Investment Objective

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

Investment Strategy

Currently: The portfolio is currently invested in a moderately aggressive, growth-oriented mix of stocks, bonds, alternatives, and cash that seeks to earn the long-term growth typically associated with the stock market without full market risk. The portfolio is diversified primarily among various stock investments in both domestic and foreign markets, with a portion of the portfolio invested in fixed income securities. Stock exposure can range from 70% - 95%.

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 2045
  • Who generally have time to withstand market volatility and can accept very 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

$22.35

Daily $ Change

-$0.32

Daily % Change

-1.43%

as of 09/29/2022

CUSIP

302027578

Inception Date

08/03/2012

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 08/31/2022

YTD

-17.87%

1 Year

-16.54%

3 Year

7.68%

5 Year

8.12%

10 Year

9.11%

Inception
(01/01/2000)

7.47%

Performance through the inception date of the Retirement Target CIT Class I 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 I expenses. 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 0.71%
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 08/31/2022

TREASURY NOTES 6.36%
AMAZON.COM INC 3.21%
MICROSOFT CORP 2.81%
TREASURY BONDS 2.16%
MASTERCARD INC-CLASS A 2.16%
MEDTRONIC INC 2.03%
COCA COLA CO/THE 2.00%
MONDELEZ INTERNATIONAL INC 1.90%
JOHNSON & JOHNSON 1.85%
SALESFORCE INC 1.83%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 08/31/2022

Stocks 83.42%
Bonds 11.15%
Cash 5.43%

Detailed Asset Class Allocation

As of 08/31/2022

International Equities 23.54%
Small Capitalization 2.44%
Mid Capitalization 7.45%
Large Capitalization 49.99%
Long Term Fixed Income 2.48%
Intermediate Term Fixed Income 5.91%
Short Term Fixed Income 2.76%
Cash 5.43%

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

August Fund Holdings

As of 08/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 112.14 $11,511.38
ACTIVISION INC US ATVI 2,664.62 $209,146.36
ADIDAS AG-SPONSORED ADR DE ADDYY 3,502.98 $259,851.05
ADMIRAL GROUP PLC GB AMIGY 6,936.44 $174,659.66
ADYEN NV UNSPON ADR NL ADYEY 18,438.51 $285,981.26
AGREE REALTY CORP US ADC 96.93 $7,300.45
AIR LIQUIDE-ADR FR AIQUY 8,830.35 $221,376.94
AIR LEASE CORP 3.62500 04/01/2027 US 20,844.25 $19,338.24
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 4,636.51 $4,668.07
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 48,983.98 $41,194.33
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 26,055.31 $21,712.67
ALIGN TECHNOLOGY INC US ALGN 948.93 $231,255.30
ALLSTATE CORPORATION US ALL 47 $5,663.96
ALPHABET INC-CL A US GOOGL 3,862.44 $417,993.14
AMAZON.COM INC US AMZN 8,592 $1,089,207.65
AMAZON.COM INC 3.30000 04/13/2027 US 45,857.34 $44,868.09
DIAGEO PLC GB DGE LN 808.24 $35,114.93
BAE SYSTEMS PLC GB BA/ LN 3,163.32 $28,489.20
AMERICAN HOMES 4 RENT- A US AMH 483.59 $17,196.34
AMERICAN TOWER REIT INC US AMT 53.57 $13,609.39
ANALOG DEVICES INC US ADI 64.1 $9,712.48
APPLE HOSPITALITY REIT INC US APLE 1,060.14 $16,866.80
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 5,211.06 $5,262.76
ARCHER-DANIELS-MIDLAND CO US ADM 73.79 $6,485.28
ARGO BLOCKCHAIN PLC GB 375.2 $6,689.75
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 20,844.25 $19,101.07
AUTOMATIC DATA PROCESSING US ADP 45.86 $11,207.99
AVALONBAY COMMUNITIES INC US AVB 82.33 $16,541.88
BAE SYSTEMS PLC -SPON ADR GB BAESY 6,174.9 $222,913.88
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 19,802.03 $19,493.69
BANK OF AMERICA CORP 2.68700 04/22/2032 US 37,519.64 $31,314.40
BARRICK GOLD CORP CA GOLD 5,817.63 $86,391.79
BAXTER INTERNATIONAL INC US BAX 56.8 $3,263.76
BEST BUY INC US BBY 45.54 $3,219.55
BIOMARIN PHARMACEUTICAL INC US BMRN 2,763.95 $246,544.08
BLACKROCK INC US BLK 533.3 $355,385.82
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 18,238.72 $16,137.62
DECHRA PHARMACEUTICALS PLC GB DPH LN 570.19 $23,060.32
BOSTON SCIENTIFIC CORP US BSX 4,492.98 $181,111.92
BRANDYWINE REALTY TRUST US BDN 602.71 $4,839.77
BRENNTAG AG-UNSP ADR DE BNTGY 11,790.24 $154,334.18
BRISTOL MYERS SQUIBB CO US BMY 212.3 $14,311.05
BROADRIDGE FINANCIAL SOLUTIONS US BR 21.89 $3,746.31
JONAH ENERGY PARENT LLC US 207.5 $11,809.08
CBOE GLOBAL MARKETS INC US CBOE 1,470.56 $173,482.15
CDW CORP/DE US CDW 949.35 $162,054.25
C.H. ROBINSON WORLDWIDE INC US CHRW 29.81 $3,402.50
CVS HEALTH CORP US CVS 2,567.59 $252,009.38
COTERRA ENERGY INC US CTRA 103.6 $3,202.15
CAMDEN PROPERTY TRUST US CPT 92.44 $11,880.01
CAMECO CORP CA CCJ 456.18 $13,297.54
CAMPBELL SOUP CO US CPB 65.35 $3,292.17
CANADIAN NATIONAL RAILWAY CO CA CNI 4,131.33 $491,256.41
CARETRUST REIT INC US CTRE 650.86 $14,019.56
CATERPILLAR INC US CAT 56.8 $10,491.63
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 15,754.5 $306,109.91
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 43,668.7 $47,695.29
CHARTER COMMUNICATIONS INC-A US CHTR 927.57 $382,742.79
CHEVRON CORP US CVX 103.39 $16,341.42
CINCINNATI FINANCIAL CORP US CINF 30.02 $2,910.32
CISCO SYSTEMS INC US CSCO 360.08 $16,102.97
CITIGROUP INC US C 226.89 $11,074.48
CITIGROUP INC 1.46200 06/09/2027 US 35,435.22 $31,277.40
CLARK CNTY NV 1.51000 11/01/2028 US 36,477.43 $31,231.21
COCA COLA CO/THE US KO 10,974.6 $677,242.57
COGNEX CORP US CGNX 2,576.87 $108,512.00
COLGATE-PALMOLIVE CO US CL 108.7 $8,501.64
COMCAST CORP-CL A US CMCSA 375.3 $13,582.13
COMMUNITY HEALTHCARE TRUST I US CHCT 199.17 $7,347.26
CONAGRA BRAND INC. US CAG 99.22 $3,411.14
CONOCOPHILLIPS US COP 92.44 $10,118.02
CONSTELLATION BRANDS INC-A US STZ 2,260.45 $556,184.79
CONTROLADORA VUELA CIA DE AV MX VLRS 1,129.24 $10,027.63
COPART INC US CPRT 1,373.11 $164,293.18
COUSINS PROPERTIES INC US CUZ 442.52 $11,881.75
CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 26,055.31 $23,066.41
CUMMINS INC US CMI 23.76 $5,117.72
KIMBERLY CLARK DE MEXICO S.A.B. MX 22,105.32 $30,009.21
DEUTSCHE BOERSE AG ADR DE DBOEY 14,664.55 $247,141.71
DEVON ENERGY CORPORATION US DVN 72.95 $5,152.07
DIAMONDBACK ENERGY INC US FANG 21.89 $2,917.03
DIGITAL REALTY TRUST INC US DLR 166.86 $20,628.68
DOLLAR GENERAL CORP US DG 1,279.21 $303,710.37
DOLLAR TREE STORES INC US DLTR 2,677.55 $363,289.67
DOMINO'S PIZZA US DPZ 609.59 $226,682.13
DOUBLEVERIFY HOLDINGS INC US DV 11,526.56 $297,961.47
DOW INC US DOW 75.77 $3,864.21
DREYFUS GVT CSH MANAGEMENT US 1,948,134.55 $1,948,134.55
DUKE RLTY INVTS INC US DRE 193.96 $11,414.29
EOG RESOURCES INC US EOG 52.21 $6,333.66
EAST WEST BANCORP INC US EWBC 3,515.07 $253,682.57
EASTMAN CHEM CO US EMN 27.93 $2,541.75
EBAY INC US EBAY 69.72 $3,076.92
ELECTRONIC ARTS US EA 2,882.97 $365,762.12
EMERSON ELEC CO US EMR 80.04 $6,542.63
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 47,941.77 $48,459.70
EQUINIX INC US EQIX 696.2 $457,659.57
EQUITY LIFESTYLE PROPERTIES US ELS 341.22 $23,919.54
ESSEX PROPERTY TRUST INC US ESS 50.86 $13,480.94
EVERGY INC US EVRG 3,740.4 $256,329.33
EXPEDIA GROUP INC 3.25000 02/15/2030 US 20,844.25 $18,037.37
EXTRA SPACE STORAGE INC US EXR 41.27 $8,201.91
FMC CORP US FMC 3,130.49 $338,343.70
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 18,238.72 $18,305.57
META PLATFORMS INC US META 3,079.22 $501,696.72
FEDEX CORPORATION US FDX 798.65 $168,362.84
FIFTH THIRD BANCORP US FITB 126.52 $4,320.81
GENERAL DYNAMICS CORP US GD 36.06 $8,255.34
GENERAL MLS INC US GIS 91.19 $7,003.67
GENUINE PARTS CO US GPC 28.35 $4,422.60
GETTY REALTY CORP US GTY 257.74 $7,752.79
GILEAD SCIENCES INC US GILD 163.52 $10,378.81
GRAPHIC PACKAGING HOLDING CO US GPK 7,154.58 $159,332.48
GREENIDGE GEN HLD INC US 354.35 $4,964.47
GRUPO AEROPORTUARIO CEN-ADR MX OMAB 1,742.68 $91,090.05
GRUPO AEROPORTUARIO PAC-ADR MX PAC 695.05 $99,093.48
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 476.08 $100,677.19
AIRBUS SE FR AIR FP 165.4 $16,207.98
ADIDAS AG DE ADS GR 214.49 $31,804.85
HCA INC 4.12500 06/15/2029 US 29,181.95 $27,110.94
HDFC BANK LTD-ADR IN HDB 5,594.8 $341,562.80
L'OREAL FR OR FP 21.89 $7,516.78
HEALTHCARE REALTY TRUST INC US HR 653.26 $15,887.25
HEINEKEN NV-SPN ADR NL HEINY 5,016.58 $225,344.99
HESKA CORP US HSKA 1,612.93 $146,889.34
HOME DEPOT INC US HD 79.73 $22,995.51
HONEYWELL INTERNATIONAL INC US HON 71.6 $13,557.46
HUMANA INC US HUM 400 $192,712.53
IIP OPERATING PARTNER 5.50000 05/25/2026 US 18,759.82 $16,710.06
IDEXX LABORATORIES INC US IDXX 793.54 $275,850.54
KERRY GROUP PLC-A IE KYGA ID 137.26 $14,154.42
ILLINOIS TOOL WKS INC US ITW 40.85 $7,959.73
INDEPENDENCE REALTY TRUST IN US IRT 289.63 $5,633.32
INSPERITY INC US NSP 2,552.38 $278,260.25
INTEL CORP US INTC 389.37 $12,428.71
INTERCONTINENTALEXCHANGE INC US ICE 2,808.76 $283,263.67
INTERNATIONAL FLVRS & FRAGRANCES US IFF 40.65 $4,490.60
INTUITIVE SURGICAL INC US ISRG 1,123.4 $231,128.45
INVITATION HOMES INC US INVH 612.4 $22,218.02
JP MORGAN CHASE & CO US JPM 2,119.34 $241,032.40
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 53,152.83 $51,702.20
JOHNSON & JOHNSON US JNJ 3,887.24 $627,167.88
KEYCORP US KEY 134.03 $2,370.96
KROGER CO US KR 112.66 $5,401.07
L3HARRIS TECHNOLOGIES INC US LHX 1,045.34 $238,535.90
BEIERSDORF AG DE BEI GR 333.2 $33,632.74
LENNAR CORP US LEN 39.5 $3,059.26
LIFE STORAGE INC US LSI 117.67 $14,972.97
LOCKHEED MARTIN CORP US LMT 28.66 $12,040.71
LULULEMON - ADR CA LULU 1,734.35 $520,234.29
MAGALLANES INC 4.05400 03/15/2029 US 50,026.19 $45,532.72
MARATHON PETROLEUM CORP US MPC 57.22 $5,764.66
MARRIOTT VACATIONS WORLD US VAC 53.88 $7,673.93
MASTERCARD INC-CLASS A US MA 2,254.2 $731,195.20
MCDONALDS CORP US MCD 49.51 $12,489.14
MERCADOLIBRE INC BR MELI 240.86 $206,017.96
MERCK & CO INC US MRK 231.37 $19,749.84
MICROSOFT CORP US MSFT 3,637.32 $951,050.33
MICROCHIP TECHNOLOGY INC US MCHP 64.83 $4,229.87
MID-AMERICA APARTMENT COMM US MAA 97.66 $16,178.55
MONDELEZ INTERNATIONAL INC US MDLZ 10,385.54 $642,449.61
MOODY'S CORPORATION US MCO 1,531.95 $435,869.82
MOTOROLA SOLUTIONS INC US MSI 25.43 $6,189.91
NAVIENT CORP 6.75000 06/25/2025 US 19,280.93 $18,614.10
NESTLE S.A. - ADR CH NSRGY 3,711.32 $434,446.90
NETAPP INC US NTAP 45.65 $3,292.66
KEYENCE CORP JP 6861 JP 62.53 $23,479.42
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 9,901.02 $9,572.82
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 21,886.46 $18,992.17
NEWMONT GOLDCORP CORP US NEM 1,770.82 $73,241.24
NIKE INC CLASS B US NKE 2,035.23 $216,650.47
NORFOLK SOUTHN CORP US NSC 983.95 $239,228.41
NIKON CORP JP 7731 JP 1,229.81 $14,038.56
NORTHROP GRUMMAN CORP US NOC 541.53 $258,847.61
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 15,112.08 $1.51
NOVARTIS AG- REG CH NVS 3,689.12 $297,047.86
NUCOR CORP US NUE 37.73 $5,015.57
NVIDIA CORP US NVDA 625.85 $94,465.57
OKTA INC US OKTA 1,725.49 $157,709.49
OMNICOM GROUP US OMC 42.63 $2,851.71
SONY CORP FIRST SECTION JP 6758 JP 260.55 $20,714.83
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 20,844.25 $18,650.28
PPG INDUSTRIES INC US PPG 26.68 $3,387.91
PACKAGING CORP OF AMERICA US PKG 20.64 $2,825.45
PARKER HANNIFIN CORP US PH 14.9 $3,949.46
DEUTSCHE BOERSE AG DE DB1 GR 170.61 $28,845.83
PAYPAL HOLDINGS INC US PYPL 5,215.65 $487,350.09
PELORUS FUND REIT 7.00000 09/30/2026 US 19,802.03 $18,436.64
NESTLE SA-REGISTERED CH NESN SW 440.54 $51,553.67
PEPSICO INC 3.90000 07/18/2032 US 38,561.86 $37,881.25
PFIZER INC US PFE 327.88 $14,830.01
PIONEER NATURAL RESOURCES CO US PXD 23.14 $5,858.78
POPULAR INC 6.12500 09/14/2023 PR 16,675.4 $16,888.95
PROCTER & GAMBLE CO US PG 177.07 $24,425.29
PROLOGIS US PLD 516.83 $64,350.89
PUBLIC STORAGE INC US PSA 90.46 $29,928.22
QUALCOMM INC US QCOM 110.27 $14,584.89
QUALCOMM INC 4.25000 05/20/2032 US 41,688.49 $42,183.76
QUEST DIAGNOSTICS INC US DGX 26.37 $3,304.17
RADIUS GLOBAL INFRASTRUCTURE US RADI 1,858.26 $25,588.30
REGIONS FINANCIAL CORP. US RF 181.76 $3,938.78
REPUBLIC SERVICES INC US RSG 47.52 $6,782.75
RESTAURANT BRANDS INTERN CA QSR 287.03 $16,934.49
REXFORD INDUSTRIAL REALITY IN US REXR 311.2 $19,360.04
GETINGE AB-B SHS SE GETIB SS 1,279.73 $23,702.63
ROSS STORES INC US ROST 42 $3,623.44
HEINEKEN NV NL HEIA NA 314.12 $28,233.06
RYANAIR HOLDINGS - ADR IE RYAAY 3,462.23 $251,738.70
S&P GLOBAL INC US SPGI 847.94 $298,628.90
SBA COMMUNICATIONS CORP US SBAC 1,694.74 $551,214.66
NAVIENT CORP 5.50000 01/25/2023 US 9,379.91 $9,336.04
SALESFORCE INC US CRM 3,965.93 $619,161.08
SEA LTD - ADR SG SE 4,777.71 $296,218.01
SEAGEN INC US SGEN 1,016.68 $156,863.27
SERVICENOW INC US NOW 1,335.39 $580,385.75
SHOPIFY INC CA SHOP 334.34 $10,581.92
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 65,659.38 $54,975.26
SKYWORKS SOLUTIONS INC US SWKS 22.93 $2,259.62
JM SMUCKER CO/THE-NEW COM WI US SJM 23.35 $3,268.14
SNOWFLAKE INC-CLASS A US SNOW 2,557.17 $462,720.31
SONY CORP SPONSORED ADR JP SONY 4,564.06 $362,157.86
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 38,561.86 $39,275.92
ONEMAIN FINANCE CORP 5.62500 03/15/2023 US 8,858.8 $8,814.57
STANLEY BLACK & DECKER INC US SWK 21.26 $1,873.11
STEEL DYNAMICS INC US STLD 38.98 $3,146.36
SUN COMMUNITIES US SUI 160.92 $24,734.64
SYNCHRONOSS TECH US 718.08 $15,596.79
SYNERGY ONE LENDING 5.50000 10/14/2026 US 18,238.72 $15,748.60
TJX COMPANIES INC US TJX 108.08 $6,738.63
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 3,282.34 $273,583.33
TARGET CORP US TGT 38.56 $6,183.01
TENCENT HOLDINGS 3.97500 04/11/2029 KY 84,419.2 $79,564.44
TERRENO REALTY CORP US TRNO 201.77 $12,306.09
TEXAS INSTRUMENTS INC US TXN 67.33 $11,123.08
THERMO FISHER SCIENTIFIC INC US TMO 622.93 $339,696.36
3M CO US MMM 68.26 $8,488.74
TRACTOR SUPPLY COMPANY US TSCO 16.57 $3,068.15
TRAVELLERS COS INC US TRV 35.02 $5,660.36
TYSON FOODS INC -CL A US TSN 57.95 $4,368.05
UDR INC US UDR 496.61 $22,283.08
U.S. BANCORP US USB 184.89 $8,432.76
UBISOFT ENTERTAIN-UNSPON ADR FR UBSFY 20,538.98 $188,794.33
UNILEVER PLC - ADR GB UL 9,554.06 $433,659.00
UNION PAC CORP US UNP 63.58 $14,273.21
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 22,788.91 $19,197.94
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 2,482.08 $2,313.85
UNITED PARCEL SERVICE US UPS 1,023.04 $198,990.66
US TREASURY N/B 3.00000 05/15/2047 US 802,503.5 $732,535.22
US TREASURY N/B 3.12500 11/15/2028 US 1,369,467 $1,355,237.39
UNITED STATES TREAS NTS 1.75000 05/15/2023 US 809,277.88 $800,236.73
UNITEDHEALTH GROUP INC US UNH 397.6 $206,487.69
UNIVERSAL DISPLAY CORP US OLED 2,359.57 $263,634.61
VF CORP US VFC 55.55 $2,302.54
VENTAS INC US VTR 186.76 $8,938.55
VERTEX PHARMACEUTICALS INC US VRTX 820.53 $231,193.59
PARAMOUNT GLOBAL CLASS B US PARA 91.61 $2,142.77
VISA INC - CLASS A SHARES US V 2,852.54 $566,827.26
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 9,379.91 $9,045.44
VISTRA OPERATIONS 4.87500 05/13/2024 US 35,435.22 $35,030.22
WAL MART STORES US WMT 205 $27,173.17
WALGREENS BOOTS ALLIANCE INC US WBA 102.03 $3,577.26
WASTE MANAGEMENT INC US WM 53.15 $8,984.42
WELLTOWER INC. US WELL 217.2 $16,648.15
ZOETIS INC US ZTS 680.77 $106,561.41
ADMIRAL GROUP PLC GB ADM LN 1,605.63 $39,496.62
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 781.66 $5,115.62
UBISOFT ENTERTAINMENT FR UBI FP 543.41 $25,059.36
DANONE FR BN FP 257.43 $13,545.86
AIR LIQUIDE FR AI FP 375.82 $47,095.29
BRENNTAG AG DE BNR GR 317.04 $20,787.58
KEYWORDS STUDIOS PLC IE KWS LN 248.57 $7,163.89
S4 CAPITAL PLC GB SFOR LN 12,492.69 $19,200.87
HELIOS TOWERS PLC GB HTWS LN 4,532.27 $6,495.06
AVANZA BANK HOLDING AB SE AZA SS 1,204.48 $19,306.72
AMERICAN TANKER INC 7.75000 07/02/2025 US 17,717.61 $17,128.99
SOFTWAREONE HOLDING AG CH SWON SW 1,677.86 $22,058.98
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 552.69 $8,760.06
SEASPAN CORP 6.50000 02/05/2024 MH 20,844.25 $20,687.23
PETROTAL CORP 12.00000 02/16/2024 CA 14,174.09 $14,457.57
FINECOBANK SPA IT FBK IM 3,693.91 $39,939.68
ALLFUNDS GROUP PLC GB ALLFG NA 2,043.67 $16,045.90
ROTORK PLC GB ROR LN 7,043.06 $20,205.19
AUTO TRADER GROUP PLC GB AUTO LN 5,136.96 $38,787.55
CELLNEX TELECOM SA ES CLNX SM 345.28 $13,446.34
ASSA ABLOY AB-B SE ASSAB SS 1,140.39 $23,097.40
CLEANAWAY WASTE MANAGEMENT AU CWY AU 15,081.85 $28,645.05
INTERMEDIATE CAPITAL GROUP GB ICP LN 1,437.11 $22,717.44
ADYEN NV NL ADYEN NA 22.09 $34,095.64
BANK OF N.T. BUTTERFIELD&SON BM NTB 450.76 $14,703.69
BUNGE LIMITED US BG 27.62 $2,738.94
EATON CORP PLC US ETN 54.09 $7,390.97
JOHNSON CONTROLS INTERNATIONAL US JCI 101.09 $5,473.26
MEDTRONIC INC IE MDT 7,839.94 $689,287.35
ROYALTY PHARMA PLC- CL A US RPRX 81.61 $3,411.91
STONECO LTD-A BR STNE 1,583.85 $15,014.90
TRANE TECHNOLOGIES IE TT 25.95 $3,998.28
ALCON INC CH ALC 3,006.05 $197,437.56
CHUBB LTD CH CB 49.82 $9,418.05
GARMIN LTD CH GRMN 35.54 $3,144.89
TE CONNECTIVITY LIMITED CH TEL 35.12 $4,432.82
LYONDELLBASELL INDU-CL A US LYB 38.56 $3,200.63
PLAYA HOTELS AND RESORTS US PLYA 569.99 $3,739.11
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 19,385.15 $18,641.70

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

A Word About Risk

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

About The Fund Manager

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

Daily Price

$22.35

Daily $ Change

-$0.32

Daily % Change

-1.43%

as of 09/29/2022

CUSIP

302027578

Inception Date

08/03/2012

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

Important Documents

Annual Report
Fact Sheet
Applications & Forms

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

Investment Objective

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

Investment Strategy

Currently: The portfolio is currently invested in a moderately aggressive, growth-oriented mix of stocks, bonds, alternatives, and cash that seeks to earn the long-term growth typically associated with the stock market without full market risk. The portfolio is diversified primarily among various stock investments in both domestic and foreign markets, with a portion of the portfolio invested in fixed income securities. Stock exposure can range from 70% - 95%.

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 2045
  • Who generally have time to withstand market volatility and can accept very 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 08/31/2022

YTD

-17.87%

1 Year

-16.54%

3 Year

7.68%

5 Year

8.12%

10 Year

9.11%

Inception
(01/01/2000)

7.47%

Performance through the inception date of the Retirement Target CIT Class I 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 I expenses. 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 0.71%
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 08/31/2022

TREASURY NOTES 6.36%
AMAZON.COM INC 3.21%
MICROSOFT CORP 2.81%
TREASURY BONDS 2.16%
MASTERCARD INC-CLASS A 2.16%
MEDTRONIC INC 2.03%
COCA COLA CO/THE 2.00%
MONDELEZ INTERNATIONAL INC 1.90%
JOHNSON & JOHNSON 1.85%
SALESFORCE INC 1.83%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 08/31/2022

Stocks
83.42%
Bonds
11.15%
Cash
5.43%

Detailed Asset Class Allocation

As of 08/31/2022

International Equities
23.54%
Small Capitalization
2.44%
Mid Capitalization
7.45%
Large Capitalization
49.99%
Long Term Fixed Income
2.48%
Intermediate Term Fixed Income
5.91%
Short Term Fixed Income
2.76%
Cash
5.43%

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

August Fund Holdings

As of 08/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 112.14 $11,511.38
ACTIVISION INC US ATVI 2,664.62 $209,146.36
ADIDAS AG-SPONSORED ADR DE ADDYY 3,502.98 $259,851.05
ADMIRAL GROUP PLC GB AMIGY 6,936.44 $174,659.66
ADYEN NV UNSPON ADR NL ADYEY 18,438.51 $285,981.26
AGREE REALTY CORP US ADC 96.93 $7,300.45
AIR LIQUIDE-ADR FR AIQUY 8,830.35 $221,376.94
AIR LEASE CORP 3.62500 04/01/2027 US 20,844.25 $19,338.24
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 4,636.51 $4,668.07
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 48,983.98 $41,194.33
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 26,055.31 $21,712.67
ALIGN TECHNOLOGY INC US ALGN 948.93 $231,255.30
ALLSTATE CORPORATION US ALL 47 $5,663.96
ALPHABET INC-CL A US GOOGL 3,862.44 $417,993.14
AMAZON.COM INC US AMZN 8,592 $1,089,207.65
AMAZON.COM INC 3.30000 04/13/2027 US 45,857.34 $44,868.09
DIAGEO PLC GB DGE LN 808.24 $35,114.93
BAE SYSTEMS PLC GB BA/ LN 3,163.32 $28,489.20
AMERICAN HOMES 4 RENT- A US AMH 483.59 $17,196.34
AMERICAN TOWER REIT INC US AMT 53.57 $13,609.39
ANALOG DEVICES INC US ADI 64.1 $9,712.48
APPLE HOSPITALITY REIT INC US APLE 1,060.14 $16,866.80
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 5,211.06 $5,262.76
ARCHER-DANIELS-MIDLAND CO US ADM 73.79 $6,485.28
ARGO BLOCKCHAIN PLC GB 375.2 $6,689.75
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 20,844.25 $19,101.07
AUTOMATIC DATA PROCESSING US ADP 45.86 $11,207.99
AVALONBAY COMMUNITIES INC US AVB 82.33 $16,541.88
BAE SYSTEMS PLC -SPON ADR GB BAESY 6,174.9 $222,913.88
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 19,802.03 $19,493.69
BANK OF AMERICA CORP 2.68700 04/22/2032 US 37,519.64 $31,314.40
BARRICK GOLD CORP CA GOLD 5,817.63 $86,391.79
BAXTER INTERNATIONAL INC US BAX 56.8 $3,263.76
BEST BUY INC US BBY 45.54 $3,219.55
BIOMARIN PHARMACEUTICAL INC US BMRN 2,763.95 $246,544.08
BLACKROCK INC US BLK 533.3 $355,385.82
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 18,238.72 $16,137.62
DECHRA PHARMACEUTICALS PLC GB DPH LN 570.19 $23,060.32
BOSTON SCIENTIFIC CORP US BSX 4,492.98 $181,111.92
BRANDYWINE REALTY TRUST US BDN 602.71 $4,839.77
BRENNTAG AG-UNSP ADR DE BNTGY 11,790.24 $154,334.18
BRISTOL MYERS SQUIBB CO US BMY 212.3 $14,311.05
BROADRIDGE FINANCIAL SOLUTIONS US BR 21.89 $3,746.31
JONAH ENERGY PARENT LLC US 207.5 $11,809.08
CBOE GLOBAL MARKETS INC US CBOE 1,470.56 $173,482.15
CDW CORP/DE US CDW 949.35 $162,054.25
C.H. ROBINSON WORLDWIDE INC US CHRW 29.81 $3,402.50
CVS HEALTH CORP US CVS 2,567.59 $252,009.38
COTERRA ENERGY INC US CTRA 103.6 $3,202.15
CAMDEN PROPERTY TRUST US CPT 92.44 $11,880.01
CAMECO CORP CA CCJ 456.18 $13,297.54
CAMPBELL SOUP CO US CPB 65.35 $3,292.17
CANADIAN NATIONAL RAILWAY CO CA CNI 4,131.33 $491,256.41
CARETRUST REIT INC US CTRE 650.86 $14,019.56
CATERPILLAR INC US CAT 56.8 $10,491.63
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 15,754.5 $306,109.91
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 43,668.7 $47,695.29
CHARTER COMMUNICATIONS INC-A US CHTR 927.57 $382,742.79
CHEVRON CORP US CVX 103.39 $16,341.42
CINCINNATI FINANCIAL CORP US CINF 30.02 $2,910.32
CISCO SYSTEMS INC US CSCO 360.08 $16,102.97
CITIGROUP INC US C 226.89 $11,074.48
CITIGROUP INC 1.46200 06/09/2027 US 35,435.22 $31,277.40
CLARK CNTY NV 1.51000 11/01/2028 US 36,477.43 $31,231.21
COCA COLA CO/THE US KO 10,974.6 $677,242.57
COGNEX CORP US CGNX 2,576.87 $108,512.00
COLGATE-PALMOLIVE CO US CL 108.7 $8,501.64
COMCAST CORP-CL A US CMCSA 375.3 $13,582.13
COMMUNITY HEALTHCARE TRUST I US CHCT 199.17 $7,347.26
CONAGRA BRAND INC. US CAG 99.22 $3,411.14
CONOCOPHILLIPS US COP 92.44 $10,118.02
CONSTELLATION BRANDS INC-A US STZ 2,260.45 $556,184.79
CONTROLADORA VUELA CIA DE AV MX VLRS 1,129.24 $10,027.63
COPART INC US CPRT 1,373.11 $164,293.18
COUSINS PROPERTIES INC US CUZ 442.52 $11,881.75
CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 26,055.31 $23,066.41
CUMMINS INC US CMI 23.76 $5,117.72
KIMBERLY CLARK DE MEXICO S.A.B. MX 22,105.32 $30,009.21
DEUTSCHE BOERSE AG ADR DE DBOEY 14,664.55 $247,141.71
DEVON ENERGY CORPORATION US DVN 72.95 $5,152.07
DIAMONDBACK ENERGY INC US FANG 21.89 $2,917.03
DIGITAL REALTY TRUST INC US DLR 166.86 $20,628.68
DOLLAR GENERAL CORP US DG 1,279.21 $303,710.37
DOLLAR TREE STORES INC US DLTR 2,677.55 $363,289.67
DOMINO'S PIZZA US DPZ 609.59 $226,682.13
DOUBLEVERIFY HOLDINGS INC US DV 11,526.56 $297,961.47
DOW INC US DOW 75.77 $3,864.21
DREYFUS GVT CSH MANAGEMENT US 1,948,134.55 $1,948,134.55
DUKE RLTY INVTS INC US DRE 193.96 $11,414.29
EOG RESOURCES INC US EOG 52.21 $6,333.66
EAST WEST BANCORP INC US EWBC 3,515.07 $253,682.57
EASTMAN CHEM CO US EMN 27.93 $2,541.75
EBAY INC US EBAY 69.72 $3,076.92
ELECTRONIC ARTS US EA 2,882.97 $365,762.12
EMERSON ELEC CO US EMR 80.04 $6,542.63
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 47,941.77 $48,459.70
EQUINIX INC US EQIX 696.2 $457,659.57
EQUITY LIFESTYLE PROPERTIES US ELS 341.22 $23,919.54
ESSEX PROPERTY TRUST INC US ESS 50.86 $13,480.94
EVERGY INC US EVRG 3,740.4 $256,329.33
EXPEDIA GROUP INC 3.25000 02/15/2030 US 20,844.25 $18,037.37
EXTRA SPACE STORAGE INC US EXR 41.27 $8,201.91
FMC CORP US FMC 3,130.49 $338,343.70
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 18,238.72 $18,305.57
META PLATFORMS INC US META 3,079.22 $501,696.72
FEDEX CORPORATION US FDX 798.65 $168,362.84
FIFTH THIRD BANCORP US FITB 126.52 $4,320.81
GENERAL DYNAMICS CORP US GD 36.06 $8,255.34
GENERAL MLS INC US GIS 91.19 $7,003.67
GENUINE PARTS CO US GPC 28.35 $4,422.60
GETTY REALTY CORP US GTY 257.74 $7,752.79
GILEAD SCIENCES INC US GILD 163.52 $10,378.81
GRAPHIC PACKAGING HOLDING CO US GPK 7,154.58 $159,332.48
GREENIDGE GEN HLD INC US 354.35 $4,964.47
GRUPO AEROPORTUARIO CEN-ADR MX OMAB 1,742.68 $91,090.05
GRUPO AEROPORTUARIO PAC-ADR MX PAC 695.05 $99,093.48
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 476.08 $100,677.19
AIRBUS SE FR AIR FP 165.4 $16,207.98
ADIDAS AG DE ADS GR 214.49 $31,804.85
HCA INC 4.12500 06/15/2029 US 29,181.95 $27,110.94
HDFC BANK LTD-ADR IN HDB 5,594.8 $341,562.80
L'OREAL FR OR FP 21.89 $7,516.78
HEALTHCARE REALTY TRUST INC US HR 653.26 $15,887.25
HEINEKEN NV-SPN ADR NL HEINY 5,016.58 $225,344.99
HESKA CORP US HSKA 1,612.93 $146,889.34
HOME DEPOT INC US HD 79.73 $22,995.51
HONEYWELL INTERNATIONAL INC US HON 71.6 $13,557.46
HUMANA INC US HUM 400 $192,712.53
IIP OPERATING PARTNER 5.50000 05/25/2026 US 18,759.82 $16,710.06
IDEXX LABORATORIES INC US IDXX 793.54 $275,850.54
KERRY GROUP PLC-A IE KYGA ID 137.26 $14,154.42
ILLINOIS TOOL WKS INC US ITW 40.85 $7,959.73
INDEPENDENCE REALTY TRUST IN US IRT 289.63 $5,633.32
INSPERITY INC US NSP 2,552.38 $278,260.25
INTEL CORP US INTC 389.37 $12,428.71
INTERCONTINENTALEXCHANGE INC US ICE 2,808.76 $283,263.67
INTERNATIONAL FLVRS & FRAGRANCES US IFF 40.65 $4,490.60
INTUITIVE SURGICAL INC US ISRG 1,123.4 $231,128.45
INVITATION HOMES INC US INVH 612.4 $22,218.02
JP MORGAN CHASE & CO US JPM 2,119.34 $241,032.40
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 53,152.83 $51,702.20
JOHNSON & JOHNSON US JNJ 3,887.24 $627,167.88
KEYCORP US KEY 134.03 $2,370.96
KROGER CO US KR 112.66 $5,401.07
L3HARRIS TECHNOLOGIES INC US LHX 1,045.34 $238,535.90
BEIERSDORF AG DE BEI GR 333.2 $33,632.74
LENNAR CORP US LEN 39.5 $3,059.26
LIFE STORAGE INC US LSI 117.67 $14,972.97
LOCKHEED MARTIN CORP US LMT 28.66 $12,040.71
LULULEMON - ADR CA LULU 1,734.35 $520,234.29
MAGALLANES INC 4.05400 03/15/2029 US 50,026.19 $45,532.72
MARATHON PETROLEUM CORP US MPC 57.22 $5,764.66
MARRIOTT VACATIONS WORLD US VAC 53.88 $7,673.93
MASTERCARD INC-CLASS A US MA 2,254.2 $731,195.20
MCDONALDS CORP US MCD 49.51 $12,489.14
MERCADOLIBRE INC BR MELI 240.86 $206,017.96
MERCK & CO INC US MRK 231.37 $19,749.84
MICROSOFT CORP US MSFT 3,637.32 $951,050.33
MICROCHIP TECHNOLOGY INC US MCHP 64.83 $4,229.87
MID-AMERICA APARTMENT COMM US MAA 97.66 $16,178.55
MONDELEZ INTERNATIONAL INC US MDLZ 10,385.54 $642,449.61
MOODY'S CORPORATION US MCO 1,531.95 $435,869.82
MOTOROLA SOLUTIONS INC US MSI 25.43 $6,189.91
NAVIENT CORP 6.75000 06/25/2025 US 19,280.93 $18,614.10
NESTLE S.A. - ADR CH NSRGY 3,711.32 $434,446.90
NETAPP INC US NTAP 45.65 $3,292.66
KEYENCE CORP JP 6861 JP 62.53 $23,479.42
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 9,901.02 $9,572.82
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 21,886.46 $18,992.17
NEWMONT GOLDCORP CORP US NEM 1,770.82 $73,241.24
NIKE INC CLASS B US NKE 2,035.23 $216,650.47
NORFOLK SOUTHN CORP US NSC 983.95 $239,228.41
NIKON CORP JP 7731 JP 1,229.81 $14,038.56
NORTHROP GRUMMAN CORP US NOC 541.53 $258,847.61
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 15,112.08 $1.51
NOVARTIS AG- REG CH NVS 3,689.12 $297,047.86
NUCOR CORP US NUE 37.73 $5,015.57
NVIDIA CORP US NVDA 625.85 $94,465.57
OKTA INC US OKTA 1,725.49 $157,709.49
OMNICOM GROUP US OMC 42.63 $2,851.71
SONY CORP FIRST SECTION JP 6758 JP 260.55 $20,714.83
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 20,844.25 $18,650.28
PPG INDUSTRIES INC US PPG 26.68 $3,387.91
PACKAGING CORP OF AMERICA US PKG 20.64 $2,825.45
PARKER HANNIFIN CORP US PH 14.9 $3,949.46
DEUTSCHE BOERSE AG DE DB1 GR 170.61 $28,845.83
PAYPAL HOLDINGS INC US PYPL 5,215.65 $487,350.09
PELORUS FUND REIT 7.00000 09/30/2026 US 19,802.03 $18,436.64
NESTLE SA-REGISTERED CH NESN SW 440.54 $51,553.67
PEPSICO INC 3.90000 07/18/2032 US 38,561.86 $37,881.25
PFIZER INC US PFE 327.88 $14,830.01
PIONEER NATURAL RESOURCES CO US PXD 23.14 $5,858.78
POPULAR INC 6.12500 09/14/2023 PR 16,675.4 $16,888.95
PROCTER & GAMBLE CO US PG 177.07 $24,425.29
PROLOGIS US PLD 516.83 $64,350.89
PUBLIC STORAGE INC US PSA 90.46 $29,928.22
QUALCOMM INC US QCOM 110.27 $14,584.89
QUALCOMM INC 4.25000 05/20/2032 US 41,688.49 $42,183.76
QUEST DIAGNOSTICS INC US DGX 26.37 $3,304.17
RADIUS GLOBAL INFRASTRUCTURE US RADI 1,858.26 $25,588.30
REGIONS FINANCIAL CORP. US RF 181.76 $3,938.78
REPUBLIC SERVICES INC US RSG 47.52 $6,782.75
RESTAURANT BRANDS INTERN CA QSR 287.03 $16,934.49
REXFORD INDUSTRIAL REALITY IN US REXR 311.2 $19,360.04
GETINGE AB-B SHS SE GETIB SS 1,279.73 $23,702.63
ROSS STORES INC US ROST 42 $3,623.44
HEINEKEN NV NL HEIA NA 314.12 $28,233.06
RYANAIR HOLDINGS - ADR IE RYAAY 3,462.23 $251,738.70
S&P GLOBAL INC US SPGI 847.94 $298,628.90
SBA COMMUNICATIONS CORP US SBAC 1,694.74 $551,214.66
NAVIENT CORP 5.50000 01/25/2023 US 9,379.91 $9,336.04
SALESFORCE INC US CRM 3,965.93 $619,161.08
SEA LTD - ADR SG SE 4,777.71 $296,218.01
SEAGEN INC US SGEN 1,016.68 $156,863.27
SERVICENOW INC US NOW 1,335.39 $580,385.75
SHOPIFY INC CA SHOP 334.34 $10,581.92
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 65,659.38 $54,975.26
SKYWORKS SOLUTIONS INC US SWKS 22.93 $2,259.62
JM SMUCKER CO/THE-NEW COM WI US SJM 23.35 $3,268.14
SNOWFLAKE INC-CLASS A US SNOW 2,557.17 $462,720.31
SONY CORP SPONSORED ADR JP SONY 4,564.06 $362,157.86
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 38,561.86 $39,275.92
ONEMAIN FINANCE CORP 5.62500 03/15/2023 US 8,858.8 $8,814.57
STANLEY BLACK & DECKER INC US SWK 21.26 $1,873.11
STEEL DYNAMICS INC US STLD 38.98 $3,146.36
SUN COMMUNITIES US SUI 160.92 $24,734.64
SYNCHRONOSS TECH US 718.08 $15,596.79
SYNERGY ONE LENDING 5.50000 10/14/2026 US 18,238.72 $15,748.60
TJX COMPANIES INC US TJX 108.08 $6,738.63
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 3,282.34 $273,583.33
TARGET CORP US TGT 38.56 $6,183.01
TENCENT HOLDINGS 3.97500 04/11/2029 KY 84,419.2 $79,564.44
TERRENO REALTY CORP US TRNO 201.77 $12,306.09
TEXAS INSTRUMENTS INC US TXN 67.33 $11,123.08
THERMO FISHER SCIENTIFIC INC US TMO 622.93 $339,696.36
3M CO US MMM 68.26 $8,488.74
TRACTOR SUPPLY COMPANY US TSCO 16.57 $3,068.15
TRAVELLERS COS INC US TRV 35.02 $5,660.36
TYSON FOODS INC -CL A US TSN 57.95 $4,368.05
UDR INC US UDR 496.61 $22,283.08
U.S. BANCORP US USB 184.89 $8,432.76
UBISOFT ENTERTAIN-UNSPON ADR FR UBSFY 20,538.98 $188,794.33
UNILEVER PLC - ADR GB UL 9,554.06 $433,659.00
UNION PAC CORP US UNP 63.58 $14,273.21
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 22,788.91 $19,197.94
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 2,482.08 $2,313.85
UNITED PARCEL SERVICE US UPS 1,023.04 $198,990.66
US TREASURY N/B 3.00000 05/15/2047 US 802,503.5 $732,535.22
US TREASURY N/B 3.12500 11/15/2028 US 1,369,467 $1,355,237.39
UNITED STATES TREAS NTS 1.75000 05/15/2023 US 809,277.88 $800,236.73
UNITEDHEALTH GROUP INC US UNH 397.6 $206,487.69
UNIVERSAL DISPLAY CORP US OLED 2,359.57 $263,634.61
VF CORP US VFC 55.55 $2,302.54
VENTAS INC US VTR 186.76 $8,938.55
VERTEX PHARMACEUTICALS INC US VRTX 820.53 $231,193.59
PARAMOUNT GLOBAL CLASS B US PARA 91.61 $2,142.77
VISA INC - CLASS A SHARES US V 2,852.54 $566,827.26
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 9,379.91 $9,045.44
VISTRA OPERATIONS 4.87500 05/13/2024 US 35,435.22 $35,030.22
WAL MART STORES US WMT 205 $27,173.17
WALGREENS BOOTS ALLIANCE INC US WBA 102.03 $3,577.26
WASTE MANAGEMENT INC US WM 53.15 $8,984.42
WELLTOWER INC. US WELL 217.2 $16,648.15
ZOETIS INC US ZTS 680.77 $106,561.41
ADMIRAL GROUP PLC GB ADM LN 1,605.63 $39,496.62
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 781.66 $5,115.62
UBISOFT ENTERTAINMENT FR UBI FP 543.41 $25,059.36
DANONE FR BN FP 257.43 $13,545.86
AIR LIQUIDE FR AI FP 375.82 $47,095.29
BRENNTAG AG DE BNR GR 317.04 $20,787.58
KEYWORDS STUDIOS PLC IE KWS LN 248.57 $7,163.89
S4 CAPITAL PLC GB SFOR LN 12,492.69 $19,200.87
HELIOS TOWERS PLC GB HTWS LN 4,532.27 $6,495.06
AVANZA BANK HOLDING AB SE AZA SS 1,204.48 $19,306.72
AMERICAN TANKER INC 7.75000 07/02/2025 US 17,717.61 $17,128.99
SOFTWAREONE HOLDING AG CH SWON SW 1,677.86 $22,058.98
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 552.69 $8,760.06
SEASPAN CORP 6.50000 02/05/2024 MH 20,844.25 $20,687.23
PETROTAL CORP 12.00000 02/16/2024 CA 14,174.09 $14,457.57
FINECOBANK SPA IT FBK IM 3,693.91 $39,939.68
ALLFUNDS GROUP PLC GB ALLFG NA 2,043.67 $16,045.90
ROTORK PLC GB ROR LN 7,043.06 $20,205.19
AUTO TRADER GROUP PLC GB AUTO LN 5,136.96 $38,787.55
CELLNEX TELECOM SA ES CLNX SM 345.28 $13,446.34
ASSA ABLOY AB-B SE ASSAB SS 1,140.39 $23,097.40
CLEANAWAY WASTE MANAGEMENT AU CWY AU 15,081.85 $28,645.05
INTERMEDIATE CAPITAL GROUP GB ICP LN 1,437.11 $22,717.44
ADYEN NV NL ADYEN NA 22.09 $34,095.64
BANK OF N.T. BUTTERFIELD&SON BM NTB 450.76 $14,703.69
BUNGE LIMITED US BG 27.62 $2,738.94
EATON CORP PLC US ETN 54.09 $7,390.97
JOHNSON CONTROLS INTERNATIONAL US JCI 101.09 $5,473.26
MEDTRONIC INC IE MDT 7,839.94 $689,287.35
ROYALTY PHARMA PLC- CL A US RPRX 81.61 $3,411.91
STONECO LTD-A BR STNE 1,583.85 $15,014.90
TRANE TECHNOLOGIES IE TT 25.95 $3,998.28
ALCON INC CH ALC 3,006.05 $197,437.56
CHUBB LTD CH CB 49.82 $9,418.05
GARMIN LTD CH GRMN 35.54 $3,144.89
TE CONNECTIVITY LIMITED CH TEL 35.12 $4,432.82
LYONDELLBASELL INDU-CL A US LYB 38.56 $3,200.63
PLAYA HOTELS AND RESORTS US PLYA 569.99 $3,739.11
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 19,385.15 $18,641.70

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Maximum 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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