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 stocks, bonds, alternatives, and cash 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 capital growth and income generation
  • Who want to assume a minimal amount of capital risk through limited stock exposure

About Risk-Based Funds

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

Time Horizon & Range of Stock Exposure

Conservative Term Moderate Term Extended Term Maximum Term
0-5 Years 3-10 Years 7-20 Years 15+ Years
15-45% 20-60% 40-70% 70-95%

Generally, the longer your time horizon, the more aggressive your investment objective can be. Greater stock exposure is typically associated with higher return potential and higher capital risk.

Manning and Napier Risk-Based Funds Graphic

Learn more about our Pro-Blend® Series

Daily Price

$9.78

Daily $ Change

-$0.05

Daily % Change

-0.51%

as of 10/18/2018

Ticker

MNCCX

CUSIP

56382P633

Inception Date

01/04/2010

Investment Minimum

$2,000.00

Investment minimum may be waived for certain qualified retirement plans, participants in an automatic investment program, and discretionary investment accounts of the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms
XBRL-3/20/18

Performance

As of 09/30/2018

YTD

0.57%

1 Year

1.74%

3 Year

4.15%

5 Year

2.76%

10 Year

4.24%

Inception
(11/01/1995)

4.78%

US Stock Market Cycle (04/01/2000 - 09/30/2018)

4.71%

Inception performance is based on the Pro-Blend® Conservative Term Series Class S inception of 11/01/1995. For periods through 01/04/2010 (the inception date of the Class R2 shares), performance for the Class R2 shares is hypothetical and is based on the historical performance of the Class S shares adjusted for the Class R2 shares’ charges and expenses. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.

Expense Ratio

Gross 1.68%*

Includes a 12b-1 fee of 1.00%, of which up to 0.25% is available as a shareholder servicing fee.

Top Ten Investments

As of 09/30/2018

TREASURY NOTES 17.19%
GOVERNMENT AGENCY 11.22%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 5.03%
TREASURY BONDS 3.21%
VERIZON COMMUNICATIONS 5.50000 03/16/2047 0.96%
KINDER MORGAN ENER PART 6.95000 01/15/2038 0.96%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 0.95%
MORGAN STANLEY FLT 3.56325 05/08/2024 0.94%
SABINE PASS LIQUEFACTION 5.87500 06/30/2026 0.94%
CITIGROUP INC 8.12500 07/15/2039 0.94%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 09/30/2018

Bonds 70.34%
Stocks 28.47%
Cash 1.19%

Detailed Asset Class Allocation

As of 09/30/2018

International Equities 6.59%
Small Capitalization 1.00%
Mid Capitalization 2.63%
Large Capitalization 18.24%
Long Term Fixed Income 16.95%
Intermediate Term Fixed Income 35.89%
Short Term Fixed Income 17.51%
Cash 1.19%

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

September Fund Holdings

As of 09/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
000375204 ABB LTD-SPON ADR CH ABB 23,998 $567,072.74
00101JAM8 ADT CORP 5.25000 03/15/2020 US 165,000 $167,475.00
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 5,690,000 $5,616,498.91
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 4,996,000 $4,921,959.28
00287Y109 ABBVIE INC US ABBV 12,811 $1,211,664.38
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 440,000 $448,800.00
004239109 ACADIA REALTY TRUST US AKR 4,240 $118,847.20
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 5,640,000 $5,580,587.51
008492100 AGREE REALTY CORP US ADC 2,150 $114,208.00
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 140,000 $144,396.23
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 705 $88,681.95
01609W102 ALIBABA GROUP - ADR CN BABA 15,570 $2,565,313.20
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 9,030,000 $8,416,813.61
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 254,000 $256,540.00
020002101 ALLSTATE CORPORATION US ALL 2,580 $254,646.00
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 235,000 $235,000.00
02079K107 ALPHABET INC-CL C US GOOG 1,450 $1,730,531.50
02079K305 ALPHABET INC-CL A US GOOGL 1,430 $1,726,124.40
02155FAC9 ALTICE US FINANCE I CORP 5.50000 05/15/2026 US 235,000 $234,706.25
023135106 AMAZON.COM INC US AMZN 660 $1,321,980.00
02319V103 AMBEV SA-ADR BR ABEV 753,720 $3,444,500.40
0237400 DIAGEO PLC GB DGE LN 101,826 $3,607,520.44
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 4,635 $190,776.60
02665T306 AMERICAN HOMES 4 RENT- A US AMH 18,310 $400,805.90
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 5,840,000 $5,587,047.41
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 270,000 $270,000.00
03027X100 AMERICAN TOWER REIT INC US AMT 11,560 $1,679,668.00
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 139,684.41 $140,571.11
03064D108 AMERICOLD REALTY TRUST US COLD 3,305 $82,691.10
031162100 AMGEN INC US AMGN 5,300 $1,098,637.00
03748R101 APARTMENT INVT & MGMT CO -A US AIV 6,600 $291,258.00
037612306 APOLLO GLOBAL MANAGMENT - A US APO 11,355 $392,315.25
037833100 APPLE COMPUTER INC US AAPL 3,884 $876,774.16
03784Y200 APPLE HOSPITALITY REIT INC US APLE 8,980 $157,060.20
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 220,000 $215,325.00
04014Y101 ARES MANAGEMENT LP US ARES 11,405 $264,596.00
053015103 AUTOMATIC DATA PROCESSING US ADP 4,475 $674,203.50
053484101 AVALONBAY COMMUNITIES INC US AVB 3,950 $715,542.50
055622104 BP PLC-SPONS ADR GB BP 25,129 $1,158,446.90
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 4,633,000 $4,450,223.52
058498106 BALL CORP US BLL 80,000 $3,519,200.00
060505104 BANK OF AMERICA CORP US BAC 51,955 $1,530,594.30
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 8,600,000 $8,487,015.09
06652K103 BANKUNITED INC US BKU 4,455 $157,707.00
088606108 BHP LIMITED-SPONS ADR AU BHP 16,607 $827,692.88
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 29,440 $2,854,796.80
09062X103 BIOGEN IDEC INC US BIIB 3,130 $1,105,860.30
09247X101 BLACKROCK INC US BLK 7,985 $3,763,570.05
09253U108 BLACKSTONE GROUP LP/THE US BX 11,240 $428,019.20
09627J102 BLUEROCK RESIDENTIAL GROWTH US 9,325 $91,385.00
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 7,910,000 $8,371,014.65
097023105 BOEING CO US BA 4,203 $1,563,095.70
09857L108 BOOKING HOLDINGS INC US BKNG 3,060 $6,071,040.00
0989529 ASTRAZENECA PLC GB AZN LN 7,495 $584,194.13
101121101 BOSTON PROPERTIES INC US BXP 4,290 $528,056.10
105368203 BRANDYWINE REALTY TRUST US BDN 21,770 $342,224.40
110122108 BRISTOL MYERS SQUIBB CO US BMY 52,171 $3,238,775.68
11135F101 BROADCOM INC US AVGO 2,548 $628,668.04
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 175,000 $173,250.00
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 255,000 $252,131.25
125269100 CF INDUSTRIES HOLDINGS INC US CF 53,450 $2,909,818.00
125896100 CMS ENERGY CORP US CMS 10,061 $492,989.00
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 5,700,000 $5,707,410.00
12592TAA3 COMM 2015-3BP A FLT 3.17800 02/10/2035 US 500,000 $486,305.95
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 4,455,000 $4,370,395.10
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 472,000 $461,380.00
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 1,298,874.35 $1,201,515.66
126650100 CVS HEALTH CORP US CVS 8,770 $690,374.40
12770QAA3 CZR 2017-VICI A 3.53100 10/15/2034 US 2,520,000 $2,518,070.18
14314WAD3 CARMX 2017-3 A3 1.97000 04/15/2022 US 2,173,000 $2,143,542.81
149123101 CATERPILLAR INC US CAT 4,303 $656,164.47
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 40,771 $466,012.53
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 130,958.29 $130,630.89
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 2,309,846.82 $2,303,839.14
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 498,000 $463,289.40
15672WAJ3 CEQUEL COM HLDG I/CAP CP 7.50000 04/01/2028 US 200,000 $209,750.00
16411QAB7 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 260,000 $260,319.80
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 4,854,878.05 $4,809,054.80
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 2,050,962.71 $2,026,458.83
165240102 CHESAPEAKE LODGING TRUST US CHSP 4,635 $148,644.45
166764100 CHEVRON CORP US CVX 6,611 $808,393.08
16941R108 CHINA PETROLEUM & CHEM-ADR CN SNP 10,549 $1,059,541.56
17275R102 CISCO SYSTEMS INC US CSCO 32,603 $1,586,135.95
172967424 CITIGROUP INC US C 18,883 $1,354,666.42
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 5,895,000 $8,509,228.95
194162103 COLGATE-PALMOLIVE CO US CL 9,257 $619,756.15
19625JAA1 CAH 2015-1A A 3.33100 07/17/2032 US 1,850,835.3 $1,853,126.63
19626G108 COLONY CAPITAL INC US CLNY 67,378 $410,332.02
199908104 COMFORT SYSTEMS US FIX 6,445 $363,498.00
20030N101 COMCAST CORP-CL A US CMCSA 26,437 $936,134.17
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 20,542 $636,391.16
2099084 BORALEX INC -A CA BLX CN 13,395 $186,979.33
21871N101 CORECIVIC INC US CXW 20,195 $491,344.35
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 3,775,000 $4,176,620.78
222795106 COUSINS PROPERTIES INC US CUZ 37,900 $336,931.00
22282E102 COVANTA HOLDING CORP US CVA 38,565 $626,681.25
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 1,445,000 $1,438,030.04
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 245,000 $239,365.00
22822V101 CROWN CASTLE INTL CORP US CCI 8,613 $958,885.29
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 845,513.74 $775,747.02
229663109 CUBESMART US CUBE 4,375 $124,818.75
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 165,000 $168,712.50
23331A109 DR HORTON INC US DHI 1,045 $44,078.10
23918K108 DAVITA INC. US DVA 37,430 $2,681,110.90
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 285,000 $271,818.75
247361702 DELTA AIR LINES INC. US DAL 6,265 $362,304.95
25271C102 DIAMOND OFFSHORE DRILLING US DO 67,990 $1,359,800.00
253393102 DICK'S SPORTING GOODS INC US DKS 11,755 $417,067.40
253868103 DIGITAL REALTY TRUST INC US DLR 7,660 $861,596.80
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 5,860,000 $5,729,536.12
256677105 DOLLAR GENERAL CORP US DG 6,470 $707,171.00
26078J100 DOWDUPONT INC US DWDP 10,880 $699,692.80
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 350,000 $354,375.00
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 359,000 $360,795.00
269246401 ETRADE FINANCIAL CORP US ETFC 30,610 $1,603,657.90
2715777 QUEBECOR INC -CL B CA QBR/B CN 43,590 $874,061.08
277276101 EASTGROUP PROPERTIES US EGP 875 $83,667.50
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 40,835 $795,739.52
285512109 ELECTRONIC ARTS US EA 22,070 $2,659,214.30
2866857 LUNDIN MINING CORP CA LUN CN 179,930 $952,828.71
291011104 EMERSON ELEC CO US EMR 7,574 $580,016.92
29372EBS6 EFF 2016-2 A2 1.74000 02/22/2022 US 92,866.81 $92,556.26
29372EBT4 EFF 2016-2 A3 2.04000 02/22/2022 US 980,000 $967,811.94
294429105 EQUIFAX INC US EFX 11,285 $1,473,482.45
29444U700 EQUINIX INC US EQIX 8,710 $3,770,471.90
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 2,055 $198,204.75
29476L107 EQUITY RESIDENTIAL US EQR 7,380 $488,998.80
297178105 ESSEX PROPERTY TRUST INC US ESS 920 $226,973.20
30161N101 EXELON CORP US EXC 7,055 $308,021.30
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 8,725,000 $8,564,111.00
30225T102 EXTRA SPACE STORAGE INC US EXR 1,920 $166,348.80
30231G102 EXXON MOBIL CORP US XOM 25,313 $2,152,111.26
302491303 FMC CORP US FMC 9,100 $793,338.00
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 164,558.28 $163,756.78
30261KAN6 FREMF 2012-K711 B 3.69252 08/25/2045 US 2,200,000 $2,202,687.30
30262DAL5 FREMF 2011-K13 B 4.76796 01/25/2048 US 2,255,000 $2,311,146.79
30262SAR9 FREMF 2015-K42 B FLT 3.98340 12/25/2024 US 490,000 $481,047.85
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 355,000 $362,100.00
30286XAN9 FREMF 2015-K43 B FLT 3.86212 02/25/2048 US 500,000 $486,238.65
30287EAE0 FREMF 2014-K41 B FLT 3.96247 11/25/2047 US 2,227,000 $2,189,670.80
30291EAE4 FREMF 2013-K712 B FLT 3.47300 05/25/2045 US 1,025,000 $1,024,805.66
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 199,925,670.67 $695,721.34
30291YAJ9 FREMF 2014-K716 B FLT 4.08095 08/25/2047 US 2,624,000 $2,646,672.67
3128LCD86 FHLM POOL A78227 5.50000 06/01/2038 US 129,519.26 $139,431.18
3128M56M7 FHLM POOL G04176 5.50000 05/01/2038 US 122,182.94 $131,772.72
3128M5VT4 FHLM POOL G03926 6.00000 02/01/2038 US 360,236.85 $398,745.21
3128M6JQ2 FHLM POOL G04471 5.50000 07/01/2038 US 41,753.03 $44,974.70
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 262,640.24 $283,175.20
3128M6T99 FHLM POOL G04776 5.50000 07/01/2038 US 270,490.81 $291,361.27
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 73,826.94 $81,718.24
3128M7C95 FHLM POOL G05196 5.50000 10/01/2038 US 344,955.54 $371,977.62
3128M7KW5 FHLM POOL G05409 5.50000 03/01/2039 US 306,011.33 $329,950.38
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 284,754.28 $315,090.36
3128M9GM8 FHLM POOL G07104 5.50000 05/01/2040 US 240,604.53 $258,087.19
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 121,391.25 $131,478.76
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 34,804.84 $35,855.37
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 23,729.85 $24,428.03
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 32,728.39 $33,767.07
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 1,994,191.13 $2,067,380.08
3128MJG20 FHLM POOL G08216 5.50000 08/01/2037 US 304,463.25 $327,988.10
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 330,112.75 $355,870.70
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 133,702.89 $138,748.22
3128P75X7 FHLM POOL C91762 4.50000 05/01/2034 US 1,013,747.11 $1,052,119.46
312941F69 FHLM POOL A92889 4.50000 07/01/2040 US 1,355,148.21 $1,413,885.39
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 1,351,064.78 $1,409,616.48
3132J8YK0 FHLM POOL Q17513 3.50000 04/01/2043 US 1,893,248.11 $1,877,996.43
3132M45M3 FHLM POOL Q24752 3.50000 02/01/2044 US 1,550,404.1 $1,537,917.55
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 2,045,983.38 $2,071,236.42
3132QVKA8 FHLM POOL Q38388 4.00000 01/01/2046 US 340,630.73 $345,185.72
3132WF3E7 FHLM POOL Q42596 3.50000 08/01/2046 US 2,307,332.24 $2,274,621.42
3132WPDP9 FHLM GOLD POOL FG Q49109 4.00000 07/01/2047 US 1,626,903.88 $1,644,360.48
3132XSLZ1 FHLM GOLD POOL FG Q50343 4.00000 08/01/2047 US 1,858,399.5 $1,878,340.54
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 3,419,487.98 $3,455,824.96
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 1,095,154.82 $1,108,288.60
31335ALP1 FHLM POOL G60334 4.50000 10/01/2041 US 1,123,080.16 $1,171,715.67
31335AV54 FHLM POOL G60636 4.00000 01/01/2046 US 1,513,560.76 $1,531,082.94
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 26,663.46 $26,899.42
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 2,466,742.65 $2,441,478.77
31371N7J8 FEDERAL NATL MTG ASSN 123456 6.00000 12/01/2038 US 18,781.91 $20,518.71
3137A2B34 FHMS K009 X1 FLT 1.44868 08/25/2020 US 20,445,795.16 $393,328.03
3137ADTK3 FHMS K014 X1 FLT 1.32335 04/25/2021 US 2,625,245.44 $65,150.19
3137AJMG6 FMHS K016 X1 FLT 1.66787 10/25/2021 US 6,569,557.25 $244,490.01
3137AL6W4 FHMS K706 X1 FLT 1.69370 10/25/2018 US 3,349,343.35 $403.26
3137AME78 FHMS K017 X1 FLT 1.48234 12/25/2021 US 8,253,290.37 $284,915.96
3137AUPF0 FHMS K021 x1 FLT 1.58570 06/25/2022 US 15,090,557.53 $669,970.96
3137B3NB0 FHMS K030 X1 FLT 0.31093 04/25/2023 US 75,599,227.63 $601,671.57
3137B4GZ3 FHMS K032 X1 FLT 0.21916 05/25/2023 US 46,912,374.82 $226,741.58
3137F4YU0 FHLM POOL FHR4791 4.00000 03/15/2044 US 3,209,816.38 $3,257,946.93
3137FG2L8 FHLM POOL 4801 4.50000 05/15/2044 US 3,225,556.01 $3,324,222.22
3138AJXA5 FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 US 506,997.2 $515,826.52
3138EGE26 FEDERAL NATL MTG ASSN AL0152 6.00000 06/01/2040 US 749,208.38 $825,161.28
3138EHR87 FEDERAL NATL MTG ASSN AL1410 4.50000 12/01/2041 US 1,205,034.67 $1,253,024.71
3138EHXZ0 FEDERAL NATL MTG ASSN AL1595 6.00000 01/01/2040 US 550,970.65 $603,198.27
3138EQST0 FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 649,043.27 $660,334.71
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65400 01/01/2049 US 1,316,223.07 $1,402,639.95
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 1,033,088.86 $1,074,990.77
3138Y6Y81 FEDERAL NATL MTG ASSN AX5234 4.50000 11/01/2044 US 920,254.01 $950,306.45
3138YTGK4 FEDERAL NATL MTG ASSN AZ2001 3.50000 05/01/2045 US 2,504,941.89 $2,476,130.17
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 467,484.19 $505,085.79
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 942,785.33 $955,123.83
3140EWKL8 FEDERAL NATL MTG ASSN BC2098 4.00000 06/01/2046 US 1,014,255.7 $1,025,326.57
3140EX2Y8 FEDERAL NATL MTG ASSN BC3490 3.50000 02/01/2046 US 2,098,999.95 $2,074,525.78
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 1,663,430.12 $1,643,519.74
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 551,524.74 $557,516.19
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 220,981.99 $223,371.29
3140FA5G3 FEDERAL NATL MTG ASSN FN BD3546 4.00000 09/01/2047 US 1,170,096.01 $1,182,873.01
3140FEX33 FEDERAL NATL MTG ASSN BD6997 4.00000 10/01/2046 US 880,229.56 $889,520.40
3140FEXR0 FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 1,169,024.79 $1,181,363.85
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 862,372.58 $871,452.66
3140FPGZ6 FEDERAL NATL MTG ASSN BE3815 4.00000 12/01/2046 US 853,378.51 $862,364.11
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 1,096,009.49 $1,138,992.13
3140HPMQ7 FEDERAL NATIONAL MTGE FN BK9366 4.50000 08/01/2048 US 2,880,565.85 $2,974,281.23
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 2,880,274.39 $2,973,091.55
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 3,858,364.04 $4,055,917.80
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 1,919,353.61 $2,017,530.83
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 7,282,300.72 $7,654,424.47
31410EKR8 FEDERAL NATL MTG ASSN 886904 6.50000 09/01/2036 US 52,869.12 $57,962.54
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 25,660.7 $26,355.89
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 31,419.38 $32,268.40
31410G5V1 FEDERAL NATL MTG ASSN 889260 5.00000 04/01/2038 US 19,345.97 $20,425.54
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 153,587.01 $156,511.65
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 184,355.06 $187,766.58
31410GN82 FEDERAL NATL MTG ASSN 888815 4.50000 11/01/2022 US 20,487.11 $20,851.30
31410HAQ4 MACYS RETAIL HLDGS INC 6.90000 04/01/2029 US 2,610,000 $2,762,106.81
31410KJV7 FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 420,987.88 $463,331.54
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 360,855.1 $388,124.02
31410LC75 FEDERAL NATL MTG ASSN 890294 5.50000 01/01/2039 US 728,765.68 $786,257.95
31410LD74 FHLM POOL 890326 5.50000 01/01/2040 US 772,949.26 $834,154.20
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 141,055.38 $151,540.35
31411RHZ4 FEDERAL NATL MTG ASSN 912948 5.00000 05/01/2038 US 8,655.03 $9,085.84
31411YN90 FEDERAL NATL MTG ASSN 918516 5.50000 06/01/2037 US 58,383.16 $62,685.59
31412SSJ5 FEDERAL NATL MTG ASSN 933521 5.00000 01/01/2038 US 12,535.52 $13,254.79
31414NG73 FEDERAL NATL MTG ASSN 971022 5.00000 01/01/2039 US 35,233.15 $37,229.09
31414TS51 FEDERAL NATL MTG ASSN 975840 5.00000 05/01/2038 US 53,993.82 $56,681.38
31415LXP7 FEDERAL NATL MTG ASSN 983686 5.00000 02/01/2039 US 64,400.31 $67,670.36
31415QZX7 FEDERAL NATL MTG ASSN 986458 6.00000 08/01/2038 US 9,257.56 $10,074.52
31415SLL4 FEDERAL NATL MTG ASSN 987831 6.00000 09/01/2038 US 10,010.12 $10,805.80
31415VX26 FEDERAL NATL MTG ASSN 990897 6.00000 09/01/2038 US 30,318.08 $32,727.98
31416ADZ0 FEDERAL NATL MTG ASSN 993920 6.00000 11/01/2038 US 80,497.2 $86,895.71
31416BRR1 FEDERAL NATL MTG ASSN 995196 6.00000 07/01/2038 US 571,393.83 $629,371.30
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 10,839.48 $10,999.98
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 117,303.96 $119,556.67
31416HXD2 FEDERAL NATL MTG ASSN AA0675 6.00000 12/01/2038 US 13,282.95 $14,338.78
31416JWZ0 FEDERAL NATL MTG ASSN AA1563 4.50000 02/01/2024 US 21,215.01 $21,649.32
31416KAL2 FEDERAL NATL MTG ASSN AA1810 5.00000 01/01/2039 US 83,526.5 $88,287.97
31416QRJ6 FEDERAL NATL MTG ASSN AA6788 6.00000 08/01/2039 US 160,054.89 $172,958.81
31417AX61 FEDERAL NATL MTG ASSN AB4300 3.50000 01/01/2042 US 270,249.92 $268,061.45
31417JQR4 FEDERAL NATL MTG ASSN AC0463 5.00000 11/01/2039 US 60,478.63 $64,246.34
31417KWT0 FEDERAL NATL MTG ASSN AC1557 4.50000 09/01/2024 US 60,311.97 $62,577.67
31417QVD3 FEDERAL NATL MTG ASSN AC5111 5.00000 11/01/2039 US 113,720.35 $120,939.74
31417VQ30 FEDERAL NATL MTG ASSN AC8573 5.00000 01/01/2040 US 87,172.55 $92,735.50
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 921,408.64 $959,544.09
31417YJD0 FEDERAL NATL MTG ASSN MA0259 5.00000 12/01/2039 US 52,978.46 $56,355.19
31418B6G6 FEDERAL NATL MTG ASSN FN MA2670 3.00000 07/01/2046 US 2,378,138.87 $2,278,302.03
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 748,008.13 $775,538.91
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 746,440.71 $773,940.81
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 2,736,860.15 $2,621,820.86
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 3,196,587.53 $3,299,726.07
31418CZ56 FEDERAL NATL MTG ASSN FN MA3463 4.00000 09/01/2033 US 4,203,059.81 $4,300,014.69
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 72,255.4 $79,535.91
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 381,495.08 $411,472.93
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 24,074.52 $24,967.54
31419AB71 FEDERAL NATL MTG ASSN AE0061 6.00000 02/01/2040 US 220,815.73 $242,989.03
31419AU62 FEDERAL NATL MTG ASSN AE0604 6.00000 07/01/2039 US 426,191.07 $469,227.27
31428X106 FEDEX CORPORATION US FDX 9,940 $2,393,452.60
316773100 FIFTH THIRD BANCORP US FITB 5,760 $160,819.20
32054K103 FIRST INDUSTRIAL REALTY TR US FR 4,590 $144,126.00
336130AB5 FIRST QUALITY FINANCE CO 5.00000 07/01/2025 US 250,000 $233,750.00
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 260,000 $258,167.00
357081AE8 FREMF 2015-K720 B FLT 3.50676 07/25/2022 US 270,000 $262,927.16
36143WAN1 GAHR 2015-NRF BFX FLT 3.49490 12/15/2034 US 2,495,000 $2,491,814.38
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 945,000 $924,179.57
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 74,311.27 $74,908.50
36295HTS9 GNMA POOL 671161 5.50000 11/15/2037 US 29,960.83 $32,124.33
363576109 ARTHUR J GALLAGHER & CO US AJG 4,095 $304,831.80
37045VAR1 GENERAL MOTORS CO FLT 3.22706 09/10/2021 US 5,610,000 $5,607,885.03
371559105 GENESEE & WYOMING INC -CL A US GWR 21,120 $1,921,708.80
37185LAF9 GENESIS ENERGY LP/GENESI 5.62500 06/15/2024 US 200,000 $189,000.00
374297109 GETTY REALTY CORP US GTY 5,565 $158,936.40
375558103 GILEAD SCIENCES INC US GILD 11,085 $855,872.85
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 495,000 $492,525.00
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 2,431,591.66 $2,290,314.73
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 69,946 $979,943.46
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 370,000 $360,750.00
404121AH8 HCA INC 5.37500 09/01/2026 US 240,000 $242,400.00
40414L109 HCP INC US HCP 10,560 $277,939.20
421946104 HEALTHCARE REALTY TRUST INC US HR 6,425 $187,995.50
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 7,450 $198,691.50
42809H107 HESS CORP US HES 8,256 $590,964.48
437076102 HOME DEPOT INC US HD 7,364 $1,525,452.60
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 19,437 $584,664.96
438516106 HONEYWELL INTERNATIONAL INC US HON 6,328 $1,052,979.20
44053FAA8 HORIZON PHARMA INC/HORIZ 8.75000 11/01/2024 US 400,000 $427,000.00
44107P104 HOST MARRIOTT CORP US HST 18,450 $389,295.00
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 463,000 $451,425.00
446150104 HUNTINGTON BANCSHARES US HBAN 10,655 $158,972.60
44891GAD6 HALST 2017-B A3 1.97000 07/15/2020 US 3,900,000 $3,876,142.92
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 336,000 $330,960.00
45337C102 INCYTE CORP US INCY 97,395 $6,728,046.60
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 11,615 $122,305.95
45763PAE6 INMARSAT FINANCE PLC 4.87500 05/15/2022 GB 170,000 $169,150.00
458140100 INTEL CORP US INTC 64,176 $3,034,883.04
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 7,462 $1,128,329.02
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 5,764,000 $5,876,110.55
46187BAA1 IHSFR 2017-SFR2 A 3.00844 12/17/2036 US 765,710.34 $767,623.01
46187BAB9 IHSFR 2017-SFR2 B 3.30844 12/17/2036 US 570,000 $571,410.64
46187W107 INVITATION HOMES INC US INVH 15,950 $365,414.50
464287739 ISHARES DJ US REAL ESTATE US 3,770 $301,675.40
464288513 ISHARES IBOXX H/Y CORP BOND 4.41100 US 22,945 $1,983,365.80
466032109 J&J SNACK FOODS CORP US JJSF 3,747 $565,384.83
46625H100 JP MORGAN CHASE & CO US JPM 31,719 $3,579,171.96
46625HHL7 JPMORGAN CHASE & CO 6.30000 04/23/2019 US 8,230,000 $8,392,939.52
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 669,774.94 $640,655.13
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 727,477.26 $708,124.91
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 967,381.47 $952,833.02
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 2,840,868.47 $2,796,661.72
46649HAC6 JPMMT 2017-6 A3 3.50000 12/25/2048 US 1,388,165.26 $1,346,031.67
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 2,176,330.59 $2,146,817.37
4741844 MERCK KGAA DE MRK GR 16,325 $1,686,708.97
476405105 JERNIGAN CAPITAL INC US JCAP 20,065 $387,053.85
478160104 JOHNSON & JOHNSON US JNJ 50,088 $6,920,658.96
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 495,000 $378,675.00
485170302 KANSAS CITY SOUTHERN US KSU 7,139 $808,705.92
493267108 KEYCORP US KEY 26,233 $521,774.37
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 7,150,000 $8,667,078.63
497864AA6 KISSNER GR HLDG 8.37500 12/01/2022 CA 210,000 $214,725.00
500472303 KONINKLIJKE PHILIPS NVR - NY ADR NL PHG 11,565 $526,323.15
500630CK2 KOREA DEVELOPMENT BANK 1.37500 09/12/2019 KR 200,000 $196,749.35
500630CR7 KOREA DEVELOPMENT BANK FLT 3.01375 09/19/2020 KR 3,000,000 $3,008,150.46
500754106 KRAFT HEINZ CO/THE US KHC 8,413 $463,640.43
50187T106 LGI HOMES INC US LGIH 740 $35,105.60
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 350,000 $343,875.00
50212YAB0 LPL HOLDINGS INC 5.75000 09/15/2025 US 335,000 $327,043.75
502160AM6 LSB INDUSTRIES 9.62500 05/01/2023 US 300,000 $314,250.00
50218LAC0 LSTAR COMMERCIAL MORTGAGE TR FLT 2.76700 01/20/2041 US 10,518.77 $10,489.29
505742AD8 LADDER CAP FIN LLLP/CORP 5.87500 08/01/2021 US 225,000 $228,093.75
512816109 LAMAR ADVERTISING CO US LAMR 4,660 $362,548.00
526057104 LENNAR CORP US LEN 845 $39,453.05
529043101 LEXINGTON REALTY TRUST US LXP 16,870 $140,021.00
531172104 LIBERTY PROPERTY TRUST US LPT 7,150 $302,087.50
53223X107 LIFE STORAGE INC US LSI 955 $90,877.80
532457108 ELI LILLY & CO US LLY 13,448 $1,443,104.88
534187109 LINCOLN NATL CORP IND US LNC 3,475 $235,118.50
539830109 LOCKHEED MARTIN CORP US LMT 2,586 $894,652.56
550021109 LULULEMON - ADR CA LULU 21,890 $3,556,906.10
554382101 THE MACERICH CO US MAC 2,185 $120,808.65
55616XAC1 MACYS RETAIL HLDGS INC 7.00000 02/15/2028 US 2,600,000 $2,796,776.92
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 386,000 $379,727.50
56585A102 MARATHON PETROLEUM CORP US MPC 5,923 $473,662.31
5671735 SANOFI-AVENTIS FR SAN FP 7,768 $694,048.75
57636Q104 MASTERCARD INC-CLASS A US MA 20,150 $4,485,591.50
580135101 MCDONALDS CORP US MCD 6,400 $1,070,656.00
58933Y105 MERCK & CO INC US MRK 59,980 $4,254,981.20
59001ABA9 MERITAGE HOMES CORP 5.12500 06/06/2027 US 185,000 $170,662.50
594918104 MICROSOFT CORP US MSFT 49,652 $5,678,699.24
59522J103 MID-AMERICA APARTMENT COMM US MAA 3,585 $359,145.30
60871R209 MOLSON COORS BREWING CO -B US TAP 3,855 $237,082.50
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 79,561 $3,417,940.56
61744YAG3 MORGAN STANLEY FLT 3.56325 05/08/2024 US 8,380,000 $8,516,261.65
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 420,000 $428,400.00
624758108 MUELLER WATER PRODUCTS INC - A US MWA 60,340 $694,513.40
62913TAM4 NGL ENRGY PART LP/FIN CO 6.12500 03/01/2025 US 290,000 $271,875.00
62943WAE9 NRG YIELD OPERATING LLC 5.00000 09/15/2026 US 190,000 $181,925.00
62944T105 NVR INC US NVR 15 $37,062.00
637417106 NATIONAL RETAIL PROPERTIES US NNN 3,350 $150,147.00
63938CAE8 NAVIENT CORP 7.25000 09/25/2023 US 205,000 $217,300.00
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 856,121.84 $854,667.72
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 925,866.74 $923,700.21
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 1,211,380.87 $1,205,540.08
651229106 NEWELL BRANDS INC US NWL 29,205 $592,861.50
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 420,000 $429,450.00
66987V109 NOVARTIS AG- REG CH NVS 57,440 $4,949,030.40
67091GAA1 OCI NV 6.62500 04/15/2023 NL 370,000 $382,950.00
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 1,355 $470,618.60
680223104 OLD REPUBLIC INTL CORP US ORI 12,495 $279,638.10
68323ADY7 ONTARIO (PROVINCE OF) 1.25000 06/17/2019 CA 2,044,000 $2,022,528.27
69007J106 OUTFRONT MEDIA INC US OUT 13,610 $271,519.50
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 350,000 $357,000.00
693475105 PNC FINANCIAL SERVICES GROUP US PNC 1,964 $267,477.16
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 371,000 $362,188.75
70338P100 PATTERN ENERGY GROUP INC -A US PEGI 12,775 $253,839.25
713448108 PEPSICO INC US PEP 14,886 $1,664,254.80
71654QCJ9 PETROLEOS MEXICANOS 6.35000 02/12/2048 MX 4,330,000 $3,966,280.00
717081103 PFIZER INC US PFE 38,826 $1,711,061.82
71943U104 PHYSICIANS REALTY TRUST US DOC 23,275 $392,416.50
729640102 PLYMOUTH INDUSTRIAL REIT INC US 12,265 $190,107.50
733174AJ5 POPULAR INC 7.00000 07/01/2019 US 260,000 $266,630.00
733174AK2 POPULAR INC 6.12500 09/14/2023 PR 280,000 $283,466.40
741503AZ9 PRICELINE GROUP INC/THE 3.60000 06/01/2026 US 8,750,000 $8,488,758.08
74251V102 PRINCIPAL FINANCIAL GROUP US PFG 3,846 $225,337.14
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 1,500,000 $1,448,492.70
74340W103 PROLOGIS US PLD 11,175 $757,553.25
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 5,340,000 $5,647,050.00
74460D109 PUBLIC STORAGE INC US PSA 2,255 $454,675.65
74736K101 QORVO INC US QRVO 67,150 $5,163,163.50
758849103 REGENCY CENTERS CORP US REG 3,213 $207,784.71
75886F107 REGENERON PHARMACEUTICALS INC US REGN 5,110 $2,064,644.40
7591EP100 REGIONS FINANCIAL CORP. US RF 16,605 $304,701.75
767204100 RIO TINTO PLC - SPON ADR GB RIO 12,347 $629,943.94
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 195,000 $200,362.50
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 8,315 $589,782.95
78410G104 SBA COMMUNICATIONS CORP US SBAC 10,025 $1,610,315.75
78442PGC4 SLM CORP 5.12500 04/05/2022 US 330,000 $328,350.00
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 1,400,000 $1,356,519.36
78490DAA2 SOFI 2018-C A1FX 3.08000 01/25/2048 US 2,961,841.18 $2,961,562.17
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 7,880,000 $8,510,383.37
80105N105 SANOFI-AVENTIS-ADR FR SNY 21,715 $970,009.05
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 5,630,000 $5,559,546.35
806857108 SCHLUMBERGER LTD NL SLB 57,390 $3,496,198.80
808513105 CHARLES SCHWAB CORP/THE US SCHW 84,500 $4,153,175.00
81211K100 SEALED AIR CORP US SEE 66,870 $2,684,830.50
812578102 SEATTLE GENETICS INC US SGEN 30,955 $2,387,249.60
81663AAD7 SEMGROUP CORP 6.37500 03/15/2025 US 185,000 $181,762.50
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 833,614.02 $789,230.74
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 1,020,783.13 $967,149.14
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 842,660.84 $746,879.37
81762P102 SERVICENOW INC US NOW 8,505 $1,663,833.15
81783QAC9 SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 CA 241,000 $234,372.50
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 250,000 $257,812.50
828806109 SIMON PROPERTY GROUP INC US SPG 5,475 $967,706.25
83088M102 SKYWORKS SOLUTIONS INC US SWKS 26,010 $2,359,367.10
831641FC4 SBIC 2015-10A 1 2.51700 03/10/2025 US 871,222.97 $842,488.73
831641FE0 SBIC 2015-10B 1 2.82900 09/10/2025 US 4,065,127.79 $3,966,880.97
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 469,952.25 $465,446.82
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 500,000 $484,726.85
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 414,067.83 $410,842.95
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 133,564.52 $132,417.52
83405JAA3 SCLP 2017-4 A 2.50000 05/26/2026 US 608,519.2 $601,231.39
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 1,238,869.88 $1,232,820.23
83406EAB1 SOFI 2018-A A2A 2.39000 02/25/2042 US 1,174,923.68 $1,164,395.19
835495102 SONOCO PRODUCTS CO US SON 18,012 $999,666.00
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 5,460,000 $5,626,302.92
844741108 SOUTHWEST AIRLS CO US LUV 5,800 $362,210.00
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 263,000 $261,027.50
852061AK6 SPRINT COMMUNICATIONS 9.00000 11/15/2018 US 104,000 $104,644.80
85254J102 STAG INDUSTRIAL INC US STAG 16,115 $443,162.50
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.37844 11/15/2027 US 2,128,636.1 $2,129,419.86
866674104 SUN COMMUNITIES US SUI 3,565 $361,990.10
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 14,295 $233,866.20
867914103 SUNTRUST BANKS INC US STI 4,260 $284,525.40
874039100 TAIWAN SEMICONDUCTOR - SP ADR TW TSM 37,932 $1,675,077.12
87470LAA9 TALLGRASS NRG PRTNR/FIN 5.50000 09/15/2024 US 170,000 $173,187.50
87612E106 TARGET CORP US TGT 6,530 $576,011.30
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 465,846.17 $464,563.56
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 300,000 $283,500.00
88032WAG1 TENCENT HOLDINGS LTD 3.59500 01/19/2028 KY 5,950,000 $5,631,750.51
88104LAE3 TERRAFORM POWER OPERATIN 5.00000 01/31/2028 US 190,000 $176,700.00
882508104 TEXAS INSTRUMENTS INC US TXN 29,888 $3,206,683.52
88579Y101 3M CO US MMM 6,939 $1,462,116.69
88650V208 TIER REIT INC US TIER 12,820 $308,962.00
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 1,982,019.04 $1,925,896.59
89613BAA5 TAH 2013-SFR1 A 2.58900 11/17/2033 US 1,801,256.3 $1,736,466.73
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 1,845,000 $1,764,892.50
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 359,000 $368,872.50
902653104 UDR INC US UDR 10,060 $406,725.80
902973304 U.S. BANCORP US USB 14,761 $779,528.41
903002103 UMH PROPERTIES INC US UMH 6,480 $101,347.20
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 225,000 $224,718.75
904767704 UNILEVER PLC - ADR GB UL 75,702 $4,161,338.94
907818108 UNION PAC CORP US UNP 6,724 $1,094,868.92
911312106 UNITED PARCEL SERVICE US UPS 7,778 $908,081.50
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 6,958,000 $9,112,533.85
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 10,907,000 $13,395,159.38
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 4,767,333.14 $4,473,347.58
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 7,548,000 $6,610,691.70
912828D23 US TREASURY N/B 1.62500 04/30/2019 US 55,159,000 $54,896,133.17
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 46,231,621.77 $45,627,841.41
912828R28 US TREASURY N/B 1.62500 04/30/2023 US 19,465,000 $18,370,093.75
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 20,150,000 $18,227,879.01
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 4,681,880.17 $4,532,372.15
912828WZ9 UNITED STATES TREAS NTS 1.75000 04/30/2022 US 8,900,000 $8,549,214.87
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 18,885,000 $17,880,996.73
912828XQ8 US TREASURY N/B 2.00000 07/31/2022 US 39,200,000 $37,892,312.30
913017109 UNITED TECHNOLOGIES CORP US UTX 7,080 $989,854.80
91704F104 URBAN EDGE PROPERTIES US UE 14,315 $316,075.20
91913Y100 VALERO ENERGY US VLO 4,988 $567,385.00
92276F100 VENTAS INC US VTR 2,920 $158,789.60
92339V100 VEREIT INC US VER 20,575 $149,374.50
92343V104 VERIZON COMMUNICATIONS US VZ 14,025 $748,794.75
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 7,950,000 $8,705,028.91
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 7,575 $1,460,005.50
92826C839 VISA INC - CLASS A SHARES US V 24,610 $3,693,714.90
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 155,000 $157,618.54
929042109 VORNADO REALTY TRUST US VNO 5,430 $396,390.00
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 839,159.39 $863,149.19
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 355,000 $366,981.25
931142103 WAL MART STORES US WMT 18,605 $1,747,195.55
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 7,397 $539,241.30
94106L109 WASTE MANAGEMENT INC US WM 8,970 $810,529.20
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 235,000 $227,362.50
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 350,000 $333,375.00
949746101 WELLS FARGO COMPANY US WFC 47,400 $2,491,344.00
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 265,000 $269,818.18
95040Q104 WELLTOWER INC. US WELL 3,775 $242,808.00
962166104 WEYERHAEUSER CO US WY 14,901 $480,855.27
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 245,000 $246,225.00
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 260,000 $258,050.00
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 4,410,000 $4,197,940.65
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 879,913.42 $879,196.99
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 1,020,530.36 $996,090.09
98919V105 ZAYO GROUP HOLDINGS INC US ZAYO 73,060 $2,536,643.20
AP0787667 MPC CONTAINER SHIPS FLT 7.11638 09/22/2022 NL 200,000 $204,306.00
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 440,000 $434,500.00
B15C557 TOTAL SA FR FP FP 6,563 $426,730.90
B296BQ5 STORAGEVAULT CANADA INC CA SVI CN 23,295 $47,792.94
B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 22,535 $226,457.86
B3FP8W8 CANADA HOUSING TRUST 4.10000 12/15/2018 CA 268,000 $208,463.81
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 2,725,000 $141,168.80
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 327,000 $257,232.91
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 4,996,000 $256,199.17
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 590,000 $433,532.72
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 7,267,000 $389,588.71
B68XHC3 NORTHLAND POWER INC CA NPI CN 13,535 $227,390.93
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 908,000 $47,474.22
BBG00LNRP8L0 AMZN US 09/28/18 P1825 US -6 -$6.00
BBG00LRS8WH5 QRVO US 10/19/18 P70 US -193 -$6,562.00
BBG00LXHFRM9 SCHW US 10/26/18 C51.5 US -188 -$14,288.00
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 200,000 $204,500.00
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 400,000 $376,000.00
BFWG293 OKEA AS FLT 8.88613 06/28/2023 NO 200,000 $206,497.60
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 1,105 $222,598.38
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 96,180 $158,570.98
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 83,860 $3,424,073.24
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 73,590 $2,223,267.20
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 56,580 $4,952,759.00
G3157S106 ENSCO INTERNATIONAL INC US ESV 170,840 $1,441,889.60
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 430,000 $447,200.00
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 12,530 $438,550.00
G5960L103 MEDTRONIC INC IE MDT 56,460 $5,553,970.20
G96629103 WILLIS TOWERS WATSON PLC GB WLTW 1,700 $239,598.00
H1467J104 CHUBB LTD CH CB 2,675 $357,487.00
H8817H100 TRANSOCEAN LTD US RIG 151,260 $2,110,077.00
N47279109 INTERXION HOLDING NV NL INXN 33,355 $2,244,791.50
N53745100 LYONDELLBASELL INDU-CL A US LYB 4,798 $491,842.98
USD US DOLLAR US 10,941,063.84 $10,941,063.84

Investments will change over time.

Distributions

  • Pro-Blend® Conservative Term Series Class R2 Distribution History
  • 2018 Distribution Calendar
  • Fourth Quarter 2017 Distributions
  • Third Quarter 2018 Distributions
  • Second Quarter 2018 Distributions
  • First Quarter 2018 Distributions
  • Tax Letter

A Word About Risk

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

Daily Price

$9.78

Daily $ Change

-$0.05

Daily % Change

-0.51%

as of 10/18/2018

Ticker

MNCCX

CUSIP

56382P633

Inception Date

01/04/2010

Investment Minimum

$2,000.00

Investment minimum may be waived for certain qualified retirement plans, participants in an automatic investment program, and discretionary investment accounts of the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms
XBRL-3/20/18

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 stocks, bonds, alternatives, and cash 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 capital growth and income generation
  • Who want to assume a minimal amount of capital risk through limited stock exposure

About Risk-Based Funds

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

Time Horizon & Range of Stock Exposure

Conservative Term Moderate Term Extended Term Maximum Term
0-5 Years 3-10 Years 7-20 Years 15+ Years
15-45% 20-60% 40-70% 70-95%

Generally, the longer your time horizon, the more aggressive your investment objective can be. Greater stock exposure is typically associated with higher return potential and higher capital risk.

Manning and Napier Risk-Based Funds Graphic

Learn more about our Pro-Blend® Series

Performance

As of 09/30/2018

YTD

0.57%

1 Year

1.74%

3 Year

4.15%

5 Year

2.76%

10 Year

4.24%

Inception
(11/01/1995)

4.78%

US Stock Market Cycle (04/01/2000 - 09/30/2018)

4.71%

Inception performance is based on the Pro-Blend® Conservative Term Series Class S inception of 11/01/1995. For periods through 01/04/2010 (the inception date of the Class R2 shares), performance for the Class R2 shares is hypothetical and is based on the historical performance of the Class S shares adjusted for the Class R2 shares’ charges and expenses. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.

Expense Ratio

Gross 1.68%*

Includes a 12b-1 fee of 1.00%, of which up to 0.25% is available as a shareholder servicing fee.

Top Ten Investments

As of 09/30/2018

TREASURY NOTES 17.19%
GOVERNMENT AGENCY 11.22%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 5.03%
TREASURY BONDS 3.21%
VERIZON COMMUNICATIONS 5.50000 03/16/2047 0.96%
KINDER MORGAN ENER PART 6.95000 01/15/2038 0.96%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 0.95%
MORGAN STANLEY FLT 3.56325 05/08/2024 0.94%
SABINE PASS LIQUEFACTION 5.87500 06/30/2026 0.94%
CITIGROUP INC 8.12500 07/15/2039 0.94%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 09/30/2018

Bonds
70.34%
Stocks
28.47%
Cash
1.19%

Detailed Asset Class Allocation

As of 09/30/2018

International Equities
6.59%
Small Capitalization
1.00%
Mid Capitalization
2.63%
Large Capitalization
18.24%
Long Term Fixed Income
16.95%
Intermediate Term Fixed Income
35.89%
Short Term Fixed Income
17.51%
Cash
1.19%

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

September Fund Holdings

As of 09/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
000375204 ABB LTD-SPON ADR CH ABB 23,998 $567,072.74
00101JAM8 ADT CORP 5.25000 03/15/2020 US 165,000 $167,475.00
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 5,690,000 $5,616,498.91
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 4,996,000 $4,921,959.28
00287Y109 ABBVIE INC US ABBV 12,811 $1,211,664.38
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 440,000 $448,800.00
004239109 ACADIA REALTY TRUST US AKR 4,240 $118,847.20
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 5,640,000 $5,580,587.51
008492100 AGREE REALTY CORP US ADC 2,150 $114,208.00
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 140,000 $144,396.23
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 705 $88,681.95
01609W102 ALIBABA GROUP - ADR CN BABA 15,570 $2,565,313.20
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 9,030,000 $8,416,813.61
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 254,000 $256,540.00
020002101 ALLSTATE CORPORATION US ALL 2,580 $254,646.00
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 235,000 $235,000.00
02079K107 ALPHABET INC-CL C US GOOG 1,450 $1,730,531.50
02079K305 ALPHABET INC-CL A US GOOGL 1,430 $1,726,124.40
02155FAC9 ALTICE US FINANCE I CORP 5.50000 05/15/2026 US 235,000 $234,706.25
023135106 AMAZON.COM INC US AMZN 660 $1,321,980.00
02319V103 AMBEV SA-ADR BR ABEV 753,720 $3,444,500.40
0237400 DIAGEO PLC GB DGE LN 101,826 $3,607,520.44
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 4,635 $190,776.60
02665T306 AMERICAN HOMES 4 RENT- A US AMH 18,310 $400,805.90
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 5,840,000 $5,587,047.41
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 270,000 $270,000.00
03027X100 AMERICAN TOWER REIT INC US AMT 11,560 $1,679,668.00
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 139,684.41 $140,571.11
03064D108 AMERICOLD REALTY TRUST US COLD 3,305 $82,691.10
031162100 AMGEN INC US AMGN 5,300 $1,098,637.00
03748R101 APARTMENT INVT & MGMT CO -A US AIV 6,600 $291,258.00
037612306 APOLLO GLOBAL MANAGMENT - A US APO 11,355 $392,315.25
037833100 APPLE COMPUTER INC US AAPL 3,884 $876,774.16
03784Y200 APPLE HOSPITALITY REIT INC US APLE 8,980 $157,060.20
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 220,000 $215,325.00
04014Y101 ARES MANAGEMENT LP US ARES 11,405 $264,596.00
053015103 AUTOMATIC DATA PROCESSING US ADP 4,475 $674,203.50
053484101 AVALONBAY COMMUNITIES INC US AVB 3,950 $715,542.50
055622104 BP PLC-SPONS ADR GB BP 25,129 $1,158,446.90
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 4,633,000 $4,450,223.52
058498106 BALL CORP US BLL 80,000 $3,519,200.00
060505104 BANK OF AMERICA CORP US BAC 51,955 $1,530,594.30
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 8,600,000 $8,487,015.09
06652K103 BANKUNITED INC US BKU 4,455 $157,707.00
088606108 BHP LIMITED-SPONS ADR AU BHP 16,607 $827,692.88
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 29,440 $2,854,796.80
09062X103 BIOGEN IDEC INC US BIIB 3,130 $1,105,860.30
09247X101 BLACKROCK INC US BLK 7,985 $3,763,570.05
09253U108 BLACKSTONE GROUP LP/THE US BX 11,240 $428,019.20
09627J102 BLUEROCK RESIDENTIAL GROWTH US 9,325 $91,385.00
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 7,910,000 $8,371,014.65
097023105 BOEING CO US BA 4,203 $1,563,095.70
09857L108 BOOKING HOLDINGS INC US BKNG 3,060 $6,071,040.00
0989529 ASTRAZENECA PLC GB AZN LN 7,495 $584,194.13
101121101 BOSTON PROPERTIES INC US BXP 4,290 $528,056.10
105368203 BRANDYWINE REALTY TRUST US BDN 21,770 $342,224.40
110122108 BRISTOL MYERS SQUIBB CO US BMY 52,171 $3,238,775.68
11135F101 BROADCOM INC US AVGO 2,548 $628,668.04
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 175,000 $173,250.00
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 255,000 $252,131.25
125269100 CF INDUSTRIES HOLDINGS INC US CF 53,450 $2,909,818.00
125896100 CMS ENERGY CORP US CMS 10,061 $492,989.00
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 5,700,000 $5,707,410.00
12592TAA3 COMM 2015-3BP A FLT 3.17800 02/10/2035 US 500,000 $486,305.95
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 4,455,000 $4,370,395.10
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 472,000 $461,380.00
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 1,298,874.35 $1,201,515.66
126650100 CVS HEALTH CORP US CVS 8,770 $690,374.40
12770QAA3 CZR 2017-VICI A 3.53100 10/15/2034 US 2,520,000 $2,518,070.18
14314WAD3 CARMX 2017-3 A3 1.97000 04/15/2022 US 2,173,000 $2,143,542.81
149123101 CATERPILLAR INC US CAT 4,303 $656,164.47
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 40,771 $466,012.53
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 130,958.29 $130,630.89
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 2,309,846.82 $2,303,839.14
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 498,000 $463,289.40
15672WAJ3 CEQUEL COM HLDG I/CAP CP 7.50000 04/01/2028 US 200,000 $209,750.00
16411QAB7 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 260,000 $260,319.80
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 4,854,878.05 $4,809,054.80
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 2,050,962.71 $2,026,458.83
165240102 CHESAPEAKE LODGING TRUST US CHSP 4,635 $148,644.45
166764100 CHEVRON CORP US CVX 6,611 $808,393.08
16941R108 CHINA PETROLEUM & CHEM-ADR CN SNP 10,549 $1,059,541.56
17275R102 CISCO SYSTEMS INC US CSCO 32,603 $1,586,135.95
172967424 CITIGROUP INC US C 18,883 $1,354,666.42
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 5,895,000 $8,509,228.95
194162103 COLGATE-PALMOLIVE CO US CL 9,257 $619,756.15
19625JAA1 CAH 2015-1A A 3.33100 07/17/2032 US 1,850,835.3 $1,853,126.63
19626G108 COLONY CAPITAL INC US CLNY 67,378 $410,332.02
199908104 COMFORT SYSTEMS US FIX 6,445 $363,498.00
20030N101 COMCAST CORP-CL A US CMCSA 26,437 $936,134.17
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 20,542 $636,391.16
2099084 BORALEX INC -A CA BLX CN 13,395 $186,979.33
21871N101 CORECIVIC INC US CXW 20,195 $491,344.35
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 3,775,000 $4,176,620.78
222795106 COUSINS PROPERTIES INC US CUZ 37,900 $336,931.00
22282E102 COVANTA HOLDING CORP US CVA 38,565 $626,681.25
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 1,445,000 $1,438,030.04
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 245,000 $239,365.00
22822V101 CROWN CASTLE INTL CORP US CCI 8,613 $958,885.29
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 845,513.74 $775,747.02
229663109 CUBESMART US CUBE 4,375 $124,818.75
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 165,000 $168,712.50
23331A109 DR HORTON INC US DHI 1,045 $44,078.10
23918K108 DAVITA INC. US DVA 37,430 $2,681,110.90
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 285,000 $271,818.75
247361702 DELTA AIR LINES INC. US DAL 6,265 $362,304.95
25271C102 DIAMOND OFFSHORE DRILLING US DO 67,990 $1,359,800.00
253393102 DICK'S SPORTING GOODS INC US DKS 11,755 $417,067.40
253868103 DIGITAL REALTY TRUST INC US DLR 7,660 $861,596.80
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 5,860,000 $5,729,536.12
256677105 DOLLAR GENERAL CORP US DG 6,470 $707,171.00
26078J100 DOWDUPONT INC US DWDP 10,880 $699,692.80
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 350,000 $354,375.00
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 359,000 $360,795.00
269246401 ETRADE FINANCIAL CORP US ETFC 30,610 $1,603,657.90
2715777 QUEBECOR INC -CL B CA QBR/B CN 43,590 $874,061.08
277276101 EASTGROUP PROPERTIES US EGP 875 $83,667.50
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 40,835 $795,739.52
285512109 ELECTRONIC ARTS US EA 22,070 $2,659,214.30
2866857 LUNDIN MINING CORP CA LUN CN 179,930 $952,828.71
291011104 EMERSON ELEC CO US EMR 7,574 $580,016.92
29372EBS6 EFF 2016-2 A2 1.74000 02/22/2022 US 92,866.81 $92,556.26
29372EBT4 EFF 2016-2 A3 2.04000 02/22/2022 US 980,000 $967,811.94
294429105 EQUIFAX INC US EFX 11,285 $1,473,482.45
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534187109 LINCOLN NATL CORP IND US LNC 3,475 $235,118.50
539830109 LOCKHEED MARTIN CORP US LMT 2,586 $894,652.56
550021109 LULULEMON - ADR CA LULU 21,890 $3,556,906.10
554382101 THE MACERICH CO US MAC 2,185 $120,808.65
55616XAC1 MACYS RETAIL HLDGS INC 7.00000 02/15/2028 US 2,600,000 $2,796,776.92
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 386,000 $379,727.50
56585A102 MARATHON PETROLEUM CORP US MPC 5,923 $473,662.31
5671735 SANOFI-AVENTIS FR SAN FP 7,768 $694,048.75
57636Q104 MASTERCARD INC-CLASS A US MA 20,150 $4,485,591.50
580135101 MCDONALDS CORP US MCD 6,400 $1,070,656.00
58933Y105 MERCK & CO INC US MRK 59,980 $4,254,981.20
59001ABA9 MERITAGE HOMES CORP 5.12500 06/06/2027 US 185,000 $170,662.50
594918104 MICROSOFT CORP US MSFT 49,652 $5,678,699.24
59522J103 MID-AMERICA APARTMENT COMM US MAA 3,585 $359,145.30
60871R209 MOLSON COORS BREWING CO -B US TAP 3,855 $237,082.50
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 79,561 $3,417,940.56
61744YAG3 MORGAN STANLEY FLT 3.56325 05/08/2024 US 8,380,000 $8,516,261.65
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 420,000 $428,400.00
624758108 MUELLER WATER PRODUCTS INC - A US MWA 60,340 $694,513.40
62913TAM4 NGL ENRGY PART LP/FIN CO 6.12500 03/01/2025 US 290,000 $271,875.00
62943WAE9 NRG YIELD OPERATING LLC 5.00000 09/15/2026 US 190,000 $181,925.00
62944T105 NVR INC US NVR 15 $37,062.00
637417106 NATIONAL RETAIL PROPERTIES US NNN 3,350 $150,147.00
63938CAE8 NAVIENT CORP 7.25000 09/25/2023 US 205,000 $217,300.00
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 856,121.84 $854,667.72
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 925,866.74 $923,700.21
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 1,211,380.87 $1,205,540.08
651229106 NEWELL BRANDS INC US NWL 29,205 $592,861.50
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 420,000 $429,450.00
66987V109 NOVARTIS AG- REG CH NVS 57,440 $4,949,030.40
67091GAA1 OCI NV 6.62500 04/15/2023 NL 370,000 $382,950.00
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 1,355 $470,618.60
680223104 OLD REPUBLIC INTL CORP US ORI 12,495 $279,638.10
68323ADY7 ONTARIO (PROVINCE OF) 1.25000 06/17/2019 CA 2,044,000 $2,022,528.27
69007J106 OUTFRONT MEDIA INC US OUT 13,610 $271,519.50
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 350,000 $357,000.00
693475105 PNC FINANCIAL SERVICES GROUP US PNC 1,964 $267,477.16
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 371,000 $362,188.75
70338P100 PATTERN ENERGY GROUP INC -A US PEGI 12,775 $253,839.25
713448108 PEPSICO INC US PEP 14,886 $1,664,254.80
71654QCJ9 PETROLEOS MEXICANOS 6.35000 02/12/2048 MX 4,330,000 $3,966,280.00
717081103 PFIZER INC US PFE 38,826 $1,711,061.82
71943U104 PHYSICIANS REALTY TRUST US DOC 23,275 $392,416.50
729640102 PLYMOUTH INDUSTRIAL REIT INC US 12,265 $190,107.50
733174AJ5 POPULAR INC 7.00000 07/01/2019 US 260,000 $266,630.00
733174AK2 POPULAR INC 6.12500 09/14/2023 PR 280,000 $283,466.40
741503AZ9 PRICELINE GROUP INC/THE 3.60000 06/01/2026 US 8,750,000 $8,488,758.08
74251V102 PRINCIPAL FINANCIAL GROUP US PFG 3,846 $225,337.14
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 1,500,000 $1,448,492.70
74340W103 PROLOGIS US PLD 11,175 $757,553.25
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 5,340,000 $5,647,050.00
74460D109 PUBLIC STORAGE INC US PSA 2,255 $454,675.65
74736K101 QORVO INC US QRVO 67,150 $5,163,163.50
758849103 REGENCY CENTERS CORP US REG 3,213 $207,784.71
75886F107 REGENERON PHARMACEUTICALS INC US REGN 5,110 $2,064,644.40
7591EP100 REGIONS FINANCIAL CORP. US RF 16,605 $304,701.75
767204100 RIO TINTO PLC - SPON ADR GB RIO 12,347 $629,943.94
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 195,000 $200,362.50
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 8,315 $589,782.95
78410G104 SBA COMMUNICATIONS CORP US SBAC 10,025 $1,610,315.75
78442PGC4 SLM CORP 5.12500 04/05/2022 US 330,000 $328,350.00
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 1,400,000 $1,356,519.36
78490DAA2 SOFI 2018-C A1FX 3.08000 01/25/2048 US 2,961,841.18 $2,961,562.17
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 7,880,000 $8,510,383.37
80105N105 SANOFI-AVENTIS-ADR FR SNY 21,715 $970,009.05
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 5,630,000 $5,559,546.35
806857108 SCHLUMBERGER LTD NL SLB 57,390 $3,496,198.80
808513105 CHARLES SCHWAB CORP/THE US SCHW 84,500 $4,153,175.00
81211K100 SEALED AIR CORP US SEE 66,870 $2,684,830.50
812578102 SEATTLE GENETICS INC US SGEN 30,955 $2,387,249.60
81663AAD7 SEMGROUP CORP 6.37500 03/15/2025 US 185,000 $181,762.50
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 833,614.02 $789,230.74
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 1,020,783.13 $967,149.14
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 842,660.84 $746,879.37
81762P102 SERVICENOW INC US NOW 8,505 $1,663,833.15
81783QAC9 SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 CA 241,000 $234,372.50
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 250,000 $257,812.50
828806109 SIMON PROPERTY GROUP INC US SPG 5,475 $967,706.25
83088M102 SKYWORKS SOLUTIONS INC US SWKS 26,010 $2,359,367.10
831641FC4 SBIC 2015-10A 1 2.51700 03/10/2025 US 871,222.97 $842,488.73
831641FE0 SBIC 2015-10B 1 2.82900 09/10/2025 US 4,065,127.79 $3,966,880.97
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 469,952.25 $465,446.82
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 500,000 $484,726.85
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 414,067.83 $410,842.95
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 133,564.52 $132,417.52
83405JAA3 SCLP 2017-4 A 2.50000 05/26/2026 US 608,519.2 $601,231.39
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 1,238,869.88 $1,232,820.23
83406EAB1 SOFI 2018-A A2A 2.39000 02/25/2042 US 1,174,923.68 $1,164,395.19
835495102 SONOCO PRODUCTS CO US SON 18,012 $999,666.00
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 5,460,000 $5,626,302.92
844741108 SOUTHWEST AIRLS CO US LUV 5,800 $362,210.00
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 263,000 $261,027.50
852061AK6 SPRINT COMMUNICATIONS 9.00000 11/15/2018 US 104,000 $104,644.80
85254J102 STAG INDUSTRIAL INC US STAG 16,115 $443,162.50
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.37844 11/15/2027 US 2,128,636.1 $2,129,419.86
866674104 SUN COMMUNITIES US SUI 3,565 $361,990.10
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 14,295 $233,866.20
867914103 SUNTRUST BANKS INC US STI 4,260 $284,525.40
874039100 TAIWAN SEMICONDUCTOR - SP ADR TW TSM 37,932 $1,675,077.12
87470LAA9 TALLGRASS NRG PRTNR/FIN 5.50000 09/15/2024 US 170,000 $173,187.50
87612E106 TARGET CORP US TGT 6,530 $576,011.30
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 465,846.17 $464,563.56
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 300,000 $283,500.00
88032WAG1 TENCENT HOLDINGS LTD 3.59500 01/19/2028 KY 5,950,000 $5,631,750.51
88104LAE3 TERRAFORM POWER OPERATIN 5.00000 01/31/2028 US 190,000 $176,700.00
882508104 TEXAS INSTRUMENTS INC US TXN 29,888 $3,206,683.52
88579Y101 3M CO US MMM 6,939 $1,462,116.69
88650V208 TIER REIT INC US TIER 12,820 $308,962.00
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 1,982,019.04 $1,925,896.59
89613BAA5 TAH 2013-SFR1 A 2.58900 11/17/2033 US 1,801,256.3 $1,736,466.73
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 1,845,000 $1,764,892.50
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 359,000 $368,872.50
902653104 UDR INC US UDR 10,060 $406,725.80
902973304 U.S. BANCORP US USB 14,761 $779,528.41
903002103 UMH PROPERTIES INC US UMH 6,480 $101,347.20
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 225,000 $224,718.75
904767704 UNILEVER PLC - ADR GB UL 75,702 $4,161,338.94
907818108 UNION PAC CORP US UNP 6,724 $1,094,868.92
911312106 UNITED PARCEL SERVICE US UPS 7,778 $908,081.50
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 6,958,000 $9,112,533.85
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 10,907,000 $13,395,159.38
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 4,767,333.14 $4,473,347.58
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 7,548,000 $6,610,691.70
912828D23 US TREASURY N/B 1.62500 04/30/2019 US 55,159,000 $54,896,133.17
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 46,231,621.77 $45,627,841.41
912828R28 US TREASURY N/B 1.62500 04/30/2023 US 19,465,000 $18,370,093.75
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 20,150,000 $18,227,879.01
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 4,681,880.17 $4,532,372.15
912828WZ9 UNITED STATES TREAS NTS 1.75000 04/30/2022 US 8,900,000 $8,549,214.87
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 18,885,000 $17,880,996.73
912828XQ8 US TREASURY N/B 2.00000 07/31/2022 US 39,200,000 $37,892,312.30
913017109 UNITED TECHNOLOGIES CORP US UTX 7,080 $989,854.80
91704F104 URBAN EDGE PROPERTIES US UE 14,315 $316,075.20
91913Y100 VALERO ENERGY US VLO 4,988 $567,385.00
92276F100 VENTAS INC US VTR 2,920 $158,789.60
92339V100 VEREIT INC US VER 20,575 $149,374.50
92343V104 VERIZON COMMUNICATIONS US VZ 14,025 $748,794.75
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 7,950,000 $8,705,028.91
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 7,575 $1,460,005.50
92826C839 VISA INC - CLASS A SHARES US V 24,610 $3,693,714.90
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 155,000 $157,618.54
929042109 VORNADO REALTY TRUST US VNO 5,430 $396,390.00
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 839,159.39 $863,149.19
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 355,000 $366,981.25
931142103 WAL MART STORES US WMT 18,605 $1,747,195.55
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 7,397 $539,241.30
94106L109 WASTE MANAGEMENT INC US WM 8,970 $810,529.20
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 235,000 $227,362.50
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 350,000 $333,375.00
949746101 WELLS FARGO COMPANY US WFC 47,400 $2,491,344.00
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 265,000 $269,818.18
95040Q104 WELLTOWER INC. US WELL 3,775 $242,808.00
962166104 WEYERHAEUSER CO US WY 14,901 $480,855.27
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 245,000 $246,225.00
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 260,000 $258,050.00
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 4,410,000 $4,197,940.65
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 879,913.42 $879,196.99
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 1,020,530.36 $996,090.09
98919V105 ZAYO GROUP HOLDINGS INC US ZAYO 73,060 $2,536,643.20
AP0787667 MPC CONTAINER SHIPS FLT 7.11638 09/22/2022 NL 200,000 $204,306.00
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 440,000 $434,500.00
B15C557 TOTAL SA FR FP FP 6,563 $426,730.90
B296BQ5 STORAGEVAULT CANADA INC CA SVI CN 23,295 $47,792.94
B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 22,535 $226,457.86
B3FP8W8 CANADA HOUSING TRUST 4.10000 12/15/2018 CA 268,000 $208,463.81
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 2,725,000 $141,168.80
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 327,000 $257,232.91
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 4,996,000 $256,199.17
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 590,000 $433,532.72
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 7,267,000 $389,588.71
B68XHC3 NORTHLAND POWER INC CA NPI CN 13,535 $227,390.93
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 908,000 $47,474.22
BBG00LNRP8L0 AMZN US 09/28/18 P1825 US -6 -$6.00
BBG00LRS8WH5 QRVO US 10/19/18 P70 US -193 -$6,562.00
BBG00LXHFRM9 SCHW US 10/26/18 C51.5 US -188 -$14,288.00
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 200,000 $204,500.00
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 400,000 $376,000.00
BFWG293 OKEA AS FLT 8.88613 06/28/2023 NO 200,000 $206,497.60
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 1,105 $222,598.38
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 96,180 $158,570.98
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 83,860 $3,424,073.24
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 73,590 $2,223,267.20
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 56,580 $4,952,759.00
G3157S106 ENSCO INTERNATIONAL INC US ESV 170,840 $1,441,889.60
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 430,000 $447,200.00
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 12,530 $438,550.00
G5960L103 MEDTRONIC INC IE MDT 56,460 $5,553,970.20
G96629103 WILLIS TOWERS WATSON PLC GB WLTW 1,700 $239,598.00
H1467J104 CHUBB LTD CH CB 2,675 $357,487.00
H8817H100 TRANSOCEAN LTD US RIG 151,260 $2,110,077.00
N47279109 INTERXION HOLDING NV NL INXN 33,355 $2,244,791.50
N53745100 LYONDELLBASELL INDU-CL A US LYB 4,798 $491,842.98
USD US DOLLAR US 10,941,063.84 $10,941,063.84

Investments will change over time.

Distributions

  • Pro-Blend® Conservative Term Series Class R2 Distribution History
  • 2018 Distribution Calendar
  • Fourth Quarter 2017 Distributions
  • Third Quarter 2018 Distributions
  • Second Quarter 2018 Distributions
  • First Quarter 2018 Distributions
  • Tax Letter

A Word About Risk

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


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