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 moderately aggressive, growth-oriented mix of stocks, bonds, alternatives, and cash that seeks to earn the long-term growth typically associated with the stock market without full market risk. The portfolio is diversified primarily among various stock investments in both domestic and foreign markets, with a portion of the portfolio invested in fixed income securities. Stock exposure can range from 70% - 95%.

Over Time: The portfolio’s investment mix will gradually become more conservative as the target date approaches and for several years after the target date. During the target year, the portfolio’s stock exposure can range from 20% - 60%. At five years after the target date and beyond, the focus will be on capital preservation, and stock exposure can range from 13% - 47%.

May be Appropriate for Investors

  • Who plan to stop contributions and start periodic withdrawals around the year 2045
  • Who generally have time to withstand market volatility and can accept very significant fluctuations in current account value
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio that becomes more conservative over time

About Target Date Funds

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

Target Series Glide Path Overview

Learn more about our Glide Range SM

Daily Price

$23.00

Daily $ Change

$0.32

Daily % Change

1.39%

as of 06/23/2022

CUSIP

302027560

Inception Date

08/17/2012

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

Important Documents

Annual Report
Applications & Forms

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

Performance

As of 05/31/2022

YTD

-14.34%

1 Year

-8.64%

3 Year

11.09%

5 Year

9.46%

10 Year

10.21%

Inception
(01/01/2000)

7.48%

Performance through the inception date of the Retirement Target CIT Class S units is based on historical performance of the CIT's oldest unit class. Performance through the inception date of the oldest unit class (08/03/2012) is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. Returns are net of the Class S expenses. The Retirement Target CIT Fund will gradually become more conservative over time. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.91%
Net 0.89%*

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

Top Ten Investments

As of 05/31/2022

TREASURY NOTES 8.55%
AMAZON.COM INC 2.92%
MICROSOFT CORP 2.80%
MASTERCARD INC-CLASS A 2.28%
MEDTRONIC INC 2.21%
PAYPAL HOLDINGS INC 1.97%
JOHNSON & JOHNSON 1.97%
COCA COLA CO/THE 1.97%
MONDELEZ INTERNATIONAL INC 1.87%
SERVICENOW INC 1.77%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 05/31/2022

Stocks 82.54%
Bonds 12.54%
Cash 4.92%

Detailed Asset Class Allocation

As of 05/31/2022

International Equities 22.61%
Small Capitalization 2.21%
Mid Capitalization 6.68%
Large Capitalization 51.04%
Long Term Fixed Income 1.38%
Intermediate Term Fixed Income 9.90%
Short Term Fixed Income 1.26%
Cash 4.92%

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

May Fund Holdings

As of 05/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 110.97 $13,034.88
ACCOR SA-SPONSORED ADR FR ACCYY 26,896.7 $179,938.92
ACTIVISION INC US ATVI 2,636.84 $205,357.44
ADIDAS AG-SPONSORED ADR DE ADDYY 1,523.51 $151,040.33
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 20,626.94 $18,088.94
ADYEN NV UNSPON ADR NL ADYEY 18,246.28 $282,452.38
AGREE REALTY CORP US ADC 93.85 $6,529.32
AIR LIQUIDE-ADR FR AIQUY 7,943.95 $277,323.25
AIR LEASE CORP 3.62500 04/01/2027 US 20,626.94 $19,616.13
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 5,211.3 $5,467.38
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 48,473.3 $42,202.96
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 25,783.67 $21,448.02
ALIGN TECHNOLOGY INC US ALGN 939.04 $260,715.41
ALLSTATE CORPORATION US ALL 40.22 $5,498.02
ALPHABET INC-CL A US GOOGL 191.11 $434,817.84
AMAZON.COM INC US AMZN 425.12 $1,022,072.01
AMAZON.COM INC 3.30000 04/13/2027 US 45,379.26 $45,337.45
DIAGEO PLC GB DGE LN 6,239.96 $289,916.38
AMERICAN HOMES 4 RENT- A US AMH 334.16 $12,350.42
AMERICAN TOWER REIT INC US AMT 50.02 $12,811.70
ANALOG DEVICES INC US ADI 61.47 $10,351.26
APPLE HOSPITALITY REIT INC US APLE 1,139.02 $19,033.01
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 5,156.73 $5,216.56
ARCHER-DANIELS-MIDLAND CO US ADM 73.02 $6,631.62
ARGO BLOCKCHAIN PLC GB 371.28 $7,785.84
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 20,626.94 $19,614.18
AUTOMATIC DATA PROCESSING US ADP 42.59 $9,496.05
AVALONBAY COMMUNITIES INC US AVB 79.31 $16,493.43
AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 KY 56,724.07 $49,153.41
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 13,407.51 $13,573.35
BANK OF AMERICA CORP 2.68700 04/22/2032 US 37,128.48 $32,484.12
BARRICK GOLD CORP CA GOLD 5,649.41 $115,756.38
BAXTER INTERNATIONAL INC US BAX 56.21 $4,274.65
BEST BUY INC US BBY 38.37 $3,148.32
BIOMARIN PHARMACEUTICAL INC US BMRN 4,765.44 $358,027.58
BLACKROCK INC US BLK 527.74 $353,100.38
BLACKSTONE PRIVATE CRE 2.62500 12/15/2026 US 21,658.28 $18,843.48
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 21,658.28 $19,703.48
DECHRA PHARMACEUTICALS PLC GB DPH LN 564.25 $25,863.77
BOSTON SCIENTIFIC CORP US BSX 4,446.14 $182,336.04
BRANDYWINE REALTY TRUST US BDN 566.52 $6,316.68
BRISTOL MYERS SQUIBB CO US BMY 191.11 $14,419.14
BROADRIDGE FINANCIAL SOLUTIONS US BR 21.66 $3,166.87
JONAH ENERGY PARENT LLC US 205.34 $11,018.61
CBOE GLOBAL MARKETS INC US CBOE 1,455.23 $163,436.92
CDW CORP/DE US CDW 939.45 $159,575.62
C.H. ROBINSON WORLDWIDE INC US CHRW 26.92 $2,920.89
COTERRA ENERGY INC US CTRA 98.8 $3,391.91
CAMDEN PROPERTY TRUST US CPT 76.42 $10,965.91
CAMECO CORP CA CCJ 365.1 $8,933.92
CAMPBELL SOUP CO US CPB 61.16 $2,930.12
CANADIAN NATIONAL RAILWAY CO CA CNI 4,088.26 $465,162.07
CARETRUST REIT INC US CTRE 378.3 $7,009.86
CATERPILLAR INC US CAT 54.04 $11,665.09
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 47,441.95 $53,462.58
CENTURYLINK INC 7.50000 04/01/2024 US 15,985.88 $16,537.70
CHARTER COMMUNICATIONS INC-A US CHTR 879.12 $445,652.30
CHEVRON CORP US CVX 102.31 $17,869.39
CINCINNATI FINANCIAL CORP US CINF 29.7 $3,797.80
CISCO SYSTEMS INC US CSCO 346.95 $15,629.87
CITIGROUP INC US C 212.87 $11,369.39
CITIGROUP INC 1.46200 06/09/2027 US 35,065.79 $31,586.30
CLARK CNTY NV 1.51000 11/01/2028 US 36,097.14 $31,756.10
COCA COLA CO/THE US KO 10,860.18 $688,318.51
COGNEX CORP US CGNX 2,550 $123,471.24
COLGATE-PALMOLIVE CO US CL 102.62 $8,087.40
COMCAST CORP-CL A US CMCSA 371.39 $16,445.06
COMMUNITY HEALTHCARE TRUST I US CHCT 197.09 $7,426.37
CONAGRA BRAND INC. US CAG 93.13 $3,063.07
CONOCOPHILLIPS US COP 91.48 $10,278.74
CONSTELLATION BRANDS INC-A US STZ 2,236.89 $549,088.91
CONTROLADORA VUELA CIA DE AV MX VLRS 727.72 $11,337.85
COPART INC US CPRT 1,358.8 $155,623.29
COUSINS PROPERTIES INC US CUZ 466.58 $16,120.38
CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 25,783.67 $23,448.48
CUMMINS INC US CMI 23.51 $4,917.40
KIMBERLY CLARK DE MEXICO S.A.B. MX 16,089.01 $24,893.19
DEVON ENERGY CORPORATION US DVN 72.19 $5,407.35
DIAMONDBACK ENERGY INC US FANG 20.83 $3,167.06
DIGITAL REALTY TRUST INC US DLR 143.87 $20,083.21
WALT DISNEY CO/THE US DIS 1,483.49 $163,836.55
DOLLAR GENERAL CORP US DG 1,857.97 $409,385.38
DOLLAR TREE STORES INC US DLTR 2,649.63 $424,815.66
DOMINO'S PIZZA US DPZ 603.23 $219,076.76
DOUBLEVERIFY HOLDINGS INC US DV 11,406.39 $253,792.09
DOW INC US DOW 74.98 $5,097.07
DUKE RLTY INVTS INC US DRE 325.49 $17,195.80
EOG RESOURCES INC US EOG 49.09 $6,723.65
EAST WEST BANCORP INC US EWBC 3,478.42 $255,803.25
EASTMAN CHEM CO US EMN 26.82 $2,953.94
EBAY INC US EBAY 69 $3,358.09
ECO MATERIAL TECH INC 7.87500 01/31/2027 US 9,282.12 $8,795.83
ELECTRONIC ARTS US EA 2,852.91 $395,556.18
EMERSON ELEC CO US EMR 79.21 $7,022.53
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 47,441.95 $49,611.80
EQUINIX INC US EQIX 681.62 $468,332.29
EQUITY LIFESTYLE PROPERTIES US ELS 287.95 $21,797.97
ESSEX PROPERTY TRUST INC US ESS 48.89 $13,876.25
EXPEDIA INC US EXPE 1,538.56 $198,982.37
EXPEDIA GROUP INC 3.25000 02/15/2030 US 20,626.94 $18,239.20
EXTRA SPACE STORAGE INC US EXR 71.47 $12,736.37
FMC CORP US FMC 3,097.86 $379,735.23
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 34,034.44 $34,664.01
META PLATFORMS INC US FB 3,047.11 $590,043.17
FEDEX CORPORATION US FDX 790.32 $177,490.30
FIFTH THIRD BANCORP US FITB 113.45 $4,473.26
GENERAL DYNAMICS CORP US GD 34.24 $7,701.08
GENERAL MLS INC US GIS 85.19 $5,950.47
GENUINE PARTS CO US GPC 26.82 $3,666.42
GETTY REALTY CORP US GTY 255.05 $7,126.15
GILEAD SCIENCES INC US GILD 151.81 $9,845.15
GRAPHIC PACKAGING HOLDING CO US GPK 13,929.99 $310,081.54
GREENIDGE GEN HLD INC US 350.66 $6,985.11
GRUPO AEROPORTUARIO CEN-ADR MX OMAB 1,724.52 $99,607.98
GRUPO AEROPORTUARIO PAC-ADR MX PAC 729.68 $109,728.96
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 495.87 $107,747.93
AIRBUS SE FR AIR FP 163.67 $19,181.99
ADIDAS AG DE ADS GR 840.24 $166,928.14
HCA INC 4.12500 06/15/2029 US 28,877.71 $28,110.90
L'OREAL FR OR FP 21.66 $7,649.95
HEALTHCARE REALTY TRUST INC US HR 326.52 $9,492.06
HEALTHCARE TRUST OF AMERICA US HTA 223.91 $6,728.36
HEINEKEN NV-SPN ADR NL HEINY 4,964.28 $250,398.52
HESKA CORP US HSKA 1,596.11 $159,276.05
HOME DEPOT INC US HD 74.67 $22,606.19
HONEYWELL INTERNATIONAL INC US HON 70.85 $13,718.66
HUMANA INC US HUM 395.83 $179,798.27
IDEXX LABORATORIES INC US IDXX 785.27 $307,526.44
KERRY GROUP PLC-A IE KYGA ID 127.47 $13,192.36
ILLINOIS TOOL WKS INC US ITW 40.43 $8,412.02
INDEPENDENCE REALTY TRUST IN US IRT 337.97 $7,945.73
INSPERITY INC US NSP 2,525.77 $252,753.63
INTEL CORP US INTC 374.69 $16,643.65
INTERCONTINENTALEXCHANGE INC US ICE 2,779.48 $284,590.92
INTERNATIONAL FLVRS & FRAGRANCES US IFF 40.22 $5,316.21
INTUITIVE SURGICAL INC US ISRG 481.95 $109,710.72
INVITATION HOMES INC US INVH 540.53 $20,388.75
JP MORGAN CHASE & CO US JPM 2,076 $274,509.21
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 52,598.69 $53,294.71
JOHNSON & JOHNSON US JNJ 3,836.61 $688,786.60
KEYCORP US KEY 125.21 $2,499.10
KROGER CO US KR 99.63 $5,277.30
L3HARRIS TECHNOLOGIES INC US LHX 1,033 $248,848.96
BEIERSDORF AG DE BEI GR 329.72 $34,222.25
LENNAR CORP US LEN 38.16 $3,062.33
LIFE STORAGE INC US LSI 125.51 $14,655.12
LOCKHEED MARTIN CORP US LMT 26.2 $11,529.21
LULULEMON - ADR CA LULU 1,699.66 $497,473.34
MAGALLANES INC 4.05400 03/15/2029 US 49,504.65 $47,457.13
ATOS SE FR ATO FP 989.89 $26,058.26
MARATHON PETROLEUM CORP US MPC 55.18 $5,616.47
MARRIOTT VACATIONS WORLD US VAC 53.32 $7,876.52
MASTERCARD INC-CLASS A US MA 2,230.7 $798,300.60
MCDONALDS CORP US MCD 46.51 $11,731.23
ACCOR SA FR AC FP 445.13 $14,646.87
MERCADOLIBRE INC AR MELI 21.76 $17,101.86
MERCK & CO INC US MRK 200.08 $18,413.48
MICROSOFT CORP US MSFT 3,599.4 $978,568.96
MICROCHIP TECHNOLOGY INC US MCHP 64.15 $4,660.48
MID-AMERICA APARTMENT COMM US MAA 101.18 $18,312.70
MONDELEZ INTERNATIONAL INC US MDLZ 10,277.27 $653,223.13
MOODY'S CORPORATION US MCO 1,515.98 $457,173.08
MOTOROLA SOLUTIONS INC US MSI 25.16 $5,529.73
NAVIENT CORP 6.75000 06/25/2025 US 32,487.42 $32,790.69
NETAPP INC US NTAP 45.17 $3,250.20
KEYENCE CORP JP 6861 JP 61.88 $24,602.36
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 9,797.79 $9,511.25
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 21,658.28 $19,686.96
NEWMONT GOLDCORP CORP US NEM 1,728.85 $117,302.24
NEXPOINT RESIDENTIAL US NXRT 96.29 $7,075.73
NORFOLK SOUTHN CORP US NSC 973.69 $233,355.62
NIKON CORP JP 7731 JP 2,598.99 $32,249.10
NORTHROP GRUMMAN CORP US NOC 533.93 $249,862.39
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 14,954.53 $1.50
NOVARTIS AG- REG CH NVS 3,650.66 $331,990.86
NUCOR CORP US NUE 37.33 $4,945.36
NVIDIA CORP US NVDA 619.32 $115,640.13
OKTA INC US OKTA 1,707.5 $141,807.69
OMNICOM GROUP US OMC 42.18 $3,147.21
SONY CORP FIRST SECTION JP 6758 JP 257.84 $24,182.36
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 20,626.94 $19,207.76
PPG INDUSTRIES INC US PPG 26.4 $3,339.65
PACKAGING CORP OF AMERICA US PKG 19.39 $3,049.55
PARKER HANNIFIN CORP US PH 14.75 $4,014.03
DEUTSCHE BOERSE AG DE DB1 GR 1,964.72 $330,196.32
PAYPAL HOLDINGS INC US PYPL 8,088.54 $689,224.79
NESTLE SA-REGISTERED CH NESN SW 4,267.3 $521,964.37
PFIZER INC US PFE 297.13 $15,759.83
PIONEER NATURAL RESOURCES CO US PXD 22.9 $6,363.69
POPULAR INC 6.12500 09/14/2023 PR 16,501.55 $16,688.32
PROCTER & GAMBLE CO US PG 164.81 $24,371.99
PROLOGIS US PLD 498.66 $63,568.69
PUBLIC STORAGE INC US PSA 90.55 $29,940.20
QUALCOMM INC US QCOM 100.35 $14,372.13
QUALCOMM INC 4.25000 05/20/2032 US 41,253.87 $42,836.70
QUEST DIAGNOSTICS INC US DGX 24.55 $3,461.48
RADIUS GLOBAL INFRASTRUCTURE US RADI 1,664.9 $24,807.06
RAILWORKS HOLDINGS LP/R 8.25000 11/15/2028 US 19,079.92 $18,463.60
REGIONS FINANCIAL CORP. US RF 179.87 $3,973.26
REPUBLIC SERVICES INC US RSG 43.63 $5,838.90
RESTAURANT BRANDS INTERN CA QSR 284.03 $14,914.57
REXFORD INDUSTRIAL REALITY IN US REXR 307.96 $19,669.41
GETINGE AB-B SHS SE GETIB SS 842.82 $24,459.56
ROSS STORES INC US ROST 35.17 $2,990.06
HEINEKEN NV NL HEIA NA 222.36 $22,358.81
RYANAIR HOLDINGS - ADR IE RYAAY 3,379.1 $294,657.92
S&P GLOBAL INC US SPGI 839.1 $293,249.98
SBA COMMUNICATIONS CORP US SBAC 1,682.44 $566,324.79
NAVIENT CORP 5.50000 01/25/2023 US 9,282.12 $9,321.14
SALESFORCE INC US CRM 2,467.39 $395,375.22
SEA LTD - ADR SG SE 4,707.58 $389,128.76
SEAGEN INC US SGEN 3,091.87 $419,505.54
SERVICENOW INC US NOW 1,321.46 $617,745.07
SHOPIFY INC CA SHOP 25.16 $9,439.84
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 64,974.85 $56,114.58
SKYWORKS SOLUTIONS INC US SWKS 22.17 $2,414.08
JM SMUCKER CO/THE-NEW COM WI US SJM 22.38 $2,805.81
SNOWFLAKE INC-CLASS A US SNOW 1,183.57 $151,083.17
SONY CORP SPONSORED ADR JP SONY 4,516.47 $424,864.70
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 38,159.83 $39,787.06
STANLEY BLACK & DECKER INC US SWK 21.04 $2,497.18
STEEL DYNAMICS INC US STLD 37.03 $3,161.22
SUN COMMUNITIES US SUI 149.85 $24,595.65
SYNCHRONOSS TECH US 710.6 $15,761.06
SYNERGY ONE LENDING 5.50000 10/14/2026 US 18,048.57 $16,099.42
TJX COMPANIES INC US TJX 97.46 $6,195.68
TACORA RESOURCES INC 8.25000 05/15/2026 CA 9,282.12 $8,856.13
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 3,248.12 $309,546.18
TARGET CORP US TGT 38.16 $6,177.31
TENCENT HOLDINGS 3.97500 04/11/2029 KY 83,539.09 $80,493.26
TERRENO REALTY CORP US TRNO 171.82 $10,431.34
TEXAS INSTRUMENTS INC US TXN 63.63 $11,247.96
THERMO FISHER SCIENTIFIC INC US TMO 616.44 $349,870.57
3M CO US MMM 67.55 $10,085.02
TRACTOR SUPPLY COMPANY US TSCO 14.13 $2,647.29
TRAVELLERS COS INC US TRV 34.65 $6,204.32
TYSON FOODS INC -CL A US TSN 55.69 $4,990.63
UDR INC US UDR 371.08 $17,737.56
U.S. BANCORP US USB 174.5 $9,260.92
UBISOFT ENTERTAIN-UNSPON ADR FR UBSFY 20,324.85 $214,630.46
UNILEVER PLC - ADR GB UL 9,340.8 $451,441.09
UNION PAC CORP US UNP 60.64 $13,328.16
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 27,589.38 $24,833.73
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 2,456.2 $2,300.89
UNITED PARCEL SERVICE US UPS 1,008.55 $183,808.97
US TREASURY N/B 3.00000 05/15/2047 US 178,422.99 $170,087.29
US TREASURY N/B 2.00000 02/15/2050 US 224,833.6 $177,372.63
US TREASURY N/B 2.87500 05/15/2028 US 2,577,851.3 $2,577,045.72
UNITED STATES TREAS NTS 1.75000 05/15/2023 US 273,306.9 $272,314.03
US TREASURY N/B 1.62500 05/15/2031 US 158,311.73 $143,173.17
UNITEDHEALTH GROUP INC US UNH 393.46 $195,462.46
UNIVERSAL DISPLAY CORP US OLED 2,334.97 $294,929.95
VF CORP US VFC 53.73 $2,711.38
VENTAS INC US VTR 180.49 $10,240.76
VERTEX PHARMACEUTICALS INC US VRTX 1,430.68 $384,353.33
PARAMOUNT GLOBAL CLASS B US PARA 88.18 $3,027.22
VISA INC - CLASS A SHARES US V 2,822.8 $598,912.66
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 9,282.12 $9,111.26
VISTRA OPERATIONS 4.87500 05/13/2024 US 35,065.79 $35,198.99
WAL MART STORES US WMT 180.28 $23,189.34
WALGREENS BOOTS ALLIANCE INC US WBA 96.33 $4,222.05
WARRIOR MET COAL INC 7.87500 12/01/2028 US 8,766.45 $8,891.81
WASTE MANAGEMENT INC US WM 47.44 $7,520.02
WELLTOWER INC. US WELL 208.54 $18,578.68
ZOETIS INC US ZTS 673.68 $115,151.39
BNY MELLON CASH RESERVE EOD FUND US 43.36 $43.36
ADMIRAL GROUP PLC GB ADM LN 1,081.06 $30,266.78
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 1,361.38 $9,810.25
UBISOFT ENTERTAINMENT FR UBI FP 537.74 $28,270.87
DANONE FR BN FP 254.74 $14,988.43
AIR LIQUIDE FR AI FP 284.24 $49,789.57
BRENNTAG AG DE BNR GR 2,595.18 $200,805.97
KEYWORDS STUDIOS PLC IE KWS LN 222.46 $6,573.23
S4 CAPITAL PLC GB SFOR LN 4,422.31 $15,816.76
HELIOS TOWERS PLC GB HTWS LN 4,485.02 $6,425.87
AVANZA BANK HOLDING AB SE AZA SS 917.69 $22,109.30
AMERICAN TANKER INC 7.75000 07/02/2025 US 17,532.9 $16,656.25
SOFTWAREONE HOLDING AG CH SWON SW 1,660.37 $22,175.39
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 529.29 $9,357.80
SEASPAN CORP 6.50000 02/05/2024 MH 20,626.94 $20,575.06
PETROTAL CORP 12.00000 02/16/2024 CA 14,026.32 $14,447.11
FINECOBANK SPA IT FBK IM 2,931.5 $41,541.08
ALLFUNDS GROUP PLC GB ALLFG NA 1,764.43 $16,094.23
COPPER MOUNTAIN MINING C 8.00000 04/09/2026 CA 10,107.2 $10,100.86
AIRSWIFT GLOBAL AS FLT 10.38899 05/12/2025 NO 20,626.94 $20,661.24
KENT GLOBAL PLC 10.00000 06/28/2026 GB 10,313.47 $10,210.33
ROTORK PLC GB ROR LN 5,789.67 $20,376.23
AUTO TRADER GROUP PLC GB AUTO LN 5,083.41 $37,816.32
CELLNEX TELECOM SA ES CLNX SM 141.81 $6,399.78
ASSA ABLOY AB-B SE ASSAB SS 1,260.62 $31,075.54
CLEANAWAY WASTE MANAGEMENT AU CWY AU 11,465.38 $24,571.51
INTERMEDIATE CAPITAL GROUP GB ICP LN 1,335.08 $26,506.90
ADYEN NV NL ADYEN NA 21.86 $33,860.88
BANK OF N.T. BUTTERFIELD&SON BM NTB 446.06 $14,086.50
BUNGE LIMITED US BG 27.33 $3,233.77
EATON CORP PLC US ETN 53.53 $7,418.83
JOHNSON CONTROLS INTERNATIONAL US JCI 100.04 $5,453.22
MEDTRONIC INC IE MDT 7,726.13 $773,771.74
ROYALTY PHARMA PLC- CL A US RPRX 73.33 $3,016.75
STONECO LTD-A BR STNE 1,567.34 $15,736.07
TRANE TECHNOLOGIES IE TT 25.68 $3,545.45
ALCON INC CH ALC 2,974.71 $222,300.34
CHUBB LTD CH CB 46.93 $9,915.05
GARMIN LTD CH GRMN 35.17 $3,714.54
TE CONNECTIVITY LIMITED CH TEL 34.76 $4,497.13
LYONDELLBASELL INDU-CL A US LYB 38.16 $4,359.76
PLAYA HOTELS AND RESORTS US PLYA 736.59 $6,364.12
US DOLLAR US 1,810,343.58 $1,810,343.58
NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 MH 5,156.73 $5,211.02
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 19,183.05 $19,165.52

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Maximum Term CIT Fund. Investments will change over time and as the target date fund gradually becomes more conservative. Fund holdings list does not include securities with positions less than 0.005 shares.

A Word About Risk

Each Manning & Napier Retirement Target CIT Fund is invested in one or two of four proprietary risk-based funds, the Manning & Napier Pro-Mix® CIT Funds, based on the Retirement Target CIT Fund becoming increasingly conservative over time. Because the underlying funds invest in both stocks and bonds, the value of your investment will fluctuate in response to stock market movements and changes in interest rates. Investing in target date funds will also involve a number of other risks, including issuer-specific risk, foreign investment risk, and small-cap/mid-cap risk as the underlying investments change over time. Investments in options and futures, like all derivatives, can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. Also, the use of leverage increases exposure to the market and may magnify potential losses. Principal value is not guaranteed at any time, including at the target date (the approximate year when an investor plans to stop contributions and start periodic withdrawals).

About The Fund Manager

Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company, Trustee of the Manning & Napier Collective Investment Trust Funds. Manning & Napier is headquartered in Rochester, NY and has more than 50 years of experience managing life cycle investment objectives. The Firm’s active management approach focuses on participating in rising markets and, as important, helping to reduce the risk of large losses in sustained bear market periods. A team of investment analysts and professionals make all investment decisions in an effort to provide investors with strong risk-adjusted returns.

Daily Price

$23.00

Daily $ Change

$0.32

Daily % Change

1.39%

as of 06/23/2022

CUSIP

302027560

Inception Date

08/17/2012

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

Important Documents

Annual Report
Fact Sheet
Applications & Forms

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

Investment Objective

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

Investment Strategy

Currently: The portfolio is currently invested in a moderately aggressive, growth-oriented mix of stocks, bonds, alternatives, and cash that seeks to earn the long-term growth typically associated with the stock market without full market risk. The portfolio is diversified primarily among various stock investments in both domestic and foreign markets, with a portion of the portfolio invested in fixed income securities. Stock exposure can range from 70% - 95%.

Over Time: The portfolio’s investment mix will gradually become more conservative as the target date approaches and for several years after the target date. During the target year, the portfolio’s stock exposure can range from 20% - 60%. At five years after the target date and beyond, the focus will be on capital preservation, and stock exposure can range from 13% - 47%.

May be Appropriate for Investors

  • Who plan to stop contributions and start periodic withdrawals around the year 2045
  • Who generally have time to withstand market volatility and can accept very significant fluctuations in current account value
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio that becomes more conservative over time

About Target Date Funds

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

Target Series Glide Path Overview

Learn more about our Glide Range SM

Performance

As of 05/31/2022

YTD

-14.34%

1 Year

-8.64%

3 Year

11.09%

5 Year

9.46%

10 Year

10.21%

Inception
(01/01/2000)

7.48%

Performance through the inception date of the Retirement Target CIT Class S units is based on historical performance of the CIT's oldest unit class. Performance through the inception date of the oldest unit class (08/03/2012) is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. Returns are net of the Class S expenses. The Retirement Target CIT Fund will gradually become more conservative over time. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.91%
Net 0.89%*

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

Top Ten Investments

As of 05/31/2022

TREASURY NOTES 8.55%
AMAZON.COM INC 2.92%
MICROSOFT CORP 2.80%
MASTERCARD INC-CLASS A 2.28%
MEDTRONIC INC 2.21%
PAYPAL HOLDINGS INC 1.97%
JOHNSON & JOHNSON 1.97%
COCA COLA CO/THE 1.97%
MONDELEZ INTERNATIONAL INC 1.87%
SERVICENOW INC 1.77%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 05/31/2022

Stocks
82.54%
Bonds
12.54%
Cash
4.92%

Detailed Asset Class Allocation

As of 05/31/2022

International Equities
22.61%
Small Capitalization
2.21%
Mid Capitalization
6.68%
Large Capitalization
51.04%
Long Term Fixed Income
1.38%
Intermediate Term Fixed Income
9.90%
Short Term Fixed Income
1.26%
Cash
4.92%

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

May Fund Holdings

As of 05/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 110.97 $13,034.88
ACCOR SA-SPONSORED ADR FR ACCYY 26,896.7 $179,938.92
ACTIVISION INC US ATVI 2,636.84 $205,357.44
ADIDAS AG-SPONSORED ADR DE ADDYY 1,523.51 $151,040.33
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 20,626.94 $18,088.94
ADYEN NV UNSPON ADR NL ADYEY 18,246.28 $282,452.38
AGREE REALTY CORP US ADC 93.85 $6,529.32
AIR LIQUIDE-ADR FR AIQUY 7,943.95 $277,323.25
AIR LEASE CORP 3.62500 04/01/2027 US 20,626.94 $19,616.13
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 5,211.3 $5,467.38
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 48,473.3 $42,202.96
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 25,783.67 $21,448.02
ALIGN TECHNOLOGY INC US ALGN 939.04 $260,715.41
ALLSTATE CORPORATION US ALL 40.22 $5,498.02
ALPHABET INC-CL A US GOOGL 191.11 $434,817.84
AMAZON.COM INC US AMZN 425.12 $1,022,072.01
AMAZON.COM INC 3.30000 04/13/2027 US 45,379.26 $45,337.45
DIAGEO PLC GB DGE LN 6,239.96 $289,916.38
AMERICAN HOMES 4 RENT- A US AMH 334.16 $12,350.42
AMERICAN TOWER REIT INC US AMT 50.02 $12,811.70
ANALOG DEVICES INC US ADI 61.47 $10,351.26
APPLE HOSPITALITY REIT INC US APLE 1,139.02 $19,033.01
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 5,156.73 $5,216.56
ARCHER-DANIELS-MIDLAND CO US ADM 73.02 $6,631.62
ARGO BLOCKCHAIN PLC GB 371.28 $7,785.84
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 20,626.94 $19,614.18
AUTOMATIC DATA PROCESSING US ADP 42.59 $9,496.05
AVALONBAY COMMUNITIES INC US AVB 79.31 $16,493.43
AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 KY 56,724.07 $49,153.41
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 13,407.51 $13,573.35
BANK OF AMERICA CORP 2.68700 04/22/2032 US 37,128.48 $32,484.12
BARRICK GOLD CORP CA GOLD 5,649.41 $115,756.38
BAXTER INTERNATIONAL INC US BAX 56.21 $4,274.65
BEST BUY INC US BBY 38.37 $3,148.32
BIOMARIN PHARMACEUTICAL INC US BMRN 4,765.44 $358,027.58
BLACKROCK INC US BLK 527.74 $353,100.38
BLACKSTONE PRIVATE CRE 2.62500 12/15/2026 US 21,658.28 $18,843.48
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 21,658.28 $19,703.48
DECHRA PHARMACEUTICALS PLC GB DPH LN 564.25 $25,863.77
BOSTON SCIENTIFIC CORP US BSX 4,446.14 $182,336.04
BRANDYWINE REALTY TRUST US BDN 566.52 $6,316.68
BRISTOL MYERS SQUIBB CO US BMY 191.11 $14,419.14
BROADRIDGE FINANCIAL SOLUTIONS US BR 21.66 $3,166.87
JONAH ENERGY PARENT LLC US 205.34 $11,018.61
CBOE GLOBAL MARKETS INC US CBOE 1,455.23 $163,436.92
CDW CORP/DE US CDW 939.45 $159,575.62
C.H. ROBINSON WORLDWIDE INC US CHRW 26.92 $2,920.89
COTERRA ENERGY INC US CTRA 98.8 $3,391.91
CAMDEN PROPERTY TRUST US CPT 76.42 $10,965.91
CAMECO CORP CA CCJ 365.1 $8,933.92
CAMPBELL SOUP CO US CPB 61.16 $2,930.12
CANADIAN NATIONAL RAILWAY CO CA CNI 4,088.26 $465,162.07
CARETRUST REIT INC US CTRE 378.3 $7,009.86
CATERPILLAR INC US CAT 54.04 $11,665.09
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 47,441.95 $53,462.58
CENTURYLINK INC 7.50000 04/01/2024 US 15,985.88 $16,537.70
CHARTER COMMUNICATIONS INC-A US CHTR 879.12 $445,652.30
CHEVRON CORP US CVX 102.31 $17,869.39
CINCINNATI FINANCIAL CORP US CINF 29.7 $3,797.80
CISCO SYSTEMS INC US CSCO 346.95 $15,629.87
CITIGROUP INC US C 212.87 $11,369.39
CITIGROUP INC 1.46200 06/09/2027 US 35,065.79 $31,586.30
CLARK CNTY NV 1.51000 11/01/2028 US 36,097.14 $31,756.10
COCA COLA CO/THE US KO 10,860.18 $688,318.51
COGNEX CORP US CGNX 2,550 $123,471.24
COLGATE-PALMOLIVE CO US CL 102.62 $8,087.40
COMCAST CORP-CL A US CMCSA 371.39 $16,445.06
COMMUNITY HEALTHCARE TRUST I US CHCT 197.09 $7,426.37
CONAGRA BRAND INC. US CAG 93.13 $3,063.07
CONOCOPHILLIPS US COP 91.48 $10,278.74
CONSTELLATION BRANDS INC-A US STZ 2,236.89 $549,088.91
CONTROLADORA VUELA CIA DE AV MX VLRS 727.72 $11,337.85
COPART INC US CPRT 1,358.8 $155,623.29
COUSINS PROPERTIES INC US CUZ 466.58 $16,120.38
CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 25,783.67 $23,448.48
CUMMINS INC US CMI 23.51 $4,917.40
KIMBERLY CLARK DE MEXICO S.A.B. MX 16,089.01 $24,893.19
DEVON ENERGY CORPORATION US DVN 72.19 $5,407.35
DIAMONDBACK ENERGY INC US FANG 20.83 $3,167.06
DIGITAL REALTY TRUST INC US DLR 143.87 $20,083.21
WALT DISNEY CO/THE US DIS 1,483.49 $163,836.55
DOLLAR GENERAL CORP US DG 1,857.97 $409,385.38
DOLLAR TREE STORES INC US DLTR 2,649.63 $424,815.66
DOMINO'S PIZZA US DPZ 603.23 $219,076.76
DOUBLEVERIFY HOLDINGS INC US DV 11,406.39 $253,792.09
DOW INC US DOW 74.98 $5,097.07
DUKE RLTY INVTS INC US DRE 325.49 $17,195.80
EOG RESOURCES INC US EOG 49.09 $6,723.65
EAST WEST BANCORP INC US EWBC 3,478.42 $255,803.25
EASTMAN CHEM CO US EMN 26.82 $2,953.94
EBAY INC US EBAY 69 $3,358.09
ECO MATERIAL TECH INC 7.87500 01/31/2027 US 9,282.12 $8,795.83
ELECTRONIC ARTS US EA 2,852.91 $395,556.18
EMERSON ELEC CO US EMR 79.21 $7,022.53
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 47,441.95 $49,611.80
EQUINIX INC US EQIX 681.62 $468,332.29
EQUITY LIFESTYLE PROPERTIES US ELS 287.95 $21,797.97
ESSEX PROPERTY TRUST INC US ESS 48.89 $13,876.25
EXPEDIA INC US EXPE 1,538.56 $198,982.37
EXPEDIA GROUP INC 3.25000 02/15/2030 US 20,626.94 $18,239.20
EXTRA SPACE STORAGE INC US EXR 71.47 $12,736.37
FMC CORP US FMC 3,097.86 $379,735.23
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 34,034.44 $34,664.01
META PLATFORMS INC US FB 3,047.11 $590,043.17
FEDEX CORPORATION US FDX 790.32 $177,490.30
FIFTH THIRD BANCORP US FITB 113.45 $4,473.26
GENERAL DYNAMICS CORP US GD 34.24 $7,701.08
GENERAL MLS INC US GIS 85.19 $5,950.47
GENUINE PARTS CO US GPC 26.82 $3,666.42
GETTY REALTY CORP US GTY 255.05 $7,126.15
GILEAD SCIENCES INC US GILD 151.81 $9,845.15
GRAPHIC PACKAGING HOLDING CO US GPK 13,929.99 $310,081.54
GREENIDGE GEN HLD INC US 350.66 $6,985.11
GRUPO AEROPORTUARIO CEN-ADR MX OMAB 1,724.52 $99,607.98
GRUPO AEROPORTUARIO PAC-ADR MX PAC 729.68 $109,728.96
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 495.87 $107,747.93
AIRBUS SE FR AIR FP 163.67 $19,181.99
ADIDAS AG DE ADS GR 840.24 $166,928.14
HCA INC 4.12500 06/15/2029 US 28,877.71 $28,110.90
L'OREAL FR OR FP 21.66 $7,649.95
HEALTHCARE REALTY TRUST INC US HR 326.52 $9,492.06
HEALTHCARE TRUST OF AMERICA US HTA 223.91 $6,728.36
HEINEKEN NV-SPN ADR NL HEINY 4,964.28 $250,398.52
HESKA CORP US HSKA 1,596.11 $159,276.05
HOME DEPOT INC US HD 74.67 $22,606.19
HONEYWELL INTERNATIONAL INC US HON 70.85 $13,718.66
HUMANA INC US HUM 395.83 $179,798.27
IDEXX LABORATORIES INC US IDXX 785.27 $307,526.44
KERRY GROUP PLC-A IE KYGA ID 127.47 $13,192.36
ILLINOIS TOOL WKS INC US ITW 40.43 $8,412.02
INDEPENDENCE REALTY TRUST IN US IRT 337.97 $7,945.73
INSPERITY INC US NSP 2,525.77 $252,753.63
INTEL CORP US INTC 374.69 $16,643.65
INTERCONTINENTALEXCHANGE INC US ICE 2,779.48 $284,590.92
INTERNATIONAL FLVRS & FRAGRANCES US IFF 40.22 $5,316.21
INTUITIVE SURGICAL INC US ISRG 481.95 $109,710.72
INVITATION HOMES INC US INVH 540.53 $20,388.75
JP MORGAN CHASE & CO US JPM 2,076 $274,509.21
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 52,598.69 $53,294.71
JOHNSON & JOHNSON US JNJ 3,836.61 $688,786.60
KEYCORP US KEY 125.21 $2,499.10
KROGER CO US KR 99.63 $5,277.30
L3HARRIS TECHNOLOGIES INC US LHX 1,033 $248,848.96
BEIERSDORF AG DE BEI GR 329.72 $34,222.25
LENNAR CORP US LEN 38.16 $3,062.33
LIFE STORAGE INC US LSI 125.51 $14,655.12
LOCKHEED MARTIN CORP US LMT 26.2 $11,529.21
LULULEMON - ADR CA LULU 1,699.66 $497,473.34
MAGALLANES INC 4.05400 03/15/2029 US 49,504.65 $47,457.13
ATOS SE FR ATO FP 989.89 $26,058.26
MARATHON PETROLEUM CORP US MPC 55.18 $5,616.47
MARRIOTT VACATIONS WORLD US VAC 53.32 $7,876.52
MASTERCARD INC-CLASS A US MA 2,230.7 $798,300.60
MCDONALDS CORP US MCD 46.51 $11,731.23
ACCOR SA FR AC FP 445.13 $14,646.87
MERCADOLIBRE INC AR MELI 21.76 $17,101.86
MERCK & CO INC US MRK 200.08 $18,413.48
MICROSOFT CORP US MSFT 3,599.4 $978,568.96
MICROCHIP TECHNOLOGY INC US MCHP 64.15 $4,660.48
MID-AMERICA APARTMENT COMM US MAA 101.18 $18,312.70
MONDELEZ INTERNATIONAL INC US MDLZ 10,277.27 $653,223.13
MOODY'S CORPORATION US MCO 1,515.98 $457,173.08
MOTOROLA SOLUTIONS INC US MSI 25.16 $5,529.73
NAVIENT CORP 6.75000 06/25/2025 US 32,487.42 $32,790.69
NETAPP INC US NTAP 45.17 $3,250.20
KEYENCE CORP JP 6861 JP 61.88 $24,602.36
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 9,797.79 $9,511.25
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 21,658.28 $19,686.96
NEWMONT GOLDCORP CORP US NEM 1,728.85 $117,302.24
NEXPOINT RESIDENTIAL US NXRT 96.29 $7,075.73
NORFOLK SOUTHN CORP US NSC 973.69 $233,355.62
NIKON CORP JP 7731 JP 2,598.99 $32,249.10
NORTHROP GRUMMAN CORP US NOC 533.93 $249,862.39
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 14,954.53 $1.50
NOVARTIS AG- REG CH NVS 3,650.66 $331,990.86
NUCOR CORP US NUE 37.33 $4,945.36
NVIDIA CORP US NVDA 619.32 $115,640.13
OKTA INC US OKTA 1,707.5 $141,807.69
OMNICOM GROUP US OMC 42.18 $3,147.21
SONY CORP FIRST SECTION JP 6758 JP 257.84 $24,182.36
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 20,626.94 $19,207.76
PPG INDUSTRIES INC US PPG 26.4 $3,339.65
PACKAGING CORP OF AMERICA US PKG 19.39 $3,049.55
PARKER HANNIFIN CORP US PH 14.75 $4,014.03
DEUTSCHE BOERSE AG DE DB1 GR 1,964.72 $330,196.32
PAYPAL HOLDINGS INC US PYPL 8,088.54 $689,224.79
NESTLE SA-REGISTERED CH NESN SW 4,267.3 $521,964.37
PFIZER INC US PFE 297.13 $15,759.83
PIONEER NATURAL RESOURCES CO US PXD 22.9 $6,363.69
POPULAR INC 6.12500 09/14/2023 PR 16,501.55 $16,688.32
PROCTER & GAMBLE CO US PG 164.81 $24,371.99
PROLOGIS US PLD 498.66 $63,568.69
PUBLIC STORAGE INC US PSA 90.55 $29,940.20
QUALCOMM INC US QCOM 100.35 $14,372.13
QUALCOMM INC 4.25000 05/20/2032 US 41,253.87 $42,836.70
QUEST DIAGNOSTICS INC US DGX 24.55 $3,461.48
RADIUS GLOBAL INFRASTRUCTURE US RADI 1,664.9 $24,807.06
RAILWORKS HOLDINGS LP/R 8.25000 11/15/2028 US 19,079.92 $18,463.60
REGIONS FINANCIAL CORP. US RF 179.87 $3,973.26
REPUBLIC SERVICES INC US RSG 43.63 $5,838.90
RESTAURANT BRANDS INTERN CA QSR 284.03 $14,914.57
REXFORD INDUSTRIAL REALITY IN US REXR 307.96 $19,669.41
GETINGE AB-B SHS SE GETIB SS 842.82 $24,459.56
ROSS STORES INC US ROST 35.17 $2,990.06
HEINEKEN NV NL HEIA NA 222.36 $22,358.81
RYANAIR HOLDINGS - ADR IE RYAAY 3,379.1 $294,657.92
S&P GLOBAL INC US SPGI 839.1 $293,249.98
SBA COMMUNICATIONS CORP US SBAC 1,682.44 $566,324.79
NAVIENT CORP 5.50000 01/25/2023 US 9,282.12 $9,321.14
SALESFORCE INC US CRM 2,467.39 $395,375.22
SEA LTD - ADR SG SE 4,707.58 $389,128.76
SEAGEN INC US SGEN 3,091.87 $419,505.54
SERVICENOW INC US NOW 1,321.46 $617,745.07
SHOPIFY INC CA SHOP 25.16 $9,439.84
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 64,974.85 $56,114.58
SKYWORKS SOLUTIONS INC US SWKS 22.17 $2,414.08
JM SMUCKER CO/THE-NEW COM WI US SJM 22.38 $2,805.81
SNOWFLAKE INC-CLASS A US SNOW 1,183.57 $151,083.17
SONY CORP SPONSORED ADR JP SONY 4,516.47 $424,864.70
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 38,159.83 $39,787.06
STANLEY BLACK & DECKER INC US SWK 21.04 $2,497.18
STEEL DYNAMICS INC US STLD 37.03 $3,161.22
SUN COMMUNITIES US SUI 149.85 $24,595.65
SYNCHRONOSS TECH US 710.6 $15,761.06
SYNERGY ONE LENDING 5.50000 10/14/2026 US 18,048.57 $16,099.42
TJX COMPANIES INC US TJX 97.46 $6,195.68
TACORA RESOURCES INC 8.25000 05/15/2026 CA 9,282.12 $8,856.13
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 3,248.12 $309,546.18
TARGET CORP US TGT 38.16 $6,177.31
TENCENT HOLDINGS 3.97500 04/11/2029 KY 83,539.09 $80,493.26
TERRENO REALTY CORP US TRNO 171.82 $10,431.34
TEXAS INSTRUMENTS INC US TXN 63.63 $11,247.96
THERMO FISHER SCIENTIFIC INC US TMO 616.44 $349,870.57
3M CO US MMM 67.55 $10,085.02
TRACTOR SUPPLY COMPANY US TSCO 14.13 $2,647.29
TRAVELLERS COS INC US TRV 34.65 $6,204.32
TYSON FOODS INC -CL A US TSN 55.69 $4,990.63
UDR INC US UDR 371.08 $17,737.56
U.S. BANCORP US USB 174.5 $9,260.92
UBISOFT ENTERTAIN-UNSPON ADR FR UBSFY 20,324.85 $214,630.46
UNILEVER PLC - ADR GB UL 9,340.8 $451,441.09
UNION PAC CORP US UNP 60.64 $13,328.16
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 27,589.38 $24,833.73
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 2,456.2 $2,300.89
UNITED PARCEL SERVICE US UPS 1,008.55 $183,808.97
US TREASURY N/B 3.00000 05/15/2047 US 178,422.99 $170,087.29
US TREASURY N/B 2.00000 02/15/2050 US 224,833.6 $177,372.63
US TREASURY N/B 2.87500 05/15/2028 US 2,577,851.3 $2,577,045.72
UNITED STATES TREAS NTS 1.75000 05/15/2023 US 273,306.9 $272,314.03
US TREASURY N/B 1.62500 05/15/2031 US 158,311.73 $143,173.17
UNITEDHEALTH GROUP INC US UNH 393.46 $195,462.46
UNIVERSAL DISPLAY CORP US OLED 2,334.97 $294,929.95
VF CORP US VFC 53.73 $2,711.38
VENTAS INC US VTR 180.49 $10,240.76
VERTEX PHARMACEUTICALS INC US VRTX 1,430.68 $384,353.33
PARAMOUNT GLOBAL CLASS B US PARA 88.18 $3,027.22
VISA INC - CLASS A SHARES US V 2,822.8 $598,912.66
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 9,282.12 $9,111.26
VISTRA OPERATIONS 4.87500 05/13/2024 US 35,065.79 $35,198.99
WAL MART STORES US WMT 180.28 $23,189.34
WALGREENS BOOTS ALLIANCE INC US WBA 96.33 $4,222.05
WARRIOR MET COAL INC 7.87500 12/01/2028 US 8,766.45 $8,891.81
WASTE MANAGEMENT INC US WM 47.44 $7,520.02
WELLTOWER INC. US WELL 208.54 $18,578.68
ZOETIS INC US ZTS 673.68 $115,151.39
BNY MELLON CASH RESERVE EOD FUND US 43.36 $43.36
ADMIRAL GROUP PLC GB ADM LN 1,081.06 $30,266.78
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 1,361.38 $9,810.25
UBISOFT ENTERTAINMENT FR UBI FP 537.74 $28,270.87
DANONE FR BN FP 254.74 $14,988.43
AIR LIQUIDE FR AI FP 284.24 $49,789.57
BRENNTAG AG DE BNR GR 2,595.18 $200,805.97
KEYWORDS STUDIOS PLC IE KWS LN 222.46 $6,573.23
S4 CAPITAL PLC GB SFOR LN 4,422.31 $15,816.76
HELIOS TOWERS PLC GB HTWS LN 4,485.02 $6,425.87
AVANZA BANK HOLDING AB SE AZA SS 917.69 $22,109.30
AMERICAN TANKER INC 7.75000 07/02/2025 US 17,532.9 $16,656.25
SOFTWAREONE HOLDING AG CH SWON SW 1,660.37 $22,175.39
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 529.29 $9,357.80
SEASPAN CORP 6.50000 02/05/2024 MH 20,626.94 $20,575.06
PETROTAL CORP 12.00000 02/16/2024 CA 14,026.32 $14,447.11
FINECOBANK SPA IT FBK IM 2,931.5 $41,541.08
ALLFUNDS GROUP PLC GB ALLFG NA 1,764.43 $16,094.23
COPPER MOUNTAIN MINING C 8.00000 04/09/2026 CA 10,107.2 $10,100.86
AIRSWIFT GLOBAL AS FLT 10.38899 05/12/2025 NO 20,626.94 $20,661.24
KENT GLOBAL PLC 10.00000 06/28/2026 GB 10,313.47 $10,210.33
ROTORK PLC GB ROR LN 5,789.67 $20,376.23
AUTO TRADER GROUP PLC GB AUTO LN 5,083.41 $37,816.32
CELLNEX TELECOM SA ES CLNX SM 141.81 $6,399.78
ASSA ABLOY AB-B SE ASSAB SS 1,260.62 $31,075.54
CLEANAWAY WASTE MANAGEMENT AU CWY AU 11,465.38 $24,571.51
INTERMEDIATE CAPITAL GROUP GB ICP LN 1,335.08 $26,506.90
ADYEN NV NL ADYEN NA 21.86 $33,860.88
BANK OF N.T. BUTTERFIELD&SON BM NTB 446.06 $14,086.50
BUNGE LIMITED US BG 27.33 $3,233.77
EATON CORP PLC US ETN 53.53 $7,418.83
JOHNSON CONTROLS INTERNATIONAL US JCI 100.04 $5,453.22
MEDTRONIC INC IE MDT 7,726.13 $773,771.74
ROYALTY PHARMA PLC- CL A US RPRX 73.33 $3,016.75
STONECO LTD-A BR STNE 1,567.34 $15,736.07
TRANE TECHNOLOGIES IE TT 25.68 $3,545.45
ALCON INC CH ALC 2,974.71 $222,300.34
CHUBB LTD CH CB 46.93 $9,915.05
GARMIN LTD CH GRMN 35.17 $3,714.54
TE CONNECTIVITY LIMITED CH TEL 34.76 $4,497.13
LYONDELLBASELL INDU-CL A US LYB 38.16 $4,359.76
PLAYA HOTELS AND RESORTS US PLYA 736.59 $6,364.12
US DOLLAR US 1,810,343.58 $1,810,343.58
NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 MH 5,156.73 $5,211.02
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 19,183.05 $19,165.52

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Maximum Term CIT Fund. Investments will change over time and as the target date fund gradually becomes more conservative. Fund holdings list does not include securities with positions less than 0.005 shares.

A Word About Risk

Each Manning & Napier Retirement Target CIT Fund is invested in one or two of four proprietary risk-based funds, the Manning & Napier Pro-Mix® CIT Funds, based on the Retirement Target CIT Fund becoming increasingly conservative over time. Because the underlying funds invest in both stocks and bonds, the value of your investment will fluctuate in response to stock market movements and changes in interest rates. Investing in target date funds will also involve a number of other risks, including issuer-specific risk, foreign investment risk, and small-cap/mid-cap risk as the underlying investments change over time. Investments in options and futures, like all derivatives, can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. Also, the use of leverage increases exposure to the market and may magnify potential losses. Principal value is not guaranteed at any time, including at the target date (the approximate year when an investor plans to stop contributions and start periodic withdrawals).

About The Fund Manager

Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company, Trustee of the Manning & Napier Collective Investment Trust Funds. Manning & Napier is headquartered in Rochester, NY and has more than 50 years of experience managing life cycle investment objectives. The Firm’s active management approach focuses on participating in rising markets and, as important, helping to reduce the risk of large losses in sustained bear market periods. A team of investment analysts and professionals make all investment decisions in an effort to provide investors with strong risk-adjusted returns.


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