TFMS

Trust & Fiduciary Management Services Portfolio holdings

AUM $126M

2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2

This Quarter Return

+3.85%

1 Year Return

-10.05%

3 Year Return

–

5 Year Return

–

10 Year Return

–

AUM

$179M

AUM Growth

+$179M (+20%)

Cap. Flow

+$25.8M

Cap. Flow % of AUM

14.43%

Top 10 Holdings % Top 10 Hldgs %

38.93%

Holding

130

New

Increased

Reduced

Closed

Top Buys

1	RGP REGENCY ENERGY PARTNERS LP COMMON UTS REP LIMITED PART INTS RGP	$3.94M
2	PDH PETROLOGISTICS LP UNIT LTD PARTNERSHIP INT PDH	$3.76M
3	Banco Santander SAN	$3.5M
4	VER VEREIT, Inc. VER	$3.29M
5	TNH Terra Nitrogen TNH	$3.21M

Top Sells

1	TGP Teekay LNG Partners L.P. TGP	$3.56M
2	PVR PVR PARTNERS L P COM UNIT REPTG LTD PARTNERSHIP INT PVR	$3.36M
3	JGT NUVEEN DIVERSIFIED CURRENCY OPPORTUNIES FUND(USA) JGT	$3.11M
4	FAM First Trust/abrdn Global Opportunity Income Fund FAM	$2.44M
5	DHC Diversified Healthcare Trust DHC	$1.35M

Sector Composition

1	Energy	19.81%
2	Real Estate	18.11%
3	Financials	17.45%
4	Industrials	6.52%
5	Communication Services	4.98%

Communication Services

Advertising Agencies

Broadcasting

Electronic Gaming & Multimedia

Entertainment

Internet Content & Information

Publishing

Telecom Services

Consumer Discretionary

Apparel Manufacturing

Apparel Retail

Auto Manufacturers

Auto Parts

Auto & Truck Dealerships

Department Stores

Footwear & Accessories

Furnishings, Fixtures & Appliances

Gambling

Home Improvement Retail

Internet Retail

Leisure

Lodging

Luxury Goods

Packaging & Containers

Personal Services

Recreational Vehicles

Residential Construction

Resorts & Casinos

Restaurants

Specialty Retail

Textile Manufacturing

Travel Services

Consumer Staples

Beverages - Brewers

Beverages - Non-Alcoholic

Beverages - Wineries & Distilleries

Confectioners

Discount Stores

Education & Training Services

Farm Products

Food Distribution

Grocery Stores

Household & Personal Products

Packaged Foods

Tobacco

Energy

Oil & Gas Drilling

Oil & Gas Equipment & Services

Oil & Gas Exploration & Production

Oil & Gas Integrated

Oil & Gas Midstream

Oil & Gas Refining & Marketing

Thermal Coal

Uranium

Financials

Asset Management

Banks - Diversified

Banks - Regional

Capital Markets

Credit Services

Diversified Insurance

Financial Conglomerates

Financial Data & Stock Exchanges

Insurance Brokers

Life Insurance

Mortgage Finance

Property & Casualty Insurance

Reinsurance

Shell Companies

Specialty - Insurance

Healthcare

Biotechnology

Diagnostics & Research

Drug Manufacturers - General

Drug Manufacturers - Specialty & Generic

Healthcare Plans

Health Information Services

Medical Care Facilities

Medical Devices

Medical Distribution

Medical Instruments & Supplies

Pharmaceutical Retailers

Industrials

Aerospace & Defense

Airlines

Airports & Air Services

Building Products & Equipment

Business Equipment & Supplies

Conglomerates

Consulting Services

Electrical Equipment & Parts

Engineering & Construction

Farm & Heavy Construction Machinery

Industrial Distribution

Infrastructure Operations

Integrated Freight & Logistics

Marine Shipping

Metal Fabrication

Pollution & Treatment Controls

Railroads

Rental & Leasing Services

Security & Protection Services

Specialty Business Services

Specialty Industrial Machinery

Staffing & Employment Services

Tools & Accessories

Trucking

Waste Management

Materials

Agricultural Inputs

Aluminum

Building Materials

Chemicals

Coking Coal

Copper

Gold

Lumber & Wood Production

Other Industrial Metals & Mining

Other Precious Metals & Mining

Paper & Paper Products

Silver

Specialty Chemicals

Steel

Real Estate

Diversified REIT

Healthcare Facilities REIT

Hotel & Motel REIT

Industrial REIT

Mortgage REIT

Office REIT

Real Estate Development

Real Estate Diversified

Real Estate Services

Residential REIT

Retail REIT

Specialty REIT

Technology

Communication Equipment

Computer Hardware

Consumer Electronics

Electronic Components

Electronics & Computer Distribution

Information Technology Services

Scientific & Technical Instruments

Semiconductor Equipment & Materials

Semiconductors

Software - Application

Software - Infrastructure

Solar

Utilities

Diversified Utilities

Electric Utilities

Gas Utilities

Independent Power Producers

Renewable Electricity

Water Utilities

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
51	RENX 51 DELISTED RELX N.V. RENX	$84K	0.05%	1,929 +600	+45%	+$26.1K
52	52 IBM IBM $227B	$83K	0.05%	429 +236	+122%	+$45.7K
53	53 Novartis NVS $245B	$83K	0.05%	972 +314	+48%	+$26.8K
54	TARO 54 DELISTED Taro Pharmaceutical Industries Ltd. TARO	$83K	0.05%	751 +228	+44%	+$25.2K
55	CBI 55 DELISTED Chicago Bridge & Iron Nv CBI	$83K	0.05%	+954	New	+$83K
56	TYC 56 DELISTED TYCO INTL PLC COM SHS (IRL) TYC	$83K	0.05%	1,958 +614	+46%	+$26K
57	57 Aptiv APTV $17.3B	$82K	0.05%	+1,207	New	+$82K
58	58 Bristol-Myers Squibb BMY $96B	$82K	0.05%	1,577 +236	+18%	+$12.3K
59	59 Amdocs DOX $9.41B	$82K	0.05%	+1,773	New	+$82K
60	60 Sanofi SNY $121B	$81K	0.05%	1,541 +513	+50%	+$27K
61	61 TotalEnergies TTE $137B	$81K	0.05%	1,229 +421	+52%	+$27.7K
62	COV 62 DELISTED COVIDIEN PLC COM SHS NEW (IRELAND) COV	$80K	0.04%	1,086 +365	+51%	+$26.9K
63	63 AB InBev BUD $122B	$79K	0.04%	752 +254	+51%	+$26.7K
64	64 VanEck Gold Miners ETF GDX $19B	$79K	0.04%	+3,330	New	+$79K
65	65 Nu Skin NUS $602M	$79K	0.04%	957 +160	+20%	+$13.2K
66	66 Pentair PNR $17.6B	$79K	0.04%	+992	New	+$79K
67	67 AstraZeneca AZN $248B	$78K	0.04%	1,202 +385	+47%	+$25K
68	68 Bank of Montreal BMO $86.7B	$78K	0.04%	1,158 +398	+52%	+$26.8K
69	69 Core Laboratories CLB $540M	$78K	0.04%	+392	New	+$78K
70	70 Accenture ACN $162B	$77K	0.04%	963 +316	+49%	+$25.3K
71	71 HP HPQ $26.7B	$77K	0.04%	2,387 +360	+18%	+$11.6K
72	72 Open Text OTEX $8.41B	$77K	0.04%	1,620 +977	+152%	+$46.4K
73	73 Toyota TM $254B	$77K	0.04%	680 +225	+49%	+$25.5K
74	74 Eaton ETN $136B	$76K	0.04%	1,006 +160	+19%	+$12.1K
75	75 Vodafone VOD $28.8B	$76K	0.04%	+2,071	New	+$76K