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

$11.93

Daily $ Change

$0.02

Daily % Change

0.17%

as of 11/12/2019

CUSIP

56382R803

Inception Date

04/17/2015

This fund is available only 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 10/31/2019

YTD

11.47%

1 Year

10.75%

3 Year

5.91%

5 Year

3.89%

10 Year

5.50%

Inception
(01/01/2000)

5.98%

US Stock Market Cycle (04/01/2000 - 10/31/2019)

5.93%

Performance through the inception date of the Retirement Target CIT Class U1 units (04/17/2015) is based on the historical performance of the CIT’s oldest unit class. Performance through the inception date of the oldest unit class (01/06/2005) is not the past performance of the Retirement Target CIT Fund and 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 U1 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 0.50%
Net 0.49%*

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

Top Ten Investments

As of 10/31/2019

GOVERNMENT AGENCY 13.80%
TREASURY NOTES 10.45%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 4.13%
TREASURY BONDS 3.26%
TSY INFL IX N/B 0.50000 04/15/2024 2.00%
TREASURY BILLS 1.66%
BANK OF AMERICA CORP 4.00000 01/22/2025 1.26%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 1.19%
VERIZON COMMUNICATIONS 5.25000 03/16/2037 1.16%
BOOKING HOLDINGS INC 3.60000 06/01/2026 1.15%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 10/31/2019

Bonds 71.58%
Stocks 26.92%
Cash 1.50%

Detailed Asset Class Allocation

As of 10/31/2019

International Equities 6.96%
Small Capitalization 0.50%
Mid Capitalization 1.18%
Large Capitalization 18.27%
Long Term Fixed Income 18.71%
Intermediate Term Fixed Income 40.10%
Short Term Fixed Income 12.78%
Cash 1.50%

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

October Fund Holdings

As of 10/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 6,255.46 $6,669.88
00206R102 AT&T INC US T 911.21 $35,072.54
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 408,689.92 $448,866.38
00287Y109 ABBVIE INC US ABBV 663.5 $52,781.07
004239109 ACADIA REALTY TRUST US AKR 212.69 $5,950.94
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 8,340.61 $7,631.66
00507V109 ACTIVISION INC US ATVI 3,273.69 $183,424.83
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 400,349.31 $434,410.28
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 6,255.46 $6,192.90
008492100 AGREE REALTY CORP US ADC 129.28 $10,183.34
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 408,689.92 $426,332.22
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 47.96 $7,613.41
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 321,113.51 $333,528.25
020002101 ALLSTATE CORPORATION US ALL 210.6 $22,412.10
02079K107 ALPHABET INC-CL C US GOOG 131.36 $165,533.87
02079K305 ALPHABET INC-CL A US GOOGL 131.36 $165,361.78
023135106 AMAZON.COM INC US AMZN 112.6 $200,048.80
02319V103 AMBEV SA-ADR BR ABEV 10,890.75 $46,939.14
0237400 DIAGEO PLC GB DGE LN 3,021.39 $123,668.63
02406PAR1 AMERICAN AXLE & MFG INC 6.25000 04/01/2025 US 2,085.15 $2,009.57
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 352.39 $17,612.49
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,167.69 $30,908.63
026874784 AMERICAN INTL GROUP INC US AIG 373.24 $19,766.91
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 14,596.07 $14,677.91
03027X100 AMERICAN TOWER REIT INC US AMT 454.56 $99,131.16
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 396,179.01 $423,528.39
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 7,369.53 $7,443.18
03064D108 AMERICOLD REALTY TRUST US COLD 635.97 $25,496.10
031162100 AMGEN INC US AMGN 290.25 $61,896.51
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 6,255.46 $4,652.50
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 6,255.46 $4,722.87
03748R754 APARTMENT INVT & MGMT CO -A US AIV 556.32 $30,530.77
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 4,352.55 $4,526.65
03990B101 ARES MANAGEMENT CORP - A US ARES 854.91 $25,279.77
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 6,255.46 $6,286.74
04621X108 ASSURANT INC US AIZ 133.45 $16,824.01
053484101 AVALONBAY COMMUNITIES INC US AVB 285.67 $62,178.04
055622104 BP PLC-SPONS ADR GB BP 692.27 $26,243.98
060505104 BANK OF AMERICA CORP US BAC 4,934.31 $154,295.73
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 642,227.02 $685,011.58
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 1,221.9 $259,751.39
08576PAA9 BERRY GLOBAL INC 4.50000 02/15/2026 US 4,170.31 $4,196.37
088606108 BHP GROUP LTD AU BHP 889.94 $43,527.12
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 1,701.48 $124,565.69
09247X101 BLACKROCK INC US BLK 175.15 $80,868.06
0925288 GLAXOSMITHKLINE PLC GB GSK LN 669.33 $15,331.10
09260D107 BLACKSTONE GROUP LP US BX 600.52 $31,923.85
097023105 BOEING CO US BA 196.84 $66,907.34
09857L108 BOOKING HOLDINGS INC US BKNG 50.04 $102,527.96
101121101 BOSTON PROPERTIES INC US BXP 173.9 $23,859.32
105368203 BRANDYWINE REALTY TRUST US BDN 1,716.08 $26,221.71
110122108 BRISTOL MYERS SQUIBB CO US BMY 1,162.68 $66,703.02
11135F101 BROADCOM INC US AVGO 143.88 $42,133.95
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 6,255.46 $4,128.60
12429TAE4 BWAY HOLDING CO 7.25000 04/15/2025 US 6,255.46 $5,981.78
124847AC8 ENTERCOM MEDIA CORP 7.25000 11/01/2024 US 2,085.15 $2,173.77
12503M108 CBOE GLOBAL MARKETS INC US CBOE 875.76 $100,844.24
12527GAB9 CF INDUSTRIES INC 7.12500 05/01/2020 US 6,255.46 $6,405.78
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 74,137.1 $75,755.08
12572Q105 CME GROUP INC US CME 483.76 $99,532.68
125896100 CMS ENERGY CORP US CMS 619.29 $39,585.04
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 182,896.13 $180,971.93
126650100 CVS HEALTH CORP US CVS 587.18 $38,982.81
12686CBA6 CABLEVISION SYSTEMS CORP 8.00000 04/15/2020 US 6,255.46 $6,411.84
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 8,340.61 $8,361.46
133131102 CAMDEN PROPERTY TRUST US CPT 200.17 $22,893.98
149123101 CATERPILLAR INC US CAT 259.81 $35,801.82
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 2,334.47 $2,333.10
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 101,525.55 $102,262.78
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 6,255.46 $6,333.65
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 168,665.15 $168,612.85
166764100 CHEVRON CORP US CVX 976.69 $113,432.25
16941R108 CHINA PETROLEUM & CHEM-ADR CN SNP 619.29 $34,983.71
17275R102 CISCO SYSTEMS INC US CSCO 1,401.22 $66,572.09
172967424 CITIGROUP INC US C 1,589.72 $114,237.31
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 191,834.05 $315,580.09
191216100 COCA COLA CO/THE US KO 3,945.11 $214,732.27
192422103 COGNEX CORP US CGNX 1,046.75 $53,896.98
194162103 COLGATE-PALMOLIVE CO US CL 938.74 $64,397.27
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 312,772.9 $317,094.19
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 208,515.27 $208,444.08
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 787.35 $38,123.66
20825C104 CONOCOPHILLIPS US COP 260.64 $14,387.55
2099084 BORALEX INC -A CA BLX CN 819.47 $13,563.39
222795502 COUSINS PROPERTIES INC US CUZ 1,040.07 $41,738.18
22282E102 COVANTA HOLDING CORP US CVA 1,812 $26,165.25
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 433,711.75 $436,522.21
22822V101 CROWN CASTLE INTL CORP US CCI 333.62 $46,303.73
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 421,200.84 $428,001.93
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 132,349.84 $129,432.28
229663109 CUBESMART US CUBE 179.32 $5,684.54
247361702 DELTA AIR LINES INC. US DAL 243.96 $13,437.47
25277LAC0 DIAMOND SPORTS GR/DIAMON 6.62500 08/15/2027 US 8,340.61 $8,590.83
253868103 DIGITAL REALTY TRUST INC US DLR 164.73 $20,926.93
254687106 WALT DISNEY CO/THE US DIS 231.45 $30,070.24
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 379,497.78 $415,002.06
256677105 DOLLAR GENERAL CORP US DG 271.9 $43,597.07
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 10,425.76 $10,842.79
25960P109 DOUGLAS EMMETT INC US DEI 456.65 $19,782.01
260557103 DOW INC US DOW 529.63 $26,740.96
2715777 QUEBECOR INC -CL B CA QBR/B CN 2,356.22 $54,777.57
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 2,714.87 $55,406.33
285512109 ELECTRONIC ARTS US EA 1,634.76 $157,590.83
291011104 EMERSON ELEC CO US EMR 373.66 $26,212.20
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 258,558.93 $309,676.76
29444U700 EQUINIX INC US EQIX 446.22 $252,910.08
29446M102 EQUINOR ASA-SPON ADR NO EQNR 1,262.35 $23,366.12
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 275.24 $19,250.30
29476L107 EQUITY RESIDENTIAL US EQR 350.31 $31,058.10
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 759 $19,475.83
297178105 ESSEX PROPERTY TRUST INC US ESS 75.48 $24,692.60
30161N101 EXELON CORP US EXC 454.56 $20,678.08
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 646,397.33 $650,110.91
30225T102 EXTRA SPACE STORAGE INC US EXR 68.81 $7,725.30
30231G102 EXXON MOBIL CORP US XOM 1,180.2 $79,745.87
302491303 FMC CORP US FMC 310.69 $28,427.93
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 1,504.06 $1,501.37
30262DAL5 FREMF 2011-K13 B 4.61202 01/25/2048 US 170,982.52 $175,389.61
30262SAR9 FREMF 2015-K42 B FLT 3.85112 12/25/2024 US 75,065.5 $78,642.06
30287EAE0 FREMF 2014-K41 B FLT 3.83237 11/25/2047 US 291,921.37 $306,427.21
30291EAE4 FREMF 2013-K712 B FLT 3.26320 05/25/2045 US 479,585.11 $479,109.08
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 4,461,393.03 $11,954.75
30303M102 FACEBOOK INC -A US FB 1,090.53 $209,001.00
3128M1AM1 FHLM POOL G11912 5.50000 03/01/2021 US 2,029.16 $2,047.59
3128M6HZ4 FHLM POOL G04448 5.50000 07/01/2038 US 59,750.73 $67,135.08
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 1,385.27 $1,556.77
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 5,006.63 $5,611.66
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 48,919.44 $56,226.65
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 16,051.43 $18,053.11
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 23,596.69 $24,470.91
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 1,586.32 $1,625.59
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 1,490.68 $1,540.75
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 219,035.75 $232,171.43
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 33,452.34 $37,542.73
3128MJY87 FHLM POOL FG G08734 4.00000 11/01/2046 US 18,813.48 $19,801.24
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 16,948.94 $18,220.64
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 183,261.11 $198,762.99
3131XVYW9 FEDERAL NATL MTG ASSN FR ZM2525 3.00000 12/01/2046 US 216,655.19 $222,028.52
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 57,897.8 $61,399.25
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 214,288.27 $224,889.30
3132Y33P7 FHLM POOL FG Q59805 4.50000 11/01/2048 US 150,551.01 $158,560.74
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 141,514.37 $151,409.74
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 119.75 $120.09
3133G6L60 FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 US 234,698.38 $240,461.95
3136AY6W8 FNA 2017-M15 A1 2.95932 09/25/2027 US 202,969.92 $212,679.57
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 170,189.93 $177,669.18
31371MLB1 FEDERAL NATL MTG ASSN 256022 5.50000 12/01/2035 US 20,299.69 $22,822.03
31371MRU3 FEDERAL NATL MTG ASSN 256199 5.00000 04/01/2021 US 1,363.71 $1,404.58
31371NDQ5 FEDERAL NATL MTG ASSN 256711 5.50000 05/01/2037 US 2,620.83 $2,946.64
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 47.96 $6,522.84
3137A2B34 FHMS K009 X1 FLT 1.25979 08/25/2020 US 445,513.86 $3,198.79
3137ADTK3 FHMS K014 X1 FLT 1.14919 04/25/2021 US 4,513,145.18 $62,983.20
3137AJMG6 FMHS K016 X1 FLT 1.47773 10/25/2021 US 959,650.66 $23,750.11
3137AUPF0 FHMS K021 x1 FLT 1.42834 06/25/2022 US 6,487,005.01 $208,755.71
3137B3NB0 FHMS K030 X1 FLT 0.18772 04/25/2023 US 12,402,877.52 $74,862.53
3137B4GZ3 FHMS K032 X1 FLT 0.09785 05/25/2023 US 7,269,858.98 $28,374.99
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 180,412.53 $182,850.32
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 155,979.15 $159,236.54
3138A7BL1 FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 77,505.46 $82,137.82
3138AJ4A7 FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 12,864.85 $13,529.13
3138EPLE2 FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 38,568.59 $41,803.86
3138ERN30 FEDERAL NATL MTG ASSN FN AL9409 3.50000 11/01/2031 US 186,608.82 $193,936.28
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64500 01/01/2049 US 245,974.41 $276,891.66
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 363,455.48 $382,744.46
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 226,064.35 $243,272.52
3138YTGK4 FEDERAL NATL MTG ASSN AZ2001 3.50000 05/01/2045 US 440,837.12 $460,610.27
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 22,359.82 $25,173.66
31403DVZ9 FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 3,709.25 $4,282.80
31406PTV1 FEDERAL NATL MTG ASSN 816064 4.50000 04/01/2020 US 419.86 $432.66
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 223,453.37 $235,420.73
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 40,003.19 $42,149.71
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 197,088.97 $207,045.22
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 59,069.89 $62,277.27
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 202,144.38 $212,729.85
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 159,092.06 $175,698.54
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 129,654.98 $138,998.36
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 170,100.42 $179,539.90
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 69,124.24 $74,104.12
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 102,222.67 $109,584.74
3140X4JC1 FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 US 318,437.54 $329,907.42
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 1,019.41 $1,041.36
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 1,161.1 $1,188.06
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 7,891.57 $8,005.64
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 9,567.04 $9,693.53
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 6,518.65 $7,324.18
31410WSY5 FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 4,128.89 $4,598.90
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 15,077.92 $16,892.90
31411RHZ4 FEDERAL NATL MTG ASSN 912948 5.00000 05/01/2038 US 1,826.5 $1,951.75
31413CCL1 FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 1,552.6 $1,718.69
31413MR66 FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 7,456.7 $8,517.23
31413S6R0 FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 4,862.01 $5,570.98
31414CQ50 FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 1,063.05 $1,216.20
31414DJ23 FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 3,169.9 $3,569.51
31414QX28 FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 2,426.75 $2,510.40
31414UF52 FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 14,291.89 $14,727.36
31415ALX7 FEDERAL NATL MTG ASSN 981042 6.00000 04/01/2038 US 5,092.38 $5,656.69
31415BBC2 FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 5,452.57 $5,950.35
31415BBT5 FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 2,974.72 $3,219.53
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 5,344.31 $5,426.63
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 6,676.29 $7,232.49
31418B6G6 FEDERAL NATL MTG ASSN FN MA2670 3.00000 07/01/2046 US 157,009.09 $161,324.95
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 84,554.29 $90,875.59
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 87,502.05 $94,044.33
31418C4F8 FEDERAL NATL MTG ASSN FN MA3521 4.00000 11/01/2048 US 471,414.15 $489,392.20
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 172,773.29 $177,328.53
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 186,900.83 $197,194.26
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 129,773.64 $134,485.82
31418CZH0 FEDERAL NATL MTG ASSN FN MA3443 4.00000 08/01/2048 US 186,260.41 $193,194.34
31418DC67 FEDERAL NATL MTG ASSN FN MA3692 3.50000 07/01/2049 US 523,557.93 $537,119.70
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 10,622.13 $12,220.48
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 36,115.95 $40,521.77
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 6,620.23 $7,435.47
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 6,255.46 $6,677.70
316067107 FIDELITY CASH RESERVES US 6,834.13 $6,834.13
31620R303 FNF GROUP US FNF 344.05 $15,771.26
32054K103 FIRST INDUSTRIAL REALTY TR US FR 308.6 $12,995.26
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 8,340.61 $7,883.29
346232AD3 FORESTAR GROUP INC 8.00000 04/15/2024 US 6,255.46 $6,724.62
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 8,340.61 $8,424.02
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 8,340.61 $8,383.15
357081AE8 FREMF 2015-K720 B FLT 3.39092 07/25/2022 US 41,703.05 $42,604.41
36166LAA5 GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 AE 22,936.68 $23,768.13
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 47,958.51 $47,975.27
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 4,646.29 $4,673.54
36294VKJ8 GNMA POOL 660997 5.50000 05/15/2037 US 12,632.84 $13,557.83
363576109 ARTHUR J GALLAGHER & CO US AJG 350.31 $31,954.88
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 325,283.82 $313,492.28
37045XAR7 GENERAL MOTORS FINL CO 3.15000 01/15/2020 US 450,392.98 $451,001.89
372460105 GENUINE PARTS CO US GPC 400.35 $41,067.83
374297109 GETTY REALTY CORP US GTY 356.56 $11,959.06
375558103 GILEAD SCIENCES INC US GILD 648.9 $41,341.39
37960JAA6 GLOBAL AIR LEASE CO LTD 6.50000 09/15/2024 KY 8,340.61 $8,536.20
38141G104 GOLDMAN SACHS US GS 66.72 $14,237.76
38141GVR2 GOLDMAN SACHS GROUP INC 4.25000 10/21/2025 US 208,515.27 $224,602.41
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 189,457.78 $191,044.19
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 2,694.02 $42,188.31
404119BX6 HCA INC 4.12500 06/15/2029 US 296,091.68 $313,681.00
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 2,085.15 $1,900.10
40414L109 HCP INC US HCP 815.29 $30,671.39
406216101 HALLIBURTON CO US HAL 5,775.87 $111,185.55
421946104 HEALTHCARE REALTY TRUST INC US HR 1,000.87 $34,800.36
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 738.14 $22,882.47
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 87.58 $8,491.41
437076102 HOME DEPOT INC US HD 374.91 $87,946.49
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 1,011.3 $27,274.74
438516106 HONEYWELL INTERNATIONAL INC US HON 299.43 $51,720.19
44107P104 HOST MARRIOTT CORP US HST 667.25 $10,936.21
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 10,425.76 $11,168.60
452308109 ILLINOIS TOOL WKS INC US ITW 158.89 $26,785.45
45337C102 INCYTE CORP US INCY 821.55 $68,944.49
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 2,331.2 $35,900.49
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 8,340.61 $8,500.08
458140100 INTEL CORP US INTC 2,683.59 $151,703.43
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 1,100.96 $103,842.60
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 364.48 $48,742.54
46187BAA1 IHSFR 2017-SFR2 A 2.73913 12/17/2036 US 62,649.85 $62,561.78
46187BAB9 IHSFR 2017-SFR2 B 3.03913 12/17/2036 US 50,043.66 $50,090.61
46187W107 INVITATION HOMES INC US INVH 1,291.13 $39,753.79
464287598 ISHARES RUSSELL 1000 VALUE US 971.68 $126,386.57
466032109 J&J SNACK FOODS CORP US JJSF 175.15 $33,412.15
46625H100 JP MORGAN CHASE & CO US JPM 1,542.18 $192,648.99
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 16,546.6 $16,676.66
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 94,173.06 $95,094.92
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 106,200.46 $108,273.50
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 116,552.38 $118,380.48
46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 316,943.2 $338,431.26
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 155,412.46 $157,270.11
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 122,673.98 $124,364.18
4741844 MERCK KGAA DE MRK GR 1,797.4 $214,369.87
476405105 JERNIGAN CAPITAL INC US JCAP 1,265.69 $24,035.41
478160104 JOHNSON & JOHNSON US JNJ 3,646.1 $481,430.77
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 10,425.76 $2,919.21
485170302 KANSAS CITY SOUTHERN US KSU 298.18 $41,977.33
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 8,340.61 $8,554.34
493267108 KEYCORP US KEY 804.87 $14,463.49
49427F108 KILROY REALTY CORP US KRC 80.07 $6,720.26
494368103 KIMBERLY CLARK CORP US KMB 192.67 $25,601.74
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 321,113.51 $415,110.66
49456BAE1 KINDER MORGAN INC/ DELAWA 3.05000 12/01/2019 US 133,866.8 $133,958.14
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 10,425.76 $10,790.67
529043101 LEXINGTON REALTY TRUST US LXP 802.78 $8,734.29
531172104 LIBERTY PROPERTY TRUST US LPT 310.69 $18,352.33
53223X107 LIFE STORAGE INC US LSI 89.66 $9,765.94
534187109 LINCOLN NATL CORP IND US LNC 208.52 $11,776.94
539830109 LOCKHEED MARTIN CORP US LMT 119.69 $45,083.99
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 6,255.46 $4,378.82
550021109 LULULEMON - ADR CA LULU 1,050.92 $214,670.80
56585A102 MARATHON PETROLEUM CORP US MPC 427.04 $27,309.16
5671735 SANOFI-AVENTIS FR SAN FP 259.81 $23,951.14
57636Q104 MASTERCARD INC-CLASS A US MA 1,196.88 $331,307.70
580135101 MCDONALDS CORP US MCD 68.81 $13,534.93
58933Y105 MERCK & CO INC US MRK 1,714.83 $148,607.13
594918104 MICROSOFT CORP US MSFT 2,667.33 $382,414.71
595112103 MICRON TECHNOLOGY INC US MU 6,318.01 $300,421.50
59522J103 MID-AMERICA APARTMENT COMM US MAA 95.92 $13,331.51
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 5,087.36 $266,831.79
615369105 MOODY'S CORPORATION US MCO 496.27 $109,521.02
617446448 MORGAN STANLEY US MS 164.73 $7,585.68
61965RAB1 MOSS CREEK RESOURCES HLD 10.50000 05/15/2027 US 2,085.15 $1,610.78
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 12,510.92 $12,135.59
62957HAC9 NABORS INDUSTRIES INC 5.50000 01/15/2023 US 6,255.46 $5,285.86
637417106 NATIONAL RETAIL PROPERTIES US NNN 325.28 $19,162.47
637870106 NATIONAL STORAGE AFFILIATES US NSA 319.03 $10,901.20
63938CAA6 NAVIENT CORP 5.00000 10/26/2020 US 8,340.61 $8,494.49
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 174,237.97 $175,945.21
63941RAB6 NAVSL 2019-2A A2 2.82275 02/27/2068 US 417,030.53 $420,653.28
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 118,126.14 $122,878.73
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 147,901.7 $154,194.81
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 188,389.76 $196,493.26
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 10,425.76 $5,212.88
66987V109 NOVARTIS AG- REG CH NVS 3,736.59 $326,727.74
67059TAD7 NUSTAR LOGISTICS LP 6.75000 02/01/2021 US 6,255.46 $6,481.78
67066G104 NVIDIA CORP US NVDA 581.76 $116,944.91
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 54.21 $23,610.73
674599105 OCCIDENTAL PETROLEUM CORP US OXY 721.46 $29,219.24
680665AL0 OLIN CORP 5.62500 08/01/2029 US 6,255.46 $6,494.85
681936100 OMEGA HEALTHCARE INVS INC US OHI 300.26 $13,223.54
693475105 PNC FINANCIAL SERVICES GROUP US PNC 116.77 $17,129.95
70338P100 PATTERN ENERGY GROUP INC -A US PEGI 560.49 $15,710.51
7123870 NESTLE SA-REGISTERED CH NESN SW 1,893.32 $202,549.77
713448108 PEPSICO INC US PEP 1,847.45 $253,414.07
71654V101 PETROLEO BRASIL-SP PREF ADR BR PBR/A 2,305.76 $34,793.95
717081103 PFIZER INC US PFE 2,798.27 $107,369.81
719245AD4 PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 US 8,340.61 $7,340.82
71943U104 PHYSICIANS REALTY TRUST US DOC 1,899.57 $35,465.05
729640102 PLYMOUTH INDUSTRIAL REIT INC US 1,009.21 $19,033.77
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 579,672.44 $627,586.69
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 6,255.46 $6,409.97
74251V102 PRINCIPAL FINANCIAL GROUP US PFG 231.45 $12,354.90
742718109 PROCTER & GAMBLE CO US PG 341.97 $42,578.07
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 125,109.16 $125,732.24
74340W103 PROLOGIS US PLD 698.53 $61,302.65
74460D109 PUBLIC STORAGE INC US PSA 125.11 $27,881.83
749685103 RPM INTERNATIONAL INC US RPM 523.37 $37,907.93
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 10,425.76 $10,816.73
756109104 REALTY INCOME CORP US O 100.09 $8,186.14
7591EP100 REGIONS FINANCIAL CORP. US RF 754.83 $12,152.69
760759100 REPUBLIC SERVICES INC US RSG 377.41 $33,027.38
767204100 RIO TINTO PLC - SPON ADR GB RIO 679.76 $35,354.31
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 8,340.61 $8,480.71
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 158.47 $9,237.31
78409V104 S&P GLOBAL INC US SPGI 417.03 $107,589.71
78410G104 SBA COMMUNICATIONS CORP US SBAC 396.18 $95,340.48
78442PGC4 SLM CORP 5.12500 04/05/2022 US 10,425.76 $10,764.60
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 361,856.81 $364,901.32
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 492,096.03 $565,050.06
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 400,349.31 $431,415.83
806857108 SCHLUMBERGER LTD NL SLB 2,122.69 $69,390.59
808524797 SCHWAB US DVD EQUITY ETF US 1,632.26 $90,622.94
81141R100 SEA LTD - ADR SG SE 6,263.8 $186,410.65
81211K100 SEALED AIR CORP US SEE 754.83 $31,529.05
812578102 SEATTLE GENETICS INC US SGEN 754.83 $81,068.23
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 112,969.61 $113,792.31
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 155,082.65 $156,833.38
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 117,430.52 $113,220.48
81762P102 SERVICENOW INC US NOW 733.97 $181,482.35
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 6,255.46 $5,254.58
828806109 SIMON PROPERTY GROUP INC US SPG 283.58 $42,729.95
83401LAB0 SOFI 2015-A A2 2.42000 03/25/2030 US 89,498.24 $89,535.85
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 115,537.7 $115,794.32
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 40,098.66 $40,253.86
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 1,340.63 $1,339.92
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 134,522.35 $135,575.54
835699307 SONY CORP SPONSORED ADR JP SNE 3,507.23 $213,344.60
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 437,882.06 $443,284.06
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 6,255.46 $5,504.80
852061AR1 SPRINT COMMUNICATIONS 7.00000 08/15/2020 US 12,510.92 $12,888.37
85207UAE5 SPRINT CORP 7.25000 09/15/2021 US 6,255.46 $6,674.95
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 6,255.46 $6,787.17
85254J102 STAG INDUSTRIAL INC US STAG 932.06 $28,931.24
855030AN2 STAPLES INC 7.50000 04/15/2026 US 8,340.61 $8,675.90
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.13350 11/15/2027 US 369,631.51 $368,966.51
858912AF5 STERICYCLE INC 5.37500 07/15/2024 US 10,425.76 $10,842.79
862121100 STORE CAPITAL CORP US STOR 283.58 $11,485.02
866674104 SUN COMMUNITIES US SUI 173.07 $28,149.46
86723CAF5 SUNCOKE ENRGY PART LP/FI 7.50000 06/15/2025 US 2,085.15 $1,772.38
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 521.29 $7,042.60
87612E106 TARGET CORP US TGT 271.07 $28,980.08
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 58,932.28 $58,918.98
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 6,255.46 $5,285.86
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 296,091.68 $318,659.66
882508104 TEXAS INSTRUMENTS INC US TXN 375.33 $44,284.89
88579Y101 3M CO US MMM 271.9 $44,861.43
89151E109 TOTAL S A SPONSORED ADR FR TOT 765.25 $40,275.16
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 286,048.86 $287,142.74
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 132,298.3 $133,863.68
89177EAA7 TPMT 2019-HY1 A1 2.82275 10/25/2048 US 121,096.71 $121,743.62
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 6,255.46 $6,192.90
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 328,723.05 $328,653.50
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 207,925.4 $211,043.31
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 10,425.76 $10,398.14
902653104 UDR INC US UDR 472.5 $23,742.90
902973304 U.S. BANCORP US USB 711.04 $40,543.33
903002103 UMH PROPERTIES INC US UMH 435.8 $6,506.45
904767704 UNILEVER PLC - ADR GB UL 3,963.46 $238,243.47
907818108 UNION PAC CORP US UNP 289 $47,818.30
911312106 UNITED PARCEL SERVICE US UPS 722.3 $83,186.93
912796SR1 TREASURY BILL 0.00000 05/21/2020 US 579,672.44 $574,679.69
912796SZ3 TREASURY BILL 0.00000 07/16/2020 US 333,624.43 $329,978.19
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 287,414.89 $302,011.89
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 444,554.55 $520,545.59
9128284P2 US TREASURY N/B 2.62500 05/15/2021 US 831,975.91 $844,975.54
9128286N5 TSY INFL IX N/B 0.50000 04/15/2024 US 1,075,832.85 $1,089,976.36
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 2,266,911.27 $2,254,779.76
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 1,616,827.38 $1,619,416.82
912828VS6 US TREASURY N/B 2.50000 08/15/2023 US 1,212,307.76 $1,255,496.22
912828WJ5 US TREASURY N/B 2.50000 05/15/2024 US 1,555,523.89 $1,621,147.55
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 1,567,617.77 $1,613,482.84
913017109 UNITED TECHNOLOGIES CORP US UTX 345.72 $49,638.24
91704F104 URBAN EDGE PROPERTIES US UE 790.27 $16,682.66
918204108 VF CORP US VFC 240.21 $19,766.85
91913Y100 VALERO ENERGY US VLO 252.3 $24,468.39
92276F100 VENTAS INC US VTR 343.63 $22,370.52
92339V100 VEREIT INC US VER 2,249.88 $22,138.82
92343V104 VERIZON COMMUNICATIONS US VZ 857 $51,822.65
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 500,436.64 $630,339.07
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 371.16 $72,553.80
92826C839 VISA INC - CLASS A SHARES US V 1,693.14 $302,835.73
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 8,340.61 $8,111.24
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 20,851.53 $20,997.76
929042109 VORNADO REALTY TRUST US VNO 116.77 $7,663.52
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 2,085.15 $1,954.83
93065PAA9 WBHT 2019-WBM A FLT 2.97125 12/15/2033 US 162,641.91 $162,742.76
931142103 WAL MART STORES US WMT 891.19 $104,501.44
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 522.96 $28,647.55
94106L109 WASTE MANAGEMENT INC US WM 594.27 $66,682.87
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 12,510.92 $12,698.58
948741103 WEINGARTEN REALTY INVESTORS US WRI 512.95 $16,275.83
949746101 WELLS FARGO COMPANY US WFC 2,366.23 $122,168.52
95040Q104 WELLTOWER INC. US WELL 317.36 $28,781.40
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 312,772.9 $326,110.95
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 103,309.4 $103,543.95
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 156,045.94 $158,904.70
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 12,510.92 $11,760.26
B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 1,349.09 $16,839.35
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 166,812.21 $8,652.31
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 58,384.27 $45,719.35
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 458,733.59 $23,819.14
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 750,654.96 $39,299.88
B63QM77 NEXON CO LTD JP 3659 JP 16,973.14 $196,688.96
B68XHC3 NORTHLAND POWER INC CA NPI CN 811.12 $16,196.62
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 145,960.69 $8,114.51
BBG00P131QW2 SE US 11/15/19 C27 SG -28.36 -$8,791.00
BBG00QG82MR7 NOW US 11/08/19 P200 US -3.75 -$150.13
BBG00QH0RKM5 EA US 11/01/19 P87.5 US -6.26 -$12.51
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 6,795.51 $10,580.33
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 5,037.73 $204,344.98
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 3,811.66 $18,286.05
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 5,567.36 $173,483.38
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 2,247.79 $181,436.20
G29183103 EATON CORP PLC US ETN 278.16 $24,230.46
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 1,042.58 $45,174.83
G5960L103 MEDTRONIC INC IE MDT 4,019.34 $437,706.16
H01301128 ALCON INC CH ALC 1,730.68 $102,577.21
H1467J104 CHUBB LTD CH CB 163.06 $24,853.44
H8817H100 TRANSOCEAN LTD US RIG 5,237.9 $24,880.04
N47279109 INTERXION HOLDING NV NL INXN 2,341.63 $206,578.28
USD US DOLLAR US 822,442.69 $822,442.69

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

$11.93

Daily $ Change

$0.02

Daily % Change

0.17%

as of 11/12/2019

CUSIP

56382R803

Inception Date

04/17/2015

This fund is available only 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 10/31/2019

YTD

11.47%

1 Year

10.75%

3 Year

5.91%

5 Year

3.89%

10 Year

5.50%

Inception
(01/01/2000)

5.98%

US Stock Market Cycle (04/01/2000 - 10/31/2019)

5.93%

Performance through the inception date of the Retirement Target CIT Class U1 units (04/17/2015) is based on the historical performance of the CIT’s oldest unit class. Performance through the inception date of the oldest unit class (01/06/2005) is not the past performance of the Retirement Target CIT Fund and 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 U1 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 0.50%
Net 0.49%*

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

Top Ten Investments

As of 10/31/2019

GOVERNMENT AGENCY 13.80%
TREASURY NOTES 10.45%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 4.13%
TREASURY BONDS 3.26%
TSY INFL IX N/B 0.50000 04/15/2024 2.00%
TREASURY BILLS 1.66%
BANK OF AMERICA CORP 4.00000 01/22/2025 1.26%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 1.19%
VERIZON COMMUNICATIONS 5.25000 03/16/2037 1.16%
BOOKING HOLDINGS INC 3.60000 06/01/2026 1.15%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 10/31/2019

Bonds
71.58%
Stocks
26.92%
Cash
1.50%

Detailed Asset Class Allocation

As of 10/31/2019

International Equities
6.96%
Small Capitalization
0.50%
Mid Capitalization
1.18%
Large Capitalization
18.27%
Long Term Fixed Income
18.71%
Intermediate Term Fixed Income
40.10%
Short Term Fixed Income
12.78%
Cash
1.50%

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

October Fund Holdings

As of 10/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 6,255.46 $6,669.88
00206R102 AT&T INC US T 911.21 $35,072.54
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 408,689.92 $448,866.38
00287Y109 ABBVIE INC US ABBV 663.5 $52,781.07
004239109 ACADIA REALTY TRUST US AKR 212.69 $5,950.94
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 8,340.61 $7,631.66
00507V109 ACTIVISION INC US ATVI 3,273.69 $183,424.83
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 400,349.31 $434,410.28
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 6,255.46 $6,192.90
008492100 AGREE REALTY CORP US ADC 129.28 $10,183.34
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 408,689.92 $426,332.22
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 47.96 $7,613.41
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 321,113.51 $333,528.25
020002101 ALLSTATE CORPORATION US ALL 210.6 $22,412.10
02079K107 ALPHABET INC-CL C US GOOG 131.36 $165,533.87
02079K305 ALPHABET INC-CL A US GOOGL 131.36 $165,361.78
023135106 AMAZON.COM INC US AMZN 112.6 $200,048.80
02319V103 AMBEV SA-ADR BR ABEV 10,890.75 $46,939.14
0237400 DIAGEO PLC GB DGE LN 3,021.39 $123,668.63
02406PAR1 AMERICAN AXLE & MFG INC 6.25000 04/01/2025 US 2,085.15 $2,009.57
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 352.39 $17,612.49
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,167.69 $30,908.63
026874784 AMERICAN INTL GROUP INC US AIG 373.24 $19,766.91
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 14,596.07 $14,677.91
03027X100 AMERICAN TOWER REIT INC US AMT 454.56 $99,131.16
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 396,179.01 $423,528.39
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 7,369.53 $7,443.18
03064D108 AMERICOLD REALTY TRUST US COLD 635.97 $25,496.10
031162100 AMGEN INC US AMGN 290.25 $61,896.51
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 6,255.46 $4,652.50
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 6,255.46 $4,722.87
03748R754 APARTMENT INVT & MGMT CO -A US AIV 556.32 $30,530.77
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 4,352.55 $4,526.65
03990B101 ARES MANAGEMENT CORP - A US ARES 854.91 $25,279.77
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 6,255.46 $6,286.74
04621X108 ASSURANT INC US AIZ 133.45 $16,824.01
053484101 AVALONBAY COMMUNITIES INC US AVB 285.67 $62,178.04
055622104 BP PLC-SPONS ADR GB BP 692.27 $26,243.98
060505104 BANK OF AMERICA CORP US BAC 4,934.31 $154,295.73
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 642,227.02 $685,011.58
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 1,221.9 $259,751.39
08576PAA9 BERRY GLOBAL INC 4.50000 02/15/2026 US 4,170.31 $4,196.37
088606108 BHP GROUP LTD AU BHP 889.94 $43,527.12
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 1,701.48 $124,565.69
09247X101 BLACKROCK INC US BLK 175.15 $80,868.06
0925288 GLAXOSMITHKLINE PLC GB GSK LN 669.33 $15,331.10
09260D107 BLACKSTONE GROUP LP US BX 600.52 $31,923.85
097023105 BOEING CO US BA 196.84 $66,907.34
09857L108 BOOKING HOLDINGS INC US BKNG 50.04 $102,527.96
101121101 BOSTON PROPERTIES INC US BXP 173.9 $23,859.32
105368203 BRANDYWINE REALTY TRUST US BDN 1,716.08 $26,221.71
110122108 BRISTOL MYERS SQUIBB CO US BMY 1,162.68 $66,703.02
11135F101 BROADCOM INC US AVGO 143.88 $42,133.95
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 6,255.46 $4,128.60
12429TAE4 BWAY HOLDING CO 7.25000 04/15/2025 US 6,255.46 $5,981.78
124847AC8 ENTERCOM MEDIA CORP 7.25000 11/01/2024 US 2,085.15 $2,173.77
12503M108 CBOE GLOBAL MARKETS INC US CBOE 875.76 $100,844.24
12527GAB9 CF INDUSTRIES INC 7.12500 05/01/2020 US 6,255.46 $6,405.78
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 74,137.1 $75,755.08
12572Q105 CME GROUP INC US CME 483.76 $99,532.68
125896100 CMS ENERGY CORP US CMS 619.29 $39,585.04
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 182,896.13 $180,971.93
126650100 CVS HEALTH CORP US CVS 587.18 $38,982.81
12686CBA6 CABLEVISION SYSTEMS CORP 8.00000 04/15/2020 US 6,255.46 $6,411.84
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 8,340.61 $8,361.46
133131102 CAMDEN PROPERTY TRUST US CPT 200.17 $22,893.98
149123101 CATERPILLAR INC US CAT 259.81 $35,801.82
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 2,334.47 $2,333.10
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 101,525.55 $102,262.78
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 6,255.46 $6,333.65
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 168,665.15 $168,612.85
166764100 CHEVRON CORP US CVX 976.69 $113,432.25
16941R108 CHINA PETROLEUM & CHEM-ADR CN SNP 619.29 $34,983.71
17275R102 CISCO SYSTEMS INC US CSCO 1,401.22 $66,572.09
172967424 CITIGROUP INC US C 1,589.72 $114,237.31
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 191,834.05 $315,580.09
191216100 COCA COLA CO/THE US KO 3,945.11 $214,732.27
192422103 COGNEX CORP US CGNX 1,046.75 $53,896.98
194162103 COLGATE-PALMOLIVE CO US CL 938.74 $64,397.27
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 312,772.9 $317,094.19
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 208,515.27 $208,444.08
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 787.35 $38,123.66
20825C104 CONOCOPHILLIPS US COP 260.64 $14,387.55
2099084 BORALEX INC -A CA BLX CN 819.47 $13,563.39
222795502 COUSINS PROPERTIES INC US CUZ 1,040.07 $41,738.18
22282E102 COVANTA HOLDING CORP US CVA 1,812 $26,165.25
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 433,711.75 $436,522.21
22822V101 CROWN CASTLE INTL CORP US CCI 333.62 $46,303.73
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 421,200.84 $428,001.93
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 132,349.84 $129,432.28
229663109 CUBESMART US CUBE 179.32 $5,684.54
247361702 DELTA AIR LINES INC. US DAL 243.96 $13,437.47
25277LAC0 DIAMOND SPORTS GR/DIAMON 6.62500 08/15/2027 US 8,340.61 $8,590.83
253868103 DIGITAL REALTY TRUST INC US DLR 164.73 $20,926.93
254687106 WALT DISNEY CO/THE US DIS 231.45 $30,070.24
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 379,497.78 $415,002.06
256677105 DOLLAR GENERAL CORP US DG 271.9 $43,597.07
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 10,425.76 $10,842.79
25960P109 DOUGLAS EMMETT INC US DEI 456.65 $19,782.01
260557103 DOW INC US DOW 529.63 $26,740.96
2715777 QUEBECOR INC -CL B CA QBR/B CN 2,356.22 $54,777.57
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 2,714.87 $55,406.33
285512109 ELECTRONIC ARTS US EA 1,634.76 $157,590.83
291011104 EMERSON ELEC CO US EMR 373.66 $26,212.20
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 258,558.93 $309,676.76
29444U700 EQUINIX INC US EQIX 446.22 $252,910.08
29446M102 EQUINOR ASA-SPON ADR NO EQNR 1,262.35 $23,366.12
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 275.24 $19,250.30
29476L107 EQUITY RESIDENTIAL US EQR 350.31 $31,058.10
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 759 $19,475.83
297178105 ESSEX PROPERTY TRUST INC US ESS 75.48 $24,692.60
30161N101 EXELON CORP US EXC 454.56 $20,678.08
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 646,397.33 $650,110.91
30225T102 EXTRA SPACE STORAGE INC US EXR 68.81 $7,725.30
30231G102 EXXON MOBIL CORP US XOM 1,180.2 $79,745.87
302491303 FMC CORP US FMC 310.69 $28,427.93
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 1,504.06 $1,501.37
30262DAL5 FREMF 2011-K13 B 4.61202 01/25/2048 US 170,982.52 $175,389.61
30262SAR9 FREMF 2015-K42 B FLT 3.85112 12/25/2024 US 75,065.5 $78,642.06
30287EAE0 FREMF 2014-K41 B FLT 3.83237 11/25/2047 US 291,921.37 $306,427.21
30291EAE4 FREMF 2013-K712 B FLT 3.26320 05/25/2045 US 479,585.11 $479,109.08
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 4,461,393.03 $11,954.75
30303M102 FACEBOOK INC -A US FB 1,090.53 $209,001.00
3128M1AM1 FHLM POOL G11912 5.50000 03/01/2021 US 2,029.16 $2,047.59
3128M6HZ4 FHLM POOL G04448 5.50000 07/01/2038 US 59,750.73 $67,135.08
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 1,385.27 $1,556.77
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 5,006.63 $5,611.66
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 48,919.44 $56,226.65
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 16,051.43 $18,053.11
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 23,596.69 $24,470.91
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 1,586.32 $1,625.59
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 1,490.68 $1,540.75
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 219,035.75 $232,171.43
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 33,452.34 $37,542.73
3128MJY87 FHLM POOL FG G08734 4.00000 11/01/2046 US 18,813.48 $19,801.24
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 16,948.94 $18,220.64
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 183,261.11 $198,762.99
3131XVYW9 FEDERAL NATL MTG ASSN FR ZM2525 3.00000 12/01/2046 US 216,655.19 $222,028.52
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 57,897.8 $61,399.25
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 214,288.27 $224,889.30
3132Y33P7 FHLM POOL FG Q59805 4.50000 11/01/2048 US 150,551.01 $158,560.74
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 141,514.37 $151,409.74
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 119.75 $120.09
3133G6L60 FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 US 234,698.38 $240,461.95
3136AY6W8 FNA 2017-M15 A1 2.95932 09/25/2027 US 202,969.92 $212,679.57
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 170,189.93 $177,669.18
31371MLB1 FEDERAL NATL MTG ASSN 256022 5.50000 12/01/2035 US 20,299.69 $22,822.03
31371MRU3 FEDERAL NATL MTG ASSN 256199 5.00000 04/01/2021 US 1,363.71 $1,404.58
31371NDQ5 FEDERAL NATL MTG ASSN 256711 5.50000 05/01/2037 US 2,620.83 $2,946.64
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 47.96 $6,522.84
3137A2B34 FHMS K009 X1 FLT 1.25979 08/25/2020 US 445,513.86 $3,198.79
3137ADTK3 FHMS K014 X1 FLT 1.14919 04/25/2021 US 4,513,145.18 $62,983.20
3137AJMG6 FMHS K016 X1 FLT 1.47773 10/25/2021 US 959,650.66 $23,750.11
3137AUPF0 FHMS K021 x1 FLT 1.42834 06/25/2022 US 6,487,005.01 $208,755.71
3137B3NB0 FHMS K030 X1 FLT 0.18772 04/25/2023 US 12,402,877.52 $74,862.53
3137B4GZ3 FHMS K032 X1 FLT 0.09785 05/25/2023 US 7,269,858.98 $28,374.99
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 180,412.53 $182,850.32
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 155,979.15 $159,236.54
3138A7BL1 FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 77,505.46 $82,137.82
3138AJ4A7 FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 12,864.85 $13,529.13
3138EPLE2 FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 38,568.59 $41,803.86
3138ERN30 FEDERAL NATL MTG ASSN FN AL9409 3.50000 11/01/2031 US 186,608.82 $193,936.28
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64500 01/01/2049 US 245,974.41 $276,891.66
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 363,455.48 $382,744.46
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 226,064.35 $243,272.52
3138YTGK4 FEDERAL NATL MTG ASSN AZ2001 3.50000 05/01/2045 US 440,837.12 $460,610.27
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 22,359.82 $25,173.66
31403DVZ9 FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 3,709.25 $4,282.80
31406PTV1 FEDERAL NATL MTG ASSN 816064 4.50000 04/01/2020 US 419.86 $432.66
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 223,453.37 $235,420.73
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 40,003.19 $42,149.71
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 197,088.97 $207,045.22
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 59,069.89 $62,277.27
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 202,144.38 $212,729.85
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 159,092.06 $175,698.54
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 129,654.98 $138,998.36
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 170,100.42 $179,539.90
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 69,124.24 $74,104.12
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 102,222.67 $109,584.74
3140X4JC1 FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 US 318,437.54 $329,907.42
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 1,019.41 $1,041.36
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 1,161.1 $1,188.06
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 7,891.57 $8,005.64
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 9,567.04 $9,693.53
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 6,518.65 $7,324.18
31410WSY5 FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 4,128.89 $4,598.90
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 15,077.92 $16,892.90
31411RHZ4 FEDERAL NATL MTG ASSN 912948 5.00000 05/01/2038 US 1,826.5 $1,951.75
31413CCL1 FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 1,552.6 $1,718.69
31413MR66 FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 7,456.7 $8,517.23
31413S6R0 FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 4,862.01 $5,570.98
31414CQ50 FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 1,063.05 $1,216.20
31414DJ23 FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 3,169.9 $3,569.51
31414QX28 FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 2,426.75 $2,510.40
31414UF52 FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 14,291.89 $14,727.36
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374297109 GETTY REALTY CORP US GTY 356.56 $11,959.06
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43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 87.58 $8,491.41
437076102 HOME DEPOT INC US HD 374.91 $87,946.49
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 1,011.3 $27,274.74
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44107P104 HOST MARRIOTT CORP US HST 667.25 $10,936.21
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45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 8,340.61 $8,500.08
458140100 INTEL CORP US INTC 2,683.59 $151,703.43
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 1,100.96 $103,842.60
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 364.48 $48,742.54
46187BAA1 IHSFR 2017-SFR2 A 2.73913 12/17/2036 US 62,649.85 $62,561.78
46187BAB9 IHSFR 2017-SFR2 B 3.03913 12/17/2036 US 50,043.66 $50,090.61
46187W107 INVITATION HOMES INC US INVH 1,291.13 $39,753.79
464287598 ISHARES RUSSELL 1000 VALUE US 971.68 $126,386.57
466032109 J&J SNACK FOODS CORP US JJSF 175.15 $33,412.15
46625H100 JP MORGAN CHASE & CO US JPM 1,542.18 $192,648.99
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46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 106,200.46 $108,273.50
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46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 316,943.2 $338,431.26
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46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 122,673.98 $124,364.18
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476405105 JERNIGAN CAPITAL INC US JCAP 1,265.69 $24,035.41
478160104 JOHNSON & JOHNSON US JNJ 3,646.1 $481,430.77
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 10,425.76 $2,919.21
485170302 KANSAS CITY SOUTHERN US KSU 298.18 $41,977.33
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 8,340.61 $8,554.34
493267108 KEYCORP US KEY 804.87 $14,463.49
49427F108 KILROY REALTY CORP US KRC 80.07 $6,720.26
494368103 KIMBERLY CLARK CORP US KMB 192.67 $25,601.74
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 321,113.51 $415,110.66
49456BAE1 KINDER MORGAN INC/ DELAWA 3.05000 12/01/2019 US 133,866.8 $133,958.14
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 10,425.76 $10,790.67
529043101 LEXINGTON REALTY TRUST US LXP 802.78 $8,734.29
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53223X107 LIFE STORAGE INC US LSI 89.66 $9,765.94
534187109 LINCOLN NATL CORP IND US LNC 208.52 $11,776.94
539830109 LOCKHEED MARTIN CORP US LMT 119.69 $45,083.99
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 6,255.46 $4,378.82
550021109 LULULEMON - ADR CA LULU 1,050.92 $214,670.80
56585A102 MARATHON PETROLEUM CORP US MPC 427.04 $27,309.16
5671735 SANOFI-AVENTIS FR SAN FP 259.81 $23,951.14
57636Q104 MASTERCARD INC-CLASS A US MA 1,196.88 $331,307.70
580135101 MCDONALDS CORP US MCD 68.81 $13,534.93
58933Y105 MERCK & CO INC US MRK 1,714.83 $148,607.13
594918104 MICROSOFT CORP US MSFT 2,667.33 $382,414.71
595112103 MICRON TECHNOLOGY INC US MU 6,318.01 $300,421.50
59522J103 MID-AMERICA APARTMENT COMM US MAA 95.92 $13,331.51
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 5,087.36 $266,831.79
615369105 MOODY'S CORPORATION US MCO 496.27 $109,521.02
617446448 MORGAN STANLEY US MS 164.73 $7,585.68
61965RAB1 MOSS CREEK RESOURCES HLD 10.50000 05/15/2027 US 2,085.15 $1,610.78
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 12,510.92 $12,135.59
62957HAC9 NABORS INDUSTRIES INC 5.50000 01/15/2023 US 6,255.46 $5,285.86
637417106 NATIONAL RETAIL PROPERTIES US NNN 325.28 $19,162.47
637870106 NATIONAL STORAGE AFFILIATES US NSA 319.03 $10,901.20
63938CAA6 NAVIENT CORP 5.00000 10/26/2020 US 8,340.61 $8,494.49
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 174,237.97 $175,945.21
63941RAB6 NAVSL 2019-2A A2 2.82275 02/27/2068 US 417,030.53 $420,653.28
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 118,126.14 $122,878.73
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 147,901.7 $154,194.81
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 188,389.76 $196,493.26
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 10,425.76 $5,212.88
66987V109 NOVARTIS AG- REG CH NVS 3,736.59 $326,727.74
67059TAD7 NUSTAR LOGISTICS LP 6.75000 02/01/2021 US 6,255.46 $6,481.78
67066G104 NVIDIA CORP US NVDA 581.76 $116,944.91
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 54.21 $23,610.73
674599105 OCCIDENTAL PETROLEUM CORP US OXY 721.46 $29,219.24
680665AL0 OLIN CORP 5.62500 08/01/2029 US 6,255.46 $6,494.85
681936100 OMEGA HEALTHCARE INVS INC US OHI 300.26 $13,223.54
693475105 PNC FINANCIAL SERVICES GROUP US PNC 116.77 $17,129.95
70338P100 PATTERN ENERGY GROUP INC -A US PEGI 560.49 $15,710.51
7123870 NESTLE SA-REGISTERED CH NESN SW 1,893.32 $202,549.77
713448108 PEPSICO INC US PEP 1,847.45 $253,414.07
71654V101 PETROLEO BRASIL-SP PREF ADR BR PBR/A 2,305.76 $34,793.95
717081103 PFIZER INC US PFE 2,798.27 $107,369.81
719245AD4 PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 US 8,340.61 $7,340.82
71943U104 PHYSICIANS REALTY TRUST US DOC 1,899.57 $35,465.05
729640102 PLYMOUTH INDUSTRIAL REIT INC US 1,009.21 $19,033.77
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 579,672.44 $627,586.69
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 6,255.46 $6,409.97
74251V102 PRINCIPAL FINANCIAL GROUP US PFG 231.45 $12,354.90
742718109 PROCTER & GAMBLE CO US PG 341.97 $42,578.07
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 125,109.16 $125,732.24
74340W103 PROLOGIS US PLD 698.53 $61,302.65
74460D109 PUBLIC STORAGE INC US PSA 125.11 $27,881.83
749685103 RPM INTERNATIONAL INC US RPM 523.37 $37,907.93
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 10,425.76 $10,816.73
756109104 REALTY INCOME CORP US O 100.09 $8,186.14
7591EP100 REGIONS FINANCIAL CORP. US RF 754.83 $12,152.69
760759100 REPUBLIC SERVICES INC US RSG 377.41 $33,027.38
767204100 RIO TINTO PLC - SPON ADR GB RIO 679.76 $35,354.31
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 8,340.61 $8,480.71
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 158.47 $9,237.31
78409V104 S&P GLOBAL INC US SPGI 417.03 $107,589.71
78410G104 SBA COMMUNICATIONS CORP US SBAC 396.18 $95,340.48
78442PGC4 SLM CORP 5.12500 04/05/2022 US 10,425.76 $10,764.60
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 361,856.81 $364,901.32
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 492,096.03 $565,050.06
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 400,349.31 $431,415.83
806857108 SCHLUMBERGER LTD NL SLB 2,122.69 $69,390.59
808524797 SCHWAB US DVD EQUITY ETF US 1,632.26 $90,622.94
81141R100 SEA LTD - ADR SG SE 6,263.8 $186,410.65
81211K100 SEALED AIR CORP US SEE 754.83 $31,529.05
812578102 SEATTLE GENETICS INC US SGEN 754.83 $81,068.23
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 112,969.61 $113,792.31
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 155,082.65 $156,833.38
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 117,430.52 $113,220.48
81762P102 SERVICENOW INC US NOW 733.97 $181,482.35
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 6,255.46 $5,254.58
828806109 SIMON PROPERTY GROUP INC US SPG 283.58 $42,729.95
83401LAB0 SOFI 2015-A A2 2.42000 03/25/2030 US 89,498.24 $89,535.85
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 115,537.7 $115,794.32
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 40,098.66 $40,253.86
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 1,340.63 $1,339.92
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 134,522.35 $135,575.54
835699307 SONY CORP SPONSORED ADR JP SNE 3,507.23 $213,344.60
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 437,882.06 $443,284.06
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 6,255.46 $5,504.80
852061AR1 SPRINT COMMUNICATIONS 7.00000 08/15/2020 US 12,510.92 $12,888.37
85207UAE5 SPRINT CORP 7.25000 09/15/2021 US 6,255.46 $6,674.95
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 6,255.46 $6,787.17
85254J102 STAG INDUSTRIAL INC US STAG 932.06 $28,931.24
855030AN2 STAPLES INC 7.50000 04/15/2026 US 8,340.61 $8,675.90
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.13350 11/15/2027 US 369,631.51 $368,966.51
858912AF5 STERICYCLE INC 5.37500 07/15/2024 US 10,425.76 $10,842.79
862121100 STORE CAPITAL CORP US STOR 283.58 $11,485.02
866674104 SUN COMMUNITIES US SUI 173.07 $28,149.46
86723CAF5 SUNCOKE ENRGY PART LP/FI 7.50000 06/15/2025 US 2,085.15 $1,772.38
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 521.29 $7,042.60
87612E106 TARGET CORP US TGT 271.07 $28,980.08
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 58,932.28 $58,918.98
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 6,255.46 $5,285.86
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 296,091.68 $318,659.66
882508104 TEXAS INSTRUMENTS INC US TXN 375.33 $44,284.89
88579Y101 3M CO US MMM 271.9 $44,861.43
89151E109 TOTAL S A SPONSORED ADR FR TOT 765.25 $40,275.16
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 286,048.86 $287,142.74
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 132,298.3 $133,863.68
89177EAA7 TPMT 2019-HY1 A1 2.82275 10/25/2048 US 121,096.71 $121,743.62
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 6,255.46 $6,192.90
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 328,723.05 $328,653.50
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 207,925.4 $211,043.31
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 10,425.76 $10,398.14
902653104 UDR INC US UDR 472.5 $23,742.90
902973304 U.S. BANCORP US USB 711.04 $40,543.33
903002103 UMH PROPERTIES INC US UMH 435.8 $6,506.45
904767704 UNILEVER PLC - ADR GB UL 3,963.46 $238,243.47
907818108 UNION PAC CORP US UNP 289 $47,818.30
911312106 UNITED PARCEL SERVICE US UPS 722.3 $83,186.93
912796SR1 TREASURY BILL 0.00000 05/21/2020 US 579,672.44 $574,679.69
912796SZ3 TREASURY BILL 0.00000 07/16/2020 US 333,624.43 $329,978.19
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 287,414.89 $302,011.89
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 444,554.55 $520,545.59
9128284P2 US TREASURY N/B 2.62500 05/15/2021 US 831,975.91 $844,975.54
9128286N5 TSY INFL IX N/B 0.50000 04/15/2024 US 1,075,832.85 $1,089,976.36
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 2,266,911.27 $2,254,779.76
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 1,616,827.38 $1,619,416.82
912828VS6 US TREASURY N/B 2.50000 08/15/2023 US 1,212,307.76 $1,255,496.22
912828WJ5 US TREASURY N/B 2.50000 05/15/2024 US 1,555,523.89 $1,621,147.55
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 1,567,617.77 $1,613,482.84
913017109 UNITED TECHNOLOGIES CORP US UTX 345.72 $49,638.24
91704F104 URBAN EDGE PROPERTIES US UE 790.27 $16,682.66
918204108 VF CORP US VFC 240.21 $19,766.85
91913Y100 VALERO ENERGY US VLO 252.3 $24,468.39
92276F100 VENTAS INC US VTR 343.63 $22,370.52
92339V100 VEREIT INC US VER 2,249.88 $22,138.82
92343V104 VERIZON COMMUNICATIONS US VZ 857 $51,822.65
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 500,436.64 $630,339.07
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 371.16 $72,553.80
92826C839 VISA INC - CLASS A SHARES US V 1,693.14 $302,835.73
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 8,340.61 $8,111.24
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 20,851.53 $20,997.76
929042109 VORNADO REALTY TRUST US VNO 116.77 $7,663.52
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 2,085.15 $1,954.83
93065PAA9 WBHT 2019-WBM A FLT 2.97125 12/15/2033 US 162,641.91 $162,742.76
931142103 WAL MART STORES US WMT 891.19 $104,501.44
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 522.96 $28,647.55
94106L109 WASTE MANAGEMENT INC US WM 594.27 $66,682.87
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 12,510.92 $12,698.58
948741103 WEINGARTEN REALTY INVESTORS US WRI 512.95 $16,275.83
949746101 WELLS FARGO COMPANY US WFC 2,366.23 $122,168.52
95040Q104 WELLTOWER INC. US WELL 317.36 $28,781.40
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 312,772.9 $326,110.95
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 103,309.4 $103,543.95
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 156,045.94 $158,904.70
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 12,510.92 $11,760.26
B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 1,349.09 $16,839.35
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 166,812.21 $8,652.31
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 58,384.27 $45,719.35
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 458,733.59 $23,819.14
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 750,654.96 $39,299.88
B63QM77 NEXON CO LTD JP 3659 JP 16,973.14 $196,688.96
B68XHC3 NORTHLAND POWER INC CA NPI CN 811.12 $16,196.62
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 145,960.69 $8,114.51
BBG00P131QW2 SE US 11/15/19 C27 SG -28.36 -$8,791.00
BBG00QG82MR7 NOW US 11/08/19 P200 US -3.75 -$150.13
BBG00QH0RKM5 EA US 11/01/19 P87.5 US -6.26 -$12.51
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 6,795.51 $10,580.33
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 5,037.73 $204,344.98
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 3,811.66 $18,286.05
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 5,567.36 $173,483.38
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 2,247.79 $181,436.20
G29183103 EATON CORP PLC US ETN 278.16 $24,230.46
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 1,042.58 $45,174.83
G5960L103 MEDTRONIC INC IE MDT 4,019.34 $437,706.16
H01301128 ALCON INC CH ALC 1,730.68 $102,577.21
H1467J104 CHUBB LTD CH CB 163.06 $24,853.44
H8817H100 TRANSOCEAN LTD US RIG 5,237.9 $24,880.04
N47279109 INTERXION HOLDING NV NL INXN 2,341.63 $206,578.28
USD US DOLLAR US 822,442.69 $822,442.69

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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