Investment Objective

To provide capital preservation, 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 growth and income generation
  • Who want to assume a minimal amount of capital risk through limited stock exposure

About Our Risk-Based Funds

Risk-based funds offer professional management and asset allocation through a choice of investment objectives that range from fairly aggressive to fairly conservative. All an investor has to do is determine which objective best suits his or her current risk tolerance and investment time horizon, then decide when to move to a different objective as his or her personal situation changes over the years.

Time Horizon & Range of Stock Exposure

Conservative Term Moderate Term Extended Term Maximum Term
0-5 Years 3-10 Years 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.

Manning and Napier Risk-Based Funds Graphic

Learn more about our Pro-Mix® Series

Daily Price

$28.84

Daily $ Change

$0.04

Daily % Change

0.14%

as of 06/24/2019

CUSIP

563821149

Inception Date

01/01/2000

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

Important Documents

Annual Report
Applications & Forms

Performance

As of 05/31/2019

YTD

6.26%

1 Year

4.60%

3 Year

4.53%

5 Year

2.57%

10 Year

5.35%

Inception
(01/01/2000)

5.48%

US Stock Market Cycle (04/01/2000 - 05/31/2019)

5.43%

Returns are net of Pro-Mix® CIT Class S expenses. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.86%
Net 0.85%*

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

Top Ten Investments

As of 05/31/2019

TREASURY NOTES 9.78%
GOVERNMENT AGENCY 9.59%
TREASURY BILLS 4.38%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 4.24%
TREASURY BONDS 2.71%
VERIZON COMMUNICATIONS 5.50000 03/16/2047 1.26%
SWEDISH EXPORT CREDIT 1.12500 08/28/2019 1.23%
BOOKING HOLDINGS INC 3.60000 06/01/2026 1.18%
MORGAN STANLEY FLT 3.77988 05/08/2024 1.16%
BANK OF AMERICA CORP 4.00000 01/22/2025 1.15%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 05/31/2019

Bonds 72.78%
Stocks 26.69%
Cash 0.53%

Detailed Asset Class Allocation

As of 05/31/2019

International Equities 6.77%
Small Capitalization 0.68%
Mid Capitalization 1.47%
Large Capitalization 17.77%
Long Term Fixed Income 21.38%
Intermediate Term Fixed Income 31.57%
Short Term Fixed Income 19.83%
Cash 0.53%

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

May Fund Holdings

As of 05/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 30,000 $30,300.00
00206R102 AT&T INC US T 1,115 $34,096.70
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 980,000 $1,021,280.76
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 1,700,000 $1,695,087.00
00287Y109 ABBVIE INC US ABBV 1,886 $144,675.06
004239109 ACADIA REALTY TRUST US AKR 530 $14,495.50
00507V109 ACTIVISION INC US ATVI 7,625 $330,696.25
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 960,000 $990,443.57
008492100 AGREE REALTY CORP US ADC 340 $22,763.00
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 1,090,000 $1,107,631.72
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 130 $19,033.30
020002101 ALLSTATE CORPORATION US ALL 505 $48,232.55
02079K107 ALPHABET INC-CL C US GOOG 440 $485,597.20
02079K305 ALPHABET INC-CL A US GOOGL 410 $453,665.00
023135106 AMAZON.COM INC US AMZN 120 $213,008.40
02319V103 AMBEV SA-ADR BR ABEV 55,470 $247,950.90
0237400 DIAGEO PLC GB DGE LN 15,685 $659,737.46
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 170,000 $170,637.50
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 550 $25,476.00
02665T306 AMERICAN HOMES 4 RENT- A US AMH 3,475 $84,824.75
026874784 AMERICAN INTL GROUP INC US AIG 930 $47,495.10
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 45,000 $43,650.00
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 45,000 $45,439.29
03027X100 AMERICAN TOWER REIT INC US AMT 1,350 $281,839.50
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 23,323.34 $23,551.55
03064D108 AMERICOLD REALTY TRUST US COLD 495 $15,493.50
031162100 AMGEN INC US AMGN 821 $136,860.70
03748R754 APARTMENT INVT & MGMT CO -A US AIV 974 $48,651.30
03784Y200 APPLE HOSPITALITY REIT INC US APLE 945 $14,590.80
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 10,000 $9,600.00
03990B101 ARES MANAGEMENT CORP - A US ARES 2,195 $56,389.55
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 20,000 $18,700.00
04621X108 ASSURANT INC US AIZ 320 $31,987.20
053484101 AVALONBAY COMMUNITIES INC US AVB 845 $171,543.45
055622104 BP PLC-SPONS ADR GB BP 3,420 $139,262.40
060505104 BANK OF AMERICA CORP US BAC 14,520 $386,232.00
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 1,540,000 $1,589,569.80
06759L103 BARINGS BDC INC US BBDC 3,485 $34,501.50
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 3,220 $635,692.40
088606108 BHP GROUP LTD AU BHP 2,630 $136,523.30
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 2,910 $239,318.40
09247X101 BLACKROCK INC US BLK 435 $180,768.60
0925288 GLAXOSMITHKLINE PLC GB GSK LN 1,755 $33,882.10
09253U108 BLACKSTONE GROUP LP/THE US BX 2,695 $102,005.75
097023105 BOEING CO US BA 565 $193,009.65
09857L108 BOOKING HOLDINGS INC US BKNG 410 $679,050.20
0989529 ASTRAZENECA PLC GB AZN LN 600 $44,215.56
101121101 BOSTON PROPERTIES INC US BXP 680 $88,964.40
105368203 BRANDYWINE REALTY TRUST US BDN 4,360 $65,879.60
110122108 BRISTOL MYERS SQUIBB CO US BMY 3,194 $144,911.78
11134LAB5 BROADCOM CRP / CAYMN FI 2.37500 01/15/2020 US 1,070,000 $1,067,087.40
11135F101 BROADCOM INC US AVGO 423 $106,443.72
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 40,000 $35,900.00
12503M108 CBOE GLOBAL MARKETS INC US CBOE 2,480 $269,179.20
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 219,631.89 $226,474.02
12572Q105 CME GROUP INC US CME 1,450 $278,574.00
125896100 CMS ENERGY CORP US CMS 1,705 $95,667.55
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 1,020,000 $1,018,725.00
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 485,599.91 $469,978.21
126650100 CVS HEALTH CORP US CVS 1,666 $87,248.42
133131102 CAMDEN PROPERTY TRUST US CPT 160 $16,537.60
149123101 CATERPILLAR INC US CAT 695 $83,267.95
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 18,628.93 $18,578.46
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 327,041.8 $327,562.74
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 55,000 $53,625.00
156504AJ1 CENTURY COMMUNITIES 6.75000 06/01/2027 US 40,000 $39,388.00
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 540,677.32 $538,058.66
165240102 CHESAPEAKE LODGING TRUST US CHSP 830 $23,879.10
166764100 CHEVRON CORP US CVX 2,512 $285,991.20
16941R108 CHINA PETROLEUM & CHEM-ADR CN SNP 1,671 $110,469.81
17275R102 CISCO SYSTEMS INC US CSCO 4,099 $213,270.97
172967424 CITIGROUP INC US C 4,824 $299,811.60
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 530,000 $818,865.58
191216100 COCA COLA CO/THE US KO 10,905 $535,762.65
194162103 COLGATE-PALMOLIVE CO US CL 2,476 $172,379.12
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 2,373 $92,855.49
2099084 BORALEX INC -A CA BLX CN 2,260 $30,866.82
21036PAM0 CONSTELLATION BRANDS INC 3.87500 11/15/2019 US 510,000 $512,435.35
222795106 COUSINS PROPERTIES INC US CUZ 7,085 $64,119.25
22282E102 COVANTA HOLDING CORP US CVA 6,335 $106,808.10
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 1,040,000 $1,055,987.90
22822V101 CROWN CASTLE INTL CORP US CCI 1,180 $153,411.80
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 342,562.86 $334,515.03
229663109 CUBESMART US CUBE 705 $23,772.60
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 30,000 $30,337.50
25271C102 DIAMOND OFFSHORE DRILLING US DO 7,220 $56,821.40
253868103 DIGITAL REALTY TRUST INC US DLR 440 $51,796.80
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 1,050,000 $1,051,566.26
256677105 DOLLAR GENERAL CORP US DG 1,120 $142,553.60
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 40,000 $40,900.00
25960P109 DOUGLAS EMMETT INC US DEI 785 $31,627.65
26078J100 DU PONT DE NEMOURS INC US DWDP 2,341 $71,447.32
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 100,000 $101,377.00
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 100,000 $94,565.00
269246401 ETRADE FINANCIAL CORP US ETFC 2,780 $124,544.00
2715777 QUEBECOR INC -CL B CA QBR/B CN 6,040 $142,554.01
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 7,260 $147,445.25
285512109 ELECTRONIC ARTS US EA 3,920 $364,873.60
291011104 EMERSON ELEC CO US EMR 1,028 $61,926.72
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 710,000 $799,022.82
29444U700 EQUINIX INC US EQIX 1,445 $701,966.55
29446M102 EQUINOR ASA-SPON ADR NO EQNR 3,335 $63,865.25
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 365 $44,405.90
29476L107 EQUITY RESIDENTIAL US EQR 1,440 $110,260.80
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 1,685 $35,823.10
297178105 ESSEX PROPERTY TRUST INC US ESS 240 $70,017.60
30161N101 EXELON CORP US EXC 1,195 $57,455.60
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 1,550,000 $1,552,290.90
30225T102 EXTRA SPACE STORAGE INC US EXR 250 $26,790.00
30231G102 EXXON MOBIL CORP US XOM 2,975 $210,540.75
302491303 FMC CORP US FMC 1,610 $118,254.50
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 26,779.31 $26,681.21
30262DAL5 FREMF 2011-K13 B 4.61178 01/25/2048 US 410,000 $421,523.95
30262SAR9 FREMF 2015-K42 B FLT 3.85100 12/25/2024 US 180,000 $185,192.28
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 55,000 $55,550.00
30287EAE0 FREMF 2014-K41 B FLT 3.83223 11/25/2047 US 700,000 $724,016.79
30291EAE4 FREMF 2013-K712 B FLT 3.34978 05/25/2045 US 1,150,000 $1,149,636.49
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 10,808,308.15 $32,555.70
3128M1AM1 FHLM POOL G11912 5.50000 03/01/2021 US 8,354.61 $8,422.76
3128M6HZ4 FHLM POOL G04448 5.50000 07/01/2038 US 160,192.01 $175,074.50
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 3,604.48 $3,943.46
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 15,559.29 $17,480.28
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 125,141.02 $140,613.19
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 42,665.07 $46,845.83
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 70,768.98 $73,171.59
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 5,028.18 $5,145.68
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 4,590.62 $4,741.47
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 598,192.68 $630,422.85
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 87,972.19 $95,759.79
3128MJY87 FHLM POOL FG G08734 4.00000 11/01/2046 US 49,980.85 $51,859.94
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 44,469.16 $47,135.62
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 479,818.72 $513,373.57
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 153,211.32 $159,798.34
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 570,899.82 $592,362.62
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 404,565.83 $427,162.71
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 1,694.73 $1,697.51
3136AY6W8 FNA 2017-M15 A1 2.95932 09/25/2027 US 499,325.53 $514,104.42
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 419,907.07 $434,612.13
31371MLB1 FEDERAL NATL MTG ASSN 256022 5.50000 12/01/2035 US 52,765.57 $57,932.31
31371MRU3 FEDERAL NATL MTG ASSN 256199 5.00000 04/01/2021 US 4,564.54 $4,676.15
31371NDQ5 FEDERAL NATL MTG ASSN 256711 5.50000 05/01/2037 US 6,691.58 $7,344.44
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 120 $15,687.60
3137A2B34 FHMS K009 X1 FLT 1.26039 08/25/2020 US 1,086,246.65 $13,497.70
3137ADTK3 FHMS K014 X1 FLT 1.14912 04/25/2021 US 10,918,444.15 $203,255.57
3137AJMG6 FMHS K016 X1 FLT 1.47799 10/25/2021 US 2,350,573.25 $71,778.99
3137AUPF0 FHMS K021 x1 FLT 1.43622 06/25/2022 US 15,721,038.23 $587,179.21
3137B3NB0 FHMS K030 X1 FLT 0.19234 04/25/2023 US 30,066,279.18 $205,969.05
3137B4GZ3 FHMS K032 X1 FLT 0.10076 05/25/2023 US 17,632,276.48 $75,201.66
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 510,016.56 $527,048.82
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 485,025.96 $505,649.65
3138A7BL1 FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 189,144.14 $197,957.88
3138AJ4A7 FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 31,184.34 $32,576.37
3138EPLE2 FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 101,283.58 $108,192.71
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65000 01/01/2049 US 628,894.45 $699,397.13
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 899,057.68 $926,073.38
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 612,786.99 $646,635.08
3138YTGK4 FEDERAL NATL MTG ASSN AZ2001 3.50000 05/01/2045 US 1,067,541.45 $1,101,770.85
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 58,288.4 $63,971.55
31403DVZ9 FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 9,635.52 $11,246.67
31406PTV1 FEDERAL NATL MTG ASSN 816064 4.50000 04/01/2020 US 3,091.8 $3,146.59
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 575,639.58 $596,884.91
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 101,996.76 $105,759.53
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 535,638.02 $555,408.68
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 160,957.45 $168,785.54
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 619,714.32 $649,176.48
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 448,122.54 $473,199.70
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 373,625.07 $394,534.58
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 486,173.99 $509,843.04
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 202,571.66 $213,908.66
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 307,121.54 $324,403.73
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 3,405.39 $3,483.70
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 3,926.5 $4,013.92
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 28,253.46 $28,644.05
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 34,886.26 $35,375.27
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 16,990.28 $18,515.58
31410WSY5 FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 10,059.08 $11,130.65
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 39,343.92 $43,062.01
31411RHZ4 FEDERAL NATL MTG ASSN 912948 5.00000 05/01/2038 US 4,434.87 $4,678.65
31413CCL1 FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 4,916.62 $5,383.16
31413MR66 FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 18,108.04 $20,886.12
31413S6R0 FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 11,799.49 $13,197.00
31414CQ50 FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 2,595.82 $2,899.94
31414DJ23 FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 7,708.1 $8,391.14
31414QX28 FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 7,261.67 $7,472.05
31414UF52 FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 41,459.93 $42,205.91
31415ALX7 FEDERAL NATL MTG ASSN 981042 6.00000 04/01/2038 US 12,413.69 $13,505.58
31415BBC2 FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 15,253.28 $16,376.01
31415BBT5 FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 7,274.6 $7,694.58
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 19,737.91 $20,040.39
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 17,036.94 $18,204.86
31418B6G6 FEDERAL NATL MTG ASSN FN MA2670 3.00000 07/01/2046 US 402,396.07 $405,936.05
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 213,049.35 $225,276.63
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 218,896.42 $231,848.46
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 442,360.37 $446,229.17
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 511,608.37 $536,773.49
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 27,470.85 $30,817.04
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 98,829.61 $107,779.40
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 16,968.1 $18,589.95
31428X106 FEDEX CORPORATION US FDX 1,580 $243,762.40
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 35,000 $35,472.50
316067107 FIDELITY CASH RESERVES US 16,324.85 $16,324.85
31620R303 FNF GROUP US FNF 835 $32,189.25
32054K103 FIRST INDUSTRIAL REALTY TR US FR 790 $27,420.90
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 20,000 $19,900.00
346232AD3 FORESTAR GROUP INC 8.00000 04/15/2024 US 75,000 $76,125.00
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 35,000 $35,175.00
357081AE8 FREMF 2015-K720 B FLT 3.38979 07/25/2022 US 100,000 $101,732.82
35802XAD5 FRESENIUS MED CARE II 5.62500 07/31/2019 US 1,196,000 $1,200,018.94
36143WAN1 GAHR 2015-NRF BFX FLT 3.38216 12/15/2034 US 1,100,000 $1,096,653.69
36143WAS0 GAHR 2015-NRF DFX FLT 3.38216 12/15/2034 US 440,000 $437,967.33
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 115,000 $114,428.19
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 15,603.42 $15,717.74
36294VKJ8 GNMA POOL 660997 5.50000 05/15/2037 US 30,693.06 $32,737.33
363576109 ARTHUR J GALLAGHER & CO US AJG 775 $65,255.00
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 890,000 $828,145.00
37045VAR1 GENERAL MOTORS CO FLT 3.50063 09/10/2021 US 715,000 $714,288.75
37045XAR7 GENERAL MOTORS FINL CO 3.15000 01/15/2020 US 1,080,000 $1,081,674.00
37185LAF9 GENESIS ENERGY LP/GENESI 5.62500 06/15/2024 US 35,000 $32,900.00
372460105 GENUINE PARTS CO US GPC 1,010 $99,889.00
374297109 GETTY REALTY CORP US GTY 990 $30,650.40
375558103 GILEAD SCIENCES INC US GILD 1,852 $115,287.00
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 99,000 $100,485.00
38141GVR2 GOLDMAN SACHS GROUP INC 4.25000 10/21/2025 US 500,000 $517,835.85
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 457,418.95 $448,714.72
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 12,560 $163,280.00
40060QAA3 GTCR AP FINANCE INC 8.00000 05/15/2027 US 10,000 $9,800.00
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 20,000 $17,400.00
40414L109 HCP INC US HCP 1,685 $53,431.35
406216101 HALLIBURTON CO US HAL 13,850 $294,866.50
421946104 HEALTHCARE REALTY TRUST INC US HR 2,625 $84,630.00
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 3,570 $102,780.30
42809H107 HESS CORP US HES 1,270 $70,942.20
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 400 $35,776.00
437076102 HOME DEPOT INC US HD 1,068 $202,759.80
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 2,891 $71,147.51
438516106 HONEYWELL INTERNATIONAL INC US HON 838 $137,691.78
44107P104 HOST MARRIOTT CORP US HST 1,765 $31,964.15
444454AB8 HUGHES SATELITE SYSTEMS 6.50000 06/15/2019 US 75,000 $74,861.25
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 70,000 $69,669.60
452308109 ILLINOIS TOOL WKS INC US ITW 471 $65,770.44
45337C102 INCYTE CORP US INCY 3,215 $252,795.45
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 6,155 $67,581.90
458140100 INTEL CORP US INTC 7,686 $338,491.44
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 3,445 $283,213.45
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 1,080 $137,149.20
46187BAA1 IHSFR 2017-SFR2 A 3.28238 12/17/2036 US 152,921.96 $151,895.44
46187BAB9 IHSFR 2017-SFR2 B 3.58238 12/17/2036 US 120,000 $119,691.88
46187W107 INVITATION HOMES INC US INVH 2,256 $57,821.28
464287598 ISHARES RUSSELL 1000 VALUE US 1,265 $151,256.05
466032109 J&J SNACK FOODS CORP US JJSF 640 $102,944.00
46625H100 JP MORGAN CHASE & CO US JPM 4,437 $470,144.52
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 43,056.12 $43,602.16
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 240,649.59 $240,160.81
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 272,818.25 $275,852.53
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 304,809.88 $306,816.38
46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 760,000 $796,398.79
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 445,269.3 $449,843.55
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 332,800.11 $336,218.97
4741844 MERCK KGAA DE MRK GR 4,760 $459,354.37
476405105 JERNIGAN CAPITAL INC US JCAP 4,765 $100,636.80
478160104 JOHNSON & JOHNSON US JNJ 9,210 $1,207,891.50
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 95,000 $55,812.50
485170302 KANSAS CITY SOUTHERN US KSU 1,180 $133,670.40
493267108 KEYCORP US KEY 3,495 $55,815.15
494368103 KIMBERLY CLARK CORP US KMB 577 $73,792.53
49446R109 KIMCO REALTY CORP US KIM 1,410 $24,534.00
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 860,000 $1,059,015.21
49456BAE1 KINDER MORGAN INC/ DELAWA 3.05000 12/01/2019 US 321,000 $321,281.69
50050N103 KONTOOR BRANDS INC US KTB 97 $2,842.10
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 90,000 $90,675.00
50212YAB0 LPL HOLDINGS INC 5.75000 09/15/2025 US 45,000 $45,225.00
502160AM6 LSB INDUSTRIES 9.62500 05/01/2023 US 40,000 $41,250.00
529043101 LEXINGTON REALTY TRUST US LXP 6,825 $62,585.25
531172104 LIBERTY PROPERTY TRUST US LPT 1,295 $61,473.65
534187109 LINCOLN NATL CORP IND US LNC 560 $33,292.00
53815P108 LIVERAMP HOLDINGS INC US RAMP 4,490 $230,696.20
539830109 LOCKHEED MARTIN CORP US LMT 350 $118,489.00
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 35,000 $34,037.50
550021109 LULULEMON - ADR CA LULU 2,930 $485,178.70
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 80,000 $76,800.00
563571AL2 MANITOWOC COMPANY INC 9.00000 04/01/2026 US 20,000 $19,450.00
56585A102 MARATHON PETROLEUM CORP US MPC 1,218 $56,015.82
5671735 SANOFI-AVENTIS FR SAN FP 848 $68,482.59
57636Q104 MASTERCARD INC-CLASS A US MA 3,310 $832,431.90
58933Y105 MERCK & CO INC US MRK 7,696 $609,600.16
594918104 MICROSOFT CORP US MSFT 9,685 $1,197,840.80
59522J103 MID-AMERICA APARTMENT COMM US MAA 435 $49,668.30
60871R209 MOLSON COORS BREWING CO -B US TAP 1,400 $76,972.00
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 15,272 $776,581.20
615369105 MOODY'S CORPORATION US MCO 1,370 $250,545.60
61744YAG3 MORGAN STANLEY FLT 3.77988 05/08/2024 US 1,580,000 $1,597,084.54
61965RAB1 MOSS CREEK RESOURCES HLD 10.50000 05/15/2027 US 10,000 $9,237.50
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 75,000 $74,812.50
62913TAM4 NGL ENRGY PART LP/FIN CO 6.12500 03/01/2025 US 50,000 $49,125.00
62957HAC9 NABORS INDUSTRIES INC 5.50000 01/15/2023 US 40,000 $35,088.00
637417106 NATIONAL RETAIL PROPERTIES US NNN 595 $31,850.35
637870106 NATIONAL STORAGE AFFILIATES US NSA 610 $18,171.90
63902MAE8 NATURAL RESRCE PART LP 9.12500 06/30/2025 US 10,000 $10,175.00
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 510,000 $512,122.57
63941RAB6 NAVSL 2019-2A A2 3.48000 02/27/2068 US 1,000,000 $1,008,800.90
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 310,820.7 $317,921.80
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 385,942.95 $398,152.72
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 489,798.26 $500,987.06
6499550 KYOWA KIRIN CO LTD JP 4151 JP 7,300 $137,405.84
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 75,000 $58,312.50
66987V109 NOVARTIS AG- REG CH NVS 11,480 $983,147.20
67059TAD7 NUSTAR LOGISTICS LP 6.75000 02/01/2021 US 35,000 $36,225.00
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 225 $83,558.25
674599105 OCCIDENTAL PETROLEUM CORP US OXY 1,155 $57,484.35
68323ADY7 ONTARIO (PROVINCE OF) 1.25000 06/17/2019 CA 450,000 $449,797.50
693475105 PNC FINANCIAL SERVICES GROUP US PNC 320 $40,723.20
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 50,000 $50,558.50
70338P100 PATTERN ENERGY GROUP INC -A US PEGI 2,215 $46,980.15
7123870 NESTLE SA-REGISTERED CH NESN SW 5,510 $546,585.10
713448108 PEPSICO INC US PEP 4,955 $634,240.00
71654V101 PETROLEO BRASIL-SP PREF ADR BR PBR/A 6,869 $89,159.62
717081103 PFIZER INC US PFE 5,837 $242,352.24
71943U104 PHYSICIANS REALTY TRUST US DOC 6,275 $114,895.25
729640102 PLYMOUTH INDUSTRIAL REIT INC US 1,725 $30,670.50
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 1,570,000 $1,626,730.84
74251V102 PRINCIPAL FINANCIAL GROUP US PFG 620 $31,973.40
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 300,000 $301,209.63
74340W103 PROLOGIS US PLD 2,050 $151,023.50
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 960,000 $1,005,600.00
74460D109 PUBLIC STORAGE INC US PSA 330 $78,500.40
749685103 RPM INTERNATIONAL INC US RPM 1,775 $94,998.00
756109104 REALTY INCOME CORP US O 250 $17,520.00
7591EP100 REGIONS FINANCIAL CORP. US RF 2,235 $30,910.05
760759100 REPUBLIC SERVICES INC US RSG 780 $65,980.20
767204100 RIO TINTO PLC - SPON ADR GB RIO 1,968 $114,006.24
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 40,000 $40,598.80
77714PAB5 SEMGROUP / ROSE ROCK FIN 5.62500 07/15/2022 US 55,000 $54,450.00
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 1,125 $70,717.50
78409V104 S&P GLOBAL INC US SPGI 1,205 $257,725.40
78410G104 SBA COMMUNICATIONS CORP US SBAC 1,350 $292,153.50
78442PGC4 SLM CORP 5.12500 04/05/2022 US 75,000 $73,125.00
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 875,000 $878,361.93
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 1,180,000 $1,310,832.33
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 960,000 $1,007,367.00
806857108 SCHLUMBERGER LTD NL SLB 5,745 $199,294.05
808513105 CHARLES SCHWAB CORP/THE US SCHW 5,910 $245,915.10
81211K100 SEALED AIR CORP US SEE 2,280 $95,532.00
812578102 SEATTLE GENETICS INC US SGEN 3,825 $248,892.75
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 288,035.25 $285,878.01
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 393,120.34 $391,663.24
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 305,471.5 $281,975.12
81762P102 SERVICENOW INC US NOW 500 $130,965.00
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 45,000 $41,625.00
828806109 SIMON PROPERTY GROUP INC US SPG 885 $143,449.65
83401LAB0 SOFI 2015-A A2 2.42000 03/25/2030 US 282,845.99 $282,266.78
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 340,942.58 $341,043.81
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 6,047.58 $6,030.82
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 113,758 $113,183.53
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 13,770.97 $13,709.89
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 59,242.79 $59,172.97
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 430,000 $432,445.88
835495102 SONOCO PRODUCTS CO US SON 1,130 $69,867.90
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 1,050,000 $1,073,412.42
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 95,000 $88,320.55
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 40,000 $41,600.00
85254J102 STAG INDUSTRIAL INC US STAG 2,780 $81,120.40
855030AN2 STAPLES INC 7.50000 04/15/2026 US 55,000 $52,806.05
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.65963 11/15/2027 US 896,817.04 $894,005.97
862121100 STORE CAPITAL CORP US STOR 510 $17,452.20
866674104 SUN COMMUNITIES US SUI 565 $71,342.55
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 1,505 $20,197.10
87612E106 TARGET CORP US TGT 1,335 $107,400.75
876664103 TAUBMAN CTRS INC US TCO 230 $10,202.80
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 162,436.43 $161,751.60
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 60,000 $55,200.00
88160RAE1 TESLA INC 5.30000 08/15/2025 US 10,000 $8,150.20
882508104 TEXAS INSTRUMENTS INC US TXN 1,143 $119,226.33
88579Y101 3M CO US MMM 832 $132,912.00
88650V208 TIER REIT INC US TIER 2,220 $59,762.40
89151E109 TOTAL S A SPONSORED ADR FR TOT 2,152 $110,828.00
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 779,191.53 $774,371.45
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 350,796.94 $350,098.61
89177EAA7 TPMT 2019-HY1 A1 3.42975 10/25/2048 US 338,989.7 $340,353.73
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 801,982.76 $799,419.54
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 498,745.68 $501,161.35
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 75,000 $72,026.25
902653104 UDR INC US UDR 1,295 $57,990.10
902973304 U.S. BANCORP US USB 2,144 $107,628.80
903002103 UMH PROPERTIES INC US UMH 1,170 $15,572.70
904767704 UNILEVER PLC - ADR GB UL 10,678 $650,396.98
907818108 UNION PAC CORP US UNP 827 $137,927.06
911312106 UNITED PARCEL SERVICE US UPS 2,311 $214,738.12
912796SE0 TREASURY BILL 0.00000 08/22/2019 US 2,250,000 $2,238,525.00
912796SJ9 TREASURY BILL 0.00000 09/19/2019 US 3,820,000 $3,793,656.33
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 1,591,000 $2,151,392.46
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 779,611.14 $785,100.61
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 1,605,000 $1,582,805.87
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 2,725,000 $2,862,420.91
9128286B1 US TREASURY N/B 2.62500 02/15/2029 US 1,865,000 $1,943,315.43
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 5,886,340.85 $5,839,204.15
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 2,887,000 $2,810,652.39
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 2,865,000 $2,928,119.53
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 2,905,000 $2,925,085.34
913017109 UNITED TECHNOLOGIES CORP US UTX 1,009 $127,436.70
91704F104 URBAN EDGE PROPERTIES US UE 2,105 $36,311.25
918204108 VF CORP US VFC 679 $55,596.52
91913Y100 VALERO ENERGY US VLO 725 $51,040.00
92276F100 VENTAS INC US VTR 930 $59,799.00
92339V100 VEREIT INC US VER 5,610 $49,816.80
92343V104 VERIZON COMMUNICATIONS US VZ 2,305 $125,276.75
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 1,430,000 $1,729,376.48
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 1,470 $244,284.60
92826C839 VISA INC - CLASS A SHARES US V 5,010 $808,263.30
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 60,000 $58,422.00
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 50,000 $50,658.05
929042109 VORNADO REALTY TRUST US VNO 500 $33,115.00
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 40,000 $39,350.00
93065PAA9 WBHT 2019-WBM A FLT 3.48963 12/15/2033 US 390,000 $387,698.42
931142103 WAL MART STORES US WMT 2,310 $234,326.40
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 1,445 $71,296.30
94106L109 WASTE MANAGEMENT INC US WM 2,386 $260,909.10
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 75,000 $73,687.50
948741103 WEINGARTEN REALTY INVESTORS US WRI 1,350 $38,070.00
949746101 WELLS FARGO COMPANY US WFC 7,604 $337,389.48
95040Q104 WELLTOWER INC. US WELL 755 $61,321.10
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 150,000 $148,875.00
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 45,000 $44,557.65
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 750,000 $758,975.88
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 318,577.87 $319,541.47
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 414,763.63 $417,792.15
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 90,000 $86,967.00
B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 3,755 $39,228.03
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 400,000 $19,862.90
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 140,000 $107,678.60
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 1,100,000 $54,065.08
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 240,000 $174,710.46
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 1,800,000 $91,816.88
B68XHC3 NORTHLAND POWER INC CA NPI CN 2,255 $41,643.09
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 350,000 $17,341.64
BBG00JQ6ZYX7 BKNG US 06/21/19 P1650 US -1 -$3,654.00
BBG00KT3R5C3 MDT US 06/21/19 P82.5 IE -25 -$375.00
BBG00NWQ17B7 DLTR US 5/31/19 P90 US -34 -$170.00
BBG00NYKM5H3 RAMP US 06/21/19 P50 US -42 -$5,250.00
BBG00P3GM1T7 ATVI US 06/28/19 P40 US -52 -$2,912.00
BBG00P3LNW08 EA US 06/14/19 P88 US -23 -$2,461.00
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 17,145 $26,163.88
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 15,780 $657,989.01
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 20,650 $91,871.41
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 11,460 $306,039.02
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 7,860 $639,292.36
G29183103 EATON CORP PLC US ETN 753 $56,090.97
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 95,000 $97,731.25
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 3,610 $139,057.20
G5960L103 MEDTRONIC INC IE MDT 12,380 $1,146,140.40
H01301128 ALCON INC CH ALC 1,810 $105,305.80
H1467J104 CHUBB LTD CH CB 477 $69,675.39
H8817H100 TRANSOCEAN LTD US RIG 12,560 $77,872.00
N47279109 INTERXION HOLDING NV NL INXN 6,980 $514,495.80
USD US DOLLAR US 712,774.04 $712,774.04

Investments will change over time.

A Word About Risk

All investments involve risks, including possible loss of principal. Because the fund invests in both stocks and bonds, the value of your investment will fluctuate in response to stock market movements and changes in interest rates. Investing in the fund will also involve a number of other risks, including issuer-specific risk, foreign investment risk, and small-cap/mid-cap risk. Investments in options and futures, like all derivatives, can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. Also, the use of leverage increases exposure to the market and may magnify potential losses.

About The Fund Manager

Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company, Trustee of the Manning & Napier Collective Investment Trust Funds. Manning & Napier is headquartered in Rochester, NY and has more than 45 years of experience managing investment objectives. The Firm’s active management approach focuses on participating in rising markets and, as important, helping to reduce the risk of large losses in sustained bear market periods. A team of investment analysts and professionals make all investment decisions in an effort to provide investors with strong risk-adjusted returns.

Daily Price

$28.84

Daily $ Change

$0.04

Daily % Change

0.14%

as of 06/24/2019

CUSIP

563821149

Inception Date

01/01/2000

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

Important Documents

Annual Report
Fact Sheet
Applications & Forms

Investment Objective

To provide capital preservation, 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 growth and income generation
  • Who want to assume a minimal amount of capital risk through limited stock exposure

About Our Risk-Based Funds

Risk-based funds offer professional management and asset allocation through a choice of investment objectives that range from fairly aggressive to fairly conservative. All an investor has to do is determine which objective best suits his or her current risk tolerance and investment time horizon, then decide when to move to a different objective as his or her personal situation changes over the years.

Time Horizon & Range of Stock Exposure

Conservative Term Moderate Term Extended Term Maximum Term
0-5 Years 3-10 Years 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.

Manning and Napier Risk-Based Funds Graphic

Learn more about our Pro-Mix® Series

Performance

As of 05/31/2019

YTD

6.26%

1 Year

4.60%

3 Year

4.53%

5 Year

2.57%

10 Year

5.35%

Inception
(01/01/2000)

5.48%

US Stock Market Cycle (04/01/2000 - 05/31/2019)

5.43%

Returns are net of Pro-Mix® CIT Class S expenses. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.86%
Net 0.85%*

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

Top Ten Investments

As of 05/31/2019

TREASURY NOTES 9.78%
GOVERNMENT AGENCY 9.59%
TREASURY BILLS 4.38%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 4.24%
TREASURY BONDS 2.71%
VERIZON COMMUNICATIONS 5.50000 03/16/2047 1.26%
SWEDISH EXPORT CREDIT 1.12500 08/28/2019 1.23%
BOOKING HOLDINGS INC 3.60000 06/01/2026 1.18%
MORGAN STANLEY FLT 3.77988 05/08/2024 1.16%
BANK OF AMERICA CORP 4.00000 01/22/2025 1.15%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 05/31/2019

Bonds
72.78%
Stocks
26.69%
Cash
0.53%

Detailed Asset Class Allocation

As of 05/31/2019

International Equities
6.77%
Small Capitalization
0.68%
Mid Capitalization
1.47%
Large Capitalization
17.77%
Long Term Fixed Income
21.38%
Intermediate Term Fixed Income
31.57%
Short Term Fixed Income
19.83%
Cash
0.53%

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

May Fund Holdings

As of 05/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 30,000 $30,300.00
00206R102 AT&T INC US T 1,115 $34,096.70
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 980,000 $1,021,280.76
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 1,700,000 $1,695,087.00
00287Y109 ABBVIE INC US ABBV 1,886 $144,675.06
004239109 ACADIA REALTY TRUST US AKR 530 $14,495.50
00507V109 ACTIVISION INC US ATVI 7,625 $330,696.25
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 960,000 $990,443.57
008492100 AGREE REALTY CORP US ADC 340 $22,763.00
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 1,090,000 $1,107,631.72
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 130 $19,033.30
020002101 ALLSTATE CORPORATION US ALL 505 $48,232.55
02079K107 ALPHABET INC-CL C US GOOG 440 $485,597.20
02079K305 ALPHABET INC-CL A US GOOGL 410 $453,665.00
023135106 AMAZON.COM INC US AMZN 120 $213,008.40
02319V103 AMBEV SA-ADR BR ABEV 55,470 $247,950.90
0237400 DIAGEO PLC GB DGE LN 15,685 $659,737.46
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 170,000 $170,637.50
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 550 $25,476.00
02665T306 AMERICAN HOMES 4 RENT- A US AMH 3,475 $84,824.75
026874784 AMERICAN INTL GROUP INC US AIG 930 $47,495.10
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 45,000 $43,650.00
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 45,000 $45,439.29
03027X100 AMERICAN TOWER REIT INC US AMT 1,350 $281,839.50
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 23,323.34 $23,551.55
03064D108 AMERICOLD REALTY TRUST US COLD 495 $15,493.50
031162100 AMGEN INC US AMGN 821 $136,860.70
03748R754 APARTMENT INVT & MGMT CO -A US AIV 974 $48,651.30
03784Y200 APPLE HOSPITALITY REIT INC US APLE 945 $14,590.80
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 10,000 $9,600.00
03990B101 ARES MANAGEMENT CORP - A US ARES 2,195 $56,389.55
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 20,000 $18,700.00
04621X108 ASSURANT INC US AIZ 320 $31,987.20
053484101 AVALONBAY COMMUNITIES INC US AVB 845 $171,543.45
055622104 BP PLC-SPONS ADR GB BP 3,420 $139,262.40
060505104 BANK OF AMERICA CORP US BAC 14,520 $386,232.00
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 1,540,000 $1,589,569.80
06759L103 BARINGS BDC INC US BBDC 3,485 $34,501.50
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 3,220 $635,692.40
088606108 BHP GROUP LTD AU BHP 2,630 $136,523.30
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 2,910 $239,318.40
09247X101 BLACKROCK INC US BLK 435 $180,768.60
0925288 GLAXOSMITHKLINE PLC GB GSK LN 1,755 $33,882.10
09253U108 BLACKSTONE GROUP LP/THE US BX 2,695 $102,005.75
097023105 BOEING CO US BA 565 $193,009.65
09857L108 BOOKING HOLDINGS INC US BKNG 410 $679,050.20
0989529 ASTRAZENECA PLC GB AZN LN 600 $44,215.56
101121101 BOSTON PROPERTIES INC US BXP 680 $88,964.40
105368203 BRANDYWINE REALTY TRUST US BDN 4,360 $65,879.60
110122108 BRISTOL MYERS SQUIBB CO US BMY 3,194 $144,911.78
11134LAB5 BROADCOM CRP / CAYMN FI 2.37500 01/15/2020 US 1,070,000 $1,067,087.40
11135F101 BROADCOM INC US AVGO 423 $106,443.72
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 40,000 $35,900.00
12503M108 CBOE GLOBAL MARKETS INC US CBOE 2,480 $269,179.20
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 219,631.89 $226,474.02
12572Q105 CME GROUP INC US CME 1,450 $278,574.00
125896100 CMS ENERGY CORP US CMS 1,705 $95,667.55
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 1,020,000 $1,018,725.00
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 485,599.91 $469,978.21
126650100 CVS HEALTH CORP US CVS 1,666 $87,248.42
133131102 CAMDEN PROPERTY TRUST US CPT 160 $16,537.60
149123101 CATERPILLAR INC US CAT 695 $83,267.95
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 18,628.93 $18,578.46
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 327,041.8 $327,562.74
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 55,000 $53,625.00
156504AJ1 CENTURY COMMUNITIES 6.75000 06/01/2027 US 40,000 $39,388.00
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 540,677.32 $538,058.66
165240102 CHESAPEAKE LODGING TRUST US CHSP 830 $23,879.10
166764100 CHEVRON CORP US CVX 2,512 $285,991.20
16941R108 CHINA PETROLEUM & CHEM-ADR CN SNP 1,671 $110,469.81
17275R102 CISCO SYSTEMS INC US CSCO 4,099 $213,270.97
172967424 CITIGROUP INC US C 4,824 $299,811.60
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 530,000 $818,865.58
191216100 COCA COLA CO/THE US KO 10,905 $535,762.65
194162103 COLGATE-PALMOLIVE CO US CL 2,476 $172,379.12
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 2,373 $92,855.49
2099084 BORALEX INC -A CA BLX CN 2,260 $30,866.82
21036PAM0 CONSTELLATION BRANDS INC 3.87500 11/15/2019 US 510,000 $512,435.35
222795106 COUSINS PROPERTIES INC US CUZ 7,085 $64,119.25
22282E102 COVANTA HOLDING CORP US CVA 6,335 $106,808.10
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 1,040,000 $1,055,987.90
22822V101 CROWN CASTLE INTL CORP US CCI 1,180 $153,411.80
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 342,562.86 $334,515.03
229663109 CUBESMART US CUBE 705 $23,772.60
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 30,000 $30,337.50
25271C102 DIAMOND OFFSHORE DRILLING US DO 7,220 $56,821.40
253868103 DIGITAL REALTY TRUST INC US DLR 440 $51,796.80
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 1,050,000 $1,051,566.26
256677105 DOLLAR GENERAL CORP US DG 1,120 $142,553.60
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 40,000 $40,900.00
25960P109 DOUGLAS EMMETT INC US DEI 785 $31,627.65
26078J100 DU PONT DE NEMOURS INC US DWDP 2,341 $71,447.32
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 100,000 $101,377.00
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 100,000 $94,565.00
269246401 ETRADE FINANCIAL CORP US ETFC 2,780 $124,544.00
2715777 QUEBECOR INC -CL B CA QBR/B CN 6,040 $142,554.01
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 7,260 $147,445.25
285512109 ELECTRONIC ARTS US EA 3,920 $364,873.60
291011104 EMERSON ELEC CO US EMR 1,028 $61,926.72
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 710,000 $799,022.82
29444U700 EQUINIX INC US EQIX 1,445 $701,966.55
29446M102 EQUINOR ASA-SPON ADR NO EQNR 3,335 $63,865.25
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 365 $44,405.90
29476L107 EQUITY RESIDENTIAL US EQR 1,440 $110,260.80
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 1,685 $35,823.10
297178105 ESSEX PROPERTY TRUST INC US ESS 240 $70,017.60
30161N101 EXELON CORP US EXC 1,195 $57,455.60
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 1,550,000 $1,552,290.90
30225T102 EXTRA SPACE STORAGE INC US EXR 250 $26,790.00
30231G102 EXXON MOBIL CORP US XOM 2,975 $210,540.75
302491303 FMC CORP US FMC 1,610 $118,254.50
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 26,779.31 $26,681.21
30262DAL5 FREMF 2011-K13 B 4.61178 01/25/2048 US 410,000 $421,523.95
30262SAR9 FREMF 2015-K42 B FLT 3.85100 12/25/2024 US 180,000 $185,192.28
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 55,000 $55,550.00
30287EAE0 FREMF 2014-K41 B FLT 3.83223 11/25/2047 US 700,000 $724,016.79
30291EAE4 FREMF 2013-K712 B FLT 3.34978 05/25/2045 US 1,150,000 $1,149,636.49
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 10,808,308.15 $32,555.70
3128M1AM1 FHLM POOL G11912 5.50000 03/01/2021 US 8,354.61 $8,422.76
3128M6HZ4 FHLM POOL G04448 5.50000 07/01/2038 US 160,192.01 $175,074.50
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 3,604.48 $3,943.46
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 15,559.29 $17,480.28
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 125,141.02 $140,613.19
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 42,665.07 $46,845.83
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 70,768.98 $73,171.59
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 5,028.18 $5,145.68
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 4,590.62 $4,741.47
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 598,192.68 $630,422.85
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 87,972.19 $95,759.79
3128MJY87 FHLM POOL FG G08734 4.00000 11/01/2046 US 49,980.85 $51,859.94
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 44,469.16 $47,135.62
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 479,818.72 $513,373.57
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 153,211.32 $159,798.34
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 570,899.82 $592,362.62
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 404,565.83 $427,162.71
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 1,694.73 $1,697.51
3136AY6W8 FNA 2017-M15 A1 2.95932 09/25/2027 US 499,325.53 $514,104.42
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 419,907.07 $434,612.13
31371MLB1 FEDERAL NATL MTG ASSN 256022 5.50000 12/01/2035 US 52,765.57 $57,932.31
31371MRU3 FEDERAL NATL MTG ASSN 256199 5.00000 04/01/2021 US 4,564.54 $4,676.15
31371NDQ5 FEDERAL NATL MTG ASSN 256711 5.50000 05/01/2037 US 6,691.58 $7,344.44
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 120 $15,687.60
3137A2B34 FHMS K009 X1 FLT 1.26039 08/25/2020 US 1,086,246.65 $13,497.70
3137ADTK3 FHMS K014 X1 FLT 1.14912 04/25/2021 US 10,918,444.15 $203,255.57
3137AJMG6 FMHS K016 X1 FLT 1.47799 10/25/2021 US 2,350,573.25 $71,778.99
3137AUPF0 FHMS K021 x1 FLT 1.43622 06/25/2022 US 15,721,038.23 $587,179.21
3137B3NB0 FHMS K030 X1 FLT 0.19234 04/25/2023 US 30,066,279.18 $205,969.05
3137B4GZ3 FHMS K032 X1 FLT 0.10076 05/25/2023 US 17,632,276.48 $75,201.66
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 510,016.56 $527,048.82
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 485,025.96 $505,649.65
3138A7BL1 FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 189,144.14 $197,957.88
3138AJ4A7 FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 31,184.34 $32,576.37
3138EPLE2 FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 101,283.58 $108,192.71
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65000 01/01/2049 US 628,894.45 $699,397.13
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 899,057.68 $926,073.38
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 612,786.99 $646,635.08
3138YTGK4 FEDERAL NATL MTG ASSN AZ2001 3.50000 05/01/2045 US 1,067,541.45 $1,101,770.85
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 58,288.4 $63,971.55
31403DVZ9 FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 9,635.52 $11,246.67
31406PTV1 FEDERAL NATL MTG ASSN 816064 4.50000 04/01/2020 US 3,091.8 $3,146.59
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 575,639.58 $596,884.91
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 101,996.76 $105,759.53
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 535,638.02 $555,408.68
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 160,957.45 $168,785.54
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 619,714.32 $649,176.48
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 448,122.54 $473,199.70
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 373,625.07 $394,534.58
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 486,173.99 $509,843.04
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 202,571.66 $213,908.66
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 307,121.54 $324,403.73
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 3,405.39 $3,483.70
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 3,926.5 $4,013.92
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 28,253.46 $28,644.05
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 34,886.26 $35,375.27
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 16,990.28 $18,515.58
31410WSY5 FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 10,059.08 $11,130.65
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 39,343.92 $43,062.01
31411RHZ4 FEDERAL NATL MTG ASSN 912948 5.00000 05/01/2038 US 4,434.87 $4,678.65
31413CCL1 FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 4,916.62 $5,383.16
31413MR66 FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 18,108.04 $20,886.12
31413S6R0 FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 11,799.49 $13,197.00
31414CQ50 FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 2,595.82 $2,899.94
31414DJ23 FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 7,708.1 $8,391.14
31414QX28 FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 7,261.67 $7,472.05
31414UF52 FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 41,459.93 $42,205.91
31415ALX7 FEDERAL NATL MTG ASSN 981042 6.00000 04/01/2038 US 12,413.69 $13,505.58
31415BBC2 FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 15,253.28 $16,376.01
31415BBT5 FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 7,274.6 $7,694.58
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 19,737.91 $20,040.39
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 17,036.94 $18,204.86
31418B6G6 FEDERAL NATL MTG ASSN FN MA2670 3.00000 07/01/2046 US 402,396.07 $405,936.05
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 213,049.35 $225,276.63
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 218,896.42 $231,848.46
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 442,360.37 $446,229.17
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 511,608.37 $536,773.49
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 27,470.85 $30,817.04
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 98,829.61 $107,779.40
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 16,968.1 $18,589.95
31428X106 FEDEX CORPORATION US FDX 1,580 $243,762.40
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 35,000 $35,472.50
316067107 FIDELITY CASH RESERVES US 16,324.85 $16,324.85
31620R303 FNF GROUP US FNF 835 $32,189.25
32054K103 FIRST INDUSTRIAL REALTY TR US FR 790 $27,420.90
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 20,000 $19,900.00
346232AD3 FORESTAR GROUP INC 8.00000 04/15/2024 US 75,000 $76,125.00
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 35,000 $35,175.00
357081AE8 FREMF 2015-K720 B FLT 3.38979 07/25/2022 US 100,000 $101,732.82
35802XAD5 FRESENIUS MED CARE II 5.62500 07/31/2019 US 1,196,000 $1,200,018.94
36143WAN1 GAHR 2015-NRF BFX FLT 3.38216 12/15/2034 US 1,100,000 $1,096,653.69
36143WAS0 GAHR 2015-NRF DFX FLT 3.38216 12/15/2034 US 440,000 $437,967.33
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 115,000 $114,428.19
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 15,603.42 $15,717.74
36294VKJ8 GNMA POOL 660997 5.50000 05/15/2037 US 30,693.06 $32,737.33
363576109 ARTHUR J GALLAGHER & CO US AJG 775 $65,255.00
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 890,000 $828,145.00
37045VAR1 GENERAL MOTORS CO FLT 3.50063 09/10/2021 US 715,000 $714,288.75
37045XAR7 GENERAL MOTORS FINL CO 3.15000 01/15/2020 US 1,080,000 $1,081,674.00
37185LAF9 GENESIS ENERGY LP/GENESI 5.62500 06/15/2024 US 35,000 $32,900.00
372460105 GENUINE PARTS CO US GPC 1,010 $99,889.00
374297109 GETTY REALTY CORP US GTY 990 $30,650.40
375558103 GILEAD SCIENCES INC US GILD 1,852 $115,287.00
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 99,000 $100,485.00
38141GVR2 GOLDMAN SACHS GROUP INC 4.25000 10/21/2025 US 500,000 $517,835.85
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 457,418.95 $448,714.72
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 12,560 $163,280.00
40060QAA3 GTCR AP FINANCE INC 8.00000 05/15/2027 US 10,000 $9,800.00
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 20,000 $17,400.00
40414L109 HCP INC US HCP 1,685 $53,431.35
406216101 HALLIBURTON CO US HAL 13,850 $294,866.50
421946104 HEALTHCARE REALTY TRUST INC US HR 2,625 $84,630.00
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 3,570 $102,780.30
42809H107 HESS CORP US HES 1,270 $70,942.20
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 400 $35,776.00
437076102 HOME DEPOT INC US HD 1,068 $202,759.80
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 2,891 $71,147.51
438516106 HONEYWELL INTERNATIONAL INC US HON 838 $137,691.78
44107P104 HOST MARRIOTT CORP US HST 1,765 $31,964.15
444454AB8 HUGHES SATELITE SYSTEMS 6.50000 06/15/2019 US 75,000 $74,861.25
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 70,000 $69,669.60
452308109 ILLINOIS TOOL WKS INC US ITW 471 $65,770.44
45337C102 INCYTE CORP US INCY 3,215 $252,795.45
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 6,155 $67,581.90
458140100 INTEL CORP US INTC 7,686 $338,491.44
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 3,445 $283,213.45
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 1,080 $137,149.20
46187BAA1 IHSFR 2017-SFR2 A 3.28238 12/17/2036 US 152,921.96 $151,895.44
46187BAB9 IHSFR 2017-SFR2 B 3.58238 12/17/2036 US 120,000 $119,691.88
46187W107 INVITATION HOMES INC US INVH 2,256 $57,821.28
464287598 ISHARES RUSSELL 1000 VALUE US 1,265 $151,256.05
466032109 J&J SNACK FOODS CORP US JJSF 640 $102,944.00
46625H100 JP MORGAN CHASE & CO US JPM 4,437 $470,144.52
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 43,056.12 $43,602.16
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 240,649.59 $240,160.81
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 272,818.25 $275,852.53
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 304,809.88 $306,816.38
46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 760,000 $796,398.79
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 445,269.3 $449,843.55
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 332,800.11 $336,218.97
4741844 MERCK KGAA DE MRK GR 4,760 $459,354.37
476405105 JERNIGAN CAPITAL INC US JCAP 4,765 $100,636.80
478160104 JOHNSON & JOHNSON US JNJ 9,210 $1,207,891.50
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 95,000 $55,812.50
485170302 KANSAS CITY SOUTHERN US KSU 1,180 $133,670.40
493267108 KEYCORP US KEY 3,495 $55,815.15
494368103 KIMBERLY CLARK CORP US KMB 577 $73,792.53
49446R109 KIMCO REALTY CORP US KIM 1,410 $24,534.00
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 860,000 $1,059,015.21
49456BAE1 KINDER MORGAN INC/ DELAWA 3.05000 12/01/2019 US 321,000 $321,281.69
50050N103 KONTOOR BRANDS INC US KTB 97 $2,842.10
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 90,000 $90,675.00
50212YAB0 LPL HOLDINGS INC 5.75000 09/15/2025 US 45,000 $45,225.00
502160AM6 LSB INDUSTRIES 9.62500 05/01/2023 US 40,000 $41,250.00
529043101 LEXINGTON REALTY TRUST US LXP 6,825 $62,585.25
531172104 LIBERTY PROPERTY TRUST US LPT 1,295 $61,473.65
534187109 LINCOLN NATL CORP IND US LNC 560 $33,292.00
53815P108 LIVERAMP HOLDINGS INC US RAMP 4,490 $230,696.20
539830109 LOCKHEED MARTIN CORP US LMT 350 $118,489.00
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 35,000 $34,037.50
550021109 LULULEMON - ADR CA LULU 2,930 $485,178.70
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 80,000 $76,800.00
563571AL2 MANITOWOC COMPANY INC 9.00000 04/01/2026 US 20,000 $19,450.00
56585A102 MARATHON PETROLEUM CORP US MPC 1,218 $56,015.82
5671735 SANOFI-AVENTIS FR SAN FP 848 $68,482.59
57636Q104 MASTERCARD INC-CLASS A US MA 3,310 $832,431.90
58933Y105 MERCK & CO INC US MRK 7,696 $609,600.16
594918104 MICROSOFT CORP US MSFT 9,685 $1,197,840.80
59522J103 MID-AMERICA APARTMENT COMM US MAA 435 $49,668.30
60871R209 MOLSON COORS BREWING CO -B US TAP 1,400 $76,972.00
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 15,272 $776,581.20
615369105 MOODY'S CORPORATION US MCO 1,370 $250,545.60
61744YAG3 MORGAN STANLEY FLT 3.77988 05/08/2024 US 1,580,000 $1,597,084.54
61965RAB1 MOSS CREEK RESOURCES HLD 10.50000 05/15/2027 US 10,000 $9,237.50
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 75,000 $74,812.50
62913TAM4 NGL ENRGY PART LP/FIN CO 6.12500 03/01/2025 US 50,000 $49,125.00
62957HAC9 NABORS INDUSTRIES INC 5.50000 01/15/2023 US 40,000 $35,088.00
637417106 NATIONAL RETAIL PROPERTIES US NNN 595 $31,850.35
637870106 NATIONAL STORAGE AFFILIATES US NSA 610 $18,171.90
63902MAE8 NATURAL RESRCE PART LP 9.12500 06/30/2025 US 10,000 $10,175.00
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 510,000 $512,122.57
63941RAB6 NAVSL 2019-2A A2 3.48000 02/27/2068 US 1,000,000 $1,008,800.90
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 310,820.7 $317,921.80
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 385,942.95 $398,152.72
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 489,798.26 $500,987.06
6499550 KYOWA KIRIN CO LTD JP 4151 JP 7,300 $137,405.84
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 75,000 $58,312.50
66987V109 NOVARTIS AG- REG CH NVS 11,480 $983,147.20
67059TAD7 NUSTAR LOGISTICS LP 6.75000 02/01/2021 US 35,000 $36,225.00
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 225 $83,558.25
674599105 OCCIDENTAL PETROLEUM CORP US OXY 1,155 $57,484.35
68323ADY7 ONTARIO (PROVINCE OF) 1.25000 06/17/2019 CA 450,000 $449,797.50
693475105 PNC FINANCIAL SERVICES GROUP US PNC 320 $40,723.20
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 50,000 $50,558.50
70338P100 PATTERN ENERGY GROUP INC -A US PEGI 2,215 $46,980.15
7123870 NESTLE SA-REGISTERED CH NESN SW 5,510 $546,585.10
713448108 PEPSICO INC US PEP 4,955 $634,240.00
71654V101 PETROLEO BRASIL-SP PREF ADR BR PBR/A 6,869 $89,159.62
717081103 PFIZER INC US PFE 5,837 $242,352.24
71943U104 PHYSICIANS REALTY TRUST US DOC 6,275 $114,895.25
729640102 PLYMOUTH INDUSTRIAL REIT INC US 1,725 $30,670.50
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 1,570,000 $1,626,730.84
74251V102 PRINCIPAL FINANCIAL GROUP US PFG 620 $31,973.40
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 300,000 $301,209.63
74340W103 PROLOGIS US PLD 2,050 $151,023.50
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 960,000 $1,005,600.00
74460D109 PUBLIC STORAGE INC US PSA 330 $78,500.40
749685103 RPM INTERNATIONAL INC US RPM 1,775 $94,998.00
756109104 REALTY INCOME CORP US O 250 $17,520.00
7591EP100 REGIONS FINANCIAL CORP. US RF 2,235 $30,910.05
760759100 REPUBLIC SERVICES INC US RSG 780 $65,980.20
767204100 RIO TINTO PLC - SPON ADR GB RIO 1,968 $114,006.24
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 40,000 $40,598.80
77714PAB5 SEMGROUP / ROSE ROCK FIN 5.62500 07/15/2022 US 55,000 $54,450.00
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 1,125 $70,717.50
78409V104 S&P GLOBAL INC US SPGI 1,205 $257,725.40
78410G104 SBA COMMUNICATIONS CORP US SBAC 1,350 $292,153.50
78442PGC4 SLM CORP 5.12500 04/05/2022 US 75,000 $73,125.00
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 875,000 $878,361.93
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 1,180,000 $1,310,832.33
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 960,000 $1,007,367.00
806857108 SCHLUMBERGER LTD NL SLB 5,745 $199,294.05
808513105 CHARLES SCHWAB CORP/THE US SCHW 5,910 $245,915.10
81211K100 SEALED AIR CORP US SEE 2,280 $95,532.00
812578102 SEATTLE GENETICS INC US SGEN 3,825 $248,892.75
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 288,035.25 $285,878.01
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 393,120.34 $391,663.24
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 305,471.5 $281,975.12
81762P102 SERVICENOW INC US NOW 500 $130,965.00
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 45,000 $41,625.00
828806109 SIMON PROPERTY GROUP INC US SPG 885 $143,449.65
83401LAB0 SOFI 2015-A A2 2.42000 03/25/2030 US 282,845.99 $282,266.78
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 340,942.58 $341,043.81
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 6,047.58 $6,030.82
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 113,758 $113,183.53
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 13,770.97 $13,709.89
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 59,242.79 $59,172.97
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 430,000 $432,445.88
835495102 SONOCO PRODUCTS CO US SON 1,130 $69,867.90
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 1,050,000 $1,073,412.42
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 95,000 $88,320.55
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 40,000 $41,600.00
85254J102 STAG INDUSTRIAL INC US STAG 2,780 $81,120.40
855030AN2 STAPLES INC 7.50000 04/15/2026 US 55,000 $52,806.05
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.65963 11/15/2027 US 896,817.04 $894,005.97
862121100 STORE CAPITAL CORP US STOR 510 $17,452.20
866674104 SUN COMMUNITIES US SUI 565 $71,342.55
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 1,505 $20,197.10
87612E106 TARGET CORP US TGT 1,335 $107,400.75
876664103 TAUBMAN CTRS INC US TCO 230 $10,202.80
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 162,436.43 $161,751.60
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 60,000 $55,200.00
88160RAE1 TESLA INC 5.30000 08/15/2025 US 10,000 $8,150.20
882508104 TEXAS INSTRUMENTS INC US TXN 1,143 $119,226.33
88579Y101 3M CO US MMM 832 $132,912.00
88650V208 TIER REIT INC US TIER 2,220 $59,762.40
89151E109 TOTAL S A SPONSORED ADR FR TOT 2,152 $110,828.00
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 779,191.53 $774,371.45
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 350,796.94 $350,098.61
89177EAA7 TPMT 2019-HY1 A1 3.42975 10/25/2048 US 338,989.7 $340,353.73
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 801,982.76 $799,419.54
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 498,745.68 $501,161.35
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 75,000 $72,026.25
902653104 UDR INC US UDR 1,295 $57,990.10
902973304 U.S. BANCORP US USB 2,144 $107,628.80
903002103 UMH PROPERTIES INC US UMH 1,170 $15,572.70
904767704 UNILEVER PLC - ADR GB UL 10,678 $650,396.98
907818108 UNION PAC CORP US UNP 827 $137,927.06
911312106 UNITED PARCEL SERVICE US UPS 2,311 $214,738.12
912796SE0 TREASURY BILL 0.00000 08/22/2019 US 2,250,000 $2,238,525.00
912796SJ9 TREASURY BILL 0.00000 09/19/2019 US 3,820,000 $3,793,656.33
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 1,591,000 $2,151,392.46
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 779,611.14 $785,100.61
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 1,605,000 $1,582,805.87
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 2,725,000 $2,862,420.91
9128286B1 US TREASURY N/B 2.62500 02/15/2029 US 1,865,000 $1,943,315.43
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 5,886,340.85 $5,839,204.15
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 2,887,000 $2,810,652.39
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 2,865,000 $2,928,119.53
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 2,905,000 $2,925,085.34
913017109 UNITED TECHNOLOGIES CORP US UTX 1,009 $127,436.70
91704F104 URBAN EDGE PROPERTIES US UE 2,105 $36,311.25
918204108 VF CORP US VFC 679 $55,596.52
91913Y100 VALERO ENERGY US VLO 725 $51,040.00
92276F100 VENTAS INC US VTR 930 $59,799.00
92339V100 VEREIT INC US VER 5,610 $49,816.80
92343V104 VERIZON COMMUNICATIONS US VZ 2,305 $125,276.75
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 1,430,000 $1,729,376.48
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 1,470 $244,284.60
92826C839 VISA INC - CLASS A SHARES US V 5,010 $808,263.30
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 60,000 $58,422.00
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 50,000 $50,658.05
929042109 VORNADO REALTY TRUST US VNO 500 $33,115.00
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 40,000 $39,350.00
93065PAA9 WBHT 2019-WBM A FLT 3.48963 12/15/2033 US 390,000 $387,698.42
931142103 WAL MART STORES US WMT 2,310 $234,326.40
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 1,445 $71,296.30
94106L109 WASTE MANAGEMENT INC US WM 2,386 $260,909.10
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 75,000 $73,687.50
948741103 WEINGARTEN REALTY INVESTORS US WRI 1,350 $38,070.00
949746101 WELLS FARGO COMPANY US WFC 7,604 $337,389.48
95040Q104 WELLTOWER INC. US WELL 755 $61,321.10
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 150,000 $148,875.00
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 45,000 $44,557.65
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 750,000 $758,975.88
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 318,577.87 $319,541.47
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 414,763.63 $417,792.15
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 90,000 $86,967.00
B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 3,755 $39,228.03
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 400,000 $19,862.90
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 140,000 $107,678.60
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 1,100,000 $54,065.08
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 240,000 $174,710.46
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 1,800,000 $91,816.88
B68XHC3 NORTHLAND POWER INC CA NPI CN 2,255 $41,643.09
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 350,000 $17,341.64
BBG00JQ6ZYX7 BKNG US 06/21/19 P1650 US -1 -$3,654.00
BBG00KT3R5C3 MDT US 06/21/19 P82.5 IE -25 -$375.00
BBG00NWQ17B7 DLTR US 5/31/19 P90 US -34 -$170.00
BBG00NYKM5H3 RAMP US 06/21/19 P50 US -42 -$5,250.00
BBG00P3GM1T7 ATVI US 06/28/19 P40 US -52 -$2,912.00
BBG00P3LNW08 EA US 06/14/19 P88 US -23 -$2,461.00
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 17,145 $26,163.88
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 15,780 $657,989.01
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 20,650 $91,871.41
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 11,460 $306,039.02
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 7,860 $639,292.36
G29183103 EATON CORP PLC US ETN 753 $56,090.97
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 95,000 $97,731.25
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 3,610 $139,057.20
G5960L103 MEDTRONIC INC IE MDT 12,380 $1,146,140.40
H01301128 ALCON INC CH ALC 1,810 $105,305.80
H1467J104 CHUBB LTD CH CB 477 $69,675.39
H8817H100 TRANSOCEAN LTD US RIG 12,560 $77,872.00
N47279109 INTERXION HOLDING NV NL INXN 6,980 $514,495.80
USD US DOLLAR US 712,774.04 $712,774.04

Investments will change over time.

A Word About Risk

All investments involve risks, including possible loss of principal. Because the fund invests in both stocks and bonds, the value of your investment will fluctuate in response to stock market movements and changes in interest rates. Investing in the fund will also involve a number of other risks, including issuer-specific risk, foreign investment risk, and small-cap/mid-cap risk. Investments in options and futures, like all derivatives, can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. Also, the use of leverage increases exposure to the market and may magnify potential losses.

About The Fund Manager

Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company, Trustee of the Manning & Napier Collective Investment Trust Funds. Manning & Napier is headquartered in Rochester, NY and has more than 45 years of experience managing investment objectives. The Firm’s active management approach focuses on participating in rising markets and, as important, helping to reduce the risk of large losses in sustained bear market periods. A team of investment analysts and professionals make all investment decisions in an effort to provide investors with strong risk-adjusted returns.


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