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Pro-Blend® Maximum Term Series
Pro-Blend® Maximum Term Series
Pro-Blend® Conservative Term Series
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Investment Objective
To provide long-term capital growth.
Investment Strategy
The portfolio is invested in an aggressive, growth-oriented mix of securities that seeks to earn the long-term growth typically associated with the stock market. Holdings are diversified primarily among various stock investments in both domestic and foreign markets; only a minor portion of the fund is invested in fixed income securities.
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 long-term capital growth and generally have the time to withstand market volatility
- Who have a very high capital risk tolerance
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
$18.32
Daily $ Change
$0.53
Daily % Change
2.89%
as of 03/30/2020
Ticker
MNHWX
CUSIP
56382R290
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 02/29/2020
YTD
-5.07%
1 Year
10.85%
3 Year
9.74%
5 Year
6.41%
10 Year
8.78%
Inception
(11/01/1995)
8.86%
US Stock Market Cycle (04/01/2000 - 02/29/2020)
7.17%
Inception performance is based on the Pro-Blend® Maximum 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 | 0.73% |
| Net | 0.10%* |
*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 02/29/2020
| TREASURY NOTES | 6.54% |
| COCA COLA CO/THE | 2.43% |
| FACEBOOK INC -A | 2.26% |
| JOHNSON & JOHNSON | 2.24% |
| BERKSHIRE HATHAWAY INC-CL B | 2.20% |
| MONDELEZ INTERNATIONAL INC | 2.04% |
| MASTERCARD INC-CLASS A | 1.86% |
| MICRON TECHNOLOGY INC | 1.86% |
| TREASURY BONDS | 1.84% |
| NEXON CO LTD | 1.77% |
This investment list is unaudited and excludes cash.
Asset Allocation
As of 02/29/2020
| Stocks | 84.04% |
| Bonds | 14.76% |
| Cash | 1.20% |
Detailed Asset Class Allocation
As of 02/29/2020
| International Equities | 25.54% |
| Small Capitalization | 2.74% |
| Mid Capitalization | 3.48% |
| Large Capitalization | 52.29% |
| Long Term Fixed Income | 3.31% |
| Intermediate Term Fixed Income | 6.76% |
| Short Term Fixed Income | 4.68% |
| Cash | 1.20% |
Due to rounding, the sum of the detailed asset class allocation categories may not equal the asset allocation totals provided above.
February Fund Holdings
As of 02/29/2020
| CUSIP | Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|---|
| 00101JAK2 | ADT SEC CORP 6.25000 10/15/2021 | US | 20,000 | $20,854.40 | |
| 00206RDQ2 | AT&T INC 4.25000 03/01/2027 | US | 650,000 | $732,572.46 | |
| 00287Y109 | ABBVIE INC | US | ABBV | 1,759 | $150,763.89 |
| 004239109 | ACADIA REALTY TRUST | US | AKR | 1,595 | $36,429.80 |
| 00489LAA1 | ACRISURE LLC / FIN INC 7.00000 11/15/2025 | US | 20,000 | $19,544.00 | |
| 00507V109 | ACTIVISION INC | US | ATVI | 64,860 | $3,770,311.80 |
| 00751Y106 | ADVANCE AUTO PARTS INC | US | AAP | 19,195 | $2,552,551.10 |
| 00774MAG0 | AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 | IE | 380,000 | $419,039.62 | |
| 00791GAA5 | AG MERGER SUB II INC 10.75000 08/01/2027 | US | 20,000 | $21,050.00 | |
| 008492100 | AGREE REALTY CORP | US | ADC | 435 | $31,241.70 |
| 00912XAV6 | AIR LEASE CORP 3.62500 04/01/2027 | US | 370,000 | $392,442.73 | |
| 015271109 | ALEXANDRIA REAL EST EQUITIES | US | ARE | 160 | $24,300.80 |
| 01609W102 | ALIBABA GROUP - ADR | CN | BABA | 10,050 | $2,090,400.00 |
| 01609WAT9 | ALIBABA GROUP HOLDING 3.40000 12/06/2027 | KY | 510,000 | $549,345.06 | |
| 020002101 | ALLSTATE CORPORATION | US | ALL | 421 | $44,310.25 |
| 02079K107 | ALPHABET INC-CL C | US | GOOG | 2,295 | $3,073,762.35 |
| 02079K305 | ALPHABET INC-CL A | US | GOOGL | 2,295 | $3,073,578.75 |
| 02209S103 | ALTRIA GROUP INC | US | MO | 47,315 | $1,910,106.55 |
| 023135106 | AMAZON.COM INC | US | AMZN | 2,340 | $4,407,975.00 |
| 02319V103 | AMBEV SA-ADR | BR | ABEV | 736,997 | $2,365,760.37 |
| 0237400 | DIAGEO PLC | GB | DGE LN | 71,789 | $2,561,401.13 |
| 024835100 | AMERICAN CAMPUS COMMUNITIES | US | ACC | 1,550 | $67,332.00 |
| 0263494 | BAE SYSTEMS PLC | GB | BA/ LN | 45,495 | $359,869.16 |
| 02665T306 | AMERICAN HOMES 4 RENT- A | US | AMH | 3,520 | $91,132.80 |
| 03019LAA4 | AMERICAN TANKER INC 9.25000 02/22/2022 | US | 45,000 | $46,804.25 | |
| 03027X100 | AMERICAN TOWER REIT INC | US | AMT | 17,695 | $4,013,226.00 |
| 03027XAW0 | AMERICAN TOWER CORP 3.80000 08/15/2029 | US | 670,000 | $738,086.25 | |
| 03064D108 | AMERICOLD REALTY TRUST | US | COLD | 2,095 | $64,253.65 |
| 031162100 | AMGEN INC | US | AMGN | 765 | $152,793.45 |
| 03690AAD8 | ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 | US | 20,000 | $13,600.00 | |
| 03690AAF3 | ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 | US | 20,000 | $13,700.00 | |
| 03748R754 | APARTMENT INVT & MGMT CO -A | US | AIV | 1,863 | $89,125.92 |
| 038222105 | APPLIED MATERIALS INC | US | AMAT | 1,104 | $64,164.48 |
| 039483102 | ARCHER-DANIELS-MIDLAND CO | US | ADM | 794 | $29,894.10 |
| 043436AT1 | ASBURY AUTOMOTIVE GROUP 4.75000 03/01/2030 | US | 20,000 | $20,350.00 | |
| 045086AF2 | ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 | US | 20,000 | $20,650.00 | |
| 053332102 | AUTOZONE INC | US | AZO | 2,735 | $2,823,914.85 |
| 053484101 | AVALONBAY COMMUNITIES INC | US | AVB | 690 | $138,407.10 |
| 05401AAJ0 | AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 | KY | 430,000 | $432,877.99 | |
| 055622104 | BP PLC-SPONS ADR | GB | BP | 20,715 | $648,172.35 |
| 05722G100 | BAKER HUGHES CO | US | BKR | 1,485 | $23,893.65 |
| 060505104 | BANK OF AMERICA CORP | US | BAC | 5,729 | $163,276.50 |
| 06051GFM6 | BANK OF AMERICA CORP 4.00000 01/22/2025 | US | 1,000,000 | $1,090,941.68 | |
| 084670702 | BERKSHIRE HATHAWAY INC-CL B | US | BRK/B | 37,915 | $7,823,381.10 |
| 086516101 | BEST BUY INC | US | BBY | 588 | $44,482.20 |
| 09061G101 | BIOMARIN PHARMACEUTICAL INC | US | BMRN | 34,170 | $3,087,942.90 |
| 09247X101 | BLACKROCK INC | US | BLK | 10,185 | $4,715,756.85 |
| 0946580 | WEIR GROUP PLC/THE | GB | WEIR LN | 13,440 | $227,009.64 |
| 097023105 | BOEING CO | US | BA | 535 | $147,183.85 |
| 09857L108 | BOOKING HOLDINGS INC | US | BKNG | 1,295 | $2,195,879.70 |
| 101121101 | BOSTON PROPERTIES INC | US | BXP | 775 | $99,928.50 |
| 101137107 | BOSTON SCIENTIFIC CORP | US | BSX | 59,215 | $2,214,048.85 |
| 105368203 | BRANDYWINE REALTY TRUST | US | BDN | 5,540 | $75,233.20 |
| 110122108 | BRISTOL MYERS SQUIBB CO | US | BMY | 2,022 | $119,419.32 |
| 110448107 | BRITISH AMERICAN TOB-SP ADR | GB | BTI | 4,100 | $163,180.00 |
| 11135F101 | BROADCOM INC | US | AVGO | 385 | $104,958.70 |
| 11680JAA0 | BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 | US | 20,000 | $10,600.00 | |
| 1248EPCE1 | CCO HLDGS LLC/CAP CORP 4.50000 08/15/2030 | US | 20,000 | $20,225.00 | |
| 12503M108 | CBOE GLOBAL MARKETS INC | US | CBOE | 27,840 | $3,173,760.00 |
| 12541W209 | C.H. ROBINSON WORLDWIDE INC | US | CHRW | 364 | $25,079.60 |
| 12572Q105 | CME GROUP INC | US | CME | 15,275 | $3,036,975.50 |
| 12662PAD0 | CVR ENERGY INC 5.75000 02/15/2028 | US | 20,000 | $18,900.00 | |
| 126650100 | CVS HEALTH CORP | US | CVS | 1,570 | $92,912.60 |
| 131477AT8 | CALUMET SPECIALTY PROD 11.00000 04/15/2025 | US | 30,000 | $31,650.00 | |
| 133131102 | CAMDEN PROPERTY TRUST | US | CPT | 1,040 | $110,219.20 |
| 13321L108 | CAMECO CORP | CA | CCJ | 23,455 | $203,589.40 |
| 14180LAA4 | CARGO AIRCRAFT MANAGEMENT 4.75000 02/01/2028 | US | 20,000 | $19,825.00 | |
| 149123101 | CATERPILLAR INC | US | CAT | 675 | $83,862.00 |
| 156700AW6 | CENTURYLINK INC 5.62500 04/01/2020 | US | 20,000 | $20,037.50 | |
| 166764100 | CHEVRON CORP | US | CVX | 7,488 | $698,929.92 |
| 17275R102 | CISCO SYSTEMS INC | US | CSCO | 3,944 | $157,483.92 |
| 172967424 | CITIGROUP INC | US | C | 1,650 | $104,709.00 |
| 172967EW7 | CITIGROUP INC 8.12500 07/15/2039 | US | 170,000 | $294,307.22 | |
| 191216100 | COCA COLA CO/THE | US | KO | 161,897 | $8,659,870.53 |
| 194162103 | COLGATE-PALMOLIVE CO | US | CL | 1,197 | $80,881.29 |
| 20030NCY5 | COMCAST CORP 3.25000 11/01/2039 | US | 520,000 | $561,947.09 | |
| 20369C106 | COMMUNITY HEALTHCARE TRUST I | US | CHCT | 1,245 | $59,299.35 |
| 20451NAG6 | COMPASS MINERALS INTERNA 6.75000 12/01/2027 | US | 35,000 | $37,100.00 | |
| 205887102 | CONAGRA BRAND INC. | US | CAG | 893 | $23,834.17 |
| 20825C104 | CONOCOPHILLIPS | US | COP | 11,585 | $560,945.70 |
| 222795502 | COUSINS PROPERTIES INC | US | CUZ | 2,500 | $89,225.00 |
| 225310AN1 | CREDIT ACCEPTANC 5.12500 12/31/2024 | US | 20,000 | $20,600.00 | |
| 22822V101 | CROWN CASTLE INTL CORP | US | CCI | 405 | $58,032.45 |
| 22822VAN1 | CROWN CASTLE INTL CORP 3.10000 11/15/2029 | US | 670,000 | $706,135.55 | |
| 228368106 | CROWN HOLDINGS INC | US | CCK | 32,670 | $2,303,235.00 |
| 231021106 | CUMMINS INC | US | CMI | 302 | $45,689.58 |
| 2347608 | FIRST QUANTUM MINERALS LTD | CA | FM CN | 7,770 | $57,424.77 |
| 25277LAC0 | DIAMOND SPORTS GR/DIAMON 6.62500 08/15/2027 | US | 30,000 | $24,199.50 | |
| 253868103 | DIGITAL REALTY TRUST INC | US | DLR | 130 | $15,614.30 |
| 25470DAT6 | DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 | US | 610,000 | $719,142.15 | |
| 256677105 | DOLLAR GENERAL CORP | US | DG | 30,585 | $4,596,925.50 |
| 256746108 | DOLLAR TREE STORES INC | US | DLTR | 46,515 | $3,862,140.45 |
| 25787GAC4 | DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 | US | 35,000 | $35,952.00 | |
| 25960P109 | DOUGLAS EMMETT INC | US | DEI | 1,665 | $63,569.70 |
| 260557103 | DOW INC | US | DOW | 927 | $37,460.07 |
| 26151AAA7 | DRAX FINCO PLC 6.62500 11/01/2025 | GB | 200,000 | $208,810.00 | |
| 262006208 | DREYFUS GVT CSH MANAGEMENT | US | 4,328,785.69 | $4,328,785.69 | |
| 2715777 | QUEBECOR INC -CL B | CA | QBR/B CN | 116,990 | $2,733,325.68 |
| 277432100 | EASTMAN CHEM CO | US | EMN | 361 | $22,205.11 |
| 2801836 | SHAW COMMUNICATIONS INC-B | CA | SJR/B CN | 139,290 | $2,410,658.74 |
| 285512109 | ELECTRONIC ARTS | US | EA | 53,050 | $5,377,678.50 |
| 2866857 | LUNDIN MINING CORP | CA | LUN CN | 163,990 | $836,901.84 |
| 291011104 | EMERSON ELEC CO | US | EMR | 1,006 | $64,494.66 |
| 29273RAR0 | ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 | US | 450,000 | $542,304.86 | |
| 29413XAD9 | ENVIVA PARTNERS LP/FIN C 6.50000 01/15/2026 | US | 30,000 | $31,200.60 | |
| 29444U700 | EQUINIX INC | US | EQIX | 6,420 | $3,677,376.00 |
| 29472R108 | EQUITY LIFESTYLE PROPERTIES | US | ELS | 625 | $42,706.25 |
| 29476L107 | EQUITY RESIDENTIAL | US | EQR | 950 | $71,345.00 |
| 29670E107 | ESSENTIAL PROPERTIES REALTY | US | EPRT | 2,189 | $50,149.99 |
| 297178105 | ESSEX PROPERTY TRUST INC | US | ESS | 192 | $54,405.12 |
| 30225T102 | EXTRA SPACE STORAGE INC | US | EXR | 225 | $22,581.00 |
| 30303M102 | FACEBOOK INC -A | US | FB | 41,850 | $8,054,869.50 |
| 30744W107 | FARFETCH LTD - CLASS A | GB | FTCH | 8,210 | $91,705.70 |
| 311900104 | FASTENAL CO | US | FAST | 1,166 | $39,900.52 |
| 313747206 | FEDERAL RLTY INVT TR SH BEN INT | US | FRT | 160 | $18,614.40 |
| 315786AC7 | FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 | US | 30,000 | $33,300.00 | |
| 316773100 | FIFTH THIRD BANCORP | US | FITB | 1,350 | $32,940.00 |
| 32054K103 | FIRST INDUSTRIAL REALTY TR | US | FR | 795 | $30,607.50 |
| 33834YAA6 | FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 | US | 30,000 | $30,131.40 | |
| 339750101 | FLOOR & DECOR HOLDINGS INC -A | US | FND | 34,795 | $1,776,284.75 |
| 346232AE1 | FORESTAR GROUP INC 5.00000 03/01/2028 | US | 30,000 | $29,475.00 | |
| 34960PAB7 | FORTRESS TRANS & INFRAST 6.50000 10/01/2025 | US | 30,000 | $31,425.00 | |
| 35166FAA0 | FOXTROT ESCROW ISSUER 12.25000 11/15/2026 | US | 30,000 | $31,191.00 | |
| 35671D857 | FREEPORT-MCMORAN INC | US | FCX | 129,410 | $1,288,923.60 |
| 364760108 | GAP INC | US | GPS | 1,066 | $15,275.78 |
| 369550108 | GENERAL DYNAMICS CORP | US | GD | 310 | $49,503.90 |
| 369604BQ5 | GENERAL ELECTRIC CO 5.00000 01/21/2021 | US | 330,000 | $323,060.10 | |
| 370334104 | GENERAL MLS INC | US | GIS | 1,097 | $53,753.00 |
| 37185LAL6 | GENESIS ENERGY LP/FIN 7.75000 02/01/2028 | US | 30,000 | $25,800.00 | |
| 372460105 | GENUINE PARTS CO | US | GPC | 364 | $31,755.36 |
| 374297109 | GETTY REALTY CORP | US | GTY | 915 | $25,931.10 |
| 375558103 | GILEAD SCIENCES INC | US | GILD | 1,722 | $119,437.92 |
| 37960JAA6 | GLOBAL AIR LEASE CO LTD 6.50000 09/15/2024 | KY | 40,000 | $39,400.00 | |
| 388689101 | GRAPHIC PACKAGING HOLDING CO | US | GPK | 233,665 | $3,159,150.80 |
| 38869PAK0 | GRAPHIC PACKAGING INTERN 4.75000 04/15/2021 | US | 25,000 | $25,374.25 | |
| 398433AN2 | GRIFFON CORPORATION 5.75000 03/01/2028 | US | 20,000 | $20,007.40 | |
| 400506101 | GRUPO AEROPORTUARIO PAC-ADR | MX | PAC | 1,370 | $148,480.60 |
| 40051E202 | GRUPO AEROPORTUARIO DEL SURESTE | MX | ASR | 875 | $146,125.00 |
| 404119BX6 | HCA INC 4.12500 06/15/2029 | US | 500,000 | $548,647.54 | |
| 404139AD9 | HC2 HOLDINGS INC 11.50000 12/01/2021 | US | 10,000 | $10,100.00 | |
| 406216101 | HALLIBURTON CO | US | HAL | 156,008 | $2,645,895.68 |
| 416515104 | HARTFORD FINL SVCS | US | HIG | 542 | $27,072.90 |
| 421946104 | HEALTHCARE REALTY TRUST INC | US | HR | 1,845 | $63,283.50 |
| 42225P501 | HEALTHCARE TRUST OF AMERICA | US | HTA | 1,130 | $35,188.20 |
| 42250P103 | HEALTHPEAK PROPERTIES INC | US | PEAK | 2,980 | $94,287.20 |
| 427866108 | HERSHEY CO/THE | US | HSY | 381 | $54,860.19 |
| 43300A203 | HILTON WORLDWIDE HOLDINGS INC | US | HLT | 270 | $26,244.00 |
| 437076102 | HOME DEPOT INC | US | HD | 1,097 | $238,970.48 |
| 438516106 | HONEYWELL INTERNATIONAL INC | US | HON | 801 | $129,898.17 |
| 44107P104 | HOST MARRIOTT CORP | US | HST | 2,150 | $31,132.00 |
| 450913AE8 | IAMGOLD CORP 7.00000 04/15/2025 | CA | 30,000 | $30,741.00 | |
| 452308109 | ILLINOIS TOOL WKS INC | US | ITW | 443 | $74,326.54 |
| 45337C102 | INCYTE CORP | US | INCY | 15,320 | $1,155,281.20 |
| 45682RAA8 | INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 | AU | 30,000 | $30,712.50 | |
| 45781V101 | INNOVATIVE INDUSTRIAL PROPER | US | IIPR | 499 | $45,878.06 |
| 458140100 | INTEL CORP | US | INTC | 4,354 | $241,734.08 |
| 45866F104 | INTERCONTINENTALEXCHANGE INC | US | ICE | 35,455 | $3,163,295.10 |
| 459200101 | INTERNATIONAL BUSINESS MACH CORP | US | IBM | 1,032 | $134,314.80 |
| 460146103 | INTERNATIONAL PAPER CO | US | IP | 620 | $22,915.20 |
| 46120E602 | INTUITIVE SURGICAL INC | US | ISRG | 2,235 | $1,193,400.60 |
| 46187W107 | INVITATION HOMES INC | US | INVH | 5,026 | $144,195.94 |
| 46625H100 | JP MORGAN CHASE & CO | US | JPM | 2,215 | $257,183.65 |
| 46647PAY2 | JPMORGAN CHASE & CO 4.02300 12/05/2024 | US | 500,000 | $542,076.87 | |
| 4741844 | MERCK KGAA | DE | MRK GR | 22,495 | $2,737,282.41 |
| 476405105 | JERNIGAN CAPITAL INC | US | JCAP | 4,040 | $72,396.80 |
| 478160104 | JOHNSON & JOHNSON | US | JNJ | 59,269 | $7,970,495.12 |
| 47987LAA9 | JONAH NRG LLC/FINANCE 7.25000 10/15/2025 | US | 40,000 | $9,600.00 | |
| 482480100 | KLA-TENCOR CORPORATION | US | KLAC | 339 | $52,107.69 |
| 487526AB1 | KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 | US | 30,000 | $31,500.00 | |
| 487836108 | KELLOGG CO | US | K | 612 | $37,007.64 |
| 493267108 | KEYCORP | US | KEY | 1,835 | $30,002.25 |
| 49427F108 | KILROY REALTY CORP | US | KRC | 266 | $19,335.54 |
| 494368103 | KIMBERLY CLARK CORP | US | KMB | 546 | $71,629.74 |
| 494550AW6 | KINDER MORGAN ENER PART 6.95000 01/15/2038 | US | 540,000 | $723,753.41 | |
| 500255104 | KOHLS CORP | US | KSS | 506 | $19,809.90 |
| 50050N103 | KONTOOR BRANDS INC | US | KTB | 52 | $1,754.48 |
| 501044101 | KROGER CO | US | KR | 1,133 | $31,871.29 |
| 50187TAE6 | LGI HOMES INC 6.87500 07/15/2026 | US | 35,000 | $36,531.25 | |
| 5107401 | BEIERSDORF AG | DE | BEI GR | 28,105 | $2,967,829.70 |
| 512807108 | LAM RESEARCH CORP | US | LRCX | 193 | $56,631.99 |
| 516806AG1 | LAREDO PETROLEUM INC 10.12500 01/15/2028 | US | 30,000 | $21,521.25 | |
| 53223X107 | LIFE STORAGE INC | US | LSI | 205 | $22,121.55 |
| 539830109 | LOCKHEED MARTIN CORP | US | LMT | 331 | $122,426.97 |
| 54238XAC2 | LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 | US | 20,000 | $13,050.00 | |
| 550021109 | LULULEMON - ADR | CA | LULU | 27,896 | $6,064,869.36 |
| 56585A102 | MARATHON PETROLEUM CORP | US | MPC | 1,203 | $57,046.26 |
| 57636Q104 | MASTERCARD INC-CLASS A | US | MA | 22,850 | $6,632,212.50 |
| 57772K101 | MAXIM INTEGRATED PRODUCTS | US | MXIM | 553 | $30,757.86 |
| 58933Y105 | MERCK & CO INC | US | MRK | 17,406 | $1,332,603.36 |
| 594918104 | MICROSOFT CORP | US | MSFT | 35,785 | $5,797,527.85 |
| 595112103 | MICRON TECHNOLOGY INC | US | MU | 125,895 | $6,617,041.20 |
| 59522J103 | MID-AMERICA APARTMENT COMM | US | MAA | 330 | $42,655.80 |
| 60871R209 | MOLSON COORS BREWING CO -B | US | TAP | 439 | $21,778.79 |
| 609207105 | MONDELEZ INTERNATIONAL INC | US | MDLZ | 137,305 | $7,249,704.00 |
| 615369105 | MOODY'S CORPORATION | US | MCO | 15,455 | $3,709,663.65 |
| 61965RAA3 | MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 | US | 20,000 | $11,694.00 | |
| 62426EAA3 | MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 | CA | 40,000 | $38,988.00 | |
| 6356934 | FANUC LTD | JP | 6954 JP | 600 | $98,528.36 |
| 637417106 | NATIONAL RETAIL PROPERTIES | US | NNN | 720 | $36,612.00 |
| 63938CAA6 | NAVIENT CORP 5.00000 10/26/2020 | US | 30,000 | $30,291.00 | |
| 63938CAH1 | NAVIENT CORP 6.75000 06/25/2025 | US | 20,000 | $21,100.00 | |
| 64110D104 | NETAPP INC | US | NTAP | 392 | $18,314.24 |
| 6490995 | KEYENCE CORP | JP | 6861 JP | 700 | $223,513.89 |
| 654106103 | NIKE INC CLASS B | US | NKE | 64,110 | $5,730,151.80 |
| 6642321 | NIKON CORP | JP | 7731 JP | 7,500 | $76,610.78 |
| 66727WAA0 | NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | CA | 40,000 | $30,400.00 | |
| 66987V109 | NOVARTIS AG- REG | CH | NVS | 41,920 | $3,519,603.20 |
| 670346105 | NUCOR CORP | US | NUE | 686 | $28,366.10 |
| 67059TAD7 | NUSTAR LOGISTICS LP 6.75000 02/01/2021 | US | 20,000 | $20,402.00 | |
| 67066G104 | NVIDIA CORP | US | NVDA | 9,750 | $2,633,182.50 |
| 67401PAB4 | OAKTREE SPECIALTY LEND 3.50000 02/25/2025 | US | 30,000 | $30,039.67 | |
| 6742340 | SHANDONG WEIGAO | CN | 1066 HK | 196,000 | $255,756.01 |
| 674599105 | OCCIDENTAL PETROLEUM CORP | US | OXY | 961 | $31,463.14 |
| 675232102 | OCEANEERING INTL INC | US | OII | 118,305 | $1,246,934.70 |
| 675232AB8 | OCEANEERING INTL INC 6.00000 02/01/2028 | US | 30,000 | $27,975.00 | |
| 681936100 | OMEGA HEALTHCARE INVS INC | US | OHI | 1,030 | $40,788.00 |
| 6821506 | SONY CORP FIRST SECTION | JP | 6758 JP | 4,700 | $289,745.04 |
| 7021963 | DEUTSCHE BOERSE AG | DE | DB1 GR | 23,185 | $3,648,238.94 |
| 70450Y103 | PAYPAL HOLDINGS INC | US | PYPL | 23,675 | $2,556,663.25 |
| 7123870 | NESTLE SA-REGISTERED | CH | NESN SW | 34,810 | $3,582,151.63 |
| 713448108 | PEPSICO INC | US | PEP | 36,300 | $4,792,689.00 |
| 717081103 | PFIZER INC | US | PFE | 5,491 | $183,509.22 |
| 718172109 | PHILIP MORRIS INTERNATIONAL | US | PM | 44,825 | $3,669,822.75 |
| 718546104 | PHILLIPS 66 | US | PSX | 542 | $40,574.12 |
| 719245AD4 | PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 | US | 30,000 | $28,425.00 | |
| 71943U104 | PHYSICIANS REALTY TRUST | US | DOC | 3,765 | $71,007.90 |
| 729640102 | PLYMOUTH INDUSTRIAL REIT INC | US | PLYM | 1,360 | $25,527.20 |
| 741503AZ9 | BOOKING HOLDINGS INC 3.60000 06/01/2026 | US | 570,000 | $624,186.79 | |
| 74166MAB2 | PRIME SECSRVC BRW/FINANC 5.25000 04/15/2024 | US | 25,000 | $25,875.00 | |
| 74166MAC0 | PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 | US | 20,000 | $20,594.00 | |
| 74340E103 | PROGYNY INC | US | PGNY | 48,085 | $1,323,780.05 |
| 74340W103 | PROLOGIS | US | PLD | 2,634 | $221,993.52 |
| 74460D109 | PUBLIC STORAGE INC | US | PSA | 465 | $97,240.80 |
| 74834L100 | QUEST DIAGNOSTICS INC | US | DGX | 273 | $28,954.38 |
| 750236AW1 | RADIAN GROUP INC 4.87500 03/15/2027 | US | 30,000 | $31,800.00 | |
| 756109104 | REALTY INCOME CORP | US | O | 475 | $34,385.25 |
| 758849103 | REGENCY CENTERS CORP | US | REG | 655 | $37,623.20 |
| 7591EP100 | REGIONS FINANCIAL CORP. | US | RF | 1,624 | $21,956.48 |
| 76131D103 | RESTAURANT BRANDS INTERN | CA | QSR | 5,480 | $320,580.00 |
| 7698356 | GETINGE AB-B SHS | SE | GETIB SS | 10,865 | $182,208.19 |
| 77340RAK3 | ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 | US | 30,000 | $30,092.11 | |
| 773903109 | ROCKWELL AUTOMATION INC | US | ROK | 183 | $33,580.50 |
| 780259107 | ROYAL DUTCH SHELL PLC-ADR B | NL | RDS/B | 14,480 | $644,794.40 |
| 783513203 | RYANAIR HOLDINGS - ADR | IE | RYAAY | 32,785 | $2,350,028.80 |
| 78409V104 | S&P GLOBAL INC | US | SPGI | 12,750 | $3,390,352.50 |
| 78410G104 | SBA COMMUNICATIONS CORP | US | SBAC | 15,750 | $4,175,167.50 |
| 78442PGC4 | SLM CORP 5.12500 04/05/2022 | US | 35,000 | $35,700.00 | |
| 785592AV8 | SABINE PASS LIQUEFACTION 5.87500 06/30/2026 | US | 770,000 | $893,792.35 | |
| 80282KAE6 | SANTANDER HOLDINGS USA 4.50000 07/17/2025 | US | 660,000 | $733,623.22 | |
| 806857108 | SCHLUMBERGER LTD | NL | SLB | 66,538 | $1,802,514.42 |
| 81141R100 | SEA LTD - ADR | SG | SE | 36,755 | $1,656,180.30 |
| 812578102 | SEATTLE GENETICS INC | US | SGEN | 12,330 | $1,403,893.80 |
| 81762P102 | SERVICENOW INC | US | NOW | 19,165 | $6,249,514.85 |
| 822538AE4 | SHELF DRILL HOLD LTD 8.25000 02/15/2025 | KY | 30,000 | $24,900.00 | |
| 828806109 | SIMON PROPERTY GROUP INC | US | SPG | 805 | $99,079.40 |
| 832696405 | JM SMUCKER CO/THE-NEW COM WI | US | SJM | 266 | $27,395.34 |
| 835699307 | SONY CORP SPONSORED ADR | JP | SNE | 75,675 | $4,706,985.00 |
| 84265V105 | SOUTHERN COPPER CORPORATION | US | SCCO | 53,860 | $1,812,389.00 |
| 84265VAD7 | SOUTHERN COPPER CORP 5.37500 04/16/2020 | US | 400,000 | $400,600.00 | |
| 852061AR1 | SPRINT COMMUNICATIONS 7.00000 08/15/2020 | US | 45,000 | $45,900.00 | |
| 85207UAE5 | SPRINT CORP 7.25000 09/15/2021 | US | 20,000 | $21,227.00 | |
| 85207UAH8 | SPRINT CORP 7.12500 06/15/2024 | US | 30,000 | $34,037.40 | |
| 85254J102 | STAG INDUSTRIAL INC | US | STAG | 1,940 | $54,281.20 |
| 85571BAP0 | STARWOOD PROPERTY TRUST 3.62500 02/01/2021 | US | 30,000 | $29,737.50 | |
| 862121100 | STORE CAPITAL CORP | US | STOR | 1,750 | $57,505.00 |
| 866674104 | SUN COMMUNITIES | US | SUI | 680 | $103,958.40 |
| 86723CAF5 | SUNCOKE ENRGY PART LP/FI 7.50000 06/15/2025 | US | 20,000 | $18,000.00 | |
| 867892101 | SUNSTONE HOTEL INVESTORS INC | US | SHO | 1,800 | $19,710.00 |
| 871829107 | SYSCO CORP | US | SYY | 869 | $57,918.85 |
| 87854WAA1 | TECHNIPLAS LLC 10.00000 05/01/2020 | US | 25,000 | $17,500.00 | |
| 88032WAN6 | TENCENT HOLDINGS 3.97500 04/11/2029 | KY | 490,000 | $555,674.66 | |
| 882508104 | TEXAS INSTRUMENTS INC | US | TXN | 1,104 | $126,010.56 |
| 883556102 | THERMO FISHER SCIENTIFIC INC | US | TMO | 7,355 | $2,138,834.00 |
| 88579Y101 | 3M CO | US | MMM | 755 | $112,676.20 |
| 89151E109 | TOTAL S A SPONSORED ADR | FR | TOT | 15,350 | $662,199.00 |
| 892231AA9 | TOWNSQUARE MEDIA INC 6.50000 04/01/2023 | US | 20,000 | $20,200.00 | |
| 89417E109 | TRAVELLERS COS INC | US | TRV | 311 | $37,260.91 |
| 89832Q109 | TRUIST FINANCIAL CORP | US | TFC | 1,782 | $82,221.48 |
| 901109AF5 | TUTOR PERINI CORP 6.87500 05/01/2025 | US | 50,000 | $47,500.00 | |
| 902494103 | TYSON FOODS INC -CL A | US | TSN | 486 | $32,965.38 |
| 902653104 | UDR INC | US | UDR | 1,164 | $52,356.72 |
| 902973304 | U.S. BANCORP | US | USB | 1,974 | $91,672.56 |
| 903002103 | UMH PROPERTIES INC | US | UMH | 1,455 | $21,112.05 |
| 904767704 | UNILEVER PLC - ADR | GB | UL | 72,519 | $3,910,949.67 |
| 907818108 | UNION PAC CORP | US | UNP | 795 | $127,048.95 |
| 911312106 | UNITED PARCEL SERVICE | US | UPS | 1,174 | $106,235.26 |
| 912810FS2 | TSY INFL IX N/B 2.00000 01/15/2026 | US | 1,741,411.85 | $1,984,548.83 | |
| 912810QV3 | UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 | US | 1,201,845.8 | $1,381,225.46 | |
| 912810RK6 | US TREASURY N/B 2.50000 02/15/2045 | US | 2,935,000 | $3,423,975.58 | |
| 912810RX8 | US TREASURY N/B 3.00000 05/15/2047 | US | 2,430,000 | $3,133,466.02 | |
| 912828K33 | UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 | US | 3,886,742.86 | $3,895,198.97 | |
| 912828K74 | US TREASURY N/B 2.00000 08/15/2025 | US | 10,909,000 | $11,506,864.36 | |
| 912828YN4 | US TREASURY FRN 1.45838 10/31/2021 | US | 11,715,000 | $11,758,978.81 | |
| 913017109 | UNITED TECHNOLOGIES CORP | US | UTX | 953 | $124,452.27 |
| 91324P102 | UNITEDHEALTH GROUP INC | US | UNH | 8,990 | $2,292,090.40 |
| 91336L107 | UNIVAR SOLUTIONS INC | US | UNVR | 118,455 | $2,012,550.45 |
| 91704F104 | URBAN EDGE PROPERTIES | US | UE | 2,110 | $34,182.00 |
| 918204108 | VF CORP | US | VFC | 663 | $47,736.00 |
| 91913Y100 | VALERO ENERGY | US | VLO | 710 | $47,037.50 |
| 92276F100 | VENTAS INC | US | VTR | 982 | $52,802.14 |
| 92339V100 | VEREIT INC | US | VER | 4,075 | $35,289.50 |
| 92343VDU5 | VERIZON COMMUNICATIONS 5.25000 03/16/2037 | US | 850,000 | $1,135,488.44 | |
| 92511U102 | VERRA MOBILITY CORP | US | VRRM | 317,040 | $4,801,570.80 |
| 92532F100 | VERTEX PHARMACEUTICALS INC | US | VRTX | 5,790 | $1,297,133.70 |
| 92556H206 | VIACOMCBS INC | US | VIAC | 526 | $12,944.86 |
| 92826C839 | VISA INC - CLASS A SHARES | US | V | 27,205 | $4,944,780.80 |
| 92840JAA7 | VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 | MUL | 30,000 | $28,050.00 | |
| 929042109 | VORNADO REALTY TRUST | US | VNO | 245 | $13,127.10 |
| 931142103 | WAL MART STORES | US | WMT | 2,397 | $258,108.96 |
| 931427108 | WALGREENS BOOTS ALLIANCE INC | US | WBA | 1,274 | $58,298.24 |
| 94106L109 | WASTE MANAGEMENT INC | US | WM | 655 | $72,580.55 |
| 94856UAA9 | WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 | US | 30,000 | $31,200.00 | |
| 949746101 | WELLS FARGO COMPANY | US | WFC | 4,288 | $175,164.80 |
| 95040Q104 | WELLTOWER INC. | US | WELL | 1,167 | $87,314.94 |
| 958102105 | WESTERN DIGITAL CORP | US | WDC | 652 | $36,225.12 |
| 966387AH5 | WHITING PETROLEUM CORP 5.75000 03/15/2021 | US | 30,000 | $17,250.00 | |
| 96949LAD7 | WILLIAMS PARTNERS LP 3.75000 06/15/2027 | US | 520,000 | $545,720.77 | |
| 98311A105 | WYNDHAM HOTELS & RESORTS INC | US | WH | 745 | $37,957.75 |
| AP8694550 | BOREALIS FINANCE LLC 7.50000 11/16/2022 | MH | 40,000 | $38,400.00 | |
| B02J639 | ADMIRAL GROUP PLC | GB | ADM LN | 12,705 | $348,703.28 |
| B1KFX13 | GRUPO AEROPORTUARIO DEL CENT | MX | OMAB MM | 21,800 | $142,708.43 |
| B1Y47Y7 | GERRESHEIMER AG | DE | GXI GR | 2,815 | $202,927.12 |
| B1Y9TB3 | DANONE | FR | BN FP | 4,546 | $320,849.27 |
| B4YVF56 | BRENNTAG AG | DE | BNR GR | 52,200 | $2,368,467.41 |
| B63QM77 | NEXON CO LTD | JP | 3659 JP | 397,500 | $6,286,043.41 |
| B7KR2P8 | EASY JET PLC | GB | EZJ LN | 151,470 | $2,186,526.37 |
| BBQ3850 | KEYWORDS STUDIOS PLC | IE | KWS LN | 4,701 | $94,466.01 |
| BD3HF92 | BSR REAL ESTATE INVESTMENT | CA | HOM/U CN | 1,720 | $21,411.42 |
| BGHQ198 | HIBERNIA REIT PLC | IE | HBRN ID | 22,020 | $29,736.67 |
| BGHVXC0 | DRILLING CO OF 1972/THE | DK | DRLCO DC | 2,570 | $113,802.20 |
| BGJW376 | MEITUAN DIANPING - CLASS B | CN | 3690 HK | 6,100 | $78,702.17 |
| BJ2KSG2 | AKZO NOBEL | NL | AKZA NA | 2,346 | $187,704.09 |
| BMMV2K8 | TENCENT HOLDINGS LTD | CN | 700 HK | 113,934 | $5,776,990.14 |
| BMTRW10 | B&M EUROPEAN VALUE RETAIL SA | GB | BME LN | 47,170 | $204,331.12 |
| BNGN9Z1 | FINECOBANK SPA | IT | FBK IM | 154,235 | $1,618,387.32 |
| BP9DL90 | INDUSTRIA DE DISENO TEXTIL | ES | ITX SM | 83,865 | $2,616,495.05 |
| BVYVFW2 | AUTO TRADER GROUP PLC | GB | AUTO LN | 10,200 | $68,682.21 |
| BYXS699 | QIAGEN N.V. | NL | QIA GR | 5,398 | $197,842.44 |
| BYYHL23 | ANHEUSER-BUSCH INBEV SA/NV | BE | ABI BB | 44,137 | $2,550,276.15 |
| BZ0VW78 | BINGO INDUSTRIES LTD | AU | BIN AU | 42,655 | $80,625.16 |
| G0750C108 | AXALTA COATING SYSTEMS LTD | US | AXTA | 64,580 | $1,609,333.60 |
| G0772R208 | BANK OF N.T. BUTTERFIELD&SON | BM | NTB | 6,610 | $182,964.80 |
| G29183103 | EATON CORP PLC | US | ETN | 745 | $67,586.40 |
| G51502105 | JOHNSON CONTROLS INTERNATIONAL | US | JCI | 1,367 | $49,991.19 |
| G5960L103 | MEDTRONIC INC | IE | MDT | 61,144 | $6,155,366.48 |
| G97822103 | PERRIGO CO PLC | IE | PRGO | 4,540 | $230,132.60 |
| H01301128 | ALCON INC | CH | ALC | 33,184 | $2,034,179.20 |
| H1467J104 | CHUBB LTD | CH | CB | 447 | $64,828.41 |
| N22717107 | CORE LABORATORIES N.V. | NL | CLB | 49,695 | $1,333,813.80 |
| N47279109 | INTERXION HOLDING NV | NL | INXN | 1,525 | $129,457.25 |
| N53745100 | LYONDELLBASELL INDU-CL A | US | LYB | 687 | $49,093.02 |
| N72482123 | QIAGEN N.V. ADR | NL | QGEN | 45,380 | $1,629,142.00 |
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
$18.32
Daily $ Change
$0.53
Daily % Change
2.89%
as of 03/30/2020
Ticker
MNHWX
CUSIP
56382R290
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 long-term capital growth.
Investment Strategy
The portfolio is invested in an aggressive, growth-oriented mix of securities that seeks to earn the long-term growth typically associated with the stock market. Holdings are diversified primarily among various stock investments in both domestic and foreign markets; only a minor portion of the fund is invested in fixed income securities.
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 long-term capital growth and generally have the time to withstand market volatility
- Who have a very high capital risk tolerance
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 02/29/2020
YTD
-5.07%
1 Year
10.85%
3 Year
9.74%
5 Year
6.41%
10 Year
8.78%
Inception
(11/01/1995)
8.86%
US Stock Market Cycle (04/01/2000 - 02/29/2020)
7.17%
Inception performance is based on the Pro-Blend® Maximum 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 | 0.73% |
| Net | 0.10%* |
*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 02/29/2020
| TREASURY NOTES | 6.54% |
| COCA COLA CO/THE | 2.43% |
| FACEBOOK INC -A | 2.26% |
| JOHNSON & JOHNSON | 2.24% |
| BERKSHIRE HATHAWAY INC-CL B | 2.20% |
| MONDELEZ INTERNATIONAL INC | 2.04% |
| MASTERCARD INC-CLASS A | 1.86% |
| MICRON TECHNOLOGY INC | 1.86% |
| TREASURY BONDS | 1.84% |
| NEXON CO LTD | 1.77% |
This investment list is unaudited and excludes cash.
Asset Allocation
As of 02/29/2020
| Stocks | 84.04% | |
| Bonds | 14.76% | |
| Cash | 1.20% |
Detailed Asset Class Allocation
As of 02/29/2020
| International Equities | 25.54% | |
| Small Capitalization | 2.74% | |
| Mid Capitalization | 3.48% | |
| Large Capitalization | 52.29% | |
| Long Term Fixed Income | 3.31% | |
| Intermediate Term Fixed Income | 6.76% | |
| Short Term Fixed Income | 4.68% | |
| Cash | 1.20% |
Due to rounding, the sum of the detailed asset class allocation categories may not equal the asset allocation totals provided above.
February Fund Holdings
As of 02/29/2020
| CUSIP | Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|---|
| 00101JAK2 | ADT SEC CORP 6.25000 10/15/2021 | US | 20,000 | $20,854.40 | |
| 00206RDQ2 | AT&T INC 4.25000 03/01/2027 | US | 650,000 | $732,572.46 | |
| 00287Y109 | ABBVIE INC | US | ABBV | 1,759 | $150,763.89 |
| 004239109 | ACADIA REALTY TRUST | US | AKR | 1,595 | $36,429.80 |
| 00489LAA1 | ACRISURE LLC / FIN INC 7.00000 11/15/2025 | US | 20,000 | $19,544.00 | |
| 00507V109 | ACTIVISION INC | US | ATVI | 64,860 | $3,770,311.80 |
| 00751Y106 | ADVANCE AUTO PARTS INC | US | AAP | 19,195 | $2,552,551.10 |
| 00774MAG0 | AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 | IE | 380,000 | $419,039.62 | |
| 00791GAA5 | AG MERGER SUB II INC 10.75000 08/01/2027 | US | 20,000 | $21,050.00 | |
| 008492100 | AGREE REALTY CORP | US | ADC | 435 | $31,241.70 |
| 00912XAV6 | AIR LEASE CORP 3.62500 04/01/2027 | US | 370,000 | $392,442.73 | |
| 015271109 | ALEXANDRIA REAL EST EQUITIES | US | ARE | 160 | $24,300.80 |
| 01609W102 | ALIBABA GROUP - ADR | CN | BABA | 10,050 | $2,090,400.00 |
| 01609WAT9 | ALIBABA GROUP HOLDING 3.40000 12/06/2027 | KY | 510,000 | $549,345.06 | |
| 020002101 | ALLSTATE CORPORATION | US | ALL | 421 | $44,310.25 |
| 02079K107 | ALPHABET INC-CL C | US | GOOG | 2,295 | $3,073,762.35 |
| 02079K305 | ALPHABET INC-CL A | US | GOOGL | 2,295 | $3,073,578.75 |
| 02209S103 | ALTRIA GROUP INC | US | MO | 47,315 | $1,910,106.55 |
| 023135106 | AMAZON.COM INC | US | AMZN | 2,340 | $4,407,975.00 |
| 02319V103 | AMBEV SA-ADR | BR | ABEV | 736,997 | $2,365,760.37 |
| 0237400 | DIAGEO PLC | GB | DGE LN | 71,789 | $2,561,401.13 |
| 024835100 | AMERICAN CAMPUS COMMUNITIES | US | ACC | 1,550 | $67,332.00 |
| 0263494 | BAE SYSTEMS PLC | GB | BA/ LN | 45,495 | $359,869.16 |
| 02665T306 | AMERICAN HOMES 4 RENT- A | US | AMH | 3,520 | $91,132.80 |
| 03019LAA4 | AMERICAN TANKER INC 9.25000 02/22/2022 | US | 45,000 | $46,804.25 | |
| 03027X100 | AMERICAN TOWER REIT INC | US | AMT | 17,695 | $4,013,226.00 |
| 03027XAW0 | AMERICAN TOWER CORP 3.80000 08/15/2029 | US | 670,000 | $738,086.25 | |
| 03064D108 | AMERICOLD REALTY TRUST | US | COLD | 2,095 | $64,253.65 |
| 031162100 | AMGEN INC | US | AMGN | 765 | $152,793.45 |
| 03690AAD8 | ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 | US | 20,000 | $13,600.00 | |
| 03690AAF3 | ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 | US | 20,000 | $13,700.00 | |
| 03748R754 | APARTMENT INVT & MGMT CO -A | US | AIV | 1,863 | $89,125.92 |
| 038222105 | APPLIED MATERIALS INC | US | AMAT | 1,104 | $64,164.48 |
| 039483102 | ARCHER-DANIELS-MIDLAND CO | US | ADM | 794 | $29,894.10 |
| 043436AT1 | ASBURY AUTOMOTIVE GROUP 4.75000 03/01/2030 | US | 20,000 | $20,350.00 | |
| 045086AF2 | ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 | US | 20,000 | $20,650.00 | |
| 053332102 | AUTOZONE INC | US | AZO | 2,735 | $2,823,914.85 |
| 053484101 | AVALONBAY COMMUNITIES INC | US | AVB | 690 | $138,407.10 |
| 05401AAJ0 | AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 | KY | 430,000 | $432,877.99 | |
| 055622104 | BP PLC-SPONS ADR | GB | BP | 20,715 | $648,172.35 |
| 05722G100 | BAKER HUGHES CO | US | BKR | 1,485 | $23,893.65 |
| 060505104 | BANK OF AMERICA CORP | US | BAC | 5,729 | $163,276.50 |
| 06051GFM6 | BANK OF AMERICA CORP 4.00000 01/22/2025 | US | 1,000,000 | $1,090,941.68 | |
| 084670702 | BERKSHIRE HATHAWAY INC-CL B | US | BRK/B | 37,915 | $7,823,381.10 |
| 086516101 | BEST BUY INC | US | BBY | 588 | $44,482.20 |
| 09061G101 | BIOMARIN PHARMACEUTICAL INC | US | BMRN | 34,170 | $3,087,942.90 |
| 09247X101 | BLACKROCK INC | US | BLK | 10,185 | $4,715,756.85 |
| 0946580 | WEIR GROUP PLC/THE | GB | WEIR LN | 13,440 | $227,009.64 |
| 097023105 | BOEING CO | US | BA | 535 | $147,183.85 |
| 09857L108 | BOOKING HOLDINGS INC | US | BKNG | 1,295 | $2,195,879.70 |
| 101121101 | BOSTON PROPERTIES INC | US | BXP | 775 | $99,928.50 |
| 101137107 | BOSTON SCIENTIFIC CORP | US | BSX | 59,215 | $2,214,048.85 |
| 105368203 | BRANDYWINE REALTY TRUST | US | BDN | 5,540 | $75,233.20 |
| 110122108 | BRISTOL MYERS SQUIBB CO | US | BMY | 2,022 | $119,419.32 |
| 110448107 | BRITISH AMERICAN TOB-SP ADR | GB | BTI | 4,100 | $163,180.00 |
| 11135F101 | BROADCOM INC | US | AVGO | 385 | $104,958.70 |
| 11680JAA0 | BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 | US | 20,000 | $10,600.00 | |
| 1248EPCE1 | CCO HLDGS LLC/CAP CORP 4.50000 08/15/2030 | US | 20,000 | $20,225.00 | |
| 12503M108 | CBOE GLOBAL MARKETS INC | US | CBOE | 27,840 | $3,173,760.00 |
| 12541W209 | C.H. ROBINSON WORLDWIDE INC | US | CHRW | 364 | $25,079.60 |
| 12572Q105 | CME GROUP INC | US | CME | 15,275 | $3,036,975.50 |
| 12662PAD0 | CVR ENERGY INC 5.75000 02/15/2028 | US | 20,000 | $18,900.00 | |
| 126650100 | CVS HEALTH CORP | US | CVS | 1,570 | $92,912.60 |
| 131477AT8 | CALUMET SPECIALTY PROD 11.00000 04/15/2025 | US | 30,000 | $31,650.00 | |
| 133131102 | CAMDEN PROPERTY TRUST | US | CPT | 1,040 | $110,219.20 |
| 13321L108 | CAMECO CORP | CA | CCJ | 23,455 | $203,589.40 |
| 14180LAA4 | CARGO AIRCRAFT MANAGEMENT 4.75000 02/01/2028 | US | 20,000 | $19,825.00 | |
| 149123101 | CATERPILLAR INC | US | CAT | 675 | $83,862.00 |
| 156700AW6 | CENTURYLINK INC 5.62500 04/01/2020 | US | 20,000 | $20,037.50 | |
| 166764100 | CHEVRON CORP | US | CVX | 7,488 | $698,929.92 |
| 17275R102 | CISCO SYSTEMS INC | US | CSCO | 3,944 | $157,483.92 |
| 172967424 | CITIGROUP INC | US | C | 1,650 | $104,709.00 |
| 172967EW7 | CITIGROUP INC 8.12500 07/15/2039 | US | 170,000 | $294,307.22 | |
| 191216100 | COCA COLA CO/THE | US | KO | 161,897 | $8,659,870.53 |
| 194162103 | COLGATE-PALMOLIVE CO | US | CL | 1,197 | $80,881.29 |
| 20030NCY5 | COMCAST CORP 3.25000 11/01/2039 | US | 520,000 | $561,947.09 | |
| 20369C106 | COMMUNITY HEALTHCARE TRUST I | US | CHCT | 1,245 | $59,299.35 |
| 20451NAG6 | COMPASS MINERALS INTERNA 6.75000 12/01/2027 | US | 35,000 | $37,100.00 | |
| 205887102 | CONAGRA BRAND INC. | US | CAG | 893 | $23,834.17 |
| 20825C104 | CONOCOPHILLIPS | US | COP | 11,585 | $560,945.70 |
| 222795502 | COUSINS PROPERTIES INC | US | CUZ | 2,500 | $89,225.00 |
| 225310AN1 | CREDIT ACCEPTANC 5.12500 12/31/2024 | US | 20,000 | $20,600.00 | |
| 22822V101 | CROWN CASTLE INTL CORP | US | CCI | 405 | $58,032.45 |
| 22822VAN1 | CROWN CASTLE INTL CORP 3.10000 11/15/2029 | US | 670,000 | $706,135.55 | |
| 228368106 | CROWN HOLDINGS INC | US | CCK | 32,670 | $2,303,235.00 |
| 231021106 | CUMMINS INC | US | CMI | 302 | $45,689.58 |
| 2347608 | FIRST QUANTUM MINERALS LTD | CA | FM CN | 7,770 | $57,424.77 |
| 25277LAC0 | DIAMOND SPORTS GR/DIAMON 6.62500 08/15/2027 | US | 30,000 | $24,199.50 | |
| 253868103 | DIGITAL REALTY TRUST INC | US | DLR | 130 | $15,614.30 |
| 25470DAT6 | DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 | US | 610,000 | $719,142.15 | |
| 256677105 | DOLLAR GENERAL CORP | US | DG | 30,585 | $4,596,925.50 |
| 256746108 | DOLLAR TREE STORES INC | US | DLTR | 46,515 | $3,862,140.45 |
| 25787GAC4 | DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 | US | 35,000 | $35,952.00 | |
| 25960P109 | DOUGLAS EMMETT INC | US | DEI | 1,665 | $63,569.70 |
| 260557103 | DOW INC | US | DOW | 927 | $37,460.07 |
| 26151AAA7 | DRAX FINCO PLC 6.62500 11/01/2025 | GB | 200,000 | $208,810.00 | |
| 262006208 | DREYFUS GVT CSH MANAGEMENT | US | 4,328,785.69 | $4,328,785.69 | |
| 2715777 | QUEBECOR INC -CL B | CA | QBR/B CN | 116,990 | $2,733,325.68 |
| 277432100 | EASTMAN CHEM CO | US | EMN | 361 | $22,205.11 |
| 2801836 | SHAW COMMUNICATIONS INC-B | CA | SJR/B CN | 139,290 | $2,410,658.74 |
| 285512109 | ELECTRONIC ARTS | US | EA | 53,050 | $5,377,678.50 |
| 2866857 | LUNDIN MINING CORP | CA | LUN CN | 163,990 | $836,901.84 |
| 291011104 | EMERSON ELEC CO | US | EMR | 1,006 | $64,494.66 |
| 29273RAR0 | ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 | US | 450,000 | $542,304.86 | |
| 29413XAD9 | ENVIVA PARTNERS LP/FIN C 6.50000 01/15/2026 | US | 30,000 | $31,200.60 | |
| 29444U700 | EQUINIX INC | US | EQIX | 6,420 | $3,677,376.00 |
| 29472R108 | EQUITY LIFESTYLE PROPERTIES | US | ELS | 625 | $42,706.25 |
| 29476L107 | EQUITY RESIDENTIAL | US | EQR | 950 | $71,345.00 |
| 29670E107 | ESSENTIAL PROPERTIES REALTY | US | EPRT | 2,189 | $50,149.99 |
| 297178105 | ESSEX PROPERTY TRUST INC | US | ESS | 192 | $54,405.12 |
| 30225T102 | EXTRA SPACE STORAGE INC | US | EXR | 225 | $22,581.00 |
| 30303M102 | FACEBOOK INC -A | US | FB | 41,850 | $8,054,869.50 |
| 30744W107 | FARFETCH LTD - CLASS A | GB | FTCH | 8,210 | $91,705.70 |
| 311900104 | FASTENAL CO | US | FAST | 1,166 | $39,900.52 |
| 313747206 | FEDERAL RLTY INVT TR SH BEN INT | US | FRT | 160 | $18,614.40 |
| 315786AC7 | FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 | US | 30,000 | $33,300.00 | |
| 316773100 | FIFTH THIRD BANCORP | US | FITB | 1,350 | $32,940.00 |
| 32054K103 | FIRST INDUSTRIAL REALTY TR | US | FR | 795 | $30,607.50 |
| 33834YAA6 | FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 | US | 30,000 | $30,131.40 | |
| 339750101 | FLOOR & DECOR HOLDINGS INC -A | US | FND | 34,795 | $1,776,284.75 |
| 346232AE1 | FORESTAR GROUP INC 5.00000 03/01/2028 | US | 30,000 | $29,475.00 | |
| 34960PAB7 | FORTRESS TRANS & INFRAST 6.50000 10/01/2025 | US | 30,000 | $31,425.00 | |
| 35166FAA0 | FOXTROT ESCROW ISSUER 12.25000 11/15/2026 | US | 30,000 | $31,191.00 | |
| 35671D857 | FREEPORT-MCMORAN INC | US | FCX | 129,410 | $1,288,923.60 |
| 364760108 | GAP INC | US | GPS | 1,066 | $15,275.78 |
| 369550108 | GENERAL DYNAMICS CORP | US | GD | 310 | $49,503.90 |
| 369604BQ5 | GENERAL ELECTRIC CO 5.00000 01/21/2021 | US | 330,000 | $323,060.10 | |
| 370334104 | GENERAL MLS INC | US | GIS | 1,097 | $53,753.00 |
| 37185LAL6 | GENESIS ENERGY LP/FIN 7.75000 02/01/2028 | US | 30,000 | $25,800.00 | |
| 372460105 | GENUINE PARTS CO | US | GPC | 364 | $31,755.36 |
| 374297109 | GETTY REALTY CORP | US | GTY | 915 | $25,931.10 |
| 375558103 | GILEAD SCIENCES INC | US | GILD | 1,722 | $119,437.92 |
| 37960JAA6 | GLOBAL AIR LEASE CO LTD 6.50000 09/15/2024 | KY | 40,000 | $39,400.00 | |
| 388689101 | GRAPHIC PACKAGING HOLDING CO | US | GPK | 233,665 | $3,159,150.80 |
| 38869PAK0 | GRAPHIC PACKAGING INTERN 4.75000 04/15/2021 | US | 25,000 | $25,374.25 | |
| 398433AN2 | GRIFFON CORPORATION 5.75000 03/01/2028 | US | 20,000 | $20,007.40 | |
| 400506101 | GRUPO AEROPORTUARIO PAC-ADR | MX | PAC | 1,370 | $148,480.60 |
| 40051E202 | GRUPO AEROPORTUARIO DEL SURESTE | MX | ASR | 875 | $146,125.00 |
| 404119BX6 | HCA INC 4.12500 06/15/2029 | US | 500,000 | $548,647.54 | |
| 404139AD9 | HC2 HOLDINGS INC 11.50000 12/01/2021 | US | 10,000 | $10,100.00 | |
| 406216101 | HALLIBURTON CO | US | HAL | 156,008 | $2,645,895.68 |
| 416515104 | HARTFORD FINL SVCS | US | HIG | 542 | $27,072.90 |
| 421946104 | HEALTHCARE REALTY TRUST INC | US | HR | 1,845 | $63,283.50 |
| 42225P501 | HEALTHCARE TRUST OF AMERICA | US | HTA | 1,130 | $35,188.20 |
| 42250P103 | HEALTHPEAK PROPERTIES INC | US | PEAK | 2,980 | $94,287.20 |
| 427866108 | HERSHEY CO/THE | US | HSY | 381 | $54,860.19 |
| 43300A203 | HILTON WORLDWIDE HOLDINGS INC | US | HLT | 270 | $26,244.00 |
| 437076102 | HOME DEPOT INC | US | HD | 1,097 | $238,970.48 |
| 438516106 | HONEYWELL INTERNATIONAL INC | US | HON | 801 | $129,898.17 |
| 44107P104 | HOST MARRIOTT CORP | US | HST | 2,150 | $31,132.00 |
| 450913AE8 | IAMGOLD CORP 7.00000 04/15/2025 | CA | 30,000 | $30,741.00 | |
| 452308109 | ILLINOIS TOOL WKS INC | US | ITW | 443 | $74,326.54 |
| 45337C102 | INCYTE CORP | US | INCY | 15,320 | $1,155,281.20 |
| 45682RAA8 | INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 | AU | 30,000 | $30,712.50 | |
| 45781V101 | INNOVATIVE INDUSTRIAL PROPER | US | IIPR | 499 | $45,878.06 |
| 458140100 | INTEL CORP | US | INTC | 4,354 | $241,734.08 |
| 45866F104 | INTERCONTINENTALEXCHANGE INC | US | ICE | 35,455 | $3,163,295.10 |
| 459200101 | INTERNATIONAL BUSINESS MACH CORP | US | IBM | 1,032 | $134,314.80 |
| 460146103 | INTERNATIONAL PAPER CO | US | IP | 620 | $22,915.20 |
| 46120E602 | INTUITIVE SURGICAL INC | US | ISRG | 2,235 | $1,193,400.60 |
| 46187W107 | INVITATION HOMES INC | US | INVH | 5,026 | $144,195.94 |
| 46625H100 | JP MORGAN CHASE & CO | US | JPM | 2,215 | $257,183.65 |
| 46647PAY2 | JPMORGAN CHASE & CO 4.02300 12/05/2024 | US | 500,000 | $542,076.87 | |
| 4741844 | MERCK KGAA | DE | MRK GR | 22,495 | $2,737,282.41 |
| 476405105 | JERNIGAN CAPITAL INC | US | JCAP | 4,040 | $72,396.80 |
| 478160104 | JOHNSON & JOHNSON | US | JNJ | 59,269 | $7,970,495.12 |
| 47987LAA9 | JONAH NRG LLC/FINANCE 7.25000 10/15/2025 | US | 40,000 | $9,600.00 | |
| 482480100 | KLA-TENCOR CORPORATION | US | KLAC | 339 | $52,107.69 |
| 487526AB1 | KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 | US | 30,000 | $31,500.00 | |
| 487836108 | KELLOGG CO | US | K | 612 | $37,007.64 |
| 493267108 | KEYCORP | US | KEY | 1,835 | $30,002.25 |
| 49427F108 | KILROY REALTY CORP | US | KRC | 266 | $19,335.54 |
| 494368103 | KIMBERLY CLARK CORP | US | KMB | 546 | $71,629.74 |
| 494550AW6 | KINDER MORGAN ENER PART 6.95000 01/15/2038 | US | 540,000 | $723,753.41 | |
| 500255104 | KOHLS CORP | US | KSS | 506 | $19,809.90 |
| 50050N103 | KONTOOR BRANDS INC | US | KTB | 52 | $1,754.48 |
| 501044101 | KROGER CO | US | KR | 1,133 | $31,871.29 |
| 50187TAE6 | LGI HOMES INC 6.87500 07/15/2026 | US | 35,000 | $36,531.25 | |
| 5107401 | BEIERSDORF AG | DE | BEI GR | 28,105 | $2,967,829.70 |
| 512807108 | LAM RESEARCH CORP | US | LRCX | 193 | $56,631.99 |
| 516806AG1 | LAREDO PETROLEUM INC 10.12500 01/15/2028 | US | 30,000 | $21,521.25 | |
| 53223X107 | LIFE STORAGE INC | US | LSI | 205 | $22,121.55 |
| 539830109 | LOCKHEED MARTIN CORP | US | LMT | 331 | $122,426.97 |
| 54238XAC2 | LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 | US | 20,000 | $13,050.00 | |
| 550021109 | LULULEMON - ADR | CA | LULU | 27,896 | $6,064,869.36 |
| 56585A102 | MARATHON PETROLEUM CORP | US | MPC | 1,203 | $57,046.26 |
| 57636Q104 | MASTERCARD INC-CLASS A | US | MA | 22,850 | $6,632,212.50 |
| 57772K101 | MAXIM INTEGRATED PRODUCTS | US | MXIM | 553 | $30,757.86 |
| 58933Y105 | MERCK & CO INC | US | MRK | 17,406 | $1,332,603.36 |
| 594918104 | MICROSOFT CORP | US | MSFT | 35,785 | $5,797,527.85 |
| 595112103 | MICRON TECHNOLOGY INC | US | MU | 125,895 | $6,617,041.20 |
| 59522J103 | MID-AMERICA APARTMENT COMM | US | MAA | 330 | $42,655.80 |
| 60871R209 | MOLSON COORS BREWING CO -B | US | TAP | 439 | $21,778.79 |
| 609207105 | MONDELEZ INTERNATIONAL INC | US | MDLZ | 137,305 | $7,249,704.00 |
| 615369105 | MOODY'S CORPORATION | US | MCO | 15,455 | $3,709,663.65 |
| 61965RAA3 | MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 | US | 20,000 | $11,694.00 | |
| 62426EAA3 | MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 | CA | 40,000 | $38,988.00 | |
| 6356934 | FANUC LTD | JP | 6954 JP | 600 | $98,528.36 |
| 637417106 | NATIONAL RETAIL PROPERTIES | US | NNN | 720 | $36,612.00 |
| 63938CAA6 | NAVIENT CORP 5.00000 10/26/2020 | US | 30,000 | $30,291.00 | |
| 63938CAH1 | NAVIENT CORP 6.75000 06/25/2025 | US | 20,000 | $21,100.00 | |
| 64110D104 | NETAPP INC | US | NTAP | 392 | $18,314.24 |
| 6490995 | KEYENCE CORP | JP | 6861 JP | 700 | $223,513.89 |
| 654106103 | NIKE INC CLASS B | US | NKE | 64,110 | $5,730,151.80 |
| 6642321 | NIKON CORP | JP | 7731 JP | 7,500 | $76,610.78 |
| 66727WAA0 | NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | CA | 40,000 | $30,400.00 | |
| 66987V109 | NOVARTIS AG- REG | CH | NVS | 41,920 | $3,519,603.20 |
| 670346105 | NUCOR CORP | US | NUE | 686 | $28,366.10 |
| 67059TAD7 | NUSTAR LOGISTICS LP 6.75000 02/01/2021 | US | 20,000 | $20,402.00 | |
| 67066G104 | NVIDIA CORP | US | NVDA | 9,750 | $2,633,182.50 |
| 67401PAB4 | OAKTREE SPECIALTY LEND 3.50000 02/25/2025 | US | 30,000 | $30,039.67 | |
| 6742340 | SHANDONG WEIGAO | CN | 1066 HK | 196,000 | $255,756.01 |
| 674599105 | OCCIDENTAL PETROLEUM CORP | US | OXY | 961 | $31,463.14 |
| 675232102 | OCEANEERING INTL INC | US | OII | 118,305 | $1,246,934.70 |
| 675232AB8 | OCEANEERING INTL INC 6.00000 02/01/2028 | US | 30,000 | $27,975.00 | |
| 681936100 | OMEGA HEALTHCARE INVS INC | US | OHI | 1,030 | $40,788.00 |
| 6821506 | SONY CORP FIRST SECTION | JP | 6758 JP | 4,700 | $289,745.04 |
| 7021963 | DEUTSCHE BOERSE AG | DE | DB1 GR | 23,185 | $3,648,238.94 |
| 70450Y103 | PAYPAL HOLDINGS INC | US | PYPL | 23,675 | $2,556,663.25 |
| 7123870 | NESTLE SA-REGISTERED | CH | NESN SW | 34,810 | $3,582,151.63 |
| 713448108 | PEPSICO INC | US | PEP | 36,300 | $4,792,689.00 |
| 717081103 | PFIZER INC | US | PFE | 5,491 | $183,509.22 |
| 718172109 | PHILIP MORRIS INTERNATIONAL | US | PM | 44,825 | $3,669,822.75 |
| 718546104 | PHILLIPS 66 | US | PSX | 542 | $40,574.12 |
| 719245AD4 | PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 | US | 30,000 | $28,425.00 | |
| 71943U104 | PHYSICIANS REALTY TRUST | US | DOC | 3,765 | $71,007.90 |
| 729640102 | PLYMOUTH INDUSTRIAL REIT INC | US | PLYM | 1,360 | $25,527.20 |
| 741503AZ9 | BOOKING HOLDINGS INC 3.60000 06/01/2026 | US | 570,000 | $624,186.79 | |
| 74166MAB2 | PRIME SECSRVC BRW/FINANC 5.25000 04/15/2024 | US | 25,000 | $25,875.00 | |
| 74166MAC0 | PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 | US | 20,000 | $20,594.00 | |
| 74340E103 | PROGYNY INC | US | PGNY | 48,085 | $1,323,780.05 |
| 74340W103 | PROLOGIS | US | PLD | 2,634 | $221,993.52 |
| 74460D109 | PUBLIC STORAGE INC | US | PSA | 465 | $97,240.80 |
| 74834L100 | QUEST DIAGNOSTICS INC | US | DGX | 273 | $28,954.38 |
| 750236AW1 | RADIAN GROUP INC 4.87500 03/15/2027 | US | 30,000 | $31,800.00 | |
| 756109104 | REALTY INCOME CORP | US | O | 475 | $34,385.25 |
| 758849103 | REGENCY CENTERS CORP | US | REG | 655 | $37,623.20 |
| 7591EP100 | REGIONS FINANCIAL CORP. | US | RF | 1,624 | $21,956.48 |
| 76131D103 | RESTAURANT BRANDS INTERN | CA | QSR | 5,480 | $320,580.00 |
| 7698356 | GETINGE AB-B SHS | SE | GETIB SS | 10,865 | $182,208.19 |
| 77340RAK3 | ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 | US | 30,000 | $30,092.11 | |
| 773903109 | ROCKWELL AUTOMATION INC | US | ROK | 183 | $33,580.50 |
| 780259107 | ROYAL DUTCH SHELL PLC-ADR B | NL | RDS/B | 14,480 | $644,794.40 |
| 783513203 | RYANAIR HOLDINGS - ADR | IE | RYAAY | 32,785 | $2,350,028.80 |
| 78409V104 | S&P GLOBAL INC | US | SPGI | 12,750 | $3,390,352.50 |
| 78410G104 | SBA COMMUNICATIONS CORP | US | SBAC | 15,750 | $4,175,167.50 |
| 78442PGC4 | SLM CORP 5.12500 04/05/2022 | US | 35,000 | $35,700.00 | |
| 785592AV8 | SABINE PASS LIQUEFACTION 5.87500 06/30/2026 | US | 770,000 | $893,792.35 | |
| 80282KAE6 | SANTANDER HOLDINGS USA 4.50000 07/17/2025 | US | 660,000 | $733,623.22 | |
| 806857108 | SCHLUMBERGER LTD | NL | SLB | 66,538 | $1,802,514.42 |
| 81141R100 | SEA LTD - ADR | SG | SE | 36,755 | $1,656,180.30 |
| 812578102 | SEATTLE GENETICS INC | US | SGEN | 12,330 | $1,403,893.80 |
| 81762P102 | SERVICENOW INC | US | NOW | 19,165 | $6,249,514.85 |
| 822538AE4 | SHELF DRILL HOLD LTD 8.25000 02/15/2025 | KY | 30,000 | $24,900.00 | |
| 828806109 | SIMON PROPERTY GROUP INC | US | SPG | 805 | $99,079.40 |
| 832696405 | JM SMUCKER CO/THE-NEW COM WI | US | SJM | 266 | $27,395.34 |
| 835699307 | SONY CORP SPONSORED ADR | JP | SNE | 75,675 | $4,706,985.00 |
| 84265V105 | SOUTHERN COPPER CORPORATION | US | SCCO | 53,860 | $1,812,389.00 |
| 84265VAD7 | SOUTHERN COPPER CORP 5.37500 04/16/2020 | US | 400,000 | $400,600.00 | |
| 852061AR1 | SPRINT COMMUNICATIONS 7.00000 08/15/2020 | US | 45,000 | $45,900.00 | |
| 85207UAE5 | SPRINT CORP 7.25000 09/15/2021 | US | 20,000 | $21,227.00 | |
| 85207UAH8 | SPRINT CORP 7.12500 06/15/2024 | US | 30,000 | $34,037.40 | |
| 85254J102 | STAG INDUSTRIAL INC | US | STAG | 1,940 | $54,281.20 |
| 85571BAP0 | STARWOOD PROPERTY TRUST 3.62500 02/01/2021 | US | 30,000 | $29,737.50 | |
| 862121100 | STORE CAPITAL CORP | US | STOR | 1,750 | $57,505.00 |
| 866674104 | SUN COMMUNITIES | US | SUI | 680 | $103,958.40 |
| 86723CAF5 | SUNCOKE ENRGY PART LP/FI 7.50000 06/15/2025 | US | 20,000 | $18,000.00 | |
| 867892101 | SUNSTONE HOTEL INVESTORS INC | US | SHO | 1,800 | $19,710.00 |
| 871829107 | SYSCO CORP | US | SYY | 869 | $57,918.85 |
| 87854WAA1 | TECHNIPLAS LLC 10.00000 05/01/2020 | US | 25,000 | $17,500.00 | |
| 88032WAN6 | TENCENT HOLDINGS 3.97500 04/11/2029 | KY | 490,000 | $555,674.66 | |
| 882508104 | TEXAS INSTRUMENTS INC | US | TXN | 1,104 | $126,010.56 |
| 883556102 | THERMO FISHER SCIENTIFIC INC | US | TMO | 7,355 | $2,138,834.00 |
| 88579Y101 | 3M CO | US | MMM | 755 | $112,676.20 |
| 89151E109 | TOTAL S A SPONSORED ADR | FR | TOT | 15,350 | $662,199.00 |
| 892231AA9 | TOWNSQUARE MEDIA INC 6.50000 04/01/2023 | US | 20,000 | $20,200.00 | |
| 89417E109 | TRAVELLERS COS INC | US | TRV | 311 | $37,260.91 |
| 89832Q109 | TRUIST FINANCIAL CORP | US | TFC | 1,782 | $82,221.48 |
| 901109AF5 | TUTOR PERINI CORP 6.87500 05/01/2025 | US | 50,000 | $47,500.00 | |
| 902494103 | TYSON FOODS INC -CL A | US | TSN | 486 | $32,965.38 |
| 902653104 | UDR INC | US | UDR | 1,164 | $52,356.72 |
| 902973304 | U.S. BANCORP | US | USB | 1,974 | $91,672.56 |
| 903002103 | UMH PROPERTIES INC | US | UMH | 1,455 | $21,112.05 |
| 904767704 | UNILEVER PLC - ADR | GB | UL | 72,519 | $3,910,949.67 |
| 907818108 | UNION PAC CORP | US | UNP | 795 | $127,048.95 |
| 911312106 | UNITED PARCEL SERVICE | US | UPS | 1,174 | $106,235.26 |
| 912810FS2 | TSY INFL IX N/B 2.00000 01/15/2026 | US | 1,741,411.85 | $1,984,548.83 | |
| 912810QV3 | UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 | US | 1,201,845.8 | $1,381,225.46 | |
| 912810RK6 | US TREASURY N/B 2.50000 02/15/2045 | US | 2,935,000 | $3,423,975.58 | |
| 912810RX8 | US TREASURY N/B 3.00000 05/15/2047 | US | 2,430,000 | $3,133,466.02 | |
| 912828K33 | UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 | US | 3,886,742.86 | $3,895,198.97 | |
| 912828K74 | US TREASURY N/B 2.00000 08/15/2025 | US | 10,909,000 | $11,506,864.36 | |
| 912828YN4 | US TREASURY FRN 1.45838 10/31/2021 | US | 11,715,000 | $11,758,978.81 | |
| 913017109 | UNITED TECHNOLOGIES CORP | US | UTX | 953 | $124,452.27 |
| 91324P102 | UNITEDHEALTH GROUP INC | US | UNH | 8,990 | $2,292,090.40 |
| 91336L107 | UNIVAR SOLUTIONS INC | US | UNVR | 118,455 | $2,012,550.45 |
| 91704F104 | URBAN EDGE PROPERTIES | US | UE | 2,110 | $34,182.00 |
| 918204108 | VF CORP | US | VFC | 663 | $47,736.00 |
| 91913Y100 | VALERO ENERGY | US | VLO | 710 | $47,037.50 |
| 92276F100 | VENTAS INC | US | VTR | 982 | $52,802.14 |
| 92339V100 | VEREIT INC | US | VER | 4,075 | $35,289.50 |
| 92343VDU5 | VERIZON COMMUNICATIONS 5.25000 03/16/2037 | US | 850,000 | $1,135,488.44 | |
| 92511U102 | VERRA MOBILITY CORP | US | VRRM | 317,040 | $4,801,570.80 |
| 92532F100 | VERTEX PHARMACEUTICALS INC | US | VRTX | 5,790 | $1,297,133.70 |
| 92556H206 | VIACOMCBS INC | US | VIAC | 526 | $12,944.86 |
| 92826C839 | VISA INC - CLASS A SHARES | US | V | 27,205 | $4,944,780.80 |
| 92840JAA7 | VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 | MUL | 30,000 | $28,050.00 | |
| 929042109 | VORNADO REALTY TRUST | US | VNO | 245 | $13,127.10 |
| 931142103 | WAL MART STORES | US | WMT | 2,397 | $258,108.96 |
| 931427108 | WALGREENS BOOTS ALLIANCE INC | US | WBA | 1,274 | $58,298.24 |
| 94106L109 | WASTE MANAGEMENT INC | US | WM | 655 | $72,580.55 |
| 94856UAA9 | WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 | US | 30,000 | $31,200.00 | |
| 949746101 | WELLS FARGO COMPANY | US | WFC | 4,288 | $175,164.80 |
| 95040Q104 | WELLTOWER INC. | US | WELL | 1,167 | $87,314.94 |
| 958102105 | WESTERN DIGITAL CORP | US | WDC | 652 | $36,225.12 |
| 966387AH5 | WHITING PETROLEUM CORP 5.75000 03/15/2021 | US | 30,000 | $17,250.00 | |
| 96949LAD7 | WILLIAMS PARTNERS LP 3.75000 06/15/2027 | US | 520,000 | $545,720.77 | |
| 98311A105 | WYNDHAM HOTELS & RESORTS INC | US | WH | 745 | $37,957.75 |
| AP8694550 | BOREALIS FINANCE LLC 7.50000 11/16/2022 | MH | 40,000 | $38,400.00 | |
| B02J639 | ADMIRAL GROUP PLC | GB | ADM LN | 12,705 | $348,703.28 |
| B1KFX13 | GRUPO AEROPORTUARIO DEL CENT | MX | OMAB MM | 21,800 | $142,708.43 |
| B1Y47Y7 | GERRESHEIMER AG | DE | GXI GR | 2,815 | $202,927.12 |
| B1Y9TB3 | DANONE | FR | BN FP | 4,546 | $320,849.27 |
| B4YVF56 | BRENNTAG AG | DE | BNR GR | 52,200 | $2,368,467.41 |
| B63QM77 | NEXON CO LTD | JP | 3659 JP | 397,500 | $6,286,043.41 |
| B7KR2P8 | EASY JET PLC | GB | EZJ LN | 151,470 | $2,186,526.37 |
| BBQ3850 | KEYWORDS STUDIOS PLC | IE | KWS LN | 4,701 | $94,466.01 |
| BD3HF92 | BSR REAL ESTATE INVESTMENT | CA | HOM/U CN | 1,720 | $21,411.42 |
| BGHQ198 | HIBERNIA REIT PLC | IE | HBRN ID | 22,020 | $29,736.67 |
| BGHVXC0 | DRILLING CO OF 1972/THE | DK | DRLCO DC | 2,570 | $113,802.20 |
| BGJW376 | MEITUAN DIANPING - CLASS B | CN | 3690 HK | 6,100 | $78,702.17 |
| BJ2KSG2 | AKZO NOBEL | NL | AKZA NA | 2,346 | $187,704.09 |
| BMMV2K8 | TENCENT HOLDINGS LTD | CN | 700 HK | 113,934 | $5,776,990.14 |
| BMTRW10 | B&M EUROPEAN VALUE RETAIL SA | GB | BME LN | 47,170 | $204,331.12 |
| BNGN9Z1 | FINECOBANK SPA | IT | FBK IM | 154,235 | $1,618,387.32 |
| BP9DL90 | INDUSTRIA DE DISENO TEXTIL | ES | ITX SM | 83,865 | $2,616,495.05 |
| BVYVFW2 | AUTO TRADER GROUP PLC | GB | AUTO LN | 10,200 | $68,682.21 |
| BYXS699 | QIAGEN N.V. | NL | QIA GR | 5,398 | $197,842.44 |
| BYYHL23 | ANHEUSER-BUSCH INBEV SA/NV | BE | ABI BB | 44,137 | $2,550,276.15 |
| BZ0VW78 | BINGO INDUSTRIES LTD | AU | BIN AU | 42,655 | $80,625.16 |
| G0750C108 | AXALTA COATING SYSTEMS LTD | US | AXTA | 64,580 | $1,609,333.60 |
| G0772R208 | BANK OF N.T. BUTTERFIELD&SON | BM | NTB | 6,610 | $182,964.80 |
| G29183103 | EATON CORP PLC | US | ETN | 745 | $67,586.40 |
| G51502105 | JOHNSON CONTROLS INTERNATIONAL | US | JCI | 1,367 | $49,991.19 |
| G5960L103 | MEDTRONIC INC | IE | MDT | 61,144 | $6,155,366.48 |
| G97822103 | PERRIGO CO PLC | IE | PRGO | 4,540 | $230,132.60 |
| H01301128 | ALCON INC | CH | ALC | 33,184 | $2,034,179.20 |
| H1467J104 | CHUBB LTD | CH | CB | 447 | $64,828.41 |
| N22717107 | CORE LABORATORIES N.V. | NL | CLB | 49,695 | $1,333,813.80 |
| N47279109 | INTERXION HOLDING NV | NL | INXN | 1,525 | $129,457.25 |
| N53745100 | LYONDELLBASELL INDU-CL A | US | LYB | 687 | $49,093.02 |
| N72482123 | QIAGEN N.V. ADR | NL | QGEN | 45,380 | $1,629,142.00 |
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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