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

$18.81

Daily $ Change

$0.29

Daily % Change

1.54%

as of 02/02/2023

CUSIP

56382R787

Inception Date

05/14/2015

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

Important Documents

Annual Report
Applications & Forms

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

Performance

As of 12/31/2022

YTD

---

1 Year

-20.05%

3 Year

5.39%

5 Year

7.22%

10 Year

8.93%

Inception
(01/01/2000)

7.61%

Performance through the inception date of the Retirement Target CIT Class U1 units is based on the historical performance of the CIT’s oldest unit class. Performance through the inception date of the oldest unit class (08/17/2012) 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 U1 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 0.54%
Net 0.49%*

*Includes acquired fund fees and expenses of the underlying collective investment trusts and reflects the Trustee’s contractual agreement to limit its fees and voluntary agreement to reimburse certain expenses.

Top Ten Investments

As of 12/31/2022

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

This investment list is unaudited and excludes cash.

Asset Allocation

As of 12/31/2022

Stocks 79.30%
Bonds 16.03%
Cash 4.67%

Detailed Asset Class Allocation

As of 12/31/2022

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

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

December Fund Holdings

As of 12/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 53.49 $5,872.33
ACTIVISION INC US ATVI 1,448.62 $110,892.11
ADIDAS AG-SPONSORED ADR DE ADDYY 1,904.4 $129,003.74
ADMIRAL GROUP PLC GB AMIGY 3,771 $95,858.78
ADYEN NV UNSPON ADR NL ADYEY 10,024.1 $138,332.53
AGREE REALTY CORP US ADC 93.38 $6,623.12
AIR LIQUIDE-ADR FR AIQUY 4,800.62 $135,773.59
AIR LEASE CORP 3.62500 04/01/2027 US 11,331.98 $10,357.38
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 2,520.64 $2,533.02
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 26,630.14 $22,416.62
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 14,164.97 $11,292.53
ALLSTATE CORPORATION US ALL 20.85 $2,827.37
ALPHABET INC-CL A US GOOGL 3,253.13 $287,023.41
AMAZON.COM INC US AMZN 7,009.51 $588,798.62
AMAZON.COM INC 3.30000 04/13/2027 US 24,930.35 $23,699.86
DIAGEO PLC GB DGE LN 439.4 $19,233.25
BAE SYSTEMS PLC GB BA/ LN 1,777.42 $18,357.92
AMERICAN HOMES 4 RENT- A US AMH 217.63 $6,559.39
AMERICAN TOWER REIT INC US AMT 29.12 $6,170.04
AMERICOLD REALTY TRUST US COLD 110.54 $3,129.48
ANALOG DEVICES INC US ADI 29.52 $4,842.13
APPLIED MATERIALS INC US AMAT 1,194.9 $116,359.39
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 2,832.99 $2,832.60
ARCHER-DANIELS-MIDLAND CO US ADM 36.49 $3,388.00
ARGO BLOCKCHAIN PLC GB 203.98 $622.13
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 11,331.98 $10,315.34
ATLASSIAN CORP PLC-CLASS A AU TEAM 95.53 $12,292.62
AUTOMATIC DATA PROCESSING US ADP 21.47 $5,129.30
AVALONBAY COMMUNITIES INC US AVB 27.65 $4,466.03
BAE SYSTEMS PLC -SPON ADR GB BAESY 3,356.98 $141,480.12
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 10,765.38 $10,154.21
BANK OF AMERICA CORP 2.68700 04/22/2032 US 20,397.56 $16,378.88
BARRICK GOLD CORP CA GOLD 3,162.75 $54,336.12
BAXTER INTERNATIONAL INC US BAX 27.59 $1,406.43
BEST BUY INC US BBY 19.09 $1,531.56
BIOMARIN PHARMACEUTICAL INC US BMRN 1,174.11 $121,508.24
BLACKROCK INC US BLK 168.96 $119,729.96
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 8,045.7 $7,063.13
DECHRA PHARMACEUTICALS PLC GB DPH LN 354.75 $11,181.58
BOSTON SCIENTIFIC CORP US BSX 1,802.69 $83,410.50
BRANDYWINE REALTY TRUST US BDN 327.66 $2,015.13
BRENNTAG AG-UNSP ADR DE BNTGY 6,409.76 $81,596.28
BRISTOL MYERS SQUIBB CO US BMY 96.32 $6,930.35
BROADRIDGE FINANCIAL SOLUTIONS US BR 10.65 $1,428.76
JONAH ENERGY PARENT LLC US 112.81 $7,020.16
CBOE GLOBAL MARKETS INC US CBOE 1,336.95 $167,746.69
CDW CORP/DE US CDW 736.13 $131,457.24
C.H. ROBINSON WORLDWIDE INC US CHRW 14.39 $1,317.70
CVS HEALTH CORP US CVS 1,395.87 $130,081.39
COTERRA ENERGY INC US CTRA 52.58 $1,291.90
CAMDEN PROPERTY TRUST US CPT 38.3 $4,285.24
CAMPBELL SOUP CO US CPB 30.6 $1,736.34
CANADIAN NATIONAL RAILWAY CO CA CNI 1,529.76 $181,857.89
CARETRUST REIT INC US CTRE 235.08 $4,367.82
CATERPILLAR INC US CAT 27.37 $6,555.97
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 8,713.1 $143,766.15
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 10,595.4 $11,033.42
CHEVRON CORP US CVX 51.67 $9,274.93
CINCINNATI FINANCIAL CORP US CINF 14.5 $1,485.16
CISCO SYSTEMS INC US CSCO 171.06 $8,149.12
CITIGROUP INC US C 109.3 $4,943.50
CITIGROUP INC 1.46200 06/09/2027 US 19,264.36 $16,742.97
CLARK CNTY NV 1.51000 11/01/2028 US 19,830.96 $16,304.52
COCA COLA CO/THE US KO 5,966.34 $379,519.03
COGNEX CORP US CGNX 1,938.11 $91,304.27
COLGATE-PALMOLIVE CO US CL 51.73 $4,075.84
COMCAST CORP-CL A US CMCSA 185.84 $6,498.98
COMMUNITY HEALTHCARE TRUST I US CHCT 208 $7,446.34
CONAGRA BRAND INC. US CAG 46.06 $1,782.70
CONOCOPHILLIPS US COP 47.59 $5,616.13
CONSTELLATION BRANDS INC-A US STZ 1,228.9 $284,796.69
COOPER COS INC/THE US COO 289.25 $95,645.87
COPART INC US CPRT 1,492.99 $90,908.03
COUSINS PROPERTIES INC US CUZ 258.03 $6,525.56
CUMMINS INC US CMI 12.01 $2,910.36
KIMBERLY CLARK DE MEXICO S.A.B. MX 10,867.37 $18,442.71
DEUTSCHE BOERSE AG ADR DE DBOEY 7,972.39 $136,806.13
DEVON ENERGY CORPORATION US DVN 33.88 $2,084.12
DIAMONDBACK ENERGY INC US FANG 10.6 $1,449.24
DIGITAL REALTY TRUST INC US DLR 82.1 $8,232.18
DOLLAR GENERAL CORP US DG 695.44 $171,252.94
DOLLAR TREE STORES INC US DLTR 1,113.42 $157,482.60
DOMINO'S PIZZA US DPZ 608.87 $210,911.56
DOUBLEVERIFY HOLDINGS INC US DV 6,266.41 $137,610.43
DOW INC US DOW 36.83 $1,855.81
DREYFUS GVT CSH MANAGEMENT US 905,771.5 $905,771.50
EOG RESOURCES INC US EOG 25.5 $3,302.36
EAST WEST BANCORP INC US EWBC 1,910.97 $125,932.78
EASTMAN CHEM CO US EMN 13.15 $1,070.54
EBAY INC US EBAY 34.62 $1,435.66
ELECTRONIC ARTS US EA 1,567.33 $191,495.85
EMERSON ELEC CO US EMR 38.53 $3,701.07
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 26,063.55 $25,834.36
EQUINIX INC US EQIX 376.56 $246,659.13
EQUITY LIFESTYLE PROPERTIES US ELS 153.66 $9,926.54
ESSEX PROPERTY TRUST INC US ESS 18.02 $3,818.34
EVERGY INC US EVRG 2,033.47 $127,966.05
EXPEDIA GROUP INC 3.25000 02/15/2030 US 11,331.98 $9,645.94
FMC CORP US FMC 1,657.58 $206,866.59
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 9,915.48 $9,942.44
META PLATFORMS INC US META 2,084.23 $250,816.69
FIFTH THIRD BANCORP US FITB 58.59 $1,922.22
GENERAL DYNAMICS CORP US GD 17.34 $4,301.71
GENERAL MLS INC US GIS 42.38 $3,553.70
GENUINE PARTS CO US GPC 13.43 $2,329.96
GETTY REALTY CORP US GTY 247.66 $8,383.30
GILEAD SCIENCES INC US GILD 72.98 $6,265.16
GREENIDGE GEN HLD INC US 192.64 $206.13
GRUPO AEROPORTUARIO CEN-ADR MX OMAB 599.06 $37,046.18
GRUPO AEROPORTUARIO PAC-ADR MX PAC 270.27 $38,867.19
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 185.62 $43,247.09
AIRBUS SE FR AIR FP 82.04 $9,755.18
ADIDAS AG DE ADS GR 129.64 $17,569.35
HDFC BANK LTD-ADR IN HDB 3,006.77 $205,693.13
L'OREAL FR OR FP 10.14 $3,631.87
HEALTHCARE REALTY TRUST INC US HR 531.02 $10,232.69
HEINEKEN NV-SPN ADR NL HEINY 2,727.27 $128,236.08
HESKA CORP US HSKA 670.29 $41,665.00
HOME DEPOT INC US HD 37.11 $11,722.27
HONEYWELL INTERNATIONAL INC US HON 33.54 $7,188.19
HUMANA INC US HUM 157.12 $80,474.19
IDEXX LABORATORIES INC US IDXX 560.14 $228,514.55
KERRY GROUP PLC-A IE KYGA ID 117.34 $10,599.60
ILLINOIS TOOL WKS INC US ITW 19.89 $4,381.24
INDEPENDENCE REALTY TRUST IN US IRT 257.01 $4,333.18
INTEL CORP US INTC 189.98 $5,021.19
INTERCONTINENTALEXCHANGE INC US ICE 1,526.98 $156,653.27
INTERNATIONAL FLVRS & FRAGRANCES US IFF 19.94 $2,090.96
INTUIT INC US INTU 391.86 $152,519.65
INTUITIVE SURGICAL INC US ISRG 472.37 $125,344.29
INVITATION HOMES INC US INVH 289.87 $8,591.80
JP MORGAN CHASE & CO US JPM 1,136.31 $152,379.70
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 28,896.54 $27,107.54
JOHNSON & JOHNSON US JNJ 1,973.24 $348,572.33
KEYCORP US KEY 64.42 $1,122.24
KROGER CO US KR 51.5 $2,296.04
L3HARRIS TECHNOLOGIES INC US LHX 793.13 $165,136.56
BEIERSDORF AG DE BEI GR 164.26 $18,769.95
LENNAR CORP US LEN 19.6 $1,774.19
LEXINGTON REALTY TRUST US LXP 391.58 $3,923.60
LIFE STORAGE INC US LSI 69.35 $6,831.14
LOCKHEED MARTIN CORP US LMT 13.49 $6,560.34
LULULEMON - ADR CA LULU 519.8 $166,532.81
MAGALLANES INC 4.05400 03/15/2029 US 27,196.74 $23,613.34
MARATHON PETROLEUM CORP US MPC 27.25 $3,172.02
MARRIOTT VACATIONS WORLD US VAC 19.21 $2,585.16
MASTERCARD INC-CLASS A US MA 1,225.5 $426,141.93
MCDONALDS CORP US MCD 23.57 $6,211.54
MERCADOLIBRE INC BR MELI 125.56 $106,252.46
MERCK & CO INC US MRK 102.78 $11,403.55
MICROSOFT CORP US MSFT 1,977.43 $474,227.24
MICROCHIP TECHNOLOGY INC US MCHP 31.28 $2,197.16
MICRON TECHNOLOGY INC US MU 1,351.17 $67,531.39
MID-AMERICA APARTMENT COMM US MAA 60.34 $9,473.21
MONDELEZ INTERNATIONAL INC US MDLZ 5,637.26 $375,723.49
MOODY'S CORPORATION US MCO 1,167.99 $325,424.49
MOTOROLA SOLUTIONS INC US MSI 12.47 $3,212.40
NAVIENT CORP 6.75000 06/25/2025 US 10,482.08 $10,075.95
NESTLE S.A. - ADR CH NSRGY 2,017.66 $232,716.72
NETAPP INC US NTAP 22.55 $1,354.39
KEYENCE CORP JP 6861 JP 28.33 $10,998.95
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 5,382.69 $5,161.08
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 11,898.58 $10,182.03
NEWMONT GOLDCORP CORP US NEM 1,380.29 $65,149.75
NIKE INC CLASS B US NKE 1,106.45 $129,466.20
NORFOLK SOUTHN CORP US NSC 534.02 $131,593.06
NIKON CORP JP 7731 JP 668.59 $5,912.13
NORTHROP GRUMMAN CORP US NOC 292.65 $159,671.84
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 8,215.68 $0.82
NOVARTIS AG- REG CH NVS 1,629.76 $147,852.27
NUCOR CORP US NUE 18.81 $2,479.49
OMNICOM GROUP US OMC 21.13 $1,723.91
SONY CORP FIRST SECTION JP 6758 JP 141.65 $10,796.77
TOKYO ELECTRON LTD JP 8035 JP 17 $4,994.49
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 9,008.92 $7,843.94
PPG INDUSTRIES INC US PPG 13.09 $1,645.74
PACKAGING CORP OF AMERICA US PKG 9.46 $1,210.31
PARKER HANNIFIN CORP US PH 7.42 $2,159.93
DEUTSCHE BOERSE AG DE DB1 GR 81.53 $14,039.28
PAYPAL HOLDINGS INC US PYPL 2,304.36 $164,116.34
PELORUS FUND REIT 7.00000 09/30/2026 US 10,765.38 $9,914.80
NESTLE SA-REGISTERED CH NESN SW 215.48 $24,889.69
PEPSICO INC 3.90000 07/18/2032 US 20,964.16 $19,889.68
PFIZER INC US PFE 154.62 $7,922.98
PIONEER NATURAL RESOURCES CO US PXD 11.05 $2,523.41
POPULAR INC 6.12500 09/14/2023 PR 9,065.58 $9,012.50
PROCTER & GAMBLE CO US PG 82.04 $12,434.51
PROLOGIS US PLD 340.75 $38,413.03
PUBLIC STORAGE INC US PSA 50.6 $14,176.85
QUALCOMM INC US QCOM 53.88 $5,923.96
QUALCOMM 5.40000 05/20/2033 US 22,097.35 $23,121.17
QUEST DIAGNOSTICS INC US DGX 12.24 $1,914.60
RADIUS GLOBAL INFRASTRUCTURE US RADI 1,131.61 $13,375.64
REALTY INCOME CORP US O 37.79 $2,397.16
REGIONS FINANCIAL CORP. US RF 90.03 $1,941.10
REPUBLIC SERVICES INC US RSG 22.66 $2,923.42
RESTAURANT BRANDS INTERN CA QSR 110.88 $7,170.83
REXFORD INDUSTRIAL REALITY IN US REXR 177.86 $9,718.02
GETINGE AB-B SHS SE GETIB SS 828.82 $17,231.68
ROSS STORES INC US ROST 18.81 $2,183.40
HEINEKEN NV NL HEIA NA 204.77 $19,287.64
RYANAIR HOLDINGS - ADR IE RYAAY 2,608.11 $194,982.38
SBA TOWER TRUST 6.59900 01/15/2028 US 17,847.86 $17,904.50
S&P GLOBAL INC US SPGI 728.42 $243,976.81
SBA COMMUNICATIONS CORP US SBAC 918.85 $257,563.77
SALESFORCE INC US CRM 2,156.08 $285,874.45
SEAGEN INC US SGEN 552.72 $71,029.68
SERVICENOW INC US NOW 725.98 $281,877.45
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 35,695.73 $28,801.02
SKYWORKS SOLUTIONS INC US SWKS 11.11 $1,012.03
JM SMUCKER CO/THE-NEW COM WI US SJM 10.77 $1,705.88
SNOWFLAKE INC-CLASS A US SNOW 1,390.21 $199,550.30
SONY CORP SPONSORED ADR JP SONY 2,441.19 $186,214.05
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 20,964.16 $20,758.22
STAG INDUSTRIAL INC US STAG 74.22 $2,398.19
STANLEY BLACK & DECKER INC US SWK 10.31 $774.64
STEEL DYNAMICS INC US STLD 18.64 $1,821.24
SUN COMMUNITIES US SUI 87.48 $12,510.05
SYNCHRONOSS TECH US 367.78 $6,601.64
SYNERGY ONE LENDING 5.50000 10/14/2026 US 9,915.48 $8,544.67
TJX COMPANIES INC US TJX 50.48 $4,018.52
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 2,404.14 $179,084.05
TARGET CORP US TGT 19.15 $2,854.27
TENCENT HOLDINGS 3.97500 04/11/2029 KY 45,894.5 $42,445.90
TERRENO REALTY CORP US TRNO 116.44 $6,621.72
TEXAS INSTRUMENTS INC US TXN 31.67 $5,232.99
THERMO FISHER SCIENTIFIC INC US TMO 338.66 $186,494.54
3M CO US MMM 32.64 $3,913.72
TRACTOR SUPPLY COMPANY US TSCO 7.03 $1,580.60
TRAVELLERS COS INC US TRV 17.17 $3,218.82
TYSON FOODS INC -CL A US TSN 27.54 $1,714.16
UDR INC US UDR 175.99 $6,815.92
U.S. BANCORP US USB 88.67 $3,867.02
UBISOFT ENTERTAIN-UNSPON ADR FR UBSFY 11,166.02 $62,753.03
UNILEVER PLC - ADR GB UL 5,254.47 $264,562.44
UNION PAC CORP US UNP 30.82 $6,382.51
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 11,427.31 $9,743.28
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 1,254.83 $1,136.21
UNITED PARCEL SERVICE US UPS 29.8 $5,180.97
US TREASURY N/B 3.12500 11/15/2028 US 930,355.27 $888,852.71
US TEASURY NOTE 1.75000 11/15/2029 US 1,007,412.71 $880,699.08
US TREASURY N/B 0.87500 11/15/2030 US 882,194.37 $707,271.77
US TREASURY N/B 1.37500 11/15/2031 US 109,920.17 $89,808.22
UNITEDHEALTH GROUP INC US UNH 160.18 $84,922.90
VF CORP US VFC 25.78 $711.79
VENTAS INC US VTR 103.52 $4,663.47
VERTEX PHARMACEUTICALS INC US VRTX 446.08 $128,819.92
PARAMOUNT GLOBAL CLASS B US PARA 41.02 $692.45
VISA INC - CLASS A SHARES US V 1,550.78 $322,190.26
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 5,099.39 $4,895.89
VISTRA OPERATIONS 4.87500 05/13/2024 US 19,264.36 $18,857.44
WAL MART STORES US WMT 91.05 $12,910.32
WALGREENS BOOTS ALLIANCE INC US WBA 47.31 $1,767.54
WASTE MANAGEMENT INC US WM 25.27 $3,964.41
WELLTOWER INC. US WELL 104.08 $6,822.72
ZOETIS INC US ZTS 370.1 $54,238.50
ADMIRAL GROUP PLC GB ADM LN 836.92 $21,484.57
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 294.63 $2,265.24
UBISOFT ENTERTAINMENT FR UBI FP 345.12 $9,749.80
DANONE FR BN FP 139.95 $7,376.16
AIR LIQUIDE FR AI FP 138.59 $19,670.84
BRENNTAG AG DE BNR GR 109.58 $6,988.46
KEYWORDS STUDIOS PLC IE KWS LN 105.73 $3,469.59
HELIOS TOWERS PLC GB HTWS LN 2,627.83 $3,370.71
AVANZA BANK HOLDING AB SE AZA SS 516.23 $11,078.03
AMERICAN TANKER INC 7.75000 07/02/2025 US 9,632.18 $9,226.66
SOFTWAREONE HOLDING AG CH SWON SW 742.19 $10,534.16
TENCENT HOLDINGS LTD CN 700 HK 283.3 $12,012.00
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 300.47 $4,879.59
SEASPAN CORP 6.50000 02/05/2024 MH 11,331.98 $11,251.90
PETROTAL CORP 12.00000 02/16/2024 CA 7,705.74 $7,763.83
IMCD NV NL IMCD NA 26.35 $3,768.69
FINECOBANK SPA IT FBK IM 1,147.87 $19,061.71
ALLFUNDS GROUP PLC GB ALLFG NA 908.88 $6,373.75
ROTORK PLC GB ROR LN 2,192.68 $8,148.47
AUTO TRADER GROUP PLC GB AUTO LN 2,792.71 $17,391.19
CELLNEX TELECOM SA ES CLNX SM 289.93 $9,617.30
ASSA ABLOY AB-B SE ASSAB SS 562.86 $12,106.69
CLEANAWAY WASTE MANAGEMENT AU CWY AU 8,199.25 $14,609.70
INTERMEDIATE CAPITAL GROUP GB ICP LN 884.86 $12,217.39
ADYEN NV NL ADYEN NA 9.8 $13,607.85
BANK OF N.T. BUTTERFIELD&SON BM NTB 198.25 $5,909.92
BUNGE LIMITED US BG 13.94 $1,390.63
EATON CORP PLC US ETN 26.52 $4,161.82
JOHNSON CONTROLS INTERNATIONAL US JCI 49.92 $3,194.71
LINDE PLC GB LIN 326.47 $106,489.37
MEDTRONIC INC IE MDT 4,260.14 $331,098.33
RENAISSANCERE HOLDINGS LTD BM RNR 39.32 $7,244.28
ROYALTY PHARMA PLC- CL A US RPRX 37.17 $1,468.91
STONECO LTD-A BR STNE 337.75 $3,188.36
TRANE TECHNOLOGIES IE TT 12.75 $2,142.89
ALCON INC CH ALC 1,634.24 $112,027.22
CHUBB LTD CH CB 23.85 $5,262.15
GARMIN LTD CH GRMN 17.85 $1,647.18
TE CONNECTIVITY LIMITED CH TEL 17.68 $2,029.42
LYONDELLBASELL INDU-CL A US LYB 18.13 $1,505.43
PLAYA HOTELS AND RESORTS US PLYA 309.87 $2,023.47
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 10,142.12 $9,611.12

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

$18.81

Daily $ Change

$0.29

Daily % Change

1.54%

as of 02/02/2023

CUSIP

56382R787

Inception Date

05/14/2015

This fund is available only 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 12/31/2022

YTD

---

1 Year

-20.05%

3 Year

5.39%

5 Year

7.22%

10 Year

8.93%

Inception
(01/01/2000)

7.61%

Performance through the inception date of the Retirement Target CIT Class U1 units is based on the historical performance of the CIT’s oldest unit class. Performance through the inception date of the oldest unit class (08/17/2012) 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 U1 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 0.54%
Net 0.49%*

*Includes acquired fund fees and expenses of the underlying collective investment trusts and reflects the Trustee’s contractual agreement to limit its fees and voluntary agreement to reimburse certain expenses.

Top Ten Investments

As of 12/31/2022

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

This investment list is unaudited and excludes cash.

Asset Allocation

As of 12/31/2022

Stocks
79.30%
Bonds
16.03%
Cash
4.67%

Detailed Asset Class Allocation

As of 12/31/2022

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

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

December Fund Holdings

As of 12/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 53.49 $5,872.33
ACTIVISION INC US ATVI 1,448.62 $110,892.11
ADIDAS AG-SPONSORED ADR DE ADDYY 1,904.4 $129,003.74
ADMIRAL GROUP PLC GB AMIGY 3,771 $95,858.78
ADYEN NV UNSPON ADR NL ADYEY 10,024.1 $138,332.53
AGREE REALTY CORP US ADC 93.38 $6,623.12
AIR LIQUIDE-ADR FR AIQUY 4,800.62 $135,773.59
AIR LEASE CORP 3.62500 04/01/2027 US 11,331.98 $10,357.38
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 2,520.64 $2,533.02
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 26,630.14 $22,416.62
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 14,164.97 $11,292.53
ALLSTATE CORPORATION US ALL 20.85 $2,827.37
ALPHABET INC-CL A US GOOGL 3,253.13 $287,023.41
AMAZON.COM INC US AMZN 7,009.51 $588,798.62
AMAZON.COM INC 3.30000 04/13/2027 US 24,930.35 $23,699.86
DIAGEO PLC GB DGE LN 439.4 $19,233.25
BAE SYSTEMS PLC GB BA/ LN 1,777.42 $18,357.92
AMERICAN HOMES 4 RENT- A US AMH 217.63 $6,559.39
AMERICAN TOWER REIT INC US AMT 29.12 $6,170.04
AMERICOLD REALTY TRUST US COLD 110.54 $3,129.48
ANALOG DEVICES INC US ADI 29.52 $4,842.13
APPLIED MATERIALS INC US AMAT 1,194.9 $116,359.39
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 2,832.99 $2,832.60
ARCHER-DANIELS-MIDLAND CO US ADM 36.49 $3,388.00
ARGO BLOCKCHAIN PLC GB 203.98 $622.13
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 11,331.98 $10,315.34
ATLASSIAN CORP PLC-CLASS A AU TEAM 95.53 $12,292.62
AUTOMATIC DATA PROCESSING US ADP 21.47 $5,129.30
AVALONBAY COMMUNITIES INC US AVB 27.65 $4,466.03
BAE SYSTEMS PLC -SPON ADR GB BAESY 3,356.98 $141,480.12
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 10,765.38 $10,154.21
BANK OF AMERICA CORP 2.68700 04/22/2032 US 20,397.56 $16,378.88
BARRICK GOLD CORP CA GOLD 3,162.75 $54,336.12
BAXTER INTERNATIONAL INC US BAX 27.59 $1,406.43
BEST BUY INC US BBY 19.09 $1,531.56
BIOMARIN PHARMACEUTICAL INC US BMRN 1,174.11 $121,508.24
BLACKROCK INC US BLK 168.96 $119,729.96
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 8,045.7 $7,063.13
DECHRA PHARMACEUTICALS PLC GB DPH LN 354.75 $11,181.58
BOSTON SCIENTIFIC CORP US BSX 1,802.69 $83,410.50
BRANDYWINE REALTY TRUST US BDN 327.66 $2,015.13
BRENNTAG AG-UNSP ADR DE BNTGY 6,409.76 $81,596.28
BRISTOL MYERS SQUIBB CO US BMY 96.32 $6,930.35
BROADRIDGE FINANCIAL SOLUTIONS US BR 10.65 $1,428.76
JONAH ENERGY PARENT LLC US 112.81 $7,020.16
CBOE GLOBAL MARKETS INC US CBOE 1,336.95 $167,746.69
CDW CORP/DE US CDW 736.13 $131,457.24
C.H. ROBINSON WORLDWIDE INC US CHRW 14.39 $1,317.70
CVS HEALTH CORP US CVS 1,395.87 $130,081.39
COTERRA ENERGY INC US CTRA 52.58 $1,291.90
CAMDEN PROPERTY TRUST US CPT 38.3 $4,285.24
CAMPBELL SOUP CO US CPB 30.6 $1,736.34
CANADIAN NATIONAL RAILWAY CO CA CNI 1,529.76 $181,857.89
CARETRUST REIT INC US CTRE 235.08 $4,367.82
CATERPILLAR INC US CAT 27.37 $6,555.97
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 8,713.1 $143,766.15
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 10,595.4 $11,033.42
CHEVRON CORP US CVX 51.67 $9,274.93
CINCINNATI FINANCIAL CORP US CINF 14.5 $1,485.16
CISCO SYSTEMS INC US CSCO 171.06 $8,149.12
CITIGROUP INC US C 109.3 $4,943.50
CITIGROUP INC 1.46200 06/09/2027 US 19,264.36 $16,742.97
CLARK CNTY NV 1.51000 11/01/2028 US 19,830.96 $16,304.52
COCA COLA CO/THE US KO 5,966.34 $379,519.03
COGNEX CORP US CGNX 1,938.11 $91,304.27
COLGATE-PALMOLIVE CO US CL 51.73 $4,075.84
COMCAST CORP-CL A US CMCSA 185.84 $6,498.98
COMMUNITY HEALTHCARE TRUST I US CHCT 208 $7,446.34
CONAGRA BRAND INC. US CAG 46.06 $1,782.70
CONOCOPHILLIPS US COP 47.59 $5,616.13
CONSTELLATION BRANDS INC-A US STZ 1,228.9 $284,796.69
COOPER COS INC/THE US COO 289.25 $95,645.87
COPART INC US CPRT 1,492.99 $90,908.03
COUSINS PROPERTIES INC US CUZ 258.03 $6,525.56
CUMMINS INC US CMI 12.01 $2,910.36
KIMBERLY CLARK DE MEXICO S.A.B. MX 10,867.37 $18,442.71
DEUTSCHE BOERSE AG ADR DE DBOEY 7,972.39 $136,806.13
DEVON ENERGY CORPORATION US DVN 33.88 $2,084.12
DIAMONDBACK ENERGY INC US FANG 10.6 $1,449.24
DIGITAL REALTY TRUST INC US DLR 82.1 $8,232.18
DOLLAR GENERAL CORP US DG 695.44 $171,252.94
DOLLAR TREE STORES INC US DLTR 1,113.42 $157,482.60
DOMINO'S PIZZA US DPZ 608.87 $210,911.56
DOUBLEVERIFY HOLDINGS INC US DV 6,266.41 $137,610.43
DOW INC US DOW 36.83 $1,855.81
DREYFUS GVT CSH MANAGEMENT US 905,771.5 $905,771.50
EOG RESOURCES INC US EOG 25.5 $3,302.36
EAST WEST BANCORP INC US EWBC 1,910.97 $125,932.78
EASTMAN CHEM CO US EMN 13.15 $1,070.54
EBAY INC US EBAY 34.62 $1,435.66
ELECTRONIC ARTS US EA 1,567.33 $191,495.85
EMERSON ELEC CO US EMR 38.53 $3,701.07
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 26,063.55 $25,834.36
EQUINIX INC US EQIX 376.56 $246,659.13
EQUITY LIFESTYLE PROPERTIES US ELS 153.66 $9,926.54
ESSEX PROPERTY TRUST INC US ESS 18.02 $3,818.34
EVERGY INC US EVRG 2,033.47 $127,966.05
EXPEDIA GROUP INC 3.25000 02/15/2030 US 11,331.98 $9,645.94
FMC CORP US FMC 1,657.58 $206,866.59
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 9,915.48 $9,942.44
META PLATFORMS INC US META 2,084.23 $250,816.69
FIFTH THIRD BANCORP US FITB 58.59 $1,922.22
GENERAL DYNAMICS CORP US GD 17.34 $4,301.71
GENERAL MLS INC US GIS 42.38 $3,553.70
GENUINE PARTS CO US GPC 13.43 $2,329.96
GETTY REALTY CORP US GTY 247.66 $8,383.30
GILEAD SCIENCES INC US GILD 72.98 $6,265.16
GREENIDGE GEN HLD INC US 192.64 $206.13
GRUPO AEROPORTUARIO CEN-ADR MX OMAB 599.06 $37,046.18
GRUPO AEROPORTUARIO PAC-ADR MX PAC 270.27 $38,867.19
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 185.62 $43,247.09
AIRBUS SE FR AIR FP 82.04 $9,755.18
ADIDAS AG DE ADS GR 129.64 $17,569.35
HDFC BANK LTD-ADR IN HDB 3,006.77 $205,693.13
L'OREAL FR OR FP 10.14 $3,631.87
HEALTHCARE REALTY TRUST INC US HR 531.02 $10,232.69
HEINEKEN NV-SPN ADR NL HEINY 2,727.27 $128,236.08
HESKA CORP US HSKA 670.29 $41,665.00
HOME DEPOT INC US HD 37.11 $11,722.27
HONEYWELL INTERNATIONAL INC US HON 33.54 $7,188.19
HUMANA INC US HUM 157.12 $80,474.19
IDEXX LABORATORIES INC US IDXX 560.14 $228,514.55
KERRY GROUP PLC-A IE KYGA ID 117.34 $10,599.60
ILLINOIS TOOL WKS INC US ITW 19.89 $4,381.24
INDEPENDENCE REALTY TRUST IN US IRT 257.01 $4,333.18
INTEL CORP US INTC 189.98 $5,021.19
INTERCONTINENTALEXCHANGE INC US ICE 1,526.98 $156,653.27
INTERNATIONAL FLVRS & FRAGRANCES US IFF 19.94 $2,090.96
INTUIT INC US INTU 391.86 $152,519.65
INTUITIVE SURGICAL INC US ISRG 472.37 $125,344.29
INVITATION HOMES INC US INVH 289.87 $8,591.80
JP MORGAN CHASE & CO US JPM 1,136.31 $152,379.70
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 28,896.54 $27,107.54
JOHNSON & JOHNSON US JNJ 1,973.24 $348,572.33
KEYCORP US KEY 64.42 $1,122.24
KROGER CO US KR 51.5 $2,296.04
L3HARRIS TECHNOLOGIES INC US LHX 793.13 $165,136.56
BEIERSDORF AG DE BEI GR 164.26 $18,769.95
LENNAR CORP US LEN 19.6 $1,774.19
LEXINGTON REALTY TRUST US LXP 391.58 $3,923.60
LIFE STORAGE INC US LSI 69.35 $6,831.14
LOCKHEED MARTIN CORP US LMT 13.49 $6,560.34
LULULEMON - ADR CA LULU 519.8 $166,532.81
MAGALLANES INC 4.05400 03/15/2029 US 27,196.74 $23,613.34
MARATHON PETROLEUM CORP US MPC 27.25 $3,172.02
MARRIOTT VACATIONS WORLD US VAC 19.21 $2,585.16
MASTERCARD INC-CLASS A US MA 1,225.5 $426,141.93
MCDONALDS CORP US MCD 23.57 $6,211.54
MERCADOLIBRE INC BR MELI 125.56 $106,252.46
MERCK & CO INC US MRK 102.78 $11,403.55
MICROSOFT CORP US MSFT 1,977.43 $474,227.24
MICROCHIP TECHNOLOGY INC US MCHP 31.28 $2,197.16
MICRON TECHNOLOGY INC US MU 1,351.17 $67,531.39
MID-AMERICA APARTMENT COMM US MAA 60.34 $9,473.21
MONDELEZ INTERNATIONAL INC US MDLZ 5,637.26 $375,723.49
MOODY'S CORPORATION US MCO 1,167.99 $325,424.49
MOTOROLA SOLUTIONS INC US MSI 12.47 $3,212.40
NAVIENT CORP 6.75000 06/25/2025 US 10,482.08 $10,075.95
NESTLE S.A. - ADR CH NSRGY 2,017.66 $232,716.72
NETAPP INC US NTAP 22.55 $1,354.39
KEYENCE CORP JP 6861 JP 28.33 $10,998.95
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 5,382.69 $5,161.08
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 11,898.58 $10,182.03
NEWMONT GOLDCORP CORP US NEM 1,380.29 $65,149.75
NIKE INC CLASS B US NKE 1,106.45 $129,466.20
NORFOLK SOUTHN CORP US NSC 534.02 $131,593.06
NIKON CORP JP 7731 JP 668.59 $5,912.13
NORTHROP GRUMMAN CORP US NOC 292.65 $159,671.84
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 8,215.68 $0.82
NOVARTIS AG- REG CH NVS 1,629.76 $147,852.27
NUCOR CORP US NUE 18.81 $2,479.49
OMNICOM GROUP US OMC 21.13 $1,723.91
SONY CORP FIRST SECTION JP 6758 JP 141.65 $10,796.77
TOKYO ELECTRON LTD JP 8035 JP 17 $4,994.49
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 9,008.92 $7,843.94
PPG INDUSTRIES INC US PPG 13.09 $1,645.74
PACKAGING CORP OF AMERICA US PKG 9.46 $1,210.31
PARKER HANNIFIN CORP US PH 7.42 $2,159.93
DEUTSCHE BOERSE AG DE DB1 GR 81.53 $14,039.28
PAYPAL HOLDINGS INC US PYPL 2,304.36 $164,116.34
PELORUS FUND REIT 7.00000 09/30/2026 US 10,765.38 $9,914.80
NESTLE SA-REGISTERED CH NESN SW 215.48 $24,889.69
PEPSICO INC 3.90000 07/18/2032 US 20,964.16 $19,889.68
PFIZER INC US PFE 154.62 $7,922.98
PIONEER NATURAL RESOURCES CO US PXD 11.05 $2,523.41
POPULAR INC 6.12500 09/14/2023 PR 9,065.58 $9,012.50
PROCTER & GAMBLE CO US PG 82.04 $12,434.51
PROLOGIS US PLD 340.75 $38,413.03
PUBLIC STORAGE INC US PSA 50.6 $14,176.85
QUALCOMM INC US QCOM 53.88 $5,923.96
QUALCOMM 5.40000 05/20/2033 US 22,097.35 $23,121.17
QUEST DIAGNOSTICS INC US DGX 12.24 $1,914.60
RADIUS GLOBAL INFRASTRUCTURE US RADI 1,131.61 $13,375.64
REALTY INCOME CORP US O 37.79 $2,397.16
REGIONS FINANCIAL CORP. US RF 90.03 $1,941.10
REPUBLIC SERVICES INC US RSG 22.66 $2,923.42
RESTAURANT BRANDS INTERN CA QSR 110.88 $7,170.83
REXFORD INDUSTRIAL REALITY IN US REXR 177.86 $9,718.02
GETINGE AB-B SHS SE GETIB SS 828.82 $17,231.68
ROSS STORES INC US ROST 18.81 $2,183.40
HEINEKEN NV NL HEIA NA 204.77 $19,287.64
RYANAIR HOLDINGS - ADR IE RYAAY 2,608.11 $194,982.38
SBA TOWER TRUST 6.59900 01/15/2028 US 17,847.86 $17,904.50
S&P GLOBAL INC US SPGI 728.42 $243,976.81
SBA COMMUNICATIONS CORP US SBAC 918.85 $257,563.77
SALESFORCE INC US CRM 2,156.08 $285,874.45
SEAGEN INC US SGEN 552.72 $71,029.68
SERVICENOW INC US NOW 725.98 $281,877.45
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 35,695.73 $28,801.02
SKYWORKS SOLUTIONS INC US SWKS 11.11 $1,012.03
JM SMUCKER CO/THE-NEW COM WI US SJM 10.77 $1,705.88
SNOWFLAKE INC-CLASS A US SNOW 1,390.21 $199,550.30
SONY CORP SPONSORED ADR JP SONY 2,441.19 $186,214.05
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 20,964.16 $20,758.22
STAG INDUSTRIAL INC US STAG 74.22 $2,398.19
STANLEY BLACK & DECKER INC US SWK 10.31 $774.64
STEEL DYNAMICS INC US STLD 18.64 $1,821.24
SUN COMMUNITIES US SUI 87.48 $12,510.05
SYNCHRONOSS TECH US 367.78 $6,601.64
SYNERGY ONE LENDING 5.50000 10/14/2026 US 9,915.48 $8,544.67
TJX COMPANIES INC US TJX 50.48 $4,018.52
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 2,404.14 $179,084.05
TARGET CORP US TGT 19.15 $2,854.27
TENCENT HOLDINGS 3.97500 04/11/2029 KY 45,894.5 $42,445.90
TERRENO REALTY CORP US TRNO 116.44 $6,621.72
TEXAS INSTRUMENTS INC US TXN 31.67 $5,232.99
THERMO FISHER SCIENTIFIC INC US TMO 338.66 $186,494.54
3M CO US MMM 32.64 $3,913.72
TRACTOR SUPPLY COMPANY US TSCO 7.03 $1,580.60
TRAVELLERS COS INC US TRV 17.17 $3,218.82
TYSON FOODS INC -CL A US TSN 27.54 $1,714.16
UDR INC US UDR 175.99 $6,815.92
U.S. BANCORP US USB 88.67 $3,867.02
UBISOFT ENTERTAIN-UNSPON ADR FR UBSFY 11,166.02 $62,753.03
UNILEVER PLC - ADR GB UL 5,254.47 $264,562.44
UNION PAC CORP US UNP 30.82 $6,382.51
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 11,427.31 $9,743.28
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 1,254.83 $1,136.21
UNITED PARCEL SERVICE US UPS 29.8 $5,180.97
US TREASURY N/B 3.12500 11/15/2028 US 930,355.27 $888,852.71
US TEASURY NOTE 1.75000 11/15/2029 US 1,007,412.71 $880,699.08
US TREASURY N/B 0.87500 11/15/2030 US 882,194.37 $707,271.77
US TREASURY N/B 1.37500 11/15/2031 US 109,920.17 $89,808.22
UNITEDHEALTH GROUP INC US UNH 160.18 $84,922.90
VF CORP US VFC 25.78 $711.79
VENTAS INC US VTR 103.52 $4,663.47
VERTEX PHARMACEUTICALS INC US VRTX 446.08 $128,819.92
PARAMOUNT GLOBAL CLASS B US PARA 41.02 $692.45
VISA INC - CLASS A SHARES US V 1,550.78 $322,190.26
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 5,099.39 $4,895.89
VISTRA OPERATIONS 4.87500 05/13/2024 US 19,264.36 $18,857.44
WAL MART STORES US WMT 91.05 $12,910.32
WALGREENS BOOTS ALLIANCE INC US WBA 47.31 $1,767.54
WASTE MANAGEMENT INC US WM 25.27 $3,964.41
WELLTOWER INC. US WELL 104.08 $6,822.72
ZOETIS INC US ZTS 370.1 $54,238.50
ADMIRAL GROUP PLC GB ADM LN 836.92 $21,484.57
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 294.63 $2,265.24
UBISOFT ENTERTAINMENT FR UBI FP 345.12 $9,749.80
DANONE FR BN FP 139.95 $7,376.16
AIR LIQUIDE FR AI FP 138.59 $19,670.84
BRENNTAG AG DE BNR GR 109.58 $6,988.46
KEYWORDS STUDIOS PLC IE KWS LN 105.73 $3,469.59
HELIOS TOWERS PLC GB HTWS LN 2,627.83 $3,370.71
AVANZA BANK HOLDING AB SE AZA SS 516.23 $11,078.03
AMERICAN TANKER INC 7.75000 07/02/2025 US 9,632.18 $9,226.66
SOFTWAREONE HOLDING AG CH SWON SW 742.19 $10,534.16
TENCENT HOLDINGS LTD CN 700 HK 283.3 $12,012.00
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 300.47 $4,879.59
SEASPAN CORP 6.50000 02/05/2024 MH 11,331.98 $11,251.90
PETROTAL CORP 12.00000 02/16/2024 CA 7,705.74 $7,763.83
IMCD NV NL IMCD NA 26.35 $3,768.69
FINECOBANK SPA IT FBK IM 1,147.87 $19,061.71
ALLFUNDS GROUP PLC GB ALLFG NA 908.88 $6,373.75
ROTORK PLC GB ROR LN 2,192.68 $8,148.47
AUTO TRADER GROUP PLC GB AUTO LN 2,792.71 $17,391.19
CELLNEX TELECOM SA ES CLNX SM 289.93 $9,617.30
ASSA ABLOY AB-B SE ASSAB SS 562.86 $12,106.69
CLEANAWAY WASTE MANAGEMENT AU CWY AU 8,199.25 $14,609.70
INTERMEDIATE CAPITAL GROUP GB ICP LN 884.86 $12,217.39
ADYEN NV NL ADYEN NA 9.8 $13,607.85
BANK OF N.T. BUTTERFIELD&SON BM NTB 198.25 $5,909.92
BUNGE LIMITED US BG 13.94 $1,390.63
EATON CORP PLC US ETN 26.52 $4,161.82
JOHNSON CONTROLS INTERNATIONAL US JCI 49.92 $3,194.71
LINDE PLC GB LIN 326.47 $106,489.37
MEDTRONIC INC IE MDT 4,260.14 $331,098.33
RENAISSANCERE HOLDINGS LTD BM RNR 39.32 $7,244.28
ROYALTY PHARMA PLC- CL A US RPRX 37.17 $1,468.91
STONECO LTD-A BR STNE 337.75 $3,188.36
TRANE TECHNOLOGIES IE TT 12.75 $2,142.89
ALCON INC CH ALC 1,634.24 $112,027.22
CHUBB LTD CH CB 23.85 $5,262.15
GARMIN LTD CH GRMN 17.85 $1,647.18
TE CONNECTIVITY LIMITED CH TEL 17.68 $2,029.42
LYONDELLBASELL INDU-CL A US LYB 18.13 $1,505.43
PLAYA HOTELS AND RESORTS US PLYA 309.87 $2,023.47
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 10,142.12 $9,611.12

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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