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 49% - 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 13% - 47%.

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

$21.60

Daily $ Change

$0.22

Daily % Change

1.02%

as of 02/02/2023

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 12/31/2022

YTD

---

1 Year

-17.60%

3 Year

3.56%

5 Year

5.25%

10 Year

6.81%

Inception
(01/01/2000)

6.38%

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 0.91%
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 12/31/2022

TREASURY NOTES 18.54%
GOVERNMENT AGENCY 4.37%
TREASURY BONDS 3.49%
AMAZON.COM INC 2.65%
MICROSOFT CORP 2.06%
MASTERCARD INC-CLASS A 1.94%
JOHNSON & JOHNSON 1.89%
VISA INC - CLASS A SHARES 1.49%
INTERCONTINENTALEXCHANGE INC 1.47%
ALPHABET INC-CL A 1.42%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 12/31/2022

Stocks 57.13%
Bonds 38.99%
Cash 3.88%

Detailed Asset Class Allocation

As of 12/31/2022

International Equities 15.47%
Small Capitalization 0.95%
Mid Capitalization 4.51%
Large Capitalization 36.20%
Long Term Fixed Income 9.32%
Intermediate Term Fixed Income 28.49%
Short Term Fixed Income 1.18%
Cash 3.88%

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

December Fund Holdings

As of 12/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 127.86 $14,037.47
ACTIVISION INC US ATVI 3,759.75 $287,808.66
ADIDAS AG-SPONSORED ADR DE ADDYY 3,241.44 $219,575.41
ADMIRAL GROUP PLC GB AMIGY 10,243.47 $260,388.96
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 94,083.79 $79,082.35
ADYEN NV UNSPON ADR NL ADYEY 21,248.76 $293,232.95
AGREE REALTY CORP US ADC 395.44 $28,048.31
AIR LIQUIDE-ADR FR AIQUY 14,743.45 $416,981.65
AIR LEASE CORP 3.62500 04/01/2027 US 99,068.15 $90,547.87
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 15,693.39 $15,770.44
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 198,673 $167,238.19
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 63,125.72 $50,324.80
ALLSTATE CORPORATION US ALL 49.88 $6,763.94
ALPHABET INC-CL A US GOOGL 7,969.87 $703,181.54
AMAZON.COM INC US AMZN 15,696.05 $1,318,468.43
AMAZON.COM INC 3.30000 04/13/2027 US 197,353.22 $187,612.47
DIAGEO PLC GB DGE LN 1,105.53 $48,391.20
BAE SYSTEMS PLC GB BA/ LN 4,835.6 $49,944.04
AMERICAN HOMES 4 RENT- A US AMH 926.1 $27,912.56
AMERICAN TOWER REIT INC US AMT 121.91 $25,827.61
AMERICOLD REALTY TRUST US COLD 462.04 $13,080.30
ANALOG DEVICES INC US ADI 70.47 $11,559.32
APPLIED MATERIALS INC US AMAT 927.77 $90,345.81
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 16,185.07 $16,182.81
ARCHER-DANIELS-MIDLAND CO US ADM 87.2 $8,096.27
ARGO BLOCKCHAIN PLC GB 158.37 $483.04
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 85,082.73 $77,449.61
ATLASSIAN CORP PLC-CLASS A AU TEAM 257.51 $33,136.16
AUTOMATIC DATA PROCESSING US ADP 51.26 $12,242.88
AVALONBAY COMMUNITIES INC US AVB 117.46 $18,972.04
BAE SYSTEMS PLC -SPON ADR GB BAESY 7,745.5 $326,434.03
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 89,728.41 $84,634.41
BANK OF AMERICA CORP 2.68700 04/22/2032 US 164,591.53 $132,164.08
BARRICK GOLD CORP CA GOLD 8,757.01 $150,445.38
BAXTER INTERNATIONAL INC US BAX 65.92 $3,360.13
BEST BUY INC US BBY 45.59 $3,657.06
BIOMARIN PHARMACEUTICAL INC US BMRN 3,111.27 $321,985.72
BLACKROCK INC US BLK 131.19 $92,962.85
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 69,308.55 $60,844.36
DECHRA PHARMACEUTICALS PLC GB DPH LN 983.99 $31,015.25
BOSTON SCIENTIFIC CORP US BSX 1,399.68 $64,763.06
BRANDYWINE REALTY TRUST US BDN 1,371.34 $8,433.73
BABS 2021-RM2 A 1.75000 10/25/2061 US 77,104.18 $67,360.78
BRENNTAG AG-UNSP ADR DE BNTGY 4,976.78 $63,354.42
BRISTOL MYERS SQUIBB CO US BMY 230.15 $16,559.53
BROADRIDGE FINANCIAL SOLUTIONS US BR 25.43 $3,411.54
JONAH ENERGY PARENT LLC US 678.16 $42,201.66
CBOE GLOBAL MARKETS INC US CBOE 1,038.06 $130,244.85
CDW CORP/DE US CDW 571.56 $102,068.35
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 86,611.3 $77,367.38
SORT 2020-1 A2 1.99000 07/15/2060 US 70,593.74 $58,316.89
C.H. ROBINSON WORLDWIDE INC US CHRW 34.44 $3,153.40
CIM 2019-INV1 A1 4.00000 02/25/2049 US 4,361.06 $4,170.02
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 25,293.47 $22,096.63
CVS HEALTH CORP US CVS 1,083.81 $101,000.09
COTERRA ENERGY INC US CTRA 125.63 $3,086.68
CAMDEN PROPERTY TRUST US CPT 161.97 $18,120.65
CAMPBELL SOUP CO US CPB 73.09 $4,147.66
CANADIAN NATIONAL RAILWAY CO CA CNI 3,011.84 $358,048.09
CARETRUST REIT INC US CTRE 1,000.42 $18,587.80
CATERPILLAR INC US CAT 65.37 $15,659.13
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 7,830.87 $129,209.34
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 91,376.39 $95,153.95
CHEVRON CORP US CVX 123.53 $22,171.59
CINCINNATI FINANCIAL CORP US CINF 34.66 $3,548.43
CISCO SYSTEMS INC US CSCO 408.84 $19,476.94
CITIGROUP INC US C 261.21 $11,814.34
CITIGROUP INC 1.46200 06/09/2027 US 157,354.66 $136,759.50
CLARK CNTY NV 1.51000 11/01/2028 US 15,397.5 $12,659.45
COCA COLA CO/THE US KO 10,088.34 $641,719.02
COGNEX CORP US CGNX 1,504.82 $70,892.07
COLGATE-PALMOLIVE CO US CL 123.57 $9,736.04
COMCAST CORP-CL A US CMCSA 444.09 $15,529.94
COMMUNITY HEALTHCARE TRUST I US CHCT 883.27 $31,621.17
CONAGRA BRAND INC. US CAG 110.14 $4,262.54
CONOCOPHILLIPS US COP 113.75 $13,422.11
CONSTELLATION BRANDS INC-A US STZ 954.16 $221,126.88
COOPER COS INC/THE US COO 224.58 $74,263.06
COPART INC US CPRT 4,481.64 $272,887.13
COUSINS PROPERTIES INC US CUZ 1,026.12 $25,950.56
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 14,024.86 $11,922.27
CUMMINS INC US CMI 28.65 $6,942.05
KIMBERLY CLARK DE MEXICO S.A.B. MX 28,983.7 $49,187.43
DEUTSCHE BOERSE AG ADR DE DBOEY 6,190.06 $106,221.44
DEVON ENERGY CORPORATION US DVN 86.06 $5,293.78
DIAMONDBACK ENERGY INC US FANG 27.17 $3,716.39
DIGITAL REALTY TRUST INC US DLR 321.2 $32,207.19
DOLLAR GENERAL CORP US DG 539.97 $132,967.23
DOLLAR TREE STORES INC US DLTR 2,230.63 $315,499.72
DOMINO'S PIZZA US DPZ 472.75 $163,759.68
DOUBLEVERIFY HOLDINGS INC US DV 4,865.48 $106,845.92
DOW INC US DOW 87.97 $4,432.80
DREYFUS GVT CSH MANAGEMENT US 2,005,645.48 $2,005,645.48
EOG RESOURCES INC US EOG 62.01 $8,031.19
EAST WEST BANCORP INC US EWBC 1,483.75 $97,778.96
EASTMAN CHEM CO US EMN 31.44 $2,560.37
EBAY INC US EBAY 82.69 $3,429.33
ELECTRONIC ARTS US EA 2,779.74 $339,628.47
EMERSON ELEC CO US EMR 91.96 $8,833.64
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 224,932.53 $222,954.64
EQUINIX INC US EQIX 727.58 $476,585.21
EQUITY LIFESTYLE PROPERTIES US ELS 663.34 $42,851.88
ESSEX PROPERTY TRUST INC US ESS 76.67 $16,247.88
EVERGY INC US EVRG 5,216.34 $328,264.44
EXPEDIA GROUP INC 3.25000 02/15/2030 US 97,796.75 $83,245.97
FMC CORP US FMC 4,934.16 $615,782.75
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 47,112.23 $47,240.34
FREMF 2015-K43 B FLT 3.73223 02/25/2048 US 266,994.53 $255,388.76
FREMF 2013-K28 X2A 0.10000 06/25/2046 US 3,585,105.14 $140.03
META PLATFORMS INC US META 4,196.17 $504,967.51
FHLM POOL G05906 6.00000 04/01/2040 US 5,349.27 $5,614.06
FHLM POOL G13331 5.50000 10/01/2023 US 20.34 $20.27
FHLM POOL G12988 6.00000 01/01/2023 US .12 $0.12
FHLM POOL G13078 6.00000 03/01/2023 US 1.05 $1.04
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 37,642.15 $36,946.52
FHLM POOL C91780 4.50000 07/01/2034 US 45,949.03 $45,490.47
FR SD1129 4.00000 08/01/2051 US 189,239.72 $180,138.85
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 164,531.6 $146,260.50
FHLM POOL SD8230 4.50000 06/01/2052 US 112,132.38 $108,047.66
FHLM POOL K91364 4.50000 11/01/2033 US 6,025.2 $5,981.27
FHLM POOL K92059 4.50000 09/01/2034 US 28,458.23 $28,166.54
FNR 2018-31 KP 3.50000 07/25/2047 US 3,215.27 $3,109.63
FHMS K030 X1 FLT 0.13744 04/25/2023 US 4,032,006.03 $979.33
FHMS K032 X1 FLT 0.06240 05/25/2023 US 3,317,498.91 $727.83
FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 9,456.14 $9,369.26
FEDERAL NATL MTG ASSN AL8674 FLT 5.65100 01/01/2049 US 174,188.41 $179,855.86
FEDERAL NATL MTG ASSN BK0433 3.50000 12/01/2049 US 113,405 $104,307.07
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 156,255.42 $144,633.90
FN DS2696 3.00000 12/01/2051 US 204,008.26 $181,380.62
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 31,098.32 $30,710.19
FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 14,789.26 $14,118.86
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 170,893.38 $148,803.38
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 172,138.93 $156,430.70
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 169,966.94 $159,441.24
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 168,489.87 $160,148.39
FN MA4733 4.50000 09/01/2052 US 192,991.22 $185,958.14
FN MA4807 MTGE 5.50000 11/01/2052 US 137,720.8 $138,139.07
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 2,511.78 $2,629.67
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 166.28 $165.37
FIFTH THIRD BANCORP US FITB 140.08 $4,596.06
FLX 2021-1A A2 3.25000 11/27/2051 US 146,211.29 $127,625.58
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 123,326.05 $115,195.11
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 65,404.83 $56,307.62
GSMBS 2021-INV1 A6 2.50000 12/25/2051 US 80,550.99 $69,340.75
GENERAL DYNAMICS CORP US GD 41.43 $10,279.86
GENERAL MLS INC US GIS 100.55 $8,430.72
GENUINE PARTS CO US GPC 32.04 $5,559.29
GETTY REALTY CORP US GTY 1,051.63 $35,597.80
GILEAD SCIENCES INC US GILD 174.39 $14,971.78
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 28,451.42 $26,556.31
GREENIDGE GEN HLD INC US 1,115.84 $1,193.95
GRUPO AEROPORTUARIO CEN-ADR MX OMAB 465.14 $28,764.05
GRUPO AEROPORTUARIO PAC-ADR MX PAC 240.11 $34,529.55
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 164.46 $38,318.25
AIRBUS SE FR AIR FP 218.69 $26,002.27
ADIDAS AG DE ADS GR 334.72 $45,363.53
HDFC BANK LTD-ADR IN HDB 2,635.38 $180,286.58
L'OREAL FR OR FP 27.07 $9,694.75
HAWAII ST 2.68200 10/01/2038 US 12,714.03 $9,155.28
HEALTHCARE REALTY TRUST INC US HR 2,255.07 $43,455.24
HEINEKEN NV-SPN ADR NL HEINY 8,013.17 $376,779.41
HESKA CORP US HSKA 520.44 $32,350.28
HOME DEPOT INC US HD 88.7 $28,016.27
HONEYWELL INTERNATIONAL INC US HON 80.08 $17,160.80
HWIRE 2021-1 A2 2.31100 11/20/2051 US 137,311.47 $119,278.01
HUMANA INC US HUM 121.99 $62,483.20
IDEXX LABORATORIES INC US IDXX 982.13 $400,667.77
KERRY GROUP PLC-A IE KYGA ID 305.85 $27,627.46
ILLINOIS TOOL WKS INC US ITW 47.48 $10,460.03
IMPRL 2021-NQM3 1.59500 11/25/2056 US 76,915.61 $61,996.51
INDEPENDENCE REALTY TRUST IN US IRT 1,088.52 $18,352.38
INTEL CORP US INTC 449.85 $11,889.47
INTERCONTINENTALEXCHANGE INC US ICE 7,096.87 $728,067.56
INTERNATIONAL FLVRS & FRAGRANCES US IFF 47.65 $4,995.83
INTUIT INC US INTU 759.16 $295,481.23
INTUITIVE SURGICAL INC US ISRG 1,069.98 $283,919.53
INVITATION HOMES INC US INVH 1,240.03 $36,754.43
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 30,513.66 $28,726.80
JP MORGAN CHASE & CO US JPM 1,049.98 $140,801.64
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 28,567.76 $26,688.98
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 234,760.59 $220,226.40
JOHNSON & JOHNSON US JNJ 5,301.17 $936,451.40
KREF 2021-FL2 A 5.39629 02/15/2039 US 132,225.86 $127,479.55
KEYCORP US KEY 153.89 $2,680.82
KROGER CO US KR 123.01 $5,483.88
L3HARRIS TECHNOLOGIES INC US LHX 1,463.96 $304,812.11
BEIERSDORF AG DE BEI GR 442.33 $50,546.39
LENNAR CORP US LEN 46.88 $4,242.59
LEXINGTON REALTY TRUST US LXP 1,666.09 $16,694.20
LIFE STORAGE INC US LSI 295.16 $29,073.21
LOCKHEED MARTIN CORP US LMT 32.21 $15,670.47
LULULEMON - ADR CA LULU 443.13 $141,970.37
MAGALLANES INC 4.05400 03/15/2029 US 239,797.81 $208,202.40
MARATHON PETROLEUM CORP US MPC 65.15 $7,582.94
MARRIOTT VACATIONS WORLD US VAC 77.98 $10,494.68
MASTERCARD INC-CLASS A US MA 2,773.7 $964,497.26
MCDONALDS CORP US MCD 56.32 $14,840.95
MERCADOLIBRE INC BR MELI 124.57 $105,415.33
MERCK & CO INC US MRK 245.59 $27,248.65
MICROSOFT CORP US MSFT 4,263.65 $1,022,509.45
MICROCHIP TECHNOLOGY INC US MCHP 74.63 $5,242.87
MICRON TECHNOLOGY INC US MU 1,049.1 $52,433.91
MID-AMERICA APARTMENT COMM US MAA 255.24 $40,069.39
MONDELEZ INTERNATIONAL INC US MDLZ 10,514.42 $700,786.35
MOODY'S CORPORATION US MCO 2,061.94 $574,497.21
MOTOROLA SOLUTIONS INC US MSI 29.77 $7,671.15
NAVIENT CORP 6.75000 06/25/2025 US 53,273.47 $51,209.40
NESTLE S.A. - ADR CH NSRGY 4,052.56 $467,422.20
NETAPP INC US NTAP 53.74 $3,227.87
USRE 2021-1 A1 1.91000 10/20/2061 US 155,746.81 $131,768.95
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 28,131.16 $25,920.78
NRZT 2015-2A A1 3.75000 08/25/2055 US 46,156.28 $42,930.03
NRZT 2016-4A A1 3.75000 11/25/2056 US 90,319.33 $82,560.35
KEYENCE CORP JP 6861 JP 72.85 $28,284.62
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 53,128.32 $50,941.00
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 104,593.69 $89,504.47
NEWMONT GOLDCORP CORP US NEM 2,944.36 $138,973.75
NIKE INC CLASS B US NKE 2,538.87 $297,073.15
NORFOLK SOUTHN CORP US NSC 1,205.32 $297,014.46
NIKON CORP JP 7731 JP 1,866.8 $16,507.63
NORTHROP GRUMMAN CORP US NOC 684.29 $373,356.76
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 53,420.86 $5.34
NOVARTIS AG- REG CH NVS 6,420.31 $582,450.74
NUCOR CORP US NUE 44.99 $5,930.42
OMNICOM GROUP US OMC 50.48 $4,117.89
SONY CORP FIRST SECTION JP 6758 JP 364.26 $27,764.69
TOKYO ELECTRON LTD JP 8035 JP 51.34 $15,085.15
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 79,973.37 $69,631.67
OXFIN 2020-1A A2 3.10100 02/15/2028 US 68,518.44 $67,761.15
OXFIN 2022-1A 3.60200 02/15/2030 US 123,961.75 $113,019.69
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 21,540.69 $19,431.88
PPG INDUSTRIES INC US PPG 31.27 $3,931.59
PACKAGING CORP OF AMERICA US PKG 22.6 $2,891.23
PARKER HANNIFIN CORP US PH 17.71 $5,154.85
DEUTSCHE BOERSE AG DE DB1 GR 217.4 $37,434.10
PAYPAL HOLDINGS INC US PYPL 4,285.46 $305,210.58
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 138,716.63 $130,487.97
PELORUS FUND REIT 7.00000 09/30/2026 US 50,950.63 $46,925.01
NESTLE SA-REGISTERED CH NESN SW 574.54 $66,364.23
PEPSICO INC 3.90000 07/18/2032 US 179,016.88 $169,841.72
PFIZER INC US PFE 369.63 $18,939.99
PIONEER NATURAL RESOURCES CO US PXD 27.52 $6,285.87
POPULAR INC 6.12500 09/14/2023 PR 46,452.34 $46,180.37
PROCTER & GAMBLE CO US PG 196.05 $29,714.05
PROLOGIS US PLD 1,421.04 $160,193.93
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 124,126.38 $99,264.33
PFMT 2021-2 A2A 2.00000 04/25/2051 US 74,011.15 $62,480.48
PUBLIC STORAGE INC US PSA 211.43 $59,241.56
QUALCOMM INC US QCOM 129.31 $14,216.31
QUALCOMM 5.40000 05/20/2033 US 17,157.22 $17,952.14
QUEST DIAGNOSTICS INC US DGX 29.34 $4,589.38
RCKT 2021-6 A1 2.50000 12/25/2051 US 133,257.68 $106,611.83
RADIUS GLOBAL INFRASTRUCTURE US RADI 4,814.89 $56,911.97
REALTY INCOME CORP US O 160.55 $10,183.81
REGIONS FINANCIAL CORP. US RF 215.23 $4,640.27
REPUBLIC SERVICES INC US RSG 54.21 $6,993.00
RESTAURANT BRANDS INTERN CA QSR 295.62 $19,117.82
REXFORD INDUSTRIAL REALITY IN US REXR 763.5 $41,717.45
GETINGE AB-B SHS SE GETIB SS 2,119.88 $44,073.59
ROSS STORES INC US ROST 44.99 $5,222.24
HEINEKEN NV NL HEIA NA 552.24 $52,016.27
RYANAIR HOLDINGS - ADR IE RYAAY 2,205.32 $164,869.77
SBA TOWER TRUST 6.59900 01/15/2028 US 160,069.04 $160,576.98
S&P GLOBAL INC US SPGI 917.12 $307,178.53
SBA COMMUNICATIONS CORP US SBAC 2,218.39 $621,837.32
SLAM 2021-1A A MTGE 2.43400 06/15/2046 US 103,693.05 $85,912.67
SMB 2020-BA A1A 1.29000 07/15/2053 US 90,098.17 $79,560.74
SALESFORCE INC US CRM 3,967.93 $526,107.18
SEAGEN INC US SGEN 1,516.2 $194,846.81
SEMT 2013-6 A2 3.00000 05/25/2043 US 35,709.61 $31,424.19
SEMT 2013-7 A2 3.00000 06/25/2043 US 15,262.89 $13,383.99
SEMT 2013-8 A1 3.00000 06/25/2043 US 18,452.16 $16,317.29
SEMT 2013-2 1.87400 02/25/2043 US 14,972.76 $12,650.18
SERVICENOW INC US NOW 1,474 $572,311.85
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 312,509.67 $252,147.77
SKYWORKS SOLUTIONS INC US SWKS 26.8 $2,442.62
JM SMUCKER CO/THE-NEW COM WI US SJM 25.78 $4,084.60
SNOWFLAKE INC-CLASS A US SNOW 2,060.68 $295,789.64
SOFI 2017-F A2FX 2.84000 01/25/2041 US 6,040.31 $5,812.38
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 27,128.13 $26,220.88
SOFI 2020-A A2FX MTGE 2.54000 05/15/2046 US 58,362.4 $53,988.08
SONY CORP SPONSORED ADR JP SONY 1,895.43 $144,583.61
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 246,016.39 $207,194.82
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 175,202.68 $173,481.63
STAG INDUSTRIAL INC US STAG 315.85 $10,205.19
STANLEY BLACK & DECKER INC US SWK 25.04 $1,881.27
SRPT 2014-STAR A FLTG RATE 5.78800 11/15/2027 US 169,034.55 $117,303.77
STEEL DYNAMICS INC US STLD 44.61 $4,358.00
SUN COMMUNITIES US SUI 366.2 $52,366.03
SYNCHRONOSS TECH US 2,092.48 $37,559.93
SYNERGY ONE LENDING 5.50000 10/14/2026 US 58,554.85 $50,459.69
TJX COMPANIES INC US TJX 120.57 $9,597.17
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 5,956.38 $443,690.89
TARGET CORP US TGT 45.76 $6,820.77
TENCENT HOLDINGS 3.97500 04/11/2029 KY 399,255.35 $369,254.48
TERRENO REALTY CORP US TRNO 495.35 $28,170.39
TEXAS INSTRUMENTS INC US TXN 75.7 $12,507.55
THERMO FISHER SCIENTIFIC INC US TMO 630.25 $347,074.33
3M CO US MMM 77.98 $9,350.88
TPMT 2016-5 A1 2.50000 10/25/2056 US 31,790.8 $31,257.09
TPMT 2017-1 A1 2.75000 10/25/2056 US 15,588.53 $15,326.36
TPMT 2019-HY1 A1 5.38871 10/25/2048 US 37,279.54 $36,979.40
TRACTOR SUPPLY COMPANY US TSCO 16.9 $3,801.48
TRAVELLERS COS INC US TRV 41.05 $7,695.79
TAH 2017-SFR2 A 2.92800 01/17/2036 US 85,598.99 $82,966.72
TCF 2021-1A 1.86000 03/20/2046 US 105,522.44 $88,118.79
TYSON FOODS INC -CL A US TSN 65.75 $4,093.09
UDR INC US UDR 812.01 $31,449.18
U.S. BANCORP US USB 211.88 $9,240.16
UBISOFT ENTERTAIN-UNSPON ADR FR UBSFY 8,669.72 $48,723.82
UNILEVER PLC - ADR GB UL 13,172.96 $663,258.77
UNION PAC CORP US UNP 73.77 $15,275.78
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 44,789.54 $38,188.96
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 7,812.53 $7,074.03
UNITED MEXICAN STATES 4.12500 01/21/2026 MX 25,428.05 $24,819.32
UNITED PARCEL SERVICE US UPS 71.33 $12,399.38
US TREASURY N/B 3.00000 05/15/2047 US 390,066.3 $321,134.27
TREASURY BOND 2.37500 02/15/2042 US 1,837,176.66 $1,413,764.85
TREASURY NOTE 2.25000 11/15/2027 US 844,211.28 $778,982.77
US TREASURY N/B 3.12500 11/15/2028 US 3,321,109.66 $3,172,957.05
US TREASURY N/B 2.00000 11/15/2026 US 846,754.08 $783,445.99
US TEASURY NOTE 1.75000 11/15/2029 US 1,831,735.98 $1,601,337.94
US TREASURY N/B 0.87500 11/15/2030 US 2,342,242.15 $1,877,819.45
US TREASURY N/B 1.37500 11/15/2031 US 1,215,623.01 $993,201.99
UNITEDHEALTH GROUP INC US UNH 124.37 $65,937.34
VF CORP US VFC 61.72 $1,704.05
VENTAS INC US VTR 422.51 $19,034.05
VERTEX PHARMACEUTICALS INC US VRTX 1,197.18 $345,721.18
PARAMOUNT GLOBAL CLASS B US PARA 98.09 $1,655.77
VISA INC - CLASS A SHARES US V 3,572.96 $742,318.58
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 44,008.54 $42,252.33
VISTRA OPERATIONS 4.87500 05/13/2024 US 155,447.55 $152,164.03
WAL MART STORES US WMT 217.67 $30,863.52
WALGREENS BOOTS ALLIANCE INC US WBA 113.15 $4,227.11
WASTE MANAGEMENT INC US WM 60.43 $9,480.70
WELLTOWER INC. US WELL 443.16 $29,049.44
WIN 2015-1 A1 3.50000 01/20/2045 US 8,682.02 $7,910.46
ZOETIS INC US ZTS 802.53 $117,611.32
ADMIRAL GROUP PLC GB ADM LN 2,256.74 $57,932.65
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 788.18 $6,059.84
UBISOFT ENTERTAINMENT FR UBI FP 814.79 $23,018.53
DANONE FR BN FP 381.12 $20,087.42
AIR LIQUIDE FR AI FP 384.14 $54,522.60
BRENNTAG AG DE BNR GR 295.63 $18,853.54
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 190,710.38 $9,032.26
KEYWORDS STUDIOS PLC IE KWS LN 281.83 $9,248.58
HELIOS TOWERS PLC GB HTWS LN 11,082.81 $14,215.88
AVANZA BANK HOLDING AB SE AZA SS 1,376.37 $29,536.21
AMERICAN TANKER INC 7.75000 07/02/2025 US 55,792.08 $53,443.19
SOFTWAREONE HOLDING AG CH SWON SW 1,979 $28,088.73
TENCENT HOLDINGS LTD CN 700 HK 728.53 $30,889.74
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 1,236.05 $20,073.44
SEASPAN CORP 6.50000 02/05/2024 MH 34,226.62 $33,984.78
PETROTAL CORP 12.00000 02/16/2024 CA 43,616.54 $43,945.34
IMCD NV NL IMCD NA 71.19 $10,182.51
FINECOBANK SPA IT FBK IM 3,060.52 $50,823.34
ALLFUNDS GROUP PLC GB ALLFG NA 2,672.3 $18,740.11
ROTORK PLC GB ROR LN 5,916.16 $21,985.72
AUTO TRADER GROUP PLC GB AUTO LN 7,742.7 $48,216.55
CELLNEX TELECOM SA ES CLNX SM 1,237.53 $41,050.40
ASSA ABLOY AB-B SE ASSAB SS 1,500.81 $32,281.27
CLEANAWAY WASTE MANAGEMENT AU CWY AU 22,831.89 $40,682.61
INTERMEDIATE CAPITAL GROUP GB ICP LN 2,255.69 $31,144.76
ADYEN NV NL ADYEN NA 25.92 $35,982.00
BANK OF N.T. BUTTERFIELD&SON BM NTB 569.93 $16,989.73
BUNGE LIMITED US BG 33.33 $3,324.94
EATON CORP PLC US ETN 63.43 $9,956.11
JOHNSON CONTROLS INTERNATIONAL US JCI 118.22 $7,566.10
LINDE PLC GB LIN 296.84 $96,823.84
MEDTRONIC INC IE MDT 6,000.95 $466,393.66
RENAISSANCERE HOLDINGS LTD BM RNR 104.53 $19,256.95
ROYALTY PHARMA PLC- CL A US RPRX 88.87 $3,512.12
STONECO LTD-A BR STNE 913.33 $8,621.80
TRANE TECHNOLOGIES IE TT 30.5 $5,125.92
ALCON INC CH ALC 4,575.17 $313,627.81
CHUBB LTD CH CB 56.92 $12,555.97
GARMIN LTD CH GRMN 42.72 $3,942.50
TE CONNECTIVITY LIMITED CH TEL 42.33 $4,859.75
LYONDELLBASELL INDU-CL A US LYB 43.32 $3,596.86
PLAYA HOTELS AND RESORTS US PLYA 1,296.75 $8,467.78
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 27,095.41 $25,676.81

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 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

$21.60

Daily $ Change

$0.22

Daily % Change

1.02%

as of 02/02/2023

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 49% - 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 13% - 47%.

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 12/31/2022

YTD

---

1 Year

-17.60%

3 Year

3.56%

5 Year

5.25%

10 Year

6.81%

Inception
(01/01/2000)

6.38%

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 0.91%
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 12/31/2022

TREASURY NOTES 18.54%
GOVERNMENT AGENCY 4.37%
TREASURY BONDS 3.49%
AMAZON.COM INC 2.65%
MICROSOFT CORP 2.06%
MASTERCARD INC-CLASS A 1.94%
JOHNSON & JOHNSON 1.89%
VISA INC - CLASS A SHARES 1.49%
INTERCONTINENTALEXCHANGE INC 1.47%
ALPHABET INC-CL A 1.42%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 12/31/2022

Stocks
57.13%
Bonds
38.99%
Cash
3.88%

Detailed Asset Class Allocation

As of 12/31/2022

International Equities
15.47%
Small Capitalization
0.95%
Mid Capitalization
4.51%
Large Capitalization
36.20%
Long Term Fixed Income
9.32%
Intermediate Term Fixed Income
28.49%
Short Term Fixed Income
1.18%
Cash
3.88%

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

December Fund Holdings

As of 12/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 127.86 $14,037.47
ACTIVISION INC US ATVI 3,759.75 $287,808.66
ADIDAS AG-SPONSORED ADR DE ADDYY 3,241.44 $219,575.41
ADMIRAL GROUP PLC GB AMIGY 10,243.47 $260,388.96
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 94,083.79 $79,082.35
ADYEN NV UNSPON ADR NL ADYEY 21,248.76 $293,232.95
AGREE REALTY CORP US ADC 395.44 $28,048.31
AIR LIQUIDE-ADR FR AIQUY 14,743.45 $416,981.65
AIR LEASE CORP 3.62500 04/01/2027 US 99,068.15 $90,547.87
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 15,693.39 $15,770.44
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 198,673 $167,238.19
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 63,125.72 $50,324.80
ALLSTATE CORPORATION US ALL 49.88 $6,763.94
ALPHABET INC-CL A US GOOGL 7,969.87 $703,181.54
AMAZON.COM INC US AMZN 15,696.05 $1,318,468.43
AMAZON.COM INC 3.30000 04/13/2027 US 197,353.22 $187,612.47
DIAGEO PLC GB DGE LN 1,105.53 $48,391.20
BAE SYSTEMS PLC GB BA/ LN 4,835.6 $49,944.04
AMERICAN HOMES 4 RENT- A US AMH 926.1 $27,912.56
AMERICAN TOWER REIT INC US AMT 121.91 $25,827.61
AMERICOLD REALTY TRUST US COLD 462.04 $13,080.30
ANALOG DEVICES INC US ADI 70.47 $11,559.32
APPLIED MATERIALS INC US AMAT 927.77 $90,345.81
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 16,185.07 $16,182.81
ARCHER-DANIELS-MIDLAND CO US ADM 87.2 $8,096.27
ARGO BLOCKCHAIN PLC GB 158.37 $483.04
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 85,082.73 $77,449.61
ATLASSIAN CORP PLC-CLASS A AU TEAM 257.51 $33,136.16
AUTOMATIC DATA PROCESSING US ADP 51.26 $12,242.88
AVALONBAY COMMUNITIES INC US AVB 117.46 $18,972.04
BAE SYSTEMS PLC -SPON ADR GB BAESY 7,745.5 $326,434.03
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 89,728.41 $84,634.41
BANK OF AMERICA CORP 2.68700 04/22/2032 US 164,591.53 $132,164.08
BARRICK GOLD CORP CA GOLD 8,757.01 $150,445.38
BAXTER INTERNATIONAL INC US BAX 65.92 $3,360.13
BEST BUY INC US BBY 45.59 $3,657.06
BIOMARIN PHARMACEUTICAL INC US BMRN 3,111.27 $321,985.72
BLACKROCK INC US BLK 131.19 $92,962.85
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 69,308.55 $60,844.36
DECHRA PHARMACEUTICALS PLC GB DPH LN 983.99 $31,015.25
BOSTON SCIENTIFIC CORP US BSX 1,399.68 $64,763.06
BRANDYWINE REALTY TRUST US BDN 1,371.34 $8,433.73
BABS 2021-RM2 A 1.75000 10/25/2061 US 77,104.18 $67,360.78
BRENNTAG AG-UNSP ADR DE BNTGY 4,976.78 $63,354.42
BRISTOL MYERS SQUIBB CO US BMY 230.15 $16,559.53
BROADRIDGE FINANCIAL SOLUTIONS US BR 25.43 $3,411.54
JONAH ENERGY PARENT LLC US 678.16 $42,201.66
CBOE GLOBAL MARKETS INC US CBOE 1,038.06 $130,244.85
CDW CORP/DE US CDW 571.56 $102,068.35
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 86,611.3 $77,367.38
SORT 2020-1 A2 1.99000 07/15/2060 US 70,593.74 $58,316.89
C.H. ROBINSON WORLDWIDE INC US CHRW 34.44 $3,153.40
CIM 2019-INV1 A1 4.00000 02/25/2049 US 4,361.06 $4,170.02
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 25,293.47 $22,096.63
CVS HEALTH CORP US CVS 1,083.81 $101,000.09
COTERRA ENERGY INC US CTRA 125.63 $3,086.68
CAMDEN PROPERTY TRUST US CPT 161.97 $18,120.65
CAMPBELL SOUP CO US CPB 73.09 $4,147.66
CANADIAN NATIONAL RAILWAY CO CA CNI 3,011.84 $358,048.09
CARETRUST REIT INC US CTRE 1,000.42 $18,587.80
CATERPILLAR INC US CAT 65.37 $15,659.13
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 7,830.87 $129,209.34
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 91,376.39 $95,153.95
CHEVRON CORP US CVX 123.53 $22,171.59
CINCINNATI FINANCIAL CORP US CINF 34.66 $3,548.43
CISCO SYSTEMS INC US CSCO 408.84 $19,476.94
CITIGROUP INC US C 261.21 $11,814.34
CITIGROUP INC 1.46200 06/09/2027 US 157,354.66 $136,759.50
CLARK CNTY NV 1.51000 11/01/2028 US 15,397.5 $12,659.45
COCA COLA CO/THE US KO 10,088.34 $641,719.02
COGNEX CORP US CGNX 1,504.82 $70,892.07
COLGATE-PALMOLIVE CO US CL 123.57 $9,736.04
COMCAST CORP-CL A US CMCSA 444.09 $15,529.94
COMMUNITY HEALTHCARE TRUST I US CHCT 883.27 $31,621.17
CONAGRA BRAND INC. US CAG 110.14 $4,262.54
CONOCOPHILLIPS US COP 113.75 $13,422.11
CONSTELLATION BRANDS INC-A US STZ 954.16 $221,126.88
COOPER COS INC/THE US COO 224.58 $74,263.06
COPART INC US CPRT 4,481.64 $272,887.13
COUSINS PROPERTIES INC US CUZ 1,026.12 $25,950.56
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 14,024.86 $11,922.27
CUMMINS INC US CMI 28.65 $6,942.05
KIMBERLY CLARK DE MEXICO S.A.B. MX 28,983.7 $49,187.43
DEUTSCHE BOERSE AG ADR DE DBOEY 6,190.06 $106,221.44
DEVON ENERGY CORPORATION US DVN 86.06 $5,293.78
DIAMONDBACK ENERGY INC US FANG 27.17 $3,716.39
DIGITAL REALTY TRUST INC US DLR 321.2 $32,207.19
DOLLAR GENERAL CORP US DG 539.97 $132,967.23
DOLLAR TREE STORES INC US DLTR 2,230.63 $315,499.72
DOMINO'S PIZZA US DPZ 472.75 $163,759.68
DOUBLEVERIFY HOLDINGS INC US DV 4,865.48 $106,845.92
DOW INC US DOW 87.97 $4,432.80
DREYFUS GVT CSH MANAGEMENT US 2,005,645.48 $2,005,645.48
EOG RESOURCES INC US EOG 62.01 $8,031.19
EAST WEST BANCORP INC US EWBC 1,483.75 $97,778.96
EASTMAN CHEM CO US EMN 31.44 $2,560.37
EBAY INC US EBAY 82.69 $3,429.33
ELECTRONIC ARTS US EA 2,779.74 $339,628.47
EMERSON ELEC CO US EMR 91.96 $8,833.64
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 224,932.53 $222,954.64
EQUINIX INC US EQIX 727.58 $476,585.21
EQUITY LIFESTYLE PROPERTIES US ELS 663.34 $42,851.88
ESSEX PROPERTY TRUST INC US ESS 76.67 $16,247.88
EVERGY INC US EVRG 5,216.34 $328,264.44
EXPEDIA GROUP INC 3.25000 02/15/2030 US 97,796.75 $83,245.97
FMC CORP US FMC 4,934.16 $615,782.75
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 47,112.23 $47,240.34
FREMF 2015-K43 B FLT 3.73223 02/25/2048 US 266,994.53 $255,388.76
FREMF 2013-K28 X2A 0.10000 06/25/2046 US 3,585,105.14 $140.03
META PLATFORMS INC US META 4,196.17 $504,967.51
FHLM POOL G05906 6.00000 04/01/2040 US 5,349.27 $5,614.06
FHLM POOL G13331 5.50000 10/01/2023 US 20.34 $20.27
FHLM POOL G12988 6.00000 01/01/2023 US .12 $0.12
FHLM POOL G13078 6.00000 03/01/2023 US 1.05 $1.04
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 37,642.15 $36,946.52
FHLM POOL C91780 4.50000 07/01/2034 US 45,949.03 $45,490.47
FR SD1129 4.00000 08/01/2051 US 189,239.72 $180,138.85
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 164,531.6 $146,260.50
FHLM POOL SD8230 4.50000 06/01/2052 US 112,132.38 $108,047.66
FHLM POOL K91364 4.50000 11/01/2033 US 6,025.2 $5,981.27
FHLM POOL K92059 4.50000 09/01/2034 US 28,458.23 $28,166.54
FNR 2018-31 KP 3.50000 07/25/2047 US 3,215.27 $3,109.63
FHMS K030 X1 FLT 0.13744 04/25/2023 US 4,032,006.03 $979.33
FHMS K032 X1 FLT 0.06240 05/25/2023 US 3,317,498.91 $727.83
FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 9,456.14 $9,369.26
FEDERAL NATL MTG ASSN AL8674 FLT 5.65100 01/01/2049 US 174,188.41 $179,855.86
FEDERAL NATL MTG ASSN BK0433 3.50000 12/01/2049 US 113,405 $104,307.07
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 156,255.42 $144,633.90
FN DS2696 3.00000 12/01/2051 US 204,008.26 $181,380.62
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 31,098.32 $30,710.19
FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 14,789.26 $14,118.86
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 170,893.38 $148,803.38
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 172,138.93 $156,430.70
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 169,966.94 $159,441.24
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 168,489.87 $160,148.39
FN MA4733 4.50000 09/01/2052 US 192,991.22 $185,958.14
FN MA4807 MTGE 5.50000 11/01/2052 US 137,720.8 $138,139.07
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 2,511.78 $2,629.67
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 166.28 $165.37
FIFTH THIRD BANCORP US FITB 140.08 $4,596.06
FLX 2021-1A A2 3.25000 11/27/2051 US 146,211.29 $127,625.58
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 123,326.05 $115,195.11
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 65,404.83 $56,307.62
GSMBS 2021-INV1 A6 2.50000 12/25/2051 US 80,550.99 $69,340.75
GENERAL DYNAMICS CORP US GD 41.43 $10,279.86
GENERAL MLS INC US GIS 100.55 $8,430.72
GENUINE PARTS CO US GPC 32.04 $5,559.29
GETTY REALTY CORP US GTY 1,051.63 $35,597.80
GILEAD SCIENCES INC US GILD 174.39 $14,971.78
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 28,451.42 $26,556.31
GREENIDGE GEN HLD INC US 1,115.84 $1,193.95
GRUPO AEROPORTUARIO CEN-ADR MX OMAB 465.14 $28,764.05
GRUPO AEROPORTUARIO PAC-ADR MX PAC 240.11 $34,529.55
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 164.46 $38,318.25
AIRBUS SE FR AIR FP 218.69 $26,002.27
ADIDAS AG DE ADS GR 334.72 $45,363.53
HDFC BANK LTD-ADR IN HDB 2,635.38 $180,286.58
L'OREAL FR OR FP 27.07 $9,694.75
HAWAII ST 2.68200 10/01/2038 US 12,714.03 $9,155.28
HEALTHCARE REALTY TRUST INC US HR 2,255.07 $43,455.24
HEINEKEN NV-SPN ADR NL HEINY 8,013.17 $376,779.41
HESKA CORP US HSKA 520.44 $32,350.28
HOME DEPOT INC US HD 88.7 $28,016.27
HONEYWELL INTERNATIONAL INC US HON 80.08 $17,160.80
HWIRE 2021-1 A2 2.31100 11/20/2051 US 137,311.47 $119,278.01
HUMANA INC US HUM 121.99 $62,483.20
IDEXX LABORATORIES INC US IDXX 982.13 $400,667.77
KERRY GROUP PLC-A IE KYGA ID 305.85 $27,627.46
ILLINOIS TOOL WKS INC US ITW 47.48 $10,460.03
IMPRL 2021-NQM3 1.59500 11/25/2056 US 76,915.61 $61,996.51
INDEPENDENCE REALTY TRUST IN US IRT 1,088.52 $18,352.38
INTEL CORP US INTC 449.85 $11,889.47
INTERCONTINENTALEXCHANGE INC US ICE 7,096.87 $728,067.56
INTERNATIONAL FLVRS & FRAGRANCES US IFF 47.65 $4,995.83
INTUIT INC US INTU 759.16 $295,481.23
INTUITIVE SURGICAL INC US ISRG 1,069.98 $283,919.53
INVITATION HOMES INC US INVH 1,240.03 $36,754.43
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 30,513.66 $28,726.80
JP MORGAN CHASE & CO US JPM 1,049.98 $140,801.64
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 28,567.76 $26,688.98
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 234,760.59 $220,226.40
JOHNSON & JOHNSON US JNJ 5,301.17 $936,451.40
KREF 2021-FL2 A 5.39629 02/15/2039 US 132,225.86 $127,479.55
KEYCORP US KEY 153.89 $2,680.82
KROGER CO US KR 123.01 $5,483.88
L3HARRIS TECHNOLOGIES INC US LHX 1,463.96 $304,812.11
BEIERSDORF AG DE BEI GR 442.33 $50,546.39
LENNAR CORP US LEN 46.88 $4,242.59
LEXINGTON REALTY TRUST US LXP 1,666.09 $16,694.20
LIFE STORAGE INC US LSI 295.16 $29,073.21
LOCKHEED MARTIN CORP US LMT 32.21 $15,670.47
LULULEMON - ADR CA LULU 443.13 $141,970.37
MAGALLANES INC 4.05400 03/15/2029 US 239,797.81 $208,202.40
MARATHON PETROLEUM CORP US MPC 65.15 $7,582.94
MARRIOTT VACATIONS WORLD US VAC 77.98 $10,494.68
MASTERCARD INC-CLASS A US MA 2,773.7 $964,497.26
MCDONALDS CORP US MCD 56.32 $14,840.95
MERCADOLIBRE INC BR MELI 124.57 $105,415.33
MERCK & CO INC US MRK 245.59 $27,248.65
MICROSOFT CORP US MSFT 4,263.65 $1,022,509.45
MICROCHIP TECHNOLOGY INC US MCHP 74.63 $5,242.87
MICRON TECHNOLOGY INC US MU 1,049.1 $52,433.91
MID-AMERICA APARTMENT COMM US MAA 255.24 $40,069.39
MONDELEZ INTERNATIONAL INC US MDLZ 10,514.42 $700,786.35
MOODY'S CORPORATION US MCO 2,061.94 $574,497.21
MOTOROLA SOLUTIONS INC US MSI 29.77 $7,671.15
NAVIENT CORP 6.75000 06/25/2025 US 53,273.47 $51,209.40
NESTLE S.A. - ADR CH NSRGY 4,052.56 $467,422.20
NETAPP INC US NTAP 53.74 $3,227.87
USRE 2021-1 A1 1.91000 10/20/2061 US 155,746.81 $131,768.95
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 28,131.16 $25,920.78
NRZT 2015-2A A1 3.75000 08/25/2055 US 46,156.28 $42,930.03
NRZT 2016-4A A1 3.75000 11/25/2056 US 90,319.33 $82,560.35
KEYENCE CORP JP 6861 JP 72.85 $28,284.62
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 53,128.32 $50,941.00
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 104,593.69 $89,504.47
NEWMONT GOLDCORP CORP US NEM 2,944.36 $138,973.75
NIKE INC CLASS B US NKE 2,538.87 $297,073.15
NORFOLK SOUTHN CORP US NSC 1,205.32 $297,014.46
NIKON CORP JP 7731 JP 1,866.8 $16,507.63
NORTHROP GRUMMAN CORP US NOC 684.29 $373,356.76
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 53,420.86 $5.34
NOVARTIS AG- REG CH NVS 6,420.31 $582,450.74
NUCOR CORP US NUE 44.99 $5,930.42
OMNICOM GROUP US OMC 50.48 $4,117.89
SONY CORP FIRST SECTION JP 6758 JP 364.26 $27,764.69
TOKYO ELECTRON LTD JP 8035 JP 51.34 $15,085.15
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 79,973.37 $69,631.67
OXFIN 2020-1A A2 3.10100 02/15/2028 US 68,518.44 $67,761.15
OXFIN 2022-1A 3.60200 02/15/2030 US 123,961.75 $113,019.69
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 21,540.69 $19,431.88
PPG INDUSTRIES INC US PPG 31.27 $3,931.59
PACKAGING CORP OF AMERICA US PKG 22.6 $2,891.23
PARKER HANNIFIN CORP US PH 17.71 $5,154.85
DEUTSCHE BOERSE AG DE DB1 GR 217.4 $37,434.10
PAYPAL HOLDINGS INC US PYPL 4,285.46 $305,210.58
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 138,716.63 $130,487.97
PELORUS FUND REIT 7.00000 09/30/2026 US 50,950.63 $46,925.01
NESTLE SA-REGISTERED CH NESN SW 574.54 $66,364.23
PEPSICO INC 3.90000 07/18/2032 US 179,016.88 $169,841.72
PFIZER INC US PFE 369.63 $18,939.99
PIONEER NATURAL RESOURCES CO US PXD 27.52 $6,285.87
POPULAR INC 6.12500 09/14/2023 PR 46,452.34 $46,180.37
PROCTER & GAMBLE CO US PG 196.05 $29,714.05
PROLOGIS US PLD 1,421.04 $160,193.93
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 124,126.38 $99,264.33
PFMT 2021-2 A2A 2.00000 04/25/2051 US 74,011.15 $62,480.48
PUBLIC STORAGE INC US PSA 211.43 $59,241.56
QUALCOMM INC US QCOM 129.31 $14,216.31
QUALCOMM 5.40000 05/20/2033 US 17,157.22 $17,952.14
QUEST DIAGNOSTICS INC US DGX 29.34 $4,589.38
RCKT 2021-6 A1 2.50000 12/25/2051 US 133,257.68 $106,611.83
RADIUS GLOBAL INFRASTRUCTURE US RADI 4,814.89 $56,911.97
REALTY INCOME CORP US O 160.55 $10,183.81
REGIONS FINANCIAL CORP. US RF 215.23 $4,640.27
REPUBLIC SERVICES INC US RSG 54.21 $6,993.00
RESTAURANT BRANDS INTERN CA QSR 295.62 $19,117.82
REXFORD INDUSTRIAL REALITY IN US REXR 763.5 $41,717.45
GETINGE AB-B SHS SE GETIB SS 2,119.88 $44,073.59
ROSS STORES INC US ROST 44.99 $5,222.24
HEINEKEN NV NL HEIA NA 552.24 $52,016.27
RYANAIR HOLDINGS - ADR IE RYAAY 2,205.32 $164,869.77
SBA TOWER TRUST 6.59900 01/15/2028 US 160,069.04 $160,576.98
S&P GLOBAL INC US SPGI 917.12 $307,178.53
SBA COMMUNICATIONS CORP US SBAC 2,218.39 $621,837.32
SLAM 2021-1A A MTGE 2.43400 06/15/2046 US 103,693.05 $85,912.67
SMB 2020-BA A1A 1.29000 07/15/2053 US 90,098.17 $79,560.74
SALESFORCE INC US CRM 3,967.93 $526,107.18
SEAGEN INC US SGEN 1,516.2 $194,846.81
SEMT 2013-6 A2 3.00000 05/25/2043 US 35,709.61 $31,424.19
SEMT 2013-7 A2 3.00000 06/25/2043 US 15,262.89 $13,383.99
SEMT 2013-8 A1 3.00000 06/25/2043 US 18,452.16 $16,317.29
SEMT 2013-2 1.87400 02/25/2043 US 14,972.76 $12,650.18
SERVICENOW INC US NOW 1,474 $572,311.85
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 312,509.67 $252,147.77
SKYWORKS SOLUTIONS INC US SWKS 26.8 $2,442.62
JM SMUCKER CO/THE-NEW COM WI US SJM 25.78 $4,084.60
SNOWFLAKE INC-CLASS A US SNOW 2,060.68 $295,789.64
SOFI 2017-F A2FX 2.84000 01/25/2041 US 6,040.31 $5,812.38
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 27,128.13 $26,220.88
SOFI 2020-A A2FX MTGE 2.54000 05/15/2046 US 58,362.4 $53,988.08
SONY CORP SPONSORED ADR JP SONY 1,895.43 $144,583.61
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 246,016.39 $207,194.82
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 175,202.68 $173,481.63
STAG INDUSTRIAL INC US STAG 315.85 $10,205.19
STANLEY BLACK & DECKER INC US SWK 25.04 $1,881.27
SRPT 2014-STAR A FLTG RATE 5.78800 11/15/2027 US 169,034.55 $117,303.77
STEEL DYNAMICS INC US STLD 44.61 $4,358.00
SUN COMMUNITIES US SUI 366.2 $52,366.03
SYNCHRONOSS TECH US 2,092.48 $37,559.93
SYNERGY ONE LENDING 5.50000 10/14/2026 US 58,554.85 $50,459.69
TJX COMPANIES INC US TJX 120.57 $9,597.17
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 5,956.38 $443,690.89
TARGET CORP US TGT 45.76 $6,820.77
TENCENT HOLDINGS 3.97500 04/11/2029 KY 399,255.35 $369,254.48
TERRENO REALTY CORP US TRNO 495.35 $28,170.39
TEXAS INSTRUMENTS INC US TXN 75.7 $12,507.55
THERMO FISHER SCIENTIFIC INC US TMO 630.25 $347,074.33
3M CO US MMM 77.98 $9,350.88
TPMT 2016-5 A1 2.50000 10/25/2056 US 31,790.8 $31,257.09
TPMT 2017-1 A1 2.75000 10/25/2056 US 15,588.53 $15,326.36
TPMT 2019-HY1 A1 5.38871 10/25/2048 US 37,279.54 $36,979.40
TRACTOR SUPPLY COMPANY US TSCO 16.9 $3,801.48
TRAVELLERS COS INC US TRV 41.05 $7,695.79
TAH 2017-SFR2 A 2.92800 01/17/2036 US 85,598.99 $82,966.72
TCF 2021-1A 1.86000 03/20/2046 US 105,522.44 $88,118.79
TYSON FOODS INC -CL A US TSN 65.75 $4,093.09
UDR INC US UDR 812.01 $31,449.18
U.S. BANCORP US USB 211.88 $9,240.16
UBISOFT ENTERTAIN-UNSPON ADR FR UBSFY 8,669.72 $48,723.82
UNILEVER PLC - ADR GB UL 13,172.96 $663,258.77
UNION PAC CORP US UNP 73.77 $15,275.78
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 44,789.54 $38,188.96
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 7,812.53 $7,074.03
UNITED MEXICAN STATES 4.12500 01/21/2026 MX 25,428.05 $24,819.32
UNITED PARCEL SERVICE US UPS 71.33 $12,399.38
US TREASURY N/B 3.00000 05/15/2047 US 390,066.3 $321,134.27
TREASURY BOND 2.37500 02/15/2042 US 1,837,176.66 $1,413,764.85
TREASURY NOTE 2.25000 11/15/2027 US 844,211.28 $778,982.77
US TREASURY N/B 3.12500 11/15/2028 US 3,321,109.66 $3,172,957.05
US TREASURY N/B 2.00000 11/15/2026 US 846,754.08 $783,445.99
US TEASURY NOTE 1.75000 11/15/2029 US 1,831,735.98 $1,601,337.94
US TREASURY N/B 0.87500 11/15/2030 US 2,342,242.15 $1,877,819.45
US TREASURY N/B 1.37500 11/15/2031 US 1,215,623.01 $993,201.99
UNITEDHEALTH GROUP INC US UNH 124.37 $65,937.34
VF CORP US VFC 61.72 $1,704.05
VENTAS INC US VTR 422.51 $19,034.05
VERTEX PHARMACEUTICALS INC US VRTX 1,197.18 $345,721.18
PARAMOUNT GLOBAL CLASS B US PARA 98.09 $1,655.77
VISA INC - CLASS A SHARES US V 3,572.96 $742,318.58
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 44,008.54 $42,252.33
VISTRA OPERATIONS 4.87500 05/13/2024 US 155,447.55 $152,164.03
WAL MART STORES US WMT 217.67 $30,863.52
WALGREENS BOOTS ALLIANCE INC US WBA 113.15 $4,227.11
WASTE MANAGEMENT INC US WM 60.43 $9,480.70
WELLTOWER INC. US WELL 443.16 $29,049.44
WIN 2015-1 A1 3.50000 01/20/2045 US 8,682.02 $7,910.46
ZOETIS INC US ZTS 802.53 $117,611.32
ADMIRAL GROUP PLC GB ADM LN 2,256.74 $57,932.65
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 788.18 $6,059.84
UBISOFT ENTERTAINMENT FR UBI FP 814.79 $23,018.53
DANONE FR BN FP 381.12 $20,087.42
AIR LIQUIDE FR AI FP 384.14 $54,522.60
BRENNTAG AG DE BNR GR 295.63 $18,853.54
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 190,710.38 $9,032.26
KEYWORDS STUDIOS PLC IE KWS LN 281.83 $9,248.58
HELIOS TOWERS PLC GB HTWS LN 11,082.81 $14,215.88
AVANZA BANK HOLDING AB SE AZA SS 1,376.37 $29,536.21
AMERICAN TANKER INC 7.75000 07/02/2025 US 55,792.08 $53,443.19
SOFTWAREONE HOLDING AG CH SWON SW 1,979 $28,088.73
TENCENT HOLDINGS LTD CN 700 HK 728.53 $30,889.74
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 1,236.05 $20,073.44
SEASPAN CORP 6.50000 02/05/2024 MH 34,226.62 $33,984.78
PETROTAL CORP 12.00000 02/16/2024 CA 43,616.54 $43,945.34
IMCD NV NL IMCD NA 71.19 $10,182.51
FINECOBANK SPA IT FBK IM 3,060.52 $50,823.34
ALLFUNDS GROUP PLC GB ALLFG NA 2,672.3 $18,740.11
ROTORK PLC GB ROR LN 5,916.16 $21,985.72
AUTO TRADER GROUP PLC GB AUTO LN 7,742.7 $48,216.55
CELLNEX TELECOM SA ES CLNX SM 1,237.53 $41,050.40
ASSA ABLOY AB-B SE ASSAB SS 1,500.81 $32,281.27
CLEANAWAY WASTE MANAGEMENT AU CWY AU 22,831.89 $40,682.61
INTERMEDIATE CAPITAL GROUP GB ICP LN 2,255.69 $31,144.76
ADYEN NV NL ADYEN NA 25.92 $35,982.00
BANK OF N.T. BUTTERFIELD&SON BM NTB 569.93 $16,989.73
BUNGE LIMITED US BG 33.33 $3,324.94
EATON CORP PLC US ETN 63.43 $9,956.11
JOHNSON CONTROLS INTERNATIONAL US JCI 118.22 $7,566.10
LINDE PLC GB LIN 296.84 $96,823.84
MEDTRONIC INC IE MDT 6,000.95 $466,393.66
RENAISSANCERE HOLDINGS LTD BM RNR 104.53 $19,256.95
ROYALTY PHARMA PLC- CL A US RPRX 88.87 $3,512.12
STONECO LTD-A BR STNE 913.33 $8,621.80
TRANE TECHNOLOGIES IE TT 30.5 $5,125.92
ALCON INC CH ALC 4,575.17 $313,627.81
CHUBB LTD CH CB 56.92 $12,555.97
GARMIN LTD CH GRMN 42.72 $3,942.50
TE CONNECTIVITY LIMITED CH TEL 42.33 $4,859.75
LYONDELLBASELL INDU-CL A US LYB 43.32 $3,596.86
PLAYA HOTELS AND RESORTS US PLYA 1,296.75 $8,467.78
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 27,095.41 $25,676.81

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 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.


Loading...