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

$11.87

Daily $ Change

$0.13

Daily % Change

1.10%

as of 04/09/2020

CUSIP

56382R878

Inception Date

05/14/2015

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

Important Documents

Annual Report
Applications & Forms

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

Performance

As of 03/31/2020

YTD

-5.36%

1 Year

1.77%

3 Year

4.02%

5 Year

3.06%

10 Year

5.49%

Inception
(01/01/2000)

6.27%

US Stock Market Cycle (04/01/2000 - 03/31/2020)

6.20%

Performance through the inception date of the Retirement Target CIT Class U1 units is based on the historical performance of the CIT’s oldest unit class. Performance through the inception date of the oldest unit class (08/03/2012) is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. Returns are net of the Class U1 expenses. The Retirement Target CIT Fund will gradually become more conservative over time. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.53%
Net 0.49%*

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

Top Ten Investments

As of 03/31/2020

GOVERNMENT AGENCY 9.34%
TREASURY NOTES 7.49%
TSY INFL IX N/B 2.00000 01/15/2026 3.82%
TSY INFL IX N/B 0.50000 04/15/2024 2.50%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 1.63%
TREASURY BONDS 1.45%
VERIZON COMMUNICATIONS 5.25000 03/16/2037 1.31%
BANK OF AMERICA CORP 4.00000 01/22/2025 1.28%
BOOKING HOLDINGS INC 3.60000 06/01/2026 1.19%
FACEBOOK INC -A 1.02%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 03/31/2020

Bonds 64.43%
Stocks 31.07%
Cash 4.50%

Detailed Asset Class Allocation

As of 03/31/2020

International Equities 7.00%
Small Capitalization 0.23%
Mid Capitalization 1.54%
Large Capitalization 22.30%
Long Term Fixed Income 20.38%
Intermediate Term Fixed Income 31.51%
Short Term Fixed Income 12.54%
Cash 4.50%

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

March Fund Holdings

As of 03/31/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 1,615.07 $1,578.73
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 81,830.4 $86,917.69
00287Y109 ABBVIE INC US ABBV 317.09 $24,159.30
004239109 ACADIA REALTY TRUST US AKR 115.75 $1,434.10
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 1,076.72 $925.98
00507V109 ACTIVISION INC US ATVI 679.41 $40,411.17
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 83,983.83 $71,104.97
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 1,615.07 $1,405.11
008492100 AGREE REALTY CORP US ADC 31.22 $1,932.81
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 43,068.63 $36,173.54
00912XBA1 AIR LEASE CORP 3.25000 03/01/2025 US 2,691.79 $2,109.64
013092AC5 ALBERTSONS COS/SAFEWAY 4.62500 01/15/2027 US 2,153.43 $2,142.66
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 11.31 $1,549.53
01609W102 ALIBABA GROUP - ADR CN BABA 113.59 $22,091.67
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 64,602.95 $67,719.02
02005NBF6 ALLY FINANCIAL INC 5.75000 11/20/2025 US 2,153.43 $2,106.49
02079K107 ALPHABET INC-CL C US GOOG 49.53 $57,592.73
02079K305 ALPHABET INC-CL A US GOOGL 50.07 $58,175.68
02154CAE3 ALTICE FINANCING SA 7.50000 05/15/2026 LU 2,153.43 $2,086.46
023135106 AMAZON.COM INC US AMZN 36.61 $71,376.01
0237400 DIAGEO PLC GB DGE LN 587.89 $18,641.57
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 110.9 $3,077.52
02665T306 AMERICAN HOMES 4 RENT- A US AMH 235.8 $5,470.58
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 1,076.72 $969.05
03027X100 AMERICAN TOWER REIT INC US AMT 104.44 $22,742.12
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 83,983.83 $85,016.83
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 1,281.49 $1,272.01
03064D108 AMERICOLD REALTY TRUST US COLD 170.66 $5,809.25
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 1,615.07 $1,033.65
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 1,615.07 $1,033.65
03748R754 APARTMENT INVT & MGMT CO -A US AIV 118.87 $4,178.26
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 1,615.07 $1,292.06
053015103 AUTOMATIC DATA PROCESSING US ADP 81.08 $11,081.56
053484101 AVALONBAY COMMUNITIES INC US AVB 50.07 $7,368.40
05401AAJ0 AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 KY 45,222.06 $35,464.62
055622104 BP PLC-SPONS ADR GB BP 256.26 $6,250.14
060505104 BANK OF AMERICA CORP US BAC 1,362.58 $28,927.66
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 125,975.75 $132,575.77
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 221.8 $40,552.33
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 356.39 $30,115.20
09857L108 BOOKING HOLDINGS INC US BKNG 64.06 $86,187.38
101121101 BOSTON PROPERTIES INC US BXP 51.9 $4,786.53
105368203 BRANDYWINE REALTY TRUST US BDN 264.87 $2,786.45
110122108 BRISTOL MYERS SQUIBB CO US BMY 427.35 $23,820.41
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 4,306.86 $301.48
1248EPCE1 CCO HLDGS LLC/CAP CORP 4.50000 08/15/2030 US 1,615.07 $1,582.77
12503M108 CBOE GLOBAL MARKETS INC US CBOE 361.78 $32,288.55
12527GAC7 CF INDUSTRIES 3.45000 06/01/2023 US 2,153.43 $2,115.90
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 15,413.45 $15,258.91
12572Q105 CME GROUP INC US CME 116.29 $20,106.89
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 41,764.87 $39,770.34
127097103 CABOT OIL & GAS CORP US COG 2,677.79 $46,031.25
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 2,153.43 $1,551.22
133131102 CAMDEN PROPERTY TRUST US CPT 75.37 $5,972.33
136375102 CANADIAN NATIONAL RAILWAY CO CA CNI 141.48 $10,983.13
14180LAA4 CARGO AIRCRAFT MANAGEMENT 4.75000 02/01/2028 US 3,230.15 $2,995.96
143905AN7 CARRIAGE SERVICES INC 6.62500 06/01/2026 US 2,153.43 $2,115.75
149123101 CATERPILLAR INC US CAT 142.34 $16,517.35
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 19,498.89 $18,675.44
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 1,615.07 $1,615.07
16119P108 CHARTER COMMUNICATIONS INC-A US CHTR 33.38 $14,563.24
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 28,549.83 $28,320.54
166764100 CHEVRON CORP US CVX 249.8 $18,100.37
17275R102 CISCO SYSTEMS INC US CSCO 793.22 $31,181.34
172967424 CITIGROUP INC US C 408.94 $17,224.41
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 40,915.2 $64,177.45
191216100 COCA COLA CO/THE US KO 1,251.14 $55,363.11
194162103 COLGATE-PALMOLIVE CO US CL 221.16 $14,676.01
20030N101 COMCAST CORP-CL A US CMCSA 616.31 $21,188.81
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 66,756.38 $68,911.53
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 50,053.57 $50,597.62
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 88.83 $3,400.38
20451NAG6 COMPASS MINERALS INTERNA 6.75000 12/01/2027 US 2,153.43 $1,944.01
20825C104 CONOCOPHILLIPS US COP 552.89 $17,029.12
222795502 COUSINS PROPERTIES INC US CUZ 181.32 $5,307.21
225310AN1 CREDIT ACCEPTANC 5.12500 12/31/2024 US 1,615.07 $1,469.72
22534GAA1 CAALT 2020-1A 2.01000 02/15/2029 US 47,375.5 $43,952.06
22822V101 CROWN CASTLE INTL CORP US CCI 33.38 $4,819.81
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 88,290.7 $84,577.43
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 30,557.39 $28,826.94
23110AAA4 CUMULUS MEDIA NEW HLDGS 6.75000 07/01/2026 US 3,768.51 $3,372.81
25243Q205 DIAGEO PLC-SPONSORED ADR GB DEO 103.26 $13,126.04
253868103 DIGITAL REALTY TRUST INC US DLR 75.15 $10,439.75
254687106 WALT DISNEY CO/THE US DIS 194.89 $18,825.95
254709AP3 DISCOVER FINANCIAL SVS 4.50000 01/30/2026 US 2,153.43 $2,196.46
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 97,981.14 $98,723.18
256746108 DOLLAR TREE STORES INC US DLTR 269.18 $19,776.58
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 4,306.86 $4,048.45
25960P109 DOUGLAS EMMETT INC US DEI 118.44 $3,613.57
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 21,534.32 $21,588.15
26875P101 EOG RESOURCES INC US EOG 543.2 $19,511.86
285512109 ELECTRONIC ARTS US EA 329.48 $33,003.52
291011104 EMERSON ELEC CO US EMR 210.17 $10,014.84
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 55,989.22 $50,979.95
29413XAD9 ENVIVA PARTNERS LP/FIN C 6.50000 01/15/2026 US 2,153.43 $2,099.60
29444U700 EQUINIX INC US EQIX 88.51 $55,278.22
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 102.29 $5,879.51
29476L107 EQUITY RESIDENTIAL US EQR 78.06 $4,817.20
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 154.51 $2,017.88
297178105 ESSEX PROPERTY TRUST INC US ESS 13.57 $2,987.91
30212P303 EXPEDIA INC US EXPE 376.31 $21,175.09
30212PAP0 EXPEDIA INC 3.80000 02/15/2028 US 46,298.78 $40,020.28
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 166,890.95 $168,351.25
30225T102 EXTRA SPACE STORAGE INC US EXR 16.15 $1,546.59
30262DAL5 FREMF 2011-K13 B 4.61254 01/25/2048 US 44,145.35 $44,257.73
30262SAR9 FREMF 2015-K42 B FLT 3.85082 12/25/2024 US 19,380.88 $18,903.37
30287EAE0 FREMF 2014-K41 B FLT 3.83276 11/25/2047 US 75,370.11 $76,316.05
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 1,139,679.62 $2,556.64
30303M102 FACEBOOK INC -A US FB 628.8 $104,884.18
3128M1AM1 FHLM POOL G11912 5.50000 03/01/2021 US 307.54 $310.79
3128M6HZ4 FHLM POOL G04448 5.50000 07/01/2038 US 14,559.07 $16,504.51
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 332.9 $377.15
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 1,077.14 $1,224.44
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 11,436.71 $13,169.55
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 3,890.25 $4,407.99
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 4,620.78 $4,825.19
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 294.71 $302.84
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 289.44 $300.96
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 48,973.8 $53,100.60
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 8,134.61 $9,212.79
3128MJY87 FHLM POOL FG G08734 4.00000 11/01/2046 US 4,370.5 $4,702.15
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 3,992.59 $4,384.18
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 41,028.55 $44,862.22
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 13,948.65 $15,079.03
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 46,832.1 $50,154.07
3132Y33P7 FHLM POOL FG Q59805 4.50000 11/01/2048 US 32,580.86 $35,040.66
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 30,463.83 $32,856.31
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 4.3 $4.30
3136AY6W8 FNA 2017-M15 A1 2.95938 09/25/2027 US 50,998.82 $55,201.95
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 36,527.05 $39,055.10
31371MLB1 FEDERAL NATL MTG ASSN 256022 5.50000 12/01/2035 US 4,874.85 $5,524.84
31371MRU3 FEDERAL NATL MTG ASSN 256199 5.00000 04/01/2021 US 236.92 $248.60
31371NDQ5 FEDERAL NATL MTG ASSN 256711 5.50000 05/01/2037 US 606.01 $684.81
3137A2B34 FHMS K009 X1 FLT 1.25934 08/25/2020 US 87,972.72 $233.78
3137ADTK3 FHMS K014 X1 FLT 1.14953 04/25/2021 US 1,154,463.33 $10,240.78
3137AJMG6 FMHS K016 X1 FLT 1.47814 10/25/2021 US 245,420.11 $4,603.96
3137AUPF0 FHMS K021 x1 FLT 1.42038 06/25/2022 US 1,656,472.43 $42,308.46
3137B3NB0 FHMS K030 X1 FLT 0.18047 04/25/2023 US 3,155,620.59 $15,484.63
3137B4GZ3 FHMS K032 X1 FLT 0.09504 05/25/2023 US 1,854,907.58 $6,258.46
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 37,472.5 $38,842.32
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 28,511.16 $29,387.91
3138A7BL1 FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 19,665.86 $21,259.20
3138AJ4A7 FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 3,284.67 $3,534.71
3138EPLE2 FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 9,054.79 $9,919.55
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64500 01/01/2049 US 57,532.88 $66,775.84
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 54,310.4 $59,237.05
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 5,326.78 $6,036.32
31403DVZ9 FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 893.39 $1,056.87
31406PTV1 FEDERAL NATL MTG ASSN 816064 4.50000 04/01/2020 US 5.78 $5.80
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 55,875.89 $60,225.02
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 9,439.71 $10,176.45
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 11,515.02 $12,395.21
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 44,660.58 $48,040.79
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 37,300.65 $41,487.21
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 24,629.88 $26,583.66
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 35,644.23 $38,376.39
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 21,218.78 $22,856.76
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 173.8 $177.94
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 207.59 $212.63
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 1,210.07 $1,227.80
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 1,356.25 $1,374.34
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 1,596.81 $1,809.53
31410WSY5 FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 604.92 $670.36
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 3,740.87 $4,227.02
31411RHZ4 FEDERAL NATL MTG ASSN 912948 5.00000 05/01/2038 US 465.51 $502.02
31413CCL1 FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 266.33 $294.78
31413MR66 FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 1,753.48 $2,003.85
31413S6R0 FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 1,239.72 $1,424.21
31414CQ50 FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 269.11 $307.64
31414DJ23 FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 806.08 $908.21
31414QX28 FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 494.31 $516.96
31414UF52 FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 2,917.76 $3,042.95
31415ALX7 FEDERAL NATL MTG ASSN 981042 6.00000 04/01/2038 US 1,289.26 $1,431.79
31415BBC2 FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 1,389.72 $1,537.13
31415BBT5 FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 719.11 $784.85
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 782.76 $794.07
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 1,522.27 $1,666.58
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 18,863.98 $20,709.75
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 20,725.52 $22,753.72
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 42,148.87 $45,703.50
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 28,887.66 $30,711.17
31418CZH0 FEDERAL NATL MTG ASSN FN MA3443 4.00000 08/01/2048 US 38,908.61 $41,483.32
31418DNN8 FEDERAL NATL MTG ASSN FN MA3996 2.50000 04/01/2050 US 33,378.19 $34,294.95
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 2,513.77 $2,892.24
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 8,746.96 $9,913.80
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 1,579.36 $1,788.60
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 4,306.86 $4,254.32
316067107 FIDELITY CASH RESERVES US 919.94 $919.94
32054K103 FIRST INDUSTRIAL REALTY TR US FR 57.6 $1,914.19
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 2,153.43 $1,851.95
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 50,605.64 $47,018.89
346232AE1 FORESTAR GROUP INC 5.00000 03/01/2028 US 2,153.43 $1,788.15
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 2,153.43 $1,577.39
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 2,691.79 $2,099.60
357081AE8 FREMF 2015-K720 B FLT 3.39232 07/25/2022 US 10,767.16 $10,617.06
36166LAA5 GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 AE 2,691.79 $2,240.91
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 12,382.23 $12,463.66
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 701.3 $702.14
36294VKJ8 GNMA POOL 660997 5.50000 05/15/2037 US 3,217.4 $3,506.54
369550108 GENERAL DYNAMICS CORP US GD 75.91 $10,043.45
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 83,983.83 $69,286.66
370334104 GENERAL MLS INC US GIS 190.58 $10,056.84
37185LAL6 GENESIS ENERGY LP/FIN 7.75000 02/01/2028 US 2,153.43 $1,499.22
374297109 GETTY REALTY CORP US GTY 65.14 $1,546.45
375558103 GILEAD SCIENCES INC US GILD 283.18 $21,170.26
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 46,275.4 $47,032.06
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 3,335.67 $40,695.12
38869PAK0 GRAPHIC PACKAGING INTERN 4.75000 04/15/2021 US 1,615.07 $1,595.37
398433AN2 GRIFFON CORPORATION 5.75000 03/01/2028 US 2,153.43 $2,024.23
404119BX6 HCA INC 4.12500 06/15/2029 US 63,526.23 $63,635.67
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 1,076.72 $1,001.35
421946104 HEALTHCARE REALTY TRUST INC US HR 103.36 $2,886.98
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 57.6 $1,398.63
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 219.65 $5,238.65
427866108 HERSHEY CO/THE US HSY 70.31 $9,316.01
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 38.76 $2,645.10
437076102 HOME DEPOT INC US HD 177.87 $33,210.75
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 540.83 $12,147.14
438516106 HONEYWELL INTERNATIONAL INC US HON 161.51 $21,608.07
44107P104 HOST MARRIOTT CORP US HST 149.66 $1,652.29
450913AE8 IAMGOLD CORP 7.00000 04/15/2025 CA 2,153.43 $2,002.69
452308109 ILLINOIS TOOL WKS INC US ITW 91.84 $13,052.85
45337C102 INCYTE CORP US INCY 160.43 $11,748.34
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 2,153.43 $1,711.98
45781V101 INNOVATIVE INDUSTRIAL PROPER US IIPR 36.5 $2,771.50
458140100 INTEL CORP US INTC 647.11 $35,021.39
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 256.26 $20,692.86
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 200.7 $22,263.63
46187BAA1 IHSFR 2017-SFR2 A 1.65013 12/17/2036 US 15,828.54 $14,365.54
46187BAB9 IHSFR 2017-SFR2 B 1.95013 12/17/2036 US 12,920.59 $11,282.85
46187W107 INVITATION HOMES INC US INVH 345.2 $7,376.82
46284PAP9 IRON MOUNTAIN INC 5.75000 08/15/2024 US 2,153.43 $2,142.66
46625H100 JP MORGAN CHASE & CO US JPM 371.9 $33,481.95
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 2,968.5 $2,894.62
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 20,844.64 $20,797.88
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 24,718.61 $25,102.29
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 27,635.19 $27,406.40
46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 63,526.23 $67,310.89
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 30,203.53 $30,077.45
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 25,121.72 $25,093.24
4741844 MERCK KGAA DE MRK GR 376.85 $38,047.65
476405105 JERNIGAN CAPITAL INC US JCAP 183.04 $2,006.14
478160104 JOHNSON & JOHNSON US JNJ 781.27 $102,447.28
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 2,691.79 $121.13
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 2,153.43 $2,164.20
49427F108 KILROY REALTY CORP US KRC 109.5 $6,975.28
494368103 KIMBERLY CLARK CORP US KMB 96.15 $12,294.79
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 67,833.1 $70,553.04
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 3,768.51 $3,278.60
505742AD8 LADDER CAP FIN LLLP/CORP 5.87500 08/01/2021 US 2,691.79 $2,261.10
516806AG1 LAREDO PETROLEUM INC 10.12500 01/15/2028 US 2,153.43 $818.30
53223X107 LIFE STORAGE INC US LSI 14.54 $1,374.35
532457108 ELI LILLY & CO US LLY 136.42 $18,924.17
539830109 LOCKHEED MARTIN CORP US LMT 61.37 $20,802.31
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 1,615.07 $294.75
550021109 LULULEMON - ADR CA LULU 101.21 $19,184.60
57636Q104 MASTERCARD INC-CLASS A US MA 376.31 $90,901.97
58933Y105 MERCK & CO INC US MRK 459 $35,315.76
594918104 MICROSOFT CORP US MSFT 439.84 $69,366.92
595112103 MICRON TECHNOLOGY INC US MU 1,288.83 $54,208.14
59522J103 MID-AMERICA APARTMENT COMM US MAA 23.15 $2,385.08
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 1,215.07 $60,850.90
615369105 MOODY'S CORPORATION US MCO 72.68 $15,371.46
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 1,615.07 $468.37
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 1,076.72 $775.24
637417106 NATIONAL RETAIL PROPERTIES US NNN 52.22 $1,680.98
63938CAA6 NAVIENT CORP 5.00000 10/26/2020 US 2,153.43 $2,121.13
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 1,615.07 $1,485.87
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 25,952.04 $25,963.72
63941RAB6 NAVSL 2019-2A A2 1.94663 02/27/2068 US 107,671.58 $103,684.01
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 27,127.46 $28,055.34
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 34,497.44 $35,546.67
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 44,596.09 $45,871.37
65342QAK8 NEXTERA ENERGY OPERATING 4.25000 07/15/2024 US 1,076.72 $1,049.80
65409QBB7 NIELSEN FINANCE LLC/CO 5.00000 04/15/2022 US 2,153.43 $1,985.08
654106103 NIKE INC CLASS B US NKE 271.87 $22,494.59
654106AJ2 NIKE INC 2.75000 03/27/2027 US 21,534.32 $22,376.08
6642321 NIKON CORP JP 7731 JP 2,110.36 $19,369.47
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 2,691.79 $1,318.98
66987V109 NOVARTIS AG- REG CH NVS 794.62 $65,516.11
67059TAD7 NUSTAR LOGISTICS LP 6.75000 02/01/2021 US 1,615.07 $1,283.98
67066G104 NVIDIA CORP US NVDA 92.06 $24,266.81
67401PAB4 OAKTREE SPECIALTY LEND 3.50000 02/25/2025 US 2,153.43 $1,931.49
675232AB8 OCEANEERING INTL INC 6.00000 02/01/2028 US 2,153.43 $824.58
68245XAE9 1011778 BC / NEW RED FIN 5.00000 10/15/2025 CA 2,153.43 $2,056.51
68389X105 ORACLE CORP US ORCL 419.7 $20,284.29
69318FAH1 PBF HOLDING CO LLC 6.00000 02/15/2028 US 2,153.43 $1,421.26
693475105 PNC FINANCIAL SERVICES GROUP US PNC 87 $8,327.51
70450Y103 PAYPAL HOLDINGS INC US PYPL 299.33 $28,657.57
7123870 NESTLE SA-REGISTERED CH NESN SW 446.84 $45,741.73
713448108 PEPSICO INC US PEP 171.74 $20,625.51
717081103 PFIZER INC US PFE 1,030.85 $33,646.87
717081EW9 PFIZER INC 2.62500 04/01/2030 US 23,687.75 $24,906.83
719245AD4 PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 US 2,153.43 $1,744.28
71943U104 PHYSICIANS REALTY TRUST US DOC 172.81 $2,409.01
733174AK2 POPULAR INC 6.12500 09/14/2023 PR 2,153.43 $1,991.92
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 125,975.75 $122,863.29
74166MAB2 PRIME SECSRVC BRW/FINANC 5.25000 04/15/2024 US 2,153.43 $2,127.14
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 1,615.07 $1,582.77
74166MAE6 PRIME SECSRVC BRW/FINANC 6.25000 01/15/2028 US 2,691.79 $2,321.67
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 32,241.46 $32,071.22
74340W103 PROLOGIS US PLD 251.09 $20,180.11
74460D109 PUBLIC STORAGE INC US PSA 36.61 $7,270.78
747525103 QUALCOMM INC US QCOM 197.69 $13,373.39
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 3,230.15 $3,181.70
755111507 RAYTHEON COMPANY US RTN 62.02 $8,133.77
756109104 REALTY INCOME CORP US O 32.84 $1,637.39
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 18.84 $772.73
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 177.66 $5,802.31
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 483.45 $25,666.12
78409V104 S&P GLOBAL INC US SPGI 59.22 $14,511.71
78410G104 SBA COMMUNICATIONS CORP US SBAC 102.29 $27,614.69
78410GAC8 SBA COMMUNICATIONS CORP 3.87500 02/15/2027 US 2,153.43 $2,158.82
78442PGC4 SLM CORP 5.12500 04/05/2022 US 2,691.79 $2,314.94
78443BAG1 SLMA 2006-10 A6 FLT 1.94413 03/25/2044 US 13,997.31 $12,446.16
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 77,815.51 $77,160.75
785592AU0 SABINE PASS LIQUEFACTION 4.20000 03/15/2028 US 33,378.19 $28,639.81
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 97,981.14 $88,653.35
79466L302 SALESFORCE.COM US CRM 234.19 $33,718.06
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 82,907.12 $84,582.42
806857108 SCHLUMBERGER LTD NL SLB 718.17 $9,688.11
808625AA5 SCIENCE APPLICATIONS INT 4.87500 04/01/2028 US 2,691.79 $2,584.12
81745BAB1 SEMT 2013-6 A2 3.00000 05/25/2043 US 39,584.05 $39,713.97
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 27,141.57 $26,476.65
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 36,107.59 $36,142.19
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 27,238.13 $25,964.12
81762P102 SERVICENOW INC US NOW 74.29 $21,291.00
828806109 SIMON PROPERTY GROUP INC US SPG 52.22 $2,864.83
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 23,352.3 $23,437.79
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 8,194.8 $8,202.85
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 25,304.08 $24,545.46
835699307 SONY CORP SPONSORED ADR JP SNE 1,007.81 $59,641.96
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 89,367.41 $88,920.88
85172FAN9 SPRINGLEAF FINANCE CORP 7.12500 03/15/2026 US 2,153.43 $2,131.90
852061AR1 SPRINT COMMUNICATIONS 7.00000 08/15/2020 US 3,230.15 $3,232.09
85207UAE5 SPRINT CORP 7.25000 09/15/2021 US 1,615.07 $1,664.66
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 2,153.43 $2,363.71
85254J102 STAG INDUSTRIAL INC US STAG 86.68 $1,951.94
855030AN2 STAPLES INC 7.50000 04/15/2026 US 2,153.43 $1,903.10
85571BAP0 STARWOOD PROPERTY TRUST 3.62500 02/01/2021 US 3,230.15 $3,020.51
85571XAA5 SRPT 2014-STAR A FLTG RATE 2.17463 11/15/2027 US 95,433.8 $89,075.07
862121100 STORE CAPITAL CORP US STOR 127.05 $2,302.19
86212XAA8 STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 32,079.86 $30,281.75
866674104 SUN COMMUNITIES US SUI 76.45 $9,544.39
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 124.36 $1,083.18
872540AR0 TJX COS INC 3.50000 04/15/2025 US 53,835.79 $55,029.23
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 12,235.75 $12,172.10
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 1,615.07 $1,106.33
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 62,449.52 $69,678.14
88146M101 TERRENO REALTY CORP US TRNO 14.54 $752.22
882508104 TEXAS INSTRUMENTS INC US TXN 213.94 $21,379.37
883556102 THERMO FISHER SCIENTIFIC INC US TMO 69.99 $19,848.18
88579Y101 3M CO US MMM 138.79 $18,946.04
89151E109 TOTAL S A SPONSORED ADR FR TOT 921.78 $34,326.95
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 66,266.2 $65,110.29
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 30,498.1 $30,511.80
89177EAA7 TPMT 2019-HY1 A1 1.94663 10/25/2048 US 27,151.06 $26,635.48
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 3,230.15 $3,100.94
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 83,983.6 $82,561.01
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 53,683.5 $52,695.26
89832Q109 TRUIST FINANCIAL CORP US TFC 381.16 $11,754.89
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 7,537.01 $6,255.72
902653104 UDR INC US UDR 65.46 $2,392.07
902973304 U.S. BANCORP US USB 397.74 $13,702.10
904767704 UNILEVER PLC - ADR GB UL 1,804.68 $91,262.84
907818108 UNION PAC CORP US UNP 153.86 $21,700.79
912796SZ3 TREASURY BILL 0.00000 07/16/2020 US 86,137.27 $86,117.29
912810FS2 TSY INFL IX N/B 2.00000 01/15/2026 US 354,763.46 $394,612.94
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 62,322.64 $69,797.10
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 100,134.57 $138,803.73
9128286N5 TSY INFL IX N/B 0.50000 04/15/2024 US 253,964.11 $257,632.62
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 20,365.33 $20,386.18
912828VS6 US TREASURY N/B 2.50000 08/15/2023 US 9,690.44 $10,409.28
912828YN4 US TREASURY FRN 0.42504 10/31/2021 US 771,251.55 $773,476.18
913017109 UNITED TECHNOLOGIES CORP US UTX 192.3 $18,139.80
91704F104 URBAN EDGE PROPERTIES US UE 153.43 $1,351.74
91911KAK8 BAUSCH HEALTH COS INC 7.00000 03/15/2024 CA 2,153.43 $2,193.79
92276F100 VENTAS INC US VTR 38.12 $1,021.50
92339V100 VEREIT INC US VER 295.56 $1,445.28
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 106,594.87 $135,388.31
92826C839 VISA INC - CLASS A SHARES US V 495.83 $79,887.75
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 2,153.43 $1,741.59
92840VAB8 VISTRA OPERATIONS CO LLC 5.62500 02/15/2027 US 2,153.43 $2,220.73
93065PAA9 WBHT 2019-WBM A FLT 1.75463 12/15/2033 US 41,991.92 $36,174.76
931142103 WAL MART STORES US WMT 309.23 $35,135.03
94106L109 WASTE MANAGEMENT INC US WM 127.05 $11,759.98
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 2,153.43 $1,938.09
949746101 WELLS FARGO COMPANY US WFC 844.15 $24,226.97
95040Q104 WELLTOWER INC. US WELL 84.09 $3,849.71
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 1,615.07 $1,500.37
966387AH5 WHITING PETROLEUM CORP 5.75000 03/15/2021 US 2,153.43 $144.71
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 65,679.67 $60,164.83
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 15,321.72 $15,188.72
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 34,309.16 $34,830.48
98311A105 WYNDHAM HOTELS & RESORTS INC US WH 53.3 $1,679.40
983793AD2 XPO LOGISTICS INC 6.50000 06/15/2022 US 2,153.43 $2,158.82
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 43,068.63 $1,816.23
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 15,074.02 $11,236.27
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 118,438.74 $5,002.36
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 193,808.85 $8,184.70
B63QM77 NEXON CO LTD JP 3659 JP 4,080.75 $66,682.94
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 37,685.05 $1,628.82
B7KR2P8 EASY JET PLC GB EZJ LN 2,992.73 $20,738.27
BBG00S178J65 SNE US 04/09/20 JP -2.37 -$236.88
BBG00S4P5V77 FB US 04/03/20 US -.97 -$22.29
BD3HF92 BSR REAL ESTATE INVESTMENT CA HOM/U CN 124.9 $1,092.87
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 1,541.32 $1,778.10
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 805.38 $39,808.18
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 431.76 $19,070.94
G1151C101 ACCENTURE PLC - CL A IE ACN 98.73 $16,119.45
G29183103 EATON CORP PLC US ETN 135.13 $10,498.08
G5494J103 LINDE PLC GB LIN 87.97 $15,218.41
G5960L103 MEDTRONIC INC IE MDT 511.01 $46,082.82
H01301128 ALCON INC CH ALC 416.69 $21,176.14
H1467J104 CHUBB LTD CH CB 108.1 $12,073.94
USD US DOLLAR US 485,667.33 $485,667.33

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

$11.87

Daily $ Change

$0.13

Daily % Change

1.10%

as of 04/09/2020

CUSIP

56382R878

Inception Date

05/14/2015

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

Important Documents

Annual Report
Fact Sheet
Applications & Forms

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

Investment Objective

To provide capital 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 03/31/2020

YTD

-5.36%

1 Year

1.77%

3 Year

4.02%

5 Year

3.06%

10 Year

5.49%

Inception
(01/01/2000)

6.27%

US Stock Market Cycle (04/01/2000 - 03/31/2020)

6.20%

Performance through the inception date of the Retirement Target CIT Class U1 units is based on the historical performance of the CIT’s oldest unit class. Performance through the inception date of the oldest unit class (08/03/2012) is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. Returns are net of the Class U1 expenses. The Retirement Target CIT Fund will gradually become more conservative over time. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.53%
Net 0.49%*

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

Top Ten Investments

As of 03/31/2020

GOVERNMENT AGENCY 9.34%
TREASURY NOTES 7.49%
TSY INFL IX N/B 2.00000 01/15/2026 3.82%
TSY INFL IX N/B 0.50000 04/15/2024 2.50%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 1.63%
TREASURY BONDS 1.45%
VERIZON COMMUNICATIONS 5.25000 03/16/2037 1.31%
BANK OF AMERICA CORP 4.00000 01/22/2025 1.28%
BOOKING HOLDINGS INC 3.60000 06/01/2026 1.19%
FACEBOOK INC -A 1.02%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 03/31/2020

Bonds
64.43%
Stocks
31.07%
Cash
4.50%

Detailed Asset Class Allocation

As of 03/31/2020

International Equities
7.00%
Small Capitalization
0.23%
Mid Capitalization
1.54%
Large Capitalization
22.30%
Long Term Fixed Income
20.38%
Intermediate Term Fixed Income
31.51%
Short Term Fixed Income
12.54%
Cash
4.50%

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

March Fund Holdings

As of 03/31/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 1,615.07 $1,578.73
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 81,830.4 $86,917.69
00287Y109 ABBVIE INC US ABBV 317.09 $24,159.30
004239109 ACADIA REALTY TRUST US AKR 115.75 $1,434.10
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 1,076.72 $925.98
00507V109 ACTIVISION INC US ATVI 679.41 $40,411.17
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 83,983.83 $71,104.97
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 1,615.07 $1,405.11
008492100 AGREE REALTY CORP US ADC 31.22 $1,932.81
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 43,068.63 $36,173.54
00912XBA1 AIR LEASE CORP 3.25000 03/01/2025 US 2,691.79 $2,109.64
013092AC5 ALBERTSONS COS/SAFEWAY 4.62500 01/15/2027 US 2,153.43 $2,142.66
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 11.31 $1,549.53
01609W102 ALIBABA GROUP - ADR CN BABA 113.59 $22,091.67
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 64,602.95 $67,719.02
02005NBF6 ALLY FINANCIAL INC 5.75000 11/20/2025 US 2,153.43 $2,106.49
02079K107 ALPHABET INC-CL C US GOOG 49.53 $57,592.73
02079K305 ALPHABET INC-CL A US GOOGL 50.07 $58,175.68
02154CAE3 ALTICE FINANCING SA 7.50000 05/15/2026 LU 2,153.43 $2,086.46
023135106 AMAZON.COM INC US AMZN 36.61 $71,376.01
0237400 DIAGEO PLC GB DGE LN 587.89 $18,641.57
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 110.9 $3,077.52
02665T306 AMERICAN HOMES 4 RENT- A US AMH 235.8 $5,470.58
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 1,076.72 $969.05
03027X100 AMERICAN TOWER REIT INC US AMT 104.44 $22,742.12
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 83,983.83 $85,016.83
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 1,281.49 $1,272.01
03064D108 AMERICOLD REALTY TRUST US COLD 170.66 $5,809.25
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 1,615.07 $1,033.65
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 1,615.07 $1,033.65
03748R754 APARTMENT INVT & MGMT CO -A US AIV 118.87 $4,178.26
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 1,615.07 $1,292.06
053015103 AUTOMATIC DATA PROCESSING US ADP 81.08 $11,081.56
053484101 AVALONBAY COMMUNITIES INC US AVB 50.07 $7,368.40
05401AAJ0 AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 KY 45,222.06 $35,464.62
055622104 BP PLC-SPONS ADR GB BP 256.26 $6,250.14
060505104 BANK OF AMERICA CORP US BAC 1,362.58 $28,927.66
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 125,975.75 $132,575.77
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 221.8 $40,552.33
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 356.39 $30,115.20
09857L108 BOOKING HOLDINGS INC US BKNG 64.06 $86,187.38
101121101 BOSTON PROPERTIES INC US BXP 51.9 $4,786.53
105368203 BRANDYWINE REALTY TRUST US BDN 264.87 $2,786.45
110122108 BRISTOL MYERS SQUIBB CO US BMY 427.35 $23,820.41
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 4,306.86 $301.48
1248EPCE1 CCO HLDGS LLC/CAP CORP 4.50000 08/15/2030 US 1,615.07 $1,582.77
12503M108 CBOE GLOBAL MARKETS INC US CBOE 361.78 $32,288.55
12527GAC7 CF INDUSTRIES 3.45000 06/01/2023 US 2,153.43 $2,115.90
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 15,413.45 $15,258.91
12572Q105 CME GROUP INC US CME 116.29 $20,106.89
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 41,764.87 $39,770.34
127097103 CABOT OIL & GAS CORP US COG 2,677.79 $46,031.25
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 2,153.43 $1,551.22
133131102 CAMDEN PROPERTY TRUST US CPT 75.37 $5,972.33
136375102 CANADIAN NATIONAL RAILWAY CO CA CNI 141.48 $10,983.13
14180LAA4 CARGO AIRCRAFT MANAGEMENT 4.75000 02/01/2028 US 3,230.15 $2,995.96
143905AN7 CARRIAGE SERVICES INC 6.62500 06/01/2026 US 2,153.43 $2,115.75
149123101 CATERPILLAR INC US CAT 142.34 $16,517.35
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 19,498.89 $18,675.44
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 1,615.07 $1,615.07
16119P108 CHARTER COMMUNICATIONS INC-A US CHTR 33.38 $14,563.24
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 28,549.83 $28,320.54
166764100 CHEVRON CORP US CVX 249.8 $18,100.37
17275R102 CISCO SYSTEMS INC US CSCO 793.22 $31,181.34
172967424 CITIGROUP INC US C 408.94 $17,224.41
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 40,915.2 $64,177.45
191216100 COCA COLA CO/THE US KO 1,251.14 $55,363.11
194162103 COLGATE-PALMOLIVE CO US CL 221.16 $14,676.01
20030N101 COMCAST CORP-CL A US CMCSA 616.31 $21,188.81
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 66,756.38 $68,911.53
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 50,053.57 $50,597.62
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 88.83 $3,400.38
20451NAG6 COMPASS MINERALS INTERNA 6.75000 12/01/2027 US 2,153.43 $1,944.01
20825C104 CONOCOPHILLIPS US COP 552.89 $17,029.12
222795502 COUSINS PROPERTIES INC US CUZ 181.32 $5,307.21
225310AN1 CREDIT ACCEPTANC 5.12500 12/31/2024 US 1,615.07 $1,469.72
22534GAA1 CAALT 2020-1A 2.01000 02/15/2029 US 47,375.5 $43,952.06
22822V101 CROWN CASTLE INTL CORP US CCI 33.38 $4,819.81
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 88,290.7 $84,577.43
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 30,557.39 $28,826.94
23110AAA4 CUMULUS MEDIA NEW HLDGS 6.75000 07/01/2026 US 3,768.51 $3,372.81
25243Q205 DIAGEO PLC-SPONSORED ADR GB DEO 103.26 $13,126.04
253868103 DIGITAL REALTY TRUST INC US DLR 75.15 $10,439.75
254687106 WALT DISNEY CO/THE US DIS 194.89 $18,825.95
254709AP3 DISCOVER FINANCIAL SVS 4.50000 01/30/2026 US 2,153.43 $2,196.46
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 97,981.14 $98,723.18
256746108 DOLLAR TREE STORES INC US DLTR 269.18 $19,776.58
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 4,306.86 $4,048.45
25960P109 DOUGLAS EMMETT INC US DEI 118.44 $3,613.57
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 21,534.32 $21,588.15
26875P101 EOG RESOURCES INC US EOG 543.2 $19,511.86
285512109 ELECTRONIC ARTS US EA 329.48 $33,003.52
291011104 EMERSON ELEC CO US EMR 210.17 $10,014.84
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 55,989.22 $50,979.95
29413XAD9 ENVIVA PARTNERS LP/FIN C 6.50000 01/15/2026 US 2,153.43 $2,099.60
29444U700 EQUINIX INC US EQIX 88.51 $55,278.22
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 102.29 $5,879.51
29476L107 EQUITY RESIDENTIAL US EQR 78.06 $4,817.20
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 154.51 $2,017.88
297178105 ESSEX PROPERTY TRUST INC US ESS 13.57 $2,987.91
30212P303 EXPEDIA INC US EXPE 376.31 $21,175.09
30212PAP0 EXPEDIA INC 3.80000 02/15/2028 US 46,298.78 $40,020.28
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 166,890.95 $168,351.25
30225T102 EXTRA SPACE STORAGE INC US EXR 16.15 $1,546.59
30262DAL5 FREMF 2011-K13 B 4.61254 01/25/2048 US 44,145.35 $44,257.73
30262SAR9 FREMF 2015-K42 B FLT 3.85082 12/25/2024 US 19,380.88 $18,903.37
30287EAE0 FREMF 2014-K41 B FLT 3.83276 11/25/2047 US 75,370.11 $76,316.05
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 1,139,679.62 $2,556.64
30303M102 FACEBOOK INC -A US FB 628.8 $104,884.18
3128M1AM1 FHLM POOL G11912 5.50000 03/01/2021 US 307.54 $310.79
3128M6HZ4 FHLM POOL G04448 5.50000 07/01/2038 US 14,559.07 $16,504.51
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 332.9 $377.15
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 1,077.14 $1,224.44
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 11,436.71 $13,169.55
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 3,890.25 $4,407.99
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 4,620.78 $4,825.19
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 294.71 $302.84
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 289.44 $300.96
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 48,973.8 $53,100.60
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 8,134.61 $9,212.79
3128MJY87 FHLM POOL FG G08734 4.00000 11/01/2046 US 4,370.5 $4,702.15
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 3,992.59 $4,384.18
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 41,028.55 $44,862.22
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 13,948.65 $15,079.03
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 46,832.1 $50,154.07
3132Y33P7 FHLM POOL FG Q59805 4.50000 11/01/2048 US 32,580.86 $35,040.66
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 30,463.83 $32,856.31
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 4.3 $4.30
3136AY6W8 FNA 2017-M15 A1 2.95938 09/25/2027 US 50,998.82 $55,201.95
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 36,527.05 $39,055.10
31371MLB1 FEDERAL NATL MTG ASSN 256022 5.50000 12/01/2035 US 4,874.85 $5,524.84
31371MRU3 FEDERAL NATL MTG ASSN 256199 5.00000 04/01/2021 US 236.92 $248.60
31371NDQ5 FEDERAL NATL MTG ASSN 256711 5.50000 05/01/2037 US 606.01 $684.81
3137A2B34 FHMS K009 X1 FLT 1.25934 08/25/2020 US 87,972.72 $233.78
3137ADTK3 FHMS K014 X1 FLT 1.14953 04/25/2021 US 1,154,463.33 $10,240.78
3137AJMG6 FMHS K016 X1 FLT 1.47814 10/25/2021 US 245,420.11 $4,603.96
3137AUPF0 FHMS K021 x1 FLT 1.42038 06/25/2022 US 1,656,472.43 $42,308.46
3137B3NB0 FHMS K030 X1 FLT 0.18047 04/25/2023 US 3,155,620.59 $15,484.63
3137B4GZ3 FHMS K032 X1 FLT 0.09504 05/25/2023 US 1,854,907.58 $6,258.46
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 37,472.5 $38,842.32
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 28,511.16 $29,387.91
3138A7BL1 FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 19,665.86 $21,259.20
3138AJ4A7 FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 3,284.67 $3,534.71
3138EPLE2 FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 9,054.79 $9,919.55
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64500 01/01/2049 US 57,532.88 $66,775.84
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 54,310.4 $59,237.05
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 5,326.78 $6,036.32
31403DVZ9 FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 893.39 $1,056.87
31406PTV1 FEDERAL NATL MTG ASSN 816064 4.50000 04/01/2020 US 5.78 $5.80
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 55,875.89 $60,225.02
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 9,439.71 $10,176.45
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 11,515.02 $12,395.21
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 44,660.58 $48,040.79
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 37,300.65 $41,487.21
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 24,629.88 $26,583.66
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 35,644.23 $38,376.39
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 21,218.78 $22,856.76
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 173.8 $177.94
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 207.59 $212.63
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 1,210.07 $1,227.80
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 1,356.25 $1,374.34
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 1,596.81 $1,809.53
31410WSY5 FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 604.92 $670.36
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 3,740.87 $4,227.02
31411RHZ4 FEDERAL NATL MTG ASSN 912948 5.00000 05/01/2038 US 465.51 $502.02
31413CCL1 FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 266.33 $294.78
31413MR66 FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 1,753.48 $2,003.85
31413S6R0 FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 1,239.72 $1,424.21
31414CQ50 FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 269.11 $307.64
31414DJ23 FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 806.08 $908.21
31414QX28 FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 494.31 $516.96
31414UF52 FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 2,917.76 $3,042.95
31415ALX7 FEDERAL NATL MTG ASSN 981042 6.00000 04/01/2038 US 1,289.26 $1,431.79
31415BBC2 FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 1,389.72 $1,537.13
31415BBT5 FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 719.11 $784.85
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 782.76 $794.07
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 1,522.27 $1,666.58
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 18,863.98 $20,709.75
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 20,725.52 $22,753.72
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 42,148.87 $45,703.50
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 28,887.66 $30,711.17
31418CZH0 FEDERAL NATL MTG ASSN FN MA3443 4.00000 08/01/2048 US 38,908.61 $41,483.32
31418DNN8 FEDERAL NATL MTG ASSN FN MA3996 2.50000 04/01/2050 US 33,378.19 $34,294.95
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 2,513.77 $2,892.24
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 8,746.96 $9,913.80
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 1,579.36 $1,788.60
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 4,306.86 $4,254.32
316067107 FIDELITY CASH RESERVES US 919.94 $919.94
32054K103 FIRST INDUSTRIAL REALTY TR US FR 57.6 $1,914.19
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 2,153.43 $1,851.95
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 50,605.64 $47,018.89
346232AE1 FORESTAR GROUP INC 5.00000 03/01/2028 US 2,153.43 $1,788.15
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 2,153.43 $1,577.39
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 2,691.79 $2,099.60
357081AE8 FREMF 2015-K720 B FLT 3.39232 07/25/2022 US 10,767.16 $10,617.06
36166LAA5 GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 AE 2,691.79 $2,240.91
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 12,382.23 $12,463.66
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 701.3 $702.14
36294VKJ8 GNMA POOL 660997 5.50000 05/15/2037 US 3,217.4 $3,506.54
369550108 GENERAL DYNAMICS CORP US GD 75.91 $10,043.45
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 83,983.83 $69,286.66
370334104 GENERAL MLS INC US GIS 190.58 $10,056.84
37185LAL6 GENESIS ENERGY LP/FIN 7.75000 02/01/2028 US 2,153.43 $1,499.22
374297109 GETTY REALTY CORP US GTY 65.14 $1,546.45
375558103 GILEAD SCIENCES INC US GILD 283.18 $21,170.26
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 46,275.4 $47,032.06
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 3,335.67 $40,695.12
38869PAK0 GRAPHIC PACKAGING INTERN 4.75000 04/15/2021 US 1,615.07 $1,595.37
398433AN2 GRIFFON CORPORATION 5.75000 03/01/2028 US 2,153.43 $2,024.23
404119BX6 HCA INC 4.12500 06/15/2029 US 63,526.23 $63,635.67
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 1,076.72 $1,001.35
421946104 HEALTHCARE REALTY TRUST INC US HR 103.36 $2,886.98
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 57.6 $1,398.63
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 219.65 $5,238.65
427866108 HERSHEY CO/THE US HSY 70.31 $9,316.01
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 38.76 $2,645.10
437076102 HOME DEPOT INC US HD 177.87 $33,210.75
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 540.83 $12,147.14
438516106 HONEYWELL INTERNATIONAL INC US HON 161.51 $21,608.07
44107P104 HOST MARRIOTT CORP US HST 149.66 $1,652.29
450913AE8 IAMGOLD CORP 7.00000 04/15/2025 CA 2,153.43 $2,002.69
452308109 ILLINOIS TOOL WKS INC US ITW 91.84 $13,052.85
45337C102 INCYTE CORP US INCY 160.43 $11,748.34
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 2,153.43 $1,711.98
45781V101 INNOVATIVE INDUSTRIAL PROPER US IIPR 36.5 $2,771.50
458140100 INTEL CORP US INTC 647.11 $35,021.39
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 256.26 $20,692.86
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 200.7 $22,263.63
46187BAA1 IHSFR 2017-SFR2 A 1.65013 12/17/2036 US 15,828.54 $14,365.54
46187BAB9 IHSFR 2017-SFR2 B 1.95013 12/17/2036 US 12,920.59 $11,282.85
46187W107 INVITATION HOMES INC US INVH 345.2 $7,376.82
46284PAP9 IRON MOUNTAIN INC 5.75000 08/15/2024 US 2,153.43 $2,142.66
46625H100 JP MORGAN CHASE & CO US JPM 371.9 $33,481.95
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 2,968.5 $2,894.62
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 20,844.64 $20,797.88
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 24,718.61 $25,102.29
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 27,635.19 $27,406.40
46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 63,526.23 $67,310.89
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 30,203.53 $30,077.45
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 25,121.72 $25,093.24
4741844 MERCK KGAA DE MRK GR 376.85 $38,047.65
476405105 JERNIGAN CAPITAL INC US JCAP 183.04 $2,006.14
478160104 JOHNSON & JOHNSON US JNJ 781.27 $102,447.28
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 2,691.79 $121.13
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 2,153.43 $2,164.20
49427F108 KILROY REALTY CORP US KRC 109.5 $6,975.28
494368103 KIMBERLY CLARK CORP US KMB 96.15 $12,294.79
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 67,833.1 $70,553.04
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 3,768.51 $3,278.60
505742AD8 LADDER CAP FIN LLLP/CORP 5.87500 08/01/2021 US 2,691.79 $2,261.10
516806AG1 LAREDO PETROLEUM INC 10.12500 01/15/2028 US 2,153.43 $818.30
53223X107 LIFE STORAGE INC US LSI 14.54 $1,374.35
532457108 ELI LILLY & CO US LLY 136.42 $18,924.17
539830109 LOCKHEED MARTIN CORP US LMT 61.37 $20,802.31
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 1,615.07 $294.75
550021109 LULULEMON - ADR CA LULU 101.21 $19,184.60
57636Q104 MASTERCARD INC-CLASS A US MA 376.31 $90,901.97
58933Y105 MERCK & CO INC US MRK 459 $35,315.76
594918104 MICROSOFT CORP US MSFT 439.84 $69,366.92
595112103 MICRON TECHNOLOGY INC US MU 1,288.83 $54,208.14
59522J103 MID-AMERICA APARTMENT COMM US MAA 23.15 $2,385.08
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 1,215.07 $60,850.90
615369105 MOODY'S CORPORATION US MCO 72.68 $15,371.46
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 1,615.07 $468.37
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 1,076.72 $775.24
637417106 NATIONAL RETAIL PROPERTIES US NNN 52.22 $1,680.98
63938CAA6 NAVIENT CORP 5.00000 10/26/2020 US 2,153.43 $2,121.13
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 1,615.07 $1,485.87
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 25,952.04 $25,963.72
63941RAB6 NAVSL 2019-2A A2 1.94663 02/27/2068 US 107,671.58 $103,684.01
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 27,127.46 $28,055.34
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 34,497.44 $35,546.67
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 44,596.09 $45,871.37
65342QAK8 NEXTERA ENERGY OPERATING 4.25000 07/15/2024 US 1,076.72 $1,049.80
65409QBB7 NIELSEN FINANCE LLC/CO 5.00000 04/15/2022 US 2,153.43 $1,985.08
654106103 NIKE INC CLASS B US NKE 271.87 $22,494.59
654106AJ2 NIKE INC 2.75000 03/27/2027 US 21,534.32 $22,376.08
6642321 NIKON CORP JP 7731 JP 2,110.36 $19,369.47
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 2,691.79 $1,318.98
66987V109 NOVARTIS AG- REG CH NVS 794.62 $65,516.11
67059TAD7 NUSTAR LOGISTICS LP 6.75000 02/01/2021 US 1,615.07 $1,283.98
67066G104 NVIDIA CORP US NVDA 92.06 $24,266.81
67401PAB4 OAKTREE SPECIALTY LEND 3.50000 02/25/2025 US 2,153.43 $1,931.49
675232AB8 OCEANEERING INTL INC 6.00000 02/01/2028 US 2,153.43 $824.58
68245XAE9 1011778 BC / NEW RED FIN 5.00000 10/15/2025 CA 2,153.43 $2,056.51
68389X105 ORACLE CORP US ORCL 419.7 $20,284.29
69318FAH1 PBF HOLDING CO LLC 6.00000 02/15/2028 US 2,153.43 $1,421.26
693475105 PNC FINANCIAL SERVICES GROUP US PNC 87 $8,327.51
70450Y103 PAYPAL HOLDINGS INC US PYPL 299.33 $28,657.57
7123870 NESTLE SA-REGISTERED CH NESN SW 446.84 $45,741.73
713448108 PEPSICO INC US PEP 171.74 $20,625.51
717081103 PFIZER INC US PFE 1,030.85 $33,646.87
717081EW9 PFIZER INC 2.62500 04/01/2030 US 23,687.75 $24,906.83
719245AD4 PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 US 2,153.43 $1,744.28
71943U104 PHYSICIANS REALTY TRUST US DOC 172.81 $2,409.01
733174AK2 POPULAR INC 6.12500 09/14/2023 PR 2,153.43 $1,991.92
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 125,975.75 $122,863.29
74166MAB2 PRIME SECSRVC BRW/FINANC 5.25000 04/15/2024 US 2,153.43 $2,127.14
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 1,615.07 $1,582.77
74166MAE6 PRIME SECSRVC BRW/FINANC 6.25000 01/15/2028 US 2,691.79 $2,321.67
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 32,241.46 $32,071.22
74340W103 PROLOGIS US PLD 251.09 $20,180.11
74460D109 PUBLIC STORAGE INC US PSA 36.61 $7,270.78
747525103 QUALCOMM INC US QCOM 197.69 $13,373.39
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 3,230.15 $3,181.70
755111507 RAYTHEON COMPANY US RTN 62.02 $8,133.77
756109104 REALTY INCOME CORP US O 32.84 $1,637.39
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 18.84 $772.73
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 177.66 $5,802.31
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 483.45 $25,666.12
78409V104 S&P GLOBAL INC US SPGI 59.22 $14,511.71
78410G104 SBA COMMUNICATIONS CORP US SBAC 102.29 $27,614.69
78410GAC8 SBA COMMUNICATIONS CORP 3.87500 02/15/2027 US 2,153.43 $2,158.82
78442PGC4 SLM CORP 5.12500 04/05/2022 US 2,691.79 $2,314.94
78443BAG1 SLMA 2006-10 A6 FLT 1.94413 03/25/2044 US 13,997.31 $12,446.16
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 77,815.51 $77,160.75
785592AU0 SABINE PASS LIQUEFACTION 4.20000 03/15/2028 US 33,378.19 $28,639.81
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 97,981.14 $88,653.35
79466L302 SALESFORCE.COM US CRM 234.19 $33,718.06
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 82,907.12 $84,582.42
806857108 SCHLUMBERGER LTD NL SLB 718.17 $9,688.11
808625AA5 SCIENCE APPLICATIONS INT 4.87500 04/01/2028 US 2,691.79 $2,584.12
81745BAB1 SEMT 2013-6 A2 3.00000 05/25/2043 US 39,584.05 $39,713.97
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 27,141.57 $26,476.65
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 36,107.59 $36,142.19
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 27,238.13 $25,964.12
81762P102 SERVICENOW INC US NOW 74.29 $21,291.00
828806109 SIMON PROPERTY GROUP INC US SPG 52.22 $2,864.83
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 23,352.3 $23,437.79
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 8,194.8 $8,202.85
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 25,304.08 $24,545.46
835699307 SONY CORP SPONSORED ADR JP SNE 1,007.81 $59,641.96
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 89,367.41 $88,920.88
85172FAN9 SPRINGLEAF FINANCE CORP 7.12500 03/15/2026 US 2,153.43 $2,131.90
852061AR1 SPRINT COMMUNICATIONS 7.00000 08/15/2020 US 3,230.15 $3,232.09
85207UAE5 SPRINT CORP 7.25000 09/15/2021 US 1,615.07 $1,664.66
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 2,153.43 $2,363.71
85254J102 STAG INDUSTRIAL INC US STAG 86.68 $1,951.94
855030AN2 STAPLES INC 7.50000 04/15/2026 US 2,153.43 $1,903.10
85571BAP0 STARWOOD PROPERTY TRUST 3.62500 02/01/2021 US 3,230.15 $3,020.51
85571XAA5 SRPT 2014-STAR A FLTG RATE 2.17463 11/15/2027 US 95,433.8 $89,075.07
862121100 STORE CAPITAL CORP US STOR 127.05 $2,302.19
86212XAA8 STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 32,079.86 $30,281.75
866674104 SUN COMMUNITIES US SUI 76.45 $9,544.39
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 124.36 $1,083.18
872540AR0 TJX COS INC 3.50000 04/15/2025 US 53,835.79 $55,029.23
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 12,235.75 $12,172.10
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 1,615.07 $1,106.33
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 62,449.52 $69,678.14
88146M101 TERRENO REALTY CORP US TRNO 14.54 $752.22
882508104 TEXAS INSTRUMENTS INC US TXN 213.94 $21,379.37
883556102 THERMO FISHER SCIENTIFIC INC US TMO 69.99 $19,848.18
88579Y101 3M CO US MMM 138.79 $18,946.04
89151E109 TOTAL S A SPONSORED ADR FR TOT 921.78 $34,326.95
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 66,266.2 $65,110.29
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 30,498.1 $30,511.80
89177EAA7 TPMT 2019-HY1 A1 1.94663 10/25/2048 US 27,151.06 $26,635.48
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 3,230.15 $3,100.94
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 83,983.6 $82,561.01
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 53,683.5 $52,695.26
89832Q109 TRUIST FINANCIAL CORP US TFC 381.16 $11,754.89
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 7,537.01 $6,255.72
902653104 UDR INC US UDR 65.46 $2,392.07
902973304 U.S. BANCORP US USB 397.74 $13,702.10
904767704 UNILEVER PLC - ADR GB UL 1,804.68 $91,262.84
907818108 UNION PAC CORP US UNP 153.86 $21,700.79
912796SZ3 TREASURY BILL 0.00000 07/16/2020 US 86,137.27 $86,117.29
912810FS2 TSY INFL IX N/B 2.00000 01/15/2026 US 354,763.46 $394,612.94
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 62,322.64 $69,797.10
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 100,134.57 $138,803.73
9128286N5 TSY INFL IX N/B 0.50000 04/15/2024 US 253,964.11 $257,632.62
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 20,365.33 $20,386.18
912828VS6 US TREASURY N/B 2.50000 08/15/2023 US 9,690.44 $10,409.28
912828YN4 US TREASURY FRN 0.42504 10/31/2021 US 771,251.55 $773,476.18
913017109 UNITED TECHNOLOGIES CORP US UTX 192.3 $18,139.80
91704F104 URBAN EDGE PROPERTIES US UE 153.43 $1,351.74
91911KAK8 BAUSCH HEALTH COS INC 7.00000 03/15/2024 CA 2,153.43 $2,193.79
92276F100 VENTAS INC US VTR 38.12 $1,021.50
92339V100 VEREIT INC US VER 295.56 $1,445.28
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 106,594.87 $135,388.31
92826C839 VISA INC - CLASS A SHARES US V 495.83 $79,887.75
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 2,153.43 $1,741.59
92840VAB8 VISTRA OPERATIONS CO LLC 5.62500 02/15/2027 US 2,153.43 $2,220.73
93065PAA9 WBHT 2019-WBM A FLT 1.75463 12/15/2033 US 41,991.92 $36,174.76
931142103 WAL MART STORES US WMT 309.23 $35,135.03
94106L109 WASTE MANAGEMENT INC US WM 127.05 $11,759.98
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 2,153.43 $1,938.09
949746101 WELLS FARGO COMPANY US WFC 844.15 $24,226.97
95040Q104 WELLTOWER INC. US WELL 84.09 $3,849.71
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 1,615.07 $1,500.37
966387AH5 WHITING PETROLEUM CORP 5.75000 03/15/2021 US 2,153.43 $144.71
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 65,679.67 $60,164.83
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 15,321.72 $15,188.72
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 34,309.16 $34,830.48
98311A105 WYNDHAM HOTELS & RESORTS INC US WH 53.3 $1,679.40
983793AD2 XPO LOGISTICS INC 6.50000 06/15/2022 US 2,153.43 $2,158.82
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 43,068.63 $1,816.23
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 15,074.02 $11,236.27
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 118,438.74 $5,002.36
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 193,808.85 $8,184.70
B63QM77 NEXON CO LTD JP 3659 JP 4,080.75 $66,682.94
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 37,685.05 $1,628.82
B7KR2P8 EASY JET PLC GB EZJ LN 2,992.73 $20,738.27
BBG00S178J65 SNE US 04/09/20 JP -2.37 -$236.88
BBG00S4P5V77 FB US 04/03/20 US -.97 -$22.29
BD3HF92 BSR REAL ESTATE INVESTMENT CA HOM/U CN 124.9 $1,092.87
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 1,541.32 $1,778.10
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 805.38 $39,808.18
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 431.76 $19,070.94
G1151C101 ACCENTURE PLC - CL A IE ACN 98.73 $16,119.45
G29183103 EATON CORP PLC US ETN 135.13 $10,498.08
G5494J103 LINDE PLC GB LIN 87.97 $15,218.41
G5960L103 MEDTRONIC INC IE MDT 511.01 $46,082.82
H01301128 ALCON INC CH ALC 416.69 $21,176.14
H1467J104 CHUBB LTD CH CB 108.1 $12,073.94
USD US DOLLAR US 485,667.33 $485,667.33

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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