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Pro-Blend® Conservative Term Series
Pro-Blend® Conservative Term Series
Investment Objective
To provide capital preservation as a primary goal, with income and capital growth as secondary objectives.
Investment Strategy
The portfolio is invested in a conservative mix of securities that seeks stability with some growth and income potential. Holdings are diversified primarily among fixed income securities, typically focusing on short to intermediate-term maturities. Stock investments may be focused on dividend paying securities in pursuit of growth opportunities and income generation.
The fund manager will adjust the investment mix over time to manage risk by continually evaluating individual securities and market conditions to determine the relative attractiveness of each investment. In general, stock exposure will increase when valuations are low and decrease during speculative markets.
May be Appropriate for Investors
- Who seek to minimize declines in account value with the potential for modest capital growth and income generation
- Who want to assume a minimal amount of capital risk through limited stock exposure
About Risk-Based Funds
Risk-based funds offer professional management and asset allocation through a choice of investment objectives that range from fairly aggressive to fairly conservative. All an investor has to do is determine which objective best suits his or her current risk tolerance and investment time horizon, then decide when to move to a different objective as his or her personal situation changes over the years.
Time Horizon & Range of Stock Exposure
| Conservative Term | Moderate Term | Extended Term | Maximum Term |
| 0-5 Years | 3-10 Years | 7-20 Years | 15+ Years |
| 15-45% | 20-60% | 40-70% | 70-95% |
Generally, the longer your time horizon, the more aggressive your investment objective can be. Greater stock exposure is typically associated with higher return potential and higher capital risk.
Daily Price
$10.37
Daily $ Change
-$0.02
Daily % Change
-0.19%
as of 08/04/2021
Ticker
MNCIX
CUSIP
56382P690
Inception Date
03/28/2008
Investment Minimum
$1,000,000.00
Investment minimum may be waived for certain qualified retirement plans and discretionary investment accounts of the Advisor.
Important Documents
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Fact Sheet | |
| Applications & Forms | |
| N-Port Part F Reports |
Performance
As of 06/30/2021
YTD
4.12%
1 Year
12.30%
3 Year
8.75%
5 Year
7.01%
10 Year
5.63%
Inception
(11/01/1995)
5.99%
Inception performance is based on the Pro-Blend® Conservative Term Series Class S inception of 11/01/1995. For periods through 03/28/2008 (the inception date of the Class I shares), performance for the Class I shares is based on the historical performance of the Class S shares. Because the Class I shares invest in the same portfolio of securities as the Class S shares, performance will be different only to the extent that the Class S shares have a higher expense ratio. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.
Expense Ratio
| Gross | 0.60% |
Top Ten Investments
As of 06/30/2021
| TREASURY NOTES | 23.02% |
| GOVERNMENT AGENCY | 6.75% |
| AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 | 1.55% |
| TENCENT HOLDINGS 3.97500 04/11/2029 | 1.32% |
| ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 | 1.03% |
| AMAZON.COM INC | 1.01% |
| SABINE PASS LIQUEFACTION 5.87500 06/30/2026 | 1.00% |
| CROWN CASTLE INTL CORP 3.10000 11/15/2029 | 0.98% |
| VERIZON COMMUNICATIONS 4.27200 01/15/2036 | 0.98% |
| AMERICAN TOWER CORP 3.80000 08/15/2029 | 0.97% |
This investment list is unaudited and excludes cash.
Asset Allocation
As of 06/30/2021
| Bonds | 66.69% |
| Stocks | 31.51% |
| Cash | 1.80% |
Detailed Asset Class Allocation
As of 06/30/2021
| International Equities | 6.86% |
| Small Capitalization | 0.46% |
| Mid Capitalization | 2.76% |
| Large Capitalization | 21.43% |
| Long Term Fixed Income | 19.28% |
| Intermediate Term Fixed Income | 35.00% |
| Short Term Fixed Income | 12.41% |
| Cash | 1.80% |
Due to rounding, the sum of the detailed asset class allocation categories may not equal the asset allocation totals provided above.
June Fund Holdings
As of 06/30/2021
| CUSIP | Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|---|
| 00206RDQ2 | AT&T INC 4.25000 03/01/2027 | US | 1,510,000 | $1,713,792.82 | |
| 00507V109 | ACTIVISION INC | US | ATVI | 10,334 | $986,276.96 |
| 00842XAA7 | AFFINITY GAMING 6.87500 12/15/2027 | US | 105,000 | $111,431.25 | |
| 008474108 | AGNICO EAGLE MINES LTD | CA | AEM | 13,446 | $812,810.70 |
| 008492100 | AGREE REALTY CORP | US | ADC | 2,140 | $150,848.60 |
| 009126202 | AIR LIQUIDE-ADR | FR | AIQUY | 43,987 | $1,545,703.18 |
| 00912XAV6 | AIR LEASE CORP 3.62500 04/01/2027 | US | 1,660,000 | $1,782,872.49 | |
| 01166WAA5 | ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 | US | 277,552.09 | $311,308.06 | |
| 01609WAU6 | ALIBABA GROUP HOLDING 4.00000 12/06/2037 | KY | 3,270,000 | $3,672,060.69 | |
| 01879NAA3 | ALLIANCE RES OP/FINANCE 7.50000 05/01/2025 | US | 100,000 | $97,625.00 | |
| 02079K305 | ALPHABET INC-CL A | US | GOOGL | 1,707 | $4,168,135.53 |
| 023135106 | AMAZON.COM INC | US | AMZN | 1,533 | $5,273,765.28 |
| 0237400 | DIAGEO PLC | GB | DGE LN | 14,468 | $693,429.95 |
| 024835100 | AMERICAN CAMPUS COMMUNITIES | US | ACC | 2,939 | $137,310.08 |
| 02665T306 | AMERICAN HOMES 4 RENT- A | US | AMH | 9,250 | $359,362.50 |
| 03027X100 | AMERICAN TOWER REIT INC | US | AMT | 5,605 | $1,514,134.70 |
| 03027XAW0 | AMERICAN TOWER CORP 3.80000 08/15/2029 | US | 4,560,000 | $5,085,559.38 | |
| 03064D108 | AMERICOLD REALTY TRUST | US | COLD | 4,485 | $169,757.25 |
| 032654105 | ANALOG DEVICES INC | US | ADI | 3,888 | $669,358.08 |
| 03784Y200 | APPLE HOSPITALITY REIT INC | US | APLE | 8,709 | $132,899.34 |
| 038923AS7 | ARBOR REALTY TRUST INC 8.00000 04/30/2023 | US | 160,000 | $169,113.05 | |
| 045054AJ2 | ASHTEAD CAPITAL INC 4.00000 05/01/2028 | US | 1,680,000 | $1,776,852.00 | |
| 053015103 | AUTOMATIC DATA PROCESSING | US | ADP | 3,808 | $756,344.96 |
| 053484101 | AVALONBAY COMMUNITIES INC | US | AVB | 1,248 | $260,445.12 |
| 05401AAP6 | AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 | KY | 8,200,000 | $8,120,326.18 | |
| 05545E209 | BHP GROUP PLC SPONSORED ADR | AU | BBL | 17,835 | $1,064,571.15 |
| 055622104 | BP PLC-SPONS ADR | GB | BP | 13,876 | $366,603.92 |
| 05567SAA0 | BNSF FUNDING TRUST I 6.61300 12/15/2055 | US | 1,540,000 | $1,763,053.60 | |
| 05604LAA0 | BWAY 2015-1740 A 2.91700 01/10/2035 | US | 4,633,000 | $4,700,250.77 | |
| 067901108 | BARRICK GOLD CORP | CA | GOLD | 40,232 | $831,997.76 |
| 071734AM9 | BAUSCH HEALTH COS INC 5.00000 02/15/2029 | CA | 165,000 | $153,862.50 | |
| 07403VAA7 | BEASLEY MEZ HLDGS LLC 8.62500 02/01/2026 | US | 140,000 | $141,400.00 | |
| 084423102 | WR BERKLEY CORP | US | WRB | 15,113 | $1,124,860.59 |
| 084670702 | BERKSHIRE HATHAWAY INC-CL B | US | BRK/B | 3,345 | $929,642.40 |
| 09061G101 | BIOMARIN PHARMACEUTICAL INC | US | BMRN | 22,539 | $1,880,654.16 |
| 09261XAA0 | BLACKSTONE SECURED LEND 2.75000 09/16/2026 | US | 1,770,000 | $1,794,714.55 | |
| 10373QBR0 | BP CAP MARKETS AMERICA 3.06000 06/17/2041 | US | 4,470,000 | $4,517,203.20 | |
| 105368203 | BRANDYWINE REALTY TRUST | US | BDN | 10,179 | $139,554.09 |
| 110122108 | BRISTOL MYERS SQUIBB CO | US | BMY | 16,524 | $1,104,133.68 |
| 110448107 | BRITISH AMERICAN TOB-SP ADR | GB | BTI | 19,577 | $769,571.87 |
| 12345678 | JONAH ENERGY PARENT LLC | US | 2,353 | $35,295.00 | |
| 12467AAF5 | C&S GROUP ENTERPRISES LL 5.00000 12/15/2028 | US | 160,000 | $158,600.00 | |
| 12530MAB1 | SORT 2020-1 A2 1.99000 07/15/2060 | US | 2,212,773.27 | $2,247,724.69 | |
| 12530MAC9 | SORT 2020-1 B1 2.28000 07/15/2060 | US | 2,863,136.51 | $2,911,298.19 | |
| 12555DAA3 | CIM 2019-INV1 A1 4.00000 02/25/2049 | US | 297,573.71 | $301,851.33 | |
| 12598FAA7 | CPI CG INC 8.62500 03/15/2026 | US | 150,000 | $159,375.00 | |
| 12626K203 | CRH PLC -SPONSORED ADR | IE | CRH | 10,726 | $545,309.84 |
| 12646XAH5 | CSMC 2013-IVR3 A1 2.50000 05/25/2043 | US | 449,020.44 | $453,956.52 | |
| 133131102 | CAMDEN PROPERTY TRUST | US | CPT | 1,464 | $194,228.88 |
| 133131AZ5 | CAMDEN PROPERTY TRUST 2.80000 05/15/2030 | US | 3,210,000 | $3,405,064.48 | |
| 13321L108 | CAMECO CORP | CA | CCJ | 51,774 | $993,025.32 |
| 136375102 | CANADIAN NATIONAL RAILWAY CO | CA | CNI | 13,862 | $1,462,718.24 |
| 14174T107 | CARETRUST REIT INC | US | CTRE | 3,795 | $88,157.85 |
| 149123101 | CATERPILLAR INC | US | CAT | 5,446 | $1,185,212.98 |
| 156700BA3 | CENTURYLINK INC 7.50000 04/01/2024 | US | 100,000 | $112,250.00 | |
| 16119P108 | CHARTER COMMUNICATIONS INC-A | US | CHTR | 2,173 | $1,567,710.85 |
| 17275R102 | CISCO SYSTEMS INC | US | CSCO | 31,256 | $1,656,568.00 |
| 172967424 | CITIGROUP INC | US | C | 16,067 | $1,136,740.25 |
| 172967KA8 | CITIGROUP INCA 4.45000 09/29/2027 | US | 3,020,000 | $3,450,046.07 | |
| 191216100 | COCA COLA CO/THE | US | KO | 31,605 | $1,710,146.55 |
| 194162103 | COLGATE-PALMOLIVE CO | US | CL | 9,230 | $750,860.50 |
| 20030N101 | COMCAST CORP-CL A | US | CMCSA | 28,518 | $1,626,096.36 |
| 20268CAA6 | CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 | US | 1,388,497.49 | $1,423,102.74 | |
| 20369C106 | COMMUNITY HEALTHCARE TRUST I | US | CHCT | 3,678 | $174,557.88 |
| 20825C104 | CONOCOPHILLIPS | US | COP | 27,179 | $1,655,201.10 |
| 217204106 | COPART INC | US | CPRT | 7,854 | $1,035,392.82 |
| 222795502 | COUSINS PROPERTIES INC | US | CUZ | 8,556 | $314,689.68 |
| 225310AM3 | CREDIT ACCEPTANC 6.62500 03/15/2026 | US | 155,000 | $163,137.50 | |
| 22534GAC7 | CAALT 2020-1A B 2.39000 04/16/2029 | US | 1,150,000 | $1,181,175.70 | |
| 22537CAA7 | CAALT 2021-2A A 0.96000 02/15/2030 | US | 2,200,000 | $2,201,495.78 | |
| 22822V101 | CROWN CASTLE INTL CORP | US | CCI | 470 | $91,697.00 |
| 22822VAN1 | CROWN CASTLE INTL CORP 3.10000 11/15/2029 | US | 4,830,000 | $5,128,063.21 | |
| 22822VAR2 | CROWN CASTLE INTL CORP 3.30000 07/01/2030 | US | 1,080,000 | $1,157,864.31 | |
| 22944PAA5 | CSMC 2013-TH1 A1 2.13000 02/25/2043 | US | 283,244.39 | $287,535.97 | |
| 231021106 | CUMMINS INC | US | CMI | 2,265 | $552,229.65 |
| 253868103 | DIGITAL REALTY TRUST INC | US | DLR | 2,370 | $356,590.20 |
| 256677105 | DOLLAR GENERAL CORP | US | DG | 4,978 | $1,077,189.42 |
| 256746108 | DOLLAR TREE STORES INC | US | DLTR | 8,810 | $876,595.00 |
| 25960P109 | DOUGLAS EMMETT INC | US | DEI | 3,719 | $125,032.78 |
| 26150TAE9 | DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 | US | 250,000 | $259,317.53 | |
| 262006208 | DREYFUS GVT CSH MANAGEMENT | US | 9,605,697.03 | $9,605,697.03 | |
| 264411505 | DUKE RLTY INVTS INC | US | DRE | 6,198 | $293,475.30 |
| 267475AD3 | DYCOM INDUSTRIES INC 4.50000 04/15/2029 | US | 160,000 | $161,385.60 | |
| 26875P101 | EOG RESOURCES INC | US | EOG | 12,994 | $1,084,219.36 |
| 26884L109 | EQT CORP | US | EQT | 53,559 | $1,192,223.34 |
| 285512109 | ELECTRONIC ARTS | US | EA | 6,876 | $988,975.08 |
| 291011104 | EMERSON ELEC CO | US | EMR | 7,789 | $749,613.36 |
| 29273RAR0 | ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 | US | 4,170,000 | $5,416,382.18 | |
| 29275YAC6 | ENERSYS 4.37500 12/15/2027 | US | 100,000 | $104,069.00 | |
| 29278MAC9 | ENERGY VEB/ENVEN FIN 11.75000 04/15/2026 | US | 155,000 | $161,646.40 | |
| 29444U700 | EQUINIX INC | US | EQIX | 2,543 | $2,041,011.80 |
| 29472R108 | EQUITY LIFESTYLE PROPERTIES | US | ELS | 3,955 | $293,896.05 |
| 297178105 | ESSEX PROPERTY TRUST INC | US | ESS | 875 | $262,508.75 |
| 30212P303 | EXPEDIA INC | US | EXPE | 13,818 | $2,262,144.78 |
| 30212PBK0 | EXPEDIA GROUP INC 4.62500 08/01/2027 | US | 1,600,000 | $1,809,130.35 | |
| 30225T102 | EXTRA SPACE STORAGE INC | US | EXR | 1,515 | $248,187.30 |
| 30231G102 | EXXON MOBIL CORP | US | XOM | 13,295 | $838,648.60 |
| 302491303 | FMC CORP | US | FMC | 12,412 | $1,342,978.40 |
| 30262SAR9 | FREMF 2015-K42 B FLT 3.98167 01/25/2048 | US | 490,000 | $532,716.49 | |
| 30264DAA7 | FS ENERGY & POWER FUND 7.50000 08/15/2023 | US | 155,000 | $160,037.50 | |
| 30286XAN9 | FREMF 2015-K43 B FLT 3.85979 02/25/2048 | US | 500,000 | $542,179.55 | |
| 30287EAE0 | FREMF 2014-K41 B FLT 3.96396 11/25/2047 | US | 2,500,000 | $2,718,626.00 | |
| 30291HAA5 | FREMF 2013-K28 X2A 0.10000 06/25/2046 | US | 186,292,627.48 | $210,380.26 | |
| 30303M102 | FACEBOOK INC -A | US | FB | 12,977 | $4,512,232.67 |
| 303250104 | FAIR ISAAC CORP | US | FICO | 2,426 | $1,219,501.68 |
| 3128LCD86 | FHLM POOL A78227 5.50000 06/01/2038 | US | 76,070.13 | $88,436.83 | |
| 3128M56M7 | FHLM POOL G04176 5.50000 05/01/2038 | US | 65,150.1 | $75,911.70 | |
| 3128M5VT4 | FHLM POOL G03926 6.00000 02/01/2038 | US | 202,259.51 | $240,133.52 | |
| 3128M6JQ2 | FHLM POOL G04471 5.50000 07/01/2038 | US | 22,667.24 | $26,399.59 | |
| 3128M6SU3 | FHLM POOL G04731 5.50000 04/01/2038 | US | 145,193.43 | $169,110.58 | |
| 3128M6T99 | FHLM POOL G04776 5.50000 07/01/2038 | US | 148,862.76 | $173,392.54 | |
| 3128M73P9 | FHLM POOL G05906 6.00000 04/01/2040 | US | 36,064.63 | $42,760.47 | |
| 3128M7C95 | FHLM POOL G05196 5.50000 10/01/2038 | US | 209,991.7 | $244,582.23 | |
| 3128M7KW5 | FHLM POOL G05409 5.50000 03/01/2039 | US | 184,838.08 | $215,292.08 | |
| 3128M82W3 | FHLM POOL G06789 6.00000 05/01/2040 | US | 173,633.82 | $205,716.41 | |
| 3128M9GM8 | FHLM POOL G07104 5.50000 05/01/2040 | US | 120,506.05 | $134,841.29 | |
| 3128M9ZU9 | FHLM POOL G07655 5.50000 12/01/2035 | US | 64,621.85 | $74,857.95 | |
| 3128MBDP9 | FHLM POOL G12610 6.00000 03/01/2022 | US | 1,558.15 | $1,570.60 | |
| 3128MBE45 | FHLM POOL G12655 6.00000 05/01/2022 | US | 1,379.13 | $1,390.09 | |
| 3128MBUB1 | FHLM POOL G13078 6.00000 03/01/2023 | US | 3,315.07 | $3,384.93 | |
| 3128MJG20 | FHLM POOL G08216 5.50000 08/01/2037 | US | 193,913.6 | $225,772.53 | |
| 3128MJJT8 | FHLM POOL G08273 5.50000 06/01/2038 | US | 174,012.11 | $202,754.41 | |
| 3128P75F6 | FHLM POOL C91746 4.50000 12/01/2033 | US | 64,536.21 | $70,446.95 | |
| 3128P75X7 | FHLM POOL C91762 4.50000 05/01/2034 | US | 568,832.46 | $617,255.71 | |
| 312941F69 | FHLM POOL A92889 4.50000 07/01/2040 | US | 717,456.32 | $801,179.35 | |
| 3132DWAG8 | FEDERAL NATL MTG ASSN FR SD8107 2.50000 11/01/2050 | US | 1,631,349.79 | $1,689,964.12 | |
| 3133KYU98 | FHLM POOL RB5108 2.00000 04/01/2041 | US | 5,230,989.5 | $5,347,284.39 | |
| 3136B1YD0 | FNR 2018-31 KP 3.50000 07/25/2047 | US | 359,463.3 | $369,970.23 | |
| 31371N7J8 | FEDERAL NATL MTG ASSN 123456 6.00000 12/01/2038 | US | 11,268.13 | $13,252.50 | |
| 3137AJMG6 | FMHS K016 X1 FLT 1.64991 10/25/2021 | US | 3,175,961.77 | $125.45 | |
| 3137AME78 | FHMS K017 X1 FLT 1.43130 12/25/2021 | US | 6,975,667.13 | $2,728.88 | |
| 3137AUPF0 | FHMS K021 x1 FLT 1.52606 06/25/2022 | US | 13,573,170.2 | $104,237.88 | |
| 3137B3NB0 | FHMS K030 X1 FLT 0.27352 04/25/2023 | US | 68,494,145.35 | $171,077.83 | |
| 3137B4GZ3 | FHMS K032 X1 FLT 0.19884 05/25/2023 | US | 43,368,080.25 | $86,697.13 | |
| 3137F4YU0 | FHR 4791 BA MTGE 4.00000 03/15/2044 | US | 127,797.17 | $127,956.95 | |
| 3138AJXA5 | FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 | US | 257,767.26 | $282,169.56 | |
| 3138EGE26 | FEDERAL NATL MTG ASSN AL0152 6.00000 06/01/2040 | US | 501,065.38 | $592,383.07 | |
| 3138EHR87 | FEDERAL NATL MTG ASSN AL1410 4.50000 12/01/2041 | US | 548,805.2 | $612,188.72 | |
| 3138EHXZ0 | FEDERAL NATL MTG ASSN AL1595 6.00000 01/01/2040 | US | 306,068.45 | $362,309.37 | |
| 3138EQST0 | FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 | US | 287,859.41 | $312,840.05 | |
| 3138ETT89 | FEDERAL NATL MTG ASSN AL8674 FLT 5.64600 01/01/2049 | US | 889,791.54 | $1,015,538.67 | |
| 3138WDAY7 | FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 | US | 8,342,100.48 | $9,020,980.37 | |
| 31403DDX4 | FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 | US | 253,294.65 | $293,694.93 | |
| 3140E2GZ8 | FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 | US | 518,113 | $558,233.48 | |
| 3140F4UB0 | FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 | US | 190,460.23 | $205,488.81 | |
| 3140F9M51 | FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 | US | 104,648.38 | $113,404.33 | |
| 3140FEX33 | FEDERAL NATL MTG ASSN BD6997 4.00000 10/01/2046 | US | 397,209.26 | $429,279.54 | |
| 3140FPGW3 | FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 | US | 256,632.36 | $275,389.78 | |
| 3140FTWF4 | FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 | US | 205,784.9 | $223,599.60 | |
| 31410EKR8 | FEDERAL NATL MTG ASSN 886904 6.50000 09/01/2036 | US | 36,554.8 | $42,223.59 | |
| 31410FSE6 | FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 | US | 169.47 | $169.71 | |
| 31410FV51 | FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 | US | 552.92 | $554.66 | |
| 31410G5V1 | FEDERAL NATL MTG ASSN 889260 5.00000 04/01/2038 | US | 10,649.87 | $12,039.45 | |
| 31410GCD3 | FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 | US | 2.29 | $2.29 | |
| 31410GN33 | FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 | US | 439.61 | $442.23 | |
| 31410GN82 | FEDERAL NATL MTG ASSN 888815 4.50000 11/01/2022 | US | 984.42 | $1,030.54 | |
| 31410KJV7 | FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 | US | 246,999.45 | $292,872.37 | |
| 31410KLD4 | FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 | US | 213,788.06 | $248,989.96 | |
| 31410LC75 | FEDERAL NATL MTG ASSN 890294 5.50000 01/01/2039 | US | 447,588.77 | $519,754.00 | |
| 31410LD74 | FHLM POOL 890326 5.50000 01/01/2040 | US | 462,316.91 | $537,045.51 | |
| 31411JXP6 | FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 | US | 71,991.4 | $83,175.29 | |
| 31411YN90 | FEDERAL NATL MTG ASSN 918516 5.50000 06/01/2037 | US | 29,356.73 | $33,853.78 | |
| 31412SSJ5 | FEDERAL NATL MTG ASSN 933521 5.00000 01/01/2038 | US | 7,233.29 | $8,293.43 | |
| 31414NG73 | FEDERAL NATL MTG ASSN 971022 5.00000 01/01/2039 | US | 17,992.34 | $20,643.48 | |
| 31414TS51 | FEDERAL NATL MTG ASSN 975840 5.00000 05/01/2038 | US | 29,812.69 | $32,753.48 | |
| 31415LXP7 | FEDERAL NATL MTG ASSN 983686 5.00000 02/01/2039 | US | 14,644.47 | $16,085.80 | |
| 31415QZX7 | FEDERAL NATL MTG ASSN 986458 6.00000 08/01/2038 | US | 6,326.21 | $7,364.53 | |
| 31415SLL4 | FEDERAL NATL MTG ASSN 987831 6.00000 09/01/2038 | US | 9,269.28 | $10,400.40 | |
| 31415VX26 | FEDERAL NATL MTG ASSN 990897 6.00000 09/01/2038 | US | 22,307.75 | $25,142.44 | |
| 31416ADZ0 | FEDERAL NATL MTG ASSN 993920 6.00000 11/01/2038 | US | 59,541.3 | $66,810.05 | |
| 31416BRR1 | FEDERAL NATL MTG ASSN 995196 6.00000 07/01/2038 | US | 323,188.37 | $383,858.62 | |
| 31416BSW9 | FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 | US | 1.58 | $1.58 | |
| 31416BVW5 | FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 | US | 402.34 | $403.90 | |
| 31416JWZ0 | FEDERAL NATL MTG ASSN AA1563 4.50000 02/01/2024 | US | 6,995.8 | $7,330.58 | |
| 31416KAL2 | FEDERAL NATL MTG ASSN AA1810 5.00000 01/01/2039 | US | 45,256.77 | $51,244.22 | |
| 31416QRJ6 | FEDERAL NATL MTG ASSN AA6788 6.00000 08/01/2039 | US | 118,169.57 | $134,097.34 | |
| 31417AX61 | FEDERAL NATL MTG ASSN AB4300 3.50000 01/01/2042 | US | 122,829.92 | $132,392.79 | |
| 31417JQR4 | FEDERAL NATL MTG ASSN AC0463 5.00000 11/01/2039 | US | 28,731.18 | $32,948.65 | |
| 31417KWT0 | FEDERAL NATL MTG ASSN AC1557 4.50000 09/01/2024 | US | 18,163.33 | $19,087.94 | |
| 31417QVD3 | FEDERAL NATL MTG ASSN AC5111 5.00000 11/01/2039 | US | 39,206.31 | $44,525.61 | |
| 31417VQ30 | FEDERAL NATL MTG ASSN AC8573 5.00000 01/01/2040 | US | 39,137.77 | $44,627.50 | |
| 31417YJC2 | FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 | US | 462,701.15 | $514,557.53 | |
| 31417YJD0 | FEDERAL NATL MTG ASSN MA0259 5.00000 12/01/2039 | US | 27,178.5 | $31,191.65 | |
| 31418BBC9 | FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 | US | 378,213.92 | $412,723.91 | |
| 31418BDH6 | FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 | US | 503,978.2 | $551,005.00 | |
| 31418CRE6 | FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 | US | 1,128,207.77 | $1,224,892.65 | |
| 31418DU59 | FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 | US | 3,849,721.25 | $3,996,984.37 | |
| 31418MG63 | FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 | US | 42,231.62 | $50,159.45 | |
| 31418MKV3 | FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 | US | 237,192.82 | $276,239.94 | |
| 31418MQQ8 | FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 | US | 6,228.44 | $6,506.48 | |
| 31419AB71 | FEDERAL NATL MTG ASSN AE0061 6.00000 02/01/2040 | US | 125,854.09 | $148,780.05 | |
| 31419AU62 | FEDERAL NATL MTG ASSN AE0604 6.00000 07/01/2039 | US | 277,447.75 | $329,516.97 | |
| 32054K103 | FIRST INDUSTRIAL REALTY TR | US | FR | 2,180 | $113,861.40 |
| 34461LAA2 | FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 | US | 3,660,000 | $3,852,044.59 | |
| 345370CW8 | FORD MOTOR COMPANY 9.00000 04/22/2025 | US | 170,000 | $209,587.90 | |
| 346232AF8 | FORESTAR GROUP INC 3.85000 05/15/2026 | US | 105,000 | $105,950.25 | |
| 34960PAC5 | FORTRESS TRANS & INFRAST 9.75000 08/01/2027 | US | 175,000 | $202,343.75 | |
| 357081AE8 | FREMF 2015-K720 B FLT 3.51073 07/25/2022 | US | 270,000 | $277,034.42 | |
| 36167RAA1 | GCT 2021-GCT A FLT 0.87300 02/15/2038 | US | 3,100,000 | $3,103,688.38 | |
| 36257MAA3 | GSMS 2019-70P A 1.07300 10/15/2036 | US | 2,985,000 | $2,984,973.14 | |
| 36262LAJ9 | GSMBS 2021-PJ6 A8 2.50000 11/25/2051 | US | 1,535,000 | $1,572,355.61 | |
| 36295HTS9 | GNMA POOL 671161 5.50000 11/15/2037 | US | 27,281.23 | $30,479.09 | |
| 369550108 | GENERAL DYNAMICS CORP | US | GD | 3,045 | $573,251.70 |
| 369604BQ5 | GENERAL ELECTRIC CO 3.44888 01/21/2099 | US | 3,310,000 | $3,255,385.00 | |
| 37255LAA5 | GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 | US | 145,000 | $159,819.00 | |
| 374297109 | GETTY REALTY CORP | US | GTY | 4,481 | $139,583.15 |
| 375558103 | GILEAD SCIENCES INC | US | GILD | 11,550 | $795,333.00 |
| 382550BL4 | GOODYEAR TIRE & RUBBER 5.00000 07/15/2029 | US | 165,000 | $172,755.00 | |
| 388689101 | GRAPHIC PACKAGING HOLDING CO | US | GPK | 116,702 | $2,116,974.28 |
| 404119BX6 | HCA INC 4.12500 06/15/2029 | US | 2,320,000 | $2,614,853.53 | |
| 418751AE3 | HAT HOLDINGS I LLC/HAT 3.37500 06/15/2026 | US | 155,000 | $156,162.50 | |
| 419792A22 | HAWAII ST 2.68200 10/01/2030 | US | 2,660,000 | $2,699,474.40 | |
| 42225P501 | HEALTHCARE TRUST OF AMERICA | US | HTA | 5,111 | $136,463.70 |
| 42250P103 | HEALTHPEAK PROPERTIES INC | US | PEAK | 5,509 | $183,394.61 |
| 423012301 | HEINEKEN NV-SPN ADR | NL | HEINY | 18,013 | $1,094,268.13 |
| 42806MAA7 | HERTZ 2021-1A A 1.21000 12/26/2025 | US | 2,000,000 | $1,998,920.00 | |
| 43300A203 | HILTON WORLDWIDE HOLDINGS INC | US | HLT | 1,053 | $127,012.86 |
| 437076102 | HOME DEPOT INC | US | HD | 5,959 | $1,900,265.51 |
| 43731QAA6 | HPA 2019-1 A 2.90800 09/17/2039 | US | 2,763,558.49 | $2,833,730.77 | |
| 438128308 | HONDA MOTOR CO LTD -SPONS ADR | JP | HMC | 20,511 | $660,043.98 |
| 438516106 | HONEYWELL INTERNATIONAL INC | US | HON | 6,295 | $1,380,808.25 |
| 44267DAE7 | HOWARD HUGHES CORP 4.12500 02/01/2029 | US | 110,000 | $109,981.30 | |
| 448579102 | HYATT HOTEL | US | H | 12,179 | $945,577.56 |
| 44988FAC4 | IIP OPERATING PARTNER 5.50000 05/25/2026 | US | 160,000 | $164,701.95 | |
| 450913AF5 | IAMGOLD CORP 5.75000 10/15/2028 | CA | 245,000 | $254,885.75 | |
| 451102BX4 | ICAHN ENTERPRISES/FIN 5.25000 05/15/2027 | US | 110,000 | $113,575.00 | |
| 45168D104 | IDEXX LABORATORIES INC | US | IDXX | 1,640 | $1,035,742.00 |
| 452308109 | ILLINOIS TOOL WKS INC | US | ITW | 3,407 | $761,668.92 |
| 45682RAA8 | INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 | AU | 275,000 | $290,468.75 | |
| 45778Q107 | INSPERITY INC | US | NSP | 11,230 | $1,014,855.10 |
| 45781V101 | INNOVATIVE INDUSTRIAL PROPER | US | IIPR | 269 | $51,384.38 |
| 458140100 | INTEL CORP | US | INTC | 28,414 | $1,595,161.96 |
| 45866F104 | INTERCONTINENTALEXCHANGE INC | US | ICE | 17,007 | $2,018,730.90 |
| 459200101 | INTERNATIONAL BUSINESS MACH CORP | US | IBM | 7,341 | $1,076,117.19 |
| 46116VAE5 | INTL FC STORE INC 8.62500 06/15/2025 | US | 145,000 | $154,968.75 | |
| 46187BAA1 | IHSFR 2017-SFR2 A 0.93200 12/17/2036 | US | 758,542.19 | $759,207.05 | |
| 46187BAB9 | IHSFR 2017-SFR2 B 1.23200 12/17/2036 | US | 629,893.83 | $630,716.60 | |
| 46187W107 | INVITATION HOMES INC | US | INVH | 13,617 | $507,777.93 |
| 465410BX5 | ITALY GOV'T INT BOND 2.37500 10/17/2024 | IT | 600,000 | $623,514.00 | |
| 46625H100 | JP MORGAN CHASE & CO | US | JPM | 11,946 | $1,858,080.84 |
| 46639GAL0 | JPMMT 2013-1 1A2 3.00000 03/25/2043 | US | 217,431.33 | $220,519.57 | |
| 46640BAC8 | JPMMT 2013-2 A2 3.50000 05/25/2043 | US | 215,762.63 | $219,277.88 | |
| 46641YAA1 | JPMMT 2014-2 1A1 3.00000 06/25/2029 | US | 529,360.8 | $541,270.89 | |
| 46647PBP0 | JPMORGAN CHASE & CO 2.95600 05/13/2031 | US | 4,090,000 | $4,300,968.91 | |
| 46647SAE0 | JPMMT 2017-3 1A3 3.50000 08/25/2047 | US | 72,330.73 | $73,510.75 | |
| 46649HAC6 | JPMMT 2017-6 A3 3.50000 12/25/2048 | US | 257,853.14 | $261,045.65 | |
| 478160104 | JOHNSON & JOHNSON | US | JNJ | 27,590 | $4,545,176.60 |
| 48088LAB3 | JOSEPH T RYERSON & SON 8.50000 08/01/2028 | US | 152,000 | $168,720.00 | |
| 49427F108 | KILROY REALTY CORP | US | KRC | 2,895 | $201,607.80 |
| 494368103 | KIMBERLY CLARK CORP | US | KMB | 3,886 | $519,869.08 |
| 494550AW6 | KINDER MORGAN ENER PART 6.95000 01/15/2038 | US | 3,330,000 | $4,762,855.34 | |
| 500472303 | KONINKLIJKE PHILIPS NVR - NY ADR | NL | PHG | 9,114 | $452,965.80 |
| 500754106 | KRAFT HEINZ CO/THE | US | KHC | 12,232 | $498,820.96 |
| 512816109 | LAMAR ADVERTISING CO-A | US | LAMR | 881 | $91,994.02 |
| 53223X107 | LIFE STORAGE INC | US | LSI | 1,845 | $198,060.75 |
| 539473AE8 | LLOYDS BANK PLC 12.00000 12/16/2024 | GB | 190,000 | $206,359.00 | |
| 539830109 | LOCKHEED MARTIN CORP | US | LMT | 2,489 | $941,713.15 |
| 550021109 | LULULEMON - ADR | CA | LULU | 2,926 | $1,067,902.22 |
| 552848AG8 | MGIC INVESTMENT CORP 5.25000 08/15/2028 | US | 235,000 | $249,100.00 | |
| 57636Q104 | MASTERCARD INC-CLASS A | US | MA | 7,575 | $2,765,556.75 |
| 58933Y105 | MERCK & CO INC | US | MRK | 17,414 | $1,354,286.78 |
| 59022CAJ2 | MERRILL LYNCH 6.11000 01/29/2037 | US | 2,090,000 | $2,863,481.20 | |
| 594918104 | MICROSOFT CORP | US | MSFT | 11,966 | $3,241,589.40 |
| 595112103 | MICRON TECHNOLOGY INC | US | MU | 11,919 | $1,012,876.62 |
| 59522J103 | MID-AMERICA APARTMENT COMM | US | MAA | 2,571 | $433,007.82 |
| 609207105 | MONDELEZ INTERNATIONAL INC | US | MDLZ | 44,993 | $2,809,362.92 |
| 615369105 | MOODY'S CORPORATION | US | MCO | 5,304 | $1,922,010.48 |
| 61965RAA3 | MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 | US | 165,000 | $153,450.00 | |
| 62913TAJ1 | NGL ENRGY PART LP/FIN CO 7.50000 11/01/2023 | US | 175,000 | $172,375.00 | |
| 63938CAH1 | NAVIENT CORP 6.75000 06/25/2025 | US | 285,000 | $315,281.25 | |
| 63938EAC8 | NAVSL 2014-1 A3 FLT 0.60150 06/25/2031 | US | 225,168.68 | $224,063.10 | |
| 63938NAF1 | NAVIOS SA LOGIST/FIN US 10.75000 07/01/2025 | MUL | 100,000 | $110,500.00 | |
| 63941MAB7 | NAVSL 2019-EA A2A 2.64000 05/15/2068 | US | 2,600,601 | $2,655,602.93 | |
| 64032XAA3 | NSLT 2012-3A A MTGE FLT 0.79150 02/25/2045 | US | 237,096.38 | $236,003.32 | |
| 64033GAA9 | NSLT 2013-5A A MTGE FLT 0.72150 01/25/2037 | US | 378,004.99 | $379,167.85 | |
| 644393AA8 | NEW FORTRESS ENERGY INC 6.75000 09/15/2025 | US | 150,000 | $153,937.50 | |
| 64829DAG1 | NRZT 2014-3A AFX3 3.75000 11/25/2054 | US | 506,292.58 | $539,635.09 | |
| 64829EAA2 | NRZT 2015-2A A1 3.75000 08/25/2055 | US | 510,895.01 | $541,735.54 | |
| 64829LAA6 | NRZT 2016-4A A1 3.75000 11/25/2056 | US | 749,174.05 | $795,657.68 | |
| 64971XPG7 | NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 | US | 950,000 | $973,104.00 | |
| 65106WAA3 | NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 | AU | 1,730,000 | $1,799,489.60 | |
| 651639106 | NEWMONT GOLDCORP CORP | US | NEM | 22,706 | $1,439,106.28 |
| 65341D102 | NEXPOINT RESIDENTIAL | US | NXRT | 1,612 | $88,627.76 |
| 655844108 | NORFOLK SOUTHN CORP | US | NSC | 3,478 | $923,095.98 |
| 6642321 | NIKON CORP | JP | 7731 JP | 66,500 | $709,387.99 |
| 666807102 | NORTHROP GRUMMAN CORP | US | NOC | 1,654 | $601,113.22 |
| 66727WAA0 | NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | CA | 880,000 | $88.00 | |
| 66981QAA4 | BRUNDAGE-BONE CONCRETE 6.00000 02/01/2026 | US | 150,000 | $157,905.00 | |
| 66987V109 | NOVARTIS AG- REG | CH | NVS | 35,282 | $3,219,129.68 |
| 67066G104 | NVIDIA CORP | US | NVDA | 1,320 | $1,056,132.00 |
| 67421QAA0 | OASIS MIDSTREAM PARTNERS 8.00000 04/01/2029 | US | 155,000 | $164,772.75 | |
| 68389X105 | ORACLE CORP | US | ORCL | 20,219 | $1,573,846.96 |
| 68622V106 | ORGANNON & CO | US | OGN | 1,741 | $52,682.66 |
| 691205AE8 | OWL ROCK TECHNOLOGY 3.75000 06/17/2026 | US | 1,780,000 | $1,872,477.46 | |
| 69144AAA7 | OXFIN 2020-1A A2 3.10100 02/15/2028 | US | 505,000 | $519,762.01 | |
| 69145AAB4 | OXFIN 2019-1A A2 4.45900 02/15/2027 | US | 2,081,412.17 | $2,146,756.65 | |
| 693456AW5 | PMTLT 2013-J1 a9 3.50000 09/25/2043 | US | 994,537.88 | $1,013,404.46 | |
| 69354NAC0 | PRA GROUP INC 7.37500 09/01/2025 | US | 255,000 | $275,081.25 | |
| 70450Y103 | PAYPAL HOLDINGS INC | US | PYPL | 7,925 | $2,309,979.00 |
| 7123870 | NESTLE SA-REGISTERED | CH | NESN SW | 12,345 | $1,538,768.22 |
| 71654V101 | PETROLEO BRASIL-SP PREF ADR | BR | PBR/A | 62,068 | $733,023.08 |
| 723787107 | PIONEER NATURAL RESOURCES CO | US | PXD | 6,498 | $1,056,054.96 |
| 74166MAC0 | PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 | US | 190,000 | $209,887.30 | |
| 742718109 | PROCTER & GAMBLE CO | US | PG | 13,428 | $1,811,840.04 |
| 74331AAA0 | 2019- SFR4 CLASS A 2.68700 10/17/2036 | US | 4,200,000 | $4,300,434.18 | |
| 74333NAA0 | PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 | US | 3,502,835.24 | $3,566,396.29 | |
| 74340W103 | PROLOGIS | US | PLD | 9,469 | $1,131,829.57 |
| 74388JAD7 | PFMT 2021-2 A2A 2.00000 04/25/2051 | US | 1,911,793.9 | $1,927,177.91 | |
| 74460D109 | PUBLIC STORAGE INC | US | PSA | 1,699 | $510,872.31 |
| 747525103 | QUALCOMM INC | US | QCOM | 8,700 | $1,243,491.00 |
| 750236AW1 | RADIAN GROUP INC 4.87500 03/15/2027 | US | 100,000 | $108,750.00 | |
| 750481103 | RADIUS GLOBAL INFRASTRUCTURE | US | RADI | 7,506 | $108,837.00 |
| 756109104 | REALTY INCOME CORP | US | O | 1,146 | $76,484.04 |
| 76169C100 | REXFORD INDUSTRIAL REALITY IN | US | REXR | 4,582 | $260,944.90 |
| 767204100 | RIO TINTO PLC - SPON ADR | GB | RIO | 10,871 | $911,968.19 |
| 780259107 | ROYAL DUTCH SHELL PLC-ADR B | NL | RDS/B | 6,344 | $246,337.52 |
| 783513203 | RYANAIR HOLDINGS - ADR | IE | RYAAY | 9,065 | $980,923.65 |
| 78409V104 | S&P GLOBAL INC | US | SPGI | 1,920 | $788,064.00 |
| 78410G104 | SBA COMMUNICATIONS CORP | US | SBAC | 9,058 | $2,886,784.60 |
| 78442GQJ8 | SLMA 2005-7 A4 FLT 0.32575 10/25/2029 | US | 202,129.46 | $201,207.22 | |
| 78442PGC4 | SLM CORP 5.12500 04/05/2022 | US | 405,000 | $412,593.75 | |
| 78449GAB5 | SMB 2016-B A2A 2.43000 02/17/2032 | US | 2,511,286.45 | $2,572,857.92 | |
| 78449UAB4 | SMB 2020-A A2A MTGE 2.23000 09/15/2037 | US | 340,000 | $349,597.79 | |
| 78470NAB2 | SOFI 2015-D A2 2.72000 10/27/2036 | US | 31,194.7 | $31,545.11 | |
| 78470RAC1 | SOFI 2016-E A2B 2.49000 01/25/2036 | US | 41,459.11 | $41,827.76 | |
| 785592AV8 | SABINE PASS LIQUEFACTION 5.87500 06/30/2026 | US | 4,410,000 | $5,222,388.19 | |
| 79466L302 | SALESFORCE.COM | US | CRM | 4,161 | $1,016,407.47 |
| 80105N105 | SANOFI-AVENTIS-ADR | FR | SNY | 18,142 | $955,357.72 |
| 81141R100 | SEA LTD - ADR | SG | SE | 7,454 | $2,046,868.40 |
| 81181C104 | SEAGEN INC | US | SGEN | 12,278 | $1,938,450.64 |
| 81745BAB1 | SEMT 2013-6 A2 3.00000 05/25/2043 | US | 2,120,754.76 | $2,144,650.36 | |
| 81745CAB9 | SEMT 2013-7 A2 3.00000 06/25/2043 | US | 279,169.36 | $282,482.04 | |
| 81745EAA7 | SEMT 2013-8 A1 3.00000 06/25/2043 | US | 356,328.26 | $360,610.54 | |
| 81745MAA9 | SEMT 2013-2 1.87400 02/25/2043 | US | 288,326.2 | $290,220.94 | |
| 81748MAA6 | SEMT 2020-1 A1 3.50000 02/25/2050 | US | 126,614.3 | $129,422.58 | |
| 81762P102 | SERVICENOW INC | US | NOW | 1,725 | $947,973.75 |
| 82967NBJ6 | SIRIUS XM RADIO INC 4.00000 07/15/2028 | US | 105,000 | $108,261.30 | |
| 83401BAB2 | SOFI 2017-F A2FX 2.84000 01/25/2041 | US | 296,975.5 | $303,694.75 | |
| 83405TAA1 | SCLP 2019-3 A MTGE 2.90000 05/25/2028 | US | 369,297.73 | $371,224.95 | |
| 83406CAA7 | SCLP 2019-2 A MTGE 3.01000 04/25/2028 | US | 172,626.76 | $173,093.68 | |
| 83406TAB8 | SOFI 2020-A A2FX MTGE 2.54000 05/15/2046 | US | 225,000 | $232,465.77 | |
| 83419MAA0 | SOLARIS MIDSTREAM HOLDIN 7.62500 04/01/2026 | US | 60,000 | $63,600.00 | |
| 835699307 | SONY CORP SPONSORED ADR | JP | SONY | 10,380 | $1,009,143.60 |
| 837151XF1 | SOUTH CAROLINA ST PUBLIC SVC 1.85200 12/01/2026 | US | 3,460,000 | $3,523,733.20 | |
| 844741BJ6 | SOUTHWEST AIRLINES CO 5.25000 05/04/2025 | US | 810,000 | $924,496.34 | |
| 844741BK3 | SOUTHWEST AIRLINES CO 5.12500 06/15/2027 | US | 2,530,000 | $2,980,744.80 | |
| 85571BAL9 | STARWOOD PROPERTY TRUST 4.75000 03/15/2025 | US | 155,000 | $161,200.00 | |
| 85571XAA5 | SRPT 2014-STAR A FLTG RATE 1.54290 11/15/2027 | US | 2,317,783.32 | $1,732,543.03 | |
| 861036AA9 | STL HOLDING CO LLC 7.50000 02/15/2026 | US | 250,000 | $263,125.00 | |
| 86184WAA4 | STONEMOR INC 8.50000 05/15/2029 | US | 155,000 | $156,743.75 | |
| 86212XAA8 | STR 2019-1 A1 MTGE 2.82000 11/20/2049 | US | 2,128,303.18 | $2,231,098.10 | |
| 866674104 | SUN COMMUNITIES | US | SUI | 2,620 | $449,068.00 |
| 86935CAA0 | SCML 2019-SBC8 2.86000 04/25/2041 | US | 2,349,269.97 | $2,358,964.00 | |
| 87105L104 | SWITCH INC - A | US | SWCH | 17,693 | $373,499.23 |
| 87157B301 | SYNCHRONOSS TECH 8.37500 06/30/2026 | US | 4,250 | $106,250.00 | |
| 87267CAA6 | TRP 2021-1 A MTGE 2.07000 06/19/2051 | US | 2,000,000 | $1,990,267.00 | |
| 87356LAA8 | TACORA RESOURCES INC 8.25000 05/15/2026 | CA | 205,000 | $212,175.00 | |
| 874060205 | TAKEDA PHARMACEUTIC - SP ADR | JP | TAK | 30,190 | $508,097.70 |
| 87485LAC8 | TALOS PRODUCTION 12.00000 01/15/2026 | US | 155,000 | $164,300.00 | |
| 88032WAN6 | TENCENT HOLDINGS 3.97500 04/11/2029 | KY | 6,195,000 | $6,911,203.95 | |
| 88146M101 | TERRENO REALTY CORP | US | TRNO | 2,664 | $171,881.28 |
| 883556102 | THERMO FISHER SCIENTIFIC INC | US | TMO | 1,965 | $991,283.55 |
| 88579Y101 | 3M CO | US | MMM | 5,320 | $1,056,711.60 |
| 88830MAL6 | TITAN INTERNATIONAL INC 7.00000 04/30/2028 | US | 150,000 | $156,937.50 | |
| 89151E109 | TOTALENERGIES SE SPON ADR | FR | TTE | 8,505 | $384,936.30 |
| 89173CAA5 | TPMT 2016-5 A1 2.50000 10/25/2056 | US | 890,406.32 | $904,702.42 | |
| 89173FAA8 | TPMT 2017-1 A1 2.75000 10/25/2056 | US | 1,017,281.74 | $1,032,849.30 | |
| 89177EAA7 | TPMT 2019-HY1 A1 1.09150 10/25/2048 | US | 1,094,367.68 | $1,102,154.43 | |
| 89613FAA6 | TAH 2017-SFR2 A 2.92800 01/17/2036 | US | 2,018,667.34 | $2,063,575.82 | |
| 902653104 | UDR INC | US | UDR | 4,906 | $240,295.88 |
| 902973304 | U.S. BANCORP | US | USB | 15,720 | $895,568.40 |
| 904767704 | UNILEVER PLC - ADR | GB | UL | 67,324 | $3,938,454.00 |
| 907818108 | UNION PAC CORP | US | UNP | 5,923 | $1,302,645.39 |
| 90932KAA7 | UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 | US | 103,015.44 | $102,018.37 | |
| 90932NAA1 | UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 | US | 100,853.73 | $104,140.97 | |
| 91086QBG2 | UNITED MEXICAN STATES 4.12500 01/21/2026 | MX | 400,000 | $451,576.00 | |
| 912828R36 | US TREASURY N/B 1.62500 05/15/2026 | US | 25,690,000 | $26,638,322.20 | |
| 912828VB3 | UNITED STATES TREAS NTS 1.75000 05/15/2023 | US | 30,645,000 | $31,511,678.91 | |
| 912828WJ5 | US TREASURY N/B 2.50000 05/15/2024 | US | 29,600,000 | $31,356,343.82 | |
| 912828XB1 | UNITED STATES TREAS NTS 2.12500 05/15/2025 | US | 29,420,000 | $31,072,576.71 | |
| 91823AAN1 | VBTOW 2020-1A C2 3.03100 06/15/2050 | US | 1,200,000 | $1,254,354.72 | |
| 92276F100 | VENTAS INC | US | VTR | 2,038 | $116,369.80 |
| 92343V104 | VERIZON COMMUNICATIONS | US | VZ | 25,202 | $1,412,068.06 |
| 92343VCV4 | VERIZON COMMUNICATIONS 4.27200 01/15/2036 | US | 4,290,000 | $5,124,248.72 | |
| 92532F100 | VERTEX PHARMACEUTICALS INC | US | VRTX | 11,465 | $2,311,687.95 |
| 92826C839 | VISA INC - CLASS A SHARES | US | V | 13,943 | $3,260,152.26 |
| 92840VAH5 | VISTRA OPERATIONS CO LLC 4.37500 05/01/2029 | US | 160,000 | $160,800.00 | |
| 93065PAA9 | WBHT 2019-WBM A FLT 1.12300 12/15/2033 | US | 2,300,000 | $2,301,345.27 | |
| 931142103 | WAL MART STORES | US | WMT | 13,388 | $1,887,975.76 |
| 93114W107 | WALMART DE MEXICO | MX | WMMVY | 32,460 | $1,062,740.40 |
| 94106L109 | WASTE MANAGEMENT INC | US | WM | 5,035 | $705,453.85 |
| 95040Q104 | WELLTOWER INC. | US | WELL | 2,053 | $170,604.30 |
| 969457BY5 | WILLIAMS COMPANIES INC 2.60000 03/15/2031 | US | 3,580,000 | $3,629,465.50 | |
| 97652TAA1 | WIN 2015-1 A1 3.50000 01/20/2045 | US | 203,496.73 | $206,676.18 | |
| 98978V103 | ZOETIS INC | US | ZTS | 3,055 | $569,329.80 |
| B4888C1 | CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 | CA | 327,000 | $269,793.73 | |
| B4NDCC9 | MEX BONOS DESARR FIX RT 6.50000 06/09/2022 | MX | 4,996,000 | $252,990.48 | |
| B6TC406 | MEX BONOS DESARR FIX RT 7.75000 05/29/2031 | MX | 908,000 | $48,080.18 | |
| BGHQ198 | HIBERNIA REIT PLC | IE | HBRN ID | 57,258 | $84,188.16 |
| BK0939417 | AMERICAN TANKER INC 7.75000 07/02/2025 | US | 375,000 | $384,750.00 | |
| BMMV2K8 | TENCENT HOLDINGS LTD | CN | 700 HK | 15,700 | $1,182,092.41 |
| BMXKJ81 | FLAGSHIP COMMUNITIES REIT UT | US | MHC/U CN | 7,631 | $135,068.70 |
| BN7860420 | PETROTAL CORP 12.00000 02/16/2024 | CA | 120,000 | $123,600.00 | |
| BP3061408 | AIRSWIFT GLOBAL AS FLT 8.66750 05/12/2025 | NO | 200,000 | $198,000.00 | |
| BP9857429 | DIANA SHIPPING INC 8.37500 06/22/2026 | MH | 150,000 | $151,350.00 | |
| G29183103 | EATON CORP PLC | US | ETN | 5,030 | $745,345.40 |
| G51502105 | JOHNSON CONTROLS INTERNATIONAL | US | JCI | 10,264 | $704,418.32 |
| G5494J103 | LINDE PLC | GB | LIN | 3,907 | $1,129,513.70 |
| G5960L103 | MEDTRONIC INC | IE | MDT | 8,327 | $1,033,630.51 |
| H01301128 | ALCON INC | CH | ALC | 26,336 | $1,850,367.36 |
| H1467J104 | CHUBB LTD | CH | CB | 4,255 | $676,289.70 |
| ZO1818103 | NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 | MH | 350,000 | $365,750.00 | |
| ZO4110185 | BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 | AE | 300,000 | $291,750.00 |
Investments will change over time.
Distributions
- Pro-Blend® Conservative Term Series Class I Distribution History
- 2021 Distribution Calendar
- Fourth Quarter 2020 Distributions
- Third Quarter 2020 Distributions
- Second Quarter 2021 Distributions
- First Quarter 2021 Distributions
- Tax Letter
- Target Income Merger into Pro Blend Conservative
- Target 2015 Merger into Pro Blend Conservative
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.
Daily Price
$10.37
Daily $ Change
-$0.02
Daily % Change
-0.19%
as of 08/04/2021
Ticker
MNCIX
CUSIP
56382P690
Inception Date
03/28/2008
Investment Minimum
$1,000,000.00
Investment minimum may be waived for certain qualified retirement plans and discretionary investment accounts of the Advisor.
Important Documents
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Fact Sheet | |
| Applications & Forms | |
| N-Port Part F Reports |
Investment Objective
To provide capital preservation as a primary goal, with income and capital growth as secondary objectives.
Investment Strategy
The portfolio is invested in a conservative mix of securities that seeks stability with some growth and income potential. Holdings are diversified primarily among fixed income securities, typically focusing on short to intermediate-term maturities. Stock investments may be focused on dividend paying securities in pursuit of growth opportunities and income generation.
The fund manager will adjust the investment mix over time to manage risk by continually evaluating individual securities and market conditions to determine the relative attractiveness of each investment. In general, stock exposure will increase when valuations are low and decrease during speculative markets.
May be Appropriate for Investors
- Who seek to minimize declines in account value with the potential for modest capital growth and income generation
- Who want to assume a minimal amount of capital risk through limited stock exposure
About Risk-Based Funds
Risk-based funds offer professional management and asset allocation through a choice of investment objectives that range from fairly aggressive to fairly conservative. All an investor has to do is determine which objective best suits his or her current risk tolerance and investment time horizon, then decide when to move to a different objective as his or her personal situation changes over the years.
Time Horizon & Range of Stock Exposure
| Conservative Term | Moderate Term | Extended Term | Maximum Term |
| 0-5 Years | 3-10 Years | 7-20 Years | 15+ Years |
| 15-45% | 20-60% | 40-70% | 70-95% |
Generally, the longer your time horizon, the more aggressive your investment objective can be. Greater stock exposure is typically associated with higher return potential and higher capital risk.
Performance
As of 06/30/2021
YTD
4.12%
1 Year
12.30%
3 Year
8.75%
5 Year
7.01%
10 Year
5.63%
Inception
(11/01/1995)
5.99%
Inception performance is based on the Pro-Blend® Conservative Term Series Class S inception of 11/01/1995. For periods through 03/28/2008 (the inception date of the Class I shares), performance for the Class I shares is based on the historical performance of the Class S shares. Because the Class I shares invest in the same portfolio of securities as the Class S shares, performance will be different only to the extent that the Class S shares have a higher expense ratio. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.
Expense Ratio
| Gross | 0.60% |
Top Ten Investments
As of 06/30/2021
| TREASURY NOTES | 23.02% |
| GOVERNMENT AGENCY | 6.75% |
| AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 | 1.55% |
| TENCENT HOLDINGS 3.97500 04/11/2029 | 1.32% |
| ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 | 1.03% |
| AMAZON.COM INC | 1.01% |
| SABINE PASS LIQUEFACTION 5.87500 06/30/2026 | 1.00% |
| CROWN CASTLE INTL CORP 3.10000 11/15/2029 | 0.98% |
| VERIZON COMMUNICATIONS 4.27200 01/15/2036 | 0.98% |
| AMERICAN TOWER CORP 3.80000 08/15/2029 | 0.97% |
This investment list is unaudited and excludes cash.
Asset Allocation
As of 06/30/2021
| Bonds | 66.69% | |
| Stocks | 31.51% | |
| Cash | 1.80% |
Detailed Asset Class Allocation
As of 06/30/2021
| International Equities | 6.86% | |
| Small Capitalization | 0.46% | |
| Mid Capitalization | 2.76% | |
| Large Capitalization | 21.43% | |
| Long Term Fixed Income | 19.28% | |
| Intermediate Term Fixed Income | 35.00% | |
| Short Term Fixed Income | 12.41% | |
| Cash | 1.80% |
Due to rounding, the sum of the detailed asset class allocation categories may not equal the asset allocation totals provided above.
June Fund Holdings
As of 06/30/2021
| CUSIP | Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|---|
| 00206RDQ2 | AT&T INC 4.25000 03/01/2027 | US | 1,510,000 | $1,713,792.82 | |
| 00507V109 | ACTIVISION INC | US | ATVI | 10,334 | $986,276.96 |
| 00842XAA7 | AFFINITY GAMING 6.87500 12/15/2027 | US | 105,000 | $111,431.25 | |
| 008474108 | AGNICO EAGLE MINES LTD | CA | AEM | 13,446 | $812,810.70 |
| 008492100 | AGREE REALTY CORP | US | ADC | 2,140 | $150,848.60 |
| 009126202 | AIR LIQUIDE-ADR | FR | AIQUY | 43,987 | $1,545,703.18 |
| 00912XAV6 | AIR LEASE CORP 3.62500 04/01/2027 | US | 1,660,000 | $1,782,872.49 | |
| 01166WAA5 | ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 | US | 277,552.09 | $311,308.06 | |
| 01609WAU6 | ALIBABA GROUP HOLDING 4.00000 12/06/2037 | KY | 3,270,000 | $3,672,060.69 | |
| 01879NAA3 | ALLIANCE RES OP/FINANCE 7.50000 05/01/2025 | US | 100,000 | $97,625.00 | |
| 02079K305 | ALPHABET INC-CL A | US | GOOGL | 1,707 | $4,168,135.53 |
| 023135106 | AMAZON.COM INC | US | AMZN | 1,533 | $5,273,765.28 |
| 0237400 | DIAGEO PLC | GB | DGE LN | 14,468 | $693,429.95 |
| 024835100 | AMERICAN CAMPUS COMMUNITIES | US | ACC | 2,939 | $137,310.08 |
| 02665T306 | AMERICAN HOMES 4 RENT- A | US | AMH | 9,250 | $359,362.50 |
| 03027X100 | AMERICAN TOWER REIT INC | US | AMT | 5,605 | $1,514,134.70 |
| 03027XAW0 | AMERICAN TOWER CORP 3.80000 08/15/2029 | US | 4,560,000 | $5,085,559.38 | |
| 03064D108 | AMERICOLD REALTY TRUST | US | COLD | 4,485 | $169,757.25 |
| 032654105 | ANALOG DEVICES INC | US | ADI | 3,888 | $669,358.08 |
| 03784Y200 | APPLE HOSPITALITY REIT INC | US | APLE | 8,709 | $132,899.34 |
| 038923AS7 | ARBOR REALTY TRUST INC 8.00000 04/30/2023 | US | 160,000 | $169,113.05 | |
| 045054AJ2 | ASHTEAD CAPITAL INC 4.00000 05/01/2028 | US | 1,680,000 | $1,776,852.00 | |
| 053015103 | AUTOMATIC DATA PROCESSING | US | ADP | 3,808 | $756,344.96 |
| 053484101 | AVALONBAY COMMUNITIES INC | US | AVB | 1,248 | $260,445.12 |
| 05401AAP6 | AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 | KY | 8,200,000 | $8,120,326.18 | |
| 05545E209 | BHP GROUP PLC SPONSORED ADR | AU | BBL | 17,835 | $1,064,571.15 |
| 055622104 | BP PLC-SPONS ADR | GB | BP | 13,876 | $366,603.92 |
| 05567SAA0 | BNSF FUNDING TRUST I 6.61300 12/15/2055 | US | 1,540,000 | $1,763,053.60 | |
| 05604LAA0 | BWAY 2015-1740 A 2.91700 01/10/2035 | US | 4,633,000 | $4,700,250.77 | |
| 067901108 | BARRICK GOLD CORP | CA | GOLD | 40,232 | $831,997.76 |
| 071734AM9 | BAUSCH HEALTH COS INC 5.00000 02/15/2029 | CA | 165,000 | $153,862.50 | |
| 07403VAA7 | BEASLEY MEZ HLDGS LLC 8.62500 02/01/2026 | US | 140,000 | $141,400.00 | |
| 084423102 | WR BERKLEY CORP | US | WRB | 15,113 | $1,124,860.59 |
| 084670702 | BERKSHIRE HATHAWAY INC-CL B | US | BRK/B | 3,345 | $929,642.40 |
| 09061G101 | BIOMARIN PHARMACEUTICAL INC | US | BMRN | 22,539 | $1,880,654.16 |
| 09261XAA0 | BLACKSTONE SECURED LEND 2.75000 09/16/2026 | US | 1,770,000 | $1,794,714.55 | |
| 10373QBR0 | BP CAP MARKETS AMERICA 3.06000 06/17/2041 | US | 4,470,000 | $4,517,203.20 | |
| 105368203 | BRANDYWINE REALTY TRUST | US | BDN | 10,179 | $139,554.09 |
| 110122108 | BRISTOL MYERS SQUIBB CO | US | BMY | 16,524 | $1,104,133.68 |
| 110448107 | BRITISH AMERICAN TOB-SP ADR | GB | BTI | 19,577 | $769,571.87 |
| 12345678 | JONAH ENERGY PARENT LLC | US | 2,353 | $35,295.00 | |
| 12467AAF5 | C&S GROUP ENTERPRISES LL 5.00000 12/15/2028 | US | 160,000 | $158,600.00 | |
| 12530MAB1 | SORT 2020-1 A2 1.99000 07/15/2060 | US | 2,212,773.27 | $2,247,724.69 | |
| 12530MAC9 | SORT 2020-1 B1 2.28000 07/15/2060 | US | 2,863,136.51 | $2,911,298.19 | |
| 12555DAA3 | CIM 2019-INV1 A1 4.00000 02/25/2049 | US | 297,573.71 | $301,851.33 | |
| 12598FAA7 | CPI CG INC 8.62500 03/15/2026 | US | 150,000 | $159,375.00 | |
| 12626K203 | CRH PLC -SPONSORED ADR | IE | CRH | 10,726 | $545,309.84 |
| 12646XAH5 | CSMC 2013-IVR3 A1 2.50000 05/25/2043 | US | 449,020.44 | $453,956.52 | |
| 133131102 | CAMDEN PROPERTY TRUST | US | CPT | 1,464 | $194,228.88 |
| 133131AZ5 | CAMDEN PROPERTY TRUST 2.80000 05/15/2030 | US | 3,210,000 | $3,405,064.48 | |
| 13321L108 | CAMECO CORP | CA | CCJ | 51,774 | $993,025.32 |
| 136375102 | CANADIAN NATIONAL RAILWAY CO | CA | CNI | 13,862 | $1,462,718.24 |
| 14174T107 | CARETRUST REIT INC | US | CTRE | 3,795 | $88,157.85 |
| 149123101 | CATERPILLAR INC | US | CAT | 5,446 | $1,185,212.98 |
| 156700BA3 | CENTURYLINK INC 7.50000 04/01/2024 | US | 100,000 | $112,250.00 | |
| 16119P108 | CHARTER COMMUNICATIONS INC-A | US | CHTR | 2,173 | $1,567,710.85 |
| 17275R102 | CISCO SYSTEMS INC | US | CSCO | 31,256 | $1,656,568.00 |
| 172967424 | CITIGROUP INC | US | C | 16,067 | $1,136,740.25 |
| 172967KA8 | CITIGROUP INCA 4.45000 09/29/2027 | US | 3,020,000 | $3,450,046.07 | |
| 191216100 | COCA COLA CO/THE | US | KO | 31,605 | $1,710,146.55 |
| 194162103 | COLGATE-PALMOLIVE CO | US | CL | 9,230 | $750,860.50 |
| 20030N101 | COMCAST CORP-CL A | US | CMCSA | 28,518 | $1,626,096.36 |
| 20268CAA6 | CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 | US | 1,388,497.49 | $1,423,102.74 | |
| 20369C106 | COMMUNITY HEALTHCARE TRUST I | US | CHCT | 3,678 | $174,557.88 |
| 20825C104 | CONOCOPHILLIPS | US | COP | 27,179 | $1,655,201.10 |
| 217204106 | COPART INC | US | CPRT | 7,854 | $1,035,392.82 |
| 222795502 | COUSINS PROPERTIES INC | US | CUZ | 8,556 | $314,689.68 |
| 225310AM3 | CREDIT ACCEPTANC 6.62500 03/15/2026 | US | 155,000 | $163,137.50 | |
| 22534GAC7 | CAALT 2020-1A B 2.39000 04/16/2029 | US | 1,150,000 | $1,181,175.70 | |
| 22537CAA7 | CAALT 2021-2A A 0.96000 02/15/2030 | US | 2,200,000 | $2,201,495.78 | |
| 22822V101 | CROWN CASTLE INTL CORP | US | CCI | 470 | $91,697.00 |
| 22822VAN1 | CROWN CASTLE INTL CORP 3.10000 11/15/2029 | US | 4,830,000 | $5,128,063.21 | |
| 22822VAR2 | CROWN CASTLE INTL CORP 3.30000 07/01/2030 | US | 1,080,000 | $1,157,864.31 | |
| 22944PAA5 | CSMC 2013-TH1 A1 2.13000 02/25/2043 | US | 283,244.39 | $287,535.97 | |
| 231021106 | CUMMINS INC | US | CMI | 2,265 | $552,229.65 |
| 253868103 | DIGITAL REALTY TRUST INC | US | DLR | 2,370 | $356,590.20 |
| 256677105 | DOLLAR GENERAL CORP | US | DG | 4,978 | $1,077,189.42 |
| 256746108 | DOLLAR TREE STORES INC | US | DLTR | 8,810 | $876,595.00 |
| 25960P109 | DOUGLAS EMMETT INC | US | DEI | 3,719 | $125,032.78 |
| 26150TAE9 | DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 | US | 250,000 | $259,317.53 | |
| 262006208 | DREYFUS GVT CSH MANAGEMENT | US | 9,605,697.03 | $9,605,697.03 | |
| 264411505 | DUKE RLTY INVTS INC | US | DRE | 6,198 | $293,475.30 |
| 267475AD3 | DYCOM INDUSTRIES INC 4.50000 04/15/2029 | US | 160,000 | $161,385.60 | |
| 26875P101 | EOG RESOURCES INC | US | EOG | 12,994 | $1,084,219.36 |
| 26884L109 | EQT CORP | US | EQT | 53,559 | $1,192,223.34 |
| 285512109 | ELECTRONIC ARTS | US | EA | 6,876 | $988,975.08 |
| 291011104 | EMERSON ELEC CO | US | EMR | 7,789 | $749,613.36 |
| 29273RAR0 | ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 | US | 4,170,000 | $5,416,382.18 | |
| 29275YAC6 | ENERSYS 4.37500 12/15/2027 | US | 100,000 | $104,069.00 | |
| 29278MAC9 | ENERGY VEB/ENVEN FIN 11.75000 04/15/2026 | US | 155,000 | $161,646.40 | |
| 29444U700 | EQUINIX INC | US | EQIX | 2,543 | $2,041,011.80 |
| 29472R108 | EQUITY LIFESTYLE PROPERTIES | US | ELS | 3,955 | $293,896.05 |
| 297178105 | ESSEX PROPERTY TRUST INC | US | ESS | 875 | $262,508.75 |
| 30212P303 | EXPEDIA INC | US | EXPE | 13,818 | $2,262,144.78 |
| 30212PBK0 | EXPEDIA GROUP INC 4.62500 08/01/2027 | US | 1,600,000 | $1,809,130.35 | |
| 30225T102 | EXTRA SPACE STORAGE INC | US | EXR | 1,515 | $248,187.30 |
| 30231G102 | EXXON MOBIL CORP | US | XOM | 13,295 | $838,648.60 |
| 302491303 | FMC CORP | US | FMC | 12,412 | $1,342,978.40 |
| 30262SAR9 | FREMF 2015-K42 B FLT 3.98167 01/25/2048 | US | 490,000 | $532,716.49 | |
| 30264DAA7 | FS ENERGY & POWER FUND 7.50000 08/15/2023 | US | 155,000 | $160,037.50 | |
| 30286XAN9 | FREMF 2015-K43 B FLT 3.85979 02/25/2048 | US | 500,000 | $542,179.55 | |
| 30287EAE0 | FREMF 2014-K41 B FLT 3.96396 11/25/2047 | US | 2,500,000 | $2,718,626.00 | |
| 30291HAA5 | FREMF 2013-K28 X2A 0.10000 06/25/2046 | US | 186,292,627.48 | $210,380.26 | |
| 30303M102 | FACEBOOK INC -A | US | FB | 12,977 | $4,512,232.67 |
| 303250104 | FAIR ISAAC CORP | US | FICO | 2,426 | $1,219,501.68 |
| 3128LCD86 | FHLM POOL A78227 5.50000 06/01/2038 | US | 76,070.13 | $88,436.83 | |
| 3128M56M7 | FHLM POOL G04176 5.50000 05/01/2038 | US | 65,150.1 | $75,911.70 | |
| 3128M5VT4 | FHLM POOL G03926 6.00000 02/01/2038 | US | 202,259.51 | $240,133.52 | |
| 3128M6JQ2 | FHLM POOL G04471 5.50000 07/01/2038 | US | 22,667.24 | $26,399.59 | |
| 3128M6SU3 | FHLM POOL G04731 5.50000 04/01/2038 | US | 145,193.43 | $169,110.58 | |
| 3128M6T99 | FHLM POOL G04776 5.50000 07/01/2038 | US | 148,862.76 | $173,392.54 | |
| 3128M73P9 | FHLM POOL G05906 6.00000 04/01/2040 | US | 36,064.63 | $42,760.47 | |
| 3128M7C95 | FHLM POOL G05196 5.50000 10/01/2038 | US | 209,991.7 | $244,582.23 | |
| 3128M7KW5 | FHLM POOL G05409 5.50000 03/01/2039 | US | 184,838.08 | $215,292.08 | |
| 3128M82W3 | FHLM POOL G06789 6.00000 05/01/2040 | US | 173,633.82 | $205,716.41 | |
| 3128M9GM8 | FHLM POOL G07104 5.50000 05/01/2040 | US | 120,506.05 | $134,841.29 | |
| 3128M9ZU9 | FHLM POOL G07655 5.50000 12/01/2035 | US | 64,621.85 | $74,857.95 | |
| 3128MBDP9 | FHLM POOL G12610 6.00000 03/01/2022 | US | 1,558.15 | $1,570.60 | |
| 3128MBE45 | FHLM POOL G12655 6.00000 05/01/2022 | US | 1,379.13 | $1,390.09 | |
| 3128MBUB1 | FHLM POOL G13078 6.00000 03/01/2023 | US | 3,315.07 | $3,384.93 | |
| 3128MJG20 | FHLM POOL G08216 5.50000 08/01/2037 | US | 193,913.6 | $225,772.53 | |
| 3128MJJT8 | FHLM POOL G08273 5.50000 06/01/2038 | US | 174,012.11 | $202,754.41 | |
| 3128P75F6 | FHLM POOL C91746 4.50000 12/01/2033 | US | 64,536.21 | $70,446.95 | |
| 3128P75X7 | FHLM POOL C91762 4.50000 05/01/2034 | US | 568,832.46 | $617,255.71 | |
| 312941F69 | FHLM POOL A92889 4.50000 07/01/2040 | US | 717,456.32 | $801,179.35 | |
| 3132DWAG8 | FEDERAL NATL MTG ASSN FR SD8107 2.50000 11/01/2050 | US | 1,631,349.79 | $1,689,964.12 | |
| 3133KYU98 | FHLM POOL RB5108 2.00000 04/01/2041 | US | 5,230,989.5 | $5,347,284.39 | |
| 3136B1YD0 | FNR 2018-31 KP 3.50000 07/25/2047 | US | 359,463.3 | $369,970.23 | |
| 31371N7J8 | FEDERAL NATL MTG ASSN 123456 6.00000 12/01/2038 | US | 11,268.13 | $13,252.50 | |
| 3137AJMG6 | FMHS K016 X1 FLT 1.64991 10/25/2021 | US | 3,175,961.77 | $125.45 | |
| 3137AME78 | FHMS K017 X1 FLT 1.43130 12/25/2021 | US | 6,975,667.13 | $2,728.88 | |
| 3137AUPF0 | FHMS K021 x1 FLT 1.52606 06/25/2022 | US | 13,573,170.2 | $104,237.88 | |
| 3137B3NB0 | FHMS K030 X1 FLT 0.27352 04/25/2023 | US | 68,494,145.35 | $171,077.83 | |
| 3137B4GZ3 | FHMS K032 X1 FLT 0.19884 05/25/2023 | US | 43,368,080.25 | $86,697.13 | |
| 3137F4YU0 | FHR 4791 BA MTGE 4.00000 03/15/2044 | US | 127,797.17 | $127,956.95 | |
| 3138AJXA5 | FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 | US | 257,767.26 | $282,169.56 | |
| 3138EGE26 | FEDERAL NATL MTG ASSN AL0152 6.00000 06/01/2040 | US | 501,065.38 | $592,383.07 | |
| 3138EHR87 | FEDERAL NATL MTG ASSN AL1410 4.50000 12/01/2041 | US | 548,805.2 | $612,188.72 | |
| 3138EHXZ0 | FEDERAL NATL MTG ASSN AL1595 6.00000 01/01/2040 | US | 306,068.45 | $362,309.37 | |
| 3138EQST0 | FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 | US | 287,859.41 | $312,840.05 | |
| 3138ETT89 | FEDERAL NATL MTG ASSN AL8674 FLT 5.64600 01/01/2049 | US | 889,791.54 | $1,015,538.67 | |
| 3138WDAY7 | FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 | US | 8,342,100.48 | $9,020,980.37 | |
| 31403DDX4 | FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 | US | 253,294.65 | $293,694.93 | |
| 3140E2GZ8 | FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 | US | 518,113 | $558,233.48 | |
| 3140F4UB0 | FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 | US | 190,460.23 | $205,488.81 | |
| 3140F9M51 | FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 | US | 104,648.38 | $113,404.33 | |
| 3140FEX33 | FEDERAL NATL MTG ASSN BD6997 4.00000 10/01/2046 | US | 397,209.26 | $429,279.54 | |
| 3140FPGW3 | FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 | US | 256,632.36 | $275,389.78 | |
| 3140FTWF4 | FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 | US | 205,784.9 | $223,599.60 | |
| 31410EKR8 | FEDERAL NATL MTG ASSN 886904 6.50000 09/01/2036 | US | 36,554.8 | $42,223.59 | |
| 31410FSE6 | FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 | US | 169.47 | $169.71 | |
| 31410FV51 | FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 | US | 552.92 | $554.66 | |
| 31410G5V1 | FEDERAL NATL MTG ASSN 889260 5.00000 04/01/2038 | US | 10,649.87 | $12,039.45 | |
| 31410GCD3 | FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 | US | 2.29 | $2.29 | |
| 31410GN33 | FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 | US | 439.61 | $442.23 | |
| 31410GN82 | FEDERAL NATL MTG ASSN 888815 4.50000 11/01/2022 | US | 984.42 | $1,030.54 | |
| 31410KJV7 | FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 | US | 246,999.45 | $292,872.37 | |
| 31410KLD4 | FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 | US | 213,788.06 | $248,989.96 | |
| 31410LC75 | FEDERAL NATL MTG ASSN 890294 5.50000 01/01/2039 | US | 447,588.77 | $519,754.00 | |
| 31410LD74 | FHLM POOL 890326 5.50000 01/01/2040 | US | 462,316.91 | $537,045.51 | |
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| 31411YN90 | FEDERAL NATL MTG ASSN 918516 5.50000 06/01/2037 | US | 29,356.73 | $33,853.78 | |
| 31412SSJ5 | FEDERAL NATL MTG ASSN 933521 5.00000 01/01/2038 | US | 7,233.29 | $8,293.43 | |
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| 31414TS51 | FEDERAL NATL MTG ASSN 975840 5.00000 05/01/2038 | US | 29,812.69 | $32,753.48 | |
| 31415LXP7 | FEDERAL NATL MTG ASSN 983686 5.00000 02/01/2039 | US | 14,644.47 | $16,085.80 | |
| 31415QZX7 | FEDERAL NATL MTG ASSN 986458 6.00000 08/01/2038 | US | 6,326.21 | $7,364.53 | |
| 31415SLL4 | FEDERAL NATL MTG ASSN 987831 6.00000 09/01/2038 | US | 9,269.28 | $10,400.40 | |
| 31415VX26 | FEDERAL NATL MTG ASSN 990897 6.00000 09/01/2038 | US | 22,307.75 | $25,142.44 | |
| 31416ADZ0 | FEDERAL NATL MTG ASSN 993920 6.00000 11/01/2038 | US | 59,541.3 | $66,810.05 | |
| 31416BRR1 | FEDERAL NATL MTG ASSN 995196 6.00000 07/01/2038 | US | 323,188.37 | $383,858.62 | |
| 31416BSW9 | FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 | US | 1.58 | $1.58 | |
| 31416BVW5 | FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 | US | 402.34 | $403.90 | |
| 31416JWZ0 | FEDERAL NATL MTG ASSN AA1563 4.50000 02/01/2024 | US | 6,995.8 | $7,330.58 | |
| 31416KAL2 | FEDERAL NATL MTG ASSN AA1810 5.00000 01/01/2039 | US | 45,256.77 | $51,244.22 | |
| 31416QRJ6 | FEDERAL NATL MTG ASSN AA6788 6.00000 08/01/2039 | US | 118,169.57 | $134,097.34 | |
| 31417AX61 | FEDERAL NATL MTG ASSN AB4300 3.50000 01/01/2042 | US | 122,829.92 | $132,392.79 | |
| 31417JQR4 | FEDERAL NATL MTG ASSN AC0463 5.00000 11/01/2039 | US | 28,731.18 | $32,948.65 | |
| 31417KWT0 | FEDERAL NATL MTG ASSN AC1557 4.50000 09/01/2024 | US | 18,163.33 | $19,087.94 | |
| 31417QVD3 | FEDERAL NATL MTG ASSN AC5111 5.00000 11/01/2039 | US | 39,206.31 | $44,525.61 | |
| 31417VQ30 | FEDERAL NATL MTG ASSN AC8573 5.00000 01/01/2040 | US | 39,137.77 | $44,627.50 | |
| 31417YJC2 | FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 | US | 462,701.15 | $514,557.53 | |
| 31417YJD0 | FEDERAL NATL MTG ASSN MA0259 5.00000 12/01/2039 | US | 27,178.5 | $31,191.65 | |
| 31418BBC9 | FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 | US | 378,213.92 | $412,723.91 | |
| 31418BDH6 | FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 | US | 503,978.2 | $551,005.00 | |
| 31418CRE6 | FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 | US | 1,128,207.77 | $1,224,892.65 | |
| 31418DU59 | FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 | US | 3,849,721.25 | $3,996,984.37 | |
| 31418MG63 | FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 | US | 42,231.62 | $50,159.45 | |
| 31418MKV3 | FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 | US | 237,192.82 | $276,239.94 | |
| 31418MQQ8 | FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 | US | 6,228.44 | $6,506.48 | |
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| 31419AU62 | FEDERAL NATL MTG ASSN AE0604 6.00000 07/01/2039 | US | 277,447.75 | $329,516.97 | |
| 32054K103 | FIRST INDUSTRIAL REALTY TR | US | FR | 2,180 | $113,861.40 |
| 34461LAA2 | FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 | US | 3,660,000 | $3,852,044.59 | |
| 345370CW8 | FORD MOTOR COMPANY 9.00000 04/22/2025 | US | 170,000 | $209,587.90 | |
| 346232AF8 | FORESTAR GROUP INC 3.85000 05/15/2026 | US | 105,000 | $105,950.25 | |
| 34960PAC5 | FORTRESS TRANS & INFRAST 9.75000 08/01/2027 | US | 175,000 | $202,343.75 | |
| 357081AE8 | FREMF 2015-K720 B FLT 3.51073 07/25/2022 | US | 270,000 | $277,034.42 | |
| 36167RAA1 | GCT 2021-GCT A FLT 0.87300 02/15/2038 | US | 3,100,000 | $3,103,688.38 | |
| 36257MAA3 | GSMS 2019-70P A 1.07300 10/15/2036 | US | 2,985,000 | $2,984,973.14 | |
| 36262LAJ9 | GSMBS 2021-PJ6 A8 2.50000 11/25/2051 | US | 1,535,000 | $1,572,355.61 | |
| 36295HTS9 | GNMA POOL 671161 5.50000 11/15/2037 | US | 27,281.23 | $30,479.09 | |
| 369550108 | GENERAL DYNAMICS CORP | US | GD | 3,045 | $573,251.70 |
| 369604BQ5 | GENERAL ELECTRIC CO 3.44888 01/21/2099 | US | 3,310,000 | $3,255,385.00 | |
| 37255LAA5 | GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 | US | 145,000 | $159,819.00 | |
| 374297109 | GETTY REALTY CORP | US | GTY | 4,481 | $139,583.15 |
| 375558103 | GILEAD SCIENCES INC | US | GILD | 11,550 | $795,333.00 |
| 382550BL4 | GOODYEAR TIRE & RUBBER 5.00000 07/15/2029 | US | 165,000 | $172,755.00 | |
| 388689101 | GRAPHIC PACKAGING HOLDING CO | US | GPK | 116,702 | $2,116,974.28 |
| 404119BX6 | HCA INC 4.12500 06/15/2029 | US | 2,320,000 | $2,614,853.53 | |
| 418751AE3 | HAT HOLDINGS I LLC/HAT 3.37500 06/15/2026 | US | 155,000 | $156,162.50 | |
| 419792A22 | HAWAII ST 2.68200 10/01/2030 | US | 2,660,000 | $2,699,474.40 | |
| 42225P501 | HEALTHCARE TRUST OF AMERICA | US | HTA | 5,111 | $136,463.70 |
| 42250P103 | HEALTHPEAK PROPERTIES INC | US | PEAK | 5,509 | $183,394.61 |
| 423012301 | HEINEKEN NV-SPN ADR | NL | HEINY | 18,013 | $1,094,268.13 |
| 42806MAA7 | HERTZ 2021-1A A 1.21000 12/26/2025 | US | 2,000,000 | $1,998,920.00 | |
| 43300A203 | HILTON WORLDWIDE HOLDINGS INC | US | HLT | 1,053 | $127,012.86 |
| 437076102 | HOME DEPOT INC | US | HD | 5,959 | $1,900,265.51 |
| 43731QAA6 | HPA 2019-1 A 2.90800 09/17/2039 | US | 2,763,558.49 | $2,833,730.77 | |
| 438128308 | HONDA MOTOR CO LTD -SPONS ADR | JP | HMC | 20,511 | $660,043.98 |
| 438516106 | HONEYWELL INTERNATIONAL INC | US | HON | 6,295 | $1,380,808.25 |
| 44267DAE7 | HOWARD HUGHES CORP 4.12500 02/01/2029 | US | 110,000 | $109,981.30 | |
| 448579102 | HYATT HOTEL | US | H | 12,179 | $945,577.56 |
| 44988FAC4 | IIP OPERATING PARTNER 5.50000 05/25/2026 | US | 160,000 | $164,701.95 | |
| 450913AF5 | IAMGOLD CORP 5.75000 10/15/2028 | CA | 245,000 | $254,885.75 | |
| 451102BX4 | ICAHN ENTERPRISES/FIN 5.25000 05/15/2027 | US | 110,000 | $113,575.00 | |
| 45168D104 | IDEXX LABORATORIES INC | US | IDXX | 1,640 | $1,035,742.00 |
| 452308109 | ILLINOIS TOOL WKS INC | US | ITW | 3,407 | $761,668.92 |
| 45682RAA8 | INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 | AU | 275,000 | $290,468.75 | |
| 45778Q107 | INSPERITY INC | US | NSP | 11,230 | $1,014,855.10 |
| 45781V101 | INNOVATIVE INDUSTRIAL PROPER | US | IIPR | 269 | $51,384.38 |
| 458140100 | INTEL CORP | US | INTC | 28,414 | $1,595,161.96 |
| 45866F104 | INTERCONTINENTALEXCHANGE INC | US | ICE | 17,007 | $2,018,730.90 |
| 459200101 | INTERNATIONAL BUSINESS MACH CORP | US | IBM | 7,341 | $1,076,117.19 |
| 46116VAE5 | INTL FC STORE INC 8.62500 06/15/2025 | US | 145,000 | $154,968.75 | |
| 46187BAA1 | IHSFR 2017-SFR2 A 0.93200 12/17/2036 | US | 758,542.19 | $759,207.05 | |
| 46187BAB9 | IHSFR 2017-SFR2 B 1.23200 12/17/2036 | US | 629,893.83 | $630,716.60 | |
| 46187W107 | INVITATION HOMES INC | US | INVH | 13,617 | $507,777.93 |
| 465410BX5 | ITALY GOV'T INT BOND 2.37500 10/17/2024 | IT | 600,000 | $623,514.00 | |
| 46625H100 | JP MORGAN CHASE & CO | US | JPM | 11,946 | $1,858,080.84 |
| 46639GAL0 | JPMMT 2013-1 1A2 3.00000 03/25/2043 | US | 217,431.33 | $220,519.57 | |
| 46640BAC8 | JPMMT 2013-2 A2 3.50000 05/25/2043 | US | 215,762.63 | $219,277.88 | |
| 46641YAA1 | JPMMT 2014-2 1A1 3.00000 06/25/2029 | US | 529,360.8 | $541,270.89 | |
| 46647PBP0 | JPMORGAN CHASE & CO 2.95600 05/13/2031 | US | 4,090,000 | $4,300,968.91 | |
| 46647SAE0 | JPMMT 2017-3 1A3 3.50000 08/25/2047 | US | 72,330.73 | $73,510.75 | |
| 46649HAC6 | JPMMT 2017-6 A3 3.50000 12/25/2048 | US | 257,853.14 | $261,045.65 | |
| 478160104 | JOHNSON & JOHNSON | US | JNJ | 27,590 | $4,545,176.60 |
| 48088LAB3 | JOSEPH T RYERSON & SON 8.50000 08/01/2028 | US | 152,000 | $168,720.00 | |
| 49427F108 | KILROY REALTY CORP | US | KRC | 2,895 | $201,607.80 |
| 494368103 | KIMBERLY CLARK CORP | US | KMB | 3,886 | $519,869.08 |
| 494550AW6 | KINDER MORGAN ENER PART 6.95000 01/15/2038 | US | 3,330,000 | $4,762,855.34 | |
| 500472303 | KONINKLIJKE PHILIPS NVR - NY ADR | NL | PHG | 9,114 | $452,965.80 |
| 500754106 | KRAFT HEINZ CO/THE | US | KHC | 12,232 | $498,820.96 |
| 512816109 | LAMAR ADVERTISING CO-A | US | LAMR | 881 | $91,994.02 |
| 53223X107 | LIFE STORAGE INC | US | LSI | 1,845 | $198,060.75 |
| 539473AE8 | LLOYDS BANK PLC 12.00000 12/16/2024 | GB | 190,000 | $206,359.00 | |
| 539830109 | LOCKHEED MARTIN CORP | US | LMT | 2,489 | $941,713.15 |
| 550021109 | LULULEMON - ADR | CA | LULU | 2,926 | $1,067,902.22 |
| 552848AG8 | MGIC INVESTMENT CORP 5.25000 08/15/2028 | US | 235,000 | $249,100.00 | |
| 57636Q104 | MASTERCARD INC-CLASS A | US | MA | 7,575 | $2,765,556.75 |
| 58933Y105 | MERCK & CO INC | US | MRK | 17,414 | $1,354,286.78 |
| 59022CAJ2 | MERRILL LYNCH 6.11000 01/29/2037 | US | 2,090,000 | $2,863,481.20 | |
| 594918104 | MICROSOFT CORP | US | MSFT | 11,966 | $3,241,589.40 |
| 595112103 | MICRON TECHNOLOGY INC | US | MU | 11,919 | $1,012,876.62 |
| 59522J103 | MID-AMERICA APARTMENT COMM | US | MAA | 2,571 | $433,007.82 |
| 609207105 | MONDELEZ INTERNATIONAL INC | US | MDLZ | 44,993 | $2,809,362.92 |
| 615369105 | MOODY'S CORPORATION | US | MCO | 5,304 | $1,922,010.48 |
| 61965RAA3 | MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 | US | 165,000 | $153,450.00 | |
| 62913TAJ1 | NGL ENRGY PART LP/FIN CO 7.50000 11/01/2023 | US | 175,000 | $172,375.00 | |
| 63938CAH1 | NAVIENT CORP 6.75000 06/25/2025 | US | 285,000 | $315,281.25 | |
| 63938EAC8 | NAVSL 2014-1 A3 FLT 0.60150 06/25/2031 | US | 225,168.68 | $224,063.10 | |
| 63938NAF1 | NAVIOS SA LOGIST/FIN US 10.75000 07/01/2025 | MUL | 100,000 | $110,500.00 | |
| 63941MAB7 | NAVSL 2019-EA A2A 2.64000 05/15/2068 | US | 2,600,601 | $2,655,602.93 | |
| 64032XAA3 | NSLT 2012-3A A MTGE FLT 0.79150 02/25/2045 | US | 237,096.38 | $236,003.32 | |
| 64033GAA9 | NSLT 2013-5A A MTGE FLT 0.72150 01/25/2037 | US | 378,004.99 | $379,167.85 | |
| 644393AA8 | NEW FORTRESS ENERGY INC 6.75000 09/15/2025 | US | 150,000 | $153,937.50 | |
| 64829DAG1 | NRZT 2014-3A AFX3 3.75000 11/25/2054 | US | 506,292.58 | $539,635.09 | |
| 64829EAA2 | NRZT 2015-2A A1 3.75000 08/25/2055 | US | 510,895.01 | $541,735.54 | |
| 64829LAA6 | NRZT 2016-4A A1 3.75000 11/25/2056 | US | 749,174.05 | $795,657.68 | |
| 64971XPG7 | NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 | US | 950,000 | $973,104.00 | |
| 65106WAA3 | NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 | AU | 1,730,000 | $1,799,489.60 | |
| 651639106 | NEWMONT GOLDCORP CORP | US | NEM | 22,706 | $1,439,106.28 |
| 65341D102 | NEXPOINT RESIDENTIAL | US | NXRT | 1,612 | $88,627.76 |
| 655844108 | NORFOLK SOUTHN CORP | US | NSC | 3,478 | $923,095.98 |
| 6642321 | NIKON CORP | JP | 7731 JP | 66,500 | $709,387.99 |
| 666807102 | NORTHROP GRUMMAN CORP | US | NOC | 1,654 | $601,113.22 |
| 66727WAA0 | NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | CA | 880,000 | $88.00 | |
| 66981QAA4 | BRUNDAGE-BONE CONCRETE 6.00000 02/01/2026 | US | 150,000 | $157,905.00 | |
| 66987V109 | NOVARTIS AG- REG | CH | NVS | 35,282 | $3,219,129.68 |
| 67066G104 | NVIDIA CORP | US | NVDA | 1,320 | $1,056,132.00 |
| 67421QAA0 | OASIS MIDSTREAM PARTNERS 8.00000 04/01/2029 | US | 155,000 | $164,772.75 | |
| 68389X105 | ORACLE CORP | US | ORCL | 20,219 | $1,573,846.96 |
| 68622V106 | ORGANNON & CO | US | OGN | 1,741 | $52,682.66 |
| 691205AE8 | OWL ROCK TECHNOLOGY 3.75000 06/17/2026 | US | 1,780,000 | $1,872,477.46 | |
| 69144AAA7 | OXFIN 2020-1A A2 3.10100 02/15/2028 | US | 505,000 | $519,762.01 | |
| 69145AAB4 | OXFIN 2019-1A A2 4.45900 02/15/2027 | US | 2,081,412.17 | $2,146,756.65 | |
| 693456AW5 | PMTLT 2013-J1 a9 3.50000 09/25/2043 | US | 994,537.88 | $1,013,404.46 | |
| 69354NAC0 | PRA GROUP INC 7.37500 09/01/2025 | US | 255,000 | $275,081.25 | |
| 70450Y103 | PAYPAL HOLDINGS INC | US | PYPL | 7,925 | $2,309,979.00 |
| 7123870 | NESTLE SA-REGISTERED | CH | NESN SW | 12,345 | $1,538,768.22 |
| 71654V101 | PETROLEO BRASIL-SP PREF ADR | BR | PBR/A | 62,068 | $733,023.08 |
| 723787107 | PIONEER NATURAL RESOURCES CO | US | PXD | 6,498 | $1,056,054.96 |
| 74166MAC0 | PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 | US | 190,000 | $209,887.30 | |
| 742718109 | PROCTER & GAMBLE CO | US | PG | 13,428 | $1,811,840.04 |
| 74331AAA0 | 2019- SFR4 CLASS A 2.68700 10/17/2036 | US | 4,200,000 | $4,300,434.18 | |
| 74333NAA0 | PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 | US | 3,502,835.24 | $3,566,396.29 | |
| 74340W103 | PROLOGIS | US | PLD | 9,469 | $1,131,829.57 |
| 74388JAD7 | PFMT 2021-2 A2A 2.00000 04/25/2051 | US | 1,911,793.9 | $1,927,177.91 | |
| 74460D109 | PUBLIC STORAGE INC | US | PSA | 1,699 | $510,872.31 |
| 747525103 | QUALCOMM INC | US | QCOM | 8,700 | $1,243,491.00 |
| 750236AW1 | RADIAN GROUP INC 4.87500 03/15/2027 | US | 100,000 | $108,750.00 | |
| 750481103 | RADIUS GLOBAL INFRASTRUCTURE | US | RADI | 7,506 | $108,837.00 |
| 756109104 | REALTY INCOME CORP | US | O | 1,146 | $76,484.04 |
| 76169C100 | REXFORD INDUSTRIAL REALITY IN | US | REXR | 4,582 | $260,944.90 |
| 767204100 | RIO TINTO PLC - SPON ADR | GB | RIO | 10,871 | $911,968.19 |
| 780259107 | ROYAL DUTCH SHELL PLC-ADR B | NL | RDS/B | 6,344 | $246,337.52 |
| 783513203 | RYANAIR HOLDINGS - ADR | IE | RYAAY | 9,065 | $980,923.65 |
| 78409V104 | S&P GLOBAL INC | US | SPGI | 1,920 | $788,064.00 |
| 78410G104 | SBA COMMUNICATIONS CORP | US | SBAC | 9,058 | $2,886,784.60 |
| 78442GQJ8 | SLMA 2005-7 A4 FLT 0.32575 10/25/2029 | US | 202,129.46 | $201,207.22 | |
| 78442PGC4 | SLM CORP 5.12500 04/05/2022 | US | 405,000 | $412,593.75 | |
| 78449GAB5 | SMB 2016-B A2A 2.43000 02/17/2032 | US | 2,511,286.45 | $2,572,857.92 | |
| 78449UAB4 | SMB 2020-A A2A MTGE 2.23000 09/15/2037 | US | 340,000 | $349,597.79 | |
| 78470NAB2 | SOFI 2015-D A2 2.72000 10/27/2036 | US | 31,194.7 | $31,545.11 | |
| 78470RAC1 | SOFI 2016-E A2B 2.49000 01/25/2036 | US | 41,459.11 | $41,827.76 | |
| 785592AV8 | SABINE PASS LIQUEFACTION 5.87500 06/30/2026 | US | 4,410,000 | $5,222,388.19 | |
| 79466L302 | SALESFORCE.COM | US | CRM | 4,161 | $1,016,407.47 |
| 80105N105 | SANOFI-AVENTIS-ADR | FR | SNY | 18,142 | $955,357.72 |
| 81141R100 | SEA LTD - ADR | SG | SE | 7,454 | $2,046,868.40 |
| 81181C104 | SEAGEN INC | US | SGEN | 12,278 | $1,938,450.64 |
| 81745BAB1 | SEMT 2013-6 A2 3.00000 05/25/2043 | US | 2,120,754.76 | $2,144,650.36 | |
| 81745CAB9 | SEMT 2013-7 A2 3.00000 06/25/2043 | US | 279,169.36 | $282,482.04 | |
| 81745EAA7 | SEMT 2013-8 A1 3.00000 06/25/2043 | US | 356,328.26 | $360,610.54 | |
| 81745MAA9 | SEMT 2013-2 1.87400 02/25/2043 | US | 288,326.2 | $290,220.94 | |
| 81748MAA6 | SEMT 2020-1 A1 3.50000 02/25/2050 | US | 126,614.3 | $129,422.58 | |
| 81762P102 | SERVICENOW INC | US | NOW | 1,725 | $947,973.75 |
| 82967NBJ6 | SIRIUS XM RADIO INC 4.00000 07/15/2028 | US | 105,000 | $108,261.30 | |
| 83401BAB2 | SOFI 2017-F A2FX 2.84000 01/25/2041 | US | 296,975.5 | $303,694.75 | |
| 83405TAA1 | SCLP 2019-3 A MTGE 2.90000 05/25/2028 | US | 369,297.73 | $371,224.95 | |
| 83406CAA7 | SCLP 2019-2 A MTGE 3.01000 04/25/2028 | US | 172,626.76 | $173,093.68 | |
| 83406TAB8 | SOFI 2020-A A2FX MTGE 2.54000 05/15/2046 | US | 225,000 | $232,465.77 | |
| 83419MAA0 | SOLARIS MIDSTREAM HOLDIN 7.62500 04/01/2026 | US | 60,000 | $63,600.00 | |
| 835699307 | SONY CORP SPONSORED ADR | JP | SONY | 10,380 | $1,009,143.60 |
| 837151XF1 | SOUTH CAROLINA ST PUBLIC SVC 1.85200 12/01/2026 | US | 3,460,000 | $3,523,733.20 | |
| 844741BJ6 | SOUTHWEST AIRLINES CO 5.25000 05/04/2025 | US | 810,000 | $924,496.34 | |
| 844741BK3 | SOUTHWEST AIRLINES CO 5.12500 06/15/2027 | US | 2,530,000 | $2,980,744.80 | |
| 85571BAL9 | STARWOOD PROPERTY TRUST 4.75000 03/15/2025 | US | 155,000 | $161,200.00 | |
| 85571XAA5 | SRPT 2014-STAR A FLTG RATE 1.54290 11/15/2027 | US | 2,317,783.32 | $1,732,543.03 | |
| 861036AA9 | STL HOLDING CO LLC 7.50000 02/15/2026 | US | 250,000 | $263,125.00 | |
| 86184WAA4 | STONEMOR INC 8.50000 05/15/2029 | US | 155,000 | $156,743.75 | |
| 86212XAA8 | STR 2019-1 A1 MTGE 2.82000 11/20/2049 | US | 2,128,303.18 | $2,231,098.10 | |
| 866674104 | SUN COMMUNITIES | US | SUI | 2,620 | $449,068.00 |
| 86935CAA0 | SCML 2019-SBC8 2.86000 04/25/2041 | US | 2,349,269.97 | $2,358,964.00 | |
| 87105L104 | SWITCH INC - A | US | SWCH | 17,693 | $373,499.23 |
| 87157B301 | SYNCHRONOSS TECH 8.37500 06/30/2026 | US | 4,250 | $106,250.00 | |
| 87267CAA6 | TRP 2021-1 A MTGE 2.07000 06/19/2051 | US | 2,000,000 | $1,990,267.00 | |
| 87356LAA8 | TACORA RESOURCES INC 8.25000 05/15/2026 | CA | 205,000 | $212,175.00 | |
| 874060205 | TAKEDA PHARMACEUTIC - SP ADR | JP | TAK | 30,190 | $508,097.70 |
| 87485LAC8 | TALOS PRODUCTION 12.00000 01/15/2026 | US | 155,000 | $164,300.00 | |
| 88032WAN6 | TENCENT HOLDINGS 3.97500 04/11/2029 | KY | 6,195,000 | $6,911,203.95 | |
| 88146M101 | TERRENO REALTY CORP | US | TRNO | 2,664 | $171,881.28 |
| 883556102 | THERMO FISHER SCIENTIFIC INC | US | TMO | 1,965 | $991,283.55 |
| 88579Y101 | 3M CO | US | MMM | 5,320 | $1,056,711.60 |
| 88830MAL6 | TITAN INTERNATIONAL INC 7.00000 04/30/2028 | US | 150,000 | $156,937.50 | |
| 89151E109 | TOTALENERGIES SE SPON ADR | FR | TTE | 8,505 | $384,936.30 |
| 89173CAA5 | TPMT 2016-5 A1 2.50000 10/25/2056 | US | 890,406.32 | $904,702.42 | |
| 89173FAA8 | TPMT 2017-1 A1 2.75000 10/25/2056 | US | 1,017,281.74 | $1,032,849.30 | |
| 89177EAA7 | TPMT 2019-HY1 A1 1.09150 10/25/2048 | US | 1,094,367.68 | $1,102,154.43 | |
| 89613FAA6 | TAH 2017-SFR2 A 2.92800 01/17/2036 | US | 2,018,667.34 | $2,063,575.82 | |
| 902653104 | UDR INC | US | UDR | 4,906 | $240,295.88 |
| 902973304 | U.S. BANCORP | US | USB | 15,720 | $895,568.40 |
| 904767704 | UNILEVER PLC - ADR | GB | UL | 67,324 | $3,938,454.00 |
| 907818108 | UNION PAC CORP | US | UNP | 5,923 | $1,302,645.39 |
| 90932KAA7 | UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 | US | 103,015.44 | $102,018.37 | |
| 90932NAA1 | UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 | US | 100,853.73 | $104,140.97 | |
| 91086QBG2 | UNITED MEXICAN STATES 4.12500 01/21/2026 | MX | 400,000 | $451,576.00 | |
| 912828R36 | US TREASURY N/B 1.62500 05/15/2026 | US | 25,690,000 | $26,638,322.20 | |
| 912828VB3 | UNITED STATES TREAS NTS 1.75000 05/15/2023 | US | 30,645,000 | $31,511,678.91 | |
| 912828WJ5 | US TREASURY N/B 2.50000 05/15/2024 | US | 29,600,000 | $31,356,343.82 | |
| 912828XB1 | UNITED STATES TREAS NTS 2.12500 05/15/2025 | US | 29,420,000 | $31,072,576.71 | |
| 91823AAN1 | VBTOW 2020-1A C2 3.03100 06/15/2050 | US | 1,200,000 | $1,254,354.72 | |
| 92276F100 | VENTAS INC | US | VTR | 2,038 | $116,369.80 |
| 92343V104 | VERIZON COMMUNICATIONS | US | VZ | 25,202 | $1,412,068.06 |
| 92343VCV4 | VERIZON COMMUNICATIONS 4.27200 01/15/2036 | US | 4,290,000 | $5,124,248.72 | |
| 92532F100 | VERTEX PHARMACEUTICALS INC | US | VRTX | 11,465 | $2,311,687.95 |
| 92826C839 | VISA INC - CLASS A SHARES | US | V | 13,943 | $3,260,152.26 |
| 92840VAH5 | VISTRA OPERATIONS CO LLC 4.37500 05/01/2029 | US | 160,000 | $160,800.00 | |
| 93065PAA9 | WBHT 2019-WBM A FLT 1.12300 12/15/2033 | US | 2,300,000 | $2,301,345.27 | |
| 931142103 | WAL MART STORES | US | WMT | 13,388 | $1,887,975.76 |
| 93114W107 | WALMART DE MEXICO | MX | WMMVY | 32,460 | $1,062,740.40 |
| 94106L109 | WASTE MANAGEMENT INC | US | WM | 5,035 | $705,453.85 |
| 95040Q104 | WELLTOWER INC. | US | WELL | 2,053 | $170,604.30 |
| 969457BY5 | WILLIAMS COMPANIES INC 2.60000 03/15/2031 | US | 3,580,000 | $3,629,465.50 | |
| 97652TAA1 | WIN 2015-1 A1 3.50000 01/20/2045 | US | 203,496.73 | $206,676.18 | |
| 98978V103 | ZOETIS INC | US | ZTS | 3,055 | $569,329.80 |
| B4888C1 | CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 | CA | 327,000 | $269,793.73 | |
| B4NDCC9 | MEX BONOS DESARR FIX RT 6.50000 06/09/2022 | MX | 4,996,000 | $252,990.48 | |
| B6TC406 | MEX BONOS DESARR FIX RT 7.75000 05/29/2031 | MX | 908,000 | $48,080.18 | |
| BGHQ198 | HIBERNIA REIT PLC | IE | HBRN ID | 57,258 | $84,188.16 |
| BK0939417 | AMERICAN TANKER INC 7.75000 07/02/2025 | US | 375,000 | $384,750.00 | |
| BMMV2K8 | TENCENT HOLDINGS LTD | CN | 700 HK | 15,700 | $1,182,092.41 |
| BMXKJ81 | FLAGSHIP COMMUNITIES REIT UT | US | MHC/U CN | 7,631 | $135,068.70 |
| BN7860420 | PETROTAL CORP 12.00000 02/16/2024 | CA | 120,000 | $123,600.00 | |
| BP3061408 | AIRSWIFT GLOBAL AS FLT 8.66750 05/12/2025 | NO | 200,000 | $198,000.00 | |
| BP9857429 | DIANA SHIPPING INC 8.37500 06/22/2026 | MH | 150,000 | $151,350.00 | |
| G29183103 | EATON CORP PLC | US | ETN | 5,030 | $745,345.40 |
| G51502105 | JOHNSON CONTROLS INTERNATIONAL | US | JCI | 10,264 | $704,418.32 |
| G5494J103 | LINDE PLC | GB | LIN | 3,907 | $1,129,513.70 |
| G5960L103 | MEDTRONIC INC | IE | MDT | 8,327 | $1,033,630.51 |
| H01301128 | ALCON INC | CH | ALC | 26,336 | $1,850,367.36 |
| H1467J104 | CHUBB LTD | CH | CB | 4,255 | $676,289.70 |
| ZO1818103 | NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 | MH | 350,000 | $365,750.00 | |
| ZO4110185 | BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 | AE | 300,000 | $291,750.00 |
Investments will change over time.
Distributions
- Pro-Blend® Conservative Term Series Class I Distribution History
- 2021 Distribution Calendar
- Fourth Quarter 2020 Distributions
- Third Quarter 2020 Distributions
- Second Quarter 2021 Distributions
- First Quarter 2021 Distributions
- Tax Letter
- Target Income Merger into Pro Blend Conservative
- Target 2015 Merger into Pro Blend Conservative
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.
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