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.

Learn more about our Pro-Mix® Series

Daily Price

$27.34

Daily $ Change

-$0.04

Daily % Change

-0.15%

as of 01/18/2018

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

Annualized Performance

As of 12/31/2017

YTD

---

1 Year

9.01%

3 Year

3.17%

5 Year

4.21%

10 Year

4.67%

Inception
(---)

---

US Stock Market Cycle (04/01/2000 - 12/31/2017)

5.64%

Returns are net of Pro-Mix® CIT Class S expenses. Performance data quoted represents past performance and does not guarantee future results. 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 12/31/2017

TREASURY NOTES 14.11%
GOVERNMENT AGENCY 8.98%
TREASURY BONDS 3.51%
KFW 1.50000 06/15/2021 1.05%
SWEDISH EXPORT CREDIT 1.12500 08/28/2019 1.01%
NATIONAL BANK OF CANADA 1.40000 04/20/2018 0.99%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 0.98%
SCGT 2013-SRP1 AJ FLT 3.42703 11/15/2026 0.93%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 0.92%
FACEBOOK INC -A 0.85%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 12/31/2017

Bonds 70.20%
Stocks 28.70%
Cash 1.10%

Detailed Asset Class Allocation

As of 12/31/2017

International Equities 5.24%
Small Capitalization 1.03%
Mid Capitalization 3.49%
Large Capitalization 18.95%
Long Term Fixed Income 15.94%
Intermediate Term Fixed Income 41.43%
Short Term Fixed Income 12.82%
Cash 1.10%

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

December Fund Holdings

As of 12/31/2017

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
000375204 ABB LTD-SPON ADR CH ABB 4,582 $122,889.24
00163UAB2 AMAG PHARMACEUTICALS INC 7.87500 09/01/2023 US 55,000 $53,556.25
00206REM0 AT&T INC 3.90000 08/14/2027 US 930,000 $936,214.04
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 1,700,000 $1,673,412.00
00287Y109 ABBVIE INC US ABBV 2,572 $248,738.12
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 450,000 $474,187.50
004239109 ACADIA REALTY TRUST US AKR 770 $21,067.20
0045614 ANTOFAGASTA PLC GB ANTO LN 8,580 $115,796.19
00507VAM1 ACTIVISION BLIZZARD 3.40000 06/15/2027 US 910,000 $916,402.66
00772BAF8 AERCAP IRELAND CAP LTD/A 4.50000 05/15/2021 IE 875,000 $918,941.45
008492100 AGREE REALTY CORP US ADC 340 $17,489.60
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 25,000 $26,375.00
009563AD9 AIRXCEL INC 8.50000 02/15/2022 US 105,000 $111,300.00
013093AD1 ALBERTSONS COS LLC/SAFEW 5.75000 03/15/2025 US 15,000 $13,530.00
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 625 $81,618.75
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 720,000 $719,818.40
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 50,000 $51,312.50
020002101 ALLSTATE CORPORATION US ALL 435 $45,548.85
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 40,000 $40,200.00
02079K107 ALPHABET INC-CL C US GOOG 295 $308,688.00
02079K305 ALPHABET INC-CL A US GOOGL 290 $305,486.00
023135106 AMAZON.COM INC US AMZN 540 $631,513.80
023135BA3 AMAZON.COM INC 3.15000 08/22/2027 US 460,000 $460,693.23
02319V103 AMBEV SA-ADR BR ABEV 101,590 $656,271.40
0237400 DIAGEO PLC GB DGE LN 23,435 $858,993.18
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 50,000 $51,375.00
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 760 $31,182.80
02665T306 AMERICAN HOMES 4 RENT- A US AMH 2,825 $61,698.00
026874784 AMERICAN INTL GROUP INC US AIG 670 $39,918.60
026874CY1 AMERICAN INTL GROUP 4.12500 02/15/2024 US 650,000 $686,792.04
03027XAH3 AMERICAN TOWER CORP 3.30000 02/15/2021 US 900,000 $916,502.11
03040WAQ8 AMERICAN WATER CAPITAL C 2.95000 09/01/2027 US 1,080,000 $1,068,833.90
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 41,690.93 $42,558.33
031162100 AMGEN INC US AMGN 1,120 $194,768.00
034863AB6 ANGLO AMERICAN CAPITAL 9.37500 04/08/2019 GB 40,000 $43,373.37
034863AT7 ANGLO AMERICAN CAPITAL 4.00000 09/11/2027 GB 910,000 $903,920.49
03523TBF4 ANHEUSER-BUSCH INBEV WOR 8.20000 01/15/2039 US 580,000 $922,418.64
03748R101 APARTMENT INVT & MGMT CO -A US AIV 1,570 $68,624.70
03761U106 APOLLO INVESTMENT CORP US AINV 4,210 $23,828.60
037833100 APPLE COMPUTER INC US AAPL 855 $144,691.65
038222AL9 APPLIED MATERIALS INC 3.30000 04/01/2027 US 1,040,000 $1,057,782.46
03938LAQ7 ARCELORMITTAL 5.75000 08/05/2020 LU 15,000 $15,825.00
03965L100 ARCONIC INC. US ARNC 16,370 $446,082.50
04010L103 ARES CAPITAL CORP US ARCC 1,810 $28,453.20
044186104 ASHLAND GLOBAL HOLDINGS INC US ASH 5,325 $379,140.00
04621WAC4 ASSURED GUARANTY US HLDG 5.00000 07/01/2024 US 1,060,000 $1,142,050.25
053015103 AUTOMATIC DATA PROCESSING US ADP 913 $106,994.47
053484101 AVALONBAY COMMUNITIES INC US AVB 480 $85,636.80
054937107 BB & T CORPORATION US BBT 1,898 $94,368.56
055622104 BP PLC-SPONS ADR GB BP 5,175 $217,505.25
05565QCS5 BP CAPITAL MARKETS PLC 3.53500 11/04/2024 GB 725,000 $753,254.03
05565QDG0 BP CAPITAL MARKETS PLC 3.21600 11/28/2023 GB 280,000 $286,024.19
058498106 BALL CORP US BLL 10,000 $378,500.00
060505104 BANK OF AMERICA CORP US BAC 8,585 $253,429.20
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 706,000 $734,495.41
06652K103 BANKUNITED INC US BKU 1,120 $45,606.40
06739FFU0 BARCLAYS BANK PLC 10.17900 06/12/2021 GB 378,000 $460,681.02
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 6,820 $608,139.40
09062X103 BIOGEN IDEC INC US BIIB 1,460 $465,112.20
09247X101 BLACKROCK INC US BLK 610 $313,363.10
09627J102 BLUEROCK RESIDENTIAL GROWTH US 1,480 $14,962.80
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 600,000 $669,270.43
097023105 BOEING CO US BA 857 $252,737.87
0989529 ASTRAZENECA PLC GB AZN LN 1,290 $89,017.04
101121101 BOSTON PROPERTIES INC US BXP 635 $82,569.05
105368203 BRANDYWINE REALTY TRUST US BDN 1,895 $34,470.05
110122108 BRISTOL MYERS SQUIBB CO US BMY 7,435 $455,616.80
11120U105 BRIXMOR PROPERTY GROUP INC US BRX 760 $14,181.60
11133T103 BROADRIDGE FINANCIAL SOLUTIONS US BR 1,045 $94,656.10
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 100,000 $94,250.00
12527GAB9 CF INDUSTRIES INC 7.12500 05/01/2020 US 15,000 $16,354.50
125896100 CMS ENERGY CORP US CMS 1,770 $83,721.00
12626K203 CRH PLC -SPONSORED ADR IE CRH 2,179 $78,640.11
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 95,000 $93,575.00
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 554,815.81 $527,790.18
126650100 CVS HEALTH CORP US CVS 1,688 $122,380.00
133131102 CAMDEN PROPERTY TRUST US CPT 395 $36,363.70
134429109 CAMPBELL SOUP CO US CPB 2,365 $113,780.15
14041NFF3 CAPITAL ONE MULTI-ASSET 1.33000 06/15/2022 US 350,000 $345,654.16
14314WAD3 CARMX 2017-3 A3 1.97000 04/15/2022 US 398,000 $395,847.46
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 12,930 $169,770.90
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 128,366.71 $127,885.33
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 95,000 $95,475.00
156700BA3 CENTURYLINK INC 7.50000 04/01/2024 US 50,000 $49,875.00
161175BB9 CHARTER COMM OPT LLC/CAP 4.46400 07/23/2022 US 25,000 $26,083.73
16411QAA9 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 70,000 $71,225.00
16412XAD7 CHENIERE CORP CHRISTI HD 7.00000 06/30/2024 US 140,000 $159,337.50
165240102 CHESAPEAKE LODGING TRUST US CHSP 1,335 $36,165.15
166764100 CHEVRON CORP US CVX 1,125 $140,838.75
16941R108 CHINA PETROLEUM & CHEM-ADR CN SNP 1,961 $143,878.57
17275R102 CISCO SYSTEMS INC US CSCO 6,819 $261,167.70
172967424 CITIGROUP INC US C 3,175 $236,251.75
172967JL6 CITIGROUP INC 3.87500 03/26/2025 US 900,000 $921,283.75
194162103 COLGATE-PALMOLIVE CO US CL 1,629 $122,908.05
19625JAA1 CAH 2015-1A A 2.63185 07/17/2032 US 882,005.38 $885,001.64
19625W104 COLONY NORTHSTAR INC-CLASS A US CLNS 12,522 $142,876.02
198287203 COLUMBIA PROPERTY TRUST INC US CXP 950 $21,802.50
199908104 COMFORT SYSTEMS US FIX 2,355 $102,795.75
20030NBP5 COMCAST CORP 4.40000 08/15/2035 US 420,000 $459,183.66
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 5,178 $145,501.80
20825C104 CONOCOPHILLIPS US COP 1,670 $91,666.30
20826FAD8 CONOCOPHILLIPS COMPANY 3.35000 11/15/2024 US 606,000 $623,904.48
21871N101 CORECIVIC INC US CXW 4,755 $106,987.50
21987BAW8 CODELCO INC 3.62500 08/01/2027 CL 910,000 $910,991.90
222795106 COUSINS PROPERTIES INC US CUZ 5,825 $53,881.25
22282E102 COVANTA HOLDING CORP US CVA 5,930 $100,217.00
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 50,000 $50,250.00
22822V101 CROWN CASTLE INTL CORP US CCI 1,710 $189,827.10
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 418,664.71 $400,636.59
229663109 CUBESMART US CUBE 3,950 $114,234.00
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 9,540 $133,651.07
23918K108 DAVITA INC. US DVA 13,790 $996,327.50
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 70,000 $69,979.00
247361702 DELTA AIR LINES INC. US DAL 1,290 $72,240.00
25271C102 DIAMOND OFFSHORE DRILLING US DO 12,450 $231,445.50
253393102 DICK'S SPORTING GOODS INC US DKS 3,850 $110,649.00
253868103 DIGITAL REALTY TRUST INC US DLR 1,105 $125,859.50
25470DAR0 DISCOVERY COMMUNICATIONS 3.95000 03/20/2028 US 700,000 $696,258.93
25470XAJ4 DISH DBS CORP 5.87500 07/15/2022 US 25,000 $25,125.00
256677105 DOLLAR GENERAL CORP US DG 2,235 $207,877.35
256677AC9 DOLLAR GENERAL CORP 3.25000 04/15/2023 US 450,000 $456,068.49
257559AH7 DOMTAR CORP 4.40000 04/01/2022 US 483,000 $508,130.46
26078J100 DOWDUPONT INC US DWDP 2,386 $169,930.92
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 100,000 $100,750.00
26884U109 ENTERTAINMENT PROPERTIES TR US EPR 245 $16,037.70
269246BP8 E*TRADE FINANCIAL CORP 2.95000 08/24/2022 US 460,000 $456,116.77
28140H203 EDUCATION REALTY TRUST INC US EDR 465 $16,237.80
28370TAG4 KINDER MORGAN ENER PART 4.30000 05/01/2024 US 880,000 $916,218.80
285512109 ELECTRONIC ARTS US EA 4,370 $459,112.20
2866857 LUNDIN MINING CORP CA LUN CN 14,550 $96,768.50
291011104 EMERSON ELEC CO US EMR 1,413 $98,471.97
29250NAR6 ENBRIDGE INC 3.70000 07/15/2027 CA 485,000 $487,044.85
29413XAB3 ENVIVA PARTNERS LP /FIN C 8.50000 11/01/2021 US 80,000 $85,200.00
294429105 EQUIFAX INC US EFX 3,340 $393,852.80
29444U700 EQUINIX INC US EQIX 490 $222,077.80
294628102 EQUITY COMMONWEALTH US EQC 1,110 $33,866.10
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 325 $28,931.50
29476L107 EQUITY RESIDENTIAL US EQR 950 $60,581.50
297178105 ESSEX PROPERTY TRUST INC US ESS 70 $16,895.90
298736109 EURONET WORLDWIDE INC US EEFT 4,295 $361,939.65
30040W108 EVERSOURCE ENERGY US ES 1,180 $74,552.40
30161N101 EXELON CORP US EXC 1,255 $49,459.55
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 1,550,000 $1,536,311.95
30219G108 EXPRESS SCRIPTS HOLDING CO US ESRX 4,230 $315,727.20
30219GAK4 EXPRESS SCRIPTS HOLDING 3.50000 06/15/2024 US 680,000 $686,014.65
30225T102 EXTRA SPACE STORAGE INC US EXR 655 $57,279.75
30231G102 EXXON MOBIL CORP US XOM 3,135 $262,211.40
302491303 FMC CORP US FMC 925 $87,560.50
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 88,005.23 $88,025.73
30262SAR9 FREMF 2015-K42 B FLT 3.85231 12/25/2024 US 180,000 $184,202.59
30287EAE0 FREMF 2014-K41 B FLT 3.83172 11/25/2047 US 700,000 $715,712.83
30291EAE4 FREMF 2013-K712 B FLT 3.36178 05/25/2045 US 1,150,000 $1,160,230.52
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 11,175,097.1 $45,788.84
30303M102 FACEBOOK INC -A US FB 7,970 $1,406,386.20
3128M1AM1 FHLM POOL G11912 5.50000 03/01/2021 US 23,568.3 $24,185.40
3128M6HZ4 FHLM POOL G04448 5.50000 07/01/2038 US 209,396.13 $231,306.30
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 4,714.63 $5,209.57
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 18,534.46 $20,927.03
3128M74G8 FHLM POOL G05923 5.50000 02/01/2040 US 109,993.11 $121,599.56
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 170,384.12 $191,519.13
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 54,298.11 $60,390.14
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 133,124.23 $139,725.43
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 10,261.78 $10,770.84
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 9,043.68 $9,521.57
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 755,354.42 $805,915.71
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 113,527.42 $125,485.60
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 61,570.66 $66,085.90
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 557,322.54 $594,622.96
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 188,026.65 $197,707.09
3132WJYG0 FHLM POOL Q45210 4.00000 01/01/2047 US 491,406.12 $513,955.39
3132WPDP9 FHLM GOLD POOL FG Q49109 4.00000 07/01/2047 US 541,251.09 $566,056.59
3132XSLZ1 FHLM GOLD POOL FG Q50343 4.00000 08/01/2047 US 571,745.97 $597,949.79
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 17,485.74 $17,848.16
3135G0ZR7 FEDERAL NATL MTG ASSN 2.62500 09/06/2024 US 3,388,000 $3,433,111.22
31371MLB1 FEDERAL NATL MTG ASSN 256022 5.50000 12/01/2035 US 68,353.57 $75,727.83
31371MRU3 FEDERAL NATL MTG ASSN 256199 5.00000 04/01/2021 US 12,916.93 $13,463.85
31371NDQ5 FEDERAL NATL MTG ASSN 256711 5.50000 05/01/2037 US 9,350.71 $10,305.32
3137A2B34 FHMS K009 X1 FLT 1.30017 08/25/2020 US 1,142,088.4 $32,508.52
3137ADTK3 FHMS K014 X1 FLT 1.18352 04/25/2021 US 11,644,831.71 $385,376.39
3137AJMG6 FMHS K016 X1 FLT 1.52418 10/25/2021 US 2,593,472.84 $123,854.15
3137AL6W4 FHMS K706 X1 FLT 1.54648 10/25/2018 US 3,570,094.97 $32,291.87
3137AUPF0 FHMS K021 x1 FLT 1.46532 06/25/2022 US 16,318,487.41 $879,196.04
3137B3NB0 FHMS K030 X1 FLT 0.20689 04/25/2023 US 31,143,826.22 $298,242.62
3137B4GZ3 FHMS K032 X1 FLT 0.10997 05/25/2023 US 18,296,997.88 $105,557.21
3138A7BL1 FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 298,276.06 $319,408.99
3138AJ4A7 FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 32,277.19 $34,367.48
3138EPLE2 FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 129,314.81 $138,492.46
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65700 01/01/2049 US 791,039.78 $867,415.32
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 838,318.89 $900,465.13
3138YTGK4 FEDERAL NATL MTG ASSN AZ2001 3.50000 05/01/2045 US 1,101,537.38 $1,134,765.98
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 77,432.17 $85,851.46
31403DVZ9 FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 13,085.4 $14,822.03
31406PTV1 FEDERAL NATL MTG ASSN 816064 4.50000 04/01/2020 US 10,627.21 $10,791.88
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 785,633.66 $821,946.33
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 125,301.4 $131,093.13
3140FA5G3 FEDERAL NATL MTG ASSN FN BD3546 4.00000 09/01/2047 US 370,572.93 $387,909.47
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 612,429.25 $640,864.29
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 7,131.89 $7,454.66
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 9,121.94 $9,558.50
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 73,545.8 $76,158.00
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 88,022.01 $91,071.88
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 21,828.69 $24,094.22
31410WSY5 FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 13,962.36 $15,476.57
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 49,860.32 $55,022.68
31411RHZ4 FEDERAL NATL MTG ASSN 912948 5.00000 05/01/2038 US 4,612.86 $4,955.67
31412SY41 FEDERAL NATL MTG ASSN 933731 5.50000 04/01/2038 US 14,940.7 $16,396.83
31413CCL1 FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 6,115.91 $6,832.24
31413MR66 FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 19,741.09 $21,939.76
31413S6R0 FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 12,250.49 $13,795.16
31414CQ50 FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 2,755.72 $3,090.37
31414DJ23 FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 15,761.37 $17,658.61
31414QX28 FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 13,037.72 $13,735.88
31414UF52 FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 56,011.3 $57,280.47
31415ALX7 FEDERAL NATL MTG ASSN 981042 6.00000 04/01/2038 US 13,050.57 $14,579.13
31415BBC2 FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 15,868.6 $17,037.91
31415BBT5 FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 14,618.03 $15,757.87
31416BL71 FEDERAL NATL MTG ASSN 995050 6.00000 09/01/2037 US 87,191.46 $98,676.05
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 51,081.11 $52,886.53
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 21,256.92 $22,693.77
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 306,628.37 $328,963.95
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 275,369.09 $295,617.75
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 38,259.64 $43,245.56
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 133,308.93 $146,971.40
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 22,925.16 $25,349.46
31418MSR4 FEDERAL NATL MTG ASSN AD0527 5.50000 06/01/2039 US 72,087.09 $79,573.47
31428X106 FEDEX CORPORATION US FDX 1,945 $485,355.30
316773100 FIFTH THIRD BANCORP US FITB 1,625 $49,302.50
32054K103 FIRST INDUSTRIAL REALTY TR US FR 1,590 $50,037.30
345605109 FOREST CITY REALTY TRUST - A US FCE/A 1,410 $33,981.00
35671DBH7 FREEPORT-MCMORAN INC 4.00000 11/14/2021 US 15,000 $15,000.00
357081AE8 FREMF 2015-K720 B FLT 3.38858 07/25/2022 US 100,000 $100,308.68
35802XAA1 FRESENIUS MED CARE US 6.50000 09/15/2018 US 40,000 $41,244.36
36143WAN1 GAHR 2015-NRF BFX FLT 3.38216 12/15/2034 US 1,100,000 $1,112,716.99
36143WAS0 GAHR 2015-NRF DFX FLT 3.38216 12/15/2034 US 440,000 $441,596.63
36174X101 GGP INC US GGP 2,475 $57,890.25
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 115,000 $114,034.36
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 30,306.51 $30,989.15
36294VKJ8 GNMA POOL 660997 5.50000 05/15/2037 US 37,131.98 $40,771.96
363576109 ARTHUR J GALLAGHER & CO US AJG 690 $43,663.20
369604103 GENERAL ELEC CO US GE 2,775 $48,423.75
370334104 GENERAL MLS INC US GIS 1,324 $78,499.96
371559105 GENESEE & WYOMING INC -CL A US GWR 4,030 $317,281.90
374297109 GETTY REALTY CORP US GTY 935 $25,394.60
375558103 GILEAD SCIENCES INC US GILD 2,051 $146,933.64
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 105,000 $108,543.75
37954A204 GLOBAL MEDICAL REIT INC US GMRE 9,080 $74,456.00
38141GVR2 GOLDMAN SACHS GROUP INC 4.25000 10/21/2025 US 440,000 $459,857.15
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 10,300 $159,135.00
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 50,000 $51,500.00
404119BM0 HCA INC 3.75000 03/15/2019 US 25,000 $25,218.75
40412CAC5 HCA HEALTHCARE INC 6.25000 02/15/2021 US 25,000 $26,500.00
40414L109 HCP INC US HCP 2,475 $64,548.00
410345AL6 HANESBRANDS INC 4.87500 05/15/2026 US 45,000 $46,125.00
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 1,305 $39,202.20
42809H107 HESS CORP US HES 4,360 $206,969.20
431318AQ7 HILCORP ENERGY I/HILCORP 5.75000 10/01/2025 US 60,000 $61,350.00
431475AB8 HILL-ROM HOLDINGS INC 5.00000 02/15/2025 US 70,000 $71,379.00
437076102 HOME DEPOT INC US HD 1,792 $339,637.76
437302AA0 HOME PARTNERS OF AMERICA FLT RT 3.10951 03/17/2033 US 410,571.25 $413,053.93
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 3,634 $123,846.72
438516106 HONEYWELL INTERNATIONAL INC US HON 1,204 $184,645.44
44107P104 HOST MARRIOTT CORP US HST 1,655 $32,851.75
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 100,000 $102,000.00
446150104 HUNTINGTON BANCSHARES US HBAN 3,040 $44,262.40
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 75,000 $75,468.75
45337C102 INCYTE CORP US INCY 4,570 $432,824.70
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 2,410 $24,316.90
456788108 INFOSYS LIMITED-SP ADR IN INFY 5,114 $82,949.08
45763PAE6 INMARSAT FINANCE PLC 4.87500 05/15/2022 GB 195,000 $194,512.50
458140100 INTEL CORP US INTC 9,113 $420,656.08
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 1,402 $215,094.84
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 50,000 $52,395.23
46115HAL1 INTESA SANPAOLO SPA 3.87500 01/15/2019 IT 491,000 $497,550.65
46186YAA2 IHSFR 2015-SFR3 A FLT 2.75951 08/17/2032 US 949,793.87 $955,730.65
46187BAA1 IHSFR 2017-SFR2 A 2.34078 12/17/2036 US 159,331.4 $159,842.81
46187BAB9 IHSFR 2017-SFR2 B 2.64078 12/17/2036 US 120,000 $120,226.24
46187W107 INVITATION HOMES INC US INVH 2,426 $57,180.82
46434V621 ISHARES CORE DIVIDEND GROWTH US 3,165 $110,078.70
466032109 J&J SNACK FOODS CORP US JJSF 625 $94,893.75
46625H100 JP MORGAN CHASE & CO US JPM 6,215 $664,632.10
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 50,000 $51,742.19
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 295,020.34 $294,421.15
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 334,179.34 $339,566.65
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 400,898.4 $403,325.84
46647PAE6 JPMORGAN CHASE & CO 2.77600 04/25/2023 US 920,000 $920,891.68
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 400,000 $405,312.52
478160104 JOHNSON & JOHNSON US JNJ 8,956 $1,251,332.32
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 95,000 $95,712.50
485170302 KANSAS CITY SOUTHERN US KSU 1,420 $149,412.40
493267108 KEYCORP US KEY 4,320 $87,134.40
494368103 KIMBERLY CLARK CORP US KMB 744 $89,771.04
497864AA6 KISSNER GR HLDG 8.37500 12/01/2022 CA 85,000 $85,850.00
500472303 KONINKLIJKE PHILIPS NVR - NY ADR NL PHG 2,193 $82,895.40
500769GZ1 KFW 1.50000 06/15/2021 DE 1,800,000 $1,755,331.63
50212YAB0 LPL HOLDINGS INC 5.75000 09/15/2025 US 60,000 $61,050.00
50218LAC0 LSTAR COMMERCIAL MORTGAGE TR FLT 2.76700 01/20/2041 US 15,386.94 $15,349.43
505742AD8 LADDER CAP FIN LLLP/CORP 5.87500 08/01/2021 US 75,000 $77,250.00
512816109 LAMAR ADVERTISING CO US LAMR 960 $71,270.40
517942108 LASALLE HOTEL PROPERTIES US LHO 785 $22,034.95
53223X107 LIFE STORAGE INC US LSI 375 $33,401.25
532457108 ELI LILLY & CO US LLY 1,055 $89,105.30
534187109 LINCOLN NATL CORP IND US LNC 580 $44,584.60
539439AM1 LLOYDS BANKING GROUP PLC 4.58200 12/10/2025 GB 893,000 $936,356.48
539830109 LOCKHEED MARTIN CORP US LMT 512 $164,377.60
550021109 LULULEMON - ADR CA LULU 6,070 $477,041.30
554382101 THE MACERICH CO US MAC 490 $32,183.20
559222AR5 MAGNA INTERNATIONAL INC 4.15000 10/01/2025 CA 650,000 $690,795.50
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 80,000 $77,600.00
5671735 SANOFI-AVENTIS FR SAN FP 943 $81,184.50
57636Q104 MASTERCARD INC-CLASS A US MA 4,160 $629,657.60
580037AB5 MCDERMOTT INTERNATIONAL 8.00000 05/01/2021 PA 70,000 $71,949.50
580135101 MCDONALDS CORP US MCD 1,192 $205,167.04
58503F106 MEDLEY CAPITAL CORP US MCC 3,340 $17,434.80
58933Y105 MERCK & CO INC US MRK 5,380 $302,732.60
59001ABA9 MERITAGE HOMES CORP 5.12500 06/06/2027 US 50,000 $50,875.00
594918104 MICROSOFT CORP US MSFT 7,755 $663,362.70
59522J103 MID-AMERICA APARTMENT COMM US MAA 565 $56,816.40
6174467X1 MORGAN STANLEY 5.00000 11/24/2025 US 630,000 $689,372.30
61744YAG3 MORGAN STANLEY FLT 2.61703 05/08/2024 US 715,000 $730,035.50
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 45,000 $44,493.75
624758108 MUELLER WATER PRODUCTS INC - A US MWA 7,260 $90,967.80
62942M201 NTT DOCOMO INC -SPON ADR JP DCM 6,818 $162,063.86
62944TAE5 NVR INC 3.95000 09/15/2022 US 670,000 $699,424.30
633067D34 NATIONAL BANK OF CANADA 1.40000 04/20/2018 CA 1,650,000 $1,648,369.85
637417106 NATIONAL RETAIL PROPERTIES US NNN 865 $37,307.45
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 437,926.16 $447,382.87
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 523,969.76 $536,675.24
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 640,282.93 $654,235.08
654106103 NIKE INC CLASS B US NKE 1,105 $69,117.75
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 155,000 $160,037.50
66977WAQ2 NOVA CHEMICALS CORP 4.87500 06/01/2024 CA 50,000 $49,875.00
66987V109 NOVARTIS AG- REG CH NVS 10,600 $889,976.00
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 465 $111,851.10
680223104 OLD REPUBLIC INTL CORP US ORI 2,090 $44,684.20
683235AA3 ONTARIO (PROVINCE OF) 2.00000 09/27/2018 CA 450,000 $450,185.07
68323ADY7 ONTARIO (PROVINCE OF) 1.25000 06/17/2019 CA 450,000 $444,352.86
69007J106 OUTFRONT MEDIA INC US OUT 2,775 $64,380.00
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 60,000 $61,950.00
69318FAG3 PBF HOLDING CO LLC 7.25000 06/15/2025 US 75,000 $78,750.00
693475105 PNC FINANCIAL SERVICES GROUP US PNC 330 $47,615.70
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 40,000 $38,200.00
708062104 PENNANTPARK INVESTMENT CORP US PNNT 3,210 $22,181.10
7110388 ROCHE HOLDING AG-GENUSSCHEIN CH ROG SW 375 $94,820.76
713448108 PEPSICO INC US PEP 2,713 $325,342.96
713448CX4 PEPSICO INC 3.10000 07/17/2022 US 491,000 $502,764.19
71654QCB6 PETROLEOS MEXICANOS 6.87500 08/04/2026 MX 410,000 $464,837.50
717081103 PFIZER INC US PFE 8,125 $294,287.50
71943U104 PHYSICIANS REALTY TRUST US DOC 3,465 $62,335.35
729640102 PLYMOUTH INDUSTRIAL REIT INC US 480 $8,870.40
733174AJ5 POPULAR INC 7.00000 07/01/2019 US 95,000 $98,800.00
741503403 PRICELINE GROUP INC US PCLN 720 $1,251,172.80
741503AZ9 PRICELINE GROUP INC/THE 3.60000 06/01/2026 US 1,050,000 $1,054,497.01
74251V102 PRINCIPAL FINANCIAL GROUP US PFG 640 $45,158.40
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 300,000 $297,564.15
74340W103 PROLOGIS US PLD 1,715 $110,634.65
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 455,000 $497,087.50
74460D109 PUBLIC STORAGE INC US PSA 245 $51,205.00
74736K101 QORVO INC US QRVO 12,955 $862,803.00
747525103 QUALCOMM INC US QCOM 2,547 $163,058.94
749685103 RPM INTERNATIONAL INC US RPM 2,750 $144,155.00
755111507 RAYTHEON COMPANY US RTN 632 $118,721.20
758849103 REGENCY CENTERS CORP US REG 585 $40,470.30
75886F107 REGENERON PHARMACEUTICALS INC US REGN 2,010 $755,679.60
7591EP100 REGIONS FINANCIAL CORP. US RF 2,770 $47,865.60
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 1,115 $32,513.40
767754CH5 RITE AID CORP 6.12500 04/01/2023 US 15,000 $13,537.50
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 95,000 $99,512.50
780097AY7 ROYAL BK SCOTLND GRP PLC 6.10000 06/10/2023 GB 25,000 $27,529.06
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 1,420 $96,971.80
78408XAD3 SCGT 2013-SRP1 AJ FLT 3.42703 11/15/2026 US 1,550,000 $1,544,923.60
78442FET1 SLM CORP 6.12500 03/25/2024 US 60,000 $60,750.00
78442PGC4 SLM CORP 5.12500 04/05/2022 US 80,000 $83,200.00
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 875,000 $869,690.50
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 410,000 $460,621.98
80105N105 SANOFI-AVENTIS-ADR FR SNY 4,307 $185,201.00
80282KAQ9 SANTANDER HOLDINGS USA 3.40000 01/18/2023 US 640,000 $637,506.26
806857108 SCHLUMBERGER LTD NL SLB 9,880 $665,813.20
808524797 SCHWAB US DVD EQUITY ETF US 2,149 $109,964.33
81211K100 SEALED AIR CORP US SEE 11,655 $574,591.50
812578102 SEATTLE GENETICS INC US SGEN 11,910 $637,185.00
81663AAC9 SEMGROUP CORP 6.37500 03/15/2025 US 85,000 $83,725.00
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 334,287.99 $333,452.27
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 455,755.17 $453,645.48
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 354,479.53 $334,817.08
81762P102 SERVICENOW INC US NOW 9,740 $1,269,998.60
81783QAC9 SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 CA 50,000 $50,500.00
828806109 SIMON PROPERTY GROUP INC US SPG 900 $154,566.00
82967NAY4 SIRIUS XM RADIO INC 3.87500 08/01/2022 US 20,000 $20,050.00
83088M102 SKYWORKS SOLUTIONS INC US SWKS 12,870 $1,222,006.50
83401LAB0 SOFI 2015-A A2 2.42000 03/25/2030 US 588,655.74 $588,801.79
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 406,000 $400,863.25
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 44,524.81 $44,309.73
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 130,000 $127,884.38
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 58,119.67 $57,884.80
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 621,495.22 $619,872.06
834423AA3 SOLVAY FINANCE (AMERICA) 3.40000 12/03/2020 US 489,000 $499,321.47
835495102 SONOCO PRODUCTS CO US SON 2,630 $139,758.20
84265V105 SOUTHERN COPPER CORPORATION US SCCO 4,020 $190,749.00
84265VAH8 SOUTHERN COPPER CORP 3.87500 04/23/2025 US 440,000 $456,293.05
844741108 SOUTHWEST AIRLS CO US LUV 1,145 $74,940.25
845467AL3 SOUTHWESTERN ENERGY CO 6.70000 01/23/2025 US 70,000 $72,712.50
852061AK6 SPRINT COMMUNICATIONS 9.00000 11/15/2018 US 25,000 $26,315.00
852061AR1 SPRINT COMMUNICATIONS 7.00000 08/15/2020 US 25,000 $26,500.00
85254J102 STAG INDUSTRIAL INC US STAG 3,425 $93,605.25
85571BAJ4 STARWOOD PROPERTY TRUST 4.75000 03/15/2025 US 40,000 $39,700.00
85571XAA5 SRPT 2014-STAR A FLTG RATE 2.69703 11/15/2027 US 932,433.49 $933,102.70
862121100 STORE CAPITAL CORP US STOR 2,935 $76,427.40
866674104 SUN COMMUNITIES US SUI 365 $33,864.70
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 2,055 $33,969.15
867914103 SUNTRUST BANKS INC US STI 705 $45,535.95
871829107 SYSCO CORP US SYY 1,296 $78,706.08
874039100 TAIWAN SEMICONDUCTOR - SP ADR TW TSM 7,275 $288,453.75
87470LAA9 TALLGRASS NRG PRTNR/FIN 5.50000 09/15/2024 US 105,000 $107,756.25
87612E106 TARGET CORP US TGT 1,306 $85,216.50
876664103 TAUBMAN CTRS INC US TCO 250 $16,357.50
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 278,676.22 $278,977.64
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 85,000 $69,700.00
88033GBW9 TENET HEALTHCARE CORP 6.75000 02/01/2020 US 25,000 $25,250.00
88146M101 TERRENO REALTY CORP US TRNO 945 $33,131.70
882508104 TEXAS INSTRUMENTS INC US TXN 6,420 $670,504.80
88579Y101 3M CO US MMM 1,599 $376,356.63
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 1,077,981.8 $1,070,221.73
89613BAA5 TAH 2013-SFR1 A 2.58900 11/17/2033 US 810,000 $798,619.82
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 500,000 $497,947.00
896356AE2 TRINIDAD DRILLING LTD 6.62500 02/15/2025 CA 75,000 $71,250.00
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 75,000 $80,625.00
902653104 UDR INC US UDR 1,200 $46,224.00
902973304 U.S. BANCORP US USB 2,999 $160,686.42
903002103 UMH PROPERTIES INC US UMH 1,720 $25,628.00
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 40,000 $40,276.00
904767704 UNILEVER PLC - ADR GB UL 14,400 $796,896.00
907818108 UNION PAC CORP US UNP 1,307 $175,268.70
911312106 UNITED PARCEL SERVICE US UPS 1,500 $178,725.00
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 1,259,000 $1,770,026.14
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 2,046,000 $2,725,735.54
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 985,732.86 $995,326.67
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 1,420,000 $1,353,714.84
912828D23 US TREASURY N/B 1.62500 04/30/2019 US 5,021,000 $5,005,505.55
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 1,639,672.11 $1,636,309.55
912828K58 UNITED STATES TREAS NTS 1.37500 04/30/2020 US 5,127,000 $5,063,513.33
912828Q78 US TREASURY N/B 1.37500 04/30/2021 US 5,210,000 $5,097,252.37
912828RT9 US TREASURY N/B 1.37500 11/30/2018 US 1,000,000 $996,289.06
912828S76 US TREASURY N/B 1.12500 07/31/2021 US 2,279,000 $2,203,864.22
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 927,998.29 $920,791.23
912828WZ9 UNITED STATES TREAS NTS 1.75000 04/30/2022 US 5,209,000 $5,119,266.85
913017109 UNITED TECHNOLOGIES CORP US UTX 1,283 $163,672.31
91704F104 URBAN EDGE PROPERTIES US UE 2,580 $65,764.20
91911KAJ1 VALEANT PHARMACEUTICALS 6.50000 03/15/2022 CA 15,000 $15,750.00
91913Y100 VALERO ENERGY US VLO 1,089 $100,089.99
92276F100 VENTAS INC US VTR 530 $31,805.30
92339V100 VEREIT INC US VER 5,125 $39,923.75
92343VDY7 VERIZON COMMUNICATIONS 4.12500 03/16/2027 US 890,000 $928,014.53
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 3,280 $491,540.80
92826C839 VISA INC - CLASS A SHARES US V 5,580 $636,231.60
92826CAC6 VISA INC 2.80000 12/14/2022 US 680,000 $689,962.44
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 50,000 $51,774.83
929042109 VORNADO REALTY TRUST US VNO 880 $68,798.40
931142103 WAL MART STORES US WMT 3,708 $366,165.00
94106L109 WASTE MANAGEMENT INC US WM 2,102 $181,402.60
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 70,000 $69,650.00
94856TAA2 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 75,000 $74,625.00
949746101 WELLS FARGO COMPANY US WFC 8,865 $537,839.55
95040Q104 WELLTOWER INC. US HCN 925 $58,987.25
962166104 WEYERHAEUSER CO US WY 16,680 $588,136.80
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 50,000 $51,000.00
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 45,000 $48,037.50
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 670,000 $671,392.57
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 476,107 $480,700.48
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 536,293.18 $544,589.10
98416JAE0 XERIUM TECHNOLOGIES INC 9.50000 08/15/2021 US 50,000 $50,625.00
98919V105 ZAYO GROUP HOLDINGS INC US ZAYO 13,010 $478,768.00
98954UAB9 ZIGGO BOND FINANCE BV 6.00000 01/15/2027 NL 20,000 $19,500.00
B15C557 TOTAL SA FR FP FP 1,140 $62,927.74
B1VWPC8 UK TSY 5% 2018 5.00000 03/07/2018 GB 89,000 $121,172.47
B1YY4B3 UNIBAIL-RODAMCO SE FR UL NA 135 $33,972.92
B3FP8W8 CANADA HOUSING TRUST 4.10000 12/15/2018 CA 110,000 $89,597.93
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 400,000 $19,648.57
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 140,000 $115,677.65
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 1,100,000 $53,550.21
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 240,000 $181,540.09
B5W0S97 ROYAL BANK OF CANADA 3.77000 03/30/2018 CA 125,000 $100,000.99
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 1,800,000 $92,286.33
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 350,000 $17,810.17
BBG00B6C5VY1 REGN US 01/19/18 P350 US -5 -$740.00
BBG00BKPTRR7 LULU US 01/19/18 C80 CA -23 -$4,209.00
BBG00J640583 MDT US 12/29/17 P77.5 IE -23 -$69.00
BBG00JG6RS79 SWKS US 12/29/17 C97.5 US -19 -$95.00
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 17,145 $31,350.76
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 6,520 $337,461.87
BP269Z8 AXIA REAL ESTATE SOCIMI SA ES AXIA SM 720 $15,912.84
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 5,150 $574,951.70
G29183103 EATON CORP PLC US ETN 1,114 $88,017.14
G3157S106 ENSCO INTERNATIONAL INC US ESV 19,240 $113,708.40
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 65,000 $68,737.50
G5960L103 MEDTRONIC INC IE MDT 11,806 $953,334.50
G6518L108 NIELSEN HOLDINGS PLC US NLSN 18,975 $690,690.00
G96629103 WILLIS TOWERS WATSON PLC GB WLTW 290 $43,700.10
G97822103 PERRIGO CO PLC IE PRGO 1,140 $99,362.40
H1467J104 CHUBB LTD CH CB 455 $66,489.15
H8817H100 TRANSOCEAN LTD US RIG 28,690 $306,409.20
N47279109 INTERXION HOLDING NX NL INXN 1,035 $60,992.55
N53745100 LYONDELLBASELL INDU-CL A US LYB 930 $102,597.60
USD US DOLLAR US 1,846,099.99 $1,846,099.99

Investments will change over time.

Investments will change over time.

Daily Price

$27.34

Daily $ Change

-$0.04

Daily % Change

-0.15%

as of 01/18/2018

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.

Learn more about our Pro-Mix® Series

Annualized Performance

As of 12/31/2017

YTD

---

1 Year

9.01%

3 Year

3.17%

5 Year

4.21%

10 Year

4.67%

Inception
(---)

---

US Stock Market Cycle (04/01/2000 - 12/31/2017)

5.64%

Returns are net of Pro-Mix® CIT Class S expenses. Performance data quoted represents past performance and does not guarantee future results. 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 12/31/2017

TREASURY NOTES 14.11%
GOVERNMENT AGENCY 8.98%
TREASURY BONDS 3.51%
KFW 1.50000 06/15/2021 1.05%
SWEDISH EXPORT CREDIT 1.12500 08/28/2019 1.01%
NATIONAL BANK OF CANADA 1.40000 04/20/2018 0.99%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 0.98%
SCGT 2013-SRP1 AJ FLT 3.42703 11/15/2026 0.93%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 0.92%
FACEBOOK INC -A 0.85%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 12/31/2017

Bonds
70.20%
Stocks
28.70%
Cash
1.10%

Detailed Asset Class Allocation

As of 12/31/2017

International Equities
5.24%
Small Capitalization
1.03%
Mid Capitalization
3.49%
Large Capitalization
18.95%
Long Term Fixed Income
15.94%
Intermediate Term Fixed Income
41.43%
Short Term Fixed Income
12.82%
Cash
1.10%

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

December Fund Holdings

As of 12/31/2017

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
000375204 ABB LTD-SPON ADR CH ABB 4,582 $122,889.24
00163UAB2 AMAG PHARMACEUTICALS INC 7.87500 09/01/2023 US 55,000 $53,556.25
00206REM0 AT&T INC 3.90000 08/14/2027 US 930,000 $936,214.04
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 1,700,000 $1,673,412.00
00287Y109 ABBVIE INC US ABBV 2,572 $248,738.12
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 450,000 $474,187.50
004239109 ACADIA REALTY TRUST US AKR 770 $21,067.20
0045614 ANTOFAGASTA PLC GB ANTO LN 8,580 $115,796.19
00507VAM1 ACTIVISION BLIZZARD 3.40000 06/15/2027 US 910,000 $916,402.66
00772BAF8 AERCAP IRELAND CAP LTD/A 4.50000 05/15/2021 IE 875,000 $918,941.45
008492100 AGREE REALTY CORP US ADC 340 $17,489.60
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 25,000 $26,375.00
009563AD9 AIRXCEL INC 8.50000 02/15/2022 US 105,000 $111,300.00
013093AD1 ALBERTSONS COS LLC/SAFEW 5.75000 03/15/2025 US 15,000 $13,530.00
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 625 $81,618.75
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 720,000 $719,818.40
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 50,000 $51,312.50
020002101 ALLSTATE CORPORATION US ALL 435 $45,548.85
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 40,000 $40,200.00
02079K107 ALPHABET INC-CL C US GOOG 295 $308,688.00
02079K305 ALPHABET INC-CL A US GOOGL 290 $305,486.00
023135106 AMAZON.COM INC US AMZN 540 $631,513.80
023135BA3 AMAZON.COM INC 3.15000 08/22/2027 US 460,000 $460,693.23
02319V103 AMBEV SA-ADR BR ABEV 101,590 $656,271.40
0237400 DIAGEO PLC GB DGE LN 23,435 $858,993.18
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 50,000 $51,375.00
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 760 $31,182.80
02665T306 AMERICAN HOMES 4 RENT- A US AMH 2,825 $61,698.00
026874784 AMERICAN INTL GROUP INC US AIG 670 $39,918.60
026874CY1 AMERICAN INTL GROUP 4.12500 02/15/2024 US 650,000 $686,792.04
03027XAH3 AMERICAN TOWER CORP 3.30000 02/15/2021 US 900,000 $916,502.11
03040WAQ8 AMERICAN WATER CAPITAL C 2.95000 09/01/2027 US 1,080,000 $1,068,833.90
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 41,690.93 $42,558.33
031162100 AMGEN INC US AMGN 1,120 $194,768.00
034863AB6 ANGLO AMERICAN CAPITAL 9.37500 04/08/2019 GB 40,000 $43,373.37
034863AT7 ANGLO AMERICAN CAPITAL 4.00000 09/11/2027 GB 910,000 $903,920.49
03523TBF4 ANHEUSER-BUSCH INBEV WOR 8.20000 01/15/2039 US 580,000 $922,418.64
03748R101 APARTMENT INVT & MGMT CO -A US AIV 1,570 $68,624.70
03761U106 APOLLO INVESTMENT CORP US AINV 4,210 $23,828.60
037833100 APPLE COMPUTER INC US AAPL 855 $144,691.65
038222AL9 APPLIED MATERIALS INC 3.30000 04/01/2027 US 1,040,000 $1,057,782.46
03938LAQ7 ARCELORMITTAL 5.75000 08/05/2020 LU 15,000 $15,825.00
03965L100 ARCONIC INC. US ARNC 16,370 $446,082.50
04010L103 ARES CAPITAL CORP US ARCC 1,810 $28,453.20
044186104 ASHLAND GLOBAL HOLDINGS INC US ASH 5,325 $379,140.00
04621WAC4 ASSURED GUARANTY US HLDG 5.00000 07/01/2024 US 1,060,000 $1,142,050.25
053015103 AUTOMATIC DATA PROCESSING US ADP 913 $106,994.47
053484101 AVALONBAY COMMUNITIES INC US AVB 480 $85,636.80
054937107 BB & T CORPORATION US BBT 1,898 $94,368.56
055622104 BP PLC-SPONS ADR GB BP 5,175 $217,505.25
05565QCS5 BP CAPITAL MARKETS PLC 3.53500 11/04/2024 GB 725,000 $753,254.03
05565QDG0 BP CAPITAL MARKETS PLC 3.21600 11/28/2023 GB 280,000 $286,024.19
058498106 BALL CORP US BLL 10,000 $378,500.00
060505104 BANK OF AMERICA CORP US BAC 8,585 $253,429.20
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 706,000 $734,495.41
06652K103 BANKUNITED INC US BKU 1,120 $45,606.40
06739FFU0 BARCLAYS BANK PLC 10.17900 06/12/2021 GB 378,000 $460,681.02
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 6,820 $608,139.40
09062X103 BIOGEN IDEC INC US BIIB 1,460 $465,112.20
09247X101 BLACKROCK INC US BLK 610 $313,363.10
09627J102 BLUEROCK RESIDENTIAL GROWTH US 1,480 $14,962.80
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 600,000 $669,270.43
097023105 BOEING CO US BA 857 $252,737.87
0989529 ASTRAZENECA PLC GB AZN LN 1,290 $89,017.04
101121101 BOSTON PROPERTIES INC US BXP 635 $82,569.05
105368203 BRANDYWINE REALTY TRUST US BDN 1,895 $34,470.05
110122108 BRISTOL MYERS SQUIBB CO US BMY 7,435 $455,616.80
11120U105 BRIXMOR PROPERTY GROUP INC US BRX 760 $14,181.60
11133T103 BROADRIDGE FINANCIAL SOLUTIONS US BR 1,045 $94,656.10
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 100,000 $94,250.00
12527GAB9 CF INDUSTRIES INC 7.12500 05/01/2020 US 15,000 $16,354.50
125896100 CMS ENERGY CORP US CMS 1,770 $83,721.00
12626K203 CRH PLC -SPONSORED ADR IE CRH 2,179 $78,640.11
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 95,000 $93,575.00
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 554,815.81 $527,790.18
126650100 CVS HEALTH CORP US CVS 1,688 $122,380.00
133131102 CAMDEN PROPERTY TRUST US CPT 395 $36,363.70
134429109 CAMPBELL SOUP CO US CPB 2,365 $113,780.15
14041NFF3 CAPITAL ONE MULTI-ASSET 1.33000 06/15/2022 US 350,000 $345,654.16
14314WAD3 CARMX 2017-3 A3 1.97000 04/15/2022 US 398,000 $395,847.46
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 12,930 $169,770.90
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 128,366.71 $127,885.33
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 95,000 $95,475.00
156700BA3 CENTURYLINK INC 7.50000 04/01/2024 US 50,000 $49,875.00
161175BB9 CHARTER COMM OPT LLC/CAP 4.46400 07/23/2022 US 25,000 $26,083.73
16411QAA9 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 70,000 $71,225.00
16412XAD7 CHENIERE CORP CHRISTI HD 7.00000 06/30/2024 US 140,000 $159,337.50
165240102 CHESAPEAKE LODGING TRUST US CHSP 1,335 $36,165.15
166764100 CHEVRON CORP US CVX 1,125 $140,838.75
16941R108 CHINA PETROLEUM & CHEM-ADR CN SNP 1,961 $143,878.57
17275R102 CISCO SYSTEMS INC US CSCO 6,819 $261,167.70
172967424 CITIGROUP INC US C 3,175 $236,251.75
172967JL6 CITIGROUP INC 3.87500 03/26/2025 US 900,000 $921,283.75
194162103 COLGATE-PALMOLIVE CO US CL 1,629 $122,908.05
19625JAA1 CAH 2015-1A A 2.63185 07/17/2032 US 882,005.38 $885,001.64
19625W104 COLONY NORTHSTAR INC-CLASS A US CLNS 12,522 $142,876.02
198287203 COLUMBIA PROPERTY TRUST INC US CXP 950 $21,802.50
199908104 COMFORT SYSTEMS US FIX 2,355 $102,795.75
20030NBP5 COMCAST CORP 4.40000 08/15/2035 US 420,000 $459,183.66
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 5,178 $145,501.80
20825C104 CONOCOPHILLIPS US COP 1,670 $91,666.30
20826FAD8 CONOCOPHILLIPS COMPANY 3.35000 11/15/2024 US 606,000 $623,904.48
21871N101 CORECIVIC INC US CXW 4,755 $106,987.50
21987BAW8 CODELCO INC 3.62500 08/01/2027 CL 910,000 $910,991.90
222795106 COUSINS PROPERTIES INC US CUZ 5,825 $53,881.25
22282E102 COVANTA HOLDING CORP US CVA 5,930 $100,217.00
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 50,000 $50,250.00
22822V101 CROWN CASTLE INTL CORP US CCI 1,710 $189,827.10
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 418,664.71 $400,636.59
229663109 CUBESMART US CUBE 3,950 $114,234.00
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 9,540 $133,651.07
23918K108 DAVITA INC. US DVA 13,790 $996,327.50
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 70,000 $69,979.00
247361702 DELTA AIR LINES INC. US DAL 1,290 $72,240.00
25271C102 DIAMOND OFFSHORE DRILLING US DO 12,450 $231,445.50
253393102 DICK'S SPORTING GOODS INC US DKS 3,850 $110,649.00
253868103 DIGITAL REALTY TRUST INC US DLR 1,105 $125,859.50
25470DAR0 DISCOVERY COMMUNICATIONS 3.95000 03/20/2028 US 700,000 $696,258.93
25470XAJ4 DISH DBS CORP 5.87500 07/15/2022 US 25,000 $25,125.00
256677105 DOLLAR GENERAL CORP US DG 2,235 $207,877.35
256677AC9 DOLLAR GENERAL CORP 3.25000 04/15/2023 US 450,000 $456,068.49
257559AH7 DOMTAR CORP 4.40000 04/01/2022 US 483,000 $508,130.46
26078J100 DOWDUPONT INC US DWDP 2,386 $169,930.92
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 100,000 $100,750.00
26884U109 ENTERTAINMENT PROPERTIES TR US EPR 245 $16,037.70
269246BP8 E*TRADE FINANCIAL CORP 2.95000 08/24/2022 US 460,000 $456,116.77
28140H203 EDUCATION REALTY TRUST INC US EDR 465 $16,237.80
28370TAG4 KINDER MORGAN ENER PART 4.30000 05/01/2024 US 880,000 $916,218.80
285512109 ELECTRONIC ARTS US EA 4,370 $459,112.20
2866857 LUNDIN MINING CORP CA LUN CN 14,550 $96,768.50
291011104 EMERSON ELEC CO US EMR 1,413 $98,471.97
29250NAR6 ENBRIDGE INC 3.70000 07/15/2027 CA 485,000 $487,044.85
29413XAB3 ENVIVA PARTNERS LP /FIN C 8.50000 11/01/2021 US 80,000 $85,200.00
294429105 EQUIFAX INC US EFX 3,340 $393,852.80
29444U700 EQUINIX INC US EQIX 490 $222,077.80
294628102 EQUITY COMMONWEALTH US EQC 1,110 $33,866.10
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 325 $28,931.50
29476L107 EQUITY RESIDENTIAL US EQR 950 $60,581.50
297178105 ESSEX PROPERTY TRUST INC US ESS 70 $16,895.90
298736109 EURONET WORLDWIDE INC US EEFT 4,295 $361,939.65
30040W108 EVERSOURCE ENERGY US ES 1,180 $74,552.40
30161N101 EXELON CORP US EXC 1,255 $49,459.55
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 1,550,000 $1,536,311.95
30219G108 EXPRESS SCRIPTS HOLDING CO US ESRX 4,230 $315,727.20
30219GAK4 EXPRESS SCRIPTS HOLDING 3.50000 06/15/2024 US 680,000 $686,014.65
30225T102 EXTRA SPACE STORAGE INC US EXR 655 $57,279.75
30231G102 EXXON MOBIL CORP US XOM 3,135 $262,211.40
302491303 FMC CORP US FMC 925 $87,560.50
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 88,005.23 $88,025.73
30262SAR9 FREMF 2015-K42 B FLT 3.85231 12/25/2024 US 180,000 $184,202.59
30287EAE0 FREMF 2014-K41 B FLT 3.83172 11/25/2047 US 700,000 $715,712.83
30291EAE4 FREMF 2013-K712 B FLT 3.36178 05/25/2045 US 1,150,000 $1,160,230.52
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 11,175,097.1 $45,788.84
30303M102 FACEBOOK INC -A US FB 7,970 $1,406,386.20
3128M1AM1 FHLM POOL G11912 5.50000 03/01/2021 US 23,568.3 $24,185.40
3128M6HZ4 FHLM POOL G04448 5.50000 07/01/2038 US 209,396.13 $231,306.30
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 4,714.63 $5,209.57
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 18,534.46 $20,927.03
3128M74G8 FHLM POOL G05923 5.50000 02/01/2040 US 109,993.11 $121,599.56
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 170,384.12 $191,519.13
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 54,298.11 $60,390.14
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 133,124.23 $139,725.43
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 10,261.78 $10,770.84
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 9,043.68 $9,521.57
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 755,354.42 $805,915.71
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 113,527.42 $125,485.60
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 61,570.66 $66,085.90
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 557,322.54 $594,622.96
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 188,026.65 $197,707.09
3132WJYG0 FHLM POOL Q45210 4.00000 01/01/2047 US 491,406.12 $513,955.39
3132WPDP9 FHLM GOLD POOL FG Q49109 4.00000 07/01/2047 US 541,251.09 $566,056.59
3132XSLZ1 FHLM GOLD POOL FG Q50343 4.00000 08/01/2047 US 571,745.97 $597,949.79
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 17,485.74 $17,848.16
3135G0ZR7 FEDERAL NATL MTG ASSN 2.62500 09/06/2024 US 3,388,000 $3,433,111.22
31371MLB1 FEDERAL NATL MTG ASSN 256022 5.50000 12/01/2035 US 68,353.57 $75,727.83
31371MRU3 FEDERAL NATL MTG ASSN 256199 5.00000 04/01/2021 US 12,916.93 $13,463.85
31371NDQ5 FEDERAL NATL MTG ASSN 256711 5.50000 05/01/2037 US 9,350.71 $10,305.32
3137A2B34 FHMS K009 X1 FLT 1.30017 08/25/2020 US 1,142,088.4 $32,508.52
3137ADTK3 FHMS K014 X1 FLT 1.18352 04/25/2021 US 11,644,831.71 $385,376.39
3137AJMG6 FMHS K016 X1 FLT 1.52418 10/25/2021 US 2,593,472.84 $123,854.15
3137AL6W4 FHMS K706 X1 FLT 1.54648 10/25/2018 US 3,570,094.97 $32,291.87
3137AUPF0 FHMS K021 x1 FLT 1.46532 06/25/2022 US 16,318,487.41 $879,196.04
3137B3NB0 FHMS K030 X1 FLT 0.20689 04/25/2023 US 31,143,826.22 $298,242.62
3137B4GZ3 FHMS K032 X1 FLT 0.10997 05/25/2023 US 18,296,997.88 $105,557.21
3138A7BL1 FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 298,276.06 $319,408.99
3138AJ4A7 FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 32,277.19 $34,367.48
3138EPLE2 FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 129,314.81 $138,492.46
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65700 01/01/2049 US 791,039.78 $867,415.32
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 838,318.89 $900,465.13
3138YTGK4 FEDERAL NATL MTG ASSN AZ2001 3.50000 05/01/2045 US 1,101,537.38 $1,134,765.98
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 77,432.17 $85,851.46
31403DVZ9 FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 13,085.4 $14,822.03
31406PTV1 FEDERAL NATL MTG ASSN 816064 4.50000 04/01/2020 US 10,627.21 $10,791.88
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 785,633.66 $821,946.33
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 125,301.4 $131,093.13
3140FA5G3 FEDERAL NATL MTG ASSN FN BD3546 4.00000 09/01/2047 US 370,572.93 $387,909.47
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 612,429.25 $640,864.29
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 7,131.89 $7,454.66
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 9,121.94 $9,558.50
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 73,545.8 $76,158.00
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 88,022.01 $91,071.88
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 21,828.69 $24,094.22
31410WSY5 FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 13,962.36 $15,476.57
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 49,860.32 $55,022.68
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32054K103 FIRST INDUSTRIAL REALTY TR US FR 1,590 $50,037.30
345605109 FOREST CITY REALTY TRUST - A US FCE/A 1,410 $33,981.00
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36143WAN1 GAHR 2015-NRF BFX FLT 3.38216 12/15/2034 US 1,100,000 $1,112,716.99
36143WAS0 GAHR 2015-NRF DFX FLT 3.38216 12/15/2034 US 440,000 $441,596.63
36174X101 GGP INC US GGP 2,475 $57,890.25
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 115,000 $114,034.36
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 30,306.51 $30,989.15
36294VKJ8 GNMA POOL 660997 5.50000 05/15/2037 US 37,131.98 $40,771.96
363576109 ARTHUR J GALLAGHER & CO US AJG 690 $43,663.20
369604103 GENERAL ELEC CO US GE 2,775 $48,423.75
370334104 GENERAL MLS INC US GIS 1,324 $78,499.96
371559105 GENESEE & WYOMING INC -CL A US GWR 4,030 $317,281.90
374297109 GETTY REALTY CORP US GTY 935 $25,394.60
375558103 GILEAD SCIENCES INC US GILD 2,051 $146,933.64
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 105,000 $108,543.75
37954A204 GLOBAL MEDICAL REIT INC US GMRE 9,080 $74,456.00
38141GVR2 GOLDMAN SACHS GROUP INC 4.25000 10/21/2025 US 440,000 $459,857.15
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 10,300 $159,135.00
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 50,000 $51,500.00
404119BM0 HCA INC 3.75000 03/15/2019 US 25,000 $25,218.75
40412CAC5 HCA HEALTHCARE INC 6.25000 02/15/2021 US 25,000 $26,500.00
40414L109 HCP INC US HCP 2,475 $64,548.00
410345AL6 HANESBRANDS INC 4.87500 05/15/2026 US 45,000 $46,125.00
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 1,305 $39,202.20
42809H107 HESS CORP US HES 4,360 $206,969.20
431318AQ7 HILCORP ENERGY I/HILCORP 5.75000 10/01/2025 US 60,000 $61,350.00
431475AB8 HILL-ROM HOLDINGS INC 5.00000 02/15/2025 US 70,000 $71,379.00
437076102 HOME DEPOT INC US HD 1,792 $339,637.76
437302AA0 HOME PARTNERS OF AMERICA FLT RT 3.10951 03/17/2033 US 410,571.25 $413,053.93
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 3,634 $123,846.72
438516106 HONEYWELL INTERNATIONAL INC US HON 1,204 $184,645.44
44107P104 HOST MARRIOTT CORP US HST 1,655 $32,851.75
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 100,000 $102,000.00
446150104 HUNTINGTON BANCSHARES US HBAN 3,040 $44,262.40
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 75,000 $75,468.75
45337C102 INCYTE CORP US INCY 4,570 $432,824.70
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 2,410 $24,316.90
456788108 INFOSYS LIMITED-SP ADR IN INFY 5,114 $82,949.08
45763PAE6 INMARSAT FINANCE PLC 4.87500 05/15/2022 GB 195,000 $194,512.50
458140100 INTEL CORP US INTC 9,113 $420,656.08
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 1,402 $215,094.84
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 50,000 $52,395.23
46115HAL1 INTESA SANPAOLO SPA 3.87500 01/15/2019 IT 491,000 $497,550.65
46186YAA2 IHSFR 2015-SFR3 A FLT 2.75951 08/17/2032 US 949,793.87 $955,730.65
46187BAA1 IHSFR 2017-SFR2 A 2.34078 12/17/2036 US 159,331.4 $159,842.81
46187BAB9 IHSFR 2017-SFR2 B 2.64078 12/17/2036 US 120,000 $120,226.24
46187W107 INVITATION HOMES INC US INVH 2,426 $57,180.82
46434V621 ISHARES CORE DIVIDEND GROWTH US 3,165 $110,078.70
466032109 J&J SNACK FOODS CORP US JJSF 625 $94,893.75
46625H100 JP MORGAN CHASE & CO US JPM 6,215 $664,632.10
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 50,000 $51,742.19
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 295,020.34 $294,421.15
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 334,179.34 $339,566.65
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 400,898.4 $403,325.84
46647PAE6 JPMORGAN CHASE & CO 2.77600 04/25/2023 US 920,000 $920,891.68
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 400,000 $405,312.52
478160104 JOHNSON & JOHNSON US JNJ 8,956 $1,251,332.32
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 95,000 $95,712.50
485170302 KANSAS CITY SOUTHERN US KSU 1,420 $149,412.40
493267108 KEYCORP US KEY 4,320 $87,134.40
494368103 KIMBERLY CLARK CORP US KMB 744 $89,771.04
497864AA6 KISSNER GR HLDG 8.37500 12/01/2022 CA 85,000 $85,850.00
500472303 KONINKLIJKE PHILIPS NVR - NY ADR NL PHG 2,193 $82,895.40
500769GZ1 KFW 1.50000 06/15/2021 DE 1,800,000 $1,755,331.63
50212YAB0 LPL HOLDINGS INC 5.75000 09/15/2025 US 60,000 $61,050.00
50218LAC0 LSTAR COMMERCIAL MORTGAGE TR FLT 2.76700 01/20/2041 US 15,386.94 $15,349.43
505742AD8 LADDER CAP FIN LLLP/CORP 5.87500 08/01/2021 US 75,000 $77,250.00
512816109 LAMAR ADVERTISING CO US LAMR 960 $71,270.40
517942108 LASALLE HOTEL PROPERTIES US LHO 785 $22,034.95
53223X107 LIFE STORAGE INC US LSI 375 $33,401.25
532457108 ELI LILLY & CO US LLY 1,055 $89,105.30
534187109 LINCOLN NATL CORP IND US LNC 580 $44,584.60
539439AM1 LLOYDS BANKING GROUP PLC 4.58200 12/10/2025 GB 893,000 $936,356.48
539830109 LOCKHEED MARTIN CORP US LMT 512 $164,377.60
550021109 LULULEMON - ADR CA LULU 6,070 $477,041.30
554382101 THE MACERICH CO US MAC 490 $32,183.20
559222AR5 MAGNA INTERNATIONAL INC 4.15000 10/01/2025 CA 650,000 $690,795.50
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 80,000 $77,600.00
5671735 SANOFI-AVENTIS FR SAN FP 943 $81,184.50
57636Q104 MASTERCARD INC-CLASS A US MA 4,160 $629,657.60
580037AB5 MCDERMOTT INTERNATIONAL 8.00000 05/01/2021 PA 70,000 $71,949.50
580135101 MCDONALDS CORP US MCD 1,192 $205,167.04
58503F106 MEDLEY CAPITAL CORP US MCC 3,340 $17,434.80
58933Y105 MERCK & CO INC US MRK 5,380 $302,732.60
59001ABA9 MERITAGE HOMES CORP 5.12500 06/06/2027 US 50,000 $50,875.00
594918104 MICROSOFT CORP US MSFT 7,755 $663,362.70
59522J103 MID-AMERICA APARTMENT COMM US MAA 565 $56,816.40
6174467X1 MORGAN STANLEY 5.00000 11/24/2025 US 630,000 $689,372.30
61744YAG3 MORGAN STANLEY FLT 2.61703 05/08/2024 US 715,000 $730,035.50
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 45,000 $44,493.75
624758108 MUELLER WATER PRODUCTS INC - A US MWA 7,260 $90,967.80
62942M201 NTT DOCOMO INC -SPON ADR JP DCM 6,818 $162,063.86
62944TAE5 NVR INC 3.95000 09/15/2022 US 670,000 $699,424.30
633067D34 NATIONAL BANK OF CANADA 1.40000 04/20/2018 CA 1,650,000 $1,648,369.85
637417106 NATIONAL RETAIL PROPERTIES US NNN 865 $37,307.45
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 437,926.16 $447,382.87
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 523,969.76 $536,675.24
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 640,282.93 $654,235.08
654106103 NIKE INC CLASS B US NKE 1,105 $69,117.75
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 155,000 $160,037.50
66977WAQ2 NOVA CHEMICALS CORP 4.87500 06/01/2024 CA 50,000 $49,875.00
66987V109 NOVARTIS AG- REG CH NVS 10,600 $889,976.00
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 465 $111,851.10
680223104 OLD REPUBLIC INTL CORP US ORI 2,090 $44,684.20
683235AA3 ONTARIO (PROVINCE OF) 2.00000 09/27/2018 CA 450,000 $450,185.07
68323ADY7 ONTARIO (PROVINCE OF) 1.25000 06/17/2019 CA 450,000 $444,352.86
69007J106 OUTFRONT MEDIA INC US OUT 2,775 $64,380.00
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 60,000 $61,950.00
69318FAG3 PBF HOLDING CO LLC 7.25000 06/15/2025 US 75,000 $78,750.00
693475105 PNC FINANCIAL SERVICES GROUP US PNC 330 $47,615.70
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 40,000 $38,200.00
708062104 PENNANTPARK INVESTMENT CORP US PNNT 3,210 $22,181.10
7110388 ROCHE HOLDING AG-GENUSSCHEIN CH ROG SW 375 $94,820.76
713448108 PEPSICO INC US PEP 2,713 $325,342.96
713448CX4 PEPSICO INC 3.10000 07/17/2022 US 491,000 $502,764.19
71654QCB6 PETROLEOS MEXICANOS 6.87500 08/04/2026 MX 410,000 $464,837.50
717081103 PFIZER INC US PFE 8,125 $294,287.50
71943U104 PHYSICIANS REALTY TRUST US DOC 3,465 $62,335.35
729640102 PLYMOUTH INDUSTRIAL REIT INC US 480 $8,870.40
733174AJ5 POPULAR INC 7.00000 07/01/2019 US 95,000 $98,800.00
741503403 PRICELINE GROUP INC US PCLN 720 $1,251,172.80
741503AZ9 PRICELINE GROUP INC/THE 3.60000 06/01/2026 US 1,050,000 $1,054,497.01
74251V102 PRINCIPAL FINANCIAL GROUP US PFG 640 $45,158.40
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 300,000 $297,564.15
74340W103 PROLOGIS US PLD 1,715 $110,634.65
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 455,000 $497,087.50
74460D109 PUBLIC STORAGE INC US PSA 245 $51,205.00
74736K101 QORVO INC US QRVO 12,955 $862,803.00
747525103 QUALCOMM INC US QCOM 2,547 $163,058.94
749685103 RPM INTERNATIONAL INC US RPM 2,750 $144,155.00
755111507 RAYTHEON COMPANY US RTN 632 $118,721.20
758849103 REGENCY CENTERS CORP US REG 585 $40,470.30
75886F107 REGENERON PHARMACEUTICALS INC US REGN 2,010 $755,679.60
7591EP100 REGIONS FINANCIAL CORP. US RF 2,770 $47,865.60
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 1,115 $32,513.40
767754CH5 RITE AID CORP 6.12500 04/01/2023 US 15,000 $13,537.50
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 95,000 $99,512.50
780097AY7 ROYAL BK SCOTLND GRP PLC 6.10000 06/10/2023 GB 25,000 $27,529.06
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 1,420 $96,971.80
78408XAD3 SCGT 2013-SRP1 AJ FLT 3.42703 11/15/2026 US 1,550,000 $1,544,923.60
78442FET1 SLM CORP 6.12500 03/25/2024 US 60,000 $60,750.00
78442PGC4 SLM CORP 5.12500 04/05/2022 US 80,000 $83,200.00
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 875,000 $869,690.50
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 410,000 $460,621.98
80105N105 SANOFI-AVENTIS-ADR FR SNY 4,307 $185,201.00
80282KAQ9 SANTANDER HOLDINGS USA 3.40000 01/18/2023 US 640,000 $637,506.26
806857108 SCHLUMBERGER LTD NL SLB 9,880 $665,813.20
808524797 SCHWAB US DVD EQUITY ETF US 2,149 $109,964.33
81211K100 SEALED AIR CORP US SEE 11,655 $574,591.50
812578102 SEATTLE GENETICS INC US SGEN 11,910 $637,185.00
81663AAC9 SEMGROUP CORP 6.37500 03/15/2025 US 85,000 $83,725.00
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 334,287.99 $333,452.27
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 455,755.17 $453,645.48
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 354,479.53 $334,817.08
81762P102 SERVICENOW INC US NOW 9,740 $1,269,998.60
81783QAC9 SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 CA 50,000 $50,500.00
828806109 SIMON PROPERTY GROUP INC US SPG 900 $154,566.00
82967NAY4 SIRIUS XM RADIO INC 3.87500 08/01/2022 US 20,000 $20,050.00
83088M102 SKYWORKS SOLUTIONS INC US SWKS 12,870 $1,222,006.50
83401LAB0 SOFI 2015-A A2 2.42000 03/25/2030 US 588,655.74 $588,801.79
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 406,000 $400,863.25
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 44,524.81 $44,309.73
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 130,000 $127,884.38
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 58,119.67 $57,884.80
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 621,495.22 $619,872.06
834423AA3 SOLVAY FINANCE (AMERICA) 3.40000 12/03/2020 US 489,000 $499,321.47
835495102 SONOCO PRODUCTS CO US SON 2,630 $139,758.20
84265V105 SOUTHERN COPPER CORPORATION US SCCO 4,020 $190,749.00
84265VAH8 SOUTHERN COPPER CORP 3.87500 04/23/2025 US 440,000 $456,293.05
844741108 SOUTHWEST AIRLS CO US LUV 1,145 $74,940.25
845467AL3 SOUTHWESTERN ENERGY CO 6.70000 01/23/2025 US 70,000 $72,712.50
852061AK6 SPRINT COMMUNICATIONS 9.00000 11/15/2018 US 25,000 $26,315.00
852061AR1 SPRINT COMMUNICATIONS 7.00000 08/15/2020 US 25,000 $26,500.00
85254J102 STAG INDUSTRIAL INC US STAG 3,425 $93,605.25
85571BAJ4 STARWOOD PROPERTY TRUST 4.75000 03/15/2025 US 40,000 $39,700.00
85571XAA5 SRPT 2014-STAR A FLTG RATE 2.69703 11/15/2027 US 932,433.49 $933,102.70
862121100 STORE CAPITAL CORP US STOR 2,935 $76,427.40
866674104 SUN COMMUNITIES US SUI 365 $33,864.70
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 2,055 $33,969.15
867914103 SUNTRUST BANKS INC US STI 705 $45,535.95
871829107 SYSCO CORP US SYY 1,296 $78,706.08
874039100 TAIWAN SEMICONDUCTOR - SP ADR TW TSM 7,275 $288,453.75
87470LAA9 TALLGRASS NRG PRTNR/FIN 5.50000 09/15/2024 US 105,000 $107,756.25
87612E106 TARGET CORP US TGT 1,306 $85,216.50
876664103 TAUBMAN CTRS INC US TCO 250 $16,357.50
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 278,676.22 $278,977.64
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 85,000 $69,700.00
88033GBW9 TENET HEALTHCARE CORP 6.75000 02/01/2020 US 25,000 $25,250.00
88146M101 TERRENO REALTY CORP US TRNO 945 $33,131.70
882508104 TEXAS INSTRUMENTS INC US TXN 6,420 $670,504.80
88579Y101 3M CO US MMM 1,599 $376,356.63
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 1,077,981.8 $1,070,221.73
89613BAA5 TAH 2013-SFR1 A 2.58900 11/17/2033 US 810,000 $798,619.82
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 500,000 $497,947.00
896356AE2 TRINIDAD DRILLING LTD 6.62500 02/15/2025 CA 75,000 $71,250.00
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 75,000 $80,625.00
902653104 UDR INC US UDR 1,200 $46,224.00
902973304 U.S. BANCORP US USB 2,999 $160,686.42
903002103 UMH PROPERTIES INC US UMH 1,720 $25,628.00
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 40,000 $40,276.00
904767704 UNILEVER PLC - ADR GB UL 14,400 $796,896.00
907818108 UNION PAC CORP US UNP 1,307 $175,268.70
911312106 UNITED PARCEL SERVICE US UPS 1,500 $178,725.00
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 1,259,000 $1,770,026.14
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 2,046,000 $2,725,735.54
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 985,732.86 $995,326.67
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 1,420,000 $1,353,714.84
912828D23 US TREASURY N/B 1.62500 04/30/2019 US 5,021,000 $5,005,505.55
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 1,639,672.11 $1,636,309.55
912828K58 UNITED STATES TREAS NTS 1.37500 04/30/2020 US 5,127,000 $5,063,513.33
912828Q78 US TREASURY N/B 1.37500 04/30/2021 US 5,210,000 $5,097,252.37
912828RT9 US TREASURY N/B 1.37500 11/30/2018 US 1,000,000 $996,289.06
912828S76 US TREASURY N/B 1.12500 07/31/2021 US 2,279,000 $2,203,864.22
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 927,998.29 $920,791.23
912828WZ9 UNITED STATES TREAS NTS 1.75000 04/30/2022 US 5,209,000 $5,119,266.85
913017109 UNITED TECHNOLOGIES CORP US UTX 1,283 $163,672.31
91704F104 URBAN EDGE PROPERTIES US UE 2,580 $65,764.20
91911KAJ1 VALEANT PHARMACEUTICALS 6.50000 03/15/2022 CA 15,000 $15,750.00
91913Y100 VALERO ENERGY US VLO 1,089 $100,089.99
92276F100 VENTAS INC US VTR 530 $31,805.30
92339V100 VEREIT INC US VER 5,125 $39,923.75
92343VDY7 VERIZON COMMUNICATIONS 4.12500 03/16/2027 US 890,000 $928,014.53
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 3,280 $491,540.80
92826C839 VISA INC - CLASS A SHARES US V 5,580 $636,231.60
92826CAC6 VISA INC 2.80000 12/14/2022 US 680,000 $689,962.44
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 50,000 $51,774.83
929042109 VORNADO REALTY TRUST US VNO 880 $68,798.40
931142103 WAL MART STORES US WMT 3,708 $366,165.00
94106L109 WASTE MANAGEMENT INC US WM 2,102 $181,402.60
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 70,000 $69,650.00
94856TAA2 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 75,000 $74,625.00
949746101 WELLS FARGO COMPANY US WFC 8,865 $537,839.55
95040Q104 WELLTOWER INC. US HCN 925 $58,987.25
962166104 WEYERHAEUSER CO US WY 16,680 $588,136.80
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 50,000 $51,000.00
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 45,000 $48,037.50
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 670,000 $671,392.57
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 476,107 $480,700.48
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 536,293.18 $544,589.10
98416JAE0 XERIUM TECHNOLOGIES INC 9.50000 08/15/2021 US 50,000 $50,625.00
98919V105 ZAYO GROUP HOLDINGS INC US ZAYO 13,010 $478,768.00
98954UAB9 ZIGGO BOND FINANCE BV 6.00000 01/15/2027 NL 20,000 $19,500.00
B15C557 TOTAL SA FR FP FP 1,140 $62,927.74
B1VWPC8 UK TSY 5% 2018 5.00000 03/07/2018 GB 89,000 $121,172.47
B1YY4B3 UNIBAIL-RODAMCO SE FR UL NA 135 $33,972.92
B3FP8W8 CANADA HOUSING TRUST 4.10000 12/15/2018 CA 110,000 $89,597.93
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 400,000 $19,648.57
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 140,000 $115,677.65
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 1,100,000 $53,550.21
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 240,000 $181,540.09
B5W0S97 ROYAL BANK OF CANADA 3.77000 03/30/2018 CA 125,000 $100,000.99
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 1,800,000 $92,286.33
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 350,000 $17,810.17
BBG00B6C5VY1 REGN US 01/19/18 P350 US -5 -$740.00
BBG00BKPTRR7 LULU US 01/19/18 C80 CA -23 -$4,209.00
BBG00J640583 MDT US 12/29/17 P77.5 IE -23 -$69.00
BBG00JG6RS79 SWKS US 12/29/17 C97.5 US -19 -$95.00
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 17,145 $31,350.76
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 6,520 $337,461.87
BP269Z8 AXIA REAL ESTATE SOCIMI SA ES AXIA SM 720 $15,912.84
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 5,150 $574,951.70
G29183103 EATON CORP PLC US ETN 1,114 $88,017.14
G3157S106 ENSCO INTERNATIONAL INC US ESV 19,240 $113,708.40
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 65,000 $68,737.50
G5960L103 MEDTRONIC INC IE MDT 11,806 $953,334.50
G6518L108 NIELSEN HOLDINGS PLC US NLSN 18,975 $690,690.00
G96629103 WILLIS TOWERS WATSON PLC GB WLTW 290 $43,700.10
G97822103 PERRIGO CO PLC IE PRGO 1,140 $99,362.40
H1467J104 CHUBB LTD CH CB 455 $66,489.15
H8817H100 TRANSOCEAN LTD US RIG 28,690 $306,409.20
N47279109 INTERXION HOLDING NX NL INXN 1,035 $60,992.55
N53745100 LYONDELLBASELL INDU-CL A US LYB 930 $102,597.60
USD US DOLLAR US 1,846,099.99 $1,846,099.99

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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