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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
$13.97
Daily $ Change
-$0.07
Daily % Change
-0.50%
as of 03/04/2021
Ticker
MNCWX
CUSIP
56382R324
Inception Date
04/01/2019
This fund is only available to discretionary investment accounts and other accounts managed by the Advisor.
Important Documents
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Fact Sheet | --- |
| Applications & Forms |
Performance
As of 01/31/2021
YTD
-0.43%
1 Year
10.02%
3 Year
6.99%
5 Year
7.21%
10 Year
5.35%
Inception
(11/01/1995)
5.86%
Inception performance is based on the Pro-Blend® Conservative Term Series Class S inception of 11/01/1995. For periods through 04/01/2019 (the inception date of the Class W shares), performance for the Class W shares is based on the historical performance of the Class S shares. Because the Class W 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 | 0.48% |
| Net | 0.08%* |
*Reflects the Advisor's contractual agreement to waive its management fee and limit and reimburse certain other expenses. These contractual waivers may not be amended or terminated without the prior approval of the Fund's Board of Directors. The Class W shares are only available to discretionary investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the fund's expenses.
Top Ten Investments
As of 01/31/2021
| TREASURY NOTES | 16.81% |
| GOVERNMENT AGENCY | 12.17% |
| ALIBABA GROUP HOLDING 3.40000 12/06/2027 | 1.22% |
| SABINE PASS LIQUEFACTION 5.87500 06/30/2026 | 1.07% |
| CROWN CASTLE INTL CORP 3.10000 11/15/2029 | 1.05% |
| VERIZON COMMUNICATIONS 4.27200 01/15/2036 | 1.05% |
| AMERICAN TOWER CORP 3.80000 08/15/2029 | 1.04% |
| ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 | 1.02% |
| AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 | 0.97% |
| BWAY 2015-1740 A 2.91700 01/10/2035 | 0.96% |
This investment list is unaudited and excludes cash.
Asset Allocation
As of 01/31/2021
| Bonds | 67.02% |
| Stocks | 30.84% |
| Cash | 2.14% |
Detailed Asset Class Allocation
As of 01/31/2021
| Unknown Capitalization | 0.01% |
| International Equities | 6.54% |
| Small Capitalization | 1.16% |
| Mid Capitalization | 3.36% |
| Large Capitalization | 19.77% |
| Long Term Fixed Income | 18.57% |
| Intermediate Term Fixed Income | 42.78% |
| Short Term Fixed Income | 5.67% |
| Cash | 2.14% |
January Fund Holdings
As of 01/31/2021
| CUSIP | Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|---|
| 00206RDQ2 | AT&T INC 4.25000 03/01/2027 | US | 1,510,000 | $1,753,400.83 | |
| 00287Y109 | ABBVIE INC | US | ABBV | 13,320 | $1,365,033.60 |
| 00507V109 | ACTIVISION INC | US | ATVI | 10,334 | $940,394.00 |
| 00653VAA9 | ADAPTHEALTH LLC 6.12500 08/01/2028 | US | 120,000 | $129,000.00 | |
| 00774MAG0 | AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 | IE | 4,380,000 | $4,814,469.81 | |
| 00791GAA5 | AG MERGER SUB II INC 10.75000 08/01/2027 | US | 270,000 | $299,700.00 | |
| 00842XAA7 | AFFINITY GAMING 6.87500 12/15/2027 | US | 105,000 | $110,250.00 | |
| 008474108 | AGNICO EAGLE MINES LTD | CA | AEM | 13,446 | $939,203.10 |
| 008492100 | AGREE REALTY CORP | US | ADC | 3,405 | $215,196.00 |
| 00912XAV6 | AIR LEASE CORP 3.62500 04/01/2027 | US | 3,185,000 | $3,457,368.08 | |
| 00914AAB8 | AIR LEASE CORP 3.75000 06/01/2026 | US | 2,820,000 | $3,098,553.76 | |
| 01166WAA5 | ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 | US | 307,000 | $340,921.90 | |
| 01609W102 | ALIBABA GROUP - ADR | CN | BABA | 5,670 | $1,439,216.10 |
| 01609WAT9 | ALIBABA GROUP HOLDING 3.40000 12/06/2027 | KY | 5,450,000 | $6,047,688.37 | |
| 02079K305 | ALPHABET INC-CL A | US | GOOGL | 1,645 | $3,006,007.20 |
| 023135106 | AMAZON.COM INC | US | AMZN | 910 | $2,917,642.00 |
| 0237400 | DIAGEO PLC | GB | DGE LN | 17,080 | $685,714.03 |
| 024835100 | AMERICAN CAMPUS COMMUNITIES | US | ACC | 3,381 | $139,161.96 |
| 025816109 | AMERICAN EXPRESS CO | US | AXP | 10,780 | $1,253,282.80 |
| 02665T306 | AMERICAN HOMES 4 RENT- A | US | AMH | 10,693 | $323,249.39 |
| 03027X100 | AMERICAN TOWER REIT INC | US | AMT | 6,072 | $1,380,529.92 |
| 03027XAW0 | AMERICAN TOWER CORP 3.80000 08/15/2029 | US | 4,560,000 | $5,173,104.90 | |
| 03064D108 | AMERICOLD REALTY TRUST | US | COLD | 9,305 | $324,837.55 |
| 03217CAA4 | AMS AG 7.00000 07/31/2025 | AT | 250,000 | $274,375.00 | |
| 03690AAF3 | ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 | US | 190,000 | $190,000.00 | |
| 03750L109 | APARTMENT INCOME REIT CO | US | AIRC | 3,659 | $141,859.43 |
| 03784Y200 | APPLE HOSPITALITY REIT INC | US | APLE | 13,940 | $173,971.20 |
| 04364VAR4 | ASCENT RESOURCES 8.25000 12/31/2028 | US | 95,000 | $96,682.45 | |
| 045054AJ2 | ASHTEAD CAPITAL INC 4.00000 05/01/2028 | US | 1,680,000 | $1,791,720.00 | |
| 053015103 | AUTOMATIC DATA PROCESSING | US | ADP | 3,199 | $528,218.88 |
| 053484101 | AVALONBAY COMMUNITIES INC | US | AVB | 1,075 | $175,945.25 |
| 05401AAJ0 | AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 | KY | 1,970,000 | $2,022,929.41 | |
| 055622104 | BP PLC-SPONS ADR | GB | BP | 16,513 | $366,918.86 |
| 05604LAA0 | BWAY 2015-1740 A 2.91700 01/10/2035 | US | 4,633,000 | $4,750,091.66 | |
| 060505104 | BANK OF AMERICA CORP | US | BAC | 51,964 | $1,540,732.60 |
| 06051GFM6 | BANK OF AMERICA CORP 4.00000 01/22/2025 | US | 2,350,000 | $2,618,448.11 | |
| 067901108 | BARRICK GOLD CORP | CA | GOLD | 40,232 | $899,989.84 |
| 071734AH0 | BAUSCH HEALTH COS INC 5.00000 01/30/2028 | CA | 220,000 | $226,666.00 | |
| 07403VAA7 | BEASLEY MEZ HLDGS LLC 8.62500 02/01/2026 | US | 100,000 | $100,500.00 | |
| 084423102 | WR BERKLEY CORP | US | WRB | 18,462 | $1,147,228.68 |
| 084670702 | BERKSHIRE HATHAWAY INC-CL B | US | BRK/B | 8,439 | $1,922,994.93 |
| 09061G101 | BIOMARIN PHARMACEUTICAL INC | US | BMRN | 13,668 | $1,131,437.04 |
| 105368203 | BRANDYWINE REALTY TRUST | US | BDN | 9,070 | $99,770.00 |
| 110122108 | BRISTOL MYERS SQUIBB CO | US | BMY | 18,119 | $1,113,050.17 |
| 116ESCAD6 | BRUIN E&P PARTNERS LLC 0.00000 08/01/2023 | US | 905,000 | $22,625.00 | |
| 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 | $159,300.00 | |
| 12514G108 | CDW CORP/DE | US | CDW | 7,197 | $947,557.02 |
| 12530MAB1 | SORT 2020-1 A2 1.99000 07/15/2060 | US | 2,222,016.26 | $2,243,949.12 | |
| 12530MAC9 | SORT 2020-1 B1 2.28000 07/15/2060 | US | 2,863,136.51 | $2,909,120.77 | |
| 12555DAA3 | CIM 2019-INV1 A1 4.00000 02/25/2049 | US | 524,571.85 | $539,642.38 | |
| 12646XAH5 | CSMC 2013-IVR3 A1 2.50000 05/25/2043 | US | 664,881.09 | $676,638.78 | |
| 12654TAA8 | CNX MIDSTREAM PTR/CNX 6.50000 03/15/2026 | US | 95,000 | $97,375.00 | |
| 127097103 | CABOT OIL & GAS CORP | US | COG | 113,257 | $2,076,000.81 |
| 133131102 | CAMDEN PROPERTY TRUST | US | CPT | 2,185 | $223,197.75 |
| 133131AZ5 | CAMDEN PROPERTY TRUST 2.80000 05/15/2030 | US | 3,210,000 | $3,484,842.13 | |
| 13321L108 | CAMECO CORP | CA | CCJ | 72,845 | $904,734.90 |
| 136375102 | CANADIAN NATIONAL RAILWAY CO | CA | CNI | 5,535 | $559,975.95 |
| 14174T107 | CARETRUST REIT INC | US | CTRE | 4,483 | $100,688.18 |
| 149123101 | CATERPILLAR INC | US | CAT | 5,708 | $1,043,650.72 |
| 14980AAA0 | CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 | US | 672,650.36 | $676,375.30 | |
| 156700BA3 | CENTURYLINK INC 7.50000 04/01/2024 | US | 100,000 | $112,729.00 | |
| 16119P108 | CHARTER COMMUNICATIONS INC-A | US | CHTR | 3,110 | $1,889,511.60 |
| 17275R102 | CISCO SYSTEMS INC | US | CSCO | 31,256 | $1,393,392.48 |
| 172967424 | CITIGROUP INC | US | C | 15,463 | $896,699.37 |
| 172967KA8 | CITIGROUP INCA 4.45000 09/29/2027 | US | 3,020,000 | $3,517,899.55 | |
| 191216100 | COCA COLA CO/THE | US | KO | 31,605 | $1,521,780.75 |
| 194162103 | COLGATE-PALMOLIVE CO | US | CL | 9,385 | $732,030.00 |
| 20030N101 | COMCAST CORP-CL A | US | CMCSA | 24,677 | $1,223,238.89 |
| 20030NCY5 | COMCAST CORP 3.25000 11/01/2039 | US | 3,930,000 | $4,276,813.81 | |
| 20268CAA6 | CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 | US | 1,804,344.38 | $1,855,504.76 | |
| 20369C106 | COMMUNITY HEALTHCARE TRUST I | US | CHCT | 4,230 | $189,165.60 |
| 20449X401 | COMPASS GROUP PLC ADR | GB | CMPGY | 49,735 | $892,842.72 |
| 20825C104 | CONOCOPHILLIPS | US | COP | 62,410 | $2,498,272.30 |
| 217204106 | COPART INC | US | CPRT | 7,854 | $861,976.50 |
| 222795502 | COUSINS PROPERTIES INC | US | CUZ | 9,091 | $286,730.14 |
| 22534GAC7 | CAALT 2020-1A B 2.39000 04/16/2029 | US | 1,150,000 | $1,192,970.79 | |
| 22822V101 | CROWN CASTLE INTL CORP | US | CCI | 2,122 | $337,949.72 |
| 22822VAN1 | CROWN CASTLE INTL CORP 3.10000 11/15/2029 | US | 4,830,000 | $5,235,563.94 | |
| 22822VAR2 | CROWN CASTLE INTL CORP 3.30000 07/01/2030 | US | 1,080,000 | $1,183,115.92 | |
| 22944PAA5 | CSMC 2013-TH1 A1 2.13000 02/25/2043 | US | 400,977.12 | $408,395.72 | |
| 229663109 | CUBESMART | US | CUBE | 244 | $8,500.96 |
| 25243Q205 | DIAGEO PLC-SPONSORED ADR | GB | DEO | 4,119 | $660,152.13 |
| 253868103 | DIGITAL REALTY TRUST INC | US | DLR | 3,378 | $486,263.10 |
| 256746108 | DOLLAR TREE STORES INC | US | DLTR | 8,810 | $895,624.60 |
| 25960P109 | DOUGLAS EMMETT INC | US | DEI | 5,290 | $146,585.90 |
| 26150TAE9 | DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 | US | 250,000 | $251,736.26 | |
| 262006208 | DREYFUS GVT CSH MANAGEMENT | US | 10,867,387.31 | $10,867,387.31 | |
| 26439XAC7 | DCP MIDSTREAM OPERATING 8.12500 08/16/2030 | US | 75,000 | $99,108.00 | |
| 264411505 | DUKE RLTY INVTS INC | US | DRE | 7,082 | $280,163.92 |
| 26875P101 | EOG RESOURCES INC | US | EOG | 17,644 | $899,138.24 |
| 26884L109 | EQT CORP | US | EQT | 60,690 | $989,853.90 |
| 26884LAG4 | EQT CORP 8.50000 02/01/2030 | US | 125,000 | $158,750.00 | |
| 285512109 | ELECTRONIC ARTS | US | EA | 6,876 | $984,643.20 |
| 291011104 | EMERSON ELEC CO | US | EMR | 8,059 | $639,481.65 |
| 29273RAR0 | ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 | US | 4,170,000 | $5,051,975.68 | |
| 29275YAC6 | ENERSYS 4.37500 12/15/2027 | US | 20,000 | $21,281.00 | |
| 29444U700 | EQUINIX INC | US | EQIX | 3,494 | $2,585,420.24 |
| 29472R108 | EQUITY LIFESTYLE PROPERTIES | US | ELS | 5,010 | $304,808.40 |
| 297178105 | ESSEX PROPERTY TRUST INC | US | ESS | 545 | $130,587.45 |
| 30212P303 | EXPEDIA INC | US | EXPE | 25,790 | $3,200,539.00 |
| 30212PAS4 | EXPEDIA GROUP INC 6.25000 05/01/2025 | US | 1,580,000 | $1,825,924.90 | |
| 30225T102 | EXTRA SPACE STORAGE INC | US | EXR | 1,087 | $123,689.73 |
| 30231G102 | EXXON MOBIL CORP | US | XOM | 24,790 | $1,111,583.60 |
| 302491303 | FMC CORP | US | FMC | 12,412 | $1,344,095.48 |
| 30262SAR9 | FREMF 2015-K42 B FLT 3.84997 12/25/2024 | US | 490,000 | $535,654.08 | |
| 30264DAA7 | FS ENERGY & POWER FUND 7.50000 08/15/2023 | US | 155,000 | $154,612.50 | |
| 30286XAN9 | FREMF 2015-K43 B FLT 3.73262 02/25/2048 | US | 500,000 | $544,994.90 | |
| 30287EAE0 | FREMF 2014-K41 B FLT 3.83300 11/25/2047 | US | 2,500,000 | $2,734,039.00 | |
| 30291HAA5 | FREMF 2013-K28 X2A 0.10000 06/25/2046 | US | 188,472,565.32 | $285,328.62 | |
| 30303M102 | FACEBOOK INC -A | US | FB | 10,480 | $2,707,298.40 |
| 3128LCD86 | FHLM POOL A78227 5.50000 06/01/2038 | US | 84,950.34 | $99,543.95 | |
| 3128M56M7 | FHLM POOL G04176 5.50000 05/01/2038 | US | 74,322.2 | $87,240.28 | |
| 3128M5VT4 | FHLM POOL G03926 6.00000 02/01/2038 | US | 236,864.63 | $284,398.88 | |
| 3128M6JQ2 | FHLM POOL G04471 5.50000 07/01/2038 | US | 26,175.28 | $30,694.59 | |
| 3128M6SU3 | FHLM POOL G04731 5.50000 04/01/2038 | US | 165,428.67 | $194,114.89 | |
| 3128M6T99 | FHLM POOL G04776 5.50000 07/01/2038 | US | 163,757.51 | $191,777.69 | |
| 3128M73P9 | FHLM POOL G05906 6.00000 04/01/2040 | US | 38,794.7 | $46,630.23 | |
| 3128M7C95 | FHLM POOL G05196 5.50000 10/01/2038 | US | 239,597.6 | $281,117.61 | |
| 3128M7KW5 | FHLM POOL G05409 5.50000 03/01/2039 | US | 210,604.12 | $247,025.03 | |
| 3128M82W3 | FHLM POOL G06789 6.00000 05/01/2040 | US | 189,257.11 | $226,771.87 | |
| 3128M9GM8 | FHLM POOL G07104 5.50000 05/01/2040 | US | 134,469.27 | $151,718.32 | |
| 3128M9ZU9 | FHLM POOL G07655 5.50000 12/01/2035 | US | 73,595.78 | $86,053.99 | |
| 3128MBDP9 | FHLM POOL G12610 6.00000 03/01/2022 | US | 4,356.67 | $4,417.53 | |
| 3128MBE45 | FHLM POOL G12655 6.00000 05/01/2022 | US | 3,292.69 | $3,343.09 | |
| 3128MBUB1 | FHLM POOL G13078 6.00000 03/01/2023 | US | 5,999.07 | $6,163.60 | |
| 3128MJG20 | FHLM POOL G08216 5.50000 08/01/2037 | US | 218,073.05 | $256,010.28 | |
| 3128MJJT8 | FHLM POOL G08273 5.50000 06/01/2038 | US | 204,603.09 | $240,196.02 | |
| 3128P75F6 | FHLM POOL C91746 4.50000 12/01/2033 | US | 76,076.89 | $84,243.39 | |
| 3128P75X7 | FHLM POOL C91762 4.50000 05/01/2034 | US | 725,331.99 | $801,727.23 | |
| 312941F69 | FHLM POOL A92889 4.50000 07/01/2040 | US | 825,515.42 | $929,178.43 | |
| 3132D56Z0 | FEDERAL NATL MTG ASSN FR SB8088 1.50000 02/01/2036 | US | 3,595,000 | $3,685,623.69 | |
| 3132DWAG8 | FEDERAL NATL MTG ASSN FR SD8107 2.50000 11/01/2050 | US | 1,799,189.22 | $1,894,119.82 | |
| 3133KYUZ0 | FHLM POOL RB5100 2.00000 02/01/2041 | US | 3,400,000 | $3,520,015.99 | |
| 3135G05Y5 | FANNIE MAE 0.75000 10/08/2027 | US | 10,500,000 | $10,463,086.10 | |
| 3136B1YD0 | FNR 2018-31 KP 3.50000 07/25/2047 | US | 721,842.43 | $747,746.83 | |
| 31371N7J8 | FEDERAL NATL MTG ASSN 123456 6.00000 12/01/2038 | US | 11,681.98 | $13,768.88 | |
| 3137ADTK3 | FHMS K014 X1 FLT 1.19336 04/25/2021 | US | 1,146,502.62 | $990.35 | |
| 3137AJMG6 | FMHS K016 X1 FLT 1.48101 10/25/2021 | US | 5,785,679.98 | $23,249.18 | |
| 3137AME78 | FHMS K017 X1 FLT 1.28434 12/25/2021 | US | 7,122,962.41 | $41,941.43 | |
| 3137AUPF0 | FHMS K021 x1 FLT 1.40253 06/25/2022 | US | 14,125,567.12 | $193,479.31 | |
| 3137B3NB0 | FHMS K030 X1 FLT 0.16874 04/25/2023 | US | 70,664,522.46 | $240,768.16 | |
| 3137B4GZ3 | FHMS K032 X1 FLT 0.08832 05/25/2023 | US | 43,934,528.97 | $108,307.40 | |
| 3137F4YU0 | FHR 4791 BA MTGE 4.00000 03/15/2044 | US | 624,750.39 | $632,004.80 | |
| 3137FG2L8 | FHR 4801 BA MTGE 4.50000 05/15/2044 | US | 247,809.22 | $249,453.88 | |
| 3138AJXA5 | FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 | US | 300,310.97 | $331,786.86 | |
| 3138EGE26 | FEDERAL NATL MTG ASSN AL0152 6.00000 06/01/2040 | US | 563,573.09 | $671,755.68 | |
| 3138EHR87 | FEDERAL NATL MTG ASSN AL1410 4.50000 12/01/2041 | US | 625,939.64 | $703,054.63 | |
| 3138EHXZ0 | FEDERAL NATL MTG ASSN AL1595 6.00000 01/01/2040 | US | 335,314.64 | $400,986.37 | |
| 3138EQST0 | FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 | US | 360,461 | $393,762.71 | |
| 3138ETT89 | FEDERAL NATL MTG ASSN AL8674 FLT 5.64200 01/01/2049 | US | 984,798.79 | $1,144,485.65 | |
| 3138WDAY7 | FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 | US | 9,650,395.62 | $10,686,980.61 | |
| 3138WGK37 | FEDERAL NATL MTG ASSN FN AS6613 4.00000 02/01/2046 | US | 3,272,870.18 | $3,598,859.41 | |
| 31403DDX4 | FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 | US | 286,426.71 | $334,585.14 | |
| 3140E2GZ8 | FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 | US | 575,905.04 | $624,603.87 | |
| 3140F4UB0 | FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 | US | 241,720.35 | $262,069.26 | |
| 3140F9M51 | FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 | US | 105,666.17 | $114,583.37 | |
| 3140FEX33 | FEDERAL NATL MTG ASSN BD6997 4.00000 10/01/2046 | US | 493,374.8 | $534,225.30 | |
| 3140FPGW3 | FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 | US | 359,801.07 | $388,582.45 | |
| 3140FTWF4 | FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 | US | 314,054.95 | $344,443.70 | |
| 31410EKR8 | FEDERAL NATL MTG ASSN 886904 6.50000 09/01/2036 | US | 37,205.34 | $43,511.84 | |
| 31410FSE6 | FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 | US | 1,695.05 | $1,705.80 | |
| 31410FV51 | FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 | US | 2,769.7 | $2,795.52 | |
| 31410G5V1 | FEDERAL NATL MTG ASSN 889260 5.00000 04/01/2038 | US | 11,844.98 | $13,752.45 | |
| 31410GCD3 | FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 | US | 3,490.59 | $3,499.58 | |
| 31410GN33 | FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 | US | 5,384.47 | $5,413.90 | |
| 31410GN82 | FEDERAL NATL MTG ASSN 888815 4.50000 11/01/2022 | US | 2,090.89 | $2,191.85 | |
| 31410KJV7 | FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 | US | 278,440.1 | $331,981.55 | |
| 31410KLD4 | FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 | US | 238,367.54 | $279,849.99 | |
| 31410LC75 | FEDERAL NATL MTG ASSN 890294 5.50000 01/01/2039 | US | 506,842.65 | $593,971.29 | |
| 31410LD74 | FHLM POOL 890326 5.50000 01/01/2040 | US | 524,190.25 | $614,120.75 | |
| 31411JXP6 | FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 | US | 86,016.63 | $100,352.96 | |
| 31411YN90 | FEDERAL NATL MTG ASSN 918516 5.50000 06/01/2037 | US | 36,535.19 | $42,884.16 | |
| 31412SSJ5 | FEDERAL NATL MTG ASSN 933521 5.00000 01/01/2038 | US | 7,344.48 | $8,392.71 | |
| 31414NG73 | FEDERAL NATL MTG ASSN 971022 5.00000 01/01/2039 | US | 19,743.61 | $22,951.69 | |
| 31414TS51 | FEDERAL NATL MTG ASSN 975840 5.00000 05/01/2038 | US | 30,763.52 | $34,043.94 | |
| 31415LXP7 | FEDERAL NATL MTG ASSN 983686 5.00000 02/01/2039 | US | 14,843.06 | $16,419.02 | |
| 31415QZX7 | FEDERAL NATL MTG ASSN 986458 6.00000 08/01/2038 | US | 6,419.08 | $7,489.69 | |
| 31415SLL4 | FEDERAL NATL MTG ASSN 987831 6.00000 09/01/2038 | US | 9,390.19 | $10,570.27 | |
| 31415VX26 | FEDERAL NATL MTG ASSN 990897 6.00000 09/01/2038 | US | 23,102.79 | $26,151.41 | |
| 31416ADZ0 | FEDERAL NATL MTG ASSN 993920 6.00000 11/01/2038 | US | 71,972.54 | $81,108.63 | |
| 31416BRR1 | FEDERAL NATL MTG ASSN 995196 6.00000 07/01/2038 | US | 357,613.24 | $430,531.48 | |
| 31416BSW9 | FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 | US | 12.41 | $12.47 | |
| 31416BVW5 | FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 | US | 1,863.27 | $1,875.58 | |
| 31416JWZ0 | FEDERAL NATL MTG ASSN AA1563 4.50000 02/01/2024 | US | 8,336.89 | $8,747.41 | |
| 31416KAL2 | FEDERAL NATL MTG ASSN AA1810 5.00000 01/01/2039 | US | 60,921.57 | $70,824.97 | |
| 31416QRJ6 | FEDERAL NATL MTG ASSN AA6788 6.00000 08/01/2039 | US | 119,610.07 | $136,069.88 | |
| 31417AX61 | FEDERAL NATL MTG ASSN AB4300 3.50000 01/01/2042 | US | 154,969.68 | $168,362.28 | |
| 31417JQR4 | FEDERAL NATL MTG ASSN AC0463 5.00000 11/01/2039 | US | 31,723.33 | $36,882.08 | |
| 31417KWT0 | FEDERAL NATL MTG ASSN AC1557 4.50000 09/01/2024 | US | 22,120.38 | $23,307.89 | |
| 31417QVD3 | FEDERAL NATL MTG ASSN AC5111 5.00000 11/01/2039 | US | 48,886.47 | $56,146.17 | |
| 31417VQ30 | FEDERAL NATL MTG ASSN AC8573 5.00000 01/01/2040 | US | 47,915.56 | $55,634.92 | |
| 31417YJC2 | FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 | US | 567,149.57 | $635,976.14 | |
| 31417YJD0 | FEDERAL NATL MTG ASSN MA0259 5.00000 12/01/2039 | US | 30,525.66 | $35,488.31 | |
| 31418BBC9 | FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 | US | 446,729.48 | $494,894.33 | |
| 31418BDH6 | FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 | US | 548,050.95 | $607,151.80 | |
| 31418CRE6 | FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 | US | 1,485,625.91 | $1,626,652.31 | |
| 31418DU59 | FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 | US | 4,055,289.64 | $4,279,464.96 | |
| 31418DU67 | FEDERAL NATL MTG ASSN FN MA4204 2.00000 12/01/2040 | US | 4,117,212.47 | $4,251,115.67 | |
| 31418MG63 | FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 | US | 46,530.96 | $55,897.97 | |
| 31418MKV3 | FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 | US | 265,838.15 | $311,945.54 | |
| 31418MQQ8 | FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 | US | 8,719.87 | $9,183.06 | |
| 31419AB71 | FEDERAL NATL MTG ASSN AE0061 6.00000 02/01/2040 | US | 136,427.52 | $161,800.51 | |
| 31419AU62 | FEDERAL NATL MTG ASSN AE0604 6.00000 07/01/2039 | US | 315,739.27 | $380,098.85 | |
| 32054K103 | FIRST INDUSTRIAL REALTY TR | US | FR | 5,110 | $207,670.40 |
| 343412AC6 | FLUOR CORP 3.50000 12/15/2024 | US | 105,000 | $104,441.40 | |
| 34461LAA2 | FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 | US | 3,660,000 | $3,902,175.98 | |
| 345370CW8 | FORD MOTOR COMPANY 9.00000 04/22/2025 | US | 20,000 | $24,323.60 | |
| 345397XU2 | FORD MOTOR CREDIT CO LLC 4.38900 01/08/2026 | US | 200,000 | $212,750.00 | |
| 346232AE1 | FORESTAR GROUP INC 5.00000 03/01/2028 | US | 175,000 | $182,218.75 | |
| 34960PAC5 | FORTRESS TRANS & INFRAST 9.75000 08/01/2027 | US | 175,000 | $197,872.50 | |
| 35166FAA0 | FOXTROT ESCROW ISSUER 12.25000 11/15/2026 | US | 225,000 | $253,968.75 | |
| 357081AE8 | FREMF 2015-K720 B FLT 3.39382 07/25/2022 | US | 270,000 | $278,588.51 | |
| 36166LAA5 | GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 | AE | 140,000 | $146,750.80 | |
| 36257MAA3 | GSMS 2019-70P A 1.12600 10/15/2036 | US | 2,985,000 | $2,969,994.41 | |
| 36295HTS9 | GNMA POOL 671161 5.50000 11/15/2037 | US | 27,694.96 | $30,701.37 | |
| 369550108 | GENERAL DYNAMICS CORP | US | GD | 3,204 | $469,962.72 |
| 369604BQ5 | GENERAL ELECTRIC CO 3.55363 01/21/2099 | US | 3,310,000 | $3,126,427.40 | |
| 370334104 | GENERAL MLS INC | US | GIS | 8,356 | $485,483.60 |
| 37255LAA5 | GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 | US | 270,000 | $287,887.50 | |
| 374297109 | GETTY REALTY CORP | US | GTY | 5,177 | $137,552.89 |
| 375558103 | GILEAD SCIENCES INC | US | GILD | 12,335 | $809,176.00 |
| 383909AF5 | WR GRACE & CO-CONN 5.62500 10/01/2024 | US | 95,000 | $103,094.95 | |
| 388689101 | GRAPHIC PACKAGING HOLDING CO | US | GPK | 116,702 | $1,827,553.32 |
| 404119BX6 | HCA INC 4.12500 06/15/2029 | US | 2,320,000 | $2,671,560.69 | |
| 418751AD5 | HAT HOLDINGS I LLC/HAT 3.75000 09/15/2030 | US | 185,000 | $186,156.25 | |
| 419792A22 | HAWAII ST 2.68200 10/01/2030 | US | 2,660,000 | $2,836,038.80 | |
| 419792ZK5 | HAWAII ST 0.80200 10/01/2024 | US | 705,000 | $713,601.00 | |
| 421946104 | HEALTHCARE REALTY TRUST INC | US | HR | 5,560 | $166,855.60 |
| 42225P501 | HEALTHCARE TRUST OF AMERICA | US | HTA | 7,120 | $201,140.00 |
| 42250P103 | HEALTHPEAK PROPERTIES INC | US | PEAK | 9,370 | $277,820.50 |
| 423012301 | HEINEKEN NV-SPN ADR | NL | HEINY | 18,013 | $935,054.83 |
| 427866108 | HERSHEY CO/THE | US | HSY | 2,895 | $421,048.80 |
| 43300A203 | HILTON WORLDWIDE HOLDINGS INC | US | HLT | 6,560 | $665,118.40 |
| 437076102 | HOME DEPOT INC | US | HD | 6,612 | $1,790,661.84 |
| 43731QAA6 | HPA 2019-1 A 2.90800 09/17/2039 | US | 2,897,000.72 | $3,068,291.39 | |
| 438128308 | HONDA MOTOR CO LTD -SPONS ADR | JP | HMC | 22,813 | $604,088.24 |
| 438516106 | HONEYWELL INTERNATIONAL INC | US | HON | 6,424 | $1,255,056.88 |
| 443201AA6 | HOWMET AEROSPACE INC 6.87500 05/01/2025 | US | 85,000 | $99,237.50 | |
| 443628AH5 | HUDBAY MINERALS INC 6.12500 04/01/2029 | CA | 105,000 | $111,300.00 | |
| 444454AD4 | HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 | US | 175,000 | $194,040.00 | |
| 450913AF5 | IAMGOLD CORP 5.75000 10/15/2028 | CA | 245,000 | $251,051.50 | |
| 45168D104 | IDEXX LABORATORIES INC | US | IDXX | 1,940 | $928,639.20 |
| 452308109 | ILLINOIS TOOL WKS INC | US | ITW | 3,651 | $709,060.71 |
| 45337C102 | INCYTE CORP | US | INCY | 6,860 | $615,685.00 |
| 45682RAA8 | INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 | AU | 275,000 | $291,670.50 | |
| 45778Q107 | INSPERITY INC | US | NSP | 11,230 | $881,442.70 |
| 458140100 | INTEL CORP | US | INTC | 26,860 | $1,490,998.60 |
| 45866F104 | INTERCONTINENTALEXCHANGE INC | US | ICE | 17,007 | $1,876,722.45 |
| 459200101 | INTERNATIONAL BUSINESS MACH CORP | US | IBM | 8,108 | $965,743.88 |
| 46116VAE5 | INTL FC STORE INC 8.62500 06/15/2025 | US | 350,000 | $379,312.50 | |
| 46187BAA1 | IHSFR 2017-SFR2 A 0.97900 12/17/2036 | US | 763,273 | $763,272.85 | |
| 46187BAB9 | IHSFR 2017-SFR2 B 1.27900 12/17/2036 | US | 630,000 | $632,848.36 | |
| 46187W107 | INVITATION HOMES INC | US | INVH | 16,741 | $493,524.68 |
| 46284VAN1 | IRON MOUNTAIN INC 4.50000 02/15/2031 | US | 190,000 | $194,275.00 | |
| 465410BX5 | ITALY GOV'T INT BOND 2.37500 10/17/2024 | IT | 600,000 | $631,016.74 | |
| 46625H100 | JP MORGAN CHASE & CO | US | JPM | 13,905 | $1,789,156.35 |
| 46639GAL0 | JPMMT 2013-1 1A2 3.00000 03/25/2043 | US | 291,614.58 | $296,138.89 | |
| 46640BAC8 | JPMMT 2013-2 A2 3.50000 05/25/2043 | US | 333,058 | $339,923.49 | |
| 46641YAA1 | JPMMT 2014-2 1A1 3.00000 06/25/2029 | US | 624,863.88 | $640,540.90 | |
| 46647PBP0 | JPMORGAN CHASE & CO 2.95600 05/13/2031 | US | 4,090,000 | $4,370,796.82 | |
| 46647SAE0 | JPMMT 2017-3 1A3 3.50000 08/25/2047 | US | 110,713.42 | $113,209.68 | |
| 46647SAJ9 | JPMMT 2017-3 1A5 3.50000 08/25/2047 | US | 132,133.59 | $132,080.22 | |
| 46648HAE3 | JPMMT 2017-2 A5 3.50000 05/25/2047 | US | 63,932.34 | $64,144.97 | |
| 46648HAF0 | JPMMT 2017-2 A6 3.00000 05/25/2047 | US | 68,668.07 | $69,015.21 | |
| 46649HAC6 | JPMMT 2017-6 A3 3.50000 12/25/2048 | US | 434,699.03 | $443,470.56 | |
| 46649HAE2 | JPMMT 2017-6 A5 3.50000 12/25/2048 | US | 269,398.74 | $270,086.81 | |
| 478160104 | JOHNSON & JOHNSON | US | JNJ | 27,937 | $4,557,362.81 |
| 48088LAB3 | JOSEPH T RYERSON & SON 8.50000 08/01/2028 | US | 152,000 | $171,448.40 | |
| 487526AB1 | KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 | US | 252,000 | $279,720.00 | |
| 49427F108 | KILROY REALTY CORP | US | KRC | 3,808 | $215,647.04 |
| 494368103 | KIMBERLY CLARK CORP | US | KMB | 4,113 | $543,327.30 |
| 494550AW6 | KINDER MORGAN ENER PART 6.95000 01/15/2038 | US | 3,330,000 | $4,540,966.39 | |
| 50212YAC8 | LPL HOLDINGS INC 4.62500 11/15/2027 | US | 100,000 | $104,375.00 | |
| 505742AG1 | LADDER CAP FIN LLLP/CORP 5.25000 10/01/2025 | US | 275,000 | $274,312.50 | |
| 512816109 | LAMAR ADVERTISING CO-A | US | LAMR | 1,691 | $136,598.98 |
| 53223X107 | LIFE STORAGE INC | US | LSI | 2,503.5 | $204,235.53 |
| 532457108 | ELI LILLY & CO | US | LLY | 5,023 | $1,044,633.31 |
| 539830109 | LOCKHEED MARTIN CORP | US | LMT | 2,627 | $845,421.14 |
| 541056AA5 | LOGAN MERGER SUB INC 5.50000 09/01/2027 | US | 150,000 | $156,937.50 | |
| 54240F202 | LONESTAR RES US INC NPV | US | LONE | 13,056 | $65,149.44 |
| 552848AG8 | MGIC INVESTMENT CORP 5.25000 08/15/2028 | US | 270,000 | $288,900.00 | |
| 55303XAL9 | MGM GROWTH/MGM FINANCE 3.87500 02/15/2029 | US | 105,000 | $106,771.88 | |
| 573284106 | MARTIN MARIETTA MATERIALS | US | MLM | 1,860 | $534,582.60 |
| 57636Q104 | MASTERCARD INC-CLASS A | US | MA | 8,945 | $2,829,214.05 |
| 577128AA9 | MATTHEWS INTERNATIONAL C 5.25000 12/01/2025 | US | 155,000 | $157,906.25 | |
| 58933Y105 | MERCK & CO INC | US | MRK | 18,912 | $1,457,547.84 |
| 594918104 | MICROSOFT CORP | US | MSFT | 8,578 | $1,989,752.88 |
| 595112103 | MICRON TECHNOLOGY INC | US | MU | 11,919 | $932,900.13 |
| 59522J103 | MID-AMERICA APARTMENT COMM | US | MAA | 3,005 | $398,913.75 |
| 609207105 | MONDELEZ INTERNATIONAL INC | US | MDLZ | 49,267 | $2,731,362.48 |
| 615369105 | MOODY'S CORPORATION | US | MCO | 2,690 | $716,239.40 |
| 61965RAA3 | MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 | US | 270,000 | $228,627.90 | |
| 62913TAJ1 | NGL ENRGY PART LP/FIN CO 7.50000 11/01/2023 | US | 175,000 | $159,687.50 | |
| 62922LAA6 | NGL ENERGY OP/FIN 7.50000 02/01/2026 | US | 105,000 | $106,029.00 | |
| 63938CAH1 | NAVIENT CORP 6.75000 06/25/2025 | US | 285,000 | $312,253.13 | |
| 63938EAC8 | NAVSL 2014-1 A3 FLT 0.64000 06/25/2031 | US | 236,235.21 | $233,347.26 | |
| 63938NAF1 | NAVIOS SA LOGIST/FIN US 10.75000 07/01/2025 | MUL | 100,000 | $109,500.00 | |
| 63940YAA4 | NAVSL 2019-CA A1 2.82000 02/15/2068 | US | 181,959.97 | $182,283.24 | |
| 63941MAB7 | NAVSL 2019-EA A2A 2.64000 05/15/2068 | US | 3,000,000 | $3,086,320.80 | |
| 64032XAA3 | NSLT 2012-3A A MTGE FLT 0.83000 02/25/2045 | US | 248,582.9 | $247,082.63 | |
| 64033GAA9 | NSLT 2013-5A A MTGE FLT 0.76000 01/25/2037 | US | 392,223.3 | $389,058.06 | |
| 644393AA8 | NEW FORTRESS ENERGY INC 6.75000 09/15/2025 | US | 150,000 | $156,562.50 | |
| 64829DAG1 | NRZT 2014-3A AFX3 3.75000 11/25/2054 | US | 563,609.25 | $605,788.81 | |
| 64829EAA2 | NRZT 2015-2A A1 3.75000 08/25/2055 | US | 570,486.29 | $608,547.99 | |
| 64829LAA6 | NRZT 2016-4A A1 3.75000 11/25/2056 | US | 841,606.72 | $900,667.06 | |
| 64971XPG7 | NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 | US | 950,000 | $985,454.00 | |
| 651639106 | NEWMONT GOLDCORP CORP | US | NEM | 15,155 | $903,238.00 |
| 655844108 | NORFOLK SOUTHN CORP | US | NSC | 4,190 | $991,437.80 |
| 6642321 | NIKON CORP | JP | 7731 JP | 81,400 | $648,711.58 |
| 66727WAA0 | NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | CA | 880,000 | $88.00 | |
| 66981QAA4 | BRUNDAGE-BONE CONCRETE 6.00000 02/01/2026 | US | 45,000 | $45,787.50 | |
| 66987V109 | NOVARTIS AG- REG | CH | NVS | 20,183 | $1,825,956.01 |
| 674599EA9 | OCCIDENTAL PETROLEUM COR 8.87500 07/15/2030 | US | 105,000 | $131,853.75 | |
| 675232AB8 | OCEANEERING INTL INC 6.00000 02/01/2028 | US | 260,000 | $242,882.90 | |
| 68389X105 | ORACLE CORP | US | ORCL | 15,661 | $946,394.23 |
| 691205AC2 | OWL ROCK TECHNOLOGY FINA 4.75000 12/15/2025 | US | 130,000 | $138,271.00 | |
| 691205AE8 | OWL ROCK TECHNOLOGY 3.75000 06/17/2026 | US | 1,780,000 | $1,823,568.33 | |
| 69121KAE4 | OWL ROCK CAPITAL CORP 3.40000 07/15/2026 | US | 160,000 | $163,925.92 | |
| 69144AAA7 | OXFIN 2020-1A A2 3.10100 02/15/2028 | US | 255,000 | $261,671.95 | |
| 69145AAB4 | OXFIN 2019-1A A2 4.45900 02/15/2027 | US | 2,305,000 | $2,379,802.55 | |
| 69145LAA2 | OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 | US | 105,000 | $106,050.00 | |
| 69306RAA4 | P&L DEV LLC/PLD 7.75000 11/15/2025 | US | 155,000 | $165,850.00 | |
| 69327RAJ0 | PDC ENERGY INC 5.75000 05/15/2026 | US | 180,000 | $183,371.40 | |
| 693456AW5 | PMTLT 2013-J1 a9 3.50000 09/25/2043 | US | 1,473,924.05 | $1,507,652.59 | |
| 693475105 | PNC FINANCIAL SERVICES GROUP | US | PNC | 3,388 | $486,245.76 |
| 69354NAC0 | PRA GROUP INC 7.37500 09/01/2025 | US | 255,000 | $273,487.50 | |
| 69356MAA4 | PM GENERAL PURCHASER LLC 9.50000 10/01/2028 | US | 145,000 | $159,304.25 | |
| 70450Y103 | PAYPAL HOLDINGS INC | US | PYPL | 7,925 | $1,856,906.75 |
| 7123870 | NESTLE SA-REGISTERED | CH | NESN SW | 12,345 | $1,383,832.35 |
| 713448108 | PEPSICO INC | US | PEP | 7,070 | $965,549.90 |
| 717081103 | PFIZER INC | US | PFE | 44,416 | $1,594,534.40 |
| 723787107 | PIONEER NATURAL RESOURCES CO | US | PXD | 11,749 | $1,420,454.10 |
| 74166MAC0 | PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 | US | 140,000 | $153,272.00 | |
| 74331AAA0 | 2019- SFR4 CLASS A 2.68700 10/17/2036 | US | 4,200,000 | $4,333,001.82 | |
| 74333NAA0 | PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 | US | 3,502,835.24 | $3,615,087.45 | |
| 74340W103 | PROLOGIS | US | PLD | 10,329 | $1,065,952.80 |
| 74460D109 | PUBLIC STORAGE INC | US | PSA | 1,922 | $437,485.64 |
| 747525103 | QUALCOMM INC | US | QCOM | 8,036 | $1,255,866.08 |
| 750236AW1 | RADIAN GROUP INC 4.87500 03/15/2027 | US | 192,000 | $207,120.00 | |
| 75513E101 | RAYTHEON TECHNOLOGIES CORP | US | RTX | 12,856 | $857,880.88 |
| 75606DAL5 | REALOGY GROUP/CO-ISSUER 5.75000 01/15/2029 | US | 75,000 | $76,593.75 | |
| 756109104 | REALTY INCOME CORP | US | O | 1,777 | $104,949.62 |
| 76169C100 | REXFORD INDUSTRIAL REALITY IN | US | REXR | 3,555 | $173,981.70 |
| 780259107 | ROYAL DUTCH SHELL PLC-ADR B | NL | RDS/B | 6,344 | $221,342.16 |
| 783513203 | RYANAIR HOLDINGS - ADR | IE | RYAAY | 9,065 | $861,809.55 |
| 78409V104 | S&P GLOBAL INC | US | SPGI | 1,920 | $608,640.00 |
| 78410G104 | SBA COMMUNICATIONS CORP | US | SBAC | 4,310 | $1,157,967.70 |
| 78442GQJ8 | SLMA 2005-7 A4 FLT 0.36775 10/25/2029 | US | 217,828.47 | $215,909.84 | |
| 78442PGC4 | SLM CORP 5.12500 04/05/2022 | US | 405,000 | $414,112.50 | |
| 78442PGD2 | SLM CORP 4.20000 10/29/2025 | US | 195,000 | $206,758.50 | |
| 78449UAB4 | SMB 2020-A A2A MTGE 2.23000 09/15/2037 | US | 340,000 | $354,171.03 | |
| 78470NAB2 | SOFI 2015-D A2 2.72000 10/27/2036 | US | 38,077.78 | $38,607.09 | |
| 78470RAC1 | SOFI 2016-E A2B 2.49000 01/25/2036 | US | 73,401.36 | $74,337.20 | |
| 78490DAA2 | SOFI 2018-C A1FX 3.08000 01/25/2048 | US | 15,271.13 | $15,271.13 | |
| 785592AV8 | SABINE PASS LIQUEFACTION 5.87500 06/30/2026 | US | 4,410,000 | $5,334,516.85 | |
| 806857108 | SCHLUMBERGER LTD | NL | SLB | 23,420 | $520,158.20 |
| 81141R100 | SEA LTD - ADR | SG | SE | 4,468 | $968,260.28 |
| 81745BAB1 | SEMT 2013-6 A2 3.00000 05/25/2043 | US | 2,910,428.95 | $2,957,689.08 | |
| 81745CAB9 | SEMT 2013-7 A2 3.00000 06/25/2043 | US | 395,537.41 | $401,962.08 | |
| 81745EAA7 | SEMT 2013-8 A1 3.00000 06/25/2043 | US | 527,625.35 | $536,230.87 | |
| 81745MAA9 | SEMT 2013-2 1.87400 02/25/2043 | US | 389,565.48 | $393,416.88 | |
| 81748MAA6 | SEMT 2020-1 A1 3.50000 02/25/2050 | US | 186,571.87 | $190,193.44 | |
| 81762P102 | SERVICENOW INC | US | NOW | 1,725 | $936,951.00 |
| 83401BAB2 | SOFI 2017-F A2FX 2.84000 01/25/2041 | US | 388,976.57 | $398,101.45 | |
| 83405JAA3 | SCLP 2017-4 A 2.50000 05/26/2026 | US | 38,555.01 | $38,672.88 | |
| 83405TAA1 | SCLP 2019-3 A MTGE 2.90000 05/25/2028 | US | 912,900.32 | $921,988.06 | |
| 83406CAA7 | SCLP 2019-2 A MTGE 3.01000 04/25/2028 | US | 625,796.86 | $631,745.06 | |
| 83406TAB8 | SOFI 2020-A A2FX MTGE 2.54000 05/15/2046 | US | 225,000 | $232,767.34 | |
| 835699307 | SONY CORP SPONSORED ADR | JP | SNE | 10,380 | $993,469.80 |
| 837151XF1 | SOUTH CAROLINA ST PUBLIC SVC 1.85200 12/01/2026 | US | 3,460,000 | $3,546,361.60 | |
| 844741BJ6 | SOUTHWEST AIRLINES CO 5.25000 05/04/2025 | US | 810,000 | $929,751.19 | |
| 844741BK3 | SOUTHWEST AIRLINES CO 5.12500 06/15/2027 | US | 2,530,000 | $2,987,574.38 | |
| 85172FAN9 | SPRINGLEAF FINANCE CORP 7.12500 03/15/2026 | US | 190,000 | $222,300.00 | |
| 85254J102 | STAG INDUSTRIAL INC | US | STAG | 3,683 | $109,753.40 |
| 85571BAL9 | STARWOOD PROPERTY TRUST 4.75000 03/15/2025 | US | 280,000 | $282,018.80 | |
| 85571XAA5 | SRPT 2014-STAR A FLTG RATE 1.59650 11/15/2027 | US | 2,317,783.32 | $1,715,159.66 | |
| 861036AA9 | STL HOLDING CO LLC 7.50000 02/15/2026 | US | 250,000 | $260,000.00 | |
| 86212XAA8 | STR 2019-1 A1 MTGE 2.82000 11/20/2049 | US | 2,147,170.76 | $2,197,646.66 | |
| 866674104 | SUN COMMUNITIES | US | SUI | 3,042 | $435,401.46 |
| 86935CAA0 | SCML 2019-SBC8 2.86000 04/25/2041 | US | 2,523,222.03 | $2,552,416.21 | |
| 87105L104 | SWITCH INC - A | US | SWCH | 16,110 | $277,414.20 |
| 87422VAA6 | TALEN ENERGY SUPPLY LLC 6.50000 06/01/2025 | US | 100,000 | $79,438.00 | |
| 87485LAA2 | TALOS PRODUCTION INC 12.00000 01/15/2026 | US | 155,000 | $146,862.50 | |
| 87677QAA9 | TXEZ 2016-1A 3.13100 06/15/2028 | US | 114,647.66 | $114,935.92 | |
| 87724LAA3 | TAYLOR MORR COMM 5.87500 04/15/2023 | MUL | 80,000 | $84,766.80 | |
| 87901JAE5 | TEGNA INC 4.62500 03/15/2028 | US | 105,000 | $106,443.75 | |
| 88032WAN6 | TENCENT HOLDINGS 3.97500 04/11/2029 | KY | 3,860,000 | $4,340,446.09 | |
| 88146M101 | TERRENO REALTY CORP | US | TRNO | 2,610 | $147,673.80 |
| 88167AAK7 | TEVA PHARMACEUTICALS NE 6.75000 03/01/2028 | NL | 200,000 | $223,770.00 | |
| 882508104 | TEXAS INSTRUMENTS INC | US | TXN | 8,466 | $1,402,731.54 |
| 883556102 | THERMO FISHER SCIENTIFIC INC | US | TMO | 1,965 | $1,001,560.50 |
| 88579Y101 | 3M CO | US | MMM | 5,529 | $971,224.14 |
| 89151E109 | TOTAL S A SPONSORED ADR | FR | TOT | 29,557 | $1,243,758.56 |
| 89173CAA5 | TPMT 2016-5 A1 2.50000 10/25/2056 | US | 1,112,082.94 | $1,134,290.57 | |
| 89173FAA8 | TPMT 2017-1 A1 2.75000 10/25/2056 | US | 1,348,691.33 | $1,373,730.86 | |
| 89177EAA7 | TPMT 2019-HY1 A1 1.13000 10/25/2048 | US | 1,296,029.11 | $1,303,471.56 | |
| 89613FAA6 | TAH 2017-SFR2 A 2.92800 01/17/2036 | US | 2,028,118.39 | $2,090,992.29 | |
| 89832Q109 | TRUIST FINANCIAL CORP | US | TFC | 15,523 | $744,793.54 |
| 901109AF5 | TUTOR PERINI CORP 6.87500 05/01/2025 | US | 205,000 | $207,946.88 | |
| 902653104 | UDR INC | US | UDR | 5,709 | $219,511.05 |
| 902973304 | U.S. BANCORP | US | USB | 15,768 | $675,658.80 |
| 904767704 | UNILEVER PLC - ADR | GB | UL | 68,313 | $3,985,380.42 |
| 907818108 | UNION PAC CORP | US | UNP | 6,321 | $1,248,207.87 |
| 909214BV9 | UNISYS CORP 6.87500 11/01/2027 | US | 100,000 | $110,750.00 | |
| 91086QBG2 | UNITED MEXICAN STATES 4.12500 01/21/2026 | MX | 400,000 | $457,804.00 | |
| 9128284P2 | US TREASURY N/B 2.62500 05/15/2021 | US | 26,094,000 | $26,281,550.63 | |
| 912828D56 | US TREASURY N/B 2.37500 08/15/2024 | US | 24,905,000 | $26,776,766.41 | |
| 912828R36 | US TREASURY N/B 1.62500 05/15/2026 | US | 14,390,000 | $15,235,974.57 | |
| 912828XB1 | UNITED STATES TREAS NTS 2.12500 05/15/2025 | US | 14,190,000 | $15,263,673.01 | |
| 91823AAN1 | VBTOW 2020-1A C2 3.03100 06/15/2050 | US | 1,200,000 | $1,263,550.32 | |
| 92343VCV4 | VERIZON COMMUNICATIONS 4.27200 01/15/2036 | US | 4,290,000 | $5,217,256.56 | |
| 92532F100 | VERTEX PHARMACEUTICALS INC | US | VRTX | 5,150 | $1,179,762.00 |
| 92556V106 | VIATRIS INC | US | VTRS | 5,009 | $85,102.91 |
| 92826C839 | VISA INC - CLASS A SHARES | US | V | 13,943 | $2,694,484.75 |
| 929160109 | VULCAN MATERIALS CO | US | VMC | 6,640 | $990,289.60 |
| 93065PAA9 | WBHT 2019-WBM A FLT 1.17600 12/15/2033 | US | 2,300,000 | $2,294,251.61 | |
| 931142103 | WAL MART STORES | US | WMT | 13,205 | $1,855,170.45 |
| 93114W107 | WALMART DE MEXICO | MX | WMMVY | 32,460 | $927,706.80 |
| 94106L109 | WASTE MANAGEMENT INC | US | WM | 5,140 | $572,184.80 |
| 949746101 | WELLS FARGO COMPANY | US | WFC | 33,142 | $990,282.96 |
| 95040Q104 | WELLTOWER INC. | US | WELL | 1,953 | $118,351.80 |
| 962178AN9 | TRI POINTE GROUP / HOMES 5.87500 06/15/2024 | US | 145,000 | $158,231.25 | |
| 96949LAD7 | WILLIAMS PARTNERS LP 3.75000 06/15/2027 | US | 3,180,000 | $3,606,682.80 | |
| 97652TAA1 | WIN 2015-1 A1 3.50000 01/20/2045 | US | 305,866.79 | $314,067.17 | |
| 98311A105 | WYNDHAM HOTELS & RESORTS INC | US | WH | 2,029 | $118,026.93 |
| 98978V103 | ZOETIS INC | US | ZTS | 3,055 | $471,233.75 |
| B3ZD2V9 | MEX BONOS DESARR FIX RT 6.50000 06/10/2021 | MX | 2,725,000 | $133,797.38 | |
| B4888C1 | CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 | CA | 327,000 | $264,686.52 | |
| B4NDCC9 | MEX BONOS DESARR FIX RT 6.50000 06/09/2022 | MX | 4,996,000 | $251,011.28 | |
| B63QM77 | NEXON CO LTD | JP | 3659 JP | 61,900 | $1,878,256.29 |
| B6TC406 | MEX BONOS DESARR FIX RT 7.75000 05/29/2031 | MX | 908,000 | $51,810.35 | |
| BGHQ198 | HIBERNIA REIT PLC | IE | HBRN ID | 64,045 | $85,183.10 |
| BH8295835 | SAUDI INTERNATIONAL BOND 2.90000 10/22/2025 | SA | 200,000 | $215,024.00 | |
| BK0939417 | AMERICAN TANKER INC 7.75000 07/02/2025 | US | 375,000 | $378,750.00 | |
| BMMV2K8 | TENCENT HOLDINGS LTD | CN | 700 HK | 15,700 | $1,398,921.95 |
| BMXKJ81 | FLAGSHIP COMMUNITIES REIT UT | US | MHC/U CN | 5,461 | $84,809.33 |
| BYYHL23 | ANHEUSER-BUSCH INBEV SA/NV | BE | ABI BB | 7,410 | $465,145.84 |
| G1151C101 | ACCENTURE PLC - CL A | IE | ACN | 3,794 | $917,844.48 |
| G29183103 | EATON CORP PLC | US | ETN | 5,392 | $634,638.40 |
| G5494J103 | LINDE PLC | GB | LIN | 3,421 | $839,513.40 |
| G5960L103 | MEDTRONIC INC | IE | MDT | 19,541 | $2,175,499.53 |
| H01301128 | ALCON INC | CH | ALC | 32,424 | $2,325,125.04 |
| H1467J104 | CHUBB LTD | CH | CB | 4,560 | $664,255.20 |
| ZO1818103 | NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 | MH | 350,000 | $364,000.00 | |
| ZO4110185 | BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 | AE | 300,000 | $281,250.00 |
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.
Daily Price
$13.97
Daily $ Change
-$0.07
Daily % Change
-0.50%
as of 03/04/2021
Ticker
MNCWX
CUSIP
56382R324
Inception Date
04/01/2019
This fund is only available to discretionary investment accounts and other accounts managed by the Advisor.
Important Documents
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Fact Sheet | --- |
| Applications & Forms |
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 01/31/2021
YTD
-0.43%
1 Year
10.02%
3 Year
6.99%
5 Year
7.21%
10 Year
5.35%
Inception
(11/01/1995)
5.86%
Inception performance is based on the Pro-Blend® Conservative Term Series Class S inception of 11/01/1995. For periods through 04/01/2019 (the inception date of the Class W shares), performance for the Class W shares is based on the historical performance of the Class S shares. Because the Class W 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 | 0.48% |
| Net | 0.08%* |
*Reflects the Advisor's contractual agreement to waive its management fee and limit and reimburse certain other expenses. These contractual waivers may not be amended or terminated without the prior approval of the Fund's Board of Directors. The Class W shares are only available to discretionary investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the fund's expenses.
Top Ten Investments
As of 01/31/2021
| TREASURY NOTES | 16.81% |
| GOVERNMENT AGENCY | 12.17% |
| ALIBABA GROUP HOLDING 3.40000 12/06/2027 | 1.22% |
| SABINE PASS LIQUEFACTION 5.87500 06/30/2026 | 1.07% |
| CROWN CASTLE INTL CORP 3.10000 11/15/2029 | 1.05% |
| VERIZON COMMUNICATIONS 4.27200 01/15/2036 | 1.05% |
| AMERICAN TOWER CORP 3.80000 08/15/2029 | 1.04% |
| ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 | 1.02% |
| AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 | 0.97% |
| BWAY 2015-1740 A 2.91700 01/10/2035 | 0.96% |
This investment list is unaudited and excludes cash.
Asset Allocation
As of 01/31/2021
| Bonds | 67.02% | |
| Stocks | 30.84% | |
| Cash | 2.14% |
Detailed Asset Class Allocation
As of 01/31/2021
| Unknown Capitalization | 0.01% | |
| International Equities | 6.54% | |
| Small Capitalization | 1.16% | |
| Mid Capitalization | 3.36% | |
| Large Capitalization | 19.77% | |
| Long Term Fixed Income | 18.57% | |
| Intermediate Term Fixed Income | 42.78% | |
| Short Term Fixed Income | 5.67% | |
| Cash | 2.14% |
January Fund Holdings
As of 01/31/2021
| CUSIP | Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|---|
| 00206RDQ2 | AT&T INC 4.25000 03/01/2027 | US | 1,510,000 | $1,753,400.83 | |
| 00287Y109 | ABBVIE INC | US | ABBV | 13,320 | $1,365,033.60 |
| 00507V109 | ACTIVISION INC | US | ATVI | 10,334 | $940,394.00 |
| 00653VAA9 | ADAPTHEALTH LLC 6.12500 08/01/2028 | US | 120,000 | $129,000.00 | |
| 00774MAG0 | AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 | IE | 4,380,000 | $4,814,469.81 | |
| 00791GAA5 | AG MERGER SUB II INC 10.75000 08/01/2027 | US | 270,000 | $299,700.00 | |
| 00842XAA7 | AFFINITY GAMING 6.87500 12/15/2027 | US | 105,000 | $110,250.00 | |
| 008474108 | AGNICO EAGLE MINES LTD | CA | AEM | 13,446 | $939,203.10 |
| 008492100 | AGREE REALTY CORP | US | ADC | 3,405 | $215,196.00 |
| 00912XAV6 | AIR LEASE CORP 3.62500 04/01/2027 | US | 3,185,000 | $3,457,368.08 | |
| 00914AAB8 | AIR LEASE CORP 3.75000 06/01/2026 | US | 2,820,000 | $3,098,553.76 | |
| 01166WAA5 | ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 | US | 307,000 | $340,921.90 | |
| 01609W102 | ALIBABA GROUP - ADR | CN | BABA | 5,670 | $1,439,216.10 |
| 01609WAT9 | ALIBABA GROUP HOLDING 3.40000 12/06/2027 | KY | 5,450,000 | $6,047,688.37 | |
| 02079K305 | ALPHABET INC-CL A | US | GOOGL | 1,645 | $3,006,007.20 |
| 023135106 | AMAZON.COM INC | US | AMZN | 910 | $2,917,642.00 |
| 0237400 | DIAGEO PLC | GB | DGE LN | 17,080 | $685,714.03 |
| 024835100 | AMERICAN CAMPUS COMMUNITIES | US | ACC | 3,381 | $139,161.96 |
| 025816109 | AMERICAN EXPRESS CO | US | AXP | 10,780 | $1,253,282.80 |
| 02665T306 | AMERICAN HOMES 4 RENT- A | US | AMH | 10,693 | $323,249.39 |
| 03027X100 | AMERICAN TOWER REIT INC | US | AMT | 6,072 | $1,380,529.92 |
| 03027XAW0 | AMERICAN TOWER CORP 3.80000 08/15/2029 | US | 4,560,000 | $5,173,104.90 | |
| 03064D108 | AMERICOLD REALTY TRUST | US | COLD | 9,305 | $324,837.55 |
| 03217CAA4 | AMS AG 7.00000 07/31/2025 | AT | 250,000 | $274,375.00 | |
| 03690AAF3 | ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 | US | 190,000 | $190,000.00 | |
| 03750L109 | APARTMENT INCOME REIT CO | US | AIRC | 3,659 | $141,859.43 |
| 03784Y200 | APPLE HOSPITALITY REIT INC | US | APLE | 13,940 | $173,971.20 |
| 04364VAR4 | ASCENT RESOURCES 8.25000 12/31/2028 | US | 95,000 | $96,682.45 | |
| 045054AJ2 | ASHTEAD CAPITAL INC 4.00000 05/01/2028 | US | 1,680,000 | $1,791,720.00 | |
| 053015103 | AUTOMATIC DATA PROCESSING | US | ADP | 3,199 | $528,218.88 |
| 053484101 | AVALONBAY COMMUNITIES INC | US | AVB | 1,075 | $175,945.25 |
| 05401AAJ0 | AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 | KY | 1,970,000 | $2,022,929.41 | |
| 055622104 | BP PLC-SPONS ADR | GB | BP | 16,513 | $366,918.86 |
| 05604LAA0 | BWAY 2015-1740 A 2.91700 01/10/2035 | US | 4,633,000 | $4,750,091.66 | |
| 060505104 | BANK OF AMERICA CORP | US | BAC | 51,964 | $1,540,732.60 |
| 06051GFM6 | BANK OF AMERICA CORP 4.00000 01/22/2025 | US | 2,350,000 | $2,618,448.11 | |
| 067901108 | BARRICK GOLD CORP | CA | GOLD | 40,232 | $899,989.84 |
| 071734AH0 | BAUSCH HEALTH COS INC 5.00000 01/30/2028 | CA | 220,000 | $226,666.00 | |
| 07403VAA7 | BEASLEY MEZ HLDGS LLC 8.62500 02/01/2026 | US | 100,000 | $100,500.00 | |
| 084423102 | WR BERKLEY CORP | US | WRB | 18,462 | $1,147,228.68 |
| 084670702 | BERKSHIRE HATHAWAY INC-CL B | US | BRK/B | 8,439 | $1,922,994.93 |
| 09061G101 | BIOMARIN PHARMACEUTICAL INC | US | BMRN | 13,668 | $1,131,437.04 |
| 105368203 | BRANDYWINE REALTY TRUST | US | BDN | 9,070 | $99,770.00 |
| 110122108 | BRISTOL MYERS SQUIBB CO | US | BMY | 18,119 | $1,113,050.17 |
| 116ESCAD6 | BRUIN E&P PARTNERS LLC 0.00000 08/01/2023 | US | 905,000 | $22,625.00 | |
| 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 | $159,300.00 | |
| 12514G108 | CDW CORP/DE | US | CDW | 7,197 | $947,557.02 |
| 12530MAB1 | SORT 2020-1 A2 1.99000 07/15/2060 | US | 2,222,016.26 | $2,243,949.12 | |
| 12530MAC9 | SORT 2020-1 B1 2.28000 07/15/2060 | US | 2,863,136.51 | $2,909,120.77 | |
| 12555DAA3 | CIM 2019-INV1 A1 4.00000 02/25/2049 | US | 524,571.85 | $539,642.38 | |
| 12646XAH5 | CSMC 2013-IVR3 A1 2.50000 05/25/2043 | US | 664,881.09 | $676,638.78 | |
| 12654TAA8 | CNX MIDSTREAM PTR/CNX 6.50000 03/15/2026 | US | 95,000 | $97,375.00 | |
| 127097103 | CABOT OIL & GAS CORP | US | COG | 113,257 | $2,076,000.81 |
| 133131102 | CAMDEN PROPERTY TRUST | US | CPT | 2,185 | $223,197.75 |
| 133131AZ5 | CAMDEN PROPERTY TRUST 2.80000 05/15/2030 | US | 3,210,000 | $3,484,842.13 | |
| 13321L108 | CAMECO CORP | CA | CCJ | 72,845 | $904,734.90 |
| 136375102 | CANADIAN NATIONAL RAILWAY CO | CA | CNI | 5,535 | $559,975.95 |
| 14174T107 | CARETRUST REIT INC | US | CTRE | 4,483 | $100,688.18 |
| 149123101 | CATERPILLAR INC | US | CAT | 5,708 | $1,043,650.72 |
| 14980AAA0 | CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 | US | 672,650.36 | $676,375.30 | |
| 156700BA3 | CENTURYLINK INC 7.50000 04/01/2024 | US | 100,000 | $112,729.00 | |
| 16119P108 | CHARTER COMMUNICATIONS INC-A | US | CHTR | 3,110 | $1,889,511.60 |
| 17275R102 | CISCO SYSTEMS INC | US | CSCO | 31,256 | $1,393,392.48 |
| 172967424 | CITIGROUP INC | US | C | 15,463 | $896,699.37 |
| 172967KA8 | CITIGROUP INCA 4.45000 09/29/2027 | US | 3,020,000 | $3,517,899.55 | |
| 191216100 | COCA COLA CO/THE | US | KO | 31,605 | $1,521,780.75 |
| 194162103 | COLGATE-PALMOLIVE CO | US | CL | 9,385 | $732,030.00 |
| 20030N101 | COMCAST CORP-CL A | US | CMCSA | 24,677 | $1,223,238.89 |
| 20030NCY5 | COMCAST CORP 3.25000 11/01/2039 | US | 3,930,000 | $4,276,813.81 | |
| 20268CAA6 | CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 | US | 1,804,344.38 | $1,855,504.76 | |
| 20369C106 | COMMUNITY HEALTHCARE TRUST I | US | CHCT | 4,230 | $189,165.60 |
| 20449X401 | COMPASS GROUP PLC ADR | GB | CMPGY | 49,735 | $892,842.72 |
| 20825C104 | CONOCOPHILLIPS | US | COP | 62,410 | $2,498,272.30 |
| 217204106 | COPART INC | US | CPRT | 7,854 | $861,976.50 |
| 222795502 | COUSINS PROPERTIES INC | US | CUZ | 9,091 | $286,730.14 |
| 22534GAC7 | CAALT 2020-1A B 2.39000 04/16/2029 | US | 1,150,000 | $1,192,970.79 | |
| 22822V101 | CROWN CASTLE INTL CORP | US | CCI | 2,122 | $337,949.72 |
| 22822VAN1 | CROWN CASTLE INTL CORP 3.10000 11/15/2029 | US | 4,830,000 | $5,235,563.94 | |
| 22822VAR2 | CROWN CASTLE INTL CORP 3.30000 07/01/2030 | US | 1,080,000 | $1,183,115.92 | |
| 22944PAA5 | CSMC 2013-TH1 A1 2.13000 02/25/2043 | US | 400,977.12 | $408,395.72 | |
| 229663109 | CUBESMART | US | CUBE | 244 | $8,500.96 |
| 25243Q205 | DIAGEO PLC-SPONSORED ADR | GB | DEO | 4,119 | $660,152.13 |
| 253868103 | DIGITAL REALTY TRUST INC | US | DLR | 3,378 | $486,263.10 |
| 256746108 | DOLLAR TREE STORES INC | US | DLTR | 8,810 | $895,624.60 |
| 25960P109 | DOUGLAS EMMETT INC | US | DEI | 5,290 | $146,585.90 |
| 26150TAE9 | DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 | US | 250,000 | $251,736.26 | |
| 262006208 | DREYFUS GVT CSH MANAGEMENT | US | 10,867,387.31 | $10,867,387.31 | |
| 26439XAC7 | DCP MIDSTREAM OPERATING 8.12500 08/16/2030 | US | 75,000 | $99,108.00 | |
| 264411505 | DUKE RLTY INVTS INC | US | DRE | 7,082 | $280,163.92 |
| 26875P101 | EOG RESOURCES INC | US | EOG | 17,644 | $899,138.24 |
| 26884L109 | EQT CORP | US | EQT | 60,690 | $989,853.90 |
| 26884LAG4 | EQT CORP 8.50000 02/01/2030 | US | 125,000 | $158,750.00 | |
| 285512109 | ELECTRONIC ARTS | US | EA | 6,876 | $984,643.20 |
| 291011104 | EMERSON ELEC CO | US | EMR | 8,059 | $639,481.65 |
| 29273RAR0 | ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 | US | 4,170,000 | $5,051,975.68 | |
| 29275YAC6 | ENERSYS 4.37500 12/15/2027 | US | 20,000 | $21,281.00 | |
| 29444U700 | EQUINIX INC | US | EQIX | 3,494 | $2,585,420.24 |
| 29472R108 | EQUITY LIFESTYLE PROPERTIES | US | ELS | 5,010 | $304,808.40 |
| 297178105 | ESSEX PROPERTY TRUST INC | US | ESS | 545 | $130,587.45 |
| 30212P303 | EXPEDIA INC | US | EXPE | 25,790 | $3,200,539.00 |
| 30212PAS4 | EXPEDIA GROUP INC 6.25000 05/01/2025 | US | 1,580,000 | $1,825,924.90 | |
| 30225T102 | EXTRA SPACE STORAGE INC | US | EXR | 1,087 | $123,689.73 |
| 30231G102 | EXXON MOBIL CORP | US | XOM | 24,790 | $1,111,583.60 |
| 302491303 | FMC CORP | US | FMC | 12,412 | $1,344,095.48 |
| 30262SAR9 | FREMF 2015-K42 B FLT 3.84997 12/25/2024 | US | 490,000 | $535,654.08 | |
| 30264DAA7 | FS ENERGY & POWER FUND 7.50000 08/15/2023 | US | 155,000 | $154,612.50 | |
| 30286XAN9 | FREMF 2015-K43 B FLT 3.73262 02/25/2048 | US | 500,000 | $544,994.90 | |
| 30287EAE0 | FREMF 2014-K41 B FLT 3.83300 11/25/2047 | US | 2,500,000 | $2,734,039.00 | |
| 30291HAA5 | FREMF 2013-K28 X2A 0.10000 06/25/2046 | US | 188,472,565.32 | $285,328.62 | |
| 30303M102 | FACEBOOK INC -A | US | FB | 10,480 | $2,707,298.40 |
| 3128LCD86 | FHLM POOL A78227 5.50000 06/01/2038 | US | 84,950.34 | $99,543.95 | |
| 3128M56M7 | FHLM POOL G04176 5.50000 05/01/2038 | US | 74,322.2 | $87,240.28 | |
| 3128M5VT4 | FHLM POOL G03926 6.00000 02/01/2038 | US | 236,864.63 | $284,398.88 | |
| 3128M6JQ2 | FHLM POOL G04471 5.50000 07/01/2038 | US | 26,175.28 | $30,694.59 | |
| 3128M6SU3 | FHLM POOL G04731 5.50000 04/01/2038 | US | 165,428.67 | $194,114.89 | |
| 3128M6T99 | FHLM POOL G04776 5.50000 07/01/2038 | US | 163,757.51 | $191,777.69 | |
| 3128M73P9 | FHLM POOL G05906 6.00000 04/01/2040 | US | 38,794.7 | $46,630.23 | |
| 3128M7C95 | FHLM POOL G05196 5.50000 10/01/2038 | US | 239,597.6 | $281,117.61 | |
| 3128M7KW5 | FHLM POOL G05409 5.50000 03/01/2039 | US | 210,604.12 | $247,025.03 | |
| 3128M82W3 | FHLM POOL G06789 6.00000 05/01/2040 | US | 189,257.11 | $226,771.87 | |
| 3128M9GM8 | FHLM POOL G07104 5.50000 05/01/2040 | US | 134,469.27 | $151,718.32 | |
| 3128M9ZU9 | FHLM POOL G07655 5.50000 12/01/2035 | US | 73,595.78 | $86,053.99 | |
| 3128MBDP9 | FHLM POOL G12610 6.00000 03/01/2022 | US | 4,356.67 | $4,417.53 | |
| 3128MBE45 | FHLM POOL G12655 6.00000 05/01/2022 | US | 3,292.69 | $3,343.09 | |
| 3128MBUB1 | FHLM POOL G13078 6.00000 03/01/2023 | US | 5,999.07 | $6,163.60 | |
| 3128MJG20 | FHLM POOL G08216 5.50000 08/01/2037 | US | 218,073.05 | $256,010.28 | |
| 3128MJJT8 | FHLM POOL G08273 5.50000 06/01/2038 | US | 204,603.09 | $240,196.02 | |
| 3128P75F6 | FHLM POOL C91746 4.50000 12/01/2033 | US | 76,076.89 | $84,243.39 | |
| 3128P75X7 | FHLM POOL C91762 4.50000 05/01/2034 | US | 725,331.99 | $801,727.23 | |
| 312941F69 | FHLM POOL A92889 4.50000 07/01/2040 | US | 825,515.42 | $929,178.43 | |
| 3132D56Z0 | FEDERAL NATL MTG ASSN FR SB8088 1.50000 02/01/2036 | US | 3,595,000 | $3,685,623.69 | |
| 3132DWAG8 | FEDERAL NATL MTG ASSN FR SD8107 2.50000 11/01/2050 | US | 1,799,189.22 | $1,894,119.82 | |
| 3133KYUZ0 | FHLM POOL RB5100 2.00000 02/01/2041 | US | 3,400,000 | $3,520,015.99 | |
| 3135G05Y5 | FANNIE MAE 0.75000 10/08/2027 | US | 10,500,000 | $10,463,086.10 | |
| 3136B1YD0 | FNR 2018-31 KP 3.50000 07/25/2047 | US | 721,842.43 | $747,746.83 | |
| 31371N7J8 | FEDERAL NATL MTG ASSN 123456 6.00000 12/01/2038 | US | 11,681.98 | $13,768.88 | |
| 3137ADTK3 | FHMS K014 X1 FLT 1.19336 04/25/2021 | US | 1,146,502.62 | $990.35 | |
| 3137AJMG6 | FMHS K016 X1 FLT 1.48101 10/25/2021 | US | 5,785,679.98 | $23,249.18 | |
| 3137AME78 | FHMS K017 X1 FLT 1.28434 12/25/2021 | US | 7,122,962.41 | $41,941.43 | |
| 3137AUPF0 | FHMS K021 x1 FLT 1.40253 06/25/2022 | US | 14,125,567.12 | $193,479.31 | |
| 3137B3NB0 | FHMS K030 X1 FLT 0.16874 04/25/2023 | US | 70,664,522.46 | $240,768.16 | |
| 3137B4GZ3 | FHMS K032 X1 FLT 0.08832 05/25/2023 | US | 43,934,528.97 | $108,307.40 | |
| 3137F4YU0 | FHR 4791 BA MTGE 4.00000 03/15/2044 | US | 624,750.39 | $632,004.80 | |
| 3137FG2L8 | FHR 4801 BA MTGE 4.50000 05/15/2044 | US | 247,809.22 | $249,453.88 | |
| 3138AJXA5 | FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 | US | 300,310.97 | $331,786.86 | |
| 3138EGE26 | FEDERAL NATL MTG ASSN AL0152 6.00000 06/01/2040 | US | 563,573.09 | $671,755.68 | |
| 3138EHR87 | FEDERAL NATL MTG ASSN AL1410 4.50000 12/01/2041 | US | 625,939.64 | $703,054.63 | |
| 3138EHXZ0 | FEDERAL NATL MTG ASSN AL1595 6.00000 01/01/2040 | US | 335,314.64 | $400,986.37 | |
| 3138EQST0 | FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 | US | 360,461 | $393,762.71 | |
| 3138ETT89 | FEDERAL NATL MTG ASSN AL8674 FLT 5.64200 01/01/2049 | US | 984,798.79 | $1,144,485.65 | |
| 3138WDAY7 | FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 | US | 9,650,395.62 | $10,686,980.61 | |
| 3138WGK37 | FEDERAL NATL MTG ASSN FN AS6613 4.00000 02/01/2046 | US | 3,272,870.18 | $3,598,859.41 | |
| 31403DDX4 | FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 | US | 286,426.71 | $334,585.14 | |
| 3140E2GZ8 | FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 | US | 575,905.04 | $624,603.87 | |
| 3140F4UB0 | FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 | US | 241,720.35 | $262,069.26 | |
| 3140F9M51 | FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 | US | 105,666.17 | $114,583.37 | |
| 3140FEX33 | FEDERAL NATL MTG ASSN BD6997 4.00000 10/01/2046 | US | 493,374.8 | $534,225.30 | |
| 3140FPGW3 | FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 | US | 359,801.07 | $388,582.45 | |
| 3140FTWF4 | FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 | US | 314,054.95 | $344,443.70 | |
| 31410EKR8 | FEDERAL NATL MTG ASSN 886904 6.50000 09/01/2036 | US | 37,205.34 | $43,511.84 | |
| 31410FSE6 | FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 | US | 1,695.05 | $1,705.80 | |
| 31410FV51 | FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 | US | 2,769.7 | $2,795.52 | |
| 31410G5V1 | FEDERAL NATL MTG ASSN 889260 5.00000 04/01/2038 | US | 11,844.98 | $13,752.45 | |
| 31410GCD3 | FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 | US | 3,490.59 | $3,499.58 | |
| 31410GN33 | FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 | US | 5,384.47 | $5,413.90 | |
| 31410GN82 | FEDERAL NATL MTG ASSN 888815 4.50000 11/01/2022 | US | 2,090.89 | $2,191.85 | |
| 31410KJV7 | FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 | US | 278,440.1 | $331,981.55 | |
| 31410KLD4 | FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 | US | 238,367.54 | $279,849.99 | |
| 31410LC75 | FEDERAL NATL MTG ASSN 890294 5.50000 01/01/2039 | US | 506,842.65 | $593,971.29 | |
| 31410LD74 | FHLM POOL 890326 5.50000 01/01/2040 | US | 524,190.25 | $614,120.75 | |
| 31411JXP6 | FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 | US | 86,016.63 | $100,352.96 | |
| 31411YN90 | FEDERAL NATL MTG ASSN 918516 5.50000 06/01/2037 | US | 36,535.19 | $42,884.16 | |
| 31412SSJ5 | FEDERAL NATL MTG ASSN 933521 5.00000 01/01/2038 | US | 7,344.48 | $8,392.71 | |
| 31414NG73 | FEDERAL NATL MTG ASSN 971022 5.00000 01/01/2039 | US | 19,743.61 | $22,951.69 | |
| 31414TS51 | FEDERAL NATL MTG ASSN 975840 5.00000 05/01/2038 | US | 30,763.52 | $34,043.94 | |
| 31415LXP7 | FEDERAL NATL MTG ASSN 983686 5.00000 02/01/2039 | US | 14,843.06 | $16,419.02 | |
| 31415QZX7 | FEDERAL NATL MTG ASSN 986458 6.00000 08/01/2038 | US | 6,419.08 | $7,489.69 | |
| 31415SLL4 | FEDERAL NATL MTG ASSN 987831 6.00000 09/01/2038 | US | 9,390.19 | $10,570.27 | |
| 31415VX26 | FEDERAL NATL MTG ASSN 990897 6.00000 09/01/2038 | US | 23,102.79 | $26,151.41 | |
| 31416ADZ0 | FEDERAL NATL MTG ASSN 993920 6.00000 11/01/2038 | US | 71,972.54 | $81,108.63 | |
| 31416BRR1 | FEDERAL NATL MTG ASSN 995196 6.00000 07/01/2038 | US | 357,613.24 | $430,531.48 | |
| 31416BSW9 | FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 | US | 12.41 | $12.47 | |
| 31416BVW5 | FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 | US | 1,863.27 | $1,875.58 | |
| 31416JWZ0 | FEDERAL NATL MTG ASSN AA1563 4.50000 02/01/2024 | US | 8,336.89 | $8,747.41 | |
| 31416KAL2 | FEDERAL NATL MTG ASSN AA1810 5.00000 01/01/2039 | US | 60,921.57 | $70,824.97 | |
| 31416QRJ6 | FEDERAL NATL MTG ASSN AA6788 6.00000 08/01/2039 | US | 119,610.07 | $136,069.88 | |
| 31417AX61 | FEDERAL NATL MTG ASSN AB4300 3.50000 01/01/2042 | US | 154,969.68 | $168,362.28 | |
| 31417JQR4 | FEDERAL NATL MTG ASSN AC0463 5.00000 11/01/2039 | US | 31,723.33 | $36,882.08 | |
| 31417KWT0 | FEDERAL NATL MTG ASSN AC1557 4.50000 09/01/2024 | US | 22,120.38 | $23,307.89 | |
| 31417QVD3 | FEDERAL NATL MTG ASSN AC5111 5.00000 11/01/2039 | US | 48,886.47 | $56,146.17 | |
| 31417VQ30 | FEDERAL NATL MTG ASSN AC8573 5.00000 01/01/2040 | US | 47,915.56 | $55,634.92 | |
| 31417YJC2 | FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 | US | 567,149.57 | $635,976.14 | |
| 31417YJD0 | FEDERAL NATL MTG ASSN MA0259 5.00000 12/01/2039 | US | 30,525.66 | $35,488.31 | |
| 31418BBC9 | FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 | US | 446,729.48 | $494,894.33 | |
| 31418BDH6 | FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 | US | 548,050.95 | $607,151.80 | |
| 31418CRE6 | FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 | US | 1,485,625.91 | $1,626,652.31 | |
| 31418DU59 | FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 | US | 4,055,289.64 | $4,279,464.96 | |
| 31418DU67 | FEDERAL NATL MTG ASSN FN MA4204 2.00000 12/01/2040 | US | 4,117,212.47 | $4,251,115.67 | |
| 31418MG63 | FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 | US | 46,530.96 | $55,897.97 | |
| 31418MKV3 | FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 | US | 265,838.15 | $311,945.54 | |
| 31418MQQ8 | FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 | US | 8,719.87 | $9,183.06 | |
| 31419AB71 | FEDERAL NATL MTG ASSN AE0061 6.00000 02/01/2040 | US | 136,427.52 | $161,800.51 | |
| 31419AU62 | FEDERAL NATL MTG ASSN AE0604 6.00000 07/01/2039 | US | 315,739.27 | $380,098.85 | |
| 32054K103 | FIRST INDUSTRIAL REALTY TR | US | FR | 5,110 | $207,670.40 |
| 343412AC6 | FLUOR CORP 3.50000 12/15/2024 | US | 105,000 | $104,441.40 | |
| 34461LAA2 | FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 | US | 3,660,000 | $3,902,175.98 | |
| 345370CW8 | FORD MOTOR COMPANY 9.00000 04/22/2025 | US | 20,000 | $24,323.60 | |
| 345397XU2 | FORD MOTOR CREDIT CO LLC 4.38900 01/08/2026 | US | 200,000 | $212,750.00 | |
| 346232AE1 | FORESTAR GROUP INC 5.00000 03/01/2028 | US | 175,000 | $182,218.75 | |
| 34960PAC5 | FORTRESS TRANS & INFRAST 9.75000 08/01/2027 | US | 175,000 | $197,872.50 | |
| 35166FAA0 | FOXTROT ESCROW ISSUER 12.25000 11/15/2026 | US | 225,000 | $253,968.75 | |
| 357081AE8 | FREMF 2015-K720 B FLT 3.39382 07/25/2022 | US | 270,000 | $278,588.51 | |
| 36166LAA5 | GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 | AE | 140,000 | $146,750.80 | |
| 36257MAA3 | GSMS 2019-70P A 1.12600 10/15/2036 | US | 2,985,000 | $2,969,994.41 | |
| 36295HTS9 | GNMA POOL 671161 5.50000 11/15/2037 | US | 27,694.96 | $30,701.37 | |
| 369550108 | GENERAL DYNAMICS CORP | US | GD | 3,204 | $469,962.72 |
| 369604BQ5 | GENERAL ELECTRIC CO 3.55363 01/21/2099 | US | 3,310,000 | $3,126,427.40 | |
| 370334104 | GENERAL MLS INC | US | GIS | 8,356 | $485,483.60 |
| 37255LAA5 | GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 | US | 270,000 | $287,887.50 | |
| 374297109 | GETTY REALTY CORP | US | GTY | 5,177 | $137,552.89 |
| 375558103 | GILEAD SCIENCES INC | US | GILD | 12,335 | $809,176.00 |
| 383909AF5 | WR GRACE & CO-CONN 5.62500 10/01/2024 | US | 95,000 | $103,094.95 | |
| 388689101 | GRAPHIC PACKAGING HOLDING CO | US | GPK | 116,702 | $1,827,553.32 |
| 404119BX6 | HCA INC 4.12500 06/15/2029 | US | 2,320,000 | $2,671,560.69 | |
| 418751AD5 | HAT HOLDINGS I LLC/HAT 3.75000 09/15/2030 | US | 185,000 | $186,156.25 | |
| 419792A22 | HAWAII ST 2.68200 10/01/2030 | US | 2,660,000 | $2,836,038.80 | |
| 419792ZK5 | HAWAII ST 0.80200 10/01/2024 | US | 705,000 | $713,601.00 | |
| 421946104 | HEALTHCARE REALTY TRUST INC | US | HR | 5,560 | $166,855.60 |
| 42225P501 | HEALTHCARE TRUST OF AMERICA | US | HTA | 7,120 | $201,140.00 |
| 42250P103 | HEALTHPEAK PROPERTIES INC | US | PEAK | 9,370 | $277,820.50 |
| 423012301 | HEINEKEN NV-SPN ADR | NL | HEINY | 18,013 | $935,054.83 |
| 427866108 | HERSHEY CO/THE | US | HSY | 2,895 | $421,048.80 |
| 43300A203 | HILTON WORLDWIDE HOLDINGS INC | US | HLT | 6,560 | $665,118.40 |
| 437076102 | HOME DEPOT INC | US | HD | 6,612 | $1,790,661.84 |
| 43731QAA6 | HPA 2019-1 A 2.90800 09/17/2039 | US | 2,897,000.72 | $3,068,291.39 | |
| 438128308 | HONDA MOTOR CO LTD -SPONS ADR | JP | HMC | 22,813 | $604,088.24 |
| 438516106 | HONEYWELL INTERNATIONAL INC | US | HON | 6,424 | $1,255,056.88 |
| 443201AA6 | HOWMET AEROSPACE INC 6.87500 05/01/2025 | US | 85,000 | $99,237.50 | |
| 443628AH5 | HUDBAY MINERALS INC 6.12500 04/01/2029 | CA | 105,000 | $111,300.00 | |
| 444454AD4 | HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 | US | 175,000 | $194,040.00 | |
| 450913AF5 | IAMGOLD CORP 5.75000 10/15/2028 | CA | 245,000 | $251,051.50 | |
| 45168D104 | IDEXX LABORATORIES INC | US | IDXX | 1,940 | $928,639.20 |
| 452308109 | ILLINOIS TOOL WKS INC | US | ITW | 3,651 | $709,060.71 |
| 45337C102 | INCYTE CORP | US | INCY | 6,860 | $615,685.00 |
| 45682RAA8 | INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 | AU | 275,000 | $291,670.50 | |
| 45778Q107 | INSPERITY INC | US | NSP | 11,230 | $881,442.70 |
| 458140100 | INTEL CORP | US | INTC | 26,860 | $1,490,998.60 |
| 45866F104 | INTERCONTINENTALEXCHANGE INC | US | ICE | 17,007 | $1,876,722.45 |
| 459200101 | INTERNATIONAL BUSINESS MACH CORP | US | IBM | 8,108 | $965,743.88 |
| 46116VAE5 | INTL FC STORE INC 8.62500 06/15/2025 | US | 350,000 | $379,312.50 | |
| 46187BAA1 | IHSFR 2017-SFR2 A 0.97900 12/17/2036 | US | 763,273 | $763,272.85 | |
| 46187BAB9 | IHSFR 2017-SFR2 B 1.27900 12/17/2036 | US | 630,000 | $632,848.36 | |
| 46187W107 | INVITATION HOMES INC | US | INVH | 16,741 | $493,524.68 |
| 46284VAN1 | IRON MOUNTAIN INC 4.50000 02/15/2031 | US | 190,000 | $194,275.00 | |
| 465410BX5 | ITALY GOV'T INT BOND 2.37500 10/17/2024 | IT | 600,000 | $631,016.74 | |
| 46625H100 | JP MORGAN CHASE & CO | US | JPM | 13,905 | $1,789,156.35 |
| 46639GAL0 | JPMMT 2013-1 1A2 3.00000 03/25/2043 | US | 291,614.58 | $296,138.89 | |
| 46640BAC8 | JPMMT 2013-2 A2 3.50000 05/25/2043 | US | 333,058 | $339,923.49 | |
| 46641YAA1 | JPMMT 2014-2 1A1 3.00000 06/25/2029 | US | 624,863.88 | $640,540.90 | |
| 46647PBP0 | JPMORGAN CHASE & CO 2.95600 05/13/2031 | US | 4,090,000 | $4,370,796.82 | |
| 46647SAE0 | JPMMT 2017-3 1A3 3.50000 08/25/2047 | US | 110,713.42 | $113,209.68 | |
| 46647SAJ9 | JPMMT 2017-3 1A5 3.50000 08/25/2047 | US | 132,133.59 | $132,080.22 | |
| 46648HAE3 | JPMMT 2017-2 A5 3.50000 05/25/2047 | US | 63,932.34 | $64,144.97 | |
| 46648HAF0 | JPMMT 2017-2 A6 3.00000 05/25/2047 | US | 68,668.07 | $69,015.21 | |
| 46649HAC6 | JPMMT 2017-6 A3 3.50000 12/25/2048 | US | 434,699.03 | $443,470.56 | |
| 46649HAE2 | JPMMT 2017-6 A5 3.50000 12/25/2048 | US | 269,398.74 | $270,086.81 | |
| 478160104 | JOHNSON & JOHNSON | US | JNJ | 27,937 | $4,557,362.81 |
| 48088LAB3 | JOSEPH T RYERSON & SON 8.50000 08/01/2028 | US | 152,000 | $171,448.40 | |
| 487526AB1 | KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 | US | 252,000 | $279,720.00 | |
| 49427F108 | KILROY REALTY CORP | US | KRC | 3,808 | $215,647.04 |
| 494368103 | KIMBERLY CLARK CORP | US | KMB | 4,113 | $543,327.30 |
| 494550AW6 | KINDER MORGAN ENER PART 6.95000 01/15/2038 | US | 3,330,000 | $4,540,966.39 | |
| 50212YAC8 | LPL HOLDINGS INC 4.62500 11/15/2027 | US | 100,000 | $104,375.00 | |
| 505742AG1 | LADDER CAP FIN LLLP/CORP 5.25000 10/01/2025 | US | 275,000 | $274,312.50 | |
| 512816109 | LAMAR ADVERTISING CO-A | US | LAMR | 1,691 | $136,598.98 |
| 53223X107 | LIFE STORAGE INC | US | LSI | 2,503.5 | $204,235.53 |
| 532457108 | ELI LILLY & CO | US | LLY | 5,023 | $1,044,633.31 |
| 539830109 | LOCKHEED MARTIN CORP | US | LMT | 2,627 | $845,421.14 |
| 541056AA5 | LOGAN MERGER SUB INC 5.50000 09/01/2027 | US | 150,000 | $156,937.50 | |
| 54240F202 | LONESTAR RES US INC NPV | US | LONE | 13,056 | $65,149.44 |
| 552848AG8 | MGIC INVESTMENT CORP 5.25000 08/15/2028 | US | 270,000 | $288,900.00 | |
| 55303XAL9 | MGM GROWTH/MGM FINANCE 3.87500 02/15/2029 | US | 105,000 | $106,771.88 | |
| 573284106 | MARTIN MARIETTA MATERIALS | US | MLM | 1,860 | $534,582.60 |
| 57636Q104 | MASTERCARD INC-CLASS A | US | MA | 8,945 | $2,829,214.05 |
| 577128AA9 | MATTHEWS INTERNATIONAL C 5.25000 12/01/2025 | US | 155,000 | $157,906.25 | |
| 58933Y105 | MERCK & CO INC | US | MRK | 18,912 | $1,457,547.84 |
| 594918104 | MICROSOFT CORP | US | MSFT | 8,578 | $1,989,752.88 |
| 595112103 | MICRON TECHNOLOGY INC | US | MU | 11,919 | $932,900.13 |
| 59522J103 | MID-AMERICA APARTMENT COMM | US | MAA | 3,005 | $398,913.75 |
| 609207105 | MONDELEZ INTERNATIONAL INC | US | MDLZ | 49,267 | $2,731,362.48 |
| 615369105 | MOODY'S CORPORATION | US | MCO | 2,690 | $716,239.40 |
| 61965RAA3 | MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 | US | 270,000 | $228,627.90 | |
| 62913TAJ1 | NGL ENRGY PART LP/FIN CO 7.50000 11/01/2023 | US | 175,000 | $159,687.50 | |
| 62922LAA6 | NGL ENERGY OP/FIN 7.50000 02/01/2026 | US | 105,000 | $106,029.00 | |
| 63938CAH1 | NAVIENT CORP 6.75000 06/25/2025 | US | 285,000 | $312,253.13 | |
| 63938EAC8 | NAVSL 2014-1 A3 FLT 0.64000 06/25/2031 | US | 236,235.21 | $233,347.26 | |
| 63938NAF1 | NAVIOS SA LOGIST/FIN US 10.75000 07/01/2025 | MUL | 100,000 | $109,500.00 | |
| 63940YAA4 | NAVSL 2019-CA A1 2.82000 02/15/2068 | US | 181,959.97 | $182,283.24 | |
| 63941MAB7 | NAVSL 2019-EA A2A 2.64000 05/15/2068 | US | 3,000,000 | $3,086,320.80 | |
| 64032XAA3 | NSLT 2012-3A A MTGE FLT 0.83000 02/25/2045 | US | 248,582.9 | $247,082.63 | |
| 64033GAA9 | NSLT 2013-5A A MTGE FLT 0.76000 01/25/2037 | US | 392,223.3 | $389,058.06 | |
| 644393AA8 | NEW FORTRESS ENERGY INC 6.75000 09/15/2025 | US | 150,000 | $156,562.50 | |
| 64829DAG1 | NRZT 2014-3A AFX3 3.75000 11/25/2054 | US | 563,609.25 | $605,788.81 | |
| 64829EAA2 | NRZT 2015-2A A1 3.75000 08/25/2055 | US | 570,486.29 | $608,547.99 | |
| 64829LAA6 | NRZT 2016-4A A1 3.75000 11/25/2056 | US | 841,606.72 | $900,667.06 | |
| 64971XPG7 | NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 | US | 950,000 | $985,454.00 | |
| 651639106 | NEWMONT GOLDCORP CORP | US | NEM | 15,155 | $903,238.00 |
| 655844108 | NORFOLK SOUTHN CORP | US | NSC | 4,190 | $991,437.80 |
| 6642321 | NIKON CORP | JP | 7731 JP | 81,400 | $648,711.58 |
| 66727WAA0 | NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | CA | 880,000 | $88.00 | |
| 66981QAA4 | BRUNDAGE-BONE CONCRETE 6.00000 02/01/2026 | US | 45,000 | $45,787.50 | |
| 66987V109 | NOVARTIS AG- REG | CH | NVS | 20,183 | $1,825,956.01 |
| 674599EA9 | OCCIDENTAL PETROLEUM COR 8.87500 07/15/2030 | US | 105,000 | $131,853.75 | |
| 675232AB8 | OCEANEERING INTL INC 6.00000 02/01/2028 | US | 260,000 | $242,882.90 | |
| 68389X105 | ORACLE CORP | US | ORCL | 15,661 | $946,394.23 |
| 691205AC2 | OWL ROCK TECHNOLOGY FINA 4.75000 12/15/2025 | US | 130,000 | $138,271.00 | |
| 691205AE8 | OWL ROCK TECHNOLOGY 3.75000 06/17/2026 | US | 1,780,000 | $1,823,568.33 | |
| 69121KAE4 | OWL ROCK CAPITAL CORP 3.40000 07/15/2026 | US | 160,000 | $163,925.92 | |
| 69144AAA7 | OXFIN 2020-1A A2 3.10100 02/15/2028 | US | 255,000 | $261,671.95 | |
| 69145AAB4 | OXFIN 2019-1A A2 4.45900 02/15/2027 | US | 2,305,000 | $2,379,802.55 | |
| 69145LAA2 | OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 | US | 105,000 | $106,050.00 | |
| 69306RAA4 | P&L DEV LLC/PLD 7.75000 11/15/2025 | US | 155,000 | $165,850.00 | |
| 69327RAJ0 | PDC ENERGY INC 5.75000 05/15/2026 | US | 180,000 | $183,371.40 | |
| 693456AW5 | PMTLT 2013-J1 a9 3.50000 09/25/2043 | US | 1,473,924.05 | $1,507,652.59 | |
| 693475105 | PNC FINANCIAL SERVICES GROUP | US | PNC | 3,388 | $486,245.76 |
| 69354NAC0 | PRA GROUP INC 7.37500 09/01/2025 | US | 255,000 | $273,487.50 | |
| 69356MAA4 | PM GENERAL PURCHASER LLC 9.50000 10/01/2028 | US | 145,000 | $159,304.25 | |
| 70450Y103 | PAYPAL HOLDINGS INC | US | PYPL | 7,925 | $1,856,906.75 |
| 7123870 | NESTLE SA-REGISTERED | CH | NESN SW | 12,345 | $1,383,832.35 |
| 713448108 | PEPSICO INC | US | PEP | 7,070 | $965,549.90 |
| 717081103 | PFIZER INC | US | PFE | 44,416 | $1,594,534.40 |
| 723787107 | PIONEER NATURAL RESOURCES CO | US | PXD | 11,749 | $1,420,454.10 |
| 74166MAC0 | PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 | US | 140,000 | $153,272.00 | |
| 74331AAA0 | 2019- SFR4 CLASS A 2.68700 10/17/2036 | US | 4,200,000 | $4,333,001.82 | |
| 74333NAA0 | PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 | US | 3,502,835.24 | $3,615,087.45 | |
| 74340W103 | PROLOGIS | US | PLD | 10,329 | $1,065,952.80 |
| 74460D109 | PUBLIC STORAGE INC | US | PSA | 1,922 | $437,485.64 |
| 747525103 | QUALCOMM INC | US | QCOM | 8,036 | $1,255,866.08 |
| 750236AW1 | RADIAN GROUP INC 4.87500 03/15/2027 | US | 192,000 | $207,120.00 | |
| 75513E101 | RAYTHEON TECHNOLOGIES CORP | US | RTX | 12,856 | $857,880.88 |
| 75606DAL5 | REALOGY GROUP/CO-ISSUER 5.75000 01/15/2029 | US | 75,000 | $76,593.75 | |
| 756109104 | REALTY INCOME CORP | US | O | 1,777 | $104,949.62 |
| 76169C100 | REXFORD INDUSTRIAL REALITY IN | US | REXR | 3,555 | $173,981.70 |
| 780259107 | ROYAL DUTCH SHELL PLC-ADR B | NL | RDS/B | 6,344 | $221,342.16 |
| 783513203 | RYANAIR HOLDINGS - ADR | IE | RYAAY | 9,065 | $861,809.55 |
| 78409V104 | S&P GLOBAL INC | US | SPGI | 1,920 | $608,640.00 |
| 78410G104 | SBA COMMUNICATIONS CORP | US | SBAC | 4,310 | $1,157,967.70 |
| 78442GQJ8 | SLMA 2005-7 A4 FLT 0.36775 10/25/2029 | US | 217,828.47 | $215,909.84 | |
| 78442PGC4 | SLM CORP 5.12500 04/05/2022 | US | 405,000 | $414,112.50 | |
| 78442PGD2 | SLM CORP 4.20000 10/29/2025 | US | 195,000 | $206,758.50 | |
| 78449UAB4 | SMB 2020-A A2A MTGE 2.23000 09/15/2037 | US | 340,000 | $354,171.03 | |
| 78470NAB2 | SOFI 2015-D A2 2.72000 10/27/2036 | US | 38,077.78 | $38,607.09 | |
| 78470RAC1 | SOFI 2016-E A2B 2.49000 01/25/2036 | US | 73,401.36 | $74,337.20 | |
| 78490DAA2 | SOFI 2018-C A1FX 3.08000 01/25/2048 | US | 15,271.13 | $15,271.13 | |
| 785592AV8 | SABINE PASS LIQUEFACTION 5.87500 06/30/2026 | US | 4,410,000 | $5,334,516.85 | |
| 806857108 | SCHLUMBERGER LTD | NL | SLB | 23,420 | $520,158.20 |
| 81141R100 | SEA LTD - ADR | SG | SE | 4,468 | $968,260.28 |
| 81745BAB1 | SEMT 2013-6 A2 3.00000 05/25/2043 | US | 2,910,428.95 | $2,957,689.08 | |
| 81745CAB9 | SEMT 2013-7 A2 3.00000 06/25/2043 | US | 395,537.41 | $401,962.08 | |
| 81745EAA7 | SEMT 2013-8 A1 3.00000 06/25/2043 | US | 527,625.35 | $536,230.87 | |
| 81745MAA9 | SEMT 2013-2 1.87400 02/25/2043 | US | 389,565.48 | $393,416.88 | |
| 81748MAA6 | SEMT 2020-1 A1 3.50000 02/25/2050 | US | 186,571.87 | $190,193.44 | |
| 81762P102 | SERVICENOW INC | US | NOW | 1,725 | $936,951.00 |
| 83401BAB2 | SOFI 2017-F A2FX 2.84000 01/25/2041 | US | 388,976.57 | $398,101.45 | |
| 83405JAA3 | SCLP 2017-4 A 2.50000 05/26/2026 | US | 38,555.01 | $38,672.88 | |
| 83405TAA1 | SCLP 2019-3 A MTGE 2.90000 05/25/2028 | US | 912,900.32 | $921,988.06 | |
| 83406CAA7 | SCLP 2019-2 A MTGE 3.01000 04/25/2028 | US | 625,796.86 | $631,745.06 | |
| 83406TAB8 | SOFI 2020-A A2FX MTGE 2.54000 05/15/2046 | US | 225,000 | $232,767.34 | |
| 835699307 | SONY CORP SPONSORED ADR | JP | SNE | 10,380 | $993,469.80 |
| 837151XF1 | SOUTH CAROLINA ST PUBLIC SVC 1.85200 12/01/2026 | US | 3,460,000 | $3,546,361.60 | |
| 844741BJ6 | SOUTHWEST AIRLINES CO 5.25000 05/04/2025 | US | 810,000 | $929,751.19 | |
| 844741BK3 | SOUTHWEST AIRLINES CO 5.12500 06/15/2027 | US | 2,530,000 | $2,987,574.38 | |
| 85172FAN9 | SPRINGLEAF FINANCE CORP 7.12500 03/15/2026 | US | 190,000 | $222,300.00 | |
| 85254J102 | STAG INDUSTRIAL INC | US | STAG | 3,683 | $109,753.40 |
| 85571BAL9 | STARWOOD PROPERTY TRUST 4.75000 03/15/2025 | US | 280,000 | $282,018.80 | |
| 85571XAA5 | SRPT 2014-STAR A FLTG RATE 1.59650 11/15/2027 | US | 2,317,783.32 | $1,715,159.66 | |
| 861036AA9 | STL HOLDING CO LLC 7.50000 02/15/2026 | US | 250,000 | $260,000.00 | |
| 86212XAA8 | STR 2019-1 A1 MTGE 2.82000 11/20/2049 | US | 2,147,170.76 | $2,197,646.66 | |
| 866674104 | SUN COMMUNITIES | US | SUI | 3,042 | $435,401.46 |
| 86935CAA0 | SCML 2019-SBC8 2.86000 04/25/2041 | US | 2,523,222.03 | $2,552,416.21 | |
| 87105L104 | SWITCH INC - A | US | SWCH | 16,110 | $277,414.20 |
| 87422VAA6 | TALEN ENERGY SUPPLY LLC 6.50000 06/01/2025 | US | 100,000 | $79,438.00 | |
| 87485LAA2 | TALOS PRODUCTION INC 12.00000 01/15/2026 | US | 155,000 | $146,862.50 | |
| 87677QAA9 | TXEZ 2016-1A 3.13100 06/15/2028 | US | 114,647.66 | $114,935.92 | |
| 87724LAA3 | TAYLOR MORR COMM 5.87500 04/15/2023 | MUL | 80,000 | $84,766.80 | |
| 87901JAE5 | TEGNA INC 4.62500 03/15/2028 | US | 105,000 | $106,443.75 | |
| 88032WAN6 | TENCENT HOLDINGS 3.97500 04/11/2029 | KY | 3,860,000 | $4,340,446.09 | |
| 88146M101 | TERRENO REALTY CORP | US | TRNO | 2,610 | $147,673.80 |
| 88167AAK7 | TEVA PHARMACEUTICALS NE 6.75000 03/01/2028 | NL | 200,000 | $223,770.00 | |
| 882508104 | TEXAS INSTRUMENTS INC | US | TXN | 8,466 | $1,402,731.54 |
| 883556102 | THERMO FISHER SCIENTIFIC INC | US | TMO | 1,965 | $1,001,560.50 |
| 88579Y101 | 3M CO | US | MMM | 5,529 | $971,224.14 |
| 89151E109 | TOTAL S A SPONSORED ADR | FR | TOT | 29,557 | $1,243,758.56 |
| 89173CAA5 | TPMT 2016-5 A1 2.50000 10/25/2056 | US | 1,112,082.94 | $1,134,290.57 | |
| 89173FAA8 | TPMT 2017-1 A1 2.75000 10/25/2056 | US | 1,348,691.33 | $1,373,730.86 | |
| 89177EAA7 | TPMT 2019-HY1 A1 1.13000 10/25/2048 | US | 1,296,029.11 | $1,303,471.56 | |
| 89613FAA6 | TAH 2017-SFR2 A 2.92800 01/17/2036 | US | 2,028,118.39 | $2,090,992.29 | |
| 89832Q109 | TRUIST FINANCIAL CORP | US | TFC | 15,523 | $744,793.54 |
| 901109AF5 | TUTOR PERINI CORP 6.87500 05/01/2025 | US | 205,000 | $207,946.88 | |
| 902653104 | UDR INC | US | UDR | 5,709 | $219,511.05 |
| 902973304 | U.S. BANCORP | US | USB | 15,768 | $675,658.80 |
| 904767704 | UNILEVER PLC - ADR | GB | UL | 68,313 | $3,985,380.42 |
| 907818108 | UNION PAC CORP | US | UNP | 6,321 | $1,248,207.87 |
| 909214BV9 | UNISYS CORP 6.87500 11/01/2027 | US | 100,000 | $110,750.00 | |
| 91086QBG2 | UNITED MEXICAN STATES 4.12500 01/21/2026 | MX | 400,000 | $457,804.00 | |
| 9128284P2 | US TREASURY N/B 2.62500 05/15/2021 | US | 26,094,000 | $26,281,550.63 | |
| 912828D56 | US TREASURY N/B 2.37500 08/15/2024 | US | 24,905,000 | $26,776,766.41 | |
| 912828R36 | US TREASURY N/B 1.62500 05/15/2026 | US | 14,390,000 | $15,235,974.57 | |
| 912828XB1 | UNITED STATES TREAS NTS 2.12500 05/15/2025 | US | 14,190,000 | $15,263,673.01 | |
| 91823AAN1 | VBTOW 2020-1A C2 3.03100 06/15/2050 | US | 1,200,000 | $1,263,550.32 | |
| 92343VCV4 | VERIZON COMMUNICATIONS 4.27200 01/15/2036 | US | 4,290,000 | $5,217,256.56 | |
| 92532F100 | VERTEX PHARMACEUTICALS INC | US | VRTX | 5,150 | $1,179,762.00 |
| 92556V106 | VIATRIS INC | US | VTRS | 5,009 | $85,102.91 |
| 92826C839 | VISA INC - CLASS A SHARES | US | V | 13,943 | $2,694,484.75 |
| 929160109 | VULCAN MATERIALS CO | US | VMC | 6,640 | $990,289.60 |
| 93065PAA9 | WBHT 2019-WBM A FLT 1.17600 12/15/2033 | US | 2,300,000 | $2,294,251.61 | |
| 931142103 | WAL MART STORES | US | WMT | 13,205 | $1,855,170.45 |
| 93114W107 | WALMART DE MEXICO | MX | WMMVY | 32,460 | $927,706.80 |
| 94106L109 | WASTE MANAGEMENT INC | US | WM | 5,140 | $572,184.80 |
| 949746101 | WELLS FARGO COMPANY | US | WFC | 33,142 | $990,282.96 |
| 95040Q104 | WELLTOWER INC. | US | WELL | 1,953 | $118,351.80 |
| 962178AN9 | TRI POINTE GROUP / HOMES 5.87500 06/15/2024 | US | 145,000 | $158,231.25 | |
| 96949LAD7 | WILLIAMS PARTNERS LP 3.75000 06/15/2027 | US | 3,180,000 | $3,606,682.80 | |
| 97652TAA1 | WIN 2015-1 A1 3.50000 01/20/2045 | US | 305,866.79 | $314,067.17 | |
| 98311A105 | WYNDHAM HOTELS & RESORTS INC | US | WH | 2,029 | $118,026.93 |
| 98978V103 | ZOETIS INC | US | ZTS | 3,055 | $471,233.75 |
| B3ZD2V9 | MEX BONOS DESARR FIX RT 6.50000 06/10/2021 | MX | 2,725,000 | $133,797.38 | |
| B4888C1 | CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 | CA | 327,000 | $264,686.52 | |
| B4NDCC9 | MEX BONOS DESARR FIX RT 6.50000 06/09/2022 | MX | 4,996,000 | $251,011.28 | |
| B63QM77 | NEXON CO LTD | JP | 3659 JP | 61,900 | $1,878,256.29 |
| B6TC406 | MEX BONOS DESARR FIX RT 7.75000 05/29/2031 | MX | 908,000 | $51,810.35 | |
| BGHQ198 | HIBERNIA REIT PLC | IE | HBRN ID | 64,045 | $85,183.10 |
| BH8295835 | SAUDI INTERNATIONAL BOND 2.90000 10/22/2025 | SA | 200,000 | $215,024.00 | |
| BK0939417 | AMERICAN TANKER INC 7.75000 07/02/2025 | US | 375,000 | $378,750.00 | |
| BMMV2K8 | TENCENT HOLDINGS LTD | CN | 700 HK | 15,700 | $1,398,921.95 |
| BMXKJ81 | FLAGSHIP COMMUNITIES REIT UT | US | MHC/U CN | 5,461 | $84,809.33 |
| BYYHL23 | ANHEUSER-BUSCH INBEV SA/NV | BE | ABI BB | 7,410 | $465,145.84 |
| G1151C101 | ACCENTURE PLC - CL A | IE | ACN | 3,794 | $917,844.48 |
| G29183103 | EATON CORP PLC | US | ETN | 5,392 | $634,638.40 |
| G5494J103 | LINDE PLC | GB | LIN | 3,421 | $839,513.40 |
| G5960L103 | MEDTRONIC INC | IE | MDT | 19,541 | $2,175,499.53 |
| H01301128 | ALCON INC | CH | ALC | 32,424 | $2,325,125.04 |
| H1467J104 | CHUBB LTD | CH | CB | 4,560 | $664,255.20 |
| ZO1818103 | NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 | MH | 350,000 | $364,000.00 | |
| ZO4110185 | BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 | AE | 300,000 | $281,250.00 |
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.
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