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 aggressive, growth-oriented mix of securities that seeks to earn the long-term growth typically associated with the stock market without full market risk. The portfolio is diversified primarily among various stock investments in both domestic and foreign markets, with a portion of the portfolio invested in fixed income securities. Stock exposure can range from 59% - 88%.

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 2040
  • Who have time to pursue growth and can accept 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

$24.20

Daily $ Change

-$0.28

Daily % Change

-1.16%

as of 10/18/2018

CUSIP

563821156

Inception Date

01/06/2005

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

Important Documents

Annual Report
Applications & Forms

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

Performance

As of 09/30/2018

YTD

5.53%

1 Year

9.78%

3 Year

11.37%

5 Year

7.25%

10 Year

7.72%

Inception
(01/01/2000)

7.00%

US Stock Market Cycle (04/01/2000 - 09/30/2018)

7.16%

Performance through the inception date of the Retirement Target CIT Class S Units is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. The Retirement Target CIT Fund will gradually become more conservative over time. Returns are net of the Class S expenses. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.91%
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 09/30/2018

TREASURY NOTES 8.70%
TREASURY BONDS 2.76%
GOVERNMENT AGENCY 2.21%
INCYTE CORP 2.16%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 1.78%
BOOKING HOLDINGS INC 1.74%
MEDTRONIC INC 1.73%
MASTERCARD INC-CLASS A 1.71%
LULULEMON - ADR 1.70%
QORVO INC 1.62%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 09/30/2018

Stocks 71.68%
Bonds 27.82%
Cash 0.50%

Detailed Asset Class Allocation

As of 09/30/2018

International Equities 24.64%
Small Capitalization 1.17%
Mid Capitalization 7.15%
Large Capitalization 38.73%
Long Term Fixed Income 7.48%
Intermediate Term Fixed Income 14.44%
Short Term Fixed Income 5.89%
Cash 0.50%

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

September Fund Holdings

As of 09/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 23,471.66 $23,823.73
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 366,923.79 $362,184.02
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 422,756.77 $416,491.52
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 95,601.31 $97,513.33
004239109 ACADIA REALTY TRUST US AKR 559.19 $15,674.02
0045614 ANTOFAGASTA PLC GB ANTO LN 27,189.8 $302,144.37
0053673 ASHTEAD GROUP PLC GB AHT LN 1,130.01 $35,853.39
00724F101 ADOBE SYS INC US ADBE 4,183.47 $1,129,327.54
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 359,676.53 $355,887.65
00790X101 ADVANCED DISPOSAL SERVICES US ADSW 35,989 $974,582.15
0081180 BARRATT DEVELOPMENTS PLC GB BDEV LN 2,077.36 $15,341.31
008492100 AGREE REALTY CORP US ADC 250.95 $13,330.69
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 17,638.04 $18,191.90
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 98.05 $12,333.16
01609W102 ALIBABA GROUP - ADR CN BABA 11,474.25 $1,890,496.85
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 585,469.34 $545,712.77
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 36,483.95 $36,848.79
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 30,046.39 $30,046.39
02079K107 ALPHABET INC-CL C US GOOG 1,034.44 $1,234,569.15
02079K305 ALPHABET INC-CL A US GOOGL 1,022.84 $1,234,647.33
02155FAC9 ALTICE US FINANCE I CORP 5.50000 05/15/2026 US 16,910.27 $16,889.13
02209S103 ALTRIA GROUP INC US MO 10,674 $643,748.87
023135106 AMAZON.COM INC US AMZN 756.33 $1,514,932.72
02319V103 AMBEV SA-ADR BR ABEV 336,598.28 $1,538,254.14
0237400 DIAGEO PLC GB DGE LN 43,266.28 $1,532,850.07
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 619.67 $25,505.41
0263494 BAE SYSTEMS PLC GB BA/ LN 6,686.01 $54,825.39
02665T306 AMERICAN HOMES 4 RENT- A US AMH 2,502.23 $54,773.71
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 378,865.38 $362,455.28
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 39,297.88 $39,297.88
03027X100 AMERICAN TOWER REIT INC US AMT 10,488.65 $1,524,000.86
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 10,798.18 $10,866.72
03064D108 AMERICOLD REALTY TRUST US COLD 468.92 $11,732.49
03748R101 APARTMENT INVT & MGMT CO -A US AIV 892.04 $39,365.94
03784Y200 APPLE HOSPITALITY REIT INC US APLE 1,198.22 $20,956.87
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 30,581.74 $29,931.88
0405207 HALMA PLC GB HLMA LN 1,912.87 $36,013.45
0490656 KERRY GROUP PLC-A IE KYGA LN 594.6 $65,619.18
053332102 AUTOZONE INC US AZO 1,721.47 $1,335,340.96
053484101 AVALONBAY COMMUNITIES INC US AVB 585.82 $106,120.56
058498106 BALL CORP US BLL 44,848.9 $1,972,903.30
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 557,029 $549,710.88
0822011 DS SMITH PLC GB SMDS LN 7,173 $44,680.09
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 18,080.3 $1,753,247.17
09062X103 BIOGEN IDEC INC US BIIB 2,089.34 $738,182.95
0922320 SMITH & NEPHEW PLC GB SN/ LN 1,667.35 $30,420.32
09247X101 BLACKROCK INC US BLK 4,155.01 $1,958,378.94
0946580 WEIR GROUP PLC/THE GB WEIR LN 3,329.65 $76,388.77
09627J102 BLUEROCK RESIDENTIAL GROWTH US 1,086.91 $10,651.77
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 513,023.45 $542,923.74
09857L108 BOOKING HOLDINGS INC US BKNG 1,508.37 $2,992,605.80
101121101 BOSTON PROPERTIES INC US BXP 590.91 $72,734.92
105368203 BRANDYWINE REALTY TRUST US BDN 3,059.29 $48,092.01
110122108 BRISTOL MYERS SQUIBB CO US BMY 12,522.27 $777,382.63
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 1,074.68 $50,112.22
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 27,562.05 $27,286.43
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 38,158.59 $37,729.30
12503M108 CBOE GLOBAL MARKETS INC US CBOE 2,312.76 $221,932.14
125269100 CF INDUSTRIES HOLDINGS INC US CF 34,166.16 $1,860,005.80
12572Q105 CME GROUP INC US CME 1,426.39 $242,785.82
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 367,060.96 $367,538.14
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 68,273.56 $66,737.41
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 110,992.05 $102,672.51
13321L108 CAMECO CORP CA CCJ 2,625.98 $29,936.13
134429109 CAMPBELL SOUP CO US CPB 22,320.95 $817,616.42
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 1,514.32 $17,308.66
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 13,411.03 $13,377.51
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 141,646.64 $141,278.24
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 64,114.58 $59,645.80
15672WAJ3 CEQUEL COM HLDG I/CAP CP 7.50000 04/01/2028 US 29,442.45 $30,877.77
16411QAB7 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 41,041.1 $41,091.58
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 240,091.68 $237,223.19
165240102 CHESAPEAKE LODGING TRUST US CHSP 613.09 $19,661.81
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 381,281.13 $550,366.15
191216100 COCA COLA CO/THE US KO 27,440.92 $1,267,495.89
194162103 COLGATE-PALMOLIVE CO US CL 10,528.17 $704,860.98
19626G108 COLONY CAPITAL INC US CLNY 2,740.89 $16,692.03
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 811.82 $25,150.07
2162760 CAE INC CA CAE CN 804.56 $16,332.25
2171573 CANADIAN NATURAL RESOURCES CA CNQ CN 1,417.42 $46,309.05
2180632 CANADIAN NATL RAILWAY CO CA CNR CN 198.6 $17,820.78
21871N101 CORECIVIC INC US CXW 1,454.36 $35,384.64
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 244,103.37 $270,073.43
222795106 COUSINS PROPERTIES INC US CUZ 5,326.83 $47,355.50
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 32,928.9 $32,171.54
22822V101 CROWN CASTLE INTL CORP US CCI 335.38 $37,338.26
228368106 CROWN HOLDINGS INC US CCK 8,101.48 $388,871.25
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 73,334.27 $67,283.16
229663109 CUBESMART US CUBE 637.92 $18,199.87
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 23,471.66 $23,999.77
23331A109 DR HORTON INC US DHI 147.68 $6,229.10
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 22,019.77 $250,772.95
23918K108 DAVITA INC. US DVA 19,559.63 $1,401,056.20
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 46,407.96 $44,261.59
2392471 GRUPO BIMBO SAB- SERIES A MX BIMBOA MM 7,731.67 $16,451.59
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 14,594.07 $49,964.86
2491914 KIMBERLY CLARK DE MEXICO S.A.B. MX 19,105.47 $33,894.49
25271C102 DIAMOND OFFSHORE DRILLING US DO 30,413.85 $608,277.00
253393102 DICK'S SPORTING GOODS INC US DKS 29,711.52 $1,054,164.68
253868103 DIGITAL REALTY TRUST INC US DLR 678.58 $76,326.30
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 378,865.38 $370,430.52
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 51,170.88 $51,810.51
2639349 GRUPO AEROPORT DEL SURESTE-B MX 1,499.05 $30,631.43
2643674 GRUPO MEXICO SAB DE CV-SER MX GMEXICOB MM 5,164.07 $14,862.49
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 68,273.56 $68,614.93
269246401 ETRADE FINANCIAL CORP US ETFC 24,829.47 $1,300,815.73
2715777 QUEBECOR INC -CL B CA QBR/B CN 45,849.36 $919,365.52
277276101 EASTGROUP PROPERTIES US EGP 115.35 $11,030.15
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 43,491.68 $847,509.46
285512109 ELECTRONIC ARTS US EA 12,995.65 $1,565,845.62
2866857 LUNDIN MINING CORP CA LUN CN 79,202.39 $419,420.38
294429105 EQUIFAX INC US EFX 6,409.87 $836,936.21
29444U700 EQUINIX INC US EQIX 2,956.18 $1,279,700.04
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 274.29 $26,455.15
29476L107 EQUITY RESIDENTIAL US EQR 1,074.25 $71,179.51
297178105 ESSEX PROPERTY TRUST INC US ESS 123 $30,345.20
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 371,422.02 $364,573.00
30225T102 EXTRA SPACE STORAGE INC US EXR 280.47 $24,299.52
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 24,542.38 $24,422.84
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 46,339.37 $47,266.16
30286XAN9 FREMF 2015-K43 B FLT 3.86212 02/25/2048 US 253,654.06 $246,672.82
30290HAE8 FREMF 2012-K708 FLT 3.88522 02/25/2045 US 48,315.06 $48,354.03
30291EAE4 FREMF 2013-K712 B FLT 3.47300 05/25/2045 US 163,063.33 $163,032.41
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 17,394,121.01 $60,529.80
30291XAE2 FREMF 2014-K715 B FLT 4.11905 02/25/2046 US 211,378.39 $213,845.74
30292HAU0 FREMF 2014- K503 B 3.08905 10/25/2047 US 150,984.56 $150,609.76
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 34,310.99 $37,062.62
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 21,341.77 $22,992.89
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 18,735.86 $20,738.52
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 1,356.39 $1,395.92
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 3,106.98 $3,200.76
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 2,119.95 $2,182.32
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 1,650.35 $1,703.71
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 2,920.1 $3,012.77
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 190,604.37 $197,599.76
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 31,197.01 $33,631.24
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 97,702.07 $102,079.14
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 104,595.66 $108,536.04
3132LMMM5 FHLM POOL K91364 4.50000 11/01/2033 US 61,647.58 $63,805.24
3132LNE83 FHLM POOL K92059 4.50000 09/01/2034 US 89,591.52 $93,995.20
3132WPDP9 FHLM GOLD POOL FG Q49109 4.00000 07/01/2047 US 125,002.13 $126,343.40
3132XSLZ1 FHLM GOLD POOL FG Q50343 4.00000 08/01/2047 US 142,964.2 $144,498.24
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 3,013.45 $3,040.12
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 106,070.93 $104,984.57
3137A2B34 FHMS K009 X1 FLT 1.44868 08/25/2020 US 1,778,844.24 $34,220.69
3137ADTK3 FHMS K014 X1 FLT 1.32335 04/25/2021 US 418,854.48 $10,394.63
3137AJMG6 FMHS K016 X1 FLT 1.66787 10/25/2021 US 510,704.22 $19,006.16
3137AL6W4 FHMS K706 X1 FLT 1.69370 10/25/2018 US 251,125.96 $30.24
3137AME78 FHMS K017 X1 FLT 1.48234 12/25/2021 US 3,496,390.94 $120,700.66
3137AUPF0 FHMS K021 x1 FLT 1.58570 06/25/2022 US 1,517,026.09 $67,350.95
3137B3NB0 FHMS K030 X1 FLT 0.31093 04/25/2023 US 5,680,800.88 $45,211.79
3137B4GZ3 FHMS K032 X1 FLT 0.21916 05/25/2023 US 3,646,874.44 $17,626.44
3137F4YU0 FHLM POOL FHR4791 4.00000 03/15/2044 US 139,642.84 $141,736.76
3137FG2L8 FHLM POOL 4801 4.50000 05/15/2044 US 139,560.83 $143,829.85
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 29,344.46 $30,537.08
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 13,834.1 $14,393.50
3138EGGZ1 FEDERAL NATL MTG ASSN AL0215 4.50000 04/01/2041 US 188,823.77 $196,497.58
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65400 01/01/2049 US 399,825.05 $426,075.63
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 76,162.19 $82,288.22
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 39,904.87 $43,101.63
3140EWG66 FEDERAL NATL MTG ASSN BC2020 3.50000 07/01/2046 US 247,901.89 $244,934.75
3140FA5G3 FEDERAL NATL MTG ASSN FN BD3546 4.00000 09/01/2047 US 90,133.21 $91,117.43
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 208,327.91 $210,521.44
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 72,378.97 $74,711.39
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 207,464.21 $218,086.67
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 141,142.61 $148,362.22
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 162,332.32 $170,627.46
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 2,289.77 $2,351.80
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 2,804.23 $2,880.01
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 19,415.01 $19,784.72
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 23,443.48 $23,877.30
31410HAQ4 MACYS RETAIL HLDGS INC 6.90000 04/01/2029 US 174,540 $184,711.92
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 71,701.99 $77,443.65
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 13,190.08 $14,170.53
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 977.81 $992.29
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 13,292.45 $13,547.72
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 159,572.95 $165,446.11
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 103,284.72 $107,089.90
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 68,395.64 $65,520.74
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 5,663.44 $6,234.10
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 2,147.75 $2,227.41
31428X106 FEDEX CORPORATION US FDX 6,636.06 $1,597,896.06
3174300 BURBERRY GROUP PLC GB BRBY LN 1,224.88 $32,164.73
32054K103 FIRST INDUSTRIAL REALTY TR US FR 633.23 $19,883.30
3208986 NEXT PLC GB NXT LN 213.96 $15,312.62
336130AB5 FIRST QUALITY FINANCE CO 5.00000 07/01/2025 US 34,136.78 $31,917.89
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 37,554.65 $37,289.89
35671D857 FREEPORT-MCMORAN INC US FCX 58,095.77 $808,693.05
357081AE8 FREMF 2015-K720 B FLT 3.50676 07/25/2022 US 129,242.78 $125,857.18
35802XAD5 FRESENIUS MED CARE II 5.62500 07/31/2019 US 311,306.23 $317,461.27
36143WAN1 GAHR 2015-NRF BFX FLT 3.49490 12/15/2034 US 289,890.36 $289,520.23
36223NTR5 GNMA POOL 312960 9.00000 09/15/2021 US 47.07 $47.58
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 63,292.73 $61,898.25
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 6,075.38 $6,124.21
37045VAR1 GENERAL MOTORS CO FLT 3.22706 09/10/2021 US 352,566.45 $352,433.53
371559105 GENESEE & WYOMING INC -CL A US GWR 13,097.45 $1,191,737.08
37185LAF9 GENESIS ENERGY LP/GENESI 5.62500 06/15/2024 US 30,513.15 $28,834.93
374297109 GETTY REALTY CORP US GTY 744.81 $21,271.66
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 71,828.6 $71,469.46
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 173,096.83 $163,039.80
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 34,740.72 $33,872.20
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 401.89 $43,878.26
404121AH8 HCA INC 5.37500 09/01/2026 US 35,811.42 $36,169.54
40414L109 HCP INC US HCP 1,404.98 $36,978.99
4057808 L'OREAL FR OR FP 138.06 $33,283.96
4061412 LVMH MOET HENNESSY LOUIS VUITTON FR MC FP 51.36 $18,150.28
4163437 CAP GEMINI FR CAP FP 135.45 $17,052.81
421946104 HEALTHCARE REALTY TRUST INC US HR 898.51 $26,290.43
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 955.34 $25,478.82
4354350 FUCHS PETROLUB SE - PREF DE FPE3 GR 287.11 $16,021.59
44053FAA8 HORIZON PHARMA INC/HORIZ 8.75000 11/01/2024 US 37,444.17 $39,971.65
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4457624 TRIGANO SA FR TRI FP 516.3 $56,464.83
4497749 KBC GROEP NV BE KBC BB 449.53 $33,426.44
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 52,982.69 $52,187.95
45337C102 INCYTE CORP US INCY 53,685.71 $3,708,609.13
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45763PAE6 INMARSAT FINANCE PLC 4.87500 05/15/2022 GB 42,908.16 $42,693.62
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 3,191.15 $238,985.12
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 391,067.97 $398,674.29
46120E602 INTUITIVE SURGICAL INC US ISRG 1,767.04 $1,014,279.40
46187BAA1 IHSFR 2017-SFR2 A 3.00844 12/17/2036 US 59,456.8 $59,605.31
46187BAB9 IHSFR 2017-SFR2 B 3.30844 12/17/2036 US 44,691.43 $44,802.03
46187W107 INVITATION HOMES INC US INVH 2,179.81 $49,939.52
464287739 ISHARES DJ US REAL ESTATE US 515.52 $41,252.30
46625HHL7 JPMORGAN CHASE & CO 6.30000 04/23/2019 US 533,283 $543,841.06
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 51,885.58 $49,629.75
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 62,034.62 $60,384.38
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 106,759.01 $105,153.46
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 139,111.55 $136,946.83
4741844 MERCK KGAA DE MRK GR 8,242.89 $851,660.62
476405105 JERNIGAN CAPITAL INC US JCAP 943.41 $18,198.34
478160104 JOHNSON & JOHNSON US JNJ 15,414.52 $2,129,823.54
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 64,114.58 $49,047.66
4800659 LUXOTTICA GROUP SPA IT LUX IM 263.52 $17,859.16
4821100 SOLVAY SA BE SOLB BB 560.1 $75,082.92
4824778 SGS SA-REG CH SGSN SW 7.58 $19,949.33
4846288 SAP AG DE SAP GR 147.52 $18,138.97
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 463,115.69 $561,379.03
497864AA6 KISSNER GR HLDG 8.37500 12/01/2022 CA 49,166.65 $50,272.90
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50187T106 LGI HOMES INC US LGIH 104.15 $4,941.05
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 48,892.3 $48,036.68
50212YAB0 LPL HOLDINGS INC 5.75000 09/15/2025 US 44,733.32 $43,670.90
502160AM6 LSB INDUSTRIES 9.62500 05/01/2023 US 46,943.31 $49,173.12
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5107401 BEIERSDORF AG DE BEI GR 9,285.63 $1,046,707.01
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5253973 HERMES INTERNATIONAL FR RMS FP 53.57 $35,493.57
526057104 LENNAR CORP US LEN 112.2 $5,238.49
5263574 FLSMIDTH & CO A/S DK FLS DC 325.39 $20,233.80
5289837 ERSTE GROUP BANK AG AT EBS AV 705.84 $29,304.23
529043101 LEXINGTON REALTY TRUST US LXP 2,308.89 $19,163.83
531172104 LIBERTY PROPERTY TRUST US LPT 1,004.27 $42,430.43
53223X107 LIFE STORAGE INC US LSI 142.31 $13,542.42
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5476929 BARRY CALLEBAUT AG-REG CH BARN SW 7.58 $14,347.76
550021109 LULULEMON - ADR CA LULU 17,972.41 $2,920,337.16
554382101 THE MACERICH CO US MAC 287.78 $15,911.42
5545670 JUNGHEINRICH AG DE JUN3 GR 833.98 $31,739.37
55616XAC1 MACYS RETAIL HLDGS INC 7.00000 02/15/2028 US 172,796.77 $185,874.62
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 55,933.8 $55,024.87
5633616 SOPRA STERIA GROUP FR SOP FP 465.33 $74,591.87
5669354 REPSOL SA ES REP SM 3,927.12 $78,178.38
5671519 WOLTERS KLUWER NL WKL NA 255.66 $15,938.05
5699373 WIENERBERGER AG AT WIE AV 1,222.4 $30,558.81
5713422 METSO OYJ FI METSO FH 1,463.24 $51,787.14
5727973 SIEMENS AG-REG DE SIE GR 507.79 $64,927.31
57636Q104 MASTERCARD INC-CLASS A US MA 13,234.87 $2,946,215.45
5852842 ACCOR SA FR AC FP 912.03 $46,852.53
58933Y105 MERCK & CO INC US MRK 13,549.82 $961,223.88
59001ABA9 MERITAGE HOMES CORP 5.12500 06/06/2027 US 28,165.99 $25,983.12
594918104 MICROSOFT CORP US MSFT 22,680.35 $2,593,952.19
59522J103 MID-AMERICA APARTMENT COMM US MAA 522.7 $52,364.44
5980613 GIVAUDAN - REG CH GIVN SW 5.23 $12,868.07
5999330 TELEPERFORMANCE FR TEP FP 78.05 $14,723.95
6054603 ASAHI KASEI CORP JP 3407 JP 1,001.74 $15,188.43
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 33,574.85 $1,442,375.70
6125286 TREND MICRO INC JP 4704 JP 477.4 $30,707.95
6129277 NTT DOCOMO INC JP 9437 JP 1,118.41 $30,060.12
6136749 OBIC CO LTD JP 4684 JP 303.07 $28,665.25
6141680 ORACLE CORP JAPAN JP 4716 JP 407.67 $32,846.71
61744YAG3 MORGAN STANLEY FLT 3.56325 05/08/2024 US 541,600.96 $550,407.58
6180412 COMPUTERSHARE LTD AU CPU AU 1,237.72 $17,824.62
6196408 CHUGAI PHARMACEUTICAL CO LTD JP 4519 JP 477.4 $30,688.64
6198578 REA GROUP LTD AU REA AU 252.18 $15,645.75
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 65,116.7 $66,419.03
6248990 KDDI CORP JP 9433 JP 1,223 $33,738.66
62913TAM4 NGL ENRGY PART LP/FIN CO 6.12500 03/01/2025 US 43,388.27 $40,676.50
6291819 CHINA PETROLEUM & CHEMICAL - H CN 386 HK 48,222.81 $48,451.85
62943WAE9 NRG YIELD OPERATING LLC 5.00000 09/15/2026 US 27,562.05 $26,390.66
62944T105 NVR INC US NVR .6 $1,492.21
6308913 ELBIT SYSTEMS LTD IL ESLT IT 117.07 $14,875.72
6353418 FRUTAROM IL FRUT IT 171.25 $17,767.73
6356934 FANUC LTD JP 6954 JP 146.25 $27,513.86
637417106 NATIONAL RETAIL PROPERTIES US NNN 451.89 $20,253.73
6390921 NOMURA RESEARCH INSTITUTE LT JP 4307 JP 663.8 $33,520.49
63938CAE8 NAVIENT CORP 7.25000 09/25/2023 US 27,095.28 $28,721.00
64110W102 NETEASE.COM INC- ADR CN NTES 170.84 $38,993.38
6441506 HOYA CORP JP 7741 JP 268.21 $15,929.22
6446620 HYUNDAI HEAVY INDUSTRIES KR 009540 KS 274.3 $33,247.71
6451066 HYUNDAI MIPO DOCKYARD KR 010620 KS 354.09 $33,032.55
6467104 ISUZU MOTORS LTD JP 7202 JP 989.66 $15,601.50
647581107 NEW ORIENTAL EDUCATIO- SP ADR CN EDU 683.71 $50,601.73
6482903 KANAMOTO CO LTD JP 9678 JP 850.2 $30,142.99
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 72,861.05 $72,737.29
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 132,746.95 $132,436.32
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 231,784.32 $230,666.75
6483809 KAO CORP JP 4452 JP 186.4 $15,057.10
6490809 KIKKOMAN CORP JP 2801 JP 256.13 $15,254.29
6490995 KEYENCE CORP JP 6861 JP 1,042.6 $605,631.59
6518808 LION CORP JP 4912 JP 1,409.4 $31,302.35
6531827 GEELY AUTOMOBILE HOLDINGS LT CN 175 HK 16,306.7 $32,474.15
654106103 NIKE INC CLASS B US NKE 7,182.08 $608,465.65
6555805 MAKITA CORP JP 6586 JP 303.07 $15,176.78
6619604 NGK SPARK PLUG CO LTD JP 5334 JP 618.23 $18,021.05
6630940 CHINA EVERBRIGHT INTL LTD HK 257 HK 37,194.69 $32,113.46
6640507 NIPPON PAINT HOLDINGS CO LTD JP 4612 JP 419.75 $15,667.49
6641588 NISSAN CHEMICAL INDUSTRIES JP 4021 JP 268.21 $14,166.96
6642387 YAMAHA CORP JP 7951 JP 885.06 $46,897.68
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 65,116.7 $66,581.82
66987V109 NOVARTIS AG- REG CH NVS 29,625.94 $2,552,570.62
67087MAA4 OBP DEPOSITOR LLC TRUST 4.64620 07/15/2045 US 18,118.15 $18,469.82
67091GAA1 OCI NV 6.62500 04/15/2023 NL 48,892.3 $50,603.53
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 2,014.26 $699,593.83
6742340 SHANDONG WEIGAO CN 1066 HK 11,848.61 $11,692.35
6743882 JAPAN EXCHANGE GROUP INC JP 8697 JP 1,833.27 $31,934.21
6772217 SAMSUNG HEAVY INDUSTRIES KR 010140 KS 2,175.79 $15,844.67
6791591 SECOM CO LTD JP 9735 JP 174.32 $14,205.86
6793821 SEKISUI CHEMICAL CO LTD JP 4204 JP 850.2 $15,678.56
680665205 OLIN CORP US OLN 25,242.09 $648,216.81
68323ADY7 ONTARIO (PROVINCE OF) 1.25000 06/17/2019 CA 108,708.88 $107,566.92
6865504 SUZUKI MOTOR CORP JP 7269 JP 733.53 $42,039.28
6883807 SYSMEX CORP JP 6869 JP 186.4 $16,074.04
6885074 TERUMO CORP JP 4543 JP 524.34 $31,032.57
69007J106 OUTFRONT MEDIA INC US OUT 709.66 $14,157.80
6913168 GUANGDONG INVESTMENT LTD HK 270 HK 20,034.73 $35,500.80
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 46,545.13 $47,476.04
6948836 WESFARMERS LTD AU WES AU 433.28 $15,602.13
6979728 WOODSIDE PETROLEUM LTD AU WPL AU 1,690.08 $47,147.94
6985383 ASTELLAS PHARMA INC JP 4503 JP 850.2 $14,847.01
6986427 YOKOGAWA ELECTRIC CORP JP 6841 JP 710.74 $15,034.28
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 46,545.13 $45,439.69
7103065 NOVARTIS AG-REG CH NOVN SW 913.16 $78,603.54
7110902 TECAN GROUP AG-REG CH TECN SW 70.47 $16,682.45
7123870 NESTLE SA-REGISTERED CH NESN SW 13,877.88 $1,155,148.13
7145056 ENI SPA IT ENI IM 2,447.75 $46,138.99
7156036 SONOVA HOLDING AG-REG CH SOON SW 75.7 $15,024.01
71654QCJ9 PETROLEOS MEXICANOS 6.35000 02/12/2048 MX 293,270.02 $268,635.34
718172109 PHILIP MORRIS INTERNATIONAL US PM 8,721.26 $711,131.34
71943U104 PHYSICIANS REALTY TRUST US DOC 3,103.29 $52,321.54
7212477 ESSILORLUXOTTICA FR EL FP 239.37 $35,431.59
729640102 PLYMOUTH INDUSTRIAL REIT INC US 876.97 $13,592.97
733174AJ5 POPULAR INC 7.00000 07/01/2019 US 39,297.88 $40,299.97
733174AK2 POPULAR INC 6.12500 09/14/2023 PR 41,041.1 $41,549.19
7339451 ORPEA SA FR ORP FP 436.26 $56,438.09
7380062 AAREAL BANK AG DE ARL GR 756.75 $31,553.86
7380482 COMPAGNIE DE SAINT-GOBAIN FR SGO FP 2,353.08 $101,419.94
741503AZ9 PRICELINE GROUP INC/THE 3.60000 06/01/2026 US 566,554.84 $549,639.66
74340W103 PROLOGIS US PLD 1,539.81 $104,383.54
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 345,593.54 $365,465.17
74460D109 PUBLIC STORAGE INC US PSA 301.86 $60,864.87
74736K101 QORVO INC US QRVO 36,318.68 $2,792,543.14
758849103 REGENCY CENTERS CORP US REG 425.02 $27,485.89
75886F107 REGENERON PHARMACEUTICALS INC US REGN 2,967.24 $1,198,883.57
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 27,095.28 $27,840.40
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 1,322.57 $93,810.05
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 252.49 $24,249.19
78410G104 SBA COMMUNICATIONS CORP US SBAC 9,309.76 $1,495,427.39
78442PGC4 SLM CORP 5.12500 04/05/2022 US 41,246.87 $41,040.63
78490DAA2 SOFI 2018-C A1FX 3.08000 01/25/2048 US 346,424.96 $346,392.33
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 509,536.99 $550,298.88
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 352,566.45 $348,154.44
806857108 SCHLUMBERGER LTD NL SLB 30,591.53 $1,863,635.83
808513105 CHARLES SCHWAB CORP/THE US SCHW 43,648.06 $2,145,302.06
81211K100 SEALED AIR CORP US SEE 35,238.26 $1,414,816.17
812578102 SEATTLE GENETICS INC US SGEN 17,933.43 $1,383,025.77
81663AAD7 SEMGROUP CORP 6.37500 03/15/2025 US 27,562.05 $27,079.71
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 63,600.57 $60,214.35
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 88,794.85 $84,129.39
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 75,726.57 $67,119.07
81762P102 SERVICENOW INC US NOW 9,286.17 $1,816,652.69
81783QAC9 SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 CA 35,276.07 $34,305.98
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 30,650.33 $31,608.15
828806109 SIMON PROPERTY GROUP INC US SPG 767.61 $135,674.19
83088M102 SKYWORKS SOLUTIONS INC US SWKS 9,302.63 $843,841.64
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 33,638.18 $33,315.69
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 27,177.22 $26,347.06
83406EAB1 SOFI 2018-A A2A 2.39000 02/25/2042 US 79,946.16 $79,229.77
84265V105 SOUTHERN COPPER CORPORATION US SCCO 13,755.85 $593,427.56
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 239,280.33 $246,568.43
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 50,031.59 $49,656.35
852061AK6 SPRINT COMMUNICATIONS 9.00000 11/15/2018 US 15,894.81 $15,993.36
85254J102 STAG INDUSTRIAL INC US STAG 991.33 $27,261.49
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.37844 11/15/2027 US 165,523.36 $165,584.30
866674104 SUN COMMUNITIES US SUI 519.75 $52,775.66
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 1,886.96 $30,870.59
874080104 TAL EDUCATION GROUP - ADR CN TAL 614.99 $15,811.34
87470LAA9 TALLGRASS NRG PRTNR/FIN 5.50000 09/15/2024 US 26,422.76 $26,918.19
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 68,325.99 $68,137.87
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 39,503.64 $37,330.94
88032WAG1 TENCENT HOLDINGS LTD 3.59500 01/19/2028 KY 384,767.59 $364,187.40
88104LAE3 TERRAFORM POWER OPERATIN 5.00000 01/31/2028 US 25,818.82 $24,011.50
882508104 TEXAS INSTRUMENTS INC US TXN 9,735.82 $1,044,556.06
883556102 THERMO FISHER SCIENTIFIC INC US TMO 2,573.65 $628,177.45
88650V208 TIER REIT INC US TIER 1,862.32 $44,881.81
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 313,549.66 $304,671.25
89613BAA5 TAH 2013-SFR1 A 2.58900 11/17/2033 US 269,406.14 $259,715.85
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 90,590.74 $86,657.41
896356AE2 TRINIDAD DRILLING LTD 6.62500 02/15/2025 CA 7,975.02 $7,895.27
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 51,843.4 $53,269.10
902653104 UDR INC US UDR 1,489.25 $60,210.53
903002103 UMH PROPERTIES INC US UMH 966.95 $15,123.07
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 33,258.49 $33,216.92
90384S303 ULTA BEAUTY INC US ULTA 3,817.76 $1,077,065.76
904767704 UNILEVER PLC - ADR GB UL 33,610.69 $1,847,579.56
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 934,003.12 $1,223,215.73
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 1,430,859.26 $1,757,274.03
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 678,402.99 $636,568.13
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 578,572.84 $506,725.84
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 1,315,749.08 $1,267,230.83
9128282N9 US TREASURY N/B 2.12500 07/31/2024 US 4,241,292.14 $4,046,623.45
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 1,748,714.27 $1,704,928.11
912828D23 US TREASURY N/B 1.62500 04/30/2019 US 2,414,418.09 $2,402,911.89
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 3,111,680.56 $3,071,042.33
912828R28 US TREASURY N/B 1.62500 04/30/2023 US 748,883.42 $706,758.73
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 1,905,445.09 $1,723,683.50
912828RT9 US TREASURY N/B 1.37500 11/30/2018 US 748,883.42 $747,910.89
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 660,589.75 $639,494.92
912828WZ9 UNITED STATES TREAS NTS 1.75000 04/30/2022 US 700,568.36 $672,956.12
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 2,424,272.32 $2,301,638.22
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 700,568.36 $663,323.31
91704F104 URBAN EDGE PROPERTIES US UE 1,919.91 $42,391.63
92276F100 VENTAS INC US VTR 393.66 $21,407.48
92339V100 VEREIT INC US VER 2,766.6 $20,085.54
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 513,160.62 $561,896.61
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 4,324.78 $833,558.32
92826C839 VISA INC - CLASS A SHARES US V 17,327.37 $2,600,665.00
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 45,899.31 $46,674.72
929042109 VORNADO REALTY TRUST US VNO 635.71 $46,406.86
92936CAE9 WFRBS 2011-C4 A3 4.39400 06/15/2044 US 2,521.17 $2,530.24
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 39,297.88 $40,624.18
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 29,442.45 $28,485.57
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 51,239.47 $48,805.59
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 72,472.59 $73,790.27
95040Q104 WELLTOWER INC. US WELL 500.18 $32,171.49
962166104 WEYERHAEUSER CO US WY 543.65 $17,543.66
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 34,136.78 $34,307.47
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 39,901.81 $39,602.55
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 277,704.8 $264,351.08
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 78,418.61 $78,354.76
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 87,400.9 $85,307.77
98919V105 ZAYO GROUP HOLDINGS INC US ZAYO 52,467.21 $1,821,661.59
AP0787667 MPC CONTAINER SHIPS FLT 7.11638 09/22/2022 NL 24,157.53 $24,677.64
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 67,065.69 $66,227.36
B0190C7 TECHTRONIC INDUSTRIES CO LTD HK 669 HK 2,386.98 $15,225.83
B02J639 ADMIRAL GROUP PLC GB ADM LN 666.43 $18,065.26
B037JC2 NEXITY FR NXI FP 537.01 $29,680.12
B0386J1 JYSKE BANK-REG DK JYSK DC 659.24 $31,921.48
B05LZ02 HAKUHODO DY HOLDINGS INC JP 2433 JP 862.28 $15,144.51
B06JSP1 SYDBANK A/S DK SYDB DC 868.88 $25,544.73
B09DHL9 MTU AERO ENGINES HOLDING AG DE MTX GR 75.7 $17,053.57
B09M9D2 KONE OYJ-B FI KNEBV FH 620.89 $33,142.31
B0JDQD4 BANDAI NAMCO HOLDINGS INC JP 7832 JP 815.34 $31,676.47
B11TCY0 SCHINDLER HOLDING-PART CERT CH SCHP SW 125.79 $31,390.90
B138HB7 KAUFMAN & BROAD SA FR KOF FP 947.63 $44,470.43
B13X013 EIFFAGE FR FGR FP 538.68 $60,176.22
B15C557 TOTAL SA FR FP FP 1,186.33 $77,135.77
B19NLV4 EXPERIAN PLC GB EXPN LN 681.52 $17,487.90
B1CRLC4 MONDI PLC GB MNDI LN 634.31 $17,367.44
B1FW751 GALP ENERGIA SGPS SA PT GALP PL 4,718.09 $93,549.37
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 3,792.27 $27,103.58
B1WGG93 GEBERIT AG-REG CH GEBN SW 98.43 $45,685.67
B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 856.14 $50,124.32
B1XH026 VINCI SA FR DG FP 11,044.96 $1,050,814.49
B1Y9TB3 DANONE FR BN FP 831.03 $64,583.31
B1YVKN8 ANTA SPORTS PRODUCTS LTD CN 2020 HK 6,758.77 $32,265.24
B232R05 SK INNOVATION CO LTD KR 096770 KS 188.95 $36,626.92
B249GC0 MATSUMOTOKIYOSHI HOLDINGS CO JP 3088 JP 806 $33,052.66
B283W97 CAIXABANK S.A ES CABK SM 162,089.44 $737,169.63
B296BQ5 STORAGEVAULT CANADA INC CA SVI CN 3,391.4 $6,957.94
B3FF8W8 HOSHIZAKI CORP JP 6465 JP 151.54 $15,684.77
B3FP8W8 CANADA HOUSING TRUST 4.10000 12/15/2018 CA 50,730.81 $39,460.97
B3MSM28 AMADEUS IT HOLDING SA-A SHS ES AMS SM 183.45 $17,003.81
B3NB1P2 SUNCOR ENERGY INC CA SU CN 1,095.57 $42,392.66
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 150,984.56 $7,821.76
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 64,017.45 $50,359.01
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 374,441.71 $19,201.69
B4Q2TX3 CHINA LONGYUAN POWER GROUP-H CN 916 HK 73,728.8 $62,086.40
B4R2R50 JULIUS BAER CH BAER SW 15,339.45 $766,606.45
B4WTBY3 HUANENG RENEWABLES CORP-H CN 958 HK 183,799.03 $54,806.36
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 111,728.58 $82,098.29
B4YVF56 BRENNTAG AG DE BNR GR 446.19 $27,517.27
B607XS1 VERMILION ENERGY INC CA VET CN 1,596.88 $52,617.24
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 579,780.72 $31,082.43
B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 5,234.1 $66,064.58
B63QM77 NEXON CO LTD JP 3659 JP 4,497.79 $58,792.95
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 181,181.47 $9,472.96
B798FW0 NOVOZYMES A/S-B SHARES DK NZYMB DC 329.09 $18,049.83
B7VQL46 FNAC DARTY SA FR FNAC FP 514.44 $40,566.52
B8FMRX8 COLOPLAST-B DK COLOB DC 322.11 $32,905.51
BB22L96 KION GROUP AG DE KGX GR 733.8 $45,056.14
BBG00LNRP8L0 AMZN US 09/28/18 P1825 US -1.21 -$1.21
BBG00LRS8WH5 QRVO US 10/19/18 P70 US -32.49 -$1,104.72
BBG00LXHFRM9 SCHW US 10/26/18 C51.5 US -33.22 -$2,524.46
BD3JR69 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 45,192.07 $23,726.81
BD6G507 FERRARI NV IT RACE IM 128.13 $17,599.98
BD6K457 COMPASS GROUP PLC GB CPG LN 798.12 $17,745.00
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 69,729.09 $71,298.00
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 41,546.35 $21,854.45
BDZV116 EPIROC AB-A SE EPIA SS 4,873.42 $54,451.36
BF2DSG3 SIKA AG-REG CH SIKA SW 103.66 $15,084.57
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 63,043.88 $59,261.25
BFYFZP5 FERGUSON PLC CH FERG LN 210.68 $17,870.16
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 328.32 $66,138.00
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 12,463.83 $20,548.99
BGLP232 MONCLER SPA IT MONC IM 756 $32,528.57
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 65,106.02 $50,839.53
BHC8X90 NOVO NORDISK A/S-B DK NOVOB DC 341.89 $16,091.16
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 50,339.54 $2,055,405.16
BNBNSG0 EURONEXT NV NL ENX FP 823.58 $54,113.83
BNGN9Z1 FINECOBANK SPA IT FBK IM 62,313.03 $830,937.56
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 38,204.34 $1,154,211.97
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 932.01 $31,130.41
BVSS790 ELIS SA FR ELIS FP 2,638.78 $62,128.50
BYQ32R1 NEMAK SAB DE CV MX 39,380.13 $29,670.83
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 65,226.8 $31,429.02
BYXS699 QIAGEN N.V. NL QIA GR 1,008.43 $38,191.76
BYY8LS2 MAISONS DU MONDE SA FR MDM FP 1,187.47 $34,633.79
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 20,201.92 $1,768,385.28
BYZ43T4 EUROBANK ERGASIAS SA GR EUROB GA 33,989.23 $25,660.22
BYZFYS3 SPIE SA FR SPIE FP 3,309.01 $65,899.29
BYZWX76 CRODA INTERNATIONAL PLC GB CRDA LN 706.26 $47,873.07
BZ01RF1 WILLIAM DEMANT HOLDING DK WDH DC 822.91 $30,890.80
BZ3C3Q4 BANKIA SA ES BKIA SM 118,192.49 $461,389.44
BZCNN35 BANCO COMERCIAL PORTUGUES-R PT BCP PL 95,441.77 $28,257.32
G02602103 AMDOCS LTD GG DOX 15,177.12 $1,001,386.32
G0750C108 AXALTA COATING SYSTEMS LTD US AXTA 22,692.36 $661,709.18
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 560.6 $29,072.96
G27358103 DESPEGAR.COM CORP AR DESP 738.35 $12,455.89
G3157S106 ENSCO INTERNATIONAL INC US ESV 101,301.09 $854,981.18
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 61,232.07 $63,681.35
G5960L103 MEDTRONIC INC IE MDT 30,271.47 $2,977,804.80
G97822103 PERRIGO CO PLC IE PRGO 12,859.36 $910,442.66
H8817H100 TRANSOCEAN LTD US RIG 67,048.36 $935,324.65
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 256.27 $30,155.03
N22717107 CORE LABORATORIES N.V. NL CLB 296.17 $34,305.32
N47279109 INTERXION HOLDING NV NL INXN 14,167.26 $953,456.79
N59465109 MYLAN NV US MYL 9,647.5 $353,098.48
N72482123 QIAGEN N.V. ADR NL QGEN 20,174.03 $764,192.31
USD US DOLLAR US 870,563.56 $870,563.56

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

$24.20

Daily $ Change

-$0.28

Daily % Change

-1.16%

as of 10/18/2018

CUSIP

563821156

Inception Date

01/06/2005

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

Important Documents

Annual Report
Fact Sheet
Applications & Forms

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

Investment Objective

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

Investment Strategy

Currently: The portfolio is currently invested in a moderately aggressive, growth-oriented mix of securities that seeks to earn the long-term growth typically associated with the stock market without full market risk. The portfolio is diversified primarily among various stock investments in both domestic and foreign markets, with a portion of the portfolio invested in fixed income securities. Stock exposure can range from 59% - 88%.

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 2040
  • Who have time to pursue growth and can accept 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 09/30/2018

YTD

5.53%

1 Year

9.78%

3 Year

11.37%

5 Year

7.25%

10 Year

7.72%

Inception
(01/01/2000)

7.00%

US Stock Market Cycle (04/01/2000 - 09/30/2018)

7.16%

Performance through the inception date of the Retirement Target CIT Class S Units is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. The Retirement Target CIT Fund will gradually become more conservative over time. Returns are net of the Class S expenses. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.91%
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 09/30/2018

TREASURY NOTES 8.70%
TREASURY BONDS 2.76%
GOVERNMENT AGENCY 2.21%
INCYTE CORP 2.16%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 1.78%
BOOKING HOLDINGS INC 1.74%
MEDTRONIC INC 1.73%
MASTERCARD INC-CLASS A 1.71%
LULULEMON - ADR 1.70%
QORVO INC 1.62%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 09/30/2018

Stocks
71.68%
Bonds
27.82%
Cash
0.50%

Detailed Asset Class Allocation

As of 09/30/2018

International Equities
24.64%
Small Capitalization
1.17%
Mid Capitalization
7.15%
Large Capitalization
38.73%
Long Term Fixed Income
7.48%
Intermediate Term Fixed Income
14.44%
Short Term Fixed Income
5.89%
Cash
0.50%

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

September Fund Holdings

As of 09/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 23,471.66 $23,823.73
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 366,923.79 $362,184.02
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 422,756.77 $416,491.52
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 95,601.31 $97,513.33
004239109 ACADIA REALTY TRUST US AKR 559.19 $15,674.02
0045614 ANTOFAGASTA PLC GB ANTO LN 27,189.8 $302,144.37
0053673 ASHTEAD GROUP PLC GB AHT LN 1,130.01 $35,853.39
00724F101 ADOBE SYS INC US ADBE 4,183.47 $1,129,327.54
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 359,676.53 $355,887.65
00790X101 ADVANCED DISPOSAL SERVICES US ADSW 35,989 $974,582.15
0081180 BARRATT DEVELOPMENTS PLC GB BDEV LN 2,077.36 $15,341.31
008492100 AGREE REALTY CORP US ADC 250.95 $13,330.69
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 17,638.04 $18,191.90
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 98.05 $12,333.16
01609W102 ALIBABA GROUP - ADR CN BABA 11,474.25 $1,890,496.85
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 585,469.34 $545,712.77
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 36,483.95 $36,848.79
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 30,046.39 $30,046.39
02079K107 ALPHABET INC-CL C US GOOG 1,034.44 $1,234,569.15
02079K305 ALPHABET INC-CL A US GOOGL 1,022.84 $1,234,647.33
02155FAC9 ALTICE US FINANCE I CORP 5.50000 05/15/2026 US 16,910.27 $16,889.13
02209S103 ALTRIA GROUP INC US MO 10,674 $643,748.87
023135106 AMAZON.COM INC US AMZN 756.33 $1,514,932.72
02319V103 AMBEV SA-ADR BR ABEV 336,598.28 $1,538,254.14
0237400 DIAGEO PLC GB DGE LN 43,266.28 $1,532,850.07
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 619.67 $25,505.41
0263494 BAE SYSTEMS PLC GB BA/ LN 6,686.01 $54,825.39
02665T306 AMERICAN HOMES 4 RENT- A US AMH 2,502.23 $54,773.71
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 378,865.38 $362,455.28
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 39,297.88 $39,297.88
03027X100 AMERICAN TOWER REIT INC US AMT 10,488.65 $1,524,000.86
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 10,798.18 $10,866.72
03064D108 AMERICOLD REALTY TRUST US COLD 468.92 $11,732.49
03748R101 APARTMENT INVT & MGMT CO -A US AIV 892.04 $39,365.94
03784Y200 APPLE HOSPITALITY REIT INC US APLE 1,198.22 $20,956.87
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 30,581.74 $29,931.88
0405207 HALMA PLC GB HLMA LN 1,912.87 $36,013.45
0490656 KERRY GROUP PLC-A IE KYGA LN 594.6 $65,619.18
053332102 AUTOZONE INC US AZO 1,721.47 $1,335,340.96
053484101 AVALONBAY COMMUNITIES INC US AVB 585.82 $106,120.56
058498106 BALL CORP US BLL 44,848.9 $1,972,903.30
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 557,029 $549,710.88
0822011 DS SMITH PLC GB SMDS LN 7,173 $44,680.09
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 18,080.3 $1,753,247.17
09062X103 BIOGEN IDEC INC US BIIB 2,089.34 $738,182.95
0922320 SMITH & NEPHEW PLC GB SN/ LN 1,667.35 $30,420.32
09247X101 BLACKROCK INC US BLK 4,155.01 $1,958,378.94
0946580 WEIR GROUP PLC/THE GB WEIR LN 3,329.65 $76,388.77
09627J102 BLUEROCK RESIDENTIAL GROWTH US 1,086.91 $10,651.77
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 513,023.45 $542,923.74
09857L108 BOOKING HOLDINGS INC US BKNG 1,508.37 $2,992,605.80
101121101 BOSTON PROPERTIES INC US BXP 590.91 $72,734.92
105368203 BRANDYWINE REALTY TRUST US BDN 3,059.29 $48,092.01
110122108 BRISTOL MYERS SQUIBB CO US BMY 12,522.27 $777,382.63
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 1,074.68 $50,112.22
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 27,562.05 $27,286.43
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 38,158.59 $37,729.30
12503M108 CBOE GLOBAL MARKETS INC US CBOE 2,312.76 $221,932.14
125269100 CF INDUSTRIES HOLDINGS INC US CF 34,166.16 $1,860,005.80
12572Q105 CME GROUP INC US CME 1,426.39 $242,785.82
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 367,060.96 $367,538.14
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 68,273.56 $66,737.41
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 110,992.05 $102,672.51
13321L108 CAMECO CORP CA CCJ 2,625.98 $29,936.13
134429109 CAMPBELL SOUP CO US CPB 22,320.95 $817,616.42
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 1,514.32 $17,308.66
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 13,411.03 $13,377.51
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 141,646.64 $141,278.24
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 64,114.58 $59,645.80
15672WAJ3 CEQUEL COM HLDG I/CAP CP 7.50000 04/01/2028 US 29,442.45 $30,877.77
16411QAB7 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 41,041.1 $41,091.58
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 240,091.68 $237,223.19
165240102 CHESAPEAKE LODGING TRUST US CHSP 613.09 $19,661.81
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 381,281.13 $550,366.15
191216100 COCA COLA CO/THE US KO 27,440.92 $1,267,495.89
194162103 COLGATE-PALMOLIVE CO US CL 10,528.17 $704,860.98
19626G108 COLONY CAPITAL INC US CLNY 2,740.89 $16,692.03
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 811.82 $25,150.07
2162760 CAE INC CA CAE CN 804.56 $16,332.25
2171573 CANADIAN NATURAL RESOURCES CA CNQ CN 1,417.42 $46,309.05
2180632 CANADIAN NATL RAILWAY CO CA CNR CN 198.6 $17,820.78
21871N101 CORECIVIC INC US CXW 1,454.36 $35,384.64
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 244,103.37 $270,073.43
222795106 COUSINS PROPERTIES INC US CUZ 5,326.83 $47,355.50
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 32,928.9 $32,171.54
22822V101 CROWN CASTLE INTL CORP US CCI 335.38 $37,338.26
228368106 CROWN HOLDINGS INC US CCK 8,101.48 $388,871.25
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 73,334.27 $67,283.16
229663109 CUBESMART US CUBE 637.92 $18,199.87
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 23,471.66 $23,999.77
23331A109 DR HORTON INC US DHI 147.68 $6,229.10
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 22,019.77 $250,772.95
23918K108 DAVITA INC. US DVA 19,559.63 $1,401,056.20
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 46,407.96 $44,261.59
2392471 GRUPO BIMBO SAB- SERIES A MX BIMBOA MM 7,731.67 $16,451.59
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 14,594.07 $49,964.86
2491914 KIMBERLY CLARK DE MEXICO S.A.B. MX 19,105.47 $33,894.49
25271C102 DIAMOND OFFSHORE DRILLING US DO 30,413.85 $608,277.00
253393102 DICK'S SPORTING GOODS INC US DKS 29,711.52 $1,054,164.68
253868103 DIGITAL REALTY TRUST INC US DLR 678.58 $76,326.30
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 378,865.38 $370,430.52
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 51,170.88 $51,810.51
2639349 GRUPO AEROPORT DEL SURESTE-B MX 1,499.05 $30,631.43
2643674 GRUPO MEXICO SAB DE CV-SER MX GMEXICOB MM 5,164.07 $14,862.49
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 68,273.56 $68,614.93
269246401 ETRADE FINANCIAL CORP US ETFC 24,829.47 $1,300,815.73
2715777 QUEBECOR INC -CL B CA QBR/B CN 45,849.36 $919,365.52
277276101 EASTGROUP PROPERTIES US EGP 115.35 $11,030.15
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 43,491.68 $847,509.46
285512109 ELECTRONIC ARTS US EA 12,995.65 $1,565,845.62
2866857 LUNDIN MINING CORP CA LUN CN 79,202.39 $419,420.38
294429105 EQUIFAX INC US EFX 6,409.87 $836,936.21
29444U700 EQUINIX INC US EQIX 2,956.18 $1,279,700.04
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 274.29 $26,455.15
29476L107 EQUITY RESIDENTIAL US EQR 1,074.25 $71,179.51
297178105 ESSEX PROPERTY TRUST INC US ESS 123 $30,345.20
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 371,422.02 $364,573.00
30225T102 EXTRA SPACE STORAGE INC US EXR 280.47 $24,299.52
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 24,542.38 $24,422.84
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 46,339.37 $47,266.16
30286XAN9 FREMF 2015-K43 B FLT 3.86212 02/25/2048 US 253,654.06 $246,672.82
30290HAE8 FREMF 2012-K708 FLT 3.88522 02/25/2045 US 48,315.06 $48,354.03
30291EAE4 FREMF 2013-K712 B FLT 3.47300 05/25/2045 US 163,063.33 $163,032.41
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 17,394,121.01 $60,529.80
30291XAE2 FREMF 2014-K715 B FLT 4.11905 02/25/2046 US 211,378.39 $213,845.74
30292HAU0 FREMF 2014- K503 B 3.08905 10/25/2047 US 150,984.56 $150,609.76
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 34,310.99 $37,062.62
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 21,341.77 $22,992.89
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 18,735.86 $20,738.52
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90384S303 ULTA BEAUTY INC US ULTA 3,817.76 $1,077,065.76
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912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 1,315,749.08 $1,267,230.83
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92339V100 VEREIT INC US VER 2,766.6 $20,085.54
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92532F100 VERTEX PHARMACEUTICALS INC US VRTX 4,324.78 $833,558.32
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98919V105 ZAYO GROUP HOLDINGS INC US ZAYO 52,467.21 $1,821,661.59
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B1YVKN8 ANTA SPORTS PRODUCTS LTD CN 2020 HK 6,758.77 $32,265.24
B232R05 SK INNOVATION CO LTD KR 096770 KS 188.95 $36,626.92
B249GC0 MATSUMOTOKIYOSHI HOLDINGS CO JP 3088 JP 806 $33,052.66
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B3FF8W8 HOSHIZAKI CORP JP 6465 JP 151.54 $15,684.77
B3FP8W8 CANADA HOUSING TRUST 4.10000 12/15/2018 CA 50,730.81 $39,460.97
B3MSM28 AMADEUS IT HOLDING SA-A SHS ES AMS SM 183.45 $17,003.81
B3NB1P2 SUNCOR ENERGY INC CA SU CN 1,095.57 $42,392.66
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 150,984.56 $7,821.76
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 64,017.45 $50,359.01
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 374,441.71 $19,201.69
B4Q2TX3 CHINA LONGYUAN POWER GROUP-H CN 916 HK 73,728.8 $62,086.40
B4R2R50 JULIUS BAER CH BAER SW 15,339.45 $766,606.45
B4WTBY3 HUANENG RENEWABLES CORP-H CN 958 HK 183,799.03 $54,806.36
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 111,728.58 $82,098.29
B4YVF56 BRENNTAG AG DE BNR GR 446.19 $27,517.27
B607XS1 VERMILION ENERGY INC CA VET CN 1,596.88 $52,617.24
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 579,780.72 $31,082.43
B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 5,234.1 $66,064.58
B63QM77 NEXON CO LTD JP 3659 JP 4,497.79 $58,792.95
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 181,181.47 $9,472.96
B798FW0 NOVOZYMES A/S-B SHARES DK NZYMB DC 329.09 $18,049.83
B7VQL46 FNAC DARTY SA FR FNAC FP 514.44 $40,566.52
B8FMRX8 COLOPLAST-B DK COLOB DC 322.11 $32,905.51
BB22L96 KION GROUP AG DE KGX GR 733.8 $45,056.14
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BBG00LXHFRM9 SCHW US 10/26/18 C51.5 US -33.22 -$2,524.46
BD3JR69 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 45,192.07 $23,726.81
BD6G507 FERRARI NV IT RACE IM 128.13 $17,599.98
BD6K457 COMPASS GROUP PLC GB CPG LN 798.12 $17,745.00
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 69,729.09 $71,298.00
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 41,546.35 $21,854.45
BDZV116 EPIROC AB-A SE EPIA SS 4,873.42 $54,451.36
BF2DSG3 SIKA AG-REG CH SIKA SW 103.66 $15,084.57
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 63,043.88 $59,261.25
BFYFZP5 FERGUSON PLC CH FERG LN 210.68 $17,870.16
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 328.32 $66,138.00
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 12,463.83 $20,548.99
BGLP232 MONCLER SPA IT MONC IM 756 $32,528.57
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 65,106.02 $50,839.53
BHC8X90 NOVO NORDISK A/S-B DK NOVOB DC 341.89 $16,091.16
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 50,339.54 $2,055,405.16
BNBNSG0 EURONEXT NV NL ENX FP 823.58 $54,113.83
BNGN9Z1 FINECOBANK SPA IT FBK IM 62,313.03 $830,937.56
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 38,204.34 $1,154,211.97
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 932.01 $31,130.41
BVSS790 ELIS SA FR ELIS FP 2,638.78 $62,128.50
BYQ32R1 NEMAK SAB DE CV MX 39,380.13 $29,670.83
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 65,226.8 $31,429.02
BYXS699 QIAGEN N.V. NL QIA GR 1,008.43 $38,191.76
BYY8LS2 MAISONS DU MONDE SA FR MDM FP 1,187.47 $34,633.79
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 20,201.92 $1,768,385.28
BYZ43T4 EUROBANK ERGASIAS SA GR EUROB GA 33,989.23 $25,660.22
BYZFYS3 SPIE SA FR SPIE FP 3,309.01 $65,899.29
BYZWX76 CRODA INTERNATIONAL PLC GB CRDA LN 706.26 $47,873.07
BZ01RF1 WILLIAM DEMANT HOLDING DK WDH DC 822.91 $30,890.80
BZ3C3Q4 BANKIA SA ES BKIA SM 118,192.49 $461,389.44
BZCNN35 BANCO COMERCIAL PORTUGUES-R PT BCP PL 95,441.77 $28,257.32
G02602103 AMDOCS LTD GG DOX 15,177.12 $1,001,386.32
G0750C108 AXALTA COATING SYSTEMS LTD US AXTA 22,692.36 $661,709.18
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 560.6 $29,072.96
G27358103 DESPEGAR.COM CORP AR DESP 738.35 $12,455.89
G3157S106 ENSCO INTERNATIONAL INC US ESV 101,301.09 $854,981.18
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 61,232.07 $63,681.35
G5960L103 MEDTRONIC INC IE MDT 30,271.47 $2,977,804.80
G97822103 PERRIGO CO PLC IE PRGO 12,859.36 $910,442.66
H8817H100 TRANSOCEAN LTD US RIG 67,048.36 $935,324.65
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 256.27 $30,155.03
N22717107 CORE LABORATORIES N.V. NL CLB 296.17 $34,305.32
N47279109 INTERXION HOLDING NV NL INXN 14,167.26 $953,456.79
N59465109 MYLAN NV US MYL 9,647.5 $353,098.48
N72482123 QIAGEN N.V. ADR NL QGEN 20,174.03 $764,192.31
USD US DOLLAR US 870,563.56 $870,563.56

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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