Collective Investment Trust

Retirement Target 2040 CIT

Investment Objective

To provide capital growth and manage risk for investors planning to retire in or around the year indicated in the fund’s name.

Investment Strategy

Currently: The portfolio is currently invested in a growth-oriented mix of investments that seeks to earn a good portion of the long-term growth of the stock market with less volatility. The portfolio is diversified primarily among various stock investments in both domestic and foreign markets. A substantial portion of the portfolio may be invested in long-term, fixed income securities. Stock exposure can range from 64% - 90%.

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 2040
  • Who have time to pursue growth and can accept 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.

Learn more about our Glide Range SM

Daily Price

$16.92

Daily $ Change

-$0.02

Daily % Change

-0.12%

as of 09/22/2023

CUSIP

56382R829

Inception Date

04/17/2015

This fund is available only 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 08/31/2023

YTD

10.41%

1 Year

7.49%

3 Year

3.49%

5 Year

6.81%

10 Year

7.74%

Inception
(04/17/2015)

7.40%

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 the inception date of the Retirement Target CIT Class U1 units is based on the historical performance of the CIT’s oldest unit class. Performance through the inception date of the oldest unit class (01/06/2005) is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. Returns are net of the Class U1 expenses. The Retirement Target CIT Fund will gradually become more conservative over time.

Expense Ratio

Gross 0.50%
Net 0.49%*

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

Top Ten Investments

As of 08/31/2023

TREASURY NOTES 11.63%
AMAZON.COM INC 3.12%
META PLATFORMS INC 2.64%
TREASURY BONDS 2.60%
GOVERNMENT AGENCY 2.45%
JOHNSON & JOHNSON 2.33%
MASTERCARD INC-CLASS A 2.27%
VISA INC - CLASS A SHARES 2.08%
SERVICENOW INC 2.06%
ALPHABET INC-CL A 2.06%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 08/31/2023

Stocks
72.30%
Bonds
23.72%
Cash
3.98%

Detailed Asset Class Allocation

As of 08/31/2023

International Equities
17.28%
Small Capitalization
0.32%
Mid Capitalization
6.11%
Large Capitalization
48.59%
Long Term Fixed Income
5.01%
Intermediate Term Fixed Income
18.55%
Short Term Fixed Income
0.16%
Cash
3.98%

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 185.72 $19,811.14
ABBOTT LABORATORIES US ABT 365.39 $37,599.01
ADMIRAL GROUP PLC GB ADM LN 4,120.33 $129,807.01
ADMIRAL GROUP PLC ADR GB AMIGY 13,404.22 $422,299.89
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 118,193.2 $102,436.40
AGREE REALTY CORP US ADC 936.11 $57,870.56
AIR LIQUIDE FR AI FP 382.35 $69,080.90
AIRBUS SE FR AIR FP 468.75 $68,580.93
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 11,798.15 $11,870.55
ALCON INC CH ALC 9,576.29 $794,736.32
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 74,460.87 $59,700.53
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 252,591.09 $205,111.91
ALPHABET INC-CL A US GOOGL 12,512.92 $1,703,884.23
AMAZON.COM INC US AMZN 18,693.48 $2,579,886.88
AMAZON.COM INC 3.30000 04/13/2027 US 205,657.87 $195,707.70
AMERICAN HOMES 4 RENT- A US AMH 588.28 $21,201.63
AMERICAN TOWER REIT INC US AMT 263.12 $47,709.21
AMERICOLD REALTY TRUST US COLD 1,976.29 $66,502.26
ANALOG DEVICES INC US ADI 171.19 $31,119.21
APARTMENT INCOME REIT CO US AIRC 492.98 $16,790.83
APPLIED MATERIALS INC US AMAT 6,126.71 $935,915.92
ARCHER-DANIELS-MIDLAND CO US ADM 208.87 $16,563.40
ARGO BLOCKCHAIN PLC GB 576.16 $3,889.07
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 105,109.72 $97,144.74
ASTRAZENECA GB AZN 11,216.54 $760,705.45
ATLASSIAN CORP PLC-CLASS A AU TEAM 260.18 $53,092.42
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 8,248.86 $38,406.59
AUTO TRADER GROUP PLC GB AUTO LN 11,691.49 $89,655.80
AVALONBAY COMMUNITIES INC US AVB 305.16 $56,094.77
AVANZA BANK HOLDING AB SE AZA SS 2,907.45 $56,135.08
BABS 2021-RM2 A 1.75000 10/25/2061 US 50,657.34 $43,472.17
BAE SYSTEMS PLC GB BA/ LN 9,008.86 $114,662.72
BAE SYSTEMS PLC -SPON ADR GB BAESY 11,945.29 $618,407.51
BANK OF AMERICA CORP US BAC 1,357.45 $38,917.97
BANK OF AMERICA CORP 2.68700 04/22/2032 US 190,173.55 $155,518.41
BAXTER INTERNATIONAL INC US BAX 203.88 $8,277.39
BEIERSDORF AG DE BEI GR 613.18 $80,286.67
BIOMARIN PHARMACEUTICAL INC US BMRN 9,757.16 $891,608.88
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 84,183.75 $82,207.59
BOSTON SCIENTIFIC CORP US BSX 5,070.68 $273,512.27
BRISTOL MYERS SQUIBB CO US BMY 548.26 $33,800.51
BROADCOM INC US AVGO 66.63 $61,488.96
BROADRIDGE FINANCIAL SOLUTIONS US BR 62.5 $11,638.38
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 47,754.81 $41,546.68
BUNGE LIMITED US BG 81.22 $9,285.37
C.H. ROBINSON WORLDWIDE INC US CHRW 81.15 $7,338.08
CALDERYS FINANCING LLC 11.25000 06/01/2028 US 51,574.46 $52,921.06
CAMPBELL SOUP CO US CPB 175.76 $7,329.23
CANADIAN NATIONAL RAILWAY CO CA CNI 3,743.58 $421,564.99
CARETRUST REIT INC US CTRE 1,564.91 $31,533.01
CATERPILLAR INC US CAT 166.59 $46,832.42
CBOE GLOBAL MARKETS INC US CBOE 6,628.68 $992,379.50
CELLNEX TELECOM SA ES CLNX SM 1,555.7 $59,498.43
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 25,315.71 $483,023.67
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 146,601.29 $152,091.23
CHEVRON CORP US CVX 333.14 $53,668.96
CIM 2019-INV1 A1 4.00000 02/25/2049 US 2,356.51 $2,205.37
CISCO SYSTEMS INC US CSCO 985.48 $56,517.40
CITIGROUP INC US C 605.24 $24,990.54
CITIGROUP INC 1.46200 06/09/2027 US 164,526.3 $146,459.93
CLARK CNTY NV 1.51000 11/01/2028 US 56,015.42 $47,464.61
CLEANAWAY WASTE MANAGEMENT AU CWY AU 38,865.81 $65,776.12
COCA COLA CO/THE US KO 23,203.17 $1,388,245.54
COGNIZANT TECH SOLUTIONS - A US CTSH 163.83 $11,731.55
COLGATE-PALMOLIVE CO US CL 289.26 $21,252.26
COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 US 71,420.42 $65,608.50
COMCAST CORP-CL A US CMCSA 1,048.14 $49,010.82
COMMUNITY HEALTHCARE TRUST I US CHCT 953.59 $31,649.68
CONAGRA BRAND INC. US CAG 261.21 $7,805.04
CONOCOPHILLIPS US COP 283.24 $33,713.91
CONSTELLATION BRANDS INC-A US STZ 2,956.33 $770,302.38
COPART INC US CPRT 9,018.88 $404,316.29
CORNING INC US GLW 278.33 $9,134.64
COTERRA ENERGY INC US CTRA 338.44 $9,540.68
COUSINS PROPERTIES INC US CUZ 499.29 $11,733.36
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 15,824.03 $13,297.10
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 9,000.38 $7,505.19
CSX CORP US CSX 12,614.19 $380,948.68
CUMMINS INC US CMI 72.16 $16,598.78
CVS HEALTH CORP US CVS 4,217.92 $274,881.72
DEUTSCHE BOERSE AG DE DB1 GR 581.58 $103,244.71
DEUTSCHE BOERSE AG ADR DE DBOEY 29,195.12 $517,045.60
DEVON ENERGY CORPORATION US DVN 232.5 $11,878.26
DIAGEO PLC GB DGE LN 1,749.79 $71,659.22
DIAMONDBACK ENERGY INC US FANG 71.99 $10,926.34
DOLLAR GENERAL CORP US DG 7,622.29 $1,055,686.71
DOLLARAMA INC CA DOL CN 513.56 $33,298.22
DOW INC US DOW 240.31 $13,111.36
DREYFUS GVT CSH MANAGEMENT US 3,423,150.71 $3,423,150.71
EBAY INC US EBAY 225.77 $10,110.20
ELECTRONIC ARTS US EA 11,499.13 $1,379,665.92
EMERSON ELEC CO US EMR 225.3 $22,135.60
ENDAVA PLC - SPON ADR GB DAVA 675.49 $33,031.36
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 253,671.45 $252,541.92
EOG RESOURCES INC US EOG 165.85 $21,332.16
EQUINIX INC US EQIX 1,194.78 $933,578.92
EQUITY COMMONWEALTH US EQC 1,576.69 $30,004.47
EQUITY LIFESTYLE PROPERTIES US ELS 825.95 $55,305.69
EVERGY INC US EVRG 8,147.75 $447,881.75
EXTRA SPACE STORAGE INC US EXR 452.25 $58,196.11
EXXON MOBIL CORP US XOM 535.54 $59,546.36
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 1,538.62 $1,613.36
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 49.21 $48.82
FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 5,661.01 $5,515.73
FEDERAL NATL MTG ASSN AL8674 FLT 5.64700 01/01/2049 US 104,895.65 $107,975.21
FEDERAL NATL MTG ASSN BK0433 3.50000 12/01/2049 US 71,699.21 $64,271.26
FEDERAL NATL MTG ASSN BW1194 4.00000 09/01/2052 US 160,647.49 $148,398.68
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 96,514.77 $87,658.55
FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 8,906.14 $8,301.32
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 103,398.86 $97,060.82
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 18,729.27 $18,372.28
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 109,450.11 $98,037.89
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 107,276.56 $99,180.29
FEDERAL NATL MTG ASSN MA5043 5.00000 06/01/2038 US 140,352.18 $138,748.00
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 102,547.57 $89,409.13
FEDERAL NATL MTG ASSN SD8276 5.00000 12/01/2052 US 104,890.56 $101,721.61
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 105,170.69 $90,882.63
FEDEX CORPORATION US FDX 64.04 $16,716.19
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 23,025.79 $22,279.90
FHLM POOL C91780 4.50000 07/01/2034 US 26,379.45 $25,928.15
FHLM POOL G05906 6.00000 04/01/2040 US 3,190.03 $3,349.89
FHLM POOL G13331 5.50000 10/01/2023 US .43 $0.43
FHLM POOL K91364 4.50000 11/01/2033 US 3,376.93 $3,324.85
FHLM POOL K92059 4.50000 09/01/2034 US 18,072.53 $17,760.94
FHLM POOL SD8230 4.50000 06/01/2052 US 70,967.81 $67,344.83
FIFTH THIRD BANCORP US FITB 330.5 $8,774.67
FINECOBANK SPA IT FBK IM 6,016.05 $82,223.99
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 1,556.03 $24,896.44
FLX 2021-1A A2 3.25000 11/27/2051 US 96,627.63 $84,355.49
FMC CORP US FMC 11,336.15 $977,516.49
FN DS2696 3.00000 12/01/2051 US 125,799.56 $109,494.72
FN MA4733 4.50000 09/01/2052 US 122,822.76 $116,553.88
FN MA4807 MTGE 5.50000 11/01/2052 US 85,933.45 $85,013.88
FN MA4868 MTGE 5.00000 01/01/2053 US 156,387.23 $151,662.82
FN MA4934 MTGE 5.00000 02/01/2043 US 158,348.05 $155,175.34
FNR 2018-31 KP 3.50000 07/25/2047 US 1,319.72 $1,269.90
FR SD1129 4.00000 08/01/2051 US 115,894.79 $108,395.47
FREMF 2015-K43 B FLT 3.85938 02/25/2048 US 176,450.45 $169,871.25
GENERAL DYNAMICS CORP US GD 101.58 $23,023.06
GENERAL MLS INC US GIS 238.99 $16,170.37
GENUINE PARTS CO US GPC 76.72 $11,793.76
GETTY REALTY CORP US GTY 829.7 $24,907.72
GILEAD SCIENCES INC US GILD 404.39 $30,927.63
GLOBANT SA LU GLOB 180.73 $36,953.11
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 18,451.26 $16,630.70
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 31,508.83 $28,306.87
GREENIDGE GEN HLD INC US 1,182.73 $6,280.31
GSMBS 2021-INV1 A6 2.50000 12/25/2051 US 50,191.53 $42,145.00
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 41,156.81 $34,930.86
HALLIBURTON CO US HAL 300.71 $11,613.33
HALMA PLC GB HLMA LN 1,471.34 $39,885.78
HARTFORD FINL SVCS US HIG 111.51 $8,008.43
HAWAII ST 2.68200 10/01/2038 US 8,402.4 $6,181.24
HDFC BANK LTD-ADR IN HDB 8,087.44 $503,928.32
HEALTHCARE REALTY TRUST INC US HR 985.93 $17,273.46
HEINEKEN NV NL HEIA NA 970.47 $94,340.22
HEINEKEN NV-SPN ADR NL HEINY 17,884.34 $871,146.31
HELIOS TOWERS PLC GB HTWS LN 15,181.82 $17,530.27
HOME DEPOT INC US HD 219.66 $72,554.06
HONEYWELL INTERNATIONAL INC US HON 196.32 $36,896.12
HUMANA INC US HUM 1,225.14 $565,560.14
HUNTINGTON BANCSHARES US HBAN 563.86 $6,253.26
HWIRE 2021-1 A2 2.31100 11/20/2051 US 90,745.95 $80,113.38
IDEXX LABORATORIES INC US IDXX 1,555.87 $795,686.70
IMCD NV NL IMCD NA 243.17 $33,492.03
IMPRL 2021-NQM3 1.59500 11/25/2056 US 48,299.1 $39,050.77
INTERCONTINENTALEXCHANGE INC US ICE 5,478.52 $646,410.19
INTERMEDIATE CAPITAL GROUP GB ICP LN 2,016.9 $34,468.04
INTERNATIONAL BUSINESS MACH CORP US IBM 189.35 $27,802.07
INTERNATIONAL FLVRS & FRAGRANCES US IFF 106.19 $7,481.05
INTUIT INC US INTU 2,033.23 $1,101,622.43
INTUITIVE SURGICAL INC US ISRG 2,350.04 $734,811.50
INVITATION HOMES INC US INVH 1,807.14 $61,605.46
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 20,165.77 $19,393.36
JM SMUCKER CO/THE-NEW COM WI US SJM 62.18 $9,013.18
JOHNSON & JOHNSON US JNJ 11,896.35 $1,923,401.81
JP MORGAN CHASE & CO US JPM 3,033.33 $443,867.57
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 15,068.16 $14,071.57
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 269,315.85 $255,428.06
KELLOGG CO US K 120.19 $7,333.72
KEYENCE CORP JP 6861 JP 138.04 $57,309.68
KEYWORDS STUDIOS PLC IE KWS LN 1,302.4 $25,160.72
KIMBERLY CLARK DE MEXICO S.A.B. MX KIMBERA MM 18,038.22 $40,624.48
KRAFT HEINZ CO/THE US KHC 333.52 $11,036.34
L'OREAL FR OR FP 38.45 $16,890.55
L3HARRIS TECHNOLOGIES INC US LHX 8,825.44 $1,571,722.67
LEXINGTON REALTY TRUST US LXP 3,211.02 $31,532.24
LOCKHEED MARTIN CORP US LMT 77.59 $34,785.50
LONZA GROUP AG -REG CH LONN SW 59.38 $32,755.99
LULULEMON - ADR CA LULU 2,212.6 $843,576.55
MARATHON OIL CORP US MRO 250.7 $6,605.89
MARATHON PETROLEUM CORP US MPC 155.74 $22,234.33
MARRIOTT VACATIONS WORLD US VAC 144.3 $15,684.01
MASCO CORP US MAS 22,268.45 $1,314,061.06
MASTERCARD INC-CLASS A US MA 4,551.45 $1,878,112.25
MEDTRONIC INC IE MDT 15,777.57 $1,285,871.78
MERCADOLIBRE INC BR MELI 263.59 $361,744.15
MERCK & CO INC US MRK 577.12 $62,894.60
META PLATFORMS INC US META 7,362.43 $2,178,469.64
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 126,036.04 $6,752.63
MICROCHIP TECHNOLOGY INC US MCHP 190.22 $15,568.01
MICRON TECHNOLOGY INC US MU 22,391.38 $1,566,053.02
MICROSOFT CORP US MSFT 3,538.79 $1,159,873.26
MID-AMERICA APARTMENT COMM US MAA 214.61 $31,168.11
MONARCH CASINO & RESORT INC US MCRI 382.53 $25,782.32
MONDELEZ INTERNATIONAL INC US MDLZ 11,468.51 $817,245.92
MOODY'S CORPORATION US MCO 4,062.51 $1,368,252.24
NAVIENT CORP 6.75000 06/25/2025 US 59,436.68 $59,144.44
NESTLE S.A. - ADR CH NSRGY 10,629.13 $1,276,876.97
NESTLE SA-REGISTERED CH NESN SW 1,056.24 $127,001.93
NETAPP INC US NTAP 124.66 $9,561.32
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 109,320.98 $98,826.79
NIKE INC CLASS B US NKE 9,427.11 $958,831.76
NORFOLK SOUTHN CORP US NSC 1,251.7 $256,612.01
NORTHROP GRUMMAN CORP US NOC 2,065.66 $894,615.44
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 54,295.28 $5.43
NOVARTIS AG- REG CH NVS 6,172 $620,162.13
NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 US 102,868.96 $104,209.36
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 16,499.86 $14,981.21
NRZT 2015-2A A1 3.75000 08/25/2055 US 27,897.57 $25,728.39
NRZT 2016-4A A1 3.75000 11/25/2056 US 53,633.21 $48,818.42
OASIS 2023-1A 7.00000 02/15/2035 US 45,684.19 $45,464.30
ODFJELL DRILLING LTD 9.25000 05/31/2028 BM 57,216.02 $57,972.69
OMNICOM GROUP US OMC 114.46 $9,272.72
OXFIN 2020-1A A2 3.10100 02/15/2028 US 26,714.42 $25,741.63
OXFIN 2022-1A 3.60200 02/15/2030 US 81,923.42 $75,667.91
OXFIN 2023-1A A2 6.71600 02/15/2031 US 104,189.79 $102,728.51
PACKAGING CORP OF AMERICA US PKG 51.91 $7,740.44
PALOMINO FUNDING TRUST I 7.23300 05/17/2028 US 209,258.95 $212,000.84
PARAMOUNT GLOBAL CLASS B US PARA 317.09 $4,784.86
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 68,551.79 $65,210.18
PEAR 2023-1A 7.42000 07/15/2035 US 57,977.31 $57,899.31
PELORUS FUND REIT 7.00000 09/30/2026 US 58,556.42 $55,716.13
PEPSICO INC 3.90000 07/18/2032 US 214,140.31 $203,107.29
PFIZER INC US PFE 1,079.18 $38,181.40
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 80,041.75 $63,678.89
PFMT 2021-2 A2A 2.00000 04/25/2051 US 46,554.19 $38,943.18
PHILLIPS 66 US PSX 124.56 $14,220.07
PHYSICIANS REALTY TRUST US DOC 1,307.52 $18,187.63
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 13,569.09 $11,991.61
PPG INDUSTRIES INC US PPG 86.08 $12,202.69
PROLOGIS US PLD 1,673.46 $207,843.76
PUBLIC STORAGE INC US PSA 280.03 $77,393.68
QUALCOMM 5.40000 05/20/2033 US 62,417.19 $64,631.85
QUALCOMM INC US QCOM 314.69 $36,041.16
QUEST DIAGNOSTICS INC US DGX 67.05 $8,816.63
RAYTHEON TECHNOLOGIES CORP US RTX 325.73 $28,026.20
RCKT 2021-6 A1 2.50000 12/25/2051 US 84,991.66 $67,075.76
REALTY INCOME CORP US O 800.72 $44,872.13
REGIONS FINANCIAL CORP. US RF 499.35 $9,158.02
RENAISSANCERE HOLDINGS LTD BM RNR 379.01 $71,212.85
RENTOKIL INITIAL PLC GB RTO LN 12,432.69 $94,655.96
RENTOKIL INITIAL PLC-SP ADR GB RTO 16,009.95 $607,577.61
REXFORD INDUSTRIAL REALITY IN US REXR 689.23 $36,853.28
S&P GLOBAL INC US SPGI 2,289.85 $895,011.92
SALESFORCE INC US CRM 4,630.83 $1,025,542.71
SBA COMMUNICATIONS CORP US SBAC 3,194.78 $717,323.33
SBA TOWER TRUST 6.59900 01/15/2028 US 147,041.51 $149,284.83
SCHLUMBERGER LTD NL SLB 350.5 $20,665.33
SEMT 2013-2 1.87400 02/25/2043 US 9,364.37 $7,779.90
SEMT 2013-6 A2 3.00000 05/25/2043 US 22,234.91 $19,106.67
SEMT 2013-7 A2 3.00000 06/25/2043 US 9,362.3 $8,145.89
SEMT 2013-8 A1 3.00000 06/25/2043 US 11,519.6 $9,970.58
SERVICENOW INC US NOW 2,893.74 $1,703,919.44
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 379,666.93 $305,332.00
SKYWORKS SOLUTIONS INC US SWKS 74.01 $8,047.69
SLAM 2021-1A A MTGE 2.43400 06/15/2046 US 65,382.46 $56,425.06
SMB 2020-BA A1A 1.29000 07/15/2053 US 50,480.6 $45,106.50
SNOWFLAKE INC-CLASS A US SNOW 5,168.78 $810,723.64
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 13,127.78 $12,756.01
SONY CORP FIRST SECTION JP 6758 JP 778.62 $64,775.08
SONY CORP SPONSORED ADR JP SONY 5,875.06 $488,746.04
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 56,681.68 $51,240.94
SORT 2020-1 A2 1.99000 07/15/2060 US 46,045.23 $38,787.97
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 162,586.49 $138,892.37
SRPT 2014-STAR A FLTG RATE 8.50000 11/15/2027 US 102,036.36 $72,787.07
STAG INDUSTRIAL INC US STAG 512.72 $18,729.50
SUN COMMUNITIES US SUI 601.54 $73,640.08
SYNCHRONOSS TECH US 1,183.77 $21,662.96
SYSCO CORP US SYY 151.25 $10,534.29
TAH 2017-SFR2 A 2.92800 01/17/2036 US 48,857.36 $48,211.40
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 9,198.74 $860,726.22
TE CONNECTIVITY LIMITED CH TEL 112.6 $14,907.55
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 4,789.33 $47,235.69
TENCENT HOLDINGS 3.97500 04/11/2029 KY 419,558.07 $386,406.54
TENCENT HOLDINGS LTD CN 700 HK 2,255.83 $93,482.34
TERRENO REALTY CORP US TRNO 567.67 $34,565.23
TEXAS INSTRUMENTS INC US TXN 199.48 $33,525.20
THERMO FISHER SCIENTIFIC INC US TMO 1,231.39 $686,006.97
TOKYO ELECTRON LTD JP 8035 JP 340.89 $50,631.65
TPMT 2016-5 A1 2.50000 10/25/2056 US 11,130.59 $10,972.64
TPMT 2017-1 A1 2.75000 10/25/2056 US 4,708.3 $4,649.63
TPMT 2019-HY1 A1 6.42943 10/25/2048 US 20,673 $20,613.83
TRAVELLERS COS INC US TRV 97.56 $15,729.46
TREASURY BOND 2.37500 02/15/2042 US 2,892,474.23 $2,152,633.55
TREASURY NOTE 2.25000 11/15/2027 US 777,222.23 $714,619.42
TRUIST FINANCIAL CORP US TFC 374.1 $11,428.76
TSY INFL IX N/B 0.12500 01/15/2031 US 895,009.94 $784,077.64
TYSON FOODS INC -CL A US TSN 155.62 $8,290.05
U.S. BANCORP US USB 517.38 $18,899.74
UDR INC US UDR 1,178.41 $47,018.55
UNILEVER PLC - ADR GB UL 18,919.76 $965,286.05
UNION PAC CORP US UNP 2,048.19 $451,769.54
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 7,456.09 $7,044.66
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 51,299.79 $46,266.22
UNITED PARCEL SERVICE US UPS 190.89 $32,336.61
UNITEDHEALTH GROUP INC US UNH 452.44 $215,626.04
US CLAIMS LIT FNDG LLC 10.25000 03/17/2028 US 21,006.01 $19,257.82
US TEASURY NOTE 1.75000 11/15/2029 US 3,186,187.62 $2,770,987.55
US TREASURY N/B 0.87500 11/15/2030 US 3,112,106.14 $2,491,629.98
US TREASURY N/B 1.37500 11/15/2031 US 854,104.22 $692,358.23
US TREASURY N/B 3.12500 11/15/2028 US 2,626,250.92 $2,486,320.99
US TREASURY N/B 4.12500 11/15/2032 US 458,519.11 $458,447.46
USRE 2021-1 A1 1.91000 10/20/2061 US 102,929.43 $88,743.72
VALERO ENERGY US VLO 98.42 $12,784.68
VENTAS INC US VTR 584.08 $25,512.76
VERTEX PHARMACEUTICALS INC US VRTX 1,746.36 $608,326.34
VISA INC - CLASS A SHARES US V 6,991.96 $1,717,783.60
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 280,839.1 $258,148.54
WELLS FARGO COMPANY US WFC 731.6 $30,207.58
WELLTOWER INC. US WELL 607.42 $50,342.80
WIN 2015-1 A1 3.50000 01/20/2045 US 5,610.33 $5,007.45

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Maximum Term CIT Fund and Manning & Napier Pro-Mix® Extended 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

$16.92

Daily $ Change

-$0.02

Daily % Change

-0.12%

as of 09/22/2023

CUSIP

56382R829

Inception Date

04/17/2015

This fund is available only 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 growth and manage risk for investors planning to retire in or around the year indicated in the fund’s name.

Investment Strategy

Currently: The portfolio is currently invested in a growth-oriented mix of investments that seeks to earn a good portion of the long-term growth of the stock market with less volatility. The portfolio is diversified primarily among various stock investments in both domestic and foreign markets. A substantial portion of the portfolio may be invested in long-term, fixed income securities. Stock exposure can range from 64% - 90%.

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 2040
  • Who have time to pursue growth and can accept 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.

Learn more about our Glide Range SM

Performance

As of 08/31/2023

YTD

10.41%

1 Year

7.49%

3 Year

3.49%

5 Year

6.81%

10 Year

7.74%

Inception
(04/17/2015)

7.40%

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 the inception date of the Retirement Target CIT Class U1 units is based on the historical performance of the CIT’s oldest unit class. Performance through the inception date of the oldest unit class (01/06/2005) is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. Returns are net of the Class U1 expenses. The Retirement Target CIT Fund will gradually become more conservative over time.

Expense Ratio

Gross 0.50%
Net 0.49%*

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

Top Ten Investments

As of 08/31/2023

TREASURY NOTES 11.63%
AMAZON.COM INC 3.12%
META PLATFORMS INC 2.64%
TREASURY BONDS 2.60%
GOVERNMENT AGENCY 2.45%
JOHNSON & JOHNSON 2.33%
MASTERCARD INC-CLASS A 2.27%
VISA INC - CLASS A SHARES 2.08%
SERVICENOW INC 2.06%
ALPHABET INC-CL A 2.06%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 08/31/2023

Stocks
72.30%
Bonds
23.72%
Cash
3.98%

Detailed Asset Class Allocation

As of 08/31/2023

International Equities
17.28%
Small Capitalization
0.32%
Mid Capitalization
6.11%
Large Capitalization
48.59%
Long Term Fixed Income
5.01%
Intermediate Term Fixed Income
18.55%
Short Term Fixed Income
0.16%
Cash
3.98%

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 185.72 $19,811.14
ABBOTT LABORATORIES US ABT 365.39 $37,599.01
ADMIRAL GROUP PLC GB ADM LN 4,120.33 $129,807.01
ADMIRAL GROUP PLC ADR GB AMIGY 13,404.22 $422,299.89
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 118,193.2 $102,436.40
AGREE REALTY CORP US ADC 936.11 $57,870.56
AIR LIQUIDE FR AI FP 382.35 $69,080.90
AIRBUS SE FR AIR FP 468.75 $68,580.93
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 11,798.15 $11,870.55
ALCON INC CH ALC 9,576.29 $794,736.32
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 74,460.87 $59,700.53
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 252,591.09 $205,111.91
ALPHABET INC-CL A US GOOGL 12,512.92 $1,703,884.23
AMAZON.COM INC US AMZN 18,693.48 $2,579,886.88
AMAZON.COM INC 3.30000 04/13/2027 US 205,657.87 $195,707.70
AMERICAN HOMES 4 RENT- A US AMH 588.28 $21,201.63
AMERICAN TOWER REIT INC US AMT 263.12 $47,709.21
AMERICOLD REALTY TRUST US COLD 1,976.29 $66,502.26
ANALOG DEVICES INC US ADI 171.19 $31,119.21
APARTMENT INCOME REIT CO US AIRC 492.98 $16,790.83
APPLIED MATERIALS INC US AMAT 6,126.71 $935,915.92
ARCHER-DANIELS-MIDLAND CO US ADM 208.87 $16,563.40
ARGO BLOCKCHAIN PLC GB 576.16 $3,889.07
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 105,109.72 $97,144.74
ASTRAZENECA GB AZN 11,216.54 $760,705.45
ATLASSIAN CORP PLC-CLASS A AU TEAM 260.18 $53,092.42
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 8,248.86 $38,406.59
AUTO TRADER GROUP PLC GB AUTO LN 11,691.49 $89,655.80
AVALONBAY COMMUNITIES INC US AVB 305.16 $56,094.77
AVANZA BANK HOLDING AB SE AZA SS 2,907.45 $56,135.08
BABS 2021-RM2 A 1.75000 10/25/2061 US 50,657.34 $43,472.17
BAE SYSTEMS PLC GB BA/ LN 9,008.86 $114,662.72
BAE SYSTEMS PLC -SPON ADR GB BAESY 11,945.29 $618,407.51
BANK OF AMERICA CORP US BAC 1,357.45 $38,917.97
BANK OF AMERICA CORP 2.68700 04/22/2032 US 190,173.55 $155,518.41
BAXTER INTERNATIONAL INC US BAX 203.88 $8,277.39
BEIERSDORF AG DE BEI GR 613.18 $80,286.67
BIOMARIN PHARMACEUTICAL INC US BMRN 9,757.16 $891,608.88
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 84,183.75 $82,207.59
BOSTON SCIENTIFIC CORP US BSX 5,070.68 $273,512.27
BRISTOL MYERS SQUIBB CO US BMY 548.26 $33,800.51
BROADCOM INC US AVGO 66.63 $61,488.96
BROADRIDGE FINANCIAL SOLUTIONS US BR 62.5 $11,638.38
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 47,754.81 $41,546.68
BUNGE LIMITED US BG 81.22 $9,285.37
C.H. ROBINSON WORLDWIDE INC US CHRW 81.15 $7,338.08
CALDERYS FINANCING LLC 11.25000 06/01/2028 US 51,574.46 $52,921.06
CAMPBELL SOUP CO US CPB 175.76 $7,329.23
CANADIAN NATIONAL RAILWAY CO CA CNI 3,743.58 $421,564.99
CARETRUST REIT INC US CTRE 1,564.91 $31,533.01
CATERPILLAR INC US CAT 166.59 $46,832.42
CBOE GLOBAL MARKETS INC US CBOE 6,628.68 $992,379.50
CELLNEX TELECOM SA ES CLNX SM 1,555.7 $59,498.43
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 25,315.71 $483,023.67
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 146,601.29 $152,091.23
CHEVRON CORP US CVX 333.14 $53,668.96
CIM 2019-INV1 A1 4.00000 02/25/2049 US 2,356.51 $2,205.37
CISCO SYSTEMS INC US CSCO 985.48 $56,517.40
CITIGROUP INC US C 605.24 $24,990.54
CITIGROUP INC 1.46200 06/09/2027 US 164,526.3 $146,459.93
CLARK CNTY NV 1.51000 11/01/2028 US 56,015.42 $47,464.61
CLEANAWAY WASTE MANAGEMENT AU CWY AU 38,865.81 $65,776.12
COCA COLA CO/THE US KO 23,203.17 $1,388,245.54
COGNIZANT TECH SOLUTIONS - A US CTSH 163.83 $11,731.55
COLGATE-PALMOLIVE CO US CL 289.26 $21,252.26
COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 US 71,420.42 $65,608.50
COMCAST CORP-CL A US CMCSA 1,048.14 $49,010.82
COMMUNITY HEALTHCARE TRUST I US CHCT 953.59 $31,649.68
CONAGRA BRAND INC. US CAG 261.21 $7,805.04
CONOCOPHILLIPS US COP 283.24 $33,713.91
CONSTELLATION BRANDS INC-A US STZ 2,956.33 $770,302.38
COPART INC US CPRT 9,018.88 $404,316.29
CORNING INC US GLW 278.33 $9,134.64
COTERRA ENERGY INC US CTRA 338.44 $9,540.68
COUSINS PROPERTIES INC US CUZ 499.29 $11,733.36
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 15,824.03 $13,297.10
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 9,000.38 $7,505.19
CSX CORP US CSX 12,614.19 $380,948.68
CUMMINS INC US CMI 72.16 $16,598.78
CVS HEALTH CORP US CVS 4,217.92 $274,881.72
DEUTSCHE BOERSE AG DE DB1 GR 581.58 $103,244.71
DEUTSCHE BOERSE AG ADR DE DBOEY 29,195.12 $517,045.60
DEVON ENERGY CORPORATION US DVN 232.5 $11,878.26
DIAGEO PLC GB DGE LN 1,749.79 $71,659.22
DIAMONDBACK ENERGY INC US FANG 71.99 $10,926.34
DOLLAR GENERAL CORP US DG 7,622.29 $1,055,686.71
DOLLARAMA INC CA DOL CN 513.56 $33,298.22
DOW INC US DOW 240.31 $13,111.36
DREYFUS GVT CSH MANAGEMENT US 3,423,150.71 $3,423,150.71
EBAY INC US EBAY 225.77 $10,110.20
ELECTRONIC ARTS US EA 11,499.13 $1,379,665.92
EMERSON ELEC CO US EMR 225.3 $22,135.60
ENDAVA PLC - SPON ADR GB DAVA 675.49 $33,031.36
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 253,671.45 $252,541.92
EOG RESOURCES INC US EOG 165.85 $21,332.16
EQUINIX INC US EQIX 1,194.78 $933,578.92
EQUITY COMMONWEALTH US EQC 1,576.69 $30,004.47
EQUITY LIFESTYLE PROPERTIES US ELS 825.95 $55,305.69
EVERGY INC US EVRG 8,147.75 $447,881.75
EXTRA SPACE STORAGE INC US EXR 452.25 $58,196.11
EXXON MOBIL CORP US XOM 535.54 $59,546.36
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 1,538.62 $1,613.36
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 49.21 $48.82
FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 5,661.01 $5,515.73
FEDERAL NATL MTG ASSN AL8674 FLT 5.64700 01/01/2049 US 104,895.65 $107,975.21
FEDERAL NATL MTG ASSN BK0433 3.50000 12/01/2049 US 71,699.21 $64,271.26
FEDERAL NATL MTG ASSN BW1194 4.00000 09/01/2052 US 160,647.49 $148,398.68
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 96,514.77 $87,658.55
FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 8,906.14 $8,301.32
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 103,398.86 $97,060.82
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 18,729.27 $18,372.28
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 109,450.11 $98,037.89
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 107,276.56 $99,180.29
FEDERAL NATL MTG ASSN MA5043 5.00000 06/01/2038 US 140,352.18 $138,748.00
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 102,547.57 $89,409.13
FEDERAL NATL MTG ASSN SD8276 5.00000 12/01/2052 US 104,890.56 $101,721.61
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 105,170.69 $90,882.63
FEDEX CORPORATION US FDX 64.04 $16,716.19
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 23,025.79 $22,279.90
FHLM POOL C91780 4.50000 07/01/2034 US 26,379.45 $25,928.15
FHLM POOL G05906 6.00000 04/01/2040 US 3,190.03 $3,349.89
FHLM POOL G13331 5.50000 10/01/2023 US .43 $0.43
FHLM POOL K91364 4.50000 11/01/2033 US 3,376.93 $3,324.85
FHLM POOL K92059 4.50000 09/01/2034 US 18,072.53 $17,760.94
FHLM POOL SD8230 4.50000 06/01/2052 US 70,967.81 $67,344.83
FIFTH THIRD BANCORP US FITB 330.5 $8,774.67
FINECOBANK SPA IT FBK IM 6,016.05 $82,223.99
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 1,556.03 $24,896.44
FLX 2021-1A A2 3.25000 11/27/2051 US 96,627.63 $84,355.49
FMC CORP US FMC 11,336.15 $977,516.49
FN DS2696 3.00000 12/01/2051 US 125,799.56 $109,494.72
FN MA4733 4.50000 09/01/2052 US 122,822.76 $116,553.88
FN MA4807 MTGE 5.50000 11/01/2052 US 85,933.45 $85,013.88
FN MA4868 MTGE 5.00000 01/01/2053 US 156,387.23 $151,662.82
FN MA4934 MTGE 5.00000 02/01/2043 US 158,348.05 $155,175.34
FNR 2018-31 KP 3.50000 07/25/2047 US 1,319.72 $1,269.90
FR SD1129 4.00000 08/01/2051 US 115,894.79 $108,395.47
FREMF 2015-K43 B FLT 3.85938 02/25/2048 US 176,450.45 $169,871.25
GENERAL DYNAMICS CORP US GD 101.58 $23,023.06
GENERAL MLS INC US GIS 238.99 $16,170.37
GENUINE PARTS CO US GPC 76.72 $11,793.76
GETTY REALTY CORP US GTY 829.7 $24,907.72
GILEAD SCIENCES INC US GILD 404.39 $30,927.63
GLOBANT SA LU GLOB 180.73 $36,953.11
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 18,451.26 $16,630.70
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 31,508.83 $28,306.87
GREENIDGE GEN HLD INC US 1,182.73 $6,280.31
GSMBS 2021-INV1 A6 2.50000 12/25/2051 US 50,191.53 $42,145.00
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 41,156.81 $34,930.86
HALLIBURTON CO US HAL 300.71 $11,613.33
HALMA PLC GB HLMA LN 1,471.34 $39,885.78
HARTFORD FINL SVCS US HIG 111.51 $8,008.43
HAWAII ST 2.68200 10/01/2038 US 8,402.4 $6,181.24
HDFC BANK LTD-ADR IN HDB 8,087.44 $503,928.32
HEALTHCARE REALTY TRUST INC US HR 985.93 $17,273.46
HEINEKEN NV NL HEIA NA 970.47 $94,340.22
HEINEKEN NV-SPN ADR NL HEINY 17,884.34 $871,146.31
HELIOS TOWERS PLC GB HTWS LN 15,181.82 $17,530.27
HOME DEPOT INC US HD 219.66 $72,554.06
HONEYWELL INTERNATIONAL INC US HON 196.32 $36,896.12
HUMANA INC US HUM 1,225.14 $565,560.14
HUNTINGTON BANCSHARES US HBAN 563.86 $6,253.26
HWIRE 2021-1 A2 2.31100 11/20/2051 US 90,745.95 $80,113.38
IDEXX LABORATORIES INC US IDXX 1,555.87 $795,686.70
IMCD NV NL IMCD NA 243.17 $33,492.03
IMPRL 2021-NQM3 1.59500 11/25/2056 US 48,299.1 $39,050.77
INTERCONTINENTALEXCHANGE INC US ICE 5,478.52 $646,410.19
INTERMEDIATE CAPITAL GROUP GB ICP LN 2,016.9 $34,468.04
INTERNATIONAL BUSINESS MACH CORP US IBM 189.35 $27,802.07
INTERNATIONAL FLVRS & FRAGRANCES US IFF 106.19 $7,481.05
INTUIT INC US INTU 2,033.23 $1,101,622.43
INTUITIVE SURGICAL INC US ISRG 2,350.04 $734,811.50
INVITATION HOMES INC US INVH 1,807.14 $61,605.46
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 20,165.77 $19,393.36
JM SMUCKER CO/THE-NEW COM WI US SJM 62.18 $9,013.18
JOHNSON & JOHNSON US JNJ 11,896.35 $1,923,401.81
JP MORGAN CHASE & CO US JPM 3,033.33 $443,867.57
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 15,068.16 $14,071.57
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 269,315.85 $255,428.06
KELLOGG CO US K 120.19 $7,333.72
KEYENCE CORP JP 6861 JP 138.04 $57,309.68
KEYWORDS STUDIOS PLC IE KWS LN 1,302.4 $25,160.72
KIMBERLY CLARK DE MEXICO S.A.B. MX KIMBERA MM 18,038.22 $40,624.48
KRAFT HEINZ CO/THE US KHC 333.52 $11,036.34
L'OREAL FR OR FP 38.45 $16,890.55
L3HARRIS TECHNOLOGIES INC US LHX 8,825.44 $1,571,722.67
LEXINGTON REALTY TRUST US LXP 3,211.02 $31,532.24
LOCKHEED MARTIN CORP US LMT 77.59 $34,785.50
LONZA GROUP AG -REG CH LONN SW 59.38 $32,755.99
LULULEMON - ADR CA LULU 2,212.6 $843,576.55
MARATHON OIL CORP US MRO 250.7 $6,605.89
MARATHON PETROLEUM CORP US MPC 155.74 $22,234.33
MARRIOTT VACATIONS WORLD US VAC 144.3 $15,684.01
MASCO CORP US MAS 22,268.45 $1,314,061.06
MASTERCARD INC-CLASS A US MA 4,551.45 $1,878,112.25
MEDTRONIC INC IE MDT 15,777.57 $1,285,871.78
MERCADOLIBRE INC BR MELI 263.59 $361,744.15
MERCK & CO INC US MRK 577.12 $62,894.60
META PLATFORMS INC US META 7,362.43 $2,178,469.64
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 126,036.04 $6,752.63
MICROCHIP TECHNOLOGY INC US MCHP 190.22 $15,568.01
MICRON TECHNOLOGY INC US MU 22,391.38 $1,566,053.02
MICROSOFT CORP US MSFT 3,538.79 $1,159,873.26
MID-AMERICA APARTMENT COMM US MAA 214.61 $31,168.11
MONARCH CASINO & RESORT INC US MCRI 382.53 $25,782.32
MONDELEZ INTERNATIONAL INC US MDLZ 11,468.51 $817,245.92
MOODY'S CORPORATION US MCO 4,062.51 $1,368,252.24
NAVIENT CORP 6.75000 06/25/2025 US 59,436.68 $59,144.44
NESTLE S.A. - ADR CH NSRGY 10,629.13 $1,276,876.97
NESTLE SA-REGISTERED CH NESN SW 1,056.24 $127,001.93
NETAPP INC US NTAP 124.66 $9,561.32
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 109,320.98 $98,826.79
NIKE INC CLASS B US NKE 9,427.11 $958,831.76
NORFOLK SOUTHN CORP US NSC 1,251.7 $256,612.01
NORTHROP GRUMMAN CORP US NOC 2,065.66 $894,615.44
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 54,295.28 $5.43
NOVARTIS AG- REG CH NVS 6,172 $620,162.13
NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 US 102,868.96 $104,209.36
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 16,499.86 $14,981.21
NRZT 2015-2A A1 3.75000 08/25/2055 US 27,897.57 $25,728.39
NRZT 2016-4A A1 3.75000 11/25/2056 US 53,633.21 $48,818.42
OASIS 2023-1A 7.00000 02/15/2035 US 45,684.19 $45,464.30
ODFJELL DRILLING LTD 9.25000 05/31/2028 BM 57,216.02 $57,972.69
OMNICOM GROUP US OMC 114.46 $9,272.72
OXFIN 2020-1A A2 3.10100 02/15/2028 US 26,714.42 $25,741.63
OXFIN 2022-1A 3.60200 02/15/2030 US 81,923.42 $75,667.91
OXFIN 2023-1A A2 6.71600 02/15/2031 US 104,189.79 $102,728.51
PACKAGING CORP OF AMERICA US PKG 51.91 $7,740.44
PALOMINO FUNDING TRUST I 7.23300 05/17/2028 US 209,258.95 $212,000.84
PARAMOUNT GLOBAL CLASS B US PARA 317.09 $4,784.86
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 68,551.79 $65,210.18
PEAR 2023-1A 7.42000 07/15/2035 US 57,977.31 $57,899.31
PELORUS FUND REIT 7.00000 09/30/2026 US 58,556.42 $55,716.13
PEPSICO INC 3.90000 07/18/2032 US 214,140.31 $203,107.29
PFIZER INC US PFE 1,079.18 $38,181.40
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 80,041.75 $63,678.89
PFMT 2021-2 A2A 2.00000 04/25/2051 US 46,554.19 $38,943.18
PHILLIPS 66 US PSX 124.56 $14,220.07
PHYSICIANS REALTY TRUST US DOC 1,307.52 $18,187.63
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 13,569.09 $11,991.61
PPG INDUSTRIES INC US PPG 86.08 $12,202.69
PROLOGIS US PLD 1,673.46 $207,843.76
PUBLIC STORAGE INC US PSA 280.03 $77,393.68
QUALCOMM 5.40000 05/20/2033 US 62,417.19 $64,631.85
QUALCOMM INC US QCOM 314.69 $36,041.16
QUEST DIAGNOSTICS INC US DGX 67.05 $8,816.63
RAYTHEON TECHNOLOGIES CORP US RTX 325.73 $28,026.20
RCKT 2021-6 A1 2.50000 12/25/2051 US 84,991.66 $67,075.76
REALTY INCOME CORP US O 800.72 $44,872.13
REGIONS FINANCIAL CORP. US RF 499.35 $9,158.02
RENAISSANCERE HOLDINGS LTD BM RNR 379.01 $71,212.85
RENTOKIL INITIAL PLC GB RTO LN 12,432.69 $94,655.96
RENTOKIL INITIAL PLC-SP ADR GB RTO 16,009.95 $607,577.61
REXFORD INDUSTRIAL REALITY IN US REXR 689.23 $36,853.28
S&P GLOBAL INC US SPGI 2,289.85 $895,011.92
SALESFORCE INC US CRM 4,630.83 $1,025,542.71
SBA COMMUNICATIONS CORP US SBAC 3,194.78 $717,323.33
SBA TOWER TRUST 6.59900 01/15/2028 US 147,041.51 $149,284.83
SCHLUMBERGER LTD NL SLB 350.5 $20,665.33
SEMT 2013-2 1.87400 02/25/2043 US 9,364.37 $7,779.90
SEMT 2013-6 A2 3.00000 05/25/2043 US 22,234.91 $19,106.67
SEMT 2013-7 A2 3.00000 06/25/2043 US 9,362.3 $8,145.89
SEMT 2013-8 A1 3.00000 06/25/2043 US 11,519.6 $9,970.58
SERVICENOW INC US NOW 2,893.74 $1,703,919.44
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 379,666.93 $305,332.00
SKYWORKS SOLUTIONS INC US SWKS 74.01 $8,047.69
SLAM 2021-1A A MTGE 2.43400 06/15/2046 US 65,382.46 $56,425.06
SMB 2020-BA A1A 1.29000 07/15/2053 US 50,480.6 $45,106.50
SNOWFLAKE INC-CLASS A US SNOW 5,168.78 $810,723.64
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 13,127.78 $12,756.01
SONY CORP FIRST SECTION JP 6758 JP 778.62 $64,775.08
SONY CORP SPONSORED ADR JP SONY 5,875.06 $488,746.04
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 56,681.68 $51,240.94
SORT 2020-1 A2 1.99000 07/15/2060 US 46,045.23 $38,787.97
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 162,586.49 $138,892.37
SRPT 2014-STAR A FLTG RATE 8.50000 11/15/2027 US 102,036.36 $72,787.07
STAG INDUSTRIAL INC US STAG 512.72 $18,729.50
SUN COMMUNITIES US SUI 601.54 $73,640.08
SYNCHRONOSS TECH US 1,183.77 $21,662.96
SYSCO CORP US SYY 151.25 $10,534.29
TAH 2017-SFR2 A 2.92800 01/17/2036 US 48,857.36 $48,211.40
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 9,198.74 $860,726.22
TE CONNECTIVITY LIMITED CH TEL 112.6 $14,907.55
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 4,789.33 $47,235.69
TENCENT HOLDINGS 3.97500 04/11/2029 KY 419,558.07 $386,406.54
TENCENT HOLDINGS LTD CN 700 HK 2,255.83 $93,482.34
TERRENO REALTY CORP US TRNO 567.67 $34,565.23
TEXAS INSTRUMENTS INC US TXN 199.48 $33,525.20
THERMO FISHER SCIENTIFIC INC US TMO 1,231.39 $686,006.97
TOKYO ELECTRON LTD JP 8035 JP 340.89 $50,631.65
TPMT 2016-5 A1 2.50000 10/25/2056 US 11,130.59 $10,972.64
TPMT 2017-1 A1 2.75000 10/25/2056 US 4,708.3 $4,649.63
TPMT 2019-HY1 A1 6.42943 10/25/2048 US 20,673 $20,613.83
TRAVELLERS COS INC US TRV 97.56 $15,729.46
TREASURY BOND 2.37500 02/15/2042 US 2,892,474.23 $2,152,633.55
TREASURY NOTE 2.25000 11/15/2027 US 777,222.23 $714,619.42
TRUIST FINANCIAL CORP US TFC 374.1 $11,428.76
TSY INFL IX N/B 0.12500 01/15/2031 US 895,009.94 $784,077.64
TYSON FOODS INC -CL A US TSN 155.62 $8,290.05
U.S. BANCORP US USB 517.38 $18,899.74
UDR INC US UDR 1,178.41 $47,018.55
UNILEVER PLC - ADR GB UL 18,919.76 $965,286.05
UNION PAC CORP US UNP 2,048.19 $451,769.54
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 7,456.09 $7,044.66
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 51,299.79 $46,266.22
UNITED PARCEL SERVICE US UPS 190.89 $32,336.61
UNITEDHEALTH GROUP INC US UNH 452.44 $215,626.04
US CLAIMS LIT FNDG LLC 10.25000 03/17/2028 US 21,006.01 $19,257.82
US TEASURY NOTE 1.75000 11/15/2029 US 3,186,187.62 $2,770,987.55
US TREASURY N/B 0.87500 11/15/2030 US 3,112,106.14 $2,491,629.98
US TREASURY N/B 1.37500 11/15/2031 US 854,104.22 $692,358.23
US TREASURY N/B 3.12500 11/15/2028 US 2,626,250.92 $2,486,320.99
US TREASURY N/B 4.12500 11/15/2032 US 458,519.11 $458,447.46
USRE 2021-1 A1 1.91000 10/20/2061 US 102,929.43 $88,743.72
VALERO ENERGY US VLO 98.42 $12,784.68
VENTAS INC US VTR 584.08 $25,512.76
VERTEX PHARMACEUTICALS INC US VRTX 1,746.36 $608,326.34
VISA INC - CLASS A SHARES US V 6,991.96 $1,717,783.60
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 280,839.1 $258,148.54
WELLS FARGO COMPANY US WFC 731.6 $30,207.58
WELLTOWER INC. US WELL 607.42 $50,342.80
WIN 2015-1 A1 3.50000 01/20/2045 US 5,610.33 $5,007.45

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Maximum Term CIT Fund and Manning & Napier Pro-Mix® Extended 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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