Collective Investment Trusts

Retirement Target 2055 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 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 2055
  • 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

$28.47

Daily $ Change

-$0.04

Daily % Change

-0.14%

as of 02/27/2024

CUSIP

302027537

Inception Date

08/17/2012

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 01/31/2024

YTD

0.18%

1 Year

11.78%

3 Year

4.50%

5 Year

10.41%

10 Year

8.25%

Inception
(08/17/2012)

7.56%

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

Performance through the inception date of the Retirement Target CIT Class S units is 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.

Expense Ratio

Gross 0.94%
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 01/31/2024

TREASURY NOTES 13.90%
AMAZON.COM INC 3.79%
ALPHABET INC-CL A 2.80%
VISA INC - CLASS A SHARES 2.42%
JOHNSON & JOHNSON 2.35%
MASTERCARD INC-CLASS A 2.31%
META PLATFORMS INC 2.29%
MICRON TECHNOLOGY INC 2.18%
MICROSOFT CORP 2.14%
ASTRAZENECA 2.08%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 01/31/2024

Stocks
78.33%
Bonds
19.02%
Cash
2.65%

Detailed Asset Class Allocation

As of 01/31/2024

International Equities
17.54%
Small Capitalization
0.17%
Mid Capitalization
5.67%
Large Capitalization
54.94%
Long Term Fixed Income
2.49%
Intermediate Term Fixed Income
16.39%
Short Term Fixed Income
0.15%
Cash
2.65%

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 57.29 $5,404.87
ABBOTT LABORATORIES US ABT 111.09 $12,570.38
ADMIRAL GROUP PLC GB ADM LN 986.42 $31,365.27
ADMIRAL GROUP PLC ADR GB AMIGY 3,163.19 $102,044.63
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 23,395.42 $21,239.15
AGREE REALTY CORP US ADC 247.66 $14,762.84
AIR LIQUIDE FR AI FP 113.37 $21,214.84
AIRBUS SE FR AIR FP 169.78 $27,044.18
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 2,165.97 $2,181.04
ALCON INC CH ALC 3,152.9 $236,814.31
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 16,711.01 $13,963.32
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 44,785.51 $38,952.67
ALPHABET INC-CL A US GOOGL 5,318.65 $745,142.42
AMAZON.COM INC US AMZN 6,506.93 $1,009,876.06
AMAZON.COM INC 3.30000 04/13/2027 US 36,764.22 $35,661.98
AMERICAN HOMES 4 RENT- A US AMH 241.51 $8,464.84
AMERICAN TOWER REIT INC US AMT 77.07 $15,078.98
AMERICOLD REALTY TRUST US COLD 423.12 $11,635.88
ANALOG DEVICES INC US ADI 52.34 $10,067.91
APARTMENT INCOME REIT CO US AIRC 235.63 $7,702.59
APPLIED MATERIALS INC US AMAT 1,756.33 $288,564.57
ARCHER-DANIELS-MIDLAND CO US ADM 63.97 $3,555.44
ARGO BLOCKCHAIN PLC GB 210.83 $1,897.44
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 13,368.81 $12,648.00
ASTRAZENECA GB AZN 8,316 $554,178.28
ATLASSIAN CORP PLC-CLASS A AU TEAM 77.54 $19,366.94
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 3,149.22 $16,237.06
AUTO TRADER GROUP PLC GB AUTO LN 2,237.2 $20,582.01
AVALONBAY COMMUNITIES INC US AVB 79.88 $14,299.07
AVANZA BANK HOLDING AB SE AZA SS 796.51 $15,999.96
BAE SYSTEMS PLC GB BA/ LN 2,461.93 $36,674.11
BAE SYSTEMS PLC -SPON ADR GB BAESY 1,829.79 $110,775.42
BANK OF AMERICA CORP US BAC 381.28 $12,967.28
BANK OF AMERICA CORP 2.68700 04/22/2032 US 32,753.58 $27,775.71
BAXTER INTERNATIONAL INC US BAX 62.17 $2,405.16
BEIERSDORF AG DE BEI GR 179.88 $26,323.18
BIOMARIN PHARMACEUTICAL INC US BMRN 3,240.93 $285,461.42
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 12,700.37 $12,573.38
BORR IHC LTD 10.00000 11/15/2028 MUL 13,368.81 $13,851.81
BOSTON SCIENTIFIC CORP US BSX 1,851.18 $117,105.58
BRENNTAG AG DE BNR GR 114.97 $10,164.66
BRISTOL MYERS SQUIBB CO US BMY 167.64 $8,192.80
BROADCOM INC US AVGO 20.39 $24,057.17
BROADRIDGE FINANCIAL SOLUTIONS US BR 19.05 $3,890.12
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 13,567.07 $12,161.28
BUNGE LIMITED US BG 24.8 $2,184.56
C.H. ROBINSON WORLDWIDE INC US CHRW 24.73 $2,079.74
CAMPBELL SOUP CO US CPB 53.48 $2,386.60
CANADIAN NATIONAL RAILWAY CO CA CNI 1,081.2 $134,112.35
CAPITAL ONE FINANCIAL CO 5.70000 02/01/2030 US 60,828.08 $61,350.56
CATERPILLAR INC US CAT 50.8 $15,256.19
CBOE GLOBAL MARKETS INC US CBOE 1,187.55 $218,331.30
CELLNEX TELECOM SA ES CLNX SM 375.46 $14,446.83
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 9,717.19 $186,084.10
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 42,111.75 $46,441.83
CHEVRON CORP US CVX 95.79 $14,121.95
CISCO SYSTEMS INC US CSCO 301.33 $15,120.89
CITIGROUP INC US C 171.19 $9,615.61
CITIGROUP INC 1.46200 06/09/2027 US 29,411.38 $27,017.14
CLARK CNTY NV 1.51000 11/01/2028 US 23,395.42 $20,425.67
CLEANAWAY WASTE MANAGEMENT AU CWY AU 11,687.81 $19,786.64
COCA COLA CO/THE US KO 8,999.35 $535,371.17
COGNIZANT TECH SOLUTIONS - A US CTSH 50 $3,855.95
COLGATE-PALMOLIVE CO US CL 87.97 $7,406.80
COMCAST CORP-CL A US CMCSA 297.19 $13,831.16
CONAGRA BRAND INC. US CAG 78.74 $2,295.34
CONOCOPHILLIPS US COP 86.36 $9,661.37
CONSTELLATION BRANDS INC-A US STZ 1,613.88 $395,530.34
COPART INC US CPRT 2,406.25 $115,596.34
CORNING INC US GLW 85.29 $2,771.17
COTERRA ENERGY INC US CTRA 103.21 $2,567.80
CROWN CASTLE INTL CORP US CCI 60.09 $6,505.05
CSX CORP US CSX 3,070.82 $109,628.11
CUMMINS INC US CMI 21.92 $5,246.62
CVS HEALTH CORP US CVS 83.69 $6,223.93
DEUTSCHE BOERSE AG DE DB1 GR 186.23 $37,085.28
DEUTSCHE BOERSE AG ADR DE DBOEY 8,070.55 $160,281.11
DEVON ENERGY CORPORATION US DVN 70.85 $2,977.31
DIAGEO PLC GB DGE LN 528.47 $19,087.17
DIAMONDBACK ENERGY INC US FANG 21.92 $3,370.73
DOLLARAMA INC CA DOL CN 208.35 $15,291.14
DOW INC US DOW 73.66 $3,948.29
DREYFUS GVT CSH MANAGEMENT US 725,645.03 $725,645.03
EBAY INC US EBAY 68.05 $2,794.70
ELECTRONIC ARTS US EA 3,762.38 $517,628.77
EMERSON ELEC CO US EMR 68.52 $6,284.89
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 42,780.19 $45,326.35
EOG RESOURCES INC US EOG 50.6 $5,757.88
EQUINIX INC US EQIX 536.29 $444,997.15
EQUITY COMMONWEALTH US EQC 406.28 $7,763.97
EQUITY LIFESTYLE PROPERTIES US ELS 216.78 $14,673.52
EVERGY INC US EVRG 6,420.97 $325,992.75
EXPERIAN GROUP LTD-SPON ADR IE EXPGY 4,038.65 $167,927.08
EXPERIAN PLC IE EXPN LN 377.54 $15,713.92
EXTRA SPACE STORAGE INC US EXR 87.1 $12,580.40
EXXON MOBIL CORP US XOM 152.14 $15,641.21
FEDEX CORPORATION US FDX 19.52 $4,709.61
FIFTH THIRD BANCORP US FITB 100.8 $3,451.42
FINECOBANK SPA IT FBK IM 1,807.46 $26,060.67
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 390.5 $6,314.43
FMC CORP US FMC 5,183.89 $291,334.58
GENERAL DYNAMICS CORP US GD 28.01 $7,421.75
GENERAL MLS INC US GIS 72.73 $4,720.67
GENUINE PARTS CO US GPC 23.13 $3,243.24
GILEAD SCIENCES INC US GILD 123.66 $9,677.75
GLOBANT SA LU GLOB 62.43 $14,722.17
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 7,018.62 $5,976.56
GOODMAN GROUP AU GMG AU 285.83 $4,744.46
GREENIDGE GEN HLD INC US 214.9 $1,897.60
HALLIBURTON CO US HAL 90.64 $3,231.33
HALMA PLC GB HLMA LN 908.95 $25,158.79
HARTFORD FINL SVCS US HIG 33.62 $2,923.82
HDFC BANK LTD-ADR IN HDB 4,081.03 $226,456.32
HEINEKEN NV NL HEIA NA 363.5 $36,566.25
HEINEKEN NV-SPN ADR NL HEINY 5,022.19 $252,591.22
HELIOS TOWERS PLC GB HTWS LN 3,664.12 $3,673.04
HOME DEPOT INC US HD 67.18 $23,711.24
HONEYWELL INTERNATIONAL INC US HON 60.03 $12,140.85
HUMANA INC US HUM 1,212.28 $458,315.93
HUNTINGTON BANCSHARES US HBAN 169.98 $2,163.90
IDEXX LABORATORIES INC US IDXX 311.56 $160,478.37
IMCD NV NL IMCD NA 143.25 $21,865.29
INFRABUILD AUTRALIA PTY 14.50000 11/15/2028 AU 12,700.37 $12,984.21
INTERCONTINENTALEXCHANGE INC US ICE 3,502.49 $445,972.58
INTERMEDIATE CAPITAL GROUP GB ICP LN 591.64 $13,338.51
INTERNATIONAL BUSINESS MACH CORP US IBM 52.87 $9,710.77
INTERNATIONAL FLVRS & FRAGRANCES US IFF 32.42 $2,615.59
INTUIT INC US INTU 387.7 $244,763.77
INTUITIVE SURGICAL INC US ISRG 664.1 $251,174.23
INVITATION HOMES INC US INVH 524.12 $17,259.41
JM SMUCKER CO/THE-NEW COM WI US SJM 18.92 $2,488.51
JOHNSON & JOHNSON US JNJ 3,937.52 $625,671.17
JP MORGAN CHASE & CO US JPM 1,075.52 $187,527.78
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 45,453.95 $44,387.95
KELLOGG CO US K 36.23 $1,983.93
KEYENCE CORP JP 6861 JP 40.11 $17,943.53
KEYWORDS STUDIOS PLC IE KWS LN 804.4 $16,821.52
KRAFT HEINZ CO/THE US KHC 101.47 $3,767.55
L'OREAL FR OR FP 10.76 $5,150.15
L3HARRIS TECHNOLOGIES INC US LHX 2,551.5 $531,784.46
LEXINGTON REALTY TRUST US LXP 1,210.68 $11,005.07
LOCKHEED MARTIN CORP US LMT 23.6 $10,132.34
LONZA GROUP AG -REG CH LONN SW 29.41 $14,379.39
MARATHON OIL CORP US MRO 76.74 $1,753.44
MARATHON PETROLEUM CORP US MPC 43.98 $7,283.65
MARRIOTT VACATIONS WORLD US VAC 62.7 $5,259.88
MASCO CORP US MAS 4,007.03 $269,633.25
MASTERCARD INC-CLASS A US MA 1,370.1 $615,491.08
MEDTRONIC INC IE MDT 3,010.66 $263,552.80
MERCADOLIBRE INC BR MELI 103.07 $176,442.27
MERCK & CO INC US MRK 176.47 $21,313.84
META PLATFORMS INC US META 1,560.47 $608,803.40
MICROCHIP TECHNOLOGY INC US MCHP 58.29 $4,964.97
MICRON TECHNOLOGY INC US MU 6,773.77 $580,851.19
MICROSOFT CORP US MSFT 1,435.88 $570,875.94
MID-AMERICA APARTMENT COMM US MAA 47.53 $6,006.35
MONARCH CASINO & RESORT INC US MCRI 95.12 $6,556.56
MONDELEZ INTERNATIONAL INC US MDLZ 4,046.2 $304,557.75
MOODY'S CORPORATION US MCO 1,130.13 $443,057.04
NAVIENT CORP 6.75000 06/25/2025 US 12,366.15 $12,462.77
NESTLE S.A. - ADR CH NSRGY 3,338.73 $380,280.92
NESTLE SA-REGISTERED CH NESN SW 367.64 $41,893.06
NETAPP INC US NTAP 38.17 $3,328.25
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 19,321.84 $18,295.06
NIKE INC CLASS B US NKE 3,530.7 $358,472.21
NORFOLK SOUTHN CORP US NSC 514.36 $120,999.20
NORTHROP GRUMMAN CORP US NOC 691.1 $308,756.09
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 9,692.39 $0.97
NOVARTIS AG- REG CH NVS 1,931.73 $199,875.69
NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 US 18,047.89 $19,061.19
NVIDIA CORP US NVDA 355.08 $218,467.34
OMNICOM GROUP US OMC 34.89 $3,153.59
OXFINF 2024-A A2 6.67500 01/14/2032 US 3,342.2 $3,358.49
PACKAGING CORP OF AMERICA US PKG 16.24 $2,694.41
PALOMINO FUNDING TRUST I 7.23300 05/17/2028 US 34,758.9 $36,614.62
PARAMOUNT GLOBAL CLASS B US PARA 95.59 $1,394.61
PELORUS FUND REIT 7.00000 09/30/2026 US 12,700.37 $12,457.72
PEPSICO INC 3.90000 07/18/2032 US 36,095.78 $34,643.59
PFIZER INC US PFE 330.01 $8,936.64
PHILLIPS 66 US PSX 37.57 $5,421.20
PPG INDUSTRIES INC US PPG 26.34 $3,714.51
PROLOGIS US PLD 434.35 $55,028.13
PUBLIC STORAGE INC US PSA 67.58 $19,137.79
QUALCOMM 5.40000 05/20/2033 US 26,069.18 $27,724.78
QUALCOMM INC US QCOM 95.99 $14,255.18
QUEST DIAGNOSTICS INC US DGX 20.39 $2,618.36
RAYTHEON TECHNOLOGIES CORP US RTX 85.69 $7,808.44
REALTY INCOME CORP US O 196.66 $10,696.07
REGIONS FINANCIAL CORP. US RF 152.34 $2,844.14
REXFORD INDUSTRIAL REALITY IN US REXR 340.97 $17,931.69
S&P GLOBAL INC US SPGI 741.17 $332,302.11
SALESFORCE INC US CRM 1,265.56 $355,735.77
SBA COMMUNICATIONS CORP US SBAC 1,157.81 $259,186.38
SBA TOWER TRUST 6.59900 01/15/2028 US 21,055.87 $21,611.83
SCHLUMBERGER LTD US SLB 107.08 $5,215.00
SERVICENOW INC US NOW 618.64 $473,508.30
SIMON PROPERTY 2.25000 01/15/2032 US 26,737.62 $22,048.56
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 48,461.93 $41,139.37
SKYWORKS SOLUTIONS INC US SWKS 22.59 $2,360.09
SONY CORP FIRST SECTION JP 6758 JP 233.95 $22,943.51
SONY CORP SPONSORED ADR JP SONY 2,453.78 $239,856.80
SUN COMMUNITIES US SUI 159.36 $19,975.30
SYSCO CORP US SYY 45.59 $3,689.41
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 4,213.18 $475,920.82
TE CONNECTIVITY LIMITED CH TEL 31.75 $4,514.66
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 1,771.37 $18,813.88
TENCENT HOLDINGS 3.97500 04/11/2029 KY 74,865.33 $71,427.35
TENCENT HOLDINGS LTD CN 700 HK 735.28 $25,522.70
TERRENO REALTY CORP US TRNO 169.72 $10,137.20
TEXAS INSTRUMENTS INC US TXN 60.96 $9,761.20
THERMO FISHER SCIENTIFIC INC US TMO 520.25 $280,402.83
TRAVELLERS COS INC US TRV 29.41 $6,216.39
TREASURY BOND 2.37500 02/15/2042 US 710,685.87 $536,678.88
TRUIST FINANCIAL CORP US TFC 112.77 $4,179.10
TSY INFL IX N/B 0.12500 01/15/2031 US 167,150.46 $150,330.02
TYSON FOODS INC -CL A US TSN 46.92 $2,569.59
U.S. BANCORP US USB 157.55 $6,544.69
UDR INC US UDR 124 $4,466.33
UNILEVER PLC - ADR GB UL 5,463.23 $266,004.69
UNION PAC CORP US UNP 490.43 $119,631.75
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 1,257.29 $1,196.40
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 11,211.74 $10,199.61
UNITED PARCEL SERVICE US UPS 58.35 $8,280.55
UNITEDHEALTH GROUP INC US UNH 879.27 $449,955.86
US TEASURY NOTE 1.75000 11/15/2029 US 1,590,420.32 $1,420,444.15
US TREASURY N/B 0.87500 11/15/2030 US 1,541,223.11 $1,265,970.29
US TREASURY N/B 3.12500 11/15/2028 US 788,759.71 $762,262.31
US TREASURY N/B 4.12500 11/15/2032 US 247,322.96 $250,337.21
VALERO ENERGY US VLO 29.95 $4,159.52
VENTAS INC US VTR 205.34 $9,525.95
VERTEX PHARMACEUTICALS INC US VRTX 390.77 $169,352.02
VISA INC - CLASS A SHARES US V 2,357.92 $644,326.21
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 29,411.38 $27,823.68
WELLS FARGO COMPANY US WFC 208.69 $10,471.92
WELLTOWER INC. US WELL 154.21 $13,340.64

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

$28.47

Daily $ Change

-$0.04

Daily % Change

-0.14%

as of 02/27/2024

CUSIP

302027537

Inception Date

08/17/2012

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 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 2055
  • 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 01/31/2024

YTD

0.18%

1 Year

11.78%

3 Year

4.50%

5 Year

10.41%

10 Year

8.25%

Inception
(08/17/2012)

7.56%

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

Performance through the inception date of the Retirement Target CIT Class S units is 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.

Expense Ratio

Gross 0.94%
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 01/31/2024

TREASURY NOTES 13.90%
AMAZON.COM INC 3.79%
ALPHABET INC-CL A 2.80%
VISA INC - CLASS A SHARES 2.42%
JOHNSON & JOHNSON 2.35%
MASTERCARD INC-CLASS A 2.31%
META PLATFORMS INC 2.29%
MICRON TECHNOLOGY INC 2.18%
MICROSOFT CORP 2.14%
ASTRAZENECA 2.08%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 01/31/2024

Stocks
78.33%
Bonds
19.02%
Cash
2.65%

Detailed Asset Class Allocation

As of 01/31/2024

International Equities
17.54%
Small Capitalization
0.17%
Mid Capitalization
5.67%
Large Capitalization
54.94%
Long Term Fixed Income
2.49%
Intermediate Term Fixed Income
16.39%
Short Term Fixed Income
0.15%
Cash
2.65%

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 57.29 $5,404.87
ABBOTT LABORATORIES US ABT 111.09 $12,570.38
ADMIRAL GROUP PLC GB ADM LN 986.42 $31,365.27
ADMIRAL GROUP PLC ADR GB AMIGY 3,163.19 $102,044.63
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 23,395.42 $21,239.15
AGREE REALTY CORP US ADC 247.66 $14,762.84
AIR LIQUIDE FR AI FP 113.37 $21,214.84
AIRBUS SE FR AIR FP 169.78 $27,044.18
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 2,165.97 $2,181.04
ALCON INC CH ALC 3,152.9 $236,814.31
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 16,711.01 $13,963.32
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 44,785.51 $38,952.67
ALPHABET INC-CL A US GOOGL 5,318.65 $745,142.42
AMAZON.COM INC US AMZN 6,506.93 $1,009,876.06
AMAZON.COM INC 3.30000 04/13/2027 US 36,764.22 $35,661.98
AMERICAN HOMES 4 RENT- A US AMH 241.51 $8,464.84
AMERICAN TOWER REIT INC US AMT 77.07 $15,078.98
AMERICOLD REALTY TRUST US COLD 423.12 $11,635.88
ANALOG DEVICES INC US ADI 52.34 $10,067.91
APARTMENT INCOME REIT CO US AIRC 235.63 $7,702.59
APPLIED MATERIALS INC US AMAT 1,756.33 $288,564.57
ARCHER-DANIELS-MIDLAND CO US ADM 63.97 $3,555.44
ARGO BLOCKCHAIN PLC GB 210.83 $1,897.44
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 13,368.81 $12,648.00
ASTRAZENECA GB AZN 8,316 $554,178.28
ATLASSIAN CORP PLC-CLASS A AU TEAM 77.54 $19,366.94
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 3,149.22 $16,237.06
AUTO TRADER GROUP PLC GB AUTO LN 2,237.2 $20,582.01
AVALONBAY COMMUNITIES INC US AVB 79.88 $14,299.07
AVANZA BANK HOLDING AB SE AZA SS 796.51 $15,999.96
BAE SYSTEMS PLC GB BA/ LN 2,461.93 $36,674.11
BAE SYSTEMS PLC -SPON ADR GB BAESY 1,829.79 $110,775.42
BANK OF AMERICA CORP US BAC 381.28 $12,967.28
BANK OF AMERICA CORP 2.68700 04/22/2032 US 32,753.58 $27,775.71
BAXTER INTERNATIONAL INC US BAX 62.17 $2,405.16
BEIERSDORF AG DE BEI GR 179.88 $26,323.18
BIOMARIN PHARMACEUTICAL INC US BMRN 3,240.93 $285,461.42
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 12,700.37 $12,573.38
BORR IHC LTD 10.00000 11/15/2028 MUL 13,368.81 $13,851.81
BOSTON SCIENTIFIC CORP US BSX 1,851.18 $117,105.58
BRENNTAG AG DE BNR GR 114.97 $10,164.66
BRISTOL MYERS SQUIBB CO US BMY 167.64 $8,192.80
BROADCOM INC US AVGO 20.39 $24,057.17
BROADRIDGE FINANCIAL SOLUTIONS US BR 19.05 $3,890.12
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 13,567.07 $12,161.28
BUNGE LIMITED US BG 24.8 $2,184.56
C.H. ROBINSON WORLDWIDE INC US CHRW 24.73 $2,079.74
CAMPBELL SOUP CO US CPB 53.48 $2,386.60
CANADIAN NATIONAL RAILWAY CO CA CNI 1,081.2 $134,112.35
CAPITAL ONE FINANCIAL CO 5.70000 02/01/2030 US 60,828.08 $61,350.56
CATERPILLAR INC US CAT 50.8 $15,256.19
CBOE GLOBAL MARKETS INC US CBOE 1,187.55 $218,331.30
CELLNEX TELECOM SA ES CLNX SM 375.46 $14,446.83
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 9,717.19 $186,084.10
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 42,111.75 $46,441.83
CHEVRON CORP US CVX 95.79 $14,121.95
CISCO SYSTEMS INC US CSCO 301.33 $15,120.89
CITIGROUP INC US C 171.19 $9,615.61
CITIGROUP INC 1.46200 06/09/2027 US 29,411.38 $27,017.14
CLARK CNTY NV 1.51000 11/01/2028 US 23,395.42 $20,425.67
CLEANAWAY WASTE MANAGEMENT AU CWY AU 11,687.81 $19,786.64
COCA COLA CO/THE US KO 8,999.35 $535,371.17
COGNIZANT TECH SOLUTIONS - A US CTSH 50 $3,855.95
COLGATE-PALMOLIVE CO US CL 87.97 $7,406.80
COMCAST CORP-CL A US CMCSA 297.19 $13,831.16
CONAGRA BRAND INC. US CAG 78.74 $2,295.34
CONOCOPHILLIPS US COP 86.36 $9,661.37
CONSTELLATION BRANDS INC-A US STZ 1,613.88 $395,530.34
COPART INC US CPRT 2,406.25 $115,596.34
CORNING INC US GLW 85.29 $2,771.17
COTERRA ENERGY INC US CTRA 103.21 $2,567.80
CROWN CASTLE INTL CORP US CCI 60.09 $6,505.05
CSX CORP US CSX 3,070.82 $109,628.11
CUMMINS INC US CMI 21.92 $5,246.62
CVS HEALTH CORP US CVS 83.69 $6,223.93
DEUTSCHE BOERSE AG DE DB1 GR 186.23 $37,085.28
DEUTSCHE BOERSE AG ADR DE DBOEY 8,070.55 $160,281.11
DEVON ENERGY CORPORATION US DVN 70.85 $2,977.31
DIAGEO PLC GB DGE LN 528.47 $19,087.17
DIAMONDBACK ENERGY INC US FANG 21.92 $3,370.73
DOLLARAMA INC CA DOL CN 208.35 $15,291.14
DOW INC US DOW 73.66 $3,948.29
DREYFUS GVT CSH MANAGEMENT US 725,645.03 $725,645.03
EBAY INC US EBAY 68.05 $2,794.70
ELECTRONIC ARTS US EA 3,762.38 $517,628.77
EMERSON ELEC CO US EMR 68.52 $6,284.89
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 42,780.19 $45,326.35
EOG RESOURCES INC US EOG 50.6 $5,757.88
EQUINIX INC US EQIX 536.29 $444,997.15
EQUITY COMMONWEALTH US EQC 406.28 $7,763.97
EQUITY LIFESTYLE PROPERTIES US ELS 216.78 $14,673.52
EVERGY INC US EVRG 6,420.97 $325,992.75
EXPERIAN GROUP LTD-SPON ADR IE EXPGY 4,038.65 $167,927.08
EXPERIAN PLC IE EXPN LN 377.54 $15,713.92
EXTRA SPACE STORAGE INC US EXR 87.1 $12,580.40
EXXON MOBIL CORP US XOM 152.14 $15,641.21
FEDEX CORPORATION US FDX 19.52 $4,709.61
FIFTH THIRD BANCORP US FITB 100.8 $3,451.42
FINECOBANK SPA IT FBK IM 1,807.46 $26,060.67
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 390.5 $6,314.43
FMC CORP US FMC 5,183.89 $291,334.58
GENERAL DYNAMICS CORP US GD 28.01 $7,421.75
GENERAL MLS INC US GIS 72.73 $4,720.67
GENUINE PARTS CO US GPC 23.13 $3,243.24
GILEAD SCIENCES INC US GILD 123.66 $9,677.75
GLOBANT SA LU GLOB 62.43 $14,722.17
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 7,018.62 $5,976.56
GOODMAN GROUP AU GMG AU 285.83 $4,744.46
GREENIDGE GEN HLD INC US 214.9 $1,897.60
HALLIBURTON CO US HAL 90.64 $3,231.33
HALMA PLC GB HLMA LN 908.95 $25,158.79
HARTFORD FINL SVCS US HIG 33.62 $2,923.82
HDFC BANK LTD-ADR IN HDB 4,081.03 $226,456.32
HEINEKEN NV NL HEIA NA 363.5 $36,566.25
HEINEKEN NV-SPN ADR NL HEINY 5,022.19 $252,591.22
HELIOS TOWERS PLC GB HTWS LN 3,664.12 $3,673.04
HOME DEPOT INC US HD 67.18 $23,711.24
HONEYWELL INTERNATIONAL INC US HON 60.03 $12,140.85
HUMANA INC US HUM 1,212.28 $458,315.93
HUNTINGTON BANCSHARES US HBAN 169.98 $2,163.90
IDEXX LABORATORIES INC US IDXX 311.56 $160,478.37
IMCD NV NL IMCD NA 143.25 $21,865.29
INFRABUILD AUTRALIA PTY 14.50000 11/15/2028 AU 12,700.37 $12,984.21
INTERCONTINENTALEXCHANGE INC US ICE 3,502.49 $445,972.58
INTERMEDIATE CAPITAL GROUP GB ICP LN 591.64 $13,338.51
INTERNATIONAL BUSINESS MACH CORP US IBM 52.87 $9,710.77
INTERNATIONAL FLVRS & FRAGRANCES US IFF 32.42 $2,615.59
INTUIT INC US INTU 387.7 $244,763.77
INTUITIVE SURGICAL INC US ISRG 664.1 $251,174.23
INVITATION HOMES INC US INVH 524.12 $17,259.41
JM SMUCKER CO/THE-NEW COM WI US SJM 18.92 $2,488.51
JOHNSON & JOHNSON US JNJ 3,937.52 $625,671.17
JP MORGAN CHASE & CO US JPM 1,075.52 $187,527.78
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 45,453.95 $44,387.95
KELLOGG CO US K 36.23 $1,983.93
KEYENCE CORP JP 6861 JP 40.11 $17,943.53
KEYWORDS STUDIOS PLC IE KWS LN 804.4 $16,821.52
KRAFT HEINZ CO/THE US KHC 101.47 $3,767.55
L'OREAL FR OR FP 10.76 $5,150.15
L3HARRIS TECHNOLOGIES INC US LHX 2,551.5 $531,784.46
LEXINGTON REALTY TRUST US LXP 1,210.68 $11,005.07
LOCKHEED MARTIN CORP US LMT 23.6 $10,132.34
LONZA GROUP AG -REG CH LONN SW 29.41 $14,379.39
MARATHON OIL CORP US MRO 76.74 $1,753.44
MARATHON PETROLEUM CORP US MPC 43.98 $7,283.65
MARRIOTT VACATIONS WORLD US VAC 62.7 $5,259.88
MASCO CORP US MAS 4,007.03 $269,633.25
MASTERCARD INC-CLASS A US MA 1,370.1 $615,491.08
MEDTRONIC INC IE MDT 3,010.66 $263,552.80
MERCADOLIBRE INC BR MELI 103.07 $176,442.27
MERCK & CO INC US MRK 176.47 $21,313.84
META PLATFORMS INC US META 1,560.47 $608,803.40
MICROCHIP TECHNOLOGY INC US MCHP 58.29 $4,964.97
MICRON TECHNOLOGY INC US MU 6,773.77 $580,851.19
MICROSOFT CORP US MSFT 1,435.88 $570,875.94
MID-AMERICA APARTMENT COMM US MAA 47.53 $6,006.35
MONARCH CASINO & RESORT INC US MCRI 95.12 $6,556.56
MONDELEZ INTERNATIONAL INC US MDLZ 4,046.2 $304,557.75
MOODY'S CORPORATION US MCO 1,130.13 $443,057.04
NAVIENT CORP 6.75000 06/25/2025 US 12,366.15 $12,462.77
NESTLE S.A. - ADR CH NSRGY 3,338.73 $380,280.92
NESTLE SA-REGISTERED CH NESN SW 367.64 $41,893.06
NETAPP INC US NTAP 38.17 $3,328.25
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 19,321.84 $18,295.06
NIKE INC CLASS B US NKE 3,530.7 $358,472.21
NORFOLK SOUTHN CORP US NSC 514.36 $120,999.20
NORTHROP GRUMMAN CORP US NOC 691.1 $308,756.09
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 9,692.39 $0.97
NOVARTIS AG- REG CH NVS 1,931.73 $199,875.69
NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 US 18,047.89 $19,061.19
NVIDIA CORP US NVDA 355.08 $218,467.34
OMNICOM GROUP US OMC 34.89 $3,153.59
OXFINF 2024-A A2 6.67500 01/14/2032 US 3,342.2 $3,358.49
PACKAGING CORP OF AMERICA US PKG 16.24 $2,694.41
PALOMINO FUNDING TRUST I 7.23300 05/17/2028 US 34,758.9 $36,614.62
PARAMOUNT GLOBAL CLASS B US PARA 95.59 $1,394.61
PELORUS FUND REIT 7.00000 09/30/2026 US 12,700.37 $12,457.72
PEPSICO INC 3.90000 07/18/2032 US 36,095.78 $34,643.59
PFIZER INC US PFE 330.01 $8,936.64
PHILLIPS 66 US PSX 37.57 $5,421.20
PPG INDUSTRIES INC US PPG 26.34 $3,714.51
PROLOGIS US PLD 434.35 $55,028.13
PUBLIC STORAGE INC US PSA 67.58 $19,137.79
QUALCOMM 5.40000 05/20/2033 US 26,069.18 $27,724.78
QUALCOMM INC US QCOM 95.99 $14,255.18
QUEST DIAGNOSTICS INC US DGX 20.39 $2,618.36
RAYTHEON TECHNOLOGIES CORP US RTX 85.69 $7,808.44
REALTY INCOME CORP US O 196.66 $10,696.07
REGIONS FINANCIAL CORP. US RF 152.34 $2,844.14
REXFORD INDUSTRIAL REALITY IN US REXR 340.97 $17,931.69
S&P GLOBAL INC US SPGI 741.17 $332,302.11
SALESFORCE INC US CRM 1,265.56 $355,735.77
SBA COMMUNICATIONS CORP US SBAC 1,157.81 $259,186.38
SBA TOWER TRUST 6.59900 01/15/2028 US 21,055.87 $21,611.83
SCHLUMBERGER LTD US SLB 107.08 $5,215.00
SERVICENOW INC US NOW 618.64 $473,508.30
SIMON PROPERTY 2.25000 01/15/2032 US 26,737.62 $22,048.56
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 48,461.93 $41,139.37
SKYWORKS SOLUTIONS INC US SWKS 22.59 $2,360.09
SONY CORP FIRST SECTION JP 6758 JP 233.95 $22,943.51
SONY CORP SPONSORED ADR JP SONY 2,453.78 $239,856.80
SUN COMMUNITIES US SUI 159.36 $19,975.30
SYSCO CORP US SYY 45.59 $3,689.41
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 4,213.18 $475,920.82
TE CONNECTIVITY LIMITED CH TEL 31.75 $4,514.66
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 1,771.37 $18,813.88
TENCENT HOLDINGS 3.97500 04/11/2029 KY 74,865.33 $71,427.35
TENCENT HOLDINGS LTD CN 700 HK 735.28 $25,522.70
TERRENO REALTY CORP US TRNO 169.72 $10,137.20
TEXAS INSTRUMENTS INC US TXN 60.96 $9,761.20
THERMO FISHER SCIENTIFIC INC US TMO 520.25 $280,402.83
TRAVELLERS COS INC US TRV 29.41 $6,216.39
TREASURY BOND 2.37500 02/15/2042 US 710,685.87 $536,678.88
TRUIST FINANCIAL CORP US TFC 112.77 $4,179.10
TSY INFL IX N/B 0.12500 01/15/2031 US 167,150.46 $150,330.02
TYSON FOODS INC -CL A US TSN 46.92 $2,569.59
U.S. BANCORP US USB 157.55 $6,544.69
UDR INC US UDR 124 $4,466.33
UNILEVER PLC - ADR GB UL 5,463.23 $266,004.69
UNION PAC CORP US UNP 490.43 $119,631.75
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 1,257.29 $1,196.40
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 11,211.74 $10,199.61
UNITED PARCEL SERVICE US UPS 58.35 $8,280.55
UNITEDHEALTH GROUP INC US UNH 879.27 $449,955.86
US TEASURY NOTE 1.75000 11/15/2029 US 1,590,420.32 $1,420,444.15
US TREASURY N/B 0.87500 11/15/2030 US 1,541,223.11 $1,265,970.29
US TREASURY N/B 3.12500 11/15/2028 US 788,759.71 $762,262.31
US TREASURY N/B 4.12500 11/15/2032 US 247,322.96 $250,337.21
VALERO ENERGY US VLO 29.95 $4,159.52
VENTAS INC US VTR 205.34 $9,525.95
VERTEX PHARMACEUTICALS INC US VRTX 390.77 $169,352.02
VISA INC - CLASS A SHARES US V 2,357.92 $644,326.21
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 29,411.38 $27,823.68
WELLS FARGO COMPANY US WFC 208.69 $10,471.92
WELLTOWER INC. US WELL 154.21 $13,340.64

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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