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

$24.70

Daily $ Change

$0.38

Daily % Change

1.54%

as of 02/02/2023

CUSIP

302027560

Inception Date

08/17/2012

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 12/31/2022

YTD

---

1 Year

-20.25%

3 Year

4.12%

5 Year

6.10%

10 Year

8.04%

Inception
(01/01/2000)

6.95%

Performance through the inception date of the Retirement Target CIT Class S units is based on historical performance of the CIT's oldest unit class. Performance through the inception date of the oldest unit class (08/03/2012) 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. Returns are net of the Class S expenses. The Retirement Target CIT Fund will gradually become more conservative over time. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.91%
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 12/31/2022

TREASURY NOTES 13.88%
AMAZON.COM INC 3.18%
MICROSOFT CORP 2.56%
MASTERCARD INC-CLASS A 2.30%
COCA COLA CO/THE 2.05%
MONDELEZ INTERNATIONAL INC 2.03%
JOHNSON & JOHNSON 1.88%
MEDTRONIC INC 1.79%
MOODY'S CORPORATION 1.76%
VISA INC - CLASS A SHARES 1.74%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 12/31/2022

Stocks 79.30%
Bonds 16.03%
Cash 4.67%

Detailed Asset Class Allocation

As of 12/31/2022

International Equities 22.12%
Small Capitalization 1.32%
Mid Capitalization 6.61%
Large Capitalization 49.25%
Long Term Fixed Income 0.48%
Intermediate Term Fixed Income 15.03%
Short Term Fixed Income 0.52%
Cash 4.67%

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

December Fund Holdings

As of 12/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 104.5 $11,473.52
ACTIVISION INC US ATVI 2,830.36 $216,663.97
ADIDAS AG-SPONSORED ADR DE ADDYY 3,720.86 $252,050.95
ADMIRAL GROUP PLC GB AMIGY 7,367.88 $187,291.45
ADYEN NV UNSPON ADR NL ADYEY 19,585.35 $270,277.80
AGREE REALTY CORP US ADC 182.44 $12,940.44
AIR LIQUIDE-ADR FR AIQUY 9,379.58 $265,278.07
AIR LEASE CORP 3.62500 04/01/2027 US 22,140.72 $20,236.52
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 4,924.89 $4,949.07
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 52,030.69 $43,798.19
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 27,675.9 $22,063.65
ALLSTATE CORPORATION US ALL 40.74 $5,524.20
ALPHABET INC-CL A US GOOGL 6,356.05 $560,794.01
AMAZON.COM INC US AMZN 13,695.36 $1,150,410.49
AMAZON.COM INC 3.30000 04/13/2027 US 48,709.58 $46,305.43
DIAGEO PLC GB DGE LN 858.51 $37,578.43
BAE SYSTEMS PLC GB BA/ LN 3,472.77 $35,868.19
AMERICAN HOMES 4 RENT- A US AMH 425.21 $12,815.90
AMERICAN TOWER REIT INC US AMT 56.9 $12,055.18
AMERICOLD REALTY TRUST US COLD 215.98 $6,114.47
ANALOG DEVICES INC US ADI 57.68 $9,460.69
APPLIED MATERIALS INC US AMAT 2,334.63 $227,346.08
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 5,535.18 $5,534.41
ARCHER-DANIELS-MIDLAND CO US ADM 71.29 $6,619.57
ARGO BLOCKCHAIN PLC GB 398.53 $1,215.53
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 22,140.72 $20,154.39
ATLASSIAN CORP PLC-CLASS A AU TEAM 186.65 $24,017.64
AUTOMATIC DATA PROCESSING US ADP 41.96 $10,021.77
AVALONBAY COMMUNITIES INC US AVB 54.02 $8,725.85
BAE SYSTEMS PLC -SPON ADR GB BAESY 6,558.97 $276,427.64
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 21,033.68 $19,839.57
BANK OF AMERICA CORP 2.68700 04/22/2032 US 39,853.29 $32,001.49
BARRICK GOLD CORP CA GOLD 6,179.47 $106,163.37
BAXTER INTERNATIONAL INC US BAX 53.91 $2,747.93
BEST BUY INC US BBY 37.31 $2,992.40
BIOMARIN PHARMACEUTICAL INC US BMRN 2,294 $237,406.05
BLACKROCK INC US BLK 330.12 $233,931.60
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 15,719.91 $13,800.14
DECHRA PHARMACEUTICALS PLC GB DPH LN 693.12 $21,846.86
BOSTON SCIENTIFIC CORP US BSX 3,522.15 $162,969.67
BRANDYWINE REALTY TRUST US BDN 640.2 $3,937.22
BRENNTAG AG-UNSP ADR DE BNTGY 12,523.57 $159,424.99
BRISTOL MYERS SQUIBB CO US BMY 188.2 $13,540.71
BROADRIDGE FINANCIAL SOLUTIONS US BR 20.81 $2,791.55
JONAH ENERGY PARENT LLC US 220.41 $13,716.17
CBOE GLOBAL MARKETS INC US CBOE 2,612.16 $327,747.97
CDW CORP/DE US CDW 1,438.26 $256,844.67
C.H. ROBINSON WORLDWIDE INC US CHRW 28.12 $2,574.55
CVS HEALTH CORP US CVS 2,727.29 $254,156.50
COTERRA ENERGY INC US CTRA 102.73 $2,524.15
CAMDEN PROPERTY TRUST US CPT 74.84 $8,372.61
CAMPBELL SOUP CO US CPB 59.78 $3,392.51
CANADIAN NATIONAL RAILWAY CO CA CNI 2,988.89 $355,318.81
CARETRUST REIT INC US CTRE 459.31 $8,533.97
CATERPILLAR INC US CAT 53.47 $12,809.23
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 17,023.89 $280,894.15
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 20,701.57 $21,557.39
CHEVRON CORP US CVX 100.96 $18,121.61
CINCINNATI FINANCIAL CORP US CINF 28.34 $2,901.74
CISCO SYSTEMS INC US CSCO 334.21 $15,921.96
CITIGROUP INC US C 213.55 $9,658.74
CITIGROUP INC 1.46200 06/09/2027 US 37,639.22 $32,712.86
CLARK CNTY NV 1.51000 11/01/2028 US 38,746.26 $31,856.21
COCA COLA CO/THE US KO 11,657.2 $741,514.44
COGNEX CORP US CGNX 3,786.73 $178,392.72
COLGATE-PALMOLIVE CO US CL 101.07 $7,963.49
COMCAST CORP-CL A US CMCSA 363.11 $12,697.88
COMMUNITY HEALTHCARE TRUST I US CHCT 406.39 $14,548.87
CONAGRA BRAND INC. US CAG 90 $3,483.08
CONOCOPHILLIPS US COP 92.99 $10,972.94
CONSTELLATION BRANDS INC-A US STZ 2,401.05 $556,443.40
COOPER COS INC/THE US COO 565.14 $186,875.45
COPART INC US CPRT 2,917.04 $177,618.55
COUSINS PROPERTIES INC US CUZ 504.14 $12,749.81
CUMMINS INC US CMI 23.47 $5,686.34
KIMBERLY CLARK DE MEXICO S.A.B. MX 21,232.95 $36,033.85
DEUTSCHE BOERSE AG ADR DE DBOEY 15,576.66 $267,295.48
DEVON ENERGY CORPORATION US DVN 66.2 $4,072.01
DIAMONDBACK ENERGY INC US FANG 20.7 $2,831.56
DIGITAL REALTY TRUST INC US DLR 160.41 $16,084.26
DOLLAR GENERAL CORP US DG 1,358.78 $334,598.57
DOLLAR TREE STORES INC US DLTR 2,175.44 $307,693.71
DOMINO'S PIZZA US DPZ 1,189.62 $412,084.65
DOUBLEVERIFY HOLDINGS INC US DV 12,243.49 $268,866.94
DOW INC US DOW 71.96 $3,625.93
DREYFUS GVT CSH MANAGEMENT US 1,769,720.58 $1,769,720.58
EOG RESOURCES INC US EOG 49.82 $6,452.25
EAST WEST BANCORP INC US EWBC 3,733.7 $246,050.84
EASTMAN CHEM CO US EMN 25.68 $2,091.64
EBAY INC US EBAY 67.64 $2,805.03
ELECTRONIC ARTS US EA 3,062.28 $374,149.71
EMERSON ELEC CO US EMR 75.28 $7,231.25
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 50,923.65 $50,475.87
EQUINIX INC US EQIX 735.74 $481,929.21
EQUITY LIFESTYLE PROPERTIES US ELS 300.23 $19,394.74
ESSEX PROPERTY TRUST INC US ESS 35.2 $7,460.38
EVERGY INC US EVRG 3,973.04 $250,023.49
EXPEDIA GROUP INC 3.25000 02/15/2030 US 22,140.72 $18,846.49
FMC CORP US FMC 3,238.63 $404,181.48
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 19,373.13 $19,425.81
META PLATFORMS INC US META 4,072.23 $490,052.36
FIFTH THIRD BANCORP US FITB 114.47 $3,755.68
GENERAL DYNAMICS CORP US GD 33.88 $8,404.80
GENERAL MLS INC US GIS 82.81 $6,943.31
GENUINE PARTS CO US GPC 26.24 $4,552.34
GETTY REALTY CORP US GTY 483.89 $16,379.52
GILEAD SCIENCES INC US GILD 142.59 $12,241.03
GREENIDGE GEN HLD INC US 376.39 $402.74
GRUPO AEROPORTUARIO CEN-ADR MX OMAB 1,170.47 $72,381.81
GRUPO AEROPORTUARIO PAC-ADR MX PAC 528.06 $75,939.75
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 362.67 $84,497.31
AIRBUS SE FR AIR FP 160.3 $19,059.93
ADIDAS AG DE ADS GR 253.29 $34,327.47
HDFC BANK LTD-ADR IN HDB 5,874.71 $401,888.75
L'OREAL FR OR FP 19.82 $7,096.05
HEALTHCARE REALTY TRUST INC US HR 1,037.51 $19,992.90
HEINEKEN NV-SPN ADR NL HEINY 5,328.61 $250,551.09
HESKA CORP US HSKA 1,309.62 $81,406.20
HOME DEPOT INC US HD 72.51 $22,903.28
HONEYWELL INTERNATIONAL INC US HON 65.54 $14,044.48
HUMANA INC US HUM 306.98 $157,232.63
IDEXX LABORATORIES INC US IDXX 1,094.42 $446,477.84
KERRY GROUP PLC-A IE KYGA ID 229.27 $20,709.78
ILLINOIS TOOL WKS INC US ITW 38.86 $8,560.19
INDEPENDENCE REALTY TRUST IN US IRT 502.15 $8,466.27
INTEL CORP US INTC 371.19 $9,810.53
INTERCONTINENTALEXCHANGE INC US ICE 2,983.46 $306,073.35
INTERNATIONAL FLVRS & FRAGRANCES US IFF 38.97 $4,085.37
INTUIT INC US INTU 765.63 $297,996.97
INTUITIVE SURGICAL INC US ISRG 922.94 $244,901.03
INVITATION HOMES INC US INVH 566.36 $16,786.90
JP MORGAN CHASE & CO US JPM 2,220.16 $297,723.53
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 56,458.83 $52,963.43
JOHNSON & JOHNSON US JNJ 3,855.36 $681,049.94
KEYCORP US KEY 125.87 $2,192.66
KROGER CO US KR 100.63 $4,486.07
L3HARRIS TECHNOLOGIES INC US LHX 1,549.63 $322,648.23
BEIERSDORF AG DE BEI GR 320.93 $36,673.23
LENNAR CORP US LEN 38.3 $3,466.46
LEXINGTON REALTY TRUST US LXP 765.07 $7,666.03
LIFE STORAGE INC US LSI 135.5 $13,346.87
LOCKHEED MARTIN CORP US LMT 26.35 $12,817.77
LULULEMON - ADR CA LULU 1,015.59 $325,376.25
MAGALLANES INC 4.05400 03/15/2029 US 53,137.73 $46,136.38
MARATHON PETROLEUM CORP US MPC 53.25 $6,197.58
MARRIOTT VACATIONS WORLD US VAC 37.53 $5,050.96
MASTERCARD INC-CLASS A US MA 2,394.41 $832,607.51
MCDONALDS CORP US MCD 46.05 $12,136.27
MERCADOLIBRE INC BR MELI 245.32 $207,598.89
MERCK & CO INC US MRK 200.82 $22,280.57
MICROSOFT CORP US MSFT 3,863.56 $926,557.86
MICROCHIP TECHNOLOGY INC US MCHP 61.11 $4,292.86
MICRON TECHNOLOGY INC US MU 2,639.95 $131,944.63
MID-AMERICA APARTMENT COMM US MAA 117.9 $18,509.02
MONDELEZ INTERNATIONAL INC US MDLZ 11,014.23 $734,098.61
MOODY'S CORPORATION US MCO 2,282.04 $635,823.07
MOTOROLA SOLUTIONS INC US MSI 24.35 $6,276.47
NAVIENT CORP 6.75000 06/25/2025 US 20,480.16 $19,686.66
NESTLE S.A. - ADR CH NSRGY 3,942.16 $454,688.16
NETAPP INC US NTAP 44.06 $2,646.25
KEYENCE CORP JP 6861 JP 55.35 $21,490.05
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 10,516.84 $10,083.86
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 23,247.75 $19,893.91
NEWMONT GOLDCORP CORP US NEM 2,696.85 $127,291.33
NIKE INC CLASS B US NKE 2,161.82 $252,954.53
NORFOLK SOUTHN CORP US NSC 1,043.38 $257,110.04
NIKON CORP JP 7731 JP 1,306.3 $11,551.28
NORTHROP GRUMMAN CORP US NOC 571.78 $311,971.10
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 16,052.02 $1.61
NOVARTIS AG- REG CH NVS 3,184.28 $288,877.72
NUCOR CORP US NUE 36.75 $4,844.49
OMNICOM GROUP US OMC 41.29 $3,368.22
SONY CORP FIRST SECTION JP 6758 JP 276.76 $21,095.02
TOKYO ELECTRON LTD JP 8035 JP 33.21 $9,758.37
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 17,601.87 $15,325.70
PPG INDUSTRIES INC US PPG 25.57 $3,215.49
PACKAGING CORP OF AMERICA US PKG 18.49 $2,364.74
PARKER HANNIFIN CORP US PH 14.5 $4,220.13
DEUTSCHE BOERSE AG DE DB1 GR 159.3 $27,430.32
PAYPAL HOLDINGS INC US PYPL 4,502.32 $320,654.89
PELORUS FUND REIT 7.00000 09/30/2026 US 21,033.68 $19,371.81
NESTLE SA-REGISTERED CH NESN SW 421.01 $48,630.14
PEPSICO INC 3.90000 07/18/2032 US 40,960.33 $38,860.99
PFIZER INC US PFE 302.11 $15,480.12
PIONEER NATURAL RESOURCES CO US PXD 21.59 $4,930.30
POPULAR INC 6.12500 09/14/2023 PR 17,712.58 $17,608.87
PROCTER & GAMBLE CO US PG 160.3 $24,294.89
PROLOGIS US PLD 665.77 $75,052.41
PUBLIC STORAGE INC US PSA 98.86 $27,699.11
QUALCOMM INC US QCOM 105.28 $11,574.39
QUALCOMM 5.40000 05/20/2033 US 43,174.4 $45,174.75
QUEST DIAGNOSTICS INC US DGX 23.91 $3,740.79
RADIUS GLOBAL INFRASTRUCTURE US RADI 2,210.97 $26,133.69
REALTY INCOME CORP US O 73.84 $4,683.63
REGIONS FINANCIAL CORP. US RF 175.91 $3,792.58
REPUBLIC SERVICES INC US RSG 44.28 $5,711.86
RESTAURANT BRANDS INTERN CA QSR 216.65 $14,010.56
REXFORD INDUSTRIAL REALITY IN US REXR 347.5 $18,987.32
GETINGE AB-B SHS SE GETIB SS 1,619.37 $33,667.72
ROSS STORES INC US ROST 36.75 $4,265.99
HEINEKEN NV NL HEIA NA 400.08 $37,684.71
RYANAIR HOLDINGS - ADR IE RYAAY 5,095.8 $380,961.79
SBA TOWER TRUST 6.59900 01/15/2028 US 34,871.63 $34,982.29
S&P GLOBAL INC US SPGI 1,423.21 $476,688.42
SBA COMMUNICATIONS CORP US SBAC 1,795.28 $503,234.99
SALESFORCE INC US CRM 4,212.6 $558,549.15
SEAGEN INC US SGEN 1,079.91 $138,779.69
SERVICENOW INC US NOW 1,418.45 $550,739.70
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 69,743.26 $56,272.20
SKYWORKS SOLUTIONS INC US SWKS 21.7 $1,977.33
JM SMUCKER CO/THE-NEW COM WI US SJM 21.03 $3,333.00
SNOWFLAKE INC-CLASS A US SNOW 2,716.22 $389,886.70
SONY CORP SPONSORED ADR JP SONY 4,769.66 $363,830.00
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 40,960.33 $40,557.97
STAG INDUSTRIAL INC US STAG 145.02 $4,685.65
STANLEY BLACK & DECKER INC US SWK 20.15 $1,513.52
STEEL DYNAMICS INC US STLD 36.42 $3,558.38
SUN COMMUNITIES US SUI 170.93 $24,442.47
SYNCHRONOSS TECH US 718.58 $12,898.46
SYNERGY ONE LENDING 5.50000 10/14/2026 US 19,373.13 $16,694.81
TJX COMPANIES INC US TJX 98.64 $7,851.50
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 4,697.26 $349,899.21
TARGET CORP US TGT 37.42 $5,576.75
TENCENT HOLDINGS 3.97500 04/11/2029 KY 89,669.91 $82,931.93
TERRENO REALTY CORP US TRNO 227.5 $12,937.69
TEXAS INSTRUMENTS INC US TXN 61.88 $10,224.36
THERMO FISHER SCIENTIFIC INC US TMO 661.68 $364,378.02
3M CO US MMM 63.77 $7,646.73
TRACTOR SUPPLY COMPANY US TSCO 13.73 $3,088.22
TRAVELLERS COS INC US TRV 33.54 $6,289.01
TYSON FOODS INC -CL A US TSN 53.8 $3,349.17
UDR INC US UDR 343.85 $13,317.13
U.S. BANCORP US USB 173.25 $7,555.48
UBISOFT ENTERTAIN-UNSPON ADR FR UBSFY 21,816.47 $122,608.55
UNILEVER PLC - ADR GB UL 10,266.32 $516,909.17
UNION PAC CORP US UNP 60.22 $12,470.33
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 22,326.99 $19,036.69
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 2,451.72 $2,219.97
UNITED PARCEL SERVICE US UPS 58.23 $10,122.72
US TREASURY N/B 3.12500 11/15/2028 US 1,817,753.01 $1,736,664.19
US TEASURY NOTE 1.75000 11/15/2029 US 1,968,309.9 $1,720,733.42
US TREASURY N/B 0.87500 11/15/2030 US 1,723,654.96 $1,381,886.50
US TREASURY N/B 1.37500 11/15/2031 US 214,764.97 $175,469.69
UNITEDHEALTH GROUP INC US UNH 312.96 $165,924.63
VF CORP US VFC 50.37 $1,390.72
VENTAS INC US VTR 202.26 $9,111.61
VERTEX PHARMACEUTICALS INC US VRTX 871.57 $251,691.81
PARAMOUNT GLOBAL CLASS B US PARA 80.15 $1,352.92
VISA INC - CLASS A SHARES US V 3,029.96 $629,503.94
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 9,963.32 $9,565.73
VISTRA OPERATIONS 4.87500 05/13/2024 US 37,639.22 $36,844.17
WAL MART STORES US WMT 177.9 $25,224.54
WALGREENS BOOTS ALLIANCE INC US WBA 92.44 $3,453.47
WASTE MANAGEMENT INC US WM 49.37 $7,745.76
WELLTOWER INC. US WELL 203.36 $13,330.41
ZOETIS INC US ZTS 723.12 $105,972.63
ADMIRAL GROUP PLC GB ADM LN 1,635.2 $41,977.12
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 575.66 $4,425.89
UBISOFT ENTERTAINMENT FR UBI FP 674.3 $19,049.42
DANONE FR BN FP 273.44 $14,411.74
AIR LIQUIDE FR AI FP 270.78 $38,433.42
BRENNTAG AG DE BNR GR 214.1 $13,654.25
KEYWORDS STUDIOS PLC IE KWS LN 206.57 $6,778.98
HELIOS TOWERS PLC GB HTWS LN 5,134.32 $6,585.77
AVANZA BANK HOLDING AB SE AZA SS 1,008.62 $21,644.55
AMERICAN TANKER INC 7.75000 07/02/2025 US 18,819.61 $18,027.29
SOFTWAREONE HOLDING AG CH SWON SW 1,450.11 $20,581.92
TENCENT HOLDINGS LTD CN 700 HK 553.52 $23,469.36
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 587.06 $9,533.87
SEASPAN CORP 6.50000 02/05/2024 MH 22,140.72 $21,984.27
PETROTAL CORP 12.00000 02/16/2024 CA 15,055.69 $15,169.18
IMCD NV NL IMCD NA 51.48 $7,363.38
FINECOBANK SPA IT FBK IM 2,242.74 $37,243.28
ALLFUNDS GROUP PLC GB ALLFG NA 1,775.8 $12,453.20
ROTORK PLC GB ROR LN 4,284.12 $15,920.70
AUTO TRADER GROUP PLC GB AUTO LN 5,456.47 $33,979.37
CELLNEX TELECOM SA ES CLNX SM 566.47 $18,790.53
ASSA ABLOY AB-B SE ASSAB SS 1,099.73 $23,654.38
CLEANAWAY WASTE MANAGEMENT AU CWY AU 16,019.92 $28,544.81
INTERMEDIATE CAPITAL GROUP GB ICP LN 1,728.86 $23,870.66
ADYEN NV NL ADYEN NA 19.15 $26,587.38
BANK OF N.T. BUTTERFIELD&SON BM NTB 387.35 $11,546.96
BUNGE LIMITED US BG 27.23 $2,717.04
EATON CORP PLC US ETN 51.81 $8,131.47
JOHNSON CONTROLS INTERNATIONAL US JCI 97.53 $6,241.91
LINDE PLC GB LIN 637.87 $208,061.78
MEDTRONIC INC IE MDT 8,323.58 $646,908.78
RENAISSANCERE HOLDINGS LTD BM RNR 76.83 $14,154.08
ROYALTY PHARMA PLC- CL A US RPRX 72.62 $2,870.00
STONECO LTD-A BR STNE 659.9 $6,229.49
TRANE TECHNOLOGIES IE TT 24.91 $4,186.84
ALCON INC CH ALC 3,193.02 $218,881.78
CHUBB LTD CH CB 46.61 $10,281.33
GARMIN LTD CH GRMN 34.87 $3,218.30
TE CONNECTIVITY LIMITED CH TEL 34.54 $3,965.14
LYONDELLBASELL INDU-CL A US LYB 35.43 $2,941.35
PLAYA HOTELS AND RESORTS US PLYA 605.44 $3,953.51
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 19,815.94 $18,778.47

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

$24.70

Daily $ Change

$0.38

Daily % Change

1.54%

as of 02/02/2023

CUSIP

302027560

Inception Date

08/17/2012

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 12/31/2022

YTD

---

1 Year

-20.25%

3 Year

4.12%

5 Year

6.10%

10 Year

8.04%

Inception
(01/01/2000)

6.95%

Performance through the inception date of the Retirement Target CIT Class S units is based on historical performance of the CIT's oldest unit class. Performance through the inception date of the oldest unit class (08/03/2012) 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. Returns are net of the Class S expenses. The Retirement Target CIT Fund will gradually become more conservative over time. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.91%
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 12/31/2022

TREASURY NOTES 13.88%
AMAZON.COM INC 3.18%
MICROSOFT CORP 2.56%
MASTERCARD INC-CLASS A 2.30%
COCA COLA CO/THE 2.05%
MONDELEZ INTERNATIONAL INC 2.03%
JOHNSON & JOHNSON 1.88%
MEDTRONIC INC 1.79%
MOODY'S CORPORATION 1.76%
VISA INC - CLASS A SHARES 1.74%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 12/31/2022

Stocks
79.30%
Bonds
16.03%
Cash
4.67%

Detailed Asset Class Allocation

As of 12/31/2022

International Equities
22.12%
Small Capitalization
1.32%
Mid Capitalization
6.61%
Large Capitalization
49.25%
Long Term Fixed Income
0.48%
Intermediate Term Fixed Income
15.03%
Short Term Fixed Income
0.52%
Cash
4.67%

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

December Fund Holdings

As of 12/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 104.5 $11,473.52
ACTIVISION INC US ATVI 2,830.36 $216,663.97
ADIDAS AG-SPONSORED ADR DE ADDYY 3,720.86 $252,050.95
ADMIRAL GROUP PLC GB AMIGY 7,367.88 $187,291.45
ADYEN NV UNSPON ADR NL ADYEY 19,585.35 $270,277.80
AGREE REALTY CORP US ADC 182.44 $12,940.44
AIR LIQUIDE-ADR FR AIQUY 9,379.58 $265,278.07
AIR LEASE CORP 3.62500 04/01/2027 US 22,140.72 $20,236.52
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 4,924.89 $4,949.07
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 52,030.69 $43,798.19
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 27,675.9 $22,063.65
ALLSTATE CORPORATION US ALL 40.74 $5,524.20
ALPHABET INC-CL A US GOOGL 6,356.05 $560,794.01
AMAZON.COM INC US AMZN 13,695.36 $1,150,410.49
AMAZON.COM INC 3.30000 04/13/2027 US 48,709.58 $46,305.43
DIAGEO PLC GB DGE LN 858.51 $37,578.43
BAE SYSTEMS PLC GB BA/ LN 3,472.77 $35,868.19
AMERICAN HOMES 4 RENT- A US AMH 425.21 $12,815.90
AMERICAN TOWER REIT INC US AMT 56.9 $12,055.18
AMERICOLD REALTY TRUST US COLD 215.98 $6,114.47
ANALOG DEVICES INC US ADI 57.68 $9,460.69
APPLIED MATERIALS INC US AMAT 2,334.63 $227,346.08
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 5,535.18 $5,534.41
ARCHER-DANIELS-MIDLAND CO US ADM 71.29 $6,619.57
ARGO BLOCKCHAIN PLC GB 398.53 $1,215.53
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 22,140.72 $20,154.39
ATLASSIAN CORP PLC-CLASS A AU TEAM 186.65 $24,017.64
AUTOMATIC DATA PROCESSING US ADP 41.96 $10,021.77
AVALONBAY COMMUNITIES INC US AVB 54.02 $8,725.85
BAE SYSTEMS PLC -SPON ADR GB BAESY 6,558.97 $276,427.64
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 21,033.68 $19,839.57
BANK OF AMERICA CORP 2.68700 04/22/2032 US 39,853.29 $32,001.49
BARRICK GOLD CORP CA GOLD 6,179.47 $106,163.37
BAXTER INTERNATIONAL INC US BAX 53.91 $2,747.93
BEST BUY INC US BBY 37.31 $2,992.40
BIOMARIN PHARMACEUTICAL INC US BMRN 2,294 $237,406.05
BLACKROCK INC US BLK 330.12 $233,931.60
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 15,719.91 $13,800.14
DECHRA PHARMACEUTICALS PLC GB DPH LN 693.12 $21,846.86
BOSTON SCIENTIFIC CORP US BSX 3,522.15 $162,969.67
BRANDYWINE REALTY TRUST US BDN 640.2 $3,937.22
BRENNTAG AG-UNSP ADR DE BNTGY 12,523.57 $159,424.99
BRISTOL MYERS SQUIBB CO US BMY 188.2 $13,540.71
BROADRIDGE FINANCIAL SOLUTIONS US BR 20.81 $2,791.55
JONAH ENERGY PARENT LLC US 220.41 $13,716.17
CBOE GLOBAL MARKETS INC US CBOE 2,612.16 $327,747.97
CDW CORP/DE US CDW 1,438.26 $256,844.67
C.H. ROBINSON WORLDWIDE INC US CHRW 28.12 $2,574.55
CVS HEALTH CORP US CVS 2,727.29 $254,156.50
COTERRA ENERGY INC US CTRA 102.73 $2,524.15
CAMDEN PROPERTY TRUST US CPT 74.84 $8,372.61
CAMPBELL SOUP CO US CPB 59.78 $3,392.51
CANADIAN NATIONAL RAILWAY CO CA CNI 2,988.89 $355,318.81
CARETRUST REIT INC US CTRE 459.31 $8,533.97
CATERPILLAR INC US CAT 53.47 $12,809.23
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 17,023.89 $280,894.15
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 20,701.57 $21,557.39
CHEVRON CORP US CVX 100.96 $18,121.61
CINCINNATI FINANCIAL CORP US CINF 28.34 $2,901.74
CISCO SYSTEMS INC US CSCO 334.21 $15,921.96
CITIGROUP INC US C 213.55 $9,658.74
CITIGROUP INC 1.46200 06/09/2027 US 37,639.22 $32,712.86
CLARK CNTY NV 1.51000 11/01/2028 US 38,746.26 $31,856.21
COCA COLA CO/THE US KO 11,657.2 $741,514.44
COGNEX CORP US CGNX 3,786.73 $178,392.72
COLGATE-PALMOLIVE CO US CL 101.07 $7,963.49
COMCAST CORP-CL A US CMCSA 363.11 $12,697.88
COMMUNITY HEALTHCARE TRUST I US CHCT 406.39 $14,548.87
CONAGRA BRAND INC. US CAG 90 $3,483.08
CONOCOPHILLIPS US COP 92.99 $10,972.94
CONSTELLATION BRANDS INC-A US STZ 2,401.05 $556,443.40
COOPER COS INC/THE US COO 565.14 $186,875.45
COPART INC US CPRT 2,917.04 $177,618.55
COUSINS PROPERTIES INC US CUZ 504.14 $12,749.81
CUMMINS INC US CMI 23.47 $5,686.34
KIMBERLY CLARK DE MEXICO S.A.B. MX 21,232.95 $36,033.85
DEUTSCHE BOERSE AG ADR DE DBOEY 15,576.66 $267,295.48
DEVON ENERGY CORPORATION US DVN 66.2 $4,072.01
DIAMONDBACK ENERGY INC US FANG 20.7 $2,831.56
DIGITAL REALTY TRUST INC US DLR 160.41 $16,084.26
DOLLAR GENERAL CORP US DG 1,358.78 $334,598.57
DOLLAR TREE STORES INC US DLTR 2,175.44 $307,693.71
DOMINO'S PIZZA US DPZ 1,189.62 $412,084.65
DOUBLEVERIFY HOLDINGS INC US DV 12,243.49 $268,866.94
DOW INC US DOW 71.96 $3,625.93
DREYFUS GVT CSH MANAGEMENT US 1,769,720.58 $1,769,720.58
EOG RESOURCES INC US EOG 49.82 $6,452.25
EAST WEST BANCORP INC US EWBC 3,733.7 $246,050.84
EASTMAN CHEM CO US EMN 25.68 $2,091.64
EBAY INC US EBAY 67.64 $2,805.03
ELECTRONIC ARTS US EA 3,062.28 $374,149.71
EMERSON ELEC CO US EMR 75.28 $7,231.25
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 50,923.65 $50,475.87
EQUINIX INC US EQIX 735.74 $481,929.21
EQUITY LIFESTYLE PROPERTIES US ELS 300.23 $19,394.74
ESSEX PROPERTY TRUST INC US ESS 35.2 $7,460.38
EVERGY INC US EVRG 3,973.04 $250,023.49
EXPEDIA GROUP INC 3.25000 02/15/2030 US 22,140.72 $18,846.49
FMC CORP US FMC 3,238.63 $404,181.48
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 19,373.13 $19,425.81
META PLATFORMS INC US META 4,072.23 $490,052.36
FIFTH THIRD BANCORP US FITB 114.47 $3,755.68
GENERAL DYNAMICS CORP US GD 33.88 $8,404.80
GENERAL MLS INC US GIS 82.81 $6,943.31
GENUINE PARTS CO US GPC 26.24 $4,552.34
GETTY REALTY CORP US GTY 483.89 $16,379.52
GILEAD SCIENCES INC US GILD 142.59 $12,241.03
GREENIDGE GEN HLD INC US 376.39 $402.74
GRUPO AEROPORTUARIO CEN-ADR MX OMAB 1,170.47 $72,381.81
GRUPO AEROPORTUARIO PAC-ADR MX PAC 528.06 $75,939.75
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 362.67 $84,497.31
AIRBUS SE FR AIR FP 160.3 $19,059.93
ADIDAS AG DE ADS GR 253.29 $34,327.47
HDFC BANK LTD-ADR IN HDB 5,874.71 $401,888.75
L'OREAL FR OR FP 19.82 $7,096.05
HEALTHCARE REALTY TRUST INC US HR 1,037.51 $19,992.90
HEINEKEN NV-SPN ADR NL HEINY 5,328.61 $250,551.09
HESKA CORP US HSKA 1,309.62 $81,406.20
HOME DEPOT INC US HD 72.51 $22,903.28
HONEYWELL INTERNATIONAL INC US HON 65.54 $14,044.48
HUMANA INC US HUM 306.98 $157,232.63
IDEXX LABORATORIES INC US IDXX 1,094.42 $446,477.84
KERRY GROUP PLC-A IE KYGA ID 229.27 $20,709.78
ILLINOIS TOOL WKS INC US ITW 38.86 $8,560.19
INDEPENDENCE REALTY TRUST IN US IRT 502.15 $8,466.27
INTEL CORP US INTC 371.19 $9,810.53
INTERCONTINENTALEXCHANGE INC US ICE 2,983.46 $306,073.35
INTERNATIONAL FLVRS & FRAGRANCES US IFF 38.97 $4,085.37
INTUIT INC US INTU 765.63 $297,996.97
INTUITIVE SURGICAL INC US ISRG 922.94 $244,901.03
INVITATION HOMES INC US INVH 566.36 $16,786.90
JP MORGAN CHASE & CO US JPM 2,220.16 $297,723.53
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 56,458.83 $52,963.43
JOHNSON & JOHNSON US JNJ 3,855.36 $681,049.94
KEYCORP US KEY 125.87 $2,192.66
KROGER CO US KR 100.63 $4,486.07
L3HARRIS TECHNOLOGIES INC US LHX 1,549.63 $322,648.23
BEIERSDORF AG DE BEI GR 320.93 $36,673.23
LENNAR CORP US LEN 38.3 $3,466.46
LEXINGTON REALTY TRUST US LXP 765.07 $7,666.03
LIFE STORAGE INC US LSI 135.5 $13,346.87
LOCKHEED MARTIN CORP US LMT 26.35 $12,817.77
LULULEMON - ADR CA LULU 1,015.59 $325,376.25
MAGALLANES INC 4.05400 03/15/2029 US 53,137.73 $46,136.38
MARATHON PETROLEUM CORP US MPC 53.25 $6,197.58
MARRIOTT VACATIONS WORLD US VAC 37.53 $5,050.96
MASTERCARD INC-CLASS A US MA 2,394.41 $832,607.51
MCDONALDS CORP US MCD 46.05 $12,136.27
MERCADOLIBRE INC BR MELI 245.32 $207,598.89
MERCK & CO INC US MRK 200.82 $22,280.57
MICROSOFT CORP US MSFT 3,863.56 $926,557.86
MICROCHIP TECHNOLOGY INC US MCHP 61.11 $4,292.86
MICRON TECHNOLOGY INC US MU 2,639.95 $131,944.63
MID-AMERICA APARTMENT COMM US MAA 117.9 $18,509.02
MONDELEZ INTERNATIONAL INC US MDLZ 11,014.23 $734,098.61
MOODY'S CORPORATION US MCO 2,282.04 $635,823.07
MOTOROLA SOLUTIONS INC US MSI 24.35 $6,276.47
NAVIENT CORP 6.75000 06/25/2025 US 20,480.16 $19,686.66
NESTLE S.A. - ADR CH NSRGY 3,942.16 $454,688.16
NETAPP INC US NTAP 44.06 $2,646.25
KEYENCE CORP JP 6861 JP 55.35 $21,490.05
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 10,516.84 $10,083.86
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 23,247.75 $19,893.91
NEWMONT GOLDCORP CORP US NEM 2,696.85 $127,291.33
NIKE INC CLASS B US NKE 2,161.82 $252,954.53
NORFOLK SOUTHN CORP US NSC 1,043.38 $257,110.04
NIKON CORP JP 7731 JP 1,306.3 $11,551.28
NORTHROP GRUMMAN CORP US NOC 571.78 $311,971.10
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 16,052.02 $1.61
NOVARTIS AG- REG CH NVS 3,184.28 $288,877.72
NUCOR CORP US NUE 36.75 $4,844.49
OMNICOM GROUP US OMC 41.29 $3,368.22
SONY CORP FIRST SECTION JP 6758 JP 276.76 $21,095.02
TOKYO ELECTRON LTD JP 8035 JP 33.21 $9,758.37
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 17,601.87 $15,325.70
PPG INDUSTRIES INC US PPG 25.57 $3,215.49
PACKAGING CORP OF AMERICA US PKG 18.49 $2,364.74
PARKER HANNIFIN CORP US PH 14.5 $4,220.13
DEUTSCHE BOERSE AG DE DB1 GR 159.3 $27,430.32
PAYPAL HOLDINGS INC US PYPL 4,502.32 $320,654.89
PELORUS FUND REIT 7.00000 09/30/2026 US 21,033.68 $19,371.81
NESTLE SA-REGISTERED CH NESN SW 421.01 $48,630.14
PEPSICO INC 3.90000 07/18/2032 US 40,960.33 $38,860.99
PFIZER INC US PFE 302.11 $15,480.12
PIONEER NATURAL RESOURCES CO US PXD 21.59 $4,930.30
POPULAR INC 6.12500 09/14/2023 PR 17,712.58 $17,608.87
PROCTER & GAMBLE CO US PG 160.3 $24,294.89
PROLOGIS US PLD 665.77 $75,052.41
PUBLIC STORAGE INC US PSA 98.86 $27,699.11
QUALCOMM INC US QCOM 105.28 $11,574.39
QUALCOMM 5.40000 05/20/2033 US 43,174.4 $45,174.75
QUEST DIAGNOSTICS INC US DGX 23.91 $3,740.79
RADIUS GLOBAL INFRASTRUCTURE US RADI 2,210.97 $26,133.69
REALTY INCOME CORP US O 73.84 $4,683.63
REGIONS FINANCIAL CORP. US RF 175.91 $3,792.58
REPUBLIC SERVICES INC US RSG 44.28 $5,711.86
RESTAURANT BRANDS INTERN CA QSR 216.65 $14,010.56
REXFORD INDUSTRIAL REALITY IN US REXR 347.5 $18,987.32
GETINGE AB-B SHS SE GETIB SS 1,619.37 $33,667.72
ROSS STORES INC US ROST 36.75 $4,265.99
HEINEKEN NV NL HEIA NA 400.08 $37,684.71
RYANAIR HOLDINGS - ADR IE RYAAY 5,095.8 $380,961.79
SBA TOWER TRUST 6.59900 01/15/2028 US 34,871.63 $34,982.29
S&P GLOBAL INC US SPGI 1,423.21 $476,688.42
SBA COMMUNICATIONS CORP US SBAC 1,795.28 $503,234.99
SALESFORCE INC US CRM 4,212.6 $558,549.15
SEAGEN INC US SGEN 1,079.91 $138,779.69
SERVICENOW INC US NOW 1,418.45 $550,739.70
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 69,743.26 $56,272.20
SKYWORKS SOLUTIONS INC US SWKS 21.7 $1,977.33
JM SMUCKER CO/THE-NEW COM WI US SJM 21.03 $3,333.00
SNOWFLAKE INC-CLASS A US SNOW 2,716.22 $389,886.70
SONY CORP SPONSORED ADR JP SONY 4,769.66 $363,830.00
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 40,960.33 $40,557.97
STAG INDUSTRIAL INC US STAG 145.02 $4,685.65
STANLEY BLACK & DECKER INC US SWK 20.15 $1,513.52
STEEL DYNAMICS INC US STLD 36.42 $3,558.38
SUN COMMUNITIES US SUI 170.93 $24,442.47
SYNCHRONOSS TECH US 718.58 $12,898.46
SYNERGY ONE LENDING 5.50000 10/14/2026 US 19,373.13 $16,694.81
TJX COMPANIES INC US TJX 98.64 $7,851.50
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 4,697.26 $349,899.21
TARGET CORP US TGT 37.42 $5,576.75
TENCENT HOLDINGS 3.97500 04/11/2029 KY 89,669.91 $82,931.93
TERRENO REALTY CORP US TRNO 227.5 $12,937.69
TEXAS INSTRUMENTS INC US TXN 61.88 $10,224.36
THERMO FISHER SCIENTIFIC INC US TMO 661.68 $364,378.02
3M CO US MMM 63.77 $7,646.73
TRACTOR SUPPLY COMPANY US TSCO 13.73 $3,088.22
TRAVELLERS COS INC US TRV 33.54 $6,289.01
TYSON FOODS INC -CL A US TSN 53.8 $3,349.17
UDR INC US UDR 343.85 $13,317.13
U.S. BANCORP US USB 173.25 $7,555.48
UBISOFT ENTERTAIN-UNSPON ADR FR UBSFY 21,816.47 $122,608.55
UNILEVER PLC - ADR GB UL 10,266.32 $516,909.17
UNION PAC CORP US UNP 60.22 $12,470.33
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 22,326.99 $19,036.69
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 2,451.72 $2,219.97
UNITED PARCEL SERVICE US UPS 58.23 $10,122.72
US TREASURY N/B 3.12500 11/15/2028 US 1,817,753.01 $1,736,664.19
US TEASURY NOTE 1.75000 11/15/2029 US 1,968,309.9 $1,720,733.42
US TREASURY N/B 0.87500 11/15/2030 US 1,723,654.96 $1,381,886.50
US TREASURY N/B 1.37500 11/15/2031 US 214,764.97 $175,469.69
UNITEDHEALTH GROUP INC US UNH 312.96 $165,924.63
VF CORP US VFC 50.37 $1,390.72
VENTAS INC US VTR 202.26 $9,111.61
VERTEX PHARMACEUTICALS INC US VRTX 871.57 $251,691.81
PARAMOUNT GLOBAL CLASS B US PARA 80.15 $1,352.92
VISA INC - CLASS A SHARES US V 3,029.96 $629,503.94
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 9,963.32 $9,565.73
VISTRA OPERATIONS 4.87500 05/13/2024 US 37,639.22 $36,844.17
WAL MART STORES US WMT 177.9 $25,224.54
WALGREENS BOOTS ALLIANCE INC US WBA 92.44 $3,453.47
WASTE MANAGEMENT INC US WM 49.37 $7,745.76
WELLTOWER INC. US WELL 203.36 $13,330.41
ZOETIS INC US ZTS 723.12 $105,972.63
ADMIRAL GROUP PLC GB ADM LN 1,635.2 $41,977.12
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 575.66 $4,425.89
UBISOFT ENTERTAINMENT FR UBI FP 674.3 $19,049.42
DANONE FR BN FP 273.44 $14,411.74
AIR LIQUIDE FR AI FP 270.78 $38,433.42
BRENNTAG AG DE BNR GR 214.1 $13,654.25
KEYWORDS STUDIOS PLC IE KWS LN 206.57 $6,778.98
HELIOS TOWERS PLC GB HTWS LN 5,134.32 $6,585.77
AVANZA BANK HOLDING AB SE AZA SS 1,008.62 $21,644.55
AMERICAN TANKER INC 7.75000 07/02/2025 US 18,819.61 $18,027.29
SOFTWAREONE HOLDING AG CH SWON SW 1,450.11 $20,581.92
TENCENT HOLDINGS LTD CN 700 HK 553.52 $23,469.36
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 587.06 $9,533.87
SEASPAN CORP 6.50000 02/05/2024 MH 22,140.72 $21,984.27
PETROTAL CORP 12.00000 02/16/2024 CA 15,055.69 $15,169.18
IMCD NV NL IMCD NA 51.48 $7,363.38
FINECOBANK SPA IT FBK IM 2,242.74 $37,243.28
ALLFUNDS GROUP PLC GB ALLFG NA 1,775.8 $12,453.20
ROTORK PLC GB ROR LN 4,284.12 $15,920.70
AUTO TRADER GROUP PLC GB AUTO LN 5,456.47 $33,979.37
CELLNEX TELECOM SA ES CLNX SM 566.47 $18,790.53
ASSA ABLOY AB-B SE ASSAB SS 1,099.73 $23,654.38
CLEANAWAY WASTE MANAGEMENT AU CWY AU 16,019.92 $28,544.81
INTERMEDIATE CAPITAL GROUP GB ICP LN 1,728.86 $23,870.66
ADYEN NV NL ADYEN NA 19.15 $26,587.38
BANK OF N.T. BUTTERFIELD&SON BM NTB 387.35 $11,546.96
BUNGE LIMITED US BG 27.23 $2,717.04
EATON CORP PLC US ETN 51.81 $8,131.47
JOHNSON CONTROLS INTERNATIONAL US JCI 97.53 $6,241.91
LINDE PLC GB LIN 637.87 $208,061.78
MEDTRONIC INC IE MDT 8,323.58 $646,908.78
RENAISSANCERE HOLDINGS LTD BM RNR 76.83 $14,154.08
ROYALTY PHARMA PLC- CL A US RPRX 72.62 $2,870.00
STONECO LTD-A BR STNE 659.9 $6,229.49
TRANE TECHNOLOGIES IE TT 24.91 $4,186.84
ALCON INC CH ALC 3,193.02 $218,881.78
CHUBB LTD CH CB 46.61 $10,281.33
GARMIN LTD CH GRMN 34.87 $3,218.30
TE CONNECTIVITY LIMITED CH TEL 34.54 $3,965.14
LYONDELLBASELL INDU-CL A US LYB 35.43 $2,941.35
PLAYA HOTELS AND RESORTS US PLYA 605.44 $3,953.51
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 19,815.94 $18,778.47

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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