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

$10.77

Daily $ Change

-$0.07

Daily % Change

-0.65%

as of 11/12/2018

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 10/31/2018

YTD

-1.73%

1 Year

-0.92%

3 Year

3.84%

5 Year

3.34%

10 Year

7.52%

Inception
(01/01/2000)

6.55%

US Stock Market Cycle (04/01/2000 - 10/31/2018)

6.57%

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 0.53%
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 10/31/2018

TREASURY NOTES 12.15%
GOVERNMENT AGENCY 6.58%
TREASURY BONDS 5.64%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 4.53%
BOOKING HOLDINGS INC 1.20%
INCYTE CORP 1.20%
NOVARTIS AG- REG 1.18%
MICROSOFT CORP 1.14%
QORVO INC 1.14%
MASTERCARD INC-CLASS A 1.12%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 10/31/2018

Bonds 59.94%
Stocks 38.75%
Cash 1.31%

Detailed Asset Class Allocation

As of 10/31/2018

International Equities 13.49%
Small Capitalization 0.54%
Mid Capitalization 4.62%
Large Capitalization 20.10%
Long Term Fixed Income 20.42%
Intermediate Term Fixed Income 25.84%
Short Term Fixed Income 13.68%
Cash 1.31%

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 10/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 32,524.67 $32,849.92
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 897,045.19 $869,921.24
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 1,741,141.46 $1,717,134.51
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 222,814.27 $229,498.70
004239109 ACADIA REALTY TRUST US AKR 551.47 $15,352.80
0045614 ANTOFAGASTA PLC GB ANTO LN 5,843.75 $58,496.10
0053673 ASHTEAD GROUP PLC GB AHT LN 956.69 $23,617.61
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 872,317.17 $851,809.84
008492100 AGREE REALTY CORP US ADC 332.51 $19,042.58
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 26,997.22 $27,745.04
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 132.53 $16,198.89
01609W102 ALIBABA GROUP - ADR CN BABA 7,608.01 $1,082,468.25
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 62,460.11 $62,772.41
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 46,997.86 $46,939.11
02079K107 ALPHABET INC-CL C US GOOG 975.86 $1,050,775.63
02079K305 ALPHABET INC-CL A US GOOGL 591.35 $644,915.55
02155FAC9 ALTICE US FINANCE I CORP 5.50000 05/15/2026 US 45,208.71 $44,036.00
023135106 AMAZON.COM INC US AMZN 362.46 $579,208.41
02319V103 AMBEV SA-ADR BR ABEV 157,633.26 $682,552.01
0237400 DIAGEO PLC GB DGE LN 43,053.11 $1,488,411.57
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 411.81 $16,270.61
0263494 BAE SYSTEMS PLC GB BA/ LN 5,753.58 $38,579.40
02665T306 AMERICAN HOMES 4 RENT- A US AMH 3,013.53 $63,495.02
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 954,995.87 $902,695.57
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 52,525.32 $51,474.81
03027X100 AMERICAN TOWER REIT INC US AMT 4,664.82 $726,824.83
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 29,150.16 $29,281.89
03064D108 AMERICOLD REALTY TRUST US COLD 610.48 $15,109.34
03748R101 APARTMENT INVT & MGMT CO -A US AIV 1,204.78 $51,853.79
03784Y200 APPLE HOSPITALITY REIT INC US APLE 1,489.88 $24,091.39
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 43,579.59 $40,855.86
0405207 HALMA PLC GB HLMA LN 1,542.18 $26,171.35
0490656 KERRY GROUP PLC-A IE KYGA LN 466.3 $47,718.49
053484101 AVALONBAY COMMUNITIES INC US AVB 747.52 $131,099.31
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 1,303,303.66 $1,243,521.64
058498106 BALL CORP US BLL 34,041.95 $1,525,079.35
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 1,405,976.64 $1,369,193.73
0822011 DS SMITH PLC GB SMDS LN 7,128.88 $35,769.87
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 3,256.81 $668,558.00
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 11,644.26 $1,073,251.13
0922320 SMITH & NEPHEW PLC GB SN/ LN 984.8 $16,007.86
09247X101 BLACKROCK INC US BLK 2,477.26 $1,019,195.79
0946580 WEIR GROUP PLC/THE GB WEIR LN 3,297.01 $66,720.17
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 1,293,071.43 $1,351,146.04
09857L108 BOOKING HOLDINGS INC US BKNG 1,093.83 $2,050,465.79
101121101 BOSTON PROPERTIES INC US BXP 755.5 $91,234.35
105368203 BRANDYWINE REALTY TRUST US BDN 4,104.64 $57,711.26
110122108 BRISTOL MYERS SQUIBB CO US BMY 12,121.28 $612,609.54
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 840.96 $36,497.65
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 36,262.98 $34,993.78
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 52,525.32 $51,212.18
12503M108 CBOE GLOBAL MARKETS INC US CBOE 3,352.35 $378,312.49
12572Q105 CME GROUP INC US CME 1,903.22 $348,746.39
12591QAR3 COMM 2014-UBS4 A5 3.69400 08/10/2047 US 1,172,973.3 $1,168,138.89
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 930,267.85 $929,430.61
12593GAF9 COMM 2015-PC1 A5 3.90200 07/10/2050 US 619,069.24 $617,960.61
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 1,368,468.85 $1,327,479.78
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 121,021.9 $116,634.85
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 344,449.11 $317,582.84
13321L108 CAMECO CORP CA CCJ 1,948.83 $20,891.42
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 1,163.81 $10,299.71
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 32,777.11 $32,705.41
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 445,675.19 $443,694.74
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 95,784.87 $86,685.31
15672WAM6 CEQUEL COM HLDG I/CAP CP 7.50000 04/01/2028 US 38,692.2 $40,103.30
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 688,072.4 $678,908.24
165240102 CHESAPEAKE LODGING TRUST US CHSP 756.97 $22,247.36
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 958,894.19 $1,338,851.89
191216100 COCA COLA CO/THE US KO 14,971.05 $716,813.70
19625JAA1 CAH 2015-1A A 3.48713 07/17/2032 US 330,723.6 $330,724.03
19626G108 COLONY CAPITAL INC US CLNY 3,733.12 $21,913.42
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 1,010.06 $30,018.85
2171573 CANADIAN NATURAL RESOURCES CA CNQ CN 1,233.48 $33,843.58
2180632 CANADIAN NATL RAILWAY CO CA CNR CN 197.97 $16,923.99
21871N101 CORECIVIC INC US CXW 1,855.68 $41,678.64
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 372,390.85 $394,685.99
222795106 COUSINS PROPERTIES INC US CUZ 7,148.13 $59,400.95
22282EAH5 COVANTA HOLDING CORP 6.00000 01/01/2027 US 46,997.86 $45,352.94
2242059 FOMENTO ECONOMICO EXICA-UBD MX 1,755.41 $14,952.69
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 48,787.01 $46,884.31
22822V101 CROWN CASTLE INTL CORP US CCI 417.02 $45,346.47
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 230,209.69 $208,651.25
229663109 CUBESMART US CUBE 437.34 $12,674.06
2306814 EL PUERTO DE LIVERPOOL -C1 MX 2,106.11 $13,374.92
2328595 BANCO DO BRASIL S.A. BR BBAS3 BZ 1,010.94 $11,585.85
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 32,524.67 $32,890.57
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 3,686.7 $36,798.39
23918K108 DAVITA INC. US DVA 15,734.19 $1,059,540.27
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 70,096.75 $66,241.43
2392471 GRUPO BIMBO SAB- SERIES A MX BIMBOA MM 6,091.7 $11,389.75
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 10,989.03 $28,742.18
2458771 ITAUSA INVESTIMENTOS ITAU -PR BR ITSA4 BZ 3,923.63 $11,808.30
2491914 KIMBERLY CLARK DE MEXICO S.A.B. MX 15,160.96 $21,845.90
2516710 LOJAS AMERICANAS SA - PREF BR LAME4 BZ 1,459.54 $7,298.69
25271C102 DIAMOND OFFSHORE DRILLING US DO 28,251 $400,599.18
253868103 DIGITAL REALTY TRUST INC US DLR 924.32 $95,445.41
254683BK0 DCENT 2014-A4 2.12000 12/15/2021 US 58,648.66 $58,391.86
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 958,254.13 $886,276.89
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 104,570.58 $104,309.16
2643674 GRUPO MEXICO SAB DE CV-SER MX GMEXICOB MM 3,914.02 $9,027.21
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 111,247.12 $110,969.00
269246401 ETRADE FINANCIAL CORP US ETFC 6,775.62 $334,851.25
2715777 QUEBECOR INC -CL B CA QBR/B CN 20,252.42 $397,217.89
277276101 EASTGROUP PROPERTIES US EGP 157.39 $15,076.10
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 18,628.71 $346,834.12
285512109 ELECTRONIC ARTS US EA 10,129.95 $921,622.72
2866857 LUNDIN MINING CORP CA LUN CN 8,209.18 $33,735.94
294429105 EQUIFAX INC US EFX 6,379.8 $647,166.63
29444U700 EQUINIX INC US EQIX 2,412.3 $913,634.94
2945422 WEG SA BR WEGE3 BZ 1,459.54 $7,063.37
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 339.95 $32,190.16
29476L107 EQUITY RESIDENTIAL US EQR 1,507.58 $97,932.69
297178105 ESSEX PROPERTY TRUST INC US ESS 251.99 $63,195.01
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 1,621,646.59 $1,594,954.29
30225T102 EXTRA SPACE STORAGE INC US EXR 358.48 $32,285.12
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 52,436.89 $52,156.83
30261UAJ3 FREMF 2013-K713 B 3.15414 04/25/2046 US 390,991.1 $389,362.23
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 61,631.07 $62,493.90
30286XAN9 FREMF 2015-K43 B FLT 3.73427 02/25/2048 US 816,606.73 $790,868.76
30290HAE8 FREMF 2012-K708 FLT 3.74457 02/25/2045 US 534,122.82 $533,880.28
30291EAE4 FREMF 2013-K712 B FLT 3.35777 05/25/2045 US 263,137.07 $262,705.29
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 39,035,736.6 $132,955.72
30291XAE2 FREMF 2014-K715 B FLT 3.97812 02/25/2046 US 56,005.94 $56,428.36
30292HAU0 FREMF 2014- K503 B 3.02122 10/25/2047 US 40,004.24 $39,869.82
3128M5A91 FHLM POOL G03332 6.00000 10/01/2037 US 16,292.91 $17,924.19
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 8,904.67 $9,571.64
3128M5NM8 FHLM POOL G03696 5.50000 01/01/2038 US 34,534.97 $37,100.70
3128M6B98 FHLM POOL G04264 5.50000 04/01/2038 US 121,182.45 $129,858.42
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 5,585.04 $5,972.54
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 35,326.64 $38,135.46
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 52,541.03 $57,791.19
3128M7KW5 FHLM POOL G05409 5.50000 03/01/2039 US 85,109.65 $91,279.06
3128M8AW4 FHLM POOL G06021 5.50000 01/01/2040 US 33,088.58 $35,443.20
3128M9C83 FHLM POOL G06995 6.00000 05/01/2040 US 103,143.51 $113,335.03
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 4,430.59 $4,551.71
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 8,524.7 $8,723.12
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 5,976.68 $6,143.05
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 4,638.45 $4,779.57
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 8,205.82 $8,455.14
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 750,357.39 $771,838.40
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 91,349.81 $97,773.23
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 25,782.7 $26,729.79
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 27,606.87 $28,423.40
3132LMMM5 FHLM POOL K91364 4.50000 11/01/2033 US 16,272.55 $16,711.03
3132LNE83 FHLM POOL K92059 4.50000 09/01/2034 US 23,648.41 $24,619.06
31335ABB3 FHLM POOL G60034 4.50000 02/01/2045 US 936,039.4 $960,087.11
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 238,252.06 $238,721.38
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 7,744.38 $7,806.55
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 374,056.35 $369,099.73
31371NCJ2 FEDERAL NATL MTG ASSN 256673 5.50000 04/01/2037 US 165,264.05 $176,929.72
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 124.86 $15,489.17
3137A2B34 FHMS K009 X1 FLT 1.27965 08/25/2020 US 3,983,219.52 $71,779.21
3137ADTK3 FHMS K014 X1 FLT 1.14903 04/25/2021 US 2,274,579.24 $55,565.70
3137AJMG6 FMHS K016 X1 FLT 1.50068 10/25/2021 US 1,479,381.22 $54,443.15
3137AME78 FHMS K017 X1 FLT 1.30551 12/25/2021 US 902,582.6 $30,101.04
3137AUPF0 FHMS K021 x1 FLT 1.44696 06/25/2022 US 5,411,346.19 $233,867.02
3137B3NB0 FHMS K030 X1 FLT 0.19863 04/25/2023 US 16,574,958.17 $128,051.50
3137B4GZ3 FHMS K032 X1 FLT 0.10471 05/25/2023 US 10,666,275.58 $50,316.02
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 477,991.13 $484,649.17
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 485,237.27 $499,282.27
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 84,604.69 $87,643.04
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 46,915.23 $48,583.35
3138EGGZ1 FEDERAL NATL MTG ASSN AL0215 4.50000 04/01/2041 US 49,338.57 $51,110.78
3138EQTZ5 FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 604,142.29 $625,837.89
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65400 01/01/2049 US 846,775.38 $901,647.78
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 1,098,219.12 $1,073,644.40
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 199,291.35 $213,671.02
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 10,376.26 $11,120.21
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 206,594.91 $207,229.64
3140EWG66 FEDERAL NATL MTG ASSN BC2020 3.50000 07/01/2046 US 494,537.08 $483,315.69
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 245,087.92 $239,526.47
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 514,317.34 $514,827.76
3140FEXR0 FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 533,321.06 $533,713.38
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 55,107.64 $55,146.87
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 197,860.6 $202,775.21
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 661,940.19 $691,662.40
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 325,498.18 $340,080.98
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 252,598.98 $263,903.05
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 42,961.6 $44,881.97
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 6,413.24 $6,574.16
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 7,754.46 $7,947.55
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 53,285.77 $54,195.67
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 64,719.04 $65,828.48
31410HAQ4 MACYS RETAIL HLDGS INC 6.90000 04/01/2029 US 419,067.21 $439,595.96
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 18,778.43 $20,133.17
31410KJV7 FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 103,132.31 $112,351.55
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 100,926.56 $107,803.74
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 38,885.99 $41,531.42
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 2,630.97 $2,665.31
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 36,949.8 $37,611.29
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 250,242.62 $257,510.60
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 213,683.48 $219,895.41
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 322,631.78 $305,564.69
31418MDZ2 FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 56,140.78 $61,151.59
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 23,977.37 $26,213.97
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 62,439.4 $66,669.09
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 104,854.08 $112,193.39
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 6,082.8 $6,302.10
31419BBV6 FEDERAL NATL MTG ASSN AE0951 4.50000 02/01/2041 US 179,076.15 $185,522.12
31428X106 FEDEX CORPORATION US FDX 4,538.11 $999,926.21
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6518808 LION CORP JP 4912 JP 1,271.03 $23,896.38
6531827 GEELY AUTOMOBILE HOLDINGS LT CN 175 HK 13,393.91 $25,810.09
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6595179 MISUMI GROUP INC JP 9962 JP 825.63 $16,546.25
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6630940 CHINA EVERBRIGHT INTL LTD HK 257 HK 29,137.38 $23,309.78
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66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 88,628.28 $89,235.39
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6772217 SAMSUNG HEAVY INDUSTRIES KR 010140 KS 1,965.87 $12,061.10
6791591 SECOM CO LTD JP 9735 JP 188.52 $15,434.08
6793821 SEKISUI CHEMICAL CO LTD JP 4204 JP 1,082.51 $17,023.45
68323ADY7 ONTARIO (PROVINCE OF) 1.25000 06/17/2019 CA 452,376.74 $448,079.17
6865504 SUZUKI MOTOR CORP JP 7269 JP 711.88 $35,499.08
6885074 TERUMO CORP JP 4543 JP 633.91 $34,219.83
6895200 TOHO CO LTD JP 9602 JP 487.58 $15,907.51
6897466 TOTO LTD JP 5332 JP 451.8 $16,163.63
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6986427 YOKOGAWA ELECTRIC CORP JP 6841 JP 858.21 $16,850.18
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 73,995.08 $70,397.44
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7123870 NESTLE SA-REGISTERED CH NESN SW 10,247.1 $865,091.64
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7156036 SONOVA HOLDING AG-REG CH SOON SW 100.93 $16,460.81
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729640102 PLYMOUTH INDUSTRIAL REIT INC US 1,121.08 $15,695.10
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7380062 AAREAL BANK AG DE ARL GR 610.44 $22,708.86
7380482 COMPAGNIE DE SAINT-GOBAIN FR SGO FP 186.76 $7,035.31
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744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 873,655.23 $909,038.26
74460D109 PUBLIC STORAGE INC US PSA 408.26 $83,885.32
74736K101 QORVO INC US QRVO 26,356.33 $1,937,453.87
756109104 REALTY INCOME CORP US O 262.73 $15,834.66
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77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 41,630.42 $42,533.80
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 1,087.53 $71,461.48
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 227.74 $18,856.65
78410G104 SBA COMMUNICATIONS CORP US SBAC 4,470.1 $724,916.59
78442PGC4 SLM CORP 5.12500 04/05/2022 US 63,420.21 $63,103.11
78490DAA2 SOFI 2018-C A1FX 3.08000 01/25/2048 US 1,000,737.15 $997,799.48
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 1,286,234.87 $1,365,496.92
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 858,004 $838,995.38
806857108 SCHLUMBERGER LTD NL SLB 26,451.61 $1,357,232.26
808513105 CHARLES SCHWAB CORP/THE US SCHW 21,327.98 $986,205.69
81211K100 SEALED AIR CORP US SEE 27,033.75 $874,812.00
812578102 SEATTLE GENETICS INC US SGEN 13,611.63 $764,020.55
81663AAD7 SEMGROUP CORP 6.37500 03/15/2025 US 96,540.78 $93,403.20
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 196,553.42 $184,030.80
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 271,735.17 $254,612.87
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 212,208.56 $184,894.98
81762P102 SERVICENOW INC US NOW 3,821.27 $691,802.01
81783QAC9 SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 CA 60,510.95 $56,426.46
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 50,416.14 $50,542.18
828806109 SIMON PROPERTY GROUP INC US SPG 933.53 $171,321.25
83088M102 SKYWORKS SOLUTIONS INC US SWKS 7,284.7 $632,020.69
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 95,458.59 $94,468.05
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 80,511.59 $78,060.94
83404YAA1 SCLP 2016-5 A 3.06000 09/25/2028 US 103,453.88 $103,011.38
83406EAB1 SOFI 2018-A A2A 2.39000 02/25/2042 US 212,089.98 $209,881.76
84265V105 SOUTHERN COPPER CORPORATION US SCCO 943.12 $36,159.08
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 842,122.66 $864,992.93
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 79,202.5 $77,024.43
852061AK6 SPRINT COMMUNICATIONS 9.00000 11/15/2018 US 26,837.2 $26,890.87
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85254J102 STAG INDUSTRIAL INC US STAG 1,331.42 $35,229.31
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.49950 11/15/2027 US 548,629.74 $548,704.19
862121100 STORE CAPITAL CORP US STOR 532.93 $15,471.07
866674104 SUN COMMUNITIES US SUI 663.64 $66,676.29
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 2,335.13 $33,789.36
874080104 TAL EDUCATION GROUP - ADR CN TAL 483.04 $13,998.56
87470LAA9 TALLGRASS NRG PRTNR/FIN 5.50000 09/15/2024 US 36,262.98 $36,489.63
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 170,802.53 $170,212.42
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 61,631.07 $57,933.20
88104LAE3 TERRAFORM POWER OPERATIN 5.00000 01/31/2028 US 36,102.96 $32,267.02
882508104 TEXAS INSTRUMENTS INC US TXN 6,228.26 $578,169.57
88650V208 TIER REIT INC US TIER 2,377.24 $51,514.84
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 770,948.93 $748,472.22
89613BAA5 TAH 2013-SFR1 A 2.58900 11/17/2033 US 720,243.07 $693,547.26
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 321,789.99 $307,096.32
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 91,086.46 $91,200.31
902653104 UDR INC US UDR 1,605.13 $62,905.03
903002103 UMH PROPERTIES INC US UMH 1,235.24 $17,701.00
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 36,262.98 $35,283.88
904767704 UNILEVER PLC - ADR GB UL 24,733.84 $1,310,398.67
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 1,295,975.1 $1,677,832.14
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 2,202,598.14 $2,651,893.76
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 934,717.26 $830,255.30
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 3,086,670.28 $2,601,604.86
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 2,889,464.9 $2,676,254.00
9128282N9 US TREASURY N/B 2.12500 07/31/2024 US 224,087.76 $213,373.57
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 3,677,412.31 $3,558,758.32
912828D23 US TREASURY N/B 1.62500 04/30/2019 US 3,400,008.18 $3,385,531.59
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 7,851,855.39 $7,718,026.24
912828R28 US TREASURY N/B 1.62500 04/30/2023 US 198,421.04 $187,128.09
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 3,697,806.3 $3,333,225.71
912828RT9 US TREASURY N/B 1.37500 11/30/2018 US 1,632,055.07 $1,631,012.56
912828S92 US TREASURY N/B 1.25000 07/31/2023 US 1,697,553.02 $1,567,716.73
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 921,120.31 $886,814.20
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 3,683,049.22 $3,476,309.32
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 3,541,626.61 $3,343,516.87
91704F104 URBAN EDGE PROPERTIES US UE 2,560.42 $52,462.96
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92339V100 VEREIT INC US VER 3,977.25 $29,153.27
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 1,296,969.75 $1,351,407.75
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 3,261.7 $552,727.03
92826C839 VISA INC - CLASS A SHARES US V 12,808.34 $1,765,630.16
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 101,763.42 $103,210.64
929042109 VORNADO REALTY TRUST US VNO 855.4 $58,235.80
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 50,736.17 $49,097.39
92936CAE9 WFRBS 2011-C4 A3 4.39400 06/15/2044 US 586.15 $587.50
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 52,525.32 $53,575.82
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 45,208.71 $43,400.37
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 89,297.31 $84,385.96
948741103 WEINGARTEN REALTY INVESTORS US WRI 1,372.82 $38,603.59
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 19,202.04 $19,496.26
95040Q104 WELLTOWER INC. US WELL 678.98 $44,859.88
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 65,209.36 $65,209.36
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 52,685.33 $49,194.93
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 674,173 $627,748.41
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 244,267.13 $243,629.04
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 293,136.2 $285,408.39
98919V105 ZAYO GROUP HOLDINGS INC US ZAYO 32,641.91 $975,340.16
AP0787667 MPC CONTAINER SHIPS FLT 7.11638 09/22/2022 NL 71,565.86 $72,752.42
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 97,894.05 $95,936.17
B00FM53 BANCO BRADESCO SA - PREF BR BBDC4 BZ 2,542.05 $23,292.74
B0190C7 TECHTRONIC INDUSTRIES CO LTD HK 669 HK 3,543.39 $16,685.03
B02J639 ADMIRAL GROUP PLC GB ADM LN 639.25 $16,432.60
B037HR3 ITAU UNIBANCO HOLDINGS S-PREF BR ITUB4 BZ 1,758.61 $23,221.25
B0386J1 JYSKE BANK-REG DK JYSK DC 631.13 $25,769.84
B058TZ6 SAFRAN SA FR SAF FP 127.26 $16,445.77
B05LZ02 HAKUHODO DY HOLDINGS INC JP 2433 JP 975.16 $16,264.31
B06JSP1 SYDBANK A/S DK SYDB DC 744.88 $17,204.79
B09DHL9 MTU AERO ENGINES HOLDING AG DE MTX GR 76.88 $16,323.02
B09M9D2 KONE OYJ-B FI KNEBV FH 325.55 $15,846.04
B0C2CQ3 ENGIE FR ENGI FP 706.38 $9,385.76
B0CGYD6 LOJAS RENNER S.A. BR LREN3 BZ 968.22 $9,803.20
B0JDQD4 BANDAI NAMCO HOLDINGS INC JP 7832 JP 932.98 $33,190.45
B0MKZN5 TSURUHA HOLDINGS INC JP 3391 JP 152.73 $15,940.75
B11TCY0 SCHINDLER HOLDING-PART CERT CH SCHP SW 158.8 $33,484.90
B142S60 KUEHNE & NAGEL INTL AG-REG CH KNIN SW 115.89 $16,106.60
B15C557 TOTAL SA FR FP FP 994.23 $58,336.58
B19NLV4 EXPERIAN PLC GB EXPN LN 682.64 $15,700.22
B1FW751 GALP ENERGIA SGPS SA PT GALP PL 3,986.03 $69,309.66
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 2,873.7 $15,050.90
B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 727.63 $35,612.97
B1XH026 VINCI SA FR DG FP 656.66 $58,442.23
B1Y9TB3 DANONE FR BN FP 956.59 $67,739.33
B1YVKN8 ANTA SPORTS PRODUCTS LTD CN 2020 HK 5,981.3 $24,694.03
B1YXBJ7 AIR LIQUIDE FR AI FP 171.8 $20,768.41
B232R05 SK INNOVATION CO LTD KR 096770 KS 155.7 $29,220.21
B249GC0 MATSUMOTOKIYOSHI HOLDINGS CO JP 3088 JP 711.88 $25,737.17
B283W97 CAIXABANK S.A ES CABK SM 14,374.8 $58,170.35
B296BQ5 STORAGEVAULT CANADA INC CA SVI CN 4,342.81 $8,511.10
B3FF8W8 HOSHIZAKI CORP JP 6465 JP 338.05 $27,287.43
B3FP8W8 CANADA HOUSING TRUST 4.10000 12/15/2018 CA 111,189.2 $84,673.39
B3MSM28 AMADEUS IT HOLDING SA-A SHS ES AMS SM 200.08 $16,111.24
B3NB1P2 SUNCOR ENERGY INC CA SU CN 958.64 $32,157.23
B3ZCNF7 TELEFONICA BRASIL S.A. - PREF BR VIVT4 BZ 822.43 $9,522.62
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 968,608.1 $45,322.27
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 134,259.13 $103,165.72
B4975P9 MAGAZINE LUIZA SA BR MGLU3 BZ 149.53 $6,766.83
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 1,402,514.18 $64,459.76
B4Q2TX3 CHINA LONGYUAN POWER GROUP-H CN 916 HK 66,541.92 $50,638.62
B4R2R50 JULIUS BAER CH BAER SW 1,939.76 $88,462.37
B4V5RY4 BANCO SANTANDER BRASIL - UNIT BR SANB11 BZ 1,007.74 $11,427.32
B4WTBY3 HUANENG RENEWABLES CORP-H CN 958 HK 191,337.47 $49,245.46
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 244,648.24 $177,148.71
B4YVF56 BRENNTAG AG DE BNR GR 371.02 $19,376.30
B607XS1 VERMILION ENERGY INC CA VET CN 1,252.79 $33,221.71
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 1,880,493.64 $91,705.45
B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 4,980.26 $53,605.31
B63QM77 NEXON CO LTD JP 3659 JP 2,395.72 $27,328.56
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 373,831.01 $16,774.98
B798FW0 NOVOZYMES A/S-B SHARES DK NZYMB DC 336.45 $16,615.49
B8FMRX8 COLOPLAST-B DK COLOB DC 332.87 $31,061.27
B9N3SQ0 BB SEGURIDADE PARTICIPACOES BR BBSE3 BZ 1,193.06 $8,537.19
BB22L96 KION GROUP AG DE KGX GR 609.34 $35,607.47
BBG00KCGVZV0 MDT US 11/16/18 P90 IE -49.6 -$7,192.25
BBG00KCQF551 QRVO US 11/16/18 C77.5 US -42.58 -$9,155.72
BBG00KFDHCW0 QRVO US 11/16/18 P67.5 US -64.65 -$9,051.14
BBG00LL833R3 MSFT US 11/16/18 P100 US -43.88 -$3,993.28
BBG00M3T9DN1 BKNG US 11/09/18 C1960 US -1.5 -$5,981.30
BBG00M420Q86 LULU US 11/09/18 P149 CA -22.85 -$18,624.13
BBG00M425WW1 MA US 11/09/18 P197.5 US -22.53 -$8,785.09
BBG00M5LJG30 GOOG US 11/23/18 C1110 US -3.77 -$8,294.69
BD1WX84 ENGIE BRASIL ENERGIA SA BR EGIE3 BZ 672.9 $7,196.36
BD3JR69 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 39,594.08 $17,184.02
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 71,565.86 $73,533.92
BD9Y9B7 BASIC-FIT NV NL BFIT NA 801.63 $23,080.10
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 38,814.42 $17,467.51
BDZV116 EPIROC AB-A SE EPIA SS 3,600.79 $31,620.04
BF7LBH4 ATACADAO DISTRIBUICAO COMERC BR CRFB3 BZ 1,758.61 $7,168.63
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 100,992.29 $93,670.35
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 363.5 $65,778.83
BG36ZK1 B3 SA-BRASIL BOLSA BALCAO BR B3SA3 BZ 1,683.84 $12,076.23
BG7ZWY7 AMBEV SA BR ABEV3 BZ 5,532.7 $24,143.77
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 16,739.31 $26,353.95
BGLP232 MONCLER SPA IT MONC IM 465.5 $16,165.68
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 51,262.85 $39,396.09
BHC8X90 NOVO NORDISK A/S-B DK NOVOB DC 376.1 $16,242.47
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 41,659.73 $1,427,231.60
BNGN9Z1 FINECOBANK SPA IT FBK IM 4,773.17 $49,887.09
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 28,747.57 $810,237.17
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 1,345.79 $36,120.50
BW1YVH8 WALMART DE MEXICO SAB DE CV MX WALMEX* MM 11,132.25 $28,464.63
BYQ32R1 NEMAK SAB DE CV MX 32,442.13 $23,429.34
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 60,528.62 $24,406.82
BYXS699 QIAGEN N.V. NL QIA GR 784.92 $28,491.34
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 20,526.13 $1,518,132.60
BYZWX76 CRODA INTERNATIONAL PLC GB CRDA LN 557.19 $34,320.37
BZ01RF1 WILLIAM DEMANT HOLDING DK WDH DC 501.41 $16,482.33
BZ3C3Q4 BANKIA SA ES BKIA SM 10,374.56 $32,586.92
BZCNN35 BANCO COMERCIAL PORTUGUES-R PT BCP PL 91,908.59 $24,722.02
G02602103 AMDOCS LTD GG DOX 1,081.75 $68,442.57
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 506.17 $20,393.59
G27358103 DESPEGAR.COM CORP AR DESP 634.58 $10,197.73
G3157S106 ENSCO INTERNATIONAL INC US ESV 60,252.56 $430,203.26
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 90,737.46 $93,913.27
G5960L103 MEDTRONIC INC IE MDT 20,951.9 $1,881,899.27
G97822103 PERRIGO CO PLC IE PRGO 849.56 $59,723.82
H8817H100 TRANSOCEAN LTD US RIG 54,958.42 $605,092.16
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 299.06 $33,196.19
N22717107 CORE LABORATORIES N.V. NL CLB 265.42 $22,624.40
N47279109 INTERXION HOLDING NV NL INXN 12,440.27 $732,358.51
N72482123 QIAGEN N.V. ADR NL QGEN 552.12 $20,042.10
USD US DOLLAR US 2,266,719.85 $2,266,719.85

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

$10.77

Daily $ Change

-$0.07

Daily % Change

-0.65%

as of 11/12/2018

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 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 10/31/2018

YTD

-1.73%

1 Year

-0.92%

3 Year

3.84%

5 Year

3.34%

10 Year

7.52%

Inception
(01/01/2000)

6.55%

US Stock Market Cycle (04/01/2000 - 10/31/2018)

6.57%

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 0.53%
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 10/31/2018

TREASURY NOTES 12.15%
GOVERNMENT AGENCY 6.58%
TREASURY BONDS 5.64%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 4.53%
BOOKING HOLDINGS INC 1.20%
INCYTE CORP 1.20%
NOVARTIS AG- REG 1.18%
MICROSOFT CORP 1.14%
QORVO INC 1.14%
MASTERCARD INC-CLASS A 1.12%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 10/31/2018

Bonds
59.94%
Stocks
38.75%
Cash
1.31%

Detailed Asset Class Allocation

As of 10/31/2018

International Equities
13.49%
Small Capitalization
0.54%
Mid Capitalization
4.62%
Large Capitalization
20.10%
Long Term Fixed Income
20.42%
Intermediate Term Fixed Income
25.84%
Short Term Fixed Income
13.68%
Cash
1.31%

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 10/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 32,524.67 $32,849.92
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 897,045.19 $869,921.24
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 1,741,141.46 $1,717,134.51
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 222,814.27 $229,498.70
004239109 ACADIA REALTY TRUST US AKR 551.47 $15,352.80
0045614 ANTOFAGASTA PLC GB ANTO LN 5,843.75 $58,496.10
0053673 ASHTEAD GROUP PLC GB AHT LN 956.69 $23,617.61
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 872,317.17 $851,809.84
008492100 AGREE REALTY CORP US ADC 332.51 $19,042.58
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 26,997.22 $27,745.04
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 132.53 $16,198.89
01609W102 ALIBABA GROUP - ADR CN BABA 7,608.01 $1,082,468.25
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 62,460.11 $62,772.41
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 46,997.86 $46,939.11
02079K107 ALPHABET INC-CL C US GOOG 975.86 $1,050,775.63
02079K305 ALPHABET INC-CL A US GOOGL 591.35 $644,915.55
02155FAC9 ALTICE US FINANCE I CORP 5.50000 05/15/2026 US 45,208.71 $44,036.00
023135106 AMAZON.COM INC US AMZN 362.46 $579,208.41
02319V103 AMBEV SA-ADR BR ABEV 157,633.26 $682,552.01
0237400 DIAGEO PLC GB DGE LN 43,053.11 $1,488,411.57
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 411.81 $16,270.61
0263494 BAE SYSTEMS PLC GB BA/ LN 5,753.58 $38,579.40
02665T306 AMERICAN HOMES 4 RENT- A US AMH 3,013.53 $63,495.02
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 954,995.87 $902,695.57
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 52,525.32 $51,474.81
03027X100 AMERICAN TOWER REIT INC US AMT 4,664.82 $726,824.83
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 29,150.16 $29,281.89
03064D108 AMERICOLD REALTY TRUST US COLD 610.48 $15,109.34
03748R101 APARTMENT INVT & MGMT CO -A US AIV 1,204.78 $51,853.79
03784Y200 APPLE HOSPITALITY REIT INC US APLE 1,489.88 $24,091.39
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 43,579.59 $40,855.86
0405207 HALMA PLC GB HLMA LN 1,542.18 $26,171.35
0490656 KERRY GROUP PLC-A IE KYGA LN 466.3 $47,718.49
053484101 AVALONBAY COMMUNITIES INC US AVB 747.52 $131,099.31
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 1,303,303.66 $1,243,521.64
058498106 BALL CORP US BLL 34,041.95 $1,525,079.35
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 1,405,976.64 $1,369,193.73
0822011 DS SMITH PLC GB SMDS LN 7,128.88 $35,769.87
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 3,256.81 $668,558.00
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 11,644.26 $1,073,251.13
0922320 SMITH & NEPHEW PLC GB SN/ LN 984.8 $16,007.86
09247X101 BLACKROCK INC US BLK 2,477.26 $1,019,195.79
0946580 WEIR GROUP PLC/THE GB WEIR LN 3,297.01 $66,720.17
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 1,293,071.43 $1,351,146.04
09857L108 BOOKING HOLDINGS INC US BKNG 1,093.83 $2,050,465.79
101121101 BOSTON PROPERTIES INC US BXP 755.5 $91,234.35
105368203 BRANDYWINE REALTY TRUST US BDN 4,104.64 $57,711.26
110122108 BRISTOL MYERS SQUIBB CO US BMY 12,121.28 $612,609.54
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 840.96 $36,497.65
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 36,262.98 $34,993.78
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 52,525.32 $51,212.18
12503M108 CBOE GLOBAL MARKETS INC US CBOE 3,352.35 $378,312.49
12572Q105 CME GROUP INC US CME 1,903.22 $348,746.39
12591QAR3 COMM 2014-UBS4 A5 3.69400 08/10/2047 US 1,172,973.3 $1,168,138.89
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 930,267.85 $929,430.61
12593GAF9 COMM 2015-PC1 A5 3.90200 07/10/2050 US 619,069.24 $617,960.61
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 1,368,468.85 $1,327,479.78
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 121,021.9 $116,634.85
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 344,449.11 $317,582.84
13321L108 CAMECO CORP CA CCJ 1,948.83 $20,891.42
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 1,163.81 $10,299.71
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 32,777.11 $32,705.41
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 445,675.19 $443,694.74
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 95,784.87 $86,685.31
15672WAM6 CEQUEL COM HLDG I/CAP CP 7.50000 04/01/2028 US 38,692.2 $40,103.30
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 688,072.4 $678,908.24
165240102 CHESAPEAKE LODGING TRUST US CHSP 756.97 $22,247.36
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 958,894.19 $1,338,851.89
191216100 COCA COLA CO/THE US KO 14,971.05 $716,813.70
19625JAA1 CAH 2015-1A A 3.48713 07/17/2032 US 330,723.6 $330,724.03
19626G108 COLONY CAPITAL INC US CLNY 3,733.12 $21,913.42
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 1,010.06 $30,018.85
2171573 CANADIAN NATURAL RESOURCES CA CNQ CN 1,233.48 $33,843.58
2180632 CANADIAN NATL RAILWAY CO CA CNR CN 197.97 $16,923.99
21871N101 CORECIVIC INC US CXW 1,855.68 $41,678.64
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 372,390.85 $394,685.99
222795106 COUSINS PROPERTIES INC US CUZ 7,148.13 $59,400.95
22282EAH5 COVANTA HOLDING CORP 6.00000 01/01/2027 US 46,997.86 $45,352.94
2242059 FOMENTO ECONOMICO EXICA-UBD MX 1,755.41 $14,952.69
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 48,787.01 $46,884.31
22822V101 CROWN CASTLE INTL CORP US CCI 417.02 $45,346.47
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 230,209.69 $208,651.25
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M22465104 CHECK POINT SOFTWARE TECH IL CHKP 299.06 $33,196.19
N22717107 CORE LABORATORIES N.V. NL CLB 265.42 $22,624.40
N47279109 INTERXION HOLDING NV NL INXN 12,440.27 $732,358.51
N72482123 QIAGEN N.V. ADR NL QGEN 552.12 $20,042.10
USD US DOLLAR US 2,266,719.85 $2,266,719.85

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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