Collective Investment Trust

Retirement Target Income CIT

Investment Objective

To provide capital preservation and manage risk for investors who have already reached their target date or who desire minimal capital risk as they move towards a future target date.

Investment Strategy

The portfolio is invested in a conservative mix of securities that seeks preservation of capital, with income and long-term capital growth as secondary objectives. The portfolio is diversified primarily among fixed income securities, typically focusing on short to intermediate-term maturities. A position in various stock investments, which may be focused on dividend paying stocks, adds potential for growth opportunities and income generation. For the most part, this approach favors stability over growth. Stock exposure can range from 13% - 47%.

May be Appropriate for Investors

  • Who have reached their target date or are already in retirement and seek to minimize declines in account value with potential for modest capital growth and income generation
  • Who have a future target date and want to assume a minimal amount of capital risk through limited stock exposure
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio

About Target Date Funds

A target date fund is a single investment portfolio designed to meet an investor’s changing needs over time. The fund gradually shifts from a more aggressive to a more conservative investment objective over the years to reflect an appropriate risk/return trade-off for the investor’s changing time horizon.

Learn more about our Glide Range SM

Daily Price

$19.64

Daily $ Change

-$0.09

Daily % Change

-0.46%

as of 06/07/2023

CUSIP

302027651

Inception Date

05/31/2007

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

Important Documents

Applications & Forms
Fact Sheet
Annual Report

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

Performance

As of 05/31/2023

YTD

4.57%

1 Year

0.00%

3 Year

1.77%

5 Year

3.64%

10 Year

3.54%

Inception
(05/31/2007)

5.26%

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

Performance through 06/04/2012 reflects the performance of the Retirement Target Institutional CIT Fund, which was merged into the Retirement Target CIT Fund on 06/04/2012 to establish the Class I units. Performance through the Institutional CIT Fund inception date (05/31/2007) 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.

Expense Ratio

Gross 0.71%
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.

Asset Allocation

As of 05/31/2023

Bonds
70.50%
Stocks
26.31%
Cash
3.19%

Detailed Asset Class Allocation

As of 05/31/2023

International Equities
6.99%
Small Capitalization
0.29%
Mid Capitalization
2.71%
Large Capitalization
16.31%
Long Term Fixed Income
12.58%
Intermediate Term Fixed Income
48.51%
Short Term Fixed Income
9.42%
Cash
3.19%

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

Security Description Country Ticker Shares/Par Market Value (USD)
3M CO US MMM 50.55 $4,717.06
ABBOTT LABORATORIES US ABT 94.87 $9,677.13
ADMIRAL GROUP PLC GB AMIGY 4,308.04 $124,545.33
ADMIRAL GROUP PLC GB ADM LN 1,169.78 $33,884.74
ADYEN NV NL ADYEN NA 6.2 $10,161.86
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 114,922.56 $99,632.91
AGREE REALTY CORP US ADC 312.97 $20,183.62
AIR LIQUIDE FR AI FP 162.15 $27,168.87
AIR LIQUIDE-ADR FR AIQUY 5,698.5 $191,013.85
AIRBUS SE FR AIR FP 131.56 $17,277.26
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 12,519.46 $12,690.56
ALCON INC CH ALC 1,988.2 $153,866.70
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 88,752.26 $72,901.42
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 335,316.66 $284,017.35
ALPHABET INC-CL A US GOOGL 3,298.38 $405,272.53
AMAZON.COM INC US AMZN 4,169.89 $502,804.91
AMAZON.COM INC 3.30000 04/13/2027 US 315,084.77 $303,862.55
AMERICAN HOMES 4 RENT- A US AMH 234.34 $8,033.12
AMERICAN TANKER INC 7.75000 07/02/2025 US 55,436.53 $53,275.09
AMERICAN TOWER REIT INC US AMT 78.58 $14,493.37
AMERICOLD REALTY TRUST US COLD 678.28 $19,873.56
ANALOG DEVICES INC US ADI 46.18 $8,206.17
APARTMENT INCOME REIT CO US AIRC 226.25 $7,848.47
APPLIED MATERIALS INC US AMAT 1,032.66 $137,653.51
ARCHER-DANIELS-MIDLAND CO US ADM 56.24 $3,973.67
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 150,528.24 $139,476.55
ASTRAZENECA GB AZN 304.07 $22,221.50
ATLASSIAN CORP PLC-CLASS A AU TEAM 58.11 $10,504.95
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 1,614.55 $8,629.50
AUTO TRADER GROUP PLC GB AUTO LN 3,964.52 $31,113.65
AVALONBAY COMMUNITIES INC US AVB 72.24 $12,568.51
AVANZA BANK HOLDING AB SE AZA SS 580.92 $12,062.79
BAE SYSTEMS PLC GB BA/ LN 2,555.68 $29,537.44
BAE SYSTEMS PLC -SPON ADR GB BAESY 2,338.96 $109,907.76
BANK OF AMERICA CORP US BAC 355.76 $9,886.47
BANK OF AMERICA CORP 2.68700 04/22/2032 US 262,480.72 $216,814.58
BARRICK GOLD CORP CA GOLD 5,034.53 $84,982.86
BAXTER INTERNATIONAL INC US BAX 54.68 $2,226.56
BEIERSDORF AG DE BEI GR 174.02 $22,206.72
BIOMARIN PHARMACEUTICAL INC US BMRN 2,004.14 $174,240.31
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 149,989.17 $144,139.11
BRANDYWINE REALTY TRUST US BDN 737.87 $2,877.69
BRISTOL MYERS SQUIBB CO US BMY 144.19 $9,291.31
BROADCOM INC US AVGO 17.86 $14,428.52
BROADRIDGE FINANCIAL SOLUTIONS US BR 16.67 $2,445.97
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 51,761.61 $44,471.41
BUNGE LIMITED US BG 21.77 $2,016.72
C.H. ROBINSON WORLDWIDE INC US CHRW 21.77 $2,058.08
CAALT 2021-2A A 0.96000 02/15/2030 US 51,024.8 $49,883.44
CAALT 2021-3A B MTGE 1.38000 07/15/2030 US 105,202.45 $98,388.45
CALDERYS FINANCING LLC 11.25000 06/01/2028 US 39,654.97 $40,172.46
CAMPBELL SOUP CO US CPB 47.07 $2,379.53
CANADIAN NATIONAL RAILWAY CO CA CNI 1,155.21 $130,226.98
CARETRUST REIT INC US CTRE 620.28 $12,033.45
CATERPILLAR INC US CAT 44.78 $9,213.44
CBOE GLOBAL MARKETS INC US CBOE 863.55 $114,351.04
CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 34,278.71 $31,123.18
CELLNEX TELECOM SA ES CLNX SM 597.3 $24,205.76
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 743.45 $15,032.57
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 160,617.66 $168,142.44
CHEVRON CORP US CVX 88.16 $13,278.18
CIM 2019-INV1 A1 4.00000 02/25/2049 US 4,305.52 $4,174.35
CISCO SYSTEMS INC US CSCO 262.34 $13,030.40
CITIGROUP INC US C 160.02 $7,092.10
CITIGROUP INC 1.46200 06/09/2027 US 250,880.83 $223,645.69
CLARK CNTY NV 1.51000 11/01/2028 US 304,295.21 $260,753.17
CLEANAWAY WASTE MANAGEMENT AU CWY AU 9,790.38 $16,542.90
COCA COLA CO/THE US KO 3,096.46 $184,734.75
COGNIZANT TECH SOLUTIONS - A US CTSH 44.05 $2,752.77
COLGATE-PALMOLIVE CO US CL 77.58 $5,770.57
COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 156,733.57 $136,774.93
COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 US 151,741.35 $142,491.80
COMCAST CORP-CL A US CMCSA 277.18 $10,906.88
COMMUNITY HEALTHCARE TRUST I US CHCT 298.19 $9,780.64
CONAGRA BRAND INC. US CAG 69.41 $2,420.28
CONOCOPHILLIPS US COP 76.13 $7,559.27
COPART INC US CPRT 1,675.57 $146,763.08
CORNING INC US GLW 75.24 $2,318.00
COTERRA ENERGY INC US CTRA 90.96 $2,114.87
COUSINS PROPERTIES INC US CUZ 520.2 $10,362.40
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 37,542 $32,242.69
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 22,250.56 $18,853.00
CSX CORP US CSX 4,075.69 $125,001.36
CUMMINS INC US CMI 18.75 $3,832.31
CVS HEALTH CORP US CVS 73.78 $5,019.17
DANONE FR BN FP 159.18 $9,421.93
DEUTSCHE BOERSE AG DE DB1 GR 148.61 $25,704.06
DEUTSCHE BOERSE AG ADR DE DBOEY 6,299.92 $108,673.61
DEVON ENERGY CORPORATION US DVN 62.29 $2,871.43
DIAGEO PLC GB DGE LN 463.71 $19,277.75
DIAMONDBACK ENERGY INC US FANG 19.31 $2,455.86
DIGITAL REALTY TRUST INC US DLR 63.07 $6,462.08
DOW INC US DOW 64.93 $3,167.32
DREYFUS GVT CSH MANAGEMENT US 1,366,055.05 $1,366,055.05
EBAY INC US EBAY 59.89 $2,547.56
ELECTRONIC ARTS US EA 2,377.75 $304,352.21
EMERSON ELEC CO US EMR 60.4 $4,691.78
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 338,824.49 $337,959.92
EOG RESOURCES INC US EOG 44.67 $4,792.85
EQUINIX INC US EQIX 100.08 $74,614.73
EQUITY COMMONWEALTH US EQC 516.1 $10,554.25
EQUITY LIFESTYLE PROPERTIES US ELS 324.87 $20,521.99
ESSEX PROPERTY TRUST INC US ESS 28.89 $6,242.20
EVERGY INC US EVRG 2,226.74 $128,817.16
EXTRA SPACE STORAGE INC US EXR 31.35 $4,522.27
EXXON MOBIL CORP US XOM 141.33 $14,440.70
FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 966.74 $1,029.08
FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 6,742.69 $7,127.69
FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 763.3 $812.62
FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 359.7 $380.23
FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 3,043.2 $3,239.82
FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 1,877.16 $1,984.34
FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 497.6 $526.03
FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 1,141.06 $1,206.26
FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 493.39 $502.40
FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 381.81 $388.79
FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 3,364.75 $3,556.88
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 4,550.13 $4,809.20
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 43.77 $43.45
FEDERAL NATL MTG ASSN AE0951 4.50000 02/01/2041 US 9,421.99 $9,342.91
FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 22,191.7 $21,996.86
FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 3,846.01 $3,812.25
FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 6,718.1 $6,659.12
FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 7,764.69 $7,696.52
FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 29,116.67 $28,861.04
FEDERAL NATL MTG ASSN AL8674 FLT 5.64500 01/01/2049 US 114,735.23 $119,738.43
FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 65,888.54 $65,290.66
FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 7,549.14 $7,020.15
FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 28,534.92 $27,358.67
FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 20,729.92 $19,875.40
FEDERAL NATL MTG ASSN BK0433 3.50000 12/01/2049 US 166,800.07 $154,442.80
FEDERAL NATL MTG ASSN BW1194 4.00000 09/01/2052 US 253,479.59 $239,295.88
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 258,926.62 $240,716.06
FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 26,485.94 $26,071.79
FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 20,132.13 $19,060.29
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 277,198.03 $265,091.29
FEDERAL NATL MTG ASSN FS2998 3.50000 04/01/2052 US 159,715.14 $147,882.75
FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 1,342 $1,332.33
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 29,059.42 $28,879.23
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 23,400.4 $23,255.30
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 289,532.03 $265,600.38
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 282,887.14 $267,057.89
FEDERAL NATL MTG ASSN MA5043 5.00000 06/01/2038 US 287,297.71 $286,573.61
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 272,966.65 $243,818.33
FEDERAL NATL MTG ASSN SD8276 5.00000 12/01/2052 US 289,012.61 $284,446.40
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 304,667.26 $268,866.06
FEDEX CORPORATION US FDX 17.18 $3,745.67
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 50,239.65 $49,510.47
FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 23,303.49 $22,340.26
FHLM POOL C91746 4.50000 12/01/2033 US 3,585.23 $3,567.38
FHLM POOL FG G08734 4.00000 11/01/2046 US 3,309.25 $3,176.45
FHLM POOL G03332 6.00000 10/01/2037 US 1,054.16 $1,115.69
FHLM POOL G05900 6.00000 03/01/2040 US 2,252.11 $2,383.30
FHLM POOL G05906 6.00000 04/01/2040 US 3,072.77 $3,251.76
FHLM POOL G06789 6.00000 05/01/2040 US 13,508.14 $14,294.97
FHLM POOL G06995 6.00000 05/01/2040 US 6,626.26 $7,012.23
FHLM POOL G13331 5.50000 10/01/2023 US 70.81 $70.54
FHLM POOL G60034 4.50000 02/01/2045 US 51,893.53 $51,481.34
FHLM POOL Q93451 4.50000 08/01/2040 US 40,466.21 $40,172.36
FHLM POOL SD8230 4.50000 06/01/2052 US 260,970.33 $252,292.14
FHR 5189 CP 2.50000 06/25/2049 US 83,907.98 $72,683.83
FIFTH THIRD BANCORP US FITB 88.83 $2,155.93
FINECOBANK SPA IT FBK IM 1,289.6 $17,226.74
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 572.86 $8,627.23
FLX 2021-1A A2 3.25000 11/27/2051 US 255,467.66 $226,344.35
FMC CORP US FMC 2,184.36 $227,348.52
FN DS2696 3.00000 12/01/2051 US 129,208.02 $115,400.45
FN MA4733 4.50000 09/01/2052 US 124,665.7 $120,520.45
FN MA4807 MTGE 5.50000 11/01/2052 US 236,247.71 $235,986.94
FN MA4868 MTGE 5.00000 01/01/2053 US 239,605.82 $235,820.61
FN MA4934 MTGE 5.00000 02/01/2043 US 392,154.55 $388,491.13
FNR 2018-31 KP 3.50000 07/25/2047 US 3,525.23 $3,407.84
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 181,012.36 $171,819.33
FREDDIE MAC POOL RB5167 3.50000 07/01/2042 US 156,632.3 $146,011.36
FREDDIE MAC POOL RB5188 4.00000 10/01/2042 US 157,384.67 $150,513.18
GENERAL DYNAMICS CORP US GD 26.3 $5,370.21
GENERAL MLS INC US GIS 64.15 $5,398.73
GENUINE PARTS CO US GPC 20.31 $3,025.18
GETTY REALTY CORP US GTY 434.07 $14,875.48
GILEAD SCIENCES INC US GILD 106.28 $8,177.53
GNMA POOL 660997 5.50000 05/15/2037 US 4,524.76 $4,669.22
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 27,715.66 $25,396.27
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 24,818.07 $23,208.27
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 54,525.75 $45,923.65
GREENIDGE GEN HLD INC US 1,084.45 $5,151.14
GSMBS 2021-INV1 A6 2.50000 12/25/2051 US 52,785.56 $45,443.67
GSMBS 2021-INV1 A9 5.00000 12/25/2051 US 94,127.3 $87,085.93
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 227,755.61 $196,409.57
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 113,877.06 $98,157.39
GSMBS 2022-PJ1 A8 2.50000 05/28/2052 US 65,185.31 $56,051.28
HALLIBURTON CO US HAL 79.88 $2,288.43
HARTFORD FINL SVCS US HIG 29.73 $2,036.91
HAWAII ST 2.68200 10/01/2038 US 155,384.17 $117,961.63
HDFC BANK LTD-ADR IN HDB 327.27 $21,076.19
HEALTHCARE REALTY TRUST INC US HR 986.94 $18,366.87
HEINEKEN NV NL HEIA NA 246.72 $24,962.79
HEINEKEN NV-SPN ADR NL HEINY 3,392.9 $171,476.95
HELIOS TOWERS PLC GB HTWS LN 5,531.54 $6,230.70
HOME DEPOT INC US HD 58.11 $16,470.09
HONEYWELL INTERNATIONAL INC US HON 52.12 $9,985.65
HOTWIRE FUNDING LLC 5.68700 05/20/2053 US 272,458.22 $270,960.13
HUNTINGTON BANCSHARES US HBAN 149.61 $1,542.45
IDEXX LABORATORIES INC US IDXX 368.03 $171,049.45
IMCD NV NL IMCD NA 56.03 $8,445.63
IMPRL 2021-NQM3 1.59500 11/25/2056 US 134,295.09 $112,696.84
INTERCONTINENTALEXCHANGE INC US ICE 1,101.93 $116,749.79
INTERMEDIATE CAPITAL GROUP GB ICP LN 572.51 $9,936.93
INTERNATIONAL BUSINESS MACH CORP US IBM 49.93 $6,420.78
INTERNATIONAL FLVRS & FRAGRANCES US IFF 28.49 $2,201.71
INTUIT INC US INTU 270.67 $113,445.22
INTUITIVE SURGICAL INC US ISRG 403.45 $124,197.90
INVITATION HOMES INC US INVH 568.41 $19,257.61
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 37,227.65 $35,605.95
JM SMUCKER CO/THE-NEW COM WI US SJM 16.62 $2,435.90
JOHNSON & JOHNSON US JNJ 2,409.13 $373,559.05
JP MORGAN CHASE & CO US JPM 135.28 $18,359.32
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 26,981.21 $25,502.23
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 373,353.78 $360,397.23
KELLOGG CO US K 31.97 $2,134.39
KEYENCE CORP JP 6861 JP 21.58 $10,461.50
KEYWORDS STUDIOS PLC IE KWS LN 242.51 $5,867.54
KIMBERLY CLARK DE MEXICO S.A.B. MX KIMBERA MM 12,214.63 $24,962.33
KRAFT HEINZ CO/THE US KHC 89.51 $3,420.90
L'OREAL FR OR FP 11.36 $4,862.37
L3HARRIS TECHNOLOGIES INC US LHX 855.81 $150,553.44
LEXINGTON REALTY TRUST US LXP 1,288.82 $13,326.41
LIFE STORAGE INC US LSI 130.89 $16,673.62
LINDE PLC IE LIN 38.95 $13,776.12
LOCKHEED MARTIN CORP US LMT 20.15 $8,947.20
LULULEMON - ADR CA LULU 50.88 $16,887.37
MARATHON OIL CORP US MRO 67.49 $1,495.65
MARATHON PETROLEUM CORP US MPC 41.76 $4,380.88
MASCO CORP US MAS 4,856.88 $234,684.37
MASTERCARD INC-CLASS A US MA 1,160.58 $423,634.88
MEDTRONIC INC IE MDT 3,294.82 $272,679.28
MERCADOLIBRE INC BR MELI 12.81 $15,875.91
MERCK & CO INC US MRK 151.23 $16,696.88
META PLATFORMS INC US META 1,593.05 $421,711.73
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 138,928.78 $7,379.86
MICROCHIP TECHNOLOGY INC US MCHP 51.39 $3,867.52
MICRON TECHNOLOGY INC US MU 5,787.03 $394,675.42
MICROSOFT CORP US MSFT 802.96 $263,684.21
MID-AMERICA APARTMENT COMM US MAA 110.14 $16,197.49
MONARCH CASINO & RESORT INC US MCRI 99.95 $6,485.45
MONDELEZ INTERNATIONAL INC US MDLZ 3,322.5 $243,904.53
MOODY'S CORPORATION US MCO 673.69 $213,479.97
NAVIENT CORP 6.75000 06/25/2025 US 44,375.91 $43,179.55
NESTLE S.A. - ADR CH NSRGY 1,414.12 $167,898.78
NESTLE SA-REGISTERED CH NESN SW 240.97 $28,564.24
NETAPP INC US NTAP 33.64 $2,231.93
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 171,300.5 $154,105.81
NEWMONT GOLDCORP CORP US NEM 1,108.41 $44,945.92
NIKE INC CLASS B US NKE 969.13 $102,010.73
NORFOLK SOUTHN CORP US NSC 19.99 $4,161.32
NORTHROP GRUMMAN CORP US NOC 387.88 $168,919.86
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 53,278.53 $5.33
NOVARTIS AG- REG CH NVS 1,475.41 $142,008.44
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 42,398.11 $38,772.03
NRZT 2015-2A A1 3.75000 08/25/2055 US 47,627.12 $44,481.26
NRZT 2016-4A A1 3.75000 11/25/2056 US 74,652.33 $68,678.34
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 55,013.46 $49,612.93
OASIS 2023-1A 7.00000 02/15/2035 US 128,364.51 $127,360.49
OBX 2022-INV1 A1 3.00000 12/25/2051 US 67,312.3 $56,561.83
ODFJELL DRILLING LTD 9.25000 05/31/2028 BM 70,139.31 $70,490.00
OMNICOM GROUP US OMC 30.67 $2,704.92
OXFIN 2019-1A A2 4.45900 02/15/2027 US 44,970.48 $44,615.79
OXFIN 2020-1A A2 3.10100 02/15/2028 US 65,877.98 $65,253.45
OXFIN 2022-1A 3.60200 02/15/2030 US 228,625.49 $210,030.33
OXFIN 2023-1A A2 6.71600 02/15/2031 US 220,125.44 $218,409.54
PACKAGING CORP OF AMERICA US PKG 14.27 $1,769.93
PARAMOUNT GLOBAL CLASS B US PARA 84.25 $1,281.37
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 205,165.34 $193,692.17
PEAR 2022-1 A1 6.50000 10/15/2034 US 51,196.48 $51,115.11
PELORUS FUND REIT 7.00000 09/30/2026 US 28,460.89 $26,663.51
PEPSICO INC 3.90000 07/18/2032 US 286,759.51 $276,952.02
PFIZER INC US PFE 284.89 $10,831.56
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 230,958.56 $186,351.50
PFMT 2021-2 A2A 2.00000 04/25/2051 US 142,753.8 $121,399.35
PHILLIPS 66 US PSX 33.02 $3,024.81
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 11,737.82 $10,617.65
POPULAR INC 6.12500 09/14/2023 PR 43,161.93 $42,946.12
PPG INDUSTRIES INC US PPG 23.17 $3,042.28
PROLOGIS US PLD 693.14 $86,330.90
PUBLIC STORAGE INC US PSA 104.18 $29,514.32
QUALCOMM 5.40000 05/20/2033 US 155,389.81 $162,489.51
QUALCOMM INC US QCOM 84.52 $9,584.86
QUALCOMM INC 4.25000 05/20/2032 US 118,689.94 $115,457.31
QUEST DIAGNOSTICS INC US DGX 17.91 $2,376.02
RAYTHEON TECHNOLOGIES CORP US RTX 76.23 $7,024.16
RCKT 2021-6 A1 2.50000 12/25/2051 US 201,077.34 $162,249.81
REALTY INCOME CORP US O 277.93 $16,520.24
REGIONS FINANCIAL CORP. US RF 134.29 $2,319.11
RENAISSANCERE HOLDINGS LTD BM RNR 84.89 $15,991.24
RENTOKIL INITIAL PLC GB RTO LN 2,570.47 $20,446.98
RENTOKIL INITIAL PLC-SP ADR GB RTO 3,025.44 $120,200.72
RESTAURANT BRANDS INTERN CA QSR 197.14 $14,373.40
REXFORD INDUSTRIAL REALITY IN US REXR 352.92 $19,213.19
S&P GLOBAL INC US SPGI 230.16 $84,566.80
SALESFORCE INC US CRM 673.5 $150,446.95
SBA COMMUNICATIONS CORP US SBAC 109.06 $24,188.00
SBA TOWER TRUST 1.88400 01/15/2026 US 93,333.45 $84,291.99
SBA TOWER TRUST 6.59900 01/15/2028 US 221,340.94 $229,049.63
SCHLUMBERGER LTD NL SLB 94.31 $4,039.18
SCML 2019-SBC8 2.86000 04/25/2041 US 55,610.36 $51,264.16
SEMT 2013-2 1.87400 02/25/2043 US 20,385.99 $17,759.68
SEMT 2013-6 A2 3.00000 05/25/2043 US 41,845.57 $36,036.57
SEMT 2013-7 A2 3.00000 06/25/2043 US 22,887.97 $20,235.47
SEMT 2013-8 A1 3.00000 06/25/2043 US 27,026 $23,999.86
SERVICENOW INC US NOW 473.02 $257,692.57
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 499,333.69 $405,726.32
SKYWORKS SOLUTIONS INC US SWKS 19.99 $2,069.07
SLMA 2006-10 A6 FLT 5.40514 03/25/2044 US 20,266.42 $19,229.43
SMB 2015 B A3 6.85743 05/17/2032 US 30,743.3 $30,740.36
SMB 2019-B A2A 2.84000 06/15/2037 US 94,873.93 $87,594.37
SMB 2020-BA A1A 1.29000 07/15/2053 US 123,746.99 $108,125.86
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 22,486.55 $21,743.69
SONY CORP FIRST SECTION JP 6758 JP 280.55 $26,309.95
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 131,632.5 $118,881.85
SORT 2020-1 A2 1.99000 07/15/2060 US 106,690.02 $89,689.83
SOUTH CAROLINA ST PUBLIC SVC 1.85200 12/01/2026 US 70,411.01 $63,043.05
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 41,541.48 $36,010.01
SRPT 2014-STAR A FLTG RATE 6.57800 11/15/2027 US 296,491.49 $216,434.65
STAG INDUSTRIAL INC US STAG 255.68 $8,897.54
STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 69,294.22 $62,962.48
SUN COMMUNITIES US SUI 210.47 $26,651.18
SYNCHRONOSS TECH US 1,516.65 $28,057.99
SYSCO CORP US SYY 40.25 $2,815.34
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 2,462.38 $242,765.57
TE CONNECTIVITY LIMITED CH TEL 30.11 $3,687.25
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 1,402.74 $12,990.55
TENCENT HOLDINGS 3.97500 04/11/2029 KY 623,695.54 $587,730.18
TENCENT HOLDINGS LTD CN 700 HK 542.21 $21,457.70
TERRENO REALTY CORP US TRNO 293.47 $17,998.48
TEXAS INSTRUMENTS INC US TXN 53.74 $9,343.57
THERMO FISHER SCIENTIFIC INC US TMO 221.12 $112,431.02
TOKYO ELECTRON LTD JP 8035 JP 64.74 $8,805.00
TPMT 2016-5 A1 2.50000 10/25/2056 US 22,472.93 $22,075.43
TPMT 2017-1 A1 2.75000 10/25/2056 US 9,756.56 $9,593.68
TPMT 2019-HY1 A1 6.13800 10/25/2048 US 32,245.8 $31,958.60
TRAVELLERS COS INC US TRV 25.98 $4,396.46
TREASURY BILL 0.00000 05/16/2024 US 2,240,102.71 $2,132,794.42
TREASURY BOND 2.37500 02/15/2042 US 803,045.36 $627,253.71
TREASURY NOTE 2.25000 11/15/2027 US 2,264,673.6 $2,118,354.46
TRUIST FINANCIAL CORP US TFC 99.35 $3,027.25
TYSON FOODS INC -CL A US TSN 41.25 $2,088.69
U.S. BANCORP US USB 133.72 $3,998.19
UDR INC US UDR 488.75 $19,388.59
UNILEVER PLC - ADR GB UL 6,044.51 $301,863.06
UNION PAC CORP US UNP 651.38 $125,404.43
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 7,970.7 $7,502.01
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 40,638.96 $36,654.44
UNITED PARCEL SERVICE US UPS 50.31 $8,401.74
US CLAIMS LIT FNDG LLC 10.25000 03/17/2028 US 13,487.49 $12,909.87
US TEASURY NOTE 1.75000 11/15/2029 US 2,332,922.48 $2,079,399.43
US TREASURY N/B 0.87500 11/15/2030 US 1,039,616 $855,084.16
US TREASURY N/B 1.37500 11/15/2031 US 498,946.97 $417,088.48
US TREASURY N/B 2.00000 11/15/2026 US 2,230,546.88 $2,089,569.35
US TREASURY N/B 2.25000 11/15/2025 US 1,329,311.26 $1,268,869.14
US TREASURY N/B 3.12500 11/15/2028 US 3,013,088.43 $2,915,398.47
US TREASURY N/B 3.62500 02/15/2053 US 214,451.15 $205,370.48
VALERO ENERGY US VLO 26.3 $2,815.30
VENTAS INC US VTR 218.34 $9,419.27
VERTEX PHARMACEUTICALS INC US VRTX 490.8 $158,807.01
VISA INC - CLASS A SHARES US V 1,337.05 $295,528.77
VISTRA OPERATIONS 4.87500 05/13/2024 US 245,350.63 $241,835.99
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 70,543.39 $68,235.71
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 390,349.11 $356,675.64
WELLS FARGO COMPANY US WFC 189.8 $7,556.00
WELLTOWER INC. US WELL 214.08 $15,972.49
WIN 2015-1 A1 3.50000 01/20/2045 US 14,530.82 $13,249.40

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Conservative Term CIT Fund. Investments will change over time. 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 over 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

$19.64

Daily $ Change

-$0.09

Daily % Change

-$0.46

as of 06/07/2023

CUSIP

302027651

Inception Date

05/31/2007

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

Important Documents

Applications & Forms
Fact Sheet
Annual Report

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

Investment Objective

To provide capital preservation and manage risk for investors who have already reached their target date or who desire minimal capital risk as they move towards a future target date.

Investment Strategy

The portfolio is invested in a conservative mix of securities that seeks preservation of capital, with income and long-term capital growth as secondary objectives. The portfolio is diversified primarily among fixed income securities, typically focusing on short to intermediate-term maturities. A position in various stock investments, which may be focused on dividend paying stocks, adds potential for growth opportunities and income generation. For the most part, this approach favors stability over growth. Stock exposure can range from 13% - 47%.

May be Appropriate for Investors

  • Who have reached their target date or are already in retirement and seek to minimize declines in account value with potential for modest capital growth and income generation
  • Who have a future target date and want to assume a minimal amount of capital risk through limited stock exposure
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio

About Target Date Funds

A target date fund is a single investment portfolio designed to meet an investor’s changing needs over time. The fund gradually shifts from a more aggressive to a more conservative investment objective over the years to reflect an appropriate risk/return trade-off for the investor’s changing time horizon.

Learn more about our Glide Range SM

Performance

As of 05/31/2023

YTD

4.57%

1 Year

0.00%

3 Year

1.77%

5 Year

3.64%

10 Year

3.54%

Inception
(05/31/2007)

5.26%

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

Performance through 06/04/2012 reflects the performance of the Retirement Target Institutional CIT Fund, which was merged into the Retirement Target CIT Fund on 06/04/2012 to establish the Class I units. Performance through the Institutional CIT Fund inception date (05/31/2007) 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.

Expense Ratio

Gross 0.71%
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.

Asset Allocation

As of 05/31/2023

Bonds
70.50%
Stocks
26.31%
Cash
3.19%

Detailed Asset Class Allocation

As of 05/31/2023

International Equities
6.99%
Small Capitalization
0.29%
Mid Capitalization
2.71%
Large Capitalization
16.31%
Long Term Fixed Income
12.58%
Intermediate Term Fixed Income
48.51%
Short Term Fixed Income
9.42%
Cash
3.19%

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

Security Description Country Ticker Shares/Par Market Value (USD)
3M CO US MMM 50.55 $4,717.06
ABBOTT LABORATORIES US ABT 94.87 $9,677.13
ADMIRAL GROUP PLC GB AMIGY 4,308.04 $124,545.33
ADMIRAL GROUP PLC GB ADM LN 1,169.78 $33,884.74
ADYEN NV NL ADYEN NA 6.2 $10,161.86
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 114,922.56 $99,632.91
AGREE REALTY CORP US ADC 312.97 $20,183.62
AIR LIQUIDE FR AI FP 162.15 $27,168.87
AIR LIQUIDE-ADR FR AIQUY 5,698.5 $191,013.85
AIRBUS SE FR AIR FP 131.56 $17,277.26
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 12,519.46 $12,690.56
ALCON INC CH ALC 1,988.2 $153,866.70
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 88,752.26 $72,901.42
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 335,316.66 $284,017.35
ALPHABET INC-CL A US GOOGL 3,298.38 $405,272.53
AMAZON.COM INC US AMZN 4,169.89 $502,804.91
AMAZON.COM INC 3.30000 04/13/2027 US 315,084.77 $303,862.55
AMERICAN HOMES 4 RENT- A US AMH 234.34 $8,033.12
AMERICAN TANKER INC 7.75000 07/02/2025 US 55,436.53 $53,275.09
AMERICAN TOWER REIT INC US AMT 78.58 $14,493.37
AMERICOLD REALTY TRUST US COLD 678.28 $19,873.56
ANALOG DEVICES INC US ADI 46.18 $8,206.17
APARTMENT INCOME REIT CO US AIRC 226.25 $7,848.47
APPLIED MATERIALS INC US AMAT 1,032.66 $137,653.51
ARCHER-DANIELS-MIDLAND CO US ADM 56.24 $3,973.67
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 150,528.24 $139,476.55
ASTRAZENECA GB AZN 304.07 $22,221.50
ATLASSIAN CORP PLC-CLASS A AU TEAM 58.11 $10,504.95
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 1,614.55 $8,629.50
AUTO TRADER GROUP PLC GB AUTO LN 3,964.52 $31,113.65
AVALONBAY COMMUNITIES INC US AVB 72.24 $12,568.51
AVANZA BANK HOLDING AB SE AZA SS 580.92 $12,062.79
BAE SYSTEMS PLC GB BA/ LN 2,555.68 $29,537.44
BAE SYSTEMS PLC -SPON ADR GB BAESY 2,338.96 $109,907.76
BANK OF AMERICA CORP US BAC 355.76 $9,886.47
BANK OF AMERICA CORP 2.68700 04/22/2032 US 262,480.72 $216,814.58
BARRICK GOLD CORP CA GOLD 5,034.53 $84,982.86
BAXTER INTERNATIONAL INC US BAX 54.68 $2,226.56
BEIERSDORF AG DE BEI GR 174.02 $22,206.72
BIOMARIN PHARMACEUTICAL INC US BMRN 2,004.14 $174,240.31
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 149,989.17 $144,139.11
BRANDYWINE REALTY TRUST US BDN 737.87 $2,877.69
BRISTOL MYERS SQUIBB CO US BMY 144.19 $9,291.31
BROADCOM INC US AVGO 17.86 $14,428.52
BROADRIDGE FINANCIAL SOLUTIONS US BR 16.67 $2,445.97
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 51,761.61 $44,471.41
BUNGE LIMITED US BG 21.77 $2,016.72
C.H. ROBINSON WORLDWIDE INC US CHRW 21.77 $2,058.08
CAALT 2021-2A A 0.96000 02/15/2030 US 51,024.8 $49,883.44
CAALT 2021-3A B MTGE 1.38000 07/15/2030 US 105,202.45 $98,388.45
CALDERYS FINANCING LLC 11.25000 06/01/2028 US 39,654.97 $40,172.46
CAMPBELL SOUP CO US CPB 47.07 $2,379.53
CANADIAN NATIONAL RAILWAY CO CA CNI 1,155.21 $130,226.98
CARETRUST REIT INC US CTRE 620.28 $12,033.45
CATERPILLAR INC US CAT 44.78 $9,213.44
CBOE GLOBAL MARKETS INC US CBOE 863.55 $114,351.04
CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 34,278.71 $31,123.18
CELLNEX TELECOM SA ES CLNX SM 597.3 $24,205.76
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 743.45 $15,032.57
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 160,617.66 $168,142.44
CHEVRON CORP US CVX 88.16 $13,278.18
CIM 2019-INV1 A1 4.00000 02/25/2049 US 4,305.52 $4,174.35
CISCO SYSTEMS INC US CSCO 262.34 $13,030.40
CITIGROUP INC US C 160.02 $7,092.10
CITIGROUP INC 1.46200 06/09/2027 US 250,880.83 $223,645.69
CLARK CNTY NV 1.51000 11/01/2028 US 304,295.21 $260,753.17
CLEANAWAY WASTE MANAGEMENT AU CWY AU 9,790.38 $16,542.90
COCA COLA CO/THE US KO 3,096.46 $184,734.75
COGNIZANT TECH SOLUTIONS - A US CTSH 44.05 $2,752.77
COLGATE-PALMOLIVE CO US CL 77.58 $5,770.57
COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 156,733.57 $136,774.93
COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 US 151,741.35 $142,491.80
COMCAST CORP-CL A US CMCSA 277.18 $10,906.88
COMMUNITY HEALTHCARE TRUST I US CHCT 298.19 $9,780.64
CONAGRA BRAND INC. US CAG 69.41 $2,420.28
CONOCOPHILLIPS US COP 76.13 $7,559.27
COPART INC US CPRT 1,675.57 $146,763.08
CORNING INC US GLW 75.24 $2,318.00
COTERRA ENERGY INC US CTRA 90.96 $2,114.87
COUSINS PROPERTIES INC US CUZ 520.2 $10,362.40
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 37,542 $32,242.69
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 22,250.56 $18,853.00
CSX CORP US CSX 4,075.69 $125,001.36
CUMMINS INC US CMI 18.75 $3,832.31
CVS HEALTH CORP US CVS 73.78 $5,019.17
DANONE FR BN FP 159.18 $9,421.93
DEUTSCHE BOERSE AG DE DB1 GR 148.61 $25,704.06
DEUTSCHE BOERSE AG ADR DE DBOEY 6,299.92 $108,673.61
DEVON ENERGY CORPORATION US DVN 62.29 $2,871.43
DIAGEO PLC GB DGE LN 463.71 $19,277.75
DIAMONDBACK ENERGY INC US FANG 19.31 $2,455.86
DIGITAL REALTY TRUST INC US DLR 63.07 $6,462.08
DOW INC US DOW 64.93 $3,167.32
DREYFUS GVT CSH MANAGEMENT US 1,366,055.05 $1,366,055.05
EBAY INC US EBAY 59.89 $2,547.56
ELECTRONIC ARTS US EA 2,377.75 $304,352.21
EMERSON ELEC CO US EMR 60.4 $4,691.78
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 338,824.49 $337,959.92
EOG RESOURCES INC US EOG 44.67 $4,792.85
EQUINIX INC US EQIX 100.08 $74,614.73
EQUITY COMMONWEALTH US EQC 516.1 $10,554.25
EQUITY LIFESTYLE PROPERTIES US ELS 324.87 $20,521.99
ESSEX PROPERTY TRUST INC US ESS 28.89 $6,242.20
EVERGY INC US EVRG 2,226.74 $128,817.16
EXTRA SPACE STORAGE INC US EXR 31.35 $4,522.27
EXXON MOBIL CORP US XOM 141.33 $14,440.70
FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 966.74 $1,029.08
FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 6,742.69 $7,127.69
FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 763.3 $812.62
FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 359.7 $380.23
FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 3,043.2 $3,239.82
FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 1,877.16 $1,984.34
FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 497.6 $526.03
FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 1,141.06 $1,206.26
FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 493.39 $502.40
FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 381.81 $388.79
FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 3,364.75 $3,556.88
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 4,550.13 $4,809.20
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 43.77 $43.45
FEDERAL NATL MTG ASSN AE0951 4.50000 02/01/2041 US 9,421.99 $9,342.91
FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 22,191.7 $21,996.86
FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 3,846.01 $3,812.25
FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 6,718.1 $6,659.12
FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 7,764.69 $7,696.52
FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 29,116.67 $28,861.04
FEDERAL NATL MTG ASSN AL8674 FLT 5.64500 01/01/2049 US 114,735.23 $119,738.43
FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 65,888.54 $65,290.66
FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 7,549.14 $7,020.15
FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 28,534.92 $27,358.67
FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 20,729.92 $19,875.40
FEDERAL NATL MTG ASSN BK0433 3.50000 12/01/2049 US 166,800.07 $154,442.80
FEDERAL NATL MTG ASSN BW1194 4.00000 09/01/2052 US 253,479.59 $239,295.88
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 258,926.62 $240,716.06
FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 26,485.94 $26,071.79
FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 20,132.13 $19,060.29
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 277,198.03 $265,091.29
FEDERAL NATL MTG ASSN FS2998 3.50000 04/01/2052 US 159,715.14 $147,882.75
FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 1,342 $1,332.33
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 29,059.42 $28,879.23
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 23,400.4 $23,255.30
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 289,532.03 $265,600.38
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 282,887.14 $267,057.89
FEDERAL NATL MTG ASSN MA5043 5.00000 06/01/2038 US 287,297.71 $286,573.61
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 272,966.65 $243,818.33
FEDERAL NATL MTG ASSN SD8276 5.00000 12/01/2052 US 289,012.61 $284,446.40
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 304,667.26 $268,866.06
FEDEX CORPORATION US FDX 17.18 $3,745.67
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 50,239.65 $49,510.47
FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 23,303.49 $22,340.26
FHLM POOL C91746 4.50000 12/01/2033 US 3,585.23 $3,567.38
FHLM POOL FG G08734 4.00000 11/01/2046 US 3,309.25 $3,176.45
FHLM POOL G03332 6.00000 10/01/2037 US 1,054.16 $1,115.69
FHLM POOL G05900 6.00000 03/01/2040 US 2,252.11 $2,383.30
FHLM POOL G05906 6.00000 04/01/2040 US 3,072.77 $3,251.76
FHLM POOL G06789 6.00000 05/01/2040 US 13,508.14 $14,294.97
FHLM POOL G06995 6.00000 05/01/2040 US 6,626.26 $7,012.23
FHLM POOL G13331 5.50000 10/01/2023 US 70.81 $70.54
FHLM POOL G60034 4.50000 02/01/2045 US 51,893.53 $51,481.34
FHLM POOL Q93451 4.50000 08/01/2040 US 40,466.21 $40,172.36
FHLM POOL SD8230 4.50000 06/01/2052 US 260,970.33 $252,292.14
FHR 5189 CP 2.50000 06/25/2049 US 83,907.98 $72,683.83
FIFTH THIRD BANCORP US FITB 88.83 $2,155.93
FINECOBANK SPA IT FBK IM 1,289.6 $17,226.74
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 572.86 $8,627.23
FLX 2021-1A A2 3.25000 11/27/2051 US 255,467.66 $226,344.35
FMC CORP US FMC 2,184.36 $227,348.52
FN DS2696 3.00000 12/01/2051 US 129,208.02 $115,400.45
FN MA4733 4.50000 09/01/2052 US 124,665.7 $120,520.45
FN MA4807 MTGE 5.50000 11/01/2052 US 236,247.71 $235,986.94
FN MA4868 MTGE 5.00000 01/01/2053 US 239,605.82 $235,820.61
FN MA4934 MTGE 5.00000 02/01/2043 US 392,154.55 $388,491.13
FNR 2018-31 KP 3.50000 07/25/2047 US 3,525.23 $3,407.84
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 181,012.36 $171,819.33
FREDDIE MAC POOL RB5167 3.50000 07/01/2042 US 156,632.3 $146,011.36
FREDDIE MAC POOL RB5188 4.00000 10/01/2042 US 157,384.67 $150,513.18
GENERAL DYNAMICS CORP US GD 26.3 $5,370.21
GENERAL MLS INC US GIS 64.15 $5,398.73
GENUINE PARTS CO US GPC 20.31 $3,025.18
GETTY REALTY CORP US GTY 434.07 $14,875.48
GILEAD SCIENCES INC US GILD 106.28 $8,177.53
GNMA POOL 660997 5.50000 05/15/2037 US 4,524.76 $4,669.22
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 27,715.66 $25,396.27
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 24,818.07 $23,208.27
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 54,525.75 $45,923.65
GREENIDGE GEN HLD INC US 1,084.45 $5,151.14
GSMBS 2021-INV1 A6 2.50000 12/25/2051 US 52,785.56 $45,443.67
GSMBS 2021-INV1 A9 5.00000 12/25/2051 US 94,127.3 $87,085.93
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 227,755.61 $196,409.57
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 113,877.06 $98,157.39
GSMBS 2022-PJ1 A8 2.50000 05/28/2052 US 65,185.31 $56,051.28
HALLIBURTON CO US HAL 79.88 $2,288.43
HARTFORD FINL SVCS US HIG 29.73 $2,036.91
HAWAII ST 2.68200 10/01/2038 US 155,384.17 $117,961.63
HDFC BANK LTD-ADR IN HDB 327.27 $21,076.19
HEALTHCARE REALTY TRUST INC US HR 986.94 $18,366.87
HEINEKEN NV NL HEIA NA 246.72 $24,962.79
HEINEKEN NV-SPN ADR NL HEINY 3,392.9 $171,476.95
HELIOS TOWERS PLC GB HTWS LN 5,531.54 $6,230.70
HOME DEPOT INC US HD 58.11 $16,470.09
HONEYWELL INTERNATIONAL INC US HON 52.12 $9,985.65
HOTWIRE FUNDING LLC 5.68700 05/20/2053 US 272,458.22 $270,960.13
HUNTINGTON BANCSHARES US HBAN 149.61 $1,542.45
IDEXX LABORATORIES INC US IDXX 368.03 $171,049.45
IMCD NV NL IMCD NA 56.03 $8,445.63
IMPRL 2021-NQM3 1.59500 11/25/2056 US 134,295.09 $112,696.84
INTERCONTINENTALEXCHANGE INC US ICE 1,101.93 $116,749.79
INTERMEDIATE CAPITAL GROUP GB ICP LN 572.51 $9,936.93
INTERNATIONAL BUSINESS MACH CORP US IBM 49.93 $6,420.78
INTERNATIONAL FLVRS & FRAGRANCES US IFF 28.49 $2,201.71
INTUIT INC US INTU 270.67 $113,445.22
INTUITIVE SURGICAL INC US ISRG 403.45 $124,197.90
INVITATION HOMES INC US INVH 568.41 $19,257.61
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 37,227.65 $35,605.95
JM SMUCKER CO/THE-NEW COM WI US SJM 16.62 $2,435.90
JOHNSON & JOHNSON US JNJ 2,409.13 $373,559.05
JP MORGAN CHASE & CO US JPM 135.28 $18,359.32
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 26,981.21 $25,502.23
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 373,353.78 $360,397.23
KELLOGG CO US K 31.97 $2,134.39
KEYENCE CORP JP 6861 JP 21.58 $10,461.50
KEYWORDS STUDIOS PLC IE KWS LN 242.51 $5,867.54
KIMBERLY CLARK DE MEXICO S.A.B. MX KIMBERA MM 12,214.63 $24,962.33
KRAFT HEINZ CO/THE US KHC 89.51 $3,420.90
L'OREAL FR OR FP 11.36 $4,862.37
L3HARRIS TECHNOLOGIES INC US LHX 855.81 $150,553.44
LEXINGTON REALTY TRUST US LXP 1,288.82 $13,326.41
LIFE STORAGE INC US LSI 130.89 $16,673.62
LINDE PLC IE LIN 38.95 $13,776.12
LOCKHEED MARTIN CORP US LMT 20.15 $8,947.20
LULULEMON - ADR CA LULU 50.88 $16,887.37
MARATHON OIL CORP US MRO 67.49 $1,495.65
MARATHON PETROLEUM CORP US MPC 41.76 $4,380.88
MASCO CORP US MAS 4,856.88 $234,684.37
MASTERCARD INC-CLASS A US MA 1,160.58 $423,634.88
MEDTRONIC INC IE MDT 3,294.82 $272,679.28
MERCADOLIBRE INC BR MELI 12.81 $15,875.91
MERCK & CO INC US MRK 151.23 $16,696.88
META PLATFORMS INC US META 1,593.05 $421,711.73
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 138,928.78 $7,379.86
MICROCHIP TECHNOLOGY INC US MCHP 51.39 $3,867.52
MICRON TECHNOLOGY INC US MU 5,787.03 $394,675.42
MICROSOFT CORP US MSFT 802.96 $263,684.21
MID-AMERICA APARTMENT COMM US MAA 110.14 $16,197.49
MONARCH CASINO & RESORT INC US MCRI 99.95 $6,485.45
MONDELEZ INTERNATIONAL INC US MDLZ 3,322.5 $243,904.53
MOODY'S CORPORATION US MCO 673.69 $213,479.97
NAVIENT CORP 6.75000 06/25/2025 US 44,375.91 $43,179.55
NESTLE S.A. - ADR CH NSRGY 1,414.12 $167,898.78
NESTLE SA-REGISTERED CH NESN SW 240.97 $28,564.24
NETAPP INC US NTAP 33.64 $2,231.93
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 171,300.5 $154,105.81
NEWMONT GOLDCORP CORP US NEM 1,108.41 $44,945.92
NIKE INC CLASS B US NKE 969.13 $102,010.73
NORFOLK SOUTHN CORP US NSC 19.99 $4,161.32
NORTHROP GRUMMAN CORP US NOC 387.88 $168,919.86
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 53,278.53 $5.33
NOVARTIS AG- REG CH NVS 1,475.41 $142,008.44
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 42,398.11 $38,772.03
NRZT 2015-2A A1 3.75000 08/25/2055 US 47,627.12 $44,481.26
NRZT 2016-4A A1 3.75000 11/25/2056 US 74,652.33 $68,678.34
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 55,013.46 $49,612.93
OASIS 2023-1A 7.00000 02/15/2035 US 128,364.51 $127,360.49
OBX 2022-INV1 A1 3.00000 12/25/2051 US 67,312.3 $56,561.83
ODFJELL DRILLING LTD 9.25000 05/31/2028 BM 70,139.31 $70,490.00
OMNICOM GROUP US OMC 30.67 $2,704.92
OXFIN 2019-1A A2 4.45900 02/15/2027 US 44,970.48 $44,615.79
OXFIN 2020-1A A2 3.10100 02/15/2028 US 65,877.98 $65,253.45
OXFIN 2022-1A 3.60200 02/15/2030 US 228,625.49 $210,030.33
OXFIN 2023-1A A2 6.71600 02/15/2031 US 220,125.44 $218,409.54
PACKAGING CORP OF AMERICA US PKG 14.27 $1,769.93
PARAMOUNT GLOBAL CLASS B US PARA 84.25 $1,281.37
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 205,165.34 $193,692.17
PEAR 2022-1 A1 6.50000 10/15/2034 US 51,196.48 $51,115.11
PELORUS FUND REIT 7.00000 09/30/2026 US 28,460.89 $26,663.51
PEPSICO INC 3.90000 07/18/2032 US 286,759.51 $276,952.02
PFIZER INC US PFE 284.89 $10,831.56
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 230,958.56 $186,351.50
PFMT 2021-2 A2A 2.00000 04/25/2051 US 142,753.8 $121,399.35
PHILLIPS 66 US PSX 33.02 $3,024.81
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 11,737.82 $10,617.65
POPULAR INC 6.12500 09/14/2023 PR 43,161.93 $42,946.12
PPG INDUSTRIES INC US PPG 23.17 $3,042.28
PROLOGIS US PLD 693.14 $86,330.90
PUBLIC STORAGE INC US PSA 104.18 $29,514.32
QUALCOMM 5.40000 05/20/2033 US 155,389.81 $162,489.51
QUALCOMM INC US QCOM 84.52 $9,584.86
QUALCOMM INC 4.25000 05/20/2032 US 118,689.94 $115,457.31
QUEST DIAGNOSTICS INC US DGX 17.91 $2,376.02
RAYTHEON TECHNOLOGIES CORP US RTX 76.23 $7,024.16
RCKT 2021-6 A1 2.50000 12/25/2051 US 201,077.34 $162,249.81
REALTY INCOME CORP US O 277.93 $16,520.24
REGIONS FINANCIAL CORP. US RF 134.29 $2,319.11
RENAISSANCERE HOLDINGS LTD BM RNR 84.89 $15,991.24
RENTOKIL INITIAL PLC GB RTO LN 2,570.47 $20,446.98
RENTOKIL INITIAL PLC-SP ADR GB RTO 3,025.44 $120,200.72
RESTAURANT BRANDS INTERN CA QSR 197.14 $14,373.40
REXFORD INDUSTRIAL REALITY IN US REXR 352.92 $19,213.19
S&P GLOBAL INC US SPGI 230.16 $84,566.80
SALESFORCE INC US CRM 673.5 $150,446.95
SBA COMMUNICATIONS CORP US SBAC 109.06 $24,188.00
SBA TOWER TRUST 1.88400 01/15/2026 US 93,333.45 $84,291.99
SBA TOWER TRUST 6.59900 01/15/2028 US 221,340.94 $229,049.63
SCHLUMBERGER LTD NL SLB 94.31 $4,039.18
SCML 2019-SBC8 2.86000 04/25/2041 US 55,610.36 $51,264.16
SEMT 2013-2 1.87400 02/25/2043 US 20,385.99 $17,759.68
SEMT 2013-6 A2 3.00000 05/25/2043 US 41,845.57 $36,036.57
SEMT 2013-7 A2 3.00000 06/25/2043 US 22,887.97 $20,235.47
SEMT 2013-8 A1 3.00000 06/25/2043 US 27,026 $23,999.86
SERVICENOW INC US NOW 473.02 $257,692.57
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 499,333.69 $405,726.32
SKYWORKS SOLUTIONS INC US SWKS 19.99 $2,069.07
SLMA 2006-10 A6 FLT 5.40514 03/25/2044 US 20,266.42 $19,229.43
SMB 2015 B A3 6.85743 05/17/2032 US 30,743.3 $30,740.36
SMB 2019-B A2A 2.84000 06/15/2037 US 94,873.93 $87,594.37
SMB 2020-BA A1A 1.29000 07/15/2053 US 123,746.99 $108,125.86
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 22,486.55 $21,743.69
SONY CORP FIRST SECTION JP 6758 JP 280.55 $26,309.95
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 131,632.5 $118,881.85
SORT 2020-1 A2 1.99000 07/15/2060 US 106,690.02 $89,689.83
SOUTH CAROLINA ST PUBLIC SVC 1.85200 12/01/2026 US 70,411.01 $63,043.05
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 41,541.48 $36,010.01
SRPT 2014-STAR A FLTG RATE 6.57800 11/15/2027 US 296,491.49 $216,434.65
STAG INDUSTRIAL INC US STAG 255.68 $8,897.54
STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 69,294.22 $62,962.48
SUN COMMUNITIES US SUI 210.47 $26,651.18
SYNCHRONOSS TECH US 1,516.65 $28,057.99
SYSCO CORP US SYY 40.25 $2,815.34
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 2,462.38 $242,765.57
TE CONNECTIVITY LIMITED CH TEL 30.11 $3,687.25
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 1,402.74 $12,990.55
TENCENT HOLDINGS 3.97500 04/11/2029 KY 623,695.54 $587,730.18
TENCENT HOLDINGS LTD CN 700 HK 542.21 $21,457.70
TERRENO REALTY CORP US TRNO 293.47 $17,998.48
TEXAS INSTRUMENTS INC US TXN 53.74 $9,343.57
THERMO FISHER SCIENTIFIC INC US TMO 221.12 $112,431.02
TOKYO ELECTRON LTD JP 8035 JP 64.74 $8,805.00
TPMT 2016-5 A1 2.50000 10/25/2056 US 22,472.93 $22,075.43
TPMT 2017-1 A1 2.75000 10/25/2056 US 9,756.56 $9,593.68
TPMT 2019-HY1 A1 6.13800 10/25/2048 US 32,245.8 $31,958.60
TRAVELLERS COS INC US TRV 25.98 $4,396.46
TREASURY BILL 0.00000 05/16/2024 US 2,240,102.71 $2,132,794.42
TREASURY BOND 2.37500 02/15/2042 US 803,045.36 $627,253.71
TREASURY NOTE 2.25000 11/15/2027 US 2,264,673.6 $2,118,354.46
TRUIST FINANCIAL CORP US TFC 99.35 $3,027.25
TYSON FOODS INC -CL A US TSN 41.25 $2,088.69
U.S. BANCORP US USB 133.72 $3,998.19
UDR INC US UDR 488.75 $19,388.59
UNILEVER PLC - ADR GB UL 6,044.51 $301,863.06
UNION PAC CORP US UNP 651.38 $125,404.43
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 7,970.7 $7,502.01
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 40,638.96 $36,654.44
UNITED PARCEL SERVICE US UPS 50.31 $8,401.74
US CLAIMS LIT FNDG LLC 10.25000 03/17/2028 US 13,487.49 $12,909.87
US TEASURY NOTE 1.75000 11/15/2029 US 2,332,922.48 $2,079,399.43
US TREASURY N/B 0.87500 11/15/2030 US 1,039,616 $855,084.16
US TREASURY N/B 1.37500 11/15/2031 US 498,946.97 $417,088.48
US TREASURY N/B 2.00000 11/15/2026 US 2,230,546.88 $2,089,569.35
US TREASURY N/B 2.25000 11/15/2025 US 1,329,311.26 $1,268,869.14
US TREASURY N/B 3.12500 11/15/2028 US 3,013,088.43 $2,915,398.47
US TREASURY N/B 3.62500 02/15/2053 US 214,451.15 $205,370.48
VALERO ENERGY US VLO 26.3 $2,815.30
VENTAS INC US VTR 218.34 $9,419.27
VERTEX PHARMACEUTICALS INC US VRTX 490.8 $158,807.01
VISA INC - CLASS A SHARES US V 1,337.05 $295,528.77
VISTRA OPERATIONS 4.87500 05/13/2024 US 245,350.63 $241,835.99
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 70,543.39 $68,235.71
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 390,349.11 $356,675.64
WELLS FARGO COMPANY US WFC 189.8 $7,556.00
WELLTOWER INC. US WELL 214.08 $15,972.49
WIN 2015-1 A1 3.50000 01/20/2045 US 14,530.82 $13,249.40

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Conservative Term CIT Fund. Investments will change over time. 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 over 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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