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 balanced mix of securities that seeks a more stable rate of long-term growth than that of the broad stock market. The portfolio is diversified among fixed income securities, primarily with intermediate to long-term maturities, and various stocks. Stock exposure can range from 26% - 66%.

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 2025
  • Who 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

$15.97

Daily $ Change

$0.06

Daily % Change

0.38%

as of 12/11/2019

CUSIP

302027636

Inception Date

08/17/2012

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

Important Documents

Annual Report
Applications & Forms

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

Performance

As of 11/30/2019

YTD

15.82%

1 Year

12.70%

3 Year

8.24%

5 Year

4.26%

10 Year

7.09%

Inception
(01/01/2000)

6.45%

US Stock Market Cycle (04/01/2000 - 11/30/2019)

6.59%

Performance through the inception date of the Retirement Target CIT Class S units is based on 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 S 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 0.90%
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 11/30/2019

GOVERNMENT AGENCY 10.15%
TREASURY NOTES 6.55%
TREASURY BONDS 6.33%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 2.58%
FACEBOOK INC -A 1.77%
MEDTRONIC INC 1.51%
NOVARTIS AG- REG 1.49%
MASTERCARD INC-CLASS A 1.48%
NEXON CO LTD 1.41%
JOHNSON & JOHNSON 1.41%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 11/30/2019

Bonds 54.54%
Stocks 44.20%
Cash 1.26%

Detailed Asset Class Allocation

As of 11/30/2019

International Equities 16.11%
Small Capitalization 0.21%
Mid Capitalization 1.34%
Large Capitalization 26.54%
Long Term Fixed Income 19.26%
Intermediate Term Fixed Income 26.62%
Short Term Fixed Income 8.66%
Cash 1.26%

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

November Fund Holdings

As of 11/30/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 6,230.28 $6,604.10
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 309,734.64 $338,851.56
00287Y109 ABBVIE INC US ABBV 230.08 $20,184.90
004239109 ACADIA REALTY TRUST US AKR 196.72 $5,287.95
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 10,124.2 $9,078.58
00507V109 ACTIVISION INC US ATVI 8,557.74 $469,221.08
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 336,641.52 $362,316.17
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 10,124.2 $9,947.03
008492100 AGREE REALTY CORP US ADC 121.28 $9,069.04
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 346,277.95 $358,836.38
013093AD1 ALBERTSONS COS LLC/SAFEW 5.75000 03/15/2025 US 6,692.42 $6,826.27
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 44.27 $7,194.90
01609W102 ALIBABA GROUP - ADR CN BABA 233.29 $46,658.50
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 249,485.52 $259,087.24
020002101 ALLSTATE CORPORATION US ALL 55.83 $6,217.16
02079K107 ALPHABET INC-CL C US GOOG 320.4 $418,104.63
02079K305 ALPHABET INC-CL A US GOOGL 320.4 $417,825.88
023135106 AMAZON.COM INC US AMZN 310.93 $559,924.95
02319V103 AMBEV SA-ADR BR ABEV 33,558.34 $141,280.62
0237400 DIAGEO PLC GB DGE LN 7,572.55 $309,388.13
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 314.89 $15,127.10
0263494 BAE SYSTEMS PLC GB BA/ LN 6,583.47 $48,753.37
02665T306 AMERICAN HOMES 4 RENT- A US AMH 993.14 $26,526.71
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 17,133.27 $17,474.53
03027X100 AMERICAN TOWER REIT INC US AMT 1,233.75 $264,058.70
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 335,717.23 $358,006.57
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 6,897.32 $6,951.72
03064D108 AMERICOLD REALTY TRUST US COLD 586.74 $22,073.19
031162100 AMGEN INC US AMGN 102.87 $24,145.12
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 6,692.42 $5,287.01
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 7,009.06 $5,414.50
03748R754 APARTMENT INVT & MGMT CO -A US AIV 515.34 $27,709.98
038222105 APPLIED MATERIALS INC US AMAT 146.31 $8,471.56
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 106.65 $4,578.28
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 7,009.06 $7,105.44
053484101 AVALONBAY COMMUNITIES INC US AVB 182.85 $39,205.21
054937107 BB&T CORP US BBT 121.22 $6,633.14
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 369,714.95 $375,821.83
05722G100 BAKER HUGHES CO US BKR 194.34 $4,357.21
060505104 BANK OF AMERICA CORP US BAC 772.1 $25,726.45
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 478,620.09 $509,305.44
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 3,200.81 $705,139.31
086516101 BEST BUY INC US BBY 79.12 $6,380.03
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 4,510.92 $364,076.62
09247X101 BLACKROCK INC US BLK 276.84 $137,008.82
0946580 WEIR GROUP PLC/THE GB WEIR LN 2,279.38 $41,072.12
097023105 BOEING CO US BA 68.72 $25,165.56
09857L108 BOOKING HOLDINGS INC US BKNG 137.37 $261,563.76
101121101 BOSTON PROPERTIES INC US BXP 162.9 $22,568.07
105368203 BRANDYWINE REALTY TRUST US BDN 1,539.65 $23,756.76
110122108 BRISTOL MYERS SQUIBB CO US BMY 259.82 $14,794.29
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 593.76 $23,518.74
11135F101 BROADCOM INC US AVGO 52.56 $16,619.50
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 7,009.06 $4,485.80
12429TAE4 BWAY HOLDING CO 7.25000 04/15/2025 US 7,009.06 $6,641.09
12503M108 CBOE GLOBAL MARKETS INC US CBOE 2,258.93 $268,586.84
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 50.9 $3,911.92
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 66,142.68 $67,400.44
12572Q105 CME GROUP INC US CME 1,319.86 $267,574.68
12591QAR3 COMM 2014-UBS4 A5 3.69400 08/10/2047 US 332,743.45 $351,474.48
12593GAF9 COMM 2015-PC1 A5 3.90200 07/10/2050 US 175,614.6 $188,474.15
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 184,857.47 $193,298.29
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 122,262.44 $120,546.61
126650100 CVS HEALTH CORP US CVS 214.76 $16,164.66
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 9,807.56 $9,869.05
133131102 CAMDEN PROPERTY TRUST US CPT 186.75 $20,831.46
13321L108 CAMECO CORP CA CCJ 3,394.37 $31,397.89
149123101 CATERPILLAR INC US CAT 90.57 $13,108.42
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 1,027.52 $1,027.36
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 101,583.77 $102,240.53
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 6,230.28 $6,293.14
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 103,110.47 $103,073.37
166764100 CHEVRON CORP US CVX 180.83 $21,180.81
17275R102 CISCO SYSTEMS INC US CSCO 539.09 $24,426.27
172967424 CITIGROUP INC US C 224.93 $16,896.71
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 160,704.05 $266,215.28
191216100 COCA COLA CO/THE US KO 9,778.52 $522,172.70
192422103 COGNEX CORP US CGNX 2,809.88 $140,999.81
194162103 COLGATE-PALMOLIVE CO US CL 161.36 $10,943.11
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 251,231.55 $255,083.93
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 344.19 $16,383.36
20451NAG6 COMPASS MINERALS INTERNA 6.75000 12/01/2027 US 13,239.34 $13,702.72
205887102 CONAGRA BRAND INC. US CAG 120.56 $3,480.64
222795502 COUSINS PROPERTIES INC US CUZ 965.78 $39,104.47
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 368,185.07 $369,581.81
22822V101 CROWN CASTLE INTL CORP US CCI 133.27 $17,813.50
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 81,475.47 $79,267.34
231021106 CUMMINS INC US CMI 40.73 $7,447.79
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 1,124.16 $10,282.72
25277LAC0 DIAMOND SPORTS GR/DIAMON 6.62500 08/15/2027 US 9,345.42 $9,109.07
253868103 DIGITAL REALTY TRUST INC US DLR 155.11 $18,760.11
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 318,926.25 $363,132.26
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 11,681.77 $11,871.60
25960P109 DOUGLAS EMMETT INC US DEI 412.77 $18,190.89
260557103 DOW INC US DOW 122.34 $6,529.51
2715777 QUEBECOR INC -CL B CA QBR/B CN 6,514.59 $161,552.70
277432100 EASTMAN CHEM CO US EMN 48.47 $3,798.55
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 8,506.76 $175,796.56
285512109 ELECTRONIC ARTS US EA 4,241.42 $428,425.84
2866857 LUNDIN MINING CORP CA LUN CN 1,911.27 $10,345.58
291011104 EMERSON ELEC CO US EMR 134.05 $9,900.67
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 220,080.16 $257,136.69
29413XAD9 ENVIVA PARTNERS LP/FIN C 6.50000 01/15/2026 US 9,807.56 $10,192.02
29444U700 EQUINIX INC US EQIX 729.83 $413,704.62
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 247.86 $18,361.37
29476L107 EQUITY RESIDENTIAL US EQR 295.56 $25,152.27
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 709.93 $18,521.96
297178105 ESSEX PROPERTY TRUST INC US ESS 59.52 $18,581.37
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 626,838.65 $630,367.48
30225T102 EXTRA SPACE STORAGE INC US EXR 62.35 $6,612.65
30261UAJ3 FREMF 2013-K713 B 3.25859 04/25/2046 US 110,914.48 $110,961.11
30286XAN9 FREMF 2015-K43 B FLT 3.86148 02/25/2048 US 345,575.37 $358,373.31
30291EAE4 FREMF 2013-K712 B FLT 3.28134 05/25/2045 US 66,018.42 $65,919.21
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 18,377,237.58 $47,001.62
30291XAE2 FREMF 2014-K715 B FLT 4.11191 02/25/2046 US 110,824.4 $112,559.33
30303M102 FACEBOOK INC -A US FB 5,444.78 $1,097,884.99
30744W107 FARFETCH LTD - CLASS A GB FTCH 1,188.29 $11,835.41
311900104 FASTENAL CO US FAST 155.74 $5,531.80
3128M5A91 FHLM POOL G03332 6.00000 10/01/2037 US 3,805.89 $4,375.70
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 15,196.71 $17,104.64
3128M5NM8 FHLM POOL G03696 5.50000 01/01/2038 US 8,089.13 $9,091.40
3128M6B98 FHLM POOL G04264 5.50000 04/01/2038 US 28,367.71 $31,877.44
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 9,088.52 $10,213.37
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 7,346.88 $8,282.10
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 16,747.98 $18,767.95
3128M7KW5 FHLM POOL G05409 5.50000 03/01/2039 US 19,684.87 $22,133.15
3128M8AW4 FHLM POOL G06021 5.50000 01/01/2040 US 7,721.47 $8,679.79
3128M9C83 FHLM POOL G06995 6.00000 05/01/2040 US 23,744.73 $27,299.68
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 1,064.38 $1,102.72
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 1,912.9 $1,957.62
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 1,320.73 $1,356.17
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 1,184 $1,226.62
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 1,971.1 $2,036.28
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 229,516.02 $243,096.74
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 32,865.41 $36,947.49
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 49,476.32 $53,159.99
3131XVYW9 FEDERAL NATL MTG ASSN FR ZM2525 3.00000 12/01/2046 US 190,070.12 $194,440.41
3132LMMM5 FHLM POOL K91364 4.50000 11/01/2033 US 30,046.71 $31,898.16
3132LNE83 FHLM POOL K92059 4.50000 09/01/2034 US 34,853.02 $36,883.76
3132VLY43 FHLM POOL FG Q60730 4.00000 01/01/2049 US 162,160.13 $168,765.89
3132Y33P7 FHLM POOL FG Q59805 4.50000 11/01/2048 US 148,706.8 $156,497.33
31335ABB3 FHLM POOL G60034 4.50000 02/01/2045 US 226,468.18 $243,655.92
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 49,726.79 $52,476.51
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 95,315.05 $101,894.47
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 113.94 $114.21
3133G6L60 FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 US 206,945.35 $212,010.59
3136AY6W8 FNA 2017-M15 A1 3.05802 09/25/2027 US 219,559.88 $229,374.99
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 143,932.63 $149,536.82
31371NCJ2 FEDERAL NATL MTG ASSN 256673 5.50000 04/01/2037 US 39,455.35 $44,370.10
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 44.27 $5,846.85
3137A2B34 FHMS K009 X1 FLT 1.42680 08/25/2020 US 1,834,761.2 $11,435.33
3137ADTK3 FHMS K014 X1 FLT 1.32354 04/25/2021 US 814,207.28 $10,687.61
3137AJMG6 FMHS K016 X1 FLT 1.63461 10/25/2021 US 597,624.31 $14,143.08
3137AME78 FHMS K017 X1 FLT 1.44530 12/25/2021 US 1,667,168.38 $34,402.35
3137AUPF0 FHMS K021 x1 FLT 1.55966 06/25/2022 US 2,151,994.72 $67,080.26
3137B3NB0 FHMS K030 X1 FLT 0.29829 04/25/2023 US 7,024,367.16 $39,816.22
3137B4GZ3 FHMS K032 X1 FLT 0.21120 05/25/2023 US 4,525,193.9 $17,399.37
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 144,582.17 $147,119.78
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 121,943.99 $124,322.88
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 30,193.71 $32,729.04
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 16,135.57 $17,479.73
3138EGGZ1 FEDERAL NATL MTG ASSN AL0215 4.50000 04/01/2041 US 83,692.68 $90,472.69
3138EQTZ5 FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 144,692.54 $156,771.45
3138ERN30 FEDERAL NATL MTG ASSN FN AL9409 3.50000 11/01/2031 US 161,635.98 $168,098.01
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64500 01/01/2049 US 349,347.63 $391,527.30
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 264,397.33 $278,293.96
3138WGK37 FEDERAL NATL MTG ASSN FN AS6613 4.00000 02/01/2046 US 412,437.76 $435,552.70
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 73,373.86 $82,643.80
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 17,116.92 $19,282.20
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 46,300.61 $48,777.81
3140EWG66 FEDERAL NATL MTG ASSN BC2020 3.50000 07/01/2046 US 189,970.89 $197,969.85
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 57,686.06 $60,090.28
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 126,641.72 $133,446.49
3140FEXR0 FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 148,152.58 $155,657.54
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 81,532.02 $85,518.55
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 39,151.83 $41,209.89
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 173,985.71 $182,895.74
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 139,065.93 $153,487.93
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 56,057.17 $60,046.92
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 264,727.3 $283,563.12
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 62,014.8 $66,425.87
3140X4JC1 FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 US 323,960.45 $335,839.36
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 1,321.45 $1,348.46
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 1,500.91 $1,534.79
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 9,166.51 $9,290.79
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 11,133.74 $11,269.43
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 30,968.21 $34,789.74
31410KJV7 FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 25,026.95 $28,757.03
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 24,254.64 $27,264.35
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 14,776.89 $16,561.43
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 233.18 $235.17
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 6,203.42 $6,294.06
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 45,394.46 $48,748.37
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 97,199.54 $104,381.68
31418C4F8 FEDERAL NATL MTG ASSN FN MA3521 4.00000 11/01/2048 US 132,316.35 $137,320.27
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 106,303.73 $108,765.33
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 88,471.84 $91,955.87
31418CZH0 FEDERAL NATL MTG ASSN FN MA3443 4.00000 08/01/2048 US 154,930.91 $160,588.16
31418DC67 FEDERAL NATL MTG ASSN FN MA3692 3.50000 07/01/2049 US 172,384.29 $176,945.35
31418MDZ2 FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 12,676.28 $14,555.05
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 7,546.64 $8,667.18
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 14,449.88 $16,224.30
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 24,592.63 $27,635.00
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 1,759.9 $1,840.17
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BJ2KSG2 AKZO NOBEL NL AKZA NA 339.62 $32,523.16
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 13,639.72 $575,530.23
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 5,710.86 $27,911.77
BNGN9Z1 FINECOBANK SPA IT FBK IM 3,585.18 $44,376.19
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 15,998.08 $497,770.88
BYXS699 QIAGEN N.V. NL QIA GR 1,115.49 $47,761.54
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 6,267.75 $496,833.66
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 956.41 $33,044.09
G29183103 EATON CORP PLC US ETN 98.09 $9,073.55
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 186.39 $7,982.90
G5960L103 MEDTRONIC INC IE MDT 8,416.93 $937,561.34
G97822103 PERRIGO CO PLC IE PRGO 656.65 $33,640.22
H01301128 ALCON INC CH ALC 5,441.99 $300,887.39
H1467J104 CHUBB LTD CH CB 61.3 $9,285.15
H8817H100 TRANSOCEAN LTD US RIG 17,477.78 $87,039.34
N22717107 CORE LABORATORIES N.V. NL CLB 460.96 $20,190.15
N47279109 INTERXION HOLDING NV NL INXN 426.96 $36,308.84
N53745100 LYONDELLBASELL INDU-CL A US LYB 90.42 $8,367.08
N72482123 QIAGEN N.V. ADR NL QGEN 661.39 $28,307.35
USD US DOLLAR US 781,209.03 $781,209.03

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Extended Term CIT Fund and 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 45 years of experience managing life cycle investment objectives. The Firm’s active management approach focuses on participating in rising markets and, as important, helping to reduce the risk of large losses in sustained bear market periods. A team of investment analysts and professionals make all investment decisions in an effort to provide investors with strong risk-adjusted returns.

Daily Price

$15.97

Daily $ Change

$0.06

Daily % Change

0.38%

as of 12/11/2019

CUSIP

302027636

Inception Date

08/17/2012

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

Important Documents

Annual Report
Fact Sheet
Applications & Forms

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

Investment Objective

To provide capital 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 balanced mix of securities that seeks a more stable rate of long-term growth than that of the broad stock market. The portfolio is diversified among fixed income securities, primarily with intermediate to long-term maturities, and various stocks. Stock exposure can range from 26% - 66%.

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 2025
  • Who 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 11/30/2019

YTD

15.82%

1 Year

12.70%

3 Year

8.24%

5 Year

4.26%

10 Year

7.09%

Inception
(01/01/2000)

6.45%

US Stock Market Cycle (04/01/2000 - 11/30/2019)

6.59%

Performance through the inception date of the Retirement Target CIT Class S units is based on 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 S 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 0.90%
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 11/30/2019

GOVERNMENT AGENCY 10.15%
TREASURY NOTES 6.55%
TREASURY BONDS 6.33%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 2.58%
FACEBOOK INC -A 1.77%
MEDTRONIC INC 1.51%
NOVARTIS AG- REG 1.49%
MASTERCARD INC-CLASS A 1.48%
NEXON CO LTD 1.41%
JOHNSON & JOHNSON 1.41%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 11/30/2019

Bonds
54.54%
Stocks
44.20%
Cash
1.26%

Detailed Asset Class Allocation

As of 11/30/2019

International Equities
16.11%
Small Capitalization
0.21%
Mid Capitalization
1.34%
Large Capitalization
26.54%
Long Term Fixed Income
19.26%
Intermediate Term Fixed Income
26.62%
Short Term Fixed Income
8.66%
Cash
1.26%

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

November Fund Holdings

As of 11/30/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 6,230.28 $6,604.10
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 309,734.64 $338,851.56
00287Y109 ABBVIE INC US ABBV 230.08 $20,184.90
004239109 ACADIA REALTY TRUST US AKR 196.72 $5,287.95
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 10,124.2 $9,078.58
00507V109 ACTIVISION INC US ATVI 8,557.74 $469,221.08
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 336,641.52 $362,316.17
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 10,124.2 $9,947.03
008492100 AGREE REALTY CORP US ADC 121.28 $9,069.04
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 346,277.95 $358,836.38
013093AD1 ALBERTSONS COS LLC/SAFEW 5.75000 03/15/2025 US 6,692.42 $6,826.27
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 44.27 $7,194.90
01609W102 ALIBABA GROUP - ADR CN BABA 233.29 $46,658.50
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 249,485.52 $259,087.24
020002101 ALLSTATE CORPORATION US ALL 55.83 $6,217.16
02079K107 ALPHABET INC-CL C US GOOG 320.4 $418,104.63
02079K305 ALPHABET INC-CL A US GOOGL 320.4 $417,825.88
023135106 AMAZON.COM INC US AMZN 310.93 $559,924.95
02319V103 AMBEV SA-ADR BR ABEV 33,558.34 $141,280.62
0237400 DIAGEO PLC GB DGE LN 7,572.55 $309,388.13
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 314.89 $15,127.10
0263494 BAE SYSTEMS PLC GB BA/ LN 6,583.47 $48,753.37
02665T306 AMERICAN HOMES 4 RENT- A US AMH 993.14 $26,526.71
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 17,133.27 $17,474.53
03027X100 AMERICAN TOWER REIT INC US AMT 1,233.75 $264,058.70
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 335,717.23 $358,006.57
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 6,897.32 $6,951.72
03064D108 AMERICOLD REALTY TRUST US COLD 586.74 $22,073.19
031162100 AMGEN INC US AMGN 102.87 $24,145.12
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 6,692.42 $5,287.01
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 7,009.06 $5,414.50
03748R754 APARTMENT INVT & MGMT CO -A US AIV 515.34 $27,709.98
038222105 APPLIED MATERIALS INC US AMAT 146.31 $8,471.56
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 106.65 $4,578.28
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 7,009.06 $7,105.44
053484101 AVALONBAY COMMUNITIES INC US AVB 182.85 $39,205.21
054937107 BB&T CORP US BBT 121.22 $6,633.14
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 369,714.95 $375,821.83
05722G100 BAKER HUGHES CO US BKR 194.34 $4,357.21
060505104 BANK OF AMERICA CORP US BAC 772.1 $25,726.45
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 478,620.09 $509,305.44
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 3,200.81 $705,139.31
086516101 BEST BUY INC US BBY 79.12 $6,380.03
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 4,510.92 $364,076.62
09247X101 BLACKROCK INC US BLK 276.84 $137,008.82
0946580 WEIR GROUP PLC/THE GB WEIR LN 2,279.38 $41,072.12
097023105 BOEING CO US BA 68.72 $25,165.56
09857L108 BOOKING HOLDINGS INC US BKNG 137.37 $261,563.76
101121101 BOSTON PROPERTIES INC US BXP 162.9 $22,568.07
105368203 BRANDYWINE REALTY TRUST US BDN 1,539.65 $23,756.76
110122108 BRISTOL MYERS SQUIBB CO US BMY 259.82 $14,794.29
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 593.76 $23,518.74
11135F101 BROADCOM INC US AVGO 52.56 $16,619.50
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 7,009.06 $4,485.80
12429TAE4 BWAY HOLDING CO 7.25000 04/15/2025 US 7,009.06 $6,641.09
12503M108 CBOE GLOBAL MARKETS INC US CBOE 2,258.93 $268,586.84
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 50.9 $3,911.92
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 66,142.68 $67,400.44
12572Q105 CME GROUP INC US CME 1,319.86 $267,574.68
12591QAR3 COMM 2014-UBS4 A5 3.69400 08/10/2047 US 332,743.45 $351,474.48
12593GAF9 COMM 2015-PC1 A5 3.90200 07/10/2050 US 175,614.6 $188,474.15
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 184,857.47 $193,298.29
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 122,262.44 $120,546.61
126650100 CVS HEALTH CORP US CVS 214.76 $16,164.66
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 9,807.56 $9,869.05
133131102 CAMDEN PROPERTY TRUST US CPT 186.75 $20,831.46
13321L108 CAMECO CORP CA CCJ 3,394.37 $31,397.89
149123101 CATERPILLAR INC US CAT 90.57 $13,108.42
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 1,027.52 $1,027.36
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 101,583.77 $102,240.53
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 6,230.28 $6,293.14
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 103,110.47 $103,073.37
166764100 CHEVRON CORP US CVX 180.83 $21,180.81
17275R102 CISCO SYSTEMS INC US CSCO 539.09 $24,426.27
172967424 CITIGROUP INC US C 224.93 $16,896.71
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 160,704.05 $266,215.28
191216100 COCA COLA CO/THE US KO 9,778.52 $522,172.70
192422103 COGNEX CORP US CGNX 2,809.88 $140,999.81
194162103 COLGATE-PALMOLIVE CO US CL 161.36 $10,943.11
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 251,231.55 $255,083.93
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 344.19 $16,383.36
20451NAG6 COMPASS MINERALS INTERNA 6.75000 12/01/2027 US 13,239.34 $13,702.72
205887102 CONAGRA BRAND INC. US CAG 120.56 $3,480.64
222795502 COUSINS PROPERTIES INC US CUZ 965.78 $39,104.47
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 368,185.07 $369,581.81
22822V101 CROWN CASTLE INTL CORP US CCI 133.27 $17,813.50
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 81,475.47 $79,267.34
231021106 CUMMINS INC US CMI 40.73 $7,447.79
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 1,124.16 $10,282.72
25277LAC0 DIAMOND SPORTS GR/DIAMON 6.62500 08/15/2027 US 9,345.42 $9,109.07
253868103 DIGITAL REALTY TRUST INC US DLR 155.11 $18,760.11
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 318,926.25 $363,132.26
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 11,681.77 $11,871.60
25960P109 DOUGLAS EMMETT INC US DEI 412.77 $18,190.89
260557103 DOW INC US DOW 122.34 $6,529.51
2715777 QUEBECOR INC -CL B CA QBR/B CN 6,514.59 $161,552.70
277432100 EASTMAN CHEM CO US EMN 48.47 $3,798.55
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 8,506.76 $175,796.56
285512109 ELECTRONIC ARTS US EA 4,241.42 $428,425.84
2866857 LUNDIN MINING CORP CA LUN CN 1,911.27 $10,345.58
291011104 EMERSON ELEC CO US EMR 134.05 $9,900.67
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 220,080.16 $257,136.69
29413XAD9 ENVIVA PARTNERS LP/FIN C 6.50000 01/15/2026 US 9,807.56 $10,192.02
29444U700 EQUINIX INC US EQIX 729.83 $413,704.62
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 247.86 $18,361.37
29476L107 EQUITY RESIDENTIAL US EQR 295.56 $25,152.27
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 709.93 $18,521.96
297178105 ESSEX PROPERTY TRUST INC US ESS 59.52 $18,581.37
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 626,838.65 $630,367.48
30225T102 EXTRA SPACE STORAGE INC US EXR 62.35 $6,612.65
30261UAJ3 FREMF 2013-K713 B 3.25859 04/25/2046 US 110,914.48 $110,961.11
30286XAN9 FREMF 2015-K43 B FLT 3.86148 02/25/2048 US 345,575.37 $358,373.31
30291EAE4 FREMF 2013-K712 B FLT 3.28134 05/25/2045 US 66,018.42 $65,919.21
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 18,377,237.58 $47,001.62
30291XAE2 FREMF 2014-K715 B FLT 4.11191 02/25/2046 US 110,824.4 $112,559.33
30303M102 FACEBOOK INC -A US FB 5,444.78 $1,097,884.99
30744W107 FARFETCH LTD - CLASS A GB FTCH 1,188.29 $11,835.41
311900104 FASTENAL CO US FAST 155.74 $5,531.80
3128M5A91 FHLM POOL G03332 6.00000 10/01/2037 US 3,805.89 $4,375.70
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 15,196.71 $17,104.64
3128M5NM8 FHLM POOL G03696 5.50000 01/01/2038 US 8,089.13 $9,091.40
3128M6B98 FHLM POOL G04264 5.50000 04/01/2038 US 28,367.71 $31,877.44
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 9,088.52 $10,213.37
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 7,346.88 $8,282.10
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 16,747.98 $18,767.95
3128M7KW5 FHLM POOL G05409 5.50000 03/01/2039 US 19,684.87 $22,133.15
3128M8AW4 FHLM POOL G06021 5.50000 01/01/2040 US 7,721.47 $8,679.79
3128M9C83 FHLM POOL G06995 6.00000 05/01/2040 US 23,744.73 $27,299.68
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 1,064.38 $1,102.72
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 1,912.9 $1,957.62
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 1,320.73 $1,356.17
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 1,184 $1,226.62
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 1,971.1 $2,036.28
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 229,516.02 $243,096.74
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 32,865.41 $36,947.49
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 49,476.32 $53,159.99
3131XVYW9 FEDERAL NATL MTG ASSN FR ZM2525 3.00000 12/01/2046 US 190,070.12 $194,440.41
3132LMMM5 FHLM POOL K91364 4.50000 11/01/2033 US 30,046.71 $31,898.16
3132LNE83 FHLM POOL K92059 4.50000 09/01/2034 US 34,853.02 $36,883.76
3132VLY43 FHLM POOL FG Q60730 4.00000 01/01/2049 US 162,160.13 $168,765.89
3132Y33P7 FHLM POOL FG Q59805 4.50000 11/01/2048 US 148,706.8 $156,497.33
31335ABB3 FHLM POOL G60034 4.50000 02/01/2045 US 226,468.18 $243,655.92
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 49,726.79 $52,476.51
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 95,315.05 $101,894.47
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 113.94 $114.21
3133G6L60 FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 US 206,945.35 $212,010.59
3136AY6W8 FNA 2017-M15 A1 3.05802 09/25/2027 US 219,559.88 $229,374.99
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 143,932.63 $149,536.82
31371NCJ2 FEDERAL NATL MTG ASSN 256673 5.50000 04/01/2037 US 39,455.35 $44,370.10
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 44.27 $5,846.85
3137A2B34 FHMS K009 X1 FLT 1.42680 08/25/2020 US 1,834,761.2 $11,435.33
3137ADTK3 FHMS K014 X1 FLT 1.32354 04/25/2021 US 814,207.28 $10,687.61
3137AJMG6 FMHS K016 X1 FLT 1.63461 10/25/2021 US 597,624.31 $14,143.08
3137AME78 FHMS K017 X1 FLT 1.44530 12/25/2021 US 1,667,168.38 $34,402.35
3137AUPF0 FHMS K021 x1 FLT 1.55966 06/25/2022 US 2,151,994.72 $67,080.26
3137B3NB0 FHMS K030 X1 FLT 0.29829 04/25/2023 US 7,024,367.16 $39,816.22
3137B4GZ3 FHMS K032 X1 FLT 0.21120 05/25/2023 US 4,525,193.9 $17,399.37
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 144,582.17 $147,119.78
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 121,943.99 $124,322.88
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 30,193.71 $32,729.04
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 16,135.57 $17,479.73
3138EGGZ1 FEDERAL NATL MTG ASSN AL0215 4.50000 04/01/2041 US 83,692.68 $90,472.69
3138EQTZ5 FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 144,692.54 $156,771.45
3138ERN30 FEDERAL NATL MTG ASSN FN AL9409 3.50000 11/01/2031 US 161,635.98 $168,098.01
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64500 01/01/2049 US 349,347.63 $391,527.30
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 264,397.33 $278,293.96
3138WGK37 FEDERAL NATL MTG ASSN FN AS6613 4.00000 02/01/2046 US 412,437.76 $435,552.70
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 73,373.86 $82,643.80
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 17,116.92 $19,282.20
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 46,300.61 $48,777.81
3140EWG66 FEDERAL NATL MTG ASSN BC2020 3.50000 07/01/2046 US 189,970.89 $197,969.85
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 57,686.06 $60,090.28
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 126,641.72 $133,446.49
3140FEXR0 FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 148,152.58 $155,657.54
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 81,532.02 $85,518.55
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 39,151.83 $41,209.89
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 173,985.71 $182,895.74
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 139,065.93 $153,487.93
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 56,057.17 $60,046.92
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 264,727.3 $283,563.12
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949746101 WELLS FARGO COMPANY US WFC 582.44 $31,719.71
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 34,670.63 $35,050.22
95040Q104 WELLTOWER INC. US WELL 296.77 $25,098.10
958102105 WESTERN DIGITAL CORP US WDC 82.46 $4,150.05
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 257,992.57 $264,135.68
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 64,106.18 $64,170.52
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 98,835.89 $100,662.08
98311A105 WYNDHAM HOTELS & RESORTS INC US WH 199.38 $11,549.92
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 14,796.91 $13,936.86
B02J639 ADMIRAL GROUP PLC GB ADM LN 1,634.75 $45,195.09
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 3,149.02 $20,954.32
B1XH026 VINCI SA FR DG FP 197.25 $21,502.06
B1Y47Y7 GERRESHEIMER AG DE GXI GR 407.44 $29,959.77
B1Y9TB3 DANONE FR BN FP 657.3 $54,084.15
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 342,582.19 $17,416.95
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 66,838.31 $51,761.82
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 566,032.45 $28,686.11
B4R2R50 JULIUS BAER CH BAER SW 570.2 $26,858.82
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 793,847.8 $40,762.14
B63QM77 NEXON CO LTD JP 3659 JP 64,237.41 $877,582.06
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 187,421.08 $10,014.88
BBG00Q7Z9PN7 SE US 12/20/19 C39 SG -33.99 -$2,209.18
BBG00QR025W3 MU US 12/13/19 P43 US -40.67 -$569.40
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 680.21 $12,370.68
BD3HF92 BSR REAL ESTATE INVESTMENT CA HOM/U CN 239.44 $3,045.86
BD4TZK8 OCI NV NL OCI NA 475.32 $9,004.09
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 6,015.48 $9,663.37
BGHVXC0 DRILLING CO OF 1972/THE DK DRLCO DC 306.2 $18,539.56
BH3T8K8 ORBIA ADVANCE CORP SAB DE CV MX 12,034.33 $26,125.37
BJ2KSG2 AKZO NOBEL NL AKZA NA 339.62 $32,523.16
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 13,639.72 $575,530.23
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 5,710.86 $27,911.77
BNGN9Z1 FINECOBANK SPA IT FBK IM 3,585.18 $44,376.19
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 15,998.08 $497,770.88
BYXS699 QIAGEN N.V. NL QIA GR 1,115.49 $47,761.54
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 6,267.75 $496,833.66
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 956.41 $33,044.09
G29183103 EATON CORP PLC US ETN 98.09 $9,073.55
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 186.39 $7,982.90
G5960L103 MEDTRONIC INC IE MDT 8,416.93 $937,561.34
G97822103 PERRIGO CO PLC IE PRGO 656.65 $33,640.22
H01301128 ALCON INC CH ALC 5,441.99 $300,887.39
H1467J104 CHUBB LTD CH CB 61.3 $9,285.15
H8817H100 TRANSOCEAN LTD US RIG 17,477.78 $87,039.34
N22717107 CORE LABORATORIES N.V. NL CLB 460.96 $20,190.15
N47279109 INTERXION HOLDING NV NL INXN 426.96 $36,308.84
N53745100 LYONDELLBASELL INDU-CL A US LYB 90.42 $8,367.08
N72482123 QIAGEN N.V. ADR NL QGEN 661.39 $28,307.35
USD US DOLLAR US 781,209.03 $781,209.03

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