Collective Investment Trust

Retirement Target 2020 CIT

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 conservative mix of investments that seeks a more stable rate of growth than that of the stock market by placing a greater emphasis on bonds to help maintain stability. The portfolio is diversified primarily among fixed income securities, with a focus on intermediate maturities Stock exposure can range from 17% - 55%.

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 13% - 47%.

May be Appropriate for Investors

  • Who plan to stop contributions and start periodic withdrawals around the year 2020
  • Who currently have a moderate tolerance for risk and can accept 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.

Learn more about our Glide Range SM

Daily Price

$20.39

Daily $ Change

$0.02

Daily % Change

0.10%

as of 09/22/2023

CUSIP

302027669

Inception Date

05/31/2007

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

Important Documents

Applications & Forms
Fact Sheet
Annual Report

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 08/31/2023

YTD

5.58%

1 Year

3.43%

3 Year

1.05%

5 Year

4.65%

10 Year

4.91%

Inception
(05/31/2007)

6.22%

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.

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. The Retirement Target CIT Fund will gradually become more conservative over time.

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 08/31/2023

TREASURY NOTES 22.79%
GOVERNMENT AGENCY 13.36%
TSY INFL IX N/B 0.50000 04/15/2024 3.19%
TREASURY BONDS 2.14%
TSY INFL IX N/B 2.37500 01/15/2027 1.74%
AMAZON.COM INC 1.57%
TENCENT HOLDINGS 3.97500 04/11/2029 1.37%
META PLATFORMS INC 1.32%
MASTERCARD INC-CLASS A 1.29%
ALPHABET INC-CL A 1.21%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 08/31/2023

Bonds
65.94%
Stocks
31.30%
Cash
2.76%

Detailed Asset Class Allocation

As of 08/31/2023

International Equities
7.86%
Small Capitalization
0.32%
Mid Capitalization
2.98%
Large Capitalization
20.14%
Long Term Fixed Income
11.76%
Intermediate Term Fixed Income
49.04%
Short Term Fixed Income
5.14%
Cash
2.76%

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

Security Description Country Ticker Shares/Par Market Value (USD)
3M CO US MMM 105.32 $11,234.12
ABBOTT LABORATORIES US ABT 194.46 $20,009.79
ADMIRAL GROUP PLC GB ADM LN 2,419.67 $76,229.25
ADMIRAL GROUP PLC ADR GB AMIGY 8,819.45 $277,856.74
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 316,543.53 $274,343.87
AGREE REALTY CORP US ADC 779.7 $48,201.28
AIR LIQUIDE FR AI FP 218.54 $39,484.17
AIRBUS SE FR AIR FP 272.61 $39,884.45
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 17,827.98 $17,937.39
ALCON INC CH ALC 3,686.83 $305,969.65
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 151,414.33 $121,399.55
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 610,084.96 $495,408.19
ALPHABET INC-CL A US GOOGL 6,770.09 $921,883.77
AMAZON.COM INC US AMZN 8,646.7 $1,193,331.30
AMAZON.COM INC 3.30000 04/13/2027 US 525,365.9 $499,947.56
AMERICAN HOMES 4 RENT- A US AMH 485.65 $17,502.72
AMERICAN TOWER REIT INC US AMT 219.21 $39,747.31
AMERICOLD REALTY TRUST US COLD 1,658.92 $55,822.62
ANALOG DEVICES INC US ADI 91.24 $16,586.05
APARTMENT INCOME REIT CO US AIRC 412.68 $14,055.82
APPLIED MATERIALS INC US AMAT 1,706.02 $260,612.32
ARCHER-DANIELS-MIDLAND CO US ADM 110.72 $8,780.02
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 291,111.64 $269,051.88
ASTRAZENECA GB AZN 638.94 $43,332.91
ATLASSIAN CORP PLC-CLASS A AU TEAM 146.05 $29,803.50
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 4,740.9 $22,073.55
AUTO TRADER GROUP PLC GB AUTO LN 6,615.87 $50,733.54
AVALONBAY COMMUNITIES INC US AVB 253.28 $46,557.71
AVANZA BANK HOLDING AB SE AZA SS 1,663.48 $32,117.29
BAE SYSTEMS PLC GB BA/ LN 5,287 $67,291.72
BAE SYSTEMS PLC -SPON ADR GB BAESY 4,848.43 $251,003.00
BANK OF AMERICA CORP US BAC 774.52 $22,205.58
BANK OF AMERICA CORP 2.68700 04/22/2032 US 475,978 $389,241.00
BAXTER INTERNATIONAL INC US BAX 107.77 $4,375.66
BEIERSDORF AG DE BEI GR 360.05 $47,143.45
BIOMARIN PHARMACEUTICAL INC US BMRN 4,041.8 $369,339.47
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 247,015.24 $241,216.73
BRISTOL MYERS SQUIBB CO US BMY 287.76 $17,740.30
BROADCOM INC US AVGO 35.41 $32,677.81
BROADRIDGE FINANCIAL SOLUTIONS US BR 33.37 $6,214.16
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 83,806.35 $72,911.52
BUNGE LIMITED US BG 42.78 $4,890.94
C.H. ROBINSON WORLDWIDE INC US CHRW 43.45 $3,928.98
CAALT 2021-2A A 0.96000 02/15/2030 US 34,401.12 $33,835.18
CAALT 2021-3A B MTGE 1.38000 07/15/2030 US 267,440.14 $253,091.13
CALDERYS FINANCING LLC 11.25000 06/01/2028 US 72,539.43 $74,433.43
CAMPBELL SOUP CO US CPB 93.47 $3,897.62
CANADIAN NATIONAL RAILWAY CO CA CNI 2,376.09 $267,571.47
CARETRUST REIT INC US CTRE 1,295.97 $26,113.77
CATERPILLAR INC US CAT 88.15 $24,781.79
CBOE GLOBAL MARKETS INC US CBOE 1,791.02 $268,132.87
CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 35,586.61 $32,279.39
CELLNEX TELECOM SA ES CLNX SM 1,295.51 $49,547.53
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 1,565.57 $29,871.08
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 370,567.88 $384,444.94
CHEVRON CORP US CVX 174.68 $28,140.37
CIM 2019-INV1 A1 4.00000 02/25/2049 US 6,289.8 $5,886.41
CISCO SYSTEMS INC US CSCO 517.2 $29,661.60
CITIGROUP INC US C 347.69 $14,355.96
CITIGROUP INC 1.46200 06/09/2027 US 418,688.69 $372,713.15
CLARK CNTY NV 1.51000 11/01/2028 US 490,869.91 $415,938.13
CLEANAWAY WASTE MANAGEMENT AU CWY AU 22,443.09 $37,982.47
COCA COLA CO/THE US KO 12,406.21 $742,263.80
COGNIZANT TECH SOLUTIONS - A US CTSH 86.52 $6,195.36
COLGATE-PALMOLIVE CO US CL 153.97 $11,311.84
COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 253,559.49 $219,403.80
COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 US 270,904.71 $248,859.53
COMCAST CORP-CL A US CMCSA 549.77 $25,707.38
COMMUNITY HEALTHCARE TRUST I US CHCT 794.15 $26,357.75
CONAGRA BRAND INC. US CAG 143.85 $4,298.17
CONOCOPHILLIPS US COP 149.87 $17,839.25
COPART INC US CPRT 7,490.16 $335,783.71
CORNING INC US GLW 145.24 $4,766.78
COTERRA ENERGY INC US CTRA 178.9 $5,043.10
COUSINS PROPERTIES INC US CUZ 415.94 $9,774.55
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 55,656.14 $46,768.46
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 32,905.65 $27,439.20
CSX CORP US CSX 8,268.12 $249,697.37
CUMMINS INC US CMI 38.83 $8,931.63
CVS HEALTH CORP US CVS 148.57 $9,682.63
DEUTSCHE BOERSE AG DE DB1 GR 312.48 $55,472.81
DEUTSCHE BOERSE AG ADR DE DBOEY 13,066.13 $231,401.09
DEVON ENERGY CORPORATION US DVN 123.17 $6,292.66
DIAGEO PLC GB DGE LN 961.15 $39,362.16
DIAMONDBACK ENERGY INC US FANG 38.15 $5,790.58
DOLLAR GENERAL CORP US DG 2,487.25 $344,483.44
DOLLARAMA INC CA DOL CN 293.2 $19,010.85
DOW INC US DOW 126.53 $6,903.71
DREYFUS GVT CSH MANAGEMENT US 2,160,074.13 $2,160,074.13
EBAY INC US EBAY 122.91 $5,504.12
ELECTRONIC ARTS US EA 4,930.08 $591,510.61
EMERSON ELEC CO US EMR 120.03 $11,793.41
ENDAVA PLC - SPON ADR GB DAVA 364.11 $17,804.74
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 641,107.21 $638,252.53
EOG RESOURCES INC US EOG 87.48 $11,251.08
EQUINIX INC US EQIX 231.62 $180,981.92
EQUITY COMMONWEALTH US EQC 1,330.62 $25,321.61
EQUITY LIFESTYLE PROPERTIES US ELS 687.88 $46,060.53
EVERGY INC US EVRG 4,568.81 $251,147.44
EXTRA SPACE STORAGE INC US EXR 376.84 $48,491.46
EXXON MOBIL CORP US XOM 280.82 $31,223.91
FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 1,005.99 $1,060.21
FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 16,706.58 $17,521.41
FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 821 $865.68
FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 385.14 $403.92
FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 3,268.89 $3,446.76
FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 2,016.39 $2,114.74
FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 530.41 $556.25
FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 1,219.25 $1,278.66
FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 530.2 $530.81
FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 409.16 $409.63
FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 8,281.43 $8,685.34
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 6,956.95 $7,294.90
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 78.98 $78.34
FEDERAL NATL MTG ASSN AE0951 4.50000 02/01/2041 US 23,335.58 $22,749.26
FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 23,560.14 $22,955.54
FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 9,107.98 $8,874.25
FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 7,236.88 $7,051.16
FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 8,238.3 $8,026.89
FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 71,901.94 $70,056.79
FEDERAL NATL MTG ASSN AL8674 FLT 5.64700 01/01/2049 US 188,317.52 $193,846.21
FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 60,202.35 $58,566.10
FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 19,015.61 $17,279.95
FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 30,799.13 $28,912.57
FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 52,365.96 $49,158.34
FEDERAL NATL MTG ASSN BK0433 3.50000 12/01/2049 US 175,120.37 $156,978.10
FEDERAL NATL MTG ASSN BW1194 4.00000 09/01/2052 US 520,942.99 $481,222.90
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 420,985.78 $382,356.04
FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 28,319 $27,365.52
FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 29,520.19 $27,515.47
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 451,734.74 $424,044.74
FEDERAL NATL MTG ASSN FS2998 3.50000 04/01/2052 US 168,690.9 $152,628.57
FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 1,423.85 $1,390.10
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 45,027.17 $44,168.93
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 36,730.48 $36,030.38
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 476,511.65 $426,826.41
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 464,216.18 $429,181.32
FEDERAL NATL MTG ASSN MA5043 5.00000 06/01/2038 US 467,207.38 $461,867.36
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 445,195.73 $388,157.02
FEDERAL NATL MTG ASSN SD8276 5.00000 12/01/2052 US 571,881.13 $554,603.46
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 484,629.3 $418,789.55
FEDEX CORPORATION US FDX 33.79 $8,820.82
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 82,899.35 $80,213.91
FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 24,764.87 $23,250.47
FHLM POOL C91746 4.50000 12/01/2033 US 3,748.63 $3,683.88
FHLM POOL FG G08734 4.00000 11/01/2046 US 3,437.44 $3,231.25
FHLM POOL G03332 6.00000 10/01/2037 US 2,592.88 $2,722.82
FHLM POOL G05900 6.00000 03/01/2040 US 5,510.71 $5,786.87
FHLM POOL G05906 6.00000 04/01/2040 US 6,027.19 $6,329.23
FHLM POOL G06789 6.00000 05/01/2040 US 14,372.62 $15,092.89
FHLM POOL G06995 6.00000 05/01/2040 US 16,431.3 $17,254.74
FHLM POOL G13331 5.50000 10/01/2023 US 12.56 $12.52
FHLM POOL G60034 4.50000 02/01/2045 US 127,016.11 $123,723.89
FHLM POOL Q93451 4.50000 08/01/2040 US 43,071.49 $42,044.54
FHLM POOL SD8230 4.50000 06/01/2052 US 414,851.76 $393,673.15
FHR 5189 CP 2.50000 06/25/2049 US 208,503.41 $176,607.18
FIFTH THIRD BANCORP US FITB 196.45 $5,215.83
FINECOBANK SPA IT FBK IM 3,329.14 $45,500.81
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 1,296.05 $20,736.84
FLX 2021-1A A2 3.25000 11/27/2051 US 412,680.76 $360,268.45
FMC CORP US FMC 4,917.49 $424,034.83
FN DS2696 3.00000 12/01/2051 US 320,102.69 $278,614.29
FN FS4616 MTGE 5.00000 05/01/2043 US 229,696.72 $225,442.94
FN FS4925 MTGE 3.50000 04/01/2052 US 696,924.49 $630,565.06
FN MA4020 MTGE 3.00000 05/01/2050 US 725,523.3 $631,488.48
FN MA4733 4.50000 09/01/2052 US 311,353.74 $295,462.22
FN MA4807 MTGE 5.50000 11/01/2052 US 380,252.69 $376,183.62
FN MA4868 MTGE 5.00000 01/01/2053 US 491,435.27 $476,589.19
FN MA4934 MTGE 5.00000 02/01/2043 US 663,154.86 $649,867.69
FNR 2018-31 KP 3.50000 07/25/2047 US 4,662.83 $4,486.81
FR SD1360 MTGE 5.50000 07/01/2052 US 638,164.59 $631,080.79
FREDDIE MAC POOL RB5167 3.50000 07/01/2042 US 166,946.31 $152,244.87
FREDDIE MAC POOL RB5188 4.00000 10/01/2042 US 168,042.94 $157,737.18
GENERAL DYNAMICS CORP US GD 53.97 $12,230.95
GENERAL MLS INC US GIS 126.99 $8,591.97
GENUINE PARTS CO US GPC 40.86 $6,281.83
GETTY REALTY CORP US GTY 690.88 $20,740.15
GILEAD SCIENCES INC US GILD 212.14 $16,224.60
GLOBANT SA LU GLOB 104.36 $21,337.78
GNMA POOL 660997 5.50000 05/15/2037 US 4,860.6 $4,959.66
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 44,922.04 $40,489.65
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 45,422.86 $40,806.94
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 136,271.84 $112,348.86
GREENIDGE GEN HLD INC US 1,838.08 $9,760.21
GSMBS 2021-INV1 A6 2.50000 12/25/2051 US 131,080.76 $110,066.34
GSMBS 2021-INV1 A9 5.00000 12/25/2051 US 100,610.72 $91,696.71
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 299,605.74 $254,481.46
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 181,757.92 $154,262.69
GSMBS 2022-PJ1 A8 2.50000 05/28/2052 US 156,238.94 $132,254.28
HALLIBURTON CO US HAL 163.66 $6,320.60
HALMA PLC GB HLMA LN 845.81 $22,928.48
HARTFORD FINL SVCS US HIG 60.64 $4,355.52
HAWAII ST 2.68200 10/01/2038 US 260,730.12 $191,806.45
HDFC BANK LTD-ADR IN HDB 771.68 $48,083.21
HEALTHCARE REALTY TRUST INC US HR 820.99 $14,383.71
HEINEKEN NV NL HEIA NA 521.32 $50,677.92
HEINEKEN NV-SPN ADR NL HEINY 11,446.44 $557,556.27
HELIOS TOWERS PLC GB HTWS LN 12,643.79 $14,599.64
HOME DEPOT INC US HD 115.27 $38,072.29
HONEYWELL INTERNATIONAL INC US HON 103.01 $19,358.93
HOTWIRE FUNDING LLC 5.68700 05/20/2053 US 515,945.6 $502,950.63
HUNTINGTON BANCSHARES US HBAN 312.82 $3,469.15
IDEXX LABORATORIES INC US IDXX 747.14 $382,094.12
IMCD NV NL IMCD NA 138.15 $19,027.73
IMPRL 2021-NQM3 1.59500 11/25/2056 US 210,663.95 $170,325.92
INTERCONTINENTALEXCHANGE INC US ICE 2,286.42 $269,774.75
INTERMEDIATE CAPITAL GROUP GB ICP LN 1,184.36 $20,240.31
INTERNATIONAL BUSINESS MACH CORP US IBM 99.46 $14,603.85
INTERNATIONAL FLVRS & FRAGRANCES US IFF 68.39 $4,818.03
INTUIT INC US INTU 561.59 $304,275.04
INTUITIVE SURGICAL INC US ISRG 836.22 $261,470.41
INVITATION HOMES INC US INVH 1,503.55 $51,256.09
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 59,301.51 $57,030.08
JM SMUCKER CO/THE-NEW COM WI US SJM 33.37 $4,837.24
JOHNSON & JOHNSON US JNJ 4,864.33 $786,464.89
JP MORGAN CHASE & CO US JPM 270.59 $39,595.77
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 39,856.47 $37,220.41
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 680,253.98 $645,175.37
KELLOGG CO US K 66.07 $4,031.49
KEYENCE CORP JP 6861 JP 68.57 $28,470.16
KEYWORDS STUDIOS PLC IE KWS LN 740.73 $14,309.93
KIMBERLY CLARK DE MEXICO S.A.B. MX KIMBERA MM 10,313.26 $23,226.84
KRAFT HEINZ CO/THE US KHC 177.4 $5,870.12
L'OREAL FR OR FP 23.57 $10,352.77
L3HARRIS TECHNOLOGIES INC US LHX 3,376.33 $601,290.88
LEXINGTON REALTY TRUST US LXP 2,666.3 $26,183.04
LOCKHEED MARTIN CORP US LMT 41.69 $18,689.77
LONZA GROUP AG -REG CH LONN SW 33.25 $18,337.69
LULULEMON - ADR CA LULU 105.31 $40,149.01
MARATHON OIL CORP US MRO 131.21 $3,457.33
MARATHON PETROLEUM CORP US MPC 82.71 $11,808.00
MARRIOTT VACATIONS WORLD US VAC 120.3 $13,075.25
MASCO CORP US MAS 8,874.97 $523,712.19
MASTERCARD INC-CLASS A US MA 2,379.68 $981,950.33
MEDTRONIC INC IE MDT 6,653.45 $542,256.25
MERCADOLIBRE INC BR MELI 33.11 $45,435.99
MERCK & CO INC US MRK 302.75 $32,993.77
META PLATFORMS INC US META 3,392.15 $1,003,702.69
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 229,499.08 $12,295.87
MICROCHIP TECHNOLOGY INC US MCHP 109.26 $8,942.05
MICRON TECHNOLOGY INC US MU 11,998.69 $839,188.12
MICROSOFT CORP US MSFT 1,102.23 $361,265.59
MID-AMERICA APARTMENT COMM US MAA 178.75 $25,959.73
MONARCH CASINO & RESORT INC US MCRI 316.87 $21,356.90
MONDELEZ INTERNATIONAL INC US MDLZ 3,478.76 $247,896.26
MOODY'S CORPORATION US MCO 1,349.53 $454,520.27
NAVIENT CORP 6.75000 06/25/2025 US 79,240.28 $78,850.67
NESTLE S.A. - ADR CH NSRGY 5,135.08 $616,877.46
NESTLE SA-REGISTERED CH NESN SW 603.29 $72,538.76
NETAPP INC US NTAP 65.66 $5,035.88
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 283,029.35 $255,860.14
NIKE INC CLASS B US NKE 2,013.48 $204,791.54
NORFOLK SOUTHN CORP US NSC 39.78 $8,154.48
NORTHROP GRUMMAN CORP US NOC 802.66 $347,625.11
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 87,737.37 $8.77
NOVARTIS AG- REG CH NVS 3,060.24 $307,492.63
NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 US 256,928.84 $260,276.67
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 60,650.5 $55,068.22
NRZT 2015-2A A1 3.75000 08/25/2055 US 70,030.14 $64,584.94
NRZT 2016-4A A1 3.75000 11/25/2056 US 117,344.14 $106,809.86
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 134,059.93 $119,571.63
OASIS 2023-1A 7.00000 02/15/2035 US 189,071.28 $188,161.23
OBX 2022-INV1 A1 3.00000 12/25/2051 US 167,701.51 $137,934.33
ODFJELL DRILLING LTD 9.25000 05/31/2028 BM 107,631.11 $109,054.51
OMNICOM GROUP US OMC 60.5 $4,900.89
OXFIN 2019-1A A2 4.45900 02/15/2027 US 29,382.34 $29,223.35
OXFIN 2020-1A A2 3.10100 02/15/2028 US 93,647.26 $90,237.16
OXFIN 2022-1A 3.60200 02/15/2030 US 378,013.84 $349,149.42
OXFIN 2023-1A A2 6.71600 02/15/2031 US 404,109.97 $398,442.25
PACKAGING CORP OF AMERICA US PKG 28.61 $4,266.25
PALOMINO FUNDING TRUST I 7.23300 05/17/2028 US 528,839.65 $535,768.95
PARAMOUNT GLOBAL CLASS B US PARA 174.5 $2,633.17
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 292,786.18 $278,514.11
PEAR 2022-1 A1 6.50000 10/15/2034 US 28,264.03 $28,249.84
PEAR 2023-1A 7.42000 07/15/2035 US 252,975.99 $252,635.66
PELORUS FUND REIT 7.00000 09/30/2026 US 35,248.27 $33,538.55
PEPSICO INC 3.90000 07/18/2032 US 535,697.09 $508,096.67
PFIZER INC US PFE 566.25 $20,034.03
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 367,801.82 $292,612.43
PFMT 2021-2 A2A 2.00000 04/25/2051 US 222,490.11 $186,115.84
PHILLIPS 66 US PSX 68.39 $7,807.33
PHYSICIANS REALTY TRUST US DOC 1,088.84 $15,145.73
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 29,550.42 $26,115.01
PPG INDUSTRIES INC US PPG 45.23 $6,411.90
PROLOGIS US PLD 1,392.38 $172,933.57
PUBLIC STORAGE INC US PSA 233.24 $64,463.76
QUALCOMM 5.40000 05/20/2033 US 168,869.1 $174,860.86
QUALCOMM INC US QCOM 180.79 $20,705.36
QUALCOMM INC 4.25000 05/20/2032 US 301,727.34 $289,636.05
QUEST DIAGNOSTICS INC US DGX 37.05 $4,872.59
RAYTHEON TECHNOLOGIES CORP US RTX 157.75 $13,573.11
RCKT 2021-6 A1 2.50000 12/25/2051 US 368,438.96 $290,773.50
REALTY INCOME CORP US O 666.9 $37,372.86
REGIONS FINANCIAL CORP. US RF 295.64 $5,422.03
RENAISSANCERE HOLDINGS LTD BM RNR 217.79 $40,920.03
RENTOKIL INITIAL PLC GB RTO LN 7,154.1 $54,467.57
RENTOKIL INITIAL PLC-SP ADR GB RTO 6,274.82 $238,129.42
REXFORD INDUSTRIAL REALITY IN US REXR 579.6 $30,991.19
S&P GLOBAL INC US SPGI 454.95 $177,822.23
SALESFORCE INC US CRM 1,159.29 $256,736.44
SBA COMMUNICATIONS CORP US SBAC 297.53 $66,804.09
SBA TOWER TRUST 1.88400 01/15/2026 US 237,267.41 $214,213.53
SBA TOWER TRUST 6.59900 01/15/2028 US 380,697.45 $386,505.52
SCHLUMBERGER LTD NL SLB 184.21 $10,861.27
SCML 2019-SBC8 2.86000 04/25/2041 US 135,334.71 $123,768.27
SEMT 2013-2 1.87400 02/25/2043 US 29,855.85 $24,804.18
SEMT 2013-6 A2 3.00000 05/25/2043 US 66,423.61 $57,078.45
SEMT 2013-7 A2 3.00000 06/25/2043 US 33,240.74 $28,921.89
SEMT 2013-8 A1 3.00000 06/25/2043 US 40,150.81 $34,751.81
SERVICENOW INC US NOW 920.23 $541,860.93
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 943,086.35 $758,439.63
SKYWORKS SOLUTIONS INC US SWKS 39.1 $4,251.81
SLMA 2006-10 A6 FLT 5.46614 03/25/2044 US 21,376.73 $20,571.10
SMB 2015 B A3 7.17496 05/17/2032 US 6,174.99 $6,175.61
SMB 2019-B A2A 2.84000 06/15/2037 US 96,425.1 $89,261.28
SMB 2020-BA A1A 1.29000 07/15/2053 US 193,688.81 $173,068.92
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 34,408.5 $33,434.06
SONY CORP FIRST SECTION JP 6758 JP 435.74 $36,250.66
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 215,440.57 $194,760.92
SORT 2020-1 A2 1.99000 07/15/2060 US 176,384.01 $148,583.84
SOUTH CAROLINA ST PUBLIC SVC 1.85200 12/01/2026 US 76,518.81 $68,032.90
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 105,604.57 $90,214.56
SRPT 2014-STAR A FLTG RATE 8.50000 11/15/2027 US 402,370.53 $287,028.78
STAG INDUSTRIAL INC US STAG 429 $15,671.33
STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 75,206.2 $67,688.96
SUN COMMUNITIES US SUI 500.68 $61,293.38
SYNCHRONOSS TECH US 1,844.41 $33,752.65
SYSCO CORP US SYY 82.44 $5,742.13
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 4,978.14 $465,804.54
TE CONNECTIVITY LIMITED CH TEL 60.6 $8,023.26
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 2,859.25 $28,199.84
TENCENT HOLDINGS 3.97500 04/11/2029 KY 1,131,649.59 $1,042,231.91
TENCENT HOLDINGS LTD CN 700 HK 1,280.85 $53,078.77
TERRENO REALTY CORP US TRNO 473.85 $28,852.77
TEXAS INSTRUMENTS INC US TXN 104.78 $17,609.06
THERMO FISHER SCIENTIFIC INC US TMO 452.93 $252,327.88
TOKYO ELECTRON LTD JP 8035 JP 190.96 $28,363.11
TPMT 2016-5 A1 2.50000 10/25/2056 US 27,249.69 $26,863.01
TPMT 2017-1 A1 2.75000 10/25/2056 US 11,291.16 $11,150.45
TPMT 2019-HY1 A1 6.42943 10/25/2048 US 49,859.41 $49,716.71
TRAVELLERS COS INC US TRV 53.14 $8,568.33
TREASURY BOND 2.37500 02/15/2042 US 2,185,465.98 $1,626,464.76
TREASURY NOTE 2.25000 11/15/2027 US 3,502,145.09 $3,220,058.26
TRUIST FINANCIAL CORP US TFC 205.57 $6,280.13
TSY INFL IX N/B 0.12500 01/15/2031 US 726,580.88 $636,524.58
TSY INFL IX N/B 0.50000 04/15/2024 US 2,481,193.53 $2,428,013.76
TSY INFL IX N/B 2.37500 01/15/2027 US 1,324,318.68 $1,324,274.29
TYSON FOODS INC -CL A US TSN 82.16 $4,376.55
U.S. BANCORP US USB 279.32 $10,203.53
UDR INC US UDR 981.47 $39,160.82
UNILEVER PLC - ADR GB UL 12,510.84 $638,303.28
UNION PAC CORP US UNP 1,344.73 $296,608.01
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 13,026.45 $12,307.64
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 70,907.18 $63,949.72
UNITED PARCEL SERVICE US UPS 101.47 $17,188.33
US CLAIMS LIT FNDG LLC 10.25000 03/17/2028 US 34,287.2 $31,433.72
US TEASURY NOTE 1.75000 11/15/2029 US 3,884,639.63 $3,378,422.53
US TREASURY N/B 0.87500 11/15/2030 US 2,042,831.24 $1,635,541.76
US TREASURY N/B 2.00000 11/15/2026 US 2,988,883.95 $2,767,052.72
US TREASURY N/B 2.25000 11/15/2025 US 1,204,511.65 $1,140,992.49
US TREASURY N/B 3.12500 11/15/2028 US 3,794,711.96 $3,592,524.96
US TREASURY N/B 4.12500 11/15/2032 US 1,618,306.9 $1,618,054.04
VALERO ENERGY US VLO 52.32 $6,796.45
VENTAS INC US VTR 487.33 $21,286.77
VERTEX PHARMACEUTICALS INC US VRTX 879.12 $306,233.13
VISA INC - CLASS A SHARES US V 2,788.01 $684,959.32
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 714,019.2 $656,329.60
WELLS FARGO COMPANY US WFC 394.33 $16,281.95
WELLTOWER INC. US WELL 505.86 $41,925.80
WIN 2015-1 A1 3.50000 01/20/2045 US 21,730.54 $19,395.38

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Conservative 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 50 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

$20.39

Daily $ Change

$0.02

Daily % Change

0.10%

as of 09/22/2023

CUSIP

302027669

Inception Date

05/31/2007

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

Important Documents

Applications & Forms
Fact Sheet
Annual Report

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 conservative mix of investments that seeks a more stable rate of growth than that of the stock market by placing a greater emphasis on bonds to help maintain stability. The portfolio is diversified primarily among fixed income securities, with a focus on intermediate maturities Stock exposure can range from 17% - 55%.

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 13% - 47%.

May be Appropriate for Investors

  • Who plan to stop contributions and start periodic withdrawals around the year 2020
  • Who currently have a moderate tolerance for risk and can accept 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.

Learn more about our Glide Range SM

Performance

As of 08/31/2023

YTD

5.58%

1 Year

3.43%

3 Year

1.05%

5 Year

4.65%

10 Year

4.91%

Inception
(05/31/2007)

6.22%

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.

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. The Retirement Target CIT Fund will gradually become more conservative over time.

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 08/31/2023

TREASURY NOTES 22.79%
GOVERNMENT AGENCY 13.36%
TSY INFL IX N/B 0.50000 04/15/2024 3.19%
TREASURY BONDS 2.14%
TSY INFL IX N/B 2.37500 01/15/2027 1.74%
AMAZON.COM INC 1.57%
TENCENT HOLDINGS 3.97500 04/11/2029 1.37%
META PLATFORMS INC 1.32%
MASTERCARD INC-CLASS A 1.29%
ALPHABET INC-CL A 1.21%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 08/31/2023

Bonds
65.94%
Stocks
31.30%
Cash
2.76%

Detailed Asset Class Allocation

As of 08/31/2023

International Equities
7.86%
Small Capitalization
0.32%
Mid Capitalization
2.98%
Large Capitalization
20.14%
Long Term Fixed Income
11.76%
Intermediate Term Fixed Income
49.04%
Short Term Fixed Income
5.14%
Cash
2.76%

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

Security Description Country Ticker Shares/Par Market Value (USD)
3M CO US MMM 105.32 $11,234.12
ABBOTT LABORATORIES US ABT 194.46 $20,009.79
ADMIRAL GROUP PLC GB ADM LN 2,419.67 $76,229.25
ADMIRAL GROUP PLC ADR GB AMIGY 8,819.45 $277,856.74
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 316,543.53 $274,343.87
AGREE REALTY CORP US ADC 779.7 $48,201.28
AIR LIQUIDE FR AI FP 218.54 $39,484.17
AIRBUS SE FR AIR FP 272.61 $39,884.45
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 17,827.98 $17,937.39
ALCON INC CH ALC 3,686.83 $305,969.65
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 151,414.33 $121,399.55
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 610,084.96 $495,408.19
ALPHABET INC-CL A US GOOGL 6,770.09 $921,883.77
AMAZON.COM INC US AMZN 8,646.7 $1,193,331.30
AMAZON.COM INC 3.30000 04/13/2027 US 525,365.9 $499,947.56
AMERICAN HOMES 4 RENT- A US AMH 485.65 $17,502.72
AMERICAN TOWER REIT INC US AMT 219.21 $39,747.31
AMERICOLD REALTY TRUST US COLD 1,658.92 $55,822.62
ANALOG DEVICES INC US ADI 91.24 $16,586.05
APARTMENT INCOME REIT CO US AIRC 412.68 $14,055.82
APPLIED MATERIALS INC US AMAT 1,706.02 $260,612.32
ARCHER-DANIELS-MIDLAND CO US ADM 110.72 $8,780.02
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 291,111.64 $269,051.88
ASTRAZENECA GB AZN 638.94 $43,332.91
ATLASSIAN CORP PLC-CLASS A AU TEAM 146.05 $29,803.50
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 4,740.9 $22,073.55
AUTO TRADER GROUP PLC GB AUTO LN 6,615.87 $50,733.54
AVALONBAY COMMUNITIES INC US AVB 253.28 $46,557.71
AVANZA BANK HOLDING AB SE AZA SS 1,663.48 $32,117.29
BAE SYSTEMS PLC GB BA/ LN 5,287 $67,291.72
BAE SYSTEMS PLC -SPON ADR GB BAESY 4,848.43 $251,003.00
BANK OF AMERICA CORP US BAC 774.52 $22,205.58
BANK OF AMERICA CORP 2.68700 04/22/2032 US 475,978 $389,241.00
BAXTER INTERNATIONAL INC US BAX 107.77 $4,375.66
BEIERSDORF AG DE BEI GR 360.05 $47,143.45
BIOMARIN PHARMACEUTICAL INC US BMRN 4,041.8 $369,339.47
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 247,015.24 $241,216.73
BRISTOL MYERS SQUIBB CO US BMY 287.76 $17,740.30
BROADCOM INC US AVGO 35.41 $32,677.81
BROADRIDGE FINANCIAL SOLUTIONS US BR 33.37 $6,214.16
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 83,806.35 $72,911.52
BUNGE LIMITED US BG 42.78 $4,890.94
C.H. ROBINSON WORLDWIDE INC US CHRW 43.45 $3,928.98
CAALT 2021-2A A 0.96000 02/15/2030 US 34,401.12 $33,835.18
CAALT 2021-3A B MTGE 1.38000 07/15/2030 US 267,440.14 $253,091.13
CALDERYS FINANCING LLC 11.25000 06/01/2028 US 72,539.43 $74,433.43
CAMPBELL SOUP CO US CPB 93.47 $3,897.62
CANADIAN NATIONAL RAILWAY CO CA CNI 2,376.09 $267,571.47
CARETRUST REIT INC US CTRE 1,295.97 $26,113.77
CATERPILLAR INC US CAT 88.15 $24,781.79
CBOE GLOBAL MARKETS INC US CBOE 1,791.02 $268,132.87
CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 35,586.61 $32,279.39
CELLNEX TELECOM SA ES CLNX SM 1,295.51 $49,547.53
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 1,565.57 $29,871.08
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 370,567.88 $384,444.94
CHEVRON CORP US CVX 174.68 $28,140.37
CIM 2019-INV1 A1 4.00000 02/25/2049 US 6,289.8 $5,886.41
CISCO SYSTEMS INC US CSCO 517.2 $29,661.60
CITIGROUP INC US C 347.69 $14,355.96
CITIGROUP INC 1.46200 06/09/2027 US 418,688.69 $372,713.15
CLARK CNTY NV 1.51000 11/01/2028 US 490,869.91 $415,938.13
CLEANAWAY WASTE MANAGEMENT AU CWY AU 22,443.09 $37,982.47
COCA COLA CO/THE US KO 12,406.21 $742,263.80
COGNIZANT TECH SOLUTIONS - A US CTSH 86.52 $6,195.36
COLGATE-PALMOLIVE CO US CL 153.97 $11,311.84
COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 253,559.49 $219,403.80
COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 US 270,904.71 $248,859.53
COMCAST CORP-CL A US CMCSA 549.77 $25,707.38
COMMUNITY HEALTHCARE TRUST I US CHCT 794.15 $26,357.75
CONAGRA BRAND INC. US CAG 143.85 $4,298.17
CONOCOPHILLIPS US COP 149.87 $17,839.25
COPART INC US CPRT 7,490.16 $335,783.71
CORNING INC US GLW 145.24 $4,766.78
COTERRA ENERGY INC US CTRA 178.9 $5,043.10
COUSINS PROPERTIES INC US CUZ 415.94 $9,774.55
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 55,656.14 $46,768.46
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 32,905.65 $27,439.20
CSX CORP US CSX 8,268.12 $249,697.37
CUMMINS INC US CMI 38.83 $8,931.63
CVS HEALTH CORP US CVS 148.57 $9,682.63
DEUTSCHE BOERSE AG DE DB1 GR 312.48 $55,472.81
DEUTSCHE BOERSE AG ADR DE DBOEY 13,066.13 $231,401.09
DEVON ENERGY CORPORATION US DVN 123.17 $6,292.66
DIAGEO PLC GB DGE LN 961.15 $39,362.16
DIAMONDBACK ENERGY INC US FANG 38.15 $5,790.58
DOLLAR GENERAL CORP US DG 2,487.25 $344,483.44
DOLLARAMA INC CA DOL CN 293.2 $19,010.85
DOW INC US DOW 126.53 $6,903.71
DREYFUS GVT CSH MANAGEMENT US 2,160,074.13 $2,160,074.13
EBAY INC US EBAY 122.91 $5,504.12
ELECTRONIC ARTS US EA 4,930.08 $591,510.61
EMERSON ELEC CO US EMR 120.03 $11,793.41
ENDAVA PLC - SPON ADR GB DAVA 364.11 $17,804.74
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 641,107.21 $638,252.53
EOG RESOURCES INC US EOG 87.48 $11,251.08
EQUINIX INC US EQIX 231.62 $180,981.92
EQUITY COMMONWEALTH US EQC 1,330.62 $25,321.61
EQUITY LIFESTYLE PROPERTIES US ELS 687.88 $46,060.53
EVERGY INC US EVRG 4,568.81 $251,147.44
EXTRA SPACE STORAGE INC US EXR 376.84 $48,491.46
EXXON MOBIL CORP US XOM 280.82 $31,223.91
FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 1,005.99 $1,060.21
FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 16,706.58 $17,521.41
FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 821 $865.68
FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 385.14 $403.92
FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 3,268.89 $3,446.76
FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 2,016.39 $2,114.74
FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 530.41 $556.25
FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 1,219.25 $1,278.66
FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 530.2 $530.81
FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 409.16 $409.63
FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 8,281.43 $8,685.34
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 6,956.95 $7,294.90
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 78.98 $78.34
FEDERAL NATL MTG ASSN AE0951 4.50000 02/01/2041 US 23,335.58 $22,749.26
FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 23,560.14 $22,955.54
FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 9,107.98 $8,874.25
FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 7,236.88 $7,051.16
FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 8,238.3 $8,026.89
FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 71,901.94 $70,056.79
FEDERAL NATL MTG ASSN AL8674 FLT 5.64700 01/01/2049 US 188,317.52 $193,846.21
FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 60,202.35 $58,566.10
FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 19,015.61 $17,279.95
FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 30,799.13 $28,912.57
FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 52,365.96 $49,158.34
FEDERAL NATL MTG ASSN BK0433 3.50000 12/01/2049 US 175,120.37 $156,978.10
FEDERAL NATL MTG ASSN BW1194 4.00000 09/01/2052 US 520,942.99 $481,222.90
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 420,985.78 $382,356.04
FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 28,319 $27,365.52
FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 29,520.19 $27,515.47
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 451,734.74 $424,044.74
FEDERAL NATL MTG ASSN FS2998 3.50000 04/01/2052 US 168,690.9 $152,628.57
FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 1,423.85 $1,390.10
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 45,027.17 $44,168.93
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 36,730.48 $36,030.38
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 476,511.65 $426,826.41
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 464,216.18 $429,181.32
FEDERAL NATL MTG ASSN MA5043 5.00000 06/01/2038 US 467,207.38 $461,867.36
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 445,195.73 $388,157.02
FEDERAL NATL MTG ASSN SD8276 5.00000 12/01/2052 US 571,881.13 $554,603.46
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 484,629.3 $418,789.55
FEDEX CORPORATION US FDX 33.79 $8,820.82
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 82,899.35 $80,213.91
FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 24,764.87 $23,250.47
FHLM POOL C91746 4.50000 12/01/2033 US 3,748.63 $3,683.88
FHLM POOL FG G08734 4.00000 11/01/2046 US 3,437.44 $3,231.25
FHLM POOL G03332 6.00000 10/01/2037 US 2,592.88 $2,722.82
FHLM POOL G05900 6.00000 03/01/2040 US 5,510.71 $5,786.87
FHLM POOL G05906 6.00000 04/01/2040 US 6,027.19 $6,329.23
FHLM POOL G06789 6.00000 05/01/2040 US 14,372.62 $15,092.89
FHLM POOL G06995 6.00000 05/01/2040 US 16,431.3 $17,254.74
FHLM POOL G13331 5.50000 10/01/2023 US 12.56 $12.52
FHLM POOL G60034 4.50000 02/01/2045 US 127,016.11 $123,723.89
FHLM POOL Q93451 4.50000 08/01/2040 US 43,071.49 $42,044.54
FHLM POOL SD8230 4.50000 06/01/2052 US 414,851.76 $393,673.15
FHR 5189 CP 2.50000 06/25/2049 US 208,503.41 $176,607.18
FIFTH THIRD BANCORP US FITB 196.45 $5,215.83
FINECOBANK SPA IT FBK IM 3,329.14 $45,500.81
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 1,296.05 $20,736.84
FLX 2021-1A A2 3.25000 11/27/2051 US 412,680.76 $360,268.45
FMC CORP US FMC 4,917.49 $424,034.83
FN DS2696 3.00000 12/01/2051 US 320,102.69 $278,614.29
FN FS4616 MTGE 5.00000 05/01/2043 US 229,696.72 $225,442.94
FN FS4925 MTGE 3.50000 04/01/2052 US 696,924.49 $630,565.06
FN MA4020 MTGE 3.00000 05/01/2050 US 725,523.3 $631,488.48
FN MA4733 4.50000 09/01/2052 US 311,353.74 $295,462.22
FN MA4807 MTGE 5.50000 11/01/2052 US 380,252.69 $376,183.62
FN MA4868 MTGE 5.00000 01/01/2053 US 491,435.27 $476,589.19
FN MA4934 MTGE 5.00000 02/01/2043 US 663,154.86 $649,867.69
FNR 2018-31 KP 3.50000 07/25/2047 US 4,662.83 $4,486.81
FR SD1360 MTGE 5.50000 07/01/2052 US 638,164.59 $631,080.79
FREDDIE MAC POOL RB5167 3.50000 07/01/2042 US 166,946.31 $152,244.87
FREDDIE MAC POOL RB5188 4.00000 10/01/2042 US 168,042.94 $157,737.18
GENERAL DYNAMICS CORP US GD 53.97 $12,230.95
GENERAL MLS INC US GIS 126.99 $8,591.97
GENUINE PARTS CO US GPC 40.86 $6,281.83
GETTY REALTY CORP US GTY 690.88 $20,740.15
GILEAD SCIENCES INC US GILD 212.14 $16,224.60
GLOBANT SA LU GLOB 104.36 $21,337.78
GNMA POOL 660997 5.50000 05/15/2037 US 4,860.6 $4,959.66
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 44,922.04 $40,489.65
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 45,422.86 $40,806.94
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 136,271.84 $112,348.86
GREENIDGE GEN HLD INC US 1,838.08 $9,760.21
GSMBS 2021-INV1 A6 2.50000 12/25/2051 US 131,080.76 $110,066.34
GSMBS 2021-INV1 A9 5.00000 12/25/2051 US 100,610.72 $91,696.71
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 299,605.74 $254,481.46
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 181,757.92 $154,262.69
GSMBS 2022-PJ1 A8 2.50000 05/28/2052 US 156,238.94 $132,254.28
HALLIBURTON CO US HAL 163.66 $6,320.60
HALMA PLC GB HLMA LN 845.81 $22,928.48
HARTFORD FINL SVCS US HIG 60.64 $4,355.52
HAWAII ST 2.68200 10/01/2038 US 260,730.12 $191,806.45
HDFC BANK LTD-ADR IN HDB 771.68 $48,083.21
HEALTHCARE REALTY TRUST INC US HR 820.99 $14,383.71
HEINEKEN NV NL HEIA NA 521.32 $50,677.92
HEINEKEN NV-SPN ADR NL HEINY 11,446.44 $557,556.27
HELIOS TOWERS PLC GB HTWS LN 12,643.79 $14,599.64
HOME DEPOT INC US HD 115.27 $38,072.29
HONEYWELL INTERNATIONAL INC US HON 103.01 $19,358.93
HOTWIRE FUNDING LLC 5.68700 05/20/2053 US 515,945.6 $502,950.63
HUNTINGTON BANCSHARES US HBAN 312.82 $3,469.15
IDEXX LABORATORIES INC US IDXX 747.14 $382,094.12
IMCD NV NL IMCD NA 138.15 $19,027.73
IMPRL 2021-NQM3 1.59500 11/25/2056 US 210,663.95 $170,325.92
INTERCONTINENTALEXCHANGE INC US ICE 2,286.42 $269,774.75
INTERMEDIATE CAPITAL GROUP GB ICP LN 1,184.36 $20,240.31
INTERNATIONAL BUSINESS MACH CORP US IBM 99.46 $14,603.85
INTERNATIONAL FLVRS & FRAGRANCES US IFF 68.39 $4,818.03
INTUIT INC US INTU 561.59 $304,275.04
INTUITIVE SURGICAL INC US ISRG 836.22 $261,470.41
INVITATION HOMES INC US INVH 1,503.55 $51,256.09
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 59,301.51 $57,030.08
JM SMUCKER CO/THE-NEW COM WI US SJM 33.37 $4,837.24
JOHNSON & JOHNSON US JNJ 4,864.33 $786,464.89
JP MORGAN CHASE & CO US JPM 270.59 $39,595.77
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 39,856.47 $37,220.41
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 680,253.98 $645,175.37
KELLOGG CO US K 66.07 $4,031.49
KEYENCE CORP JP 6861 JP 68.57 $28,470.16
KEYWORDS STUDIOS PLC IE KWS LN 740.73 $14,309.93
KIMBERLY CLARK DE MEXICO S.A.B. MX KIMBERA MM 10,313.26 $23,226.84
KRAFT HEINZ CO/THE US KHC 177.4 $5,870.12
L'OREAL FR OR FP 23.57 $10,352.77
L3HARRIS TECHNOLOGIES INC US LHX 3,376.33 $601,290.88
LEXINGTON REALTY TRUST US LXP 2,666.3 $26,183.04
LOCKHEED MARTIN CORP US LMT 41.69 $18,689.77
LONZA GROUP AG -REG CH LONN SW 33.25 $18,337.69
LULULEMON - ADR CA LULU 105.31 $40,149.01
MARATHON OIL CORP US MRO 131.21 $3,457.33
MARATHON PETROLEUM CORP US MPC 82.71 $11,808.00
MARRIOTT VACATIONS WORLD US VAC 120.3 $13,075.25
MASCO CORP US MAS 8,874.97 $523,712.19
MASTERCARD INC-CLASS A US MA 2,379.68 $981,950.33
MEDTRONIC INC IE MDT 6,653.45 $542,256.25
MERCADOLIBRE INC BR MELI 33.11 $45,435.99
MERCK & CO INC US MRK 302.75 $32,993.77
META PLATFORMS INC US META 3,392.15 $1,003,702.69
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 229,499.08 $12,295.87
MICROCHIP TECHNOLOGY INC US MCHP 109.26 $8,942.05
MICRON TECHNOLOGY INC US MU 11,998.69 $839,188.12
MICROSOFT CORP US MSFT 1,102.23 $361,265.59
MID-AMERICA APARTMENT COMM US MAA 178.75 $25,959.73
MONARCH CASINO & RESORT INC US MCRI 316.87 $21,356.90
MONDELEZ INTERNATIONAL INC US MDLZ 3,478.76 $247,896.26
MOODY'S CORPORATION US MCO 1,349.53 $454,520.27
NAVIENT CORP 6.75000 06/25/2025 US 79,240.28 $78,850.67
NESTLE S.A. - ADR CH NSRGY 5,135.08 $616,877.46
NESTLE SA-REGISTERED CH NESN SW 603.29 $72,538.76
NETAPP INC US NTAP 65.66 $5,035.88
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 283,029.35 $255,860.14
NIKE INC CLASS B US NKE 2,013.48 $204,791.54
NORFOLK SOUTHN CORP US NSC 39.78 $8,154.48
NORTHROP GRUMMAN CORP US NOC 802.66 $347,625.11
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 87,737.37 $8.77
NOVARTIS AG- REG CH NVS 3,060.24 $307,492.63
NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 US 256,928.84 $260,276.67
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 60,650.5 $55,068.22
NRZT 2015-2A A1 3.75000 08/25/2055 US 70,030.14 $64,584.94
NRZT 2016-4A A1 3.75000 11/25/2056 US 117,344.14 $106,809.86
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 134,059.93 $119,571.63
OASIS 2023-1A 7.00000 02/15/2035 US 189,071.28 $188,161.23
OBX 2022-INV1 A1 3.00000 12/25/2051 US 167,701.51 $137,934.33
ODFJELL DRILLING LTD 9.25000 05/31/2028 BM 107,631.11 $109,054.51
OMNICOM GROUP US OMC 60.5 $4,900.89
OXFIN 2019-1A A2 4.45900 02/15/2027 US 29,382.34 $29,223.35
OXFIN 2020-1A A2 3.10100 02/15/2028 US 93,647.26 $90,237.16
OXFIN 2022-1A 3.60200 02/15/2030 US 378,013.84 $349,149.42
OXFIN 2023-1A A2 6.71600 02/15/2031 US 404,109.97 $398,442.25
PACKAGING CORP OF AMERICA US PKG 28.61 $4,266.25
PALOMINO FUNDING TRUST I 7.23300 05/17/2028 US 528,839.65 $535,768.95
PARAMOUNT GLOBAL CLASS B US PARA 174.5 $2,633.17
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 292,786.18 $278,514.11
PEAR 2022-1 A1 6.50000 10/15/2034 US 28,264.03 $28,249.84
PEAR 2023-1A 7.42000 07/15/2035 US 252,975.99 $252,635.66
PELORUS FUND REIT 7.00000 09/30/2026 US 35,248.27 $33,538.55
PEPSICO INC 3.90000 07/18/2032 US 535,697.09 $508,096.67
PFIZER INC US PFE 566.25 $20,034.03
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 367,801.82 $292,612.43
PFMT 2021-2 A2A 2.00000 04/25/2051 US 222,490.11 $186,115.84
PHILLIPS 66 US PSX 68.39 $7,807.33
PHYSICIANS REALTY TRUST US DOC 1,088.84 $15,145.73
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 29,550.42 $26,115.01
PPG INDUSTRIES INC US PPG 45.23 $6,411.90
PROLOGIS US PLD 1,392.38 $172,933.57
PUBLIC STORAGE INC US PSA 233.24 $64,463.76
QUALCOMM 5.40000 05/20/2033 US 168,869.1 $174,860.86
QUALCOMM INC US QCOM 180.79 $20,705.36
QUALCOMM INC 4.25000 05/20/2032 US 301,727.34 $289,636.05
QUEST DIAGNOSTICS INC US DGX 37.05 $4,872.59
RAYTHEON TECHNOLOGIES CORP US RTX 157.75 $13,573.11
RCKT 2021-6 A1 2.50000 12/25/2051 US 368,438.96 $290,773.50
REALTY INCOME CORP US O 666.9 $37,372.86
REGIONS FINANCIAL CORP. US RF 295.64 $5,422.03
RENAISSANCERE HOLDINGS LTD BM RNR 217.79 $40,920.03
RENTOKIL INITIAL PLC GB RTO LN 7,154.1 $54,467.57
RENTOKIL INITIAL PLC-SP ADR GB RTO 6,274.82 $238,129.42
REXFORD INDUSTRIAL REALITY IN US REXR 579.6 $30,991.19
S&P GLOBAL INC US SPGI 454.95 $177,822.23
SALESFORCE INC US CRM 1,159.29 $256,736.44
SBA COMMUNICATIONS CORP US SBAC 297.53 $66,804.09
SBA TOWER TRUST 1.88400 01/15/2026 US 237,267.41 $214,213.53
SBA TOWER TRUST 6.59900 01/15/2028 US 380,697.45 $386,505.52
SCHLUMBERGER LTD NL SLB 184.21 $10,861.27
SCML 2019-SBC8 2.86000 04/25/2041 US 135,334.71 $123,768.27
SEMT 2013-2 1.87400 02/25/2043 US 29,855.85 $24,804.18
SEMT 2013-6 A2 3.00000 05/25/2043 US 66,423.61 $57,078.45
SEMT 2013-7 A2 3.00000 06/25/2043 US 33,240.74 $28,921.89
SEMT 2013-8 A1 3.00000 06/25/2043 US 40,150.81 $34,751.81
SERVICENOW INC US NOW 920.23 $541,860.93
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 943,086.35 $758,439.63
SKYWORKS SOLUTIONS INC US SWKS 39.1 $4,251.81
SLMA 2006-10 A6 FLT 5.46614 03/25/2044 US 21,376.73 $20,571.10
SMB 2015 B A3 7.17496 05/17/2032 US 6,174.99 $6,175.61
SMB 2019-B A2A 2.84000 06/15/2037 US 96,425.1 $89,261.28
SMB 2020-BA A1A 1.29000 07/15/2053 US 193,688.81 $173,068.92
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 34,408.5 $33,434.06
SONY CORP FIRST SECTION JP 6758 JP 435.74 $36,250.66
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 215,440.57 $194,760.92
SORT 2020-1 A2 1.99000 07/15/2060 US 176,384.01 $148,583.84
SOUTH CAROLINA ST PUBLIC SVC 1.85200 12/01/2026 US 76,518.81 $68,032.90
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 105,604.57 $90,214.56
SRPT 2014-STAR A FLTG RATE 8.50000 11/15/2027 US 402,370.53 $287,028.78
STAG INDUSTRIAL INC US STAG 429 $15,671.33
STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 75,206.2 $67,688.96
SUN COMMUNITIES US SUI 500.68 $61,293.38
SYNCHRONOSS TECH US 1,844.41 $33,752.65
SYSCO CORP US SYY 82.44 $5,742.13
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 4,978.14 $465,804.54
TE CONNECTIVITY LIMITED CH TEL 60.6 $8,023.26
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 2,859.25 $28,199.84
TENCENT HOLDINGS 3.97500 04/11/2029 KY 1,131,649.59 $1,042,231.91
TENCENT HOLDINGS LTD CN 700 HK 1,280.85 $53,078.77
TERRENO REALTY CORP US TRNO 473.85 $28,852.77
TEXAS INSTRUMENTS INC US TXN 104.78 $17,609.06
THERMO FISHER SCIENTIFIC INC US TMO 452.93 $252,327.88
TOKYO ELECTRON LTD JP 8035 JP 190.96 $28,363.11
TPMT 2016-5 A1 2.50000 10/25/2056 US 27,249.69 $26,863.01
TPMT 2017-1 A1 2.75000 10/25/2056 US 11,291.16 $11,150.45
TPMT 2019-HY1 A1 6.42943 10/25/2048 US 49,859.41 $49,716.71
TRAVELLERS COS INC US TRV 53.14 $8,568.33
TREASURY BOND 2.37500 02/15/2042 US 2,185,465.98 $1,626,464.76
TREASURY NOTE 2.25000 11/15/2027 US 3,502,145.09 $3,220,058.26
TRUIST FINANCIAL CORP US TFC 205.57 $6,280.13
TSY INFL IX N/B 0.12500 01/15/2031 US 726,580.88 $636,524.58
TSY INFL IX N/B 0.50000 04/15/2024 US 2,481,193.53 $2,428,013.76
TSY INFL IX N/B 2.37500 01/15/2027 US 1,324,318.68 $1,324,274.29
TYSON FOODS INC -CL A US TSN 82.16 $4,376.55
U.S. BANCORP US USB 279.32 $10,203.53
UDR INC US UDR 981.47 $39,160.82
UNILEVER PLC - ADR GB UL 12,510.84 $638,303.28
UNION PAC CORP US UNP 1,344.73 $296,608.01
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 13,026.45 $12,307.64
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 70,907.18 $63,949.72
UNITED PARCEL SERVICE US UPS 101.47 $17,188.33
US CLAIMS LIT FNDG LLC 10.25000 03/17/2028 US 34,287.2 $31,433.72
US TEASURY NOTE 1.75000 11/15/2029 US 3,884,639.63 $3,378,422.53
US TREASURY N/B 0.87500 11/15/2030 US 2,042,831.24 $1,635,541.76
US TREASURY N/B 2.00000 11/15/2026 US 2,988,883.95 $2,767,052.72
US TREASURY N/B 2.25000 11/15/2025 US 1,204,511.65 $1,140,992.49
US TREASURY N/B 3.12500 11/15/2028 US 3,794,711.96 $3,592,524.96
US TREASURY N/B 4.12500 11/15/2032 US 1,618,306.9 $1,618,054.04
VALERO ENERGY US VLO 52.32 $6,796.45
VENTAS INC US VTR 487.33 $21,286.77
VERTEX PHARMACEUTICALS INC US VRTX 879.12 $306,233.13
VISA INC - CLASS A SHARES US V 2,788.01 $684,959.32
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 714,019.2 $656,329.60
WELLS FARGO COMPANY US WFC 394.33 $16,281.95
WELLTOWER INC. US WELL 505.86 $41,925.80
WIN 2015-1 A1 3.50000 01/20/2045 US 21,730.54 $19,395.38

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Conservative 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 50 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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