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

$13.17

Daily $ Change

$0.07

Daily % Change

0.53%

as of 02/02/2023

CUSIP

56382R803

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

-12.00%

3 Year

1.06%

5 Year

2.81%

10 Year

3.69%

Inception
(01/01/2000)

5.36%

Performance through the inception date of the Retirement Target CIT Class U1 units (04/17/2015) 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. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.51%
Net 0.49%*

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

Top Ten Investments

As of 12/31/2022

TREASURY NOTES 30.36%
GOVERNMENT AGENCY 9.61%
TENCENT HOLDINGS 3.97500 04/11/2029 1.53%
TREASURY BONDS 1.49%
AMAZON.COM INC 1.33%
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 1.07%
JOHNSON & JOHNSON 1.03%
MICROSOFT CORP 0.97%
MASTERCARD INC-CLASS A 0.96%
INTERCONTINENTALEXCHANGE INC 0.93%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 12/31/2022

Bonds 69.95%
Stocks 26.76%
Cash 3.29%

Detailed Asset Class Allocation

As of 12/31/2022

International Equities 7.13%
Small Capitalization 0.56%
Mid Capitalization 2.12%
Large Capitalization 16.95%
Long Term Fixed Income 14.17%
Intermediate Term Fixed Income 45.06%
Short Term Fixed Income 10.72%
Cash 3.29%

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 54.2 $5,950.63
ACTIVISION INC US ATVI 1,666.88 $127,599.64
ADIDAS AG-SPONSORED ADR DE ADDYY 1,936.26 $131,162.03
ADMIRAL GROUP PLC GB AMIGY 4,545.77 $115,553.58
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 124,689.58 $104,808.12
ADYEN NV UNSPON ADR NL ADYEY 7,782.4 $107,397.17
AGREE REALTY CORP US ADC 203.93 $14,464.83
AIR LIQUIDE-ADR FR AIQUY 6,520.04 $184,403.11
AIR LEASE CORP 3.62500 04/01/2027 US 176,702.67 $161,505.49
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 15,480.31 $15,556.32
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 358,321.16 $301,626.19
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 94,783.06 $75,562.52
ALLSTATE CORPORATION US ALL 20.98 $2,845.13
ALPHABET INC-CL A US GOOGL 3,479.75 $307,018.02
AMAZON.COM INC US AMZN 6,409.54 $538,401.76
AMAZON.COM INC 3.30000 04/13/2027 US 336,950.79 $320,319.94
DIAGEO PLC GB DGE LN 479.15 $20,973.40
BAE SYSTEMS PLC GB BA/ LN 2,085.44 $21,539.28
AMERICAN HOMES 4 RENT- A US AMH 475.31 $14,325.88
AMERICAN TOWER REIT INC US AMT 64.89 $13,746.59
AMERICOLD REALTY TRUST US COLD 235.69 $6,672.28
ANALOG DEVICES INC US ADI 29.77 $4,882.91
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 20,237.06 $20,234.23
ARCHER-DANIELS-MIDLAND CO US ADM 36.85 $3,421.58
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 160,807.4 $146,380.72
ATLASSIAN CORP PLC-CLASS A AU TEAM 111.91 $14,400.82
AUTOMATIC DATA PROCESSING US ADP 21.69 $5,181.87
AVALONBAY COMMUNITIES INC US AVB 60.08 $9,704.34
BAE SYSTEMS PLC -SPON ADR GB BAESY 3,295.35 $138,882.60
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 160,513.02 $151,400.49
BANK OF AMERICA CORP 2.68700 04/22/2032 US 280,699.11 $225,396.42
BARRICK GOLD CORP CA GOLD 3,892.52 $66,873.51
BAXTER INTERNATIONAL INC US BAX 27.63 $1,408.37
BEST BUY INC US BBY 19.28 $1,546.25
BIOMARIN PHARMACEUTICAL INC US BMRN 1,809.99 $187,316.24
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 123,497.59 $108,415.65
DECHRA PHARMACEUTICALS PLC GB DPH LN 419.38 $13,218.88
BRANDYWINE REALTY TRUST US BDN 716.4 $4,405.84
BRISTOL MYERS SQUIBB CO US BMY 97.69 $7,028.47
BROADRIDGE FINANCIAL SOLUTIONS US BR 10.6 $1,422.15
JONAH ENERGY PARENT LLC US 806.55 $50,191.64
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 142,305.16 $127,117.10
SORT 2020-1 A2 1.99000 07/15/2060 US 115,506.19 $95,418.68
C.H. ROBINSON WORLDWIDE INC US CHRW 14.5 $1,327.63
CIM 2019-INV1 A1 4.00000 02/25/2049 US 5,171.72 $4,945.17
COMM 2014-UBS4 A5 3.69400 08/10/2047 US 201,340.99 $194,978.25
COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 111,856.11 $106,829.06
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 41,758.11 $36,480.31
COTERRA ENERGY INC US CTRA 53 $1,302.19
CAMDEN PROPERTY TRUST US CPT 83.17 $9,305.15
CAMPBELL SOUP CO US CPB 31.03 $1,760.69
CANADIAN NATIONAL RAILWAY CO CA CNI 1,169.48 $139,027.80
CARETRUST REIT INC US CTRE 513.53 $9,541.40
CATERPILLAR INC US CAT 27.78 $6,656.04
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 674.01 $11,121.19
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 171,742.76 $178,842.71
CHEVRON CORP US CVX 52.44 $9,412.42
CINCINNATI FINANCIAL CORP US CINF 14.56 $1,490.39
CISCO SYSTEMS INC US CSCO 173.15 $8,248.73
CITIGROUP INC US C 110.71 $5,007.19
CITIGROUP INC 1.46200 06/09/2027 US 268,277.24 $233,164.13
CLARK CNTY NV 1.51000 11/01/2028 US 326,030.08 $268,053.85
COCA COLA CO/THE US KO 3,259.54 $207,339.03
COLGATE-PALMOLIVE CO US CL 52.44 $4,131.73
COMCAST CORP-CL A US CMCSA 188.25 $6,583.02
CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 40,161.83 $36,600.19
COMMUNITY HEALTHCARE TRUST I US CHCT 451.97 $16,180.58
CONAGRA BRAND INC. US CAG 46.78 $1,810.47
CONOCOPHILLIPS US COP 48.32 $5,701.62
COPART INC US CPRT 1,821.65 $110,920.29
COUSINS PROPERTIES INC US CUZ 535.38 $13,539.78
CAALT 2021-3A B MTGE 1.38000 07/15/2030 US 109,059.7 $100,722.21
CAALT 2021-2A A 0.96000 02/15/2030 US 211,936.85 $203,563.41
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 24,379.63 $20,724.68
CUMMINS INC US CMI 12.08 $2,927.68
COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 167,901.37 $144,125.86
KIMBERLY CLARK DE MEXICO S.A.B. MX 12,876.68 $21,852.65
DEVON ENERGY CORPORATION US DVN 37.45 $2,303.62
DIAMONDBACK ENERGY INC US FANG 12.18 $1,666.05
DIGITAL REALTY TRUST INC US DLR 169.33 $16,978.64
DOLLAR TREE STORES INC US DLTR 864.75 $122,309.71
DOW INC US DOW 37.07 $1,868.18
DREYFUS GVT CSH MANAGEMENT US 1,374,074.08 $1,374,074.08
EOG RESOURCES INC US EOG 26.42 $3,421.36
EASTMAN CHEM CO US EMN 13.13 $1,069.41
EBAY INC US EBAY 35.03 $1,452.88
ELECTRONIC ARTS US EA 946.85 $115,685.61
EMERSON ELEC CO US EMR 38.99 $3,745.16
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 362,618.72 $359,430.12
EQUINIX INC US EQIX 285.2 $186,816.61
EQUITY LIFESTYLE PROPERTIES US ELS 339.03 $21,901.49
ESSEX PROPERTY TRUST INC US ESS 39.42 $8,353.97
EVERGY INC US EVRG 2,349.25 $147,837.99
EXPEDIA GROUP INC 3.25000 02/15/2030 US 181,589 $154,571.12
FMC CORP US FMC 2,295.52 $286,481.51
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 46,773.4 $46,900.59
FREMF 2013-K28 X2A 0.10000 06/25/2046 US 1,729,599.5 $67.56
META PLATFORMS INC US META 1,607.91 $193,496.39
FHLM POOL G03332 6.00000 10/01/2037 US 1,181.68 $1,240.18
FHLM POOL G05900 6.00000 03/01/2040 US 2,485.95 $2,609.01
FHLM POOL G05906 6.00000 04/01/2040 US 3,434.13 $3,604.12
FHLM POOL G06789 6.00000 05/01/2040 US 15,294.9 $16,051.99
FHLM POOL G06995 6.00000 05/01/2040 US 7,168.05 $7,522.87
FHLM POOL G13331 5.50000 10/01/2023 US 377.31 $376.01
FHLM POOL G12988 6.00000 01/01/2023 US .05 $0.05
FHLM POOL G13078 6.00000 03/01/2023 US 1.04 $1.03
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 56,229.31 $55,190.19
FHLM POOL FG G08734 4.00000 11/01/2046 US 3,798.07 $3,632.18
FHLM POOL C91746 4.50000 12/01/2033 US 4,137.25 $4,094.79
FHLM POOL Q93451 4.50000 08/01/2040 US 47,128.12 $46,755.42
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 301,559.7 $268,071.74
FHLM POOL SD8230 4.50000 06/01/2052 US 285,995.13 $275,576.98
FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 26,377.07 $25,208.44
FHLM POOL G60034 4.50000 02/01/2045 US 56,669.63 $56,099.99
FREDDIE MAC POOL RB5167 3.50000 07/01/2042 US 175,730.09 $162,408.84
FREDDIE MAC POOL RB5188 4.00000 10/01/2042 US 175,804.45 $167,141.48
FNR 2018-31 KP 3.50000 07/25/2047 US 5,028.49 $4,863.28
FHMS K030 X1 FLT 0.13744 04/25/2023 US 7,211,938.14 $1,751.71
FHMS K032 X1 FLT 0.06240 05/25/2023 US 5,552,439.21 $1,218.15
FHR 5189 CP 2.50000 06/25/2049 US 89,467.14 $77,315.01
FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 25,306.09 $25,073.58
FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 4,100.16 $4,062.49
FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 7,435.67 $7,367.35
FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 9,051.57 $8,968.40
FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 31,649.08 $31,358.30
FEDERAL NATL MTG ASSN AL8674 FLT 5.65100 01/01/2049 US 129,701.82 $133,921.84
FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 72,846.58 $72,043.61
FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 1,127.75 $1,207.24
FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 7,938.68 $7,349.34
FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 31,481.23 $30,078.35
FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 21,714.37 $20,746.73
FEDERAL NATL MTG ASSN BK0433 3.50000 12/01/2049 US 183,789.7 $169,045.14
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 287,793.1 $266,388.45
FN DS2696 3.00000 12/01/2051 US 139,899.48 $124,382.49
FEDERAL NATL MTG ASSN FS2998 3.50000 04/01/2052 US 181,793.98 $167,209.53
FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 7,351.06 $7,706.36
FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 846.72 $906.33
FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 401.89 $421.32
FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 3,382.54 $3,620.68
FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 2,086.54 $2,187.39
FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 559.82 $587.30
FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 1,276.31 $1,338.95
FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 39.78 $39.60
FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 136.09 $135.48
FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 822.83 $832.16
FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 426.08 $430.91
FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 1,518.14 $1,504.93
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 34,079.42 $33,654.09
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 26,869.18 $26,533.83
FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 29,840.94 $29,260.79
FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 23,014.56 $21,971.32
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 337,610.31 $293,970.15
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 316,434.3 $287,558.66
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 310,534.7 $291,303.93
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 310,178.6 $294,822.49
FN MA4733 4.50000 09/01/2052 US 131,847.2 $127,042.36
FN MA4807 MTGE 5.50000 11/01/2052 US 261,836.73 $262,631.95
FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 3,611.68 $3,786.25
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 5,132.1 $5,372.97
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 71.91 $71.52
FEDERAL NATL MTG ASSN AE0951 4.50000 02/01/2041 US 10,377.87 $10,285.69
FIFTH THIRD BANCORP US FITB 59.26 $1,944.23
FLX 2021-1A A2 3.25000 11/27/2051 US 273,693.36 $238,902.72
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 193,863.68 $181,082.18
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 253,955.79 $218,634.42
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 125,052.93 $107,659.23
GSMBS 2021-INV1 A6 2.50000 12/25/2051 US 56,694.05 $48,803.97
GSMBS 2021-INV1 A9 4.77768 12/25/2051 US 105,333.15 $95,822.20
GSMBS 2022-PJ1 A8 2.50000 05/28/2052 US 68,965.18 $59,345.97
GNMA POOL 660997 5.50000 05/15/2037 US 5,030.01 $5,173.53
GENERAL DYNAMICS CORP US GD 17.52 $4,346.20
GENERAL MLS INC US GIS 42.83 $3,591.22
GENUINE PARTS CO US GPC 13.56 $2,353.49
GETTY REALTY CORP US GTY 537.92 $18,208.73
GILEAD SCIENCES INC US GILD 73.97 $6,350.00
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 57,862.11 $47,663.23
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 30,024.52 $28,024.63
GREENIDGE GEN HLD INC US 1,158.59 $1,239.69
GRUPO AEROPORTUARIO PAC-ADR MX PAC 19 $2,732.08
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 12.74 $2,968.25
AIRBUS SE FR AIR FP 97.09 $11,543.66
ADIDAS AG DE ADS GR 147.59 $20,002.47
HDFC BANK LTD-ADR IN HDB 188.46 $12,892.32
L'OREAL FR OR FP 11.97 $4,286.98
HAWAII ST 2.68200 10/01/2038 US 166,105.83 $119,611.66
HEALTHCARE REALTY TRUST INC US HR 1,153.77 $22,233.10
HEINEKEN NV-SPN ADR NL HEINY 3,705.27 $174,221.60
HOME DEPOT INC US HD 37.51 $11,846.98
HONEYWELL INTERNATIONAL INC US HON 33.78 $7,238.53
IDEXX LABORATORIES INC US IDXX 312.03 $127,293.77
KERRY GROUP PLC-A IE KYGA ID 137.52 $12,422.32
ILLINOIS TOOL WKS INC US ITW 20.1 $4,428.40
IMPRL 2021-NQM3 1.59500 11/25/2056 US 146,964.58 $118,458.27
INDEPENDENCE REALTY TRUST IN US IRT 561.18 $9,461.56
INTEL CORP US INTC 189.78 $5,016.00
INTERCONTINENTALEXCHANGE INC US ICE 3,664.42 $375,932.34
INTERNATIONAL FLVRS & FRAGRANCES US IFF 20.1 $2,107.46
INTUIT INC US INTU 285.33 $111,057.19
INTUITIVE SURGICAL INC US ISRG 519.42 $137,829.08
INVITATION HOMES INC US INVH 628.24 $18,621.17
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 39,914.84 $37,577.45
JP MORGAN CHASE & CO US JPM 105.27 $14,116.86
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 34,062.38 $31,822.25
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 399,207.36 $374,492.17
JOHNSON & JOHNSON US JNJ 2,357.64 $416,477.75
KREF 2021-FL2 A 5.39629 02/15/2039 US 105,968.42 $102,164.63
KEYCORP US KEY 65.29 $1,137.38
KROGER CO US KR 52.33 $2,332.78
L3HARRIS TECHNOLOGIES INC US LHX 543.85 $113,234.25
BEIERSDORF AG DE BEI GR 211.16 $24,129.36
LENNAR CORP US LEN 19.67 $1,780.04
LEXINGTON REALTY TRUST US LXP 855.19 $8,568.96
LIFE STORAGE INC US LSI 151.61 $14,933.19
LOCKHEED MARTIN CORP US LMT 13.62 $6,625.96
LULULEMON - ADR CA LULU 25.41 $8,140.52
MAGALLANES INC 4.05400 03/15/2029 US 417,486.94 $362,479.47
MARATHON PETROLEUM CORP US MPC 27.67 $3,220.81
MARRIOTT VACATIONS WORLD US VAC 40.29 $5,422.06
MASTERCARD INC-CLASS A US MA 1,108.85 $385,578.78
MCDONALDS CORP US MCD 24.15 $6,364.79
MERCADOLIBRE INC BR MELI 17.13 $14,492.48
MERCK & CO INC US MRK 104.75 $11,622.35
MICROSOFT CORP US MSFT 1,635.05 $392,116.50
MICROCHIP TECHNOLOGY INC US MCHP 31.74 $2,229.57
MID-AMERICA APARTMENT COMM US MAA 131.04 $20,572.31
MONDELEZ INTERNATIONAL INC US MDLZ 3,580.45 $238,636.94
MOODY'S CORPORATION US MCO 728.65 $203,017.28
MOTOROLA SOLUTIONS INC US MSI 12.68 $3,268.76
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 60,554.37 $54,110.40
NAVIENT CORP 6.75000 06/25/2025 US 47,259.08 $45,428.04
NESTLE S.A. - ADR CH NSRGY 1,536.87 $177,263.02
NETAPP INC US NTAP 22.84 $1,371.72
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 48,786.05 $44,952.72
NRZT 2015-2A A1 3.75000 08/25/2055 US 53,940.9 $50,170.51
NRZT 2016-4A A1 3.75000 11/25/2056 US 85,049.62 $77,743.34
KEYENCE CORP JP 6861 JP 48.86 $18,970.93
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 87,998.1 $84,375.17
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 183,266.84 $156,827.83
NEWMONT GOLDCORP CORP US NEM 1,689.68 $79,752.97
NIKE INC CLASS B US NKE 1,062.84 $124,362.58
NORFOLK SOUTHN CORP US NSC 522.16 $128,670.94
NIKON CORP JP 7731 JP 818.61 $7,238.74
NORTHROP GRUMMAN CORP US NOC 263.95 $144,014.09
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 57,017 $5.70
NOVARTIS AG- REG CH NVS 3,275.11 $297,117.94
NUCOR CORP US NUE 19.37 $2,553.77
OBX 2022-INV1 A1 3.00000 12/25/2051 US 71,385.26 $59,664.19
OMNICOM GROUP US OMC 21.74 $1,772.95
SONY CORP FIRST SECTION JP 6758 JP 159.25 $12,138.10
TOKYO ELECTRON LTD JP 8035 JP 11.19 $3,286.65
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 133,290.88 $116,054.45
OXFIN 2020-1A A2 3.10100 02/15/2028 US 85,927.41 $84,977.71
OXFIN 2019-1A A2 4.45900 02/15/2027 US 66,023.73 $65,501.42
OXFIN 2022-1A 3.60200 02/15/2030 US 244,610.9 $223,019.19
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 12,642.43 $11,404.75
PPG INDUSTRIES INC US PPG 13.34 $1,677.41
PACKAGING CORP OF AMERICA US PKG 9.55 $1,222.16
PARKER HANNIFIN CORP US PH 7.68 $2,235.68
DEUTSCHE BOERSE AG DE DB1 GR 96.43 $16,604.06
PAYPAL HOLDINGS INC US PYPL 1,611.41 $114,764.49
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 259,746.91 $244,338.75
PEAR 2022-1 A1 6.50000 10/15/2034 US 96,938.97 $96,766.33
PELORUS FUND REIT 7.00000 09/30/2026 US 30,892.75 $28,451.91
NESTLE SA-REGISTERED CH NESN SW 255.23 $29,481.33
PEPSICO INC 3.90000 07/18/2032 US 306,661.43 $290,944.08
PFIZER INC US PFE 157.57 $8,073.87
PIONEER NATURAL RESOURCES CO US PXD 11.92 $2,721.40
POPULAR INC 6.12500 09/14/2023 PR 45,934.48 $45,665.54
PROCTER & GAMBLE CO US PG 83.3 $12,624.54
PROLOGIS US PLD 734.71 $82,823.63
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 251,457.03 $201,091.12
PFMT 2021-2 A2A 2.00000 04/25/2051 US 156,593.86 $132,197.10
PUBLIC STORAGE INC US PSA 108.01 $30,262.95
QUALCOMM INC US QCOM 54.97 $6,043.22
QUALCOMM INC 4.25000 05/20/2032 US 123,041.72 $118,913.21
QUALCOMM 5.40000 05/20/2033 US 169,549.48 $177,405.02
QUEST DIAGNOSTICS INC US DGX 12.52 $1,958.02
RCKT 2021-6 A1 2.50000 12/25/2051 US 217,155.25 $173,733.47
RADIUS GLOBAL INFRASTRUCTURE US RADI 2,471.66 $29,214.98
REALTY INCOME CORP US O 82.26 $5,218.01
REGIONS FINANCIAL CORP. US RF 91.64 $1,975.68
REPUBLIC SERVICES INC US RSG 23.01 $2,967.67
RESTAURANT BRANDS INTERN CA QSR 131.3 $8,490.87
REXFORD INDUSTRIAL REALITY IN US REXR 386.11 $21,097.16
GETINGE AB-B SHS SE GETIB SS 948.65 $19,722.94
ROSS STORES INC US ROST 19.05 $2,211.57
HEINEKEN NV NL HEIA NA 247.56 $23,318.03
RYANAIR HOLDINGS - ADR IE RYAAY 111.36 $8,325.60
SBA TOWER TRUST 1.88400 01/15/2026 US 96,755.53 $85,178.08
SBA TOWER TRUST 6.59900 01/15/2028 US 236,265.92 $237,015.64
S&P GLOBAL INC US SPGI 242.85 $81,341.49
SBA COMMUNICATIONS CORP US SBAC 1,133.57 $317,752.24
SLMA 2006-10 A6 FLT 4.50843 03/25/2044 US 25,039.03 $23,395.22
SMB 2015 B A3 6.06786 05/17/2032 US 88,202.87 $87,855.21
SMB 2020-BA A1A 1.29000 07/15/2053 US 147,172.64 $129,960.07
SOFI 2017-D A2FX 2.65000 09/25/2040 US 41,249.95 $39,538.09
SALESFORCE INC US CRM 1,471.94 $195,165.15
SEAGEN INC US SGEN 688.32 $88,455.63
SEMT 2013-6 A2 3.00000 05/25/2043 US 45,520.38 $40,057.59
SEMT 2013-7 A2 3.00000 06/25/2043 US 25,580.3 $22,431.29
SEMT 2013-8 A1 3.00000 06/25/2043 US 30,298.15 $26,792.73
SEMT 2013-2 1.87400 02/25/2043 US 22,493.85 $19,004.59
SERVICENOW INC US NOW 485.43 $188,479.49
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 533,905.26 $430,780.33
SKYWORKS SOLUTIONS INC US SWKS 11.58 $1,055.29
SMB 2019-B A2A 2.84000 06/15/2037 US 116,650.62 $106,963.34
JM SMUCKER CO/THE-NEW COM WI US SJM 10.71 $1,697.84
SNOWFLAKE INC-CLASS A US SNOW 626.83 $89,975.00
SOFI 2017-F A2FX 2.84000 01/25/2041 US 2,657.09 $2,556.82
SOFI 2016-D A2B 2.34000 04/25/2033 US 2,690.37 $2,649.94
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 28,920.67 $27,953.47
SOUTH CAROLINA ST PUBLIC SVC 1.85200 12/01/2026 US 76,827.11 $67,858.95
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 43,064.6 $36,268.97
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 302,334.37 $299,364.50
STAG INDUSTRIAL INC US STAG 162.15 $5,239.16
STANLEY BLACK & DECKER INC US SWK 10.87 $816.38
SRPT 2014-STAR A FLTG RATE 5.78800 11/15/2027 US 319,081.87 $221,431.11
STEEL DYNAMICS INC US STLD 19.26 $1,881.97
STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 75,774.13 $67,938.60
SUN COMMUNITIES US SUI 183.37 $26,221.93
SCML 2019-SBC8 2.86000 04/25/2041 US 60,642.03 $55,474.40
SYNCHRONOSS TECH US 2,304 $41,356.89
SYNERGY ONE LENDING 5.50000 10/14/2026 US 60,372.69 $52,026.21
TJX COMPANIES INC US TJX 51.34 $4,086.34
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 2,576.2 $191,900.76
TARGET CORP US TGT 19.33 $2,881.45
TENCENT HOLDINGS 3.97500 04/11/2029 KY 667,190.22 $617,056.17
TERRENO REALTY CORP US TRNO 254.29 $14,461.62
TEXAS INSTRUMENTS INC US TXN 32.28 $5,333.67
THERMO FISHER SCIENTIFIC INC US TMO 233.31 $128,483.56
3M CO US MMM 32.9 $3,945.06
TPMT 2016-5 A1 2.50000 10/25/2056 US 34,639.7 $34,058.17
TPMT 2017-1 A1 2.75000 10/25/2056 US 15,674.88 $15,411.26
TPMT 2019-HY1 A1 5.38871 10/25/2048 US 37,809.45 $37,505.04
TRACTOR SUPPLY COMPANY US TSCO 7.14 $1,605.88
TRAVELLERS COS INC US TRV 17.73 $3,323.49
TAH 2017-SFR2 A 2.92800 01/17/2036 US 45,938.32 $44,525.66
TCF 2021-1A 1.86000 03/20/2046 US 229,586.21 $191,720.94
TYSON FOODS INC -CL A US TSN 28.16 $1,753.03
UDR INC US UDR 408.73 $15,830.24
U.S. BANCORP US USB 90.16 $3,931.70
UNILEVER PLC - ADR GB UL 5,891.4 $296,631.82
UNION PAC CORP US UNP 31.46 $6,514.01
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 47,324.98 $40,350.76
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 9,229.12 $8,356.71
UNITED MEXICAN STATES 4.12500 01/21/2026 MX 11,185.61 $10,917.84
UNITED PARCEL SERVICE US UPS 30.52 $5,305.94
TREASURY BOND 2.37500 02/15/2042 US 778,798.14 $599,309.51
TREASURY NOTE 2.25000 11/15/2027 US 3,062,555.8 $2,825,925.53
US TREASURY N/B 3.12500 11/15/2028 US 1,405,850.39 $1,343,136.29
UNITED STATES TREAS NTS 2.25000 11/15/2024 US 1,569,657.29 $1,508,097.29
US TREASURY N/B 2.25000 11/15/2025 US 2,214,964.92 $2,097,814.06
US TREASURY N/B 2.00000 11/15/2026 US 2,677,046.25 $2,476,895.23
US TEASURY NOTE 1.75000 11/15/2029 US 1,198,538.18 $1,047,784.55
US TREASURY N/B 1.37500 11/15/2031 US 1,167,156.29 $953,603.17
VF CORP US VFC 26.19 $723.16
VENTAS INC US VTR 225.43 $10,155.53
VERTEX PHARMACEUTICALS INC US VRTX 537.44 $155,202.27
PARAMOUNT GLOBAL CLASS B US PARA 41.52 $700.79
VISA INC - CLASS A SHARES US V 1,450.27 $301,307.05
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 75,443.77 $72,433.11
VISTRA OPERATIONS 4.87500 05/13/2024 US 262,345.94 $256,804.40
WAL MART STORES US WMT 92.57 $13,125.86
WALGREENS BOOTS ALLIANCE INC US WBA 48.15 $1,798.92
WASTE MANAGEMENT INC US WM 25.86 $4,056.35
WELLTOWER INC. US WELL 226.94 $14,875.98
WIN 2015-1 A1 3.50000 01/20/2045 US 15,847.86 $14,439.48
ZOETIS INC US ZTS 345.18 $50,586.34
ADMIRAL GROUP PLC GB ADM LN 1,011.97 $25,978.09
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 340.87 $2,620.72
UBISOFT ENTERTAINMENT FR UBI FP 347.55 $9,818.53
DANONE FR BN FP 167.81 $8,844.57
AIR LIQUIDE FR AI FP 170.83 $24,247.32
BRENNTAG AG DE BNR GR 133.11 $8,488.98
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 148,650.42 $7,040.25
KEYWORDS STUDIOS PLC IE KWS LN 125.36 $4,113.80
HELIOS TOWERS PLC GB HTWS LN 5,688.22 $7,296.25
AVANZA BANK HOLDING AB SE AZA SS 628.87 $13,495.24
AMERICAN TANKER INC 7.75000 07/02/2025 US 59,254.13 $56,759.48
SOFTWAREONE HOLDING AG CH SWON SW 864.03 $12,263.49
TENCENT HOLDINGS LTD CN 700 HK 318.5 $13,504.31
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 666.27 $10,820.27
SEASPAN CORP 6.50000 02/05/2024 MH 75,355.43 $74,822.97
PETROTAL CORP 12.00000 02/16/2024 CA 51,194.61 $51,580.53
IMCD NV NL IMCD NA 32 $4,577.70
FINECOBANK SPA IT FBK IM 1,359.5 $22,575.97
ALLFUNDS GROUP PLC GB ALLFG NA 1,120.92 $7,860.75
ROTORK PLC GB ROR LN 2,577.75 $9,579.47
AUTO TRADER GROUP PLC GB AUTO LN 3,639.49 $22,664.40
CELLNEX TELECOM SA ES CLNX SM 633.43 $21,011.51
ASSA ABLOY AB-B SE ASSAB SS 666.78 $14,342.05
CLEANAWAY WASTE MANAGEMENT AU CWY AU 9,400.6 $16,750.29
INTERMEDIATE CAPITAL GROUP GB ICP LN 966.56 $13,345.41
ADYEN NV NL ADYEN NA 11.32 $15,708.20
BANK OF N.T. BUTTERFIELD&SON BM NTB 267.29 $7,967.87
BUNGE LIMITED US BG 13.9 $1,386.76
EATON CORP PLC US ETN 26.96 $4,231.41
JOHNSON CONTROLS INTERNATIONAL US JCI 50.02 $3,201.48
LINDE PLC GB LIN 27.34 $8,916.78
MEDTRONIC INC IE MDT 1,614.78 $125,500.80
RENAISSANCERE HOLDINGS LTD BM RNR 46.35 $8,538.98
ROYALTY PHARMA PLC- CL A US RPRX 37.88 $1,497.17
STONECO LTD-A BR STNE 412.48 $3,893.84
TRANE TECHNOLOGIES IE TT 13.12 $2,204.77
ALCON INC CH ALC 2,098.45 $143,848.70
CHUBB LTD CH CB 24.05 $5,306.51
GARMIN LTD CH GRMN 17.91 $1,652.80
TE CONNECTIVITY LIMITED CH TEL 18.06 $2,073.49
LYONDELLBASELL INDU-CL A US LYB 18.4 $1,527.53
PLAYA HOTELS AND RESORTS US PLYA 692.05 $4,519.08
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 58,210.06 $55,162.44

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

$13.17

Daily $ Change

$0.07

Daily % Change

0.53%

as of 02/02/2023

CUSIP

56382R803

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 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 12/31/2022

YTD

---

1 Year

-12.00%

3 Year

1.06%

5 Year

2.81%

10 Year

3.69%

Inception
(01/01/2000)

5.36%

Performance through the inception date of the Retirement Target CIT Class U1 units (04/17/2015) 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. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.51%
Net 0.49%*

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

Top Ten Investments

As of 12/31/2022

TREASURY NOTES 30.36%
GOVERNMENT AGENCY 9.61%
TENCENT HOLDINGS 3.97500 04/11/2029 1.53%
TREASURY BONDS 1.49%
AMAZON.COM INC 1.33%
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 1.07%
JOHNSON & JOHNSON 1.03%
MICROSOFT CORP 0.97%
MASTERCARD INC-CLASS A 0.96%
INTERCONTINENTALEXCHANGE INC 0.93%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 12/31/2022

Bonds
69.95%
Stocks
26.76%
Cash
3.29%

Detailed Asset Class Allocation

As of 12/31/2022

International Equities
7.13%
Small Capitalization
0.56%
Mid Capitalization
2.12%
Large Capitalization
16.95%
Long Term Fixed Income
14.17%
Intermediate Term Fixed Income
45.06%
Short Term Fixed Income
10.72%
Cash
3.29%

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 54.2 $5,950.63
ACTIVISION INC US ATVI 1,666.88 $127,599.64
ADIDAS AG-SPONSORED ADR DE ADDYY 1,936.26 $131,162.03
ADMIRAL GROUP PLC GB AMIGY 4,545.77 $115,553.58
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 124,689.58 $104,808.12
ADYEN NV UNSPON ADR NL ADYEY 7,782.4 $107,397.17
AGREE REALTY CORP US ADC 203.93 $14,464.83
AIR LIQUIDE-ADR FR AIQUY 6,520.04 $184,403.11
AIR LEASE CORP 3.62500 04/01/2027 US 176,702.67 $161,505.49
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 15,480.31 $15,556.32
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 358,321.16 $301,626.19
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 94,783.06 $75,562.52
ALLSTATE CORPORATION US ALL 20.98 $2,845.13
ALPHABET INC-CL A US GOOGL 3,479.75 $307,018.02
AMAZON.COM INC US AMZN 6,409.54 $538,401.76
AMAZON.COM INC 3.30000 04/13/2027 US 336,950.79 $320,319.94
DIAGEO PLC GB DGE LN 479.15 $20,973.40
BAE SYSTEMS PLC GB BA/ LN 2,085.44 $21,539.28
AMERICAN HOMES 4 RENT- A US AMH 475.31 $14,325.88
AMERICAN TOWER REIT INC US AMT 64.89 $13,746.59
AMERICOLD REALTY TRUST US COLD 235.69 $6,672.28
ANALOG DEVICES INC US ADI 29.77 $4,882.91
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 20,237.06 $20,234.23
ARCHER-DANIELS-MIDLAND CO US ADM 36.85 $3,421.58
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 160,807.4 $146,380.72
ATLASSIAN CORP PLC-CLASS A AU TEAM 111.91 $14,400.82
AUTOMATIC DATA PROCESSING US ADP 21.69 $5,181.87
AVALONBAY COMMUNITIES INC US AVB 60.08 $9,704.34
BAE SYSTEMS PLC -SPON ADR GB BAESY 3,295.35 $138,882.60
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 160,513.02 $151,400.49
BANK OF AMERICA CORP 2.68700 04/22/2032 US 280,699.11 $225,396.42
BARRICK GOLD CORP CA GOLD 3,892.52 $66,873.51
BAXTER INTERNATIONAL INC US BAX 27.63 $1,408.37
BEST BUY INC US BBY 19.28 $1,546.25
BIOMARIN PHARMACEUTICAL INC US BMRN 1,809.99 $187,316.24
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 123,497.59 $108,415.65
DECHRA PHARMACEUTICALS PLC GB DPH LN 419.38 $13,218.88
BRANDYWINE REALTY TRUST US BDN 716.4 $4,405.84
BRISTOL MYERS SQUIBB CO US BMY 97.69 $7,028.47
BROADRIDGE FINANCIAL SOLUTIONS US BR 10.6 $1,422.15
JONAH ENERGY PARENT LLC US 806.55 $50,191.64
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 142,305.16 $127,117.10
SORT 2020-1 A2 1.99000 07/15/2060 US 115,506.19 $95,418.68
C.H. ROBINSON WORLDWIDE INC US CHRW 14.5 $1,327.63
CIM 2019-INV1 A1 4.00000 02/25/2049 US 5,171.72 $4,945.17
COMM 2014-UBS4 A5 3.69400 08/10/2047 US 201,340.99 $194,978.25
COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 111,856.11 $106,829.06
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 41,758.11 $36,480.31
COTERRA ENERGY INC US CTRA 53 $1,302.19
CAMDEN PROPERTY TRUST US CPT 83.17 $9,305.15
CAMPBELL SOUP CO US CPB 31.03 $1,760.69
CANADIAN NATIONAL RAILWAY CO CA CNI 1,169.48 $139,027.80
CARETRUST REIT INC US CTRE 513.53 $9,541.40
CATERPILLAR INC US CAT 27.78 $6,656.04
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 674.01 $11,121.19
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 171,742.76 $178,842.71
CHEVRON CORP US CVX 52.44 $9,412.42
CINCINNATI FINANCIAL CORP US CINF 14.56 $1,490.39
CISCO SYSTEMS INC US CSCO 173.15 $8,248.73
CITIGROUP INC US C 110.71 $5,007.19
CITIGROUP INC 1.46200 06/09/2027 US 268,277.24 $233,164.13
CLARK CNTY NV 1.51000 11/01/2028 US 326,030.08 $268,053.85
COCA COLA CO/THE US KO 3,259.54 $207,339.03
COLGATE-PALMOLIVE CO US CL 52.44 $4,131.73
COMCAST CORP-CL A US CMCSA 188.25 $6,583.02
CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 40,161.83 $36,600.19
COMMUNITY HEALTHCARE TRUST I US CHCT 451.97 $16,180.58
CONAGRA BRAND INC. US CAG 46.78 $1,810.47
CONOCOPHILLIPS US COP 48.32 $5,701.62
COPART INC US CPRT 1,821.65 $110,920.29
COUSINS PROPERTIES INC US CUZ 535.38 $13,539.78
CAALT 2021-3A B MTGE 1.38000 07/15/2030 US 109,059.7 $100,722.21
CAALT 2021-2A A 0.96000 02/15/2030 US 211,936.85 $203,563.41
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 24,379.63 $20,724.68
CUMMINS INC US CMI 12.08 $2,927.68
COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 167,901.37 $144,125.86
KIMBERLY CLARK DE MEXICO S.A.B. MX 12,876.68 $21,852.65
DEVON ENERGY CORPORATION US DVN 37.45 $2,303.62
DIAMONDBACK ENERGY INC US FANG 12.18 $1,666.05
DIGITAL REALTY TRUST INC US DLR 169.33 $16,978.64
DOLLAR TREE STORES INC US DLTR 864.75 $122,309.71
DOW INC US DOW 37.07 $1,868.18
DREYFUS GVT CSH MANAGEMENT US 1,374,074.08 $1,374,074.08
EOG RESOURCES INC US EOG 26.42 $3,421.36
EASTMAN CHEM CO US EMN 13.13 $1,069.41
EBAY INC US EBAY 35.03 $1,452.88
ELECTRONIC ARTS US EA 946.85 $115,685.61
EMERSON ELEC CO US EMR 38.99 $3,745.16
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 362,618.72 $359,430.12
EQUINIX INC US EQIX 285.2 $186,816.61
EQUITY LIFESTYLE PROPERTIES US ELS 339.03 $21,901.49
ESSEX PROPERTY TRUST INC US ESS 39.42 $8,353.97
EVERGY INC US EVRG 2,349.25 $147,837.99
EXPEDIA GROUP INC 3.25000 02/15/2030 US 181,589 $154,571.12
FMC CORP US FMC 2,295.52 $286,481.51
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 46,773.4 $46,900.59
FREMF 2013-K28 X2A 0.10000 06/25/2046 US 1,729,599.5 $67.56
META PLATFORMS INC US META 1,607.91 $193,496.39
FHLM POOL G03332 6.00000 10/01/2037 US 1,181.68 $1,240.18
FHLM POOL G05900 6.00000 03/01/2040 US 2,485.95 $2,609.01
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FIFTH THIRD BANCORP US FITB 59.26 $1,944.23
FLX 2021-1A A2 3.25000 11/27/2051 US 273,693.36 $238,902.72
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 193,863.68 $181,082.18
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 253,955.79 $218,634.42
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 125,052.93 $107,659.23
GSMBS 2021-INV1 A6 2.50000 12/25/2051 US 56,694.05 $48,803.97
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GSMBS 2022-PJ1 A8 2.50000 05/28/2052 US 68,965.18 $59,345.97
GNMA POOL 660997 5.50000 05/15/2037 US 5,030.01 $5,173.53
GENERAL DYNAMICS CORP US GD 17.52 $4,346.20
GENERAL MLS INC US GIS 42.83 $3,591.22
GENUINE PARTS CO US GPC 13.56 $2,353.49
GETTY REALTY CORP US GTY 537.92 $18,208.73
GILEAD SCIENCES INC US GILD 73.97 $6,350.00
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 57,862.11 $47,663.23
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 30,024.52 $28,024.63
GREENIDGE GEN HLD INC US 1,158.59 $1,239.69
GRUPO AEROPORTUARIO PAC-ADR MX PAC 19 $2,732.08
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 12.74 $2,968.25
AIRBUS SE FR AIR FP 97.09 $11,543.66
ADIDAS AG DE ADS GR 147.59 $20,002.47
HDFC BANK LTD-ADR IN HDB 188.46 $12,892.32
L'OREAL FR OR FP 11.97 $4,286.98
HAWAII ST 2.68200 10/01/2038 US 166,105.83 $119,611.66
HEALTHCARE REALTY TRUST INC US HR 1,153.77 $22,233.10
HEINEKEN NV-SPN ADR NL HEINY 3,705.27 $174,221.60
HOME DEPOT INC US HD 37.51 $11,846.98
HONEYWELL INTERNATIONAL INC US HON 33.78 $7,238.53
IDEXX LABORATORIES INC US IDXX 312.03 $127,293.77
KERRY GROUP PLC-A IE KYGA ID 137.52 $12,422.32
ILLINOIS TOOL WKS INC US ITW 20.1 $4,428.40
IMPRL 2021-NQM3 1.59500 11/25/2056 US 146,964.58 $118,458.27
INDEPENDENCE REALTY TRUST IN US IRT 561.18 $9,461.56
INTEL CORP US INTC 189.78 $5,016.00
INTERCONTINENTALEXCHANGE INC US ICE 3,664.42 $375,932.34
INTERNATIONAL FLVRS & FRAGRANCES US IFF 20.1 $2,107.46
INTUIT INC US INTU 285.33 $111,057.19
INTUITIVE SURGICAL INC US ISRG 519.42 $137,829.08
INVITATION HOMES INC US INVH 628.24 $18,621.17
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 39,914.84 $37,577.45
JP MORGAN CHASE & CO US JPM 105.27 $14,116.86
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 34,062.38 $31,822.25
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 399,207.36 $374,492.17
JOHNSON & JOHNSON US JNJ 2,357.64 $416,477.75
KREF 2021-FL2 A 5.39629 02/15/2039 US 105,968.42 $102,164.63
KEYCORP US KEY 65.29 $1,137.38
KROGER CO US KR 52.33 $2,332.78
L3HARRIS TECHNOLOGIES INC US LHX 543.85 $113,234.25
BEIERSDORF AG DE BEI GR 211.16 $24,129.36
LENNAR CORP US LEN 19.67 $1,780.04
LEXINGTON REALTY TRUST US LXP 855.19 $8,568.96
LIFE STORAGE INC US LSI 151.61 $14,933.19
LOCKHEED MARTIN CORP US LMT 13.62 $6,625.96
LULULEMON - ADR CA LULU 25.41 $8,140.52
MAGALLANES INC 4.05400 03/15/2029 US 417,486.94 $362,479.47
MARATHON PETROLEUM CORP US MPC 27.67 $3,220.81
MARRIOTT VACATIONS WORLD US VAC 40.29 $5,422.06
MASTERCARD INC-CLASS A US MA 1,108.85 $385,578.78
MCDONALDS CORP US MCD 24.15 $6,364.79
MERCADOLIBRE INC BR MELI 17.13 $14,492.48
MERCK & CO INC US MRK 104.75 $11,622.35
MICROSOFT CORP US MSFT 1,635.05 $392,116.50
MICROCHIP TECHNOLOGY INC US MCHP 31.74 $2,229.57
MID-AMERICA APARTMENT COMM US MAA 131.04 $20,572.31
MONDELEZ INTERNATIONAL INC US MDLZ 3,580.45 $238,636.94
MOODY'S CORPORATION US MCO 728.65 $203,017.28
MOTOROLA SOLUTIONS INC US MSI 12.68 $3,268.76
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 60,554.37 $54,110.40
NAVIENT CORP 6.75000 06/25/2025 US 47,259.08 $45,428.04
NESTLE S.A. - ADR CH NSRGY 1,536.87 $177,263.02
NETAPP INC US NTAP 22.84 $1,371.72
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 48,786.05 $44,952.72
NRZT 2015-2A A1 3.75000 08/25/2055 US 53,940.9 $50,170.51
NRZT 2016-4A A1 3.75000 11/25/2056 US 85,049.62 $77,743.34
KEYENCE CORP JP 6861 JP 48.86 $18,970.93
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 87,998.1 $84,375.17
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 183,266.84 $156,827.83
NEWMONT GOLDCORP CORP US NEM 1,689.68 $79,752.97
NIKE INC CLASS B US NKE 1,062.84 $124,362.58
NORFOLK SOUTHN CORP US NSC 522.16 $128,670.94
NIKON CORP JP 7731 JP 818.61 $7,238.74
NORTHROP GRUMMAN CORP US NOC 263.95 $144,014.09
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 57,017 $5.70
NOVARTIS AG- REG CH NVS 3,275.11 $297,117.94
NUCOR CORP US NUE 19.37 $2,553.77
OBX 2022-INV1 A1 3.00000 12/25/2051 US 71,385.26 $59,664.19
OMNICOM GROUP US OMC 21.74 $1,772.95
SONY CORP FIRST SECTION JP 6758 JP 159.25 $12,138.10
TOKYO ELECTRON LTD JP 8035 JP 11.19 $3,286.65
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 133,290.88 $116,054.45
OXFIN 2020-1A A2 3.10100 02/15/2028 US 85,927.41 $84,977.71
OXFIN 2019-1A A2 4.45900 02/15/2027 US 66,023.73 $65,501.42
OXFIN 2022-1A 3.60200 02/15/2030 US 244,610.9 $223,019.19
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 12,642.43 $11,404.75
PPG INDUSTRIES INC US PPG 13.34 $1,677.41
PACKAGING CORP OF AMERICA US PKG 9.55 $1,222.16
PARKER HANNIFIN CORP US PH 7.68 $2,235.68
DEUTSCHE BOERSE AG DE DB1 GR 96.43 $16,604.06
PAYPAL HOLDINGS INC US PYPL 1,611.41 $114,764.49
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 259,746.91 $244,338.75
PEAR 2022-1 A1 6.50000 10/15/2034 US 96,938.97 $96,766.33
PELORUS FUND REIT 7.00000 09/30/2026 US 30,892.75 $28,451.91
NESTLE SA-REGISTERED CH NESN SW 255.23 $29,481.33
PEPSICO INC 3.90000 07/18/2032 US 306,661.43 $290,944.08
PFIZER INC US PFE 157.57 $8,073.87
PIONEER NATURAL RESOURCES CO US PXD 11.92 $2,721.40
POPULAR INC 6.12500 09/14/2023 PR 45,934.48 $45,665.54
PROCTER & GAMBLE CO US PG 83.3 $12,624.54
PROLOGIS US PLD 734.71 $82,823.63
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 251,457.03 $201,091.12
PFMT 2021-2 A2A 2.00000 04/25/2051 US 156,593.86 $132,197.10
PUBLIC STORAGE INC US PSA 108.01 $30,262.95
QUALCOMM INC US QCOM 54.97 $6,043.22
QUALCOMM INC 4.25000 05/20/2032 US 123,041.72 $118,913.21
QUALCOMM 5.40000 05/20/2033 US 169,549.48 $177,405.02
QUEST DIAGNOSTICS INC US DGX 12.52 $1,958.02
RCKT 2021-6 A1 2.50000 12/25/2051 US 217,155.25 $173,733.47
RADIUS GLOBAL INFRASTRUCTURE US RADI 2,471.66 $29,214.98
REALTY INCOME CORP US O 82.26 $5,218.01
REGIONS FINANCIAL CORP. US RF 91.64 $1,975.68
REPUBLIC SERVICES INC US RSG 23.01 $2,967.67
RESTAURANT BRANDS INTERN CA QSR 131.3 $8,490.87
REXFORD INDUSTRIAL REALITY IN US REXR 386.11 $21,097.16
GETINGE AB-B SHS SE GETIB SS 948.65 $19,722.94
ROSS STORES INC US ROST 19.05 $2,211.57
HEINEKEN NV NL HEIA NA 247.56 $23,318.03
RYANAIR HOLDINGS - ADR IE RYAAY 111.36 $8,325.60
SBA TOWER TRUST 1.88400 01/15/2026 US 96,755.53 $85,178.08
SBA TOWER TRUST 6.59900 01/15/2028 US 236,265.92 $237,015.64
S&P GLOBAL INC US SPGI 242.85 $81,341.49
SBA COMMUNICATIONS CORP US SBAC 1,133.57 $317,752.24
SLMA 2006-10 A6 FLT 4.50843 03/25/2044 US 25,039.03 $23,395.22
SMB 2015 B A3 6.06786 05/17/2032 US 88,202.87 $87,855.21
SMB 2020-BA A1A 1.29000 07/15/2053 US 147,172.64 $129,960.07
SOFI 2017-D A2FX 2.65000 09/25/2040 US 41,249.95 $39,538.09
SALESFORCE INC US CRM 1,471.94 $195,165.15
SEAGEN INC US SGEN 688.32 $88,455.63
SEMT 2013-6 A2 3.00000 05/25/2043 US 45,520.38 $40,057.59
SEMT 2013-7 A2 3.00000 06/25/2043 US 25,580.3 $22,431.29
SEMT 2013-8 A1 3.00000 06/25/2043 US 30,298.15 $26,792.73
SEMT 2013-2 1.87400 02/25/2043 US 22,493.85 $19,004.59
SERVICENOW INC US NOW 485.43 $188,479.49
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 533,905.26 $430,780.33
SKYWORKS SOLUTIONS INC US SWKS 11.58 $1,055.29
SMB 2019-B A2A 2.84000 06/15/2037 US 116,650.62 $106,963.34
JM SMUCKER CO/THE-NEW COM WI US SJM 10.71 $1,697.84
SNOWFLAKE INC-CLASS A US SNOW 626.83 $89,975.00
SOFI 2017-F A2FX 2.84000 01/25/2041 US 2,657.09 $2,556.82
SOFI 2016-D A2B 2.34000 04/25/2033 US 2,690.37 $2,649.94
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 28,920.67 $27,953.47
SOUTH CAROLINA ST PUBLIC SVC 1.85200 12/01/2026 US 76,827.11 $67,858.95
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 43,064.6 $36,268.97
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 302,334.37 $299,364.50
STAG INDUSTRIAL INC US STAG 162.15 $5,239.16
STANLEY BLACK & DECKER INC US SWK 10.87 $816.38
SRPT 2014-STAR A FLTG RATE 5.78800 11/15/2027 US 319,081.87 $221,431.11
STEEL DYNAMICS INC US STLD 19.26 $1,881.97
STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 75,774.13 $67,938.60
SUN COMMUNITIES US SUI 183.37 $26,221.93
SCML 2019-SBC8 2.86000 04/25/2041 US 60,642.03 $55,474.40
SYNCHRONOSS TECH US 2,304 $41,356.89
SYNERGY ONE LENDING 5.50000 10/14/2026 US 60,372.69 $52,026.21
TJX COMPANIES INC US TJX 51.34 $4,086.34
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 2,576.2 $191,900.76
TARGET CORP US TGT 19.33 $2,881.45
TENCENT HOLDINGS 3.97500 04/11/2029 KY 667,190.22 $617,056.17
TERRENO REALTY CORP US TRNO 254.29 $14,461.62
TEXAS INSTRUMENTS INC US TXN 32.28 $5,333.67
THERMO FISHER SCIENTIFIC INC US TMO 233.31 $128,483.56
3M CO US MMM 32.9 $3,945.06
TPMT 2016-5 A1 2.50000 10/25/2056 US 34,639.7 $34,058.17
TPMT 2017-1 A1 2.75000 10/25/2056 US 15,674.88 $15,411.26
TPMT 2019-HY1 A1 5.38871 10/25/2048 US 37,809.45 $37,505.04
TRACTOR SUPPLY COMPANY US TSCO 7.14 $1,605.88
TRAVELLERS COS INC US TRV 17.73 $3,323.49
TAH 2017-SFR2 A 2.92800 01/17/2036 US 45,938.32 $44,525.66
TCF 2021-1A 1.86000 03/20/2046 US 229,586.21 $191,720.94
TYSON FOODS INC -CL A US TSN 28.16 $1,753.03
UDR INC US UDR 408.73 $15,830.24
U.S. BANCORP US USB 90.16 $3,931.70
UNILEVER PLC - ADR GB UL 5,891.4 $296,631.82
UNION PAC CORP US UNP 31.46 $6,514.01
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 47,324.98 $40,350.76
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 9,229.12 $8,356.71
UNITED MEXICAN STATES 4.12500 01/21/2026 MX 11,185.61 $10,917.84
UNITED PARCEL SERVICE US UPS 30.52 $5,305.94
TREASURY BOND 2.37500 02/15/2042 US 778,798.14 $599,309.51
TREASURY NOTE 2.25000 11/15/2027 US 3,062,555.8 $2,825,925.53
US TREASURY N/B 3.12500 11/15/2028 US 1,405,850.39 $1,343,136.29
UNITED STATES TREAS NTS 2.25000 11/15/2024 US 1,569,657.29 $1,508,097.29
US TREASURY N/B 2.25000 11/15/2025 US 2,214,964.92 $2,097,814.06
US TREASURY N/B 2.00000 11/15/2026 US 2,677,046.25 $2,476,895.23
US TEASURY NOTE 1.75000 11/15/2029 US 1,198,538.18 $1,047,784.55
US TREASURY N/B 1.37500 11/15/2031 US 1,167,156.29 $953,603.17
VF CORP US VFC 26.19 $723.16
VENTAS INC US VTR 225.43 $10,155.53
VERTEX PHARMACEUTICALS INC US VRTX 537.44 $155,202.27
PARAMOUNT GLOBAL CLASS B US PARA 41.52 $700.79
VISA INC - CLASS A SHARES US V 1,450.27 $301,307.05
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 75,443.77 $72,433.11
VISTRA OPERATIONS 4.87500 05/13/2024 US 262,345.94 $256,804.40
WAL MART STORES US WMT 92.57 $13,125.86
WALGREENS BOOTS ALLIANCE INC US WBA 48.15 $1,798.92
WASTE MANAGEMENT INC US WM 25.86 $4,056.35
WELLTOWER INC. US WELL 226.94 $14,875.98
WIN 2015-1 A1 3.50000 01/20/2045 US 15,847.86 $14,439.48
ZOETIS INC US ZTS 345.18 $50,586.34
ADMIRAL GROUP PLC GB ADM LN 1,011.97 $25,978.09
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 340.87 $2,620.72
UBISOFT ENTERTAINMENT FR UBI FP 347.55 $9,818.53
DANONE FR BN FP 167.81 $8,844.57
AIR LIQUIDE FR AI FP 170.83 $24,247.32
BRENNTAG AG DE BNR GR 133.11 $8,488.98
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 148,650.42 $7,040.25
KEYWORDS STUDIOS PLC IE KWS LN 125.36 $4,113.80
HELIOS TOWERS PLC GB HTWS LN 5,688.22 $7,296.25
AVANZA BANK HOLDING AB SE AZA SS 628.87 $13,495.24
AMERICAN TANKER INC 7.75000 07/02/2025 US 59,254.13 $56,759.48
SOFTWAREONE HOLDING AG CH SWON SW 864.03 $12,263.49
TENCENT HOLDINGS LTD CN 700 HK 318.5 $13,504.31
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 666.27 $10,820.27
SEASPAN CORP 6.50000 02/05/2024 MH 75,355.43 $74,822.97
PETROTAL CORP 12.00000 02/16/2024 CA 51,194.61 $51,580.53
IMCD NV NL IMCD NA 32 $4,577.70
FINECOBANK SPA IT FBK IM 1,359.5 $22,575.97
ALLFUNDS GROUP PLC GB ALLFG NA 1,120.92 $7,860.75
ROTORK PLC GB ROR LN 2,577.75 $9,579.47
AUTO TRADER GROUP PLC GB AUTO LN 3,639.49 $22,664.40
CELLNEX TELECOM SA ES CLNX SM 633.43 $21,011.51
ASSA ABLOY AB-B SE ASSAB SS 666.78 $14,342.05
CLEANAWAY WASTE MANAGEMENT AU CWY AU 9,400.6 $16,750.29
INTERMEDIATE CAPITAL GROUP GB ICP LN 966.56 $13,345.41
ADYEN NV NL ADYEN NA 11.32 $15,708.20
BANK OF N.T. BUTTERFIELD&SON BM NTB 267.29 $7,967.87
BUNGE LIMITED US BG 13.9 $1,386.76
EATON CORP PLC US ETN 26.96 $4,231.41
JOHNSON CONTROLS INTERNATIONAL US JCI 50.02 $3,201.48
LINDE PLC GB LIN 27.34 $8,916.78
MEDTRONIC INC IE MDT 1,614.78 $125,500.80
RENAISSANCERE HOLDINGS LTD BM RNR 46.35 $8,538.98
ROYALTY PHARMA PLC- CL A US RPRX 37.88 $1,497.17
STONECO LTD-A BR STNE 412.48 $3,893.84
TRANE TECHNOLOGIES IE TT 13.12 $2,204.77
ALCON INC CH ALC 2,098.45 $143,848.70
CHUBB LTD CH CB 24.05 $5,306.51
GARMIN LTD CH GRMN 17.91 $1,652.80
TE CONNECTIVITY LIMITED CH TEL 18.06 $2,073.49
LYONDELLBASELL INDU-CL A US LYB 18.4 $1,527.53
PLAYA HOTELS AND RESORTS US PLYA 692.05 $4,519.08
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 58,210.06 $55,162.44

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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