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

$24.04

Daily $ Change

$0.02

Daily % Change

0.08%

as of 11/25/2022

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 10/31/2022

YTD

-21.69%

1 Year

-21.24%

3 Year

6.36%

5 Year

7.11%

10 Year

8.63%

Inception
(01/01/2000)

7.08%

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 10/31/2022

TREASURY NOTES 7.81%
AMAZON.COM INC 2.68%
MICROSOFT CORP 2.57%
MASTERCARD INC-CLASS A 2.25%
MEDTRONIC INC 2.08%
JOHNSON & JOHNSON 2.06%
COCA COLA CO/THE 2.00%
SALESFORCE INC 1.96%
MONDELEZ INTERNATIONAL INC 1.94%
TREASURY BONDS 1.91%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 10/31/2022

Stocks 83.19%
Bonds 12.11%
Cash 4.70%

Detailed Asset Class Allocation

As of 10/31/2022

International Equities 22.58%
Small Capitalization 3.19%
Mid Capitalization 6.90%
Large Capitalization 50.52%
Long Term Fixed Income 2.16%
Intermediate Term Fixed Income 7.10%
Short Term Fixed Income 2.85%
Cash 4.70%

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

October Fund Holdings

As of 10/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 59.34 $5,870.70
ACTIVISION INC US ATVI 1,423.12 $103,602.97
ADIDAS AG-SPONSORED ADR DE ADDYY 1,870.87 $91,223.39
ADMIRAL GROUP PLC GB AMIGY 3,704.6 $85,539.30
ADYEN NV UNSPON ADR NL ADYEY 9,847.61 $141,510.09
AGREE REALTY CORP US ADC 64.07 $4,401.42
AIR LIQUIDE-ADR FR AIQUY 4,716.1 $123,278.82
AIR LEASE CORP 3.62500 04/01/2027 US 11,132.46 $9,806.24
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 2,476.26 $2,450.65
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 26,161.28 $17,801.48
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 13,915.57 $10,004.27
ALIGN TECHNOLOGY INC US ALGN 506.81 $98,472.24
ALLSTATE CORPORATION US ALL 24.6 $3,106.09
ALPHABET INC-CL A US GOOGL 3,195.85 $302,039.82
AMAZON.COM INC US AMZN 4,588.8 $470,076.59
AMAZON.COM INC 3.30000 04/13/2027 US 24,491.41 $22,974.75
DIAGEO PLC GB DGE LN 431.66 $17,763.94
BAE SYSTEMS PLC GB BA/ LN 1,450.73 $13,569.47
AMERICAN HOMES 4 RENT- A US AMH 337.87 $10,791.57
AMERICAN TOWER REIT INC US AMT 28.61 $5,927.79
ANALOG DEVICES INC US ADI 30.84 $4,397.96
APPLE HOSPITALITY REIT INC US APLE 417.58 $7,148.94
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 2,783.11 $2,796.38
ARCHER-DANIELS-MIDLAND CO US ADM 39.41 $3,821.88
ARGO BLOCKCHAIN PLC GB 200.38 $767.47
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 11,132.46 $9,698.84
AUTOMATIC DATA PROCESSING US ADP 24.49 $5,919.57
AVALONBAY COMMUNITIES INC US AVB 45.09 $7,895.54
BAE SYSTEMS PLC -SPON ADR GB BAESY 3,297.88 $123,142.82
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 10,575.84 $9,782.79
BANK OF AMERICA CORP 2.68700 04/22/2032 US 20,038.42 $15,446.39
BARRICK GOLD CORP CA GOLD 3,107.07 $46,699.25
BAXTER INTERNATIONAL INC US BAX 30.34 $1,648.76
BEST BUY INC US BBY 21.37 $1,462.22
BIOMARIN PHARMACEUTICAL INC US BMRN 1,476.16 $127,880.08
BLACKROCK INC US BLK 284.82 $183,970.63
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 9,740.9 $8,356.75
DECHRA PHARMACEUTICALS PLC GB DPH LN 394.03 $11,845.53
BOSTON SCIENTIFIC CORP US BSX 2,399.6 $103,446.81
BRANDYWINE REALTY TRUST US BDN 321.9 $2,111.63
BRENNTAG AG-UNSP ADR DE BNTGY 6,296.91 $76,003.68
BRISTOL MYERS SQUIBB CO US BMY 106.48 $8,249.16
BROADRIDGE FINANCIAL SOLUTIONS US BR 11.69 $1,754.06
JONAH ENERGY PARENT LLC US 110.82 $3,677.13
CBOE GLOBAL MARKETS INC US CBOE 785.39 $97,781.67
CDW CORP/DE US CDW 723.16 $124,970.05
C.H. ROBINSON WORLDWIDE INC US CHRW 15.92 $1,555.65
CVS HEALTH CORP US CVS 1,371.3 $129,861.75
COTERRA ENERGY INC US CTRA 55.33 $1,722.37
CAMDEN PROPERTY TRUST US CPT 49.82 $5,756.44
CAMPBELL SOUP CO US CPB 34.9 $1,846.57
CANADIAN NATIONAL RAILWAY CO CA CNI 1,512.85 $179,181.41
CARETRUST REIT INC US CTRE 346.11 $6,465.30
CATERPILLAR INC US CAT 30.34 $6,566.52
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 8,559.69 $140,635.73
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 10,408.85 $10,233.16
CHARTER COMMUNICATIONS INC-A US CHTR 495.39 $182,116.88
CHEVRON CORP US CVX 55.22 $9,988.75
CINCINNATI FINANCIAL CORP US CINF 16.03 $1,656.30
CISCO SYSTEMS INC US CSCO 192.31 $8,736.79
CITIGROUP INC US C 121.18 $5,557.17
CITIGROUP INC 1.46200 06/09/2027 US 18,925.18 $16,071.68
CLARK CNTY NV 1.51000 11/01/2028 US 19,481.8 $15,733.66
COCA COLA CO/THE US KO 5,861.29 $350,798.50
COGNEX CORP US CGNX 1,903.98 $88,021.19
COLGATE-PALMOLIVE CO US CL 58.06 $4,286.84
COMCAST CORP-CL A US CMCSA 200.44 $6,361.96
COMMUNITY HEALTHCARE TRUST I US CHCT 112.55 $3,894.20
CONAGRA BRAND INC. US CAG 52.99 $1,944.75
CONOCOPHILLIPS US COP 49.37 $6,225.37
CONSTELLATION BRANDS INC-A US STZ 1,207.26 $298,289.66
CONTROLADORA VUELA CIA DE AV MX VLRS 622.3 $5,214.91
COPART INC US CPRT 733.35 $84,349.99
COUSINS PROPERTIES INC US CUZ 253.49 $6,022.83
CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 13,915.57 $11,580.64
CUMMINS INC US CMI 12.69 $3,103.08
KIMBERLY CLARK DE MEXICO S.A.B. MX 11,805.97 $18,603.06
DEUTSCHE BOERSE AG ADR DE DBOEY 7,832.02 $126,878.70
DEVON ENERGY CORPORATION US DVN 33.29 $2,574.68
DIAMONDBACK ENERGY INC US FANG 10.41 $1,635.33
DIGITAL REALTY TRUST INC US DLR 80.65 $8,085.63
DOLLAR GENERAL CORP US DG 683.2 $174,249.89
DOLLAR TREE STORES INC US DLTR 1,430.02 $226,658.15
DOMINO'S PIZZA US DPZ 598.15 $198,728.35
DOUBLEVERIFY HOLDINGS INC US DV 6,156.08 $179,942.29
DOW INC US DOW 40.47 $1,891.40
DREYFUS GVT CSH MANAGEMENT US 865,465.92 $865,465.92
EOG RESOURCES INC US EOG 25.05 $3,419.56
EAST WEST BANCORP INC US EWBC 1,877.32 $134,359.94
EASTMAN CHEM CO US EMN 14.92 $1,145.81
EBAY INC US EBAY 37.24 $1,483.56
ELECTRONIC ARTS US EA 1,539.73 $193,944.43
EMERSON ELEC CO US EMR 42.75 $3,702.03
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 25,604.65 $23,448.62
EQUINIX INC US EQIX 369.93 $209,544.05
EQUITY LIFESTYLE PROPERTIES US ELS 150.96 $9,655.15
ESSEX PROPERTY TRUST INC US ESS 20.82 $4,626.52
EVERGY INC US EVRG 1,997.66 $122,117.20
EXPEDIA GROUP INC 3.25000 02/15/2030 US 11,132.46 $8,968.61
EXTRA SPACE STORAGE INC US EXR 22.04 $3,911.18
FMC CORP US FMC 2,274.58 $270,448.02
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 9,740.9 $9,764.09
META PLATFORMS INC US META 1,409.04 $131,265.72
FIFTH THIRD BANCORP US FITB 59.67 $2,129.62
GENERAL DYNAMICS CORP US GD 19.26 $4,810.94
GENERAL MLS INC US GIS 42.58 $3,473.81
GENUINE PARTS CO US GPC 15.14 $2,692.83
GETTY REALTY CORP US GTY 140.1 $4,411.81
GILEAD SCIENCES INC US GILD 76.03 $5,965.68
GREENIDGE GEN HLD INC US 189.25 $1,107.12
GRUPO AEROPORTUARIO CEN-ADR MX OMAB 930.73 $59,352.60
GRUPO AEROPORTUARIO PAC-ADR MX PAC 371.21 $57,560.10
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 251.87 $58,791.93
AIRBUS SE FR AIR FP 88.34 $9,558.29
ADIDAS AG DE ADS GR 127.36 $12,431.80
HCA INC 4.12500 06/15/2029 US 15,585.44 $13,736.88
HDFC BANK LTD-ADR IN HDB 2,988.06 $186,186.21
L'OREAL FR OR FP 11.69 $3,670.42
HEALTHCARE REALTY TRUST INC US HR 386.57 $7,859.06
HEINEKEN NV-SPN ADR NL HEINY 2,679.25 $111,831.84
HESKA CORP US HSKA 861.43 $61,816.19
HOME DEPOT INC US HD 42.58 $12,609.70
HONEYWELL INTERNATIONAL INC US HON 34.51 $7,040.86
HUMANA INC US HUM 213.63 $119,223.67
IDEXX LABORATORIES INC US IDXX 550.28 $197,923.78
KERRY GROUP PLC-A IE KYGA ID 115.28 $10,012.34
ILLINOIS TOOL WKS INC US ITW 21.82 $4,659.14
INDEPENDENCE REALTY TRUST IN US IRT 162.48 $2,723.14
INSPERITY INC US NSP 1,363.17 $160,881.26
INTEL CORP US INTC 186.64 $5,306.05
INTERCONTINENTALEXCHANGE INC US ICE 1,500.1 $143,364.44
INTERNATIONAL FLVRS & FRAGRANCES US IFF 21.71 $2,118.95
INTUIT INC US INTU 384.96 $164,570.57
INTUITIVE SURGICAL INC US ISRG 599.98 $147,878.01
INVITATION HOMES INC US INVH 284.77 $9,024.31
JP MORGAN CHASE & CO US JPM 1,121.09 $141,123.34
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 28,387.77 $25,668.10
JOHNSON & JOHNSON US JNJ 2,076.09 $361,177.74
KEYCORP US KEY 71.58 $1,279.17
KROGER CO US KR 54.55 $2,579.62
L3HARRIS TECHNOLOGIES INC US LHX 556.68 $137,204.57
BEIERSDORF AG DE BEI GR 177.95 $17,082.57
LENNAR CORP US LEN 21.1 $1,702.45
LIFE STORAGE INC US LSI 55.11 $6,095.24
LOCKHEED MARTIN CORP US LMT 15.31 $7,449.67
LULULEMON - ADR CA LULU 512.65 $168,682.26
MAGALLANES INC 4.05400 03/15/2029 US 26,717.9 $22,712.16
MARATHON PETROLEUM CORP US MPC 30.56 $3,472.07
MARRIOTT VACATIONS WORLD US VAC 17.7 $2,615.44
MASTERCARD INC-CLASS A US MA 1,203.92 $395,102.36
MCDONALDS CORP US MCD 26.44 $7,209.02
MERCADOLIBRE INC BR MELI 123.35 $111,212.70
MERCK & CO INC US MRK 111.32 $11,266.05
MICROSOFT CORP US MSFT 1,942.61 $450,938.97
MICROCHIP TECHNOLOGY INC US MCHP 30.73 $1,897.00
MID-AMERICA APARTMENT COMM US MAA 52.16 $8,211.89
MONDELEZ INTERNATIONAL INC US MDLZ 5,546.69 $341,010.60
MOODY'S CORPORATION US MCO 818.18 $216,711.34
MOTOROLA SOLUTIONS INC US MSI 13.58 $3,391.46
NAVIENT CORP 6.75000 06/25/2025 US 10,297.52 $9,846.62
NESTLE S.A. - ADR CH NSRGY 1,982.13 $215,477.80
NETAPP INC US NTAP 22.15 $1,534.58
KEYENCE CORP JP 6861 JP 33.4 $12,592.99
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 5,287.92 $5,021.41
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 11,689.08 $9,899.68
NEWMONT GOLDCORP CORP US NEM 1,363.28 $57,694.04
NIKE INC CLASS B US NKE 1,086.97 $100,740.68
NORFOLK SOUTHN CORP US NSC 525.51 $119,852.54
NIKON CORP JP 7731 JP 656.82 $6,352.15
NORTHROP GRUMMAN CORP US NOC 288.05 $158,143.62
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 8,071.03 $0.81
NOVARTIS AG- REG CH NVS 1,970.28 $159,848.66
NUCOR CORP US NUE 20.15 $2,647.27
NVIDIA CORP US NVDA 640.9 $86,501.68
OMNICOM GROUP US OMC 22.77 $1,656.22
SONY CORP FIRST SECTION JP 6758 JP 139.16 $9,383.92
TOKYO ELECTRON LTD JP 8035 JP 16.7 $4,393.37
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 11,132.46 $9,577.23
PPG INDUSTRIES INC US PPG 14.25 $1,627.01
PACKAGING CORP OF AMERICA US PKG 11.02 $1,324.85
PARKER HANNIFIN CORP US PH 7.96 $2,313.25
DEUTSCHE BOERSE AG DE DB1 GR 91.12 $14,817.78
PAYPAL HOLDINGS INC US PYPL 2,263.79 $189,207.18
PELORUS FUND REIT 7.00000 09/30/2026 US 10,575.84 $9,522.52
NESTLE SA-REGISTERED CH NESN SW 235.28 $25,612.79
PEPSICO INC 3.90000 07/18/2032 US 20,595.05 $19,050.78
PFIZER INC US PFE 175.11 $8,151.54
PIONEER NATURAL RESOURCES CO US PXD 10.85 $2,783.11
POPULAR INC 6.12500 09/14/2023 PR 8,905.97 $8,904.48
PROCTER & GAMBLE CO US PG 94.57 $12,735.77
PROLOGIS US PLD 326.68 $36,180.03
PUBLIC STORAGE INC US PSA 45.42 $14,068.98
QUALCOMM INC US QCOM 52.93 $6,228.31
QUALCOMM INC 4.25000 05/20/2032 US 22,264.92 $20,867.13
QUEST DIAGNOSTICS INC US DGX 12.8 $1,839.05
RADIUS GLOBAL INFRASTRUCTURE US RADI 992.46 $9,279.49
REGIONS FINANCIAL CORP. US RF 97.08 $2,130.80
REPUBLIC SERVICES INC US RSG 25.38 $3,366.16
RESTAURANT BRANDS INTERN CA QSR 122.23 $7,258.28
REXFORD INDUSTRIAL REALITY IN US REXR 174.72 $9,658.74
GETINGE AB-B SHS SE GETIB SS 814.23 $16,523.12
ROSS STORES INC US ROST 20.21 $1,933.46
HEINEKEN NV NL HEIA NA 180.57 $15,083.65
RYANAIR HOLDINGS - ADR IE RYAAY 2,573.82 $177,310.76
S&P GLOBAL INC US SPGI 452.87 $145,483.97
SBA COMMUNICATIONS CORP US SBAC 907.24 $244,863.99
SALESFORCE INC US CRM 2,118.12 $344,384.67
SEA LTD - ADR SG SE 1,478 $73,427.08
SEAGEN INC US SGEN 542.99 $69,046.05
SERVICENOW INC US NOW 713.2 $300,072.16
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 35,067.24 $26,619.66
SKYWORKS SOLUTIONS INC US SWKS 10.91 $938.35
JM SMUCKER CO/THE-NEW COM WI US SJM 11.36 $1,710.76
SNOWFLAKE INC-CLASS A US SNOW 1,365.73 $218,926.51
SONY CORP SPONSORED ADR JP SONY 2,398.21 $161,807.21
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 20,595.05 $20,074.25
STANLEY BLACK & DECKER INC US SWK 10.13 $795.15
STEEL DYNAMICS INC US STLD 20.82 $1,957.90
SUN COMMUNITIES US SUI 85.94 $11,589.36
SYNCHRONOSS TECH US 364.48 $6,932.35
SYNERGY ONE LENDING 5.50000 10/14/2026 US 9,740.9 $8,196.02
TJX COMPANIES INC US TJX 52.43 $3,780.48
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 2,324.12 $143,049.79
TARGET CORP US TGT 20.6 $3,382.74
TENCENT HOLDINGS 3.97500 04/11/2029 KY 45,086.46 $37,962.19
TERRENO REALTY CORP US TRNO 138.54 $7,916.37
TEXAS INSTRUMENTS INC US TXN 31.84 $5,114.27
THERMO FISHER SCIENTIFIC INC US TMO 332.69 $170,994.48
3M CO US MMM 36.46 $4,586.15
TRACTOR SUPPLY COMPANY US TSCO 7.4 $1,626.98
TRAVELLERS COS INC US TRV 18.7 $3,449.87
TYSON FOODS INC -CL A US TSN 30.95 $2,115.31
UDR INC US UDR 267.96 $10,654.02
U.S. BANCORP US USB 98.74 $4,191.72
UBISOFT ENTERTAIN-UNSPON ADR FR UBSFY 10,969.42 $59,673.66
UNILEVER PLC - ADR GB UL 5,161.95 $234,920.52
UNION PAC CORP US UNP 33.95 $6,693.69
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 12,171.06 $10,218.04
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 1,232.74 $1,104.02
UNITED PARCEL SERVICE US UPS 34.57 $5,799.19
US TREASURY N/B 3.00000 05/15/2047 US 428,599.64 $335,781.03
US TREASURY N/B 3.12500 11/15/2028 US 913,974.81 $858,565.09
UNITED STATES TREAS NTS 1.75000 05/15/2023 US 432,217.69 $425,751.30
US TREASURY N/B 1.37500 11/15/2031 US 107,984.84 $86,067.30
UNITEDHEALTH GROUP INC US UNH 212.35 $117,887.01
UNIVERSAL DISPLAY CORP US OLED 1,234.7 $117,568.22
VF CORP US VFC 26.22 $740.63
VENTAS INC US VTR 101.7 $3,979.33
VERTEX PHARMACEUTICALS INC US VRTX 438.23 $136,727.51
PARAMOUNT GLOBAL CLASS B US PARA 48.93 $896.35
VISA INC - CLASS A SHARES US V 1,523.48 $315,603.47
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 5,009.61 $4,771.00
VISTRA OPERATIONS 4.87500 05/13/2024 US 18,925.18 $18,415.34
WAL MART STORES US WMT 97.08 $13,816.69
WALGREENS BOOTS ALLIANCE INC US WBA 54.49 $1,989.01
WASTE MANAGEMENT INC US WM 28.39 $4,495.77
WELLTOWER INC. US WELL 121.34 $7,406.83
ZOETIS INC US ZTS 363.59 $54,821.51
ADMIRAL GROUP PLC GB ADM LN 763.13 $17,647.88
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 356.24 $2,840.85
UBISOFT ENTERTAINMENT FR UBI FP 339.04 $9,301.84
DANONE FR BN FP 137.49 $6,832.98
AIR LIQUIDE FR AI FP 153.18 $20,038.40
BRENNTAG AG DE BNR GR 169.32 $10,274.00
KEYWORDS STUDIOS PLC IE KWS LN 132.75 $3,671.08
HELIOS TOWERS PLC GB HTWS LN 2,581.56 $3,709.17
AVANZA BANK HOLDING AB SE AZA SS 643.29 $12,831.71
AMERICAN TANKER INC 7.75000 07/02/2025 US 9,462.59 $8,811.35
SOFTWAREONE HOLDING AG CH SWON SW 896.11 $10,084.99
TENCENT HOLDINGS LTD CN 700 HK 278.31 $7,313.13
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 295.18 $4,250.55
SEASPAN CORP 6.50000 02/05/2024 MH 11,132.46 $11,007.22
PETROTAL CORP 12.00000 02/16/2024 CA 7,570.07 $7,657.52
IMCD NV NL IMCD NA 55.55 $7,204.65
FINECOBANK SPA IT FBK IM 1,330.5 $17,929.22
ALLFUNDS GROUP PLC GB ALLFG NA 892.88 $5,615.12
ROTORK PLC GB ROR LN 3,761.55 $11,025.39
AUTO TRADER GROUP PLC GB AUTO LN 2,743.54 $16,422.22
CELLNEX TELECOM SA ES CLNX SM 227.99 $7,462.26
ASSA ABLOY AB-B SE ASSAB SS 609.06 $12,298.12
CLEANAWAY WASTE MANAGEMENT AU CWY AU 8,054.89 $13,932.80
INTERMEDIATE CAPITAL GROUP GB ICP LN 1,088.42 $13,253.45
ADYEN NV NL ADYEN NA 9.63 $13,747.18
BANK OF N.T. BUTTERFIELD&SON BM NTB 194.76 $6,727.09
BUNGE LIMITED US BG 14.75 $1,455.88
EATON CORP PLC US ETN 28.89 $4,335.33
JOHNSON CONTROLS INTERNATIONAL US JCI 49.04 $2,836.39
LINDE PLC GB LIN 338.82 $100,747.05
MEDTRONIC INC IE MDT 4,187.14 $365,704.82
ROYALTY PHARMA PLC- CL A US RPRX 39.19 $1,658.36
STONECO LTD-A BR STNE 573.38 $6,020.46
TRANE TECHNOLOGIES IE TT 13.86 $2,212.46
ALCON INC CH ALC 1,605.47 $97,419.76
CHUBB LTD CH CB 26.61 $5,717.49
GARMIN LTD CH GRMN 18.98 $1,671.07
TE CONNECTIVITY LIMITED CH TEL 18.76 $2,292.81
LYONDELLBASELL INDU-CL A US LYB 20.6 $1,574.49
PLAYA HOTELS AND RESORTS US PLYA 304.42 $1,878.25
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 9,963.55 $9,411.50

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

$24.04

Daily $ Change

$0.02

Daily % Change

0.08%

as of 11/25/2022

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 10/31/2022

YTD

-21.69%

1 Year

-21.24%

3 Year

6.36%

5 Year

7.11%

10 Year

8.63%

Inception
(01/01/2000)

7.08%

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 10/31/2022

TREASURY NOTES 7.81%
AMAZON.COM INC 2.68%
MICROSOFT CORP 2.57%
MASTERCARD INC-CLASS A 2.25%
MEDTRONIC INC 2.08%
JOHNSON & JOHNSON 2.06%
COCA COLA CO/THE 2.00%
SALESFORCE INC 1.96%
MONDELEZ INTERNATIONAL INC 1.94%
TREASURY BONDS 1.91%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 10/31/2022

Stocks
83.19%
Bonds
12.11%
Cash
4.70%

Detailed Asset Class Allocation

As of 10/31/2022

International Equities
22.58%
Small Capitalization
3.19%
Mid Capitalization
6.90%
Large Capitalization
50.52%
Long Term Fixed Income
2.16%
Intermediate Term Fixed Income
7.10%
Short Term Fixed Income
2.85%
Cash
4.70%

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

October Fund Holdings

As of 10/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 59.34 $5,870.70
ACTIVISION INC US ATVI 1,423.12 $103,602.97
ADIDAS AG-SPONSORED ADR DE ADDYY 1,870.87 $91,223.39
ADMIRAL GROUP PLC GB AMIGY 3,704.6 $85,539.30
ADYEN NV UNSPON ADR NL ADYEY 9,847.61 $141,510.09
AGREE REALTY CORP US ADC 64.07 $4,401.42
AIR LIQUIDE-ADR FR AIQUY 4,716.1 $123,278.82
AIR LEASE CORP 3.62500 04/01/2027 US 11,132.46 $9,806.24
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 2,476.26 $2,450.65
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 26,161.28 $17,801.48
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 13,915.57 $10,004.27
ALIGN TECHNOLOGY INC US ALGN 506.81 $98,472.24
ALLSTATE CORPORATION US ALL 24.6 $3,106.09
ALPHABET INC-CL A US GOOGL 3,195.85 $302,039.82
AMAZON.COM INC US AMZN 4,588.8 $470,076.59
AMAZON.COM INC 3.30000 04/13/2027 US 24,491.41 $22,974.75
DIAGEO PLC GB DGE LN 431.66 $17,763.94
BAE SYSTEMS PLC GB BA/ LN 1,450.73 $13,569.47
AMERICAN HOMES 4 RENT- A US AMH 337.87 $10,791.57
AMERICAN TOWER REIT INC US AMT 28.61 $5,927.79
ANALOG DEVICES INC US ADI 30.84 $4,397.96
APPLE HOSPITALITY REIT INC US APLE 417.58 $7,148.94
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 2,783.11 $2,796.38
ARCHER-DANIELS-MIDLAND CO US ADM 39.41 $3,821.88
ARGO BLOCKCHAIN PLC GB 200.38 $767.47
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 11,132.46 $9,698.84
AUTOMATIC DATA PROCESSING US ADP 24.49 $5,919.57
AVALONBAY COMMUNITIES INC US AVB 45.09 $7,895.54
BAE SYSTEMS PLC -SPON ADR GB BAESY 3,297.88 $123,142.82
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 10,575.84 $9,782.79
BANK OF AMERICA CORP 2.68700 04/22/2032 US 20,038.42 $15,446.39
BARRICK GOLD CORP CA GOLD 3,107.07 $46,699.25
BAXTER INTERNATIONAL INC US BAX 30.34 $1,648.76
BEST BUY INC US BBY 21.37 $1,462.22
BIOMARIN PHARMACEUTICAL INC US BMRN 1,476.16 $127,880.08
BLACKROCK INC US BLK 284.82 $183,970.63
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 9,740.9 $8,356.75
DECHRA PHARMACEUTICALS PLC GB DPH LN 394.03 $11,845.53
BOSTON SCIENTIFIC CORP US BSX 2,399.6 $103,446.81
BRANDYWINE REALTY TRUST US BDN 321.9 $2,111.63
BRENNTAG AG-UNSP ADR DE BNTGY 6,296.91 $76,003.68
BRISTOL MYERS SQUIBB CO US BMY 106.48 $8,249.16
BROADRIDGE FINANCIAL SOLUTIONS US BR 11.69 $1,754.06
JONAH ENERGY PARENT LLC US 110.82 $3,677.13
CBOE GLOBAL MARKETS INC US CBOE 785.39 $97,781.67
CDW CORP/DE US CDW 723.16 $124,970.05
C.H. ROBINSON WORLDWIDE INC US CHRW 15.92 $1,555.65
CVS HEALTH CORP US CVS 1,371.3 $129,861.75
COTERRA ENERGY INC US CTRA 55.33 $1,722.37
CAMDEN PROPERTY TRUST US CPT 49.82 $5,756.44
CAMPBELL SOUP CO US CPB 34.9 $1,846.57
CANADIAN NATIONAL RAILWAY CO CA CNI 1,512.85 $179,181.41
CARETRUST REIT INC US CTRE 346.11 $6,465.30
CATERPILLAR INC US CAT 30.34 $6,566.52
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 8,559.69 $140,635.73
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 10,408.85 $10,233.16
CHARTER COMMUNICATIONS INC-A US CHTR 495.39 $182,116.88
CHEVRON CORP US CVX 55.22 $9,988.75
CINCINNATI FINANCIAL CORP US CINF 16.03 $1,656.30
CISCO SYSTEMS INC US CSCO 192.31 $8,736.79
CITIGROUP INC US C 121.18 $5,557.17
CITIGROUP INC 1.46200 06/09/2027 US 18,925.18 $16,071.68
CLARK CNTY NV 1.51000 11/01/2028 US 19,481.8 $15,733.66
COCA COLA CO/THE US KO 5,861.29 $350,798.50
COGNEX CORP US CGNX 1,903.98 $88,021.19
COLGATE-PALMOLIVE CO US CL 58.06 $4,286.84
COMCAST CORP-CL A US CMCSA 200.44 $6,361.96
COMMUNITY HEALTHCARE TRUST I US CHCT 112.55 $3,894.20
CONAGRA BRAND INC. US CAG 52.99 $1,944.75
CONOCOPHILLIPS US COP 49.37 $6,225.37
CONSTELLATION BRANDS INC-A US STZ 1,207.26 $298,289.66
CONTROLADORA VUELA CIA DE AV MX VLRS 622.3 $5,214.91
COPART INC US CPRT 733.35 $84,349.99
COUSINS PROPERTIES INC US CUZ 253.49 $6,022.83
CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 13,915.57 $11,580.64
CUMMINS INC US CMI 12.69 $3,103.08
KIMBERLY CLARK DE MEXICO S.A.B. MX 11,805.97 $18,603.06
DEUTSCHE BOERSE AG ADR DE DBOEY 7,832.02 $126,878.70
DEVON ENERGY CORPORATION US DVN 33.29 $2,574.68
DIAMONDBACK ENERGY INC US FANG 10.41 $1,635.33
DIGITAL REALTY TRUST INC US DLR 80.65 $8,085.63
DOLLAR GENERAL CORP US DG 683.2 $174,249.89
DOLLAR TREE STORES INC US DLTR 1,430.02 $226,658.15
DOMINO'S PIZZA US DPZ 598.15 $198,728.35
DOUBLEVERIFY HOLDINGS INC US DV 6,156.08 $179,942.29
DOW INC US DOW 40.47 $1,891.40
DREYFUS GVT CSH MANAGEMENT US 865,465.92 $865,465.92
EOG RESOURCES INC US EOG 25.05 $3,419.56
EAST WEST BANCORP INC US EWBC 1,877.32 $134,359.94
EASTMAN CHEM CO US EMN 14.92 $1,145.81
EBAY INC US EBAY 37.24 $1,483.56
ELECTRONIC ARTS US EA 1,539.73 $193,944.43
EMERSON ELEC CO US EMR 42.75 $3,702.03
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 25,604.65 $23,448.62
EQUINIX INC US EQIX 369.93 $209,544.05
EQUITY LIFESTYLE PROPERTIES US ELS 150.96 $9,655.15
ESSEX PROPERTY TRUST INC US ESS 20.82 $4,626.52
EVERGY INC US EVRG 1,997.66 $122,117.20
EXPEDIA GROUP INC 3.25000 02/15/2030 US 11,132.46 $8,968.61
EXTRA SPACE STORAGE INC US EXR 22.04 $3,911.18
FMC CORP US FMC 2,274.58 $270,448.02
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 9,740.9 $9,764.09
META PLATFORMS INC US META 1,409.04 $131,265.72
FIFTH THIRD BANCORP US FITB 59.67 $2,129.62
GENERAL DYNAMICS CORP US GD 19.26 $4,810.94
GENERAL MLS INC US GIS 42.58 $3,473.81
GENUINE PARTS CO US GPC 15.14 $2,692.83
GETTY REALTY CORP US GTY 140.1 $4,411.81
GILEAD SCIENCES INC US GILD 76.03 $5,965.68
GREENIDGE GEN HLD INC US 189.25 $1,107.12
GRUPO AEROPORTUARIO CEN-ADR MX OMAB 930.73 $59,352.60
GRUPO AEROPORTUARIO PAC-ADR MX PAC 371.21 $57,560.10
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 251.87 $58,791.93
AIRBUS SE FR AIR FP 88.34 $9,558.29
ADIDAS AG DE ADS GR 127.36 $12,431.80
HCA INC 4.12500 06/15/2029 US 15,585.44 $13,736.88
HDFC BANK LTD-ADR IN HDB 2,988.06 $186,186.21
L'OREAL FR OR FP 11.69 $3,670.42
HEALTHCARE REALTY TRUST INC US HR 386.57 $7,859.06
HEINEKEN NV-SPN ADR NL HEINY 2,679.25 $111,831.84
HESKA CORP US HSKA 861.43 $61,816.19
HOME DEPOT INC US HD 42.58 $12,609.70
HONEYWELL INTERNATIONAL INC US HON 34.51 $7,040.86
HUMANA INC US HUM 213.63 $119,223.67
IDEXX LABORATORIES INC US IDXX 550.28 $197,923.78
KERRY GROUP PLC-A IE KYGA ID 115.28 $10,012.34
ILLINOIS TOOL WKS INC US ITW 21.82 $4,659.14
INDEPENDENCE REALTY TRUST IN US IRT 162.48 $2,723.14
INSPERITY INC US NSP 1,363.17 $160,881.26
INTEL CORP US INTC 186.64 $5,306.05
INTERCONTINENTALEXCHANGE INC US ICE 1,500.1 $143,364.44
INTERNATIONAL FLVRS & FRAGRANCES US IFF 21.71 $2,118.95
INTUIT INC US INTU 384.96 $164,570.57
INTUITIVE SURGICAL INC US ISRG 599.98 $147,878.01
INVITATION HOMES INC US INVH 284.77 $9,024.31
JP MORGAN CHASE & CO US JPM 1,121.09 $141,123.34
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 28,387.77 $25,668.10
JOHNSON & JOHNSON US JNJ 2,076.09 $361,177.74
KEYCORP US KEY 71.58 $1,279.17
KROGER CO US KR 54.55 $2,579.62
L3HARRIS TECHNOLOGIES INC US LHX 556.68 $137,204.57
BEIERSDORF AG DE BEI GR 177.95 $17,082.57
LENNAR CORP US LEN 21.1 $1,702.45
LIFE STORAGE INC US LSI 55.11 $6,095.24
LOCKHEED MARTIN CORP US LMT 15.31 $7,449.67
LULULEMON - ADR CA LULU 512.65 $168,682.26
MAGALLANES INC 4.05400 03/15/2029 US 26,717.9 $22,712.16
MARATHON PETROLEUM CORP US MPC 30.56 $3,472.07
MARRIOTT VACATIONS WORLD US VAC 17.7 $2,615.44
MASTERCARD INC-CLASS A US MA 1,203.92 $395,102.36
MCDONALDS CORP US MCD 26.44 $7,209.02
MERCADOLIBRE INC BR MELI 123.35 $111,212.70
MERCK & CO INC US MRK 111.32 $11,266.05
MICROSOFT CORP US MSFT 1,942.61 $450,938.97
MICROCHIP TECHNOLOGY INC US MCHP 30.73 $1,897.00
MID-AMERICA APARTMENT COMM US MAA 52.16 $8,211.89
MONDELEZ INTERNATIONAL INC US MDLZ 5,546.69 $341,010.60
MOODY'S CORPORATION US MCO 818.18 $216,711.34
MOTOROLA SOLUTIONS INC US MSI 13.58 $3,391.46
NAVIENT CORP 6.75000 06/25/2025 US 10,297.52 $9,846.62
NESTLE S.A. - ADR CH NSRGY 1,982.13 $215,477.80
NETAPP INC US NTAP 22.15 $1,534.58
KEYENCE CORP JP 6861 JP 33.4 $12,592.99
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 5,287.92 $5,021.41
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 11,689.08 $9,899.68
NEWMONT GOLDCORP CORP US NEM 1,363.28 $57,694.04
NIKE INC CLASS B US NKE 1,086.97 $100,740.68
NORFOLK SOUTHN CORP US NSC 525.51 $119,852.54
NIKON CORP JP 7731 JP 656.82 $6,352.15
NORTHROP GRUMMAN CORP US NOC 288.05 $158,143.62
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 8,071.03 $0.81
NOVARTIS AG- REG CH NVS 1,970.28 $159,848.66
NUCOR CORP US NUE 20.15 $2,647.27
NVIDIA CORP US NVDA 640.9 $86,501.68
OMNICOM GROUP US OMC 22.77 $1,656.22
SONY CORP FIRST SECTION JP 6758 JP 139.16 $9,383.92
TOKYO ELECTRON LTD JP 8035 JP 16.7 $4,393.37
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 11,132.46 $9,577.23
PPG INDUSTRIES INC US PPG 14.25 $1,627.01
PACKAGING CORP OF AMERICA US PKG 11.02 $1,324.85
PARKER HANNIFIN CORP US PH 7.96 $2,313.25
DEUTSCHE BOERSE AG DE DB1 GR 91.12 $14,817.78
PAYPAL HOLDINGS INC US PYPL 2,263.79 $189,207.18
PELORUS FUND REIT 7.00000 09/30/2026 US 10,575.84 $9,522.52
NESTLE SA-REGISTERED CH NESN SW 235.28 $25,612.79
PEPSICO INC 3.90000 07/18/2032 US 20,595.05 $19,050.78
PFIZER INC US PFE 175.11 $8,151.54
PIONEER NATURAL RESOURCES CO US PXD 10.85 $2,783.11
POPULAR INC 6.12500 09/14/2023 PR 8,905.97 $8,904.48
PROCTER & GAMBLE CO US PG 94.57 $12,735.77
PROLOGIS US PLD 326.68 $36,180.03
PUBLIC STORAGE INC US PSA 45.42 $14,068.98
QUALCOMM INC US QCOM 52.93 $6,228.31
QUALCOMM INC 4.25000 05/20/2032 US 22,264.92 $20,867.13
QUEST DIAGNOSTICS INC US DGX 12.8 $1,839.05
RADIUS GLOBAL INFRASTRUCTURE US RADI 992.46 $9,279.49
REGIONS FINANCIAL CORP. US RF 97.08 $2,130.80
REPUBLIC SERVICES INC US RSG 25.38 $3,366.16
RESTAURANT BRANDS INTERN CA QSR 122.23 $7,258.28
REXFORD INDUSTRIAL REALITY IN US REXR 174.72 $9,658.74
GETINGE AB-B SHS SE GETIB SS 814.23 $16,523.12
ROSS STORES INC US ROST 20.21 $1,933.46
HEINEKEN NV NL HEIA NA 180.57 $15,083.65
RYANAIR HOLDINGS - ADR IE RYAAY 2,573.82 $177,310.76
S&P GLOBAL INC US SPGI 452.87 $145,483.97
SBA COMMUNICATIONS CORP US SBAC 907.24 $244,863.99
SALESFORCE INC US CRM 2,118.12 $344,384.67
SEA LTD - ADR SG SE 1,478 $73,427.08
SEAGEN INC US SGEN 542.99 $69,046.05
SERVICENOW INC US NOW 713.2 $300,072.16
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 35,067.24 $26,619.66
SKYWORKS SOLUTIONS INC US SWKS 10.91 $938.35
JM SMUCKER CO/THE-NEW COM WI US SJM 11.36 $1,710.76
SNOWFLAKE INC-CLASS A US SNOW 1,365.73 $218,926.51
SONY CORP SPONSORED ADR JP SONY 2,398.21 $161,807.21
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 20,595.05 $20,074.25
STANLEY BLACK & DECKER INC US SWK 10.13 $795.15
STEEL DYNAMICS INC US STLD 20.82 $1,957.90
SUN COMMUNITIES US SUI 85.94 $11,589.36
SYNCHRONOSS TECH US 364.48 $6,932.35
SYNERGY ONE LENDING 5.50000 10/14/2026 US 9,740.9 $8,196.02
TJX COMPANIES INC US TJX 52.43 $3,780.48
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 2,324.12 $143,049.79
TARGET CORP US TGT 20.6 $3,382.74
TENCENT HOLDINGS 3.97500 04/11/2029 KY 45,086.46 $37,962.19
TERRENO REALTY CORP US TRNO 138.54 $7,916.37
TEXAS INSTRUMENTS INC US TXN 31.84 $5,114.27
THERMO FISHER SCIENTIFIC INC US TMO 332.69 $170,994.48
3M CO US MMM 36.46 $4,586.15
TRACTOR SUPPLY COMPANY US TSCO 7.4 $1,626.98
TRAVELLERS COS INC US TRV 18.7 $3,449.87
TYSON FOODS INC -CL A US TSN 30.95 $2,115.31
UDR INC US UDR 267.96 $10,654.02
U.S. BANCORP US USB 98.74 $4,191.72
UBISOFT ENTERTAIN-UNSPON ADR FR UBSFY 10,969.42 $59,673.66
UNILEVER PLC - ADR GB UL 5,161.95 $234,920.52
UNION PAC CORP US UNP 33.95 $6,693.69
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 12,171.06 $10,218.04
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 1,232.74 $1,104.02
UNITED PARCEL SERVICE US UPS 34.57 $5,799.19
US TREASURY N/B 3.00000 05/15/2047 US 428,599.64 $335,781.03
US TREASURY N/B 3.12500 11/15/2028 US 913,974.81 $858,565.09
UNITED STATES TREAS NTS 1.75000 05/15/2023 US 432,217.69 $425,751.30
US TREASURY N/B 1.37500 11/15/2031 US 107,984.84 $86,067.30
UNITEDHEALTH GROUP INC US UNH 212.35 $117,887.01
UNIVERSAL DISPLAY CORP US OLED 1,234.7 $117,568.22
VF CORP US VFC 26.22 $740.63
VENTAS INC US VTR 101.7 $3,979.33
VERTEX PHARMACEUTICALS INC US VRTX 438.23 $136,727.51
PARAMOUNT GLOBAL CLASS B US PARA 48.93 $896.35
VISA INC - CLASS A SHARES US V 1,523.48 $315,603.47
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 5,009.61 $4,771.00
VISTRA OPERATIONS 4.87500 05/13/2024 US 18,925.18 $18,415.34
WAL MART STORES US WMT 97.08 $13,816.69
WALGREENS BOOTS ALLIANCE INC US WBA 54.49 $1,989.01
WASTE MANAGEMENT INC US WM 28.39 $4,495.77
WELLTOWER INC. US WELL 121.34 $7,406.83
ZOETIS INC US ZTS 363.59 $54,821.51
ADMIRAL GROUP PLC GB ADM LN 763.13 $17,647.88
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 356.24 $2,840.85
UBISOFT ENTERTAINMENT FR UBI FP 339.04 $9,301.84
DANONE FR BN FP 137.49 $6,832.98
AIR LIQUIDE FR AI FP 153.18 $20,038.40
BRENNTAG AG DE BNR GR 169.32 $10,274.00
KEYWORDS STUDIOS PLC IE KWS LN 132.75 $3,671.08
HELIOS TOWERS PLC GB HTWS LN 2,581.56 $3,709.17
AVANZA BANK HOLDING AB SE AZA SS 643.29 $12,831.71
AMERICAN TANKER INC 7.75000 07/02/2025 US 9,462.59 $8,811.35
SOFTWAREONE HOLDING AG CH SWON SW 896.11 $10,084.99
TENCENT HOLDINGS LTD CN 700 HK 278.31 $7,313.13
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 295.18 $4,250.55
SEASPAN CORP 6.50000 02/05/2024 MH 11,132.46 $11,007.22
PETROTAL CORP 12.00000 02/16/2024 CA 7,570.07 $7,657.52
IMCD NV NL IMCD NA 55.55 $7,204.65
FINECOBANK SPA IT FBK IM 1,330.5 $17,929.22
ALLFUNDS GROUP PLC GB ALLFG NA 892.88 $5,615.12
ROTORK PLC GB ROR LN 3,761.55 $11,025.39
AUTO TRADER GROUP PLC GB AUTO LN 2,743.54 $16,422.22
CELLNEX TELECOM SA ES CLNX SM 227.99 $7,462.26
ASSA ABLOY AB-B SE ASSAB SS 609.06 $12,298.12
CLEANAWAY WASTE MANAGEMENT AU CWY AU 8,054.89 $13,932.80
INTERMEDIATE CAPITAL GROUP GB ICP LN 1,088.42 $13,253.45
ADYEN NV NL ADYEN NA 9.63 $13,747.18
BANK OF N.T. BUTTERFIELD&SON BM NTB 194.76 $6,727.09
BUNGE LIMITED US BG 14.75 $1,455.88
EATON CORP PLC US ETN 28.89 $4,335.33
JOHNSON CONTROLS INTERNATIONAL US JCI 49.04 $2,836.39
LINDE PLC GB LIN 338.82 $100,747.05
MEDTRONIC INC IE MDT 4,187.14 $365,704.82
ROYALTY PHARMA PLC- CL A US RPRX 39.19 $1,658.36
STONECO LTD-A BR STNE 573.38 $6,020.46
TRANE TECHNOLOGIES IE TT 13.86 $2,212.46
ALCON INC CH ALC 1,605.47 $97,419.76
CHUBB LTD CH CB 26.61 $5,717.49
GARMIN LTD CH GRMN 18.98 $1,671.07
TE CONNECTIVITY LIMITED CH TEL 18.76 $2,292.81
LYONDELLBASELL INDU-CL A US LYB 20.6 $1,574.49
PLAYA HOTELS AND RESORTS US PLYA 304.42 $1,878.25
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 9,963.55 $9,411.50

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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