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 15% - 45%.

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

$14.12

Daily $ Change

$0.01

Daily % Change

0.07%

as of 11/24/2021

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 10/31/2021

YTD

4.82%

1 Year

11.16%

3 Year

9.43%

5 Year

7.05%

10 Year

5.79%

Inception
(01/01/2000)

6.24%

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 0.50%
Net 0.49%*

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

Top Ten Investments

As of 10/31/2021

TREASURY NOTES 26.43%
GOVERNMENT AGENCY 2.82%
TENCENT HOLDINGS 3.97500 04/11/2029 1.32%
VERIZON COMMUNICATIONS 4.27200 01/15/2036 1.09%
CENOVUS ENERGY INC 6.75000 11/15/2039 1.04%
AMERICAN TOWER CORP 3.80000 08/15/2029 1.02%
AMAZON.COM INC 0.99%
ALPHABET INC-CL A 0.96%
JOHNSON & JOHNSON 0.93%
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 0.87%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 10/31/2021

Bonds 67.13%
Stocks 31.01%
Cash 1.86%

Detailed Asset Class Allocation

As of 10/31/2021

International Equities 6.73%
Small Capitalization 0.72%
Mid Capitalization 2.45%
Large Capitalization 21.12%
Long Term Fixed Income 20.92%
Intermediate Term Fixed Income 30.99%
Short Term Fixed Income 15.21%
Cash 1.86%

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 10/31/2021

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00774MAW5 AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 349,703.62 $354,981.99
008474108 AGNICO EAGLE MINES LTD CA AEM 1,365.04 $72,415.17
008492100 AGREE REALTY CORP US ADC 155.38 $11,041.28
009126202 AIR LIQUIDE-ADR FR AIQUY 4,323.21 $144,481.71
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 166,904 $178,156.40
01166WAA5 ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 17,663.46 $19,921.84
01609WAU6 ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 321,886.29 $348,855.70
01627AAA6 ADC 2021-1A A2 1.93700 08/15/2046 US 238,434.29 $237,306.87
02079K305 ALPHABET INC-CL A US GOOGL 166.9 $494,189.39
023135106 AMAZON.COM INC US AMZN 149.82 $505,244.68
0237400 DIAGEO PLC GB DGE LN 1,514.46 $75,346.70
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 452.23 $24,293.81
02665T306 AMERICAN HOMES 4 RENT- A US AMH 846.84 $34,381.67
03027X100 AMERICAN TOWER REIT INC US AMT 563.5 $158,890.01
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 476,868.57 $524,292.19
032654105 ANALOG DEVICES INC US ADI 384.67 $66,737.09
03784Y200 APPLE HOSPITALITY REIT INC US APLE 1,368.22 $21,494.66
038923AS7 ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 19,869.52 $20,890.36
045054AJ2 ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 143,060.57 $150,950.25
053015103 AUTOMATIC DATA PROCESSING US ADP 368.38 $82,697.84
053484101 AVALONBAY COMMUNITIES INC US AVB 102.13 $24,171.98
05401AAP6 AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 KY 449,051.24 $444,665.03
05545E209 BHP GROUP PLC SPONSORED ADR AU BBL 1,775.54 $94,068.14
055622104 BP PLC-SPONS ADR GB BP 1,643.21 $47,308.00
05567SAA0 BNSF FUNDING TRUST I 6.61300 12/15/2055 US 151,008.38 $172,006.10
067901108 BARRICK GOLD CORP CA GOLD 4,085.17 $75,044.65
084423102 WR BERKLEY CORP US WRB 1,483.86 $118,114.94
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 2,264.33 $179,402.94
09261HAC1 BLACKSTONE PRIVATE CRE 2.62500 12/15/2026 US 178,825.71 $175,764.67
09261XAB8 BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 174,851.81 $176,466.35
10373QBR0 BP CAP MARKETS AMERICA 3.06000 06/17/2041 US 437,129.52 $440,678.65
105368203 BRANDYWINE REALTY TRUST US BDN 958.9 $12,705.47
110122108 BRISTOL MYERS SQUIBB CO US BMY 1,746.13 $101,974.21
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 1,895.95 $66,206.57
12345678 JONAH ENERGY PARENT LLC US 815.05 $50,940.49
12530MAA3 SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 138,875.06 $138,902.14
12530MAB1 SORT 2020-1 A2 1.99000 07/15/2060 US 111,541.41 $110,870.00
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 11,263.28 $11,393.24
12626K203 CRH PLC -SPONSORED ADR IE CRH 1,075.74 $51,570.78
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 54,915.95 $54,992.79
133131102 CAMDEN PROPERTY TRUST US CPT 133.52 $21,777.63
13321L108 CAMECO CORP CA CCJ 4,768.69 $115,879.06
136375102 CANADIAN NATIONAL RAILWAY CO CA CNI 1,365.43 $181,479.79
14174T107 CARETRUST REIT INC US CTRE 480.05 $9,960.99
149123101 CATERPILLAR INC US CAT 533.7 $108,879.20
15135UAF6 CENOVUS ENERGY INC 6.75000 11/15/2039 CA 389,442.67 $533,142.95
156700BA3 CENTURYLINK INC 7.50000 04/01/2024 US 63,582.48 $69,781.77
16119P108 CHARTER COMMUNICATIONS INC-A US CHTR 207.04 $139,729.52
17275R102 CISCO SYSTEMS INC US CSCO 3,065.07 $171,552.12
172967424 CITIGROUP INC US C 1,584.79 $109,604.30
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 258,303.81 $289,752.00
180848P56 CLARK CNTY NV 1.51000 11/01/2028 US 317,912.38 $311,213.97
191216100 COCA COLA CO/THE US KO 2,922.81 $164,758.63
194162103 COLGATE-PALMOLIVE CO US CL 894.13 $68,123.66
20030N101 COMCAST CORP-CL A US CMCSA 2,911.68 $149,747.70
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 84,333.99 $85,948.16
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 398.19 $19,049.18
20825C104 CONOCOPHILLIPS US COP 1,648.77 $122,817.11
217204106 COPART INC US CPRT 667.62 $103,674.09
222795502 COUSINS PROPERTIES INC US CUZ 733.19 $29,041.47
22534GAA1 CAALT 2020-1A 2.01000 02/15/2029 US 174,851.81 $176,956.29
22536BAA0 CAALT 2020-3A A 1.24000 10/15/2029 US 266,251.62 $267,431.59
22537CAA7 CAALT 2021-2A A 0.96000 02/15/2030 US 317,912.38 $317,110.32
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 325,860.19 $340,807.93
22822VAR2 CROWN CASTLE INTL CORP 3.30000 07/01/2030 US 103,321.52 $109,282.36
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 36,984.93 $37,307.59
231021106 CUMMINS INC US CMI 210.22 $50,419.06
23802WAG6 COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 162,930.09 $162,907.61
253868103 DIGITAL REALTY TRUST INC US DLR 214.19 $33,801.87
256677105 DOLLAR GENERAL CORP US DG 458.99 $101,674.58
256746108 DOLLAR TREE STORES INC US DLTR 859.95 $92,668.53
25960P109 DOUGLAS EMMETT INC US DEI 342.95 $11,207.54
264411505 DUKE RLTY INVTS INC US DRE 675.96 $38,016.06
26884L109 EQT CORP US EQT 5,236.02 $104,249.10
285512109 ELECTRONIC ARTS US EA 710.93 $99,708.15
291011104 EMERSON ELEC CO US EMR 781.27 $75,790.97
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 341,755.81 $444,860.91
29444U700 EQUINIX INC US EQIX 236.84 $198,255.61
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 366.79 $30,997.54
297178105 ESSEX PROPERTY TRUST INC US ESS 89.41 $30,394.11
30212P303 EXPEDIA INC US EXPE 997.05 $163,925.43
30212PAR6 EXPEDIA GROUP INC 3.25000 02/15/2030 US 170,877.9 $175,741.65
30225T102 EXTRA SPACE STORAGE INC US EXR 139.09 $27,451.54
30231G102 EXXON MOBIL CORP US XOM 1,308.61 $84,365.88
302491303 FMC CORP US FMC 2,195.19 $199,783.79
30262SAR9 FREMF 2015-K42 B FLT 3.84953 01/25/2048 US 71,530.29 $76,246.01
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 51,660.76 $53,727.19
30287EAE0 FREMF 2014-K41 B FLT 3.83340 11/25/2047 US 278,173.33 $296,827.19
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 4,019,070.11 $3,820.53
30303M102 META PLATFORMS INC US FB 1,278.41 $413,653.56
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 3,053.05 $3,601.80
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 31,310.57 $36,952.50
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 3,798.87 $3,891.74
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 29.8 $29.91
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 144.19 $146.25
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 74,547.05 $81,183.19
3128MJY87 FHLM POOL FG G08734 4.00000 11/01/2046 US 8,107.12 $8,805.89
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 9,039.37 $9,898.67
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 86,754.25 $96,669.25
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 58,113.4 $62,504.96
3136AY6W8 FNA 2017-M15 A1 FLT 2.95925 09/25/2027 US 164,196.56 $172,831.62
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 18,698 $19,238.34
3137AUPF0 FHMS K021 x1 FLT 1.37556 06/25/2022 US 5,685,692.7 $16,677.84
3137B3NB0 FHMS K030 X1 FLT 0.14755 04/25/2023 US 10,853,269.08 $22,896.06
3137B4GZ3 FHMS K032 X1 FLT 0.07332 05/25/2023 US 6,481,551.88 $9,297.14
3138A7BL1 FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 41,984.4 $45,419.03
3138AJ4A7 FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 11,580.76 $12,518.48
3138EPLE2 FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 18,026.87 $20,073.70
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65900 01/01/2049 US 148,441.15 $165,585.09
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 113,139.94 $124,385.66
31403DVZ9 FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 2,251.56 $2,567.82
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 78,252.58 $84,902.11
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 16.72 $16.83
31410WSY5 FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 1,324.88 $1,490.20
31413CCL1 FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 653.39 $734.31
31413MR66 FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 5,563.13 $6,410.50
31413S6R0 FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 3,282.73 $3,801.33
31414CQ50 FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 906.49 $1,064.94
31414DJ23 FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 2,338.7 $2,675.42
31414QX28 FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 462.23 $481.52
31414UF52 FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 4,017.13 $4,184.77
31415ALX7 FEDERAL NATL MTG ASSN 981042 6.00000 04/01/2038 US 1,647.29 $1,847.45
31415BBC2 FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 2,330.76 $2,590.93
31415BBT5 FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 1,339.02 $1,474.90
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 5.71 $5.70
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 2,982.24 $3,322.04
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 42,724.76 $46,878.92
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 47,727.23 $52,369.08
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 65,844.61 $71,724.70
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 34,890.68 $37,044.56
31418DU59 FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 416,881.65 $429,059.39
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 6,662.28 $7,873.26
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 186,773.52 $193,217.13
345370CW8 FORD MOTOR COMPANY 9.00000 04/22/2025 US 43,712.95 $52,564.83
346232AF8 FORESTAR GROUP INC 3.85000 05/15/2026 US 13,908.67 $13,908.53
357081AE8 FREMF 2015-K720 B FLT 3.39040 07/25/2022 US 39,739.05 $40,391.28
36257MAA3 GSMS 2019-70P A 1.09000 10/15/2036 US 135,112.76 $134,856.64
36262LAJ9 GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 362,930.55 $369,650.58
36263CAH2 GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 136,938.72 $138,871.75
36263KAJ0 GSMBS 2021-INV1 A9 0.89867 12/25/2051 US 175,642.38 $176,087.72
36294VKJ8 GNMA POOL 660997 5.50000 05/15/2037 US 11,215.67 $12,664.59
369550108 GENERAL DYNAMICS CORP US GD 296.45 $60,105.91
36962G4B7 GENERAL ELECTRIC CO 6.87500 01/10/2039 US 174,851.81 $265,965.56
374297109 GETTY REALTY CORP US GTY 412.09 $13,236.46
375558103 GILEAD SCIENCES INC US GILD 1,183.43 $76,780.86
38138JAC7 GLM 2021-9A A FLT 1.20150 01/20/2033 KY 397,390.48 $397,485.05
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 98,898.53 $100,910.41
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 10,818.56 $215,613.87
39531G209 GREENIDGE GEN HLD INC US 1,033.22 $25,623.74
404119BX6 HCA INC 4.12500 06/15/2029 US 198,695.24 $220,170.23
419792A22 HAWAII ST 2.68200 10/01/2038 US 151,008.38 $151,440.26
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 383.48 $12,804.46
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 348.11 $12,361.53
423012301 HEINEKEN NV-SPN ADR NL HEINY 1,797 $100,146.79
42806MAA7 HERTZ 2021-1A A 1.21000 12/26/2025 US 198,695.24 $197,627.59
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 55.24 $7,951.41
437076102 HOME DEPOT INC US HD 541.64 $201,350.45
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 2,083.52 $61,630.47
438516106 HONEYWELL INTERNATIONAL INC US HON 617.54 $135,007.64
448579102 HYATT HOTEL US H 1,196.54 $101,945.44
44988FAD2 IIP OPERATING PARTNER 5.50000 05/25/2026 US 51,660.76 $54,514.73
450913AF5 IAMGOLD CORP 5.75000 10/15/2028 CA 19,869.52 $19,521.81
45168D104 IDEXX LABORATORIES INC US IDXX 142.66 $95,033.65
452308109 ILLINOIS TOOL WKS INC US ITW 337.78 $76,970.36
452762AA5 IMPRL 2021-NQM3 1.59500 11/25/2056 US 162,930.09 $162,457.60
45778Q107 INSPERITY INC US NSP 868.3 $108,537.27
45781V101 INNOVATIVE INDUSTRIAL PROPER US IIPR 69.15 $18,191.61
458140100 INTEL CORP US INTC 2,751.93 $134,844.52
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 1,648.38 $228,234.10
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 770.54 $96,394.57
46187BAA1 IHSFR 2017-SFR2 A 0.93600 12/17/2036 US 18,908.11 $18,885.13
46187BAB9 IHSFR 2017-SFR2 B 1.23600 12/17/2036 US 15,989.78 $16,002.66
46187W107 INVITATION HOMES INC US INVH 1,105.14 $45,587.15
465410BX5 ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 39,739.05 $40,887.41
46625H100 JP MORGAN CHASE & CO US JPM 1,119.45 $190,183.19
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 28,224.78 $28,480.26
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 24,584.61 $24,866.68
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 54,480.2 $55,289.42
46647PBP0 JPMORGAN CHASE & CO 2.95600 05/13/2031 US 421,233.9 $435,088.04
478160104 JOHNSON & JOHNSON US JNJ 2,937.11 $478,396.97
48275RAA5 KREF 2021-FL2 A 1.15588 02/15/2039 US 158,956.19 $158,977.28
49427F108 KILROY REALTY CORP US KRC 269.03 $18,127.47
494368103 KIMBERLY CLARK CORP US KMB 385.47 $49,914.35
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 282,147.24 $397,474.48
500472303 KONINKLIJKE PHILIPS NVR - NY ADR NL PHG 866.71 $40,951.98
500754106 KRAFT HEINZ CO/THE US KHC 1,232.71 $44,241.79
512816109 LAMAR ADVERTISING CO-A US LAMR 83.45 $9,446.77
53223X107 LIFE STORAGE INC US LSI 142.66 $19,089.76
539473AE8 LLOYDS BANK PLC 12.00000 12/16/2024 GB 79,478.1 $81,763.09
539830109 LOCKHEED MARTIN CORP US LMT 227.31 $75,538.78
57636Q104 MASTERCARD INC-CLASS A US MA 746.7 $250,531.68
58933Y105 MERCK & CO INC US MRK 1,688.11 $148,638.50
59022CAJ2 MERRILL LYNCH 6.11000 01/29/2037 US 204,656.09 $276,516.05
594918104 MICROSOFT CORP US MSFT 1,020.5 $338,417.79
59522J103 MID-AMERICA APARTMENT COMM US MAA 174.45 $35,625.34
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 4,753.98 $288,756.88
615369105 MOODY'S CORPORATION US MCO 518.99 $209,750.60
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 49,673.81 $54,669.50
63941XAA5 NAVSL 2020-FA A 1.22000 07/15/2069 US 121,778.41 $121,635.66
63942FAB1 NAVSL 2020-1A A1B 1.13925 06/25/2069 US 249,237.06 $255,862.41
64033QAB5 NSLT 2015-2A A2 0.68925 09/25/2047 US 244,960.51 $244,489.57
64134JAA1 NEUB 2021-40A A 1.18225 04/16/2033 KY 278,173.33 $278,681.00
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 69,000.06 $72,662.00
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 77,595.77 $81,285.32
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 110,364.21 $117,343.43
64971XPG7 NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 85,438.95 $86,978.56
65106WAA3 NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 170,877.9 $172,989.65
651639106 NEWMONT GOLDCORP CORP US NEM 2,290.96 $123,711.63
65341D102 NEXPOINT RESIDENTIAL US NXRT 183.99 $13,030.18
655844108 NORFOLK SOUTHN CORP US NSC 342.95 $100,500.91
6642321 NIKON CORP JP 7731 JP 5,841.64 $64,408.52
666807102 NORTHROP GRUMMAN CORP US NOC 143.86 $51,388.01
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 53,647.71 $5.36
66987V109 NOVARTIS AG- REG CH NVS 3,551.08 $293,887.49
67066G104 NVIDIA CORP US NVDA 507.87 $129,845.85
68389X105 ORACLE CORP US ORCL 1,820.84 $174,691.69
691205AE8 OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 151,008.38 $157,641.00
69144AAA7 OXFIN 2020-1A A2 3.10100 02/15/2028 US 119,217.14 $121,233.93
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 244,824.63 $251,013.43
70450Y103 PAYPAL HOLDINGS INC US PYPL 778.89 $181,160.94
7123870 NESTLE SA-REGISTERED CH NESN SW 1,288.34 $169,941.35
71654V101 PETROLEO BRASIL-SP PREF ADR BR PBR/A 6,117.03 $58,784.67
733174AK2 POPULAR INC 6.12500 09/14/2023 PR 49,673.81 $53,037.44
742718109 PROCTER & GAMBLE CO US PG 1,321.32 $188,936.02
74340W103 PROLOGIS US PLD 832.93 $120,741.60
74387VAA7 PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 274,865.63 $279,042.21
74388JAD7 PFMT 2021-2 A2A 2.00000 04/25/2051 US 177,512.53 $178,275.30
74460D109 PUBLIC STORAGE INC US PSA 165.71 $55,046.16
747525103 QUALCOMM INC US QCOM 869.09 $115,624.13
750481103 RADIUS GLOBAL INFRASTRUCTURE US RADI 1,510.08 $26,169.75
75134P402 RAMACO RESOURCES INC US 1,788.26 $47,746.47
756109104 REALTY INCOME CORP US O 102.53 $7,323.49
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 490.38 $32,953.53
767204100 RIO TINTO PLC - SPON ADR GB RIO 1,198.93 $75,856.12
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 564.29 $25,867.26
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 898.5 $101,988.72
78409V104 S&P GLOBAL INC US SPGI 179.22 $84,980.43
78410G104 SBA COMMUNICATIONS CORP US SBAC 890.15 $307,397.11
78443BAG1 SLMA 2006-10 A6 FLT 0.27388 03/25/2044 US 44,657.43 $43,652.68
78448QAD0 SMB 2015 B A3 1.84025 05/17/2032 US 317,912.38 $321,482.09
78449XAA0 SMB 2020-BA A1A 1.29000 07/15/2053 US 195,107.79 $193,951.87
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 115,436.13 $117,468.94
79466L302 SALESFORCE.COM US CRM 759.02 $227,469.45
80105N105 SANOFI-AVENTIS-ADR FR SNY 1,800.58 $90,803.06
81141R100 SEA LTD - ADR SG SE 733.58 $252,037.05
81181C104 SEAGEN INC US SGEN 1,233.5 $217,503.06
81745BAB1 SEMT 2013-6 A2 3.00000 05/25/2043 US 57,943.4 $58,186.57
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 36,036.34 $36,230.12
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 43,487.05 $43,836.64
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 36,757.34 $36,738.82
81762P102 SERVICENOW INC US NOW 151.8 $105,922.17
83192CAB3 SMB 2019-B A2A 2.84000 06/15/2037 US 239,710.8 $247,354.34
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 17,500.2 $17,620.91
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 10,113.75 $10,257.29
83404RAB4 SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 49,899.03 $51,046.82
835699307 SONY CORP SPONSORED ADR JP SONY 1,742.16 $201,724.69
837151XF1 SOUTH CAROLINA ST PUBLIC SVC 1.85200 12/01/2026 US 115,243.24 $116,298.87
844741BJ6 SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 278,173.33 $311,894.73
85571XAA5 SRPT 2014-STAR A FLTG RATE 1.56020 11/15/2027 US 352,223.71 $214,856.46
857949BL0 SS INT BEARING FD .022% 01/02/15 US 973,839.39 $973,839.39
86212XAA8 STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 114,513.98 $118,536.10
866674104 SUN COMMUNITIES US SUI 238.04 $46,650.47
87105L104 SWITCH INC - A US SWCH 1,627.71 $41,148.54
87157B301 SYNCHRONOSS TECH 8.37500 06/30/2026 US 2,344.6 $56,692.52
87168KAA8 SYNERGY ONE LENDING 5.50000 10/14/2026 US 53,647.71 $54,424.00
87356LAA8 TACORA RESOURCES INC 8.25000 05/15/2026 CA 59,608.57 $59,757.59
874060205 TAKEDA PHARMACEUTIC - SP ADR JP TAK 3,032.09 $42,509.89
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 619,929.14 $676,132.09
88146M101 TERRENO REALTY CORP US TRNO 200.28 $14,646.83
883556102 THERMO FISHER SCIENTIFIC INC US TMO 166.9 $105,661.92
88579Y101 3M CO US MMM 538.07 $96,141.76
89151E109 TOTALENERGIES SE SPON ADR FR TTE 852.01 $42,693.98
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 105,681.29 $106,797.55
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 44,413.94 $44,971.98
89177EAA7 TPMT 2019-HY1 A1 1.08925 10/25/2048 US 54,284.56 $54,509.16
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 192,570.63 $194,772.74
89613GAA4 TAH 2020-SFR1 A 1.49900 07/17/2038 US 242,003.25 $240,237.23
89642JAC9 TRNTS 2021-17A B1 FLT 1.81308 10/20/2034 US 270,225.52 $270,318.75
89680HAE2 TCF 2021-1A 1.86000 03/20/2046 US 254,938.41 $250,854.04
902653104 UDR INC US UDR 509.85 $28,312.08
902973304 U.S. BANCORP US USB 1,533.53 $92,579.20
90348R102 UBISOFT ENTERTAIN-UNSPON ADR FR UBSFY 7,077.13 $73,814.43
904767704 UNILEVER PLC - ADR GB UL 6,982.15 $374,103.63
907818108 UNION PAC CORP US UNP 511.04 $123,366.06
90932KAA7 UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 49,836.78 $49,220.78
90932NAA1 UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 10,127.17 $10,342.11
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 2,575,090.28 $2,631,319.80
912828VB3 UNITED STATES TREAS NTS 1.75000 05/15/2023 US 3,103,619.61 $3,168,965.36
912828WJ5 US TREASURY N/B 2.50000 05/15/2024 US 3,967,943.9 $4,150,996.30
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 3,451,336.28 $3,594,917.25
91823AAN1 VBTOW 2020-1A C2 3.03100 06/15/2050 US 59,608.57 $61,724.66
92276F100 VENTAS INC US VTR 196.71 $10,498.32
92343V104 VERIZON COMMUNICATIONS US VZ 2,440.77 $129,336.52
92343VCV4 VERIZON COMMUNICATIONS 4.27200 01/15/2036 US 476,868.57 $557,824.80
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 1,151.64 $212,972.34
92826C839 VISA INC - CLASS A SHARES US V 1,258.14 $266,435.94
93065PAA9 WBHT 2019-WBM A FLT 1.14000 12/15/2033 US 154,982.29 $154,793.76
931142103 WAL MART STORES US WMT 1,256.95 $187,812.88
94106L109 WASTE MANAGEMENT INC US WM 472.5 $75,708.24
95040Q104 WELLTOWER INC. US WELL 236.05 $18,978.42
969457BY5 WILLIAMS COMPANIES INC 2.60000 03/15/2031 US 357,651.43 $358,565.21
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 27,791.09 $28,156.60
98978V103 ZOETIS INC US ZTS 254.73 $55,072.04
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 55,634.67 $45,549.94
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 437,129.52 $21,265.58
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 139,086.67 $6,860.77
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 5,468.89 $7,965.76
BK0939417 AMERICAN TANKER INC 7.75000 07/02/2025 US 53,647.71 $54,948.67
BMXKJ81 FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 825.38 $16,482.84
BN6725160 SEASPAN CORP 6.50000 02/05/2024 MH 79,478.1 $83,849.39
BN7860420 PETROTAL CORP 12.00000 02/16/2024 CA 47,686.86 $50,071.20
BO8204600 COPPER MOUNTAIN MINING C 8.00000 04/09/2026 CA 77,886.94 $81,197.14
BP3061408 AIRSWIFT GLOBAL AS FLT 8.62275 05/12/2025 NO 79,478.1 $79,875.49
BQ0584657 JERVOIS MINING LTD 12.50000 07/20/2026 AU 79,478.1 $84,197.50
G29183103 EATON CORP PLC US ETN 497.53 $81,973.52
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 1,051.1 $77,119.05
G5494J103 LINDE PLC GB LIN 390.63 $124,690.64
G5960L103 MEDTRONIC INC IE MDT 741.93 $88,927.49
H01301128 ALCON INC CH ALC 2,588.2 $215,752.70
H1467J104 CHUBB LTD CH CB 418.85 $81,834.83
ZO4110185 BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 76,696.36 $78,422.03

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

$14.12

Daily $ Change

$0.01

Daily % Change

0.07%

as of 11/24/2021

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 15% - 45%.

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 10/31/2021

YTD

4.82%

1 Year

11.16%

3 Year

9.43%

5 Year

7.05%

10 Year

5.79%

Inception
(01/01/2000)

6.24%

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 0.50%
Net 0.49%*

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

Top Ten Investments

As of 10/31/2021

TREASURY NOTES 26.43%
GOVERNMENT AGENCY 2.82%
TENCENT HOLDINGS 3.97500 04/11/2029 1.32%
VERIZON COMMUNICATIONS 4.27200 01/15/2036 1.09%
CENOVUS ENERGY INC 6.75000 11/15/2039 1.04%
AMERICAN TOWER CORP 3.80000 08/15/2029 1.02%
AMAZON.COM INC 0.99%
ALPHABET INC-CL A 0.96%
JOHNSON & JOHNSON 0.93%
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 0.87%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 10/31/2021

Bonds
67.13%
Stocks
31.01%
Cash
1.86%

Detailed Asset Class Allocation

As of 10/31/2021

International Equities
6.73%
Small Capitalization
0.72%
Mid Capitalization
2.45%
Large Capitalization
21.12%
Long Term Fixed Income
20.92%
Intermediate Term Fixed Income
30.99%
Short Term Fixed Income
15.21%
Cash
1.86%

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 10/31/2021

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00774MAW5 AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 349,703.62 $354,981.99
008474108 AGNICO EAGLE MINES LTD CA AEM 1,365.04 $72,415.17
008492100 AGREE REALTY CORP US ADC 155.38 $11,041.28
009126202 AIR LIQUIDE-ADR FR AIQUY 4,323.21 $144,481.71
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 166,904 $178,156.40
01166WAA5 ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 17,663.46 $19,921.84
01609WAU6 ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 321,886.29 $348,855.70
01627AAA6 ADC 2021-1A A2 1.93700 08/15/2046 US 238,434.29 $237,306.87
02079K305 ALPHABET INC-CL A US GOOGL 166.9 $494,189.39
023135106 AMAZON.COM INC US AMZN 149.82 $505,244.68
0237400 DIAGEO PLC GB DGE LN 1,514.46 $75,346.70
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 452.23 $24,293.81
02665T306 AMERICAN HOMES 4 RENT- A US AMH 846.84 $34,381.67
03027X100 AMERICAN TOWER REIT INC US AMT 563.5 $158,890.01
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 476,868.57 $524,292.19
032654105 ANALOG DEVICES INC US ADI 384.67 $66,737.09
03784Y200 APPLE HOSPITALITY REIT INC US APLE 1,368.22 $21,494.66
038923AS7 ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 19,869.52 $20,890.36
045054AJ2 ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 143,060.57 $150,950.25
053015103 AUTOMATIC DATA PROCESSING US ADP 368.38 $82,697.84
053484101 AVALONBAY COMMUNITIES INC US AVB 102.13 $24,171.98
05401AAP6 AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 KY 449,051.24 $444,665.03
05545E209 BHP GROUP PLC SPONSORED ADR AU BBL 1,775.54 $94,068.14
055622104 BP PLC-SPONS ADR GB BP 1,643.21 $47,308.00
05567SAA0 BNSF FUNDING TRUST I 6.61300 12/15/2055 US 151,008.38 $172,006.10
067901108 BARRICK GOLD CORP CA GOLD 4,085.17 $75,044.65
084423102 WR BERKLEY CORP US WRB 1,483.86 $118,114.94
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 2,264.33 $179,402.94
09261HAC1 BLACKSTONE PRIVATE CRE 2.62500 12/15/2026 US 178,825.71 $175,764.67
09261XAB8 BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 174,851.81 $176,466.35
10373QBR0 BP CAP MARKETS AMERICA 3.06000 06/17/2041 US 437,129.52 $440,678.65
105368203 BRANDYWINE REALTY TRUST US BDN 958.9 $12,705.47
110122108 BRISTOL MYERS SQUIBB CO US BMY 1,746.13 $101,974.21
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 1,895.95 $66,206.57
12345678 JONAH ENERGY PARENT LLC US 815.05 $50,940.49
12530MAA3 SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 138,875.06 $138,902.14
12530MAB1 SORT 2020-1 A2 1.99000 07/15/2060 US 111,541.41 $110,870.00
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 11,263.28 $11,393.24
12626K203 CRH PLC -SPONSORED ADR IE CRH 1,075.74 $51,570.78
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 54,915.95 $54,992.79
133131102 CAMDEN PROPERTY TRUST US CPT 133.52 $21,777.63
13321L108 CAMECO CORP CA CCJ 4,768.69 $115,879.06
136375102 CANADIAN NATIONAL RAILWAY CO CA CNI 1,365.43 $181,479.79
14174T107 CARETRUST REIT INC US CTRE 480.05 $9,960.99
149123101 CATERPILLAR INC US CAT 533.7 $108,879.20
15135UAF6 CENOVUS ENERGY INC 6.75000 11/15/2039 CA 389,442.67 $533,142.95
156700BA3 CENTURYLINK INC 7.50000 04/01/2024 US 63,582.48 $69,781.77
16119P108 CHARTER COMMUNICATIONS INC-A US CHTR 207.04 $139,729.52
17275R102 CISCO SYSTEMS INC US CSCO 3,065.07 $171,552.12
172967424 CITIGROUP INC US C 1,584.79 $109,604.30
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 258,303.81 $289,752.00
180848P56 CLARK CNTY NV 1.51000 11/01/2028 US 317,912.38 $311,213.97
191216100 COCA COLA CO/THE US KO 2,922.81 $164,758.63
194162103 COLGATE-PALMOLIVE CO US CL 894.13 $68,123.66
20030N101 COMCAST CORP-CL A US CMCSA 2,911.68 $149,747.70
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 84,333.99 $85,948.16
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 398.19 $19,049.18
20825C104 CONOCOPHILLIPS US COP 1,648.77 $122,817.11
217204106 COPART INC US CPRT 667.62 $103,674.09
222795502 COUSINS PROPERTIES INC US CUZ 733.19 $29,041.47
22534GAA1 CAALT 2020-1A 2.01000 02/15/2029 US 174,851.81 $176,956.29
22536BAA0 CAALT 2020-3A A 1.24000 10/15/2029 US 266,251.62 $267,431.59
22537CAA7 CAALT 2021-2A A 0.96000 02/15/2030 US 317,912.38 $317,110.32
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 325,860.19 $340,807.93
22822VAR2 CROWN CASTLE INTL CORP 3.30000 07/01/2030 US 103,321.52 $109,282.36
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 36,984.93 $37,307.59
231021106 CUMMINS INC US CMI 210.22 $50,419.06
23802WAG6 COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 162,930.09 $162,907.61
253868103 DIGITAL REALTY TRUST INC US DLR 214.19 $33,801.87
256677105 DOLLAR GENERAL CORP US DG 458.99 $101,674.58
256746108 DOLLAR TREE STORES INC US DLTR 859.95 $92,668.53
25960P109 DOUGLAS EMMETT INC US DEI 342.95 $11,207.54
264411505 DUKE RLTY INVTS INC US DRE 675.96 $38,016.06
26884L109 EQT CORP US EQT 5,236.02 $104,249.10
285512109 ELECTRONIC ARTS US EA 710.93 $99,708.15
291011104 EMERSON ELEC CO US EMR 781.27 $75,790.97
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 341,755.81 $444,860.91
29444U700 EQUINIX INC US EQIX 236.84 $198,255.61
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 366.79 $30,997.54
297178105 ESSEX PROPERTY TRUST INC US ESS 89.41 $30,394.11
30212P303 EXPEDIA INC US EXPE 997.05 $163,925.43
30212PAR6 EXPEDIA GROUP INC 3.25000 02/15/2030 US 170,877.9 $175,741.65
30225T102 EXTRA SPACE STORAGE INC US EXR 139.09 $27,451.54
30231G102 EXXON MOBIL CORP US XOM 1,308.61 $84,365.88
302491303 FMC CORP US FMC 2,195.19 $199,783.79
30262SAR9 FREMF 2015-K42 B FLT 3.84953 01/25/2048 US 71,530.29 $76,246.01
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 51,660.76 $53,727.19
30287EAE0 FREMF 2014-K41 B FLT 3.83340 11/25/2047 US 278,173.33 $296,827.19
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 4,019,070.11 $3,820.53
30303M102 META PLATFORMS INC US FB 1,278.41 $413,653.56
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 3,053.05 $3,601.80
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 31,310.57 $36,952.50
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 3,798.87 $3,891.74
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 29.8 $29.91
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 144.19 $146.25
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 74,547.05 $81,183.19
3128MJY87 FHLM POOL FG G08734 4.00000 11/01/2046 US 8,107.12 $8,805.89
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 9,039.37 $9,898.67
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 86,754.25 $96,669.25
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 58,113.4 $62,504.96
3136AY6W8 FNA 2017-M15 A1 FLT 2.95925 09/25/2027 US 164,196.56 $172,831.62
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 18,698 $19,238.34
3137AUPF0 FHMS K021 x1 FLT 1.37556 06/25/2022 US 5,685,692.7 $16,677.84
3137B3NB0 FHMS K030 X1 FLT 0.14755 04/25/2023 US 10,853,269.08 $22,896.06
3137B4GZ3 FHMS K032 X1 FLT 0.07332 05/25/2023 US 6,481,551.88 $9,297.14
3138A7BL1 FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 41,984.4 $45,419.03
3138AJ4A7 FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 11,580.76 $12,518.48
3138EPLE2 FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 18,026.87 $20,073.70
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65900 01/01/2049 US 148,441.15 $165,585.09
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 113,139.94 $124,385.66
31403DVZ9 FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 2,251.56 $2,567.82
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 78,252.58 $84,902.11
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 16.72 $16.83
31410WSY5 FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 1,324.88 $1,490.20
31413CCL1 FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 653.39 $734.31
31413MR66 FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 5,563.13 $6,410.50
31413S6R0 FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 3,282.73 $3,801.33
31414CQ50 FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 906.49 $1,064.94
31414DJ23 FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 2,338.7 $2,675.42
31414QX28 FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 462.23 $481.52
31414UF52 FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 4,017.13 $4,184.77
31415ALX7 FEDERAL NATL MTG ASSN 981042 6.00000 04/01/2038 US 1,647.29 $1,847.45
31415BBC2 FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 2,330.76 $2,590.93
31415BBT5 FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 1,339.02 $1,474.90
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 5.71 $5.70
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 2,982.24 $3,322.04
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 42,724.76 $46,878.92
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 47,727.23 $52,369.08
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 65,844.61 $71,724.70
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 34,890.68 $37,044.56
31418DU59 FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 416,881.65 $429,059.39
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 6,662.28 $7,873.26
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 186,773.52 $193,217.13
345370CW8 FORD MOTOR COMPANY 9.00000 04/22/2025 US 43,712.95 $52,564.83
346232AF8 FORESTAR GROUP INC 3.85000 05/15/2026 US 13,908.67 $13,908.53
357081AE8 FREMF 2015-K720 B FLT 3.39040 07/25/2022 US 39,739.05 $40,391.28
36257MAA3 GSMS 2019-70P A 1.09000 10/15/2036 US 135,112.76 $134,856.64
36262LAJ9 GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 362,930.55 $369,650.58
36263CAH2 GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 136,938.72 $138,871.75
36263KAJ0 GSMBS 2021-INV1 A9 0.89867 12/25/2051 US 175,642.38 $176,087.72
36294VKJ8 GNMA POOL 660997 5.50000 05/15/2037 US 11,215.67 $12,664.59
369550108 GENERAL DYNAMICS CORP US GD 296.45 $60,105.91
36962G4B7 GENERAL ELECTRIC CO 6.87500 01/10/2039 US 174,851.81 $265,965.56
374297109 GETTY REALTY CORP US GTY 412.09 $13,236.46
375558103 GILEAD SCIENCES INC US GILD 1,183.43 $76,780.86
38138JAC7 GLM 2021-9A A FLT 1.20150 01/20/2033 KY 397,390.48 $397,485.05
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 98,898.53 $100,910.41
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 10,818.56 $215,613.87
39531G209 GREENIDGE GEN HLD INC US 1,033.22 $25,623.74
404119BX6 HCA INC 4.12500 06/15/2029 US 198,695.24 $220,170.23
419792A22 HAWAII ST 2.68200 10/01/2038 US 151,008.38 $151,440.26
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 383.48 $12,804.46
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 348.11 $12,361.53
423012301 HEINEKEN NV-SPN ADR NL HEINY 1,797 $100,146.79
42806MAA7 HERTZ 2021-1A A 1.21000 12/26/2025 US 198,695.24 $197,627.59
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 55.24 $7,951.41
437076102 HOME DEPOT INC US HD 541.64 $201,350.45
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 2,083.52 $61,630.47
438516106 HONEYWELL INTERNATIONAL INC US HON 617.54 $135,007.64
448579102 HYATT HOTEL US H 1,196.54 $101,945.44
44988FAD2 IIP OPERATING PARTNER 5.50000 05/25/2026 US 51,660.76 $54,514.73
450913AF5 IAMGOLD CORP 5.75000 10/15/2028 CA 19,869.52 $19,521.81
45168D104 IDEXX LABORATORIES INC US IDXX 142.66 $95,033.65
452308109 ILLINOIS TOOL WKS INC US ITW 337.78 $76,970.36
452762AA5 IMPRL 2021-NQM3 1.59500 11/25/2056 US 162,930.09 $162,457.60
45778Q107 INSPERITY INC US NSP 868.3 $108,537.27
45781V101 INNOVATIVE INDUSTRIAL PROPER US IIPR 69.15 $18,191.61
458140100 INTEL CORP US INTC 2,751.93 $134,844.52
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 1,648.38 $228,234.10
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 770.54 $96,394.57
46187BAA1 IHSFR 2017-SFR2 A 0.93600 12/17/2036 US 18,908.11 $18,885.13
46187BAB9 IHSFR 2017-SFR2 B 1.23600 12/17/2036 US 15,989.78 $16,002.66
46187W107 INVITATION HOMES INC US INVH 1,105.14 $45,587.15
465410BX5 ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 39,739.05 $40,887.41
46625H100 JP MORGAN CHASE & CO US JPM 1,119.45 $190,183.19
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 28,224.78 $28,480.26
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 24,584.61 $24,866.68
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 54,480.2 $55,289.42
46647PBP0 JPMORGAN CHASE & CO 2.95600 05/13/2031 US 421,233.9 $435,088.04
478160104 JOHNSON & JOHNSON US JNJ 2,937.11 $478,396.97
48275RAA5 KREF 2021-FL2 A 1.15588 02/15/2039 US 158,956.19 $158,977.28
49427F108 KILROY REALTY CORP US KRC 269.03 $18,127.47
494368103 KIMBERLY CLARK CORP US KMB 385.47 $49,914.35
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 282,147.24 $397,474.48
500472303 KONINKLIJKE PHILIPS NVR - NY ADR NL PHG 866.71 $40,951.98
500754106 KRAFT HEINZ CO/THE US KHC 1,232.71 $44,241.79
512816109 LAMAR ADVERTISING CO-A US LAMR 83.45 $9,446.77
53223X107 LIFE STORAGE INC US LSI 142.66 $19,089.76
539473AE8 LLOYDS BANK PLC 12.00000 12/16/2024 GB 79,478.1 $81,763.09
539830109 LOCKHEED MARTIN CORP US LMT 227.31 $75,538.78
57636Q104 MASTERCARD INC-CLASS A US MA 746.7 $250,531.68
58933Y105 MERCK & CO INC US MRK 1,688.11 $148,638.50
59022CAJ2 MERRILL LYNCH 6.11000 01/29/2037 US 204,656.09 $276,516.05
594918104 MICROSOFT CORP US MSFT 1,020.5 $338,417.79
59522J103 MID-AMERICA APARTMENT COMM US MAA 174.45 $35,625.34
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 4,753.98 $288,756.88
615369105 MOODY'S CORPORATION US MCO 518.99 $209,750.60
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 49,673.81 $54,669.50
63941XAA5 NAVSL 2020-FA A 1.22000 07/15/2069 US 121,778.41 $121,635.66
63942FAB1 NAVSL 2020-1A A1B 1.13925 06/25/2069 US 249,237.06 $255,862.41
64033QAB5 NSLT 2015-2A A2 0.68925 09/25/2047 US 244,960.51 $244,489.57
64134JAA1 NEUB 2021-40A A 1.18225 04/16/2033 KY 278,173.33 $278,681.00
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 69,000.06 $72,662.00
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 77,595.77 $81,285.32
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 110,364.21 $117,343.43
64971XPG7 NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 85,438.95 $86,978.56
65106WAA3 NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 170,877.9 $172,989.65
651639106 NEWMONT GOLDCORP CORP US NEM 2,290.96 $123,711.63
65341D102 NEXPOINT RESIDENTIAL US NXRT 183.99 $13,030.18
655844108 NORFOLK SOUTHN CORP US NSC 342.95 $100,500.91
6642321 NIKON CORP JP 7731 JP 5,841.64 $64,408.52
666807102 NORTHROP GRUMMAN CORP US NOC 143.86 $51,388.01
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 53,647.71 $5.36
66987V109 NOVARTIS AG- REG CH NVS 3,551.08 $293,887.49
67066G104 NVIDIA CORP US NVDA 507.87 $129,845.85
68389X105 ORACLE CORP US ORCL 1,820.84 $174,691.69
691205AE8 OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 151,008.38 $157,641.00
69144AAA7 OXFIN 2020-1A A2 3.10100 02/15/2028 US 119,217.14 $121,233.93
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 244,824.63 $251,013.43
70450Y103 PAYPAL HOLDINGS INC US PYPL 778.89 $181,160.94
7123870 NESTLE SA-REGISTERED CH NESN SW 1,288.34 $169,941.35
71654V101 PETROLEO BRASIL-SP PREF ADR BR PBR/A 6,117.03 $58,784.67
733174AK2 POPULAR INC 6.12500 09/14/2023 PR 49,673.81 $53,037.44
742718109 PROCTER & GAMBLE CO US PG 1,321.32 $188,936.02
74340W103 PROLOGIS US PLD 832.93 $120,741.60
74387VAA7 PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 274,865.63 $279,042.21
74388JAD7 PFMT 2021-2 A2A 2.00000 04/25/2051 US 177,512.53 $178,275.30
74460D109 PUBLIC STORAGE INC US PSA 165.71 $55,046.16
747525103 QUALCOMM INC US QCOM 869.09 $115,624.13
750481103 RADIUS GLOBAL INFRASTRUCTURE US RADI 1,510.08 $26,169.75
75134P402 RAMACO RESOURCES INC US 1,788.26 $47,746.47
756109104 REALTY INCOME CORP US O 102.53 $7,323.49
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 490.38 $32,953.53
767204100 RIO TINTO PLC - SPON ADR GB RIO 1,198.93 $75,856.12
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 564.29 $25,867.26
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 898.5 $101,988.72
78409V104 S&P GLOBAL INC US SPGI 179.22 $84,980.43
78410G104 SBA COMMUNICATIONS CORP US SBAC 890.15 $307,397.11
78443BAG1 SLMA 2006-10 A6 FLT 0.27388 03/25/2044 US 44,657.43 $43,652.68
78448QAD0 SMB 2015 B A3 1.84025 05/17/2032 US 317,912.38 $321,482.09
78449XAA0 SMB 2020-BA A1A 1.29000 07/15/2053 US 195,107.79 $193,951.87
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 115,436.13 $117,468.94
79466L302 SALESFORCE.COM US CRM 759.02 $227,469.45
80105N105 SANOFI-AVENTIS-ADR FR SNY 1,800.58 $90,803.06
81141R100 SEA LTD - ADR SG SE 733.58 $252,037.05
81181C104 SEAGEN INC US SGEN 1,233.5 $217,503.06
81745BAB1 SEMT 2013-6 A2 3.00000 05/25/2043 US 57,943.4 $58,186.57
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 36,036.34 $36,230.12
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 43,487.05 $43,836.64
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 36,757.34 $36,738.82
81762P102 SERVICENOW INC US NOW 151.8 $105,922.17
83192CAB3 SMB 2019-B A2A 2.84000 06/15/2037 US 239,710.8 $247,354.34
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 17,500.2 $17,620.91
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 10,113.75 $10,257.29
83404RAB4 SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 49,899.03 $51,046.82
835699307 SONY CORP SPONSORED ADR JP SONY 1,742.16 $201,724.69
837151XF1 SOUTH CAROLINA ST PUBLIC SVC 1.85200 12/01/2026 US 115,243.24 $116,298.87
844741BJ6 SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 278,173.33 $311,894.73
85571XAA5 SRPT 2014-STAR A FLTG RATE 1.56020 11/15/2027 US 352,223.71 $214,856.46
857949BL0 SS INT BEARING FD .022% 01/02/15 US 973,839.39 $973,839.39
86212XAA8 STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 114,513.98 $118,536.10
866674104 SUN COMMUNITIES US SUI 238.04 $46,650.47
87105L104 SWITCH INC - A US SWCH 1,627.71 $41,148.54
87157B301 SYNCHRONOSS TECH 8.37500 06/30/2026 US 2,344.6 $56,692.52
87168KAA8 SYNERGY ONE LENDING 5.50000 10/14/2026 US 53,647.71 $54,424.00
87356LAA8 TACORA RESOURCES INC 8.25000 05/15/2026 CA 59,608.57 $59,757.59
874060205 TAKEDA PHARMACEUTIC - SP ADR JP TAK 3,032.09 $42,509.89
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 619,929.14 $676,132.09
88146M101 TERRENO REALTY CORP US TRNO 200.28 $14,646.83
883556102 THERMO FISHER SCIENTIFIC INC US TMO 166.9 $105,661.92
88579Y101 3M CO US MMM 538.07 $96,141.76
89151E109 TOTALENERGIES SE SPON ADR FR TTE 852.01 $42,693.98
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 105,681.29 $106,797.55
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 44,413.94 $44,971.98
89177EAA7 TPMT 2019-HY1 A1 1.08925 10/25/2048 US 54,284.56 $54,509.16
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 192,570.63 $194,772.74
89613GAA4 TAH 2020-SFR1 A 1.49900 07/17/2038 US 242,003.25 $240,237.23
89642JAC9 TRNTS 2021-17A B1 FLT 1.81308 10/20/2034 US 270,225.52 $270,318.75
89680HAE2 TCF 2021-1A 1.86000 03/20/2046 US 254,938.41 $250,854.04
902653104 UDR INC US UDR 509.85 $28,312.08
902973304 U.S. BANCORP US USB 1,533.53 $92,579.20
90348R102 UBISOFT ENTERTAIN-UNSPON ADR FR UBSFY 7,077.13 $73,814.43
904767704 UNILEVER PLC - ADR GB UL 6,982.15 $374,103.63
907818108 UNION PAC CORP US UNP 511.04 $123,366.06
90932KAA7 UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 49,836.78 $49,220.78
90932NAA1 UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 10,127.17 $10,342.11
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 2,575,090.28 $2,631,319.80
912828VB3 UNITED STATES TREAS NTS 1.75000 05/15/2023 US 3,103,619.61 $3,168,965.36
912828WJ5 US TREASURY N/B 2.50000 05/15/2024 US 3,967,943.9 $4,150,996.30
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 3,451,336.28 $3,594,917.25
91823AAN1 VBTOW 2020-1A C2 3.03100 06/15/2050 US 59,608.57 $61,724.66
92276F100 VENTAS INC US VTR 196.71 $10,498.32
92343V104 VERIZON COMMUNICATIONS US VZ 2,440.77 $129,336.52
92343VCV4 VERIZON COMMUNICATIONS 4.27200 01/15/2036 US 476,868.57 $557,824.80
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 1,151.64 $212,972.34
92826C839 VISA INC - CLASS A SHARES US V 1,258.14 $266,435.94
93065PAA9 WBHT 2019-WBM A FLT 1.14000 12/15/2033 US 154,982.29 $154,793.76
931142103 WAL MART STORES US WMT 1,256.95 $187,812.88
94106L109 WASTE MANAGEMENT INC US WM 472.5 $75,708.24
95040Q104 WELLTOWER INC. US WELL 236.05 $18,978.42
969457BY5 WILLIAMS COMPANIES INC 2.60000 03/15/2031 US 357,651.43 $358,565.21
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 27,791.09 $28,156.60
98978V103 ZOETIS INC US ZTS 254.73 $55,072.04
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 55,634.67 $45,549.94
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 437,129.52 $21,265.58
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 139,086.67 $6,860.77
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 5,468.89 $7,965.76
BK0939417 AMERICAN TANKER INC 7.75000 07/02/2025 US 53,647.71 $54,948.67
BMXKJ81 FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 825.38 $16,482.84
BN6725160 SEASPAN CORP 6.50000 02/05/2024 MH 79,478.1 $83,849.39
BN7860420 PETROTAL CORP 12.00000 02/16/2024 CA 47,686.86 $50,071.20
BO8204600 COPPER MOUNTAIN MINING C 8.00000 04/09/2026 CA 77,886.94 $81,197.14
BP3061408 AIRSWIFT GLOBAL AS FLT 8.62275 05/12/2025 NO 79,478.1 $79,875.49
BQ0584657 JERVOIS MINING LTD 12.50000 07/20/2026 AU 79,478.1 $84,197.50
G29183103 EATON CORP PLC US ETN 497.53 $81,973.52
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 1,051.1 $77,119.05
G5494J103 LINDE PLC GB LIN 390.63 $124,690.64
G5960L103 MEDTRONIC INC IE MDT 741.93 $88,927.49
H01301128 ALCON INC CH ALC 2,588.2 $215,752.70
H1467J104 CHUBB LTD CH CB 418.85 $81,834.83
ZO4110185 BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 76,696.36 $78,422.03

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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