Collective Investment Trust

Retirement Target 2025 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 balanced mix of investments that seeks a more stable rate of long-term growth than that of the broad stock market. The portfolio is diversified among fixed income securities, primarily with intermediate to long-term maturities, and various stocks. Stock exposure can range from 26% - 63%.

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 2025
  • Who 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

$14.19

Daily $ Change

$0.01

Daily % Change

0.07%

as of 09/22/2023

CUSIP

56382R852

Inception Date

05/14/2015

This fund is available only 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 08/31/2023

YTD

6.60%

1 Year

4.23%

3 Year

1.46%

5 Year

5.12%

10 Year

5.53%

Inception
(05/14/2015)

6.54%

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 the inception date of the Retirement Target CIT Class U1 units is based on the historical performance of the CIT’s oldest unit class. Performance through the inception date of the oldest unit class (08/03/2012) is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. Returns are net of the Class U1 expenses. The Retirement Target CIT Fund will gradually become more conservative over time.

Expense Ratio

Gross 0.51%
Net 0.49%*

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

Top Ten Investments

As of 08/31/2023

TREASURY NOTES 19.60%
GOVERNMENT AGENCY 11.07%
TREASURY BONDS 3.45%
TSY INFL IX N/B 0.50000 04/15/2024 2.28%
AMAZON.COM INC 1.98%
META PLATFORMS INC 1.64%
MASTERCARD INC-CLASS A 1.63%
ALPHABET INC-CL A 1.53%
MICRON TECHNOLOGY INC 1.39%
JOHNSON & JOHNSON 1.32%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 08/31/2023

Bonds
57.42%
Stocks
39.19%
Cash
3.39%

Detailed Asset Class Allocation

As of 08/31/2023

International Equities
9.85%
Small Capitalization
0.38%
Mid Capitalization
3.71%
Large Capitalization
25.24%
Long Term Fixed Income
11.75%
Intermediate Term Fixed Income
42.91%
Short Term Fixed Income
2.77%
Cash
3.39%

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)
3M CO US MMM 86.93 $9,272.64
ABBOTT LABORATORIES US ABT 165.33 $17,012.08
ADMIRAL GROUP PLC GB ADM LN 2,037.8 $64,198.93
ADMIRAL GROUP PLC ADR GB AMIGY 7,516.44 $236,805.43
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 182,337.19 $158,029.10
AGREE REALTY CORP US ADC 658.1 $40,683.52
AIR LIQUIDE FR AI FP 184.63 $33,358.70
AIRBUS SE FR AIR FP 229.55 $33,584.79
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 11,211.03 $11,279.84
ALCON INC CH ALC 3,205.17 $265,997.29
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 87,367.81 $70,048.94
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 362,017.22 $293,969.37
ALPHABET INC-CL A US GOOGL 5,734.74 $780,899.22
AMAZON.COM INC US AMZN 7,314.31 $1,009,448.11
AMAZON.COM INC 3.30000 04/13/2027 US 292,052.54 $277,922.40
AMERICAN HOMES 4 RENT- A US AMH 408.93 $14,737.70
AMERICAN TOWER REIT INC US AMT 185.02 $33,547.01
AMERICOLD REALTY TRUST US COLD 1,404.92 $47,275.46
ANALOG DEVICES INC US ADI 76.11 $13,835.66
APARTMENT INCOME REIT CO US AIRC 348.46 $11,868.52
APPLIED MATERIALS INC US AMAT 1,429.24 $218,330.44
ARCHER-DANIELS-MIDLAND CO US ADM 92.42 $7,329.06
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 179,621.88 $166,010.55
ASTRAZENECA GB AZN 530.92 $36,007.30
ATLASSIAN CORP PLC-CLASS A AU TEAM 123.54 $25,210.22
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 3,969.8 $18,483.34
AUTO TRADER GROUP PLC GB AUTO LN 5,548.86 $42,551.23
AVALONBAY COMMUNITIES INC US AVB 213.98 $39,332.95
AVANZA BANK HOLDING AB SE AZA SS 1,403.98 $27,107.11
BABS 2021-RM2 A 1.75000 10/25/2061 US 21,229.78 $18,218.58
BAE SYSTEMS PLC GB BA/ LN 4,453.59 $56,684.23
BAE SYSTEMS PLC -SPON ADR GB BAESY 4,092.78 $211,883.32
BANK OF AMERICA CORP US BAC 641.52 $18,392.44
BANK OF AMERICA CORP 2.68700 04/22/2032 US 278,127.12 $227,444.29
BAXTER INTERNATIONAL INC US BAX 91.31 $3,707.05
BEIERSDORF AG DE BEI GR 303.3 $39,712.21
BIOMARIN PHARMACEUTICAL INC US BMRN 3,310.16 $302,482.33
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 134,015.78 $130,869.85
BRISTOL MYERS SQUIBB CO US BMY 243.67 $15,022.28
BROADCOM INC US AVGO 29.55 $27,273.89
BROADRIDGE FINANCIAL SOLUTIONS US BR 28.02 $5,217.47
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 36,687.49 $31,918.12
BUNGE LIMITED US BG 36.24 $4,143.40
C.H. ROBINSON WORLDWIDE INC US CHRW 36.38 $3,290.14
CAALT 2021-3A B MTGE 1.38000 07/15/2030 US 203,163.17 $192,262.82
CALDERYS FINANCING LLC 11.25000 06/01/2028 US 49,281.69 $50,568.43
CAMPBELL SOUP CO US CPB 79.18 $3,301.76
CANADIAN NATIONAL RAILWAY CO CA CNI 2,005.19 $225,804.75
CARETRUST REIT INC US CTRE 1,092.26 $22,008.98
CATERPILLAR INC US CAT 74.58 $20,966.32
CBOE GLOBAL MARKETS INC US CBOE 1,514.76 $226,775.03
CELLNEX TELECOM SA ES CLNX SM 1,093.61 $41,825.61
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 1,300.45 $24,812.60
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 217,905.87 $226,066.03
CHEVRON CORP US CVX 148.04 $23,849.61
CIM 2019-INV1 A1 4.00000 02/25/2049 US 3,646.09 $3,412.25
CISCO SYSTEMS INC US CSCO 437.99 $25,118.92
CITIGROUP INC US C 287.55 $11,872.98
CITIGROUP INC 1.46200 06/09/2027 US 233,225.29 $207,615.19
CLARK CNTY NV 1.51000 11/01/2028 US 212,539.93 $180,095.50
CLEANAWAY WASTE MANAGEMENT AU CWY AU 18,732.54 $31,702.78
COCA COLA CO/THE US KO 10,516.58 $629,206.71
COGNIZANT TECH SOLUTIONS - A US CTSH 73.18 $5,240.76
COLGATE-PALMOLIVE CO US CL 130.48 $9,586.22
COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 110,437.41 $95,560.96
COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 US 170,582.72 $156,701.35
COMCAST CORP-CL A US CMCSA 465.73 $21,777.71
COMMUNITY HEALTHCARE TRUST I US CHCT 670.36 $22,249.37
CONAGRA BRAND INC. US CAG 120.89 $3,612.29
CONOCOPHILLIPS US COP 126.85 $15,099.38
COPART INC US CPRT 5,910.66 $264,974.72
CORNING INC US GLW 122.95 $4,035.23
COTERRA ENERGY INC US CTRA 151.53 $4,271.55
COUSINS PROPERTIES INC US CUZ 350.97 $8,247.76
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 27,463.15 $23,077.58
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 15,702.95 $13,094.29
CSX CORP US CSX 7,117.26 $214,941.14
CUMMINS INC US CMI 32.72 $7,527.75
CVS HEALTH CORP US CVS 123.93 $8,076.27
DEUTSCHE BOERSE AG DE DB1 GR 259 $45,979.22
DEUTSCHE BOERSE AG ADR DE DBOEY 11,050.71 $195,708.00
DEVON ENERGY CORPORATION US DVN 104.27 $5,327.20
DIAGEO PLC GB DGE LN 809.72 $33,160.33
DIAMONDBACK ENERGY INC US FANG 32.34 $4,908.67
DOLLAR GENERAL CORP US DG 2,161.71 $299,396.39
DOLLARAMA INC CA DOL CN 247.88 $16,072.51
DOW INC US DOW 106.08 $5,787.89
DREYFUS GVT CSH MANAGEMENT US 1,790,018.64 $1,790,018.64
EBAY INC US EBAY 104.48 $4,678.58
ELECTRONIC ARTS US EA 4,156.88 $498,742.28
EMERSON ELEC CO US EMR 101.62 $9,984.39
ENDAVA PLC - SPON ADR GB DAVA 302.32 $14,783.49
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 378,026.36 $376,343.11
EOG RESOURCES INC US EOG 74.16 $9,538.53
EQUINIX INC US EQIX 195.54 $152,789.45
EQUITY COMMONWEALTH US EQC 1,124.05 $21,390.74
EQUITY LIFESTYLE PROPERTIES US ELS 580.7 $38,883.40
EVERGY INC US EVRG 3,858.82 $212,119.40
EXTRA SPACE STORAGE INC US EXR 317.97 $40,915.86
EXXON MOBIL CORP US XOM 237.96 $26,458.22
FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 12,691.29 $13,310.29
FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 6,291.05 $6,597.89
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 3,483.57 $3,652.79
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 80.62 $79.98
FEDERAL NATL MTG ASSN AE0951 4.50000 02/01/2041 US 17,727.07 $17,281.67
FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 9,291.4 $9,052.96
FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 54,620.92 $53,219.23
FEDERAL NATL MTG ASSN AL8674 FLT 5.64700 01/01/2049 US 134,281.32 $138,223.60
FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 14,445.37 $13,126.86
FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 39,780.24 $37,343.55
FEDERAL NATL MTG ASSN BK0433 3.50000 12/01/2049 US 30,048.13 $26,935.18
FEDERAL NATL MTG ASSN BW1194 4.00000 09/01/2052 US 395,998.67 $365,805.15
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 236,278.54 $214,597.57
FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 14,775.98 $13,772.54
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 254,229.52 $238,646.00
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 19,192.95 $18,827.12
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 23,638.24 $23,187.68
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 267,550.5 $239,653.36
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 260,934.21 $241,241.25
FEDERAL NATL MTG ASSN MA5043 5.00000 06/01/2038 US 292,156.97 $288,817.72
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 250,129.7 $218,082.96
FEDERAL NATL MTG ASSN SD8276 5.00000 12/01/2052 US 392,439.16 $380,582.79
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 263,466.5 $227,673.02
FEDEX CORPORATION US FDX 28.72 $7,495.53
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 49,385.89 $47,786.08
FHLM POOL C91780 4.50000 07/01/2034 US 11,055.26 $10,866.12
FHLM POOL G03332 6.00000 10/01/2037 US 1,969.71 $2,068.42
FHLM POOL G05900 6.00000 03/01/2040 US 4,186.25 $4,396.04
FHLM POOL G05906 6.00000 04/01/2040 US 5,098.83 $5,354.35
FHLM POOL G06995 6.00000 05/01/2040 US 12,482.18 $13,107.71
FHLM POOL G13331 5.50000 10/01/2023 US .8 $0.80
FHLM POOL G60034 4.50000 02/01/2045 US 96,488.87 $93,987.90
FHLM POOL K91364 4.50000 11/01/2033 US 1,415.22 $1,393.40
FHLM POOL K92059 4.50000 09/01/2034 US 7,573.94 $7,443.36
FHLM POOL SD8230 4.50000 06/01/2052 US 211,474.71 $200,678.71
FHR 5189 CP 2.50000 06/25/2049 US 158,391.38 $134,161.14
FIFTH THIRD BANCORP US FITB 161.34 $4,283.65
FINECOBANK SPA IT FBK IM 2,809.88 $38,403.85
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 1,093.89 $17,502.22
FLX 2021-1A A2 3.25000 11/27/2051 US 219,695.61 $191,793.28
FMC CORP US FMC 4,107.05 $354,150.69
FN DS2696 3.00000 12/01/2051 US 295,889.54 $257,539.40
FN FS4925 MTGE 3.50000 04/01/2052 US 342,901.68 $310,251.43
FN MA4020 MTGE 3.00000 05/01/2050 US 355,653.94 $309,557.76
FN MA4733 4.50000 09/01/2052 US 287,995.8 $273,296.47
FN MA4807 MTGE 5.50000 11/01/2052 US 207,468.33 $205,248.22
FN MA4868 MTGE 5.00000 01/01/2053 US 377,007.04 $365,617.79
FN MA4934 MTGE 5.00000 02/01/2043 US 400,147.74 $392,130.26
FNR 2018-31 KP 3.50000 07/25/2047 US 2,538.81 $2,442.97
FR SD1129 4.00000 08/01/2051 US 48,569.87 $45,427.01
FR SD1360 MTGE 5.50000 07/01/2052 US 314,319.16 $310,830.13
FREMF 2015-K43 B FLT 3.85938 02/25/2048 US 73,947.9 $71,190.65
GENERAL DYNAMICS CORP US GD 45.97 $10,417.88
GENERAL MLS INC US GIS 107.62 $7,281.33
GENUINE PARTS CO US GPC 34.57 $5,315.06
GETTY REALTY CORP US GTY 583.21 $17,507.82
GILEAD SCIENCES INC US GILD 179.69 $13,742.38
GLOBANT SA LU GLOB 87.99 $17,992.31
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 27,659.34 $24,930.24
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 30,646.09 $27,531.80
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 103,520.06 $85,346.76
GREENIDGE GEN HLD INC US 1,142.79 $6,068.19
GSMBS 2021-INV1 A6 2.50000 12/25/2051 US 120,611.18 $101,275.20
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 77,841.07 $66,117.26
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 98,050.01 $83,217.60
GSMBS 2022-PJ1 A8 2.50000 05/28/2052 US 118,688.24 $100,468.08
HALLIBURTON CO US HAL 139.15 $5,374.15
HALMA PLC GB HLMA LN 708.11 $19,195.80
HARTFORD FINL SVCS US HIG 51.65 $3,709.27
HAWAII ST 2.68200 10/01/2038 US 125,419.23 $92,264.82
HDFC BANK LTD-ADR IN HDB 645.14 $40,198.55
HEALTHCARE REALTY TRUST INC US HR 693.05 $12,142.24
HEINEKEN NV NL HEIA NA 439.96 $42,768.73
HEINEKEN NV-SPN ADR NL HEINY 9,702.93 $472,629.92
HELIOS TOWERS PLC GB HTWS LN 10,672.25 $12,323.13
HOME DEPOT INC US HD 97.58 $32,230.56
HONEYWELL INTERNATIONAL INC US HON 87.26 $16,400.42
HOTWIRE FUNDING LLC 5.68700 05/20/2053 US 291,721.47 $284,373.97
HUNTINGTON BANCSHARES US HBAN 260.88 $2,893.20
HWIRE 2021-1 A2 2.31100 11/20/2051 US 38,030.35 $33,574.39
IDEXX LABORATORIES INC US IDXX 644.33 $329,515.88
IMCD NV NL IMCD NA 116.71 $16,074.89
IMPRL 2021-NQM3 1.59500 11/25/2056 US 111,810.65 $90,401.09
INTERCONTINENTALEXCHANGE INC US ICE 1,933.23 $228,101.55
INTERMEDIATE CAPITAL GROUP GB ICP LN 997.57 $17,048.11
INTERNATIONAL BUSINESS MACH CORP US IBM 84.2 $12,362.69
INTERNATIONAL FLVRS & FRAGRANCES US IFF 55.11 $3,882.19
INTUIT INC US INTU 459.3 $248,853.84
INTUITIVE SURGICAL INC US ISRG 690.77 $215,991.39
INVITATION HOMES INC US INVH 1,269.46 $43,276.00
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 33,455.89 $32,174.43
JM SMUCKER CO/THE-NEW COM WI US SJM 28.02 $4,061.40
JOHNSON & JOHNSON US JNJ 4,154.6 $671,715.39
JP MORGAN CHASE & CO US JPM 229.17 $33,534.86
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 22,663.25 $21,164.33
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 399,611.48 $379,004.74
KELLOGG CO US K 55.59 $3,391.81
KEYENCE CORP JP 6861 JP 69.7 $28,937.38
KEYWORDS STUDIOS PLC IE KWS LN 625.1 $12,076.03
KIMBERLY CLARK DE MEXICO S.A.B. MX KIMBERA MM 8,705.43 $19,605.78
KRAFT HEINZ CO/THE US KHC 150.27 $4,972.52
L'OREAL FR OR FP 20.22 $8,879.45
L3HARRIS TECHNOLOGIES INC US LHX 2,866.11 $510,424.92
LEXINGTON REALTY TRUST US LXP 2,250.24 $22,097.37
LOCKHEED MARTIN CORP US LMT 35.09 $15,734.16
LONZA GROUP AG -REG CH LONN SW 28.16 $15,532.10
LULULEMON - ADR CA LULU 88.83 $33,868.36
MARATHON OIL CORP US MRO 111.1 $2,927.52
MARATHON PETROLEUM CORP US MPC 70.12 $10,010.74
MARRIOTT VACATIONS WORLD US VAC 101.48 $11,030.01
MASCO CORP US MAS 7,576.02 $447,060.82
MASTERCARD INC-CLASS A US MA 2,016.7 $832,171.16
MEDTRONIC INC IE MDT 5,614.12 $457,550.43
MERCADOLIBRE INC BR MELI 27.98 $38,404.25
MERCK & CO INC US MRK 256.5 $27,952.84
META PLATFORMS INC US META 2,822.09 $835,028.56
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 157,006.17 $8,411.92
MICROCHIP TECHNOLOGY INC US MCHP 90.2 $7,382.37
MICRON TECHNOLOGY INC US MU 10,163.13 $710,808.98
MICROSOFT CORP US MSFT 932.65 $305,686.43
MID-AMERICA APARTMENT COMM US MAA 150.9 $21,914.89
MONARCH CASINO & RESORT INC US MCRI 266.7 $17,975.72
MONDELEZ INTERNATIONAL INC US MDLZ 2,948.77 $210,129.51
MOODY'S CORPORATION US MCO 1,186.74 $399,694.78
NAVIENT CORP 6.75000 06/25/2025 US 53,654.28 $53,390.47
NESTLE S.A. - ADR CH NSRGY 4,354.07 $523,054.10
NESTLE SA-REGISTERED CH NESN SW 509.74 $61,291.38
NETAPP INC US NTAP 55.2 $4,234.01
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 155,329.74 $140,418.97
NIKE INC CLASS B US NKE 1,682.21 $171,097.99
NORFOLK SOUTHN CORP US NSC 33.46 $6,858.79
NORTHROP GRUMMAN CORP US NOC 677.95 $293,612.58
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 52,619.69 $5.26
NOVARTIS AG- REG CH NVS 2,581.35 $259,373.85
NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 US 150,024.92 $151,979.77
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 29,334.79 $26,634.81
NRZT 2015-2A A1 3.75000 08/25/2055 US 38,421.51 $35,434.04
NRZT 2016-4A A1 3.75000 11/25/2056 US 75,220.62 $68,467.87
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 101,839.76 $90,833.60
OASIS 2023-1A 7.00000 02/15/2035 US 111,398.41 $110,862.22
OBX 2022-INV1 A1 3.00000 12/25/2051 US 127,395.87 $104,782.98
ODFJELL DRILLING LTD 9.25000 05/31/2028 BM 52,238.48 $52,929.33
OMNICOM GROUP US OMC 51.3 $4,155.73
OXFIN 2020-1A A2 3.10100 02/15/2028 US 66,403.55 $63,985.51
OXFIN 2022-1A 3.60200 02/15/2030 US 206,240.25 $190,492.14
OXFIN 2023-1A A2 6.71600 02/15/2031 US 262,455.58 $258,774.59
PACKAGING CORP OF AMERICA US PKG 23.59 $3,516.74
PALOMINO FUNDING TRUST I 7.23300 05/17/2028 US 312,243.67 $316,334.94
PARAMOUNT GLOBAL CLASS B US PARA 146.68 $2,213.43
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 155,798.86 $148,204.34
PEAR 2022-1 A1 6.50000 10/15/2034 US 13,210.8 $13,204.17
PEAR 2023-1A 7.42000 07/15/2035 US 147,319.49 $147,121.30
PELORUS FUND REIT 7.00000 09/30/2026 US 17,526.69 $16,676.56
PEPSICO INC 3.90000 07/18/2032 US 318,157.24 $301,765.01
PFIZER INC US PFE 479.53 $16,965.93
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 191,439.53 $152,303.72
PFMT 2021-2 A2A 2.00000 04/25/2051 US 114,228.35 $95,553.49
PHILLIPS 66 US PSX 57.64 $6,580.29
PHYSICIANS REALTY TRUST US DOC 919.15 $12,785.43
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 28,134.85 $24,864.01
PPG INDUSTRIES INC US PPG 38.2 $5,414.59
PROLOGIS US PLD 1,175.61 $146,011.20
PUBLIC STORAGE INC US PSA 196.86 $54,409.39
QUALCOMM INC US QCOM 149.65 $17,139.34
QUALCOMM INC 4.25000 05/20/2032 US 229,209.73 $220,024.48
QUEST DIAGNOSTICS INC US DGX 30.98 $4,073.74
RAYTHEON TECHNOLOGIES CORP US RTX 132.88 $11,433.12
RCKT 2021-6 A1 2.50000 12/25/2051 US 239,919.86 $189,345.71
REALTY INCOME CORP US O 562.89 $31,544.24
REGIONS FINANCIAL CORP. US RF 243.11 $4,458.70
RENAISSANCERE HOLDINGS LTD BM RNR 182.4 $34,271.80
RENTOKIL INITIAL PLC GB RTO LN 5,983.28 $45,553.54
RENTOKIL INITIAL PLC-SP ADR GB RTO 5,306.98 $201,399.97
REXFORD INDUSTRIAL REALITY IN US REXR 489.98 $26,199.34
S&P GLOBAL INC US SPGI 390.86 $152,770.51
SALESFORCE INC US CRM 1,013.32 $224,409.38
SBA COMMUNICATIONS CORP US SBAC 250.71 $56,291.44
SBA TOWER TRUST 1.88400 01/15/2026 US 180,242.2 $162,729.12
SBA TOWER TRUST 6.59900 01/15/2028 US 226,467.72 $229,922.80
SCHLUMBERGER LTD NL SLB 156.13 $9,205.28
SCML 2019-SBC8 2.86000 04/25/2041 US 102,808.16 $94,021.61
SEMT 2013-2 1.87400 02/25/2043 US 14,994.86 $12,457.70
SEMT 2013-6 A2 3.00000 05/25/2043 US 39,645.72 $34,067.95
SEMT 2013-7 A2 3.00000 06/25/2043 US 16,195.5 $14,091.28
SEMT 2013-8 A1 3.00000 06/25/2043 US 19,723.68 $17,071.48
SERVICENOW INC US NOW 777.55 $457,842.89
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 564,603.68 $454,060.01
SKYWORKS SOLUTIONS INC US SWKS 33.04 $3,592.52
SLAM 2021-1A A MTGE 2.43400 06/15/2046 US 27,400.87 $23,646.95
SMB 2020-BA A1A 1.29000 07/15/2053 US 109,956.63 $98,250.77
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 22,536.67 $21,898.44
SONY CORP FIRST SECTION JP 6758 JP 362.44 $30,152.19
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 119,807.78 $108,307.71
SORT 2020-1 A2 1.99000 07/15/2060 US 99,685.45 $83,973.87
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 148,361.11 $126,740.09
SRPT 2014-STAR A FLTG RATE 8.50000 11/15/2027 US 186,152.22 $132,790.65
STAG INDUSTRIAL INC US STAG 364.84 $13,327.48
SUN COMMUNITIES US SUI 422.62 $51,737.11
SYNCHRONOSS TECH US 1,052.73 $19,264.87
SYSCO CORP US SYY 70.05 $4,878.81
TAH 2017-SFR2 A 2.92800 01/17/2036 US 20,475.43 $20,204.72
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 4,181.92 $391,302.04
TE CONNECTIVITY LIMITED CH TEL 50.6 $6,699.20
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 2,369.79 $23,372.51
TENCENT HOLDINGS 3.97500 04/11/2029 KY 647,687.76 $596,510.49
TENCENT HOLDINGS LTD CN 700 HK 1,087.32 $45,058.79
TERRENO REALTY CORP US TRNO 400.04 $24,358.17
TEXAS INSTRUMENTS INC US TXN 88.8 $14,923.31
THERMO FISHER SCIENTIFIC INC US TMO 370.94 $206,653.04
TOKYO ELECTRON LTD JP 8035 JP 167.28 $24,845.29
TPMT 2016-5 A1 2.50000 10/25/2056 US 16,141.67 $15,912.62
TPMT 2017-1 A1 2.75000 10/25/2056 US 7,289.76 $7,198.92
TPMT 2019-HY1 A1 6.42943 10/25/2048 US 32,023.45 $31,931.80
TRAVELLERS COS INC US TRV 45.13 $7,276.35
TREASURY BOND 2.37500 02/15/2042 US 2,365,001.63 $1,760,078.56
TREASURY NOTE 2.25000 11/15/2027 US 2,031,251.63 $1,867,640.67
TRUIST FINANCIAL CORP US TFC 173.13 $5,289.21
TSY INFL IX N/B 0.12500 01/15/2031 US 760,379.12 $666,133.68
TSY INFL IX N/B 0.50000 04/15/2024 US 1,188,928.75 $1,163,446.28
TSY INFL IX N/B 2.37500 01/15/2027 US 580,861.29 $580,841.82
TYSON FOODS INC -CL A US TSN 70.12 $3,735.49
U.S. BANCORP US USB 233.04 $8,512.93
UDR INC US UDR 828.37 $33,051.99
UNILEVER PLC - ADR GB UL 10,443.73 $532,839.34
UNION PAC CORP US UNP 1,135.07 $250,362.73
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 7,542.24 $7,126.06
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 44,595.47 $40,219.72
UNITED PARCEL SERVICE US UPS 84.89 $14,381.10
US CLAIMS LIT FNDG LLC 10.25000 03/17/2028 US 34,849.88 $31,949.57
US TEASURY NOTE 1.75000 11/15/2029 US 2,199,794.97 $1,913,134.19
US TREASURY N/B 0.87500 11/15/2030 US 1,918,424.34 $1,535,938.49
US TREASURY N/B 1.37500 11/15/2031 US 357,943.04 $290,157.58
US TREASURY N/B 2.00000 11/15/2026 US 1,330,458.29 $1,231,713.33
US TREASURY N/B 3.12500 11/15/2028 US 2,108,469.01 $1,996,127.14
US TREASURY N/B 4.12500 11/15/2032 US 1,165,154.19 $1,164,972.14
USRE 2021-1 A1 1.91000 10/20/2061 US 43,136.27 $37,191.24
VALERO ENERGY US VLO 44.33 $5,758.34
VENTAS INC US VTR 411.4 $17,969.84
VERTEX PHARMACEUTICALS INC US VRTX 761 $265,087.61
VISA INC - CLASS A SHARES US V 2,335.63 $573,818.10
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 418,056.48 $384,279.36
WELLS FARGO COMPANY US WFC 330.83 $13,659.86
WELLTOWER INC. US WELL 427.01 $35,390.60
WIN 2015-1 A1 3.50000 01/20/2045 US 10,406.19 $9,287.94

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

A Word About Risk

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

About The Fund Manager

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

Daily Price

$14.19

Daily $ Change

$0.01

Daily % Change

0.07%

as of 09/22/2023

CUSIP

56382R852

Inception Date

05/14/2015

This fund is available only 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 balanced mix of investments that seeks a more stable rate of long-term growth than that of the broad stock market. The portfolio is diversified among fixed income securities, primarily with intermediate to long-term maturities, and various stocks. Stock exposure can range from 26% - 63%.

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 2025
  • Who 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 08/31/2023

YTD

6.60%

1 Year

4.23%

3 Year

1.46%

5 Year

5.12%

10 Year

5.53%

Inception
(05/14/2015)

6.54%

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 the inception date of the Retirement Target CIT Class U1 units is based on the historical performance of the CIT’s oldest unit class. Performance through the inception date of the oldest unit class (08/03/2012) is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. Returns are net of the Class U1 expenses. The Retirement Target CIT Fund will gradually become more conservative over time.

Expense Ratio

Gross 0.51%
Net 0.49%*

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

Top Ten Investments

As of 08/31/2023

TREASURY NOTES 19.60%
GOVERNMENT AGENCY 11.07%
TREASURY BONDS 3.45%
TSY INFL IX N/B 0.50000 04/15/2024 2.28%
AMAZON.COM INC 1.98%
META PLATFORMS INC 1.64%
MASTERCARD INC-CLASS A 1.63%
ALPHABET INC-CL A 1.53%
MICRON TECHNOLOGY INC 1.39%
JOHNSON & JOHNSON 1.32%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 08/31/2023

Bonds
57.42%
Stocks
39.19%
Cash
3.39%

Detailed Asset Class Allocation

As of 08/31/2023

International Equities
9.85%
Small Capitalization
0.38%
Mid Capitalization
3.71%
Large Capitalization
25.24%
Long Term Fixed Income
11.75%
Intermediate Term Fixed Income
42.91%
Short Term Fixed Income
2.77%
Cash
3.39%

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)
3M CO US MMM 86.93 $9,272.64
ABBOTT LABORATORIES US ABT 165.33 $17,012.08
ADMIRAL GROUP PLC GB ADM LN 2,037.8 $64,198.93
ADMIRAL GROUP PLC ADR GB AMIGY 7,516.44 $236,805.43
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 182,337.19 $158,029.10
AGREE REALTY CORP US ADC 658.1 $40,683.52
AIR LIQUIDE FR AI FP 184.63 $33,358.70
AIRBUS SE FR AIR FP 229.55 $33,584.79
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 11,211.03 $11,279.84
ALCON INC CH ALC 3,205.17 $265,997.29
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 87,367.81 $70,048.94
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 362,017.22 $293,969.37
ALPHABET INC-CL A US GOOGL 5,734.74 $780,899.22
AMAZON.COM INC US AMZN 7,314.31 $1,009,448.11
AMAZON.COM INC 3.30000 04/13/2027 US 292,052.54 $277,922.40
AMERICAN HOMES 4 RENT- A US AMH 408.93 $14,737.70
AMERICAN TOWER REIT INC US AMT 185.02 $33,547.01
AMERICOLD REALTY TRUST US COLD 1,404.92 $47,275.46
ANALOG DEVICES INC US ADI 76.11 $13,835.66
APARTMENT INCOME REIT CO US AIRC 348.46 $11,868.52
APPLIED MATERIALS INC US AMAT 1,429.24 $218,330.44
ARCHER-DANIELS-MIDLAND CO US ADM 92.42 $7,329.06
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 179,621.88 $166,010.55
ASTRAZENECA GB AZN 530.92 $36,007.30
ATLASSIAN CORP PLC-CLASS A AU TEAM 123.54 $25,210.22
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 3,969.8 $18,483.34
AUTO TRADER GROUP PLC GB AUTO LN 5,548.86 $42,551.23
AVALONBAY COMMUNITIES INC US AVB 213.98 $39,332.95
AVANZA BANK HOLDING AB SE AZA SS 1,403.98 $27,107.11
BABS 2021-RM2 A 1.75000 10/25/2061 US 21,229.78 $18,218.58
BAE SYSTEMS PLC GB BA/ LN 4,453.59 $56,684.23
BAE SYSTEMS PLC -SPON ADR GB BAESY 4,092.78 $211,883.32
BANK OF AMERICA CORP US BAC 641.52 $18,392.44
BANK OF AMERICA CORP 2.68700 04/22/2032 US 278,127.12 $227,444.29
BAXTER INTERNATIONAL INC US BAX 91.31 $3,707.05
BEIERSDORF AG DE BEI GR 303.3 $39,712.21
BIOMARIN PHARMACEUTICAL INC US BMRN 3,310.16 $302,482.33
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 134,015.78 $130,869.85
BRISTOL MYERS SQUIBB CO US BMY 243.67 $15,022.28
BROADCOM INC US AVGO 29.55 $27,273.89
BROADRIDGE FINANCIAL SOLUTIONS US BR 28.02 $5,217.47
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 36,687.49 $31,918.12
BUNGE LIMITED US BG 36.24 $4,143.40
C.H. ROBINSON WORLDWIDE INC US CHRW 36.38 $3,290.14
CAALT 2021-3A B MTGE 1.38000 07/15/2030 US 203,163.17 $192,262.82
CALDERYS FINANCING LLC 11.25000 06/01/2028 US 49,281.69 $50,568.43
CAMPBELL SOUP CO US CPB 79.18 $3,301.76
CANADIAN NATIONAL RAILWAY CO CA CNI 2,005.19 $225,804.75
CARETRUST REIT INC US CTRE 1,092.26 $22,008.98
CATERPILLAR INC US CAT 74.58 $20,966.32
CBOE GLOBAL MARKETS INC US CBOE 1,514.76 $226,775.03
CELLNEX TELECOM SA ES CLNX SM 1,093.61 $41,825.61
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 1,300.45 $24,812.60
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 217,905.87 $226,066.03
CHEVRON CORP US CVX 148.04 $23,849.61
CIM 2019-INV1 A1 4.00000 02/25/2049 US 3,646.09 $3,412.25
CISCO SYSTEMS INC US CSCO 437.99 $25,118.92
CITIGROUP INC US C 287.55 $11,872.98
CITIGROUP INC 1.46200 06/09/2027 US 233,225.29 $207,615.19
CLARK CNTY NV 1.51000 11/01/2028 US 212,539.93 $180,095.50
CLEANAWAY WASTE MANAGEMENT AU CWY AU 18,732.54 $31,702.78
COCA COLA CO/THE US KO 10,516.58 $629,206.71
COGNIZANT TECH SOLUTIONS - A US CTSH 73.18 $5,240.76
COLGATE-PALMOLIVE CO US CL 130.48 $9,586.22
COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 110,437.41 $95,560.96
COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 US 170,582.72 $156,701.35
COMCAST CORP-CL A US CMCSA 465.73 $21,777.71
COMMUNITY HEALTHCARE TRUST I US CHCT 670.36 $22,249.37
CONAGRA BRAND INC. US CAG 120.89 $3,612.29
CONOCOPHILLIPS US COP 126.85 $15,099.38
COPART INC US CPRT 5,910.66 $264,974.72
CORNING INC US GLW 122.95 $4,035.23
COTERRA ENERGY INC US CTRA 151.53 $4,271.55
COUSINS PROPERTIES INC US CUZ 350.97 $8,247.76
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 27,463.15 $23,077.58
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 15,702.95 $13,094.29
CSX CORP US CSX 7,117.26 $214,941.14
CUMMINS INC US CMI 32.72 $7,527.75
CVS HEALTH CORP US CVS 123.93 $8,076.27
DEUTSCHE BOERSE AG DE DB1 GR 259 $45,979.22
DEUTSCHE BOERSE AG ADR DE DBOEY 11,050.71 $195,708.00
DEVON ENERGY CORPORATION US DVN 104.27 $5,327.20
DIAGEO PLC GB DGE LN 809.72 $33,160.33
DIAMONDBACK ENERGY INC US FANG 32.34 $4,908.67
DOLLAR GENERAL CORP US DG 2,161.71 $299,396.39
DOLLARAMA INC CA DOL CN 247.88 $16,072.51
DOW INC US DOW 106.08 $5,787.89
DREYFUS GVT CSH MANAGEMENT US 1,790,018.64 $1,790,018.64
EBAY INC US EBAY 104.48 $4,678.58
ELECTRONIC ARTS US EA 4,156.88 $498,742.28
EMERSON ELEC CO US EMR 101.62 $9,984.39
ENDAVA PLC - SPON ADR GB DAVA 302.32 $14,783.49
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 378,026.36 $376,343.11
EOG RESOURCES INC US EOG 74.16 $9,538.53
EQUINIX INC US EQIX 195.54 $152,789.45
EQUITY COMMONWEALTH US EQC 1,124.05 $21,390.74
EQUITY LIFESTYLE PROPERTIES US ELS 580.7 $38,883.40
EVERGY INC US EVRG 3,858.82 $212,119.40
EXTRA SPACE STORAGE INC US EXR 317.97 $40,915.86
EXXON MOBIL CORP US XOM 237.96 $26,458.22
FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 12,691.29 $13,310.29
FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 6,291.05 $6,597.89
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 3,483.57 $3,652.79
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 80.62 $79.98
FEDERAL NATL MTG ASSN AE0951 4.50000 02/01/2041 US 17,727.07 $17,281.67
FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 9,291.4 $9,052.96
FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 54,620.92 $53,219.23
FEDERAL NATL MTG ASSN AL8674 FLT 5.64700 01/01/2049 US 134,281.32 $138,223.60
FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 14,445.37 $13,126.86
FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 39,780.24 $37,343.55
FEDERAL NATL MTG ASSN BK0433 3.50000 12/01/2049 US 30,048.13 $26,935.18
FEDERAL NATL MTG ASSN BW1194 4.00000 09/01/2052 US 395,998.67 $365,805.15
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 236,278.54 $214,597.57
FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 14,775.98 $13,772.54
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 254,229.52 $238,646.00
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 19,192.95 $18,827.12
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 23,638.24 $23,187.68
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 267,550.5 $239,653.36
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 260,934.21 $241,241.25
FEDERAL NATL MTG ASSN MA5043 5.00000 06/01/2038 US 292,156.97 $288,817.72
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 250,129.7 $218,082.96
FEDERAL NATL MTG ASSN SD8276 5.00000 12/01/2052 US 392,439.16 $380,582.79
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 263,466.5 $227,673.02
FEDEX CORPORATION US FDX 28.72 $7,495.53
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 49,385.89 $47,786.08
FHLM POOL C91780 4.50000 07/01/2034 US 11,055.26 $10,866.12
FHLM POOL G03332 6.00000 10/01/2037 US 1,969.71 $2,068.42
FHLM POOL G05900 6.00000 03/01/2040 US 4,186.25 $4,396.04
FHLM POOL G05906 6.00000 04/01/2040 US 5,098.83 $5,354.35
FHLM POOL G06995 6.00000 05/01/2040 US 12,482.18 $13,107.71
FHLM POOL G13331 5.50000 10/01/2023 US .8 $0.80
FHLM POOL G60034 4.50000 02/01/2045 US 96,488.87 $93,987.90
FHLM POOL K91364 4.50000 11/01/2033 US 1,415.22 $1,393.40
FHLM POOL K92059 4.50000 09/01/2034 US 7,573.94 $7,443.36
FHLM POOL SD8230 4.50000 06/01/2052 US 211,474.71 $200,678.71
FHR 5189 CP 2.50000 06/25/2049 US 158,391.38 $134,161.14
FIFTH THIRD BANCORP US FITB 161.34 $4,283.65
FINECOBANK SPA IT FBK IM 2,809.88 $38,403.85
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 1,093.89 $17,502.22
FLX 2021-1A A2 3.25000 11/27/2051 US 219,695.61 $191,793.28
FMC CORP US FMC 4,107.05 $354,150.69
FN DS2696 3.00000 12/01/2051 US 295,889.54 $257,539.40
FN FS4925 MTGE 3.50000 04/01/2052 US 342,901.68 $310,251.43
FN MA4020 MTGE 3.00000 05/01/2050 US 355,653.94 $309,557.76
FN MA4733 4.50000 09/01/2052 US 287,995.8 $273,296.47
FN MA4807 MTGE 5.50000 11/01/2052 US 207,468.33 $205,248.22
FN MA4868 MTGE 5.00000 01/01/2053 US 377,007.04 $365,617.79
FN MA4934 MTGE 5.00000 02/01/2043 US 400,147.74 $392,130.26
FNR 2018-31 KP 3.50000 07/25/2047 US 2,538.81 $2,442.97
FR SD1129 4.00000 08/01/2051 US 48,569.87 $45,427.01
FR SD1360 MTGE 5.50000 07/01/2052 US 314,319.16 $310,830.13
FREMF 2015-K43 B FLT 3.85938 02/25/2048 US 73,947.9 $71,190.65
GENERAL DYNAMICS CORP US GD 45.97 $10,417.88
GENERAL MLS INC US GIS 107.62 $7,281.33
GENUINE PARTS CO US GPC 34.57 $5,315.06
GETTY REALTY CORP US GTY 583.21 $17,507.82
GILEAD SCIENCES INC US GILD 179.69 $13,742.38
GLOBANT SA LU GLOB 87.99 $17,992.31
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 27,659.34 $24,930.24
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 30,646.09 $27,531.80
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 103,520.06 $85,346.76
GREENIDGE GEN HLD INC US 1,142.79 $6,068.19
GSMBS 2021-INV1 A6 2.50000 12/25/2051 US 120,611.18 $101,275.20
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 77,841.07 $66,117.26
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 98,050.01 $83,217.60
GSMBS 2022-PJ1 A8 2.50000 05/28/2052 US 118,688.24 $100,468.08
HALLIBURTON CO US HAL 139.15 $5,374.15
HALMA PLC GB HLMA LN 708.11 $19,195.80
HARTFORD FINL SVCS US HIG 51.65 $3,709.27
HAWAII ST 2.68200 10/01/2038 US 125,419.23 $92,264.82
HDFC BANK LTD-ADR IN HDB 645.14 $40,198.55
HEALTHCARE REALTY TRUST INC US HR 693.05 $12,142.24
HEINEKEN NV NL HEIA NA 439.96 $42,768.73
HEINEKEN NV-SPN ADR NL HEINY 9,702.93 $472,629.92
HELIOS TOWERS PLC GB HTWS LN 10,672.25 $12,323.13
HOME DEPOT INC US HD 97.58 $32,230.56
HONEYWELL INTERNATIONAL INC US HON 87.26 $16,400.42
HOTWIRE FUNDING LLC 5.68700 05/20/2053 US 291,721.47 $284,373.97
HUNTINGTON BANCSHARES US HBAN 260.88 $2,893.20
HWIRE 2021-1 A2 2.31100 11/20/2051 US 38,030.35 $33,574.39
IDEXX LABORATORIES INC US IDXX 644.33 $329,515.88
IMCD NV NL IMCD NA 116.71 $16,074.89
IMPRL 2021-NQM3 1.59500 11/25/2056 US 111,810.65 $90,401.09
INTERCONTINENTALEXCHANGE INC US ICE 1,933.23 $228,101.55
INTERMEDIATE CAPITAL GROUP GB ICP LN 997.57 $17,048.11
INTERNATIONAL BUSINESS MACH CORP US IBM 84.2 $12,362.69
INTERNATIONAL FLVRS & FRAGRANCES US IFF 55.11 $3,882.19
INTUIT INC US INTU 459.3 $248,853.84
INTUITIVE SURGICAL INC US ISRG 690.77 $215,991.39
INVITATION HOMES INC US INVH 1,269.46 $43,276.00
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 33,455.89 $32,174.43
JM SMUCKER CO/THE-NEW COM WI US SJM 28.02 $4,061.40
JOHNSON & JOHNSON US JNJ 4,154.6 $671,715.39
JP MORGAN CHASE & CO US JPM 229.17 $33,534.86
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 22,663.25 $21,164.33
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 399,611.48 $379,004.74
KELLOGG CO US K 55.59 $3,391.81
KEYENCE CORP JP 6861 JP 69.7 $28,937.38
KEYWORDS STUDIOS PLC IE KWS LN 625.1 $12,076.03
KIMBERLY CLARK DE MEXICO S.A.B. MX KIMBERA MM 8,705.43 $19,605.78
KRAFT HEINZ CO/THE US KHC 150.27 $4,972.52
L'OREAL FR OR FP 20.22 $8,879.45
L3HARRIS TECHNOLOGIES INC US LHX 2,866.11 $510,424.92
LEXINGTON REALTY TRUST US LXP 2,250.24 $22,097.37
LOCKHEED MARTIN CORP US LMT 35.09 $15,734.16
LONZA GROUP AG -REG CH LONN SW 28.16 $15,532.10
LULULEMON - ADR CA LULU 88.83 $33,868.36
MARATHON OIL CORP US MRO 111.1 $2,927.52
MARATHON PETROLEUM CORP US MPC 70.12 $10,010.74
MARRIOTT VACATIONS WORLD US VAC 101.48 $11,030.01
MASCO CORP US MAS 7,576.02 $447,060.82
MASTERCARD INC-CLASS A US MA 2,016.7 $832,171.16
MEDTRONIC INC IE MDT 5,614.12 $457,550.43
MERCADOLIBRE INC BR MELI 27.98 $38,404.25
MERCK & CO INC US MRK 256.5 $27,952.84
META PLATFORMS INC US META 2,822.09 $835,028.56
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 157,006.17 $8,411.92
MICROCHIP TECHNOLOGY INC US MCHP 90.2 $7,382.37
MICRON TECHNOLOGY INC US MU 10,163.13 $710,808.98
MICROSOFT CORP US MSFT 932.65 $305,686.43
MID-AMERICA APARTMENT COMM US MAA 150.9 $21,914.89
MONARCH CASINO & RESORT INC US MCRI 266.7 $17,975.72
MONDELEZ INTERNATIONAL INC US MDLZ 2,948.77 $210,129.51
MOODY'S CORPORATION US MCO 1,186.74 $399,694.78
NAVIENT CORP 6.75000 06/25/2025 US 53,654.28 $53,390.47
NESTLE S.A. - ADR CH NSRGY 4,354.07 $523,054.10
NESTLE SA-REGISTERED CH NESN SW 509.74 $61,291.38
NETAPP INC US NTAP 55.2 $4,234.01
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 155,329.74 $140,418.97
NIKE INC CLASS B US NKE 1,682.21 $171,097.99
NORFOLK SOUTHN CORP US NSC 33.46 $6,858.79
NORTHROP GRUMMAN CORP US NOC 677.95 $293,612.58
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 52,619.69 $5.26
NOVARTIS AG- REG CH NVS 2,581.35 $259,373.85
NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 US 150,024.92 $151,979.77
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 29,334.79 $26,634.81
NRZT 2015-2A A1 3.75000 08/25/2055 US 38,421.51 $35,434.04
NRZT 2016-4A A1 3.75000 11/25/2056 US 75,220.62 $68,467.87
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 101,839.76 $90,833.60
OASIS 2023-1A 7.00000 02/15/2035 US 111,398.41 $110,862.22
OBX 2022-INV1 A1 3.00000 12/25/2051 US 127,395.87 $104,782.98
ODFJELL DRILLING LTD 9.25000 05/31/2028 BM 52,238.48 $52,929.33
OMNICOM GROUP US OMC 51.3 $4,155.73
OXFIN 2020-1A A2 3.10100 02/15/2028 US 66,403.55 $63,985.51
OXFIN 2022-1A 3.60200 02/15/2030 US 206,240.25 $190,492.14
OXFIN 2023-1A A2 6.71600 02/15/2031 US 262,455.58 $258,774.59
PACKAGING CORP OF AMERICA US PKG 23.59 $3,516.74
PALOMINO FUNDING TRUST I 7.23300 05/17/2028 US 312,243.67 $316,334.94
PARAMOUNT GLOBAL CLASS B US PARA 146.68 $2,213.43
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 155,798.86 $148,204.34
PEAR 2022-1 A1 6.50000 10/15/2034 US 13,210.8 $13,204.17
PEAR 2023-1A 7.42000 07/15/2035 US 147,319.49 $147,121.30
PELORUS FUND REIT 7.00000 09/30/2026 US 17,526.69 $16,676.56
PEPSICO INC 3.90000 07/18/2032 US 318,157.24 $301,765.01
PFIZER INC US PFE 479.53 $16,965.93
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 191,439.53 $152,303.72
PFMT 2021-2 A2A 2.00000 04/25/2051 US 114,228.35 $95,553.49
PHILLIPS 66 US PSX 57.64 $6,580.29
PHYSICIANS REALTY TRUST US DOC 919.15 $12,785.43
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 28,134.85 $24,864.01
PPG INDUSTRIES INC US PPG 38.2 $5,414.59
PROLOGIS US PLD 1,175.61 $146,011.20
PUBLIC STORAGE INC US PSA 196.86 $54,409.39
QUALCOMM INC US QCOM 149.65 $17,139.34
QUALCOMM INC 4.25000 05/20/2032 US 229,209.73 $220,024.48
QUEST DIAGNOSTICS INC US DGX 30.98 $4,073.74
RAYTHEON TECHNOLOGIES CORP US RTX 132.88 $11,433.12
RCKT 2021-6 A1 2.50000 12/25/2051 US 239,919.86 $189,345.71
REALTY INCOME CORP US O 562.89 $31,544.24
REGIONS FINANCIAL CORP. US RF 243.11 $4,458.70
RENAISSANCERE HOLDINGS LTD BM RNR 182.4 $34,271.80
RENTOKIL INITIAL PLC GB RTO LN 5,983.28 $45,553.54
RENTOKIL INITIAL PLC-SP ADR GB RTO 5,306.98 $201,399.97
REXFORD INDUSTRIAL REALITY IN US REXR 489.98 $26,199.34
S&P GLOBAL INC US SPGI 390.86 $152,770.51
SALESFORCE INC US CRM 1,013.32 $224,409.38
SBA COMMUNICATIONS CORP US SBAC 250.71 $56,291.44
SBA TOWER TRUST 1.88400 01/15/2026 US 180,242.2 $162,729.12
SBA TOWER TRUST 6.59900 01/15/2028 US 226,467.72 $229,922.80
SCHLUMBERGER LTD NL SLB 156.13 $9,205.28
SCML 2019-SBC8 2.86000 04/25/2041 US 102,808.16 $94,021.61
SEMT 2013-2 1.87400 02/25/2043 US 14,994.86 $12,457.70
SEMT 2013-6 A2 3.00000 05/25/2043 US 39,645.72 $34,067.95
SEMT 2013-7 A2 3.00000 06/25/2043 US 16,195.5 $14,091.28
SEMT 2013-8 A1 3.00000 06/25/2043 US 19,723.68 $17,071.48
SERVICENOW INC US NOW 777.55 $457,842.89
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 564,603.68 $454,060.01
SKYWORKS SOLUTIONS INC US SWKS 33.04 $3,592.52
SLAM 2021-1A A MTGE 2.43400 06/15/2046 US 27,400.87 $23,646.95
SMB 2020-BA A1A 1.29000 07/15/2053 US 109,956.63 $98,250.77
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 22,536.67 $21,898.44
SONY CORP FIRST SECTION JP 6758 JP 362.44 $30,152.19
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 119,807.78 $108,307.71
SORT 2020-1 A2 1.99000 07/15/2060 US 99,685.45 $83,973.87
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 148,361.11 $126,740.09
SRPT 2014-STAR A FLTG RATE 8.50000 11/15/2027 US 186,152.22 $132,790.65
STAG INDUSTRIAL INC US STAG 364.84 $13,327.48
SUN COMMUNITIES US SUI 422.62 $51,737.11
SYNCHRONOSS TECH US 1,052.73 $19,264.87
SYSCO CORP US SYY 70.05 $4,878.81
TAH 2017-SFR2 A 2.92800 01/17/2036 US 20,475.43 $20,204.72
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 4,181.92 $391,302.04
TE CONNECTIVITY LIMITED CH TEL 50.6 $6,699.20
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 2,369.79 $23,372.51
TENCENT HOLDINGS 3.97500 04/11/2029 KY 647,687.76 $596,510.49
TENCENT HOLDINGS LTD CN 700 HK 1,087.32 $45,058.79
TERRENO REALTY CORP US TRNO 400.04 $24,358.17
TEXAS INSTRUMENTS INC US TXN 88.8 $14,923.31
THERMO FISHER SCIENTIFIC INC US TMO 370.94 $206,653.04
TOKYO ELECTRON LTD JP 8035 JP 167.28 $24,845.29
TPMT 2016-5 A1 2.50000 10/25/2056 US 16,141.67 $15,912.62
TPMT 2017-1 A1 2.75000 10/25/2056 US 7,289.76 $7,198.92
TPMT 2019-HY1 A1 6.42943 10/25/2048 US 32,023.45 $31,931.80
TRAVELLERS COS INC US TRV 45.13 $7,276.35
TREASURY BOND 2.37500 02/15/2042 US 2,365,001.63 $1,760,078.56
TREASURY NOTE 2.25000 11/15/2027 US 2,031,251.63 $1,867,640.67
TRUIST FINANCIAL CORP US TFC 173.13 $5,289.21
TSY INFL IX N/B 0.12500 01/15/2031 US 760,379.12 $666,133.68
TSY INFL IX N/B 0.50000 04/15/2024 US 1,188,928.75 $1,163,446.28
TSY INFL IX N/B 2.37500 01/15/2027 US 580,861.29 $580,841.82
TYSON FOODS INC -CL A US TSN 70.12 $3,735.49
U.S. BANCORP US USB 233.04 $8,512.93
UDR INC US UDR 828.37 $33,051.99
UNILEVER PLC - ADR GB UL 10,443.73 $532,839.34
UNION PAC CORP US UNP 1,135.07 $250,362.73
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 7,542.24 $7,126.06
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 44,595.47 $40,219.72
UNITED PARCEL SERVICE US UPS 84.89 $14,381.10
US CLAIMS LIT FNDG LLC 10.25000 03/17/2028 US 34,849.88 $31,949.57
US TEASURY NOTE 1.75000 11/15/2029 US 2,199,794.97 $1,913,134.19
US TREASURY N/B 0.87500 11/15/2030 US 1,918,424.34 $1,535,938.49
US TREASURY N/B 1.37500 11/15/2031 US 357,943.04 $290,157.58
US TREASURY N/B 2.00000 11/15/2026 US 1,330,458.29 $1,231,713.33
US TREASURY N/B 3.12500 11/15/2028 US 2,108,469.01 $1,996,127.14
US TREASURY N/B 4.12500 11/15/2032 US 1,165,154.19 $1,164,972.14
USRE 2021-1 A1 1.91000 10/20/2061 US 43,136.27 $37,191.24
VALERO ENERGY US VLO 44.33 $5,758.34
VENTAS INC US VTR 411.4 $17,969.84
VERTEX PHARMACEUTICALS INC US VRTX 761 $265,087.61
VISA INC - CLASS A SHARES US V 2,335.63 $573,818.10
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 418,056.48 $384,279.36
WELLS FARGO COMPANY US WFC 330.83 $13,659.86
WELLTOWER INC. US WELL 427.01 $35,390.60
WIN 2015-1 A1 3.50000 01/20/2045 US 10,406.19 $9,287.94

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

A Word About Risk

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

About The Fund Manager

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

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