Investment Objective

To provide capital preservation and manage risk for investors who have already reached their target date.

Investment Strategy

The portfolio is invested in a conservative mix of investments that seeks preservation of capital, with income and long-term capital growth as secondary objectives. The portfolio is diversified primarily among fixed income securities, typically focusing on short to intermediate term maturities. A position in various stock investments, which may be focused on dividend paying stocks, adds potential for growth opportunities and income generation. For the most part, this approach favors stability over growth Stock exposure can range from 15% - 45%.

May be Appropriate for Investors

  • Who may have stopped contributions and started periodic withdrawals around the year 2015
  • Who currently have a moderately low tolerance for risk and are looking to minimize extreme declines in 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

$15.63

Daily $ Change

-$0.03

Daily % Change

-0.19%

as of 07/09/2020

CUSIP

302027685

Inception Date

08/03/2012

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 06/30/2020

YTD

2.72%

1 Year

7.11%

3 Year

5.93%

5 Year

4.66%

10 Year

6.58%

Inception
(01/01/2000)

6.40%

US Stock Market Cycle (04/01/2000 - 06/30/2020)

6.34%

Performance through the inception date of the Retirement Target CIT Class I Units 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. The Retirement Target CIT Fund will gradually become more conservative over time. Returns are net of the Class I expenses. 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 0.73%
Net 0.69%*

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

Top Ten Investments

As of 06/30/2020

GOVERNMENT AGENCY 8.98%
TREASURY NOTES 7.80%
TSY INFL IX N/B 2.00000 01/15/2026 2.96%
TSY INFL IX N/B 0.12500 04/15/2025 2.00%
TSY INFL IX N/B 0.50000 04/15/2024 1.94%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 1.48%
VERIZON COMMUNICATIONS 5.25000 03/16/2037 1.25%
BOOKING HOLDINGS INC 3.60000 06/01/2026 1.22%
ALIBABA GROUP HOLDING 3.40000 12/06/2027 1.18%
AMERICAN TOWER CORP 3.80000 08/15/2029 1.11%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 06/30/2020

Bonds 68.39%
Stocks 30.36%
Cash 1.25%

Detailed Asset Class Allocation

As of 06/30/2020

International Equities 6.31%
Small Capitalization 0.39%
Mid Capitalization 1.94%
Large Capitalization 21.71%
Long Term Fixed Income 20.37%
Intermediate Term Fixed Income 42.26%
Short Term Fixed Income 5.77%
Cash 1.25%

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

June Fund Holdings

As of 06/30/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 31,261.3 $35,611.05
00287Y109 ABBVIE INC US ABBV 296.98 $29,157.73
00507V109 ACTIVISION INC US ATVI 542.53 $41,178.39
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 97,817.61 $93,982.53
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 1,512.64 $1,482.39
008492100 AGREE REALTY CORP US ADC 50.42 $3,313.19
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 40,337.16 $39,562.65
00914AAB8 AIR LEASE CORP 3.75000 06/01/2026 US 30,252.87 $30,529.43
01166WAA5 ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 2,521.07 $2,552.59
013822AC5 ALCOA NEDERLAND HOLDING 6.12500 05/15/2028 NL 3,529.5 $3,615.55
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 18.15 $2,945.12
01609W102 ALIBABA GROUP - ADR CN BABA 182.02 $39,262.02
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 112,944.05 $125,476.00
02079K305 ALPHABET INC-CL A US GOOGL 29.24 $41,470.08
023135106 AMAZON.COM INC US AMZN 23.19 $63,987.70
0237400 DIAGEO PLC GB DGE LN 590.94 $19,641.20
02406PBA7 AMERICAN AXLE & MFG INC 6.87500 07/01/2028 US 2,521.07 $2,495.86
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 142.39 $4,977.96
02665T306 AMERICAN HOMES 4 RENT- A US AMH 220.85 $5,940.76
03027X100 AMERICAN TOWER REIT INC US AMT 97.82 $25,289.77
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 104,876.62 $118,696.73
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 845.31 $846.03
03064D108 AMERICOLD REALTY TRUST US COLD 159.84 $5,802.05
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 5,042.15 $3,983.29
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 4,537.93 $3,584.97
03748R754 APARTMENT INVT & MGMT CO -A US AIV 99.73 $3,753.97
053015103 AUTOMATIC DATA PROCESSING US ADP 75.93 $11,305.92
053484101 AVALONBAY COMMUNITIES INC US AVB 46.89 $7,251.37
05401AAJ0 AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 KY 42,354.02 $34,210.44
060505104 BANK OF AMERICA CORP US BAC 1,276.17 $30,308.96
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 49,413.02 $54,569.52
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 227.91 $40,683.31
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 235.97 $29,104.83
09857L108 BOOKING HOLDINGS INC US BKNG 12.1 $19,269.14
101121101 BOSTON PROPERTIES INC US BXP 16.34 $1,476.50
105368203 BRANDYWINE REALTY TRUST US BDN 260.17 $2,833.30
110122108 BRISTOL MYERS SQUIBB CO US BMY 456.72 $26,854.99
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 13,109.58 $262.19
12503M108 CBOE GLOBAL MARKETS INC US CBOE 338.83 $31,606.26
12555DAA3 CIM 2019-INV1 A1 3.84515 02/25/2049 US 12,691.41 $13,055.22
12572Q105 CME GROUP INC US CME 117.99 $19,177.48
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 35,440.57 $36,584.50
12653CAC2 CNX RESOURCES CORP 7.25000 03/14/2027 US 1,512.64 $1,391.63
12654TAA8 CNX MIDSTREAM PTR/CNX 6.50000 03/15/2026 US 1,512.64 $1,391.63
127097103 CABOT OIL & GAS CORP US COG 3,641.44 $62,559.89
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 2,016.86 $1,946.27
133131102 CAMDEN PROPERTY TRUST US CPT 70.59 $6,439.22
133131AZ5 CAMDEN PROPERTY TRUST 2.80000 05/15/2030 US 75,632.18 $81,820.28
136375102 CANADIAN NATIONAL RAILWAY CO CA CNI 132.51 $11,736.20
14180LAA4 CARGO AIRCRAFT MANAGEMENT 4.75000 02/01/2028 US 3,025.29 $2,998.82
143905AN7 CARRIAGE SERVICES INC 6.62500 06/01/2026 US 2,016.86 $2,120.22
149123101 CATERPILLAR INC US CAT 133.31 $16,864.26
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 16,036.76 $15,894.32
15135UAF6 CENOVUS ENERGY INC 6.75000 11/15/2039 CA 2,016.86 $1,963.74
16119P108 CHARTER COMMUNICATIONS INC-A US CHTR 74.62 $38,061.10
16411QAD3 CHENIERE ENERGY PARTNERS 5.62500 10/01/2026 US 4,537.93 $4,515.24
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 18,354.16 $18,434.84
166764100 CHEVRON CORP US CVX 88.24 $7,873.44
17275R102 CISCO SYSTEMS INC US CSCO 742.91 $34,649.31
172967424 CITIGROUP INC US C 383 $19,571.37
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 86,724.89 $99,010.97
191216100 COCA COLA CO/THE US KO 1,171.79 $52,355.78
194162103 COLGATE-PALMOLIVE CO US CL 247.27 $18,114.77
20030N101 COMCAST CORP-CL A US CMCSA 577.22 $22,500.22
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 78,657.46 $87,254.14
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 42,386.61 $44,017.09
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 79.67 $3,258.33
20451NAG6 COMPASS MINERALS INTERNA 6.75000 12/01/2027 US 2,016.86 $2,117.70
20605P101 CONCHO RESOURCES INC US CXO 541.53 $27,888.61
20825C104 CONOCOPHILLIPS US COP 379.17 $15,932.69
217204106 COPART INC US CPRT 237.99 $19,817.36
21870Q105 CORESITE REALTY CORP US COR 14.62 $1,770.17
222795502 COUSINS PROPERTIES INC US CUZ 202.09 $6,028.32
22534GAA1 CAALT 2020-1A 2.01000 02/15/2029 US 44,370.88 $45,111.26
22822V101 CROWN CASTLE INTL CORP US CCI 40.34 $6,750.42
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 82,691.18 $88,644.00
22822VAR2 CROWN CASTLE INTL CORP 3.30000 07/01/2030 US 26,219.15 $28,837.18
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 24,543.19 $25,150.39
247361ZZ4 DELTA AIR LINES INC 7.37500 01/15/2026 US 4,033.72 $3,902.21
25243Q205 DIAGEO PLC-SPONSORED ADR GB DEO 96.71 $12,996.63
253868103 DIGITAL REALTY TRUST INC US DLR 66.35 $9,429.66
254687FW1 WALT DISNEY COMPANY/THE 2.20000 01/13/2028 US 32,269.73 $33,690.56
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 91,767.04 $106,763.60
256746108 DOLLAR TREE STORES INC US DLTR 222.86 $20,654.93
25746UDG1 DOMINION ENERGY 3.37500 04/01/2030 US 50,421.45 $55,656.73
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 4,033.72 $3,973.57
25960P109 DOUGLAS EMMETT INC US DEI 110.93 $3,401.03
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 20,168.58 $20,672.79
26439XAC7 DCP MIDSTREAM OPERATING 8.12500 08/16/2030 US 1,512.64 $1,588.28
264411505 DUKE RLTY INVTS INC US DRE 138.15 $4,889.30
26875P101 EOG RESOURCES INC US EOG 393.29 $19,923.94
26884L109 EQT CORP US EQT 1,458.69 $17,358.44
26884LAG4 EQT CORP 7.00000 02/01/2030 US 2,521.07 $2,596.78
277276101 EASTGROUP PROPERTIES US EGP 16.34 $1,937.68
285512109 ELECTRONIC ARTS US EA 237.99 $31,426.48
291011104 EMERSON ELEC CO US EMR 196.85 $12,210.32
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 86,724.89 $93,943.56
29444U700 EQUINIX INC US EQIX 86.42 $60,694.43
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 109.92 $6,867.72
29476L107 EQUITY RESIDENTIAL US EQR 60 $3,529.29
297178105 ESSEX PROPERTY TRUST INC US ESS 9.68 $2,218.58
30212P303 EXPEDIA INC US EXPE 768.42 $63,164.36
30212PAS4 EXPEDIA GROUP INC 6.25000 05/01/2025 US 36,807.66 $39,210.21
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 156,306.5 $157,597.59
30225T102 EXTRA SPACE STORAGE INC US EXR 15.13 $1,397.23
30231G102 EXXON MOBIL CORP US XOM 339.84 $15,197.67
302491303 FMC CORP US FMC 196.64 $19,589.64
30262DAL5 FREMF 2011-K13 B 4.76773 01/25/2048 US 41,345.59 $41,901.70
30262SAR9 FREMF 2015-K42 B FLT 3.98235 12/25/2024 US 18,151.72 $19,353.53
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 2,016.86 $1,719.37
30287EAE0 FREMF 2014-K41 B FLT 3.96333 11/25/2047 US 70,590.03 $75,852.21
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 1,060,557.29 $2,153.67
30303M102 FACEBOOK INC -A US FB 170.42 $38,698.29
3128M1AM1 FHLM POOL G11912 5.50000 03/01/2021 US 145.48 $146.13
3128M6HZ4 FHLM POOL G04448 5.50000 07/01/2038 US 13,044.98 $14,961.10
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 296.99 $340.85
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 977.16 $1,130.55
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 10,380.31 $12,122.00
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 3,434.9 $3,941.19
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 3,650.41 $3,799.43
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 217.84 $222.61
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 213.59 $220.88
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 41,252.91 $44,586.93
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 7,282.09 $8,342.44
3128MJY87 FHLM POOL FG G08734 4.00000 11/01/2046 US 3,735.33 $4,022.03
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 3,583.02 $3,928.94
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 36,921.93 $41,054.39
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 11,491.07 $12,486.97
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 37,185.03 $39,543.47
3133A6DB4 FEDERAL NATL MTG ASSN FR QB0098 2.50000 06/01/2050 US 102,678.18 $107,052.30
3136AY6W8 FNA 2017-M15 A1 FLT 3.05797 09/25/2027 US 46,979.25 $51,192.34
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 26,473.08 $27,461.86
31371MLB1 FEDERAL NATL MTG ASSN 256022 5.50000 12/01/2035 US 4,383.09 $5,037.30
31371MRU3 FEDERAL NATL MTG ASSN 256199 5.00000 04/01/2021 US 162.25 $170.49
31371NDQ5 FEDERAL NATL MTG ASSN 256711 5.50000 05/01/2037 US 521.26 $597.01
3137A2B34 FHMS K009 X1 FLT 1.35336 08/25/2020 US 32,733.29 $6.70
3137ADTK3 FHMS K014 X1 FLT 1.32363 04/25/2021 US 1,075,201.65 $6,556.69
3137AJMG6 FMHS K016 X1 FLT 1.63485 10/25/2021 US 226,381.13 $3,480.27
3137AUPF0 FHMS K021 x1 FLT 1.54788 06/25/2022 US 1,541,099.94 $33,942.42
3137B3NB0 FHMS K030 X1 FLT 0.28853 04/25/2023 US 2,934,690.14 $13,077.27
3137B4GZ3 FHMS K032 X1 FLT 0.20687 05/25/2023 US 1,724,865.36 $5,389.00
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 27,914.69 $28,509.71
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 18,107.29 $18,406.89
3138A7BL1 FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 18,141.54 $19,665.90
3138AJ4A7 FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 3,055.31 $3,283.35
3138EPLE2 FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 7,880.54 $8,770.86
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64500 01/01/2049 US 52,196.22 $61,136.21
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 47,309.96 $52,056.33
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 4,760.16 $5,469.18
31403DVZ9 FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 805.42 $939.24
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 42,109.09 $45,073.00
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 8,789.53 $9,476.39
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 118.65 $120.88
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 148.65 $151.71
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 737.9 $745.92
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 816.46 $825.83
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 1,405.97 $1,610.48
31410WSY5 FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 562.55 $625.78
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 3,249.1 $3,719.72
31411RHZ4 FEDERAL NATL MTG ASSN 912948 5.00000 05/01/2038 US 432.5 $472.50
31413CCL1 FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 175.68 $195.40
31413MR66 FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 1,629.07 $1,841.98
31413S6R0 FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 1,152.14 $1,340.03
31414CQ50 FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 248.97 $287.82
31414DJ23 FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 747.84 $851.16
31414QX28 FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 409.67 $431.89
31414UF52 FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 2,492.54 $2,624.40
31415ALX7 FEDERAL NATL MTG ASSN 981042 6.00000 04/01/2038 US 459.73 $510.68
31415BBC2 FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 1,291.24 $1,477.19
31415BBT5 FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 502.33 $549.28
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 461.61 $466.61
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 1,318.67 $1,465.77
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 16,596.13 $18,192.73
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 17,860.49 $19,578.90
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 35,595.43 $38,439.01
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 22,412.29 $23,670.60
31418DNN8 FEDERAL NATL MTG ASSN FN MA3996 2.50000 04/01/2050 US 31,015.45 $31,972.32
31418DQ21 FEDERAL NATL MTG ASSN FN MA4072 2.50000 07/01/2040 US 52,942.52 $55,228.42
31418DQG0 FEDERAL NATL MTG ASSN FN MA4054 2.50000 06/01/2040 US 136,189.77 $142,069.81
31418DQZ8 FEDERAL NATL MTG ASSN FN MA4071 2.00000 07/01/2040 US 78,657.46 $80,771.21
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 2,219.34 $2,589.27
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 7,576.58 $8,676.50
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 1,411.79 $1,621.46
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 5,546.36 $5,990.07
316067107 FIDELITY CASH RESERVES US 861.59 $861.59
32054K103 FIRST INDUSTRIAL REALTY TR US FR 94.29 $3,624.44
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 4,033.72 $3,811.86
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 47,396.16 $47,596.13
345370CX6 FORD MOTOR COMPANY 9.62500 04/22/2030 US 5,042.15 $5,971.41
345397XU2 FORD MOTOR CREDIT CO LLC 4.38900 01/08/2026 US 2,016.86 $1,920.41
346232AE1 FORESTAR GROUP INC 5.00000 03/01/2028 US 4,033.72 $3,953.04
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 5,042.15 $4,538.99
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 2,521.07 $2,448.59
357081AE8 FREMF 2015-K720 B FLT 3.50973 07/25/2022 US 10,084.29 $10,408.47
36166LAA5 GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 AE 2,521.07 $2,395.02
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 376.78 $376.79
36257MAA3 GSMS 2019-70P A 1.18475 10/15/2036 US 34,286.59 $33,299.63
36294VKJ8 GNMA POOL 660997 5.50000 05/15/2037 US 2,987.99 $3,311.47
369550108 GENERAL DYNAMICS CORP US GD 71.09 $10,625.75
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 78,657.46 $61,437.77
370334104 GENERAL MLS INC US GIS 221.35 $13,646.24
37185LAL6 GENESIS ENERGY LP/FIN 7.75000 02/01/2028 US 2,016.86 $1,795.00
374297109 GETTY REALTY CORP US GTY 87.23 $2,588.96
375558103 GILEAD SCIENCES INC US GILD 324.71 $24,983.51
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 39,934.24 $41,716.23
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 2,779.23 $38,881.43
4031976 ADIDAS AG DE ADS GR 82.69 $21,801.57
404119BX6 HCA INC 4.12500 06/15/2029 US 59,497.31 $65,630.74
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 907.59 $864.48
418751AB9 HAT HOLDINGS I LLC 6.00000 04/15/2025 US 4,537.93 $4,753.48
421946104 HEALTHCARE REALTY TRUST INC US HR 58.49 $1,713.14
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 53.95 $1,430.78
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 192.11 $5,294.43
427866108 HERSHEY CO/THE US HSY 65.85 $8,535.53
431571AB4 HILLENBRAND INC 4.50000 09/15/2026 US 4,033.72 $4,050.09
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 36.3 $2,666.49
437076102 HOME DEPOT INC US HD 166.59 $41,733.08
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 506.53 $12,947.01
438516106 HONEYWELL INTERNATIONAL INC US HON 151.26 $21,871.31
44107P104 HOST MARRIOTT CORP US HST 119.3 $1,287.22
443201AA6 HOWMET AEROSPACE INC 6.87500 05/01/2025 US 4,033.72 $4,376.02
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 2,521.07 $2,607.29
450913AE8 IAMGOLD CORP 7.00000 04/15/2025 CA 4,537.93 $4,561.57
452308109 ILLINOIS TOOL WKS INC US ITW 86.02 $15,040.42
45337C102 INCYTE CORP US INCY 140.17 $14,573.64
45569LAA9 INDIGO NATURAL RES LLC 6.87500 02/15/2026 US 3,025.29 $2,813.52
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 2,016.86 $1,820.21
45778Q107 INSPERITY INC US NSP 171.43 $11,096.85
458140100 INTEL CORP US INTC 606.07 $36,260.92
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 215.8 $19,767.63
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 187.97 $22,701.28
46116VAE5 INTL FC STORE INC 8.62500 06/15/2025 US 5,042.15 $5,265.92
46187BAA1 IHSFR 2017-SFR2 A 1.04388 12/17/2036 US 14,717.36 $14,535.88
46187BAB9 IHSFR 2017-SFR2 B 1.34388 12/17/2036 US 12,101.15 $12,048.17
46187W107 INVITATION HOMES INC US INVH 323.3 $8,900.51
46284VAL5 IRON MOUNTAIN INC 5.62500 07/15/2032 US 2,521.07 $2,515.78
465410BX5 ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 20,168.58 $20,419.89
46625H100 JP MORGAN CHASE & CO US JPM 348.31 $32,762.17
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 2,243.84 $2,241.52
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 17,958.35 $18,438.06
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 20,728.53 $21,684.48
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 24,088.45 $24,718.56
46647PBP0 JPMORGAN CHASE & CO 2.95600 05/13/2031 US 87,733.32 $93,048.52
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 19,527.11 $19,758.50
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 17,135.63 $17,396.79
476405105 JERNIGAN CAPITAL INC US JCAP 171.43 $2,345.20
478160104 JOHNSON & JOHNSON US JNJ 670.2 $94,250.50
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 2,521.07 $308.83
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 3,025.29 $3,221.93
49271VAJ9 KEURIG DR PEPPER INC 3.20000 05/01/2030 US 76,640.6 $85,260.98
49427F108 KILROY REALTY CORP US KRC 86.93 $5,102.59
494368103 KIMBERLY CLARK CORP US KMB 90.05 $12,728.95
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 63,531.03 $85,141.81
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 3,529.5 $3,591.27
505742AG1 LADDER CAP FIN LLLP/CORP 5.25000 10/01/2025 US 3,529.5 $3,043.14
512816109 LAMAR ADVERTISING CO-A US LAMR 24.71 $1,649.41
516806AG1 LAREDO PETROLEUM INC 10.12500 01/15/2028 US 2,016.86 $1,391.63
53223X107 LIFE STORAGE INC US LSI 13.61 $1,292.63
532457108 ELI LILLY & CO US LLY 127.77 $20,976.94
539473AE8 LLOYDS BANK PLC 12.00000 12/16/2024 GB 10,084.29 $11,635.25
539830109 LOCKHEED MARTIN CORP US LMT 65.04 $23,735.74
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 4,537.93 $431.10
550021109 LULULEMON - ADR CA LULU 68.57 $21,395.52
552697AQ7 MDC PARTNERS INC 6.50000 05/01/2024 CA 3,025.29 $2,813.52
573284106 MARTIN MARIETTA MATERIALS US MLM 49.41 $10,207.25
57636Q104 MASTERCARD INC-CLASS A US MA 280.34 $82,897.50
58933Y105 MERCK & CO INC US MRK 429.89 $33,243.65
59001KAG5 MERITOR INC 6.25000 06/01/2025 US 2,016.86 $2,037.03
594918104 MICROSOFT CORP US MSFT 205.72 $41,865.98
595112103 MICRON TECHNOLOGY INC US MU 1,057.84 $54,500.02
59522J103 MID-AMERICA APARTMENT COMM US MAA 42.35 $4,856.74
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 1,090.62 $55,763.19
615369105 MOODY'S CORPORATION US MCO 60.51 $16,622.74
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 2,521.07 $1,260.54
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 1,008.43 $559.68
62913TAJ1 NGL ENRGY PART LP/FIN CO 7.50000 11/01/2023 US 2,016.86 $1,673.99
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 3,529.5 $3,366.26
63938NAF1 NAVIOS SA LOGIST/FIN US 10.75000 07/01/2025 MH 1,512.64 $1,561.80
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 17,931.19 $18,046.82
63941RAB6 NAVSL 2019-2A A2 1.18450 02/27/2068 US 100,842.9 $101,417.18
64033QAB5 NSLT 2015-2A A2 0.78450 09/25/2047 US 73,551.2 $70,669.58
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 24,391.21 $26,033.41
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 30,146.66 $32,327.54
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 39,647.5 $42,138.03
654106AJ2 NIKE INC 2.75000 03/27/2027 US 20,168.58 $22,216.96
6642321 NIKON CORP JP 7731 JP 2,309.3 $19,394.27
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 13,613.79 $139.54
66987V109 NOVARTIS AG- REG CH NVS 708.93 $61,917.56
67401PAB4 OAKTREE SPECIALTY LEND 3.50000 02/25/2025 US 2,016.86 $1,970.42
674599EA9 OCCIDENTAL PETROLEUM COR 8.87500 07/15/2030 US 1,512.64 $1,510.75
675232AB8 OCEANEERING INTL INC 6.00000 02/01/2028 US 4,537.93 $3,176.55
68389X105 ORACLE CORP US ORCL 393.09 $21,725.84
69318FAH1 PBF HOLDING CO LLC 6.00000 02/15/2028 US 2,016.86 $1,673.99
69327RAJ0 PDC ENERGY INC 5.75000 05/15/2026 US 2,016.86 $1,835.34
693475105 PNC FINANCIAL SERVICES GROUP US PNC 81.48 $8,572.62
70450Y103 PAYPAL HOLDINGS INC US PYPL 246.06 $42,870.45
7123870 NESTLE SA-REGISTERED CH NESN SW 381.19 $42,262.35
713448108 PEPSICO INC US PEP 158.32 $20,939.85
717081103 PFIZER INC US PFE 965.47 $31,570.87
717081EW9 PFIZER INC 2.62500 04/01/2030 US 22,185.44 $24,439.92
719245AD4 PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 US 3,529.5 $3,330.97
71943U104 PHYSICIANS REALTY TRUST US DOC 107.4 $1,881.61
71953LAA9 PICASSO FINANCE SUB INC 6.12500 06/15/2025 US 3,529.5 $3,608.92
723787107 PIONEER NATURAL RESOURCES CO US PXD 309.08 $30,197.46
73179PAM8 POLYONE CORP 5.75000 05/15/2025 US 2,521.07 $2,593.55
733174AK2 POPULAR INC 6.12500 09/14/2023 PR 2,016.86 $2,037.03
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 117,986.19 $129,480.32
74166MAE6 PRIME SECSRVC BRW/FINANC 6.25000 01/15/2028 US 4,033.72 $3,801.78
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 30,196.66 $30,325.32
74340W103 PROLOGIS US PLD 215 $20,065.68
74460D109 PUBLIC STORAGE INC US PSA 33.78 $6,482.50
747525103 QUALCOMM INC US QCOM 185.15 $16,887.31
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 6,554.79 $6,161.50
75513E101 RAYTHEON TECHNOLOGIES CORP US RTX 315.64 $19,449.63
756109104 REALTY INCOME CORP US O 30.76 $1,830.05
758849103 REGENCY CENTERS CORP US REG 39.83 $1,827.93
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 115.97 $4,804.61
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 249.08 $7,584.55
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 424.55 $28,164.55
78409V104 S&P GLOBAL INC US SPGI 42.35 $13,954.80
78410G104 SBA COMMUNICATIONS CORP US SBAC 96.81 $28,841.39
78442PGC4 SLM CORP 5.12500 04/05/2022 US 4,537.93 $4,492.55
78443BAG1 SLMA 2006-10 A6 FLT 1.14138 03/25/2044 US 13,109.58 $12,229.32
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 63,678.13 $65,277.51
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 91,767.04 $107,826.27
79466L302 SALESFORCE.COM US CRM 166.39 $31,169.99
806857108 SCHLUMBERGER LTD NL SLB 513.29 $9,439.41
808625AA5 SCIENCE APPLICATIONS INT 4.87500 04/01/2028 US 2,521.07 $2,506.10
81745BAB1 SEMT 2013-6 A2 3.00000 05/25/2043 US 34,320.13 $35,892.30
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 22,499.04 $23,337.15
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 30,427.6 $31,759.82
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 23,010.92 $23,179.83
81762P102 SERVICENOW INC US NOW 53.45 $21,649.14
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 17,829.47 $17,995.96
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 6,538.77 $6,631.70
83404RAB4 SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 25,210.73 $26,066.18
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 18,991.73 $19,240.92
844741BJ6 SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 70,590.03 $74,518.29
85172FAN9 SPRINGLEAF FINANCE CORP 7.12500 03/15/2026 US 4,537.93 $4,696.71
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 3,025.29 $3,415.97
85254J102 STAG INDUSTRIAL INC US STAG 81.18 $2,380.15
85571BAL9 STARWOOD PROPERTY TRUST 4.75000 03/15/2025 US 4,033.72 $3,670.68
85571BAP0 STARWOOD PROPERTY TRUST 3.62500 02/01/2021 US 2,016.86 $1,981.56
85571XAA5 SRPT 2014-STAR A FLTG RATE 1.65475 11/15/2027 US 89,381.26 $68,280.86
862121100 STORE CAPITAL CORP US STOR 69.58 $1,656.74
86212XAA8 STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 29,889.64 $29,927.51
866674104 SUN COMMUNITIES US SUI 64.54 $8,756.71
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 116.47 $949.26
87105L104 SWITCH INC - A US SWCH 121.01 $2,156.42
872540AR0 TJX COS INC 3.50000 04/15/2025 US 50,421.45 $56,126.72
87422VAJ7 TALEN ENERGY SUPPLY LLC 7.62500 06/01/2028 US 3,529.5 $3,529.50
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 10,313.65 $10,339.66
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 1,512.64 $336.56
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 78,657.46 $88,163.63
88146M101 TERRENO REALTY CORP US TRNO 35.8 $1,884.47
882508104 TEXAS INSTRUMENTS INC US TXN 200.37 $25,441.59
883556102 THERMO FISHER SCIENTIFIC INC US TMO 58.49 $21,192.86
88579Y101 3M CO US MMM 129.99 $20,276.59
89151E109 TOTAL S A SPONSORED ADR FR TOT 874.41 $33,629.76
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 57,543.7 $58,527.60
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 26,357.97 $26,969.74
89177EAA7 TPMT 2019-HY1 A1 1.18450 10/25/2048 US 23,751.67 $23,640.13
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 3,529.5 $3,035.37
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 77,949.86 $78,286.78
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 50,197.7 $52,171.92
89832Q109 TRUIST FINANCIAL CORP US TFC 356.98 $13,404.74
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 6,554.79 $6,243.44
902653104 UDR INC US UDR 61.31 $2,291.86
902973304 U.S. BANCORP US USB 372.51 $13,715.95
904767704 UNILEVER PLC - ADR GB UL 1,624.18 $89,134.77
907818108 UNION PAC CORP US UNP 144.1 $24,363.75
912796SZ3 TREASURY BILL 0.00000 07/16/2020 US 80,674.32 $80,670.03
912810FS2 TSY INFL IX N/B 2.00000 01/15/2026 US 271,606.37 $315,639.17
9128286N5 TSY INFL IX N/B 0.50000 04/15/2024 US 196,418.5 $206,430.97
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 191,601.51 $205,335.45
912828WJ5 US TREASURY N/B 2.50000 05/15/2024 US 190,593.08 $207,366.76
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 189,584.65 $206,439.91
912828YN4 US TREASURY FRN FLT 0.45006 10/31/2021 US 210,559.98 $211,228.02
912828ZJ2 TSY INFL IX N/B 0.12500 04/15/2025 US 203,196.23 $212,870.18
91704F104 URBAN EDGE PROPERTIES US UE 143.7 $1,705.73
91823AAN1 VBTOW 2020-1A C2 3.03100 06/15/2050 US 15,126.44 $15,353.99
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 99,834.47 $133,654.54
92826C839 VISA INC - CLASS A SHARES US V 408.41 $78,893.28
92826CAK8 VISA INC 2.70000 04/15/2040 US 83,699.61 $89,561.29
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 2,521.07 $2,268.97
92840VAG7 VISTRA OPERATIONS CO LLC 3.70000 01/30/2027 US 2,521.07 $2,596.27
928668BE1 VOLKSWAGEN GROUP AMERICA 3.35000 05/13/2025 US 50,421.45 $53,811.58
929160109 VULCAN MATERIALS CO US VMC 167.4 $19,393.20
93065PAA9 WBHT 2019-WBM A FLT 1.23475 12/15/2033 US 39,328.73 $36,767.40
931142103 WAL MART STORES US WMT 289.62 $34,690.78
94106L109 WASTE MANAGEMENT INC US WM 118.99 $12,602.72
949746101 WELLS FARGO COMPANY US WFC 790.61 $20,239.57
95040Q104 WELLTOWER INC. US WELL 93.08 $4,816.79
95081QAP9 WESCO DISTRIBUTION INC 7.25000 06/15/2028 US 2,521.07 $2,666.03
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 4,033.72 $4,142.67
966387AH5 WHITING PETROLEUM CORP 5.75000 03/15/2021 US 13,109.58 $2,523.59
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 70,590.03 $75,574.66
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 5,609.39 $5,618.83
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 27,553.97 $28,370.39
98212BAM5 WPX ENERGY 5.87500 06/15/2028 US 1,008.43 $969.05
98311A105 WYNDHAM HOTELS & RESORTS INC US WH 92.27 $3,932.60
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 40,337.16 $1,783.09
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 14,118.01 $10,892.16
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 110,927.19 $4,989.40
B63QM77 NEXON CO LTD JP 3659 JP 2,874.02 $64,827.69
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 35,295.02 $1,735.31
BBG00V0BGWX2 EOG US 07/02/20 P46 US -3.43 -$17.14
BBG00V0C53Z4 EXPE US 07/02/20 P76.5 US -2.02 -$80.67
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 1,443.57 $1,822.50
BJVB695 BUONI POLIENNALI DEL TES 2.45000 09/01/2050 IT 18,151.72 $21,411.89
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 754.3 $48,334.28
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 404.38 $19,934.40
G1151C101 ACCENTURE PLC - CL A IE ACN 92.47 $19,855.79
G29183103 EATON CORP PLC US ETN 126.56 $11,071.28
G5494J103 LINDE PLC GB LIN 82.39 $17,475.46
G5960L103 MEDTRONIC INC IE MDT 481.12 $44,118.84
H01301128 ALCON INC CH ALC 355.98 $20,404.51
H1467J104 CHUBB LTD CH CB 101.25 $12,819.80
USD US DOLLAR US 134,008.46 $134,008.46

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Moderate Term CIT Fund and Manning & Napier Pro-Mix® Conservative 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 45 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

$15.63

Daily $ Change

-$0.03

Daily % Change

-0.19%

as of 07/09/2020

CUSIP

302027685

Inception Date

08/03/2012

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 preservation and manage risk for investors who have already reached their target date.

Investment Strategy

The portfolio is invested in a conservative mix of investments that seeks preservation of capital, with income and long-term capital growth as secondary objectives. The portfolio is diversified primarily among fixed income securities, typically focusing on short to intermediate term maturities. A position in various stock investments, which may be focused on dividend paying stocks, adds potential for growth opportunities and income generation. For the most part, this approach favors stability over growth Stock exposure can range from 15% - 45%.

May be Appropriate for Investors

  • Who may have stopped contributions and started periodic withdrawals around the year 2015
  • Who currently have a moderately low tolerance for risk and are looking to minimize extreme declines in 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 06/30/2020

YTD

2.72%

1 Year

7.11%

3 Year

5.93%

5 Year

4.66%

10 Year

6.58%

Inception
(01/01/2000)

6.40%

US Stock Market Cycle (04/01/2000 - 06/30/2020)

6.34%

Performance through the inception date of the Retirement Target CIT Class I Units 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. The Retirement Target CIT Fund will gradually become more conservative over time. Returns are net of the Class I expenses. 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 0.73%
Net 0.69%*

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

Top Ten Investments

As of 06/30/2020

GOVERNMENT AGENCY 8.98%
TREASURY NOTES 7.80%
TSY INFL IX N/B 2.00000 01/15/2026 2.96%
TSY INFL IX N/B 0.12500 04/15/2025 2.00%
TSY INFL IX N/B 0.50000 04/15/2024 1.94%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 1.48%
VERIZON COMMUNICATIONS 5.25000 03/16/2037 1.25%
BOOKING HOLDINGS INC 3.60000 06/01/2026 1.22%
ALIBABA GROUP HOLDING 3.40000 12/06/2027 1.18%
AMERICAN TOWER CORP 3.80000 08/15/2029 1.11%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 06/30/2020

Bonds
68.39%
Stocks
30.36%
Cash
1.25%

Detailed Asset Class Allocation

As of 06/30/2020

International Equities
6.31%
Small Capitalization
0.39%
Mid Capitalization
1.94%
Large Capitalization
21.71%
Long Term Fixed Income
20.37%
Intermediate Term Fixed Income
42.26%
Short Term Fixed Income
5.77%
Cash
1.25%

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

June Fund Holdings

As of 06/30/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 31,261.3 $35,611.05
00287Y109 ABBVIE INC US ABBV 296.98 $29,157.73
00507V109 ACTIVISION INC US ATVI 542.53 $41,178.39
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 97,817.61 $93,982.53
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 1,512.64 $1,482.39
008492100 AGREE REALTY CORP US ADC 50.42 $3,313.19
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 40,337.16 $39,562.65
00914AAB8 AIR LEASE CORP 3.75000 06/01/2026 US 30,252.87 $30,529.43
01166WAA5 ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 2,521.07 $2,552.59
013822AC5 ALCOA NEDERLAND HOLDING 6.12500 05/15/2028 NL 3,529.5 $3,615.55
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 18.15 $2,945.12
01609W102 ALIBABA GROUP - ADR CN BABA 182.02 $39,262.02
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 112,944.05 $125,476.00
02079K305 ALPHABET INC-CL A US GOOGL 29.24 $41,470.08
023135106 AMAZON.COM INC US AMZN 23.19 $63,987.70
0237400 DIAGEO PLC GB DGE LN 590.94 $19,641.20
02406PBA7 AMERICAN AXLE & MFG INC 6.87500 07/01/2028 US 2,521.07 $2,495.86
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 142.39 $4,977.96
02665T306 AMERICAN HOMES 4 RENT- A US AMH 220.85 $5,940.76
03027X100 AMERICAN TOWER REIT INC US AMT 97.82 $25,289.77
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 104,876.62 $118,696.73
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 845.31 $846.03
03064D108 AMERICOLD REALTY TRUST US COLD 159.84 $5,802.05
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 5,042.15 $3,983.29
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 4,537.93 $3,584.97
03748R754 APARTMENT INVT & MGMT CO -A US AIV 99.73 $3,753.97
053015103 AUTOMATIC DATA PROCESSING US ADP 75.93 $11,305.92
053484101 AVALONBAY COMMUNITIES INC US AVB 46.89 $7,251.37
05401AAJ0 AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 KY 42,354.02 $34,210.44
060505104 BANK OF AMERICA CORP US BAC 1,276.17 $30,308.96
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 49,413.02 $54,569.52
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 227.91 $40,683.31
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 235.97 $29,104.83
09857L108 BOOKING HOLDINGS INC US BKNG 12.1 $19,269.14
101121101 BOSTON PROPERTIES INC US BXP 16.34 $1,476.50
105368203 BRANDYWINE REALTY TRUST US BDN 260.17 $2,833.30
110122108 BRISTOL MYERS SQUIBB CO US BMY 456.72 $26,854.99
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 13,109.58 $262.19
12503M108 CBOE GLOBAL MARKETS INC US CBOE 338.83 $31,606.26
12555DAA3 CIM 2019-INV1 A1 3.84515 02/25/2049 US 12,691.41 $13,055.22
12572Q105 CME GROUP INC US CME 117.99 $19,177.48
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 35,440.57 $36,584.50
12653CAC2 CNX RESOURCES CORP 7.25000 03/14/2027 US 1,512.64 $1,391.63
12654TAA8 CNX MIDSTREAM PTR/CNX 6.50000 03/15/2026 US 1,512.64 $1,391.63
127097103 CABOT OIL & GAS CORP US COG 3,641.44 $62,559.89
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 2,016.86 $1,946.27
133131102 CAMDEN PROPERTY TRUST US CPT 70.59 $6,439.22
133131AZ5 CAMDEN PROPERTY TRUST 2.80000 05/15/2030 US 75,632.18 $81,820.28
136375102 CANADIAN NATIONAL RAILWAY CO CA CNI 132.51 $11,736.20
14180LAA4 CARGO AIRCRAFT MANAGEMENT 4.75000 02/01/2028 US 3,025.29 $2,998.82
143905AN7 CARRIAGE SERVICES INC 6.62500 06/01/2026 US 2,016.86 $2,120.22
149123101 CATERPILLAR INC US CAT 133.31 $16,864.26
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 16,036.76 $15,894.32
15135UAF6 CENOVUS ENERGY INC 6.75000 11/15/2039 CA 2,016.86 $1,963.74
16119P108 CHARTER COMMUNICATIONS INC-A US CHTR 74.62 $38,061.10
16411QAD3 CHENIERE ENERGY PARTNERS 5.62500 10/01/2026 US 4,537.93 $4,515.24
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 18,354.16 $18,434.84
166764100 CHEVRON CORP US CVX 88.24 $7,873.44
17275R102 CISCO SYSTEMS INC US CSCO 742.91 $34,649.31
172967424 CITIGROUP INC US C 383 $19,571.37
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 86,724.89 $99,010.97
191216100 COCA COLA CO/THE US KO 1,171.79 $52,355.78
194162103 COLGATE-PALMOLIVE CO US CL 247.27 $18,114.77
20030N101 COMCAST CORP-CL A US CMCSA 577.22 $22,500.22
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 78,657.46 $87,254.14
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 42,386.61 $44,017.09
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 79.67 $3,258.33
20451NAG6 COMPASS MINERALS INTERNA 6.75000 12/01/2027 US 2,016.86 $2,117.70
20605P101 CONCHO RESOURCES INC US CXO 541.53 $27,888.61
20825C104 CONOCOPHILLIPS US COP 379.17 $15,932.69
217204106 COPART INC US CPRT 237.99 $19,817.36
21870Q105 CORESITE REALTY CORP US COR 14.62 $1,770.17
222795502 COUSINS PROPERTIES INC US CUZ 202.09 $6,028.32
22534GAA1 CAALT 2020-1A 2.01000 02/15/2029 US 44,370.88 $45,111.26
22822V101 CROWN CASTLE INTL CORP US CCI 40.34 $6,750.42
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 82,691.18 $88,644.00
22822VAR2 CROWN CASTLE INTL CORP 3.30000 07/01/2030 US 26,219.15 $28,837.18
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 24,543.19 $25,150.39
247361ZZ4 DELTA AIR LINES INC 7.37500 01/15/2026 US 4,033.72 $3,902.21
25243Q205 DIAGEO PLC-SPONSORED ADR GB DEO 96.71 $12,996.63
253868103 DIGITAL REALTY TRUST INC US DLR 66.35 $9,429.66
254687FW1 WALT DISNEY COMPANY/THE 2.20000 01/13/2028 US 32,269.73 $33,690.56
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 91,767.04 $106,763.60
256746108 DOLLAR TREE STORES INC US DLTR 222.86 $20,654.93
25746UDG1 DOMINION ENERGY 3.37500 04/01/2030 US 50,421.45 $55,656.73
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 4,033.72 $3,973.57
25960P109 DOUGLAS EMMETT INC US DEI 110.93 $3,401.03
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 20,168.58 $20,672.79
26439XAC7 DCP MIDSTREAM OPERATING 8.12500 08/16/2030 US 1,512.64 $1,588.28
264411505 DUKE RLTY INVTS INC US DRE 138.15 $4,889.30
26875P101 EOG RESOURCES INC US EOG 393.29 $19,923.94
26884L109 EQT CORP US EQT 1,458.69 $17,358.44
26884LAG4 EQT CORP 7.00000 02/01/2030 US 2,521.07 $2,596.78
277276101 EASTGROUP PROPERTIES US EGP 16.34 $1,937.68
285512109 ELECTRONIC ARTS US EA 237.99 $31,426.48
291011104 EMERSON ELEC CO US EMR 196.85 $12,210.32
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 86,724.89 $93,943.56
29444U700 EQUINIX INC US EQIX 86.42 $60,694.43
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 109.92 $6,867.72
29476L107 EQUITY RESIDENTIAL US EQR 60 $3,529.29
297178105 ESSEX PROPERTY TRUST INC US ESS 9.68 $2,218.58
30212P303 EXPEDIA INC US EXPE 768.42 $63,164.36
30212PAS4 EXPEDIA GROUP INC 6.25000 05/01/2025 US 36,807.66 $39,210.21
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 156,306.5 $157,597.59
30225T102 EXTRA SPACE STORAGE INC US EXR 15.13 $1,397.23
30231G102 EXXON MOBIL CORP US XOM 339.84 $15,197.67
302491303 FMC CORP US FMC 196.64 $19,589.64
30262DAL5 FREMF 2011-K13 B 4.76773 01/25/2048 US 41,345.59 $41,901.70
30262SAR9 FREMF 2015-K42 B FLT 3.98235 12/25/2024 US 18,151.72 $19,353.53
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 2,016.86 $1,719.37
30287EAE0 FREMF 2014-K41 B FLT 3.96333 11/25/2047 US 70,590.03 $75,852.21
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 1,060,557.29 $2,153.67
30303M102 FACEBOOK INC -A US FB 170.42 $38,698.29
3128M1AM1 FHLM POOL G11912 5.50000 03/01/2021 US 145.48 $146.13
3128M6HZ4 FHLM POOL G04448 5.50000 07/01/2038 US 13,044.98 $14,961.10
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 296.99 $340.85
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 977.16 $1,130.55
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 10,380.31 $12,122.00
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 3,434.9 $3,941.19
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 3,650.41 $3,799.43
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 217.84 $222.61
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 213.59 $220.88
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 41,252.91 $44,586.93
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 7,282.09 $8,342.44
3128MJY87 FHLM POOL FG G08734 4.00000 11/01/2046 US 3,735.33 $4,022.03
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 3,583.02 $3,928.94
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 36,921.93 $41,054.39
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 11,491.07 $12,486.97
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 37,185.03 $39,543.47
3133A6DB4 FEDERAL NATL MTG ASSN FR QB0098 2.50000 06/01/2050 US 102,678.18 $107,052.30
3136AY6W8 FNA 2017-M15 A1 FLT 3.05797 09/25/2027 US 46,979.25 $51,192.34
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 26,473.08 $27,461.86
31371MLB1 FEDERAL NATL MTG ASSN 256022 5.50000 12/01/2035 US 4,383.09 $5,037.30
31371MRU3 FEDERAL NATL MTG ASSN 256199 5.00000 04/01/2021 US 162.25 $170.49
31371NDQ5 FEDERAL NATL MTG ASSN 256711 5.50000 05/01/2037 US 521.26 $597.01
3137A2B34 FHMS K009 X1 FLT 1.35336 08/25/2020 US 32,733.29 $6.70
3137ADTK3 FHMS K014 X1 FLT 1.32363 04/25/2021 US 1,075,201.65 $6,556.69
3137AJMG6 FMHS K016 X1 FLT 1.63485 10/25/2021 US 226,381.13 $3,480.27
3137AUPF0 FHMS K021 x1 FLT 1.54788 06/25/2022 US 1,541,099.94 $33,942.42
3137B3NB0 FHMS K030 X1 FLT 0.28853 04/25/2023 US 2,934,690.14 $13,077.27
3137B4GZ3 FHMS K032 X1 FLT 0.20687 05/25/2023 US 1,724,865.36 $5,389.00
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 27,914.69 $28,509.71
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 18,107.29 $18,406.89
3138A7BL1 FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 18,141.54 $19,665.90
3138AJ4A7 FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 3,055.31 $3,283.35
3138EPLE2 FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 7,880.54 $8,770.86
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64500 01/01/2049 US 52,196.22 $61,136.21
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 47,309.96 $52,056.33
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 4,760.16 $5,469.18
31403DVZ9 FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 805.42 $939.24
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 42,109.09 $45,073.00
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 8,789.53 $9,476.39
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 118.65 $120.88
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 148.65 $151.71
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 737.9 $745.92
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 816.46 $825.83
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 1,405.97 $1,610.48
31410WSY5 FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 562.55 $625.78
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 3,249.1 $3,719.72
31411RHZ4 FEDERAL NATL MTG ASSN 912948 5.00000 05/01/2038 US 432.5 $472.50
31413CCL1 FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 175.68 $195.40
31413MR66 FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 1,629.07 $1,841.98
31413S6R0 FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 1,152.14 $1,340.03
31414CQ50 FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 248.97 $287.82
31414DJ23 FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 747.84 $851.16
31414QX28 FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 409.67 $431.89
31414UF52 FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 2,492.54 $2,624.40
31415ALX7 FEDERAL NATL MTG ASSN 981042 6.00000 04/01/2038 US 459.73 $510.68
31415BBC2 FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 1,291.24 $1,477.19
31415BBT5 FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 502.33 $549.28
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 461.61 $466.61
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 1,318.67 $1,465.77
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 16,596.13 $18,192.73
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 17,860.49 $19,578.90
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 35,595.43 $38,439.01
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 22,412.29 $23,670.60
31418DNN8 FEDERAL NATL MTG ASSN FN MA3996 2.50000 04/01/2050 US 31,015.45 $31,972.32
31418DQ21 FEDERAL NATL MTG ASSN FN MA4072 2.50000 07/01/2040 US 52,942.52 $55,228.42
31418DQG0 FEDERAL NATL MTG ASSN FN MA4054 2.50000 06/01/2040 US 136,189.77 $142,069.81
31418DQZ8 FEDERAL NATL MTG ASSN FN MA4071 2.00000 07/01/2040 US 78,657.46 $80,771.21
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 2,219.34 $2,589.27
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 7,576.58 $8,676.50
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 1,411.79 $1,621.46
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 5,546.36 $5,990.07
316067107 FIDELITY CASH RESERVES US 861.59 $861.59
32054K103 FIRST INDUSTRIAL REALTY TR US FR 94.29 $3,624.44
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 4,033.72 $3,811.86
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 47,396.16 $47,596.13
345370CX6 FORD MOTOR COMPANY 9.62500 04/22/2030 US 5,042.15 $5,971.41
345397XU2 FORD MOTOR CREDIT CO LLC 4.38900 01/08/2026 US 2,016.86 $1,920.41
346232AE1 FORESTAR GROUP INC 5.00000 03/01/2028 US 4,033.72 $3,953.04
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 5,042.15 $4,538.99
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 2,521.07 $2,448.59
357081AE8 FREMF 2015-K720 B FLT 3.50973 07/25/2022 US 10,084.29 $10,408.47
36166LAA5 GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 AE 2,521.07 $2,395.02
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 376.78 $376.79
36257MAA3 GSMS 2019-70P A 1.18475 10/15/2036 US 34,286.59 $33,299.63
36294VKJ8 GNMA POOL 660997 5.50000 05/15/2037 US 2,987.99 $3,311.47
369550108 GENERAL DYNAMICS CORP US GD 71.09 $10,625.75
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 78,657.46 $61,437.77
370334104 GENERAL MLS INC US GIS 221.35 $13,646.24
37185LAL6 GENESIS ENERGY LP/FIN 7.75000 02/01/2028 US 2,016.86 $1,795.00
374297109 GETTY REALTY CORP US GTY 87.23 $2,588.96
375558103 GILEAD SCIENCES INC US GILD 324.71 $24,983.51
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 39,934.24 $41,716.23
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 2,779.23 $38,881.43
4031976 ADIDAS AG DE ADS GR 82.69 $21,801.57
404119BX6 HCA INC 4.12500 06/15/2029 US 59,497.31 $65,630.74
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 907.59 $864.48
418751AB9 HAT HOLDINGS I LLC 6.00000 04/15/2025 US 4,537.93 $4,753.48
421946104 HEALTHCARE REALTY TRUST INC US HR 58.49 $1,713.14
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 53.95 $1,430.78
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 192.11 $5,294.43
427866108 HERSHEY CO/THE US HSY 65.85 $8,535.53
431571AB4 HILLENBRAND INC 4.50000 09/15/2026 US 4,033.72 $4,050.09
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 36.3 $2,666.49
437076102 HOME DEPOT INC US HD 166.59 $41,733.08
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 506.53 $12,947.01
438516106 HONEYWELL INTERNATIONAL INC US HON 151.26 $21,871.31
44107P104 HOST MARRIOTT CORP US HST 119.3 $1,287.22
443201AA6 HOWMET AEROSPACE INC 6.87500 05/01/2025 US 4,033.72 $4,376.02
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 2,521.07 $2,607.29
450913AE8 IAMGOLD CORP 7.00000 04/15/2025 CA 4,537.93 $4,561.57
452308109 ILLINOIS TOOL WKS INC US ITW 86.02 $15,040.42
45337C102 INCYTE CORP US INCY 140.17 $14,573.64
45569LAA9 INDIGO NATURAL RES LLC 6.87500 02/15/2026 US 3,025.29 $2,813.52
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 2,016.86 $1,820.21
45778Q107 INSPERITY INC US NSP 171.43 $11,096.85
458140100 INTEL CORP US INTC 606.07 $36,260.92
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 215.8 $19,767.63
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 187.97 $22,701.28
46116VAE5 INTL FC STORE INC 8.62500 06/15/2025 US 5,042.15 $5,265.92
46187BAA1 IHSFR 2017-SFR2 A 1.04388 12/17/2036 US 14,717.36 $14,535.88
46187BAB9 IHSFR 2017-SFR2 B 1.34388 12/17/2036 US 12,101.15 $12,048.17
46187W107 INVITATION HOMES INC US INVH 323.3 $8,900.51
46284VAL5 IRON MOUNTAIN INC 5.62500 07/15/2032 US 2,521.07 $2,515.78
465410BX5 ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 20,168.58 $20,419.89
46625H100 JP MORGAN CHASE & CO US JPM 348.31 $32,762.17
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 2,243.84 $2,241.52
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 17,958.35 $18,438.06
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 20,728.53 $21,684.48
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 24,088.45 $24,718.56
46647PBP0 JPMORGAN CHASE & CO 2.95600 05/13/2031 US 87,733.32 $93,048.52
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 19,527.11 $19,758.50
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 17,135.63 $17,396.79
476405105 JERNIGAN CAPITAL INC US JCAP 171.43 $2,345.20
478160104 JOHNSON & JOHNSON US JNJ 670.2 $94,250.50
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 2,521.07 $308.83
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 3,025.29 $3,221.93
49271VAJ9 KEURIG DR PEPPER INC 3.20000 05/01/2030 US 76,640.6 $85,260.98
49427F108 KILROY REALTY CORP US KRC 86.93 $5,102.59
494368103 KIMBERLY CLARK CORP US KMB 90.05 $12,728.95
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 63,531.03 $85,141.81
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 3,529.5 $3,591.27
505742AG1 LADDER CAP FIN LLLP/CORP 5.25000 10/01/2025 US 3,529.5 $3,043.14
512816109 LAMAR ADVERTISING CO-A US LAMR 24.71 $1,649.41
516806AG1 LAREDO PETROLEUM INC 10.12500 01/15/2028 US 2,016.86 $1,391.63
53223X107 LIFE STORAGE INC US LSI 13.61 $1,292.63
532457108 ELI LILLY & CO US LLY 127.77 $20,976.94
539473AE8 LLOYDS BANK PLC 12.00000 12/16/2024 GB 10,084.29 $11,635.25
539830109 LOCKHEED MARTIN CORP US LMT 65.04 $23,735.74
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 4,537.93 $431.10
550021109 LULULEMON - ADR CA LULU 68.57 $21,395.52
552697AQ7 MDC PARTNERS INC 6.50000 05/01/2024 CA 3,025.29 $2,813.52
573284106 MARTIN MARIETTA MATERIALS US MLM 49.41 $10,207.25
57636Q104 MASTERCARD INC-CLASS A US MA 280.34 $82,897.50
58933Y105 MERCK & CO INC US MRK 429.89 $33,243.65
59001KAG5 MERITOR INC 6.25000 06/01/2025 US 2,016.86 $2,037.03
594918104 MICROSOFT CORP US MSFT 205.72 $41,865.98
595112103 MICRON TECHNOLOGY INC US MU 1,057.84 $54,500.02
59522J103 MID-AMERICA APARTMENT COMM US MAA 42.35 $4,856.74
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 1,090.62 $55,763.19
615369105 MOODY'S CORPORATION US MCO 60.51 $16,622.74
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 2,521.07 $1,260.54
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 1,008.43 $559.68
62913TAJ1 NGL ENRGY PART LP/FIN CO 7.50000 11/01/2023 US 2,016.86 $1,673.99
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 3,529.5 $3,366.26
63938NAF1 NAVIOS SA LOGIST/FIN US 10.75000 07/01/2025 MH 1,512.64 $1,561.80
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 17,931.19 $18,046.82
63941RAB6 NAVSL 2019-2A A2 1.18450 02/27/2068 US 100,842.9 $101,417.18
64033QAB5 NSLT 2015-2A A2 0.78450 09/25/2047 US 73,551.2 $70,669.58
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 24,391.21 $26,033.41
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 30,146.66 $32,327.54
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 39,647.5 $42,138.03
654106AJ2 NIKE INC 2.75000 03/27/2027 US 20,168.58 $22,216.96
6642321 NIKON CORP JP 7731 JP 2,309.3 $19,394.27
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 13,613.79 $139.54
66987V109 NOVARTIS AG- REG CH NVS 708.93 $61,917.56
67401PAB4 OAKTREE SPECIALTY LEND 3.50000 02/25/2025 US 2,016.86 $1,970.42
674599EA9 OCCIDENTAL PETROLEUM COR 8.87500 07/15/2030 US 1,512.64 $1,510.75
675232AB8 OCEANEERING INTL INC 6.00000 02/01/2028 US 4,537.93 $3,176.55
68389X105 ORACLE CORP US ORCL 393.09 $21,725.84
69318FAH1 PBF HOLDING CO LLC 6.00000 02/15/2028 US 2,016.86 $1,673.99
69327RAJ0 PDC ENERGY INC 5.75000 05/15/2026 US 2,016.86 $1,835.34
693475105 PNC FINANCIAL SERVICES GROUP US PNC 81.48 $8,572.62
70450Y103 PAYPAL HOLDINGS INC US PYPL 246.06 $42,870.45
7123870 NESTLE SA-REGISTERED CH NESN SW 381.19 $42,262.35
713448108 PEPSICO INC US PEP 158.32 $20,939.85
717081103 PFIZER INC US PFE 965.47 $31,570.87
717081EW9 PFIZER INC 2.62500 04/01/2030 US 22,185.44 $24,439.92
719245AD4 PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 US 3,529.5 $3,330.97
71943U104 PHYSICIANS REALTY TRUST US DOC 107.4 $1,881.61
71953LAA9 PICASSO FINANCE SUB INC 6.12500 06/15/2025 US 3,529.5 $3,608.92
723787107 PIONEER NATURAL RESOURCES CO US PXD 309.08 $30,197.46
73179PAM8 POLYONE CORP 5.75000 05/15/2025 US 2,521.07 $2,593.55
733174AK2 POPULAR INC 6.12500 09/14/2023 PR 2,016.86 $2,037.03
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 117,986.19 $129,480.32
74166MAE6 PRIME SECSRVC BRW/FINANC 6.25000 01/15/2028 US 4,033.72 $3,801.78
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 30,196.66 $30,325.32
74340W103 PROLOGIS US PLD 215 $20,065.68
74460D109 PUBLIC STORAGE INC US PSA 33.78 $6,482.50
747525103 QUALCOMM INC US QCOM 185.15 $16,887.31
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 6,554.79 $6,161.50
75513E101 RAYTHEON TECHNOLOGIES CORP US RTX 315.64 $19,449.63
756109104 REALTY INCOME CORP US O 30.76 $1,830.05
758849103 REGENCY CENTERS CORP US REG 39.83 $1,827.93
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 115.97 $4,804.61
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 249.08 $7,584.55
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 424.55 $28,164.55
78409V104 S&P GLOBAL INC US SPGI 42.35 $13,954.80
78410G104 SBA COMMUNICATIONS CORP US SBAC 96.81 $28,841.39
78442PGC4 SLM CORP 5.12500 04/05/2022 US 4,537.93 $4,492.55
78443BAG1 SLMA 2006-10 A6 FLT 1.14138 03/25/2044 US 13,109.58 $12,229.32
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 63,678.13 $65,277.51
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 91,767.04 $107,826.27
79466L302 SALESFORCE.COM US CRM 166.39 $31,169.99
806857108 SCHLUMBERGER LTD NL SLB 513.29 $9,439.41
808625AA5 SCIENCE APPLICATIONS INT 4.87500 04/01/2028 US 2,521.07 $2,506.10
81745BAB1 SEMT 2013-6 A2 3.00000 05/25/2043 US 34,320.13 $35,892.30
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 22,499.04 $23,337.15
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 30,427.6 $31,759.82
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 23,010.92 $23,179.83
81762P102 SERVICENOW INC US NOW 53.45 $21,649.14
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 17,829.47 $17,995.96
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 6,538.77 $6,631.70
83404RAB4 SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 25,210.73 $26,066.18
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 18,991.73 $19,240.92
844741BJ6 SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 70,590.03 $74,518.29
85172FAN9 SPRINGLEAF FINANCE CORP 7.12500 03/15/2026 US 4,537.93 $4,696.71
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 3,025.29 $3,415.97
85254J102 STAG INDUSTRIAL INC US STAG 81.18 $2,380.15
85571BAL9 STARWOOD PROPERTY TRUST 4.75000 03/15/2025 US 4,033.72 $3,670.68
85571BAP0 STARWOOD PROPERTY TRUST 3.62500 02/01/2021 US 2,016.86 $1,981.56
85571XAA5 SRPT 2014-STAR A FLTG RATE 1.65475 11/15/2027 US 89,381.26 $68,280.86
862121100 STORE CAPITAL CORP US STOR 69.58 $1,656.74
86212XAA8 STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 29,889.64 $29,927.51
866674104 SUN COMMUNITIES US SUI 64.54 $8,756.71
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 116.47 $949.26
87105L104 SWITCH INC - A US SWCH 121.01 $2,156.42
872540AR0 TJX COS INC 3.50000 04/15/2025 US 50,421.45 $56,126.72
87422VAJ7 TALEN ENERGY SUPPLY LLC 7.62500 06/01/2028 US 3,529.5 $3,529.50
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 10,313.65 $10,339.66
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 1,512.64 $336.56
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 78,657.46 $88,163.63
88146M101 TERRENO REALTY CORP US TRNO 35.8 $1,884.47
882508104 TEXAS INSTRUMENTS INC US TXN 200.37 $25,441.59
883556102 THERMO FISHER SCIENTIFIC INC US TMO 58.49 $21,192.86
88579Y101 3M CO US MMM 129.99 $20,276.59
89151E109 TOTAL S A SPONSORED ADR FR TOT 874.41 $33,629.76
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 57,543.7 $58,527.60
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 26,357.97 $26,969.74
89177EAA7 TPMT 2019-HY1 A1 1.18450 10/25/2048 US 23,751.67 $23,640.13
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 3,529.5 $3,035.37
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 77,949.86 $78,286.78
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 50,197.7 $52,171.92
89832Q109 TRUIST FINANCIAL CORP US TFC 356.98 $13,404.74
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 6,554.79 $6,243.44
902653104 UDR INC US UDR 61.31 $2,291.86
902973304 U.S. BANCORP US USB 372.51 $13,715.95
904767704 UNILEVER PLC - ADR GB UL 1,624.18 $89,134.77
907818108 UNION PAC CORP US UNP 144.1 $24,363.75
912796SZ3 TREASURY BILL 0.00000 07/16/2020 US 80,674.32 $80,670.03
912810FS2 TSY INFL IX N/B 2.00000 01/15/2026 US 271,606.37 $315,639.17
9128286N5 TSY INFL IX N/B 0.50000 04/15/2024 US 196,418.5 $206,430.97
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 191,601.51 $205,335.45
912828WJ5 US TREASURY N/B 2.50000 05/15/2024 US 190,593.08 $207,366.76
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 189,584.65 $206,439.91
912828YN4 US TREASURY FRN FLT 0.45006 10/31/2021 US 210,559.98 $211,228.02
912828ZJ2 TSY INFL IX N/B 0.12500 04/15/2025 US 203,196.23 $212,870.18
91704F104 URBAN EDGE PROPERTIES US UE 143.7 $1,705.73
91823AAN1 VBTOW 2020-1A C2 3.03100 06/15/2050 US 15,126.44 $15,353.99
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 99,834.47 $133,654.54
92826C839 VISA INC - CLASS A SHARES US V 408.41 $78,893.28
92826CAK8 VISA INC 2.70000 04/15/2040 US 83,699.61 $89,561.29
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 2,521.07 $2,268.97
92840VAG7 VISTRA OPERATIONS CO LLC 3.70000 01/30/2027 US 2,521.07 $2,596.27
928668BE1 VOLKSWAGEN GROUP AMERICA 3.35000 05/13/2025 US 50,421.45 $53,811.58
929160109 VULCAN MATERIALS CO US VMC 167.4 $19,393.20
93065PAA9 WBHT 2019-WBM A FLT 1.23475 12/15/2033 US 39,328.73 $36,767.40
931142103 WAL MART STORES US WMT 289.62 $34,690.78
94106L109 WASTE MANAGEMENT INC US WM 118.99 $12,602.72
949746101 WELLS FARGO COMPANY US WFC 790.61 $20,239.57
95040Q104 WELLTOWER INC. US WELL 93.08 $4,816.79
95081QAP9 WESCO DISTRIBUTION INC 7.25000 06/15/2028 US 2,521.07 $2,666.03
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 4,033.72 $4,142.67
966387AH5 WHITING PETROLEUM CORP 5.75000 03/15/2021 US 13,109.58 $2,523.59
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 70,590.03 $75,574.66
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 5,609.39 $5,618.83
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 27,553.97 $28,370.39
98212BAM5 WPX ENERGY 5.87500 06/15/2028 US 1,008.43 $969.05
98311A105 WYNDHAM HOTELS & RESORTS INC US WH 92.27 $3,932.60
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 40,337.16 $1,783.09
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 14,118.01 $10,892.16
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 110,927.19 $4,989.40
B63QM77 NEXON CO LTD JP 3659 JP 2,874.02 $64,827.69
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 35,295.02 $1,735.31
BBG00V0BGWX2 EOG US 07/02/20 P46 US -3.43 -$17.14
BBG00V0C53Z4 EXPE US 07/02/20 P76.5 US -2.02 -$80.67
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 1,443.57 $1,822.50
BJVB695 BUONI POLIENNALI DEL TES 2.45000 09/01/2050 IT 18,151.72 $21,411.89
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 754.3 $48,334.28
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 404.38 $19,934.40
G1151C101 ACCENTURE PLC - CL A IE ACN 92.47 $19,855.79
G29183103 EATON CORP PLC US ETN 126.56 $11,071.28
G5494J103 LINDE PLC GB LIN 82.39 $17,475.46
G5960L103 MEDTRONIC INC IE MDT 481.12 $44,118.84
H01301128 ALCON INC CH ALC 355.98 $20,404.51
H1467J104 CHUBB LTD CH CB 101.25 $12,819.80
USD US DOLLAR US 134,008.46 $134,008.46

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Moderate Term CIT Fund and Manning & Napier Pro-Mix® Conservative 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 45 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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