Investment Objective

To provide capital preservation and manage risk for investors who have already reached their target date or who desire minimal capital risk as they move towards a future target date.

Investment Strategy

The portfolio is invested in a conservative mix of securities that seeks preservation of capital, with income and long-term capital growth as secondary objectives. The portfolio is diversified primarily among fixed income securities, typically focusing on short to intermediate-term maturities. A position in various stock investments, which may be focused on dividend paying stocks, adds potential for growth opportunities and income generation. For the most part, this approach favors stability over growth. Stock exposure can range from 15% - 45%.

May be Appropriate for Investors

  • Who have reached their target date or are already in retirement and seek to minimize declines in account value with potential for modest capital growth and income generation
  • Who have a future target date and want to assume a minimal amount of capital risk through limited stock exposure
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio

About Target Date Funds

A target date fund is a single investment portfolio designed to meet an investor’s changing needs over time. The fund gradually shifts from a more aggressive to a more conservative investment objective over the years to reflect an appropriate risk/return trade-off for the investor’s changing time horizon.

Target Series Glide Path Overview

Learn more about our Glide Range SM

Daily Price

$16.35

Daily $ Change

$0.00

Daily % Change

0.00%

as of 12/11/2018

CUSIP

302027651

Inception Date

05/31/2007

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

Important Documents

Annual Report
Applications & Forms

Each Retirement Target CIT Fund seeks to achieve its investment objectives by investing in a combination of other Manning & Napier CIT Funds (the “underlying CIT Funds”) in order to meet its target asset allocations and investment style. The financial statements of the underlying Pro-Mix® CIT Funds should be read in conjunction with the Retirement Target CIT Funds’ financial statements.
Pro-Mix® CIT Fund Annual Report

Performance

As of 11/30/2018

YTD

-0.42%

1 Year

0.24%

3 Year

3.58%

5 Year

2.87%

10 Year

5.53%

Inception
(01/01/2000)

5.55%

US Stock Market Cycle (04/01/2000 - 11/30/2018)

5.49%

Performance through 06/04/2012 reflects the performance of the Retirement Target Institutional CIT Fund, which was merged into the Retirement Target CIT Fund on 06/04/2012 to establish the Class I units. Performance through the Institutional CIT Fund inception date (05/31/2007) is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. Returns are net of the Class I expenses. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.70%
Net 0.69%*

*Includes acquired fund fees and expenses of the underlying collective investment trusts and reflects the Trustee’s contractual agreement to limit fees and voluntary agreement to reimburse certain expenses.

Top Ten Investments

As of 11/30/2018

TREASURY NOTES 15.30%
GOVERNMENT AGENCY 8.66%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 5.04%
TREASURY BONDS 3.65%
SWEDISH EXPORT CREDIT 1.12500 08/28/2019 1.15%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 1.05%
JPMORGAN CHASE & CO 6.30000 04/23/2019 1.03%
BANK OF AMERICA CORP 4.00000 01/22/2025 1.03%
VERIZON COMMUNICATIONS 5.50000 03/16/2047 1.03%
PRICELINE GROUP INC/THE 3.60000 06/01/2026 1.02%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 11/30/2018

Bonds 70.09%
Stocks 27.75%
Cash 2.16%

Detailed Asset Class Allocation

As of 11/30/2018

International Equities 6.58%
Small Capitalization 0.78%
Mid Capitalization 2.45%
Large Capitalization 17.95%
Long Term Fixed Income 20.19%
Intermediate Term Fixed Income 31.19%
Short Term Fixed Income 18.70%
Cash 2.16%

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

November Fund Holdings

As of 11/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
000375204 ABB LTD-SPON ADR CH ABB 1,476.28 $29,938.99
00101JAM8 ADT CORP 5.25000 03/15/2020 US 12,624.99 $12,719.67
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 412,416.24 $397,531.69
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 715,415.92 $706,834.41
00287Y109 ABBVIE INC US ABBV 722.15 $68,077.01
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 44,187.45 $45,071.20
004239109 ACADIA REALTY TRUST US AKR 223.04 $6,394.60
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 403,999.58 $393,252.60
008492100 AGREE REALTY CORP US ADC 143.08 $8,523.47
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 16,833.32 $17,209.07
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 54.71 $6,811.18
01609W102 ALIBABA GROUP - ADR CN BABA 780.65 $125,574.56
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 21,041.64 $21,041.64
020002101 ALLSTATE CORPORATION US ALL 176.75 $15,764.32
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 23,145.81 $23,080.77
02079K107 ALPHABET INC-CL C US GOOG 189.37 $207,257.46
02079K305 ALPHABET INC-CL A US GOOGL 101 $112,074.53
023135106 AMAZON.COM INC US AMZN 63.12 $106,691.87
02319V103 AMBEV SA-ADR BR ABEV 25,460.39 $108,715.87
0237400 DIAGEO PLC GB DGE LN 7,638.12 $275,837.40
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 16,833.32 $16,938.52
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 166.23 $7,285.82
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,365.6 $28,445.51
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 441,874.54 $417,142.25
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 18,937.48 $18,322.01
03027X100 AMERICAN TOWER REIT INC US AMT 799.58 $131,523.33
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 12,605.44 $12,678.39
03064D108 AMERICOLD REALTY TRUST US COLD 248.29 $6,654.21
031162100 AMGEN INC US AMGN 355.6 $74,054.49
03748R101 APARTMENT INVT & MGMT CO -A US AIV 490.27 $23,086.83
037833100 APPLE COMPUTER INC US AAPL 265.12 $47,345.97
03784Y200 APPLE HOSPITALITY REIT INC US APLE 380.85 $6,044.15
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 16,833.32 $15,676.03
03990B101 ARES MANAGEMENT CORP - A US ARES 1,304.58 $29,274.82
053015103 AUTOMATIC DATA PROCESSING US ADP 294.58 $43,427.43
053484101 AVALONBAY COMMUNITIES INC US AVB 300.9 $57,341.66
055622104 BP PLC-SPONS ADR GB BP 1,382.44 $55,781.29
058498106 BALL CORP US BLL 5,752.79 $282,519.30
060505104 BANK OF AMERICA CORP US BAC 3,549.73 $100,812.20
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 648,082.66 $628,579.83
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 774.33 $168,990.33
088606108 BHP GROUP LTD AU BHP 991.48 $43,982.15
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 1,224.62 $117,600.62
09247X101 BLACKROCK INC US BLK 185.17 $79,253.10
09253U108 BLACKSTONE GROUP LP/THE US BX 1,092.06 $36,835.23
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 597,582.71 $608,516.57
097023105 BOEING CO US BA 262.18 $90,913.15
09857L108 BOOKING HOLDINGS INC US BKNG 189.37 $358,274.40
0989529 ASTRAZENECA PLC GB AZN LN 515.52 $40,142.89
101121101 BOSTON PROPERTIES INC US BXP 307.21 $40,305.69
105368203 BRANDYWINE REALTY TRUST US BDN 1,660.19 $23,690.85
110122108 BRISTOL MYERS SQUIBB CO US BMY 3,803.91 $203,356.95
11135F101 BROADCOM INC US AVGO 171.7 $40,763.25
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 21,041.64 $20,410.40
12503M108 CBOE GLOBAL MARKETS INC US CBOE 1,043.67 $112,319.29
12572Q105 CME GROUP INC US CME 610.21 $115,988.28
125896100 CMS ENERGY CORP US CMS 690.17 $35,950.74
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 429,249.55 $427,657.04
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 217,287.94 $201,167.81
126650100 CVS HEALTH CORP US CVS 560.55 $44,956.06
149123101 CATERPILLAR INC US CAT 240.3 $32,600.90
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 18,945.24 $18,850.52
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 175,718.45 $175,168.42
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 39,979.12 $36,031.19
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 301,451.58 $297,909.76
165240102 CHESAPEAKE LODGING TRUST US CHSP 349.29 $10,328.54
166764100 CHEVRON CORP US CVX 452.4 $53,807.90
16941R108 CHINA PETROLEUM & CHEM-ADR CN SNP 627.88 $53,583.51
17275R102 CISCO SYSTEMS INC US CSCO 2,033.46 $97,341.95
172967424 CITIGROUP INC US C 1,285.64 $83,296.91
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 441,874.54 $603,696.10
191216100 COCA COLA CO/THE US KO 4,589.18 $231,294.81
194162103 COLGATE-PALMOLIVE CO US CL 956.97 $60,786.99
19626G108 COLONY CAPITAL INC US CLNY 4,695.23 $28,922.63
199908104 COMFORT SYSTEMS US FIX 437.67 $23,047.50
20030N101 COMCAST CORP-CL A US CMCSA 1,650.93 $64,402.68
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 1,134.99 $35,797.47
2099084 BORALEX INC -A CA BLX CN 925.83 $12,473.11
21871N101 CORECIVIC INC US CXW 1,424.52 $31,268.20
222795106 COUSINS PROPERTIES INC US CUZ 2,893.23 $24,447.76
22282E102 COVANTA HOLDING CORP US CVA 2,583.91 $42,789.62
22282EAH5 COVANTA HOLDING CORP 6.00000 01/01/2027 US 18,937.48 $17,611.86
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 21,041.64 $20,252.58
22822V101 CROWN CASTLE INTL CORP US CCI 601.79 $69,145.79
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 154,058.54 $140,847.10
229663109 CUBESMART US CUBE 176.75 $5,503.99
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 12,624.99 $12,751.24
23918K108 DAVITA INC. US DVA 2,394.54 $158,183.26
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 29,458.3 $27,617.16
247361702 DELTA AIR LINES INC. US DAL 431.35 $26,187.48
25271C102 DIAMOND OFFSHORE DRILLING US DO 3,385.6 $42,658.57
253393102 DICK'S SPORTING GOODS INC US DKS 801.69 $28,844.69
253868103 DIGITAL REALTY TRUST INC US DLR 547.08 $62,936.40
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 441,874.54 $407,430.77
256677105 DOLLAR GENERAL CORP US DG 441.87 $49,043.66
26078J100 DOWDUPONT INC US DWDP 738.98 $42,750.14
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 42,083.29 $41,346.83
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 42,083.29 $41,715.06
269246401 ETRADE FINANCIAL CORP US ETFC 1,169.92 $61,174.88
2715777 QUEBECOR INC -CL B CA QBR/B CN 3,345.62 $72,192.81
277276101 EASTGROUP PROPERTIES US EGP 63.12 $6,313.76
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 3,055.25 $57,510.80
285512109 ELECTRONIC ARTS US EA 2,011.58 $169,113.63
291011104 EMERSON ELEC CO US EMR 469.65 $31,710.73
29444U700 EQUINIX INC US EQIX 650.19 $250,503.98
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 153.6 $15,288.21
29476L107 EQUITY RESIDENTIAL US EQR 561.81 $40,029.10
297178105 ESSEX PROPERTY TRUST INC US ESS 94.69 $24,856.39
30161N101 EXELON CORP US EXC 486.06 $22,548.42
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 652,290.99 $642,187.65
30225T102 EXTRA SPACE STORAGE INC US EXR 147.29 $14,137.04
30231G102 EXXON MOBIL CORP US XOM 1,733.83 $137,839.61
302491303 FMC CORP US FMC 624.94 $51,707.27
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 20,948.8 $20,842.53
30262DAL5 FREMF 2011-K13 B 4.76806 01/25/2048 US 172,541.49 $176,097.79
30262SAR9 FREMF 2015-K42 B FLT 3.98325 12/25/2024 US 75,749.92 $74,725.31
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 23,145.81 $22,682.89
30287EAE0 FREMF 2014-K41 B FLT 3.96255 11/25/2047 US 294,583.03 $291,011.29
30291EAE4 FREMF 2013-K712 B FLT 3.47306 05/25/2045 US 483,957.83 $482,886.05
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 4,604,555.12 $15,437.23
3128M1AM1 FHLM POOL G11912 5.50000 03/01/2021 US 5,213.86 $5,264.05
3128M6HZ4 FHLM POOL G04448 5.50000 07/01/2038 US 71,684.39 $77,159.58
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 1,639.73 $1,768.40
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 6,884.34 $7,558.87
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 56,446.53 $61,895.34
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 19,438.25 $21,004.77
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 37,789.62 $38,810.49
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 2,791.91 $2,856.07
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 2,502.68 $2,577.53
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 271,534.3 $280,419.84
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 39,782.95 $42,772.50
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 20,986.7 $21,789.92
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 208,973.73 $217,371.48
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 66,294.08 $66,753.61
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 249,523.15 $251,121.30
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 2,333.3 $2,347.90
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 181,438.36 $180,478.84
31371MLB1 FEDERAL NATL MTG ASSN 256022 5.50000 12/01/2035 US 23,864.71 $25,700.79
31371MRU3 FEDERAL NATL MTG ASSN 256199 5.00000 04/01/2021 US 2,638.98 $2,728.86
31371NDQ5 FEDERAL NATL MTG ASSN 256711 5.50000 05/01/2037 US 3,084.44 $3,317.12
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 50.5 $6,670.54
3137A2B34 FHMS K009 X1 FLT 1.44443 08/25/2020 US 469,779.08 $8,072.82
3137ADTK3 FHMS K014 X1 FLT 1.32338 04/25/2021 US 4,643,926.71 $109,887.38
3137AJMG6 FMHS K016 X1 FLT 1.64995 10/25/2021 US 1,043,692.14 $37,417.09
3137AUPF0 FHMS K021 x1 FLT 1.57841 06/25/2022 US 6,700,270.18 $284,368.85
3137B3NB0 FHMS K030 X1 FLT 0.30922 04/25/2023 US 12,817,914.85 $97,744.29
3137B4GZ3 FHMS K032 X1 FLT 0.21808 05/25/2023 US 7,521,615.69 $35,180.85
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 232,806.68 $237,441.46
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 231,614.95 $239,244.79
3138A7BL1 FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 121,865.52 $126,279.48
3138AJ4A7 FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 13,289.25 $13,667.89
3138EPLE2 FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 45,939.29 $47,742.31
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65400 01/01/2049 US 284,929.05 $304,591.78
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 390,976.31 $384,996.73
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 260,473 $270,175.01
3138YTGK4 FEDERAL NATL MTG ASSN AZ2001 3.50000 05/01/2045 US 454,411.63 $447,532.86
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 26,830.39 $28,905.64
31403DVZ9 FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 4,437.78 $4,964.77
31406PTV1 FEDERAL NATL MTG ASSN 816064 4.50000 04/01/2020 US 2,597.11 $2,638.82
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 249,778.79 $251,337.43
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 46,342.35 $46,645.45
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 253,178.7 $254,762.88
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 73,351.74 $75,481.15
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 206,968.25 $216,833.86
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 169,050.22 $177,100.14
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 217,096.08 $223,532.36
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 91,857.88 $96,227.39
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 138,432.69 $145,010.55
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 1,936.03 $1,983.80
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 2,369.13 $2,428.51
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 17,689.75 $17,986.54
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 21,196.88 $21,548.26
31410HAQ4 MACYS RETAIL HLDGS INC 6.90000 04/01/2029 US 189,374.8 $198,848.02
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 7,587.47 $8,143.26
31410WSY5 FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 5,549.62 $6,147.59
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 17,339.74 $18,620.54
31411RHZ4 FEDERAL NATL MTG ASSN 912948 5.00000 05/01/2038 US 1,893.46 $1,980.70
31413CCL1 FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 2,239.92 $2,409.70
31413MR66 FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 7,731.97 $8,612.16
31413S6R0 FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 5,034.63 $5,481.02
31414CQ50 FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 1,115.66 $1,216.99
31414DJ23 FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 4,710.99 $5,108.95
31414QX28 FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 3,527.09 $3,623.36
31414UF52 FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 19,645.59 $19,996.01
31415ALX7 FEDERAL NATL MTG ASSN 981042 6.00000 04/01/2038 US 5,320.89 $5,724.21
31415BBC2 FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 6,514.11 $6,885.29
31415BBT5 FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 4,449.55 $4,688.02
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 12,192.57 $12,408.55
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 7,611.61 $7,914.81
31418B6G6 FEDERAL NATL MTG ASSN FN MA2670 3.00000 07/01/2046 US 177,042.4 $168,998.30
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 108,840.98 $113,001.44
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 94,479.43 $98,093.42
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 195,221.05 $186,350.87
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 232,798.03 $239,564.93
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 12,737.69 $13,962.01
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 43,387.32 $46,568.71
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 7,836.06 $8,426.50
31428X106 FEDEX CORPORATION US FDX 515.52 $118,054.15
316773100 FIFTH THIRD BANCORP US FITB 385.06 $10,754.78
32054K103 FIRST INDUSTRIAL REALTY TR US FR 330.35 $10,591.14
336130AB5 FIRST QUALITY FINANCE CO 5.00000 07/01/2025 US 25,249.97 $23,103.73
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 14,729.15 $14,250.45
357081AE8 FREMF 2015-K720 B FLT 3.50661 07/25/2022 US 42,083.29 $41,579.53
35802XAD5 FRESENIUS MED CARE II 5.62500 07/31/2019 US 503,316.14 $509,698.66
36143WAN1 GAHR 2015-NRF BFX FLT 3.49490 12/15/2034 US 462,916.18 $460,294.09
36143WAS0 GAHR 2015-NRF DFX FLT 3.49490 12/15/2034 US 185,166.47 $183,932.45
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 48,395.78 $47,423.15
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828806109 SIMON PROPERTY GROUP INC US SPG 376.65 $69,939.29
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83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 170,858.15 $166,028.87
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 7,332.53 $7,276.93
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 54,708.28 $53,218.00
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 11,190.09 $11,091.23
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 95,068.91 $94,542.47
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85254J102 STAG INDUSTRIAL INC US STAG 1,153.08 $30,891.07
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.52650 11/15/2027 US 382,700.19 $382,748.15
862121100 STORE CAPITAL CORP US STOR 214.62 $6,430.16
866674104 SUN COMMUNITIES US SUI 271.44 $28,256.61
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 883.75 $13,486.01
867914103 SUNTRUST BANKS INC US STI 284.06 $17,807.86
874039100 TAIWAN SEMICONDUCTOR - SP ADR TW TSM 2,359.19 $88,681.92
87612E106 TARGET CORP US TGT 441.87 $31,355.42
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 83,936.97 $83,601.96
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88104LAE3 TERRAFORM POWER OPERATIN 5.00000 01/31/2028 US 12,624.99 $11,303.15
882508104 TEXAS INSTRUMENTS INC US TXN 560.13 $55,928.84
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89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 210,192.22 $199,946.57
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 31,562.47 $30,299.97
902653104 UDR INC US UDR 652.29 $27,800.64
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912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 487,745.32 $637,879.43
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912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 424,541.92 $380,545.45
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912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 326,036.77 $314,019.73
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 1,346,665.26 $1,283,540.33
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931427108 WALGREENS BOOTS ALLIANCE INC US WBA 475.54 $40,264.07
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95040Q104 WELLTOWER INC. US WELL 284.06 $20,546.22
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 25,249.97 $25,116.15
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 18,937.48 $16,971.77
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 315,624.67 $291,765.95
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 150,714.91 $150,123.02
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 188,055.6 $183,623.52
98919V105 ZAYO GROUP HOLDINGS INC US ZAYO 2,266.19 $59,645.99
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 37,874.96 $36,170.59
B296BQ5 STORAGEVAULT CANADA INC CA SVI CN 1,765.39 $3,361.64
B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 1,538.14 $14,563.55
B3FP8W8 CANADA HOUSING TRUST 4.10000 12/15/2018 CA 46,291.62 $34,860.26
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 168,333.16 $7,865.13
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 58,916.61 $45,149.37
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 462,916.18 $21,155.81
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 100,999.89 $73,789.78
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 757,499.21 $36,936.82
B68XHC3 NORTHLAND POWER INC CA NPI CN 909 $15,283.96
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 147,291.51 $6,377.52
BBG00MBFLVG6 QRVO US 12/21/18 C67.5 US -13.47 -$2,154.66
BBG00MCR9B13 BABA US 12/07/18 C165 CN -4.21 -$925.83
BBG00MD5C001 NOW US 12/07/18 C205 US -3.37 -$33.67
BBG00MHMRQ16 GOOG US 12/28/18 C1110 US -.42 -$829.04
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 82,483.25 $80,421.17
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 42,083.29 $38,506.21
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 79.96 $13,744.73
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 7,215.18 $11,108.95
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 6,678.62 $267,002.10
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 4,822.75 $148,227.26
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 3,307.75 $254,135.66
G3157S106 ENSCO INTERNATIONAL INC US ESV 9,007.93 $51,074.95
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 33,666.63 $34,844.96
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 1,123.62 $39,079.64
G5960L103 MEDTRONIC INC IE MDT 4,173.82 $407,072.73
G96629103 WILLIS TOWERS WATSON PLC GB WLTW 113.62 $18,117.49
H1467J104 CHUBB LTD CH CB 180.96 $24,201.34
H8817H100 TRANSOCEAN LTD US RIG 5,780.14 $53,639.70
N47279109 INTERXION HOLDING NV NL INXN 3,377.18 $210,297.25
N53745100 LYONDELLBASELL INDU-CL A US LYB 274.8 $25,641.95
USD US DOLLAR US 1,353,559.66 $1,353,559.66

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Conservative Term CIT Fund. Investments will change over time. Fund holdings list does not include securities with positions less than 0.005 shares.

A Word About Risk

Each Manning & Napier Retirement Target CIT Fund is invested in one or two of four proprietary risk-based funds, the Manning & Napier Pro-Mix® CIT Funds, based on the Retirement Target CIT Fund becoming increasingly conservative over time. Because the underlying funds invest 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 target date funds will also involve a number of other risks, including issuer-specific risk, foreign investment risk, and small-cap/mid-cap risk, as the underlying investments change over time. 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. Principal value is not guaranteed at any time, including at the target date (the approximate year when an investor plans to stop contributions and start periodic withdrawals).

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 over 45 years of experience managing life cycle 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

$16.35

Daily $ Change

$0.00

Daily % Change

0.00%

as of 12/11/2018

CUSIP

302027651

Inception Date

05/31/2007

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

Important Documents

Annual Report
Fact Sheet
Applications & Forms

Each Retirement Target CIT Fund seeks to achieve its investment objectives by investing in a combination of other Manning & Napier CIT Funds (the “underlying CIT Funds”) in order to meet its target asset allocations and investment style. The financial statements of the underlying Pro-Mix® CIT Funds should be read in conjunction with the Retirement Target CIT Funds’ financial statements.
Pro-Mix® CIT Fund Annual Report

Investment Objective

To provide capital preservation and manage risk for investors who have already reached their target date or who desire minimal capital risk as they move towards a future target date.

Investment Strategy

The portfolio is invested in a conservative mix of securities that seeks preservation of capital, with income and long-term capital growth as secondary objectives. The portfolio is diversified primarily among fixed income securities, typically focusing on short to intermediate-term maturities. A position in various stock investments, which may be focused on dividend paying stocks, adds potential for growth opportunities and income generation. For the most part, this approach favors stability over growth. Stock exposure can range from 15% - 45%.

May be Appropriate for Investors

  • Who have reached their target date or are already in retirement and seek to minimize declines in account value with potential for modest capital growth and income generation
  • Who have a future target date and want to assume a minimal amount of capital risk through limited stock exposure
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio

About Target Date Funds

A target date fund is a single investment portfolio designed to meet an investor’s changing needs over time. The fund gradually shifts from a more aggressive to a more conservative investment objective over the years to reflect an appropriate risk/return trade-off for the investor’s changing time horizon.

Target Series Glide Path Overview

Learn more about our Glide Range SM

Performance

As of 11/30/2018

YTD

-0.42%

1 Year

0.24%

3 Year

3.58%

5 Year

2.87%

10 Year

5.53%

Inception
(01/01/2000)

5.55%

US Stock Market Cycle (04/01/2000 - 11/30/2018)

5.49%

Performance through 06/04/2012 reflects the performance of the Retirement Target Institutional CIT Fund, which was merged into the Retirement Target CIT Fund on 06/04/2012 to establish the Class I units. Performance through the Institutional CIT Fund inception date (05/31/2007) is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. Returns are net of the Class I expenses. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.70%
Net 0.69%*

*Includes acquired fund fees and expenses of the underlying collective investment trusts and reflects the Trustee’s contractual agreement to limit fees and voluntary agreement to reimburse certain expenses.

Top Ten Investments

As of 11/30/2018

TREASURY NOTES 15.30%
GOVERNMENT AGENCY 8.66%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 5.04%
TREASURY BONDS 3.65%
SWEDISH EXPORT CREDIT 1.12500 08/28/2019 1.15%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 1.05%
JPMORGAN CHASE & CO 6.30000 04/23/2019 1.03%
BANK OF AMERICA CORP 4.00000 01/22/2025 1.03%
VERIZON COMMUNICATIONS 5.50000 03/16/2047 1.03%
PRICELINE GROUP INC/THE 3.60000 06/01/2026 1.02%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 11/30/2018

Bonds
70.09%
Stocks
27.75%
Cash
2.16%

Detailed Asset Class Allocation

As of 11/30/2018

International Equities
6.58%
Small Capitalization
0.78%
Mid Capitalization
2.45%
Large Capitalization
17.95%
Long Term Fixed Income
20.19%
Intermediate Term Fixed Income
31.19%
Short Term Fixed Income
18.70%
Cash
2.16%

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

November Fund Holdings

As of 11/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
000375204 ABB LTD-SPON ADR CH ABB 1,476.28 $29,938.99
00101JAM8 ADT CORP 5.25000 03/15/2020 US 12,624.99 $12,719.67
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 412,416.24 $397,531.69
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 715,415.92 $706,834.41
00287Y109 ABBVIE INC US ABBV 722.15 $68,077.01
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 44,187.45 $45,071.20
004239109 ACADIA REALTY TRUST US AKR 223.04 $6,394.60
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 403,999.58 $393,252.60
008492100 AGREE REALTY CORP US ADC 143.08 $8,523.47
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 16,833.32 $17,209.07
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 54.71 $6,811.18
01609W102 ALIBABA GROUP - ADR CN BABA 780.65 $125,574.56
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 21,041.64 $21,041.64
020002101 ALLSTATE CORPORATION US ALL 176.75 $15,764.32
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 23,145.81 $23,080.77
02079K107 ALPHABET INC-CL C US GOOG 189.37 $207,257.46
02079K305 ALPHABET INC-CL A US GOOGL 101 $112,074.53
023135106 AMAZON.COM INC US AMZN 63.12 $106,691.87
02319V103 AMBEV SA-ADR BR ABEV 25,460.39 $108,715.87
0237400 DIAGEO PLC GB DGE LN 7,638.12 $275,837.40
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 16,833.32 $16,938.52
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 166.23 $7,285.82
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,365.6 $28,445.51
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 441,874.54 $417,142.25
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 18,937.48 $18,322.01
03027X100 AMERICAN TOWER REIT INC US AMT 799.58 $131,523.33
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 12,605.44 $12,678.39
03064D108 AMERICOLD REALTY TRUST US COLD 248.29 $6,654.21
031162100 AMGEN INC US AMGN 355.6 $74,054.49
03748R101 APARTMENT INVT & MGMT CO -A US AIV 490.27 $23,086.83
037833100 APPLE COMPUTER INC US AAPL 265.12 $47,345.97
03784Y200 APPLE HOSPITALITY REIT INC US APLE 380.85 $6,044.15
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 16,833.32 $15,676.03
03990B101 ARES MANAGEMENT CORP - A US ARES 1,304.58 $29,274.82
053015103 AUTOMATIC DATA PROCESSING US ADP 294.58 $43,427.43
053484101 AVALONBAY COMMUNITIES INC US AVB 300.9 $57,341.66
055622104 BP PLC-SPONS ADR GB BP 1,382.44 $55,781.29
058498106 BALL CORP US BLL 5,752.79 $282,519.30
060505104 BANK OF AMERICA CORP US BAC 3,549.73 $100,812.20
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 648,082.66 $628,579.83
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 774.33 $168,990.33
088606108 BHP GROUP LTD AU BHP 991.48 $43,982.15
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 1,224.62 $117,600.62
09247X101 BLACKROCK INC US BLK 185.17 $79,253.10
09253U108 BLACKSTONE GROUP LP/THE US BX 1,092.06 $36,835.23
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 597,582.71 $608,516.57
097023105 BOEING CO US BA 262.18 $90,913.15
09857L108 BOOKING HOLDINGS INC US BKNG 189.37 $358,274.40
0989529 ASTRAZENECA PLC GB AZN LN 515.52 $40,142.89
101121101 BOSTON PROPERTIES INC US BXP 307.21 $40,305.69
105368203 BRANDYWINE REALTY TRUST US BDN 1,660.19 $23,690.85
110122108 BRISTOL MYERS SQUIBB CO US BMY 3,803.91 $203,356.95
11135F101 BROADCOM INC US AVGO 171.7 $40,763.25
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 21,041.64 $20,410.40
12503M108 CBOE GLOBAL MARKETS INC US CBOE 1,043.67 $112,319.29
12572Q105 CME GROUP INC US CME 610.21 $115,988.28
125896100 CMS ENERGY CORP US CMS 690.17 $35,950.74
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 429,249.55 $427,657.04
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 217,287.94 $201,167.81
126650100 CVS HEALTH CORP US CVS 560.55 $44,956.06
149123101 CATERPILLAR INC US CAT 240.3 $32,600.90
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 18,945.24 $18,850.52
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 175,718.45 $175,168.42
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 39,979.12 $36,031.19
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 301,451.58 $297,909.76
165240102 CHESAPEAKE LODGING TRUST US CHSP 349.29 $10,328.54
166764100 CHEVRON CORP US CVX 452.4 $53,807.90
16941R108 CHINA PETROLEUM & CHEM-ADR CN SNP 627.88 $53,583.51
17275R102 CISCO SYSTEMS INC US CSCO 2,033.46 $97,341.95
172967424 CITIGROUP INC US C 1,285.64 $83,296.91
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 441,874.54 $603,696.10
191216100 COCA COLA CO/THE US KO 4,589.18 $231,294.81
194162103 COLGATE-PALMOLIVE CO US CL 956.97 $60,786.99
19626G108 COLONY CAPITAL INC US CLNY 4,695.23 $28,922.63
199908104 COMFORT SYSTEMS US FIX 437.67 $23,047.50
20030N101 COMCAST CORP-CL A US CMCSA 1,650.93 $64,402.68
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 1,134.99 $35,797.47
2099084 BORALEX INC -A CA BLX CN 925.83 $12,473.11
21871N101 CORECIVIC INC US CXW 1,424.52 $31,268.20
222795106 COUSINS PROPERTIES INC US CUZ 2,893.23 $24,447.76
22282E102 COVANTA HOLDING CORP US CVA 2,583.91 $42,789.62
22282EAH5 COVANTA HOLDING CORP 6.00000 01/01/2027 US 18,937.48 $17,611.86
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 21,041.64 $20,252.58
22822V101 CROWN CASTLE INTL CORP US CCI 601.79 $69,145.79
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 154,058.54 $140,847.10
229663109 CUBESMART US CUBE 176.75 $5,503.99
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 12,624.99 $12,751.24
23918K108 DAVITA INC. US DVA 2,394.54 $158,183.26
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 29,458.3 $27,617.16
247361702 DELTA AIR LINES INC. US DAL 431.35 $26,187.48
25271C102 DIAMOND OFFSHORE DRILLING US DO 3,385.6 $42,658.57
253393102 DICK'S SPORTING GOODS INC US DKS 801.69 $28,844.69
253868103 DIGITAL REALTY TRUST INC US DLR 547.08 $62,936.40
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 441,874.54 $407,430.77
256677105 DOLLAR GENERAL CORP US DG 441.87 $49,043.66
26078J100 DOWDUPONT INC US DWDP 738.98 $42,750.14
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 42,083.29 $41,346.83
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 42,083.29 $41,715.06
269246401 ETRADE FINANCIAL CORP US ETFC 1,169.92 $61,174.88
2715777 QUEBECOR INC -CL B CA QBR/B CN 3,345.62 $72,192.81
277276101 EASTGROUP PROPERTIES US EGP 63.12 $6,313.76
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 3,055.25 $57,510.80
285512109 ELECTRONIC ARTS US EA 2,011.58 $169,113.63
291011104 EMERSON ELEC CO US EMR 469.65 $31,710.73
29444U700 EQUINIX INC US EQIX 650.19 $250,503.98
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 153.6 $15,288.21
29476L107 EQUITY RESIDENTIAL US EQR 561.81 $40,029.10
297178105 ESSEX PROPERTY TRUST INC US ESS 94.69 $24,856.39
30161N101 EXELON CORP US EXC 486.06 $22,548.42
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 652,290.99 $642,187.65
30225T102 EXTRA SPACE STORAGE INC US EXR 147.29 $14,137.04
30231G102 EXXON MOBIL CORP US XOM 1,733.83 $137,839.61
302491303 FMC CORP US FMC 624.94 $51,707.27
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 20,948.8 $20,842.53
30262DAL5 FREMF 2011-K13 B 4.76806 01/25/2048 US 172,541.49 $176,097.79
30262SAR9 FREMF 2015-K42 B FLT 3.98325 12/25/2024 US 75,749.92 $74,725.31
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 23,145.81 $22,682.89
30287EAE0 FREMF 2014-K41 B FLT 3.96255 11/25/2047 US 294,583.03 $291,011.29
30291EAE4 FREMF 2013-K712 B FLT 3.47306 05/25/2045 US 483,957.83 $482,886.05
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 4,604,555.12 $15,437.23
3128M1AM1 FHLM POOL G11912 5.50000 03/01/2021 US 5,213.86 $5,264.05
3128M6HZ4 FHLM POOL G04448 5.50000 07/01/2038 US 71,684.39 $77,159.58
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 1,639.73 $1,768.40
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 6,884.34 $7,558.87
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 56,446.53 $61,895.34
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 19,438.25 $21,004.77
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 37,789.62 $38,810.49
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 2,791.91 $2,856.07
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 2,502.68 $2,577.53
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 271,534.3 $280,419.84
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 39,782.95 $42,772.50
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 20,986.7 $21,789.92
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 208,973.73 $217,371.48
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 66,294.08 $66,753.61
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 249,523.15 $251,121.30
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 2,333.3 $2,347.90
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 181,438.36 $180,478.84
31371MLB1 FEDERAL NATL MTG ASSN 256022 5.50000 12/01/2035 US 23,864.71 $25,700.79
31371MRU3 FEDERAL NATL MTG ASSN 256199 5.00000 04/01/2021 US 2,638.98 $2,728.86
31371NDQ5 FEDERAL NATL MTG ASSN 256711 5.50000 05/01/2037 US 3,084.44 $3,317.12
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 50.5 $6,670.54
3137A2B34 FHMS K009 X1 FLT 1.44443 08/25/2020 US 469,779.08 $8,072.82
3137ADTK3 FHMS K014 X1 FLT 1.32338 04/25/2021 US 4,643,926.71 $109,887.38
3137AJMG6 FMHS K016 X1 FLT 1.64995 10/25/2021 US 1,043,692.14 $37,417.09
3137AUPF0 FHMS K021 x1 FLT 1.57841 06/25/2022 US 6,700,270.18 $284,368.85
3137B3NB0 FHMS K030 X1 FLT 0.30922 04/25/2023 US 12,817,914.85 $97,744.29
3137B4GZ3 FHMS K032 X1 FLT 0.21808 05/25/2023 US 7,521,615.69 $35,180.85
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 232,806.68 $237,441.46
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 231,614.95 $239,244.79
3138A7BL1 FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 121,865.52 $126,279.48
3138AJ4A7 FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 13,289.25 $13,667.89
3138EPLE2 FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 45,939.29 $47,742.31
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65400 01/01/2049 US 284,929.05 $304,591.78
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 390,976.31 $384,996.73
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 260,473 $270,175.01
3138YTGK4 FEDERAL NATL MTG ASSN AZ2001 3.50000 05/01/2045 US 454,411.63 $447,532.86
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 26,830.39 $28,905.64
31403DVZ9 FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 4,437.78 $4,964.77
31406PTV1 FEDERAL NATL MTG ASSN 816064 4.50000 04/01/2020 US 2,597.11 $2,638.82
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 249,778.79 $251,337.43
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 46,342.35 $46,645.45
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 253,178.7 $254,762.88
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 73,351.74 $75,481.15
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 206,968.25 $216,833.86
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 169,050.22 $177,100.14
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 217,096.08 $223,532.36
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 91,857.88 $96,227.39
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 138,432.69 $145,010.55
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 1,936.03 $1,983.80
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 2,369.13 $2,428.51
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 17,689.75 $17,986.54
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 21,196.88 $21,548.26
31410HAQ4 MACYS RETAIL HLDGS INC 6.90000 04/01/2029 US 189,374.8 $198,848.02
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 7,587.47 $8,143.26
31410WSY5 FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 5,549.62 $6,147.59
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 17,339.74 $18,620.54
31411RHZ4 FEDERAL NATL MTG ASSN 912948 5.00000 05/01/2038 US 1,893.46 $1,980.70
31413CCL1 FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 2,239.92 $2,409.70
31413MR66 FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 7,731.97 $8,612.16
31413S6R0 FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 5,034.63 $5,481.02
31414CQ50 FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 1,115.66 $1,216.99
31414DJ23 FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 4,710.99 $5,108.95
31414QX28 FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 3,527.09 $3,623.36
31414UF52 FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 19,645.59 $19,996.01
31415ALX7 FEDERAL NATL MTG ASSN 981042 6.00000 04/01/2038 US 5,320.89 $5,724.21
31415BBC2 FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 6,514.11 $6,885.29
31415BBT5 FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 4,449.55 $4,688.02
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 12,192.57 $12,408.55
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 7,611.61 $7,914.81
31418B6G6 FEDERAL NATL MTG ASSN FN MA2670 3.00000 07/01/2046 US 177,042.4 $168,998.30
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 108,840.98 $113,001.44
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 94,479.43 $98,093.42
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 195,221.05 $186,350.87
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 232,798.03 $239,564.93
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 12,737.69 $13,962.01
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 43,387.32 $46,568.71
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 7,836.06 $8,426.50
31428X106 FEDEX CORPORATION US FDX 515.52 $118,054.15
316773100 FIFTH THIRD BANCORP US FITB 385.06 $10,754.78
32054K103 FIRST INDUSTRIAL REALTY TR US FR 330.35 $10,591.14
336130AB5 FIRST QUALITY FINANCE CO 5.00000 07/01/2025 US 25,249.97 $23,103.73
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 14,729.15 $14,250.45
357081AE8 FREMF 2015-K720 B FLT 3.50661 07/25/2022 US 42,083.29 $41,579.53
35802XAD5 FRESENIUS MED CARE II 5.62500 07/31/2019 US 503,316.14 $509,698.66
36143WAN1 GAHR 2015-NRF BFX FLT 3.49490 12/15/2034 US 462,916.18 $460,294.09
36143WAS0 GAHR 2015-NRF DFX FLT 3.49490 12/15/2034 US 185,166.47 $183,932.45
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 48,395.78 $47,423.15
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 8,834.8 $8,884.88
36294VKJ8 GNMA POOL 660997 5.50000 05/15/2037 US 13,114.65 $14,011.33
363576109 ARTHUR J GALLAGHER & CO US AJG 279.85 $21,568.34
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 315,624.67 $250,921.61
37045VAR1 GENERAL MOTORS CO FLT 3.22706 09/10/2021 US 399,791.25 $396,622.97
37185LAF9 GENESIS ENERGY LP/GENESI 5.62500 06/15/2024 US 14,729.15 $12,888.01
374297109 GETTY REALTY CORP US GTY 416.62 $12,744.55
375558103 GILEAD SCIENCES INC US GILD 762.55 $54,857.79
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 44,187.45 $42,917.06
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 194,037.81 $181,011.57
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 4,761.72 $57,093.07
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 21,041.64 $19,989.56
40414L109 HCP INC US HCP 786.96 $23,026.38
421946104 HEALTHCARE REALTY TRUST INC US HR 1,087.85 $33,723.44
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 1,483.44 $41,714.22
42809H107 HESS CORP US HES 839.56 $45,243.98
437076102 HOME DEPOT INC US HD 505.84 $91,213.27
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 1,169.92 $32,956.52
438516106 HONEYWELL INTERNATIONAL INC US HON 406.95 $59,719.24
44107P104 HOST MARRIOTT CORP US HST 1,184.64 $22,508.25
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 33,666.63 $31,394.13
446150104 HUNTINGTON BANCSHARES US HBAN 721.73 $10,530.02
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 31,562.47 $30,142.16
45337C102 INCYTE CORP US INCY 3,591.81 $230,773.71
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 881.64 $8,904.61
45763PAE6 INMARSAT FINANCE PLC 4.87500 05/15/2022 GB 35,770.8 $34,429.39
458140100 INTEL CORP US INTC 4,215.48 $207,865.47
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 1,449.77 $118,475.15
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 454.08 $56,428.36
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 437,666.21 $442,313.80
46187BAA1 IHSFR 2017-SFR2 A 3.15250 12/17/2036 US 66,095.67 $66,013.52
46187BAB9 IHSFR 2017-SFR2 B 3.45250 12/17/2036 US 50,499.95 $50,829.68
46187W107 INVITATION HOMES INC US INVH 1,189.27 $25,521.81
464287739 ISHARES DJ US REAL ESTATE US 10.52 $860.39
466032109 J&J SNACK FOODS CORP US JJSF 256.71 $40,269.79
46625H100 JP MORGAN CHASE & CO US JPM 2,016.63 $224,229.23
46625HHL7 JPMORGAN CHASE & CO 6.30000 04/23/2019 US 622,832.68 $630,375.06
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 18,489.16 $18,654.52
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 106,999.05 $102,012.68
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 123,898.18 $119,673.01
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 141,060.61 $138,900.69
46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 319,833 $318,873.12
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 205,626.46 $201,299.88
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 149,763.11 $146,522.09
4741844 MERCK KGAA DE MRK GR 2,177.81 $241,080.33
476405105 JERNIGAN CAPITAL INC US JCAP 1,559.19 $33,335.39
478160104 JOHNSON & JOHNSON US JNJ 3,939 $578,638.50
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 39,979.12 $29,584.55
485170302 KANSAS CITY SOUTHERN US KSU 486.06 $50,088.69
493267108 KEYCORP US KEY 1,470.81 $26,974.67
49446R109 KIMCO REALTY CORP US KIM 593.37 $9,701.67
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 538,666.1 $597,948.11
500472303 KONINKLIJKE PHILIPS NVR - NY ADR NL PHG 676.28 $25,664.77
500754106 KRAFT HEINZ CO/THE US KHC 648.08 $33,129.99
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 27,354.14 $24,721.30
50212YAB0 LPL HOLDINGS INC 5.75000 09/15/2025 US 18,937.48 $17,943.26
502160AM6 LSB INDUSTRIES 9.62500 05/01/2023 US 23,145.81 $23,666.59
50218LAC0 LSTAR COMMERCIAL MORTGAGE TR FLT 2.76700 01/20/2041 US 414.94 $414.08
505742AD8 LADDER CAP FIN LLLP/CORP 5.87500 08/01/2021 US 18,937.48 $18,937.48
529043101 LEXINGTON REALTY TRUST US LXP 1,190.96 $10,456.60
531172104 LIBERTY PROPERTY TRUST US LPT 544.98 $24,682.08
532457108 ELI LILLY & CO US LLY 904.37 $107,294.44
534187109 LINCOLN NATL CORP IND US LNC 235.67 $14,839.91
53815P108 LIVERAMP HOLDINGS INC US RAMP 3,728.58 $176,361.81
539830109 LOCKHEED MARTIN CORP US LMT 149.4 $44,882.94
550021109 LULULEMON - ADR CA LULU 1,651.77 $218,942.00
554382101 THE MACERICH CO US MAC 88.37 $4,444.37
55616XAC1 MACYS RETAIL HLDGS INC 7.00000 02/15/2028 US 189,374.8 $200,349.32
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 33,666.63 $31,814.97
56585A102 MARATHON PETROLEUM CORP US MPC 379.59 $24,734.17
5671735 SANOFI-AVENTIS FR SAN FP 552.55 $50,094.92
57636Q104 MASTERCARD INC-CLASS A US MA 1,855.87 $373,160.40
580135101 MCDONALDS CORP US MCD 396.42 $74,730.00
58502BAC0 MEDNAX INC 6.25000 01/15/2027 US 16,833.32 $16,765.98
58933Y105 MERCK & CO INC US MRK 4,362.77 $346,142.54
59001ABA9 MERITAGE HOMES CORP 5.12500 06/06/2027 US 14,729.15 $12,961.65
594918104 MICROSOFT CORP US MSFT 3,787.5 $419,995.44
59522J103 MID-AMERICA APARTMENT COMM US MAA 210.42 $21,790.73
60871R209 MOLSON COORS BREWING CO -B US TAP 260.92 $17,160.47
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 6,898.71 $310,304.14
61744YAG3 MORGAN STANLEY FLT 3.81125 05/08/2024 US 572,332.74 $568,621.63
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 31,562.47 $31,641.37
624758108 MUELLER WATER PRODUCTS INC - A US MWA 2,165.19 $22,799.40
62913TAM4 NGL ENRGY PART LP/FIN CO 6.12500 03/01/2025 US 21,041.64 $18,727.06
637417106 NATIONAL RETAIL PROPERTIES US NNN 250.4 $12,534.80
637870106 NATIONAL STORAGE AFFILIATES US NSA 191.48 $5,355.67
63938CAE8 NAVIENT CORP 7.25000 09/25/2023 US 18,937.48 $19,032.17
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 145,749.5 $145,632.32
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 178,696.53 $178,220.67
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 223,002.25 $222,011.45
651229106 NEWELL BRANDS INC US NWL 2,009.48 $47,021.76
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 31,562.47 $31,246.84
66987V109 NOVARTIS AG- REG CH NVS 4,923.74 $450,670.37
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 94.69 $32,835.70
680223104 OLD REPUBLIC INTL CORP US ORI 858.5 $19,359.15
68323ADY7 ONTARIO (PROVINCE OF) 1.25000 06/17/2019 CA 189,374.8 $187,774.34
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 29,458.3 $29,237.37
693475105 PNC FINANCIAL SERVICES GROUP US PNC 132.56 $17,999.32
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 33,666.63 $32,740.80
70338P100 PATTERN ENERGY GROUP INC -A US PEGI 879.54 $18,197.70
7123870 NESTLE SA-REGISTERED CH NESN SW 2,712.27 $231,391.71
713448108 PEPSICO INC US PEP 2,967.71 $361,882.99
71642QAB3 PDLLN 7 1/4 05/01/22 7.25000 05/01/2022 GB 16,833.32 $15,549.78
717081103 PFIZER INC US PFE 2,540.99 $117,469.92
71943U104 PHYSICIANS REALTY TRUST US DOC 2,619.68 $46,656.59
729640102 PLYMOUTH INDUSTRIAL REIT INC US 864.81 $10,905.27
733174AK2 POPULAR INC 6.12500 09/14/2023 PR 21,041.64 $21,015.34
741503AZ9 PRICELINE GROUP INC/THE 3.60000 06/01/2026 US 660,707.64 $627,147.51
74251V102 PRINCIPAL FINANCIAL GROUP US PFG 258.81 $12,764.62
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 126,249.87 $122,039.31
74340W103 PROLOGIS US PLD 801.69 $53,985.58
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 403,999.58 $413,849.09
74460D109 PUBLIC STORAGE INC US PSA 166.23 $35,450.00
74736K101 QORVO INC US QRVO 5,851.68 $385,099.15
756109104 REALTY INCOME CORP US O 105.21 $6,742.80
75886F107 REGENERON PHARMACEUTICALS INC US REGN 334.56 $122,332.65
7591EP100 REGIONS FINANCIAL CORP. US RF 1,127.83 $18,552.84
767204100 RIO TINTO PLC - SPON ADR GB RIO 748.24 $34,987.74
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 16,833.32 $17,001.65
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 473.44 $29,367.30
78410G104 SBA COMMUNICATIONS CORP US SBAC 765.92 $130,826.09
78442PGC4 SLM CORP 5.12500 04/05/2022 US 27,354.14 $26,807.06
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 368,228.78 $357,265.77
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 593,374.38 $624,622.72
80105N105 SANOFI-AVENTIS-ADR FR SNY 1,378.23 $62,502.63
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 403,999.58 $391,129.70
806857108 SCHLUMBERGER LTD NL SLB 2,417.69 $109,037.59
808513105 CHARLES SCHWAB CORP/THE US SCHW 2,487.12 $111,423.08
81211K100 SEALED AIR CORP US SEE 5,632.85 $205,767.95
812578102 SEATTLE GENETICS INC US SGEN 2,360.87 $147,743.40
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 126,619.6 $118,988.61
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 172,572.06 $162,824.50
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 135,132.16 $118,296.86
81762P102 SERVICENOW INC US NOW 645.98 $119,680.44
81783QAC9 SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 CA 21,041.64 $19,568.73
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 18,937.48 $17,753.89
828806109 SIMON PROPERTY GROUP INC US SPG 376.65 $69,939.29
83401LAB0 SOFI 2015-A A2 2.42000 03/25/2030 US 154,919.8 $152,759.57
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 170,858.15 $166,028.87
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 7,332.53 $7,276.93
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 54,708.28 $53,218.00
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 11,190.09 $11,091.23
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 95,068.91 $94,542.47
835495102 SONOCO PRODUCTS CO US SON 1,228.83 $70,707.00
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 395,582.92 $402,333.93
844741108 SOUTHWEST AIRLS CO US LUV 397.69 $21,717.69
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 39,979.12 $38,329.99
85254J102 STAG INDUSTRIAL INC US STAG 1,153.08 $30,891.07
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.52650 11/15/2027 US 382,700.19 $382,748.15
862121100 STORE CAPITAL CORP US STOR 214.62 $6,430.16
866674104 SUN COMMUNITIES US SUI 271.44 $28,256.61
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 883.75 $13,486.01
867914103 SUNTRUST BANKS INC US STI 284.06 $17,807.86
874039100 TAIWAN SEMICONDUCTOR - SP ADR TW TSM 2,359.19 $88,681.92
87612E106 TARGET CORP US TGT 441.87 $31,355.42
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 83,936.97 $83,601.96
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 25,249.97 $23,419.35
88104LAE3 TERRAFORM POWER OPERATIN 5.00000 01/31/2028 US 12,624.99 $11,303.15
882508104 TEXAS INSTRUMENTS INC US TXN 560.13 $55,928.84
88579Y101 3M CO US MMM 405.68 $84,349.59
88650V208 TIER REIT INC US TIER 978.44 $23,032.39
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 364,378.07 $353,789.32
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 339,415.48 $326,070.88
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 210,192.22 $199,946.57
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 31,562.47 $30,299.97
902653104 UDR INC US UDR 652.29 $27,800.64
902973304 U.S. BANCORP US USB 932.57 $50,787.53
903002103 UMH PROPERTIES INC US UMH 492.37 $6,415.64
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 16,833.32 $16,149.55
904767704 UNILEVER PLC - ADR GB UL 5,203.18 $282,480.53
907818108 UNION PAC CORP US UNP 418.31 $64,327.39
911312106 UNITED PARCEL SERVICE US UPS 479.75 $55,310.32
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 487,745.32 $637,879.43
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 787,378.34 $962,754.57
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 424,541.92 $380,545.45
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 742,770.06 $636,548.14
912828D23 US TREASURY N/B 1.62500 04/30/2019 US 3,325,000.69 $3,312,791.69
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 3,143,625.38 $3,082,431.10
912828R28 US TREASURY N/B 1.62500 04/30/2023 US 1,388,748.55 $1,317,792.18
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 1,359,290.25 $1,239,555.89
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 326,036.77 $314,019.73
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 1,346,665.26 $1,283,540.33
912828XQ8 US TREASURY N/B 2.00000 07/31/2022 US 2,280,914.28 $2,213,288.73
913017109 UNITED TECHNOLOGIES CORP US UTX 431.77 $52,607.41
91704F104 URBAN EDGE PROPERTIES US UE 1,085.75 $21,649.83
91913Y100 VALERO ENERGY US VLO 335.82 $26,832.39
92276F100 VENTAS INC US VTR 223.04 $14,160.90
92339V100 VEREIT INC US VER 1,533.94 $11,734.61
92343V104 VERIZON COMMUNICATIONS US VZ 951.08 $57,350.27
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 601,791.04 $627,771.64
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 572.33 $103,472.04
92826C839 VISA INC - CLASS A SHARES US V 2,415.58 $342,311.96
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 21,041.64 $21,360.29
929042109 VORNADO REALTY TRUST US VNO 370.33 $26,649.16
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 18,937.48 $17,138.42
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 18,937.48 $19,221.54
931142103 WAL MART STORES US WMT 1,222.1 $119,337.94
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 475.54 $40,264.07
94106L109 WASTE MANAGEMENT INC US WM 694.37 $65,097.59
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 18,937.48 $17,848.58
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 31,562.47 $29,274.19
948741103 WEINGARTEN REALTY INVESTORS US WRI 553.4 $15,970.99
949746101 WELLS FARGO COMPANY US WFC 3,184.02 $172,828.70
95040Q104 WELLTOWER INC. US WELL 284.06 $20,546.22
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 25,249.97 $25,116.15
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 18,937.48 $16,971.77
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 315,624.67 $291,765.95
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 150,714.91 $150,123.02
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 188,055.6 $183,623.52
98919V105 ZAYO GROUP HOLDINGS INC US ZAYO 2,266.19 $59,645.99
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 37,874.96 $36,170.59
B296BQ5 STORAGEVAULT CANADA INC CA SVI CN 1,765.39 $3,361.64
B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 1,538.14 $14,563.55
B3FP8W8 CANADA HOUSING TRUST 4.10000 12/15/2018 CA 46,291.62 $34,860.26
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 168,333.16 $7,865.13
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 58,916.61 $45,149.37
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 462,916.18 $21,155.81
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 100,999.89 $73,789.78
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 757,499.21 $36,936.82
B68XHC3 NORTHLAND POWER INC CA NPI CN 909 $15,283.96
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 147,291.51 $6,377.52
BBG00MBFLVG6 QRVO US 12/21/18 C67.5 US -13.47 -$2,154.66
BBG00MCR9B13 BABA US 12/07/18 C165 CN -4.21 -$925.83
BBG00MD5C001 NOW US 12/07/18 C205 US -3.37 -$33.67
BBG00MHMRQ16 GOOG US 12/28/18 C1110 US -.42 -$829.04
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 82,483.25 $80,421.17
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 42,083.29 $38,506.21
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 79.96 $13,744.73
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 7,215.18 $11,108.95
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 6,678.62 $267,002.10
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 4,822.75 $148,227.26
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 3,307.75 $254,135.66
G3157S106 ENSCO INTERNATIONAL INC US ESV 9,007.93 $51,074.95
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 33,666.63 $34,844.96
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 1,123.62 $39,079.64
G5960L103 MEDTRONIC INC IE MDT 4,173.82 $407,072.73
G96629103 WILLIS TOWERS WATSON PLC GB WLTW 113.62 $18,117.49
H1467J104 CHUBB LTD CH CB 180.96 $24,201.34
H8817H100 TRANSOCEAN LTD US RIG 5,780.14 $53,639.70
N47279109 INTERXION HOLDING NV NL INXN 3,377.18 $210,297.25
N53745100 LYONDELLBASELL INDU-CL A US LYB 274.8 $25,641.95
USD US DOLLAR US 1,353,559.66 $1,353,559.66

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Conservative Term CIT Fund. Investments will change over time. Fund holdings list does not include securities with positions less than 0.005 shares.

A Word About Risk

Each Manning & Napier Retirement Target CIT Fund is invested in one or two of four proprietary risk-based funds, the Manning & Napier Pro-Mix® CIT Funds, based on the Retirement Target CIT Fund becoming increasingly conservative over time. Because the underlying funds invest 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 target date funds will also involve a number of other risks, including issuer-specific risk, foreign investment risk, and small-cap/mid-cap risk, as the underlying investments change over time. 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. Principal value is not guaranteed at any time, including at the target date (the approximate year when an investor plans to stop contributions and start periodic withdrawals).

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 over 45 years of experience managing life cycle 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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