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 moderately growth-oriented mix of securities that seeks potential for growth with some stability. The portfolio is diversified among various stock investments and fixed income securities, which will typically be intermediate to long-term maturities. Stock exposure can range from 38% - 74%.

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 2030
  • Who have some time to pursue growth 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

$11.46

Daily $ Change

$0.00

Daily % Change

0.00%

as of 05/18/2018

CUSIP

56382R845

Inception Date

04/17/2015

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

Important Documents

Annual Report
Fact Sheet
Applications & Forms

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

Annualized Performance

As of 04/30/2018

YTD

-0.62%

1 Year

6.81%

3 Year

4.02%

5 Year

6.23%

10 Year

6.05%

Inception
(01/01/2000)

7.15%

US Stock Market Cycle (04/01/2000 - 04/30/2018)

7.30%

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. 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 04/30/2018

TREASURY NOTES 11.63%
TREASURY BONDS 4.82%
GOVERNMENT AGENCY 4.25%
QORVO INC 1.99%
INCYTE CORP 1.84%
BOOKING HOLDINGS INC 1.83%
FACEBOOK INC -A 1.72%
ANHEUSER-BUSCH INBEV SA/NV 1.46%
MEDTRONIC INC 1.42%
MASTERCARD INC-CLASS A 1.42%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 04/30/2018

Stocks 54.11%
Bonds 44.85%
Cash 1.04%

Detailed Asset Class Allocation

As of 04/30/2018

International Equities 18.15%
Small Capitalization 0.96%
Mid Capitalization 6.52%
Large Capitalization 28.48%
Long Term Fixed Income 13.19%
Intermediate Term Fixed Income 22.33%
Short Term Fixed Income 9.33%
Cash 1.04%

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

April Fund Holdings

As of 04/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00163UAB2 AMAG PHARMACEUTICALS INC 7.87500 09/01/2023 US 73,047.37 $72,682.13
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 855,675.6 $849,456.87
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 1,340,247.56 $1,314,851.60
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 253,023.47 $263,776.97
004239109 ACADIA REALTY TRUST US AKR 1,035.26 $24,432.09
0045614 ANTOFAGASTA PLC GB ANTO LN 57,232.69 $764,686.59
0053673 ASHTEAD GROUP PLC GB AHT LN 3,725.97 $103,481.19
00724F101 ADOBE SYS INC US ADBE 1,008.66 $223,519.54
00790X101 ADVANCED DISPOSAL SERVICES US ADSW 7,460.86 $164,437.33
008492100 AGREE REALTY CORP US ADC 458.54 $22,413.32
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 32,557.06 $33,818.65
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 375.36 $46,758.52
01609W102 ALIBABA GROUP - ADR CN BABA 13,260.39 $2,367,509.99
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 1,368,315.1 $1,288,253.64
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 68,943.4 $69,632.83
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 58,546.13 $58,516.86
02079K107 ALPHABET INC-CL C US GOOG 1,137.27 $1,156,979.57
02079K305 ALPHABET INC-CL A US GOOGL 1,128.51 $1,149,481.12
02155FAC9 ALTICE US FINANCE I CORP 5.50000 05/15/2026 US 53,609.9 $52,403.68
02209S103 ALTRIA GROUP INC US MO 2,573.57 $144,403.12
023135106 AMAZON.COM INC US AMZN 635.22 $994,832.14
02319V103 AMBEV SA-ADR BR ABEV 405,691.19 $2,685,675.70
0237400 DIAGEO PLC GB DGE LN 82,044.91 $2,926,945.55
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 1,409.24 $55,115.21
0263494 BAE SYSTEMS PLC GB BA/ LN 4,727.15 $39,662.13
02665T306 AMERICAN HOMES 4 RENT- A US AMH 4,705.67 $95,054.62
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 887,408.59 $853,158.17
03027X100 AMERICAN TOWER REIT INC US AMT 5,949.28 $811,243.87
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 39,940.93 $40,360.40
03064D108 AMERICOLD REALTY TRUST US COLD 1,251.38 $25,790.91
034863AT7 ANGLO AMERICAN CAPITAL 4.00000 09/11/2027 GB 898,896.42 $846,830.24
03748R101 APARTMENT INVT & MGMT CO -A US AIV 1,683.37 $68,344.80
03784Y200 APPLE HOSPITALITY REIT INC US APLE 2,388.95 $42,977.26
0405207 HALMA PLC GB HLMA LN 4,800.5 $80,548.23
04621WAC4 ASSURED GUARANTY US HLDG 5.00000 07/01/2024 US 794,956.52 $824,889.71
0490656 KERRY GROUP PLC-A IE KYGA LN 1,014.06 $103,109.54
053332102 AUTOZONE INC US AZO 415.06 $259,211.27
053484101 AVALONBAY COMMUNITIES INC US AVB 1,144.41 $186,538.63
05501U106 AZUL S.A SPONSORED ADR PFD BR AZUL 2,362.42 $73,234.96
0557681 HOWDEN JOINERY GROUP INC GB HWDN LN 5,950.68 $38,947.24
058498106 BALL CORP US BLL 62,571.53 $2,508,492.50
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 1,305,398.5 $1,290,251.88
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 31,679.89 $2,645,587.75
09062X103 BIOGEN IDEC INC US BIIB 7,031.17 $1,923,727.40
09247X101 BLACKROCK INC US BLK 4,725.8 $2,464,504.50
0946580 WEIR GROUP PLC/THE GB WEIR LN 6,412.81 $187,651.76
09627J102 BLUEROCK RESIDENTIAL GROWTH US 1,997.48 $17,957.32
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 1,198,711.69 $1,278,712.49
09857L108 BOOKING HOLDINGS INC US BKNG 2,065.48 $4,498,617.27
101121101 BOSTON PROPERTIES INC US BXP 850.04 $103,203.13
105368203 BRANDYWINE REALTY TRUST US BDN 2,556.42 $41,183.86
110122108 BRISTOL MYERS SQUIBB CO US BMY 19,198.71 $1,000,828.92
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 1,355.36 $74,029.49
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 141,441.39 $132,954.91
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 50,612.89 $49,281.77
125269100 CF INDUSTRIES HOLDINGS INC US CF 6,006.37 $233,047.33
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 863,334.16 $865,492.49
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 129,678.86 $121,492.88
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 361,756.6 $336,989.23
13321L108 CAMECO CORP CA CCJ 3,907.57 $41,146.71
134429109 CAMPBELL SOUP CO US CPB 6,395.34 $260,801.79
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 6,280.95 $81,903.59
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 84,290.85 $83,764.03
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 119,830.98 $113,989.22
15672WAJ3 CEQUEL COM HLDG I/CAP CP 7.50000 04/01/2028 US 56,631.49 $57,410.18
16411QAA9 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 93,017.83 $90,924.93
165240102 CHESAPEAKE LODGING TRUST US CHSP 1,231.96 $36,392.02
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 894,517.77 $1,295,553.58
191216100 COCA COLA CO/THE US KO 5,512.21 $238,182.46
19238VAG0 COGECO CABLE INC 4.87500 05/01/2020 CA 34,471.7 $34,644.06
19625W104 COLONY NORTHSTAR INC-CLASS A US CLNS 5,197.34 $31,755.73
198287203 COLUMBIA PROPERTY TRUST INC US CXP 1,294.89 $27,658.86
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 2,729.29 $69,596.92
21871N101 CORECIVIC INC US CXW 3,605.34 $72,683.71
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 764,855.29 $857,293.72
222795106 COUSINS PROPERTIES INC US CUZ 13,158.04 $116,975.00
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 61,010.15 $60,400.05
22822V101 CROWN CASTLE INTL CORP US CCI 552.1 $55,689.98
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 254,930.68 $235,428.99
229663109 CUBESMART US CUBE 1,785.14 $52,554.66
23311RAC0 DCP MIDSTREAM OPERATING 9.75000 03/15/2019 US 34,471.7 $36,281.46
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 5,144.12 $74,119.92
23918K108 DAVITA INC. US DVA 30,699.3 $1,927,609.00
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 95,207.16 $90,227.83
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 13,868.54 $43,343.71
25271C102 DIAMOND OFFSHORE DRILLING US DO 50,071.17 $920,808.76
253393102 DICK'S SPORTING GOODS INC US DKS 7,163.64 $237,044.98
253868103 DIGITAL REALTY TRUST INC US DLR 1,286.94 $136,016.77
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 887,408.59 $867,952.78
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 95,481.85 $95,959.26
2643674 GRUPO MEXICO SAB DE CV-SER MX GMEXICOB MM 36,669.32 $121,407.25
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 129,678.86 $131,299.85
269246401 ETRADE FINANCIAL CORP US ETFC 24,971.32 $1,515,259.55
2715777 QUEBECOR INC -CL B CA QBR/B CN 36,057.07 $672,305.21
277276101 EASTGROUP PROPERTIES US EGP 218.87 $19,649.92
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 36,758.15 $755,518.20
285512109 ELECTRONIC ARTS US EA 16,957.64 $2,000,661.96
2866857 LUNDIN MINING CORP CA LUN CN 108,256.23 $716,677.43
294429105 EQUIFAX INC US EFX 12,805.82 $1,434,892.09
29444U700 EQUINIX INC US EQIX 643.2 $270,652.03
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 662.62 $59,079.28
29476L107 EQUITY RESIDENTIAL US EQR 1,277.66 $78,844.31
297178105 ESSEX PROPERTY TRUST INC US ESS 233.09 $55,870.29
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 1,177,503.21 $1,153,392.66
30225T102 EXTRA SPACE STORAGE INC US EXR 881.5 $78,974.00
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 97,135.59 $96,808.19
30286XAN9 FREMF 2015-K43 B FLT 3.86222 02/25/2048 US 804,148.54 $780,871.01
30290HAE8 FREMF 2012-K708 FLT 3.88201 02/25/2045 US 153,171.15 $153,957.24
30291EAE4 FREMF 2013-K712 B FLT 3.47714 05/25/2045 US 516,952.63 $518,590.29
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 55,675,370.61 $211,750.14
30291XAE2 FREMF 2014-K715 B FLT 4.11961 02/25/2046 US 670,123.78 $681,280.13
30303M102 FACEBOOK INC -A US FB 24,636.96 $4,237,557.33
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 119,101.52 $130,286.53
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 72,786.4 $79,465.41
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 62,470.44 $69,657.48
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 5,122.95 $5,307.38
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 12,000.45 $12,452.48
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 8,352.12 $8,666.46
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 6,446.57 $6,718.31
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 11,306.11 $11,768.76
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 643,814.18 $673,247.24
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 108,930.15 $119,016.72
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 370,860.96 $391,568.72
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 377,928.74 $397,656.54
3132LMMM5 FHLM POOL K91364 4.50000 11/01/2033 US 199,062.76 $208,801.78
3132LNE83 FHLM POOL K92059 4.50000 09/01/2034 US 313,940.35 $332,436.70
3132WPDP9 FHLM GOLD POOL FG Q49109 4.00000 07/01/2047 US 418,599.09 $427,076.27
3132XSLZ1 FHLM GOLD POOL FG Q50343 4.00000 08/01/2047 US 456,412.18 $465,531.83
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 16,829.93 $17,065.44
3137A2B34 FHMS K009 X1 FLT 1.45890 08/25/2020 US 5,686,413.86 $138,462.47
3137ADTK3 FHMS K014 X1 FLT 1.35057 04/25/2021 US 1,387,407.41 $40,655.06
3137AJMG6 FMHS K016 X1 FLT 1.67495 10/25/2021 US 1,659,036.25 $71,217.95
3137AL6W4 FHMS K706 X1 FLT 1.68589 10/25/2018 US 2,374,208.93 $9,845.85
3137AME78 FHMS K017 X1 FLT 1.49098 12/25/2021 US 11,164,519.42 $441,661.69
3137AUPF0 FHMS K021 x1 FLT 1.59275 06/25/2022 US 4,847,422.95 $239,850.49
3137B3NB0 FHMS K030 X1 FLT 0.31510 04/25/2023 US 18,193,396.58 $161,158.93
3137B4GZ3 FHMS K032 X1 FLT 0.22177 05/25/2023 US 11,685,040.29 $62,926.28
3137B5KW2 FHMS K035 A2 3.45800 08/25/2023 US 1,240,686.31 $1,257,644.13
3137BT7J4 FHMS KJ10 A2 2.91200 12/25/2023 US 1,072,198.05 $1,058,127.48
3137BWVV3 FHMS KJ13 A2 2.86400 08/25/2022 US 1,225,369.2 $1,216,985.96
3137F4YU0 FHLM POOL FHR4791 4.00000 03/15/2044 US 467,554.93 $476,889.62
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 97,525.01 $102,643.81
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 46,694.95 $49,111.97
3138EGGZ1 FEDERAL NATL MTG ASSN AL0215 4.50000 04/01/2041 US 641,199.35 $674,888.14
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65100 01/01/2049 US 1,366,455.57 $1,472,124.36
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 264,186.88 $289,213.23
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 138,212.98 $151,220.54
3140EWG66 FEDERAL NATL MTG ASSN BC2020 3.50000 07/01/2046 US 864,022.23 $858,920.93
3140FA5G3 FEDERAL NATL MTG ASSN FN BD3546 4.00000 09/01/2047 US 287,763.24 $293,711.59
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 665,953.01 $679,028.17
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 9,026.03 $9,349.23
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 11,000.21 $11,380.36
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 81,376.02 $83,557.73
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 97,576.67 $100,135.78
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 247,745.35 $271,027.38
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 48,938.12 $53,370.50
31412SY41 FEDERAL NATL MTG ASSN 933731 5.50000 04/01/2038 US 191,584.12 $208,840.00
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 4,572.78 $4,665.25
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 55,251.86 $56,666.60
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 553,946.66 $579,759.13
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 356,453.04 $374,800.77
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 227,091.09 $219,413.96
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 20,186.92 $22,511.57
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 8,001.12 $8,359.79
31418MSR4 FEDERAL NATL MTG ASSN AD0527 5.50000 06/01/2039 US 46,439.2 $50,598.52
31428X106 FEDEX CORPORATION US FDX 8,166.62 $2,018,788.76
32054K103 FIRST INDUSTRIAL REALTY TR US FR 2,702.74 $84,082.38
336130AB5 FIRST QUALITY FINANCE CO 5.00000 07/01/2025 US 32,282.37 $30,910.37
345605109 FOREST CITY REALTY TRUST - A US FCE/A 1,898.71 $38,088.06
35671D857 FREEPORT-MCMORAN INC US FCX 11,636.42 $176,990.00
357081AE8 FREMF 2015-K720 B FLT 3.50460 07/25/2022 US 409,732.83 $403,481.94
35802XAA1 FRESENIUS MED CARE US 6.50000 09/15/2018 US 42,404.95 $42,949.20
36143WAN1 GAHR 2015-NRF BFX FLT 3.49490 12/15/2034 US 919,026.9 $918,281.66
36174X101 GGP INC US GGP 2,313.44 $46,245.69
36223NTR5 GNMA POOL 312960 9.00000 09/15/2021 US 235.09 $238.24
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 200,654.21 $197,775.96
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 22,825.36 $23,102.86
371559105 GENESEE & WYOMING INC -CL A US GWR 17,794.8 $1,266,989.74
374297109 GETTY REALTY CORP US GTY 1,481.74 $37,117.64
37950E366 GLOBAL X MSCI GREECE ETF GR 10,496.59 $111,998.57
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 137,612.11 $135,203.90
37954A204 GLOBAL MEDICAL REIT INC US GMRE 3,071.81 $23,929.40
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 66,754.07 $66,086.53
399909100 GRUPO FINANCIERO GALICIA-ADR AR GGAL 833.74 $53,292.47
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 280.48 $29,218.05
40054A108 GRUPO SUPERVIELLE SA-SP ADR AR SUPV 1,686.35 $47,116.73
40414L109 HCP INC US HCP 3,353.4 $78,335.47
410345AL6 HANESBRANDS INC 4.87500 05/15/2026 US 56,906.18 $54,629.94
4116099 BPER BANCA IT BPE IM 12,034.96 $69,471.56
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 1,760.55 $43,996.03
431318AQ7 HILCORP ENERGY I/HILCORP 5.75000 10/01/2025 US 86,175.15 $85,313.40
431475AB8 HILL-ROM HOLDINGS INC 5.00000 02/15/2025 US 91,103.19 $90,468.20
44053FAA8 HORIZON PHARMA INC/HORIZ 8.75000 11/01/2024 US 118,707.64 $126,423.64
44107P104 HOST MARRIOTT CORP US HST 4,898.55 $95,815.68
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 135,422.78 $132,375.77
4457624 TRIGANO SA FR TRI FP 534.09 $100,647.00
4497749 KBC GROEP NV BE KBC BB 1,163.45 $101,150.43
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 101,225.77 $98,189.00
45337C102 INCYTE CORP US INCY 73,085.85 $4,526,937.71
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 3,245.03 $30,503.32
45763PAE6 INMARSAT FINANCE PLC 4.87500 05/15/2022 GB 91,386.08 $88,187.56
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 878,561.16 $907,385.18
46115HAT4 INTESA SANPAOLO SPA 5.01700 06/26/2024 IT 76,585.57 $74,963.85
46115HBD8 INTESA SANPAOLO SPA 3.87500 01/12/2028 IT 1,368,315.1 $1,278,097.02
46120E602 INTUITIVE SURGICAL INC US ISRG 416.43 $183,554.12
46186YAA2 IHSFR 2015-SFR3 A FLT 3.19563 08/17/2032 US 791,949.64 $793,709.75
46187BAA1 IHSFR 2017-SFR2 A 2.74550 12/17/2036 US 188,683.33 $188,978.00
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BGSH2S6 CVC BRASIL OPERADORA E AGENCIA BR CVCB3 BZ 3,239.72 $53,508.22
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 76,009.11 $72,504.86
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 31,384.49 $1,542,953.64
BNBNSG0 EURONEXT NV NL ENX FP 2,009.5 $144,049.28
BNGN9Z1 FINECOBANK SPA IT FBK IM 26,672.97 $317,615.37
BP269Z8 AXIA REAL ESTATE SOCIMI SA ES AXIA SM 967.14 $20,502.49
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 55,082.13 $1,707,444.34
BVRZ8L1 AENA SA ES AENA SM 956.62 $197,186.99
BVSS790 ELIS SA FR ELIS FP 3,597.09 $86,029.09
BYXS699 QIAGEN N.V. NL QIA GR 2,085.47 $68,218.76
BYY8LS2 MAISONS DU MONDE SA FR MDM FP 1,394.95 $56,682.71
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 36,143.84 $3,590,294.08
BYZ43T4 EUROBANK ERGASIAS SA GR EUROB GA 70,755.98 $89,308.87
BYZFYS3 SPIE SA FR SPIE FP 5,105.87 $115,530.30
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 12,410.58 $84,742.89
BYZR014 AMUNDI SA FR AMUN FP 1,532.58 $130,338.06
BYZWX76 CRODA INTERNATIONAL PLC GB CRDA LN 1,668.57 $102,071.73
BZ3C3Q4 BANKIA SA ES BKIA SM 40,187.14 $176,325.34
BZCNN35 BANCO COMERCIAL PORTUGUES-R PT BCP PL 144,494.19 $48,369.93
G02602103 AMDOCS LTD GG DOX 5,244.35 $352,682.61
G06242104 ATLASSIAN CORP PLC-CLASS A AU TEAM 4,030.94 $225,652.23
G0750C108 AXALTA COATING SYSTEMS LTD US AXTA 5,471.28 $169,062.49
G3157S106 ENSCO INTERNATIONAL INC US ESV 82,479.07 $466,006.76
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 74,687.32 $79,168.56
G45667105 HOLLYSYS AUTOMATION TECHNOLOGIES CN HOLI 2,558.61 $56,442.92
G57279104 LUXOFT HOLDING INC CH LXFT 488.18 $19,698.04
G5960L103 MEDTRONIC INC IE MDT 43,624.03 $3,495,593.15
G68707101 PAGSEGURO DIGITAL LTD-CL A BR PAGS 3,935.59 $130,779.81
G97822103 PERRIGO CO PLC IE PRGO 5,782.77 $451,865.27
H8817H100 TRANSOCEAN LTD US RIG 125,034.17 $1,546,672.67
N47279109 INTERXION HOLDING NX NL INXN 1,888.83 $122,811.48
N72482123 QIAGEN N.V. ADR NL QGEN 9,994.01 $326,903.98
USD US DOLLAR US 2,571,704.57 $2,571,704.57

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

$11.46

Daily $ Change

$0.00

Daily % Change

0.00%

as of 05/18/2018

CUSIP

56382R845

Inception Date

04/17/2015

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

Important Documents

Annual Report
Fact Sheet
Applications & Forms

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

Investment Objective

To provide capital 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 moderately growth-oriented mix of securities that seeks potential for growth with some stability. The portfolio is diversified among various stock investments and fixed income securities, which will typically be intermediate to long-term maturities. Stock exposure can range from 38% - 74%.

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 2030
  • Who have some time to pursue growth 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

Annualized Performance

As of 04/30/2018

YTD

-0.62%

1 Year

6.81%

3 Year

4.02%

5 Year

6.23%

10 Year

6.05%

Inception
(01/01/2000)

7.15%

US Stock Market Cycle (04/01/2000 - 04/30/2018)

7.30%

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. 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 04/30/2018

TREASURY NOTES 11.63%
TREASURY BONDS 4.82%
GOVERNMENT AGENCY 4.25%
QORVO INC 1.99%
INCYTE CORP 1.84%
BOOKING HOLDINGS INC 1.83%
FACEBOOK INC -A 1.72%
ANHEUSER-BUSCH INBEV SA/NV 1.46%
MEDTRONIC INC 1.42%
MASTERCARD INC-CLASS A 1.42%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 04/30/2018

Stocks
54.11%
Bonds
44.85%
Cash
1.04%

Detailed Asset Class Allocation

As of 04/30/2018

International Equities
18.15%
Small Capitalization
0.96%
Mid Capitalization
6.52%
Large Capitalization
28.48%
Long Term Fixed Income
13.19%
Intermediate Term Fixed Income
22.33%
Short Term Fixed Income
9.33%
Cash
1.04%

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

April Fund Holdings

As of 04/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00163UAB2 AMAG PHARMACEUTICALS INC 7.87500 09/01/2023 US 73,047.37 $72,682.13
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 855,675.6 $849,456.87
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 1,340,247.56 $1,314,851.60
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 253,023.47 $263,776.97
004239109 ACADIA REALTY TRUST US AKR 1,035.26 $24,432.09
0045614 ANTOFAGASTA PLC GB ANTO LN 57,232.69 $764,686.59
0053673 ASHTEAD GROUP PLC GB AHT LN 3,725.97 $103,481.19
00724F101 ADOBE SYS INC US ADBE 1,008.66 $223,519.54
00790X101 ADVANCED DISPOSAL SERVICES US ADSW 7,460.86 $164,437.33
008492100 AGREE REALTY CORP US ADC 458.54 $22,413.32
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 32,557.06 $33,818.65
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 375.36 $46,758.52
01609W102 ALIBABA GROUP - ADR CN BABA 13,260.39 $2,367,509.99
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 1,368,315.1 $1,288,253.64
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 68,943.4 $69,632.83
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 58,546.13 $58,516.86
02079K107 ALPHABET INC-CL C US GOOG 1,137.27 $1,156,979.57
02079K305 ALPHABET INC-CL A US GOOGL 1,128.51 $1,149,481.12
02155FAC9 ALTICE US FINANCE I CORP 5.50000 05/15/2026 US 53,609.9 $52,403.68
02209S103 ALTRIA GROUP INC US MO 2,573.57 $144,403.12
023135106 AMAZON.COM INC US AMZN 635.22 $994,832.14
02319V103 AMBEV SA-ADR BR ABEV 405,691.19 $2,685,675.70
0237400 DIAGEO PLC GB DGE LN 82,044.91 $2,926,945.55
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 1,409.24 $55,115.21
0263494 BAE SYSTEMS PLC GB BA/ LN 4,727.15 $39,662.13
02665T306 AMERICAN HOMES 4 RENT- A US AMH 4,705.67 $95,054.62
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 887,408.59 $853,158.17
03027X100 AMERICAN TOWER REIT INC US AMT 5,949.28 $811,243.87
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 39,940.93 $40,360.40
03064D108 AMERICOLD REALTY TRUST US COLD 1,251.38 $25,790.91
034863AT7 ANGLO AMERICAN CAPITAL 4.00000 09/11/2027 GB 898,896.42 $846,830.24
03748R101 APARTMENT INVT & MGMT CO -A US AIV 1,683.37 $68,344.80
03784Y200 APPLE HOSPITALITY REIT INC US APLE 2,388.95 $42,977.26
0405207 HALMA PLC GB HLMA LN 4,800.5 $80,548.23
04621WAC4 ASSURED GUARANTY US HLDG 5.00000 07/01/2024 US 794,956.52 $824,889.71
0490656 KERRY GROUP PLC-A IE KYGA LN 1,014.06 $103,109.54
053332102 AUTOZONE INC US AZO 415.06 $259,211.27
053484101 AVALONBAY COMMUNITIES INC US AVB 1,144.41 $186,538.63
05501U106 AZUL S.A SPONSORED ADR PFD BR AZUL 2,362.42 $73,234.96
0557681 HOWDEN JOINERY GROUP INC GB HWDN LN 5,950.68 $38,947.24
058498106 BALL CORP US BLL 62,571.53 $2,508,492.50
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 1,305,398.5 $1,290,251.88
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 31,679.89 $2,645,587.75
09062X103 BIOGEN IDEC INC US BIIB 7,031.17 $1,923,727.40
09247X101 BLACKROCK INC US BLK 4,725.8 $2,464,504.50
0946580 WEIR GROUP PLC/THE GB WEIR LN 6,412.81 $187,651.76
09627J102 BLUEROCK RESIDENTIAL GROWTH US 1,997.48 $17,957.32
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 1,198,711.69 $1,278,712.49
09857L108 BOOKING HOLDINGS INC US BKNG 2,065.48 $4,498,617.27
101121101 BOSTON PROPERTIES INC US BXP 850.04 $103,203.13
105368203 BRANDYWINE REALTY TRUST US BDN 2,556.42 $41,183.86
110122108 BRISTOL MYERS SQUIBB CO US BMY 19,198.71 $1,000,828.92
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 1,355.36 $74,029.49
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 141,441.39 $132,954.91
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 50,612.89 $49,281.77
125269100 CF INDUSTRIES HOLDINGS INC US CF 6,006.37 $233,047.33
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 863,334.16 $865,492.49
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 129,678.86 $121,492.88
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 361,756.6 $336,989.23
13321L108 CAMECO CORP CA CCJ 3,907.57 $41,146.71
134429109 CAMPBELL SOUP CO US CPB 6,395.34 $260,801.79
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 6,280.95 $81,903.59
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 84,290.85 $83,764.03
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 119,830.98 $113,989.22
15672WAJ3 CEQUEL COM HLDG I/CAP CP 7.50000 04/01/2028 US 56,631.49 $57,410.18
16411QAA9 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 93,017.83 $90,924.93
165240102 CHESAPEAKE LODGING TRUST US CHSP 1,231.96 $36,392.02
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 894,517.77 $1,295,553.58
191216100 COCA COLA CO/THE US KO 5,512.21 $238,182.46
19238VAG0 COGECO CABLE INC 4.87500 05/01/2020 CA 34,471.7 $34,644.06
19625W104 COLONY NORTHSTAR INC-CLASS A US CLNS 5,197.34 $31,755.73
198287203 COLUMBIA PROPERTY TRUST INC US CXP 1,294.89 $27,658.86
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 2,729.29 $69,596.92
21871N101 CORECIVIC INC US CXW 3,605.34 $72,683.71
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 764,855.29 $857,293.72
222795106 COUSINS PROPERTIES INC US CUZ 13,158.04 $116,975.00
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 61,010.15 $60,400.05
22822V101 CROWN CASTLE INTL CORP US CCI 552.1 $55,689.98
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 254,930.68 $235,428.99
229663109 CUBESMART US CUBE 1,785.14 $52,554.66
23311RAC0 DCP MIDSTREAM OPERATING 9.75000 03/15/2019 US 34,471.7 $36,281.46
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 5,144.12 $74,119.92
23918K108 DAVITA INC. US DVA 30,699.3 $1,927,609.00
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 95,207.16 $90,227.83
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 13,868.54 $43,343.71
25271C102 DIAMOND OFFSHORE DRILLING US DO 50,071.17 $920,808.76
253393102 DICK'S SPORTING GOODS INC US DKS 7,163.64 $237,044.98
253868103 DIGITAL REALTY TRUST INC US DLR 1,286.94 $136,016.77
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 887,408.59 $867,952.78
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 95,481.85 $95,959.26
2643674 GRUPO MEXICO SAB DE CV-SER MX GMEXICOB MM 36,669.32 $121,407.25
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 129,678.86 $131,299.85
269246401 ETRADE FINANCIAL CORP US ETFC 24,971.32 $1,515,259.55
2715777 QUEBECOR INC -CL B CA QBR/B CN 36,057.07 $672,305.21
277276101 EASTGROUP PROPERTIES US EGP 218.87 $19,649.92
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 36,758.15 $755,518.20
285512109 ELECTRONIC ARTS US EA 16,957.64 $2,000,661.96
2866857 LUNDIN MINING CORP CA LUN CN 108,256.23 $716,677.43
294429105 EQUIFAX INC US EFX 12,805.82 $1,434,892.09
29444U700 EQUINIX INC US EQIX 643.2 $270,652.03
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 662.62 $59,079.28
29476L107 EQUITY RESIDENTIAL US EQR 1,277.66 $78,844.31
297178105 ESSEX PROPERTY TRUST INC US ESS 233.09 $55,870.29
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 1,177,503.21 $1,153,392.66
30225T102 EXTRA SPACE STORAGE INC US EXR 881.5 $78,974.00
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 97,135.59 $96,808.19
30286XAN9 FREMF 2015-K43 B FLT 3.86222 02/25/2048 US 804,148.54 $780,871.01
30290HAE8 FREMF 2012-K708 FLT 3.88201 02/25/2045 US 153,171.15 $153,957.24
30291EAE4 FREMF 2013-K712 B FLT 3.47714 05/25/2045 US 516,952.63 $518,590.29
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 55,675,370.61 $211,750.14
30291XAE2 FREMF 2014-K715 B FLT 4.11961 02/25/2046 US 670,123.78 $681,280.13
30303M102 FACEBOOK INC -A US FB 24,636.96 $4,237,557.33
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 119,101.52 $130,286.53
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 72,786.4 $79,465.41
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 62,470.44 $69,657.48
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 5,122.95 $5,307.38
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 12,000.45 $12,452.48
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 8,352.12 $8,666.46
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 6,446.57 $6,718.31
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 11,306.11 $11,768.76
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 643,814.18 $673,247.24
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 108,930.15 $119,016.72
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 370,860.96 $391,568.72
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 377,928.74 $397,656.54
3132LMMM5 FHLM POOL K91364 4.50000 11/01/2033 US 199,062.76 $208,801.78
3132LNE83 FHLM POOL K92059 4.50000 09/01/2034 US 313,940.35 $332,436.70
3132WPDP9 FHLM GOLD POOL FG Q49109 4.00000 07/01/2047 US 418,599.09 $427,076.27
3132XSLZ1 FHLM GOLD POOL FG Q50343 4.00000 08/01/2047 US 456,412.18 $465,531.83
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 16,829.93 $17,065.44
3137A2B34 FHMS K009 X1 FLT 1.45890 08/25/2020 US 5,686,413.86 $138,462.47
3137ADTK3 FHMS K014 X1 FLT 1.35057 04/25/2021 US 1,387,407.41 $40,655.06
3137AJMG6 FMHS K016 X1 FLT 1.67495 10/25/2021 US 1,659,036.25 $71,217.95
3137AL6W4 FHMS K706 X1 FLT 1.68589 10/25/2018 US 2,374,208.93 $9,845.85
3137AME78 FHMS K017 X1 FLT 1.49098 12/25/2021 US 11,164,519.42 $441,661.69
3137AUPF0 FHMS K021 x1 FLT 1.59275 06/25/2022 US 4,847,422.95 $239,850.49
3137B3NB0 FHMS K030 X1 FLT 0.31510 04/25/2023 US 18,193,396.58 $161,158.93
3137B4GZ3 FHMS K032 X1 FLT 0.22177 05/25/2023 US 11,685,040.29 $62,926.28
3137B5KW2 FHMS K035 A2 3.45800 08/25/2023 US 1,240,686.31 $1,257,644.13
3137BT7J4 FHMS KJ10 A2 2.91200 12/25/2023 US 1,072,198.05 $1,058,127.48
3137BWVV3 FHMS KJ13 A2 2.86400 08/25/2022 US 1,225,369.2 $1,216,985.96
3137F4YU0 FHLM POOL FHR4791 4.00000 03/15/2044 US 467,554.93 $476,889.62
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 97,525.01 $102,643.81
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 46,694.95 $49,111.97
3138EGGZ1 FEDERAL NATL MTG ASSN AL0215 4.50000 04/01/2041 US 641,199.35 $674,888.14
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65100 01/01/2049 US 1,366,455.57 $1,472,124.36
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 264,186.88 $289,213.23
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 138,212.98 $151,220.54
3140EWG66 FEDERAL NATL MTG ASSN BC2020 3.50000 07/01/2046 US 864,022.23 $858,920.93
3140FA5G3 FEDERAL NATL MTG ASSN FN BD3546 4.00000 09/01/2047 US 287,763.24 $293,711.59
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 665,953.01 $679,028.17
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 9,026.03 $9,349.23
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 11,000.21 $11,380.36
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 81,376.02 $83,557.73
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 97,576.67 $100,135.78
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 247,745.35 $271,027.38
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 48,938.12 $53,370.50
31412SY41 FEDERAL NATL MTG ASSN 933731 5.50000 04/01/2038 US 191,584.12 $208,840.00
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 4,572.78 $4,665.25
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 55,251.86 $56,666.60
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 553,946.66 $579,759.13
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 356,453.04 $374,800.77
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 227,091.09 $219,413.96
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 20,186.92 $22,511.57
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31428X106 FEDEX CORPORATION US FDX 8,166.62 $2,018,788.76
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336130AB5 FIRST QUALITY FINANCE CO 5.00000 07/01/2025 US 32,282.37 $30,910.37
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36174X101 GGP INC US GGP 2,313.44 $46,245.69
36223NTR5 GNMA POOL 312960 9.00000 09/15/2021 US 235.09 $238.24
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36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 22,825.36 $23,102.86
371559105 GENESEE & WYOMING INC -CL A US GWR 17,794.8 $1,266,989.74
374297109 GETTY REALTY CORP US GTY 1,481.74 $37,117.64
37950E366 GLOBAL X MSCI GREECE ETF GR 10,496.59 $111,998.57
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 137,612.11 $135,203.90
37954A204 GLOBAL MEDICAL REIT INC US GMRE 3,071.81 $23,929.40
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399909100 GRUPO FINANCIERO GALICIA-ADR AR GGAL 833.74 $53,292.47
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 280.48 $29,218.05
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40414L109 HCP INC US HCP 3,353.4 $78,335.47
410345AL6 HANESBRANDS INC 4.87500 05/15/2026 US 56,906.18 $54,629.94
4116099 BPER BANCA IT BPE IM 12,034.96 $69,471.56
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431475AB8 HILL-ROM HOLDINGS INC 5.00000 02/15/2025 US 91,103.19 $90,468.20
44053FAA8 HORIZON PHARMA INC/HORIZ 8.75000 11/01/2024 US 118,707.64 $126,423.64
44107P104 HOST MARRIOTT CORP US HST 4,898.55 $95,815.68
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 135,422.78 $132,375.77
4457624 TRIGANO SA FR TRI FP 534.09 $100,647.00
4497749 KBC GROEP NV BE KBC BB 1,163.45 $101,150.43
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 101,225.77 $98,189.00
45337C102 INCYTE CORP US INCY 73,085.85 $4,526,937.71
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 3,245.03 $30,503.32
45763PAE6 INMARSAT FINANCE PLC 4.87500 05/15/2022 GB 91,386.08 $88,187.56
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 878,561.16 $907,385.18
46115HAT4 INTESA SANPAOLO SPA 5.01700 06/26/2024 IT 76,585.57 $74,963.85
46115HBD8 INTESA SANPAOLO SPA 3.87500 01/12/2028 IT 1,368,315.1 $1,278,097.02
46120E602 INTUITIVE SURGICAL INC US ISRG 416.43 $183,554.12
46186YAA2 IHSFR 2015-SFR3 A FLT 3.19563 08/17/2032 US 791,949.64 $793,709.75
46187BAA1 IHSFR 2017-SFR2 A 2.74550 12/17/2036 US 188,683.33 $188,978.00
46187BAB9 IHSFR 2017-SFR2 B 3.04550 12/17/2036 US 141,683.31 $142,101.93
46187W107 INVITATION HOMES INC US INVH 4,099.35 $94,859.04
464286608 ISHARES MSCI EMU XX 3,610.75 $160,064.74
46625HHL7 JPMORGAN CHASE & CO 6.30000 04/23/2019 US 1,250,140.46 $1,294,221.56
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 173,235.51 $167,009.94
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 206,894.38 $203,338.48
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 365,576.64 $361,678.13
478160104 JOHNSON & JOHNSON US JNJ 19,874.82 $2,513,966.47
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 119,830.98 $95,864.78
4821100 SOLVAY SA BE SOLB BB 714.5 $99,365.17
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 1,080,537.05 $1,282,377.76
497864AA6 KISSNER GR HLDG 8.37500 12/01/2022 CA 111,073.66 $113,850.50
500630CK2 KOREA DEVELOPMENT BANK 1.37500 09/12/2019 KR 76,585.57 $74,655.99
50212YAB0 LPL HOLDINGS INC 5.75000 09/15/2025 US 85,084.59 $82,532.05
502160AM6 LSB INDUSTRIES 9.62500 05/01/2023 US 91,103.19 $91,444.83
50218LAC0 LSTAR COMMERCIAL MORTGAGE TR FLT 2.76700 01/20/2041 US 39,399.22 $39,224.50
505742AD8 LADDER CAP FIN LLLP/CORP 5.87500 08/01/2021 US 58,546.13 $59,570.69
5107401 BEIERSDORF AG DE BEI GR 2,696.67 $305,096.46
512816109 LAMAR ADVERTISING CO US LAMR 583.01 $37,143.80
5129074 FRESENIUS MEDICAL DE FME GR 1,581.99 $160,525.65
5228658 RANDSTAD HOLDING NV NL RAND NA 2,027.3 $130,483.57
5263574 FLSMIDTH & CO A/S DK FLS DC 646.59 $39,938.11
5289837 ERSTE GROUP BANK AG AT EBS AV 1,671.04 $81,716.36
53223X107 LIFE STORAGE INC US LSI 283.98 $25,115.33
5330047 DASSAULT SYSTEMES SA FR DSY FP 613.2 $79,464.08
54150E104 LOMA NEGRA CIA IND-SPON ADR AR LOMA 2,448.4 $50,779.83
5458314 AKZO NOBEL NL AKZA NA 3,498.44 $316,812.27
550021109 LULULEMON - ADR CA LULU 21,247.22 $2,120,472.94
554382101 THE MACERICH CO US MAC 545.25 $31,417.53
5545670 JUNGHEINRICH AG DE JUN3 GR 2,800.55 $118,104.82
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 107,244.38 $103,222.72
5633616 SOPRA STERIA GROUP FR SOP FP 670.11 $143,040.29
5669354 REPSOL SA ES REP SM 4,350.09 $83,011.87
5699373 WIENERBERGER AG AT WIE AV 4,537 $114,322.74
5713422 METSO OYJ FI METSO FH 3,760.25 $133,640.50
5727973 SIEMENS AG-REG DE SIE GR 1,696.48 $215,444.54
57636Q104 MASTERCARD INC-CLASS A US MA 19,563.09 $3,487,512.03
5852842 ACCOR SA FR AC FP 1,196.37 $67,620.88
58933Y105 MERCK & CO INC US MRK 21,553.98 $1,268,882.61
59001ABA9 MERITAGE HOMES CORP 5.12500 06/06/2027 US 86,724.54 $82,279.90
594918104 MICROSOFT CORP US MSFT 33,749.89 $3,156,290.16
59522J103 MID-AMERICA APARTMENT COMM US MAA 1,181.07 $108,020.65
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 3,976.96 $157,090.07
61744YAG3 MORGAN STANLEY FLT 3.01070 05/08/2024 US 1,269,836.23 $1,294,848.22
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 145,545.36 $144,089.90
6250724 DAIKIN INDUSTRIES LTD JP 6367 JP 673.12 $78,630.60
6291819 CHINA PETROLEUM & CHEMICAL - H CN 386 HK 58,993.83 $57,451.70
6356934 FANUC LTD JP 6954 JP 268.58 $57,533.21
637417106 NATIONAL RETAIL PROPERTIES US NNN 851.94 $32,407.97
63938CAE8 NAVIENT CORP 7.25000 09/25/2023 US 52,527.52 $54,891.26
64110W102 NETEASE.COM INC- ADR CN NTES 198.12 $50,931.23
6429104 HITACHI LTD FIRST SECTION JP 6501 JP 18,786.66 $137,115.57
6446620 HYUNDAI HEAVY INDUSTRIES KR 009540 KS 248.45 $27,504.24
6451066 HYUNDAI MIPO DOCKYARD KR 010620 KS 320.14 $26,586.53
6482903 KANAMOTO CO LTD JP 9678 JP 1,603.46 $54,790.42
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 257,243.35 $256,939.24
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 461,941.37 $463,713.06
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 805,455.51 $806,804.97
6490995 KEYENCE CORP JP 6861 JP 385.26 $234,921.54
654106103 NIKE INC CLASS B US NKE 3,477.58 $237,831.50
6630940 CHINA EVERBRIGHT INTL LTD HK 257 HK 74,700.43 $104,778.97
6642387 YAMAHA CORP JP 7951 JP 1,138.29 $54,925.68
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 167,979.84 $171,053.87
66987V109 NOVARTIS AG- REG CH NVS 40,948.37 $3,140,330.14
67087MAA4 OBP DEPOSITOR LLC TRUST 4.64620 07/15/2045 US 57,439.18 $59,042.16
67091GAA1 OCI NV 6.62500 04/15/2023 NL 94,932.47 $96,261.53
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 1,841.25 $471,488.36
6772217 SAMSUNG HEAVY INDUSTRIES KR 010140 KS 3,856.21 $26,360.01
680665205 OLIN CORP US OLN 5,444.63 $164,373.47
683235AA3 ONTARIO (PROVINCE OF) 2.00000 09/27/2018 CA 344,635.09 $344,138.93
68323ADY7 ONTARIO (PROVINCE OF) 1.25000 06/17/2019 CA 344,635.09 $339,621.35
6865504 SUZUKI MOTOR CORP JP 7269 JP 1,390.02 $74,710.60
69007J106 OUTFRONT MEDIA INC US OUT 1,619.74 $30,370.07
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 90,828.5 $92,645.07
697660207 PAMPA ENERGIA SA AR PAM 844.41 $48,165.09
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 90,828.5 $86,968.29
7110902 TECAN GROUP AG-REG CH TECN SW 272.8 $59,982.41
7123870 NESTLE SA-REGISTERED CH NESN SW 4,268.59 $330,688.21
713448CX4 PEPSICO INC 3.10000 07/17/2022 US 325,488.69 $325,073.44
7145056 ENI SPA IT ENI IM 2,853.38 $55,778.92
7147892 TEMENOS GROUP AG-REG CH TEMN SW 459.42 $57,807.75
71654QCJ9 PETROLEOS MEXICANOS 6.35000 02/12/2048 MX 1,340,960.77 $1,229,661.03
718172109 PHILIP MORRIS INTERNATIONAL US PM 1,644.3 $134,832.20
71943U104 PHYSICIANS REALTY TRUST US DOC 4,673.99 $69,829.41
7262610 CREDIT AGRICOLE SA FR ACA FP 5,945.09 $97,899.82
729640102 PLYMOUTH INDUSTRIAL REIT INC US 645.72 $11,106.42
733174AJ5 POPULAR INC 7.00000 07/01/2019 US 112,172.42 $114,135.44
7339451 ORPEA SA FR ORP FP 658.89 $84,434.05
7380062 AAREAL BANK AG DE ARL GR 2,245.1 $112,297.54
7380482 COMPAGNIE DE SAINT-GOBAIN FR SGO FP 2,596.17 $135,834.06
741503AZ9 PRICELINE GROUP INC/THE 3.60000 06/01/2026 US 1,328,923.55 $1,288,219.65
74340W103 PROLOGIS US PLD 3,212.15 $208,500.87
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 808,625.49 $860,175.37
74460D109 PUBLIC STORAGE INC US PSA 569.88 $114,989.93
74736K101 QORVO INC US QRVO 72,518.77 $4,887,764.83
749685103 RPM INTERNATIONAL INC US RPM 3,458.9 $167,064.78
758849103 REGENCY CENTERS CORP US REG 787.44 $46,340.92
75886F107 REGENERON PHARMACEUTICALS INC US REGN 10,916.71 $3,315,186.03
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 817.47 $24,973.80
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 52,527.52 $54,382.27
7759435 ILIAD SA FR ILD FP 351.36 $70,378.24
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 1,570.07 $113,704.42
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 289.62 $31,850.01
78408XAD3 SCGT 2013-SRP1 AJ FLT 4.09688 11/15/2026 US 1,187,076.41 $1,184,585.21
78410G104 SBA COMMUNICATIONS CORP US SBAC 5,240.02 $839,609.12
78442PGC4 SLM CORP 5.12500 04/05/2022 US 80,705.93 $81,512.99
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 1,194,882.41 $1,297,653.39
80282KAS5 SANTANDER HOLDINGS USA 3.40000 01/18/2023 US 883,579.31 $856,101.87
806857108 SCHLUMBERGER LTD NL SLB 42,244.19 $2,896,262.00
808513105 CHARLES SCHWAB CORP/THE US SCHW 48,683.79 $2,710,713.69
81211K100 SEALED AIR CORP US SEE 39,411.67 $1,728,201.91
812578102 SEATTLE GENETICS INC US SGEN 47,571.4 $2,435,180.14
81663AAD7 SEMGROUP CORP 6.37500 03/15/2025 US 121,196.24 $115,439.41
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 210,448.03 $202,061.89
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 299,322.48 $288,045.74
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 254,365.77 $229,318.62
81762P102 SERVICENOW INC US NOW 17,001.24 $2,824,585.40
81783QAC9 SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 CA 65,114.12 $63,323.48
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 60,460.77 $61,367.68
828806109 SIMON PROPERTY GROUP INC US SPG 1,475.72 $230,713.30
83088M102 SKYWORKS SOLUTIONS INC US SWKS 25,365.29 $2,200,692.35
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 133,713.43 $132,521.44
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 86,158.77 $83,929.87
83406EAB1 SOFI 2018-A A2A 2.39000 02/25/2042 US 301,324.65 $299,277.44
84265V105 SOUTHERN COPPER CORPORATION US SCCO 2,704.32 $142,815.37
845467AL3 SOUTHWESTERN ENERGY CO 6.70000 01/23/2025 US 95,207.16 $93,303.02
852061AK6 SPRINT COMMUNICATIONS 9.00000 11/15/2018 US 30,367.73 $31,221.83
85208M102 SPROUTS FARMERS MARKET INC US SFM 6,740.07 $168,704.00
85254J102 STAG INDUSTRIAL INC US STAG 2,513.46 $61,755.75
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.11688 11/15/2027 US 530,768.56 $531,269.93
862121100 STORE CAPITAL CORP US STOR 1,410.33 $35,582.74
866674104 SUN COMMUNITIES US SUI 890.52 $83,575.33
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 3,794.63 $59,196.29
87243QAB2 TENET HEALTHCARE CORP 6.00000 10/01/2020 US 34,471.7 $35,576.52
87470LAA9 TALLGRASS NRG PRTNR/FIN 5.50000 09/15/2024 US 89,188.55 $90,526.38
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 247,240.09 $247,049.81
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 78,516.6 $69,290.90
88032WAG1 TENCENT HOLDINGS LTD 3.59500 01/19/2028 KY 898,896.42 $854,219.22
88146M101 TERRENO REALTY CORP US TRNO 671.38 $24,941.70
88161DAA9 TESLA 2018-A A 2.32000 12/20/2019 US 400,334.58 $398,672.83
882508104 TEXAS INSTRUMENTS INC US TXN 11,839.96 $1,200,927.48
883556102 THERMO FISHER SCIENTIFIC INC US TMO 620.53 $130,527.44
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 1,087,241.92 $1,065,140.03
893870204 TRANSPORTADOR GAS SUR-SP ADR AR TGS 2,344.44 $44,684.95
89613BAA5 TAH 2013-SFR1 A 2.58900 11/17/2033 US 857,069.98 $830,555.83
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 287,195.91 $277,078.43
896356AE2 TRINIDAD DRILLING LTD 6.62500 02/15/2025 CA 107,244.38 $102,820.55
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 100,951.08 $103,444.57
902653104 UDR INC US UDR 2,997.41 $108,356.23
903002103 UMH PROPERTIES INC US UMH 2,353.12 $31,837.66
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 194,219.03 $189,849.10
90384S303 ULTA BEAUTY INC US ULTA 1,071.84 $268,935.60
904767704 UNILEVER PLC - ADR GB UL 42,454.93 $2,376,202.30
912796PY9 TREASURY BILL 0.00000 09/06/2018 US 2,278,420.85 $2,263,125.95
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 1,736,296.23 $2,314,021.68
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 2,764,194.89 $3,466,041.25
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 1,224,771.36 $1,190,822.54
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 1,834,224.52 $1,636,328.90
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 4,506,224.44 $4,423,316.94
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 2,220,981.67 $2,186,105.32
912828D23 US TREASURY N/B 1.62500 04/30/2019 US 4,403,670.55 $4,374,771.46
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 1,173,405.94 $1,163,560.75
912828K58 UNITED STATES TREAS NTS 1.37500 04/30/2020 US 4,461,109.73 $4,363,522.95
912828R28 US TREASURY N/B 1.62500 04/30/2023 US 2,374,152.82 $2,244,780.03
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 2,428,911.5 $2,203,098.64
912828RT9 US TREASURY N/B 1.37500 11/30/2018 US 2,374,152.82 $2,364,136.86
912828S92 US TREASURY N/B 1.25000 07/31/2023 US 7,014,784.62 $6,481,003.35
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 1,186,493.66 $1,158,930.51
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 4,577,915.4 $4,375,485.70
91704F104 URBAN EDGE PROPERTIES US UE 3,500.32 $72,001.60
92276F100 VENTAS INC US VTR 714.07 $36,717.70
92339V100 VEREIT INC US VER 5,213.44 $35,451.41
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 1,206,370.25 $1,286,038.81
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 6,074.2 $930,323.96
92826C839 VISA INC - CLASS A SHARES US V 22,477.57 $2,851,953.69
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 145,512.59 $148,840.80
929042109 VORNADO REALTY TRUST US VNO 1,181.08 $80,348.74
92936CAE9 WFRBS 2011-C4 A3 4.39400 06/15/2044 US 17,639.71 $17,738.43
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 86,999.23 $88,956.71
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 56,631.49 $55,923.60
94856TAA2 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 99,036.44 $96,065.35
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 229,756.72 $235,891.64
95040Q104 WELLTOWER INC. US WELL 944.96 $50,498.79
962166104 WEYERHAEUSER CO US WY 40,370.58 $1,484,830.11
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 64,839.43 $64,920.48
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 56,906.18 $57,688.64
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 285,186.06 $285,557.74
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 304,594.93 $299,741.66
98416JAE0 XERIUM TECHNOLOGIES INC 9.50000 08/15/2021 US 66,754.07 $69,591.12
984245100 YPF S.A.-SPONSORED ADR AR YPF 2,273.55 $49,768.08
98919V105 ZAYO GROUP HOLDINGS INC US ZAYO 55,234.18 $2,005,000.83
AN7903213 SONGA BULK ASA 6.58875 06/13/2022 NO 76,585.57 $76,585.57
AP0787667 MPC CONTAINER SHIPS FLT 6.99814 09/22/2022 NL 76,585.57 $77,277.14
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 76,585.57 $76,394.11
B037HR3 ITAU UNIBANCO HOLDINGS S-PREF BR ITUB4 BZ 5,133.2 $74,539.24
B037JC2 NEXITY FR NXI FP 1,625.34 $101,632.51
B0386J1 JYSKE BANK-REG DK JYSK DC 1,048.77 $62,799.76
B06JSP1 SYDBANK A/S DK SYDB DC 1,500.23 $55,460.73
B0CGYD6 LOJAS RENNER S.A. BR LREN3 BZ 5,299.47 $49,164.45
B11ZRK9 LEGRAND SA FR LR FP 1,180.1 $91,827.11
B138HB7 KAUFMAN & BROAD SA FR KOF FP 1,641.2 $86,461.59
B13X013 EIFFAGE FR FGR FP 955.22 $113,701.78
B15C557 TOTAL SA FR FP FP 1,376.07 $86,488.13
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G3157S106 ENSCO INTERNATIONAL INC US ESV 82,479.07 $466,006.76
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 74,687.32 $79,168.56
G45667105 HOLLYSYS AUTOMATION TECHNOLOGIES CN HOLI 2,558.61 $56,442.92
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G68707101 PAGSEGURO DIGITAL LTD-CL A BR PAGS 3,935.59 $130,779.81
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H8817H100 TRANSOCEAN LTD US RIG 125,034.17 $1,546,672.67
N47279109 INTERXION HOLDING NX NL INXN 1,888.83 $122,811.48
N72482123 QIAGEN N.V. ADR NL QGEN 9,994.01 $326,903.98
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Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Maximum Term CIT Fund and Manning & Napier Pro-Mix® Extended 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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