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

$17.83

Daily $ Change

-$0.05

Daily % Change

-0.28%

as of 09/13/2019

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 08/31/2019

YTD

10.56%

1 Year

6.67%

3 Year

5.17%

5 Year

3.23%

10 Year

5.41%

Inception
(01/01/2000)

5.78%

US Stock Market Cycle (04/01/2000 - 08/31/2019)

5.73%

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 08/31/2019

GOVERNMENT AGENCY 14.15%
TREASURY NOTES 12.23%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 4.29%
TREASURY BONDS 4.03%
TSY INFL IX N/B 0.50000 04/15/2024 2.07%
BOOKING HOLDINGS INC 3.60000 06/01/2026 1.26%
BANK OF AMERICA CORP 4.00000 01/22/2025 1.23%
MORGAN STANLEY FLT 3.40700 05/08/2024 1.20%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 1.17%
VERIZON COMMUNICATIONS 5.50000 03/16/2047 1.14%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 08/31/2019

Bonds 72.25%
Stocks 26.50%
Cash 1.25%

Detailed Asset Class Allocation

As of 08/31/2019

International Equities 7.02%
Small Capitalization 0.63%
Mid Capitalization 1.29%
Large Capitalization 17.57%
Long Term Fixed Income 19.11%
Intermediate Term Fixed Income 41.07%
Short Term Fixed Income 12.06%
Cash 1.25%

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

August Fund Holdings

As of 08/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 6,317.04 $6,711.86
00101JAM8 ADT CORP 5.25000 03/15/2020 US 6,317.04 $6,380.21
00206R102 AT&T INC US T 440.09 $15,517.48
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 412,713.46 $454,100.72
00287Y109 ABBVIE INC US ABBV 670.03 $44,047.62
004239109 ACADIA REALTY TRUST US AKR 223.2 $6,104.58
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 6,317.04 $5,817.74
00507V109 ACTIVISION INC US ATVI 3,554.39 $179,852.10
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 404,290.73 $433,575.97
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 6,317.04 $6,285.46
008492100 AGREE REALTY CORP US ADC 136.87 $10,222.76
013093AD1 ALBERTSONS COS LLC/SAFEW 5.75000 03/15/2025 US 6,317.04 $6,474.97
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 50.54 $7,572.37
020002101 ALLSTATE CORPORATION US ALL 212.67 $21,775.67
02079K107 ALPHABET INC-CL C US GOOG 132.66 $157,610.85
02079K305 ALPHABET INC-CL A US GOOGL 132.66 $157,933.21
023135106 AMAZON.COM INC US AMZN 113.71 $201,976.20
02319V103 AMBEV SA-ADR BR ABEV 10,997.97 $49,930.79
0237400 DIAGEO PLC GB DGE LN 3,383.83 $144,874.08
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 71,593.15 $71,700.54
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 231.62 $10,765.93
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,436.07 $36,734.78
026874784 AMERICAN INTL GROUP INC US AIG 376.92 $19,614.75
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 14,739.77 $14,849.70
03027X100 AMERICAN TOWER REIT INC US AMT 459.04 $105,666.06
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 8,400.07 $8,487.04
03064D108 AMERICOLD REALTY TRUST US COLD 604.33 $22,009.71
031162100 AMGEN INC US AMGN 293.11 $61,148.77
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 6,317.04 $5,732.72
03748R754 APARTMENT INVT & MGMT CO -A US AIV 490.2 $25,000.33
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 4,395.4 $4,549.24
03990B101 ARES MANAGEMENT CORP - A US ARES 863.33 $25,122.88
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 6,317.04 $6,253.87
04621X108 ASSURANT INC US AIZ 134.76 $16,575.92
053484101 AVALONBAY COMMUNITIES INC US AVB 307.43 $65,347.20
055622104 BP PLC-SPONS ADR GB BP 1,221.29 $45,126.85
060505104 BANK OF AMERICA CORP US BAC 5,092.38 $140,091.34
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 648,549.72 $692,842.36
06759L103 BARINGS BDC INC US BBDC 1,343.42 $13,434.24
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 1,356.06 $275,835.86
088606108 BHP GROUP LTD AU BHP 898.7 $44,180.32
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 1,225.51 $91,986.50
09247X101 BLACKROCK INC US BLK 176.88 $74,741.23
0925288 GLAXOSMITHKLINE PLC GB GSK LN 675.92 $14,085.79
09260D107 BLACKSTONE GROUP LP US BX 932.82 $46,416.96
097023105 BOEING CO US BA 198.78 $72,372.45
09857L108 BOOKING HOLDINGS INC US BKNG 56.85 $111,797.06
0989529 ASTRAZENECA PLC GB AZN LN 233.73 $20,877.10
101121101 BOSTON PROPERTIES INC US BXP 246.36 $31,638.15
105368203 BRANDYWINE REALTY TRUST US BDN 1,829.84 $26,258.16
110122108 BRISTOL MYERS SQUIBB CO US BMY 1,174.13 $56,440.32
11135F101 BROADCOM INC US AVGO 145.29 $41,065.33
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 6,317.04 $4,500.89
12429TAE4 BWAY HOLDING CO 7.25000 04/15/2025 US 6,317.04 $6,032.78
12503M108 CBOE GLOBAL MARKETS INC US CBOE 972.82 $115,921.78
12527GAB9 CF INDUSTRIES INC 7.12500 05/01/2020 US 6,317.04 $6,490.76
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 81,355.28 $83,939.71
12572Q105 CME GROUP INC US CME 543.27 $118,046.20
125896100 CMS ENERGY CORP US CMS 625.39 $39,430.66
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 194,928.02 $193,232.65
126650100 CVS HEALTH CORP US CVS 592.96 $36,123.11
12686CBA6 CABLEVISION SYSTEMS CORP 8.00000 04/15/2020 US 6,317.04 $6,498.66
133131102 CAMDEN PROPERTY TRUST US CPT 193.72 $20,970.48
149123101 CATERPILLAR INC US CAT 262.37 $31,221.77
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 3,847.02 $3,842.37
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 111,122.95 $111,917.44
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 6,317.04 $6,427.59
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 193,885.11 $193,626.10
165240102 CHESAPEAKE LODGING TRUST US CHSP 324.27 $8,350.08
166764100 CHEVRON CORP US CVX 1,022.1 $120,321.32
16941R108 CHINA PETROLEUM & CHEM-ADR CN SNP 625.39 $36,378.77
17275R102 CISCO SYSTEMS INC US CSCO 1,415.02 $66,236.97
172967424 CITIGROUP INC US C 1,748.56 $112,519.67
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 193,722.64 $323,742.35
191216100 COCA COLA CO/THE US KO 3,983.95 $219,276.51
192422103 COGNEX CORP US CGNX 1,151.81 $51,923.48
194162103 COLGATE-PALMOLIVE CO US CL 947.98 $70,292.53
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 839.32 $35,788.79
20825C104 CONOCOPHILLIPS US COP 263.21 $13,734.30
2099084 BORALEX INC -A CA BLX CN 827.53 $12,853.67
22052L104 CORTEVA INC US CTVA 911.76 $26,732.80
222795502 COUSINS PROPERTIES INC US CUZ 1,155.6 $40,099.24
22282E102 COVANTA HOLDING CORP US CVA 2,400.48 $41,288.19
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 437,981.63 $442,670.48
22822V101 CROWN CASTLE INTL CORP US CCI 442.19 $64,193.16
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 139,073.19 $136,291.86
229663109 CUBESMART US CUBE 193.72 $6,952.71
253868103 DIGITAL REALTY TRUST INC US DLR 185.3 $22,908.63
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 383,233.92 $433,483.82
256677105 DOLLAR GENERAL CORP US DG 408.5 $63,763.09
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 6,317.04 $6,538.14
25960P109 DOUGLAS EMMETT INC US DEI 482.2 $20,348.88
260557103 DOW INC US DOW 694.87 $29,622.51
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 42,113.62 $43,482.31
26614N102 DUPONT DE NEMOURS INC US DD 296.9 $20,168.49
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 42,113.62 $38,744.53
269246401 ETRADE FINANCIAL CORP US ETFC 1,099.17 $45,879.16
2715777 QUEBECOR INC -CL B CA QBR/B CN 2,379.42 $53,596.81
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 2,741.6 $52,097.33
285512109 ELECTRONIC ARTS US EA 1,650.85 $154,651.99
291011104 EMERSON ELEC CO US EMR 377.34 $22,485.57
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 261,104.43 $317,149.87
29444U700 EQUINIX INC US EQIX 477.99 $265,896.03
29446M102 EQUINOR ASA-SPON ADR NO EQNR 1,274.78 $21,683.99
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 145.29 $19,573.74
29476L107 EQUITY RESIDENTIAL US EQR 459.04 $38,908.10
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 684.35 $15,541.50
297178105 ESSEX PROPERTY TRUST INC US ESS 101.07 $32,470.61
30161N101 EXELON CORP US EXC 459.04 $21,694.16
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 652,761.08 $657,096.94
30225T102 EXTRA SPACE STORAGE INC US EXR 105.28 $12,836.23
30231G102 EXXON MOBIL CORP US XOM 1,191.82 $81,615.52
302491303 FMC CORP US FMC 621.18 $53,626.11
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 4,115.85 $4,106.57
30262DAL5 FREMF 2011-K13 B 4.76851 01/25/2048 US 172,665.83 $177,544.09
30262SAR9 FREMF 2015-K42 B FLT 3.98244 12/25/2024 US 75,804.51 $79,703.13
30287EAE0 FREMF 2014-K41 B FLT 3.96284 11/25/2047 US 294,795.33 $315,349.02
30291EAE4 FREMF 2013-K712 B FLT 3.40789 05/25/2045 US 484,306.61 $483,906.52
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 4,524,083.87 $12,788.68
30303M102 FACEBOOK INC -A US FB 1,101.27 $204,473.01
3128M1AM1 FHLM POOL G11912 5.50000 03/01/2021 US 2,482.59 $2,505.68
3128M6HZ4 FHLM POOL G04448 5.50000 07/01/2038 US 63,898.04 $71,980.64
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 1,444.78 $1,627.02
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 5,214.75 $5,783.65
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 51,218.27 $58,748.98
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 16,901.61 $19,104.64
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 26,177.91 $27,133.91
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 1,803.78 $1,849.01
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 1,655.41 $1,710.47
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 236,754.07 $251,506.99
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 35,303.11 $39,738.92
3128MJY87 FHLM POOL FG G08734 4.00000 11/01/2046 US 19,945.3 $20,975.63
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 17,969.13 $19,274.04
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 189,037.07 $204,859.60
3131XVYW9 FEDERAL NATL MTG ASSN FR ZM2525 3.00000 12/01/2046 US 223,243.38 $229,170.82
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 61,890.31 $65,386.73
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 230,783.65 $241,723.14
3132Y33P7 FHLM POOL FG Q59805 4.50000 11/01/2048 US 164,601.37 $174,132.34
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 149,173.98 $159,445.48
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 238.89 $239.35
3133G6L60 FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 US 239,205.35 $245,406.25
3136AY6W8 FNA 2017-M15 A1 3.05802 09/25/2027 US 207,122.77 $217,805.14
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 173,963.37 $184,077.74
31371MLB1 FEDERAL NATL MTG ASSN 256022 5.50000 12/01/2035 US 21,602.91 $24,454.13
31371MRU3 FEDERAL NATL MTG ASSN 256199 5.00000 04/01/2021 US 1,556.54 $1,604.42
31371NDQ5 FEDERAL NATL MTG ASSN 256711 5.50000 05/01/2037 US 2,721.91 $3,067.32
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 50.54 $6,529.80
3137A2B34 FHMS K009 X1 FLT 1.42756 08/25/2020 US 451,972.56 $4,170.53
3137ADTK3 FHMS K014 X1 FLT 1.32350 04/25/2021 US 4,574,040.92 $72,359.04
3137AJMG6 FMHS K016 X1 FLT 1.63450 10/25/2021 US 972,695.96 $26,429.71
3137AUPF0 FHMS K021 x1 FLT 1.56444 06/25/2022 US 6,579,116.13 $226,439.36
3137B3NB0 FHMS K030 X1 FLT 0.30107 04/25/2023 US 12,580,321.77 $80,310.26
3137B4GZ3 FHMS K032 X1 FLT 0.21295 05/25/2023 US 7,375,419.82 $30,435.41
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 197,904.44 $201,956.16
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 180,161.24 $183,384.24
3138A7BL1 FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 78,826.94 $83,166.73
3138AJ4A7 FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 13,048.38 $13,735.41
3138EPLE2 FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 40,374.19 $43,723.42
3138ERN30 FEDERAL NATL MTG ASSN FN AL9409 3.50000 11/01/2031 US 196,389.78 $204,032.24
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64400 01/01/2049 US 254,932.52 $288,355.46
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 375,465.13 $394,335.68
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 234,398.08 $252,509.14
3138YTGK4 FEDERAL NATL MTG ASSN AZ2001 3.50000 05/01/2045 US 446,912.35 $467,717.62
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 23,337.31 $26,396.02
31403DVZ9 FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 3,864.64 $4,555.73
31406PTV1 FEDERAL NATL MTG ASSN 816064 4.50000 04/01/2020 US 738.98 $759.68
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 228,144.18 $240,170.51
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 42,718.71 $44,958.83
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 215,887.78 $226,753.42
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 64,761.46 $68,477.97
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 227,491.26 $240,360.67
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 173,093.92 $185,784.50
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 134,965.13 $144,747.68
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 186,994.96 $198,334.64
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 75,376.36 $80,874.41
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 117,330.59 $125,933.60
3140X4JC1 FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 US 324,692.12 $337,095.83
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 1,185.02 $1,211.52
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 1,356.97 $1,387.66
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 9,559.45 $9,704.00
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 11,399.75 $11,564.78
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 6,901.37 $7,777.01
31410WSY5 FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 4,195.97 $4,714.84
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 15,318.61 $17,204.57
31411RHZ4 FEDERAL NATL MTG ASSN 912948 5.00000 05/01/2038 US 1,853.83 $1,977.46
31413CCL1 FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 1,868.5 $2,075.86
31413MR66 FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 7,569.12 $8,841.08
31413S6R0 FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 4,933.8 $5,630.72
31414CQ50 FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 1,081.63 $1,232.07
31414DJ23 FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 3,218.06 $3,609.71
31414QX28 FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 2,806.28 $2,910.52
31414UF52 FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 15,140.22 $15,564.40
31415ALX7 FEDERAL NATL MTG ASSN 981042 6.00000 04/01/2038 US 5,172.14 $5,727.96
31415BBC2 FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 5,534.03 $6,047.31
31415BBT5 FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 3,028.01 $3,255.37
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 6,549.97 $6,648.94
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 6,915.87 $7,485.50
31418B6G6 FEDERAL NATL MTG ASSN FN MA2670 3.00000 07/01/2046 US 163,184.96 $168,032.59
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 87,068.26 $93,270.93
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 89,170.38 $95,593.99
31418C4F8 FEDERAL NATL MTG ASSN FN MA3521 4.00000 11/01/2048 US 524,725.68 $545,685.29
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 179,328.8 $184,610.59
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 199,977.81 $211,502.35
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 139,512.56 $144,723.83
31418CZH0 FEDERAL NATL MTG ASSN FN MA3443 4.00000 08/01/2048 US 207,641.96 $215,795.17
31418DC67 FEDERAL NATL MTG ASSN FN MA3692 3.50000 07/01/2049 US 539,530.41 $555,621.22
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 10,927.01 $12,510.64
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 37,740.76 $42,668.52
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 6,867.48 $7,732.38
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 10,528.4 $11,160.11
316067107 FIDELITY CASH RESERVES US 6,880.32 $6,880.32
31620R303 FNF GROUP US FNF 347.44 $15,266.40
32054K103 FIRST INDUSTRIAL REALTY TR US FR 332.7 $12,958.57
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 8,422.72 $8,449.04
346232AD3 FORESTAR GROUP INC 8.00000 04/15/2024 US 8,422.72 $9,043.90
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 8,422.72 $8,675.41
357081AE8 FREMF 2015-K720 B FLT 3.50394 07/25/2022 US 42,113.62 $43,171.17
36166LAA5 GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 AE 23,162.49 $23,602.58
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 48,430.66 $48,349.97
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 5,454.17 $5,494.82
36294VKJ8 GNMA POOL 660997 5.50000 05/15/2037 US 12,825.22 $13,791.46
363576109 ARTHUR J GALLAGHER & CO US AJG 353.75 $32,089.06
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 374,811.2 $340,141.16
37045VAR1 GENERAL MOTORS CO FLT 3.35300 09/10/2021 US 301,112.37 $300,832.81
37045XAR7 GENERAL MOTORS FINL CO 3.15000 01/15/2020 US 454,827.07 $455,665.95
372460105 GENUINE PARTS CO US GPC 404.29 $36,503.41
374297109 GETTY REALTY CORP US GTY 402.19 $12,773.40
375558103 GILEAD SCIENCES INC US GILD 655.29 $41,636.99
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 41,692.48 $42,109.41
37960JAA6 GLOBAL AIR LEASE CO LTD 6.50000 09/15/2024 KY 6,317.04 $6,285.46
38141GVR2 GOLDMAN SACHS GROUP INC 4.25000 10/21/2025 US 210,568.09 $227,089.86
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 191,851.08 $192,916.79
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 4,346.13 $60,019.99
404119BX6 HCA INC 4.12500 06/15/2029 US 299,006.69 $318,140.12
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 2,105.68 $1,831.94
40414L109 HCP INC US HCP 709.61 $24,630.72
406216101 HALLIBURTON CO US HAL 5,832.74 $109,888.75
421946104 HEALTHCARE REALTY TRUST INC US HR 1,042.31 $34,636.03
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 1,225.51 $34,755.36
42809H107 HESS CORP US HES 492.73 $31,017.31
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 101.07 $9,336.08
437076102 HOME DEPOT INC US HD 378.6 $86,287.05
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 1,021.26 $24,162.90
438516106 HONEYWELL INTERNATIONAL INC US HON 302.38 $49,777.10
44107P104 HOST MARRIOTT CORP US HST 720.14 $11,551.09
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 10,528.4 $11,160.11
452308109 ILLINOIS TOOL WKS INC US ITW 160.45 $24,045.47
45337C102 INCYTE CORP US INCY 829.64 $67,881.00
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 2,840.56 $39,512.24
458140100 INTEL CORP US INTC 2,725.59 $129,220.38
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 1,238.14 $115,741.36
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 368.07 $49,884.94
46187BAA1 IHSFR 2017-SFR2 A 3.03200 12/17/2036 US 63,585.48 $63,525.76
46187BAB9 IHSFR 2017-SFR2 B 3.33200 12/17/2036 US 50,536.34 $50,613.41
46187W107 INVITATION HOMES INC US INVH 1,211.19 $34,833.76
464287598 ISHARES RUSSELL 1000 VALUE US 322.17 $40,135.84
466032109 J&J SNACK FOODS CORP US JJSF 233.73 $45,124.03
46625H100 JP MORGAN CHASE & CO US JPM 1,557.36 $171,091.74
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 16,834.01 $17,046.13
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 98,507.74 $99,011.79
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 109,598.9 $111,743.75
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 120,455.2 $122,509.18
46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 320,063.5 $344,013.67
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 175,534.66 $178,334.79
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 133,362.02 $135,489.41
4741844 MERCK KGAA DE MRK GR 2,004.61 $214,764.72
476405105 JERNIGAN CAPITAL INC US JCAP 1,850.89 $35,740.75
478160104 JOHNSON & JOHNSON US JNJ 3,681.99 $472,620.70
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 10,528.4 $3,369.09
485170302 KANSAS CITY SOUTHERN US KSU 412.71 $51,919.35
493267108 KEYCORP US KEY 1,238.14 $20,553.13
494368103 KIMBERLY CLARK CORP US KMB 194.56 $27,455.06
49446R109 KIMCO REALTY CORP US KIM 589.59 $10,836.68
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 324,274.86 $430,509.31
49456BAE1 KINDER MORGAN INC/ DELAWA 3.05000 12/01/2019 US 135,184.71 $135,307.14
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 10,528.4 $10,989.02
529043101 LEXINGTON REALTY TRUST US LXP 2,674.21 $27,785.09
531172104 LIBERTY PROPERTY TRUST US LPT 334.8 $17,449.95
53223X107 LIFE STORAGE INC US LSI 94.76 $10,040.31
534187109 LINCOLN NATL CORP IND US LNC 210.57 $11,134.84
539830109 LOCKHEED MARTIN CORP US LMT 120.87 $46,425.87
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 2,105.68 $1,810.89
550021109 LULULEMON - ADR CA LULU 1,137.07 $209,982.29
56585A102 MARATHON PETROLEUM CORP US MPC 431.24 $21,221.49
5671735 SANOFI-AVENTIS FR SAN FP 321.33 $27,604.36
57636Q104 MASTERCARD INC-CLASS A US MA 1,303.42 $366,742.29
58933Y105 MERCK & CO INC US MRK 1,731.71 $149,741.13
594918104 MICROSOFT CORP US MSFT 2,914.26 $401,760.21
595112103 MICRON TECHNOLOGY INC US MU 2,261.5 $102,378.16
59522J103 MID-AMERICA APARTMENT COMM US MAA 132.66 $16,805.10
60871R209 MOLSON COORS BREWING CO -B US TAP 494.84 $25,414.73
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 5,590.16 $308,688.73
615369105 MOODY'S CORPORATION US MCO 534.84 $115,301.44
61744YAG3 MORGAN STANLEY FLT 3.40700 05/08/2024 US 665,395.16 $674,564.31
61965RAB1 MOSS CREEK RESOURCES HLD 10.50000 05/15/2027 US 2,105.68 $1,652.96
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 12,634.09 $12,318.23
62957HAC9 NABORS INDUSTRIES INC 5.50000 01/15/2023 US 6,317.04 $5,630.06
637417106 NATIONAL RETAIL PROPERTIES US NNN 360.07 $20,218.01
637870106 NATIONAL STORAGE AFFILIATES US NSA 351.65 $11,766.17
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 198,693.64 $200,743.38
63941RAB6 NAVSL 2019-2A A2 3.14525 02/27/2068 US 421,136.18 $424,560.98
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 123,320.86 $127,945.27
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 153,953.37 $160,581.17
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 197,338.41 $204,677.82
6499550 KYOWA KIRIN CO LTD JP 4151 JP 6,485.5 $118,645.62
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 10,528.4 $6,527.61
66987V109 NOVARTIS AG- REG CH NVS 4,078.7 $367,532.01
67059TAD7 NUSTAR LOGISTICS LP 6.75000 02/01/2021 US 6,317.04 $6,585.52
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 86.33 $33,131.12
674599105 OCCIDENTAL PETROLEUM CORP US OXY 728.57 $31,678.03
680665AL0 OLIN CORP 5.62500 08/01/2029 US 6,317.04 $6,561.83
681936100 OMEGA HEALTHCARE INVS INC US OHI 341.12 $13,876.77
693475105 PNC FINANCIAL SERVICES GROUP US PNC 117.92 $15,203.18
70338P100 PATTERN ENERGY GROUP INC -A US PEGI 787.52 $21,381.29
7123870 NESTLE SA-REGISTERED CH NESN SW 1,911.96 $214,855.23
713448108 PEPSICO INC US PEP 1,865.63 $255,088.04
71654V101 PETROLEO BRASIL-SP PREF ADR BR PBR/A 2,328.46 $28,477.09
717081103 PFIZER INC US PFE 2,002.5 $71,188.96
71943U104 PHYSICIANS REALTY TRUST US DOC 2,240.44 $38,804.50
729640102 PLYMOUTH INDUSTRIAL REIT INC US 1,227.61 $22,907.24
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 661,183.8 $708,124.84
74251V102 PRINCIPAL FINANCIAL GROUP US PFG 233.73 $12,439.14
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 126,340.85 $126,602.16
74340W103 PROLOGIS US PLD 808.58 $67,613.58
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 404,290.73 $432,591.08
74460D109 PUBLIC STORAGE INC US PSA 138.97 $36,792.23
749685103 RPM INTERNATIONAL INC US RPM 656.97 $44,457.32
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 10,528.4 $10,725.81
756109104 REALTY INCOME CORP US O 105.28 $7,771.02
7591EP100 REGIONS FINANCIAL CORP. US RF 762.26 $11,144.19
760759100 REPUBLIC SERVICES INC US RSG 467.46 $41,720.91
767204100 RIO TINTO PLC - SPON ADR GB RIO 686.45 $34,720.74
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 8,422.72 $8,610.17
77714PAB5 SEMGROUP / ROSE ROCK FIN 5.62500 07/15/2022 US 8,422.72 $8,115.38
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 402.19 $22,425.84
78409V104 S&P GLOBAL INC US SPGI 446.4 $116,149.95
78410G104 SBA COMMUNICATIONS CORP US SBAC 400.08 $104,992.83
78442PGC4 SLM CORP 5.12500 04/05/2022 US 10,528.4 $10,778.45
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 368,494.16 $374,390.17
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 496,940.69 $571,119.74
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 404,290.73 $435,225.20
806857108 SCHLUMBERGER LTD NL SLB 2,143.58 $69,516.40
808513105 CHARLES SCHWAB CORP/THE US SCHW 2,488.91 $95,250.77
81211K100 SEALED AIR CORP US SEE 829.64 $33,036.20
812578102 SEATTLE GENETICS INC US SGEN 892.81 $64,853.62
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 117,738.65 $119,320.82
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 161,054.67 $163,218.92
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 122,544.05 $118,695.69
81762P102 SERVICENOW INC US NOW 1,036 $271,264.93
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 6,317.04 $5,622.17
828806109 SIMON PROPERTY GROUP INC US SPG 317.96 $47,356.64
83401LAB0 SOFI 2015-A A2 2.42000 03/25/2030 US 102,286.69 $102,318.11
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 127,769.01 $128,540.01
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 138.47 $138.38
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 44,267.35 $44,502.50
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 3,237.89 $3,232.64
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 150,977.47 $152,255.21
835699307 SONY CORP SPONSORED ADR JP SNE 3,804.97 $216,540.58
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 442,192.99 $449,415.37
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 6,317.04 $5,527.41
85207UAE5 SPRINT CORP 7.25000 09/15/2021 US 6,317.04 $6,795.24
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 6,317.04 $6,983.24
85254J102 STAG INDUSTRIAL INC US STAG 983.35 $28,595.90
855030AN2 STAPLES INC 7.50000 04/15/2026 US 8,422.72 $8,506.95
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.41513 11/15/2027 US 375,035.16 $374,230.59
862121100 STORE CAPITAL CORP US STOR 214.78 $8,110.07
866674104 SUN COMMUNITIES US SUI 189.51 $28,009.77
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 591.7 $7,774.89
87612E106 TARGET CORP US TGT 273.74 $29,300.97
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 59,656.91 $59,580.73
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 6,317.04 $5,495.83
882508104 TEXAS INSTRUMENTS INC US TXN 379.02 $46,904.04
88579Y101 3M CO US MMM 301.95 $48,832.10
89151E109 TOTAL S A SPONSORED ADR FR TOT 772.78 $38,577.42
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 303,724.56 $303,883.81
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 139,362.7 $140,157.14
89177EAA7 TPMT 2019-HY1 A1 3.14525 10/25/2048 US 128,938.25 $129,565.32
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 333,638.23 $333,392.30
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 210,039.85 $214,548.61
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 10,528.4 $9,804.68
902653104 UDR INC US UDR 385.34 $18,565.66
902973304 U.S. BANCORP US USB 718.04 $37,833.38
903002103 UMH PROPERTIES INC US UMH 467.46 $6,011.55
904767704 UNILEVER PLC - ADR GB UL 4,002.48 $252,876.58
907818108 UNION PAC CORP US UNP 291.85 $47,267.60
911312106 UNITED PARCEL SERVICE US UPS 729.41 $86,551.54
912796SZ3 TREASURY BILL 0.00000 07/16/2020 US 336,908.94 $331,758.31
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 289,774.11 $318,025.79
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 507,469.1 $562,914.06
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 494,835.01 $604,645.86
9128284P2 US TREASURY N/B 2.62500 05/15/2021 US 558,005.44 $567,661.55
9128286N5 TSY INFL IX N/B 0.50000 04/15/2024 US 1,139,836.23 $1,163,558.12
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 2,437,517.52 $2,414,427.74
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 1,687,492.67 $1,705,554.11
912828VS6 US TREASURY N/B 2.50000 08/15/2023 US 1,057,051.81 $1,100,696.48
912828WJ5 US TREASURY N/B 2.50000 05/15/2024 US 1,623,479.97 $1,703,258.78
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 1,130,750.64 $1,205,662.87
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 1,636,114.06 $1,697,723.97
913017109 UNITED TECHNOLOGIES CORP US UTX 349.12 $45,469.64
91704F104 URBAN EDGE PROPERTIES US UE 886.49 $15,522.47
918204108 VF CORP US VFC 242.57 $19,878.98
91913Y100 VALERO ENERGY US VLO 254.79 $19,180.39
92276F100 VENTAS INC US VTR 505.36 $37,088.62
92339V100 VEREIT INC US VER 2,362.57 $23,035.10
92343V104 VERIZON COMMUNICATIONS US VZ 865.43 $50,333.69
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 475,883.88 $638,523.67
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 374.81 $67,473.51
92826C839 VISA INC - CLASS A SHARES US V 1,819.31 $328,967.33
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 8,422.72 $8,275.33
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 21,056.81 $21,273.04
929042109 VORNADO REALTY TRUST US VNO 130.55 $7,894.49
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 2,105.68 $2,031.98
93065PAA9 WBHT 2019-WBM A FLT 3.24513 12/15/2033 US 164,243.11 $163,235.17
931142103 WAL MART STORES US WMT 777.84 $88,875.83
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 528.1 $27,033.68
94106L109 WASTE MANAGEMENT INC US WM 859.12 $102,535.71
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 12,634.09 $12,634.09
948741103 WEINGARTEN REALTY INVESTORS US WRI 568.53 $15,060.46
949746101 WELLS FARGO COMPANY US WFC 2,707.48 $126,087.55
95040Q104 WELLTOWER INC. US WELL 315.85 $28,287.72
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 315,852.13 $329,355.61
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 122,881.53 $123,299.42
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 167,488.93 $170,557.33
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 12,634.09 $11,876.04
B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 1,362.38 $15,175.03
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 168,454.47 $8,328.37
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 58,959.07 $46,022.97
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 463,249.8 $22,856.10
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 758,045.12 $37,987.17
B63QM77 NEXON CO LTD JP 3659 JP 17,140.24 $231,300.62
B68XHC3 NORTHLAND POWER INC CA NPI CN 819.11 $15,534.42
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 147,397.66 $7,722.21
BBG00NLGTT23 AMZN US 09/20/19 P1630 US -.42 -$259.00
BBG00PP3KFV0 ATVI US 08/30/19 P44.5 US -18.53 -$37.06
BBG00PP80KG7 FB US 08/30/19 P185 US -4.63 -$4.63
BBG00PTP1R24 JNJ US 09/06/19 P122 US -6.74 -$60.64
BBG00PTRX541 NOW US 09/06/19 C270 US -2.95 -$315.43
BBG00PVQXVM3 DLTR US 09/06/19 P90 US -14.32 -$114.55
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 6,862.41 $11,071.82
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 5,087.33 $210,032.93
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 7,193.01 $31,404.60
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 6,001.19 $185,699.31
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 2,269.92 $214,551.18
G29183103 EATON CORP PLC US ETN 280.9 $22,674.07
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 8,422.72 $8,717.52
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 1,398.17 $59,687.97
G5960L103 MEDTRONIC INC IE MDT 4,334.75 $467,676.68
H01301128 ALCON INC CH ALC 762.26 $46,467.16
H1467J104 CHUBB LTD CH CB 164.66 $25,733.73
H8817H100 TRANSOCEAN LTD US RIG 5,289.47 $24,067.09
N47279109 INTERXION HOLDING NV NL INXN 2,566.83 $207,758.82
USD US DOLLAR US 707,318.15 $707,318.15

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

$17.83

Daily $ Change

-$0.05

Daily % Change

-0.28%

as of 09/13/2019

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 08/31/2019

YTD

10.56%

1 Year

6.67%

3 Year

5.17%

5 Year

3.23%

10 Year

5.41%

Inception
(01/01/2000)

5.78%

US Stock Market Cycle (04/01/2000 - 08/31/2019)

5.73%

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 08/31/2019

GOVERNMENT AGENCY 14.15%
TREASURY NOTES 12.23%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 4.29%
TREASURY BONDS 4.03%
TSY INFL IX N/B 0.50000 04/15/2024 2.07%
BOOKING HOLDINGS INC 3.60000 06/01/2026 1.26%
BANK OF AMERICA CORP 4.00000 01/22/2025 1.23%
MORGAN STANLEY FLT 3.40700 05/08/2024 1.20%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 1.17%
VERIZON COMMUNICATIONS 5.50000 03/16/2047 1.14%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 08/31/2019

Bonds
72.25%
Stocks
26.50%
Cash
1.25%

Detailed Asset Class Allocation

As of 08/31/2019

International Equities
7.02%
Small Capitalization
0.63%
Mid Capitalization
1.29%
Large Capitalization
17.57%
Long Term Fixed Income
19.11%
Intermediate Term Fixed Income
41.07%
Short Term Fixed Income
12.06%
Cash
1.25%

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

August Fund Holdings

As of 08/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 6,317.04 $6,711.86
00101JAM8 ADT CORP 5.25000 03/15/2020 US 6,317.04 $6,380.21
00206R102 AT&T INC US T 440.09 $15,517.48
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 412,713.46 $454,100.72
00287Y109 ABBVIE INC US ABBV 670.03 $44,047.62
004239109 ACADIA REALTY TRUST US AKR 223.2 $6,104.58
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 6,317.04 $5,817.74
00507V109 ACTIVISION INC US ATVI 3,554.39 $179,852.10
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 404,290.73 $433,575.97
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 6,317.04 $6,285.46
008492100 AGREE REALTY CORP US ADC 136.87 $10,222.76
013093AD1 ALBERTSONS COS LLC/SAFEW 5.75000 03/15/2025 US 6,317.04 $6,474.97
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 50.54 $7,572.37
020002101 ALLSTATE CORPORATION US ALL 212.67 $21,775.67
02079K107 ALPHABET INC-CL C US GOOG 132.66 $157,610.85
02079K305 ALPHABET INC-CL A US GOOGL 132.66 $157,933.21
023135106 AMAZON.COM INC US AMZN 113.71 $201,976.20
02319V103 AMBEV SA-ADR BR ABEV 10,997.97 $49,930.79
0237400 DIAGEO PLC GB DGE LN 3,383.83 $144,874.08
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 71,593.15 $71,700.54
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 231.62 $10,765.93
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,436.07 $36,734.78
026874784 AMERICAN INTL GROUP INC US AIG 376.92 $19,614.75
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 14,739.77 $14,849.70
03027X100 AMERICAN TOWER REIT INC US AMT 459.04 $105,666.06
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 8,400.07 $8,487.04
03064D108 AMERICOLD REALTY TRUST US COLD 604.33 $22,009.71
031162100 AMGEN INC US AMGN 293.11 $61,148.77
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 6,317.04 $5,732.72
03748R754 APARTMENT INVT & MGMT CO -A US AIV 490.2 $25,000.33
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 4,395.4 $4,549.24
03990B101 ARES MANAGEMENT CORP - A US ARES 863.33 $25,122.88
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 6,317.04 $6,253.87
04621X108 ASSURANT INC US AIZ 134.76 $16,575.92
053484101 AVALONBAY COMMUNITIES INC US AVB 307.43 $65,347.20
055622104 BP PLC-SPONS ADR GB BP 1,221.29 $45,126.85
060505104 BANK OF AMERICA CORP US BAC 5,092.38 $140,091.34
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 648,549.72 $692,842.36
06759L103 BARINGS BDC INC US BBDC 1,343.42 $13,434.24
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 1,356.06 $275,835.86
088606108 BHP GROUP LTD AU BHP 898.7 $44,180.32
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 1,225.51 $91,986.50
09247X101 BLACKROCK INC US BLK 176.88 $74,741.23
0925288 GLAXOSMITHKLINE PLC GB GSK LN 675.92 $14,085.79
09260D107 BLACKSTONE GROUP LP US BX 932.82 $46,416.96
097023105 BOEING CO US BA 198.78 $72,372.45
09857L108 BOOKING HOLDINGS INC US BKNG 56.85 $111,797.06
0989529 ASTRAZENECA PLC GB AZN LN 233.73 $20,877.10
101121101 BOSTON PROPERTIES INC US BXP 246.36 $31,638.15
105368203 BRANDYWINE REALTY TRUST US BDN 1,829.84 $26,258.16
110122108 BRISTOL MYERS SQUIBB CO US BMY 1,174.13 $56,440.32
11135F101 BROADCOM INC US AVGO 145.29 $41,065.33
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 6,317.04 $4,500.89
12429TAE4 BWAY HOLDING CO 7.25000 04/15/2025 US 6,317.04 $6,032.78
12503M108 CBOE GLOBAL MARKETS INC US CBOE 972.82 $115,921.78
12527GAB9 CF INDUSTRIES INC 7.12500 05/01/2020 US 6,317.04 $6,490.76
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 81,355.28 $83,939.71
12572Q105 CME GROUP INC US CME 543.27 $118,046.20
125896100 CMS ENERGY CORP US CMS 625.39 $39,430.66
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 194,928.02 $193,232.65
126650100 CVS HEALTH CORP US CVS 592.96 $36,123.11
12686CBA6 CABLEVISION SYSTEMS CORP 8.00000 04/15/2020 US 6,317.04 $6,498.66
133131102 CAMDEN PROPERTY TRUST US CPT 193.72 $20,970.48
149123101 CATERPILLAR INC US CAT 262.37 $31,221.77
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 3,847.02 $3,842.37
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 111,122.95 $111,917.44
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 6,317.04 $6,427.59
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 193,885.11 $193,626.10
165240102 CHESAPEAKE LODGING TRUST US CHSP 324.27 $8,350.08
166764100 CHEVRON CORP US CVX 1,022.1 $120,321.32
16941R108 CHINA PETROLEUM & CHEM-ADR CN SNP 625.39 $36,378.77
17275R102 CISCO SYSTEMS INC US CSCO 1,415.02 $66,236.97
172967424 CITIGROUP INC US C 1,748.56 $112,519.67
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 193,722.64 $323,742.35
191216100 COCA COLA CO/THE US KO 3,983.95 $219,276.51
192422103 COGNEX CORP US CGNX 1,151.81 $51,923.48
194162103 COLGATE-PALMOLIVE CO US CL 947.98 $70,292.53
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 839.32 $35,788.79
20825C104 CONOCOPHILLIPS US COP 263.21 $13,734.30
2099084 BORALEX INC -A CA BLX CN 827.53 $12,853.67
22052L104 CORTEVA INC US CTVA 911.76 $26,732.80
222795502 COUSINS PROPERTIES INC US CUZ 1,155.6 $40,099.24
22282E102 COVANTA HOLDING CORP US CVA 2,400.48 $41,288.19
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 437,981.63 $442,670.48
22822V101 CROWN CASTLE INTL CORP US CCI 442.19 $64,193.16
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 139,073.19 $136,291.86
229663109 CUBESMART US CUBE 193.72 $6,952.71
253868103 DIGITAL REALTY TRUST INC US DLR 185.3 $22,908.63
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 383,233.92 $433,483.82
256677105 DOLLAR GENERAL CORP US DG 408.5 $63,763.09
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 6,317.04 $6,538.14
25960P109 DOUGLAS EMMETT INC US DEI 482.2 $20,348.88
260557103 DOW INC US DOW 694.87 $29,622.51
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 42,113.62 $43,482.31
26614N102 DUPONT DE NEMOURS INC US DD 296.9 $20,168.49
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 42,113.62 $38,744.53
269246401 ETRADE FINANCIAL CORP US ETFC 1,099.17 $45,879.16
2715777 QUEBECOR INC -CL B CA QBR/B CN 2,379.42 $53,596.81
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 2,741.6 $52,097.33
285512109 ELECTRONIC ARTS US EA 1,650.85 $154,651.99
291011104 EMERSON ELEC CO US EMR 377.34 $22,485.57
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 261,104.43 $317,149.87
29444U700 EQUINIX INC US EQIX 477.99 $265,896.03
29446M102 EQUINOR ASA-SPON ADR NO EQNR 1,274.78 $21,683.99
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 145.29 $19,573.74
29476L107 EQUITY RESIDENTIAL US EQR 459.04 $38,908.10
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 684.35 $15,541.50
297178105 ESSEX PROPERTY TRUST INC US ESS 101.07 $32,470.61
30161N101 EXELON CORP US EXC 459.04 $21,694.16
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 652,761.08 $657,096.94
30225T102 EXTRA SPACE STORAGE INC US EXR 105.28 $12,836.23
30231G102 EXXON MOBIL CORP US XOM 1,191.82 $81,615.52
302491303 FMC CORP US FMC 621.18 $53,626.11
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 4,115.85 $4,106.57
30262DAL5 FREMF 2011-K13 B 4.76851 01/25/2048 US 172,665.83 $177,544.09
30262SAR9 FREMF 2015-K42 B FLT 3.98244 12/25/2024 US 75,804.51 $79,703.13
30287EAE0 FREMF 2014-K41 B FLT 3.96284 11/25/2047 US 294,795.33 $315,349.02
30291EAE4 FREMF 2013-K712 B FLT 3.40789 05/25/2045 US 484,306.61 $483,906.52
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 4,524,083.87 $12,788.68
30303M102 FACEBOOK INC -A US FB 1,101.27 $204,473.01
3128M1AM1 FHLM POOL G11912 5.50000 03/01/2021 US 2,482.59 $2,505.68
3128M6HZ4 FHLM POOL G04448 5.50000 07/01/2038 US 63,898.04 $71,980.64
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 1,444.78 $1,627.02
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 5,214.75 $5,783.65
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 51,218.27 $58,748.98
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 16,901.61 $19,104.64
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 26,177.91 $27,133.91
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 1,803.78 $1,849.01
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 1,655.41 $1,710.47
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 236,754.07 $251,506.99
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 35,303.11 $39,738.92
3128MJY87 FHLM POOL FG G08734 4.00000 11/01/2046 US 19,945.3 $20,975.63
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 17,969.13 $19,274.04
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 189,037.07 $204,859.60
3131XVYW9 FEDERAL NATL MTG ASSN FR ZM2525 3.00000 12/01/2046 US 223,243.38 $229,170.82
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 61,890.31 $65,386.73
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 230,783.65 $241,723.14
3132Y33P7 FHLM POOL FG Q59805 4.50000 11/01/2048 US 164,601.37 $174,132.34
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 149,173.98 $159,445.48
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 238.89 $239.35
3133G6L60 FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 US 239,205.35 $245,406.25
3136AY6W8 FNA 2017-M15 A1 3.05802 09/25/2027 US 207,122.77 $217,805.14
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 173,963.37 $184,077.74
31371MLB1 FEDERAL NATL MTG ASSN 256022 5.50000 12/01/2035 US 21,602.91 $24,454.13
31371MRU3 FEDERAL NATL MTG ASSN 256199 5.00000 04/01/2021 US 1,556.54 $1,604.42
31371NDQ5 FEDERAL NATL MTG ASSN 256711 5.50000 05/01/2037 US 2,721.91 $3,067.32
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 50.54 $6,529.80
3137A2B34 FHMS K009 X1 FLT 1.42756 08/25/2020 US 451,972.56 $4,170.53
3137ADTK3 FHMS K014 X1 FLT 1.32350 04/25/2021 US 4,574,040.92 $72,359.04
3137AJMG6 FMHS K016 X1 FLT 1.63450 10/25/2021 US 972,695.96 $26,429.71
3137AUPF0 FHMS K021 x1 FLT 1.56444 06/25/2022 US 6,579,116.13 $226,439.36
3137B3NB0 FHMS K030 X1 FLT 0.30107 04/25/2023 US 12,580,321.77 $80,310.26
3137B4GZ3 FHMS K032 X1 FLT 0.21295 05/25/2023 US 7,375,419.82 $30,435.41
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 197,904.44 $201,956.16
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 180,161.24 $183,384.24
3138A7BL1 FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 78,826.94 $83,166.73
3138AJ4A7 FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 13,048.38 $13,735.41
3138EPLE2 FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 40,374.19 $43,723.42
3138ERN30 FEDERAL NATL MTG ASSN FN AL9409 3.50000 11/01/2031 US 196,389.78 $204,032.24
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64400 01/01/2049 US 254,932.52 $288,355.46
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 375,465.13 $394,335.68
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 234,398.08 $252,509.14
3138YTGK4 FEDERAL NATL MTG ASSN AZ2001 3.50000 05/01/2045 US 446,912.35 $467,717.62
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 23,337.31 $26,396.02
31403DVZ9 FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 3,864.64 $4,555.73
31406PTV1 FEDERAL NATL MTG ASSN 816064 4.50000 04/01/2020 US 738.98 $759.68
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 228,144.18 $240,170.51
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 42,718.71 $44,958.83
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 215,887.78 $226,753.42
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 64,761.46 $68,477.97
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 227,491.26 $240,360.67
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 173,093.92 $185,784.50
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 134,965.13 $144,747.68
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 186,994.96 $198,334.64
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 75,376.36 $80,874.41
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 117,330.59 $125,933.60
3140X4JC1 FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 US 324,692.12 $337,095.83
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 1,185.02 $1,211.52
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 1,356.97 $1,387.66
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 9,559.45 $9,704.00
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 11,399.75 $11,564.78
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 6,901.37 $7,777.01
31410WSY5 FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 4,195.97 $4,714.84
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 15,318.61 $17,204.57
31411RHZ4 FEDERAL NATL MTG ASSN 912948 5.00000 05/01/2038 US 1,853.83 $1,977.46
31413CCL1 FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 1,868.5 $2,075.86
31413MR66 FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 7,569.12 $8,841.08
31413S6R0 FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 4,933.8 $5,630.72
31414CQ50 FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 1,081.63 $1,232.07
31414DJ23 FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 3,218.06 $3,609.71
31414QX28 FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 2,806.28 $2,910.52
31414UF52 FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 15,140.22 $15,564.40
31415ALX7 FEDERAL NATL MTG ASSN 981042 6.00000 04/01/2038 US 5,172.14 $5,727.96
31415BBC2 FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 5,534.03 $6,047.31
31415BBT5 FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 3,028.01 $3,255.37
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 6,549.97 $6,648.94
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316067107 FIDELITY CASH RESERVES US 6,880.32 $6,880.32
31620R303 FNF GROUP US FNF 347.44 $15,266.40
32054K103 FIRST INDUSTRIAL REALTY TR US FR 332.7 $12,958.57
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 8,422.72 $8,449.04
346232AD3 FORESTAR GROUP INC 8.00000 04/15/2024 US 8,422.72 $9,043.90
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 8,422.72 $8,675.41
357081AE8 FREMF 2015-K720 B FLT 3.50394 07/25/2022 US 42,113.62 $43,171.17
36166LAA5 GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 AE 23,162.49 $23,602.58
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 48,430.66 $48,349.97
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 5,454.17 $5,494.82
36294VKJ8 GNMA POOL 660997 5.50000 05/15/2037 US 12,825.22 $13,791.46
363576109 ARTHUR J GALLAGHER & CO US AJG 353.75 $32,089.06
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 374,811.2 $340,141.16
37045VAR1 GENERAL MOTORS CO FLT 3.35300 09/10/2021 US 301,112.37 $300,832.81
37045XAR7 GENERAL MOTORS FINL CO 3.15000 01/15/2020 US 454,827.07 $455,665.95
372460105 GENUINE PARTS CO US GPC 404.29 $36,503.41
374297109 GETTY REALTY CORP US GTY 402.19 $12,773.40
375558103 GILEAD SCIENCES INC US GILD 655.29 $41,636.99
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 41,692.48 $42,109.41
37960JAA6 GLOBAL AIR LEASE CO LTD 6.50000 09/15/2024 KY 6,317.04 $6,285.46
38141GVR2 GOLDMAN SACHS GROUP INC 4.25000 10/21/2025 US 210,568.09 $227,089.86
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 191,851.08 $192,916.79
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 4,346.13 $60,019.99
404119BX6 HCA INC 4.12500 06/15/2029 US 299,006.69 $318,140.12
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 2,105.68 $1,831.94
40414L109 HCP INC US HCP 709.61 $24,630.72
406216101 HALLIBURTON CO US HAL 5,832.74 $109,888.75
421946104 HEALTHCARE REALTY TRUST INC US HR 1,042.31 $34,636.03
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 1,225.51 $34,755.36
42809H107 HESS CORP US HES 492.73 $31,017.31
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 101.07 $9,336.08
437076102 HOME DEPOT INC US HD 378.6 $86,287.05
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 1,021.26 $24,162.90
438516106 HONEYWELL INTERNATIONAL INC US HON 302.38 $49,777.10
44107P104 HOST MARRIOTT CORP US HST 720.14 $11,551.09
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 10,528.4 $11,160.11
452308109 ILLINOIS TOOL WKS INC US ITW 160.45 $24,045.47
45337C102 INCYTE CORP US INCY 829.64 $67,881.00
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 2,840.56 $39,512.24
458140100 INTEL CORP US INTC 2,725.59 $129,220.38
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 1,238.14 $115,741.36
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 368.07 $49,884.94
46187BAA1 IHSFR 2017-SFR2 A 3.03200 12/17/2036 US 63,585.48 $63,525.76
46187BAB9 IHSFR 2017-SFR2 B 3.33200 12/17/2036 US 50,536.34 $50,613.41
46187W107 INVITATION HOMES INC US INVH 1,211.19 $34,833.76
464287598 ISHARES RUSSELL 1000 VALUE US 322.17 $40,135.84
466032109 J&J SNACK FOODS CORP US JJSF 233.73 $45,124.03
46625H100 JP MORGAN CHASE & CO US JPM 1,557.36 $171,091.74
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 16,834.01 $17,046.13
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 98,507.74 $99,011.79
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 109,598.9 $111,743.75
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 120,455.2 $122,509.18
46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 320,063.5 $344,013.67
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 175,534.66 $178,334.79
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 133,362.02 $135,489.41
4741844 MERCK KGAA DE MRK GR 2,004.61 $214,764.72
476405105 JERNIGAN CAPITAL INC US JCAP 1,850.89 $35,740.75
478160104 JOHNSON & JOHNSON US JNJ 3,681.99 $472,620.70
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 10,528.4 $3,369.09
485170302 KANSAS CITY SOUTHERN US KSU 412.71 $51,919.35
493267108 KEYCORP US KEY 1,238.14 $20,553.13
494368103 KIMBERLY CLARK CORP US KMB 194.56 $27,455.06
49446R109 KIMCO REALTY CORP US KIM 589.59 $10,836.68
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 324,274.86 $430,509.31
49456BAE1 KINDER MORGAN INC/ DELAWA 3.05000 12/01/2019 US 135,184.71 $135,307.14
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 10,528.4 $10,989.02
529043101 LEXINGTON REALTY TRUST US LXP 2,674.21 $27,785.09
531172104 LIBERTY PROPERTY TRUST US LPT 334.8 $17,449.95
53223X107 LIFE STORAGE INC US LSI 94.76 $10,040.31
534187109 LINCOLN NATL CORP IND US LNC 210.57 $11,134.84
539830109 LOCKHEED MARTIN CORP US LMT 120.87 $46,425.87
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 2,105.68 $1,810.89
550021109 LULULEMON - ADR CA LULU 1,137.07 $209,982.29
56585A102 MARATHON PETROLEUM CORP US MPC 431.24 $21,221.49
5671735 SANOFI-AVENTIS FR SAN FP 321.33 $27,604.36
57636Q104 MASTERCARD INC-CLASS A US MA 1,303.42 $366,742.29
58933Y105 MERCK & CO INC US MRK 1,731.71 $149,741.13
594918104 MICROSOFT CORP US MSFT 2,914.26 $401,760.21
595112103 MICRON TECHNOLOGY INC US MU 2,261.5 $102,378.16
59522J103 MID-AMERICA APARTMENT COMM US MAA 132.66 $16,805.10
60871R209 MOLSON COORS BREWING CO -B US TAP 494.84 $25,414.73
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 5,590.16 $308,688.73
615369105 MOODY'S CORPORATION US MCO 534.84 $115,301.44
61744YAG3 MORGAN STANLEY FLT 3.40700 05/08/2024 US 665,395.16 $674,564.31
61965RAB1 MOSS CREEK RESOURCES HLD 10.50000 05/15/2027 US 2,105.68 $1,652.96
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 12,634.09 $12,318.23
62957HAC9 NABORS INDUSTRIES INC 5.50000 01/15/2023 US 6,317.04 $5,630.06
637417106 NATIONAL RETAIL PROPERTIES US NNN 360.07 $20,218.01
637870106 NATIONAL STORAGE AFFILIATES US NSA 351.65 $11,766.17
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 198,693.64 $200,743.38
63941RAB6 NAVSL 2019-2A A2 3.14525 02/27/2068 US 421,136.18 $424,560.98
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 123,320.86 $127,945.27
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 153,953.37 $160,581.17
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 197,338.41 $204,677.82
6499550 KYOWA KIRIN CO LTD JP 4151 JP 6,485.5 $118,645.62
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 10,528.4 $6,527.61
66987V109 NOVARTIS AG- REG CH NVS 4,078.7 $367,532.01
67059TAD7 NUSTAR LOGISTICS LP 6.75000 02/01/2021 US 6,317.04 $6,585.52
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 86.33 $33,131.12
674599105 OCCIDENTAL PETROLEUM CORP US OXY 728.57 $31,678.03
680665AL0 OLIN CORP 5.62500 08/01/2029 US 6,317.04 $6,561.83
681936100 OMEGA HEALTHCARE INVS INC US OHI 341.12 $13,876.77
693475105 PNC FINANCIAL SERVICES GROUP US PNC 117.92 $15,203.18
70338P100 PATTERN ENERGY GROUP INC -A US PEGI 787.52 $21,381.29
7123870 NESTLE SA-REGISTERED CH NESN SW 1,911.96 $214,855.23
713448108 PEPSICO INC US PEP 1,865.63 $255,088.04
71654V101 PETROLEO BRASIL-SP PREF ADR BR PBR/A 2,328.46 $28,477.09
717081103 PFIZER INC US PFE 2,002.5 $71,188.96
71943U104 PHYSICIANS REALTY TRUST US DOC 2,240.44 $38,804.50
729640102 PLYMOUTH INDUSTRIAL REIT INC US 1,227.61 $22,907.24
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 661,183.8 $708,124.84
74251V102 PRINCIPAL FINANCIAL GROUP US PFG 233.73 $12,439.14
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 126,340.85 $126,602.16
74340W103 PROLOGIS US PLD 808.58 $67,613.58
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 404,290.73 $432,591.08
74460D109 PUBLIC STORAGE INC US PSA 138.97 $36,792.23
749685103 RPM INTERNATIONAL INC US RPM 656.97 $44,457.32
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 10,528.4 $10,725.81
756109104 REALTY INCOME CORP US O 105.28 $7,771.02
7591EP100 REGIONS FINANCIAL CORP. US RF 762.26 $11,144.19
760759100 REPUBLIC SERVICES INC US RSG 467.46 $41,720.91
767204100 RIO TINTO PLC - SPON ADR GB RIO 686.45 $34,720.74
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 8,422.72 $8,610.17
77714PAB5 SEMGROUP / ROSE ROCK FIN 5.62500 07/15/2022 US 8,422.72 $8,115.38
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 402.19 $22,425.84
78409V104 S&P GLOBAL INC US SPGI 446.4 $116,149.95
78410G104 SBA COMMUNICATIONS CORP US SBAC 400.08 $104,992.83
78442PGC4 SLM CORP 5.12500 04/05/2022 US 10,528.4 $10,778.45
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 368,494.16 $374,390.17
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 496,940.69 $571,119.74
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 404,290.73 $435,225.20
806857108 SCHLUMBERGER LTD NL SLB 2,143.58 $69,516.40
808513105 CHARLES SCHWAB CORP/THE US SCHW 2,488.91 $95,250.77
81211K100 SEALED AIR CORP US SEE 829.64 $33,036.20
812578102 SEATTLE GENETICS INC US SGEN 892.81 $64,853.62
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 117,738.65 $119,320.82
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 161,054.67 $163,218.92
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 122,544.05 $118,695.69
81762P102 SERVICENOW INC US NOW 1,036 $271,264.93
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 6,317.04 $5,622.17
828806109 SIMON PROPERTY GROUP INC US SPG 317.96 $47,356.64
83401LAB0 SOFI 2015-A A2 2.42000 03/25/2030 US 102,286.69 $102,318.11
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 127,769.01 $128,540.01
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 138.47 $138.38
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 44,267.35 $44,502.50
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 3,237.89 $3,232.64
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 150,977.47 $152,255.21
835699307 SONY CORP SPONSORED ADR JP SNE 3,804.97 $216,540.58
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 442,192.99 $449,415.37
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 6,317.04 $5,527.41
85207UAE5 SPRINT CORP 7.25000 09/15/2021 US 6,317.04 $6,795.24
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 6,317.04 $6,983.24
85254J102 STAG INDUSTRIAL INC US STAG 983.35 $28,595.90
855030AN2 STAPLES INC 7.50000 04/15/2026 US 8,422.72 $8,506.95
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.41513 11/15/2027 US 375,035.16 $374,230.59
862121100 STORE CAPITAL CORP US STOR 214.78 $8,110.07
866674104 SUN COMMUNITIES US SUI 189.51 $28,009.77
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 591.7 $7,774.89
87612E106 TARGET CORP US TGT 273.74 $29,300.97
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 59,656.91 $59,580.73
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 6,317.04 $5,495.83
882508104 TEXAS INSTRUMENTS INC US TXN 379.02 $46,904.04
88579Y101 3M CO US MMM 301.95 $48,832.10
89151E109 TOTAL S A SPONSORED ADR FR TOT 772.78 $38,577.42
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 303,724.56 $303,883.81
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 139,362.7 $140,157.14
89177EAA7 TPMT 2019-HY1 A1 3.14525 10/25/2048 US 128,938.25 $129,565.32
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 333,638.23 $333,392.30
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 210,039.85 $214,548.61
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 10,528.4 $9,804.68
902653104 UDR INC US UDR 385.34 $18,565.66
902973304 U.S. BANCORP US USB 718.04 $37,833.38
903002103 UMH PROPERTIES INC US UMH 467.46 $6,011.55
904767704 UNILEVER PLC - ADR GB UL 4,002.48 $252,876.58
907818108 UNION PAC CORP US UNP 291.85 $47,267.60
911312106 UNITED PARCEL SERVICE US UPS 729.41 $86,551.54
912796SZ3 TREASURY BILL 0.00000 07/16/2020 US 336,908.94 $331,758.31
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 289,774.11 $318,025.79
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 507,469.1 $562,914.06
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 494,835.01 $604,645.86
9128284P2 US TREASURY N/B 2.62500 05/15/2021 US 558,005.44 $567,661.55
9128286N5 TSY INFL IX N/B 0.50000 04/15/2024 US 1,139,836.23 $1,163,558.12
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 2,437,517.52 $2,414,427.74
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 1,687,492.67 $1,705,554.11
912828VS6 US TREASURY N/B 2.50000 08/15/2023 US 1,057,051.81 $1,100,696.48
912828WJ5 US TREASURY N/B 2.50000 05/15/2024 US 1,623,479.97 $1,703,258.78
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 1,130,750.64 $1,205,662.87
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 1,636,114.06 $1,697,723.97
913017109 UNITED TECHNOLOGIES CORP US UTX 349.12 $45,469.64
91704F104 URBAN EDGE PROPERTIES US UE 886.49 $15,522.47
918204108 VF CORP US VFC 242.57 $19,878.98
91913Y100 VALERO ENERGY US VLO 254.79 $19,180.39
92276F100 VENTAS INC US VTR 505.36 $37,088.62
92339V100 VEREIT INC US VER 2,362.57 $23,035.10
92343V104 VERIZON COMMUNICATIONS US VZ 865.43 $50,333.69
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 475,883.88 $638,523.67
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 374.81 $67,473.51
92826C839 VISA INC - CLASS A SHARES US V 1,819.31 $328,967.33
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 8,422.72 $8,275.33
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 21,056.81 $21,273.04
929042109 VORNADO REALTY TRUST US VNO 130.55 $7,894.49
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 2,105.68 $2,031.98
93065PAA9 WBHT 2019-WBM A FLT 3.24513 12/15/2033 US 164,243.11 $163,235.17
931142103 WAL MART STORES US WMT 777.84 $88,875.83
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 528.1 $27,033.68
94106L109 WASTE MANAGEMENT INC US WM 859.12 $102,535.71
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 12,634.09 $12,634.09
948741103 WEINGARTEN REALTY INVESTORS US WRI 568.53 $15,060.46
949746101 WELLS FARGO COMPANY US WFC 2,707.48 $126,087.55
95040Q104 WELLTOWER INC. US WELL 315.85 $28,287.72
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 315,852.13 $329,355.61
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 122,881.53 $123,299.42
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 167,488.93 $170,557.33
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 12,634.09 $11,876.04
B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 1,362.38 $15,175.03
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 168,454.47 $8,328.37
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 58,959.07 $46,022.97
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 463,249.8 $22,856.10
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 758,045.12 $37,987.17
B63QM77 NEXON CO LTD JP 3659 JP 17,140.24 $231,300.62
B68XHC3 NORTHLAND POWER INC CA NPI CN 819.11 $15,534.42
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 147,397.66 $7,722.21
BBG00NLGTT23 AMZN US 09/20/19 P1630 US -.42 -$259.00
BBG00PP3KFV0 ATVI US 08/30/19 P44.5 US -18.53 -$37.06
BBG00PP80KG7 FB US 08/30/19 P185 US -4.63 -$4.63
BBG00PTP1R24 JNJ US 09/06/19 P122 US -6.74 -$60.64
BBG00PTRX541 NOW US 09/06/19 C270 US -2.95 -$315.43
BBG00PVQXVM3 DLTR US 09/06/19 P90 US -14.32 -$114.55
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 6,862.41 $11,071.82
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 5,087.33 $210,032.93
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 7,193.01 $31,404.60
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 6,001.19 $185,699.31
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 2,269.92 $214,551.18
G29183103 EATON CORP PLC US ETN 280.9 $22,674.07
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 8,422.72 $8,717.52
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 1,398.17 $59,687.97
G5960L103 MEDTRONIC INC IE MDT 4,334.75 $467,676.68
H01301128 ALCON INC CH ALC 762.26 $46,467.16
H1467J104 CHUBB LTD CH CB 164.66 $25,733.73
H8817H100 TRANSOCEAN LTD US RIG 5,289.47 $24,067.09
N47279109 INTERXION HOLDING NV NL INXN 2,566.83 $207,758.82
USD US DOLLAR US 707,318.15 $707,318.15

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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