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 growth-oriented mix of securities that seeks to earn a good portion of the long-term growth of the stock market with less volatility. The portfolio is diversified primarily among various stock investments in both domestic and foreign markets. A substantial portion of the portfolio may be invested in long-term, fixed income securities. Stock exposure can range from 51% - 81%.

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 2035
  • Who have time to pursue growth and can accept potentially significant 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

$15.24

Daily $ Change

-$0.01

Daily % Change

-0.07%

as of 12/10/2018

CUSIP

302027594

Inception Date

08/17/2012

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

Important Documents

Annual Report
Applications & Forms

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

Performance

As of 11/30/2018

YTD

0.00%

1 Year

1.37%

3 Year

6.29%

5 Year

4.70%

10 Year

9.55%

Inception
(01/01/2000)

6.36%

US Stock Market Cycle (04/01/2000 - 11/30/2018)

6.51%

Performance through the inception date of the Retirement Target CIT Class S units is based on historical performance of the CIT's oldest unit class. Performance through the inception date of the oldest unit class (08/03/2012) 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 S 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 0.97%
Net 0.89%*

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

Top Ten Investments

As of 11/30/2018

TREASURY NOTES 8.61%
TREASURY BONDS 4.97%
GOVERNMENT AGENCY 3.34%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 2.29%
NOVARTIS AG- REG 1.82%
MEDTRONIC INC 1.74%
MASTERCARD INC-CLASS A 1.68%
QORVO INC 1.68%
BOOKING HOLDINGS INC 1.66%
VISA INC - CLASS A SHARES 1.55%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 11/30/2018

Stocks 61.83%
Bonds 36.34%
Cash 1.83%

Detailed Asset Class Allocation

As of 11/30/2018

International Equities 22.11%
Small Capitalization 1.11%
Mid Capitalization 5.99%
Large Capitalization 32.62%
Long Term Fixed Income 12.13%
Intermediate Term Fixed Income 17.84%
Short Term Fixed Income 6.37%
Cash 1.83%

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

November Fund Holdings

As of 11/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 8,761.84 $8,827.55
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 162,733.98 $156,860.73
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 229,950.22 $227,191.94
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 45,992.79 $46,912.64
004239109 ACADIA REALTY TRUST US AKR 167.57 $4,804.16
0045614 ANTOFAGASTA PLC GB ANTO LN 6,279.4 $64,438.34
00724F101 ADOBE INC US ADBE 804.84 $201,926.32
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 158,791.97 $154,567.88
00790X101 ADVANCED DISPOSAL SERVICES US ADSW 6,923.77 $186,595.67
008492100 AGREE REALTY CORP US ADC 96.05 $5,721.70
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 11,280.52 $11,532.33
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 36.91 $4,595.17
01609W102 ALIBABA GROUP - ADR CN BABA 2,943.62 $473,511.41
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 14,237.57 $14,237.57
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 11,937.52 $11,903.98
02079K107 ALPHABET INC-CL C US GOOG 402.64 $440,665.03
02079K305 ALPHABET INC-CL A US GOOGL 294.02 $326,257.10
02155FAC9 ALTICE US FINANCE I CORP 5.50000 05/15/2026 US 9,198.01 $8,876.08
02209S103 ALTRIA GROUP INC US MO 2,053.53 $112,594.82
023135106 AMAZON.COM INC US AMZN 214.28 $362,172.12
02319V103 AMBEV SA-ADR BR ABEV 82,314.55 $351,483.11
0237400 DIAGEO PLC GB DGE LN 15,316.1 $553,114.54
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 11,280.52 $11,351.03
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 125.18 $5,486.76
0263494 BAE SYSTEMS PLC GB BA/ LN 2,318.9 $14,577.32
02665T306 AMERICAN HOMES 4 RENT- A US AMH 973.74 $20,283.05
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 168,428.35 $159,001.20
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 14,566.62 $14,093.21
03027X100 AMERICAN TOWER REIT INC US AMT 2,820.62 $463,963.10
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 5,476.04 $5,507.73
03064D108 AMERICOLD REALTY TRUST US COLD 182.57 $4,892.87
03748R101 APARTMENT INVT & MGMT CO -A US AIV 347.84 $16,379.55
03784Y200 APPLE HOSPITALITY REIT INC US APLE 280.59 $4,452.99
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 11,828.21 $11,015.02
0405207 HALMA PLC GB HLMA LN 639.55 $11,226.08
0490656 KERRY GROUP PLC-A IE KYGA LN 194.86 $20,140.90
053332102 AUTOZONE INC US AZO 331.19 $267,952.29
053484101 AVALONBAY COMMUNITIES INC US AVB 226.93 $43,245.30
058498106 BALL CORP US BLL 13,212.66 $648,873.66
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 247,714.47 $240,259.97
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 2,162.23 $471,884.13
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 4,232.95 $406,490.27
0922320 SMITH & NEPHEW PLC GB SN/ LN 767.82 $14,013.11
09247X101 BLACKROCK INC US BLK 860.33 $368,231.45
0946580 WEIR GROUP PLC/THE GB WEIR LN 1,311.76 $24,773.08
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 227,783.62 $231,951.34
09857L108 BOOKING HOLDINGS INC US BKNG 470.78 $890,659.77
101121101 BOSTON PROPERTIES INC US BXP 227.69 $29,873.39
105368203 BRANDYWINE REALTY TRUST US BDN 1,158.19 $16,527.44
110122108 BRISTOL MYERS SQUIBB CO US BMY 4,617.87 $246,871.34
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 238.13 $8,303.45
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 14,347.44 $13,917.02
12503M108 CBOE GLOBAL MARKETS INC US CBOE 2,036.53 $219,170.88
125269100 CF INDUSTRIES HOLDINGS INC US CF 2,777.93 $117,200.68
12572Q105 CME GROUP INC US CME 1,204.73 $228,995.09
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 163,609.61 $163,002.62
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 59,704.13 $55,274.81
13321L108 CAMECO CORP CA CCJ 844.64 $10,034.37
134429109 CAMPBELL SOUP CO US CPB 4,294.23 $168,333.97
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 6,235.18 $6,204.01
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 77,045.9 $76,804.73
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 24,861.09 $22,406.06
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 121,736.78 $120,218.30
165240102 CHESAPEAKE LODGING TRUST US CHSP 231.75 $6,852.81
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 169,742.35 $231,904.73
191216100 COCA COLA CO/THE US KO 13,271.61 $668,889.38
192422103 COGNEX CORP US CGNX 1,915.44 $84,317.69
194162103 COLGATE-PALMOLIVE CO US CL 2,025.47 $128,657.88
19626G108 COLONY CAPITAL INC US CLNY 1,071.76 $6,602.04
2011646 ALIMENTATION COUCHE-TARD -B CA ATD/B CN 198.47 $10,416.25
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 445.53 $14,052.14
2171573 CANADIAN NATURAL RESOURCES CA CNQ CN 506.81 $12,736.49
2180632 CANADIAN NATL RAILWAY CO CA CNR CN 81.05 $6,964.34
21871N101 CORECIVIC INC US CXW 558.78 $12,265.12
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 95,593.59 $100,916.36
222795106 COUSINS PROPERTIES INC US CUZ 2,016.3 $17,037.73
22282EAH5 COVANTA HOLDING CORP 6.00000 01/01/2027 US 12,814.25 $11,917.26
2242059 FOMENTO ECONOMICO EXICA-UBD MX 1,042.75 $9,035.69
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 12,704.39 $12,227.97
22822V101 CROWN CASTLE INTL CORP US CCI 127.15 $14,610.09
228368106 CROWN HOLDINGS INC US CCK 1,558.61 $79,925.55
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 39,522.44 $36,133.15
229663109 CUBESMART US CUBE 132.52 $4,126.70
2306814 EL PUERTO DE LIVERPOOL -C1 MX 2,028.98 $12,087.91
2328595 BANCO DO BRASIL S.A. BR BBAS3 BZ 418.41 $4,829.03
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 8,761.84 $8,849.45
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 1,486.35 $13,648.07
23918K108 DAVITA INC. US DVA 5,521.7 $364,763.75
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 17,632.99 $16,530.93
2392471 GRUPO BIMBO SAB- SERIES A MX BIMBOA MM 2,534.16 $4,844.52
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 3,021.04 $7,050.26
2458771 ITAUSA INVESTIMENTOS ITAU -PR BR ITSA4 BZ 1,610.13 $5,138.11
2516710 LOJAS AMERICANAS SA - PREF BR LAME4 BZ 606.81 $3,092.91
25271C102 DIAMOND OFFSHORE DRILLING US DO 9,710.36 $122,350.50
253393102 DICK'S SPORTING GOODS INC US DKS 5,716.07 $205,664.35
253868103 DIGITAL REALTY TRUST INC US DLR 265.37 $30,527.72
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 168,428.35 $155,299.49
2583952 METRO INC CA MRU CN 204.94 $7,064.36
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 26,175.1 $25,717.03
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 26,722.78 $26,488.95
269246401 ETRADE FINANCIAL CORP US ETFC 3,800.88 $198,748.13
2715777 QUEBECOR INC -CL B CA QBR/B CN 12,303.94 $265,498.10
277276101 EASTGROUP PROPERTIES US EGP 45.12 $4,513.11
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 11,572.23 $217,831.26
2823885 ARCA CONTINENTAL SAB DE CV MX AC* MM 898.17 $4,645.34
285512109 ELECTRONIC ARTS US EA 4,750.08 $399,338.90
2866857 LUNDIN MINING CORP CA LUN CN 14,339.14 $62,487.19
29444U700 EQUINIX INC US EQIX 983.16 $378,791.17
2945422 WEG SA BR WEGE3 BZ 602.43 $2,776.13
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 103.94 $10,344.78
29476L107 EQUITY RESIDENTIAL US EQR 458.57 $32,672.79
297178105 ESSEX PROPERTY TRUST INC US ESS 76.88 $20,182.79
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 202,027.7 $198,898.49
30225T102 EXTRA SPACE STORAGE INC US EXR 108.1 $10,375.14
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 11,200.9 $11,144.07
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 17,195.17 $16,851.27
30286XAN9 FREMF 2015-K43 B FLT 3.86206 02/25/2048 US 137,970.13 $134,858.56
30290HAE8 FREMF 2012-K708 FLT 3.87019 02/25/2045 US 26,280.03 $26,234.48
30291EAE4 FREMF 2013-K712 B FLT 3.47306 05/25/2045 US 88,695.09 $88,498.66
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 9,424,101.25 $31,595.24
30291XAE2 FREMF 2014-K715 B FLT 4.11882 02/25/2046 US 114,975.11 $115,961.54
30292HAU0 FREMF 2014- K503 B 3.13900 10/25/2047 US 82,125.08 $81,863.18
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 17,930.48 $19,368.77
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 11,218.7 $12,051.31
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 10,015.02 $10,996.28
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 681.33 $699.74
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 1,520.4 $1,555.34
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 1,046.12 $1,073.65
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 828.24 $853.26
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 1,464.07 $1,507.86
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 100,198.56 $103,477.40
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 16,509.42 $17,750.05
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 52,729.84 $54,879.91
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 56,454.19 $58,610.33
3132LMMM5 FHLM POOL K91364 4.50000 11/01/2033 US 33,258.77 $34,426.58
3132LNE83 FHLM POOL K92059 4.50000 09/01/2034 US 48,362.41 $50,543.63
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 1,264.75 $1,272.67
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 57,295.77 $56,992.77
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 37.68 $4,976.54
3137A2B34 FHMS K009 X1 FLT 1.44443 08/25/2020 US 961,492.32 $16,522.57
3137ADTK3 FHMS K014 X1 FLT 1.32338 04/25/2021 US 227,062.28 $5,372.88
3137AJMG6 FMHS K016 X1 FLT 1.64995 10/25/2021 US 274,053.39 $9,825.01
3137AME78 FHMS K017 X1 FLT 1.45146 12/25/2021 US 1,849,617.17 $60,103.49
3137AUPF0 FHMS K021 x1 FLT 1.57841 06/25/2022 US 817,772.16 $34,707.40
3137B3NB0 FHMS K030 X1 FLT 0.30922 04/25/2023 US 3,077,138.77 $23,465.03
3137B4GZ3 FHMS K032 X1 FLT 0.21808 05/25/2023 US 1,975,030.53 $9,237.81
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 73,963.25 $75,435.73
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 73,544.79 $75,967.50
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 15,547.63 $16,172.93
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 7,337.92 $7,629.09
3138EGGZ1 FEDERAL NATL MTG ASSN AL0215 4.50000 04/01/2041 US 99,998.45 $104,018.41
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65400 01/01/2049 US 211,070.99 $225,636.84
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 172,943.49 $170,298.50
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 40,056 $43,154.23
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 20,960.21 $22,570.92
3140EWG66 FEDERAL NATL MTG ASSN BC2020 3.50000 07/01/2046 US 134,239.28 $132,144.33
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 112,931.53 $113,638.17
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 39,262.66 $40,402.46
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 111,039.4 $116,326.93
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 76,592.76 $80,236.13
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 88,085.23 $92,270.75
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 1,146.73 $1,175.02
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 1,384.92 $1,419.64
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 9,457.05 $9,615.72
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 11,330.5 $11,518.32
31410HAQ4 MACYS RETAIL HLDGS INC 6.90000 04/01/2029 US 77,315.12 $81,182.70
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 37,860.2 $40,770.91
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 7,136.46 $7,663.59
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 450.99 $456.50
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 6,549.12 $6,665.13
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 86,094.35 $89,385.32
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 54,403.62 $56,484.64
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 36,573.29 $34,911.52
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 2,983.87 $3,270.68
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 1,092.31 $1,131.95
31428X106 FEDEX CORPORATION US FDX 1,628.86 $373,009.44
32054K103 FIRST INDUSTRIAL REALTY TR US FR 243.9 $7,819.52
336130AB5 FIRST QUALITY FINANCE CO 5.00000 07/01/2025 US 13,361.39 $12,225.67
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 14,018.94 $13,563.32
35671D857 FREEPORT-MCMORAN INC US FCX 7,039.5 $84,051.64
357081AE8 FREMF 2015-K720 B FLT 3.50661 07/25/2022 US 70,299.07 $69,457.55
35802XAD5 FRESENIUS MED CARE II 5.62500 07/31/2019 US 135,685.99 $137,406.61
36143WAN1 GAHR 2015-NRF BFX FLT 3.49490 12/15/2034 US 157,680.15 $156,787.01
36223NTR5 GNMA POOL 312960 9.00000 09/15/2021 US 23.35 $23.57
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 34,426.83 $33,734.94
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 3,054.12 $3,071.44
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 120,681.55 $95,941.83
37045VAR1 GENERAL MOTORS CO FLT 3.22706 09/10/2021 US 155,725.6 $154,491.51
371559105 GENESEE & WYOMING INC -CL A US GWR 1,054.05 $87,781.38
37185LAF9 GENESIS ENERGY LP/GENESI 5.62500 06/15/2024 US 11,390.39 $9,966.59
374297109 GETTY REALTY CORP US GTY 282.57 $8,643.70
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 28,255.96 $27,443.60
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 93,908.34 $87,604.04
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 13,689.89 $13,005.40
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 71.97 $5,010.25
4012250 AIRBUS SE FR AIR FP 92.88 $9,961.35
40414L109 HCP INC US HCP 532.71 $15,587.22
4057808 L'OREAL FR OR FP 61.67 $14,551.27
4061412 LVMH MOET HENNESSY LOUIS VUITTON FR MC FP 44.03 $12,603.70
4162791 THALES SA FR HO FP 15.01 $1,841.71
4163437 CAP GEMINI FR CAP FP 23.99 $2,800.85
421946104 HEALTHCARE REALTY TRUST INC US HR 430.64 $13,349.69
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 685.6 $19,279.05
44053FAA8 HORIZON PHARMA INC/HORIZ 8.75000 11/01/2024 US 20,367.02 $21,283.54
44107P104 HOST MARRIOTT CORP US HST 873.76 $16,601.36
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 25,628.51 $23,898.58
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 20,808.68 $19,872.29
45337C102 INCYTE CORP US INCY 9,191.04 $590,524.25
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 867.08 $8,757.50
45763PAE6 INMARSAT FINANCE PLC 4.87500 05/15/2022 GB 12,925.77 $12,441.05
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 2,822.44 $230,649.74
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 172,262.13 $174,091.39
46120E602 INTUITIVE SURGICAL INC US ISRG 339.95 $180,470.78
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B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 2,045.31 $21,230.47
B63QM77 NEXON CO LTD JP 3659 JP 1,540.04 $18,310.13
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 98,550.1 $4,267.09
B8FMRX8 COLOPLAST-B DK COLOB DC 139.11 $13,281.33
B9N3SQ0 BB SEGURIDADE PARTICIPACOES BR BBSE3 BZ 484.14 $3,545.58
BB22L96 KION GROUP AG DE KGX GR 250.5 $14,175.82
BBG00MBFLVG6 QRVO US 12/21/18 C67.5 US -17.67 -$2,827.73
BBG00MCR9B13 BABA US 12/07/18 C165 CN -5.32 -$1,170.78
BBG00MD5C001 NOW US 12/07/18 C205 US -4.34 -$43.36
BBG00MHMRQ16 GOOG US 12/28/18 C1110 US -1.05 -$2,070.87
BD0Q398 KONINKLIJKE AHOLD DELHAIZE N NL AD NA 381.39 $9,828.63
BD1WX84 ENGIE BRASIL ENERGIA SA BR EGIE3 BZ 273.83 $3,045.63
BD3JR69 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 16,254.72 $7,107.73
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 21,469.19 $20,932.46
BD9Y9B7 BASIC-FIT NV NL BFIT NA 329.04 $9,879.39
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 15,816.57 $6,513.89
BDXL6S0 UK TREASURY BILL GBP 0.00000 01/28/2019 GB 44,864.55 $57,105.55
BDZV116 EPIROC AB-A SE EPIA SS 1,333.24 $10,923.68
BF7LBH4 ATACADAO DISTRIBUICAO COMERC BR CRFB3 BZ 729.49 $3,188.10
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 25,079.73 $22,947.95
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 124.64 $21,425.85
BG36ZK1 B3 SA-BRASIL BOLSA BALCAO BR B3SA3 BZ 696.63 $5,080.15
BG7ZWY7 AMBEV SA BR ABEV3 BZ 2,273.9 $9,949.42
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 4,810.14 $7,406.00
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 21,315.16 $16,270.66
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 18,942.13 $757,280.71
BNGN9Z1 FINECOBANK SPA IT FBK IM 11,821.57 $127,100.52
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 11,899.69 $365,737.42
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 552.05 $15,231.43
BSQXJ01 THULE GROUP AB/THE SE THULE SS 710.76 $13,313.52
BW1YVH8 WALMART DE MEXICO SAB DE CV MX WALMEX* MM 5,351.11 $13,255.68
BYQ32R1 NEMAK SAB DE CV MX 13,200.84 $9,462.64
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 24,842.08 $10,463.24
BYXS699 QIAGEN N.V. NL QIA GR 327.59 $11,593.04
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 8,026.1 $616,648.60
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 1,825.16 $8,486.79
BYZWX76 CRODA INTERNATIONAL PLC GB CRDA LN 111.46 $6,946.48
BZ3C3Q4 BANKIA SA ES BKIA SM 30,949.05 $102,442.45
BZ4CMZ5 DAVIDE CAMPARI-MILANO SPA IT CPR IM 814.92 $6,817.00
G02602103 AMDOCS LTD GG DOX 3,110.09 $201,876.13
G0750C108 AXALTA COATING SYSTEMS LTD US AXTA 3,951.43 $98,904.33
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 207.46 $8,231.94
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 202.09 $9,809.35
G27358103 DESPEGAR.COM CORP AR DESP 251.93 $3,763.76
G3157S106 ENSCO INTERNATIONAL INC US ESV 28,121.1 $159,446.66
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 24,094.23 $24,937.53
G5960L103 MEDTRONIC INC IE MDT 9,596.63 $935,959.17
G84720104 STERIS PLC GB STE 86.42 $10,291.06
G97822103 PERRIGO CO PLC IE PRGO 2,830.45 $176,280.47
H8817H100 TRANSOCEAN LTD US RIG 18,796.66 $174,432.96
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 122.24 $13,667.47
N22717107 CORE LABORATORIES N.V. NL CLB 109.2 $9,075.97
N47279109 INTERXION HOLDING NV NL INXN 6,429.2 $400,346.53
N59465109 MYLAN NV US MYL 1,856.04 $62,845.58
N72482123 QIAGEN N.V. ADR NL QGEN 3,978.27 $140,989.74
USD US DOLLAR US 1,004,225.79 $1,004,225.79

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

$15.24

Daily $ Change

-$0.01

Daily % Change

-0.07%

as of 12/10/2018

CUSIP

302027594

Inception Date

08/17/2012

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

Important Documents

Annual Report
Fact Sheet
Applications & Forms

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

Investment Objective

To provide capital growth and manage risk for investors planning to retire in or around the year indicated in the fund’s name.

Investment Strategy

Currently: The portfolio is currently invested in a growth-oriented mix of securities that seeks to earn a good portion of the long-term growth of the stock market with less volatility. The portfolio is diversified primarily among various stock investments in both domestic and foreign markets. A substantial portion of the portfolio may be invested in long-term, fixed income securities. Stock exposure can range from 51% - 81%.

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 2035
  • Who have time to pursue growth and can accept potentially significant 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 11/30/2018

YTD

0.00%

1 Year

1.37%

3 Year

6.29%

5 Year

4.70%

10 Year

9.55%

Inception
(01/01/2000)

6.36%

US Stock Market Cycle (04/01/2000 - 11/30/2018)

6.51%

Performance through the inception date of the Retirement Target CIT Class S units is based on historical performance of the CIT's oldest unit class. Performance through the inception date of the oldest unit class (08/03/2012) 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 S 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 0.97%
Net 0.89%*

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

Top Ten Investments

As of 11/30/2018

TREASURY NOTES 8.61%
TREASURY BONDS 4.97%
GOVERNMENT AGENCY 3.34%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 2.29%
NOVARTIS AG- REG 1.82%
MEDTRONIC INC 1.74%
MASTERCARD INC-CLASS A 1.68%
QORVO INC 1.68%
BOOKING HOLDINGS INC 1.66%
VISA INC - CLASS A SHARES 1.55%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 11/30/2018

Stocks
61.83%
Bonds
36.34%
Cash
1.83%

Detailed Asset Class Allocation

As of 11/30/2018

International Equities
22.11%
Small Capitalization
1.11%
Mid Capitalization
5.99%
Large Capitalization
32.62%
Long Term Fixed Income
12.13%
Intermediate Term Fixed Income
17.84%
Short Term Fixed Income
6.37%
Cash
1.83%

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

November Fund Holdings

As of 11/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 8,761.84 $8,827.55
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 162,733.98 $156,860.73
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 229,950.22 $227,191.94
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 45,992.79 $46,912.64
004239109 ACADIA REALTY TRUST US AKR 167.57 $4,804.16
0045614 ANTOFAGASTA PLC GB ANTO LN 6,279.4 $64,438.34
00724F101 ADOBE INC US ADBE 804.84 $201,926.32
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 158,791.97 $154,567.88
00790X101 ADVANCED DISPOSAL SERVICES US ADSW 6,923.77 $186,595.67
008492100 AGREE REALTY CORP US ADC 96.05 $5,721.70
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 11,280.52 $11,532.33
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 36.91 $4,595.17
01609W102 ALIBABA GROUP - ADR CN BABA 2,943.62 $473,511.41
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 14,237.57 $14,237.57
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 11,937.52 $11,903.98
02079K107 ALPHABET INC-CL C US GOOG 402.64 $440,665.03
02079K305 ALPHABET INC-CL A US GOOGL 294.02 $326,257.10
02155FAC9 ALTICE US FINANCE I CORP 5.50000 05/15/2026 US 9,198.01 $8,876.08
02209S103 ALTRIA GROUP INC US MO 2,053.53 $112,594.82
023135106 AMAZON.COM INC US AMZN 214.28 $362,172.12
02319V103 AMBEV SA-ADR BR ABEV 82,314.55 $351,483.11
0237400 DIAGEO PLC GB DGE LN 15,316.1 $553,114.54
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 11,280.52 $11,351.03
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 125.18 $5,486.76
0263494 BAE SYSTEMS PLC GB BA/ LN 2,318.9 $14,577.32
02665T306 AMERICAN HOMES 4 RENT- A US AMH 973.74 $20,283.05
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 168,428.35 $159,001.20
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 14,566.62 $14,093.21
03027X100 AMERICAN TOWER REIT INC US AMT 2,820.62 $463,963.10
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 5,476.04 $5,507.73
03064D108 AMERICOLD REALTY TRUST US COLD 182.57 $4,892.87
03748R101 APARTMENT INVT & MGMT CO -A US AIV 347.84 $16,379.55
03784Y200 APPLE HOSPITALITY REIT INC US APLE 280.59 $4,452.99
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 11,828.21 $11,015.02
0405207 HALMA PLC GB HLMA LN 639.55 $11,226.08
0490656 KERRY GROUP PLC-A IE KYGA LN 194.86 $20,140.90
053332102 AUTOZONE INC US AZO 331.19 $267,952.29
053484101 AVALONBAY COMMUNITIES INC US AVB 226.93 $43,245.30
058498106 BALL CORP US BLL 13,212.66 $648,873.66
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 247,714.47 $240,259.97
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 2,162.23 $471,884.13
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 4,232.95 $406,490.27
0922320 SMITH & NEPHEW PLC GB SN/ LN 767.82 $14,013.11
09247X101 BLACKROCK INC US BLK 860.33 $368,231.45
0946580 WEIR GROUP PLC/THE GB WEIR LN 1,311.76 $24,773.08
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 227,783.62 $231,951.34
09857L108 BOOKING HOLDINGS INC US BKNG 470.78 $890,659.77
101121101 BOSTON PROPERTIES INC US BXP 227.69 $29,873.39
105368203 BRANDYWINE REALTY TRUST US BDN 1,158.19 $16,527.44
110122108 BRISTOL MYERS SQUIBB CO US BMY 4,617.87 $246,871.34
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 238.13 $8,303.45
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 14,347.44 $13,917.02
12503M108 CBOE GLOBAL MARKETS INC US CBOE 2,036.53 $219,170.88
125269100 CF INDUSTRIES HOLDINGS INC US CF 2,777.93 $117,200.68
12572Q105 CME GROUP INC US CME 1,204.73 $228,995.09
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 163,609.61 $163,002.62
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 59,704.13 $55,274.81
13321L108 CAMECO CORP CA CCJ 844.64 $10,034.37
134429109 CAMPBELL SOUP CO US CPB 4,294.23 $168,333.97
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 6,235.18 $6,204.01
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 77,045.9 $76,804.73
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 24,861.09 $22,406.06
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 121,736.78 $120,218.30
165240102 CHESAPEAKE LODGING TRUST US CHSP 231.75 $6,852.81
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 169,742.35 $231,904.73
191216100 COCA COLA CO/THE US KO 13,271.61 $668,889.38
192422103 COGNEX CORP US CGNX 1,915.44 $84,317.69
194162103 COLGATE-PALMOLIVE CO US CL 2,025.47 $128,657.88
19626G108 COLONY CAPITAL INC US CLNY 1,071.76 $6,602.04
2011646 ALIMENTATION COUCHE-TARD -B CA ATD/B CN 198.47 $10,416.25
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 445.53 $14,052.14
2171573 CANADIAN NATURAL RESOURCES CA CNQ CN 506.81 $12,736.49
2180632 CANADIAN NATL RAILWAY CO CA CNR CN 81.05 $6,964.34
21871N101 CORECIVIC INC US CXW 558.78 $12,265.12
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 95,593.59 $100,916.36
222795106 COUSINS PROPERTIES INC US CUZ 2,016.3 $17,037.73
22282EAH5 COVANTA HOLDING CORP 6.00000 01/01/2027 US 12,814.25 $11,917.26
2242059 FOMENTO ECONOMICO EXICA-UBD MX 1,042.75 $9,035.69
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 12,704.39 $12,227.97
22822V101 CROWN CASTLE INTL CORP US CCI 127.15 $14,610.09
228368106 CROWN HOLDINGS INC US CCK 1,558.61 $79,925.55
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 39,522.44 $36,133.15
229663109 CUBESMART US CUBE 132.52 $4,126.70
2306814 EL PUERTO DE LIVERPOOL -C1 MX 2,028.98 $12,087.91
2328595 BANCO DO BRASIL S.A. BR BBAS3 BZ 418.41 $4,829.03
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 8,761.84 $8,849.45
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 1,486.35 $13,648.07
23918K108 DAVITA INC. US DVA 5,521.7 $364,763.75
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 17,632.99 $16,530.93
2392471 GRUPO BIMBO SAB- SERIES A MX BIMBOA MM 2,534.16 $4,844.52
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 3,021.04 $7,050.26
2458771 ITAUSA INVESTIMENTOS ITAU -PR BR ITSA4 BZ 1,610.13 $5,138.11
2516710 LOJAS AMERICANAS SA - PREF BR LAME4 BZ 606.81 $3,092.91
25271C102 DIAMOND OFFSHORE DRILLING US DO 9,710.36 $122,350.50
253393102 DICK'S SPORTING GOODS INC US DKS 5,716.07 $205,664.35
253868103 DIGITAL REALTY TRUST INC US DLR 265.37 $30,527.72
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 168,428.35 $155,299.49
2583952 METRO INC CA MRU CN 204.94 $7,064.36
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 26,175.1 $25,717.03
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 26,722.78 $26,488.95
269246401 ETRADE FINANCIAL CORP US ETFC 3,800.88 $198,748.13
2715777 QUEBECOR INC -CL B CA QBR/B CN 12,303.94 $265,498.10
277276101 EASTGROUP PROPERTIES US EGP 45.12 $4,513.11
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 11,572.23 $217,831.26
2823885 ARCA CONTINENTAL SAB DE CV MX AC* MM 898.17 $4,645.34
285512109 ELECTRONIC ARTS US EA 4,750.08 $399,338.90
2866857 LUNDIN MINING CORP CA LUN CN 14,339.14 $62,487.19
29444U700 EQUINIX INC US EQIX 983.16 $378,791.17
2945422 WEG SA BR WEGE3 BZ 602.43 $2,776.13
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 103.94 $10,344.78
29476L107 EQUITY RESIDENTIAL US EQR 458.57 $32,672.79
297178105 ESSEX PROPERTY TRUST INC US ESS 76.88 $20,182.79
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 202,027.7 $198,898.49
30225T102 EXTRA SPACE STORAGE INC US EXR 108.1 $10,375.14
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 11,200.9 $11,144.07
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 17,195.17 $16,851.27
30286XAN9 FREMF 2015-K43 B FLT 3.86206 02/25/2048 US 137,970.13 $134,858.56
30290HAE8 FREMF 2012-K708 FLT 3.87019 02/25/2045 US 26,280.03 $26,234.48
30291EAE4 FREMF 2013-K712 B FLT 3.47306 05/25/2045 US 88,695.09 $88,498.66
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 9,424,101.25 $31,595.24
30291XAE2 FREMF 2014-K715 B FLT 4.11882 02/25/2046 US 114,975.11 $115,961.54
30292HAU0 FREMF 2014- K503 B 3.13900 10/25/2047 US 82,125.08 $81,863.18
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 17,930.48 $19,368.77
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 11,218.7 $12,051.31
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 10,015.02 $10,996.28
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 681.33 $699.74
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 1,520.4 $1,555.34
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 1,046.12 $1,073.65
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 828.24 $853.26
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 1,464.07 $1,507.86
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 100,198.56 $103,477.40
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 16,509.42 $17,750.05
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 52,729.84 $54,879.91
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 56,454.19 $58,610.33
3132LMMM5 FHLM POOL K91364 4.50000 11/01/2033 US 33,258.77 $34,426.58
3132LNE83 FHLM POOL K92059 4.50000 09/01/2034 US 48,362.41 $50,543.63
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 1,264.75 $1,272.67
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 57,295.77 $56,992.77
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 37.68 $4,976.54
3137A2B34 FHMS K009 X1 FLT 1.44443 08/25/2020 US 961,492.32 $16,522.57
3137ADTK3 FHMS K014 X1 FLT 1.32338 04/25/2021 US 227,062.28 $5,372.88
3137AJMG6 FMHS K016 X1 FLT 1.64995 10/25/2021 US 274,053.39 $9,825.01
3137AME78 FHMS K017 X1 FLT 1.45146 12/25/2021 US 1,849,617.17 $60,103.49
3137AUPF0 FHMS K021 x1 FLT 1.57841 06/25/2022 US 817,772.16 $34,707.40
3137B3NB0 FHMS K030 X1 FLT 0.30922 04/25/2023 US 3,077,138.77 $23,465.03
3137B4GZ3 FHMS K032 X1 FLT 0.21808 05/25/2023 US 1,975,030.53 $9,237.81
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 73,963.25 $75,435.73
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 73,544.79 $75,967.50
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 15,547.63 $16,172.93
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 7,337.92 $7,629.09
3138EGGZ1 FEDERAL NATL MTG ASSN AL0215 4.50000 04/01/2041 US 99,998.45 $104,018.41
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31428X106 FEDEX CORPORATION US FDX 1,628.86 $373,009.44
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4061412 LVMH MOET HENNESSY LOUIS VUITTON FR MC FP 44.03 $12,603.70
4162791 THALES SA FR HO FP 15.01 $1,841.71
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45337C102 INCYTE CORP US INCY 9,191.04 $590,524.25
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45866F104 INTERCONTINENTALEXCHANGE INC US ICE 2,822.44 $230,649.74
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46187BAA1 IHSFR 2017-SFR2 A 3.15250 12/17/2036 US 31,923.78 $31,884.10
46187BAB9 IHSFR 2017-SFR2 B 3.45250 12/17/2036 US 24,309.02 $24,467.75
46187W107 INVITATION HOMES INC US INVH 848.28 $18,204.01
464286624 ISHARES MSCI THAILAND ETF TH 446.06 $38,463.77
464287739 ISHARES DJ US REAL ESTATE US 8 $653.83
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46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 33,233.4 $32,100.07
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46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 123,089.82 $122,720.40
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 74,082.05 $72,523.29
4682329 PERNOD-RICARD SA FR RI FP 61.34 $9,805.83
4712798 RENAULT SA FR RNO FP 37.35 $2,629.12
4741844 MERCK KGAA DE MRK GR 4,379.06 $484,754.84
476405105 JERNIGAN CAPITAL INC US JCAP 481.24 $10,288.83
478160104 JOHNSON & JOHNSON US JNJ 5,517.77 $810,559.77
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 24,861.09 $18,397.21
4821100 SOLVAY SA BE SOLB BB 196.94 $21,334.75
4834108 SCHNEIDER ELECTRIC SE FR SU FP 93.1 $6,786.40
4834777 VIVENDI FR VIV FP 155.1 $3,868.54
49446R109 KIMCO REALTY CORP US KIM 429.21 $7,017.61
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500630CK2 KOREA DEVELOPMENT BANK 1.37500 09/12/2019 KR 13,140.01 $12,968.39
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 19,384.81 $17,519.02
50212YAB0 LPL HOLDINGS INC 5.75000 09/15/2025 US 10,404.34 $9,858.11
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5107401 BEIERSDORF AG DE BEI GR 1,787.03 $191,836.77
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5253973 HERMES INTERNATIONAL FR RMS FP 5.04 $2,727.91
5263574 FLSMIDTH & CO A/S DK FLS DC 38.88 $1,950.55
529043101 LEXINGTON REALTY TRUST US LXP 885.81 $7,777.37
531172104 LIBERTY PROPERTY TRUST US LPT 380.04 $17,212.07
5330047 DASSAULT SYSTEMES SA FR DSY FP 23.11 $2,778.83
53815P108 LIVERAMP HOLDINGS INC US RAMP 11,251.99 $532,219.00
5458314 AKZO NOBEL NL AKZA NA 2,118.02 $177,981.03
5474008 BANKINTER S.A. ES BKT SM 1,785.3 $14,948.07
550021109 LULULEMON - ADR CA LULU 4,884.15 $647,394.39
5505072 KERING FR KER FP 13.03 $5,673.73
554382101 THE MACERICH CO US MAC 66.26 $3,332.23
5545670 JUNGHEINRICH AG DE JUN3 GR 289.5 $9,675.95
55616XAC1 MACYS RETAIL HLDGS INC 7.00000 02/15/2028 US 76,767.44 $81,216.21
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 22,013.36 $20,802.63
5596991 UCB SA BE UCB BB 113.48 $9,563.14
5669354 REPSOL SA ES REP SM 1,365.4 $23,520.90
5671519 WOLTERS KLUWER NL WKL NA 115.23 $6,966.34
5671735 SANOFI-AVENTIS FR SAN FP 174.05 $15,779.37
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5713422 METSO OYJ FI METSO FH 370.33 $10,599.12
5727973 SIEMENS AG-REG DE SIE GR 169.66 $19,744.81
57636Q104 MASTERCARD INC-CLASS A US MA 4,494.86 $903,780.70
58502BAC0 MEDNAX INC 6.25000 01/15/2027 US 11,280.52 $11,235.40
58933Y105 MERCK & CO INC US MRK 4,540.95 $360,278.72
59001ABA9 MERITAGE HOMES CORP 5.12500 06/06/2027 US 10,514.2 $9,252.50
594918104 MICROSOFT CORP US MSFT 7,187.97 $797,073.55
59522J103 MID-AMERICA APARTMENT COMM US MAA 157.27 $16,287.14
5962280 CHOCOLADEFABRIKEN LINDT-PC CH LISP SW 1.99 $13,602.19
5966516 SOCIETE GENERALE FR GLE FP 127.61 $4,686.31
5980613 GIVAUDAN - REG CH GIVN SW 2.74 $6,761.00
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 13,607.08 $612,046.30
6136749 OBIC CO LTD JP 4684 JP 173.06 $15,006.98
61744YAG3 MORGAN STANLEY FLT 3.81125 05/08/2024 US 240,924.73 $239,362.53
6175076 KT&G CORP KR 033780 KS 75.8 $7,032.97
6196408 CHUGAI PHARMACEUTICAL CO LTD JP 4519 JP 227.83 $15,609.96
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 24,204.64 $24,265.15
6264189 NCSOFT CORP KR 036570 KS 23.11 $10,599.66
62913TAM4 NGL ENRGY PART LP/FIN CO 6.12500 03/01/2025 US 15,990.49 $14,231.54
6291819 CHINA PETROLEUM & CHEMICAL - H CN 386 HK 17,481.48 $14,964.18
6307200 EISAI CO LTD JP 4523 JP 111.72 $10,288.05
6332439 FAST RETAILING CO LTD JP 9983 JP 10.95 $5,710.33
6356934 FANUC LTD JP 6954 JP 57.9 $9,958.38
637417106 NATIONAL RETAIL PROPERTIES US NNN 176.11 $8,815.97
637870106 NATIONAL STORAGE AFFILIATES US NSA 144.02 $4,028.25
63938CAE8 NAVIENT CORP 7.25000 09/25/2023 US 10,732.84 $10,786.50
64110W102 NETEASE.COM INC- ADR CN NTES 17.74 $4,029.24
6441506 HOYA CORP JP 7741 JP 162.11 $9,907.92
6446620 HYUNDAI HEAVY INDUSTRIES KR 009540 KS 93.32 $11,024.29
6451066 HYUNDAI MIPO DOCKYARD KR 010620 KS 120.92 $11,798.03
647581107 NEW ORIENTAL EDUCATIO- SP ADR CN EDU 251.05 $14,349.98
6482903 KANAMOTO CO LTD JP 9678 JP 295.74 $8,722.60
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 37,864.2 $37,833.76
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 70,143.41 $69,956.62
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 122,379.7 $121,835.97
6490809 KIKKOMAN CORP JP 2801 JP 245.35 $14,362.55
6490995 KEYENCE CORP JP 6861 JP 244.57 $133,227.69
6518808 LION CORP JP 4912 JP 519.18 $10,257.97
6531827 GEELY AUTOMOBILE HOLDINGS LT CN 175 HK 5,345.21 $10,621.29
654106103 NIKE INC CLASS B US NKE 3,494.65 $262,518.42
6641588 NISSAN CHEMICAL INDUSTRIES JP 4021 JP 267.26 $14,523.75
6642387 YAMAHA CORP JP 7951 JP 328.6 $14,167.93
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 24,204.64 $23,962.60
6683449 KANGWON LAND INC KR 035250 KS 256.2 $7,376.28
66987V109 NOVARTIS AG- REG CH NVS 10,676.42 $977,213.11
67087MAA4 OBP DEPOSITOR LLC TRUST 4.64620 07/15/2045 US 9,855.01 $9,993.18
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 387.52 $134,382.66
6742340 SHANDONG WEIGAO CN 1066 HK 9,551.33 $9,004.81
6743882 JAPAN EXCHANGE GROUP INC JP 8697 JP 628.7 $11,343.27
6772217 SAMSUNG HEAVY INDUSTRIES KR 010140 KS 807.15 $5,360.39
6776606 SANTEN PHARMACEUTICAL CO LTD JP 4536 JP 429.37 $7,376.23
6791591 SECOM CO LTD JP 9735 JP 83.25 $7,049.79
680665205 OLIN CORP US OLN 4,203.27 $90,496.46
68323ADY7 ONTARIO (PROVINCE OF) 1.25000 06/17/2019 CA 59,130.06 $58,630.33
6865504 SUZUKI MOTOR CORP JP 7269 JP 295.74 $14,755.25
6885074 TERUMO CORP JP 4543 JP 256.31 $15,113.79
6895200 TOHO CO LTD JP 9602 JP 205.92 $7,175.17
6911485 UNICHARM CORP JP 8113 JP 328.6 $10,290.45
6913168 GUANGDONG INVESTMENT LTD HK 270 HK 7,360.6 $14,227.99
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 18,508.63 $18,369.81
6979728 WOODSIDE PETROLEUM LTD AU WPL AU 593.45 $13,526.26
6985112 YAKULT HONSHA CO LTD JP 2267 JP 184.02 $13,916.99
6986427 YOKOGAWA ELECTRIC CORP JP 6841 JP 346.12 $6,384.73
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 18,508.63 $17,999.64
7021963 DEUTSCHE BOERSE AG DE DB1 GR 64.73 $8,291.99
7062713 SODEXO FR SW FP 64.95 $6,722.00
7088429 AXA SA FR CS FP 339.66 $8,271.55
7103065 NOVARTIS AG-REG CH NOVN SW 299.24 $27,321.44
7103526 PEUGEOT SA FR UG FP 80.62 $1,773.73
7110388 ROCHE HOLDING AG-GENUSSCHEIN CH ROG SW 90.58 $23,514.08
7110902 TECAN GROUP AG-REG CH TECN SW 23.11 $4,760.19
7123870 NESTLE SA-REGISTERED CH NESN SW 7,093.54 $605,171.18
7133608 EQUINOR ASA NO EQNR NO 599.25 $14,037.45
713448108 PEPSICO INC US PEP 4,638.17 $565,578.33
7145056 ENI SPA IT ENI IM 802.33 $12,945.92
71642QAB3 PDLLN 7 1/4 05/01/22 7.25000 05/01/2022 GB 11,280.52 $10,420.38
718172109 PHILIP MORRIS INTERNATIONAL US PM 2,075.44 $179,588.17
71943U104 PHYSICIANS REALTY TRUST US DOC 1,178.13 $20,982.41
7212477 ESSILORLUXOTTICA FR EL FP 38.77 $4,902.51
7262610 CREDIT AGRICOLE SA FR ACA FP 221.8 $2,756.57
729640102 PLYMOUTH INDUSTRIAL REIT INC US 337.63 $4,257.52
7309681 BNP PARIBAS FR BNP FP 193.65 $9,740.50
733174AK2 POPULAR INC 6.12500 09/14/2023 PR 15,114.31 $15,095.41
7380482 COMPAGNIE DE SAINT-GOBAIN FR SGO FP 76.34 $2,837.50
741503AZ9 PRICELINE GROUP INC/THE 3.60000 06/01/2026 US 252,094.84 $239,289.88
74340W103 PROLOGIS US PLD 592.84 $39,921.56
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 153,534.87 $157,278.05
74460D109 PUBLIC STORAGE INC US PSA 117.73 $25,107.91
74736K101 QORVO INC US QRVO 13,700.15 $901,606.64
756109104 REALTY INCOME CORP US O 79.51 $5,095.95
75886F107 REGENERON PHARMACEUTICALS INC US REGN 843.1 $308,279.72
76131D103 RESTAURANT BRANDS INTERN CA QSR 146.45 $8,542.21
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 15,989.94 $16,149.84
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 442.62 $27,455.75
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 99.85 $8,220.88
78410G104 SBA COMMUNICATIONS CORP US SBAC 2,560.27 $437,319.67
78442PGC4 SLM CORP 5.12500 04/05/2022 US 16,866.12 $16,528.80
78490DAA2 SOFI 2018-C A1FX 3.08000 01/25/2048 US 178,383.67 $177,942.53
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 226,688.25 $238,626.13
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 155,725.6 $150,764.78
806857108 SCHLUMBERGER LTD NL SLB 8,520.68 $384,282.72
808513105 CHARLES SCHWAB CORP/THE US SCHW 7,508.98 $336,402.18
81141R100 SEA LTD - ADR SG SE 645.7 $8,613.64
81211K100 SEALED AIR CORP US SEE 12,256.83 $447,742.10
812578102 SEATTLE GENETICS INC US SGEN 5,808.7 $363,508.52
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 34,014.15 $31,964.22
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 47,444.68 $44,764.81
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 40,592.99 $35,535.75
81762P102 SERVICENOW INC US NOW 2,444.9 $452,967.26
81783QAC9 SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 CA 13,580.57 $12,629.93
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 12,266.02 $11,499.40
828806109 SIMON PROPERTY GROUP INC US SPG 283 $52,550.82
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 16,597.41 $16,430.53
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 14,782.51 $14,258.17
83406EAB1 SOFI 2018-A A2A 2.39000 02/25/2042 US 40,062.4 $39,634.58
84265V105 SOUTHERN COPPER CORPORATION US SCCO 2,828.45 $94,696.57
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 149,001.57 $151,544.43
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 19,603.99 $18,795.33
85254J102 STAG INDUSTRIAL INC US STAG 375 $10,046.34
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.52650 11/15/2027 US 89,620.23 $89,631.46
862121100 STORE CAPITAL CORP US STOR 161.65 $4,843.14
866674104 SUN COMMUNITIES US SUI 200.2 $20,841.22
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 651.65 $9,944.14
874080104 TAL EDUCATION GROUP - ADR CN TAL 201.54 $5,657.25
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 33,535.39 $33,401.55
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 15,880.07 $14,728.77
88104LAE3 TERRAFORM POWER OPERATIN 5.00000 01/31/2028 US 9,638.02 $8,628.92
883556102 THERMO FISHER SCIENTIFIC INC US TMO 495.13 $123,560.80
88650V208 TIER REIT INC US TIER 715.39 $16,840.29
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 163,763.84 $159,004.89
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 146,538.17 $140,776.81
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 49,222.54 $46,823.23
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 20,589.49 $19,765.91
902653104 UDR INC US UDR 488.36 $20,813.70
903002103 UMH PROPERTIES INC US UMH 374.56 $4,880.51
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 11,281.62 $10,823.36
90384S303 ULTA BEAUTY INC US ULTA 466.64 $138,960.92
904767704 UNILEVER PLC - ADR GB UL 10,485.19 $569,240.82
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 361,045.14 $472,179.35
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 718,079.29 $878,020.24
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 260,101.94 $233,146.84
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 797,598.77 $683,535.92
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 678,194.71 $638,827.62
9128282N9 US TREASURY N/B 2.12500 07/31/2024 US 952,402.4 $914,343.50
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 961,798.12 $941,885.90
912828D23 US TREASURY N/B 1.62500 04/30/2019 US 197,264.72 $196,540.39
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 1,256,869.42 $1,232,403.01
912828R28 US TREASURY N/B 1.62500 04/30/2023 US 407,340.4 $386,527.85
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 635,918.53 $579,903.05
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 252,528.05 $243,220.38
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BD9Y9B7 BASIC-FIT NV NL BFIT NA 329.04 $9,879.39
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 15,816.57 $6,513.89
BDXL6S0 UK TREASURY BILL GBP 0.00000 01/28/2019 GB 44,864.55 $57,105.55
BDZV116 EPIROC AB-A SE EPIA SS 1,333.24 $10,923.68
BF7LBH4 ATACADAO DISTRIBUICAO COMERC BR CRFB3 BZ 729.49 $3,188.10
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 25,079.73 $22,947.95
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BG36ZK1 B3 SA-BRASIL BOLSA BALCAO BR B3SA3 BZ 696.63 $5,080.15
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BGHQ198 HIBERNIA REIT PLC IE HBRN ID 4,810.14 $7,406.00
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 21,315.16 $16,270.66
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 18,942.13 $757,280.71
BNGN9Z1 FINECOBANK SPA IT FBK IM 11,821.57 $127,100.52
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 11,899.69 $365,737.42
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 552.05 $15,231.43
BSQXJ01 THULE GROUP AB/THE SE THULE SS 710.76 $13,313.52
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BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 24,842.08 $10,463.24
BYXS699 QIAGEN N.V. NL QIA GR 327.59 $11,593.04
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 8,026.1 $616,648.60
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 1,825.16 $8,486.79
BYZWX76 CRODA INTERNATIONAL PLC GB CRDA LN 111.46 $6,946.48
BZ3C3Q4 BANKIA SA ES BKIA SM 30,949.05 $102,442.45
BZ4CMZ5 DAVIDE CAMPARI-MILANO SPA IT CPR IM 814.92 $6,817.00
G02602103 AMDOCS LTD GG DOX 3,110.09 $201,876.13
G0750C108 AXALTA COATING SYSTEMS LTD US AXTA 3,951.43 $98,904.33
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 207.46 $8,231.94
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 202.09 $9,809.35
G27358103 DESPEGAR.COM CORP AR DESP 251.93 $3,763.76
G3157S106 ENSCO INTERNATIONAL INC US ESV 28,121.1 $159,446.66
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 24,094.23 $24,937.53
G5960L103 MEDTRONIC INC IE MDT 9,596.63 $935,959.17
G84720104 STERIS PLC GB STE 86.42 $10,291.06
G97822103 PERRIGO CO PLC IE PRGO 2,830.45 $176,280.47
H8817H100 TRANSOCEAN LTD US RIG 18,796.66 $174,432.96
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 122.24 $13,667.47
N22717107 CORE LABORATORIES N.V. NL CLB 109.2 $9,075.97
N47279109 INTERXION HOLDING NV NL INXN 6,429.2 $400,346.53
N59465109 MYLAN NV US MYL 1,856.04 $62,845.58
N72482123 QIAGEN N.V. ADR NL QGEN 3,978.27 $140,989.74
USD US DOLLAR US 1,004,225.79 $1,004,225.79

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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