Investment Objective

To provide capital growth and manage risk for investors planning to retire (or meet another investment goal) in or around the year indicated in the fund’s name.

Investment Strategy

Currently: The portfolio is currently invested in a balanced mix of securities that seeks a more stable rate of long-term growth than that of the broad stock market. The portfolio is diversified among fixed income securities, primarily with intermediate to long-term maturities, and various stocks. Stock exposure can range from 26% - 66%.

Over Time: The portfolio’s investment mix will gradually become more conservative as the target date approaches and for several years after the target date. During the target year, the portfolio’s stock exposure can range from 20% - 60%. At five years after the target date and beyond, the focus will be on capital preservation, and stock exposure can range from 15% - 45%.

May be Appropriate for Investors

  • Who plan to stop contributions and start periodic withdrawals around the year 2025
  • Who have a moderate tolerance for risk and can accept fluctuations in current account value
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio that becomes more conservative over time

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

$13.39

Daily $ Change

$0.04

Daily % Change

0.30%

as of 01/16/2020

Ticker

MTOAX

CUSIP

56382P419

Inception Date

06/25/2012

Investment Minimum

$1,000,000.00

Investment minimum may be waived for certain qualified retirement plans.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms

Information on Underlying Investments

Blended Asset Series Prospectus
Blended Asset Series SAI
XBRL Blended Asset Series – 11/02/2017
Blended Asset Series Annual Report
Blended Asset Series Semi-Annual Report

The financial statements of the underlying investments should be read in conjunction with the Series’ financial statements. Beginning 10/16/2017, the underlying funds are the Manning & Napier Fund, Inc. Blended Asset Series. The Blended Asset Series are not currently available for direct investment.

Performance

As of 12/31/2019

YTD

---

1 Year

17.90%

3 Year

8.89%

5 Year

4.99%

10 Year

---

Inception
(06/25/2012)

7.71%

Market Cycle

---

Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.

Expense Ratio

Gross 1.10%
Net 0.73%*

*Includes acquired fund fees and expenses of the underlying Series. Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated without the prior approval of the Fund's Board of Directors.

Top Ten Investments

As of 12/31/2019

GOVERNMENT AGENCY 10.75%
TREASURY NOTES 9.84%
TREASURY BONDS 6.22%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 2.54%
TSY INFL IX N/B 2.00000 01/15/2026 1.95%
FACEBOOK INC -A 1.78%
NOVARTIS AG- REG 1.54%
MEDTRONIC INC 1.51%
MASTERCARD INC-CLASS A 1.49%
JOHNSON & JOHNSON 1.38%

Top Ten Investments list is unaudited and excludes cash

Asset Allocation

As of 12/31/2019

Bonds 52.85%
Stocks 45.66%
Cash 1.49%

Detailed Asset Class Allocation

As of 12/31/2019

International Equities 17.54%
Small Capitalization 0.23%
Mid Capitalization 1.42%
Large Capitalization 26.47%
Long Term Fixed Income 15.36%
Intermediate Term Fixed Income 31.02%
Short Term Fixed Income 6.47%
Cash 1.49%

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 12/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 6,918.2 $7,298.70
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 335,618.86 $368,637.75
00287Y109 ABBVIE INC US ABBV 258.16 $22,857.39
004239109 ACADIA REALTY TRUST US AKR 218.88 $5,675.60
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 10,796.83 $10,418.94
00507V109 ACTIVISION INC US ATVI 8,800.61 $522,932.33
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 337,297 $362,700.78
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 10,796.83 $10,796.83
008492100 AGREE REALTY CORP US ADC 135.44 $9,503.50
013093AD1 ALBERTSONS COS LLC/SAFEW 5.75000 03/15/2025 US 7,757.26 $8,028.77
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 48.22 $7,791.67
01609W102 ALIBABA GROUP - ADR CN BABA 1,732.04 $367,366.00
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 277,139.13 $288,754.64
020002101 ALLSTATE CORPORATION US ALL 62.71 $7,051.79
02079K107 ALPHABET INC-CL C US GOOG 355.69 $475,571.07
02079K305 ALPHABET INC-CL A US GOOGL 354.86 $475,290.22
023135106 AMAZON.COM INC US AMZN 304.12 $561,959.21
02319V103 AMBEV SA-ADR BR ABEV 35,589.42 $165,846.70
0237400 DIAGEO PLC GB DGE LN 8,175.2 $344,478.24
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 354.63 $16,678.42
0263494 BAE SYSTEMS PLC GB BA/ LN 7,343.46 $54,983.22
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,110.44 $29,104.75
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 17,715.02 $18,153.19
03027X100 AMERICAN TOWER REIT INC US AMT 1,369.93 $314,838.32
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 344,642.95 $368,467.98
03064D108 AMERICOLD REALTY TRUST US COLD 727.09 $25,491.89
031162100 AMGEN INC US AMGN 115.44 $27,829.34
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 6,918.2 $6,083.69
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 6,918.2 $6,018.83
03748R754 APARTMENT INVT & MGMT CO -A US AIV 580.66 $29,991.32
038222105 APPLIED MATERIALS INC US AMAT 164.4 $10,034.81
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 120.1 $5,566.42
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 6,918.2 $7,073.86
053484101 AVALONBAY COMMUNITIES INC US AVB 207.25 $43,459.41
05722G100 BAKER HUGHES CO US BKR 218.07 $5,589.17
060505104 BANK OF AMERICA CORP US BAC 867.3 $30,546.13
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 506,467.86 $540,247.62
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 3,411.41 $772,684.57
086516101 BEST BUY INC US BBY 88.6 $7,779.42
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 4,836.83 $408,954.03
09247X101 BLACKROCK INC US BLK 324.35 $163,050.26
0946580 WEIR GROUP PLC/THE GB WEIR LN 2,542.17 $50,843.68
097023105 BOEING CO US BA 76.9 $25,052.47
09857L108 BOOKING HOLDINGS INC US BKNG 151.38 $310,888.91
101121101 BOSTON PROPERTIES INC US BXP 182.19 $25,116.88
105368203 BRANDYWINE REALTY TRUST US BDN 1,771.03 $27,893.71
110122108 BRISTOL MYERS SQUIBB CO US BMY 292.31 $18,763.58
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 662.01 $28,109.03
11135F101 BROADCOM INC US AVGO 59.27 $18,731.11
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 6,918.2 $4,496.83
12503M108 CBOE GLOBAL MARKETS INC US CBOE 2,528.59 $303,430.59
12510GAB8 CCG 2019-1 A2 2.80000 09/14/2026 US 378,394.87 $381,462.96
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 56.94 $4,453.08
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 66,353.7 $67,343.31
12572Q105 CME GROUP INC US CME 1,461.75 $293,403.41
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 97,299.09 $95,501.70
12648TAA7 CSMC 2014-IVR3 A1 3.50000 07/25/2044 US 158,375.88 $160,793.48
126650100 CVS HEALTH CORP US CVS 241.3 $17,926.32
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 10,796.83 $11,741.55
133131102 CAMDEN PROPERTY TRUST US CPT 276.74 $29,362.57
13321L108 CAMECO CORP CA CCJ 3,785.26 $33,688.86
149123101 CATERPILLAR INC US CAT 101.85 $15,041.89
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 104,505.94 $105,101.48
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 6,918.2 $6,961.43
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 177,031.6 $177,075.26
166764100 CHEVRON CORP US CVX 203.1 $24,475.74
17275R102 CISCO SYSTEMS INC US CSCO 606.31 $29,078.41
172967424 CITIGROUP INC US C 252.56 $20,177.10
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 168,126.14 $280,679.29
191216100 COCA COLA CO/THE US KO 11,160.24 $617,719.43
192422103 COGNEX CORP US CGNX 2,958.8 $165,810.90
194162103 COLGATE-PALMOLIVE CO US CL 181.25 $12,477.54
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 278,817.27 $283,241.83
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 394.26 $16,897.94
20451NAG6 COMPASS MINERALS INTERNA 6.75000 12/01/2027 US 14,675.46 $15,592.68
205887102 CONAGRA BRAND INC. US CAG 135.4 $4,636.13
222795502 COUSINS PROPERTIES INC US CUZ 1,064.07 $43,839.63
225310AN1 CREDIT ACCEPTANC 5.12500 12/31/2024 US 7,757.26 $8,055.61
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 303,989.3 $304,274.43
22822V101 CROWN CASTLE INTL CORP US CCI 150.43 $21,383.28
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 45,530.6 $44,100.51
231021106 CUMMINS INC US CMI 45.85 $8,205.93
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 1,253.89 $12,717.08
25277LAC0 DIAMOND SPORTS GR/DIAMON 6.62500 08/15/2027 US 10,796.83 $10,499.91
253868103 DIGITAL REALTY TRUST INC US DLR 171.18 $20,497.35
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 351,133.39 $409,315.32
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 13,836.39 $14,147.71
25960P109 DOUGLAS EMMETT INC US DEI 467.11 $20,506.30
260557103 DOW INC US DOW 137.29 $7,513.77
262006208 DREYFUS GVT CSH MANAGEMENT US 1,056,062.03 $1,056,062.03
2715777 QUEBECOR INC -CL B CA QBR/B CN 7,046.87 $179,841.45
277432100 EASTMAN CHEM CO US EMN 54.28 $4,302.39
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 9,240.46 $187,506.07
285512109 ELECTRONIC ARTS US EA 4,171.93 $448,523.88
2866857 LUNDIN MINING CORP CA LUN CN 2,130.5 $12,731.62
291011104 EMERSON ELEC CO US EMR 150.54 $11,480.08
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 237,308.09 $282,278.90
29373FAB0 EFF 2018 -2 A2 MTGE 3.14000 02/20/2024 US 163,321.64 $164,601.59
29413XAD9 ENVIVA PARTNERS LP/FIN C 6.50000 01/15/2026 US 10,796.83 $11,559.41
29444U700 EQUINIX INC US EQIX 862.96 $503,707.71
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 191.73 $13,495.95
29476L107 EQUITY RESIDENTIAL US EQR 286.5 $23,183.29
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 656.52 $16,288.29
297178105 ESSEX PROPERTY TRUST INC US ESS 66.38 $19,970.14
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 303,956.39 $305,715.73
30225T102 EXTRA SPACE STORAGE INC US EXR 69.82 $7,373.90
30287EAE0 FREMF 2014-K41 B FLT 3.83246 11/25/2047 US 81,389.58 $85,922.34
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 10,455,295.78 $25,942.73
30291XAE2 FREMF 2014-K715 B FLT 3.97120 02/25/2046 US 79,040.19 $80,129.27
30303M102 FACEBOOK INC -A US FB 6,069.53 $1,245,770.66
30744W107 FARFETCH LTD - CLASS A GB FTCH 1,325.7 $13,721.02
311900104 FASTENAL CO US FAST 175.15 $6,471.90
3128M5VT4 FHLM POOL G03926 6.00000 02/01/2038 US 13,409.25 $15,362.50
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 25,529.09 $28,663.26
3128M6NS3 FHLM POOL G04601 5.50000 07/01/2038 US 26,830.09 $30,109.38
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 14,003.33 $15,728.03
3128MJ2E9 FHLM POOL FG 08772 4.50000 07/01/2047 US 108,932.1 $115,330.62
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 17,740.81 $19,926.57
3128P75X7 FHLM POOL C91762 4.50000 05/01/2034 US 72,052.29 $77,571.66
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 17,988.38 $19,315.96
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 26,498.49 $28,528.54
3131XVYW9 FEDERAL NATL MTG ASSN FR ZM2525 3.00000 12/01/2046 US 188,898.82 $193,251.15
3131YBKP2 FEDERAL NATL MTG ASSN FN ZN4802 4.00000 04/01/2049 US 305,546.93 $318,553.39
3132QQFU1 FHLM POOL Q33778 4.00000 06/01/2045 US 35,774.59 $37,934.93
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 113,215.7 $120,150.91
3132WKQ84 FHLM POOL Q45878 3.00000 12/01/2046 US 175,551.03 $179,703.91
3132Y33P7 FHLM POOL FG Q59805 4.50000 11/01/2048 US 127,594.34 $134,554.70
31335AQ92 FHLM POOL FG G60480 4.50000 11/01/2045 US 248,913.68 $268,378.43
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 171,096.36 $183,047.49
3133G6L60 FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 US 206,456.59 $211,739.02
3136AY6W8 FNA 2017-M15 A1 2.95932 09/25/2027 US 187,974.79 $194,610.18
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 144,018.04 $149,590.35
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 47.38 $6,099.57
3137A2B34 FHMS K009 X1 FLT 1.25990 08/25/2020 US 1,043,407.16 $5,222.67
3137AME78 FHMS K017 X1 FLT 1.29117 12/25/2021 US 928,105.47 $18,046.64
3137AUPF0 FHMS K021 x1 FLT 1.42508 06/25/2022 US 811,631.13 $24,317.69
3137B3NB0 FHMS K030 X1 FLT 0.18323 04/25/2023 US 4,198,389.9 $22,854.36
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 138,857.2 $141,624.99
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 118,612.66 $121,187.57
3138EGE26 FEDERAL NATL MTG ASSN AL0152 6.00000 06/01/2040 US 45,681.56 $52,386.09
3138EGHT4 FEDERAL NATL MTG ASSN AL0241 4.00000 04/01/2041 US 110,560.86 $118,593.90
3138EHR87 FEDERAL NATL MTG ASSN AL1410 4.50000 12/01/2041 US 154,866.31 $168,107.36
3138EP2A1 FEDERAL NATL MTG ASSN AL7068 4.50000 09/01/2042 US 110,383.4 $119,738.16
3138EQST0 FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 90,778.1 $97,348.55
3138ERN30 FEDERAL NATL MTG ASSN FN AL9409 3.50000 11/01/2031 US 160,713.17 $167,141.16
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64200 01/01/2049 US 189,619.3 $211,755.87
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 401,354.42 $423,472.72
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 37,000.41 $39,864.40
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 31,792.92 $35,776.84
3140F8RB5 FEDERAL NATL MTG ASSN BD1381 3.50000 06/01/2046 US 55,142.5 $57,347.10
3140H2PH5 FEDERAL NATL MATG ASSN FN BJ1323 3.50000 11/01/2047 US 391,788.89 $410,748.49
3140HPMQ7 FEDERAL NATIONAL MTGE FN BK9366 4.50000 08/01/2048 US 67,297.94 $70,954.82
3140J9SN2 FEDERAL NATL MTG ASSN FN BM5024 3.00000 11/01/2048 US 352,041.7 $358,848.19
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 200,881.1 $211,637.14
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 211,080.11 $233,216.60
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 64,923.28 $69,595.17
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 214,570.95 $226,685.86
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 132,342.07 $141,862.67
3140X4JC1 FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 US 286,768.27 $297,288.64
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 6,806.88 $6,889.22
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 8,334.36 $8,431.55
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 78,387.74 $85,067.38
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 71,690.95 $77,140.08
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 38,173.72 $41,075.74
31418C4F8 FEDERAL NATL MTG ASSN FN MA3521 4.00000 11/01/2048 US 318,225.31 $331,015.53
31418C4M3 FEDERAL NATL MTG ASSN FN MA3527 5.00000 11/01/2048 US 276,594.31 $295,432.06
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 135,787.96 $138,939.73
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 270,070.17 $281,247.68
31418CZ56 FEDERAL NATL MTG ASSN FN MA3463 4.00000 09/01/2033 US 102,755.21 $107,270.38
31418CZH0 FEDERAL NATL MTG ASSN FN MA3443 4.00000 08/01/2048 US 148,760.06 $154,581.91
31418DC67 FEDERAL NATL MTG ASSN FN MA3692 3.50000 07/01/2049 US 399,686.13 $410,838.28
31418MGR7 FEDERAL NATL MTG ASSN AD0207 6.00000 10/01/2038 US 29,205.21 $33,473.63
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 18,549.05 $20,824.70
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 6,918.2 $7,367.88
316773100 FIFTH THIRD BANCORP US FITB 206.2 $6,338.72
32054K103 FIRST INDUSTRIAL REALTY TR US FR 326.64 $13,559.00
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 10,796.83 $10,875.75
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 196,432.34 $201,073.68
346232AD3 FORESTAR GROUP INC 8.00000 04/15/2024 US 6,918.2 $7,523.54
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 16,875.96 $17,812.57
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 10,796.83 $11,242.20
35563BAJ9 FREMF 2014-K37 B FLT 4.55921 01/25/2047 US 140,831.75 $151,714.87
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 61,130.2 $61,140.01
364760108 GAP INC US GPS 146.32 $2,587.01
369550108 GENERAL DYNAMICS CORP US GD 46.63 $8,223.05
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 306,490.05 $300,194.75
370334104 GENERAL MLS INC US GIS 168 $8,998.27
372460105 GENUINE PARTS CO US GPC 55.23 $5,866.60
374297109 GETTY REALTY CORP US GTY 285.66 $9,389.56
375558103 GILEAD SCIENCES INC US GILD 262.04 $17,027.20
37960JAA6 GLOBAL AIR LEASE CO LTD 6.50000 09/15/2024 KY 14,675.46 $15,313.11
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 211,803.38 $211,852.77
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 18,234.3 $303,601.09
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 192.59 $22,842.70
40051E202 GRUPO AEROPORTUARIO DEL SURESTE MX ASR 141.94 $26,598.57
404119BX6 HCA INC 4.12500 06/15/2029 US 267,703.73 $284,054.86
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 3,878.63 $3,607.13
406216101 HALLIBURTON CO US HAL 15,983.21 $391,109.17
416515104 HARTFORD FINL SVCS US HIG 81.89 $4,976.74
421946104 HEALTHCARE REALTY TRUST INC US HR 575.4 $19,201.06
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 354.63 $10,738.31
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 959.18 $33,062.86
427866108 HERSHEY CO/THE US HSY 57.72 $8,483.75
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 88.37 $9,801.06
437076102 HOME DEPOT INC US HD 157.86 $34,472.55
438516106 HONEYWELL INTERNATIONAL INC US HON 118.71 $21,011.96
44107P104 HOST MARRIOTT CORP US HST 692.91 $12,853.55
45031UCG4 ISTAR INC 4.25000 08/01/2025 US 7,757.26 $7,842.28
450913AE8 IAMGOLD CORP 7.00000 04/15/2025 CA 10,796.83 $11,248.78
452308109 ILLINOIS TOOL WKS INC US ITW 67.53 $12,130.88
45337C102 INCYTE CORP US INCY 2,272.12 $198,401.64
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 950.58 $13,384.19
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 10,796.83 $11,129.15
458140100 INTEL CORP US INTC 658.43 $39,406.91
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 3,244.57 $300,284.77
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 158.63 $21,262.97
460146103 INTERNATIONAL PAPER CO US IP 94.37 $4,345.72
46187BAA1 IHSFR 2017-SFR2 A 2.58738 12/17/2036 US 62,776.93 $62,538.25
46187BAB9 IHSFR 2017-SFR2 B 2.88738 12/17/2036 US 48,744.08 $48,674.45
46187W107 INVITATION HOMES INC US INVH 1,574.02 $47,173.24
46625H100 JP MORGAN CHASE & CO US JPM 339.28 $47,295.33
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 54,961.14 $56,117.74
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 73,914.37 $74,634.17
46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 247,154.8 $263,583.72
4741844 MERCK KGAA DE MRK GR 5,609.18 $661,289.74
476405105 JERNIGAN CAPITAL INC US JCAP 1,227.75 $23,499.20
478160104 JOHNSON & JOHNSON US JNJ 6,592.56 $961,656.16
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 13,836.39 $4,081.74
4821100 SOLVAY SA BE SOLB BB 604.36 $70,342.95
482480100 KLA-TENCOR CORPORATION US KLAC 50.24 $8,950.46
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 8,596.33 $9,004.66
487836108 KELLOGG CO US K 93.76 $6,484.56
493267108 KEYCORP US KEY 279.67 $5,660.53
49427F108 KILROY REALTY CORP US KRC 83.51 $7,006.17
494368103 KIMBERLY CLARK CORP US KMB 83.28 $11,454.93
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 284,896.4 $377,452.94
500255104 KOHLS CORP US KSS 61.93 $3,155.57
50050N103 KONTOOR BRANDS INC US KTB 6.88 $288.77
501044101 KROGER CO US KR 174.1 $5,047.30
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 13,836.39 $14,493.62
5107401 BEIERSDORF AG DE BEI GR 311.87 $37,309.45
512807108 LAM RESEARCH CORP US LRCX 28.56 $8,349.85
516806AD8 LAREDO PETROLEUM INC 5.62500 01/15/2022 US 7,757.26 $7,524.55
531172104 LIBERTY PROPERTY TRUST US LPT 171.5 $10,298.51
53223X107 LIFE STORAGE INC US LSI 66.78 $7,230.48
539830109 LOCKHEED MARTIN CORP US LMT 49.46 $19,258.64
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 6,918.2 $4,721.67
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56585A102 MARATHON PETROLEUM CORP US MPC 177.21 $10,676.77
57636Q104 MASTERCARD INC-CLASS A US MA 3,475.8 $1,037,838.23
57772K101 MAXIM INTEGRATED PRODUCTS US MXIM 83.45 $5,132.77
58933Y105 MERCK & CO INC US MRK 2,564.16 $233,210.56
594918104 MICROSOFT CORP US MSFT 3,885.71 $612,777.18
595112103 MICRON TECHNOLOGY INC US MU 17,214.51 $925,796.20
59522J103 MID-AMERICA APARTMENT COMM US MAA 100.84 $13,297.35
60871R209 MOLSON COORS BREWING CO -B US TAP 66.92 $3,607.24
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 11,180.85 $615,841.04
615369105 MOODY'S CORPORATION US MCO 1,401.34 $332,692.57
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63938CAA6 NAVIENT CORP 5.00000 10/26/2020 US 10,796.83 $10,955.54
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670346105 NUCOR CORP US NUE 104.18 $5,863.35
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67066G104 NVIDIA CORP US NVDA 2,630.87 $619,044.24
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674599105 OCCIDENTAL PETROLEUM CORP US OXY 148.65 $6,125.93
675232AB8 OCEANEERING INTL INC 6.00000 02/01/2028 US 10,796.83 $10,580.89
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6821506 SONY CORP FIRST SECTION JP 6758 JP 748.5 $50,821.29
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7123870 NESTLE SA-REGISTERED CH NESN SW 6,714.87 $726,987.67
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717081103 PFIZER INC US PFE 834.08 $32,679.42
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773903109 ROCKWELL AUTOMATION INC US ROK 24.17 $4,899.39
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 4,025.77 $352,697.97
78409V104 S&P GLOBAL INC US SPGI 1,129.46 $308,398.84
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78442PGC4 SLM CORP 5.12500 04/05/2022 US 13,836.39 $14,320.67
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78471DAA5 SCLP 2016-1 A 3.26000 08/25/2025 US 47,133.66 $47,488.23
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785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 427,439.19 $491,351.62
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 331,217.87 $357,564.77
806857108 SCHLUMBERGER LTD NL SLB 12,062.1 $484,896.61
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812578102 SEATTLE GENETICS INC US SGEN 1,618.61 $184,942.50
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 80,635.44 $81,213.03
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81762P102 SERVICENOW INC US NOW 2,175.9 $614,300.12
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 6,918.2 $6,589.58
828806109 SIMON PROPERTY GROUP INC US SPG 300.02 $44,690.39
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 40.26 $4,191.81
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 7,458.62 $7,453.27
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 33,007.44 $33,267.28
83402QAA0 SCLP 2016-2 A 3.09000 10/27/2025 US 14,947.95 $14,983.80
83404YAA1 SCLP 2016-5 A 3.06000 09/25/2028 US 33,634.89 $33,774.54
83405TAA1 SCLP 2019-3 A MTGE 2.90000 05/25/2028 US 142,599.96 $143,488.20
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 111,190.05 $111,909.06
83406EAB1 SOFI 2018-A A2A 2.39000 02/25/2042 US 26,301.31 $26,353.56
835699307 SONY CORP SPONSORED ADR JP SNE 9,624.25 $654,449.07
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 372,315.74 $375,293.57
852061AR1 SPRINT COMMUNICATIONS 7.00000 08/15/2020 US 14,675.46 $14,987.31
85207UAE5 SPRINT CORP 7.25000 09/15/2021 US 6,918.2 $7,315.99
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 6,918.2 $7,463.00
85254J102 STAG INDUSTRIAL INC US STAG 505.9 $15,971.27
85571BAP0 STARWOOD PROPERTY TRUST 3.62500 02/01/2021 US 10,796.83 $10,864.31
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.20975 11/15/2027 US 193,040.4 $192,448.23
862121100 STORE CAPITAL CORP US STOR 296.45 $11,039.95
866674104 SUN COMMUNITIES US SUI 183.13 $27,488.53
86723CAF5 SUNCOKE ENRGY PART LP/FI 7.50000 06/15/2025 US 6,918.2 $6,653.02
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 571.84 $7,959.97
86935CAA0 SCML 2019-SBC8 2.86000 04/25/2041 US 175,372.52 $175,399.39
871829107 SYSCO CORP US SYY 130.41 $11,155.35
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 8,694.1 $8,689.18
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 7,757.26 $6,593.67
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 258,901.75 $279,602.80
882508104 TEXAS INSTRUMENTS INC US TXN 168 $21,553.18
88579Y101 3M CO US MMM 114.33 $20,170.02
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 133,423.41 $133,431.77
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 136,724.66 $137,657.59
89177EAA7 TPMT 2019-HY1 A1 2.79200 10/25/2048 US 121,611.67 $121,875.40
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 3,878.63 $3,936.81
89417E109 TRAVELLERS COS INC US TRV 47.74 $6,538.06
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 150,602.71 $150,323.44
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 155,526.67 $156,641.67
89832Q109 TRUIST FINANCIAL CORP US TFC 273.46 $15,401.52
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 17,715.02 $17,095.00
902494103 TYSON FOODS INC -CL A US TSN 68.64 $6,249.35
902653104 UDR INC US UDR 494.6 $23,097.82
902973304 U.S. BANCORP US USB 301.52 $17,876.96
903002103 UMH PROPERTIES INC US UMH 451.08 $7,095.44
904767704 UNILEVER PLC - ADR GB UL 9,809.08 $560,785.36
907818108 UNION PAC CORP US UNP 121.04 $21,882.61
911312106 UNITED PARCEL SERVICE US UPS 175.49 $20,542.69
912810FS2 TSY INFL IX N/B 2.00000 01/15/2026 US 1,221,783.23 $1,358,068.84
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 988,581.38 $1,362,041.17
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 341,748.92 $354,933.17
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 1,310,482.31 $1,340,275.32
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 1,456,099.26 $1,639,988.67
9128284P2 US TREASURY N/B 2.62500 05/15/2021 US 1,079,662.15 $1,094,507.51
9128286N5 TSY INFL IX N/B 0.50000 04/15/2024 US 870,579.94 $884,654.39
912828D56 US TREASURY N/B 2.37500 08/15/2024 US 2,431,548.17 $2,506,014.34
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 1,775,886.01 $1,773,735.52
912828K74 US TREASURY N/B 2.00000 08/15/2025 US 1,418,024.65 $1,437,467.10
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 733,994.24 $726,568.28
912828VB3 UNITED STATES TREAS NTS 1.75000 05/15/2023 US 404,891.28 $406,457.07
912828WJ5 US TREASURY N/B 2.50000 05/15/2024 US 279,577.4 $289,286.17
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 399,169.99 $407,402.87
913017109 UNITED TECHNOLOGIES CORP US UTX 143.66 $21,514.76
91704F104 URBAN EDGE PROPERTIES US UE 915.64 $17,561.99
918204108 VF CORP US VFC 101.08 $10,073.52
91913Y100 VALERO ENERGY US VLO 104.35 $9,772.34
92276F100 VENTAS INC US VTR 266.47 $15,386.16
92339V100 VEREIT INC US VER 2,287.76 $21,138.90
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 450,299.68 $565,544.53
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 902.19 $197,533.85
92556H206 VIACOMCBS INC US VIAC 80.34 $3,372.00
92826C839 VISA INC - CLASS A SHARES US V 4,845.11 $910,397.00
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 10,796.83 $10,256.99
929042109 VORNADO REALTY TRUST US VNO 77.57 $5,158.58
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 6,918.2 $6,598.23
93065PAA9 WBHT 2019-WBM A FLT 2.78975 12/15/2033 US 148,116.02 $147,936.00
931142103 WAL MART STORES US WMT 366.72 $43,581.34
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 181.09 $10,676.86
94106L109 WASTE MANAGEMENT INC US WM 100.14 $11,411.42
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 11,635.9 $12,072.24
948741103 WEINGARTEN REALTY INVESTORS US WRI 545.73 $17,048.65
949746101 WELLS FARGO COMPANY US WFC 654.65 $35,220.38
95040Q104 WELLTOWER INC. US WELL 331.97 $27,148.49
958102105 WESTERN DIGITAL CORP US WDC 92.65 $5,880.52
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 260,991.19 $272,229.42
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 43,894.15 $43,918.57
98311A105 WYNDHAM HOTELS & RESORTS INC US WH 156.51 $9,830.19
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 14,675.46 $13,501.42
B02J639 ADMIRAL GROUP PLC GB ADM LN 2,036.25 $62,224.99
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 3,509.77 $26,277.57
B1XH026 VINCI SA FR DG FP 220.67 $24,577.01
B1Y47Y7 GERRESHEIMER AG DE GXI GR 454.66 $35,164.13
B1Y9TB3 DANONE FR BN FP 733.82 $60,941.25
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 386,672.03 $20,371.37
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 46,603.63 $36,785.48
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 629,002.19 $33,073.72
B4R2R50 JULIUS BAER CH BAER SW 637.06 $32,842.41
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 939,079.67 $49,929.29
B63QM77 NEXON CO LTD JP 3659 JP 72,178.65 $957,470.63
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 121,028.94 $6,828.38
B7KR2P8 EASY JET PLC GB EZJ LN 19,688.16 $370,865.38
BBG00R1HNZB6 NVDA US 01/24/20 P215 US -8.76 -$1,332.15
BBG00R1LGYF4 SLB US 01/24/20 P36 NL -54.35 -$1,141.25
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 758.77 $15,090.20
BD3HF92 BSR REAL ESTATE INVESTMENT CA HOM/U CN 269.3 $3,121.23
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 6,676.96 $10,560.31
BGHVXC0 DRILLING CO OF 1972/THE DK DRLCO DC 413.35 $27,293.28
BJ2KSG2 AKZO NOBEL NL AKZA NA 379.13 $38,718.87
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 14,920.8 $718,827.02
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 7,560.05 $41,022.67
BNGN9Z1 FINECOBANK SPA IT FBK IM 3,997.34 $47,951.56
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 16,673.99 $589,269.91
BVYVFW2 AUTO TRADER GROUP PLC GB AUTO LN 1,635.38 $12,914.90
BYXS699 QIAGEN N.V. NL QIA GR 1,245.3 $42,431.54
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 7,281.71 $596,377.31
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 1,066.77 $39,491.74
G29183103 EATON CORP PLC US ETN 110.28 $10,446.02
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 209.64 $8,534.56
G5960L103 MEDTRONIC INC IE MDT 9,302.62 $1,055,381.76
G97822103 PERRIGO CO PLC IE PRGO 732.98 $37,865.92
H01301128 ALCON INC CH ALC 5,694.65 $322,146.21
H1467J104 CHUBB LTD CH CB 68.64 $10,685.12
H8817H100 TRANSOCEAN LTD US RIG 23,179.58 $159,475.53
N22717107 CORE LABORATORIES N.V. NL CLB 712.75 $26,849.33
N47279109 INTERXION HOLDING NV NL INXN 474.87 $39,798.96
N53745100 LYONDELLBASELL INDU-CL A US LYB 101.25 $9,565.79
N72482123 QIAGEN N.V. ADR NL QGEN 737.7 $24,934.29

Based on the investments of the underlying fund(s): Manning & Napier Fund, Inc. Pro-Blend® Extended Term Series and Manning & Napier Fund, Inc. Pro-Blend® Moderate Term Series through 10/15/2017, and Manning & Napier Fund, Inc. Blended Asset Extended Series and Manning & Napier Fund, Inc. Blended Asset Moderate Series beginning 10/16/2017. Investments will change over time and as the target date fund gradually becomes more conservative. Fund holdings list does not include securities with positions less than 0.005 shares.

Distributions

  • Target 2025 Series Class I Distribution History
  • 2020 Distribution Calendar
  • Fourth Quarter 2019 Distributions
  • Third Quarter 2019 Distributions
  • Second Quarter 2019 Distributions
  • First Quarter 2019 Distributions
  • Tax Letter

A Word About Risk

Each Manning & Napier Fund, Inc. Target Series is invested in one or two of four proprietary risk-based funds based on the Target Series 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).

Daily Price

$13.39

Daily $ Change

$0.04

Daily % Change

0.30%

as of 01/16/2020

Ticker

MTOAX

CUSIP

56382P419

Inception Date

06/25/2012

Investment Minimum

$1,000,000.00

Investment minimum may be waived for certain qualified retirement plans.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms

Information on Underlying Investments

Blended Asset Series Prospectus
Blended Asset Series SAI
XBRL Blended Asset Series – 11/02/2017
Blended Asset Series Annual Report
Blended Asset Series Semi-Annual Report

The financial statements of the underlying investments should be read in conjunction with the Series’ financial statements. Beginning 10/16/2017, the underlying funds are the Manning & Napier Fund, Inc. Blended Asset Series. The Blended Asset Series are not currently available for direct investment.

Investment Objective

To provide capital growth and manage risk for investors planning to retire (or meet another investment goal) in or around the year indicated in the fund’s name.

Investment Strategy

Currently: The portfolio is currently invested in a balanced mix of securities that seeks a more stable rate of long-term growth than that of the broad stock market. The portfolio is diversified among fixed income securities, primarily with intermediate to long-term maturities, and various stocks. Stock exposure can range from 26% - 66%.

Over Time: The portfolio’s investment mix will gradually become more conservative as the target date approaches and for several years after the target date. During the target year, the portfolio’s stock exposure can range from 20% - 60%. At five years after the target date and beyond, the focus will be on capital preservation, and stock exposure can range from 15% - 45%.

May be Appropriate for Investors

  • Who plan to stop contributions and start periodic withdrawals around the year 2025
  • Who have a moderate tolerance for risk and can accept fluctuations in current account value
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio that becomes more conservative over time

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 12/31/2019

YTD

---

1 Year

17.90%

3 Year

8.89%

5 Year

4.99%

10 Year

---

Inception
(06/25/2012)

7.71%

Market Cycle

---

Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.

Expense Ratio

Gross 1.10%
Net 0.73%*

*Includes acquired fund fees and expenses of the underlying Series. Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated without the prior approval of the Fund's Board of Directors.

Top Ten Investments

As of 12/31/2019

GOVERNMENT AGENCY 10.75%
TREASURY NOTES 9.84%
TREASURY BONDS 6.22%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 2.54%
TSY INFL IX N/B 2.00000 01/15/2026 1.95%
FACEBOOK INC -A 1.78%
NOVARTIS AG- REG 1.54%
MEDTRONIC INC 1.51%
MASTERCARD INC-CLASS A 1.49%
JOHNSON & JOHNSON 1.38%

Top Ten Investments list is unaudited and excludes cash

Asset Allocation

As of 12/31/2019

Bonds
52.85%
Stocks
45.66%
Cash
1.49%

Detailed Asset Class Allocation

As of 12/31/2019

International Equities
17.54%
Small Capitalization
0.23%
Mid Capitalization
1.42%
Large Capitalization
26.47%
Long Term Fixed Income
15.36%
Intermediate Term Fixed Income
31.02%
Short Term Fixed Income
6.47%
Cash
1.49%

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 12/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 6,918.2 $7,298.70
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 335,618.86 $368,637.75
00287Y109 ABBVIE INC US ABBV 258.16 $22,857.39
004239109 ACADIA REALTY TRUST US AKR 218.88 $5,675.60
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 10,796.83 $10,418.94
00507V109 ACTIVISION INC US ATVI 8,800.61 $522,932.33
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 337,297 $362,700.78
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 10,796.83 $10,796.83
008492100 AGREE REALTY CORP US ADC 135.44 $9,503.50
013093AD1 ALBERTSONS COS LLC/SAFEW 5.75000 03/15/2025 US 7,757.26 $8,028.77
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 48.22 $7,791.67
01609W102 ALIBABA GROUP - ADR CN BABA 1,732.04 $367,366.00
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 277,139.13 $288,754.64
020002101 ALLSTATE CORPORATION US ALL 62.71 $7,051.79
02079K107 ALPHABET INC-CL C US GOOG 355.69 $475,571.07
02079K305 ALPHABET INC-CL A US GOOGL 354.86 $475,290.22
023135106 AMAZON.COM INC US AMZN 304.12 $561,959.21
02319V103 AMBEV SA-ADR BR ABEV 35,589.42 $165,846.70
0237400 DIAGEO PLC GB DGE LN 8,175.2 $344,478.24
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 354.63 $16,678.42
0263494 BAE SYSTEMS PLC GB BA/ LN 7,343.46 $54,983.22
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,110.44 $29,104.75
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 17,715.02 $18,153.19
03027X100 AMERICAN TOWER REIT INC US AMT 1,369.93 $314,838.32
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 344,642.95 $368,467.98
03064D108 AMERICOLD REALTY TRUST US COLD 727.09 $25,491.89
031162100 AMGEN INC US AMGN 115.44 $27,829.34
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 6,918.2 $6,083.69
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 6,918.2 $6,018.83
03748R754 APARTMENT INVT & MGMT CO -A US AIV 580.66 $29,991.32
038222105 APPLIED MATERIALS INC US AMAT 164.4 $10,034.81
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 120.1 $5,566.42
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 6,918.2 $7,073.86
053484101 AVALONBAY COMMUNITIES INC US AVB 207.25 $43,459.41
05722G100 BAKER HUGHES CO US BKR 218.07 $5,589.17
060505104 BANK OF AMERICA CORP US BAC 867.3 $30,546.13
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 506,467.86 $540,247.62
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 3,411.41 $772,684.57
086516101 BEST BUY INC US BBY 88.6 $7,779.42
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 4,836.83 $408,954.03
09247X101 BLACKROCK INC US BLK 324.35 $163,050.26
0946580 WEIR GROUP PLC/THE GB WEIR LN 2,542.17 $50,843.68
097023105 BOEING CO US BA 76.9 $25,052.47
09857L108 BOOKING HOLDINGS INC US BKNG 151.38 $310,888.91
101121101 BOSTON PROPERTIES INC US BXP 182.19 $25,116.88
105368203 BRANDYWINE REALTY TRUST US BDN 1,771.03 $27,893.71
110122108 BRISTOL MYERS SQUIBB CO US BMY 292.31 $18,763.58
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 662.01 $28,109.03
11135F101 BROADCOM INC US AVGO 59.27 $18,731.11
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 6,918.2 $4,496.83
12503M108 CBOE GLOBAL MARKETS INC US CBOE 2,528.59 $303,430.59
12510GAB8 CCG 2019-1 A2 2.80000 09/14/2026 US 378,394.87 $381,462.96
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 56.94 $4,453.08
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 66,353.7 $67,343.31
12572Q105 CME GROUP INC US CME 1,461.75 $293,403.41
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 97,299.09 $95,501.70
12648TAA7 CSMC 2014-IVR3 A1 3.50000 07/25/2044 US 158,375.88 $160,793.48
126650100 CVS HEALTH CORP US CVS 241.3 $17,926.32
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 10,796.83 $11,741.55
133131102 CAMDEN PROPERTY TRUST US CPT 276.74 $29,362.57
13321L108 CAMECO CORP CA CCJ 3,785.26 $33,688.86
149123101 CATERPILLAR INC US CAT 101.85 $15,041.89
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 104,505.94 $105,101.48
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 6,918.2 $6,961.43
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 177,031.6 $177,075.26
166764100 CHEVRON CORP US CVX 203.1 $24,475.74
17275R102 CISCO SYSTEMS INC US CSCO 606.31 $29,078.41
172967424 CITIGROUP INC US C 252.56 $20,177.10
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 168,126.14 $280,679.29
191216100 COCA COLA CO/THE US KO 11,160.24 $617,719.43
192422103 COGNEX CORP US CGNX 2,958.8 $165,810.90
194162103 COLGATE-PALMOLIVE CO US CL 181.25 $12,477.54
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 278,817.27 $283,241.83
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 394.26 $16,897.94
20451NAG6 COMPASS MINERALS INTERNA 6.75000 12/01/2027 US 14,675.46 $15,592.68
205887102 CONAGRA BRAND INC. US CAG 135.4 $4,636.13
222795502 COUSINS PROPERTIES INC US CUZ 1,064.07 $43,839.63
225310AN1 CREDIT ACCEPTANC 5.12500 12/31/2024 US 7,757.26 $8,055.61
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 303,989.3 $304,274.43
22822V101 CROWN CASTLE INTL CORP US CCI 150.43 $21,383.28
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 45,530.6 $44,100.51
231021106 CUMMINS INC US CMI 45.85 $8,205.93
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 1,253.89 $12,717.08
25277LAC0 DIAMOND SPORTS GR/DIAMON 6.62500 08/15/2027 US 10,796.83 $10,499.91
253868103 DIGITAL REALTY TRUST INC US DLR 171.18 $20,497.35
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 351,133.39 $409,315.32
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 13,836.39 $14,147.71
25960P109 DOUGLAS EMMETT INC US DEI 467.11 $20,506.30
260557103 DOW INC US DOW 137.29 $7,513.77
262006208 DREYFUS GVT CSH MANAGEMENT US 1,056,062.03 $1,056,062.03
2715777 QUEBECOR INC -CL B CA QBR/B CN 7,046.87 $179,841.45
277432100 EASTMAN CHEM CO US EMN 54.28 $4,302.39
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 9,240.46 $187,506.07
285512109 ELECTRONIC ARTS US EA 4,171.93 $448,523.88
2866857 LUNDIN MINING CORP CA LUN CN 2,130.5 $12,731.62
291011104 EMERSON ELEC CO US EMR 150.54 $11,480.08
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 237,308.09 $282,278.90
29373FAB0 EFF 2018 -2 A2 MTGE 3.14000 02/20/2024 US 163,321.64 $164,601.59
29413XAD9 ENVIVA PARTNERS LP/FIN C 6.50000 01/15/2026 US 10,796.83 $11,559.41
29444U700 EQUINIX INC US EQIX 862.96 $503,707.71
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 191.73 $13,495.95
29476L107 EQUITY RESIDENTIAL US EQR 286.5 $23,183.29
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 656.52 $16,288.29
297178105 ESSEX PROPERTY TRUST INC US ESS 66.38 $19,970.14
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 303,956.39 $305,715.73
30225T102 EXTRA SPACE STORAGE INC US EXR 69.82 $7,373.90
30287EAE0 FREMF 2014-K41 B FLT 3.83246 11/25/2047 US 81,389.58 $85,922.34
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 10,455,295.78 $25,942.73
30291XAE2 FREMF 2014-K715 B FLT 3.97120 02/25/2046 US 79,040.19 $80,129.27
30303M102 FACEBOOK INC -A US FB 6,069.53 $1,245,770.66
30744W107 FARFETCH LTD - CLASS A GB FTCH 1,325.7 $13,721.02
311900104 FASTENAL CO US FAST 175.15 $6,471.90
3128M5VT4 FHLM POOL G03926 6.00000 02/01/2038 US 13,409.25 $15,362.50
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 25,529.09 $28,663.26
3128M6NS3 FHLM POOL G04601 5.50000 07/01/2038 US 26,830.09 $30,109.38
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 14,003.33 $15,728.03
3128MJ2E9 FHLM POOL FG 08772 4.50000 07/01/2047 US 108,932.1 $115,330.62
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 17,740.81 $19,926.57
3128P75X7 FHLM POOL C91762 4.50000 05/01/2034 US 72,052.29 $77,571.66
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 17,988.38 $19,315.96
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 26,498.49 $28,528.54
3131XVYW9 FEDERAL NATL MTG ASSN FR ZM2525 3.00000 12/01/2046 US 188,898.82 $193,251.15
3131YBKP2 FEDERAL NATL MTG ASSN FN ZN4802 4.00000 04/01/2049 US 305,546.93 $318,553.39
3132QQFU1 FHLM POOL Q33778 4.00000 06/01/2045 US 35,774.59 $37,934.93
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 113,215.7 $120,150.91
3132WKQ84 FHLM POOL Q45878 3.00000 12/01/2046 US 175,551.03 $179,703.91
3132Y33P7 FHLM POOL FG Q59805 4.50000 11/01/2048 US 127,594.34 $134,554.70
31335AQ92 FHLM POOL FG G60480 4.50000 11/01/2045 US 248,913.68 $268,378.43
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 171,096.36 $183,047.49
3133G6L60 FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 US 206,456.59 $211,739.02
3136AY6W8 FNA 2017-M15 A1 2.95932 09/25/2027 US 187,974.79 $194,610.18
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 144,018.04 $149,590.35
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 47.38 $6,099.57
3137A2B34 FHMS K009 X1 FLT 1.25990 08/25/2020 US 1,043,407.16 $5,222.67
3137AME78 FHMS K017 X1 FLT 1.29117 12/25/2021 US 928,105.47 $18,046.64
3137AUPF0 FHMS K021 x1 FLT 1.42508 06/25/2022 US 811,631.13 $24,317.69
3137B3NB0 FHMS K030 X1 FLT 0.18323 04/25/2023 US 4,198,389.9 $22,854.36
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 138,857.2 $141,624.99
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 118,612.66 $121,187.57
3138EGE26 FEDERAL NATL MTG ASSN AL0152 6.00000 06/01/2040 US 45,681.56 $52,386.09
3138EGHT4 FEDERAL NATL MTG ASSN AL0241 4.00000 04/01/2041 US 110,560.86 $118,593.90
3138EHR87 FEDERAL NATL MTG ASSN AL1410 4.50000 12/01/2041 US 154,866.31 $168,107.36
3138EP2A1 FEDERAL NATL MTG ASSN AL7068 4.50000 09/01/2042 US 110,383.4 $119,738.16
3138EQST0 FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 90,778.1 $97,348.55
3138ERN30 FEDERAL NATL MTG ASSN FN AL9409 3.50000 11/01/2031 US 160,713.17 $167,141.16
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64200 01/01/2049 US 189,619.3 $211,755.87
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 401,354.42 $423,472.72
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 37,000.41 $39,864.40
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 31,792.92 $35,776.84
3140F8RB5 FEDERAL NATL MTG ASSN BD1381 3.50000 06/01/2046 US 55,142.5 $57,347.10
3140H2PH5 FEDERAL NATL MATG ASSN FN BJ1323 3.50000 11/01/2047 US 391,788.89 $410,748.49
3140HPMQ7 FEDERAL NATIONAL MTGE FN BK9366 4.50000 08/01/2048 US 67,297.94 $70,954.82
3140J9SN2 FEDERAL NATL MTG ASSN FN BM5024 3.00000 11/01/2048 US 352,041.7 $358,848.19
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 200,881.1 $211,637.14
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 211,080.11 $233,216.60
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 64,923.28 $69,595.17
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 214,570.95 $226,685.86
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 132,342.07 $141,862.67
3140X4JC1 FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 US 286,768.27 $297,288.64
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 6,806.88 $6,889.22
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 8,334.36 $8,431.55
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 78,387.74 $85,067.38
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 71,690.95 $77,140.08
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 38,173.72 $41,075.74
31418C4F8 FEDERAL NATL MTG ASSN FN MA3521 4.00000 11/01/2048 US 318,225.31 $331,015.53
31418C4M3 FEDERAL NATL MTG ASSN FN MA3527 5.00000 11/01/2048 US 276,594.31 $295,432.06
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 135,787.96 $138,939.73
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 270,070.17 $281,247.68
31418CZ56 FEDERAL NATL MTG ASSN FN MA3463 4.00000 09/01/2033 US 102,755.21 $107,270.38
31418CZH0 FEDERAL NATL MTG ASSN FN MA3443 4.00000 08/01/2048 US 148,760.06 $154,581.91
31418DC67 FEDERAL NATL MTG ASSN FN MA3692 3.50000 07/01/2049 US 399,686.13 $410,838.28
31418MGR7 FEDERAL NATL MTG ASSN AD0207 6.00000 10/01/2038 US 29,205.21 $33,473.63
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 18,549.05 $20,824.70
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 6,918.2 $7,367.88
316773100 FIFTH THIRD BANCORP US FITB 206.2 $6,338.72
32054K103 FIRST INDUSTRIAL REALTY TR US FR 326.64 $13,559.00
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 10,796.83 $10,875.75
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 196,432.34 $201,073.68
346232AD3 FORESTAR GROUP INC 8.00000 04/15/2024 US 6,918.2 $7,523.54
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 16,875.96 $17,812.57
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 10,796.83 $11,242.20
35563BAJ9 FREMF 2014-K37 B FLT 4.55921 01/25/2047 US 140,831.75 $151,714.87
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 61,130.2 $61,140.01
364760108 GAP INC US GPS 146.32 $2,587.01
369550108 GENERAL DYNAMICS CORP US GD 46.63 $8,223.05
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 306,490.05 $300,194.75
370334104 GENERAL MLS INC US GIS 168 $8,998.27
372460105 GENUINE PARTS CO US GPC 55.23 $5,866.60
374297109 GETTY REALTY CORP US GTY 285.66 $9,389.56
375558103 GILEAD SCIENCES INC US GILD 262.04 $17,027.20
37960JAA6 GLOBAL AIR LEASE CO LTD 6.50000 09/15/2024 KY 14,675.46 $15,313.11
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 211,803.38 $211,852.77
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 18,234.3 $303,601.09
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 192.59 $22,842.70
40051E202 GRUPO AEROPORTUARIO DEL SURESTE MX ASR 141.94 $26,598.57
404119BX6 HCA INC 4.12500 06/15/2029 US 267,703.73 $284,054.86
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 3,878.63 $3,607.13
406216101 HALLIBURTON CO US HAL 15,983.21 $391,109.17
416515104 HARTFORD FINL SVCS US HIG 81.89 $4,976.74
421946104 HEALTHCARE REALTY TRUST INC US HR 575.4 $19,201.06
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 354.63 $10,738.31
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 959.18 $33,062.86
427866108 HERSHEY CO/THE US HSY 57.72 $8,483.75
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 88.37 $9,801.06
437076102 HOME DEPOT INC US HD 157.86 $34,472.55
438516106 HONEYWELL INTERNATIONAL INC US HON 118.71 $21,011.96
44107P104 HOST MARRIOTT CORP US HST 692.91 $12,853.55
45031UCG4 ISTAR INC 4.25000 08/01/2025 US 7,757.26 $7,842.28
450913AE8 IAMGOLD CORP 7.00000 04/15/2025 CA 10,796.83 $11,248.78
452308109 ILLINOIS TOOL WKS INC US ITW 67.53 $12,130.88
45337C102 INCYTE CORP US INCY 2,272.12 $198,401.64
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 950.58 $13,384.19
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 10,796.83 $11,129.15
458140100 INTEL CORP US INTC 658.43 $39,406.91
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 3,244.57 $300,284.77
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 158.63 $21,262.97
460146103 INTERNATIONAL PAPER CO US IP 94.37 $4,345.72
46187BAA1 IHSFR 2017-SFR2 A 2.58738 12/17/2036 US 62,776.93 $62,538.25
46187BAB9 IHSFR 2017-SFR2 B 2.88738 12/17/2036 US 48,744.08 $48,674.45
46187W107 INVITATION HOMES INC US INVH 1,574.02 $47,173.24
46625H100 JP MORGAN CHASE & CO US JPM 339.28 $47,295.33
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 54,961.14 $56,117.74
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 73,914.37 $74,634.17
46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 247,154.8 $263,583.72
4741844 MERCK KGAA DE MRK GR 5,609.18 $661,289.74
476405105 JERNIGAN CAPITAL INC US JCAP 1,227.75 $23,499.20
478160104 JOHNSON & JOHNSON US JNJ 6,592.56 $961,656.16
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 13,836.39 $4,081.74
4821100 SOLVAY SA BE SOLB BB 604.36 $70,342.95
482480100 KLA-TENCOR CORPORATION US KLAC 50.24 $8,950.46
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 8,596.33 $9,004.66
487836108 KELLOGG CO US K 93.76 $6,484.56
493267108 KEYCORP US KEY 279.67 $5,660.53
49427F108 KILROY REALTY CORP US KRC 83.51 $7,006.17
494368103 KIMBERLY CLARK CORP US KMB 83.28 $11,454.93
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 284,896.4 $377,452.94
500255104 KOHLS CORP US KSS 61.93 $3,155.57
50050N103 KONTOOR BRANDS INC US KTB 6.88 $288.77
501044101 KROGER CO US KR 174.1 $5,047.30
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 13,836.39 $14,493.62
5107401 BEIERSDORF AG DE BEI GR 311.87 $37,309.45
512807108 LAM RESEARCH CORP US LRCX 28.56 $8,349.85
516806AD8 LAREDO PETROLEUM INC 5.62500 01/15/2022 US 7,757.26 $7,524.55
531172104 LIBERTY PROPERTY TRUST US LPT 171.5 $10,298.51
53223X107 LIFE STORAGE INC US LSI 66.78 $7,230.48
539830109 LOCKHEED MARTIN CORP US LMT 49.46 $19,258.64
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 6,918.2 $4,721.67
550021109 LULULEMON - ADR CA LULU 3,087.73 $715,333.99
56585A102 MARATHON PETROLEUM CORP US MPC 177.21 $10,676.77
57636Q104 MASTERCARD INC-CLASS A US MA 3,475.8 $1,037,838.23
57772K101 MAXIM INTEGRATED PRODUCTS US MXIM 83.45 $5,132.77
58933Y105 MERCK & CO INC US MRK 2,564.16 $233,210.56
594918104 MICROSOFT CORP US MSFT 3,885.71 $612,777.18
595112103 MICRON TECHNOLOGY INC US MU 17,214.51 $925,796.20
59522J103 MID-AMERICA APARTMENT COMM US MAA 100.84 $13,297.35
60871R209 MOLSON COORS BREWING CO -B US TAP 66.92 $3,607.24
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 11,180.85 $615,841.04
615369105 MOODY'S CORPORATION US MCO 1,401.34 $332,692.57
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 7,757.26 $5,895.52
61965RAB1 MOSS CREEK RESOURCES HLD 10.50000 05/15/2027 US 3,039.56 $2,538.04
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 14,675.46 $14,161.82
6356934 FANUC LTD JP 6954 JP 77.57 $14,324.94
637417106 NATIONAL RETAIL PROPERTIES US NNN 226.64 $12,152.37
637870106 NATIONAL STORAGE AFFILIATES US NSA 228.84 $7,693.58
63938CAA6 NAVIENT CORP 5.00000 10/26/2020 US 10,796.83 $10,955.54
63938EAC8 NAVSL 2014-1 A3 2.30200 06/25/2031 US 185,939.94 $182,374.08
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 117,475.54 $117,998.64
64110D104 NETAPP INC US NTAP 58.5 $3,641.39
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 55,072.12 $56,809.45
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 78,062.48 $80,604.65
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 82,561.41 $85,266.99
6490995 KEYENCE CORP JP 6861 JP 94.35 $33,131.33
6514442 METROPOLITAN BANK & TRUST PH MBT PM 671.95 $879.66
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 13,836.39 $10,377.29
66987V109 NOVARTIS AG- REG CH NVS 11,333.5 $1,073,169.30
670346105 NUCOR CORP US NUE 104.18 $5,863.35
67059TAD7 NUSTAR LOGISTICS LP 6.75000 02/01/2021 US 6,918.2 $7,177.63
67066G104 NVIDIA CORP US NVDA 2,630.87 $619,044.24
6742340 SHANDONG WEIGAO CN 1066 HK 30,611.17 $36,679.80
674599105 OCCIDENTAL PETROLEUM CORP US OXY 148.65 $6,125.93
675232AB8 OCEANEERING INTL INC 6.00000 02/01/2028 US 10,796.83 $10,580.89
680665AL0 OLIN CORP 5.62500 08/01/2029 US 6,918.2 $7,307.00
681936100 OMEGA HEALTHCARE INVS INC US OHI 327.48 $13,868.91
6821506 SONY CORP FIRST SECTION JP 6758 JP 748.5 $50,821.29
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 100,688.14 $102,177.89
7021963 DEUTSCHE BOERSE AG DE DB1 GR 370.37 $58,079.00
70450Y103 PAYPAL HOLDINGS INC US PYPL 2,864.33 $309,835.08
7123870 NESTLE SA-REGISTERED CH NESN SW 6,714.87 $726,987.67
713448108 PEPSICO INC US PEP 4,762.9 $650,945.85
717081103 PFIZER INC US PFE 834.08 $32,679.42
718546104 PHILLIPS 66 US PSX 82.67 $9,210.31
719245AD4 PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 US 10,796.83 $10,041.05
71943U104 PHYSICIANS REALTY TRUST US DOC 1,180.26 $22,354.12
729640102 PLYMOUTH INDUSTRIAL REIT INC US 427.99 $7,870.77
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 508,145.99 $542,478.04
74166MAB2 PRIME SECSRVC BRW/FINANC 5.25000 04/15/2024 US 10,796.83 $11,423.04
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 6,918.2 $7,519.25
74333NAA0 PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 US 189,197.43 $191,662.09
74340W103 PROLOGIS US PLD 760.73 $67,811.85
74460D109 PUBLIC STORAGE INC US PSA 111.12 $23,663.88
74834L100 QUEST DIAGNOSTICS INC US DGX 41.64 $4,446.64
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 10,796.83 $11,363.66
756109104 REALTY INCOME CORP US O 102.52 $7,548.74
7591EP100 REGIONS FINANCIAL CORP. US RF 248.79 $4,269.18
76131D103 RESTAURANT BRANDS INTERN CA QSR 879.12 $56,061.54
7698356 GETINGE AB-B SHS SE GETIB SS 1,754.57 $32,630.02
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 10,796.83 $10,911.25
773903109 ROCKWELL AUTOMATION INC US ROK 24.17 $4,899.39
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 4,025.77 $352,697.97
78409V104 S&P GLOBAL INC US SPGI 1,129.46 $308,398.84
78410G104 SBA COMMUNICATIONS CORP US SBAC 1,260.7 $303,815.92
78442PGC4 SLM CORP 5.12500 04/05/2022 US 13,836.39 $14,320.67
78470RAC1 SOFI 2016-E A2B 2.49000 01/25/2036 US 124,246.65 $124,253.94
78471DAA5 SCLP 2016-1 A 3.26000 08/25/2025 US 47,133.66 $47,488.23
78490DAA2 SOFI 2018-C A1FX 3.08000 01/25/2048 US 56,927.45 $57,168.16
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 427,439.19 $491,351.62
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 331,217.87 $357,564.77
806857108 SCHLUMBERGER LTD NL SLB 12,062.1 $484,896.61
81141R100 SEA LTD - ADR SG SE 993.07 $39,941.42
812578102 SEATTLE GENETICS INC US SGEN 1,618.61 $184,942.50
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 80,635.44 $81,213.03
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 64,016.28 $61,085.21
81762P102 SERVICENOW INC US NOW 2,175.9 $614,300.12
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 6,918.2 $6,589.58
828806109 SIMON PROPERTY GROUP INC US SPG 300.02 $44,690.39
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 40.26 $4,191.81
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 7,458.62 $7,453.27
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 33,007.44 $33,267.28
83402QAA0 SCLP 2016-2 A 3.09000 10/27/2025 US 14,947.95 $14,983.80
83404YAA1 SCLP 2016-5 A 3.06000 09/25/2028 US 33,634.89 $33,774.54
83405TAA1 SCLP 2019-3 A MTGE 2.90000 05/25/2028 US 142,599.96 $143,488.20
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 111,190.05 $111,909.06
83406EAB1 SOFI 2018-A A2A 2.39000 02/25/2042 US 26,301.31 $26,353.56
835699307 SONY CORP SPONSORED ADR JP SNE 9,624.25 $654,449.07
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 372,315.74 $375,293.57
852061AR1 SPRINT COMMUNICATIONS 7.00000 08/15/2020 US 14,675.46 $14,987.31
85207UAE5 SPRINT CORP 7.25000 09/15/2021 US 6,918.2 $7,315.99
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 6,918.2 $7,463.00
85254J102 STAG INDUSTRIAL INC US STAG 505.9 $15,971.27
85571BAP0 STARWOOD PROPERTY TRUST 3.62500 02/01/2021 US 10,796.83 $10,864.31
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.20975 11/15/2027 US 193,040.4 $192,448.23
862121100 STORE CAPITAL CORP US STOR 296.45 $11,039.95
866674104 SUN COMMUNITIES US SUI 183.13 $27,488.53
86723CAF5 SUNCOKE ENRGY PART LP/FI 7.50000 06/15/2025 US 6,918.2 $6,653.02
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 571.84 $7,959.97
86935CAA0 SCML 2019-SBC8 2.86000 04/25/2041 US 175,372.52 $175,399.39
871829107 SYSCO CORP US SYY 130.41 $11,155.35
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 8,694.1 $8,689.18
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 7,757.26 $6,593.67
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 258,901.75 $279,602.80
882508104 TEXAS INSTRUMENTS INC US TXN 168 $21,553.18
88579Y101 3M CO US MMM 114.33 $20,170.02
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 133,423.41 $133,431.77
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 136,724.66 $137,657.59
89177EAA7 TPMT 2019-HY1 A1 2.79200 10/25/2048 US 121,611.67 $121,875.40
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 3,878.63 $3,936.81
89417E109 TRAVELLERS COS INC US TRV 47.74 $6,538.06
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 150,602.71 $150,323.44
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 155,526.67 $156,641.67
89832Q109 TRUIST FINANCIAL CORP US TFC 273.46 $15,401.52
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 17,715.02 $17,095.00
902494103 TYSON FOODS INC -CL A US TSN 68.64 $6,249.35
902653104 UDR INC US UDR 494.6 $23,097.82
902973304 U.S. BANCORP US USB 301.52 $17,876.96
903002103 UMH PROPERTIES INC US UMH 451.08 $7,095.44
904767704 UNILEVER PLC - ADR GB UL 9,809.08 $560,785.36
907818108 UNION PAC CORP US UNP 121.04 $21,882.61
911312106 UNITED PARCEL SERVICE US UPS 175.49 $20,542.69
912810FS2 TSY INFL IX N/B 2.00000 01/15/2026 US 1,221,783.23 $1,358,068.84
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 988,581.38 $1,362,041.17
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 341,748.92 $354,933.17
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 1,310,482.31 $1,340,275.32
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 1,456,099.26 $1,639,988.67
9128284P2 US TREASURY N/B 2.62500 05/15/2021 US 1,079,662.15 $1,094,507.51
9128286N5 TSY INFL IX N/B 0.50000 04/15/2024 US 870,579.94 $884,654.39
912828D56 US TREASURY N/B 2.37500 08/15/2024 US 2,431,548.17 $2,506,014.34
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 1,775,886.01 $1,773,735.52
912828K74 US TREASURY N/B 2.00000 08/15/2025 US 1,418,024.65 $1,437,467.10
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 733,994.24 $726,568.28
912828VB3 UNITED STATES TREAS NTS 1.75000 05/15/2023 US 404,891.28 $406,457.07
912828WJ5 US TREASURY N/B 2.50000 05/15/2024 US 279,577.4 $289,286.17
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 399,169.99 $407,402.87
913017109 UNITED TECHNOLOGIES CORP US UTX 143.66 $21,514.76
91704F104 URBAN EDGE PROPERTIES US UE 915.64 $17,561.99
918204108 VF CORP US VFC 101.08 $10,073.52
91913Y100 VALERO ENERGY US VLO 104.35 $9,772.34
92276F100 VENTAS INC US VTR 266.47 $15,386.16
92339V100 VEREIT INC US VER 2,287.76 $21,138.90
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 450,299.68 $565,544.53
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 902.19 $197,533.85
92556H206 VIACOMCBS INC US VIAC 80.34 $3,372.00
92826C839 VISA INC - CLASS A SHARES US V 4,845.11 $910,397.00
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 10,796.83 $10,256.99
929042109 VORNADO REALTY TRUST US VNO 77.57 $5,158.58
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 6,918.2 $6,598.23
93065PAA9 WBHT 2019-WBM A FLT 2.78975 12/15/2033 US 148,116.02 $147,936.00
931142103 WAL MART STORES US WMT 366.72 $43,581.34
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 181.09 $10,676.86
94106L109 WASTE MANAGEMENT INC US WM 100.14 $11,411.42
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 11,635.9 $12,072.24
948741103 WEINGARTEN REALTY INVESTORS US WRI 545.73 $17,048.65
949746101 WELLS FARGO COMPANY US WFC 654.65 $35,220.38
95040Q104 WELLTOWER INC. US WELL 331.97 $27,148.49
958102105 WESTERN DIGITAL CORP US WDC 92.65 $5,880.52
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 260,991.19 $272,229.42
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 43,894.15 $43,918.57
98311A105 WYNDHAM HOTELS & RESORTS INC US WH 156.51 $9,830.19
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 14,675.46 $13,501.42
B02J639 ADMIRAL GROUP PLC GB ADM LN 2,036.25 $62,224.99
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 3,509.77 $26,277.57
B1XH026 VINCI SA FR DG FP 220.67 $24,577.01
B1Y47Y7 GERRESHEIMER AG DE GXI GR 454.66 $35,164.13
B1Y9TB3 DANONE FR BN FP 733.82 $60,941.25
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 386,672.03 $20,371.37
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 46,603.63 $36,785.48
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 629,002.19 $33,073.72
B4R2R50 JULIUS BAER CH BAER SW 637.06 $32,842.41
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 939,079.67 $49,929.29
B63QM77 NEXON CO LTD JP 3659 JP 72,178.65 $957,470.63
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 121,028.94 $6,828.38
B7KR2P8 EASY JET PLC GB EZJ LN 19,688.16 $370,865.38
BBG00R1HNZB6 NVDA US 01/24/20 P215 US -8.76 -$1,332.15
BBG00R1LGYF4 SLB US 01/24/20 P36 NL -54.35 -$1,141.25
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 758.77 $15,090.20
BD3HF92 BSR REAL ESTATE INVESTMENT CA HOM/U CN 269.3 $3,121.23
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 6,676.96 $10,560.31
BGHVXC0 DRILLING CO OF 1972/THE DK DRLCO DC 413.35 $27,293.28
BJ2KSG2 AKZO NOBEL NL AKZA NA 379.13 $38,718.87
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 14,920.8 $718,827.02
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 7,560.05 $41,022.67
BNGN9Z1 FINECOBANK SPA IT FBK IM 3,997.34 $47,951.56
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 16,673.99 $589,269.91
BVYVFW2 AUTO TRADER GROUP PLC GB AUTO LN 1,635.38 $12,914.90
BYXS699 QIAGEN N.V. NL QIA GR 1,245.3 $42,431.54
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 7,281.71 $596,377.31
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 1,066.77 $39,491.74
G29183103 EATON CORP PLC US ETN 110.28 $10,446.02
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 209.64 $8,534.56
G5960L103 MEDTRONIC INC IE MDT 9,302.62 $1,055,381.76
G97822103 PERRIGO CO PLC IE PRGO 732.98 $37,865.92
H01301128 ALCON INC CH ALC 5,694.65 $322,146.21
H1467J104 CHUBB LTD CH CB 68.64 $10,685.12
H8817H100 TRANSOCEAN LTD US RIG 23,179.58 $159,475.53
N22717107 CORE LABORATORIES N.V. NL CLB 712.75 $26,849.33
N47279109 INTERXION HOLDING NV NL INXN 474.87 $39,798.96
N53745100 LYONDELLBASELL INDU-CL A US LYB 101.25 $9,565.79
N72482123 QIAGEN N.V. ADR NL QGEN 737.7 $24,934.29

Based on the investments of the underlying fund(s): Manning & Napier Fund, Inc. Pro-Blend® Extended Term Series and Manning & Napier Fund, Inc. Pro-Blend® Moderate Term Series through 10/15/2017, and Manning & Napier Fund, Inc. Blended Asset Extended Series and Manning & Napier Fund, Inc. Blended Asset Moderate Series beginning 10/16/2017. Investments will change over time and as the target date fund gradually becomes more conservative. Fund holdings list does not include securities with positions less than 0.005 shares.

Distributions

  • Target 2025 Series Class I Distribution History
  • 2020 Distribution Calendar
  • Fourth Quarter 2019 Distributions
  • Third Quarter 2019 Distributions
  • Second Quarter 2019 Distributions
  • First Quarter 2019 Distributions
  • Tax Letter

A Word About Risk

Each Manning & Napier Fund, Inc. Target Series is invested in one or two of four proprietary risk-based funds based on the Target Series 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).


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