Investment Objective

To provide capital preservation and manage risk for investors who have already reached their target date or who desire minimal capital risk as they move towards a future target date.

Investment Strategy

The portfolio is invested in a conservative mix of securities that seeks preservation of capital, with income and long-term capital growth as secondary objectives. The portfolio is diversified primarily among fixed income securities, typically focusing on short to intermediate-term maturities. A position in various stock investments, which may be focused on dividend paying stocks, adds potential for growth opportunities and income generation. For the most part, this approach favors stability over growth. Stock exposure can range from 13% - 47%.

May be Appropriate for Investors

  • Who have reached their target date or are already in retirement and seek to minimize declines in account value with potential for modest capital growth and income generation
  • Who have a future target date and want to assume a minimal amount of capital risk through limited stock exposure
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio

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

$21.37

Daily $ Change

$0.02

Daily % Change

0.09%

as of 11/25/2022

CUSIP

563821198

Inception Date

01/06/2005

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

Important Documents

Annual Report
Applications & Forms

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

Performance

As of 10/31/2022

YTD

-14.73%

1 Year

-14.13%

3 Year

0.28%

5 Year

2.00%

10 Year

3.07%

Inception
(01/01/2000)

4.78%

Performance through the inception date of the Retirement Target CIT Class S Units (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 S expenses. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.91%
Net 0.89%*

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

Top Ten Investments

As of 10/31/2022

TREASURY NOTES 22.11%
GOVERNMENT AGENCY 9.67%
TREASURY BONDS 8.84%
TENCENT HOLDINGS 3.97500 04/11/2029 1.42%
AMAZON.COM INC 1.16%
JOHNSON & JOHNSON 1.05%
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 1.02%
FMC CORP 0.99%
MICROSOFT CORP 0.97%
INTERCONTINENTALEXCHANGE INC 0.93%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 10/31/2022

Bonds 69.59%
Stocks 26.67%
Cash 3.74%

Detailed Asset Class Allocation

As of 10/31/2022

International Equities 6.50%
Small Capitalization 0.49%
Mid Capitalization 2.33%
Large Capitalization 17.34%
Long Term Fixed Income 16.46%
Intermediate Term Fixed Income 42.20%
Short Term Fixed Income 10.94%
Cash 3.74%

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

October Fund Holdings

As of 10/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 62.22 $6,156.04
ACTIVISION INC US ATVI 1,682.55 $122,489.89
ADIDAS AG-SPONSORED ADR DE ADDYY 1,965.91 $95,857.61
ADMIRAL GROUP PLC GB AMIGY 4,589.8 $105,978.39
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 123,212.41 $99,514.38
ADYEN NV UNSPON ADR NL ADYEY 7,874.12 $113,151.15
AGREE REALTY CORP US ADC 136.1 $9,349.95
AIR LIQUIDE-ADR FR AIQUY 6,582.74 $172,072.73
AIR LEASE CORP 3.62500 04/01/2027 US 176,457.54 $155,435.98
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 15,478.25 $15,318.16
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 358,263.81 $243,781.09
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 94,812.84 $68,163.44
ALLSTATE CORPORATION US ALL 26.5 $3,345.10
ALPHABET INC-CL A US GOOGL 3,513.96 $332,104.46
AMAZON.COM INC US AMZN 4,459.24 $456,804.81
AMAZON.COM INC 3.30000 04/13/2027 US 336,703.72 $315,852.99
DIAGEO PLC GB DGE LN 560.64 $23,071.78
BAE SYSTEMS PLC GB BA/ LN 2,193.67 $20,518.68
AMERICAN HOMES 4 RENT- A US AMH 718.92 $22,962.45
AMERICAN TOWER REIT INC US AMT 63.08 $13,070.53
ANALOG DEVICES INC US ADI 35.49 $5,061.45
APPLE HOSPITALITY REIT INC US APLE 944.08 $16,162.69
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 20,188.95 $20,285.20
ARCHER-DANIELS-MIDLAND CO US ADM 41.24 $3,999.88
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 160,818.72 $140,108.70
AUTOMATIC DATA PROCESSING US ADP 24.45 $5,910.62
AVALONBAY COMMUNITIES INC US AVB 100.18 $17,542.97
BAE SYSTEMS PLC -SPON ADR GB BAESY 3,326.2 $124,200.34
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 160,306.37 $148,285.53
BANK OF AMERICA CORP 2.68700 04/22/2032 US 280,491.02 $216,213.24
BARRICK GOLD CORP CA GOLD 3,955.99 $59,458.46
BAXTER INTERNATIONAL INC US BAX 31.15 $1,693.08
BEST BUY INC US BBY 25.2 $1,724.25
BIOMARIN PHARMACEUTICAL INC US BMRN 1,827.97 $158,357.10
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 151,944.53 $130,353.68
DECHRA PHARMACEUTICALS PLC GB DPH LN 424.41 $12,758.78
BRANDYWINE REALTY TRUST US BDN 703.77 $4,616.76
BRISTOL MYERS SQUIBB CO US BMY 106.33 $8,237.15
BROADRIDGE FINANCIAL SOLUTIONS US BR 12.24 $1,837.18
JONAH ENERGY PARENT LLC US 804.02 $26,677.34
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 143,030.6 $125,695.79
SORT 2020-1 A2 1.99000 07/15/2060 US 116,250.71 $94,846.24
C.H. ROBINSON WORLDWIDE INC US CHRW 16.35 $1,597.88
CIM 2019-INV1 A1 4.00000 02/25/2049 US 5,276.05 $5,048.20
COMM 2014-UBS4 A5 3.69400 08/10/2047 US 206,110.17 $197,848.09
COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 114,505.65 $108,181.00
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 41,820.16 $35,717.61
COTERRA ENERGY INC US CTRA 60.4 $1,880.30
CAMDEN PROPERTY TRUST US CPT 110.66 $12,787.30
CAMPBELL SOUP CO US CPB 34.25 $1,812.12
CANADIAN NATIONAL RAILWAY CO CA CNI 1,186.34 $140,509.94
CARETRUST REIT INC US CTRE 781.37 $14,595.94
CATERPILLAR INC US CAT 32.16 $6,960.56
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 680.49 $11,180.50
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 171,633.33 $168,736.29
CHARTER COMMUNICATIONS INC-A US CHTR 397.34 $146,070.71
CHEVRON CORP US CVX 59.14 $10,698.76
CINCINNATI FINANCIAL CORP US CINF 16.67 $1,722.30
CISCO SYSTEMS INC US CSCO 201.42 $9,150.60
CITIGROUP INC US C 125.2 $5,741.50
CITIGROUP INC 1.46200 06/09/2027 US 268,091.38 $227,669.09
CLARK CNTY NV 1.51000 11/01/2028 US 325,313.34 $262,725.65
COCA COLA CO/THE US KO 3,621.46 $216,744.42
COLGATE-PALMOLIVE CO US CL 58.44 $4,315.42
COMCAST CORP-CL A US CMCSA 215.95 $6,854.22
CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 40,934.3 $36,448.02
COMMUNITY HEALTHCARE TRUST I US CHCT 240.81 $8,332.19
CONAGRA BRAND INC. US CAG 52.87 $1,940.15
CONOCOPHILLIPS US COP 54.51 $6,873.41
CONTROLADORA VUELA CIA DE AV MX VLRS 683.27 $5,725.78
COPART INC US CPRT 1,008.91 $116,044.93
COUSINS PROPERTIES INC US CUZ 540.99 $12,854.02
CAALT 2021-3A B MTGE 1.38000 07/15/2030 US 111,643.01 $101,853.83
CAALT 2021-2A A 0.96000 02/15/2030 US 208,517.58 $198,139.38
CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 210,989.79 $175,587.24
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 24,420.89 $20,509.29
CUMMINS INC US CMI 13.19 $3,225.25
COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 167,553.26 $141,388.29
KIMBERLY CLARK DE MEXICO S.A.B. MX 15,346.69 $24,182.29
DEVON ENERGY CORPORATION US DVN 40.75 $3,152.38
DIAMONDBACK ENERGY INC US FANG 12.82 $2,013.45
DIGITAL REALTY TRUST INC US DLR 171.04 $17,146.80
DOLLAR TREE STORES INC US DLTR 872.83 $138,344.21
DOW INC US DOW 42.76 $1,998.54
DREYFUS GVT CSH MANAGEMENT US 1,537,002.09 $1,537,002.09
EOG RESOURCES INC US EOG 29.89 $4,080.01
EASTMAN CHEM CO US EMN 15.23 $1,169.98
EBAY INC US EBAY 39.09 $1,557.28
ELECTRONIC ARTS US EA 1,026.57 $129,306.65
EMERSON ELEC CO US EMR 44.52 $3,855.42
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 362,135.71 $331,642.18
EQUINIX INC US EQIX 290.01 $164,275.60
EQUITY LIFESTYLE PROPERTIES US ELS 330.93 $21,166.39
ESSEX PROPERTY TRUST INC US ESS 44.02 $9,783.93
EVERGY INC US EVRG 2,372.29 $145,018.36
EXPEDIA GROUP INC 3.25000 02/15/2030 US 181,354.12 $146,103.86
EXTRA SPACE STORAGE INC US EXR 48.37 $8,582.39
FMC CORP US FMC 3,302.75 $392,697.29
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 46,931.89 $47,043.61
FREMF 2013-K28 X2A 0.10000 06/25/2046 US 6,498,321.56 $731.91
META PLATFORMS INC US META 1,208.93 $112,623.85
FHLM POOL G03332 6.00000 10/01/2037 US 1,251.42 $1,298.86
FHLM POOL G05900 6.00000 03/01/2040 US 2,570.57 $2,668.00
FHLM POOL G05906 6.00000 04/01/2040 US 3,529.51 $3,663.29
FHLM POOL G06789 6.00000 05/01/2040 US 15,411.67 $15,995.81
FHLM POOL G06995 6.00000 05/01/2040 US 7,487.27 $7,771.05
FHLM POOL G13331 5.50000 10/01/2023 US 488.53 $488.82
FHLM POOL G12988 6.00000 01/01/2023 US .51 $0.50
FHLM POOL G13078 6.00000 03/01/2023 US 4.94 $4.93
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 57,681.48 $55,225.80
FHLM POOL FG G08734 4.00000 11/01/2046 US 3,781.92 $3,506.73
FHLM POOL C91746 4.50000 12/01/2033 US 4,234.8 $4,169.95
FHLM POOL Q93451 4.50000 08/01/2040 US 46,779.13 $45,291.98
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 306,334 $262,800.56
FHLM POOL SD8230 4.50000 06/01/2052 US 288,673.77 $270,881.00
FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 26,685.2 $24,734.70
FHLM POOL G60034 4.50000 02/01/2045 US 59,963.86 $57,953.51
FREDDIE MAC POOL RB5167 3.50000 07/01/2042 US 174,626.99 $156,371.89
FREDDIE MAC POOL RB5188 4.00000 10/01/2042 US 175,827.74 $162,343.76
FNR 2018-31 KP 3.50000 07/25/2047 US 5,634.09 $5,415.25
FHMS K030 X1 FLT 0.14022 04/25/2023 US 8,512,494.14 $2,871.69
FHMS K032 X1 FLT 0.06404 05/25/2023 US 5,614,243.92 $1,793.81
FHR 5189 CP 2.50000 06/25/2049 US 92,689 $78,558.41
FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 25,244.15 $24,411.59
FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 4,319.66 $4,177.19
FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 7,356.61 $7,113.99
FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 8,976.69 $8,680.63
FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 33,074.34 $31,983.54
FEDERAL NATL MTG ASSN AL8674 FLT 5.65600 01/01/2049 US 132,326.94 $136,388.80
FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 72,041.6 $69,554.78
FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 1,149.53 $1,215.27
FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 8,450.2 $7,574.24
FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 31,108.1 $28,815.73
FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 27,903.44 $25,847.22
FEDERAL NATL MTG ASSN BK0433 3.50000 12/01/2049 US 182,841.34 $161,013.87
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 293,415.54 $262,927.70
FN DS2696 3.00000 12/01/2051 US 144,765.37 $123,994.09
FEDERAL NATL MTG ASSN FS2998 3.50000 04/01/2052 US 182,452.88 $162,524.59
FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US .19 $0.19
FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 7,637.4 $7,918.26
FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 838.4 $876.20
FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 399.05 $413.72
FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 3,351.79 $3,557.83
FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 2,067.67 $2,143.71
FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 557.39 $577.40
FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 1,267.04 $1,312.52
FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 65.25 $64.91
FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 360.1 $358.23
FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 815.28 $815.46
FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 422.87 $422.96
FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 1,512.87 $1,465.34
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 34,720.28 $33,425.42
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 28,943.96 $27,864.52
FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 29,774.72 $28,478.42
FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 23,517.86 $21,598.56
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 344,219.41 $290,149.23
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 319,132.39 $280,709.16
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 313,966.71 $285,691.07
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 312,959.14 $288,908.09
FN MA4733 4.50000 09/01/2052 US 136,448.92 $128,032.41
FN MA4807 MTGE 5.50000 11/01/2052 US 265,545.1 $262,075.34
FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 3,749.35 $3,887.23
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 5,182.75 $5,376.96
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 92.94 $93.77
FEDERAL NATL MTG ASSN AE0951 4.50000 02/01/2041 US 10,783.55 $10,430.26
FIFTH THIRD BANCORP US FITB 69.86 $2,493.47
FLX 2021-1A A2 3.25000 11/27/2051 US 273,108.33 $233,195.57
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 193,497.58 $178,282.29
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 253,569.42 $215,120.73
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 125,819.46 $106,738.05
GSMBS 2021-INV1 A6 2.50000 12/25/2051 US 58,961.14 $50,010.33
GSMBS 2021-INV1 A9 3.84682 12/25/2051 US 104,817.09 $94,500.96
GSMBS 2022-PJ1 A8 2.50000 05/28/2052 US 70,980.1 $60,107.67
GNMA POOL 660997 5.50000 05/15/2037 US 4,984.81 $5,110.18
GENERAL DYNAMICS CORP US GD 19.68 $4,917.14
GENERAL MLS INC US GIS 43.8 $3,572.81
GENUINE PARTS CO US GPC 15.52 $2,760.11
GETTY REALTY CORP US GTY 318.24 $10,021.46
GILEAD SCIENCES INC US GILD 87.52 $6,866.43
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 60,172.37 $48,493.94
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 30,112.18 $28,102.15
GREENIDGE GEN HLD INC US 1,158.61 $6,777.84
GRUPO AEROPORTUARIO PAC-ADR MX PAC 25.55 $3,961.50
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 17.85 $4,165.66
AIRBUS SE FR AIR FP 114.21 $12,358.25
ADIDAS AG DE ADS GR 149.04 $14,548.59
HCA INC 4.12500 06/15/2029 US 242,147.05 $213,426.43
HDFC BANK LTD-ADR IN HDB 248.08 $15,457.75
L'OREAL FR OR FP 14.42 $4,529.40
HAWAII ST 2.68200 10/01/2038 US 166,031.66 $112,863.47
HEALTHCARE REALTY TRUST INC US HR 820.29 $16,676.53
HEINEKEN NV-SPN ADR NL HEINY 2,380.66 $99,368.69
HOME DEPOT INC US HD 43.16 $12,780.78
HONEYWELL INTERNATIONAL INC US HON 38.48 $7,850.33
IDEXX LABORATORIES INC US IDXX 315.85 $113,605.08
KERRY GROUP PLC-A IE KYGA ID 138.89 $12,063.29
ILLINOIS TOOL WKS INC US ITW 22.67 $4,841.47
IMPRL 2021-NQM3 1.59500 11/25/2056 US 149,288.91 $118,357.76
INDEPENDENCE REALTY TRUST IN US IRT 349.8 $5,862.59
INTEL CORP US INTC 214.85 $6,108.07
INTERCONTINENTALEXCHANGE INC US ICE 3,855.44 $368,464.19
INTERNATIONAL FLVRS & FRAGRANCES US IFF 22.82 $2,227.43
INTUITIVE SURGICAL INC US ISRG 577.42 $142,316.04
INVITATION HOMES INC US INVH 604.25 $19,148.61
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 39,805.38 $37,157.42
JP MORGAN CHASE & CO US JPM 122.25 $15,389.11
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 36,952.83 $33,927.60
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 398,958.07 $360,736.25
JOHNSON & JOHNSON US JNJ 2,390.84 $415,933.94
KREF 2021-FL2 A 4.48214 02/15/2039 US 104,258.79 $100,070.75
KEYCORP US KEY 74.95 $1,339.30
KROGER CO US KR 60.66 $2,868.42
L3HARRIS TECHNOLOGIES INC US LHX 550.71 $135,733.23
BEIERSDORF AG DE BEI GR 226.87 $21,778.21
LENNAR CORP US LEN 21.73 $1,753.27
LIFE STORAGE INC US LSI 123 $13,605.48
LOCKHEED MARTIN CORP US LMT 15.37 $7,481.39
LULULEMON - ADR CA LULU 25.66 $8,444.05
MAGALLANES INC 4.05400 03/15/2029 US 417,143.18 $354,602.06
MARATHON PETROLEUM CORP US MPC 31.24 $3,549.52
MARRIOTT VACATIONS WORLD US VAC 40.69 $6,012.57
MASTERCARD INC-CLASS A US MA 1,119.33 $367,341.35
MCDONALDS CORP US MCD 26.95 $7,349.25
MERCADOLIBRE INC BR MELI 20.78 $18,733.99
MERCK & CO INC US MRK 114.43 $11,580.29
MICROSOFT CORP US MSFT 1,651.2 $383,292.82
MICROCHIP TECHNOLOGY INC US MCHP 36.35 $2,244.49
MID-AMERICA APARTMENT COMM US MAA 116.81 $18,392.48
MONDELEZ INTERNATIONAL INC US MDLZ 4,502.92 $276,839.76
MOODY'S CORPORATION US MCO 735.43 $194,792.44
MOTOROLA SOLUTIONS INC US MSI 13.79 $3,444.71
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 63,515.74 $56,064.68
NAVIENT CORP 6.75000 06/25/2025 US 47,376.33 $45,301.81
NESTLE S.A. - ADR CH NSRGY 1,552.05 $168,723.65
NETAPP INC US NTAP 24.98 $1,730.06
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 50,036.46 $45,866.89
NRZT 2015-2A A1 3.75000 08/25/2055 US 55,718.73 $51,012.86
NRZT 2016-4A A1 3.75000 11/25/2056 US 86,630.56 $78,883.78
KEYENCE CORP JP 6861 JP 54.69 $20,622.12
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 87,814.42 $83,388.57
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 183,071.7 $155,046.52
NEWMONT GOLDCORP CORP US NEM 1,720.13 $72,795.93
NIKE INC CLASS B US NKE 1,072.93 $99,438.90
NORFOLK SOUTHN CORP US NSC 528.66 $120,571.69
NIKON CORP JP 7731 JP 827.45 $8,002.38
NORTHROP GRUMMAN CORP US NOC 297.08 $163,100.05
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 56,943.42 $5.69
NOVARTIS AG- REG CH NVS 3,598.55 $291,950.74
NUCOR CORP US NUE 21.95 $2,884.43
OBX 2022-INV1 A1 3.00000 12/25/2051 US 73,963.61 $59,085.43
OMNICOM GROUP US OMC 24.31 $1,768.42
SONY CORP FIRST SECTION JP 6758 JP 189.54 $12,781.31
TOKYO ELECTRON LTD JP 8035 JP 17.18 $4,518.91
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 167,176.71 $143,821.71
OXFIN 2020-1A A2 3.10100 02/15/2028 US 102,760.25 $101,534.46
OXFIN 2019-1A A2 4.45900 02/15/2027 US 74,400.59 $73,601.51
OXFIN 2022-1A 3.60200 02/15/2030 US 244,339.17 $222,919.69
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 13,021.34 $11,383.55
PPG INDUSTRIES INC US PPG 15.06 $1,719.60
PACKAGING CORP OF AMERICA US PKG 11.15 $1,340.24
PARKER HANNIFIN CORP US PH 8.31 $2,413.93
DEUTSCHE BOERSE AG DE DB1 GR 118.35 $19,245.56
PAYPAL HOLDINGS INC US PYPL 1,627.3 $136,009.53
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 269,492.21 $252,539.93
PEAR 2022-1 A1 6.50000 10/15/2034 US 113,570.47 $113,366.84
PELORUS FUND REIT 7.00000 09/30/2026 US 30,516.84 $27,477.48
NESTLE SA-REGISTERED CH NESN SW 305.61 $33,268.44
PEPSICO INC 3.90000 07/18/2032 US 306,435.34 $283,458.06
PFIZER INC US PFE 178.04 $8,287.92
PIONEER NATURAL RESOURCES CO US PXD 13.08 $3,352.86
POPULAR INC 6.12500 09/14/2023 PR 46,073.09 $46,065.41
PROCTER & GAMBLE CO US PG 95.34 $12,839.11
PROLOGIS US PLD 743.8 $82,375.94
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 253,164.91 $193,896.86
PFMT 2021-2 A2A 2.00000 04/25/2051 US 157,410.43 $131,737.99
PUBLIC STORAGE INC US PSA 99.37 $30,779.64
QUALCOMM INC US QCOM 61.32 $7,214.61
QUALCOMM INC 4.25000 05/20/2032 US 316,228.51 $296,375.74
QUEST DIAGNOSTICS INC US DGX 14.05 $2,018.21
RCKT 2021-6 A1 2.50000 12/25/2051 US 220,651.22 $169,355.46
RADIUS GLOBAL INFRASTRUCTURE US RADI 2,183.7 $20,417.64
REGIONS FINANCIAL CORP. US RF 99.56 $2,185.32
REPUBLIC SERVICES INC US RSG 25.69 $3,406.78
RESTAURANT BRANDS INTERN CA QSR 193.98 $11,518.57
REXFORD INDUSTRIAL REALITY IN US REXR 390.04 $21,561.18
GETINGE AB-B SHS SE GETIB SS 958.05 $19,441.64
ROSS STORES INC US ROST 22.82 $2,183.61
HEINEKEN NV NL HEIA NA 218.87 $18,283.43
RYANAIR HOLDINGS - ADR IE RYAAY 126.02 $8,681.65
SBA TOWER TRUST 1.88400 01/15/2026 US 99,047.39 $86,646.31
S&P GLOBAL INC US SPGI 245.21 $78,773.56
SBA COMMUNICATIONS CORP US SBAC 1,151.1 $310,681.44
SLMA 2006-10 A6 FLT 4.50843 03/25/2044 US 24,635.07 $22,819.39
SMB 2015 B A3 5.16214 05/17/2032 US 110,012.67 $110,229.78
SMB 2020-BA A1A 1.29000 07/15/2053 US 152,702.87 $133,618.82
SOFI 2017-D A2FX 2.65000 09/25/2040 US 43,116.5 $40,991.83
SALESFORCE INC US CRM 1,489.04 $242,102.24
SEA LTD - ADR SG SE 143.81 $7,144.30
SEAGEN INC US SGEN 694.77 $88,346.74
SEMT 2013-6 A2 3.00000 05/25/2043 US 46,733.07 $40,247.32
SEMT 2013-7 A2 3.00000 06/25/2043 US 26,413.48 $22,673.61
SEMT 2013-8 A1 3.00000 06/25/2043 US 30,448.11 $26,388.53
SEMT 2013-2 1.87400 02/25/2043 US 23,246.18 $19,345.66
SERVICENOW INC US NOW 490.22 $206,256.53
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 533,576.29 $405,039.49
SKYWORKS SOLUTIONS INC US SWKS 12.87 $1,107.19
SMB 2019-B A2A 2.84000 06/15/2037 US 119,187.19 $108,700.71
JM SMUCKER CO/THE-NEW COM WI US SJM 11.7 $1,762.13
SNOWFLAKE INC-CLASS A US SNOW 632.89 $101,452.10
SOFI 2017-F A2FX 2.84000 01/25/2041 US 2,895.19 $2,764.91
SOFI 2016-D A2B 2.34000 04/25/2033 US 2,948.21 $2,896.21
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 31,519.77 $30,239.82
SOUTH CAROLINA ST PUBLIC SVC 1.85200 12/01/2026 US 75,587.62 $66,147.37
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 44,084.68 $37,094.82
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 302,111.29 $294,471.70
STANLEY BLACK & DECKER INC US SWK 12.3 $965.45
SRPT 2014-STAR A FLTG RATE 4.88300 11/15/2027 US 317,289.71 $222,453.07
STEEL DYNAMICS INC US STLD 22.24 $2,091.78
STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 74,616.79 $66,037.07
SUN COMMUNITIES US SUI 189.17 $25,508.95
SCML 2019-SBC8 2.86000 04/25/2041 US 63,787.24 $57,622.91
SYNCHRONOSS TECH US 2,312.85 $43,990.34
SYNERGY ONE LENDING 5.50000 10/14/2026 US 60,378.58 $50,802.68
TJX COMPANIES INC US TJX 59.78 $4,309.97
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 259.97 $16,000.89
TARGET CORP US TGT 21.38 $3,512.04
TENCENT HOLDINGS 3.97500 04/11/2029 KY 666,537.11 $561,215.25
TERRENO REALTY CORP US TRNO 293.95 $16,796.19
TEXAS INSTRUMENTS INC US TXN 36 $5,783.37
THERMO FISHER SCIENTIFIC INC US TMO 235.58 $121,081.34
3M CO US MMM 36.89 $4,640.99
TPMT 2016-5 A1 2.50000 10/25/2056 US 38,415.64 $37,839.14
TPMT 2017-1 A1 2.75000 10/25/2056 US 18,040.15 $17,701.38
TPMT 2019-HY1 A1 4.58557 10/25/2048 US 39,847.32 $39,120.30
TRACTOR SUPPLY COMPANY US TSCO 7.7 $1,692.66
TRAVELLERS COS INC US TRV 19.77 $3,647.37
TAH 2017-SFR2 A 2.92800 01/17/2036 US 48,045.9 $46,302.71
TCF 2021-1A 1.86000 03/20/2046 US 232,773.33 $193,587.60
TYSON FOODS INC -CL A US TSN 31.55 $2,156.59
UDR INC US UDR 596.87 $23,731.54
U.S. BANCORP US USB 102.11 $4,334.56
UNILEVER PLC - ADR GB UL 6,492.01 $295,451.48
UNION PAC CORP US UNP 34.83 $6,867.10
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 51,378.69 $43,134.24
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 9,214.09 $8,252.01
UNITED MEXICAN STATES 4.12500 01/21/2026 MX 11,450.57 $11,033.48
UNITED PARCEL SERVICE US UPS 35.58 $5,968.91
TREASURY BOND 2.37500 02/15/2042 US 2,328,835.89 $1,693,864.23
TREASURY BOND 2.25000 11/15/2027 US 1,979,802.72 $1,798,527.03
UNITED STATES TREAS NTS 2.25000 11/15/2024 US 1,544,333.32 $1,476,165.49
US TREASURY N/B 2.25000 11/15/2025 US 2,430,109.39 $2,278,417.42
US TREASURY N/B 2.00000 11/15/2026 US 2,162,487.13 $1,973,945.29
UNITED STATES TREAS NTS 1.75000 05/15/2023 US 2,107,731.99 $2,076,198.34
US TREASURY N/B 1.37500 11/15/2031 US 1,167,902.12 $930,854.49
VF CORP US VFC 30.24 $854.15
VENTAS INC US VTR 227.71 $8,910.23
VERTEX PHARMACEUTICALS INC US VRTX 542.78 $169,346.28
PARAMOUNT GLOBAL CLASS B US PARA 50.64 $927.69
VISA INC - CLASS A SHARES US V 1,464.73 $303,433.90
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 75,384.69 $71,794.17
VISTRA OPERATIONS 4.87500 05/13/2024 US 262,177.83 $255,114.90
WAL MART STORES US WMT 99.69 $14,188.48
WALGREENS BOOTS ALLIANCE INC US WBA 56.21 $2,051.66
WASTE MANAGEMENT INC US WM 28.51 $4,514.45
WELLTOWER INC. US WELL 262.94 $16,050.03
WIN 2015-1 A1 3.50000 01/20/2045 US 16,699.03 $14,780.42
ZOETIS INC US ZTS 348.46 $52,541.24
ADMIRAL GROUP PLC GB ADM LN 897.81 $20,762.48
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 537.42 $4,285.69
UBISOFT ENTERTAINMENT FR UBI FP 350.74 $9,622.82
DANONE FR BN FP 175.29 $8,712.01
AIR LIQUIDE FR AI FP 179.47 $23,477.55
BRENNTAG AG DE BNR GR 220.49 $13,378.44
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 148,479.27 $6,596.55
KEYWORDS STUDIOS PLC IE KWS LN 169.85 $4,697.01
HELIOS TOWERS PLC GB HTWS LN 5,611.35 $8,062.36
AVANZA BANK HOLDING AB SE AZA SS 773.68 $15,432.61
AMERICAN TANKER INC 7.75000 07/02/2025 US 59,233.53 $55,156.91
SOFTWAREONE HOLDING AG CH SWON SW 1,025.03 $11,535.96
TENCENT HOLDINGS LTD CN 700 HK 321.82 $8,456.39
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 646.74 $9,313.07
SEASPAN CORP 6.50000 02/05/2024 MH 75,030.53 $74,186.48
PETROTAL CORP 12.00000 02/16/2024 CA 51,099.15 $51,689.42
IMCD NV NL IMCD NA 65.38 $8,479.54
FINECOBANK SPA IT FBK IM 2,371.48 $31,957.07
ALLFUNDS GROUP PLC GB ALLFG NA 1,139.27 $7,164.61
AIRSWIFT GLOBAL AS FLT 11.42271 05/12/2025 NO 75,030.53 $74,501.48
ROTORK PLC GB ROR LN 4,617.61 $13,534.58
AUTO TRADER GROUP PLC GB AUTO LN 3,676.7 $22,007.92
CELLNEX TELECOM SA ES CLNX SM 518.45 $16,969.01
ASSA ABLOY AB-B SE ASSAB SS 788.12 $15,913.79
CLEANAWAY WASTE MANAGEMENT AU CWY AU 9,518.4 $16,464.27
INTERMEDIATE CAPITAL GROUP GB ICP LN 976.75 $11,893.65
ADYEN NV NL ADYEN NA 13.79 $19,693.51
BANK OF N.T. BUTTERFIELD&SON BM NTB 269.94 $9,323.66
BUNGE LIMITED US BG 15.8 $1,559.93
EATON CORP PLC US ETN 30.23 $4,536.52
JOHNSON CONTROLS INTERNATIONAL US JCI 56.08 $3,243.43
LINDE PLC GB LIN 47.1 $14,005.86
MEDTRONIC INC IE MDT 1,634.09 $142,721.44
ROYALTY PHARMA PLC- CL A US RPRX 43.85 $1,855.58
STONECO LTD-A BR STNE 975.06 $10,238.12
TRANE TECHNOLOGIES IE TT 14.63 $2,335.07
ALCON INC CH ALC 2,118.35 $128,541.70
CHUBB LTD CH CB 27.42 $5,891.84
GARMIN LTD CH GRMN 19.86 $1,748.13
TE CONNECTIVITY LIMITED CH TEL 20.43 $2,497.72
LYONDELLBASELL INDU-CL A US LYB 21.1 $1,612.79
PLAYA HOTELS AND RESORTS US PLYA 680.17 $4,196.66
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 57,700.57 $54,503.55

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Conservative Term CIT Fund. Investments will change over time. 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 over 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

$21.37

Daily $ Change

$0.02

Daily % Change

0.09%

as of 11/25/2022

CUSIP

563821198

Inception Date

01/06/2005

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

Important Documents

Annual Report
Fact Sheet
Applications & Forms

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

Investment Objective

To provide capital preservation and manage risk for investors who have already reached their target date or who desire minimal capital risk as they move towards a future target date.

Investment Strategy

The portfolio is invested in a conservative mix of securities that seeks preservation of capital, with income and long-term capital growth as secondary objectives. The portfolio is diversified primarily among fixed income securities, typically focusing on short to intermediate-term maturities. A position in various stock investments, which may be focused on dividend paying stocks, adds potential for growth opportunities and income generation. For the most part, this approach favors stability over growth. Stock exposure can range from 13% - 47%.

May be Appropriate for Investors

  • Who have reached their target date or are already in retirement and seek to minimize declines in account value with potential for modest capital growth and income generation
  • Who have a future target date and want to assume a minimal amount of capital risk through limited stock exposure
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio

About Target Date Funds

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

Target Series Glide Path Overview

Learn more about our Glide Range SM

Performance

As of 10/31/2022

YTD

-14.73%

1 Year

-14.13%

3 Year

0.28%

5 Year

2.00%

10 Year

3.07%

Inception
(01/01/2000)

4.78%

Performance through the inception date of the Retirement Target CIT Class S Units (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 S expenses. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.91%
Net 0.89%*

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

Top Ten Investments

As of 10/31/2022

TREASURY NOTES 22.11%
GOVERNMENT AGENCY 9.67%
TREASURY BONDS 8.84%
TENCENT HOLDINGS 3.97500 04/11/2029 1.42%
AMAZON.COM INC 1.16%
JOHNSON & JOHNSON 1.05%
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 1.02%
FMC CORP 0.99%
MICROSOFT CORP 0.97%
INTERCONTINENTALEXCHANGE INC 0.93%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 10/31/2022

Bonds
69.59%
Stocks
26.67%
Cash
3.74%

Detailed Asset Class Allocation

As of 10/31/2022

International Equities
6.50%
Small Capitalization
0.49%
Mid Capitalization
2.33%
Large Capitalization
17.34%
Long Term Fixed Income
16.46%
Intermediate Term Fixed Income
42.20%
Short Term Fixed Income
10.94%
Cash
3.74%

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

October Fund Holdings

As of 10/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 62.22 $6,156.04
ACTIVISION INC US ATVI 1,682.55 $122,489.89
ADIDAS AG-SPONSORED ADR DE ADDYY 1,965.91 $95,857.61
ADMIRAL GROUP PLC GB AMIGY 4,589.8 $105,978.39
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 123,212.41 $99,514.38
ADYEN NV UNSPON ADR NL ADYEY 7,874.12 $113,151.15
AGREE REALTY CORP US ADC 136.1 $9,349.95
AIR LIQUIDE-ADR FR AIQUY 6,582.74 $172,072.73
AIR LEASE CORP 3.62500 04/01/2027 US 176,457.54 $155,435.98
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 15,478.25 $15,318.16
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 358,263.81 $243,781.09
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 94,812.84 $68,163.44
ALLSTATE CORPORATION US ALL 26.5 $3,345.10
ALPHABET INC-CL A US GOOGL 3,513.96 $332,104.46
AMAZON.COM INC US AMZN 4,459.24 $456,804.81
AMAZON.COM INC 3.30000 04/13/2027 US 336,703.72 $315,852.99
DIAGEO PLC GB DGE LN 560.64 $23,071.78
BAE SYSTEMS PLC GB BA/ LN 2,193.67 $20,518.68
AMERICAN HOMES 4 RENT- A US AMH 718.92 $22,962.45
AMERICAN TOWER REIT INC US AMT 63.08 $13,070.53
ANALOG DEVICES INC US ADI 35.49 $5,061.45
APPLE HOSPITALITY REIT INC US APLE 944.08 $16,162.69
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 20,188.95 $20,285.20
ARCHER-DANIELS-MIDLAND CO US ADM 41.24 $3,999.88
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 160,818.72 $140,108.70
AUTOMATIC DATA PROCESSING US ADP 24.45 $5,910.62
AVALONBAY COMMUNITIES INC US AVB 100.18 $17,542.97
BAE SYSTEMS PLC -SPON ADR GB BAESY 3,326.2 $124,200.34
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 160,306.37 $148,285.53
BANK OF AMERICA CORP 2.68700 04/22/2032 US 280,491.02 $216,213.24
BARRICK GOLD CORP CA GOLD 3,955.99 $59,458.46
BAXTER INTERNATIONAL INC US BAX 31.15 $1,693.08
BEST BUY INC US BBY 25.2 $1,724.25
BIOMARIN PHARMACEUTICAL INC US BMRN 1,827.97 $158,357.10
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 151,944.53 $130,353.68
DECHRA PHARMACEUTICALS PLC GB DPH LN 424.41 $12,758.78
BRANDYWINE REALTY TRUST US BDN 703.77 $4,616.76
BRISTOL MYERS SQUIBB CO US BMY 106.33 $8,237.15
BROADRIDGE FINANCIAL SOLUTIONS US BR 12.24 $1,837.18
JONAH ENERGY PARENT LLC US 804.02 $26,677.34
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 143,030.6 $125,695.79
SORT 2020-1 A2 1.99000 07/15/2060 US 116,250.71 $94,846.24
C.H. ROBINSON WORLDWIDE INC US CHRW 16.35 $1,597.88
CIM 2019-INV1 A1 4.00000 02/25/2049 US 5,276.05 $5,048.20
COMM 2014-UBS4 A5 3.69400 08/10/2047 US 206,110.17 $197,848.09
COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 114,505.65 $108,181.00
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 41,820.16 $35,717.61
COTERRA ENERGY INC US CTRA 60.4 $1,880.30
CAMDEN PROPERTY TRUST US CPT 110.66 $12,787.30
CAMPBELL SOUP CO US CPB 34.25 $1,812.12
CANADIAN NATIONAL RAILWAY CO CA CNI 1,186.34 $140,509.94
CARETRUST REIT INC US CTRE 781.37 $14,595.94
CATERPILLAR INC US CAT 32.16 $6,960.56
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 680.49 $11,180.50
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 171,633.33 $168,736.29
CHARTER COMMUNICATIONS INC-A US CHTR 397.34 $146,070.71
CHEVRON CORP US CVX 59.14 $10,698.76
CINCINNATI FINANCIAL CORP US CINF 16.67 $1,722.30
CISCO SYSTEMS INC US CSCO 201.42 $9,150.60
CITIGROUP INC US C 125.2 $5,741.50
CITIGROUP INC 1.46200 06/09/2027 US 268,091.38 $227,669.09
CLARK CNTY NV 1.51000 11/01/2028 US 325,313.34 $262,725.65
COCA COLA CO/THE US KO 3,621.46 $216,744.42
COLGATE-PALMOLIVE CO US CL 58.44 $4,315.42
COMCAST CORP-CL A US CMCSA 215.95 $6,854.22
CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 40,934.3 $36,448.02
COMMUNITY HEALTHCARE TRUST I US CHCT 240.81 $8,332.19
CONAGRA BRAND INC. US CAG 52.87 $1,940.15
CONOCOPHILLIPS US COP 54.51 $6,873.41
CONTROLADORA VUELA CIA DE AV MX VLRS 683.27 $5,725.78
COPART INC US CPRT 1,008.91 $116,044.93
COUSINS PROPERTIES INC US CUZ 540.99 $12,854.02
CAALT 2021-3A B MTGE 1.38000 07/15/2030 US 111,643.01 $101,853.83
CAALT 2021-2A A 0.96000 02/15/2030 US 208,517.58 $198,139.38
CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 210,989.79 $175,587.24
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 24,420.89 $20,509.29
CUMMINS INC US CMI 13.19 $3,225.25
COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 167,553.26 $141,388.29
KIMBERLY CLARK DE MEXICO S.A.B. MX 15,346.69 $24,182.29
DEVON ENERGY CORPORATION US DVN 40.75 $3,152.38
DIAMONDBACK ENERGY INC US FANG 12.82 $2,013.45
DIGITAL REALTY TRUST INC US DLR 171.04 $17,146.80
DOLLAR TREE STORES INC US DLTR 872.83 $138,344.21
DOW INC US DOW 42.76 $1,998.54
DREYFUS GVT CSH MANAGEMENT US 1,537,002.09 $1,537,002.09
EOG RESOURCES INC US EOG 29.89 $4,080.01
EASTMAN CHEM CO US EMN 15.23 $1,169.98
EBAY INC US EBAY 39.09 $1,557.28
ELECTRONIC ARTS US EA 1,026.57 $129,306.65
EMERSON ELEC CO US EMR 44.52 $3,855.42
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 362,135.71 $331,642.18
EQUINIX INC US EQIX 290.01 $164,275.60
EQUITY LIFESTYLE PROPERTIES US ELS 330.93 $21,166.39
ESSEX PROPERTY TRUST INC US ESS 44.02 $9,783.93
EVERGY INC US EVRG 2,372.29 $145,018.36
EXPEDIA GROUP INC 3.25000 02/15/2030 US 181,354.12 $146,103.86
EXTRA SPACE STORAGE INC US EXR 48.37 $8,582.39
FMC CORP US FMC 3,302.75 $392,697.29
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 46,931.89 $47,043.61
FREMF 2013-K28 X2A 0.10000 06/25/2046 US 6,498,321.56 $731.91
META PLATFORMS INC US META 1,208.93 $112,623.85
FHLM POOL G03332 6.00000 10/01/2037 US 1,251.42 $1,298.86
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FIFTH THIRD BANCORP US FITB 69.86 $2,493.47
FLX 2021-1A A2 3.25000 11/27/2051 US 273,108.33 $233,195.57
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 193,497.58 $178,282.29
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 253,569.42 $215,120.73
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 125,819.46 $106,738.05
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GSMBS 2022-PJ1 A8 2.50000 05/28/2052 US 70,980.1 $60,107.67
GNMA POOL 660997 5.50000 05/15/2037 US 4,984.81 $5,110.18
GENERAL DYNAMICS CORP US GD 19.68 $4,917.14
GENERAL MLS INC US GIS 43.8 $3,572.81
GENUINE PARTS CO US GPC 15.52 $2,760.11
GETTY REALTY CORP US GTY 318.24 $10,021.46
GILEAD SCIENCES INC US GILD 87.52 $6,866.43
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 60,172.37 $48,493.94
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 30,112.18 $28,102.15
GREENIDGE GEN HLD INC US 1,158.61 $6,777.84
GRUPO AEROPORTUARIO PAC-ADR MX PAC 25.55 $3,961.50
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 17.85 $4,165.66
AIRBUS SE FR AIR FP 114.21 $12,358.25
ADIDAS AG DE ADS GR 149.04 $14,548.59
HCA INC 4.12500 06/15/2029 US 242,147.05 $213,426.43
HDFC BANK LTD-ADR IN HDB 248.08 $15,457.75
L'OREAL FR OR FP 14.42 $4,529.40
HAWAII ST 2.68200 10/01/2038 US 166,031.66 $112,863.47
HEALTHCARE REALTY TRUST INC US HR 820.29 $16,676.53
HEINEKEN NV-SPN ADR NL HEINY 2,380.66 $99,368.69
HOME DEPOT INC US HD 43.16 $12,780.78
HONEYWELL INTERNATIONAL INC US HON 38.48 $7,850.33
IDEXX LABORATORIES INC US IDXX 315.85 $113,605.08
KERRY GROUP PLC-A IE KYGA ID 138.89 $12,063.29
ILLINOIS TOOL WKS INC US ITW 22.67 $4,841.47
IMPRL 2021-NQM3 1.59500 11/25/2056 US 149,288.91 $118,357.76
INDEPENDENCE REALTY TRUST IN US IRT 349.8 $5,862.59
INTEL CORP US INTC 214.85 $6,108.07
INTERCONTINENTALEXCHANGE INC US ICE 3,855.44 $368,464.19
INTERNATIONAL FLVRS & FRAGRANCES US IFF 22.82 $2,227.43
INTUITIVE SURGICAL INC US ISRG 577.42 $142,316.04
INVITATION HOMES INC US INVH 604.25 $19,148.61
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 39,805.38 $37,157.42
JP MORGAN CHASE & CO US JPM 122.25 $15,389.11
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 36,952.83 $33,927.60
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 398,958.07 $360,736.25
JOHNSON & JOHNSON US JNJ 2,390.84 $415,933.94
KREF 2021-FL2 A 4.48214 02/15/2039 US 104,258.79 $100,070.75
KEYCORP US KEY 74.95 $1,339.30
KROGER CO US KR 60.66 $2,868.42
L3HARRIS TECHNOLOGIES INC US LHX 550.71 $135,733.23
BEIERSDORF AG DE BEI GR 226.87 $21,778.21
LENNAR CORP US LEN 21.73 $1,753.27
LIFE STORAGE INC US LSI 123 $13,605.48
LOCKHEED MARTIN CORP US LMT 15.37 $7,481.39
LULULEMON - ADR CA LULU 25.66 $8,444.05
MAGALLANES INC 4.05400 03/15/2029 US 417,143.18 $354,602.06
MARATHON PETROLEUM CORP US MPC 31.24 $3,549.52
MARRIOTT VACATIONS WORLD US VAC 40.69 $6,012.57
MASTERCARD INC-CLASS A US MA 1,119.33 $367,341.35
MCDONALDS CORP US MCD 26.95 $7,349.25
MERCADOLIBRE INC BR MELI 20.78 $18,733.99
MERCK & CO INC US MRK 114.43 $11,580.29
MICROSOFT CORP US MSFT 1,651.2 $383,292.82
MICROCHIP TECHNOLOGY INC US MCHP 36.35 $2,244.49
MID-AMERICA APARTMENT COMM US MAA 116.81 $18,392.48
MONDELEZ INTERNATIONAL INC US MDLZ 4,502.92 $276,839.76
MOODY'S CORPORATION US MCO 735.43 $194,792.44
MOTOROLA SOLUTIONS INC US MSI 13.79 $3,444.71
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 63,515.74 $56,064.68
NAVIENT CORP 6.75000 06/25/2025 US 47,376.33 $45,301.81
NESTLE S.A. - ADR CH NSRGY 1,552.05 $168,723.65
NETAPP INC US NTAP 24.98 $1,730.06
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 50,036.46 $45,866.89
NRZT 2015-2A A1 3.75000 08/25/2055 US 55,718.73 $51,012.86
NRZT 2016-4A A1 3.75000 11/25/2056 US 86,630.56 $78,883.78
KEYENCE CORP JP 6861 JP 54.69 $20,622.12
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 87,814.42 $83,388.57
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 183,071.7 $155,046.52
NEWMONT GOLDCORP CORP US NEM 1,720.13 $72,795.93
NIKE INC CLASS B US NKE 1,072.93 $99,438.90
NORFOLK SOUTHN CORP US NSC 528.66 $120,571.69
NIKON CORP JP 7731 JP 827.45 $8,002.38
NORTHROP GRUMMAN CORP US NOC 297.08 $163,100.05
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 56,943.42 $5.69
NOVARTIS AG- REG CH NVS 3,598.55 $291,950.74
NUCOR CORP US NUE 21.95 $2,884.43
OBX 2022-INV1 A1 3.00000 12/25/2051 US 73,963.61 $59,085.43
OMNICOM GROUP US OMC 24.31 $1,768.42
SONY CORP FIRST SECTION JP 6758 JP 189.54 $12,781.31
TOKYO ELECTRON LTD JP 8035 JP 17.18 $4,518.91
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 167,176.71 $143,821.71
OXFIN 2020-1A A2 3.10100 02/15/2028 US 102,760.25 $101,534.46
OXFIN 2019-1A A2 4.45900 02/15/2027 US 74,400.59 $73,601.51
OXFIN 2022-1A 3.60200 02/15/2030 US 244,339.17 $222,919.69
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 13,021.34 $11,383.55
PPG INDUSTRIES INC US PPG 15.06 $1,719.60
PACKAGING CORP OF AMERICA US PKG 11.15 $1,340.24
PARKER HANNIFIN CORP US PH 8.31 $2,413.93
DEUTSCHE BOERSE AG DE DB1 GR 118.35 $19,245.56
PAYPAL HOLDINGS INC US PYPL 1,627.3 $136,009.53
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 269,492.21 $252,539.93
PEAR 2022-1 A1 6.50000 10/15/2034 US 113,570.47 $113,366.84
PELORUS FUND REIT 7.00000 09/30/2026 US 30,516.84 $27,477.48
NESTLE SA-REGISTERED CH NESN SW 305.61 $33,268.44
PEPSICO INC 3.90000 07/18/2032 US 306,435.34 $283,458.06
PFIZER INC US PFE 178.04 $8,287.92
PIONEER NATURAL RESOURCES CO US PXD 13.08 $3,352.86
POPULAR INC 6.12500 09/14/2023 PR 46,073.09 $46,065.41
PROCTER & GAMBLE CO US PG 95.34 $12,839.11
PROLOGIS US PLD 743.8 $82,375.94
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 253,164.91 $193,896.86
PFMT 2021-2 A2A 2.00000 04/25/2051 US 157,410.43 $131,737.99
PUBLIC STORAGE INC US PSA 99.37 $30,779.64
QUALCOMM INC US QCOM 61.32 $7,214.61
QUALCOMM INC 4.25000 05/20/2032 US 316,228.51 $296,375.74
QUEST DIAGNOSTICS INC US DGX 14.05 $2,018.21
RCKT 2021-6 A1 2.50000 12/25/2051 US 220,651.22 $169,355.46
RADIUS GLOBAL INFRASTRUCTURE US RADI 2,183.7 $20,417.64
REGIONS FINANCIAL CORP. US RF 99.56 $2,185.32
REPUBLIC SERVICES INC US RSG 25.69 $3,406.78
RESTAURANT BRANDS INTERN CA QSR 193.98 $11,518.57
REXFORD INDUSTRIAL REALITY IN US REXR 390.04 $21,561.18
GETINGE AB-B SHS SE GETIB SS 958.05 $19,441.64
ROSS STORES INC US ROST 22.82 $2,183.61
HEINEKEN NV NL HEIA NA 218.87 $18,283.43
RYANAIR HOLDINGS - ADR IE RYAAY 126.02 $8,681.65
SBA TOWER TRUST 1.88400 01/15/2026 US 99,047.39 $86,646.31
S&P GLOBAL INC US SPGI 245.21 $78,773.56
SBA COMMUNICATIONS CORP US SBAC 1,151.1 $310,681.44
SLMA 2006-10 A6 FLT 4.50843 03/25/2044 US 24,635.07 $22,819.39
SMB 2015 B A3 5.16214 05/17/2032 US 110,012.67 $110,229.78
SMB 2020-BA A1A 1.29000 07/15/2053 US 152,702.87 $133,618.82
SOFI 2017-D A2FX 2.65000 09/25/2040 US 43,116.5 $40,991.83
SALESFORCE INC US CRM 1,489.04 $242,102.24
SEA LTD - ADR SG SE 143.81 $7,144.30
SEAGEN INC US SGEN 694.77 $88,346.74
SEMT 2013-6 A2 3.00000 05/25/2043 US 46,733.07 $40,247.32
SEMT 2013-7 A2 3.00000 06/25/2043 US 26,413.48 $22,673.61
SEMT 2013-8 A1 3.00000 06/25/2043 US 30,448.11 $26,388.53
SEMT 2013-2 1.87400 02/25/2043 US 23,246.18 $19,345.66
SERVICENOW INC US NOW 490.22 $206,256.53
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 533,576.29 $405,039.49
SKYWORKS SOLUTIONS INC US SWKS 12.87 $1,107.19
SMB 2019-B A2A 2.84000 06/15/2037 US 119,187.19 $108,700.71
JM SMUCKER CO/THE-NEW COM WI US SJM 11.7 $1,762.13
SNOWFLAKE INC-CLASS A US SNOW 632.89 $101,452.10
SOFI 2017-F A2FX 2.84000 01/25/2041 US 2,895.19 $2,764.91
SOFI 2016-D A2B 2.34000 04/25/2033 US 2,948.21 $2,896.21
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 31,519.77 $30,239.82
SOUTH CAROLINA ST PUBLIC SVC 1.85200 12/01/2026 US 75,587.62 $66,147.37
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 44,084.68 $37,094.82
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 302,111.29 $294,471.70
STANLEY BLACK & DECKER INC US SWK 12.3 $965.45
SRPT 2014-STAR A FLTG RATE 4.88300 11/15/2027 US 317,289.71 $222,453.07
STEEL DYNAMICS INC US STLD 22.24 $2,091.78
STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 74,616.79 $66,037.07
SUN COMMUNITIES US SUI 189.17 $25,508.95
SCML 2019-SBC8 2.86000 04/25/2041 US 63,787.24 $57,622.91
SYNCHRONOSS TECH US 2,312.85 $43,990.34
SYNERGY ONE LENDING 5.50000 10/14/2026 US 60,378.58 $50,802.68
TJX COMPANIES INC US TJX 59.78 $4,309.97
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 259.97 $16,000.89
TARGET CORP US TGT 21.38 $3,512.04
TENCENT HOLDINGS 3.97500 04/11/2029 KY 666,537.11 $561,215.25
TERRENO REALTY CORP US TRNO 293.95 $16,796.19
TEXAS INSTRUMENTS INC US TXN 36 $5,783.37
THERMO FISHER SCIENTIFIC INC US TMO 235.58 $121,081.34
3M CO US MMM 36.89 $4,640.99
TPMT 2016-5 A1 2.50000 10/25/2056 US 38,415.64 $37,839.14
TPMT 2017-1 A1 2.75000 10/25/2056 US 18,040.15 $17,701.38
TPMT 2019-HY1 A1 4.58557 10/25/2048 US 39,847.32 $39,120.30
TRACTOR SUPPLY COMPANY US TSCO 7.7 $1,692.66
TRAVELLERS COS INC US TRV 19.77 $3,647.37
TAH 2017-SFR2 A 2.92800 01/17/2036 US 48,045.9 $46,302.71
TCF 2021-1A 1.86000 03/20/2046 US 232,773.33 $193,587.60
TYSON FOODS INC -CL A US TSN 31.55 $2,156.59
UDR INC US UDR 596.87 $23,731.54
U.S. BANCORP US USB 102.11 $4,334.56
UNILEVER PLC - ADR GB UL 6,492.01 $295,451.48
UNION PAC CORP US UNP 34.83 $6,867.10
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 51,378.69 $43,134.24
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 9,214.09 $8,252.01
UNITED MEXICAN STATES 4.12500 01/21/2026 MX 11,450.57 $11,033.48
UNITED PARCEL SERVICE US UPS 35.58 $5,968.91
TREASURY BOND 2.37500 02/15/2042 US 2,328,835.89 $1,693,864.23
TREASURY BOND 2.25000 11/15/2027 US 1,979,802.72 $1,798,527.03
UNITED STATES TREAS NTS 2.25000 11/15/2024 US 1,544,333.32 $1,476,165.49
US TREASURY N/B 2.25000 11/15/2025 US 2,430,109.39 $2,278,417.42
US TREASURY N/B 2.00000 11/15/2026 US 2,162,487.13 $1,973,945.29
UNITED STATES TREAS NTS 1.75000 05/15/2023 US 2,107,731.99 $2,076,198.34
US TREASURY N/B 1.37500 11/15/2031 US 1,167,902.12 $930,854.49
VF CORP US VFC 30.24 $854.15
VENTAS INC US VTR 227.71 $8,910.23
VERTEX PHARMACEUTICALS INC US VRTX 542.78 $169,346.28
PARAMOUNT GLOBAL CLASS B US PARA 50.64 $927.69
VISA INC - CLASS A SHARES US V 1,464.73 $303,433.90
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 75,384.69 $71,794.17
VISTRA OPERATIONS 4.87500 05/13/2024 US 262,177.83 $255,114.90
WAL MART STORES US WMT 99.69 $14,188.48
WALGREENS BOOTS ALLIANCE INC US WBA 56.21 $2,051.66
WASTE MANAGEMENT INC US WM 28.51 $4,514.45
WELLTOWER INC. US WELL 262.94 $16,050.03
WIN 2015-1 A1 3.50000 01/20/2045 US 16,699.03 $14,780.42
ZOETIS INC US ZTS 348.46 $52,541.24
ADMIRAL GROUP PLC GB ADM LN 897.81 $20,762.48
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 537.42 $4,285.69
UBISOFT ENTERTAINMENT FR UBI FP 350.74 $9,622.82
DANONE FR BN FP 175.29 $8,712.01
AIR LIQUIDE FR AI FP 179.47 $23,477.55
BRENNTAG AG DE BNR GR 220.49 $13,378.44
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 148,479.27 $6,596.55
KEYWORDS STUDIOS PLC IE KWS LN 169.85 $4,697.01
HELIOS TOWERS PLC GB HTWS LN 5,611.35 $8,062.36
AVANZA BANK HOLDING AB SE AZA SS 773.68 $15,432.61
AMERICAN TANKER INC 7.75000 07/02/2025 US 59,233.53 $55,156.91
SOFTWAREONE HOLDING AG CH SWON SW 1,025.03 $11,535.96
TENCENT HOLDINGS LTD CN 700 HK 321.82 $8,456.39
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 646.74 $9,313.07
SEASPAN CORP 6.50000 02/05/2024 MH 75,030.53 $74,186.48
PETROTAL CORP 12.00000 02/16/2024 CA 51,099.15 $51,689.42
IMCD NV NL IMCD NA 65.38 $8,479.54
FINECOBANK SPA IT FBK IM 2,371.48 $31,957.07
ALLFUNDS GROUP PLC GB ALLFG NA 1,139.27 $7,164.61
AIRSWIFT GLOBAL AS FLT 11.42271 05/12/2025 NO 75,030.53 $74,501.48
ROTORK PLC GB ROR LN 4,617.61 $13,534.58
AUTO TRADER GROUP PLC GB AUTO LN 3,676.7 $22,007.92
CELLNEX TELECOM SA ES CLNX SM 518.45 $16,969.01
ASSA ABLOY AB-B SE ASSAB SS 788.12 $15,913.79
CLEANAWAY WASTE MANAGEMENT AU CWY AU 9,518.4 $16,464.27
INTERMEDIATE CAPITAL GROUP GB ICP LN 976.75 $11,893.65
ADYEN NV NL ADYEN NA 13.79 $19,693.51
BANK OF N.T. BUTTERFIELD&SON BM NTB 269.94 $9,323.66
BUNGE LIMITED US BG 15.8 $1,559.93
EATON CORP PLC US ETN 30.23 $4,536.52
JOHNSON CONTROLS INTERNATIONAL US JCI 56.08 $3,243.43
LINDE PLC GB LIN 47.1 $14,005.86
MEDTRONIC INC IE MDT 1,634.09 $142,721.44
ROYALTY PHARMA PLC- CL A US RPRX 43.85 $1,855.58
STONECO LTD-A BR STNE 975.06 $10,238.12
TRANE TECHNOLOGIES IE TT 14.63 $2,335.07
ALCON INC CH ALC 2,118.35 $128,541.70
CHUBB LTD CH CB 27.42 $5,891.84
GARMIN LTD CH GRMN 19.86 $1,748.13
TE CONNECTIVITY LIMITED CH TEL 20.43 $2,497.72
LYONDELLBASELL INDU-CL A US LYB 21.1 $1,612.79
PLAYA HOTELS AND RESORTS US PLYA 680.17 $4,196.66
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 57,700.57 $54,503.55

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Conservative Term CIT Fund. Investments will change over time. 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 over 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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