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 an aggressive, growth-oriented mix of securities that seeks to earn the long-term growth typically associated with the stock market. The portfolio is diversified primarily among various stock investments in both domestic and foreign markets, with only a minor 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 2050
  • 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

$27.52

Daily $ Change

$0.43

Daily % Change

1.56%

as of 02/02/2023

CUSIP

302027552

Inception Date

05/31/2007

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

Important Documents

Annual Report
Applications & Forms

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

Performance

As of 12/31/2022

YTD

---

1 Year

-20.19%

3 Year

5.12%

5 Year

6.96%

10 Year

8.74%

Inception
(01/01/2000)

7.42%

Performance through 06/04/2012 reflects the performance of the Retirement Target Institutional CIT Fund, which was merged into the Retirement Target CIT Fund on 06/04/2012 to establish the Class I units. Performance through the Institutional CIT Fund inception date (05/31/2007) is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. Returns are net of the Class I expenses. The Retirement Target CIT Fund will gradually become more conservative over time. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.71%
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 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 130.57 $14,335.17
ACTIVISION INC US ATVI 3,536.29 $270,702.96
ADIDAS AG-SPONSORED ADR DE ADDYY 4,648.89 $314,915.96
ADMIRAL GROUP PLC GB AMIGY 9,205.53 $234,004.54
ADYEN NV UNSPON ADR NL ADYEY 24,470.21 $337,688.83
AGREE REALTY CORP US ADC 227.94 $16,167.96
AIR LIQUIDE-ADR FR AIQUY 11,718.98 $331,442.10
AIR LEASE CORP 3.62500 04/01/2027 US 27,662.92 $25,283.79
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 6,153.23 $6,183.44
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 65,007.86 $54,722.07
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 34,578.65 $27,566.63
ALLSTATE CORPORATION US ALL 50.9 $6,902.01
ALPHABET INC-CL A US GOOGL 7,941.33 $700,663.82
AMAZON.COM INC US AMZN 17,111.18 $1,437,338.83
AMAZON.COM INC 3.30000 04/13/2027 US 60,858.43 $57,854.64
DIAGEO PLC GB DGE LN 1,072.63 $46,951.02
BAE SYSTEMS PLC GB BA/ LN 4,338.93 $44,814.21
AMERICAN HOMES 4 RENT- A US AMH 531.27 $16,012.37
AMERICAN TOWER REIT INC US AMT 71.09 $15,061.91
AMERICOLD REALTY TRUST US COLD 269.85 $7,639.50
ANALOG DEVICES INC US ADI 72.06 $11,820.32
APPLIED MATERIALS INC US AMAT 2,916.92 $284,049.35
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 6,915.73 $6,914.76
ARCHER-DANIELS-MIDLAND CO US ADM 89.07 $8,270.58
ARGO BLOCKCHAIN PLC GB 497.93 $1,518.69
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 27,662.92 $25,181.17
ATLASSIAN CORP PLC-CLASS A AU TEAM 233.2 $30,007.97
AUTOMATIC DATA PROCESSING US ADP 52.42 $12,521.34
AVALONBAY COMMUNITIES INC US AVB 67.5 $10,902.20
BAE SYSTEMS PLC -SPON ADR GB BAESY 8,194.86 $345,372.53
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 26,279.78 $24,787.84
BANK OF AMERICA CORP 2.68700 04/22/2032 US 49,793.26 $39,983.11
BARRICK GOLD CORP CA GOLD 7,720.72 $132,641.99
BAXTER INTERNATIONAL INC US BAX 67.36 $3,433.30
BEST BUY INC US BBY 46.61 $3,738.75
BIOMARIN PHARMACEUTICAL INC US BMRN 2,866.16 $296,618.41
BLACKROCK INC US BLK 412.45 $292,277.39
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 19,640.67 $17,242.09
DECHRA PHARMACEUTICALS PLC GB DPH LN 865.99 $27,295.77
BOSTON SCIENTIFIC CORP US BSX 4,400.62 $203,616.57
BRANDYWINE REALTY TRUST US BDN 799.87 $4,919.22
BRENNTAG AG-UNSP ADR DE BNTGY 15,647.12 $199,187.79
BRISTOL MYERS SQUIBB CO US BMY 235.13 $16,917.95
BROADRIDGE FINANCIAL SOLUTIONS US BR 26 $3,487.80
JONAH ENERGY PARENT LLC US 275.38 $17,137.17
CBOE GLOBAL MARKETS INC US CBOE 3,263.67 $409,492.86
CDW CORP/DE US CDW 1,796.98 $320,905.29
C.H. ROBINSON WORLDWIDE INC US CHRW 35.13 $3,216.68
CVS HEALTH CORP US CVS 3,407.52 $317,546.66
COTERRA ENERGY INC US CTRA 128.36 $3,153.71
CAMDEN PROPERTY TRUST US CPT 93.5 $10,460.86
CAMPBELL SOUP CO US CPB 74.69 $4,238.65
CANADIAN NATIONAL RAILWAY CO CA CNI 3,734.36 $443,940.25
CARETRUST REIT INC US CTRE 573.87 $10,662.45
CATERPILLAR INC US CAT 66.81 $16,004.03
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 21,269.88 $350,953.05
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 25,864.83 $26,934.10
CHEVRON CORP US CVX 126.14 $22,641.39
CINCINNATI FINANCIAL CORP US CINF 35.41 $3,625.48
CISCO SYSTEMS INC US CSCO 417.57 $19,893.12
CITIGROUP INC US C 266.81 $12,067.77
CITIGROUP INC 1.46200 06/09/2027 US 47,026.97 $40,871.90
CLARK CNTY NV 1.51000 11/01/2028 US 48,410.11 $39,801.59
COCA COLA CO/THE US KO 14,564.67 $926,458.43
COGNEX CORP US CGNX 4,731.19 $222,886.33
COLGATE-PALMOLIVE CO US CL 126.28 $9,949.70
COMCAST CORP-CL A US CMCSA 453.67 $15,864.91
COMMUNITY HEALTHCARE TRUST I US CHCT 507.75 $18,177.55
CONAGRA BRAND INC. US CAG 112.45 $4,351.81
CONOCOPHILLIPS US COP 116.18 $13,709.74
CONSTELLATION BRANDS INC-A US STZ 2,999.91 $695,228.10
COOPER COS INC/THE US COO 706.1 $233,484.79
COPART INC US CPRT 3,644.59 $221,919.08
COUSINS PROPERTIES INC US CUZ 629.88 $15,929.78
CUMMINS INC US CMI 29.32 $7,104.60
KIMBERLY CLARK DE MEXICO S.A.B. MX 26,528.74 $45,021.19
DEUTSCHE BOERSE AG ADR DE DBOEY 19,461.7 $333,962.69
DEVON ENERGY CORPORATION US DVN 82.71 $5,087.62
DIAMONDBACK ENERGY INC US FANG 25.86 $3,537.79
DIGITAL REALTY TRUST INC US DLR 200.42 $20,095.90
DOLLAR GENERAL CORP US DG 1,697.67 $418,052.09
DOLLAR TREE STORES INC US DLTR 2,718.02 $384,436.79
DOMINO'S PIZZA US DPZ 1,486.33 $514,864.28
DOUBLEVERIFY HOLDINGS INC US DV 15,297.18 $335,926.08
DOW INC US DOW 89.9 $4,530.29
DREYFUS GVT CSH MANAGEMENT US 2,211,113.44 $2,211,113.44
EOG RESOURCES INC US EOG 62.24 $8,061.53
EAST WEST BANCORP INC US EWBC 4,664.94 $307,419.33
EASTMAN CHEM CO US EMN 32.09 $2,613.33
EBAY INC US EBAY 84.51 $3,504.64
ELECTRONIC ARTS US EA 3,826.06 $467,467.84
EMERSON ELEC CO US EMR 94.05 $9,034.82
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 63,624.72 $63,065.25
EQUINIX INC US EQIX 919.24 $602,129.04
EQUITY LIFESTYLE PROPERTIES US ELS 375.11 $24,232.06
ESSEX PROPERTY TRUST INC US ESS 43.98 $9,321.10
EVERGY INC US EVRG 4,963.97 $312,382.81
EXPEDIA GROUP INC 3.25000 02/15/2030 US 27,662.92 $23,547.07
FMC CORP US FMC 4,046.39 $504,989.95
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 24,205.06 $24,270.88
META PLATFORMS INC US META 5,087.9 $612,278.22
FIFTH THIRD BANCORP US FITB 143.02 $4,692.40
GENERAL DYNAMICS CORP US GD 42.32 $10,501.07
GENERAL MLS INC US GIS 103.46 $8,675.06
GENUINE PARTS CO US GPC 32.78 $5,687.76
GETTY REALTY CORP US GTY 604.57 $20,464.80
GILEAD SCIENCES INC US GILD 178.15 $15,294.11
GREENIDGE GEN HLD INC US 470.27 $503.19
GRUPO AEROPORTUARIO CEN-ADR MX OMAB 1,462.4 $90,434.84
GRUPO AEROPORTUARIO PAC-ADR MX PAC 659.76 $94,880.18
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 453.12 $105,572.11
AIRBUS SE FR AIR FP 200.28 $23,813.74
ADIDAS AG DE ADS GR 316.46 $42,889.21
HDFC BANK LTD-ADR IN HDB 7,339.94 $502,125.38
L'OREAL FR OR FP 24.76 $8,865.90
HEALTHCARE REALTY TRUST INC US HR 1,296.28 $24,979.40
HEINEKEN NV-SPN ADR NL HEINY 6,657.64 $313,042.01
HESKA CORP US HSKA 1,636.26 $101,710.03
HOME DEPOT INC US HD 90.6 $28,615.67
HONEYWELL INTERNATIONAL INC US HON 81.88 $17,547.37
HUMANA INC US HUM 383.55 $196,448.63
IDEXX LABORATORIES INC US IDXX 1,367.38 $557,835.61
KERRY GROUP PLC-A IE KYGA ID 286.45 $25,875.09
ILLINOIS TOOL WKS INC US ITW 48.55 $10,695.22
INDEPENDENCE REALTY TRUST IN US IRT 627.4 $10,577.88
INTEL CORP US INTC 463.77 $12,257.41
INTERCONTINENTALEXCHANGE INC US ICE 3,727.58 $382,412.29
INTERNATIONAL FLVRS & FRAGRANCES US IFF 48.69 $5,104.32
INTUIT INC US INTU 956.58 $372,321.55
INTUITIVE SURGICAL INC US ISRG 1,153.13 $305,982.75
INVITATION HOMES INC US INVH 707.62 $20,973.78
JP MORGAN CHASE & CO US JPM 2,773.9 $371,979.91
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 70,540.45 $66,173.24
JOHNSON & JOHNSON US JNJ 4,816.94 $850,913.24
KEYCORP US KEY 157.26 $2,739.53
KROGER CO US KR 125.73 $5,604.95
L3HARRIS TECHNOLOGIES INC US LHX 1,936.13 $403,121.18
BEIERSDORF AG DE BEI GR 400.97 $45,820.05
LENNAR CORP US LEN 47.86 $4,331.05
LEXINGTON REALTY TRUST US LXP 955.89 $9,578.04
LIFE STORAGE INC US LSI 169.3 $16,675.76
LOCKHEED MARTIN CORP US LMT 32.92 $16,014.70
LULULEMON - ADR CA LULU 1,268.9 $406,529.60
MAGALLANES INC 4.05400 03/15/2029 US 66,391.01 $57,643.43
MARATHON PETROLEUM CORP US MPC 66.53 $7,743.35
MARRIOTT VACATIONS WORLD US VAC 46.89 $6,310.74
MASTERCARD INC-CLASS A US MA 2,991.61 $1,040,271.37
MCDONALDS CORP US MCD 57.54 $15,163.22
MERCADOLIBRE INC BR MELI 306.51 $259,376.93
MERCK & CO INC US MRK 250.9 $27,837.65
MICROSOFT CORP US MSFT 4,827.18 $1,157,654.25
MICROCHIP TECHNOLOGY INC US MCHP 76.35 $5,363.56
MICRON TECHNOLOGY INC US MU 3,298.39 $164,853.45
MID-AMERICA APARTMENT COMM US MAA 147.31 $23,125.42
MONDELEZ INTERNATIONAL INC US MDLZ 13,761.34 $917,192.98
MOODY'S CORPORATION US MCO 2,851.22 $794,406.16
MOTOROLA SOLUTIONS INC US MSI 30.43 $7,841.91
NAVIENT CORP 6.75000 06/25/2025 US 25,588.2 $24,596.79
NESTLE S.A. - ADR CH NSRGY 4,925.38 $568,093.69
NETAPP INC US NTAP 55.05 $3,306.26
KEYENCE CORP JP 6861 JP 69.16 $26,849.96
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 13,139.89 $12,598.91
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 29,046.07 $24,855.73
NEWMONT GOLDCORP CORP US NEM 3,369.48 $159,039.56
NIKE INC CLASS B US NKE 2,701.01 $316,044.90
NORFOLK SOUTHN CORP US NSC 1,303.62 $321,236.85
NIKON CORP JP 7731 JP 1,632.11 $14,432.33
NORTHROP GRUMMAN CORP US NOC 714.39 $389,781.02
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 20,055.62 $2.01
NOVARTIS AG- REG CH NVS 3,978.48 $360,927.83
NUCOR CORP US NUE 45.92 $6,052.77
OMNICOM GROUP US OMC 51.59 $4,208.31
SONY CORP FIRST SECTION JP 6758 JP 345.79 $26,356.41
TOKYO ELECTRON LTD JP 8035 JP 41.49 $12,192.24
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 21,992.02 $19,148.14
PPG INDUSTRIES INC US PPG 31.95 $4,017.48
PACKAGING CORP OF AMERICA US PKG 23.1 $2,954.53
PARKER HANNIFIN CORP US PH 18.12 $5,272.69
DEUTSCHE BOERSE AG DE DB1 GR 199.03 $34,271.83
PAYPAL HOLDINGS INC US PYPL 5,625.26 $400,630.66
PELORUS FUND REIT 7.00000 09/30/2026 US 26,279.78 $24,203.41
NESTLE SA-REGISTERED CH NESN SW 526.01 $60,759.17
PEPSICO INC 3.90000 07/18/2032 US 51,176.4 $48,553.46
PFIZER INC US PFE 377.46 $19,341.08
PIONEER NATURAL RESOURCES CO US PXD 26.97 $6,159.99
POPULAR INC 6.12500 09/14/2023 PR 22,130.34 $22,000.77
PROCTER & GAMBLE CO US PG 200.28 $30,354.37
PROLOGIS US PLD 831.82 $93,771.52
PUBLIC STORAGE INC US PSA 123.51 $34,607.65
QUALCOMM INC US QCOM 131.54 $14,461.20
QUALCOMM 5.40000 05/20/2033 US 53,942.7 $56,441.96
QUEST DIAGNOSTICS INC US DGX 29.88 $4,673.79
RADIUS GLOBAL INFRASTRUCTURE US RADI 2,762.42 $32,651.80
REALTY INCOME CORP US O 92.26 $5,851.79
REGIONS FINANCIAL CORP. US RF 219.78 $4,738.50
REPUBLIC SERVICES INC US RSG 55.33 $7,136.48
RESTAURANT BRANDS INTERN CA QSR 270.68 $17,504.98
REXFORD INDUSTRIAL REALITY IN US REXR 434.17 $23,723.02
GETINGE AB-B SHS SE GETIB SS 2,023.27 $42,064.92
ROSS STORES INC US ROST 45.92 $5,329.99
HEINEKEN NV NL HEIA NA 499.87 $47,083.80
RYANAIR HOLDINGS - ADR IE RYAAY 6,366.76 $475,978.95
SBA TOWER TRUST 6.59900 01/15/2028 US 43,569.1 $43,707.35
S&P GLOBAL INC US SPGI 1,778.17 $595,581.12
SBA COMMUNICATIONS CORP US SBAC 2,243.05 $628,748.78
SALESFORCE INC US CRM 5,263.29 $697,859.05
SEAGEN INC US SGEN 1,349.26 $173,393.27
SERVICENOW INC US NOW 1,772.23 $688,101.82
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 87,138.2 $70,307.27
SKYWORKS SOLUTIONS INC US SWKS 27.11 $2,470.50
JM SMUCKER CO/THE-NEW COM WI US SJM 26.28 $4,164.29
SNOWFLAKE INC-CLASS A US SNOW 3,393.69 $487,129.86
SONY CORP SPONSORED ADR JP SONY 5,959.28 $454,574.24
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 51,176.4 $50,673.69
STAG INDUSTRIAL INC US STAG 181.19 $5,854.32
STANLEY BLACK & DECKER INC US SWK 25.17 $1,891.02
STEEL DYNAMICS INC US STLD 45.51 $4,445.89
SUN COMMUNITIES US SUI 213.56 $30,538.76
SYNCHRONOSS TECH US 897.8 $16,115.51
SYNERGY ONE LENDING 5.50000 10/14/2026 US 24,205.06 $20,858.73
TJX COMPANIES INC US TJX 123.24 $9,809.77
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 5,868.83 $437,168.93
TARGET CORP US TGT 46.75 $6,967.67
TENCENT HOLDINGS 3.97500 04/11/2029 KY 112,034.83 $103,616.30
TERRENO REALTY CORP US TRNO 284.24 $16,164.53
TEXAS INSTRUMENTS INC US TXN 77.32 $12,774.46
THERMO FISHER SCIENTIFIC INC US TMO 826.71 $455,258.95
3M CO US MMM 79.67 $9,553.93
TRACTOR SUPPLY COMPANY US TSCO 17.15 $3,858.46
TRAVELLERS COS INC US TRV 41.91 $7,857.58
TYSON FOODS INC -CL A US TSN 67.22 $4,184.50
UDR INC US UDR 429.61 $16,638.61
U.S. BANCORP US USB 216.46 $9,439.92
UBISOFT ENTERTAIN-UNSPON ADR FR UBSFY 27,257.8 $153,188.82
UNILEVER PLC - ADR GB UL 12,826.88 $645,833.49
UNION PAC CORP US UNP 75.24 $15,580.60
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 27,895.65 $23,784.70
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 3,063.22 $2,773.66
UNITED PARCEL SERVICE US UPS 72.75 $12,647.47
US TREASURY N/B 3.12500 11/15/2028 US 2,271,125.83 $2,169,812.34
US TEASURY NOTE 1.75000 11/15/2029 US 2,459,233.7 $2,149,908.21
US TREASURY N/B 0.87500 11/15/2030 US 2,153,558.42 $1,726,548.16
US TREASURY N/B 1.37500 11/15/2031 US 268,330.34 $219,234.27
UNITEDHEALTH GROUP INC US UNH 391.02 $207,308.54
VF CORP US VFC 62.93 $1,737.58
VENTAS INC US VTR 252.7 $11,384.17
VERTEX PHARMACEUTICALS INC US VRTX 1,088.95 $314,467.24
PARAMOUNT GLOBAL CLASS B US PARA 100.14 $1,690.36
VISA INC - CLASS A SHARES US V 3,785.67 $786,510.96
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 12,448.31 $11,951.55
VISTRA OPERATIONS 4.87500 05/13/2024 US 47,026.97 $46,033.61
WAL MART STORES US WMT 222.27 $31,515.89
WALGREENS BOOTS ALLIANCE INC US WBA 115.49 $4,314.81
WASTE MANAGEMENT INC US WM 61.69 $9,677.66
WELLTOWER INC. US WELL 254.08 $16,655.20
ZOETIS INC US ZTS 903.47 $132,403.68
ADMIRAL GROUP PLC GB ADM LN 2,043.05 $52,446.80
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 719.24 $5,529.77
UBISOFT ENTERTAINMENT FR UBI FP 842.47 $23,800.61
DANONE FR BN FP 341.64 $18,006.23
AIR LIQUIDE FR AI FP 338.32 $48,019.25
BRENNTAG AG DE BNR GR 267.5 $17,059.81
KEYWORDS STUDIOS PLC IE KWS LN 258.1 $8,469.75
HELIOS TOWERS PLC GB HTWS LN 6,414.89 $8,228.36
AVANZA BANK HOLDING AB SE AZA SS 1,260.18 $27,043.00
AMERICAN TANKER INC 7.75000 07/02/2025 US 23,513.48 $22,523.55
SOFTWAREONE HOLDING AG CH SWON SW 1,811.78 $25,715.34
TENCENT HOLDINGS LTD CN 700 HK 691.57 $29,322.95
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 733.48 $11,911.75
SEASPAN CORP 6.50000 02/05/2024 MH 27,662.92 $27,467.46
PETROTAL CORP 12.00000 02/16/2024 CA 18,810.79 $18,952.59
IMCD NV NL IMCD NA 64.32 $9,199.90
FINECOBANK SPA IT FBK IM 2,802.12 $46,532.27
ALLFUNDS GROUP PLC GB ALLFG NA 2,218.7 $15,559.20
ROTORK PLC GB ROR LN 5,352.64 $19,891.54
AUTO TRADER GROUP PLC GB AUTO LN 6,817.39 $42,454.30
CELLNEX TELECOM SA ES CLNX SM 707.76 $23,477.15
ASSA ABLOY AB-B SE ASSAB SS 1,374.02 $29,554.11
CLEANAWAY WASTE MANAGEMENT AU CWY AU 20,015.51 $35,664.29
INTERMEDIATE CAPITAL GROUP GB ICP LN 2,160.06 $29,824.33
ADYEN NV NL ADYEN NA 23.93 $33,218.64
BANK OF N.T. BUTTERFIELD&SON BM NTB 483.96 $14,426.93
BUNGE LIMITED US BG 34.03 $3,394.71
EATON CORP PLC US ETN 64.73 $10,159.57
JOHNSON CONTROLS INTERNATIONAL US JCI 121.86 $7,798.73
LINDE PLC GB LIN 796.97 $259,955.27
MEDTRONIC INC IE MDT 10,399.6 $808,256.80
RENAISSANCERE HOLDINGS LTD BM RNR 95.99 $17,684.30
ROYALTY PHARMA PLC- CL A US RPRX 90.73 $3,585.82
STONECO LTD-A BR STNE 824.49 $7,783.22
TRANE TECHNOLOGIES IE TT 31.12 $5,231.09
ALCON INC CH ALC 3,989.41 $273,473.93
CHUBB LTD CH CB 58.23 $12,845.64
GARMIN LTD CH GRMN 43.57 $4,020.99
TE CONNECTIVITY LIMITED CH TEL 43.15 $4,954.10
LYONDELLBASELL INDU-CL A US LYB 44.26 $3,674.96
PLAYA HOTELS AND RESORTS US PLYA 756.44 $4,939.57
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 24,758.31 $23,462.08

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

$27.52

Daily $ Change

$0.43

Daily % Change

1.56%

as of 02/02/2023

CUSIP

302027552

Inception Date

05/31/2007

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

Important Documents

Annual Report
Fact Sheet
Applications & Forms

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

Investment Objective

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

Investment Strategy

Currently: The portfolio is currently invested in an aggressive, growth-oriented mix of securities that seeks to earn the long-term growth typically associated with the stock market. The portfolio is diversified primarily among various stock investments in both domestic and foreign markets, with only a minor 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 2050
  • 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

-20.19%

3 Year

5.12%

5 Year

6.96%

10 Year

8.74%

Inception
(01/01/2000)

7.42%

Performance through 06/04/2012 reflects the performance of the Retirement Target Institutional CIT Fund, which was merged into the Retirement Target CIT Fund on 06/04/2012 to establish the Class I units. Performance through the Institutional CIT Fund inception date (05/31/2007) is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. Returns are net of the Class I expenses. The Retirement Target CIT Fund will gradually become more conservative over time. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.71%
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 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 130.57 $14,335.17
ACTIVISION INC US ATVI 3,536.29 $270,702.96
ADIDAS AG-SPONSORED ADR DE ADDYY 4,648.89 $314,915.96
ADMIRAL GROUP PLC GB AMIGY 9,205.53 $234,004.54
ADYEN NV UNSPON ADR NL ADYEY 24,470.21 $337,688.83
AGREE REALTY CORP US ADC 227.94 $16,167.96
AIR LIQUIDE-ADR FR AIQUY 11,718.98 $331,442.10
AIR LEASE CORP 3.62500 04/01/2027 US 27,662.92 $25,283.79
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 6,153.23 $6,183.44
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 65,007.86 $54,722.07
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 34,578.65 $27,566.63
ALLSTATE CORPORATION US ALL 50.9 $6,902.01
ALPHABET INC-CL A US GOOGL 7,941.33 $700,663.82
AMAZON.COM INC US AMZN 17,111.18 $1,437,338.83
AMAZON.COM INC 3.30000 04/13/2027 US 60,858.43 $57,854.64
DIAGEO PLC GB DGE LN 1,072.63 $46,951.02
BAE SYSTEMS PLC GB BA/ LN 4,338.93 $44,814.21
AMERICAN HOMES 4 RENT- A US AMH 531.27 $16,012.37
AMERICAN TOWER REIT INC US AMT 71.09 $15,061.91
AMERICOLD REALTY TRUST US COLD 269.85 $7,639.50
ANALOG DEVICES INC US ADI 72.06 $11,820.32
APPLIED MATERIALS INC US AMAT 2,916.92 $284,049.35
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 6,915.73 $6,914.76
ARCHER-DANIELS-MIDLAND CO US ADM 89.07 $8,270.58
ARGO BLOCKCHAIN PLC GB 497.93 $1,518.69
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 27,662.92 $25,181.17
ATLASSIAN CORP PLC-CLASS A AU TEAM 233.2 $30,007.97
AUTOMATIC DATA PROCESSING US ADP 52.42 $12,521.34
AVALONBAY COMMUNITIES INC US AVB 67.5 $10,902.20
BAE SYSTEMS PLC -SPON ADR GB BAESY 8,194.86 $345,372.53
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 26,279.78 $24,787.84
BANK OF AMERICA CORP 2.68700 04/22/2032 US 49,793.26 $39,983.11
BARRICK GOLD CORP CA GOLD 7,720.72 $132,641.99
BAXTER INTERNATIONAL INC US BAX 67.36 $3,433.30
BEST BUY INC US BBY 46.61 $3,738.75
BIOMARIN PHARMACEUTICAL INC US BMRN 2,866.16 $296,618.41
BLACKROCK INC US BLK 412.45 $292,277.39
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 19,640.67 $17,242.09
DECHRA PHARMACEUTICALS PLC GB DPH LN 865.99 $27,295.77
BOSTON SCIENTIFIC CORP US BSX 4,400.62 $203,616.57
BRANDYWINE REALTY TRUST US BDN 799.87 $4,919.22
BRENNTAG AG-UNSP ADR DE BNTGY 15,647.12 $199,187.79
BRISTOL MYERS SQUIBB CO US BMY 235.13 $16,917.95
BROADRIDGE FINANCIAL SOLUTIONS US BR 26 $3,487.80
JONAH ENERGY PARENT LLC US 275.38 $17,137.17
CBOE GLOBAL MARKETS INC US CBOE 3,263.67 $409,492.86
CDW CORP/DE US CDW 1,796.98 $320,905.29
C.H. ROBINSON WORLDWIDE INC US CHRW 35.13 $3,216.68
CVS HEALTH CORP US CVS 3,407.52 $317,546.66
COTERRA ENERGY INC US CTRA 128.36 $3,153.71
CAMDEN PROPERTY TRUST US CPT 93.5 $10,460.86
CAMPBELL SOUP CO US CPB 74.69 $4,238.65
CANADIAN NATIONAL RAILWAY CO CA CNI 3,734.36 $443,940.25
CARETRUST REIT INC US CTRE 573.87 $10,662.45
CATERPILLAR INC US CAT 66.81 $16,004.03
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 21,269.88 $350,953.05
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 25,864.83 $26,934.10
CHEVRON CORP US CVX 126.14 $22,641.39
CINCINNATI FINANCIAL CORP US CINF 35.41 $3,625.48
CISCO SYSTEMS INC US CSCO 417.57 $19,893.12
CITIGROUP INC US C 266.81 $12,067.77
CITIGROUP INC 1.46200 06/09/2027 US 47,026.97 $40,871.90
CLARK CNTY NV 1.51000 11/01/2028 US 48,410.11 $39,801.59
COCA COLA CO/THE US KO 14,564.67 $926,458.43
COGNEX CORP US CGNX 4,731.19 $222,886.33
COLGATE-PALMOLIVE CO US CL 126.28 $9,949.70
COMCAST CORP-CL A US CMCSA 453.67 $15,864.91
COMMUNITY HEALTHCARE TRUST I US CHCT 507.75 $18,177.55
CONAGRA BRAND INC. US CAG 112.45 $4,351.81
CONOCOPHILLIPS US COP 116.18 $13,709.74
CONSTELLATION BRANDS INC-A US STZ 2,999.91 $695,228.10
COOPER COS INC/THE US COO 706.1 $233,484.79
COPART INC US CPRT 3,644.59 $221,919.08
COUSINS PROPERTIES INC US CUZ 629.88 $15,929.78
CUMMINS INC US CMI 29.32 $7,104.60
KIMBERLY CLARK DE MEXICO S.A.B. MX 26,528.74 $45,021.19
DEUTSCHE BOERSE AG ADR DE DBOEY 19,461.7 $333,962.69
DEVON ENERGY CORPORATION US DVN 82.71 $5,087.62
DIAMONDBACK ENERGY INC US FANG 25.86 $3,537.79
DIGITAL REALTY TRUST INC US DLR 200.42 $20,095.90
DOLLAR GENERAL CORP US DG 1,697.67 $418,052.09
DOLLAR TREE STORES INC US DLTR 2,718.02 $384,436.79
DOMINO'S PIZZA US DPZ 1,486.33 $514,864.28
DOUBLEVERIFY HOLDINGS INC US DV 15,297.18 $335,926.08
DOW INC US DOW 89.9 $4,530.29
DREYFUS GVT CSH MANAGEMENT US 2,211,113.44 $2,211,113.44
EOG RESOURCES INC US EOG 62.24 $8,061.53
EAST WEST BANCORP INC US EWBC 4,664.94 $307,419.33
EASTMAN CHEM CO US EMN 32.09 $2,613.33
EBAY INC US EBAY 84.51 $3,504.64
ELECTRONIC ARTS US EA 3,826.06 $467,467.84
EMERSON ELEC CO US EMR 94.05 $9,034.82
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 63,624.72 $63,065.25
EQUINIX INC US EQIX 919.24 $602,129.04
EQUITY LIFESTYLE PROPERTIES US ELS 375.11 $24,232.06
ESSEX PROPERTY TRUST INC US ESS 43.98 $9,321.10
EVERGY INC US EVRG 4,963.97 $312,382.81
EXPEDIA GROUP INC 3.25000 02/15/2030 US 27,662.92 $23,547.07
FMC CORP US FMC 4,046.39 $504,989.95
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 24,205.06 $24,270.88
META PLATFORMS INC US META 5,087.9 $612,278.22
FIFTH THIRD BANCORP US FITB 143.02 $4,692.40
GENERAL DYNAMICS CORP US GD 42.32 $10,501.07
GENERAL MLS INC US GIS 103.46 $8,675.06
GENUINE PARTS CO US GPC 32.78 $5,687.76
GETTY REALTY CORP US GTY 604.57 $20,464.80
GILEAD SCIENCES INC US GILD 178.15 $15,294.11
GREENIDGE GEN HLD INC US 470.27 $503.19
GRUPO AEROPORTUARIO CEN-ADR MX OMAB 1,462.4 $90,434.84
GRUPO AEROPORTUARIO PAC-ADR MX PAC 659.76 $94,880.18
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 453.12 $105,572.11
AIRBUS SE FR AIR FP 200.28 $23,813.74
ADIDAS AG DE ADS GR 316.46 $42,889.21
HDFC BANK LTD-ADR IN HDB 7,339.94 $502,125.38
L'OREAL FR OR FP 24.76 $8,865.90
HEALTHCARE REALTY TRUST INC US HR 1,296.28 $24,979.40
HEINEKEN NV-SPN ADR NL HEINY 6,657.64 $313,042.01
HESKA CORP US HSKA 1,636.26 $101,710.03
HOME DEPOT INC US HD 90.6 $28,615.67
HONEYWELL INTERNATIONAL INC US HON 81.88 $17,547.37
HUMANA INC US HUM 383.55 $196,448.63
IDEXX LABORATORIES INC US IDXX 1,367.38 $557,835.61
KERRY GROUP PLC-A IE KYGA ID 286.45 $25,875.09
ILLINOIS TOOL WKS INC US ITW 48.55 $10,695.22
INDEPENDENCE REALTY TRUST IN US IRT 627.4 $10,577.88
INTEL CORP US INTC 463.77 $12,257.41
INTERCONTINENTALEXCHANGE INC US ICE 3,727.58 $382,412.29
INTERNATIONAL FLVRS & FRAGRANCES US IFF 48.69 $5,104.32
INTUIT INC US INTU 956.58 $372,321.55
INTUITIVE SURGICAL INC US ISRG 1,153.13 $305,982.75
INVITATION HOMES INC US INVH 707.62 $20,973.78
JP MORGAN CHASE & CO US JPM 2,773.9 $371,979.91
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 70,540.45 $66,173.24
JOHNSON & JOHNSON US JNJ 4,816.94 $850,913.24
KEYCORP US KEY 157.26 $2,739.53
KROGER CO US KR 125.73 $5,604.95
L3HARRIS TECHNOLOGIES INC US LHX 1,936.13 $403,121.18
BEIERSDORF AG DE BEI GR 400.97 $45,820.05
LENNAR CORP US LEN 47.86 $4,331.05
LEXINGTON REALTY TRUST US LXP 955.89 $9,578.04
LIFE STORAGE INC US LSI 169.3 $16,675.76
LOCKHEED MARTIN CORP US LMT 32.92 $16,014.70
LULULEMON - ADR CA LULU 1,268.9 $406,529.60
MAGALLANES INC 4.05400 03/15/2029 US 66,391.01 $57,643.43
MARATHON PETROLEUM CORP US MPC 66.53 $7,743.35
MARRIOTT VACATIONS WORLD US VAC 46.89 $6,310.74
MASTERCARD INC-CLASS A US MA 2,991.61 $1,040,271.37
MCDONALDS CORP US MCD 57.54 $15,163.22
MERCADOLIBRE INC BR MELI 306.51 $259,376.93
MERCK & CO INC US MRK 250.9 $27,837.65
MICROSOFT CORP US MSFT 4,827.18 $1,157,654.25
MICROCHIP TECHNOLOGY INC US MCHP 76.35 $5,363.56
MICRON TECHNOLOGY INC US MU 3,298.39 $164,853.45
MID-AMERICA APARTMENT COMM US MAA 147.31 $23,125.42
MONDELEZ INTERNATIONAL INC US MDLZ 13,761.34 $917,192.98
MOODY'S CORPORATION US MCO 2,851.22 $794,406.16
MOTOROLA SOLUTIONS INC US MSI 30.43 $7,841.91
NAVIENT CORP 6.75000 06/25/2025 US 25,588.2 $24,596.79
NESTLE S.A. - ADR CH NSRGY 4,925.38 $568,093.69
NETAPP INC US NTAP 55.05 $3,306.26
KEYENCE CORP JP 6861 JP 69.16 $26,849.96
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 13,139.89 $12,598.91
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 29,046.07 $24,855.73
NEWMONT GOLDCORP CORP US NEM 3,369.48 $159,039.56
NIKE INC CLASS B US NKE 2,701.01 $316,044.90
NORFOLK SOUTHN CORP US NSC 1,303.62 $321,236.85
NIKON CORP JP 7731 JP 1,632.11 $14,432.33
NORTHROP GRUMMAN CORP US NOC 714.39 $389,781.02
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 20,055.62 $2.01
NOVARTIS AG- REG CH NVS 3,978.48 $360,927.83
NUCOR CORP US NUE 45.92 $6,052.77
OMNICOM GROUP US OMC 51.59 $4,208.31
SONY CORP FIRST SECTION JP 6758 JP 345.79 $26,356.41
TOKYO ELECTRON LTD JP 8035 JP 41.49 $12,192.24
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 21,992.02 $19,148.14
PPG INDUSTRIES INC US PPG 31.95 $4,017.48
PACKAGING CORP OF AMERICA US PKG 23.1 $2,954.53
PARKER HANNIFIN CORP US PH 18.12 $5,272.69
DEUTSCHE BOERSE AG DE DB1 GR 199.03 $34,271.83
PAYPAL HOLDINGS INC US PYPL 5,625.26 $400,630.66
PELORUS FUND REIT 7.00000 09/30/2026 US 26,279.78 $24,203.41
NESTLE SA-REGISTERED CH NESN SW 526.01 $60,759.17
PEPSICO INC 3.90000 07/18/2032 US 51,176.4 $48,553.46
PFIZER INC US PFE 377.46 $19,341.08
PIONEER NATURAL RESOURCES CO US PXD 26.97 $6,159.99
POPULAR INC 6.12500 09/14/2023 PR 22,130.34 $22,000.77
PROCTER & GAMBLE CO US PG 200.28 $30,354.37
PROLOGIS US PLD 831.82 $93,771.52
PUBLIC STORAGE INC US PSA 123.51 $34,607.65
QUALCOMM INC US QCOM 131.54 $14,461.20
QUALCOMM 5.40000 05/20/2033 US 53,942.7 $56,441.96
QUEST DIAGNOSTICS INC US DGX 29.88 $4,673.79
RADIUS GLOBAL INFRASTRUCTURE US RADI 2,762.42 $32,651.80
REALTY INCOME CORP US O 92.26 $5,851.79
REGIONS FINANCIAL CORP. US RF 219.78 $4,738.50
REPUBLIC SERVICES INC US RSG 55.33 $7,136.48
RESTAURANT BRANDS INTERN CA QSR 270.68 $17,504.98
REXFORD INDUSTRIAL REALITY IN US REXR 434.17 $23,723.02
GETINGE AB-B SHS SE GETIB SS 2,023.27 $42,064.92
ROSS STORES INC US ROST 45.92 $5,329.99
HEINEKEN NV NL HEIA NA 499.87 $47,083.80
RYANAIR HOLDINGS - ADR IE RYAAY 6,366.76 $475,978.95
SBA TOWER TRUST 6.59900 01/15/2028 US 43,569.1 $43,707.35
S&P GLOBAL INC US SPGI 1,778.17 $595,581.12
SBA COMMUNICATIONS CORP US SBAC 2,243.05 $628,748.78
SALESFORCE INC US CRM 5,263.29 $697,859.05
SEAGEN INC US SGEN 1,349.26 $173,393.27
SERVICENOW INC US NOW 1,772.23 $688,101.82
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 87,138.2 $70,307.27
SKYWORKS SOLUTIONS INC US SWKS 27.11 $2,470.50
JM SMUCKER CO/THE-NEW COM WI US SJM 26.28 $4,164.29
SNOWFLAKE INC-CLASS A US SNOW 3,393.69 $487,129.86
SONY CORP SPONSORED ADR JP SONY 5,959.28 $454,574.24
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 51,176.4 $50,673.69
STAG INDUSTRIAL INC US STAG 181.19 $5,854.32
STANLEY BLACK & DECKER INC US SWK 25.17 $1,891.02
STEEL DYNAMICS INC US STLD 45.51 $4,445.89
SUN COMMUNITIES US SUI 213.56 $30,538.76
SYNCHRONOSS TECH US 897.8 $16,115.51
SYNERGY ONE LENDING 5.50000 10/14/2026 US 24,205.06 $20,858.73
TJX COMPANIES INC US TJX 123.24 $9,809.77
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 5,868.83 $437,168.93
TARGET CORP US TGT 46.75 $6,967.67
TENCENT HOLDINGS 3.97500 04/11/2029 KY 112,034.83 $103,616.30
TERRENO REALTY CORP US TRNO 284.24 $16,164.53
TEXAS INSTRUMENTS INC US TXN 77.32 $12,774.46
THERMO FISHER SCIENTIFIC INC US TMO 826.71 $455,258.95
3M CO US MMM 79.67 $9,553.93
TRACTOR SUPPLY COMPANY US TSCO 17.15 $3,858.46
TRAVELLERS COS INC US TRV 41.91 $7,857.58
TYSON FOODS INC -CL A US TSN 67.22 $4,184.50
UDR INC US UDR 429.61 $16,638.61
U.S. BANCORP US USB 216.46 $9,439.92
UBISOFT ENTERTAIN-UNSPON ADR FR UBSFY 27,257.8 $153,188.82
UNILEVER PLC - ADR GB UL 12,826.88 $645,833.49
UNION PAC CORP US UNP 75.24 $15,580.60
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 27,895.65 $23,784.70
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 3,063.22 $2,773.66
UNITED PARCEL SERVICE US UPS 72.75 $12,647.47
US TREASURY N/B 3.12500 11/15/2028 US 2,271,125.83 $2,169,812.34
US TEASURY NOTE 1.75000 11/15/2029 US 2,459,233.7 $2,149,908.21
US TREASURY N/B 0.87500 11/15/2030 US 2,153,558.42 $1,726,548.16
US TREASURY N/B 1.37500 11/15/2031 US 268,330.34 $219,234.27
UNITEDHEALTH GROUP INC US UNH 391.02 $207,308.54
VF CORP US VFC 62.93 $1,737.58
VENTAS INC US VTR 252.7 $11,384.17
VERTEX PHARMACEUTICALS INC US VRTX 1,088.95 $314,467.24
PARAMOUNT GLOBAL CLASS B US PARA 100.14 $1,690.36
VISA INC - CLASS A SHARES US V 3,785.67 $786,510.96
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 12,448.31 $11,951.55
VISTRA OPERATIONS 4.87500 05/13/2024 US 47,026.97 $46,033.61
WAL MART STORES US WMT 222.27 $31,515.89
WALGREENS BOOTS ALLIANCE INC US WBA 115.49 $4,314.81
WASTE MANAGEMENT INC US WM 61.69 $9,677.66
WELLTOWER INC. US WELL 254.08 $16,655.20
ZOETIS INC US ZTS 903.47 $132,403.68
ADMIRAL GROUP PLC GB ADM LN 2,043.05 $52,446.80
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 719.24 $5,529.77
UBISOFT ENTERTAINMENT FR UBI FP 842.47 $23,800.61
DANONE FR BN FP 341.64 $18,006.23
AIR LIQUIDE FR AI FP 338.32 $48,019.25
BRENNTAG AG DE BNR GR 267.5 $17,059.81
KEYWORDS STUDIOS PLC IE KWS LN 258.1 $8,469.75
HELIOS TOWERS PLC GB HTWS LN 6,414.89 $8,228.36
AVANZA BANK HOLDING AB SE AZA SS 1,260.18 $27,043.00
AMERICAN TANKER INC 7.75000 07/02/2025 US 23,513.48 $22,523.55
SOFTWAREONE HOLDING AG CH SWON SW 1,811.78 $25,715.34
TENCENT HOLDINGS LTD CN 700 HK 691.57 $29,322.95
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 733.48 $11,911.75
SEASPAN CORP 6.50000 02/05/2024 MH 27,662.92 $27,467.46
PETROTAL CORP 12.00000 02/16/2024 CA 18,810.79 $18,952.59
IMCD NV NL IMCD NA 64.32 $9,199.90
FINECOBANK SPA IT FBK IM 2,802.12 $46,532.27
ALLFUNDS GROUP PLC GB ALLFG NA 2,218.7 $15,559.20
ROTORK PLC GB ROR LN 5,352.64 $19,891.54
AUTO TRADER GROUP PLC GB AUTO LN 6,817.39 $42,454.30
CELLNEX TELECOM SA ES CLNX SM 707.76 $23,477.15
ASSA ABLOY AB-B SE ASSAB SS 1,374.02 $29,554.11
CLEANAWAY WASTE MANAGEMENT AU CWY AU 20,015.51 $35,664.29
INTERMEDIATE CAPITAL GROUP GB ICP LN 2,160.06 $29,824.33
ADYEN NV NL ADYEN NA 23.93 $33,218.64
BANK OF N.T. BUTTERFIELD&SON BM NTB 483.96 $14,426.93
BUNGE LIMITED US BG 34.03 $3,394.71
EATON CORP PLC US ETN 64.73 $10,159.57
JOHNSON CONTROLS INTERNATIONAL US JCI 121.86 $7,798.73
LINDE PLC GB LIN 796.97 $259,955.27
MEDTRONIC INC IE MDT 10,399.6 $808,256.80
RENAISSANCERE HOLDINGS LTD BM RNR 95.99 $17,684.30
ROYALTY PHARMA PLC- CL A US RPRX 90.73 $3,585.82
STONECO LTD-A BR STNE 824.49 $7,783.22
TRANE TECHNOLOGIES IE TT 31.12 $5,231.09
ALCON INC CH ALC 3,989.41 $273,473.93
CHUBB LTD CH CB 58.23 $12,845.64
GARMIN LTD CH GRMN 43.57 $4,020.99
TE CONNECTIVITY LIMITED CH TEL 43.15 $4,954.10
LYONDELLBASELL INDU-CL A US LYB 44.26 $3,674.96
PLAYA HOTELS AND RESORTS US PLYA 756.44 $4,939.57
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 24,758.31 $23,462.08

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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