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 investments 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% - 63%.

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 13% - 47%.

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

$14.12

Daily $ Change

$0.06

Daily % Change

0.42%

as of 03/23/2023

CUSIP

56382R852

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 02/28/2023

YTD

1.54%

1 Year

-8.46%

3 Year

3.34%

5 Year

4.73%

10 Year

5.43%

Inception
(01/01/2000)

6.47%

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 0.51%
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 02/28/2023

TREASURY NOTES 27.92%
GOVERNMENT AGENCY 7.25%
TREASURY BONDS 3.51%
AMAZON.COM INC 2.10%
MASTERCARD INC-CLASS A 1.47%
INTERCONTINENTALEXCHANGE INC 1.31%
JOHNSON & JOHNSON 1.26%
TENCENT HOLDINGS 3.97500 04/11/2029 1.08%
ALPHABET INC-CL A 1.06%
META PLATFORMS INC 1.06%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 02/28/2023

Bonds 57.76%
Stocks 38.99%
Cash 3.25%

Detailed Asset Class Allocation

As of 02/28/2023

International Equities 9.92%
Small Capitalization 0.59%
Mid Capitalization 3.47%
Large Capitalization 25.00%
Long Term Fixed Income 12.58%
Intermediate Term Fixed Income 40.37%
Short Term Fixed Income 4.82%
Cash 3.25%

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

February Fund Holdings

As of 02/28/2023

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 112.64 $11,458.19
ACTIVISION INC US ATVI 4,031.41 $307,394.78
ADIDAS AG-SPONSORED ADR DE ADDYY 2,547.04 $190,849.67
ADMIRAL GROUP PLC GB AMIGY 7,376.84 $198,149.30
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 50,015.56 $42,594.53
AGREE REALTY CORP US ADC 329.55 $23,325.80
AIR LIQUIDE-ADR FR AIQUY 10,221.9 $324,749.70
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 15,108.73 $15,437.48
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 311,458.79 $257,145.34
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 85,818.28 $68,424.57
ALLSTATE CORPORATION US ALL 45.63 $5,876.46
ALPHABET INC-CL A US GOOGL 5,628.53 $506,905.79
AMAZON.COM INC US AMZN 10,634.75 $1,002,112.54
AMAZON.COM INC 3.30000 04/13/2027 US 286,864.43 $271,033.27
DIAGEO PLC GB DGE LN 447.02 $18,970.03
BAE SYSTEMS PLC GB BA/ LN 3,867.48 $41,769.56
AMERICAN HOMES 4 RENT- A US AMH 503.33 $15,613.18
AMERICAN TOWER REIT INC US AMT 104.51 $20,693.40
AMERICOLD REALTY TRUST US COLD 677.37 $19,914.76
ANALOG DEVICES INC US ADI 63.28 $11,610.59
APARTMENT INCOME REIT CO US AIRC 387.36 $14,642.39
APPLIED MATERIALS INC US AMAT 1,767.81 $205,331.07
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 16,588.39 $16,565.34
ARCHER-DANIELS-MIDLAND CO US ADM 80.7 $6,423.42
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 140,509.3 $128,252.15
ATLASSIAN CORP PLC-CLASS A AU TEAM 130.26 $21,405.90
AUTOMATIC DATA PROCESSING US ADP 45.5 $10,000.82
BAE SYSTEMS PLC -SPON ADR GB BAESY 5,037.47 $221,421.83
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 131,635.77 $127,525.79
BANK OF AMERICA CORP 2.68700 04/22/2032 US 238,997.41 $193,714.15
BARRICK GOLD CORP CA GOLD 8,962.54 $144,476.17
BAXTER INTERNATIONAL INC US BAX 57.5 $2,297.21
BEST BUY INC US BBY 41.94 $3,485.46
BIOMARIN PHARMACEUTICAL INC US BMRN 3,249.12 $323,580.23
DECHRA PHARMACEUTICALS PLC GB DPH LN 709.53 $23,306.31
BRANDYWINE REALTY TRUST US BDN 1,086.36 $6,398.64
BABS 2021-RM2 A 1.75000 10/25/2061 US 20,640.84 $17,980.77
BRISTOL MYERS SQUIBB CO US BMY 209.93 $14,476.79
BROADRIDGE FINANCIAL SOLUTIONS US BR 22.27 $3,135.09
JONAH ENERGY PARENT LLC US 641.82 $30,955.17
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 118,050.7 $105,692.04
SORT 2020-1 A2 1.99000 07/15/2060 US 98,473.31 $82,794.98
C.H. ROBINSON WORLDWIDE INC US CHRW 29.69 $2,967.95
CIM 2019-INV1 A1 4.00000 02/25/2049 US 3,973.58 $3,803.19
COMM 2014-UBS4 A5 3.69400 08/10/2047 US 368,915.45 $357,904.83
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 27,801.44 $24,383.56
COTERRA ENERGY INC US CTRA 117.74 $2,940.00
CAMDEN PROPERTY TRUST US CPT 132.72 $15,231.47
CAMPBELL SOUP CO US CPB 67.59 $3,549.99
CANADIAN NATIONAL RAILWAY CO CA CNI 1,896.89 $216,037.11
CARETRUST REIT INC US CTRE 827.78 $16,282.50
CATERPILLAR INC US CAT 63.49 $15,208.90
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 1,276.74 $23,977.22
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 144,926.27 $151,195.16
CHEVRON CORP US CVX 115.66 $18,594.08
CINCINNATI FINANCIAL CORP US CINF 28.46 $3,435.19
CISCO SYSTEMS INC US CSCO 365.54 $17,699.37
CITIGROUP INC US C 230.73 $11,695.62
CITIGROUP INC 1.46200 06/09/2027 US 229,081.64 $200,663.60
CLARK CNTY NV 1.51000 11/01/2028 US 209,052.09 $173,955.64
COCA COLA CO/THE US KO 5,390.97 $320,816.74
COLGATE-PALMOLIVE CO US CL 106.59 $7,813.06
COMCAST CORP-CL A US CMCSA 395.85 $14,713.57
COMMUNITY HEALTHCARE TRUST I US CHCT 575.37 $22,289.75
CONAGRA BRAND INC. US CAG 98.21 $3,575.80
CONOCOPHILLIPS US COP 109.77 $11,345.01
COPART INC US CPRT 2,995.14 $211,037.46
COUSINS PROPERTIES INC US CUZ 888.4 $21,756.92
CAALT 2021-3A B MTGE 1.38000 07/15/2030 US 199,829.2 $184,682.97
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 15,763.12 $13,176.82
CUMMINS INC US CMI 25.18 $6,119.93
COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 108,625.1 $94,751.71
COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 US 167,543.31 $154,505.04
KIMBERLY CLARK DE MEXICO S.A.B. MX KIMBERA MM 21,281.58 $42,571.31
DEVON ENERGY CORPORATION US DVN 80.87 $4,360.37
DIAMONDBACK ENERGY INC US FANG 25.76 $3,621.10
DIGITAL REALTY TRUST INC US DLR 239.31 $24,943.78
DOLLAR TREE STORES INC US DLTR 1,383.23 $200,955.68
DOW INC US DOW 77.14 $4,412.30
DREYFUS GVT CSH MANAGEMENT US 1,603,308.08 $1,603,308.08
EOG RESOURCES INC US EOG 59.15 $6,684.60
EASTMAN CHEM CO US EMN 27.71 $2,360.69
EBAY INC US EBAY 69.85 $3,206.19
ELECTRONIC ARTS US EA 1,603.31 $177,871.04
EMERSON ELEC CO US EMR 81.86 $6,770.51
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 302,276.67 $300,105.31
EQUINIX INC US EQIX 440.32 $303,059.57
EQUITY COMMONWEALTH US EQC 599.07 $12,718.29
EQUITY LIFESTYLE PROPERTIES US ELS 554.74 $38,005.27
ESSEX PROPERTY TRUST INC US ESS 49.26 $11,233.92
EVERGY INC US EVRG 3,787.42 $222,737.91
FMC CORP US FMC 3,780.3 $488,225.73
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 52,664.79 $52,692.77
FREMF 2015-K43 B FLT 3.73230 02/25/2048 US 72,141.23 $69,021.39
META PLATFORMS INC US META 2,895.42 $506,524.58
FHLM POOL G03332 6.00000 10/01/2037 US 2,094.16 $2,196.09
FHLM POOL G05900 6.00000 03/01/2040 US 4,358.27 $4,570.41
FHLM POOL G05906 6.00000 04/01/2040 US 5,471.58 $5,737.91
FHLM POOL G06995 6.00000 05/01/2040 US 12,855.95 $13,481.72
FHLM POOL G13331 5.50000 10/01/2023 US 17.23 $17.17
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 51,694.08 $50,727.23
FHLM POOL C91780 4.50000 07/01/2034 US 12,232.89 $12,076.18
FR SD1129 4.00000 08/01/2051 US 50,370.28 $47,901.40
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 257,213.83 $228,780.78
FHLM POOL SD8230 4.50000 06/01/2052 US 215,164.26 $207,133.89
FHLM POOL K91364 4.50000 11/01/2033 US 1,534.65 $1,517.46
FHLM POOL K92059 4.50000 09/01/2034 US 7,634.62 $7,534.85
FHLM POOL G60034 4.50000 02/01/2045 US 101,662.84 $100,434.46
FNR 2018-31 KP 3.50000 07/25/2047 US 3,962.38 $3,815.25
FHMS K030 X1 FLT 0.13807 04/25/2023 US 1,080,873.76 $169.43
FHMS K032 X1 FLT 0.05833 05/25/2023 US 3,341,831.71 $549.90
FHR 5189 CP 2.50000 06/25/2049 US 162,327.95 $140,165.37
FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 9,990.36 $9,881.70
FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 57,087.49 $56,466.60
FEDERAL NATL MTG ASSN AL8674 FLT 5.65000 01/01/2049 US 140,599.7 $145,525.97
FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 14,466.19 $13,388.36
FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 39,621.63 $37,846.78
FEDERAL NATL MTG ASSN BK0433 3.50000 12/01/2049 US 30,517.84 $28,105.52
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 245,179.13 $226,834.69
FN DS2696 3.00000 12/01/2051 US 304,196.68 $271,491.00
FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 13,072.11 $13,692.87
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 20,978.06 $20,655.86
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 25,079.39 $24,694.20
FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 15,418.21 $14,479.97
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 274,141.33 $238,426.46
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 271,046.46 $246,608.86
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 265,535.44 $248,943.78
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 262,454.28 $249,236.44
FN MA4733 4.50000 09/01/2052 US 291,717.17 $280,827.19
FN MA4807 MTGE 5.50000 11/01/2052 US 212,676.86 $212,304.01
FN MA4934 MTGE 5.00000 02/01/2043 US 414,488.25 $411,697.19
FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 6,536.17 $6,846.55
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 3,633.18 $3,804.49
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 148.23 $147.10
FEDERAL NATL MTG ASSN AE0951 4.50000 02/01/2041 US 18,356.78 $18,158.11
FIFTH THIRD BANCORP US FITB 122.77 $4,456.59
FLX 2021-1A A2 3.25000 11/27/2051 US 215,765.51 $192,094.68
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 160,393.25 $151,561.22
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 80,041.05 $68,826.60
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 100,388.54 $86,329.84
GSMBS 2021-INV1 A6 2.50000 12/25/2051 US 123,869.88 $106,444.74
GSMBS 2022-PJ1 A8 2.50000 05/28/2052 US 120,457.76 $102,957.66
GENERAL DYNAMICS CORP US GD 36.64 $8,349.70
GENERAL MLS INC US GIS 92.43 $7,348.91
GENUINE PARTS CO US GPC 28.56 $5,051.65
GETTY REALTY CORP US GTY 859.53 $29,507.59
GILEAD SCIENCES INC US GILD 161.63 $13,016.01
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 30,093.75 $30,003.47
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 104,832.13 $87,840.12
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 27,532.56 $25,671.99
GREENIDGE GEN HLD INC US 1,121.89 $6,159.15
GRUPO AEROPORTUARIO PAC-ADR MX PAC 31.34 $5,956.29
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 21.07 $6,030.64
AIRBUS SE FR AIR FP 160.54 $21,026.55
ADIDAS AG DE ADS GR 239.5 $35,769.08
HDFC BANK LTD-ADR IN HDB 560.28 $37,897.50
L'OREAL FR OR FP 19.84 $7,842.78
HAWAII ST 2.68200 10/01/2038 US 123,332.82 $91,471.75
HEALTHCARE REALTY TRUST INC US HR 1,837.41 $35,829.56
HEINEKEN NV-SPN ADR NL HEINY 6,129.31 $313,268.99
HOME DEPOT INC US HD 76.97 $22,823.41
HONEYWELL INTERNATIONAL INC US HON 75.02 $14,364.01
HWIRE 2021-1 A2 2.31100 11/20/2051 US 37,101.2 $32,099.22
IDEXX LABORATORIES INC US IDXX 522.77 $247,394.90
KERRY GROUP PLC-A IE KYGA ID 273.21 $26,158.85
ILLINOIS TOOL WKS INC US ITW 38.89 $9,068.51
IMPRL 2021-NQM3 1.59500 11/25/2056 US 114,683.85 $95,044.20
INDEPENDENCE REALTY TRUST IN US IRT 695.5 $12,581.66
INTEL CORP US INTC 378.37 $9,432.81
INTERCONTINENTALEXCHANGE INC US ICE 6,163.05 $627,398.27
INTERNATIONAL FLVRS & FRAGRANCES US IFF 41.63 $3,879.96
INTUIT INC US INTU 471.95 $192,168.57
INTUITIVE SURGICAL INC US ISRG 869.43 $199,437.52
INVITATION HOMES INC US INVH 859.12 $26,855.94
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 32,839.07 $31,047.95
JP MORGAN CHASE & CO US JPM 222.48 $31,893.10
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 26,075.58 $24,607.49
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 342,254.16 $322,668.94
JOHNSON & JOHNSON US JNJ 3,927.55 $601,936.98
KEYCORP US KEY 128.89 $2,357.46
KROGER CO US KR 109.53 $4,725.20
L3HARRIS TECHNOLOGIES INC US LHX 1,461.83 $308,723.81
BEIERSDORF AG DE BEI GR 218.24 $26,046.35
LENNAR CORP US LEN 38.72 $3,746.04
LEXINGTON REALTY TRUST US LXP 1,388.62 $14,483.33
OASIS 2023-1A 7.00000 02/15/2035 US 140,870.3 $140,606.92
LIFE STORAGE INC US LSI 212.05 $25,556.43
LOCKHEED MARTIN CORP US LMT 28.6 $13,562.58
LULULEMON - ADR CA LULU 47.27 $14,615.23
MAGALLANES INC 4.05400 03/15/2029 US 353,194.69 $315,585.95
MARATHON PETROLEUM CORP US MPC 64.79 $8,008.00
MARRIOTT VACATIONS WORLD US VAC 67.15 $10,273.29
MASCO CORP US MAS 3,712.42 $194,642.10
MASTERCARD INC-CLASS A US MA 1,979.33 $703,237.14
MCDONALDS CORP US MCD 51.31 $13,541.50
MERCADOLIBRE INC BR MELI 22.03 $26,876.05
MERCK & CO INC US MRK 223.78 $23,774.60
MICROSOFT CORP US MSFT 1,689.8 $421,471.03
MICROCHIP TECHNOLOGY INC US MCHP 63.32 $5,130.59
MICRON TECHNOLOGY INC US MU 3,405.94 $196,931.36
MID-AMERICA APARTMENT COMM US MAA 190.43 $30,488.21
MONDELEZ INTERNATIONAL INC US MDLZ 6,055.36 $394,688.15
MOODY'S CORPORATION US MCO 1,164.7 $337,938.08
MOTOROLA SOLUTIONS INC US MSI 25.86 $6,796.47
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 108,112.3 $96,421.89
NAVIENT CORP 6.75000 06/25/2025 US 52,673.53 $51,935.50
NESTLE S.A. - ADR CH NSRGY 2,511.05 $282,531.29
NETAPP INC US NTAP 45.19 $2,916.85
USRE 2021-1 A1 1.91000 10/20/2061 US 42,082.38 $36,034.96
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 31,316.4 $28,626.32
NRZT 2015-2A A1 3.75000 08/25/2055 US 40,430.63 $37,210.29
NRZT 2016-4A A1 3.75000 11/25/2056 US 80,194.41 $73,149.38
KEYENCE CORP JP 6861 JP 54.73 $23,656.58
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 152,835.6 $139,176.02
NEWMONT GOLDCORP CORP US NEM 2,013.75 $87,819.78
NIKE INC CLASS B US NKE 1,651.34 $196,162.15
NORFOLK SOUTHN CORP US NSC 854.4 $192,085.67
NIKON CORP JP 7731 JP 1,631.65 $16,160.94
NORTHROP GRUMMAN CORP US NOC 685.25 $318,030.11
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 51,651.67 $5.17
NOVARTIS AG- REG CH NVS 5,391.67 $453,547.47
NUCOR CORP US NUE 39.85 $6,672.68
OBX 2022-INV1 A1 3.00000 12/25/2051 US 130,166.61 $109,155.56
OMNICOM GROUP US OMC 42.76 $3,872.68
SONY CORP FIRST SECTION JP 6758 JP 461.78 $38,612.83
TOKYO ELECTRON LTD JP 8035 JP 54.73 $18,778.59
OXFIN 2020-1A A2 3.10100 02/15/2028 US 96,752.25 $95,676.80
OXFIN 2022-1A 3.60200 02/15/2030 US 202,580.39 $183,880.40
OXFIN 2023-1A A2 6.71600 02/15/2031 US 257,798.35 $254,194.08
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 28,806.43 $26,024.63
PPG INDUSTRIES INC US PPG 27.81 $3,672.69
PACKAGING CORP OF AMERICA US PKG 20.39 $2,787.39
PARKER HANNIFIN CORP US PH 14.81 $5,211.58
DEUTSCHE BOERSE AG DE DB1 GR 215.88 $37,644.32
PAYPAL HOLDINGS INC US PYPL 3,091.02 $227,498.97
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 189,182.37 $178,995.28
PEAR 2022-1 A1 6.50000 10/15/2034 US 58,186.78 $58,157.17
PELORUS FUND REIT 7.00000 09/30/2026 US 17,144.45 $16,029.54
NESTLE SA-REGISTERED CH NESN SW 313.34 $35,304.16
PEPSICO INC 3.90000 07/18/2032 US 261,222 $245,268.83
PFIZER INC US PFE 331.4 $13,444.91
PIONEER NATURAL RESOURCES CO US PXD 26.17 $5,244.49
POPULAR INC 6.12500 09/14/2023 PR 51,127.64 $50,893.36
PROCTER & GAMBLE CO US PG 174.97 $24,068.87
PROLOGIS US PLD 1,183.2 $146,006.60
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 191,413.86 $153,657.54
PFMT 2021-2 A2A 2.00000 04/25/2051 US 116,707.16 $97,999.91
PUBLIC STORAGE INC US PSA 177.98 $53,207.36
QUALCOMM INC US QCOM 110.83 $13,691.13
QUALCOMM INC 4.25000 05/20/2032 US 225,448.33 $215,739.58
QUEST DIAGNOSTICS INC US DGX 25.31 $3,502.45
RCKT 2021-6 A1 2.50000 12/25/2051 US 242,862.89 $194,844.18
RADIUS GLOBAL INFRASTRUCTURE US RADI 3,970 $54,111.12
REALTY INCOME CORP US O 351.17 $22,457.49
REGIONS FINANCIAL CORP. US RF 187.87 $4,381.04
REPUBLIC SERVICES INC US RSG 48.3 $6,227.42
RESTAURANT BRANDS INTERN CA QSR 337.49 $21,764.74
REXFORD INDUSTRIAL REALITY IN US REXR 602.36 $36,418.48
GETINGE AB-B SHS SE GETIB SS 1,724.95 $37,074.76
ROSS STORES INC US ROST 42.73 $4,722.84
HEINEKEN NV NL HEIA NA 265.86 $27,098.69
SBA TOWER TRUST 1.88400 01/15/2026 US 177,284.37 $156,935.90
SBA TOWER TRUST 6.59900 01/15/2028 US 222,426.49 $229,569.36
S&P GLOBAL INC US SPGI 383.66 $130,905.57
SBA COMMUNICATIONS CORP US SBAC 1,858.93 $482,113.45
SLAM 2021-1A A MTGE 2.43400 06/15/2046 US 27,696.05 $23,797.78
SMB 2020-BA A1A 1.29000 07/15/2053 US 121,903.12 $105,979.77
SALESFORCE INC US CRM 1,204.69 $197,099.30
SEMT 2013-6 A2 3.00000 05/25/2043 US 41,037.58 $36,160.30
SEMT 2013-7 A2 3.00000 06/25/2043 US 17,021.44 $15,017.19
SEMT 2013-8 A1 3.00000 06/25/2043 US 20,045.58 $17,754.49
SEMT 2013-2 1.87400 02/25/2043 US 15,426.71 $13,293.51
SERVICENOW INC US NOW 826.7 $357,275.65
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 458,163.27 $370,262.85
SKYWORKS SOLUTIONS INC US SWKS 23.67 $2,641.03
JM SMUCKER CO/THE-NEW COM WI US SJM 23.12 $3,419.84
SNOWFLAKE INC-CLASS A US SNOW 1,304.68 $201,415.80
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 28,058.54 $27,135.28
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 145,379.9 $123,738.35
STAG INDUSTRIAL INC US STAG 258.95 $8,711.06
STANLEY BLACK & DECKER INC US SWK 20.32 $1,739.55
SRPT 2014-STAR A FLTG RATE 6.05800 11/15/2027 US 200,082.33 $138,406.42
STEEL DYNAMICS INC US STLD 39.27 $4,952.35
SUN COMMUNITIES US SUI 308.34 $44,136.49
SCML 2019-SBC8 2.86000 04/25/2041 US 108,379.11 $98,994.58
SYNCHRONOSS TECH US 1,716.83 $31,675.47
SYNERGY ONE LENDING 5.50000 10/14/2026 US 58,830.85 $51,348.32
TJX COMPANIES INC US TJX 108.16 $8,285.36
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 4,105.5 $357,466.32
TARGET CORP US TGT 36.88 $6,213.48
TENCENT HOLDINGS 3.97500 04/11/2029 KY 563,492.85 $516,706.42
TERRENO REALTY CORP US TRNO 502.47 $31,258.83
TEXAS INSTRUMENTS INC US TXN 64.38 $11,037.70
THERMO FISHER SCIENTIFIC INC US TMO 364.14 $197,278.97
3M CO US MMM 69.37 $7,474.20
TPMT 2016-5 A1 2.50000 10/25/2056 US 27,666.07 $27,209.78
TPMT 2017-1 A1 2.75000 10/25/2056 US 13,831.54 $13,626.80
TPMT 2019-HY1 A1 5.61700 10/25/2048 US 35,869.22 $35,768.95
TRACTOR SUPPLY COMPANY US TSCO 14.64 $3,415.10
TRAVELLERS COS INC US TRV 38.45 $7,117.80
TAH 2017-SFR2 A 2.92800 01/17/2036 US 22,616.49 $22,034.37
TYSON FOODS INC -CL A US TSN 59.79 $3,542.23
UDR INC US UDR 526.69 $22,563.42
U.S. BANCORP US USB 186.64 $8,908.14
UNILEVER PLC - ADR GB UL 10,060.61 $502,326.42
UNION PAC CORP US UNP 63.69 $13,202.46
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 47,815.37 $42,893.59
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 8,007.8 $7,622.29
UNITED PARCEL SERVICE US UPS 62.6 $11,423.51
US TREASURY N/B 3.00000 05/15/2047 US 122,743.15 $101,915.17
TREASURY BOND 2.37500 02/15/2042 US 2,047,012.68 $1,571,402.08
TREASURY NOTE 2.25000 11/15/2027 US 3,771,741.51 $3,454,974.17
US TREASURY N/B 3.12500 11/15/2028 US 2,921,815.89 $2,768,648.84
US TREASURY N/B 2.25000 11/15/2025 US 1,649,871.86 $1,553,328.58
US TREASURY N/B 2.00000 11/15/2026 US 1,912,992.24 $1,759,056.15
US TEASURY NOTE 1.75000 11/15/2029 US 2,711,764.71 $2,358,387.87
US TREASURY N/B 0.87500 11/15/2030 US 490,732.12 $391,895.60
US TREASURY N/B 1.37500 11/15/2031 US 1,277,387.59 $1,039,074.97
VF CORP US VFC 52.58 $1,304.96
VENTAS INC US VTR 371.59 $18,077.85
VERTEX PHARMACEUTICALS INC US VRTX 843.31 $244,804.39
PARAMOUNT GLOBAL CLASS B US PARA 82.47 $1,766.54
VISA INC - CLASS A SHARES US V 2,292.78 $504,273.51
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 64,108.97 $61,549.25
VISTRA OPERATIONS 4.87500 05/13/2024 US 224,979.66 $221,265.96
WAL MART STORES US WMT 192.35 $27,338.41
WALGREENS BOOTS ALLIANCE INC US WBA 104.3 $3,705.70
WASTE MANAGEMENT INC US WM 54.18 $8,114.67
WELLTOWER INC. US WELL 365.54 $27,093.80
WIN 2015-1 A1 3.50000 01/20/2045 US 10,389.73 $9,467.71
ZOETIS INC US ZTS 546.44 $91,255.46
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 615.73 $6,132.25
ADMIRAL GROUP PLC GB ADM LN 1,611.41 $42,641.09
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 581.55 $5,560.47
UBISOFT ENTERTAINMENT FR UBI FP 515.33 $11,298.72
DANONE FR BN FP 278.67 $15,664.92
AIR LIQUIDE FR AI FP 287.25 $45,637.89
BRENNTAG AG DE BNR GR 217.78 $16,403.64
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 154,005.96 $7,688.10
KEYWORDS STUDIOS PLC IE KWS LN 206.97 $7,221.62
MEITUAN DIANPING - CLASS B CN 3690 HK 52.68 $914.30
HELIOS TOWERS PLC GB HTWS LN 9,516.28 $12,562.29
AVANZA BANK HOLDING AB SE AZA SS 978.04 $25,867.08
AMERICAN TANKER INC 7.75000 07/02/2025 US 56,094.26 $54,101.68
SOFTWAREONE HOLDING AG CH SWON SW 1,452.97 $24,206.56
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 2,754.96 $14,886.37
TENCENT HOLDINGS LTD CN 700 HK 509.65 $22,387.94
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 1,102.74 $20,621.31
SEASPAN CORP 6.50000 02/05/2024 MH 47,861.2 $47,881.59
PETROTAL CORP 12.00000 02/16/2024 CA 30,099.28 $30,851.76
IMCD NV NL IMCD NA 50.28 $7,958.68
FINECOBANK SPA IT FBK IM 2,247.07 $38,830.44
ALLFUNDS GROUP PLC GB ALLFG NA 2,143.89 $18,673.65
AUTO TRADER GROUP PLC GB AUTO LN 5,920.04 $42,340.61
CELLNEX TELECOM SA ES CLNX SM 1,033.4 $38,772.06
ASSA ABLOY AB-B SE ASSAB SS 1,101.91 $26,813.73
CLEANAWAY WASTE MANAGEMENT AU CWY AU 16,848.13 $30,044.69
INTERMEDIATE CAPITAL GROUP GB ICP LN 1,558.07 $26,230.11
ADYEN NV NL ADYEN NA 10.81 $15,321.75
BANK OF N.T. BUTTERFIELD&SON BM NTB 483.98 $17,495.98
BUNGE LIMITED US BG 29.32 $2,799.72
EATON CORP PLC US ETN 56.37 $9,861.56
JOHNSON CONTROLS INTERNATIONAL US JCI 109.98 $6,897.66
LINDE PLC IE LIN 44.81 $15,611.95
MEDTRONIC INC IE MDT 2,999.24 $248,337.06
RENAISSANCERE HOLDINGS LTD BM RNR 76.77 $16,496.89
ROYALTY PHARMA PLC- CL A US RPRX 79.33 $2,843.88
STONECO LTD-A BR STNE 766.9 $6,526.35
TRANE TECHNOLOGIES IE TT 27.13 $5,017.39
ALCON INC CH ALC 3,346.04 $228,333.75
CHUBB LTD CH CB 56.58 $11,939.24
GARMIN LTD CH GRMN 35.37 $3,470.87
TE CONNECTIVITY LIMITED CH TEL 35.27 $4,490.28
LYONDELLBASELL INDU-CL A US LYB 39.58 $3,799.10
PLAYA HOTELS AND RESORTS US PLYA 1,161.54 $10,360.97
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 24,962.33 $22,421.06

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 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

$14.12

Daily $ Change

$0.06

Daily % Change

0.42%

as of 03/23/2023

CUSIP

56382R852

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 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 investments 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% - 63%.

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 13% - 47%.

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 02/28/2023

YTD

1.54%

1 Year

-8.46%

3 Year

3.34%

5 Year

4.73%

10 Year

5.43%

Inception
(01/01/2000)

6.47%

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 0.51%
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 02/28/2023

TREASURY NOTES 27.92%
GOVERNMENT AGENCY 7.25%
TREASURY BONDS 3.51%
AMAZON.COM INC 2.10%
MASTERCARD INC-CLASS A 1.47%
INTERCONTINENTALEXCHANGE INC 1.31%
JOHNSON & JOHNSON 1.26%
TENCENT HOLDINGS 3.97500 04/11/2029 1.08%
ALPHABET INC-CL A 1.06%
META PLATFORMS INC 1.06%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 02/28/2023

Bonds
57.76%
Stocks
38.99%
Cash
3.25%

Detailed Asset Class Allocation

As of 02/28/2023

International Equities
9.92%
Small Capitalization
0.59%
Mid Capitalization
3.47%
Large Capitalization
25.00%
Long Term Fixed Income
12.58%
Intermediate Term Fixed Income
40.37%
Short Term Fixed Income
4.82%
Cash
3.25%

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

February Fund Holdings

As of 02/28/2023

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 112.64 $11,458.19
ACTIVISION INC US ATVI 4,031.41 $307,394.78
ADIDAS AG-SPONSORED ADR DE ADDYY 2,547.04 $190,849.67
ADMIRAL GROUP PLC GB AMIGY 7,376.84 $198,149.30
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 50,015.56 $42,594.53
AGREE REALTY CORP US ADC 329.55 $23,325.80
AIR LIQUIDE-ADR FR AIQUY 10,221.9 $324,749.70
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 15,108.73 $15,437.48
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 311,458.79 $257,145.34
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 85,818.28 $68,424.57
ALLSTATE CORPORATION US ALL 45.63 $5,876.46
ALPHABET INC-CL A US GOOGL 5,628.53 $506,905.79
AMAZON.COM INC US AMZN 10,634.75 $1,002,112.54
AMAZON.COM INC 3.30000 04/13/2027 US 286,864.43 $271,033.27
DIAGEO PLC GB DGE LN 447.02 $18,970.03
BAE SYSTEMS PLC GB BA/ LN 3,867.48 $41,769.56
AMERICAN HOMES 4 RENT- A US AMH 503.33 $15,613.18
AMERICAN TOWER REIT INC US AMT 104.51 $20,693.40
AMERICOLD REALTY TRUST US COLD 677.37 $19,914.76
ANALOG DEVICES INC US ADI 63.28 $11,610.59
APARTMENT INCOME REIT CO US AIRC 387.36 $14,642.39
APPLIED MATERIALS INC US AMAT 1,767.81 $205,331.07
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 16,588.39 $16,565.34
ARCHER-DANIELS-MIDLAND CO US ADM 80.7 $6,423.42
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 140,509.3 $128,252.15
ATLASSIAN CORP PLC-CLASS A AU TEAM 130.26 $21,405.90
AUTOMATIC DATA PROCESSING US ADP 45.5 $10,000.82
BAE SYSTEMS PLC -SPON ADR GB BAESY 5,037.47 $221,421.83
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 131,635.77 $127,525.79
BANK OF AMERICA CORP 2.68700 04/22/2032 US 238,997.41 $193,714.15
BARRICK GOLD CORP CA GOLD 8,962.54 $144,476.17
BAXTER INTERNATIONAL INC US BAX 57.5 $2,297.21
BEST BUY INC US BBY 41.94 $3,485.46
BIOMARIN PHARMACEUTICAL INC US BMRN 3,249.12 $323,580.23
DECHRA PHARMACEUTICALS PLC GB DPH LN 709.53 $23,306.31
BRANDYWINE REALTY TRUST US BDN 1,086.36 $6,398.64
BABS 2021-RM2 A 1.75000 10/25/2061 US 20,640.84 $17,980.77
BRISTOL MYERS SQUIBB CO US BMY 209.93 $14,476.79
BROADRIDGE FINANCIAL SOLUTIONS US BR 22.27 $3,135.09
JONAH ENERGY PARENT LLC US 641.82 $30,955.17
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 118,050.7 $105,692.04
SORT 2020-1 A2 1.99000 07/15/2060 US 98,473.31 $82,794.98
C.H. ROBINSON WORLDWIDE INC US CHRW 29.69 $2,967.95
CIM 2019-INV1 A1 4.00000 02/25/2049 US 3,973.58 $3,803.19
COMM 2014-UBS4 A5 3.69400 08/10/2047 US 368,915.45 $357,904.83
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 27,801.44 $24,383.56
COTERRA ENERGY INC US CTRA 117.74 $2,940.00
CAMDEN PROPERTY TRUST US CPT 132.72 $15,231.47
CAMPBELL SOUP CO US CPB 67.59 $3,549.99
CANADIAN NATIONAL RAILWAY CO CA CNI 1,896.89 $216,037.11
CARETRUST REIT INC US CTRE 827.78 $16,282.50
CATERPILLAR INC US CAT 63.49 $15,208.90
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 1,276.74 $23,977.22
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 144,926.27 $151,195.16
CHEVRON CORP US CVX 115.66 $18,594.08
CINCINNATI FINANCIAL CORP US CINF 28.46 $3,435.19
CISCO SYSTEMS INC US CSCO 365.54 $17,699.37
CITIGROUP INC US C 230.73 $11,695.62
CITIGROUP INC 1.46200 06/09/2027 US 229,081.64 $200,663.60
CLARK CNTY NV 1.51000 11/01/2028 US 209,052.09 $173,955.64
COCA COLA CO/THE US KO 5,390.97 $320,816.74
COLGATE-PALMOLIVE CO US CL 106.59 $7,813.06
COMCAST CORP-CL A US CMCSA 395.85 $14,713.57
COMMUNITY HEALTHCARE TRUST I US CHCT 575.37 $22,289.75
CONAGRA BRAND INC. US CAG 98.21 $3,575.80
CONOCOPHILLIPS US COP 109.77 $11,345.01
COPART INC US CPRT 2,995.14 $211,037.46
COUSINS PROPERTIES INC US CUZ 888.4 $21,756.92
CAALT 2021-3A B MTGE 1.38000 07/15/2030 US 199,829.2 $184,682.97
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 15,763.12 $13,176.82
CUMMINS INC US CMI 25.18 $6,119.93
COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 108,625.1 $94,751.71
COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 US 167,543.31 $154,505.04
KIMBERLY CLARK DE MEXICO S.A.B. MX KIMBERA MM 21,281.58 $42,571.31
DEVON ENERGY CORPORATION US DVN 80.87 $4,360.37
DIAMONDBACK ENERGY INC US FANG 25.76 $3,621.10
DIGITAL REALTY TRUST INC US DLR 239.31 $24,943.78
DOLLAR TREE STORES INC US DLTR 1,383.23 $200,955.68
DOW INC US DOW 77.14 $4,412.30
DREYFUS GVT CSH MANAGEMENT US 1,603,308.08 $1,603,308.08
EOG RESOURCES INC US EOG 59.15 $6,684.60
EASTMAN CHEM CO US EMN 27.71 $2,360.69
EBAY INC US EBAY 69.85 $3,206.19
ELECTRONIC ARTS US EA 1,603.31 $177,871.04
EMERSON ELEC CO US EMR 81.86 $6,770.51
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 302,276.67 $300,105.31
EQUINIX INC US EQIX 440.32 $303,059.57
EQUITY COMMONWEALTH US EQC 599.07 $12,718.29
EQUITY LIFESTYLE PROPERTIES US ELS 554.74 $38,005.27
ESSEX PROPERTY TRUST INC US ESS 49.26 $11,233.92
EVERGY INC US EVRG 3,787.42 $222,737.91
FMC CORP US FMC 3,780.3 $488,225.73
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 52,664.79 $52,692.77
FREMF 2015-K43 B FLT 3.73230 02/25/2048 US 72,141.23 $69,021.39
META PLATFORMS INC US META 2,895.42 $506,524.58
FHLM POOL G03332 6.00000 10/01/2037 US 2,094.16 $2,196.09
FHLM POOL G05900 6.00000 03/01/2040 US 4,358.27 $4,570.41
FHLM POOL G05906 6.00000 04/01/2040 US 5,471.58 $5,737.91
FHLM POOL G06995 6.00000 05/01/2040 US 12,855.95 $13,481.72
FHLM POOL G13331 5.50000 10/01/2023 US 17.23 $17.17
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 51,694.08 $50,727.23
FHLM POOL C91780 4.50000 07/01/2034 US 12,232.89 $12,076.18
FR SD1129 4.00000 08/01/2051 US 50,370.28 $47,901.40
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 257,213.83 $228,780.78
FHLM POOL SD8230 4.50000 06/01/2052 US 215,164.26 $207,133.89
FHLM POOL K91364 4.50000 11/01/2033 US 1,534.65 $1,517.46
FHLM POOL K92059 4.50000 09/01/2034 US 7,634.62 $7,534.85
FHLM POOL G60034 4.50000 02/01/2045 US 101,662.84 $100,434.46
FNR 2018-31 KP 3.50000 07/25/2047 US 3,962.38 $3,815.25
FHMS K030 X1 FLT 0.13807 04/25/2023 US 1,080,873.76 $169.43
FHMS K032 X1 FLT 0.05833 05/25/2023 US 3,341,831.71 $549.90
FHR 5189 CP 2.50000 06/25/2049 US 162,327.95 $140,165.37
FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 9,990.36 $9,881.70
FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 57,087.49 $56,466.60
FEDERAL NATL MTG ASSN AL8674 FLT 5.65000 01/01/2049 US 140,599.7 $145,525.97
FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 14,466.19 $13,388.36
FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 39,621.63 $37,846.78
FEDERAL NATL MTG ASSN BK0433 3.50000 12/01/2049 US 30,517.84 $28,105.52
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 245,179.13 $226,834.69
FN DS2696 3.00000 12/01/2051 US 304,196.68 $271,491.00
FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 13,072.11 $13,692.87
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 20,978.06 $20,655.86
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 25,079.39 $24,694.20
FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 15,418.21 $14,479.97
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 274,141.33 $238,426.46
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 271,046.46 $246,608.86
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 265,535.44 $248,943.78
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 262,454.28 $249,236.44
FN MA4733 4.50000 09/01/2052 US 291,717.17 $280,827.19
FN MA4807 MTGE 5.50000 11/01/2052 US 212,676.86 $212,304.01
FN MA4934 MTGE 5.00000 02/01/2043 US 414,488.25 $411,697.19
FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 6,536.17 $6,846.55
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 3,633.18 $3,804.49
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 148.23 $147.10
FEDERAL NATL MTG ASSN AE0951 4.50000 02/01/2041 US 18,356.78 $18,158.11
FIFTH THIRD BANCORP US FITB 122.77 $4,456.59
FLX 2021-1A A2 3.25000 11/27/2051 US 215,765.51 $192,094.68
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 160,393.25 $151,561.22
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 80,041.05 $68,826.60
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 100,388.54 $86,329.84
GSMBS 2021-INV1 A6 2.50000 12/25/2051 US 123,869.88 $106,444.74
GSMBS 2022-PJ1 A8 2.50000 05/28/2052 US 120,457.76 $102,957.66
GENERAL DYNAMICS CORP US GD 36.64 $8,349.70
GENERAL MLS INC US GIS 92.43 $7,348.91
GENUINE PARTS CO US GPC 28.56 $5,051.65
GETTY REALTY CORP US GTY 859.53 $29,507.59
GILEAD SCIENCES INC US GILD 161.63 $13,016.01
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 30,093.75 $30,003.47
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 104,832.13 $87,840.12
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 27,532.56 $25,671.99
GREENIDGE GEN HLD INC US 1,121.89 $6,159.15
GRUPO AEROPORTUARIO PAC-ADR MX PAC 31.34 $5,956.29
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 21.07 $6,030.64
AIRBUS SE FR AIR FP 160.54 $21,026.55
ADIDAS AG DE ADS GR 239.5 $35,769.08
HDFC BANK LTD-ADR IN HDB 560.28 $37,897.50
L'OREAL FR OR FP 19.84 $7,842.78
HAWAII ST 2.68200 10/01/2038 US 123,332.82 $91,471.75
HEALTHCARE REALTY TRUST INC US HR 1,837.41 $35,829.56
HEINEKEN NV-SPN ADR NL HEINY 6,129.31 $313,268.99
HOME DEPOT INC US HD 76.97 $22,823.41
HONEYWELL INTERNATIONAL INC US HON 75.02 $14,364.01
HWIRE 2021-1 A2 2.31100 11/20/2051 US 37,101.2 $32,099.22
IDEXX LABORATORIES INC US IDXX 522.77 $247,394.90
KERRY GROUP PLC-A IE KYGA ID 273.21 $26,158.85
ILLINOIS TOOL WKS INC US ITW 38.89 $9,068.51
IMPRL 2021-NQM3 1.59500 11/25/2056 US 114,683.85 $95,044.20
INDEPENDENCE REALTY TRUST IN US IRT 695.5 $12,581.66
INTEL CORP US INTC 378.37 $9,432.81
INTERCONTINENTALEXCHANGE INC US ICE 6,163.05 $627,398.27
INTERNATIONAL FLVRS & FRAGRANCES US IFF 41.63 $3,879.96
INTUIT INC US INTU 471.95 $192,168.57
INTUITIVE SURGICAL INC US ISRG 869.43 $199,437.52
INVITATION HOMES INC US INVH 859.12 $26,855.94
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 32,839.07 $31,047.95
JP MORGAN CHASE & CO US JPM 222.48 $31,893.10
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 26,075.58 $24,607.49
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 342,254.16 $322,668.94
JOHNSON & JOHNSON US JNJ 3,927.55 $601,936.98
KEYCORP US KEY 128.89 $2,357.46
KROGER CO US KR 109.53 $4,725.20
L3HARRIS TECHNOLOGIES INC US LHX 1,461.83 $308,723.81
BEIERSDORF AG DE BEI GR 218.24 $26,046.35
LENNAR CORP US LEN 38.72 $3,746.04
LEXINGTON REALTY TRUST US LXP 1,388.62 $14,483.33
OASIS 2023-1A 7.00000 02/15/2035 US 140,870.3 $140,606.92
LIFE STORAGE INC US LSI 212.05 $25,556.43
LOCKHEED MARTIN CORP US LMT 28.6 $13,562.58
LULULEMON - ADR CA LULU 47.27 $14,615.23
MAGALLANES INC 4.05400 03/15/2029 US 353,194.69 $315,585.95
MARATHON PETROLEUM CORP US MPC 64.79 $8,008.00
MARRIOTT VACATIONS WORLD US VAC 67.15 $10,273.29
MASCO CORP US MAS 3,712.42 $194,642.10
MASTERCARD INC-CLASS A US MA 1,979.33 $703,237.14
MCDONALDS CORP US MCD 51.31 $13,541.50
MERCADOLIBRE INC BR MELI 22.03 $26,876.05
MERCK & CO INC US MRK 223.78 $23,774.60
MICROSOFT CORP US MSFT 1,689.8 $421,471.03
MICROCHIP TECHNOLOGY INC US MCHP 63.32 $5,130.59
MICRON TECHNOLOGY INC US MU 3,405.94 $196,931.36
MID-AMERICA APARTMENT COMM US MAA 190.43 $30,488.21
MONDELEZ INTERNATIONAL INC US MDLZ 6,055.36 $394,688.15
MOODY'S CORPORATION US MCO 1,164.7 $337,938.08
MOTOROLA SOLUTIONS INC US MSI 25.86 $6,796.47
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 108,112.3 $96,421.89
NAVIENT CORP 6.75000 06/25/2025 US 52,673.53 $51,935.50
NESTLE S.A. - ADR CH NSRGY 2,511.05 $282,531.29
NETAPP INC US NTAP 45.19 $2,916.85
USRE 2021-1 A1 1.91000 10/20/2061 US 42,082.38 $36,034.96
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 31,316.4 $28,626.32
NRZT 2015-2A A1 3.75000 08/25/2055 US 40,430.63 $37,210.29
NRZT 2016-4A A1 3.75000 11/25/2056 US 80,194.41 $73,149.38
KEYENCE CORP JP 6861 JP 54.73 $23,656.58
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 152,835.6 $139,176.02
NEWMONT GOLDCORP CORP US NEM 2,013.75 $87,819.78
NIKE INC CLASS B US NKE 1,651.34 $196,162.15
NORFOLK SOUTHN CORP US NSC 854.4 $192,085.67
NIKON CORP JP 7731 JP 1,631.65 $16,160.94
NORTHROP GRUMMAN CORP US NOC 685.25 $318,030.11
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 51,651.67 $5.17
NOVARTIS AG- REG CH NVS 5,391.67 $453,547.47
NUCOR CORP US NUE 39.85 $6,672.68
OBX 2022-INV1 A1 3.00000 12/25/2051 US 130,166.61 $109,155.56
OMNICOM GROUP US OMC 42.76 $3,872.68
SONY CORP FIRST SECTION JP 6758 JP 461.78 $38,612.83
TOKYO ELECTRON LTD JP 8035 JP 54.73 $18,778.59
OXFIN 2020-1A A2 3.10100 02/15/2028 US 96,752.25 $95,676.80
OXFIN 2022-1A 3.60200 02/15/2030 US 202,580.39 $183,880.40
OXFIN 2023-1A A2 6.71600 02/15/2031 US 257,798.35 $254,194.08
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 28,806.43 $26,024.63
PPG INDUSTRIES INC US PPG 27.81 $3,672.69
PACKAGING CORP OF AMERICA US PKG 20.39 $2,787.39
PARKER HANNIFIN CORP US PH 14.81 $5,211.58
DEUTSCHE BOERSE AG DE DB1 GR 215.88 $37,644.32
PAYPAL HOLDINGS INC US PYPL 3,091.02 $227,498.97
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 189,182.37 $178,995.28
PEAR 2022-1 A1 6.50000 10/15/2034 US 58,186.78 $58,157.17
PELORUS FUND REIT 7.00000 09/30/2026 US 17,144.45 $16,029.54
NESTLE SA-REGISTERED CH NESN SW 313.34 $35,304.16
PEPSICO INC 3.90000 07/18/2032 US 261,222 $245,268.83
PFIZER INC US PFE 331.4 $13,444.91
PIONEER NATURAL RESOURCES CO US PXD 26.17 $5,244.49
POPULAR INC 6.12500 09/14/2023 PR 51,127.64 $50,893.36
PROCTER & GAMBLE CO US PG 174.97 $24,068.87
PROLOGIS US PLD 1,183.2 $146,006.60
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 191,413.86 $153,657.54
PFMT 2021-2 A2A 2.00000 04/25/2051 US 116,707.16 $97,999.91
PUBLIC STORAGE INC US PSA 177.98 $53,207.36
QUALCOMM INC US QCOM 110.83 $13,691.13
QUALCOMM INC 4.25000 05/20/2032 US 225,448.33 $215,739.58
QUEST DIAGNOSTICS INC US DGX 25.31 $3,502.45
RCKT 2021-6 A1 2.50000 12/25/2051 US 242,862.89 $194,844.18
RADIUS GLOBAL INFRASTRUCTURE US RADI 3,970 $54,111.12
REALTY INCOME CORP US O 351.17 $22,457.49
REGIONS FINANCIAL CORP. US RF 187.87 $4,381.04
REPUBLIC SERVICES INC US RSG 48.3 $6,227.42
RESTAURANT BRANDS INTERN CA QSR 337.49 $21,764.74
REXFORD INDUSTRIAL REALITY IN US REXR 602.36 $36,418.48
GETINGE AB-B SHS SE GETIB SS 1,724.95 $37,074.76
ROSS STORES INC US ROST 42.73 $4,722.84
HEINEKEN NV NL HEIA NA 265.86 $27,098.69
SBA TOWER TRUST 1.88400 01/15/2026 US 177,284.37 $156,935.90
SBA TOWER TRUST 6.59900 01/15/2028 US 222,426.49 $229,569.36
S&P GLOBAL INC US SPGI 383.66 $130,905.57
SBA COMMUNICATIONS CORP US SBAC 1,858.93 $482,113.45
SLAM 2021-1A A MTGE 2.43400 06/15/2046 US 27,696.05 $23,797.78
SMB 2020-BA A1A 1.29000 07/15/2053 US 121,903.12 $105,979.77
SALESFORCE INC US CRM 1,204.69 $197,099.30
SEMT 2013-6 A2 3.00000 05/25/2043 US 41,037.58 $36,160.30
SEMT 2013-7 A2 3.00000 06/25/2043 US 17,021.44 $15,017.19
SEMT 2013-8 A1 3.00000 06/25/2043 US 20,045.58 $17,754.49
SEMT 2013-2 1.87400 02/25/2043 US 15,426.71 $13,293.51
SERVICENOW INC US NOW 826.7 $357,275.65
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 458,163.27 $370,262.85
SKYWORKS SOLUTIONS INC US SWKS 23.67 $2,641.03
JM SMUCKER CO/THE-NEW COM WI US SJM 23.12 $3,419.84
SNOWFLAKE INC-CLASS A US SNOW 1,304.68 $201,415.80
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 28,058.54 $27,135.28
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 145,379.9 $123,738.35
STAG INDUSTRIAL INC US STAG 258.95 $8,711.06
STANLEY BLACK & DECKER INC US SWK 20.32 $1,739.55
SRPT 2014-STAR A FLTG RATE 6.05800 11/15/2027 US 200,082.33 $138,406.42
STEEL DYNAMICS INC US STLD 39.27 $4,952.35
SUN COMMUNITIES US SUI 308.34 $44,136.49
SCML 2019-SBC8 2.86000 04/25/2041 US 108,379.11 $98,994.58
SYNCHRONOSS TECH US 1,716.83 $31,675.47
SYNERGY ONE LENDING 5.50000 10/14/2026 US 58,830.85 $51,348.32
TJX COMPANIES INC US TJX 108.16 $8,285.36
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 4,105.5 $357,466.32
TARGET CORP US TGT 36.88 $6,213.48
TENCENT HOLDINGS 3.97500 04/11/2029 KY 563,492.85 $516,706.42
TERRENO REALTY CORP US TRNO 502.47 $31,258.83
TEXAS INSTRUMENTS INC US TXN 64.38 $11,037.70
THERMO FISHER SCIENTIFIC INC US TMO 364.14 $197,278.97
3M CO US MMM 69.37 $7,474.20
TPMT 2016-5 A1 2.50000 10/25/2056 US 27,666.07 $27,209.78
TPMT 2017-1 A1 2.75000 10/25/2056 US 13,831.54 $13,626.80
TPMT 2019-HY1 A1 5.61700 10/25/2048 US 35,869.22 $35,768.95
TRACTOR SUPPLY COMPANY US TSCO 14.64 $3,415.10
TRAVELLERS COS INC US TRV 38.45 $7,117.80
TAH 2017-SFR2 A 2.92800 01/17/2036 US 22,616.49 $22,034.37
TYSON FOODS INC -CL A US TSN 59.79 $3,542.23
UDR INC US UDR 526.69 $22,563.42
U.S. BANCORP US USB 186.64 $8,908.14
UNILEVER PLC - ADR GB UL 10,060.61 $502,326.42
UNION PAC CORP US UNP 63.69 $13,202.46
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 47,815.37 $42,893.59
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 8,007.8 $7,622.29
UNITED PARCEL SERVICE US UPS 62.6 $11,423.51
US TREASURY N/B 3.00000 05/15/2047 US 122,743.15 $101,915.17
TREASURY BOND 2.37500 02/15/2042 US 2,047,012.68 $1,571,402.08
TREASURY NOTE 2.25000 11/15/2027 US 3,771,741.51 $3,454,974.17
US TREASURY N/B 3.12500 11/15/2028 US 2,921,815.89 $2,768,648.84
US TREASURY N/B 2.25000 11/15/2025 US 1,649,871.86 $1,553,328.58
US TREASURY N/B 2.00000 11/15/2026 US 1,912,992.24 $1,759,056.15
US TEASURY NOTE 1.75000 11/15/2029 US 2,711,764.71 $2,358,387.87
US TREASURY N/B 0.87500 11/15/2030 US 490,732.12 $391,895.60
US TREASURY N/B 1.37500 11/15/2031 US 1,277,387.59 $1,039,074.97
VF CORP US VFC 52.58 $1,304.96
VENTAS INC US VTR 371.59 $18,077.85
VERTEX PHARMACEUTICALS INC US VRTX 843.31 $244,804.39
PARAMOUNT GLOBAL CLASS B US PARA 82.47 $1,766.54
VISA INC - CLASS A SHARES US V 2,292.78 $504,273.51
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 64,108.97 $61,549.25
VISTRA OPERATIONS 4.87500 05/13/2024 US 224,979.66 $221,265.96
WAL MART STORES US WMT 192.35 $27,338.41
WALGREENS BOOTS ALLIANCE INC US WBA 104.3 $3,705.70
WASTE MANAGEMENT INC US WM 54.18 $8,114.67
WELLTOWER INC. US WELL 365.54 $27,093.80
WIN 2015-1 A1 3.50000 01/20/2045 US 10,389.73 $9,467.71
ZOETIS INC US ZTS 546.44 $91,255.46
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 615.73 $6,132.25
ADMIRAL GROUP PLC GB ADM LN 1,611.41 $42,641.09
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 581.55 $5,560.47
UBISOFT ENTERTAINMENT FR UBI FP 515.33 $11,298.72
DANONE FR BN FP 278.67 $15,664.92
AIR LIQUIDE FR AI FP 287.25 $45,637.89
BRENNTAG AG DE BNR GR 217.78 $16,403.64
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 154,005.96 $7,688.10
KEYWORDS STUDIOS PLC IE KWS LN 206.97 $7,221.62
MEITUAN DIANPING - CLASS B CN 3690 HK 52.68 $914.30
HELIOS TOWERS PLC GB HTWS LN 9,516.28 $12,562.29
AVANZA BANK HOLDING AB SE AZA SS 978.04 $25,867.08
AMERICAN TANKER INC 7.75000 07/02/2025 US 56,094.26 $54,101.68
SOFTWAREONE HOLDING AG CH SWON SW 1,452.97 $24,206.56
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 2,754.96 $14,886.37
TENCENT HOLDINGS LTD CN 700 HK 509.65 $22,387.94
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 1,102.74 $20,621.31
SEASPAN CORP 6.50000 02/05/2024 MH 47,861.2 $47,881.59
PETROTAL CORP 12.00000 02/16/2024 CA 30,099.28 $30,851.76
IMCD NV NL IMCD NA 50.28 $7,958.68
FINECOBANK SPA IT FBK IM 2,247.07 $38,830.44
ALLFUNDS GROUP PLC GB ALLFG NA 2,143.89 $18,673.65
AUTO TRADER GROUP PLC GB AUTO LN 5,920.04 $42,340.61
CELLNEX TELECOM SA ES CLNX SM 1,033.4 $38,772.06
ASSA ABLOY AB-B SE ASSAB SS 1,101.91 $26,813.73
CLEANAWAY WASTE MANAGEMENT AU CWY AU 16,848.13 $30,044.69
INTERMEDIATE CAPITAL GROUP GB ICP LN 1,558.07 $26,230.11
ADYEN NV NL ADYEN NA 10.81 $15,321.75
BANK OF N.T. BUTTERFIELD&SON BM NTB 483.98 $17,495.98
BUNGE LIMITED US BG 29.32 $2,799.72
EATON CORP PLC US ETN 56.37 $9,861.56
JOHNSON CONTROLS INTERNATIONAL US JCI 109.98 $6,897.66
LINDE PLC IE LIN 44.81 $15,611.95
MEDTRONIC INC IE MDT 2,999.24 $248,337.06
RENAISSANCERE HOLDINGS LTD BM RNR 76.77 $16,496.89
ROYALTY PHARMA PLC- CL A US RPRX 79.33 $2,843.88
STONECO LTD-A BR STNE 766.9 $6,526.35
TRANE TECHNOLOGIES IE TT 27.13 $5,017.39
ALCON INC CH ALC 3,346.04 $228,333.75
CHUBB LTD CH CB 56.58 $11,939.24
GARMIN LTD CH GRMN 35.37 $3,470.87
TE CONNECTIVITY LIMITED CH TEL 35.27 $4,490.28
LYONDELLBASELL INDU-CL A US LYB 39.58 $3,799.10
PLAYA HOTELS AND RESORTS US PLYA 1,161.54 $10,360.97
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 24,962.33 $22,421.06

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 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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