Investment Objective

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

Investment Strategy

Currently: The portfolio is currently invested in a moderately conservative mix of investments that seeks a more stable rate of growth than that of the stock market by placing a greater emphasis on bonds to help maintain stability. The portfolio is diversified primarily among fixed income securities, with a focus on intermediate maturities Stock exposure can range from 20% - 60%.

Over Time: The portfolio’s investment mix will gradually become more conservative as the target date approaches and for several years after the target date. During the target year, the portfolio’s stock exposure can range from 20% - 60%. At five years after the target date and beyond, the focus will be on capital preservation, and stock exposure can range from 15% - 45%.

May be Appropriate for Investors

  • Who plan to stop contributions and start periodic withdrawals around the year 2020
  • Who currently have a moderate tolerance for risk and can accept fluctuations in current account value
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio that becomes more conservative over time

About Target Date Funds

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

Target Series Glide Path Overview

Learn more about our Glide Range SM

Daily Price

$29.79

Daily $ Change

-$0.04

Daily % Change

-0.13%

as of 08/04/2021

CUSIP

563821172

Inception Date

01/06/2005

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

Important Documents

Annual Report
Applications & Forms

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

Performance

As of 06/30/2021

YTD

5.72%

1 Year

16.96%

3 Year

10.98%

5 Year

8.95%

10 Year

6.85%

Inception
(01/01/2000)

6.95%

Performance through the inception date of the Retirement Target CIT Class S 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 S 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 0.90%
Net 0.89%*

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

Top Ten Investments

As of 06/30/2021

TREASURY NOTES 18.74%
GOVERNMENT AGENCY 5.21%
AMAZON.COM INC 1.81%
FACEBOOK INC -A 1.64%
ALPHABET INC-CL A 1.43%
AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 1.25%
JOHNSON & JOHNSON 1.13%
MICROSOFT CORP 1.10%
UNILEVER PLC - ADR 1.06%
TENCENT HOLDINGS 3.97500 04/11/2029 1.04%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 06/30/2021

Bonds 54.18%
Stocks 43.58%
Cash 2.24%

Detailed Asset Class Allocation

As of 06/30/2021

International Equities 11.57%
Small Capitalization 0.58%
Mid Capitalization 4.64%
Large Capitalization 26.79%
Long Term Fixed Income 16.09%
Intermediate Term Fixed Income 31.93%
Short Term Fixed Income 6.16%
Cash 2.24%

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

June Fund Holdings

As of 06/30/2021

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 196,154.28 $222,627.68
00507V109 ACTIVISION INC US ATVI 3,246.89 $309,883.24
00842XAA7 AFFINITY GAMING 6.87500 12/15/2027 US 17,550.84 $18,625.83
008474108 AGNICO EAGLE MINES LTD CA AEM 4,240.83 $256,358.17
008492100 AGREE REALTY CORP US ADC 341.78 $24,092.00
009126202 AIR LIQUIDE-ADR FR AIQUY 13,572.79 $476,948.01
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 234,298.45 $251,641.12
01166WAA5 ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 34,748.99 $38,975.18
01609WAU6 ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 460,914.46 $517,585.90
01879NAA3 ALLIANCE RES OP/FINANCE 7.50000 05/01/2025 US 16,670.67 $16,274.74
020002101 ALLSTATE CORPORATION US ALL 63.72 $8,312.20
02079K305 ALPHABET INC-CL A US GOOGL 534.96 $1,306,270.70
023135106 AMAZON.COM INC US AMZN 479.89 $1,650,883.76
0237400 DIAGEO PLC GB DGE LN 6,217.22 $297,982.08
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 469.61 $21,940.30
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,478.35 $57,434.03
03027X100 AMERICAN TOWER REIT INC US AMT 1,625.38 $439,081.09
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 520,986.65 $581,032.58
03064D108 AMERICOLD REALTY TRUST US COLD 716.65 $27,125.15
032654105 ANALOG DEVICES INC US ADI 195.94 $33,732.99
03784Y200 APPLE HOSPITALITY REIT INC US APLE 1,391.58 $21,235.44
038923AS7 ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 28,940.49 $30,588.84
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 120.23 $7,286.01
045054AJ2 ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 211,892.23 $224,107.82
053015103 AUTOMATIC DATA PROCESSING US ADP 205.8 $40,876.89
053484101 AVALONBAY COMMUNITIES INC US AVB 199.31 $41,594.50
05401AAP6 AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 KY 1,154,740.12 $1,143,520.30
05545E209 BHP GROUP PLC SPONSORED ADR AU BBL 649.79 $38,785.85
055622104 BP PLC-SPONS ADR GB BP 6,392.96 $168,901.94
05567SAA0 BNSF FUNDING TRUST I 6.61300 12/15/2055 US 216,427.07 $247,774.37
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 704,135.7 $714,356.65
067901108 BARRICK GOLD CORP CA GOLD 14,701.34 $304,023.71
071734AM9 BAUSCH HEALTH COS INC 5.00000 02/15/2029 CA 27,553.24 $25,693.40
07403VAA7 BEASLEY MEZ HLDGS LLC 8.62500 02/01/2026 US 24,032.56 $24,272.89
084423102 WR BERKLEY CORP US WRB 4,837.87 $360,082.80
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 1,042.75 $289,800.99
086516101 BEST BUY INC US BBY 61.26 $7,043.65
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 6,958.86 $580,647.29
09261XAA0 BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 249,395.32 $252,877.63
0963318 DECHRA PHARMACEUTICALS PLC GB DPH LN 572.81 $34,626.75
099502106 BOOZ ALLEN HAMILTON HOLDINGS US BAH 41.37 $3,523.72
10373QBR0 BP CAP MARKETS AMERICA 3.06000 06/17/2041 US 631,409.83 $638,077.52
105368203 BRANDYWINE REALTY TRUST US BDN 1,626.65 $22,301.31
110122108 BRISTOL MYERS SQUIBB CO US BMY 902.83 $60,327.13
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 661.86 $26,017.61
11133T103 BROADRIDGE FINANCIAL SOLUTIONS US BR 30.28 $4,890.78
12345678 JONAH ENERGY PARENT LLC US 1,112.94 $16,694.11
12467AAF5 C&S GROUP ENTERPRISES LL 5.00000 12/15/2028 US 26,859.62 $26,624.60
125269100 CF INDUSTRIES HOLDINGS INC US CF 67.25 $3,459.75
12530MAA3 SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 221,851.72 $225,511.61
12530MAB1 SORT 2020-1 A2 1.99000 07/15/2060 US 186,498.01 $189,443.80
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 38.9 $3,644.09
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 23,806.92 $24,149.15
12591QAR3 COMM 2014-UBS4 A5 3.69400 08/10/2047 US 633,722.13 $682,226.84
12593GAF9 COMM 2015-PC1 A5 3.90200 07/10/2050 US 334,464.46 $367,432.08
12598FAA7 CPI CG INC 8.62500 03/15/2026 US 25,792.9 $27,404.96
12626K203 CRH PLC -SPONSORED ADR IE CRH 362.63 $18,435.97
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 352,067.85 $377,459.02
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 75,302.91 $76,130.72
127097103 CABOT OIL & GAS CORP US COG 17,933.29 $313,115.31
133131102 CAMDEN PROPERTY TRUST US CPT 234.05 $31,051.61
133131AZ5 CAMDEN PROPERTY TRUST 2.80000 05/15/2030 US 318,621.41 $337,983.31
13321L108 CAMECO CORP CA CCJ 21,546.02 $413,252.59
134429109 CAMPBELL SOUP CO US CPB 82.91 $3,779.96
136375102 CANADIAN NATIONAL RAILWAY CO CA CNI 4,681.23 $493,963.35
14174T107 CARETRUST REIT INC US CTRE 606.43 $14,087.37
149123101 CATERPILLAR INC US CAT 261.9 $56,996.24
156700BA3 CENTURYLINK INC 7.50000 04/01/2024 US 15,977.05 $17,934.23
16119P108 CHARTER COMMUNICATIONS INC-A US CHTR 730.73 $527,181.64
172062101 CINCINNATI FINANCIAL CORP US CINF 43.13 $5,029.62
17275R102 CISCO SYSTEMS INC US CSCO 1,536.4 $81,429.12
172967424 CITIGROUP INC US C 805.36 $56,979.35
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 389,428.96 $444,883.39
180848P56 CLARK CNTY NV 1.51000 11/01/2028 US 470,089.25 $466,262.72
189054109 CLOROX COMPANY US CLX 29.22 $5,257.26
191216100 COCA COLA CO/THE US KO 9,138.3 $494,473.59
194162103 COLGATE-PALMOLIVE CO US CL 455.42 $37,048.66
20030N101 COMCAST CORP-CL A US CMCSA 1,514.44 $86,353.28
200340107 COMERICA INC US CMA 41.37 $2,951.19
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 34,396.32 $35,253.57
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 587.66 $27,890.21
205887102 CONAGRA BRAND INC. US CAG 127.98 $4,655.79
20825C104 CONOCOPHILLIPS US COP 8,298.94 $505,405.41
21240E105 CONTROLADORA VUELA CIA DE AV MX VLRS 1,807.87 $34,729.15
217204106 COPART INC US CPRT 2,491.71 $328,482.53
222795502 COUSINS PROPERTIES INC US CUZ 1,367.33 $50,290.37
225310AM3 CREDIT ACCEPTANC 6.62500 03/15/2026 US 26,673.07 $28,073.41
22534GAA1 CAALT 2020-1A 2.01000 02/15/2029 US 61,039.02 $62,090.01
22535GAB8 CAALT 2021-3A B MTGE 1.38000 07/15/2030 US 343,266.15 $342,833.57
22536BAA0 CAALT 2020-3A A 1.24000 10/15/2029 US 92,945.78 $93,883.19
22537CAA7 CAALT 2021-2A A 0.96000 02/15/2030 US 110,980.04 $111,055.50
22822V101 CROWN CASTLE INTL CORP US CCI 75.13 $14,657.39
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 377,805.43 $401,120.11
22822VAR2 CROWN CASTLE INTL CORP 3.30000 07/01/2030 US 36,068.51 $38,668.93
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 49,523.05 $50,273.39
231021106 CUMMINS INC US CMI 108.79 $26,524.20
253868103 DIGITAL REALTY TRUST INC US DLR 378.69 $56,978.39
256677105 DOLLAR GENERAL CORP US DG 1,540.86 $333,427.02
256746108 DOLLAR TREE STORES INC US DLTR 3,069.04 $305,369.34
25960P109 DOUGLAS EMMETT INC US DEI 594.29 $19,979.97
26150TAE9 DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 US 44,008.48 $45,648.68
264411505 DUKE RLTY INVTS INC US DRE 990.46 $46,898.24
267475AD3 DYCOM INDUSTRIES INC 4.50000 04/15/2029 US 28,940.49 $29,191.12
26875P101 EOG RESOURCES INC US EOG 4,090.28 $341,292.57
26884L109 EQT CORP US EQT 20,901.65 $465,270.62
2715777 QUEBECOR INC -CL B CA QBR/B CN 1,251.43 $33,375.38
277432100 EASTMAN CHEM CO US EMN 36.97 $4,315.91
285512109 ELECTRONIC ARTS US EA 2,276.97 $327,496.61
291011104 EMERSON ELEC CO US EMR 387.68 $37,310.67
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 543,545.3 $706,006.98
29275YAC6 ENERSYS 4.37500 12/15/2027 US 16,670.67 $17,349.00
29278MAC9 ENERGY VEB/ENVEN FIN 11.75000 04/15/2026 US 28,060.32 $29,263.55
29444U700 EQUINIX INC US EQIX 618.61 $496,496.29
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 631.87 $46,954.31
297178105 ESSEX PROPERTY TRUST INC US ESS 139.98 $41,993.99
30212P303 EXPEDIA INC US EXPE 4,713.82 $771,698.87
30212PBK0 EXPEDIA GROUP INC 4.62500 08/01/2027 US 224,482.59 $253,823.92
30225T102 EXTRA SPACE STORAGE INC US EXR 242.05 $39,653.19
30231G102 EXXON MOBIL CORP US XOM 4,114.28 $259,528.69
302491303 FMC CORP US FMC 3,902.44 $422,243.64
30262SAR9 FREMF 2015-K42 B FLT 3.98167 01/25/2048 US 24,970.51 $27,147.35
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 25,099.28 $25,915.00
30286XAN9 FREMF 2015-K43 B FLT 3.85979 02/25/2048 US 404,878.03 $439,033.17
30287EAE0 FREMF 2014-K41 B FLT 3.96396 11/25/2047 US 97,107.54 $105,599.63
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 18,791,118.18 $21,220.81
30303M102 FACEBOOK INC -A US FB 4,318.14 $1,501,462.09
303250104 FAIR ISAAC CORP US FICO 748.71 $376,359.17
3128M5A91 FHLM POOL G03332 6.00000 10/01/2037 US 5,303.02 $6,293.40
3128M5NM8 FHLM POOL G03696 5.50000 01/01/2038 US 10,745.37 $12,516.29
3128M6B98 FHLM POOL G04264 5.50000 04/01/2038 US 38,195.11 $44,484.34
3128M6HZ4 FHLM POOL G04448 5.50000 07/01/2038 US 13,815.04 $16,092.77
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 306.74 $357.26
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 9,359.91 $11,039.72
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 13,814.05 $16,378.79
3128M7KW5 FHLM POOL G05409 5.50000 03/01/2039 US 25,172.28 $29,319.67
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 11,837.11 $14,024.28
3128M8AW4 FHLM POOL G06021 5.50000 01/01/2040 US 9,829.42 $11,448.47
3128M9C83 FHLM POOL G06995 6.00000 05/01/2040 US 31,801.46 $37,613.44
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 3,472.39 $4,022.42
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 2,386.24 $2,454.58
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 245.03 $246.99
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 176.41 $177.81
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 302.48 $309.02
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 514.67 $525.51
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 162,687.38 $176,728.01
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 31,017.54 $36,140.84
3128MJY87 FHLM POOL FG G08734 4.00000 11/01/2046 US 3,308.1 $3,571.51
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 3,450.16 $3,766.16
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 33,285.87 $36,777.30
3132DWAG8 FEDERAL NATL MTG ASSN FR SD8107 2.50000 11/01/2050 US 692,929.44 $717,826.37
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 11,154.27 $12,202.42
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 25,160.91 $26,924.16
31335ABB3 FHLM POOL G60034 4.50000 02/01/2045 US 257,285.15 $283,903.92
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 52,961.95 $57,357.49
3133KYU98 FHLM POOL RB5108 2.00000 04/01/2041 US 733,968.16 $750,285.67
3136AY6W8 FNA 2017-M15 A1 FLT 3.05795 09/25/2027 US 287,488.52 $307,764.54
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 36,112.5 $37,168.05
31371MLB1 FEDERAL NATL MTG ASSN 256022 5.50000 12/01/2035 US 4,251.43 $4,929.80
31371NCJ2 FEDERAL NATL MTG ASSN 256673 5.50000 04/01/2037 US 48,605.92 $56,567.00
31371NDQ5 FEDERAL NATL MTG ASSN 256711 5.50000 05/01/2037 US 516.02 $599.24
3137AJMG6 FMHS K016 X1 FLT 1.64991 10/25/2021 US 524,250.54 $20.71
3137AUPF0 FHMS K021 x1 FLT 1.52606 06/25/2022 US 4,457,383.92 $34,231.37
3137B3NB0 FHMS K030 X1 FLT 0.27352 04/25/2023 US 11,238,035.04 $28,069.24
3137B4GZ3 FHMS K032 X1 FLT 0.19884 05/25/2023 US 7,158,695.2 $14,310.95
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 12,760.27 $12,776.23
3138A7BL1 FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 14,990.96 $16,159.07
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 19,048.23 $21,382.99
3138AJ4A7 FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 4,083.76 $4,398.27
3138EPLE2 FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 7,279.96 $8,092.33
3138EQTZ5 FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 149,946.42 $166,544.59
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64600 01/01/2049 US 302,140.63 $344,839.75
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 55,713.09 $61,403.11
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 58,415.05 $67,732.20
31403DVZ9 FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 864.93 $998.06
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 56,212.92 $60,565.81
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 37,245.87 $39,692.98
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 32,064.6 $34,594.71
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 139,063.42 $150,698.88
3140FEXR0 FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 101,875.77 $109,562.89
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 26.25 $26.29
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 85.9 $86.17
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US .46 $0.46
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 88.14 $88.66
31410KJV7 FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 33,637.76 $39,884.99
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 34,069.39 $39,679.19
31410WSY5 FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 467.65 $524.04
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 12,720.04 $14,696.10
31413CCL1 FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 231.59 $260.20
31413MR66 FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 2,162.68 $2,508.38
31413S6R0 FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 1,160.38 $1,344.87
31414CQ50 FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 323.58 $381.82
31414DJ23 FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 841.6 $964.49
31414QX28 FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 202.42 $211.91
31414UF52 FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 1,825.6 $1,911.13
31415ALX7 FEDERAL NATL MTG ASSN 981042 6.00000 04/01/2038 US 590.98 $662.63
31415BBC2 FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 1,064.09 $1,196.52
31415BBT5 FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 475.14 $522.05
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US .2 $0.20
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 80.54 $80.85
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 1,152.05 $1,281.17
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 67,185.63 $73,315.96
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 80,945.37 $88,498.48
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 27,842.87 $30,228.94
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 48,661.15 $51,356.62
31418DU59 FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 756,874.82 $785,827.50
31418MDZ2 FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 16,352.53 $19,414.47
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 9,711.79 $11,534.91
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 25,109.48 $29,243.75
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832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 31.51 $4,082.76
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89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 102,151.87 $103,715.11
89177EAA7 TPMT 2019-HY1 A1 1.09150 10/25/2048 US 109,241.09 $110,018.37
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92532F100 VERTEX PHARMACEUTICALS INC US VRTX 4,195.2 $845,879.03
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93114W107 WALMART DE MEXICO MX WMMVY 9,655.48 $316,120.36
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95040Q104 WELLTOWER INC. US WELL 328.17 $27,270.51
963320106 WHIRLPOOL CORP US WHR 17.25 $3,761.13
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97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 42,051.44 $42,708.45
98978V103 ZOETIS INC US ZTS 912.64 $170,080.01
B02J639 ADMIRAL GROUP PLC GB ADM LN 1,530.62 $66,600.38
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 1,865.96 $12,223.19
B1L3CS6 UBISOFT ENTERTAINMENT FR UBI FP 330.59 $23,097.69
B1Y9TB3 DANONE FR BN FP 708.54 $49,849.05
B1YXBJ7 AIR LIQUIDE FR AI FP 329.18 $57,722.33
B3QJ0H8 TOURMALINE OIL CORP CA TOU CN 1,387.5 $39,657.23
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 82,793.72 $68,309.56
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 856,733.26 $43,383.78
B4YVF56 BRENNTAG AG DE BNR GR 241.69 $22,495.10
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 224,587.69 $11,892.31
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 440.97 $15,188.67
BFZZM64 S4 CAPITAL PLC GB SFOR LN 4,495.03 $39,048.85
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 9,149.93 $13,453.42
BJ2KSG2 AKZO NOBEL NL AKZA NA 157.55 $19,508.03
BK0939417 AMERICAN TANKER INC 7.75000 07/02/2025 US 44,917.54 $46,085.39
BKWD4B5 SOFTWAREONE HOLDING AG CH SWON SW 1,449.99 $34,303.78
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 6,674.04 $502,505.55
BMXKJ81 FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 1,219.35 $21,582.53
BN7860420 PETROTAL CORP 12.00000 02/16/2024 CA 21,765.14 $22,418.10
BNGN9Z1 FINECOBANK SPA IT FBK IM 4,349.8 $75,909.73
BP3061408 AIRSWIFT GLOBAL AS FLT 8.66750 05/12/2025 NO 35,206.79 $34,854.72
BVYVFW2 AUTO TRADER GROUP PLC GB AUTO LN 3,033.06 $26,563.60
BW1YVH8 WALMART DE MEXICO SAB DE CV MX WALMEX MM 7,587.94 $24,784.33
BYPC1T4 ASSA ABLOY AB-B SE ASSAB SS 565.24 $17,040.96
BYT1DJ1 INTERMEDIATE CAPITAL GROUP GB ICP LN 1,388.56 $40,841.81
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 303.13 $21,852.31
BZ1HM42 ADYEN NV NL ADYEN NA 11.27 $27,628.38
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 560.14 $19,856.96
G16962105 BUNGE LIMITED US BG 42.07 $3,287.94
G29183103 EATON CORP PLC US ETN 252.13 $37,360.89
G3223R108 EVEREST RE GROUP LTD BM RE 12.67 $3,194.09
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 529.54 $36,342.33
G5494J103 LINDE PLC GB LIN 204.41 $59,093.98
G5960L103 MEDTRONIC INC IE MDT 3,108.11 $385,809.54
G85158106 STONECO LTD-A BR STNE 474.41 $31,814.03
G97822103 PERRIGO CO PLC IE PRGO 793.91 $36,400.91
H01301128 ALCON INC CH ALC 9,042.44 $635,322.17
H1467J104 CHUBB LTD CH CB 227.89 $36,221.20
H2906T109 GARMIN LTD CH GRMN 43.66 $6,314.46
USD US DOLLAR US 2,092,180.87 $2,092,180.87
ZO1818103 NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 MH 26,405.09 $27,593.32
ZO4110185 BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 62,951.8 $61,220.62

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

A Word About Risk

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

About The Fund Manager

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

Daily Price

$29.79

Daily $ Change

-$0.04

Daily % Change

-0.13%

as of 08/04/2021

CUSIP

563821172

Inception Date

01/06/2005

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

Important Documents

Annual Report
Fact Sheet
Applications & Forms

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

Investment Objective

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

Investment Strategy

Currently: The portfolio is currently invested in a moderately conservative mix of investments that seeks a more stable rate of growth than that of the stock market by placing a greater emphasis on bonds to help maintain stability. The portfolio is diversified primarily among fixed income securities, with a focus on intermediate maturities Stock exposure can range from 20% - 60%.

Over Time: The portfolio’s investment mix will gradually become more conservative as the target date approaches and for several years after the target date. During the target year, the portfolio’s stock exposure can range from 20% - 60%. At five years after the target date and beyond, the focus will be on capital preservation, and stock exposure can range from 15% - 45%.

May be Appropriate for Investors

  • Who plan to stop contributions and start periodic withdrawals around the year 2020
  • Who currently have a moderate tolerance for risk and can accept fluctuations in current account value
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio that becomes more conservative over time

About Target Date Funds

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

Target Series Glide Path Overview

Learn more about our Glide Range SM

Performance

As of 06/30/2021

YTD

5.72%

1 Year

16.96%

3 Year

10.98%

5 Year

8.95%

10 Year

6.85%

Inception
(01/01/2000)

6.95%

Performance through the inception date of the Retirement Target CIT Class S 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 S 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 0.90%
Net 0.89%*

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

Top Ten Investments

As of 06/30/2021

TREASURY NOTES 18.74%
GOVERNMENT AGENCY 5.21%
AMAZON.COM INC 1.81%
FACEBOOK INC -A 1.64%
ALPHABET INC-CL A 1.43%
AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 1.25%
JOHNSON & JOHNSON 1.13%
MICROSOFT CORP 1.10%
UNILEVER PLC - ADR 1.06%
TENCENT HOLDINGS 3.97500 04/11/2029 1.04%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 06/30/2021

Bonds
54.18%
Stocks
43.58%
Cash
2.24%

Detailed Asset Class Allocation

As of 06/30/2021

International Equities
11.57%
Small Capitalization
0.58%
Mid Capitalization
4.64%
Large Capitalization
26.79%
Long Term Fixed Income
16.09%
Intermediate Term Fixed Income
31.93%
Short Term Fixed Income
6.16%
Cash
2.24%

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

June Fund Holdings

As of 06/30/2021

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 196,154.28 $222,627.68
00507V109 ACTIVISION INC US ATVI 3,246.89 $309,883.24
00842XAA7 AFFINITY GAMING 6.87500 12/15/2027 US 17,550.84 $18,625.83
008474108 AGNICO EAGLE MINES LTD CA AEM 4,240.83 $256,358.17
008492100 AGREE REALTY CORP US ADC 341.78 $24,092.00
009126202 AIR LIQUIDE-ADR FR AIQUY 13,572.79 $476,948.01
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 234,298.45 $251,641.12
01166WAA5 ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 34,748.99 $38,975.18
01609WAU6 ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 460,914.46 $517,585.90
01879NAA3 ALLIANCE RES OP/FINANCE 7.50000 05/01/2025 US 16,670.67 $16,274.74
020002101 ALLSTATE CORPORATION US ALL 63.72 $8,312.20
02079K305 ALPHABET INC-CL A US GOOGL 534.96 $1,306,270.70
023135106 AMAZON.COM INC US AMZN 479.89 $1,650,883.76
0237400 DIAGEO PLC GB DGE LN 6,217.22 $297,982.08
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 469.61 $21,940.30
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,478.35 $57,434.03
03027X100 AMERICAN TOWER REIT INC US AMT 1,625.38 $439,081.09
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 520,986.65 $581,032.58
03064D108 AMERICOLD REALTY TRUST US COLD 716.65 $27,125.15
032654105 ANALOG DEVICES INC US ADI 195.94 $33,732.99
03784Y200 APPLE HOSPITALITY REIT INC US APLE 1,391.58 $21,235.44
038923AS7 ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 28,940.49 $30,588.84
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 120.23 $7,286.01
045054AJ2 ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 211,892.23 $224,107.82
053015103 AUTOMATIC DATA PROCESSING US ADP 205.8 $40,876.89
053484101 AVALONBAY COMMUNITIES INC US AVB 199.31 $41,594.50
05401AAP6 AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 KY 1,154,740.12 $1,143,520.30
05545E209 BHP GROUP PLC SPONSORED ADR AU BBL 649.79 $38,785.85
055622104 BP PLC-SPONS ADR GB BP 6,392.96 $168,901.94
05567SAA0 BNSF FUNDING TRUST I 6.61300 12/15/2055 US 216,427.07 $247,774.37
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 704,135.7 $714,356.65
067901108 BARRICK GOLD CORP CA GOLD 14,701.34 $304,023.71
071734AM9 BAUSCH HEALTH COS INC 5.00000 02/15/2029 CA 27,553.24 $25,693.40
07403VAA7 BEASLEY MEZ HLDGS LLC 8.62500 02/01/2026 US 24,032.56 $24,272.89
084423102 WR BERKLEY CORP US WRB 4,837.87 $360,082.80
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 1,042.75 $289,800.99
086516101 BEST BUY INC US BBY 61.26 $7,043.65
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 6,958.86 $580,647.29
09261XAA0 BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 249,395.32 $252,877.63
0963318 DECHRA PHARMACEUTICALS PLC GB DPH LN 572.81 $34,626.75
099502106 BOOZ ALLEN HAMILTON HOLDINGS US BAH 41.37 $3,523.72
10373QBR0 BP CAP MARKETS AMERICA 3.06000 06/17/2041 US 631,409.83 $638,077.52
105368203 BRANDYWINE REALTY TRUST US BDN 1,626.65 $22,301.31
110122108 BRISTOL MYERS SQUIBB CO US BMY 902.83 $60,327.13
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 661.86 $26,017.61
11133T103 BROADRIDGE FINANCIAL SOLUTIONS US BR 30.28 $4,890.78
12345678 JONAH ENERGY PARENT LLC US 1,112.94 $16,694.11
12467AAF5 C&S GROUP ENTERPRISES LL 5.00000 12/15/2028 US 26,859.62 $26,624.60
125269100 CF INDUSTRIES HOLDINGS INC US CF 67.25 $3,459.75
12530MAA3 SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 221,851.72 $225,511.61
12530MAB1 SORT 2020-1 A2 1.99000 07/15/2060 US 186,498.01 $189,443.80
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 38.9 $3,644.09
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 23,806.92 $24,149.15
12591QAR3 COMM 2014-UBS4 A5 3.69400 08/10/2047 US 633,722.13 $682,226.84
12593GAF9 COMM 2015-PC1 A5 3.90200 07/10/2050 US 334,464.46 $367,432.08
12598FAA7 CPI CG INC 8.62500 03/15/2026 US 25,792.9 $27,404.96
12626K203 CRH PLC -SPONSORED ADR IE CRH 362.63 $18,435.97
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 352,067.85 $377,459.02
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 75,302.91 $76,130.72
127097103 CABOT OIL & GAS CORP US COG 17,933.29 $313,115.31
133131102 CAMDEN PROPERTY TRUST US CPT 234.05 $31,051.61
133131AZ5 CAMDEN PROPERTY TRUST 2.80000 05/15/2030 US 318,621.41 $337,983.31
13321L108 CAMECO CORP CA CCJ 21,546.02 $413,252.59
134429109 CAMPBELL SOUP CO US CPB 82.91 $3,779.96
136375102 CANADIAN NATIONAL RAILWAY CO CA CNI 4,681.23 $493,963.35
14174T107 CARETRUST REIT INC US CTRE 606.43 $14,087.37
149123101 CATERPILLAR INC US CAT 261.9 $56,996.24
156700BA3 CENTURYLINK INC 7.50000 04/01/2024 US 15,977.05 $17,934.23
16119P108 CHARTER COMMUNICATIONS INC-A US CHTR 730.73 $527,181.64
172062101 CINCINNATI FINANCIAL CORP US CINF 43.13 $5,029.62
17275R102 CISCO SYSTEMS INC US CSCO 1,536.4 $81,429.12
172967424 CITIGROUP INC US C 805.36 $56,979.35
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 389,428.96 $444,883.39
180848P56 CLARK CNTY NV 1.51000 11/01/2028 US 470,089.25 $466,262.72
189054109 CLOROX COMPANY US CLX 29.22 $5,257.26
191216100 COCA COLA CO/THE US KO 9,138.3 $494,473.59
194162103 COLGATE-PALMOLIVE CO US CL 455.42 $37,048.66
20030N101 COMCAST CORP-CL A US CMCSA 1,514.44 $86,353.28
200340107 COMERICA INC US CMA 41.37 $2,951.19
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 34,396.32 $35,253.57
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 587.66 $27,890.21
205887102 CONAGRA BRAND INC. US CAG 127.98 $4,655.79
20825C104 CONOCOPHILLIPS US COP 8,298.94 $505,405.41
21240E105 CONTROLADORA VUELA CIA DE AV MX VLRS 1,807.87 $34,729.15
217204106 COPART INC US CPRT 2,491.71 $328,482.53
222795502 COUSINS PROPERTIES INC US CUZ 1,367.33 $50,290.37
225310AM3 CREDIT ACCEPTANC 6.62500 03/15/2026 US 26,673.07 $28,073.41
22534GAA1 CAALT 2020-1A 2.01000 02/15/2029 US 61,039.02 $62,090.01
22535GAB8 CAALT 2021-3A B MTGE 1.38000 07/15/2030 US 343,266.15 $342,833.57
22536BAA0 CAALT 2020-3A A 1.24000 10/15/2029 US 92,945.78 $93,883.19
22537CAA7 CAALT 2021-2A A 0.96000 02/15/2030 US 110,980.04 $111,055.50
22822V101 CROWN CASTLE INTL CORP US CCI 75.13 $14,657.39
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 377,805.43 $401,120.11
22822VAR2 CROWN CASTLE INTL CORP 3.30000 07/01/2030 US 36,068.51 $38,668.93
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 49,523.05 $50,273.39
231021106 CUMMINS INC US CMI 108.79 $26,524.20
253868103 DIGITAL REALTY TRUST INC US DLR 378.69 $56,978.39
256677105 DOLLAR GENERAL CORP US DG 1,540.86 $333,427.02
256746108 DOLLAR TREE STORES INC US DLTR 3,069.04 $305,369.34
25960P109 DOUGLAS EMMETT INC US DEI 594.29 $19,979.97
26150TAE9 DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 US 44,008.48 $45,648.68
264411505 DUKE RLTY INVTS INC US DRE 990.46 $46,898.24
267475AD3 DYCOM INDUSTRIES INC 4.50000 04/15/2029 US 28,940.49 $29,191.12
26875P101 EOG RESOURCES INC US EOG 4,090.28 $341,292.57
26884L109 EQT CORP US EQT 20,901.65 $465,270.62
2715777 QUEBECOR INC -CL B CA QBR/B CN 1,251.43 $33,375.38
277432100 EASTMAN CHEM CO US EMN 36.97 $4,315.91
285512109 ELECTRONIC ARTS US EA 2,276.97 $327,496.61
291011104 EMERSON ELEC CO US EMR 387.68 $37,310.67
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 543,545.3 $706,006.98
29275YAC6 ENERSYS 4.37500 12/15/2027 US 16,670.67 $17,349.00
29278MAC9 ENERGY VEB/ENVEN FIN 11.75000 04/15/2026 US 28,060.32 $29,263.55
29444U700 EQUINIX INC US EQIX 618.61 $496,496.29
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 631.87 $46,954.31
297178105 ESSEX PROPERTY TRUST INC US ESS 139.98 $41,993.99
30212P303 EXPEDIA INC US EXPE 4,713.82 $771,698.87
30212PBK0 EXPEDIA GROUP INC 4.62500 08/01/2027 US 224,482.59 $253,823.92
30225T102 EXTRA SPACE STORAGE INC US EXR 242.05 $39,653.19
30231G102 EXXON MOBIL CORP US XOM 4,114.28 $259,528.69
302491303 FMC CORP US FMC 3,902.44 $422,243.64
30262SAR9 FREMF 2015-K42 B FLT 3.98167 01/25/2048 US 24,970.51 $27,147.35
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 25,099.28 $25,915.00
30286XAN9 FREMF 2015-K43 B FLT 3.85979 02/25/2048 US 404,878.03 $439,033.17
30287EAE0 FREMF 2014-K41 B FLT 3.96396 11/25/2047 US 97,107.54 $105,599.63
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 18,791,118.18 $21,220.81
30303M102 FACEBOOK INC -A US FB 4,318.14 $1,501,462.09
303250104 FAIR ISAAC CORP US FICO 748.71 $376,359.17
3128M5A91 FHLM POOL G03332 6.00000 10/01/2037 US 5,303.02 $6,293.40
3128M5NM8 FHLM POOL G03696 5.50000 01/01/2038 US 10,745.37 $12,516.29
3128M6B98 FHLM POOL G04264 5.50000 04/01/2038 US 38,195.11 $44,484.34
3128M6HZ4 FHLM POOL G04448 5.50000 07/01/2038 US 13,815.04 $16,092.77
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 306.74 $357.26
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 9,359.91 $11,039.72
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 13,814.05 $16,378.79
3128M7KW5 FHLM POOL G05409 5.50000 03/01/2039 US 25,172.28 $29,319.67
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 11,837.11 $14,024.28
3128M8AW4 FHLM POOL G06021 5.50000 01/01/2040 US 9,829.42 $11,448.47
3128M9C83 FHLM POOL G06995 6.00000 05/01/2040 US 31,801.46 $37,613.44
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 3,472.39 $4,022.42
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 2,386.24 $2,454.58
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 245.03 $246.99
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 176.41 $177.81
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 302.48 $309.02
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 514.67 $525.51
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 162,687.38 $176,728.01
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 31,017.54 $36,140.84
3128MJY87 FHLM POOL FG G08734 4.00000 11/01/2046 US 3,308.1 $3,571.51
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 3,450.16 $3,766.16
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 33,285.87 $36,777.30
3132DWAG8 FEDERAL NATL MTG ASSN FR SD8107 2.50000 11/01/2050 US 692,929.44 $717,826.37
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 11,154.27 $12,202.42
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 25,160.91 $26,924.16
31335ABB3 FHLM POOL G60034 4.50000 02/01/2045 US 257,285.15 $283,903.92
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 52,961.95 $57,357.49
3133KYU98 FHLM POOL RB5108 2.00000 04/01/2041 US 733,968.16 $750,285.67
3136AY6W8 FNA 2017-M15 A1 FLT 3.05795 09/25/2027 US 287,488.52 $307,764.54
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 36,112.5 $37,168.05
31371MLB1 FEDERAL NATL MTG ASSN 256022 5.50000 12/01/2035 US 4,251.43 $4,929.80
31371NCJ2 FEDERAL NATL MTG ASSN 256673 5.50000 04/01/2037 US 48,605.92 $56,567.00
31371NDQ5 FEDERAL NATL MTG ASSN 256711 5.50000 05/01/2037 US 516.02 $599.24
3137AJMG6 FMHS K016 X1 FLT 1.64991 10/25/2021 US 524,250.54 $20.71
3137AUPF0 FHMS K021 x1 FLT 1.52606 06/25/2022 US 4,457,383.92 $34,231.37
3137B3NB0 FHMS K030 X1 FLT 0.27352 04/25/2023 US 11,238,035.04 $28,069.24
3137B4GZ3 FHMS K032 X1 FLT 0.19884 05/25/2023 US 7,158,695.2 $14,310.95
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86184WAA4 STONEMOR INC 8.50000 05/15/2029 US 28,060.32 $28,376.00
86212XAA8 STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 40,261.22 $42,205.80
866674104 SUN COMMUNITIES US SUI 418.77 $71,776.89
86935CAA0 SCML 2019-SBC8 2.86000 04/25/2041 US 257,450.19 $258,512.54
87105L104 SWITCH INC - A US SWCH 2,827.58 $59,690.15
87157B301 SYNCHRONOSS TECH 8.37500 06/30/2026 US 755.65 $18,891.19
87356LAA8 TACORA RESOURCES INC 8.25000 05/15/2026 CA 36,488.93 $37,766.04
874039100 TAIWAN SEMICONDUCTOR - SP ADR TW TSM 198.92 $23,902.03
874060205 TAKEDA PHARMACEUTIC - SP ADR JP TAK 1,058.47 $17,814.09
87485LAC8 TALOS PRODUCTION 12.00000 01/15/2026 US 26,486.53 $28,075.72
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 851,893.55 $950,380.96
88146M101 TERRENO REALTY CORP US TRNO 425.75 $27,469.48
883556102 THERMO FISHER SCIENTIFIC INC US TMO 609.88 $307,667.33
88579Y101 3M CO US MMM 270.57 $53,743.25
88830MAL6 TITAN INTERNATIONAL INC 7.00000 04/30/2028 US 27,180.15 $28,437.24
89151E109 TOTALENERGIES SE SPON ADR FR TTE 3,174.7 $143,686.97
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 202,569.98 $205,822.38
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 102,151.87 $103,715.11
89177EAA7 TPMT 2019-HY1 A1 1.09150 10/25/2048 US 109,241.09 $110,018.37
89417E109 TRAVELLERS COS INC US TRV 51.75 $7,748.09
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 227,466.36 $232,526.72
89613GAA4 TAH 2020-SFR1 A 1.49900 07/17/2038 US 84,545.64 $84,488.81
89680HAE2 TCF 2021-1A 1.86000 03/20/2046 US 371,626.03 $369,485.46
902494103 TYSON FOODS INC -CL A US TSN 83.44 $6,154.54
902653104 UDR INC US UDR 783.99 $38,399.71
902973304 U.S. BANCORP US USB 783.79 $44,652.58
904767704 UNILEVER PLC - ADR GB UL 16,500.22 $965,262.95
907818108 UNION PAC CORP US UNP 295.05 $64,889.98
90932KAA7 UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 19,951.16 $19,758.06
90932NAA1 UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 16,740.63 $17,286.28
91086QBG2 UNITED MEXICAN STATES 4.12500 01/21/2026 MX 35,206.79 $39,746.35
912810QK7 US TREASURY N/BB 3.87500 08/15/2040 US 543,064.66 $714,363.38
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 657,310.68 $781,942.95
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 4,653,741.95 $4,825,530.46
912828VB3 UNITED STATES TREAS NTS 1.75000 05/15/2023 US 1,083,442.64 $1,114,083.75
912828WJ5 US TREASURY N/B 2.50000 05/15/2024 US 3,740,711.63 $3,962,670.27
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 2,083,361.51 $2,243,926.82
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 4,024,436.02 $4,250,496.15
91823AAN1 VBTOW 2020-1A C2 3.03100 06/15/2050 US 20,808.76 $21,751.30
92276F100 VENTAS INC US VTR 325.85 $18,606.02
92343V104 VERIZON COMMUNICATIONS US VZ 1,299.53 $72,812.53
92343VCV4 VERIZON COMMUNICATIONS 4.27200 01/15/2036 US 673,447.77 $804,408.82
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 4,195.2 $845,879.03
92826C839 VISA INC - CLASS A SHARES US V 4,035.58 $943,598.52
92840VAH5 VISTRA OPERATIONS CO LLC 4.37500 05/01/2029 US 28,940.49 $29,085.20
93065PAA9 WBHT 2019-WBM A FLT 1.12300 12/15/2033 US 238,058.22 $238,197.46
931142103 WAL MART STORES US WMT 691.19 $97,471.02
93114W107 WALMART DE MEXICO MX WMMVY 9,655.48 $316,120.36
94106L109 WASTE MANAGEMENT INC US WM 246.26 $34,503.81
95040Q104 WELLTOWER INC. US WELL 328.17 $27,270.51
963320106 WHIRLPOOL CORP US WHR 17.25 $3,761.13
969457BY5 WILLIAMS COMPANIES INC 2.60000 03/15/2031 US 505,085.82 $512,064.69
969904101 WILLIAMS - SONOMA INC US WSM 21.12 $3,372.46
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 42,051.44 $42,708.45
98978V103 ZOETIS INC US ZTS 912.64 $170,080.01
B02J639 ADMIRAL GROUP PLC GB ADM LN 1,530.62 $66,600.38
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 1,865.96 $12,223.19
B1L3CS6 UBISOFT ENTERTAINMENT FR UBI FP 330.59 $23,097.69
B1Y9TB3 DANONE FR BN FP 708.54 $49,849.05
B1YXBJ7 AIR LIQUIDE FR AI FP 329.18 $57,722.33
B3QJ0H8 TOURMALINE OIL CORP CA TOU CN 1,387.5 $39,657.23
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 82,793.72 $68,309.56
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 856,733.26 $43,383.78
B4YVF56 BRENNTAG AG DE BNR GR 241.69 $22,495.10
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 224,587.69 $11,892.31
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 440.97 $15,188.67
BFZZM64 S4 CAPITAL PLC GB SFOR LN 4,495.03 $39,048.85
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 9,149.93 $13,453.42
BJ2KSG2 AKZO NOBEL NL AKZA NA 157.55 $19,508.03
BK0939417 AMERICAN TANKER INC 7.75000 07/02/2025 US 44,917.54 $46,085.39
BKWD4B5 SOFTWAREONE HOLDING AG CH SWON SW 1,449.99 $34,303.78
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 6,674.04 $502,505.55
BMXKJ81 FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 1,219.35 $21,582.53
BN7860420 PETROTAL CORP 12.00000 02/16/2024 CA 21,765.14 $22,418.10
BNGN9Z1 FINECOBANK SPA IT FBK IM 4,349.8 $75,909.73
BP3061408 AIRSWIFT GLOBAL AS FLT 8.66750 05/12/2025 NO 35,206.79 $34,854.72
BVYVFW2 AUTO TRADER GROUP PLC GB AUTO LN 3,033.06 $26,563.60
BW1YVH8 WALMART DE MEXICO SAB DE CV MX WALMEX MM 7,587.94 $24,784.33
BYPC1T4 ASSA ABLOY AB-B SE ASSAB SS 565.24 $17,040.96
BYT1DJ1 INTERMEDIATE CAPITAL GROUP GB ICP LN 1,388.56 $40,841.81
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 303.13 $21,852.31
BZ1HM42 ADYEN NV NL ADYEN NA 11.27 $27,628.38
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 560.14 $19,856.96
G16962105 BUNGE LIMITED US BG 42.07 $3,287.94
G29183103 EATON CORP PLC US ETN 252.13 $37,360.89
G3223R108 EVEREST RE GROUP LTD BM RE 12.67 $3,194.09
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 529.54 $36,342.33
G5494J103 LINDE PLC GB LIN 204.41 $59,093.98
G5960L103 MEDTRONIC INC IE MDT 3,108.11 $385,809.54
G85158106 STONECO LTD-A BR STNE 474.41 $31,814.03
G97822103 PERRIGO CO PLC IE PRGO 793.91 $36,400.91
H01301128 ALCON INC CH ALC 9,042.44 $635,322.17
H1467J104 CHUBB LTD CH CB 227.89 $36,221.20
H2906T109 GARMIN LTD CH GRMN 43.66 $6,314.46
USD US DOLLAR US 2,092,180.87 $2,092,180.87
ZO1818103 NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 MH 26,405.09 $27,593.32
ZO4110185 BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 62,951.8 $61,220.62

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

A Word About Risk

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

About The Fund Manager

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


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