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.

Target Series Glide Path Overview

Learn more about our Glide Range SM

Daily Price

$24.23

Daily $ Change

$0.14

Daily % Change

0.58%

as of 03/23/2023

CUSIP

302027537

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 02/28/2023

YTD

3.22%

1 Year

-10.52%

3 Year

7.96%

5 Year

7.22%

10 Year

8.30%

Inception
(01/01/2000)

7.20%

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 0.94%
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 02/28/2023

TREASURY NOTES 13.28%
AMAZON.COM INC 2.54%
MASTERCARD INC-CLASS A 2.20%
SERVICENOW INC 1.99%
MONDELEZ INTERNATIONAL INC 1.96%
JOHNSON & JOHNSON 1.95%
META PLATFORMS INC 1.94%
MEDTRONIC INC 1.89%
COCA COLA CO/THE 1.89%
VISA INC - CLASS A SHARES 1.88%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 02/28/2023

Stocks 80.64%
Bonds 15.23%
Cash 4.13%

Detailed Asset Class Allocation

As of 02/28/2023

International Equities 21.35%
Small Capitalization 1.11%
Mid Capitalization 8.13%
Large Capitalization 50.06%
Long Term Fixed Income 0.47%
Intermediate Term Fixed Income 14.27%
Short Term Fixed Income 0.48%
Cash 4.13%

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

February Fund Holdings

As of 02/28/2023

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 64.82 $6,592.99
ACTIVISION INC US ATVI 2,364.96 $180,328.35
ADIDAS AG-SPONSORED ADR DE ADDYY 1,960.85 $146,926.12
ADMIRAL GROUP PLC GB AMIGY 3,123.78 $83,907.92
ADYEN NV UNSPON ADR NL ADYEY 6,174.41 $87,553.09
AGREE REALTY CORP US ADC 96.14 $6,805.02
AIR LIQUIDE-ADR FR AIQUY 4,942.92 $157,036.60
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 2,595.35 $2,651.83
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 27,419.51 $22,637.99
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 14,584.85 $11,628.78
ALLSTATE CORPORATION US ALL 25.96 $3,343.26
ALPHABET INC-CL A US GOOGL 3,836.69 $345,532.27
AMAZON.COM INC US AMZN 5,201.54 $490,141.07
AMAZON.COM INC 3.30000 04/13/2027 US 25,669.33 $24,252.72
DIAGEO PLC GB DGE LN 225.89 $9,585.98
BAE SYSTEMS PLC GB BA/ LN 2,193.44 $23,689.64
AMERICAN HOMES 4 RENT- A US AMH 141.24 $4,381.25
AMERICAN TOWER REIT INC US AMT 29.99 $5,937.62
AMERICOLD REALTY TRUST US COLD 197.13 $5,795.59
ANALOG DEVICES INC US ADI 36.35 $6,668.30
APARTMENT INCOME REIT CO US AIRC 112.95 $4,269.32
APPLIED MATERIALS INC US AMAT 1,918.67 $222,853.02
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 2,916.97 $2,912.92
ARCHER-DANIELS-MIDLAND CO US ADM 46.96 $3,738.27
ARGO BLOCKCHAIN PLC GB 210.02 $1,083.71
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 11,667.88 $10,650.04
ATLASSIAN CORP PLC-CLASS A AU TEAM 70.24 $11,542.64
AUTOMATIC DATA PROCESSING US ADP 26.14 $5,745.23
BAE SYSTEMS PLC -SPON ADR GB BAESY 3,456.49 $151,930.10
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 11,084.48 $10,738.40
BANK OF AMERICA CORP 2.68700 04/22/2032 US 21,002.18 $17,022.86
BARRICK GOLD CORP CA GOLD 3,911.31 $63,050.25
BAXTER INTERNATIONAL INC US BAX 33.02 $1,319.15
BEST BUY INC US BBY 24.04 $1,997.62
BIOMARIN PHARMACEUTICAL INC US BMRN 1,658.18 $165,138.18
BLACKROCK INC US BLK 173.97 $119,938.79
DECHRA PHARMACEUTICALS PLC GB DPH LN 365.26 $11,997.93
BOSTON SCIENTIFIC CORP US BSX 2,775.79 $129,684.81
BRANDYWINE REALTY TRUST US BDN 337.38 $1,987.15
BRENNTAG AG-UNSP ADR DE BNTGY 6,599.76 $99,227.39
BRISTOL MYERS SQUIBB CO US BMY 120.94 $8,339.85
BROADRIDGE FINANCIAL SOLUTIONS US BR 13.01 $1,831.50
JONAH ENERGY PARENT LLC US 116.15 $5,602.09
CBOE GLOBAL MARKETS INC US CBOE 1,376.58 $173,682.61
CDW CORP/DE US CDW 757.95 $153,423.29
C.H. ROBINSON WORLDWIDE INC US CHRW 16.86 $1,685.33
CVS HEALTH CORP US CVS 1,437.25 $120,067.79
COTERRA ENERGY INC US CTRA 67.79 $1,692.73
CAMDEN PROPERTY TRUST US CPT 39.44 $4,525.84
CAMPBELL SOUP CO US CPB 38.8 $2,037.55
CANADIAN NATIONAL RAILWAY CO CA CNI 1,589.98 $181,083.00
CARETRUST REIT INC US CTRE 242.05 $4,761.13
CATERPILLAR INC US CAT 36.87 $8,832.33
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 8,971.37 $168,482.37
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 10,909.47 $11,381.36
CHEVRON CORP US CVX 67.27 $10,814.24
CINCINNATI FINANCIAL CORP US CINF 16.39 $1,978.68
CISCO SYSTEMS INC US CSCO 210.37 $10,186.20
CITIGROUP INC US C 132.96 $6,739.51
CITIGROUP INC 1.46200 06/09/2027 US 19,835.39 $17,374.77
CLARK CNTY NV 1.51000 11/01/2028 US 20,418.78 $16,990.80
COCA COLA CO/THE US KO 6,143.2 $365,581.57
COGNEX CORP US CGNX 1,712.2 $81,192.65
COLGATE-PALMOLIVE CO US CL 61.49 $4,507.20
COMCAST CORP-CL A US CMCSA 227.47 $8,454.88
COMMUNITY HEALTHCARE TRUST I US CHCT 167.78 $6,499.95
CONAGRA BRAND INC. US CAG 56.59 $2,060.41
CONOCOPHILLIPS US COP 63.88 $6,602.17
CONSTELLATION BRANDS INC-A US STZ 1,077.65 $241,069.21
COOPER COS INC/THE US COO 245.2 $80,173.19
COPART INC US CPRT 1,537.24 $108,314.13
COUSINS PROPERTIES INC US CUZ 265.68 $6,506.44
CUMMINS INC US CMI 14.53 $3,531.10
KIMBERLY CLARK DE MEXICO S.A.B. MX KIMBERA MM 10,197.72 $20,399.35
DEUTSCHE BOERSE AG ADR DE DBOEY 8,208.7 $142,668.05
DEVON ENERGY CORPORATION US DVN 47.08 $2,538.55
DIAMONDBACK ENERGY INC US FANG 14.93 $2,099.55
DIGITAL REALTY TRUST INC US DLR 69.77 $7,272.53
DOLLAR GENERAL CORP US DG 716.06 $154,883.26
DOLLAR TREE STORES INC US DLTR 1,484.04 $215,600.94
DOMINO'S PIZZA US DPZ 626.92 $184,319.29
DOUBLEVERIFY HOLDINGS INC US DV 5,572.34 $146,385.50
DOW INC US DOW 44.69 $2,556.15
DREYFUS GVT CSH MANAGEMENT US 833,120.18 $833,120.18
EOG RESOURCES INC US EOG 34.42 $3,890.18
EAST WEST BANCORP INC US EWBC 1,967.61 $149,951.74
EASTMAN CHEM CO US EMN 15.87 $1,351.98
EBAY INC US EBAY 40.37 $1,853.02
ELECTRONIC ARTS US EA 1,613.78 $179,033.20
EMERSON ELEC CO US EMR 47.25 $3,908.45
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 26,836.12 $26,643.34
EQUINIX INC US EQIX 384.4 $264,569.75
EQUITY COMMONWEALTH US EQC 174.32 $3,700.77
EQUITY LIFESTYLE PROPERTIES US ELS 158.22 $10,839.41
ESSEX PROPERTY TRUST INC US ESS 14.64 $3,339.52
EVERGY INC US EVRG 2,093.74 $123,132.98
FMC CORP US FMC 2,020 $260,883.16
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 10,209.39 $10,214.82
META PLATFORMS INC US META 2,146.01 $375,423.74
FIFTH THIRD BANCORP US FITB 71.12 $2,581.50
GENERAL DYNAMICS CORP US GD 21.12 $4,813.20
GENERAL MLS INC US GIS 53.03 $4,216.46
GENUINE PARTS CO US GPC 16.45 $2,909.65
GETTY REALTY CORP US GTY 255 $8,754.20
GILEAD SCIENCES INC US GILD 93.05 $7,493.42
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 6,125.64 $6,107.26
GREENIDGE GEN HLD INC US 198.35 $1,088.96
GRUPO AEROPORTUARIO CEN-ADR MX OMAB 616.82 $48,105.97
GRUPO AEROPORTUARIO PAC-ADR MX PAC 278.28 $52,895.25
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 189.14 $54,127.02
AIRBUS SE FR AIR FP 95.27 $12,477.33
ADIDAS AG DE ADS GR 119.07 $17,782.83
HDFC BANK LTD-ADR IN HDB 2,755.31 $186,369.22
L'OREAL FR OR FP 9.39 $3,712.66
HEALTHCARE REALTY TRUST INC US HR 546.76 $10,661.76
HEINEKEN NV-SPN ADR NL HEINY 2,808.11 $143,522.40
HOME DEPOT INC US HD 44.05 $13,061.47
HONEYWELL INTERNATIONAL INC US HON 42.88 $8,210.56
HUMANA INC US HUM 262.29 $129,840.71
IDEXX LABORATORIES INC US IDXX 270.05 $127,799.89
KERRY GROUP PLC-A IE KYGA ID 144.33 $13,819.01
ILLINOIS TOOL WKS INC US ITW 22.52 $5,250.53
INDEPENDENCE REALTY TRUST IN US IRT 202.44 $3,662.10
INTEL CORP US INTC 220 $5,484.55
INTERCONTINENTALEXCHANGE INC US ICE 1,572.25 $160,054.69
INTERNATIONAL FLVRS & FRAGRANCES US IFF 24.09 $2,245.58
INTUIT INC US INTU 403.48 $164,287.03
INTUITIVE SURGICAL INC US ISRG 714.89 $163,988.81
INVITATION HOMES INC US INVH 249.98 $7,814.51
JP MORGAN CHASE & CO US JPM 1,045.85 $149,922.62
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 29,753.09 $28,050.49
JOHNSON & JOHNSON US JNJ 2,463.32 $377,528.76
KEYCORP US KEY 74.38 $1,360.46
KROGER CO US KR 63.12 $2,723.14
L3HARRIS TECHNOLOGIES INC US LHX 819.03 $172,970.23
BEIERSDORF AG DE BEI GR 110.32 $13,166.18
LENNAR CORP US LEN 22.34 $2,161.56
LEXINGTON REALTY TRUST US LXP 403.18 $4,205.20
LIFE STORAGE INC US LSI 62.42 $7,523.24
LOCKHEED MARTIN CORP US LMT 16.51 $7,830.05
LULULEMON - ADR CA LULU 539.64 $166,856.48
MAGALLANES INC 4.05400 03/15/2029 US 28,002.9 $25,021.11
MARATHON PETROLEUM CORP US MPC 37.75 $4,665.35
MARRIOTT VACATIONS WORLD US VAC 19.78 $3,025.69
MASCO CORP US MAS 2,637.82 $138,300.66
MASTERCARD INC-CLASS A US MA 1,195.78 $424,849.52
MCDONALDS CORP US MCD 29.64 $7,821.34
MERCADOLIBRE INC BR MELI 126.13 $153,878.30
MERCK & CO INC US MRK 128 $13,598.36
MICROSOFT CORP US MSFT 1,085 $270,619.67
MICROCHIP TECHNOLOGY INC US MCHP 36.23 $2,935.62
MICRON TECHNOLOGY INC US MU 2,957.17 $170,983.29
MID-AMERICA APARTMENT COMM US MAA 55.66 $8,910.49
MONDELEZ INTERNATIONAL INC US MDLZ 5,819.35 $379,305.47
MOODY'S CORPORATION US MCO 1,202.61 $348,936.74
MOTOROLA SOLUTIONS INC US MSI 14.93 $3,925.04
NAVIENT CORP 6.75000 06/25/2025 US 10,792.79 $10,641.57
NESTLE S.A. - ADR CH NSRGY 2,077.47 $233,746.03
NETAPP INC US NTAP 25.9 $1,672.02
KEYENCE CORP JP 6861 JP 29.17 $12,607.94
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 12,251.27 $11,156.32
NEWMONT GOLDCORP CORP US NEM 1,199.4 $52,305.81
NIKE INC CLASS B US NKE 1,139.25 $135,331.69
NORFOLK SOUTHN CORP US NSC 551.54 $123,997.35
NIKON CORP JP 7731 JP 840.09 $8,320.79
NORTHROP GRUMMAN CORP US NOC 401.14 $186,173.83
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 8,459.21 $0.85
NOVARTIS AG- REG CH NVS 1,678.07 $141,159.59
NUCOR CORP US NUE 22.87 $3,829.19
OMNICOM GROUP US OMC 24.56 $2,224.48
SONY CORP FIRST SECTION JP 6758 JP 239.19 $20,000.35
TOKYO ELECTRON LTD JP 8035 JP 29.17 $10,008.18
PPG INDUSTRIES INC US PPG 16.04 $2,118.68
PACKAGING CORP OF AMERICA US PKG 11.78 $1,611.18
PARKER HANNIFIN CORP US PH 8.58 $3,017.43
DEUTSCHE BOERSE AG DE DB1 GR 114.05 $19,887.97
PAYPAL HOLDINGS INC US PYPL 2,372.66 $174,627.98
PELORUS FUND REIT 7.00000 09/30/2026 US 11,084.48 $10,363.66
NESTLE SA-REGISTERED CH NESN SW 158.33 $17,839.49
PEPSICO INC 3.90000 07/18/2032 US 21,585.57 $20,267.31
PFIZER INC US PFE 191 $7,749.00
PIONEER NATURAL RESOURCES CO US PXD 15.11 $3,028.18
POPULAR INC 6.12500 09/14/2023 PR 9,334.3 $9,291.53
PROCTER & GAMBLE CO US PG 100.64 $13,843.41
PROLOGIS US PLD 350.85 $43,295.27
PUBLIC STORAGE INC US PSA 52.1 $15,574.42
QUALCOMM INC US QCOM 64.23 $7,934.54
QUALCOMM 5.40000 05/20/2033 US 22,752.36 $23,431.16
QUEST DIAGNOSTICS INC US DGX 14.88 $2,058.32
RADIUS GLOBAL INFRASTRUCTURE US RADI 1,165.15 $15,881.05
REALTY INCOME CORP US O 101.22 $6,472.94
REGIONS FINANCIAL CORP. US RF 108.16 $2,522.32
REPUBLIC SERVICES INC US RSG 27.83 $3,587.85
RESTAURANT BRANDS INTERN CA QSR 177.18 $11,426.13
REXFORD INDUSTRIAL REALITY IN US REXR 169.07 $10,221.82
GETINGE AB-B SHS SE GETIB SS 853.39 $18,342.05
ROSS STORES INC US ROST 24.68 $2,727.86
HEINEKEN NV NL HEIA NA 134.41 $13,700.62
SBA TOWER TRUST 6.59900 01/15/2028 US 18,376.91 $18,967.05
S&P GLOBAL INC US SPGI 750.01 $255,903.80
SBA COMMUNICATIONS CORP US SBAC 946.09 $245,368.39
SVB FINANCIAL GROUP US SIVB 440.52 $126,918.42
SALESFORCE INC US CRM 1,052.33 $172,171.03
SEAGEN INC US SGEN 476.63 $85,646.14
SERVICENOW INC US NOW 892.07 $385,524.83
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 36,753.81 $29,702.45
SKYWORKS SOLUTIONS INC US SWKS 13.59 $1,516.58
JM SMUCKER CO/THE-NEW COM WI US SJM 13.3 $1,967.14
SNOWFLAKE INC-CLASS A US SNOW 1,884.13 $290,871.80
SONY CORP SPONSORED ADR JP SONY 2,141.58 $178,993.30
STAG INDUSTRIAL INC US STAG 76.42 $2,570.92
STANLEY BLACK & DECKER INC US SWK 11.84 $1,013.87
STEEL DYNAMICS INC US STLD 22.64 $2,854.59
SUN COMMUNITIES US SUI 90.08 $12,893.48
SYNCHRONOSS TECH US 330.32 $6,094.36
SYNERGY ONE LENDING 5.50000 10/14/2026 US 10,209.39 $8,910.89
TJX COMPANIES INC US TJX 62.54 $4,790.55
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 2,476.51 $215,629.46
TARGET CORP US TGT 21.18 $3,568.36
TENCENT HOLDINGS 3.97500 04/11/2029 KY 47,254.9 $43,331.36
TERRENO REALTY CORP US TRNO 146.49 $9,113.16
TEXAS INSTRUMENTS INC US TXN 37.22 $6,381.46
THERMO FISHER SCIENTIFIC INC US TMO 371.62 $201,329.87
3M CO US MMM 40.02 $4,311.84
TRACTOR SUPPLY COMPANY US TSCO 8.46 $1,973.20
TRAVELLERS COS INC US TRV 22.46 $4,157.92
TYSON FOODS INC -CL A US TSN 34.48 $2,042.51
UDR INC US UDR 156.52 $6,705.51
U.S. BANCORP US USB 107.87 $5,148.61
UBISOFT ENTERTAIN-UNSPON ADR FR UBSFY 21,617.02 $94,034.03
UNILEVER PLC - ADR GB UL 4,552.16 $227,289.54
UNION PAC CORP US UNP 36.7 $7,606.24
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 11,766.04 $10,554.92
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 1,292.03 $1,229.83
UNITED PARCEL SERVICE US UPS 35.53 $6,483.63
US TREASURY N/B 3.12500 11/15/2028 US 499,385.14 $473,206.43
US TEASURY NOTE 1.75000 11/15/2029 US 1,264,214.47 $1,099,471.53
US TREASURY N/B 0.87500 11/15/2030 US 994,686.52 $794,350.43
US TREASURY N/B 1.37500 11/15/2031 US 246,483.9 $200,499.25
UNITEDHEALTH GROUP INC US UNH 164.93 $78,494.61
VF CORP US VFC 30.39 $754.40
VENTAS INC US VTR 106.59 $5,185.41
VERTEX PHARMACEUTICALS INC US VRTX 459.31 $133,331.93
PARAMOUNT GLOBAL CLASS B US PARA 46.61 $998.45
VISA INC - CLASS A SHARES US V 1,648.73 $362,621.54
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 5,250.54 $5,040.90
VISTRA OPERATIONS 4.87500 05/13/2024 US 19,835.39 $19,507.97
WAL MART STORES US WMT 110.9 $15,762.67
WALGREENS BOOTS ALLIANCE INC US WBA 60.03 $2,132.91
WASTE MANAGEMENT INC US WM 31.27 $4,682.98
WELLTOWER INC. US WELL 107.17 $7,943.40
ZOETIS INC US ZTS 381.07 $63,639.17
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 320.87 $3,195.60
ADMIRAL GROUP PLC GB ADM LN 861.73 $22,803.15
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 303.36 $2,900.59
UBISOFT ENTERTAINMENT FR UBI FP 355.35 $7,790.96
DANONE FR BN FP 144.1 $8,100.11
AIR LIQUIDE FR AI FP 142.7 $22,671.37
BRENNTAG AG DE BNR GR 102.79 $7,742.78
KEYWORDS STUDIOS PLC IE KWS LN 108.86 $3,798.48
MEITUAN DIANPING - CLASS B CN 3690 HK 29.17 $506.24
HELIOS TOWERS PLC GB HTWS LN 2,705.72 $3,571.78
AVANZA BANK HOLDING AB SE AZA SS 531.53 $14,057.79
AMERICAN TANKER INC 7.75000 07/02/2025 US 9,917.7 $9,565.40
SOFTWAREONE HOLDING AG CH SWON SW 764.19 $12,731.41
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 1,392.33 $7,523.42
TENCENT HOLDINGS LTD CN 700 HK 233.36 $10,251.03
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 309.37 $5,785.29
SEASPAN CORP 6.50000 02/05/2024 MH 11,667.88 $11,672.85
PETROTAL CORP 12.00000 02/16/2024 CA 5,454.73 $5,591.10
IMCD NV NL IMCD NA 23.92 $3,786.19
FINECOBANK SPA IT FBK IM 1,015.16 $17,542.52
ALLFUNDS GROUP PLC GB ALLFG NA 935.82 $8,151.17
AUTO TRADER GROUP PLC GB AUTO LN 2,875.49 $20,565.74
CELLNEX TELECOM SA ES CLNX SM 298.52 $11,200.21
ASSA ABLOY AB-B SE ASSAB SS 579.54 $14,102.47
CLEANAWAY WASTE MANAGEMENT AU CWY AU 8,442.29 $15,054.85
INTERMEDIATE CAPITAL GROUP GB ICP LN 911.09 $15,338.15
ADYEN NV NL ADYEN NA 5.72 $8,103.82
BANK OF N.T. BUTTERFIELD&SON BM NTB 249.34 $9,013.73
BUNGE LIMITED US BG 17.21 $1,643.57
EATON CORP PLC US ETN 32.73 $5,725.18
JOHNSON CONTROLS INTERNATIONAL US JCI 62.89 $3,944.45
LINDE PLC IE LIN 285.98 $99,626.74
MEDTRONIC INC IE MDT 4,419.15 $365,905.63
RENAISSANCERE HOLDINGS LTD BM RNR 40.49 $8,700.77
ROYALTY PHARMA PLC- CL A US RPRX 45.91 $1,645.98
STONECO LTD-A BR STNE 347.76 $2,959.45
TRANE TECHNOLOGIES IE TT 15.23 $2,816.46
ALCON INC CH ALC 1,641.03 $111,983.79
CHUBB LTD CH CB 32.5 $6,857.10
GARMIN LTD CH GRMN 20.3 $1,992.25
TE CONNECTIVITY LIMITED CH TEL 20.24 $2,577.44
LYONDELLBASELL INDU-CL A US LYB 22.93 $2,200.80
PLAYA HOTELS AND RESORTS US PLYA 319.06 $2,846.00
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 10,442.75 $9,379.63

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

$24.23

Daily $ Change

$0.14

Daily % Change

0.58%

as of 03/23/2023

CUSIP

302027537

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 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.

Target Series Glide Path Overview

Learn more about our Glide Range SM

Performance

As of 02/28/2023

YTD

3.22%

1 Year

-10.52%

3 Year

7.96%

5 Year

7.22%

10 Year

8.30%

Inception
(01/01/2000)

7.20%

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 0.94%
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 02/28/2023

TREASURY NOTES 13.28%
AMAZON.COM INC 2.54%
MASTERCARD INC-CLASS A 2.20%
SERVICENOW INC 1.99%
MONDELEZ INTERNATIONAL INC 1.96%
JOHNSON & JOHNSON 1.95%
META PLATFORMS INC 1.94%
MEDTRONIC INC 1.89%
COCA COLA CO/THE 1.89%
VISA INC - CLASS A SHARES 1.88%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 02/28/2023

Stocks
80.64%
Bonds
15.23%
Cash
4.13%

Detailed Asset Class Allocation

As of 02/28/2023

International Equities
21.35%
Small Capitalization
1.11%
Mid Capitalization
8.13%
Large Capitalization
50.06%
Long Term Fixed Income
0.47%
Intermediate Term Fixed Income
14.27%
Short Term Fixed Income
0.48%
Cash
4.13%

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

February Fund Holdings

As of 02/28/2023

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 64.82 $6,592.99
ACTIVISION INC US ATVI 2,364.96 $180,328.35
ADIDAS AG-SPONSORED ADR DE ADDYY 1,960.85 $146,926.12
ADMIRAL GROUP PLC GB AMIGY 3,123.78 $83,907.92
ADYEN NV UNSPON ADR NL ADYEY 6,174.41 $87,553.09
AGREE REALTY CORP US ADC 96.14 $6,805.02
AIR LIQUIDE-ADR FR AIQUY 4,942.92 $157,036.60
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 2,595.35 $2,651.83
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 27,419.51 $22,637.99
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 14,584.85 $11,628.78
ALLSTATE CORPORATION US ALL 25.96 $3,343.26
ALPHABET INC-CL A US GOOGL 3,836.69 $345,532.27
AMAZON.COM INC US AMZN 5,201.54 $490,141.07
AMAZON.COM INC 3.30000 04/13/2027 US 25,669.33 $24,252.72
DIAGEO PLC GB DGE LN 225.89 $9,585.98
BAE SYSTEMS PLC GB BA/ LN 2,193.44 $23,689.64
AMERICAN HOMES 4 RENT- A US AMH 141.24 $4,381.25
AMERICAN TOWER REIT INC US AMT 29.99 $5,937.62
AMERICOLD REALTY TRUST US COLD 197.13 $5,795.59
ANALOG DEVICES INC US ADI 36.35 $6,668.30
APARTMENT INCOME REIT CO US AIRC 112.95 $4,269.32
APPLIED MATERIALS INC US AMAT 1,918.67 $222,853.02
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 2,916.97 $2,912.92
ARCHER-DANIELS-MIDLAND CO US ADM 46.96 $3,738.27
ARGO BLOCKCHAIN PLC GB 210.02 $1,083.71
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 11,667.88 $10,650.04
ATLASSIAN CORP PLC-CLASS A AU TEAM 70.24 $11,542.64
AUTOMATIC DATA PROCESSING US ADP 26.14 $5,745.23
BAE SYSTEMS PLC -SPON ADR GB BAESY 3,456.49 $151,930.10
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 11,084.48 $10,738.40
BANK OF AMERICA CORP 2.68700 04/22/2032 US 21,002.18 $17,022.86
BARRICK GOLD CORP CA GOLD 3,911.31 $63,050.25
BAXTER INTERNATIONAL INC US BAX 33.02 $1,319.15
BEST BUY INC US BBY 24.04 $1,997.62
BIOMARIN PHARMACEUTICAL INC US BMRN 1,658.18 $165,138.18
BLACKROCK INC US BLK 173.97 $119,938.79
DECHRA PHARMACEUTICALS PLC GB DPH LN 365.26 $11,997.93
BOSTON SCIENTIFIC CORP US BSX 2,775.79 $129,684.81
BRANDYWINE REALTY TRUST US BDN 337.38 $1,987.15
BRENNTAG AG-UNSP ADR DE BNTGY 6,599.76 $99,227.39
BRISTOL MYERS SQUIBB CO US BMY 120.94 $8,339.85
BROADRIDGE FINANCIAL SOLUTIONS US BR 13.01 $1,831.50
JONAH ENERGY PARENT LLC US 116.15 $5,602.09
CBOE GLOBAL MARKETS INC US CBOE 1,376.58 $173,682.61
CDW CORP/DE US CDW 757.95 $153,423.29
C.H. ROBINSON WORLDWIDE INC US CHRW 16.86 $1,685.33
CVS HEALTH CORP US CVS 1,437.25 $120,067.79
COTERRA ENERGY INC US CTRA 67.79 $1,692.73
CAMDEN PROPERTY TRUST US CPT 39.44 $4,525.84
CAMPBELL SOUP CO US CPB 38.8 $2,037.55
CANADIAN NATIONAL RAILWAY CO CA CNI 1,589.98 $181,083.00
CARETRUST REIT INC US CTRE 242.05 $4,761.13
CATERPILLAR INC US CAT 36.87 $8,832.33
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 8,971.37 $168,482.37
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 10,909.47 $11,381.36
CHEVRON CORP US CVX 67.27 $10,814.24
CINCINNATI FINANCIAL CORP US CINF 16.39 $1,978.68
CISCO SYSTEMS INC US CSCO 210.37 $10,186.20
CITIGROUP INC US C 132.96 $6,739.51
CITIGROUP INC 1.46200 06/09/2027 US 19,835.39 $17,374.77
CLARK CNTY NV 1.51000 11/01/2028 US 20,418.78 $16,990.80
COCA COLA CO/THE US KO 6,143.2 $365,581.57
COGNEX CORP US CGNX 1,712.2 $81,192.65
COLGATE-PALMOLIVE CO US CL 61.49 $4,507.20
COMCAST CORP-CL A US CMCSA 227.47 $8,454.88
COMMUNITY HEALTHCARE TRUST I US CHCT 167.78 $6,499.95
CONAGRA BRAND INC. US CAG 56.59 $2,060.41
CONOCOPHILLIPS US COP 63.88 $6,602.17
CONSTELLATION BRANDS INC-A US STZ 1,077.65 $241,069.21
COOPER COS INC/THE US COO 245.2 $80,173.19
COPART INC US CPRT 1,537.24 $108,314.13
COUSINS PROPERTIES INC US CUZ 265.68 $6,506.44
CUMMINS INC US CMI 14.53 $3,531.10
KIMBERLY CLARK DE MEXICO S.A.B. MX KIMBERA MM 10,197.72 $20,399.35
DEUTSCHE BOERSE AG ADR DE DBOEY 8,208.7 $142,668.05
DEVON ENERGY CORPORATION US DVN 47.08 $2,538.55
DIAMONDBACK ENERGY INC US FANG 14.93 $2,099.55
DIGITAL REALTY TRUST INC US DLR 69.77 $7,272.53
DOLLAR GENERAL CORP US DG 716.06 $154,883.26
DOLLAR TREE STORES INC US DLTR 1,484.04 $215,600.94
DOMINO'S PIZZA US DPZ 626.92 $184,319.29
DOUBLEVERIFY HOLDINGS INC US DV 5,572.34 $146,385.50
DOW INC US DOW 44.69 $2,556.15
DREYFUS GVT CSH MANAGEMENT US 833,120.18 $833,120.18
EOG RESOURCES INC US EOG 34.42 $3,890.18
EAST WEST BANCORP INC US EWBC 1,967.61 $149,951.74
EASTMAN CHEM CO US EMN 15.87 $1,351.98
EBAY INC US EBAY 40.37 $1,853.02
ELECTRONIC ARTS US EA 1,613.78 $179,033.20
EMERSON ELEC CO US EMR 47.25 $3,908.45
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 26,836.12 $26,643.34
EQUINIX INC US EQIX 384.4 $264,569.75
EQUITY COMMONWEALTH US EQC 174.32 $3,700.77
EQUITY LIFESTYLE PROPERTIES US ELS 158.22 $10,839.41
ESSEX PROPERTY TRUST INC US ESS 14.64 $3,339.52
EVERGY INC US EVRG 2,093.74 $123,132.98
FMC CORP US FMC 2,020 $260,883.16
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 10,209.39 $10,214.82
META PLATFORMS INC US META 2,146.01 $375,423.74
FIFTH THIRD BANCORP US FITB 71.12 $2,581.50
GENERAL DYNAMICS CORP US GD 21.12 $4,813.20
GENERAL MLS INC US GIS 53.03 $4,216.46
GENUINE PARTS CO US GPC 16.45 $2,909.65
GETTY REALTY CORP US GTY 255 $8,754.20
GILEAD SCIENCES INC US GILD 93.05 $7,493.42
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 6,125.64 $6,107.26
GREENIDGE GEN HLD INC US 198.35 $1,088.96
GRUPO AEROPORTUARIO CEN-ADR MX OMAB 616.82 $48,105.97
GRUPO AEROPORTUARIO PAC-ADR MX PAC 278.28 $52,895.25
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 189.14 $54,127.02
AIRBUS SE FR AIR FP 95.27 $12,477.33
ADIDAS AG DE ADS GR 119.07 $17,782.83
HDFC BANK LTD-ADR IN HDB 2,755.31 $186,369.22
L'OREAL FR OR FP 9.39 $3,712.66
HEALTHCARE REALTY TRUST INC US HR 546.76 $10,661.76
HEINEKEN NV-SPN ADR NL HEINY 2,808.11 $143,522.40
HOME DEPOT INC US HD 44.05 $13,061.47
HONEYWELL INTERNATIONAL INC US HON 42.88 $8,210.56
HUMANA INC US HUM 262.29 $129,840.71
IDEXX LABORATORIES INC US IDXX 270.05 $127,799.89
KERRY GROUP PLC-A IE KYGA ID 144.33 $13,819.01
ILLINOIS TOOL WKS INC US ITW 22.52 $5,250.53
INDEPENDENCE REALTY TRUST IN US IRT 202.44 $3,662.10
INTEL CORP US INTC 220 $5,484.55
INTERCONTINENTALEXCHANGE INC US ICE 1,572.25 $160,054.69
INTERNATIONAL FLVRS & FRAGRANCES US IFF 24.09 $2,245.58
INTUIT INC US INTU 403.48 $164,287.03
INTUITIVE SURGICAL INC US ISRG 714.89 $163,988.81
INVITATION HOMES INC US INVH 249.98 $7,814.51
JP MORGAN CHASE & CO US JPM 1,045.85 $149,922.62
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 29,753.09 $28,050.49
JOHNSON & JOHNSON US JNJ 2,463.32 $377,528.76
KEYCORP US KEY 74.38 $1,360.46
KROGER CO US KR 63.12 $2,723.14
L3HARRIS TECHNOLOGIES INC US LHX 819.03 $172,970.23
BEIERSDORF AG DE BEI GR 110.32 $13,166.18
LENNAR CORP US LEN 22.34 $2,161.56
LEXINGTON REALTY TRUST US LXP 403.18 $4,205.20
LIFE STORAGE INC US LSI 62.42 $7,523.24
LOCKHEED MARTIN CORP US LMT 16.51 $7,830.05
LULULEMON - ADR CA LULU 539.64 $166,856.48
MAGALLANES INC 4.05400 03/15/2029 US 28,002.9 $25,021.11
MARATHON PETROLEUM CORP US MPC 37.75 $4,665.35
MARRIOTT VACATIONS WORLD US VAC 19.78 $3,025.69
MASCO CORP US MAS 2,637.82 $138,300.66
MASTERCARD INC-CLASS A US MA 1,195.78 $424,849.52
MCDONALDS CORP US MCD 29.64 $7,821.34
MERCADOLIBRE INC BR MELI 126.13 $153,878.30
MERCK & CO INC US MRK 128 $13,598.36
MICROSOFT CORP US MSFT 1,085 $270,619.67
MICROCHIP TECHNOLOGY INC US MCHP 36.23 $2,935.62
MICRON TECHNOLOGY INC US MU 2,957.17 $170,983.29
MID-AMERICA APARTMENT COMM US MAA 55.66 $8,910.49
MONDELEZ INTERNATIONAL INC US MDLZ 5,819.35 $379,305.47
MOODY'S CORPORATION US MCO 1,202.61 $348,936.74
MOTOROLA SOLUTIONS INC US MSI 14.93 $3,925.04
NAVIENT CORP 6.75000 06/25/2025 US 10,792.79 $10,641.57
NESTLE S.A. - ADR CH NSRGY 2,077.47 $233,746.03
NETAPP INC US NTAP 25.9 $1,672.02
KEYENCE CORP JP 6861 JP 29.17 $12,607.94
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 12,251.27 $11,156.32
NEWMONT GOLDCORP CORP US NEM 1,199.4 $52,305.81
NIKE INC CLASS B US NKE 1,139.25 $135,331.69
NORFOLK SOUTHN CORP US NSC 551.54 $123,997.35
NIKON CORP JP 7731 JP 840.09 $8,320.79
NORTHROP GRUMMAN CORP US NOC 401.14 $186,173.83
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 8,459.21 $0.85
NOVARTIS AG- REG CH NVS 1,678.07 $141,159.59
NUCOR CORP US NUE 22.87 $3,829.19
OMNICOM GROUP US OMC 24.56 $2,224.48
SONY CORP FIRST SECTION JP 6758 JP 239.19 $20,000.35
TOKYO ELECTRON LTD JP 8035 JP 29.17 $10,008.18
PPG INDUSTRIES INC US PPG 16.04 $2,118.68
PACKAGING CORP OF AMERICA US PKG 11.78 $1,611.18
PARKER HANNIFIN CORP US PH 8.58 $3,017.43
DEUTSCHE BOERSE AG DE DB1 GR 114.05 $19,887.97
PAYPAL HOLDINGS INC US PYPL 2,372.66 $174,627.98
PELORUS FUND REIT 7.00000 09/30/2026 US 11,084.48 $10,363.66
NESTLE SA-REGISTERED CH NESN SW 158.33 $17,839.49
PEPSICO INC 3.90000 07/18/2032 US 21,585.57 $20,267.31
PFIZER INC US PFE 191 $7,749.00
PIONEER NATURAL RESOURCES CO US PXD 15.11 $3,028.18
POPULAR INC 6.12500 09/14/2023 PR 9,334.3 $9,291.53
PROCTER & GAMBLE CO US PG 100.64 $13,843.41
PROLOGIS US PLD 350.85 $43,295.27
PUBLIC STORAGE INC US PSA 52.1 $15,574.42
QUALCOMM INC US QCOM 64.23 $7,934.54
QUALCOMM 5.40000 05/20/2033 US 22,752.36 $23,431.16
QUEST DIAGNOSTICS INC US DGX 14.88 $2,058.32
RADIUS GLOBAL INFRASTRUCTURE US RADI 1,165.15 $15,881.05
REALTY INCOME CORP US O 101.22 $6,472.94
REGIONS FINANCIAL CORP. US RF 108.16 $2,522.32
REPUBLIC SERVICES INC US RSG 27.83 $3,587.85
RESTAURANT BRANDS INTERN CA QSR 177.18 $11,426.13
REXFORD INDUSTRIAL REALITY IN US REXR 169.07 $10,221.82
GETINGE AB-B SHS SE GETIB SS 853.39 $18,342.05
ROSS STORES INC US ROST 24.68 $2,727.86
HEINEKEN NV NL HEIA NA 134.41 $13,700.62
SBA TOWER TRUST 6.59900 01/15/2028 US 18,376.91 $18,967.05
S&P GLOBAL INC US SPGI 750.01 $255,903.80
SBA COMMUNICATIONS CORP US SBAC 946.09 $245,368.39
SVB FINANCIAL GROUP US SIVB 440.52 $126,918.42
SALESFORCE INC US CRM 1,052.33 $172,171.03
SEAGEN INC US SGEN 476.63 $85,646.14
SERVICENOW INC US NOW 892.07 $385,524.83
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 36,753.81 $29,702.45
SKYWORKS SOLUTIONS INC US SWKS 13.59 $1,516.58
JM SMUCKER CO/THE-NEW COM WI US SJM 13.3 $1,967.14
SNOWFLAKE INC-CLASS A US SNOW 1,884.13 $290,871.80
SONY CORP SPONSORED ADR JP SONY 2,141.58 $178,993.30
STAG INDUSTRIAL INC US STAG 76.42 $2,570.92
STANLEY BLACK & DECKER INC US SWK 11.84 $1,013.87
STEEL DYNAMICS INC US STLD 22.64 $2,854.59
SUN COMMUNITIES US SUI 90.08 $12,893.48
SYNCHRONOSS TECH US 330.32 $6,094.36
SYNERGY ONE LENDING 5.50000 10/14/2026 US 10,209.39 $8,910.89
TJX COMPANIES INC US TJX 62.54 $4,790.55
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 2,476.51 $215,629.46
TARGET CORP US TGT 21.18 $3,568.36
TENCENT HOLDINGS 3.97500 04/11/2029 KY 47,254.9 $43,331.36
TERRENO REALTY CORP US TRNO 146.49 $9,113.16
TEXAS INSTRUMENTS INC US TXN 37.22 $6,381.46
THERMO FISHER SCIENTIFIC INC US TMO 371.62 $201,329.87
3M CO US MMM 40.02 $4,311.84
TRACTOR SUPPLY COMPANY US TSCO 8.46 $1,973.20
TRAVELLERS COS INC US TRV 22.46 $4,157.92
TYSON FOODS INC -CL A US TSN 34.48 $2,042.51
UDR INC US UDR 156.52 $6,705.51
U.S. BANCORP US USB 107.87 $5,148.61
UBISOFT ENTERTAIN-UNSPON ADR FR UBSFY 21,617.02 $94,034.03
UNILEVER PLC - ADR GB UL 4,552.16 $227,289.54
UNION PAC CORP US UNP 36.7 $7,606.24
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 11,766.04 $10,554.92
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 1,292.03 $1,229.83
UNITED PARCEL SERVICE US UPS 35.53 $6,483.63
US TREASURY N/B 3.12500 11/15/2028 US 499,385.14 $473,206.43
US TEASURY NOTE 1.75000 11/15/2029 US 1,264,214.47 $1,099,471.53
US TREASURY N/B 0.87500 11/15/2030 US 994,686.52 $794,350.43
US TREASURY N/B 1.37500 11/15/2031 US 246,483.9 $200,499.25
UNITEDHEALTH GROUP INC US UNH 164.93 $78,494.61
VF CORP US VFC 30.39 $754.40
VENTAS INC US VTR 106.59 $5,185.41
VERTEX PHARMACEUTICALS INC US VRTX 459.31 $133,331.93
PARAMOUNT GLOBAL CLASS B US PARA 46.61 $998.45
VISA INC - CLASS A SHARES US V 1,648.73 $362,621.54
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 5,250.54 $5,040.90
VISTRA OPERATIONS 4.87500 05/13/2024 US 19,835.39 $19,507.97
WAL MART STORES US WMT 110.9 $15,762.67
WALGREENS BOOTS ALLIANCE INC US WBA 60.03 $2,132.91
WASTE MANAGEMENT INC US WM 31.27 $4,682.98
WELLTOWER INC. US WELL 107.17 $7,943.40
ZOETIS INC US ZTS 381.07 $63,639.17
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 320.87 $3,195.60
ADMIRAL GROUP PLC GB ADM LN 861.73 $22,803.15
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 303.36 $2,900.59
UBISOFT ENTERTAINMENT FR UBI FP 355.35 $7,790.96
DANONE FR BN FP 144.1 $8,100.11
AIR LIQUIDE FR AI FP 142.7 $22,671.37
BRENNTAG AG DE BNR GR 102.79 $7,742.78
KEYWORDS STUDIOS PLC IE KWS LN 108.86 $3,798.48
MEITUAN DIANPING - CLASS B CN 3690 HK 29.17 $506.24
HELIOS TOWERS PLC GB HTWS LN 2,705.72 $3,571.78
AVANZA BANK HOLDING AB SE AZA SS 531.53 $14,057.79
AMERICAN TANKER INC 7.75000 07/02/2025 US 9,917.7 $9,565.40
SOFTWAREONE HOLDING AG CH SWON SW 764.19 $12,731.41
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 1,392.33 $7,523.42
TENCENT HOLDINGS LTD CN 700 HK 233.36 $10,251.03
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 309.37 $5,785.29
SEASPAN CORP 6.50000 02/05/2024 MH 11,667.88 $11,672.85
PETROTAL CORP 12.00000 02/16/2024 CA 5,454.73 $5,591.10
IMCD NV NL IMCD NA 23.92 $3,786.19
FINECOBANK SPA IT FBK IM 1,015.16 $17,542.52
ALLFUNDS GROUP PLC GB ALLFG NA 935.82 $8,151.17
AUTO TRADER GROUP PLC GB AUTO LN 2,875.49 $20,565.74
CELLNEX TELECOM SA ES CLNX SM 298.52 $11,200.21
ASSA ABLOY AB-B SE ASSAB SS 579.54 $14,102.47
CLEANAWAY WASTE MANAGEMENT AU CWY AU 8,442.29 $15,054.85
INTERMEDIATE CAPITAL GROUP GB ICP LN 911.09 $15,338.15
ADYEN NV NL ADYEN NA 5.72 $8,103.82
BANK OF N.T. BUTTERFIELD&SON BM NTB 249.34 $9,013.73
BUNGE LIMITED US BG 17.21 $1,643.57
EATON CORP PLC US ETN 32.73 $5,725.18
JOHNSON CONTROLS INTERNATIONAL US JCI 62.89 $3,944.45
LINDE PLC IE LIN 285.98 $99,626.74
MEDTRONIC INC IE MDT 4,419.15 $365,905.63
RENAISSANCERE HOLDINGS LTD BM RNR 40.49 $8,700.77
ROYALTY PHARMA PLC- CL A US RPRX 45.91 $1,645.98
STONECO LTD-A BR STNE 347.76 $2,959.45
TRANE TECHNOLOGIES IE TT 15.23 $2,816.46
ALCON INC CH ALC 1,641.03 $111,983.79
CHUBB LTD CH CB 32.5 $6,857.10
GARMIN LTD CH GRMN 20.3 $1,992.25
TE CONNECTIVITY LIMITED CH TEL 20.24 $2,577.44
LYONDELLBASELL INDU-CL A US LYB 22.93 $2,200.80
PLAYA HOTELS AND RESORTS US PLYA 319.06 $2,846.00
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 10,442.75 $9,379.63

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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