Collective Investment Trust

Retirement Target 2045 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 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.

Learn more about our Glide Range SM

Daily Price

$25.34

Daily $ Change

-$0.03

Daily % Change

-0.12%

as of 09/22/2023

CUSIP

302027578

Inception Date

08/03/2012

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 08/31/2023

YTD

11.42%

1 Year

8.38%

3 Year

4.10%

5 Year

7.20%

10 Year

8.21%

Inception
(08/03/2012)

7.51%

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 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.

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 08/31/2023

TREASURY NOTES 9.45%
AMAZON.COM INC 3.38%
META PLATFORMS INC 2.99%
JOHNSON & JOHNSON 2.62%
SERVICENOW INC 2.48%
VISA INC - CLASS A SHARES 2.38%
MASTERCARD INC-CLASS A 2.33%
L3HARRIS TECHNOLOGIES INC 2.17%
ALPHABET INC-CL A 2.09%
MICRON TECHNOLOGY INC 1.95%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 08/31/2023

Stocks
82.03%
Bonds
13.94%
Cash
4.03%

Detailed Asset Class Allocation

As of 08/31/2023

International Equities
19.36%
Small Capitalization
0.26%
Mid Capitalization
6.65%
Large Capitalization
55.75%
Long Term Fixed Income
1.95%
Intermediate Term Fixed Income
11.89%
Short Term Fixed Income
0.11%
Cash
4.03%

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 101.19 $10,794.12
ABBOTT LABORATORIES US ABT 196.24 $20,193.44
ADMIRAL GROUP PLC GB ADM LN 2,135.06 $67,263.03
ADMIRAL GROUP PLC ADR GB AMIGY 6,322.41 $199,187.64
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 41,326.82 $35,817.38
AGREE REALTY CORP US ADC 399.1 $24,672.30
AIR LIQUIDE FR AI FP 200.26 $36,181.85
AIRBUS SE FR AIR FP 244.54 $35,777.45
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 3,826.08 $3,849.56
ALCON INC CH ALC 5,569.44 $462,207.72
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 29,519.16 $23,667.59
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 79,111.35 $64,240.90
ALPHABET INC-CL A US GOOGL 6,577.34 $895,636.51
AMAZON.COM INC US AMZN 10,527.71 $1,452,929.64
AMAZON.COM INC 3.30000 04/13/2027 US 64,942.15 $61,800.11
AMERICAN HOMES 4 RENT- A US AMH 252.45 $9,098.22
AMERICAN TOWER REIT INC US AMT 112.17 $20,339.17
AMERICOLD REALTY TRUST US COLD 835.98 $28,130.81
ANALOG DEVICES INC US ADI 92.45 $16,806.29
APARTMENT INCOME REIT CO US AIRC 209.35 $7,130.46
APPLIED MATERIALS INC US AMAT 3,883.3 $593,213.58
ARCHER-DANIELS-MIDLAND CO US ADM 113 $8,960.85
ARGO BLOCKCHAIN PLC GB 425.08 $2,869.26
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 23,615.33 $21,825.81
ASTRAZENECA GB AZN 8,040.9 $545,333.89
ATLASSIAN CORP PLC-CLASS A AU TEAM 136.97 $27,949.87
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 4,322.67 $20,126.28
AUTO TRADER GROUP PLC GB AUTO LN 6,154.74 $47,197.43
AVALONBAY COMMUNITIES INC US AVB 130.36 $23,962.15
AVANZA BANK HOLDING AB SE AZA SS 1,522.6 $29,397.26
BAE SYSTEMS PLC GB BA/ LN 4,668.51 $59,419.78
BAE SYSTEMS PLC -SPON ADR GB BAESY 6,995.8 $362,172.80
BANK OF AMERICA CORP US BAC 733.26 $21,022.45
BANK OF AMERICA CORP 2.68700 04/22/2032 US 57,857.55 $47,314.23
BAXTER INTERNATIONAL INC US BAX 109.81 $4,458.34
BEIERSDORF AG DE BEI GR 317.74 $41,603.90
BIOMARIN PHARMACEUTICAL INC US BMRN 5,724.95 $523,145.53
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 22,434.56 $21,907.92
BOSTON SCIENTIFIC CORP US BSX 3,741.02 $201,790.73
BRISTOL MYERS SQUIBB CO US BMY 296.14 $18,256.80
BROADCOM INC US AVGO 36.01 $33,236.38
BROADRIDGE FINANCIAL SOLUTIONS US BR 33.65 $6,266.31
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 22,030.27 $19,166.33
BUNGE LIMITED US BG 43.81 $5,007.95
C.H. ROBINSON WORLDWIDE INC US CHRW 43.69 $3,950.74
CALDERYS FINANCING LLC 11.25000 06/01/2028 US 20,073.03 $20,597.13
CAMPBELL SOUP CO US CPB 94.46 $3,939.04
CANADIAN NATIONAL RAILWAY CO CA CNI 1,843.53 $207,599.97
CARETRUST REIT INC US CTRE 669.85 $13,497.45
CATERPILLAR INC US CAT 89.74 $25,228.11
CBOE GLOBAL MARKETS INC US CBOE 4,215.34 $631,077.93
CELLNEX TELECOM SA ES CLNX SM 663.24 $25,365.78
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 18,157.71 $346,449.05
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 43,688.35 $45,324.40
CHEVRON CORP US CVX 179.95 $28,989.75
CISCO SYSTEMS INC US CSCO 532.29 $30,526.80
CITIGROUP INC US C 326.95 $13,499.94
CITIGROUP INC 1.46200 06/09/2027 US 51,953.72 $46,248.76
CLARK CNTY NV 1.51000 11/01/2028 US 41,326.82 $35,018.24
CLEANAWAY WASTE MANAGEMENT AU CWY AU 20,645.94 $34,940.98
COCA COLA CO/THE US KO 12,433.59 $743,901.55
COGNIZANT TECH SOLUTIONS - A US CTSH 88.32 $6,324.69
COLGATE-PALMOLIVE CO US CL 155.39 $11,416.42
COMCAST CORP-CL A US CMCSA 566.18 $26,474.46
COMMUNITY HEALTHCARE TRUST I US CHCT 406.54 $13,492.99
CONAGRA BRAND INC. US CAG 139.09 $4,156.14
CONOCOPHILLIPS US COP 152.56 $18,158.62
CONSTELLATION BRANDS INC-A US STZ 2,181.11 $568,310.44
COPART INC US CPRT 4,250.52 $190,550.93
CORNING INC US GLW 150.67 $4,944.85
COTERRA ENERGY INC US CTRA 182.31 $5,139.33
COUSINS PROPERTIES INC US CUZ 212.89 $5,002.97
CSX CORP US CSX 6,131.96 $185,185.07
CUMMINS INC US CMI 38.73 $8,909.25
CVS HEALTH CORP US CVS 3,056.77 $199,209.57
DEUTSCHE BOERSE AG DE DB1 GR 314.08 $55,757.41
DEUTSCHE BOERSE AG ADR DE DBOEY 16,614.09 $294,235.55
DEVON ENERGY CORPORATION US DVN 125.16 $6,394.49
DIAGEO PLC GB DGE LN 933.51 $38,230.21
DIAMONDBACK ENERGY INC US FANG 38.73 $5,878.31
DOLLAR GENERAL CORP US DG 4,506.28 $624,119.32
DOLLARAMA INC CA DOL CN 268.98 $17,440.21
DOW INC US DOW 130.12 $7,099.37
DREYFUS GVT CSH MANAGEMENT US 1,803,463.32 $1,803,463.32
EBAY INC US EBAY 120.2 $5,382.65
ELECTRONIC ARTS US EA 6,646.06 $797,394.46
EMERSON ELEC CO US EMR 121.03 $11,891.06
ENDAVA PLC - SPON ADR GB DAVA 364.15 $17,806.85
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 75,569.05 $75,232.56
EOG RESOURCES INC US EOG 89.38 $11,496.57
EQUINIX INC US EQIX 795.13 $621,297.16
EQUITY COMMONWEALTH US EQC 667.13 $12,695.54
EQUITY LIFESTYLE PROPERTIES US ELS 352.1 $23,576.92
EVERGY INC US EVRG 4,237.65 $232,943.75
EXTRA SPACE STORAGE INC US EXR 192.82 $24,811.97
EXXON MOBIL CORP US XOM 289.29 $32,165.91
FEDEX CORPORATION US FDX 34.48 $8,999.55
FIFTH THIRD BANCORP US FITB 178.06 $4,727.48
FINECOBANK SPA IT FBK IM 3,192.79 $43,637.26
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 663.35 $10,613.67
FMC CORP US FMC 6,138.69 $529,338.91
GENERAL DYNAMICS CORP US GD 54.55 $12,363.53
GENERAL MLS INC US GIS 128.47 $8,692.10
GENUINE PARTS CO US GPC 40.85 $6,280.56
GETTY REALTY CORP US GTY 353.76 $10,619.80
GILEAD SCIENCES INC US GILD 218.44 $16,706.43
GLOBANT SA LU GLOB 94.34 $19,290.36
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 12,398.05 $11,138.14
GREENIDGE GEN HLD INC US 401.46 $2,131.76
HALLIBURTON CO US HAL 160.11 $6,183.52
HALMA PLC GB HLMA LN 771.04 $20,901.71
HARTFORD FINL SVCS US HIG 59.39 $4,265.57
HDFC BANK LTD-ADR IN HDB 5,680.19 $353,932.93
HEALTHCARE REALTY TRUST INC US HR 420.35 $7,364.58
HEINEKEN NV NL HEIA NA 509.5 $49,528.78
HEINEKEN NV-SPN ADR NL HEINY 8,871.45 $432,128.42
HELIOS TOWERS PLC GB HTWS LN 6,472.49 $7,473.71
HOME DEPOT INC US HD 118.67 $39,195.72
HONEYWELL INTERNATIONAL INC US HON 106.03 $19,927.81
HUMANA INC US HUM 903.88 $417,256.57
HUNTINGTON BANCSHARES US HBAN 300.27 $3,329.98
IDEXX LABORATORIES INC US IDXX 862.79 $441,237.37
IMCD NV NL IMCD NA 127.64 $17,580.26
INTERCONTINENTALEXCHANGE INC US ICE 3,182.17 $375,463.68
INTERMEDIATE CAPITAL GROUP GB ICP LN 1,045.1 $17,860.28
INTERNATIONAL BUSINESS MACH CORP US IBM 102.25 $15,014.01
INTERNATIONAL FLVRS & FRAGRANCES US IFF 57.27 $4,034.47
INTUIT INC US INTU 1,316.2 $713,130.46
INTUITIVE SURGICAL INC US ISRG 1,446.91 $452,420.16
INVITATION HOMES INC US INVH 770.45 $26,264.64
JM SMUCKER CO/THE-NEW COM WI US SJM 33.42 $4,843.60
JOHNSON & JOHNSON US JNJ 6,955.42 $1,124,552.67
JP MORGAN CHASE & CO US JPM 2,136.01 $312,561.81
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 80,292.11 $76,151.69
KELLOGG CO US K 64 $3,905.13
KEYENCE CORP JP 6861 JP 70.85 $29,413.25
KEYWORDS STUDIOS PLC IE KWS LN 683.78 $13,209.78
KIMBERLY CLARK DE MEXICO S.A.B. MX KIMBERA MM 9,446.13 $21,273.95
KRAFT HEINZ CO/THE US KHC 179.24 $5,931.06
L'OREAL FR OR FP 19.01 $8,349.95
L3HARRIS TECHNOLOGIES INC US LHX 5,229.97 $931,405.07
LEXINGTON REALTY TRUST US LXP 1,370.28 $13,456.14
LOCKHEED MARTIN CORP US LMT 41.68 $18,687.70
LONZA GROUP AG -REG CH LONN SW 31.29 $17,259.46
LULULEMON - ADR CA LULU 1,592.85 $607,291.44
MARATHON OIL CORP US MRO 135.55 $3,571.79
MARATHON PETROLEUM CORP US MPC 83.72 $11,952.18
MARRIOTT VACATIONS WORLD US VAC 61.52 $6,686.38
MASCO CORP US MAS 13,099.78 $773,017.79
MASTERCARD INC-CLASS A US MA 2,420.22 $998,678.25
MEDTRONIC INC IE MDT 9,155.9 $746,205.72
MERCADOLIBRE INC BR MELI 182.07 $249,871.31
MERCK & CO INC US MRK 311.72 $33,971.50
META PLATFORMS INC US META 4,343.45 $1,285,183.13
MICROCHIP TECHNOLOGY INC US MCHP 102.96 $8,426.48
MICRON TECHNOLOGY INC US MU 11,965.53 $836,869.30
MICROSOFT CORP US MSFT 2,195.99 $719,757.44
MID-AMERICA APARTMENT COMM US MAA 91.51 $13,289.91
MONARCH CASINO & RESORT INC US MCRI 164.13 $11,062.13
MONDELEZ INTERNATIONAL INC US MDLZ 7,147.41 $509,324.78
MOODY'S CORPORATION US MCO 2,434.03 $819,781.89
NAVIENT CORP 6.75000 06/25/2025 US 21,844.18 $21,736.77
NESTLE S.A. - ADR CH NSRGY 5,897.69 $708,489.71
NESTLE SA-REGISTERED CH NESN SW 553.19 $66,515.13
NETAPP INC US NTAP 67.42 $5,171.25
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 34,242.22 $30,955.17
NIKE INC CLASS B US NKE 6,236.81 $634,345.73
NORFOLK SOUTHN CORP US NSC 908.6 $186,272.03
NORTHROP GRUMMAN CORP US NOC 1,220.79 $528,713.82
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 17,121.11 $1.71
NOVARTIS AG- REG CH NVS 3,412.3 $342,867.57
NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 US 31,880.69 $32,296.10
ODFJELL DRILLING LTD 9.25000 05/31/2028 BM 23,615.33 $23,927.63
OMNICOM GROUP US OMC 61.64 $4,993.13
PACKAGING CORP OF AMERICA US PKG 28.69 $4,278.07
PALOMINO FUNDING TRUST I 7.23300 05/17/2028 US 61,399.85 $62,204.36
PARAMOUNT GLOBAL CLASS B US PARA 168.85 $2,547.94
PELORUS FUND REIT 7.00000 09/30/2026 US 22,434.56 $21,346.37
PEPSICO INC 3.90000 07/18/2032 US 63,761.38 $60,476.24
PFIZER INC US PFE 582.94 $20,624.57
PHILLIPS 66 US PSX 66.36 $7,575.55
PHYSICIANS REALTY TRUST US DOC 557.44 $7,753.99
PPG INDUSTRIES INC US PPG 46.52 $6,594.99
PROLOGIS US PLD 713.42 $88,606.64
PUBLIC STORAGE INC US PSA 119.38 $32,992.99
QUALCOMM 5.40000 05/20/2033 US 46,049.89 $47,683.82
QUALCOMM INC US QCOM 169.56 $19,419.48
QUEST DIAGNOSTICS INC US DGX 36.01 $4,735.76
RAYTHEON TECHNOLOGIES CORP US RTX 181.37 $15,604.71
REALTY INCOME CORP US O 341.36 $19,129.79
REGIONS FINANCIAL CORP. US RF 269.1 $4,935.23
RENAISSANCERE HOLDINGS LTD BM RNR 198.6 $37,315.87
RENTOKIL INITIAL PLC GB RTO LN 6,515.11 $49,602.64
RENTOKIL INITIAL PLC-SP ADR GB RTO 9,446.37 $358,489.63
REXFORD INDUSTRIAL REALITY IN US REXR 291.53 $15,588.17
S&P GLOBAL INC US SPGI 1,517.99 $593,322.83
SALESFORCE INC US CRM 2,936.33 $650,279.59
SBA COMMUNICATIONS CORP US SBAC 2,245.82 $504,253.42
SBA TOWER TRUST 6.59900 01/15/2028 US 37,194.14 $37,761.59
SCHLUMBERGER LTD NL SLB 189.16 $11,152.80
SERVICENOW INC US NOW 1,805.51 $1,063,138.35
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 113,353.57 $91,160.09
SKYWORKS SOLUTIONS INC US SWKS 39.91 $4,339.80
SNOWFLAKE INC-CLASS A US SNOW 3,813.4 $598,132.26
SONY CORP FIRST SECTION JP 6758 JP 413.27 $34,380.82
SONY CORP SPONSORED ADR JP SONY 4,334.48 $360,584.99
STAG INDUSTRIAL INC US STAG 216.91 $7,923.60
SUN COMMUNITIES US SUI 256.46 $31,396.13
SYNCHRONOSS TECH US 412.21 $7,543.36
SYSCO CORP US SYY 80.53 $5,608.79
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 5,077.77 $475,126.71
TE CONNECTIVITY LIMITED CH TEL 60.57 $8,019.30
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 2,479.61 $24,455.61
TENCENT HOLDINGS 3.97500 04/11/2029 KY 132,245.83 $121,796.38
TENCENT HOLDINGS LTD CN 700 HK 1,180.77 $48,931.39
TERRENO REALTY CORP US TRNO 241.7 $14,717.29
TEXAS INSTRUMENTS INC US TXN 107.69 $18,097.69
THERMO FISHER SCIENTIFIC INC US TMO 752.15 $419,021.74
TOKYO ELECTRON LTD JP 8035 JP 177.12 $26,306.12
TRAVELLERS COS INC US TRV 51.95 $8,376.50
TREASURY BOND 2.37500 02/15/2042 US 893,249.74 $664,773.21
TRUIST FINANCIAL CORP US TFC 199.2 $6,085.42
TSY INFL IX N/B 0.12500 01/15/2031 US 293,395.45 $257,030.46
TYSON FOODS INC -CL A US TSN 82.89 $4,415.54
U.S. BANCORP US USB 278.31 $10,166.54
UDR INC US UDR 502.42 $20,046.40
UNILEVER PLC - ADR GB UL 9,452.98 $482,291.00
UNION PAC CORP US UNP 1,004.95 $221,661.87
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 2,417.97 $2,284.55
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 21,809.48 $19,669.52
UNITED PARCEL SERVICE US UPS 103.08 $17,461.90
UNITEDHEALTH GROUP INC US UNH 333.8 $159,083.67
US TEASURY NOTE 1.75000 11/15/2029 US 1,630,047.94 $1,417,632.32
US TREASURY N/B 0.87500 11/15/2030 US 1,650,711.36 $1,321,600.78
US TREASURY N/B 3.12500 11/15/2028 US 1,393,304.29 $1,319,067.30
VALERO ENERGY US VLO 52.9 $6,871.49
VENTAS INC US VTR 248.67 $10,861.88
VERTEX PHARMACEUTICALS INC US VRTX 929.62 $323,822.91
VISA INC - CLASS A SHARES US V 4,165.15 $1,023,294.86
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 83,834.41 $77,060.96
WELLS FARGO COMPANY US WFC 392.96 $16,225.28
WELLTOWER INC. US WELL 258.94 $21,461.12

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

$25.34

Daily $ Change

-$0.03

Daily % Change

-0.12%

as of 09/22/2023

CUSIP

302027578

Inception Date

08/03/2012

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 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.

Learn more about our Glide Range SM

Performance

As of 08/31/2023

YTD

11.42%

1 Year

8.38%

3 Year

4.10%

5 Year

7.20%

10 Year

8.21%

Inception
(08/03/2012)

7.51%

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 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.

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 08/31/2023

TREASURY NOTES 9.45%
AMAZON.COM INC 3.38%
META PLATFORMS INC 2.99%
JOHNSON & JOHNSON 2.62%
SERVICENOW INC 2.48%
VISA INC - CLASS A SHARES 2.38%
MASTERCARD INC-CLASS A 2.33%
L3HARRIS TECHNOLOGIES INC 2.17%
ALPHABET INC-CL A 2.09%
MICRON TECHNOLOGY INC 1.95%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 08/31/2023

Stocks
82.03%
Bonds
13.94%
Cash
4.03%

Detailed Asset Class Allocation

As of 08/31/2023

International Equities
19.36%
Small Capitalization
0.26%
Mid Capitalization
6.65%
Large Capitalization
55.75%
Long Term Fixed Income
1.95%
Intermediate Term Fixed Income
11.89%
Short Term Fixed Income
0.11%
Cash
4.03%

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 101.19 $10,794.12
ABBOTT LABORATORIES US ABT 196.24 $20,193.44
ADMIRAL GROUP PLC GB ADM LN 2,135.06 $67,263.03
ADMIRAL GROUP PLC ADR GB AMIGY 6,322.41 $199,187.64
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 41,326.82 $35,817.38
AGREE REALTY CORP US ADC 399.1 $24,672.30
AIR LIQUIDE FR AI FP 200.26 $36,181.85
AIRBUS SE FR AIR FP 244.54 $35,777.45
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 3,826.08 $3,849.56
ALCON INC CH ALC 5,569.44 $462,207.72
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 29,519.16 $23,667.59
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 79,111.35 $64,240.90
ALPHABET INC-CL A US GOOGL 6,577.34 $895,636.51
AMAZON.COM INC US AMZN 10,527.71 $1,452,929.64
AMAZON.COM INC 3.30000 04/13/2027 US 64,942.15 $61,800.11
AMERICAN HOMES 4 RENT- A US AMH 252.45 $9,098.22
AMERICAN TOWER REIT INC US AMT 112.17 $20,339.17
AMERICOLD REALTY TRUST US COLD 835.98 $28,130.81
ANALOG DEVICES INC US ADI 92.45 $16,806.29
APARTMENT INCOME REIT CO US AIRC 209.35 $7,130.46
APPLIED MATERIALS INC US AMAT 3,883.3 $593,213.58
ARCHER-DANIELS-MIDLAND CO US ADM 113 $8,960.85
ARGO BLOCKCHAIN PLC GB 425.08 $2,869.26
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 23,615.33 $21,825.81
ASTRAZENECA GB AZN 8,040.9 $545,333.89
ATLASSIAN CORP PLC-CLASS A AU TEAM 136.97 $27,949.87
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 4,322.67 $20,126.28
AUTO TRADER GROUP PLC GB AUTO LN 6,154.74 $47,197.43
AVALONBAY COMMUNITIES INC US AVB 130.36 $23,962.15
AVANZA BANK HOLDING AB SE AZA SS 1,522.6 $29,397.26
BAE SYSTEMS PLC GB BA/ LN 4,668.51 $59,419.78
BAE SYSTEMS PLC -SPON ADR GB BAESY 6,995.8 $362,172.80
BANK OF AMERICA CORP US BAC 733.26 $21,022.45
BANK OF AMERICA CORP 2.68700 04/22/2032 US 57,857.55 $47,314.23
BAXTER INTERNATIONAL INC US BAX 109.81 $4,458.34
BEIERSDORF AG DE BEI GR 317.74 $41,603.90
BIOMARIN PHARMACEUTICAL INC US BMRN 5,724.95 $523,145.53
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 22,434.56 $21,907.92
BOSTON SCIENTIFIC CORP US BSX 3,741.02 $201,790.73
BRISTOL MYERS SQUIBB CO US BMY 296.14 $18,256.80
BROADCOM INC US AVGO 36.01 $33,236.38
BROADRIDGE FINANCIAL SOLUTIONS US BR 33.65 $6,266.31
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 22,030.27 $19,166.33
BUNGE LIMITED US BG 43.81 $5,007.95
C.H. ROBINSON WORLDWIDE INC US CHRW 43.69 $3,950.74
CALDERYS FINANCING LLC 11.25000 06/01/2028 US 20,073.03 $20,597.13
CAMPBELL SOUP CO US CPB 94.46 $3,939.04
CANADIAN NATIONAL RAILWAY CO CA CNI 1,843.53 $207,599.97
CARETRUST REIT INC US CTRE 669.85 $13,497.45
CATERPILLAR INC US CAT 89.74 $25,228.11
CBOE GLOBAL MARKETS INC US CBOE 4,215.34 $631,077.93
CELLNEX TELECOM SA ES CLNX SM 663.24 $25,365.78
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 18,157.71 $346,449.05
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 43,688.35 $45,324.40
CHEVRON CORP US CVX 179.95 $28,989.75
CISCO SYSTEMS INC US CSCO 532.29 $30,526.80
CITIGROUP INC US C 326.95 $13,499.94
CITIGROUP INC 1.46200 06/09/2027 US 51,953.72 $46,248.76
CLARK CNTY NV 1.51000 11/01/2028 US 41,326.82 $35,018.24
CLEANAWAY WASTE MANAGEMENT AU CWY AU 20,645.94 $34,940.98
COCA COLA CO/THE US KO 12,433.59 $743,901.55
COGNIZANT TECH SOLUTIONS - A US CTSH 88.32 $6,324.69
COLGATE-PALMOLIVE CO US CL 155.39 $11,416.42
COMCAST CORP-CL A US CMCSA 566.18 $26,474.46
COMMUNITY HEALTHCARE TRUST I US CHCT 406.54 $13,492.99
CONAGRA BRAND INC. US CAG 139.09 $4,156.14
CONOCOPHILLIPS US COP 152.56 $18,158.62
CONSTELLATION BRANDS INC-A US STZ 2,181.11 $568,310.44
COPART INC US CPRT 4,250.52 $190,550.93
CORNING INC US GLW 150.67 $4,944.85
COTERRA ENERGY INC US CTRA 182.31 $5,139.33
COUSINS PROPERTIES INC US CUZ 212.89 $5,002.97
CSX CORP US CSX 6,131.96 $185,185.07
CUMMINS INC US CMI 38.73 $8,909.25
CVS HEALTH CORP US CVS 3,056.77 $199,209.57
DEUTSCHE BOERSE AG DE DB1 GR 314.08 $55,757.41
DEUTSCHE BOERSE AG ADR DE DBOEY 16,614.09 $294,235.55
DEVON ENERGY CORPORATION US DVN 125.16 $6,394.49
DIAGEO PLC GB DGE LN 933.51 $38,230.21
DIAMONDBACK ENERGY INC US FANG 38.73 $5,878.31
DOLLAR GENERAL CORP US DG 4,506.28 $624,119.32
DOLLARAMA INC CA DOL CN 268.98 $17,440.21
DOW INC US DOW 130.12 $7,099.37
DREYFUS GVT CSH MANAGEMENT US 1,803,463.32 $1,803,463.32
EBAY INC US EBAY 120.2 $5,382.65
ELECTRONIC ARTS US EA 6,646.06 $797,394.46
EMERSON ELEC CO US EMR 121.03 $11,891.06
ENDAVA PLC - SPON ADR GB DAVA 364.15 $17,806.85
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 75,569.05 $75,232.56
EOG RESOURCES INC US EOG 89.38 $11,496.57
EQUINIX INC US EQIX 795.13 $621,297.16
EQUITY COMMONWEALTH US EQC 667.13 $12,695.54
EQUITY LIFESTYLE PROPERTIES US ELS 352.1 $23,576.92
EVERGY INC US EVRG 4,237.65 $232,943.75
EXTRA SPACE STORAGE INC US EXR 192.82 $24,811.97
EXXON MOBIL CORP US XOM 289.29 $32,165.91
FEDEX CORPORATION US FDX 34.48 $8,999.55
FIFTH THIRD BANCORP US FITB 178.06 $4,727.48
FINECOBANK SPA IT FBK IM 3,192.79 $43,637.26
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 663.35 $10,613.67
FMC CORP US FMC 6,138.69 $529,338.91
GENERAL DYNAMICS CORP US GD 54.55 $12,363.53
GENERAL MLS INC US GIS 128.47 $8,692.10
GENUINE PARTS CO US GPC 40.85 $6,280.56
GETTY REALTY CORP US GTY 353.76 $10,619.80
GILEAD SCIENCES INC US GILD 218.44 $16,706.43
GLOBANT SA LU GLOB 94.34 $19,290.36
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 12,398.05 $11,138.14
GREENIDGE GEN HLD INC US 401.46 $2,131.76
HALLIBURTON CO US HAL 160.11 $6,183.52
HALMA PLC GB HLMA LN 771.04 $20,901.71
HARTFORD FINL SVCS US HIG 59.39 $4,265.57
HDFC BANK LTD-ADR IN HDB 5,680.19 $353,932.93
HEALTHCARE REALTY TRUST INC US HR 420.35 $7,364.58
HEINEKEN NV NL HEIA NA 509.5 $49,528.78
HEINEKEN NV-SPN ADR NL HEINY 8,871.45 $432,128.42
HELIOS TOWERS PLC GB HTWS LN 6,472.49 $7,473.71
HOME DEPOT INC US HD 118.67 $39,195.72
HONEYWELL INTERNATIONAL INC US HON 106.03 $19,927.81
HUMANA INC US HUM 903.88 $417,256.57
HUNTINGTON BANCSHARES US HBAN 300.27 $3,329.98
IDEXX LABORATORIES INC US IDXX 862.79 $441,237.37
IMCD NV NL IMCD NA 127.64 $17,580.26
INTERCONTINENTALEXCHANGE INC US ICE 3,182.17 $375,463.68
INTERMEDIATE CAPITAL GROUP GB ICP LN 1,045.1 $17,860.28
INTERNATIONAL BUSINESS MACH CORP US IBM 102.25 $15,014.01
INTERNATIONAL FLVRS & FRAGRANCES US IFF 57.27 $4,034.47
INTUIT INC US INTU 1,316.2 $713,130.46
INTUITIVE SURGICAL INC US ISRG 1,446.91 $452,420.16
INVITATION HOMES INC US INVH 770.45 $26,264.64
JM SMUCKER CO/THE-NEW COM WI US SJM 33.42 $4,843.60
JOHNSON & JOHNSON US JNJ 6,955.42 $1,124,552.67
JP MORGAN CHASE & CO US JPM 2,136.01 $312,561.81
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 80,292.11 $76,151.69
KELLOGG CO US K 64 $3,905.13
KEYENCE CORP JP 6861 JP 70.85 $29,413.25
KEYWORDS STUDIOS PLC IE KWS LN 683.78 $13,209.78
KIMBERLY CLARK DE MEXICO S.A.B. MX KIMBERA MM 9,446.13 $21,273.95
KRAFT HEINZ CO/THE US KHC 179.24 $5,931.06
L'OREAL FR OR FP 19.01 $8,349.95
L3HARRIS TECHNOLOGIES INC US LHX 5,229.97 $931,405.07
LEXINGTON REALTY TRUST US LXP 1,370.28 $13,456.14
LOCKHEED MARTIN CORP US LMT 41.68 $18,687.70
LONZA GROUP AG -REG CH LONN SW 31.29 $17,259.46
LULULEMON - ADR CA LULU 1,592.85 $607,291.44
MARATHON OIL CORP US MRO 135.55 $3,571.79
MARATHON PETROLEUM CORP US MPC 83.72 $11,952.18
MARRIOTT VACATIONS WORLD US VAC 61.52 $6,686.38
MASCO CORP US MAS 13,099.78 $773,017.79
MASTERCARD INC-CLASS A US MA 2,420.22 $998,678.25
MEDTRONIC INC IE MDT 9,155.9 $746,205.72
MERCADOLIBRE INC BR MELI 182.07 $249,871.31
MERCK & CO INC US MRK 311.72 $33,971.50
META PLATFORMS INC US META 4,343.45 $1,285,183.13
MICROCHIP TECHNOLOGY INC US MCHP 102.96 $8,426.48
MICRON TECHNOLOGY INC US MU 11,965.53 $836,869.30
MICROSOFT CORP US MSFT 2,195.99 $719,757.44
MID-AMERICA APARTMENT COMM US MAA 91.51 $13,289.91
MONARCH CASINO & RESORT INC US MCRI 164.13 $11,062.13
MONDELEZ INTERNATIONAL INC US MDLZ 7,147.41 $509,324.78
MOODY'S CORPORATION US MCO 2,434.03 $819,781.89
NAVIENT CORP 6.75000 06/25/2025 US 21,844.18 $21,736.77
NESTLE S.A. - ADR CH NSRGY 5,897.69 $708,489.71
NESTLE SA-REGISTERED CH NESN SW 553.19 $66,515.13
NETAPP INC US NTAP 67.42 $5,171.25
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 34,242.22 $30,955.17
NIKE INC CLASS B US NKE 6,236.81 $634,345.73
NORFOLK SOUTHN CORP US NSC 908.6 $186,272.03
NORTHROP GRUMMAN CORP US NOC 1,220.79 $528,713.82
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 17,121.11 $1.71
NOVARTIS AG- REG CH NVS 3,412.3 $342,867.57
NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 US 31,880.69 $32,296.10
ODFJELL DRILLING LTD 9.25000 05/31/2028 BM 23,615.33 $23,927.63
OMNICOM GROUP US OMC 61.64 $4,993.13
PACKAGING CORP OF AMERICA US PKG 28.69 $4,278.07
PALOMINO FUNDING TRUST I 7.23300 05/17/2028 US 61,399.85 $62,204.36
PARAMOUNT GLOBAL CLASS B US PARA 168.85 $2,547.94
PELORUS FUND REIT 7.00000 09/30/2026 US 22,434.56 $21,346.37
PEPSICO INC 3.90000 07/18/2032 US 63,761.38 $60,476.24
PFIZER INC US PFE 582.94 $20,624.57
PHILLIPS 66 US PSX 66.36 $7,575.55
PHYSICIANS REALTY TRUST US DOC 557.44 $7,753.99
PPG INDUSTRIES INC US PPG 46.52 $6,594.99
PROLOGIS US PLD 713.42 $88,606.64
PUBLIC STORAGE INC US PSA 119.38 $32,992.99
QUALCOMM 5.40000 05/20/2033 US 46,049.89 $47,683.82
QUALCOMM INC US QCOM 169.56 $19,419.48
QUEST DIAGNOSTICS INC US DGX 36.01 $4,735.76
RAYTHEON TECHNOLOGIES CORP US RTX 181.37 $15,604.71
REALTY INCOME CORP US O 341.36 $19,129.79
REGIONS FINANCIAL CORP. US RF 269.1 $4,935.23
RENAISSANCERE HOLDINGS LTD BM RNR 198.6 $37,315.87
RENTOKIL INITIAL PLC GB RTO LN 6,515.11 $49,602.64
RENTOKIL INITIAL PLC-SP ADR GB RTO 9,446.37 $358,489.63
REXFORD INDUSTRIAL REALITY IN US REXR 291.53 $15,588.17
S&P GLOBAL INC US SPGI 1,517.99 $593,322.83
SALESFORCE INC US CRM 2,936.33 $650,279.59
SBA COMMUNICATIONS CORP US SBAC 2,245.82 $504,253.42
SBA TOWER TRUST 6.59900 01/15/2028 US 37,194.14 $37,761.59
SCHLUMBERGER LTD NL SLB 189.16 $11,152.80
SERVICENOW INC US NOW 1,805.51 $1,063,138.35
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 113,353.57 $91,160.09
SKYWORKS SOLUTIONS INC US SWKS 39.91 $4,339.80
SNOWFLAKE INC-CLASS A US SNOW 3,813.4 $598,132.26
SONY CORP FIRST SECTION JP 6758 JP 413.27 $34,380.82
SONY CORP SPONSORED ADR JP SONY 4,334.48 $360,584.99
STAG INDUSTRIAL INC US STAG 216.91 $7,923.60
SUN COMMUNITIES US SUI 256.46 $31,396.13
SYNCHRONOSS TECH US 412.21 $7,543.36
SYSCO CORP US SYY 80.53 $5,608.79
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 5,077.77 $475,126.71
TE CONNECTIVITY LIMITED CH TEL 60.57 $8,019.30
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 2,479.61 $24,455.61
TENCENT HOLDINGS 3.97500 04/11/2029 KY 132,245.83 $121,796.38
TENCENT HOLDINGS LTD CN 700 HK 1,180.77 $48,931.39
TERRENO REALTY CORP US TRNO 241.7 $14,717.29
TEXAS INSTRUMENTS INC US TXN 107.69 $18,097.69
THERMO FISHER SCIENTIFIC INC US TMO 752.15 $419,021.74
TOKYO ELECTRON LTD JP 8035 JP 177.12 $26,306.12
TRAVELLERS COS INC US TRV 51.95 $8,376.50
TREASURY BOND 2.37500 02/15/2042 US 893,249.74 $664,773.21
TRUIST FINANCIAL CORP US TFC 199.2 $6,085.42
TSY INFL IX N/B 0.12500 01/15/2031 US 293,395.45 $257,030.46
TYSON FOODS INC -CL A US TSN 82.89 $4,415.54
U.S. BANCORP US USB 278.31 $10,166.54
UDR INC US UDR 502.42 $20,046.40
UNILEVER PLC - ADR GB UL 9,452.98 $482,291.00
UNION PAC CORP US UNP 1,004.95 $221,661.87
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 2,417.97 $2,284.55
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 21,809.48 $19,669.52
UNITED PARCEL SERVICE US UPS 103.08 $17,461.90
UNITEDHEALTH GROUP INC US UNH 333.8 $159,083.67
US TEASURY NOTE 1.75000 11/15/2029 US 1,630,047.94 $1,417,632.32
US TREASURY N/B 0.87500 11/15/2030 US 1,650,711.36 $1,321,600.78
US TREASURY N/B 3.12500 11/15/2028 US 1,393,304.29 $1,319,067.30
VALERO ENERGY US VLO 52.9 $6,871.49
VENTAS INC US VTR 248.67 $10,861.88
VERTEX PHARMACEUTICALS INC US VRTX 929.62 $323,822.91
VISA INC - CLASS A SHARES US V 4,165.15 $1,023,294.86
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 83,834.41 $77,060.96
WELLS FARGO COMPANY US WFC 392.96 $16,225.28
WELLTOWER INC. US WELL 258.94 $21,461.12

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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