Collective Investment Trusts

Retirement Target 2040 CIT

Investment Objective

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

Investment Strategy

Currently: The portfolio is currently invested in a 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.

Learn more about our Glide Range SM

Daily Price

$37.55

Daily $ Change

-$0.17

Daily % Change

-0.45%

as of 03/15/2024

CUSIP

563821156

Inception Date

01/06/2005

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

Important Documents

Applications & Forms
Fact Sheet
Annual Report

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

Performance

As of 02/29/2024

YTD

1.71%

1 Year

15.97%

3 Year

2.76%

5 Year

8.67%

10 Year

6.74%

Inception
(01/06/2005)

7.11%

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

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

Expense Ratio

Gross 0.90%
Net 0.89%*

*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 02/29/2024

TREASURY NOTES 11.37%
TREASURY BONDS 4.36%
AMAZON.COM INC 3.81%
GOVERNMENT AGENCY 3.69%
ALPHABET INC-CL A 2.43%
MASTERCARD INC-CLASS A 2.40%
META PLATFORMS INC 2.27%
VISA INC - CLASS A SHARES 2.09%
JOHNSON & JOHNSON 2.02%
TAIWAN SEMICONDUCTOR - SP ADR 1.95%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 02/29/2024

Stocks
66.82%
Bonds
31.38%
Cash
1.80%

Detailed Asset Class Allocation

As of 02/29/2024

International Equities
17.00%
Small Capitalization
0.21%
Mid Capitalization
3.39%
Large Capitalization
46.21%
Long Term Fixed Income
7.33%
Intermediate Term Fixed Income
22.39%
Short Term Fixed Income
1.67%
Cash
1.80%

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

Security Description Country Ticker Shares/Par Market Value (USD)
3M CO US MMM 120.21 $11,074.04
ABBOTT LABORATORIES US ABT 233.13 $27,658.80
ADMIRAL GROUP PLC GB ADM LN 3,503.97 $118,228.49
ADMIRAL GROUP PLC ADR GB AMIGY 11,943.45 $402,374.93
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 180,150.29 $161,886.06
AGREE REALTY CORP US ADC 979.25 $53,809.98
AIR LIQUIDE FR AI FP 399.26 $81,149.83
AIRBUS SE FR AIR FP 597.1 $98,795.67
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 11,523.54 $11,726.65
ALCON INC CH ALC 9,565.71 $808,780.97
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 92,519.91 $76,480.37
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 381,622.07 $328,972.38
ALPHABET INC-CL A US GOOGL 16,395.28 $2,270,090.27
AMAZON.COM INC US AMZN 20,090.74 $3,551,239.12
AMAZON.COM INC 3.30000 04/13/2027 US 106,106.43 $101,652.49
AMERICAN HOMES 4 RENT- A US AMH 1,139.63 $42,177.68
AMERICAN TOWER REIT INC US AMT 324.67 $64,563.30
AMERICOLD REALTY TRUST US COLD 1,143.13 $28,921.19
ANALOG DEVICES INC US ADI 109.83 $21,068.17
APPLIED MATERIALS INC US AMAT 3,685.65 $743,100.39
ARCHER-DANIELS-MIDLAND CO US ADM 134.24 $7,129.51
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 172,274.98 $161,429.59
ASTRAZENECA GB AZN 24,219.31 $1,553,910.63
ATLASSIAN CORP PLC-CLASS A AU TEAM 271.14 $56,240.01
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 11,041.97 $54,455.51
AUTO TRADER GROUP PLC GB AUTO LN 7,869.29 $73,686.61
AVALONBAY COMMUNITIES INC US AVB 367 $64,969.19
AVANZA BANK HOLDING AB SE AZA SS 2,801.08 $61,651.09
BABS 2021-RM2 A 1.75000 10/25/2061 US 72,557.39 $64,428.98
BAE SYSTEMS PLC GB BA/ LN 4,593.81 $72,107.59
BAE SYSTEMS PLC -SPON ADR GB BAESY 7,422.97 $473,882.51
BANK OF AMERICA CORP US BAC 800.11 $27,619.86
BANK OF AMERICA CORP 2.68700 04/22/2032 US 273,391.55 $228,651.02
BAXTER INTERNATIONAL INC US BAX 130.45 $5,338.14
BEIERSDORF AG DE BEI GR 642.97 $92,164.48
BIOMARIN PHARMACEUTICAL INC US BMRN 9,706.93 $837,514.25
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 104,884.05 $103,662.62
BORR IHC LTD 10.00000 11/15/2028 MUL 62,892.26 $64,926.48
BOSTON SCIENTIFIC CORP US BSX 3,884.69 $257,205.60
BRENNTAG AG DE BNR GR 404.82 $36,962.08
BRISTOL MYERS SQUIBB CO US BMY 351.8 $17,853.97
BROADCOM INC US AVGO 42.78 $55,638.83
BROADRIDGE FINANCIAL SOLUTIONS US BR 39.98 $8,138.63
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 66,342.74 $58,783.41
BUNGE LIMITED US BG 52.04 $4,911.10
C.H. ROBINSON WORLDWIDE INC US CHRW 51.9 $3,844.80
CAMPBELL SOUP CO US CPB 112.22 $4,784.96
CANADIAN NATIONAL RAILWAY CO CA CNI 6,991.82 $906,769.37
CAPITAL ONE FINANCIAL CO 5.70000 02/01/2030 US 329,340.38 $329,772.09
CATERPILLAR INC US CAT 106.61 $35,602.39
CBOE GLOBAL MARKETS INC US CBOE 2,922.28 $561,078.47
CELLNEX TELECOM SA ES CLNX SM 1,743.32 $63,028.98
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 21,272.34 $388,220.13
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 215,498.98 $233,293.93
CHEVRON CORP US CVX 201.01 $30,555.51
CIM 2019-INV1 A1 4.00000 02/25/2049 US 3,023.48 $2,858.91
CISCO SYSTEMS INC US CSCO 632.35 $30,586.60
CITIGROUP INC US C 359.24 $19,934.05
CITIGROUP INC 1.46200 06/09/2027 US 264,794.89 $242,569.25
CLARK CNTY NV 1.51000 11/01/2028 US 49,095.22 $42,195.62
CLEANAWAY WASTE MANAGEMENT AU CWY AU 42,306.25 $73,695.76
COCA COLA CO/THE US KO 26,814.6 $1,609,412.11
COGNIZANT TECH SOLUTIONS - A US CTSH 104.92 $8,291.05
COLGATE-PALMOLIVE CO US CL 184.6 $15,971.42
COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 US 103,902.36 $97,704.93
COLT 2024-INV1 A1 5.90300 12/25/2068 US 92,664.36 $92,230.60
COMCAST CORP-CL A US CMCSA 623.65 $26,723.38
CONAGRA BRAND INC. US CAG 165.24 $4,639.95
CONOCOPHILLIPS US COP 181.23 $20,395.79
CONSTELLATION BRANDS INC-A US STZ 3,386.73 $841,669.75
COPART INC US CPRT 9,788.68 $520,268.52
CORNING INC US GLW 178.99 $5,770.55
COTERRA ENERGY INC US CTRA 216.58 $5,583.43
CROWN CASTLE INTL CORP US CCI 279.88 $30,770.01
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 22,377.85 $19,062.37
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 12,606.75 $10,431.27
CSX CORP US CSX 20,398.35 $773,913.39
CUMMINS INC US CMI 46.01 $12,358.54
CVS HEALTH CORP US CVS 175.62 $13,060.90
DEUTSCHE BOERSE AG DE DB1 GR 661.56 $138,494.89
DEUTSCHE BOERSE AG ADR DE DBOEY 26,648.21 $557,480.51
DEVON ENERGY CORPORATION US DVN 148.69 $6,551.21
DIAGEO PLC GB DGE LN 984.05 $36,867.88
DIAMONDBACK ENERGY INC US FANG 46.01 $8,397.61
DIGITAL REALTY TRUST INC US DLR 143.69 $21,094.44
DIGITALBRIDGE GROUP INC US DBRG 1,497.7 $27,512.74
DOLLARAMA INC CA DOL CN 740.62 $57,289.61
DOW INC US DOW 154.58 $8,637.92
EBAY INC US EBAY 142.8 $6,751.44
ELECTRONIC ARTS US EA 11,519.1 $1,606,684.11
EMERSON ELEC CO US EMR 143.78 $15,362.77
ENERGY TRANSFER LP 7.37500 02/01/2031 US 151,294.17 $158,242.43
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 225,278.03 $235,063.63
EOG RESOURCES INC US EOG 106.19 $12,154.04
EQUINIX INC US EQIX 1,305.46 $1,160,318.38
EQUITY COMMONWEALTH US EQC 1,373.56 $25,864.21
EQUITY LIFESTYLE PROPERTIES US ELS 923.02 $62,137.86
EQUITY RESIDENTIAL US EQR 436.11 $26,258.29
EVERGY INC US EVRG 18,970.83 $939,814.81
EXPERIAN GROUP LTD-SPON ADR IE EXPGY 8,475.1 $363,412.16
EXPERIAN PLC IE EXPN LN 1,341.96 $57,470.25
EXTRA SPACE STORAGE INC US EXR 405.37 $57,145.01
EXXON MOBIL CORP US XOM 319.26 $33,368.97
FEDERAL NATIONAL FS5443 MTGE 4.50000 06/01/2043 US 141,469.36 $135,664.76
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 2,101.59 $2,180.56
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 19.26 $19.15
FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 7,758.13 $7,563.47
FEDERAL NATL MTG ASSN AL8674 FLT 5.64400 01/01/2049 US 138,123.38 $141,413.98
FEDERAL NATL MTG ASSN BK0433 3.50000 12/01/2049 US 98,287.82 $87,736.68
FEDERAL NATL MTG ASSN BW1194 4.00000 09/01/2052 US 229,102.43 $210,644.33
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 134,826.65 $122,069.66
FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 12,322.7 $11,558.93
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 142,591.05 $134,144.98
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 25,897.49 $25,451.72
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 154,387.61 $137,461.86
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 150,598.98 $138,465.67
FEDERAL NATL MTG ASSN SD4235 6.00000 11/01/2053 US 133,573.24 $134,928.97
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 143,672.71 $124,408.78
FEDERAL NATL MTG ASSN SD8276 5.00000 12/01/2052 US 148,490.2 $144,212.33
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 145,897.69 $126,933.58
FEDEX CORPORATION US FDX 40.96 $10,197.67
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 31,236.18 $30,131.36
FHLM POOL C91780 4.50000 07/01/2034 US 36,453.39 $35,869.91
FHLM POOL G05906 6.00000 04/01/2040 US 4,376.93 $4,555.53
FHLM POOL K91364 4.50000 11/01/2033 US 4,650.63 $4,579.56
FHLM POOL K92059 4.50000 09/01/2034 US 25,394.56 $24,987.10
FHLM POOL SD8230 4.50000 06/01/2052 US 99,787.04 $94,373.58
FIFTH THIRD BANCORP US FITB 211.53 $7,263.95
FINECOBANK SPA IT FBK IM 6,250.92 $86,597.36
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 1,842.36 $29,146.10
FLX 2021-1A A2 3.25000 11/27/2051 US 140,573.78 $126,786.52
FMC CORP US FMC 45.17 $2,547.00
FN DS2696 3.00000 12/01/2051 US 175,013.84 $151,365.17
FN FS4339 MTGE 3.00000 12/01/2050 US 235,784.22 $204,790.33
FN MA4733 4.50000 09/01/2052 US 173,749.25 $164,323.33
FN MA4807 MTGE 5.50000 11/01/2052 US 120,460.87 $119,271.08
FN MA4868 MTGE 5.00000 01/01/2053 US 221,486.67 $214,802.64
FN MA4934 MTGE 5.00000 02/01/2043 US 219,594.62 $216,020.62
FNR 2018-31 KP 3.50000 07/25/2047 US 1,808.35 $1,754.00
FR QG6308 MTG 6.00000 07/01/2053 US 342,404.59 $344,630.51
FR SD1129 4.00000 08/01/2051 US 159,779.93 $149,132.52
FREMF 2015-K43 B FLT 3.72989 02/25/2048 US 256,699.94 $251,436.76
GENERAL DYNAMICS CORP US GD 58.77 $16,059.99
GENERAL MLS INC US GIS 152.62 $9,794.89
GENUINE PARTS CO US GPC 48.53 $7,244.20
GILEAD SCIENCES INC US GILD 259.5 $18,710.19
GLOBANT SA LU GLOB 206.19 $46,015.54
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 26,450.86 $23,575.78
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 36,120.23 $30,523.54
GOODMAN GROUP AU GMG AU 1,331.4 $25,919.12
GSMBS 2021-INV1 A6 2.50000 12/25/2051 US 69,879.75 $60,061.61
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 56,650.95 $48,882.50
HALLIBURTON CO US HAL 190.21 $6,670.63
HALMA PLC GB HLMA LN 3,230.89 $94,088.54
HARTFORD FINL SVCS US HIG 70.56 $6,762.17
HAWAII ST 2.68200 10/01/2038 US 12,223.81 $9,272.26
HDFC BANK LTD-ADR IN HDB 16,110.89 $861,932.39
HEINEKEN NV NL HEIA NA 1,278.28 $118,101.73
HEINEKEN NV-SPN ADR NL HEINY 19,063.82 $880,176.61
HELIOS TOWERS PLC GB HTWS LN 18,488.57 $17,608.62
HOME DEPOT INC US HD 140.97 $53,655.89
HONEYWELL INTERNATIONAL INC US HON 125.96 $25,032.89
HUMANA INC US HUM 3,058.84 $1,071,573.07
HUNTINGTON BANCSHARES US HBAN 356.71 $4,651.52
HWIRE 2021-1 A2 2.31100 11/20/2051 US 132,017.11 $118,601.88
IDEXX LABORATORIES INC US IDXX 653.81 $376,090.00
IMCD NV NL IMCD NA 649.67 $99,113.62
IMPRL 2021-NQM3 1.59500 11/25/2056 US 65,411.38 $55,045.96
INFRABUILD AUTRALIA PTY 14.50000 11/15/2028 AU 62,100.73 $63,070.40
INTERCONTINENTALEXCHANGE INC US ICE 9,045.29 $1,252,049.70
INTERMEDIATE CAPITAL GROUP GB ICP LN 1,886.11 $45,988.84
INTERNATIONAL BUSINESS MACH CORP US IBM 110.96 $20,530.04
INTERNATIONAL FLVRS & FRAGRANCES US IFF 68.03 $5,136.41
INTUIT INC US INTU 813.58 $539,312.66
INTUITIVE SURGICAL INC US ISRG 1,959.32 $755,514.03
INVITATION HOMES INC US INVH 2,476.89 $84,387.47
ISHARES BROAD USD HIGH YIELD 2.40600 US 38,469.54 $1,398,752.57
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 29,337.14 $28,761.04
JAPAN (2 YEAR ISSUE) 0.10000 01/01/2026 JP 13,446,187.59 $89,567.02
JM SMUCKER CO/THE-NEW COM WI US SJM 39.7 $4,770.39
JOHNSON & JOHNSON US JNJ 11,700.81 $1,888,276.91
JP MORGAN CHASE & CO US JPM 2,256.98 $419,933.20
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 18,883.7 $18,079.30
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 394,787.57 $378,856.07
KELLOGG CO US K 76.03 $4,192.91
KEYENCE CORP JP 6861 JP 145.28 $68,087.40
KEYWORDS STUDIOS PLC IE KWS LN 2,828.76 $51,244.52
KRAFT HEINZ CO/THE US KHC 212.93 $7,512.28
L'OREAL FR OR FP 37.62 $17,969.48
L3HARRIS TECHNOLOGIES INC US LHX 8,063.12 $1,706,640.00
LEXINGTON REALTY TRUST US LXP 6,236.93 $54,011.80
LOCKHEED MARTIN CORP US LMT 49.52 $21,204.75
LONZA GROUP AG -REG CH LONN SW 173.74 $90,684.52
LONZA GROUP AG ADR CH LZAGY 9,353.2 $489,078.84
MARATHON OIL CORP US MRO 161.03 $3,905.03
MARATHON PETROLEUM CORP US MPC 92.3 $15,619.76
MARRIOTT VACATIONS WORLD US VAC 291.71 $27,184.18
MASCO CORP US MAS 11,117.54 $853,382.68
MASSMUTUAL GLOBAL FUNDING 4.85000 01/17/2029 US 78,532.7 $77,690.32
MASTERCARD INC-CLASS A US MA 4,724.25 $2,242,885.65
MEDTRONIC INC IE MDT 8,921.04 $743,657.49
MERCADOLIBRE INC BR MELI 240.75 $384,063.88
MERCK & CO INC US MRK 370.32 $47,085.96
MET LIFE GLOB FUNDING I 4.85000 01/08/2029 US 78,532.7 $77,456.19
META PLATFORMS INC US META 4,327.85 $2,121,211.21
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 183,357.1 $9,959.48
MICROCHIP TECHNOLOGY INC US MCHP 122.32 $10,291.77
MICRON TECHNOLOGY INC US MU 18,814.65 $1,704,794.98
MICROSOFT CORP US MSFT 3,831.2 $1,584,738.03
MID-AMERICA APARTMENT COMM US MAA 224.17 $28,173.91
MONARCH CASINO & RESORT INC US MCRI 448.73 $31,568.04
MONDELEZ INTERNATIONAL INC US MDLZ 11,081.54 $809,728.07
MOODY'S CORPORATION US MCO 3,271.5 $1,241,271.11
NAVIENT CORP 6.75000 06/25/2025 US 69,344.84 $69,829.22
NESTLE S.A. - ADR CH NSRGY 10,840.06 $1,127,041.15
NESTLE SA-REGISTERED CH NESN SW 1,292.84 $134,089.93
NETAPP INC US NTAP 80.1 $7,138.10
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 131,927.78 $123,620.14
NIKE INC CLASS B US NKE 7,409.17 $770,035.02
NORFOLK SOUTHN CORP US NSC 1,079.39 $273,496.71
NORTHROP GRUMMAN CORP US NOC 1,657.2 $764,002.77
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 65,567.53 $0.66
NOVARTIS AG- REG CH NVS 6,304.12 $636,527.49
NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 US 145,703.29 $152,564.84
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 22,451.34 $20,737.29
NRZT 2015-2A A1 3.75000 08/25/2055 US 36,666.16 $34,021.01
NRZT 2016-4A A1 3.75000 11/25/2056 US 71,140.49 $65,724.25
NVIDIA CORP US NVDA 745.13 $589,483.40
OASIS 2023-1A 7.00000 02/15/2035 US 46,419.33 $46,369.34
OMNICOM GROUP US OMC 73.22 $6,472.09
OPEN INFRA IS ASSETS AB 11.00000 02/22/2027 US 76,949.64 $76,733.74
OXFIN 2020-1A A2 3.10100 02/15/2028 US 28,304.36 $27,401.12
OXFIN 2022-1A 3.60200 02/15/2030 US 119,166.87 $113,685.39
OXFIN 2023-1A A2 6.71600 02/15/2031 US 151,575.21 $148,755.45
OXFINF 2024-A A2 6.67500 01/14/2032 US 22,293.36 $22,139.54
PACKAGING CORP OF AMERICA US PKG 34.09 $6,176.06
PALOMINO FUNDING TRUST I 7.23300 05/17/2028 US 256,298.57 $266,995.04
PARAMOUNT GLOBAL CLASS B US PARA 200.59 $2,214.50
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 79,391.31 $76,561.67
PEAR 2023-1A 7.42000 07/15/2035 US 75,355.51 $75,830.01
PELORUS FUND REIT 7.00000 09/30/2026 US 67,601.44 $65,889.79
PEPSICO INC 3.90000 07/18/2032 US 338,438.07 $317,496.72
PFIZER INC US PFE 692.52 $18,393.41
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 113,566.12 $91,657.66
PFMT 2021-2 A2A 2.00000 04/25/2051 US 65,763.55 $54,820.55
PHILLIPS 66 US PSX 78.83 $11,234.48
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 18,958.16 $17,159.75
PPG INDUSTRIES INC US PPG 55.27 $7,825.83
PROLOGIS US PLD 1,994.27 $265,776.71
PUBLIC STORAGE INC US PSA 316.98 $89,981.74
QUALCOMM 5.40000 05/20/2033 US 54,706.1 $56,642.07
QUALCOMM INC US QCOM 201.43 $31,783.74
QUALCOMM INC 4.25000 05/20/2032 US 273,592.24 $260,738.87
QUEST DIAGNOSTICS INC US DGX 42.78 $5,343.17
RAYTHEON TECHNOLOGIES CORP US RTX 179.83 $16,125.25
RCKT 2021-6 A1 2.50000 12/25/2051 US 120,702.49 $96,377.36
REALTY INCOME CORP US O 820.44 $42,753.07
REGIONS FINANCIAL CORP. US RF 319.68 $5,955.64
REXFORD INDUSTRIAL REALITY IN US REXR 1,586.72 $80,732.24
S&P GLOBAL INC US SPGI 1,893.32 $811,062.47
SALESFORCE INC US CRM 2,655.77 $820,155.13
SBA COMMUNICATIONS CORP US SBAC 2,669.12 $558,459.27
SBA TOWER TRUST 6.59900 01/15/2028 US 184,759.48 $189,316.31
SCHLUMBERGER LTD US SLB 224.72 $10,860.52
SEMT 2013-2 1.87400 02/25/2043 US 13,292.28 $11,166.61
SEMT 2013-6 A2 3.00000 05/25/2043 US 30,251.47 $26,590.81
SEMT 2013-7 A2 3.00000 06/25/2043 US 13,027.39 $11,253.16
SEMT 2013-8 A1 3.00000 06/25/2043 US 15,819 $13,976.06
SERVICENOW INC US NOW 1,308.05 $1,008,952.09
SIMON PROPERTY 2.25000 01/15/2032 US 211,651.15 $170,098.63
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 349,840.52 $290,364.48
SKYWORKS SOLUTIONS INC US SWKS 47.41 $4,974.46
SLAM 2021-1A A MTGE 2.43400 06/15/2046 US 91,674.88 $79,556.61
SLMA 2008-3 A3 6.62250 10/25/2021 US 169,544.46 $167,836.04
SLMA 2008-4 A4 7.27250 07/25/2022 US 167,033.21 $167,741.97
SMB 2020-BA A1A 1.29000 07/15/2053 US 64,506.04 $58,621.94
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 14,597.96 $14,252.05
SONY CORP FIRST SECTION JP 6758 JP 808.77 $69,674.17
SONY CORP SPONSORED ADR JP SONY 5,149.25 $441,856.87
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 82,460.46 $76,673.74
SORT 2020-1 A2 1.99000 07/15/2060 US 66,819.26 $57,037.16
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 236,530.66 $208,550.54
SRPT 2014-STAR A FLTG RATE 8.50000 11/15/2027 US 148,442.4 $105,772.67
SUN COMMUNITIES US SUI 732.05 $97,918.88
SYSCO CORP US SYY 95.67 $7,746.04
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 14,140.61 $1,819,472.58
TE CONNECTIVITY LIMITED CH TEL 66.63 $9,565.29
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 6,223.09 $67,136.10
TENCENT HOLDINGS 3.97500 04/11/2029 KY 681,404.97 $645,536.65
TENCENT HOLDINGS LTD CN 700 HK 2,569.79 $90,021.46
TERRENO REALTY CORP US TRNO 774.33 $49,789.24
TEXAS INSTRUMENTS INC US TXN 127.93 $21,406.21
THERMO FISHER SCIENTIFIC INC US TMO 1,400.02 $798,264.43
TPMT 2016-5 A1 2.50000 10/25/2056 US 4,772.02 $4,744.88
TPMT 2017-1 A1 2.75000 10/25/2056 US 1,172.72 $1,167.80
TPMT 2019-HY1 A1 6.43541 10/25/2048 US 26,128.75 $26,529.20
TRAVELLERS COS INC US TRV 61.72 $13,637.59
TREASURY BOND 2.37500 02/15/2042 US 4,080,130.29 $2,997,620.72
TRUIST FINANCIAL CORP US TFC 236.64 $8,277.63
TSY INFL IX N/B 0.12500 01/15/2031 US 1,077,821.15 $954,993.65
TYSON FOODS INC -CL A US TSN 98.47 $5,341.07
U.S. BANCORP US USB 330.62 $13,872.87
UDR INC US UDR 577.53 $20,502.48
UNILEVER PLC - ADR GB UL 20,506.16 $1,004,186.57
UNION PAC CORP US UNP 1,794.39 $455,217.88
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 8,222.22 $7,712.57
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 52,246.49 $48,193.19
UNITED PARCEL SERVICE US UPS 122.46 $18,155.55
UNITEDHEALTH GROUP INC US UNH 2,218.58 $1,095,089.05
US CLAIMS LIT FNDG LLC 10.25000 03/17/2028 US 30,559.52 $26,101.82
US DOLLAR US 1,711,176.94 $1,711,176.94
US TEASURY NOTE 1.75000 11/15/2029 US 2,173,234.91 $1,904,806.45
US TREASURY N/B 0.87500 11/15/2030 US 3,613,449.92 $2,907,133.38
US TREASURY N/B 1.37500 11/15/2031 US 1,242,549.97 $1,008,018.66
US TREASURY N/B 2.25000 11/15/2025 US 875,346.81 $839,820.04
US TREASURY N/B 3.12500 11/15/2028 US 1,655,210.22 $1,572,708.33
US TREASURY N/B 3.62500 02/15/2053 US 1,220,867.26 $1,065,588.20
US TREASURY N/B 4.12500 11/15/2032 US 2,399,761.52 $2,373,139.17
USRE 2021-1 A1 1.91000 10/20/2061 US 149,741.63 $130,221.79
VALERO ENERGY US VLO 62.84 $8,889.61
VENTAS INC US VTR 691.03 $29,223.63
VERTEX PHARMACEUTICALS INC US VRTX 1,393.45 $586,279.82
VISA INC - CLASS A SHARES US V 6,906.84 $1,952,149.11
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 242,611.7 $224,121.70
WELLS FARGO COMPANY US WFC 437.93 $24,344.49
WELLTOWER INC. US WELL 912.08 $84,057.02
WIN 2015-1 A1 3.50000 01/20/2045 US 8,023.48 $7,190.85

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

$37.55

Daily $ Change

-$0.17

Daily % Change

-0.45%

as of 03/15/2024

CUSIP

563821156

Inception Date

01/06/2005

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

Important Documents

Applications & Forms
Fact Sheet
Annual Report

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

Investment Objective

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

Investment Strategy

Currently: The portfolio is currently invested in a 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.

Learn more about our Glide Range SM

Performance

As of 02/29/2024

YTD

1.71%

1 Year

15.97%

3 Year

2.76%

5 Year

8.67%

10 Year

6.74%

Inception
(01/06/2005)

7.11%

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

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

Expense Ratio

Gross 0.90%
Net 0.89%*

*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 02/29/2024

TREASURY NOTES 11.37%
TREASURY BONDS 4.36%
AMAZON.COM INC 3.81%
GOVERNMENT AGENCY 3.69%
ALPHABET INC-CL A 2.43%
MASTERCARD INC-CLASS A 2.40%
META PLATFORMS INC 2.27%
VISA INC - CLASS A SHARES 2.09%
JOHNSON & JOHNSON 2.02%
TAIWAN SEMICONDUCTOR - SP ADR 1.95%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 02/29/2024

Stocks
66.82%
Bonds
31.38%
Cash
1.80%

Detailed Asset Class Allocation

As of 02/29/2024

International Equities
17.00%
Small Capitalization
0.21%
Mid Capitalization
3.39%
Large Capitalization
46.21%
Long Term Fixed Income
7.33%
Intermediate Term Fixed Income
22.39%
Short Term Fixed Income
1.67%
Cash
1.80%

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

Security Description Country Ticker Shares/Par Market Value (USD)
3M CO US MMM 120.21 $11,074.04
ABBOTT LABORATORIES US ABT 233.13 $27,658.80
ADMIRAL GROUP PLC GB ADM LN 3,503.97 $118,228.49
ADMIRAL GROUP PLC ADR GB AMIGY 11,943.45 $402,374.93
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 180,150.29 $161,886.06
AGREE REALTY CORP US ADC 979.25 $53,809.98
AIR LIQUIDE FR AI FP 399.26 $81,149.83
AIRBUS SE FR AIR FP 597.1 $98,795.67
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 11,523.54 $11,726.65
ALCON INC CH ALC 9,565.71 $808,780.97
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 92,519.91 $76,480.37
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 381,622.07 $328,972.38
ALPHABET INC-CL A US GOOGL 16,395.28 $2,270,090.27
AMAZON.COM INC US AMZN 20,090.74 $3,551,239.12
AMAZON.COM INC 3.30000 04/13/2027 US 106,106.43 $101,652.49
AMERICAN HOMES 4 RENT- A US AMH 1,139.63 $42,177.68
AMERICAN TOWER REIT INC US AMT 324.67 $64,563.30
AMERICOLD REALTY TRUST US COLD 1,143.13 $28,921.19
ANALOG DEVICES INC US ADI 109.83 $21,068.17
APPLIED MATERIALS INC US AMAT 3,685.65 $743,100.39
ARCHER-DANIELS-MIDLAND CO US ADM 134.24 $7,129.51
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 172,274.98 $161,429.59
ASTRAZENECA GB AZN 24,219.31 $1,553,910.63
ATLASSIAN CORP PLC-CLASS A AU TEAM 271.14 $56,240.01
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 11,041.97 $54,455.51
AUTO TRADER GROUP PLC GB AUTO LN 7,869.29 $73,686.61
AVALONBAY COMMUNITIES INC US AVB 367 $64,969.19
AVANZA BANK HOLDING AB SE AZA SS 2,801.08 $61,651.09
BABS 2021-RM2 A 1.75000 10/25/2061 US 72,557.39 $64,428.98
BAE SYSTEMS PLC GB BA/ LN 4,593.81 $72,107.59
BAE SYSTEMS PLC -SPON ADR GB BAESY 7,422.97 $473,882.51
BANK OF AMERICA CORP US BAC 800.11 $27,619.86
BANK OF AMERICA CORP 2.68700 04/22/2032 US 273,391.55 $228,651.02
BAXTER INTERNATIONAL INC US BAX 130.45 $5,338.14
BEIERSDORF AG DE BEI GR 642.97 $92,164.48
BIOMARIN PHARMACEUTICAL INC US BMRN 9,706.93 $837,514.25
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 104,884.05 $103,662.62
BORR IHC LTD 10.00000 11/15/2028 MUL 62,892.26 $64,926.48
BOSTON SCIENTIFIC CORP US BSX 3,884.69 $257,205.60
BRENNTAG AG DE BNR GR 404.82 $36,962.08
BRISTOL MYERS SQUIBB CO US BMY 351.8 $17,853.97
BROADCOM INC US AVGO 42.78 $55,638.83
BROADRIDGE FINANCIAL SOLUTIONS US BR 39.98 $8,138.63
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 66,342.74 $58,783.41
BUNGE LIMITED US BG 52.04 $4,911.10
C.H. ROBINSON WORLDWIDE INC US CHRW 51.9 $3,844.80
CAMPBELL SOUP CO US CPB 112.22 $4,784.96
CANADIAN NATIONAL RAILWAY CO CA CNI 6,991.82 $906,769.37
CAPITAL ONE FINANCIAL CO 5.70000 02/01/2030 US 329,340.38 $329,772.09
CATERPILLAR INC US CAT 106.61 $35,602.39
CBOE GLOBAL MARKETS INC US CBOE 2,922.28 $561,078.47
CELLNEX TELECOM SA ES CLNX SM 1,743.32 $63,028.98
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 21,272.34 $388,220.13
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 215,498.98 $233,293.93
CHEVRON CORP US CVX 201.01 $30,555.51
CIM 2019-INV1 A1 4.00000 02/25/2049 US 3,023.48 $2,858.91
CISCO SYSTEMS INC US CSCO 632.35 $30,586.60
CITIGROUP INC US C 359.24 $19,934.05
CITIGROUP INC 1.46200 06/09/2027 US 264,794.89 $242,569.25
CLARK CNTY NV 1.51000 11/01/2028 US 49,095.22 $42,195.62
CLEANAWAY WASTE MANAGEMENT AU CWY AU 42,306.25 $73,695.76
COCA COLA CO/THE US KO 26,814.6 $1,609,412.11
COGNIZANT TECH SOLUTIONS - A US CTSH 104.92 $8,291.05
COLGATE-PALMOLIVE CO US CL 184.6 $15,971.42
COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 US 103,902.36 $97,704.93
COLT 2024-INV1 A1 5.90300 12/25/2068 US 92,664.36 $92,230.60
COMCAST CORP-CL A US CMCSA 623.65 $26,723.38
CONAGRA BRAND INC. US CAG 165.24 $4,639.95
CONOCOPHILLIPS US COP 181.23 $20,395.79
CONSTELLATION BRANDS INC-A US STZ 3,386.73 $841,669.75
COPART INC US CPRT 9,788.68 $520,268.52
CORNING INC US GLW 178.99 $5,770.55
COTERRA ENERGY INC US CTRA 216.58 $5,583.43
CROWN CASTLE INTL CORP US CCI 279.88 $30,770.01
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 22,377.85 $19,062.37
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 12,606.75 $10,431.27
CSX CORP US CSX 20,398.35 $773,913.39
CUMMINS INC US CMI 46.01 $12,358.54
CVS HEALTH CORP US CVS 175.62 $13,060.90
DEUTSCHE BOERSE AG DE DB1 GR 661.56 $138,494.89
DEUTSCHE BOERSE AG ADR DE DBOEY 26,648.21 $557,480.51
DEVON ENERGY CORPORATION US DVN 148.69 $6,551.21
DIAGEO PLC GB DGE LN 984.05 $36,867.88
DIAMONDBACK ENERGY INC US FANG 46.01 $8,397.61
DIGITAL REALTY TRUST INC US DLR 143.69 $21,094.44
DIGITALBRIDGE GROUP INC US DBRG 1,497.7 $27,512.74
DOLLARAMA INC CA DOL CN 740.62 $57,289.61
DOW INC US DOW 154.58 $8,637.92
EBAY INC US EBAY 142.8 $6,751.44
ELECTRONIC ARTS US EA 11,519.1 $1,606,684.11
EMERSON ELEC CO US EMR 143.78 $15,362.77
ENERGY TRANSFER LP 7.37500 02/01/2031 US 151,294.17 $158,242.43
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 225,278.03 $235,063.63
EOG RESOURCES INC US EOG 106.19 $12,154.04
EQUINIX INC US EQIX 1,305.46 $1,160,318.38
EQUITY COMMONWEALTH US EQC 1,373.56 $25,864.21
EQUITY LIFESTYLE PROPERTIES US ELS 923.02 $62,137.86
EQUITY RESIDENTIAL US EQR 436.11 $26,258.29
EVERGY INC US EVRG 18,970.83 $939,814.81
EXPERIAN GROUP LTD-SPON ADR IE EXPGY 8,475.1 $363,412.16
EXPERIAN PLC IE EXPN LN 1,341.96 $57,470.25
EXTRA SPACE STORAGE INC US EXR 405.37 $57,145.01
EXXON MOBIL CORP US XOM 319.26 $33,368.97
FEDERAL NATIONAL FS5443 MTGE 4.50000 06/01/2043 US 141,469.36 $135,664.76
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 2,101.59 $2,180.56
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 19.26 $19.15
FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 7,758.13 $7,563.47
FEDERAL NATL MTG ASSN AL8674 FLT 5.64400 01/01/2049 US 138,123.38 $141,413.98
FEDERAL NATL MTG ASSN BK0433 3.50000 12/01/2049 US 98,287.82 $87,736.68
FEDERAL NATL MTG ASSN BW1194 4.00000 09/01/2052 US 229,102.43 $210,644.33
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 134,826.65 $122,069.66
FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 12,322.7 $11,558.93
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 142,591.05 $134,144.98
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 25,897.49 $25,451.72
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 154,387.61 $137,461.86
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 150,598.98 $138,465.67
FEDERAL NATL MTG ASSN SD4235 6.00000 11/01/2053 US 133,573.24 $134,928.97
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 143,672.71 $124,408.78
FEDERAL NATL MTG ASSN SD8276 5.00000 12/01/2052 US 148,490.2 $144,212.33
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 145,897.69 $126,933.58
FEDEX CORPORATION US FDX 40.96 $10,197.67
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 31,236.18 $30,131.36
FHLM POOL C91780 4.50000 07/01/2034 US 36,453.39 $35,869.91
FHLM POOL G05906 6.00000 04/01/2040 US 4,376.93 $4,555.53
FHLM POOL K91364 4.50000 11/01/2033 US 4,650.63 $4,579.56
FHLM POOL K92059 4.50000 09/01/2034 US 25,394.56 $24,987.10
FHLM POOL SD8230 4.50000 06/01/2052 US 99,787.04 $94,373.58
FIFTH THIRD BANCORP US FITB 211.53 $7,263.95
FINECOBANK SPA IT FBK IM 6,250.92 $86,597.36
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 1,842.36 $29,146.10
FLX 2021-1A A2 3.25000 11/27/2051 US 140,573.78 $126,786.52
FMC CORP US FMC 45.17 $2,547.00
FN DS2696 3.00000 12/01/2051 US 175,013.84 $151,365.17
FN FS4339 MTGE 3.00000 12/01/2050 US 235,784.22 $204,790.33
FN MA4733 4.50000 09/01/2052 US 173,749.25 $164,323.33
FN MA4807 MTGE 5.50000 11/01/2052 US 120,460.87 $119,271.08
FN MA4868 MTGE 5.00000 01/01/2053 US 221,486.67 $214,802.64
FN MA4934 MTGE 5.00000 02/01/2043 US 219,594.62 $216,020.62
FNR 2018-31 KP 3.50000 07/25/2047 US 1,808.35 $1,754.00
FR QG6308 MTG 6.00000 07/01/2053 US 342,404.59 $344,630.51
FR SD1129 4.00000 08/01/2051 US 159,779.93 $149,132.52
FREMF 2015-K43 B FLT 3.72989 02/25/2048 US 256,699.94 $251,436.76
GENERAL DYNAMICS CORP US GD 58.77 $16,059.99
GENERAL MLS INC US GIS 152.62 $9,794.89
GENUINE PARTS CO US GPC 48.53 $7,244.20
GILEAD SCIENCES INC US GILD 259.5 $18,710.19
GLOBANT SA LU GLOB 206.19 $46,015.54
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 26,450.86 $23,575.78
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 36,120.23 $30,523.54
GOODMAN GROUP AU GMG AU 1,331.4 $25,919.12
GSMBS 2021-INV1 A6 2.50000 12/25/2051 US 69,879.75 $60,061.61
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 56,650.95 $48,882.50
HALLIBURTON CO US HAL 190.21 $6,670.63
HALMA PLC GB HLMA LN 3,230.89 $94,088.54
HARTFORD FINL SVCS US HIG 70.56 $6,762.17
HAWAII ST 2.68200 10/01/2038 US 12,223.81 $9,272.26
HDFC BANK LTD-ADR IN HDB 16,110.89 $861,932.39
HEINEKEN NV NL HEIA NA 1,278.28 $118,101.73
HEINEKEN NV-SPN ADR NL HEINY 19,063.82 $880,176.61
HELIOS TOWERS PLC GB HTWS LN 18,488.57 $17,608.62
HOME DEPOT INC US HD 140.97 $53,655.89
HONEYWELL INTERNATIONAL INC US HON 125.96 $25,032.89
HUMANA INC US HUM 3,058.84 $1,071,573.07
HUNTINGTON BANCSHARES US HBAN 356.71 $4,651.52
HWIRE 2021-1 A2 2.31100 11/20/2051 US 132,017.11 $118,601.88
IDEXX LABORATORIES INC US IDXX 653.81 $376,090.00
IMCD NV NL IMCD NA 649.67 $99,113.62
IMPRL 2021-NQM3 1.59500 11/25/2056 US 65,411.38 $55,045.96
INFRABUILD AUTRALIA PTY 14.50000 11/15/2028 AU 62,100.73 $63,070.40
INTERCONTINENTALEXCHANGE INC US ICE 9,045.29 $1,252,049.70
INTERMEDIATE CAPITAL GROUP GB ICP LN 1,886.11 $45,988.84
INTERNATIONAL BUSINESS MACH CORP US IBM 110.96 $20,530.04
INTERNATIONAL FLVRS & FRAGRANCES US IFF 68.03 $5,136.41
INTUIT INC US INTU 813.58 $539,312.66
INTUITIVE SURGICAL INC US ISRG 1,959.32 $755,514.03
INVITATION HOMES INC US INVH 2,476.89 $84,387.47
ISHARES BROAD USD HIGH YIELD 2.40600 US 38,469.54 $1,398,752.57
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 29,337.14 $28,761.04
JAPAN (2 YEAR ISSUE) 0.10000 01/01/2026 JP 13,446,187.59 $89,567.02
JM SMUCKER CO/THE-NEW COM WI US SJM 39.7 $4,770.39
JOHNSON & JOHNSON US JNJ 11,700.81 $1,888,276.91
JP MORGAN CHASE & CO US JPM 2,256.98 $419,933.20
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 18,883.7 $18,079.30
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 394,787.57 $378,856.07
KELLOGG CO US K 76.03 $4,192.91
KEYENCE CORP JP 6861 JP 145.28 $68,087.40
KEYWORDS STUDIOS PLC IE KWS LN 2,828.76 $51,244.52
KRAFT HEINZ CO/THE US KHC 212.93 $7,512.28
L'OREAL FR OR FP 37.62 $17,969.48
L3HARRIS TECHNOLOGIES INC US LHX 8,063.12 $1,706,640.00
LEXINGTON REALTY TRUST US LXP 6,236.93 $54,011.80
LOCKHEED MARTIN CORP US LMT 49.52 $21,204.75
LONZA GROUP AG -REG CH LONN SW 173.74 $90,684.52
LONZA GROUP AG ADR CH LZAGY 9,353.2 $489,078.84
MARATHON OIL CORP US MRO 161.03 $3,905.03
MARATHON PETROLEUM CORP US MPC 92.3 $15,619.76
MARRIOTT VACATIONS WORLD US VAC 291.71 $27,184.18
MASCO CORP US MAS 11,117.54 $853,382.68
MASSMUTUAL GLOBAL FUNDING 4.85000 01/17/2029 US 78,532.7 $77,690.32
MASTERCARD INC-CLASS A US MA 4,724.25 $2,242,885.65
MEDTRONIC INC IE MDT 8,921.04 $743,657.49
MERCADOLIBRE INC BR MELI 240.75 $384,063.88
MERCK & CO INC US MRK 370.32 $47,085.96
MET LIFE GLOB FUNDING I 4.85000 01/08/2029 US 78,532.7 $77,456.19
META PLATFORMS INC US META 4,327.85 $2,121,211.21
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 183,357.1 $9,959.48
MICROCHIP TECHNOLOGY INC US MCHP 122.32 $10,291.77
MICRON TECHNOLOGY INC US MU 18,814.65 $1,704,794.98
MICROSOFT CORP US MSFT 3,831.2 $1,584,738.03
MID-AMERICA APARTMENT COMM US MAA 224.17 $28,173.91
MONARCH CASINO & RESORT INC US MCRI 448.73 $31,568.04
MONDELEZ INTERNATIONAL INC US MDLZ 11,081.54 $809,728.07
MOODY'S CORPORATION US MCO 3,271.5 $1,241,271.11
NAVIENT CORP 6.75000 06/25/2025 US 69,344.84 $69,829.22
NESTLE S.A. - ADR CH NSRGY 10,840.06 $1,127,041.15
NESTLE SA-REGISTERED CH NESN SW 1,292.84 $134,089.93
NETAPP INC US NTAP 80.1 $7,138.10
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 131,927.78 $123,620.14
NIKE INC CLASS B US NKE 7,409.17 $770,035.02
NORFOLK SOUTHN CORP US NSC 1,079.39 $273,496.71
NORTHROP GRUMMAN CORP US NOC 1,657.2 $764,002.77
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 65,567.53 $0.66
NOVARTIS AG- REG CH NVS 6,304.12 $636,527.49
NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 US 145,703.29 $152,564.84
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 22,451.34 $20,737.29
NRZT 2015-2A A1 3.75000 08/25/2055 US 36,666.16 $34,021.01
NRZT 2016-4A A1 3.75000 11/25/2056 US 71,140.49 $65,724.25
NVIDIA CORP US NVDA 745.13 $589,483.40
OASIS 2023-1A 7.00000 02/15/2035 US 46,419.33 $46,369.34
OMNICOM GROUP US OMC 73.22 $6,472.09
OPEN INFRA IS ASSETS AB 11.00000 02/22/2027 US 76,949.64 $76,733.74
OXFIN 2020-1A A2 3.10100 02/15/2028 US 28,304.36 $27,401.12
OXFIN 2022-1A 3.60200 02/15/2030 US 119,166.87 $113,685.39
OXFIN 2023-1A A2 6.71600 02/15/2031 US 151,575.21 $148,755.45
OXFINF 2024-A A2 6.67500 01/14/2032 US 22,293.36 $22,139.54
PACKAGING CORP OF AMERICA US PKG 34.09 $6,176.06
PALOMINO FUNDING TRUST I 7.23300 05/17/2028 US 256,298.57 $266,995.04
PARAMOUNT GLOBAL CLASS B US PARA 200.59 $2,214.50
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 79,391.31 $76,561.67
PEAR 2023-1A 7.42000 07/15/2035 US 75,355.51 $75,830.01
PELORUS FUND REIT 7.00000 09/30/2026 US 67,601.44 $65,889.79
PEPSICO INC 3.90000 07/18/2032 US 338,438.07 $317,496.72
PFIZER INC US PFE 692.52 $18,393.41
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 113,566.12 $91,657.66
PFMT 2021-2 A2A 2.00000 04/25/2051 US 65,763.55 $54,820.55
PHILLIPS 66 US PSX 78.83 $11,234.48
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 18,958.16 $17,159.75
PPG INDUSTRIES INC US PPG 55.27 $7,825.83
PROLOGIS US PLD 1,994.27 $265,776.71
PUBLIC STORAGE INC US PSA 316.98 $89,981.74
QUALCOMM 5.40000 05/20/2033 US 54,706.1 $56,642.07
QUALCOMM INC US QCOM 201.43 $31,783.74
QUALCOMM INC 4.25000 05/20/2032 US 273,592.24 $260,738.87
QUEST DIAGNOSTICS INC US DGX 42.78 $5,343.17
RAYTHEON TECHNOLOGIES CORP US RTX 179.83 $16,125.25
RCKT 2021-6 A1 2.50000 12/25/2051 US 120,702.49 $96,377.36
REALTY INCOME CORP US O 820.44 $42,753.07
REGIONS FINANCIAL CORP. US RF 319.68 $5,955.64
REXFORD INDUSTRIAL REALITY IN US REXR 1,586.72 $80,732.24
S&P GLOBAL INC US SPGI 1,893.32 $811,062.47
SALESFORCE INC US CRM 2,655.77 $820,155.13
SBA COMMUNICATIONS CORP US SBAC 2,669.12 $558,459.27
SBA TOWER TRUST 6.59900 01/15/2028 US 184,759.48 $189,316.31
SCHLUMBERGER LTD US SLB 224.72 $10,860.52
SEMT 2013-2 1.87400 02/25/2043 US 13,292.28 $11,166.61
SEMT 2013-6 A2 3.00000 05/25/2043 US 30,251.47 $26,590.81
SEMT 2013-7 A2 3.00000 06/25/2043 US 13,027.39 $11,253.16
SEMT 2013-8 A1 3.00000 06/25/2043 US 15,819 $13,976.06
SERVICENOW INC US NOW 1,308.05 $1,008,952.09
SIMON PROPERTY 2.25000 01/15/2032 US 211,651.15 $170,098.63
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 349,840.52 $290,364.48
SKYWORKS SOLUTIONS INC US SWKS 47.41 $4,974.46
SLAM 2021-1A A MTGE 2.43400 06/15/2046 US 91,674.88 $79,556.61
SLMA 2008-3 A3 6.62250 10/25/2021 US 169,544.46 $167,836.04
SLMA 2008-4 A4 7.27250 07/25/2022 US 167,033.21 $167,741.97
SMB 2020-BA A1A 1.29000 07/15/2053 US 64,506.04 $58,621.94
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 14,597.96 $14,252.05
SONY CORP FIRST SECTION JP 6758 JP 808.77 $69,674.17
SONY CORP SPONSORED ADR JP SONY 5,149.25 $441,856.87
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 82,460.46 $76,673.74
SORT 2020-1 A2 1.99000 07/15/2060 US 66,819.26 $57,037.16
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 236,530.66 $208,550.54
SRPT 2014-STAR A FLTG RATE 8.50000 11/15/2027 US 148,442.4 $105,772.67
SUN COMMUNITIES US SUI 732.05 $97,918.88
SYSCO CORP US SYY 95.67 $7,746.04
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 14,140.61 $1,819,472.58
TE CONNECTIVITY LIMITED CH TEL 66.63 $9,565.29
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 6,223.09 $67,136.10
TENCENT HOLDINGS 3.97500 04/11/2029 KY 681,404.97 $645,536.65
TENCENT HOLDINGS LTD CN 700 HK 2,569.79 $90,021.46
TERRENO REALTY CORP US TRNO 774.33 $49,789.24
TEXAS INSTRUMENTS INC US TXN 127.93 $21,406.21
THERMO FISHER SCIENTIFIC INC US TMO 1,400.02 $798,264.43
TPMT 2016-5 A1 2.50000 10/25/2056 US 4,772.02 $4,744.88
TPMT 2017-1 A1 2.75000 10/25/2056 US 1,172.72 $1,167.80
TPMT 2019-HY1 A1 6.43541 10/25/2048 US 26,128.75 $26,529.20
TRAVELLERS COS INC US TRV 61.72 $13,637.59
TREASURY BOND 2.37500 02/15/2042 US 4,080,130.29 $2,997,620.72
TRUIST FINANCIAL CORP US TFC 236.64 $8,277.63
TSY INFL IX N/B 0.12500 01/15/2031 US 1,077,821.15 $954,993.65
TYSON FOODS INC -CL A US TSN 98.47 $5,341.07
U.S. BANCORP US USB 330.62 $13,872.87
UDR INC US UDR 577.53 $20,502.48
UNILEVER PLC - ADR GB UL 20,506.16 $1,004,186.57
UNION PAC CORP US UNP 1,794.39 $455,217.88
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 8,222.22 $7,712.57
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 52,246.49 $48,193.19
UNITED PARCEL SERVICE US UPS 122.46 $18,155.55
UNITEDHEALTH GROUP INC US UNH 2,218.58 $1,095,089.05
US CLAIMS LIT FNDG LLC 10.25000 03/17/2028 US 30,559.52 $26,101.82
US DOLLAR US 1,711,176.94 $1,711,176.94
US TEASURY NOTE 1.75000 11/15/2029 US 2,173,234.91 $1,904,806.45
US TREASURY N/B 0.87500 11/15/2030 US 3,613,449.92 $2,907,133.38
US TREASURY N/B 1.37500 11/15/2031 US 1,242,549.97 $1,008,018.66
US TREASURY N/B 2.25000 11/15/2025 US 875,346.81 $839,820.04
US TREASURY N/B 3.12500 11/15/2028 US 1,655,210.22 $1,572,708.33
US TREASURY N/B 3.62500 02/15/2053 US 1,220,867.26 $1,065,588.20
US TREASURY N/B 4.12500 11/15/2032 US 2,399,761.52 $2,373,139.17
USRE 2021-1 A1 1.91000 10/20/2061 US 149,741.63 $130,221.79
VALERO ENERGY US VLO 62.84 $8,889.61
VENTAS INC US VTR 691.03 $29,223.63
VERTEX PHARMACEUTICALS INC US VRTX 1,393.45 $586,279.82
VISA INC - CLASS A SHARES US V 6,906.84 $1,952,149.11
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 242,611.7 $224,121.70
WELLS FARGO COMPANY US WFC 437.93 $24,344.49
WELLTOWER INC. US WELL 912.08 $84,057.02
WIN 2015-1 A1 3.50000 01/20/2045 US 8,023.48 $7,190.85

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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