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 growth-oriented mix of investments that seeks potential for growth with some stability. The portfolio is diversified among various stock investments and fixed income securities, which will typically be intermediate to long-term maturities. Stock exposure can range from 36% - 68%.

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 2030
  • Who have some time to pursue growth 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

$15.56

Daily $ Change

$0.12

Daily % Change

0.77%

as of 02/02/2023

CUSIP

56382R845

Inception Date

04/17/2015

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 12/31/2022

YTD

---

1 Year

-15.72%

3 Year

3.50%

5 Year

5.12%

10 Year

6.56%

Inception
(01/01/2000)

6.84%

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 0.50%
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 12/31/2022

TREASURY NOTES 21.80%
GOVERNMENT AGENCY 6.32%
TREASURY BONDS 4.54%
AMAZON.COM INC 2.32%
JOHNSON & JOHNSON 1.81%
MICROSOFT CORP 1.74%
MASTERCARD INC-CLASS A 1.69%
INTERCONTINENTALEXCHANGE INC 1.63%
VISA INC - CLASS A SHARES 1.32%
ALPHABET INC-CL A 1.29%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 12/31/2022

Bonds 50.69%
Stocks 45.61%
Cash 3.70%

Detailed Asset Class Allocation

As of 12/31/2022

International Equities 12.13%
Small Capitalization 0.75%
Mid Capitalization 3.48%
Large Capitalization 29.24%
Long Term Fixed Income 13.06%
Intermediate Term Fixed Income 35.38%
Short Term Fixed Income 2.26%
Cash 3.70%

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 286.8 $31,488.28
ACTIVISION INC US ATVI 8,708.95 $666,670.19
ADIDAS AG-SPONSORED ADR DE ADDYY 6,860.36 $464,720.53
ADMIRAL GROUP PLC GB AMIGY 24,152.69 $613,961.37
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 279,521.64 $234,952.57
ADYEN NV UNSPON ADR NL ADYEY 44,497.75 $614,068.93
AGREE REALTY CORP US ADC 1,072.15 $76,047.32
AIR LIQUIDE-ADR FR AIQUY 36,088.15 $1,020,663.14
AIR LEASE CORP 3.62500 04/01/2027 US 334,961.19 $306,153.11
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 46,223.01 $46,449.97
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 679,171.05 $571,709.96
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 195,159.61 $155,584.25
ALLSTATE CORPORATION US ALL 111.9 $15,173.34
ALPHABET INC-CL A US GOOGL 18,070.09 $1,594,324.08
AMAZON.COM INC US AMZN 34,057.65 $2,860,842.88
AMAZON.COM INC 3.30000 04/13/2027 US 662,118.1 $629,438.00
DIAGEO PLC GB DGE LN 2,538.17 $111,100.45
BAE SYSTEMS PLC GB BA/ LN 11,438.99 $118,146.53
AMERICAN HOMES 4 RENT- A US AMH 2,514.76 $75,794.72
AMERICAN TOWER REIT INC US AMT 331.51 $70,233.55
AMERICOLD REALTY TRUST US COLD 1,249.32 $35,368.36
ANALOG DEVICES INC US ADI 158.02 $25,919.91
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 47,897.36 $47,890.67
ARCHER-DANIELS-MIDLAND CO US ADM 195.56 $18,157.29
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 295,945.58 $269,395.10
ATLASSIAN CORP PLC-CLASS A AU TEAM 608.87 $78,349.94
AUTOMATIC DATA PROCESSING US ADP 114.95 $27,456.72
AVALONBAY COMMUNITIES INC US AVB 318.88 $51,504.98
BAE SYSTEMS PLC -SPON ADR GB BAESY 17,016.9 $717,177.45
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 303,027.68 $285,824.40
BANK OF AMERICA CORP 2.68700 04/22/2032 US 552,828.95 $443,911.86
BARRICK GOLD CORP CA GOLD 20,800.04 $357,344.61
BAXTER INTERNATIONAL INC US BAX 147.8 $7,533.45
BEST BUY INC US BBY 102.25 $8,201.30
BIOMARIN PHARMACEUTICAL INC US BMRN 7,641.65 $790,834.77
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 234,544.47 $205,901.10
DECHRA PHARMACEUTICALS PLC GB DPH LN 2,352.97 $74,165.33
BRANDYWINE REALTY TRUST US BDN 3,719.46 $22,874.69
BABS 2021-RM2 A 1.75000 10/25/2061 US 215,100.1 $187,918.63
BRISTOL MYERS SQUIBB CO US BMY 516.13 $37,135.90
BROADRIDGE FINANCIAL SOLUTIONS US BR 56.98 $7,642.42
JONAH ENERGY PARENT LLC US 1,981.9 $123,333.82
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 307,774.34 $274,925.95
SORT 2020-1 A2 1.99000 07/15/2060 US 252,486.42 $208,576.89
C.H. ROBINSON WORLDWIDE INC US CHRW 77.27 $7,074.95
CIM 2019-INV1 A1 4.00000 02/25/2049 US 14,383.69 $13,753.60
COMM 2014-UBS4 A5 3.69400 08/10/2047 US 255,794.24 $247,710.68
COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 142,107.91 $135,721.28
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 85,569.61 $74,754.48
COTERRA ENERGY INC US CTRA 281.7 $6,921.27
CAMDEN PROPERTY TRUST US CPT 438.86 $49,100.00
CAMPBELL SOUP CO US CPB 163.91 $9,301.82
CANADIAN NATIONAL RAILWAY CO CA CNI 6,062.21 $720,675.60
CARETRUST REIT INC US CTRE 2,716.7 $50,476.22
CATERPILLAR INC US CAT 146.6 $35,118.39
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 3,526.71 $58,190.77
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 316,875.05 $329,974.85
CHEVRON CORP US CVX 277.08 $49,733.75
CINCINNATI FINANCIAL CORP US CINF 77.7 $7,955.39
CISCO SYSTEMS INC US CSCO 916.97 $43,684.26
CITIGROUP INC US C 585.81 $26,496.35
CITIGROUP INC 1.46200 06/09/2027 US 529,410.26 $460,119.10
CLARK CNTY NV 1.51000 11/01/2028 US 144,950.07 $119,174.35
COCA COLA CO/THE US KO 18,100.31 $1,151,360.42
COLGATE-PALMOLIVE CO US CL 277.08 $21,831.42
COMCAST CORP-CL A US CMCSA 996.08 $34,833.00
COMMUNITY HEALTHCARE TRUST I US CHCT 2,397.61 $85,834.33
CONAGRA BRAND INC. US CAG 247.07 $9,561.58
CONOCOPHILLIPS US COP 255.09 $30,100.29
COPART INC US CPRT 10,818.66 $658,748.36
COUSINS PROPERTIES INC US CUZ 2,758.37 $69,759.15
CAALT 2021-3A B MTGE 1.38000 07/15/2030 US 138,555.21 $127,962.82
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 47,505.02 $40,383.15
CUMMINS INC US CMI 64.22 $15,558.73
COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 75,317.19 $64,651.97
KIMBERLY CLARK DE MEXICO S.A.B. MX 68,224.27 $115,781.52
DEVON ENERGY CORPORATION US DVN 198.46 $12,207.53
DIAMONDBACK ENERGY INC US FANG 62.94 $8,608.67
DIGITAL REALTY TRUST INC US DLR 859.99 $86,231.66
DOLLAR TREE STORES INC US DLTR 4,514.27 $638,497.81
DOW INC US DOW 197.26 $9,939.83
DREYFUS GVT CSH MANAGEMENT US 4,741,572.02 $4,741,572.02
EOG RESOURCES INC US EOG 140.21 $18,159.90
EASTMAN CHEM CO US EMN 70.53 $5,743.99
EBAY INC US EBAY 185.41 $7,688.88
ELECTRONIC ARTS US EA 5,178.71 $632,735.34
EMERSON ELEC CO US EMR 206.13 $19,800.61
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 742,286.77 $735,759.65
EQUINIX INC US EQIX 1,447.86 $948,393.40
EQUITY LIFESTYLE PROPERTIES US ELS 1,806.4 $116,693.42
ESSEX PROPERTY TRUST INC US ESS 208.11 $44,103.55
EVERGY INC US EVRG 12,092.21 $760,962.88
EXPEDIA GROUP INC 3.25000 02/15/2030 US 334,256.48 $284,523.83
FMC CORP US FMC 12,107.8 $1,511,053.34
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 139,085.22 $139,463.43
FREMF 2015-K43 B FLT 3.73223 02/25/2048 US 744,843.58 $712,466.56
FREMF 2013-K28 X2A 0.10000 06/25/2046 US 11,474,930.45 $448.21
META PLATFORMS INC US META 8,556.23 $1,029,657.11
FHLM POOL G03332 6.00000 10/01/2037 US 1,501.27 $1,575.59
FHLM POOL G05900 6.00000 03/01/2040 US 3,158.29 $3,314.62
FHLM POOL G05906 6.00000 04/01/2040 US 17,766.26 $18,645.67
FHLM POOL G06995 6.00000 05/01/2040 US 9,106.67 $9,557.45
FHLM POOL G13331 5.50000 10/01/2023 US 69.9 $69.66
FHLM POOL G12988 6.00000 01/01/2023 US .41 $0.41
FHLM POOL G13078 6.00000 03/01/2023 US 3.49 $3.49
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 134,289.7 $131,808.02
FHLM POOL C91780 4.50000 07/01/2034 US 128,185.55 $126,906.29
FR SD1129 4.00000 08/01/2051 US 527,928.39 $502,539.37
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 608,800.21 $541,193.44
FHLM POOL SD8230 4.50000 06/01/2052 US 442,239.63 $426,129.86
FHLM POOL K91364 4.50000 11/01/2033 US 16,808.71 $16,686.15
FHLM POOL K92059 4.50000 09/01/2034 US 79,390.87 $78,577.15
FHLM POOL G60034 4.50000 02/01/2045 US 71,996.09 $71,272.39
FNR 2018-31 KP 3.50000 07/25/2047 US 11,150.24 $10,783.90
FHMS K030 X1 FLT 0.13744 04/25/2023 US 13,469,369.62 $3,271.57
FHMS K032 X1 FLT 0.06240 05/25/2023 US 11,087,538.92 $2,432.49
FHR 5189 CP 2.50000 06/25/2049 US 113,663.78 $98,225.08
FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 31,589.18 $31,298.95
FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 40,208.66 $39,839.24
FEDERAL NATL MTG ASSN AL8674 FLT 5.65100 01/01/2049 US 553,539.59 $571,549.75
FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 10,085.72 $9,336.99
FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 27,587.09 $26,357.75
FEDERAL NATL MTG ASSN BK0433 3.50000 12/01/2049 US 316,369.73 $290,988.93
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 578,806.99 $535,758.14
FN DS2696 3.00000 12/01/2051 US 746,864.37 $664,025.67
FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 9,339.18 $9,790.57
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 14,798.03 $14,613.34
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 98,572.03 $97,341.78
FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 49,523.47 $47,278.59
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 637,421.71 $555,027.35
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 637,363.14 $579,201.72
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 628,390.62 $589,475.69
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 624,932.68 $593,993.94
FN MA4733 4.50000 09/01/2052 US 705,899.72 $680,174.97
FN MA4807 MTGE 5.50000 11/01/2052 US 508,051.28 $509,594.26
FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 4,588.47 $4,810.25
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 9,095.9 $9,522.80
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 555.25 $552.20
FEDERAL NATL MTG ASSN AE0951 4.50000 02/01/2041 US 13,184.59 $13,067.48
FIFTH THIRD BANCORP US FITB 314.26 $10,311.02
FLX 2021-1A A2 3.25000 11/27/2051 US 530,103.33 $462,719.03
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 432,153.7 $403,661.64
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 56,240.03 $48,417.90
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 240,336.54 $206,907.96
GSMBS 2021-INV1 A6 2.50000 12/25/2051 US 296,742.91 $255,445.35
GSMBS 2022-PJ1 A8 2.50000 05/28/2052 US 87,617.01 $75,396.26
GENERAL DYNAMICS CORP US GD 92.88 $23,044.83
GENERAL MLS INC US GIS 224.93 $18,860.48
GENUINE PARTS CO US GPC 71.81 $12,459.34
GETTY REALTY CORP US GTY 2,854.56 $96,627.01
GILEAD SCIENCES INC US GILD 391.11 $33,576.81
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 73,511.08 $60,553.88
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 93,220.65 $87,011.36
GREENIDGE GEN HLD INC US 3,292.48 $3,522.95
GRUPO AEROPORTUARIO PAC-ADR MX PAC 100.47 $14,449.14
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 67.55 $15,738.52
AIRBUS SE FR AIR FP 514.64 $61,192.51
ADIDAS AG DE ADS GR 775.19 $105,059.05
HDFC BANK LTD-ADR IN HDB 998.85 $68,331.24
L'OREAL FR OR FP 63.72 $22,817.46
HAWAII ST 2.68200 10/01/2038 US 118,601.87 $85,404.39
HEALTHCARE REALTY TRUST INC US HR 6,121.31 $117,957.70
HEINEKEN NV-SPN ADR NL HEINY 19,592.56 $921,241.96
HOME DEPOT INC US HD 198.89 $62,821.38
HONEYWELL INTERNATIONAL INC US HON 179.52 $38,470.92
HWIRE 2021-1 A2 2.31100 11/20/2051 US 383,062.41 $332,753.87
IDEXX LABORATORIES INC US IDXX 1,809.23 $738,092.36
KERRY GROUP PLC-A IE KYGA ID 713.54 $64,453.86
ILLINOIS TOOL WKS INC US ITW 106.51 $23,463.10
IMPRL 2021-NQM3 1.59500 11/25/2056 US 280,297.92 $225,929.31
INDEPENDENCE REALTY TRUST IN US IRT 2,951.28 $49,758.50
INTEL CORP US INTC 1,004.45 $26,547.74
INTERCONTINENTALEXCHANGE INC US ICE 19,656.65 $2,016,575.28
INTERNATIONAL FLVRS & FRAGRANCES US IFF 106.86 $11,203.19
INTUIT INC US INTU 1,511.08 $588,143.08
INTUITIVE SURGICAL INC US ISRG 2,432.86 $645,560.41
INVITATION HOMES INC US INVH 3,370.13 $99,890.64
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 102,177.93 $96,194.45
JP MORGAN CHASE & CO US JPM 557.15 $74,713.48
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 93,666.2 $87,506.19
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 789,857.98 $740,957.34
JOHNSON & JOHNSON US JNJ 12,621.1 $2,229,517.84
KREF 2021-FL2 A 5.39629 02/15/2039 US 368,874.91 $355,633.96
KEYCORP US KEY 345.13 $6,012.18
KROGER CO US KR 275.88 $12,298.62
L3HARRIS TECHNOLOGIES INC US LHX 2,809 $584,861.69
BEIERSDORF AG DE BEI GR 1,064.01 $121,586.64
LENNAR CORP US LEN 105.23 $9,523.13
LEXINGTON REALTY TRUST US LXP 4,524.09 $45,331.38
LIFE STORAGE INC US LSI 801.52 $78,949.74
LOCKHEED MARTIN CORP US LMT 72.23 $35,140.80
LULULEMON - ADR CA LULU 131.48 $42,124.16
MAGALLANES INC 4.05400 03/15/2029 US 813,987.21 $706,737.44
MARATHON PETROLEUM CORP US MPC 146.1 $17,004.42
MARRIOTT VACATIONS WORLD US VAC 209.6 $28,210.67
MASTERCARD INC-CLASS A US MA 5,988.61 $2,082,418.46
MCDONALDS CORP US MCD 126.3 $33,284.34
MERCADOLIBRE INC BR MELI 89.9 $76,078.09
MERCK & CO INC US MRK 550.83 $61,114.86
MICROSOFT CORP US MSFT 8,968.23 $2,150,759.89
MICROCHIP TECHNOLOGY INC US MCHP 167.31 $11,753.85
MID-AMERICA APARTMENT COMM US MAA 691.61 $108,575.60
MONDELEZ INTERNATIONAL INC US MDLZ 20,147.3 $1,342,817.75
MOODY'S CORPORATION US MCO 3,813.5 $1,062,518.51
MOTOROLA SOLUTIONS INC US MSI 66.77 $17,207.23
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 76,931.48 $68,744.71
NAVIENT CORP 6.75000 06/25/2025 US 153,980.34 $148,014.40
NESTLE S.A. - ADR CH NSRGY 8,210.55 $947,004.89
NETAPP INC US NTAP 120.34 $7,227.71
USRE 2021-1 A1 1.91000 10/20/2061 US 434,492.09 $367,600.25
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 95,706.65 $88,186.57
NRZT 2015-2A A1 3.75000 08/25/2055 US 148,696.22 $138,302.60
NRZT 2016-4A A1 3.75000 11/25/2056 US 291,999.65 $266,915.09
KEYENCE CORP JP 6861 JP 170.3 $66,116.75
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 175,989.6 $168,744.01
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 354,122.47 $303,034.94
NEWMONT GOLDCORP CORP US NEM 6,852.53 $323,439.63
NIKE INC CLASS B US NKE 5,555.12 $650,004.59
NORFOLK SOUTHN CORP US NSC 2,647.05 $652,285.10
NIKON CORP JP 7731 JP 4,463.12 $39,466.16
NORTHROP GRUMMAN CORP US NOC 1,513.84 $825,967.63
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 158,234.85 $15.82
NOVARTIS AG- REG CH NVS 17,292.66 $1,568,790.42
NUCOR CORP US NUE 100.97 $13,308.93
OBX 2022-INV1 A1 3.00000 12/25/2051 US 90,691.6 $75,800.54
OMNICOM GROUP US OMC 113.25 $9,237.48
SONY CORP FIRST SECTION JP 6758 JP 844.38 $64,359.81
TOKYO ELECTRON LTD JP 8035 JP 120.62 $35,440.75
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 270,949.73 $235,912.03
OXFIN 2020-1A A2 3.10100 02/15/2028 US 254,968.85 $252,150.85
OXFIN 2022-1A 3.60200 02/15/2030 US 463,059.26 $422,185.20
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 76,154.38 $68,698.97
PPG INDUSTRIES INC US PPG 70.1 $8,814.96
PACKAGING CORP OF AMERICA US PKG 50.66 $6,480.26
PARKER HANNIFIN CORP US PH 39.74 $11,563.02
DEUTSCHE BOERSE AG DE DB1 GR 511.66 $88,103.56
PAYPAL HOLDINGS INC US PYPL 8,300.32 $591,148.47
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 502,873.57 $473,043.16
PEAR 2022-1 A1 6.50000 10/15/2034 US 48,496.96 $48,410.59
PELORUS FUND REIT 7.00000 09/30/2026 US 122,728.25 $113,031.47
NESTLE SA-REGISTERED CH NESN SW 1,352.28 $156,201.21
PEPSICO INC 3.90000 07/18/2032 US 604,634.28 $573,644.90
PFIZER INC US PFE 829.12 $42,484.23
PIONEER NATURAL RESOURCES CO US PXD 62.94 $14,374.43
POPULAR INC 6.12500 09/14/2023 PR 138,019.41 $137,211.34
PROCTER & GAMBLE CO US PG 439.72 $66,643.22
PROLOGIS US PLD 3,844.62 $433,403.93
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 456,640.26 $365,176.92
PFMT 2021-2 A2A 2.00000 04/25/2051 US 274,340.13 $231,598.94
PUBLIC STORAGE INC US PSA 571.69 $160,182.72
QUALCOMM INC US QCOM 290.64 $31,952.56
QUALCOMM INC 4.25000 05/20/2032 US 156,318.7 $151,073.62
QUEST DIAGNOSTICS INC US DGX 65.85 $10,301.14
RCKT 2021-6 A1 2.50000 12/25/2051 US 516,126.02 $412,922.86
RADIUS GLOBAL INFRASTRUCTURE US RADI 13,074.51 $154,540.76
REALTY INCOME CORP US O 435.88 $27,648.09
REGIONS FINANCIAL CORP. US RF 482.79 $10,408.85
REPUBLIC SERVICES INC US RSG 121.62 $15,687.60
RESTAURANT BRANDS INTERN CA QSR 695.8 $44,997.09
REXFORD INDUSTRIAL REALITY IN US REXR 2,068.64 $113,030.62
GETINGE AB-B SHS SE GETIB SS 4,906.83 $102,015.98
ROSS STORES INC US ROST 100.9 $11,711.41
HEINEKEN NV NL HEIA NA 1,305.88 $123,003.41
RYANAIR HOLDINGS - ADR IE RYAAY 598.66 $44,755.55
SBA TOWER TRUST 1.88400 01/15/2026 US 122,923.34 $108,214.74
SBA TOWER TRUST 6.59900 01/15/2028 US 534,721.84 $536,418.62
S&P GLOBAL INC US SPGI 1,180.87 $395,520.50
SBA COMMUNICATIONS CORP US SBAC 5,151.91 $1,444,131.32
SLAM 2021-1A A MTGE 2.43400 06/15/2046 US 289,275.96 $239,673.44
SMB 2020-BA A1A 1.29000 07/15/2053 US 322,784.25 $285,033.03
SALESFORCE INC US CRM 7,702.19 $1,021,232.94
SEAGEN INC US SGEN 3,592.7 $461,697.33
SEMT 2013-6 A2 3.00000 05/25/2043 US 121,572.74 $106,983.10
SEMT 2013-7 A2 3.00000 06/25/2043 US 51,596.44 $45,244.78
SEMT 2013-8 A1 3.00000 06/25/2043 US 62,230.78 $55,030.84
SEMT 2013-2 1.87400 02/25/2043 US 49,747.84 $42,030.94
SERVICENOW INC US NOW 2,942.22 $1,142,377.57
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 1,058,820.52 $854,307.09
SKYWORKS SOLUTIONS INC US SWKS 60.38 $5,502.76
JM SMUCKER CO/THE-NEW COM WI US SJM 57.83 $9,163.61
SNOWFLAKE INC-CLASS A US SNOW 3,253.47 $467,003.27
SOFI 2017-F A2FX 2.84000 01/25/2041 US 20,226.55 $19,463.30
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 91,546.3 $88,484.71
SOFI 2020-A A2FX MTGE 2.54000 05/15/2046 US 162,815.53 $150,612.35
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 741,031.7 $624,096.34
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 591,862.04 $586,048.09
STAG INDUSTRIAL INC US STAG 857.72 $27,712.85
STANLEY BLACK & DECKER INC US SWK 56.62 $4,253.52
SRPT 2014-STAR A FLTG RATE 5.78800 11/15/2027 US 578,624.06 $401,543.87
STEEL DYNAMICS INC US STLD 100.12 $9,781.64
SUN COMMUNITIES US SUI 986.64 $141,089.38
SCML 2019-SBC8 2.86000 04/25/2041 US 77,042.84 $70,477.61
SYNCHRONOSS TECH US 6,075.08 $109,047.67
SYNERGY ONE LENDING 5.50000 10/14/2026 US 173,138.71 $149,202.41
TJX COMPANIES INC US TJX 270.34 $21,519.29
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 13,588.31 $1,012,193.42
TARGET CORP US TGT 102.67 $15,302.47
TENCENT HOLDINGS 3.97500 04/11/2029 KY 1,336,990.96 $1,236,526.71
TERRENO REALTY CORP US TRNO 1,345.04 $76,492.65
TEXAS INSTRUMENTS INC US TXN 169.8 $28,054.03
THERMO FISHER SCIENTIFIC INC US TMO 1,217.11 $670,248.13
3M CO US MMM 174.84 $20,966.31
TPMT 2016-5 A1 2.50000 10/25/2056 US 103,462.27 $101,725.34
TPMT 2017-1 A1 2.75000 10/25/2056 US 51,421.45 $50,556.66
TPMT 2019-HY1 A1 5.38871 10/25/2048 US 122,985.93 $121,995.76
TRACTOR SUPPLY COMPANY US TSCO 37.96 $8,540.19
TRAVELLERS COS INC US TRV 92.1 $17,268.03
TAH 2017-SFR2 A 2.92800 01/17/2036 US 297,160.85 $288,022.77
TCF 2021-1A 1.86000 03/20/2046 US 392,667.07 $327,905.14
TYSON FOODS INC -CL A US TSN 147.45 $9,178.57
UDR INC US UDR 2,242.5 $86,851.86
U.S. BANCORP US USB 475.19 $20,723.17
UNILEVER PLC - ADR GB UL 30,639.73 $1,542,710.46
UNION PAC CORP US UNP 165.54 $34,278.49
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 126,623.46 $107,963.12
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 23,348.09 $21,141.04
UNITED MEXICAN STATES 4.12500 01/21/2026 MX 85,148.27 $83,109.89
UNITED PARCEL SERVICE US UPS 160.08 $27,827.79
US TREASURY N/B 3.00000 05/15/2047 US 1,088,180.99 $895,879.01
TREASURY BOND 2.37500 02/15/2042 US 6,114,659.49 $4,705,421.56
TREASURY NOTE 2.25000 11/15/2027 US 4,812,170.19 $4,440,354.87
US TREASURY N/B 3.12500 11/15/2028 US 7,931,928.76 $7,578,090.42
US TREASURY N/B 2.25000 11/15/2025 US 1,060,480.27 $1,004,390.81
US TREASURY N/B 2.00000 11/15/2026 US 3,456,093.82 $3,197,696.82
US TEASURY NOTE 1.75000 11/15/2029 US 4,450,630.87 $3,890,824.95
US TREASURY N/B 0.87500 11/15/2030 US 4,623,350.48 $3,706,626.77
US TREASURY N/B 1.37500 11/15/2031 US 3,777,735.39 $3,086,527.87
VF CORP US VFC 138.51 $3,824.16
VENTAS INC US VTR 1,143.25 $51,503.60
VERTEX PHARMACEUTICALS INC US VRTX 2,820.43 $814,482.77
PARAMOUNT GLOBAL CLASS B US PARA 220.03 $3,714.19
VISA INC - CLASS A SHARES US V 7,816.6 $1,623,975.84
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 148,674.59 $142,741.58
VISTRA OPERATIONS 4.87500 05/13/2024 US 521,603.06 $510,585.22
WAL MART STORES US WMT 488.25 $69,228.83
WALGREENS BOOTS ALLIANCE INC US WBA 253.81 $9,482.34
WASTE MANAGEMENT INC US WM 135.6 $21,272.48
WELLTOWER INC. US WELL 1,202.92 $78,851.27
WIN 2015-1 A1 3.50000 01/20/2045 US 29,838.71 $27,186.97
ZOETIS INC US ZTS 1,719.56 $252,001.79
ADMIRAL GROUP PLC GB ADM LN 5,336.39 $136,990.03
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 1,859.05 $14,293.13
UBISOFT ENTERTAINMENT FR UBI FP 1,806.17 $51,025.94
DANONE FR BN FP 902.27 $47,555.02
AIR LIQUIDE FR AI FP 918.81 $130,411.85
BRENNTAG AG DE BNR GR 698.92 $44,573.35
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 603,085.08 $28,562.79
KEYWORDS STUDIOS PLC IE KWS LN 663.3 $21,767.04
HELIOS TOWERS PLC GB HTWS LN 30,025.35 $38,513.39
AVANZA BANK HOLDING AB SE AZA SS 3,239.43 $69,516.70
AMERICAN TANKER INC 7.75000 07/02/2025 US 164,623.88 $157,693.09
SOFTWAREONE HOLDING AG CH SWON SW 4,657.91 $66,111.56
TENCENT HOLDINGS LTD CN 700 HK 1,688.75 $71,603.81
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 3,357.47 $54,525.26
SEASPAN CORP 6.50000 02/05/2024 MH 99,359.07 $98,656.99
PETROTAL CORP 12.00000 02/16/2024 CA 128,293.17 $129,260.29
IMCD NV NL IMCD NA 168.38 $24,085.15
FINECOBANK SPA IT FBK IM 7,203.32 $119,619.19
ALLFUNDS GROUP PLC GB ALLFG NA 6,648.53 $46,624.46
ROTORK PLC GB ROR LN 13,988.28 $51,983.42
AUTO TRADER GROUP PLC GB AUTO LN 18,611.35 $115,899.48
CELLNEX TELECOM SA ES CLNX SM 3,360.19 $111,461.83
ASSA ABLOY AB-B SE ASSAB SS 3,532.41 $75,979.47
CLEANAWAY WASTE MANAGEMENT AU CWY AU 54,532.03 $97,166.96
INTERMEDIATE CAPITAL GROUP GB ICP LN 5,198.87 $71,781.70
ADYEN NV NL ADYEN NA 60.74 $84,319.97
BANK OF N.T. BUTTERFIELD&SON BM NTB 1,382.65 $41,216.85
BUNGE LIMITED US BG 74.72 $7,454.49
EATON CORP PLC US ETN 142.34 $22,339.95
JOHNSON CONTROLS INTERNATIONAL US JCI 264.03 $16,897.78
LINDE PLC GB LIN 143.9 $46,936.92
MEDTRONIC INC IE MDT 8,791.75 $683,294.52
RENAISSANCERE HOLDINGS LTD BM RNR 245.79 $45,282.25
ROYALTY PHARMA PLC- CL A US RPRX 199.39 $7,879.76
STONECO LTD-A BR STNE 2,161.68 $20,406.23
TRANE TECHNOLOGIES IE TT 68.4 $11,497.64
ALCON INC CH ALC 10,938.82 $749,855.95
CHUBB LTD CH CB 127.58 $28,143.96
GARMIN LTD CH GRMN 95.86 $8,847.08
TE CONNECTIVITY LIMITED CH TEL 95.01 $10,907.17
LYONDELLBASELL INDU-CL A US LYB 97.21 $8,071.34
PLAYA HOTELS AND RESORTS US PLYA 3,530.1 $23,051.53
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 67,327.74 $63,802.76

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

$15.56

Daily $ Change

$0.12

Daily % Change

0.77%

as of 02/02/2023

CUSIP

56382R845

Inception Date

04/17/2015

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 growth-oriented mix of investments that seeks potential for growth with some stability. The portfolio is diversified among various stock investments and fixed income securities, which will typically be intermediate to long-term maturities. Stock exposure can range from 36% - 68%.

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 2030
  • Who have some time to pursue growth 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

-15.72%

3 Year

3.50%

5 Year

5.12%

10 Year

6.56%

Inception
(01/01/2000)

6.84%

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 0.50%
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 12/31/2022

TREASURY NOTES 21.80%
GOVERNMENT AGENCY 6.32%
TREASURY BONDS 4.54%
AMAZON.COM INC 2.32%
JOHNSON & JOHNSON 1.81%
MICROSOFT CORP 1.74%
MASTERCARD INC-CLASS A 1.69%
INTERCONTINENTALEXCHANGE INC 1.63%
VISA INC - CLASS A SHARES 1.32%
ALPHABET INC-CL A 1.29%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 12/31/2022

Bonds
50.69%
Stocks
45.61%
Cash
3.70%

Detailed Asset Class Allocation

As of 12/31/2022

International Equities
12.13%
Small Capitalization
0.75%
Mid Capitalization
3.48%
Large Capitalization
29.24%
Long Term Fixed Income
13.06%
Intermediate Term Fixed Income
35.38%
Short Term Fixed Income
2.26%
Cash
3.70%

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 286.8 $31,488.28
ACTIVISION INC US ATVI 8,708.95 $666,670.19
ADIDAS AG-SPONSORED ADR DE ADDYY 6,860.36 $464,720.53
ADMIRAL GROUP PLC GB AMIGY 24,152.69 $613,961.37
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 279,521.64 $234,952.57
ADYEN NV UNSPON ADR NL ADYEY 44,497.75 $614,068.93
AGREE REALTY CORP US ADC 1,072.15 $76,047.32
AIR LIQUIDE-ADR FR AIQUY 36,088.15 $1,020,663.14
AIR LEASE CORP 3.62500 04/01/2027 US 334,961.19 $306,153.11
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 46,223.01 $46,449.97
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 679,171.05 $571,709.96
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 195,159.61 $155,584.25
ALLSTATE CORPORATION US ALL 111.9 $15,173.34
ALPHABET INC-CL A US GOOGL 18,070.09 $1,594,324.08
AMAZON.COM INC US AMZN 34,057.65 $2,860,842.88
AMAZON.COM INC 3.30000 04/13/2027 US 662,118.1 $629,438.00
DIAGEO PLC GB DGE LN 2,538.17 $111,100.45
BAE SYSTEMS PLC GB BA/ LN 11,438.99 $118,146.53
AMERICAN HOMES 4 RENT- A US AMH 2,514.76 $75,794.72
AMERICAN TOWER REIT INC US AMT 331.51 $70,233.55
AMERICOLD REALTY TRUST US COLD 1,249.32 $35,368.36
ANALOG DEVICES INC US ADI 158.02 $25,919.91
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 47,897.36 $47,890.67
ARCHER-DANIELS-MIDLAND CO US ADM 195.56 $18,157.29
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 295,945.58 $269,395.10
ATLASSIAN CORP PLC-CLASS A AU TEAM 608.87 $78,349.94
AUTOMATIC DATA PROCESSING US ADP 114.95 $27,456.72
AVALONBAY COMMUNITIES INC US AVB 318.88 $51,504.98
BAE SYSTEMS PLC -SPON ADR GB BAESY 17,016.9 $717,177.45
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 303,027.68 $285,824.40
BANK OF AMERICA CORP 2.68700 04/22/2032 US 552,828.95 $443,911.86
BARRICK GOLD CORP CA GOLD 20,800.04 $357,344.61
BAXTER INTERNATIONAL INC US BAX 147.8 $7,533.45
BEST BUY INC US BBY 102.25 $8,201.30
BIOMARIN PHARMACEUTICAL INC US BMRN 7,641.65 $790,834.77
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 234,544.47 $205,901.10
DECHRA PHARMACEUTICALS PLC GB DPH LN 2,352.97 $74,165.33
BRANDYWINE REALTY TRUST US BDN 3,719.46 $22,874.69
BABS 2021-RM2 A 1.75000 10/25/2061 US 215,100.1 $187,918.63
BRISTOL MYERS SQUIBB CO US BMY 516.13 $37,135.90
BROADRIDGE FINANCIAL SOLUTIONS US BR 56.98 $7,642.42
JONAH ENERGY PARENT LLC US 1,981.9 $123,333.82
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 307,774.34 $274,925.95
SORT 2020-1 A2 1.99000 07/15/2060 US 252,486.42 $208,576.89
C.H. ROBINSON WORLDWIDE INC US CHRW 77.27 $7,074.95
CIM 2019-INV1 A1 4.00000 02/25/2049 US 14,383.69 $13,753.60
COMM 2014-UBS4 A5 3.69400 08/10/2047 US 255,794.24 $247,710.68
COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 142,107.91 $135,721.28
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 85,569.61 $74,754.48
COTERRA ENERGY INC US CTRA 281.7 $6,921.27
CAMDEN PROPERTY TRUST US CPT 438.86 $49,100.00
CAMPBELL SOUP CO US CPB 163.91 $9,301.82
CANADIAN NATIONAL RAILWAY CO CA CNI 6,062.21 $720,675.60
CARETRUST REIT INC US CTRE 2,716.7 $50,476.22
CATERPILLAR INC US CAT 146.6 $35,118.39
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 3,526.71 $58,190.77
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 316,875.05 $329,974.85
CHEVRON CORP US CVX 277.08 $49,733.75
CINCINNATI FINANCIAL CORP US CINF 77.7 $7,955.39
CISCO SYSTEMS INC US CSCO 916.97 $43,684.26
CITIGROUP INC US C 585.81 $26,496.35
CITIGROUP INC 1.46200 06/09/2027 US 529,410.26 $460,119.10
CLARK CNTY NV 1.51000 11/01/2028 US 144,950.07 $119,174.35
COCA COLA CO/THE US KO 18,100.31 $1,151,360.42
COLGATE-PALMOLIVE CO US CL 277.08 $21,831.42
COMCAST CORP-CL A US CMCSA 996.08 $34,833.00
COMMUNITY HEALTHCARE TRUST I US CHCT 2,397.61 $85,834.33
CONAGRA BRAND INC. US CAG 247.07 $9,561.58
CONOCOPHILLIPS US COP 255.09 $30,100.29
COPART INC US CPRT 10,818.66 $658,748.36
COUSINS PROPERTIES INC US CUZ 2,758.37 $69,759.15
CAALT 2021-3A B MTGE 1.38000 07/15/2030 US 138,555.21 $127,962.82
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 47,505.02 $40,383.15
CUMMINS INC US CMI 64.22 $15,558.73
COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 75,317.19 $64,651.97
KIMBERLY CLARK DE MEXICO S.A.B. MX 68,224.27 $115,781.52
DEVON ENERGY CORPORATION US DVN 198.46 $12,207.53
DIAMONDBACK ENERGY INC US FANG 62.94 $8,608.67
DIGITAL REALTY TRUST INC US DLR 859.99 $86,231.66
DOLLAR TREE STORES INC US DLTR 4,514.27 $638,497.81
DOW INC US DOW 197.26 $9,939.83
DREYFUS GVT CSH MANAGEMENT US 4,741,572.02 $4,741,572.02
EOG RESOURCES INC US EOG 140.21 $18,159.90
EASTMAN CHEM CO US EMN 70.53 $5,743.99
EBAY INC US EBAY 185.41 $7,688.88
ELECTRONIC ARTS US EA 5,178.71 $632,735.34
EMERSON ELEC CO US EMR 206.13 $19,800.61
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 742,286.77 $735,759.65
EQUINIX INC US EQIX 1,447.86 $948,393.40
EQUITY LIFESTYLE PROPERTIES US ELS 1,806.4 $116,693.42
ESSEX PROPERTY TRUST INC US ESS 208.11 $44,103.55
EVERGY INC US EVRG 12,092.21 $760,962.88
EXPEDIA GROUP INC 3.25000 02/15/2030 US 334,256.48 $284,523.83
FMC CORP US FMC 12,107.8 $1,511,053.34
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 139,085.22 $139,463.43
FREMF 2015-K43 B FLT 3.73223 02/25/2048 US 744,843.58 $712,466.56
FREMF 2013-K28 X2A 0.10000 06/25/2046 US 11,474,930.45 $448.21
META PLATFORMS INC US META 8,556.23 $1,029,657.11
FHLM POOL G03332 6.00000 10/01/2037 US 1,501.27 $1,575.59
FHLM POOL G05900 6.00000 03/01/2040 US 3,158.29 $3,314.62
FHLM POOL G05906 6.00000 04/01/2040 US 17,766.26 $18,645.67
FHLM POOL G06995 6.00000 05/01/2040 US 9,106.67 $9,557.45
FHLM POOL G13331 5.50000 10/01/2023 US 69.9 $69.66
FHLM POOL G12988 6.00000 01/01/2023 US .41 $0.41
FHLM POOL G13078 6.00000 03/01/2023 US 3.49 $3.49
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 134,289.7 $131,808.02
FHLM POOL C91780 4.50000 07/01/2034 US 128,185.55 $126,906.29
FR SD1129 4.00000 08/01/2051 US 527,928.39 $502,539.37
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 608,800.21 $541,193.44
FHLM POOL SD8230 4.50000 06/01/2052 US 442,239.63 $426,129.86
FHLM POOL K91364 4.50000 11/01/2033 US 16,808.71 $16,686.15
FHLM POOL K92059 4.50000 09/01/2034 US 79,390.87 $78,577.15
FHLM POOL G60034 4.50000 02/01/2045 US 71,996.09 $71,272.39
FNR 2018-31 KP 3.50000 07/25/2047 US 11,150.24 $10,783.90
FHMS K030 X1 FLT 0.13744 04/25/2023 US 13,469,369.62 $3,271.57
FHMS K032 X1 FLT 0.06240 05/25/2023 US 11,087,538.92 $2,432.49
FHR 5189 CP 2.50000 06/25/2049 US 113,663.78 $98,225.08
FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 31,589.18 $31,298.95
FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 40,208.66 $39,839.24
FEDERAL NATL MTG ASSN AL8674 FLT 5.65100 01/01/2049 US 553,539.59 $571,549.75
FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 10,085.72 $9,336.99
FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 27,587.09 $26,357.75
FEDERAL NATL MTG ASSN BK0433 3.50000 12/01/2049 US 316,369.73 $290,988.93
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 578,806.99 $535,758.14
FN DS2696 3.00000 12/01/2051 US 746,864.37 $664,025.67
FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 9,339.18 $9,790.57
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 14,798.03 $14,613.34
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 98,572.03 $97,341.78
FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 49,523.47 $47,278.59
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 637,421.71 $555,027.35
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 637,363.14 $579,201.72
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 628,390.62 $589,475.69
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 624,932.68 $593,993.94
FN MA4733 4.50000 09/01/2052 US 705,899.72 $680,174.97
FN MA4807 MTGE 5.50000 11/01/2052 US 508,051.28 $509,594.26
FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 4,588.47 $4,810.25
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 9,095.9 $9,522.80
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 555.25 $552.20
FEDERAL NATL MTG ASSN AE0951 4.50000 02/01/2041 US 13,184.59 $13,067.48
FIFTH THIRD BANCORP US FITB 314.26 $10,311.02
FLX 2021-1A A2 3.25000 11/27/2051 US 530,103.33 $462,719.03
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 432,153.7 $403,661.64
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 56,240.03 $48,417.90
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 240,336.54 $206,907.96
GSMBS 2021-INV1 A6 2.50000 12/25/2051 US 296,742.91 $255,445.35
GSMBS 2022-PJ1 A8 2.50000 05/28/2052 US 87,617.01 $75,396.26
GENERAL DYNAMICS CORP US GD 92.88 $23,044.83
GENERAL MLS INC US GIS 224.93 $18,860.48
GENUINE PARTS CO US GPC 71.81 $12,459.34
GETTY REALTY CORP US GTY 2,854.56 $96,627.01
GILEAD SCIENCES INC US GILD 391.11 $33,576.81
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 73,511.08 $60,553.88
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 93,220.65 $87,011.36
GREENIDGE GEN HLD INC US 3,292.48 $3,522.95
GRUPO AEROPORTUARIO PAC-ADR MX PAC 100.47 $14,449.14
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 67.55 $15,738.52
AIRBUS SE FR AIR FP 514.64 $61,192.51
ADIDAS AG DE ADS GR 775.19 $105,059.05
HDFC BANK LTD-ADR IN HDB 998.85 $68,331.24
L'OREAL FR OR FP 63.72 $22,817.46
HAWAII ST 2.68200 10/01/2038 US 118,601.87 $85,404.39
HEALTHCARE REALTY TRUST INC US HR 6,121.31 $117,957.70
HEINEKEN NV-SPN ADR NL HEINY 19,592.56 $921,241.96
HOME DEPOT INC US HD 198.89 $62,821.38
HONEYWELL INTERNATIONAL INC US HON 179.52 $38,470.92
HWIRE 2021-1 A2 2.31100 11/20/2051 US 383,062.41 $332,753.87
IDEXX LABORATORIES INC US IDXX 1,809.23 $738,092.36
KERRY GROUP PLC-A IE KYGA ID 713.54 $64,453.86
ILLINOIS TOOL WKS INC US ITW 106.51 $23,463.10
IMPRL 2021-NQM3 1.59500 11/25/2056 US 280,297.92 $225,929.31
INDEPENDENCE REALTY TRUST IN US IRT 2,951.28 $49,758.50
INTEL CORP US INTC 1,004.45 $26,547.74
INTERCONTINENTALEXCHANGE INC US ICE 19,656.65 $2,016,575.28
INTERNATIONAL FLVRS & FRAGRANCES US IFF 106.86 $11,203.19
INTUIT INC US INTU 1,511.08 $588,143.08
INTUITIVE SURGICAL INC US ISRG 2,432.86 $645,560.41
INVITATION HOMES INC US INVH 3,370.13 $99,890.64
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 102,177.93 $96,194.45
JP MORGAN CHASE & CO US JPM 557.15 $74,713.48
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 93,666.2 $87,506.19
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 789,857.98 $740,957.34
JOHNSON & JOHNSON US JNJ 12,621.1 $2,229,517.84
KREF 2021-FL2 A 5.39629 02/15/2039 US 368,874.91 $355,633.96
KEYCORP US KEY 345.13 $6,012.18
KROGER CO US KR 275.88 $12,298.62
L3HARRIS TECHNOLOGIES INC US LHX 2,809 $584,861.69
BEIERSDORF AG DE BEI GR 1,064.01 $121,586.64
LENNAR CORP US LEN 105.23 $9,523.13
LEXINGTON REALTY TRUST US LXP 4,524.09 $45,331.38
LIFE STORAGE INC US LSI 801.52 $78,949.74
LOCKHEED MARTIN CORP US LMT 72.23 $35,140.80
LULULEMON - ADR CA LULU 131.48 $42,124.16
MAGALLANES INC 4.05400 03/15/2029 US 813,987.21 $706,737.44
MARATHON PETROLEUM CORP US MPC 146.1 $17,004.42
MARRIOTT VACATIONS WORLD US VAC 209.6 $28,210.67
MASTERCARD INC-CLASS A US MA 5,988.61 $2,082,418.46
MCDONALDS CORP US MCD 126.3 $33,284.34
MERCADOLIBRE INC BR MELI 89.9 $76,078.09
MERCK & CO INC US MRK 550.83 $61,114.86
MICROSOFT CORP US MSFT 8,968.23 $2,150,759.89
MICROCHIP TECHNOLOGY INC US MCHP 167.31 $11,753.85
MID-AMERICA APARTMENT COMM US MAA 691.61 $108,575.60
MONDELEZ INTERNATIONAL INC US MDLZ 20,147.3 $1,342,817.75
MOODY'S CORPORATION US MCO 3,813.5 $1,062,518.51
MOTOROLA SOLUTIONS INC US MSI 66.77 $17,207.23
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 76,931.48 $68,744.71
NAVIENT CORP 6.75000 06/25/2025 US 153,980.34 $148,014.40
NESTLE S.A. - ADR CH NSRGY 8,210.55 $947,004.89
NETAPP INC US NTAP 120.34 $7,227.71
USRE 2021-1 A1 1.91000 10/20/2061 US 434,492.09 $367,600.25
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 95,706.65 $88,186.57
NRZT 2015-2A A1 3.75000 08/25/2055 US 148,696.22 $138,302.60
NRZT 2016-4A A1 3.75000 11/25/2056 US 291,999.65 $266,915.09
KEYENCE CORP JP 6861 JP 170.3 $66,116.75
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 175,989.6 $168,744.01
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 354,122.47 $303,034.94
NEWMONT GOLDCORP CORP US NEM 6,852.53 $323,439.63
NIKE INC CLASS B US NKE 5,555.12 $650,004.59
NORFOLK SOUTHN CORP US NSC 2,647.05 $652,285.10
NIKON CORP JP 7731 JP 4,463.12 $39,466.16
NORTHROP GRUMMAN CORP US NOC 1,513.84 $825,967.63
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 158,234.85 $15.82
NOVARTIS AG- REG CH NVS 17,292.66 $1,568,790.42
NUCOR CORP US NUE 100.97 $13,308.93
OBX 2022-INV1 A1 3.00000 12/25/2051 US 90,691.6 $75,800.54
OMNICOM GROUP US OMC 113.25 $9,237.48
SONY CORP FIRST SECTION JP 6758 JP 844.38 $64,359.81
TOKYO ELECTRON LTD JP 8035 JP 120.62 $35,440.75
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 270,949.73 $235,912.03
OXFIN 2020-1A A2 3.10100 02/15/2028 US 254,968.85 $252,150.85
OXFIN 2022-1A 3.60200 02/15/2030 US 463,059.26 $422,185.20
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 76,154.38 $68,698.97
PPG INDUSTRIES INC US PPG 70.1 $8,814.96
PACKAGING CORP OF AMERICA US PKG 50.66 $6,480.26
PARKER HANNIFIN CORP US PH 39.74 $11,563.02
DEUTSCHE BOERSE AG DE DB1 GR 511.66 $88,103.56
PAYPAL HOLDINGS INC US PYPL 8,300.32 $591,148.47
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 502,873.57 $473,043.16
PEAR 2022-1 A1 6.50000 10/15/2034 US 48,496.96 $48,410.59
PELORUS FUND REIT 7.00000 09/30/2026 US 122,728.25 $113,031.47
NESTLE SA-REGISTERED CH NESN SW 1,352.28 $156,201.21
PEPSICO INC 3.90000 07/18/2032 US 604,634.28 $573,644.90
PFIZER INC US PFE 829.12 $42,484.23
PIONEER NATURAL RESOURCES CO US PXD 62.94 $14,374.43
POPULAR INC 6.12500 09/14/2023 PR 138,019.41 $137,211.34
PROCTER & GAMBLE CO US PG 439.72 $66,643.22
PROLOGIS US PLD 3,844.62 $433,403.93
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 456,640.26 $365,176.92
PFMT 2021-2 A2A 2.00000 04/25/2051 US 274,340.13 $231,598.94
PUBLIC STORAGE INC US PSA 571.69 $160,182.72
QUALCOMM INC US QCOM 290.64 $31,952.56
QUALCOMM INC 4.25000 05/20/2032 US 156,318.7 $151,073.62
QUEST DIAGNOSTICS INC US DGX 65.85 $10,301.14
RCKT 2021-6 A1 2.50000 12/25/2051 US 516,126.02 $412,922.86
RADIUS GLOBAL INFRASTRUCTURE US RADI 13,074.51 $154,540.76
REALTY INCOME CORP US O 435.88 $27,648.09
REGIONS FINANCIAL CORP. US RF 482.79 $10,408.85
REPUBLIC SERVICES INC US RSG 121.62 $15,687.60
RESTAURANT BRANDS INTERN CA QSR 695.8 $44,997.09
REXFORD INDUSTRIAL REALITY IN US REXR 2,068.64 $113,030.62
GETINGE AB-B SHS SE GETIB SS 4,906.83 $102,015.98
ROSS STORES INC US ROST 100.9 $11,711.41
HEINEKEN NV NL HEIA NA 1,305.88 $123,003.41
RYANAIR HOLDINGS - ADR IE RYAAY 598.66 $44,755.55
SBA TOWER TRUST 1.88400 01/15/2026 US 122,923.34 $108,214.74
SBA TOWER TRUST 6.59900 01/15/2028 US 534,721.84 $536,418.62
S&P GLOBAL INC US SPGI 1,180.87 $395,520.50
SBA COMMUNICATIONS CORP US SBAC 5,151.91 $1,444,131.32
SLAM 2021-1A A MTGE 2.43400 06/15/2046 US 289,275.96 $239,673.44
SMB 2020-BA A1A 1.29000 07/15/2053 US 322,784.25 $285,033.03
SALESFORCE INC US CRM 7,702.19 $1,021,232.94
SEAGEN INC US SGEN 3,592.7 $461,697.33
SEMT 2013-6 A2 3.00000 05/25/2043 US 121,572.74 $106,983.10
SEMT 2013-7 A2 3.00000 06/25/2043 US 51,596.44 $45,244.78
SEMT 2013-8 A1 3.00000 06/25/2043 US 62,230.78 $55,030.84
SEMT 2013-2 1.87400 02/25/2043 US 49,747.84 $42,030.94
SERVICENOW INC US NOW 2,942.22 $1,142,377.57
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 1,058,820.52 $854,307.09
SKYWORKS SOLUTIONS INC US SWKS 60.38 $5,502.76
JM SMUCKER CO/THE-NEW COM WI US SJM 57.83 $9,163.61
SNOWFLAKE INC-CLASS A US SNOW 3,253.47 $467,003.27
SOFI 2017-F A2FX 2.84000 01/25/2041 US 20,226.55 $19,463.30
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 91,546.3 $88,484.71
SOFI 2020-A A2FX MTGE 2.54000 05/15/2046 US 162,815.53 $150,612.35
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 741,031.7 $624,096.34
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 591,862.04 $586,048.09
STAG INDUSTRIAL INC US STAG 857.72 $27,712.85
STANLEY BLACK & DECKER INC US SWK 56.62 $4,253.52
SRPT 2014-STAR A FLTG RATE 5.78800 11/15/2027 US 578,624.06 $401,543.87
STEEL DYNAMICS INC US STLD 100.12 $9,781.64
SUN COMMUNITIES US SUI 986.64 $141,089.38
SCML 2019-SBC8 2.86000 04/25/2041 US 77,042.84 $70,477.61
SYNCHRONOSS TECH US 6,075.08 $109,047.67
SYNERGY ONE LENDING 5.50000 10/14/2026 US 173,138.71 $149,202.41
TJX COMPANIES INC US TJX 270.34 $21,519.29
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 13,588.31 $1,012,193.42
TARGET CORP US TGT 102.67 $15,302.47
TENCENT HOLDINGS 3.97500 04/11/2029 KY 1,336,990.96 $1,236,526.71
TERRENO REALTY CORP US TRNO 1,345.04 $76,492.65
TEXAS INSTRUMENTS INC US TXN 169.8 $28,054.03
THERMO FISHER SCIENTIFIC INC US TMO 1,217.11 $670,248.13
3M CO US MMM 174.84 $20,966.31
TPMT 2016-5 A1 2.50000 10/25/2056 US 103,462.27 $101,725.34
TPMT 2017-1 A1 2.75000 10/25/2056 US 51,421.45 $50,556.66
TPMT 2019-HY1 A1 5.38871 10/25/2048 US 122,985.93 $121,995.76
TRACTOR SUPPLY COMPANY US TSCO 37.96 $8,540.19
TRAVELLERS COS INC US TRV 92.1 $17,268.03
TAH 2017-SFR2 A 2.92800 01/17/2036 US 297,160.85 $288,022.77
TCF 2021-1A 1.86000 03/20/2046 US 392,667.07 $327,905.14
TYSON FOODS INC -CL A US TSN 147.45 $9,178.57
UDR INC US UDR 2,242.5 $86,851.86
U.S. BANCORP US USB 475.19 $20,723.17
UNILEVER PLC - ADR GB UL 30,639.73 $1,542,710.46
UNION PAC CORP US UNP 165.54 $34,278.49
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 126,623.46 $107,963.12
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 23,348.09 $21,141.04
UNITED MEXICAN STATES 4.12500 01/21/2026 MX 85,148.27 $83,109.89
UNITED PARCEL SERVICE US UPS 160.08 $27,827.79
US TREASURY N/B 3.00000 05/15/2047 US 1,088,180.99 $895,879.01
TREASURY BOND 2.37500 02/15/2042 US 6,114,659.49 $4,705,421.56
TREASURY NOTE 2.25000 11/15/2027 US 4,812,170.19 $4,440,354.87
US TREASURY N/B 3.12500 11/15/2028 US 7,931,928.76 $7,578,090.42
US TREASURY N/B 2.25000 11/15/2025 US 1,060,480.27 $1,004,390.81
US TREASURY N/B 2.00000 11/15/2026 US 3,456,093.82 $3,197,696.82
US TEASURY NOTE 1.75000 11/15/2029 US 4,450,630.87 $3,890,824.95
US TREASURY N/B 0.87500 11/15/2030 US 4,623,350.48 $3,706,626.77
US TREASURY N/B 1.37500 11/15/2031 US 3,777,735.39 $3,086,527.87
VF CORP US VFC 138.51 $3,824.16
VENTAS INC US VTR 1,143.25 $51,503.60
VERTEX PHARMACEUTICALS INC US VRTX 2,820.43 $814,482.77
PARAMOUNT GLOBAL CLASS B US PARA 220.03 $3,714.19
VISA INC - CLASS A SHARES US V 7,816.6 $1,623,975.84
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 148,674.59 $142,741.58
VISTRA OPERATIONS 4.87500 05/13/2024 US 521,603.06 $510,585.22
WAL MART STORES US WMT 488.25 $69,228.83
WALGREENS BOOTS ALLIANCE INC US WBA 253.81 $9,482.34
WASTE MANAGEMENT INC US WM 135.6 $21,272.48
WELLTOWER INC. US WELL 1,202.92 $78,851.27
WIN 2015-1 A1 3.50000 01/20/2045 US 29,838.71 $27,186.97
ZOETIS INC US ZTS 1,719.56 $252,001.79
ADMIRAL GROUP PLC GB ADM LN 5,336.39 $136,990.03
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 1,859.05 $14,293.13
UBISOFT ENTERTAINMENT FR UBI FP 1,806.17 $51,025.94
DANONE FR BN FP 902.27 $47,555.02
AIR LIQUIDE FR AI FP 918.81 $130,411.85
BRENNTAG AG DE BNR GR 698.92 $44,573.35
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 603,085.08 $28,562.79
KEYWORDS STUDIOS PLC IE KWS LN 663.3 $21,767.04
HELIOS TOWERS PLC GB HTWS LN 30,025.35 $38,513.39
AVANZA BANK HOLDING AB SE AZA SS 3,239.43 $69,516.70
AMERICAN TANKER INC 7.75000 07/02/2025 US 164,623.88 $157,693.09
SOFTWAREONE HOLDING AG CH SWON SW 4,657.91 $66,111.56
TENCENT HOLDINGS LTD CN 700 HK 1,688.75 $71,603.81
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 3,357.47 $54,525.26
SEASPAN CORP 6.50000 02/05/2024 MH 99,359.07 $98,656.99
PETROTAL CORP 12.00000 02/16/2024 CA 128,293.17 $129,260.29
IMCD NV NL IMCD NA 168.38 $24,085.15
FINECOBANK SPA IT FBK IM 7,203.32 $119,619.19
ALLFUNDS GROUP PLC GB ALLFG NA 6,648.53 $46,624.46
ROTORK PLC GB ROR LN 13,988.28 $51,983.42
AUTO TRADER GROUP PLC GB AUTO LN 18,611.35 $115,899.48
CELLNEX TELECOM SA ES CLNX SM 3,360.19 $111,461.83
ASSA ABLOY AB-B SE ASSAB SS 3,532.41 $75,979.47
CLEANAWAY WASTE MANAGEMENT AU CWY AU 54,532.03 $97,166.96
INTERMEDIATE CAPITAL GROUP GB ICP LN 5,198.87 $71,781.70
ADYEN NV NL ADYEN NA 60.74 $84,319.97
BANK OF N.T. BUTTERFIELD&SON BM NTB 1,382.65 $41,216.85
BUNGE LIMITED US BG 74.72 $7,454.49
EATON CORP PLC US ETN 142.34 $22,339.95
JOHNSON CONTROLS INTERNATIONAL US JCI 264.03 $16,897.78
LINDE PLC GB LIN 143.9 $46,936.92
MEDTRONIC INC IE MDT 8,791.75 $683,294.52
RENAISSANCERE HOLDINGS LTD BM RNR 245.79 $45,282.25
ROYALTY PHARMA PLC- CL A US RPRX 199.39 $7,879.76
STONECO LTD-A BR STNE 2,161.68 $20,406.23
TRANE TECHNOLOGIES IE TT 68.4 $11,497.64
ALCON INC CH ALC 10,938.82 $749,855.95
CHUBB LTD CH CB 127.58 $28,143.96
GARMIN LTD CH GRMN 95.86 $8,847.08
TE CONNECTIVITY LIMITED CH TEL 95.01 $10,907.17
LYONDELLBASELL INDU-CL A US LYB 97.21 $8,071.34
PLAYA HOTELS AND RESORTS US PLYA 3,530.1 $23,051.53
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 67,327.74 $63,802.76

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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