Investment Objective

To provide capital growth and manage risk for investors planning to retire (or meet another investment goal) 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 2060
  • 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

$20.42

Daily $ Change

$0.32

Daily % Change

1.57%

as of 02/02/2023

CUSIP

302028824

Inception Date

10/06/2015

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

Important Documents

Annual Report
Applications & Forms

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

Performance

As of 12/31/2022

YTD

---

1 Year

-20.22%

3 Year

5.27%

5 Year

7.07%

10 Year

8.81%

Inception
(01/01/2000)

7.45%

Performance through the inception date of the Retirement Target CIT Class I units is based on the historical performance of the CIT’s oldest unit class. Performance through the inception date of the oldest unit class (09/18/2015) 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 I expenses. The Retirement Target CIT Fund will gradually become more conservative over time. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.76%
Net 0.69%*

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

Top Ten Investments

As of 12/31/2022

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

This investment list is unaudited and excludes cash.

Asset Allocation

As of 12/31/2022

Stocks 79.30%
Bonds 16.03%
Cash 4.67%

Detailed Asset Class Allocation

As of 12/31/2022

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

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

December Fund Holdings

As of 12/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 41.48 $4,554.57
ACTIVISION INC US ATVI 1,123.55 $86,007.81
ADIDAS AG-SPONSORED ADR DE ADDYY 1,477.05 $100,055.17
ADMIRAL GROUP PLC GB AMIGY 2,924.78 $74,347.98
ADYEN NV UNSPON ADR NL ADYEY 7,774.68 $107,290.57
AGREE REALTY CORP US ADC 72.42 $5,136.89
AIR LIQUIDE-ADR FR AIQUY 3,723.36 $105,305.86
AIR LEASE CORP 3.62500 04/01/2027 US 8,789.07 $8,033.17
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 1,955 $1,964.60
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 20,654.31 $17,386.31
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 10,986.34 $8,758.48
ALLSTATE CORPORATION US ALL 16.17 $2,192.91
ALPHABET INC-CL A US GOOGL 2,523.12 $222,615.07
AMAZON.COM INC US AMZN 5,436.57 $456,671.63
AMAZON.COM INC 3.30000 04/13/2027 US 19,335.95 $18,381.59
DIAGEO PLC GB DGE LN 340.8 $14,917.29
BAE SYSTEMS PLC GB BA/ LN 1,378.57 $14,238.38
AMERICAN HOMES 4 RENT- A US AMH 168.79 $5,087.45
AMERICAN TOWER REIT INC US AMT 22.59 $4,785.47
AMERICOLD REALTY TRUST US COLD 85.74 $2,427.23
ANALOG DEVICES INC US ADI 22.9 $3,755.55
APPLIED MATERIALS INC US AMAT 926.76 $90,248.23
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 2,197.27 $2,196.96
ARCHER-DANIELS-MIDLAND CO US ADM 28.3 $2,627.73
ARGO BLOCKCHAIN PLC GB 158.2 $482.52
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 8,789.07 $8,000.57
ATLASSIAN CORP PLC-CLASS A AU TEAM 74.09 $9,534.14
AUTOMATIC DATA PROCESSING US ADP 16.66 $3,978.28
AVALONBAY COMMUNITIES INC US AVB 21.45 $3,463.85
BAE SYSTEMS PLC -SPON ADR GB BAESY 2,603.67 $109,731.84
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 8,349.62 $7,875.60
BANK OF AMERICA CORP 2.68700 04/22/2032 US 15,820.33 $12,703.44
BARRICK GOLD CORP CA GOLD 2,453.03 $42,143.04
BAXTER INTERNATIONAL INC US BAX 21.4 $1,090.83
BEST BUY INC US BBY 14.81 $1,187.88
BIOMARIN PHARMACEUTICAL INC US BMRN 910.64 $94,241.67
BLACKROCK INC US BLK 131.05 $92,862.44
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 6,240.24 $5,478.16
DECHRA PHARMACEUTICALS PLC GB DPH LN 275.14 $8,672.42
BOSTON SCIENTIFIC CORP US BSX 1,398.17 $64,693.11
BRANDYWINE REALTY TRUST US BDN 254.14 $1,562.94
BRENNTAG AG-UNSP ADR DE BNTGY 4,971.41 $63,285.99
BRISTOL MYERS SQUIBB CO US BMY 74.71 $5,375.18
BROADRIDGE FINANCIAL SOLUTIONS US BR 8.26 $1,108.15
JONAH ENERGY PARENT LLC US 87.5 $5,444.83
CBOE GLOBAL MARKETS INC US CBOE 1,036.93 $130,104.17
CDW CORP/DE US CDW 570.94 $101,958.10
C.H. ROBINSON WORLDWIDE INC US CHRW 11.16 $1,022.00
CVS HEALTH CORP US CVS 1,082.64 $100,891.00
COTERRA ENERGY INC US CTRA 40.78 $1,002.00
CAMDEN PROPERTY TRUST US CPT 29.71 $3,323.63
CAMPBELL SOUP CO US CPB 23.73 $1,346.71
CANADIAN NATIONAL RAILWAY CO CA CNI 1,186.48 $141,048.80
CARETRUST REIT INC US CTRE 182.33 $3,387.68
CATERPILLAR INC US CAT 21.23 $5,084.81
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 6,757.87 $111,504.89
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 8,217.78 $8,557.51
CHEVRON CORP US CVX 40.08 $7,193.63
CINCINNATI FINANCIAL CORP US CINF 11.25 $1,151.89
CISCO SYSTEMS INC US CSCO 132.67 $6,320.45
CITIGROUP INC US C 84.77 $3,834.17
CITIGROUP INC 1.46200 06/09/2027 US 14,941.42 $12,985.83
CLARK CNTY NV 1.51000 11/01/2028 US 15,380.87 $12,645.77
COCA COLA CO/THE US KO 4,627.49 $294,354.59
COGNEX CORP US CGNX 1,503.19 $70,815.50
COLGATE-PALMOLIVE CO US CL 40.12 $3,161.22
COMCAST CORP-CL A US CMCSA 144.14 $5,040.60
COMMUNITY HEALTHCARE TRUST I US CHCT 161.32 $5,775.38
CONAGRA BRAND INC. US CAG 35.73 $1,382.66
CONOCOPHILLIPS US COP 36.91 $4,355.86
CONSTELLATION BRANDS INC-A US STZ 953.13 $220,888.03
COOPER COS INC/THE US COO 224.34 $74,182.84
COPART INC US CPRT 1,157.96 $70,508.18
COUSINS PROPERTIES INC US CUZ 200.13 $5,061.21
CUMMINS INC US CMI 9.32 $2,257.27
KIMBERLY CLARK DE MEXICO S.A.B. MX 8,428.72 $14,304.14
DEUTSCHE BOERSE AG ADR DE DBOEY 6,183.37 $106,106.70
DEVON ENERGY CORPORATION US DVN 26.28 $1,616.44
DIAMONDBACK ENERGY INC US FANG 8.22 $1,124.03
DIGITAL REALTY TRUST INC US DLR 63.68 $6,384.87
DOLLAR GENERAL CORP US DG 539.39 $132,823.61
DOLLAR TREE STORES INC US DLTR 863.57 $122,143.35
DOMINO'S PIZZA US DPZ 472.24 $163,582.80
DOUBLEVERIFY HOLDINGS INC US DV 4,860.22 $106,730.51
DOW INC US DOW 28.56 $1,439.36
DREYFUS GVT CSH MANAGEMENT US 702,515.48 $702,515.48
EOG RESOURCES INC US EOG 19.78 $2,561.31
EAST WEST BANCORP INC US EWBC 1,482.14 $97,673.34
EASTMAN CHEM CO US EMN 10.2 $830.31
EBAY INC US EBAY 26.85 $1,113.49
ELECTRONIC ARTS US EA 1,215.62 $148,523.99
EMERSON ELEC CO US EMR 29.88 $2,870.55
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 20,214.86 $20,037.11
EQUINIX INC US EQIX 292.06 $191,308.58
EQUITY LIFESTYLE PROPERTIES US ELS 119.18 $7,699.01
ESSEX PROPERTY TRUST INC US ESS 13.97 $2,961.50
EVERGY INC US EVRG 1,577.15 $99,250.34
EXPEDIA GROUP INC 3.25000 02/15/2030 US 8,789.07 $7,481.38
FMC CORP US FMC 1,285.62 $160,445.52
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 7,690.44 $7,711.35
META PLATFORMS INC US META 1,616.53 $194,533.18
FIFTH THIRD BANCORP US FITB 45.44 $1,490.87
GENERAL DYNAMICS CORP US GD 13.45 $3,336.40
GENERAL MLS INC US GIS 32.87 $2,756.24
GENUINE PARTS CO US GPC 10.42 $1,807.11
GETTY REALTY CORP US GTY 192.09 $6,502.08
GILEAD SCIENCES INC US GILD 56.6 $4,859.25
GREENIDGE GEN HLD INC US 149.41 $159.87
GRUPO AEROPORTUARIO CEN-ADR MX OMAB 464.63 $28,732.98
GRUPO AEROPORTUARIO PAC-ADR MX PAC 209.62 $30,145.35
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 143.97 $33,542.40
AIRBUS SE FR AIR FP 63.63 $7,566.11
ADIDAS AG DE ADS GR 100.55 $13,626.77
HDFC BANK LTD-ADR IN HDB 2,332.05 $159,535.39
L'OREAL FR OR FP 7.87 $2,816.87
HEALTHCARE REALTY TRUST INC US HR 411.86 $7,936.46
HEINEKEN NV-SPN ADR NL HEINY 2,115.27 $99,459.78
HESKA CORP US HSKA 519.87 $32,315.34
HOME DEPOT INC US HD 28.78 $9,091.78
HONEYWELL INTERNATIONAL INC US HON 26.02 $5,575.15
HUMANA INC US HUM 121.86 $62,415.71
IDEXX LABORATORIES INC US IDXX 434.44 $177,235.66
KERRY GROUP PLC-A IE KYGA ID 91.01 $8,221.04
ILLINOIS TOOL WKS INC US ITW 15.42 $3,398.09
INDEPENDENCE REALTY TRUST IN US IRT 199.34 $3,360.81
INTEL CORP US INTC 147.35 $3,894.43
INTERCONTINENTALEXCHANGE INC US ICE 1,184.33 $121,500.12
INTERNATIONAL FLVRS & FRAGRANCES US IFF 15.47 $1,621.75
INTUIT INC US INTU 303.93 $118,294.09
INTUITIVE SURGICAL INC US ISRG 366.37 $97,216.91
INVITATION HOMES INC US INVH 224.82 $6,663.80
JP MORGAN CHASE & CO US JPM 881.32 $118,185.55
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 22,412.13 $21,024.58
JOHNSON & JOHNSON US JNJ 1,530.44 $270,352.35
KEYCORP US KEY 49.97 $870.41
KROGER CO US KR 39.95 $1,780.81
L3HARRIS TECHNOLOGIES INC US LHX 615.15 $128,079.76
BEIERSDORF AG DE BEI GR 127.4 $14,557.96
LENNAR CORP US LEN 15.21 $1,376.06
LEXINGTON REALTY TRUST US LXP 303.71 $3,043.14
LIFE STORAGE INC US LSI 53.79 $5,298.23
LOCKHEED MARTIN CORP US LMT 10.46 $5,088.20
LULULEMON - ADR CA LULU 403.15 $129,162.68
MAGALLANES INC 4.05400 03/15/2029 US 21,093.77 $18,314.48
MARATHON PETROLEUM CORP US MPC 21.14 $2,460.22
MARRIOTT VACATIONS WORLD US VAC 14.9 $2,005.05
MASTERCARD INC-CLASS A US MA 950.49 $330,515.26
MCDONALDS CORP US MCD 18.28 $4,817.66
MERCADOLIBRE INC BR MELI 97.38 $82,409.30
MERCK & CO INC US MRK 79.72 $8,844.59
MICROSOFT CORP US MSFT 1,533.69 $367,810.18
MICROCHIP TECHNOLOGY INC US MCHP 24.26 $1,704.11
MICRON TECHNOLOGY INC US MU 1,047.96 $52,377.28
MID-AMERICA APARTMENT COMM US MAA 46.8 $7,347.41
MONDELEZ INTERNATIONAL INC US MDLZ 4,372.25 $291,410.77
MOODY'S CORPORATION US MCO 905.89 $252,398.91
MOTOROLA SOLUTIONS INC US MSI 9.67 $2,491.53
NAVIENT CORP 6.75000 06/25/2025 US 8,129.89 $7,814.90
NESTLE S.A. - ADR CH NSRGY 1,564.89 $180,494.86
NETAPP INC US NTAP 17.49 $1,050.46
KEYENCE CORP JP 6861 JP 21.97 $8,530.78
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 4,174.81 $4,002.93
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 9,228.52 $7,897.17
NEWMONT GOLDCORP CORP US NEM 1,070.55 $50,530.09
NIKE INC CLASS B US NKE 858.16 $100,413.86
NORFOLK SOUTHN CORP US NSC 414.18 $102,063.45
NIKON CORP JP 7731 JP 518.56 $4,585.44
NORTHROP GRUMMAN CORP US NOC 226.98 $123,841.32
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 6,372.08 $0.64
NOVARTIS AG- REG CH NVS 1,264.04 $114,674.07
NUCOR CORP US NUE 14.59 $1,923.09
OMNICOM GROUP US OMC 16.39 $1,337.06
SONY CORP FIRST SECTION JP 6758 JP 109.86 $8,373.96
TOKYO ELECTRON LTD JP 8035 JP 13.18 $3,873.72
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 6,987.31 $6,083.75
PPG INDUSTRIES INC US PPG 10.15 $1,276.43
PACKAGING CORP OF AMERICA US PKG 7.34 $938.72
PARKER HANNIFIN CORP US PH 5.76 $1,675.24
DEUTSCHE BOERSE AG DE DB1 GR 63.24 $10,888.85
PAYPAL HOLDINGS INC US PYPL 1,787.26 $127,288.47
PELORUS FUND REIT 7.00000 09/30/2026 US 8,349.62 $7,689.91
NESTLE SA-REGISTERED CH NESN SW 167.12 $19,304.42
PEPSICO INC 3.90000 07/18/2032 US 16,259.78 $15,426.42
PFIZER INC US PFE 119.93 $6,145.05
PIONEER NATURAL RESOURCES CO US PXD 8.57 $1,957.15
POPULAR INC 6.12500 09/14/2023 PR 7,031.26 $6,990.09
PROCTER & GAMBLE CO US PG 63.63 $9,644.20
PROLOGIS US PLD 264.29 $29,793.11
PUBLIC STORAGE INC US PSA 39.24 $10,995.55
QUALCOMM INC US QCOM 41.79 $4,594.62
QUALCOMM 5.40000 05/20/2033 US 17,138.69 $17,932.75
QUEST DIAGNOSTICS INC US DGX 9.49 $1,484.96
RADIUS GLOBAL INFRASTRUCTURE US RADI 877.68 $10,374.14
REALTY INCOME CORP US O 29.31 $1,859.23
REGIONS FINANCIAL CORP. US RF 69.83 $1,505.52
REPUBLIC SERVICES INC US RSG 17.58 $2,267.40
RESTAURANT BRANDS INTERN CA QSR 86 $5,561.69
REXFORD INDUSTRIAL REALITY IN US REXR 137.94 $7,537.28
GETINGE AB-B SHS SE GETIB SS 642.83 $13,364.88
ROSS STORES INC US ROST 14.59 $1,693.44
HEINEKEN NV NL HEIA NA 158.82 $14,959.47
RYANAIR HOLDINGS - ADR IE RYAAY 2,022.85 $151,228.14
SBA TOWER TRUST 6.59900 01/15/2028 US 13,842.79 $13,886.71
S&P GLOBAL INC US SPGI 564.96 $189,228.17
SBA COMMUNICATIONS CORP US SBAC 712.66 $199,766.21
SALESFORCE INC US CRM 1,672.25 $221,723.94
SEAGEN INC US SGEN 428.69 $55,090.55
SERVICENOW INC US NOW 563.07 $218,623.87
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 27,685.57 $22,338.04
SKYWORKS SOLUTIONS INC US SWKS 8.61 $784.93
JM SMUCKER CO/THE-NEW COM WI US SJM 8.35 $1,323.08
SNOWFLAKE INC-CLASS A US SNOW 1,078.24 $154,771.01
SONY CORP SPONSORED ADR JP SONY 1,893.39 $144,427.44
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 16,259.78 $16,100.06
STAG INDUSTRIAL INC US STAG 57.57 $1,860.04
STANLEY BLACK & DECKER INC US SWK 8 $600.81
STEEL DYNAMICS INC US STLD 14.46 $1,412.55
SUN COMMUNITIES US SUI 67.85 $9,702.78
SYNCHRONOSS TECH US 285.25 $5,120.22
SYNERGY ONE LENDING 5.50000 10/14/2026 US 7,690.44 $6,627.24
TJX COMPANIES INC US TJX 39.16 $3,116.76
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 1,864.65 $138,897.41
TARGET CORP US TGT 14.85 $2,213.77
TENCENT HOLDINGS 3.97500 04/11/2029 KY 35,595.73 $32,921.00
TERRENO REALTY CORP US TRNO 90.31 $5,135.80
TEXAS INSTRUMENTS INC US TXN 24.57 $4,058.70
THERMO FISHER SCIENTIFIC INC US TMO 262.66 $144,644.98
3M CO US MMM 25.31 $3,035.48
TRACTOR SUPPLY COMPANY US TSCO 5.45 $1,225.91
TRAVELLERS COS INC US TRV 13.32 $2,496.51
TYSON FOODS INC -CL A US TSN 21.36 $1,329.50
UDR INC US UDR 136.49 $5,286.42
U.S. BANCORP US USB 68.77 $2,999.25
UBISOFT ENTERTAIN-UNSPON ADR FR UBSFY 8,660.35 $48,671.19
UNILEVER PLC - ADR GB UL 4,075.36 $205,194.37
UNION PAC CORP US UNP 23.91 $4,950.27
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 8,863.01 $7,556.88
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 973.25 $881.25
UNITED PARCEL SERVICE US UPS 23.12 $4,018.36
US TREASURY N/B 3.12500 11/15/2028 US 721,582.63 $689,393.29
US TEASURY NOTE 1.75000 11/15/2029 US 781,348.31 $683,069.34
US TREASURY N/B 0.87500 11/15/2030 US 684,229.09 $548,559.29
US TREASURY N/B 1.37500 11/15/2031 US 85,253.98 $69,655.16
UNITEDHEALTH GROUP INC US UNH 124.23 $65,866.12
VF CORP US VFC 20 $552.07
VENTAS INC US VTR 80.29 $3,616.98
VERTEX PHARMACEUTICALS INC US VRTX 345.98 $99,912.61
PARAMOUNT GLOBAL CLASS B US PARA 31.82 $537.06
VISA INC - CLASS A SHARES US V 1,202.78 $249,890.45
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 3,955.08 $3,797.25
VISTRA OPERATIONS 4.87500 05/13/2024 US 14,941.42 $14,625.81
WAL MART STORES US WMT 70.62 $10,013.23
WALGREENS BOOTS ALLIANCE INC US WBA 36.69 $1,370.90
WASTE MANAGEMENT INC US WM 19.6 $3,074.79
WELLTOWER INC. US WELL 80.73 $5,291.69
ZOETIS INC US ZTS 287.05 $42,067.33
ADMIRAL GROUP PLC GB ADM LN 649.12 $16,663.41
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 228.52 $1,756.92
UBISOFT ENTERTAINMENT FR UBI FP 267.67 $7,561.94
DANONE FR BN FP 108.55 $5,720.94
AIR LIQUIDE FR AI FP 107.49 $15,256.69
BRENNTAG AG DE BNR GR 84.99 $5,420.25
KEYWORDS STUDIOS PLC IE KWS LN 82 $2,691.01
HELIOS TOWERS PLC GB HTWS LN 2,038.14 $2,614.32
AVANZA BANK HOLDING AB SE AZA SS 400.39 $8,592.11
AMERICAN TANKER INC 7.75000 07/02/2025 US 7,470.71 $7,156.19
SOFTWAREONE HOLDING AG CH SWON SW 575.64 $8,170.28
TENCENT HOLDINGS LTD CN 700 HK 219.73 $9,316.49
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 233.04 $3,784.61
SEASPAN CORP 6.50000 02/05/2024 MH 8,789.07 $8,726.97
PETROTAL CORP 12.00000 02/16/2024 CA 5,976.57 $6,021.62
IMCD NV NL IMCD NA 20.43 $2,923.00
FINECOBANK SPA IT FBK IM 890.29 $14,784.24
ALLFUNDS GROUP PLC GB ALLFG NA 704.93 $4,943.47
ROTORK PLC GB ROR LN 1,700.64 $6,319.94
AUTO TRADER GROUP PLC GB AUTO LN 2,166.02 $13,488.59
CELLNEX TELECOM SA ES CLNX SM 224.87 $7,459.16
ASSA ABLOY AB-B SE ASSAB SS 436.55 $9,389.94
CLEANAWAY WASTE MANAGEMENT AU CWY AU 6,359.33 $11,331.27
INTERMEDIATE CAPITAL GROUP GB ICP LN 686.29 $9,475.79
ADYEN NV NL ADYEN NA 7.6 $10,554.23
BANK OF N.T. BUTTERFIELD&SON BM NTB 153.76 $4,583.73
BUNGE LIMITED US BG 10.81 $1,078.57
EATON CORP PLC US ETN 20.57 $3,227.90
JOHNSON CONTROLS INTERNATIONAL US JCI 38.72 $2,477.81
LINDE PLC GB LIN 253.21 $82,593.05
MEDTRONIC INC IE MDT 3,304.16 $256,799.54
RENAISSANCERE HOLDINGS LTD BM RNR 30.5 $5,618.66
ROYALTY PHARMA PLC- CL A US RPRX 28.83 $1,139.29
STONECO LTD-A BR STNE 261.96 $2,472.89
TRANE TECHNOLOGIES IE TT 9.89 $1,662.02
ALCON INC CH ALC 1,267.52 $86,888.20
CHUBB LTD CH CB 18.5 $4,081.32
GARMIN LTD CH GRMN 13.84 $1,277.55
TE CONNECTIVITY LIMITED CH TEL 13.71 $1,574.02
LYONDELLBASELL INDU-CL A US LYB 14.06 $1,167.61
PLAYA HOTELS AND RESORTS US PLYA 240.34 $1,569.40
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 7,866.22 $7,454.38

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

$20.42

Daily $ Change

$0.32

Daily % Change

1.57%

as of 02/02/2023

CUSIP

302028824

Inception Date

10/06/2015

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 (or meet another investment goal) 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 2060
  • 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

-20.22%

3 Year

5.27%

5 Year

7.07%

10 Year

8.81%

Inception
(01/01/2000)

7.45%

Performance through the inception date of the Retirement Target CIT Class I units is based on the historical performance of the CIT’s oldest unit class. Performance through the inception date of the oldest unit class (09/18/2015) 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 I expenses. The Retirement Target CIT Fund will gradually become more conservative over time. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.76%
Net 0.69%*

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

Top Ten Investments

As of 12/31/2022

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

This investment list is unaudited and excludes cash.

Asset Allocation

As of 12/31/2022

Stocks
79.30%
Bonds
16.03%
Cash
4.67%

Detailed Asset Class Allocation

As of 12/31/2022

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

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

December Fund Holdings

As of 12/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 41.48 $4,554.57
ACTIVISION INC US ATVI 1,123.55 $86,007.81
ADIDAS AG-SPONSORED ADR DE ADDYY 1,477.05 $100,055.17
ADMIRAL GROUP PLC GB AMIGY 2,924.78 $74,347.98
ADYEN NV UNSPON ADR NL ADYEY 7,774.68 $107,290.57
AGREE REALTY CORP US ADC 72.42 $5,136.89
AIR LIQUIDE-ADR FR AIQUY 3,723.36 $105,305.86
AIR LEASE CORP 3.62500 04/01/2027 US 8,789.07 $8,033.17
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 1,955 $1,964.60
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 20,654.31 $17,386.31
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 10,986.34 $8,758.48
ALLSTATE CORPORATION US ALL 16.17 $2,192.91
ALPHABET INC-CL A US GOOGL 2,523.12 $222,615.07
AMAZON.COM INC US AMZN 5,436.57 $456,671.63
AMAZON.COM INC 3.30000 04/13/2027 US 19,335.95 $18,381.59
DIAGEO PLC GB DGE LN 340.8 $14,917.29
BAE SYSTEMS PLC GB BA/ LN 1,378.57 $14,238.38
AMERICAN HOMES 4 RENT- A US AMH 168.79 $5,087.45
AMERICAN TOWER REIT INC US AMT 22.59 $4,785.47
AMERICOLD REALTY TRUST US COLD 85.74 $2,427.23
ANALOG DEVICES INC US ADI 22.9 $3,755.55
APPLIED MATERIALS INC US AMAT 926.76 $90,248.23
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 2,197.27 $2,196.96
ARCHER-DANIELS-MIDLAND CO US ADM 28.3 $2,627.73
ARGO BLOCKCHAIN PLC GB 158.2 $482.52
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 8,789.07 $8,000.57
ATLASSIAN CORP PLC-CLASS A AU TEAM 74.09 $9,534.14
AUTOMATIC DATA PROCESSING US ADP 16.66 $3,978.28
AVALONBAY COMMUNITIES INC US AVB 21.45 $3,463.85
BAE SYSTEMS PLC -SPON ADR GB BAESY 2,603.67 $109,731.84
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 8,349.62 $7,875.60
BANK OF AMERICA CORP 2.68700 04/22/2032 US 15,820.33 $12,703.44
BARRICK GOLD CORP CA GOLD 2,453.03 $42,143.04
BAXTER INTERNATIONAL INC US BAX 21.4 $1,090.83
BEST BUY INC US BBY 14.81 $1,187.88
BIOMARIN PHARMACEUTICAL INC US BMRN 910.64 $94,241.67
BLACKROCK INC US BLK 131.05 $92,862.44
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 6,240.24 $5,478.16
DECHRA PHARMACEUTICALS PLC GB DPH LN 275.14 $8,672.42
BOSTON SCIENTIFIC CORP US BSX 1,398.17 $64,693.11
BRANDYWINE REALTY TRUST US BDN 254.14 $1,562.94
BRENNTAG AG-UNSP ADR DE BNTGY 4,971.41 $63,285.99
BRISTOL MYERS SQUIBB CO US BMY 74.71 $5,375.18
BROADRIDGE FINANCIAL SOLUTIONS US BR 8.26 $1,108.15
JONAH ENERGY PARENT LLC US 87.5 $5,444.83
CBOE GLOBAL MARKETS INC US CBOE 1,036.93 $130,104.17
CDW CORP/DE US CDW 570.94 $101,958.10
C.H. ROBINSON WORLDWIDE INC US CHRW 11.16 $1,022.00
CVS HEALTH CORP US CVS 1,082.64 $100,891.00
COTERRA ENERGY INC US CTRA 40.78 $1,002.00
CAMDEN PROPERTY TRUST US CPT 29.71 $3,323.63
CAMPBELL SOUP CO US CPB 23.73 $1,346.71
CANADIAN NATIONAL RAILWAY CO CA CNI 1,186.48 $141,048.80
CARETRUST REIT INC US CTRE 182.33 $3,387.68
CATERPILLAR INC US CAT 21.23 $5,084.81
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 6,757.87 $111,504.89
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 8,217.78 $8,557.51
CHEVRON CORP US CVX 40.08 $7,193.63
CINCINNATI FINANCIAL CORP US CINF 11.25 $1,151.89
CISCO SYSTEMS INC US CSCO 132.67 $6,320.45
CITIGROUP INC US C 84.77 $3,834.17
CITIGROUP INC 1.46200 06/09/2027 US 14,941.42 $12,985.83
CLARK CNTY NV 1.51000 11/01/2028 US 15,380.87 $12,645.77
COCA COLA CO/THE US KO 4,627.49 $294,354.59
COGNEX CORP US CGNX 1,503.19 $70,815.50
COLGATE-PALMOLIVE CO US CL 40.12 $3,161.22
COMCAST CORP-CL A US CMCSA 144.14 $5,040.60
COMMUNITY HEALTHCARE TRUST I US CHCT 161.32 $5,775.38
CONAGRA BRAND INC. US CAG 35.73 $1,382.66
CONOCOPHILLIPS US COP 36.91 $4,355.86
CONSTELLATION BRANDS INC-A US STZ 953.13 $220,888.03
COOPER COS INC/THE US COO 224.34 $74,182.84
COPART INC US CPRT 1,157.96 $70,508.18
COUSINS PROPERTIES INC US CUZ 200.13 $5,061.21
CUMMINS INC US CMI 9.32 $2,257.27
KIMBERLY CLARK DE MEXICO S.A.B. MX 8,428.72 $14,304.14
DEUTSCHE BOERSE AG ADR DE DBOEY 6,183.37 $106,106.70
DEVON ENERGY CORPORATION US DVN 26.28 $1,616.44
DIAMONDBACK ENERGY INC US FANG 8.22 $1,124.03
DIGITAL REALTY TRUST INC US DLR 63.68 $6,384.87
DOLLAR GENERAL CORP US DG 539.39 $132,823.61
DOLLAR TREE STORES INC US DLTR 863.57 $122,143.35
DOMINO'S PIZZA US DPZ 472.24 $163,582.80
DOUBLEVERIFY HOLDINGS INC US DV 4,860.22 $106,730.51
DOW INC US DOW 28.56 $1,439.36
DREYFUS GVT CSH MANAGEMENT US 702,515.48 $702,515.48
EOG RESOURCES INC US EOG 19.78 $2,561.31
EAST WEST BANCORP INC US EWBC 1,482.14 $97,673.34
EASTMAN CHEM CO US EMN 10.2 $830.31
EBAY INC US EBAY 26.85 $1,113.49
ELECTRONIC ARTS US EA 1,215.62 $148,523.99
EMERSON ELEC CO US EMR 29.88 $2,870.55
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 20,214.86 $20,037.11
EQUINIX INC US EQIX 292.06 $191,308.58
EQUITY LIFESTYLE PROPERTIES US ELS 119.18 $7,699.01
ESSEX PROPERTY TRUST INC US ESS 13.97 $2,961.50
EVERGY INC US EVRG 1,577.15 $99,250.34
EXPEDIA GROUP INC 3.25000 02/15/2030 US 8,789.07 $7,481.38
FMC CORP US FMC 1,285.62 $160,445.52
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 7,690.44 $7,711.35
META PLATFORMS INC US META 1,616.53 $194,533.18
FIFTH THIRD BANCORP US FITB 45.44 $1,490.87
GENERAL DYNAMICS CORP US GD 13.45 $3,336.40
GENERAL MLS INC US GIS 32.87 $2,756.24
GENUINE PARTS CO US GPC 10.42 $1,807.11
GETTY REALTY CORP US GTY 192.09 $6,502.08
GILEAD SCIENCES INC US GILD 56.6 $4,859.25
GREENIDGE GEN HLD INC US 149.41 $159.87
GRUPO AEROPORTUARIO CEN-ADR MX OMAB 464.63 $28,732.98
GRUPO AEROPORTUARIO PAC-ADR MX PAC 209.62 $30,145.35
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 143.97 $33,542.40
AIRBUS SE FR AIR FP 63.63 $7,566.11
ADIDAS AG DE ADS GR 100.55 $13,626.77
HDFC BANK LTD-ADR IN HDB 2,332.05 $159,535.39
L'OREAL FR OR FP 7.87 $2,816.87
HEALTHCARE REALTY TRUST INC US HR 411.86 $7,936.46
HEINEKEN NV-SPN ADR NL HEINY 2,115.27 $99,459.78
HESKA CORP US HSKA 519.87 $32,315.34
HOME DEPOT INC US HD 28.78 $9,091.78
HONEYWELL INTERNATIONAL INC US HON 26.02 $5,575.15
HUMANA INC US HUM 121.86 $62,415.71
IDEXX LABORATORIES INC US IDXX 434.44 $177,235.66
KERRY GROUP PLC-A IE KYGA ID 91.01 $8,221.04
ILLINOIS TOOL WKS INC US ITW 15.42 $3,398.09
INDEPENDENCE REALTY TRUST IN US IRT 199.34 $3,360.81
INTEL CORP US INTC 147.35 $3,894.43
INTERCONTINENTALEXCHANGE INC US ICE 1,184.33 $121,500.12
INTERNATIONAL FLVRS & FRAGRANCES US IFF 15.47 $1,621.75
INTUIT INC US INTU 303.93 $118,294.09
INTUITIVE SURGICAL INC US ISRG 366.37 $97,216.91
INVITATION HOMES INC US INVH 224.82 $6,663.80
JP MORGAN CHASE & CO US JPM 881.32 $118,185.55
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 22,412.13 $21,024.58
JOHNSON & JOHNSON US JNJ 1,530.44 $270,352.35
KEYCORP US KEY 49.97 $870.41
KROGER CO US KR 39.95 $1,780.81
L3HARRIS TECHNOLOGIES INC US LHX 615.15 $128,079.76
BEIERSDORF AG DE BEI GR 127.4 $14,557.96
LENNAR CORP US LEN 15.21 $1,376.06
LEXINGTON REALTY TRUST US LXP 303.71 $3,043.14
LIFE STORAGE INC US LSI 53.79 $5,298.23
LOCKHEED MARTIN CORP US LMT 10.46 $5,088.20
LULULEMON - ADR CA LULU 403.15 $129,162.68
MAGALLANES INC 4.05400 03/15/2029 US 21,093.77 $18,314.48
MARATHON PETROLEUM CORP US MPC 21.14 $2,460.22
MARRIOTT VACATIONS WORLD US VAC 14.9 $2,005.05
MASTERCARD INC-CLASS A US MA 950.49 $330,515.26
MCDONALDS CORP US MCD 18.28 $4,817.66
MERCADOLIBRE INC BR MELI 97.38 $82,409.30
MERCK & CO INC US MRK 79.72 $8,844.59
MICROSOFT CORP US MSFT 1,533.69 $367,810.18
MICROCHIP TECHNOLOGY INC US MCHP 24.26 $1,704.11
MICRON TECHNOLOGY INC US MU 1,047.96 $52,377.28
MID-AMERICA APARTMENT COMM US MAA 46.8 $7,347.41
MONDELEZ INTERNATIONAL INC US MDLZ 4,372.25 $291,410.77
MOODY'S CORPORATION US MCO 905.89 $252,398.91
MOTOROLA SOLUTIONS INC US MSI 9.67 $2,491.53
NAVIENT CORP 6.75000 06/25/2025 US 8,129.89 $7,814.90
NESTLE S.A. - ADR CH NSRGY 1,564.89 $180,494.86
NETAPP INC US NTAP 17.49 $1,050.46
KEYENCE CORP JP 6861 JP 21.97 $8,530.78
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 4,174.81 $4,002.93
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 9,228.52 $7,897.17
NEWMONT GOLDCORP CORP US NEM 1,070.55 $50,530.09
NIKE INC CLASS B US NKE 858.16 $100,413.86
NORFOLK SOUTHN CORP US NSC 414.18 $102,063.45
NIKON CORP JP 7731 JP 518.56 $4,585.44
NORTHROP GRUMMAN CORP US NOC 226.98 $123,841.32
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 6,372.08 $0.64
NOVARTIS AG- REG CH NVS 1,264.04 $114,674.07
NUCOR CORP US NUE 14.59 $1,923.09
OMNICOM GROUP US OMC 16.39 $1,337.06
SONY CORP FIRST SECTION JP 6758 JP 109.86 $8,373.96
TOKYO ELECTRON LTD JP 8035 JP 13.18 $3,873.72
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 6,987.31 $6,083.75
PPG INDUSTRIES INC US PPG 10.15 $1,276.43
PACKAGING CORP OF AMERICA US PKG 7.34 $938.72
PARKER HANNIFIN CORP US PH 5.76 $1,675.24
DEUTSCHE BOERSE AG DE DB1 GR 63.24 $10,888.85
PAYPAL HOLDINGS INC US PYPL 1,787.26 $127,288.47
PELORUS FUND REIT 7.00000 09/30/2026 US 8,349.62 $7,689.91
NESTLE SA-REGISTERED CH NESN SW 167.12 $19,304.42
PEPSICO INC 3.90000 07/18/2032 US 16,259.78 $15,426.42
PFIZER INC US PFE 119.93 $6,145.05
PIONEER NATURAL RESOURCES CO US PXD 8.57 $1,957.15
POPULAR INC 6.12500 09/14/2023 PR 7,031.26 $6,990.09
PROCTER & GAMBLE CO US PG 63.63 $9,644.20
PROLOGIS US PLD 264.29 $29,793.11
PUBLIC STORAGE INC US PSA 39.24 $10,995.55
QUALCOMM INC US QCOM 41.79 $4,594.62
QUALCOMM 5.40000 05/20/2033 US 17,138.69 $17,932.75
QUEST DIAGNOSTICS INC US DGX 9.49 $1,484.96
RADIUS GLOBAL INFRASTRUCTURE US RADI 877.68 $10,374.14
REALTY INCOME CORP US O 29.31 $1,859.23
REGIONS FINANCIAL CORP. US RF 69.83 $1,505.52
REPUBLIC SERVICES INC US RSG 17.58 $2,267.40
RESTAURANT BRANDS INTERN CA QSR 86 $5,561.69
REXFORD INDUSTRIAL REALITY IN US REXR 137.94 $7,537.28
GETINGE AB-B SHS SE GETIB SS 642.83 $13,364.88
ROSS STORES INC US ROST 14.59 $1,693.44
HEINEKEN NV NL HEIA NA 158.82 $14,959.47
RYANAIR HOLDINGS - ADR IE RYAAY 2,022.85 $151,228.14
SBA TOWER TRUST 6.59900 01/15/2028 US 13,842.79 $13,886.71
S&P GLOBAL INC US SPGI 564.96 $189,228.17
SBA COMMUNICATIONS CORP US SBAC 712.66 $199,766.21
SALESFORCE INC US CRM 1,672.25 $221,723.94
SEAGEN INC US SGEN 428.69 $55,090.55
SERVICENOW INC US NOW 563.07 $218,623.87
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 27,685.57 $22,338.04
SKYWORKS SOLUTIONS INC US SWKS 8.61 $784.93
JM SMUCKER CO/THE-NEW COM WI US SJM 8.35 $1,323.08
SNOWFLAKE INC-CLASS A US SNOW 1,078.24 $154,771.01
SONY CORP SPONSORED ADR JP SONY 1,893.39 $144,427.44
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 16,259.78 $16,100.06
STAG INDUSTRIAL INC US STAG 57.57 $1,860.04
STANLEY BLACK & DECKER INC US SWK 8 $600.81
STEEL DYNAMICS INC US STLD 14.46 $1,412.55
SUN COMMUNITIES US SUI 67.85 $9,702.78
SYNCHRONOSS TECH US 285.25 $5,120.22
SYNERGY ONE LENDING 5.50000 10/14/2026 US 7,690.44 $6,627.24
TJX COMPANIES INC US TJX 39.16 $3,116.76
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 1,864.65 $138,897.41
TARGET CORP US TGT 14.85 $2,213.77
TENCENT HOLDINGS 3.97500 04/11/2029 KY 35,595.73 $32,921.00
TERRENO REALTY CORP US TRNO 90.31 $5,135.80
TEXAS INSTRUMENTS INC US TXN 24.57 $4,058.70
THERMO FISHER SCIENTIFIC INC US TMO 262.66 $144,644.98
3M CO US MMM 25.31 $3,035.48
TRACTOR SUPPLY COMPANY US TSCO 5.45 $1,225.91
TRAVELLERS COS INC US TRV 13.32 $2,496.51
TYSON FOODS INC -CL A US TSN 21.36 $1,329.50
UDR INC US UDR 136.49 $5,286.42
U.S. BANCORP US USB 68.77 $2,999.25
UBISOFT ENTERTAIN-UNSPON ADR FR UBSFY 8,660.35 $48,671.19
UNILEVER PLC - ADR GB UL 4,075.36 $205,194.37
UNION PAC CORP US UNP 23.91 $4,950.27
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 8,863.01 $7,556.88
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 973.25 $881.25
UNITED PARCEL SERVICE US UPS 23.12 $4,018.36
US TREASURY N/B 3.12500 11/15/2028 US 721,582.63 $689,393.29
US TEASURY NOTE 1.75000 11/15/2029 US 781,348.31 $683,069.34
US TREASURY N/B 0.87500 11/15/2030 US 684,229.09 $548,559.29
US TREASURY N/B 1.37500 11/15/2031 US 85,253.98 $69,655.16
UNITEDHEALTH GROUP INC US UNH 124.23 $65,866.12
VF CORP US VFC 20 $552.07
VENTAS INC US VTR 80.29 $3,616.98
VERTEX PHARMACEUTICALS INC US VRTX 345.98 $99,912.61
PARAMOUNT GLOBAL CLASS B US PARA 31.82 $537.06
VISA INC - CLASS A SHARES US V 1,202.78 $249,890.45
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 3,955.08 $3,797.25
VISTRA OPERATIONS 4.87500 05/13/2024 US 14,941.42 $14,625.81
WAL MART STORES US WMT 70.62 $10,013.23
WALGREENS BOOTS ALLIANCE INC US WBA 36.69 $1,370.90
WASTE MANAGEMENT INC US WM 19.6 $3,074.79
WELLTOWER INC. US WELL 80.73 $5,291.69
ZOETIS INC US ZTS 287.05 $42,067.33
ADMIRAL GROUP PLC GB ADM LN 649.12 $16,663.41
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 228.52 $1,756.92
UBISOFT ENTERTAINMENT FR UBI FP 267.67 $7,561.94
DANONE FR BN FP 108.55 $5,720.94
AIR LIQUIDE FR AI FP 107.49 $15,256.69
BRENNTAG AG DE BNR GR 84.99 $5,420.25
KEYWORDS STUDIOS PLC IE KWS LN 82 $2,691.01
HELIOS TOWERS PLC GB HTWS LN 2,038.14 $2,614.32
AVANZA BANK HOLDING AB SE AZA SS 400.39 $8,592.11
AMERICAN TANKER INC 7.75000 07/02/2025 US 7,470.71 $7,156.19
SOFTWAREONE HOLDING AG CH SWON SW 575.64 $8,170.28
TENCENT HOLDINGS LTD CN 700 HK 219.73 $9,316.49
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 233.04 $3,784.61
SEASPAN CORP 6.50000 02/05/2024 MH 8,789.07 $8,726.97
PETROTAL CORP 12.00000 02/16/2024 CA 5,976.57 $6,021.62
IMCD NV NL IMCD NA 20.43 $2,923.00
FINECOBANK SPA IT FBK IM 890.29 $14,784.24
ALLFUNDS GROUP PLC GB ALLFG NA 704.93 $4,943.47
ROTORK PLC GB ROR LN 1,700.64 $6,319.94
AUTO TRADER GROUP PLC GB AUTO LN 2,166.02 $13,488.59
CELLNEX TELECOM SA ES CLNX SM 224.87 $7,459.16
ASSA ABLOY AB-B SE ASSAB SS 436.55 $9,389.94
CLEANAWAY WASTE MANAGEMENT AU CWY AU 6,359.33 $11,331.27
INTERMEDIATE CAPITAL GROUP GB ICP LN 686.29 $9,475.79
ADYEN NV NL ADYEN NA 7.6 $10,554.23
BANK OF N.T. BUTTERFIELD&SON BM NTB 153.76 $4,583.73
BUNGE LIMITED US BG 10.81 $1,078.57
EATON CORP PLC US ETN 20.57 $3,227.90
JOHNSON CONTROLS INTERNATIONAL US JCI 38.72 $2,477.81
LINDE PLC GB LIN 253.21 $82,593.05
MEDTRONIC INC IE MDT 3,304.16 $256,799.54
RENAISSANCERE HOLDINGS LTD BM RNR 30.5 $5,618.66
ROYALTY PHARMA PLC- CL A US RPRX 28.83 $1,139.29
STONECO LTD-A BR STNE 261.96 $2,472.89
TRANE TECHNOLOGIES IE TT 9.89 $1,662.02
ALCON INC CH ALC 1,267.52 $86,888.20
CHUBB LTD CH CB 18.5 $4,081.32
GARMIN LTD CH GRMN 13.84 $1,277.55
TE CONNECTIVITY LIMITED CH TEL 13.71 $1,574.02
LYONDELLBASELL INDU-CL A US LYB 14.06 $1,167.61
PLAYA HOTELS AND RESORTS US PLYA 240.34 $1,569.40
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 7,866.22 $7,454.38

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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