Investment Objective

To provide capital growth and manage risk for investors planning to retire 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 23% - 63%.

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 2020
  • Who currently 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

$21.89

Daily $ Change

$0.08

Daily % Change

0.37%

as of 02/15/2019

CUSIP

563821172

Inception Date

01/06/2005

This fund is only available for use within certain qualified employee benefit plans.

Important Documents

Annual Report
Applications & Forms

Each Retirement Target CIT Fund seeks to achieve its investment objectives by investing in a combination of other Manning & Napier CIT Funds (the “underlying CIT Funds”) in order to meet its target asset allocations and investment style. The financial statements of the underlying Pro-Mix® CIT Funds should be read in conjunction with the Retirement Target CIT Funds’ financial statements.
Pro-Mix® CIT Fund Annual Report

Performance

As of 01/31/2019

YTD

3.94%

1 Year

-0.92%

3 Year

5.82%

5 Year

3.24%

10 Year

8.22%

Inception
(01/01/2000)

6.11%

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

6.12%

Performance through the inception date of the Retirement Target CIT Class S Units 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. The Retirement Target CIT Fund will gradually become more conservative over time. Returns are net of the Class S 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 0.93%
Net 0.89%*

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

Top Ten Investments

As of 01/31/2019

TREASURY NOTES 10.67%
GOVERNMENT AGENCY 6.48%
TREASURY BONDS 6.40%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 4.41%
NOVARTIS AG- REG 1.37%
MEDTRONIC INC 1.31%
MASTERCARD INC-CLASS A 1.31%
BOOKING HOLDINGS INC 1.16%
MICROSOFT CORP 1.10%
TENCENT HOLDINGS LTD 1.06%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 01/31/2019

Bonds 60.70%
Stocks 38.36%
Cash 0.94%

Detailed Asset Class Allocation

As of 01/31/2019

International Equities 14.00%
Small Capitalization 1.10%
Mid Capitalization 2.77%
Large Capitalization 20.49%
Long Term Fixed Income 20.31%
Intermediate Term Fixed Income 27.57%
Short Term Fixed Income 12.82%
Cash 0.94%

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

January Fund Holdings

As of 01/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAH9 ADT SEC CORP 4.12500 06/15/2023 US 49,156.55 $47,313.18
00101JAM8 ADT CORP 5.25000 03/15/2020 US 31,554.47 $32,027.79
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 879,998.53 $890,635.08
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 1,719,811.91 $1,705,193.51
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 216,746.89 $217,288.75
004239109 ACADIA REALTY TRUST US AKR 555.6 $15,962.29
0045614 ANTOFAGASTA PLC GB ANTO LN 987.42 $11,288.07
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 855,743.42 $837,336.81
0081180 BARRATT DEVELOPMENTS PLC GB BDEV LN 3,179.3 $22,487.53
008492100 AGREE REALTY CORP US ADC 344.13 $22,722.85
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 42,099.56 $43,004.89
0136701 BRITISH LAND CO PLC GB BLND LN 1,496.03 $11,269.68
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 128.53 $16,928.36
01609W102 ALIBABA GROUP - ADR CN BABA 379.02 $63,861.80
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 60,960.94 $61,494.35
02079K107 ALPHABET INC-CL C US GOOG 931.56 $1,039,967.08
02079K305 ALPHABET INC-CL A US GOOGL 565.92 $637,162.09
023135106 AMAZON.COM INC US AMZN 346.1 $594,855.23
02319V103 AMBEV SA-ADR BR ABEV 149,816.81 $720,618.88
0237400 DIAGEO PLC GB DGE LN 40,204.7 $1,534,466.20
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 185,757.95 $187,076.84
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 554.01 $25,495.73
0263494 BAE SYSTEMS PLC GB BA/ LN 5,492.68 $36,951.27
02665T306 AMERICAN HOMES 4 RENT- A US AMH 3,093.07 $68,387.72
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 457,035.8 $440,227.30
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 50,900.6 $47,337.56
03027X100 AMERICAN TOWER REIT INC US AMT 4,450.31 $769,191.93
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 25,339.45 $25,536.34
03064D108 AMERICOLD REALTY TRUST US COLD 503.19 $14,753.66
03748R101 APARTMENT INVT & MGMT CO -A US AIV 992.11 $49,129.44
03784Y200 APPLE HOSPITALITY REIT INC US APLE 975.85 $16,013.72
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 42,180.35 $41,020.40
0405207 HALMA PLC GB HLMA LN 1,244.25 $22,884.11
0490656 KERRY GROUP PLC-A IE KYGA LN 422.47 $43,447.59
053484101 AVALONBAY COMMUNITIES INC US AVB 691.67 $133,436.16
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 1,330,606.08 $1,302,670.81
058498106 BALL CORP US BLL 32,339.04 $1,690,684.85
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 1,380,763.78 $1,391,615.66
0682538 PERSIMMON PLC GB PSN LN 716.05 $22,337.68
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 4,351.66 $894,439.46
0870612 LLOYDS BANKING GROUP PLC GB LLOY LN 30,172.35 $23,002.27
0878230 TAYLOR WIMPEY PLC GB TW/ LN 10,280.67 $22,291.00
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 6,762.08 $663,833.25
0922320 SMITH & NEPHEW PLC GB SN/ LN 1,704.31 $32,107.00
09247X101 BLACKROCK INC US BLK 777.86 $322,872.72
0946580 WEIR GROUP PLC/THE GB WEIR LN 3,425.34 $67,786.05
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 1,269,952.54 $1,304,260.80
09857L108 BOOKING HOLDINGS INC US BKNG 1,043.25 $1,912,073.91
101121101 BOSTON PROPERTIES INC US BXP 801.09 $105,639.68
105368203 BRANDYWINE REALTY TRUST US BDN 4,368.28 $65,742.56
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 542.79 $19,149.79
11134LAB5 BROADCOM CRP / CAYMN FI 2.37500 01/15/2020 US 42,011.77 $41,686.50
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 43,762.82 $41,656.95
12503M108 CBOE GLOBAL MARKETS INC US CBOE 5,773.74 $538,516.56
12572Q105 CME GROUP INC US CME 3,374.02 $615,016.86
12591QAR3 COMM 2014-UBS4 A5 3.69400 08/10/2047 US 1,197,545.47 $1,218,406.48
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 913,586.85 $915,221.12
12593GAF9 COMM 2015-PC1 A5 3.90200 07/10/2050 US 632,037.89 $651,035.37
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 1,397,136.39 $1,398,798.42
126307AU1 CSC HOLDINGS LLC 5.50000 05/15/2026 US 43,843.61 $43,405.18
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 331,644.06 $313,518.65
133131102 CAMDEN PROPERTY TRUST US CPT 162.31 $15,736.03
13321L108 CAMECO CORP CA CCJ 1,831.53 $22,198.16
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 20,311.41 $20,209.85
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 409,603.73 $407,714.43
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 92,919.37 $85,485.82
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 602,920.78 $594,488.93
165240102 CHESAPEAKE LODGING TRUST US CHSP 801.17 $22,817.33
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 491,432.04 $716,632.49
191216100 COCA COLA CO/THE US KO 25,360.79 $1,220,615.04
2011646 ALIMENTATION COUCHE-TARD -B CA ATD/B CN 462.13 $25,105.15
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 1,560.81 $51,537.83
2162760 CAE INC CA CAE CN 831.79 $17,674.71
2180632 CANADIAN NATL RAILWAY CO CA CNR CN 194.22 $16,207.94
21871N101 CORECIVIC INC US CXW 2,274.82 $45,200.71
222795106 COUSINS PROPERTIES INC US CUZ 7,807.7 $69,098.12
22282EAH5 COVANTA HOLDING CORP 6.00000 01/01/2027 US 45,587.66 $43,650.19
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 789,346.61 $805,612.05
22822V101 CROWN CASTLE INTL CORP US CCI 379.41 $44,414.22
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 219,850.37 $207,308.90
229663109 CUBESMART US CUBE 448.08 $13,868.03
2328595 BANCO DO BRASIL S.A. BR BBAS3 BZ 964.41 $13,713.05
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 31,554.47 $32,027.79
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 1,041.68 $12,058.25
23918K108 DAVITA INC. US DVA 13,305.37 $746,830.19
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 68,179.51 $65,622.78
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 6,628.44 $17,751.18
2458771 ITAUSA INVESTIMENTOS ITAU -PR BR ITSA4 BZ 3,746.53 $13,867.66
2516710 LOJAS AMERICANAS SA - PREF BR LAME4 BZ 1,392.68 $8,045.53
25271C102 DIAMOND OFFSHORE DRILLING US DO 19,413.79 $212,192.76
253868103 DIGITAL REALTY TRUST INC US DLR 753.6 $81,644.62
254683BK0 DCENT 2014-A4 2.12000 12/15/2021 US 59,877.27 $59,733.40
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 941,168.48 $889,630.09
2583952 METRO INC CA MRU CN 619.94 $22,538.43
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 101,558.83 $101,051.03
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 108,292.65 $105,314.60
269246401 ETRADE FINANCIAL CORP US ETFC 6,464.38 $301,627.89
2715777 QUEBECOR INC -CL B CA QBR/B CN 19,036.64 $448,117.02
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 17,772.37 $360,871.37
285512109 ELECTRONIC ARTS US EA 10,879.3 $1,003,506.94
2866857 LUNDIN MINING CORP CA LUN CN 2,319.92 $10,593.65
29278D105 ENEL CHILE SA-ADR CL ENIC 3,021.25 $16,405.38
29444U700 EQUINIX INC US EQIX 2,346.83 $924,650.42
2945422 WEG SA BR WEGE3 BZ 1,392.68 $7,194.01
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 351.19 $37,183.60
29476L107 EQUITY RESIDENTIAL US EQR 1,498.8 $108,752.59
297178105 ESSEX PROPERTY TRUST INC US ESS 250.73 $67,996.65
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 1,604,832.86 $1,590,809.83
30225T102 EXTRA SPACE STORAGE INC US EXR 365.3 $36,022.25
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 38,353.74 $38,190.51
30261UAJ3 FREMF 2013-K713 B 3.15427 04/25/2046 US 399,181.82 $398,620.89
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 59,701.64 $59,328.51
30286XAN9 FREMF 2015-K43 B FLT 3.73415 02/25/2048 US 799,031.08 $789,457.89
30291EAE4 FREMF 2013-K712 B FLT 3.35787 05/25/2045 US 246,353.58 $246,377.18
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 37,260,161.25 $120,737.83
30291XAE2 FREMF 2014-K715 B FLT 3.97779 02/25/2046 US 28,277.15 $28,695.46
30292HAU0 FREMF 2014- K503 B 3.04368 10/25/2047 US 20,197.97 $20,160.23
3128M5A91 FHLM POOL G03332 6.00000 10/01/2037 US 15,807 $17,334.42
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 4,311.28 $4,682.02
3128M5NM8 FHLM POOL G03696 5.50000 01/01/2038 US 33,929.99 $36,765.68
3128M6B98 FHLM POOL G04264 5.50000 04/01/2038 US 119,537.42 $128,442.01
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 2,676.6 $2,867.36
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 34,648.63 $37,607.49
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 49,621.04 $54,413.65
3128M7KW5 FHLM POOL G05409 5.50000 03/01/2039 US 82,562.27 $89,077.94
3128M8AW4 FHLM POOL G06021 5.50000 01/01/2040 US 32,229.83 $34,632.78
3128M9C83 FHLM POOL G06995 6.00000 05/01/2040 US 100,741.73 $110,473.96
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 3,853.18 $3,963.68
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 7,238.54 $7,404.58
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 4,964.52 $5,094.83
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 4,044.75 $4,176.05
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 7,036.07 $7,252.93
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 717,433.88 $750,184.11
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 85,171.99 $91,313.04
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 12,866.3 $13,539.85
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 13,775.89 $14,461.25
3132LMMM5 FHLM POOL K91364 4.50000 11/01/2033 US 8,107.41 $8,485.55
3132LNE83 FHLM POOL K92059 4.50000 09/01/2034 US 11,807.32 $12,476.15
31335ABB3 FHLM POOL G60034 4.50000 02/01/2045 US 907,440.58 $946,029.64
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 235,235.92 $241,906.64
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 4,886.24 $4,908.47
3134865 BARCLAYS PLC GB BARC LN 10,676.09 $22,252.70
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 363,252.43 $370,168.87
31371NCJ2 FEDERAL NATL MTG ASSN 256673 5.50000 04/01/2037 US 164,433.62 $179,144.66
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 125.2 $16,597.89
3137A2B34 FHMS K009 X1 FLT 1.27311 08/25/2020 US 3,800,132.68 $58,484.42
3137ADTK3 FHMS K014 X1 FLT 1.14907 04/25/2021 US 2,253,702.02 $49,862.71
3137AJMG6 FMHS K016 X1 FLT 1.47787 10/25/2021 US 1,396,192.19 $47,811.76
3137AME78 FHMS K017 X1 FLT 1.30246 12/25/2021 US 453,205.21 $13,928.58
3137AUPF0 FHMS K021 x1 FLT 1.44244 06/25/2022 US 5,286,633.05 $216,750.37
3137B3NB0 FHMS K030 X1 FLT 0.19598 04/25/2023 US 16,046,777.32 $119,288.53
3137B4GZ3 FHMS K032 X1 FLT 0.10305 05/25/2023 US 10,324,605.59 $47,700.71
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 453,460.09 $466,315.64
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 456,443.36 $474,248.44
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 78,918.23 $82,951.94
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 44,611.66 $46,871.24
3138EGGZ1 FEDERAL NATL MTG ASSN AL0215 4.50000 04/01/2041 US 24,035.92 $25,264.41
3138EQTZ5 FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 597,127.56 $627,608.47
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65400 01/01/2049 US 780,438.28 $848,947.75
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 1,058,821.36 $1,070,079.65
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 184,110.48 $200,558.74
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 5,048.53 $5,502.80
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 206,802.22 $212,666.03
3140EWG66 FEDERAL NATL MTG ASSN BC2020 3.50000 07/01/2046 US 367,063.54 $369,413.97
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 236,926.84 $238,933.99
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 522,241.58 $536,326.13
3140FEXR0 FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 541,713.95 $556,191.75
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 27,681.57 $28,419.25
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 178,141.89 $185,200.45
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 648,016.88 $682,355.53
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 295,303.66 $310,952.95
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 237,116.59 $249,682.64
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 21,529.04 $22,669.97
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 5,447.48 $5,578.56
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 6,483.89 $6,640.69
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 43,243.99 $43,941.24
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 52,668.75 $53,527.98
31410HAQ4 MACYS RETAIL HLDGS INC 6.90000 04/01/2029 US 410,835.18 $431,305.67
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 9,086.18 $9,902.14
31410KJV7 FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 102,691.46 $112,562.27
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 99,381.27 $106,782.29
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 36,501.44 $39,657.76
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 1,951.74 $1,974.45
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 30,345.29 $30,858.61
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 221,374.09 $232,166.01
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 199,056.34 $208,839.31
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 312,981.24 $307,614.31
31418MDZ2 FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 55,051.13 $60,340.77
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 22,536.42 $24,749.60
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 62,342.03 $67,085.20
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 102,319.14 $111,117.98
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 5,351.06 $5,566.61
31419BBV6 FEDERAL NATL MTG ASSN AE0951 4.50000 02/01/2041 US 174,178.67 $183,079.55
31428X106 FEDEX CORPORATION US FDX 2,842.26 $504,699.75
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 40,274.72 $38,764.42
32054K103 FIRST INDUSTRIAL REALTY TR US FR 818.85 $26,792.88
335934AK1 FIRST QUANTUM MINERALS L 7.25000 04/01/2023 CA 17,521.29 $16,776.81
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 49,156.55 $47,190.29
357081AE8 FREMF 2015-K720 B FLT 3.39010 07/25/2022 US 339,961.43 $340,910.88
35802XAD5 FRESENIUS MED CARE II 5.62500 07/31/2019 US 531,229.39 $536,427.42
36143WAN1 GAHR 2015-NRF BFX FLT 3.38216 12/15/2034 US 670,817.99 $666,943.01
36143WAS0 GAHR 2015-NRF DFX FLT 3.38216 12/15/2034 US 299,386.37 $296,124.22
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637870106 NATIONAL STORAGE AFFILIATES US NSA 479.88 $13,964.37
63938CAE8 NAVIENT CORP 7.25000 09/25/2023 US 40,355.51 $41,061.73
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6441506 HOYA CORP JP 7741 JP 391.77 $22,737.30
6446620 HYUNDAI HEAVY INDUSTRIES KR 009540 KS 372.59 $46,626.60
6451066 HYUNDAI MIPO DOCKYARD KR 010620 KS 820.04 $46,468.29
6467104 ISUZU MOTORS LTD JP 7202 JP 1,035.79 $15,407.68
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6474494 JOLLIBEE FOODS CORP PH JFC PM 1,824.04 $11,077.61
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64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 283,127.63 $283,255.61
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6518808 LION CORP JP 4912 JP 1,105.55 $23,040.72
6531827 GEELY AUTOMOBILE HOLDINGS LT CN 175 HK 12,815.69 $21,804.60
6641588 NISSAN CHEMICAL INDUSTRIES JP 4021 JP 571.02 $30,360.70
6642387 YAMAHA CORP JP 7951 JP 750.28 $32,834.71
6648891 ORIENTAL LAND CO LTD FIRST SECT JP 4661 JP 142.76 $14,637.30
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 85,943.18 $85,616.59
6683449 KANGWON LAND INC KR 035250 KS 543.81 $16,638.13
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6743882 JAPAN EXCHANGE GROUP INC JP 8697 JP 1,502.17 $26,451.16
6772217 SAMSUNG HEAVY INDUSTRIES KR 010140 KS 1,681.24 $13,810.04
6791591 SECOM CO LTD JP 9735 JP 177.64 $14,872.09
6818843 SM PRIME HOLDINGS INC PH SMPH PM 29,872.39 $21,902.87
68323ADY7 ONTARIO (PROVINCE OF) 1.25000 06/17/2019 CA 446,989.51 $444,602.90
6865504 SUZUKI MOTOR CORP JP 7269 JP 678.9 $35,452.39
6885074 TERUMO CORP JP 4543 JP 250.63 $14,309.01
6895200 TOHO CO LTD JP 9602 JP 393.39 $14,350.39
6913168 GUANGDONG INVESTMENT LTD HK 270 HK 15,703.12 $29,987.93
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 70,165.94 $71,043.01
6919519 UNIVERSAL ROBINA CORP PH URC PM 6,006.81 $17,083.58
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6985112 YAKULT HONSHA CO LTD JP 2267 JP 214.13 $14,290.77
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 71,829.2 $70,482.40
7021963 DEUTSCHE BOERSE AG DE DB1 GR 178.2 $23,727.19
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7088429 AXA SA FR CS FP 790.39 $18,329.20
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7103526 PEUGEOT SA FR UG FP 183.92 $4,626.55
7110388 ROCHE HOLDING AG-GENUSSCHEIN CH ROG SW 220.87 $58,758.59
7110902 TECAN GROUP AG-REG CH TECN SW 53.53 $10,810.23
7123870 NESTLE SA-REGISTERED CH NESN SW 16,627.08 $1,449,613.26
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713448108 PEPSICO INC US PEP 10,794.44 $1,216,209.61
7145056 ENI SPA IT ENI IM 2,745.14 $46,545.99
7156036 SONOVA HOLDING AG-REG CH SOON SW 176.38 $33,101.76
71642QAB3 PDLLN 7 1/4 05/01/22 7.25000 05/01/2022 GB 42,099.56 $39,573.59
71943U104 PHYSICIANS REALTY TRUST US DOC 4,103.43 $74,313.16
7212477 ESSILORLUXOTTICA FR EL FP 90.97 $11,523.51
7262610 CREDIT AGRICOLE SA FR ACA FP 515.66 $5,889.61
729640102 PLYMOUTH INDUSTRIAL REIT INC US 887.13 $14,229.58
7309681 BNP PARIBAS FR BNP FP 449.68 $21,191.58
7380482 COMPAGNIE DE SAINT-GOBAIN FR SGO FP 178.36 $6,154.96
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744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 858,100.44 $892,424.45
74460D109 PUBLIC STORAGE INC US PSA 398.92 $84,778.88
74736K101 QORVO INC US QRVO 20,631.86 $1,348,498.12
756109104 REALTY INCOME CORP US O 264.68 $18,180.70
75886F107 REGENERON PHARMACEUTICALS INC US REGN 1,450.47 $622,643.83
76131D103 RESTAURANT BRANDS INTERN CA QSR 333.89 $20,918.41
7698356 GETINGE AB-B SHS SE GETIB SS 1,026.39 $11,589.22
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 59,620.85 $60,664.21
77714PAB5 SEMGROUP / ROSE ROCK FIN 5.62500 07/15/2022 US 40,274.72 $38,260.99
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 1,076.67 $67,615.12
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 217.21 $15,422.25
78409V104 S&P GLOBAL INC US SPGI 4,346.65 $833,034.96
78410G104 SBA COMMUNICATIONS CORP US SBAC 4,264.57 $778,411.61
78442PGC4 SLM CORP 5.12500 04/05/2022 US 82,455.08 $79,981.42
78490DAA2 SOFI 2018-C A1FX 3.08000 01/25/2048 US 889,294.19 $888,947.01
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 1,263,137.92 $1,368,692.70
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 841,791.03 $857,142.45
806857108 SCHLUMBERGER LTD NL SLB 14,759.04 $652,497.19
808513105 CHARLES SCHWAB CORP/THE US SCHW 13,892.29 $649,742.17
81141R100 SEA LTD - ADR SG SE 1,471.27 $20,612.52
81211K100 SEALED AIR CORP US SEE 25,492.93 $1,006,970.64
812578102 SEATTLE GENETICS INC US SGEN 10,967.1 $838,215.15
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 187,929.34 $182,050.35
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 259,595.11 $252,456.24
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 200,510.62 $180,746.39
81762P102 SERVICENOW INC US NOW 3,645.24 $802,026.66
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 48,994.97 $44,462.93
828806109 SIMON PROPERTY GROUP INC US SPG 947.78 $172,610.54
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 78,769.45 $78,055.89
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 78,482.23 $76,992.63
83404YAA1 SCLP 2016-5 A 3.06000 09/25/2028 US 89,864.54 $89,465.97
83406EAB1 SOFI 2018-A A2A 2.39000 02/25/2042 US 181,411.61 $179,864.71
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 827,046.87 $849,873.39
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 76,980.55 $74,671.14
85254J102 STAG INDUSTRIAL INC US STAG 1,289.81 $35,560.15
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.72894 11/15/2027 US 533,835.76 $528,839.11
862121100 STORE CAPITAL CORP US STOR 526.19 $17,006.46
866674104 SUN COMMUNITIES US SUI 578.83 $63,619.73
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 2,087.69 $29,853.97
874080104 TAL EDUCATION GROUP - ADR CN TAL 386.78 $12,001.79
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 146,608.63 $145,356.81
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 59,701.64 $55,746.41
88104LAE3 TERRAFORM POWER OPERATIN 5.00000 01/31/2028 US 35,042.57 $32,545.79
88650V208 TIER REIT INC US TIER 2,486.61 $58,435.39
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 708,381.71 $687,125.16
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 696,482.76 $677,807.62
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 315,700.95 $305,651.12
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 88,865.73 $87,889.99
902653104 UDR INC US UDR 1,600.92 $70,040.24
903002103 UMH PROPERTIES INC US UMH 1,187.79 $16,664.68
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 35,123.37 $33,806.24
904767704 UNILEVER PLC - ADR GB UL 22,752.47 $1,196,780.01
912796QY8 TREASURY BILL 0.00000 02/21/2019 US 713,778.16 $712,849.26
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 1,252,586.52 $1,685,903.18
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 2,384,737.04 $3,053,581.26
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 903,660.94 $843,734.58
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 3,771,168.55 $3,428,669.85
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 2,422,478.06 $2,419,449.96
9128282N9 US TREASURY N/B 2.12500 07/31/2024 US 260,101.34 $255,508.93
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 3,078,870.78 $3,110,621.64
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 7,394,109.48 $7,296,002.73
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 3,325,789.94 $3,123,644.27
912828S92 US TREASURY N/B 1.25000 07/31/2023 US 5,339,056.9 $5,067,932.92
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 891,384.88 $871,081.33
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 3,186,425.12 $3,137,135.11
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 3,035,445.12 $2,967,147.61
91704F104 URBAN EDGE PROPERTIES US UE 2,123.66 $43,365.04
92276F100 VENTAS INC US VTR 547.04 $35,278.47
92339V100 VEREIT INC US VER 5,762.03 $46,557.16
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 1,273,602.22 $1,425,121.50
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 3,093.64 $590,607.14
92826C839 VISA INC - CLASS A SHARES US V 12,407.31 $1,675,111.22
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 97,619.35 $99,190.83
929042109 VORNADO REALTY TRUST US VNO 727.68 $50,871.96
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 49,156.55 $47,804.75
92936CAE9 WFRBS 2011-C4 A3 4.39400 06/15/2044 US 176.54 $176.59
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 50,900.6 $51,155.11
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 87,121.68 $80,151.95
948741103 WEINGARTEN REALTY INVESTORS US WRI 1,390.63 $39,897.20
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 9,695.02 $9,863.41
95040Q104 WELLTOWER INC. US WELL 656.46 $50,869.21
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 196,949.38 $196,949.38
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 50,981.39 $49,133.32
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 661,540.97 $643,618.82
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 227,467.27 $226,830.34
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 278,697.82 $275,424.21
98919V105 ZAYO GROUP HOLDINGS INC US ZAYO 13,146.02 $360,858.15
AP0787667 MPC CONTAINER SHIPS FLT 7.57163 09/22/2022 NL 69,761.98 $68,518.82
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 94,825.01 $89,846.69
B00FM53 BANCO BRADESCO SA - PREF BR BBDC4 BZ 1,962.08 $24,348.50
B0190C7 TECHTRONIC INDUSTRIES CO LTD HK 669 HK 2,672.63 $15,601.60
B01FLR7 PING AN INSURANCE GROUP CO-H CN 2318 HK 3,568.89 $34,745.15
B01JCK9 LI NING CO LTD CN 2331 HK 28,999.55 $35,681.77
B02J639 ADMIRAL GROUP PLC GB ADM LN 606.15 $16,482.31
B02L3W3 BERKELEY GROUP HOLDINGS GB BKG LN 452.44 $22,276.60
B037HR3 ITAU UNIBANCO HOLDINGS S-PREF BR ITUB4 BZ 2,158.78 $22,953.85
B058TZ6 SAFRAN SA FR SAF FP 121.42 $15,953.65
B068DB9 SM INVESTMENTS CORP PH SM PM 849.69 $16,208.91
B07DRZ5 RECORDATI SPA IT REC IM 457.75 $16,587.31
B09DHL9 MTU AERO ENGINES HOLDING AG DE MTX GR 73.28 $15,802.98
B0C2CQ3 ENGIE FR ENGI FP 586.56 $9,403.27
B0CGYD6 LOJAS RENNER S.A. BR LREN3 BZ 1,531.86 $19,110.48
B0JDQD4 BANDAI NAMCO HOLDINGS INC JP 7832 JP 712.16 $31,460.99
B0SWJX3 LONDON STOCK EXCHANGE GROUP GB LSE LN 783.67 $47,130.45
B0YZ0Z5 DEUTSCHE WOHNEN SE DE DWNI GR 948.67 $47,393.02
B15C557 TOTAL SA FR FP FP 818.13 $44,850.78
B19NLV4 EXPERIAN PLC GB EXPN LN 647.15 $16,248.27
B1FW751 GALP ENERGIA SGPS SA PT GALP PL 2,684.55 $41,944.65
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 2,745.62 $15,336.06
B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 693.58 $33,965.47
B1XH026 VINCI SA FR DG FP 627.48 $55,212.00
B1Y9TB3 DANONE FR BN FP 912.59 $66,410.41
B1YVKN8 ANTA SPORTS PRODUCTS LTD CN 2020 HK 8,549.18 $44,224.55
B1YXBJ7 AIR LIQUIDE FR AI FP 164.09 $19,920.18
B1Z9Q99 ABOITIZ POWER CORP PH AP PM 12,790.5 $9,446.21
B247XZ6 MANILA ELECTRIC COMPANY PH MER PM 2,124.06 $14,942.05
B249GC0 MATSUMOTOKIYOSHI HOLDINGS CO JP 3088 JP 678.9 $20,972.63
B283W97 CAIXABANK S.A ES CABK SM 7,832.64 $29,622.95
B2B0DG9 RELX PLC GB REL LN 747.97 $16,567.04
B3NB1P2 SUNCOR ENERGY INC CA SU CN 1,465.28 $47,260.95
B3ZCNF7 TELEFONICA BRASIL S.A. - PREF BR VIVT4 BZ 1,249.92 $16,686.39
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 968,254.8 $48,774.15
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 128,318.49 $100,693.80
B4975P9 MAGAZINE LUIZA SA BR MGLU3 BZ 142.76 $7,009.01
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 1,380,697.04 $68,566.79
B4R2R50 JULIUS BAER CH BAER SW 856.26 $34,414.94
B4V5RY4 BANCO SANTANDER BRASIL - UNIT BR SANB11 BZ 962.79 $12,689.58
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 234,496.5 $174,432.68
B5VJH76 BDO UNIBANK INC PH BDO PM 6,245.2 $16,225.83
B607XS1 VERMILION ENERGY INC CA VET CN 1,527.89 $37,442.85
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 1,840,613.25 $95,895.06
B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 4,117.89 $46,342.57
B63QM77 NEXON CO LTD JP 3659 JP 4,973.16 $75,658.98
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 356,889.08 $17,450.05
B725S29 PUREGOLD PRICE CLUB INC PH PGOLD PM 7,875.13 $6,880.58
B7311V6 KALBE FARMA TBK PT ID KLBF IJ 141,440.97 $16,210.49
B7T7721 ROYAL BANK OF SCOTLAND GB RBS LN 7,186.79 $22,797.95
B800MQ5 ASTRA INTERNATIONAL TBK PT ID ASII IJ 26,872.99 $16,302.55
B8FMRX8 COLOPLAST-B DK COLOB DC 170.98 $15,619.22
B8K9X70 GRAND CITY PROPERTIES DE GYC GR 996.08 $24,782.95
B92RW83 LT GROUP INC PH LTG PM 24,332.7 $7,251.12
B9895B7 COCA-COLA HBC AG-DI CH CCH LN 698.21 $23,466.17
B9G6L89 LEG IMMOBILIEN AG DE LEG GR 304.86 $35,811.94
B9N3SQ0 BB SEGURIDADE PARTICIPACOES BR BBSE3 BZ 1,140.43 $9,712.03
BBD7Q84 SUNTORY BEVERAGE & FOOD LTD JP 2587 JP 355.27 $15,730.32
BBG00MJRX139 QRVO US 02/15/19 C67.5 US -45.28 -$8,151.21
BBG00MMG82L5 GOOG US 02/15/19 C1110 US -3.57 -$13,204.90
BBG00MSXTDS8 NOW US 02/01/19 C202.5 US -14.97 -$26,128.20
BBG00MY7SR35 MSFT US 02/08/19 C111 US -27.46 -$274.56
BBG00N27NTT1 BKNG US 03/01/19 C1970 US -1.43 -$2,826.56
BBJPFY1 VONOVIA SE DE VNA GR 973.34 $48,918.48
BD0Q398 KONINKLIJKE AHOLD DELHAIZE N NL AD NA 886.91 $23,366.56
BD1WX84 ENGIE BRASIL ENERGIA SA BR EGIE3 BZ 1,911.78 $21,936.83
BD3JR69 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 37,814.08 $16,327.96
BD4T6W7 TELEKOMUNIKASI INDONESIA PER ID TLKM IJ 60,688.92 $16,937.00
BD4TZK8 OCI NV NL OCI NA 630.72 $13,338.29
BD6K457 COMPASS GROUP PLC GB CPG LN 737.18 $15,774.50
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 68,366.74 $67,683.07
BD9Y5C0 TECHNOGYM SPA IT TGYM IM 2,007.47 $23,276.73
BD9Y9B7 BASIC-FIT NV NL BFIT NA 765.41 $23,416.38
BDFLHY1 AIRPORTS OF THAILAND PCL-FOR TH AOT/F TB 7,411.98 $16,414.37
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 37,084.15 $15,152.30
BDZV116 EPIROC AB-A SE EPIA SS 546.12 $5,244.04
BF7LBH4 ATACADAO DISTRIBUICAO COMERC BR CRFB3 BZ 1,678.19 $9,198.00
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 98,070.73 $92,676.84
BFTCYP4 ROBINSONS RETAIL HOLDINGS IN PH RRHI PM 4,232.57 $7,147.69
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 349.15 $62,795.53
BG36ZK1 B3 SA-BRASIL BOLSA BALCAO BR B3SA3 BZ 1,606.81 $13,864.41
BG7ZWY7 AMBEV SA BR ABEV3 BZ 5,281.96 $25,358.38
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 17,082.04 $25,691.39
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 48,918.04 $40,112.43
BHC8X90 NOVO NORDISK A/S-B DK NOVOB DC 333.81 $15,644.48
BJ2KSG2 AKZO NOBEL NL AKZA NA 642.58 $55,305.03
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 39,398.1 $1,753,791.21
BNGN9Z1 FINECOBANK SPA IT FBK IM 3,929.88 $42,733.24
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 27,508.65 $769,503.42
BSQXJ01 THULE GROUP AB/THE SE THULE SS 1,652.4 $33,736.55
BSS7GP5 AGL ENERGY LTD AU AGL AU 1,533.86 $23,966.10
BYMXPS7 UNICREDIT SPA IT UCG IM 1,319.85 $15,258.03
BYNXBZ5 ADO PROPERTIES SA DE ADJ GR 199.7 $11,987.63
BYW0PQ6 LAND SECURITIES GROUP PLC GB LAND LN 986.89 $11,223.19
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 57,799.87 $23,383.97
BYXS699 QIAGEN N.V. NL QIA GR 749.4 $27,678.21
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 19,546.21 $1,493,391.49
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 5,790.8 $25,640.77
BZ3C3Q4 BANKIA SA ES BKIA SM 9,910.11 $28,887.65
BZ4CMZ5 DAVIDE CAMPARI-MILANO SPA IT CPR IM 3,548.48 $31,881.46
G02602103 AMDOCS LTD GG DOX 1,030.43 $57,580.20
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 484.24 $16,972.54
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 469.35 $22,331.65
G27358103 DESPEGAR.COM CORP AR DESP 607.08 $9,118.37
G3157S106 ENSCO INTERNATIONAL INC US ESV 52,254.14 $229,918.24
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 87,848.81 $89,166.54
G5960L103 MEDTRONIC INC IE MDT 24,577.04 $2,172,364.89
G84720104 STERIS PLC GB STE 201.6 $22,994.72
G97822103 PERRIGO CO PLC IE PRGO 810.62 $37,653.44
H8817H100 TRANSOCEAN LTD US RIG 33,525.29 $287,311.70
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 149.65 $16,748.94
N22717107 CORE LABORATORIES N.V. NL CLB 365.93 $24,685.81
N47279109 INTERXION HOLDING NV NL INXN 17,665.65 $1,060,645.49
N72482123 QIAGEN N.V. ADR NL QGEN 525.94 $19,475.40
USD US DOLLAR US 1,577,697.51 $1,577,697.51

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Extended Term CIT Fund and Manning & Napier Pro-Mix® Moderate Term CIT Fund. 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.

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 more than 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

$21.89

Daily $ Change

$0.08

Daily % Change

0.37%

as of 02/15/2019

CUSIP

563821172

Inception Date

01/06/2005

This fund is only available for use within certain qualified employee benefit plans.

Important Documents

Annual Report
Fact Sheet
Applications & Forms

Each Retirement Target CIT Fund seeks to achieve its investment objectives by investing in a combination of other Manning & Napier CIT Funds (the “underlying CIT Funds”) in order to meet its target asset allocations and investment style. The financial statements of the underlying Pro-Mix® CIT Funds should be read in conjunction with the Retirement Target CIT Funds’ financial statements.
Pro-Mix® CIT Fund Annual Report

Investment Objective

To provide capital growth and manage risk for investors planning to retire 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 23% - 63%.

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 2020
  • Who currently 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 01/31/2019

YTD

3.94%

1 Year

-0.92%

3 Year

5.82%

5 Year

3.24%

10 Year

8.22%

Inception
(01/01/2000)

6.11%

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

6.12%

Performance through the inception date of the Retirement Target CIT Class S Units 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. The Retirement Target CIT Fund will gradually become more conservative over time. Returns are net of the Class S 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 0.93%
Net 0.89%*

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

Top Ten Investments

As of 01/31/2019

TREASURY NOTES 10.67%
GOVERNMENT AGENCY 6.48%
TREASURY BONDS 6.40%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 4.41%
NOVARTIS AG- REG 1.37%
MEDTRONIC INC 1.31%
MASTERCARD INC-CLASS A 1.31%
BOOKING HOLDINGS INC 1.16%
MICROSOFT CORP 1.10%
TENCENT HOLDINGS LTD 1.06%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 01/31/2019

Bonds
60.70%
Stocks
38.36%
Cash
0.94%

Detailed Asset Class Allocation

As of 01/31/2019

International Equities
14.00%
Small Capitalization
1.10%
Mid Capitalization
2.77%
Large Capitalization
20.49%
Long Term Fixed Income
20.31%
Intermediate Term Fixed Income
27.57%
Short Term Fixed Income
12.82%
Cash
0.94%

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

January Fund Holdings

As of 01/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAH9 ADT SEC CORP 4.12500 06/15/2023 US 49,156.55 $47,313.18
00101JAM8 ADT CORP 5.25000 03/15/2020 US 31,554.47 $32,027.79
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 879,998.53 $890,635.08
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 1,719,811.91 $1,705,193.51
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 216,746.89 $217,288.75
004239109 ACADIA REALTY TRUST US AKR 555.6 $15,962.29
0045614 ANTOFAGASTA PLC GB ANTO LN 987.42 $11,288.07
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 855,743.42 $837,336.81
0081180 BARRATT DEVELOPMENTS PLC GB BDEV LN 3,179.3 $22,487.53
008492100 AGREE REALTY CORP US ADC 344.13 $22,722.85
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 42,099.56 $43,004.89
0136701 BRITISH LAND CO PLC GB BLND LN 1,496.03 $11,269.68
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 128.53 $16,928.36
01609W102 ALIBABA GROUP - ADR CN BABA 379.02 $63,861.80
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 60,960.94 $61,494.35
02079K107 ALPHABET INC-CL C US GOOG 931.56 $1,039,967.08
02079K305 ALPHABET INC-CL A US GOOGL 565.92 $637,162.09
023135106 AMAZON.COM INC US AMZN 346.1 $594,855.23
02319V103 AMBEV SA-ADR BR ABEV 149,816.81 $720,618.88
0237400 DIAGEO PLC GB DGE LN 40,204.7 $1,534,466.20
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 185,757.95 $187,076.84
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 554.01 $25,495.73
0263494 BAE SYSTEMS PLC GB BA/ LN 5,492.68 $36,951.27
02665T306 AMERICAN HOMES 4 RENT- A US AMH 3,093.07 $68,387.72
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 457,035.8 $440,227.30
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 50,900.6 $47,337.56
03027X100 AMERICAN TOWER REIT INC US AMT 4,450.31 $769,191.93
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 25,339.45 $25,536.34
03064D108 AMERICOLD REALTY TRUST US COLD 503.19 $14,753.66
03748R101 APARTMENT INVT & MGMT CO -A US AIV 992.11 $49,129.44
03784Y200 APPLE HOSPITALITY REIT INC US APLE 975.85 $16,013.72
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 42,180.35 $41,020.40
0405207 HALMA PLC GB HLMA LN 1,244.25 $22,884.11
0490656 KERRY GROUP PLC-A IE KYGA LN 422.47 $43,447.59
053484101 AVALONBAY COMMUNITIES INC US AVB 691.67 $133,436.16
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 1,330,606.08 $1,302,670.81
058498106 BALL CORP US BLL 32,339.04 $1,690,684.85
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 1,380,763.78 $1,391,615.66
0682538 PERSIMMON PLC GB PSN LN 716.05 $22,337.68
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 4,351.66 $894,439.46
0870612 LLOYDS BANKING GROUP PLC GB LLOY LN 30,172.35 $23,002.27
0878230 TAYLOR WIMPEY PLC GB TW/ LN 10,280.67 $22,291.00
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 6,762.08 $663,833.25
0922320 SMITH & NEPHEW PLC GB SN/ LN 1,704.31 $32,107.00
09247X101 BLACKROCK INC US BLK 777.86 $322,872.72
0946580 WEIR GROUP PLC/THE GB WEIR LN 3,425.34 $67,786.05
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 1,269,952.54 $1,304,260.80
09857L108 BOOKING HOLDINGS INC US BKNG 1,043.25 $1,912,073.91
101121101 BOSTON PROPERTIES INC US BXP 801.09 $105,639.68
105368203 BRANDYWINE REALTY TRUST US BDN 4,368.28 $65,742.56
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 542.79 $19,149.79
11134LAB5 BROADCOM CRP / CAYMN FI 2.37500 01/15/2020 US 42,011.77 $41,686.50
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 43,762.82 $41,656.95
12503M108 CBOE GLOBAL MARKETS INC US CBOE 5,773.74 $538,516.56
12572Q105 CME GROUP INC US CME 3,374.02 $615,016.86
12591QAR3 COMM 2014-UBS4 A5 3.69400 08/10/2047 US 1,197,545.47 $1,218,406.48
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 913,586.85 $915,221.12
12593GAF9 COMM 2015-PC1 A5 3.90200 07/10/2050 US 632,037.89 $651,035.37
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 1,397,136.39 $1,398,798.42
126307AU1 CSC HOLDINGS LLC 5.50000 05/15/2026 US 43,843.61 $43,405.18
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 331,644.06 $313,518.65
133131102 CAMDEN PROPERTY TRUST US CPT 162.31 $15,736.03
13321L108 CAMECO CORP CA CCJ 1,831.53 $22,198.16
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 20,311.41 $20,209.85
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 409,603.73 $407,714.43
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 92,919.37 $85,485.82
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 602,920.78 $594,488.93
165240102 CHESAPEAKE LODGING TRUST US CHSP 801.17 $22,817.33
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 491,432.04 $716,632.49
191216100 COCA COLA CO/THE US KO 25,360.79 $1,220,615.04
2011646 ALIMENTATION COUCHE-TARD -B CA ATD/B CN 462.13 $25,105.15
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 1,560.81 $51,537.83
2162760 CAE INC CA CAE CN 831.79 $17,674.71
2180632 CANADIAN NATL RAILWAY CO CA CNR CN 194.22 $16,207.94
21871N101 CORECIVIC INC US CXW 2,274.82 $45,200.71
222795106 COUSINS PROPERTIES INC US CUZ 7,807.7 $69,098.12
22282EAH5 COVANTA HOLDING CORP 6.00000 01/01/2027 US 45,587.66 $43,650.19
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 789,346.61 $805,612.05
22822V101 CROWN CASTLE INTL CORP US CCI 379.41 $44,414.22
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 219,850.37 $207,308.90
229663109 CUBESMART US CUBE 448.08 $13,868.03
2328595 BANCO DO BRASIL S.A. BR BBAS3 BZ 964.41 $13,713.05
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 31,554.47 $32,027.79
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 1,041.68 $12,058.25
23918K108 DAVITA INC. US DVA 13,305.37 $746,830.19
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 68,179.51 $65,622.78
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 6,628.44 $17,751.18
2458771 ITAUSA INVESTIMENTOS ITAU -PR BR ITSA4 BZ 3,746.53 $13,867.66
2516710 LOJAS AMERICANAS SA - PREF BR LAME4 BZ 1,392.68 $8,045.53
25271C102 DIAMOND OFFSHORE DRILLING US DO 19,413.79 $212,192.76
253868103 DIGITAL REALTY TRUST INC US DLR 753.6 $81,644.62
254683BK0 DCENT 2014-A4 2.12000 12/15/2021 US 59,877.27 $59,733.40
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 941,168.48 $889,630.09
2583952 METRO INC CA MRU CN 619.94 $22,538.43
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 101,558.83 $101,051.03
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 108,292.65 $105,314.60
269246401 ETRADE FINANCIAL CORP US ETFC 6,464.38 $301,627.89
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B8FMRX8 COLOPLAST-B DK COLOB DC 170.98 $15,619.22
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B9895B7 COCA-COLA HBC AG-DI CH CCH LN 698.21 $23,466.17
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BD1WX84 ENGIE BRASIL ENERGIA SA BR EGIE3 BZ 1,911.78 $21,936.83
BD3JR69 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 37,814.08 $16,327.96
BD4T6W7 TELEKOMUNIKASI INDONESIA PER ID TLKM IJ 60,688.92 $16,937.00
BD4TZK8 OCI NV NL OCI NA 630.72 $13,338.29
BD6K457 COMPASS GROUP PLC GB CPG LN 737.18 $15,774.50
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 68,366.74 $67,683.07
BD9Y5C0 TECHNOGYM SPA IT TGYM IM 2,007.47 $23,276.73
BD9Y9B7 BASIC-FIT NV NL BFIT NA 765.41 $23,416.38
BDFLHY1 AIRPORTS OF THAILAND PCL-FOR TH AOT/F TB 7,411.98 $16,414.37
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 37,084.15 $15,152.30
BDZV116 EPIROC AB-A SE EPIA SS 546.12 $5,244.04
BF7LBH4 ATACADAO DISTRIBUICAO COMERC BR CRFB3 BZ 1,678.19 $9,198.00
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 98,070.73 $92,676.84
BFTCYP4 ROBINSONS RETAIL HOLDINGS IN PH RRHI PM 4,232.57 $7,147.69
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 349.15 $62,795.53
BG36ZK1 B3 SA-BRASIL BOLSA BALCAO BR B3SA3 BZ 1,606.81 $13,864.41
BG7ZWY7 AMBEV SA BR ABEV3 BZ 5,281.96 $25,358.38
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 17,082.04 $25,691.39
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 48,918.04 $40,112.43
BHC8X90 NOVO NORDISK A/S-B DK NOVOB DC 333.81 $15,644.48
BJ2KSG2 AKZO NOBEL NL AKZA NA 642.58 $55,305.03
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 39,398.1 $1,753,791.21
BNGN9Z1 FINECOBANK SPA IT FBK IM 3,929.88 $42,733.24
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 27,508.65 $769,503.42
BSQXJ01 THULE GROUP AB/THE SE THULE SS 1,652.4 $33,736.55
BSS7GP5 AGL ENERGY LTD AU AGL AU 1,533.86 $23,966.10
BYMXPS7 UNICREDIT SPA IT UCG IM 1,319.85 $15,258.03
BYNXBZ5 ADO PROPERTIES SA DE ADJ GR 199.7 $11,987.63
BYW0PQ6 LAND SECURITIES GROUP PLC GB LAND LN 986.89 $11,223.19
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 57,799.87 $23,383.97
BYXS699 QIAGEN N.V. NL QIA GR 749.4 $27,678.21
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 19,546.21 $1,493,391.49
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 5,790.8 $25,640.77
BZ3C3Q4 BANKIA SA ES BKIA SM 9,910.11 $28,887.65
BZ4CMZ5 DAVIDE CAMPARI-MILANO SPA IT CPR IM 3,548.48 $31,881.46
G02602103 AMDOCS LTD GG DOX 1,030.43 $57,580.20
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 484.24 $16,972.54
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 469.35 $22,331.65
G27358103 DESPEGAR.COM CORP AR DESP 607.08 $9,118.37
G3157S106 ENSCO INTERNATIONAL INC US ESV 52,254.14 $229,918.24
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 87,848.81 $89,166.54
G5960L103 MEDTRONIC INC IE MDT 24,577.04 $2,172,364.89
G84720104 STERIS PLC GB STE 201.6 $22,994.72
G97822103 PERRIGO CO PLC IE PRGO 810.62 $37,653.44
H8817H100 TRANSOCEAN LTD US RIG 33,525.29 $287,311.70
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 149.65 $16,748.94
N22717107 CORE LABORATORIES N.V. NL CLB 365.93 $24,685.81
N47279109 INTERXION HOLDING NV NL INXN 17,665.65 $1,060,645.49
N72482123 QIAGEN N.V. ADR NL QGEN 525.94 $19,475.40
USD US DOLLAR US 1,577,697.51 $1,577,697.51

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Extended Term CIT Fund and Manning & Napier Pro-Mix® Moderate Term CIT Fund. 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.

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 more than 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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