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 growth-oriented mix of investments that seeks potential for growth with some stability. The portfolio is diversified among various stock investments and fixed income securities, which will typically be intermediate to long-term maturities. Stock exposure can range from 36% - 68%.

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 2030
  • Who have some time to pursue growth 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.

Target Series Glide Path Overview

Learn more about our Glide Range SM

Daily Price

$22.01

Daily $ Change

$0.09

Daily % Change

0.41%

as of 03/23/2023

CUSIP

302027628

Inception Date

05/31/2007

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

Important Documents

Annual Report
Applications & Forms

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

Performance

As of 02/28/2023

YTD

1.79%

1 Year

-9.05%

3 Year

4.25%

5 Year

5.22%

10 Year

6.07%

Inception
(01/01/2000)

6.66%

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. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.70%
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 02/28/2023

TREASURY NOTES 23.27%
GOVERNMENT AGENCY 6.92%
TREASURY BONDS 4.58%
AMAZON.COM INC 2.48%
MASTERCARD INC-CLASS A 1.75%
INTERCONTINENTALEXCHANGE INC 1.55%
JOHNSON & JOHNSON 1.33%
ALPHABET INC-CL A 1.26%
META PLATFORMS INC 1.23%
FMC CORP 1.21%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 02/28/2023

Bonds 51.94%
Stocks 45.21%
Cash 2.85%

Detailed Asset Class Allocation

As of 02/28/2023

International Equities 11.39%
Small Capitalization 0.68%
Mid Capitalization 4.07%
Large Capitalization 29.06%
Long Term Fixed Income 12.85%
Intermediate Term Fixed Income 36.47%
Short Term Fixed Income 2.63%
Cash 2.85%

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

February Fund Holdings

As of 02/28/2023

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 345.61 $35,155.32
ACTIVISION INC US ATVI 12,441.88 $948,693.44
ADIDAS AG-SPONSORED ADR DE ADDYY 8,069.11 $604,618.16
ADMIRAL GROUP PLC GB AMIGY 23,706.99 $636,793.58
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 260,301.69 $221,679.58
AGREE REALTY CORP US ADC 1,012.56 $71,669.00
AIR LIQUIDE-ADR FR AIQUY 30,844.99 $979,945.29
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 45,764.19 $46,759.97
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 708,008.73 $584,543.30
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 201,982.82 $161,044.81
ALLSTATE CORPORATION US ALL 138.98 $17,898.46
ALPHABET INC-CL A US GOOGL 17,780.18 $1,601,282.76
AMAZON.COM INC US AMZN 33,521.72 $3,158,751.69
AMAZON.COM INC 3.30000 04/13/2027 US 683,560.54 $645,836.96
DIAGEO PLC GB DGE LN 1,374.06 $58,310.36
BAE SYSTEMS PLC GB BA/ LN 11,578.88 $125,054.27
AMERICAN HOMES 4 RENT- A US AMH 1,545.85 $47,952.36
AMERICAN TOWER REIT INC US AMT 326.14 $64,578.31
AMERICOLD REALTY TRUST US COLD 2,079.99 $61,151.62
ANALOG DEVICES INC US ADI 194.1 $35,610.61
APARTMENT INCOME REIT CO US AIRC 1,191.54 $45,040.22
APPLIED MATERIALS INC US AMAT 5,443.94 $632,313.07
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 47,792.74 $47,726.34
ARCHER-DANIELS-MIDLAND CO US ADM 249.54 $19,863.15
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 310,417.51 $283,338.63
ATLASSIAN CORP PLC-CLASS A AU TEAM 400.4 $65,797.76
AUTOMATIC DATA PROCESSING US ADP 139.42 $30,646.97
BAE SYSTEMS PLC -SPON ADR GB BAESY 14,713.15 $646,716.29
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 312,979.6 $303,207.65
BANK OF AMERICA CORP 2.68700 04/22/2032 US 570,526.4 $462,427.78
BARRICK GOLD CORP CA GOLD 27,507.2 $443,416.12
BAXTER INTERNATIONAL INC US BAX 176.11 $7,035.66
BEST BUY INC US BBY 128.48 $10,678.24
BIOMARIN PHARMACEUTICAL INC US BMRN 9,994.66 $995,368.43
DECHRA PHARMACEUTICALS PLC GB DPH LN 2,087.2 $68,559.00
BRANDYWINE REALTY TRUST US BDN 3,337.98 $19,660.70
BABS 2021-RM2 A 1.75000 10/25/2061 US 191,502.17 $166,822.54
BRISTOL MYERS SQUIBB CO US BMY 644.65 $44,454.86
BROADRIDGE FINANCIAL SOLUTIONS US BR 69.09 $9,726.70
JONAH ENERGY PARENT LLC US 1,959.85 $94,523.43
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 309,970.26 $277,519.66
SORT 2020-1 A2 1.99000 07/15/2060 US 254,755.39 $214,194.76
C.H. ROBINSON WORLDWIDE INC US CHRW 90.41 $9,037.72
CIM 2019-INV1 A1 4.00000 02/25/2049 US 12,812.5 $12,263.10
COMM 2014-UBS4 A5 3.69400 08/10/2047 US 366,722.93 $355,777.74
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 82,903.09 $72,711.09
COTERRA ENERGY INC US CTRA 361.49 $9,026.38
CAMDEN PROPERTY TRUST US CPT 407.97 $46,818.72
CAMPBELL SOUP CO US CPB 206.92 $10,867.25
CANADIAN NATIONAL RAILWAY CO CA CNI 5,968.38 $679,738.30
CARETRUST REIT INC US CTRE 2,543.39 $50,028.42
CATERPILLAR INC US CAT 196.01 $46,953.55
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 3,654.44 $68,630.35
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 330,175.13 $344,457.08
CHEVRON CORP US CVX 357.42 $57,463.14
CINCINNATI FINANCIAL CORP US CINF 87.48 $10,559.12
CISCO SYSTEMS INC US CSCO 1,121.47 $54,301.39
CITIGROUP INC US C 708.58 $35,917.74
CITIGROUP INC 1.46200 06/09/2027 US 546,440.96 $478,653.87
CLARK CNTY NV 1.51000 11/01/2028 US 207,809.66 $172,921.79
COCA COLA CO/THE US KO 15,609.22 $928,904.73
COLGATE-PALMOLIVE CO US CL 327.64 $24,015.89
COMCAST CORP-CL A US CMCSA 1,213.35 $45,100.04
COMMUNITY HEALTHCARE TRUST I US CHCT 1,768.57 $68,514.57
CONAGRA BRAND INC. US CAG 301.66 $10,983.58
CONOCOPHILLIPS US COP 339.34 $35,070.71
COPART INC US CPRT 9,270.65 $653,210.05
COUSINS PROPERTIES INC US CUZ 2,731.42 $66,892.38
CAALT 2021-3A B MTGE 1.38000 07/15/2030 US 198,641.58 $183,585.37
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 46,840.25 $39,155.05
CUMMINS INC US CMI 77.39 $18,811.54
COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 107,979.53 $94,188.59
COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 US 408,433.89 $376,649.45
KIMBERLY CLARK DE MEXICO S.A.B. MX KIMBERA MM 67,141.96 $134,309.61
DEVON ENERGY CORPORATION US DVN 250.28 $13,494.90
DIAMONDBACK ENERGY INC US FANG 79.39 $11,160.55
DIGITAL REALTY TRUST INC US DLR 735.61 $76,672.54
DOLLAR TREE STORES INC US DLTR 4,432.74 $643,988.04
DOW INC US DOW 237.75 $13,599.15
DREYFUS GVT CSH MANAGEMENT US 3,731,759.7 $3,731,759.70
EOG RESOURCES INC US EOG 182.87 $20,667.65
EASTMAN CHEM CO US EMN 84.74 $7,220.02
EBAY INC US EBAY 215.14 $9,874.81
ELECTRONIC ARTS US EA 5,091.74 $564,877.68
EMERSON ELEC CO US EMR 251.83 $20,828.91
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 758,641.33 $753,191.73
EQUINIX INC US EQIX 1,358.58 $935,069.37
EQUITY COMMONWEALTH US EQC 1,838.24 $39,025.78
EQUITY LIFESTYLE PROPERTIES US ELS 1,704.53 $116,777.34
ESSEX PROPERTY TRUST INC US ESS 151.41 $34,530.98
EVERGY INC US EVRG 11,906.52 $700,222.16
FMC CORP US FMC 11,933.88 $1,541,259.95
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 140,569.16 $140,643.85
FREMF 2015-K43 B FLT 3.73230 02/25/2048 US 669,313.96 $640,368.63
META PLATFORMS INC US META 8,906.59 $1,558,118.35
FHLM POOL G03332 6.00000 10/01/2037 US 2,081.71 $2,183.04
FHLM POOL G05900 6.00000 03/01/2040 US 4,332.37 $4,543.25
FHLM POOL G05906 6.00000 04/01/2040 US 17,251.56 $18,091.28
FHLM POOL G06995 6.00000 05/01/2040 US 12,779.55 $13,401.60
FHLM POOL G13331 5.50000 10/01/2023 US 49.17 $48.99
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 134,509.64 $131,993.87
FHLM POOL C91780 4.50000 07/01/2034 US 113,494.69 $112,040.74
FR SD1129 4.00000 08/01/2051 US 467,326.84 $444,420.98
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 619,297.24 $550,838.59
FHLM POOL SD8230 4.50000 06/01/2052 US 462,797.83 $445,525.27
FHLM POOL K91364 4.50000 11/01/2033 US 14,238.24 $14,078.70
FHLM POOL K92059 4.50000 09/01/2034 US 70,832.66 $69,907.04
FHLM POOL G60034 4.50000 02/01/2045 US 101,058.64 $99,837.56
FNR 2018-31 KP 3.50000 07/25/2047 US 11,043.66 $10,633.60
FHMS K030 X1 FLT 0.13807 04/25/2023 US 3,346,716.44 $524.60
FHMS K032 X1 FLT 0.05833 05/25/2023 US 10,332,848.11 $1,700.27
FHR 5189 CP 2.50000 06/25/2049 US 161,363.21 $139,332.34
FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 30,933.61 $30,597.18
FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 56,748.21 $56,131.01
FEDERAL NATL MTG ASSN AL8674 FLT 5.65000 01/01/2049 US 518,958.76 $537,141.80
FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 14,380.21 $13,308.79
FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 39,386.15 $37,621.85
FEDERAL NATL MTG ASSN BK0433 3.50000 12/01/2049 US 283,139.33 $260,758.18
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 589,052.26 $544,979.04
FN DS2696 3.00000 12/01/2051 US 748,363.68 $667,903.44
FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 12,994.42 $13,611.49
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 20,853.38 $20,533.10
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 93,538.42 $92,101.78
FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 47,392.06 $44,508.12
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 649,833.64 $565,173.93
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 651,764.12 $593,000.96
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 640,385.3 $600,371.60
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 628,957.73 $597,281.87
FN MA4733 4.50000 09/01/2052 US 718,989.17 $692,148.86
FN MA4807 MTGE 5.50000 11/01/2052 US 515,166.07 $514,262.93
FN MA4934 MTGE 5.00000 02/01/2043 US 977,570 $970,987.29
FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 6,497.32 $6,805.86
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 9,145.4 $9,576.62
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 459.59 $456.06
FEDERAL NATL MTG ASSN AE0951 4.50000 02/01/2041 US 18,247.69 $18,050.19
FIFTH THIRD BANCORP US FITB 378.44 $13,737.40
FLX 2021-1A A2 3.25000 11/27/2051 US 541,741.14 $482,308.73
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 435,474.98 $411,495.61
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 79,565.35 $68,417.55
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 245,095.57 $210,771.68
GSMBS 2021-INV1 A6 2.50000 12/25/2051 US 300,880.46 $258,554.73
GSMBS 2022-PJ1 A8 2.50000 05/28/2052 US 119,741.87 $102,345.77
GENERAL DYNAMICS CORP US GD 112.4 $25,616.85
GENERAL MLS INC US GIS 282.83 $22,487.50
GENUINE PARTS CO US GPC 87.58 $15,490.15
GETTY REALTY CORP US GTY 2,640.96 $90,664.27
GILEAD SCIENCES INC US GILD 496.18 $39,957.32
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 79,715.02 $79,475.88
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 104,209.09 $87,318.07
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 90,755.46 $84,622.45
GREENIDGE GEN HLD INC US 3,277.97 $17,996.03
GRUPO AEROPORTUARIO PAC-ADR MX PAC 98.88 $18,794.66
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 66.48 $19,025.02
AIRBUS SE FR AIR FP 506.48 $66,334.41
ADIDAS AG DE ADS GR 761.98 $113,798.92
HDFC BANK LTD-ADR IN HDB 1,721.99 $116,475.46
L'OREAL FR OR FP 62.69 $24,781.21
HAWAII ST 2.68200 10/01/2038 US 151,057.04 $112,033.87
HEALTHCARE REALTY TRUST INC US HR 5,645.74 $110,091.85
HEINEKEN NV-SPN ADR NL HEINY 19,288.78 $985,849.35
HOME DEPOT INC US HD 235.3 $69,775.73
HONEYWELL INTERNATIONAL INC US HON 229.09 $43,866.65
HWIRE 2021-1 A2 2.31100 11/20/2051 US 344,218.61 $297,811.06
IDEXX LABORATORIES INC US IDXX 1,473.26 $697,206.83
KERRY GROUP PLC-A IE KYGA ID 839.6 $80,387.04
ILLINOIS TOOL WKS INC US ITW 119.77 $27,924.60
IMPRL 2021-NQM3 1.59500 11/25/2056 US 284,836.42 $236,058.08
INDEPENDENCE REALTY TRUST IN US IRT 2,137 $38,658.27
INTEL CORP US INTC 1,169.23 $29,148.80
INTERCONTINENTALEXCHANGE INC US ICE 19,357.32 $1,970,574.84
INTERNATIONAL FLVRS & FRAGRANCES US IFF 128.18 $11,946.15
INTUIT INC US INTU 1,487.34 $605,616.79
INTUITIVE SURGICAL INC US ISRG 2,438.23 $559,304.86
INVITATION HOMES INC US INVH 2,636.28 $82,410.25
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 100,941.22 $95,435.63
JP MORGAN CHASE & CO US JPM 683.02 $97,911.27
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 85,752.79 $80,924.79
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 815,455.56 $768,791.76
JOHNSON & JOHNSON US JNJ 11,022.5 $1,689,308.30
KEYCORP US KEY 396.19 $7,246.39
KROGER CO US KR 336.25 $14,505.99
L3HARRIS TECHNOLOGIES INC US LHX 4,510.87 $952,650.51
BEIERSDORF AG DE BEI GR 670.84 $80,061.64
LENNAR CORP US LEN 119.03 $11,514.63
LEXINGTON REALTY TRUST US LXP 4,229.79 $44,116.71
OASIS 2023-1A 7.00000 02/15/2035 US 339,233.58 $338,599.32
LIFE STORAGE INC US LSI 651.59 $78,530.03
LOCKHEED MARTIN CORP US LMT 87.9 $41,688.87
LULULEMON - ADR CA LULU 135.49 $41,893.17
MAGALLANES INC 4.05400 03/15/2029 US 840,559.67 $751,055.51
MARATHON PETROLEUM CORP US MPC 200.43 $24,773.16
MARRIOTT VACATIONS WORLD US VAC 207.9 $31,806.43
MASCO CORP US MAS 11,454.34 $600,550.86
MASTERCARD INC-CLASS A US MA 6,272.29 $2,228,482.61
MCDONALDS CORP US MCD 157.72 $41,624.06
MERCADOLIBRE INC BR MELI 67.71 $82,611.98
MERCK & CO INC US MRK 684.03 $72,671.14
MICROSOFT CORP US MSFT 5,186.26 $1,293,556.86
MICROCHIP TECHNOLOGY INC US MCHP 193.56 $15,684.12
MICRON TECHNOLOGY INC US MU 10,488.62 $606,451.83
MID-AMERICA APARTMENT COMM US MAA 585.14 $93,680.97
MONDELEZ INTERNATIONAL INC US MDLZ 19,818.27 $1,291,754.95
MOODY'S CORPORATION US MCO 3,743.12 $1,086,065.43
MOTOROLA SOLUTIONS INC US MSI 79.49 $20,891.09
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 107,469.78 $95,848.84
NAVIENT CORP 6.75000 06/25/2025 US 153,383.59 $151,234.49
NESTLE S.A. - ADR CH NSRGY 8,060.37 $906,912.51
NETAPP INC US NTAP 138.26 $8,924.59
USRE 2021-1 A1 1.91000 10/20/2061 US 390,433.15 $334,326.22
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 91,898.95 $84,004.81
NRZT 2015-2A A1 3.75000 08/25/2055 US 141,524.63 $130,252.07
NRZT 2016-4A A1 3.75000 11/25/2056 US 277,085.27 $252,743.50
KEYENCE CORP JP 6861 JP 168.24 $72,715.93
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 365,356.38 $332,702.90
NEWMONT GOLDCORP CORP US NEM 6,239.35 $272,098.00
NIKE INC CLASS B US NKE 4,938.86 $586,687.03
NORFOLK SOUTHN CORP US NSC 2,626.47 $590,483.61
NIKON CORP JP 7731 JP 4,951.44 $49,042.46
NORTHROP GRUMMAN CORP US NOC 2,114 $981,126.42
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 156,636.39 $15.66
NOVARTIS AG- REG CH NVS 15,234.57 $1,281,531.72
NUCOR CORP US NUE 121.86 $20,403.51
OBX 2022-INV1 A1 3.00000 12/25/2051 US 129,393.01 $108,506.83
OMNICOM GROUP US OMC 131.01 $11,865.28
SONY CORP FIRST SECTION JP 6758 JP 1,398.13 $116,906.59
TOKYO ELECTRON LTD JP 8035 JP 168.24 $57,721.90
OXFIN 2020-1A A2 3.10100 02/15/2028 US 230,388.19 $227,827.31
OXFIN 2022-1A 3.60200 02/15/2030 US 478,834.25 $434,633.54
OXFIN 2023-1A A2 6.71600 02/15/2031 US 609,135.67 $600,619.34
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 76,551.94 $69,159.42
PPG INDUSTRIES INC US PPG 85.7 $11,317.30
PACKAGING CORP OF AMERICA US PKG 62.67 $8,567.92
PARKER HANNIFIN CORP US PH 45.74 $16,094.42
DEUTSCHE BOERSE AG DE DB1 GR 663.37 $115,674.47
PAYPAL HOLDINGS INC US PYPL 9,060.05 $666,819.38
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 475,112.09 $449,528.25
PEAR 2022-1 A1 6.50000 10/15/2034 US 57,840.97 $57,811.53
PELORUS FUND REIT 7.00000 09/30/2026 US 112,374.22 $105,066.51
NESTLE SA-REGISTERED CH NESN SW 963.15 $108,518.44
PEPSICO INC 3.90000 07/18/2032 US 623,921.85 $585,818.13
PFIZER INC US PFE 1,017.81 $41,292.59
PIONEER NATURAL RESOURCES CO US PXD 80.65 $16,163.29
POPULAR INC 6.12500 09/14/2023 PR 139,041.14 $138,404.02
PROCTER & GAMBLE CO US PG 536.76 $73,836.65
PROLOGIS US PLD 3,635.44 $448,613.07
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 466,241.42 $374,275.46
PFMT 2021-2 A2A 2.00000 04/25/2051 US 280,020.63 $235,135.51
PUBLIC STORAGE INC US PSA 546.87 $163,485.83
QUALCOMM INC US QCOM 341.53 $42,189.31
QUALCOMM INC 4.25000 05/20/2032 US 224,108.45 $214,457.40
QUEST DIAGNOSTICS INC US DGX 78.66 $10,883.83
RCKT 2021-6 A1 2.50000 12/25/2051 US 538,020.32 $431,643.26
RADIUS GLOBAL INFRASTRUCTURE US RADI 12,198.15 $166,260.72
REALTY INCOME CORP US O 1,079.01 $69,002.88
REGIONS FINANCIAL CORP. US RF 576.61 $13,446.63
REPUBLIC SERVICES INC US RSG 148.47 $19,141.94
RESTAURANT BRANDS INTERN CA QSR 1,037.81 $66,928.27
REXFORD INDUSTRIAL REALITY IN US REXR 1,850.04 $111,853.44
GETINGE AB-B SHS SE GETIB SS 5,019.15 $107,877.67
ROSS STORES INC US ROST 131.54 $14,540.69
HEINEKEN NV NL HEIA NA 817.2 $83,296.33
SBA TOWER TRUST 1.88400 01/15/2026 US 176,230.74 $156,003.20
SBA TOWER TRUST 6.59900 01/15/2028 US 548,362.53 $565,972.31
S&P GLOBAL INC US SPGI 1,168.22 $398,598.05
SBA COMMUNICATIONS CORP US SBAC 5,862.34 $1,520,398.14
SLAM 2021-1A A MTGE 2.43400 06/15/2046 US 256,959.19 $220,791.70
SMB 2020-BA A1A 1.29000 07/15/2053 US 314,186.43 $273,146.45
SALESFORCE INC US CRM 3,715.99 $607,973.71
SEMT 2013-6 A2 3.00000 05/25/2043 US 120,195.23 $105,910.13
SEMT 2013-7 A2 3.00000 06/25/2043 US 50,868.62 $44,878.89
SEMT 2013-8 A1 3.00000 06/25/2043 US 60,319.88 $53,425.67
SEMT 2013-2 1.87400 02/25/2043 US 48,578.96 $41,861.47
SERVICENOW INC US NOW 2,859.32 $1,235,714.44
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 1,092,881.92 $883,208.24
SKYWORKS SOLUTIONS INC US SWKS 72.76 $8,118.03
JM SMUCKER CO/THE-NEW COM WI US SJM 71.08 $10,511.94
SNOWFLAKE INC-CLASS A US SNOW 4,019.71 $620,562.49
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 84,282.4 $81,509.12
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 695,162.97 $591,679.57
STAG INDUSTRIAL INC US STAG 795.54 $26,761.85
STANLEY BLACK & DECKER INC US SWK 62.88 $5,383.54
SRPT 2014-STAR A FLTG RATE 6.05800 11/15/2027 US 577,235.4 $399,301.04
STEEL DYNAMICS INC US STLD 120.71 $15,222.60
SUN COMMUNITIES US SUI 947.37 $135,606.38
SCML 2019-SBC8 2.86000 04/25/2041 US 107,734.99 $98,406.24
SYNCHRONOSS TECH US 5,217.96 $96,271.35
SYNERGY ONE LENDING 5.50000 10/14/2026 US 172,310.07 $150,394.43
TJX COMPANIES INC US TJX 332.9 $25,500.32
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 11,925.62 $1,038,363.80
TARGET CORP US TGT 112.92 $19,027.26
TENCENT HOLDINGS 3.97500 04/11/2029 KY 1,374,020.23 $1,259,936.27
TERRENO REALTY CORP US TRNO 1,545.57 $96,150.14
TEXAS INSTRUMENTS INC US TXN 198.31 $34,000.93
THERMO FISHER SCIENTIFIC INC US TMO 1,079.67 $584,922.74
3M CO US MMM 213.24 $22,974.30
TPMT 2016-5 A1 2.50000 10/25/2056 US 93,345.72 $91,806.16
TPMT 2017-1 A1 2.75000 10/25/2056 US 44,578.1 $43,918.23
TPMT 2019-HY1 A1 5.61700 10/25/2048 US 115,564.24 $115,241.22
TRACTOR SUPPLY COMPANY US TSCO 45 $10,497.39
TRAVELLERS COS INC US TRV 119.04 $22,036.62
TAH 2017-SFR2 A 2.92800 01/17/2036 US 209,831.94 $204,431.10
TYSON FOODS INC -CL A US TSN 183.8 $10,888.14
UDR INC US UDR 1,618.31 $69,328.37
U.S. BANCORP US USB 574.54 $27,422.65
UNILEVER PLC - ADR GB UL 30,353.71 $1,515,560.50
UNION PAC CORP US UNP 195.36 $40,493.55
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 127,922.43 $114,754.99
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 23,265.91 $22,145.83
UNITED PARCEL SERVICE US UPS 190.28 $34,724.83
US TREASURY N/B 3.00000 05/15/2047 US 1,138,789.9 $945,551.49
TREASURY BOND 2.37500 02/15/2042 US 6,356,074.84 $4,879,280.58
TREASURY NOTE 2.25000 11/15/2027 US 5,638,884.45 $5,165,306.29
US TREASURY N/B 3.12500 11/15/2028 US 8,721,105.53 $8,263,928.87
US TREASURY N/B 2.25000 11/15/2025 US 1,640,066.42 $1,544,096.91
US TREASURY N/B 2.00000 11/15/2026 US 3,796,873.45 $3,491,343.79
US TEASURY NOTE 1.75000 11/15/2029 US 5,044,791.25 $4,387,391.89
US TREASURY N/B 0.87500 11/15/2030 US 4,552,928.57 $3,635,940.30
US TREASURY N/B 1.37500 11/15/2031 US 3,799,642.16 $3,090,771.42
VF CORP US VFC 161.82 $4,016.49
VENTAS INC US VTR 1,135.17 $55,225.78
VERTEX PHARMACEUTICALS INC US VRTX 2,485.4 $721,487.16
PARAMOUNT GLOBAL CLASS B US PARA 249.88 $5,352.41
VISA INC - CLASS A SHARES US V 6,839.14 $1,504,199.39
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 153,368.18 $147,244.54
VISTRA OPERATIONS 4.87500 05/13/2024 US 538,094.78 $529,212.54
WAL MART STORES US WMT 591.03 $84,002.89
WALGREENS BOOTS ALLIANCE INC US WBA 319.95 $11,367.92
WASTE MANAGEMENT INC US WM 166.55 $24,942.98
WELLTOWER INC. US WELL 1,123.17 $83,249.72
WIN 2015-1 A1 3.50000 01/20/2045 US 29,651.09 $27,019.74
ZOETIS INC US ZTS 1,696.28 $283,278.53
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 1,892.65 $18,849.38
ADMIRAL GROUP PLC GB ADM LN 4,753.47 $125,786.36
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 1,830.22 $17,499.41
UBISOFT ENTERTAINMENT FR UBI FP 1,584.25 $34,734.84
DANONE FR BN FP 886.86 $49,852.27
AIR LIQUIDE FR AI FP 904.49 $143,702.34
BRENNTAG AG DE BNR GR 687.73 $51,802.34
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 579,948.88 $28,951.52
KEYWORDS STUDIOS PLC IE KWS LN 652.8 $22,777.98
MEITUAN DIANPING - CLASS B CN 3690 HK 166.2 $2,884.35
HELIOS TOWERS PLC GB HTWS LN 29,699.07 $39,205.24
AVANZA BANK HOLDING AB SE AZA SS 2,886.55 $76,342.76
AMERICAN TANKER INC 7.75000 07/02/2025 US 163,898.3 $158,076.29
SOFTWAREONE HOLDING AG CH SWON SW 4,584.02 $76,370.01
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 8,468.45 $45,759.08
TENCENT HOLDINGS LTD CN 700 HK 1,502.62 $66,007.69
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 3,340.61 $62,469.41
SEASPAN CORP 6.50000 02/05/2024 MH 104,491.18 $104,535.70
PETROTAL CORP 12.00000 02/16/2024 CA 87,830.83 $90,026.60
IMCD NV NL IMCD NA 145.6 $23,046.59
FINECOBANK SPA IT FBK IM 7,089.08 $122,502.80
ALLFUNDS GROUP PLC GB ALLFG NA 6,005.31 $52,307.33
AUTO TRADER GROUP PLC GB AUTO LN 18,361.64 $131,323.94
CELLNEX TELECOM SA ES CLNX SM 3,175.21 $119,130.15
ASSA ABLOY AB-B SE ASSAB SS 3,476.38 $84,593.43
CLEANAWAY WASTE MANAGEMENT AU CWY AU 53,602.37 $95,587.26
INTERMEDIATE CAPITAL GROUP GB ICP LN 4,626.17 $77,881.69
ADYEN NV NL ADYEN NA 33.23 $47,096.22
BANK OF N.T. BUTTERFIELD&SON BM NTB 1,412.23 $51,051.98
BUNGE LIMITED US BG 91.18 $8,707.59
EATON CORP PLC US ETN 174.14 $30,461.74
JOHNSON CONTROLS INTERNATIONAL US JCI 336.13 $21,081.81
LINDE PLC IE LIN 141.59 $49,324.68
MEDTRONIC INC IE MDT 9,027.72 $747,495.14
RENAISSANCERE HOLDINGS LTD BM RNR 241.93 $51,990.79
ROYALTY PHARMA PLC- CL A US RPRX 244.48 $8,764.50
STONECO LTD-A BR STNE 2,219.64 $18,889.13
TRANE TECHNOLOGIES IE TT 81.89 $15,146.57
ALCON INC CH ALC 10,552.58 $720,107.96
CHUBB LTD CH CB 173.49 $36,609.05
GARMIN LTD CH GRMN 108.3 $10,626.98
TE CONNECTIVITY LIMITED CH TEL 108.19 $13,775.14
LYONDELLBASELL INDU-CL A US LYB 121.87 $11,698.18
PLAYA HOTELS AND RESORTS US PLYA 3,518.58 $31,385.75
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 67,834.73 $60,928.87

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

$22.01

Daily $ Change

$0.09

Daily % Change

0.41%

as of 03/23/2023

CUSIP

302027628

Inception Date

05/31/2007

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

Important Documents

Annual Report
Fact Sheet
Applications & Forms

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

Investment Objective

To provide capital 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 growth-oriented mix of investments that seeks potential for growth with some stability. The portfolio is diversified among various stock investments and fixed income securities, which will typically be intermediate to long-term maturities. Stock exposure can range from 36% - 68%.

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 2030
  • Who have some time to pursue growth 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.

Target Series Glide Path Overview

Learn more about our Glide Range SM

Performance

As of 02/28/2023

YTD

1.79%

1 Year

-9.05%

3 Year

4.25%

5 Year

5.22%

10 Year

6.07%

Inception
(01/01/2000)

6.66%

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. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.70%
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 02/28/2023

TREASURY NOTES 23.27%
GOVERNMENT AGENCY 6.92%
TREASURY BONDS 4.58%
AMAZON.COM INC 2.48%
MASTERCARD INC-CLASS A 1.75%
INTERCONTINENTALEXCHANGE INC 1.55%
JOHNSON & JOHNSON 1.33%
ALPHABET INC-CL A 1.26%
META PLATFORMS INC 1.23%
FMC CORP 1.21%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 02/28/2023

Bonds
51.94%
Stocks
45.21%
Cash
2.85%

Detailed Asset Class Allocation

As of 02/28/2023

International Equities
11.39%
Small Capitalization
0.68%
Mid Capitalization
4.07%
Large Capitalization
29.06%
Long Term Fixed Income
12.85%
Intermediate Term Fixed Income
36.47%
Short Term Fixed Income
2.63%
Cash
2.85%

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

February Fund Holdings

As of 02/28/2023

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 345.61 $35,155.32
ACTIVISION INC US ATVI 12,441.88 $948,693.44
ADIDAS AG-SPONSORED ADR DE ADDYY 8,069.11 $604,618.16
ADMIRAL GROUP PLC GB AMIGY 23,706.99 $636,793.58
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 260,301.69 $221,679.58
AGREE REALTY CORP US ADC 1,012.56 $71,669.00
AIR LIQUIDE-ADR FR AIQUY 30,844.99 $979,945.29
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 45,764.19 $46,759.97
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 708,008.73 $584,543.30
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 201,982.82 $161,044.81
ALLSTATE CORPORATION US ALL 138.98 $17,898.46
ALPHABET INC-CL A US GOOGL 17,780.18 $1,601,282.76
AMAZON.COM INC US AMZN 33,521.72 $3,158,751.69
AMAZON.COM INC 3.30000 04/13/2027 US 683,560.54 $645,836.96
DIAGEO PLC GB DGE LN 1,374.06 $58,310.36
BAE SYSTEMS PLC GB BA/ LN 11,578.88 $125,054.27
AMERICAN HOMES 4 RENT- A US AMH 1,545.85 $47,952.36
AMERICAN TOWER REIT INC US AMT 326.14 $64,578.31
AMERICOLD REALTY TRUST US COLD 2,079.99 $61,151.62
ANALOG DEVICES INC US ADI 194.1 $35,610.61
APARTMENT INCOME REIT CO US AIRC 1,191.54 $45,040.22
APPLIED MATERIALS INC US AMAT 5,443.94 $632,313.07
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 47,792.74 $47,726.34
ARCHER-DANIELS-MIDLAND CO US ADM 249.54 $19,863.15
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 310,417.51 $283,338.63
ATLASSIAN CORP PLC-CLASS A AU TEAM 400.4 $65,797.76
AUTOMATIC DATA PROCESSING US ADP 139.42 $30,646.97
BAE SYSTEMS PLC -SPON ADR GB BAESY 14,713.15 $646,716.29
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 312,979.6 $303,207.65
BANK OF AMERICA CORP 2.68700 04/22/2032 US 570,526.4 $462,427.78
BARRICK GOLD CORP CA GOLD 27,507.2 $443,416.12
BAXTER INTERNATIONAL INC US BAX 176.11 $7,035.66
BEST BUY INC US BBY 128.48 $10,678.24
BIOMARIN PHARMACEUTICAL INC US BMRN 9,994.66 $995,368.43
DECHRA PHARMACEUTICALS PLC GB DPH LN 2,087.2 $68,559.00
BRANDYWINE REALTY TRUST US BDN 3,337.98 $19,660.70
BABS 2021-RM2 A 1.75000 10/25/2061 US 191,502.17 $166,822.54
BRISTOL MYERS SQUIBB CO US BMY 644.65 $44,454.86
BROADRIDGE FINANCIAL SOLUTIONS US BR 69.09 $9,726.70
JONAH ENERGY PARENT LLC US 1,959.85 $94,523.43
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 309,970.26 $277,519.66
SORT 2020-1 A2 1.99000 07/15/2060 US 254,755.39 $214,194.76
C.H. ROBINSON WORLDWIDE INC US CHRW 90.41 $9,037.72
CIM 2019-INV1 A1 4.00000 02/25/2049 US 12,812.5 $12,263.10
COMM 2014-UBS4 A5 3.69400 08/10/2047 US 366,722.93 $355,777.74
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 82,903.09 $72,711.09
COTERRA ENERGY INC US CTRA 361.49 $9,026.38
CAMDEN PROPERTY TRUST US CPT 407.97 $46,818.72
CAMPBELL SOUP CO US CPB 206.92 $10,867.25
CANADIAN NATIONAL RAILWAY CO CA CNI 5,968.38 $679,738.30
CARETRUST REIT INC US CTRE 2,543.39 $50,028.42
CATERPILLAR INC US CAT 196.01 $46,953.55
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 3,654.44 $68,630.35
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 330,175.13 $344,457.08
CHEVRON CORP US CVX 357.42 $57,463.14
CINCINNATI FINANCIAL CORP US CINF 87.48 $10,559.12
CISCO SYSTEMS INC US CSCO 1,121.47 $54,301.39
CITIGROUP INC US C 708.58 $35,917.74
CITIGROUP INC 1.46200 06/09/2027 US 546,440.96 $478,653.87
CLARK CNTY NV 1.51000 11/01/2028 US 207,809.66 $172,921.79
COCA COLA CO/THE US KO 15,609.22 $928,904.73
COLGATE-PALMOLIVE CO US CL 327.64 $24,015.89
COMCAST CORP-CL A US CMCSA 1,213.35 $45,100.04
COMMUNITY HEALTHCARE TRUST I US CHCT 1,768.57 $68,514.57
CONAGRA BRAND INC. US CAG 301.66 $10,983.58
CONOCOPHILLIPS US COP 339.34 $35,070.71
COPART INC US CPRT 9,270.65 $653,210.05
COUSINS PROPERTIES INC US CUZ 2,731.42 $66,892.38
CAALT 2021-3A B MTGE 1.38000 07/15/2030 US 198,641.58 $183,585.37
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 46,840.25 $39,155.05
CUMMINS INC US CMI 77.39 $18,811.54
COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 107,979.53 $94,188.59
COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 US 408,433.89 $376,649.45
KIMBERLY CLARK DE MEXICO S.A.B. MX KIMBERA MM 67,141.96 $134,309.61
DEVON ENERGY CORPORATION US DVN 250.28 $13,494.90
DIAMONDBACK ENERGY INC US FANG 79.39 $11,160.55
DIGITAL REALTY TRUST INC US DLR 735.61 $76,672.54
DOLLAR TREE STORES INC US DLTR 4,432.74 $643,988.04
DOW INC US DOW 237.75 $13,599.15
DREYFUS GVT CSH MANAGEMENT US 3,731,759.7 $3,731,759.70
EOG RESOURCES INC US EOG 182.87 $20,667.65
EASTMAN CHEM CO US EMN 84.74 $7,220.02
EBAY INC US EBAY 215.14 $9,874.81
ELECTRONIC ARTS US EA 5,091.74 $564,877.68
EMERSON ELEC CO US EMR 251.83 $20,828.91
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 758,641.33 $753,191.73
EQUINIX INC US EQIX 1,358.58 $935,069.37
EQUITY COMMONWEALTH US EQC 1,838.24 $39,025.78
EQUITY LIFESTYLE PROPERTIES US ELS 1,704.53 $116,777.34
ESSEX PROPERTY TRUST INC US ESS 151.41 $34,530.98
EVERGY INC US EVRG 11,906.52 $700,222.16
FMC CORP US FMC 11,933.88 $1,541,259.95
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 140,569.16 $140,643.85
FREMF 2015-K43 B FLT 3.73230 02/25/2048 US 669,313.96 $640,368.63
META PLATFORMS INC US META 8,906.59 $1,558,118.35
FHLM POOL G03332 6.00000 10/01/2037 US 2,081.71 $2,183.04
FHLM POOL G05900 6.00000 03/01/2040 US 4,332.37 $4,543.25
FHLM POOL G05906 6.00000 04/01/2040 US 17,251.56 $18,091.28
FHLM POOL G06995 6.00000 05/01/2040 US 12,779.55 $13,401.60
FHLM POOL G13331 5.50000 10/01/2023 US 49.17 $48.99
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 134,509.64 $131,993.87
FHLM POOL C91780 4.50000 07/01/2034 US 113,494.69 $112,040.74
FR SD1129 4.00000 08/01/2051 US 467,326.84 $444,420.98
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 619,297.24 $550,838.59
FHLM POOL SD8230 4.50000 06/01/2052 US 462,797.83 $445,525.27
FHLM POOL K91364 4.50000 11/01/2033 US 14,238.24 $14,078.70
FHLM POOL K92059 4.50000 09/01/2034 US 70,832.66 $69,907.04
FHLM POOL G60034 4.50000 02/01/2045 US 101,058.64 $99,837.56
FNR 2018-31 KP 3.50000 07/25/2047 US 11,043.66 $10,633.60
FHMS K030 X1 FLT 0.13807 04/25/2023 US 3,346,716.44 $524.60
FHMS K032 X1 FLT 0.05833 05/25/2023 US 10,332,848.11 $1,700.27
FHR 5189 CP 2.50000 06/25/2049 US 161,363.21 $139,332.34
FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 30,933.61 $30,597.18
FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 56,748.21 $56,131.01
FEDERAL NATL MTG ASSN AL8674 FLT 5.65000 01/01/2049 US 518,958.76 $537,141.80
FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 14,380.21 $13,308.79
FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 39,386.15 $37,621.85
FEDERAL NATL MTG ASSN BK0433 3.50000 12/01/2049 US 283,139.33 $260,758.18
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 589,052.26 $544,979.04
FN DS2696 3.00000 12/01/2051 US 748,363.68 $667,903.44
FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 12,994.42 $13,611.49
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 20,853.38 $20,533.10
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 93,538.42 $92,101.78
FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 47,392.06 $44,508.12
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 649,833.64 $565,173.93
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 651,764.12 $593,000.96
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 640,385.3 $600,371.60
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 628,957.73 $597,281.87
FN MA4733 4.50000 09/01/2052 US 718,989.17 $692,148.86
FN MA4807 MTGE 5.50000 11/01/2052 US 515,166.07 $514,262.93
FN MA4934 MTGE 5.00000 02/01/2043 US 977,570 $970,987.29
FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 6,497.32 $6,805.86
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 9,145.4 $9,576.62
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 459.59 $456.06
FEDERAL NATL MTG ASSN AE0951 4.50000 02/01/2041 US 18,247.69 $18,050.19
FIFTH THIRD BANCORP US FITB 378.44 $13,737.40
FLX 2021-1A A2 3.25000 11/27/2051 US 541,741.14 $482,308.73
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 435,474.98 $411,495.61
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 79,565.35 $68,417.55
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 245,095.57 $210,771.68
GSMBS 2021-INV1 A6 2.50000 12/25/2051 US 300,880.46 $258,554.73
GSMBS 2022-PJ1 A8 2.50000 05/28/2052 US 119,741.87 $102,345.77
GENERAL DYNAMICS CORP US GD 112.4 $25,616.85
GENERAL MLS INC US GIS 282.83 $22,487.50
GENUINE PARTS CO US GPC 87.58 $15,490.15
GETTY REALTY CORP US GTY 2,640.96 $90,664.27
GILEAD SCIENCES INC US GILD 496.18 $39,957.32
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 79,715.02 $79,475.88
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 104,209.09 $87,318.07
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 90,755.46 $84,622.45
GREENIDGE GEN HLD INC US 3,277.97 $17,996.03
GRUPO AEROPORTUARIO PAC-ADR MX PAC 98.88 $18,794.66
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 66.48 $19,025.02
AIRBUS SE FR AIR FP 506.48 $66,334.41
ADIDAS AG DE ADS GR 761.98 $113,798.92
HDFC BANK LTD-ADR IN HDB 1,721.99 $116,475.46
L'OREAL FR OR FP 62.69 $24,781.21
HAWAII ST 2.68200 10/01/2038 US 151,057.04 $112,033.87
HEALTHCARE REALTY TRUST INC US HR 5,645.74 $110,091.85
HEINEKEN NV-SPN ADR NL HEINY 19,288.78 $985,849.35
HOME DEPOT INC US HD 235.3 $69,775.73
HONEYWELL INTERNATIONAL INC US HON 229.09 $43,866.65
HWIRE 2021-1 A2 2.31100 11/20/2051 US 344,218.61 $297,811.06
IDEXX LABORATORIES INC US IDXX 1,473.26 $697,206.83
KERRY GROUP PLC-A IE KYGA ID 839.6 $80,387.04
ILLINOIS TOOL WKS INC US ITW 119.77 $27,924.60
IMPRL 2021-NQM3 1.59500 11/25/2056 US 284,836.42 $236,058.08
INDEPENDENCE REALTY TRUST IN US IRT 2,137 $38,658.27
INTEL CORP US INTC 1,169.23 $29,148.80
INTERCONTINENTALEXCHANGE INC US ICE 19,357.32 $1,970,574.84
INTERNATIONAL FLVRS & FRAGRANCES US IFF 128.18 $11,946.15
INTUIT INC US INTU 1,487.34 $605,616.79
INTUITIVE SURGICAL INC US ISRG 2,438.23 $559,304.86
INVITATION HOMES INC US INVH 2,636.28 $82,410.25
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 100,941.22 $95,435.63
JP MORGAN CHASE & CO US JPM 683.02 $97,911.27
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 85,752.79 $80,924.79
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 815,455.56 $768,791.76
JOHNSON & JOHNSON US JNJ 11,022.5 $1,689,308.30
KEYCORP US KEY 396.19 $7,246.39
KROGER CO US KR 336.25 $14,505.99
L3HARRIS TECHNOLOGIES INC US LHX 4,510.87 $952,650.51
BEIERSDORF AG DE BEI GR 670.84 $80,061.64
LENNAR CORP US LEN 119.03 $11,514.63
LEXINGTON REALTY TRUST US LXP 4,229.79 $44,116.71
OASIS 2023-1A 7.00000 02/15/2035 US 339,233.58 $338,599.32
LIFE STORAGE INC US LSI 651.59 $78,530.03
LOCKHEED MARTIN CORP US LMT 87.9 $41,688.87
LULULEMON - ADR CA LULU 135.49 $41,893.17
MAGALLANES INC 4.05400 03/15/2029 US 840,559.67 $751,055.51
MARATHON PETROLEUM CORP US MPC 200.43 $24,773.16
MARRIOTT VACATIONS WORLD US VAC 207.9 $31,806.43
MASCO CORP US MAS 11,454.34 $600,550.86
MASTERCARD INC-CLASS A US MA 6,272.29 $2,228,482.61
MCDONALDS CORP US MCD 157.72 $41,624.06
MERCADOLIBRE INC BR MELI 67.71 $82,611.98
MERCK & CO INC US MRK 684.03 $72,671.14
MICROSOFT CORP US MSFT 5,186.26 $1,293,556.86
MICROCHIP TECHNOLOGY INC US MCHP 193.56 $15,684.12
MICRON TECHNOLOGY INC US MU 10,488.62 $606,451.83
MID-AMERICA APARTMENT COMM US MAA 585.14 $93,680.97
MONDELEZ INTERNATIONAL INC US MDLZ 19,818.27 $1,291,754.95
MOODY'S CORPORATION US MCO 3,743.12 $1,086,065.43
MOTOROLA SOLUTIONS INC US MSI 79.49 $20,891.09
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 107,469.78 $95,848.84
NAVIENT CORP 6.75000 06/25/2025 US 153,383.59 $151,234.49
NESTLE S.A. - ADR CH NSRGY 8,060.37 $906,912.51
NETAPP INC US NTAP 138.26 $8,924.59
USRE 2021-1 A1 1.91000 10/20/2061 US 390,433.15 $334,326.22
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 91,898.95 $84,004.81
NRZT 2015-2A A1 3.75000 08/25/2055 US 141,524.63 $130,252.07
NRZT 2016-4A A1 3.75000 11/25/2056 US 277,085.27 $252,743.50
KEYENCE CORP JP 6861 JP 168.24 $72,715.93
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 365,356.38 $332,702.90
NEWMONT GOLDCORP CORP US NEM 6,239.35 $272,098.00
NIKE INC CLASS B US NKE 4,938.86 $586,687.03
NORFOLK SOUTHN CORP US NSC 2,626.47 $590,483.61
NIKON CORP JP 7731 JP 4,951.44 $49,042.46
NORTHROP GRUMMAN CORP US NOC 2,114 $981,126.42
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 156,636.39 $15.66
NOVARTIS AG- REG CH NVS 15,234.57 $1,281,531.72
NUCOR CORP US NUE 121.86 $20,403.51
OBX 2022-INV1 A1 3.00000 12/25/2051 US 129,393.01 $108,506.83
OMNICOM GROUP US OMC 131.01 $11,865.28
SONY CORP FIRST SECTION JP 6758 JP 1,398.13 $116,906.59
TOKYO ELECTRON LTD JP 8035 JP 168.24 $57,721.90
OXFIN 2020-1A A2 3.10100 02/15/2028 US 230,388.19 $227,827.31
OXFIN 2022-1A 3.60200 02/15/2030 US 478,834.25 $434,633.54
OXFIN 2023-1A A2 6.71600 02/15/2031 US 609,135.67 $600,619.34
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 76,551.94 $69,159.42
PPG INDUSTRIES INC US PPG 85.7 $11,317.30
PACKAGING CORP OF AMERICA US PKG 62.67 $8,567.92
PARKER HANNIFIN CORP US PH 45.74 $16,094.42
DEUTSCHE BOERSE AG DE DB1 GR 663.37 $115,674.47
PAYPAL HOLDINGS INC US PYPL 9,060.05 $666,819.38
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 475,112.09 $449,528.25
PEAR 2022-1 A1 6.50000 10/15/2034 US 57,840.97 $57,811.53
PELORUS FUND REIT 7.00000 09/30/2026 US 112,374.22 $105,066.51
NESTLE SA-REGISTERED CH NESN SW 963.15 $108,518.44
PEPSICO INC 3.90000 07/18/2032 US 623,921.85 $585,818.13
PFIZER INC US PFE 1,017.81 $41,292.59
PIONEER NATURAL RESOURCES CO US PXD 80.65 $16,163.29
POPULAR INC 6.12500 09/14/2023 PR 139,041.14 $138,404.02
PROCTER & GAMBLE CO US PG 536.76 $73,836.65
PROLOGIS US PLD 3,635.44 $448,613.07
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 466,241.42 $374,275.46
PFMT 2021-2 A2A 2.00000 04/25/2051 US 280,020.63 $235,135.51
PUBLIC STORAGE INC US PSA 546.87 $163,485.83
QUALCOMM INC US QCOM 341.53 $42,189.31
QUALCOMM INC 4.25000 05/20/2032 US 224,108.45 $214,457.40
QUEST DIAGNOSTICS INC US DGX 78.66 $10,883.83
RCKT 2021-6 A1 2.50000 12/25/2051 US 538,020.32 $431,643.26
RADIUS GLOBAL INFRASTRUCTURE US RADI 12,198.15 $166,260.72
REALTY INCOME CORP US O 1,079.01 $69,002.88
REGIONS FINANCIAL CORP. US RF 576.61 $13,446.63
REPUBLIC SERVICES INC US RSG 148.47 $19,141.94
RESTAURANT BRANDS INTERN CA QSR 1,037.81 $66,928.27
REXFORD INDUSTRIAL REALITY IN US REXR 1,850.04 $111,853.44
GETINGE AB-B SHS SE GETIB SS 5,019.15 $107,877.67
ROSS STORES INC US ROST 131.54 $14,540.69
HEINEKEN NV NL HEIA NA 817.2 $83,296.33
SBA TOWER TRUST 1.88400 01/15/2026 US 176,230.74 $156,003.20
SBA TOWER TRUST 6.59900 01/15/2028 US 548,362.53 $565,972.31
S&P GLOBAL INC US SPGI 1,168.22 $398,598.05
SBA COMMUNICATIONS CORP US SBAC 5,862.34 $1,520,398.14
SLAM 2021-1A A MTGE 2.43400 06/15/2046 US 256,959.19 $220,791.70
SMB 2020-BA A1A 1.29000 07/15/2053 US 314,186.43 $273,146.45
SALESFORCE INC US CRM 3,715.99 $607,973.71
SEMT 2013-6 A2 3.00000 05/25/2043 US 120,195.23 $105,910.13
SEMT 2013-7 A2 3.00000 06/25/2043 US 50,868.62 $44,878.89
SEMT 2013-8 A1 3.00000 06/25/2043 US 60,319.88 $53,425.67
SEMT 2013-2 1.87400 02/25/2043 US 48,578.96 $41,861.47
SERVICENOW INC US NOW 2,859.32 $1,235,714.44
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 1,092,881.92 $883,208.24
SKYWORKS SOLUTIONS INC US SWKS 72.76 $8,118.03
JM SMUCKER CO/THE-NEW COM WI US SJM 71.08 $10,511.94
SNOWFLAKE INC-CLASS A US SNOW 4,019.71 $620,562.49
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 84,282.4 $81,509.12
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 695,162.97 $591,679.57
STAG INDUSTRIAL INC US STAG 795.54 $26,761.85
STANLEY BLACK & DECKER INC US SWK 62.88 $5,383.54
SRPT 2014-STAR A FLTG RATE 6.05800 11/15/2027 US 577,235.4 $399,301.04
STEEL DYNAMICS INC US STLD 120.71 $15,222.60
SUN COMMUNITIES US SUI 947.37 $135,606.38
SCML 2019-SBC8 2.86000 04/25/2041 US 107,734.99 $98,406.24
SYNCHRONOSS TECH US 5,217.96 $96,271.35
SYNERGY ONE LENDING 5.50000 10/14/2026 US 172,310.07 $150,394.43
TJX COMPANIES INC US TJX 332.9 $25,500.32
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 11,925.62 $1,038,363.80
TARGET CORP US TGT 112.92 $19,027.26
TENCENT HOLDINGS 3.97500 04/11/2029 KY 1,374,020.23 $1,259,936.27
TERRENO REALTY CORP US TRNO 1,545.57 $96,150.14
TEXAS INSTRUMENTS INC US TXN 198.31 $34,000.93
THERMO FISHER SCIENTIFIC INC US TMO 1,079.67 $584,922.74
3M CO US MMM 213.24 $22,974.30
TPMT 2016-5 A1 2.50000 10/25/2056 US 93,345.72 $91,806.16
TPMT 2017-1 A1 2.75000 10/25/2056 US 44,578.1 $43,918.23
TPMT 2019-HY1 A1 5.61700 10/25/2048 US 115,564.24 $115,241.22
TRACTOR SUPPLY COMPANY US TSCO 45 $10,497.39
TRAVELLERS COS INC US TRV 119.04 $22,036.62
TAH 2017-SFR2 A 2.92800 01/17/2036 US 209,831.94 $204,431.10
TYSON FOODS INC -CL A US TSN 183.8 $10,888.14
UDR INC US UDR 1,618.31 $69,328.37
U.S. BANCORP US USB 574.54 $27,422.65
UNILEVER PLC - ADR GB UL 30,353.71 $1,515,560.50
UNION PAC CORP US UNP 195.36 $40,493.55
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 127,922.43 $114,754.99
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 23,265.91 $22,145.83
UNITED PARCEL SERVICE US UPS 190.28 $34,724.83
US TREASURY N/B 3.00000 05/15/2047 US 1,138,789.9 $945,551.49
TREASURY BOND 2.37500 02/15/2042 US 6,356,074.84 $4,879,280.58
TREASURY NOTE 2.25000 11/15/2027 US 5,638,884.45 $5,165,306.29
US TREASURY N/B 3.12500 11/15/2028 US 8,721,105.53 $8,263,928.87
US TREASURY N/B 2.25000 11/15/2025 US 1,640,066.42 $1,544,096.91
US TREASURY N/B 2.00000 11/15/2026 US 3,796,873.45 $3,491,343.79
US TEASURY NOTE 1.75000 11/15/2029 US 5,044,791.25 $4,387,391.89
US TREASURY N/B 0.87500 11/15/2030 US 4,552,928.57 $3,635,940.30
US TREASURY N/B 1.37500 11/15/2031 US 3,799,642.16 $3,090,771.42
VF CORP US VFC 161.82 $4,016.49
VENTAS INC US VTR 1,135.17 $55,225.78
VERTEX PHARMACEUTICALS INC US VRTX 2,485.4 $721,487.16
PARAMOUNT GLOBAL CLASS B US PARA 249.88 $5,352.41
VISA INC - CLASS A SHARES US V 6,839.14 $1,504,199.39
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 153,368.18 $147,244.54
VISTRA OPERATIONS 4.87500 05/13/2024 US 538,094.78 $529,212.54
WAL MART STORES US WMT 591.03 $84,002.89
WALGREENS BOOTS ALLIANCE INC US WBA 319.95 $11,367.92
WASTE MANAGEMENT INC US WM 166.55 $24,942.98
WELLTOWER INC. US WELL 1,123.17 $83,249.72
WIN 2015-1 A1 3.50000 01/20/2045 US 29,651.09 $27,019.74
ZOETIS INC US ZTS 1,696.28 $283,278.53
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 1,892.65 $18,849.38
ADMIRAL GROUP PLC GB ADM LN 4,753.47 $125,786.36
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 1,830.22 $17,499.41
UBISOFT ENTERTAINMENT FR UBI FP 1,584.25 $34,734.84
DANONE FR BN FP 886.86 $49,852.27
AIR LIQUIDE FR AI FP 904.49 $143,702.34
BRENNTAG AG DE BNR GR 687.73 $51,802.34
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 579,948.88 $28,951.52
KEYWORDS STUDIOS PLC IE KWS LN 652.8 $22,777.98
MEITUAN DIANPING - CLASS B CN 3690 HK 166.2 $2,884.35
HELIOS TOWERS PLC GB HTWS LN 29,699.07 $39,205.24
AVANZA BANK HOLDING AB SE AZA SS 2,886.55 $76,342.76
AMERICAN TANKER INC 7.75000 07/02/2025 US 163,898.3 $158,076.29
SOFTWAREONE HOLDING AG CH SWON SW 4,584.02 $76,370.01
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 8,468.45 $45,759.08
TENCENT HOLDINGS LTD CN 700 HK 1,502.62 $66,007.69
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 3,340.61 $62,469.41
SEASPAN CORP 6.50000 02/05/2024 MH 104,491.18 $104,535.70
PETROTAL CORP 12.00000 02/16/2024 CA 87,830.83 $90,026.60
IMCD NV NL IMCD NA 145.6 $23,046.59
FINECOBANK SPA IT FBK IM 7,089.08 $122,502.80
ALLFUNDS GROUP PLC GB ALLFG NA 6,005.31 $52,307.33
AUTO TRADER GROUP PLC GB AUTO LN 18,361.64 $131,323.94
CELLNEX TELECOM SA ES CLNX SM 3,175.21 $119,130.15
ASSA ABLOY AB-B SE ASSAB SS 3,476.38 $84,593.43
CLEANAWAY WASTE MANAGEMENT AU CWY AU 53,602.37 $95,587.26
INTERMEDIATE CAPITAL GROUP GB ICP LN 4,626.17 $77,881.69
ADYEN NV NL ADYEN NA 33.23 $47,096.22
BANK OF N.T. BUTTERFIELD&SON BM NTB 1,412.23 $51,051.98
BUNGE LIMITED US BG 91.18 $8,707.59
EATON CORP PLC US ETN 174.14 $30,461.74
JOHNSON CONTROLS INTERNATIONAL US JCI 336.13 $21,081.81
LINDE PLC IE LIN 141.59 $49,324.68
MEDTRONIC INC IE MDT 9,027.72 $747,495.14
RENAISSANCERE HOLDINGS LTD BM RNR 241.93 $51,990.79
ROYALTY PHARMA PLC- CL A US RPRX 244.48 $8,764.50
STONECO LTD-A BR STNE 2,219.64 $18,889.13
TRANE TECHNOLOGIES IE TT 81.89 $15,146.57
ALCON INC CH ALC 10,552.58 $720,107.96
CHUBB LTD CH CB 173.49 $36,609.05
GARMIN LTD CH GRMN 108.3 $10,626.98
TE CONNECTIVITY LIMITED CH TEL 108.19 $13,775.14
LYONDELLBASELL INDU-CL A US LYB 121.87 $11,698.18
PLAYA HOTELS AND RESORTS US PLYA 3,518.58 $31,385.75
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 67,834.73 $60,928.87

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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