Collective Investment Trusts

Retirement Target 2020 CIT

Investment Objective

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

Investment Strategy

Currently: The portfolio is currently invested in a moderately conservative mix of investments that seeks a more stable rate of growth than that of the stock market by placing a greater emphasis on bonds to help maintain stability. The portfolio is diversified primarily among fixed income securities, with a focus on intermediate maturities Stock exposure can range from 17% - 55%.

Over Time: The portfolio’s investment mix will gradually become more conservative as the target date approaches and for several years after the target date. During the target year, the portfolio’s stock exposure can range from 20% - 60%. At five years after the target date and beyond, the focus will be on capital preservation, and stock exposure can range from 13% - 47%.

May be Appropriate for Investors

  • Who plan to stop contributions and start periodic withdrawals around the year 2020
  • Who currently have a moderate tolerance for risk and can accept fluctuations in current account value
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio that becomes more conservative over time

About Target Date Funds

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

Learn more about our Glide Range SM

Daily Price

$21.74

Daily $ Change

$0.12

Daily % Change

0.55%

as of 04/23/2024

CUSIP

302027669

Inception Date

05/31/2007

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

Important Documents

Applications & Forms
Fact Sheet
Annual Report

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 03/31/2024

YTD

1.42%

1 Year

7.29%

3 Year

0.89%

5 Year

5.54%

10 Year

4.49%

Inception
(05/31/2007)

6.32%

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.

Performance through 06/04/2012 reflects the performance of the Retirement Target Institutional CIT Fund, which was merged into the Retirement Target CIT Fund on 06/04/2012 to establish the Class I units. Performance through the Institutional CIT Fund inception date (05/31/2007) 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 I expenses. The Retirement Target CIT Fund will gradually become more conservative over time.

Expense Ratio

Gross 0.70%
Net 0.69%*

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

Top Ten Investments

As of 03/31/2024

TREASURY NOTES 20.75%
GOVERNMENT AGENCY 15.32%
TREASURY BONDS 3.97%
ISHARES BROAD USD HIGH YIELD 2.43400 2.39%
TSY INFL IX N/B 2.37500 01/15/2027 1.83%
AMAZON.COM INC 1.71%
TENCENT HOLDINGS 3.97500 04/11/2029 1.34%
MASTERCARD INC-CLASS A 1.26%
ALPHABET INC-CL A 1.13%
TAIWAN SEMICONDUCTOR - SP ADR 1.07%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 03/31/2024

Bonds
70.42%
Stocks
28.04%
Cash
1.54%

Detailed Asset Class Allocation

As of 03/31/2024

International Equities
8.28%
Small Capitalization
0.17%
Mid Capitalization
1.66%
Large Capitalization
17.93%
Long Term Fixed Income
13.26%
Intermediate Term Fixed Income
45.69%
Short Term Fixed Income
11.47%
Cash
1.54%

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

Security Description Country Ticker Shares/Par Market Value (USD)
ADMIRAL GROUP PLC GB ADM LN 1,701.32 $60,971.31
ADMIRAL GROUP PLC ADR GB AMIGY 6,300.33 $225,551.94
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 304,863.35 $276,164.72
AGREE REALTY CORP US ADC 580.03 $33,131.09
AIR LIQUIDE FR AI FP 209.26 $43,537.11
AIRBUS SE FR AIR FP 274.89 $50,643.51
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 14,132.65 $14,387.04
ALCON INC CH ALC SW 138.36 $11,443.96
ALCON INC CH ALC 3,262.25 $271,712.56
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 167,821.29 $139,515.36
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 626,837.71 $544,559.52
ALPHABET INC-CL A US GOOGL 5,798 $875,092.34
AMAZON.COM INC US AMZN 7,337.97 $1,323,622.76
AMAZON.COM INC 3.30000 04/13/2027 US 119,676.3 $115,133.92
AMERICAN HOMES 4 RENT- A US AMH 934.89 $34,385.32
AMERICAN TOWER REIT INC US AMT 214.81 $42,444.16
AMERICOLD REALTY TRUST US COLD 742.71 $18,508.35
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 300,307.28 $282,399.98
ASTRAZENECA GB AZN 7,811.92 $529,257.62
ATLASSIAN CORP PLC-CLASS A AU TEAM 125.81 $24,547.01
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 6,120.77 $30,534.74
AUTO TRADER GROUP PLC GB AUTO LN 3,688.33 $32,571.33
AVALONBAY COMMUNITIES INC US AVB 245.71 $45,593.48
AVANZA BANK HOLDING AB SE AZA SS 775.95 $16,727.10
BAE SYSTEMS PLC GB BA/ LN 2,222.34 $37,880.69
BAE SYSTEMS PLC -SPON ADR GB BAESY 3,560.37 $246,911.50
BANK OF AMERICA CORP 2.68700 04/22/2032 US 486,614.1 $411,660.88
BEIERSDORF AG DE BEI GR 314.2 $45,746.86
BIOMARIN PHARMACEUTICAL INC US BMRN 4,299.18 $375,490.43
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 243,737.4 $242,043.32
BORR IHC LTD 10.00000 11/15/2028 MUL 107,812.95 $112,573.36
BRENNTAG AG DE BNR GR 238.61 $20,109.98
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 100,026.44 $70,467.98
CAALT 2021-3A B MTGE 1.38000 07/15/2030 US 217,933.79 $213,975.46
CANADIAN NATIONAL RAILWAY CO CA CNI 3,185.57 $419,572.05
CAPITAL ONE FINANCIAL CO 5.70000 02/01/2030 US 568,632.08 $573,410.72
CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 39,659.42 $35,599.28
CELLNEX TELECOM SA ES CLNX SM 1,167.74 $41,308.39
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 1,378.31 $24,285.81
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 362,208.29 $399,936.25
CIM 2019-INV1 A1 4.00000 02/25/2049 US 5,351.15 $5,089.17
CITIGROUP INC 1.46200 06/09/2027 US 449,557.4 $413,038.80
CLARK CNTY NV 1.51000 11/01/2028 US 489,367.46 $421,665.23
CLEANAWAY WASTE MANAGEMENT AU CWY AU 19,891.9 $35,245.90
COCA COLA CO/THE US KO 11,383.87 $696,464.94
COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 252,421.36 $226,365.80
COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 US 257,060.91 $244,626.82
COLT 2024-INV1 A1 5.90300 12/25/2068 US 134,464.24 $133,849.42
CONSTELLATION BRANDS INC-A US STZ 1,297.48 $352,602.66
COPART INC US CPRT 7,712.8 $446,725.51
CROWN CASTLE INTL CORP US CCI 187.58 $19,851.80
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 55,526.22 $47,923.76
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 32,698.24 $27,228.16
CSX CORP US CSX 9,205.49 $341,247.39
DEUTSCHE BOERSE AG DE DB1 GR 313.23 $64,146.26
DEUTSCHE BOERSE AG ADR DE DBOEY 16,403.52 $335,123.94
DIAGEO PLC GB DGE LN 476.65 $17,636.92
DIGITAL REALTY TRUST INC US DLR 143.81 $20,714.92
DIGITALBRIDGE GROUP INC US DBRG 987.97 $19,038.20
DOLLARAMA INC CA DOL CN 365.6 $27,851.81
ELECTRONIC ARTS US EA 4,252.48 $564,177.06
ENERGY TRANSFER LP 7.37500 02/01/2031 US 268,281.98 $281,211.58
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 399,650.36 $424,712.18
EQUINIX INC US EQIX 208.71 $172,257.74
EQUITY COMMONWEALTH US EQC 908.36 $17,149.86
EQUITY LIFESTYLE PROPERTIES US ELS 610.43 $39,311.42
EQUITY RESIDENTIAL US EQR 378.74 $23,902.30
EVERGY INC US EVRG 6,407.88 $342,052.67
EXPERIAN PLC IE EXPN LN 811.16 $35,344.69
EXTRA SPACE STORAGE INC US EXR 273.49 $40,202.30
FEDERAL NATIONAL FS5443 MTGE 4.50000 06/01/2043 US 224,575.63 $217,134.74
FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 1,142.71 $1,209.10
FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 12,952.16 $13,532.62
FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 991.2 $1,051.22
FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 187.84 $196.27
FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 3,934.67 $4,172.68
FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 2,425.62 $2,534.32
FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 626.67 $654.87
FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 1,033.27 $1,079.73
FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 421.95 $423.48
FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 483.91 $485.69
FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 6,284.39 $6,566.03
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 6,501.31 $6,792.80
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 14.12 $14.04
FEDERAL NATL MTG ASSN AE0951 4.50000 02/01/2041 US 17,829.81 $17,495.24
FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 27,335.76 $26,790.62
FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 6,956.93 $6,818.63
FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 9,732.97 $9,539.48
FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 54,635.77 $53,549.61
FEDERAL NATL MTG ASSN AL8674 FLT 5.64300 01/01/2049 US 164,294.54 $169,382.65
FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 73,055.33 $71,390.76
FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 15,160.11 $13,851.01
FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 30,547.06 $28,866.96
FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 41,973.08 $39,664.55
FEDERAL NATL MTG ASSN BK0433 3.50000 12/01/2049 US 203,897.81 $183,489.69
FEDERAL NATL MTG ASSN BW1194 4.00000 09/01/2052 US 450,811.61 $417,809.01
FEDERAL NATL MTG ASSN BW9887 5.00000 10/01/2052 US 292,418.83 $285,899.65
FEDERAL NATL MTG ASSN CA5518 3.00000 04/01/2050 US 393,877.48 $344,709.25
FEDERAL NATL MTG ASSN CB4831 4.50000 10/01/2052 US 332,645.92 $317,545.05
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 393,598.61 $358,762.84
FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 33,870.65 $32,871.50
FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 28,694.37 $27,033.66
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 415,475.06 $393,287.88
FEDERAL NATL MTG ASSN FS2998 3.50000 04/01/2052 US 199,379.47 $180,719.80
FEDERAL NATL MTG ASSN FS4511 4.00000 08/01/2051 US 361,248.12 $339,524.53
FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 1,660.58 $1,630.78
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 40,698.09 $40,113.85
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 34,530.42 $34,035.42
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 449,773.18 $403,385.40
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 435,514.57 $403,631.82
FEDERAL NATL MTG ASSN SD4235 6.00000 11/01/2053 US 216,244.2 $219,583.56
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 416,914.2 $364,001.84
FEDERAL NATL MTG ASSN SD8276 5.00000 12/01/2052 US 497,774.69 $486,291.35
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 453,660.25 $397,248.85
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 74,159.14 $72,065.98
FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 30,169.88 $28,475.27
FHLM POOL C91746 4.50000 12/01/2033 US 4,149.9 $4,095.34
FHLM POOL FG G08734 4.00000 11/01/2046 US 4,030.73 $3,813.90
FHLM POOL G03332 6.00000 10/01/2037 US 1,961.02 $2,051.53
FHLM POOL G05900 6.00000 03/01/2040 US 4,299.38 $4,497.82
FHLM POOL G05906 6.00000 04/01/2040 US 5,032.3 $5,264.56
FHLM POOL G06789 6.00000 05/01/2040 US 16,546.7 $17,310.39
FHLM POOL G06995 6.00000 05/01/2040 US 12,516.61 $13,094.30
FHLM POOL G60034 4.50000 02/01/2045 US 96,830.69 $94,741.31
FHLM POOL Q93451 4.50000 08/01/2040 US 50,839.11 $49,947.13
FHLM POOL SD8230 4.50000 06/01/2052 US 396,171.93 $378,298.59
FHR 5189 CP 2.50000 06/25/2049 US 162,213.8 $138,379.99
FINECOBANK SPA IT FBK IM 1,242.04 $18,601.83
FIRST INDUSTRIAL REALTY TR US FR 253.17 $13,301.54
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 1,183.95 $20,387.65
FLX 2021-1A A2 3.25000 11/27/2051 US 411,130.5 $372,608.84
FN DS2696 3.00000 12/01/2051 US 248,517.24 $216,658.94
FN FS4339 MTGE 3.00000 12/01/2050 US 519,014.6 $454,489.17
FN FS4616 MTGE 5.00000 05/01/2043 US 268,338.14 $266,741.58
FN FS4925 MTGE 3.50000 04/01/2052 US 636,779.51 $577,184.13
FN MA4020 MTGE 3.00000 05/01/2050 US 669,411.88 $583,597.63
FN MA4733 4.50000 09/01/2052 US 245,376.11 $234,100.30
FN MA4807 MTGE 5.50000 11/01/2052 US 359,358.46 $358,233.09
FN MA4868 MTGE 5.00000 01/01/2053 US 421,001.55 $411,289.33
FN MA4934 MTGE 5.00000 02/01/2043 US 596,984.91 $592,128.17
FNR 2018-31 KP 3.50000 07/25/2047 US 4,349.79 $4,232.25
FR QG6308 MTG 6.00000 07/01/2053 US 471,622.78 $477,799.68
FR RJ0062 MTGE 5.00000 10/01/2053 US 150,963.67 $147,841.46
FR SD1360 MTGE 5.50000 07/01/2052 US 585,075.76 $583,733.19
FREDDIE MAC POOL RB5167 3.50000 07/01/2042 US 198,743.51 $183,389.28
FREDDIE MAC POOL RB5188 4.00000 10/01/2042 US 199,620.18 $188,960.08
GLOBANT SA LU GLOB 147.03 $29,685.16
GNMA POOL 660997 5.50000 05/15/2037 US 5,850.73 $5,997.56
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 31,648.38 $28,658.59
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 42,599.77 $35,859.38
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 100,994.72 $83,082.13
GOODMAN GROUP AU GMG AU 847.79 $18,674.62
GSMBS 2021-INV1 A6 2.50000 12/25/2051 US 101,739.62 $87,822.46
GSMBS 2021-INV1 A9 5.00000 12/25/2051 US 120,406.1 $111,283.11
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 315,030.1 $277,371.31
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 168,825.91 $145,499.69
GSMBS 2022-PJ1 A8 2.50000 05/28/2052 US 127,007.49 $109,062.96
HALMA PLC GB HLMA LN 1,803.39 $53,849.85
HAWAII ST 2.68200 10/01/2038 US 254,913.49 $197,598.44
HDFC BANK LTD-ADR IN HDB 9,115.48 $510,193.26
HEINEKEN NV NL HEIA NA 598.82 $57,730.81
HEINEKEN NV-SPN ADR NL HEINY 11,237.83 $543,124.14
HELIOS TOWERS PLC GB HTWS LN 12,227.94 $14,566.78
HOTWIRE FUNDING LLC 5.68700 05/20/2053 US 476,290.07 $466,388.81
HUMANA INC US HUM 621.4 $215,453.38
IMCD NV NL IMCD NA 317.96 $55,963.85
IMPRL 2021-NQM3 1.59500 11/25/2056 US 194,049.53 $161,079.07
INFRABUILD AUTRALIA PTY 14.50000 11/15/2028 AU 71,357.87 $74,001.66
INTERCONTINENTALEXCHANGE INC US ICE 2,444.7 $335,975.64
INTERMEDIATE CAPITAL GROUP GB ICP LN 1,418.75 $36,747.73
INTUITIVE SURGICAL INC US ISRG 623.62 $248,879.69
INVITATION HOMES INC US INVH 1,657.26 $59,015.10
ISHARES BROAD USD HIGH YIELD 2.43400 US 50,612.25 $1,851,902.28
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 59,494.52 $58,465.09
JAPAN (2 YEAR ISSUE) 0.10000 01/01/2026 JP 40,321,728.02 $266,033.41
JOHNSON & JOHNSON US JNJ 4,101.3 $648,785.29
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 33,763.89 $32,360.16
JPMMT 2019-INV3 A3 MTGE 3.50000 05/25/2050 US 332,356.49 $289,788.64
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 702,839.46 $679,766.77
KEYENCE CORP JP 6861 JP 99.73 $46,300.02
KEYWORDS STUDIOS PLC IE KWS LN 1,288.5 $21,174.18
L'OREAL FR OR FP 19.9 $9,425.23
L3HARRIS TECHNOLOGIES INC US LHX 3,156.23 $672,593.17
LEXINGTON REALTY TRUST US LXP 4,103.13 $37,010.19
LONZA GROUP AG -REG CH LONN SW 83.91 $50,143.59
LONZA GROUP AG ADR CH LZAGY 1,066.09 $63,869.67
MARRIOTT VACATIONS WORLD US VAC 161.59 $17,408.37
MASCO CORP US MAS 3,221.14 $254,083.36
MASSMUTUAL GLOBAL FUNDING 4.85000 01/17/2029 US 139,106 $138,406.34
MASTERCARD INC-CLASS A US MA 2,032.34 $978,713.85
MEDTRONIC INC IE MDT 2,997.44 $261,226.89
MERCADOLIBRE INC BR MELI 27.69 $41,868.36
MET LIFE GLOB FUNDING I 4.85000 01/08/2029 US 139,106 $138,102.35
META PLATFORMS INC US META 1,237.77 $601,037.39
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 226,112.56 $12,536.13
MICRON TECHNOLOGY INC US MU 6,562.75 $773,682.07
MICROSOFT CORP US MSFT 948.61 $399,100.35
MID-AMERICA APARTMENT COMM US MAA 104.35 $13,730.72
MONARCH CASINO & RESORT INC US MCRI 292.46 $21,931.51
MONDELEZ INTERNATIONAL INC US MDLZ 3,080.1 $215,607.05
MOODY'S CORPORATION US MCO 1,187.96 $466,903.47
NAVIENT CORP 6.75000 06/25/2025 US 75,183.87 $75,663.44
NESTLE S.A. - ADR CH NSRGY 4,823.38 $512,243.23
NESTLE SA-REGISTERED CH NESN SW 490.46 $52,111.41
NEW FORTRESS ENERGY INC 8.75000 03/15/2029 US 77,977.89 $77,710.10
NEW YORK LIFE GLOBAL FDG 4.70000 01/29/2029 US 139,106 $137,655.32
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 278,166.77 $263,200.85
NORTHROP GRUMMAN CORP US NOC 712.05 $340,832.08
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 86,576.21 $0.87
NOVARTIS AG- REG CH NVS 2,696.34 $260,816.82
NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 US 248,464.75 $262,695.73
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 57,061.64 $53,235.85
NRZT 2015-2A A1 3.75000 08/25/2055 US 63,845.87 $59,315.31
NRZT 2016-4A A1 3.75000 11/25/2056 US 104,754.81 $97,257.51
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 99,741.65 $90,451.69
OASIS 2023-1A 7.00000 02/15/2035 US 119,084.23 $118,860.11
OBX 2022-INV1 A1 3.00000 12/25/2051 US 131,692.89 $110,484.24
OBX 2024-NQM1 A1 5.92800 11/25/2063 US 114,987.51 $115,031.39
OPEN INFRA IS ASSETS AB 11.00000 02/22/2027 US 110,048.16 $109,500.79
OXFIN 2020-1A A2 3.10100 02/15/2028 US 60,498.71 $58,767.58
OXFIN 2022-1A 3.60200 02/15/2030 US 372,110.94 $355,503.93
OXFIN 2023-1A A2 6.71600 02/15/2031 US 378,454.28 $381,404.11
OXFINF 2024-A A2 6.67500 01/14/2032 US 41,396.52 $41,144.03
PALOMINO FUNDING TRUST I 7.23300 05/17/2028 US 510,255.17 $535,165.55
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 223,387.5 $215,790.35
PEAR 2023-1A 7.42000 07/15/2035 US 215,132.23 $217,433.58
PEAR 2024-1 A 6.95000 02/15/2036 US 107,269.85 $107,433.45
PELORUS FUND REIT 7.00000 09/30/2026 US 40,452.34 $39,666.56
PEPSICO INC 3.90000 07/18/2032 US 561,583.87 $532,184.37
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 357,535.45 $289,804.22
PFMT 2021-2 A2A 2.00000 04/25/2051 US 215,159.06 $180,228.92
PHILIP MORRIS INTERNATIONAL US PM 6,275.16 $574,930.33
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 23,004.66 $20,869.66
PROLOGIS US PLD 1,202.5 $156,590.19
PUBLIC STORAGE INC US PSA 210.92 $61,180.41
QUALCOMM 5.40000 05/20/2033 US 209,100.15 $219,524.13
QUALCOMM INC 4.25000 05/20/2032 US 370,536.75 $357,591.11
RCKT 2021-6 A1 2.50000 12/25/2051 US 333,528.52 $267,508.81
REALTY INCOME CORP US O 541.11 $29,273.87
REXFORD INDUSTRIAL REALITY IN US REXR 918.21 $46,186.13
S&P GLOBAL INC US SPGI 739.78 $314,739.00
SBA COMMUNICATIONS CORP US SBAC 288.6 $62,539.37
SBA TOWER TRUST 1.88400 01/15/2026 US 193,346.39 $180,515.81
SBA TOWER TRUST 6.59900 01/15/2028 US 367,753.52 $376,919.41
SCML 2019-SBC8 2.86000 04/25/2041 US 101,478.83 $94,230.71
SEMT 2013-2 1.87400 02/25/2043 US 29,363.41 $24,796.86
SEMT 2013-6 A2 3.00000 05/25/2043 US 60,157.7 $53,113.98
SEMT 2013-7 A2 3.00000 06/25/2043 US 32,717.97 $28,594.09
SEMT 2013-8 A1 3.00000 06/25/2043 US 38,946.93 $34,543.58
SERVICENOW INC US NOW 311.61 $237,567.92
SIMON PROPERTY 2.25000 01/15/2032 US 303,750.06 $248,628.13
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 683,835.78 $576,766.36
SIRIUSPOINT LTD 7.00000 04/05/2029 BM 263,295.56 $262,890.08
SLMA 2006-10 A6 FLT 5.77250 03/25/2044 US 24,670.24 $23,870.39
SLMA 2008-3 A3 6.62250 10/25/2021 US 495,639.44 $491,934.77
SLMA 2008-4 A4 7.27250 07/25/2022 US 488,759.2 $493,772.90
SMB 2019-B A2A 2.84000 06/15/2037 US 100,826.77 $96,114.70
SMB 2020-BA A1A 1.29000 07/15/2053 US 163,851.23 $149,448.64
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 23,983.1 $23,454.80
SONY CORP FIRST SECTION JP 6758 JP 489.18 $41,947.45
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 213,237.19 $199,368.76
SORT 2020-1 A2 1.99000 07/15/2060 US 173,099.95 $148,853.84
SOUTH CAROLINA ST PUBLIC SVC 1.85200 12/01/2026 US 94,748.5 $86,821.58
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 86,055.91 $76,183.00
SRPT 2014-STAR A FLTG RATE 8.50000 11/15/2027 US 418,320.59 $297,005.07
STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 92,837.29 $85,664.56
SUN COMMUNITIES US SUI 462.67 $59,489.58
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 6,074.54 $826,441.49
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 4,113.74 $55,897.01
TECHTRONIC INDUSTRIES-SP ADR HK TTNDY 3,540.25 $240,683.96
TENCENT HOLDINGS 3.97500 04/11/2029 KY 1,096,426.44 $1,042,185.78
TENCENT HOLDINGS LTD CN 700 HK 1,265.51 $49,291.57
TERRENO REALTY CORP US TRNO 609.37 $40,462.05
THERMO FISHER SCIENTIFIC INC US TMO 427.86 $248,674.68
TPMT 2016-5 A1 2.50000 10/25/2056 US 3,626.41 $3,611.16
TPMT 2017-1 A1 2.75000 10/25/2056 US 822.29 $818.82
TPMT 2019-HY1 A1 6.44389 10/25/2048 US 41,725.93 $42,337.09
TREASURY BOND 2.37500 02/15/2042 US 3,438,867.54 $2,561,956.32
TREASURY NOTE 2.25000 11/15/2027 US 2,853,987.53 $2,655,992.14
TSY INFL IX N/B 0.12500 01/15/2031 US 598,502.71 $533,355.55
TSY INFL IX N/B 2.37500 01/15/2027 US 1,411,335.43 $1,423,227.46
UDR INC US UDR 395.95 $14,812.56
UNION PAC CORP US UNP 1,046.8 $257,439.22
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 10,799.76 $10,347.54
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 61,772.34 $57,065.13
UNITED STATES TREAS NTS 2.25000 11/15/2024 US 1,160,505.82 $1,139,516.98
UNITEDHEALTH GROUP INC US UNH 450.83 $223,024.51
US CLAIMS LIT FNDG LLC 10.25000 03/17/2028 US 27,940.23 $23,795.84
US DOLLAR US 1,216,424.71 $1,216,424.71
US TEASURY NOTE 1.75000 11/15/2029 US 3,302,775.34 $2,909,796.70
US TREASURY N/B 0.87500 11/15/2030 US 2,058,088 $1,667,694.43
US TREASURY N/B 2.00000 11/15/2026 US 1,339,547.82 $1,257,919.13
US TREASURY N/B 2.25000 11/15/2025 US 3,455,725.23 $3,320,196.01
US TREASURY N/B 3.12500 11/15/2028 US 870,052.65 $829,200.96
US TREASURY N/B 3.62500 02/15/2053 US 589,315.33 $518,505.41
US TREASURY N/B 4.12500 11/15/2032 US 2,330,326.95 $2,316,854.74
VENTAS INC US VTR 455.98 $19,853.25
VERTEX PHARMACEUTICALS INC US VRTX 778.05 $325,231.13
VISA INC - CLASS A SHARES US V 2,377.17 $663,420.29
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 431,418.74 $403,831.90
WELLTOWER INC. US WELL 601.56 $56,209.96
WIN 2015-1 A1 3.50000 01/20/2045 US 21,971.05 $19,876.03

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Conservative Term CIT Fund. Investments will change over time and as the target date fund gradually becomes more conservative. Fund holdings list does not include securities with positions less than 0.005 shares.

A Word About Risk

Each Manning & Napier Retirement Target CIT Fund is invested in one or two of four proprietary risk-based funds, the Manning & Napier Pro-Mix® CIT Funds, based on the Retirement Target CIT Fund becoming increasingly conservative over time. Because the underlying funds invest in both stocks and bonds, the value of your investment will fluctuate in response to stock market movements and changes in interest rates. Investing in target date funds will also involve a number of other risks, including issuer-specific risk, foreign investment risk, and small-cap/mid-cap risk, as the underlying investments change over time. Investments in options and futures, like all derivatives, can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. Also, the use of leverage increases exposure to the market and may magnify potential losses. Principal value is not guaranteed at any time, including at the target date (the approximate year when an investor plans to stop contributions and start periodic withdrawals).

About The Fund Manager

Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company, Trustee of the Manning & Napier Collective Investment Trust Funds. Manning & Napier is headquartered in Rochester, NY and has more than 50 years of experience managing life cycle investment objectives. The Firm’s active management approach focuses on participating in rising markets and, as important, helping to reduce the risk of large losses in sustained bear market periods. A team of investment analysts and professionals make all investment decisions in an effort to provide investors with strong risk-adjusted returns.

Daily Price

$21.74

Daily $ Change

$0.12

Daily % Change

0.55%

as of 04/23/2024

CUSIP

302027669

Inception Date

05/31/2007

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

Important Documents

Applications & Forms
Fact Sheet
Annual Report

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

Investment Objective

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

Investment Strategy

Currently: The portfolio is currently invested in a moderately conservative mix of investments that seeks a more stable rate of growth than that of the stock market by placing a greater emphasis on bonds to help maintain stability. The portfolio is diversified primarily among fixed income securities, with a focus on intermediate maturities Stock exposure can range from 17% - 55%.

Over Time: The portfolio’s investment mix will gradually become more conservative as the target date approaches and for several years after the target date. During the target year, the portfolio’s stock exposure can range from 20% - 60%. At five years after the target date and beyond, the focus will be on capital preservation, and stock exposure can range from 13% - 47%.

May be Appropriate for Investors

  • Who plan to stop contributions and start periodic withdrawals around the year 2020
  • Who currently have a moderate tolerance for risk and can accept fluctuations in current account value
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio that becomes more conservative over time

About Target Date Funds

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

Learn more about our Glide Range SM

Performance

As of 03/31/2024

YTD

1.42%

1 Year

7.29%

3 Year

0.89%

5 Year

5.54%

10 Year

4.49%

Inception
(05/31/2007)

6.32%

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.

Performance through 06/04/2012 reflects the performance of the Retirement Target Institutional CIT Fund, which was merged into the Retirement Target CIT Fund on 06/04/2012 to establish the Class I units. Performance through the Institutional CIT Fund inception date (05/31/2007) 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 I expenses. The Retirement Target CIT Fund will gradually become more conservative over time.

Expense Ratio

Gross 0.70%
Net 0.69%*

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

Top Ten Investments

As of 03/31/2024

TREASURY NOTES 20.75%
GOVERNMENT AGENCY 15.32%
TREASURY BONDS 3.97%
ISHARES BROAD USD HIGH YIELD 2.43400 2.39%
TSY INFL IX N/B 2.37500 01/15/2027 1.83%
AMAZON.COM INC 1.71%
TENCENT HOLDINGS 3.97500 04/11/2029 1.34%
MASTERCARD INC-CLASS A 1.26%
ALPHABET INC-CL A 1.13%
TAIWAN SEMICONDUCTOR - SP ADR 1.07%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 03/31/2024

Bonds
70.42%
Stocks
28.04%
Cash
1.54%

Detailed Asset Class Allocation

As of 03/31/2024

International Equities
8.28%
Small Capitalization
0.17%
Mid Capitalization
1.66%
Large Capitalization
17.93%
Long Term Fixed Income
13.26%
Intermediate Term Fixed Income
45.69%
Short Term Fixed Income
11.47%
Cash
1.54%

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

Security Description Country Ticker Shares/Par Market Value (USD)
ADMIRAL GROUP PLC GB ADM LN 1,701.32 $60,971.31
ADMIRAL GROUP PLC ADR GB AMIGY 6,300.33 $225,551.94
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 304,863.35 $276,164.72
AGREE REALTY CORP US ADC 580.03 $33,131.09
AIR LIQUIDE FR AI FP 209.26 $43,537.11
AIRBUS SE FR AIR FP 274.89 $50,643.51
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 14,132.65 $14,387.04
ALCON INC CH ALC SW 138.36 $11,443.96
ALCON INC CH ALC 3,262.25 $271,712.56
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 167,821.29 $139,515.36
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 626,837.71 $544,559.52
ALPHABET INC-CL A US GOOGL 5,798 $875,092.34
AMAZON.COM INC US AMZN 7,337.97 $1,323,622.76
AMAZON.COM INC 3.30000 04/13/2027 US 119,676.3 $115,133.92
AMERICAN HOMES 4 RENT- A US AMH 934.89 $34,385.32
AMERICAN TOWER REIT INC US AMT 214.81 $42,444.16
AMERICOLD REALTY TRUST US COLD 742.71 $18,508.35
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 300,307.28 $282,399.98
ASTRAZENECA GB AZN 7,811.92 $529,257.62
ATLASSIAN CORP PLC-CLASS A AU TEAM 125.81 $24,547.01
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 6,120.77 $30,534.74
AUTO TRADER GROUP PLC GB AUTO LN 3,688.33 $32,571.33
AVALONBAY COMMUNITIES INC US AVB 245.71 $45,593.48
AVANZA BANK HOLDING AB SE AZA SS 775.95 $16,727.10
BAE SYSTEMS PLC GB BA/ LN 2,222.34 $37,880.69
BAE SYSTEMS PLC -SPON ADR GB BAESY 3,560.37 $246,911.50
BANK OF AMERICA CORP 2.68700 04/22/2032 US 486,614.1 $411,660.88
BEIERSDORF AG DE BEI GR 314.2 $45,746.86
BIOMARIN PHARMACEUTICAL INC US BMRN 4,299.18 $375,490.43
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 243,737.4 $242,043.32
BORR IHC LTD 10.00000 11/15/2028 MUL 107,812.95 $112,573.36
BRENNTAG AG DE BNR GR 238.61 $20,109.98
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 100,026.44 $70,467.98
CAALT 2021-3A B MTGE 1.38000 07/15/2030 US 217,933.79 $213,975.46
CANADIAN NATIONAL RAILWAY CO CA CNI 3,185.57 $419,572.05
CAPITAL ONE FINANCIAL CO 5.70000 02/01/2030 US 568,632.08 $573,410.72
CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 39,659.42 $35,599.28
CELLNEX TELECOM SA ES CLNX SM 1,167.74 $41,308.39
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 1,378.31 $24,285.81
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 362,208.29 $399,936.25
CIM 2019-INV1 A1 4.00000 02/25/2049 US 5,351.15 $5,089.17
CITIGROUP INC 1.46200 06/09/2027 US 449,557.4 $413,038.80
CLARK CNTY NV 1.51000 11/01/2028 US 489,367.46 $421,665.23
CLEANAWAY WASTE MANAGEMENT AU CWY AU 19,891.9 $35,245.90
COCA COLA CO/THE US KO 11,383.87 $696,464.94
COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 252,421.36 $226,365.80
COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 US 257,060.91 $244,626.82
COLT 2024-INV1 A1 5.90300 12/25/2068 US 134,464.24 $133,849.42
CONSTELLATION BRANDS INC-A US STZ 1,297.48 $352,602.66
COPART INC US CPRT 7,712.8 $446,725.51
CROWN CASTLE INTL CORP US CCI 187.58 $19,851.80
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 55,526.22 $47,923.76
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 32,698.24 $27,228.16
CSX CORP US CSX 9,205.49 $341,247.39
DEUTSCHE BOERSE AG DE DB1 GR 313.23 $64,146.26
DEUTSCHE BOERSE AG ADR DE DBOEY 16,403.52 $335,123.94
DIAGEO PLC GB DGE LN 476.65 $17,636.92
DIGITAL REALTY TRUST INC US DLR 143.81 $20,714.92
DIGITALBRIDGE GROUP INC US DBRG 987.97 $19,038.20
DOLLARAMA INC CA DOL CN 365.6 $27,851.81
ELECTRONIC ARTS US EA 4,252.48 $564,177.06
ENERGY TRANSFER LP 7.37500 02/01/2031 US 268,281.98 $281,211.58
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 399,650.36 $424,712.18
EQUINIX INC US EQIX 208.71 $172,257.74
EQUITY COMMONWEALTH US EQC 908.36 $17,149.86
EQUITY LIFESTYLE PROPERTIES US ELS 610.43 $39,311.42
EQUITY RESIDENTIAL US EQR 378.74 $23,902.30
EVERGY INC US EVRG 6,407.88 $342,052.67
EXPERIAN PLC IE EXPN LN 811.16 $35,344.69
EXTRA SPACE STORAGE INC US EXR 273.49 $40,202.30
FEDERAL NATIONAL FS5443 MTGE 4.50000 06/01/2043 US 224,575.63 $217,134.74
FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 1,142.71 $1,209.10
FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 12,952.16 $13,532.62
FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 991.2 $1,051.22
FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 187.84 $196.27
FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 3,934.67 $4,172.68
FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 2,425.62 $2,534.32
FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 626.67 $654.87
FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 1,033.27 $1,079.73
FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 421.95 $423.48
FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 483.91 $485.69
FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 6,284.39 $6,566.03
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 6,501.31 $6,792.80
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 14.12 $14.04
FEDERAL NATL MTG ASSN AE0951 4.50000 02/01/2041 US 17,829.81 $17,495.24
FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 27,335.76 $26,790.62
FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 6,956.93 $6,818.63
FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 9,732.97 $9,539.48
FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 54,635.77 $53,549.61
FEDERAL NATL MTG ASSN AL8674 FLT 5.64300 01/01/2049 US 164,294.54 $169,382.65
FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 73,055.33 $71,390.76
FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 15,160.11 $13,851.01
FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 30,547.06 $28,866.96
FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 41,973.08 $39,664.55
FEDERAL NATL MTG ASSN BK0433 3.50000 12/01/2049 US 203,897.81 $183,489.69
FEDERAL NATL MTG ASSN BW1194 4.00000 09/01/2052 US 450,811.61 $417,809.01
FEDERAL NATL MTG ASSN BW9887 5.00000 10/01/2052 US 292,418.83 $285,899.65
FEDERAL NATL MTG ASSN CA5518 3.00000 04/01/2050 US 393,877.48 $344,709.25
FEDERAL NATL MTG ASSN CB4831 4.50000 10/01/2052 US 332,645.92 $317,545.05
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 393,598.61 $358,762.84
FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 33,870.65 $32,871.50
FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 28,694.37 $27,033.66
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 415,475.06 $393,287.88
FEDERAL NATL MTG ASSN FS2998 3.50000 04/01/2052 US 199,379.47 $180,719.80
FEDERAL NATL MTG ASSN FS4511 4.00000 08/01/2051 US 361,248.12 $339,524.53
FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 1,660.58 $1,630.78
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 40,698.09 $40,113.85
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 34,530.42 $34,035.42
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 449,773.18 $403,385.40
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 435,514.57 $403,631.82
FEDERAL NATL MTG ASSN SD4235 6.00000 11/01/2053 US 216,244.2 $219,583.56
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 416,914.2 $364,001.84
FEDERAL NATL MTG ASSN SD8276 5.00000 12/01/2052 US 497,774.69 $486,291.35
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 453,660.25 $397,248.85
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 74,159.14 $72,065.98
FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 30,169.88 $28,475.27
FHLM POOL C91746 4.50000 12/01/2033 US 4,149.9 $4,095.34
FHLM POOL FG G08734 4.00000 11/01/2046 US 4,030.73 $3,813.90
FHLM POOL G03332 6.00000 10/01/2037 US 1,961.02 $2,051.53
FHLM POOL G05900 6.00000 03/01/2040 US 4,299.38 $4,497.82
FHLM POOL G05906 6.00000 04/01/2040 US 5,032.3 $5,264.56
FHLM POOL G06789 6.00000 05/01/2040 US 16,546.7 $17,310.39
FHLM POOL G06995 6.00000 05/01/2040 US 12,516.61 $13,094.30
FHLM POOL G60034 4.50000 02/01/2045 US 96,830.69 $94,741.31
FHLM POOL Q93451 4.50000 08/01/2040 US 50,839.11 $49,947.13
FHLM POOL SD8230 4.50000 06/01/2052 US 396,171.93 $378,298.59
FHR 5189 CP 2.50000 06/25/2049 US 162,213.8 $138,379.99
FINECOBANK SPA IT FBK IM 1,242.04 $18,601.83
FIRST INDUSTRIAL REALTY TR US FR 253.17 $13,301.54
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 1,183.95 $20,387.65
FLX 2021-1A A2 3.25000 11/27/2051 US 411,130.5 $372,608.84
FN DS2696 3.00000 12/01/2051 US 248,517.24 $216,658.94
FN FS4339 MTGE 3.00000 12/01/2050 US 519,014.6 $454,489.17
FN FS4616 MTGE 5.00000 05/01/2043 US 268,338.14 $266,741.58
FN FS4925 MTGE 3.50000 04/01/2052 US 636,779.51 $577,184.13
FN MA4020 MTGE 3.00000 05/01/2050 US 669,411.88 $583,597.63
FN MA4733 4.50000 09/01/2052 US 245,376.11 $234,100.30
FN MA4807 MTGE 5.50000 11/01/2052 US 359,358.46 $358,233.09
FN MA4868 MTGE 5.00000 01/01/2053 US 421,001.55 $411,289.33
FN MA4934 MTGE 5.00000 02/01/2043 US 596,984.91 $592,128.17
FNR 2018-31 KP 3.50000 07/25/2047 US 4,349.79 $4,232.25
FR QG6308 MTG 6.00000 07/01/2053 US 471,622.78 $477,799.68
FR RJ0062 MTGE 5.00000 10/01/2053 US 150,963.67 $147,841.46
FR SD1360 MTGE 5.50000 07/01/2052 US 585,075.76 $583,733.19
FREDDIE MAC POOL RB5167 3.50000 07/01/2042 US 198,743.51 $183,389.28
FREDDIE MAC POOL RB5188 4.00000 10/01/2042 US 199,620.18 $188,960.08
GLOBANT SA LU GLOB 147.03 $29,685.16
GNMA POOL 660997 5.50000 05/15/2037 US 5,850.73 $5,997.56
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 31,648.38 $28,658.59
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 42,599.77 $35,859.38
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 100,994.72 $83,082.13
GOODMAN GROUP AU GMG AU 847.79 $18,674.62
GSMBS 2021-INV1 A6 2.50000 12/25/2051 US 101,739.62 $87,822.46
GSMBS 2021-INV1 A9 5.00000 12/25/2051 US 120,406.1 $111,283.11
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 315,030.1 $277,371.31
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 168,825.91 $145,499.69
GSMBS 2022-PJ1 A8 2.50000 05/28/2052 US 127,007.49 $109,062.96
HALMA PLC GB HLMA LN 1,803.39 $53,849.85
HAWAII ST 2.68200 10/01/2038 US 254,913.49 $197,598.44
HDFC BANK LTD-ADR IN HDB 9,115.48 $510,193.26
HEINEKEN NV NL HEIA NA 598.82 $57,730.81
HEINEKEN NV-SPN ADR NL HEINY 11,237.83 $543,124.14
HELIOS TOWERS PLC GB HTWS LN 12,227.94 $14,566.78
HOTWIRE FUNDING LLC 5.68700 05/20/2053 US 476,290.07 $466,388.81
HUMANA INC US HUM 621.4 $215,453.38
IMCD NV NL IMCD NA 317.96 $55,963.85
IMPRL 2021-NQM3 1.59500 11/25/2056 US 194,049.53 $161,079.07
INFRABUILD AUTRALIA PTY 14.50000 11/15/2028 AU 71,357.87 $74,001.66
INTERCONTINENTALEXCHANGE INC US ICE 2,444.7 $335,975.64
INTERMEDIATE CAPITAL GROUP GB ICP LN 1,418.75 $36,747.73
INTUITIVE SURGICAL INC US ISRG 623.62 $248,879.69
INVITATION HOMES INC US INVH 1,657.26 $59,015.10
ISHARES BROAD USD HIGH YIELD 2.43400 US 50,612.25 $1,851,902.28
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 59,494.52 $58,465.09
JAPAN (2 YEAR ISSUE) 0.10000 01/01/2026 JP 40,321,728.02 $266,033.41
JOHNSON & JOHNSON US JNJ 4,101.3 $648,785.29
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 33,763.89 $32,360.16
JPMMT 2019-INV3 A3 MTGE 3.50000 05/25/2050 US 332,356.49 $289,788.64
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 702,839.46 $679,766.77
KEYENCE CORP JP 6861 JP 99.73 $46,300.02
KEYWORDS STUDIOS PLC IE KWS LN 1,288.5 $21,174.18
L'OREAL FR OR FP 19.9 $9,425.23
L3HARRIS TECHNOLOGIES INC US LHX 3,156.23 $672,593.17
LEXINGTON REALTY TRUST US LXP 4,103.13 $37,010.19
LONZA GROUP AG -REG CH LONN SW 83.91 $50,143.59
LONZA GROUP AG ADR CH LZAGY 1,066.09 $63,869.67
MARRIOTT VACATIONS WORLD US VAC 161.59 $17,408.37
MASCO CORP US MAS 3,221.14 $254,083.36
MASSMUTUAL GLOBAL FUNDING 4.85000 01/17/2029 US 139,106 $138,406.34
MASTERCARD INC-CLASS A US MA 2,032.34 $978,713.85
MEDTRONIC INC IE MDT 2,997.44 $261,226.89
MERCADOLIBRE INC BR MELI 27.69 $41,868.36
MET LIFE GLOB FUNDING I 4.85000 01/08/2029 US 139,106 $138,102.35
META PLATFORMS INC US META 1,237.77 $601,037.39
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 226,112.56 $12,536.13
MICRON TECHNOLOGY INC US MU 6,562.75 $773,682.07
MICROSOFT CORP US MSFT 948.61 $399,100.35
MID-AMERICA APARTMENT COMM US MAA 104.35 $13,730.72
MONARCH CASINO & RESORT INC US MCRI 292.46 $21,931.51
MONDELEZ INTERNATIONAL INC US MDLZ 3,080.1 $215,607.05
MOODY'S CORPORATION US MCO 1,187.96 $466,903.47
NAVIENT CORP 6.75000 06/25/2025 US 75,183.87 $75,663.44
NESTLE S.A. - ADR CH NSRGY 4,823.38 $512,243.23
NESTLE SA-REGISTERED CH NESN SW 490.46 $52,111.41
NEW FORTRESS ENERGY INC 8.75000 03/15/2029 US 77,977.89 $77,710.10
NEW YORK LIFE GLOBAL FDG 4.70000 01/29/2029 US 139,106 $137,655.32
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 278,166.77 $263,200.85
NORTHROP GRUMMAN CORP US NOC 712.05 $340,832.08
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 86,576.21 $0.87
NOVARTIS AG- REG CH NVS 2,696.34 $260,816.82
NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 US 248,464.75 $262,695.73
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 57,061.64 $53,235.85
NRZT 2015-2A A1 3.75000 08/25/2055 US 63,845.87 $59,315.31
NRZT 2016-4A A1 3.75000 11/25/2056 US 104,754.81 $97,257.51
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 99,741.65 $90,451.69
OASIS 2023-1A 7.00000 02/15/2035 US 119,084.23 $118,860.11
OBX 2022-INV1 A1 3.00000 12/25/2051 US 131,692.89 $110,484.24
OBX 2024-NQM1 A1 5.92800 11/25/2063 US 114,987.51 $115,031.39
OPEN INFRA IS ASSETS AB 11.00000 02/22/2027 US 110,048.16 $109,500.79
OXFIN 2020-1A A2 3.10100 02/15/2028 US 60,498.71 $58,767.58
OXFIN 2022-1A 3.60200 02/15/2030 US 372,110.94 $355,503.93
OXFIN 2023-1A A2 6.71600 02/15/2031 US 378,454.28 $381,404.11
OXFINF 2024-A A2 6.67500 01/14/2032 US 41,396.52 $41,144.03
PALOMINO FUNDING TRUST I 7.23300 05/17/2028 US 510,255.17 $535,165.55
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 223,387.5 $215,790.35
PEAR 2023-1A 7.42000 07/15/2035 US 215,132.23 $217,433.58
PEAR 2024-1 A 6.95000 02/15/2036 US 107,269.85 $107,433.45
PELORUS FUND REIT 7.00000 09/30/2026 US 40,452.34 $39,666.56
PEPSICO INC 3.90000 07/18/2032 US 561,583.87 $532,184.37
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 357,535.45 $289,804.22
PFMT 2021-2 A2A 2.00000 04/25/2051 US 215,159.06 $180,228.92
PHILIP MORRIS INTERNATIONAL US PM 6,275.16 $574,930.33
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 23,004.66 $20,869.66
PROLOGIS US PLD 1,202.5 $156,590.19
PUBLIC STORAGE INC US PSA 210.92 $61,180.41
QUALCOMM 5.40000 05/20/2033 US 209,100.15 $219,524.13
QUALCOMM INC 4.25000 05/20/2032 US 370,536.75 $357,591.11
RCKT 2021-6 A1 2.50000 12/25/2051 US 333,528.52 $267,508.81
REALTY INCOME CORP US O 541.11 $29,273.87
REXFORD INDUSTRIAL REALITY IN US REXR 918.21 $46,186.13
S&P GLOBAL INC US SPGI 739.78 $314,739.00
SBA COMMUNICATIONS CORP US SBAC 288.6 $62,539.37
SBA TOWER TRUST 1.88400 01/15/2026 US 193,346.39 $180,515.81
SBA TOWER TRUST 6.59900 01/15/2028 US 367,753.52 $376,919.41
SCML 2019-SBC8 2.86000 04/25/2041 US 101,478.83 $94,230.71
SEMT 2013-2 1.87400 02/25/2043 US 29,363.41 $24,796.86
SEMT 2013-6 A2 3.00000 05/25/2043 US 60,157.7 $53,113.98
SEMT 2013-7 A2 3.00000 06/25/2043 US 32,717.97 $28,594.09
SEMT 2013-8 A1 3.00000 06/25/2043 US 38,946.93 $34,543.58
SERVICENOW INC US NOW 311.61 $237,567.92
SIMON PROPERTY 2.25000 01/15/2032 US 303,750.06 $248,628.13
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 683,835.78 $576,766.36
SIRIUSPOINT LTD 7.00000 04/05/2029 BM 263,295.56 $262,890.08
SLMA 2006-10 A6 FLT 5.77250 03/25/2044 US 24,670.24 $23,870.39
SLMA 2008-3 A3 6.62250 10/25/2021 US 495,639.44 $491,934.77
SLMA 2008-4 A4 7.27250 07/25/2022 US 488,759.2 $493,772.90
SMB 2019-B A2A 2.84000 06/15/2037 US 100,826.77 $96,114.70
SMB 2020-BA A1A 1.29000 07/15/2053 US 163,851.23 $149,448.64
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 23,983.1 $23,454.80
SONY CORP FIRST SECTION JP 6758 JP 489.18 $41,947.45
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 213,237.19 $199,368.76
SORT 2020-1 A2 1.99000 07/15/2060 US 173,099.95 $148,853.84
SOUTH CAROLINA ST PUBLIC SVC 1.85200 12/01/2026 US 94,748.5 $86,821.58
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 86,055.91 $76,183.00
SRPT 2014-STAR A FLTG RATE 8.50000 11/15/2027 US 418,320.59 $297,005.07
STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 92,837.29 $85,664.56
SUN COMMUNITIES US SUI 462.67 $59,489.58
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 6,074.54 $826,441.49
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 4,113.74 $55,897.01
TECHTRONIC INDUSTRIES-SP ADR HK TTNDY 3,540.25 $240,683.96
TENCENT HOLDINGS 3.97500 04/11/2029 KY 1,096,426.44 $1,042,185.78
TENCENT HOLDINGS LTD CN 700 HK 1,265.51 $49,291.57
TERRENO REALTY CORP US TRNO 609.37 $40,462.05
THERMO FISHER SCIENTIFIC INC US TMO 427.86 $248,674.68
TPMT 2016-5 A1 2.50000 10/25/2056 US 3,626.41 $3,611.16
TPMT 2017-1 A1 2.75000 10/25/2056 US 822.29 $818.82
TPMT 2019-HY1 A1 6.44389 10/25/2048 US 41,725.93 $42,337.09
TREASURY BOND 2.37500 02/15/2042 US 3,438,867.54 $2,561,956.32
TREASURY NOTE 2.25000 11/15/2027 US 2,853,987.53 $2,655,992.14
TSY INFL IX N/B 0.12500 01/15/2031 US 598,502.71 $533,355.55
TSY INFL IX N/B 2.37500 01/15/2027 US 1,411,335.43 $1,423,227.46
UDR INC US UDR 395.95 $14,812.56
UNION PAC CORP US UNP 1,046.8 $257,439.22
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 10,799.76 $10,347.54
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 61,772.34 $57,065.13
UNITED STATES TREAS NTS 2.25000 11/15/2024 US 1,160,505.82 $1,139,516.98
UNITEDHEALTH GROUP INC US UNH 450.83 $223,024.51
US CLAIMS LIT FNDG LLC 10.25000 03/17/2028 US 27,940.23 $23,795.84
US DOLLAR US 1,216,424.71 $1,216,424.71
US TEASURY NOTE 1.75000 11/15/2029 US 3,302,775.34 $2,909,796.70
US TREASURY N/B 0.87500 11/15/2030 US 2,058,088 $1,667,694.43
US TREASURY N/B 2.00000 11/15/2026 US 1,339,547.82 $1,257,919.13
US TREASURY N/B 2.25000 11/15/2025 US 3,455,725.23 $3,320,196.01
US TREASURY N/B 3.12500 11/15/2028 US 870,052.65 $829,200.96
US TREASURY N/B 3.62500 02/15/2053 US 589,315.33 $518,505.41
US TREASURY N/B 4.12500 11/15/2032 US 2,330,326.95 $2,316,854.74
VENTAS INC US VTR 455.98 $19,853.25
VERTEX PHARMACEUTICALS INC US VRTX 778.05 $325,231.13
VISA INC - CLASS A SHARES US V 2,377.17 $663,420.29
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 431,418.74 $403,831.90
WELLTOWER INC. US WELL 601.56 $56,209.96
WIN 2015-1 A1 3.50000 01/20/2045 US 21,971.05 $19,876.03

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Conservative Term CIT Fund. Investments will change over time and as the target date fund gradually becomes more conservative. Fund holdings list does not include securities with positions less than 0.005 shares.

A Word About Risk

Each Manning & Napier Retirement Target CIT Fund is invested in one or two of four proprietary risk-based funds, the Manning & Napier Pro-Mix® CIT Funds, based on the Retirement Target CIT Fund becoming increasingly conservative over time. Because the underlying funds invest in both stocks and bonds, the value of your investment will fluctuate in response to stock market movements and changes in interest rates. Investing in target date funds will also involve a number of other risks, including issuer-specific risk, foreign investment risk, and small-cap/mid-cap risk, as the underlying investments change over time. Investments in options and futures, like all derivatives, can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. Also, the use of leverage increases exposure to the market and may magnify potential losses. Principal value is not guaranteed at any time, including at the target date (the approximate year when an investor plans to stop contributions and start periodic withdrawals).

About The Fund Manager

Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company, Trustee of the Manning & Napier Collective Investment Trust Funds. Manning & Napier is headquartered in Rochester, NY and has more than 50 years of experience managing life cycle investment objectives. The Firm’s active management approach focuses on participating in rising markets and, as important, helping to reduce the risk of large losses in sustained bear market periods. A team of investment analysts and professionals make all investment decisions in an effort to provide investors with strong risk-adjusted returns.

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