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

$11.42

Daily $ Change

$0.00

Daily % Change

0.00%

as of 05/23/2019

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 04/30/2019

YTD

6.72%

1 Year

6.52%

3 Year

5.11%

5 Year

3.28%

10 Year

5.91%

Inception
(01/01/2000)

5.90%

US Stock Market Cycle (04/01/2000 - 04/30/2019)

5.85%

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 04/30/2019

TREASURY NOTES 9.79%
GOVERNMENT AGENCY 9.55%
TREASURY BILLS 4.66%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 4.18%
TREASURY BONDS 2.64%
VERIZON COMMUNICATIONS 5.50000 03/16/2047 1.22%
SWEDISH EXPORT CREDIT 1.12500 08/28/2019 1.21%
BOOKING HOLDINGS INC 3.60000 06/01/2026 1.15%
BANK OF AMERICA CORP 4.00000 01/22/2025 1.13%
KINDER MORGAN ENER PART 6.95000 01/15/2038 1.13%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 04/30/2019

Bonds 70.64%
Stocks 27.47%
Cash 1.89%

Detailed Asset Class Allocation

As of 04/30/2019

International Equities 6.83%
Small Capitalization 0.78%
Mid Capitalization 1.35%
Large Capitalization 18.52%
Long Term Fixed Income 20.65%
Intermediate Term Fixed Income 30.78%
Short Term Fixed Income 19.20%
Cash 1.89%

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

April Fund Holdings

As of 04/30/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAH9 ADT SEC CORP 4.12500 06/15/2023 US 19,483.49 $19,057.19
00101JAM8 ADT CORP 5.25000 03/15/2020 US 12,988.99 $13,118.88
00206R102 AT&T INC US T 482.76 $14,946.18
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 424,307.13 $440,467.05
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 736,042.98 $732,794.56
00287Y109 ABBVIE INC US ABBV 816.57 $64,827.87
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 45,461.48 $45,688.79
004239109 ACADIA REALTY TRUST US AKR 229.47 $6,480.30
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 415,647.8 $425,395.25
008492100 AGREE REALTY CORP US ADC 147.21 $9,637.75
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 17,318.66 $17,664.85
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 56.29 $8,014.51
020002101 ALLSTATE CORPORATION US ALL 188.34 $18,657.00
02079K107 ALPHABET INC-CL C US GOOG 190.51 $226,411.67
02079K305 ALPHABET INC-CL A US GOOGL 177.52 $212,834.88
023135106 AMAZON.COM INC US AMZN 51.96 $100,094.22
02319V103 AMBEV SA-ADR BR ABEV 24,016.65 $113,118.42
0237400 DIAGEO PLC GB DGE LN 6,791.08 $286,296.79
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 73,604.3 $73,972.32
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 238.13 $11,239.81
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,504.56 $36,079.31
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 19,483.49 $18,752.86
03027X100 AMERICAN TOWER REIT INC US AMT 584.5 $114,153.77
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 10,581.61 $10,677.99
03064D108 AMERICOLD REALTY TRUST US COLD 214.32 $6,860.33
031162100 AMGEN INC US AMGN 355.47 $63,742.07
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 19,483.49 $19,873.16
03748R754 APARTMENT INVT & MGMT CO -A US AIV 421.71 $20,815.57
037833100 APPLE COMPUTER INC US AAPL 218.65 $43,876.11
03784Y200 APPLE HOSPITALITY REIT INC US APLE 409.15 $6,730.57
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 4,329.66 $4,270.13
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 MUL 17,318.66 $17,448.55
03990B101 ARES MANAGEMENT CORP - A US ARES 950.36 $23,236.34
053484101 AVALONBAY COMMUNITIES INC US AVB 394 $79,166.31
055622104 BP PLC-SPONS ADR GB BP 1,480.75 $64,752.99
058498106 BALL CORP US BLL 4,810.26 $288,326.82
060505104 BANK OF AMERICA CORP US BAC 6,286.67 $192,246.46
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 666,768.34 $683,191.86
06759L103 BARINGS BDC INC US BBDC 1,508.89 $14,998.35
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 1,394.15 $302,126.68
088606108 BHP GROUP LTD AU BHP 1,138.7 $60,294.26
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 1,259.93 $107,762.02
09247X101 BLACKROCK INC US BLK 188.34 $91,390.30
0925288 GLAXOSMITHKLINE PLC GB GSK LN 759.86 $15,609.92
09253U108 BLACKSTONE GROUP LP/THE US BX 1,166.84 $46,043.69
097023105 BOEING CO US BA 244.63 $92,392.81
09857L108 BOOKING HOLDINGS INC US BKNG 177.52 $329,290.86
0989529 ASTRAZENECA PLC GB AZN LN 259.78 $19,353.58
101121101 BOSTON PROPERTIES INC US BXP 294.42 $40,517.69
105368203 BRANDYWINE REALTY TRUST US BDN 1,887.73 $29,052.22
110122108 BRISTOL MYERS SQUIBB CO US BMY 1,382.89 $64,207.81
11134LAB5 BROADCOM CRP / CAYMN FI 2.37500 01/15/2020 US 463,274.11 $461,269.01
11135F101 BROADCOM INC US AVGO 183.14 $58,313.31
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 17,318.66 $16,366.13
12503M108 CBOE GLOBAL MARKETS INC US CBOE 1,073.76 $109,104.43
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 97,963.41 $99,470.56
12572Q105 CME GROUP INC US CME 627.8 $112,313.66
125896100 CMS ENERGY CORP US CMS 738.21 $41,007.44
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 441,625.79 $442,058.58
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 212,752.84 $203,526.17
126650100 CVS HEALTH CORP US CVS 721.32 $39,225.50
133131102 CAMDEN PROPERTY TRUST US CPT 69.27 $6,972.49
149123101 CATERPILLAR INC US CAT 300.91 $41,953.11
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 10,486.27 $10,453.50
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 154,911.96 $154,662.83
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 41,131.81 $40,823.32
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 246,236.16 $244,493.13
165240102 CHESAPEAKE LODGING TRUST US CHSP 359.36 $10,241.82
166764100 CHEVRON CORP US CVX 1,087.61 $130,578.67
16941R108 CHINA PETROLEUM & CHEM-ADR CN SNP 723.49 $55,520.39
17275R102 CISCO SYSTEMS INC US CSCO 1,774.73 $99,296.12
172967424 CITIGROUP INC US C 2,088.63 $147,666.15
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 229,472.22 $347,459.01
191216100 COCA COLA CO/THE US KO 4,721.5 $231,636.75
194162103 COLGATE-PALMOLIVE CO US CL 955.12 $69,523.48
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 1,027.43 $37,480.62
2099084 BORALEX INC -A CA BLX CN 978.5 $13,358.84
222795106 COUSINS PROPERTIES INC US CUZ 3,067.57 $29,356.62
22282E102 COVANTA HOLDING CORP US CVA 2,742.84 $49,563.16
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 450,285.12 $457,757.16
22822V101 CROWN CASTLE INTL CORP US CCI 510.9 $64,261.05
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 150,684.81 $143,842.66
229663109 CUBESMART US CUBE 305.24 $9,740.25
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 12,988.99 $13,200.58
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 17,318.66 $16,945.27
25271C102 DIAMOND OFFSHORE DRILLING US DO 3,126.02 $30,353.63
253868103 DIGITAL REALTY TRUST INC US DLR 190.51 $22,424.37
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 454,614.78 $452,439.62
256677105 DOLLAR GENERAL CORP US DG 484.92 $61,143.87
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 17,318.66 $17,621.73
25960P109 DOUGLAS EMMETT INC US DEI 339.88 $13,999.60
26078J100 DOWDUPONT INC US DWDP 1,013.57 $38,971.94
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 43,296.65 $43,729.61
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 43,296.65 $42,105.99
269246401 ETRADE FINANCIAL CORP US ETFC 1,203.65 $60,976.74
2715777 QUEBECOR INC -CL B CA QBR/B CN 2,615.12 $65,216.89
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 3,143.34 $63,655.09
285512109 ELECTRONIC ARTS US EA 1,697.23 $160,642.68
291011104 EMERSON ELEC CO US EMR 445.09 $31,596.90
29444U700 EQUINIX INC US EQIX 625.64 $284,476.93
29446M102 EQUINOR ASA-SPON ADR NO EQNR 1,443.94 $32,041.10
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 158.03 $18,442.42
29476L107 EQUITY RESIDENTIAL US EQR 623.47 $47,645.71
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 729.55 $15,087.06
297178105 ESSEX PROPERTY TRUST INC US ESS 103.91 $29,355.13
30161N101 EXELON CORP US EXC 517.39 $26,361.27
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 671,098.01 $669,559.18
30225T102 EXTRA SPACE STORAGE INC US EXR 108.24 $11,223.57
30231G102 EXXON MOBIL CORP US XOM 1,840.11 $147,723.83
302491303 FMC CORP US FMC 697.08 $55,110.83
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 13,584.07 $13,527.42
30262DAL5 FREMF 2011-K13 B 4.76831 01/25/2048 US 177,516.25 $182,195.51
30262SAR9 FREMF 2015-K42 B FLT 3.98281 12/25/2024 US 77,933.96 $79,204.05
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 23,813.16 $24,592.32
30287EAE0 FREMF 2014-K41 B FLT 3.96271 11/25/2047 US 303,076.52 $309,775.06
30291EAE4 FREMF 2013-K712 B FLT 3.46531 05/25/2045 US 497,911.43 $498,001.80
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 4,689,409.57 $14,347.72
3128M1AM1 FHLM POOL G11912 5.50000 03/01/2021 US 3,870.53 $3,903.04
3128M6HZ4 FHLM POOL G04448 5.50000 07/01/2038 US 70,003.83 $76,587.98
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 1,581.8 $1,731.23
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 6,787.12 $7,545.63
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 54,615.71 $60,720.32
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 18,744.01 $20,565.33
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 32,212.12 $33,277.46
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 2,294.98 $2,348.12
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 2,086.89 $2,155.09
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 264,763.05 $278,244.23
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 38,388.64 $41,871.67
3128MJY87 FHLM POOL FG G08734 4.00000 11/01/2046 US 21,948.78 $22,612.25
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 19,596.89 $20,615.60
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 208,311.13 $221,542.42
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 66,465.37 $68,745.62
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 251,397.46 $258,977.36
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 181,145.67 $191,180.43
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 973.21 $975.57
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 182,714.51 $186,225.44
31371MLB1 FEDERAL NATL MTG ASSN 256022 5.50000 12/01/2035 US 23,082.91 $25,418.33
31371MRU3 FEDERAL NATL MTG ASSN 256199 5.00000 04/01/2021 US 2,073.17 $2,113.27
31371NDQ5 FEDERAL NATL MTG ASSN 256711 5.50000 05/01/2037 US 2,906.8 $3,193.69
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 51.96 $6,954.31
3137A2B34 FHMS K009 X1 FLT 1.43325 08/25/2020 US 471,391.59 $6,391.17
3137ADTK3 FHMS K014 X1 FLT 1.32344 04/25/2021 US 4,735,939.75 $92,770.43
3137AJMG6 FMHS K016 X1 FLT 1.63481 10/25/2021 US 1,036,102.08 $32,607.27
3137AUPF0 FHMS K021 x1 FLT 1.57070 06/25/2022 US 6,821,416.77 $260,968.99
3137B3NB0 FHMS K030 X1 FLT 0.30473 04/25/2023 US 13,046,448.92 $91,831.35
3137B4GZ3 FHMS K032 X1 FLT 0.21525 05/25/2023 US 7,651,848.1 $33,458.47
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 225,409.04 $230,901.42
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 215,884.77 $223,868.98
3138A7BL1 FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 82,475.82 $85,955.35
3138AJ4A7 FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 13,530.5 $14,080.79
3138EPLE2 FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 44,257.59 $46,847.20
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65000 01/01/2049 US 276,956.36 $303,538.22
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 390,161.06 $396,281.07
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 265,766.5 $279,411.08
3138YTGK4 FEDERAL NATL MTG ASSN AZ2001 3.50000 05/01/2045 US 463,098.78 $469,783.21
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 25,598.95 $28,179.85
31403DVZ9 FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 4,228.17 $4,837.01
31406PTV1 FEDERAL NATL MTG ASSN 816064 4.50000 04/01/2020 US 1,526.98 $1,553.96
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 249,677.75 $257,565.77
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 44,236.42 $45,629.48
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 239,528.6 $247,022.69
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 69,783.65 $72,912.11
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 269,647.44 $281,290.78
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 201,681.58 $212,694.45
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 168,954.12 $178,180.45
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 215,125.33 $224,780.36
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 90,074.1 $95,020.64
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 135,374.06 $142,808.38
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 1,563.16 $1,599.52
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 1,833.63 $1,875.05
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 13,093.97 $13,292.69
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 16,207.45 $16,436.07
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 7,414.14 $8,020.43
31410WSY5 FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 4,368.86 $4,810.39
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 17,083.4 $18,736.35
31411RHZ4 FEDERAL NATL MTG ASSN 912948 5.00000 05/01/2038 US 1,924.86 $2,028.50
31413CCL1 FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 2,177.96 $2,375.29
31413MR66 FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 7,859.63 $8,900.08
31413S6R0 FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 5,120.78 $5,710.01
31414CQ50 FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 1,127.69 $1,256.07
31414DJ23 FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 3,345.42 $3,630.72
31414QX28 FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 3,227.09 $3,321.16
31414UF52 FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 18,332.74 $18,664.37
31415ALX7 FEDERAL NATL MTG ASSN 981042 6.00000 04/01/2038 US 5,389.5 $5,838.76
31415BBC2 FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 6,620.32 $7,101.26
31415BBT5 FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 3,161.75 $3,340.81
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 9,311.07 $9,460.80
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 7,450.1 $7,891.84
31418B6G6 FEDERAL NATL MTG ASSN FN MA2670 3.00000 07/01/2046 US 175,996.18 $174,179.05
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 97,220.75 $102,068.08
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 95,186.24 $99,981.82
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 193,624.78 $191,625.60
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 225,331.92 $235,562.38
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 12,070.4 $13,498.62
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 43,276.79 $46,884.99
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 7,430.67 $8,144.69
31428X106 FEDEX CORPORATION US FDX 530.38 $100,486.54
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 15,153.83 $15,305.36
316067107 FIDELITY CASH RESERVES US 331,214.84 $331,214.84
32054K103 FIRST INDUSTRIAL REALTY TR US FR 342.04 $12,063.87
335934AK1 FIRST QUANTUM MINERALS L 7.25000 04/01/2023 CA 10,824.16 $10,721.33
346232AD3 FORESTAR GROUP INC 8.00000 04/15/2024 US 32,472.48 $33,284.30
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 15,153.83 $15,532.67
357081AE8 FREMF 2015-K720 B FLT 3.50621 07/25/2022 US 43,296.65 $43,462.32
35802XAD5 FRESENIUS MED CARE II 5.62500 07/31/2019 US 517,827.88 $520,499.88
36143WAN1 GAHR 2015-NRF BFX FLT 3.38216 12/15/2034 US 476,263.1 $474,590.56
36143WAS0 GAHR 2015-NRF DFX FLT 3.38216 12/15/2034 US 190,505.24 $189,524.84
36168QAE4 GFL ENVIRONMENTAL INC 8.50000 05/01/2027 CA 4,329.66 $4,510.47
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 49,791.14 $49,269.25
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 7,153.79 $7,204.94
36294VKJ8 GNMA POOL 660997 5.50000 05/15/2037 US 13,323.24 $14,195.71
363576109 ARTHUR J GALLAGHER & CO US AJG 300.91 $25,162.24
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 385,340.15 $364,751.42
37045VAR1 GENERAL MOTORS CO FLT 3.50063 09/10/2021 US 309,571.02 $308,870.81
37045XAR7 GENERAL MOTORS FINL CO 3.15000 01/15/2020 US 467,603.77 $468,438.89
37185LAF9 GENESIS ENERGY LP/GENESI 5.62500 06/15/2024 US 15,153.83 $15,049.65
372460105 GENUINE PARTS CO US GPC 437.3 $44,840.34
374297109 GETTY REALTY CORP US GTY 428.64 $13,900.69
375558103 GILEAD SCIENCES INC US GILD 801.85 $52,152.58
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 42,863.68 $43,078.00
38141GVR2 GOLDMAN SACHS GROUP INC 4.25000 10/21/2025 US 216,483.23 $222,914.49
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 198,313.67 $191,588.46
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 5,438.06 $75,480.25
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 17,318.66 $17,405.25
40414L109 HCP INC US HCP 729.55 $21,725.95
406216101 HALLIBURTON CO US HAL 4,543.98 $128,731.04
421946104 HEALTHCARE REALTY TRUST INC US HR 1,136.54 $35,096.26
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 1,545.69 $42,630.14
42809H107 HESS CORP US HES 549.87 $35,257.50
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 173.19 $15,065.50
437076102 HOME DEPOT INC US HD 462.41 $94,192.55
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 1,251.71 $34,910.08
438516106 HONEYWELL INTERNATIONAL INC US HON 362.83 $62,997.46
44107P104 HOST MARRIOTT CORP US HST 764.19 $14,702.93
444454AB8 HUGHES SATELITE SYSTEMS 6.50000 06/15/2019 US 32,472.48 $32,582.89
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 34,637.32 $34,852.41
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 23,813.16 $23,991.75
452308109 ILLINOIS TOOL WKS INC US ITW 203.93 $31,737.19
45337C102 INCYTE CORP US INCY 1,779.49 $136,665.00
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 2,664.91 $28,221.38
458140100 INTEL CORP US INTC 3,327.78 $169,849.90
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 1,491.57 $121,339.17
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 467.6 $65,590.78
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 450,285.12 $450,800.79
46187BAA1 IHSFR 2017-SFR2 A 3.28238 12/17/2036 US 66,652.23 $66,201.74
46187BAB9 IHSFR 2017-SFR2 B 3.58238 12/17/2036 US 51,955.97 $51,955.86
46187W107 INVITATION HOMES INC US INVH 976.77 $24,282.56
46284VAC5 IRON MOUNTAIN INC 4.87500 09/15/2027 US 15,153.83 $14,670.80
464287598 ISHARES RUSSELL 1000 VALUE US 184.01 $23,507.37
464287739 ISHARES DJ US REAL ESTATE US 73.6 $6,403.57
466032109 J&J SNACK FOODS CORP US JJSF 277.1 $43,554.35
46625H100 JP MORGAN CHASE & CO US JPM 1,921.07 $222,940.43
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 18,706.77 $18,913.04
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 104,436.87 $103,111.03
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 119,485.48 $119,098.11
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 134,308.18 $133,964.59
46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 329,054.51 $341,211.21
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 196,791.89 $197,419.46
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 147,021.16 $147,490.01
4741844 MERCK KGAA DE MRK GR 2,060.92 $219,675.44
476405105 JERNIGAN CAPITAL INC US JCAP 2,063.09 $43,469.20
478160104 JOHNSON & JOHNSON US JNJ 3,987.62 $563,052.10
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 41,131.81 $24,576.26
485170302 KANSAS CITY SOUTHERN US KSU 510.9 $62,912.28
493267108 KEYCORP US KEY 1,513.22 $26,556.97
494368103 KIMBERLY CLARK CORP US KMB 249.82 $32,072.10
49446R109 KIMCO REALTY CORP US KIM 610.48 $10,616.29
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 554,197.07 $682,787.45
49456BAE1 KINDER MORGAN INC/ DELAWA 3.05000 12/01/2019 US 138,982.23 $139,068.79
496902AQ0 KINROSS GOLD CORP 4.50000 07/15/2027 CA 12,988.99 $12,547.63
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 38,966.98 $39,454.07
50212YAB0 LPL HOLDINGS INC 5.75000 09/15/2025 US 19,483.49 $19,824.45
502160AM6 LSB INDUSTRIES 9.62500 05/01/2023 US 17,318.66 $17,968.11
529043101 LEXINGTON REALTY TRUST US LXP 2,955 $26,801.81
531172104 LIBERTY PROPERTY TRUST US LPT 560.69 $27,832.73
534187109 LINCOLN NATL CORP IND US LNC 242.46 $16,177.01
53815P108 LIVERAMP HOLDINGS INC US RAMP 1,944.02 $113,394.65
539830109 LOCKHEED MARTIN CORP US LMT 151.54 $50,512.25
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 15,153.83 $15,078.06
550021109 LULULEMON - ADR CA LULU 961.19 $169,505.07
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 34,637.32 $33,598.20
563571AL2 MANITOWOC COMPANY INC 9.00000 04/01/2026 US 8,659.33 $8,735.10
56585A102 MARATHON PETROLEUM CORP US MPC 527.35 $32,099.99
5671735 SANOFI-AVENTIS FR SAN FP 367.16 $32,034.19
57636Q104 MASTERCARD INC-CLASS A US MA 1,433.12 $364,356.17
58502BAC0 MEDNAX INC 6.25000 01/15/2027 US 17,318.66 $17,665.03
58933Y105 MERCK & CO INC US MRK 3,332.11 $262,270.37
59001ABA9 MERITAGE HOMES CORP 5.12500 06/06/2027 US 15,153.83 $14,964.40
594918104 MICROSOFT CORP US MSFT 4,193.28 $547,642.39
59522J103 MID-AMERICA APARTMENT COMM US MAA 188.34 $20,606.32
60871R209 MOLSON COORS BREWING CO -B US TAP 606.15 $38,908.96
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 6,612.26 $336,233.61
615369105 MOODY'S CORPORATION US MCO 593.16 $116,627.91
61744YAG3 MORGAN STANLEY FLT 3.77988 05/08/2024 US 588,834.38 $597,406.14
61965RAB1 MOSS CREEK RESOURCES HLD 10.50000 05/15/2027 US 4,329.66 $4,437.91
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 32,472.48 $32,634.85
624758108 MUELLER WATER PRODUCTS INC - A US MWA 2,292.56 $24,599.14
62913TAM4 NGL ENRGY PART LP/FIN CO 6.12500 03/01/2025 US 21,648.32 $21,453.49
62957HAC9 NABORS INDUSTRIES INC 5.50000 01/15/2023 US 17,318.66 $16,496.02
637417106 NATIONAL RETAIL PROPERTIES US NNN 257.62 $13,555.70
637870106 NATIONAL STORAGE AFFILIATES US NSA 264.11 $7,727.85
63902MAE8 NATURAL RESRCE PART LP 9.12500 06/30/2025 US 4,329.66 $4,481.20
63941RAB6 NAVSL 2019-2A A2 3.48000 02/27/2068 US 432,966.46 $434,048.87
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 136,909.23 $138,810.15
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 170,386.79 $173,209.08
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 213,839.69 $216,919.81
6499550 KYOWA KIRIN CO LTD JP 4151 JP 3,160.66 $61,485.14
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 32,472.48 $27,276.89
66987V109 NOVARTIS AG- REG CH NVS 4,970.45 $408,720.51
67059TAD7 NUSTAR LOGISTICS LP 6.75000 02/01/2021 US 15,153.83 $15,759.98
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 97.42 $36,879.33
680223104 OLD REPUBLIC INTL CORP US ORI 900.57 $20,136.75
68323ADY7 ONTARIO (PROVINCE OF) 1.25000 06/17/2019 CA 194,834.91 $194,526.82
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 30,307.65 $31,292.65
693475105 PNC FINANCIAL SERVICES GROUP US PNC 138.55 $18,971.55
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 21,648.32 $21,884.72
70338P100 PATTERN ENERGY GROUP INC -A US PEGI 959.02 $22,172.56
7123870 NESTLE SA-REGISTERED CH NESN SW 2,385.65 $229,684.32
713448108 PEPSICO INC US PEP 2,145.35 $274,711.91
71642QAB3 PDLLN 7 1/4 05/01/22 7.25000 05/01/2022 GB 17,318.66 $16,842.40
71654V101 PETROLEO BRASIL-SP PREF ADR BR PBR/A 2,974.05 $41,041.84
717081103 PFIZER INC US PFE 2,527.23 $102,630.62
71943U104 PHYSICIANS REALTY TRUST US DOC 2,716.86 $49,066.57
729640102 PLYMOUTH INDUSTRIAL REIT INC US 746.87 $14,018.70
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 679,757.34 $694,705.05
74166MAB2 PRIME SECSRVC BRW/FINANC 5.25000 04/15/2024 US 17,318.66 $17,361.95
74251V102 PRINCIPAL FINANCIAL GROUP US PFG 268.44 $15,343.98
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 129,889.94 $129,137.11
74340W103 PROLOGIS US PLD 887.58 $68,050.85
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 415,647.8 $441,417.96
74460D109 PUBLIC STORAGE INC US PSA 142.88 $31,601.96
749685103 RPM INTERNATIONAL INC US RPM 768.52 $46,610.46
756109104 REALTY INCOME CORP US O 108.24 $7,578.00
75886F107 REGENERON PHARMACEUTICALS INC US REGN 179.68 $61,655.77
7591EP100 REGIONS FINANCIAL CORP. US RF 967.68 $15,028.07
767204100 RIO TINTO PLC - SPON ADR GB RIO 852.08 $50,187.39
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 17,318.66 $17,705.73
77714PAB5 SEMGROUP / ROSE ROCK FIN 5.62500 07/15/2022 US 23,813.16 $23,604.79
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 487.09 $31,607.09
78409V104 S&P GLOBAL INC US SPGI 521.72 $115,123.75
78410G104 SBA COMMUNICATIONS CORP US SBAC 584.5 $119,081.15
78442PGC4 SLM CORP 5.12500 04/05/2022 US 32,472.48 $31,985.40
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 378,845.65 $375,393.72
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 610,482.7 $679,994.70
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 415,647.8 $433,320.68
806857108 SCHLUMBERGER LTD NL SLB 2,487.39 $106,161.90
808513105 CHARLES SCHWAB CORP/THE US SCHW 2,558.83 $117,143.32
81211K100 SEALED AIR CORP US SEE 987.16 $46,021.56
812578102 SEATTLE GENETICS INC US SGEN 1,850.93 $125,456.14
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 126,162.5 $123,359.73
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 173,432.35 $170,235.56
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 132,836.78 $121,005.70
81762P102 SERVICENOW INC US NOW 216.48 $58,777.36
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 19,483.49 $19,093.82
828806109 SIMON PROPERTY GROUP INC US SPG 406.99 $70,693.90
83401LAB0 SOFI 2015-A A2 2.42000 03/25/2030 US 128,219.92 $127,880.34
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 153,899.55 $152,517.30
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 3,469.54 $3,458.32
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 50,621.52 $49,922.99
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 6,843.11 $6,806.87
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 37,029.98 $36,965.22
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 186,175.58 $186,152.12
835495102 SONOCO PRODUCTS CO US SON 489.25 $30,852.24
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 406,988.47 $415,184.91
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 41,131.81 $40,437.92
85254J102 STAG INDUSTRIAL INC US STAG 1,203.65 $34,640.95
855030AN2 STAPLES INC 7.50000 04/15/2026 US 23,813.16 $23,857.81
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.65963 11/15/2027 US 389,198.8 $388,414.37
862121100 STORE CAPITAL CORP US STOR 220.81 $7,357.49
866674104 SUN COMMUNITIES US SUI 244.63 $30,108.57
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 651.61 $9,383.25
87612E106 TARGET CORP US TGT 578.01 $44,749.55
876664103 TAUBMAN CTRS INC US TCO 99.58 $4,909.41
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 72,321.44 $71,864.86
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 25,977.99 $24,029.64
88160RAE1 TESLA INC 5.30000 08/15/2025 US 4,329.66 $3,701.86
882508104 TEXAS INSTRUMENTS INC US TXN 494.88 $58,311.79
88579Y101 3M CO US MMM 360.23 $68,266.83
88650V208 TIER REIT INC US TIER 961.19 $27,240.00
89151E109 TOTAL S A SPONSORED ADR FR TOT 931.74 $51,870.18
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 344,920.83 $338,805.83
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 154,798.62 $152,687.70
89177EAA7 TPMT 2019-HY1 A1 3.47663 10/25/2048 US 150,879.51 $150,987.71
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 347,609.43 $343,662.85
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 215,940.15 $214,443.92
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 32,472.48 $32,513.07
902653104 UDR INC US UDR 560.69 $25,203.09
902973304 U.S. BANCORP US USB 928.28 $49,495.89
903002103 UMH PROPERTIES INC US UMH 506.57 $7,117.32
904767704 UNILEVER PLC - ADR GB UL 4,623.22 $281,091.52
907818108 UNION PAC CORP US UNP 358.06 $63,391.52
911312106 UNITED PARCEL SERVICE US UPS 857.71 $91,105.59
912796SE0 TREASURY BILL 0.00000 08/22/2019 US 974,174.53 $966,926.72
912796SJ9 TREASURY BILL 0.00000 09/19/2019 US 1,861,755.77 $1,844,419.32
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 736,475.94 $951,233.48
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 335,652.18 $324,661.55
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 694,911.16 $641,272.71
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 1,240,448.9 $1,266,759.99
9128286B1 US TREASURY N/B 2.62500 02/15/2029 US 907,064.73 $916,312.53
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 2,534,289.75 $2,521,321.31
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 1,312,754.3 $1,246,655.07
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 1,240,448.9 $1,233,955.92
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 1,257,767.56 $1,241,013.70
913017109 UNITED TECHNOLOGIES CORP US UTX 436.86 $62,301.05
91704F104 URBAN EDGE PROPERTIES US UE 911.39 $16,924.59
918204108 VF CORP US VFC 293.98 $27,755.05
91913Y100 VALERO ENERGY US VLO 313.9 $28,458.24
92276F100 VENTAS INC US VTR 235.97 $14,419.93
92339V100 VEREIT INC US VER 2,428.94 $20,063.06
92343V104 VERIZON COMMUNICATIONS US VZ 997.99 $57,074.92
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 619,142.03 $736,978.04
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 779.34 $131,692.81
92826C839 VISA INC - CLASS A SHARES US V 2,169.16 $356,675.30
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 21,648.32 $21,876.21
929042109 VORNADO REALTY TRUST US VNO 216.48 $14,967.65
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 17,318.66 $17,621.73
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 19,483.49 $21,090.88
93065PAA9 WBHT 2019-WBM A FLT 3.48963 12/15/2033 US 168,856.92 $168,143.67
931142103 WAL MART STORES US WMT 1,000.15 $102,855.68
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 625.64 $33,515.35
94106L109 WASTE MANAGEMENT INC US WM 1,033.06 $110,888.44
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 19,483.49 $19,093.82
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 32,472.48 $32,147.76
948741103 WEINGARTEN REALTY INVESTORS US WRI 584.5 $16,915.57
949746101 WELLS FARGO COMPANY US WFC 3,292.28 $159,379.13
95040Q104 WELLTOWER INC. US WELL 281.43 $20,974.84
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 64,944.97 $64,833.26
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 19,483.49 $19,718.85
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 324,724.84 $325,664.08
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 144,317.61 $144,537.64
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 184,057.28 $183,726.00
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 38,966.98 $37,603.14
B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 1,625.79 $17,183.83
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 173,186.58 $8,871.20
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 60,615.3 $46,866.58
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 476,263.1 $24,107.15
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 103,911.95 $76,421.24
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 779,339.62 $41,099.83
B68XHC3 NORTHLAND POWER INC CA NPI CN 976.34 $17,359.41
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 151,538.26 $7,686.04
BBG00NDWLL31 BKNG US 05/17/19 P1730 US -.43 -$788.00
BBG00NX43YR7 EA US 05/10/19 P87.5 US -10.39 -$1,330.07
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 43,296.65 $42,971.92
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 7,423.21 $11,906.05
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 6,832.21 $336,743.69
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 8,940.76 $46,092.14
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 4,961.8 $150,236.76
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 3,403.12 $302,562.53
G29183103 EATON CORP PLC US ETN 326.02 $27,001.29
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 41,131.81 $42,571.43
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 1,563.01 $58,612.83
G5960L103 MEDTRONIC INC IE MDT 5,360.12 $476,032.68
G96629103 WILLIS TOWERS WATSON PLC GB WLTW 121.23 $22,347.65
H01301128 ALCON INC CH ALC 783.67 $45,609.55
H1467J104 CHUBB LTD CH CB 397.03 $57,648.79
H8817H100 TRANSOCEAN LTD US RIG 5,438.06 $42,743.14
N47279109 INTERXION HOLDING NV NL INXN 3,022.11 $209,099.51
USD US DOLLAR US 832,499.57 $832,499.57

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

$11.42

Daily $ Change

$0.00

Daily % Change

0.00%

as of 05/23/2019

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 04/30/2019

YTD

6.72%

1 Year

6.52%

3 Year

5.11%

5 Year

3.28%

10 Year

5.91%

Inception
(01/01/2000)

5.90%

US Stock Market Cycle (04/01/2000 - 04/30/2019)

5.85%

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 04/30/2019

TREASURY NOTES 9.79%
GOVERNMENT AGENCY 9.55%
TREASURY BILLS 4.66%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 4.18%
TREASURY BONDS 2.64%
VERIZON COMMUNICATIONS 5.50000 03/16/2047 1.22%
SWEDISH EXPORT CREDIT 1.12500 08/28/2019 1.21%
BOOKING HOLDINGS INC 3.60000 06/01/2026 1.15%
BANK OF AMERICA CORP 4.00000 01/22/2025 1.13%
KINDER MORGAN ENER PART 6.95000 01/15/2038 1.13%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 04/30/2019

Bonds
70.64%
Stocks
27.47%
Cash
1.89%

Detailed Asset Class Allocation

As of 04/30/2019

International Equities
6.83%
Small Capitalization
0.78%
Mid Capitalization
1.35%
Large Capitalization
18.52%
Long Term Fixed Income
20.65%
Intermediate Term Fixed Income
30.78%
Short Term Fixed Income
19.20%
Cash
1.89%

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

April Fund Holdings

As of 04/30/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAH9 ADT SEC CORP 4.12500 06/15/2023 US 19,483.49 $19,057.19
00101JAM8 ADT CORP 5.25000 03/15/2020 US 12,988.99 $13,118.88
00206R102 AT&T INC US T 482.76 $14,946.18
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 424,307.13 $440,467.05
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 736,042.98 $732,794.56
00287Y109 ABBVIE INC US ABBV 816.57 $64,827.87
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 45,461.48 $45,688.79
004239109 ACADIA REALTY TRUST US AKR 229.47 $6,480.30
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 415,647.8 $425,395.25
008492100 AGREE REALTY CORP US ADC 147.21 $9,637.75
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 17,318.66 $17,664.85
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 56.29 $8,014.51
020002101 ALLSTATE CORPORATION US ALL 188.34 $18,657.00
02079K107 ALPHABET INC-CL C US GOOG 190.51 $226,411.67
02079K305 ALPHABET INC-CL A US GOOGL 177.52 $212,834.88
023135106 AMAZON.COM INC US AMZN 51.96 $100,094.22
02319V103 AMBEV SA-ADR BR ABEV 24,016.65 $113,118.42
0237400 DIAGEO PLC GB DGE LN 6,791.08 $286,296.79
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 73,604.3 $73,972.32
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 238.13 $11,239.81
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,504.56 $36,079.31
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 19,483.49 $18,752.86
03027X100 AMERICAN TOWER REIT INC US AMT 584.5 $114,153.77
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 10,581.61 $10,677.99
03064D108 AMERICOLD REALTY TRUST US COLD 214.32 $6,860.33
031162100 AMGEN INC US AMGN 355.47 $63,742.07
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 19,483.49 $19,873.16
03748R754 APARTMENT INVT & MGMT CO -A US AIV 421.71 $20,815.57
037833100 APPLE COMPUTER INC US AAPL 218.65 $43,876.11
03784Y200 APPLE HOSPITALITY REIT INC US APLE 409.15 $6,730.57
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 4,329.66 $4,270.13
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 MUL 17,318.66 $17,448.55
03990B101 ARES MANAGEMENT CORP - A US ARES 950.36 $23,236.34
053484101 AVALONBAY COMMUNITIES INC US AVB 394 $79,166.31
055622104 BP PLC-SPONS ADR GB BP 1,480.75 $64,752.99
058498106 BALL CORP US BLL 4,810.26 $288,326.82
060505104 BANK OF AMERICA CORP US BAC 6,286.67 $192,246.46
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 666,768.34 $683,191.86
06759L103 BARINGS BDC INC US BBDC 1,508.89 $14,998.35
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 1,394.15 $302,126.68
088606108 BHP GROUP LTD AU BHP 1,138.7 $60,294.26
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 1,259.93 $107,762.02
09247X101 BLACKROCK INC US BLK 188.34 $91,390.30
0925288 GLAXOSMITHKLINE PLC GB GSK LN 759.86 $15,609.92
09253U108 BLACKSTONE GROUP LP/THE US BX 1,166.84 $46,043.69
097023105 BOEING CO US BA 244.63 $92,392.81
09857L108 BOOKING HOLDINGS INC US BKNG 177.52 $329,290.86
0989529 ASTRAZENECA PLC GB AZN LN 259.78 $19,353.58
101121101 BOSTON PROPERTIES INC US BXP 294.42 $40,517.69
105368203 BRANDYWINE REALTY TRUST US BDN 1,887.73 $29,052.22
110122108 BRISTOL MYERS SQUIBB CO US BMY 1,382.89 $64,207.81
11134LAB5 BROADCOM CRP / CAYMN FI 2.37500 01/15/2020 US 463,274.11 $461,269.01
11135F101 BROADCOM INC US AVGO 183.14 $58,313.31
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 17,318.66 $16,366.13
12503M108 CBOE GLOBAL MARKETS INC US CBOE 1,073.76 $109,104.43
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 97,963.41 $99,470.56
12572Q105 CME GROUP INC US CME 627.8 $112,313.66
125896100 CMS ENERGY CORP US CMS 738.21 $41,007.44
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 441,625.79 $442,058.58
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 212,752.84 $203,526.17
126650100 CVS HEALTH CORP US CVS 721.32 $39,225.50
133131102 CAMDEN PROPERTY TRUST US CPT 69.27 $6,972.49
149123101 CATERPILLAR INC US CAT 300.91 $41,953.11
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 10,486.27 $10,453.50
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 154,911.96 $154,662.83
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 41,131.81 $40,823.32
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 246,236.16 $244,493.13
165240102 CHESAPEAKE LODGING TRUST US CHSP 359.36 $10,241.82
166764100 CHEVRON CORP US CVX 1,087.61 $130,578.67
16941R108 CHINA PETROLEUM & CHEM-ADR CN SNP 723.49 $55,520.39
17275R102 CISCO SYSTEMS INC US CSCO 1,774.73 $99,296.12
172967424 CITIGROUP INC US C 2,088.63 $147,666.15
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 229,472.22 $347,459.01
191216100 COCA COLA CO/THE US KO 4,721.5 $231,636.75
194162103 COLGATE-PALMOLIVE CO US CL 955.12 $69,523.48
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 1,027.43 $37,480.62
2099084 BORALEX INC -A CA BLX CN 978.5 $13,358.84
222795106 COUSINS PROPERTIES INC US CUZ 3,067.57 $29,356.62
22282E102 COVANTA HOLDING CORP US CVA 2,742.84 $49,563.16
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 450,285.12 $457,757.16
22822V101 CROWN CASTLE INTL CORP US CCI 510.9 $64,261.05
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 150,684.81 $143,842.66
229663109 CUBESMART US CUBE 305.24 $9,740.25
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 12,988.99 $13,200.58
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 17,318.66 $16,945.27
25271C102 DIAMOND OFFSHORE DRILLING US DO 3,126.02 $30,353.63
253868103 DIGITAL REALTY TRUST INC US DLR 190.51 $22,424.37
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 454,614.78 $452,439.62
256677105 DOLLAR GENERAL CORP US DG 484.92 $61,143.87
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 17,318.66 $17,621.73
25960P109 DOUGLAS EMMETT INC US DEI 339.88 $13,999.60
26078J100 DOWDUPONT INC US DWDP 1,013.57 $38,971.94
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 43,296.65 $43,729.61
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 43,296.65 $42,105.99
269246401 ETRADE FINANCIAL CORP US ETFC 1,203.65 $60,976.74
2715777 QUEBECOR INC -CL B CA QBR/B CN 2,615.12 $65,216.89
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 3,143.34 $63,655.09
285512109 ELECTRONIC ARTS US EA 1,697.23 $160,642.68
291011104 EMERSON ELEC CO US EMR 445.09 $31,596.90
29444U700 EQUINIX INC US EQIX 625.64 $284,476.93
29446M102 EQUINOR ASA-SPON ADR NO EQNR 1,443.94 $32,041.10
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 158.03 $18,442.42
29476L107 EQUITY RESIDENTIAL US EQR 623.47 $47,645.71
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 729.55 $15,087.06
297178105 ESSEX PROPERTY TRUST INC US ESS 103.91 $29,355.13
30161N101 EXELON CORP US EXC 517.39 $26,361.27
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 671,098.01 $669,559.18
30225T102 EXTRA SPACE STORAGE INC US EXR 108.24 $11,223.57
30231G102 EXXON MOBIL CORP US XOM 1,840.11 $147,723.83
302491303 FMC CORP US FMC 697.08 $55,110.83
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 13,584.07 $13,527.42
30262DAL5 FREMF 2011-K13 B 4.76831 01/25/2048 US 177,516.25 $182,195.51
30262SAR9 FREMF 2015-K42 B FLT 3.98281 12/25/2024 US 77,933.96 $79,204.05
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 23,813.16 $24,592.32
30287EAE0 FREMF 2014-K41 B FLT 3.96271 11/25/2047 US 303,076.52 $309,775.06
30291EAE4 FREMF 2013-K712 B FLT 3.46531 05/25/2045 US 497,911.43 $498,001.80
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 4,689,409.57 $14,347.72
3128M1AM1 FHLM POOL G11912 5.50000 03/01/2021 US 3,870.53 $3,903.04
3128M6HZ4 FHLM POOL G04448 5.50000 07/01/2038 US 70,003.83 $76,587.98
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 1,581.8 $1,731.23
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 6,787.12 $7,545.63
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 54,615.71 $60,720.32
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 18,744.01 $20,565.33
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 32,212.12 $33,277.46
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 2,294.98 $2,348.12
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 2,086.89 $2,155.09
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 264,763.05 $278,244.23
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 38,388.64 $41,871.67
3128MJY87 FHLM POOL FG G08734 4.00000 11/01/2046 US 21,948.78 $22,612.25
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 19,596.89 $20,615.60
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 208,311.13 $221,542.42
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 66,465.37 $68,745.62
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 251,397.46 $258,977.36
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 181,145.67 $191,180.43
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 973.21 $975.57
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 182,714.51 $186,225.44
31371MLB1 FEDERAL NATL MTG ASSN 256022 5.50000 12/01/2035 US 23,082.91 $25,418.33
31371MRU3 FEDERAL NATL MTG ASSN 256199 5.00000 04/01/2021 US 2,073.17 $2,113.27
31371NDQ5 FEDERAL NATL MTG ASSN 256711 5.50000 05/01/2037 US 2,906.8 $3,193.69
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 51.96 $6,954.31
3137A2B34 FHMS K009 X1 FLT 1.43325 08/25/2020 US 471,391.59 $6,391.17
3137ADTK3 FHMS K014 X1 FLT 1.32344 04/25/2021 US 4,735,939.75 $92,770.43
3137AJMG6 FMHS K016 X1 FLT 1.63481 10/25/2021 US 1,036,102.08 $32,607.27
3137AUPF0 FHMS K021 x1 FLT 1.57070 06/25/2022 US 6,821,416.77 $260,968.99
3137B3NB0 FHMS K030 X1 FLT 0.30473 04/25/2023 US 13,046,448.92 $91,831.35
3137B4GZ3 FHMS K032 X1 FLT 0.21525 05/25/2023 US 7,651,848.1 $33,458.47
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 225,409.04 $230,901.42
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 215,884.77 $223,868.98
3138A7BL1 FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 82,475.82 $85,955.35
3138AJ4A7 FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 13,530.5 $14,080.79
3138EPLE2 FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 44,257.59 $46,847.20
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65000 01/01/2049 US 276,956.36 $303,538.22
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 390,161.06 $396,281.07
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 265,766.5 $279,411.08
3138YTGK4 FEDERAL NATL MTG ASSN AZ2001 3.50000 05/01/2045 US 463,098.78 $469,783.21
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 25,598.95 $28,179.85
31403DVZ9 FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 4,228.17 $4,837.01
31406PTV1 FEDERAL NATL MTG ASSN 816064 4.50000 04/01/2020 US 1,526.98 $1,553.96
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 249,677.75 $257,565.77
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 44,236.42 $45,629.48
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 239,528.6 $247,022.69
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 69,783.65 $72,912.11
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 269,647.44 $281,290.78
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 201,681.58 $212,694.45
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 168,954.12 $178,180.45
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 215,125.33 $224,780.36
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 90,074.1 $95,020.64
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 135,374.06 $142,808.38
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 1,563.16 $1,599.52
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 1,833.63 $1,875.05
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 13,093.97 $13,292.69
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 16,207.45 $16,436.07
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 7,414.14 $8,020.43
31410WSY5 FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 4,368.86 $4,810.39
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 17,083.4 $18,736.35
31411RHZ4 FEDERAL NATL MTG ASSN 912948 5.00000 05/01/2038 US 1,924.86 $2,028.50
31413CCL1 FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 2,177.96 $2,375.29
31413MR66 FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 7,859.63 $8,900.08
31413S6R0 FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 5,120.78 $5,710.01
31414CQ50 FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 1,127.69 $1,256.07
31414DJ23 FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 3,345.42 $3,630.72
31414QX28 FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 3,227.09 $3,321.16
31414UF52 FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 18,332.74 $18,664.37
31415ALX7 FEDERAL NATL MTG ASSN 981042 6.00000 04/01/2038 US 5,389.5 $5,838.76
31415BBC2 FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 6,620.32 $7,101.26
31415BBT5 FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 3,161.75 $3,340.81
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 9,311.07 $9,460.80
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 7,450.1 $7,891.84
31418B6G6 FEDERAL NATL MTG ASSN FN MA2670 3.00000 07/01/2046 US 175,996.18 $174,179.05
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 97,220.75 $102,068.08
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 95,186.24 $99,981.82
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 193,624.78 $191,625.60
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 225,331.92 $235,562.38
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36143WAS0 GAHR 2015-NRF DFX FLT 3.38216 12/15/2034 US 190,505.24 $189,524.84
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36294VKJ8 GNMA POOL 660997 5.50000 05/15/2037 US 13,323.24 $14,195.71
363576109 ARTHUR J GALLAGHER & CO US AJG 300.91 $25,162.24
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 385,340.15 $364,751.42
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37045XAR7 GENERAL MOTORS FINL CO 3.15000 01/15/2020 US 467,603.77 $468,438.89
37185LAF9 GENESIS ENERGY LP/GENESI 5.62500 06/15/2024 US 15,153.83 $15,049.65
372460105 GENUINE PARTS CO US GPC 437.3 $44,840.34
374297109 GETTY REALTY CORP US GTY 428.64 $13,900.69
375558103 GILEAD SCIENCES INC US GILD 801.85 $52,152.58
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38141GVR2 GOLDMAN SACHS GROUP INC 4.25000 10/21/2025 US 216,483.23 $222,914.49
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 198,313.67 $191,588.46
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 5,438.06 $75,480.25
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 17,318.66 $17,405.25
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406216101 HALLIBURTON CO US HAL 4,543.98 $128,731.04
421946104 HEALTHCARE REALTY TRUST INC US HR 1,136.54 $35,096.26
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 1,545.69 $42,630.14
42809H107 HESS CORP US HES 549.87 $35,257.50
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 173.19 $15,065.50
437076102 HOME DEPOT INC US HD 462.41 $94,192.55
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 1,251.71 $34,910.08
438516106 HONEYWELL INTERNATIONAL INC US HON 362.83 $62,997.46
44107P104 HOST MARRIOTT CORP US HST 764.19 $14,702.93
444454AB8 HUGHES SATELITE SYSTEMS 6.50000 06/15/2019 US 32,472.48 $32,582.89
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 34,637.32 $34,852.41
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 23,813.16 $23,991.75
452308109 ILLINOIS TOOL WKS INC US ITW 203.93 $31,737.19
45337C102 INCYTE CORP US INCY 1,779.49 $136,665.00
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 2,664.91 $28,221.38
458140100 INTEL CORP US INTC 3,327.78 $169,849.90
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 1,491.57 $121,339.17
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 467.6 $65,590.78
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 450,285.12 $450,800.79
46187BAA1 IHSFR 2017-SFR2 A 3.28238 12/17/2036 US 66,652.23 $66,201.74
46187BAB9 IHSFR 2017-SFR2 B 3.58238 12/17/2036 US 51,955.97 $51,955.86
46187W107 INVITATION HOMES INC US INVH 976.77 $24,282.56
46284VAC5 IRON MOUNTAIN INC 4.87500 09/15/2027 US 15,153.83 $14,670.80
464287598 ISHARES RUSSELL 1000 VALUE US 184.01 $23,507.37
464287739 ISHARES DJ US REAL ESTATE US 73.6 $6,403.57
466032109 J&J SNACK FOODS CORP US JJSF 277.1 $43,554.35
46625H100 JP MORGAN CHASE & CO US JPM 1,921.07 $222,940.43
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 18,706.77 $18,913.04
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 104,436.87 $103,111.03
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 119,485.48 $119,098.11
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 134,308.18 $133,964.59
46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 329,054.51 $341,211.21
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 196,791.89 $197,419.46
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 147,021.16 $147,490.01
4741844 MERCK KGAA DE MRK GR 2,060.92 $219,675.44
476405105 JERNIGAN CAPITAL INC US JCAP 2,063.09 $43,469.20
478160104 JOHNSON & JOHNSON US JNJ 3,987.62 $563,052.10
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 41,131.81 $24,576.26
485170302 KANSAS CITY SOUTHERN US KSU 510.9 $62,912.28
493267108 KEYCORP US KEY 1,513.22 $26,556.97
494368103 KIMBERLY CLARK CORP US KMB 249.82 $32,072.10
49446R109 KIMCO REALTY CORP US KIM 610.48 $10,616.29
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 554,197.07 $682,787.45
49456BAE1 KINDER MORGAN INC/ DELAWA 3.05000 12/01/2019 US 138,982.23 $139,068.79
496902AQ0 KINROSS GOLD CORP 4.50000 07/15/2027 CA 12,988.99 $12,547.63
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 38,966.98 $39,454.07
50212YAB0 LPL HOLDINGS INC 5.75000 09/15/2025 US 19,483.49 $19,824.45
502160AM6 LSB INDUSTRIES 9.62500 05/01/2023 US 17,318.66 $17,968.11
529043101 LEXINGTON REALTY TRUST US LXP 2,955 $26,801.81
531172104 LIBERTY PROPERTY TRUST US LPT 560.69 $27,832.73
534187109 LINCOLN NATL CORP IND US LNC 242.46 $16,177.01
53815P108 LIVERAMP HOLDINGS INC US RAMP 1,944.02 $113,394.65
539830109 LOCKHEED MARTIN CORP US LMT 151.54 $50,512.25
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 15,153.83 $15,078.06
550021109 LULULEMON - ADR CA LULU 961.19 $169,505.07
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 34,637.32 $33,598.20
563571AL2 MANITOWOC COMPANY INC 9.00000 04/01/2026 US 8,659.33 $8,735.10
56585A102 MARATHON PETROLEUM CORP US MPC 527.35 $32,099.99
5671735 SANOFI-AVENTIS FR SAN FP 367.16 $32,034.19
57636Q104 MASTERCARD INC-CLASS A US MA 1,433.12 $364,356.17
58502BAC0 MEDNAX INC 6.25000 01/15/2027 US 17,318.66 $17,665.03
58933Y105 MERCK & CO INC US MRK 3,332.11 $262,270.37
59001ABA9 MERITAGE HOMES CORP 5.12500 06/06/2027 US 15,153.83 $14,964.40
594918104 MICROSOFT CORP US MSFT 4,193.28 $547,642.39
59522J103 MID-AMERICA APARTMENT COMM US MAA 188.34 $20,606.32
60871R209 MOLSON COORS BREWING CO -B US TAP 606.15 $38,908.96
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 6,612.26 $336,233.61
615369105 MOODY'S CORPORATION US MCO 593.16 $116,627.91
61744YAG3 MORGAN STANLEY FLT 3.77988 05/08/2024 US 588,834.38 $597,406.14
61965RAB1 MOSS CREEK RESOURCES HLD 10.50000 05/15/2027 US 4,329.66 $4,437.91
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 32,472.48 $32,634.85
624758108 MUELLER WATER PRODUCTS INC - A US MWA 2,292.56 $24,599.14
62913TAM4 NGL ENRGY PART LP/FIN CO 6.12500 03/01/2025 US 21,648.32 $21,453.49
62957HAC9 NABORS INDUSTRIES INC 5.50000 01/15/2023 US 17,318.66 $16,496.02
637417106 NATIONAL RETAIL PROPERTIES US NNN 257.62 $13,555.70
637870106 NATIONAL STORAGE AFFILIATES US NSA 264.11 $7,727.85
63902MAE8 NATURAL RESRCE PART LP 9.12500 06/30/2025 US 4,329.66 $4,481.20
63941RAB6 NAVSL 2019-2A A2 3.48000 02/27/2068 US 432,966.46 $434,048.87
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 136,909.23 $138,810.15
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 170,386.79 $173,209.08
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 213,839.69 $216,919.81
6499550 KYOWA KIRIN CO LTD JP 4151 JP 3,160.66 $61,485.14
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 32,472.48 $27,276.89
66987V109 NOVARTIS AG- REG CH NVS 4,970.45 $408,720.51
67059TAD7 NUSTAR LOGISTICS LP 6.75000 02/01/2021 US 15,153.83 $15,759.98
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 97.42 $36,879.33
680223104 OLD REPUBLIC INTL CORP US ORI 900.57 $20,136.75
68323ADY7 ONTARIO (PROVINCE OF) 1.25000 06/17/2019 CA 194,834.91 $194,526.82
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 30,307.65 $31,292.65
693475105 PNC FINANCIAL SERVICES GROUP US PNC 138.55 $18,971.55
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 21,648.32 $21,884.72
70338P100 PATTERN ENERGY GROUP INC -A US PEGI 959.02 $22,172.56
7123870 NESTLE SA-REGISTERED CH NESN SW 2,385.65 $229,684.32
713448108 PEPSICO INC US PEP 2,145.35 $274,711.91
71642QAB3 PDLLN 7 1/4 05/01/22 7.25000 05/01/2022 GB 17,318.66 $16,842.40
71654V101 PETROLEO BRASIL-SP PREF ADR BR PBR/A 2,974.05 $41,041.84
717081103 PFIZER INC US PFE 2,527.23 $102,630.62
71943U104 PHYSICIANS REALTY TRUST US DOC 2,716.86 $49,066.57
729640102 PLYMOUTH INDUSTRIAL REIT INC US 746.87 $14,018.70
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 679,757.34 $694,705.05
74166MAB2 PRIME SECSRVC BRW/FINANC 5.25000 04/15/2024 US 17,318.66 $17,361.95
74251V102 PRINCIPAL FINANCIAL GROUP US PFG 268.44 $15,343.98
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 129,889.94 $129,137.11
74340W103 PROLOGIS US PLD 887.58 $68,050.85
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 415,647.8 $441,417.96
74460D109 PUBLIC STORAGE INC US PSA 142.88 $31,601.96
749685103 RPM INTERNATIONAL INC US RPM 768.52 $46,610.46
756109104 REALTY INCOME CORP US O 108.24 $7,578.00
75886F107 REGENERON PHARMACEUTICALS INC US REGN 179.68 $61,655.77
7591EP100 REGIONS FINANCIAL CORP. US RF 967.68 $15,028.07
767204100 RIO TINTO PLC - SPON ADR GB RIO 852.08 $50,187.39
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 17,318.66 $17,705.73
77714PAB5 SEMGROUP / ROSE ROCK FIN 5.62500 07/15/2022 US 23,813.16 $23,604.79
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 487.09 $31,607.09
78409V104 S&P GLOBAL INC US SPGI 521.72 $115,123.75
78410G104 SBA COMMUNICATIONS CORP US SBAC 584.5 $119,081.15
78442PGC4 SLM CORP 5.12500 04/05/2022 US 32,472.48 $31,985.40
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 378,845.65 $375,393.72
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 610,482.7 $679,994.70
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 415,647.8 $433,320.68
806857108 SCHLUMBERGER LTD NL SLB 2,487.39 $106,161.90
808513105 CHARLES SCHWAB CORP/THE US SCHW 2,558.83 $117,143.32
81211K100 SEALED AIR CORP US SEE 987.16 $46,021.56
812578102 SEATTLE GENETICS INC US SGEN 1,850.93 $125,456.14
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 126,162.5 $123,359.73
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 173,432.35 $170,235.56
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 132,836.78 $121,005.70
81762P102 SERVICENOW INC US NOW 216.48 $58,777.36
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 19,483.49 $19,093.82
828806109 SIMON PROPERTY GROUP INC US SPG 406.99 $70,693.90
83401LAB0 SOFI 2015-A A2 2.42000 03/25/2030 US 128,219.92 $127,880.34
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 153,899.55 $152,517.30
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 3,469.54 $3,458.32
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 50,621.52 $49,922.99
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 6,843.11 $6,806.87
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 37,029.98 $36,965.22
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 186,175.58 $186,152.12
835495102 SONOCO PRODUCTS CO US SON 489.25 $30,852.24
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 406,988.47 $415,184.91
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 41,131.81 $40,437.92
85254J102 STAG INDUSTRIAL INC US STAG 1,203.65 $34,640.95
855030AN2 STAPLES INC 7.50000 04/15/2026 US 23,813.16 $23,857.81
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.65963 11/15/2027 US 389,198.8 $388,414.37
862121100 STORE CAPITAL CORP US STOR 220.81 $7,357.49
866674104 SUN COMMUNITIES US SUI 244.63 $30,108.57
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 651.61 $9,383.25
87612E106 TARGET CORP US TGT 578.01 $44,749.55
876664103 TAUBMAN CTRS INC US TCO 99.58 $4,909.41
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 72,321.44 $71,864.86
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 25,977.99 $24,029.64
88160RAE1 TESLA INC 5.30000 08/15/2025 US 4,329.66 $3,701.86
882508104 TEXAS INSTRUMENTS INC US TXN 494.88 $58,311.79
88579Y101 3M CO US MMM 360.23 $68,266.83
88650V208 TIER REIT INC US TIER 961.19 $27,240.00
89151E109 TOTAL S A SPONSORED ADR FR TOT 931.74 $51,870.18
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 344,920.83 $338,805.83
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 154,798.62 $152,687.70
89177EAA7 TPMT 2019-HY1 A1 3.47663 10/25/2048 US 150,879.51 $150,987.71
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 347,609.43 $343,662.85
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 215,940.15 $214,443.92
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 32,472.48 $32,513.07
902653104 UDR INC US UDR 560.69 $25,203.09
902973304 U.S. BANCORP US USB 928.28 $49,495.89
903002103 UMH PROPERTIES INC US UMH 506.57 $7,117.32
904767704 UNILEVER PLC - ADR GB UL 4,623.22 $281,091.52
907818108 UNION PAC CORP US UNP 358.06 $63,391.52
911312106 UNITED PARCEL SERVICE US UPS 857.71 $91,105.59
912796SE0 TREASURY BILL 0.00000 08/22/2019 US 974,174.53 $966,926.72
912796SJ9 TREASURY BILL 0.00000 09/19/2019 US 1,861,755.77 $1,844,419.32
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 736,475.94 $951,233.48
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 335,652.18 $324,661.55
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 694,911.16 $641,272.71
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 1,240,448.9 $1,266,759.99
9128286B1 US TREASURY N/B 2.62500 02/15/2029 US 907,064.73 $916,312.53
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 2,534,289.75 $2,521,321.31
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 1,312,754.3 $1,246,655.07
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 1,240,448.9 $1,233,955.92
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 1,257,767.56 $1,241,013.70
913017109 UNITED TECHNOLOGIES CORP US UTX 436.86 $62,301.05
91704F104 URBAN EDGE PROPERTIES US UE 911.39 $16,924.59
918204108 VF CORP US VFC 293.98 $27,755.05
91913Y100 VALERO ENERGY US VLO 313.9 $28,458.24
92276F100 VENTAS INC US VTR 235.97 $14,419.93
92339V100 VEREIT INC US VER 2,428.94 $20,063.06
92343V104 VERIZON COMMUNICATIONS US VZ 997.99 $57,074.92
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 619,142.03 $736,978.04
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 779.34 $131,692.81
92826C839 VISA INC - CLASS A SHARES US V 2,169.16 $356,675.30
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 21,648.32 $21,876.21
929042109 VORNADO REALTY TRUST US VNO 216.48 $14,967.65
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 17,318.66 $17,621.73
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 19,483.49 $21,090.88
93065PAA9 WBHT 2019-WBM A FLT 3.48963 12/15/2033 US 168,856.92 $168,143.67
931142103 WAL MART STORES US WMT 1,000.15 $102,855.68
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 625.64 $33,515.35
94106L109 WASTE MANAGEMENT INC US WM 1,033.06 $110,888.44
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 19,483.49 $19,093.82
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 32,472.48 $32,147.76
948741103 WEINGARTEN REALTY INVESTORS US WRI 584.5 $16,915.57
949746101 WELLS FARGO COMPANY US WFC 3,292.28 $159,379.13
95040Q104 WELLTOWER INC. US WELL 281.43 $20,974.84
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 64,944.97 $64,833.26
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 19,483.49 $19,718.85
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 324,724.84 $325,664.08
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 144,317.61 $144,537.64
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 184,057.28 $183,726.00
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 38,966.98 $37,603.14
B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 1,625.79 $17,183.83
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 173,186.58 $8,871.20
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 60,615.3 $46,866.58
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 476,263.1 $24,107.15
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 103,911.95 $76,421.24
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 779,339.62 $41,099.83
B68XHC3 NORTHLAND POWER INC CA NPI CN 976.34 $17,359.41
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 151,538.26 $7,686.04
BBG00NDWLL31 BKNG US 05/17/19 P1730 US -.43 -$788.00
BBG00NX43YR7 EA US 05/10/19 P87.5 US -10.39 -$1,330.07
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 43,296.65 $42,971.92
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 7,423.21 $11,906.05
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 6,832.21 $336,743.69
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 8,940.76 $46,092.14
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 4,961.8 $150,236.76
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 3,403.12 $302,562.53
G29183103 EATON CORP PLC US ETN 326.02 $27,001.29
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 41,131.81 $42,571.43
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 1,563.01 $58,612.83
G5960L103 MEDTRONIC INC IE MDT 5,360.12 $476,032.68
G96629103 WILLIS TOWERS WATSON PLC GB WLTW 121.23 $22,347.65
H01301128 ALCON INC CH ALC 783.67 $45,609.55
H1467J104 CHUBB LTD CH CB 397.03 $57,648.79
H8817H100 TRANSOCEAN LTD US RIG 5,438.06 $42,743.14
N47279109 INTERXION HOLDING NV NL INXN 3,022.11 $209,099.51
USD US DOLLAR US 832,499.57 $832,499.57

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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