As of January 2020, the Retirement Target 2015 CIT reached the landing point of Manning & Napier’s glidepath. Accordingly, the 2015 option will be closed at the end of business on Friday, September 25, 2020 and all units will be exchanged for units in the corresponding class of the Retirement Target Income CIT. The 2015 option will be closed to new investors on 09/24/2020, and will be closed to all trades on 09/25/2020.

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

$15.96

Daily $ Change

$0.03

Daily % Change

0.19%

as of 09/22/2020

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 08/31/2020

YTD

6.62%

1 Year

9.30%

3 Year

6.44%

5 Year

6.18%

10 Year

6.67%

Inception
(01/01/2000)

6.54%

US Stock Market Cycle (04/01/2000 - 08/31/2020)

6.48%

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 0.74%
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 08/31/2020

GOVERNMENT AGENCY 8.51%
TREASURY NOTES 5.94%
TSY INFL IX N/B 2.00000 01/15/2026 3.00%
TSY INFL IX N/B 0.12500 04/15/2025 2.03%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 1.45%
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 1.12%
TREASURY BONDS 1.02%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 08/31/2020

Bonds 64.24%
Stocks 31.39%
Cash 4.37%

Detailed Asset Class Allocation

As of 08/31/2020

International Equities 6.61%
Small Capitalization 1.18%
Mid Capitalization 3.59%
Large Capitalization 20.01%
Long Term Fixed Income 22.59%
Intermediate Term Fixed Income 33.61%
Short Term Fixed Income 8.04%
Cash 4.37%

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

August Fund Holdings

As of 08/31/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 30,837.01 $36,150.08
00287Y109 ABBVIE INC US ABBV 292.95 $28,055.97
00507V109 ACTIVISION INC US ATVI 535.17 $44,697.51
00653VAA9 ADAPTHEALTH LLC 6.12500 08/01/2028 US 4,973.71 $5,209.96
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 96,489.99 $96,706.89
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 3,481.6 $3,551.23
008492100 AGREE REALTY CORP US ADC 60.68 $4,060.66
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 39,789.69 $39,873.02
00914AAB8 AIR LEASE CORP 3.75000 06/01/2026 US 29,842.27 $30,515.00
01166WAA5 ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 4,973.71 $5,163.55
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 14.42 $2,428.67
01609W102 ALIBABA GROUP - ADR CN BABA 140.26 $40,258.44
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 111,411.13 $126,187.95
02079K305 ALPHABET INC-CL A US GOOGL 24.87 $40,524.06
023135106 AMAZON.COM INC US AMZN 17.91 $61,790.68
0237400 DIAGEO PLC GB DGE LN 392.92 $13,128.07
02406PBA7 AMERICAN AXLE & MFG INC 6.87500 07/01/2028 US 2,486.86 $2,589.96
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 120.56 $4,087.08
02665T306 AMERICAN HOMES 4 RENT- A US AMH 251.67 $7,207.82
03027X100 AMERICAN TOWER REIT INC US AMT 96.49 $24,040.48
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 103,453.19 $119,670.93
03064D108 AMERICOLD REALTY TRUST US COLD 157.67 $6,046.52
03217CAA4 AMS AG 7.00000 07/31/2025 AT 19,894.84 $20,690.64
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 4,973.71 $4,439.04
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 2,486.86 $2,219.52
03748R754 APARTMENT INVT & MGMT CO -A US AIV 98.38 $3,544.63
03784Y200 APPLE HOSPITALITY REIT INC US APLE 349.15 $3,550.90
053015103 AUTOMATIC DATA PROCESSING US ADP 74.9 $10,418.41
053484101 AVALONBAY COMMUNITIES INC US AVB 32.33 $5,109.94
05401AAJ0 AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 KY 41,779.17 $35,920.85
060505104 BANK OF AMERICA CORP US BAC 1,258.85 $32,402.70
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 48,742.37 $54,624.03
071734AH0 BAUSCH HEALTH COS INC 5.00000 01/30/2028 CA 2,984.23 $2,946.92
084423102 WR BERKLEY CORP US WRB 429.23 $26,633.80
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 190.99 $41,643.57
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 164.63 $12,846.07
09857L108 BOOKING HOLDINGS INC US BKNG 11.94 $22,804.86
105368203 BRANDYWINE REALTY TRUST US BDN 230.78 $2,568.58
110122108 BRISTOL MYERS SQUIBB CO US BMY 450.52 $28,022.27
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 12,931.65 $25.35
12503M108 CBOE GLOBAL MARKETS INC US CBOE 120.36 $11,048.19
12530MAA3 SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 37,302.83 $37,850.53
12530MAB1 SORT 2020-1 A2 1.99000 07/15/2060 US 30,314.35 $30,858.27
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 10,926.44 $11,319.04
12572Q105 CME GROUP INC US CME 63.66 $11,196.50
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 31,563.62 $32,212.47
12654TAA8 CNX MIDSTREAM PTR/CNX 6.50000 03/15/2026 US 3,481.6 $3,486.75
127097103 CABOT OIL & GAS CORP US COG 3,592.01 $68,140.51
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 2,984.23 $2,835.02
133131102 CAMDEN PROPERTY TRUST US CPT 61.67 $5,608.63
133131AZ5 CAMDEN PROPERTY TRUST 2.80000 05/15/2030 US 74,605.66 $81,843.14
13321L108 CAMECO CORP CA CCJ 1,950.19 $22,563.72
136375102 CANADIAN NATIONAL RAILWAY CO CA CNI 130.71 $13,669.56
149123101 CATERPILLAR INC US CAT 131.5 $18,714.46
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 13,911.68 $13,794.21
15135UAS8 CENOVUS ENERGY INC 5.37500 07/15/2025 CA 497.37 $506.26
16119P108 CHARTER COMMUNICATIONS INC-A US CHTR 73.61 $45,315.62
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 12,840.33 $12,884.40
166764100 CHEVRON CORP US CVX 87.04 $7,305.26
17275R102 CISCO SYSTEMS INC US CSCO 732.83 $30,939.94
172967424 CITIGROUP INC US C 377.8 $19,313.29
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 85,547.83 $99,452.32
191216100 COCA COLA CO/THE US KO 1,155.89 $57,251.25
194162103 COLGATE-PALMOLIVE CO US CL 243.91 $19,332.37
20030N101 COMCAST CORP-CL A US CMCSA 569.39 $25,514.39
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 77,589.89 $86,123.13
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 39,289.28 $40,497.46
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 78.58 $3,669.90
20449X401 COMPASS GROUP PLC ADR GB CMPGY 1,381.7 $22,176.24
20605P101 CONCHO RESOURCES INC US CXO 534.18 $27,766.50
20825C104 CONOCOPHILLIPS US COP 374.02 $14,171.73
217204106 COPART INC US CPRT 199.94 $20,658.13
222795502 COUSINS PROPERTIES INC US CUZ 199.35 $5,950.49
22534GAA1 CAALT 2020-1A 2.01000 02/15/2029 US 43,768.66 $44,829.34
22822V101 CROWN CASTLE INTL CORP US CCI 45.76 $7,470.02
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 81,568.86 $89,655.13
22822VAR2 CROWN CASTLE INTL CORP 3.30000 07/01/2030 US 25,863.3 $28,812.60
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 21,130 $21,661.19
229663109 CUBESMART US CUBE 79.58 $2,516.30
25243Q205 DIAGEO PLC-SPONSORED ADR GB DEO 95.4 $12,821.19
253868103 DIGITAL REALTY TRUST INC US DLR 72.91 $11,349.16
254687FW1 WALT DISNEY COMPANY/THE 2.20000 01/13/2028 US 31,831.75 $33,683.65
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 90,521.54 $108,572.01
256746108 DOLLAR TREE STORES INC US DLTR 219.84 $21,163.81
25746UDG1 DOMINION ENERGY 3.37500 04/01/2030 US 49,737.11 $56,616.88
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 3,978.97 $4,138.13
25960P109 DOUGLAS EMMETT INC US DEI 109.42 $3,055.05
26439XAC7 DCP MIDSTREAM OPERATING 8.12500 08/16/2030 US 2,984.23 $3,543.77
264411505 DUKE RLTY INVTS INC US DRE 136.28 $5,253.58
26875P101 EOG RESOURCES INC US EOG 387.95 $17,589.63
26884L109 EQT CORP US EQT 1,438.89 $22,835.26
26884LAG4 EQT CORP 8.75000 02/01/2030 US 2,486.86 $2,978.01
277276101 EASTGROUP PROPERTIES US EGP 11.64 $1,549.78
285512109 ELECTRONIC ARTS US EA 234.76 $32,741.86
291011104 EMERSON ELEC CO US EMR 194.17 $13,489.25
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 85,547.83 $92,193.99
29444U700 EQUINIX INC US EQIX 82.76 $65,364.21
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 85.55 $5,670.97
29476L107 EQUITY RESIDENTIAL US EQR 56.2 $3,172.66
297178105 ESSEX PROPERTY TRUST INC US ESS 6.57 $1,421.45
30212P303 EXPEDIA INC US EXPE 757.99 $74,397.07
30212PAS4 EXPEDIA GROUP INC 6.25000 05/01/2025 US 36,308.09 $39,896.26
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 154,185.04 $155,180.90
30225T102 EXTRA SPACE STORAGE INC US EXR 14.92 $1,589.85
30231G102 EXXON MOBIL CORP US XOM 335.23 $13,389.01
302491303 FMC CORP US FMC 193.97 $20,728.14
30262DAL5 FREMF 2011-K13 B 4.76356 01/25/2048 US 40,784.43 $41,156.80
30262SAR9 FREMF 2015-K42 B FLT 3.98209 12/25/2024 US 17,905.36 $19,352.82
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 1,989.48 $1,790.54
30287EAE0 FREMF 2014-K41 B FLT 3.96344 11/25/2047 US 69,631.95 $76,365.47
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 1,041,588.86 $1,959.85
30303M102 FACEBOOK INC -A US FB 138.27 $40,540.52
3128M1AM1 FHLM POOL G11912 5.50000 03/01/2021 US 93.25 $93.59
3128M6HZ4 FHLM POOL G04448 5.50000 07/01/2038 US 12,389.79 $14,357.19
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 282.46 $328.02
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 942.03 $1,110.05
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 10,047.44 $11,823.18
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 3,243.18 $3,808.51
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 3,167.04 $3,291.49
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 177.37 $180.88
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 181.93 $187.99
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 37,776.33 $40,978.53
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 6,858.76 $7,938.25
3128MJY87 FHLM POOL FG G08734 4.00000 11/01/2046 US 3,437.43 $3,720.23
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 3,310.37 $3,645.56
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 34,171.11 $38,207.33
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 10,952.95 $11,949.20
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 32,427.39 $34,664.49
3133A6DB4 FEDERAL NATL MTG ASSN FR QB0098 2.50000 06/01/2050 US 100,362.76 $105,599.48
3136AY6W8 FNA 2017-M15 A1 FLT 3.05797 09/25/2027 US 45,788.61 $49,765.00
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 21,382.53 $22,212.93
31371MLB1 FEDERAL NATL MTG ASSN 256022 5.50000 12/01/2035 US 4,211.93 $4,938.59
31371MRU3 FEDERAL NATL MTG ASSN 256199 5.00000 04/01/2021 US 121.97 $128.56
31371NDQ5 FEDERAL NATL MTG ASSN 256711 5.50000 05/01/2037 US 485.57 $561.09
3137ADTK3 FHMS K014 X1 FLT 1.32366 04/25/2021 US 1,056,539.78 $4,342.59
3137AJMG6 FMHS K016 X1 FLT 1.63779 10/25/2021 US 222,432.51 $2,835.59
3137AUPF0 FHMS K021 x1 FLT 1.54441 06/25/2022 US 1,513,272.99 $29,463.88
3137B3NB0 FHMS K030 X1 FLT 0.28647 04/25/2023 US 2,881,292.67 $11,863.15
3137B4GZ3 FHMS K032 X1 FLT 0.20559 05/25/2023 US 1,693,169.4 $4,779.99
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 22,409.29 $22,876.88
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 13,263.83 $13,443.72
3138A7BL1 FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 11,657.8 $12,584.59
3138AJ4A7 FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 2,999.86 $3,238.98
3138EPLE2 FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 7,222.17 $8,052.88
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64300 01/01/2049 US 50,349.53 $59,484.27
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 46,091.87 $50,821.90
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 4,510.85 $5,277.28
31403DVZ9 FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 767.69 $895.38
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 40,359.44 $43,496.59
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 8,636.13 $9,379.68
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 88.28 $89.54
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 114.79 $116.71
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 510.22 $514.25
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 562.91 $568.09
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 1,324.86 $1,533.26
31410WSY5 FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 552.24 $615.47
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 2,980.03 $3,449.86
31411RHZ4 FEDERAL NATL MTG ASSN 912948 5.00000 05/01/2038 US 424.32 $464.82
31413CCL1 FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 172.13 $191.81
31413MR66 FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 1,598.17 $1,798.33
31413S6R0 FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 1,130.53 $1,316.77
31414CQ50 FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 243.37 $284.70
31414DJ23 FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 629.24 $711.61
31414QX28 FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 359.18 $377.50
31414UF52 FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 2,298.99 $2,410.53
31415ALX7 FEDERAL NATL MTG ASSN 981042 6.00000 04/01/2038 US 449.65 $500.55
31415BBC2 FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 785.34 $875.39
31415BBT5 FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 490.39 $537.73
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 309.19 $311.79
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 1,196.35 $1,332.87
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 15,464.24 $17,035.86
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 16,572.32 $18,256.87
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 32,477.93 $35,206.61
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 19,441.47 $20,527.28
31418DNN8 FEDERAL NATL MTG ASSN FN MA3996 2.50000 04/01/2050 US 29,681.48 $30,748.68
31418DQ21 FEDERAL NATL MTG ASSN FN MA4072 2.50000 07/01/2040 US 51,792.52 $54,524.03
31418DQG0 FEDERAL NATL MTG ASSN FN MA4054 2.50000 06/01/2040 US 132,667.81 $139,664.50
31418DQZ8 FEDERAL NATL MTG ASSN FN MA4071 2.00000 07/01/2040 US 76,904.4 $79,401.41
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 2,155.66 $2,547.09
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 7,151.35 $8,287.94
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 1,320.27 $1,531.88
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 5,471.08 $6,031.87
316067107 FIDELITY CASH RESERVES US 849.9 $849.90
32054K103 FIRST INDUSTRIAL REALTY TR US FR 107.43 $4,581.98
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 3,978.97 $3,998.86
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 46,752.88 $47,889.54
345370CX6 FORD MOTOR COMPANY 9.62500 04/22/2030 US 4,973.71 $6,519.42
345397XU2 FORD MOTOR CREDIT CO LLC 4.38900 01/08/2026 US 1,989.48 $2,023.94
346232AE1 FORESTAR GROUP INC 5.00000 03/01/2028 US 2,984.23 $3,015.20
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 2,486.86 $2,412.25
34960PAC5 FORTRESS TRANS & INFRAST 9.75000 08/01/2027 US 2,984.23 $3,181.99
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 2,486.86 $2,714.58
357081AE8 FREMF 2015-K720 B FLT 3.50986 07/25/2022 US 9,947.42 $10,267.24
36166LAA5 GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 AE 2,486.86 $2,399.82
36237HAA9 G-III APPAREL GROUP LTD 7.87500 08/15/2025 US 3,481.6 $3,459.84
36257MAA3 GSMS 2019-70P A 1.16188 10/15/2036 US 33,821.23 $32,550.53
36294VKJ8 GNMA POOL 660997 5.50000 05/15/2037 US 2,930.55 $3,257.70
369550108 GENERAL DYNAMICS CORP US GD 70.13 $10,473.81
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 77,589.89 $60,872.37
370334104 GENERAL MLS INC US GIS 218.35 $13,963.22
37255LAA5 GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 US 3,481.6 $3,669.19
374297109 GETTY REALTY CORP US GTY 105.94 $3,102.98
375558103 GILEAD SCIENCES INC US GILD 320.31 $21,380.49
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 39,275.52 $41,179.53
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 2,741.51 $38,326.30
4031976 ADIDAS AG DE ADS GR 67.64 $20,583.35
404119BX6 HCA INC 4.12500 06/15/2029 US 58,689.79 $67,620.61
418751AD5 HAT HOLDINGS I LLC/HAT 3.75000 09/15/2030 US 2,486.86 $2,499.29
421946104 HEALTHCARE REALTY TRUST INC US HR 57.7 $1,664.50
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 100.97 $2,664.50
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 239.24 $6,612.47
427866108 HERSHEY CO/THE US HSY 64.96 $9,655.16
431571AB4 HILLENBRAND INC 4.50000 09/15/2026 US 3,978.97 $4,267.44
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 312.35 $28,223.86
437076102 HOME DEPOT INC US HD 164.33 $46,841.02
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 499.66 $12,781.28
438516106 HONEYWELL INTERNATIONAL INC US HON 149.21 $24,701.94
443201AA6 HOWMET AEROSPACE INC 6.87500 05/01/2025 US 3,978.97 $4,522.79
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 2,486.86 $2,716.89
450913AE8 IAMGOLD CORP 7.00000 04/15/2025 CA 4,476.34 $4,700.16
452308109 ILLINOIS TOOL WKS INC US ITW 84.85 $16,762.42
45337C102 INCYTE CORP US INCY 138.27 $13,322.23
45569LAA9 INDIGO NATURAL RES LLC 6.87500 02/15/2026 US 2,984.23 $3,051.37
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 4,476.34 $4,252.52
45778Q107 INSPERITY INC US NSP 323.29 $21,780.13
458140100 INTEL CORP US INTC 597.84 $30,459.95
45857P806 INTERCONTINENTAL HOTELS-ADR GB IHG 177.06 $10,262.64
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 413.81 $43,959.33
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 185.42 $22,864.13
46116VAE5 INTL FC STORE INC 8.62500 06/15/2025 US 4,973.71 $5,384.04
46187BAA1 IHSFR 2017-SFR2 A 1.01188 12/17/2036 US 14,424.19 $14,317.51
46187BAB9 IHSFR 2017-SFR2 B 1.31188 12/17/2036 US 11,936.91 $11,916.60
46187W107 INVITATION HOMES INC US INVH 318.91 $9,130.52
46284VAN1 IRON MOUNTAIN INC 4.50000 02/15/2031 US 2,486.86 $2,552.43
465410BX5 ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 19,894.84 $20,575.56
46625H100 JP MORGAN CHASE & CO US JPM 343.58 $34,423.68
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 2,107.28 $2,104.97
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 16,557.07 $16,850.70
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 17,986.15 $18,803.58
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 22,435.46 $22,693.31
46647PBP0 JPMORGAN CHASE & CO 2.95600 05/13/2031 US 86,542.57 $93,082.90
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 13,256.76 $13,307.50
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 12,888.05 $12,969.30
478160104 JOHNSON & JOHNSON US JNJ 661.11 $101,420.22
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 2,486.86 $348.16
48088LAB3 JOSEPH T RYERSON & SON 8.50000 08/01/2028 US 2,486.86 $2,716.89
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 4,476.34 $4,868.02
49427F108 KILROY REALTY CORP US KRC 85.75 $5,017.90
494368103 KIMBERLY CLARK CORP US KMB 88.83 $14,013.90
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 62,668.76 $83,366.27
505742AG1 LADDER CAP FIN LLLP/CORP 5.25000 10/01/2025 US 3,481.6 $3,307.52
512816109 LAMAR ADVERTISING CO-A US LAMR 35.81 $2,479.18
53223X107 LIFE STORAGE INC US LSI 40.29 $4,247.46
532457108 ELI LILLY & CO US LLY 126.03 $18,702.16
539473AE8 LLOYDS BANK PLC 12.00000 12/16/2024 GB 9,947.42 $11,624.04
539830109 LOCKHEED MARTIN CORP US LMT 64.16 $25,039.42
541056AA5 LOGAN MERGER SUB INC 5.50000 09/01/2027 US 1,989.48 $2,028.66
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 4,476.34 $716.21
550021109 LULULEMON - ADR CA LULU 53.72 $20,179.52
552697AQ7 MDC PARTNERS INC 6.50000 05/01/2024 CA 2,984.23 $2,849.94
552848AG8 MGIC INVESTMENT CORP 5.25000 08/15/2028 US 3,481.6 $3,655.68
573284106 MARTIN MARIETTA MATERIALS US MLM 48.74 $9,888.36
57636Q104 MASTERCARD INC-CLASS A US MA 276.54 $99,053.26
577128AA9 MATTHEWS INTERNATIONAL C 5.25000 12/01/2025 US 497.37 $470.02
58933Y105 MERCK & CO INC US MRK 424.06 $36,159.48
594918104 MICROSOFT CORP US MSFT 202.93 $45,766.22
595112103 MICRON TECHNOLOGY INC US MU 1,043.48 $47,488.98
59522J103 MID-AMERICA APARTMENT COMM US MAA 54.21 $6,349.48
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 1,075.81 $62,849.04
615369105 MOODY'S CORPORATION US MCO 59.68 $17,585.45
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 3,481.6 $2,384.89
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 994.74 $726.16
62913TAJ1 NGL ENRGY PART LP/FIN CO 7.50000 11/01/2023 US 1,989.48 $1,452.32
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 3,481.6 $3,629.57
63938NAF1 NAVIOS SA LOGIST/FIN US 10.75000 07/01/2025 MH 1,492.11 $1,615.21
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 13,690.33 $13,763.29
63941RAB6 NAVSL 2019-2A A2 1.17513 02/27/2068 US 99,474.22 $100,213.73
63941XAA5 NAVSL 2020-FA A 1.22000 07/15/2069 US 66,647.73 $66,744.58
63942FAB1 NAVSL 2020-1A A1B 1.19925 06/25/2069 US 69,631.95 $70,245.10
64033QAB5 NSLT 2015-2A A2 0.77513 09/25/2047 US 70,866.42 $68,490.97
644393AA8 NEW FORTRESS ENERGY INC 6.75000 09/15/2025 US 4,476.34 $4,542.14
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 22,904.31 $24,520.44
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 28,324.21 $30,579.14
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 37,484.11 $40,201.49
654106AM5 NIKE INC 3.37500 03/27/2050 US 30,837.01 $35,493.93
6642321 NIKON CORP JP 7731 JP 1,830.33 $14,334.55
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 13,429.02 $214.86
66987V109 NOVARTIS AG- REG CH NVS 699.3 $60,182.08
67401PAB4 OAKTREE SPECIALTY LEND 3.50000 02/25/2025 US 1,989.48 $2,002.75
674599EA9 OCCIDENTAL PETROLEUM COR 8.87500 07/15/2030 US 2,486.86 $2,810.15
675232AB8 OCEANEERING INTL INC 6.00000 02/01/2028 US 4,476.34 $2,824.57
682189AQ8 ON SEMICONDUCTOR CORP 3.87500 09/01/2028 US 1,989.48 $2,075.99
68389X105 ORACLE CORP US ORCL 387.75 $22,187.08
68555PAA8 ORBCOMM INC 8.00000 04/01/2024 US 3,481.6 $3,385.85
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 497.37 $473.93
69327RAJ0 PDC ENERGY INC 5.75000 05/15/2026 US 2,984.23 $3,052.86
693475105 PNC FINANCIAL SERVICES GROUP US PNC 80.38 $8,937.72
69354NAC0 PRA GROUP INC 7.37500 09/01/2025 US 2,984.23 $3,180.89
70450Y103 PAYPAL HOLDINGS INC US PYPL 134.29 $27,414.00
7123870 NESTLE SA-REGISTERED CH NESN SW 339.21 $40,856.52
713448108 PEPSICO INC US PEP 156.17 $21,873.80
717081103 PFIZER INC US PFE 952.37 $35,989.92
717081EW9 PFIZER INC 2.62500 04/01/2030 US 21,884.33 $24,433.45
719245AD4 PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 US 3,481.6 $3,199.80
71943U104 PHYSICIANS REALTY TRUST US DOC 105.94 $1,922.81
723787107 PIONEER NATURAL RESOURCES CO US PXD 304.89 $31,687.06
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 116,384.84 $130,657.22
74166MAE6 PRIME SECSRVC BRW/FINANC 6.25000 01/15/2028 US 1,989.48 $2,088.96
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 29,786.82 $29,905.08
74340W103 PROLOGIS US PLD 218.54 $22,260.98
74460D109 PUBLIC STORAGE INC US PSA 31.33 $6,655.42
747525103 QUALCOMM INC US QCOM 182.63 $21,751.79
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 6,465.82 $6,485.22
75513E101 RAYTHEON TECHNOLOGIES CORP US RTX 311.35 $18,992.61
756109104 REALTY INCOME CORP US O 30.34 $1,881.97
758849103 REGENCY CENTERS CORP US REG 25.86 $1,027.03
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 103.95 $4,987.55
778296AE3 ROSS STORES INC 5.45000 04/15/2050 US 27,852.78 $35,813.38
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 160.15 $4,500.31
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 363.08 $29,373.24
78409V104 S&P GLOBAL INC US SPGI 41.78 $15,308.72
78410G104 SBA COMMUNICATIONS CORP US SBAC 95.5 $29,228.23
78442PGC4 SLM CORP 5.12500 04/05/2022 US 4,973.71 $5,122.92
78443BAG1 SLMA 2006-10 A6 FLT 0.39450 03/25/2044 US 12,898.53 $12,025.32
78449XAA0 SMB 2020-BA A1A 1.29000 07/15/2053 US 69,631.95 $69,548.90
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 57,861.24 $59,282.50
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 90,521.54 $108,872.31
79466L302 SALESFORCE.COM US CRM 164.13 $44,750.72
806857108 SCHLUMBERGER LTD NL SLB 506.32 $9,625.21
81745BAB1 SEMT 2013-6 A2 3.00000 05/25/2043 US 31,174.6 $32,615.29
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 20,626.18 $21,215.45
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 26,924.16 $27,697.70
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 20,614.75 $20,765.87
81762P102 SERVICENOW INC US NOW 42.77 $20,617.88
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 15,313.25 $15,456.00
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 5,760.45 $5,844.35
83404RAB4 SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 24,868.55 $25,677.62
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 15,587.57 $15,767.60
844741BJ6 SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 69,631.95 $75,998.37
85172FAN9 SPRINGLEAF FINANCE CORP 7.12500 03/15/2026 US 2,486.86 $2,853.65
85254J102 STAG INDUSTRIAL INC US STAG 80.08 $2,586.48
85571BAL9 STARWOOD PROPERTY TRUST 4.75000 03/15/2025 US 3,978.97 $3,829.76
85571XAA5 SRPT 2014-STAR A FLTG RATE 1.63188 11/15/2027 US 88,168.14 $61,737.07
861036AA9 STL HOLDING CO LLC 7.50000 02/15/2026 US 2,984.23 $3,021.53
86212XAA8 STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 29,381.59 $29,671.67
866674104 SUN COMMUNITIES US SUI 62.67 $9,342.66
87105L104 SWITCH INC - A US SWCH 245.2 $4,217.51
871829107 SYSCO CORP US SYY 359.6 $21,626.30
872540AU3 TJX COS INC 4.50000 04/15/2050 US 40,784.43 $51,886.07
87422VAJ7 TALEN ENERGY SUPPLY LLC 7.62500 06/01/2028 US 3,481.6 $3,597.85
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 9,185.36 $9,203.96
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 1,492.11 $332.00
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 77,589.89 $89,537.98
88146M101 TERRENO REALTY CORP US TRNO 57.2 $3,411.27
882508104 TEXAS INSTRUMENTS INC US TXN 197.66 $28,096.70
883556102 THERMO FISHER SCIENTIFIC INC US TMO 50.73 $21,762.95
88579Y101 3M CO US MMM 128.22 $20,902.79
89151E109 TOTAL S A SPONSORED ADR FR TOT 862.54 $34,130.75
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 53,458.85 $54,587.45
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 24,273.92 $24,957.86
89177EAA7 TPMT 2019-HY1 A1 1.17513 10/25/2048 US 22,090.42 $22,044.44
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 3,481.6 $3,211.77
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 76,427.31 $76,628.49
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 49,381.57 $51,169.19
89613GAA4 TAH 2020-SFR1 A 1.49900 07/17/2038 US 60,679.27 $60,666.90
89832Q109 TRUIST FINANCIAL CORP US TFC 352.14 $13,666.50
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 6,465.82 $6,223.36
902653104 UDR INC US UDR 52.03 $1,810.99
902973304 U.S. BANCORP US USB 367.46 $13,375.46
904767704 UNILEVER PLC - ADR GB UL 1,602.13 $95,455.01
907818108 UNION PAC CORP US UNP 142.15 $27,355.09
9127963S6 TREASURY BILL 0.00000 07/15/2021 US 39,789.69 $39,742.39
912810FS2 TSY INFL IX N/B 2.00000 01/15/2026 US 269,390.5 $320,611.53
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 189,001.02 $202,592.85
912828VS6 US TREASURY N/B 2.50000 08/15/2023 US 101,961.07 $109,010.73
912828YN4 US TREASURY FRN FLT 0.40503 10/31/2021 US 430,922.32 $432,315.61
912828ZJ2 TSY INFL IX N/B 0.12500 04/15/2025 US 201,538.9 $216,725.17
91704F104 URBAN EDGE PROPERTIES US UE 141.75 $1,496.89
91823AAN1 VBTOW 2020-1A C2 3.03100 06/15/2050 US 14,921.13 $15,446.06
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 98,479.48 $133,776.19
92826C839 VISA INC - CLASS A SHARES US V 402.87 $85,404.54
92826CAK8 VISA INC 2.70000 04/15/2040 US 82,563.6 $89,182.16
928668BE1 VOLKSWAGEN GROUP AMERICA 3.35000 05/13/2025 US 49,737.11 $54,666.32
929160109 VULCAN MATERIALS CO US VMC 165.13 $19,815.26
93065PAA9 WBHT 2019-WBM A FLT 1.21188 12/15/2033 US 38,794.95 $36,853.78
931142103 WAL MART STORES US WMT 285.69 $39,668.05
94106L109 WASTE MANAGEMENT INC US WM 117.38 $13,381.27
949746101 WELLS FARGO COMPANY US WFC 779.88 $18,834.05
95040Q104 WELLTOWER INC. US WELL 78.39 $4,508.74
95081QAP9 WESCO DISTRIBUTION INC 7.25000 06/15/2028 US 4,476.34 $4,993.29
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 3,978.97 $4,317.18
966387AH5 WHITING PETROLEUM CORP 5.75000 03/15/2021 US 12,931.65 $2,909.62
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 69,631.95 $76,932.80
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 22,893.96 $23,571.62
98311A105 WYNDHAM HOTELS & RESORTS INC US WH 75.1 $3,932.39
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 39,789.69 $1,844.67
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 13,926.39 $11,141.97
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 109,421.64 $5,166.05
B63QM77 NEXON CO LTD JP 3659 JP 1,720.9 $40,268.13
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 34,815.98 $1,797.92
BBG00W89CJ51 BABA US 09/04/20 P240 CN -.6 -$3.58
BBG00WD4YYY7 COG US 09/11/20 C20 US -8.16 -$81.57
BBG00WD57V16 CRM US 09/11/20 C230 US -.7 -$2,792.24
BBG00WDJ9S48 PYPL US 09/11/20 P195 US -.8 -$119.37
BBG00WN64F39 FB US 09/11/20 C282.5 US -.5 -$805.74
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 1,423.97 $2,024.02
BJVB695 BUONI POLIENNALI DEL TES 2.45000 09/01/2050 IT 11,936.91 $15,501.68
BK0939417 AMERICAN TANKER INC 7.75000 07/02/2025 US 6,963.2 $7,007.06
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 584.91 $39,959.98
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 398.89 $23,183.31
G1151C101 ACCENTURE PLC - CL A IE ACN 91.22 $21,885.90
G29183103 EATON CORP PLC US ETN 124.84 $12,746.18
G5494J103 LINDE PLC GB LIN 81.27 $20,296.48
G5960L103 MEDTRONIC INC IE MDT 474.59 $51,004.35
H01301128 ALCON INC CH ALC 886.81 $50,849.84
H1467J104 CHUBB LTD CH CB 99.87 $12,484.01
USD US DOLLAR US 487,927.85 $487,927.85

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.

As of January 2020, the Retirement Target 2015 CIT reached the landing point of Manning & Napier’s glidepath. Accordingly, the 2015 option will be closed at the end of business on Friday, September 25, 2020 and all units will be exchanged for units in the corresponding class of the Retirement Target Income CIT. The 2015 option will be closed to new investors on 09/24/2020, and will be closed to all trades on 09/25/2020.

Daily Price

$15.96

Daily $ Change

$0.03

Daily % Change

0.19%

as of 09/22/2020

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 08/31/2020

YTD

6.62%

1 Year

9.30%

3 Year

6.44%

5 Year

6.18%

10 Year

6.67%

Inception
(01/01/2000)

6.54%

US Stock Market Cycle (04/01/2000 - 08/31/2020)

6.48%

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 0.74%
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 08/31/2020

GOVERNMENT AGENCY 8.51%
TREASURY NOTES 5.94%
TSY INFL IX N/B 2.00000 01/15/2026 3.00%
TSY INFL IX N/B 0.12500 04/15/2025 2.03%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 1.45%
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 1.12%
TREASURY BONDS 1.02%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 08/31/2020

Bonds
64.24%
Stocks
31.39%
Cash
4.37%

Detailed Asset Class Allocation

As of 08/31/2020

International Equities
6.61%
Small Capitalization
1.18%
Mid Capitalization
3.59%
Large Capitalization
20.01%
Long Term Fixed Income
22.59%
Intermediate Term Fixed Income
33.61%
Short Term Fixed Income
8.04%
Cash
4.37%

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

August Fund Holdings

As of 08/31/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 30,837.01 $36,150.08
00287Y109 ABBVIE INC US ABBV 292.95 $28,055.97
00507V109 ACTIVISION INC US ATVI 535.17 $44,697.51
00653VAA9 ADAPTHEALTH LLC 6.12500 08/01/2028 US 4,973.71 $5,209.96
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 96,489.99 $96,706.89
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 3,481.6 $3,551.23
008492100 AGREE REALTY CORP US ADC 60.68 $4,060.66
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 39,789.69 $39,873.02
00914AAB8 AIR LEASE CORP 3.75000 06/01/2026 US 29,842.27 $30,515.00
01166WAA5 ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 4,973.71 $5,163.55
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 14.42 $2,428.67
01609W102 ALIBABA GROUP - ADR CN BABA 140.26 $40,258.44
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 111,411.13 $126,187.95
02079K305 ALPHABET INC-CL A US GOOGL 24.87 $40,524.06
023135106 AMAZON.COM INC US AMZN 17.91 $61,790.68
0237400 DIAGEO PLC GB DGE LN 392.92 $13,128.07
02406PBA7 AMERICAN AXLE & MFG INC 6.87500 07/01/2028 US 2,486.86 $2,589.96
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 120.56 $4,087.08
02665T306 AMERICAN HOMES 4 RENT- A US AMH 251.67 $7,207.82
03027X100 AMERICAN TOWER REIT INC US AMT 96.49 $24,040.48
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 103,453.19 $119,670.93
03064D108 AMERICOLD REALTY TRUST US COLD 157.67 $6,046.52
03217CAA4 AMS AG 7.00000 07/31/2025 AT 19,894.84 $20,690.64
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 4,973.71 $4,439.04
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 2,486.86 $2,219.52
03748R754 APARTMENT INVT & MGMT CO -A US AIV 98.38 $3,544.63
03784Y200 APPLE HOSPITALITY REIT INC US APLE 349.15 $3,550.90
053015103 AUTOMATIC DATA PROCESSING US ADP 74.9 $10,418.41
053484101 AVALONBAY COMMUNITIES INC US AVB 32.33 $5,109.94
05401AAJ0 AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 KY 41,779.17 $35,920.85
060505104 BANK OF AMERICA CORP US BAC 1,258.85 $32,402.70
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 48,742.37 $54,624.03
071734AH0 BAUSCH HEALTH COS INC 5.00000 01/30/2028 CA 2,984.23 $2,946.92
084423102 WR BERKLEY CORP US WRB 429.23 $26,633.80
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 190.99 $41,643.57
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 164.63 $12,846.07
09857L108 BOOKING HOLDINGS INC US BKNG 11.94 $22,804.86
105368203 BRANDYWINE REALTY TRUST US BDN 230.78 $2,568.58
110122108 BRISTOL MYERS SQUIBB CO US BMY 450.52 $28,022.27
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 12,931.65 $25.35
12503M108 CBOE GLOBAL MARKETS INC US CBOE 120.36 $11,048.19
12530MAA3 SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 37,302.83 $37,850.53
12530MAB1 SORT 2020-1 A2 1.99000 07/15/2060 US 30,314.35 $30,858.27
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 10,926.44 $11,319.04
12572Q105 CME GROUP INC US CME 63.66 $11,196.50
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 31,563.62 $32,212.47
12654TAA8 CNX MIDSTREAM PTR/CNX 6.50000 03/15/2026 US 3,481.6 $3,486.75
127097103 CABOT OIL & GAS CORP US COG 3,592.01 $68,140.51
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 2,984.23 $2,835.02
133131102 CAMDEN PROPERTY TRUST US CPT 61.67 $5,608.63
133131AZ5 CAMDEN PROPERTY TRUST 2.80000 05/15/2030 US 74,605.66 $81,843.14
13321L108 CAMECO CORP CA CCJ 1,950.19 $22,563.72
136375102 CANADIAN NATIONAL RAILWAY CO CA CNI 130.71 $13,669.56
149123101 CATERPILLAR INC US CAT 131.5 $18,714.46
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 13,911.68 $13,794.21
15135UAS8 CENOVUS ENERGY INC 5.37500 07/15/2025 CA 497.37 $506.26
16119P108 CHARTER COMMUNICATIONS INC-A US CHTR 73.61 $45,315.62
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 12,840.33 $12,884.40
166764100 CHEVRON CORP US CVX 87.04 $7,305.26
17275R102 CISCO SYSTEMS INC US CSCO 732.83 $30,939.94
172967424 CITIGROUP INC US C 377.8 $19,313.29
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 85,547.83 $99,452.32
191216100 COCA COLA CO/THE US KO 1,155.89 $57,251.25
194162103 COLGATE-PALMOLIVE CO US CL 243.91 $19,332.37
20030N101 COMCAST CORP-CL A US CMCSA 569.39 $25,514.39
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 77,589.89 $86,123.13
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 39,289.28 $40,497.46
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 78.58 $3,669.90
20449X401 COMPASS GROUP PLC ADR GB CMPGY 1,381.7 $22,176.24
20605P101 CONCHO RESOURCES INC US CXO 534.18 $27,766.50
20825C104 CONOCOPHILLIPS US COP 374.02 $14,171.73
217204106 COPART INC US CPRT 199.94 $20,658.13
222795502 COUSINS PROPERTIES INC US CUZ 199.35 $5,950.49
22534GAA1 CAALT 2020-1A 2.01000 02/15/2029 US 43,768.66 $44,829.34
22822V101 CROWN CASTLE INTL CORP US CCI 45.76 $7,470.02
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 81,568.86 $89,655.13
22822VAR2 CROWN CASTLE INTL CORP 3.30000 07/01/2030 US 25,863.3 $28,812.60
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 21,130 $21,661.19
229663109 CUBESMART US CUBE 79.58 $2,516.30
25243Q205 DIAGEO PLC-SPONSORED ADR GB DEO 95.4 $12,821.19
253868103 DIGITAL REALTY TRUST INC US DLR 72.91 $11,349.16
254687FW1 WALT DISNEY COMPANY/THE 2.20000 01/13/2028 US 31,831.75 $33,683.65
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 90,521.54 $108,572.01
256746108 DOLLAR TREE STORES INC US DLTR 219.84 $21,163.81
25746UDG1 DOMINION ENERGY 3.37500 04/01/2030 US 49,737.11 $56,616.88
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 3,978.97 $4,138.13
25960P109 DOUGLAS EMMETT INC US DEI 109.42 $3,055.05
26439XAC7 DCP MIDSTREAM OPERATING 8.12500 08/16/2030 US 2,984.23 $3,543.77
264411505 DUKE RLTY INVTS INC US DRE 136.28 $5,253.58
26875P101 EOG RESOURCES INC US EOG 387.95 $17,589.63
26884L109 EQT CORP US EQT 1,438.89 $22,835.26
26884LAG4 EQT CORP 8.75000 02/01/2030 US 2,486.86 $2,978.01
277276101 EASTGROUP PROPERTIES US EGP 11.64 $1,549.78
285512109 ELECTRONIC ARTS US EA 234.76 $32,741.86
291011104 EMERSON ELEC CO US EMR 194.17 $13,489.25
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 85,547.83 $92,193.99
29444U700 EQUINIX INC US EQIX 82.76 $65,364.21
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 85.55 $5,670.97
29476L107 EQUITY RESIDENTIAL US EQR 56.2 $3,172.66
297178105 ESSEX PROPERTY TRUST INC US ESS 6.57 $1,421.45
30212P303 EXPEDIA INC US EXPE 757.99 $74,397.07
30212PAS4 EXPEDIA GROUP INC 6.25000 05/01/2025 US 36,308.09 $39,896.26
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 154,185.04 $155,180.90
30225T102 EXTRA SPACE STORAGE INC US EXR 14.92 $1,589.85
30231G102 EXXON MOBIL CORP US XOM 335.23 $13,389.01
302491303 FMC CORP US FMC 193.97 $20,728.14
30262DAL5 FREMF 2011-K13 B 4.76356 01/25/2048 US 40,784.43 $41,156.80
30262SAR9 FREMF 2015-K42 B FLT 3.98209 12/25/2024 US 17,905.36 $19,352.82
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 1,989.48 $1,790.54
30287EAE0 FREMF 2014-K41 B FLT 3.96344 11/25/2047 US 69,631.95 $76,365.47
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 1,041,588.86 $1,959.85
30303M102 FACEBOOK INC -A US FB 138.27 $40,540.52
3128M1AM1 FHLM POOL G11912 5.50000 03/01/2021 US 93.25 $93.59
3128M6HZ4 FHLM POOL G04448 5.50000 07/01/2038 US 12,389.79 $14,357.19
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 282.46 $328.02
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 942.03 $1,110.05
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 10,047.44 $11,823.18
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 3,243.18 $3,808.51
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 3,167.04 $3,291.49
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 177.37 $180.88
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 181.93 $187.99
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 37,776.33 $40,978.53
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 6,858.76 $7,938.25
3128MJY87 FHLM POOL FG G08734 4.00000 11/01/2046 US 3,437.43 $3,720.23
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 3,310.37 $3,645.56
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 34,171.11 $38,207.33
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 10,952.95 $11,949.20
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 32,427.39 $34,664.49
3133A6DB4 FEDERAL NATL MTG ASSN FR QB0098 2.50000 06/01/2050 US 100,362.76 $105,599.48
3136AY6W8 FNA 2017-M15 A1 FLT 3.05797 09/25/2027 US 45,788.61 $49,765.00
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 21,382.53 $22,212.93
31371MLB1 FEDERAL NATL MTG ASSN 256022 5.50000 12/01/2035 US 4,211.93 $4,938.59
31371MRU3 FEDERAL NATL MTG ASSN 256199 5.00000 04/01/2021 US 121.97 $128.56
31371NDQ5 FEDERAL NATL MTG ASSN 256711 5.50000 05/01/2037 US 485.57 $561.09
3137ADTK3 FHMS K014 X1 FLT 1.32366 04/25/2021 US 1,056,539.78 $4,342.59
3137AJMG6 FMHS K016 X1 FLT 1.63779 10/25/2021 US 222,432.51 $2,835.59
3137AUPF0 FHMS K021 x1 FLT 1.54441 06/25/2022 US 1,513,272.99 $29,463.88
3137B3NB0 FHMS K030 X1 FLT 0.28647 04/25/2023 US 2,881,292.67 $11,863.15
3137B4GZ3 FHMS K032 X1 FLT 0.20559 05/25/2023 US 1,693,169.4 $4,779.99
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 22,409.29 $22,876.88
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 13,263.83 $13,443.72
3138A7BL1 FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 11,657.8 $12,584.59
3138AJ4A7 FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 2,999.86 $3,238.98
3138EPLE2 FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 7,222.17 $8,052.88
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64300 01/01/2049 US 50,349.53 $59,484.27
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 46,091.87 $50,821.90
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 4,510.85 $5,277.28
31403DVZ9 FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 767.69 $895.38
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 40,359.44 $43,496.59
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 8,636.13 $9,379.68
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 88.28 $89.54
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 114.79 $116.71
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 510.22 $514.25
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 562.91 $568.09
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 1,324.86 $1,533.26
31410WSY5 FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 552.24 $615.47
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 2,980.03 $3,449.86
31411RHZ4 FEDERAL NATL MTG ASSN 912948 5.00000 05/01/2038 US 424.32 $464.82
31413CCL1 FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 172.13 $191.81
31413MR66 FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 1,598.17 $1,798.33
31413S6R0 FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 1,130.53 $1,316.77
31414CQ50 FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 243.37 $284.70
31414DJ23 FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 629.24 $711.61
31414QX28 FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 359.18 $377.50
31414UF52 FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 2,298.99 $2,410.53
31415ALX7 FEDERAL NATL MTG ASSN 981042 6.00000 04/01/2038 US 449.65 $500.55
31415BBC2 FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 785.34 $875.39
31415BBT5 FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 490.39 $537.73
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 309.19 $311.79
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 1,196.35 $1,332.87
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 15,464.24 $17,035.86
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 16,572.32 $18,256.87
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 32,477.93 $35,206.61
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 19,441.47 $20,527.28
31418DNN8 FEDERAL NATL MTG ASSN FN MA3996 2.50000 04/01/2050 US 29,681.48 $30,748.68
31418DQ21 FEDERAL NATL MTG ASSN FN MA4072 2.50000 07/01/2040 US 51,792.52 $54,524.03
31418DQG0 FEDERAL NATL MTG ASSN FN MA4054 2.50000 06/01/2040 US 132,667.81 $139,664.50
31418DQZ8 FEDERAL NATL MTG ASSN FN MA4071 2.00000 07/01/2040 US 76,904.4 $79,401.41
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 2,155.66 $2,547.09
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 7,151.35 $8,287.94
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 1,320.27 $1,531.88
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 5,471.08 $6,031.87
316067107 FIDELITY CASH RESERVES US 849.9 $849.90
32054K103 FIRST INDUSTRIAL REALTY TR US FR 107.43 $4,581.98
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 3,978.97 $3,998.86
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 46,752.88 $47,889.54
345370CX6 FORD MOTOR COMPANY 9.62500 04/22/2030 US 4,973.71 $6,519.42
345397XU2 FORD MOTOR CREDIT CO LLC 4.38900 01/08/2026 US 1,989.48 $2,023.94
346232AE1 FORESTAR GROUP INC 5.00000 03/01/2028 US 2,984.23 $3,015.20
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 2,486.86 $2,412.25
34960PAC5 FORTRESS TRANS & INFRAST 9.75000 08/01/2027 US 2,984.23 $3,181.99
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 2,486.86 $2,714.58
357081AE8 FREMF 2015-K720 B FLT 3.50986 07/25/2022 US 9,947.42 $10,267.24
36166LAA5 GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 AE 2,486.86 $2,399.82
36237HAA9 G-III APPAREL GROUP LTD 7.87500 08/15/2025 US 3,481.6 $3,459.84
36257MAA3 GSMS 2019-70P A 1.16188 10/15/2036 US 33,821.23 $32,550.53
36294VKJ8 GNMA POOL 660997 5.50000 05/15/2037 US 2,930.55 $3,257.70
369550108 GENERAL DYNAMICS CORP US GD 70.13 $10,473.81
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 77,589.89 $60,872.37
370334104 GENERAL MLS INC US GIS 218.35 $13,963.22
37255LAA5 GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 US 3,481.6 $3,669.19
374297109 GETTY REALTY CORP US GTY 105.94 $3,102.98
375558103 GILEAD SCIENCES INC US GILD 320.31 $21,380.49
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 39,275.52 $41,179.53
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 2,741.51 $38,326.30
4031976 ADIDAS AG DE ADS GR 67.64 $20,583.35
404119BX6 HCA INC 4.12500 06/15/2029 US 58,689.79 $67,620.61
418751AD5 HAT HOLDINGS I LLC/HAT 3.75000 09/15/2030 US 2,486.86 $2,499.29
421946104 HEALTHCARE REALTY TRUST INC US HR 57.7 $1,664.50
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 100.97 $2,664.50
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 239.24 $6,612.47
427866108 HERSHEY CO/THE US HSY 64.96 $9,655.16
431571AB4 HILLENBRAND INC 4.50000 09/15/2026 US 3,978.97 $4,267.44
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 312.35 $28,223.86
437076102 HOME DEPOT INC US HD 164.33 $46,841.02
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 499.66 $12,781.28
438516106 HONEYWELL INTERNATIONAL INC US HON 149.21 $24,701.94
443201AA6 HOWMET AEROSPACE INC 6.87500 05/01/2025 US 3,978.97 $4,522.79
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 2,486.86 $2,716.89
450913AE8 IAMGOLD CORP 7.00000 04/15/2025 CA 4,476.34 $4,700.16
452308109 ILLINOIS TOOL WKS INC US ITW 84.85 $16,762.42
45337C102 INCYTE CORP US INCY 138.27 $13,322.23
45569LAA9 INDIGO NATURAL RES LLC 6.87500 02/15/2026 US 2,984.23 $3,051.37
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 4,476.34 $4,252.52
45778Q107 INSPERITY INC US NSP 323.29 $21,780.13
458140100 INTEL CORP US INTC 597.84 $30,459.95
45857P806 INTERCONTINENTAL HOTELS-ADR GB IHG 177.06 $10,262.64
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 413.81 $43,959.33
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 185.42 $22,864.13
46116VAE5 INTL FC STORE INC 8.62500 06/15/2025 US 4,973.71 $5,384.04
46187BAA1 IHSFR 2017-SFR2 A 1.01188 12/17/2036 US 14,424.19 $14,317.51
46187BAB9 IHSFR 2017-SFR2 B 1.31188 12/17/2036 US 11,936.91 $11,916.60
46187W107 INVITATION HOMES INC US INVH 318.91 $9,130.52
46284VAN1 IRON MOUNTAIN INC 4.50000 02/15/2031 US 2,486.86 $2,552.43
465410BX5 ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 19,894.84 $20,575.56
46625H100 JP MORGAN CHASE & CO US JPM 343.58 $34,423.68
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 2,107.28 $2,104.97
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 16,557.07 $16,850.70
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 17,986.15 $18,803.58
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 22,435.46 $22,693.31
46647PBP0 JPMORGAN CHASE & CO 2.95600 05/13/2031 US 86,542.57 $93,082.90
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 13,256.76 $13,307.50
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 12,888.05 $12,969.30
478160104 JOHNSON & JOHNSON US JNJ 661.11 $101,420.22
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 2,486.86 $348.16
48088LAB3 JOSEPH T RYERSON & SON 8.50000 08/01/2028 US 2,486.86 $2,716.89
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 4,476.34 $4,868.02
49427F108 KILROY REALTY CORP US KRC 85.75 $5,017.90
494368103 KIMBERLY CLARK CORP US KMB 88.83 $14,013.90
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 62,668.76 $83,366.27
505742AG1 LADDER CAP FIN LLLP/CORP 5.25000 10/01/2025 US 3,481.6 $3,307.52
512816109 LAMAR ADVERTISING CO-A US LAMR 35.81 $2,479.18
53223X107 LIFE STORAGE INC US LSI 40.29 $4,247.46
532457108 ELI LILLY & CO US LLY 126.03 $18,702.16
539473AE8 LLOYDS BANK PLC 12.00000 12/16/2024 GB 9,947.42 $11,624.04
539830109 LOCKHEED MARTIN CORP US LMT 64.16 $25,039.42
541056AA5 LOGAN MERGER SUB INC 5.50000 09/01/2027 US 1,989.48 $2,028.66
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 4,476.34 $716.21
550021109 LULULEMON - ADR CA LULU 53.72 $20,179.52
552697AQ7 MDC PARTNERS INC 6.50000 05/01/2024 CA 2,984.23 $2,849.94
552848AG8 MGIC INVESTMENT CORP 5.25000 08/15/2028 US 3,481.6 $3,655.68
573284106 MARTIN MARIETTA MATERIALS US MLM 48.74 $9,888.36
57636Q104 MASTERCARD INC-CLASS A US MA 276.54 $99,053.26
577128AA9 MATTHEWS INTERNATIONAL C 5.25000 12/01/2025 US 497.37 $470.02
58933Y105 MERCK & CO INC US MRK 424.06 $36,159.48
594918104 MICROSOFT CORP US MSFT 202.93 $45,766.22
595112103 MICRON TECHNOLOGY INC US MU 1,043.48 $47,488.98
59522J103 MID-AMERICA APARTMENT COMM US MAA 54.21 $6,349.48
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 1,075.81 $62,849.04
615369105 MOODY'S CORPORATION US MCO 59.68 $17,585.45
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 3,481.6 $2,384.89
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 994.74 $726.16
62913TAJ1 NGL ENRGY PART LP/FIN CO 7.50000 11/01/2023 US 1,989.48 $1,452.32
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 3,481.6 $3,629.57
63938NAF1 NAVIOS SA LOGIST/FIN US 10.75000 07/01/2025 MH 1,492.11 $1,615.21
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 13,690.33 $13,763.29
63941RAB6 NAVSL 2019-2A A2 1.17513 02/27/2068 US 99,474.22 $100,213.73
63941XAA5 NAVSL 2020-FA A 1.22000 07/15/2069 US 66,647.73 $66,744.58
63942FAB1 NAVSL 2020-1A A1B 1.19925 06/25/2069 US 69,631.95 $70,245.10
64033QAB5 NSLT 2015-2A A2 0.77513 09/25/2047 US 70,866.42 $68,490.97
644393AA8 NEW FORTRESS ENERGY INC 6.75000 09/15/2025 US 4,476.34 $4,542.14
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 22,904.31 $24,520.44
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 28,324.21 $30,579.14
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 37,484.11 $40,201.49
654106AM5 NIKE INC 3.37500 03/27/2050 US 30,837.01 $35,493.93
6642321 NIKON CORP JP 7731 JP 1,830.33 $14,334.55
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 13,429.02 $214.86
66987V109 NOVARTIS AG- REG CH NVS 699.3 $60,182.08
67401PAB4 OAKTREE SPECIALTY LEND 3.50000 02/25/2025 US 1,989.48 $2,002.75
674599EA9 OCCIDENTAL PETROLEUM COR 8.87500 07/15/2030 US 2,486.86 $2,810.15
675232AB8 OCEANEERING INTL INC 6.00000 02/01/2028 US 4,476.34 $2,824.57
682189AQ8 ON SEMICONDUCTOR CORP 3.87500 09/01/2028 US 1,989.48 $2,075.99
68389X105 ORACLE CORP US ORCL 387.75 $22,187.08
68555PAA8 ORBCOMM INC 8.00000 04/01/2024 US 3,481.6 $3,385.85
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 497.37 $473.93
69327RAJ0 PDC ENERGY INC 5.75000 05/15/2026 US 2,984.23 $3,052.86
693475105 PNC FINANCIAL SERVICES GROUP US PNC 80.38 $8,937.72
69354NAC0 PRA GROUP INC 7.37500 09/01/2025 US 2,984.23 $3,180.89
70450Y103 PAYPAL HOLDINGS INC US PYPL 134.29 $27,414.00
7123870 NESTLE SA-REGISTERED CH NESN SW 339.21 $40,856.52
713448108 PEPSICO INC US PEP 156.17 $21,873.80
717081103 PFIZER INC US PFE 952.37 $35,989.92
717081EW9 PFIZER INC 2.62500 04/01/2030 US 21,884.33 $24,433.45
719245AD4 PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 US 3,481.6 $3,199.80
71943U104 PHYSICIANS REALTY TRUST US DOC 105.94 $1,922.81
723787107 PIONEER NATURAL RESOURCES CO US PXD 304.89 $31,687.06
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 116,384.84 $130,657.22
74166MAE6 PRIME SECSRVC BRW/FINANC 6.25000 01/15/2028 US 1,989.48 $2,088.96
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 29,786.82 $29,905.08
74340W103 PROLOGIS US PLD 218.54 $22,260.98
74460D109 PUBLIC STORAGE INC US PSA 31.33 $6,655.42
747525103 QUALCOMM INC US QCOM 182.63 $21,751.79
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 6,465.82 $6,485.22
75513E101 RAYTHEON TECHNOLOGIES CORP US RTX 311.35 $18,992.61
756109104 REALTY INCOME CORP US O 30.34 $1,881.97
758849103 REGENCY CENTERS CORP US REG 25.86 $1,027.03
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 103.95 $4,987.55
778296AE3 ROSS STORES INC 5.45000 04/15/2050 US 27,852.78 $35,813.38
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 160.15 $4,500.31
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 363.08 $29,373.24
78409V104 S&P GLOBAL INC US SPGI 41.78 $15,308.72
78410G104 SBA COMMUNICATIONS CORP US SBAC 95.5 $29,228.23
78442PGC4 SLM CORP 5.12500 04/05/2022 US 4,973.71 $5,122.92
78443BAG1 SLMA 2006-10 A6 FLT 0.39450 03/25/2044 US 12,898.53 $12,025.32
78449XAA0 SMB 2020-BA A1A 1.29000 07/15/2053 US 69,631.95 $69,548.90
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 57,861.24 $59,282.50
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 90,521.54 $108,872.31
79466L302 SALESFORCE.COM US CRM 164.13 $44,750.72
806857108 SCHLUMBERGER LTD NL SLB 506.32 $9,625.21
81745BAB1 SEMT 2013-6 A2 3.00000 05/25/2043 US 31,174.6 $32,615.29
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 20,626.18 $21,215.45
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 26,924.16 $27,697.70
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 20,614.75 $20,765.87
81762P102 SERVICENOW INC US NOW 42.77 $20,617.88
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 15,313.25 $15,456.00
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 5,760.45 $5,844.35
83404RAB4 SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 24,868.55 $25,677.62
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 15,587.57 $15,767.60
844741BJ6 SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 69,631.95 $75,998.37
85172FAN9 SPRINGLEAF FINANCE CORP 7.12500 03/15/2026 US 2,486.86 $2,853.65
85254J102 STAG INDUSTRIAL INC US STAG 80.08 $2,586.48
85571BAL9 STARWOOD PROPERTY TRUST 4.75000 03/15/2025 US 3,978.97 $3,829.76
85571XAA5 SRPT 2014-STAR A FLTG RATE 1.63188 11/15/2027 US 88,168.14 $61,737.07
861036AA9 STL HOLDING CO LLC 7.50000 02/15/2026 US 2,984.23 $3,021.53
86212XAA8 STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 29,381.59 $29,671.67
866674104 SUN COMMUNITIES US SUI 62.67 $9,342.66
87105L104 SWITCH INC - A US SWCH 245.2 $4,217.51
871829107 SYSCO CORP US SYY 359.6 $21,626.30
872540AU3 TJX COS INC 4.50000 04/15/2050 US 40,784.43 $51,886.07
87422VAJ7 TALEN ENERGY SUPPLY LLC 7.62500 06/01/2028 US 3,481.6 $3,597.85
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 9,185.36 $9,203.96
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 1,492.11 $332.00
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 77,589.89 $89,537.98
88146M101 TERRENO REALTY CORP US TRNO 57.2 $3,411.27
882508104 TEXAS INSTRUMENTS INC US TXN 197.66 $28,096.70
883556102 THERMO FISHER SCIENTIFIC INC US TMO 50.73 $21,762.95
88579Y101 3M CO US MMM 128.22 $20,902.79
89151E109 TOTAL S A SPONSORED ADR FR TOT 862.54 $34,130.75
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 53,458.85 $54,587.45
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 24,273.92 $24,957.86
89177EAA7 TPMT 2019-HY1 A1 1.17513 10/25/2048 US 22,090.42 $22,044.44
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 3,481.6 $3,211.77
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 76,427.31 $76,628.49
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 49,381.57 $51,169.19
89613GAA4 TAH 2020-SFR1 A 1.49900 07/17/2038 US 60,679.27 $60,666.90
89832Q109 TRUIST FINANCIAL CORP US TFC 352.14 $13,666.50
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 6,465.82 $6,223.36
902653104 UDR INC US UDR 52.03 $1,810.99
902973304 U.S. BANCORP US USB 367.46 $13,375.46
904767704 UNILEVER PLC - ADR GB UL 1,602.13 $95,455.01
907818108 UNION PAC CORP US UNP 142.15 $27,355.09
9127963S6 TREASURY BILL 0.00000 07/15/2021 US 39,789.69 $39,742.39
912810FS2 TSY INFL IX N/B 2.00000 01/15/2026 US 269,390.5 $320,611.53
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 189,001.02 $202,592.85
912828VS6 US TREASURY N/B 2.50000 08/15/2023 US 101,961.07 $109,010.73
912828YN4 US TREASURY FRN FLT 0.40503 10/31/2021 US 430,922.32 $432,315.61
912828ZJ2 TSY INFL IX N/B 0.12500 04/15/2025 US 201,538.9 $216,725.17
91704F104 URBAN EDGE PROPERTIES US UE 141.75 $1,496.89
91823AAN1 VBTOW 2020-1A C2 3.03100 06/15/2050 US 14,921.13 $15,446.06
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 98,479.48 $133,776.19
92826C839 VISA INC - CLASS A SHARES US V 402.87 $85,404.54
92826CAK8 VISA INC 2.70000 04/15/2040 US 82,563.6 $89,182.16
928668BE1 VOLKSWAGEN GROUP AMERICA 3.35000 05/13/2025 US 49,737.11 $54,666.32
929160109 VULCAN MATERIALS CO US VMC 165.13 $19,815.26
93065PAA9 WBHT 2019-WBM A FLT 1.21188 12/15/2033 US 38,794.95 $36,853.78
931142103 WAL MART STORES US WMT 285.69 $39,668.05
94106L109 WASTE MANAGEMENT INC US WM 117.38 $13,381.27
949746101 WELLS FARGO COMPANY US WFC 779.88 $18,834.05
95040Q104 WELLTOWER INC. US WELL 78.39 $4,508.74
95081QAP9 WESCO DISTRIBUTION INC 7.25000 06/15/2028 US 4,476.34 $4,993.29
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 3,978.97 $4,317.18
966387AH5 WHITING PETROLEUM CORP 5.75000 03/15/2021 US 12,931.65 $2,909.62
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 69,631.95 $76,932.80
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 22,893.96 $23,571.62
98311A105 WYNDHAM HOTELS & RESORTS INC US WH 75.1 $3,932.39
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 39,789.69 $1,844.67
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 13,926.39 $11,141.97
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 109,421.64 $5,166.05
B63QM77 NEXON CO LTD JP 3659 JP 1,720.9 $40,268.13
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 34,815.98 $1,797.92
BBG00W89CJ51 BABA US 09/04/20 P240 CN -.6 -$3.58
BBG00WD4YYY7 COG US 09/11/20 C20 US -8.16 -$81.57
BBG00WD57V16 CRM US 09/11/20 C230 US -.7 -$2,792.24
BBG00WDJ9S48 PYPL US 09/11/20 P195 US -.8 -$119.37
BBG00WN64F39 FB US 09/11/20 C282.5 US -.5 -$805.74
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 1,423.97 $2,024.02
BJVB695 BUONI POLIENNALI DEL TES 2.45000 09/01/2050 IT 11,936.91 $15,501.68
BK0939417 AMERICAN TANKER INC 7.75000 07/02/2025 US 6,963.2 $7,007.06
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 584.91 $39,959.98
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 398.89 $23,183.31
G1151C101 ACCENTURE PLC - CL A IE ACN 91.22 $21,885.90
G29183103 EATON CORP PLC US ETN 124.84 $12,746.18
G5494J103 LINDE PLC GB LIN 81.27 $20,296.48
G5960L103 MEDTRONIC INC IE MDT 474.59 $51,004.35
H01301128 ALCON INC CH ALC 886.81 $50,849.84
H1467J104 CHUBB LTD CH CB 99.87 $12,484.01
USD US DOLLAR US 487,927.85 $487,927.85

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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