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

$10.87

Daily $ Change

$0.00

Daily % Change

0.00%

as of 01/16/2019

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 12/31/2018

YTD

---

1 Year

-1.83%

3 Year

3.86%

5 Year

2.59%

10 Year

5.34%

Inception
(01/01/2000)

5.65%

US Stock Market Cycle (04/01/2000 - 12/31/2018)

5.59%

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 0.54%
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 12/31/2018

TREASURY NOTES 14.27%
GOVERNMENT AGENCY 9.03%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 5.24%
TREASURY BONDS 3.96%
SWEDISH EXPORT CREDIT 1.12500 08/28/2019 1.20%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 1.10%
PRICELINE GROUP INC/THE 3.60000 06/01/2026 1.09%
VERIZON COMMUNICATIONS 5.50000 03/16/2047 1.09%
BANK OF AMERICA CORP 4.00000 01/22/2025 1.07%
JPMORGAN CHASE & CO 6.30000 04/23/2019 1.07%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 12/31/2018

Bonds 72.40%
Stocks 26.70%
Cash 0.90%

Detailed Asset Class Allocation

As of 12/31/2018

International Equities 6.33%
Small Capitalization 1.10%
Mid Capitalization 2.51%
Large Capitalization 16.76%
Long Term Fixed Income 20.97%
Intermediate Term Fixed Income 31.25%
Short Term Fixed Income 20.18%
Cash 0.90%

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

December Fund Holdings

As of 12/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
000375204 ABB LTD-SPON ADR CH ABB 1,505.77 $28,624.60
00101JAH9 ADT SEC CORP 4.12500 06/15/2023 US 32,192.82 $29,456.43
00101JAM8 ADT CORP 5.25000 03/15/2020 US 12,877.13 $12,909.32
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 420,652.85 $411,549.79
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 729,703.92 $722,343.62
00287Y109 ABBVIE INC US ABBV 736.57 $67,904.55
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 45,069.95 $45,633.32
004239109 ACADIA REALTY TRUST US AKR 227.5 $5,405.30
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 412,068.1 $391,194.02
008492100 AGREE REALTY CORP US ADC 145.94 $8,628.02
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 17,169.5 $17,578.45
013817AW1 ALCOA INC 5.12500 10/01/2024 US 23,608.07 $22,663.98
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 55.8 $6,430.49
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 21,461.88 $21,461.88
020002101 ALLSTATE CORPORATION US ALL 180.28 $14,896.52
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 23,608.07 $23,593.32
02079K107 ALPHABET INC-CL C US GOOG 193.16 $200,035.24
02079K305 ALPHABET INC-CL A US GOOGL 103.02 $107,648.67
023135106 AMAZON.COM INC US AMZN 64.39 $96,705.30
02319V103 AMBEV SA-ADR BR ABEV 25,968.87 $101,797.99
0237400 DIAGEO PLC GB DGE LN 7,790.66 $278,394.68
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 17,169.5 $17,212.43
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 169.55 $7,017.63
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,392.88 $27,648.59
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 450,699.48 $435,538.89
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 19,315.69 $18,156.75
03027X100 AMERICAN TOWER REIT INC US AMT 815.55 $129,012.08
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 12,387.75 $12,475.19
03064D108 AMERICOLD REALTY TRUST US COLD 253.25 $6,468.01
031162100 AMGEN INC US AMGN 362.71 $70,607.93
03748R101 APARTMENT INVT & MGMT CO -A US AIV 418.51 $18,364.07
037833100 APPLE COMPUTER INC US AAPL 270.42 $42,656.00
03784Y200 APPLE HOSPITALITY REIT INC US APLE 388.46 $5,539.44
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 17,169.5 $15,849.51
03990B101 ARES MANAGEMENT CORP - A US ARES 1,330.64 $23,658.72
053015103 AUTOMATIC DATA PROCESSING US ADP 300.47 $39,397.14
053484101 AVALONBAY COMMUNITIES INC US AVB 360.56 $62,755.40
055622104 BP PLC-SPONS ADR GB BP 1,410.05 $53,468.93
058498106 BALL CORP US BLL 5,867.68 $269,795.84
060505104 BANK OF AMERICA CORP US BAC 3,620.62 $89,212.06
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 661,025.91 $643,935.88
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 789.8 $161,260.79
088606108 BHP GROUP LTD AU BHP 1,011.28 $48,834.89
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 1,249.08 $106,359.28
09247X101 BLACKROCK INC US BLK 188.86 $74,189.77
09253U108 BLACKSTONE GROUP LP/THE US BX 1,113.87 $33,204.51
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 609,517.4 $629,705.83
097023105 BOEING CO US BA 267.42 $86,241.35
09857L108 BOOKING HOLDINGS INC US BKNG 193.16 $332,697.34
0989529 ASTRAZENECA PLC GB AZN LN 525.82 $39,250.05
101121101 BOSTON PROPERTIES INC US BXP 313.34 $35,266.81
105368203 BRANDYWINE REALTY TRUST US BDN 1,693.34 $21,793.32
110122108 BRISTOL MYERS SQUIBB CO US BMY 3,879.88 $201,676.09
11135F101 BROADCOM INC US AVGO 175.13 $44,531.79
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 21,461.88 $20,630.23
12503M108 CBOE GLOBAL MARKETS INC US CBOE 1,064.51 $104,140.94
12572Q105 CME GROUP INC US CME 622.39 $117,084.86
125896100 CMS ENERGY CORP US CMS 703.95 $34,951.10
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 437,822.35 $434,538.69
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 220,381.94 $207,824.09
126650100 CVS HEALTH CORP US CVS 571.74 $37,460.70
133131102 CAMDEN PROPERTY TRUST US CPT 68.68 $6,047.10
149123101 CATERPILLAR INC US CAT 245.09 $31,144.18
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 14,967.43 $14,883.24
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 174,471.61 $174,584.53
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 40,777.57 $35,884.26
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 294,481.02 $291,394.38
165240102 CHESAPEAKE LODGING TRUST US CHSP 356.27 $8,675.11
166764100 CHEVRON CORP US CVX 461.43 $50,199.02
16941R108 CHINA PETROLEUM & CHEM-ADR CN SNP 640.42 $45,213.83
17275R102 CISCO SYSTEMS INC US CSCO 2,074.08 $89,869.72
172967424 CITIGROUP INC US C 1,311.32 $68,267.36
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 227,495.93 $315,616.60
191216100 COCA COLA CO/THE US KO 4,680.84 $221,637.59
194162103 COLGATE-PALMOLIVE CO US CL 976.09 $58,096.66
199908104 COMFORT SYSTEMS US FIX 446.41 $19,499.06
20030N101 COMCAST CORP-CL A US CMCSA 1,683.9 $57,336.76
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 1,160.23 $33,449.41
2099084 BORALEX INC -A CA BLX CN 944.32 $11,648.40
21871N101 CORECIVIC INC US CXW 1,603.2 $28,585.10
222795106 COUSINS PROPERTIES INC US CUZ 3,182.8 $25,144.09
22282E102 COVANTA HOLDING CORP US CVA 2,635.52 $35,368.66
22282EAH5 COVANTA HOLDING CORP 6.00000 01/01/2027 US 19,315.69 $17,287.54
22822V101 CROWN CASTLE INTL CORP US CCI 491.48 $53,389.15
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 154,833.42 $144,361.80
229663109 CUBESMART US CUBE 180.28 $5,172.23
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 12,877.13 $12,925.42
23918K108 DAVITA INC. US DVA 2,442.36 $125,683.95
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 30,046.63 $27,267.32
247361702 DELTA AIR LINES INC. US DAL 439.97 $21,954.43
25271C102 DIAMOND OFFSHORE DRILLING US DO 3,453.22 $32,598.36
253868103 DIGITAL REALTY TRUST INC US DLR 558.01 $59,455.85
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 450,699.48 $414,209.83
256677105 DOLLAR GENERAL CORP US DG 450.7 $48,711.60
26078J100 DOWDUPONT INC US DWDP 753.74 $40,310.08
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 42,923.76 $42,172.59
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 42,923.76 $40,670.26
269246401 ETRADE FINANCIAL CORP US ETFC 1,193.28 $52,361.15
2715777 QUEBECOR INC -CL B CA QBR/B CN 3,412.44 $71,838.19
277276101 EASTGROUP PROPERTIES US EGP 49.36 $4,528.01
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 3,116.27 $56,404.12
285512109 ELECTRONIC ARTS US EA 2,051.76 $161,904.05
291011104 EMERSON ELEC CO US EMR 479.03 $28,621.99
29444U700 EQUINIX INC US EQIX 663.17 $233,807.95
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 156.67 $15,217.52
29476L107 EQUITY RESIDENTIAL US EQR 573.03 $37,825.86
297178105 ESSEX PROPERTY TRUST INC US ESS 96.58 $23,682.00
30161N101 EXELON CORP US EXC 495.77 $22,359.20
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 665,318.28 $658,367.70
30225T102 EXTRA SPACE STORAGE INC US EXR 150.23 $13,593.10
30231G102 EXXON MOBIL CORP US XOM 1,768.46 $120,591.21
302491303 FMC CORP US FMC 637.42 $47,143.42
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 19,505.81 $19,414.43
30262DAL5 FREMF 2011-K13 B 4.61155 01/25/2048 US 175,987.42 $180,580.76
30262SAR9 FREMF 2015-K42 B FLT 3.85144 12/25/2024 US 77,262.77 $76,597.30
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 23,608.07 $22,427.66
30287EAE0 FREMF 2014-K41 B FLT 3.83211 11/25/2047 US 300,466.32 $302,923.02
30291EAE4 FREMF 2013-K712 B FLT 3.35784 05/25/2045 US 493,623.24 $493,129.97
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 4,686,970.72 $15,492.31
3128M1AM1 FHLM POOL G11912 5.50000 03/01/2021 US 5,072.5 $5,120.99
3128M6HZ4 FHLM POOL G04448 5.50000 07/01/2038 US 72,260.91 $77,533.64
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 1,651.48 $1,774.50
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 6,945.63 $7,587.36
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 56,425.77 $61,566.18
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 19,502.7 $21,031.86
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 37,219.27 $38,295.97
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 2,697.88 $2,759.96
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 2,448.39 $2,524.43
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 274,731.23 $285,597.41
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 39,977.75 $42,717.43
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 20,783.96 $21,715.78
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 212,597.63 $222,602.60
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 67,467.06 $68,951.47
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 252,775.09 $257,823.95
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 2,050.5 $2,061.07
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 184,356.71 $185,868.23
31371MLB1 FEDERAL NATL MTG ASSN 256022 5.50000 12/01/2035 US 24,020.36 $25,866.35
31371MRU3 FEDERAL NATL MTG ASSN 256199 5.00000 04/01/2021 US 2,435.43 $2,477.88
31371NDQ5 FEDERAL NATL MTG ASSN 256711 5.50000 05/01/2037 US 3,067.68 $3,300.39
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 51.51 $6,080.06
3137A2B34 FHMS K009 X1 FLT 1.27536 08/25/2020 US 478,097.01 $7,739.96
3137ADTK3 FHMS K014 X1 FLT 1.14906 04/25/2021 US 4,728,312.08 $108,215.46
3137AJMG6 FMHS K016 X1 FLT 1.49170 10/25/2021 US 1,034,660.44 $36,277.37
3137AUPF0 FHMS K021 x1 FLT 1.44399 06/25/2022 US 6,819,723.75 $286,051.95
3137B3NB0 FHMS K030 X1 FLT 0.19689 04/25/2023 US 13,045,833.7 $98,347.32
3137B4GZ3 FHMS K032 X1 FLT 0.10362 05/25/2023 US 7,654,588.55 $35,684.93
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 234,971.16 $241,911.48
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 233,166.33 $242,719.73
3138A7BL1 FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 123,950.57 $129,335.82
3138AJ4A7 FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 13,526.74 $14,009.66
3138EPLE2 FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 46,381.42 $48,536.42
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65400 01/01/2049 US 287,916.83 $311,894.37
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 397,913.83 $399,417.55
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 265,235.89 $276,888.14
3138YTGK4 FEDERAL NATL MTG ASSN AZ2001 3.50000 05/01/2045 US 462,615.06 $464,245.33
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 26,935.06 $28,999.97
31403DVZ9 FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 4,451.46 $5,066.13
31406PTV1 FEDERAL NATL MTG ASSN 816064 4.50000 04/01/2020 US 2,471.54 $2,517.24
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 254,321.7 $259,434.61
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 47,171.06 $48,119.66
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 257,811.12 $262,922.84
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 69,547.51 $72,067.55
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 209,052.78 $219,261.31
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 170,231.21 $178,527.00
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 220,188.98 $228,167.24
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 93,583.15 $98,138.98
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 140,481.9 $147,320.83
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 1,880.75 $1,926.60
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 2,307.31 $2,364.95
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 16,895.7 $17,172.67
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 20,669.6 $21,013.53
31410HAQ4 MACYS RETAIL HLDGS INC 6.90000 04/01/2029 US 193,156.92 $207,946.26
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 7,590.85 $8,104.84
31410WSY5 FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 5,644.94 $6,334.06
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 17,131.31 $18,408.15
31411RHZ4 FEDERAL NATL MTG ASSN 912948 5.00000 05/01/2038 US 1,926.72 $2,018.30
31413CCL1 FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 2,255.04 $2,419.70
31413MR66 FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 7,867.71 $8,873.77
31413S6R0 FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 5,123.6 $5,564.60
31414CQ50 FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 1,133.99 $1,234.08
31414DJ23 FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 4,793.78 $5,186.31
31414QX28 FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 3,517.57 $3,622.03
31414UF52 FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 19,672.75 $20,070.01
31415ALX7 FEDERAL NATL MTG ASSN 981042 6.00000 04/01/2038 US 5,400.92 $5,795.29
31415BBC2 FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 6,626.64 $7,012.57
31415BBT5 FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 4,524.5 $4,787.23
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 11,789.15 $11,995.56
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 7,670.69 $8,032.10
31418B6G6 FEDERAL NATL MTG ASSN FN MA2670 3.00000 07/01/2046 US 179,216.37 $174,786.60
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 109,227.24 $114,194.33
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 95,984.7 $100,349.81
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 197,595.25 $192,711.14
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 234,656.18 $243,167.42
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 12,833.93 $14,036.23
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 44,099.58 $47,150.87
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 7,888.7 $8,479.77
31428X106 FEDEX CORPORATION US FDX 525.82 $84,829.91
316773100 FIFTH THIRD BANCORP US FITB 392.75 $9,241.46
32054K103 FIRST INDUSTRIAL REALTY TR US FR 336.95 $9,724.42
335934AK1 FIRST QUANTUM MINERALS L 7.25000 04/01/2023 CA 10,730.94 $9,443.23
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 15,023.32 $14,046.80
357081AE8 FREMF 2015-K720 B FLT 3.39018 07/25/2022 US 42,923.76 $42,981.90
35802XAD5 FRESENIUS MED CARE II 5.62500 07/31/2019 US 513,368.17 $519,149.74
36143WAN1 GAHR 2015-NRF BFX FLT 3.38216 12/15/2034 US 472,161.36 $470,032.91
36143WAS0 GAHR 2015-NRF DFX FLT 3.38216 12/15/2034 US 188,864.55 $186,435.82
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 49,362.32 $48,567.40
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437076102 HOME DEPOT INC US HD 515.94 $88,649.43
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806857108 SCHLUMBERGER LTD NL SLB 2,465.97 $88,972.20
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812578102 SEATTLE GENETICS INC US SGEN 2,408.02 $136,438.58
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81762P102 SERVICENOW INC US NOW 658.88 $117,313.53
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828806109 SIMON PROPERTY GROUP INC US SPG 384.17 $64,536.32
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83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 174,270.47 $170,789.05
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 6,684.23 $6,631.17
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 55,800.89 $54,810.49
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 10,632.9 $10,547.47
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 85,178.68 $84,753.66
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85254J102 STAG INDUSTRIAL INC US STAG 1,176.11 $29,261.64
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.67513 11/15/2027 US 389,444.04 $378,139.50
862121100 STORE CAPITAL CORP US STOR 218.91 $6,197.38
866674104 SUN COMMUNITIES US SUI 261.83 $26,631.23
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 828.43 $10,777.86
867914103 SUNTRUST BANKS INC US STI 251.1 $12,665.69
874039100 TAIWAN SEMICONDUCTOR - SP ADR TW TSM 2,406.31 $88,816.75
87612E106 TARGET CORP US TGT 920.71 $60,850.03
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 82,039.07 $81,860.90
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 25,754.26 $23,693.92
88104LAE3 TERRAFORM POWER OPERATIN 5.00000 01/31/2028 US 12,877.13 $11,331.87
882508104 TEXAS INSTRUMENTS INC US TXN 571.32 $53,989.29
88579Y101 3M CO US MMM 413.79 $78,842.60
88650V208 TIER REIT INC US TIER 997.98 $20,588.27
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89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 345,860.31 $336,102.94
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 214,390.1 $207,920.23
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 32,192.82 $29,939.32
902653104 UDR INC US UDR 665.32 $26,359.91
902973304 U.S. BANCORP US USB 951.19 $43,469.41
903002103 UMH PROPERTIES INC US UMH 502.21 $5,946.14
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 17,169.5 $16,055.55
904767704 UNILEVER PLC - ADR GB UL 5,307.09 $277,295.65
907818108 UNION PAC CORP US UNP 426.66 $58,977.51
911312106 UNITED PARCEL SERVICE US UPS 489.33 $47,724.44
912796QY8 TREASURY BILL 0.00000 02/21/2019 US 321,928.2 $320,871.87
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 497,486.38 $667,195.31
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 803,103.55 $1,023,549.21
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 433,788.16 $393,549.78
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 757,604.37 $686,578.96
912828D23 US TREASURY N/B 1.62500 04/30/2019 US 3,391,406.3 $3,381,867.97
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912828R28 US TREASURY N/B 1.62500 04/30/2023 US 1,416,484.09 $1,365,855.84
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 1,386,437.46 $1,294,694.28
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 333,135.11 $321,758.79
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 1,373,560.33 $1,336,645.89
912828XQ8 US TREASURY N/B 2.00000 07/31/2022 US 1,195,426.72 $1,175,720.85
913017109 UNITED TECHNOLOGIES CORP US UTX 440.4 $46,893.56
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92276F100 VENTAS INC US VTR 227.5 $13,328.99
92339V100 VEREIT INC US VER 1,564.57 $11,186.68
92343V104 VERIZON COMMUNICATIONS US VZ 970.08 $54,537.73
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92532F100 VERTEX PHARMACEUTICALS INC US VRTX 583.76 $96,735.39
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931142103 WAL MART STORES US WMT 1,246.51 $116,112.03
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 485.04 $33,142.68
94106L109 WASTE MANAGEMENT INC US WM 708.24 $63,026.46
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 19,315.69 $18,060.17
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 32,192.82 $29,536.91
948741103 WEINGARTEN REALTY INVESTORS US WRI 564.45 $14,003.94
949746101 WELLS FARGO COMPANY US WFC 3,247.61 $149,649.95
95040Q104 WELLTOWER INC. US WELL 289.74 $20,110.53
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 25,754.26 $25,561.10
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 19,315.69 $17,239.26
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 321,928.2 $305,052.00
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 151,451.87 $150,977.55
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 190,045.88 $187,488.87
98919V105 ZAYO GROUP HOLDINGS INC US ZAYO 2,311.44 $52,793.39
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 38,631.38 $35,734.03
B296BQ5 STORAGEVAULT CANADA INC CA SVI CN 1,800.65 $3,125.95
B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 1,568.86 $14,410.74
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 171,695.04 $8,339.09
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 60,093.26 $45,277.71
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 472,161.36 $22,548.32
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 103,017.02 $75,757.71
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 772,627.68 $39,022.68
B68XHC3 NORTHLAND POWER INC CA NPI CN 927.15 $14,737.20
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 150,233.16 $7,054.60
BBG00DSDL044 JNJ US 01/18/19 P120 US -6.87 -$480.75
BBG00GTMRZX1 AMZN US 01/18/19 P1350 US -.43 -$658.88
BBG00GVZ7LZ0 NOW US 01/18/19 P150 US -5.58 -$558.01
BBG00MN1KNP3 MDT US 01/04/2019 IE -9.87 -$799.67
BBG00MP7WN75 BRKB US 01/11/19 P187.5 US -3.43 -$154.53
BBG00MPHFFH8 LULU US 01/11/19 C132 CA -4.72 -$108.60
BBG00MWSHXF7 MSFT US 01/18/19 P89 US -9.44 -$481.60
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 84,130.57 $82,027.31
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 42,923.76 $38,846.00
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 81.56 $12,620.23
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 7,359.28 $10,556.74
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 6,812 $273,027.38
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 4,919.06 $125,557.68
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 3,373.81 $222,263.37
G3157S106 ENSCO INTERNATIONAL INC US ESV 9,187.83 $32,708.68
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 34,339.01 $34,682.40
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 1,146.06 $33,980.81
G5960L103 MEDTRONIC INC IE MDT 4,752.95 $432,328.15
G96629103 WILLIS TOWERS WATSON PLC GB WLTW 115.89 $17,599.69
H1467J104 CHUBB LTD CH CB 184.57 $23,843.03
H8817H100 TRANSOCEAN LTD US RIG 5,895.58 $40,915.31
N47279109 INTERXION HOLDING NV NL INXN 3,444.63 $186,561.26
N53745100 LYONDELLBASELL INDU-CL A US LYB 280.29 $23,309.10
USD US DOLLAR US 543,562.4 $543,562.40

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

$10.87

Daily $ Change

$0.00

Daily % Change

0.00%

as of 01/16/2019

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 12/31/2018

YTD

---

1 Year

-1.83%

3 Year

3.86%

5 Year

2.59%

10 Year

5.34%

Inception
(01/01/2000)

5.65%

US Stock Market Cycle (04/01/2000 - 12/31/2018)

5.59%

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 0.54%
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 12/31/2018

TREASURY NOTES 14.27%
GOVERNMENT AGENCY 9.03%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 5.24%
TREASURY BONDS 3.96%
SWEDISH EXPORT CREDIT 1.12500 08/28/2019 1.20%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 1.10%
PRICELINE GROUP INC/THE 3.60000 06/01/2026 1.09%
VERIZON COMMUNICATIONS 5.50000 03/16/2047 1.09%
BANK OF AMERICA CORP 4.00000 01/22/2025 1.07%
JPMORGAN CHASE & CO 6.30000 04/23/2019 1.07%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 12/31/2018

Bonds
72.40%
Stocks
26.70%
Cash
0.90%

Detailed Asset Class Allocation

As of 12/31/2018

International Equities
6.33%
Small Capitalization
1.10%
Mid Capitalization
2.51%
Large Capitalization
16.76%
Long Term Fixed Income
20.97%
Intermediate Term Fixed Income
31.25%
Short Term Fixed Income
20.18%
Cash
0.90%

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

December Fund Holdings

As of 12/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
000375204 ABB LTD-SPON ADR CH ABB 1,505.77 $28,624.60
00101JAH9 ADT SEC CORP 4.12500 06/15/2023 US 32,192.82 $29,456.43
00101JAM8 ADT CORP 5.25000 03/15/2020 US 12,877.13 $12,909.32
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 420,652.85 $411,549.79
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 729,703.92 $722,343.62
00287Y109 ABBVIE INC US ABBV 736.57 $67,904.55
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 45,069.95 $45,633.32
004239109 ACADIA REALTY TRUST US AKR 227.5 $5,405.30
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 412,068.1 $391,194.02
008492100 AGREE REALTY CORP US ADC 145.94 $8,628.02
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 17,169.5 $17,578.45
013817AW1 ALCOA INC 5.12500 10/01/2024 US 23,608.07 $22,663.98
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 55.8 $6,430.49
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 21,461.88 $21,461.88
020002101 ALLSTATE CORPORATION US ALL 180.28 $14,896.52
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 23,608.07 $23,593.32
02079K107 ALPHABET INC-CL C US GOOG 193.16 $200,035.24
02079K305 ALPHABET INC-CL A US GOOGL 103.02 $107,648.67
023135106 AMAZON.COM INC US AMZN 64.39 $96,705.30
02319V103 AMBEV SA-ADR BR ABEV 25,968.87 $101,797.99
0237400 DIAGEO PLC GB DGE LN 7,790.66 $278,394.68
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 17,169.5 $17,212.43
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 169.55 $7,017.63
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,392.88 $27,648.59
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 450,699.48 $435,538.89
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 19,315.69 $18,156.75
03027X100 AMERICAN TOWER REIT INC US AMT 815.55 $129,012.08
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 12,387.75 $12,475.19
03064D108 AMERICOLD REALTY TRUST US COLD 253.25 $6,468.01
031162100 AMGEN INC US AMGN 362.71 $70,607.93
03748R101 APARTMENT INVT & MGMT CO -A US AIV 418.51 $18,364.07
037833100 APPLE COMPUTER INC US AAPL 270.42 $42,656.00
03784Y200 APPLE HOSPITALITY REIT INC US APLE 388.46 $5,539.44
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 17,169.5 $15,849.51
03990B101 ARES MANAGEMENT CORP - A US ARES 1,330.64 $23,658.72
053015103 AUTOMATIC DATA PROCESSING US ADP 300.47 $39,397.14
053484101 AVALONBAY COMMUNITIES INC US AVB 360.56 $62,755.40
055622104 BP PLC-SPONS ADR GB BP 1,410.05 $53,468.93
058498106 BALL CORP US BLL 5,867.68 $269,795.84
060505104 BANK OF AMERICA CORP US BAC 3,620.62 $89,212.06
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 661,025.91 $643,935.88
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 789.8 $161,260.79
088606108 BHP GROUP LTD AU BHP 1,011.28 $48,834.89
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 1,249.08 $106,359.28
09247X101 BLACKROCK INC US BLK 188.86 $74,189.77
09253U108 BLACKSTONE GROUP LP/THE US BX 1,113.87 $33,204.51
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 609,517.4 $629,705.83
097023105 BOEING CO US BA 267.42 $86,241.35
09857L108 BOOKING HOLDINGS INC US BKNG 193.16 $332,697.34
0989529 ASTRAZENECA PLC GB AZN LN 525.82 $39,250.05
101121101 BOSTON PROPERTIES INC US BXP 313.34 $35,266.81
105368203 BRANDYWINE REALTY TRUST US BDN 1,693.34 $21,793.32
110122108 BRISTOL MYERS SQUIBB CO US BMY 3,879.88 $201,676.09
11135F101 BROADCOM INC US AVGO 175.13 $44,531.79
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 21,461.88 $20,630.23
12503M108 CBOE GLOBAL MARKETS INC US CBOE 1,064.51 $104,140.94
12572Q105 CME GROUP INC US CME 622.39 $117,084.86
125896100 CMS ENERGY CORP US CMS 703.95 $34,951.10
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 437,822.35 $434,538.69
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 220,381.94 $207,824.09
126650100 CVS HEALTH CORP US CVS 571.74 $37,460.70
133131102 CAMDEN PROPERTY TRUST US CPT 68.68 $6,047.10
149123101 CATERPILLAR INC US CAT 245.09 $31,144.18
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 14,967.43 $14,883.24
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 174,471.61 $174,584.53
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 40,777.57 $35,884.26
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 294,481.02 $291,394.38
165240102 CHESAPEAKE LODGING TRUST US CHSP 356.27 $8,675.11
166764100 CHEVRON CORP US CVX 461.43 $50,199.02
16941R108 CHINA PETROLEUM & CHEM-ADR CN SNP 640.42 $45,213.83
17275R102 CISCO SYSTEMS INC US CSCO 2,074.08 $89,869.72
172967424 CITIGROUP INC US C 1,311.32 $68,267.36
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 227,495.93 $315,616.60
191216100 COCA COLA CO/THE US KO 4,680.84 $221,637.59
194162103 COLGATE-PALMOLIVE CO US CL 976.09 $58,096.66
199908104 COMFORT SYSTEMS US FIX 446.41 $19,499.06
20030N101 COMCAST CORP-CL A US CMCSA 1,683.9 $57,336.76
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 1,160.23 $33,449.41
2099084 BORALEX INC -A CA BLX CN 944.32 $11,648.40
21871N101 CORECIVIC INC US CXW 1,603.2 $28,585.10
222795106 COUSINS PROPERTIES INC US CUZ 3,182.8 $25,144.09
22282E102 COVANTA HOLDING CORP US CVA 2,635.52 $35,368.66
22282EAH5 COVANTA HOLDING CORP 6.00000 01/01/2027 US 19,315.69 $17,287.54
22822V101 CROWN CASTLE INTL CORP US CCI 491.48 $53,389.15
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 154,833.42 $144,361.80
229663109 CUBESMART US CUBE 180.28 $5,172.23
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 12,877.13 $12,925.42
23918K108 DAVITA INC. US DVA 2,442.36 $125,683.95
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 30,046.63 $27,267.32
247361702 DELTA AIR LINES INC. US DAL 439.97 $21,954.43
25271C102 DIAMOND OFFSHORE DRILLING US DO 3,453.22 $32,598.36
253868103 DIGITAL REALTY TRUST INC US DLR 558.01 $59,455.85
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 450,699.48 $414,209.83
256677105 DOLLAR GENERAL CORP US DG 450.7 $48,711.60
26078J100 DOWDUPONT INC US DWDP 753.74 $40,310.08
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 42,923.76 $42,172.59
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 42,923.76 $40,670.26
269246401 ETRADE FINANCIAL CORP US ETFC 1,193.28 $52,361.15
2715777 QUEBECOR INC -CL B CA QBR/B CN 3,412.44 $71,838.19
277276101 EASTGROUP PROPERTIES US EGP 49.36 $4,528.01
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 3,116.27 $56,404.12
285512109 ELECTRONIC ARTS US EA 2,051.76 $161,904.05
291011104 EMERSON ELEC CO US EMR 479.03 $28,621.99
29444U700 EQUINIX INC US EQIX 663.17 $233,807.95
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 156.67 $15,217.52
29476L107 EQUITY RESIDENTIAL US EQR 573.03 $37,825.86
297178105 ESSEX PROPERTY TRUST INC US ESS 96.58 $23,682.00
30161N101 EXELON CORP US EXC 495.77 $22,359.20
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 665,318.28 $658,367.70
30225T102 EXTRA SPACE STORAGE INC US EXR 150.23 $13,593.10
30231G102 EXXON MOBIL CORP US XOM 1,768.46 $120,591.21
302491303 FMC CORP US FMC 637.42 $47,143.42
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 19,505.81 $19,414.43
30262DAL5 FREMF 2011-K13 B 4.61155 01/25/2048 US 175,987.42 $180,580.76
30262SAR9 FREMF 2015-K42 B FLT 3.85144 12/25/2024 US 77,262.77 $76,597.30
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 23,608.07 $22,427.66
30287EAE0 FREMF 2014-K41 B FLT 3.83211 11/25/2047 US 300,466.32 $302,923.02
30291EAE4 FREMF 2013-K712 B FLT 3.35784 05/25/2045 US 493,623.24 $493,129.97
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 4,686,970.72 $15,492.31
3128M1AM1 FHLM POOL G11912 5.50000 03/01/2021 US 5,072.5 $5,120.99
3128M6HZ4 FHLM POOL G04448 5.50000 07/01/2038 US 72,260.91 $77,533.64
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 1,651.48 $1,774.50
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 6,945.63 $7,587.36
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 56,425.77 $61,566.18
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 19,502.7 $21,031.86
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 37,219.27 $38,295.97
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 2,697.88 $2,759.96
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 2,448.39 $2,524.43
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 274,731.23 $285,597.41
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 39,977.75 $42,717.43
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 20,783.96 $21,715.78
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 212,597.63 $222,602.60
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 67,467.06 $68,951.47
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 252,775.09 $257,823.95
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 2,050.5 $2,061.07
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 184,356.71 $185,868.23
31371MLB1 FEDERAL NATL MTG ASSN 256022 5.50000 12/01/2035 US 24,020.36 $25,866.35
31371MRU3 FEDERAL NATL MTG ASSN 256199 5.00000 04/01/2021 US 2,435.43 $2,477.88
31371NDQ5 FEDERAL NATL MTG ASSN 256711 5.50000 05/01/2037 US 3,067.68 $3,300.39
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 51.51 $6,080.06
3137A2B34 FHMS K009 X1 FLT 1.27536 08/25/2020 US 478,097.01 $7,739.96
3137ADTK3 FHMS K014 X1 FLT 1.14906 04/25/2021 US 4,728,312.08 $108,215.46
3137AJMG6 FMHS K016 X1 FLT 1.49170 10/25/2021 US 1,034,660.44 $36,277.37
3137AUPF0 FHMS K021 x1 FLT 1.44399 06/25/2022 US 6,819,723.75 $286,051.95
3137B3NB0 FHMS K030 X1 FLT 0.19689 04/25/2023 US 13,045,833.7 $98,347.32
3137B4GZ3 FHMS K032 X1 FLT 0.10362 05/25/2023 US 7,654,588.55 $35,684.93
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 234,971.16 $241,911.48
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 233,166.33 $242,719.73
3138A7BL1 FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 123,950.57 $129,335.82
3138AJ4A7 FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 13,526.74 $14,009.66
3138EPLE2 FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 46,381.42 $48,536.42
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65400 01/01/2049 US 287,916.83 $311,894.37
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 397,913.83 $399,417.55
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 265,235.89 $276,888.14
3138YTGK4 FEDERAL NATL MTG ASSN AZ2001 3.50000 05/01/2045 US 462,615.06 $464,245.33
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 26,935.06 $28,999.97
31403DVZ9 FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 4,451.46 $5,066.13
31406PTV1 FEDERAL NATL MTG ASSN 816064 4.50000 04/01/2020 US 2,471.54 $2,517.24
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 254,321.7 $259,434.61
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 47,171.06 $48,119.66
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 257,811.12 $262,922.84
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 69,547.51 $72,067.55
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 209,052.78 $219,261.31
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 170,231.21 $178,527.00
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 220,188.98 $228,167.24
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 93,583.15 $98,138.98
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 140,481.9 $147,320.83
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 1,880.75 $1,926.60
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 2,307.31 $2,364.95
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 16,895.7 $17,172.67
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 20,669.6 $21,013.53
31410HAQ4 MACYS RETAIL HLDGS INC 6.90000 04/01/2029 US 193,156.92 $207,946.26
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 7,590.85 $8,104.84
31410WSY5 FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 5,644.94 $6,334.06
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 17,131.31 $18,408.15
31411RHZ4 FEDERAL NATL MTG ASSN 912948 5.00000 05/01/2038 US 1,926.72 $2,018.30
31413CCL1 FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 2,255.04 $2,419.70
31413MR66 FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 7,867.71 $8,873.77
31413S6R0 FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 5,123.6 $5,564.60
31414CQ50 FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 1,133.99 $1,234.08
31414DJ23 FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 4,793.78 $5,186.31
31414QX28 FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 3,517.57 $3,622.03
31414UF52 FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 19,672.75 $20,070.01
31415ALX7 FEDERAL NATL MTG ASSN 981042 6.00000 04/01/2038 US 5,400.92 $5,795.29
31415BBC2 FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 6,626.64 $7,012.57
31415BBT5 FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 4,524.5 $4,787.23
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 11,789.15 $11,995.56
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 7,670.69 $8,032.10
31418B6G6 FEDERAL NATL MTG ASSN FN MA2670 3.00000 07/01/2046 US 179,216.37 $174,786.60
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 109,227.24 $114,194.33
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 95,984.7 $100,349.81
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 197,595.25 $192,711.14
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 234,656.18 $243,167.42
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 12,833.93 $14,036.23
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 44,099.58 $47,150.87
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 7,888.7 $8,479.77
31428X106 FEDEX CORPORATION US FDX 525.82 $84,829.91
316773100 FIFTH THIRD BANCORP US FITB 392.75 $9,241.46
32054K103 FIRST INDUSTRIAL REALTY TR US FR 336.95 $9,724.42
335934AK1 FIRST QUANTUM MINERALS L 7.25000 04/01/2023 CA 10,730.94 $9,443.23
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 15,023.32 $14,046.80
357081AE8 FREMF 2015-K720 B FLT 3.39018 07/25/2022 US 42,923.76 $42,981.90
35802XAD5 FRESENIUS MED CARE II 5.62500 07/31/2019 US 513,368.17 $519,149.74
36143WAN1 GAHR 2015-NRF BFX FLT 3.38216 12/15/2034 US 472,161.36 $470,032.91
36143WAS0 GAHR 2015-NRF DFX FLT 3.38216 12/15/2034 US 188,864.55 $186,435.82
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 49,362.32 $48,567.40
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 8,625.18 $8,678.81
36294VKJ8 GNMA POOL 660997 5.50000 05/15/2037 US 13,342.37 $14,166.93
363576109 ARTHUR J GALLAGHER & CO US AJG 285.44 $21,037.15
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 321,928.2 $246,275.07
37045VAR1 GENERAL MOTORS CO FLT 3.66713 09/10/2021 US 407,775.72 $396,471.50
37185LAF9 GENESIS ENERGY LP/GENESI 5.62500 06/15/2024 US 15,023.32 $12,882.49
374297109 GETTY REALTY CORP US GTY 424.95 $12,497.64
375558103 GILEAD SCIENCES INC US GILD 777.78 $48,650.05
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 45,069.95 $42,816.45
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 197,654.5 $188,410.16
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 4,856.82 $51,676.60
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 21,461.88 $20,978.99
40414L109 HCP INC US HCP 706.1 $19,721.26
421946104 HEALTHCARE REALTY TRUST INC US HR 1,109.58 $31,556.43
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 1,513.06 $38,295.61
42809H107 HESS CORP US HES 856.33 $34,681.33
437076102 HOME DEPOT INC US HD 515.94 $88,649.43
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 1,193.28 $31,562.27
438516106 HONEYWELL INTERNATIONAL INC US HON 415.07 $54,839.41
44107P104 HOST MARRIOTT CORP US HST 903.55 $15,062.10
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 34,339.01 $31,463.12
446150104 HUNTINGTON BANCSHARES US HBAN 736.14 $8,774.82
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 32,192.82 $30,097.07
45337C102 INCYTE CORP US INCY 3,663.54 $232,964.70
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 2,345.78 $21,534.29
45763PAE6 INMARSAT FINANCE PLC 4.87500 05/15/2022 GB 36,485.2 $34,401.89
458140100 INTEL CORP US INTC 4,299.67 $201,783.66
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 1,478.72 $111,392.24
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 463.15 $52,645.96
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 446,407.11 $450,356.05
46187BAA1 IHSFR 2017-SFR2 A 3.30513 12/17/2036 US 67,242.82 $66,421.91
46187BAB9 IHSFR 2017-SFR2 B 3.60513 12/17/2036 US 51,508.51 $51,230.24
46187W107 INVITATION HOMES INC US INVH 1,213.03 $24,357.55
464287598 ISHARES RUSSELL 1000 VALUE US 399.19 $44,330.16
466032109 J&J SNACK FOODS CORP US JJSF 261.83 $37,858.71
46625H100 JP MORGAN CHASE & CO US JPM 2,056.91 $200,795.22
46625HHL7 JPMORGAN CHASE & CO 6.30000 04/23/2019 US 635,271.65 $641,481.96
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 18,795.54 $19,016.87
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 108,875.68 $105,537.12
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 124,662.38 $122,475.92
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 140,970.51 $139,973.85
46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 326,220.58 $328,816.21
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 206,382.68 $203,746.56
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 151,536.91 $149,510.40
4741844 MERCK KGAA DE MRK GR 2,221.3 $228,644.84
476405105 JERNIGAN CAPITAL INC US JCAP 1,590.33 $31,520.25
478160104 JOHNSON & JOHNSON US JNJ 4,122.83 $532,050.85
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 40,777.57 $26,097.65
485170302 KANSAS CITY SOUTHERN US KSU 495.77 $47,321.19
493267108 KEYCORP US KEY 1,500.19 $22,172.74
49446R109 KIMCO REALTY CORP US KIM 605.23 $8,866.55
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 549,424.13 $612,799.43
500472303 KONINKLIJKE PHILIPS NVR - NY ADR NL PHG 689.78 $24,218.35
500754106 KRAFT HEINZ CO/THE US KHC 661.03 $28,450.56
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 27,900.44 $25,040.65
50212YAB0 LPL HOLDINGS INC 5.75000 09/15/2025 US 19,315.69 $18,108.46
502160AM6 LSB INDUSTRIES 9.62500 05/01/2023 US 23,608.07 $23,962.19
505742AD8 LADDER CAP FIN LLLP/CORP 5.87500 08/01/2021 US 19,315.69 $19,267.40
529043101 LEXINGTON REALTY TRUST US LXP 1,214.74 $9,973.04
531172104 LIBERTY PROPERTY TRUST US LPT 555.86 $23,279.53
532457108 ELI LILLY & CO US LLY 868.78 $100,534.86
534187109 LINCOLN NATL CORP IND US LNC 240.37 $12,333.54
53815P108 LIVERAMP HOLDINGS INC US RAMP 3,803.05 $146,911.63
539830109 LOCKHEED MARTIN CORP US LMT 152.38 $39,899.01
550021109 LULULEMON - ADR CA LULU 1,684.76 $204,883.37
55616XAC1 MACYS RETAIL HLDGS INC 7.00000 02/15/2028 US 193,156.92 $208,816.32
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 34,339.01 $30,561.72
56585A102 MARATHON PETROLEUM CORP US MPC 387.17 $22,847.04
5671735 SANOFI-AVENTIS FR SAN FP 340.39 $29,528.44
57636Q104 MASTERCARD INC-CLASS A US MA 1,892.94 $357,102.72
580135101 MCDONALDS CORP US MCD 404.34 $71,798.98
58502BAC0 MEDNAX INC 6.25000 01/15/2027 US 17,169.5 $16,568.57
58933Y105 MERCK & CO INC US MRK 4,449.91 $340,017.33
59001ABA9 MERITAGE HOMES CORP 5.12500 06/06/2027 US 15,023.32 $12,769.82
594918104 MICROSOFT CORP US MSFT 3,863.14 $392,378.97
59522J103 MID-AMERICA APARTMENT COMM US MAA 186.72 $17,868.95
60871R209 MOLSON COORS BREWING CO -B US TAP 598.79 $33,627.85
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 7,036.49 $281,670.78
61744YAG3 MORGAN STANLEY FLT 3.81125 05/08/2024 US 583,763.14 $575,065.07
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 32,192.82 $32,289.40
624758108 MUELLER WATER PRODUCTS INC - A US MWA 2,208.43 $20,096.69
62913TAM4 NGL ENRGY PART LP/FIN CO 6.12500 03/01/2025 US 21,461.88 $18,457.22
637417106 NATIONAL RETAIL PROPERTIES US NNN 255.4 $12,389.28
637870106 NATIONAL STORAGE AFFILIATES US NSA 195.3 $5,167.72
63938CAE8 NAVIENT CORP 7.25000 09/25/2023 US 19,315.69 $17,722.15
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 145,743.69 $145,674.98
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 180,270.68 $180,366.75
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 224,695.17 $224,382.01
651229106 NEWELL BRANDS INC US NWL 2,049.61 $38,102.24
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 32,192.82 $31,800.07
66987V109 NOVARTIS AG- REG CH NVS 5,022.08 $430,944.68
67020YAQ3 NUANCE COMMUNICATIONS 5.62500 12/15/2026 US 25,754.26 $24,466.54
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 96.58 $33,254.86
680223104 OLD REPUBLIC INTL CORP US ORI 875.64 $18,012.01
68323ADY7 ONTARIO (PROVINCE OF) 1.25000 06/17/2019 CA 193,156.92 $191,867.98
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 30,046.63 $29,595.93
693475105 PNC FINANCIAL SERVICES GROUP US PNC 135.21 $15,807.38
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 34,339.01 $32,106.97
70338P100 PATTERN ENERGY GROUP INC -A US PEGI 897.11 $16,704.12
7123870 NESTLE SA-REGISTERED CH NESN SW 2,766.44 $224,531.68
713448108 PEPSICO INC US PEP 3,026.98 $334,421.14
71642QAB3 PDLLN 7 1/4 05/01/22 7.25000 05/01/2022 GB 17,169.5 $15,881.79
717081103 PFIZER INC US PFE 2,591.74 $113,129.30
71943U104 PHYSICIANS REALTY TRUST US DOC 2,672 $42,832.23
729640102 PLYMOUTH INDUSTRIAL REIT INC US 882.08 $11,123.07
741503AZ9 PRICELINE GROUP INC/THE 3.60000 06/01/2026 US 673,903.04 $654,728.17
74251V102 PRINCIPAL FINANCIAL GROUP US PFG 263.98 $11,660.05
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 128,771.28 $126,451.31
74340W103 PROLOGIS US PLD 817.7 $48,015.20
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 412,068.1 $416,188.78
74460D109 PUBLIC STORAGE INC US PSA 169.55 $34,318.38
74736K101 QORVO INC US QRVO 5,968.55 $362,469.97
756109104 REALTY INCOME CORP US O 107.31 $6,764.78
75886F107 REGENERON PHARMACEUTICALS INC US REGN 341.24 $127,454.59
7591EP100 REGIONS FINANCIAL CORP. US RF 959.35 $12,836.05
767204100 RIO TINTO PLC - SPON ADR GB RIO 763.18 $36,999.18
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 17,169.5 $17,169.50
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 482.89 $28,944.56
78410G104 SBA COMMUNICATIONS CORP US SBAC 781.21 $126,470.48
78442PGC4 SLM CORP 5.12500 04/05/2022 US 27,900.44 $27,063.43
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 375,582.9 $369,598.78
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 605,225.02 $640,814.76
80105N105 SANOFI-AVENTIS-ADR FR SNY 1,405.75 $61,023.74
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 412,068.1 $407,990.87
806857108 SCHLUMBERGER LTD NL SLB 2,465.97 $88,972.20
808513105 CHARLES SCHWAB CORP/THE US SCHW 2,536.79 $105,353.06
81211K100 SEALED AIR CORP US SEE 5,745.35 $200,167.83
812578102 SEATTLE GENETICS INC US SGEN 2,408.02 $136,438.58
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 127,858.36 $122,894.64
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 175,086.05 $168,951.21
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 135,825.17 $121,412.96
81762P102 SERVICENOW INC US NOW 658.88 $117,313.53
81783QAC9 SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 CA 21,461.88 $19,208.38
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 19,315.69 $16,514.92
828806109 SIMON PROPERTY GROUP INC US SPG 384.17 $64,536.32
83401LAB0 SOFI 2015-A A2 2.42000 03/25/2030 US 152,160.45 $150,663.15
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 174,270.47 $170,789.05
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 6,684.23 $6,631.17
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 55,800.89 $54,810.49
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 10,632.9 $10,547.47
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 85,178.68 $84,753.66
835495102 SONOCO PRODUCTS CO US SON 1,253.37 $66,591.75
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 403,483.35 $412,167.91
844741108 SOUTHWEST AIRLS CO US LUV 405.63 $18,853.66
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 40,777.57 $36,444.96
85254J102 STAG INDUSTRIAL INC US STAG 1,176.11 $29,261.64
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.67513 11/15/2027 US 389,444.04 $378,139.50
862121100 STORE CAPITAL CORP US STOR 218.91 $6,197.38
866674104 SUN COMMUNITIES US SUI 261.83 $26,631.23
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 828.43 $10,777.86
867914103 SUNTRUST BANKS INC US STI 251.1 $12,665.69
874039100 TAIWAN SEMICONDUCTOR - SP ADR TW TSM 2,406.31 $88,816.75
87612E106 TARGET CORP US TGT 920.71 $60,850.03
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 82,039.07 $81,860.90
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 25,754.26 $23,693.92
88104LAE3 TERRAFORM POWER OPERATIN 5.00000 01/31/2028 US 12,877.13 $11,331.87
882508104 TEXAS INSTRUMENTS INC US TXN 571.32 $53,989.29
88579Y101 3M CO US MMM 413.79 $78,842.60
88650V208 TIER REIT INC US TIER 997.98 $20,588.27
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 365,443.25 $354,283.49
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 345,860.31 $336,102.94
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 214,390.1 $207,920.23
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 32,192.82 $29,939.32
902653104 UDR INC US UDR 665.32 $26,359.91
902973304 U.S. BANCORP US USB 951.19 $43,469.41
903002103 UMH PROPERTIES INC US UMH 502.21 $5,946.14
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 17,169.5 $16,055.55
904767704 UNILEVER PLC - ADR GB UL 5,307.09 $277,295.65
907818108 UNION PAC CORP US UNP 426.66 $58,977.51
911312106 UNITED PARCEL SERVICE US UPS 489.33 $47,724.44
912796QY8 TREASURY BILL 0.00000 02/21/2019 US 321,928.2 $320,871.87
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 497,486.38 $667,195.31
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 803,103.55 $1,023,549.21
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 433,788.16 $393,549.78
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 757,604.37 $686,578.96
912828D23 US TREASURY N/B 1.62500 04/30/2019 US 3,391,406.3 $3,381,867.97
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 3,212,060.15 $3,139,830.62
912828R28 US TREASURY N/B 1.62500 04/30/2023 US 1,416,484.09 $1,365,855.84
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 1,386,437.46 $1,294,694.28
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 333,135.11 $321,758.79
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 1,373,560.33 $1,336,645.89
912828XQ8 US TREASURY N/B 2.00000 07/31/2022 US 1,195,426.72 $1,175,720.85
913017109 UNITED TECHNOLOGIES CORP US UTX 440.4 $46,893.56
91704F104 URBAN EDGE PROPERTIES US UE 980.81 $16,301.03
91913Y100 VALERO ENERGY US VLO 342.53 $25,679.59
92276F100 VENTAS INC US VTR 227.5 $13,328.99
92339V100 VEREIT INC US VER 1,564.57 $11,186.68
92343V104 VERIZON COMMUNICATIONS US VZ 970.08 $54,537.73
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 613,809.77 $652,734.87
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 583.76 $96,735.39
92826C839 VISA INC - CLASS A SHARES US V 2,463.82 $325,076.92
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 21,461.88 $21,866.61
929042109 VORNADO REALTY TRUST US VNO 324.07 $20,102.33
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 19,315.69 $16,901.23
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 19,315.69 $19,219.11
931142103 WAL MART STORES US WMT 1,246.51 $116,112.03
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 485.04 $33,142.68
94106L109 WASTE MANAGEMENT INC US WM 708.24 $63,026.46
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 19,315.69 $18,060.17
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 32,192.82 $29,536.91
948741103 WEINGARTEN REALTY INVESTORS US WRI 564.45 $14,003.94
949746101 WELLS FARGO COMPANY US WFC 3,247.61 $149,649.95
95040Q104 WELLTOWER INC. US WELL 289.74 $20,110.53
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 25,754.26 $25,561.10
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 19,315.69 $17,239.26
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 321,928.2 $305,052.00
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 151,451.87 $150,977.55
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 190,045.88 $187,488.87
98919V105 ZAYO GROUP HOLDINGS INC US ZAYO 2,311.44 $52,793.39
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 38,631.38 $35,734.03
B296BQ5 STORAGEVAULT CANADA INC CA SVI CN 1,800.65 $3,125.95
B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 1,568.86 $14,410.74
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 171,695.04 $8,339.09
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 60,093.26 $45,277.71
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 472,161.36 $22,548.32
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 103,017.02 $75,757.71
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 772,627.68 $39,022.68
B68XHC3 NORTHLAND POWER INC CA NPI CN 927.15 $14,737.20
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 150,233.16 $7,054.60
BBG00DSDL044 JNJ US 01/18/19 P120 US -6.87 -$480.75
BBG00GTMRZX1 AMZN US 01/18/19 P1350 US -.43 -$658.88
BBG00GVZ7LZ0 NOW US 01/18/19 P150 US -5.58 -$558.01
BBG00MN1KNP3 MDT US 01/04/2019 IE -9.87 -$799.67
BBG00MP7WN75 BRKB US 01/11/19 P187.5 US -3.43 -$154.53
BBG00MPHFFH8 LULU US 01/11/19 C132 CA -4.72 -$108.60
BBG00MWSHXF7 MSFT US 01/18/19 P89 US -9.44 -$481.60
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 84,130.57 $82,027.31
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 42,923.76 $38,846.00
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 81.56 $12,620.23
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 7,359.28 $10,556.74
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 6,812 $273,027.38
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 4,919.06 $125,557.68
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 3,373.81 $222,263.37
G3157S106 ENSCO INTERNATIONAL INC US ESV 9,187.83 $32,708.68
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 34,339.01 $34,682.40
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 1,146.06 $33,980.81
G5960L103 MEDTRONIC INC IE MDT 4,752.95 $432,328.15
G96629103 WILLIS TOWERS WATSON PLC GB WLTW 115.89 $17,599.69
H1467J104 CHUBB LTD CH CB 184.57 $23,843.03
H8817H100 TRANSOCEAN LTD US RIG 5,895.58 $40,915.31
N47279109 INTERXION HOLDING NV NL INXN 3,444.63 $186,561.26
N53745100 LYONDELLBASELL INDU-CL A US LYB 280.29 $23,309.10
USD US DOLLAR US 543,562.4 $543,562.40

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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