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 growth-oriented mix of investments that seeks to earn a good portion of the long-term growth of the stock market with less volatility. The portfolio is diversified primarily among various stock investments in both domestic and foreign markets. A substantial portion of the portfolio may be invested in long-term, fixed income securities. Stock exposure can range from 44% - 77%.

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 2035
  • Who have time to pursue growth and can accept potentially significant 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

$19.01

Daily $ Change

$0.12

Daily % Change

0.63%

as of 07/02/2020

CUSIP

302027594

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 05/31/2020

YTD

2.71%

1 Year

13.79%

3 Year

8.42%

5 Year

6.55%

10 Year

8.44%

Inception
(01/01/2000)

6.81%

US Stock Market Cycle (04/01/2000 - 05/31/2020)

6.94%

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 05/31/2020

TREASURY NOTES 8.58%
GOVERNMENT AGENCY 2.46%
MASTERCARD INC-CLASS A 2.33%
VISA INC - CLASS A SHARES 1.98%
TREASURY BONDS 1.95%
NEXON CO LTD 1.84%
JOHNSON & JOHNSON 1.68%
AMAZON.COM INC 1.56%
MICRON TECHNOLOGY INC 1.52%
UNILEVER PLC - ADR 1.47%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 05/31/2020

Stocks 62.49%
Bonds 34.87%
Cash 2.64%

Detailed Asset Class Allocation

As of 05/31/2020

International Equities 17.82%
Small Capitalization 0.32%
Mid Capitalization 3.04%
Large Capitalization 41.31%
Long Term Fixed Income 10.59%
Intermediate Term Fixed Income 21.31%
Short Term Fixed Income 2.97%
Cash 2.64%

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

May Fund Holdings

As of 05/31/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 4,409.21 $4,559.70
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 60,189.17 $67,555.67
00287Y109 ABBVIE INC US ABBV 210.4 $19,497.74
004239109 ACADIA REALTY TRUST US AKR 591.4 $6,937.12
00507V109 ACTIVISION INC US ATVI 6,080.28 $437,658.36
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 178,647.29 $153,893.55
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 4,601.24 $4,141.11
008492100 AGREE REALTY CORP US ADC 169.1 $10,614.47
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 154,115.88 $135,246.89
00912XBA1 AIR LEASE CORP 3.25000 03/01/2025 US 8,818.43 $8,070.12
013822AC5 ALCOA NEDERLAND HOLDING 6.12500 05/15/2028 NL 11,598.19 $11,312.53
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 84.64 $13,010.31
01609W102 ALIBABA GROUP - ADR CN BABA 1,344.65 $278,865.96
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 213,727.16 $237,160.65
020002101 ALLSTATE CORPORATION US ALL 60.46 $5,913.61
02079K107 ALPHABET INC-CL C US GOOG 89.06 $127,262.56
02079K305 ALPHABET INC-CL A US GOOGL 420.87 $603,326.07
02154CAE3 ALTICE FINANCING SA 7.50000 05/15/2026 LU 8,147.26 $8,578.01
023135106 AMAZON.COM INC US AMZN 304.13 $742,801.21
02319V103 AMBEV SA-ADR BR ABEV 33,918.79 $78,352.40
0237400 DIAGEO PLC GB DGE LN 8,115.4 $283,144.17
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 556.17 $17,964.21
02665T306 AMERICAN HOMES 4 RENT- A US AMH 755.99 $19,081.30
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 13,227.64 $13,197.58
03027X100 AMERICAN TOWER REIT INC US AMT 1,472.04 $380,036.87
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 187,096.27 $209,729.30
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 2,549.32 $2,556.49
03064D108 AMERICOLD REALTY TRUST US COLD 715.81 $25,561.73
032654105 ANALOG DEVICES INC US ADI 56.78 $6,413.12
03674XAJ5 ANTERO RESOURCES CORP 5.00000 03/01/2025 US 7,860.14 $4,401.68
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 14,377.95 $11,322.64
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 13,706.79 $10,715.97
03748R754 APARTMENT INVT & MGMT CO -A US AIV 401.52 $14,804.14
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 122.63 $4,820.46
053015103 AUTOMATIC DATA PROCESSING US ADP 54.21 $7,941.07
053332102 AUTOZONE INC US AZO 93.13 $106,901.10
053484101 AVALONBAY COMMUNITIES INC US AVB 186.05 $29,025.12
05401AAJ0 AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 KY 97,196.56 $74,738.58
055622104 BP PLC-SPONS ADR GB BP 316.52 $7,324.22
05722G100 BAKER HUGHES CO US BKR 254.25 $4,197.62
060505104 BANK OF AMERICA CORP US BAC 899.88 $21,705.20
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 93,542.66 $102,170.98
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 2,659.96 $493,634.48
086516101 BEST BUY INC US BBY 68.19 $5,324.79
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 3,490.29 $371,890.54
09247X101 BLACKROCK INC US BLK 316.64 $167,391.04
0946580 WEIR GROUP PLC/THE GB WEIR LN 1,877.93 $22,667.73
09857L108 BOOKING HOLDINGS INC US BKNG 190.74 $312,710.28
101121101 BOSTON PROPERTIES INC US BXP 62.71 $5,391.46
101137107 BOSTON SCIENTIFIC CORP US BSX 1,236.05 $46,957.43
105368203 BRANDYWINE REALTY TRUST US BDN 1,019.86 $9,841.65
110122108 BRISTOL MYERS SQUIBB CO US BMY 305.81 $18,263.05
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 42,846.73 $428.47
1248EPCE1 CCO HLDGS LLC/CAP CORP 4.50000 08/15/2030 US 7,668.12 $7,955.67
12503M108 CBOE GLOBAL MARKETS INC US CBOE 3,519.88 $374,726.87
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 45.85 $3,719.69
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 33,125.87 $33,869.03
12572Q105 CME GROUP INC US CME 1,359.28 $248,204.59
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 61,576.96 $62,617.12
12653CAC2 CNX RESOURCES CORP 7.25000 03/14/2027 US 4,409.21 $4,166.71
12654TAA8 CNX MIDSTREAM PTR/CNX 6.50000 03/15/2026 US 3,930.07 $3,546.89
127097103 CABOT OIL & GAS CORP US COG 32,232.23 $639,487.36
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 6,709.83 $6,105.95
133131102 CAMDEN PROPERTY TRUST US CPT 294.26 $26,945.70
13321L108 CAMECO CORP CA CCJ 3,649.51 $39,670.13
14180LAA4 CARGO AIRCRAFT MANAGEMENT 4.75000 02/01/2028 US 11,598.19 $11,585.32
143905AN7 CARRIAGE SERVICES INC 6.62500 06/01/2026 US 7,188.98 $7,512.48
149123101 CATERPILLAR INC US CAT 94 $11,291.97
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 47,497.57 $47,029.36
16119P108 CHARTER COMMUNICATIONS INC-A US CHTR 419.35 $228,124.61
16411QAD3 CHENIERE ENERGY PARTNERS 5.62500 10/01/2026 US 13,227.64 $13,463.09
166764100 CHEVRON CORP US CVX 1,088.67 $99,831.49
172062101 CINCINNATI FINANCIAL CORP US CINF 33.67 $1,984.97
17275R102 CISCO SYSTEMS INC US CSCO 520.63 $24,896.63
172967424 CITIGROUP INC US C 270.43 $12,956.36
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 161,017.73 $179,270.70
191216100 COCA COLA CO/THE US KO 14,519.27 $677,759.45
194162103 COLGATE-PALMOLIVE CO US CL 166.81 $12,065.16
20030N101 COMCAST CORP-CL A US CMCSA 409.91 $16,232.57
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 144,540.3 $158,367.63
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 319.76 $11,645.61
20451NAG6 COMPASS MINERALS INTERNA 6.75000 12/01/2027 US 6,230.69 $6,551.38
205887102 CONAGRA BRAND INC. US CAG 130.35 $4,535.04
20605P101 CONCHO RESOURCES INC US CXO 2,407.6 $131,262.16
20825C104 CONOCOPHILLIPS US COP 4,737.31 $199,819.67
21036P108 CONSTELLATION BRANDS INC-A US STZ 371.89 $64,224.73
217204106 COPART INC US CPRT 2,728.32 $243,884.37
21870Q105 CORESITE REALTY CORP US COR 55.79 $6,963.14
222795502 COUSINS PROPERTIES INC US CUZ 788.43 $24,536.07
22534GAA1 CAALT 2020-1A 2.01000 02/15/2029 US 89,120.68 $88,430.23
22822V101 CROWN CASTLE INTL CORP US CCI 140.23 $24,141.97
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 118,103.26 $124,558.30
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 41,154.14 $41,628.72
231021106 CUMMINS INC US CMI 37.09 $6,289.67
247361ZN1 DELTA AIR LINES INC 4.37500 04/19/2028 US 11,311.07 $9,194.34
253868103 DIGITAL REALTY TRUST INC US DLR 276.34 $39,670.76
254687106 WALT DISNEY CO/THE US DIS 2,547.8 $298,857.34
254687FW1 WALT DISNEY COMPANY/THE 2.20000 01/13/2028 US 58,455.5 $61,015.70
254709AP3 DISCOVER FINANCIAL SVS 4.50000 01/30/2026 US 8,339.28 $8,929.24
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 176,935.51 $196,474.22
256677105 DOLLAR GENERAL CORP US DG 1,165.77 $223,256.04
256746108 DOLLAR TREE STORES INC US DLTR 3,956.83 $387,254.69
25746UDG1 DOMINION ENERGY 3.37500 04/01/2030 US 98,341.39 $107,918.52
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 15,336.24 $15,029.51
25960P109 DOUGLAS EMMETT INC US DEI 543.47 $15,956.41
260003108 DOVER CORP US DOV 30.3 $2,946.40
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 26,846.63 $28,222.52
26439XAC7 DCP MIDSTREAM OPERATING 8.12500 08/16/2030 US 3,930.07 $3,930.07
264411505 DUKE RLTY INVTS INC US DRE 539.43 $18,599.61
26875P101 EOG RESOURCES INC US EOG 5,480.26 $279,328.93
2715777 QUEBECOR INC -CL B CA QBR/B CN 4,882.37 $107,338.71
277276101 EASTGROUP PROPERTIES US EGP 43.88 $5,101.14
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 1,910.74 $32,237.73
285512109 ELECTRONIC ARTS US EA 4,039.92 $496,425.96
2866857 LUNDIN MINING CORP CA LUN CN 4,133.23 $19,032.34
291011104 EMERSON ELEC CO US EMR 137.51 $8,390.68
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 168,109.78 $189,990.62
29444U700 EQUINIX INC US EQIX 717.09 $500,260.66
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 409.09 $25,486.39
29476L107 EQUITY RESIDENTIAL US EQR 282.57 $17,112.45
297178105 ESSEX PROPERTY TRUST INC US ESS 56.44 $13,701.17
30212P303 EXPEDIA INC US EXPE 8,677.32 $689,673.69
30212PAS4 EXPEDIA GROUP INC 6.25000 05/01/2025 US 82,048.69 $87,621.01
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 294,673.2 $297,202.91
30225T102 EXTRA SPACE STORAGE INC US EXR 73.04 $7,066.45
30231G102 EXXON MOBIL CORP US XOM 4,547.12 $206,757.36
302491303 FMC CORP US FMC 2,593.53 $255,229.05
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 2,779.76 $2,223.81
30286XAN9 FREMF 2015-K43 B FLT 3.73306 02/25/2048 US 201,240.24 $210,026.39
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 13,240,375.42 $27,886.88
30291XAE2 FREMF 2014-K715 B FLT 3.98021 02/25/2046 US 167,700.2 $168,611.30
30303M102 FACEBOOK INC -A US FB 2,172.35 $488,973.75
311900104 FASTENAL CO US FAST 149.78 $6,179.89
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 21,828.73 $25,506.08
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 12,573.35 $14,417.25
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 8,732.18 $10,031.33
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 426.12 $444.21
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 785.22 $804.09
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 549.08 $565.30
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 523.82 $544.42
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 837.52 $868.21
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 96,282.12 $104,630.12
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 18,687.85 $21,476.48
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 67,967.31 $74,899.51
3132LMMM5 FHLM POOL K91364 4.50000 11/01/2033 US 32,652.11 $35,306.71
3132LNE83 FHLM POOL K92059 4.50000 09/01/2034 US 51,472.63 $56,361.86
3132Y33P7 FHLM POOL FG Q59805 4.50000 11/01/2048 US 71,860.74 $77,625.35
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 2.13 $2.13
3136AY6W8 FNA 2017-M15 A1 2.95933 09/25/2027 US 123,022.51 $133,741.68
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 57,027.58 $59,070.18
3137A2B34 FHMS K009 X1 FLT 1.21114 08/25/2020 US 603,671.26 $629.21
3137ADTK3 FHMS K014 X1 FLT 1.14928 04/25/2021 US 320,583.06 $2,254.85
3137AJMG6 FMHS K016 X1 FLT 1.47797 10/25/2021 US 365,959.82 $6,011.40
3137AME78 FHMS K017 X1 FLT 1.28598 12/25/2021 US 2,443,375.13 $35,179.72
3137AUPF0 FHMS K021 x1 FLT 1.41666 06/25/2022 US 1,147,407.42 $26,644.64
3137B3NB0 FHMS K030 X1 FLT 0.17807 04/25/2023 US 4,298,074.49 $19,720.86
3137B4GZ3 FHMS K032 X1 FLT 0.09354 05/25/2023 US 2,763,365.34 $8,805.74
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 59,079.03 $60,332.65
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 39,633.55 $40,346.42
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 16,445.69 $18,286.86
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 7,830.2 $8,717.44
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64400 01/01/2049 US 239,086.14 $279,809.95
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 44,053 $51,445.45
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 23,680.33 $27,674.86
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 70,835.79 $77,331.35
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 478.64 $488.58
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 581.56 $594.74
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 2,801.14 $2,832.94
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 3,130.52 $3,168.35
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 42,229.09 $49,279.67
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 8,165.72 $9,495.37
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 37.57 $37.85
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 1,791.06 $1,814.65
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 62,897.46 $69,295.12
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 42,581.13 $45,105.98
31418DNN8 FEDERAL NATL MTG ASSN FN MA3996 2.50000 04/01/2050 US 97,301.26 $99,275.71
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 3,221.05 $3,727.31
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 889.73 $942.95
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 16,007.4 $17,127.92
316067107 FIDELITY CASH RESERVES US 10,455.67 $10,455.67
316773100 FIFTH THIRD BANCORP US FITB 171.72 $3,329.57
32054K103 FIRST INDUSTRIAL REALTY TR US FR 246.05 $9,320.34
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 7,188.98 $7,046.63
339750101 FLOOR & DECOR HOLDINGS INC -A US FND 1,319 $68,588.04
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 92,953.82 $89,413.46
345370CX6 FORD MOTOR COMPANY 9.62500 04/22/2030 US 15,241.14 $16,917.66
345397XU2 FORD MOTOR CREDIT CO LLC 4.38900 01/08/2026 US 8,147.26 $7,658.43
346232AE1 FORESTAR GROUP INC 5.00000 03/01/2028 US 13,419.66 $12,748.68
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 14,377.95 $12,041.53
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 9,968.74 $9,121.39
35671D857 FREEPORT-MCMORAN INC US FCX 5,994.55 $54,370.57
357081AE8 FREMF 2015-K720 B FLT 3.39335 07/25/2022 US 102,536.69 $103,111.01
36166LAA5 GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 AE 8,147.26 $7,427.53
36223NTR5 GNMA POOL 312960 9.00000 09/15/2021 US 10.81 $10.86
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 50,214.23 $50,323.15
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 985.67 $987.44
36257MAA3 GSMS 2019-70P A 1.18363 10/15/2036 US 88,641.53 $85,531.59
369550108 GENERAL DYNAMICS CORP US GD 50.03 $7,345.72
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 143,761.27 $110,293.65
370334104 GENERAL MLS INC US GIS 148.25 $9,345.39
37045VAP5 GENERAL MOTORS CO 5.15000 04/01/2038 US 9,968.74 $9,645.87
37185LAL6 GENESIS ENERGY LP/FIN 7.75000 02/01/2028 US 6,230.69 $5,825.07
372460105 GENUINE PARTS CO US GPC 46.88 $3,910.59
374297109 GETTY REALTY CORP US GTY 282.09 $7,509.21
375558103 GILEAD SCIENCES INC US GILD 215.7 $16,788.29
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 117,814.14 $122,307.59
384802104 WW GRAINGER INC US GWW 10.7 $3,312.90
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 31,850.37 $460,874.92
398433AP7 GRIFFON CORPORATION 5.75000 03/01/2028 US 8,339.28 $8,283.41
400501102 GRUPO AEROPORTUARIO CEN-ADR MX OMAB 845.28 $29,796.19
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 604.41 $40,138.98
40051E202 GRUPO AEROPORTUARIO DEL SURESTE MX ASR 371.31 $38,493.25
4012250 AIRBUS SE FR AIR FP 130.9 $8,365.73
4031976 ADIDAS AG DE ADS GR 1,160.16 $307,682.30
404119BX6 HCA INC 4.12500 06/15/2029 US 139,939.07 $152,059.39
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 3,565.78 $3,209.20
416515104 HARTFORD FINL SVCS US HIG 88.15 $3,375.24
418751AB9 HAT HOLDINGS I LLC 6.00000 04/15/2025 US 12,748.5 $13,158.84
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USD US DOLLAR US 1,282,060.17 $1,282,060.17
V7780T103 ROYAL CARIBBEAN CRUISES LTD US RCL 369.64 $19,173.37

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

$19.01

Daily $ Change

$0.12

Daily % Change

0.63%

as of 07/02/2020

CUSIP

302027594

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 growth-oriented mix of investments that seeks to earn a good portion of the long-term growth of the stock market with less volatility. The portfolio is diversified primarily among various stock investments in both domestic and foreign markets. A substantial portion of the portfolio may be invested in long-term, fixed income securities. Stock exposure can range from 44% - 77%.

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 2035
  • Who have time to pursue growth and can accept potentially significant 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 05/31/2020

YTD

2.71%

1 Year

13.79%

3 Year

8.42%

5 Year

6.55%

10 Year

8.44%

Inception
(01/01/2000)

6.81%

US Stock Market Cycle (04/01/2000 - 05/31/2020)

6.94%

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 05/31/2020

TREASURY NOTES 8.58%
GOVERNMENT AGENCY 2.46%
MASTERCARD INC-CLASS A 2.33%
VISA INC - CLASS A SHARES 1.98%
TREASURY BONDS 1.95%
NEXON CO LTD 1.84%
JOHNSON & JOHNSON 1.68%
AMAZON.COM INC 1.56%
MICRON TECHNOLOGY INC 1.52%
UNILEVER PLC - ADR 1.47%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 05/31/2020

Stocks
62.49%
Bonds
34.87%
Cash
2.64%

Detailed Asset Class Allocation

As of 05/31/2020

International Equities
17.82%
Small Capitalization
0.32%
Mid Capitalization
3.04%
Large Capitalization
41.31%
Long Term Fixed Income
10.59%
Intermediate Term Fixed Income
21.31%
Short Term Fixed Income
2.97%
Cash
2.64%

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

May Fund Holdings

As of 05/31/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 4,409.21 $4,559.70
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 60,189.17 $67,555.67
00287Y109 ABBVIE INC US ABBV 210.4 $19,497.74
004239109 ACADIA REALTY TRUST US AKR 591.4 $6,937.12
00507V109 ACTIVISION INC US ATVI 6,080.28 $437,658.36
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 178,647.29 $153,893.55
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 4,601.24 $4,141.11
008492100 AGREE REALTY CORP US ADC 169.1 $10,614.47
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 154,115.88 $135,246.89
00912XBA1 AIR LEASE CORP 3.25000 03/01/2025 US 8,818.43 $8,070.12
013822AC5 ALCOA NEDERLAND HOLDING 6.12500 05/15/2028 NL 11,598.19 $11,312.53
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 84.64 $13,010.31
01609W102 ALIBABA GROUP - ADR CN BABA 1,344.65 $278,865.96
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 213,727.16 $237,160.65
020002101 ALLSTATE CORPORATION US ALL 60.46 $5,913.61
02079K107 ALPHABET INC-CL C US GOOG 89.06 $127,262.56
02079K305 ALPHABET INC-CL A US GOOGL 420.87 $603,326.07
02154CAE3 ALTICE FINANCING SA 7.50000 05/15/2026 LU 8,147.26 $8,578.01
023135106 AMAZON.COM INC US AMZN 304.13 $742,801.21
02319V103 AMBEV SA-ADR BR ABEV 33,918.79 $78,352.40
0237400 DIAGEO PLC GB DGE LN 8,115.4 $283,144.17
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 556.17 $17,964.21
02665T306 AMERICAN HOMES 4 RENT- A US AMH 755.99 $19,081.30
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 13,227.64 $13,197.58
03027X100 AMERICAN TOWER REIT INC US AMT 1,472.04 $380,036.87
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 187,096.27 $209,729.30
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 2,549.32 $2,556.49
03064D108 AMERICOLD REALTY TRUST US COLD 715.81 $25,561.73
032654105 ANALOG DEVICES INC US ADI 56.78 $6,413.12
03674XAJ5 ANTERO RESOURCES CORP 5.00000 03/01/2025 US 7,860.14 $4,401.68
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 14,377.95 $11,322.64
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 13,706.79 $10,715.97
03748R754 APARTMENT INVT & MGMT CO -A US AIV 401.52 $14,804.14
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 122.63 $4,820.46
053015103 AUTOMATIC DATA PROCESSING US ADP 54.21 $7,941.07
053332102 AUTOZONE INC US AZO 93.13 $106,901.10
053484101 AVALONBAY COMMUNITIES INC US AVB 186.05 $29,025.12
05401AAJ0 AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 KY 97,196.56 $74,738.58
055622104 BP PLC-SPONS ADR GB BP 316.52 $7,324.22
05722G100 BAKER HUGHES CO US BKR 254.25 $4,197.62
060505104 BANK OF AMERICA CORP US BAC 899.88 $21,705.20
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 93,542.66 $102,170.98
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 2,659.96 $493,634.48
086516101 BEST BUY INC US BBY 68.19 $5,324.79
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 3,490.29 $371,890.54
09247X101 BLACKROCK INC US BLK 316.64 $167,391.04
0946580 WEIR GROUP PLC/THE GB WEIR LN 1,877.93 $22,667.73
09857L108 BOOKING HOLDINGS INC US BKNG 190.74 $312,710.28
101121101 BOSTON PROPERTIES INC US BXP 62.71 $5,391.46
101137107 BOSTON SCIENTIFIC CORP US BSX 1,236.05 $46,957.43
105368203 BRANDYWINE REALTY TRUST US BDN 1,019.86 $9,841.65
110122108 BRISTOL MYERS SQUIBB CO US BMY 305.81 $18,263.05
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 42,846.73 $428.47
1248EPCE1 CCO HLDGS LLC/CAP CORP 4.50000 08/15/2030 US 7,668.12 $7,955.67
12503M108 CBOE GLOBAL MARKETS INC US CBOE 3,519.88 $374,726.87
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 45.85 $3,719.69
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 33,125.87 $33,869.03
12572Q105 CME GROUP INC US CME 1,359.28 $248,204.59
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 61,576.96 $62,617.12
12653CAC2 CNX RESOURCES CORP 7.25000 03/14/2027 US 4,409.21 $4,166.71
12654TAA8 CNX MIDSTREAM PTR/CNX 6.50000 03/15/2026 US 3,930.07 $3,546.89
127097103 CABOT OIL & GAS CORP US COG 32,232.23 $639,487.36
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 6,709.83 $6,105.95
133131102 CAMDEN PROPERTY TRUST US CPT 294.26 $26,945.70
13321L108 CAMECO CORP CA CCJ 3,649.51 $39,670.13
14180LAA4 CARGO AIRCRAFT MANAGEMENT 4.75000 02/01/2028 US 11,598.19 $11,585.32
143905AN7 CARRIAGE SERVICES INC 6.62500 06/01/2026 US 7,188.98 $7,512.48
149123101 CATERPILLAR INC US CAT 94 $11,291.97
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 47,497.57 $47,029.36
16119P108 CHARTER COMMUNICATIONS INC-A US CHTR 419.35 $228,124.61
16411QAD3 CHENIERE ENERGY PARTNERS 5.62500 10/01/2026 US 13,227.64 $13,463.09
166764100 CHEVRON CORP US CVX 1,088.67 $99,831.49
172062101 CINCINNATI FINANCIAL CORP US CINF 33.67 $1,984.97
17275R102 CISCO SYSTEMS INC US CSCO 520.63 $24,896.63
172967424 CITIGROUP INC US C 270.43 $12,956.36
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 161,017.73 $179,270.70
191216100 COCA COLA CO/THE US KO 14,519.27 $677,759.45
194162103 COLGATE-PALMOLIVE CO US CL 166.81 $12,065.16
20030N101 COMCAST CORP-CL A US CMCSA 409.91 $16,232.57
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 144,540.3 $158,367.63
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 319.76 $11,645.61
20451NAG6 COMPASS MINERALS INTERNA 6.75000 12/01/2027 US 6,230.69 $6,551.38
205887102 CONAGRA BRAND INC. US CAG 130.35 $4,535.04
20605P101 CONCHO RESOURCES INC US CXO 2,407.6 $131,262.16
20825C104 CONOCOPHILLIPS US COP 4,737.31 $199,819.67
21036P108 CONSTELLATION BRANDS INC-A US STZ 371.89 $64,224.73
217204106 COPART INC US CPRT 2,728.32 $243,884.37
21870Q105 CORESITE REALTY CORP US COR 55.79 $6,963.14
222795502 COUSINS PROPERTIES INC US CUZ 788.43 $24,536.07
22534GAA1 CAALT 2020-1A 2.01000 02/15/2029 US 89,120.68 $88,430.23
22822V101 CROWN CASTLE INTL CORP US CCI 140.23 $24,141.97
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 118,103.26 $124,558.30
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 41,154.14 $41,628.72
231021106 CUMMINS INC US CMI 37.09 $6,289.67
247361ZN1 DELTA AIR LINES INC 4.37500 04/19/2028 US 11,311.07 $9,194.34
253868103 DIGITAL REALTY TRUST INC US DLR 276.34 $39,670.76
254687106 WALT DISNEY CO/THE US DIS 2,547.8 $298,857.34
254687FW1 WALT DISNEY COMPANY/THE 2.20000 01/13/2028 US 58,455.5 $61,015.70
254709AP3 DISCOVER FINANCIAL SVS 4.50000 01/30/2026 US 8,339.28 $8,929.24
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 176,935.51 $196,474.22
256677105 DOLLAR GENERAL CORP US DG 1,165.77 $223,256.04
256746108 DOLLAR TREE STORES INC US DLTR 3,956.83 $387,254.69
25746UDG1 DOMINION ENERGY 3.37500 04/01/2030 US 98,341.39 $107,918.52
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 15,336.24 $15,029.51
25960P109 DOUGLAS EMMETT INC US DEI 543.47 $15,956.41
260003108 DOVER CORP US DOV 30.3 $2,946.40
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 26,846.63 $28,222.52
26439XAC7 DCP MIDSTREAM OPERATING 8.12500 08/16/2030 US 3,930.07 $3,930.07
264411505 DUKE RLTY INVTS INC US DRE 539.43 $18,599.61
26875P101 EOG RESOURCES INC US EOG 5,480.26 $279,328.93
2715777 QUEBECOR INC -CL B CA QBR/B CN 4,882.37 $107,338.71
277276101 EASTGROUP PROPERTIES US EGP 43.88 $5,101.14
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 1,910.74 $32,237.73
285512109 ELECTRONIC ARTS US EA 4,039.92 $496,425.96
2866857 LUNDIN MINING CORP CA LUN CN 4,133.23 $19,032.34
291011104 EMERSON ELEC CO US EMR 137.51 $8,390.68
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 168,109.78 $189,990.62
29444U700 EQUINIX INC US EQIX 717.09 $500,260.66
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 409.09 $25,486.39
29476L107 EQUITY RESIDENTIAL US EQR 282.57 $17,112.45
297178105 ESSEX PROPERTY TRUST INC US ESS 56.44 $13,701.17
30212P303 EXPEDIA INC US EXPE 8,677.32 $689,673.69
30212PAS4 EXPEDIA GROUP INC 6.25000 05/01/2025 US 82,048.69 $87,621.01
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 294,673.2 $297,202.91
30225T102 EXTRA SPACE STORAGE INC US EXR 73.04 $7,066.45
30231G102 EXXON MOBIL CORP US XOM 4,547.12 $206,757.36
302491303 FMC CORP US FMC 2,593.53 $255,229.05
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 2,779.76 $2,223.81
30286XAN9 FREMF 2015-K43 B FLT 3.73306 02/25/2048 US 201,240.24 $210,026.39
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 13,240,375.42 $27,886.88
30291XAE2 FREMF 2014-K715 B FLT 3.98021 02/25/2046 US 167,700.2 $168,611.30
30303M102 FACEBOOK INC -A US FB 2,172.35 $488,973.75
311900104 FASTENAL CO US FAST 149.78 $6,179.89
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 21,828.73 $25,506.08
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 12,573.35 $14,417.25
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 8,732.18 $10,031.33
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 426.12 $444.21
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 785.22 $804.09
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 549.08 $565.30
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 523.82 $544.42
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 837.52 $868.21
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 96,282.12 $104,630.12
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 18,687.85 $21,476.48
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 67,967.31 $74,899.51
3132LMMM5 FHLM POOL K91364 4.50000 11/01/2033 US 32,652.11 $35,306.71
3132LNE83 FHLM POOL K92059 4.50000 09/01/2034 US 51,472.63 $56,361.86
3132Y33P7 FHLM POOL FG Q59805 4.50000 11/01/2048 US 71,860.74 $77,625.35
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 2.13 $2.13
3136AY6W8 FNA 2017-M15 A1 2.95933 09/25/2027 US 123,022.51 $133,741.68
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 57,027.58 $59,070.18
3137A2B34 FHMS K009 X1 FLT 1.21114 08/25/2020 US 603,671.26 $629.21
3137ADTK3 FHMS K014 X1 FLT 1.14928 04/25/2021 US 320,583.06 $2,254.85
3137AJMG6 FMHS K016 X1 FLT 1.47797 10/25/2021 US 365,959.82 $6,011.40
3137AME78 FHMS K017 X1 FLT 1.28598 12/25/2021 US 2,443,375.13 $35,179.72
3137AUPF0 FHMS K021 x1 FLT 1.41666 06/25/2022 US 1,147,407.42 $26,644.64
3137B3NB0 FHMS K030 X1 FLT 0.17807 04/25/2023 US 4,298,074.49 $19,720.86
3137B4GZ3 FHMS K032 X1 FLT 0.09354 05/25/2023 US 2,763,365.34 $8,805.74
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 59,079.03 $60,332.65
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 39,633.55 $40,346.42
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 16,445.69 $18,286.86
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 7,830.2 $8,717.44
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64400 01/01/2049 US 239,086.14 $279,809.95
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 44,053 $51,445.45
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 23,680.33 $27,674.86
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 70,835.79 $77,331.35
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 478.64 $488.58
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 581.56 $594.74
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 2,801.14 $2,832.94
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 3,130.52 $3,168.35
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 42,229.09 $49,279.67
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 8,165.72 $9,495.37
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 37.57 $37.85
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 1,791.06 $1,814.65
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 62,897.46 $69,295.12
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 42,581.13 $45,105.98
31418DNN8 FEDERAL NATL MTG ASSN FN MA3996 2.50000 04/01/2050 US 97,301.26 $99,275.71
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 3,221.05 $3,727.31
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 889.73 $942.95
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 16,007.4 $17,127.92
316067107 FIDELITY CASH RESERVES US 10,455.67 $10,455.67
316773100 FIFTH THIRD BANCORP US FITB 171.72 $3,329.57
32054K103 FIRST INDUSTRIAL REALTY TR US FR 246.05 $9,320.34
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 7,188.98 $7,046.63
339750101 FLOOR & DECOR HOLDINGS INC -A US FND 1,319 $68,588.04
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 92,953.82 $89,413.46
345370CX6 FORD MOTOR COMPANY 9.62500 04/22/2030 US 15,241.14 $16,917.66
345397XU2 FORD MOTOR CREDIT CO LLC 4.38900 01/08/2026 US 8,147.26 $7,658.43
346232AE1 FORESTAR GROUP INC 5.00000 03/01/2028 US 13,419.66 $12,748.68
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 14,377.95 $12,041.53
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 9,968.74 $9,121.39
35671D857 FREEPORT-MCMORAN INC US FCX 5,994.55 $54,370.57
357081AE8 FREMF 2015-K720 B FLT 3.39335 07/25/2022 US 102,536.69 $103,111.01
36166LAA5 GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 AE 8,147.26 $7,427.53
36223NTR5 GNMA POOL 312960 9.00000 09/15/2021 US 10.81 $10.86
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 50,214.23 $50,323.15
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 985.67 $987.44
36257MAA3 GSMS 2019-70P A 1.18363 10/15/2036 US 88,641.53 $85,531.59
369550108 GENERAL DYNAMICS CORP US GD 50.03 $7,345.72
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 143,761.27 $110,293.65
370334104 GENERAL MLS INC US GIS 148.25 $9,345.39
37045VAP5 GENERAL MOTORS CO 5.15000 04/01/2038 US 9,968.74 $9,645.87
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89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 71,552.58 $73,593.71
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955306105 WEST PHARMACEUTICAL SERVICES US WST 236.76 $51,150.37
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BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 562.56 $12,559.12
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 6,507.51 $7,891.20
BH8295835 SAUDI INTERNATIONAL BOND 2.90000 10/22/2025 SA 19,165.74 $19,980.28
BJ2KSG2 AKZO NOBEL NL AKZA NA 374.55 $30,756.89
BJVB695 BUONI POLIENNALI DEL TES 2.45000 09/01/2050 IT 65,163.51 $73,147.53
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 10,966.18 $593,883.26
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 6,569.44 $31,729.56
BNGN9Z1 FINECOBANK SPA IT FBK IM 4,728.94 $55,391.70
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 3,794.38 $105,686.52
BVYVFW2 AUTO TRADER GROUP PLC GB AUTO LN 3,151.3 $21,904.01
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 6,731.39 $314,121.18
BZ0VW78 BINGO INDUSTRIES LTD AU BIN AU 11,429.7 $17,987.80
BZ1HM42 ADYEN NV NL ADYEN NA 14.96 $19,639.86
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 1,072.8 $26,208.39
G1151C101 ACCENTURE PLC - CL A IE ACN 611.95 $123,382.03
G29183103 EATON CORP PLC US ETN 88.28 $7,495.29
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 193.92 $6,091.06
G5494J103 LINDE PLC GB LIN 58.26 $11,787.31
G5960L103 MEDTRONIC INC IE MDT 3,573.58 $352,283.74
G66721104 NORWEGIAN CRUISE LINE HOLDINGS US NCLH 850.47 $13,318.31
G85158106 STONECO LTD-A BR STNE 564.71 $17,889.90
G8994E103 TRANE TECHNOLOGIES IE TT 44.14 $3,982.04
G97822103 PERRIGO CO PLC IE PRGO 553.76 $30,329.70
H01301128 ALCON INC CH ALC 5,081.77 $322,895.55
H1467J104 CHUBB LTD CH CB 72.2 $8,803.52
H2906T109 GARMIN LTD CH GRMN 37.99 $3,425.24
N53745100 LYONDELLBASELL INDU-CL A US LYB 87.75 $5,594.73
USD US DOLLAR US 1,282,060.17 $1,282,060.17
V7780T103 ROYAL CARIBBEAN CRUISES LTD US RCL 369.64 $19,173.37

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