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 balanced mix of investments that seeks a more stable rate of long-term growth than that of the broad stock market. The portfolio is diversified among fixed income securities, primarily with intermediate to long-term maturities, and various stocks. Stock exposure can range from 26% - 63%.

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 2025
  • Who 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

$18.32

Daily $ Change

$0.12

Daily % Change

0.66%

as of 02/02/2023

CUSIP

302027636

Inception Date

08/17/2012

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

Important Documents

Annual Report
Applications & Forms

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

Performance

As of 12/31/2022

YTD

---

1 Year

-15.09%

3 Year

2.30%

5 Year

3.99%

10 Year

5.23%

Inception
(01/01/2000)

5.95%

Performance through the inception date of the Retirement Target CIT Class S units is based on historical performance of the CIT's oldest unit class. Performance through the inception date of the oldest unit class (08/03/2012) 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 S 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 0.91%
Net 0.89%*

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

Top Ten Investments

As of 12/31/2022

TREASURY NOTES 25.17%
GOVERNMENT AGENCY 6.73%
TREASURY BONDS 3.61%
AMAZON.COM INC 2.02%
JOHNSON & JOHNSON 1.61%
MICROSOFT CORP 1.47%
INTERCONTINENTALEXCHANGE INC 1.43%
MASTERCARD INC-CLASS A 1.42%
NOVARTIS AG- REG 1.14%
UNILEVER PLC - ADR 1.13%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 12/31/2022

Bonds 56.25%
Stocks 39.70%
Cash 4.05%

Detailed Asset Class Allocation

As of 12/31/2022

International Equities 10.63%
Small Capitalization 0.66%
Mid Capitalization 3.08%
Large Capitalization 25.32%
Long Term Fixed Income 13.30%
Intermediate Term Fixed Income 38.70%
Short Term Fixed Income 4.26%
Cash 4.05%

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

December Fund Holdings

As of 12/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 94.52 $10,377.63
ACTIVISION INC US ATVI 2,825.64 $216,302.37
ADIDAS AG-SPONSORED ADR DE ADDYY 3,252.5 $220,324.28
ADMIRAL GROUP PLC GB AMIGY 7,810.52 $198,543.53
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 59,480.05 $49,996.10
ADYEN NV UNSPON ADR NL ADYEY 14,429.4 $199,125.68
AGREE REALTY CORP US ADC 352.63 $25,011.75
AIR LIQUIDE-ADR FR AIQUY 11,389.82 $322,132.62
AIR LEASE CORP 3.62500 04/01/2027 US 145,024.28 $132,551.58
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 15,814.1 $15,891.75
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 310,575.34 $261,434.90
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 86,027.01 $68,582.06
ALLSTATE CORPORATION US ALL 36.84 $4,995.83
ALPHABET INC-CL A US GOOGL 5,939.24 $524,018.77
AMAZON.COM INC US AMZN 11,217.03 $942,230.73
AMAZON.COM INC 3.30000 04/13/2027 US 288,112.14 $273,891.82
DIAGEO PLC GB DGE LN 835.27 $36,561.23
BAE SYSTEMS PLC GB BA/ LN 3,729.25 $38,517.19
AMERICAN HOMES 4 RENT- A US AMH 828.2 $24,962.08
AMERICAN TOWER REIT INC US AMT 110.86 $23,486.04
AMERICOLD REALTY TRUST US COLD 411.21 $11,641.39
ANALOG DEVICES INC US ADI 52.12 $8,549.66
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 17,202.09 $17,199.69
ARCHER-DANIELS-MIDLAND CO US ADM 64.44 $5,982.95
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 139,521.78 $127,004.71
ATLASSIAN CORP PLC-CLASS A AU TEAM 200.45 $25,794.41
AUTOMATIC DATA PROCESSING US ADP 37.94 $9,062.67
AVALONBAY COMMUNITIES INC US AVB 105.06 $16,969.81
BAE SYSTEMS PLC -SPON ADR GB BAESY 5,552.76 $234,021.13
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 132,163.02 $124,659.95
BANK OF AMERICA CORP 2.68700 04/22/2032 US 240,104.2 $192,799.42
BARRICK GOLD CORP CA GOLD 6,722.15 $115,486.59
BAXTER INTERNATIONAL INC US BAX 48.68 $2,481.00
BEST BUY INC US BBY 33.73 $2,705.19
BIOMARIN PHARMACEUTICAL INC US BMRN 2,848.2 $294,759.80
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 102,028.55 $89,568.48
DECHRA PHARMACEUTICALS PLC GB DPH LN 774.46 $24,410.99
BRANDYWINE REALTY TRUST US BDN 1,234.46 $7,591.93
BABS 2021-RM2 A 1.75000 10/25/2061 US 30,336.29 $26,502.80
BRISTOL MYERS SQUIBB CO US BMY 170.07 $12,236.85
BROADRIDGE FINANCIAL SOLUTIONS US BR 18.73 $2,512.72
JONAH ENERGY PARENT LLC US 672.82 $41,869.70
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 121,216.22 $108,278.96
SORT 2020-1 A2 1.99000 07/15/2060 US 100,947.01 $83,391.46
C.H. ROBINSON WORLDWIDE INC US CHRW 25.44 $2,329.29
CIM 2019-INV1 A1 4.00000 02/25/2049 US 4,636.85 $4,433.73
COMM 2014-UBS4 A5 3.69400 08/10/2047 US 336,948.05 $326,299.89
COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 187,193.36 $178,780.50
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 29,720.51 $25,964.14
COTERRA ENERGY INC US CTRA 92.8 $2,280.07
CAMDEN PROPERTY TRUST US CPT 144.22 $16,134.93
CAMPBELL SOUP CO US CPB 54.04 $3,066.75
CANADIAN NATIONAL RAILWAY CO CA CNI 2,000.04 $237,765.32
CARETRUST REIT INC US CTRE 894.8 $16,625.30
CATERPILLAR INC US CAT 48.34 $11,579.95
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 1,148.69 $18,953.38
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 144,562.92 $150,539.24
CHEVRON CORP US CVX 91.31 $16,389.75
CINCINNATI FINANCIAL CORP US CINF 25.58 $2,619.51
CISCO SYSTEMS INC US CSCO 302.16 $14,394.78
CITIGROUP INC US C 193.02 $8,730.42
CITIGROUP INC 1.46200 06/09/2027 US 230,115.33 $199,996.99
CLARK CNTY NV 1.51000 11/01/2028 US 190,937.23 $156,983.86
COCA COLA CO/THE US KO 5,940.24 $377,858.52
COLGATE-PALMOLIVE CO US CL 91.31 $7,194.54
COMCAST CORP-CL A US CMCSA 328.36 $11,482.71
COMMUNITY HEALTHCARE TRUST I US CHCT 789.87 $28,277.32
CONAGRA BRAND INC. US CAG 81.4 $3,150.05
CONOCOPHILLIPS US COP 84.03 $9,915.76
COPART INC US CPRT 3,348.91 $203,915.31
COUSINS PROPERTIES INC US CUZ 923.82 $23,363.48
CAALT 2021-3A B MTGE 1.38000 07/15/2030 US 182,513.53 $168,560.58
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 16,555.9 $14,073.86
CUMMINS INC US CMI 21.18 $5,130.49
COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 99,212.48 $85,163.59
KIMBERLY CLARK DE MEXICO S.A.B. MX 22,450.77 $38,100.58
DEVON ENERGY CORPORATION US DVN 65.35 $4,019.58
DIAMONDBACK ENERGY INC US FANG 20.74 $2,837.38
DIGITAL REALTY TRUST INC US DLR 288.02 $28,879.91
DOLLAR TREE STORES INC US DLTR 1,463.73 $207,029.60
DOW INC US DOW 65.01 $3,275.91
DREYFUS GVT CSH MANAGEMENT US 1,972,341.12 $1,972,341.12
EOG RESOURCES INC US EOG 46.18 $5,981.77
EASTMAN CHEM CO US EMN 23.24 $1,892.31
EBAY INC US EBAY 61.08 $2,533.13
ELECTRONIC ARTS US EA 1,693.58 $206,921.80
EMERSON ELEC CO US EMR 67.93 $6,525.70
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 306,104.66 $303,413.00
EQUINIX INC US EQIX 479.16 $313,864.84
EQUITY LIFESTYLE PROPERTIES US ELS 594.33 $38,393.77
ESSEX PROPERTY TRUST INC US ESS 68.46 $14,508.99
EVERGY INC US EVRG 3,992.71 $251,260.95
EXPEDIA GROUP INC 3.25000 02/15/2030 US 148,267.92 $126,207.75
FMC CORP US FMC 3,981.53 $496,895.14
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 53,881.7 $54,028.22
FREMF 2015-K43 B FLT 3.73223 02/25/2048 US 105,047.81 $100,481.57
FREMF 2013-K28 X2A 0.10000 06/25/2046 US 3,351,453.89 $130.91
META PLATFORMS INC US META 2,811.79 $338,370.31
FHLM POOL G03332 6.00000 10/01/2037 US 1,977.57 $2,075.46
FHLM POOL G05900 6.00000 03/01/2040 US 4,160.29 $4,366.22
FHLM POOL G05906 6.00000 04/01/2040 US 5,849.91 $6,139.47
FHLM POOL G06995 6.00000 05/01/2040 US 11,995.88 $12,589.66
FHLM POOL G13331 5.50000 10/01/2023 US 25.34 $25.25
FHLM POOL G12988 6.00000 01/01/2023 US .14 $0.14
FHLM POOL G13078 6.00000 03/01/2023 US 1.17 $1.17
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 53,377.11 $52,390.70
FHLM POOL C91780 4.50000 07/01/2034 US 18,078.44 $17,898.02
FR SD1129 4.00000 08/01/2051 US 74,455.53 $70,874.83
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 262,061.28 $232,959.59
FHLM POOL SD8230 4.50000 06/01/2052 US 214,598.28 $206,780.96
FHLM POOL K91364 4.50000 11/01/2033 US 2,370.59 $2,353.30
FHLM POOL K92059 4.50000 09/01/2034 US 11,196.76 $11,082.00
FHLM POOL G60034 4.50000 02/01/2045 US 94,837.72 $93,884.42
FNR 2018-31 KP 3.50000 07/25/2047 US 4,137.32 $4,001.39
FHMS K030 X1 FLT 0.13744 04/25/2023 US 4,512,208.28 $1,095.97
FHMS K032 X1 FLT 0.06240 05/25/2023 US 3,719,271.32 $815.97
FHR 5189 CP 2.50000 06/25/2049 US 149,724.99 $129,388.17
FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 10,582.17 $10,484.95
FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 52,965.35 $52,478.72
FEDERAL NATL MTG ASSN AL8674 FLT 5.65100 01/01/2049 US 157,581.04 $162,708.15
FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 13,285.54 $12,299.27
FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 36,339.42 $34,720.06
FEDERAL NATL MTG ASSN BK0433 3.50000 12/01/2049 US 44,618.69 $41,039.15
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 249,709.5 $231,137.32
FN DS2696 3.00000 12/01/2051 US 314,390.63 $279,519.90
FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 12,302.14 $12,896.75
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 19,492.88 $19,249.60
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 27,800.27 $27,453.30
FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 16,706.45 $15,949.15
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 278,887.96 $242,838.36
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 274,723.72 $249,654.30
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 270,031.63 $253,309.13
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 270,323.43 $256,940.44
FN MA4733 4.50000 09/01/2052 US 296,580.39 $285,772.26
FN MA4807 MTGE 5.50000 11/01/2052 US 217,324.53 $217,984.56
FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 6,044.22 $6,336.36
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 3,739.62 $3,915.13
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 185.77 $184.75
FEDERAL NATL MTG ASSN AE0951 4.50000 02/01/2041 US 17,367.56 $17,213.30
FIFTH THIRD BANCORP US FITB 103.58 $3,398.36
FLX 2021-1A A2 3.25000 11/27/2051 US 218,512.47 $190,736.17
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 164,581.97 $153,731.02
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 74,082.86 $63,779.06
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 101,969.14 $87,786.18
GSMBS 2021-INV1 A6 2.50000 12/25/2051 US 126,571.02 $108,956.20
GSMBS 2022-PJ1 A8 2.50000 05/28/2052 US 115,414.57 $99,316.63
GENERAL DYNAMICS CORP US GD 30.57 $7,583.91
GENERAL MLS INC US GIS 74.35 $6,233.95
GENUINE PARTS CO US GPC 23.67 $4,106.38
GETTY REALTY CORP US GTY 940.4 $31,832.49
GILEAD SCIENCES INC US GILD 128.87 $11,063.78
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 96,833.36 $79,765.34
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 29,436.55 $27,475.82
GREENIDGE GEN HLD INC US 1,166.39 $1,248.03
GRUPO AEROPORTUARIO PAC-ADR MX PAC 33.06 $4,754.11
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 22.23 $5,179.45
AIRBUS SE FR AIR FP 169.36 $20,137.65
ADIDAS AG DE ADS GR 253.08 $34,298.79
HDFC BANK LTD-ADR IN HDB 328.67 $22,484.01
L'OREAL FR OR FP 20.94 $7,497.77
HAWAII ST 2.68200 10/01/2038 US 114,510.39 $82,458.14
HEALTHCARE REALTY TRUST INC US HR 2,016.57 $38,859.31
HEINEKEN NV-SPN ADR NL HEINY 6,462.85 $303,883.21
HOME DEPOT INC US HD 65.49 $20,686.31
HONEYWELL INTERNATIONAL INC US HON 59.17 $12,679.34
HWIRE 2021-1 A2 2.31100 11/20/2051 US 54,024.59 $46,929.40
IDEXX LABORATORIES INC US IDXX 587.63 $239,727.73
KERRY GROUP PLC-A IE KYGA ID 235.27 $21,252.26
ILLINOIS TOOL WKS INC US ITW 35.16 $7,746.31
IMPRL 2021-NQM3 1.59500 11/25/2056 US 116,837.65 $94,174.98
INDEPENDENCE REALTY TRUST IN US IRT 970.59 $16,364.08
INTEL CORP US INTC 331.04 $8,749.50
INTERCONTINENTALEXCHANGE INC US ICE 6,495.96 $666,420.39
INTERNATIONAL FLVRS & FRAGRANCES US IFF 35.21 $3,691.68
INTUIT INC US INTU 497.77 $193,742.72
INTUITIVE SURGICAL INC US ISRG 897.22 $238,077.84
INVITATION HOMES INC US INVH 1,108.89 $32,867.45
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 34,468.67 $32,450.20
JP MORGAN CHASE & CO US JPM 183.63 $24,624.92
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 29,641.71 $27,692.31
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 343,736.79 $322,455.82
JOHNSON & JOHNSON US JNJ 4,257.6 $752,104.78
KREF 2021-FL2 A 5.39629 02/15/2039 US 52,023.68 $50,156.26
KEYCORP US KEY 113.78 $1,982.05
KROGER CO US KR 90.98 $4,055.69
L3HARRIS TECHNOLOGIES INC US LHX 917.09 $190,947.31
BEIERSDORF AG DE BEI GR 368.61 $42,121.94
LENNAR CORP US LEN 34.73 $3,143.22
LEXINGTON REALTY TRUST US LXP 1,490.02 $14,929.98
LIFE STORAGE INC US LSI 263.98 $26,001.91
LOCKHEED MARTIN CORP US LMT 23.81 $11,583.40
LULULEMON - ADR CA LULU 43.45 $13,920.16
MAGALLANES INC 4.05400 03/15/2029 US 354,661.63 $307,931.93
MARATHON PETROLEUM CORP US MPC 48.1 $5,598.50
MARRIOTT VACATIONS WORLD US VAC 69.18 $9,310.41
MASTERCARD INC-CLASS A US MA 1,909.35 $663,937.58
MCDONALDS CORP US MCD 41.63 $10,971.24
MERCADOLIBRE INC BR MELI 29.56 $25,016.02
MERCK & CO INC US MRK 181.57 $20,145.23
MICROSOFT CORP US MSFT 2,860.95 $686,112.54
MICROCHIP TECHNOLOGY INC US MCHP 55.19 $3,877.00
MID-AMERICA APARTMENT COMM US MAA 227.25 $35,675.88
MONDELEZ INTERNATIONAL INC US MDLZ 6,400.1 $426,566.38
MOODY'S CORPORATION US MCO 1,233.18 $343,588.95
MOTOROLA SOLUTIONS INC US MSI 22.04 $5,679.08
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 101,338.92 $90,554.81
NAVIENT CORP 6.75000 06/25/2025 US 54,728.77 $52,608.32
NESTLE S.A. - ADR CH NSRGY 2,658.06 $306,580.87
NETAPP INC US NTAP 39.62 $2,379.65
USRE 2021-1 A1 1.91000 10/20/2061 US 61,277.89 $51,843.91
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 33,762.14 $31,109.31
NRZT 2015-2A A1 3.75000 08/25/2055 US 44,416.33 $41,311.70
NRZT 2016-4A A1 3.75000 11/25/2056 US 88,269.4 $80,686.52
KEYENCE CORP JP 6861 JP 57.45 $22,303.80
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 71,204.92 $68,273.38
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 153,576.96 $131,421.16
NEWMONT GOLDCORP CORP US NEM 2,881.74 $136,018.15
NIKE INC CLASS B US NKE 1,805.59 $211,271.87
NORFOLK SOUTHN CORP US NSC 892.33 $219,887.21
NIKON CORP JP 7731 JP 1,456.85 $12,882.52
NORTHROP GRUMMAN CORP US NOC 494.32 $269,704.13
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 54,075.16 $5.41
NOVARTIS AG- REG CH NVS 5,863.86 $531,969.26
NUCOR CORP US NUE 33.3 $4,388.68
OBX 2022-INV1 A1 3.00000 12/25/2051 US 119,464.61 $99,849.18
OMNICOM GROUP US OMC 37.37 $3,048.01
SONY CORP FIRST SECTION JP 6758 JP 277.88 $21,180.40
TOKYO ELECTRON LTD JP 8035 JP 33.73 $9,909.72
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 117,442.72 $102,255.69
OXFIN 2020-1A A2 3.10100 02/15/2028 US 111,026.83 $109,799.72
OXFIN 2022-1A 3.60200 02/15/2030 US 203,206.72 $185,269.75
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 29,632.44 $26,731.46
PPG INDUSTRIES INC US PPG 23.09 $2,903.59
PACKAGING CORP OF AMERICA US PKG 16.67 $2,132.61
PARKER HANNIFIN CORP US PH 13.13 $3,819.62
DEUTSCHE BOERSE AG DE DB1 GR 168.36 $28,989.49
PAYPAL HOLDINGS INC US PYPL 2,742.51 $195,321.80
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 207,236.46 $194,943.22
PEAR 2022-1 A1 6.50000 10/15/2034 US 63,883.21 $63,769.44
PELORUS FUND REIT 7.00000 09/30/2026 US 21,905.44 $20,174.69
NESTLE SA-REGISTERED CH NESN SW 445.04 $51,406.04
PEPSICO INC 3.90000 07/18/2032 US 262,454.11 $249,002.52
PFIZER INC US PFE 273.22 $13,999.82
PIONEER NATURAL RESOURCES CO US PXD 20.74 $4,737.75
POPULAR INC 6.12500 09/14/2023 PR 52,477.75 $52,170.50
PROCTER & GAMBLE CO US PG 144.92 $21,964.32
PROLOGIS US PLD 1,269.58 $143,119.64
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 194,211 $155,311.26
PFMT 2021-2 A2A 2.00000 04/25/2051 US 118,520.3 $100,055.27
PUBLIC STORAGE INC US PSA 188.19 $52,728.89
QUALCOMM INC US QCOM 95.82 $10,533.91
QUALCOMM INC 4.25000 05/20/2032 US 205,912.7 $199,003.56
QUEST DIAGNOSTICS INC US DGX 21.66 $3,387.84
RCKT 2021-6 A1 2.50000 12/25/2051 US 242,606.22 $194,095.34
RADIUS GLOBAL INFRASTRUCTURE US RADI 4,306.25 $50,899.88
REALTY INCOME CORP US O 143.63 $9,110.39
REGIONS FINANCIAL CORP. US RF 159.1 $3,430.26
REPUBLIC SERVICES INC US RSG 40.05 $5,166.31
RESTAURANT BRANDS INTERN CA QSR 229.01 $14,810.07
REXFORD INDUSTRIAL REALITY IN US REXR 672.77 $36,760.11
GETINGE AB-B SHS SE GETIB SS 1,619.13 $33,662.73
ROSS STORES INC US ROST 33.2 $3,853.74
HEINEKEN NV NL HEIA NA 429.8 $40,483.94
RYANAIR HOLDINGS - ADR IE RYAAY 197.01 $14,728.24
SBA TOWER TRUST 1.88400 01/15/2026 US 161,922.26 $142,547.18
SBA TOWER TRUST 6.59900 01/15/2028 US 224,596.26 $225,308.95
S&P GLOBAL INC US SPGI 401.97 $134,637.44
SBA COMMUNICATIONS CORP US SBAC 1,848.09 $518,039.05
SLAM 2021-1A A MTGE 2.43400 06/15/2046 US 40,797.57 $33,801.96
SMB 2020-BA A1A 1.29000 07/15/2053 US 129,546.5 $114,395.40
SALESFORCE INC US CRM 2,618.79 $347,225.78
SEAGEN INC US SGEN 1,165.52 $149,780.63
SEMT 2013-6 A2 3.00000 05/25/2043 US 42,966.92 $37,810.56
SEMT 2013-7 A2 3.00000 06/25/2043 US 17,882.92 $15,681.48
SEMT 2013-8 A1 3.00000 06/25/2043 US 21,425.99 $18,947.06
SEMT 2013-2 1.87400 02/25/2043 US 16,399.85 $13,855.90
SERVICENOW INC US NOW 888.58 $345,007.17
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 460,230.65 $371,336.12
SKYWORKS SOLUTIONS INC US SWKS 19.88 $1,811.88
JM SMUCKER CO/THE-NEW COM WI US SJM 19.02 $3,014.02
SNOWFLAKE INC-CLASS A US SNOW 1,065.77 $152,981.32
SOFI 2017-F A2FX 2.84000 01/25/2041 US 6,823.22 $6,565.74
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 31,573.2 $30,517.29
SOFI 2020-A A2FX MTGE 2.54000 05/15/2046 US 22,962.42 $21,241.37
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 168,863.5 $142,216.71
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 258,145.52 $255,609.72
STAG INDUSTRIAL INC US STAG 282.52 $9,128.18
STANLEY BLACK & DECKER INC US SWK 18.68 $1,403.50
SRPT 2014-STAR A FLTG RATE 5.78800 11/15/2027 US 207,535.57 $144,022.07
STEEL DYNAMICS INC US STLD 33.01 $3,224.91
SUN COMMUNITIES US SUI 320.93 $45,892.45
SCML 2019-SBC8 2.86000 04/25/2041 US 101,485.62 $92,837.48
SYNCHRONOSS TECH US 2,073.32 $37,216.04
SYNERGY ONE LENDING 5.50000 10/14/2026 US 61,191.65 $52,731.95
TJX COMPANIES INC US TJX 89.11 $7,093.04
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 4,479.51 $333,678.35
TARGET CORP US TGT 33.87 $5,047.98
TENCENT HOLDINGS 3.97500 04/11/2029 KY 567,994.04 $525,313.80
TERRENO REALTY CORP US TRNO 443.01 $25,194.21
TEXAS INSTRUMENTS INC US TXN 55.96 $9,245.16
THERMO FISHER SCIENTIFIC INC US TMO 397.98 $219,161.17
3M CO US MMM 57.59 $6,905.78
TPMT 2016-5 A1 2.50000 10/25/2056 US 31,969.72 $31,433.01
TPMT 2017-1 A1 2.75000 10/25/2056 US 16,583.89 $16,304.99
TPMT 2019-HY1 A1 5.38871 10/25/2048 US 39,676.95 $39,357.51
TRACTOR SUPPLY COMPANY US TSCO 12.46 $2,802.62
TRAVELLERS COS INC US TRV 30.37 $5,694.65
TAH 2017-SFR2 A 2.92800 01/17/2036 US 110,557.22 $107,157.44
TCF 2021-1A 1.86000 03/20/2046 US 170,987.87 $142,787.12
TYSON FOODS INC -CL A US TSN 48.63 $3,026.95
UDR INC US UDR 737.82 $28,575.87
U.S. BANCORP US USB 156.61 $6,829.82
UNILEVER PLC - ADR GB UL 10,522.46 $529,805.78
UNION PAC CORP US UNP 54.52 $11,289.56
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 48,939.68 $41,727.50
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 8,316.81 $7,530.64
UNITED MEXICAN STATES 4.12500 01/21/2026 MX 28,723.89 $28,036.26
UNITED PARCEL SERVICE US UPS 52.75 $9,169.54
US TREASURY N/B 3.00000 05/15/2047 US 153,469.84 $126,348.85
TREASURY BOND 2.37500 02/15/2042 US 2,026,162.76 $1,559,195.56
TREASURY NOTE 2.25000 11/15/2027 US 3,568,724.42 $3,292,984.71
US TREASURY N/B 3.12500 11/15/2028 US 1,920,993.47 $1,835,299.16
US TREASURY N/B 2.25000 11/15/2025 US 1,396,930.48 $1,323,045.96
US TREASURY N/B 2.00000 11/15/2026 US 1,774,072.53 $1,641,432.90
US TEASURY NOTE 1.75000 11/15/2029 US 2,418,714.82 $2,114,485.85
US TREASURY N/B 0.87500 11/15/2030 US 652,046.75 $522,758.10
US TREASURY N/B 1.37500 11/15/2031 US 1,267,417.22 $1,035,519.47
VF CORP US VFC 45.61 $1,259.28
VENTAS INC US VTR 383.3 $17,267.56
VERTEX PHARMACEUTICALS INC US VRTX 923.38 $266,654.22
PARAMOUNT GLOBAL CLASS B US PARA 72.49 $1,223.56
VISA INC - CLASS A SHARES US V 2,523.36 $524,252.22
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 64,427.45 $61,856.40
VISTRA OPERATIONS 4.87500 05/13/2024 US 226,089.1 $221,313.41
WAL MART STORES US WMT 160.88 $22,810.65
WALGREENS BOOTS ALLIANCE INC US WBA 83.6 $3,123.33
WASTE MANAGEMENT INC US WM 44.7 $7,012.21
WELLTOWER INC. US WELL 395.56 $25,928.74
WIN 2015-1 A1 3.50000 01/20/2045 US 10,816.51 $9,855.26
ZOETIS INC US ZTS 574.65 $84,214.29
ADMIRAL GROUP PLC GB ADM LN 1,756.52 $45,091.47
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 613.21 $4,714.57
UBISOFT ENTERTAINMENT FR UBI FP 584.85 $16,522.64
DANONE FR BN FP 294.49 $15,521.09
AIR LIQUIDE FR AI FP 302.92 $42,994.95
BRENNTAG AG DE BNR GR 229.78 $14,654.48
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 168,630.83 $7,986.55
KEYWORDS STUDIOS PLC IE KWS LN 218.33 $7,164.66
HELIOS TOWERS PLC GB HTWS LN 9,879.61 $12,672.54
AVANZA BANK HOLDING AB SE AZA SS 1,066.05 $22,876.98
AMERICAN TANKER INC 7.75000 07/02/2025 US 58,319.26 $55,863.97
SOFTWAREONE HOLDING AG CH SWON SW 1,532.79 $21,755.55
TENCENT HOLDINGS LTD CN 700 HK 555.76 $23,564.36
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 1,132.26 $18,387.88
SEASPAN CORP 6.50000 02/05/2024 MH 47,443.23 $47,107.99
PETROTAL CORP 12.00000 02/16/2024 CA 45,506.45 $45,849.49
IMCD NV NL IMCD NA 55.34 $7,915.73
FINECOBANK SPA IT FBK IM 2,370.5 $39,364.87
ALLFUNDS GROUP PLC GB ALLFG NA 2,304.71 $16,162.36
ROTORK PLC GB ROR LN 4,599.6 $17,093.09
AUTO TRADER GROUP PLC GB AUTO LN 6,224.59 $38,762.76
CELLNEX TELECOM SA ES CLNX SM 1,104.14 $36,625.83
ASSA ABLOY AB-B SE ASSAB SS 1,162.45 $25,003.38
CLEANAWAY WASTE MANAGEMENT AU CWY AU 17,803.08 $31,722.11
INTERMEDIATE CAPITAL GROUP GB ICP LN 1,700.94 $23,485.14
ADYEN NV NL ADYEN NA 19.93 $27,671.19
BANK OF N.T. BUTTERFIELD&SON BM NTB 456.26 $13,601.04
BUNGE LIMITED US BG 24.58 $2,452.17
EATON CORP PLC US ETN 46.9 $7,361.30
JOHNSON CONTROLS INTERNATIONAL US JCI 87.05 $5,571.06
LINDE PLC GB LIN 47.29 $15,424.89
MEDTRONIC INC IE MDT 2,743.62 $213,234.44
RENAISSANCERE HOLDINGS LTD BM RNR 80.97 $14,916.33
ROYALTY PHARMA PLC- CL A US RPRX 65.73 $2,597.62
STONECO LTD-A BR STNE 711.05 $6,712.28
TRANE TECHNOLOGIES IE TT 22.52 $3,784.98
ALCON INC CH ALC 3,560.17 $244,049.81
CHUBB LTD CH CB 42.06 $9,279.04
GARMIN LTD CH GRMN 31.57 $2,913.78
TE CONNECTIVITY LIMITED CH TEL 31.28 $3,591.50
LYONDELLBASELL INDU-CL A US LYB 32.1 $2,664.97
PLAYA HOTELS AND RESORTS US PLYA 1,184.44 $7,734.37
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 25,618.21 $24,276.96

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Extended Term CIT Fund and Manning & Napier Pro-Mix® Moderate 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

$18.32

Daily $ Change

$0.12

Daily % Change

0.66%

as of 02/02/2023

CUSIP

302027636

Inception Date

08/17/2012

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

Important Documents

Annual Report
Fact Sheet
Applications & Forms

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

Investment Objective

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

Investment Strategy

Currently: The portfolio is currently invested in a balanced mix of investments that seeks a more stable rate of long-term growth than that of the broad stock market. The portfolio is diversified among fixed income securities, primarily with intermediate to long-term maturities, and various stocks. Stock exposure can range from 26% - 63%.

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 2025
  • Who have a moderate tolerance for risk and can accept fluctuations in current account value
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio that becomes more conservative over time

About Target Date Funds

A target date fund is a single investment portfolio designed to meet an investor’s changing needs over time. The fund gradually shifts from a more aggressive to a more conservative investment objective over the years to reflect an appropriate risk/return trade-off for the investor’s changing time horizon.

Target Series Glide Path Overview

Learn more about our Glide Range SM

Performance

As of 12/31/2022

YTD

---

1 Year

-15.09%

3 Year

2.30%

5 Year

3.99%

10 Year

5.23%

Inception
(01/01/2000)

5.95%

Performance through the inception date of the Retirement Target CIT Class S units is based on historical performance of the CIT's oldest unit class. Performance through the inception date of the oldest unit class (08/03/2012) 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 S 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 0.91%
Net 0.89%*

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

Top Ten Investments

As of 12/31/2022

TREASURY NOTES 25.17%
GOVERNMENT AGENCY 6.73%
TREASURY BONDS 3.61%
AMAZON.COM INC 2.02%
JOHNSON & JOHNSON 1.61%
MICROSOFT CORP 1.47%
INTERCONTINENTALEXCHANGE INC 1.43%
MASTERCARD INC-CLASS A 1.42%
NOVARTIS AG- REG 1.14%
UNILEVER PLC - ADR 1.13%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 12/31/2022

Bonds
56.25%
Stocks
39.70%
Cash
4.05%

Detailed Asset Class Allocation

As of 12/31/2022

International Equities
10.63%
Small Capitalization
0.66%
Mid Capitalization
3.08%
Large Capitalization
25.32%
Long Term Fixed Income
13.30%
Intermediate Term Fixed Income
38.70%
Short Term Fixed Income
4.26%
Cash
4.05%

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

December Fund Holdings

As of 12/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 94.52 $10,377.63
ACTIVISION INC US ATVI 2,825.64 $216,302.37
ADIDAS AG-SPONSORED ADR DE ADDYY 3,252.5 $220,324.28
ADMIRAL GROUP PLC GB AMIGY 7,810.52 $198,543.53
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 59,480.05 $49,996.10
ADYEN NV UNSPON ADR NL ADYEY 14,429.4 $199,125.68
AGREE REALTY CORP US ADC 352.63 $25,011.75
AIR LIQUIDE-ADR FR AIQUY 11,389.82 $322,132.62
AIR LEASE CORP 3.62500 04/01/2027 US 145,024.28 $132,551.58
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 15,814.1 $15,891.75
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 310,575.34 $261,434.90
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 86,027.01 $68,582.06
ALLSTATE CORPORATION US ALL 36.84 $4,995.83
ALPHABET INC-CL A US GOOGL 5,939.24 $524,018.77
AMAZON.COM INC US AMZN 11,217.03 $942,230.73
AMAZON.COM INC 3.30000 04/13/2027 US 288,112.14 $273,891.82
DIAGEO PLC GB DGE LN 835.27 $36,561.23
BAE SYSTEMS PLC GB BA/ LN 3,729.25 $38,517.19
AMERICAN HOMES 4 RENT- A US AMH 828.2 $24,962.08
AMERICAN TOWER REIT INC US AMT 110.86 $23,486.04
AMERICOLD REALTY TRUST US COLD 411.21 $11,641.39
ANALOG DEVICES INC US ADI 52.12 $8,549.66
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 17,202.09 $17,199.69
ARCHER-DANIELS-MIDLAND CO US ADM 64.44 $5,982.95
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 139,521.78 $127,004.71
ATLASSIAN CORP PLC-CLASS A AU TEAM 200.45 $25,794.41
AUTOMATIC DATA PROCESSING US ADP 37.94 $9,062.67
AVALONBAY COMMUNITIES INC US AVB 105.06 $16,969.81
BAE SYSTEMS PLC -SPON ADR GB BAESY 5,552.76 $234,021.13
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 132,163.02 $124,659.95
BANK OF AMERICA CORP 2.68700 04/22/2032 US 240,104.2 $192,799.42
BARRICK GOLD CORP CA GOLD 6,722.15 $115,486.59
BAXTER INTERNATIONAL INC US BAX 48.68 $2,481.00
BEST BUY INC US BBY 33.73 $2,705.19
BIOMARIN PHARMACEUTICAL INC US BMRN 2,848.2 $294,759.80
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 102,028.55 $89,568.48
DECHRA PHARMACEUTICALS PLC GB DPH LN 774.46 $24,410.99
BRANDYWINE REALTY TRUST US BDN 1,234.46 $7,591.93
BABS 2021-RM2 A 1.75000 10/25/2061 US 30,336.29 $26,502.80
BRISTOL MYERS SQUIBB CO US BMY 170.07 $12,236.85
BROADRIDGE FINANCIAL SOLUTIONS US BR 18.73 $2,512.72
JONAH ENERGY PARENT LLC US 672.82 $41,869.70
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 121,216.22 $108,278.96
SORT 2020-1 A2 1.99000 07/15/2060 US 100,947.01 $83,391.46
C.H. ROBINSON WORLDWIDE INC US CHRW 25.44 $2,329.29
CIM 2019-INV1 A1 4.00000 02/25/2049 US 4,636.85 $4,433.73
COMM 2014-UBS4 A5 3.69400 08/10/2047 US 336,948.05 $326,299.89
COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 187,193.36 $178,780.50
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 29,720.51 $25,964.14
COTERRA ENERGY INC US CTRA 92.8 $2,280.07
CAMDEN PROPERTY TRUST US CPT 144.22 $16,134.93
CAMPBELL SOUP CO US CPB 54.04 $3,066.75
CANADIAN NATIONAL RAILWAY CO CA CNI 2,000.04 $237,765.32
CARETRUST REIT INC US CTRE 894.8 $16,625.30
CATERPILLAR INC US CAT 48.34 $11,579.95
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 1,148.69 $18,953.38
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 144,562.92 $150,539.24
CHEVRON CORP US CVX 91.31 $16,389.75
CINCINNATI FINANCIAL CORP US CINF 25.58 $2,619.51
CISCO SYSTEMS INC US CSCO 302.16 $14,394.78
CITIGROUP INC US C 193.02 $8,730.42
CITIGROUP INC 1.46200 06/09/2027 US 230,115.33 $199,996.99
CLARK CNTY NV 1.51000 11/01/2028 US 190,937.23 $156,983.86
COCA COLA CO/THE US KO 5,940.24 $377,858.52
COLGATE-PALMOLIVE CO US CL 91.31 $7,194.54
COMCAST CORP-CL A US CMCSA 328.36 $11,482.71
COMMUNITY HEALTHCARE TRUST I US CHCT 789.87 $28,277.32
CONAGRA BRAND INC. US CAG 81.4 $3,150.05
CONOCOPHILLIPS US COP 84.03 $9,915.76
COPART INC US CPRT 3,348.91 $203,915.31
COUSINS PROPERTIES INC US CUZ 923.82 $23,363.48
CAALT 2021-3A B MTGE 1.38000 07/15/2030 US 182,513.53 $168,560.58
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 16,555.9 $14,073.86
CUMMINS INC US CMI 21.18 $5,130.49
COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 99,212.48 $85,163.59
KIMBERLY CLARK DE MEXICO S.A.B. MX 22,450.77 $38,100.58
DEVON ENERGY CORPORATION US DVN 65.35 $4,019.58
DIAMONDBACK ENERGY INC US FANG 20.74 $2,837.38
DIGITAL REALTY TRUST INC US DLR 288.02 $28,879.91
DOLLAR TREE STORES INC US DLTR 1,463.73 $207,029.60
DOW INC US DOW 65.01 $3,275.91
DREYFUS GVT CSH MANAGEMENT US 1,972,341.12 $1,972,341.12
EOG RESOURCES INC US EOG 46.18 $5,981.77
EASTMAN CHEM CO US EMN 23.24 $1,892.31
EBAY INC US EBAY 61.08 $2,533.13
ELECTRONIC ARTS US EA 1,693.58 $206,921.80
EMERSON ELEC CO US EMR 67.93 $6,525.70
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 306,104.66 $303,413.00
EQUINIX INC US EQIX 479.16 $313,864.84
EQUITY LIFESTYLE PROPERTIES US ELS 594.33 $38,393.77
ESSEX PROPERTY TRUST INC US ESS 68.46 $14,508.99
EVERGY INC US EVRG 3,992.71 $251,260.95
EXPEDIA GROUP INC 3.25000 02/15/2030 US 148,267.92 $126,207.75
FMC CORP US FMC 3,981.53 $496,895.14
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 53,881.7 $54,028.22
FREMF 2015-K43 B FLT 3.73223 02/25/2048 US 105,047.81 $100,481.57
FREMF 2013-K28 X2A 0.10000 06/25/2046 US 3,351,453.89 $130.91
META PLATFORMS INC US META 2,811.79 $338,370.31
FHLM POOL G03332 6.00000 10/01/2037 US 1,977.57 $2,075.46
FHLM POOL G05900 6.00000 03/01/2040 US 4,160.29 $4,366.22
FHLM POOL G05906 6.00000 04/01/2040 US 5,849.91 $6,139.47
FHLM POOL G06995 6.00000 05/01/2040 US 11,995.88 $12,589.66
FHLM POOL G13331 5.50000 10/01/2023 US 25.34 $25.25
FHLM POOL G12988 6.00000 01/01/2023 US .14 $0.14
FHLM POOL G13078 6.00000 03/01/2023 US 1.17 $1.17
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 53,377.11 $52,390.70
FHLM POOL C91780 4.50000 07/01/2034 US 18,078.44 $17,898.02
FR SD1129 4.00000 08/01/2051 US 74,455.53 $70,874.83
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 262,061.28 $232,959.59
FHLM POOL SD8230 4.50000 06/01/2052 US 214,598.28 $206,780.96
FHLM POOL K91364 4.50000 11/01/2033 US 2,370.59 $2,353.30
FHLM POOL K92059 4.50000 09/01/2034 US 11,196.76 $11,082.00
FHLM POOL G60034 4.50000 02/01/2045 US 94,837.72 $93,884.42
FNR 2018-31 KP 3.50000 07/25/2047 US 4,137.32 $4,001.39
FHMS K030 X1 FLT 0.13744 04/25/2023 US 4,512,208.28 $1,095.97
FHMS K032 X1 FLT 0.06240 05/25/2023 US 3,719,271.32 $815.97
FHR 5189 CP 2.50000 06/25/2049 US 149,724.99 $129,388.17
FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 10,582.17 $10,484.95
FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 52,965.35 $52,478.72
FEDERAL NATL MTG ASSN AL8674 FLT 5.65100 01/01/2049 US 157,581.04 $162,708.15
FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 13,285.54 $12,299.27
FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 36,339.42 $34,720.06
FEDERAL NATL MTG ASSN BK0433 3.50000 12/01/2049 US 44,618.69 $41,039.15
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 249,709.5 $231,137.32
FN DS2696 3.00000 12/01/2051 US 314,390.63 $279,519.90
FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 12,302.14 $12,896.75
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 19,492.88 $19,249.60
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 27,800.27 $27,453.30
FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 16,706.45 $15,949.15
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 278,887.96 $242,838.36
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 274,723.72 $249,654.30
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 270,031.63 $253,309.13
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 270,323.43 $256,940.44
FN MA4733 4.50000 09/01/2052 US 296,580.39 $285,772.26
FN MA4807 MTGE 5.50000 11/01/2052 US 217,324.53 $217,984.56
FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 6,044.22 $6,336.36
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 3,739.62 $3,915.13
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 185.77 $184.75
FEDERAL NATL MTG ASSN AE0951 4.50000 02/01/2041 US 17,367.56 $17,213.30
FIFTH THIRD BANCORP US FITB 103.58 $3,398.36
FLX 2021-1A A2 3.25000 11/27/2051 US 218,512.47 $190,736.17
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 164,581.97 $153,731.02
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 74,082.86 $63,779.06
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 101,969.14 $87,786.18
GSMBS 2021-INV1 A6 2.50000 12/25/2051 US 126,571.02 $108,956.20
GSMBS 2022-PJ1 A8 2.50000 05/28/2052 US 115,414.57 $99,316.63
GENERAL DYNAMICS CORP US GD 30.57 $7,583.91
GENERAL MLS INC US GIS 74.35 $6,233.95
GENUINE PARTS CO US GPC 23.67 $4,106.38
GETTY REALTY CORP US GTY 940.4 $31,832.49
GILEAD SCIENCES INC US GILD 128.87 $11,063.78
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 96,833.36 $79,765.34
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 29,436.55 $27,475.82
GREENIDGE GEN HLD INC US 1,166.39 $1,248.03
GRUPO AEROPORTUARIO PAC-ADR MX PAC 33.06 $4,754.11
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 22.23 $5,179.45
AIRBUS SE FR AIR FP 169.36 $20,137.65
ADIDAS AG DE ADS GR 253.08 $34,298.79
HDFC BANK LTD-ADR IN HDB 328.67 $22,484.01
L'OREAL FR OR FP 20.94 $7,497.77
HAWAII ST 2.68200 10/01/2038 US 114,510.39 $82,458.14
HEALTHCARE REALTY TRUST INC US HR 2,016.57 $38,859.31
HEINEKEN NV-SPN ADR NL HEINY 6,462.85 $303,883.21
HOME DEPOT INC US HD 65.49 $20,686.31
HONEYWELL INTERNATIONAL INC US HON 59.17 $12,679.34
HWIRE 2021-1 A2 2.31100 11/20/2051 US 54,024.59 $46,929.40
IDEXX LABORATORIES INC US IDXX 587.63 $239,727.73
KERRY GROUP PLC-A IE KYGA ID 235.27 $21,252.26
ILLINOIS TOOL WKS INC US ITW 35.16 $7,746.31
IMPRL 2021-NQM3 1.59500 11/25/2056 US 116,837.65 $94,174.98
INDEPENDENCE REALTY TRUST IN US IRT 970.59 $16,364.08
INTEL CORP US INTC 331.04 $8,749.50
INTERCONTINENTALEXCHANGE INC US ICE 6,495.96 $666,420.39
INTERNATIONAL FLVRS & FRAGRANCES US IFF 35.21 $3,691.68
INTUIT INC US INTU 497.77 $193,742.72
INTUITIVE SURGICAL INC US ISRG 897.22 $238,077.84
INVITATION HOMES INC US INVH 1,108.89 $32,867.45
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 34,468.67 $32,450.20
JP MORGAN CHASE & CO US JPM 183.63 $24,624.92
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 29,641.71 $27,692.31
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 343,736.79 $322,455.82
JOHNSON & JOHNSON US JNJ 4,257.6 $752,104.78
KREF 2021-FL2 A 5.39629 02/15/2039 US 52,023.68 $50,156.26
KEYCORP US KEY 113.78 $1,982.05
KROGER CO US KR 90.98 $4,055.69
L3HARRIS TECHNOLOGIES INC US LHX 917.09 $190,947.31
BEIERSDORF AG DE BEI GR 368.61 $42,121.94
LENNAR CORP US LEN 34.73 $3,143.22
LEXINGTON REALTY TRUST US LXP 1,490.02 $14,929.98
LIFE STORAGE INC US LSI 263.98 $26,001.91
LOCKHEED MARTIN CORP US LMT 23.81 $11,583.40
LULULEMON - ADR CA LULU 43.45 $13,920.16
MAGALLANES INC 4.05400 03/15/2029 US 354,661.63 $307,931.93
MARATHON PETROLEUM CORP US MPC 48.1 $5,598.50
MARRIOTT VACATIONS WORLD US VAC 69.18 $9,310.41
MASTERCARD INC-CLASS A US MA 1,909.35 $663,937.58
MCDONALDS CORP US MCD 41.63 $10,971.24
MERCADOLIBRE INC BR MELI 29.56 $25,016.02
MERCK & CO INC US MRK 181.57 $20,145.23
MICROSOFT CORP US MSFT 2,860.95 $686,112.54
MICROCHIP TECHNOLOGY INC US MCHP 55.19 $3,877.00
MID-AMERICA APARTMENT COMM US MAA 227.25 $35,675.88
MONDELEZ INTERNATIONAL INC US MDLZ 6,400.1 $426,566.38
MOODY'S CORPORATION US MCO 1,233.18 $343,588.95
MOTOROLA SOLUTIONS INC US MSI 22.04 $5,679.08
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 101,338.92 $90,554.81
NAVIENT CORP 6.75000 06/25/2025 US 54,728.77 $52,608.32
NESTLE S.A. - ADR CH NSRGY 2,658.06 $306,580.87
NETAPP INC US NTAP 39.62 $2,379.65
USRE 2021-1 A1 1.91000 10/20/2061 US 61,277.89 $51,843.91
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 33,762.14 $31,109.31
NRZT 2015-2A A1 3.75000 08/25/2055 US 44,416.33 $41,311.70
NRZT 2016-4A A1 3.75000 11/25/2056 US 88,269.4 $80,686.52
KEYENCE CORP JP 6861 JP 57.45 $22,303.80
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 71,204.92 $68,273.38
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 153,576.96 $131,421.16
NEWMONT GOLDCORP CORP US NEM 2,881.74 $136,018.15
NIKE INC CLASS B US NKE 1,805.59 $211,271.87
NORFOLK SOUTHN CORP US NSC 892.33 $219,887.21
NIKON CORP JP 7731 JP 1,456.85 $12,882.52
NORTHROP GRUMMAN CORP US NOC 494.32 $269,704.13
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 54,075.16 $5.41
NOVARTIS AG- REG CH NVS 5,863.86 $531,969.26
NUCOR CORP US NUE 33.3 $4,388.68
OBX 2022-INV1 A1 3.00000 12/25/2051 US 119,464.61 $99,849.18
OMNICOM GROUP US OMC 37.37 $3,048.01
SONY CORP FIRST SECTION JP 6758 JP 277.88 $21,180.40
TOKYO ELECTRON LTD JP 8035 JP 33.73 $9,909.72
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 117,442.72 $102,255.69
OXFIN 2020-1A A2 3.10100 02/15/2028 US 111,026.83 $109,799.72
OXFIN 2022-1A 3.60200 02/15/2030 US 203,206.72 $185,269.75
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 29,632.44 $26,731.46
PPG INDUSTRIES INC US PPG 23.09 $2,903.59
PACKAGING CORP OF AMERICA US PKG 16.67 $2,132.61
PARKER HANNIFIN CORP US PH 13.13 $3,819.62
DEUTSCHE BOERSE AG DE DB1 GR 168.36 $28,989.49
PAYPAL HOLDINGS INC US PYPL 2,742.51 $195,321.80
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 207,236.46 $194,943.22
PEAR 2022-1 A1 6.50000 10/15/2034 US 63,883.21 $63,769.44
PELORUS FUND REIT 7.00000 09/30/2026 US 21,905.44 $20,174.69
NESTLE SA-REGISTERED CH NESN SW 445.04 $51,406.04
PEPSICO INC 3.90000 07/18/2032 US 262,454.11 $249,002.52
PFIZER INC US PFE 273.22 $13,999.82
PIONEER NATURAL RESOURCES CO US PXD 20.74 $4,737.75
POPULAR INC 6.12500 09/14/2023 PR 52,477.75 $52,170.50
PROCTER & GAMBLE CO US PG 144.92 $21,964.32
PROLOGIS US PLD 1,269.58 $143,119.64
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 194,211 $155,311.26
PFMT 2021-2 A2A 2.00000 04/25/2051 US 118,520.3 $100,055.27
PUBLIC STORAGE INC US PSA 188.19 $52,728.89
QUALCOMM INC US QCOM 95.82 $10,533.91
QUALCOMM INC 4.25000 05/20/2032 US 205,912.7 $199,003.56
QUEST DIAGNOSTICS INC US DGX 21.66 $3,387.84
RCKT 2021-6 A1 2.50000 12/25/2051 US 242,606.22 $194,095.34
RADIUS GLOBAL INFRASTRUCTURE US RADI 4,306.25 $50,899.88
REALTY INCOME CORP US O 143.63 $9,110.39
REGIONS FINANCIAL CORP. US RF 159.1 $3,430.26
REPUBLIC SERVICES INC US RSG 40.05 $5,166.31
RESTAURANT BRANDS INTERN CA QSR 229.01 $14,810.07
REXFORD INDUSTRIAL REALITY IN US REXR 672.77 $36,760.11
GETINGE AB-B SHS SE GETIB SS 1,619.13 $33,662.73
ROSS STORES INC US ROST 33.2 $3,853.74
HEINEKEN NV NL HEIA NA 429.8 $40,483.94
RYANAIR HOLDINGS - ADR IE RYAAY 197.01 $14,728.24
SBA TOWER TRUST 1.88400 01/15/2026 US 161,922.26 $142,547.18
SBA TOWER TRUST 6.59900 01/15/2028 US 224,596.26 $225,308.95
S&P GLOBAL INC US SPGI 401.97 $134,637.44
SBA COMMUNICATIONS CORP US SBAC 1,848.09 $518,039.05
SLAM 2021-1A A MTGE 2.43400 06/15/2046 US 40,797.57 $33,801.96
SMB 2020-BA A1A 1.29000 07/15/2053 US 129,546.5 $114,395.40
SALESFORCE INC US CRM 2,618.79 $347,225.78
SEAGEN INC US SGEN 1,165.52 $149,780.63
SEMT 2013-6 A2 3.00000 05/25/2043 US 42,966.92 $37,810.56
SEMT 2013-7 A2 3.00000 06/25/2043 US 17,882.92 $15,681.48
SEMT 2013-8 A1 3.00000 06/25/2043 US 21,425.99 $18,947.06
SEMT 2013-2 1.87400 02/25/2043 US 16,399.85 $13,855.90
SERVICENOW INC US NOW 888.58 $345,007.17
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 460,230.65 $371,336.12
SKYWORKS SOLUTIONS INC US SWKS 19.88 $1,811.88
JM SMUCKER CO/THE-NEW COM WI US SJM 19.02 $3,014.02
SNOWFLAKE INC-CLASS A US SNOW 1,065.77 $152,981.32
SOFI 2017-F A2FX 2.84000 01/25/2041 US 6,823.22 $6,565.74
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 31,573.2 $30,517.29
SOFI 2020-A A2FX MTGE 2.54000 05/15/2046 US 22,962.42 $21,241.37
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 168,863.5 $142,216.71
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 258,145.52 $255,609.72
STAG INDUSTRIAL INC US STAG 282.52 $9,128.18
STANLEY BLACK & DECKER INC US SWK 18.68 $1,403.50
SRPT 2014-STAR A FLTG RATE 5.78800 11/15/2027 US 207,535.57 $144,022.07
STEEL DYNAMICS INC US STLD 33.01 $3,224.91
SUN COMMUNITIES US SUI 320.93 $45,892.45
SCML 2019-SBC8 2.86000 04/25/2041 US 101,485.62 $92,837.48
SYNCHRONOSS TECH US 2,073.32 $37,216.04
SYNERGY ONE LENDING 5.50000 10/14/2026 US 61,191.65 $52,731.95
TJX COMPANIES INC US TJX 89.11 $7,093.04
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 4,479.51 $333,678.35
TARGET CORP US TGT 33.87 $5,047.98
TENCENT HOLDINGS 3.97500 04/11/2029 KY 567,994.04 $525,313.80
TERRENO REALTY CORP US TRNO 443.01 $25,194.21
TEXAS INSTRUMENTS INC US TXN 55.96 $9,245.16
THERMO FISHER SCIENTIFIC INC US TMO 397.98 $219,161.17
3M CO US MMM 57.59 $6,905.78
TPMT 2016-5 A1 2.50000 10/25/2056 US 31,969.72 $31,433.01
TPMT 2017-1 A1 2.75000 10/25/2056 US 16,583.89 $16,304.99
TPMT 2019-HY1 A1 5.38871 10/25/2048 US 39,676.95 $39,357.51
TRACTOR SUPPLY COMPANY US TSCO 12.46 $2,802.62
TRAVELLERS COS INC US TRV 30.37 $5,694.65
TAH 2017-SFR2 A 2.92800 01/17/2036 US 110,557.22 $107,157.44
TCF 2021-1A 1.86000 03/20/2046 US 170,987.87 $142,787.12
TYSON FOODS INC -CL A US TSN 48.63 $3,026.95
UDR INC US UDR 737.82 $28,575.87
U.S. BANCORP US USB 156.61 $6,829.82
UNILEVER PLC - ADR GB UL 10,522.46 $529,805.78
UNION PAC CORP US UNP 54.52 $11,289.56
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 48,939.68 $41,727.50
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 8,316.81 $7,530.64
UNITED MEXICAN STATES 4.12500 01/21/2026 MX 28,723.89 $28,036.26
UNITED PARCEL SERVICE US UPS 52.75 $9,169.54
US TREASURY N/B 3.00000 05/15/2047 US 153,469.84 $126,348.85
TREASURY BOND 2.37500 02/15/2042 US 2,026,162.76 $1,559,195.56
TREASURY NOTE 2.25000 11/15/2027 US 3,568,724.42 $3,292,984.71
US TREASURY N/B 3.12500 11/15/2028 US 1,920,993.47 $1,835,299.16
US TREASURY N/B 2.25000 11/15/2025 US 1,396,930.48 $1,323,045.96
US TREASURY N/B 2.00000 11/15/2026 US 1,774,072.53 $1,641,432.90
US TEASURY NOTE 1.75000 11/15/2029 US 2,418,714.82 $2,114,485.85
US TREASURY N/B 0.87500 11/15/2030 US 652,046.75 $522,758.10
US TREASURY N/B 1.37500 11/15/2031 US 1,267,417.22 $1,035,519.47
VF CORP US VFC 45.61 $1,259.28
VENTAS INC US VTR 383.3 $17,267.56
VERTEX PHARMACEUTICALS INC US VRTX 923.38 $266,654.22
PARAMOUNT GLOBAL CLASS B US PARA 72.49 $1,223.56
VISA INC - CLASS A SHARES US V 2,523.36 $524,252.22
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 64,427.45 $61,856.40
VISTRA OPERATIONS 4.87500 05/13/2024 US 226,089.1 $221,313.41
WAL MART STORES US WMT 160.88 $22,810.65
WALGREENS BOOTS ALLIANCE INC US WBA 83.6 $3,123.33
WASTE MANAGEMENT INC US WM 44.7 $7,012.21
WELLTOWER INC. US WELL 395.56 $25,928.74
WIN 2015-1 A1 3.50000 01/20/2045 US 10,816.51 $9,855.26
ZOETIS INC US ZTS 574.65 $84,214.29
ADMIRAL GROUP PLC GB ADM LN 1,756.52 $45,091.47
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 613.21 $4,714.57
UBISOFT ENTERTAINMENT FR UBI FP 584.85 $16,522.64
DANONE FR BN FP 294.49 $15,521.09
AIR LIQUIDE FR AI FP 302.92 $42,994.95
BRENNTAG AG DE BNR GR 229.78 $14,654.48
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 168,630.83 $7,986.55
KEYWORDS STUDIOS PLC IE KWS LN 218.33 $7,164.66
HELIOS TOWERS PLC GB HTWS LN 9,879.61 $12,672.54
AVANZA BANK HOLDING AB SE AZA SS 1,066.05 $22,876.98
AMERICAN TANKER INC 7.75000 07/02/2025 US 58,319.26 $55,863.97
SOFTWAREONE HOLDING AG CH SWON SW 1,532.79 $21,755.55
TENCENT HOLDINGS LTD CN 700 HK 555.76 $23,564.36
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 1,132.26 $18,387.88
SEASPAN CORP 6.50000 02/05/2024 MH 47,443.23 $47,107.99
PETROTAL CORP 12.00000 02/16/2024 CA 45,506.45 $45,849.49
IMCD NV NL IMCD NA 55.34 $7,915.73
FINECOBANK SPA IT FBK IM 2,370.5 $39,364.87
ALLFUNDS GROUP PLC GB ALLFG NA 2,304.71 $16,162.36
ROTORK PLC GB ROR LN 4,599.6 $17,093.09
AUTO TRADER GROUP PLC GB AUTO LN 6,224.59 $38,762.76
CELLNEX TELECOM SA ES CLNX SM 1,104.14 $36,625.83
ASSA ABLOY AB-B SE ASSAB SS 1,162.45 $25,003.38
CLEANAWAY WASTE MANAGEMENT AU CWY AU 17,803.08 $31,722.11
INTERMEDIATE CAPITAL GROUP GB ICP LN 1,700.94 $23,485.14
ADYEN NV NL ADYEN NA 19.93 $27,671.19
BANK OF N.T. BUTTERFIELD&SON BM NTB 456.26 $13,601.04
BUNGE LIMITED US BG 24.58 $2,452.17
EATON CORP PLC US ETN 46.9 $7,361.30
JOHNSON CONTROLS INTERNATIONAL US JCI 87.05 $5,571.06
LINDE PLC GB LIN 47.29 $15,424.89
MEDTRONIC INC IE MDT 2,743.62 $213,234.44
RENAISSANCERE HOLDINGS LTD BM RNR 80.97 $14,916.33
ROYALTY PHARMA PLC- CL A US RPRX 65.73 $2,597.62
STONECO LTD-A BR STNE 711.05 $6,712.28
TRANE TECHNOLOGIES IE TT 22.52 $3,784.98
ALCON INC CH ALC 3,560.17 $244,049.81
CHUBB LTD CH CB 42.06 $9,279.04
GARMIN LTD CH GRMN 31.57 $2,913.78
TE CONNECTIVITY LIMITED CH TEL 31.28 $3,591.50
LYONDELLBASELL INDU-CL A US LYB 32.1 $2,664.97
PLAYA HOTELS AND RESORTS US PLYA 1,184.44 $7,734.37
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 25,618.21 $24,276.96

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Extended Term CIT Fund and Manning & Napier Pro-Mix® Moderate 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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