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 56% - 86%.

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

$27.93

Daily $ Change

$0.10

Daily % Change

0.36%

as of 12/13/2019

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 11/30/2019

YTD

20.93%

1 Year

14.32%

3 Year

11.49%

5 Year

6.39%

10 Year

8.60%

Inception
(01/01/2000)

7.04%

US Stock Market Cycle (04/01/2000 - 11/30/2019)

7.18%

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 0.89%
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 11/30/2019

TREASURY NOTES 6.46%
TREASURY BONDS 3.76%
GOVERNMENT AGENCY 3.55%
FACEBOOK INC -A 2.15%
JOHNSON & JOHNSON 1.88%
MASTERCARD INC-CLASS A 1.81%
SERVICENOW INC 1.81%
MEDTRONIC INC 1.80%
BERKSHIRE HATHAWAY INC-CL B 1.72%
MICRON TECHNOLOGY INC 1.70%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 11/30/2019

Stocks 71.19%
Bonds 27.28%
Cash 1.53%

Detailed Asset Class Allocation

As of 11/30/2019

International Equities 22.95%
Small Capitalization 1.07%
Mid Capitalization 2.46%
Large Capitalization 44.72%
Long Term Fixed Income 8.59%
Intermediate Term Fixed Income 14.03%
Short Term Fixed Income 4.65%
Cash 1.53%

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 11/30/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 6,313.64 $6,692.46
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 211,805.47 $231,716.46
00287Y109 ABBVIE INC US ABBV 411.08 $36,064.36
004239109 ACADIA REALTY TRUST US AKR 224.69 $6,039.65
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 10,360.74 $9,290.68
00507V109 ACTIVISION INC US ATVI 14,487.49 $794,349.00
00751Y106 ADVANCE AUTO PARTS INC US AAP 2,560.01 $402,127.00
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 219,254.44 $235,976.33
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 11,169.33 $10,973.87
008492100 AGREE REALTY CORP US ADC 138.57 $10,362.20
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 225,731.45 $233,918.03
013093AD1 ALBERTSONS COS LLC/SAFEW 5.75000 03/15/2025 US 6,313.64 $6,439.91
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 50.67 $8,234.62
01609W102 ALIBABA GROUP - ADR CN BABA 392.46 $78,491.46
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 173,270.18 $179,938.67
020002101 ALLSTATE CORPORATION US ALL 98.94 $11,017.43
02079K107 ALPHABET INC-CL C US GOOG 587.1 $766,143.31
02079K305 ALPHABET INC-CL A US GOOGL 587.1 $765,632.53
02209S103 ALTRIA GROUP INC US MO 6,948.26 $345,328.67
023135106 AMAZON.COM INC US AMZN 550.87 $992,005.46
02319V103 AMBEV SA-ADR BR ABEV 137,397.83 $578,444.86
0237400 DIAGEO PLC GB DGE LN 14,600.81 $596,538.77
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 360.51 $17,318.71
0263494 BAE SYSTEMS PLC GB BA/ LN 11,056.78 $81,880.16
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,129.44 $30,167.41
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 17,968.95 $18,326.86
03027X100 AMERICAN TOWER REIT INC US AMT 3,416.04 $731,134.15
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 220,871.63 $235,536.00
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 4,469.88 $4,505.14
03064D108 AMERICOLD REALTY TRUST US COLD 670.83 $25,236.62
031162100 AMGEN INC US AMGN 180.8 $42,437.34
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 6,313.64 $4,987.77
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 7,608.21 $5,877.35
03748R754 APARTMENT INVT & MGMT CO -A US AIV 588.85 $31,662.67
038222105 APPLIED MATERIALS INC US AMAT 259.32 $15,014.62
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 187.66 $8,056.31
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 7,608.21 $7,712.83
053332102 AUTOZONE INC US AZO 363.06 $427,655.02
053484101 AVALONBAY COMMUNITIES INC US AVB 208.99 $44,808.91
054937107 BB&T CORP US BBT 211.36 $11,565.35
05722G100 BAKER HUGHES CO US BKR 347.19 $7,784.06
060505104 BANK OF AMERICA CORP US BAC 1,356 $45,181.91
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 329,690.26 $350,827.40
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 7,074.8 $1,558,577.90
086516101 BEST BUY INC US BBY 139.08 $11,215.36
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 7,932.07 $640,197.04
09247X101 BLACKROCK INC US BLK 1,710.2 $846,394.71
0946580 WEIR GROUP PLC/THE GB WEIR LN 3,828.44 $68,984.76
097023105 BOEING CO US BA 124.06 $45,427.90
09857L108 BOOKING HOLDINGS INC US BKNG 269.6 $513,324.13
101121101 BOSTON PROPERTIES INC US BXP 186.45 $25,831.22
101137107 BOSTON SCIENTIFIC CORP US BSX 8,322.07 $359,929.40
105368203 BRANDYWINE REALTY TRUST US BDN 1,759.63 $27,151.15
110122108 BRISTOL MYERS SQUIBB CO US BMY 468.66 $26,685.50
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 996.92 $39,488.13
11135F101 BROADCOM INC US AVGO 91.6 $28,964.24
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 7,608.21 $4,869.26
12429TAE4 BWAY HOLDING CO 7.25000 04/15/2025 US 7,608.21 $7,208.78
12503M108 CBOE GLOBAL MARKETS INC US CBOE 5,565.53 $661,741.77
125269100 CF INDUSTRIES HOLDINGS INC US CF 10,062.97 $465,010.01
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 87.42 $6,718.51
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 43,607.93 $44,437.17
12572Q105 CME GROUP INC US CME 3,102.89 $629,048.83
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 73,600.55 $72,567.64
126650100 CVS HEALTH CORP US CVS 373.87 $28,141.13
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 9,874.75 $9,936.67
133131102 CAMDEN PROPERTY TRUST US CPT 213.03 $23,763.96
13321L108 CAMECO CORP CA CCJ 5,700.49 $52,729.54
149123101 CATERPILLAR INC US CAT 159.41 $23,070.74
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 682.75 $682.65
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 60,925.76 $61,319.66
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 6,313.64 $6,377.34
166764100 CHEVRON CORP US CVX 323.14 $37,849.92
17275R102 CISCO SYSTEMS INC US CSCO 939.09 $42,550.21
172967424 CITIGROUP INC US C 392.41 $29,478.19
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 104,930.77 $173,823.71
191216100 COCA COLA CO/THE US KO 28,766.39 $1,536,125.08
192422103 COGNEX CORP US CGNX 6,598.64 $331,119.63
194162103 COLGATE-PALMOLIVE CO US CL 5,086.2 $344,946.21
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 169,055.59 $171,647.89
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 393.69 $18,739.71
20451NAG6 COMPASS MINERALS INTERNA 6.75000 12/01/2027 US 13,921.85 $14,409.12
205887102 CONAGRA BRAND INC. US CAG 211.1 $6,094.32
222795502 COUSINS PROPERTIES INC US CUZ 1,103.66 $44,687.37
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 346,172.43 $347,485.66
22822V101 CROWN CASTLE INTL CORP US CCI 152.01 $20,317.00
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 50,132.93 $50,773.10
228368106 CROWN HOLDINGS INC US CCK 5,038.36 $382,411.52
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 48,840.64 $47,516.97
231021106 CUMMINS INC US CMI 71.47 $13,068.20
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 1,887.84 $17,268.15
25271C102 DIAMOND OFFSHORE DRILLING US DO 26,032.74 $147,084.98
25277LAC0 DIAMOND SPORTS GR/DIAMON 6.62500 08/15/2027 US 9,874.75 $9,625.02
253868103 DIGITAL REALTY TRUST INC US DLR 177.58 $21,478.57
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 208,889.59 $237,843.54
256677105 DOLLAR GENERAL CORP US DG 3,967.78 $624,369.73
256746108 DOLLAR TREE STORES INC US DLTR 6,997.59 $639,999.33
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 12,141.29 $12,338.59
25960P109 DOUGLAS EMMETT INC US DEI 471.72 $20,788.59
260557103 DOW INC US DOW 217.4 $11,602.90
2715777 QUEBECOR INC -CL B CA QBR/B CN 20,350.21 $504,656.93
277432100 EASTMAN CHEM CO US EMN 85.19 $6,676.26
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 24,608.65 $508,550.44
285512109 ELECTRONIC ARTS US EA 11,165.9 $1,127,867.10
2866857 LUNDIN MINING CORP CA LUN CN 26,889.46 $145,550.88
291011104 EMERSON ELEC CO US EMR 236.86 $17,494.33
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 143,147.57 $167,250.40
29413XAD9 ENVIVA PARTNERS LP/FIN C 6.50000 01/15/2026 US 9,874.75 $10,261.85
29444U700 EQUINIX INC US EQIX 1,357.39 $769,434.65
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 284.26 $21,058.02
29476L107 EQUITY RESIDENTIAL US EQR 337.36 $28,709.24
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 812.35 $21,194.08
297178105 ESSEX PROPERTY TRUST INC US ESS 68.77 $21,467.48
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 298,878.52 $300,561.09
30225T102 EXTRA SPACE STORAGE INC US EXR 71.71 $7,605.10
30286XAN9 FREMF 2015-K43 B FLT 3.86148 02/25/2048 US 204,112.16 $211,671.19
30291EAE4 FREMF 2013-K712 B FLT 3.28134 05/25/2045 US 58,577.61 $58,489.58
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 13,603,877.44 $34,793.28
30291XAE2 FREMF 2014-K715 B FLT 4.11191 02/25/2046 US 170,093.47 $172,756.25
30303M102 FACEBOOK INC -A US FB 9,694.19 $1,954,735.62
30744W107 FARFETCH LTD - CLASS A GB FTCH 1,995.14 $19,871.60
311900104 FASTENAL CO US FAST 274.69 $9,757.16
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 23,323.94 $26,252.24
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 13,949.07 $15,675.50
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 10,763.74 $12,061.95
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 607.29 $629.17
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 1,205.97 $1,234.16
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 832.84 $855.19
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 745.99 $772.84
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 1,242.08 $1,283.15
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 116,208.19 $123,084.36
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 20,536.43 $23,087.17
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 75,936.33 $81,590.04
3131XVYW9 FEDERAL NATL MTG ASSN FR ZM2525 3.00000 12/01/2046 US 99,812.23 $102,107.22
3132LMMM5 FHLM POOL K91364 4.50000 11/01/2033 US 46,115.73 $48,957.35
3132LNE83 FHLM POOL K92059 4.50000 09/01/2034 US 53,492.47 $56,609.26
3132Y33P7 FHLM POOL FG Q59805 4.50000 11/01/2048 US 94,321.31 $99,262.66
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 71.82 $71.99
3133G6L60 FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 US 108,682.81 $111,342.96
3136AY6W8 FNA 2017-M15 A1 3.05802 09/25/2027 US 128,994.12 $134,760.62
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 79,718.5 $82,822.43
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 50.67 $6,691.77
3137A2B34 FHMS K009 X1 FLT 1.42680 08/25/2020 US 1,358,194.73 $8,465.08
3137ADTK3 FHMS K014 X1 FLT 1.32354 04/25/2021 US 328,854.54 $4,316.68
3137AJMG6 FMHS K016 X1 FLT 1.63461 10/25/2021 US 375,507.69 $8,886.58
3137AME78 FHMS K017 X1 FLT 1.44530 12/25/2021 US 2,558,772.77 $52,800.79
3137AUPF0 FHMS K021 x1 FLT 1.55966 06/25/2022 US 1,179,493.72 $36,766.24
3137B3NB0 FHMS K030 X1 FLT 0.29829 04/25/2023 US 4,420,859.27 $25,058.76
3137B4GZ3 FHMS K032 X1 FLT 0.21120 05/25/2023 US 2,843,333.41 $10,932.62
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 81,187.12 $82,612.06
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 67,723.56 $69,044.72
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 18,994.4 $20,589.34
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 9,152.18 $9,914.59
3138EGGZ1 FEDERAL NATL MTG ASSN AL0215 4.50000 04/01/2041 US 128,451.67 $138,857.64
3138ERN30 FEDERAL NATL MTG ASSN FN AL9409 3.50000 11/01/2031 US 85,034.13 $88,433.70
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64500 01/01/2049 US 266,288.95 $298,440.25
3138WGK37 FEDERAL NATL MTG ASSN FN AS6613 4.00000 02/01/2046 US 274,736 $290,133.48
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 49,019.23 $55,212.24
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 26,271.07 $29,594.35
3140EWG66 FEDERAL NATL MTG ASSN BC2020 3.50000 07/01/2046 US 150,407.67 $156,740.77
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 125,135.48 $131,254.02
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 54,585.21 $57,380.58
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 83,124.26 $89,038.70
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 95,180.42 $101,950.53
3140X4JC1 FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 US 205,552.48 $213,089.63
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 832.72 $849.74
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 945.61 $966.96
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 5,777.49 $5,855.83
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 7,016.41 $7,101.93
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 47,530.06 $53,395.35
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 9,234.42 $10,349.62
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 147.63 $148.89
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 3,910.49 $3,967.63
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 74,879.7 $80,412.62
31418C4F8 FEDERAL NATL MTG ASSN FN MA3521 4.00000 11/01/2048 US 203,079.36 $210,759.38
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 47,532.02 $48,632.68
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 55,207.77 $57,381.86
31418CZH0 FEDERAL NATL MTG ASSN FN MA3443 4.00000 08/01/2048 US 81,413.35 $84,386.13
31418DC67 FEDERAL NATL MTG ASSN FN MA3692 3.50000 07/01/2049 US 264,575.69 $271,576.02
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 3,651.86 $4,194.09
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 1,109.32 $1,159.91
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 6,313.64 $6,692.46
316067107 FIDELITY CASH RESERVES US 8,996.73 $8,996.73
316773100 FIFTH THIRD BANCORP US FITB 320.43 $9,673.80
32054K103 FIRST INDUSTRIAL REALTY TR US FR 331.37 $14,109.64
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 10,360.74 $10,144.92
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 94,280.38 $97,075.29
346232AD3 FORESTAR GROUP INC 8.00000 04/15/2024 US 6,313.64 $6,818.73
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 13,921.85 $14,327.95
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 9,874.75 $9,948.82
35671D857 FREEPORT-MCMORAN INC US FCX 22,776.52 $259,196.84
357081AE8 FREMF 2015-K720 B FLT 3.50722 07/25/2022 US 104,000.01 $106,083.06
36223NTR5 GNMA POOL 312960 9.00000 09/15/2021 US 17.33 $17.39
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 50,930.84 $50,853.64
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 2,208.68 $2,220.29
364760108 GAP INC US GPS 242.58 $4,029.23
369550108 GENERAL DYNAMICS CORP US GD 73.08 $13,282.22
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 176,504.56 $172,658.53
370334104 GENERAL MLS INC US GIS 260.84 $13,908.20
37045XAR7 GENERAL MOTORS FINL CO 3.15000 01/15/2020 US 251,738.33 $251,826.63
372460105 GENUINE PARTS CO US GPC 86.35 $9,012.82
374297109 GETTY REALTY CORP US GTY 384.79 $12,913.51
375558103 GILEAD SCIENCES INC US GILD 408.31 $27,454.48
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 19,439.25 $20,314.02
37960JAA6 GLOBAL AIR LEASE CO LTD 6.50000 09/15/2024 KY 10,683.35 $10,926.93
38141GVR2 GOLDMAN SACHS GROUP INC 4.25000 10/21/2025 US 107,846.66 $116,449.34
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 136,452.36 $137,328.10
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 32,844.56 $534,381.00
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 255.54 $25,855.78
40051E202 GRUPO AEROPORTUARIO DEL SURESTE MX ASR 212.82 $36,489.64
404119BX6 HCA INC 4.12500 06/15/2029 US 163,550.55 $172,300.41
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 3,561.12 $3,276.23
406216101 HALLIBURTON CO US HAL 34,028.69 $714,262.25
416515104 HARTFORD FINL SVCS US HIG 128.04 $7,920.70
421946104 HEALTHCARE REALTY TRUST INC US HR 578.07 $19,186.25
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42250P103 HEALTHPEAK PROPERTIES INC US PEAK 976.61 $34,064.24
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43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 125.46 $13,172.87
437076102 HOME DEPOT INC US HD 253.98 $56,004.18
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452308109 ILLINOIS TOOL WKS INC US ITW 105.03 $18,309.86
45337C102 INCYTE CORP US INCY 3,786.48 $356,534.83
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45866F104 INTERCONTINENTALEXCHANGE INC US ICE 6,841.69 $644,281.94
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 245.73 $33,038.24
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478160104 JOHNSON & JOHNSON US JNJ 12,435.7 $1,709,784.85
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862121100 STORE CAPITAL CORP US STOR 303.52 $12,356.47
866674104 SUN COMMUNITIES US SUI 183.9 $30,289.49
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867892101 SUNSTONE HOTEL INVESTORS INC US SHO 575.81 $8,061.30
867914103 SUNTRUST BANKS INC US STI 164.23 $11,634.00
871829107 SYSCO CORP US SYY 205.01 $16,513.53
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88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 165,167.74 $177,422.44
882508104 TEXAS INSTRUMENTS INC US TXN 261.81 $31,472.69
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89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 103,052.65 $103,479.72
89177EAA7 TPMT 2019-HY1 A1 2.70800 10/25/2048 US 93,139.83 $93,409.59
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 5,505.04 $5,532.57
89417E109 TRAVELLERS COS INC US TRV 74.12 $10,133.70
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89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 72,690.98 $73,285.68
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 16,188.39 $15,803.92
902494103 TYSON FOODS INC -CL A US TSN 111.99 $10,066.37
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902973304 U.S. BANCORP US USB 468.8 $28,142.05
903002103 UMH PROPERTIES INC US UMH 488.56 $7,626.41
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92511U102 VERRA MOBILITY CORP US VRRM 45,891.85 $687,000.99
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 1,585.35 $351,552.35
92553P201 VIACOM INC CL B US VIAB 210.22 $5,060.05
92826C839 VISA INC - CLASS A SHARES US V 7,627.46 $1,407,342.42
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 10,846.72 $10,467.08
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929042109 VORNADO REALTY TRUST US VNO 124.16 $8,017.10
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93065PAA9 WBHT 2019-WBM A FLT 2.81538 12/15/2033 US 110,317.76 $110,386.46
931142103 WAL MART STORES US WMT 569.91 $67,871.06
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 293.56 $17,496.05
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95040Q104 WELLTOWER INC. US WELL 339.72 $28,730.20
958102105 WESTERN DIGITAL CORP US WDC 150.24 $7,561.68
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 168,083.63 $172,085.90
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 38,142.19 $38,180.46
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 56,392.28 $57,434.24
98311A105 WYNDHAM HOTELS & RESORTS INC US WH 230.68 $13,363.08
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 15,702.41 $14,789.72
B02J639 ADMIRAL GROUP PLC GB ADM LN 2,745.26 $75,896.80
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 5,285.64 $35,171.86
B1XH026 VINCI SA FR DG FP 331.44 $36,131.25
B1Y47Y7 GERRESHEIMER AG DE GXI GR 684.25 $50,314.20
B1Y9TB3 DANONE FR BN FP 1,104.51 $90,881.46
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 121,495.34 $6,176.85
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 51,514.02 $39,894.18
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 301,308.43 $15,270.09
B4R2R50 JULIUS BAER CH BAER SW 5,876.77 $276,821.88
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 466,542.09 $23,955.80
B63QM77 NEXON CO LTD JP 3659 JP 102,024.07 $1,393,806.00
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 145,794.4 $7,790.55
BBG00Q7Z9PN7 SE US 12/20/19 C39 SG -24.79 -$1,611.03
BBG00QR025W3 MU US 12/13/19 P43 US -29.94 -$419.11
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 1,142.58 $20,779.53
BD3HF92 BSR REAL ESTATE INVESTMENT CA HOM/U CN 272.77 $3,469.86
BD4TZK8 OCI NV NL OCI NA 798.51 $15,126.25
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 6,874.39 $11,043.13
BGHVXC0 DRILLING CO OF 1972/THE DK DRLCO DC 538.77 $32,621.42
BH3T8K8 ORBIA ADVANCE CORP SAB DE CV MX 20,216.82 $43,888.75
BJ2KSG2 AKZO NOBEL NL AKZA NA 5,461.93 $523,051.46
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 26,559.69 $1,120,690.33
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 9,591.5 $46,878.39
BNGN9Z1 FINECOBANK SPA IT FBK IM 26,604.8 $329,305.39
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 23,652.89 $735,946.00
BYXS699 QIAGEN N.V. NL QIA GR 1,873.21 $80,204.98
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 11,036.17 $874,818.13
G0750C108 AXALTA COATING SYSTEMS LTD US AXTA 8,299.43 $236,284.67
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 1,606.57 $55,506.90
G29183103 EATON CORP PLC US ETN 174.55 $16,146.02
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 325.19 $13,927.84
G5960L103 MEDTRONIC INC IE MDT 14,647.47 $1,631,581.31
G97822103 PERRIGO CO PLC IE PRGO 1,102.93 $56,502.98
H01301128 ALCON INC CH ALC 8,574.8 $474,100.93
H1467J104 CHUBB LTD CH CB 106.65 $16,155.15
H8817H100 TRANSOCEAN LTD US RIG 59,883.25 $298,218.58
N22717107 CORE LABORATORIES N.V. NL CLB 8,069.22 $353,431.95
N47279109 INTERXION HOLDING NV NL INXN 487.91 $41,491.52
N53745100 LYONDELLBASELL INDU-CL A US LYB 160.93 $14,892.04
N72482123 QIAGEN N.V. ADR NL QGEN 11,088.22 $474,575.66
USD US DOLLAR US 1,401,802.66 $1,401,802.66

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

$27.93

Daily $ Change

$0.10

Daily % Change

0.36%

as of 12/13/2019

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 56% - 86%.

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 11/30/2019

YTD

20.93%

1 Year

14.32%

3 Year

11.49%

5 Year

6.39%

10 Year

8.60%

Inception
(01/01/2000)

7.04%

US Stock Market Cycle (04/01/2000 - 11/30/2019)

7.18%

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 0.89%
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 11/30/2019

TREASURY NOTES 6.46%
TREASURY BONDS 3.76%
GOVERNMENT AGENCY 3.55%
FACEBOOK INC -A 2.15%
JOHNSON & JOHNSON 1.88%
MASTERCARD INC-CLASS A 1.81%
SERVICENOW INC 1.81%
MEDTRONIC INC 1.80%
BERKSHIRE HATHAWAY INC-CL B 1.72%
MICRON TECHNOLOGY INC 1.70%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 11/30/2019

Stocks
71.19%
Bonds
27.28%
Cash
1.53%

Detailed Asset Class Allocation

As of 11/30/2019

International Equities
22.95%
Small Capitalization
1.07%
Mid Capitalization
2.46%
Large Capitalization
44.72%
Long Term Fixed Income
8.59%
Intermediate Term Fixed Income
14.03%
Short Term Fixed Income
4.65%
Cash
1.53%

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 11/30/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 6,313.64 $6,692.46
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 211,805.47 $231,716.46
00287Y109 ABBVIE INC US ABBV 411.08 $36,064.36
004239109 ACADIA REALTY TRUST US AKR 224.69 $6,039.65
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 10,360.74 $9,290.68
00507V109 ACTIVISION INC US ATVI 14,487.49 $794,349.00
00751Y106 ADVANCE AUTO PARTS INC US AAP 2,560.01 $402,127.00
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 219,254.44 $235,976.33
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 11,169.33 $10,973.87
008492100 AGREE REALTY CORP US ADC 138.57 $10,362.20
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 225,731.45 $233,918.03
013093AD1 ALBERTSONS COS LLC/SAFEW 5.75000 03/15/2025 US 6,313.64 $6,439.91
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 50.67 $8,234.62
01609W102 ALIBABA GROUP - ADR CN BABA 392.46 $78,491.46
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 173,270.18 $179,938.67
020002101 ALLSTATE CORPORATION US ALL 98.94 $11,017.43
02079K107 ALPHABET INC-CL C US GOOG 587.1 $766,143.31
02079K305 ALPHABET INC-CL A US GOOGL 587.1 $765,632.53
02209S103 ALTRIA GROUP INC US MO 6,948.26 $345,328.67
023135106 AMAZON.COM INC US AMZN 550.87 $992,005.46
02319V103 AMBEV SA-ADR BR ABEV 137,397.83 $578,444.86
0237400 DIAGEO PLC GB DGE LN 14,600.81 $596,538.77
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 360.51 $17,318.71
0263494 BAE SYSTEMS PLC GB BA/ LN 11,056.78 $81,880.16
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,129.44 $30,167.41
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 17,968.95 $18,326.86
03027X100 AMERICAN TOWER REIT INC US AMT 3,416.04 $731,134.15
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 220,871.63 $235,536.00
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 4,469.88 $4,505.14
03064D108 AMERICOLD REALTY TRUST US COLD 670.83 $25,236.62
031162100 AMGEN INC US AMGN 180.8 $42,437.34
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 6,313.64 $4,987.77
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 7,608.21 $5,877.35
03748R754 APARTMENT INVT & MGMT CO -A US AIV 588.85 $31,662.67
038222105 APPLIED MATERIALS INC US AMAT 259.32 $15,014.62
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 187.66 $8,056.31
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 7,608.21 $7,712.83
053332102 AUTOZONE INC US AZO 363.06 $427,655.02
053484101 AVALONBAY COMMUNITIES INC US AVB 208.99 $44,808.91
054937107 BB&T CORP US BBT 211.36 $11,565.35
05722G100 BAKER HUGHES CO US BKR 347.19 $7,784.06
060505104 BANK OF AMERICA CORP US BAC 1,356 $45,181.91
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 329,690.26 $350,827.40
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 7,074.8 $1,558,577.90
086516101 BEST BUY INC US BBY 139.08 $11,215.36
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 7,932.07 $640,197.04
09247X101 BLACKROCK INC US BLK 1,710.2 $846,394.71
0946580 WEIR GROUP PLC/THE GB WEIR LN 3,828.44 $68,984.76
097023105 BOEING CO US BA 124.06 $45,427.90
09857L108 BOOKING HOLDINGS INC US BKNG 269.6 $513,324.13
101121101 BOSTON PROPERTIES INC US BXP 186.45 $25,831.22
101137107 BOSTON SCIENTIFIC CORP US BSX 8,322.07 $359,929.40
105368203 BRANDYWINE REALTY TRUST US BDN 1,759.63 $27,151.15
110122108 BRISTOL MYERS SQUIBB CO US BMY 468.66 $26,685.50
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 996.92 $39,488.13
11135F101 BROADCOM INC US AVGO 91.6 $28,964.24
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 7,608.21 $4,869.26
12429TAE4 BWAY HOLDING CO 7.25000 04/15/2025 US 7,608.21 $7,208.78
12503M108 CBOE GLOBAL MARKETS INC US CBOE 5,565.53 $661,741.77
125269100 CF INDUSTRIES HOLDINGS INC US CF 10,062.97 $465,010.01
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 87.42 $6,718.51
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 43,607.93 $44,437.17
12572Q105 CME GROUP INC US CME 3,102.89 $629,048.83
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 73,600.55 $72,567.64
126650100 CVS HEALTH CORP US CVS 373.87 $28,141.13
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 9,874.75 $9,936.67
133131102 CAMDEN PROPERTY TRUST US CPT 213.03 $23,763.96
13321L108 CAMECO CORP CA CCJ 5,700.49 $52,729.54
149123101 CATERPILLAR INC US CAT 159.41 $23,070.74
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 682.75 $682.65
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 60,925.76 $61,319.66
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 6,313.64 $6,377.34
166764100 CHEVRON CORP US CVX 323.14 $37,849.92
17275R102 CISCO SYSTEMS INC US CSCO 939.09 $42,550.21
172967424 CITIGROUP INC US C 392.41 $29,478.19
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 104,930.77 $173,823.71
191216100 COCA COLA CO/THE US KO 28,766.39 $1,536,125.08
192422103 COGNEX CORP US CGNX 6,598.64 $331,119.63
194162103 COLGATE-PALMOLIVE CO US CL 5,086.2 $344,946.21
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 169,055.59 $171,647.89
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 393.69 $18,739.71
20451NAG6 COMPASS MINERALS INTERNA 6.75000 12/01/2027 US 13,921.85 $14,409.12
205887102 CONAGRA BRAND INC. US CAG 211.1 $6,094.32
222795502 COUSINS PROPERTIES INC US CUZ 1,103.66 $44,687.37
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 346,172.43 $347,485.66
22822V101 CROWN CASTLE INTL CORP US CCI 152.01 $20,317.00
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 50,132.93 $50,773.10
228368106 CROWN HOLDINGS INC US CCK 5,038.36 $382,411.52
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 48,840.64 $47,516.97
231021106 CUMMINS INC US CMI 71.47 $13,068.20
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 1,887.84 $17,268.15
25271C102 DIAMOND OFFSHORE DRILLING US DO 26,032.74 $147,084.98
25277LAC0 DIAMOND SPORTS GR/DIAMON 6.62500 08/15/2027 US 9,874.75 $9,625.02
253868103 DIGITAL REALTY TRUST INC US DLR 177.58 $21,478.57
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 208,889.59 $237,843.54
256677105 DOLLAR GENERAL CORP US DG 3,967.78 $624,369.73
256746108 DOLLAR TREE STORES INC US DLTR 6,997.59 $639,999.33
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 12,141.29 $12,338.59
25960P109 DOUGLAS EMMETT INC US DEI 471.72 $20,788.59
260557103 DOW INC US DOW 217.4 $11,602.90
2715777 QUEBECOR INC -CL B CA QBR/B CN 20,350.21 $504,656.93
277432100 EASTMAN CHEM CO US EMN 85.19 $6,676.26
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 24,608.65 $508,550.44
285512109 ELECTRONIC ARTS US EA 11,165.9 $1,127,867.10
2866857 LUNDIN MINING CORP CA LUN CN 26,889.46 $145,550.88
291011104 EMERSON ELEC CO US EMR 236.86 $17,494.33
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 143,147.57 $167,250.40
29413XAD9 ENVIVA PARTNERS LP/FIN C 6.50000 01/15/2026 US 9,874.75 $10,261.85
29444U700 EQUINIX INC US EQIX 1,357.39 $769,434.65
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 284.26 $21,058.02
29476L107 EQUITY RESIDENTIAL US EQR 337.36 $28,709.24
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 812.35 $21,194.08
297178105 ESSEX PROPERTY TRUST INC US ESS 68.77 $21,467.48
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 298,878.52 $300,561.09
30225T102 EXTRA SPACE STORAGE INC US EXR 71.71 $7,605.10
30286XAN9 FREMF 2015-K43 B FLT 3.86148 02/25/2048 US 204,112.16 $211,671.19
30291EAE4 FREMF 2013-K712 B FLT 3.28134 05/25/2045 US 58,577.61 $58,489.58
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 13,603,877.44 $34,793.28
30291XAE2 FREMF 2014-K715 B FLT 4.11191 02/25/2046 US 170,093.47 $172,756.25
30303M102 FACEBOOK INC -A US FB 9,694.19 $1,954,735.62
30744W107 FARFETCH LTD - CLASS A GB FTCH 1,995.14 $19,871.60
311900104 FASTENAL CO US FAST 274.69 $9,757.16
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 23,323.94 $26,252.24
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 13,949.07 $15,675.50
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 10,763.74 $12,061.95
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 607.29 $629.17
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 1,205.97 $1,234.16
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 832.84 $855.19
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 745.99 $772.84
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 1,242.08 $1,283.15
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 116,208.19 $123,084.36
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 20,536.43 $23,087.17
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 75,936.33 $81,590.04
3131XVYW9 FEDERAL NATL MTG ASSN FR ZM2525 3.00000 12/01/2046 US 99,812.23 $102,107.22
3132LMMM5 FHLM POOL K91364 4.50000 11/01/2033 US 46,115.73 $48,957.35
3132LNE83 FHLM POOL K92059 4.50000 09/01/2034 US 53,492.47 $56,609.26
3132Y33P7 FHLM POOL FG Q59805 4.50000 11/01/2048 US 94,321.31 $99,262.66
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 71.82 $71.99
3133G6L60 FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 US 108,682.81 $111,342.96
3136AY6W8 FNA 2017-M15 A1 3.05802 09/25/2027 US 128,994.12 $134,760.62
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 79,718.5 $82,822.43
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 50.67 $6,691.77
3137A2B34 FHMS K009 X1 FLT 1.42680 08/25/2020 US 1,358,194.73 $8,465.08
3137ADTK3 FHMS K014 X1 FLT 1.32354 04/25/2021 US 328,854.54 $4,316.68
3137AJMG6 FMHS K016 X1 FLT 1.63461 10/25/2021 US 375,507.69 $8,886.58
3137AME78 FHMS K017 X1 FLT 1.44530 12/25/2021 US 2,558,772.77 $52,800.79
3137AUPF0 FHMS K021 x1 FLT 1.55966 06/25/2022 US 1,179,493.72 $36,766.24
3137B3NB0 FHMS K030 X1 FLT 0.29829 04/25/2023 US 4,420,859.27 $25,058.76
3137B4GZ3 FHMS K032 X1 FLT 0.21120 05/25/2023 US 2,843,333.41 $10,932.62
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 81,187.12 $82,612.06
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 67,723.56 $69,044.72
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 18,994.4 $20,589.34
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 9,152.18 $9,914.59
3138EGGZ1 FEDERAL NATL MTG ASSN AL0215 4.50000 04/01/2041 US 128,451.67 $138,857.64
3138ERN30 FEDERAL NATL MTG ASSN FN AL9409 3.50000 11/01/2031 US 85,034.13 $88,433.70
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64500 01/01/2049 US 266,288.95 $298,440.25
3138WGK37 FEDERAL NATL MTG ASSN FN AS6613 4.00000 02/01/2046 US 274,736 $290,133.48
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 49,019.23 $55,212.24
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 26,271.07 $29,594.35
3140EWG66 FEDERAL NATL MTG ASSN BC2020 3.50000 07/01/2046 US 150,407.67 $156,740.77
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 125,135.48 $131,254.02
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 54,585.21 $57,380.58
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 83,124.26 $89,038.70
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 95,180.42 $101,950.53
3140X4JC1 FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 US 205,552.48 $213,089.63
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 832.72 $849.74
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 945.61 $966.96
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 5,777.49 $5,855.83
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 7,016.41 $7,101.93
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 47,530.06 $53,395.35
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 9,234.42 $10,349.62
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 147.63 $148.89
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 3,910.49 $3,967.63
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 74,879.7 $80,412.62
31418C4F8 FEDERAL NATL MTG ASSN FN MA3521 4.00000 11/01/2048 US 203,079.36 $210,759.38
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 47,532.02 $48,632.68
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 55,207.77 $57,381.86
31418CZH0 FEDERAL NATL MTG ASSN FN MA3443 4.00000 08/01/2048 US 81,413.35 $84,386.13
31418DC67 FEDERAL NATL MTG ASSN FN MA3692 3.50000 07/01/2049 US 264,575.69 $271,576.02
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 3,651.86 $4,194.09
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 1,109.32 $1,159.91
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 6,313.64 $6,692.46
316067107 FIDELITY CASH RESERVES US 8,996.73 $8,996.73
316773100 FIFTH THIRD BANCORP US FITB 320.43 $9,673.80
32054K103 FIRST INDUSTRIAL REALTY TR US FR 331.37 $14,109.64
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 10,360.74 $10,144.92
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 94,280.38 $97,075.29
346232AD3 FORESTAR GROUP INC 8.00000 04/15/2024 US 6,313.64 $6,818.73
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 13,921.85 $14,327.95
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 9,874.75 $9,948.82
35671D857 FREEPORT-MCMORAN INC US FCX 22,776.52 $259,196.84
357081AE8 FREMF 2015-K720 B FLT 3.50722 07/25/2022 US 104,000.01 $106,083.06
36223NTR5 GNMA POOL 312960 9.00000 09/15/2021 US 17.33 $17.39
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 50,930.84 $50,853.64
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 2,208.68 $2,220.29
364760108 GAP INC US GPS 242.58 $4,029.23
369550108 GENERAL DYNAMICS CORP US GD 73.08 $13,282.22
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 176,504.56 $172,658.53
370334104 GENERAL MLS INC US GIS 260.84 $13,908.20
37045XAR7 GENERAL MOTORS FINL CO 3.15000 01/15/2020 US 251,738.33 $251,826.63
372460105 GENUINE PARTS CO US GPC 86.35 $9,012.82
374297109 GETTY REALTY CORP US GTY 384.79 $12,913.51
375558103 GILEAD SCIENCES INC US GILD 408.31 $27,454.48
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 19,439.25 $20,314.02
37960JAA6 GLOBAL AIR LEASE CO LTD 6.50000 09/15/2024 KY 10,683.35 $10,926.93
38141GVR2 GOLDMAN SACHS GROUP INC 4.25000 10/21/2025 US 107,846.66 $116,449.34
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 136,452.36 $137,328.10
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 32,844.56 $534,381.00
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 255.54 $25,855.78
40051E202 GRUPO AEROPORTUARIO DEL SURESTE MX ASR 212.82 $36,489.64
404119BX6 HCA INC 4.12500 06/15/2029 US 163,550.55 $172,300.41
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 3,561.12 $3,276.23
406216101 HALLIBURTON CO US HAL 34,028.69 $714,262.25
416515104 HARTFORD FINL SVCS US HIG 128.04 $7,920.70
421946104 HEALTHCARE REALTY TRUST INC US HR 578.07 $19,186.25
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 357.43 $10,848.03
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 976.61 $34,064.24
427866108 HERSHEY CO/THE US HSY 90.24 $13,369.69
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 125.46 $13,172.87
437076102 HOME DEPOT INC US HD 253.98 $56,004.18
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445658107 HUNT (JB) TRANSPORT SVCS INC US JBHT 3,026.57 $349,932.46
450913AE8 IAMGOLD CORP 7.00000 04/15/2025 CA 10,360.74 $10,535.63
452308109 ILLINOIS TOOL WKS INC US ITW 105.03 $18,309.86
45337C102 INCYTE CORP US INCY 3,786.48 $356,534.83
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 945.7 $14,128.78
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 10,360.74 $10,567.95
458140100 INTEL CORP US INTC 1,029.32 $59,752.17
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 6,841.69 $644,281.94
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 245.73 $33,038.24
460146103 INTERNATIONAL PAPER CO US IP 146.78 $6,801.93
46120E602 INTUITIVE SURGICAL INC US ISRG 314.54 $186,492.98
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46187BAB9 IHSFR 2017-SFR2 B 2.91250 12/17/2036 US 35,962.62 $35,911.10
46187W107 INVITATION HOMES INC US INVH 1,600.61 $48,866.71
46625H100 JP MORGAN CHASE & CO US JPM 526.54 $69,377.28
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46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 41,159.82 $41,969.72
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46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 79,351.88 $80,371.71
4741844 MERCK KGAA DE MRK GR 6,808.86 $794,738.04
476405105 JERNIGAN CAPITAL INC US JCAP 1,114.69 $19,484.80
478160104 JOHNSON & JOHNSON US JNJ 12,435.7 $1,709,784.85
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57772K101 MAXIM INTEGRATED PRODUCTS US MXIM 130.63 $7,402.89
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595112103 MICRON TECHNOLOGY INC US MU 32,493.2 $1,543,752.08
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773903109 ROCKWELL AUTOMATION INC US ROK 41.04 $8,036.98
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85207UAE5 SPRINT CORP 7.25000 09/15/2021 US 6,313.64 $6,695.61
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 6,313.64 $6,802.94
85254J102 STAG INDUSTRIAL INC US STAG 402.27 $12,466.40
855030AN2 STAPLES INC 7.50000 04/15/2026 US 10,846.72 $11,348.38
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858912AF5 STERICYCLE INC 5.37500 07/15/2024 US 9,388.77 $9,811.27
862121100 STORE CAPITAL CORP US STOR 303.52 $12,356.47
866674104 SUN COMMUNITIES US SUI 183.9 $30,289.49
86723CAF5 SUNCOKE ENRGY PART LP/FI 7.50000 06/15/2025 US 6,313.64 $5,713.84
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 575.81 $8,061.30
867914103 SUNTRUST BANKS INC US STI 164.23 $11,634.00
871829107 SYSCO CORP US SYY 205.01 $16,513.53
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 33,201.49 $33,189.14
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 8,580.18 $7,636.36
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 165,167.74 $177,422.44
882508104 TEXAS INSTRUMENTS INC US TXN 261.81 $31,472.69
883556102 THERMO FISHER SCIENTIFIC INC US TMO 1,136.08 $356,671.37
88579Y101 3M CO US MMM 178.47 $30,298.78
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89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 103,052.65 $103,479.72
89177EAA7 TPMT 2019-HY1 A1 2.70800 10/25/2048 US 93,139.83 $93,409.59
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 5,505.04 $5,532.57
89417E109 TRAVELLERS COS INC US TRV 74.12 $10,133.70
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89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 72,690.98 $73,285.68
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 16,188.39 $15,803.92
902494103 TYSON FOODS INC -CL A US TSN 111.99 $10,066.37
902653104 UDR INC US UDR 505.81 $24,304.15
902973304 U.S. BANCORP US USB 468.8 $28,142.05
903002103 UMH PROPERTIES INC US UMH 488.56 $7,626.41
904767704 UNILEVER PLC - ADR GB UL 16,703.52 $993,692.65
907818108 UNION PAC CORP US UNP 188.76 $33,220.32
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912796SZ3 TREASURY BILL 0.00000 07/16/2020 US 622,056.12 $615,950.88
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912828R36 US TREASURY N/B 1.62500 05/15/2026 US 1,813,095.97 $1,803,393.08
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913017109 UNITED TECHNOLOGIES CORP US UTX 225.21 $33,407.16
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918204108 VF CORP US VFC 157.24 $13,921.83
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92339V100 VEREIT INC US VER 2,319.25 $22,635.90
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 271,397.21 $342,951.47
92511U102 VERRA MOBILITY CORP US VRRM 45,891.85 $687,000.99
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 1,585.35 $351,552.35
92553P201 VIACOM INC CL B US VIAB 210.22 $5,060.05
92826C839 VISA INC - CLASS A SHARES US V 7,627.46 $1,407,342.42
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 10,846.72 $10,467.08
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929042109 VORNADO REALTY TRUST US VNO 124.16 $8,017.10
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 6,313.64 $5,808.55
93065PAA9 WBHT 2019-WBM A FLT 2.81538 12/15/2033 US 110,317.76 $110,386.46
931142103 WAL MART STORES US WMT 569.91 $67,871.06
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 293.56 $17,496.05
94106L109 WASTE MANAGEMENT INC US WM 155.43 $17,549.07
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 11,655.31 $11,917.56
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949746101 WELLS FARGO COMPANY US WFC 1,018.29 $55,456.05
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95040Q104 WELLTOWER INC. US WELL 339.72 $28,730.20
958102105 WESTERN DIGITAL CORP US WDC 150.24 $7,561.68
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 168,083.63 $172,085.90
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 38,142.19 $38,180.46
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 56,392.28 $57,434.24
98311A105 WYNDHAM HOTELS & RESORTS INC US WH 230.68 $13,363.08
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 15,702.41 $14,789.72
B02J639 ADMIRAL GROUP PLC GB ADM LN 2,745.26 $75,896.80
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 5,285.64 $35,171.86
B1XH026 VINCI SA FR DG FP 331.44 $36,131.25
B1Y47Y7 GERRESHEIMER AG DE GXI GR 684.25 $50,314.20
B1Y9TB3 DANONE FR BN FP 1,104.51 $90,881.46
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 121,495.34 $6,176.85
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 51,514.02 $39,894.18
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 301,308.43 $15,270.09
B4R2R50 JULIUS BAER CH BAER SW 5,876.77 $276,821.88
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 466,542.09 $23,955.80
B63QM77 NEXON CO LTD JP 3659 JP 102,024.07 $1,393,806.00
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 145,794.4 $7,790.55
BBG00Q7Z9PN7 SE US 12/20/19 C39 SG -24.79 -$1,611.03
BBG00QR025W3 MU US 12/13/19 P43 US -29.94 -$419.11
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 1,142.58 $20,779.53
BD3HF92 BSR REAL ESTATE INVESTMENT CA HOM/U CN 272.77 $3,469.86
BD4TZK8 OCI NV NL OCI NA 798.51 $15,126.25
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 6,874.39 $11,043.13
BGHVXC0 DRILLING CO OF 1972/THE DK DRLCO DC 538.77 $32,621.42
BH3T8K8 ORBIA ADVANCE CORP SAB DE CV MX 20,216.82 $43,888.75
BJ2KSG2 AKZO NOBEL NL AKZA NA 5,461.93 $523,051.46
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 26,559.69 $1,120,690.33
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 9,591.5 $46,878.39
BNGN9Z1 FINECOBANK SPA IT FBK IM 26,604.8 $329,305.39
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 23,652.89 $735,946.00
BYXS699 QIAGEN N.V. NL QIA GR 1,873.21 $80,204.98
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 11,036.17 $874,818.13
G0750C108 AXALTA COATING SYSTEMS LTD US AXTA 8,299.43 $236,284.67
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 1,606.57 $55,506.90
G29183103 EATON CORP PLC US ETN 174.55 $16,146.02
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 325.19 $13,927.84
G5960L103 MEDTRONIC INC IE MDT 14,647.47 $1,631,581.31
G97822103 PERRIGO CO PLC IE PRGO 1,102.93 $56,502.98
H01301128 ALCON INC CH ALC 8,574.8 $474,100.93
H1467J104 CHUBB LTD CH CB 106.65 $16,155.15
H8817H100 TRANSOCEAN LTD US RIG 59,883.25 $298,218.58
N22717107 CORE LABORATORIES N.V. NL CLB 8,069.22 $353,431.95
N47279109 INTERXION HOLDING NV NL INXN 487.91 $41,491.52
N53745100 LYONDELLBASELL INDU-CL A US LYB 160.93 $14,892.04
N72482123 QIAGEN N.V. ADR NL QGEN 11,088.22 $474,575.66
USD US DOLLAR US 1,401,802.66 $1,401,802.66

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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