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 21% - 61%.

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

$12.13

Daily $ Change

$0.02

Daily % Change

0.16%

as of 11/13/2019

CUSIP

56382R860

Inception Date

05/14/2015

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

Important Documents

Annual Report
Applications & Forms

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

Performance

As of 10/31/2019

YTD

13.99%

1 Year

12.72%

3 Year

6.89%

5 Year

4.46%

10 Year

7.27%

Inception
(01/01/2000)

6.86%

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

6.87%

Performance through the inception date of the Retirement Target CIT Class U1 units is based on the historical performance of the CIT’s oldest unit class. Performance through the inception date of the oldest unit class (01/06/2005) is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. Returns are net of the Class U1 expenses. The Retirement Target CIT Fund will gradually become more conservative over time. 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 0.49%
Net 0.49%*

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

Top Ten Investments

As of 10/31/2019

GOVERNMENT AGENCY 11.46%
TREASURY NOTES 7.34%
TREASURY BONDS 5.98%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 2.91%
TREASURY BILLS 2.12%
TSY INFL IX N/B 0.50000 04/15/2024 1.47%
MEDTRONIC INC 1.29%
MASTERCARD INC-CLASS A 1.25%
NOVARTIS AG- REG 1.23%
MICROSOFT CORP 1.20%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 10/31/2019

Bonds 60.50%
Stocks 38.64%
Cash 0.86%

Detailed Asset Class Allocation

As of 10/31/2019

International Equities 15.25%
Small Capitalization 0.30%
Mid Capitalization 0.71%
Large Capitalization 22.39%
Long Term Fixed Income 20.84%
Intermediate Term Fixed Income 30.31%
Short Term Fixed Income 9.34%
Cash 0.86%

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

October Fund Holdings

As of 10/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 12,782.36 $13,629.19
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 694,352.34 $762,610.97
00287Y109 ABBVIE INC US ABBV 243.38 $19,360.98
004239109 ACADIA REALTY TRUST US AKR 386.06 $10,801.88
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 20,771.33 $19,005.77
00507V109 ACTIVISION INC US ATVI 16,718.03 $936,711.05
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 771,071.53 $836,672.84
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 14,380.15 $14,236.35
0081180 BARRATT DEVELOPMENTS PLC GB BDEV LN 2,140.69 $17,506.17
008492100 AGREE REALTY CORP US ADC 238.06 $18,751.90
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 793,106.91 $827,343.69
0136701 BRITISH LAND CO PLC GB BLND LN 2,379.48 $19,131.42
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 86.86 $13,789.81
01609W102 ALIBABA GROUP - ADR CN BABA 332.97 $58,826.01
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 550,358.9 $571,636.63
020002101 ALLSTATE CORPORATION US ALL 59.3 $6,310.38
02079K107 ALPHABET INC-CL C US GOOG 608.59 $766,888.55
02079K305 ALPHABET INC-CL A US GOOGL 608.59 $766,091.30
023135106 AMAZON.COM INC US AMZN 581.87 $1,033,782.14
02319V103 AMBEV SA-ADR BR ABEV 55,693.91 $240,040.76
0237400 DIAGEO PLC GB DGE LN 13,533.38 $553,935.85
02406PAR1 AMERICAN AXLE & MFG INC 6.25000 04/01/2025 US 6,391.18 $6,159.50
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 617.72 $30,873.89
0263494 BAE SYSTEMS PLC GB BA/ LN 4,874.07 $36,407.99
02665T306 AMERICAN HOMES 4 RENT- A US AMH 2,140.93 $56,670.47
0287580 BRITISH AMERICAN TOBACCO PLC GB BATS LN 925.84 $32,382.32
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 35,151.48 $35,348.57
03027X100 AMERICAN TOWER REIT INC US AMT 2,308.13 $503,357.60
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 768,042.81 $821,063.04
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 14,782.76 $14,930.49
03064D108 AMERICOLD REALTY TRUST US COLD 1,151.7 $46,171.53
031162100 AMGEN INC US AMGN 110 $23,458.39
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 14,296.72 $10,633.18
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 14,380.15 $10,857.01
03748R754 APARTMENT INVT & MGMT CO -A US AIV 1,012.01 $55,538.95
038222105 APPLIED MATERIALS INC US AMAT 150.67 $8,175.44
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 111.85 $4,702.38
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 8,425.34 $8,762.35
0405207 HALMA PLC GB HLMA LN 704.96 $17,106.13
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 14,380.15 $14,452.05
0490656 KERRY GROUP PLC-A IE KYGA LN 294.04 $35,603.83
05278C107 AUTOHOME INC-ADR CN ATHM 303.79 $25,688.79
053484101 AVALONBAY COMMUNITIES INC US AVB 358.73 $78,080.69
054937107 BB&T CORP US BBT 124.57 $6,608.33
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 1,211,487.53 $1,240,936.98
05722G100 BAKER HUGHES CO US BKR 201.3 $4,307.92
060505104 BANK OF AMERICA CORP US BAC 814.88 $25,481.30
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 1,070,288.8 $1,141,590.43
0682538 PERSIMMON PLC GB PSN LN 636.76 $18,782.25
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 5,912.42 $1,256,862.88
08576PAA9 BERRY GLOBAL INC 4.50000 02/15/2026 US 9,503.33 $9,562.73
086516101 BEST BUY INC US BBY 80.84 $5,806.98
0870612 LLOYDS BANKING GROUP PLC GB LLOY LN 25,914.24 $19,062.76
0878230 TAYLOR WIMPEY PLC GB TW/ LN 8,536.84 $18,309.05
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 8,338.16 $610,436.58
0922320 SMITH & NEPHEW PLC GB SN/ LN 1,434.13 $30,785.73
09247X101 BLACKROCK INC US BLK 584.88 $270,041.17
0946580 WEIR GROUP PLC/THE GB WEIR LN 1,829.65 $31,958.72
097023105 BOEING CO US BA 73.56 $25,003.02
09857L108 BOOKING HOLDINGS INC US BKNG 247.87 $507,830.40
101121101 BOSTON PROPERTIES INC US BXP 319.49 $43,834.21
105368203 BRANDYWINE REALTY TRUST US BDN 3,022.36 $46,181.72
110122108 BRISTOL MYERS SQUIBB CO US BMY 279.35 $16,026.09
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 411 $14,368.57
11135F101 BROADCOM INC US AVGO 56.73 $16,612.29
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 14,380.15 $9,490.90
12429TAE4 BWAY HOLDING CO 7.25000 04/15/2025 US 14,380.15 $13,751.02
124847AC8 ENTERCOM MEDIA CORP 7.25000 11/01/2024 US 6,391.18 $6,662.80
12503M108 CBOE GLOBAL MARKETS INC US CBOE 4,437.84 $511,017.08
12527GAB9 CF INDUSTRIES INC 7.12500 05/01/2020 US 12,782.36 $13,089.53
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 51.88 $3,924.42
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 137,792.45 $140,799.66
12572Q105 CME GROUP INC US CME 2,470.08 $508,219.28
12591QAR3 COMM 2014-UBS4 A5 3.69400 08/10/2047 US 1,090,338.78 $1,155,730.32
12593GAF9 COMM 2015-PC1 A5 3.90200 07/10/2050 US 575,456.58 $620,814.99
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 605,743.77 $636,942.11
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 261,082.39 $258,335.62
126650100 CVS HEALTH CORP US CVS 233.13 $15,477.30
12686CBA6 CABLEVISION SYSTEMS CORP 8.00000 04/15/2020 US 12,782.36 $13,101.91
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 20,687.89 $20,739.61
133131102 CAMDEN PROPERTY TRUST US CPT 366.72 $41,941.40
13321L108 CAMECO CORP CA CCJ 2,457.49 $21,945.34
149123101 CATERPILLAR INC US CAT 94.8 $13,063.97
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 3,404.48 $3,402.49
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 232,610.69 $234,299.82
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 12,782.36 $12,942.14
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 357,180.92 $357,185.95
166764100 CHEVRON CORP US CVX 195.1 $22,659.43
17275R102 CISCO SYSTEMS INC US CSCO 568.57 $27,012.74
172967424 CITIGROUP INC US C 233.57 $16,784.04
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 368,210.33 $605,731.11
191216100 COCA COLA CO/THE US KO 18,056.61 $982,821.33
192422103 COGNEX CORP US CGNX 5,074.13 $261,266.82
194162103 COLGATE-PALMOLIVE CO US CL 165.24 $11,335.77
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 567,530 $575,371.03
2011646 ALIMENTATION COUCHE-TARD -B CA ATD/B CN 1,115.79 $33,462.70
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 675.58 $32,711.54
205887102 CONAGRA BRAND INC. US CAG 122.08 $3,302.15
222795502 COUSINS PROPERTIES INC US CUZ 1,896.06 $76,088.98
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 723,679.9 $728,369.34
22822V101 CROWN CASTLE INTL CORP US CCI 262.11 $36,378.14
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 177,562.09 $173,647.86
229663109 CUBESMART US CUBE 324.92 $10,300.08
231021106 CUMMINS INC US CMI 42.82 $7,385.32
2328595 BANCO DO BRASIL S.A. BR BBAS3 BZ 1,621.16 $19,406.99
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 921.13 $7,783.94
2458771 ITAUSA INVESTIMENTOS ITAU -PR BR ITSA4 BZ 5,425.07 $18,532.23
2521800 LOBLAW COMPANIES LTD CA L CN 600.95 $32,048.01
25277LAC0 DIAMOND SPORTS GR/DIAMON 6.62500 08/15/2027 US 19,173.53 $19,748.74
253868103 DIGITAL REALTY TRUST INC US DLR 304.07 $38,628.93
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 730,196.35 $798,510.56
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 23,966.92 $24,925.59
25960P109 DOUGLAS EMMETT INC US DEI 810.63 $35,116.42
260557103 DOW INC US DOW 129.21 $6,523.99
2715777 QUEBECOR INC -CL B CA QBR/B CN 11,633.29 $270,451.34
277432100 EASTMAN CHEM CO US EMN 49.58 $3,770.00
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 13,647.33 $278,521.22
285512109 ELECTRONIC ARTS US EA 7,721.25 $744,328.61
2866857 LUNDIN MINING CORP CA LUN CN 1,632.82 $8,244.04
291011104 EMERSON ELEC CO US EMR 142.43 $9,991.45
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 503,618.21 $603,184.95
29444U700 EQUINIX INC US EQIX 1,364.87 $773,579.20
2945422 WEG SA BR WEGE3 BZ 1,138.48 $7,301.26
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 485.87 $33,981.84
29476L107 EQUITY RESIDENTIAL US EQR 641.86 $56,907.19
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 1,392.77 $35,738.36
297178105 ESSEX PROPERTY TRUST INC US ESS 138.68 $45,366.73
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 1,467,238.64 $1,475,668.00
30225T102 EXTRA SPACE STORAGE INC US EXR 122.27 $13,726.89
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 3,039.82 $3,034.38
30261UAJ3 FREMF 2013-K713 B 3.15242 04/25/2046 US 363,446.26 $364,033.19
30286XAN9 FREMF 2015-K43 B FLT 3.73374 02/25/2048 US 731,648.07 $761,434.42
30291EAE4 FREMF 2013-K712 B FLT 3.26320 05/25/2045 US 226,966 $226,740.71
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 33,578,382.98 $89,976.64
30291XAE2 FREMF 2014-K715 B FLT 3.97143 02/25/2046 US 29,202.28 $29,766.41
30303M102 FACEBOOK INC -A US FB 5,626.76 $1,078,369.33
30744W107 FARFETCH LTD - CLASS A GB FTCH 971.5 $8,675.50
311900104 FASTENAL CO US FAST 161.11 $5,790.36
3128M5A91 FHLM POOL G03332 6.00000 10/01/2037 US 12,566.81 $14,469.69
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 4,053.12 $4,562.23
3128M5NM8 FHLM POOL G03696 5.50000 01/01/2038 US 27,071.23 $30,414.32
3128M6B98 FHLM POOL G04264 5.50000 04/01/2038 US 95,155.43 $106,932.73
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 2,425.47 $2,722.78
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 25,116.29 $28,360.52
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 34,090.76 $38,210.48
3128M7KW5 FHLM POOL G05409 5.50000 03/01/2039 US 65,519.06 $73,615.74
3128M8AW4 FHLM POOL G06021 5.50000 01/01/2040 US 25,820.42 $29,016.55
3128M9C83 FHLM POOL G06995 6.00000 05/01/2040 US 78,893.57 $90,729.21
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 2,400.66 $2,489.61
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 4,171.18 $4,274.43
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 2,865.73 $2,946.33
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 2,521.34 $2,614.88
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 4,213.85 $4,355.41
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 544,015.85 $576,640.74
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 67,991.68 $76,305.37
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 13,351.3 $14,357.36
3131XVYW9 FEDERAL NATL MTG ASSN FR ZM2525 3.00000 12/01/2046 US 433,499.71 $444,251.07
3132LMMM5 FHLM POOL K91364 4.50000 11/01/2033 US 7,993.2 $8,493.08
3132LNE83 FHLM POOL K92059 4.50000 09/01/2034 US 11,741.08 $12,609.30
3132VLY43 FHLM POOL FG Q60730 4.00000 01/01/2049 US 532,213.68 $553,838.14
3132Y33P7 FHLM POOL FG Q59805 4.50000 11/01/2048 US 313,944.92 $330,647.65
31335ABB3 FHLM POOL G60034 4.50000 02/01/2045 US 755,278.34 $813,176.58
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 167,362.48 $175,705.47
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 325,058.92 $347,788.63
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 313.48 $314.37
3133G6L60 FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 US 467,401.8 $478,879.95
3134865 BARCLAYS PLC GB BARC LN 9,243.4 $20,049.67
3136AY6W8 FNA 2017-M15 A1 2.95932 09/25/2027 US 468,579.69 $490,995.55
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 317,161.06 $331,099.17
31371NCJ2 FEDERAL NATL MTG ASSN 256673 5.50000 04/01/2037 US 129,696.08 $145,613.65
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 86.86 $11,814.50
3137A2B34 FHMS K009 X1 FLT 1.25979 08/25/2020 US 3,353,129.72 $24,075.47
3137ADTK3 FHMS K014 X1 FLT 1.14919 04/25/2021 US 2,025,903.89 $28,272.50
3137AJMG6 FMHS K016 X1 FLT 1.47773 10/25/2021 US 1,223,263.4 $30,274.18
3137AME78 FHMS K017 X1 FLT 1.29766 12/25/2021 US 451,643.2 $10,028.01
3137AUPF0 FHMS K021 x1 FLT 1.42834 06/25/2022 US 4,745,939.33 $152,727.18
3137B3NB0 FHMS K030 X1 FLT 0.18772 04/25/2023 US 14,416,462.63 $87,016.33
3137B4GZ3 FHMS K032 X1 FLT 0.09785 05/25/2023 US 9,266,861.6 $36,169.49
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 331,337.09 $335,814.22
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 291,097.07 $297,176.20
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 62,354.42 $67,594.87
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 36,107.05 $39,143.47
3138EGGZ1 FEDERAL NATL MTG ASSN AL0215 4.50000 04/01/2041 US 22,267.91 $24,075.30
3138EQTZ5 FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 485,307.34 $525,984.80
3138ERN30 FEDERAL NATL MTG ASSN FN AL9409 3.50000 11/01/2031 US 371,022.36 $385,591.07
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64500 01/01/2049 US 635,330.63 $715,187.22
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 882,074.88 $928,887.56
3138WGK37 FEDERAL NATL MTG ASSN FN AS6613 4.00000 02/01/2046 US 838,606.65 $885,542.61
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 146,591.54 $165,039.13
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 4,587.55 $5,168.17
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 155,485.98 $163,738.79
3140EWG66 FEDERAL NATL MTG ASSN BC2020 3.50000 07/01/2046 US 328,275.72 $342,277.18
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 190,523.94 $198,536.39
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 415,736.2 $438,044.10
3140FEXR0 FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 486,255.1 $510,911.70
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 22,532.28 $23,670.53
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 134,828.57 $142,149.48
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 479,495.21 $504,604.40
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 464,368.51 $512,840.62
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 191,771 $205,590.67
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 729,010.89 $781,530.62
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 16,671.18 $17,871.84
3140X4JC1 FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 US 661,229.86 $685,046.86
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 2,917.58 $2,980.41
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 3,280.72 $3,356.90
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 20,378.99 $20,673.54
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 24,708.05 $25,034.74
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 8,298.36 $9,313.08
31410KJV7 FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 82,543.41 $94,981.93
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912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 1,780,007.33 $2,532,477.62
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 589,523.57 $619,463.83
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 2,383,241.68 $2,535,359.51
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 2,189,397.16 $2,563,647.24
9128286N5 TSY INFL IX N/B 0.50000 04/15/2024 US 1,857,902.38 $1,882,327.43
912828D56 US TREASURY N/B 2.37500 08/15/2024 US 1,626,422.01 $1,688,683.48
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 3,735,334.17 $3,715,344.31
912828K74 US TREASURY N/B 2.00000 08/15/2025 US 140,087.52 $143,343.46
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 2,570,139.69 $2,574,255.92
912828VB3 UNITED STATES TREAS NTS 1.75000 05/15/2023 US 2,392,385.01 $2,410,514.79
912828WJ5 US TREASURY N/B 2.50000 05/15/2024 US 125,002.46 $130,276.00
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 2,358,160.48 $2,427,155.10
913017109 UNITED TECHNOLOGIES CORP US UTX 131.28 $18,848.99
91704F104 URBAN EDGE PROPERTIES US UE 1,513.54 $31,950.76
918204108 VF CORP US VFC 91.05 $7,492.31
91913Y100 VALERO ENERGY US VLO 96.08 $9,318.04
92189F106 MARKET VECTORS GOLD MINERS US 3,178.26 $89,468.06
92276F100 VENTAS INC US VTR 629.8 $40,999.90
92339V100 VEREIT INC US VER 3,984.19 $39,204.39
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 914,372.42 $1,151,723.55
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 1,896.29 $370,685.92
92553P201 VIACOM INC CL B US VIAB 130.76 $2,819.11
92826C839 VISA INC - CLASS A SHARES US V 8,203.07 $1,467,200.65
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 22,369.12 $21,753.97
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 89,630.84 $90,259.43
929042109 VORNADO REALTY TRUST US VNO 212.33 $13,935.04
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 7,905.54 $7,411.44
93065PAA9 WBHT 2019-WBM A FLT 2.97125 12/15/2033 US 335,440.88 $335,648.89
931142103 WAL MART STORES US WMT 336.31 $39,435.45
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 181.65 $9,950.63
94106L109 WASTE MANAGEMENT INC US WM 92.34 $10,361.75
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 28,760.3 $29,191.71
948741103 WEINGARTEN REALTY INVESTORS US WRI 969.89 $30,774.76
949746101 WELLS FARGO COMPANY US WFC 602.02 $31,082.45
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 10,012.21 $10,144.56
95040Q104 WELLTOWER INC. US WELL 582.04 $52,784.92
958102105 WESTERN DIGITAL CORP US WDC 85.65 $4,424.00
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 591,592.88 $616,821.06
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 147,106.25 $147,440.24
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 217,657.38 $221,644.87
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 30,358.1 $28,536.61
B00FM53 BANCO BRADESCO SA - PREF BR BBDC4 BZ 4,614.5 $40,581.80
B01FLR7 PING AN INSURANCE GROUP CO-H CN 2318 HK 2,270.29 $26,203.17
B02J639 ADMIRAL GROUP PLC GB ADM LN 1,185.91 $31,037.54
B02L3W3 BERKELEY GROUP HOLDINGS GB BKG LN 331.37 $18,888.15
B02L486 MOWI ASA NO MOWI NO 1,496.92 $36,542.76
B037HR3 ITAU UNIBANCO HOLDINGS S-PREF BR ITUB4 BZ 5,100.51 $46,115.07
B058TZ6 SAFRAN SA FR SAF FP 108.89 $17,246.74
B068DB9 SM INVESTMENTS CORP PH SM PM 804.01 $16,299.19
B07DRZ5 RECORDATI SPA IT REC IM 809.96 $34,037.72
B08K3S0 LOCALIZA RENT A CAR BR RENT3 BZ 647.46 $6,941.99
B0C2CQ3 ENGIE FR ENGI FP 622.05 $10,416.11
B0CGYD6 LOJAS RENNER S.A. BR LREN3 BZ 847.54 $10,754.60
B0MP1B0 SHENZHOU INTERNATIONAL GROUP CN 2313 HK 1,949.06 $26,933.37
B0S1651 ICA GRUPPEN AB SE ICA SS 741.2 $32,799.26
B0SWJX3 LONDON STOCK EXCHANGE GROUP GB LSE LN 190.61 $17,177.88
B11ZRK9 LEGRAND SA FR LR FP 95.86 $7,488.59
B15C557 TOTAL SA FR FP FP 659.38 $34,860.48
B1FW751 GALP ENERGIA SGPS SA PT GALP PL 2,272.28 $36,344.57
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 2,502.32 $17,364.64
B1VZ0M2 HARGREAVES LANSDOWN PLC GB HL/ LN 692.16 $15,894.36
B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 355.76 $18,214.05
B1XH026 VINCI SA FR DG FP 316.99 $35,565.47
B1Y47Y7 GERRESHEIMER AG DE GXI GR 331.37 $26,723.66
B1Y9TB3 DANONE FR BN FP 879.14 $72,829.20
B1YXBJ7 AIR LIQUIDE FR AI FP 159.09 $21,152.20
B1Z9Q99 ABOITIZ POWER CORP PH AP PM 13,742.62 $10,819.15
B247XZ6 MANILA ELECTRIC COMPANY PH MER PM 1,432.62 $9,553.60
B24CGK7 RECKITT BENCKISER GROUP PLC GB RB/ LN 458.35 $35,467.97
B3NB1P2 SUNCOR ENERGY INC CA SU CN 829.99 $24,677.24
B3ZCNF7 TELEFONICA BRASIL S.A. - PREF BR VIVT4 BZ 650.8 $8,611.87
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 884,043.64 $45,854.09
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 117,878 $92,307.48
B4975P9 MAGAZINE LUIZA SA BR MGLU3 BZ 750 $8,303.25
B4JSTL6 WYNN MACAU LTD MO 1128 HK 12,726.95 $27,618.52
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 1,263,217.29 $65,590.90
B4P8HQ1 MGM CHINA HOLDINGS LTD MO 2282 HK 10,917.4 $17,287.52
B4R2R50 JULIUS BAER CH BAER SW 428.91 $18,993.68
B4V5RY4 BANCO SANTANDER BRASIL - UNIT BR SANB11 BZ 617.17 $7,297.44
B5B23W2 SANDS CHINA LTD MO 1928 HK 5,609.88 $27,632.16
B5VJH76 BDO UNIBANK INC PH BDO PM 5,528.84 $16,865.76
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 1,685,318.67 $88,233.37
B63QM77 NEXON CO LTD JP 3659 JP 82,390.78 $954,764.70
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 327,902.41 $18,229.34
B725S29 PUREGOLD PRICE CLUB INC PH PGOLD PM 6,945.36 $5,586.50
B7FQV64 RAIA DROGASIL S.A. BR RADL3 BZ 292.61 $8,022.76
B7T7721 ROYAL BANK OF SCOTLAND GB RBS LN 6,884.95 $19,031.71
B92RW83 LT GROUP INC PH LTG PM 18,938.99 $4,978.74
B9N3SQ0 BB SEGURIDADE PARTICIPACOES BR BBSE3 BZ 1,039.28 $8,797.76
BB22L96 KION GROUP AG DE KGX GR 329.69 $21,936.98
BBG00P131QW2 SE US 11/15/19 C27 SG -45.36 -$14,062.57
BBG00QG82MR7 NOW US 11/08/19 P200 US -15.62 -$624.90
BBG00QH0RKM5 EA US 11/01/19 P87.5 US -27.61 -$55.23
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 518.21 $7,467.40
BD4TZK8 OCI NV NL OCI NA 317.66 $7,142.40
BD9Y5C0 TECHNOGYM SPA IT TGYM IM 2,273.96 $25,087.94
BD9Y9B7 BASIC-FIT NV NL BFIT NA 808.8 $24,737.17
BF1K7P7 ESSITY AKTIEBOLAG-B SE ESSITYB SS 1,170.67 $36,572.74
BFTCYP4 ROBINSONS RETAIL HOLDINGS IN PH RRHI PM 3,391.26 $5,069.02
BG36ZK1 B3 SA-BRASIL BOLSA BALCAO BR B3SA3 BZ 2,113.84 $25,515.82
BG7ZWY7 AMBEV SA BR ABEV3 BZ 5,100.51 $22,078.26
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 11,809.44 $18,386.80
BH3T8K8 ORBIA ADVANCE CORP SAB DE CV MX 9,619.14 $20,821.92
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 19,776.77 $17,454.98
BJ2KSG2 AKZO NOBEL NL AKZA NA 253.36 $23,358.22
BJT1GR5 ALCON INC CH ALC SW 268.14 $15,857.54
BMJ6DW5 INFORMA PLC GB INF LN 3,308.61 $33,255.73
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 24,590.09 $997,445.90
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 4,010.87 $19,241.74
BNGN9Z1 FINECOBANK SPA IT FBK IM 2,870.78 $32,363.24
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 27,896.17 $869,267.44
BYW0PQ6 LAND SECURITIES GROUP PLC GB LAND LN 1,609.53 $19,604.97
BYXS699 QIAGEN N.V. NL QIA GR 895.17 $26,925.85
BYXZ2W5 RUMO SA BR RAIL3 BZ 1,461.38 $8,337.19
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 10,691.33 $862,977.06
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 715.13 $23,563.46
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 609.02 $32,588.57
G29183103 EATON CORP PLC US ETN 104.14 $9,071.45
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 195.64 $8,477.12
G5960L103 MEDTRONIC INC IE MDT 15,157.37 $1,650,637.25
G97822103 PERRIGO CO PLC IE PRGO 406.12 $21,532.66
H01301128 ALCON INC CH ALC 9,343.95 $553,815.94
H1467J104 CHUBB LTD CH CB 62.86 $9,581.45
H8817H100 TRANSOCEAN LTD US RIG 28,120.58 $133,572.76
N22717107 CORE LABORATORIES N.V. NL CLB 343.99 $15,149.27
N47279109 INTERXION HOLDING NV NL INXN 10,169.32 $897,137.27
N53745100 LYONDELLBASELL INDU-CL A US LYB 94.94 $8,515.88
N72482123 QIAGEN N.V. ADR NL QGEN 524.78 $15,643.74
USD US DOLLAR US 1,088,017.17 $1,088,017.17

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

$12.13

Daily $ Change

$0.02

Daily % Change

0.16%

as of 11/13/2019

CUSIP

56382R860

Inception Date

05/14/2015

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

Important Documents

Annual Report
Fact Sheet
Applications & Forms

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

Investment Objective

To provide capital 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 21% - 61%.

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 10/31/2019

YTD

13.99%

1 Year

12.72%

3 Year

6.89%

5 Year

4.46%

10 Year

7.27%

Inception
(01/01/2000)

6.86%

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

6.87%

Performance through the inception date of the Retirement Target CIT Class U1 units is based on the historical performance of the CIT’s oldest unit class. Performance through the inception date of the oldest unit class (01/06/2005) is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. Returns are net of the Class U1 expenses. The Retirement Target CIT Fund will gradually become more conservative over time. 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 0.49%
Net 0.49%*

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

Top Ten Investments

As of 10/31/2019

GOVERNMENT AGENCY 11.46%
TREASURY NOTES 7.34%
TREASURY BONDS 5.98%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 2.91%
TREASURY BILLS 2.12%
TSY INFL IX N/B 0.50000 04/15/2024 1.47%
MEDTRONIC INC 1.29%
MASTERCARD INC-CLASS A 1.25%
NOVARTIS AG- REG 1.23%
MICROSOFT CORP 1.20%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 10/31/2019

Bonds
60.50%
Stocks
38.64%
Cash
0.86%

Detailed Asset Class Allocation

As of 10/31/2019

International Equities
15.25%
Small Capitalization
0.30%
Mid Capitalization
0.71%
Large Capitalization
22.39%
Long Term Fixed Income
20.84%
Intermediate Term Fixed Income
30.31%
Short Term Fixed Income
9.34%
Cash
0.86%

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

October Fund Holdings

As of 10/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 12,782.36 $13,629.19
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 694,352.34 $762,610.97
00287Y109 ABBVIE INC US ABBV 243.38 $19,360.98
004239109 ACADIA REALTY TRUST US AKR 386.06 $10,801.88
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 20,771.33 $19,005.77
00507V109 ACTIVISION INC US ATVI 16,718.03 $936,711.05
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 771,071.53 $836,672.84
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 14,380.15 $14,236.35
0081180 BARRATT DEVELOPMENTS PLC GB BDEV LN 2,140.69 $17,506.17
008492100 AGREE REALTY CORP US ADC 238.06 $18,751.90
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 793,106.91 $827,343.69
0136701 BRITISH LAND CO PLC GB BLND LN 2,379.48 $19,131.42
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 86.86 $13,789.81
01609W102 ALIBABA GROUP - ADR CN BABA 332.97 $58,826.01
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 550,358.9 $571,636.63
020002101 ALLSTATE CORPORATION US ALL 59.3 $6,310.38
02079K107 ALPHABET INC-CL C US GOOG 608.59 $766,888.55
02079K305 ALPHABET INC-CL A US GOOGL 608.59 $766,091.30
023135106 AMAZON.COM INC US AMZN 581.87 $1,033,782.14
02319V103 AMBEV SA-ADR BR ABEV 55,693.91 $240,040.76
0237400 DIAGEO PLC GB DGE LN 13,533.38 $553,935.85
02406PAR1 AMERICAN AXLE & MFG INC 6.25000 04/01/2025 US 6,391.18 $6,159.50
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 617.72 $30,873.89
0263494 BAE SYSTEMS PLC GB BA/ LN 4,874.07 $36,407.99
02665T306 AMERICAN HOMES 4 RENT- A US AMH 2,140.93 $56,670.47
0287580 BRITISH AMERICAN TOBACCO PLC GB BATS LN 925.84 $32,382.32
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 35,151.48 $35,348.57
03027X100 AMERICAN TOWER REIT INC US AMT 2,308.13 $503,357.60
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 768,042.81 $821,063.04
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 14,782.76 $14,930.49
03064D108 AMERICOLD REALTY TRUST US COLD 1,151.7 $46,171.53
031162100 AMGEN INC US AMGN 110 $23,458.39
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 14,296.72 $10,633.18
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 14,380.15 $10,857.01
03748R754 APARTMENT INVT & MGMT CO -A US AIV 1,012.01 $55,538.95
038222105 APPLIED MATERIALS INC US AMAT 150.67 $8,175.44
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 111.85 $4,702.38
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 8,425.34 $8,762.35
0405207 HALMA PLC GB HLMA LN 704.96 $17,106.13
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 14,380.15 $14,452.05
0490656 KERRY GROUP PLC-A IE KYGA LN 294.04 $35,603.83
05278C107 AUTOHOME INC-ADR CN ATHM 303.79 $25,688.79
053484101 AVALONBAY COMMUNITIES INC US AVB 358.73 $78,080.69
054937107 BB&T CORP US BBT 124.57 $6,608.33
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 1,211,487.53 $1,240,936.98
05722G100 BAKER HUGHES CO US BKR 201.3 $4,307.92
060505104 BANK OF AMERICA CORP US BAC 814.88 $25,481.30
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 1,070,288.8 $1,141,590.43
0682538 PERSIMMON PLC GB PSN LN 636.76 $18,782.25
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 5,912.42 $1,256,862.88
08576PAA9 BERRY GLOBAL INC 4.50000 02/15/2026 US 9,503.33 $9,562.73
086516101 BEST BUY INC US BBY 80.84 $5,806.98
0870612 LLOYDS BANKING GROUP PLC GB LLOY LN 25,914.24 $19,062.76
0878230 TAYLOR WIMPEY PLC GB TW/ LN 8,536.84 $18,309.05
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 8,338.16 $610,436.58
0922320 SMITH & NEPHEW PLC GB SN/ LN 1,434.13 $30,785.73
09247X101 BLACKROCK INC US BLK 584.88 $270,041.17
0946580 WEIR GROUP PLC/THE GB WEIR LN 1,829.65 $31,958.72
097023105 BOEING CO US BA 73.56 $25,003.02
09857L108 BOOKING HOLDINGS INC US BKNG 247.87 $507,830.40
101121101 BOSTON PROPERTIES INC US BXP 319.49 $43,834.21
105368203 BRANDYWINE REALTY TRUST US BDN 3,022.36 $46,181.72
110122108 BRISTOL MYERS SQUIBB CO US BMY 279.35 $16,026.09
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 411 $14,368.57
11135F101 BROADCOM INC US AVGO 56.73 $16,612.29
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 14,380.15 $9,490.90
12429TAE4 BWAY HOLDING CO 7.25000 04/15/2025 US 14,380.15 $13,751.02
124847AC8 ENTERCOM MEDIA CORP 7.25000 11/01/2024 US 6,391.18 $6,662.80
12503M108 CBOE GLOBAL MARKETS INC US CBOE 4,437.84 $511,017.08
12527GAB9 CF INDUSTRIES INC 7.12500 05/01/2020 US 12,782.36 $13,089.53
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 51.88 $3,924.42
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 137,792.45 $140,799.66
12572Q105 CME GROUP INC US CME 2,470.08 $508,219.28
12591QAR3 COMM 2014-UBS4 A5 3.69400 08/10/2047 US 1,090,338.78 $1,155,730.32
12593GAF9 COMM 2015-PC1 A5 3.90200 07/10/2050 US 575,456.58 $620,814.99
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 605,743.77 $636,942.11
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 261,082.39 $258,335.62
126650100 CVS HEALTH CORP US CVS 233.13 $15,477.30
12686CBA6 CABLEVISION SYSTEMS CORP 8.00000 04/15/2020 US 12,782.36 $13,101.91
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 20,687.89 $20,739.61
133131102 CAMDEN PROPERTY TRUST US CPT 366.72 $41,941.40
13321L108 CAMECO CORP CA CCJ 2,457.49 $21,945.34
149123101 CATERPILLAR INC US CAT 94.8 $13,063.97
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57636Q104 MASTERCARD INC-CLASS A US MA 5,786.46 $1,601,750.01
57772K101 MAXIM INTEGRATED PRODUCTS US MXIM 74.52 $4,371.14
585464100 MELCO CROWN ENTERTAINME-ADR HK MLCO 824.86 $17,767.54
58933Y105 MERCK & CO INC US MRK 4,114.5 $356,562.83
594918104 MICROSOFT CORP US MSFT 10,658.44 $1,528,100.46
595112103 MICRON TECHNOLOGY INC US MU 32,074.81 $1,525,157.30
59522J103 MID-AMERICA APARTMENT COMM US MAA 175.33 $24,368.80
5962280 CHOCOLADEFABRIKEN LINDT-PC CH LISP SW 2.57 $19,119.36
5980613 GIVAUDAN - REG CH GIVN SW 6.47 $19,022.00
5986622 KONINKLIJKE PHILIPS NV NL PHIA NA 753.64 $33,065.35
6055112 AYALA LAND INC PH ALI PM 18,320.15 $17,507.25
6074968 BANK OF THE PHILIPPINE ISLAN PH BPI PM 5,743.25 $10,972.37
60871R209 MOLSON COORS BREWING CO -B US TAP 60.58 $3,193.52
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 18,058.18 $947,151.69
6108179 HARMONIC DRIVE SYSTEMS INC JP 6324 JP 388.48 $18,016.28
615369105 MOODY'S CORPORATION US MCO 2,407.48 $531,306.69
6194037 KAKAO CORP KR 035720 KS 295.64 $35,876.32
61965RAB1 MOSS CREEK RESOURCES HLD 10.50000 05/15/2027 US 4,793.38 $3,702.89
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 28,760.3 $27,897.49
6250025 DAIFUKU CO LTD JP 6383 JP 324.57 $17,221.99
6284864 GLOBE TELECOM INC PH GLO PM 287.4 $10,330.38
62957HAC9 NABORS INDUSTRIES INC 5.50000 01/15/2023 US 14,380.15 $12,151.23
6344456 LG HOUSEHOLD & HEALTH CARE KR 051900 KS 30.94 $33,482.43
6356934 FANUC LTD JP 6954 JP 258.98 $51,084.52
637417106 NATIONAL RETAIL PROPERTIES US NNN 601.58 $35,439.08
637870106 NATIONAL STORAGE AFFILIATES US NSA 575.85 $19,676.74
63938CAA6 NAVIENT CORP 5.00000 10/26/2020 US 19,173.53 $19,527.29
64110D104 NETAPP INC US NTAP 55.41 $3,096.57
6441506 HOYA CORP JP 7741 JP 422.1 $37,304.15
6465874 GALAXY ENTERTAINMENT GROUP L HK 27 HK 4,221.01 $29,064.38
647581107 NEW ORIENTAL EDUCATIO- SP ADR CN EDU 229.04 $27,957.06
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 164,306.18 $170,916.74
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 223,571.53 $233,084.34
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 407,934.49 $425,481.59
6490995 KEYENCE CORP JP 6861 JP 91.81 $58,052.83
6514442 METROPOLITAN BANK & TRUST PH MBT PM 10,292.73 $13,701.80
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 28,760.3 $14,380.15
6687571 NABTESCO CORP JP 6268 JP 551.59 $17,559.87
66987V109 NOVARTIS AG- REG CH NVS 17,993.39 $1,573,342.16
670346105 NUCOR CORP US NUE 103.28 $5,561.72
67059TAD7 NUSTAR LOGISTICS LP 6.75000 02/01/2021 US 14,380.15 $14,900.42
67066G104 NVIDIA CORP US NVDA 2,797.86 $562,426.41
67087MAA4 OBP DEPOSITOR LLC TRUST 4.64620 07/15/2045 US 32,790.24 $32,918.84
6742340 SHANDONG WEIGAO CN 1066 HK 18,095.54 $20,774.42
674599105 OCCIDENTAL PETROLEUM CORP US OXY 134.34 $5,440.80
680665AL0 OLIN CORP 5.62500 08/01/2029 US 14,380.15 $14,930.48
6818843 SM PRIME HOLDINGS INC PH SMPH PM 28,514.7 $21,893.87
681936100 OMEGA HEALTHCARE INVS INC US OHI 558.11 $24,578.98
6821120 SONIC HEALTHCARE LTD AU SHL AU 1,754.15 $34,548.08
6821506 SONY CORP FIRST SECTION JP 6758 JP 650.8 $39,613.56
6895200 TOHO CO LTD JP 9602 JP 780.29 $31,512.42
6919519 UNIVERSAL ROBINA CORP PH URC PM 4,118.2 $12,234.44
7021963 DEUTSCHE BOERSE AG DE DB1 GR 220.97 $34,219.52
7088429 AXA SA FR CS FP 743.89 $19,691.63
7103065 NOVARTIS AG-REG CH NOVN SW 435.3 $38,034.54
7103526 PEUGEOT SA FR UG FP 207.94 $5,266.27
7110388 ROCHE HOLDING AG-GENUSSCHEIN CH ROG SW 177 $53,268.12
7110902 TECAN GROUP AG-REG CH TECN SW 35.74 $8,454.29
7123870 NESTLE SA-REGISTERED CH NESN SW 10,041.35 $1,074,237.61
7133608 EQUINOR ASA NO EQNR NO 1,775.26 $32,958.88
713448108 PEPSICO INC US PEP 7,147.11 $980,368.39
7145056 ENI SPA IT ENI IM 2,231.66 $33,856.55
717081103 PFIZER INC US PFE 793.96 $30,464.29
718546104 PHILLIPS 66 US PSX 74.89 $8,748.78
719245AD4 PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 US 20,687.89 $18,208.04
71943U104 PHYSICIANS REALTY TRUST US DOC 2,063.65 $38,528.41
7212477 ESSILORLUXOTTICA FR EL FP 97.7 $14,918.73
7262610 CREDIT AGRICOLE SA FR ACA FP 425.55 $5,552.69
729640102 PLYMOUTH INDUSTRIAL REIT INC US 736.7 $13,894.08
7309681 BNP PARIBAS FR BNP FP 461.2 $24,102.07
7380482 COMPAGNIE DE SAINT-GOBAIN FR SGO FP 172.12 $7,010.08
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 1,151,897.34 $1,247,110.25
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 12,782.36 $13,098.08
74340W103 PROLOGIS US PLD 1,335.1 $117,168.11
74460D109 PUBLIC STORAGE INC US PSA 225.19 $50,186.53
74834L100 QUEST DIAGNOSTICS INC US DGX 39.18 $3,967.37
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 28,760.3 $29,838.81
756109104 REALTY INCOME CORP US O 181.72 $14,862.79
7591EP100 REGIONS FINANCIAL CORP. US RF 230.08 $3,704.35
76131D103 RESTAURANT BRANDS INTERN CA QSR 319.59 $20,914.12
7698356 GETINGE AB-B SHS SE GETIB SS 1,325.74 $22,665.65
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 20,771.33 $21,120.22
773903109 ROCKWELL AUTOMATION INC US ROK 25.16 $4,327.13
7792559 HEINEKEN NV NL HEIA NA 321.54 $32,835.14
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 860.76 $50,173.98
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 314.56 $23,478.46
78409V104 S&P GLOBAL INC US SPGI 2,074.21 $535,126.05
78410G104 SBA COMMUNICATIONS CORP US SBAC 2,009.8 $483,658.37
78442PGC4 SLM CORP 5.12500 04/05/2022 US 28,676.87 $29,608.86
78463V107 SPDR GOLD SHARES US 1,094.42 $155,877.62
78490DAA2 SOFI 2018-C A1FX 3.08000 01/25/2048 US 501,103.95 $504,243.31
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 825,897.15 $948,337.74
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 764,847.22 $824,198.25
806857108 SCHLUMBERGER LTD NL SLB 12,436.55 $406,550.71
81141R100 SEA LTD - ADR SG SE 21,319.07 $634,455.49
812578102 SEATTLE GENETICS INC US SGEN 3,628.55 $389,705.73
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 157,015.37 $158,158.83
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 217,770.49 $220,228.90
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 165,494.9 $159,561.69
81762P102 SERVICENOW INC US NOW 3,821.42 $944,885.14
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 14,380.15 $12,079.33
828806109 SIMON PROPERTY GROUP INC US SPG 535.65 $80,712.24
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 36.63 $3,870.79
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 31,543.82 $31,541.50
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 71,900.75 $72,968.43
83404YAA1 SCLP 2016-5 A 3.06000 09/25/2028 US 41,944.02 $42,159.12
83406EAB1 SOFI 2018-A A2A 2.39000 02/25/2042 US 86,867.03 $87,034.51
835699307 SONY CORP SPONSORED ADR JP SNE 16,981.34 $1,032,974.97
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 884,444.03 $895,355.11
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 14,380.15 $12,654.53
852061AR1 SPRINT COMMUNICATIONS 7.00000 08/15/2020 US 31,872.46 $32,834.05
85207UAE5 SPRINT CORP 7.25000 09/15/2021 US 12,782.36 $13,639.54
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 12,782.36 $13,868.86
85254J102 STAG INDUSTRIAL INC US STAG 691.64 $21,468.52
855030AN2 STAPLES INC 7.50000 04/15/2026 US 22,369.12 $23,268.36
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.13350 11/15/2027 US 478,547.12 $477,686.16
858912AF5 STERICYCLE INC 5.37500 07/15/2024 US 27,162.51 $28,249.01
862121100 STORE CAPITAL CORP US STOR 519.59 $21,043.47
866674104 SUN COMMUNITIES US SUI 315.34 $51,289.57
86723CAF5 SUNCOKE ENRGY PART LP/FI 7.50000 06/15/2025 US 6,391.18 $5,432.50
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 989.24 $13,364.56
867914103 SUNTRUST BANKS INC US STI 96.52 $6,595.90
86935CAA0 SCML 2019-SBC8 2.86000 12/25/2035 US 616,825.94 $620,341.54
871829107 SYSCO CORP US SYY 120.53 $9,626.57
874080104 TAL EDUCATION GROUP - ADR CN TAL 751.96 $32,191.42
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 102,680.02 $102,656.86
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 17,575.74 $14,851.50
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 575,948.67 $619,847.24
882508104 TEXAS INSTRUMENTS INC US TXN 154.23 $18,197.51
88579Y101 3M CO US MMM 107.23 $17,692.01
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 530,280.2 $532,308.05
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 319,621.83 $323,403.66
89177EAA7 TPMT 2019-HY1 A1 2.82275 10/25/2048 US 288,737.4 $290,279.86
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 14,296.72 $14,153.75
89417E109 TRAVELLERS COS INC US TRV 44.06 $5,774.60
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 625,851.25 $625,718.82
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 288,823.67 $293,154.67
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 28,760.3 $28,684.09
902494103 TYSON FOODS INC -CL A US TSN 68.77 $5,693.21
902653104 UDR INC US UDR 866.46 $43,539.75
902973304 U.S. BANCORP US USB 278.8 $15,897.44
903002103 UMH PROPERTIES INC US UMH 826.59 $12,341.04
904767704 UNILEVER PLC - ADR GB UL 14,620.55 $878,841.09
907818108 UNION PAC CORP US UNP 113.32 $18,749.78
911312106 UNITED PARCEL SERVICE US UPS 164.95 $18,996.90
912796SR1 TREASURY BILL 0.00000 05/21/2020 US 1,263,367.62 $1,252,486.16
912796SZ3 TREASURY BILL 0.00000 07/16/2020 US 1,469,720.4 $1,453,657.57
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 1,780,007.33 $2,532,477.62
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 589,523.57 $619,463.83
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 2,383,241.68 $2,535,359.51
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 2,189,397.16 $2,563,647.24
9128286N5 TSY INFL IX N/B 0.50000 04/15/2024 US 1,857,902.38 $1,882,327.43
912828D56 US TREASURY N/B 2.37500 08/15/2024 US 1,626,422.01 $1,688,683.48
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 3,735,334.17 $3,715,344.31
912828K74 US TREASURY N/B 2.00000 08/15/2025 US 140,087.52 $143,343.46
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 2,570,139.69 $2,574,255.92
912828VB3 UNITED STATES TREAS NTS 1.75000 05/15/2023 US 2,392,385.01 $2,410,514.79
912828WJ5 US TREASURY N/B 2.50000 05/15/2024 US 125,002.46 $130,276.00
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 2,358,160.48 $2,427,155.10
913017109 UNITED TECHNOLOGIES CORP US UTX 131.28 $18,848.99
91704F104 URBAN EDGE PROPERTIES US UE 1,513.54 $31,950.76
918204108 VF CORP US VFC 91.05 $7,492.31
91913Y100 VALERO ENERGY US VLO 96.08 $9,318.04
92189F106 MARKET VECTORS GOLD MINERS US 3,178.26 $89,468.06
92276F100 VENTAS INC US VTR 629.8 $40,999.90
92339V100 VEREIT INC US VER 3,984.19 $39,204.39
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 914,372.42 $1,151,723.55
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 1,896.29 $370,685.92
92553P201 VIACOM INC CL B US VIAB 130.76 $2,819.11
92826C839 VISA INC - CLASS A SHARES US V 8,203.07 $1,467,200.65
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 22,369.12 $21,753.97
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 89,630.84 $90,259.43
929042109 VORNADO REALTY TRUST US VNO 212.33 $13,935.04
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 7,905.54 $7,411.44
93065PAA9 WBHT 2019-WBM A FLT 2.97125 12/15/2033 US 335,440.88 $335,648.89
931142103 WAL MART STORES US WMT 336.31 $39,435.45
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 181.65 $9,950.63
94106L109 WASTE MANAGEMENT INC US WM 92.34 $10,361.75
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 28,760.3 $29,191.71
948741103 WEINGARTEN REALTY INVESTORS US WRI 969.89 $30,774.76
949746101 WELLS FARGO COMPANY US WFC 602.02 $31,082.45
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 10,012.21 $10,144.56
95040Q104 WELLTOWER INC. US WELL 582.04 $52,784.92
958102105 WESTERN DIGITAL CORP US WDC 85.65 $4,424.00
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 591,592.88 $616,821.06
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 147,106.25 $147,440.24
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 217,657.38 $221,644.87
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 30,358.1 $28,536.61
B00FM53 BANCO BRADESCO SA - PREF BR BBDC4 BZ 4,614.5 $40,581.80
B01FLR7 PING AN INSURANCE GROUP CO-H CN 2318 HK 2,270.29 $26,203.17
B02J639 ADMIRAL GROUP PLC GB ADM LN 1,185.91 $31,037.54
B02L3W3 BERKELEY GROUP HOLDINGS GB BKG LN 331.37 $18,888.15
B02L486 MOWI ASA NO MOWI NO 1,496.92 $36,542.76
B037HR3 ITAU UNIBANCO HOLDINGS S-PREF BR ITUB4 BZ 5,100.51 $46,115.07
B058TZ6 SAFRAN SA FR SAF FP 108.89 $17,246.74
B068DB9 SM INVESTMENTS CORP PH SM PM 804.01 $16,299.19
B07DRZ5 RECORDATI SPA IT REC IM 809.96 $34,037.72
B08K3S0 LOCALIZA RENT A CAR BR RENT3 BZ 647.46 $6,941.99
B0C2CQ3 ENGIE FR ENGI FP 622.05 $10,416.11
B0CGYD6 LOJAS RENNER S.A. BR LREN3 BZ 847.54 $10,754.60
B0MP1B0 SHENZHOU INTERNATIONAL GROUP CN 2313 HK 1,949.06 $26,933.37
B0S1651 ICA GRUPPEN AB SE ICA SS 741.2 $32,799.26
B0SWJX3 LONDON STOCK EXCHANGE GROUP GB LSE LN 190.61 $17,177.88
B11ZRK9 LEGRAND SA FR LR FP 95.86 $7,488.59
B15C557 TOTAL SA FR FP FP 659.38 $34,860.48
B1FW751 GALP ENERGIA SGPS SA PT GALP PL 2,272.28 $36,344.57
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 2,502.32 $17,364.64
B1VZ0M2 HARGREAVES LANSDOWN PLC GB HL/ LN 692.16 $15,894.36
B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 355.76 $18,214.05
B1XH026 VINCI SA FR DG FP 316.99 $35,565.47
B1Y47Y7 GERRESHEIMER AG DE GXI GR 331.37 $26,723.66
B1Y9TB3 DANONE FR BN FP 879.14 $72,829.20
B1YXBJ7 AIR LIQUIDE FR AI FP 159.09 $21,152.20
B1Z9Q99 ABOITIZ POWER CORP PH AP PM 13,742.62 $10,819.15
B247XZ6 MANILA ELECTRIC COMPANY PH MER PM 1,432.62 $9,553.60
B24CGK7 RECKITT BENCKISER GROUP PLC GB RB/ LN 458.35 $35,467.97
B3NB1P2 SUNCOR ENERGY INC CA SU CN 829.99 $24,677.24
B3ZCNF7 TELEFONICA BRASIL S.A. - PREF BR VIVT4 BZ 650.8 $8,611.87
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 884,043.64 $45,854.09
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 117,878 $92,307.48
B4975P9 MAGAZINE LUIZA SA BR MGLU3 BZ 750 $8,303.25
B4JSTL6 WYNN MACAU LTD MO 1128 HK 12,726.95 $27,618.52
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 1,263,217.29 $65,590.90
B4P8HQ1 MGM CHINA HOLDINGS LTD MO 2282 HK 10,917.4 $17,287.52
B4R2R50 JULIUS BAER CH BAER SW 428.91 $18,993.68
B4V5RY4 BANCO SANTANDER BRASIL - UNIT BR SANB11 BZ 617.17 $7,297.44
B5B23W2 SANDS CHINA LTD MO 1928 HK 5,609.88 $27,632.16
B5VJH76 BDO UNIBANK INC PH BDO PM 5,528.84 $16,865.76
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 1,685,318.67 $88,233.37
B63QM77 NEXON CO LTD JP 3659 JP 82,390.78 $954,764.70
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 327,902.41 $18,229.34
B725S29 PUREGOLD PRICE CLUB INC PH PGOLD PM 6,945.36 $5,586.50
B7FQV64 RAIA DROGASIL S.A. BR RADL3 BZ 292.61 $8,022.76
B7T7721 ROYAL BANK OF SCOTLAND GB RBS LN 6,884.95 $19,031.71
B92RW83 LT GROUP INC PH LTG PM 18,938.99 $4,978.74
B9N3SQ0 BB SEGURIDADE PARTICIPACOES BR BBSE3 BZ 1,039.28 $8,797.76
BB22L96 KION GROUP AG DE KGX GR 329.69 $21,936.98
BBG00P131QW2 SE US 11/15/19 C27 SG -45.36 -$14,062.57
BBG00QG82MR7 NOW US 11/08/19 P200 US -15.62 -$624.90
BBG00QH0RKM5 EA US 11/01/19 P87.5 US -27.61 -$55.23
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 518.21 $7,467.40
BD4TZK8 OCI NV NL OCI NA 317.66 $7,142.40
BD9Y5C0 TECHNOGYM SPA IT TGYM IM 2,273.96 $25,087.94
BD9Y9B7 BASIC-FIT NV NL BFIT NA 808.8 $24,737.17
BF1K7P7 ESSITY AKTIEBOLAG-B SE ESSITYB SS 1,170.67 $36,572.74
BFTCYP4 ROBINSONS RETAIL HOLDINGS IN PH RRHI PM 3,391.26 $5,069.02
BG36ZK1 B3 SA-BRASIL BOLSA BALCAO BR B3SA3 BZ 2,113.84 $25,515.82
BG7ZWY7 AMBEV SA BR ABEV3 BZ 5,100.51 $22,078.26
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 11,809.44 $18,386.80
BH3T8K8 ORBIA ADVANCE CORP SAB DE CV MX 9,619.14 $20,821.92
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 19,776.77 $17,454.98
BJ2KSG2 AKZO NOBEL NL AKZA NA 253.36 $23,358.22
BJT1GR5 ALCON INC CH ALC SW 268.14 $15,857.54
BMJ6DW5 INFORMA PLC GB INF LN 3,308.61 $33,255.73
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 24,590.09 $997,445.90
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 4,010.87 $19,241.74
BNGN9Z1 FINECOBANK SPA IT FBK IM 2,870.78 $32,363.24
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 27,896.17 $869,267.44
BYW0PQ6 LAND SECURITIES GROUP PLC GB LAND LN 1,609.53 $19,604.97
BYXS699 QIAGEN N.V. NL QIA GR 895.17 $26,925.85
BYXZ2W5 RUMO SA BR RAIL3 BZ 1,461.38 $8,337.19
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 10,691.33 $862,977.06
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 715.13 $23,563.46
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 609.02 $32,588.57
G29183103 EATON CORP PLC US ETN 104.14 $9,071.45
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 195.64 $8,477.12
G5960L103 MEDTRONIC INC IE MDT 15,157.37 $1,650,637.25
G97822103 PERRIGO CO PLC IE PRGO 406.12 $21,532.66
H01301128 ALCON INC CH ALC 9,343.95 $553,815.94
H1467J104 CHUBB LTD CH CB 62.86 $9,581.45
H8817H100 TRANSOCEAN LTD US RIG 28,120.58 $133,572.76
N22717107 CORE LABORATORIES N.V. NL CLB 343.99 $15,149.27
N47279109 INTERXION HOLDING NV NL INXN 10,169.32 $897,137.27
N53745100 LYONDELLBASELL INDU-CL A US LYB 94.94 $8,515.88
N72482123 QIAGEN N.V. ADR NL QGEN 524.78 $15,643.74
USD US DOLLAR US 1,088,017.17 $1,088,017.17

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.