Investment Objective

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

Investment Strategy

Currently: The portfolio is currently invested in an aggressive, growth-oriented mix of securities that seeks to earn the long-term growth typically associated with the stock market. The portfolio is diversified primarily among various stock investments in both domestic and foreign markets, with only a minor portion of the portfolio invested in fixed income securities. Stock exposure can range from 70% - 95%.

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

May be Appropriate for Investors

  • Who plan to stop contributions and start periodic withdrawals around the year 2050
  • 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

$17.44

Daily $ Change

$0.25

Daily % Change

1.43%

as of 06/23/2022

CUSIP

56382R795

Inception Date

05/14/2015

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

Important Documents

Annual Report
Applications & Forms

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

Performance

As of 05/31/2022

YTD

-14.30%

1 Year

-7.70%

3 Year

12.68%

5 Year

10.66%

10 Year

11.15%

Inception
(01/01/2000)

8.20%

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 (05/10/2007) is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. Returns are net of the Class U1 expenses. The Retirement Target CIT Fund will gradually become more conservative over time. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.51%
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 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 142.45 $16,732.60
ACCOR SA-SPONSORED ADR FR ACCYY 34,526.72 $230,983.75
ACTIVISION INC US ATVI 3,384.86 $263,612.96
ADIDAS AG-SPONSORED ADR DE ADDYY 1,955.69 $193,887.25
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 26,478.36 $23,220.39
ADYEN NV UNSPON ADR NL ADYEY 23,422.36 $362,578.10
AGREE REALTY CORP US ADC 120.48 $8,381.55
AIR LIQUIDE-ADR FR AIQUY 10,197.48 $355,993.93
AIR LEASE CORP 3.62500 04/01/2027 US 26,478.36 $25,180.80
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 6,689.64 $7,018.35
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 62,224.14 $54,175.03
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 33,097.95 $27,532.37
ALIGN TECHNOLOGY INC US ALGN 1,205.43 $334,674.81
ALLSTATE CORPORATION US ALL 51.63 $7,057.69
ALPHABET INC-CL A US GOOGL 245.32 $558,166.38
AMAZON.COM INC US AMZN 545.72 $1,312,012.03
AMAZON.COM INC 3.30000 04/13/2027 US 58,252.39 $58,198.72
DIAGEO PLC GB DGE LN 8,010.1 $372,159.48
AMERICAN HOMES 4 RENT- A US AMH 428.95 $15,853.97
AMERICAN TOWER REIT INC US AMT 64.21 $16,446.11
ANALOG DEVICES INC US ADI 78.91 $13,287.69
APPLE HOSPITALITY REIT INC US APLE 1,462.13 $24,432.27
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 6,619.59 $6,696.38
ARCHER-DANIELS-MIDLAND CO US ADM 93.73 $8,512.87
ARGO BLOCKCHAIN PLC GB 476.61 $9,994.52
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 26,478.36 $25,178.31
AUTOMATIC DATA PROCESSING US ADP 54.68 $12,189.87
AVALONBAY COMMUNITIES INC US AVB 101.81 $21,172.26
AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 KY 72,815.48 $63,097.18
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 17,210.93 $17,423.82
BANK OF AMERICA CORP 2.68700 04/22/2032 US 47,661.04 $41,699.17
BARRICK GOLD CORP CA GOLD 7,252.02 $148,593.99
BAXTER INTERNATIONAL INC US BAX 72.15 $5,487.28
BEST BUY INC US BBY 49.25 $4,041.43
BIOMARIN PHARMACEUTICAL INC US BMRN 6,117.29 $459,592.36
BLACKROCK INC US BLK 677.45 $453,267.42
BLACKSTONE PRIVATE CRE 2.62500 12/15/2026 US 27,802.28 $24,188.97
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 27,802.28 $25,292.94
DECHRA PHARMACEUTICALS PLC GB DPH LN 724.32 $33,200.77
BOSTON SCIENTIFIC CORP US BSX 5,707.41 $234,060.88
BRANDYWINE REALTY TRUST US BDN 727.23 $8,108.59
BRISTOL MYERS SQUIBB CO US BMY 245.32 $18,509.54
BROADRIDGE FINANCIAL SOLUTIONS US BR 27.8 $4,065.25
JONAH ENERGY PARENT LLC US 263.59 $14,144.35
CBOE GLOBAL MARKETS INC US CBOE 1,868.05 $209,800.48
CDW CORP/DE US CDW 1,205.96 $204,843.82
C.H. ROBINSON WORLDWIDE INC US CHRW 34.55 $3,749.48
COTERRA ENERGY INC US CTRA 126.83 $4,354.12
CAMDEN PROPERTY TRUST US CPT 98.1 $14,076.70
CAMECO CORP CA CCJ 468.67 $11,468.28
CAMPBELL SOUP CO US CPB 78.51 $3,761.33
CANADIAN NATIONAL RAILWAY CO CA CNI 5,248.01 $597,118.62
CARETRUST REIT INC US CTRE 485.61 $8,998.41
CATERPILLAR INC US CAT 69.37 $14,974.23
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 60,900.22 $68,628.77
CENTURYLINK INC 7.50000 04/01/2024 US 20,520.73 $21,229.09
CHARTER COMMUNICATIONS INC-A US CHTR 1,128.51 $572,074.35
CHEVRON CORP US CVX 131.33 $22,938.56
CINCINNATI FINANCIAL CORP US CINF 38.13 $4,875.15
CISCO SYSTEMS INC US CSCO 445.37 $20,063.74
CITIGROUP INC US C 273.26 $14,594.64
CITIGROUP INC 1.46200 06/09/2027 US 45,013.21 $40,546.65
CLARK CNTY NV 1.51000 11/01/2028 US 46,337.13 $40,764.63
COCA COLA CO/THE US KO 13,940.99 $883,579.79
COGNEX CORP US CGNX 3,273.39 $158,497.39
COLGATE-PALMOLIVE CO US CL 131.73 $10,381.63
COMCAST CORP-CL A US CMCSA 476.74 $21,110.17
COMMUNITY HEALTHCARE TRUST I US CHCT 253 $9,533.07
CONAGRA BRAND INC. US CAG 119.55 $3,931.99
CONOCOPHILLIPS US COP 117.43 $13,194.60
CONSTELLATION BRANDS INC-A US STZ 2,871.45 $704,853.72
CONTROLADORA VUELA CIA DE AV MX VLRS 934.16 $14,554.16
COPART INC US CPRT 1,744.26 $199,770.30
COUSINS PROPERTIES INC US CUZ 598.94 $20,693.39
CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 33,097.95 $30,100.31
CUMMINS INC US CMI 30.19 $6,312.36
KIMBERLY CLARK DE MEXICO S.A.B. MX 20,653.12 $31,954.85
DEVON ENERGY CORPORATION US DVN 92.67 $6,941.30
DIAMONDBACK ENERGY INC US FANG 26.74 $4,065.49
DIGITAL REALTY TRUST INC US DLR 184.69 $25,780.39
WALT DISNEY CO/THE US DIS 1,904.32 $210,313.48
DOLLAR GENERAL CORP US DG 2,385.04 $525,519.28
DOLLAR TREE STORES INC US DLTR 3,401.28 $545,326.80
DOMINO'S PIZZA US DPZ 774.36 $281,224.16
DOUBLEVERIFY HOLDINGS INC US DV 14,642.13 $325,787.49
DOW INC US DOW 96.25 $6,543.00
DUKE RLTY INVTS INC US DRE 417.83 $22,073.88
EOG RESOURCES INC US EOG 63.02 $8,631.01
EAST WEST BANCORP INC US EWBC 4,465.18 $328,369.17
EASTMAN CHEM CO US EMN 34.42 $3,791.91
EBAY INC US EBAY 88.57 $4,310.71
ECO MATERIAL TECH INC 7.87500 01/31/2027 US 11,915.26 $11,291.02
ELECTRONIC ARTS US EA 3,662.22 $507,767.02
EMERSON ELEC CO US EMR 101.68 $9,014.67
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 60,900.22 $63,685.61
EQUINIX INC US EQIX 874.98 $601,188.16
EQUITY LIFESTYLE PROPERTIES US ELS 369.64 $27,981.59
ESSEX PROPERTY TRUST INC US ESS 62.75 $17,812.64
EXPEDIA INC US EXPE 1,975.02 $255,429.42
EXPEDIA GROUP INC 3.25000 02/15/2030 US 26,478.36 $23,413.27
EXTRA SPACE STORAGE INC US EXR 91.75 $16,349.41
FMC CORP US FMC 3,976.65 $487,458.01
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 43,689.29 $44,497.45
META PLATFORMS INC US FB 3,911.52 $757,425.83
FEDEX CORPORATION US FDX 1,014.52 $227,840.51
FIFTH THIRD BANCORP US FITB 145.63 $5,742.23
GENERAL DYNAMICS CORP US GD 43.95 $9,885.71
GENERAL MLS INC US GIS 109.36 $7,638.49
GENUINE PARTS CO US GPC 34.42 $4,706.50
GETTY REALTY CORP US GTY 327.4 $9,147.69
GILEAD SCIENCES INC US GILD 194.88 $12,638.01
GRAPHIC PACKAGING HOLDING CO US GPK 17,881.63 $398,045.06
GREENIDGE GEN HLD INC US 450.13 $8,966.63
GRUPO AEROPORTUARIO CEN-ADR MX OMAB 2,213.72 $127,864.64
GRUPO AEROPORTUARIO PAC-ADR MX PAC 936.67 $140,856.72
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 636.54 $138,313.71
AIRBUS SE FR AIR FP 210.11 $24,623.52
ADIDAS AG DE ADS GR 1,078.6 $214,282.09
HCA INC 4.12500 06/15/2029 US 37,069.7 $36,085.36
L'OREAL FR OR FP 27.8 $9,820.08
HEALTHCARE REALTY TRUST INC US HR 419.15 $12,184.76
HEALTHCARE TRUST OF AMERICA US HTA 287.42 $8,637.05
HEINEKEN NV-SPN ADR NL HEINY 6,372.55 $321,431.23
HESKA CORP US HSKA 2,048.9 $204,459.26
HOME DEPOT INC US HD 95.85 $29,019.09
HONEYWELL INTERNATIONAL INC US HON 90.95 $17,610.35
HUMANA INC US HUM 508.12 $230,803.20
IDEXX LABORATORIES INC US IDXX 1,008.03 $394,765.12
KERRY GROUP PLC-A IE KYGA ID 163.64 $16,934.75
ILLINOIS TOOL WKS INC US ITW 51.9 $10,798.33
INDEPENDENCE REALTY TRUST IN US IRT 433.85 $10,199.76
INSPERITY INC US NSP 3,242.27 $324,454.44
INTEL CORP US INTC 480.98 $21,365.10
INTERCONTINENTALEXCHANGE INC US ICE 3,567.96 $365,323.29
INTERNATIONAL FLVRS & FRAGRANCES US IFF 51.63 $6,824.31
INTUITIVE SURGICAL INC US ISRG 618.67 $140,833.31
INVITATION HOMES INC US INVH 693.87 $26,172.60
JP MORGAN CHASE & CO US JPM 2,664.91 $352,381.61
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 67,519.81 $68,413.28
JOHNSON & JOHNSON US JNJ 4,924.97 $884,180.66
KEYCORP US KEY 160.72 $3,208.04
KROGER CO US KR 127.89 $6,774.36
L3HARRIS TECHNOLOGIES INC US LHX 1,326.04 $319,442.10
BEIERSDORF AG DE BEI GR 423.26 $43,930.37
LENNAR CORP US LEN 48.99 $3,931.04
LIFE STORAGE INC US LSI 161.12 $18,812.47
LOCKHEED MARTIN CORP US LMT 33.63 $14,799.81
LULULEMON - ADR CA LULU 2,181.82 $638,595.91
MAGALLANES INC 4.05400 03/15/2029 US 63,548.06 $60,919.70
ATOS SE FR ATO FP 1,270.7 $33,450.43
MARATHON PETROLEUM CORP US MPC 70.83 $7,209.75
MARRIOTT VACATIONS WORLD US VAC 68.45 $10,110.92
MASTERCARD INC-CLASS A US MA 2,863.5 $1,024,761.44
MCDONALDS CORP US MCD 59.71 $15,059.13
ACCOR SA FR AC FP 571.4 $18,801.87
MERCADOLIBRE INC AR MELI 27.93 $21,953.30
MERCK & CO INC US MRK 256.84 $23,636.99
MICROSOFT CORP US MSFT 4,620.47 $1,256,168.09
MICROCHIP TECHNOLOGY INC US MCHP 82.35 $5,982.56
MID-AMERICA APARTMENT COMM US MAA 129.88 $23,507.62
MONDELEZ INTERNATIONAL INC US MDLZ 13,192.71 $838,528.59
MOODY'S CORPORATION US MCO 1,946.03 $586,863.32
MOTOROLA SOLUTIONS INC US MSI 32.3 $7,098.39
NAVIENT CORP 6.75000 06/25/2025 US 41,703.41 $42,092.71
NETAPP INC US NTAP 57.99 $4,172.21
KEYENCE CORP JP 6861 JP 79.44 $31,581.52
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 12,577.22 $12,209.39
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 27,802.28 $25,271.73
NEWMONT GOLDCORP CORP US NEM 2,219.28 $150,578.39
NEXPOINT RESIDENTIAL US NXRT 123.61 $9,082.96
NORFOLK SOUTHN CORP US NSC 1,249.91 $299,553.64
NIKON CORP JP 7731 JP 3,336.27 $41,397.48
NORTHROP GRUMMAN CORP US NOC 685.39 $320,743.02
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 19,196.81 $1.92
NOVARTIS AG- REG CH NVS 4,686.27 $426,169.58
NUCOR CORP US NUE 47.93 $6,348.25
NVIDIA CORP US NVDA 795.01 $148,444.77
OKTA INC US OKTA 2,191.88 $182,035.50
OMNICOM GROUP US OMC 54.15 $4,040.00
SONY CORP FIRST SECTION JP 6758 JP 330.98 $31,042.38
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 26,478.36 $24,656.59
PPG INDUSTRIES INC US PPG 33.89 $4,287.04
PACKAGING CORP OF AMERICA US PKG 24.89 $3,914.65
PARKER HANNIFIN CORP US PH 18.93 $5,152.73
DEUTSCHE BOERSE AG DE DB1 GR 2,522.06 $423,865.97
PAYPAL HOLDINGS INC US PYPL 10,383.09 $884,743.15
NESTLE SA-REGISTERED CH NESN SW 5,477.84 $670,034.53
PFIZER INC US PFE 381.42 $20,230.56
PIONEER NATURAL RESOURCES CO US PXD 29.39 $8,168.93
POPULAR INC 6.12500 09/14/2023 PR 21,182.69 $21,422.44
PROCTER & GAMBLE CO US PG 211.56 $31,285.80
PROLOGIS US PLD 640.11 $81,601.77
PUBLIC STORAGE INC US PSA 116.24 $38,433.59
QUALCOMM INC US QCOM 128.82 $18,449.20
QUALCOMM INC 4.25000 05/20/2032 US 52,956.71 $54,988.56
QUEST DIAGNOSTICS INC US DGX 31.51 $4,443.43
RADIUS GLOBAL INFRASTRUCTURE US RADI 2,137.2 $31,844.29
RAILWORKS HOLDINGS LP/R 8.25000 11/15/2028 US 24,492.48 $23,701.33
REGIONS FINANCIAL CORP. US RF 230.89 $5,100.39
REPUBLIC SERVICES INC US RSG 56 $7,495.27
RESTAURANT BRANDS INTERN CA QSR 364.61 $19,145.51
REXFORD INDUSTRIAL REALITY IN US REXR 395.32 $25,249.21
GETINGE AB-B SHS SE GETIB SS 1,081.91 $31,398.21
ROSS STORES INC US ROST 45.15 $3,838.28
HEINEKEN NV NL HEIA NA 285.44 $28,701.53
RYANAIR HOLDINGS - ADR IE RYAAY 4,337.68 $378,246.09
S&P GLOBAL INC US SPGI 1,077.14 $376,438.74
SBA COMMUNICATIONS CORP US SBAC 2,159.71 $726,979.04
NAVIENT CORP 5.50000 01/25/2023 US 11,915.26 $11,965.35
SALESFORCE INC US CRM 3,167.34 $507,534.74
SEA LTD - ADR SG SE 6,043.02 $499,516.29
SEAGEN INC US SGEN 3,968.97 $538,510.31
SERVICENOW INC US NOW 1,696.34 $792,986.17
SHOPIFY INC CA SHOP 32.3 $12,117.72
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 83,406.83 $72,033.09
SKYWORKS SOLUTIONS INC US SWKS 28.46 $3,098.90
JM SMUCKER CO/THE-NEW COM WI US SJM 28.73 $3,601.76
SNOWFLAKE INC-CLASS A US SNOW 1,519.33 $193,942.24
SONY CORP SPONSORED ADR JP SONY 5,797.7 $545,389.74
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 48,984.96 $51,073.80
STANLEY BLACK & DECKER INC US SWK 27.01 $3,205.57
STEEL DYNAMICS INC US STLD 47.53 $4,058.00
SUN COMMUNITIES US SUI 192.37 $31,572.91
SYNCHRONOSS TECH US 912.18 $20,232.14
SYNERGY ONE LENDING 5.50000 10/14/2026 US 23,168.56 $20,666.48
TJX COMPANIES INC US TJX 125.11 $7,953.26
TACORA RESOURCES INC 8.25000 05/15/2026 CA 11,915.26 $11,368.42
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 4,169.55 $397,357.82
TARGET CORP US TGT 48.99 $7,929.69
TENCENT HOLDINGS 3.97500 04/11/2029 KY 107,237.35 $103,327.48
TERRENO REALTY CORP US TRNO 220.56 $13,390.48
TEXAS INSTRUMENTS INC US TXN 81.69 $14,438.77
THERMO FISHER SCIENTIFIC INC US TMO 791.31 $449,121.38
3M CO US MMM 86.72 $12,945.92
TRACTOR SUPPLY COMPANY US TSCO 18.14 $3,398.27
TRAVELLERS COS INC US TRV 44.48 $7,964.35
TYSON FOODS INC -CL A US TSN 71.49 $6,406.36
UDR INC US UDR 476.35 $22,769.32
U.S. BANCORP US USB 224.01 $11,888.05
UBISOFT ENTERTAIN-UNSPON ADR FR UBSFY 26,090.58 $275,516.54
UNILEVER PLC - ADR GB UL 11,990.59 $579,505.30
UNION PAC CORP US UNP 77.85 $17,109.08
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 35,415.9 $31,878.53
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 3,152.97 $2,953.60
UNITED PARCEL SERVICE US UPS 1,294.66 $235,951.65
US TREASURY N/B 3.00000 05/15/2047 US 229,037.79 $218,337.43
US TREASURY N/B 2.00000 02/15/2050 US 288,614.09 $227,689.46
US TREASURY N/B 2.87500 05/15/2028 US 3,309,132.7 $3,308,098.60
UNITED STATES TREAS NTS 1.75000 05/15/2023 US 350,838.23 $349,563.70
US TREASURY N/B 1.62500 05/15/2031 US 203,221.39 $183,788.35
UNITEDHEALTH GROUP INC US UNH 505.07 $250,910.99
UNIVERSAL DISPLAY CORP US OLED 2,997.35 $378,595.28
VF CORP US VFC 68.98 $3,480.54
VENTAS INC US VTR 231.69 $13,145.84
VERTEX PHARMACEUTICALS INC US VRTX 1,836.54 $493,386.16
PARAMOUNT GLOBAL CLASS B US PARA 113.2 $3,885.98
VISA INC - CLASS A SHARES US V 3,623.56 $768,811.40
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 11,915.26 $11,695.93
VISTRA OPERATIONS 4.87500 05/13/2024 US 45,013.21 $45,184.19
WAL MART STORES US WMT 231.42 $29,767.66
WALGREENS BOOTS ALLIANCE INC US WBA 123.65 $5,419.75
WARRIOR MET COAL INC 7.87500 12/01/2028 US 11,253.3 $11,414.23
WASTE MANAGEMENT INC US WM 60.9 $9,653.29
WELLTOWER INC. US WELL 267.7 $23,849.05
ZOETIS INC US ZTS 864.78 $147,817.38
BNY MELLON CASH RESERVE EOD FUND US 55.66 $55.66
ADMIRAL GROUP PLC GB ADM LN 1,387.73 $38,852.82
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 1,747.57 $12,593.21
UBISOFT ENTERTAINMENT FR UBI FP 690.29 $36,290.71
DANONE FR BN FP 327.01 $19,240.32
AIR LIQUIDE FR AI FP 364.87 $63,913.81
BRENNTAG AG DE BNR GR 3,331.37 $257,770.34
KEYWORDS STUDIOS PLC IE KWS LN 285.57 $8,437.91
S4 CAPITAL PLC GB SFOR LN 5,676.83 $20,303.64
HELIOS TOWERS PLC GB HTWS LN 5,757.32 $8,248.75
AVANZA BANK HOLDING AB SE AZA SS 1,178.02 $28,381.24
AMERICAN TANKER INC 7.75000 07/02/2025 US 22,506.6 $21,381.27
SOFTWAREONE HOLDING AG CH SWON SW 2,131.38 $28,466.08
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 679.43 $12,012.40
SEASPAN CORP 6.50000 02/05/2024 MH 26,478.36 $26,411.77
PETROTAL CORP 12.00000 02/16/2024 CA 18,005.28 $18,545.44
FINECOBANK SPA IT FBK IM 3,763.1 $53,325.40
ALLFUNDS GROUP PLC GB ALLFG NA 2,264.96 $20,659.82
COPPER MOUNTAIN MINING C 8.00000 04/09/2026 CA 12,974.4 $12,966.25
AIRSWIFT GLOBAL AS FLT 10.38899 05/12/2025 NO 26,478.36 $26,522.40
KENT GLOBAL PLC 10.00000 06/28/2026 GB 13,239.18 $13,106.79
ROTORK PLC GB ROR LN 7,432.08 $26,156.53
AUTO TRADER GROUP PLC GB AUTO LN 6,525.46 $48,544.01
CELLNEX TELECOM SA ES CLNX SM 182.04 $8,215.26
ASSA ABLOY AB-B SE ASSAB SS 1,618.22 $39,891.00
CLEANAWAY WASTE MANAGEMENT AU CWY AU 14,717.86 $31,541.92
INTERMEDIATE CAPITAL GROUP GB ICP LN 1,713.81 $34,026.34
ADYEN NV NL ADYEN NA 28.07 $43,466.49
BANK OF N.T. BUTTERFIELD&SON BM NTB 572.59 $18,082.53
BUNGE LIMITED US BG 35.08 $4,151.12
EATON CORP PLC US ETN 68.71 $9,523.39
JOHNSON CONTROLS INTERNATIONAL US JCI 128.42 $7,000.18
MEDTRONIC INC IE MDT 9,917.87 $993,274.27
ROYALTY PHARMA PLC- CL A US RPRX 94.13 $3,872.53
STONECO LTD-A BR STNE 2,011.96 $20,200.06
TRANE TECHNOLOGIES IE TT 32.97 $4,551.22
ALCON INC CH ALC 3,818.58 $285,362.21
CHUBB LTD CH CB 60.24 $12,727.74
GARMIN LTD CH GRMN 45.15 $4,768.28
TE CONNECTIVITY LIMITED CH TEL 44.62 $5,772.87
LYONDELLBASELL INDU-CL A US LYB 48.99 $5,596.53
PLAYA HOTELS AND RESORTS US PLYA 945.54 $8,169.48
US DOLLAR US 2,323,899.42 $2,323,899.42
NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 MH 6,619.59 $6,689.28
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 24,624.87 $24,602.37

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

$17.44

Daily $ Change

$0.25

Daily % Change

1.43%

as of 06/23/2022

CUSIP

56382R795

Inception Date

05/14/2015

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

Important Documents

Annual Report
Fact Sheet
Applications & Forms

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

Investment Objective

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

Investment Strategy

Currently: The portfolio is currently invested in an aggressive, growth-oriented mix of securities that seeks to earn the long-term growth typically associated with the stock market. The portfolio is diversified primarily among various stock investments in both domestic and foreign markets, with only a minor portion of the portfolio invested in fixed income securities. Stock exposure can range from 70% - 95%.

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

May be Appropriate for Investors

  • Who plan to stop contributions and start periodic withdrawals around the year 2050
  • 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

-14.30%

1 Year

-7.70%

3 Year

12.68%

5 Year

10.66%

10 Year

11.15%

Inception
(01/01/2000)

8.20%

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 (05/10/2007) is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. Returns are net of the Class U1 expenses. The Retirement Target CIT Fund will gradually become more conservative over time. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.51%
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 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 142.45 $16,732.60
ACCOR SA-SPONSORED ADR FR ACCYY 34,526.72 $230,983.75
ACTIVISION INC US ATVI 3,384.86 $263,612.96
ADIDAS AG-SPONSORED ADR DE ADDYY 1,955.69 $193,887.25
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 26,478.36 $23,220.39
ADYEN NV UNSPON ADR NL ADYEY 23,422.36 $362,578.10
AGREE REALTY CORP US ADC 120.48 $8,381.55
AIR LIQUIDE-ADR FR AIQUY 10,197.48 $355,993.93
AIR LEASE CORP 3.62500 04/01/2027 US 26,478.36 $25,180.80
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 6,689.64 $7,018.35
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 62,224.14 $54,175.03
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 33,097.95 $27,532.37
ALIGN TECHNOLOGY INC US ALGN 1,205.43 $334,674.81
ALLSTATE CORPORATION US ALL 51.63 $7,057.69
ALPHABET INC-CL A US GOOGL 245.32 $558,166.38
AMAZON.COM INC US AMZN 545.72 $1,312,012.03
AMAZON.COM INC 3.30000 04/13/2027 US 58,252.39 $58,198.72
DIAGEO PLC GB DGE LN 8,010.1 $372,159.48
AMERICAN HOMES 4 RENT- A US AMH 428.95 $15,853.97
AMERICAN TOWER REIT INC US AMT 64.21 $16,446.11
ANALOG DEVICES INC US ADI 78.91 $13,287.69
APPLE HOSPITALITY REIT INC US APLE 1,462.13 $24,432.27
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 6,619.59 $6,696.38
ARCHER-DANIELS-MIDLAND CO US ADM 93.73 $8,512.87
ARGO BLOCKCHAIN PLC GB 476.61 $9,994.52
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 26,478.36 $25,178.31
AUTOMATIC DATA PROCESSING US ADP 54.68 $12,189.87
AVALONBAY COMMUNITIES INC US AVB 101.81 $21,172.26
AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 KY 72,815.48 $63,097.18
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 17,210.93 $17,423.82
BANK OF AMERICA CORP 2.68700 04/22/2032 US 47,661.04 $41,699.17
BARRICK GOLD CORP CA GOLD 7,252.02 $148,593.99
BAXTER INTERNATIONAL INC US BAX 72.15 $5,487.28
BEST BUY INC US BBY 49.25 $4,041.43
BIOMARIN PHARMACEUTICAL INC US BMRN 6,117.29 $459,592.36
BLACKROCK INC US BLK 677.45 $453,267.42
BLACKSTONE PRIVATE CRE 2.62500 12/15/2026 US 27,802.28 $24,188.97
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 27,802.28 $25,292.94
DECHRA PHARMACEUTICALS PLC GB DPH LN 724.32 $33,200.77
BOSTON SCIENTIFIC CORP US BSX 5,707.41 $234,060.88
BRANDYWINE REALTY TRUST US BDN 727.23 $8,108.59
BRISTOL MYERS SQUIBB CO US BMY 245.32 $18,509.54
BROADRIDGE FINANCIAL SOLUTIONS US BR 27.8 $4,065.25
JONAH ENERGY PARENT LLC US 263.59 $14,144.35
CBOE GLOBAL MARKETS INC US CBOE 1,868.05 $209,800.48
CDW CORP/DE US CDW 1,205.96 $204,843.82
C.H. ROBINSON WORLDWIDE INC US CHRW 34.55 $3,749.48
COTERRA ENERGY INC US CTRA 126.83 $4,354.12
CAMDEN PROPERTY TRUST US CPT 98.1 $14,076.70
CAMECO CORP CA CCJ 468.67 $11,468.28
CAMPBELL SOUP CO US CPB 78.51 $3,761.33
CANADIAN NATIONAL RAILWAY CO CA CNI 5,248.01 $597,118.62
CARETRUST REIT INC US CTRE 485.61 $8,998.41
CATERPILLAR INC US CAT 69.37 $14,974.23
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 60,900.22 $68,628.77
CENTURYLINK INC 7.50000 04/01/2024 US 20,520.73 $21,229.09
CHARTER COMMUNICATIONS INC-A US CHTR 1,128.51 $572,074.35
CHEVRON CORP US CVX 131.33 $22,938.56
CINCINNATI FINANCIAL CORP US CINF 38.13 $4,875.15
CISCO SYSTEMS INC US CSCO 445.37 $20,063.74
CITIGROUP INC US C 273.26 $14,594.64
CITIGROUP INC 1.46200 06/09/2027 US 45,013.21 $40,546.65
CLARK CNTY NV 1.51000 11/01/2028 US 46,337.13 $40,764.63
COCA COLA CO/THE US KO 13,940.99 $883,579.79
COGNEX CORP US CGNX 3,273.39 $158,497.39
COLGATE-PALMOLIVE CO US CL 131.73 $10,381.63
COMCAST CORP-CL A US CMCSA 476.74 $21,110.17
COMMUNITY HEALTHCARE TRUST I US CHCT 253 $9,533.07
CONAGRA BRAND INC. US CAG 119.55 $3,931.99
CONOCOPHILLIPS US COP 117.43 $13,194.60
CONSTELLATION BRANDS INC-A US STZ 2,871.45 $704,853.72
CONTROLADORA VUELA CIA DE AV MX VLRS 934.16 $14,554.16
COPART INC US CPRT 1,744.26 $199,770.30
COUSINS PROPERTIES INC US CUZ 598.94 $20,693.39
CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 33,097.95 $30,100.31
CUMMINS INC US CMI 30.19 $6,312.36
KIMBERLY CLARK DE MEXICO S.A.B. MX 20,653.12 $31,954.85
DEVON ENERGY CORPORATION US DVN 92.67 $6,941.30
DIAMONDBACK ENERGY INC US FANG 26.74 $4,065.49
DIGITAL REALTY TRUST INC US DLR 184.69 $25,780.39
WALT DISNEY CO/THE US DIS 1,904.32 $210,313.48
DOLLAR GENERAL CORP US DG 2,385.04 $525,519.28
DOLLAR TREE STORES INC US DLTR 3,401.28 $545,326.80
DOMINO'S PIZZA US DPZ 774.36 $281,224.16
DOUBLEVERIFY HOLDINGS INC US DV 14,642.13 $325,787.49
DOW INC US DOW 96.25 $6,543.00
DUKE RLTY INVTS INC US DRE 417.83 $22,073.88
EOG RESOURCES INC US EOG 63.02 $8,631.01
EAST WEST BANCORP INC US EWBC 4,465.18 $328,369.17
EASTMAN CHEM CO US EMN 34.42 $3,791.91
EBAY INC US EBAY 88.57 $4,310.71
ECO MATERIAL TECH INC 7.87500 01/31/2027 US 11,915.26 $11,291.02
ELECTRONIC ARTS US EA 3,662.22 $507,767.02
EMERSON ELEC CO US EMR 101.68 $9,014.67
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 60,900.22 $63,685.61
EQUINIX INC US EQIX 874.98 $601,188.16
EQUITY LIFESTYLE PROPERTIES US ELS 369.64 $27,981.59
ESSEX PROPERTY TRUST INC US ESS 62.75 $17,812.64
EXPEDIA INC US EXPE 1,975.02 $255,429.42
EXPEDIA GROUP INC 3.25000 02/15/2030 US 26,478.36 $23,413.27
EXTRA SPACE STORAGE INC US EXR 91.75 $16,349.41
FMC CORP US FMC 3,976.65 $487,458.01
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 43,689.29 $44,497.45
META PLATFORMS INC US FB 3,911.52 $757,425.83
FEDEX CORPORATION US FDX 1,014.52 $227,840.51
FIFTH THIRD BANCORP US FITB 145.63 $5,742.23
GENERAL DYNAMICS CORP US GD 43.95 $9,885.71
GENERAL MLS INC US GIS 109.36 $7,638.49
GENUINE PARTS CO US GPC 34.42 $4,706.50
GETTY REALTY CORP US GTY 327.4 $9,147.69
GILEAD SCIENCES INC US GILD 194.88 $12,638.01
GRAPHIC PACKAGING HOLDING CO US GPK 17,881.63 $398,045.06
GREENIDGE GEN HLD INC US 450.13 $8,966.63
GRUPO AEROPORTUARIO CEN-ADR MX OMAB 2,213.72 $127,864.64
GRUPO AEROPORTUARIO PAC-ADR MX PAC 936.67 $140,856.72
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 636.54 $138,313.71
AIRBUS SE FR AIR FP 210.11 $24,623.52
ADIDAS AG DE ADS GR 1,078.6 $214,282.09
HCA INC 4.12500 06/15/2029 US 37,069.7 $36,085.36
L'OREAL FR OR FP 27.8 $9,820.08
HEALTHCARE REALTY TRUST INC US HR 419.15 $12,184.76
HEALTHCARE TRUST OF AMERICA US HTA 287.42 $8,637.05
HEINEKEN NV-SPN ADR NL HEINY 6,372.55 $321,431.23
HESKA CORP US HSKA 2,048.9 $204,459.26
HOME DEPOT INC US HD 95.85 $29,019.09
HONEYWELL INTERNATIONAL INC US HON 90.95 $17,610.35
HUMANA INC US HUM 508.12 $230,803.20
IDEXX LABORATORIES INC US IDXX 1,008.03 $394,765.12
KERRY GROUP PLC-A IE KYGA ID 163.64 $16,934.75
ILLINOIS TOOL WKS INC US ITW 51.9 $10,798.33
INDEPENDENCE REALTY TRUST IN US IRT 433.85 $10,199.76
INSPERITY INC US NSP 3,242.27 $324,454.44
INTEL CORP US INTC 480.98 $21,365.10
INTERCONTINENTALEXCHANGE INC US ICE 3,567.96 $365,323.29
INTERNATIONAL FLVRS & FRAGRANCES US IFF 51.63 $6,824.31
INTUITIVE SURGICAL INC US ISRG 618.67 $140,833.31
INVITATION HOMES INC US INVH 693.87 $26,172.60
JP MORGAN CHASE & CO US JPM 2,664.91 $352,381.61
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 67,519.81 $68,413.28
JOHNSON & JOHNSON US JNJ 4,924.97 $884,180.66
KEYCORP US KEY 160.72 $3,208.04
KROGER CO US KR 127.89 $6,774.36
L3HARRIS TECHNOLOGIES INC US LHX 1,326.04 $319,442.10
BEIERSDORF AG DE BEI GR 423.26 $43,930.37
LENNAR CORP US LEN 48.99 $3,931.04
LIFE STORAGE INC US LSI 161.12 $18,812.47
LOCKHEED MARTIN CORP US LMT 33.63 $14,799.81
LULULEMON - ADR CA LULU 2,181.82 $638,595.91
MAGALLANES INC 4.05400 03/15/2029 US 63,548.06 $60,919.70
ATOS SE FR ATO FP 1,270.7 $33,450.43
MARATHON PETROLEUM CORP US MPC 70.83 $7,209.75
MARRIOTT VACATIONS WORLD US VAC 68.45 $10,110.92
MASTERCARD INC-CLASS A US MA 2,863.5 $1,024,761.44
MCDONALDS CORP US MCD 59.71 $15,059.13
ACCOR SA FR AC FP 571.4 $18,801.87
MERCADOLIBRE INC AR MELI 27.93 $21,953.30
MERCK & CO INC US MRK 256.84 $23,636.99
MICROSOFT CORP US MSFT 4,620.47 $1,256,168.09
MICROCHIP TECHNOLOGY INC US MCHP 82.35 $5,982.56
MID-AMERICA APARTMENT COMM US MAA 129.88 $23,507.62
MONDELEZ INTERNATIONAL INC US MDLZ 13,192.71 $838,528.59
MOODY'S CORPORATION US MCO 1,946.03 $586,863.32
MOTOROLA SOLUTIONS INC US MSI 32.3 $7,098.39
NAVIENT CORP 6.75000 06/25/2025 US 41,703.41 $42,092.71
NETAPP INC US NTAP 57.99 $4,172.21
KEYENCE CORP JP 6861 JP 79.44 $31,581.52
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 12,577.22 $12,209.39
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 27,802.28 $25,271.73
NEWMONT GOLDCORP CORP US NEM 2,219.28 $150,578.39
NEXPOINT RESIDENTIAL US NXRT 123.61 $9,082.96
NORFOLK SOUTHN CORP US NSC 1,249.91 $299,553.64
NIKON CORP JP 7731 JP 3,336.27 $41,397.48
NORTHROP GRUMMAN CORP US NOC 685.39 $320,743.02
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 19,196.81 $1.92
NOVARTIS AG- REG CH NVS 4,686.27 $426,169.58
NUCOR CORP US NUE 47.93 $6,348.25
NVIDIA CORP US NVDA 795.01 $148,444.77
OKTA INC US OKTA 2,191.88 $182,035.50
OMNICOM GROUP US OMC 54.15 $4,040.00
SONY CORP FIRST SECTION JP 6758 JP 330.98 $31,042.38
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 26,478.36 $24,656.59
PPG INDUSTRIES INC US PPG 33.89 $4,287.04
PACKAGING CORP OF AMERICA US PKG 24.89 $3,914.65
PARKER HANNIFIN CORP US PH 18.93 $5,152.73
DEUTSCHE BOERSE AG DE DB1 GR 2,522.06 $423,865.97
PAYPAL HOLDINGS INC US PYPL 10,383.09 $884,743.15
NESTLE SA-REGISTERED CH NESN SW 5,477.84 $670,034.53
PFIZER INC US PFE 381.42 $20,230.56
PIONEER NATURAL RESOURCES CO US PXD 29.39 $8,168.93
POPULAR INC 6.12500 09/14/2023 PR 21,182.69 $21,422.44
PROCTER & GAMBLE CO US PG 211.56 $31,285.80
PROLOGIS US PLD 640.11 $81,601.77
PUBLIC STORAGE INC US PSA 116.24 $38,433.59
QUALCOMM INC US QCOM 128.82 $18,449.20
QUALCOMM INC 4.25000 05/20/2032 US 52,956.71 $54,988.56
QUEST DIAGNOSTICS INC US DGX 31.51 $4,443.43
RADIUS GLOBAL INFRASTRUCTURE US RADI 2,137.2 $31,844.29
RAILWORKS HOLDINGS LP/R 8.25000 11/15/2028 US 24,492.48 $23,701.33
REGIONS FINANCIAL CORP. US RF 230.89 $5,100.39
REPUBLIC SERVICES INC US RSG 56 $7,495.27
RESTAURANT BRANDS INTERN CA QSR 364.61 $19,145.51
REXFORD INDUSTRIAL REALITY IN US REXR 395.32 $25,249.21
GETINGE AB-B SHS SE GETIB SS 1,081.91 $31,398.21
ROSS STORES INC US ROST 45.15 $3,838.28
HEINEKEN NV NL HEIA NA 285.44 $28,701.53
RYANAIR HOLDINGS - ADR IE RYAAY 4,337.68 $378,246.09
S&P GLOBAL INC US SPGI 1,077.14 $376,438.74
SBA COMMUNICATIONS CORP US SBAC 2,159.71 $726,979.04
NAVIENT CORP 5.50000 01/25/2023 US 11,915.26 $11,965.35
SALESFORCE INC US CRM 3,167.34 $507,534.74
SEA LTD - ADR SG SE 6,043.02 $499,516.29
SEAGEN INC US SGEN 3,968.97 $538,510.31
SERVICENOW INC US NOW 1,696.34 $792,986.17
SHOPIFY INC CA SHOP 32.3 $12,117.72
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 83,406.83 $72,033.09
SKYWORKS SOLUTIONS INC US SWKS 28.46 $3,098.90
JM SMUCKER CO/THE-NEW COM WI US SJM 28.73 $3,601.76
SNOWFLAKE INC-CLASS A US SNOW 1,519.33 $193,942.24
SONY CORP SPONSORED ADR JP SONY 5,797.7 $545,389.74
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 48,984.96 $51,073.80
STANLEY BLACK & DECKER INC US SWK 27.01 $3,205.57
STEEL DYNAMICS INC US STLD 47.53 $4,058.00
SUN COMMUNITIES US SUI 192.37 $31,572.91
SYNCHRONOSS TECH US 912.18 $20,232.14
SYNERGY ONE LENDING 5.50000 10/14/2026 US 23,168.56 $20,666.48
TJX COMPANIES INC US TJX 125.11 $7,953.26
TACORA RESOURCES INC 8.25000 05/15/2026 CA 11,915.26 $11,368.42
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 4,169.55 $397,357.82
TARGET CORP US TGT 48.99 $7,929.69
TENCENT HOLDINGS 3.97500 04/11/2029 KY 107,237.35 $103,327.48
TERRENO REALTY CORP US TRNO 220.56 $13,390.48
TEXAS INSTRUMENTS INC US TXN 81.69 $14,438.77
THERMO FISHER SCIENTIFIC INC US TMO 791.31 $449,121.38
3M CO US MMM 86.72 $12,945.92
TRACTOR SUPPLY COMPANY US TSCO 18.14 $3,398.27
TRAVELLERS COS INC US TRV 44.48 $7,964.35
TYSON FOODS INC -CL A US TSN 71.49 $6,406.36
UDR INC US UDR 476.35 $22,769.32
U.S. BANCORP US USB 224.01 $11,888.05
UBISOFT ENTERTAIN-UNSPON ADR FR UBSFY 26,090.58 $275,516.54
UNILEVER PLC - ADR GB UL 11,990.59 $579,505.30
UNION PAC CORP US UNP 77.85 $17,109.08
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 35,415.9 $31,878.53
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 3,152.97 $2,953.60
UNITED PARCEL SERVICE US UPS 1,294.66 $235,951.65
US TREASURY N/B 3.00000 05/15/2047 US 229,037.79 $218,337.43
US TREASURY N/B 2.00000 02/15/2050 US 288,614.09 $227,689.46
US TREASURY N/B 2.87500 05/15/2028 US 3,309,132.7 $3,308,098.60
UNITED STATES TREAS NTS 1.75000 05/15/2023 US 350,838.23 $349,563.70
US TREASURY N/B 1.62500 05/15/2031 US 203,221.39 $183,788.35
UNITEDHEALTH GROUP INC US UNH 505.07 $250,910.99
UNIVERSAL DISPLAY CORP US OLED 2,997.35 $378,595.28
VF CORP US VFC 68.98 $3,480.54
VENTAS INC US VTR 231.69 $13,145.84
VERTEX PHARMACEUTICALS INC US VRTX 1,836.54 $493,386.16
PARAMOUNT GLOBAL CLASS B US PARA 113.2 $3,885.98
VISA INC - CLASS A SHARES US V 3,623.56 $768,811.40
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 11,915.26 $11,695.93
VISTRA OPERATIONS 4.87500 05/13/2024 US 45,013.21 $45,184.19
WAL MART STORES US WMT 231.42 $29,767.66
WALGREENS BOOTS ALLIANCE INC US WBA 123.65 $5,419.75
WARRIOR MET COAL INC 7.87500 12/01/2028 US 11,253.3 $11,414.23
WASTE MANAGEMENT INC US WM 60.9 $9,653.29
WELLTOWER INC. US WELL 267.7 $23,849.05
ZOETIS INC US ZTS 864.78 $147,817.38
BNY MELLON CASH RESERVE EOD FUND US 55.66 $55.66
ADMIRAL GROUP PLC GB ADM LN 1,387.73 $38,852.82
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 1,747.57 $12,593.21
UBISOFT ENTERTAINMENT FR UBI FP 690.29 $36,290.71
DANONE FR BN FP 327.01 $19,240.32
AIR LIQUIDE FR AI FP 364.87 $63,913.81
BRENNTAG AG DE BNR GR 3,331.37 $257,770.34
KEYWORDS STUDIOS PLC IE KWS LN 285.57 $8,437.91
S4 CAPITAL PLC GB SFOR LN 5,676.83 $20,303.64
HELIOS TOWERS PLC GB HTWS LN 5,757.32 $8,248.75
AVANZA BANK HOLDING AB SE AZA SS 1,178.02 $28,381.24
AMERICAN TANKER INC 7.75000 07/02/2025 US 22,506.6 $21,381.27
SOFTWAREONE HOLDING AG CH SWON SW 2,131.38 $28,466.08
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 679.43 $12,012.40
SEASPAN CORP 6.50000 02/05/2024 MH 26,478.36 $26,411.77
PETROTAL CORP 12.00000 02/16/2024 CA 18,005.28 $18,545.44
FINECOBANK SPA IT FBK IM 3,763.1 $53,325.40
ALLFUNDS GROUP PLC GB ALLFG NA 2,264.96 $20,659.82
COPPER MOUNTAIN MINING C 8.00000 04/09/2026 CA 12,974.4 $12,966.25
AIRSWIFT GLOBAL AS FLT 10.38899 05/12/2025 NO 26,478.36 $26,522.40
KENT GLOBAL PLC 10.00000 06/28/2026 GB 13,239.18 $13,106.79
ROTORK PLC GB ROR LN 7,432.08 $26,156.53
AUTO TRADER GROUP PLC GB AUTO LN 6,525.46 $48,544.01
CELLNEX TELECOM SA ES CLNX SM 182.04 $8,215.26
ASSA ABLOY AB-B SE ASSAB SS 1,618.22 $39,891.00
CLEANAWAY WASTE MANAGEMENT AU CWY AU 14,717.86 $31,541.92
INTERMEDIATE CAPITAL GROUP GB ICP LN 1,713.81 $34,026.34
ADYEN NV NL ADYEN NA 28.07 $43,466.49
BANK OF N.T. BUTTERFIELD&SON BM NTB 572.59 $18,082.53
BUNGE LIMITED US BG 35.08 $4,151.12
EATON CORP PLC US ETN 68.71 $9,523.39
JOHNSON CONTROLS INTERNATIONAL US JCI 128.42 $7,000.18
MEDTRONIC INC IE MDT 9,917.87 $993,274.27
ROYALTY PHARMA PLC- CL A US RPRX 94.13 $3,872.53
STONECO LTD-A BR STNE 2,011.96 $20,200.06
TRANE TECHNOLOGIES IE TT 32.97 $4,551.22
ALCON INC CH ALC 3,818.58 $285,362.21
CHUBB LTD CH CB 60.24 $12,727.74
GARMIN LTD CH GRMN 45.15 $4,768.28
TE CONNECTIVITY LIMITED CH TEL 44.62 $5,772.87
LYONDELLBASELL INDU-CL A US LYB 48.99 $5,596.53
PLAYA HOTELS AND RESORTS US PLYA 945.54 $8,169.48
US DOLLAR US 2,323,899.42 $2,323,899.42
NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 MH 6,619.59 $6,689.28
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 24,624.87 $24,602.37

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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