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

$13.57

Daily $ Change

$0.01

Daily % Change

0.07%

as of 11/25/2022

CUSIP

56382R860

Inception Date

05/14/2015

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

Important Documents

Annual Report
Applications & Forms

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

Performance

As of 10/31/2022

YTD

-15.87%

1 Year

-15.28%

3 Year

2.54%

5 Year

3.79%

10 Year

5.19%

Inception
(01/01/2000)

6.28%

Performance through the inception date of the Retirement Target CIT Class U1 units is based on the historical performance of the CIT’s oldest unit class. Performance through the inception date of the oldest unit class (01/06/2005) is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. Returns are net of the Class U1 expenses. The Retirement Target CIT Fund will gradually become more conservative over time. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.51%
Net 0.49%*

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

Top Ten Investments

As of 10/31/2022

TREASURY NOTES 17.07%
TREASURY BONDS 12.48%
GOVERNMENT AGENCY 8.24%
AMAZON.COM INC 1.41%
JOHNSON & JOHNSON 1.34%
FMC CORP 1.26%
TENCENT HOLDINGS 3.97500 04/11/2029 1.26%
MICROSOFT CORP 1.18%
INTERCONTINENTALEXCHANGE INC 1.13%
MASTERCARD INC-CLASS A 1.12%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 10/31/2022

Bonds 63.09%
Stocks 32.19%
Cash 4.72%

Detailed Asset Class Allocation

As of 10/31/2022

International Equities 7.87%
Small Capitalization 0.52%
Mid Capitalization 2.85%
Large Capitalization 20.95%
Long Term Fixed Income 16.20%
Intermediate Term Fixed Income 39.67%
Short Term Fixed Income 7.22%
Cash 4.72%

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

October Fund Holdings

As of 10/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 130.95 $12,955.85
ACTIVISION INC US ATVI 3,504.36 $255,117.11
ADIDAS AG-SPONSORED ADR DE ADDYY 4,700.83 $229,212.48
ADMIRAL GROUP PLC GB AMIGY 9,627.13 $222,290.55
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 116,232.12 $93,876.65
ADYEN NV UNSPON ADR NL ADYEY 17,382.31 $249,783.86
AGREE REALTY CORP US ADC 288.18 $19,797.99
AIR LIQUIDE-ADR FR AIQUY 13,783.66 $360,304.90
AIR LEASE CORP 3.62500 04/01/2027 US 266,494.22 $234,746.51
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 24,415.85 $24,163.31
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 564,617.55 $384,194.77
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 151,827.91 $109,153.06
ALLSTATE CORPORATION US ALL 56.03 $7,074.34
ALPHABET INC-CL A US GOOGL 7,397.93 $699,177.96
AMAZON.COM INC US AMZN 9,408.62 $963,818.58
AMAZON.COM INC 3.30000 04/13/2027 US 520,307.74 $488,087.14
DIAGEO PLC GB DGE LN 1,179.83 $48,553.14
BAE SYSTEMS PLC GB BA/ LN 4,617.19 $43,187.23
AMERICAN HOMES 4 RENT- A US AMH 1,520.15 $48,553.64
AMERICAN TOWER REIT INC US AMT 132.28 $27,408.08
ANALOG DEVICES INC US ADI 75.35 $10,746.58
APPLE HOSPITALITY REIT INC US APLE 1,996.28 $34,176.35
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 29,417.33 $29,557.57
ARCHER-DANIELS-MIDLAND CO US ADM 86.08 $8,348.21
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 255,429.25 $222,535.41
AUTOMATIC DATA PROCESSING US ADP 51.93 $12,550.64
AVALONBAY COMMUNITIES INC US AVB 212.16 $37,153.45
BAE SYSTEMS PLC -SPON ADR GB BAESY 6,920.41 $258,408.12
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 242,960.36 $224,741.56
BANK OF AMERICA CORP 2.68700 04/22/2032 US 433,320.5 $334,020.08
BARRICK GOLD CORP CA GOLD 8,340.57 $125,358.73
BAXTER INTERNATIONAL INC US BAX 65.87 $3,579.80
BEST BUY INC US BBY 52.94 $3,621.74
BIOMARIN PHARMACEUTICAL INC US BMRN 3,857.97 $334,215.65
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 230,385.56 $197,648.49
DECHRA PHARMACEUTICALS PLC GB DPH LN 941.44 $28,301.81
BRANDYWINE REALTY TRUST US BDN 1,484.01 $9,735.09
BRISTOL MYERS SQUIBB CO US BMY 225.11 $17,439.03
BROADRIDGE FINANCIAL SOLUTIONS US BR 25.73 $3,861.39
JONAH ENERGY PARENT LLC US 1,138.6 $37,778.62
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 214,662.37 $188,646.04
SORT 2020-1 A2 1.99000 07/15/2060 US 177,607.88 $144,906.12
C.H. ROBINSON WORLDWIDE INC US CHRW 34.57 $3,378.32
CIM 2019-INV1 A1 4.00000 02/25/2049 US 7,597.83 $7,269.71
COMM 2014-UBS4 A5 3.69400 08/10/2047 US 581,659.74 $558,343.47
COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 323,144.3 $305,295.62
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 55,322.78 $47,249.88
COTERRA ENERGY INC US CTRA 128.57 $4,002.39
CAMDEN PROPERTY TRUST US CPT 234.59 $27,107.14
CAMPBELL SOUP CO US CPB 73.51 $3,889.17
CANADIAN NATIONAL RAILWAY CO CA CNI 2,498.07 $295,871.39
CARETRUST REIT INC US CTRE 1,652.83 $30,874.86
CATERPILLAR INC US CAT 68.15 $14,751.88
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 1,424.92 $23,411.47
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 266,107.53 $261,615.85
CHARTER COMMUNICATIONS INC-A US CHTR 836.94 $307,674.60
CHEVRON CORP US CVX 125.02 $22,615.34
CINCINNATI FINANCIAL CORP US CINF 34.92 $3,607.67
CISCO SYSTEMS INC US CSCO 425.68 $19,338.69
CITIGROUP INC US C 261.82 $12,007.20
CITIGROUP INC 1.46200 06/09/2027 US 414,862.24 $352,310.13
CLARK CNTY NV 1.51000 11/01/2028 US 477,140.14 $385,342.18
COCA COLA CO/THE US KO 7,469.26 $447,035.43
COLGATE-PALMOLIVE CO US CL 125.25 $9,248.27
COMCAST CORP-CL A US CMCSA 458.96 $14,567.44
CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 28,962.35 $25,788.16
COMMUNITY HEALTHCARE TRUST I US CHCT 504.88 $17,468.98
CONAGRA BRAND INC. US CAG 113.92 $4,180.73
CONOCOPHILLIPS US COP 115.81 $14,602.20
CONTROLADORA VUELA CIA DE AV MX VLRS 1,579.91 $13,239.65
COPART INC US CPRT 2,034.28 $233,983.04
COUSINS PROPERTIES INC US CUZ 1,157.46 $27,501.23
CAALT 2021-3A B MTGE 1.38000 07/15/2030 US 315,065.69 $287,439.83
CAALT 2021-2A A 0.96000 02/15/2030 US 147,532.96 $140,190.05
CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 330,878 $275,359.09
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 31,656.91 $26,586.28
CUMMINS INC US CMI 27.86 $6,810.98
COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 246,877.12 $208,325.02
KIMBERLY CLARK DE MEXICO S.A.B. MX 32,286.59 $50,875.06
DEVON ENERGY CORPORATION US DVN 85.25 $6,594.17
DIAMONDBACK ENERGY INC US FANG 27.35 $4,296.65
DIGITAL REALTY TRUST INC US DLR 362.54 $36,344.55
DOLLAR TREE STORES INC US DLTR 1,815.61 $287,773.71
DOW INC US DOW 90.91 $4,248.95
DREYFUS GVT CSH MANAGEMENT US 3,389,553.29 $3,389,553.29
EOG RESOURCES INC US EOG 63.4 $8,654.89
EASTMAN CHEM CO US EMN 31.96 $2,455.11
EBAY INC US EBAY 81.65 $3,252.97
ELECTRONIC ARTS US EA 2,121.59 $267,235.81
EMERSON ELEC CO US EMR 93.12 $8,064.26
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 547,986.81 $501,843.75
EQUINIX INC US EQIX 603.49 $341,843.53
EQUITY LIFESTYLE PROPERTIES US ELS 701.33 $44,857.10
ESSEX PROPERTY TRUST INC US ESS 93.38 $20,751.75
EVERGY INC US EVRG 4,991.75 $305,145.84
EXPEDIA GROUP INC 3.25000 02/15/2030 US 274,801.27 $221,387.45
EXTRA SPACE STORAGE INC US EXR 101.78 $18,059.04
FMC CORP US FMC 7,242.8 $861,168.79
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 82,842.04 $83,039.24
FREMF 2013-K28 X2A 0.10000 06/25/2046 US 13,931,386.52 $1,569.09
META PLATFORMS INC US META 2,545.29 $237,119.02
FHLM POOL G03332 6.00000 10/01/2037 US 3,531.62 $3,665.48
FHLM POOL G05900 6.00000 03/01/2040 US 7,254.35 $7,529.30
FHLM POOL G05906 6.00000 04/01/2040 US 7,427.75 $7,709.28
FHLM POOL G06789 6.00000 05/01/2040 US 10,904.26 $11,317.56
FHLM POOL G06995 6.00000 05/01/2040 US 21,129.69 $21,930.55
FHLM POOL G13331 5.50000 10/01/2023 US 375.12 $375.35
FHLM POOL G12988 6.00000 01/01/2023 US 1.43 $1.42
FHLM POOL G13078 6.00000 03/01/2023 US 8.18 $8.16
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 91,975.27 $88,059.59
FHLM POOL FG G08734 4.00000 11/01/2046 US 2,675.83 $2,481.12
FHLM POOL C91746 4.50000 12/01/2033 US 2,996.26 $2,950.37
FHLM POOL Q93451 4.50000 08/01/2040 US 33,097.76 $32,045.55
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 476,163.69 $408,495.58
FHLM POOL SD8230 4.50000 06/01/2052 US 427,256.26 $400,921.78
FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 18,880.64 $17,500.60
FHLM POOL G60034 4.50000 02/01/2045 US 169,222.91 $163,549.53
FREDDIE MAC POOL RB5167 3.50000 07/01/2042 US 123,554.27 $110,638.19
FREDDIE MAC POOL RB5188 4.00000 10/01/2042 US 124,403.84 $114,863.48
FNR 2018-31 KP 3.50000 07/25/2047 US 8,159.55 $7,842.61
FHMS K030 X1 FLT 0.14022 04/25/2023 US 10,518,926.78 $3,548.56
FHMS K032 X1 FLT 0.06404 05/25/2023 US 7,147,840 $2,283.81
FHR 5189 CP 2.50000 06/25/2049 US 261,575.92 $221,698.26
FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 17,861.05 $17,271.99
FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 12,190.43 $11,788.38
FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 5,205.04 $5,033.38
FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 6,351.3 $6,141.83
FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 93,338.48 $90,260.17
FEDERAL NATL MTG ASSN AL8674 FLT 5.65600 01/01/2049 US 211,112.54 $217,592.78
FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 50,971.77 $49,212.27
FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 813.33 $859.85
FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 23,847.15 $21,375.13
FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 22,009.99 $20,388.06
FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 78,745.78 $72,942.97
FEDERAL NATL MTG ASSN BK0433 3.50000 12/01/2049 US 129,366.19 $113,922.54
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 455,969.91 $408,591.58
FN DS2696 3.00000 12/01/2051 US 408,539.7 $349,921.46
FEDERAL NATL MTG ASSN FS2998 3.50000 04/01/2052 US 129,091.34 $114,991.43
FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US .31 $0.31
FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 21,553.37 $22,345.97
FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 593.2 $619.94
FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 282.34 $292.72
FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 2,371.5 $2,517.28
FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 1,462.94 $1,516.74
FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 394.37 $408.53
FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 896.47 $928.65
FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 46.17 $45.93
FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 254.78 $253.46
FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 576.84 $576.96
FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 299.2 $299.26
FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 1,070.41 $1,036.78
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 50,318.19 $48,441.61
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 42,216.93 $40,642.49
FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 21,066.58 $20,149.41
FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 31,100.97 $28,562.81
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 523,008.11 $440,853.70
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 495,975.35 $436,260.40
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 487,975.13 $444,028.41
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 487,830.62 $450,340.62
FN MA4733 4.50000 09/01/2052 US 385,069.99 $361,317.93
FN MA4807 MTGE 5.50000 11/01/2052 US 402,164.91 $396,910.01
FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 10,580.97 $10,970.07
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 7,273.06 $7,545.60
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 262.28 $264.62
FEDERAL NATL MTG ASSN AE0951 4.50000 02/01/2041 US 30,432.07 $29,435.05
FIFTH THIRD BANCORP US FITB 147.01 $5,246.75
FLX 2021-1A A2 3.25000 11/27/2051 US 401,462.95 $342,792.11
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 287,025.08 $264,455.45
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 275,973.95 $234,128.07
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 188,395.9 $159,824.34
GSMBS 2021-INV1 A6 2.50000 12/25/2051 US 166,393.16 $141,133.24
GSMBS 2021-INV1 A9 3.84682 12/25/2051 US 74,161.49 $66,862.50
GSMBS 2022-PJ1 A8 2.50000 05/28/2052 US 200,311.63 $169,628.75
GNMA POOL 660997 5.50000 05/15/2037 US 3,526.91 $3,615.62
GENERAL DYNAMICS CORP US GD 41.77 $10,434.65
GENERAL MLS INC US GIS 92.73 $7,564.84
GENUINE PARTS CO US GPC 32.77 $5,828.71
GETTY REALTY CORP US GTY 672.14 $21,165.53
GILEAD SCIENCES INC US GILD 188.55 $14,793.84
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 169,811.34 $136,853.85
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 45,009.93 $42,005.45
GREENIDGE GEN HLD INC US 1,836.69 $10,744.63
GRUPO AEROPORTUARIO PAC-ADR MX PAC 53.91 $8,359.45
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 37.69 $8,796.90
AIRBUS SE FR AIR FP 239.65 $25,930.50
ADIDAS AG DE ADS GR 313.68 $30,619.99
HCA INC 4.12500 06/15/2029 US 374,714.28 $330,270.10
HDFC BANK LTD-ADR IN HDB 521.52 $32,496.16
L'OREAL FR OR FP 30.79 $9,667.18
HAWAII ST 2.68200 10/01/2038 US 259,117.57 $176,140.56
HEALTHCARE REALTY TRUST INC US HR 1,737.88 $35,331.00
HEINEKEN NV-SPN ADR NL HEINY 4,909.54 $204,924.03
HOME DEPOT INC US HD 92.04 $27,254.95
HONEYWELL INTERNATIONAL INC US HON 81.58 $16,644.42
IDEXX LABORATORIES INC US IDXX 705.07 $253,598.39
KERRY GROUP PLC-A IE KYGA ID 293.3 $25,474.83
ILLINOIS TOOL WKS INC US ITW 48 $10,250.11
IMPRL 2021-NQM3 1.59500 11/25/2056 US 219,621.41 $174,118.08
INDEPENDENCE REALTY TRUST IN US IRT 744.1 $12,471.06
INTEL CORP US INTC 448.13 $12,740.42
INTERCONTINENTALEXCHANGE INC US ICE 8,121.85 $776,205.23
INTERNATIONAL FLVRS & FRAGRANCES US IFF 47.86 $4,672.04
INTUITIVE SURGICAL INC US ISRG 1,211.2 $298,523.29
INVITATION HOMES INC US INVH 1,280.3 $40,572.68
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 57,218.94 $53,412.58
JP MORGAN CHASE & CO US JPM 257.92 $32,467.46
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 52,052.2 $47,790.82
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 618,833.48 $559,546.70
JOHNSON & JOHNSON US JNJ 5,286.59 $919,707.70
KREF 2021-FL2 A 4.48214 02/15/2039 US 73,766.48 $70,803.30
KEYCORP US KEY 158.59 $2,834.09
KROGER CO US KR 129.84 $6,140.13
L3HARRIS TECHNOLOGIES INC US LHX 1,146.29 $282,527.06
BEIERSDORF AG DE BEI GR 477.1 $45,799.16
LENNAR CORP US LEN 45.88 $3,702.50
LIFE STORAGE INC US LSI 263.9 $29,190.39
LOCKHEED MARTIN CORP US LMT 32.91 $16,016.66
LULULEMON - ADR CA LULU 54.23 $17,845.23
MAGALLANES INC 4.05400 03/15/2029 US 642,595.78 $546,253.19
MARATHON PETROLEUM CORP US MPC 65.57 $7,449.55
MARRIOTT VACATIONS WORLD US VAC 86.17 $12,733.19
MASTERCARD INC-CLASS A US MA 2,334.32 $766,075.77
MCDONALDS CORP US MCD 57.33 $15,630.77
MERCADOLIBRE INC BR MELI 43.76 $39,451.78
MERCK & CO INC US MRK 242.46 $24,537.16
MICROSOFT CORP US MSFT 3,480.36 $807,894.94
MICROCHIP TECHNOLOGY INC US MCHP 76.69 $4,734.81
MID-AMERICA APARTMENT COMM US MAA 247.54 $38,975.06
MONDELEZ INTERNATIONAL INC US MDLZ 9,584.8 $589,273.39
MOODY'S CORPORATION US MCO 1,527.59 $404,612.76
MOTOROLA SOLUTIONS INC US MSI 29.01 $7,243.95
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 179,246.61 $158,219.11
NAVIENT CORP 6.75000 06/25/2025 US 81,340.54 $77,778.79
NESTLE S.A. - ADR CH NSRGY 3,271.1 $355,601.71
NETAPP INC US NTAP 52.3 $3,622.50
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 65,661.98 $60,190.32
NRZT 2015-2A A1 3.75000 08/25/2055 US 74,664.18 $68,358.22
NRZT 2016-4A A1 3.75000 11/25/2056 US 130,866.94 $119,164.40
KEYENCE CORP JP 6861 JP 99.23 $37,415.32
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 129,322.03 $122,804.19
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 279,648.43 $236,838.98
NEWMONT GOLDCORP CORP US NEM 4,000.07 $169,282.78
NIKE INC CLASS B US NKE 2,239.74 $207,579.34
NORFOLK SOUTHN CORP US NSC 1,127.06 $257,049.10
NIKON CORP JP 7731 JP 1,783.98 $17,253.11
NORTHROP GRUMMAN CORP US NOC 619.03 $339,851.90
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 86,293.6 $8.63
NOVARTIS AG- REG CH NVS 7,573.27 $614,419.67
NUCOR CORP US NUE 46.53 $6,112.60
OBX 2022-INV1 A1 3.00000 12/25/2051 US 208,731.36 $166,743.90
OMNICOM GROUP US OMC 52.07 $3,787.75
SONY CORP FIRST SECTION JP 6758 JP 424.66 $28,636.56
TOKYO ELECTRON LTD JP 8035 JP 48.47 $12,752.73
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 262,349.01 $225,698.20
OXFIN 2020-1A A2 3.10100 02/15/2028 US 201,824.78 $199,417.29
OXFIN 2019-1A A2 4.45900 02/15/2027 US 52,640.83 $52,075.46
OXFIN 2022-1A 3.60200 02/15/2030 US 372,633.36 $339,967.24
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 36,747.28 $32,125.31
PPG INDUSTRIES INC US PPG 31.48 $3,594.24
PACKAGING CORP OF AMERICA US PKG 23.75 $2,854.72
PARKER HANNIFIN CORP US PH 17.38 $5,050.37
DEUTSCHE BOERSE AG DE DB1 GR 249.11 $40,509.83
PAYPAL HOLDINGS INC US PYPL 3,428.34 $286,540.32
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 395,982.93 $371,073.82
PEAR 2022-1 A1 6.50000 10/15/2034 US 177,205.93 $176,888.20
PELORUS FUND REIT 7.00000 09/30/2026 US 28,250.17 $25,436.56
NESTLE SA-REGISTERED CH NESN SW 643.1 $70,007.21
PEPSICO INC 3.90000 07/18/2032 US 473,468.46 $437,966.61
PFIZER INC US PFE 379 $17,642.22
PIONEER NATURAL RESOURCES CO US PXD 27.53 $7,059.60
POPULAR INC 6.12500 09/14/2023 PR 80,418.46 $80,405.05
PROCTER & GAMBLE CO US PG 204.01 $27,474.63
PROLOGIS US PLD 1,579.88 $174,971.98
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 368,886.68 $282,527.17
PFMT 2021-2 A2A 2.00000 04/25/2051 US 227,909.91 $190,739.54
PUBLIC STORAGE INC US PSA 210.98 $65,352.07
QUALCOMM INC US QCOM 131.16 $15,431.75
QUALCOMM INC 4.25000 05/20/2032 US 490,082.56 $459,315.25
QUEST DIAGNOSTICS INC US DGX 30.28 $4,349.61
RCKT 2021-6 A1 2.50000 12/25/2051 US 404,894.08 $310,766.57
RADIUS GLOBAL INFRASTRUCTURE US RADI 4,585.2 $42,871.61
REGIONS FINANCIAL CORP. US RF 208.21 $4,570.25
REPUBLIC SERVICES INC US RSG 54.86 $7,275.23
RESTAURANT BRANDS INTERN CA QSR 409.64 $24,324.51
REXFORD INDUSTRIAL REALITY IN US REXR 827.89 $45,765.95
GETINGE AB-B SHS SE GETIB SS 2,020.81 $41,008.30
ROSS STORES INC US ROST 47.86 $4,580.14
HEINEKEN NV NL HEIA NA 461.15 $38,521.97
RYANAIR HOLDINGS - ADR IE RYAAY 280.69 $19,336.58
SBA TOWER TRUST 1.88400 01/15/2026 US 279,519.82 $244,522.96
S&P GLOBAL INC US SPGI 514.53 $165,293.01
SBA COMMUNICATIONS CORP US SBAC 2,446.02 $660,180.22
SLMA 2006-10 A6 FLT 4.50843 03/25/2044 US 17,430.11 $16,145.46
SMB 2015 B A3 5.16214 05/17/2032 US 77,837.53 $77,991.15
SMB 2020-BA A1A 1.29000 07/15/2053 US 234,444.1 $205,144.44
SOFI 2017-D A2FX 2.65000 09/25/2040 US 30,506.33 $29,003.05
SALESFORCE INC US CRM 3,273.49 $532,236.71
SEA LTD - ADR SG SE 303.32 $15,068.89
SEAGEN INC US SGEN 1,445.92 $183,862.93
SEMT 2013-6 A2 3.00000 05/25/2043 US 71,503.99 $61,580.46
SEMT 2013-7 A2 3.00000 06/25/2043 US 34,633.39 $29,729.67
SEMT 2013-8 A1 3.00000 06/25/2043 US 40,049.7 $34,709.96
SEMT 2013-2 1.87400 02/25/2043 US 30,565.75 $25,437.07
SERVICENOW INC US NOW 1,032.92 $434,589.95
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 827,880.32 $628,446.63
SKYWORKS SOLUTIONS INC US SWKS 27.51 $2,366.10
SMB 2019-B A2A 2.84000 06/15/2037 US 84,328.81 $76,909.28
JM SMUCKER CO/THE-NEW COM WI US SJM 24.74 $3,727.34
SNOWFLAKE INC-CLASS A US SNOW 1,326.96 $212,710.99
SOFI 2017-F A2FX 2.84000 01/25/2041 US 8,170.45 $7,802.80
SOFI 2016-D A2B 2.34000 04/25/2033 US 2,085.96 $2,049.16
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 51,732.55 $49,631.80
SOUTH CAROLINA ST PUBLIC SVC 1.85200 12/01/2026 US 53,480.7 $46,801.41
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 124,410.56 $104,684.62
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 466,777.13 $454,973.58
STANLEY BLACK & DECKER INC US SWK 25.89 $2,032.41
SRPT 2014-STAR A FLTG RATE 4.88300 11/15/2027 US 406,909.55 $285,285.90
STEEL DYNAMICS INC US STLD 47.33 $4,451.76
STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 52,793.8 $46,723.37
SUN COMMUNITIES US SUI 397.15 $53,556.30
SCML 2019-SBC8 2.86000 04/25/2041 US 180,012.8 $162,616.54
SYNCHRONOSS TECH US 3,411.94 $64,895.05
SYNERGY ONE LENDING 5.50000 10/14/2026 US 95,987.93 $80,764.47
TJX COMPANIES INC US TJX 125.71 $9,063.52
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 569.4 $35,046.68
TARGET CORP US TGT 44.91 $7,376.53
TENCENT HOLDINGS 3.97500 04/11/2029 KY 1,021,226.83 $859,859.20
TERRENO REALTY CORP US TRNO 622.86 $35,590.44
TEXAS INSTRUMENTS INC US TXN 76.81 $12,337.24
THERMO FISHER SCIENTIFIC INC US TMO 494.52 $254,169.47
3M CO US MMM 78.77 $9,908.10
TPMT 2016-5 A1 2.50000 10/25/2056 US 55,174.83 $54,346.82
TPMT 2017-1 A1 2.75000 10/25/2056 US 28,325.46 $27,793.55
TPMT 2019-HY1 A1 4.58557 10/25/2048 US 62,299.13 $61,162.47
TRACTOR SUPPLY COMPANY US TSCO 16.22 $3,565.57
TRAVELLERS COS INC US TRV 41.47 $7,649.87
TAH 2017-SFR2 A 2.92800 01/17/2036 US 135,589.46 $130,670.04
TCF 2021-1A 1.86000 03/20/2046 US 334,947.13 $278,561.17
TYSON FOODS INC -CL A US TSN 67 $4,579.23
UDR INC US UDR 1,263.34 $50,230.23
U.S. BANCORP US USB 214.86 $9,120.78
UNILEVER PLC - ADR GB UL 13,576.13 $617,849.72
UNION PAC CORP US UNP 72.95 $14,381.45
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 85,165.18 $71,499.20
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 13,796.74 $12,356.17
UNITED MEXICAN STATES 4.12500 01/21/2026 MX 32,314.43 $31,137.38
UNITED PARCEL SERVICE US UPS 75.05 $12,591.28
TREASURY BOND 2.37500 02/15/2042 US 4,775,413.31 $3,473,367.02
TREASURY BOND 2.25000 11/15/2027 US 5,587,164.96 $5,075,590.17
UNITED STATES TREAS NTS 2.25000 11/15/2024 US 1,092,665.97 $1,044,435.02
US TREASURY N/B 2.25000 11/15/2025 US 3,526,260.26 $3,306,144.50
US TREASURY N/B 2.00000 11/15/2026 US 3,393,808.87 $3,097,911.16
UNITED STATES TREAS NTS 1.75000 05/15/2023 US 2,781,830.18 $2,740,211.38
US TREASURY N/B 1.37500 11/15/2031 US 1,890,480.51 $1,506,772.04
VF CORP US VFC 63.28 $1,787.68
VENTAS INC US VTR 482.78 $18,891.10
VERTEX PHARMACEUTICALS INC US VRTX 1,145.4 $357,365.74
PARAMOUNT GLOBAL CLASS B US PARA 106.53 $1,951.62
VISA INC - CLASS A SHARES US V 3,094.67 $641,092.71
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 116,290.35 $110,751.52
VISTRA OPERATIONS 4.87500 05/13/2024 US 406,440.97 $395,491.67
WAL MART STORES US WMT 211.33 $30,078.49
WALGREENS BOOTS ALLIANCE INC US WBA 118.95 $4,341.53
WASTE MANAGEMENT INC US WM 60.6 $9,597.87
WELLTOWER INC. US WELL 556.86 $33,990.69
WIN 2015-1 A1 3.50000 01/20/2045 US 21,952.55 $19,430.35
ZOETIS INC US ZTS 727.66 $109,716.10
ADMIRAL GROUP PLC GB ADM LN 1,893.81 $43,795.62
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 1,130.84 $9,017.94
UBISOFT ENTERTAINMENT FR UBI FP 726.36 $19,928.38
DANONE FR BN FP 366.27 $18,203.68
AIR LIQUIDE FR AI FP 378.07 $49,456.71
BRENNTAG AG DE BNR GR 463.51 $28,123.80
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 226,117.82 $10,045.83
KEYWORDS STUDIOS PLC IE KWS LN 371.87 $10,283.35
HELIOS TOWERS PLC GB HTWS LN 11,860.8 $17,041.53
AVANZA BANK HOLDING AB SE AZA SS 1,723.18 $34,372.26
AMERICAN TANKER INC 7.75000 07/02/2025 US 92,756.49 $86,372.73
SOFTWAREONE HOLDING AG CH SWON SW 2,314.57 $26,048.71
TENCENT HOLDINGS LTD CN 700 HK 687.74 $18,071.62
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 1,356.13 $19,528.22
SEASPAN CORP 6.50000 02/05/2024 MH 101,512.1 $100,370.15
PETROTAL CORP 12.00000 02/16/2024 CA 75,863.27 $76,739.61
IMCD NV NL IMCD NA 137.66 $17,854.04
FINECOBANK SPA IT FBK IM 5,265.02 $70,949.30
ALLFUNDS GROUP PLC GB ALLFG NA 2,786.31 $17,522.51
AIRSWIFT GLOBAL AS FLT 11.42271 05/12/2025 NO 101,512.1 $100,796.34
ROTORK PLC GB ROR LN 10,100.8 $29,606.26
AUTO TRADER GROUP PLC GB AUTO LN 7,815.85 $46,783.97
CELLNEX TELECOM SA ES CLNX SM 1,096.59 $35,891.80
ASSA ABLOY AB-B SE ASSAB SS 1,661.97 $33,558.55
CLEANAWAY WASTE MANAGEMENT AU CWY AU 21,382.7 $36,986.33
INTERMEDIATE CAPITAL GROUP GB ICP LN 2,092.88 $25,484.53
ADYEN NV NL ADYEN NA 29.01 $41,413.90
BANK OF N.T. BUTTERFIELD&SON BM NTB 569.44 $19,668.31
BUNGE LIMITED US BG 33.58 $3,314.26
EATON CORP PLC US ETN 64.37 $9,659.39
JOHNSON CONTROLS INTERNATIONAL US JCI 116.91 $6,762.32
LINDE PLC GB LIN 99.31 $29,528.70
MEDTRONIC INC IE MDT 3,341.13 $291,814.60
ROYALTY PHARMA PLC- CL A US RPRX 93.98 $3,977.06
STONECO LTD-A BR STNE 2,298.1 $24,130.04
TRANE TECHNOLOGIES IE TT 30.81 $4,918.14
ALCON INC CH ALC 4,421.17 $268,276.35
CHUBB LTD CH CB 57.53 $12,363.53
GARMIN LTD CH GRMN 42.26 $3,720.28
TE CONNECTIVITY LIMITED CH TEL 42.79 $5,229.87
LYONDELLBASELL INDU-CL A US LYB 44.1 $3,371.64
PLAYA HOTELS AND RESORTS US PLYA 1,435.59 $8,857.59
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 64,179.71 $60,623.70

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

$13.57

Daily $ Change

$0.01

Daily % Change

0.07%

as of 11/25/2022

CUSIP

56382R860

Inception Date

05/14/2015

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

Important Documents

Annual Report
Fact Sheet
Applications & Forms

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

Investment Objective

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

Investment Strategy

Currently: The portfolio is currently invested in a moderately 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 10/31/2022

YTD

-15.87%

1 Year

-15.28%

3 Year

2.54%

5 Year

3.79%

10 Year

5.19%

Inception
(01/01/2000)

6.28%

Performance through the inception date of the Retirement Target CIT Class U1 units is based on the historical performance of the CIT’s oldest unit class. Performance through the inception date of the oldest unit class (01/06/2005) is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. Returns are net of the Class U1 expenses. The Retirement Target CIT Fund will gradually become more conservative over time. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.51%
Net 0.49%*

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

Top Ten Investments

As of 10/31/2022

TREASURY NOTES 17.07%
TREASURY BONDS 12.48%
GOVERNMENT AGENCY 8.24%
AMAZON.COM INC 1.41%
JOHNSON & JOHNSON 1.34%
FMC CORP 1.26%
TENCENT HOLDINGS 3.97500 04/11/2029 1.26%
MICROSOFT CORP 1.18%
INTERCONTINENTALEXCHANGE INC 1.13%
MASTERCARD INC-CLASS A 1.12%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 10/31/2022

Bonds
63.09%
Stocks
32.19%
Cash
4.72%

Detailed Asset Class Allocation

As of 10/31/2022

International Equities
7.87%
Small Capitalization
0.52%
Mid Capitalization
2.85%
Large Capitalization
20.95%
Long Term Fixed Income
16.20%
Intermediate Term Fixed Income
39.67%
Short Term Fixed Income
7.22%
Cash
4.72%

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

October Fund Holdings

As of 10/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 130.95 $12,955.85
ACTIVISION INC US ATVI 3,504.36 $255,117.11
ADIDAS AG-SPONSORED ADR DE ADDYY 4,700.83 $229,212.48
ADMIRAL GROUP PLC GB AMIGY 9,627.13 $222,290.55
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 116,232.12 $93,876.65
ADYEN NV UNSPON ADR NL ADYEY 17,382.31 $249,783.86
AGREE REALTY CORP US ADC 288.18 $19,797.99
AIR LIQUIDE-ADR FR AIQUY 13,783.66 $360,304.90
AIR LEASE CORP 3.62500 04/01/2027 US 266,494.22 $234,746.51
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 24,415.85 $24,163.31
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 564,617.55 $384,194.77
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 151,827.91 $109,153.06
ALLSTATE CORPORATION US ALL 56.03 $7,074.34
ALPHABET INC-CL A US GOOGL 7,397.93 $699,177.96
AMAZON.COM INC US AMZN 9,408.62 $963,818.58
AMAZON.COM INC 3.30000 04/13/2027 US 520,307.74 $488,087.14
DIAGEO PLC GB DGE LN 1,179.83 $48,553.14
BAE SYSTEMS PLC GB BA/ LN 4,617.19 $43,187.23
AMERICAN HOMES 4 RENT- A US AMH 1,520.15 $48,553.64
AMERICAN TOWER REIT INC US AMT 132.28 $27,408.08
ANALOG DEVICES INC US ADI 75.35 $10,746.58
APPLE HOSPITALITY REIT INC US APLE 1,996.28 $34,176.35
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 29,417.33 $29,557.57
ARCHER-DANIELS-MIDLAND CO US ADM 86.08 $8,348.21
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 255,429.25 $222,535.41
AUTOMATIC DATA PROCESSING US ADP 51.93 $12,550.64
AVALONBAY COMMUNITIES INC US AVB 212.16 $37,153.45
BAE SYSTEMS PLC -SPON ADR GB BAESY 6,920.41 $258,408.12
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 242,960.36 $224,741.56
BANK OF AMERICA CORP 2.68700 04/22/2032 US 433,320.5 $334,020.08
BARRICK GOLD CORP CA GOLD 8,340.57 $125,358.73
BAXTER INTERNATIONAL INC US BAX 65.87 $3,579.80
BEST BUY INC US BBY 52.94 $3,621.74
BIOMARIN PHARMACEUTICAL INC US BMRN 3,857.97 $334,215.65
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 230,385.56 $197,648.49
DECHRA PHARMACEUTICALS PLC GB DPH LN 941.44 $28,301.81
BRANDYWINE REALTY TRUST US BDN 1,484.01 $9,735.09
BRISTOL MYERS SQUIBB CO US BMY 225.11 $17,439.03
BROADRIDGE FINANCIAL SOLUTIONS US BR 25.73 $3,861.39
JONAH ENERGY PARENT LLC US 1,138.6 $37,778.62
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 214,662.37 $188,646.04
SORT 2020-1 A2 1.99000 07/15/2060 US 177,607.88 $144,906.12
C.H. ROBINSON WORLDWIDE INC US CHRW 34.57 $3,378.32
CIM 2019-INV1 A1 4.00000 02/25/2049 US 7,597.83 $7,269.71
COMM 2014-UBS4 A5 3.69400 08/10/2047 US 581,659.74 $558,343.47
COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 323,144.3 $305,295.62
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 55,322.78 $47,249.88
COTERRA ENERGY INC US CTRA 128.57 $4,002.39
CAMDEN PROPERTY TRUST US CPT 234.59 $27,107.14
CAMPBELL SOUP CO US CPB 73.51 $3,889.17
CANADIAN NATIONAL RAILWAY CO CA CNI 2,498.07 $295,871.39
CARETRUST REIT INC US CTRE 1,652.83 $30,874.86
CATERPILLAR INC US CAT 68.15 $14,751.88
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 1,424.92 $23,411.47
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 266,107.53 $261,615.85
CHARTER COMMUNICATIONS INC-A US CHTR 836.94 $307,674.60
CHEVRON CORP US CVX 125.02 $22,615.34
CINCINNATI FINANCIAL CORP US CINF 34.92 $3,607.67
CISCO SYSTEMS INC US CSCO 425.68 $19,338.69
CITIGROUP INC US C 261.82 $12,007.20
CITIGROUP INC 1.46200 06/09/2027 US 414,862.24 $352,310.13
CLARK CNTY NV 1.51000 11/01/2028 US 477,140.14 $385,342.18
COCA COLA CO/THE US KO 7,469.26 $447,035.43
COLGATE-PALMOLIVE CO US CL 125.25 $9,248.27
COMCAST CORP-CL A US CMCSA 458.96 $14,567.44
CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 28,962.35 $25,788.16
COMMUNITY HEALTHCARE TRUST I US CHCT 504.88 $17,468.98
CONAGRA BRAND INC. US CAG 113.92 $4,180.73
CONOCOPHILLIPS US COP 115.81 $14,602.20
CONTROLADORA VUELA CIA DE AV MX VLRS 1,579.91 $13,239.65
COPART INC US CPRT 2,034.28 $233,983.04
COUSINS PROPERTIES INC US CUZ 1,157.46 $27,501.23
CAALT 2021-3A B MTGE 1.38000 07/15/2030 US 315,065.69 $287,439.83
CAALT 2021-2A A 0.96000 02/15/2030 US 147,532.96 $140,190.05
CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 330,878 $275,359.09
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 31,656.91 $26,586.28
CUMMINS INC US CMI 27.86 $6,810.98
COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 246,877.12 $208,325.02
KIMBERLY CLARK DE MEXICO S.A.B. MX 32,286.59 $50,875.06
DEVON ENERGY CORPORATION US DVN 85.25 $6,594.17
DIAMONDBACK ENERGY INC US FANG 27.35 $4,296.65
DIGITAL REALTY TRUST INC US DLR 362.54 $36,344.55
DOLLAR TREE STORES INC US DLTR 1,815.61 $287,773.71
DOW INC US DOW 90.91 $4,248.95
DREYFUS GVT CSH MANAGEMENT US 3,389,553.29 $3,389,553.29
EOG RESOURCES INC US EOG 63.4 $8,654.89
EASTMAN CHEM CO US EMN 31.96 $2,455.11
EBAY INC US EBAY 81.65 $3,252.97
ELECTRONIC ARTS US EA 2,121.59 $267,235.81
EMERSON ELEC CO US EMR 93.12 $8,064.26
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 547,986.81 $501,843.75
EQUINIX INC US EQIX 603.49 $341,843.53
EQUITY LIFESTYLE PROPERTIES US ELS 701.33 $44,857.10
ESSEX PROPERTY TRUST INC US ESS 93.38 $20,751.75
EVERGY INC US EVRG 4,991.75 $305,145.84
EXPEDIA GROUP INC 3.25000 02/15/2030 US 274,801.27 $221,387.45
EXTRA SPACE STORAGE INC US EXR 101.78 $18,059.04
FMC CORP US FMC 7,242.8 $861,168.79
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 82,842.04 $83,039.24
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META PLATFORMS INC US META 2,545.29 $237,119.02
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FHMS K030 X1 FLT 0.14022 04/25/2023 US 10,518,926.78 $3,548.56
FHMS K032 X1 FLT 0.06404 05/25/2023 US 7,147,840 $2,283.81
FHR 5189 CP 2.50000 06/25/2049 US 261,575.92 $221,698.26
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FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 455,969.91 $408,591.58
FN DS2696 3.00000 12/01/2051 US 408,539.7 $349,921.46
FEDERAL NATL MTG ASSN FS2998 3.50000 04/01/2052 US 129,091.34 $114,991.43
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FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 21,553.37 $22,345.97
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FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 2,371.5 $2,517.28
FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 1,462.94 $1,516.74
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FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 42,216.93 $40,642.49
FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 21,066.58 $20,149.41
FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 31,100.97 $28,562.81
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FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 495,975.35 $436,260.40
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FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 487,830.62 $450,340.62
FN MA4733 4.50000 09/01/2052 US 385,069.99 $361,317.93
FN MA4807 MTGE 5.50000 11/01/2052 US 402,164.91 $396,910.01
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FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 7,273.06 $7,545.60
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FEDERAL NATL MTG ASSN AE0951 4.50000 02/01/2041 US 30,432.07 $29,435.05
FIFTH THIRD BANCORP US FITB 147.01 $5,246.75
FLX 2021-1A A2 3.25000 11/27/2051 US 401,462.95 $342,792.11
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 287,025.08 $264,455.45
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 275,973.95 $234,128.07
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 188,395.9 $159,824.34
GSMBS 2021-INV1 A6 2.50000 12/25/2051 US 166,393.16 $141,133.24
GSMBS 2021-INV1 A9 3.84682 12/25/2051 US 74,161.49 $66,862.50
GSMBS 2022-PJ1 A8 2.50000 05/28/2052 US 200,311.63 $169,628.75
GNMA POOL 660997 5.50000 05/15/2037 US 3,526.91 $3,615.62
GENERAL DYNAMICS CORP US GD 41.77 $10,434.65
GENERAL MLS INC US GIS 92.73 $7,564.84
GENUINE PARTS CO US GPC 32.77 $5,828.71
GETTY REALTY CORP US GTY 672.14 $21,165.53
GILEAD SCIENCES INC US GILD 188.55 $14,793.84
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 169,811.34 $136,853.85
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 45,009.93 $42,005.45
GREENIDGE GEN HLD INC US 1,836.69 $10,744.63
GRUPO AEROPORTUARIO PAC-ADR MX PAC 53.91 $8,359.45
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 37.69 $8,796.90
AIRBUS SE FR AIR FP 239.65 $25,930.50
ADIDAS AG DE ADS GR 313.68 $30,619.99
HCA INC 4.12500 06/15/2029 US 374,714.28 $330,270.10
HDFC BANK LTD-ADR IN HDB 521.52 $32,496.16
L'OREAL FR OR FP 30.79 $9,667.18
HAWAII ST 2.68200 10/01/2038 US 259,117.57 $176,140.56
HEALTHCARE REALTY TRUST INC US HR 1,737.88 $35,331.00
HEINEKEN NV-SPN ADR NL HEINY 4,909.54 $204,924.03
HOME DEPOT INC US HD 92.04 $27,254.95
HONEYWELL INTERNATIONAL INC US HON 81.58 $16,644.42
IDEXX LABORATORIES INC US IDXX 705.07 $253,598.39
KERRY GROUP PLC-A IE KYGA ID 293.3 $25,474.83
ILLINOIS TOOL WKS INC US ITW 48 $10,250.11
IMPRL 2021-NQM3 1.59500 11/25/2056 US 219,621.41 $174,118.08
INDEPENDENCE REALTY TRUST IN US IRT 744.1 $12,471.06
INTEL CORP US INTC 448.13 $12,740.42
INTERCONTINENTALEXCHANGE INC US ICE 8,121.85 $776,205.23
INTERNATIONAL FLVRS & FRAGRANCES US IFF 47.86 $4,672.04
INTUITIVE SURGICAL INC US ISRG 1,211.2 $298,523.29
INVITATION HOMES INC US INVH 1,280.3 $40,572.68
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 57,218.94 $53,412.58
JP MORGAN CHASE & CO US JPM 257.92 $32,467.46
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 52,052.2 $47,790.82
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 618,833.48 $559,546.70
JOHNSON & JOHNSON US JNJ 5,286.59 $919,707.70
KREF 2021-FL2 A 4.48214 02/15/2039 US 73,766.48 $70,803.30
KEYCORP US KEY 158.59 $2,834.09
KROGER CO US KR 129.84 $6,140.13
L3HARRIS TECHNOLOGIES INC US LHX 1,146.29 $282,527.06
BEIERSDORF AG DE BEI GR 477.1 $45,799.16
LENNAR CORP US LEN 45.88 $3,702.50
LIFE STORAGE INC US LSI 263.9 $29,190.39
LOCKHEED MARTIN CORP US LMT 32.91 $16,016.66
LULULEMON - ADR CA LULU 54.23 $17,845.23
MAGALLANES INC 4.05400 03/15/2029 US 642,595.78 $546,253.19
MARATHON PETROLEUM CORP US MPC 65.57 $7,449.55
MARRIOTT VACATIONS WORLD US VAC 86.17 $12,733.19
MASTERCARD INC-CLASS A US MA 2,334.32 $766,075.77
MCDONALDS CORP US MCD 57.33 $15,630.77
MERCADOLIBRE INC BR MELI 43.76 $39,451.78
MERCK & CO INC US MRK 242.46 $24,537.16
MICROSOFT CORP US MSFT 3,480.36 $807,894.94
MICROCHIP TECHNOLOGY INC US MCHP 76.69 $4,734.81
MID-AMERICA APARTMENT COMM US MAA 247.54 $38,975.06
MONDELEZ INTERNATIONAL INC US MDLZ 9,584.8 $589,273.39
MOODY'S CORPORATION US MCO 1,527.59 $404,612.76
MOTOROLA SOLUTIONS INC US MSI 29.01 $7,243.95
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 179,246.61 $158,219.11
NAVIENT CORP 6.75000 06/25/2025 US 81,340.54 $77,778.79
NESTLE S.A. - ADR CH NSRGY 3,271.1 $355,601.71
NETAPP INC US NTAP 52.3 $3,622.50
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 65,661.98 $60,190.32
NRZT 2015-2A A1 3.75000 08/25/2055 US 74,664.18 $68,358.22
NRZT 2016-4A A1 3.75000 11/25/2056 US 130,866.94 $119,164.40
KEYENCE CORP JP 6861 JP 99.23 $37,415.32
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 129,322.03 $122,804.19
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 279,648.43 $236,838.98
NEWMONT GOLDCORP CORP US NEM 4,000.07 $169,282.78
NIKE INC CLASS B US NKE 2,239.74 $207,579.34
NORFOLK SOUTHN CORP US NSC 1,127.06 $257,049.10
NIKON CORP JP 7731 JP 1,783.98 $17,253.11
NORTHROP GRUMMAN CORP US NOC 619.03 $339,851.90
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 86,293.6 $8.63
NOVARTIS AG- REG CH NVS 7,573.27 $614,419.67
NUCOR CORP US NUE 46.53 $6,112.60
OBX 2022-INV1 A1 3.00000 12/25/2051 US 208,731.36 $166,743.90
OMNICOM GROUP US OMC 52.07 $3,787.75
SONY CORP FIRST SECTION JP 6758 JP 424.66 $28,636.56
TOKYO ELECTRON LTD JP 8035 JP 48.47 $12,752.73
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 262,349.01 $225,698.20
OXFIN 2020-1A A2 3.10100 02/15/2028 US 201,824.78 $199,417.29
OXFIN 2019-1A A2 4.45900 02/15/2027 US 52,640.83 $52,075.46
OXFIN 2022-1A 3.60200 02/15/2030 US 372,633.36 $339,967.24
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 36,747.28 $32,125.31
PPG INDUSTRIES INC US PPG 31.48 $3,594.24
PACKAGING CORP OF AMERICA US PKG 23.75 $2,854.72
PARKER HANNIFIN CORP US PH 17.38 $5,050.37
DEUTSCHE BOERSE AG DE DB1 GR 249.11 $40,509.83
PAYPAL HOLDINGS INC US PYPL 3,428.34 $286,540.32
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 395,982.93 $371,073.82
PEAR 2022-1 A1 6.50000 10/15/2034 US 177,205.93 $176,888.20
PELORUS FUND REIT 7.00000 09/30/2026 US 28,250.17 $25,436.56
NESTLE SA-REGISTERED CH NESN SW 643.1 $70,007.21
PEPSICO INC 3.90000 07/18/2032 US 473,468.46 $437,966.61
PFIZER INC US PFE 379 $17,642.22
PIONEER NATURAL RESOURCES CO US PXD 27.53 $7,059.60
POPULAR INC 6.12500 09/14/2023 PR 80,418.46 $80,405.05
PROCTER & GAMBLE CO US PG 204.01 $27,474.63
PROLOGIS US PLD 1,579.88 $174,971.98
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 368,886.68 $282,527.17
PFMT 2021-2 A2A 2.00000 04/25/2051 US 227,909.91 $190,739.54
PUBLIC STORAGE INC US PSA 210.98 $65,352.07
QUALCOMM INC US QCOM 131.16 $15,431.75
QUALCOMM INC 4.25000 05/20/2032 US 490,082.56 $459,315.25
QUEST DIAGNOSTICS INC US DGX 30.28 $4,349.61
RCKT 2021-6 A1 2.50000 12/25/2051 US 404,894.08 $310,766.57
RADIUS GLOBAL INFRASTRUCTURE US RADI 4,585.2 $42,871.61
REGIONS FINANCIAL CORP. US RF 208.21 $4,570.25
REPUBLIC SERVICES INC US RSG 54.86 $7,275.23
RESTAURANT BRANDS INTERN CA QSR 409.64 $24,324.51
REXFORD INDUSTRIAL REALITY IN US REXR 827.89 $45,765.95
GETINGE AB-B SHS SE GETIB SS 2,020.81 $41,008.30
ROSS STORES INC US ROST 47.86 $4,580.14
HEINEKEN NV NL HEIA NA 461.15 $38,521.97
RYANAIR HOLDINGS - ADR IE RYAAY 280.69 $19,336.58
SBA TOWER TRUST 1.88400 01/15/2026 US 279,519.82 $244,522.96
S&P GLOBAL INC US SPGI 514.53 $165,293.01
SBA COMMUNICATIONS CORP US SBAC 2,446.02 $660,180.22
SLMA 2006-10 A6 FLT 4.50843 03/25/2044 US 17,430.11 $16,145.46
SMB 2015 B A3 5.16214 05/17/2032 US 77,837.53 $77,991.15
SMB 2020-BA A1A 1.29000 07/15/2053 US 234,444.1 $205,144.44
SOFI 2017-D A2FX 2.65000 09/25/2040 US 30,506.33 $29,003.05
SALESFORCE INC US CRM 3,273.49 $532,236.71
SEA LTD - ADR SG SE 303.32 $15,068.89
SEAGEN INC US SGEN 1,445.92 $183,862.93
SEMT 2013-6 A2 3.00000 05/25/2043 US 71,503.99 $61,580.46
SEMT 2013-7 A2 3.00000 06/25/2043 US 34,633.39 $29,729.67
SEMT 2013-8 A1 3.00000 06/25/2043 US 40,049.7 $34,709.96
SEMT 2013-2 1.87400 02/25/2043 US 30,565.75 $25,437.07
SERVICENOW INC US NOW 1,032.92 $434,589.95
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 827,880.32 $628,446.63
SKYWORKS SOLUTIONS INC US SWKS 27.51 $2,366.10
SMB 2019-B A2A 2.84000 06/15/2037 US 84,328.81 $76,909.28
JM SMUCKER CO/THE-NEW COM WI US SJM 24.74 $3,727.34
SNOWFLAKE INC-CLASS A US SNOW 1,326.96 $212,710.99
SOFI 2017-F A2FX 2.84000 01/25/2041 US 8,170.45 $7,802.80
SOFI 2016-D A2B 2.34000 04/25/2033 US 2,085.96 $2,049.16
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 51,732.55 $49,631.80
SOUTH CAROLINA ST PUBLIC SVC 1.85200 12/01/2026 US 53,480.7 $46,801.41
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 124,410.56 $104,684.62
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 466,777.13 $454,973.58
STANLEY BLACK & DECKER INC US SWK 25.89 $2,032.41
SRPT 2014-STAR A FLTG RATE 4.88300 11/15/2027 US 406,909.55 $285,285.90
STEEL DYNAMICS INC US STLD 47.33 $4,451.76
STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 52,793.8 $46,723.37
SUN COMMUNITIES US SUI 397.15 $53,556.30
SCML 2019-SBC8 2.86000 04/25/2041 US 180,012.8 $162,616.54
SYNCHRONOSS TECH US 3,411.94 $64,895.05
SYNERGY ONE LENDING 5.50000 10/14/2026 US 95,987.93 $80,764.47
TJX COMPANIES INC US TJX 125.71 $9,063.52
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 569.4 $35,046.68
TARGET CORP US TGT 44.91 $7,376.53
TENCENT HOLDINGS 3.97500 04/11/2029 KY 1,021,226.83 $859,859.20
TERRENO REALTY CORP US TRNO 622.86 $35,590.44
TEXAS INSTRUMENTS INC US TXN 76.81 $12,337.24
THERMO FISHER SCIENTIFIC INC US TMO 494.52 $254,169.47
3M CO US MMM 78.77 $9,908.10
TPMT 2016-5 A1 2.50000 10/25/2056 US 55,174.83 $54,346.82
TPMT 2017-1 A1 2.75000 10/25/2056 US 28,325.46 $27,793.55
TPMT 2019-HY1 A1 4.58557 10/25/2048 US 62,299.13 $61,162.47
TRACTOR SUPPLY COMPANY US TSCO 16.22 $3,565.57
TRAVELLERS COS INC US TRV 41.47 $7,649.87
TAH 2017-SFR2 A 2.92800 01/17/2036 US 135,589.46 $130,670.04
TCF 2021-1A 1.86000 03/20/2046 US 334,947.13 $278,561.17
TYSON FOODS INC -CL A US TSN 67 $4,579.23
UDR INC US UDR 1,263.34 $50,230.23
U.S. BANCORP US USB 214.86 $9,120.78
UNILEVER PLC - ADR GB UL 13,576.13 $617,849.72
UNION PAC CORP US UNP 72.95 $14,381.45
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 85,165.18 $71,499.20
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 13,796.74 $12,356.17
UNITED MEXICAN STATES 4.12500 01/21/2026 MX 32,314.43 $31,137.38
UNITED PARCEL SERVICE US UPS 75.05 $12,591.28
TREASURY BOND 2.37500 02/15/2042 US 4,775,413.31 $3,473,367.02
TREASURY BOND 2.25000 11/15/2027 US 5,587,164.96 $5,075,590.17
UNITED STATES TREAS NTS 2.25000 11/15/2024 US 1,092,665.97 $1,044,435.02
US TREASURY N/B 2.25000 11/15/2025 US 3,526,260.26 $3,306,144.50
US TREASURY N/B 2.00000 11/15/2026 US 3,393,808.87 $3,097,911.16
UNITED STATES TREAS NTS 1.75000 05/15/2023 US 2,781,830.18 $2,740,211.38
US TREASURY N/B 1.37500 11/15/2031 US 1,890,480.51 $1,506,772.04
VF CORP US VFC 63.28 $1,787.68
VENTAS INC US VTR 482.78 $18,891.10
VERTEX PHARMACEUTICALS INC US VRTX 1,145.4 $357,365.74
PARAMOUNT GLOBAL CLASS B US PARA 106.53 $1,951.62
VISA INC - CLASS A SHARES US V 3,094.67 $641,092.71
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 116,290.35 $110,751.52
VISTRA OPERATIONS 4.87500 05/13/2024 US 406,440.97 $395,491.67
WAL MART STORES US WMT 211.33 $30,078.49
WALGREENS BOOTS ALLIANCE INC US WBA 118.95 $4,341.53
WASTE MANAGEMENT INC US WM 60.6 $9,597.87
WELLTOWER INC. US WELL 556.86 $33,990.69
WIN 2015-1 A1 3.50000 01/20/2045 US 21,952.55 $19,430.35
ZOETIS INC US ZTS 727.66 $109,716.10
ADMIRAL GROUP PLC GB ADM LN 1,893.81 $43,795.62
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 1,130.84 $9,017.94
UBISOFT ENTERTAINMENT FR UBI FP 726.36 $19,928.38
DANONE FR BN FP 366.27 $18,203.68
AIR LIQUIDE FR AI FP 378.07 $49,456.71
BRENNTAG AG DE BNR GR 463.51 $28,123.80
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 226,117.82 $10,045.83
KEYWORDS STUDIOS PLC IE KWS LN 371.87 $10,283.35
HELIOS TOWERS PLC GB HTWS LN 11,860.8 $17,041.53
AVANZA BANK HOLDING AB SE AZA SS 1,723.18 $34,372.26
AMERICAN TANKER INC 7.75000 07/02/2025 US 92,756.49 $86,372.73
SOFTWAREONE HOLDING AG CH SWON SW 2,314.57 $26,048.71
TENCENT HOLDINGS LTD CN 700 HK 687.74 $18,071.62
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 1,356.13 $19,528.22
SEASPAN CORP 6.50000 02/05/2024 MH 101,512.1 $100,370.15
PETROTAL CORP 12.00000 02/16/2024 CA 75,863.27 $76,739.61
IMCD NV NL IMCD NA 137.66 $17,854.04
FINECOBANK SPA IT FBK IM 5,265.02 $70,949.30
ALLFUNDS GROUP PLC GB ALLFG NA 2,786.31 $17,522.51
AIRSWIFT GLOBAL AS FLT 11.42271 05/12/2025 NO 101,512.1 $100,796.34
ROTORK PLC GB ROR LN 10,100.8 $29,606.26
AUTO TRADER GROUP PLC GB AUTO LN 7,815.85 $46,783.97
CELLNEX TELECOM SA ES CLNX SM 1,096.59 $35,891.80
ASSA ABLOY AB-B SE ASSAB SS 1,661.97 $33,558.55
CLEANAWAY WASTE MANAGEMENT AU CWY AU 21,382.7 $36,986.33
INTERMEDIATE CAPITAL GROUP GB ICP LN 2,092.88 $25,484.53
ADYEN NV NL ADYEN NA 29.01 $41,413.90
BANK OF N.T. BUTTERFIELD&SON BM NTB 569.44 $19,668.31
BUNGE LIMITED US BG 33.58 $3,314.26
EATON CORP PLC US ETN 64.37 $9,659.39
JOHNSON CONTROLS INTERNATIONAL US JCI 116.91 $6,762.32
LINDE PLC GB LIN 99.31 $29,528.70
MEDTRONIC INC IE MDT 3,341.13 $291,814.60
ROYALTY PHARMA PLC- CL A US RPRX 93.98 $3,977.06
STONECO LTD-A BR STNE 2,298.1 $24,130.04
TRANE TECHNOLOGIES IE TT 30.81 $4,918.14
ALCON INC CH ALC 4,421.17 $268,276.35
CHUBB LTD CH CB 57.53 $12,363.53
GARMIN LTD CH GRMN 42.26 $3,720.28
TE CONNECTIVITY LIMITED CH TEL 42.79 $5,229.87
LYONDELLBASELL INDU-CL A US LYB 44.1 $3,371.64
PLAYA HOTELS AND RESORTS US PLYA 1,435.59 $8,857.59
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 64,179.71 $60,623.70

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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