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

$0.00

Daily % Change

0.00%

as of 05/17/2018

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

Annualized Performance

As of 04/30/2018

YTD

-1.60%

1 Year

2.91%

3 Year

2.40%

5 Year

3.21%

10 Year

4.81%

Inception
(01/01/2000)

5.81%

US Stock Market Cycle (04/01/2000 - 04/30/2018)

5.76%

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. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.50%
Net 0.49%*

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

Top Ten Investments

As of 04/30/2018

TREASURY NOTES 15.51%
GOVERNMENT AGENCY 8.54%
TREASURY BONDS 3.33%
TREASURY BILLS 2.09%
SWEDISH EXPORT CREDIT 1.12500 08/28/2019 1.08%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 1.06%
SCGT 2013-SRP1 AJ FLT 4.09688 11/15/2026 1.00%
JPMORGAN CHASE & CO 6.30000 04/23/2019 0.99%
SABINE PASS LIQUEFACTION 5.87500 06/30/2026 0.99%
MORGAN STANLEY FLT 3.01070 05/08/2024 0.99%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 04/30/2018

Bonds 70.44%
Stocks 28.90%
Cash 0.66%

Detailed Asset Class Allocation

As of 04/30/2018

International Equities 6.18%
Small Capitalization 1.01%
Mid Capitalization 3.13%
Large Capitalization 18.58%
Long Term Fixed Income 20.07%
Intermediate Term Fixed Income 30.81%
Short Term Fixed Income 19.56%
Cash 0.66%

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

April Fund Holdings

As of 04/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
000375204 ABB LTD-SPON ADR CH ABB 4,256 $99,037.12
00163UAB2 AMAG PHARMACEUTICALS INC 7.87500 09/01/2023 US 55,000 $54,725.00
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 980,000 $972,877.73
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 1,700,000 $1,667,787.19
00287Y109 ABBVIE INC US ABBV 2,272 $219,361.60
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 105,000 $109,462.50
004239109 ACADIA REALTY TRUST US AKR 770 $18,172.00
0045614 ANTOFAGASTA PLC GB ANTO LN 12,340 $164,874.88
008492100 AGREE REALTY CORP US ADC 340 $16,619.20
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 25,000 $25,968.75
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 255 $31,765.35
01609W102 ALIBABA GROUP - ADR CN BABA 2,480 $442,779.20
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 1,620,000 $1,525,212.21
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 50,000 $50,500.00
020002101 ALLSTATE CORPORATION US ALL 460 $44,997.20
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 55,000 $54,972.50
02079K107 ALPHABET INC-CL C US GOOG 295 $300,112.35
02079K305 ALPHABET INC-CL A US GOOGL 290 $295,388.20
023135106 AMAZON.COM INC US AMZN 100 $156,613.00
02319V103 AMBEV SA-ADR BR ABEV 87,400 $578,588.00
0237400 DIAGEO PLC GB DGE LN 22,500 $802,685.71
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 985 $38,523.35
02665T306 AMERICAN HOMES 4 RENT- A US AMH 3,245 $65,549.00
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 1,050,000 $1,009,474.21
026874784 AMERICAN INTL GROUP INC US AIG 700 $39,200.00
03027X100 AMERICAN TOWER REIT INC US AMT 1,135 $154,768.60
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 37,484.27 $37,877.94
03064D108 AMERICOLD REALTY TRUST US COLD 865 $17,827.65
031162100 AMGEN INC US AMGN 1,043 $181,982.64
034863AT7 ANGLO AMERICAN CAPITAL 4.00000 09/11/2027 GB 1,070,000 $1,008,023.10
03748R101 APARTMENT INVT & MGMT CO -A US AIV 1,165 $47,299.00
037612306 APOLLO GLOBAL MANAGMENT - A US APO 2,005 $57,824.20
037833100 APPLE COMPUTER INC US AAPL 915 $151,212.90
03784Y200 APPLE HOSPITALITY REIT INC US APLE 1,590 $28,604.10
04014Y101 ARES MANAGEMENT LP US ARES 1,980 $43,560.00
04621WAC4 ASSURED GUARANTY US HLDG 5.00000 07/01/2024 US 1,060,000 $1,099,913.10
053015103 AUTOMATIC DATA PROCESSING US ADP 896 $105,799.68
053484101 AVALONBAY COMMUNITIES INC US AVB 765 $124,695.00
055622104 BP PLC-SPONS ADR GB BP 4,475 $199,540.25
058498106 BALL CORP US BLL 13,670 $548,030.30
060505104 BANK OF AMERICA CORP US BAC 9,080 $271,673.60
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 1,540,000 $1,522,131.29
06652K103 BANKUNITED INC US BKU 1,220 $48,324.20
088606108 BHP LIMITED-SPONS ADR AU BHP 2,945 $137,678.75
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 6,820 $569,538.20
09062X103 BIOGEN IDEC INC US BIIB 1,460 $399,456.00
09247X101 BLACKROCK INC US BLK 1,130 $589,295.00
09253U108 BLACKSTONE GROUP LP/THE US BX 2,020 $62,519.00
09627J102 BLUEROCK RESIDENTIAL GROWTH US 1,480 $13,305.20
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 1,420,000 $1,514,769.35
097023105 BOEING CO US BA 755 $251,837.80
09857L108 BOOKING HOLDINGS INC US BKNG 480 $1,045,440.00
0989529 ASTRAZENECA PLC GB AZN LN 1,365 $95,553.85
101121101 BOSTON PROPERTIES INC US BXP 635 $77,095.35
105368203 BRANDYWINE REALTY TRUST US BDN 1,895 $30,528.45
110122108 BRISTOL MYERS SQUIBB CO US BMY 9,706 $505,973.78
11133T103 BROADRIDGE FINANCIAL SOLUTIONS US BR 380 $40,739.80
11135F101 BROADCOM INC US AVGO 526 $120,674.92
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 100,000 $94,000.00
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 40,000 $38,948.00
125896100 CMS ENERGY CORP US CMS 1,780 $83,998.20
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 1,020,000 $1,022,550.00
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 95,000 $89,003.13
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 536,768.25 $500,018.84
126650100 CVS HEALTH CORP US CVS 1,796 $125,414.68
14041NFF3 CAPITAL ONE MULTI-ASSET 1.33000 06/15/2022 US 350,000 $343,812.49
14314WAD3 CARMX 2017-3 A3 1.97000 04/15/2022 US 398,000 $392,037.52
149123101 CATERPILLAR INC US CAT 763 $110,146.68
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 14,270 $186,080.80
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 104,416.84 $103,764.23
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 95,000 $90,368.75
16411QAA9 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 75,000 $73,312.50
165240102 CHESAPEAKE LODGING TRUST US CHSP 830 $24,518.20
166764100 CHEVRON CORP US CVX 1,175 $147,004.25
16941R108 CHINA PETROLEUM & CHEM-ADR CN SNP 1,871 $182,497.34
17275R102 CISCO SYSTEMS INC US CSCO 6,078 $269,194.62
172967424 CITIGROUP INC US C 3,320 $226,656.40
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 1,050,000 $1,520,742.58
19238VAG0 COGECO CABLE INC 4.87500 05/01/2020 CA 35,000 $35,175.00
194162103 COLGATE-PALMOLIVE CO US CL 1,745 $113,826.35
19625JAA1 CAH 2015-1A A 3.09713 07/17/2032 US 876,290.22 $876,288.82
19625W104 COLONY NORTHSTAR INC-CLASS A US CLNS 11,782 $71,988.02
198287203 COLUMBIA PROPERTY TRUST INC US CXP 950 $20,292.00
199908104 COMFORT SYSTEMS US FIX 2,020 $85,244.00
20030N101 COMCAST CORP-CL A US CMCSA 4,942 $155,129.38
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 4,568 $116,484.00
2099084 BORALEX INC -A CA BLX CN 2,440 $43,613.85
21871N101 CORECIVIC INC US CXW 4,910 $98,985.60
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 900,000 $1,008,771.68
222795106 COUSINS PROPERTIES INC US CUZ 9,210 $81,876.90
22282E102 COVANTA HOLDING CORP US CVA 6,710 $99,979.00
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 50,000 $49,500.00
22822V101 CROWN CASTLE INTL CORP US CCI 1,240 $125,078.80
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 405,138.27 $374,146.00
229663109 CUBESMART US CUBE 2,635 $77,574.40
23311RAC0 DCP MIDSTREAM OPERATING 9.75000 03/15/2019 US 35,000 $36,837.50
23918K108 DAVITA INC. US DVA 7,495 $470,611.05
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 70,000 $66,339.00
247361702 DELTA AIR LINES INC. US DAL 1,345 $70,235.90
25271C102 DIAMOND OFFSHORE DRILLING US DO 10,300 $189,417.00
253393102 DICK'S SPORTING GOODS INC US DKS 2,495 $82,559.55
253868103 DIGITAL REALTY TRUST INC US DLR 1,335 $141,096.15
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 1,050,000 $1,026,979.49
256677105 DOLLAR GENERAL CORP US DG 1,690 $163,135.70
26078J100 DOWDUPONT INC US DWDP 2,546 $161,009.04
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 85,000 $85,425.00
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 100,000 $101,250.00
269246401 ETRADE FINANCIAL CORP US ETFC 4,800 $291,264.00
2715777 QUEBECOR INC -CL B CA QBR/B CN 7,950 $148,232.41
277276101 EASTGROUP PROPERTIES US EGP 150 $13,467.00
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 7,260 $149,220.30
285512109 ELECTRONIC ARTS US EA 3,650 $430,627.00
2866857 LUNDIN MINING CORP CA LUN CN 23,905 $158,255.77
291011104 EMERSON ELEC CO US EMR 1,343 $89,188.63
294429105 EQUIFAX INC US EFX 3,340 $374,247.00
29444U700 EQUINIX INC US EQIX 595 $250,370.05
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 465 $41,459.40
29476L107 EQUITY RESIDENTIAL US EQR 950 $58,624.50
297178105 ESSEX PROPERTY TRUST INC US ESS 160 $38,350.40
30161N101 EXELON CORP US EXC 1,255 $49,798.40
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 1,550,000 $1,518,262.20
30225T102 EXTRA SPACE STORAGE INC US EXR 655 $58,681.45
30231G102 EXXON MOBIL CORP US XOM 4,540 $352,985.00
302491303 FMC CORP US FMC 1,620 $129,162.60
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 74,066.86 $73,817.22
30262SAR9 FREMF 2015-K42 B FLT 3.98377 12/25/2024 US 180,000 $176,046.07
30287EAE0 FREMF 2014-K41 B FLT 3.96226 11/25/2047 US 700,000 $691,190.99
30291EAE4 FREMF 2013-K712 B FLT 3.47714 05/25/2045 US 1,150,000 $1,153,643.09
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 11,090,470.77 $42,180.39
30303M102 FACEBOOK INC -A US FB 5,385 $926,220.00
3128M1AM1 FHLM POOL G11912 5.50000 03/01/2021 US 19,117.45 $19,472.09
3128M6HZ4 FHLM POOL G04448 5.50000 07/01/2038 US 195,996.86 $214,286.07
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 4,398.9 $4,806.72
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 17,507.51 $19,521.70
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 153,773.68 $170,815.21
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 50,885.02 $55,725.20
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 115,843.42 $120,013.73
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 8,984.21 $9,322.63
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 7,879.45 $8,201.89
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 711,316.51 $743,835.56
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 107,016.87 $116,926.28
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 54,948.68 $57,538.22
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 536,054.9 $564,261.65
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 175,888.88 $179,752.31
3132WJYG0 FHLM POOL Q45210 4.00000 01/01/2047 US 408,672.09 $417,176.54
3132WPDP9 FHLM GOLD POOL FG Q49109 4.00000 07/01/2047 US 520,322.15 $530,859.36
3132XSLZ1 FHLM GOLD POOL FG Q50343 4.00000 08/01/2047 US 568,749.51 $580,113.80
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 629,634.13 $642,238.52
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 12,658.58 $12,835.71
31371MLB1 FEDERAL NATL MTG ASSN 256022 5.50000 12/01/2035 US 63,518.9 $69,521.13
31371MRU3 FEDERAL NATL MTG ASSN 256199 5.00000 04/01/2021 US 8,560.02 $8,702.75
31371NDQ5 FEDERAL NATL MTG ASSN 256711 5.50000 05/01/2037 US 8,637.24 $9,438.96
3137A2B34 FHMS K009 X1 FLT 1.45890 08/25/2020 US 1,132,727.53 $27,581.58
3137ADTK3 FHMS K014 X1 FLT 1.35057 04/25/2021 US 11,568,672.01 $338,995.64
3137AJMG6 FMHS K016 X1 FLT 1.67495 10/25/2021 US 2,575,919.22 $110,577.26
3137AL6W4 FHMS K706 X1 FLT 1.68589 10/25/2018 US 3,541,504.23 $14,686.62
3137AUPF0 FHMS K021 x1 FLT 1.59275 06/25/2022 US 16,192,355.92 $801,197.77
3137B3NB0 FHMS K030 X1 FLT 0.31510 04/25/2023 US 30,897,491.35 $273,693.07
3137B4GZ3 FHMS K032 X1 FLT 0.22177 05/25/2023 US 18,142,898.6 $97,703.14
3137F4YU0 FHLM POOL FHR4791 4.00000 03/15/2044 US 600,000 $611,978.94
3138A7BL1 FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 295,143.7 $310,226.56
3138AJ4A7 FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 32,026.61 $33,389.84
3138EPLE2 FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 117,770.33 $123,870.40
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65100 01/01/2049 US 752,043.26 $810,199.19
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 733,081.54 $773,077.87
3138YTGK4 FEDERAL NATL MTG ASSN AZ2001 3.50000 05/01/2045 US 1,093,604.64 $1,088,364.00
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 72,145.58 $78,979.91
31403DVZ9 FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 12,158.97 $13,545.90
31406PTV1 FEDERAL NATL MTG ASSN 816064 4.50000 04/01/2020 US 9,031.8 $9,098.29
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 750,801.3 $765,367.09
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 121,496.89 $123,851.10
3140FA5G3 FEDERAL NATL MTG ASSN FN BD3546 4.00000 09/01/2047 US 360,177.56 $367,622.78
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 608,687.88 $620,638.71
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 6,212.8 $6,435.26
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 7,671.92 $7,937.04
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 62,058.53 $63,722.33
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 74,423.14 $76,375.01
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 20,057.39 $21,872.50
31410WSY5 FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 13,825.34 $15,402.35
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 48,478.18 $52,868.90
31411RHZ4 FEDERAL NATL MTG ASSN 912948 5.00000 05/01/2038 US 4,572.24 $4,857.81
31412SY41 FEDERAL NATL MTG ASSN 933731 5.50000 04/01/2038 US 14,286.23 $15,572.98
31413CCL1 FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 5,764.91 $6,385.37
31413MR66 FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 19,568.12 $21,800.18
31413S6R0 FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 12,148.12 $13,519.22
31414CQ50 FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 2,718.57 $3,013.14
31414DJ23 FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 14,013.66 $15,535.34
31414QX28 FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 10,935.43 $11,137.28
31414UF52 FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 52,635.35 $53,318.86
31415ALX7 FEDERAL NATL MTG ASSN 981042 6.00000 04/01/2038 US 12,897.78 $14,269.60
31415BBC2 FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 15,729.31 $16,844.10
31415BBT5 FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 12,478.12 $13,326.66
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 41,937.1 $43,010.91
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 19,812.17 $20,848.90
31418B6G6 FEDERAL NATL MTG ASSN FN MA2670 3.00000 07/01/2046 US 447,905.07 $432,761.84
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 285,512.32 $298,816.45
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 252,377.69 $265,368.34
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 494,199 $477,491.92
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 616,421.78 $643,578.20
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 35,133.32 $39,179.14
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 121,573.89 $132,552.88
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 21,036.65 $22,964.17
31418MSR4 FEDERAL NATL MTG ASSN AD0527 5.50000 06/01/2039 US 65,253.8 $71,098.25
31428X106 FEDEX CORPORATION US FDX 1,800 $444,960.00
316773100 FIFTH THIRD BANCORP US FITB 1,720 $57,052.40
32054K103 FIRST INDUSTRIAL REALTY TR US FR 1,885 $58,642.35
336130AB5 FIRST QUALITY FINANCE CO 5.00000 07/01/2025 US 25,000 $23,937.50
345605109 FOREST CITY REALTY TRUST - A US FCE/A 1,410 $28,284.60
357081AE8 FREMF 2015-K720 B FLT 3.50460 07/25/2022 US 100,000 $98,474.40
35802XAA1 FRESENIUS MED CARE US 6.50000 09/15/2018 US 40,000 $40,513.38
36143WAN1 GAHR 2015-NRF BFX FLT 3.49490 12/15/2034 US 1,100,000 $1,099,108.01
36143WAS0 GAHR 2015-NRF DFX FLT 3.49490 12/15/2034 US 440,000 $437,322.16
36174X101 GGP INC US GGP 1,595 $31,884.05
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 115,000 $113,350.41
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 26,919.5 $27,246.77
36294VKJ8 GNMA POOL 660997 5.50000 05/15/2037 US 36,790 $39,869.87
363576109 ARTHUR J GALLAGHER & CO US AJG 730 $51,092.70
369604103 GENERAL ELEC CO US GE 1,325 $18,642.75
371559105 GENESEE & WYOMING INC -CL A US GWR 3,820 $271,984.00
374297109 GETTY REALTY CORP US GTY 990 $24,799.50
375558103 GILEAD SCIENCES INC US GILD 2,167 $156,522.41
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 105,000 $103,162.50
37954A204 GLOBAL MEDICAL REIT INC US GMRE 2,150 $16,748.50
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 10,810 $154,583.00
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 50,000 $49,500.00
40414L109 HCP INC US HCP 2,475 $57,816.00
410345AL6 HANESBRANDS INC 4.87500 05/15/2026 US 45,000 $43,200.00
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 1,305 $32,611.95
42809H107 HESS CORP US HES 1,830 $104,291.70
431318AQ7 HILCORP ENERGY I/HILCORP 5.75000 10/01/2025 US 60,000 $59,400.00
431475AB8 HILL-ROM HOLDINGS INC 5.00000 02/15/2025 US 70,000 $69,512.10
437076102 HOME DEPOT INC US HD 1,479 $273,319.20
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 3,447 $118,438.92
438516106 HONEYWELL INTERNATIONAL INC US HON 1,154 $166,960.72
44107P104 HOST MARRIOTT CORP US HST 3,285 $64,254.60
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 100,000 $97,750.00
446150104 HUNTINGTON BANCSHARES US HBAN 3,155 $47,041.05
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 75,000 $72,750.00
45337C102 INCYTE CORP US INCY 17,460 $1,081,472.40
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 2,410 $22,654.00
45763PAE6 INMARSAT FINANCE PLC 4.87500 05/15/2022 GB 85,000 $82,025.00
458140100 INTEL CORP US INTC 10,679 $551,249.98
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 1,374 $199,175.04
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 1,040,000 $1,074,120.54
46115HBD8 INTESA SANPAOLO SPA 3.87500 01/12/2028 IT 1,620,000 $1,513,187.41
46186YAA2 IHSFR 2015-SFR3 A FLT 3.19563 08/17/2032 US 940,065.05 $942,154.34
46187BAA1 IHSFR 2017-SFR2 A 2.74550 12/17/2036 US 159,269.03 $159,517.76
46187BAB9 IHSFR 2017-SFR2 B 3.04550 12/17/2036 US 120,000 $120,354.55
46187W107 INVITATION HOMES INC US INVH 2,826 $65,393.64
464287598 ISHARES RUSSELL 1000 VALUE US 545 $65,585.30
466032109 J&J SNACK FOODS CORP US JJSF 675 $92,751.75
46625H100 JP MORGAN CHASE & CO US JPM 5,593 $608,406.54
46625HHL7 JPMORGAN CHASE & CO 6.30000 04/23/2019 US 1,480,000 $1,532,186.16
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 48,781.1 $49,515.75
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 275,307.52 $265,413.79
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 314,469.13 $309,064.35
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 369,941.59 $365,996.53
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 378,794.3 $374,740.06
478160104 JOHNSON & JOHNSON US JNJ 8,871 $1,122,092.79
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 95,000 $76,000.00
485170302 KANSAS CITY SOUTHERN US KSU 1,265 $134,886.95
493267108 KEYCORP US KEY 4,570 $91,034.40
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 1,280,000 $1,519,099.72
497864AA6 KISSNER GR HLDG 8.37500 12/01/2022 CA 85,000 $87,125.00
500472303 KONINKLIJKE PHILIPS NVR - NY ADR NL PHG 2,107 $88,957.54
500754106 KRAFT HEINZ CO/THE US KHC 1,725 $97,255.50
50212YAB0 LPL HOLDINGS INC 5.75000 09/15/2025 US 60,000 $58,200.00
502160AM6 LSB INDUSTRIES 9.62500 05/01/2023 US 75,000 $75,281.25
50218LAC0 LSTAR COMMERCIAL MORTGAGE TR FLT 2.76700 01/20/2041 US 9,921.48 $9,877.48
505742AD8 LADDER CAP FIN LLLP/CORP 5.87500 08/01/2021 US 45,000 $45,787.50
512816109 LAMAR ADVERTISING CO US LAMR 955 $60,843.05
53223X107 LIFE STORAGE INC US LSI 200 $17,688.00
532457108 ELI LILLY & CO US LLY 2,508 $203,323.56
534187109 LINCOLN NATL CORP IND US LNC 610 $43,090.40
539830109 LOCKHEED MARTIN CORP US LMT 459 $147,265.56
550021109 LULULEMON - ADR CA LULU 4,440 $443,112.00
554382101 THE MACERICH CO US MAC 385 $22,183.70
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 80,000 $77,000.00
56585A102 MARATHON PETROLEUM CORP US MPC 1,050 $78,655.50
5671735 SANOFI-AVENTIS FR SAN FP 978 $77,322.84
57636Q104 MASTERCARD INC-CLASS A US MA 4,160 $741,603.20
580135101 MCDONALDS CORP US MCD 1,193 $199,755.92
58933Y105 MERCK & CO INC US MRK 11,071 $651,749.77
59001ABA9 MERITAGE HOMES CORP 5.12500 06/06/2027 US 65,000 $61,668.75
594918104 MICROSOFT CORP US MSFT 10,235 $957,177.20
59522J103 MID-AMERICA APARTMENT COMM US MAA 790 $72,253.40
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 4,271 $168,704.50
61744YAG3 MORGAN STANLEY FLT 3.01070 05/08/2024 US 1,500,000 $1,529,545.53
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 135,000 $133,650.00
624758108 MUELLER WATER PRODUCTS INC - A US MWA 7,735 $75,725.65
637417106 NATIONAL RETAIL PROPERTIES US NNN 595 $22,633.80
63938CAE8 NAVIENT CORP 7.25000 09/25/2023 US 45,000 $47,025.00
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 403,702.63 $403,225.37
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 479,794.49 $481,634.65
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 598,384.76 $599,387.29
651229106 NEWELL BRANDS INC US NWL 3,000 $82,890.00
654106103 NIKE INC CLASS B US NKE 1,155 $78,990.45
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 155,000 $157,836.50
66987V109 NOVARTIS AG- REG CH NVS 10,655 $817,131.95
67091GAA1 OCI NV 6.62500 04/15/2023 NL 75,000 $76,050.00
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 440 $112,670.80
680223104 OLD REPUBLIC INTL CORP US ORI 2,225 $45,390.00
683235AA3 ONTARIO (PROVINCE OF) 2.00000 09/27/2018 CA 450,000 $449,352.16
68323ADY7 ONTARIO (PROVINCE OF) 1.25000 06/17/2019 CA 450,000 $443,453.41
69007J106 OUTFRONT MEDIA INC US OUT 2,670 $50,062.50
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 70,000 $71,400.00
693475105 PNC FINANCIAL SERVICES GROUP US PNC 345 $50,235.45
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 80,000 $76,600.00
70338P100 PATTERN ENERGY GROUP INC -A US PEGI 2,280 $41,450.40
713448108 PEPSICO INC US PEP 2,643 $266,784.42
713448CX4 PEPSICO INC 3.10000 07/17/2022 US 148,000 $147,811.18
71654QCJ9 PETROLEOS MEXICANOS 6.35000 02/12/2048 MX 1,590,000 $1,458,030.00
717081103 PFIZER INC US PFE 7,363 $269,559.43
71943U104 PHYSICIANS REALTY TRUST US DOC 3,465 $51,767.10
729640102 PLYMOUTH INDUSTRIAL REIT INC US 480 $8,256.00
733174AJ5 POPULAR INC 7.00000 07/01/2019 US 95,000 $96,662.50
741503AZ9 PRICELINE GROUP INC/THE 3.60000 06/01/2026 US 1,570,000 $1,521,912.11
74251V102 PRINCIPAL FINANCIAL GROUP US PFG 675 $39,973.50
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 300,000 $290,111.76
74340W103 PROLOGIS US PLD 2,245 $145,722.95
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 960,000 $1,021,200.00
74460D109 PUBLIC STORAGE INC US PSA 395 $79,703.10
74736K101 QORVO INC US QRVO 18,020 $1,214,548.00
749685103 RPM INTERNATIONAL INC US RPM 1,175 $56,752.50
758849103 REGENCY CENTERS CORP US REG 585 $34,427.25
75886F107 REGENERON PHARMACEUTICALS INC US REGN 2,510 $762,236.80
7591EP100 REGIONS FINANCIAL CORP. US RF 2,925 $54,697.50
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 585 $17,871.75
767204100 RIO TINTO PLC - SPON ADR GB RIO 2,190 $120,340.50
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 40,000 $41,412.40
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 1,480 $107,181.60
78408XAD3 SCGT 2013-SRP1 AJ FLT 4.09688 11/15/2026 US 1,550,000 $1,546,747.17
78410G104 SBA COMMUNICATIONS CORP US SBAC 1,005 $161,031.15
78442PGC4 SLM CORP 5.12500 04/05/2022 US 65,000 $65,650.00
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 875,000 $849,089.76
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 1,410,000 $1,531,273.08
80105N105 SANOFI-AVENTIS-ADR FR SNY 4,085 $160,622.20
80282KAS5 SANTANDER HOLDINGS USA 3.40000 01/18/2023 US 1,050,000 $1,017,347.23
806857108 SCHLUMBERGER LTD NL SLB 8,520 $584,131.20
808513105 CHARLES SCHWAB CORP/THE US SCHW 11,140 $620,275.20
81211K100 SEALED AIR CORP US SEE 12,445 $545,713.25
812578102 SEATTLE GENETICS INC US SGEN 11,910 $609,672.90
81663AAD7 SEMGROUP CORP 6.37500 03/15/2025 US 85,000 $80,962.50
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 319,392.96 $306,665.47
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 443,875.77 $427,153.11
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 345,227.58 $311,233.37
81762P102 SERVICENOW INC US NOW 3,770 $626,347.80
81783QAC9 SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 CA 50,000 $48,625.00
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 45,000 $45,675.00
828806109 SIMON PROPERTY GROUP INC US SPG 1,040 $162,593.60
83088M102 SKYWORKS SOLUTIONS INC US SWKS 7,030 $609,922.80
83401LAB0 SOFI 2015-A A2 2.42000 03/25/2030 US 483,231.28 $478,159.28
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 406,000 $392,980.27
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 31,946.25 $31,664.36
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 130,000 $125,707.65
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 45,198.19 $44,787.23
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 441,718.73 $438,701.17
835495102 SONOCO PRODUCTS CO US SON 2,790 $143,294.40
844741108 SOUTHWEST AIRLS CO US LUV 1,245 $65,773.35
845467AL3 SOUTHWESTERN ENERGY CO 6.70000 01/23/2025 US 70,000 $68,600.00
852061AK6 SPRINT COMMUNICATIONS 9.00000 11/15/2018 US 25,000 $25,703.13
85254J102 STAG INDUSTRIAL INC US STAG 3,470 $85,257.90
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.11688 11/15/2027 US 924,053.15 $924,926.01
862121100 STORE CAPITAL CORP US STOR 975 $24,599.25
866674104 SUN COMMUNITIES US SUI 620 $58,187.00
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 2,545 $39,702.00
867914103 SUNTRUST BANKS INC US STI 730 $48,764.00
87243QAB2 TENET HEALTHCARE CORP 6.00000 10/01/2020 US 35,000 $36,121.75
874039100 TAIWAN SEMICONDUCTOR - SP ADR TW TSM 6,947 $267,112.15
87470LAA9 TALLGRASS NRG PRTNR/FIN 5.50000 09/15/2024 US 85,000 $86,275.00
87612E106 TARGET CORP US TGT 1,229 $89,225.40
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 252,294.57 $252,100.40
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 60,000 $52,950.00
88032WAG1 TENCENT HOLDINGS LTD 3.59500 01/19/2028 KY 1,060,000 $1,007,315.58
88146M101 TERRENO REALTY CORP US TRNO 480 $17,832.00
88161DAA9 TESLA 2018-A A 2.32000 12/20/2019 US 325,058.02 $323,708.74
882508104 TEXAS INSTRUMENTS INC US TXN 6,220 $630,894.60
88579Y101 3M CO US MMM 1,247 $242,404.33
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 986,278.45 $966,228.99
89613BAA5 TAH 2013-SFR1 A 2.58900 11/17/2033 US 809,349.87 $784,311.98
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 500,000 $482,385.75
896356AE2 TRINIDAD DRILLING LTD 6.62500 02/15/2025 CA 75,000 $71,906.25
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 75,000 $76,852.50
902653104 UDR INC US UDR 2,005 $72,480.75
902973304 U.S. BANCORP US USB 2,805 $141,512.25
903002103 UMH PROPERTIES INC US UMH 1,720 $23,271.60
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 40,000 $39,100.00
904767704 UNILEVER PLC - ADR GB UL 13,130 $734,886.10
907818108 UNION PAC CORP US UNP 1,249 $166,903.87
911312106 UNITED PARCEL SERVICE US UPS 1,440 $163,440.00
912796PY9 TREASURY BILL 0.00000 09/06/2018 US 3,250,000 $3,228,182.95
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 1,159,000 $1,544,639.15
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 1,871,000 $2,346,058.59
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 995,033.76 $967,452.92
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 1,420,000 $1,266,795.32
912828D23 US TREASURY N/B 1.62500 04/30/2019 US 9,946,000 $9,880,729.38
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 1,655,145.71 $1,641,258.61
912828K58 UNITED STATES TREAS NTS 1.37500 04/30/2020 US 5,127,000 $5,014,846.88
912828R28 US TREASURY N/B 1.62500 04/30/2023 US 3,300,000 $3,120,175.77
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 1,600,000 $1,451,250.00
912828RT9 US TREASURY N/B 1.37500 11/30/2018 US 1,000,000 $995,781.25
912828S76 US TREASURY N/B 1.12500 07/31/2021 US 2,200,000 $2,094,296.86
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 936,751.76 $914,990.31
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 1,500,000 $1,433,671.88
913017109 UNITED TECHNOLOGIES CORP US UTX 1,305 $156,795.75
91704F104 URBAN EDGE PROPERTIES US UE 2,580 $53,070.60
91913Y100 VALERO ENERGY US VLO 885 $98,173.05
92276F100 VENTAS INC US VTR 530 $27,252.60
92339V100 VEREIT INC US VER 3,645 $24,786.00
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 1,430,000 $1,524,437.04
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 1,360 $208,297.60
92826C839 VISA INC - CLASS A SHARES US V 4,590 $582,379.20
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 50,000 $51,143.62
929042109 VORNADO REALTY TRUST US VNO 880 $59,866.40
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 70,000 $71,575.00
931142103 WAL MART STORES US WMT 3,482 $308,017.72
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 1,447 $96,153.15
94106L109 WASTE MANAGEMENT INC US WM 1,600 $130,064.00
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 45,000 $44,437.50
94856TAA2 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 75,000 $72,750.00
949746101 WELLS FARGO COMPANY US WFC 8,751 $454,701.96
95040Q104 WELLTOWER INC. US WELL 675 $36,072.00
962166104 WEYERHAEUSER CO US WY 13,750 $505,725.00
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 50,000 $50,062.50
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 45,000 $45,618.75
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 432,020.28 $432,583.33
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 502,381.15 $494,376.46
98416JAE0 XERIUM TECHNOLOGIES INC 9.50000 08/15/2021 US 50,000 $52,125.00
98919V105 ZAYO GROUP HOLDINGS INC US ZAYO 11,670 $423,621.00
B15C557 TOTAL SA FR FP FP 1,165 $73,222.19
B1YY4B3 UNIBAIL-RODAMCO SE FR UL NA 190 $45,613.21
B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 4,025 $42,445.97
B3FP8W8 CANADA HOUSING TRUST 4.10000 12/15/2018 CA 110,000 $87,024.18
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 400,000 $20,868.94
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 140,000 $111,880.06
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 1,100,000 $56,974.34
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 240,000 $182,685.79
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 1,800,000 $97,562.78
B68XHC3 NORTHLAND POWER INC CA NPI CN 2,365 $42,641.65
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 350,000 $18,973.91
BBG00HRBPKX0 REGN US 05/18/18 C360 US -5 -$245.00
BBG00JH41PQ6 QRVO US 05/18/18 P62.5 US -28 -$3,500.00
BBG00K3YL815 BKNG US 05/18/18 P1990 US -1 -$1,615.00
BBG00K996BS5 AMZN US 04/27/18 P1350 US -1 $0.00
BBG00KC00T34 EA US 05/18/18 P110 US -16 -$2,528.00
BBG00KCT50R3 SGEN US 05/18/18 C55 US -32 -$3,712.00
BBG00KD5VQ43 ZAYO 05/18/18 C40 US -44 -$440.00
BBG00KHC9JX3 SWKS US 05/11/18 P85 US -21 -$4,410.00
BBG00KJ2JW81 BABA US 05/25/18 P160 CN -11 -$1,188.00
BBG00KQTTLF9 TXN US 05/18/18 P92 US -19 -$665.00
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 100,000 $95,500.00
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 17,145 $30,725.14
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 6,520 $320,542.29
BP269Z8 AXIA REAL ESTATE SOCIMI SA ES AXIA SM 720 $15,263.37
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 12,870 $398,946.25
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 7,860 $780,761.35
G3157S106 ENSCO INTERNATIONAL INC US ESV 14,270 $80,625.50
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 65,000 $68,900.00
G5960L103 MEDTRONIC INC IE MDT 11,301 $905,549.13
G96629103 WILLIS TOWERS WATSON PLC GB WLTW 300 $44,553.00
G97822103 PERRIGO CO PLC IE PRGO 730 $57,042.20
H1467J104 CHUBB LTD CH CB 470 $63,764.90
H8817H100 TRANSOCEAN LTD US RIG 22,350 $276,469.50
N47279109 INTERXION HOLDING NX NL INXN 1,320 $85,826.40
N53745100 LYONDELLBASELL INDU-CL A US LYB 851 $89,976.23
USD US DOLLAR US 1,034,459.2 $1,034,459.20

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

$0.00

Daily % Change

0.00%

as of 05/17/2018

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

Annualized Performance

As of 04/30/2018

YTD

-1.60%

1 Year

2.91%

3 Year

2.40%

5 Year

3.21%

10 Year

4.81%

Inception
(01/01/2000)

5.81%

US Stock Market Cycle (04/01/2000 - 04/30/2018)

5.76%

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. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.50%
Net 0.49%*

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

Top Ten Investments

As of 04/30/2018

TREASURY NOTES 15.51%
GOVERNMENT AGENCY 8.54%
TREASURY BONDS 3.33%
TREASURY BILLS 2.09%
SWEDISH EXPORT CREDIT 1.12500 08/28/2019 1.08%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 1.06%
SCGT 2013-SRP1 AJ FLT 4.09688 11/15/2026 1.00%
JPMORGAN CHASE & CO 6.30000 04/23/2019 0.99%
SABINE PASS LIQUEFACTION 5.87500 06/30/2026 0.99%
MORGAN STANLEY FLT 3.01070 05/08/2024 0.99%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 04/30/2018

Bonds
70.44%
Stocks
28.90%
Cash
0.66%

Detailed Asset Class Allocation

As of 04/30/2018

International Equities
6.18%
Small Capitalization
1.01%
Mid Capitalization
3.13%
Large Capitalization
18.58%
Long Term Fixed Income
20.07%
Intermediate Term Fixed Income
30.81%
Short Term Fixed Income
19.56%
Cash
0.66%

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

April Fund Holdings

As of 04/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
000375204 ABB LTD-SPON ADR CH ABB 4,256 $99,037.12
00163UAB2 AMAG PHARMACEUTICALS INC 7.87500 09/01/2023 US 55,000 $54,725.00
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 980,000 $972,877.73
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 1,700,000 $1,667,787.19
00287Y109 ABBVIE INC US ABBV 2,272 $219,361.60
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 105,000 $109,462.50
004239109 ACADIA REALTY TRUST US AKR 770 $18,172.00
0045614 ANTOFAGASTA PLC GB ANTO LN 12,340 $164,874.88
008492100 AGREE REALTY CORP US ADC 340 $16,619.20
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 25,000 $25,968.75
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 255 $31,765.35
01609W102 ALIBABA GROUP - ADR CN BABA 2,480 $442,779.20
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 1,620,000 $1,525,212.21
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 50,000 $50,500.00
020002101 ALLSTATE CORPORATION US ALL 460 $44,997.20
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 55,000 $54,972.50
02079K107 ALPHABET INC-CL C US GOOG 295 $300,112.35
02079K305 ALPHABET INC-CL A US GOOGL 290 $295,388.20
023135106 AMAZON.COM INC US AMZN 100 $156,613.00
02319V103 AMBEV SA-ADR BR ABEV 87,400 $578,588.00
0237400 DIAGEO PLC GB DGE LN 22,500 $802,685.71
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 985 $38,523.35
02665T306 AMERICAN HOMES 4 RENT- A US AMH 3,245 $65,549.00
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 1,050,000 $1,009,474.21
026874784 AMERICAN INTL GROUP INC US AIG 700 $39,200.00
03027X100 AMERICAN TOWER REIT INC US AMT 1,135 $154,768.60
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 37,484.27 $37,877.94
03064D108 AMERICOLD REALTY TRUST US COLD 865 $17,827.65
031162100 AMGEN INC US AMGN 1,043 $181,982.64
034863AT7 ANGLO AMERICAN CAPITAL 4.00000 09/11/2027 GB 1,070,000 $1,008,023.10
03748R101 APARTMENT INVT & MGMT CO -A US AIV 1,165 $47,299.00
037612306 APOLLO GLOBAL MANAGMENT - A US APO 2,005 $57,824.20
037833100 APPLE COMPUTER INC US AAPL 915 $151,212.90
03784Y200 APPLE HOSPITALITY REIT INC US APLE 1,590 $28,604.10
04014Y101 ARES MANAGEMENT LP US ARES 1,980 $43,560.00
04621WAC4 ASSURED GUARANTY US HLDG 5.00000 07/01/2024 US 1,060,000 $1,099,913.10
053015103 AUTOMATIC DATA PROCESSING US ADP 896 $105,799.68
053484101 AVALONBAY COMMUNITIES INC US AVB 765 $124,695.00
055622104 BP PLC-SPONS ADR GB BP 4,475 $199,540.25
058498106 BALL CORP US BLL 13,670 $548,030.30
060505104 BANK OF AMERICA CORP US BAC 9,080 $271,673.60
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 1,540,000 $1,522,131.29
06652K103 BANKUNITED INC US BKU 1,220 $48,324.20
088606108 BHP LIMITED-SPONS ADR AU BHP 2,945 $137,678.75
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 6,820 $569,538.20
09062X103 BIOGEN IDEC INC US BIIB 1,460 $399,456.00
09247X101 BLACKROCK INC US BLK 1,130 $589,295.00
09253U108 BLACKSTONE GROUP LP/THE US BX 2,020 $62,519.00
09627J102 BLUEROCK RESIDENTIAL GROWTH US 1,480 $13,305.20
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 1,420,000 $1,514,769.35
097023105 BOEING CO US BA 755 $251,837.80
09857L108 BOOKING HOLDINGS INC US BKNG 480 $1,045,440.00
0989529 ASTRAZENECA PLC GB AZN LN 1,365 $95,553.85
101121101 BOSTON PROPERTIES INC US BXP 635 $77,095.35
105368203 BRANDYWINE REALTY TRUST US BDN 1,895 $30,528.45
110122108 BRISTOL MYERS SQUIBB CO US BMY 9,706 $505,973.78
11133T103 BROADRIDGE FINANCIAL SOLUTIONS US BR 380 $40,739.80
11135F101 BROADCOM INC US AVGO 526 $120,674.92
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 100,000 $94,000.00
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 40,000 $38,948.00
125896100 CMS ENERGY CORP US CMS 1,780 $83,998.20
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 1,020,000 $1,022,550.00
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 95,000 $89,003.13
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 536,768.25 $500,018.84
126650100 CVS HEALTH CORP US CVS 1,796 $125,414.68
14041NFF3 CAPITAL ONE MULTI-ASSET 1.33000 06/15/2022 US 350,000 $343,812.49
14314WAD3 CARMX 2017-3 A3 1.97000 04/15/2022 US 398,000 $392,037.52
149123101 CATERPILLAR INC US CAT 763 $110,146.68
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 14,270 $186,080.80
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 104,416.84 $103,764.23
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 95,000 $90,368.75
16411QAA9 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 75,000 $73,312.50
165240102 CHESAPEAKE LODGING TRUST US CHSP 830 $24,518.20
166764100 CHEVRON CORP US CVX 1,175 $147,004.25
16941R108 CHINA PETROLEUM & CHEM-ADR CN SNP 1,871 $182,497.34
17275R102 CISCO SYSTEMS INC US CSCO 6,078 $269,194.62
172967424 CITIGROUP INC US C 3,320 $226,656.40
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 1,050,000 $1,520,742.58
19238VAG0 COGECO CABLE INC 4.87500 05/01/2020 CA 35,000 $35,175.00
194162103 COLGATE-PALMOLIVE CO US CL 1,745 $113,826.35
19625JAA1 CAH 2015-1A A 3.09713 07/17/2032 US 876,290.22 $876,288.82
19625W104 COLONY NORTHSTAR INC-CLASS A US CLNS 11,782 $71,988.02
198287203 COLUMBIA PROPERTY TRUST INC US CXP 950 $20,292.00
199908104 COMFORT SYSTEMS US FIX 2,020 $85,244.00
20030N101 COMCAST CORP-CL A US CMCSA 4,942 $155,129.38
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 4,568 $116,484.00
2099084 BORALEX INC -A CA BLX CN 2,440 $43,613.85
21871N101 CORECIVIC INC US CXW 4,910 $98,985.60
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 900,000 $1,008,771.68
222795106 COUSINS PROPERTIES INC US CUZ 9,210 $81,876.90
22282E102 COVANTA HOLDING CORP US CVA 6,710 $99,979.00
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 50,000 $49,500.00
22822V101 CROWN CASTLE INTL CORP US CCI 1,240 $125,078.80
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 405,138.27 $374,146.00
229663109 CUBESMART US CUBE 2,635 $77,574.40
23311RAC0 DCP MIDSTREAM OPERATING 9.75000 03/15/2019 US 35,000 $36,837.50
23918K108 DAVITA INC. US DVA 7,495 $470,611.05
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 70,000 $66,339.00
247361702 DELTA AIR LINES INC. US DAL 1,345 $70,235.90
25271C102 DIAMOND OFFSHORE DRILLING US DO 10,300 $189,417.00
253393102 DICK'S SPORTING GOODS INC US DKS 2,495 $82,559.55
253868103 DIGITAL REALTY TRUST INC US DLR 1,335 $141,096.15
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 1,050,000 $1,026,979.49
256677105 DOLLAR GENERAL CORP US DG 1,690 $163,135.70
26078J100 DOWDUPONT INC US DWDP 2,546 $161,009.04
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 85,000 $85,425.00
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 100,000 $101,250.00
269246401 ETRADE FINANCIAL CORP US ETFC 4,800 $291,264.00
2715777 QUEBECOR INC -CL B CA QBR/B CN 7,950 $148,232.41
277276101 EASTGROUP PROPERTIES US EGP 150 $13,467.00
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 7,260 $149,220.30
285512109 ELECTRONIC ARTS US EA 3,650 $430,627.00
2866857 LUNDIN MINING CORP CA LUN CN 23,905 $158,255.77
291011104 EMERSON ELEC CO US EMR 1,343 $89,188.63
294429105 EQUIFAX INC US EFX 3,340 $374,247.00
29444U700 EQUINIX INC US EQIX 595 $250,370.05
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 465 $41,459.40
29476L107 EQUITY RESIDENTIAL US EQR 950 $58,624.50
297178105 ESSEX PROPERTY TRUST INC US ESS 160 $38,350.40
30161N101 EXELON CORP US EXC 1,255 $49,798.40
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 1,550,000 $1,518,262.20
30225T102 EXTRA SPACE STORAGE INC US EXR 655 $58,681.45
30231G102 EXXON MOBIL CORP US XOM 4,540 $352,985.00
302491303 FMC CORP US FMC 1,620 $129,162.60
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 74,066.86 $73,817.22
30262SAR9 FREMF 2015-K42 B FLT 3.98377 12/25/2024 US 180,000 $176,046.07
30287EAE0 FREMF 2014-K41 B FLT 3.96226 11/25/2047 US 700,000 $691,190.99
30291EAE4 FREMF 2013-K712 B FLT 3.47714 05/25/2045 US 1,150,000 $1,153,643.09
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 11,090,470.77 $42,180.39
30303M102 FACEBOOK INC -A US FB 5,385 $926,220.00
3128M1AM1 FHLM POOL G11912 5.50000 03/01/2021 US 19,117.45 $19,472.09
3128M6HZ4 FHLM POOL G04448 5.50000 07/01/2038 US 195,996.86 $214,286.07
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 4,398.9 $4,806.72
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 17,507.51 $19,521.70
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 153,773.68 $170,815.21
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 50,885.02 $55,725.20
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 115,843.42 $120,013.73
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 8,984.21 $9,322.63
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 7,879.45 $8,201.89
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 711,316.51 $743,835.56
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 107,016.87 $116,926.28
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 54,948.68 $57,538.22
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 536,054.9 $564,261.65
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 175,888.88 $179,752.31
3132WJYG0 FHLM POOL Q45210 4.00000 01/01/2047 US 408,672.09 $417,176.54
3132WPDP9 FHLM GOLD POOL FG Q49109 4.00000 07/01/2047 US 520,322.15 $530,859.36
3132XSLZ1 FHLM GOLD POOL FG Q50343 4.00000 08/01/2047 US 568,749.51 $580,113.80
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 629,634.13 $642,238.52
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 12,658.58 $12,835.71
31371MLB1 FEDERAL NATL MTG ASSN 256022 5.50000 12/01/2035 US 63,518.9 $69,521.13
31371MRU3 FEDERAL NATL MTG ASSN 256199 5.00000 04/01/2021 US 8,560.02 $8,702.75
31371NDQ5 FEDERAL NATL MTG ASSN 256711 5.50000 05/01/2037 US 8,637.24 $9,438.96
3137A2B34 FHMS K009 X1 FLT 1.45890 08/25/2020 US 1,132,727.53 $27,581.58
3137ADTK3 FHMS K014 X1 FLT 1.35057 04/25/2021 US 11,568,672.01 $338,995.64
3137AJMG6 FMHS K016 X1 FLT 1.67495 10/25/2021 US 2,575,919.22 $110,577.26
3137AL6W4 FHMS K706 X1 FLT 1.68589 10/25/2018 US 3,541,504.23 $14,686.62
3137AUPF0 FHMS K021 x1 FLT 1.59275 06/25/2022 US 16,192,355.92 $801,197.77
3137B3NB0 FHMS K030 X1 FLT 0.31510 04/25/2023 US 30,897,491.35 $273,693.07
3137B4GZ3 FHMS K032 X1 FLT 0.22177 05/25/2023 US 18,142,898.6 $97,703.14
3137F4YU0 FHLM POOL FHR4791 4.00000 03/15/2044 US 600,000 $611,978.94
3138A7BL1 FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 295,143.7 $310,226.56
3138AJ4A7 FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 32,026.61 $33,389.84
3138EPLE2 FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 117,770.33 $123,870.40
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65100 01/01/2049 US 752,043.26 $810,199.19
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 733,081.54 $773,077.87
3138YTGK4 FEDERAL NATL MTG ASSN AZ2001 3.50000 05/01/2045 US 1,093,604.64 $1,088,364.00
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 72,145.58 $78,979.91
31403DVZ9 FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 12,158.97 $13,545.90
31406PTV1 FEDERAL NATL MTG ASSN 816064 4.50000 04/01/2020 US 9,031.8 $9,098.29
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 750,801.3 $765,367.09
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 121,496.89 $123,851.10
3140FA5G3 FEDERAL NATL MTG ASSN FN BD3546 4.00000 09/01/2047 US 360,177.56 $367,622.78
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 608,687.88 $620,638.71
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 6,212.8 $6,435.26
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 7,671.92 $7,937.04
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 62,058.53 $63,722.33
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 74,423.14 $76,375.01
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 20,057.39 $21,872.50
31410WSY5 FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 13,825.34 $15,402.35
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 48,478.18 $52,868.90
31411RHZ4 FEDERAL NATL MTG ASSN 912948 5.00000 05/01/2038 US 4,572.24 $4,857.81
31412SY41 FEDERAL NATL MTG ASSN 933731 5.50000 04/01/2038 US 14,286.23 $15,572.98
31413CCL1 FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 5,764.91 $6,385.37
31413MR66 FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 19,568.12 $21,800.18
31413S6R0 FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 12,148.12 $13,519.22
31414CQ50 FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 2,718.57 $3,013.14
31414DJ23 FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 14,013.66 $15,535.34
31414QX28 FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 10,935.43 $11,137.28
31414UF52 FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 52,635.35 $53,318.86
31415ALX7 FEDERAL NATL MTG ASSN 981042 6.00000 04/01/2038 US 12,897.78 $14,269.60
31415BBC2 FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 15,729.31 $16,844.10
31415BBT5 FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 12,478.12 $13,326.66
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 41,937.1 $43,010.91
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 19,812.17 $20,848.90
31418B6G6 FEDERAL NATL MTG ASSN FN MA2670 3.00000 07/01/2046 US 447,905.07 $432,761.84
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 285,512.32 $298,816.45
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 252,377.69 $265,368.34
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 494,199 $477,491.92
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 616,421.78 $643,578.20
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 35,133.32 $39,179.14
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 121,573.89 $132,552.88
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 21,036.65 $22,964.17
31418MSR4 FEDERAL NATL MTG ASSN AD0527 5.50000 06/01/2039 US 65,253.8 $71,098.25
31428X106 FEDEX CORPORATION US FDX 1,800 $444,960.00
316773100 FIFTH THIRD BANCORP US FITB 1,720 $57,052.40
32054K103 FIRST INDUSTRIAL REALTY TR US FR 1,885 $58,642.35
336130AB5 FIRST QUALITY FINANCE CO 5.00000 07/01/2025 US 25,000 $23,937.50
345605109 FOREST CITY REALTY TRUST - A US FCE/A 1,410 $28,284.60
357081AE8 FREMF 2015-K720 B FLT 3.50460 07/25/2022 US 100,000 $98,474.40
35802XAA1 FRESENIUS MED CARE US 6.50000 09/15/2018 US 40,000 $40,513.38
36143WAN1 GAHR 2015-NRF BFX FLT 3.49490 12/15/2034 US 1,100,000 $1,099,108.01
36143WAS0 GAHR 2015-NRF DFX FLT 3.49490 12/15/2034 US 440,000 $437,322.16
36174X101 GGP INC US GGP 1,595 $31,884.05
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 115,000 $113,350.41
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 26,919.5 $27,246.77
36294VKJ8 GNMA POOL 660997 5.50000 05/15/2037 US 36,790 $39,869.87
363576109 ARTHUR J GALLAGHER & CO US AJG 730 $51,092.70
369604103 GENERAL ELEC CO US GE 1,325 $18,642.75
371559105 GENESEE & WYOMING INC -CL A US GWR 3,820 $271,984.00
374297109 GETTY REALTY CORP US GTY 990 $24,799.50
375558103 GILEAD SCIENCES INC US GILD 2,167 $156,522.41
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 105,000 $103,162.50
37954A204 GLOBAL MEDICAL REIT INC US GMRE 2,150 $16,748.50
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 10,810 $154,583.00
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 50,000 $49,500.00
40414L109 HCP INC US HCP 2,475 $57,816.00
410345AL6 HANESBRANDS INC 4.87500 05/15/2026 US 45,000 $43,200.00
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 1,305 $32,611.95
42809H107 HESS CORP US HES 1,830 $104,291.70
431318AQ7 HILCORP ENERGY I/HILCORP 5.75000 10/01/2025 US 60,000 $59,400.00
431475AB8 HILL-ROM HOLDINGS INC 5.00000 02/15/2025 US 70,000 $69,512.10
437076102 HOME DEPOT INC US HD 1,479 $273,319.20
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 3,447 $118,438.92
438516106 HONEYWELL INTERNATIONAL INC US HON 1,154 $166,960.72
44107P104 HOST MARRIOTT CORP US HST 3,285 $64,254.60
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 100,000 $97,750.00
446150104 HUNTINGTON BANCSHARES US HBAN 3,155 $47,041.05
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 75,000 $72,750.00
45337C102 INCYTE CORP US INCY 17,460 $1,081,472.40
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 2,410 $22,654.00
45763PAE6 INMARSAT FINANCE PLC 4.87500 05/15/2022 GB 85,000 $82,025.00
458140100 INTEL CORP US INTC 10,679 $551,249.98
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 1,374 $199,175.04
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 1,040,000 $1,074,120.54
46115HBD8 INTESA SANPAOLO SPA 3.87500 01/12/2028 IT 1,620,000 $1,513,187.41
46186YAA2 IHSFR 2015-SFR3 A FLT 3.19563 08/17/2032 US 940,065.05 $942,154.34
46187BAA1 IHSFR 2017-SFR2 A 2.74550 12/17/2036 US 159,269.03 $159,517.76
46187BAB9 IHSFR 2017-SFR2 B 3.04550 12/17/2036 US 120,000 $120,354.55
46187W107 INVITATION HOMES INC US INVH 2,826 $65,393.64
464287598 ISHARES RUSSELL 1000 VALUE US 545 $65,585.30
466032109 J&J SNACK FOODS CORP US JJSF 675 $92,751.75
46625H100 JP MORGAN CHASE & CO US JPM 5,593 $608,406.54
46625HHL7 JPMORGAN CHASE & CO 6.30000 04/23/2019 US 1,480,000 $1,532,186.16
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 48,781.1 $49,515.75
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 275,307.52 $265,413.79
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 314,469.13 $309,064.35
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 369,941.59 $365,996.53
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 378,794.3 $374,740.06
478160104 JOHNSON & JOHNSON US JNJ 8,871 $1,122,092.79
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 95,000 $76,000.00
485170302 KANSAS CITY SOUTHERN US KSU 1,265 $134,886.95
493267108 KEYCORP US KEY 4,570 $91,034.40
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 1,280,000 $1,519,099.72
497864AA6 KISSNER GR HLDG 8.37500 12/01/2022 CA 85,000 $87,125.00
500472303 KONINKLIJKE PHILIPS NVR - NY ADR NL PHG 2,107 $88,957.54
500754106 KRAFT HEINZ CO/THE US KHC 1,725 $97,255.50
50212YAB0 LPL HOLDINGS INC 5.75000 09/15/2025 US 60,000 $58,200.00
502160AM6 LSB INDUSTRIES 9.62500 05/01/2023 US 75,000 $75,281.25
50218LAC0 LSTAR COMMERCIAL MORTGAGE TR FLT 2.76700 01/20/2041 US 9,921.48 $9,877.48
505742AD8 LADDER CAP FIN LLLP/CORP 5.87500 08/01/2021 US 45,000 $45,787.50
512816109 LAMAR ADVERTISING CO US LAMR 955 $60,843.05
53223X107 LIFE STORAGE INC US LSI 200 $17,688.00
532457108 ELI LILLY & CO US LLY 2,508 $203,323.56
534187109 LINCOLN NATL CORP IND US LNC 610 $43,090.40
539830109 LOCKHEED MARTIN CORP US LMT 459 $147,265.56
550021109 LULULEMON - ADR CA LULU 4,440 $443,112.00
554382101 THE MACERICH CO US MAC 385 $22,183.70
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 80,000 $77,000.00
56585A102 MARATHON PETROLEUM CORP US MPC 1,050 $78,655.50
5671735 SANOFI-AVENTIS FR SAN FP 978 $77,322.84
57636Q104 MASTERCARD INC-CLASS A US MA 4,160 $741,603.20
580135101 MCDONALDS CORP US MCD 1,193 $199,755.92
58933Y105 MERCK & CO INC US MRK 11,071 $651,749.77
59001ABA9 MERITAGE HOMES CORP 5.12500 06/06/2027 US 65,000 $61,668.75
594918104 MICROSOFT CORP US MSFT 10,235 $957,177.20
59522J103 MID-AMERICA APARTMENT COMM US MAA 790 $72,253.40
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 4,271 $168,704.50
61744YAG3 MORGAN STANLEY FLT 3.01070 05/08/2024 US 1,500,000 $1,529,545.53
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 135,000 $133,650.00
624758108 MUELLER WATER PRODUCTS INC - A US MWA 7,735 $75,725.65
637417106 NATIONAL RETAIL PROPERTIES US NNN 595 $22,633.80
63938CAE8 NAVIENT CORP 7.25000 09/25/2023 US 45,000 $47,025.00
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 403,702.63 $403,225.37
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 479,794.49 $481,634.65
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 598,384.76 $599,387.29
651229106 NEWELL BRANDS INC US NWL 3,000 $82,890.00
654106103 NIKE INC CLASS B US NKE 1,155 $78,990.45
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 155,000 $157,836.50
66987V109 NOVARTIS AG- REG CH NVS 10,655 $817,131.95
67091GAA1 OCI NV 6.62500 04/15/2023 NL 75,000 $76,050.00
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 440 $112,670.80
680223104 OLD REPUBLIC INTL CORP US ORI 2,225 $45,390.00
683235AA3 ONTARIO (PROVINCE OF) 2.00000 09/27/2018 CA 450,000 $449,352.16
68323ADY7 ONTARIO (PROVINCE OF) 1.25000 06/17/2019 CA 450,000 $443,453.41
69007J106 OUTFRONT MEDIA INC US OUT 2,670 $50,062.50
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 70,000 $71,400.00
693475105 PNC FINANCIAL SERVICES GROUP US PNC 345 $50,235.45
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 80,000 $76,600.00
70338P100 PATTERN ENERGY GROUP INC -A US PEGI 2,280 $41,450.40
713448108 PEPSICO INC US PEP 2,643 $266,784.42
713448CX4 PEPSICO INC 3.10000 07/17/2022 US 148,000 $147,811.18
71654QCJ9 PETROLEOS MEXICANOS 6.35000 02/12/2048 MX 1,590,000 $1,458,030.00
717081103 PFIZER INC US PFE 7,363 $269,559.43
71943U104 PHYSICIANS REALTY TRUST US DOC 3,465 $51,767.10
729640102 PLYMOUTH INDUSTRIAL REIT INC US 480 $8,256.00
733174AJ5 POPULAR INC 7.00000 07/01/2019 US 95,000 $96,662.50
741503AZ9 PRICELINE GROUP INC/THE 3.60000 06/01/2026 US 1,570,000 $1,521,912.11
74251V102 PRINCIPAL FINANCIAL GROUP US PFG 675 $39,973.50
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 300,000 $290,111.76
74340W103 PROLOGIS US PLD 2,245 $145,722.95
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 960,000 $1,021,200.00
74460D109 PUBLIC STORAGE INC US PSA 395 $79,703.10
74736K101 QORVO INC US QRVO 18,020 $1,214,548.00
749685103 RPM INTERNATIONAL INC US RPM 1,175 $56,752.50
758849103 REGENCY CENTERS CORP US REG 585 $34,427.25
75886F107 REGENERON PHARMACEUTICALS INC US REGN 2,510 $762,236.80
7591EP100 REGIONS FINANCIAL CORP. US RF 2,925 $54,697.50
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 585 $17,871.75
767204100 RIO TINTO PLC - SPON ADR GB RIO 2,190 $120,340.50
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 40,000 $41,412.40
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 1,480 $107,181.60
78408XAD3 SCGT 2013-SRP1 AJ FLT 4.09688 11/15/2026 US 1,550,000 $1,546,747.17
78410G104 SBA COMMUNICATIONS CORP US SBAC 1,005 $161,031.15
78442PGC4 SLM CORP 5.12500 04/05/2022 US 65,000 $65,650.00
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 875,000 $849,089.76
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 1,410,000 $1,531,273.08
80105N105 SANOFI-AVENTIS-ADR FR SNY 4,085 $160,622.20
80282KAS5 SANTANDER HOLDINGS USA 3.40000 01/18/2023 US 1,050,000 $1,017,347.23
806857108 SCHLUMBERGER LTD NL SLB 8,520 $584,131.20
808513105 CHARLES SCHWAB CORP/THE US SCHW 11,140 $620,275.20
81211K100 SEALED AIR CORP US SEE 12,445 $545,713.25
812578102 SEATTLE GENETICS INC US SGEN 11,910 $609,672.90
81663AAD7 SEMGROUP CORP 6.37500 03/15/2025 US 85,000 $80,962.50
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 319,392.96 $306,665.47
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 443,875.77 $427,153.11
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 345,227.58 $311,233.37
81762P102 SERVICENOW INC US NOW 3,770 $626,347.80
81783QAC9 SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 CA 50,000 $48,625.00
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 45,000 $45,675.00
828806109 SIMON PROPERTY GROUP INC US SPG 1,040 $162,593.60
83088M102 SKYWORKS SOLUTIONS INC US SWKS 7,030 $609,922.80
83401LAB0 SOFI 2015-A A2 2.42000 03/25/2030 US 483,231.28 $478,159.28
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 406,000 $392,980.27
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 31,946.25 $31,664.36
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 130,000 $125,707.65
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 45,198.19 $44,787.23
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 441,718.73 $438,701.17
835495102 SONOCO PRODUCTS CO US SON 2,790 $143,294.40
844741108 SOUTHWEST AIRLS CO US LUV 1,245 $65,773.35
845467AL3 SOUTHWESTERN ENERGY CO 6.70000 01/23/2025 US 70,000 $68,600.00
852061AK6 SPRINT COMMUNICATIONS 9.00000 11/15/2018 US 25,000 $25,703.13
85254J102 STAG INDUSTRIAL INC US STAG 3,470 $85,257.90
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.11688 11/15/2027 US 924,053.15 $924,926.01
862121100 STORE CAPITAL CORP US STOR 975 $24,599.25
866674104 SUN COMMUNITIES US SUI 620 $58,187.00
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 2,545 $39,702.00
867914103 SUNTRUST BANKS INC US STI 730 $48,764.00
87243QAB2 TENET HEALTHCARE CORP 6.00000 10/01/2020 US 35,000 $36,121.75
874039100 TAIWAN SEMICONDUCTOR - SP ADR TW TSM 6,947 $267,112.15
87470LAA9 TALLGRASS NRG PRTNR/FIN 5.50000 09/15/2024 US 85,000 $86,275.00
87612E106 TARGET CORP US TGT 1,229 $89,225.40
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 252,294.57 $252,100.40
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 60,000 $52,950.00
88032WAG1 TENCENT HOLDINGS LTD 3.59500 01/19/2028 KY 1,060,000 $1,007,315.58
88146M101 TERRENO REALTY CORP US TRNO 480 $17,832.00
88161DAA9 TESLA 2018-A A 2.32000 12/20/2019 US 325,058.02 $323,708.74
882508104 TEXAS INSTRUMENTS INC US TXN 6,220 $630,894.60
88579Y101 3M CO US MMM 1,247 $242,404.33
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 986,278.45 $966,228.99
89613BAA5 TAH 2013-SFR1 A 2.58900 11/17/2033 US 809,349.87 $784,311.98
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 500,000 $482,385.75
896356AE2 TRINIDAD DRILLING LTD 6.62500 02/15/2025 CA 75,000 $71,906.25
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 75,000 $76,852.50
902653104 UDR INC US UDR 2,005 $72,480.75
902973304 U.S. BANCORP US USB 2,805 $141,512.25
903002103 UMH PROPERTIES INC US UMH 1,720 $23,271.60
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 40,000 $39,100.00
904767704 UNILEVER PLC - ADR GB UL 13,130 $734,886.10
907818108 UNION PAC CORP US UNP 1,249 $166,903.87
911312106 UNITED PARCEL SERVICE US UPS 1,440 $163,440.00
912796PY9 TREASURY BILL 0.00000 09/06/2018 US 3,250,000 $3,228,182.95
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 1,159,000 $1,544,639.15
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 1,871,000 $2,346,058.59
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 995,033.76 $967,452.92
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 1,420,000 $1,266,795.32
912828D23 US TREASURY N/B 1.62500 04/30/2019 US 9,946,000 $9,880,729.38
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 1,655,145.71 $1,641,258.61
912828K58 UNITED STATES TREAS NTS 1.37500 04/30/2020 US 5,127,000 $5,014,846.88
912828R28 US TREASURY N/B 1.62500 04/30/2023 US 3,300,000 $3,120,175.77
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 1,600,000 $1,451,250.00
912828RT9 US TREASURY N/B 1.37500 11/30/2018 US 1,000,000 $995,781.25
912828S76 US TREASURY N/B 1.12500 07/31/2021 US 2,200,000 $2,094,296.86
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 936,751.76 $914,990.31
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 1,500,000 $1,433,671.88
913017109 UNITED TECHNOLOGIES CORP US UTX 1,305 $156,795.75
91704F104 URBAN EDGE PROPERTIES US UE 2,580 $53,070.60
91913Y100 VALERO ENERGY US VLO 885 $98,173.05
92276F100 VENTAS INC US VTR 530 $27,252.60
92339V100 VEREIT INC US VER 3,645 $24,786.00
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 1,430,000 $1,524,437.04
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 1,360 $208,297.60
92826C839 VISA INC - CLASS A SHARES US V 4,590 $582,379.20
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 50,000 $51,143.62
929042109 VORNADO REALTY TRUST US VNO 880 $59,866.40
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 70,000 $71,575.00
931142103 WAL MART STORES US WMT 3,482 $308,017.72
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 1,447 $96,153.15
94106L109 WASTE MANAGEMENT INC US WM 1,600 $130,064.00
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 45,000 $44,437.50
94856TAA2 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 75,000 $72,750.00
949746101 WELLS FARGO COMPANY US WFC 8,751 $454,701.96
95040Q104 WELLTOWER INC. US WELL 675 $36,072.00
962166104 WEYERHAEUSER CO US WY 13,750 $505,725.00
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 50,000 $50,062.50
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 45,000 $45,618.75
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 432,020.28 $432,583.33
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 502,381.15 $494,376.46
98416JAE0 XERIUM TECHNOLOGIES INC 9.50000 08/15/2021 US 50,000 $52,125.00
98919V105 ZAYO GROUP HOLDINGS INC US ZAYO 11,670 $423,621.00
B15C557 TOTAL SA FR FP FP 1,165 $73,222.19
B1YY4B3 UNIBAIL-RODAMCO SE FR UL NA 190 $45,613.21
B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 4,025 $42,445.97
B3FP8W8 CANADA HOUSING TRUST 4.10000 12/15/2018 CA 110,000 $87,024.18
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 400,000 $20,868.94
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 140,000 $111,880.06
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 1,100,000 $56,974.34
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 240,000 $182,685.79
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 1,800,000 $97,562.78
B68XHC3 NORTHLAND POWER INC CA NPI CN 2,365 $42,641.65
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 350,000 $18,973.91
BBG00HRBPKX0 REGN US 05/18/18 C360 US -5 -$245.00
BBG00JH41PQ6 QRVO US 05/18/18 P62.5 US -28 -$3,500.00
BBG00K3YL815 BKNG US 05/18/18 P1990 US -1 -$1,615.00
BBG00K996BS5 AMZN US 04/27/18 P1350 US -1 $0.00
BBG00KC00T34 EA US 05/18/18 P110 US -16 -$2,528.00
BBG00KCT50R3 SGEN US 05/18/18 C55 US -32 -$3,712.00
BBG00KD5VQ43 ZAYO 05/18/18 C40 US -44 -$440.00
BBG00KHC9JX3 SWKS US 05/11/18 P85 US -21 -$4,410.00
BBG00KJ2JW81 BABA US 05/25/18 P160 CN -11 -$1,188.00
BBG00KQTTLF9 TXN US 05/18/18 P92 US -19 -$665.00
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 100,000 $95,500.00
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 17,145 $30,725.14
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 6,520 $320,542.29
BP269Z8 AXIA REAL ESTATE SOCIMI SA ES AXIA SM 720 $15,263.37
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 12,870 $398,946.25
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 7,860 $780,761.35
G3157S106 ENSCO INTERNATIONAL INC US ESV 14,270 $80,625.50
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 65,000 $68,900.00
G5960L103 MEDTRONIC INC IE MDT 11,301 $905,549.13
G96629103 WILLIS TOWERS WATSON PLC GB WLTW 300 $44,553.00
G97822103 PERRIGO CO PLC IE PRGO 730 $57,042.20
H1467J104 CHUBB LTD CH CB 470 $63,764.90
H8817H100 TRANSOCEAN LTD US RIG 22,350 $276,469.50
N47279109 INTERXION HOLDING NX NL INXN 1,320 $85,826.40
N53745100 LYONDELLBASELL INDU-CL A US LYB 851 $89,976.23
USD US DOLLAR US 1,034,459.2 $1,034,459.20

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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