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 64% - 91%.

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 2045
  • Who generally have time to withstand market volatility and can accept very 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

$12.82

Daily $ Change

-$0.08

Daily % Change

-0.62%

as of 05/23/2019

CUSIP

56382R811

Inception Date

05/14/2015

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

Important Documents

Annual Report
Applications & Forms

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

Performance

As of 04/30/2019

YTD

14.95%

1 Year

8.65%

3 Year

10.76%

5 Year

6.80%

10 Year

11.06%

Inception
(01/01/2000)

7.64%

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

7.79%

Performance through the inception date of the Retirement Target CIT Class U1 units is based on the historical performance of the CIT’s oldest unit class. Performance through the inception date of the oldest unit class (08/03/2012) is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. Returns are net of the Class U1 expenses. The Retirement Target CIT Fund will gradually become more conservative over time. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.55%
Net 0.49%*

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

Top Ten Investments

As of 04/30/2019

TREASURY NOTES 6.64%
TREASURY BONDS 2.83%
MICROSOFT CORP 2.18%
MASTERCARD INC-CLASS A 2.17%
TENCENT HOLDINGS LTD 1.91%
BERKSHIRE HATHAWAY INC-CL B 1.91%
VISA INC - CLASS A SHARES 1.91%
JOHNSON & JOHNSON 1.89%
COCA COLA CO/THE 1.88%
MONDELEZ INTERNATIONAL INC 1.84%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 04/30/2019

Stocks 76.83%
Bonds 21.64%
Cash 1.53%

Detailed Asset Class Allocation

As of 04/30/2019

International Equities 24.03%
Small Capitalization 0.39%
Mid Capitalization 4.34%
Large Capitalization 48.07%
Long Term Fixed Income 5.58%
Intermediate Term Fixed Income 11.07%
Short Term Fixed Income 4.99%
Cash 1.53%

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

April Fund Holdings

As of 04/30/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAH9 ADT SEC CORP 4.12500 06/15/2023 US 6,645.95 $6,500.54
00101JAM8 ADT CORP 5.25000 03/15/2020 US 4,804.32 $4,852.36
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 60,880.61 $63,199.28
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 46,706.52 $46,500.39
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 13,878.83 $13,948.23
004239109 ACADIA REALTY TRUST US AKR 80.66 $2,277.81
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 60,079.93 $61,488.88
0081180 BARRATT DEVELOPMENTS PLC GB BDEV LN 1,684.14 $13,248.85
008492100 AGREE REALTY CORP US ADC 49.75 $3,257.21
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 5,618.37 $5,730.68
0136701 BRITISH LAND CO PLC GB BLND LN 880.5 $6,831.54
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 18.71 $2,664.13
01609W102 ALIBABA GROUP - ADR CN BABA 73.37 $13,615.83
02079K107 ALPHABET INC-CL C US GOOG 388.23 $461,405.59
02079K305 ALPHABET INC-CL A US GOOGL 386.04 $462,850.19
02209S103 ALTRIA GROUP INC US MO 3,250.9 $176,621.24
023135106 AMAZON.COM INC US AMZN 205.36 $395,630.81
02319V103 AMBEV SA-ADR BR ABEV 67,404.57 $317,475.53
0237400 DIAGEO PLC GB DGE LN 7,627.58 $321,561.97
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 11,623.49 $11,681.61
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 79.22 $3,739.07
0263494 BAE SYSTEMS PLC GB BA/ LN 1,913.58 $12,299.16
02665T306 AMERICAN HOMES 4 RENT- A US AMH 504.55 $12,099.00
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 8,100.61 $7,796.84
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 1,334.47 $1,308.27
03027X100 AMERICAN TOWER REIT INC US AMT 2,701.29 $527,561.52
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 907.53 $915.79
03064D108 AMERICOLD REALTY TRUST US COLD 75.59 $2,419.56
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 5,751.81 $5,866.85
03748R754 APARTMENT INVT & MGMT CO -A US AIV 147.15 $7,263.09
03784Y200 APPLE HOSPITALITY REIT INC US APLE 140.21 $2,306.38
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 1,094.31 $1,079.26
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 MUL 6,032.07 $6,077.31
0405207 HALMA PLC GB HLMA LN 301.99 $7,105.81
0490656 KERRY GROUP PLC-A IE KYGA LN 122.59 $13,694.84
05278C107 AUTOHOME INC-ADR CN ATHM 112.81 $13,028.27
053332102 AUTOZONE INC US AZO 457.33 $470,272.37
053484101 AVALONBAY COMMUNITIES INC US AVB 93.95 $18,877.54
058498106 BALL CORP US BLL 6,410.41 $384,239.90
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 92,054.88 $94,322.33
0673123 ASSOCIATED BRITISH FOODS PLC GB ABF LN 191.51 $6,396.78
0682538 PERSIMMON PLC GB PSN LN 460.26 $13,445.41
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 3,236.23 $701,323.28
0870612 LLOYDS BANKING GROUP PLC GB LLOY LN 16,338.26 $13,362.02
0878230 TAYLOR WIMPEY PLC GB TW/ LN 5,713.07 $13,544.62
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 3,717.55 $317,962.41
0922320 SMITH & NEPHEW PLC GB SN/ LN 506.48 $9,791.62
09247X101 BLACKROCK INC US BLK 931.04 $451,776.37
0946580 WEIR GROUP PLC/THE GB WEIR LN 904.31 $19,655.12
09857L108 BOOKING HOLDINGS INC US BKNG 341.83 $634,090.00
101121101 BOSTON PROPERTIES INC US BXP 99.04 $13,629.26
105368203 BRANDYWINE REALTY TRUST US BDN 647.39 $9,963.38
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 164.31 $6,440.91
11134LAB5 BROADCOM CRP / CAYMN FI 2.37500 01/15/2020 US 79,804.25 $79,458.85
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 5,618.37 $5,309.36
12503M108 CBOE GLOBAL MARKETS INC US CBOE 2,266.74 $230,323.01
12510GAB8 CCG 2019-1 A2 2.80000 09/14/2026 US 36,431.09 $36,452.44
125269100 CF INDUSTRIES HOLDINGS INC US CF 6,010.81 $269,164.13
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 8,007.95 $8,131.15
12572Q105 CME GROUP INC US CME 1,327.76 $237,537.01
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 60,453.54 $60,512.78
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 11,541 $11,040.49
133131102 CAMDEN PROPERTY TRUST US CPT 23.85 $2,400.30
13321L108 CAMECO CORP CA CCJ 775.45 $8,561.00
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 681.35 $679.22
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 13,409.61 $13,388.05
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 12,611.3 $12,516.72
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 20,458.74 $20,274.66
165240102 CHESAPEAKE LODGING TRUST US CHSP 115.74 $3,298.70
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 31,708.05 $48,011.25
191216100 COCA COLA CO/THE US KO 14,094.53 $691,477.43
192422103 COGNEX CORP US CGNX 2,380.66 $120,056.69
194162103 COLGATE-PALMOLIVE CO US CL 2,941.73 $214,128.82
2011646 ALIMENTATION COUCHE-TARD -B CA ATD/B CN 68.45 $4,035.79
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 173.68 $6,335.69
2180632 CANADIAN NATL RAILWAY CO CA CNR CN 69.28 $6,434.80
222795106 COUSINS PROPERTIES INC US CUZ 1,024.88 $9,808.09
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 33,762.14 $34,322.39
22822V101 CROWN CASTLE INTL CORP US CCI 54.89 $6,903.96
228368106 CROWN HOLDINGS INC US CCK 3,561.8 $207,047.16
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 7,631.79 $7,285.26
229663109 CUBESMART US CUBE 102.4 $3,267.53
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 4,804.32 $4,882.58
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 271.5 $2,867.59
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 5,204.66 $5,092.45
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 2,753.69 $6,395.53
25271C102 DIAMOND OFFSHORE DRILLING US DO 7,560.49 $73,412.39
253868103 DIGITAL REALTY TRUST INC US DLR 65.27 $7,683.15
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 62,642.16 $62,342.44
256677105 DOLLAR GENERAL CORP US DG 2,745.34 $346,160.03
256746108 DOLLAR TREE STORES INC US DLTR 3,935.15 $437,903.55
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 5,618.37 $5,716.69
25960P109 DOUGLAS EMMETT INC US DEI 114.18 $4,703.17
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 12,878.2 $13,006.98
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 13,291.91 $12,926.38
269246401 ETRADE FINANCIAL CORP US ETFC 3,210.41 $162,639.40
2715777 QUEBECOR INC -CL B CA QBR/B CN 9,236.21 $230,336.45
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 10,640.83 $215,485.31
285512109 ELECTRONIC ARTS US EA 5,101.41 $482,848.70
2866857 LUNDIN MINING CORP CA LUN CN 14,140.88 $75,892.29
29444U700 EQUINIX INC US EQIX 732.65 $333,136.05
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 51.81 $6,045.81
29476L107 EQUITY RESIDENTIAL US EQR 204.49 $15,627.12
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 245.07 $5,068.00
297178105 ESSEX PROPERTY TRUST INC US ESS 37.01 $10,454.33
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 41,035.02 $40,940.92
30225T102 EXTRA SPACE STORAGE INC US EXR 36.39 $3,773.55
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 1,433.91 $1,427.93
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 9,541.91 $9,854.12
30286XAN9 FREMF 2015-K43 B FLT 3.86186 02/25/2048 US 28,023.91 $28,331.10
30291EAE4 FREMF 2013-K712 B FLT 3.46531 05/25/2045 US 18,015.37 $18,018.64
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 1,894,826.95 $5,797.41
30291XAE2 FREMF 2014-K715 B FLT 4.11272 02/25/2046 US 23,353.26 $23,738.69
30292HAU0 FREMF 2014- K503 B 3.08515 10/25/2047 US 16,680.9 $16,648.37
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 3,455.14 $3,792.13
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 2,127.16 $2,319.50
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 1,949.28 $2,167.12
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 114.66 $118.45
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 246.74 $252.45
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 171.26 $176.28
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 139.94 $144.88
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 241.02 $248.90
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 19,288.27 $20,270.39
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 3,145.12 $3,430.48
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 9,749.11 $10,255.31
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 11,220.4 $11,802.93
3132LMMM5 FHLM POOL K91364 4.50000 11/01/2033 US 6,605.21 $6,912.79
3132LNE83 FHLM POOL K92059 4.50000 09/01/2034 US 9,630.26 $10,124.24
3132VLY43 FHLM POOL FG Q60730 4.00000 01/01/2049 US 28,879.4 $29,698.60
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 104.15 $104.40
3134865 BARCLAYS PLC GB BARC LN 6,519.53 $13,990.98
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 11,391.1 $11,609.98
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 18.3 $2,448.97
3137A2B34 FHMS K009 X1 FLT 1.43325 08/25/2020 US 190,472.85 $2,582.45
3137ADTK3 FHMS K014 X1 FLT 1.32344 04/25/2021 US 45,715.65 $895.51
3137AJMG6 FMHS K016 X1 FLT 1.63481 10/25/2021 US 53,711.15 $1,690.35
3137AME78 FHMS K017 X1 FLT 1.44558 12/25/2021 US 365,418.58 $10,257.99
3137AUPF0 FHMS K021 x1 FLT 1.57070 06/25/2022 US 164,366.65 $6,288.22
3137B3NB0 FHMS K030 X1 FLT 0.30473 04/25/2023 US 618,331.17 $4,352.31
3137B4GZ3 FHMS K032 X1 FLT 0.21525 05/25/2023 US 396,668.88 $1,734.47
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 14,138.1 $14,482.59
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 13,533.39 $14,033.90
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 2,956.91 $3,131.90
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 1,438.4 $1,523.09
3138EGGZ1 FEDERAL NATL MTG ASSN AL0215 4.50000 04/01/2041 US 19,378.15 $20,530.95
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65000 01/01/2049 US 40,504.41 $44,391.96
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 34,071.94 $34,606.38
3138WGK37 FEDERAL NATL MTG ASSN FN AS6613 4.00000 02/01/2046 US 40,615.25 $41,910.96
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 7,545.05 $8,305.74
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 3,854.45 $4,240.27
3140EWG66 FEDERAL NATL MTG ASSN BC2020 3.50000 07/01/2046 US 21,129.07 $21,352.22
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 21,093.3 $21,753.24
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 7,374.32 $7,704.92
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 29,254.6 $30,517.81
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 21,909.34 $23,105.77
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 14,827.58 $15,641.86
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 17,005.88 $17,939.79
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 182.79 $187.04
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 211.61 $216.40
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 1,381.99 $1,402.96
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 1,710.37 $1,734.50
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 7,257.52 $7,970.31
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 1,388.08 $1,522.38
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 55.92 $56.43
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 987.39 $1,003.26
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 15,182.4 $15,939.38
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 10,820.91 $11,366.08
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 7,161.39 $7,087.45
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 558.23 $624.28
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 190.18 $198.09
31428X106 FEDEX CORPORATION US FDX 1,763.24 $334,064.37
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 4,790.95 $4,838.86
316067107 FIDELITY CASH RESERVES US 41,195.44 $41,195.44
3163836 INTERTEK GROUP PLC GB ITRK LN 96.97 $6,782.30
32054K103 FIRST INDUSTRIAL REALTY TR US FR 120.4 $4,246.55
335934AK1 FIRST QUANTUM MINERALS L 7.25000 04/01/2023 CA 2,121.9 $2,101.74
346232AD3 FORESTAR GROUP INC 8.00000 04/15/2024 US 11,303.46 $11,586.04
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 7,686.91 $7,879.08
35671D857 FREEPORT-MCMORAN INC US FCX 9,773.86 $120,316.19
357081AE8 FREMF 2015-K720 B FLT 3.50621 07/25/2022 US 14,278.85 $14,333.49
35802XAD5 FRESENIUS MED CARE II 5.62500 07/31/2019 US 55,782.75 $56,070.59
36143WAN1 GAHR 2015-NRF BFX FLT 3.38216 12/15/2034 US 32,027.33 $31,914.86
36168QAE4 GFL ENVIRONMENTAL INC 8.50000 05/01/2027 CA 1,094.31 $1,140.01
36223NTR5 GNMA POOL 312960 9.00000 09/15/2021 US 3.56 $3.60
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 6,992.63 $6,919.34
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 488.23 $491.72
36257FAB6 GMCAR 2019-2 A2A MTGE 2.66000 06/16/2022 US 110,894.63 $110,931.56
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 49,216.81 $46,587.15
37045VAR1 GENERAL MOTORS CO FLT 3.50063 09/10/2021 US 44,345.98 $44,245.68
37045XAR7 GENERAL MOTORS FINL CO 3.15000 01/15/2020 US 34,562.83 $34,624.55
37185LAF9 GENESIS ENERGY LP/GENESI 5.62500 06/15/2024 US 6,245.61 $6,202.67
374297109 GETTY REALTY CORP US GTY 139.59 $4,526.96
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 13,083.72 $13,149.13
38141GVR2 GOLDMAN SACHS GROUP INC 4.25000 10/21/2025 US 7,366.29 $7,585.12
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 18,948.27 $18,305.70
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 5,751.81 $5,780.57
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 44.83 $4,544.13
4012250 AIRBUS SE FR AIR FP 57.09 $7,817.56
4031976 ADIDAS AG DE ADS GR 25 $6,438.67
40414L109 HCP INC US HCP 251.16 $7,479.50
4057808 L'OREAL FR OR FP 38.29 $10,531.23
4061412 LVMH MOET HENNESSY LOUIS VUITTON FR MC FP 25.76 $10,112.53
406216101 HALLIBURTON CO US HAL 10,223.41 $289,629.16
4076836 INTESA SANPAOLO IT ISP IM 2,174.87 $5,698.22
4162791 THALES SA FR HO FP 10.81 $1,291.53
4163437 CAP GEMINI FR CAP FP 16.67 $2,022.79
421946104 HEALTHCARE REALTY TRUST INC US HR 214.15 $6,613.01
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 340.45 $9,389.66
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 57.01 $4,959.39
44107P104 HOST MARRIOTT CORP US HST 256.28 $4,930.89
444454AB8 HUGHES SATELITE SYSTEMS 6.50000 06/15/2019 US 3,002.56 $3,012.77
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 12,544.58 $12,622.48
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 8,287.42 $8,349.57
45337C102 INCYTE CORP US INCY 2,856.73 $219,396.72
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 422.14 $4,470.44
4574813 MEDIOBANCA SPA IT MB IM 506.54 $5,368.97
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 2,989.2 $243,171.65
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 65,538.11 $65,613.17
46120E602 INTUITIVE SURGICAL INC US ISRG 538.17 $274,807.21
46187BAA1 IHSFR 2017-SFR2 A 3.28238 12/17/2036 US 6,355.58 $6,312.62
46187BAB9 IHSFR 2017-SFR2 B 3.58238 12/17/2036 US 4,937.55 $4,937.54
46187W107 INVITATION HOMES INC US INVH 339.16 $8,431.58
46284VAC5 IRON MOUNTAIN INC 4.87500 09/15/2027 US 5,618.37 $5,439.28
464287739 ISHARES DJ US REAL ESTATE US 24.68 $2,146.76
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 5,289.46 $5,222.30
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 6,327.38 $6,306.87
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 10,682.82 $10,655.49
46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 44,359.24 $45,998.06
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 13,997.17 $14,041.81
4682329 PERNOD-RICARD SA FR RI FP 44.76 $7,804.78
4712798 RENAULT SA FR RNO FP 31.27 $2,133.33
4741844 MERCK KGAA DE MRK GR 1,929.67 $205,685.38
476405105 JERNIGAN CAPITAL INC US JCAP 275.61 $5,807.06
478160104 JOHNSON & JOHNSON US JNJ 4,916.16 $694,162.22
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 12,611.3 $7,535.25
4821100 SOLVAY SA BE SOLB BB 135.59 $16,348.84
4824778 SGS SA-REG CH SGSN SW 2.2 $5,810.06
4834108 SCHNEIDER ELECTRIC SE FR SU FP 80.09 $6,778.16
4834777 VIVENDI FR VIV FP 93.94 $2,726.65
4846288 SAP AG DE SAP GR 54.41 $7,013.82
49446R109 KIMCO REALTY CORP US KIM 215.18 $3,741.97
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 76,814.73 $94,638.06
496902AQ0 KINROSS GOLD CORP 4.50000 07/15/2027 CA 5,204.66 $5,027.80
500630CK2 KOREA DEVELOPMENT BANK 1.37500 09/12/2019 KR 2,668.94 $2,656.94
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 13,905.78 $14,079.61
50212YAB0 LPL HOLDINGS INC 5.75000 09/15/2025 US 5,137.93 $5,227.85
502160AM6 LSB INDUSTRIES 9.62500 05/01/2023 US 5,618.37 $5,829.05
5076705 HENKEL AG & CO KGAA VORZUG DE HEN3 GR 58.53 $5,924.32
5107401 BEIERSDORF AG DE BEI GR 2,567.72 $280,963.26
5176177 ORANGE FR ORA FP 208.92 $3,265.17
5253973 HERMES INTERNATIONAL FR RMS FP 9.44 $6,638.31
5263574 FLSMIDTH & CO A/S DK FLS DC 27.56 $1,385.14
529043101 LEXINGTON REALTY TRUST US LXP 425.77 $3,861.72
531172104 LIBERTY PROPERTY TRUST US LPT 189.21 $9,392.36
5330047 DASSAULT SYSTEMES SA FR DSY FP 13.29 $2,104.97
53815P108 LIVERAMP HOLDINGS INC US RAMP 5,218.65 $304,403.83
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 5,137.93 $5,112.24
5474008 BANKINTER S.A. ES BKT SM 1,281.81 $10,245.83
5476929 BARRY CALLEBAUT AG-REG CH BARN SW 2.14 $3,915.10
550021109 LULULEMON - ADR CA LULU 2,278.81 $401,867.26
5505072 KERING FR KER FP 6.89 $4,074.97
5533976 SWISSCOM AG-REG CH SCMN SW 8.13 $3,786.97
5545670 JUNGHEINRICH AG DE JUN3 GR 141.31 $4,931.06
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 10,823.02 $10,498.33
5596991 UCB SA BE UCB BB 47.18 $3,749.51
563571AL2 MANITOWOC COMPANY INC 9.00000 04/01/2026 US 2,188.62 $2,207.77
5669354 REPSOL SA ES REP SM 793.49 $13,464.50
5671735 SANOFI-AVENTIS FR SAN FP 119.99 $10,468.95
5727973 SIEMENS AG-REG DE SIE GR 42.91 $5,144.48
57636Q104 MASTERCARD INC-CLASS A US MA 3,128.52 $795,394.11
58502BAC0 MEDNAX INC 6.25000 01/15/2027 US 6,152.15 $6,275.20
58933Y105 MERCK & CO INC US MRK 1,914.47 $150,687.92
59001ABA9 MERITAGE HOMES CORP 5.12500 06/06/2027 US 5,765.18 $5,693.11
594918104 MICROSOFT CORP US MSFT 6,133.41 $801,023.90
59522J103 MID-AMERICA APARTMENT COMM US MAA 65.86 $7,205.64
5962280 CHOCOLADEFABRIKEN LINDT-PC CH LISP SW .61 $4,026.54
5966516 SOCIETE GENERALE FR GLE FP 118.32 $3,752.13
5980613 GIVAUDAN - REG CH GIVN SW 2.14 $5,528.85
5986622 KONINKLIJKE PHILIPS NV NL PHIA NA 99.38 $4,267.90
6055112 AYALA LAND INC PH ALI PM 6,510.95 $6,125.59
6074968 BANK OF THE PHILIPPINE ISLAN PH BPI PM 1,702.61 $2,774.06
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 13,305.86 $676,602.76
6108179 HARMONIC DRIVE SYSTEMS INC JP 6324 JP 119.84 $4,771.34
6129277 NTT DOCOMO INC JP 9437 JP 275.45 $5,981.53
615369105 MOODY'S CORPORATION US MCO 1,231.9 $242,216.81
61744YAG3 MORGAN STANLEY FLT 3.77988 05/08/2024 US 89,465.91 $90,768.28
61965RAB1 MOSS CREEK RESOURCES HLD 10.50000 05/15/2027 US 1,094.31 $1,121.67
6211732 DAEWOO SHIPBUILDING& MARINE KR 042660 KS 142.36 $3,548.08
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 10,956.47 $11,011.25
6248990 KDDI CORP JP 9433 JP 283.72 $6,539.12
6250025 DAIFUKU CO LTD JP 6383 JP 85.41 $5,254.52
6250508 DAITO TRUST CONSTRUCT CO LTD JP 1878 JP 42.71 $5,718.38
6250865 SUMITOMO DAINIPPON PHARMA CO JP 4506 JP 163.88 $3,620.65
6264189 NCSOFT CORP KR 036570 KS 9.44 $4,249.02
6272483 DMCI HOLDINGS INC PH DMC PM 8,972.38 $1,921.45
6284864 GLOBE TELECOM INC PH GLO PM 73.35 $2,506.96
62913TAM4 NGL ENRGY PART LP/FIN CO 6.12500 03/01/2025 US 8,994.75 $8,913.80
6291819 CHINA PETROLEUM & CHEMICAL - H CN 386 HK 12,699.48 $9,762.21
62957HAC9 NABORS INDUSTRIES INC 5.50000 01/15/2023 US 6,032.07 $5,745.55
6332439 FAST RETAILING CO LTD JP 9983 JP 8.27 $4,787.35
6356934 FANUC LTD JP 6954 JP 24.82 $4,663.54
637417106 NATIONAL RETAIL PROPERTIES US NNN 85.18 $4,482.33
637870106 NATIONAL STORAGE AFFILIATES US NSA 88.28 $2,583.05
63902MAE8 NATURAL RESRCE PART LP 9.12500 06/30/2025 US 1,094.31 $1,132.61
6390921 NOMURA RESEARCH INSTITUTE LT JP 4307 JP 136.39 $6,676.14
6441506 HOYA CORP JP 7741 JP 60.59 $4,279.19
6446620 HYUNDAI HEAVY INDUSTRIES KR 009540 KS 132.99 $14,200.30
6451066 HYUNDAI MIPO DOCKYARD KR 010620 KS 272.38 $13,137.74
6474494 JOLLIBEE FOODS CORP PH JFC PM 566.94 $3,313.79
647581107 NEW ORIENTAL EDUCATIO- SP ADR CN EDU 120.46 $11,498.69
6482903 KANAMOTO CO LTD JP 9678 JP 275.45 $6,538.67
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 7,021.88 $7,119.38
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 13,204.01 $13,422.72
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 23,167.95 $23,501.66
6483809 KAO CORP JP 4452 JP 77.14 $5,954.73
6490995 KEYENCE CORP JP 6861 JP 243.98 $152,439.12
6499550 KYOWA KIRIN CO LTD JP 4151 JP 7,578.87 $147,434.05
6514442 METROPOLITAN BANK & TRUST PH MBT PM 2,240.35 $3,193.74
6518808 LION CORP JP 4912 JP 332.03 $6,834.68
6531827 GEELY AUTOMOBILE HOLDINGS LT CN 175 HK 3,747.39 $7,548.67
654106103 NIKE INC CLASS B US NKE 5,088.53 $446,925.30
6642387 YAMAHA CORP JP 7951 JP 205.25 $10,657.20
6644800 NITORI HOLDINGS CO LTD JP 9843 JP 42.71 $5,094.85
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 11,997.42 $10,077.84
6687571 NABTESCO CORP JP 6268 JP 154.27 $4,730.61
66987V109 NOVARTIS AG- REG CH NVS 6,872.78 $565,148.47
67059TAD7 NUSTAR LOGISTICS LP 6.75000 02/01/2021 US 5,618.37 $5,843.10
67087MAA4 OBP DEPOSITOR LLC TRUST 4.64620 07/15/2045 US 2,001.71 $2,025.18
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 519.09 $196,511.41
6742340 SHANDONG WEIGAO CN 1066 HK 6,619.33 $6,506.81
6743882 JAPAN EXCHANGE GROUP INC JP 8697 JP 362.19 $5,914.48
6772217 SAMSUNG HEAVY INDUSTRIES KR 010140 KS 481.07 $3,393.08
6791591 SECOM CO LTD JP 9735 JP 68.86 $5,793.47
680665205 OLIN CORP US OLN 5,402.2 $117,173.73
6818843 SM PRIME HOLDINGS INC PH SMPH PM 9,063.58 $7,214.73
6821120 SONIC HEALTHCARE LTD AU SHL AU 228.79 $4,137.47
68323ADY7 ONTARIO (PROVINCE OF) 1.25000 06/17/2019 CA 12,010.25 $11,991.26
6865504 SUZUKI MOTOR CORP JP 7269 JP 223.14 $10,182.47
6883807 SYSMEX CORP JP 6869 JP 95.02 $5,444.80
6885074 TERUMO CORP JP 4543 JP 190.04 $5,735.10
6911485 UNICHARM CORP JP 8113 JP 180.43 $5,954.51
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 8,901.3 $9,190.59
6919519 UNIVERSAL ROBINA CORP PH URC PM 1,178.91 $3,443.71
6979728 WOODSIDE PETROLEUM LTD AU WPL AU 273.69 $6,822.96
6985112 YAKULT HONSHA CO LTD JP 2267 JP 85.41 $5,831.46
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 7,806.99 $7,892.24
7021963 DEUTSCHE BOERSE AG DE DB1 GR 1,052.16 $140,593.01
7062713 SODEXO FR SW FP 53.78 $6,167.93
7088429 AXA SA FR CS FP 239.96 $6,399.02
7103065 NOVARTIS AG-REG CH NOVN SW 180.55 $14,794.27
7103526 PEUGEOT SA FR UG FP 55.17 $1,446.50
7110388 ROCHE HOLDING AG-GENUSSCHEIN CH ROG SW 84.36 $22,258.52
7110902 TECAN GROUP AG-REG CH TECN SW 14.12 $3,187.48
7123870 NESTLE SA-REGISTERED CH NESN SW 4,086.6 $393,447.88
7133608 EQUINOR ASA NO EQNR NO 619.35 $13,806.25
713448108 PEPSICO INC US PEP 4,051.61 $518,808.15
7145056 ENI SPA IT ENI IM 781.51 $13,317.81
7156036 SONOVA HOLDING AG-REG CH SOON SW 52.06 $10,515.27
71642QAB3 PDLLN 7 1/4 05/01/22 7.25000 05/01/2022 GB 5,618.37 $5,463.86
718172109 PHILIP MORRIS INTERNATIONAL US PM 3,285.6 $284,401.16
71943U104 PHYSICIANS REALTY TRUST US DOC 586.89 $10,599.16
7212477 ESSILORLUXOTTICA FR EL FP 31.34 $3,817.82
7262610 CREDIT AGRICOLE SA FR ACA FP 170.25 $2,337.85
729640102 PLYMOUTH INDUSTRIAL REIT INC US 96.22 $1,806.04
7309681 BNP PARIBAS FR BNP FP 158.68 $8,446.89
7380482 COMPAGNIE DE SAINT-GOBAIN FR SGO FP 56.61 $2,321.06
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 93,549.53 $95,606.66
74166MAB2 PRIME SECSRVC BRW/FINANC 5.25000 04/15/2024 US 5,685.09 $5,699.30
74340W103 PROLOGIS US PLD 299.75 $22,981.72
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 57,197.34 $60,743.57
74460D109 PUBLIC STORAGE INC US PSA 47.98 $10,611.41
749685103 RPM INTERNATIONAL INC US RPM 3,252.29 $197,251.09
756109104 REALTY INCOME CORP US O 39.06 $2,734.71
75886F107 REGENERON PHARMACEUTICALS INC US REGN 302.05 $103,644.14
76131D103 RESTAURANT BRANDS INTERN CA QSR 90.99 $5,936.12
7698356 GETINGE AB-B SHS SE GETIB SS 594.27 $8,372.81
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 8,087.25 $8,268.00
77714PAB5 SEMGROUP / ROSE ROCK FIN 5.62500 07/15/2022 US 8,220.7 $8,148.76
7792559 HEINEKEN NV NL HEIA NA 38.57 $4,169.52
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 307.61 $19,960.90
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 74.12 $5,754.71
78409V104 S&P GLOBAL INC US SPGI 1,072.16 $236,582.46
78410G104 SBA COMMUNICATIONS CORP US SBAC 2,363.83 $481,583.62
78442PGC4 SLM CORP 5.12500 04/05/2022 US 11,170.01 $11,002.46
78463V107 SPDR GOLD SHARES US 220.39 $26,710.77
78490DAA2 SOFI 2018-C A1FX 3.08000 01/25/2048 US 30,399.37 $30,494.93
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 84,154.54 $93,736.71
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 58,852.17 $61,354.50
806857108 SCHLUMBERGER LTD NL SLB 5,574.56 $237,922.35
808513105 CHARLES SCHWAB CORP/THE US SCHW 5,937.43 $271,815.50
81141R100 SEA LTD - ADR SG SE 12,010.93 $298,952.01
812578102 SEATTLE GENETICS INC US SGEN 3,036.44 $205,809.76
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 6,690.95 $6,542.31
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 9,413.39 $9,239.88
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 7,877.89 $7,176.25
81762P102 SERVICENOW INC US NOW 1,958.88 $531,856.32
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 5,818.54 $5,702.17
828806109 SIMON PROPERTY GROUP INC US SPG 138.43 $24,045.41
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 2,429.61 $2,415.70
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 3,002.56 $2,984.86
83406EAB1 SOFI 2018-A A2A 2.39000 02/25/2042 US 6,362.84 $6,339.07
84265V105 SOUTHERN COPPER CORPORATION US SCCO 3,853.61 $148,055.66
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 56,276.55 $57,409.92
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 9,728.71 $9,564.59
85254J102 STAG INDUSTRIAL INC US STAG 185.58 $5,340.98
855030AN2 STAPLES INC 7.50000 04/15/2026 US 8,287.42 $8,302.96
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.65963 11/15/2027 US 17,993.6 $17,957.33
862121100 STORE CAPITAL CORP US STOR 79.15 $2,637.31
866674104 SUN COMMUNITIES US SUI 85.18 $10,484.32
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 218.52 $3,146.63
874080104 TAL EDUCATION GROUP - ADR CN TAL 95.66 $3,680.03
876664103 TAUBMAN CTRS INC US TCO 32.48 $1,601.38
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 5,704.48 $5,668.47
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 7,460 $6,900.50
88160RAE1 TESLA INC 5.30000 08/15/2025 US 1,094.31 $935.64
883556102 THERMO FISHER SCIENTIFIC INC US TMO 586.06 $162,601.43
88650V208 TIER REIT INC US TIER 320.77 $9,090.55
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 30,604.43 $30,061.85
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 16,433.93 $16,209.83
89177EAA7 TPMT 2019-HY1 A1 3.47663 10/25/2048 US 15,798.44 $15,809.77
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 29,628.51 $29,292.12
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 9,983.43 $9,914.26
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 9,928.88 $9,941.30
902653104 UDR INC US UDR 183.66 $8,255.42
903002103 UMH PROPERTIES INC US UMH 173.86 $2,442.77
904767704 UNILEVER PLC - ADR GB UL 7,089.06 $431,014.80
912796SE0 TREASURY BILL 0.00000 08/22/2019 US 73,395.96 $72,849.90
912796SJ9 TREASURY BILL 0.00000 09/19/2019 US 530,539.2 $525,598.88
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 104,435.78 $141,596.16
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 362,418.11 $468,099.80
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 135,731.41 $131,287.01
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 162,004.91 $149,500.15
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 274,163.73 $277,708.58
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 428,650.65 $437,742.74
9128286B1 US TREASURY N/B 2.62500 02/15/2029 US 1,039,218.38 $1,049,813.54
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 461,923.76 $459,560.01
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 498,687.22 $473,577.54
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 476,346.92 $473,853.54
91324P102 UNITEDHEALTH GROUP INC US UNH 877.87 $204,605.31
91704F104 URBAN EDGE PROPERTIES US UE 313.93 $5,829.77
92189F106 MARKET VECTORS GOLD MINERS US 592.28 $12,372.77
92276F100 VENTAS INC US VTR 80.18 $4,899.71
92339V100 VEREIT INC US VER 847.57 $7,000.95
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 84,554.88 $100,647.49
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 1,276.77 $215,748.15
92826C839 VISA INC - CLASS A SHARES US V 4,250.76 $698,952.31
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 5,070.99 $5,124.37
929042109 VORNADO REALTY TRUST US VNO 72.85 $5,036.98
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 5,618.37 $5,716.69
92936CAE9 WFRBS 2011-C4 A3 4.39400 06/15/2044 US 41.09 $41.05
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 8,100.61 $8,768.91
93065PAA9 WBHT 2019-WBM A FLT 3.48963 12/15/2033 US 15,146.26 $15,082.28
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 3,816.83 $3,740.49
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 9,862.16 $9,763.54
948741103 WEINGARTEN REALTY INVESTORS US WRI 202.92 $5,872.36
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 8,006.83 $8,125.18
95040Q104 WELLTOWER INC. US WELL 95.81 $7,140.41
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 14,706.25 $14,680.96
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 8,033.89 $8,130.94
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 46,601.33 $46,736.12
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 7,667.99 $7,679.68
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 8,982.16 $8,965.99
98850P109 YUM CHINA HOLDINGS INC CN YUMC 145.25 $6,905.25
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 13,158.46 $12,697.91
B01FLR7 PING AN INSURANCE GROUP CO-H CN 2318 HK 902.15 $10,920.21
B01JCK9 LI NING CO LTD CN 2331 HK 4,564.74 $8,292.84
B02L3W3 BERKELEY GROUP HOLDINGS GB BKG LN 265.56 $13,027.50
B058TZ6 SAFRAN SA FR SAF FP 36.02 $5,250.22
B068DB9 SM INVESTMENTS CORP PH SM PM 265.43 $4,842.45
B0744B3 BUNZL PLC GB BNZL LN 183.41 $5,531.73
B07DRZ5 RECORDATI SPA IT REC IM 104.6 $4,226.71
B09DHL9 MTU AERO ENGINES HOLDING AG DE MTX GR 26.65 $6,287.72
B0C2CQ3 ENGIE FR ENGI FP 182.3 $2,705.77
B0MP1B0 SHENZHOU INTERNATIONAL GROUP CN 2313 HK 523.41 $7,035.01
B0SWJX3 LONDON STOCK EXCHANGE GROUP GB LSE LN 2,477.3 $162,420.52
B11TCY0 SCHINDLER HOLDING-PART CERT CH SCHP SW 29.61 $6,400.20
B15C557 TOTAL SA FR FP FP 237.05 $13,178.08
B1FW751 GALP ENERGIA SGPS SA PT GALP PL 856.47 $14,359.82
B1JB4K8 SYMRISE AG DE SY1 GR 66.31 $6,374.13
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 963 $5,930.59
B1WGG93 GEBERIT AG-REG CH GEBN SW 14.6 $6,121.85
B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 131.68 $7,193.92
B1XH026 VINCI SA FR DG FP 116.33 $11,749.12
B1Y9TB3 DANONE FR BN FP 307.93 $24,894.38
B1YVKN8 ANTA SPORTS PRODUCTS LTD CN 2020 HK 1,019.59 $7,170.91
B1YXBJ7 AIR LIQUIDE FR AI FP 48.7 $6,478.32
B1Z9Q99 ABOITIZ POWER CORP PH AP PM 4,066.08 $2,941.54
B247XZ6 MANILA ELECTRIC COMPANY PH MER PM 368.28 $2,724.64
B249GC0 MATSUMOTOKIYOSHI HOLDINGS CO JP 3088 JP 198.31 $6,566.27
B3NB1P2 SUNCOR ENERGY INC CA SU CN 312.48 $10,304.90
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 16,680.9 $854.45
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 7,072.7 $5,468.48
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 41,368.63 $2,093.97
B4R2R50 JULIUS BAER CH BAER SW 3,097.73 $149,635.47
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 12,343.87 $9,078.20
B5VJH76 BDO UNIBANK INC PH BDO PM 1,892.14 $4,871.46
B607XS1 VERMILION ENERGY INC CA VET CN 264.36 $6,750.55
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 64,054.66 $3,378.03
B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 1,288.28 $15,626.51
B63QM77 NEXON CO LTD JP 3659 JP 1,111.67 $15,824.86
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 20,017.08 $1,015.27
B725S29 PUREGOLD PRICE CLUB INC PH PGOLD PM 2,229.75 $1,794.78
B7T7721 ROYAL BANK OF SCOTLAND GB RBS LN 4,073.08 $12,754.20
B8FMRX8 COLOPLAST-B DK COLOB DC 55.72 $6,018.64
B92RW83 LT GROUP INC PH LTG PM 6,784.27 $2,088.17
BB22L96 KION GROUP AG DE KGX GR 82.5 $5,675.50
BBD7Q84 SUNTORY BEVERAGE & FOOD LTD JP 2587 JP 128.12 $5,665.18
BBG00NDWLL31 BKNG US 05/17/19 P1730 US -.13 -$242.87
BBG00NX43YR7 EA US 05/10/19 P87.5 US -2.71 -$346.75
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 191.84 $3,911.01
BD0Q398 KONINKLIJKE AHOLD DELHAIZE N NL AD NA 151.62 $3,654.23
BD3JR69 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 10,249.27 $4,794.12
BD4TZK8 OCI NV NL OCI NA 215.51 $6,259.41
BD9Y5C0 TECHNOGYM SPA IT TGYM IM 566.81 $6,955.40
BD9Y9B7 BASIC-FIT NV NL BFIT NA 203.24 $7,214.07
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 10,243.92 $6,023.53
BDXN0J5 UK TREASURY BILL GBP 0.00000 05/28/2019 GB 29,765.57 $38,793.40
BDZV116 EPIROC AB-A SE EPIA SS 169.14 $1,748.50
BF1K7P7 ESSITY AKTIEBOLAG-B SE ESSITYB SS 139.03 $4,122.44
BF2DSG3 SIKA AG-REG CH SIKA SW 43.87 $6,721.29
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 12,050.78 $11,960.40
BFTCYP4 ROBINSONS RETAIL HOLDINGS IN PH RRHI PM 1,378.37 $2,063.09
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 2,494.53 $4,000.96
BGLP232 MONCLER SPA IT MONC IM 145.25 $5,971.92
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 11,487.72 $9,857.27
BHC8X90 NOVO NORDISK A/S-B DK NOVOB DC 117.48 $5,755.86
BJ2KSG2 AKZO NOBEL NL AKZA NA 2,734.61 $232,348.13
BJT1GR5 ALCON INC CH ALC SW 36.11 $2,079.53
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 14,242.42 $701,975.65
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 1,205.08 $6,212.51
BNGN9Z1 FINECOBANK SPA IT FBK IM 11,976.05 $157,748.25
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 8,823.84 $267,174.48
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 214.86 $6,470.29
BSQXJ01 THULE GROUP AB/THE SE THULE SS 458.88 $10,690.06
BSS7GP5 AGL ENERGY LTD AU AGL AU 257.03 $4,032.41
BW1YVH8 WALMART DE MEXICO SAB DE CV MX WALMEX* MM 2,313.65 $6,797.77
BYMXPS7 UNICREDIT SPA IT UCG IM 396.57 $5,490.13
BYW0PQ6 LAND SECURITIES GROUP PLC GB LAND LN 560.47 $6,754.71
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 16,831.21 $7,530.16
BYXS699 QIAGEN N.V. NL QIA GR 238.53 $9,236.14
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 4,301.52 $382,437.03
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 1,947.93 $9,100.89
G0750C108 AXALTA COATING SYSTEMS LTD US AXTA 5,553.83 $149,842.41
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 149.82 $5,995.62
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 79.19 $4,243.88
G27358103 DESPEGAR.COM CORP AR DESP 174.88 $2,551.47
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 13,358.63 $13,826.18
G45667105 HOLLYSYS AUTOMATION TECHNOLOGIES CN HOLI 222.51 $4,657.09
G5960L103 MEDTRONIC INC IE MDT 6,795.01 $603,465.17
G97822103 PERRIGO CO PLC IE PRGO 2,054.44 $98,448.72
H01301128 ALCON INC CH ALC 1,381.03 $80,375.67
H8817H100 TRANSOCEAN LTD US RIG 14,600.97 $114,763.66
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 49.1 $5,929.04
N22717107 CORE LABORATORIES N.V. NL CLB 100.76 $6,387.03
N47279109 INTERXION HOLDING NV NL INXN 3,045.4 $210,711.29
N72482123 QIAGEN N.V. ADR NL QGEN 5,180.29 $201,824.17
USD US DOLLAR US 527,660.15 $527,660.15

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

$12.82

Daily $ Change

-$0.08

Daily % Change

-0.62%

as of 05/23/2019

CUSIP

56382R811

Inception Date

05/14/2015

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

Important Documents

Annual Report
Fact Sheet
Applications & Forms

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

Investment Objective

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

Investment Strategy

Currently: The portfolio is currently invested in a 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 64% - 91%.

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 2045
  • Who generally have time to withstand market volatility and can accept very 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 04/30/2019

YTD

14.95%

1 Year

8.65%

3 Year

10.76%

5 Year

6.80%

10 Year

11.06%

Inception
(01/01/2000)

7.64%

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

7.79%

Performance through the inception date of the Retirement Target CIT Class U1 units is based on the historical performance of the CIT’s oldest unit class. Performance through the inception date of the oldest unit class (08/03/2012) is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. Returns are net of the Class U1 expenses. The Retirement Target CIT Fund will gradually become more conservative over time. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.55%
Net 0.49%*

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

Top Ten Investments

As of 04/30/2019

TREASURY NOTES 6.64%
TREASURY BONDS 2.83%
MICROSOFT CORP 2.18%
MASTERCARD INC-CLASS A 2.17%
TENCENT HOLDINGS LTD 1.91%
BERKSHIRE HATHAWAY INC-CL B 1.91%
VISA INC - CLASS A SHARES 1.91%
JOHNSON & JOHNSON 1.89%
COCA COLA CO/THE 1.88%
MONDELEZ INTERNATIONAL INC 1.84%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 04/30/2019

Stocks
76.83%
Bonds
21.64%
Cash
1.53%

Detailed Asset Class Allocation

As of 04/30/2019

International Equities
24.03%
Small Capitalization
0.39%
Mid Capitalization
4.34%
Large Capitalization
48.07%
Long Term Fixed Income
5.58%
Intermediate Term Fixed Income
11.07%
Short Term Fixed Income
4.99%
Cash
1.53%

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

April Fund Holdings

As of 04/30/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAH9 ADT SEC CORP 4.12500 06/15/2023 US 6,645.95 $6,500.54
00101JAM8 ADT CORP 5.25000 03/15/2020 US 4,804.32 $4,852.36
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 60,880.61 $63,199.28
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 46,706.52 $46,500.39
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 13,878.83 $13,948.23
004239109 ACADIA REALTY TRUST US AKR 80.66 $2,277.81
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 60,079.93 $61,488.88
0081180 BARRATT DEVELOPMENTS PLC GB BDEV LN 1,684.14 $13,248.85
008492100 AGREE REALTY CORP US ADC 49.75 $3,257.21
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 5,618.37 $5,730.68
0136701 BRITISH LAND CO PLC GB BLND LN 880.5 $6,831.54
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 18.71 $2,664.13
01609W102 ALIBABA GROUP - ADR CN BABA 73.37 $13,615.83
02079K107 ALPHABET INC-CL C US GOOG 388.23 $461,405.59
02079K305 ALPHABET INC-CL A US GOOGL 386.04 $462,850.19
02209S103 ALTRIA GROUP INC US MO 3,250.9 $176,621.24
023135106 AMAZON.COM INC US AMZN 205.36 $395,630.81
02319V103 AMBEV SA-ADR BR ABEV 67,404.57 $317,475.53
0237400 DIAGEO PLC GB DGE LN 7,627.58 $321,561.97
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 11,623.49 $11,681.61
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 79.22 $3,739.07
0263494 BAE SYSTEMS PLC GB BA/ LN 1,913.58 $12,299.16
02665T306 AMERICAN HOMES 4 RENT- A US AMH 504.55 $12,099.00
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 8,100.61 $7,796.84
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 1,334.47 $1,308.27
03027X100 AMERICAN TOWER REIT INC US AMT 2,701.29 $527,561.52
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 907.53 $915.79
03064D108 AMERICOLD REALTY TRUST US COLD 75.59 $2,419.56
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 5,751.81 $5,866.85
03748R754 APARTMENT INVT & MGMT CO -A US AIV 147.15 $7,263.09
03784Y200 APPLE HOSPITALITY REIT INC US APLE 140.21 $2,306.38
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 1,094.31 $1,079.26
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 MUL 6,032.07 $6,077.31
0405207 HALMA PLC GB HLMA LN 301.99 $7,105.81
0490656 KERRY GROUP PLC-A IE KYGA LN 122.59 $13,694.84
05278C107 AUTOHOME INC-ADR CN ATHM 112.81 $13,028.27
053332102 AUTOZONE INC US AZO 457.33 $470,272.37
053484101 AVALONBAY COMMUNITIES INC US AVB 93.95 $18,877.54
058498106 BALL CORP US BLL 6,410.41 $384,239.90
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 92,054.88 $94,322.33
0673123 ASSOCIATED BRITISH FOODS PLC GB ABF LN 191.51 $6,396.78
0682538 PERSIMMON PLC GB PSN LN 460.26 $13,445.41
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 3,236.23 $701,323.28
0870612 LLOYDS BANKING GROUP PLC GB LLOY LN 16,338.26 $13,362.02
0878230 TAYLOR WIMPEY PLC GB TW/ LN 5,713.07 $13,544.62
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 3,717.55 $317,962.41
0922320 SMITH & NEPHEW PLC GB SN/ LN 506.48 $9,791.62
09247X101 BLACKROCK INC US BLK 931.04 $451,776.37
0946580 WEIR GROUP PLC/THE GB WEIR LN 904.31 $19,655.12
09857L108 BOOKING HOLDINGS INC US BKNG 341.83 $634,090.00
101121101 BOSTON PROPERTIES INC US BXP 99.04 $13,629.26
105368203 BRANDYWINE REALTY TRUST US BDN 647.39 $9,963.38
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 164.31 $6,440.91
11134LAB5 BROADCOM CRP / CAYMN FI 2.37500 01/15/2020 US 79,804.25 $79,458.85
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 5,618.37 $5,309.36
12503M108 CBOE GLOBAL MARKETS INC US CBOE 2,266.74 $230,323.01
12510GAB8 CCG 2019-1 A2 2.80000 09/14/2026 US 36,431.09 $36,452.44
125269100 CF INDUSTRIES HOLDINGS INC US CF 6,010.81 $269,164.13
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 8,007.95 $8,131.15
12572Q105 CME GROUP INC US CME 1,327.76 $237,537.01
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 60,453.54 $60,512.78
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 11,541 $11,040.49
133131102 CAMDEN PROPERTY TRUST US CPT 23.85 $2,400.30
13321L108 CAMECO CORP CA CCJ 775.45 $8,561.00
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 681.35 $679.22
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 13,409.61 $13,388.05
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 12,611.3 $12,516.72
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 20,458.74 $20,274.66
165240102 CHESAPEAKE LODGING TRUST US CHSP 115.74 $3,298.70
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 31,708.05 $48,011.25
191216100 COCA COLA CO/THE US KO 14,094.53 $691,477.43
192422103 COGNEX CORP US CGNX 2,380.66 $120,056.69
194162103 COLGATE-PALMOLIVE CO US CL 2,941.73 $214,128.82
2011646 ALIMENTATION COUCHE-TARD -B CA ATD/B CN 68.45 $4,035.79
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 173.68 $6,335.69
2180632 CANADIAN NATL RAILWAY CO CA CNR CN 69.28 $6,434.80
222795106 COUSINS PROPERTIES INC US CUZ 1,024.88 $9,808.09
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 33,762.14 $34,322.39
22822V101 CROWN CASTLE INTL CORP US CCI 54.89 $6,903.96
228368106 CROWN HOLDINGS INC US CCK 3,561.8 $207,047.16
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 7,631.79 $7,285.26
229663109 CUBESMART US CUBE 102.4 $3,267.53
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 4,804.32 $4,882.58
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 271.5 $2,867.59
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 5,204.66 $5,092.45
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 2,753.69 $6,395.53
25271C102 DIAMOND OFFSHORE DRILLING US DO 7,560.49 $73,412.39
253868103 DIGITAL REALTY TRUST INC US DLR 65.27 $7,683.15
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 62,642.16 $62,342.44
256677105 DOLLAR GENERAL CORP US DG 2,745.34 $346,160.03
256746108 DOLLAR TREE STORES INC US DLTR 3,935.15 $437,903.55
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 5,618.37 $5,716.69
25960P109 DOUGLAS EMMETT INC US DEI 114.18 $4,703.17
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 12,878.2 $13,006.98
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 13,291.91 $12,926.38
269246401 ETRADE FINANCIAL CORP US ETFC 3,210.41 $162,639.40
2715777 QUEBECOR INC -CL B CA QBR/B CN 9,236.21 $230,336.45
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 10,640.83 $215,485.31
285512109 ELECTRONIC ARTS US EA 5,101.41 $482,848.70
2866857 LUNDIN MINING CORP CA LUN CN 14,140.88 $75,892.29
29444U700 EQUINIX INC US EQIX 732.65 $333,136.05
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 51.81 $6,045.81
29476L107 EQUITY RESIDENTIAL US EQR 204.49 $15,627.12
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 245.07 $5,068.00
297178105 ESSEX PROPERTY TRUST INC US ESS 37.01 $10,454.33
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 41,035.02 $40,940.92
30225T102 EXTRA SPACE STORAGE INC US EXR 36.39 $3,773.55
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 1,433.91 $1,427.93
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 9,541.91 $9,854.12
30286XAN9 FREMF 2015-K43 B FLT 3.86186 02/25/2048 US 28,023.91 $28,331.10
30291EAE4 FREMF 2013-K712 B FLT 3.46531 05/25/2045 US 18,015.37 $18,018.64
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 1,894,826.95 $5,797.41
30291XAE2 FREMF 2014-K715 B FLT 4.11272 02/25/2046 US 23,353.26 $23,738.69
30292HAU0 FREMF 2014- K503 B 3.08515 10/25/2047 US 16,680.9 $16,648.37
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 3,455.14 $3,792.13
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 2,127.16 $2,319.50
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 1,949.28 $2,167.12
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 114.66 $118.45
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 246.74 $252.45
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 171.26 $176.28
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 139.94 $144.88
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 241.02 $248.90
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 19,288.27 $20,270.39
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 3,145.12 $3,430.48
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 9,749.11 $10,255.31
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 11,220.4 $11,802.93
3132LMMM5 FHLM POOL K91364 4.50000 11/01/2033 US 6,605.21 $6,912.79
3132LNE83 FHLM POOL K92059 4.50000 09/01/2034 US 9,630.26 $10,124.24
3132VLY43 FHLM POOL FG Q60730 4.00000 01/01/2049 US 28,879.4 $29,698.60
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 104.15 $104.40
3134865 BARCLAYS PLC GB BARC LN 6,519.53 $13,990.98
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 11,391.1 $11,609.98
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 18.3 $2,448.97
3137A2B34 FHMS K009 X1 FLT 1.43325 08/25/2020 US 190,472.85 $2,582.45
3137ADTK3 FHMS K014 X1 FLT 1.32344 04/25/2021 US 45,715.65 $895.51
3137AJMG6 FMHS K016 X1 FLT 1.63481 10/25/2021 US 53,711.15 $1,690.35
3137AME78 FHMS K017 X1 FLT 1.44558 12/25/2021 US 365,418.58 $10,257.99
3137AUPF0 FHMS K021 x1 FLT 1.57070 06/25/2022 US 164,366.65 $6,288.22
3137B3NB0 FHMS K030 X1 FLT 0.30473 04/25/2023 US 618,331.17 $4,352.31
3137B4GZ3 FHMS K032 X1 FLT 0.21525 05/25/2023 US 396,668.88 $1,734.47
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 14,138.1 $14,482.59
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 13,533.39 $14,033.90
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 2,956.91 $3,131.90
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 1,438.4 $1,523.09
3138EGGZ1 FEDERAL NATL MTG ASSN AL0215 4.50000 04/01/2041 US 19,378.15 $20,530.95
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65000 01/01/2049 US 40,504.41 $44,391.96
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 34,071.94 $34,606.38
3138WGK37 FEDERAL NATL MTG ASSN FN AS6613 4.00000 02/01/2046 US 40,615.25 $41,910.96
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 7,545.05 $8,305.74
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 3,854.45 $4,240.27
3140EWG66 FEDERAL NATL MTG ASSN BC2020 3.50000 07/01/2046 US 21,129.07 $21,352.22
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 21,093.3 $21,753.24
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 7,374.32 $7,704.92
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 29,254.6 $30,517.81
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 21,909.34 $23,105.77
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 14,827.58 $15,641.86
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 17,005.88 $17,939.79
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 182.79 $187.04
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 211.61 $216.40
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 1,381.99 $1,402.96
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 1,710.37 $1,734.50
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 7,257.52 $7,970.31
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 1,388.08 $1,522.38
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 55.92 $56.43
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 987.39 $1,003.26
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 15,182.4 $15,939.38
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 10,820.91 $11,366.08
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 7,161.39 $7,087.45
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 558.23 $624.28
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 190.18 $198.09
31428X106 FEDEX CORPORATION US FDX 1,763.24 $334,064.37
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 4,790.95 $4,838.86
316067107 FIDELITY CASH RESERVES US 41,195.44 $41,195.44
3163836 INTERTEK GROUP PLC GB ITRK LN 96.97 $6,782.30
32054K103 FIRST INDUSTRIAL REALTY TR US FR 120.4 $4,246.55
335934AK1 FIRST QUANTUM MINERALS L 7.25000 04/01/2023 CA 2,121.9 $2,101.74
346232AD3 FORESTAR GROUP INC 8.00000 04/15/2024 US 11,303.46 $11,586.04
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 7,686.91 $7,879.08
35671D857 FREEPORT-MCMORAN INC US FCX 9,773.86 $120,316.19
357081AE8 FREMF 2015-K720 B FLT 3.50621 07/25/2022 US 14,278.85 $14,333.49
35802XAD5 FRESENIUS MED CARE II 5.62500 07/31/2019 US 55,782.75 $56,070.59
36143WAN1 GAHR 2015-NRF BFX FLT 3.38216 12/15/2034 US 32,027.33 $31,914.86
36168QAE4 GFL ENVIRONMENTAL INC 8.50000 05/01/2027 CA 1,094.31 $1,140.01
36223NTR5 GNMA POOL 312960 9.00000 09/15/2021 US 3.56 $3.60
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 6,992.63 $6,919.34
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 488.23 $491.72
36257FAB6 GMCAR 2019-2 A2A MTGE 2.66000 06/16/2022 US 110,894.63 $110,931.56
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 49,216.81 $46,587.15
37045VAR1 GENERAL MOTORS CO FLT 3.50063 09/10/2021 US 44,345.98 $44,245.68
37045XAR7 GENERAL MOTORS FINL CO 3.15000 01/15/2020 US 34,562.83 $34,624.55
37185LAF9 GENESIS ENERGY LP/GENESI 5.62500 06/15/2024 US 6,245.61 $6,202.67
374297109 GETTY REALTY CORP US GTY 139.59 $4,526.96
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 13,083.72 $13,149.13
38141GVR2 GOLDMAN SACHS GROUP INC 4.25000 10/21/2025 US 7,366.29 $7,585.12
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 18,948.27 $18,305.70
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 5,751.81 $5,780.57
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 44.83 $4,544.13
4012250 AIRBUS SE FR AIR FP 57.09 $7,817.56
4031976 ADIDAS AG DE ADS GR 25 $6,438.67
40414L109 HCP INC US HCP 251.16 $7,479.50
4057808 L'OREAL FR OR FP 38.29 $10,531.23
4061412 LVMH MOET HENNESSY LOUIS VUITTON FR MC FP 25.76 $10,112.53
406216101 HALLIBURTON CO US HAL 10,223.41 $289,629.16
4076836 INTESA SANPAOLO IT ISP IM 2,174.87 $5,698.22
4162791 THALES SA FR HO FP 10.81 $1,291.53
4163437 CAP GEMINI FR CAP FP 16.67 $2,022.79
421946104 HEALTHCARE REALTY TRUST INC US HR 214.15 $6,613.01
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 340.45 $9,389.66
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 57.01 $4,959.39
44107P104 HOST MARRIOTT CORP US HST 256.28 $4,930.89
444454AB8 HUGHES SATELITE SYSTEMS 6.50000 06/15/2019 US 3,002.56 $3,012.77
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 12,544.58 $12,622.48
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 8,287.42 $8,349.57
45337C102 INCYTE CORP US INCY 2,856.73 $219,396.72
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 422.14 $4,470.44
4574813 MEDIOBANCA SPA IT MB IM 506.54 $5,368.97
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 2,989.2 $243,171.65
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 65,538.11 $65,613.17
46120E602 INTUITIVE SURGICAL INC US ISRG 538.17 $274,807.21
46187BAA1 IHSFR 2017-SFR2 A 3.28238 12/17/2036 US 6,355.58 $6,312.62
46187BAB9 IHSFR 2017-SFR2 B 3.58238 12/17/2036 US 4,937.55 $4,937.54
46187W107 INVITATION HOMES INC US INVH 339.16 $8,431.58
46284VAC5 IRON MOUNTAIN INC 4.87500 09/15/2027 US 5,618.37 $5,439.28
464287739 ISHARES DJ US REAL ESTATE US 24.68 $2,146.76
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 5,289.46 $5,222.30
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 6,327.38 $6,306.87
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 10,682.82 $10,655.49
46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 44,359.24 $45,998.06
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 13,997.17 $14,041.81
4682329 PERNOD-RICARD SA FR RI FP 44.76 $7,804.78
4712798 RENAULT SA FR RNO FP 31.27 $2,133.33
4741844 MERCK KGAA DE MRK GR 1,929.67 $205,685.38
476405105 JERNIGAN CAPITAL INC US JCAP 275.61 $5,807.06
478160104 JOHNSON & JOHNSON US JNJ 4,916.16 $694,162.22
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 12,611.3 $7,535.25
4821100 SOLVAY SA BE SOLB BB 135.59 $16,348.84
4824778 SGS SA-REG CH SGSN SW 2.2 $5,810.06
4834108 SCHNEIDER ELECTRIC SE FR SU FP 80.09 $6,778.16
4834777 VIVENDI FR VIV FP 93.94 $2,726.65
4846288 SAP AG DE SAP GR 54.41 $7,013.82
49446R109 KIMCO REALTY CORP US KIM 215.18 $3,741.97
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 76,814.73 $94,638.06
496902AQ0 KINROSS GOLD CORP 4.50000 07/15/2027 CA 5,204.66 $5,027.80
500630CK2 KOREA DEVELOPMENT BANK 1.37500 09/12/2019 KR 2,668.94 $2,656.94
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 13,905.78 $14,079.61
50212YAB0 LPL HOLDINGS INC 5.75000 09/15/2025 US 5,137.93 $5,227.85
502160AM6 LSB INDUSTRIES 9.62500 05/01/2023 US 5,618.37 $5,829.05
5076705 HENKEL AG & CO KGAA VORZUG DE HEN3 GR 58.53 $5,924.32
5107401 BEIERSDORF AG DE BEI GR 2,567.72 $280,963.26
5176177 ORANGE FR ORA FP 208.92 $3,265.17
5253973 HERMES INTERNATIONAL FR RMS FP 9.44 $6,638.31
5263574 FLSMIDTH & CO A/S DK FLS DC 27.56 $1,385.14
529043101 LEXINGTON REALTY TRUST US LXP 425.77 $3,861.72
531172104 LIBERTY PROPERTY TRUST US LPT 189.21 $9,392.36
5330047 DASSAULT SYSTEMES SA FR DSY FP 13.29 $2,104.97
53815P108 LIVERAMP HOLDINGS INC US RAMP 5,218.65 $304,403.83
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 5,137.93 $5,112.24
5474008 BANKINTER S.A. ES BKT SM 1,281.81 $10,245.83
5476929 BARRY CALLEBAUT AG-REG CH BARN SW 2.14 $3,915.10
550021109 LULULEMON - ADR CA LULU 2,278.81 $401,867.26
5505072 KERING FR KER FP 6.89 $4,074.97
5533976 SWISSCOM AG-REG CH SCMN SW 8.13 $3,786.97
5545670 JUNGHEINRICH AG DE JUN3 GR 141.31 $4,931.06
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 10,823.02 $10,498.33
5596991 UCB SA BE UCB BB 47.18 $3,749.51
563571AL2 MANITOWOC COMPANY INC 9.00000 04/01/2026 US 2,188.62 $2,207.77
5669354 REPSOL SA ES REP SM 793.49 $13,464.50
5671735 SANOFI-AVENTIS FR SAN FP 119.99 $10,468.95
5727973 SIEMENS AG-REG DE SIE GR 42.91 $5,144.48
57636Q104 MASTERCARD INC-CLASS A US MA 3,128.52 $795,394.11
58502BAC0 MEDNAX INC 6.25000 01/15/2027 US 6,152.15 $6,275.20
58933Y105 MERCK & CO INC US MRK 1,914.47 $150,687.92
59001ABA9 MERITAGE HOMES CORP 5.12500 06/06/2027 US 5,765.18 $5,693.11
594918104 MICROSOFT CORP US MSFT 6,133.41 $801,023.90
59522J103 MID-AMERICA APARTMENT COMM US MAA 65.86 $7,205.64
5962280 CHOCOLADEFABRIKEN LINDT-PC CH LISP SW .61 $4,026.54
5966516 SOCIETE GENERALE FR GLE FP 118.32 $3,752.13
5980613 GIVAUDAN - REG CH GIVN SW 2.14 $5,528.85
5986622 KONINKLIJKE PHILIPS NV NL PHIA NA 99.38 $4,267.90
6055112 AYALA LAND INC PH ALI PM 6,510.95 $6,125.59
6074968 BANK OF THE PHILIPPINE ISLAN PH BPI PM 1,702.61 $2,774.06
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 13,305.86 $676,602.76
6108179 HARMONIC DRIVE SYSTEMS INC JP 6324 JP 119.84 $4,771.34
6129277 NTT DOCOMO INC JP 9437 JP 275.45 $5,981.53
615369105 MOODY'S CORPORATION US MCO 1,231.9 $242,216.81
61744YAG3 MORGAN STANLEY FLT 3.77988 05/08/2024 US 89,465.91 $90,768.28
61965RAB1 MOSS CREEK RESOURCES HLD 10.50000 05/15/2027 US 1,094.31 $1,121.67
6211732 DAEWOO SHIPBUILDING& MARINE KR 042660 KS 142.36 $3,548.08
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 10,956.47 $11,011.25
6248990 KDDI CORP JP 9433 JP 283.72 $6,539.12
6250025 DAIFUKU CO LTD JP 6383 JP 85.41 $5,254.52
6250508 DAITO TRUST CONSTRUCT CO LTD JP 1878 JP 42.71 $5,718.38
6250865 SUMITOMO DAINIPPON PHARMA CO JP 4506 JP 163.88 $3,620.65
6264189 NCSOFT CORP KR 036570 KS 9.44 $4,249.02
6272483 DMCI HOLDINGS INC PH DMC PM 8,972.38 $1,921.45
6284864 GLOBE TELECOM INC PH GLO PM 73.35 $2,506.96
62913TAM4 NGL ENRGY PART LP/FIN CO 6.12500 03/01/2025 US 8,994.75 $8,913.80
6291819 CHINA PETROLEUM & CHEMICAL - H CN 386 HK 12,699.48 $9,762.21
62957HAC9 NABORS INDUSTRIES INC 5.50000 01/15/2023 US 6,032.07 $5,745.55
6332439 FAST RETAILING CO LTD JP 9983 JP 8.27 $4,787.35
6356934 FANUC LTD JP 6954 JP 24.82 $4,663.54
637417106 NATIONAL RETAIL PROPERTIES US NNN 85.18 $4,482.33
637870106 NATIONAL STORAGE AFFILIATES US NSA 88.28 $2,583.05
63902MAE8 NATURAL RESRCE PART LP 9.12500 06/30/2025 US 1,094.31 $1,132.61
6390921 NOMURA RESEARCH INSTITUTE LT JP 4307 JP 136.39 $6,676.14
6441506 HOYA CORP JP 7741 JP 60.59 $4,279.19
6446620 HYUNDAI HEAVY INDUSTRIES KR 009540 KS 132.99 $14,200.30
6451066 HYUNDAI MIPO DOCKYARD KR 010620 KS 272.38 $13,137.74
6474494 JOLLIBEE FOODS CORP PH JFC PM 566.94 $3,313.79
647581107 NEW ORIENTAL EDUCATIO- SP ADR CN EDU 120.46 $11,498.69
6482903 KANAMOTO CO LTD JP 9678 JP 275.45 $6,538.67
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 7,021.88 $7,119.38
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 13,204.01 $13,422.72
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 23,167.95 $23,501.66
6483809 KAO CORP JP 4452 JP 77.14 $5,954.73
6490995 KEYENCE CORP JP 6861 JP 243.98 $152,439.12
6499550 KYOWA KIRIN CO LTD JP 4151 JP 7,578.87 $147,434.05
6514442 METROPOLITAN BANK & TRUST PH MBT PM 2,240.35 $3,193.74
6518808 LION CORP JP 4912 JP 332.03 $6,834.68
6531827 GEELY AUTOMOBILE HOLDINGS LT CN 175 HK 3,747.39 $7,548.67
654106103 NIKE INC CLASS B US NKE 5,088.53 $446,925.30
6642387 YAMAHA CORP JP 7951 JP 205.25 $10,657.20
6644800 NITORI HOLDINGS CO LTD JP 9843 JP 42.71 $5,094.85
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 11,997.42 $10,077.84
6687571 NABTESCO CORP JP 6268 JP 154.27 $4,730.61
66987V109 NOVARTIS AG- REG CH NVS 6,872.78 $565,148.47
67059TAD7 NUSTAR LOGISTICS LP 6.75000 02/01/2021 US 5,618.37 $5,843.10
67087MAA4 OBP DEPOSITOR LLC TRUST 4.64620 07/15/2045 US 2,001.71 $2,025.18
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 519.09 $196,511.41
6742340 SHANDONG WEIGAO CN 1066 HK 6,619.33 $6,506.81
6743882 JAPAN EXCHANGE GROUP INC JP 8697 JP 362.19 $5,914.48
6772217 SAMSUNG HEAVY INDUSTRIES KR 010140 KS 481.07 $3,393.08
6791591 SECOM CO LTD JP 9735 JP 68.86 $5,793.47
680665205 OLIN CORP US OLN 5,402.2 $117,173.73
6818843 SM PRIME HOLDINGS INC PH SMPH PM 9,063.58 $7,214.73
6821120 SONIC HEALTHCARE LTD AU SHL AU 228.79 $4,137.47
68323ADY7 ONTARIO (PROVINCE OF) 1.25000 06/17/2019 CA 12,010.25 $11,991.26
6865504 SUZUKI MOTOR CORP JP 7269 JP 223.14 $10,182.47
6883807 SYSMEX CORP JP 6869 JP 95.02 $5,444.80
6885074 TERUMO CORP JP 4543 JP 190.04 $5,735.10
6911485 UNICHARM CORP JP 8113 JP 180.43 $5,954.51
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 8,901.3 $9,190.59
6919519 UNIVERSAL ROBINA CORP PH URC PM 1,178.91 $3,443.71
6979728 WOODSIDE PETROLEUM LTD AU WPL AU 273.69 $6,822.96
6985112 YAKULT HONSHA CO LTD JP 2267 JP 85.41 $5,831.46
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 7,806.99 $7,892.24
7021963 DEUTSCHE BOERSE AG DE DB1 GR 1,052.16 $140,593.01
7062713 SODEXO FR SW FP 53.78 $6,167.93
7088429 AXA SA FR CS FP 239.96 $6,399.02
7103065 NOVARTIS AG-REG CH NOVN SW 180.55 $14,794.27
7103526 PEUGEOT SA FR UG FP 55.17 $1,446.50
7110388 ROCHE HOLDING AG-GENUSSCHEIN CH ROG SW 84.36 $22,258.52
7110902 TECAN GROUP AG-REG CH TECN SW 14.12 $3,187.48
7123870 NESTLE SA-REGISTERED CH NESN SW 4,086.6 $393,447.88
7133608 EQUINOR ASA NO EQNR NO 619.35 $13,806.25
713448108 PEPSICO INC US PEP 4,051.61 $518,808.15
7145056 ENI SPA IT ENI IM 781.51 $13,317.81
7156036 SONOVA HOLDING AG-REG CH SOON SW 52.06 $10,515.27
71642QAB3 PDLLN 7 1/4 05/01/22 7.25000 05/01/2022 GB 5,618.37 $5,463.86
718172109 PHILIP MORRIS INTERNATIONAL US PM 3,285.6 $284,401.16
71943U104 PHYSICIANS REALTY TRUST US DOC 586.89 $10,599.16
7212477 ESSILORLUXOTTICA FR EL FP 31.34 $3,817.82
7262610 CREDIT AGRICOLE SA FR ACA FP 170.25 $2,337.85
729640102 PLYMOUTH INDUSTRIAL REIT INC US 96.22 $1,806.04
7309681 BNP PARIBAS FR BNP FP 158.68 $8,446.89
7380482 COMPAGNIE DE SAINT-GOBAIN FR SGO FP 56.61 $2,321.06
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 93,549.53 $95,606.66
74166MAB2 PRIME SECSRVC BRW/FINANC 5.25000 04/15/2024 US 5,685.09 $5,699.30
74340W103 PROLOGIS US PLD 299.75 $22,981.72
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 57,197.34 $60,743.57
74460D109 PUBLIC STORAGE INC US PSA 47.98 $10,611.41
749685103 RPM INTERNATIONAL INC US RPM 3,252.29 $197,251.09
756109104 REALTY INCOME CORP US O 39.06 $2,734.71
75886F107 REGENERON PHARMACEUTICALS INC US REGN 302.05 $103,644.14
76131D103 RESTAURANT BRANDS INTERN CA QSR 90.99 $5,936.12
7698356 GETINGE AB-B SHS SE GETIB SS 594.27 $8,372.81
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 8,087.25 $8,268.00
77714PAB5 SEMGROUP / ROSE ROCK FIN 5.62500 07/15/2022 US 8,220.7 $8,148.76
7792559 HEINEKEN NV NL HEIA NA 38.57 $4,169.52
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 307.61 $19,960.90
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 74.12 $5,754.71
78409V104 S&P GLOBAL INC US SPGI 1,072.16 $236,582.46
78410G104 SBA COMMUNICATIONS CORP US SBAC 2,363.83 $481,583.62
78442PGC4 SLM CORP 5.12500 04/05/2022 US 11,170.01 $11,002.46
78463V107 SPDR GOLD SHARES US 220.39 $26,710.77
78490DAA2 SOFI 2018-C A1FX 3.08000 01/25/2048 US 30,399.37 $30,494.93
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 84,154.54 $93,736.71
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 58,852.17 $61,354.50
806857108 SCHLUMBERGER LTD NL SLB 5,574.56 $237,922.35
808513105 CHARLES SCHWAB CORP/THE US SCHW 5,937.43 $271,815.50
81141R100 SEA LTD - ADR SG SE 12,010.93 $298,952.01
812578102 SEATTLE GENETICS INC US SGEN 3,036.44 $205,809.76
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 6,690.95 $6,542.31
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 9,413.39 $9,239.88
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 7,877.89 $7,176.25
81762P102 SERVICENOW INC US NOW 1,958.88 $531,856.32
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 5,818.54 $5,702.17
828806109 SIMON PROPERTY GROUP INC US SPG 138.43 $24,045.41
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 2,429.61 $2,415.70
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 3,002.56 $2,984.86
83406EAB1 SOFI 2018-A A2A 2.39000 02/25/2042 US 6,362.84 $6,339.07
84265V105 SOUTHERN COPPER CORPORATION US SCCO 3,853.61 $148,055.66
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 56,276.55 $57,409.92
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 9,728.71 $9,564.59
85254J102 STAG INDUSTRIAL INC US STAG 185.58 $5,340.98
855030AN2 STAPLES INC 7.50000 04/15/2026 US 8,287.42 $8,302.96
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.65963 11/15/2027 US 17,993.6 $17,957.33
862121100 STORE CAPITAL CORP US STOR 79.15 $2,637.31
866674104 SUN COMMUNITIES US SUI 85.18 $10,484.32
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 218.52 $3,146.63
874080104 TAL EDUCATION GROUP - ADR CN TAL 95.66 $3,680.03
876664103 TAUBMAN CTRS INC US TCO 32.48 $1,601.38
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 5,704.48 $5,668.47
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 7,460 $6,900.50
88160RAE1 TESLA INC 5.30000 08/15/2025 US 1,094.31 $935.64
883556102 THERMO FISHER SCIENTIFIC INC US TMO 586.06 $162,601.43
88650V208 TIER REIT INC US TIER 320.77 $9,090.55
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 30,604.43 $30,061.85
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 16,433.93 $16,209.83
89177EAA7 TPMT 2019-HY1 A1 3.47663 10/25/2048 US 15,798.44 $15,809.77
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 29,628.51 $29,292.12
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 9,983.43 $9,914.26
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 9,928.88 $9,941.30
902653104 UDR INC US UDR 183.66 $8,255.42
903002103 UMH PROPERTIES INC US UMH 173.86 $2,442.77
904767704 UNILEVER PLC - ADR GB UL 7,089.06 $431,014.80
912796SE0 TREASURY BILL 0.00000 08/22/2019 US 73,395.96 $72,849.90
912796SJ9 TREASURY BILL 0.00000 09/19/2019 US 530,539.2 $525,598.88
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 104,435.78 $141,596.16
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 362,418.11 $468,099.80
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 135,731.41 $131,287.01
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 162,004.91 $149,500.15
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 274,163.73 $277,708.58
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 428,650.65 $437,742.74
9128286B1 US TREASURY N/B 2.62500 02/15/2029 US 1,039,218.38 $1,049,813.54
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 461,923.76 $459,560.01
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 498,687.22 $473,577.54
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 476,346.92 $473,853.54
91324P102 UNITEDHEALTH GROUP INC US UNH 877.87 $204,605.31
91704F104 URBAN EDGE PROPERTIES US UE 313.93 $5,829.77
92189F106 MARKET VECTORS GOLD MINERS US 592.28 $12,372.77
92276F100 VENTAS INC US VTR 80.18 $4,899.71
92339V100 VEREIT INC US VER 847.57 $7,000.95
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 84,554.88 $100,647.49
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 1,276.77 $215,748.15
92826C839 VISA INC - CLASS A SHARES US V 4,250.76 $698,952.31
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 5,070.99 $5,124.37
929042109 VORNADO REALTY TRUST US VNO 72.85 $5,036.98
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 5,618.37 $5,716.69
92936CAE9 WFRBS 2011-C4 A3 4.39400 06/15/2044 US 41.09 $41.05
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 8,100.61 $8,768.91
93065PAA9 WBHT 2019-WBM A FLT 3.48963 12/15/2033 US 15,146.26 $15,082.28
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 3,816.83 $3,740.49
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 9,862.16 $9,763.54
948741103 WEINGARTEN REALTY INVESTORS US WRI 202.92 $5,872.36
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 8,006.83 $8,125.18
95040Q104 WELLTOWER INC. US WELL 95.81 $7,140.41
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 14,706.25 $14,680.96
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 8,033.89 $8,130.94
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 46,601.33 $46,736.12
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 7,667.99 $7,679.68
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 8,982.16 $8,965.99
98850P109 YUM CHINA HOLDINGS INC CN YUMC 145.25 $6,905.25
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 13,158.46 $12,697.91
B01FLR7 PING AN INSURANCE GROUP CO-H CN 2318 HK 902.15 $10,920.21
B01JCK9 LI NING CO LTD CN 2331 HK 4,564.74 $8,292.84
B02L3W3 BERKELEY GROUP HOLDINGS GB BKG LN 265.56 $13,027.50
B058TZ6 SAFRAN SA FR SAF FP 36.02 $5,250.22
B068DB9 SM INVESTMENTS CORP PH SM PM 265.43 $4,842.45
B0744B3 BUNZL PLC GB BNZL LN 183.41 $5,531.73
B07DRZ5 RECORDATI SPA IT REC IM 104.6 $4,226.71
B09DHL9 MTU AERO ENGINES HOLDING AG DE MTX GR 26.65 $6,287.72
B0C2CQ3 ENGIE FR ENGI FP 182.3 $2,705.77
B0MP1B0 SHENZHOU INTERNATIONAL GROUP CN 2313 HK 523.41 $7,035.01
B0SWJX3 LONDON STOCK EXCHANGE GROUP GB LSE LN 2,477.3 $162,420.52
B11TCY0 SCHINDLER HOLDING-PART CERT CH SCHP SW 29.61 $6,400.20
B15C557 TOTAL SA FR FP FP 237.05 $13,178.08
B1FW751 GALP ENERGIA SGPS SA PT GALP PL 856.47 $14,359.82
B1JB4K8 SYMRISE AG DE SY1 GR 66.31 $6,374.13
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 963 $5,930.59
B1WGG93 GEBERIT AG-REG CH GEBN SW 14.6 $6,121.85
B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 131.68 $7,193.92
B1XH026 VINCI SA FR DG FP 116.33 $11,749.12
B1Y9TB3 DANONE FR BN FP 307.93 $24,894.38
B1YVKN8 ANTA SPORTS PRODUCTS LTD CN 2020 HK 1,019.59 $7,170.91
B1YXBJ7 AIR LIQUIDE FR AI FP 48.7 $6,478.32
B1Z9Q99 ABOITIZ POWER CORP PH AP PM 4,066.08 $2,941.54
B247XZ6 MANILA ELECTRIC COMPANY PH MER PM 368.28 $2,724.64
B249GC0 MATSUMOTOKIYOSHI HOLDINGS CO JP 3088 JP 198.31 $6,566.27
B3NB1P2 SUNCOR ENERGY INC CA SU CN 312.48 $10,304.90
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 16,680.9 $854.45
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 7,072.7 $5,468.48
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 41,368.63 $2,093.97
B4R2R50 JULIUS BAER CH BAER SW 3,097.73 $149,635.47
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 12,343.87 $9,078.20
B5VJH76 BDO UNIBANK INC PH BDO PM 1,892.14 $4,871.46
B607XS1 VERMILION ENERGY INC CA VET CN 264.36 $6,750.55
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 64,054.66 $3,378.03
B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 1,288.28 $15,626.51
B63QM77 NEXON CO LTD JP 3659 JP 1,111.67 $15,824.86
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 20,017.08 $1,015.27
B725S29 PUREGOLD PRICE CLUB INC PH PGOLD PM 2,229.75 $1,794.78
B7T7721 ROYAL BANK OF SCOTLAND GB RBS LN 4,073.08 $12,754.20
B8FMRX8 COLOPLAST-B DK COLOB DC 55.72 $6,018.64
B92RW83 LT GROUP INC PH LTG PM 6,784.27 $2,088.17
BB22L96 KION GROUP AG DE KGX GR 82.5 $5,675.50
BBD7Q84 SUNTORY BEVERAGE & FOOD LTD JP 2587 JP 128.12 $5,665.18
BBG00NDWLL31 BKNG US 05/17/19 P1730 US -.13 -$242.87
BBG00NX43YR7 EA US 05/10/19 P87.5 US -2.71 -$346.75
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 191.84 $3,911.01
BD0Q398 KONINKLIJKE AHOLD DELHAIZE N NL AD NA 151.62 $3,654.23
BD3JR69 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 10,249.27 $4,794.12
BD4TZK8 OCI NV NL OCI NA 215.51 $6,259.41
BD9Y5C0 TECHNOGYM SPA IT TGYM IM 566.81 $6,955.40
BD9Y9B7 BASIC-FIT NV NL BFIT NA 203.24 $7,214.07
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 10,243.92 $6,023.53
BDXN0J5 UK TREASURY BILL GBP 0.00000 05/28/2019 GB 29,765.57 $38,793.40
BDZV116 EPIROC AB-A SE EPIA SS 169.14 $1,748.50
BF1K7P7 ESSITY AKTIEBOLAG-B SE ESSITYB SS 139.03 $4,122.44
BF2DSG3 SIKA AG-REG CH SIKA SW 43.87 $6,721.29
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 12,050.78 $11,960.40
BFTCYP4 ROBINSONS RETAIL HOLDINGS IN PH RRHI PM 1,378.37 $2,063.09
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 2,494.53 $4,000.96
BGLP232 MONCLER SPA IT MONC IM 145.25 $5,971.92
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 11,487.72 $9,857.27
BHC8X90 NOVO NORDISK A/S-B DK NOVOB DC 117.48 $5,755.86
BJ2KSG2 AKZO NOBEL NL AKZA NA 2,734.61 $232,348.13
BJT1GR5 ALCON INC CH ALC SW 36.11 $2,079.53
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 14,242.42 $701,975.65
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 1,205.08 $6,212.51
BNGN9Z1 FINECOBANK SPA IT FBK IM 11,976.05 $157,748.25
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 8,823.84 $267,174.48
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 214.86 $6,470.29
BSQXJ01 THULE GROUP AB/THE SE THULE SS 458.88 $10,690.06
BSS7GP5 AGL ENERGY LTD AU AGL AU 257.03 $4,032.41
BW1YVH8 WALMART DE MEXICO SAB DE CV MX WALMEX* MM 2,313.65 $6,797.77
BYMXPS7 UNICREDIT SPA IT UCG IM 396.57 $5,490.13
BYW0PQ6 LAND SECURITIES GROUP PLC GB LAND LN 560.47 $6,754.71
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 16,831.21 $7,530.16
BYXS699 QIAGEN N.V. NL QIA GR 238.53 $9,236.14
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 4,301.52 $382,437.03
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 1,947.93 $9,100.89
G0750C108 AXALTA COATING SYSTEMS LTD US AXTA 5,553.83 $149,842.41
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 149.82 $5,995.62
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 79.19 $4,243.88
G27358103 DESPEGAR.COM CORP AR DESP 174.88 $2,551.47
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 13,358.63 $13,826.18
G45667105 HOLLYSYS AUTOMATION TECHNOLOGIES CN HOLI 222.51 $4,657.09
G5960L103 MEDTRONIC INC IE MDT 6,795.01 $603,465.17
G97822103 PERRIGO CO PLC IE PRGO 2,054.44 $98,448.72
H01301128 ALCON INC CH ALC 1,381.03 $80,375.67
H8817H100 TRANSOCEAN LTD US RIG 14,600.97 $114,763.66
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 49.1 $5,929.04
N22717107 CORE LABORATORIES N.V. NL CLB 100.76 $6,387.03
N47279109 INTERXION HOLDING NV NL INXN 3,045.4 $210,711.29
N72482123 QIAGEN N.V. ADR NL QGEN 5,180.29 $201,824.17
USD US DOLLAR US 527,660.15 $527,660.15

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.


Loading...