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

$27.15

Daily $ Change

-$0.14

Daily % Change

-0.52%

as of 06/07/2023

CUSIP

563821172

Inception Date

01/06/2005

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 05/31/2023

YTD

4.82%

1 Year

-0.33%

3 Year

2.70%

5 Year

4.73%

10 Year

4.60%

Inception
(01/06/2005)

5.98%

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 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.

Expense Ratio

Gross 0.90%
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 05/31/2023

TREASURY NOTES 26.49%
GOVERNMENT AGENCY 11.16%
TREASURY BILLS 5.13%
TREASURY BONDS 2.80%
AMAZON.COM INC 1.38%
TENCENT HOLDINGS 3.97500 04/11/2029 1.29%
META PLATFORMS INC 1.19%
MASTERCARD INC-CLASS A 1.15%
ALPHABET INC-CL A 1.10%
MICRON TECHNOLOGY INC 1.08%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 05/31/2023

Bonds
67.04%
Stocks
29.99%
Cash
2.97%

Detailed Asset Class Allocation

As of 05/31/2023

International Equities
7.99%
Small Capitalization
0.31%
Mid Capitalization
3.07%
Large Capitalization
18.61%
Long Term Fixed Income
12.63%
Intermediate Term Fixed Income
46.22%
Short Term Fixed Income
8.20%
Cash
2.97%

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 104.4 $9,741.16
ABBOTT LABORATORIES US ABT 196.14 $20,006.34
ADMIRAL GROUP PLC GB AMIGY 8,812.26 $254,762.37
ADMIRAL GROUP PLC GB ADM LN 2,417.64 $70,031.24
ADYEN NV NL ADYEN NA 12.93 $21,184.64
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 143,836.63 $124,700.17
AGREE REALTY CORP US ADC 648.07 $41,794.35
AIR LIQUIDE FR AI FP 338.77 $56,762.15
AIR LIQUIDE-ADR FR AIQUY 12,100.88 $405,621.39
AIRBUS SE FR AIR FP 272.38 $35,770.09
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 21,145.57 $21,434.57
ALCON INC CH ALC 4,052.76 $313,643.11
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 151,362.91 $124,330.02
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 566,021.82 $479,427.47
ALPHABET INC-CL A US GOOGL 6,764.53 $831,158.12
AMAZON.COM INC US AMZN 8,639.39 $1,041,737.61
AMAZON.COM INC 3.30000 04/13/2027 US 525,222.26 $506,515.68
AMERICAN HOMES 4 RENT- A US AMH 484.71 $16,615.89
AMERICAN TANKER INC 7.75000 07/02/2025 US 93,195.52 $89,561.89
AMERICAN TOWER REIT INC US AMT 162.52 $29,975.67
AMERICOLD REALTY TRUST US COLD 1,405.07 $41,168.42
ANALOG DEVICES INC US ADI 95.41 $16,954.10
APARTMENT INCOME REIT CO US AIRC 467.69 $16,224.05
APPLIED MATERIALS INC US AMAT 2,133.97 $284,457.79
ARCHER-DANIELS-MIDLAND CO US ADM 116.38 $8,222.32
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 255,370.07 $236,620.95
ASTRAZENECA GB AZN 629.7 $46,018.51
ATLASSIAN CORP PLC-CLASS A AU TEAM 120.05 $21,703.86
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 3,332.72 $17,812.77
AUTO TRADER GROUP PLC GB AUTO LN 8,197.95 $64,337.67
AVALONBAY COMMUNITIES INC US AVB 149.6 $26,027.04
AVANZA BANK HOLDING AB SE AZA SS 1,202.62 $24,972.33
BAE SYSTEMS PLC GB BA/ LN 5,282.56 $61,053.41
BAE SYSTEMS PLC -SPON ADR GB BAESY 4,844.33 $227,635.05
BANK OF AMERICA CORP US BAC 735.56 $20,441.32
BANK OF AMERICA CORP 2.68700 04/22/2032 US 437,456.93 $361,348.59
BARRICK GOLD CORP CA GOLD 10,608.85 $179,077.31
BAXTER INTERNATIONAL INC US BAX 113.11 $4,605.97
BEIERSDORF AG DE BEI GR 359.75 $45,907.47
BIOMARIN PHARMACEUTICAL INC US BMRN 4,038.65 $351,120.01
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 246,956.68 $237,324.57
BRANDYWINE REALTY TRUST US BDN 1,525.01 $5,947.53
BRISTOL MYERS SQUIBB CO US BMY 298.09 $19,208.93
BROADCOM INC US AVGO 36.89 $29,802.27
BROADRIDGE FINANCIAL SOLUTIONS US BR 34.58 $5,073.10
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 70,832.48 $60,856.31
BUNGE LIMITED US BG 45.06 $4,173.94
C.H. ROBINSON WORLDWIDE INC US CHRW 45.06 $4,259.55
CAALT 2021-2A A 0.96000 02/15/2030 US 55,522.33 $54,280.36
CAALT 2021-3A B MTGE 1.38000 07/15/2030 US 267,098.21 $249,798.17
CALDERYS FINANCING LLC 11.25000 06/01/2028 US 72,500.85 $73,446.99
CAMPBELL SOUP CO US CPB 97.32 $4,919.62
CANADIAN NATIONAL RAILWAY CO CA CNI 2,371.5 $267,338.73
CARETRUST REIT INC US CTRE 1,283.18 $24,893.62
CATERPILLAR INC US CAT 92.56 $19,043.60
CBOE GLOBAL MARKETS INC US CBOE 1,789.5 $236,965.55
CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 37,300.17 $33,866.50
CELLNEX TELECOM SA ES CLNX SM 1,236.8 $50,121.90
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 1,564.19 $31,627.92
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 268,305.52 $280,875.36
CHEVRON CORP US CVX 182.26 $27,451.55
CIM 2019-INV1 A1 4.00000 02/25/2049 US 6,865.2 $6,656.05
CISCO SYSTEMS INC US CSCO 542.42 $26,941.86
CITIGROUP INC US C 330.9 $14,665.31
CITIGROUP INC 1.46200 06/09/2027 US 418,573.13 $373,133.63
CLARK CNTY NV 1.51000 11/01/2028 US 490,783.92 $420,556.95
CLEANAWAY WASTE MANAGEMENT AU CWY AU 20,123.39 $34,002.70
COCA COLA CO/THE US KO 6,541.76 $390,281.16
COGNIZANT TECH SOLUTIONS - A US CTSH 91.06 $5,690.34
COLGATE-PALMOLIVE CO US CL 160.34 $11,926.15
COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 253,512.87 $221,230.25
COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 US 270,778.37 $254,272.80
COMCAST CORP-CL A US CMCSA 573.04 $22,549.17
COMMUNITY HEALTHCARE TRUST I US CHCT 616.18 $20,210.67
CONAGRA BRAND INC. US CAG 143.46 $5,002.57
CONOCOPHILLIPS US COP 157.35 $15,624.54
COPART INC US CPRT 3,530.6 $309,245.30
CORNING INC US GLW 155.44 $4,789.08
COTERRA ENERGY INC US CTRA 187.97 $4,370.32
COUSINS PROPERTIES INC US CUZ 1,074.17 $21,397.46
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 56,830.17 $48,808.20
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 33,274.75 $28,193.84
CSX CORP US CSX 8,427 $258,456.09
CUMMINS INC US CMI 38.79 $7,929.82
CVS HEALTH CORP US CVS 152.45 $10,370.84
DANONE FR BN FP 329.83 $19,522.25
DEUTSCHE BOERSE AG DE DB1 GR 307.21 $53,136.02
DEUTSCHE BOERSE AG ADR DE DBOEY 13,055.07 $225,199.97
DEVON ENERGY CORPORATION US DVN 128.9 $5,942.50
DIAGEO PLC GB DGE LN 960.34 $39,923.87
DIAMONDBACK ENERGY INC US FANG 39.88 $5,070.71
DIGITAL REALTY TRUST INC US DLR 130.54 $13,374.98
DOW INC US DOW 134.21 $6,546.65
DREYFUS GVT CSH MANAGEMENT US 2,312,820.88 $2,312,820.88
EBAY INC US EBAY 123.87 $5,269.25
ELECTRONIC ARTS US EA 4,925.91 $630,516.32
EMERSON ELEC CO US EMR 124.82 $9,695.63
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 557,315.95 $555,893.84
EOG RESOURCES INC US EOG 92.28 $9,901.05
EQUINIX INC US EQIX 206.89 $154,249.25
EQUITY COMMONWEALTH US EQC 1,066.58 $21,811.51
EQUITY LIFESTYLE PROPERTIES US ELS 670.88 $42,379.59
ESSEX PROPERTY TRUST INC US ESS 59.61 $12,880.23
EVERGY INC US EVRG 4,565.06 $264,088.71
EXTRA SPACE STORAGE INC US EXR 64.79 $9,347.24
EXXON MOBIL CORP US XOM 292.24 $29,861.02
FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 1,051.95 $1,119.79
FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 17,118.98 $18,096.48
FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 830.58 $884.25
FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 391.4 $413.75
FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 3,311.43 $3,525.39
FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 2,042.61 $2,159.25
FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 541.46 $572.40
FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 1,241.64 $1,312.58
FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 536.88 $546.69
FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 415.47 $423.06
FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 8,542.76 $9,030.55
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 7,140.11 $7,546.64
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 111.12 $110.32
FEDERAL NATL MTG ASSN AE0951 4.50000 02/01/2041 US 23,921.47 $23,720.70
FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 24,147.76 $23,935.76
FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 9,764.64 $9,678.91
FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 7,310.26 $7,246.08
FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 8,449.1 $8,374.92
FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 73,924.22 $73,275.20
FEDERAL NATL MTG ASSN AL8674 FLT 5.64500 01/01/2049 US 195,205.89 $203,718.14
FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 71,696.22 $71,045.64
FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 19,166.49 $17,823.45
FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 31,050.1 $29,770.17
FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 52,631.13 $50,461.61
FEDERAL NATL MTG ASSN BK0433 3.50000 12/01/2049 US 181,502.49 $168,055.99
FEDERAL NATL MTG ASSN BW1194 4.00000 09/01/2052 US 524,744.32 $495,381.70
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 433,161.58 $402,696.91
FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 28,820.52 $28,369.86
FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 30,469.52 $28,847.30
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 464,635.44 $444,342.28
FEDERAL NATL MTG ASSN FS2998 3.50000 04/01/2052 US 173,793.06 $160,917.71
FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 1,460.29 $1,449.77
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 46,519.26 $46,230.81
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 37,610.42 $37,377.21
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 484,387.5 $444,349.81
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 473,287.91 $446,804.59
FEDERAL NATL MTG ASSN MA5043 5.00000 06/01/2038 US 500,464.71 $499,203.34
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 456,721.89 $407,951.55
FEDERAL NATL MTG ASSN SD8276 5.00000 12/01/2052 US 580,367.31 $571,197.88
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 502,430.73 $443,390.50
FEDEX CORPORATION US FDX 35.53 $7,743.92
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 85,446.4 $84,206.23
FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 25,357.55 $24,309.42
FHLM POOL C91746 4.50000 12/01/2033 US 3,901.25 $3,881.82
FHLM POOL FG G08734 4.00000 11/01/2046 US 3,600.94 $3,456.43
FHLM POOL G03332 6.00000 10/01/2037 US 2,676.4 $2,832.62
FHLM POOL G05900 6.00000 03/01/2040 US 5,717.89 $6,050.95
FHLM POOL G05906 6.00000 04/01/2040 US 6,300.09 $6,667.07
FHLM POOL G06789 6.00000 05/01/2040 US 14,698.8 $15,554.98
FHLM POOL G06995 6.00000 05/01/2040 US 16,823.4 $17,803.34
FHLM POOL G13331 5.50000 10/01/2023 US 80.01 $79.70
FHLM POOL G60034 4.50000 02/01/2045 US 131,752.34 $130,705.83
FHLM POOL Q93451 4.50000 08/01/2040 US 44,033.06 $43,713.31
FHLM POOL SD8230 4.50000 06/01/2052 US 423,306.2 $409,229.77
FHR 5189 CP 2.50000 06/25/2049 US 213,033.75 $184,536.79
FIFTH THIRD BANCORP US FITB 183.62 $4,456.38
FINECOBANK SPA IT FBK IM 2,671.84 $35,690.93
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 1,183.91 $17,829.65
FLX 2021-1A A2 3.25000 11/27/2051 US 412,606.73 $365,569.56
FMC CORP US FMC 4,513.46 $469,761.36
FN DS2696 3.00000 12/01/2051 US 328,045.88 $292,989.89
FN MA4733 4.50000 09/01/2052 US 316,513.4 $305,989.04
FN MA4807 MTGE 5.50000 11/01/2052 US 388,800.37 $388,371.21
FN MA4868 MTGE 5.00000 01/01/2053 US 498,073.02 $490,204.64
FN MA4934 MTGE 5.00000 02/01/2043 US 686,349.11 $679,937.39
FNR 2018-31 KP 3.50000 07/25/2047 US 5,640.88 $5,453.04
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 294,019.95 $279,087.63
FREDDIE MAC POOL RB5167 3.50000 07/01/2042 US 170,438.49 $158,881.38
FREDDIE MAC POOL RB5188 4.00000 10/01/2042 US 171,257.17 $163,780.00
GENERAL DYNAMICS CORP US GD 54.45 $11,117.22
GENERAL MLS INC US GIS 132.57 $11,157.40
GENUINE PARTS CO US GPC 42.06 $6,264.23
GETTY REALTY CORP US GTY 898.81 $30,802.23
GILEAD SCIENCES INC US GILD 219.83 $16,913.54
GNMA POOL 660997 5.50000 05/15/2037 US 4,923.59 $5,080.79
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 45,236 $41,450.42
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 45,398.64 $42,453.89
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 138,435.28 $116,595.43
GREENIDGE GEN HLD INC US 1,837.49 $8,728.08
GSMBS 2021-INV1 A6 2.50000 12/25/2051 US 134,017.1 $115,376.82
GSMBS 2021-INV1 A9 5.00000 12/25/2051 US 102,424.06 $94,762.03
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 307,902.35 $265,525.70
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 186,068.45 $160,383.43
GSMBS 2022-PJ1 A8 2.50000 05/28/2052 US 165,498.81 $142,308.45
HALLIBURTON CO US HAL 165.11 $4,730.28
HARTFORD FINL SVCS US HIG 61.39 $4,206.10
HAWAII ST 2.68200 10/01/2038 US 260,654.02 $197,878.41
HDFC BANK LTD-ADR IN HDB 676.62 $43,574.64
HEALTHCARE REALTY TRUST INC US HR 2,044.3 $38,044.34
HEINEKEN NV NL HEIA NA 510.86 $51,688.39
HEINEKEN NV-SPN ADR NL HEINY 7,156.65 $361,697.25
HELIOS TOWERS PLC GB HTWS LN 11,421.26 $12,864.84
HOME DEPOT INC US HD 120.05 $34,028.21
HONEYWELL INTERNATIONAL INC US HON 107.66 $20,628.33
HOTWIRE FUNDING LLC 5.68700 05/20/2053 US 515,624.45 $512,789.34
HUNTINGTON BANCSHARES US HBAN 309.39 $3,189.82
IDEXX LABORATORIES INC US IDXX 762.85 $354,550.39
IMCD NV NL IMCD NA 115.83 $17,460.43
IMPRL 2021-NQM3 1.59500 11/25/2056 US 217,005.83 $182,105.47
INTERCONTINENTALEXCHANGE INC US ICE 2,284.48 $242,041.04
INTERMEDIATE CAPITAL GROUP GB ICP LN 1,183.37 $20,539.60
INTERNATIONAL BUSINESS MACH CORP US IBM 103.17 $13,266.97
INTERNATIONAL FLVRS & FRAGRANCES US IFF 58.94 $4,555.40
INTUIT INC US INTU 561.11 $235,174.22
INTUITIVE SURGICAL INC US ISRG 835.52 $257,205.67
INVITATION HOMES INC US INVH 1,174.37 $39,787.59
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 59,293.39 $56,710.47
JM SMUCKER CO/THE-NEW COM WI US SJM 34.44 $5,048.53
JOHNSON & JOHNSON US JNJ 4,969.28 $770,537.17
JP MORGAN CHASE & CO US JPM 279.72 $37,960.23
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 42,437.5 $40,111.27
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 623,847.98 $602,198.49
KELLOGG CO US K 66.01 $4,407.68
KEYENCE CORP JP 6861 JP 54.79 $26,560.68
KEYWORDS STUDIOS PLC IE KWS LN 502.29 $12,152.88
KIMBERLY CLARK DE MEXICO S.A.B. MX KIMBERA MM 25,305.42 $51,715.25
KRAFT HEINZ CO/THE US KHC 184.98 $7,069.82
L'OREAL FR OR FP 23.55 $10,082.92
L3HARRIS TECHNOLOGIES INC US LHX 1,769.49 $311,289.00
LEXINGTON REALTY TRUST US LXP 2,666.69 $27,573.55
LIFE STORAGE INC US LSI 271.02 $34,524.95
LINDE PLC IE LIN 80.58 $28,498.39
LOCKHEED MARTIN CORP US LMT 41.65 $18,493.30
LULULEMON - ADR CA LULU 105.22 $34,924.85
MARATHON OIL CORP US MRO 139.66 $3,094.81
MARATHON PETROLEUM CORP US MPC 86.3 $9,053.23
MASCO CORP US MAS 10,056.36 $485,923.47
MASTERCARD INC-CLASS A US MA 2,377.73 $867,918.58
MEDTRONIC INC IE MDT 6,825.93 $564,913.88
MERCADOLIBRE INC BR MELI 26.54 $32,888.12
MERCK & CO INC US MRK 312.8 $34,535.76
META PLATFORMS INC US META 3,389.07 $897,154.87
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 229,442.61 $12,187.94
MICROCHIP TECHNOLOGY INC US MCHP 106.17 $7,990.10
MICRON TECHNOLOGY INC US MU 11,988.54 $817,618.62
MICROSOFT CORP US MSFT 1,663.85 $546,392.74
MID-AMERICA APARTMENT COMM US MAA 227.86 $33,509.15
MONARCH CASINO & RESORT INC US MCRI 206.2 $13,380.23
MONDELEZ INTERNATIONAL INC US MDLZ 6,875.77 $504,750.25
MOODY'S CORPORATION US MCO 1,384.27 $438,646.22
NAVIENT CORP 6.75000 06/25/2025 US 79,203.28 $77,067.99
NESTLE S.A. - ADR CH NSRGY 2,943.6 $349,494.00
NESTLE SA-REGISTERED CH NESN SW 498.04 $59,035.44
NETAPP INC US NTAP 69.55 $4,614.96
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 283,452.04 $254,999.88
NEWMONT GOLDCORP CORP US NEM 2,293.88 $93,016.70
NIKE INC CLASS B US NKE 2,011.77 $211,759.22
NORFOLK SOUTHN CORP US NSC 41.24 $8,585.29
NORTHROP GRUMMAN CORP US NOC 801.99 $349,257.60
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 87,716.59 $8.77
NOVARTIS AG- REG CH NVS 3,057.65 $294,298.56
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 63,871.66 $58,409.06
NRZT 2015-2A A1 3.75000 08/25/2055 US 72,659.67 $67,860.37
NRZT 2016-4A A1 3.75000 11/25/2056 US 122,659.7 $112,843.96
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 139,673.52 $125,962.13
OASIS 2023-1A 7.00000 02/15/2035 US 220,549.93 $218,824.88
OBX 2022-INV1 A1 3.00000 12/25/2051 US 170,899.01 $143,604.66
ODFJELL DRILLING LTD 9.25000 05/31/2028 BM 107,628.9 $108,167.05
OMNICOM GROUP US OMC 63.43 $5,593.88
OXFIN 2019-1A A2 4.45900 02/15/2027 US 48,934.35 $48,548.40
OXFIN 2020-1A A2 3.10100 02/15/2028 US 128,740.99 $127,520.53
OXFIN 2022-1A 3.60200 02/15/2030 US 377,919.81 $347,181.86
OXFIN 2023-1A A2 6.71600 02/15/2031 US 403,891.18 $400,742.81
PACKAGING CORP OF AMERICA US PKG 29.54 $3,663.60
PARAMOUNT GLOBAL CLASS B US PARA 174.09 $2,647.87
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 331,277.13 $312,751.59
PEAR 2022-1 A1 6.50000 10/15/2034 US 85,869.35 $85,732.87
PELORUS FUND REIT 7.00000 09/30/2026 US 35,274.29 $33,046.63
PEPSICO INC 3.90000 07/18/2032 US 477,964.01 $461,617.11
PFIZER INC US PFE 589.11 $22,397.83
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 370,974.95 $299,325.30
PFMT 2021-2 A2A 2.00000 04/25/2051 US 228,389.87 $194,225.19
PHILLIPS 66 US PSX 68.33 $6,259.87
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 29,801.12 $26,957.13
POPULAR INC 6.12500 09/14/2023 PR 77,882.3 $77,492.88
PPG INDUSTRIES INC US PPG 47.91 $6,290.42
PROLOGIS US PLD 1,431.18 $178,253.43
PUBLIC STORAGE INC US PSA 215.19 $60,963.36
QUALCOMM 5.40000 05/20/2033 US 169,086.48 $176,811.98
QUALCOMM INC US QCOM 174.77 $19,820.92
QUALCOMM INC 4.25000 05/20/2032 US 301,341.57 $293,134.25
QUEST DIAGNOSTICS INC US DGX 37.02 $4,911.07
RAYTHEON TECHNOLOGIES CORP US RTX 157.62 $14,523.18
RCKT 2021-6 A1 2.50000 12/25/2051 US 375,177.17 $302,731.40
REALTY INCOME CORP US O 575.66 $34,217.42
REGIONS FINANCIAL CORP. US RF 277.53 $4,793.01
RENAISSANCERE HOLDINGS LTD BM RNR 175.73 $33,102.46
RENTOKIL INITIAL PLC GB RTO LN 5,323.61 $42,347.08
RENTOKIL INITIAL PLC-SP ADR GB RTO 6,269.51 $249,087.66
RESTAURANT BRANDS INTERN CA QSR 407.52 $29,712.62
REXFORD INDUSTRIAL REALITY IN US REXR 728.72 $39,671.78
S&P GLOBAL INC US SPGI 470.93 $173,032.27
SALESFORCE INC US CRM 1,420.77 $317,370.67
SBA COMMUNICATIONS CORP US SBAC 225.83 $50,083.53
SBA TOWER TRUST 1.88400 01/15/2026 US 236,964.05 $214,008.70
SBA TOWER TRUST 6.59900 01/15/2028 US 380,559.37 $393,813.18
SCHLUMBERGER LTD NL SLB 195.05 $8,354.19
SCML 2019-SBC8 2.86000 04/25/2041 US 141,188.98 $130,154.43
SEMT 2013-2 1.87400 02/25/2043 US 30,747.36 $26,786.20
SEMT 2013-6 A2 3.00000 05/25/2043 US 69,314.56 $59,692.32
SEMT 2013-7 A2 3.00000 06/25/2043 US 34,463.07 $30,469.13
SEMT 2013-8 A1 3.00000 06/25/2043 US 40,770.98 $36,205.79
SERVICENOW INC US NOW 958.26 $522,041.24
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 834,504.28 $678,064.29
SKYWORKS SOLUTIONS INC US SWKS 41.24 $4,268.72
SLMA 2006-10 A6 FLT 5.40514 03/25/2044 US 22,052.78 $20,924.39
SMB 2015 B A3 6.85743 05/17/2032 US 33,453.13 $33,449.94
SMB 2019-B A2A 2.84000 06/15/2037 US 103,236.49 $95,315.29
SMB 2020-BA A1A 1.29000 07/15/2053 US 205,425.52 $179,493.75
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 38,966.74 $37,679.45
SONY CORP FIRST SECTION JP 6758 JP 571.39 $53,585.06
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 215,393.47 $194,529.27
SORT 2020-1 A2 1.99000 07/15/2060 US 176,560.15 $148,426.72
SOUTH CAROLINA ST PUBLIC SVC 1.85200 12/01/2026 US 76,617.31 $68,599.91
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 105,469.55 $91,425.72
SRPT 2014-STAR A FLTG RATE 6.57800 11/15/2027 US 440,558.29 $321,601.40
STAG INDUSTRIAL INC US STAG 529.38 $18,422.25
STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 75,402.08 $68,512.24
SUN COMMUNITIES US SUI 435.02 $55,086.31
SYNCHRONOSS TECH US 2,434.26 $45,033.90
SYSCO CORP US SYY 83.16 $5,817.34
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 5,091.8 $502,000.38
TE CONNECTIVITY LIMITED CH TEL 62.34 $7,635.88
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 2,856.94 $26,457.65
TENCENT HOLDINGS 3.97500 04/11/2029 KY 1,034,007.71 $974,381.73
TENCENT HOLDINGS LTD CN 700 HK 1,130.06 $44,721.19
TERRENO REALTY CORP US TRNO 606.66 $37,206.41
TEXAS INSTRUMENTS INC US TXN 111.07 $19,312.57
THERMO FISHER SCIENTIFIC INC US TMO 452.56 $230,109.24
TOKYO ELECTRON LTD JP 8035 JP 164.37 $22,354.98
TPMT 2016-5 A1 2.50000 10/25/2056 US 35,774.49 $35,141.71
TPMT 2017-1 A1 2.75000 10/25/2056 US 16,430.06 $16,155.78
TPMT 2019-HY1 A1 6.13800 10/25/2048 US 54,153.67 $53,671.35
TRAVELLERS COS INC US TRV 53.63 $9,075.72
TREASURY BILL 0.00000 05/16/2024 US 4,067,096.1 $3,872,268.82
TREASURY BOND 2.37500 02/15/2042 US 2,038,849.66 $1,592,532.73
TREASURY NOTE 2.25000 11/15/2027 US 3,745,539.7 $3,503,542.74
TRUIST FINANCIAL CORP US TFC 205.4 $6,258.42
TYSON FOODS INC -CL A US TSN 85.35 $4,321.93
U.S. BANCORP US USB 276.45 $8,265.79
UDR INC US UDR 1,010.51 $40,087.12
UNILEVER PLC - ADR GB UL 12,500.32 $624,265.93
UNION PAC CORP US UNP 1,347 $259,323.97
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 13,023.66 $12,257.85
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 70,878.61 $63,929.18
UNITED PARCEL SERVICE US UPS 104.13 $17,389.96
US CLAIMS LIT FNDG LLC 10.25000 03/17/2028 US 34,243.36 $32,776.82
US TEASURY NOTE 1.75000 11/15/2029 US 3,883,592.81 $3,461,555.52
US TREASURY N/B 0.87500 11/15/2030 US 2,639,478.2 $2,170,970.82
US TREASURY N/B 1.37500 11/15/2031 US 542,926.12 $453,852.30
US TREASURY N/B 2.00000 11/15/2026 US 3,713,492.34 $3,478,788.04
US TREASURY N/B 2.25000 11/15/2025 US 1,446,481.99 $1,380,712.26
US TREASURY N/B 3.12500 11/15/2028 US 5,746,075.87 $5,559,777.34
US TREASURY N/B 3.62500 02/15/2053 US 544,469.43 $521,414.55
VALERO ENERGY US VLO 54.45 $5,828.13
VENTAS INC US VTR 450.79 $19,447.07
VERTEX PHARMACEUTICALS INC US VRTX 1,026.29 $332,075.13
VISA INC - CLASS A SHARES US V 2,785.62 $615,705.62
VISTRA OPERATIONS 4.87500 05/13/2024 US 409,816.09 $403,945.48
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 117,460.77 $113,618.30
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 649,385.47 $593,366.24
WELLS FARGO COMPANY US WFC 392.42 $15,622.17
WELLTOWER INC. US WELL 442.08 $32,983.73
WIN 2015-1 A1 3.50000 01/20/2045 US 21,913.53 $19,981.06

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

$27.15

Daily $ Change

-$0.14

Daily % Change

-$0.52

as of 06/07/2023

CUSIP

563821172

Inception Date

01/06/2005

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 05/31/2023

YTD

4.82%

1 Year

-0.33%

3 Year

2.70%

5 Year

4.73%

10 Year

4.60%

Inception
(01/06/2005)

5.98%

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 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.

Expense Ratio

Gross 0.90%
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 05/31/2023

TREASURY NOTES 26.49%
GOVERNMENT AGENCY 11.16%
TREASURY BILLS 5.13%
TREASURY BONDS 2.80%
AMAZON.COM INC 1.38%
TENCENT HOLDINGS 3.97500 04/11/2029 1.29%
META PLATFORMS INC 1.19%
MASTERCARD INC-CLASS A 1.15%
ALPHABET INC-CL A 1.10%
MICRON TECHNOLOGY INC 1.08%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 05/31/2023

Bonds
67.04%
Stocks
29.99%
Cash
2.97%

Detailed Asset Class Allocation

As of 05/31/2023

International Equities
7.99%
Small Capitalization
0.31%
Mid Capitalization
3.07%
Large Capitalization
18.61%
Long Term Fixed Income
12.63%
Intermediate Term Fixed Income
46.22%
Short Term Fixed Income
8.20%
Cash
2.97%

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 104.4 $9,741.16
ABBOTT LABORATORIES US ABT 196.14 $20,006.34
ADMIRAL GROUP PLC GB AMIGY 8,812.26 $254,762.37
ADMIRAL GROUP PLC GB ADM LN 2,417.64 $70,031.24
ADYEN NV NL ADYEN NA 12.93 $21,184.64
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 143,836.63 $124,700.17
AGREE REALTY CORP US ADC 648.07 $41,794.35
AIR LIQUIDE FR AI FP 338.77 $56,762.15
AIR LIQUIDE-ADR FR AIQUY 12,100.88 $405,621.39
AIRBUS SE FR AIR FP 272.38 $35,770.09
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 21,145.57 $21,434.57
ALCON INC CH ALC 4,052.76 $313,643.11
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 151,362.91 $124,330.02
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 566,021.82 $479,427.47
ALPHABET INC-CL A US GOOGL 6,764.53 $831,158.12
AMAZON.COM INC US AMZN 8,639.39 $1,041,737.61
AMAZON.COM INC 3.30000 04/13/2027 US 525,222.26 $506,515.68
AMERICAN HOMES 4 RENT- A US AMH 484.71 $16,615.89
AMERICAN TANKER INC 7.75000 07/02/2025 US 93,195.52 $89,561.89
AMERICAN TOWER REIT INC US AMT 162.52 $29,975.67
AMERICOLD REALTY TRUST US COLD 1,405.07 $41,168.42
ANALOG DEVICES INC US ADI 95.41 $16,954.10
APARTMENT INCOME REIT CO US AIRC 467.69 $16,224.05
APPLIED MATERIALS INC US AMAT 2,133.97 $284,457.79
ARCHER-DANIELS-MIDLAND CO US ADM 116.38 $8,222.32
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 255,370.07 $236,620.95
ASTRAZENECA GB AZN 629.7 $46,018.51
ATLASSIAN CORP PLC-CLASS A AU TEAM 120.05 $21,703.86
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 3,332.72 $17,812.77
AUTO TRADER GROUP PLC GB AUTO LN 8,197.95 $64,337.67
AVALONBAY COMMUNITIES INC US AVB 149.6 $26,027.04
AVANZA BANK HOLDING AB SE AZA SS 1,202.62 $24,972.33
BAE SYSTEMS PLC GB BA/ LN 5,282.56 $61,053.41
BAE SYSTEMS PLC -SPON ADR GB BAESY 4,844.33 $227,635.05
BANK OF AMERICA CORP US BAC 735.56 $20,441.32
BANK OF AMERICA CORP 2.68700 04/22/2032 US 437,456.93 $361,348.59
BARRICK GOLD CORP CA GOLD 10,608.85 $179,077.31
BAXTER INTERNATIONAL INC US BAX 113.11 $4,605.97
BEIERSDORF AG DE BEI GR 359.75 $45,907.47
BIOMARIN PHARMACEUTICAL INC US BMRN 4,038.65 $351,120.01
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 246,956.68 $237,324.57
BRANDYWINE REALTY TRUST US BDN 1,525.01 $5,947.53
BRISTOL MYERS SQUIBB CO US BMY 298.09 $19,208.93
BROADCOM INC US AVGO 36.89 $29,802.27
BROADRIDGE FINANCIAL SOLUTIONS US BR 34.58 $5,073.10
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 70,832.48 $60,856.31
BUNGE LIMITED US BG 45.06 $4,173.94
C.H. ROBINSON WORLDWIDE INC US CHRW 45.06 $4,259.55
CAALT 2021-2A A 0.96000 02/15/2030 US 55,522.33 $54,280.36
CAALT 2021-3A B MTGE 1.38000 07/15/2030 US 267,098.21 $249,798.17
CALDERYS FINANCING LLC 11.25000 06/01/2028 US 72,500.85 $73,446.99
CAMPBELL SOUP CO US CPB 97.32 $4,919.62
CANADIAN NATIONAL RAILWAY CO CA CNI 2,371.5 $267,338.73
CARETRUST REIT INC US CTRE 1,283.18 $24,893.62
CATERPILLAR INC US CAT 92.56 $19,043.60
CBOE GLOBAL MARKETS INC US CBOE 1,789.5 $236,965.55
CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 37,300.17 $33,866.50
CELLNEX TELECOM SA ES CLNX SM 1,236.8 $50,121.90
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 1,564.19 $31,627.92
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 268,305.52 $280,875.36
CHEVRON CORP US CVX 182.26 $27,451.55
CIM 2019-INV1 A1 4.00000 02/25/2049 US 6,865.2 $6,656.05
CISCO SYSTEMS INC US CSCO 542.42 $26,941.86
CITIGROUP INC US C 330.9 $14,665.31
CITIGROUP INC 1.46200 06/09/2027 US 418,573.13 $373,133.63
CLARK CNTY NV 1.51000 11/01/2028 US 490,783.92 $420,556.95
CLEANAWAY WASTE MANAGEMENT AU CWY AU 20,123.39 $34,002.70
COCA COLA CO/THE US KO 6,541.76 $390,281.16
COGNIZANT TECH SOLUTIONS - A US CTSH 91.06 $5,690.34
COLGATE-PALMOLIVE CO US CL 160.34 $11,926.15
COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 253,512.87 $221,230.25
COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 US 270,778.37 $254,272.80
COMCAST CORP-CL A US CMCSA 573.04 $22,549.17
COMMUNITY HEALTHCARE TRUST I US CHCT 616.18 $20,210.67
CONAGRA BRAND INC. US CAG 143.46 $5,002.57
CONOCOPHILLIPS US COP 157.35 $15,624.54
COPART INC US CPRT 3,530.6 $309,245.30
CORNING INC US GLW 155.44 $4,789.08
COTERRA ENERGY INC US CTRA 187.97 $4,370.32
COUSINS PROPERTIES INC US CUZ 1,074.17 $21,397.46
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 56,830.17 $48,808.20
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 33,274.75 $28,193.84
CSX CORP US CSX 8,427 $258,456.09
CUMMINS INC US CMI 38.79 $7,929.82
CVS HEALTH CORP US CVS 152.45 $10,370.84
DANONE FR BN FP 329.83 $19,522.25
DEUTSCHE BOERSE AG DE DB1 GR 307.21 $53,136.02
DEUTSCHE BOERSE AG ADR DE DBOEY 13,055.07 $225,199.97
DEVON ENERGY CORPORATION US DVN 128.9 $5,942.50
DIAGEO PLC GB DGE LN 960.34 $39,923.87
DIAMONDBACK ENERGY INC US FANG 39.88 $5,070.71
DIGITAL REALTY TRUST INC US DLR 130.54 $13,374.98
DOW INC US DOW 134.21 $6,546.65
DREYFUS GVT CSH MANAGEMENT US 2,312,820.88 $2,312,820.88
EBAY INC US EBAY 123.87 $5,269.25
ELECTRONIC ARTS US EA 4,925.91 $630,516.32
EMERSON ELEC CO US EMR 124.82 $9,695.63
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 557,315.95 $555,893.84
EOG RESOURCES INC US EOG 92.28 $9,901.05
EQUINIX INC US EQIX 206.89 $154,249.25
EQUITY COMMONWEALTH US EQC 1,066.58 $21,811.51
EQUITY LIFESTYLE PROPERTIES US ELS 670.88 $42,379.59
ESSEX PROPERTY TRUST INC US ESS 59.61 $12,880.23
EVERGY INC US EVRG 4,565.06 $264,088.71
EXTRA SPACE STORAGE INC US EXR 64.79 $9,347.24
EXXON MOBIL CORP US XOM 292.24 $29,861.02
FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 1,051.95 $1,119.79
FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 17,118.98 $18,096.48
FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 830.58 $884.25
FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 391.4 $413.75
FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 3,311.43 $3,525.39
FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 2,042.61 $2,159.25
FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 541.46 $572.40
FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 1,241.64 $1,312.58
FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 536.88 $546.69
FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 415.47 $423.06
FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 8,542.76 $9,030.55
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 7,140.11 $7,546.64
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 111.12 $110.32
FEDERAL NATL MTG ASSN AE0951 4.50000 02/01/2041 US 23,921.47 $23,720.70
FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 24,147.76 $23,935.76
FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 9,764.64 $9,678.91
FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 7,310.26 $7,246.08
FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 8,449.1 $8,374.92
FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 73,924.22 $73,275.20
FEDERAL NATL MTG ASSN AL8674 FLT 5.64500 01/01/2049 US 195,205.89 $203,718.14
FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 71,696.22 $71,045.64
FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 19,166.49 $17,823.45
FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 31,050.1 $29,770.17
FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 52,631.13 $50,461.61
FEDERAL NATL MTG ASSN BK0433 3.50000 12/01/2049 US 181,502.49 $168,055.99
FEDERAL NATL MTG ASSN BW1194 4.00000 09/01/2052 US 524,744.32 $495,381.70
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 433,161.58 $402,696.91
FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 28,820.52 $28,369.86
FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 30,469.52 $28,847.30
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 464,635.44 $444,342.28
FEDERAL NATL MTG ASSN FS2998 3.50000 04/01/2052 US 173,793.06 $160,917.71
FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 1,460.29 $1,449.77
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 46,519.26 $46,230.81
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 37,610.42 $37,377.21
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 484,387.5 $444,349.81
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 473,287.91 $446,804.59
FEDERAL NATL MTG ASSN MA5043 5.00000 06/01/2038 US 500,464.71 $499,203.34
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 456,721.89 $407,951.55
FEDERAL NATL MTG ASSN SD8276 5.00000 12/01/2052 US 580,367.31 $571,197.88
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 502,430.73 $443,390.50
FEDEX CORPORATION US FDX 35.53 $7,743.92
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 85,446.4 $84,206.23
FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 25,357.55 $24,309.42
FHLM POOL C91746 4.50000 12/01/2033 US 3,901.25 $3,881.82
FHLM POOL FG G08734 4.00000 11/01/2046 US 3,600.94 $3,456.43
FHLM POOL G03332 6.00000 10/01/2037 US 2,676.4 $2,832.62
FHLM POOL G05900 6.00000 03/01/2040 US 5,717.89 $6,050.95
FHLM POOL G05906 6.00000 04/01/2040 US 6,300.09 $6,667.07
FHLM POOL G06789 6.00000 05/01/2040 US 14,698.8 $15,554.98
FHLM POOL G06995 6.00000 05/01/2040 US 16,823.4 $17,803.34
FHLM POOL G13331 5.50000 10/01/2023 US 80.01 $79.70
FHLM POOL G60034 4.50000 02/01/2045 US 131,752.34 $130,705.83
FHLM POOL Q93451 4.50000 08/01/2040 US 44,033.06 $43,713.31
FHLM POOL SD8230 4.50000 06/01/2052 US 423,306.2 $409,229.77
FHR 5189 CP 2.50000 06/25/2049 US 213,033.75 $184,536.79
FIFTH THIRD BANCORP US FITB 183.62 $4,456.38
FINECOBANK SPA IT FBK IM 2,671.84 $35,690.93
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 1,183.91 $17,829.65
FLX 2021-1A A2 3.25000 11/27/2051 US 412,606.73 $365,569.56
FMC CORP US FMC 4,513.46 $469,761.36
FN DS2696 3.00000 12/01/2051 US 328,045.88 $292,989.89
FN MA4733 4.50000 09/01/2052 US 316,513.4 $305,989.04
FN MA4807 MTGE 5.50000 11/01/2052 US 388,800.37 $388,371.21
FN MA4868 MTGE 5.00000 01/01/2053 US 498,073.02 $490,204.64
FN MA4934 MTGE 5.00000 02/01/2043 US 686,349.11 $679,937.39
FNR 2018-31 KP 3.50000 07/25/2047 US 5,640.88 $5,453.04
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 294,019.95 $279,087.63
FREDDIE MAC POOL RB5167 3.50000 07/01/2042 US 170,438.49 $158,881.38
FREDDIE MAC POOL RB5188 4.00000 10/01/2042 US 171,257.17 $163,780.00
GENERAL DYNAMICS CORP US GD 54.45 $11,117.22
GENERAL MLS INC US GIS 132.57 $11,157.40
GENUINE PARTS CO US GPC 42.06 $6,264.23
GETTY REALTY CORP US GTY 898.81 $30,802.23
GILEAD SCIENCES INC US GILD 219.83 $16,913.54
GNMA POOL 660997 5.50000 05/15/2037 US 4,923.59 $5,080.79
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 45,236 $41,450.42
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 45,398.64 $42,453.89
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 138,435.28 $116,595.43
GREENIDGE GEN HLD INC US 1,837.49 $8,728.08
GSMBS 2021-INV1 A6 2.50000 12/25/2051 US 134,017.1 $115,376.82
GSMBS 2021-INV1 A9 5.00000 12/25/2051 US 102,424.06 $94,762.03
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 307,902.35 $265,525.70
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 186,068.45 $160,383.43
GSMBS 2022-PJ1 A8 2.50000 05/28/2052 US 165,498.81 $142,308.45
HALLIBURTON CO US HAL 165.11 $4,730.28
HARTFORD FINL SVCS US HIG 61.39 $4,206.10
HAWAII ST 2.68200 10/01/2038 US 260,654.02 $197,878.41
HDFC BANK LTD-ADR IN HDB 676.62 $43,574.64
HEALTHCARE REALTY TRUST INC US HR 2,044.3 $38,044.34
HEINEKEN NV NL HEIA NA 510.86 $51,688.39
HEINEKEN NV-SPN ADR NL HEINY 7,156.65 $361,697.25
HELIOS TOWERS PLC GB HTWS LN 11,421.26 $12,864.84
HOME DEPOT INC US HD 120.05 $34,028.21
HONEYWELL INTERNATIONAL INC US HON 107.66 $20,628.33
HOTWIRE FUNDING LLC 5.68700 05/20/2053 US 515,624.45 $512,789.34
HUNTINGTON BANCSHARES US HBAN 309.39 $3,189.82
IDEXX LABORATORIES INC US IDXX 762.85 $354,550.39
IMCD NV NL IMCD NA 115.83 $17,460.43
IMPRL 2021-NQM3 1.59500 11/25/2056 US 217,005.83 $182,105.47
INTERCONTINENTALEXCHANGE INC US ICE 2,284.48 $242,041.04
INTERMEDIATE CAPITAL GROUP GB ICP LN 1,183.37 $20,539.60
INTERNATIONAL BUSINESS MACH CORP US IBM 103.17 $13,266.97
INTERNATIONAL FLVRS & FRAGRANCES US IFF 58.94 $4,555.40
INTUIT INC US INTU 561.11 $235,174.22
INTUITIVE SURGICAL INC US ISRG 835.52 $257,205.67
INVITATION HOMES INC US INVH 1,174.37 $39,787.59
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 59,293.39 $56,710.47
JM SMUCKER CO/THE-NEW COM WI US SJM 34.44 $5,048.53
JOHNSON & JOHNSON US JNJ 4,969.28 $770,537.17
JP MORGAN CHASE & CO US JPM 279.72 $37,960.23
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 42,437.5 $40,111.27
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 623,847.98 $602,198.49
KELLOGG CO US K 66.01 $4,407.68
KEYENCE CORP JP 6861 JP 54.79 $26,560.68
KEYWORDS STUDIOS PLC IE KWS LN 502.29 $12,152.88
KIMBERLY CLARK DE MEXICO S.A.B. MX KIMBERA MM 25,305.42 $51,715.25
KRAFT HEINZ CO/THE US KHC 184.98 $7,069.82
L'OREAL FR OR FP 23.55 $10,082.92
L3HARRIS TECHNOLOGIES INC US LHX 1,769.49 $311,289.00
LEXINGTON REALTY TRUST US LXP 2,666.69 $27,573.55
LIFE STORAGE INC US LSI 271.02 $34,524.95
LINDE PLC IE LIN 80.58 $28,498.39
LOCKHEED MARTIN CORP US LMT 41.65 $18,493.30
LULULEMON - ADR CA LULU 105.22 $34,924.85
MARATHON OIL CORP US MRO 139.66 $3,094.81
MARATHON PETROLEUM CORP US MPC 86.3 $9,053.23
MASCO CORP US MAS 10,056.36 $485,923.47
MASTERCARD INC-CLASS A US MA 2,377.73 $867,918.58
MEDTRONIC INC IE MDT 6,825.93 $564,913.88
MERCADOLIBRE INC BR MELI 26.54 $32,888.12
MERCK & CO INC US MRK 312.8 $34,535.76
META PLATFORMS INC US META 3,389.07 $897,154.87
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 229,442.61 $12,187.94
MICROCHIP TECHNOLOGY INC US MCHP 106.17 $7,990.10
MICRON TECHNOLOGY INC US MU 11,988.54 $817,618.62
MICROSOFT CORP US MSFT 1,663.85 $546,392.74
MID-AMERICA APARTMENT COMM US MAA 227.86 $33,509.15
MONARCH CASINO & RESORT INC US MCRI 206.2 $13,380.23
MONDELEZ INTERNATIONAL INC US MDLZ 6,875.77 $504,750.25
MOODY'S CORPORATION US MCO 1,384.27 $438,646.22
NAVIENT CORP 6.75000 06/25/2025 US 79,203.28 $77,067.99
NESTLE S.A. - ADR CH NSRGY 2,943.6 $349,494.00
NESTLE SA-REGISTERED CH NESN SW 498.04 $59,035.44
NETAPP INC US NTAP 69.55 $4,614.96
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 283,452.04 $254,999.88
NEWMONT GOLDCORP CORP US NEM 2,293.88 $93,016.70
NIKE INC CLASS B US NKE 2,011.77 $211,759.22
NORFOLK SOUTHN CORP US NSC 41.24 $8,585.29
NORTHROP GRUMMAN CORP US NOC 801.99 $349,257.60
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 87,716.59 $8.77
NOVARTIS AG- REG CH NVS 3,057.65 $294,298.56
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 63,871.66 $58,409.06
NRZT 2015-2A A1 3.75000 08/25/2055 US 72,659.67 $67,860.37
NRZT 2016-4A A1 3.75000 11/25/2056 US 122,659.7 $112,843.96
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 139,673.52 $125,962.13
OASIS 2023-1A 7.00000 02/15/2035 US 220,549.93 $218,824.88
OBX 2022-INV1 A1 3.00000 12/25/2051 US 170,899.01 $143,604.66
ODFJELL DRILLING LTD 9.25000 05/31/2028 BM 107,628.9 $108,167.05
OMNICOM GROUP US OMC 63.43 $5,593.88
OXFIN 2019-1A A2 4.45900 02/15/2027 US 48,934.35 $48,548.40
OXFIN 2020-1A A2 3.10100 02/15/2028 US 128,740.99 $127,520.53
OXFIN 2022-1A 3.60200 02/15/2030 US 377,919.81 $347,181.86
OXFIN 2023-1A A2 6.71600 02/15/2031 US 403,891.18 $400,742.81
PACKAGING CORP OF AMERICA US PKG 29.54 $3,663.60
PARAMOUNT GLOBAL CLASS B US PARA 174.09 $2,647.87
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 331,277.13 $312,751.59
PEAR 2022-1 A1 6.50000 10/15/2034 US 85,869.35 $85,732.87
PELORUS FUND REIT 7.00000 09/30/2026 US 35,274.29 $33,046.63
PEPSICO INC 3.90000 07/18/2032 US 477,964.01 $461,617.11
PFIZER INC US PFE 589.11 $22,397.83
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 370,974.95 $299,325.30
PFMT 2021-2 A2A 2.00000 04/25/2051 US 228,389.87 $194,225.19
PHILLIPS 66 US PSX 68.33 $6,259.87
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 29,801.12 $26,957.13
POPULAR INC 6.12500 09/14/2023 PR 77,882.3 $77,492.88
PPG INDUSTRIES INC US PPG 47.91 $6,290.42
PROLOGIS US PLD 1,431.18 $178,253.43
PUBLIC STORAGE INC US PSA 215.19 $60,963.36
QUALCOMM 5.40000 05/20/2033 US 169,086.48 $176,811.98
QUALCOMM INC US QCOM 174.77 $19,820.92
QUALCOMM INC 4.25000 05/20/2032 US 301,341.57 $293,134.25
QUEST DIAGNOSTICS INC US DGX 37.02 $4,911.07
RAYTHEON TECHNOLOGIES CORP US RTX 157.62 $14,523.18
RCKT 2021-6 A1 2.50000 12/25/2051 US 375,177.17 $302,731.40
REALTY INCOME CORP US O 575.66 $34,217.42
REGIONS FINANCIAL CORP. US RF 277.53 $4,793.01
RENAISSANCERE HOLDINGS LTD BM RNR 175.73 $33,102.46
RENTOKIL INITIAL PLC GB RTO LN 5,323.61 $42,347.08
RENTOKIL INITIAL PLC-SP ADR GB RTO 6,269.51 $249,087.66
RESTAURANT BRANDS INTERN CA QSR 407.52 $29,712.62
REXFORD INDUSTRIAL REALITY IN US REXR 728.72 $39,671.78
S&P GLOBAL INC US SPGI 470.93 $173,032.27
SALESFORCE INC US CRM 1,420.77 $317,370.67
SBA COMMUNICATIONS CORP US SBAC 225.83 $50,083.53
SBA TOWER TRUST 1.88400 01/15/2026 US 236,964.05 $214,008.70
SBA TOWER TRUST 6.59900 01/15/2028 US 380,559.37 $393,813.18
SCHLUMBERGER LTD NL SLB 195.05 $8,354.19
SCML 2019-SBC8 2.86000 04/25/2041 US 141,188.98 $130,154.43
SEMT 2013-2 1.87400 02/25/2043 US 30,747.36 $26,786.20
SEMT 2013-6 A2 3.00000 05/25/2043 US 69,314.56 $59,692.32
SEMT 2013-7 A2 3.00000 06/25/2043 US 34,463.07 $30,469.13
SEMT 2013-8 A1 3.00000 06/25/2043 US 40,770.98 $36,205.79
SERVICENOW INC US NOW 958.26 $522,041.24
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 834,504.28 $678,064.29
SKYWORKS SOLUTIONS INC US SWKS 41.24 $4,268.72
SLMA 2006-10 A6 FLT 5.40514 03/25/2044 US 22,052.78 $20,924.39
SMB 2015 B A3 6.85743 05/17/2032 US 33,453.13 $33,449.94
SMB 2019-B A2A 2.84000 06/15/2037 US 103,236.49 $95,315.29
SMB 2020-BA A1A 1.29000 07/15/2053 US 205,425.52 $179,493.75
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 38,966.74 $37,679.45
SONY CORP FIRST SECTION JP 6758 JP 571.39 $53,585.06
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 215,393.47 $194,529.27
SORT 2020-1 A2 1.99000 07/15/2060 US 176,560.15 $148,426.72
SOUTH CAROLINA ST PUBLIC SVC 1.85200 12/01/2026 US 76,617.31 $68,599.91
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 105,469.55 $91,425.72
SRPT 2014-STAR A FLTG RATE 6.57800 11/15/2027 US 440,558.29 $321,601.40
STAG INDUSTRIAL INC US STAG 529.38 $18,422.25
STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 75,402.08 $68,512.24
SUN COMMUNITIES US SUI 435.02 $55,086.31
SYNCHRONOSS TECH US 2,434.26 $45,033.90
SYSCO CORP US SYY 83.16 $5,817.34
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 5,091.8 $502,000.38
TE CONNECTIVITY LIMITED CH TEL 62.34 $7,635.88
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 2,856.94 $26,457.65
TENCENT HOLDINGS 3.97500 04/11/2029 KY 1,034,007.71 $974,381.73
TENCENT HOLDINGS LTD CN 700 HK 1,130.06 $44,721.19
TERRENO REALTY CORP US TRNO 606.66 $37,206.41
TEXAS INSTRUMENTS INC US TXN 111.07 $19,312.57
THERMO FISHER SCIENTIFIC INC US TMO 452.56 $230,109.24
TOKYO ELECTRON LTD JP 8035 JP 164.37 $22,354.98
TPMT 2016-5 A1 2.50000 10/25/2056 US 35,774.49 $35,141.71
TPMT 2017-1 A1 2.75000 10/25/2056 US 16,430.06 $16,155.78
TPMT 2019-HY1 A1 6.13800 10/25/2048 US 54,153.67 $53,671.35
TRAVELLERS COS INC US TRV 53.63 $9,075.72
TREASURY BILL 0.00000 05/16/2024 US 4,067,096.1 $3,872,268.82
TREASURY BOND 2.37500 02/15/2042 US 2,038,849.66 $1,592,532.73
TREASURY NOTE 2.25000 11/15/2027 US 3,745,539.7 $3,503,542.74
TRUIST FINANCIAL CORP US TFC 205.4 $6,258.42
TYSON FOODS INC -CL A US TSN 85.35 $4,321.93
U.S. BANCORP US USB 276.45 $8,265.79
UDR INC US UDR 1,010.51 $40,087.12
UNILEVER PLC - ADR GB UL 12,500.32 $624,265.93
UNION PAC CORP US UNP 1,347 $259,323.97
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 13,023.66 $12,257.85
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 70,878.61 $63,929.18
UNITED PARCEL SERVICE US UPS 104.13 $17,389.96
US CLAIMS LIT FNDG LLC 10.25000 03/17/2028 US 34,243.36 $32,776.82
US TEASURY NOTE 1.75000 11/15/2029 US 3,883,592.81 $3,461,555.52
US TREASURY N/B 0.87500 11/15/2030 US 2,639,478.2 $2,170,970.82
US TREASURY N/B 1.37500 11/15/2031 US 542,926.12 $453,852.30
US TREASURY N/B 2.00000 11/15/2026 US 3,713,492.34 $3,478,788.04
US TREASURY N/B 2.25000 11/15/2025 US 1,446,481.99 $1,380,712.26
US TREASURY N/B 3.12500 11/15/2028 US 5,746,075.87 $5,559,777.34
US TREASURY N/B 3.62500 02/15/2053 US 544,469.43 $521,414.55
VALERO ENERGY US VLO 54.45 $5,828.13
VENTAS INC US VTR 450.79 $19,447.07
VERTEX PHARMACEUTICALS INC US VRTX 1,026.29 $332,075.13
VISA INC - CLASS A SHARES US V 2,785.62 $615,705.62
VISTRA OPERATIONS 4.87500 05/13/2024 US 409,816.09 $403,945.48
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 117,460.77 $113,618.30
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 649,385.47 $593,366.24
WELLS FARGO COMPANY US WFC 392.42 $15,622.17
WELLTOWER INC. US WELL 442.08 $32,983.73
WIN 2015-1 A1 3.50000 01/20/2045 US 21,913.53 $19,981.06

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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