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 growth-oriented mix of investments that seeks to earn a good portion of the long-term growth of the stock market with less volatility. The portfolio is diversified primarily among various stock investments in both domestic and foreign markets. A substantial portion of the portfolio may be invested in long-term, fixed income securities. Stock exposure can range from 64% - 90%.

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 2040
  • Who have time to pursue growth and can accept significant 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

$23.57

Daily $ Change

$0.13

Daily % Change

0.55%

as of 03/23/2023

CUSIP

302027586

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

2.87%

1 Year

-10.23%

3 Year

5.85%

5 Year

6.14%

10 Year

7.43%

Inception
(01/01/2000)

7.03%

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 15.45%
AMAZON.COM INC 2.59%
MASTERCARD INC-CLASS A 2.11%
GOVERNMENT AGENCY 2.02%
JOHNSON & JOHNSON 1.78%
META PLATFORMS INC 1.76%
SERVICENOW INC 1.73%
MONDELEZ INTERNATIONAL INC 1.71%
VISA INC - CLASS A SHARES 1.69%
ALPHABET INC-CL A 1.66%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 02/28/2023

Stocks 71.21%
Bonds 25.11%
Cash 3.68%

Detailed Asset Class Allocation

As of 02/28/2023

International Equities 18.64%
Small Capitalization 1.00%
Mid Capitalization 7.03%
Large Capitalization 44.54%
Long Term Fixed Income 4.20%
Intermediate Term Fixed Income 20.18%
Short Term Fixed Income 0.73%
Cash 3.68%

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 242.24 $24,640.54
ACTIVISION INC US ATVI 8,813.17 $672,004.39
ADIDAS AG-SPONSORED ADR DE ADDYY 6,894.62 $516,613.65
ADMIRAL GROUP PLC GB AMIGY 13,123.95 $352,522.43
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 59,674.2 $50,820.08
ADYEN NV UNSPON ADR NL ADYEY 16,769.23 $237,787.63
AGREE REALTY CORP US ADC 455.22 $32,220.50
AIR LIQUIDE-ADR FR AIQUY 19,285.9 $612,713.03
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 15,761.25 $16,104.19
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 187,366.47 $154,692.75
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 72,674.08 $57,944.45
ALLSTATE CORPORATION US ALL 97.04 $12,496.69
ALPHABET INC-CL A US GOOGL 13,873.12 $1,249,413.21
AMAZON.COM INC US AMZN 20,630.51 $1,944,013.10
AMAZON.COM INC 3.30000 04/13/2027 US 182,613.11 $172,535.26
DIAGEO PLC GB DGE LN 876.95 $37,214.84
BAE SYSTEMS PLC GB BA/ LN 8,148.97 $88,010.50
AMERICAN HOMES 4 RENT- A US AMH 679.87 $21,089.59
AMERICAN TOWER REIT INC US AMT 144.42 $28,596.88
AMERICOLD REALTY TRUST US COLD 933.99 $27,459.44
ANALOG DEVICES INC US ADI 135.89 $24,931.17
APARTMENT INCOME REIT CO US AIRC 535.29 $20,233.82
APPLIED MATERIALS INC US AMAT 6,255.65 $726,594.19
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 16,792.76 $16,769.43
ARCHER-DANIELS-MIDLAND CO US ADM 175.53 $13,972.17
ARGO BLOCKCHAIN PLC GB 570.4 $2,943.28
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 80,073.57 $73,088.45
ATLASSIAN CORP PLC-CLASS A AU TEAM 267.54 $43,964.57
AUTOMATIC DATA PROCESSING US ADP 97.68 $21,471.06
BAE SYSTEMS PLC -SPON ADR GB BAESY 12,137.91 $533,521.76
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 81,714.74 $79,163.42
BANK OF AMERICA CORP 2.68700 04/22/2032 US 151,390.09 $122,705.95
BARRICK GOLD CORP CA GOLD 15,893.01 $256,195.36
BAXTER INTERNATIONAL INC US BAX 123.39 $4,929.35
BEST BUY INC US BBY 89.87 $7,469.51
BIOMARIN PHARMACEUTICAL INC US BMRN 6,420.49 $639,416.28
BLACKROCK INC US BLK 472.48 $325,744.76
DECHRA PHARMACEUTICALS PLC GB DPH LN 1,383.62 $45,448.22
BOSTON SCIENTIFIC CORP US BSX 7,538.83 $352,214.22
BRANDYWINE REALTY TRUST US BDN 1,556.17 $9,165.87
BABS 2021-RM2 A 1.75000 10/25/2061 US 48,452.7 $42,208.41
BRENNTAG AG-UNSP ADR DE BNTGY 17,924.45 $269,494.14
BRISTOL MYERS SQUIBB CO US BMY 452 $31,169.85
BROADRIDGE FINANCIAL SOLUTIONS US BR 48.64 $6,847.41
JONAH ENERGY PARENT LLC US 690.04 $33,280.69
CBOE GLOBAL MARKETS INC US CBOE 3,738.68 $471,708.94
CDW CORP/DE US CDW 2,058.52 $416,686.14
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 54,584.14 $48,869.76
SORT 2020-1 A2 1.99000 07/15/2060 US 44,452.38 $37,374.94
C.H. ROBINSON WORLDWIDE INC US CHRW 63.05 $6,302.26
CIM 2019-INV1 A1 4.00000 02/25/2049 US 2,511.43 $2,403.74
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 15,661.29 $13,735.91
CVS HEALTH CORP US CVS 3,903.46 $326,095.11
COTERRA ENERGY INC US CTRA 253.38 $6,327.00
CAMDEN PROPERTY TRUST US CPT 185.33 $21,268.55
CAMPBELL SOUP CO US CPB 144.96 $7,613.34
CANADIAN NATIONAL RAILWAY CO CA CNI 5,475.22 $623,573.32
CARETRUST REIT INC US CTRE 1,144.94 $22,521.05
CATERPILLAR INC US CAT 137.8 $33,009.21
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 25,041.51 $470,279.47
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 82,368.38 $85,931.28
CHEVRON CORP US CVX 251.39 $40,416.53
CINCINNATI FINANCIAL CORP US CINF 61.3 $7,398.48
CISCO SYSTEMS INC US CSCO 786.18 $38,066.89
CITIGROUP INC US C 496.9 $25,187.67
CITIGROUP INC 1.46200 06/09/2027 US 144,189.14 $126,302.19
CLARK CNTY NV 1.51000 11/01/2028 US 55,455.89 $46,145.74
COCA COLA CO/THE US KO 19,589.14 $1,165,749.75
COGNEX CORP US CGNX 4,650.21 $220,513.14
COLGATE-PALMOLIVE CO US CL 229.82 $16,845.85
COMCAST CORP-CL A US CMCSA 850.1 $31,598.39
COMMUNITY HEALTHCARE TRUST I US CHCT 794.78 $30,789.92
CONAGRA BRAND INC. US CAG 211.51 $7,701.13
CONOCOPHILLIPS US COP 238.74 $24,673.38
CONSTELLATION BRANDS INC-A US STZ 2,926.8 $654,725.90
COOPER COS INC/THE US COO 665.95 $217,744.36
COPART INC US CPRT 5,958.41 $419,829.40
COUSINS PROPERTIES INC US CUZ 1,245.32 $30,497.95
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 8,833.05 $7,383.79
CUMMINS INC US CMI 54.29 $13,197.01
COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 US 68,544.69 $63,210.52
KIMBERLY CLARK DE MEXICO S.A.B. MX KIMBERA MM 40,727.81 $81,471.20
DEUTSCHE BOERSE AG ADR DE DBOEY 22,294.22 $387,475.73
DEVON ENERGY CORPORATION US DVN 176.01 $9,490.35
DIAMONDBACK ENERGY INC US FANG 55.8 $7,844.80
DIGITAL REALTY TRUST INC US DLR 330.54 $34,452.34
DOLLAR GENERAL CORP US DG 1,944.76 $420,651.32
DOLLAR TREE STORES INC US DLTR 4,897.02 $711,438.99
DOMINO'S PIZZA US DPZ 1,702.65 $500,597.36
DOUBLEVERIFY HOLDINGS INC US DV 15,134.07 $397,572.02
DOW INC US DOW 167.01 $9,553.08
DREYFUS GVT CSH MANAGEMENT US 2,868,543.45 $2,868,543.45
EOG RESOURCES INC US EOG 128.64 $14,539.14
EAST WEST BANCORP INC US EWBC 5,343.89 $407,257.69
EASTMAN CHEM CO US EMN 59.31 $5,052.87
EBAY INC US EBAY 150.93 $6,927.79
ELECTRONIC ARTS US EA 5,374.15 $596,208.57
EMERSON ELEC CO US EMR 176.64 $14,610.28
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 202,716.59 $201,260.40
EQUINIX INC US EQIX 1,304.95 $898,158.19
EQUITY COMMONWEALTH US EQC 825.59 $17,527.34
EQUITY LIFESTYLE PROPERTIES US ELS 756.46 $51,825.11
ESSEX PROPERTY TRUST INC US ESS 68.8 $15,690.64
EVERGY INC US EVRG 7,993.58 $470,102.46
FMC CORP US FMC 7,803.06 $1,007,765.58
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 52,726.6 $52,754.61
FREMF 2015-K43 B FLT 3.73230 02/25/2048 US 169,345.71 $162,022.13
META PLATFORMS INC US META 7,536.71 $1,318,471.83
FHLM POOL G05906 6.00000 04/01/2040 US 3,347.37 $3,510.31
FHLM POOL G13331 5.50000 10/01/2023 US 9.08 $9.05
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 23,554.97 $23,114.42
FHLM POOL C91780 4.50000 07/01/2034 US 28,715.73 $28,347.86
FR SD1129 4.00000 08/01/2051 US 118,240.16 $112,444.66
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 103,038.81 $91,648.64
FHLM POOL SD8230 4.50000 06/01/2052 US 70,535.69 $67,903.15
FHLM POOL K91364 4.50000 11/01/2033 US 3,602.47 $3,562.11
FHLM POOL K92059 4.50000 09/01/2034 US 17,921.64 $17,687.45
FNR 2018-31 KP 3.50000 07/25/2047 US 2,013.34 $1,938.58
FHMS K030 X1 FLT 0.13807 04/25/2023 US 643,904.98 $100.93
FHMS K032 X1 FLT 0.05833 05/25/2023 US 1,986,711.9 $326.91
FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 5,951.63 $5,886.90
FEDERAL NATL MTG ASSN AL8674 FLT 5.65000 01/01/2049 US 107,454.53 $111,219.47
FEDERAL NATL MTG ASSN BK0433 3.50000 12/01/2049 US 71,638.17 $65,975.43
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 97,858.19 $90,536.38
FN DS2696 3.00000 12/01/2051 US 126,378.42 $112,790.86
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 19,441.86 $19,143.26
FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 9,086.58 $8,533.63
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 106,923.74 $92,993.82
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 108,342.59 $98,574.41
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 106,670.52 $100,005.34
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 104,300.16 $99,047.35
FN MA4733 4.50000 09/01/2052 US 121,569.77 $117,031.50
FN MA4807 MTGE 5.50000 11/01/2052 US 86,076.25 $85,925.35
FN MA4934 MTGE 5.00000 02/01/2043 US 160,261.71 $159,182.55
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 1,568.15 $1,642.09
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 88.48 $87.80
FIFTH THIRD BANCORP US FITB 265.8 $9,648.62
FLX 2021-1A A2 3.25000 11/27/2051 US 92,736.93 $82,563.11
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 78,221.59 $73,914.33
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 41,175.52 $35,409.18
GSMBS 2021-INV1 A6 2.50000 12/25/2051 US 50,369.1 $43,283.53
GENERAL DYNAMICS CORP US GD 78.89 $17,979.44
GENERAL MLS INC US GIS 198.14 $15,753.86
GENUINE PARTS CO US GPC 61.45 $10,868.91
GETTY REALTY CORP US GTY 1,198.83 $41,155.76
GILEAD SCIENCES INC US GILD 347.8 $28,008.01
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 30,748.91 $30,656.66
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 17,962.2 $16,748.36
GREENIDGE GEN HLD INC US 1,151.58 $6,322.20
GRUPO AEROPORTUARIO CEN-ADR MX OMAB 1,675.24 $130,652.21
GRUPO AEROPORTUARIO PAC-ADR MX PAC 774.98 $147,307.64
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 526.58 $150,697.38
AIRBUS SE FR AIR FP 357.04 $46,762.05
ADIDAS AG DE ADS GR 471.85 $70,468.84
HDFC BANK LTD-ADR IN HDB 7,813.36 $528,495.74
L'OREAL FR OR FP 37.69 $14,896.44
HAWAII ST 2.68200 10/01/2038 US 8,064.08 $5,980.85
HEALTHCARE REALTY TRUST INC US HR 2,567.23 $50,061.00
HEINEKEN NV-SPN ADR NL HEINY 11,366.01 $580,916.55
HOME DEPOT INC US HD 164.62 $48,817.56
HONEYWELL INTERNATIONAL INC US HON 160.25 $30,683.77
HWIRE 2021-1 A2 2.31100 11/20/2051 US 87,092.08 $75,350.32
HUMANA INC US HUM 712.37 $352,637.64
IDEXX LABORATORIES INC US IDXX 1,003.67 $474,977.31
KERRY GROUP PLC-A IE KYGA ID 552.95 $52,942.41
ILLINOIS TOOL WKS INC US ITW 84.14 $19,618.68
IMPRL 2021-NQM3 1.59500 11/25/2056 US 48,410.24 $40,119.97
INDEPENDENCE REALTY TRUST IN US IRT 959.46 $17,356.65
INTEL CORP US INTC 822.24 $20,498.53
INTERCONTINENTALEXCHANGE INC US ICE 8,019.42 $816,376.68
INTERNATIONAL FLVRS & FRAGRANCES US IFF 90.03 $8,391.11
INTUIT INC US INTU 1,384.34 $563,676.04
INTUITIVE SURGICAL INC US ISRG 2,387.61 $547,694.82
INVITATION HOMES INC US INVH 1,183.99 $37,011.59
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 19,353.79 $18,298.19
JP MORGAN CHASE & CO US JPM 2,971.33 $425,940.24
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 16,954.98 $16,000.40
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 215,477.31 $203,146.79
JOHNSON & JOHNSON US JNJ 8,707.35 $1,334,488.09
KEYCORP US KEY 277.98 $5,084.28
KROGER CO US KR 235.87 $10,175.43
L3HARRIS TECHNOLOGIES INC US LHX 3,090.9 $652,767.26
BEIERSDORF AG DE BEI GR 428.24 $51,108.85
LENNAR CORP US LEN 83.51 $8,078.36
LEXINGTON REALTY TRUST US LXP 1,902.47 $19,842.79
OASIS 2023-1A 7.00000 02/15/2035 US 56,448.57 $56,343.03
LIFE STORAGE INC US LSI 294.45 $35,487.02
LOCKHEED MARTIN CORP US LMT 61.69 $29,258.99
LULULEMON - ADR CA LULU 1,490.7 $460,924.19
MAGALLANES INC 4.05400 03/15/2029 US 214,755.99 $191,888.42
MARATHON PETROLEUM CORP US MPC 141.06 $17,435.08
MARRIOTT VACATIONS WORLD US VAC 93.71 $14,336.82
MASCO CORP US MAS 9,364.23 $490,966.67
MASTERCARD INC-CLASS A US MA 4,467.51 $1,587,261.20
MCDONALDS CORP US MCD 110.73 $29,222.90
MERCADOLIBRE INC BR MELI 355.54 $433,761.38
MERCK & CO INC US MRK 478.43 $50,828.25
MICROSOFT CORP US MSFT 3,940.42 $982,820.43
MICROCHIP TECHNOLOGY INC US MCHP 135.41 $10,972.17
MICRON TECHNOLOGY INC US MU 10,044.23 $580,757.56
MID-AMERICA APARTMENT COMM US MAA 263.33 $42,158.86
MONDELEZ INTERNATIONAL INC US MDLZ 19,715.2 $1,285,036.80
MOODY'S CORPORATION US MCO 3,998.82 $1,160,256.21
MOTOROLA SOLUTIONS INC US MSI 55.8 $14,665.62
NAVIENT CORP 6.75000 06/25/2025 US 57,939.89 $57,128.08
NESTLE S.A. - ADR CH NSRGY 7,219.01 $812,246.94
NETAPP INC US NTAP 96.8 $6,248.44
USRE 2021-1 A1 1.91000 10/20/2061 US 98,784.99 $84,589.17
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 17,220.36 $15,741.13
NRZT 2015-2A A1 3.75000 08/25/2055 US 28,715.67 $26,428.44
NRZT 2016-4A A1 3.75000 11/25/2056 US 55,929.13 $51,015.79
KEYENCE CORP JP 6861 JP 111.48 $48,184.28
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 93,754.14 $85,374.93
NEWMONT GOLDCORP CORP US NEM 4,458.3 $194,426.51
NIKE INC CLASS B US NKE 4,028.51 $478,546.31
NORFOLK SOUTHN CORP US NSC 2,001.54 $449,987.26
NIKON CORP JP 7731 JP 3,225.11 $31,943.68
NORTHROP GRUMMAN CORP US NOC 1,495.5 $694,075.12
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 52,811.68 $5.28
NOVARTIS AG- REG CH NVS 7,355.84 $618,773.27
NUCOR CORP US NUE 85.42 $14,302.02
OMNICOM GROUP US OMC 91.78 $8,312.95
SONY CORP FIRST SECTION JP 6758 JP 915.74 $76,571.02
TOKYO ELECTRON LTD JP 8035 JP 111.48 $38,248.68
OXFIN 2020-1A A2 3.10100 02/15/2028 US 38,032.11 $37,609.37
OXFIN 2022-1A 3.60200 02/15/2030 US 78,624.79 $71,367.02
OXFIN 2023-1A A2 6.71600 02/15/2031 US 99,994.61 $98,596.58
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 13,578.43 $12,267.18
PPG INDUSTRIES INC US PPG 60.02 $7,926.66
PACKAGING CORP OF AMERICA US PKG 44.02 $6,018.61
PARKER HANNIFIN CORP US PH 32.08 $11,287.81
DEUTSCHE BOERSE AG DE DB1 GR 436.93 $76,189.48
PAYPAL HOLDINGS INC US PYPL 8,140.66 $599,152.34
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 81,344.13 $76,963.91
PELORUS FUND REIT 7.00000 09/30/2026 US 57,119.3 $53,404.82
NESTLE SA-REGISTERED CH NESN SW 614.69 $69,257.32
PEPSICO INC 3.90000 07/18/2032 US 161,845.04 $151,960.95
PFIZER INC US PFE 713.82 $28,959.69
PIONEER NATURAL RESOURCES CO US PXD 56.52 $11,327.25
POPULAR INC 6.12500 09/14/2023 PR 50,349.91 $50,119.20
PROCTER & GAMBLE CO US PG 376.14 $51,741.18
PROLOGIS US PLD 1,649.79 $203,583.90
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 78,201.81 $62,776.53
PFMT 2021-2 A2A 2.00000 04/25/2051 US 46,475.61 $39,025.93
PUBLIC STORAGE INC US PSA 246.32 $73,638.80
QUALCOMM INC US QCOM 240.01 $29,648.36
QUALCOMM 5.40000 05/20/2033 US 61,793.7 $63,637.28
QUEST DIAGNOSTICS INC US DGX 55.56 $7,687.84
RCKT 2021-6 A1 2.50000 12/25/2051 US 84,049.44 $67,431.24
RADIUS GLOBAL INFRASTRUCTURE US RADI 5,502.81 $75,003.34
REALTY INCOME CORP US O 481.75 $30,807.68
REGIONS FINANCIAL CORP. US RF 404.24 $9,426.78
REPUBLIC SERVICES INC US RSG 104.04 $13,414.48
RESTAURANT BRANDS INTERN CA QSR 680.22 $43,867.40
REXFORD INDUSTRIAL REALITY IN US REXR 813.75 $49,199.47
GETINGE AB-B SHS SE GETIB SS 3,254.14 $69,941.90
ROSS STORES INC US ROST 92.26 $10,198.75
HEINEKEN NV NL HEIA NA 521.74 $53,180.53
SBA TOWER TRUST 6.59900 01/15/2028 US 142,647.23 $147,228.12
S&P GLOBAL INC US SPGI 2,259.95 $771,093.52
SBA COMMUNICATIONS CORP US SBAC 3,707.11 $961,438.69
SLAM 2021-1A A MTGE 2.43400 06/15/2046 US 65,014.24 $55,863.36
SMB 2020-BA A1A 1.29000 07/15/2053 US 54,693.71 $47,549.45
SVB FINANCIAL GROUP US SIVB 1,196.42 $344,700.90
SALESFORCE INC US CRM 3,571.71 $584,367.34
SEAGEN INC US SGEN 1,294.5 $232,608.50
SEMT 2013-6 A2 3.00000 05/25/2043 US 22,500.46 $19,826.30
SEMT 2013-7 A2 3.00000 06/25/2043 US 9,620.13 $8,487.37
SEMT 2013-8 A1 3.00000 06/25/2043 US 11,446.51 $10,138.25
SEMT 2013-2 1.87400 02/25/2043 US 9,420.52 $8,117.85
SERVICENOW INC US NOW 3,000.18 $1,296,586.38
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 280,456.02 $226,649.43
SKYWORKS SOLUTIONS INC US SWKS 50.87 $5,675.41
JM SMUCKER CO/THE-NEW COM WI US SJM 49.75 $7,358.10
SNOWFLAKE INC-CLASS A US SNOW 5,888.72 $909,101.17
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 15,979.73 $15,453.92
SONY CORP SPONSORED ADR JP SONY 5,816.37 $486,132.37
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 156,039.97 $132,811.54
STAG INDUSTRIAL INC US STAG 360.06 $12,112.26
STANLEY BLACK & DECKER INC US SWK 44.26 $3,789.14
SRPT 2014-STAR A FLTG RATE 6.05800 11/15/2027 US 107,212.96 $74,164.28
STEEL DYNAMICS INC US STLD 84.62 $10,671.52
SUN COMMUNITIES US SUI 426.24 $61,012.39
SYNCHRONOSS TECH US 1,892.14 $34,910.07
SYNERGY ONE LENDING 5.50000 10/14/2026 US 59,984.27 $52,355.04
TJX COMPANIES INC US TJX 233.72 $17,903.03
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 8,948.95 $779,185.21
TARGET CORP US TGT 79.13 $13,332.97
TENCENT HOLDINGS 3.97500 04/11/2029 KY 358,973.49 $329,168.17
TERRENO REALTY CORP US TRNO 694.29 $43,191.91
TEXAS INSTRUMENTS INC US TXN 139.15 $23,857.37
THERMO FISHER SCIENTIFIC INC US TMO 1,212.67 $656,977.88
3M CO US MMM 149.58 $16,115.58
TPMT 2016-5 A1 2.50000 10/25/2056 US 18,658.61 $18,350.87
TPMT 2017-1 A1 2.75000 10/25/2056 US 8,736.12 $8,606.80
TPMT 2019-HY1 A1 5.61700 10/25/2048 US 22,644.04 $22,580.74
TRACTOR SUPPLY COMPANY US TSCO 31.6 $7,371.75
TRAVELLERS COS INC US TRV 83.9 $15,532.21
TAH 2017-SFR2 A 2.92800 01/17/2036 US 53,090.39 $51,723.90
TYSON FOODS INC -CL A US TSN 128.88 $7,634.93
UDR INC US UDR 735.33 $31,501.72
U.S. BANCORP US USB 403.2 $19,244.81
UBISOFT ENTERTAIN-UNSPON ADR FR UBSFY 58,710.2 $255,389.36
UNILEVER PLC - ADR GB UL 18,130.85 $905,273.20
UNION PAC CORP US UNP 137.08 $28,413.84
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 54,736.59 $49,102.39
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 7,846.31 $7,468.57
UNITED PARCEL SERVICE US UPS 132.78 $24,231.32
US TREASURY N/B 3.00000 05/15/2047 US 288,129.62 $239,237.63
TREASURY BOND 2.37500 02/15/2042 US 1,224,530.73 $940,018.67
TREASURY NOTE 2.25000 11/15/2027 US 535,454.99 $490,485.14
US TREASURY N/B 3.12500 11/15/2028 US 3,004,590.77 $2,847,084.50
US TREASURY N/B 2.00000 11/15/2026 US 537,067.81 $493,850.63
US TEASURY NOTE 1.75000 11/15/2029 US 4,099,201.58 $3,565,024.38
US TREASURY N/B 0.87500 11/15/2030 US 3,853,447.96 $3,077,339.46
US TREASURY N/B 1.37500 11/15/2031 US 1,386,328.61 $1,127,691.68
UNITEDHEALTH GROUP INC US UNH 447.93 $213,185.49
VF CORP US VFC 113.6 $2,819.47
VENTAS INC US VTR 506.48 $24,640.45
VERTEX PHARMACEUTICALS INC US VRTX 1,714.19 $497,612.10
PARAMOUNT GLOBAL CLASS B US PARA 174.18 $3,730.85
VISA INC - CLASS A SHARES US V 5,770.01 $1,269,056.80
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 39,661.94 $38,078.33
VISTRA OPERATIONS 4.87500 05/13/2024 US 142,979.53 $140,619.39
WAL MART STORES US WMT 414.51 $58,913.60
WALGREENS BOOTS ALLIANCE INC US WBA 224.33 $7,970.35
WASTE MANAGEMENT INC US WM 116.86 $17,501.03
WELLTOWER INC. US WELL 506.38 $37,532.53
WIN 2015-1 A1 3.50000 01/20/2045 US 5,475.7 $4,989.76
ZOETIS INC US ZTS 1,361.72 $227,407.55
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 1,234.33 $12,293.05
ADMIRAL GROUP PLC GB ADM LN 3,233.49 $85,564.80
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 1,178.74 $11,270.35
UBISOFT ENTERTAINMENT FR UBI FP 1,268.86 $27,819.91
DANONE FR BN FP 564.17 $31,713.52
AIR LIQUIDE FR AI FP 562.95 $89,439.68
BRENNTAG AG DE BNR GR 412.72 $31,087.56
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 120,961.22 $6,038.48
KEYWORDS STUDIOS PLC IE KWS LN 422.35 $14,736.83
MEITUAN DIANPING - CLASS B CN 3690 HK 111.48 $1,934.71
HELIOS TOWERS PLC GB HTWS LN 13,083.87 $17,271.81
AVANZA BANK HOLDING AB SE AZA SS 1,986.07 $52,527.04
AMERICAN TANKER INC 7.75000 07/02/2025 US 57,579.23 $55,533.89
SOFTWAREONE HOLDING AG CH SWON SW 2,965.19 $49,400.16
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 5,405.16 $29,206.68
TENCENT HOLDINGS LTD CN 700 HK 916.02 $40,239.49
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 1,476.25 $27,605.88
SEASPAN CORP 6.50000 02/05/2024 MH 47,817.24 $47,837.62
PETROTAL CORP 12.00000 02/16/2024 CA 31,225.05 $32,005.68
IMCD NV NL IMCD NA 92.06 $14,571.96
FINECOBANK SPA IT FBK IM 4,133 $71,420.26
ALLFUNDS GROUP PLC GB ALLFG NA 3,639.47 $31,700.39
AUTO TRADER GROUP PLC GB AUTO LN 11,345.23 $81,142.03
CELLNEX TELECOM SA ES CLNX SM 1,419.44 $53,255.75
ASSA ABLOY AB-B SE ASSAB SS 2,248.72 $54,719.78
CLEANAWAY WASTE MANAGEMENT AU CWY AU 33,372.26 $59,511.61
INTERMEDIATE CAPITAL GROUP GB ICP LN 3,346.49 $56,338.25
ADYEN NV NL ADYEN NA 21.9 $31,039.27
BANK OF N.T. BUTTERFIELD&SON BM NTB 941.05 $34,019.04
BUNGE LIMITED US BG 64.32 $6,142.66
EATON CORP PLC US ETN 122.35 $21,403.35
JOHNSON CONTROLS INTERNATIONAL US JCI 235.07 $14,743.90
LINDE PLC IE LIN 804.2 $280,158.40
MEDTRONIC INC IE MDT 13,715.46 $1,135,639.71
RENAISSANCERE HOLDINGS LTD BM RNR 156.89 $33,716.53
ROYALTY PHARMA PLC- CL A US RPRX 171.63 $6,152.92
STONECO LTD-A BR STNE 1,357.45 $11,551.94
TRANE TECHNOLOGIES IE TT 56.92 $10,528.11
ALCON INC CH ALC 6,504.7 $443,880.95
CHUBB LTD CH CB 121.48 $25,634.31
GARMIN LTD CH GRMN 75.86 $7,444.50
TE CONNECTIVITY LIMITED CH TEL 75.71 $9,638.79
LYONDELLBASELL INDU-CL A US LYB 85.65 $8,222.01
PLAYA HOTELS AND RESORTS US PLYA 1,536.42 $13,704.88
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 40,552.76 $36,424.32

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Maximum Term CIT Fund and Manning & Napier Pro-Mix® Extended 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

$23.57

Daily $ Change

$0.13

Daily % Change

0.55%

as of 03/23/2023

CUSIP

302027586

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 growth-oriented mix of investments that seeks to earn a good portion of the long-term growth of the stock market with less volatility. The portfolio is diversified primarily among various stock investments in both domestic and foreign markets. A substantial portion of the portfolio may be invested in long-term, fixed income securities. Stock exposure can range from 64% - 90%.

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 2040
  • Who have time to pursue growth and can accept significant 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

2.87%

1 Year

-10.23%

3 Year

5.85%

5 Year

6.14%

10 Year

7.43%

Inception
(01/01/2000)

7.03%

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 15.45%
AMAZON.COM INC 2.59%
MASTERCARD INC-CLASS A 2.11%
GOVERNMENT AGENCY 2.02%
JOHNSON & JOHNSON 1.78%
META PLATFORMS INC 1.76%
SERVICENOW INC 1.73%
MONDELEZ INTERNATIONAL INC 1.71%
VISA INC - CLASS A SHARES 1.69%
ALPHABET INC-CL A 1.66%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 02/28/2023

Stocks
71.21%
Bonds
25.11%
Cash
3.68%

Detailed Asset Class Allocation

As of 02/28/2023

International Equities
18.64%
Small Capitalization
1.00%
Mid Capitalization
7.03%
Large Capitalization
44.54%
Long Term Fixed Income
4.20%
Intermediate Term Fixed Income
20.18%
Short Term Fixed Income
0.73%
Cash
3.68%

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 242.24 $24,640.54
ACTIVISION INC US ATVI 8,813.17 $672,004.39
ADIDAS AG-SPONSORED ADR DE ADDYY 6,894.62 $516,613.65
ADMIRAL GROUP PLC GB AMIGY 13,123.95 $352,522.43
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 59,674.2 $50,820.08
ADYEN NV UNSPON ADR NL ADYEY 16,769.23 $237,787.63
AGREE REALTY CORP US ADC 455.22 $32,220.50
AIR LIQUIDE-ADR FR AIQUY 19,285.9 $612,713.03
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 15,761.25 $16,104.19
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 187,366.47 $154,692.75
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 72,674.08 $57,944.45
ALLSTATE CORPORATION US ALL 97.04 $12,496.69
ALPHABET INC-CL A US GOOGL 13,873.12 $1,249,413.21
AMAZON.COM INC US AMZN 20,630.51 $1,944,013.10
AMAZON.COM INC 3.30000 04/13/2027 US 182,613.11 $172,535.26
DIAGEO PLC GB DGE LN 876.95 $37,214.84
BAE SYSTEMS PLC GB BA/ LN 8,148.97 $88,010.50
AMERICAN HOMES 4 RENT- A US AMH 679.87 $21,089.59
AMERICAN TOWER REIT INC US AMT 144.42 $28,596.88
AMERICOLD REALTY TRUST US COLD 933.99 $27,459.44
ANALOG DEVICES INC US ADI 135.89 $24,931.17
APARTMENT INCOME REIT CO US AIRC 535.29 $20,233.82
APPLIED MATERIALS INC US AMAT 6,255.65 $726,594.19
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 16,792.76 $16,769.43
ARCHER-DANIELS-MIDLAND CO US ADM 175.53 $13,972.17
ARGO BLOCKCHAIN PLC GB 570.4 $2,943.28
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 80,073.57 $73,088.45
ATLASSIAN CORP PLC-CLASS A AU TEAM 267.54 $43,964.57
AUTOMATIC DATA PROCESSING US ADP 97.68 $21,471.06
BAE SYSTEMS PLC -SPON ADR GB BAESY 12,137.91 $533,521.76
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 81,714.74 $79,163.42
BANK OF AMERICA CORP 2.68700 04/22/2032 US 151,390.09 $122,705.95
BARRICK GOLD CORP CA GOLD 15,893.01 $256,195.36
BAXTER INTERNATIONAL INC US BAX 123.39 $4,929.35
BEST BUY INC US BBY 89.87 $7,469.51
BIOMARIN PHARMACEUTICAL INC US BMRN 6,420.49 $639,416.28
BLACKROCK INC US BLK 472.48 $325,744.76
DECHRA PHARMACEUTICALS PLC GB DPH LN 1,383.62 $45,448.22
BOSTON SCIENTIFIC CORP US BSX 7,538.83 $352,214.22
BRANDYWINE REALTY TRUST US BDN 1,556.17 $9,165.87
BABS 2021-RM2 A 1.75000 10/25/2061 US 48,452.7 $42,208.41
BRENNTAG AG-UNSP ADR DE BNTGY 17,924.45 $269,494.14
BRISTOL MYERS SQUIBB CO US BMY 452 $31,169.85
BROADRIDGE FINANCIAL SOLUTIONS US BR 48.64 $6,847.41
JONAH ENERGY PARENT LLC US 690.04 $33,280.69
CBOE GLOBAL MARKETS INC US CBOE 3,738.68 $471,708.94
CDW CORP/DE US CDW 2,058.52 $416,686.14
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 54,584.14 $48,869.76
SORT 2020-1 A2 1.99000 07/15/2060 US 44,452.38 $37,374.94
C.H. ROBINSON WORLDWIDE INC US CHRW 63.05 $6,302.26
CIM 2019-INV1 A1 4.00000 02/25/2049 US 2,511.43 $2,403.74
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 15,661.29 $13,735.91
CVS HEALTH CORP US CVS 3,903.46 $326,095.11
COTERRA ENERGY INC US CTRA 253.38 $6,327.00
CAMDEN PROPERTY TRUST US CPT 185.33 $21,268.55
CAMPBELL SOUP CO US CPB 144.96 $7,613.34
CANADIAN NATIONAL RAILWAY CO CA CNI 5,475.22 $623,573.32
CARETRUST REIT INC US CTRE 1,144.94 $22,521.05
CATERPILLAR INC US CAT 137.8 $33,009.21
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 25,041.51 $470,279.47
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 82,368.38 $85,931.28
CHEVRON CORP US CVX 251.39 $40,416.53
CINCINNATI FINANCIAL CORP US CINF 61.3 $7,398.48
CISCO SYSTEMS INC US CSCO 786.18 $38,066.89
CITIGROUP INC US C 496.9 $25,187.67
CITIGROUP INC 1.46200 06/09/2027 US 144,189.14 $126,302.19
CLARK CNTY NV 1.51000 11/01/2028 US 55,455.89 $46,145.74
COCA COLA CO/THE US KO 19,589.14 $1,165,749.75
COGNEX CORP US CGNX 4,650.21 $220,513.14
COLGATE-PALMOLIVE CO US CL 229.82 $16,845.85
COMCAST CORP-CL A US CMCSA 850.1 $31,598.39
COMMUNITY HEALTHCARE TRUST I US CHCT 794.78 $30,789.92
CONAGRA BRAND INC. US CAG 211.51 $7,701.13
CONOCOPHILLIPS US COP 238.74 $24,673.38
CONSTELLATION BRANDS INC-A US STZ 2,926.8 $654,725.90
COOPER COS INC/THE US COO 665.95 $217,744.36
COPART INC US CPRT 5,958.41 $419,829.40
COUSINS PROPERTIES INC US CUZ 1,245.32 $30,497.95
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 8,833.05 $7,383.79
CUMMINS INC US CMI 54.29 $13,197.01
COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 US 68,544.69 $63,210.52
KIMBERLY CLARK DE MEXICO S.A.B. MX KIMBERA MM 40,727.81 $81,471.20
DEUTSCHE BOERSE AG ADR DE DBOEY 22,294.22 $387,475.73
DEVON ENERGY CORPORATION US DVN 176.01 $9,490.35
DIAMONDBACK ENERGY INC US FANG 55.8 $7,844.80
DIGITAL REALTY TRUST INC US DLR 330.54 $34,452.34
DOLLAR GENERAL CORP US DG 1,944.76 $420,651.32
DOLLAR TREE STORES INC US DLTR 4,897.02 $711,438.99
DOMINO'S PIZZA US DPZ 1,702.65 $500,597.36
DOUBLEVERIFY HOLDINGS INC US DV 15,134.07 $397,572.02
DOW INC US DOW 167.01 $9,553.08
DREYFUS GVT CSH MANAGEMENT US 2,868,543.45 $2,868,543.45
EOG RESOURCES INC US EOG 128.64 $14,539.14
EAST WEST BANCORP INC US EWBC 5,343.89 $407,257.69
EASTMAN CHEM CO US EMN 59.31 $5,052.87
EBAY INC US EBAY 150.93 $6,927.79
ELECTRONIC ARTS US EA 5,374.15 $596,208.57
EMERSON ELEC CO US EMR 176.64 $14,610.28
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 202,716.59 $201,260.40
EQUINIX INC US EQIX 1,304.95 $898,158.19
EQUITY COMMONWEALTH US EQC 825.59 $17,527.34
EQUITY LIFESTYLE PROPERTIES US ELS 756.46 $51,825.11
ESSEX PROPERTY TRUST INC US ESS 68.8 $15,690.64
EVERGY INC US EVRG 7,993.58 $470,102.46
FMC CORP US FMC 7,803.06 $1,007,765.58
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 52,726.6 $52,754.61
FREMF 2015-K43 B FLT 3.73230 02/25/2048 US 169,345.71 $162,022.13
META PLATFORMS INC US META 7,536.71 $1,318,471.83
FHLM POOL G05906 6.00000 04/01/2040 US 3,347.37 $3,510.31
FHLM POOL G13331 5.50000 10/01/2023 US 9.08 $9.05
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 23,554.97 $23,114.42
FHLM POOL C91780 4.50000 07/01/2034 US 28,715.73 $28,347.86
FR SD1129 4.00000 08/01/2051 US 118,240.16 $112,444.66
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 103,038.81 $91,648.64
FHLM POOL SD8230 4.50000 06/01/2052 US 70,535.69 $67,903.15
FHLM POOL K91364 4.50000 11/01/2033 US 3,602.47 $3,562.11
FHLM POOL K92059 4.50000 09/01/2034 US 17,921.64 $17,687.45
FNR 2018-31 KP 3.50000 07/25/2047 US 2,013.34 $1,938.58
FHMS K030 X1 FLT 0.13807 04/25/2023 US 643,904.98 $100.93
FHMS K032 X1 FLT 0.05833 05/25/2023 US 1,986,711.9 $326.91
FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 5,951.63 $5,886.90
FEDERAL NATL MTG ASSN AL8674 FLT 5.65000 01/01/2049 US 107,454.53 $111,219.47
FEDERAL NATL MTG ASSN BK0433 3.50000 12/01/2049 US 71,638.17 $65,975.43
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 97,858.19 $90,536.38
FN DS2696 3.00000 12/01/2051 US 126,378.42 $112,790.86
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 19,441.86 $19,143.26
FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 9,086.58 $8,533.63
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 106,923.74 $92,993.82
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 108,342.59 $98,574.41
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 106,670.52 $100,005.34
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 104,300.16 $99,047.35
FN MA4733 4.50000 09/01/2052 US 121,569.77 $117,031.50
FN MA4807 MTGE 5.50000 11/01/2052 US 86,076.25 $85,925.35
FN MA4934 MTGE 5.00000 02/01/2043 US 160,261.71 $159,182.55
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 1,568.15 $1,642.09
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 88.48 $87.80
FIFTH THIRD BANCORP US FITB 265.8 $9,648.62
FLX 2021-1A A2 3.25000 11/27/2051 US 92,736.93 $82,563.11
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 78,221.59 $73,914.33
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 41,175.52 $35,409.18
GSMBS 2021-INV1 A6 2.50000 12/25/2051 US 50,369.1 $43,283.53
GENERAL DYNAMICS CORP US GD 78.89 $17,979.44
GENERAL MLS INC US GIS 198.14 $15,753.86
GENUINE PARTS CO US GPC 61.45 $10,868.91
GETTY REALTY CORP US GTY 1,198.83 $41,155.76
GILEAD SCIENCES INC US GILD 347.8 $28,008.01
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 30,748.91 $30,656.66
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 17,962.2 $16,748.36
GREENIDGE GEN HLD INC US 1,151.58 $6,322.20
GRUPO AEROPORTUARIO CEN-ADR MX OMAB 1,675.24 $130,652.21
GRUPO AEROPORTUARIO PAC-ADR MX PAC 774.98 $147,307.64
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 526.58 $150,697.38
AIRBUS SE FR AIR FP 357.04 $46,762.05
ADIDAS AG DE ADS GR 471.85 $70,468.84
HDFC BANK LTD-ADR IN HDB 7,813.36 $528,495.74
L'OREAL FR OR FP 37.69 $14,896.44
HAWAII ST 2.68200 10/01/2038 US 8,064.08 $5,980.85
HEALTHCARE REALTY TRUST INC US HR 2,567.23 $50,061.00
HEINEKEN NV-SPN ADR NL HEINY 11,366.01 $580,916.55
HOME DEPOT INC US HD 164.62 $48,817.56
HONEYWELL INTERNATIONAL INC US HON 160.25 $30,683.77
HWIRE 2021-1 A2 2.31100 11/20/2051 US 87,092.08 $75,350.32
HUMANA INC US HUM 712.37 $352,637.64
IDEXX LABORATORIES INC US IDXX 1,003.67 $474,977.31
KERRY GROUP PLC-A IE KYGA ID 552.95 $52,942.41
ILLINOIS TOOL WKS INC US ITW 84.14 $19,618.68
IMPRL 2021-NQM3 1.59500 11/25/2056 US 48,410.24 $40,119.97
INDEPENDENCE REALTY TRUST IN US IRT 959.46 $17,356.65
INTEL CORP US INTC 822.24 $20,498.53
INTERCONTINENTALEXCHANGE INC US ICE 8,019.42 $816,376.68
INTERNATIONAL FLVRS & FRAGRANCES US IFF 90.03 $8,391.11
INTUIT INC US INTU 1,384.34 $563,676.04
INTUITIVE SURGICAL INC US ISRG 2,387.61 $547,694.82
INVITATION HOMES INC US INVH 1,183.99 $37,011.59
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 19,353.79 $18,298.19
JP MORGAN CHASE & CO US JPM 2,971.33 $425,940.24
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 16,954.98 $16,000.40
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 215,477.31 $203,146.79
JOHNSON & JOHNSON US JNJ 8,707.35 $1,334,488.09
KEYCORP US KEY 277.98 $5,084.28
KROGER CO US KR 235.87 $10,175.43
L3HARRIS TECHNOLOGIES INC US LHX 3,090.9 $652,767.26
BEIERSDORF AG DE BEI GR 428.24 $51,108.85
LENNAR CORP US LEN 83.51 $8,078.36
LEXINGTON REALTY TRUST US LXP 1,902.47 $19,842.79
OASIS 2023-1A 7.00000 02/15/2035 US 56,448.57 $56,343.03
LIFE STORAGE INC US LSI 294.45 $35,487.02
LOCKHEED MARTIN CORP US LMT 61.69 $29,258.99
LULULEMON - ADR CA LULU 1,490.7 $460,924.19
MAGALLANES INC 4.05400 03/15/2029 US 214,755.99 $191,888.42
MARATHON PETROLEUM CORP US MPC 141.06 $17,435.08
MARRIOTT VACATIONS WORLD US VAC 93.71 $14,336.82
MASCO CORP US MAS 9,364.23 $490,966.67
MASTERCARD INC-CLASS A US MA 4,467.51 $1,587,261.20
MCDONALDS CORP US MCD 110.73 $29,222.90
MERCADOLIBRE INC BR MELI 355.54 $433,761.38
MERCK & CO INC US MRK 478.43 $50,828.25
MICROSOFT CORP US MSFT 3,940.42 $982,820.43
MICROCHIP TECHNOLOGY INC US MCHP 135.41 $10,972.17
MICRON TECHNOLOGY INC US MU 10,044.23 $580,757.56
MID-AMERICA APARTMENT COMM US MAA 263.33 $42,158.86
MONDELEZ INTERNATIONAL INC US MDLZ 19,715.2 $1,285,036.80
MOODY'S CORPORATION US MCO 3,998.82 $1,160,256.21
MOTOROLA SOLUTIONS INC US MSI 55.8 $14,665.62
NAVIENT CORP 6.75000 06/25/2025 US 57,939.89 $57,128.08
NESTLE S.A. - ADR CH NSRGY 7,219.01 $812,246.94
NETAPP INC US NTAP 96.8 $6,248.44
USRE 2021-1 A1 1.91000 10/20/2061 US 98,784.99 $84,589.17
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 17,220.36 $15,741.13
NRZT 2015-2A A1 3.75000 08/25/2055 US 28,715.67 $26,428.44
NRZT 2016-4A A1 3.75000 11/25/2056 US 55,929.13 $51,015.79
KEYENCE CORP JP 6861 JP 111.48 $48,184.28
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 93,754.14 $85,374.93
NEWMONT GOLDCORP CORP US NEM 4,458.3 $194,426.51
NIKE INC CLASS B US NKE 4,028.51 $478,546.31
NORFOLK SOUTHN CORP US NSC 2,001.54 $449,987.26
NIKON CORP JP 7731 JP 3,225.11 $31,943.68
NORTHROP GRUMMAN CORP US NOC 1,495.5 $694,075.12
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 52,811.68 $5.28
NOVARTIS AG- REG CH NVS 7,355.84 $618,773.27
NUCOR CORP US NUE 85.42 $14,302.02
OMNICOM GROUP US OMC 91.78 $8,312.95
SONY CORP FIRST SECTION JP 6758 JP 915.74 $76,571.02
TOKYO ELECTRON LTD JP 8035 JP 111.48 $38,248.68
OXFIN 2020-1A A2 3.10100 02/15/2028 US 38,032.11 $37,609.37
OXFIN 2022-1A 3.60200 02/15/2030 US 78,624.79 $71,367.02
OXFIN 2023-1A A2 6.71600 02/15/2031 US 99,994.61 $98,596.58
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 13,578.43 $12,267.18
PPG INDUSTRIES INC US PPG 60.02 $7,926.66
PACKAGING CORP OF AMERICA US PKG 44.02 $6,018.61
PARKER HANNIFIN CORP US PH 32.08 $11,287.81
DEUTSCHE BOERSE AG DE DB1 GR 436.93 $76,189.48
PAYPAL HOLDINGS INC US PYPL 8,140.66 $599,152.34
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 81,344.13 $76,963.91
PELORUS FUND REIT 7.00000 09/30/2026 US 57,119.3 $53,404.82
NESTLE SA-REGISTERED CH NESN SW 614.69 $69,257.32
PEPSICO INC 3.90000 07/18/2032 US 161,845.04 $151,960.95
PFIZER INC US PFE 713.82 $28,959.69
PIONEER NATURAL RESOURCES CO US PXD 56.52 $11,327.25
POPULAR INC 6.12500 09/14/2023 PR 50,349.91 $50,119.20
PROCTER & GAMBLE CO US PG 376.14 $51,741.18
PROLOGIS US PLD 1,649.79 $203,583.90
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 78,201.81 $62,776.53
PFMT 2021-2 A2A 2.00000 04/25/2051 US 46,475.61 $39,025.93
PUBLIC STORAGE INC US PSA 246.32 $73,638.80
QUALCOMM INC US QCOM 240.01 $29,648.36
QUALCOMM 5.40000 05/20/2033 US 61,793.7 $63,637.28
QUEST DIAGNOSTICS INC US DGX 55.56 $7,687.84
RCKT 2021-6 A1 2.50000 12/25/2051 US 84,049.44 $67,431.24
RADIUS GLOBAL INFRASTRUCTURE US RADI 5,502.81 $75,003.34
REALTY INCOME CORP US O 481.75 $30,807.68
REGIONS FINANCIAL CORP. US RF 404.24 $9,426.78
REPUBLIC SERVICES INC US RSG 104.04 $13,414.48
RESTAURANT BRANDS INTERN CA QSR 680.22 $43,867.40
REXFORD INDUSTRIAL REALITY IN US REXR 813.75 $49,199.47
GETINGE AB-B SHS SE GETIB SS 3,254.14 $69,941.90
ROSS STORES INC US ROST 92.26 $10,198.75
HEINEKEN NV NL HEIA NA 521.74 $53,180.53
SBA TOWER TRUST 6.59900 01/15/2028 US 142,647.23 $147,228.12
S&P GLOBAL INC US SPGI 2,259.95 $771,093.52
SBA COMMUNICATIONS CORP US SBAC 3,707.11 $961,438.69
SLAM 2021-1A A MTGE 2.43400 06/15/2046 US 65,014.24 $55,863.36
SMB 2020-BA A1A 1.29000 07/15/2053 US 54,693.71 $47,549.45
SVB FINANCIAL GROUP US SIVB 1,196.42 $344,700.90
SALESFORCE INC US CRM 3,571.71 $584,367.34
SEAGEN INC US SGEN 1,294.5 $232,608.50
SEMT 2013-6 A2 3.00000 05/25/2043 US 22,500.46 $19,826.30
SEMT 2013-7 A2 3.00000 06/25/2043 US 9,620.13 $8,487.37
SEMT 2013-8 A1 3.00000 06/25/2043 US 11,446.51 $10,138.25
SEMT 2013-2 1.87400 02/25/2043 US 9,420.52 $8,117.85
SERVICENOW INC US NOW 3,000.18 $1,296,586.38
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 280,456.02 $226,649.43
SKYWORKS SOLUTIONS INC US SWKS 50.87 $5,675.41
JM SMUCKER CO/THE-NEW COM WI US SJM 49.75 $7,358.10
SNOWFLAKE INC-CLASS A US SNOW 5,888.72 $909,101.17
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 15,979.73 $15,453.92
SONY CORP SPONSORED ADR JP SONY 5,816.37 $486,132.37
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 156,039.97 $132,811.54
STAG INDUSTRIAL INC US STAG 360.06 $12,112.26
STANLEY BLACK & DECKER INC US SWK 44.26 $3,789.14
SRPT 2014-STAR A FLTG RATE 6.05800 11/15/2027 US 107,212.96 $74,164.28
STEEL DYNAMICS INC US STLD 84.62 $10,671.52
SUN COMMUNITIES US SUI 426.24 $61,012.39
SYNCHRONOSS TECH US 1,892.14 $34,910.07
SYNERGY ONE LENDING 5.50000 10/14/2026 US 59,984.27 $52,355.04
TJX COMPANIES INC US TJX 233.72 $17,903.03
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 8,948.95 $779,185.21
TARGET CORP US TGT 79.13 $13,332.97
TENCENT HOLDINGS 3.97500 04/11/2029 KY 358,973.49 $329,168.17
TERRENO REALTY CORP US TRNO 694.29 $43,191.91
TEXAS INSTRUMENTS INC US TXN 139.15 $23,857.37
THERMO FISHER SCIENTIFIC INC US TMO 1,212.67 $656,977.88
3M CO US MMM 149.58 $16,115.58
TPMT 2016-5 A1 2.50000 10/25/2056 US 18,658.61 $18,350.87
TPMT 2017-1 A1 2.75000 10/25/2056 US 8,736.12 $8,606.80
TPMT 2019-HY1 A1 5.61700 10/25/2048 US 22,644.04 $22,580.74
TRACTOR SUPPLY COMPANY US TSCO 31.6 $7,371.75
TRAVELLERS COS INC US TRV 83.9 $15,532.21
TAH 2017-SFR2 A 2.92800 01/17/2036 US 53,090.39 $51,723.90
TYSON FOODS INC -CL A US TSN 128.88 $7,634.93
UDR INC US UDR 735.33 $31,501.72
U.S. BANCORP US USB 403.2 $19,244.81
UBISOFT ENTERTAIN-UNSPON ADR FR UBSFY 58,710.2 $255,389.36
UNILEVER PLC - ADR GB UL 18,130.85 $905,273.20
UNION PAC CORP US UNP 137.08 $28,413.84
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 54,736.59 $49,102.39
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 7,846.31 $7,468.57
UNITED PARCEL SERVICE US UPS 132.78 $24,231.32
US TREASURY N/B 3.00000 05/15/2047 US 288,129.62 $239,237.63
TREASURY BOND 2.37500 02/15/2042 US 1,224,530.73 $940,018.67
TREASURY NOTE 2.25000 11/15/2027 US 535,454.99 $490,485.14
US TREASURY N/B 3.12500 11/15/2028 US 3,004,590.77 $2,847,084.50
US TREASURY N/B 2.00000 11/15/2026 US 537,067.81 $493,850.63
US TEASURY NOTE 1.75000 11/15/2029 US 4,099,201.58 $3,565,024.38
US TREASURY N/B 0.87500 11/15/2030 US 3,853,447.96 $3,077,339.46
US TREASURY N/B 1.37500 11/15/2031 US 1,386,328.61 $1,127,691.68
UNITEDHEALTH GROUP INC US UNH 447.93 $213,185.49
VF CORP US VFC 113.6 $2,819.47
VENTAS INC US VTR 506.48 $24,640.45
VERTEX PHARMACEUTICALS INC US VRTX 1,714.19 $497,612.10
PARAMOUNT GLOBAL CLASS B US PARA 174.18 $3,730.85
VISA INC - CLASS A SHARES US V 5,770.01 $1,269,056.80
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 39,661.94 $38,078.33
VISTRA OPERATIONS 4.87500 05/13/2024 US 142,979.53 $140,619.39
WAL MART STORES US WMT 414.51 $58,913.60
WALGREENS BOOTS ALLIANCE INC US WBA 224.33 $7,970.35
WASTE MANAGEMENT INC US WM 116.86 $17,501.03
WELLTOWER INC. US WELL 506.38 $37,532.53
WIN 2015-1 A1 3.50000 01/20/2045 US 5,475.7 $4,989.76
ZOETIS INC US ZTS 1,361.72 $227,407.55
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 1,234.33 $12,293.05
ADMIRAL GROUP PLC GB ADM LN 3,233.49 $85,564.80
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 1,178.74 $11,270.35
UBISOFT ENTERTAINMENT FR UBI FP 1,268.86 $27,819.91
DANONE FR BN FP 564.17 $31,713.52
AIR LIQUIDE FR AI FP 562.95 $89,439.68
BRENNTAG AG DE BNR GR 412.72 $31,087.56
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 120,961.22 $6,038.48
KEYWORDS STUDIOS PLC IE KWS LN 422.35 $14,736.83
MEITUAN DIANPING - CLASS B CN 3690 HK 111.48 $1,934.71
HELIOS TOWERS PLC GB HTWS LN 13,083.87 $17,271.81
AVANZA BANK HOLDING AB SE AZA SS 1,986.07 $52,527.04
AMERICAN TANKER INC 7.75000 07/02/2025 US 57,579.23 $55,533.89
SOFTWAREONE HOLDING AG CH SWON SW 2,965.19 $49,400.16
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 5,405.16 $29,206.68
TENCENT HOLDINGS LTD CN 700 HK 916.02 $40,239.49
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 1,476.25 $27,605.88
SEASPAN CORP 6.50000 02/05/2024 MH 47,817.24 $47,837.62
PETROTAL CORP 12.00000 02/16/2024 CA 31,225.05 $32,005.68
IMCD NV NL IMCD NA 92.06 $14,571.96
FINECOBANK SPA IT FBK IM 4,133 $71,420.26
ALLFUNDS GROUP PLC GB ALLFG NA 3,639.47 $31,700.39
AUTO TRADER GROUP PLC GB AUTO LN 11,345.23 $81,142.03
CELLNEX TELECOM SA ES CLNX SM 1,419.44 $53,255.75
ASSA ABLOY AB-B SE ASSAB SS 2,248.72 $54,719.78
CLEANAWAY WASTE MANAGEMENT AU CWY AU 33,372.26 $59,511.61
INTERMEDIATE CAPITAL GROUP GB ICP LN 3,346.49 $56,338.25
ADYEN NV NL ADYEN NA 21.9 $31,039.27
BANK OF N.T. BUTTERFIELD&SON BM NTB 941.05 $34,019.04
BUNGE LIMITED US BG 64.32 $6,142.66
EATON CORP PLC US ETN 122.35 $21,403.35
JOHNSON CONTROLS INTERNATIONAL US JCI 235.07 $14,743.90
LINDE PLC IE LIN 804.2 $280,158.40
MEDTRONIC INC IE MDT 13,715.46 $1,135,639.71
RENAISSANCERE HOLDINGS LTD BM RNR 156.89 $33,716.53
ROYALTY PHARMA PLC- CL A US RPRX 171.63 $6,152.92
STONECO LTD-A BR STNE 1,357.45 $11,551.94
TRANE TECHNOLOGIES IE TT 56.92 $10,528.11
ALCON INC CH ALC 6,504.7 $443,880.95
CHUBB LTD CH CB 121.48 $25,634.31
GARMIN LTD CH GRMN 75.86 $7,444.50
TE CONNECTIVITY LIMITED CH TEL 75.71 $9,638.79
LYONDELLBASELL INDU-CL A US LYB 85.65 $8,222.01
PLAYA HOTELS AND RESORTS US PLYA 1,536.42 $13,704.88
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 40,552.76 $36,424.32

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Maximum Term CIT Fund and Manning & Napier Pro-Mix® Extended 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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