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.

Target Series Glide Path Overview

Learn more about our Glide Range SM

Daily Price

$27.32

Daily $ Change

$0.16

Daily % Change

0.59%

as of 02/02/2023

CUSIP

563821172

Inception Date

01/06/2005

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

Important Documents

Annual Report
Applications & Forms

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

Performance

As of 12/31/2022

YTD

---

1 Year

-13.80%

3 Year

2.22%

5 Year

3.81%

10 Year

4.75%

Inception
(01/01/2000)

5.87%

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

Expense Ratio

Gross 0.91%
Net 0.89%*

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

Top Ten Investments

As of 12/31/2022

TREASURY NOTES 28.47%
GOVERNMENT AGENCY 8.05%
TREASURY BONDS 2.41%
AMAZON.COM INC 1.63%
TENCENT HOLDINGS 3.97500 04/11/2029 1.33%
JOHNSON & JOHNSON 1.30%
MICROSOFT CORP 1.17%
INTERCONTINENTALEXCHANGE INC 1.15%
MASTERCARD INC-CLASS A 1.14%
SBA COMMUNICATIONS CORP 0.96%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 12/31/2022

Bonds 63.75%
Stocks 32.39%
Cash 3.86%

Detailed Asset Class Allocation

As of 12/31/2022

International Equities 8.69%
Small Capitalization 0.58%
Mid Capitalization 2.55%
Large Capitalization 20.58%
Long Term Fixed Income 13.73%
Intermediate Term Fixed Income 42.44%
Short Term Fixed Income 7.57%
Cash 3.86%

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 12/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 117.39 $12,887.93
ACTIVISION INC US ATVI 3,515.25 $269,092.23
ADIDAS AG-SPONSORED ADR DE ADDYY 4,704.52 $318,684.21
ADMIRAL GROUP PLC GB AMIGY 9,655.84 $245,451.41
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 119,122.03 $100,128.30
ADYEN NV UNSPON ADR NL ADYEY 17,418.65 $240,377.33
AGREE REALTY CORP US ADC 438.73 $31,119.05
AIR LIQUIDE-ADR FR AIQUY 13,825.18 $391,010.67
AIR LEASE CORP 3.62500 04/01/2027 US 269,142.14 $245,994.78
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 24,632.61 $24,753.56
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 569,642.65 $479,511.57
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 153,121.94 $122,071.17
ALLSTATE CORPORATION US ALL 45.63 $6,187.18
ALPHABET INC-CL A US GOOGL 7,419.49 $654,621.89
AMAZON.COM INC US AMZN 13,909.63 $1,168,408.58
AMAZON.COM INC 3.30000 04/13/2027 US 525,184.42 $499,262.94
DIAGEO PLC GB DGE LN 1,036.69 $45,378.05
BAE SYSTEMS PLC GB BA/ LN 4,567.88 $47,178.89
AMERICAN HOMES 4 RENT- A US AMH 1,028.48 $30,998.33
AMERICAN TOWER REIT INC US AMT 139.62 $29,579.10
AMERICOLD REALTY TRUST US COLD 510.28 $14,445.94
ANALOG DEVICES INC US ADI 64.67 $10,608.12
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 29,736.27 $29,732.12
ARCHER-DANIELS-MIDLAND CO US ADM 79.95 $7,422.90
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 257,655.4 $234,540.09
ATLASSIAN CORP PLC-CLASS A AU TEAM 246.62 $31,735.18
AUTOMATIC DATA PROCESSING US ADP 47.11 $11,252.73
AVALONBAY COMMUNITIES INC US AVB 130.34 $21,052.79
BAE SYSTEMS PLC -SPON ADR GB BAESY 6,942.05 $292,572.74
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 245,353.12 $231,424.10
BANK OF AMERICA CORP 2.68700 04/22/2032 US 437,384.83 $351,212.28
BARRICK GOLD CORP CA GOLD 8,293.37 $142,480.08
BAXTER INTERNATIONAL INC US BAX 60.23 $3,069.72
BEST BUY INC US BBY 41.86 $3,357.41
BIOMARIN PHARMACEUTICAL INC US BMRN 3,869.04 $400,407.35
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 188,984.48 $165,905.05
DECHRA PHARMACEUTICALS PLC GB DPH LN 943.33 $29,733.60
BRANDYWINE REALTY TRUST US BDN 1,544.59 $9,499.23
BRISTOL MYERS SQUIBB CO US BMY 211.31 $15,204.11
BROADRIDGE FINANCIAL SOLUTIONS US BR 23.14 $3,103.33
JONAH ENERGY PARENT LLC US 1,151.79 $71,675.83
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 215,391.85 $192,403.34
SORT 2020-1 A2 1.99000 07/15/2060 US 177,984.64 $147,031.60
C.H. ROBINSON WORLDWIDE INC US CHRW 31.51 $2,885.45
CIM 2019-INV1 A1 4.00000 02/25/2049 US 7,510.31 $7,181.31
COMM 2014-UBS4 A5 3.69400 08/10/2047 US 580,722.99 $562,371.10
COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 322,623.88 $308,124.49
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 55,711.35 $48,670.00
COTERRA ENERGY INC US CTRA 115.07 $2,827.23
CAMDEN PROPERTY TRUST US CPT 179.19 $20,047.27
CAMPBELL SOUP CO US CPB 67.15 $3,810.86
CANADIAN NATIONAL RAILWAY CO CA CNI 2,501.52 $297,380.12
CARETRUST REIT INC US CTRE 1,111.23 $20,646.57
CATERPILLAR INC US CAT 60.09 $14,396.32
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 1,429.21 $23,582.02
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 268,580.24 $279,683.51
CHEVRON CORP US CVX 113.46 $20,364.11
CINCINNATI FINANCIAL CORP US CINF 31.68 $3,243.27
CISCO SYSTEMS INC US CSCO 375.14 $17,871.52
CITIGROUP INC US C 239.7 $10,841.81
CITIGROUP INC 1.46200 06/09/2027 US 418,736.5 $363,930.73
CLARK CNTY NV 1.51000 11/01/2028 US 482,232.87 $396,479.91
COCA COLA CO/THE US KO 7,255.64 $461,531.41
COLGATE-PALMOLIVE CO US CL 113.46 $8,939.15
COMCAST CORP-CL A US CMCSA 407.81 $14,261.13
CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 29,023.01 $26,449.18
COMMUNITY HEALTHCARE TRUST I US CHCT 980.06 $35,086.07
CONAGRA BRAND INC. US CAG 101.15 $3,914.35
CONOCOPHILLIPS US COP 104.43 $12,323.04
COPART INC US CPRT 3,953.63 $240,736.64
COUSINS PROPERTIES INC US CUZ 1,160.5 $29,349.14
CAALT 2021-3A B MTGE 1.38000 07/15/2030 US 314,558.29 $290,510.67
CAALT 2021-2A A 0.96000 02/15/2030 US 153,156.51 $147,105.43
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 31,875.21 $27,096.53
CUMMINS INC US CMI 26.26 $6,363.00
COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 249,483.37 $214,155.51
KIMBERLY CLARK DE MEXICO S.A.B. MX 27,862.8 $47,285.19
DEVON ENERGY CORPORATION US DVN 81.1 $4,988.73
DIAMONDBACK ENERGY INC US FANG 25.97 $3,552.10
DIGITAL REALTY TRUST INC US DLR 363.55 $36,453.41
DOLLAR TREE STORES INC US DLTR 1,821.29 $257,603.48
DOW INC US DOW 80.59 $4,060.95
DREYFUS GVT CSH MANAGEMENT US 2,878,714.66 $2,878,714.66
EOG RESOURCES INC US EOG 57.29 $7,420.50
EASTMAN CHEM CO US EMN 28.71 $2,338.28
EBAY INC US EBAY 75.85 $3,145.58
ELECTRONIC ARTS US EA 2,077.56 $253,836.23
EMERSON ELEC CO US EMR 84.39 $8,106.59
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 553,405.02 $548,538.79
EQUINIX INC US EQIX 603.85 $395,538.89
EQUITY LIFESTYLE PROPERTIES US ELS 736.2 $47,558.55
ESSEX PROPERTY TRUST INC US ESS 85.07 $18,027.24
EVERGY INC US EVRG 5,006.35 $315,049.74
EXPEDIA GROUP INC 3.25000 02/15/2030 US 277,509.07 $236,219.64
FMC CORP US FMC 4,948.19 $617,533.86
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 83,368 $83,594.71
FREMF 2013-K28 X2A 0.10000 06/25/2046 US 3,756,901.35 $146.74
META PLATFORMS INC US META 3,483.76 $419,235.53
FHLM POOL G03332 6.00000 10/01/2037 US 3,408.3 $3,577.01
FHLM POOL G05900 6.00000 03/01/2040 US 7,170.17 $7,525.09
FHLM POOL G05906 6.00000 04/01/2040 US 7,319.29 $7,681.59
FHLM POOL G06789 6.00000 05/01/2040 US 11,052.89 $11,600.00
FHLM POOL G06995 6.00000 05/01/2040 US 20,674.65 $21,698.02
FHLM POOL G13331 5.50000 10/01/2023 US 295.06 $294.04
FHLM POOL G12988 6.00000 01/01/2023 US .15 $0.15
FHLM POOL G13078 6.00000 03/01/2023 US 1.73 $1.72
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 90,449.77 $88,778.26
FHLM POOL FG G08734 4.00000 11/01/2046 US 2,744.68 $2,624.80
FHLM POOL C91746 4.50000 12/01/2033 US 2,989.79 $2,959.11
FHLM POOL Q93451 4.50000 08/01/2040 US 34,057.22 $33,787.88
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 472,802.81 $420,298.45
FHLM POOL SD8230 4.50000 06/01/2052 US 426,878.07 $411,327.88
FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 19,061.43 $18,216.92
FHLM POOL G60034 4.50000 02/01/2045 US 163,450.84 $161,807.85
FREDDIE MAC POOL RB5167 3.50000 07/01/2042 US 126,991.64 $117,365.01
FREDDIE MAC POOL RB5188 4.00000 10/01/2042 US 127,045.37 $120,785.06
FNR 2018-31 KP 3.50000 07/25/2047 US 7,343.88 $7,102.60
FHMS K030 X1 FLT 0.13744 04/25/2023 US 8,990,911.88 $2,183.80
FHMS K032 X1 FLT 0.06240 05/25/2023 US 7,130,576.39 $1,564.38
FHR 5189 CP 2.50000 06/25/2049 US 258,047.91 $222,997.83
FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 18,287.48 $18,119.46
FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 11,825.99 $11,717.33
FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 5,373.4 $5,324.03
FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 6,541.13 $6,481.03
FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 91,284.68 $90,445.98
FEDERAL NATL MTG ASSN AL8674 FLT 5.65100 01/01/2049 US 208,748.52 $215,540.43
FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 52,642.7 $52,062.43
FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 814.97 $872.42
FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 22,897.36 $21,197.54
FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 22,749.96 $21,736.17
FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 62,630.25 $59,839.30
FEDERAL NATL MTG ASSN BK0433 3.50000 12/01/2049 US 132,815.92 $122,160.75
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 451,105.96 $417,554.89
FN DS2696 3.00000 12/01/2051 US 403,508.71 $358,753.42
FEDERAL NATL MTG ASSN FS2998 3.50000 04/01/2052 US 131,373.71 $120,834.24
FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 21,202.49 $22,227.28
FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 611.89 $654.96
FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 290.43 $304.47
FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 2,444.4 $2,616.49
FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 1,507.84 $1,580.72
FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 404.56 $424.41
FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 922.33 $967.60
FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 28.74 $28.61
FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 98.35 $97.90
FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 594.62 $601.36
FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 307.91 $311.40
FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 1,097.08 $1,087.54
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 49,805.8 $49,184.19
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 39,521.51 $39,028.25
FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 21,564.6 $21,145.36
FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 30,694.74 $29,303.36
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 517,356.2 $450,481.74
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 496,041.54 $450,776.17
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 486,821.39 $456,673.55
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 487,691.61 $463,547.30
FN MA4733 4.50000 09/01/2052 US 380,283.72 $366,425.24
FN MA4807 MTGE 5.50000 11/01/2052 US 399,937.33 $401,151.97
FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 10,417.09 $10,920.58
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 7,262.57 $7,603.42
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 207.42 $206.28
FEDERAL NATL MTG ASSN AE0951 4.50000 02/01/2041 US 29,932.64 $29,666.76
FIFTH THIRD BANCORP US FITB 128.54 $4,217.30
FLX 2021-1A A2 3.25000 11/27/2051 US 405,725.11 $354,151.20
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 290,006.25 $270,886.03
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 279,211.71 $240,377.63
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 188,840.86 $162,574.84
GSMBS 2021-INV1 A6 2.50000 12/25/2051 US 163,521.29 $140,764.12
GSMBS 2021-INV1 A9 4.77768 12/25/2051 US 76,119.17 $69,246.07
GSMBS 2022-PJ1 A8 2.50000 05/28/2052 US 198,914.62 $171,170.16
GNMA POOL 660997 5.50000 05/15/2037 US 3,634.95 $3,738.66
GENERAL DYNAMICS CORP US GD 37.93 $9,409.82
GENERAL MLS INC US GIS 92.61 $7,765.11
GENUINE PARTS CO US GPC 29.39 $5,098.96
GETTY REALTY CORP US GTY 1,166.69 $39,492.59
GILEAD SCIENCES INC US GILD 160.08 $13,743.00
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 166,890.29 $137,473.90
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 45,260.4 $42,245.67
GREENIDGE GEN HLD INC US 1,852.78 $1,982.47
GRUPO AEROPORTUARIO PAC-ADR MX PAC 41.05 $5,903.57
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 27.58 $6,426.46
AIRBUS SE FR AIR FP 210.16 $24,988.03
ADIDAS AG DE ADS GR 314.6 $42,636.21
HDFC BANK LTD-ADR IN HDB 407.84 $27,900.37
L'OREAL FR OR FP 25.94 $9,288.80
HAWAII ST 2.68200 10/01/2038 US 261,484.31 $188,293.04
HEALTHCARE REALTY TRUST INC US HR 2,502.01 $48,213.70
HEINEKEN NV-SPN ADR NL HEINY 8,029.29 $377,537.45
HOME DEPOT INC US HD 81.27 $25,668.58
HONEYWELL INTERNATIONAL INC US HON 73.37 $15,723.63
IDEXX LABORATORIES INC US IDXX 706.41 $288,186.01
KERRY GROUP PLC-A IE KYGA ID 294.14 $26,569.97
ILLINOIS TOOL WKS INC US ITW 43.66 $9,618.81
IMPRL 2021-NQM3 1.59500 11/25/2056 US 218,030.69 $175,739.88
INDEPENDENCE REALTY TRUST IN US IRT 1,207.44 $20,357.44
INTEL CORP US INTC 411.1 $10,865.29
INTERCONTINENTALEXCHANGE INC US ICE 8,034.59 $824,268.78
INTERNATIONAL FLVRS & FRAGRANCES US IFF 43.66 $4,577.56
INTUIT INC US INTU 617.97 $240,524.73
INTUITIVE SURGICAL INC US ISRG 1,176.9 $312,290.19
INVITATION HOMES INC US INVH 1,370.51 $40,621.93
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 57,859.43 $54,471.22
JP MORGAN CHASE & CO US JPM 228.04 $30,580.16
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 48,384.24 $45,202.22
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 624,577.18 $585,909.19
JOHNSON & JOHNSON US JNJ 5,287.7 $934,072.28
KREF 2021-FL2 A 5.39629 02/15/2039 US 76,578.25 $73,829.44
KEYCORP US KEY 141.36 $2,462.50
KROGER CO US KR 113.13 $5,043.46
L3HARRIS TECHNOLOGIES INC US LHX 1,146.55 $238,723.75
BEIERSDORF AG DE BEI GR 468.73 $53,563.21
LENNAR CORP US LEN 42.99 $3,890.32
LEXINGTON REALTY TRUST US LXP 1,850.41 $18,541.10
LIFE STORAGE INC US LSI 327.9 $32,297.70
LOCKHEED MARTIN CORP US LMT 29.55 $14,375.01
LULULEMON - ADR CA LULU 54.39 $17,425.04
MAGALLANES INC 4.05400 03/15/2029 US 648,667.54 $563,200.05
MARATHON PETROLEUM CORP US MPC 59.77 $6,956.89
MARRIOTT VACATIONS WORLD US VAC 86.42 $11,630.87
MASTERCARD INC-CLASS A US MA 2,341.52 $814,215.64
MCDONALDS CORP US MCD 51.91 $13,679.50
MERCADOLIBRE INC BR MELI 36.8 $31,138.94
MERCK & CO INC US MRK 225.97 $25,071.71
MICROSOFT CORP US MSFT 3,490.43 $837,074.71
MICROCHIP TECHNOLOGY INC US MCHP 68.63 $4,821.52
MID-AMERICA APARTMENT COMM US MAA 282.33 $44,322.60
MONDELEZ INTERNATIONAL INC US MDLZ 7,735.15 $515,547.44
MOODY'S CORPORATION US MCO 1,532.41 $426,960.72
MOTOROLA SOLUTIONS INC US MSI 27.42 $7,066.73
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 174,655.53 $156,069.33
NAVIENT CORP 6.75000 06/25/2025 US 81,905.55 $78,732.14
NESTLE S.A. - ADR CH NSRGY 3,280.58 $378,381.71
NETAPP INC US NTAP 49.27 $2,959.00
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 64,568.41 $59,495.00
NRZT 2015-2A A1 3.75000 08/25/2055 US 72,894.85 $67,799.62
NRZT 2016-4A A1 3.75000 11/25/2056 US 129,575.41 $118,444.09
KEYENCE CORP JP 6861 JP 83.67 $32,484.18
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 130,688.94 $125,308.40
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 282,348.43 $241,615.40
NEWMONT GOLDCORP CORP US NEM 3,991.61 $188,404.09
NIKE INC CLASS B US NKE 2,246.61 $262,876.10
NORFOLK SOUTHN CORP US NSC 1,128.1 $277,986.72
NIKON CORP JP 7731 JP 1,788.43 $15,814.63
NORTHROP GRUMMAN CORP US NOC 596.95 $325,703.54
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 87,143.7 $8.71
NOVARTIS AG- REG CH NVS 7,321.18 $664,177.40
NUCOR CORP US NUE 41.57 $5,478.72
OBX 2022-INV1 A1 3.00000 12/25/2051 US 205,894.78 $172,087.99
OMNICOM GROUP US OMC 46.66 $3,805.76
SONY CORP FIRST SECTION JP 6758 JP 344.78 $26,279.83
TOKYO ELECTRON LTD JP 8035 JP 32.26 $9,479.62
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 210,931.75 $183,655.24
OXFIN 2020-1A A2 3.10100 02/15/2028 US 170,683.88 $168,797.43
OXFIN 2019-1A A2 4.45900 02/15/2027 US 47,712.16 $47,334.70
OXFIN 2022-1A 3.60200 02/15/2030 US 376,245.94 $343,034.86
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 36,464.25 $32,894.45
PPG INDUSTRIES INC US PPG 28.74 $3,614.00
PACKAGING CORP OF AMERICA US PKG 20.69 $2,646.06
PARKER HANNIFIN CORP US PH 16.43 $4,781.87
DEUTSCHE BOERSE AG DE DB1 GR 208.84 $35,959.33
PAYPAL HOLDINGS INC US PYPL 3,438.29 $244,874.88
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 384,890.66 $362,058.98
PEAR 2022-1 A1 6.50000 10/15/2034 US 152,568.72 $152,297.01
PELORUS FUND REIT 7.00000 09/30/2026 US 28,973.95 $26,684.71
NESTLE SA-REGISTERED CH NESN SW 552.33 $63,798.90
PEPSICO INC 3.90000 07/18/2032 US 477,907.71 $453,413.47
PFIZER INC US PFE 339.94 $17,418.65
PIONEER NATURAL RESOURCES CO US PXD 25.78 $5,887.43
POPULAR INC 6.12500 09/14/2023 PR 80,948.32 $80,474.39
PROCTER & GAMBLE CO US PG 180.12 $27,299.48
PROLOGIS US PLD 1,583.09 $178,461.84
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 369,490.2 $295,482.69
PFMT 2021-2 A2A 2.00000 04/25/2051 US 228,638.76 $193,017.68
PUBLIC STORAGE INC US PSA 233.65 $65,465.01
QUALCOMM INC US QCOM 119.03 $13,086.20
QUALCOMM INC 4.25000 05/20/2032 US 354,886.27 $342,978.51
QUALCOMM 5.40000 05/20/2033 US 122,525.21 $128,202.03
QUEST DIAGNOSTICS INC US DGX 26.94 $4,214.07
RCKT 2021-6 A1 2.50000 12/25/2051 US 402,571.79 $322,074.63
RADIUS GLOBAL INFRASTRUCTURE US RADI 5,347.97 $63,212.99
REALTY INCOME CORP US O 178.29 $11,308.84
REGIONS FINANCIAL CORP. US RF 197.88 $4,266.22
REPUBLIC SERVICES INC US RSG 49.75 $6,417.43
RESTAURANT BRANDS INTERN CA QSR 284.2 $18,379.41
REXFORD INDUSTRIAL REALITY IN US REXR 830.19 $45,361.40
GETINGE AB-B SHS SE GETIB SS 2,026.63 $42,134.95
ROSS STORES INC US ROST 41.21 $4,783.54
HEINEKEN NV NL HEIA NA 534.21 $50,318.43
RYANAIR HOLDINGS - ADR IE RYAAY 243.32 $18,190.89
SBA TOWER TRUST 1.88400 01/15/2026 US 279,069.66 $245,677.10
SBA TOWER TRUST 6.59900 01/15/2028 US 386,536.32 $387,762.87
S&P GLOBAL INC US SPGI 516.06 $172,849.55
SBA COMMUNICATIONS CORP US SBAC 2,441.48 $684,369.95
SLMA 2006-10 A6 FLT 4.50843 03/25/2044 US 18,094.5 $16,906.59
SMB 2015 B A3 6.06786 05/17/2032 US 63,739.95 $63,488.71
SMB 2020-BA A1A 1.29000 07/15/2053 US 227,897.24 $201,243.53
SOFI 2017-D A2FX 2.65000 09/25/2040 US 29,809.34 $28,572.26
SALESFORCE INC US CRM 3,280.56 $434,969.84
SEAGEN INC US SGEN 1,450.43 $186,395.05
SEMT 2013-6 A2 3.00000 05/25/2043 US 70,246.58 $61,816.47
SEMT 2013-7 A2 3.00000 06/25/2043 US 33,827.77 $29,663.48
SEMT 2013-8 A1 3.00000 06/25/2043 US 40,192.8 $35,542.60
SEMT 2013-2 1.87400 02/25/2043 US 29,829.17 $25,202.05
SERVICENOW INC US NOW 1,035.91 $402,214.40
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 835,558.55 $674,168.64
SKYWORKS SOLUTIONS INC US SWKS 24.81 $2,260.95
SMB 2019-B A2A 2.84000 06/15/2037 US 84,297.76 $77,297.23
JM SMUCKER CO/THE-NEW COM WI US SJM 23.46 $3,717.37
SNOWFLAKE INC-CLASS A US SNOW 1,330.92 $191,040.48
SOFI 2017-F A2FX 2.84000 01/25/2041 US 7,663.77 $7,374.58
SOFI 2016-D A2B 2.34000 04/25/2033 US 1,944.2 $1,914.98
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 47,895.03 $46,293.27
SOUTH CAROLINA ST PUBLIC SVC 1.85200 12/01/2026 US 55,519.23 $49,038.38
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 124,210.19 $104,609.73
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 471,153.9 $466,525.69
STAG INDUSTRIAL INC US STAG 350.87 $11,336.64
STANLEY BLACK & DECKER INC US SWK 23.33 $1,752.41
SRPT 2014-STAR A FLTG RATE 5.78800 11/15/2027 US 412,747.96 $286,431.94
STEEL DYNAMICS INC US STLD 41.24 $4,029.41
STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 54,758.29 $49,095.94
SUN COMMUNITIES US SUI 395.46 $56,550.82
SCML 2019-SBC8 2.86000 04/25/2041 US 174,908.36 $160,003.47
SYNCHRONOSS TECH US 3,424.75 $61,474.21
SYNERGY ONE LENDING 5.50000 10/14/2026 US 96,822.41 $83,436.79
TJX COMPANIES INC US TJX 110.84 $8,823.20
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 5,569.31 $414,858.12
TARGET CORP US TGT 42.02 $6,262.52
TENCENT HOLDINGS 3.97500 04/11/2029 KY 1,031,011.4 $953,539.08
TERRENO REALTY CORP US TRNO 550.2 $31,289.82
TEXAS INSTRUMENTS INC US TXN 69.63 $11,504.56
THERMO FISHER SCIENTIFIC INC US TMO 495.99 $273,136.42
3M CO US MMM 71.41 $8,563.03
TPMT 2016-5 A1 2.50000 10/25/2056 US 50,170.5 $49,328.23
TPMT 2017-1 A1 2.75000 10/25/2056 US 24,826.21 $24,408.69
TPMT 2019-HY1 A1 5.38871 10/25/2048 US 59,626.9 $59,146.84
TRACTOR SUPPLY COMPANY US TSCO 15.43 $3,472.31
TRAVELLERS COS INC US TRV 37.96 $7,116.40
TAH 2017-SFR2 A 2.92800 01/17/2036 US 132,498.8 $128,424.29
TCF 2021-1A 1.86000 03/20/2046 US 333,143.25 $278,198.48
TYSON FOODS INC -CL A US TSN 60.61 $3,772.91
UDR INC US UDR 905.17 $35,057.17
U.S. BANCORP US USB 194.75 $8,493.10
UNILEVER PLC - ADR GB UL 13,227.75 $666,017.13
UNION PAC CORP US UNP 67.83 $14,044.97
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 79,160.12 $67,494.39
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 13,936.77 $12,619.36
UNITED MEXICAN STATES 4.12500 01/21/2026 MX 32,262.39 $31,490.05
UNITED PARCEL SERVICE US UPS 65.7 $11,421.29
TREASURY BOND 2.37500 02/15/2042 US 2,246,268.78 $1,728,574.02
TREASURY NOTE 2.25000 11/15/2027 US 6,393,725.32 $5,899,710.17
US TREASURY N/B 3.12500 11/15/2028 US 2,176,536.31 $2,079,442.40
UNITED STATES TREAS NTS 2.25000 11/15/2024 US 1,134,315.38 $1,089,828.95
US TREASURY N/B 2.25000 11/15/2025 US 3,405,012.47 $3,224,919.25
US TREASURY N/B 2.00000 11/15/2026 US 3,795,757.15 $3,511,965.01
US TEASURY NOTE 1.75000 11/15/2029 US 3,456,914.9 $3,022,099.82
US TREASURY N/B 1.37500 11/15/2031 US 1,906,118.33 $1,557,358.24
VF CORP US VFC 56.65 $1,564.02
VENTAS INC US VTR 484.13 $21,809.83
VERTEX PHARMACEUTICALS INC US VRTX 1,148.69 $331,719.91
PARAMOUNT GLOBAL CLASS B US PARA 89.97 $1,518.62
VISA INC - CLASS A SHARES US V 3,103.5 $644,783.29
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 117,385.2 $112,700.82
VISTRA OPERATIONS 4.87500 05/13/2024 US 410,218.9 $401,553.83
WAL MART STORES US WMT 200 $28,358.51
WALGREENS BOOTS ALLIANCE INC US WBA 103.95 $3,883.52
WASTE MANAGEMENT INC US WM 55.68 $8,734.95
WELLTOWER INC. US WELL 490.78 $32,170.60
WIN 2015-1 A1 3.50000 01/20/2045 US 21,011.58 $19,144.31
ZOETIS INC US ZTS 729.88 $106,964.56
ADMIRAL GROUP PLC GB ADM LN 2,183.5 $56,052.28
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 754.09 $5,797.73
UBISOFT ENTERTAINMENT FR UBI FP 728.69 $20,586.20
DANONE FR BN FP 363.18 $19,141.68
AIR LIQUIDE FR AI FP 374.19 $53,110.85
BRENNTAG AG DE BNR GR 286 $18,239.42
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 228,317.91 $10,813.40
KEYWORDS STUDIOS PLC IE KWS LN 271.09 $8,896.11
HELIOS TOWERS PLC GB HTWS LN 12,276.36 $15,746.84
AVANZA BANK HOLDING AB SE AZA SS 1,335.66 $28,662.67
AMERICAN TANKER INC 7.75000 07/02/2025 US 93,596.18 $89,655.71
SOFTWAREONE HOLDING AG CH SWON SW 1,891.38 $26,845.03
TENCENT HOLDINGS LTD CN 700 HK 689.56 $29,237.75
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 1,434.38 $23,294.35
SEASPAN CORP 6.50000 02/05/2024 MH 102,813.9 $102,087.42
PETROTAL CORP 12.00000 02/16/2024 CA 76,649.58 $77,227.39
IMCD NV NL IMCD NA 68.83 $9,844.86
FINECOBANK SPA IT FBK IM 2,941.92 $48,853.81
ALLFUNDS GROUP PLC GB ALLFG NA 2,787.52 $19,548.19
ROTORK PLC GB ROR LN 5,662.56 $21,043.27
AUTO TRADER GROUP PLC GB AUTO LN 7,837.29 $48,805.60
CELLNEX TELECOM SA ES CLNX SM 1,369.42 $45,425.32
ASSA ABLOY AB-B SE ASSAB SS 1,442.73 $31,032.07
CLEANAWAY WASTE MANAGEMENT AU CWY AU 21,421.1 $38,168.82
INTERMEDIATE CAPITAL GROUP GB ICP LN 2,098.33 $28,972.05
ADYEN NV NL ADYEN NA 24.62 $34,176.86
BANK OF N.T. BUTTERFIELD&SON BM NTB 571.08 $17,023.77
BUNGE LIMITED US BG 30.36 $3,028.52
EATON CORP PLC US ETN 58.29 $9,148.66
JOHNSON CONTROLS INTERNATIONAL US JCI 108.2 $6,924.99
LINDE PLC GB LIN 58.8 $19,180.80
MEDTRONIC INC IE MDT 3,342.08 $259,746.07
RENAISSANCERE HOLDINGS LTD BM RNR 100.47 $18,509.71
ROYALTY PHARMA PLC- CL A US RPRX 81.78 $3,231.94
STONECO LTD-A BR STNE 885.63 $8,360.38
TRANE TECHNOLOGIES IE TT 28.1 $4,722.76
ALCON INC CH ALC 4,434.74 $304,001.62
CHUBB LTD CH CB 52.2 $11,515.59
GARMIN LTD CH GRMN 39.06 $3,604.40
TE CONNECTIVITY LIMITED CH TEL 38.92 $4,468.48
LYONDELLBASELL INDU-CL A US LYB 39.89 $3,312.22
PLAYA HOTELS AND RESORTS US PLYA 1,493.27 $9,751.03
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 65,387.78 $61,964.37

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

$27.32

Daily $ Change

$0.16

Daily % Change

0.59%

as of 02/02/2023

CUSIP

563821172

Inception Date

01/06/2005

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

Important Documents

Annual Report
Fact Sheet
Applications & Forms

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

Investment Objective

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

Investment Strategy

Currently: The portfolio is currently invested in a moderately 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.

Target Series Glide Path Overview

Learn more about our Glide Range SM

Performance

As of 12/31/2022

YTD

---

1 Year

-13.80%

3 Year

2.22%

5 Year

3.81%

10 Year

4.75%

Inception
(01/01/2000)

5.87%

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

Expense Ratio

Gross 0.91%
Net 0.89%*

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

Top Ten Investments

As of 12/31/2022

TREASURY NOTES 28.47%
GOVERNMENT AGENCY 8.05%
TREASURY BONDS 2.41%
AMAZON.COM INC 1.63%
TENCENT HOLDINGS 3.97500 04/11/2029 1.33%
JOHNSON & JOHNSON 1.30%
MICROSOFT CORP 1.17%
INTERCONTINENTALEXCHANGE INC 1.15%
MASTERCARD INC-CLASS A 1.14%
SBA COMMUNICATIONS CORP 0.96%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 12/31/2022

Bonds
63.75%
Stocks
32.39%
Cash
3.86%

Detailed Asset Class Allocation

As of 12/31/2022

International Equities
8.69%
Small Capitalization
0.58%
Mid Capitalization
2.55%
Large Capitalization
20.58%
Long Term Fixed Income
13.73%
Intermediate Term Fixed Income
42.44%
Short Term Fixed Income
7.57%
Cash
3.86%

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 12/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 117.39 $12,887.93
ACTIVISION INC US ATVI 3,515.25 $269,092.23
ADIDAS AG-SPONSORED ADR DE ADDYY 4,704.52 $318,684.21
ADMIRAL GROUP PLC GB AMIGY 9,655.84 $245,451.41
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 119,122.03 $100,128.30
ADYEN NV UNSPON ADR NL ADYEY 17,418.65 $240,377.33
AGREE REALTY CORP US ADC 438.73 $31,119.05
AIR LIQUIDE-ADR FR AIQUY 13,825.18 $391,010.67
AIR LEASE CORP 3.62500 04/01/2027 US 269,142.14 $245,994.78
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 24,632.61 $24,753.56
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 569,642.65 $479,511.57
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 153,121.94 $122,071.17
ALLSTATE CORPORATION US ALL 45.63 $6,187.18
ALPHABET INC-CL A US GOOGL 7,419.49 $654,621.89
AMAZON.COM INC US AMZN 13,909.63 $1,168,408.58
AMAZON.COM INC 3.30000 04/13/2027 US 525,184.42 $499,262.94
DIAGEO PLC GB DGE LN 1,036.69 $45,378.05
BAE SYSTEMS PLC GB BA/ LN 4,567.88 $47,178.89
AMERICAN HOMES 4 RENT- A US AMH 1,028.48 $30,998.33
AMERICAN TOWER REIT INC US AMT 139.62 $29,579.10
AMERICOLD REALTY TRUST US COLD 510.28 $14,445.94
ANALOG DEVICES INC US ADI 64.67 $10,608.12
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 29,736.27 $29,732.12
ARCHER-DANIELS-MIDLAND CO US ADM 79.95 $7,422.90
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 257,655.4 $234,540.09
ATLASSIAN CORP PLC-CLASS A AU TEAM 246.62 $31,735.18
AUTOMATIC DATA PROCESSING US ADP 47.11 $11,252.73
AVALONBAY COMMUNITIES INC US AVB 130.34 $21,052.79
BAE SYSTEMS PLC -SPON ADR GB BAESY 6,942.05 $292,572.74
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 245,353.12 $231,424.10
BANK OF AMERICA CORP 2.68700 04/22/2032 US 437,384.83 $351,212.28
BARRICK GOLD CORP CA GOLD 8,293.37 $142,480.08
BAXTER INTERNATIONAL INC US BAX 60.23 $3,069.72
BEST BUY INC US BBY 41.86 $3,357.41
BIOMARIN PHARMACEUTICAL INC US BMRN 3,869.04 $400,407.35
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 188,984.48 $165,905.05
DECHRA PHARMACEUTICALS PLC GB DPH LN 943.33 $29,733.60
BRANDYWINE REALTY TRUST US BDN 1,544.59 $9,499.23
BRISTOL MYERS SQUIBB CO US BMY 211.31 $15,204.11
BROADRIDGE FINANCIAL SOLUTIONS US BR 23.14 $3,103.33
JONAH ENERGY PARENT LLC US 1,151.79 $71,675.83
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 215,391.85 $192,403.34
SORT 2020-1 A2 1.99000 07/15/2060 US 177,984.64 $147,031.60
C.H. ROBINSON WORLDWIDE INC US CHRW 31.51 $2,885.45
CIM 2019-INV1 A1 4.00000 02/25/2049 US 7,510.31 $7,181.31
COMM 2014-UBS4 A5 3.69400 08/10/2047 US 580,722.99 $562,371.10
COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 322,623.88 $308,124.49
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 55,711.35 $48,670.00
COTERRA ENERGY INC US CTRA 115.07 $2,827.23
CAMDEN PROPERTY TRUST US CPT 179.19 $20,047.27
CAMPBELL SOUP CO US CPB 67.15 $3,810.86
CANADIAN NATIONAL RAILWAY CO CA CNI 2,501.52 $297,380.12
CARETRUST REIT INC US CTRE 1,111.23 $20,646.57
CATERPILLAR INC US CAT 60.09 $14,396.32
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 1,429.21 $23,582.02
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 268,580.24 $279,683.51
CHEVRON CORP US CVX 113.46 $20,364.11
CINCINNATI FINANCIAL CORP US CINF 31.68 $3,243.27
CISCO SYSTEMS INC US CSCO 375.14 $17,871.52
CITIGROUP INC US C 239.7 $10,841.81
CITIGROUP INC 1.46200 06/09/2027 US 418,736.5 $363,930.73
CLARK CNTY NV 1.51000 11/01/2028 US 482,232.87 $396,479.91
COCA COLA CO/THE US KO 7,255.64 $461,531.41
COLGATE-PALMOLIVE CO US CL 113.46 $8,939.15
COMCAST CORP-CL A US CMCSA 407.81 $14,261.13
CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 29,023.01 $26,449.18
COMMUNITY HEALTHCARE TRUST I US CHCT 980.06 $35,086.07
CONAGRA BRAND INC. US CAG 101.15 $3,914.35
CONOCOPHILLIPS US COP 104.43 $12,323.04
COPART INC US CPRT 3,953.63 $240,736.64
COUSINS PROPERTIES INC US CUZ 1,160.5 $29,349.14
CAALT 2021-3A B MTGE 1.38000 07/15/2030 US 314,558.29 $290,510.67
CAALT 2021-2A A 0.96000 02/15/2030 US 153,156.51 $147,105.43
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 31,875.21 $27,096.53
CUMMINS INC US CMI 26.26 $6,363.00
COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 249,483.37 $214,155.51
KIMBERLY CLARK DE MEXICO S.A.B. MX 27,862.8 $47,285.19
DEVON ENERGY CORPORATION US DVN 81.1 $4,988.73
DIAMONDBACK ENERGY INC US FANG 25.97 $3,552.10
DIGITAL REALTY TRUST INC US DLR 363.55 $36,453.41
DOLLAR TREE STORES INC US DLTR 1,821.29 $257,603.48
DOW INC US DOW 80.59 $4,060.95
DREYFUS GVT CSH MANAGEMENT US 2,878,714.66 $2,878,714.66
EOG RESOURCES INC US EOG 57.29 $7,420.50
EASTMAN CHEM CO US EMN 28.71 $2,338.28
EBAY INC US EBAY 75.85 $3,145.58
ELECTRONIC ARTS US EA 2,077.56 $253,836.23
EMERSON ELEC CO US EMR 84.39 $8,106.59
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 553,405.02 $548,538.79
EQUINIX INC US EQIX 603.85 $395,538.89
EQUITY LIFESTYLE PROPERTIES US ELS 736.2 $47,558.55
ESSEX PROPERTY TRUST INC US ESS 85.07 $18,027.24
EVERGY INC US EVRG 5,006.35 $315,049.74
EXPEDIA GROUP INC 3.25000 02/15/2030 US 277,509.07 $236,219.64
FMC CORP US FMC 4,948.19 $617,533.86
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 83,368 $83,594.71
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FN MA4733 4.50000 09/01/2052 US 380,283.72 $366,425.24
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FIFTH THIRD BANCORP US FITB 128.54 $4,217.30
FLX 2021-1A A2 3.25000 11/27/2051 US 405,725.11 $354,151.20
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 290,006.25 $270,886.03
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 279,211.71 $240,377.63
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 188,840.86 $162,574.84
GSMBS 2021-INV1 A6 2.50000 12/25/2051 US 163,521.29 $140,764.12
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GSMBS 2022-PJ1 A8 2.50000 05/28/2052 US 198,914.62 $171,170.16
GNMA POOL 660997 5.50000 05/15/2037 US 3,634.95 $3,738.66
GENERAL DYNAMICS CORP US GD 37.93 $9,409.82
GENERAL MLS INC US GIS 92.61 $7,765.11
GENUINE PARTS CO US GPC 29.39 $5,098.96
GETTY REALTY CORP US GTY 1,166.69 $39,492.59
GILEAD SCIENCES INC US GILD 160.08 $13,743.00
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 166,890.29 $137,473.90
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 45,260.4 $42,245.67
GREENIDGE GEN HLD INC US 1,852.78 $1,982.47
GRUPO AEROPORTUARIO PAC-ADR MX PAC 41.05 $5,903.57
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 27.58 $6,426.46
AIRBUS SE FR AIR FP 210.16 $24,988.03
ADIDAS AG DE ADS GR 314.6 $42,636.21
HDFC BANK LTD-ADR IN HDB 407.84 $27,900.37
L'OREAL FR OR FP 25.94 $9,288.80
HAWAII ST 2.68200 10/01/2038 US 261,484.31 $188,293.04
HEALTHCARE REALTY TRUST INC US HR 2,502.01 $48,213.70
HEINEKEN NV-SPN ADR NL HEINY 8,029.29 $377,537.45
HOME DEPOT INC US HD 81.27 $25,668.58
HONEYWELL INTERNATIONAL INC US HON 73.37 $15,723.63
IDEXX LABORATORIES INC US IDXX 706.41 $288,186.01
KERRY GROUP PLC-A IE KYGA ID 294.14 $26,569.97
ILLINOIS TOOL WKS INC US ITW 43.66 $9,618.81
IMPRL 2021-NQM3 1.59500 11/25/2056 US 218,030.69 $175,739.88
INDEPENDENCE REALTY TRUST IN US IRT 1,207.44 $20,357.44
INTEL CORP US INTC 411.1 $10,865.29
INTERCONTINENTALEXCHANGE INC US ICE 8,034.59 $824,268.78
INTERNATIONAL FLVRS & FRAGRANCES US IFF 43.66 $4,577.56
INTUIT INC US INTU 617.97 $240,524.73
INTUITIVE SURGICAL INC US ISRG 1,176.9 $312,290.19
INVITATION HOMES INC US INVH 1,370.51 $40,621.93
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 57,859.43 $54,471.22
JP MORGAN CHASE & CO US JPM 228.04 $30,580.16
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 48,384.24 $45,202.22
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 624,577.18 $585,909.19
JOHNSON & JOHNSON US JNJ 5,287.7 $934,072.28
KREF 2021-FL2 A 5.39629 02/15/2039 US 76,578.25 $73,829.44
KEYCORP US KEY 141.36 $2,462.50
KROGER CO US KR 113.13 $5,043.46
L3HARRIS TECHNOLOGIES INC US LHX 1,146.55 $238,723.75
BEIERSDORF AG DE BEI GR 468.73 $53,563.21
LENNAR CORP US LEN 42.99 $3,890.32
LEXINGTON REALTY TRUST US LXP 1,850.41 $18,541.10
LIFE STORAGE INC US LSI 327.9 $32,297.70
LOCKHEED MARTIN CORP US LMT 29.55 $14,375.01
LULULEMON - ADR CA LULU 54.39 $17,425.04
MAGALLANES INC 4.05400 03/15/2029 US 648,667.54 $563,200.05
MARATHON PETROLEUM CORP US MPC 59.77 $6,956.89
MARRIOTT VACATIONS WORLD US VAC 86.42 $11,630.87
MASTERCARD INC-CLASS A US MA 2,341.52 $814,215.64
MCDONALDS CORP US MCD 51.91 $13,679.50
MERCADOLIBRE INC BR MELI 36.8 $31,138.94
MERCK & CO INC US MRK 225.97 $25,071.71
MICROSOFT CORP US MSFT 3,490.43 $837,074.71
MICROCHIP TECHNOLOGY INC US MCHP 68.63 $4,821.52
MID-AMERICA APARTMENT COMM US MAA 282.33 $44,322.60
MONDELEZ INTERNATIONAL INC US MDLZ 7,735.15 $515,547.44
MOODY'S CORPORATION US MCO 1,532.41 $426,960.72
MOTOROLA SOLUTIONS INC US MSI 27.42 $7,066.73
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 174,655.53 $156,069.33
NAVIENT CORP 6.75000 06/25/2025 US 81,905.55 $78,732.14
NESTLE S.A. - ADR CH NSRGY 3,280.58 $378,381.71
NETAPP INC US NTAP 49.27 $2,959.00
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 64,568.41 $59,495.00
NRZT 2015-2A A1 3.75000 08/25/2055 US 72,894.85 $67,799.62
NRZT 2016-4A A1 3.75000 11/25/2056 US 129,575.41 $118,444.09
KEYENCE CORP JP 6861 JP 83.67 $32,484.18
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 130,688.94 $125,308.40
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 282,348.43 $241,615.40
NEWMONT GOLDCORP CORP US NEM 3,991.61 $188,404.09
NIKE INC CLASS B US NKE 2,246.61 $262,876.10
NORFOLK SOUTHN CORP US NSC 1,128.1 $277,986.72
NIKON CORP JP 7731 JP 1,788.43 $15,814.63
NORTHROP GRUMMAN CORP US NOC 596.95 $325,703.54
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 87,143.7 $8.71
NOVARTIS AG- REG CH NVS 7,321.18 $664,177.40
NUCOR CORP US NUE 41.57 $5,478.72
OBX 2022-INV1 A1 3.00000 12/25/2051 US 205,894.78 $172,087.99
OMNICOM GROUP US OMC 46.66 $3,805.76
SONY CORP FIRST SECTION JP 6758 JP 344.78 $26,279.83
TOKYO ELECTRON LTD JP 8035 JP 32.26 $9,479.62
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 210,931.75 $183,655.24
OXFIN 2020-1A A2 3.10100 02/15/2028 US 170,683.88 $168,797.43
OXFIN 2019-1A A2 4.45900 02/15/2027 US 47,712.16 $47,334.70
OXFIN 2022-1A 3.60200 02/15/2030 US 376,245.94 $343,034.86
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 36,464.25 $32,894.45
PPG INDUSTRIES INC US PPG 28.74 $3,614.00
PACKAGING CORP OF AMERICA US PKG 20.69 $2,646.06
PARKER HANNIFIN CORP US PH 16.43 $4,781.87
DEUTSCHE BOERSE AG DE DB1 GR 208.84 $35,959.33
PAYPAL HOLDINGS INC US PYPL 3,438.29 $244,874.88
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 384,890.66 $362,058.98
PEAR 2022-1 A1 6.50000 10/15/2034 US 152,568.72 $152,297.01
PELORUS FUND REIT 7.00000 09/30/2026 US 28,973.95 $26,684.71
NESTLE SA-REGISTERED CH NESN SW 552.33 $63,798.90
PEPSICO INC 3.90000 07/18/2032 US 477,907.71 $453,413.47
PFIZER INC US PFE 339.94 $17,418.65
PIONEER NATURAL RESOURCES CO US PXD 25.78 $5,887.43
POPULAR INC 6.12500 09/14/2023 PR 80,948.32 $80,474.39
PROCTER & GAMBLE CO US PG 180.12 $27,299.48
PROLOGIS US PLD 1,583.09 $178,461.84
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 369,490.2 $295,482.69
PFMT 2021-2 A2A 2.00000 04/25/2051 US 228,638.76 $193,017.68
PUBLIC STORAGE INC US PSA 233.65 $65,465.01
QUALCOMM INC US QCOM 119.03 $13,086.20
QUALCOMM INC 4.25000 05/20/2032 US 354,886.27 $342,978.51
QUALCOMM 5.40000 05/20/2033 US 122,525.21 $128,202.03
QUEST DIAGNOSTICS INC US DGX 26.94 $4,214.07
RCKT 2021-6 A1 2.50000 12/25/2051 US 402,571.79 $322,074.63
RADIUS GLOBAL INFRASTRUCTURE US RADI 5,347.97 $63,212.99
REALTY INCOME CORP US O 178.29 $11,308.84
REGIONS FINANCIAL CORP. US RF 197.88 $4,266.22
REPUBLIC SERVICES INC US RSG 49.75 $6,417.43
RESTAURANT BRANDS INTERN CA QSR 284.2 $18,379.41
REXFORD INDUSTRIAL REALITY IN US REXR 830.19 $45,361.40
GETINGE AB-B SHS SE GETIB SS 2,026.63 $42,134.95
ROSS STORES INC US ROST 41.21 $4,783.54
HEINEKEN NV NL HEIA NA 534.21 $50,318.43
RYANAIR HOLDINGS - ADR IE RYAAY 243.32 $18,190.89
SBA TOWER TRUST 1.88400 01/15/2026 US 279,069.66 $245,677.10
SBA TOWER TRUST 6.59900 01/15/2028 US 386,536.32 $387,762.87
S&P GLOBAL INC US SPGI 516.06 $172,849.55
SBA COMMUNICATIONS CORP US SBAC 2,441.48 $684,369.95
SLMA 2006-10 A6 FLT 4.50843 03/25/2044 US 18,094.5 $16,906.59
SMB 2015 B A3 6.06786 05/17/2032 US 63,739.95 $63,488.71
SMB 2020-BA A1A 1.29000 07/15/2053 US 227,897.24 $201,243.53
SOFI 2017-D A2FX 2.65000 09/25/2040 US 29,809.34 $28,572.26
SALESFORCE INC US CRM 3,280.56 $434,969.84
SEAGEN INC US SGEN 1,450.43 $186,395.05
SEMT 2013-6 A2 3.00000 05/25/2043 US 70,246.58 $61,816.47
SEMT 2013-7 A2 3.00000 06/25/2043 US 33,827.77 $29,663.48
SEMT 2013-8 A1 3.00000 06/25/2043 US 40,192.8 $35,542.60
SEMT 2013-2 1.87400 02/25/2043 US 29,829.17 $25,202.05
SERVICENOW INC US NOW 1,035.91 $402,214.40
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 835,558.55 $674,168.64
SKYWORKS SOLUTIONS INC US SWKS 24.81 $2,260.95
SMB 2019-B A2A 2.84000 06/15/2037 US 84,297.76 $77,297.23
JM SMUCKER CO/THE-NEW COM WI US SJM 23.46 $3,717.37
SNOWFLAKE INC-CLASS A US SNOW 1,330.92 $191,040.48
SOFI 2017-F A2FX 2.84000 01/25/2041 US 7,663.77 $7,374.58
SOFI 2016-D A2B 2.34000 04/25/2033 US 1,944.2 $1,914.98
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 47,895.03 $46,293.27
SOUTH CAROLINA ST PUBLIC SVC 1.85200 12/01/2026 US 55,519.23 $49,038.38
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 124,210.19 $104,609.73
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 471,153.9 $466,525.69
STAG INDUSTRIAL INC US STAG 350.87 $11,336.64
STANLEY BLACK & DECKER INC US SWK 23.33 $1,752.41
SRPT 2014-STAR A FLTG RATE 5.78800 11/15/2027 US 412,747.96 $286,431.94
STEEL DYNAMICS INC US STLD 41.24 $4,029.41
STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 54,758.29 $49,095.94
SUN COMMUNITIES US SUI 395.46 $56,550.82
SCML 2019-SBC8 2.86000 04/25/2041 US 174,908.36 $160,003.47
SYNCHRONOSS TECH US 3,424.75 $61,474.21
SYNERGY ONE LENDING 5.50000 10/14/2026 US 96,822.41 $83,436.79
TJX COMPANIES INC US TJX 110.84 $8,823.20
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 5,569.31 $414,858.12
TARGET CORP US TGT 42.02 $6,262.52
TENCENT HOLDINGS 3.97500 04/11/2029 KY 1,031,011.4 $953,539.08
TERRENO REALTY CORP US TRNO 550.2 $31,289.82
TEXAS INSTRUMENTS INC US TXN 69.63 $11,504.56
THERMO FISHER SCIENTIFIC INC US TMO 495.99 $273,136.42
3M CO US MMM 71.41 $8,563.03
TPMT 2016-5 A1 2.50000 10/25/2056 US 50,170.5 $49,328.23
TPMT 2017-1 A1 2.75000 10/25/2056 US 24,826.21 $24,408.69
TPMT 2019-HY1 A1 5.38871 10/25/2048 US 59,626.9 $59,146.84
TRACTOR SUPPLY COMPANY US TSCO 15.43 $3,472.31
TRAVELLERS COS INC US TRV 37.96 $7,116.40
TAH 2017-SFR2 A 2.92800 01/17/2036 US 132,498.8 $128,424.29
TCF 2021-1A 1.86000 03/20/2046 US 333,143.25 $278,198.48
TYSON FOODS INC -CL A US TSN 60.61 $3,772.91
UDR INC US UDR 905.17 $35,057.17
U.S. BANCORP US USB 194.75 $8,493.10
UNILEVER PLC - ADR GB UL 13,227.75 $666,017.13
UNION PAC CORP US UNP 67.83 $14,044.97
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 79,160.12 $67,494.39
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 13,936.77 $12,619.36
UNITED MEXICAN STATES 4.12500 01/21/2026 MX 32,262.39 $31,490.05
UNITED PARCEL SERVICE US UPS 65.7 $11,421.29
TREASURY BOND 2.37500 02/15/2042 US 2,246,268.78 $1,728,574.02
TREASURY NOTE 2.25000 11/15/2027 US 6,393,725.32 $5,899,710.17
US TREASURY N/B 3.12500 11/15/2028 US 2,176,536.31 $2,079,442.40
UNITED STATES TREAS NTS 2.25000 11/15/2024 US 1,134,315.38 $1,089,828.95
US TREASURY N/B 2.25000 11/15/2025 US 3,405,012.47 $3,224,919.25
US TREASURY N/B 2.00000 11/15/2026 US 3,795,757.15 $3,511,965.01
US TEASURY NOTE 1.75000 11/15/2029 US 3,456,914.9 $3,022,099.82
US TREASURY N/B 1.37500 11/15/2031 US 1,906,118.33 $1,557,358.24
VF CORP US VFC 56.65 $1,564.02
VENTAS INC US VTR 484.13 $21,809.83
VERTEX PHARMACEUTICALS INC US VRTX 1,148.69 $331,719.91
PARAMOUNT GLOBAL CLASS B US PARA 89.97 $1,518.62
VISA INC - CLASS A SHARES US V 3,103.5 $644,783.29
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 117,385.2 $112,700.82
VISTRA OPERATIONS 4.87500 05/13/2024 US 410,218.9 $401,553.83
WAL MART STORES US WMT 200 $28,358.51
WALGREENS BOOTS ALLIANCE INC US WBA 103.95 $3,883.52
WASTE MANAGEMENT INC US WM 55.68 $8,734.95
WELLTOWER INC. US WELL 490.78 $32,170.60
WIN 2015-1 A1 3.50000 01/20/2045 US 21,011.58 $19,144.31
ZOETIS INC US ZTS 729.88 $106,964.56
ADMIRAL GROUP PLC GB ADM LN 2,183.5 $56,052.28
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 754.09 $5,797.73
UBISOFT ENTERTAINMENT FR UBI FP 728.69 $20,586.20
DANONE FR BN FP 363.18 $19,141.68
AIR LIQUIDE FR AI FP 374.19 $53,110.85
BRENNTAG AG DE BNR GR 286 $18,239.42
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 228,317.91 $10,813.40
KEYWORDS STUDIOS PLC IE KWS LN 271.09 $8,896.11
HELIOS TOWERS PLC GB HTWS LN 12,276.36 $15,746.84
AVANZA BANK HOLDING AB SE AZA SS 1,335.66 $28,662.67
AMERICAN TANKER INC 7.75000 07/02/2025 US 93,596.18 $89,655.71
SOFTWAREONE HOLDING AG CH SWON SW 1,891.38 $26,845.03
TENCENT HOLDINGS LTD CN 700 HK 689.56 $29,237.75
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 1,434.38 $23,294.35
SEASPAN CORP 6.50000 02/05/2024 MH 102,813.9 $102,087.42
PETROTAL CORP 12.00000 02/16/2024 CA 76,649.58 $77,227.39
IMCD NV NL IMCD NA 68.83 $9,844.86
FINECOBANK SPA IT FBK IM 2,941.92 $48,853.81
ALLFUNDS GROUP PLC GB ALLFG NA 2,787.52 $19,548.19
ROTORK PLC GB ROR LN 5,662.56 $21,043.27
AUTO TRADER GROUP PLC GB AUTO LN 7,837.29 $48,805.60
CELLNEX TELECOM SA ES CLNX SM 1,369.42 $45,425.32
ASSA ABLOY AB-B SE ASSAB SS 1,442.73 $31,032.07
CLEANAWAY WASTE MANAGEMENT AU CWY AU 21,421.1 $38,168.82
INTERMEDIATE CAPITAL GROUP GB ICP LN 2,098.33 $28,972.05
ADYEN NV NL ADYEN NA 24.62 $34,176.86
BANK OF N.T. BUTTERFIELD&SON BM NTB 571.08 $17,023.77
BUNGE LIMITED US BG 30.36 $3,028.52
EATON CORP PLC US ETN 58.29 $9,148.66
JOHNSON CONTROLS INTERNATIONAL US JCI 108.2 $6,924.99
LINDE PLC GB LIN 58.8 $19,180.80
MEDTRONIC INC IE MDT 3,342.08 $259,746.07
RENAISSANCERE HOLDINGS LTD BM RNR 100.47 $18,509.71
ROYALTY PHARMA PLC- CL A US RPRX 81.78 $3,231.94
STONECO LTD-A BR STNE 885.63 $8,360.38
TRANE TECHNOLOGIES IE TT 28.1 $4,722.76
ALCON INC CH ALC 4,434.74 $304,001.62
CHUBB LTD CH CB 52.2 $11,515.59
GARMIN LTD CH GRMN 39.06 $3,604.40
TE CONNECTIVITY LIMITED CH TEL 38.92 $4,468.48
LYONDELLBASELL INDU-CL A US LYB 39.89 $3,312.22
PLAYA HOTELS AND RESORTS US PLYA 1,493.27 $9,751.03
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 65,387.78 $61,964.37

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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