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

$11.74

Daily $ Change

-$0.01

Daily % Change

-0.09%

as of 11/14/2018

CUSIP

302027123

Inception Date

10/15/2013

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

Important Documents

Annual Report
Applications & Forms

Performance

As of 10/31/2018

YTD

-1.18%

1 Year

-0.34%

3 Year

3.34%

5 Year

2.90%

10 Year

5.71%

Inception
(01/01/2000)

5.68%

US Stock Market Cycle (04/01/2000 - 10/31/2018)

5.62%

Performance through the inception date of the Pro-Mix® CIT Class U units is based on the historical performance of the CIT's oldest unit class. Returns are net of Pro-Mix CIT® Class U 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 0.54%
Net 0.49%*

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

Top Ten Investments

As of 10/31/2018

TREASURY NOTES 14.83%
GOVERNMENT AGENCY 8.72%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 5.27%
TREASURY BONDS 3.39%
SWEDISH EXPORT CREDIT 1.12500 08/28/2019 1.15%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 1.04%
MORGAN STANLEY FLT 3.56325 05/08/2024 1.04%
JPMORGAN CHASE & CO 6.30000 04/23/2019 1.03%
BANK OF AMERICA CORP 4.00000 01/22/2025 1.03%
PRICELINE GROUP INC/THE 3.60000 06/01/2026 1.03%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 10/31/2018

Bonds 69.92%
Stocks 28.29%
Cash 1.79%

Detailed Asset Class Allocation

As of 10/31/2018

International Equities 6.18%
Small Capitalization 0.90%
Mid Capitalization 2.97%
Large Capitalization 18.24%
Long Term Fixed Income 20.61%
Intermediate Term Fixed Income 29.11%
Short Term Fixed Income 20.20%
Cash 1.79%

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

October Fund Holdings

As of 10/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
000375204 ABB LTD-SPON ADR CH ABB 3,735 $74,924.10
00101JAM8 ADT CORP 5.25000 03/15/2020 US 30,000 $30,300.00
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 980,000 $950,367.75
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 1,700,000 $1,676,560.32
00287Y109 ABBVIE INC US ABBV 2,139 $166,521.15
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 105,000 $108,150.00
004239109 ACADIA REALTY TRUST US AKR 530 $14,755.20
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 960,000 $937,431.33
008492100 AGREE REALTY CORP US ADC 340 $19,471.80
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 25,000 $25,692.50
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 130 $15,889.90
01609W102 ALIBABA GROUP - ADR CN BABA 2,890 $411,189.20
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 50,000 $50,250.00
020002101 ALLSTATE CORPORATION US ALL 445 $42,595.40
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 55,000 $54,931.25
02079K107 ALPHABET INC-CL C US GOOG 450 $484,546.50
02079K305 ALPHABET INC-CL A US GOOGL 240 $261,739.20
023135106 AMAZON.COM INC US AMZN 150 $239,701.50
02319V103 AMBEV SA-ADR BR ABEV 60,500 $261,965.00
0237400 DIAGEO PLC GB DGE LN 18,385 $635,597.43
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 395 $15,606.45
02665T306 AMERICAN HOMES 4 RENT- A US AMH 3,245 $68,372.15
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 1,050,000 $992,496.81
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 45,000 $44,100.00
03027X100 AMERICAN TOWER REIT INC US AMT 1,900 $296,039.00
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 31,042.72 $31,183.00
03064D108 AMERICOLD REALTY TRUST US COLD 590 $14,602.50
031162100 AMGEN INC US AMGN 887 $171,004.73
03748R101 APARTMENT INVT & MGMT CO -A US AIV 1,165 $50,141.60
037612306 APOLLO GLOBAL MANAGMENT - A US APO 1,960 $57,663.20
037833100 APPLE COMPUTER INC US AAPL 685 $149,919.10
03784Y200 APPLE HOSPITALITY REIT INC US APLE 1,590 $25,710.30
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 40,000 $37,500.00
04014Y101 ARES MANAGEMENT LP US ARES 1,980 $38,827.80
053015103 AUTOMATIC DATA PROCESSING US ADP 783 $112,814.64
053484101 AVALONBAY COMMUNITIES INC US AVB 715 $125,396.70
055622104 BP PLC-SPONS ADR GB BP 3,425 $148,542.25
058498106 BALL CORP US BLL 13,670 $612,416.00
060505104 BANK OF AMERICA CORP US BAC 9,080 $249,700.00
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 1,540,000 $1,499,710.80
06652K103 BANKUNITED INC US BKU 780 $25,818.00
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 1,340 $275,075.20
088606108 BHP LIMITED-SPONS ADR AU BHP 2,661 $122,884.98
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 4,715 $434,581.55
09247X101 BLACKROCK INC US BLK 1,155 $475,190.10
09253U108 BLACKSTONE GROUP LP/THE US BX 1,905 $61,645.80
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 1,420,000 $1,483,775.25
097023105 BOEING CO US BA 663 $235,272.18
09857L108 BOOKING HOLDINGS INC US BKNG 450 $843,561.00
0989529 ASTRAZENECA PLC GB AZN LN 1,295 $99,054.14
101121101 BOSTON PROPERTIES INC US BXP 730 $88,154.80
105368203 BRANDYWINE REALTY TRUST US BDN 3,945 $55,466.70
110122108 BRISTOL MYERS SQUIBB CO US BMY 9,288 $469,415.52
11135F101 BROADCOM INC US AVGO 409 $91,407.41
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 30,000 $28,950.00
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 50,000 $48,750.00
12503M108 CBOE GLOBAL MARKETS INC US CBOE 1,380 $155,733.00
12572Q105 CME GROUP INC US CME 780 $142,927.20
125896100 CMS ENERGY CORP US CMS 1,790 $88,640.80
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 1,020,000 $1,019,082.00
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 95,000 $91,556.25
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 517,847.91 $477,456.91
126650100 CVS HEALTH CORP US CVS 1,552 $112,349.28
149123101 CATERPILLAR INC US CAT 634 $76,916.88
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 2,972 $26,302.20
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 47,927.18 $47,822.34
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 417,549.23 $415,693.77
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 95,000 $85,975.00
165240102 CHESAPEAKE LODGING TRUST US CHSP 830 $24,393.70
166764100 CHEVRON CORP US CVX 1,145 $127,839.25
16941R108 CHINA PETROLEUM & CHEM-ADR CN SNP 1,626 $131,153.16
17275R102 CISCO SYSTEMS INC US CSCO 5,335 $244,076.25
172967424 CITIGROUP INC US C 3,250 $212,745.00
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 1,050,000 $1,466,057.97
191216100 COCA COLA CO/THE US KO 6,150 $294,462.00
194162103 COLGATE-PALMOLIVE CO US CL 2,683 $159,772.65
19625JAA1 CAH 2015-1A A 3.48713 07/17/2032 US 850,431.89 $850,433.00
19626G108 COLONY CAPITAL INC US CLNY 11,872 $69,688.64
199908104 COMFORT SYSTEMS US FIX 1,140 $60,967.20
20030N101 COMCAST CORP-CL A US CMCSA 4,434 $169,112.76
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 3,678 $109,310.16
2099084 BORALEX INC -A CA BLX CN 2,350 $30,346.77
21871N101 CORECIVIC INC US CXW 3,515 $78,946.90
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 675,000 $715,412.43
222795106 COUSINS PROPERTIES INC US CUZ 6,875 $57,131.25
22282E102 COVANTA HOLDING CORP US CVA 6,720 $98,716.80
22282EAH5 COVANTA HOLDING CORP 6.00000 01/01/2027 US 45,000 $43,425.00
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 50,000 $48,050.00
22822V101 CROWN CASTLE INTL CORP US CCI 1,475 $160,391.50
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 368,343.62 $333,849.35
229663109 CUBESMART US CUBE 420 $12,171.60
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 30,000 $30,337.50
23918K108 DAVITA INC. US DVA 6,770 $455,891.80
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 70,000 $66,150.00
247361702 DELTA AIR LINES INC. US DAL 1,070 $58,561.10
25271C102 DIAMOND OFFSHORE DRILLING US DO 10,300 $146,054.00
253393102 DICK'S SPORTING GOODS INC US DKS 1,980 $70,032.60
253868103 DIGITAL REALTY TRUST INC US DLR 1,315 $135,786.90
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 1,050,000 $971,131.47
256677105 DOLLAR GENERAL CORP US DG 1,115 $124,188.70
26078J100 DOWDUPONT INC US DWDP 1,866 $100,614.72
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 100,000 $99,750.00
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 100,000 $99,750.00
269246401 ETRADE FINANCIAL CORP US ETFC 2,780 $137,387.60
2715777 QUEBECOR INC -CL B CA QBR/B CN 7,950 $155,926.17
277276101 EASTGROUP PROPERTIES US EGP 150 $14,368.50
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 7,260 $135,168.52
285512109 ELECTRONIC ARTS US EA 4,190 $381,206.20
291011104 EMERSON ELEC CO US EMR 1,229 $83,424.52
294429105 EQUIFAX INC US EFX 2,620 $265,772.80
29444U700 EQUINIX INC US EQIX 1,575 $596,515.50
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 365 $34,561.85
29476L107 EQUITY RESIDENTIAL US EQR 1,335 $86,721.60
297178105 ESSEX PROPERTY TRUST INC US ESS 225 $56,425.50
30161N101 EXELON CORP US EXC 1,255 $54,981.55
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 1,550,000 $1,524,487.00
30225T102 EXTRA SPACE STORAGE INC US EXR 350 $31,521.00
30231G102 EXXON MOBIL CORP US XOM 4,430 $352,982.40
302491303 FMC CORP US FMC 1,615 $126,099.20
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 54,916.33 $54,623.03
30262DAL5 FREMF 2011-K13 B 4.61146 01/25/2048 US 410,000 $418,992.78
30262SAR9 FREMF 2015-K42 B FLT 3.85159 12/25/2024 US 180,000 $175,977.88
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 55,000 $55,770.00
30287EAE0 FREMF 2014-K41 B FLT 3.83206 11/25/2047 US 700,000 $685,518.96
30291EAE4 FREMF 2013-K712 B FLT 3.35777 05/25/2045 US 1,150,000 $1,148,112.97
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 10,962,484.37 $37,338.22
3128M1AM1 FHLM POOL G11912 5.50000 03/01/2021 US 13,633.18 $13,776.59
3128M6HZ4 FHLM POOL G04448 5.50000 07/01/2038 US 177,412.13 $190,219.73
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 3,945.66 $4,234.57
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 16,492.48 $18,140.49
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 138,695.1 $152,606.11
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 46,655.76 $50,179.71
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 93,737.74 $96,300.05
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 6,938.04 $7,099.53
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 6,212.47 $6,401.22
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 653,914.94 $672,635.02
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 96,238.5 $103,005.67
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 50,649.24 $52,171.16
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 497,837.43 $515,828.22
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 160,559.19 $160,787.52
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 595,286.38 $595,844.40
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 6,331.03 $6,381.86
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 432,690.87 $426,957.28
31371MLB1 FEDERAL NATL MTG ASSN 256022 5.50000 12/01/2035 US 57,154.02 $61,241.66
31371MRU3 FEDERAL NATL MTG ASSN 256199 5.00000 04/01/2021 US 6,549.77 $6,751.03
31371NDQ5 FEDERAL NATL MTG ASSN 256711 5.50000 05/01/2037 US 7,504.03 $8,028.59
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 120 $14,886.00
3137A2B34 FHMS K009 X1 FLT 1.27965 08/25/2020 US 1,118,615.93 $20,157.91
3137ADTK3 FHMS K014 X1 FLT 1.14903 04/25/2021 US 11,052,966.79 $270,012.93
3137AJMG6 FMHS K016 X1 FLT 1.50068 10/25/2021 US 2,484,228.97 $91,422.86
3137AUPF0 FHMS K021 x1 FLT 1.44696 06/25/2022 US 15,952,746.96 $689,444.22
3137B3NB0 FHMS K030 X1 FLT 0.19863 04/25/2023 US 30,520,337.01 $235,787.92
3137B4GZ3 FHMS K032 X1 FLT 0.10471 05/25/2023 US 17,911,190.31 $84,492.46
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 560,667.41 $568,477.06
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 560,417.08 $576,638.13
3138A7BL1 FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 290,249.25 $299,539.36
3138AJ4A7 FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 31,643.24 $32,410.95
3138EPLE2 FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 110,620.23 $114,496.87
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65400 01/01/2049 US 690,983.32 $735,760.14
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 931,106.16 $910,270.90
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 656,577.12 $678,766.64
3138YTGK4 FEDERAL NATL MTG ASSN AZ2001 3.50000 05/01/2045 US 1,081,761.83 $1,057,755.91
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 64,796.59 $69,471.92
31403DVZ9 FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 10,724.18 $11,933.75
31406PTV1 FEDERAL NATL MTG ASSN 816064 4.50000 04/01/2020 US 6,581.34 $6,675.54
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 647,366.79 $648,044.01
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 110,309.62 $110,419.09
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 602,675.91 $603,104.95
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 174,518.68 $178,853.51
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 505,486.98 $528,184.18
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 407,779.67 $426,048.80
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 517,462.87 $530,480.62
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 218,547.13 $228,327.35
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 329,363.99 $344,086.43
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 4,795.59 $4,915.91
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 5,873.46 $6,019.71
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 44,159.56 $44,913.62
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 53,629.97 $54,549.31
31410HAQ4 MACYS RETAIL HLDGS INC 6.90000 04/01/2029 US 450,000 $472,044.05
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 18,220 $19,461.52
31410WSY5 FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 13,223.15 $14,558.48
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 41,313.5 $44,124.08
31411RHZ4 FEDERAL NATL MTG ASSN 912948 5.00000 05/01/2038 US 4,509.88 $4,705.40
31413CCL1 FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 5,377.2 $5,774.57
31413MR66 FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 18,416.5 $20,442.45
31413S6R0 FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 11,990.29 $13,026.16
31414CQ50 FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 2,660.24 $2,895.79
31414DJ23 FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 11,220.5 $12,142.73
31414QX28 FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 8,773.36 $8,963.16
31414UF52 FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 47,529.66 $48,296.52
31415ALX7 FEDERAL NATL MTG ASSN 981042 6.00000 04/01/2038 US 12,676.61 $13,613.41
31415BBC2 FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 15,515.34 $16,349.43
31415BBT5 FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 10,605.44 $11,140.16
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 30,484.01 $31,029.74
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 18,301.66 $18,952.54
31418B6G6 FEDERAL NATL MTG ASSN FN MA2670 3.00000 07/01/2046 US 424,390.79 $401,962.92
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 259,704.28 $267,247.06
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 228,516.45 $235,159.58
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 467,544.4 $442,811.49
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 560,068.84 $573,962.36
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 30,919.31 $33,803.46
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 104,607.12 $111,693.29
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 18,929.05 $20,254.00
31428X106 FEDEX CORPORATION US FDX 1,800 $396,612.00
316773100 FIFTH THIRD BANCORP US FITB 985 $26,585.15
32054K103 FIRST INDUSTRIAL REALTY TR US FR 785 $24,099.50
336130AB5 FIRST QUALITY FINANCE CO 5.00000 07/01/2025 US 60,000 $55,200.00
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 35,000 $34,387.50
357081AE8 FREMF 2015-K720 B FLT 3.39033 07/25/2022 US 100,000 $97,193.50
35802XAD5 FRESENIUS MED CARE II 5.62500 07/31/2019 US 1,196,000 $1,214,659.53
36143WAN1 GAHR 2015-NRF BFX FLT 3.38216 12/15/2034 US 1,100,000 $1,096,594.40
36143WAS0 GAHR 2015-NRF DFX FLT 3.38216 12/15/2034 US 440,000 $436,736.17
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 115,000 $112,437.62
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 21,823.46 $21,959.03
36294VKJ8 GNMA POOL 660997 5.50000 05/15/2037 US 31,240.15 $33,213.13
363576109 ARTHUR J GALLAGHER & CO US AJG 715 $52,917.15
37045VAR1 GENERAL MOTORS CO FLT 3.22706 09/10/2021 US 950,000 $948,626.30
371559105 GENESEE & WYOMING INC -CL A US GWR 3,820 $302,658.60
37185LAF9 GENESIS ENERGY LP/GENESI 5.62500 06/15/2024 US 35,000 $31,675.00
374297109 GETTY REALTY CORP US GTY 990 $26,561.70
375558103 GILEAD SCIENCES INC US GILD 1,867 $127,292.06
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 105,000 $100,012.50
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 461,681 $422,953.21
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 12,345 $135,918.45
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 50,000 $48,500.00
404121AH8 HCA INC 5.37500 09/01/2026 US 45,000 $44,662.50
40414L109 HCP INC US HCP 1,870 $51,518.50
421946104 HEALTHCARE REALTY TRUST INC US HR 1,155 $32,178.30
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 1,305 $34,269.30
42809H107 HESS CORP US HES 1,425 $81,795.00
437076102 HOME DEPOT INC US HD 1,291 $227,061.08
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 3,151 $89,803.50
438516106 HONEYWELL INTERNATIONAL INC US HON 1,010 $146,268.20
44107P104 HOST MARRIOTT CORP US HST 3,285 $62,776.35
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 80,000 $76,000.00
446150104 HUNTINGTON BANCSHARES US HBAN 1,835 $26,295.55
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 75,000 $72,562.50
45337C102 INCYTE CORP US INCY 13,010 $843,308.20
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 2,095 $20,761.45
45763PAE6 INMARSAT FINANCE PLC 4.87500 05/15/2022 GB 85,000 $83,259.20
458140100 INTEL CORP US INTC 11,164 $523,368.32
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 1,920 $147,916.80
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 1,207 $139,324.01
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 1,040,000 $1,056,586.99
46187BAA1 IHSFR 2017-SFR2 A 3.13950 12/17/2036 US 158,820.14 $158,968.92
46187BAB9 IHSFR 2017-SFR2 B 3.43950 12/17/2036 US 120,000 $120,790.10
46187W107 INVITATION HOMES INC US INVH 2,826 $61,832.88
464287598 ISHARES RUSSELL 1000 VALUE US 1,745 $209,557.05
464287739 ISHARES DJ US REAL ESTATE US 395 $30,853.45
466032109 J&J SNACK FOODS CORP US JJSF 665 $103,846.40
46625H100 JP MORGAN CHASE & CO US JPM 5,299 $577,696.98
46625HHL7 JPMORGAN CHASE & CO 6.30000 04/23/2019 US 1,480,000 $1,503,968.33
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 44,069.87 $44,458.50
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 259,999.84 $246,357.13
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 296,546.97 $286,176.13
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 338,891.74 $331,968.52
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 494,951.81 $484,878.55
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 359,226.9 $351,691.40
4741844 MERCK KGAA DE MRK GR 2,765 $295,862.39
476405105 JERNIGAN CAPITAL INC US JCAP 3,900 $76,323.00
478160104 JOHNSON & JOHNSON US JNJ 8,624 $1,207,273.76
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 95,000 $75,525.00
485170302 KANSAS CITY SOUTHERN US KSU 1,205 $122,861.80
493267108 KEYCORP US KEY 4,435 $80,539.60
49446R109 KIMCO REALTY CORP US KIM 1,410 $22,686.90
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 1,280,000 $1,466,111.27
500472303 KONINKLIJKE PHILIPS NVR - NY ADR NL PHG 1,715 $63,849.45
500754106 KRAFT HEINZ CO/THE US KHC 1,542 $84,763.74
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 65,000 $61,750.00
50212YAB0 LPL HOLDINGS INC 5.75000 09/15/2025 US 60,000 $58,275.00
502160AM6 LSB INDUSTRIES 9.62500 05/01/2023 US 55,000 $57,062.50
50218LAC0 LSTAR COMMERCIAL MORTGAGE TR FLT 2.76700 01/20/2041 US 1,529.01 $1,525.51
505742AD8 LADDER CAP FIN LLLP/CORP 5.87500 08/01/2021 US 45,000 $45,337.50
512816109 LAMAR ADVERTISING CO US LAMR 830 $60,855.60
529043101 LEXINGTON REALTY TRUST US LXP 2,830 $21,989.10
531172104 LIBERTY PROPERTY TRUST US LPT 1,295 $54,221.65
532457108 ELI LILLY & CO US LLY 2,324 $252,014.56
534187109 LINCOLN NATL CORP IND US LNC 610 $36,715.90
53815P108 LIVERAMP HOLDINGS INC US RAMP 8,860 $404,724.80
539830109 LOCKHEED MARTIN CORP US LMT 391 $114,895.35
550021109 LULULEMON - ADR CA LULU 3,720 $523,515.60
554382101 THE MACERICH CO US MAC 210 $10,840.20
55616XAC1 MACYS RETAIL HLDGS INC 7.00000 02/15/2028 US 450,000 $475,206.07
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 80,000 $75,200.00
56585A102 MARATHON PETROLEUM CORP US MPC 902 $63,545.90
5671735 SANOFI-AVENTIS FR SAN FP 1,313 $117,329.80
57636Q104 MASTERCARD INC-CLASS A US MA 3,610 $713,588.70
580135101 MCDONALDS CORP US MCD 1,059 $187,337.10
58933Y105 MERCK & CO INC US MRK 10,964 $807,060.04
59001ABA9 MERITAGE HOMES CORP 5.12500 06/06/2027 US 35,000 $30,800.00
594918104 MICROSOFT CORP US MSFT 9,140 $976,243.40
59522J103 MID-AMERICA APARTMENT COMM US MAA 500 $48,855.00
60871R209 MOLSON COORS BREWING CO -B US TAP 680 $43,520.00
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 14,878 $624,578.44
61744YAG3 MORGAN STANLEY FLT 3.56325 05/08/2024 US 1,500,000 $1,515,825.00
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 75,000 $76,125.00
624758108 MUELLER WATER PRODUCTS INC - A US MWA 5,595 $57,404.70
62913TAM4 NGL ENRGY PART LP/FIN CO 6.12500 03/01/2025 US 50,000 $45,500.00
62943WAE9 NRG YIELD OPERATING LLC 5.00000 09/15/2026 US 30,000 $27,900.00
637417106 NATIONAL RETAIL PROPERTIES US NNN 595 $27,816.25
637870106 NATIONAL STORAGE AFFILIATES US NSA 455 $12,116.65
63938CAE8 NAVIENT CORP 7.25000 09/25/2023 US 45,000 $46,575.00
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 353,497.72 $351,660.77
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 430,656.67 $427,993.02
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 537,357.16 $533,315.70
651229106 NEWELL BRANDS INC US NWL 5,045 $80,114.60
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 75,000 $75,513.75
66987V109 NOVARTIS AG- REG CH NVS 10,620 $928,825.20
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 235 $75,376.25
680223104 OLD REPUBLIC INTL CORP US ORI 2,155 $47,517.75
68323ADY7 ONTARIO (PROVINCE OF) 1.25000 06/17/2019 CA 450,000 $445,725.00
69007J106 OUTFRONT MEDIA INC US OUT 2,405 $42,616.60
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 70,000 $70,962.50
693475105 PNC FINANCIAL SERVICES GROUP US PNC 345 $44,329.05
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 80,000 $76,110.40
70338P100 PATTERN ENERGY GROUP INC -A US PEGI 2,255 $40,409.60
7123870 NESTLE SA-REGISTERED CH NESN SW 3,490 $294,636.65
713448108 PEPSICO INC US PEP 5,317 $597,524.46
717081103 PFIZER INC US PFE 6,495 $279,674.70
71943U104 PHYSICIANS REALTY TRUST US DOC 4,120 $68,309.60
729640102 PLYMOUTH INDUSTRIAL REIT INC US 2,100 $29,400.00
733174AK2 POPULAR INC 6.12500 09/14/2023 PR 50,000 $50,590.00
741503AZ9 PRICELINE GROUP INC/THE 3.60000 06/01/2026 US 1,570,000 $1,499,412.23
74251V102 PRINCIPAL FINANCIAL GROUP US PFG 660 $31,066.20
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 300,000 $289,152.21
74340W103 PROLOGIS US PLD 1,905 $122,815.35
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 960,000 $998,880.00
74460D109 PUBLIC STORAGE INC US PSA 395 $81,160.65
74736K101 QORVO INC US QRVO 10,705 $786,924.55
756109104 REALTY INCOME CORP US O 250 $15,067.50
75886F107 REGENERON PHARMACEUTICALS INC US REGN 1,015 $344,328.60
7591EP100 REGIONS FINANCIAL CORP. US RF 2,820 $47,855.40
76118Y104 RESIDEO TECHNOLOGIES INC US REZI 168.33 $3,543.42
767204100 RIO TINTO PLC - SPON ADR GB RIO 1,928 $95,031.12
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 40,000 $40,868.00
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 1,125 $73,923.75
78410G104 SBA COMMUNICATIONS CORP US SBAC 1,820 $295,149.40
78442PGC4 SLM CORP 5.12500 04/05/2022 US 65,000 $64,675.00
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 875,000 $846,474.21
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 1,410,000 $1,496,888.87
80105N105 SANOFI-AVENTIS-ADR FR SNY 3,558 $159,113.76
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 960,000 $938,731.71
806857108 SCHLUMBERGER LTD NL SLB 10,500 $538,755.00
808513105 CHARLES SCHWAB CORP/THE US SCHW 8,780 $405,987.20
81211K100 SEALED AIR CORP US SEE 14,100 $456,276.00
812578102 SEATTLE GENETICS INC US SGEN 5,610 $314,889.30
81663AAD7 SEMGROUP CORP 6.37500 03/15/2025 US 65,000 $62,887.50
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 303,447.74 $284,114.78
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 415,033.75 $388,882.06
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 321,869.03 $280,440.95
81762P102 SERVICENOW INC US NOW 1,535 $277,896.40
81783QAC9 SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 CA 50,000 $46,625.00
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 45,000 $45,112.50
828806109 SIMON PROPERTY GROUP INC US SPG 895 $164,250.40
83088M102 SKYWORKS SOLUTIONS INC US SWKS 4,160 $360,921.60
83401LAB0 SOFI 2015-A A2 2.42000 03/25/2030 US 380,227.5 $374,412.91
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 406,000 $395,874.40
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 19,451.43 $19,296.95
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 130,000 $125,924.86
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 28,670 $28,408.64
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 254,823.25 $253,628.79
835495102 SONOCO PRODUCTS CO US SON 3,180 $173,564.40
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 940,000 $965,528.41
844741108 SOUTHWEST AIRLS CO US LUV 985 $48,363.50
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 70,000 $68,075.00
852061AK6 SPRINT COMMUNICATIONS 9.00000 11/15/2018 US 25,000 $25,050.00
852061AQ3 SPRINT COMMUNICATIONS 7.00000 03/01/2020 US 25,000 $25,906.25
85254J102 STAG INDUSTRIAL INC US STAG 2,805 $74,220.30
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.49950 11/15/2027 US 911,482.64 $911,606.33
862121100 STORE CAPITAL CORP US STOR 510 $14,805.30
866674104 SUN COMMUNITIES US SUI 645 $64,803.15
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 2,545 $36,826.15
867914103 SUNTRUST BANKS INC US STI 730 $45,741.80
874039100 TAIWAN SEMICONDUCTOR - SP ADR TW TSM 5,745 $218,884.50
87470LAA9 TALLGRASS NRG PRTNR/FIN 5.50000 09/15/2024 US 30,000 $30,187.50
87612E106 TARGET CORP US TGT 1,055 $88,229.65
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 208,897.72 $208,176.00
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 60,000 $56,400.00
88104LAE3 TERRAFORM POWER OPERATIN 5.00000 01/31/2028 US 30,000 $26,812.50
882508104 TEXAS INSTRUMENTS INC US TXN 4,221 $391,835.43
88579Y101 3M CO US MMM 1,160 $220,701.60
88650V208 TIER REIT INC US TIER 2,325 $50,382.75
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 883,975.36 $858,203.41
89613BAA5 TAH 2013-SFR1 A 2.58900 11/17/2033 US 806,532.67 $776,638.54
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 499,467.19 $476,660.37
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 75,000 $75,093.75
902653104 UDR INC US UDR 1,550 $60,744.50
902973304 U.S. BANCORP US USB 2,601 $135,954.27
903002103 UMH PROPERTIES INC US UMH 1,170 $16,766.10
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 40,000 $38,920.00
904767704 UNILEVER PLC - ADR GB UL 12,902 $683,547.96
907818108 UNION PAC CORP US UNP 1,051 $153,677.22
911312106 UNITED PARCEL SERVICE US UPS 1,377 $146,705.58
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 1,159,000 $1,500,497.54
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 1,871,000 $2,252,654.77
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 1,007,639.64 $895,028.04
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 1,420,000 $1,196,849.22
912828D23 US TREASURY N/B 1.62500 04/30/2019 US 9,386,000 $9,346,036.20
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 7,838,198.58 $7,704,602.21
912828R28 US TREASURY N/B 1.62500 04/30/2023 US 3,300,000 $3,112,183.60
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 1,600,000 $1,442,250.00
912828RT9 US TREASURY N/B 1.37500 11/30/2018 US 1,000,000 $999,361.23
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 773,841.99 $745,021.10
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 3,200,000 $3,021,000.00
912828XQ8 US TREASURY N/B 2.00000 07/31/2022 US 3,895,000 $3,762,174.42
913017109 UNITED TECHNOLOGIES CORP US UTX 1,162 $144,332.02
91704F104 URBAN EDGE PROPERTIES US UE 2,580 $52,864.20
91913Y100 VALERO ENERGY US VLO 799 $72,780.91
92276F100 VENTAS INC US VTR 530 $30,761.20
92339V100 VEREIT INC US VER 3,645 $26,717.85
92343V104 VERIZON COMMUNICATIONS US VZ 2,460 $140,441.40
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 1,430,000 $1,490,021.70
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 1,360 $230,465.60
92826C839 VISA INC - CLASS A SHARES US V 5,740 $791,259.00
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 50,000 $50,711.07
929042109 VORNADO REALTY TRUST US VNO 880 $59,910.40
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 45,000 $43,546.50
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 45,000 $45,900.00
931142103 WAL MART STORES US WMT 3,262 $327,113.36
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 1,248 $99,552.96
94106L109 WASTE MANAGEMENT INC US WM 1,805 $161,493.35
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 45,000 $43,200.00
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 75,000 $70,875.00
948741103 WEINGARTEN REALTY INVESTORS US WRI 1,315 $36,977.80
949746101 WELLS FARGO COMPANY US WFC 8,517 $453,359.91
95040Q104 WELLTOWER INC. US WELL 675 $44,597.25
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 60,000 $60,000.00
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 45,000 $42,018.75
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 750,000 $698,353.85
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 368,396.93 $367,434.57
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 452,357.02 $440,431.76
98919V105 ZAYO GROUP HOLDINGS INC US ZAYO 11,670 $348,699.60
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 90,000 $88,200.00
B296BQ5 STORAGEVAULT CANADA INC CA SVI CN 4,195 $8,221.43
B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 3,995 $37,053.40
B3FP8W8 CANADA HOUSING TRUST 4.10000 12/15/2018 CA 110,000 $83,767.78
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 400,000 $18,716.45
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 140,000 $107,577.04
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 1,100,000 $50,556.16
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 240,000 $173,782.94
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 1,800,000 $87,780.05
B68XHC3 NORTHLAND POWER INC CA NPI CN 2,345 $36,071.44
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 350,000 $15,705.61
BBG00KCGVZV0 MDT US 11/16/18 P90 IE -25 -$3,625.00
BBG00KCQF551 QRVO US 11/16/18 C77.5 US -21 -$4,515.00
BBG00KFDHCW0 QRVO US 11/16/18 P67.5 US -32 -$4,480.00
BBG00LL833R3 MSFT US 11/16/18 P100 US -22 -$2,002.00
BBG00M3T9DN1 BKNG US 11/09/18 C1960 US -1 -$4,000.00
BBG00M420Q86 LULU US 11/09/18 P149 CA -11 -$8,965.00
BBG00M425WW1 MA US 11/09/18 P197.5 US -11 -$4,290.00
BBG00M5LJG30 GOOG US 11/23/18 C1110 US -2 -$4,400.00
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 200,000 $205,500.00
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 100,000 $92,750.00
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 190 $34,382.05
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 17,145 $26,992.66
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 15,870 $543,694.51
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 11,460 $322,994.94
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 7,860 $581,333.14
G3157S106 ENSCO INTERNATIONAL INC US ESV 24,560 $175,358.40
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 80,000 $82,800.00
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 2,225 $71,133.25
G5960L103 MEDTRONIC INC IE MDT 9,992 $897,481.44
G96629103 WILLIS TOWERS WATSON PLC GB WLTW 295 $42,232.20
H1467J104 CHUBB LTD CH CB 465 $58,083.15
H8817H100 TRANSOCEAN LTD US RIG 22,350 $246,073.50
N47279109 INTERXION HOLDING NV NL INXN 5,565 $327,611.55
N53745100 LYONDELLBASELL INDU-CL A US LYB 851 $75,968.77
USD US DOLLAR US 2,660,536.96 $2,660,536.96

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

$11.74

Daily $ Change

-$0.01

Daily % Change

-0.09%

as of 11/14/2018

CUSIP

302027123

Inception Date

10/15/2013

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 10/31/2018

YTD

-1.18%

1 Year

-0.34%

3 Year

3.34%

5 Year

2.90%

10 Year

5.71%

Inception
(01/01/2000)

5.68%

US Stock Market Cycle (04/01/2000 - 10/31/2018)

5.62%

Performance through the inception date of the Pro-Mix® CIT Class U units is based on the historical performance of the CIT's oldest unit class. Returns are net of Pro-Mix CIT® Class U 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 0.54%
Net 0.49%*

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

Top Ten Investments

As of 10/31/2018

TREASURY NOTES 14.83%
GOVERNMENT AGENCY 8.72%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 5.27%
TREASURY BONDS 3.39%
SWEDISH EXPORT CREDIT 1.12500 08/28/2019 1.15%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 1.04%
MORGAN STANLEY FLT 3.56325 05/08/2024 1.04%
JPMORGAN CHASE & CO 6.30000 04/23/2019 1.03%
BANK OF AMERICA CORP 4.00000 01/22/2025 1.03%
PRICELINE GROUP INC/THE 3.60000 06/01/2026 1.03%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 10/31/2018

Bonds
69.92%
Stocks
28.29%
Cash
1.79%

Detailed Asset Class Allocation

As of 10/31/2018

International Equities
6.18%
Small Capitalization
0.90%
Mid Capitalization
2.97%
Large Capitalization
18.24%
Long Term Fixed Income
20.61%
Intermediate Term Fixed Income
29.11%
Short Term Fixed Income
20.20%
Cash
1.79%

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

October Fund Holdings

As of 10/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
000375204 ABB LTD-SPON ADR CH ABB 3,735 $74,924.10
00101JAM8 ADT CORP 5.25000 03/15/2020 US 30,000 $30,300.00
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 980,000 $950,367.75
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 1,700,000 $1,676,560.32
00287Y109 ABBVIE INC US ABBV 2,139 $166,521.15
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 105,000 $108,150.00
004239109 ACADIA REALTY TRUST US AKR 530 $14,755.20
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 960,000 $937,431.33
008492100 AGREE REALTY CORP US ADC 340 $19,471.80
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 25,000 $25,692.50
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 130 $15,889.90
01609W102 ALIBABA GROUP - ADR CN BABA 2,890 $411,189.20
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 50,000 $50,250.00
020002101 ALLSTATE CORPORATION US ALL 445 $42,595.40
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 55,000 $54,931.25
02079K107 ALPHABET INC-CL C US GOOG 450 $484,546.50
02079K305 ALPHABET INC-CL A US GOOGL 240 $261,739.20
023135106 AMAZON.COM INC US AMZN 150 $239,701.50
02319V103 AMBEV SA-ADR BR ABEV 60,500 $261,965.00
0237400 DIAGEO PLC GB DGE LN 18,385 $635,597.43
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 395 $15,606.45
02665T306 AMERICAN HOMES 4 RENT- A US AMH 3,245 $68,372.15
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 1,050,000 $992,496.81
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 45,000 $44,100.00
03027X100 AMERICAN TOWER REIT INC US AMT 1,900 $296,039.00
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 31,042.72 $31,183.00
03064D108 AMERICOLD REALTY TRUST US COLD 590 $14,602.50
031162100 AMGEN INC US AMGN 887 $171,004.73
03748R101 APARTMENT INVT & MGMT CO -A US AIV 1,165 $50,141.60
037612306 APOLLO GLOBAL MANAGMENT - A US APO 1,960 $57,663.20
037833100 APPLE COMPUTER INC US AAPL 685 $149,919.10
03784Y200 APPLE HOSPITALITY REIT INC US APLE 1,590 $25,710.30
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 40,000 $37,500.00
04014Y101 ARES MANAGEMENT LP US ARES 1,980 $38,827.80
053015103 AUTOMATIC DATA PROCESSING US ADP 783 $112,814.64
053484101 AVALONBAY COMMUNITIES INC US AVB 715 $125,396.70
055622104 BP PLC-SPONS ADR GB BP 3,425 $148,542.25
058498106 BALL CORP US BLL 13,670 $612,416.00
060505104 BANK OF AMERICA CORP US BAC 9,080 $249,700.00
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 1,540,000 $1,499,710.80
06652K103 BANKUNITED INC US BKU 780 $25,818.00
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 1,340 $275,075.20
088606108 BHP LIMITED-SPONS ADR AU BHP 2,661 $122,884.98
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 4,715 $434,581.55
09247X101 BLACKROCK INC US BLK 1,155 $475,190.10
09253U108 BLACKSTONE GROUP LP/THE US BX 1,905 $61,645.80
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 1,420,000 $1,483,775.25
097023105 BOEING CO US BA 663 $235,272.18
09857L108 BOOKING HOLDINGS INC US BKNG 450 $843,561.00
0989529 ASTRAZENECA PLC GB AZN LN 1,295 $99,054.14
101121101 BOSTON PROPERTIES INC US BXP 730 $88,154.80
105368203 BRANDYWINE REALTY TRUST US BDN 3,945 $55,466.70
110122108 BRISTOL MYERS SQUIBB CO US BMY 9,288 $469,415.52
11135F101 BROADCOM INC US AVGO 409 $91,407.41
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 30,000 $28,950.00
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 50,000 $48,750.00
12503M108 CBOE GLOBAL MARKETS INC US CBOE 1,380 $155,733.00
12572Q105 CME GROUP INC US CME 780 $142,927.20
125896100 CMS ENERGY CORP US CMS 1,790 $88,640.80
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 1,020,000 $1,019,082.00
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 95,000 $91,556.25
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 517,847.91 $477,456.91
126650100 CVS HEALTH CORP US CVS 1,552 $112,349.28
149123101 CATERPILLAR INC US CAT 634 $76,916.88
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 2,972 $26,302.20
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 47,927.18 $47,822.34
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 417,549.23 $415,693.77
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 95,000 $85,975.00
165240102 CHESAPEAKE LODGING TRUST US CHSP 830 $24,393.70
166764100 CHEVRON CORP US CVX 1,145 $127,839.25
16941R108 CHINA PETROLEUM & CHEM-ADR CN SNP 1,626 $131,153.16
17275R102 CISCO SYSTEMS INC US CSCO 5,335 $244,076.25
172967424 CITIGROUP INC US C 3,250 $212,745.00
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 1,050,000 $1,466,057.97
191216100 COCA COLA CO/THE US KO 6,150 $294,462.00
194162103 COLGATE-PALMOLIVE CO US CL 2,683 $159,772.65
19625JAA1 CAH 2015-1A A 3.48713 07/17/2032 US 850,431.89 $850,433.00
19626G108 COLONY CAPITAL INC US CLNY 11,872 $69,688.64
199908104 COMFORT SYSTEMS US FIX 1,140 $60,967.20
20030N101 COMCAST CORP-CL A US CMCSA 4,434 $169,112.76
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 3,678 $109,310.16
2099084 BORALEX INC -A CA BLX CN 2,350 $30,346.77
21871N101 CORECIVIC INC US CXW 3,515 $78,946.90
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 675,000 $715,412.43
222795106 COUSINS PROPERTIES INC US CUZ 6,875 $57,131.25
22282E102 COVANTA HOLDING CORP US CVA 6,720 $98,716.80
22282EAH5 COVANTA HOLDING CORP 6.00000 01/01/2027 US 45,000 $43,425.00
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 50,000 $48,050.00
22822V101 CROWN CASTLE INTL CORP US CCI 1,475 $160,391.50
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 368,343.62 $333,849.35
229663109 CUBESMART US CUBE 420 $12,171.60
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 30,000 $30,337.50
23918K108 DAVITA INC. US DVA 6,770 $455,891.80
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 70,000 $66,150.00
247361702 DELTA AIR LINES INC. US DAL 1,070 $58,561.10
25271C102 DIAMOND OFFSHORE DRILLING US DO 10,300 $146,054.00
253393102 DICK'S SPORTING GOODS INC US DKS 1,980 $70,032.60
253868103 DIGITAL REALTY TRUST INC US DLR 1,315 $135,786.90
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 1,050,000 $971,131.47
256677105 DOLLAR GENERAL CORP US DG 1,115 $124,188.70
26078J100 DOWDUPONT INC US DWDP 1,866 $100,614.72
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 100,000 $99,750.00
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 100,000 $99,750.00
269246401 ETRADE FINANCIAL CORP US ETFC 2,780 $137,387.60
2715777 QUEBECOR INC -CL B CA QBR/B CN 7,950 $155,926.17
277276101 EASTGROUP PROPERTIES US EGP 150 $14,368.50
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 7,260 $135,168.52
285512109 ELECTRONIC ARTS US EA 4,190 $381,206.20
291011104 EMERSON ELEC CO US EMR 1,229 $83,424.52
294429105 EQUIFAX INC US EFX 2,620 $265,772.80
29444U700 EQUINIX INC US EQIX 1,575 $596,515.50
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 365 $34,561.85
29476L107 EQUITY RESIDENTIAL US EQR 1,335 $86,721.60
297178105 ESSEX PROPERTY TRUST INC US ESS 225 $56,425.50
30161N101 EXELON CORP US EXC 1,255 $54,981.55
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 1,550,000 $1,524,487.00
30225T102 EXTRA SPACE STORAGE INC US EXR 350 $31,521.00
30231G102 EXXON MOBIL CORP US XOM 4,430 $352,982.40
302491303 FMC CORP US FMC 1,615 $126,099.20
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 54,916.33 $54,623.03
30262DAL5 FREMF 2011-K13 B 4.61146 01/25/2048 US 410,000 $418,992.78
30262SAR9 FREMF 2015-K42 B FLT 3.85159 12/25/2024 US 180,000 $175,977.88
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 55,000 $55,770.00
30287EAE0 FREMF 2014-K41 B FLT 3.83206 11/25/2047 US 700,000 $685,518.96
30291EAE4 FREMF 2013-K712 B FLT 3.35777 05/25/2045 US 1,150,000 $1,148,112.97
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 10,962,484.37 $37,338.22
3128M1AM1 FHLM POOL G11912 5.50000 03/01/2021 US 13,633.18 $13,776.59
3128M6HZ4 FHLM POOL G04448 5.50000 07/01/2038 US 177,412.13 $190,219.73
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 3,945.66 $4,234.57
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 16,492.48 $18,140.49
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 138,695.1 $152,606.11
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 46,655.76 $50,179.71
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 93,737.74 $96,300.05
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 6,938.04 $7,099.53
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 6,212.47 $6,401.22
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 653,914.94 $672,635.02
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 96,238.5 $103,005.67
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 50,649.24 $52,171.16
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 497,837.43 $515,828.22
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 160,559.19 $160,787.52
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 595,286.38 $595,844.40
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 6,331.03 $6,381.86
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 432,690.87 $426,957.28
31371MLB1 FEDERAL NATL MTG ASSN 256022 5.50000 12/01/2035 US 57,154.02 $61,241.66
31371MRU3 FEDERAL NATL MTG ASSN 256199 5.00000 04/01/2021 US 6,549.77 $6,751.03
31371NDQ5 FEDERAL NATL MTG ASSN 256711 5.50000 05/01/2037 US 7,504.03 $8,028.59
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 120 $14,886.00
3137A2B34 FHMS K009 X1 FLT 1.27965 08/25/2020 US 1,118,615.93 $20,157.91
3137ADTK3 FHMS K014 X1 FLT 1.14903 04/25/2021 US 11,052,966.79 $270,012.93
3137AJMG6 FMHS K016 X1 FLT 1.50068 10/25/2021 US 2,484,228.97 $91,422.86
3137AUPF0 FHMS K021 x1 FLT 1.44696 06/25/2022 US 15,952,746.96 $689,444.22
3137B3NB0 FHMS K030 X1 FLT 0.19863 04/25/2023 US 30,520,337.01 $235,787.92
3137B4GZ3 FHMS K032 X1 FLT 0.10471 05/25/2023 US 17,911,190.31 $84,492.46
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 560,667.41 $568,477.06
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 560,417.08 $576,638.13
3138A7BL1 FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 290,249.25 $299,539.36
3138AJ4A7 FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 31,643.24 $32,410.95
3138EPLE2 FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 110,620.23 $114,496.87
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65400 01/01/2049 US 690,983.32 $735,760.14
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 931,106.16 $910,270.90
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 656,577.12 $678,766.64
3138YTGK4 FEDERAL NATL MTG ASSN AZ2001 3.50000 05/01/2045 US 1,081,761.83 $1,057,755.91
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 64,796.59 $69,471.92
31403DVZ9 FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 10,724.18 $11,933.75
31406PTV1 FEDERAL NATL MTG ASSN 816064 4.50000 04/01/2020 US 6,581.34 $6,675.54
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 647,366.79 $648,044.01
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 110,309.62 $110,419.09
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 602,675.91 $603,104.95
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 174,518.68 $178,853.51
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 505,486.98 $528,184.18
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 407,779.67 $426,048.80
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 517,462.87 $530,480.62
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 218,547.13 $228,327.35
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 329,363.99 $344,086.43
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 4,795.59 $4,915.91
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 5,873.46 $6,019.71
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 44,159.56 $44,913.62
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 53,629.97 $54,549.31
31410HAQ4 MACYS RETAIL HLDGS INC 6.90000 04/01/2029 US 450,000 $472,044.05
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 18,220 $19,461.52
31410WSY5 FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 13,223.15 $14,558.48
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 41,313.5 $44,124.08
31411RHZ4 FEDERAL NATL MTG ASSN 912948 5.00000 05/01/2038 US 4,509.88 $4,705.40
31413CCL1 FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 5,377.2 $5,774.57
31413MR66 FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 18,416.5 $20,442.45
31413S6R0 FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 11,990.29 $13,026.16
31414CQ50 FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 2,660.24 $2,895.79
31414DJ23 FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 11,220.5 $12,142.73
31414QX28 FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 8,773.36 $8,963.16
31414UF52 FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 47,529.66 $48,296.52
31415ALX7 FEDERAL NATL MTG ASSN 981042 6.00000 04/01/2038 US 12,676.61 $13,613.41
31415BBC2 FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 15,515.34 $16,349.43
31415BBT5 FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 10,605.44 $11,140.16
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 30,484.01 $31,029.74
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 18,301.66 $18,952.54
31418B6G6 FEDERAL NATL MTG ASSN FN MA2670 3.00000 07/01/2046 US 424,390.79 $401,962.92
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 259,704.28 $267,247.06
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 228,516.45 $235,159.58
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 467,544.4 $442,811.49
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 560,068.84 $573,962.36
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 30,919.31 $33,803.46
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 104,607.12 $111,693.29
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 18,929.05 $20,254.00
31428X106 FEDEX CORPORATION US FDX 1,800 $396,612.00
316773100 FIFTH THIRD BANCORP US FITB 985 $26,585.15
32054K103 FIRST INDUSTRIAL REALTY TR US FR 785 $24,099.50
336130AB5 FIRST QUALITY FINANCE CO 5.00000 07/01/2025 US 60,000 $55,200.00
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 35,000 $34,387.50
357081AE8 FREMF 2015-K720 B FLT 3.39033 07/25/2022 US 100,000 $97,193.50
35802XAD5 FRESENIUS MED CARE II 5.62500 07/31/2019 US 1,196,000 $1,214,659.53
36143WAN1 GAHR 2015-NRF BFX FLT 3.38216 12/15/2034 US 1,100,000 $1,096,594.40
36143WAS0 GAHR 2015-NRF DFX FLT 3.38216 12/15/2034 US 440,000 $436,736.17
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 115,000 $112,437.62
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 21,823.46 $21,959.03
36294VKJ8 GNMA POOL 660997 5.50000 05/15/2037 US 31,240.15 $33,213.13
363576109 ARTHUR J GALLAGHER & CO US AJG 715 $52,917.15
37045VAR1 GENERAL MOTORS CO FLT 3.22706 09/10/2021 US 950,000 $948,626.30
371559105 GENESEE & WYOMING INC -CL A US GWR 3,820 $302,658.60
37185LAF9 GENESIS ENERGY LP/GENESI 5.62500 06/15/2024 US 35,000 $31,675.00
374297109 GETTY REALTY CORP US GTY 990 $26,561.70
375558103 GILEAD SCIENCES INC US GILD 1,867 $127,292.06
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 105,000 $100,012.50
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 461,681 $422,953.21
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 12,345 $135,918.45
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 50,000 $48,500.00
404121AH8 HCA INC 5.37500 09/01/2026 US 45,000 $44,662.50
40414L109 HCP INC US HCP 1,870 $51,518.50
421946104 HEALTHCARE REALTY TRUST INC US HR 1,155 $32,178.30
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 1,305 $34,269.30
42809H107 HESS CORP US HES 1,425 $81,795.00
437076102 HOME DEPOT INC US HD 1,291 $227,061.08
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 3,151 $89,803.50
438516106 HONEYWELL INTERNATIONAL INC US HON 1,010 $146,268.20
44107P104 HOST MARRIOTT CORP US HST 3,285 $62,776.35
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 80,000 $76,000.00
446150104 HUNTINGTON BANCSHARES US HBAN 1,835 $26,295.55
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 75,000 $72,562.50
45337C102 INCYTE CORP US INCY 13,010 $843,308.20
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 2,095 $20,761.45
45763PAE6 INMARSAT FINANCE PLC 4.87500 05/15/2022 GB 85,000 $83,259.20
458140100 INTEL CORP US INTC 11,164 $523,368.32
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 1,920 $147,916.80
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 1,207 $139,324.01
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 1,040,000 $1,056,586.99
46187BAA1 IHSFR 2017-SFR2 A 3.13950 12/17/2036 US 158,820.14 $158,968.92
46187BAB9 IHSFR 2017-SFR2 B 3.43950 12/17/2036 US 120,000 $120,790.10
46187W107 INVITATION HOMES INC US INVH 2,826 $61,832.88
464287598 ISHARES RUSSELL 1000 VALUE US 1,745 $209,557.05
464287739 ISHARES DJ US REAL ESTATE US 395 $30,853.45
466032109 J&J SNACK FOODS CORP US JJSF 665 $103,846.40
46625H100 JP MORGAN CHASE & CO US JPM 5,299 $577,696.98
46625HHL7 JPMORGAN CHASE & CO 6.30000 04/23/2019 US 1,480,000 $1,503,968.33
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 44,069.87 $44,458.50
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 259,999.84 $246,357.13
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 296,546.97 $286,176.13
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 338,891.74 $331,968.52
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 494,951.81 $484,878.55
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 359,226.9 $351,691.40
4741844 MERCK KGAA DE MRK GR 2,765 $295,862.39
476405105 JERNIGAN CAPITAL INC US JCAP 3,900 $76,323.00
478160104 JOHNSON & JOHNSON US JNJ 8,624 $1,207,273.76
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 95,000 $75,525.00
485170302 KANSAS CITY SOUTHERN US KSU 1,205 $122,861.80
493267108 KEYCORP US KEY 4,435 $80,539.60
49446R109 KIMCO REALTY CORP US KIM 1,410 $22,686.90
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 1,280,000 $1,466,111.27
500472303 KONINKLIJKE PHILIPS NVR - NY ADR NL PHG 1,715 $63,849.45
500754106 KRAFT HEINZ CO/THE US KHC 1,542 $84,763.74
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 65,000 $61,750.00
50212YAB0 LPL HOLDINGS INC 5.75000 09/15/2025 US 60,000 $58,275.00
502160AM6 LSB INDUSTRIES 9.62500 05/01/2023 US 55,000 $57,062.50
50218LAC0 LSTAR COMMERCIAL MORTGAGE TR FLT 2.76700 01/20/2041 US 1,529.01 $1,525.51
505742AD8 LADDER CAP FIN LLLP/CORP 5.87500 08/01/2021 US 45,000 $45,337.50
512816109 LAMAR ADVERTISING CO US LAMR 830 $60,855.60
529043101 LEXINGTON REALTY TRUST US LXP 2,830 $21,989.10
531172104 LIBERTY PROPERTY TRUST US LPT 1,295 $54,221.65
532457108 ELI LILLY & CO US LLY 2,324 $252,014.56
534187109 LINCOLN NATL CORP IND US LNC 610 $36,715.90
53815P108 LIVERAMP HOLDINGS INC US RAMP 8,860 $404,724.80
539830109 LOCKHEED MARTIN CORP US LMT 391 $114,895.35
550021109 LULULEMON - ADR CA LULU 3,720 $523,515.60
554382101 THE MACERICH CO US MAC 210 $10,840.20
55616XAC1 MACYS RETAIL HLDGS INC 7.00000 02/15/2028 US 450,000 $475,206.07
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 80,000 $75,200.00
56585A102 MARATHON PETROLEUM CORP US MPC 902 $63,545.90
5671735 SANOFI-AVENTIS FR SAN FP 1,313 $117,329.80
57636Q104 MASTERCARD INC-CLASS A US MA 3,610 $713,588.70
580135101 MCDONALDS CORP US MCD 1,059 $187,337.10
58933Y105 MERCK & CO INC US MRK 10,964 $807,060.04
59001ABA9 MERITAGE HOMES CORP 5.12500 06/06/2027 US 35,000 $30,800.00
594918104 MICROSOFT CORP US MSFT 9,140 $976,243.40
59522J103 MID-AMERICA APARTMENT COMM US MAA 500 $48,855.00
60871R209 MOLSON COORS BREWING CO -B US TAP 680 $43,520.00
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 14,878 $624,578.44
61744YAG3 MORGAN STANLEY FLT 3.56325 05/08/2024 US 1,500,000 $1,515,825.00
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 75,000 $76,125.00
624758108 MUELLER WATER PRODUCTS INC - A US MWA 5,595 $57,404.70
62913TAM4 NGL ENRGY PART LP/FIN CO 6.12500 03/01/2025 US 50,000 $45,500.00
62943WAE9 NRG YIELD OPERATING LLC 5.00000 09/15/2026 US 30,000 $27,900.00
637417106 NATIONAL RETAIL PROPERTIES US NNN 595 $27,816.25
637870106 NATIONAL STORAGE AFFILIATES US NSA 455 $12,116.65
63938CAE8 NAVIENT CORP 7.25000 09/25/2023 US 45,000 $46,575.00
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 353,497.72 $351,660.77
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 430,656.67 $427,993.02
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 537,357.16 $533,315.70
651229106 NEWELL BRANDS INC US NWL 5,045 $80,114.60
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 75,000 $75,513.75
66987V109 NOVARTIS AG- REG CH NVS 10,620 $928,825.20
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 235 $75,376.25
680223104 OLD REPUBLIC INTL CORP US ORI 2,155 $47,517.75
68323ADY7 ONTARIO (PROVINCE OF) 1.25000 06/17/2019 CA 450,000 $445,725.00
69007J106 OUTFRONT MEDIA INC US OUT 2,405 $42,616.60
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 70,000 $70,962.50
693475105 PNC FINANCIAL SERVICES GROUP US PNC 345 $44,329.05
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 80,000 $76,110.40
70338P100 PATTERN ENERGY GROUP INC -A US PEGI 2,255 $40,409.60
7123870 NESTLE SA-REGISTERED CH NESN SW 3,490 $294,636.65
713448108 PEPSICO INC US PEP 5,317 $597,524.46
717081103 PFIZER INC US PFE 6,495 $279,674.70
71943U104 PHYSICIANS REALTY TRUST US DOC 4,120 $68,309.60
729640102 PLYMOUTH INDUSTRIAL REIT INC US 2,100 $29,400.00
733174AK2 POPULAR INC 6.12500 09/14/2023 PR 50,000 $50,590.00
741503AZ9 PRICELINE GROUP INC/THE 3.60000 06/01/2026 US 1,570,000 $1,499,412.23
74251V102 PRINCIPAL FINANCIAL GROUP US PFG 660 $31,066.20
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 300,000 $289,152.21
74340W103 PROLOGIS US PLD 1,905 $122,815.35
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 960,000 $998,880.00
74460D109 PUBLIC STORAGE INC US PSA 395 $81,160.65
74736K101 QORVO INC US QRVO 10,705 $786,924.55
756109104 REALTY INCOME CORP US O 250 $15,067.50
75886F107 REGENERON PHARMACEUTICALS INC US REGN 1,015 $344,328.60
7591EP100 REGIONS FINANCIAL CORP. US RF 2,820 $47,855.40
76118Y104 RESIDEO TECHNOLOGIES INC US REZI 168.33 $3,543.42
767204100 RIO TINTO PLC - SPON ADR GB RIO 1,928 $95,031.12
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 40,000 $40,868.00
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 1,125 $73,923.75
78410G104 SBA COMMUNICATIONS CORP US SBAC 1,820 $295,149.40
78442PGC4 SLM CORP 5.12500 04/05/2022 US 65,000 $64,675.00
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 875,000 $846,474.21
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 1,410,000 $1,496,888.87
80105N105 SANOFI-AVENTIS-ADR FR SNY 3,558 $159,113.76
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 960,000 $938,731.71
806857108 SCHLUMBERGER LTD NL SLB 10,500 $538,755.00
808513105 CHARLES SCHWAB CORP/THE US SCHW 8,780 $405,987.20
81211K100 SEALED AIR CORP US SEE 14,100 $456,276.00
812578102 SEATTLE GENETICS INC US SGEN 5,610 $314,889.30
81663AAD7 SEMGROUP CORP 6.37500 03/15/2025 US 65,000 $62,887.50
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 303,447.74 $284,114.78
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 415,033.75 $388,882.06
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 321,869.03 $280,440.95
81762P102 SERVICENOW INC US NOW 1,535 $277,896.40
81783QAC9 SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 CA 50,000 $46,625.00
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 45,000 $45,112.50
828806109 SIMON PROPERTY GROUP INC US SPG 895 $164,250.40
83088M102 SKYWORKS SOLUTIONS INC US SWKS 4,160 $360,921.60
83401LAB0 SOFI 2015-A A2 2.42000 03/25/2030 US 380,227.5 $374,412.91
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 406,000 $395,874.40
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 19,451.43 $19,296.95
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 130,000 $125,924.86
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 28,670 $28,408.64
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 254,823.25 $253,628.79
835495102 SONOCO PRODUCTS CO US SON 3,180 $173,564.40
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 940,000 $965,528.41
844741108 SOUTHWEST AIRLS CO US LUV 985 $48,363.50
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 70,000 $68,075.00
852061AK6 SPRINT COMMUNICATIONS 9.00000 11/15/2018 US 25,000 $25,050.00
852061AQ3 SPRINT COMMUNICATIONS 7.00000 03/01/2020 US 25,000 $25,906.25
85254J102 STAG INDUSTRIAL INC US STAG 2,805 $74,220.30
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.49950 11/15/2027 US 911,482.64 $911,606.33
862121100 STORE CAPITAL CORP US STOR 510 $14,805.30
866674104 SUN COMMUNITIES US SUI 645 $64,803.15
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 2,545 $36,826.15
867914103 SUNTRUST BANKS INC US STI 730 $45,741.80
874039100 TAIWAN SEMICONDUCTOR - SP ADR TW TSM 5,745 $218,884.50
87470LAA9 TALLGRASS NRG PRTNR/FIN 5.50000 09/15/2024 US 30,000 $30,187.50
87612E106 TARGET CORP US TGT 1,055 $88,229.65
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 208,897.72 $208,176.00
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 60,000 $56,400.00
88104LAE3 TERRAFORM POWER OPERATIN 5.00000 01/31/2028 US 30,000 $26,812.50
882508104 TEXAS INSTRUMENTS INC US TXN 4,221 $391,835.43
88579Y101 3M CO US MMM 1,160 $220,701.60
88650V208 TIER REIT INC US TIER 2,325 $50,382.75
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 883,975.36 $858,203.41
89613BAA5 TAH 2013-SFR1 A 2.58900 11/17/2033 US 806,532.67 $776,638.54
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 499,467.19 $476,660.37
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 75,000 $75,093.75
902653104 UDR INC US UDR 1,550 $60,744.50
902973304 U.S. BANCORP US USB 2,601 $135,954.27
903002103 UMH PROPERTIES INC US UMH 1,170 $16,766.10
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 40,000 $38,920.00
904767704 UNILEVER PLC - ADR GB UL 12,902 $683,547.96
907818108 UNION PAC CORP US UNP 1,051 $153,677.22
911312106 UNITED PARCEL SERVICE US UPS 1,377 $146,705.58
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 1,159,000 $1,500,497.54
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 1,871,000 $2,252,654.77
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 1,007,639.64 $895,028.04
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 1,420,000 $1,196,849.22
912828D23 US TREASURY N/B 1.62500 04/30/2019 US 9,386,000 $9,346,036.20
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 7,838,198.58 $7,704,602.21
912828R28 US TREASURY N/B 1.62500 04/30/2023 US 3,300,000 $3,112,183.60
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 1,600,000 $1,442,250.00
912828RT9 US TREASURY N/B 1.37500 11/30/2018 US 1,000,000 $999,361.23
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 773,841.99 $745,021.10
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 3,200,000 $3,021,000.00
912828XQ8 US TREASURY N/B 2.00000 07/31/2022 US 3,895,000 $3,762,174.42
913017109 UNITED TECHNOLOGIES CORP US UTX 1,162 $144,332.02
91704F104 URBAN EDGE PROPERTIES US UE 2,580 $52,864.20
91913Y100 VALERO ENERGY US VLO 799 $72,780.91
92276F100 VENTAS INC US VTR 530 $30,761.20
92339V100 VEREIT INC US VER 3,645 $26,717.85
92343V104 VERIZON COMMUNICATIONS US VZ 2,460 $140,441.40
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 1,430,000 $1,490,021.70
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 1,360 $230,465.60
92826C839 VISA INC - CLASS A SHARES US V 5,740 $791,259.00
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 50,000 $50,711.07
929042109 VORNADO REALTY TRUST US VNO 880 $59,910.40
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 45,000 $43,546.50
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 45,000 $45,900.00
931142103 WAL MART STORES US WMT 3,262 $327,113.36
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 1,248 $99,552.96
94106L109 WASTE MANAGEMENT INC US WM 1,805 $161,493.35
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 45,000 $43,200.00
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 75,000 $70,875.00
948741103 WEINGARTEN REALTY INVESTORS US WRI 1,315 $36,977.80
949746101 WELLS FARGO COMPANY US WFC 8,517 $453,359.91
95040Q104 WELLTOWER INC. US WELL 675 $44,597.25
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 60,000 $60,000.00
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 45,000 $42,018.75
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 750,000 $698,353.85
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 368,396.93 $367,434.57
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 452,357.02 $440,431.76
98919V105 ZAYO GROUP HOLDINGS INC US ZAYO 11,670 $348,699.60
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 90,000 $88,200.00
B296BQ5 STORAGEVAULT CANADA INC CA SVI CN 4,195 $8,221.43
B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 3,995 $37,053.40
B3FP8W8 CANADA HOUSING TRUST 4.10000 12/15/2018 CA 110,000 $83,767.78
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 400,000 $18,716.45
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 140,000 $107,577.04
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 1,100,000 $50,556.16
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 240,000 $173,782.94
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 1,800,000 $87,780.05
B68XHC3 NORTHLAND POWER INC CA NPI CN 2,345 $36,071.44
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 350,000 $15,705.61
BBG00KCGVZV0 MDT US 11/16/18 P90 IE -25 -$3,625.00
BBG00KCQF551 QRVO US 11/16/18 C77.5 US -21 -$4,515.00
BBG00KFDHCW0 QRVO US 11/16/18 P67.5 US -32 -$4,480.00
BBG00LL833R3 MSFT US 11/16/18 P100 US -22 -$2,002.00
BBG00M3T9DN1 BKNG US 11/09/18 C1960 US -1 -$4,000.00
BBG00M420Q86 LULU US 11/09/18 P149 CA -11 -$8,965.00
BBG00M425WW1 MA US 11/09/18 P197.5 US -11 -$4,290.00
BBG00M5LJG30 GOOG US 11/23/18 C1110 US -2 -$4,400.00
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 200,000 $205,500.00
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 100,000 $92,750.00
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 190 $34,382.05
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 17,145 $26,992.66
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 15,870 $543,694.51
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 11,460 $322,994.94
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 7,860 $581,333.14
G3157S106 ENSCO INTERNATIONAL INC US ESV 24,560 $175,358.40
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 80,000 $82,800.00
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 2,225 $71,133.25
G5960L103 MEDTRONIC INC IE MDT 9,992 $897,481.44
G96629103 WILLIS TOWERS WATSON PLC GB WLTW 295 $42,232.20
H1467J104 CHUBB LTD CH CB 465 $58,083.15
H8817H100 TRANSOCEAN LTD US RIG 22,350 $246,073.50
N47279109 INTERXION HOLDING NV NL INXN 5,565 $327,611.55
N53745100 LYONDELLBASELL INDU-CL A US LYB 851 $75,968.77
USD US DOLLAR US 2,660,536.96 $2,660,536.96

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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