 326 $92,375.36
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 4,675,000 $4,720,368.40
30225T102 EXTRA SPACE STORAGE INC US EXR 385 $38,638.60
30261UAJ3 FREMF 2013-K713 B 3.29576 04/25/2046 US 698,306.12 $697,509.42
30286XAN9 FREMF 2015-K43 B FLT 3.73341 02/25/2048 US 2,300,000 $2,471,006.84
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 102,283,481.13 $242,698.24
30303M102 FACEBOOK INC -A US FB 28,420 $5,469,997.40
30744W107 FARFETCH LTD - CLASS A GB FTCH 6,155 $68,751.35
311900104 FASTENAL CO US FAST 846 $28,950.12
3128M5A91 FHLM POOL G03332 6.00000 10/01/2037 US 40,610.97 $47,741.95
3128M5NM8 FHLM POOL G03696 5.50000 01/01/2038 US 83,245.2 $95,950.66
3128M6B98 FHLM POOL G04264 5.50000 04/01/2038 US 289,354.98 $332,762.58
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 75,688.9 $88,514.79
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 89,349.13 $102,100.44
3128M7KW5 FHLM POOL G05409 5.50000 03/01/2039 US 202,097.87 $232,776.51
3128M8AW4 FHLM POOL G06021 5.50000 01/01/2040 US 80,051.05 $92,214.68
3128M9C83 FHLM POOL G06995 6.00000 05/01/2040 US 239,310.43 $279,744.11
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 6,060.6 $6,286.60
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 10,075.42 $10,311.27
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 6,876.71 $7,061.24
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 6,376.26 $6,611.31
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 10,577.25 $10,950.19
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 1,536,783.33 $1,665,523.60
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 202,101.88 $232,451.24
3131XVYW9 FEDERAL NATL MTG ASSN FR ZM2525 3.00000 12/01/2046 US 1,306,398.23 $1,362,133.19
3132VLY43 FHLM POOL FG Q60730 4.00000 01/01/2049 US 1,156,374.3 $1,219,746.32
3132Y33P7 FHLM POOL FG Q59805 4.50000 11/01/2048 US 846,803.78 $905,442.44
31335ABB3 FHLM POOL G60034 4.50000 02/01/2045 US 2,405,885.24 $2,632,567.53
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 490,997.62 $527,818.04
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 937,339.96 $1,016,214.96
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 225.46 $225.68
3133G6L60 FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 US 1,417,332.19 $1,469,432.80
3136AY6W8 FNA 2017-M15 A1 2.95932 09/25/2027 US 1,442,914.5 $1,535,483.09
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 888,557.83 $948,000.31
31371NCJ2 FEDERAL NATL MTG ASSN 256673 5.50000 04/01/2037 US 408,722.05 $470,697.06
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 275 $31,993.50
3137A2B34 FHMS K009 X1 FLT 1.26002 08/25/2020 US 9,118,833.9 $32,235.08
3137ADTK3 FHMS K014 X1 FLT 1.14924 04/25/2021 US 6,455,510.52 $65,041.21
3137AJMG6 FMHS K016 X1 FLT 1.47787 10/25/2021 US 3,797,398.25 $77,401.99
3137AUPF0 FHMS K021 x1 FLT 1.42177 06/25/2022 US 14,870,989.76 $407,462.15
3137B3NB0 FHMS K030 X1 FLT 0.18125 04/25/2023 US 44,532,205.85 $233,727.28
3137B4GZ3 FHMS K032 X1 FLT 0.09543 05/25/2023 US 28,713,615.74 $103,865.76
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 881,943.03 $904,786.94
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 692,254.43 $709,848.77
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 182,930.33 $201,808.17
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 102,161.27 $112,664.84
3138EQTZ5 FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 1,495,931.13 $1,650,228.60
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64500 01/01/2049 US 1,785,663.87 $2,040,344.52
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 2,745,734.66 $2,948,912.90
3138WGK37 FEDERAL NATL MTG ASSN FN AS6613 4.00000 02/01/2046 US 2,438,513.81 $2,622,695.90
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 427,310.18 $491,512.86
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 465,208.45 $499,518.87
3140EWG66 FEDERAL NATL MTG ASSN BC2020 3.50000 07/01/2046 US 852,624.37 $901,893.05
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 555,951.37 $587,737.90
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 1,301,760.54 $1,395,745.85
3140FEXR0 FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 1,594,931.92 $1,704,366.18
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 357,766.34 $382,846.39
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 1,328,926.2 $1,419,667.90
3140K1TB2 FEDERAL NATL MTG ASSN FN BO5945 3.50000 11/01/2049 US 1,814,136.49 $1,892,678.55
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 1,414,606.75 $1,582,709.97
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 475,641.29 $516,396.21
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 2,055,648.78 $2,233,118.53
3140X4JC1 FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 US 1,999,878.41 $2,095,152.80
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 6,595.91 $6,733.37
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 7,755.03 $7,915.07
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 42,554.95 $43,074.60
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 50,007.82 $50,553.03
31410KJV7 FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 261,288.88 $306,805.08
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 255,669.76 $294,562.41
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 91,659.77 $105,358.93
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 805.84 $811.89
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 28,289.27 $28,628.29
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 448,409.01 $488,095.62
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 492,877.26 $536,938.86
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 784,789.07 $822,856.83
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 514,838.54 $539,634.93
31418CZH0 FEDERAL NATL MTG ASSN FN MA3443 4.00000 08/01/2048 US 985,428.24 $1,040,000.36
31418MDZ2 FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 128,151.15 $150,885.94
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 53,233.74 $62,570.52
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 150,970.13 $174,336.99
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 253,810.21 $292,473.84
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 10,194.98 $10,744.60
31419BBV6 FEDERAL NATL MTG ASSN AE0951 4.50000 02/01/2041 US 421,915.11 $465,453.14
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 60,000 $66,600.00
316067107 FIDELITY CASH RESERVES US 66,295.5 $66,295.50
316773100 FIFTH THIRD BANCORP US FITB 1,024 $24,985.60
32054K103 FIRST INDUSTRIAL REALTY TR US FR 1,385 $53,322.50
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 70,000 $70,306.60
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 1,240,000 $1,314,402.23
346232AE1 FORESTAR GROUP INC 5.00000 03/01/2028 US 60,000 $58,950.00
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 25,000 $26,187.50
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 60,000 $62,382.00
357081AE8 FREMF 2015-K720 B FLT 3.39225 07/25/2022 US 970,000 $1,001,667.88
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 16,149.46 $16,232.15
364760108 GAP INC US GPS 730 $10,460.90
369550108 GENERAL DYNAMICS CORP US GD 227 $36,249.63
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 1,880,000 $1,840,463.60
370334104 GENERAL MLS INC US GIS 828 $40,572.00
37185LAL6 GENESIS ENERGY LP/FIN 7.75000 02/01/2028 US 60,000 $51,600.00
372460105 GENUINE PARTS CO US GPC 263 $22,944.12
374297109 GETTY REALTY CORP US GTY 1,570 $44,493.80
375558103 GILEAD SCIENCES INC US GILD 1,321 $91,624.56
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 200,000 $206,100.00
37960JAA6 GLOBAL AIR LEASE CO LTD 6.50000 09/15/2024 KY 85,000 $83,725.00
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 1,217,613.01 $1,253,864.64
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 85,790 $1,159,880.80
38869PAK0 GRAPHIC PACKAGING INTERN 4.75000 04/15/2021 US 50,000 $50,748.50
398433AN2 GRIFFON CORPORATION 5.75000 03/01/2028 US 40,000 $40,014.80
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 1,085 $117,592.30
40051E202 GRUPO AEROPORTUARIO DEL SURESTE MX ASR 665 $111,055.00
404119BX6 HCA INC 4.12500 06/15/2029 US 1,620,000 $1,777,618.01
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 25,000 $25,250.00
406216101 HALLIBURTON CO US HAL 70,788 $1,200,564.48
416515104 HARTFORD FINL SVCS US HIG 405 $20,229.75
421946104 HEALTHCARE REALTY TRUST INC US HR 3,140 $107,702.00
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 1,950 $60,723.00
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 5,050 $159,782.00
427866108 HERSHEY CO/THE US HSY 284 $40,893.16
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 465 $45,198.00
437076102 HOME DEPOT INC US HD 782 $170,350.88
438516106 HONEYWELL INTERNATIONAL INC US HON 586 $95,031.62
44107P104 HOST MARRIOTT CORP US HST 3,750 $54,300.00
450913AE8 IAMGOLD CORP 7.00000 04/15/2025 CA 65,000 $66,605.50
452308109 ILLINOIS TOOL WKS INC US ITW 331 $55,535.18
45337C102 INCYTE CORP US INCY 9,630 $726,198.30
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 65,000 $66,543.75
45781V101 INNOVATIVE INDUSTRIAL PROPER US IIPR 857 $78,792.58
458140100 INTEL CORP US INTC 3,251 $180,495.52
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 15,450 $1,378,449.00
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 775 $100,866.25
460146103 INTERNATIONAL PAPER CO US IP 476 $17,592.96
46187BAA1 IHSFR 2017-SFR2 A 2.50850 12/17/2036 US 480,662.18 $478,006.62
46187BAB9 IHSFR 2017-SFR2 B 2.80850 12/17/2036 US 390,000 $389,143.83
46187W107 INVITATION HOMES INC US INVH 8,625 $247,451.25
46625H100 JP MORGAN CHASE & CO US JPM 1,665 $193,323.15
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 354,835.11 $363,423.18
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 424,863.12 $438,284.97
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 585,085.03 $595,411.55
46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 1,690,000 $1,832,219.82
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 780,869.87 $798,938.42
4741844 MERCK KGAA DE MRK GR 26,410 $3,213,675.41
476405105 JERNIGAN CAPITAL INC US JCAP 6,900 $123,648.00
478160104 JOHNSON & JOHNSON US JNJ 31,787 $4,274,715.76
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 90,000 $21,600.00
482480100 KLA-TENCOR CORPORATION US KLAC 242 $37,197.82
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 60,000 $63,000.00
487836108 KELLOGG CO US K 453 $27,392.91
493267108 KEYCORP US KEY 1,385 $22,644.75
49427F108 KILROY REALTY CORP US KRC 461 $33,510.09
494368103 KIMBERLY CLARK CORP US KMB 404 $53,000.76
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 1,730,000 $2,318,691.48
500255104 KOHLS CORP US KSS 299 $11,705.85
501044101 KROGER CO US KR 861 $24,219.93
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 85,000 $88,718.75
5107401 BEIERSDORF AG DE BEI GR 1,585 $167,372.71
512807108 LAM RESEARCH CORP US LRCX 138 $40,493.34
516806AG1 LAREDO PETROLEUM INC 10.12500 01/15/2028 US 60,000 $43,042.50
53223X107 LIFE STORAGE INC US LSI 335 $36,149.85
539473AE8 LLOYDS BANK PLC 12.00000 12/16/2024 GB 50,000 $60,242.00
539830109 LOCKHEED MARTIN CORP US LMT 241 $89,138.67
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 45,000 $29,362.50
550021109 LULULEMON - ADR CA LULU 7,470 $1,624,052.70
56585A102 MARATHON PETROLEUM CORP US MPC 903 $42,820.26
57636Q104 MASTERCARD INC-CLASS A US MA 15,820 $4,591,755.00
57772K101 MAXIM INTEGRATED PRODUCTS US MXIM 405 $22,526.10
58933Y105 MERCK & CO INC US MRK 11,967 $916,193.52
594918104 MICROSOFT CORP US MSFT 18,395 $2,980,173.95
595112103 MICRON TECHNOLOGY INC US MU 77,970 $4,098,103.20
59522J103 MID-AMERICA APARTMENT COMM US MAA 560 $72,385.60
60871R209 MOLSON COORS BREWING CO -B US TAP 319 $15,825.59
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 53,128 $2,805,158.40
615369105 MOODY'S CORPORATION US MCO 4,540 $1,089,736.20
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 40,000 $23,388.00
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 90,000 $87,723.00
6356934 FANUC LTD JP 6954 JP 500 $82,106.96
637417106 NATIONAL RETAIL PROPERTIES US NNN 1,225 $62,291.25
63938CAA6 NAVIENT CORP 5.00000 10/26/2020 US 60,000 $60,582.00
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 40,000 $42,200.00
64110D104 NETAPP INC US NTAP 280 $13,081.60
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 467,914.25 $495,312.92
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 633,411.43 $669,056.47
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 1,167,857.35 $1,229,100.96
6490995 KEYENCE CORP JP 6861 JP 500 $159,652.78
6642321 NIKON CORP JP 7731 JP 5,900 $60,267.15
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 90,000 $68,400.00
66987V109 NOVARTIS AG- REG CH NVS 50,620 $4,250,055.20
670346105 NUCOR CORP US NUE 504 $20,840.40
67059TAD7 NUSTAR LOGISTICS LP 6.75000 02/01/2021 US 45,000 $45,904.50
67066G104 NVIDIA CORP US NVDA 5,665 $1,529,946.55
67401PAB4 OAKTREE SPECIALTY LEND 3.50000 02/25/2025 US 55,000 $55,072.73
6742340 SHANDONG WEIGAO CN 1066 HK 156,000 $203,560.91
674599105 OCCIDENTAL PETROLEUM CORP US OXY 695 $22,754.30
675232102 OCEANEERING INTL INC US OII 76,840 $809,893.60
675232AB8 OCEANEERING INTL INC 6.00000 02/01/2028 US 60,000 $55,950.00
681936100 OMEGA HEALTHCARE INVS INC US OHI 1,780 $70,488.00
6821506 SONY CORP FIRST SECTION JP 6758 JP 3,700 $228,097.16
693456AW5 PMTLT 2013-J1 a9 3.50000 09/25/2043 US 1,047,815.98 $1,084,349.13
7021963 DEUTSCHE BOERSE AG DE DB1 GR 1,725 $271,434.64
70450Y103 PAYPAL HOLDINGS INC US PYPL 13,200 $1,425,468.00
7123870 NESTLE SA-REGISTERED CH NESN SW 32,004 $3,293,397.89
713448108 PEPSICO INC US PEP 20,840 $2,751,505.20
717081103 PFIZER INC US PFE 4,021 $134,381.82
718546104 PHILLIPS 66 US PSX 410 $30,692.60
719245AD4 PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 US 65,000 $61,587.50
71943U104 PHYSICIANS REALTY TRUST US DOC 6,495 $122,495.70
729640102 PLYMOUTH INDUSTRIAL REIT INC US PLYM 2,375 $44,578.75
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 3,210,000 $3,515,157.17
74166MAB2 PRIME SECSRVC BRW/FINANC 5.25000 04/15/2024 US 60,000 $62,100.00
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 40,000 $41,188.00
74340W103 PROLOGIS US PLD 4,517 $380,692.76
74460D109 PUBLIC STORAGE INC US PSA 800 $167,296.00
74834L100 QUEST DIAGNOSTICS INC US DGX 209 $22,166.54
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 65,000 $68,900.00
756109104 REALTY INCOME CORP US O 810 $58,635.90
758849103 REGENCY CENTERS CORP US REG 1,120 $64,332.80
7591EP100 REGIONS FINANCIAL CORP. US RF 1,210 $16,359.20
76131D103 RESTAURANT BRANDS INTERN CA QSR 4,340 $253,890.00
7698356 GETINGE AB-B SHS SE GETIB SS 8,100 $135,838.59
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 65,000 $65,199.56
773903109 ROCKWELL AUTOMATION INC US ROK 136 $24,956.00
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 12,720 $566,421.60
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 18,673 $1,338,480.64
78409V104 S&P GLOBAL INC US SPGI 3,670 $975,889.70
78410G104 SBA COMMUNICATIONS CORP US SBAC 5,960 $1,579,936.40
78442PGC4 SLM CORP 5.12500 04/05/2022 US 90,000 $91,800.00
78490DAA2 SOFI 2018-C A1FX 3.08000 01/25/2048 US 1,165,282.21 $1,173,844.47
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 2,620,000 $3,041,215.54
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 2,120,000 $2,356,486.72
806857108 SCHLUMBERGER LTD NL SLB 52,500 $1,422,225.00
81141R100 SEA LTD - ADR SG SE 2,435 $109,721.10
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 464,016.92 $472,016.29
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 621,300.21 $636,089.02
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 471,801.95 $462,027.72
81762P102 SERVICENOW INC US NOW 2,215 $722,289.35
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 60,000 $49,800.00
828806109 SIMON PROPERTY GROUP INC US SPG 1,380 $169,850.40
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 204 $21,009.96
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 38,454.24 $38,466.78
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 225,000 $230,001.08
83404YAA1 SCLP 2016-5 A 3.06000 09/25/2028 US 81,733.8 $82,157.28
83406EAB1 SOFI 2018-A A2A 2.39000 02/25/2042 US 182,107.06 $182,604.47
835699307 SONY CORP SPONSORED ADR JP SNE 43,140 $2,683,308.00
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 2,270,000 $2,273,405.00
852061AR1 SPRINT COMMUNICATIONS 7.00000 08/15/2020 US 100,000 $102,000.00
85207UAE5 SPRINT CORP 7.25000 09/15/2021 US 40,000 $42,454.00
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 60,000 $68,074.80
85254J102 STAG INDUSTRIAL INC US STAG 3,290 $92,054.20
85571BAP0 STARWOOD PROPERTY TRUST 3.62500 02/01/2021 US 60,000 $59,475.00
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.12850 11/15/2027 US 1,506,780.74 $1,499,072.95
862121100 STORE CAPITAL CORP US STOR 3,000 $98,580.00
866674104 SUN COMMUNITIES US SUI 1,170 $178,869.60
86723CAF5 SUNCOKE ENRGY PART LP/FI 7.50000 06/15/2025 US 40,000 $36,000.00
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 3,075 $33,671.25
86935CAA0 SCML 2019-SBC8 2.86000 04/25/2041 US 1,918,323.76 $1,959,878.49
871829107 SYSCO CORP US SYY 660 $43,989.00
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 271,562.01 $272,412.60
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 55,000 $38,500.00
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 1,590,000 $1,803,107.56
882508104 TEXAS INSTRUMENTS INC US TXN 832 $94,964.48
88579Y101 3M CO US MMM 562 $83,872.88
89151E109 TOTAL S A SPONSORED ADR FR TOT 13,590 $586,272.60
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 1,493,042.17 $1,512,385.28
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 905,362.02 $924,154.98
89177EAA7 TPMT 2019-HY1 A1 2.62675 10/25/2048 US 798,281.81 $802,597.80
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 45,000 $45,450.00
89417E109 TRAVELLERS COS INC US TRV 230 $27,556.30
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 1,935,151.35 $1,951,513.44
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 912,411.57 $940,901.26
89832Q109 TRUIST FINANCIAL CORP US TFC 1,350 $62,289.00
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 100,000 $95,000.00
902494103 TYSON FOODS INC -CL A US TSN 368 $24,961.44
902653104 UDR INC US UDR 1,993 $89,645.14
902973304 U.S. BANCORP US USB 1,532 $71,146.08
903002103 UMH PROPERTIES INC US UMH 2,515 $36,492.65
904767704 UNILEVER PLC - ADR GB UL 48,613 $2,621,699.09
907818108 UNION PAC CORP US UNP 575 $91,890.75
911312106 UNITED PARCEL SERVICE US UPS 855 $77,368.95
912796SZ3 TREASURY BILL 0.00000 07/16/2020 US 4,500,000 $4,480,216.25
912810FS2 TSY INFL IX N/B 2.00000 01/15/2026 US 7,528,854.95 $8,580,038.27
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 1,848,031.25 $2,123,856.33
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 7,360,000 $8,586,187.48
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 3,484,000 $4,492,590.79
9128286N5 TSY INFL IX N/B 0.50000 04/15/2024 US 5,931,977.58 $6,138,198.27
912828D56 US TREASURY N/B 2.37500 08/15/2024 US 15,235,000 $16,202,660.47
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 11,345,294.87 $11,369,978.03
912828VS6 US TREASURY N/B 2.50000 08/15/2023 US 5,840,000 $6,158,234.39
912828YN4 US TREASURY FRN 1.45838 10/31/2021 US 11,390,000 $11,432,758.74
912828Z94 US TREASURY N/B 1.50000 02/15/2030 US 15,635,000 $16,180,392.73
913017109 UNITED TECHNOLOGIES CORP US UTX 707 $92,327.13
91704F104 URBAN EDGE PROPERTIES US UE 3,610 $58,482.00
918204108 VF CORP US VFC 491 $35,352.00
91913Y100 VALERO ENERGY US VLO 547 $36,238.75
92276F100 VENTAS INC US VTR 1,697 $91,247.69
92339V100 VEREIT INC US VER 6,980 $60,446.80
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 2,900,000 $3,874,019.38
92556H206 VIACOMCBS INC US VIAC 400 $9,844.00
92826C839 VISA INC - CLASS A SHARES US V 22,830 $4,149,580.80
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 70,000 $65,450.00
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 275,000 $275,183.23
929042109 VORNADO REALTY TRUST US VNO 420 $22,503.60
93065PAA9 WBHT 2019-WBM A FLT 2.70850 12/15/2033 US 1,045,000 $1,045,037.31
931142103 WAL MART STORES US WMT 1,827 $196,731.36
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 946 $43,288.96
94106L109 WASTE MANAGEMENT INC US WM 484 $53,632.04
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 60,000 $62,400.00
949746101 WELLS FARGO COMPANY US WFC 3,460 $141,341.00
95040Q104 WELLTOWER INC. US WELL 2,014 $150,687.48
958102105 WESTERN DIGITAL CORP US WDC 459 $25,502.04
966387AH5 WHITING PETROLEUM CORP 5.75000 03/15/2021 US 60,000 $34,500.00
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 1,650,000 $1,731,613.98
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 319,606.01 $320,012.10
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 585,640.72 $603,438.93
98311A105 WYNDHAM HOTELS & RESORTS INC US WH 1,285 $65,470.75
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 95,000 $91,200.00
B02J639 ADMIRAL GROUP PLC GB ADM LN 9,495 $260,601.15
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 16,900 $110,631.76
B1Y47Y7 GERRESHEIMER AG DE GXI GR 2,315 $166,883.22
B1Y9TB3 DANONE FR BN FP 4,025 $284,077.94
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 2,850,000 $144,393.92
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 360,000 $277,674.05
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 4,000,000 $202,568.71
B4YVF56 BRENNTAG AG DE BNR GR 3,480 $157,897.83
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 5,300,000 $270,008.38
B63QM77 NEXON CO LTD JP 3659 JP 335,100 $5,299,253.20
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 1,000,000 $54,364.17
B7KR2P8 EASY JET PLC GB EZJ LN 99,135 $1,431,050.98
BBG00PR0GMF2 CBOE US 03/20/20 P115 US -86 -$48,590.00
BBG00RBW6Q94 MU US 02/28/20 C60 US -162 -$162.00
BBG00RCD6MK1 BKNG US 02/28/20 P1650 US -5 -$100.00
BBG00RKSFKR6 SNE US 03/20/20 P62.5 JP -157 -$54,950.00
BBG00RLJMWB8 PYPL US 03/13/20 P107 US -91 -$48,412.00
BBG00RVWXGX7 ATVI US 03/20/20 P54 US -178 -$21,182.00
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 3,435 $69,025.90
BD3HF92 BSR REAL ESTATE INVESTMENT CA HOM/U CN 2,895 $36,038.41
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 37,705 $50,918.32
BGHVXC0 DRILLING CO OF 1972/THE DK DRLCO DC 2,555 $113,137.98
BGJW376 MEITUAN DIANPING - CLASS B CN 3690 HK 4,800 $61,929.58
BJ2KSG2 AKZO NOBEL NL AKZA NA 2,070 $165,621.25
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 66,906 $3,392,449.16
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 39,475 $170,997.90
BNGN9Z1 FINECOBANK SPA IT FBK IM 22,310 $234,098.75
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 50,455 $1,574,140.08
BVYVFW2 AUTO TRADER GROUP PLC GB AUTO LN 8,615 $58,009.53
BYXS699 QIAGEN N.V. NL QIA GR 4,550 $166,762.34
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 36,052 $2,083,117.47
BZ0VW78 BINGO INDUSTRIES LTD AU BIN AU 33,470 $63,263.96
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 4,965 $137,431.20
G29183103 EATON CORP PLC US ETN 551 $49,986.72
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 1,034 $37,813.38
G5960L103 MEDTRONIC INC IE MDT 28,996 $2,919,027.32
G97822103 PERRIGO CO PLC IE PRGO 3,270 $165,756.30
H01301128 ALCON INC CH ALC 29,413 $1,803,016.90
H1467J104 CHUBB LTD CH CB 338 $49,020.14
N22717107 CORE LABORATORIES N.V. NL CLB 2,770 $74,346.80
N47279109 INTERXION HOLDING NV NL INXN 2,635 $223,685.15
N53745100 LYONDELLBASELL INDU-CL A US LYB 486 $34,729.56
USD US DOLLAR US 3,404,483.61 $3,404,483.61

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

$13.11

Daily $ Change

$0.37

Daily % Change

2.82%

as of 04/06/2020

CUSIP

302027131

Inception Date

10/15/2013

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

Important Documents

Annual Report
Fact Sheet
Applications & Forms

Investment Objective

To provide 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 02/29/2020

YTD

-0.15%

1 Year

11.29%

3 Year

6.72%

5 Year

4.39%

10 Year

6.45%

Inception
(01/01/2000)

6.43%

US Stock Market Cycle (04/01/2000 - 02/29/2020)

6.41%

Performance through the inception date of the Pro-Mix® CIT Class U units is based on the historical performance of the CIT's oldest unit class. Returns are net of Pro-Mix CIT® Class U expenses. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.49%
Net 0.49%*

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

Top Ten Investments

As of 02/29/2020

TREASURY NOTES 11.45%
GOVERNMENT AGENCY 11.37%
TREASURY BONDS 5.03%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 2.97%
TSY INFL IX N/B 2.00000 01/15/2026 2.24%
TSY INFL IX N/B 0.50000 04/15/2024 1.60%
FACEBOOK INC -A 1.43%
NEXON CO LTD 1.38%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 1.23%
MASTERCARD INC-CLASS A 1.20%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 02/29/2020

Bonds
64.30%
Stocks
34.80%
Cash
0.90%

Detailed Asset Class Allocation

As of 02/29/2020

International Equities
13.25%
Small Capitalization
0.42%
Mid Capitalization
0.78%
Large Capitalization
20.35%
Long Term Fixed Income
18.60%
Intermediate Term Fixed Income
35.33%
Short Term Fixed Income
10.37%
Cash
0.90%

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

February Fund Holdings

As of 02/29/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 40,000 $41,708.80
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 2,200,000 $2,479,476.03
00287Y109 ABBVIE INC US ABBV 1,326 $113,651.46
004239109 ACADIA REALTY TRUST US AKR 2,730 $62,353.20
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 40,000 $39,088.00
00507V109 ACTIVISION INC US ATVI 41,000 $2,383,330.00
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 2,130,000 $2,348,827.36
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 45,000 $47,362.50
008492100 AGREE REALTY CORP US ADC 735 $52,787.70
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 1,105,000 $1,172,024.92
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 275 $41,767.00
01609W102 ALIBABA GROUP - ADR CN BABA 8,125 $1,690,000.00
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 1,740,000 $1,874,236.08
020002101 ALLSTATE CORPORATION US ALL 312 $32,838.00
02079K107 ALPHABET INC-CL C US GOOG 1,065 $1,426,386.45
02079K305 ALPHABET INC-CL A US GOOGL 1,065 $1,426,301.25
023135106 AMAZON.COM INC US AMZN 1,640 $3,089,350.00
02319V103 AMBEV SA-ADR BR ABEV 33,725 $108,257.25
0237400 DIAGEO PLC GB DGE LN 41,520 $1,481,416.02
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 2,670 $115,984.80
0263494 BAE SYSTEMS PLC GB BA/ LN 37,415 $295,955.70
02665T306 AMERICAN HOMES 4 RENT- A US AMH 6,055 $156,763.95
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 110,000 $114,410.40
03027X100 AMERICAN TOWER REIT INC US AMT 6,330 $1,435,644.00
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 2,140,000 $2,357,469.52
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 34,083.31 $34,291.66
03064D108 AMERICOLD REALTY TRUST US COLD 3,590 $110,105.30
031162100 AMGEN INC US AMGN 575 $114,844.75
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 45,000 $30,600.00
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 45,000 $30,825.00
03748R754 APARTMENT INVT & MGMT CO -A US AIV 3,241 $155,049.44
038222105 APPLIED MATERIALS INC US AMAT 806 $46,844.72
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 573 $21,573.45
043436AT1 ASBURY AUTOMOTIVE GROUP 4.75000 03/01/2030 US 50,000 $50,875.00
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 45,000 $46,462.50
053484101 AVALONBAY COMMUNITIES INC US AVB 1,195 $239,705.05
05401AAJ0 AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 KY 1,150,000 $1,157,696.94
055622104 BP PLC-SPONS ADR GB BP 18,325 $573,389.25
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 4,000,000 $4,085,688.40
05722G100 BAKER HUGHES CO US BKR 1,142 $18,374.78
060505104 BANK OF AMERICA CORP US BAC 4,306 $122,721.00
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 3,390,000 $3,698,292.30
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 16,130 $3,328,264.20
086516101 BEST BUY INC US BBY 441 $33,361.65
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 21,470 $1,940,243.90
0946580 WEIR GROUP PLC/THE GB WEIR LN 10,585 $178,786.98
097023105 BOEING CO US BA 390 $107,292.90
09857L108 BOOKING HOLDINGS INC US BKNG 710 $1,203,918.60
101121101 BOSTON PROPERTIES INC US BXP 1,338 $172,521.72
105368203 BRANDYWINE REALTY TRUST US BDN 9,590 $130,232.20
110122108 BRISTOL MYERS SQUIBB CO US BMY 1,436 $84,810.16
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 2,980 $118,604.00
11135F101 BROADCOM INC US AVGO 289 $78,787.18
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 45,000 $23,850.00
1248EPCE1 CCO HLDGS LLC/CAP CORP 4.50000 08/15/2030 US 40,000 $40,450.00
12503M108 CBOE GLOBAL MARKETS INC US CBOE 12,470 $1,421,580.00
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 267 $18,396.30
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 362,148.62 $372,621.89
12572Q105 CME GROUP INC US CME 6,980 $1,387,763.60
12591QAR3 COMM 2014-UBS4 A5 3.69400 08/10/2047 US 3,600,000 $3,878,902.44
12593GAF9 COMM 2015-PC1 A5 3.90200 07/10/2050 US 1,900,000 $2,108,355.90
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 2,000,000 $2,154,419.80
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 743,336.28 $742,947.96
12662PAD0 CVR ENERGY INC 5.75000 02/15/2028 US 40,000 $37,800.00
126650100 CVS HEALTH CORP US CVS 1,177 $69,654.86
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 65,000 $68,575.00
133131102 CAMDEN PROPERTY TRUST US CPT 1,800 $190,764.00
13321L108 CAMECO CORP CA CCJ 19,291 $167,445.88
14180LAA4 CARGO AIRCRAFT MANAGEMENT 4.75000 02/01/2028 US 40,000 $39,650.00
149123101 CATERPILLAR INC US CAT 495 $61,498.80
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 543,287.83 $551,249.06
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 40,000 $40,075.00
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 937,603.28 $941,686.35
166764100 CHEVRON CORP US CVX 6,465 $603,443.10
17275R102 CISCO SYSTEMS INC US CSCO 2,885 $115,198.05
172967424 CITIGROUP INC US C 1,221 $77,484.66
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 1,030,000 $1,783,155.49
191216100 COCA COLA CO/THE US KO 52,110 $2,787,363.90
194162103 COLGATE-PALMOLIVE CO US CL 895 $60,475.15
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 1,800,000 $1,945,201.48
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 2,145 $102,166.35
20451NAG6 COMPASS MINERALS INTERNA 6.75000 12/01/2027 US 55,000 $58,300.00
205887102 CONAGRA BRAND INC. US CAG 685 $18,282.65
20825C104 CONOCOPHILLIPS US COP 10,335 $500,420.70
222795502 COUSINS PROPERTIES INC US CUZ 4,279 $152,717.51
225310AN1 CREDIT ACCEPTANC 5.12500 12/31/2024 US 45,000 $46,350.00
22822V101 CROWN CASTLE INTL CORP US CCI 700 $100,303.00
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 500,000 $526,966.83
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 507,635.98 $499,171.56
231021106 CUMMINS INC US CMI 221 $33,435.09
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 7,865 $58,126.88
25277LAC0 DIAMOND SPORTS GR/DIAMON 6.62500 08/15/2027 US 60,000 $48,399.00
253868103 DIGITAL REALTY TRUST INC US DLR 220 $26,424.20
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 2,320,000 $2,735,098.02
256746108 DOLLAR TREE STORES INC US DLTR 16,465 $1,367,088.95
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 75,000 $77,040.00
25960P109 DOUGLAS EMMETT INC US DEI 2,845 $108,622.10
260557103 DOW INC US DOW 649 $26,226.09
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 200,000 $208,810.00
2715777 QUEBECOR INC -CL B CA QBR/B CN 33,975 $793,783.57
277432100 EASTMAN CHEM CO US EMN 256 $15,746.56
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 46,285 $801,043.43
285512109 ELECTRONIC ARTS US EA 19,910 $2,018,276.70
2866857 LUNDIN MINING CORP CA LUN CN 11,515 $58,765.32
291011104 EMERSON ELEC CO US EMR 746 $47,826.06
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 1,440,000 $1,735,375.55
29413XAD9 ENVIVA PARTNERS LP/FIN C 6.50000 01/15/2026 US 65,000 $67,601.30
29444U700 EQUINIX INC US EQIX 4,060 $2,325,568.00
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 1,065 $72,771.45
29476L107 EQUITY RESIDENTIAL US EQR 1,630 $122,413.00
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 3,754 $86,004.14
297178105 ESSEX PROPERTY TRUST INC US ESS 326 $92,375.36
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 4,675,000 $4,720,368.40
30225T102 EXTRA SPACE STORAGE INC US EXR 385 $38,638.60
30261UAJ3 FREMF 2013-K713 B 3.29576 04/25/2046 US 698,306.12 $697,509.42
30286XAN9 FREMF 2015-K43 B FLT 3.73341 02/25/2048 US 2,300,000 $2,471,006.84
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 102,283,481.13 $242,698.24
30303M102 FACEBOOK INC -A US FB 28,420 $5,469,997.40
30744W107 FARFETCH LTD - CLASS A GB FTCH 6,155 $68,751.35
311900104 FASTENAL CO US FAST 846 $28,950.12
3128M5A91 FHLM POOL G03332 6.00000 10/01/2037 US 40,610.97 $47,741.95
3128M5NM8 FHLM POOL G03696 5.50000 01/01/2038 US 83,245.2 $95,950.66
3128M6B98 FHLM POOL G04264 5.50000 04/01/2038 US 289,354.98 $332,762.58
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 75,688.9 $88,514.79
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 89,349.13 $102,100.44
3128M7KW5 FHLM POOL G05409 5.50000 03/01/2039 US 202,097.87 $232,776.51
3128M8AW4 FHLM POOL G06021 5.50000 01/01/2040 US 80,051.05 $92,214.68
3128M9C83 FHLM POOL G06995 6.00000 05/01/2040 US 239,310.43 $279,744.11
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 6,060.6 $6,286.60
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 10,075.42 $10,311.27
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 6,876.71 $7,061.24
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 6,376.26 $6,611.31
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 10,577.25 $10,950.19
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 1,536,783.33 $1,665,523.60
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 202,101.88 $232,451.24
3131XVYW9 FEDERAL NATL MTG ASSN FR ZM2525 3.00000 12/01/2046 US 1,306,398.23 $1,362,133.19
3132VLY43 FHLM POOL FG Q60730 4.00000 01/01/2049 US 1,156,374.3 $1,219,746.32
3132Y33P7 FHLM POOL FG Q59805 4.50000 11/01/2048 US 846,803.78 $905,442.44
31335ABB3 FHLM POOL G60034 4.50000 02/01/2045 US 2,405,885.24 $2,632,567.53
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 490,997.62 $527,818.04
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 937,339.96 $1,016,214.96
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 225.46 $225.68
3133G6L60 FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 US 1,417,332.19 $1,469,432.80
3136AY6W8 FNA 2017-M15 A1 2.95932 09/25/2027 US 1,442,914.5 $1,535,483.09
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 888,557.83 $948,000.31
31371NCJ2 FEDERAL NATL MTG ASSN 256673 5.50000 04/01/2037 US 408,722.05 $470,697.06
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 275 $31,993.50
3137A2B34 FHMS K009 X1 FLT 1.26002 08/25/2020 US 9,118,833.9 $32,235.08
3137ADTK3 FHMS K014 X1 FLT 1.14924 04/25/2021 US 6,455,510.52 $65,041.21
3137AJMG6 FMHS K016 X1 FLT 1.47787 10/25/2021 US 3,797,398.25 $77,401.99
3137AUPF0 FHMS K021 x1 FLT 1.42177 06/25/2022 US 14,870,989.76 $407,462.15
3137B3NB0 FHMS K030 X1 FLT 0.18125 04/25/2023 US 44,532,205.85 $233,727.28
3137B4GZ3 FHMS K032 X1 FLT 0.09543 05/25/2023 US 28,713,615.74 $103,865.76
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 881,943.03 $904,786.94
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 692,254.43 $709,848.77
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 182,930.33 $201,808.17
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 102,161.27 $112,664.84
3138EQTZ5 FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 1,495,931.13 $1,650,228.60
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64500 01/01/2049 US 1,785,663.87 $2,040,344.52
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 2,745,734.66 $2,948,912.90
3138WGK37 FEDERAL NATL MTG ASSN FN AS6613 4.00000 02/01/2046 US 2,438,513.81 $2,622,695.90
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 427,310.18 $491,512.86
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 465,208.45 $499,518.87
3140EWG66 FEDERAL NATL MTG ASSN BC2020 3.50000 07/01/2046 US 852,624.37 $901,893.05
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 555,951.37 $587,737.90
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 1,301,760.54 $1,395,745.85
3140FEXR0 FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 1,594,931.92 $1,704,366.18
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 357,766.34 $382,846.39
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 1,328,926.2 $1,419,667.90
3140K1TB2 FEDERAL NATL MTG ASSN FN BO5945 3.50000 11/01/2049 US 1,814,136.49 $1,892,678.55
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 1,414,606.75 $1,582,709.97
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 475,641.29 $516,396.21
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 2,055,648.78 $2,233,118.53
3140X4JC1 FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 US 1,999,878.41 $2,095,152.80
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 6,595.91 $6,733.37
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 7,755.03 $7,915.07
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 42,554.95 $43,074.60
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 50,007.82 $50,553.03
31410KJV7 FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 261,288.88 $306,805.08
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 255,669.76 $294,562.41
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 91,659.77 $105,358.93
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 805.84 $811.89
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 28,289.27 $28,628.29
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 448,409.01 $488,095.62
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 492,877.26 $536,938.86
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 784,789.07 $822,856.83
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 514,838.54 $539,634.93
31418CZH0 FEDERAL NATL MTG ASSN FN MA3443 4.00000 08/01/2048 US 985,428.24 $1,040,000.36
31418MDZ2 FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 128,151.15 $150,885.94
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 53,233.74 $62,570.52
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 150,970.13 $174,336.99
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 253,810.21 $292,473.84
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 10,194.98 $10,744.60
31419BBV6 FEDERAL NATL MTG ASSN AE0951 4.50000 02/01/2041 US 421,915.11 $465,453.14
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 60,000 $66,600.00
316067107 FIDELITY CASH RESERVES US 66,295.5 $66,295.50
316773100 FIFTH THIRD BANCORP US FITB 1,024 $24,985.60
32054K103 FIRST INDUSTRIAL REALTY TR US FR 1,385 $53,322.50
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 70,000 $70,306.60
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 1,240,000 $1,314,402.23
346232AE1 FORESTAR GROUP INC 5.00000 03/01/2028 US 60,000 $58,950.00
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 25,000 $26,187.50
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 60,000 $62,382.00
357081AE8 FREMF 2015-K720 B FLT 3.39225 07/25/2022 US 970,000 $1,001,667.88
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 16,149.46 $16,232.15
364760108 GAP INC US GPS 730 $10,460.90
369550108 GENERAL DYNAMICS CORP US GD 227 $36,249.63
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 1,880,000 $1,840,463.60
370334104 GENERAL MLS INC US GIS 828 $40,572.00
37185LAL6 GENESIS ENERGY LP/FIN 7.75000 02/01/2028 US 60,000 $51,600.00
372460105 GENUINE PARTS CO US GPC 263 $22,944.12
374297109 GETTY REALTY CORP US GTY 1,570 $44,493.80
375558103 GILEAD SCIENCES INC US GILD 1,321 $91,624.56
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 200,000 $206,100.00
37960JAA6 GLOBAL AIR LEASE CO LTD 6.50000 09/15/2024 KY 85,000 $83,725.00
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 1,217,613.01 $1,253,864.64
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 85,790 $1,159,880.80
38869PAK0 GRAPHIC PACKAGING INTERN 4.75000 04/15/2021 US 50,000 $50,748.50
398433AN2 GRIFFON CORPORATION 5.75000 03/01/2028 US 40,000 $40,014.80
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 1,085 $117,592.30
40051E202 GRUPO AEROPORTUARIO DEL SURESTE MX ASR 665 $111,055.00
404119BX6 HCA INC 4.12500 06/15/2029 US 1,620,000 $1,777,618.01
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 25,000 $25,250.00
406216101 HALLIBURTON CO US HAL 70,788 $1,200,564.48
416515104 HARTFORD FINL SVCS US HIG 405 $20,229.75
421946104 HEALTHCARE REALTY TRUST INC US HR 3,140 $107,702.00
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 1,950 $60,723.00
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 5,050 $159,782.00
427866108 HERSHEY CO/THE US HSY 284 $40,893.16
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 465 $45,198.00
437076102 HOME DEPOT INC US HD 782 $170,350.88
438516106 HONEYWELL INTERNATIONAL INC US HON 586 $95,031.62
44107P104 HOST MARRIOTT CORP US HST 3,750 $54,300.00
450913AE8 IAMGOLD CORP 7.00000 04/15/2025 CA 65,000 $66,605.50
452308109 ILLINOIS TOOL WKS INC US ITW 331 $55,535.18
45337C102 INCYTE CORP US INCY 9,630 $726,198.30
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 65,000 $66,543.75
45781V101 INNOVATIVE INDUSTRIAL PROPER US IIPR 857 $78,792.58
458140100 INTEL CORP US INTC 3,251 $180,495.52
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 15,450 $1,378,449.00
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 775 $100,866.25
460146103 INTERNATIONAL PAPER CO US IP 476 $17,592.96
46187BAA1 IHSFR 2017-SFR2 A 2.50850 12/17/2036 US 480,662.18 $478,006.62
46187BAB9 IHSFR 2017-SFR2 B 2.80850 12/17/2036 US 390,000 $389,143.83
46187W107 INVITATION HOMES INC US INVH 8,625 $247,451.25
46625H100 JP MORGAN CHASE & CO US JPM 1,665 $193,323.15
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 354,835.11 $363,423.18
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 424,863.12 $438,284.97
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 585,085.03 $595,411.55
46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 1,690,000 $1,832,219.82
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 780,869.87 $798,938.42
4741844 MERCK KGAA DE MRK GR 26,410 $3,213,675.41
476405105 JERNIGAN CAPITAL INC US JCAP 6,900 $123,648.00
478160104 JOHNSON & JOHNSON US JNJ 31,787 $4,274,715.76
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 90,000 $21,600.00
482480100 KLA-TENCOR CORPORATION US KLAC 242 $37,197.82
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 60,000 $63,000.00
487836108 KELLOGG CO US K 453 $27,392.91
493267108 KEYCORP US KEY 1,385 $22,644.75
49427F108 KILROY REALTY CORP US KRC 461 $33,510.09
494368103 KIMBERLY CLARK CORP US KMB 404 $53,000.76
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 1,730,000 $2,318,691.48
500255104 KOHLS CORP US KSS 299 $11,705.85
501044101 KROGER CO US KR 861 $24,219.93
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 85,000 $88,718.75
5107401 BEIERSDORF AG DE BEI GR 1,585 $167,372.71
512807108 LAM RESEARCH CORP US LRCX 138 $40,493.34
516806AG1 LAREDO PETROLEUM INC 10.12500 01/15/2028 US 60,000 $43,042.50
53223X107 LIFE STORAGE INC US LSI 335 $36,149.85
539473AE8 LLOYDS BANK PLC 12.00000 12/16/2024 GB 50,000 $60,242.00
539830109 LOCKHEED MARTIN CORP US LMT 241 $89,138.67
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 45,000 $29,362.50
550021109 LULULEMON - ADR CA LULU 7,470 $1,624,052.70
56585A102 MARATHON PETROLEUM CORP US MPC 903 $42,820.26
57636Q104 MASTERCARD INC-CLASS A US MA 15,820 $4,591,755.00
57772K101 MAXIM INTEGRATED PRODUCTS US MXIM 405 $22,526.10
58933Y105 MERCK & CO INC US MRK 11,967 $916,193.52
594918104 MICROSOFT CORP US MSFT 18,395 $2,980,173.95
595112103 MICRON TECHNOLOGY INC US MU 77,970 $4,098,103.20
59522J103 MID-AMERICA APARTMENT COMM US MAA 560 $72,385.60
60871R209 MOLSON COORS BREWING CO -B US TAP 319 $15,825.59
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 53,128 $2,805,158.40
615369105 MOODY'S CORPORATION US MCO 4,540 $1,089,736.20
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 40,000 $23,388.00
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 90,000 $87,723.00
6356934 FANUC LTD JP 6954 JP 500 $82,106.96
637417106 NATIONAL RETAIL PROPERTIES US NNN 1,225 $62,291.25
63938CAA6 NAVIENT CORP 5.00000 10/26/2020 US 60,000 $60,582.00
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 40,000 $42,200.00
64110D104 NETAPP INC US NTAP 280 $13,081.60
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 467,914.25 $495,312.92
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 633,411.43 $669,056.47
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 1,167,857.35 $1,229,100.96
6490995 KEYENCE CORP JP 6861 JP 500 $159,652.78
6642321 NIKON CORP JP 7731 JP 5,900 $60,267.15
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 90,000 $68,400.00
66987V109 NOVARTIS AG- REG CH NVS 50,620 $4,250,055.20
670346105 NUCOR CORP US NUE 504 $20,840.40
67059TAD7 NUSTAR LOGISTICS LP 6.75000 02/01/2021 US 45,000 $45,904.50
67066G104 NVIDIA CORP US NVDA 5,665 $1,529,946.55
67401PAB4 OAKTREE SPECIALTY LEND 3.50000 02/25/2025 US 55,000 $55,072.73
6742340 SHANDONG WEIGAO CN 1066 HK 156,000 $203,560.91
674599105 OCCIDENTAL PETROLEUM CORP US OXY 695 $22,754.30
675232102 OCEANEERING INTL INC US OII 76,840 $809,893.60
675232AB8 OCEANEERING INTL INC 6.00000 02/01/2028 US 60,000 $55,950.00
681936100 OMEGA HEALTHCARE INVS INC US OHI 1,780 $70,488.00
6821506 SONY CORP FIRST SECTION JP 6758 JP 3,700 $228,097.16
693456AW5 PMTLT 2013-J1 a9 3.50000 09/25/2043 US 1,047,815.98 $1,084,349.13
7021963 DEUTSCHE BOERSE AG DE DB1 GR 1,725 $271,434.64
70450Y103 PAYPAL HOLDINGS INC US PYPL 13,200 $1,425,468.00
7123870 NESTLE SA-REGISTERED CH NESN SW 32,004 $3,293,397.89
713448108 PEPSICO INC US PEP 20,840 $2,751,505.20
717081103 PFIZER INC US PFE 4,021 $134,381.82
718546104 PHILLIPS 66 US PSX 410 $30,692.60
719245AD4 PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 US 65,000 $61,587.50
71943U104 PHYSICIANS REALTY TRUST US DOC 6,495 $122,495.70
729640102 PLYMOUTH INDUSTRIAL REIT INC US PLYM 2,375 $44,578.75
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 3,210,000 $3,515,157.17
74166MAB2 PRIME SECSRVC BRW/FINANC 5.25000 04/15/2024 US 60,000 $62,100.00
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 40,000 $41,188.00
74340W103 PROLOGIS US PLD 4,517 $380,692.76
74460D109 PUBLIC STORAGE INC US PSA 800 $167,296.00
74834L100 QUEST DIAGNOSTICS INC US DGX 209 $22,166.54
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 65,000 $68,900.00
756109104 REALTY INCOME CORP US O 810 $58,635.90
758849103 REGENCY CENTERS CORP US REG 1,120 $64,332.80
7591EP100 REGIONS FINANCIAL CORP. US RF 1,210 $16,359.20
76131D103 RESTAURANT BRANDS INTERN CA QSR 4,340 $253,890.00
7698356 GETINGE AB-B SHS SE GETIB SS 8,100 $135,838.59
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 65,000 $65,199.56
773903109 ROCKWELL AUTOMATION INC US ROK 136 $24,956.00
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 12,720 $566,421.60
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 18,673 $1,338,480.64
78409V104 S&P GLOBAL INC US SPGI 3,670 $975,889.70
78410G104 SBA COMMUNICATIONS CORP US SBAC 5,960 $1,579,936.40
78442PGC4 SLM CORP 5.12500 04/05/2022 US 90,000 $91,800.00
78490DAA2 SOFI 2018-C A1FX 3.08000 01/25/2048 US 1,165,282.21 $1,173,844.47
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 2,620,000 $3,041,215.54
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 2,120,000 $2,356,486.72
806857108 SCHLUMBERGER LTD NL SLB 52,500 $1,422,225.00
81141R100 SEA LTD - ADR SG SE 2,435 $109,721.10
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 464,016.92 $472,016.29
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 621,300.21 $636,089.02
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 471,801.95 $462,027.72
81762P102 SERVICENOW INC US NOW 2,215 $722,289.35
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 60,000 $49,800.00
828806109 SIMON PROPERTY GROUP INC US SPG 1,380 $169,850.40
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 204 $21,009.96
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 38,454.24 $38,466.78
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 225,000 $230,001.08
83404YAA1 SCLP 2016-5 A 3.06000 09/25/2028 US 81,733.8 $82,157.28
83406EAB1 SOFI 2018-A A2A 2.39000 02/25/2042 US 182,107.06 $182,604.47
835699307 SONY CORP SPONSORED ADR JP SNE 43,140 $2,683,308.00
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 2,270,000 $2,273,405.00
852061AR1 SPRINT COMMUNICATIONS 7.00000 08/15/2020 US 100,000 $102,000.00
85207UAE5 SPRINT CORP 7.25000 09/15/2021 US 40,000 $42,454.00
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 60,000 $68,074.80
85254J102 STAG INDUSTRIAL INC US STAG 3,290 $92,054.20
85571BAP0 STARWOOD PROPERTY TRUST 3.62500 02/01/2021 US 60,000 $59,475.00
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.12850 11/15/2027 US 1,506,780.74 $1,499,072.95
862121100 STORE CAPITAL CORP US STOR 3,000 $98,580.00
866674104 SUN COMMUNITIES US SUI 1,170 $178,869.60
86723CAF5 SUNCOKE ENRGY PART LP/FI 7.50000 06/15/2025 US 40,000 $36,000.00
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 3,075 $33,671.25
86935CAA0 SCML 2019-SBC8 2.86000 04/25/2041 US 1,918,323.76 $1,959,878.49
871829107 SYSCO CORP US SYY 660 $43,989.00
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 271,562.01 $272,412.60
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 55,000 $38,500.00
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 1,590,000 $1,803,107.56
882508104 TEXAS INSTRUMENTS INC US TXN 832 $94,964.48
88579Y101 3M CO US MMM 562 $83,872.88
89151E109 TOTAL S A SPONSORED ADR FR TOT 13,590 $586,272.60
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 1,493,042.17 $1,512,385.28
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 905,362.02 $924,154.98
89177EAA7 TPMT 2019-HY1 A1 2.62675 10/25/2048 US 798,281.81 $802,597.80
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 45,000 $45,450.00
89417E109 TRAVELLERS COS INC US TRV 230 $27,556.30
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 1,935,151.35 $1,951,513.44
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 912,411.57 $940,901.26
89832Q109 TRUIST FINANCIAL CORP US TFC 1,350 $62,289.00
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 100,000 $95,000.00
902494103 TYSON FOODS INC -CL A US TSN 368 $24,961.44
902653104 UDR INC US UDR 1,993 $89,645.14
902973304 U.S. BANCORP US USB 1,532 $71,146.08
903002103 UMH PROPERTIES INC US UMH 2,515 $36,492.65
904767704 UNILEVER PLC - ADR GB UL 48,613 $2,621,699.09
907818108 UNION PAC CORP US UNP 575 $91,890.75
911312106 UNITED PARCEL SERVICE US UPS 855 $77,368.95
912796SZ3 TREASURY BILL 0.00000 07/16/2020 US 4,500,000 $4,480,216.25
912810FS2 TSY INFL IX N/B 2.00000 01/15/2026 US 7,528,854.95 $8,580,038.27
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 1,848,031.25 $2,123,856.33
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 7,360,000 $8,586,187.48
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 3,484,000 $4,492,590.79
9128286N5 TSY INFL IX N/B 0.50000 04/15/2024 US 5,931,977.58 $6,138,198.27
912828D56 US TREASURY N/B 2.37500 08/15/2024 US 15,235,000 $16,202,660.47
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 11,345,294.87 $11,369,978.03
912828VS6 US TREASURY N/B 2.50000 08/15/2023 US 5,840,000 $6,158,234.39
912828YN4 US TREASURY FRN 1.45838 10/31/2021 US 11,390,000 $11,432,758.74
912828Z94 US TREASURY N/B 1.50000 02/15/2030 US 15,635,000 $16,180,392.73
913017109 UNITED TECHNOLOGIES CORP US UTX 707 $92,327.13
91704F104 URBAN EDGE PROPERTIES US UE 3,610 $58,482.00
918204108 VF CORP US VFC 491 $35,352.00
91913Y100 VALERO ENERGY US VLO 547 $36,238.75
92276F100 VENTAS INC US VTR 1,697 $91,247.69
92339V100 VEREIT INC US VER 6,980 $60,446.80
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 2,900,000 $3,874,019.38
92556H206 VIACOMCBS INC US VIAC 400 $9,844.00
92826C839 VISA INC - CLASS A SHARES US V 22,830 $4,149,580.80
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 70,000 $65,450.00
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 275,000 $275,183.23
929042109 VORNADO REALTY TRUST US VNO 420 $22,503.60
93065PAA9 WBHT 2019-WBM A FLT 2.70850 12/15/2033 US 1,045,000 $1,045,037.31
931142103 WAL MART STORES US WMT 1,827 $196,731.36
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 946 $43,288.96
94106L109 WASTE MANAGEMENT INC US WM 484 $53,632.04
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 60,000 $62,400.00
949746101 WELLS FARGO COMPANY US WFC 3,460 $141,341.00
95040Q104 WELLTOWER INC. US WELL 2,014 $150,687.48
958102105 WESTERN DIGITAL CORP US WDC 459 $25,502.04
966387AH5 WHITING PETROLEUM CORP 5.75000 03/15/2021 US 60,000 $34,500.00
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 1,650,000 $1,731,613.98
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 319,606.01 $320,012.10
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 585,640.72 $603,438.93
98311A105 WYNDHAM HOTELS & RESORTS INC US WH 1,285 $65,470.75
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 95,000 $91,200.00
B02J639 ADMIRAL GROUP PLC GB ADM LN 9,495 $260,601.15
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 16,900 $110,631.76
B1Y47Y7 GERRESHEIMER AG DE GXI GR 2,315 $166,883.22
B1Y9TB3 DANONE FR BN FP 4,025 $284,077.94
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 2,850,000 $144,393.92
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 360,000 $277,674.05
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 4,000,000 $202,568.71
B4YVF56 BRENNTAG AG DE BNR GR 3,480 $157,897.83
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 5,300,000 $270,008.38
B63QM77 NEXON CO LTD JP 3659 JP 335,100 $5,299,253.20
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 1,000,000 $54,364.17
B7KR2P8 EASY JET PLC GB EZJ LN 99,135 $1,431,050.98
BBG00PR0GMF2 CBOE US 03/20/20 P115 US -86 -$48,590.00
BBG00RBW6Q94 MU US 02/28/20 C60 US -162 -$162.00
BBG00RCD6MK1 BKNG US 02/28/20 P1650 US -5 -$100.00
BBG00RKSFKR6 SNE US 03/20/20 P62.5 JP -157 -$54,950.00
BBG00RLJMWB8 PYPL US 03/13/20 P107 US -91 -$48,412.00
BBG00RVWXGX7 ATVI US 03/20/20 P54 US -178 -$21,182.00
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 3,435 $69,025.90
BD3HF92 BSR REAL ESTATE INVESTMENT CA HOM/U CN 2,895 $36,038.41
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 37,705 $50,918.32
BGHVXC0 DRILLING CO OF 1972/THE DK DRLCO DC 2,555 $113,137.98
BGJW376 MEITUAN DIANPING - CLASS B CN 3690 HK 4,800 $61,929.58
BJ2KSG2 AKZO NOBEL NL AKZA NA 2,070 $165,621.25
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 66,906 $3,392,449.16
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 39,475 $170,997.90
BNGN9Z1 FINECOBANK SPA IT FBK IM 22,310 $234,098.75
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 50,455 $1,574,140.08
BVYVFW2 AUTO TRADER GROUP PLC GB AUTO LN 8,615 $58,009.53
BYXS699 QIAGEN N.V. NL QIA GR 4,550 $166,762.34
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 36,052 $2,083,117.47
BZ0VW78 BINGO INDUSTRIES LTD AU BIN AU 33,470 $63,263.96
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 4,965 $137,431.20
G29183103 EATON CORP PLC US ETN 551 $49,986.72
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 1,034 $37,813.38
G5960L103 MEDTRONIC INC IE MDT 28,996 $2,919,027.32
G97822103 PERRIGO CO PLC IE PRGO 3,270 $165,756.30
H01301128 ALCON INC CH ALC 29,413 $1,803,016.90
H1467J104 CHUBB LTD CH CB 338 $49,020.14
N22717107 CORE LABORATORIES N.V. NL CLB 2,770 $74,346.80
N47279109 INTERXION HOLDING NV NL INXN 2,635 $223,685.15
N53745100 LYONDELLBASELL INDU-CL A US LYB 486 $34,729.56
USD US DOLLAR US 3,404,483.61 $3,404,483.61

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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