Investment Objective

To provide capital preservation and manage risk for investors who have already reached their target date or who desire minimal capital risk as they move towards a future target date.

Investment Strategy

The portfolio is invested in a conservative mix of securities that seeks preservation of capital, with income and long-term capital growth as secondary objectives. The portfolio is diversified primarily among fixed income securities, typically focusing on short to intermediate-term maturities. A position in various stock investments, which may be focused on dividend paying stocks, adds potential for growth opportunities and income generation. For the most part, this approach favors stability over growth. Stock exposure can range from 15% - 45%.

May be Appropriate for Investors

  • Who have reached their target date or are already in retirement and seek to minimize declines in account value with potential for modest capital growth and income generation
  • Who have a future target date and want to assume a minimal amount of capital risk through limited stock exposure
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio

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

$18.53

Daily $ Change

-$0.02

Daily % Change

-0.11%

as of 01/24/2020

CUSIP

302027651

Inception Date

05/31/2007

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 12/31/2019

YTD

---

1 Year

13.22%

3 Year

6.56%

5 Year

4.12%

10 Year

5.27%

Inception
(01/01/2000)

5.81%

US Stock Market Cycle (04/01/2000 - 12/31/2019)

5.76%

Performance through 06/04/2012 reflects the performance of the Retirement Target Institutional CIT Fund, which was merged into the Retirement Target CIT Fund on 06/04/2012 to establish the Class I units. Performance through the Institutional CIT Fund inception date (05/31/2007) 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 I 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 0.70%
Net 0.69%*

*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 12/31/2019

GOVERNMENT AGENCY 14.73%
TREASURY NOTES 8.38%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 4.27%
TSY INFL IX N/B 0.50000 04/15/2024 2.05%
TREASURY BONDS 2.05%
BANK OF AMERICA CORP 4.00000 01/22/2025 1.41%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 1.34%
VERIZON COMMUNICATIONS 5.25000 03/16/2037 1.29%
BOOKING HOLDINGS INC 3.60000 06/01/2026 1.27%
SABINE PASS LIQUEFACTION 5.87500 06/30/2026 1.17%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 12/31/2019

Bonds 69.99%
Stocks 28.24%
Cash 1.77%

Detailed Asset Class Allocation

As of 12/31/2019

International Equities 7.65%
Small Capitalization 0.44%
Mid Capitalization 1.02%
Large Capitalization 19.13%
Long Term Fixed Income 19.11%
Intermediate Term Fixed Income 38.73%
Short Term Fixed Income 12.15%
Cash 1.77%

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

December Fund Holdings

As of 12/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 5,681.62 $5,994.11
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 371,199.12 $407,718.47
00287Y109 ABBVIE INC US ABBV 1,070.42 $94,774.73
004239109 ACADIA REALTY TRUST US AKR 174.24 $4,517.95
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 7,575.49 $7,310.35
00507V109 ACTIVISION INC US ATVI 2,390.07 $142,017.83
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 363,623.63 $391,010.22
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 9,469.37 $9,469.37
008492100 AGREE REALTY CORP US ADC 109.84 $7,707.80
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 371,199.12 $384,988.28
013093AD1 ALBERTSONS COS LLC/SAFEW 5.75000 03/15/2025 US 5,681.62 $5,880.48
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 39.77 $6,426.25
01609W102 ALIBABA GROUP - ADR CN BABA 399.61 $84,756.69
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 291,656.45 $303,880.41
02079K107 ALPHABET INC-CL C US GOOG 94.69 $126,607.31
02079K305 ALPHABET INC-CL A US GOOGL 90.91 $121,758.46
023135106 AMAZON.COM INC US AMZN 94.69 $174,978.72
02319V103 AMBEV SA-ADR BR ABEV 9,117.1 $42,485.71
0237400 DIAGEO PLC GB DGE LN 2,068.11 $87,143.87
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 289.76 $13,627.53
02665T306 AMERICAN HOMES 4 RENT- A US AMH 888.23 $23,280.42
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 13,257.11 $13,585.02
03027X100 AMERICAN TOWER REIT INC US AMT 367.41 $84,438.48
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 359,835.88 $384,711.19
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 5,824.74 $5,864.11
03064D108 AMERICOLD REALTY TRUST US COLD 660.96 $23,173.32
031162100 AMGEN INC US AMGN 465.14 $112,130.15
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 5,681.62 $4,996.28
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 5,681.62 $4,943.01
03748R754 APARTMENT INVT & MGMT CO -A US AIV 471.2 $24,337.25
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 5,681.62 $5,809.46
053484101 AVALONBAY COMMUNITIES INC US AVB 164.77 $34,551.63
060505104 BANK OF AMERICA CORP US BAC 3,342.69 $117,729.40
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 583,312.9 $622,217.98
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 943.15 $213,623.20
088606108 BHP GROUP LTD AU BHP 1,440.86 $78,829.38
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 1,253.74 $106,004.05
09247X101 BLACKROCK INC US BLK 83.33 $41,890.20
097023105 BOEING CO US BA 326.12 $106,238.46
09857L108 BOOKING HOLDINGS INC US BKNG 41.67 $85,569.09
101121101 BOSTON PROPERTIES INC US BXP 144.69 $19,947.23
105368203 BRANDYWINE REALTY TRUST US BDN 1,392 $21,923.95
110122108 BRISTOL MYERS SQUIBB CO US BMY 1,056.78 $67,834.78
11135F101 BROADCOM INC US AVGO 235.22 $74,333.92
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 5,681.62 $3,693.05
12503M108 CBOE GLOBAL MARKETS INC US CBOE 704.52 $84,542.49
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 60,938.42 $61,847.27
12572Q105 CME GROUP INC US CME 409.08 $82,109.85
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 159,097.67 $156,158.69
126650100 CVS HEALTH CORP US CVS 960.19 $71,332.79
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 7,575.49 $8,238.35
133131102 CAMDEN PROPERTY TRUST US CPT 215.9 $22,907.15
149123101 CATERPILLAR INC US CAT 397.33 $58,678.37
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 211.74 $211.33
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 77,371.17 $77,812.08
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 5,681.62 $5,717.13
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 131,711.87 $131,603.53
166764100 CHEVRON CORP US CVX 782.17 $94,259.26
16941R108 CHINA PETROLEUM & CHEM-ADR CN SNP 918.91 $55,272.27
17275R102 CISCO SYSTEMS INC US CSCO 2,363.55 $113,356.03
172967424 CITIGROUP INC US C 983.3 $78,555.75
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 174,236.32 $290,879.98
191216100 COCA COLA CO/THE US KO 3,113.53 $172,333.74
192422103 COGNEX CORP US CGNX 753.76 $42,240.79
194162103 COLGATE-PALMOLIVE CO US CL 750.35 $51,654.27
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 284,080.96 $288,589.05
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 187,331.82 $185,586.80
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 314.38 $13,474.45
20451NAG6 COMPASS MINERALS INTERNA 6.75000 12/01/2027 US 9,469.37 $10,061.20
222795502 COUSINS PROPERTIES INC US CUZ 821.56 $33,848.36
225310AN1 CREDIT ACCEPTANC 5.12500 12/31/2024 US 5,681.62 $5,900.13
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 393,925.6 $394,295.08
22822V101 CROWN CASTLE INTL CORP US CCI 119.31 $16,960.49
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 382,562.36 $387,466.49
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 113,663.45 $110,093.35
25277LAC0 DIAMOND SPORTS GR/DIAMON 6.62500 08/15/2027 US 7,575.49 $7,367.17
253868103 DIGITAL REALTY TRUST INC US DLR 138.25 $16,554.38
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 344,684.9 $401,798.32
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 9,469.37 $9,682.43
25960P109 DOUGLAS EMMETT INC US DEI 365.52 $16,046.22
2715777 QUEBECOR INC -CL B CA QBR/B CN 1,643.88 $41,953.14
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 2,075.68 $42,119.51
285512109 ELECTRONIC ARTS US EA 1,159.05 $124,609.50
291011104 EMERSON ELEC CO US EMR 578.77 $44,136.82
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 234,840.26 $279,343.40
29413XAD9 ENVIVA PARTNERS LP/FIN C 6.50000 01/15/2026 US 7,575.49 $8,110.55
29444U700 EQUINIX INC US EQIX 310.6 $181,294.41
29446M102 EQUINOR ASA-SPON ADR NO EQNR 1,922.66 $38,280.16
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 168.55 $11,864.57
29476L107 EQUITY RESIDENTIAL US EQR 236.73 $19,156.53
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 543.54 $13,485.27
297178105 ESSEX PROPERTY TRUST INC US ESS 57.2 $17,207.68
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 587,100.65 $590,498.86
30225T102 EXTRA SPACE STORAGE INC US EXR 56.82 $6,000.93
30262DAL5 FREMF 2011-K13 B 4.61212 01/25/2048 US 155,297.59 $158,575.24
30262SAR9 FREMF 2015-K42 B FLT 3.85105 12/25/2024 US 68,179.43 $70,661.20
30287EAE0 FREMF 2014-K41 B FLT 3.83246 11/25/2047 US 265,142.23 $279,908.56
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 4,035,144.95 $10,012.41
30303M102 FACEBOOK INC -A US FB 1,662.82 $341,293.92
3128M1AM1 FHLM POOL G11912 5.50000 03/01/2021 US 1,528.04 $1,540.51
3128M6HZ4 FHLM POOL G04448 5.50000 07/01/2038 US 52,271.4 $58,577.56
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 1,218.99 $1,369.12
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 4,450.09 $4,976.81
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 43,162.09 $49,525.88
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 14,036.99 $15,780.03
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 19,392.35 $20,066.04
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 1,268.99 $1,296.20
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 1,226.67 $1,265.71
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 186,618.59 $197,872.78
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 29,844.08 $33,521.03
3128MJY87 FHLM POOL FG G08734 4.00000 11/01/2046 US 16,340.58 $17,240.11
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 15,036.18 $16,188.06
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 156,572.89 $170,120.06
3131XVYW9 FEDERAL NATL MTG ASSN FR ZM2525 3.00000 12/01/2046 US 192,062.64 $196,487.87
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 49,542.37 $52,577.16
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 180,867.33 $190,135.07
3132Y33P7 FHLM POOL FG Q59805 4.50000 11/01/2048 US 125,495.56 $132,341.43
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 118,265.91 $126,526.82
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 57.89 $57.97
3133G6L60 FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 US 210,719.98 $216,111.49
3136AY6W8 FNA 2017-M15 A1 2.95932 09/25/2027 US 182,398.8 $188,837.37
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 148,118.53 $153,849.51
31371MLB1 FEDERAL NATL MTG ASSN 256022 5.50000 12/01/2035 US 17,951.21 $20,206.76
31371MRU3 FEDERAL NATL MTG ASSN 256199 5.00000 04/01/2021 US 1,076.14 $1,111.73
31371NDQ5 FEDERAL NATL MTG ASSN 256711 5.50000 05/01/2037 US 2,286.55 $2,567.73
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 39.77 $5,119.76
3137A2B34 FHMS K009 X1 FLT 1.25990 08/25/2020 US 402,764.2 $2,016.00
3137ADTK3 FHMS K014 X1 FLT 1.14922 04/25/2021 US 4,084,194.1 $47,932.51
3137AJMG6 FMHS K016 X1 FLT 1.47780 10/25/2021 US 868,356.01 $19,454.04
3137AUPF0 FHMS K021 x1 FLT 1.42508 06/25/2022 US 5,866,341.64 $175,764.40
3137B3NB0 FHMS K030 X1 FLT 0.18323 04/25/2023 US 11,177,948.39 $60,848.28
3137B4GZ3 FHMS K032 X1 FLT 0.09665 05/25/2023 US 6,572,202.11 $24,240.91
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 148,735.15 $151,699.82
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 121,640.14 $124,280.78
3138A7BL1 FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 69,949.36 $74,228.06
3138AJ4A7 FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 11,633.14 $12,248.25
3138EPLE2 FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 33,907.51 $36,808.60
3138ERN30 FEDERAL NATL MTG ASSN FN AL9409 3.50000 11/01/2031 US 163,758.49 $170,308.28
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64200 01/01/2049 US 214,453.47 $239,489.24
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 316,863.16 $334,325.23
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 204,556.26 $220,389.79
3138YTGK4 FEDERAL NATL MTG ASSN AZ2001 3.50000 05/01/2045 US 382,312.82 $400,845.04
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 19,634.1 $22,094.42
31403DVZ9 FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 3,277.25 $3,715.79
31406PTV1 FEDERAL NATL MTG ASSN 816064 4.50000 04/01/2020 US 156.35 $161.41
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 202,145.06 $213,486.26
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 36,193.75 $38,226.88
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 170,326.95 $179,322.96
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 47,683.49 $50,252.70
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 164,373.1 $173,174.34
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 139,093.88 $153,681.00
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 104,488.92 $112,007.97
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 141,788.45 $149,793.98
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 57,805.13 $61,963.60
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 86,959.41 $93,213.25
3140X4JC1 FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 US 283,173.55 $293,562.05
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 789.7 $804.65
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 916.19 $935.62
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 5,935.56 $6,007.37
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 7,267.92 $7,352.67
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 5,802.63 $6,516.68
31410WSY5 FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 3,726.03 $4,135.68
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 13,603.01 $15,231.97
31411RHZ4 FEDERAL NATL MTG ASSN 912948 5.00000 05/01/2038 US 1,650.46 $1,763.39
31413CCL1 FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 1,398.27 $1,542.95
31413MR66 FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 6,434.69 $7,233.36
31413S6R0 FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 4,394.24 $5,018.56
31414CQ50 FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 958.16 $1,092.72
31414DJ23 FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 2,861.23 $3,211.39
31414QX28 FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 2,060.03 $2,133.71
31414UF52 FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 11,154.36 $11,515.29
31415ALX7 FEDERAL NATL MTG ASSN 981042 6.00000 04/01/2038 US 4,576.79 $5,067.27
31415BBC2 FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 4,927.15 $5,415.65
31415BBT5 FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 2,680.05 $2,898.91
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 4,011.76 $4,059.55
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 5,722.91 $6,210.57
31418B6G6 FEDERAL NATL MTG ASSN FN MA2670 3.00000 07/01/2046 US 138,646.85 $141,992.18
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 72,093.46 $77,573.18
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 78,763.01 $84,750.68
31418C4F8 FEDERAL NATL MTG ASSN FN MA3521 4.00000 11/01/2048 US 386,462.43 $401,995.26
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 152,385.55 $155,922.56
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 160,343.83 $169,385.48
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 110,898.56 $115,488.37
31418CZH0 FEDERAL NATL MTG ASSN FN MA3443 4.00000 08/01/2048 US 152,716.01 $158,692.67
31418DC67 FEDERAL NATL MTG ASSN FN MA3692 3.50000 07/01/2049 US 454,739.67 $467,427.94
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 9,379.75 $10,751.68
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 31,485.28 $35,436.47
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 5,862.46 $6,581.68
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 5,681.62 $6,050.92
316067107 FIDELITY CASH RESERVES US 6,215.69 $6,215.69
32054K103 FIRST INDUSTRIAL REALTY TR US FR 263.25 $10,927.44
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 7,575.49 $7,630.87
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 178,024.07 $182,230.45
346232AD3 FORESTAR GROUP INC 8.00000 04/15/2024 US 5,681.62 $6,178.76
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 11,363.24 $11,993.90
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 7,575.49 $7,887.98
357081AE8 FREMF 2015-K720 B FLT 3.39170 07/25/2022 US 37,877.46 $38,523.11
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 43,559.08 $43,566.07
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 3,528.37 $3,547.58
36294VKJ8 GNMA POOL 660997 5.50000 05/15/2037 US 11,412.21 $12,235.24
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 295,444.2 $289,375.77
374297109 GETTY REALTY CORP US GTY 229.16 $7,532.44
375558103 GILEAD SCIENCES INC US GILD 1,039.74 $67,562.07
37960JAA6 GLOBAL AIR LEASE CO LTD 6.50000 09/15/2024 KY 11,363.24 $11,856.97
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 171,295.2 $171,335.15
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 5,026.34 $83,688.55
404119BX6 HCA INC 4.12500 06/15/2029 US 268,929.97 $285,356.00
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 1,893.87 $1,761.30
406216101 HALLIBURTON CO US HAL 4,287.73 $104,920.72
421946104 HEALTHCARE REALTY TRUST INC US HR 458.32 $15,294.05
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 282.19 $8,544.62
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 772.7 $26,634.98
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 68.18 $7,561.78
437076102 HOME DEPOT INC US HD 636.34 $138,964.22
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 1,583.66 $44,833.32
438516106 HONEYWELL INTERNATIONAL INC US HON 483.7 $85,614.05
44107P104 HOST MARRIOTT CORP US HST 526.5 $9,766.51
45031UCG4 ISTAR INC 4.25000 08/01/2025 US 5,681.62 $5,743.89
450913AE8 IAMGOLD CORP 7.00000 04/15/2025 CA 7,575.49 $7,892.60
452308109 ILLINOIS TOOL WKS INC US ITW 260.22 $46,742.99
45337C102 INCYTE CORP US INCY 564.37 $49,281.15
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 763.23 $10,746.29
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 7,575.49 $7,808.67
458140100 INTEL CORP US INTC 2,349.54 $140,619.90
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 901.48 $83,432.30
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 620.43 $83,162.81
46187BAA1 IHSFR 2017-SFR2 A 2.58738 12/17/2036 US 56,532.44 $56,317.49
46187BAB9 IHSFR 2017-SFR2 B 2.88738 12/17/2036 US 45,452.95 $45,388.02
46187W107 INVITATION HOMES INC US INVH 1,254.12 $37,586.06
46625H100 JP MORGAN CHASE & CO US JPM 1,147.69 $159,987.58
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46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 101,706.6 $102,988.41
4741844 MERCK KGAA DE MRK GR 1,446.92 $170,583.46
476405105 JERNIGAN CAPITAL INC US JCAP 1,015.12 $19,429.32
478160104 JOHNSON & JOHNSON US JNJ 2,737.78 $399,360.39
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494368103 KIMBERLY CLARK CORP US KMB 331.81 $45,639.99
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59522J103 MID-AMERICA APARTMENT COMM US MAA 81.44 $10,738.22
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 4,080.54 $224,756.08
615369105 MOODY'S CORPORATION US MCO 359.84 $85,428.64
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 5,681.62 $4,318.03
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62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 11,363.24 $10,965.53
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637870106 NATIONAL STORAGE AFFILIATES US NSA 200.75 $6,749.23
63938CAA6 NAVIENT CORP 5.00000 10/26/2020 US 7,575.49 $7,686.85
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 116,523.01 $117,041.86
63941RAB6 NAVSL 2019-2A A2 2.79200 02/27/2068 US 378,774.61 $377,790.37
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 101,283.19 $104,478.31
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 128,286.89 $132,464.67
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 163,653.66 $169,016.67
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 9,469.37 $7,102.02
66987V109 NOVARTIS AG- REG CH NVS 2,795.36 $264,692.32
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67066G104 NVIDIA CORP US NVDA 696.95 $163,991.23
675232102 OCEANEERING INTL INC US OII 4,564.23 $68,052.73
675232AB8 OCEANEERING INTL INC 6.00000 02/01/2028 US 7,575.49 $7,423.98
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681936100 OMEGA HEALTHCARE INVS INC US OHI 255.67 $10,827.75
70450Y103 PAYPAL HOLDINGS INC US PYPL 768.91 $83,173.26
7123870 NESTLE SA-REGISTERED CH NESN SW 1,571.91 $170,183.77
713448108 PEPSICO INC US PEP 1,223.44 $167,207.82
71654V101 PETROLEO BRASIL-SP PREF ADR BR PBR/A 3,489.27 $52,059.93
717081103 PFIZER INC US PFE 3,299.13 $129,259.79
719245AD4 PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 US 7,575.49 $7,045.21
71943U104 PHYSICIANS REALTY TRUST US DOC 950.72 $18,006.72
729640102 PLYMOUTH INDUSTRIAL REIT INC US 329.53 $6,060.13
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 526,496.71 $562,068.60
74166MAB2 PRIME SECSRVC BRW/FINANC 5.25000 04/15/2024 US 5,681.62 $6,011.15
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 5,681.62 $6,175.24
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 113,421.27 $113,560.62
74340W103 PROLOGIS US PLD 613.61 $54,697.63
74460D109 PUBLIC STORAGE INC US PSA 92.8 $19,762.64
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 9,469.37 $9,966.51
756109104 REALTY INCOME CORP US O 83.33 $6,135.62
767204100 RIO TINTO PLC - SPON ADR GB RIO 1,067.77 $63,382.57
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 7,575.49 $7,655.77
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 958.3 $83,956.64
78409V104 S&P GLOBAL INC US SPGI 306.81 $83,773.77
78410G104 SBA COMMUNICATIONS CORP US SBAC 359.84 $86,716.85
78442PGC4 SLM CORP 5.12500 04/05/2022 US 9,469.37 $9,800.79
78443BAG1 SLMA 2006-10 A6 FLT 2.08963 03/25/2044 US 49,240.7 $46,161.89
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 304,925.93 $304,678.57
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 446,954.04 $513,784.41
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 363,623.63 $392,548.27
806857108 SCHLUMBERGER LTD NL SLB 2,721.5 $109,404.12
812578102 SEATTLE GENETICS INC US SGEN 465.89 $53,232.91
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 100,153.31 $100,339.33
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 135,977.83 $136,951.84
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 101,062.48 $96,435.22
81762P102 SERVICENOW INC US NOW 594.68 $167,888.97
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 5,681.62 $5,411.74
828806109 SIMON PROPERTY GROUP INC US SPG 242.42 $36,110.25
83401LAB0 SOFI 2015-A A2 2.42000 03/25/2030 US 73,098.13 $73,086.80
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 94,380.17 $94,002.59
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 33,457.21 $33,471.34
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 109,489.16 $110,197.17
835699307 SONY CORP SPONSORED ADR JP SNE 2,522.64 $171,539.45
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 397,713.34 $400,894.31
852061AR1 SPRINT COMMUNICATIONS 7.00000 08/15/2020 US 11,363.24 $11,604.71
85207UAE5 SPRINT CORP 7.25000 09/15/2021 US 5,681.62 $6,008.31
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 5,681.62 $6,129.05
85254J102 STAG INDUSTRIAL INC US STAG 399.61 $12,615.60
85571BAP0 STARWOOD PROPERTY TRUST 3.62500 02/01/2021 US 7,575.49 $7,622.84
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.20975 11/15/2027 US 334,930.14 $333,902.71
862121100 STORE CAPITAL CORP US STOR 246.2 $9,168.62
86212XAA8 STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 113,437.48 $112,992.12
866674104 SUN COMMUNITIES US SUI 147.72 $22,173.09
86723CAF5 SUNCOKE ENRGY PART LP/FI 7.50000 06/15/2025 US 5,681.62 $5,463.84
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 437.48 $6,089.79
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 49,058.95 $49,031.21
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 5,681.62 $4,829.38
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 268,929.97 $290,432.85
882508104 TEXAS INSTRUMENTS INC US TXN 629.52 $80,761.56
88579Y101 3M CO US MMM 449.23 $79,252.57
89151E109 TOTAL S A SPONSORED ADR FR TOT 1,211.32 $66,986.06
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 247,471.12 $247,486.63
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 114,826.03 $115,609.54
89177EAA7 TPMT 2019-HY1 A1 2.79200 10/25/2048 US 103,280.26 $103,504.23
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 5,681.62 $5,766.84
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 297,285.22 $296,733.94
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 188,851.55 $190,205.47
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 26,514.22 $25,586.23
902653104 UDR INC US UDR 395.06 $18,449.39
902973304 U.S. BANCORP US USB 1,210.56 $71,774.32
903002103 UMH PROPERTIES INC US UMH 348.47 $5,481.47
904767704 UNILEVER PLC - ADR GB UL 4,129.4 $236,077.84
907818108 UNION PAC CORP US UNP 484.07 $87,515.73
911312106 UNITED PARCEL SERVICE US UPS 707.55 $82,825.92
912796SZ3 TREASURY BILL 0.00000 07/16/2020 US 303,019.69 $300,485.22
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 218,712.91 $227,150.58
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 403,773.74 $454,765.94
9128284P2 US TREASURY N/B 2.62500 05/15/2021 US 998,071.1 $1,011,794.58
9128286N5 TSY INFL IX N/B 0.50000 04/15/2024 US 891,246.52 $905,655.08
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 1,884,207.17 $1,881,925.51
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 900,347.25 $891,238.27
912828VS6 US TREASURY N/B 2.50000 08/15/2023 US 435,590.8 $448,641.51
912828WJ5 US TREASURY N/B 2.50000 05/15/2024 US 869,287.73 $899,475.11
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 872,696.7 $890,696.07
913017109 UNITED TECHNOLOGIES CORP US UTX 573.46 $85,882.08
91704F104 URBAN EDGE PROPERTIES US UE 683.69 $13,113.14
918204108 VF CORP US VFC 372.34 $37,106.95
91913Y100 VALERO ENERGY US VLO 407.18 $38,132.66
92276F100 VENTAS INC US VTR 211.74 $12,225.58
92339V100 VEREIT INC US VER 1,850.31 $17,096.90
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 454,529.53 $570,856.93
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 242.42 $53,076.93
92826C839 VISA INC - CLASS A SHARES US V 1,337.07 $251,236.28
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 7,575.49 $7,196.72
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 18,938.73 $19,007.28
929042109 VORNADO REALTY TRUST US VNO 60.6 $4,030.16
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 5,681.62 $5,418.84
93065PAA9 WBHT 2019-WBM A FLT 2.78975 12/15/2033 US 147,722.1 $147,542.56
931142103 WAL MART STORES US WMT 1,306.39 $155,251.82
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 851.49 $50,203.57
94106L109 WASTE MANAGEMENT INC US WM 403.4 $45,970.89
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 9,469.37 $9,824.47
948741103 WEINGARTEN REALTY INVESTORS US WRI 431.8 $13,489.53
949746101 WELLS FARGO COMPANY US WFC 2,649.53 $142,544.63
95040Q104 WELLTOWER INC. US WELL 269.31 $22,024.07
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 231,052.51 $241,001.59
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 78,289.36 $78,332.92
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 128,808.51 $131,364.59
98311A105 WYNDHAM HOTELS & RESORTS INC US WH 121.21 $7,613.07
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 11,363.24 $10,454.18
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 151,509.84 $7,982.12
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 53,028.45 $41,856.76
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 416,652.07 $21,908.09
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 681,794.3 $36,249.86
B63QM77 NEXON CO LTD JP 3659 JP 18,105.43 $240,173.72
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 132,571.11 $7,479.58
B7KR2P8 EASY JET PLC GB EZJ LN 5,393.75 $101,601.96
BBG00R1HNZB6 NVDA US 01/24/20 P215 US -2.65 -$403.02
BBG00R1LGYF4 SLB US 01/24/20 P36 NL -17.42 -$365.90
BD3HF92 BSR REAL ESTATE INVESTMENT CA HOM/U CN 217.8 $2,524.25
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 5,422.16 $8,575.71
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 3,477.15 $167,515.77
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 4,086.98 $144,436.51
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 2,041.6 $167,208.22
G29183103 EATON CORP PLC US ETN 432.56 $40,972.14
G5960L103 MEDTRONIC INC IE MDT 3,313.52 $375,918.88
H01301128 ALCON INC CH ALC 1,465.86 $82,923.57
H1467J104 CHUBB LTD CH CB 265.9 $41,389.96
H8817H100 TRANSOCEAN LTD US RIG 4,757.41 $32,730.97
N47279109 INTERXION HOLDING NV NL INXN 376.88 $31,586.37
USD US DOLLAR US 789,245.21 $789,245.21

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Conservative Term CIT Fund. Investments will change over time. 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 over 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

$18.53

Daily $ Change

-$0.02

Daily % Change

-0.11%

as of 01/24/2020

CUSIP

302027651

Inception Date

05/31/2007

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 preservation and manage risk for investors who have already reached their target date or who desire minimal capital risk as they move towards a future target date.

Investment Strategy

The portfolio is invested in a conservative mix of securities that seeks preservation of capital, with income and long-term capital growth as secondary objectives. The portfolio is diversified primarily among fixed income securities, typically focusing on short to intermediate-term maturities. A position in various stock investments, which may be focused on dividend paying stocks, adds potential for growth opportunities and income generation. For the most part, this approach favors stability over growth. Stock exposure can range from 15% - 45%.

May be Appropriate for Investors

  • Who have reached their target date or are already in retirement and seek to minimize declines in account value with potential for modest capital growth and income generation
  • Who have a future target date and want to assume a minimal amount of capital risk through limited stock exposure
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio

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 12/31/2019

YTD

---

1 Year

13.22%

3 Year

6.56%

5 Year

4.12%

10 Year

5.27%

Inception
(01/01/2000)

5.81%

US Stock Market Cycle (04/01/2000 - 12/31/2019)

5.76%

Performance through 06/04/2012 reflects the performance of the Retirement Target Institutional CIT Fund, which was merged into the Retirement Target CIT Fund on 06/04/2012 to establish the Class I units. Performance through the Institutional CIT Fund inception date (05/31/2007) 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 I 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 0.70%
Net 0.69%*

*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 12/31/2019

GOVERNMENT AGENCY 14.73%
TREASURY NOTES 8.38%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 4.27%
TSY INFL IX N/B 0.50000 04/15/2024 2.05%
TREASURY BONDS 2.05%
BANK OF AMERICA CORP 4.00000 01/22/2025 1.41%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 1.34%
VERIZON COMMUNICATIONS 5.25000 03/16/2037 1.29%
BOOKING HOLDINGS INC 3.60000 06/01/2026 1.27%
SABINE PASS LIQUEFACTION 5.87500 06/30/2026 1.17%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 12/31/2019

Bonds
69.99%
Stocks
28.24%
Cash
1.77%

Detailed Asset Class Allocation

As of 12/31/2019

International Equities
7.65%
Small Capitalization
0.44%
Mid Capitalization
1.02%
Large Capitalization
19.13%
Long Term Fixed Income
19.11%
Intermediate Term Fixed Income
38.73%
Short Term Fixed Income
12.15%
Cash
1.77%

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

December Fund Holdings

As of 12/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 5,681.62 $5,994.11
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 371,199.12 $407,718.47
00287Y109 ABBVIE INC US ABBV 1,070.42 $94,774.73
004239109 ACADIA REALTY TRUST US AKR 174.24 $4,517.95
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 7,575.49 $7,310.35
00507V109 ACTIVISION INC US ATVI 2,390.07 $142,017.83
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 363,623.63 $391,010.22
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 9,469.37 $9,469.37
008492100 AGREE REALTY CORP US ADC 109.84 $7,707.80
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 371,199.12 $384,988.28
013093AD1 ALBERTSONS COS LLC/SAFEW 5.75000 03/15/2025 US 5,681.62 $5,880.48
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 39.77 $6,426.25
01609W102 ALIBABA GROUP - ADR CN BABA 399.61 $84,756.69
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 291,656.45 $303,880.41
02079K107 ALPHABET INC-CL C US GOOG 94.69 $126,607.31
02079K305 ALPHABET INC-CL A US GOOGL 90.91 $121,758.46
023135106 AMAZON.COM INC US AMZN 94.69 $174,978.72
02319V103 AMBEV SA-ADR BR ABEV 9,117.1 $42,485.71
0237400 DIAGEO PLC GB DGE LN 2,068.11 $87,143.87
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 289.76 $13,627.53
02665T306 AMERICAN HOMES 4 RENT- A US AMH 888.23 $23,280.42
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 13,257.11 $13,585.02
03027X100 AMERICAN TOWER REIT INC US AMT 367.41 $84,438.48
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 359,835.88 $384,711.19
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 5,824.74 $5,864.11
03064D108 AMERICOLD REALTY TRUST US COLD 660.96 $23,173.32
031162100 AMGEN INC US AMGN 465.14 $112,130.15
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 5,681.62 $4,996.28
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 5,681.62 $4,943.01
03748R754 APARTMENT INVT & MGMT CO -A US AIV 471.2 $24,337.25
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 5,681.62 $5,809.46
053484101 AVALONBAY COMMUNITIES INC US AVB 164.77 $34,551.63
060505104 BANK OF AMERICA CORP US BAC 3,342.69 $117,729.40
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 583,312.9 $622,217.98
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 943.15 $213,623.20
088606108 BHP GROUP LTD AU BHP 1,440.86 $78,829.38
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 1,253.74 $106,004.05
09247X101 BLACKROCK INC US BLK 83.33 $41,890.20
097023105 BOEING CO US BA 326.12 $106,238.46
09857L108 BOOKING HOLDINGS INC US BKNG 41.67 $85,569.09
101121101 BOSTON PROPERTIES INC US BXP 144.69 $19,947.23
105368203 BRANDYWINE REALTY TRUST US BDN 1,392 $21,923.95
110122108 BRISTOL MYERS SQUIBB CO US BMY 1,056.78 $67,834.78
11135F101 BROADCOM INC US AVGO 235.22 $74,333.92
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 5,681.62 $3,693.05
12503M108 CBOE GLOBAL MARKETS INC US CBOE 704.52 $84,542.49
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 60,938.42 $61,847.27
12572Q105 CME GROUP INC US CME 409.08 $82,109.85
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 159,097.67 $156,158.69
126650100 CVS HEALTH CORP US CVS 960.19 $71,332.79
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 7,575.49 $8,238.35
133131102 CAMDEN PROPERTY TRUST US CPT 215.9 $22,907.15
149123101 CATERPILLAR INC US CAT 397.33 $58,678.37
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 211.74 $211.33
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 77,371.17 $77,812.08
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 5,681.62 $5,717.13
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 131,711.87 $131,603.53
166764100 CHEVRON CORP US CVX 782.17 $94,259.26
16941R108 CHINA PETROLEUM & CHEM-ADR CN SNP 918.91 $55,272.27
17275R102 CISCO SYSTEMS INC US CSCO 2,363.55 $113,356.03
172967424 CITIGROUP INC US C 983.3 $78,555.75
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 174,236.32 $290,879.98
191216100 COCA COLA CO/THE US KO 3,113.53 $172,333.74
192422103 COGNEX CORP US CGNX 753.76 $42,240.79
194162103 COLGATE-PALMOLIVE CO US CL 750.35 $51,654.27
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 284,080.96 $288,589.05
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 187,331.82 $185,586.80
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 314.38 $13,474.45
20451NAG6 COMPASS MINERALS INTERNA 6.75000 12/01/2027 US 9,469.37 $10,061.20
222795502 COUSINS PROPERTIES INC US CUZ 821.56 $33,848.36
225310AN1 CREDIT ACCEPTANC 5.12500 12/31/2024 US 5,681.62 $5,900.13
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 393,925.6 $394,295.08
22822V101 CROWN CASTLE INTL CORP US CCI 119.31 $16,960.49
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 382,562.36 $387,466.49
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 113,663.45 $110,093.35
25277LAC0 DIAMOND SPORTS GR/DIAMON 6.62500 08/15/2027 US 7,575.49 $7,367.17
253868103 DIGITAL REALTY TRUST INC US DLR 138.25 $16,554.38
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 344,684.9 $401,798.32
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 9,469.37 $9,682.43
25960P109 DOUGLAS EMMETT INC US DEI 365.52 $16,046.22
2715777 QUEBECOR INC -CL B CA QBR/B CN 1,643.88 $41,953.14
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 2,075.68 $42,119.51
285512109 ELECTRONIC ARTS US EA 1,159.05 $124,609.50
291011104 EMERSON ELEC CO US EMR 578.77 $44,136.82
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 234,840.26 $279,343.40
29413XAD9 ENVIVA PARTNERS LP/FIN C 6.50000 01/15/2026 US 7,575.49 $8,110.55
29444U700 EQUINIX INC US EQIX 310.6 $181,294.41
29446M102 EQUINOR ASA-SPON ADR NO EQNR 1,922.66 $38,280.16
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 168.55 $11,864.57
29476L107 EQUITY RESIDENTIAL US EQR 236.73 $19,156.53
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 543.54 $13,485.27
297178105 ESSEX PROPERTY TRUST INC US ESS 57.2 $17,207.68
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 587,100.65 $590,498.86
30225T102 EXTRA SPACE STORAGE INC US EXR 56.82 $6,000.93
30262DAL5 FREMF 2011-K13 B 4.61212 01/25/2048 US 155,297.59 $158,575.24
30262SAR9 FREMF 2015-K42 B FLT 3.85105 12/25/2024 US 68,179.43 $70,661.20
30287EAE0 FREMF 2014-K41 B FLT 3.83246 11/25/2047 US 265,142.23 $279,908.56
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 4,035,144.95 $10,012.41
30303M102 FACEBOOK INC -A US FB 1,662.82 $341,293.92
3128M1AM1 FHLM POOL G11912 5.50000 03/01/2021 US 1,528.04 $1,540.51
3128M6HZ4 FHLM POOL G04448 5.50000 07/01/2038 US 52,271.4 $58,577.56
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 1,218.99 $1,369.12
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 4,450.09 $4,976.81
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 43,162.09 $49,525.88
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 14,036.99 $15,780.03
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 19,392.35 $20,066.04
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 1,268.99 $1,296.20
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 1,226.67 $1,265.71
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 186,618.59 $197,872.78
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 29,844.08 $33,521.03
3128MJY87 FHLM POOL FG G08734 4.00000 11/01/2046 US 16,340.58 $17,240.11
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 15,036.18 $16,188.06
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 156,572.89 $170,120.06
3131XVYW9 FEDERAL NATL MTG ASSN FR ZM2525 3.00000 12/01/2046 US 192,062.64 $196,487.87
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 49,542.37 $52,577.16
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 180,867.33 $190,135.07
3132Y33P7 FHLM POOL FG Q59805 4.50000 11/01/2048 US 125,495.56 $132,341.43
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 118,265.91 $126,526.82
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 57.89 $57.97
3133G6L60 FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 US 210,719.98 $216,111.49
3136AY6W8 FNA 2017-M15 A1 2.95932 09/25/2027 US 182,398.8 $188,837.37
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 148,118.53 $153,849.51
31371MLB1 FEDERAL NATL MTG ASSN 256022 5.50000 12/01/2035 US 17,951.21 $20,206.76
31371MRU3 FEDERAL NATL MTG ASSN 256199 5.00000 04/01/2021 US 1,076.14 $1,111.73
31371NDQ5 FEDERAL NATL MTG ASSN 256711 5.50000 05/01/2037 US 2,286.55 $2,567.73
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 39.77 $5,119.76
3137A2B34 FHMS K009 X1 FLT 1.25990 08/25/2020 US 402,764.2 $2,016.00
3137ADTK3 FHMS K014 X1 FLT 1.14922 04/25/2021 US 4,084,194.1 $47,932.51
3137AJMG6 FMHS K016 X1 FLT 1.47780 10/25/2021 US 868,356.01 $19,454.04
3137AUPF0 FHMS K021 x1 FLT 1.42508 06/25/2022 US 5,866,341.64 $175,764.40
3137B3NB0 FHMS K030 X1 FLT 0.18323 04/25/2023 US 11,177,948.39 $60,848.28
3137B4GZ3 FHMS K032 X1 FLT 0.09665 05/25/2023 US 6,572,202.11 $24,240.91
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 148,735.15 $151,699.82
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 121,640.14 $124,280.78
3138A7BL1 FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 69,949.36 $74,228.06
3138AJ4A7 FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 11,633.14 $12,248.25
3138EPLE2 FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 33,907.51 $36,808.60
3138ERN30 FEDERAL NATL MTG ASSN FN AL9409 3.50000 11/01/2031 US 163,758.49 $170,308.28
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64200 01/01/2049 US 214,453.47 $239,489.24
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 316,863.16 $334,325.23
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 204,556.26 $220,389.79
3138YTGK4 FEDERAL NATL MTG ASSN AZ2001 3.50000 05/01/2045 US 382,312.82 $400,845.04
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 19,634.1 $22,094.42
31403DVZ9 FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 3,277.25 $3,715.79
31406PTV1 FEDERAL NATL MTG ASSN 816064 4.50000 04/01/2020 US 156.35 $161.41
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 202,145.06 $213,486.26
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 36,193.75 $38,226.88
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 170,326.95 $179,322.96
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 47,683.49 $50,252.70
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 164,373.1 $173,174.34
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 139,093.88 $153,681.00
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 104,488.92 $112,007.97
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 141,788.45 $149,793.98
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 57,805.13 $61,963.60
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 86,959.41 $93,213.25
3140X4JC1 FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 US 283,173.55 $293,562.05
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 789.7 $804.65
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 916.19 $935.62
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 5,935.56 $6,007.37
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 7,267.92 $7,352.67
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 5,802.63 $6,516.68
31410WSY5 FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 3,726.03 $4,135.68
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 13,603.01 $15,231.97
31411RHZ4 FEDERAL NATL MTG ASSN 912948 5.00000 05/01/2038 US 1,650.46 $1,763.39
31413CCL1 FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 1,398.27 $1,542.95
31413MR66 FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 6,434.69 $7,233.36
31413S6R0 FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 4,394.24 $5,018.56
31414CQ50 FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 958.16 $1,092.72
31414DJ23 FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 2,861.23 $3,211.39
31414QX28 FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 2,060.03 $2,133.71
31414UF52 FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 11,154.36 $11,515.29
31415ALX7 FEDERAL NATL MTG ASSN 981042 6.00000 04/01/2038 US 4,576.79 $5,067.27
31415BBC2 FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 4,927.15 $5,415.65
31415BBT5 FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 2,680.05 $2,898.91
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 4,011.76 $4,059.55
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 5,722.91 $6,210.57
31418B6G6 FEDERAL NATL MTG ASSN FN MA2670 3.00000 07/01/2046 US 138,646.85 $141,992.18
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 72,093.46 $77,573.18
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 78,763.01 $84,750.68
31418C4F8 FEDERAL NATL MTG ASSN FN MA3521 4.00000 11/01/2048 US 386,462.43 $401,995.26
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 152,385.55 $155,922.56
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 160,343.83 $169,385.48
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 110,898.56 $115,488.37
31418CZH0 FEDERAL NATL MTG ASSN FN MA3443 4.00000 08/01/2048 US 152,716.01 $158,692.67
31418DC67 FEDERAL NATL MTG ASSN FN MA3692 3.50000 07/01/2049 US 454,739.67 $467,427.94
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 9,379.75 $10,751.68
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 31,485.28 $35,436.47
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 5,862.46 $6,581.68
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 5,681.62 $6,050.92
316067107 FIDELITY CASH RESERVES US 6,215.69 $6,215.69
32054K103 FIRST INDUSTRIAL REALTY TR US FR 263.25 $10,927.44
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 7,575.49 $7,630.87
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 178,024.07 $182,230.45
346232AD3 FORESTAR GROUP INC 8.00000 04/15/2024 US 5,681.62 $6,178.76
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 11,363.24 $11,993.90
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 7,575.49 $7,887.98
357081AE8 FREMF 2015-K720 B FLT 3.39170 07/25/2022 US 37,877.46 $38,523.11
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 43,559.08 $43,566.07
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 3,528.37 $3,547.58
36294VKJ8 GNMA POOL 660997 5.50000 05/15/2037 US 11,412.21 $12,235.24
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 295,444.2 $289,375.77
374297109 GETTY REALTY CORP US GTY 229.16 $7,532.44
375558103 GILEAD SCIENCES INC US GILD 1,039.74 $67,562.07
37960JAA6 GLOBAL AIR LEASE CO LTD 6.50000 09/15/2024 KY 11,363.24 $11,856.97
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 171,295.2 $171,335.15
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 5,026.34 $83,688.55
404119BX6 HCA INC 4.12500 06/15/2029 US 268,929.97 $285,356.00
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 1,893.87 $1,761.30
406216101 HALLIBURTON CO US HAL 4,287.73 $104,920.72
421946104 HEALTHCARE REALTY TRUST INC US HR 458.32 $15,294.05
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 282.19 $8,544.62
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 772.7 $26,634.98
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 68.18 $7,561.78
437076102 HOME DEPOT INC US HD 636.34 $138,964.22
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 1,583.66 $44,833.32
438516106 HONEYWELL INTERNATIONAL INC US HON 483.7 $85,614.05
44107P104 HOST MARRIOTT CORP US HST 526.5 $9,766.51
45031UCG4 ISTAR INC 4.25000 08/01/2025 US 5,681.62 $5,743.89
450913AE8 IAMGOLD CORP 7.00000 04/15/2025 CA 7,575.49 $7,892.60
452308109 ILLINOIS TOOL WKS INC US ITW 260.22 $46,742.99
45337C102 INCYTE CORP US INCY 564.37 $49,281.15
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 763.23 $10,746.29
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 7,575.49 $7,808.67
458140100 INTEL CORP US INTC 2,349.54 $140,619.90
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 901.48 $83,432.30
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 620.43 $83,162.81
46187BAA1 IHSFR 2017-SFR2 A 2.58738 12/17/2036 US 56,532.44 $56,317.49
46187BAB9 IHSFR 2017-SFR2 B 2.88738 12/17/2036 US 45,452.95 $45,388.02
46187W107 INVITATION HOMES INC US INVH 1,254.12 $37,586.06
46625H100 JP MORGAN CHASE & CO US JPM 1,147.69 $159,987.58
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 14,915.64 $14,994.94
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 81,128.04 $81,741.61
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 92,217.35 $94,157.97
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 100,904.27 $101,886.90
46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 287,868.7 $307,003.97
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 125,565.69 $126,909.62
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 101,706.6 $102,988.41
4741844 MERCK KGAA DE MRK GR 1,446.92 $170,583.46
476405105 JERNIGAN CAPITAL INC US JCAP 1,015.12 $19,429.32
478160104 JOHNSON & JOHNSON US JNJ 2,737.78 $399,360.39
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 9,469.37 $2,793.46
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 7,575.49 $7,935.33
49427F108 KILROY REALTY CORP US KRC 67.04 $5,624.92
494368103 KIMBERLY CLARK CORP US KMB 331.81 $45,639.99
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 291,656.45 $386,409.18
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 9,469.37 $9,919.16
516806AD8 LAREDO PETROLEUM INC 5.62500 01/15/2022 US 5,681.62 $5,511.17
531172104 LIBERTY PROPERTY TRUST US LPT 136.36 $8,188.35
53223X107 LIFE STORAGE INC US LSI 51.13 $5,536.85
539830109 LOCKHEED MARTIN CORP US LMT 201.51 $78,463.22
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 5,681.62 $3,877.71
550021109 LULULEMON - ADR CA LULU 715.88 $165,848.85
56585A102 MARATHON PETROLEUM CORP US MPC 721.57 $43,474.33
57636Q104 MASTERCARD INC-CLASS A US MA 924.21 $275,959.88
58933Y105 MERCK & CO INC US MRK 2,136.29 $194,295.47
594918104 MICROSOFT CORP US MSFT 1,081.4 $170,537.02
595112103 MICRON TECHNOLOGY INC US MU 4,533.93 $243,834.87
59522J103 MID-AMERICA APARTMENT COMM US MAA 81.44 $10,738.22
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 4,080.54 $224,756.08
615369105 MOODY'S CORPORATION US MCO 359.84 $85,428.64
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 5,681.62 $4,318.03
61965RAB1 MOSS CREEK RESOURCES HLD 10.50000 05/15/2027 US 1,893.87 $1,581.38
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 11,363.24 $10,965.53
637417106 NATIONAL RETAIL PROPERTIES US NNN 183.71 $9,850.30
637870106 NATIONAL STORAGE AFFILIATES US NSA 200.75 $6,749.23
63938CAA6 NAVIENT CORP 5.00000 10/26/2020 US 7,575.49 $7,686.85
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 116,523.01 $117,041.86
63941RAB6 NAVSL 2019-2A A2 2.79200 02/27/2068 US 378,774.61 $377,790.37
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 101,283.19 $104,478.31
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 128,286.89 $132,464.67
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 163,653.66 $169,016.67
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 9,469.37 $7,102.02
66987V109 NOVARTIS AG- REG CH NVS 2,795.36 $264,692.32
67059TAD7 NUSTAR LOGISTICS LP 6.75000 02/01/2021 US 5,681.62 $5,894.68
67066G104 NVIDIA CORP US NVDA 696.95 $163,991.23
675232102 OCEANEERING INTL INC US OII 4,564.23 $68,052.73
675232AB8 OCEANEERING INTL INC 6.00000 02/01/2028 US 7,575.49 $7,423.98
680665AL0 OLIN CORP 5.62500 08/01/2029 US 5,681.62 $6,000.93
681936100 OMEGA HEALTHCARE INVS INC US OHI 255.67 $10,827.75
70450Y103 PAYPAL HOLDINGS INC US PYPL 768.91 $83,173.26
7123870 NESTLE SA-REGISTERED CH NESN SW 1,571.91 $170,183.77
713448108 PEPSICO INC US PEP 1,223.44 $167,207.82
71654V101 PETROLEO BRASIL-SP PREF ADR BR PBR/A 3,489.27 $52,059.93
717081103 PFIZER INC US PFE 3,299.13 $129,259.79
719245AD4 PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 US 7,575.49 $7,045.21
71943U104 PHYSICIANS REALTY TRUST US DOC 950.72 $18,006.72
729640102 PLYMOUTH INDUSTRIAL REIT INC US 329.53 $6,060.13
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 526,496.71 $562,068.60
74166MAB2 PRIME SECSRVC BRW/FINANC 5.25000 04/15/2024 US 5,681.62 $6,011.15
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 5,681.62 $6,175.24
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 113,421.27 $113,560.62
74340W103 PROLOGIS US PLD 613.61 $54,697.63
74460D109 PUBLIC STORAGE INC US PSA 92.8 $19,762.64
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 9,469.37 $9,966.51
756109104 REALTY INCOME CORP US O 83.33 $6,135.62
767204100 RIO TINTO PLC - SPON ADR GB RIO 1,067.77 $63,382.57
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 7,575.49 $7,655.77
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 958.3 $83,956.64
78409V104 S&P GLOBAL INC US SPGI 306.81 $83,773.77
78410G104 SBA COMMUNICATIONS CORP US SBAC 359.84 $86,716.85
78442PGC4 SLM CORP 5.12500 04/05/2022 US 9,469.37 $9,800.79
78443BAG1 SLMA 2006-10 A6 FLT 2.08963 03/25/2044 US 49,240.7 $46,161.89
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 304,925.93 $304,678.57
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 446,954.04 $513,784.41
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 363,623.63 $392,548.27
806857108 SCHLUMBERGER LTD NL SLB 2,721.5 $109,404.12
812578102 SEATTLE GENETICS INC US SGEN 465.89 $53,232.91
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 100,153.31 $100,339.33
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 135,977.83 $136,951.84
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 101,062.48 $96,435.22
81762P102 SERVICENOW INC US NOW 594.68 $167,888.97
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 5,681.62 $5,411.74
828806109 SIMON PROPERTY GROUP INC US SPG 242.42 $36,110.25
83401LAB0 SOFI 2015-A A2 2.42000 03/25/2030 US 73,098.13 $73,086.80
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 94,380.17 $94,002.59
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 33,457.21 $33,471.34
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 109,489.16 $110,197.17
835699307 SONY CORP SPONSORED ADR JP SNE 2,522.64 $171,539.45
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 397,713.34 $400,894.31
852061AR1 SPRINT COMMUNICATIONS 7.00000 08/15/2020 US 11,363.24 $11,604.71
85207UAE5 SPRINT CORP 7.25000 09/15/2021 US 5,681.62 $6,008.31
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 5,681.62 $6,129.05
85254J102 STAG INDUSTRIAL INC US STAG 399.61 $12,615.60
85571BAP0 STARWOOD PROPERTY TRUST 3.62500 02/01/2021 US 7,575.49 $7,622.84
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.20975 11/15/2027 US 334,930.14 $333,902.71
862121100 STORE CAPITAL CORP US STOR 246.2 $9,168.62
86212XAA8 STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 113,437.48 $112,992.12
866674104 SUN COMMUNITIES US SUI 147.72 $22,173.09
86723CAF5 SUNCOKE ENRGY PART LP/FI 7.50000 06/15/2025 US 5,681.62 $5,463.84
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 437.48 $6,089.79
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 49,058.95 $49,031.21
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 5,681.62 $4,829.38
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 268,929.97 $290,432.85
882508104 TEXAS INSTRUMENTS INC US TXN 629.52 $80,761.56
88579Y101 3M CO US MMM 449.23 $79,252.57
89151E109 TOTAL S A SPONSORED ADR FR TOT 1,211.32 $66,986.06
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 247,471.12 $247,486.63
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 114,826.03 $115,609.54
89177EAA7 TPMT 2019-HY1 A1 2.79200 10/25/2048 US 103,280.26 $103,504.23
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 5,681.62 $5,766.84
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 297,285.22 $296,733.94
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 188,851.55 $190,205.47
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 26,514.22 $25,586.23
902653104 UDR INC US UDR 395.06 $18,449.39
902973304 U.S. BANCORP US USB 1,210.56 $71,774.32
903002103 UMH PROPERTIES INC US UMH 348.47 $5,481.47
904767704 UNILEVER PLC - ADR GB UL 4,129.4 $236,077.84
907818108 UNION PAC CORP US UNP 484.07 $87,515.73
911312106 UNITED PARCEL SERVICE US UPS 707.55 $82,825.92
912796SZ3 TREASURY BILL 0.00000 07/16/2020 US 303,019.69 $300,485.22
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 218,712.91 $227,150.58
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 403,773.74 $454,765.94
9128284P2 US TREASURY N/B 2.62500 05/15/2021 US 998,071.1 $1,011,794.58
9128286N5 TSY INFL IX N/B 0.50000 04/15/2024 US 891,246.52 $905,655.08
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 1,884,207.17 $1,881,925.51
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 900,347.25 $891,238.27
912828VS6 US TREASURY N/B 2.50000 08/15/2023 US 435,590.8 $448,641.51
912828WJ5 US TREASURY N/B 2.50000 05/15/2024 US 869,287.73 $899,475.11
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 872,696.7 $890,696.07
913017109 UNITED TECHNOLOGIES CORP US UTX 573.46 $85,882.08
91704F104 URBAN EDGE PROPERTIES US UE 683.69 $13,113.14
918204108 VF CORP US VFC 372.34 $37,106.95
91913Y100 VALERO ENERGY US VLO 407.18 $38,132.66
92276F100 VENTAS INC US VTR 211.74 $12,225.58
92339V100 VEREIT INC US VER 1,850.31 $17,096.90
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 454,529.53 $570,856.93
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 242.42 $53,076.93
92826C839 VISA INC - CLASS A SHARES US V 1,337.07 $251,236.28
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 7,575.49 $7,196.72
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 18,938.73 $19,007.28
929042109 VORNADO REALTY TRUST US VNO 60.6 $4,030.16
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 5,681.62 $5,418.84
93065PAA9 WBHT 2019-WBM A FLT 2.78975 12/15/2033 US 147,722.1 $147,542.56
931142103 WAL MART STORES US WMT 1,306.39 $155,251.82
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 851.49 $50,203.57
94106L109 WASTE MANAGEMENT INC US WM 403.4 $45,970.89
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 9,469.37 $9,824.47
948741103 WEINGARTEN REALTY INVESTORS US WRI 431.8 $13,489.53
949746101 WELLS FARGO COMPANY US WFC 2,649.53 $142,544.63
95040Q104 WELLTOWER INC. US WELL 269.31 $22,024.07
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 231,052.51 $241,001.59
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 78,289.36 $78,332.92
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 128,808.51 $131,364.59
98311A105 WYNDHAM HOTELS & RESORTS INC US WH 121.21 $7,613.07
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 11,363.24 $10,454.18
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 151,509.84 $7,982.12
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 53,028.45 $41,856.76
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 416,652.07 $21,908.09
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 681,794.3 $36,249.86
B63QM77 NEXON CO LTD JP 3659 JP 18,105.43 $240,173.72
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 132,571.11 $7,479.58
B7KR2P8 EASY JET PLC GB EZJ LN 5,393.75 $101,601.96
BBG00R1HNZB6 NVDA US 01/24/20 P215 US -2.65 -$403.02
BBG00R1LGYF4 SLB US 01/24/20 P36 NL -17.42 -$365.90
BD3HF92 BSR REAL ESTATE INVESTMENT CA HOM/U CN 217.8 $2,524.25
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 5,422.16 $8,575.71
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 3,477.15 $167,515.77
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 4,086.98 $144,436.51
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 2,041.6 $167,208.22
G29183103 EATON CORP PLC US ETN 432.56 $40,972.14
G5960L103 MEDTRONIC INC IE MDT 3,313.52 $375,918.88
H01301128 ALCON INC CH ALC 1,465.86 $82,923.57
H1467J104 CHUBB LTD CH CB 265.9 $41,389.96
H8817H100 TRANSOCEAN LTD US RIG 4,757.41 $32,730.97
N47279109 INTERXION HOLDING NV NL INXN 376.88 $31,586.37
USD US DOLLAR US 789,245.21 $789,245.21

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Conservative Term CIT Fund. Investments will change over time. 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 over 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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