Investment Objective

To provide capital growth and manage risk for investors planning to retire (or meet another investment goal) in or around the year indicated in the fund’s name.

Investment Strategy

Currently: The portfolio is currently invested in an aggressive, growth-oriented mix of securities that seeks to earn the long-term growth typically associated with the stock market. The portfolio is diversified primarily among various stock investments in both domestic and foreign markets, with only a minor portion of the portfolio invested in fixed income securities. Stock exposure can range from 70% - 95%.

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 2060
  • Who generally have time to withstand market volatility and can accept very 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

$20.89

Daily $ Change

$0.08

Daily % Change

0.38%

as of 05/13/2021

CUSIP

302028816

Inception Date

09/18/2015

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 04/30/2021

YTD

9.87%

1 Year

43.91%

3 Year

17.36%

5 Year

15.14%

10 Year

10.11%

Inception
(01/01/2000)

8.52%

Performance through the inception date of the Retirement Target CIT Class S Units is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. The Retirement Target CIT Fund will gradually become more conservative over time. Returns are net of the Class S expenses. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.98%
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 04/30/2021

TREASURY NOTES 3.85%
FACEBOOK INC -A 2.74%
MICROSOFT CORP 2.42%
AMAZON.COM INC 2.34%
MASTERCARD INC-CLASS A 2.20%
MONDELEZ INTERNATIONAL INC 1.87%
COCA COLA CO/THE 1.81%
ALPHABET INC-CL A 1.80%
SEA LTD - ADR 1.77%
CABOT OIL & GAS CORP 1.71%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 04/30/2021

Stocks 91.06%
Bonds 7.53%
Cash 1.41%

Detailed Asset Class Allocation

As of 04/30/2021

International Equities 23.72%
Small Capitalization 1.27%
Mid Capitalization 9.47%
Large Capitalization 56.59%
Long Term Fixed Income 1.26%
Intermediate Term Fixed Income 5.69%
Short Term Fixed Income 0.59%
Cash 1.41%

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

April Fund Holdings

As of 04/30/2021

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 4,137.22 $4,682.43
00435F309 ACCOR SA-SPONSORED ADR FR ACCYY 6,331.85 $51,003.03
00507V109 ACTIVISION INC US ATVI 778.87 $71,024.85
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 10,687.83 $11,748.02
00842XAA7 AFFINITY GAMING 6.87500 12/15/2027 US 1,034.31 $1,097.92
008492100 AGREE REALTY CORP US ADC 45.89 $3,228.73
009126202 AIR LIQUIDE-ADR FR AIQUY 2,197.04 $73,952.28
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 4,826.76 $5,142.12
01166WAA5 ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 2,181.88 $2,440.18
01609W102 ALIBABA GROUP - ADR CN BABA 399.59 $92,284.56
01609WAY8 ALIBABA GROUP HOLDING 2.70000 02/09/2041 KY 9,998.29 $9,300.91
020002101 ALLSTATE CORPORATION US ALL 16.07 $2,037.20
02079K107 ALPHABET INC-CL C US GOOG 13.27 $31,990.94
02079K305 ALPHABET INC-CL A US GOOGL 81.99 $192,953.96
023135106 AMAZON.COM INC US AMZN 72.4 $251,046.04
0237400 DIAGEO PLC GB DGE LN 2,061.34 $92,536.32
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 52.23 $2,361.43
025816109 AMERICAN EXPRESS CO US AXP 505.4 $77,502.51
02665T306 AMERICAN HOMES 4 RENT- A US AMH 163.39 $6,051.81
03027X100 AMERICAN TOWER REIT INC US AMT 412.1 $104,991.19
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 13,790.74 $15,170.83
03064D108 AMERICOLD REALTY TRUST US COLD 116.08 $4,688.62
032654105 ANALOG DEVICES INC US ADI 16.24 $2,487.10
03784Y200 APPLE HOSPITALITY REIT INC US APLE 153.28 $2,431.09
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 30.31 $1,913.16
045054AJ2 ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 6,895.37 $7,231.52
053015103 AUTOMATIC DATA PROCESSING US ADP 17.1 $3,197.63
053332102 AUTOZONE INC US AZO 68.47 $100,249.81
053484101 AVALONBAY COMMUNITIES INC US AVB 24.65 $4,732.98
05401AAG6 AVOLON HOLDINGS FNDG LTD 4.37500 05/01/2026 KY 4,826.76 $5,160.99
05401AAJ0 AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 KY 6,205.83 $6,309.30
055622104 BP PLC-SPONS ADR GB BP 1,028.31 $25,872.20
05567SAA0 BNSF FUNDING TRUST I 6.61300 12/15/2055 US 4,481.99 $5,137.37
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 6,550.6 $7,208.19
07403VAA7 BEASLEY MEZ HLDGS LLC 8.62500 02/01/2026 US 1,379.07 $1,399.76
084423102 WR BERKLEY CORP US WRB 1,105.16 $88,103.00
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 211.17 $58,061.39
086516101 BEST BUY INC US BBY 15.45 $1,795.86
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 1,323.57 $103,132.30
09247X101 BLACKROCK INC US BLK 156.35 $128,099.63
09261XAA0 BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 5,171.53 $5,202.71
0963318 DECHRA PHARMACEUTICALS PLC GB DPH LN 115.77 $6,449.91
099502106 BOOZ ALLEN HAMILTON HOLDINGS US BAH 10.41 $863.68
101137107 BOSTON SCIENTIFIC CORP US BSX 1,366.15 $59,563.94
105368203 BRANDYWINE REALTY TRUST US BDN 178.04 $2,408.86
110122108 BRISTOL MYERS SQUIBB CO US BMY 73.92 $4,613.99
11133T103 BROADRIDGE FINANCIAL SOLUTIONS US BR 7.62 $1,208.66
12345678 JONAH ENERGY PARENT LLC US 68.64 $1,029.65
12467AAF5 C&S GROUP ENTERPRISES LL 5.00000 12/15/2028 US 1,896.23 $1,884.28
12503M108 CBOE GLOBAL MARKETS INC US CBOE 486.47 $50,772.71
12514G108 CDW CORP/DE US CDW 272.95 $48,675.75
125269100 CF INDUSTRIES HOLDINGS INC US CF 16.96 $824.89
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 9.79 $950.55
12572Q105 CME GROUP INC US CME 237.1 $47,891.29
12598FAA7 CPI CG INC 8.62500 03/15/2026 US 1,551.46 $1,619.33
12654TAA8 CNX MIDSTREAM PTR/CNX 6.50000 03/15/2026 US 1,551.46 $1,603.82
127097103 CABOT OIL & GAS CORP US COG 11,007.43 $183,493.78
133131102 CAMDEN PROPERTY TRUST US CPT 29.51 $3,555.63
13321L108 CAMECO CORP CA CCJ 3,589.21 $60,334.67
134429109 CAMPBELL SOUP CO US CPB 20.93 $999.29
14174T107 CARETRUST REIT INC US CTRE 68.23 $1,649.79
149123101 CATERPILLAR INC US CAT 19.62 $4,474.91
156700BA3 CENTURYLINK INC 7.50000 04/01/2024 US 1,034.31 $1,156.56
16119P108 CHARTER COMMUNICATIONS INC-A US CHTR 150.77 $101,534.23
172062101 CINCINNATI FINANCIAL CORP US CINF 10.86 $1,223.73
17275R102 CISCO SYSTEMS INC US CSCO 120.94 $6,157.30
172967424 CITIGROUP INC US C 66.09 $4,708.40
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 8,963.98 $10,173.45
180848P56 CLARK CNTY NV 1.51000 11/01/2028 US 12,066.9 $11,689.81
189054109 CLOROX COMPANY US CLX 7.38 $1,346.49
191216100 COCA COLA CO/THE US KO 3,604.38 $194,564.58
194162103 COLGATE-PALMOLIVE CO US CL 36.13 $2,915.83
20030N101 COMCAST CORP-CL A US CMCSA 125.53 $7,048.52
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 11,722.13 $12,126.66
200340107 COMERICA INC US CMA 10.41 $782.57
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 75.68 $3,853.46
205887102 CONAGRA BRAND INC. US CAG 32.24 $1,195.63
20825C104 CONOCOPHILLIPS US COP 1,317.4 $67,371.59
21036P108 CONSTELLATION BRANDS INC-A US STZ 195.24 $46,920.66
21240E105 CONTROLADORA VUELA CIA DE AV MX VLRS 448.16 $7,291.64
217204106 COPART INC US CPRT 418.72 $52,135.00
222795502 COUSINS PROPERTIES INC US CUZ 138.56 $5,081.09
225310AM3 CREDIT ACCEPTANC 6.62500 03/15/2026 US 1,551.46 $1,638.65
22822V101 CROWN CASTLE INTL CORP US CCI 8.48 $1,603.48
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 14,480.28 $15,166.66
231021106 CUMMINS INC US CMI 8.1 $2,042.04
253868103 DIGITAL REALTY TRUST INC US DLR 42.58 $6,570.35
254687106 WALT DISNEY CO/THE US DIS 231.86 $43,130.01
256677105 DOLLAR GENERAL CORP US DG 560.21 $120,306.04
256746108 DOLLAR TREE STORES INC US DLTR 1,167.56 $134,152.49
25960P109 DOUGLAS EMMETT INC US DEI 67.68 $2,269.92
264411505 DUKE RLTY INVTS INC US DRE 110.81 $5,154.82
267475AD3 DYCOM INDUSTRIES INC 4.50000 04/15/2029 US 1,551.46 $1,574.73
26875P101 EOG RESOURCES INC US EOG 1,031.79 $75,980.93
26884L109 EQT CORP US EQT 3,956.05 $75,560.49
2715777 QUEBECOR INC -CL B CA QBR/B CN 348.32 $9,365.79
27579R104 EAST WEST BANCORP INC US EWBC 1,004.38 $76,483.52
277432100 EASTMAN CHEM CO US EMN 9.31 $1,074.14
285512109 ELECTRONIC ARTS US EA 675.54 $95,980.65
291011104 EMERSON ELEC CO US EMR 29 $2,623.76
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 12,411.67 $15,033.55
29275YAC6 ENERSYS 4.37500 12/15/2027 US 1,034.31 $1,083.44
29278MAC9 ENERGY VEB/ENVEN FIN 11.75000 04/15/2026 US 1,551.46 $1,590.57
29444U700 EQUINIX INC US EQIX 104.78 $75,517.75
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 77.64 $5,388.35
297178105 ESSEX PROPERTY TRUST INC US ESS 12.69 $3,685.97
30212P303 EXPEDIA INC US EXPE 1,016.93 $179,213.45
30212PBB0 EXPEDIA GROUP INC 4.62500 08/01/2027 US 4,481.99 $5,039.33
30225T102 EXTRA SPACE STORAGE INC US EXR 21.17 $3,147.59
30231G102 EXXON MOBIL CORP US XOM 1,047.41 $59,953.57
302491303 FMC CORP US FMC 612.69 $72,444.25
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 1,723.84 $1,749.70
30303M102 FACEBOOK INC -A US FB 902.54 $293,396.11
303250104 FAIR ISAAC CORP US FICO 151.11 $78,791.34
31620R303 FNF GROUP US FNF 21.82 $995.60
316773100 FIFTH THIRD BANCORP US FITB 40.51 $1,642.29
32054K103 FIRST INDUSTRIAL REALTY TR US FR 39.82 $1,981.88
343412AC6 FLUOR CORP 3.50000 12/15/2024 US 1,551.46 $1,601.57
345370CW8 FORD MOTOR COMPANY 9.00000 04/22/2025 US 1,723.84 $2,105.52
346232AF8 FORESTAR GROUP INC 3.85000 05/15/2026 US 1,206.69 $1,219.30
34960PAC5 FORTRESS TRANS & INFRAST 9.75000 08/01/2027 US 1,034.31 $1,194.62
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 1,206.69 $1,396.74
369550108 GENERAL DYNAMICS CORP US GD 13.1 $2,492.24
369604BQ5 GENERAL ELECTRIC CO 3.51388 01/21/2099 US 8,619.21 $8,193.60
370334104 GENERAL MLS INC US GIS 31.58 $1,922.01
372460105 GENUINE PARTS CO US GPC 9.89 $1,236.56
37255LAA5 GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 US 2,413.38 $2,620.71
374297109 GETTY REALTY CORP US GTY 81.19 $2,564.07
375558103 GILEAD SCIENCES INC US GILD 50.2 $3,186.09
384802104 WW GRAINGER INC US GWW 3.21 $1,390.08
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 3,916.29 $72,647.27
400501102 GRUPO AEROPORTUARIO CEN-ADR MX OMAB 425.72 $21,171.07
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 226.55 $23,266.42
40051E202 GRUPO AEROPORTUARIO DEL SURESTE MX ASR 145.94 $24,824.48
4012250 AIRBUS SE FR AIR FP 29.13 $3,503.52
4031976 ADIDAS AG DE ADS GR 142.18 $43,914.63
404119BX6 HCA INC 4.12500 06/15/2029 US 6,895.37 $7,660.29
416515104 HARTFORD FINL SVCS US HIG 20.96 $1,382.65
418751AD5 HAT HOLDINGS I LLC/HAT 3.75000 09/15/2030 US 1,206.69 $1,158.42
421946104 HEALTHCARE REALTY TRUST INC US HR 57.02 $1,833.91
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 111.05 $3,261.54
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 144.66 $4,967.79
423012301 HEINEKEN NV-SPN ADR NL HEINY 1,319.08 $76,704.76
427866108 HERSHEY CO/THE US HSY 11.21 $1,840.98
42805E306 HESKA CORP US HSKA 180.42 $32,953.23
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 18.27 $2,351.70
437076102 HOME DEPOT INC US HD 26.62 $8,614.84
438516106 HONEYWELL INTERNATIONAL INC US HON 22.48 $5,013.70
44267DAE7 HOWARD HUGHES CORP 4.12500 02/01/2029 US 1,034.31 $1,019.93
443510607 HUBBELL INC US HUBB 4.24 $814.25
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 861.92 $948.98
446150104 HUNTINGTON BANCSHARES US HBAN 68.33 $1,046.86
450913AF5 IAMGOLD CORP 5.75000 10/15/2028 CA 1,723.84 $1,792.80
451102BX4 ICAHN ENTERPRISES/FIN 5.25000 05/15/2027 US 1,206.69 $1,230.82
45168D104 IDEXX LABORATORIES INC US IDXX 143.49 $78,776.04
4519579 KERRY GROUP PLC-A IE KYG ID 17.48 $2,265.76
452308109 ILLINOIS TOOL WKS INC US ITW 13.38 $3,082.87
45337C102 INCYTE CORP US INCY 409.34 $34,949.76
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 1,723.84 $1,741.08
45778Q107 INSPERITY INC US NSP 836.06 $73,189.02
45781V101 INNOVATIVE INDUSTRIAL PROPER US IIPR 4.86 $890.24
458140100 INTEL CORP US INTC 109.4 $6,293.50
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 806.83 $94,971.65
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 31.34 $4,446.44
459506101 INTERNATIONAL FLVRS & FRAGRANCES US IFF 13.03 $1,852.80
46116VAE5 INTL FC STORE INC 8.62500 06/15/2025 US 1,379.07 $1,475.61
46120E602 INTUITIVE SURGICAL INC US ISRG 44.44 $38,441.18
46187W107 INVITATION HOMES INC US INVH 256.37 $8,988.33
46625H100 JP MORGAN CHASE & CO US JPM 53.65 $8,251.29
46647PBP0 JPMORGAN CHASE & CO 2.95600 05/13/2031 US 11,722.13 $12,040.33
478160104 JOHNSON & JOHNSON US JNJ 1,040.75 $169,361.71
48088LAB3 JOSEPH T RYERSON & SON 8.50000 08/01/2028 US 1,448.03 $1,600.00
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 1,551.46 $1,733.75
49427F108 KILROY REALTY CORP US KRC 56.58 $3,877.75
494368103 KIMBERLY CLARK CORP US KMB 15.96 $2,128.16
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 9,998.29 $13,607.78
500754106 KRAFT HEINZ CO/THE US KHC 57.16 $2,360.24
501044101 KROGER CO US KR 44.72 $1,633.94
502431109 L3HARRIS TECHNOLOGIES INC US LHX 10.03 $2,099.16
505742AG1 LADDER CAP FIN LLLP/CORP 5.25000 10/01/2025 US 1,551.46 $1,566.97
5107401 BEIERSDORF AG DE BEI GR 57.16 $6,451.98
512816109 LAMAR ADVERTISING CO-A US LAMR 21.65 $2,144.36
53223X107 LIFE STORAGE INC US LSI 33.58 $3,225.74
539830109 LOCKHEED MARTIN CORP US LMT 10.24 $3,896.79
54240F202 LONESTAR RES US INC NPV US LONE 66.2 $484.55
550021109 LULULEMON - ADR CA LULU 508.26 $170,403.59
552848AG8 MGIC INVESTMENT CORP 5.25000 08/15/2028 US 1,723.84 $1,818.65
573284106 MARTIN MARIETTA MATERIALS US MLM 151.87 $53,628.53
57636Q104 MASTERCARD INC-CLASS A US MA 617.83 $236,046.31
5852842 ACCOR SA FR AC FP 58.96 $2,373.91
58933Y105 MERCK & CO INC US MRK 75.06 $5,591.68
594918104 MICROSOFT CORP US MSFT 1,030.86 $259,961.76
595112103 MICRON TECHNOLOGY INC US MU 1,773.35 $152,632.36
59522J103 MID-AMERICA APARTMENT COMM US MAA 42.3 $6,655.55
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 3,298.4 $200,575.75
615369105 MOODY'S CORPORATION US MCO 360.97 $117,933.38
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 1,723.84 $1,529.91
620076307 MOTOROLA SOLUTIONS INC US MSI 8.93 $1,681.43
62913TAJ1 NGL ENRGY PART LP/FIN CO 7.50000 11/01/2023 US 1,723.84 $1,680.75
6321954 TRAVELSKY TECHNOLOGY LTD-H CN 696 HK 3,585.59 $7,845.04
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 1,896.23 $2,063.57
63938NAF1 NAVIOS SA LOGIST/FIN US 10.75000 07/01/2025 MUL 861.92 $950.27
64110D104 NETAPP INC US NTAP 15.1 $1,127.88
644393AA8 NEW FORTRESS ENERGY INC 6.75000 09/15/2025 US 1,551.46 $1,605.28
6490995 KEYENCE CORP JP 6861 JP 10.34 $4,965.22
64971XPG7 NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 3,275.3 $3,378.05
651639106 NEWMONT GOLDCORP CORP US NEM 37.58 $2,345.35
654106103 NIKE INC CLASS B US NKE 686.26 $91,012.04
655844108 NORFOLK SOUTHN CORP US NSC 301.84 $84,287.16
6642321 NIKON CORP JP 7731 JP 4,654.38 $43,825.78
666807102 NORTHROP GRUMMAN CORP US NOC 7.45 $2,639.51
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 4,999.14 $12.50
66981QAA4 BRUNDAGE-BONE CONCRETE 6.00000 02/01/2026 US 1,551.46 $1,632.70
66987V109 NOVARTIS AG- REG CH NVS 990.9 $84,464.25
670346105 NUCOR CORP US NUE 19.44 $1,599.54
67066G104 NVIDIA CORP US NVDA 141.6 $85,011.67
67421QAA0 OASIS MIDSTREAM PARTNERS 8.00000 04/01/2029 US 1,551.46 $1,587.86
6742340 SHANDONG WEIGAO CN 1066 HK 4,137.22 $9,262.32
681919106 OMNICOM GROUP US OMC 14.48 $1,191.15
6821506 SONY CORP FIRST SECTION JP 6758 JP 124.12 $12,409.05
68389X105 ORACLE CORP US ORCL 84.47 $6,401.85
691205AE8 OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 5,171.53 $5,408.76
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 1,206.69 $1,223.56
69354NAC0 PRA GROUP INC 7.37500 09/01/2025 US 1,723.84 $1,846.67
695156109 PACKAGING CORP OF AMERICA US PKG 6.93 $1,023.19
7021963 DEUTSCHE BOERSE AG DE DB1 GR 481.16 $82,915.88
70450Y103 PAYPAL HOLDINGS INC US PYPL 693.16 $181,808.19
7123870 NESTLE SA-REGISTERED CH NESN SW 1,494.68 $178,360.63
713448108 PEPSICO INC US PEP 494.23 $71,247.58
723787107 PIONEER NATURAL RESOURCES CO US PXD 319.98 $49,222.48
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 1,896.23 $2,072.58
742718109 PROCTER & GAMBLE CO US PG 60.3 $8,045.23
74340W103 PROLOGIS US PLD 161.52 $18,822.40
74460D109 PUBLIC STORAGE INC US PSA 30.96 $8,704.77
747525103 QUALCOMM INC US QCOM 36.1 $5,010.30
74834L100 QUEST DIAGNOSTICS INC US DGX 8.9 $1,173.08
749685103 RPM INTERNATIONAL INC US RPM 9.65 $915.54
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 1,379.07 $1,461.82
750481103 RADIUS GLOBAL INFRASTRUCTURE US RADI 132.39 $1,960.71
75606DAL5 REALOGY GROUP/CO-ISSUER 5.75000 01/15/2029 US 1,206.69 $1,251.94
756109104 REALTY INCOME CORP US O 20.2 $1,397.07
7591EP100 REGIONS FINANCIAL CORP. US RF 59.82 $1,304.02
759509102 RELIANCE STEEL & ALUMINUM US RS 5.07 $812.47
760759100 REPUBLIC SERVICES INC US RSG 17.14 $1,821.45
76131D103 RESTAURANT BRANDS INTERN CA QSR 74.64 $5,121.21
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 64.44 $3,579.49
7698356 GETINGE AB-B SHS SE GETIB SS 316.46 $10,703.11
7792559 HEINEKEN NV NL HEIA NA 58.02 $6,730.82
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 648.61 $23,226.83
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 878.09 $102,604.93
78409V104 S&P GLOBAL INC US SPGI 291.67 $113,866.69
78410G104 SBA COMMUNICATIONS CORP US SBAC 600.69 $180,038.88
78442PGC4 SLM CORP 5.12500 04/05/2022 US 2,585.76 $2,643.94
78442PGD2 SLM CORP 4.20000 10/29/2025 US 1,206.69 $1,267.02
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 13,101.2 $15,505.06
79466L302 SALESFORCE.COM US CRM 450.72 $103,808.89
806857108 SCHLUMBERGER LTD NL SLB 242.61 $6,562.70
81141R100 SEA LTD - ADR SG SE 752.73 $190,095.23
81181C104 SEAGEN INC US SGEN 680.85 $97,878.84
81762P102 SERVICENOW INC US NOW 344.98 $174,685.20
831865209 SMITH (A.O.) CORP US AOS 12.41 $840.89
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 7.93 $1,038.71
833034101 SNAP-ON INC US SNA 3.93 $933.85
83419MAA0 SOLARIS MIDSTREAM HOLDIN 7.62500 04/01/2026 US 1,551.46 $1,624.83
835699307 SONY CORP SPONSORED ADR JP SONY 920.08 $92,155.60
85254J102 STAG INDUSTRIAL INC US STAG 57.2 $2,088.27
85571BAL9 STARWOOD PROPERTY TRUST 4.75000 03/15/2025 US 2,068.61 $2,154.00
857949BL0 SS INT BEARING FD .022% 01/02/15 US 152,797.48 $152,797.48
858119100 STEEL DYNAMICS INC US STLD 16.07 $871.11
861036AA9 STL HOLDING CO LLC 7.50000 02/15/2026 US 2,413.38 $2,525.00
86184WAA4 STONEMOR INC 8.50000 05/15/2029 US 1,551.46 $1,566.96
866674104 SUN COMMUNITIES US SUI 49.61 $8,276.80
87105L104 SWITCH INC - A US SWCH 289.4 $5,374.13
874039100 TAIWAN SEMICONDUCTOR - SP ADR TW TSM 36.58 $4,270.34
87422VAA6 TALEN ENERGY SUPPLY LLC 6.50000 06/01/2025 US 1,551.46 $1,291.59
87485LAA2 TALOS PRODUCTION INC 12.00000 01/15/2026 US 1,551.46 $1,555.34
87901JAJ4 TENGA INC 4.62500 03/15/2028 US 1,551.46 $1,584.43
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 17,583.2 $19,154.08
88146M101 TERRENO REALTY CORP US TRNO 40.37 $2,604.83
883556102 THERMO FISHER SCIENTIFIC INC US TMO 141.29 $66,436.99
88579Y101 3M CO US MMM 20.82 $4,105.25
88830MAL6 TITAN INTERNATIONAL INC 7.00000 04/30/2028 US 1,551.46 $1,598.16
89151E109 TOTAL S A SPONSORED ADR FR TOT 546.11 $24,181.90
89417E109 TRAVELLERS COS INC US TRV 13.03 $2,015.57
902494103 TYSON FOODS INC -CL A US TSN 21.03 $1,628.84
902653104 UDR INC US UDR 87.3 $4,054.87
902973304 U.S. BANCORP US USB 59.06 $3,505.14
904767704 UNILEVER PLC - ADR GB UL 2,172.73 $127,582.79
907818108 UNION PAC CORP US UNP 21.93 $4,869.83
90932KAA7 UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 823.99 $805.74
90932NAA1 UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 936.15 $952.91
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 39,820.77 $45,462.56
9128284P2 US TREASURY N/B 2.62500 05/15/2021 US 51,887.67 $51,932.12
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 335,976.95 $360,912.74
91324P102 UNITEDHEALTH GROUP INC US UNH 262.37 $104,632.70
92343V104 VERIZON COMMUNICATIONS US VZ 112.77 $6,517.20
92343VCV4 VERIZON COMMUNICATIONS 4.27200 01/15/2036 US 13,790.74 $15,876.49
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 662.3 $144,513.94
92826C839 VISA INC - CLASS A SHARES US V 747.46 $174,576.34
929160109 VULCAN MATERIALS CO US VMC 281.54 $50,181.33
929740108 WABTEC CORP US WAB 888.16 $72,891.15
931142103 WAL MART STORES US WMT 60.13 $8,412.46
93114W107 WALMART DE MEXICO MX WMMVY 3,064.99 $100,531.75
94106L109 WASTE MANAGEMENT INC US WM 19.17 $2,644.77
95040Q104 WELLTOWER INC. US WELL 23.75 $1,782.30
963320106 WHIRLPOOL CORP US WHR 4.34 $1,027.16
969457BY5 WILLIAMS COMPANIES INC 2.60000 03/15/2031 US 10,343.06 $10,198.30
969904101 WILLIAMS - SONOMA INC US WSM 5.34 $912.47
98978V103 ZOETIS INC US ZTS 211.79 $36,646.25
B02J639 ADMIRAL GROUP PLC GB ADM LN 326.08 $14,089.61
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 417.17 $2,606.57
B1Y9TB3 DANONE FR BN FP 137.15 $9,681.28
B1YXBJ7 AIR LIQUIDE FR AI FP 26.72 $4,499.64
B3QJ0H8 TOURMALINE OIL CORP CA TOU CN 800.41 $17,269.66
B4YVF56 BRENNTAG AG DE BNR GR 672.75 $60,395.68
B63QM77 NEXON CO LTD JP 3659 JP 3,192.56 $105,601.10
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 74.78 $2,794.63
BFZZM64 S4 CAPITAL PLC GB SFOR LN 955.01 $7,372.74
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 1,015.45 $1,389.29
BJ2KSG2 AKZO NOBEL NL AKZA NA 31.34 $3,762.90
BK0939417 AMERICAN TANKER INC 7.75000 07/02/2025 US 2,585.76 $2,636.34
BKWD4B5 SOFTWAREONE HOLDING AG CH SWON SW 174.94 $4,533.58
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 1,622.52 $129,431.35
BMXKJ81 FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 82.43 $1,341.20
BNGN9Z1 FINECOBANK SPA IT FBK IM 845.86 $14,548.54
BVYVFW2 AUTO TRADER GROUP PLC GB AUTO LN 552.8 $4,351.99
BW1YVH8 WALMART DE MEXICO SAB DE CV MX WALMEX MM 1,438.2 $4,716.38
BYPC1T4 ASSA ABLOY AB-B SE ASSAB SS 113.95 $3,248.55
BYT1DJ1 INTERMEDIATE CAPITAL GROUP GB ICP LN 273.5 $8,257.07
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 749.11 $53,061.56
BZ1HM42 ADYEN NV NL ADYEN NA 2.21 $5,430.45
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 124.98 $4,901.66
G16962105 BUNGE LIMITED US BG 10.58 $893.53
G29183103 EATON CORP PLC US ETN 18.76 $2,680.71
G3223R108 EVEREST RE GROUP LTD BM RE 3.21 $888.00
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 41.48 $2,585.59
G5494J103 LINDE PLC GB LIN 16.93 $4,838.74
G5960L103 MEDTRONIC INC IE MDT 882.57 $115,546.46
G85158106 STONECO LTD-A BR STNE 129.67 $8,381.70
G97822103 PERRIGO CO PLC IE PRGO 156.63 $6,520.44
H01301128 ALCON INC CH ALC 857.27 $64,663.65
H1467J104 CHUBB LTD CH CB 18.76 $3,218.24
H2906T109 GARMIN LTD CH GRMN 11 $1,509.38
ZO1818103 NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 MH 5,171.53 $5,391.32
ZO4110185 BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 6,895.37 $6,429.93

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Maximum 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

$20.89

Daily $ Change

$0.08

Daily % Change

0.38%

as of 05/13/2021

CUSIP

302028816

Inception Date

09/18/2015

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 (or meet another investment goal) in or around the year indicated in the fund’s name.

Investment Strategy

Currently: The portfolio is currently invested in an aggressive, growth-oriented mix of securities that seeks to earn the long-term growth typically associated with the stock market. The portfolio is diversified primarily among various stock investments in both domestic and foreign markets, with only a minor portion of the portfolio invested in fixed income securities. Stock exposure can range from 70% - 95%.

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 2060
  • Who generally have time to withstand market volatility and can accept very 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 04/30/2021

YTD

9.87%

1 Year

43.91%

3 Year

17.36%

5 Year

15.14%

10 Year

10.11%

Inception
(01/01/2000)

8.52%

Performance through the inception date of the Retirement Target CIT Class S Units is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. The Retirement Target CIT Fund will gradually become more conservative over time. Returns are net of the Class S expenses. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.98%
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 04/30/2021

TREASURY NOTES 3.85%
FACEBOOK INC -A 2.74%
MICROSOFT CORP 2.42%
AMAZON.COM INC 2.34%
MASTERCARD INC-CLASS A 2.20%
MONDELEZ INTERNATIONAL INC 1.87%
COCA COLA CO/THE 1.81%
ALPHABET INC-CL A 1.80%
SEA LTD - ADR 1.77%
CABOT OIL & GAS CORP 1.71%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 04/30/2021

Stocks
91.06%
Bonds
7.53%
Cash
1.41%

Detailed Asset Class Allocation

As of 04/30/2021

International Equities
23.72%
Small Capitalization
1.27%
Mid Capitalization
9.47%
Large Capitalization
56.59%
Long Term Fixed Income
1.26%
Intermediate Term Fixed Income
5.69%
Short Term Fixed Income
0.59%
Cash
1.41%

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

April Fund Holdings

As of 04/30/2021

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 4,137.22 $4,682.43
00435F309 ACCOR SA-SPONSORED ADR FR ACCYY 6,331.85 $51,003.03
00507V109 ACTIVISION INC US ATVI 778.87 $71,024.85
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 10,687.83 $11,748.02
00842XAA7 AFFINITY GAMING 6.87500 12/15/2027 US 1,034.31 $1,097.92
008492100 AGREE REALTY CORP US ADC 45.89 $3,228.73
009126202 AIR LIQUIDE-ADR FR AIQUY 2,197.04 $73,952.28
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 4,826.76 $5,142.12
01166WAA5 ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 2,181.88 $2,440.18
01609W102 ALIBABA GROUP - ADR CN BABA 399.59 $92,284.56
01609WAY8 ALIBABA GROUP HOLDING 2.70000 02/09/2041 KY 9,998.29 $9,300.91
020002101 ALLSTATE CORPORATION US ALL 16.07 $2,037.20
02079K107 ALPHABET INC-CL C US GOOG 13.27 $31,990.94
02079K305 ALPHABET INC-CL A US GOOGL 81.99 $192,953.96
023135106 AMAZON.COM INC US AMZN 72.4 $251,046.04
0237400 DIAGEO PLC GB DGE LN 2,061.34 $92,536.32
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 52.23 $2,361.43
025816109 AMERICAN EXPRESS CO US AXP 505.4 $77,502.51
02665T306 AMERICAN HOMES 4 RENT- A US AMH 163.39 $6,051.81
03027X100 AMERICAN TOWER REIT INC US AMT 412.1 $104,991.19
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 13,790.74 $15,170.83
03064D108 AMERICOLD REALTY TRUST US COLD 116.08 $4,688.62
032654105 ANALOG DEVICES INC US ADI 16.24 $2,487.10
03784Y200 APPLE HOSPITALITY REIT INC US APLE 153.28 $2,431.09
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 30.31 $1,913.16
045054AJ2 ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 6,895.37 $7,231.52
053015103 AUTOMATIC DATA PROCESSING US ADP 17.1 $3,197.63
053332102 AUTOZONE INC US AZO 68.47 $100,249.81
053484101 AVALONBAY COMMUNITIES INC US AVB 24.65 $4,732.98
05401AAG6 AVOLON HOLDINGS FNDG LTD 4.37500 05/01/2026 KY 4,826.76 $5,160.99
05401AAJ0 AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 KY 6,205.83 $6,309.30
055622104 BP PLC-SPONS ADR GB BP 1,028.31 $25,872.20
05567SAA0 BNSF FUNDING TRUST I 6.61300 12/15/2055 US 4,481.99 $5,137.37
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 6,550.6 $7,208.19
07403VAA7 BEASLEY MEZ HLDGS LLC 8.62500 02/01/2026 US 1,379.07 $1,399.76
084423102 WR BERKLEY CORP US WRB 1,105.16 $88,103.00
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 211.17 $58,061.39
086516101 BEST BUY INC US BBY 15.45 $1,795.86
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 1,323.57 $103,132.30
09247X101 BLACKROCK INC US BLK 156.35 $128,099.63
09261XAA0 BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 5,171.53 $5,202.71
0963318 DECHRA PHARMACEUTICALS PLC GB DPH LN 115.77 $6,449.91
099502106 BOOZ ALLEN HAMILTON HOLDINGS US BAH 10.41 $863.68
101137107 BOSTON SCIENTIFIC CORP US BSX 1,366.15 $59,563.94
105368203 BRANDYWINE REALTY TRUST US BDN 178.04 $2,408.86
110122108 BRISTOL MYERS SQUIBB CO US BMY 73.92 $4,613.99
11133T103 BROADRIDGE FINANCIAL SOLUTIONS US BR 7.62 $1,208.66
12345678 JONAH ENERGY PARENT LLC US 68.64 $1,029.65
12467AAF5 C&S GROUP ENTERPRISES LL 5.00000 12/15/2028 US 1,896.23 $1,884.28
12503M108 CBOE GLOBAL MARKETS INC US CBOE 486.47 $50,772.71
12514G108 CDW CORP/DE US CDW 272.95 $48,675.75
125269100 CF INDUSTRIES HOLDINGS INC US CF 16.96 $824.89
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 9.79 $950.55
12572Q105 CME GROUP INC US CME 237.1 $47,891.29
12598FAA7 CPI CG INC 8.62500 03/15/2026 US 1,551.46 $1,619.33
12654TAA8 CNX MIDSTREAM PTR/CNX 6.50000 03/15/2026 US 1,551.46 $1,603.82
127097103 CABOT OIL & GAS CORP US COG 11,007.43 $183,493.78
133131102 CAMDEN PROPERTY TRUST US CPT 29.51 $3,555.63
13321L108 CAMECO CORP CA CCJ 3,589.21 $60,334.67
134429109 CAMPBELL SOUP CO US CPB 20.93 $999.29
14174T107 CARETRUST REIT INC US CTRE 68.23 $1,649.79
149123101 CATERPILLAR INC US CAT 19.62 $4,474.91
156700BA3 CENTURYLINK INC 7.50000 04/01/2024 US 1,034.31 $1,156.56
16119P108 CHARTER COMMUNICATIONS INC-A US CHTR 150.77 $101,534.23
172062101 CINCINNATI FINANCIAL CORP US CINF 10.86 $1,223.73
17275R102 CISCO SYSTEMS INC US CSCO 120.94 $6,157.30
172967424 CITIGROUP INC US C 66.09 $4,708.40
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 8,963.98 $10,173.45
180848P56 CLARK CNTY NV 1.51000 11/01/2028 US 12,066.9 $11,689.81
189054109 CLOROX COMPANY US CLX 7.38 $1,346.49
191216100 COCA COLA CO/THE US KO 3,604.38 $194,564.58
194162103 COLGATE-PALMOLIVE CO US CL 36.13 $2,915.83
20030N101 COMCAST CORP-CL A US CMCSA 125.53 $7,048.52
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 11,722.13 $12,126.66
200340107 COMERICA INC US CMA 10.41 $782.57
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 75.68 $3,853.46
205887102 CONAGRA BRAND INC. US CAG 32.24 $1,195.63
20825C104 CONOCOPHILLIPS US COP 1,317.4 $67,371.59
21036P108 CONSTELLATION BRANDS INC-A US STZ 195.24 $46,920.66
21240E105 CONTROLADORA VUELA CIA DE AV MX VLRS 448.16 $7,291.64
217204106 COPART INC US CPRT 418.72 $52,135.00
222795502 COUSINS PROPERTIES INC US CUZ 138.56 $5,081.09
225310AM3 CREDIT ACCEPTANC 6.62500 03/15/2026 US 1,551.46 $1,638.65
22822V101 CROWN CASTLE INTL CORP US CCI 8.48 $1,603.48
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 14,480.28 $15,166.66
231021106 CUMMINS INC US CMI 8.1 $2,042.04
253868103 DIGITAL REALTY TRUST INC US DLR 42.58 $6,570.35
254687106 WALT DISNEY CO/THE US DIS 231.86 $43,130.01
256677105 DOLLAR GENERAL CORP US DG 560.21 $120,306.04
256746108 DOLLAR TREE STORES INC US DLTR 1,167.56 $134,152.49
25960P109 DOUGLAS EMMETT INC US DEI 67.68 $2,269.92
264411505 DUKE RLTY INVTS INC US DRE 110.81 $5,154.82
267475AD3 DYCOM INDUSTRIES INC 4.50000 04/15/2029 US 1,551.46 $1,574.73
26875P101 EOG RESOURCES INC US EOG 1,031.79 $75,980.93
26884L109 EQT CORP US EQT 3,956.05 $75,560.49
2715777 QUEBECOR INC -CL B CA QBR/B CN 348.32 $9,365.79
27579R104 EAST WEST BANCORP INC US EWBC 1,004.38 $76,483.52
277432100 EASTMAN CHEM CO US EMN 9.31 $1,074.14
285512109 ELECTRONIC ARTS US EA 675.54 $95,980.65
291011104 EMERSON ELEC CO US EMR 29 $2,623.76
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 12,411.67 $15,033.55
29275YAC6 ENERSYS 4.37500 12/15/2027 US 1,034.31 $1,083.44
29278MAC9 ENERGY VEB/ENVEN FIN 11.75000 04/15/2026 US 1,551.46 $1,590.57
29444U700 EQUINIX INC US EQIX 104.78 $75,517.75
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 77.64 $5,388.35
297178105 ESSEX PROPERTY TRUST INC US ESS 12.69 $3,685.97
30212P303 EXPEDIA INC US EXPE 1,016.93 $179,213.45
30212PBB0 EXPEDIA GROUP INC 4.62500 08/01/2027 US 4,481.99 $5,039.33
30225T102 EXTRA SPACE STORAGE INC US EXR 21.17 $3,147.59
30231G102 EXXON MOBIL CORP US XOM 1,047.41 $59,953.57
302491303 FMC CORP US FMC 612.69 $72,444.25
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 1,723.84 $1,749.70
30303M102 FACEBOOK INC -A US FB 902.54 $293,396.11
303250104 FAIR ISAAC CORP US FICO 151.11 $78,791.34
31620R303 FNF GROUP US FNF 21.82 $995.60
316773100 FIFTH THIRD BANCORP US FITB 40.51 $1,642.29
32054K103 FIRST INDUSTRIAL REALTY TR US FR 39.82 $1,981.88
343412AC6 FLUOR CORP 3.50000 12/15/2024 US 1,551.46 $1,601.57
345370CW8 FORD MOTOR COMPANY 9.00000 04/22/2025 US 1,723.84 $2,105.52
346232AF8 FORESTAR GROUP INC 3.85000 05/15/2026 US 1,206.69 $1,219.30
34960PAC5 FORTRESS TRANS & INFRAST 9.75000 08/01/2027 US 1,034.31 $1,194.62
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 1,206.69 $1,396.74
369550108 GENERAL DYNAMICS CORP US GD 13.1 $2,492.24
369604BQ5 GENERAL ELECTRIC CO 3.51388 01/21/2099 US 8,619.21 $8,193.60
370334104 GENERAL MLS INC US GIS 31.58 $1,922.01
372460105 GENUINE PARTS CO US GPC 9.89 $1,236.56
37255LAA5 GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 US 2,413.38 $2,620.71
374297109 GETTY REALTY CORP US GTY 81.19 $2,564.07
375558103 GILEAD SCIENCES INC US GILD 50.2 $3,186.09
384802104 WW GRAINGER INC US GWW 3.21 $1,390.08
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 3,916.29 $72,647.27
400501102 GRUPO AEROPORTUARIO CEN-ADR MX OMAB 425.72 $21,171.07
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 226.55 $23,266.42
40051E202 GRUPO AEROPORTUARIO DEL SURESTE MX ASR 145.94 $24,824.48
4012250 AIRBUS SE FR AIR FP 29.13 $3,503.52
4031976 ADIDAS AG DE ADS GR 142.18 $43,914.63
404119BX6 HCA INC 4.12500 06/15/2029 US 6,895.37 $7,660.29
416515104 HARTFORD FINL SVCS US HIG 20.96 $1,382.65
418751AD5 HAT HOLDINGS I LLC/HAT 3.75000 09/15/2030 US 1,206.69 $1,158.42
421946104 HEALTHCARE REALTY TRUST INC US HR 57.02 $1,833.91
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 111.05 $3,261.54
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 144.66 $4,967.79
423012301 HEINEKEN NV-SPN ADR NL HEINY 1,319.08 $76,704.76
427866108 HERSHEY CO/THE US HSY 11.21 $1,840.98
42805E306 HESKA CORP US HSKA 180.42 $32,953.23
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 18.27 $2,351.70
437076102 HOME DEPOT INC US HD 26.62 $8,614.84
438516106 HONEYWELL INTERNATIONAL INC US HON 22.48 $5,013.70
44267DAE7 HOWARD HUGHES CORP 4.12500 02/01/2029 US 1,034.31 $1,019.93
443510607 HUBBELL INC US HUBB 4.24 $814.25
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 861.92 $948.98
446150104 HUNTINGTON BANCSHARES US HBAN 68.33 $1,046.86
450913AF5 IAMGOLD CORP 5.75000 10/15/2028 CA 1,723.84 $1,792.80
451102BX4 ICAHN ENTERPRISES/FIN 5.25000 05/15/2027 US 1,206.69 $1,230.82
45168D104 IDEXX LABORATORIES INC US IDXX 143.49 $78,776.04
4519579 KERRY GROUP PLC-A IE KYG ID 17.48 $2,265.76
452308109 ILLINOIS TOOL WKS INC US ITW 13.38 $3,082.87
45337C102 INCYTE CORP US INCY 409.34 $34,949.76
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 1,723.84 $1,741.08
45778Q107 INSPERITY INC US NSP 836.06 $73,189.02
45781V101 INNOVATIVE INDUSTRIAL PROPER US IIPR 4.86 $890.24
458140100 INTEL CORP US INTC 109.4 $6,293.50
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 806.83 $94,971.65
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 31.34 $4,446.44
459506101 INTERNATIONAL FLVRS & FRAGRANCES US IFF 13.03 $1,852.80
46116VAE5 INTL FC STORE INC 8.62500 06/15/2025 US 1,379.07 $1,475.61
46120E602 INTUITIVE SURGICAL INC US ISRG 44.44 $38,441.18
46187W107 INVITATION HOMES INC US INVH 256.37 $8,988.33
46625H100 JP MORGAN CHASE & CO US JPM 53.65 $8,251.29
46647PBP0 JPMORGAN CHASE & CO 2.95600 05/13/2031 US 11,722.13 $12,040.33
478160104 JOHNSON & JOHNSON US JNJ 1,040.75 $169,361.71
48088LAB3 JOSEPH T RYERSON & SON 8.50000 08/01/2028 US 1,448.03 $1,600.00
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 1,551.46 $1,733.75
49427F108 KILROY REALTY CORP US KRC 56.58 $3,877.75
494368103 KIMBERLY CLARK CORP US KMB 15.96 $2,128.16
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 9,998.29 $13,607.78
500754106 KRAFT HEINZ CO/THE US KHC 57.16 $2,360.24
501044101 KROGER CO US KR 44.72 $1,633.94
502431109 L3HARRIS TECHNOLOGIES INC US LHX 10.03 $2,099.16
505742AG1 LADDER CAP FIN LLLP/CORP 5.25000 10/01/2025 US 1,551.46 $1,566.97
5107401 BEIERSDORF AG DE BEI GR 57.16 $6,451.98
512816109 LAMAR ADVERTISING CO-A US LAMR 21.65 $2,144.36
53223X107 LIFE STORAGE INC US LSI 33.58 $3,225.74
539830109 LOCKHEED MARTIN CORP US LMT 10.24 $3,896.79
54240F202 LONESTAR RES US INC NPV US LONE 66.2 $484.55
550021109 LULULEMON - ADR CA LULU 508.26 $170,403.59
552848AG8 MGIC INVESTMENT CORP 5.25000 08/15/2028 US 1,723.84 $1,818.65
573284106 MARTIN MARIETTA MATERIALS US MLM 151.87 $53,628.53
57636Q104 MASTERCARD INC-CLASS A US MA 617.83 $236,046.31
5852842 ACCOR SA FR AC FP 58.96 $2,373.91
58933Y105 MERCK & CO INC US MRK 75.06 $5,591.68
594918104 MICROSOFT CORP US MSFT 1,030.86 $259,961.76
595112103 MICRON TECHNOLOGY INC US MU 1,773.35 $152,632.36
59522J103 MID-AMERICA APARTMENT COMM US MAA 42.3 $6,655.55
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 3,298.4 $200,575.75
615369105 MOODY'S CORPORATION US MCO 360.97 $117,933.38
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 1,723.84 $1,529.91
620076307 MOTOROLA SOLUTIONS INC US MSI 8.93 $1,681.43
62913TAJ1 NGL ENRGY PART LP/FIN CO 7.50000 11/01/2023 US 1,723.84 $1,680.75
6321954 TRAVELSKY TECHNOLOGY LTD-H CN 696 HK 3,585.59 $7,845.04
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 1,896.23 $2,063.57
63938NAF1 NAVIOS SA LOGIST/FIN US 10.75000 07/01/2025 MUL 861.92 $950.27
64110D104 NETAPP INC US NTAP 15.1 $1,127.88
644393AA8 NEW FORTRESS ENERGY INC 6.75000 09/15/2025 US 1,551.46 $1,605.28
6490995 KEYENCE CORP JP 6861 JP 10.34 $4,965.22
64971XPG7 NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 3,275.3 $3,378.05
651639106 NEWMONT GOLDCORP CORP US NEM 37.58 $2,345.35
654106103 NIKE INC CLASS B US NKE 686.26 $91,012.04
655844108 NORFOLK SOUTHN CORP US NSC 301.84 $84,287.16
6642321 NIKON CORP JP 7731 JP 4,654.38 $43,825.78
666807102 NORTHROP GRUMMAN CORP US NOC 7.45 $2,639.51
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 4,999.14 $12.50
66981QAA4 BRUNDAGE-BONE CONCRETE 6.00000 02/01/2026 US 1,551.46 $1,632.70
66987V109 NOVARTIS AG- REG CH NVS 990.9 $84,464.25
670346105 NUCOR CORP US NUE 19.44 $1,599.54
67066G104 NVIDIA CORP US NVDA 141.6 $85,011.67
67421QAA0 OASIS MIDSTREAM PARTNERS 8.00000 04/01/2029 US 1,551.46 $1,587.86
6742340 SHANDONG WEIGAO CN 1066 HK 4,137.22 $9,262.32
681919106 OMNICOM GROUP US OMC 14.48 $1,191.15
6821506 SONY CORP FIRST SECTION JP 6758 JP 124.12 $12,409.05
68389X105 ORACLE CORP US ORCL 84.47 $6,401.85
691205AE8 OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 5,171.53 $5,408.76
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 1,206.69 $1,223.56
69354NAC0 PRA GROUP INC 7.37500 09/01/2025 US 1,723.84 $1,846.67
695156109 PACKAGING CORP OF AMERICA US PKG 6.93 $1,023.19
7021963 DEUTSCHE BOERSE AG DE DB1 GR 481.16 $82,915.88
70450Y103 PAYPAL HOLDINGS INC US PYPL 693.16 $181,808.19
7123870 NESTLE SA-REGISTERED CH NESN SW 1,494.68 $178,360.63
713448108 PEPSICO INC US PEP 494.23 $71,247.58
723787107 PIONEER NATURAL RESOURCES CO US PXD 319.98 $49,222.48
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 1,896.23 $2,072.58
742718109 PROCTER & GAMBLE CO US PG 60.3 $8,045.23
74340W103 PROLOGIS US PLD 161.52 $18,822.40
74460D109 PUBLIC STORAGE INC US PSA 30.96 $8,704.77
747525103 QUALCOMM INC US QCOM 36.1 $5,010.30
74834L100 QUEST DIAGNOSTICS INC US DGX 8.9 $1,173.08
749685103 RPM INTERNATIONAL INC US RPM 9.65 $915.54
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 1,379.07 $1,461.82
750481103 RADIUS GLOBAL INFRASTRUCTURE US RADI 132.39 $1,960.71
75606DAL5 REALOGY GROUP/CO-ISSUER 5.75000 01/15/2029 US 1,206.69 $1,251.94
756109104 REALTY INCOME CORP US O 20.2 $1,397.07
7591EP100 REGIONS FINANCIAL CORP. US RF 59.82 $1,304.02
759509102 RELIANCE STEEL & ALUMINUM US RS 5.07 $812.47
760759100 REPUBLIC SERVICES INC US RSG 17.14 $1,821.45
76131D103 RESTAURANT BRANDS INTERN CA QSR 74.64 $5,121.21
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 64.44 $3,579.49
7698356 GETINGE AB-B SHS SE GETIB SS 316.46 $10,703.11
7792559 HEINEKEN NV NL HEIA NA 58.02 $6,730.82
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 648.61 $23,226.83
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 878.09 $102,604.93
78409V104 S&P GLOBAL INC US SPGI 291.67 $113,866.69
78410G104 SBA COMMUNICATIONS CORP US SBAC 600.69 $180,038.88
78442PGC4 SLM CORP 5.12500 04/05/2022 US 2,585.76 $2,643.94
78442PGD2 SLM CORP 4.20000 10/29/2025 US 1,206.69 $1,267.02
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 13,101.2 $15,505.06
79466L302 SALESFORCE.COM US CRM 450.72 $103,808.89
806857108 SCHLUMBERGER LTD NL SLB 242.61 $6,562.70
81141R100 SEA LTD - ADR SG SE 752.73 $190,095.23
81181C104 SEAGEN INC US SGEN 680.85 $97,878.84
81762P102 SERVICENOW INC US NOW 344.98 $174,685.20
831865209 SMITH (A.O.) CORP US AOS 12.41 $840.89
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 7.93 $1,038.71
833034101 SNAP-ON INC US SNA 3.93 $933.85
83419MAA0 SOLARIS MIDSTREAM HOLDIN 7.62500 04/01/2026 US 1,551.46 $1,624.83
835699307 SONY CORP SPONSORED ADR JP SONY 920.08 $92,155.60
85254J102 STAG INDUSTRIAL INC US STAG 57.2 $2,088.27
85571BAL9 STARWOOD PROPERTY TRUST 4.75000 03/15/2025 US 2,068.61 $2,154.00
857949BL0 SS INT BEARING FD .022% 01/02/15 US 152,797.48 $152,797.48
858119100 STEEL DYNAMICS INC US STLD 16.07 $871.11
861036AA9 STL HOLDING CO LLC 7.50000 02/15/2026 US 2,413.38 $2,525.00
86184WAA4 STONEMOR INC 8.50000 05/15/2029 US 1,551.46 $1,566.96
866674104 SUN COMMUNITIES US SUI 49.61 $8,276.80
87105L104 SWITCH INC - A US SWCH 289.4 $5,374.13
874039100 TAIWAN SEMICONDUCTOR - SP ADR TW TSM 36.58 $4,270.34
87422VAA6 TALEN ENERGY SUPPLY LLC 6.50000 06/01/2025 US 1,551.46 $1,291.59
87485LAA2 TALOS PRODUCTION INC 12.00000 01/15/2026 US 1,551.46 $1,555.34
87901JAJ4 TENGA INC 4.62500 03/15/2028 US 1,551.46 $1,584.43
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 17,583.2 $19,154.08
88146M101 TERRENO REALTY CORP US TRNO 40.37 $2,604.83
883556102 THERMO FISHER SCIENTIFIC INC US TMO 141.29 $66,436.99
88579Y101 3M CO US MMM 20.82 $4,105.25
88830MAL6 TITAN INTERNATIONAL INC 7.00000 04/30/2028 US 1,551.46 $1,598.16
89151E109 TOTAL S A SPONSORED ADR FR TOT 546.11 $24,181.90
89417E109 TRAVELLERS COS INC US TRV 13.03 $2,015.57
902494103 TYSON FOODS INC -CL A US TSN 21.03 $1,628.84
902653104 UDR INC US UDR 87.3 $4,054.87
902973304 U.S. BANCORP US USB 59.06 $3,505.14
904767704 UNILEVER PLC - ADR GB UL 2,172.73 $127,582.79
907818108 UNION PAC CORP US UNP 21.93 $4,869.83
90932KAA7 UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 823.99 $805.74
90932NAA1 UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 936.15 $952.91
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 39,820.77 $45,462.56
9128284P2 US TREASURY N/B 2.62500 05/15/2021 US 51,887.67 $51,932.12
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 335,976.95 $360,912.74
91324P102 UNITEDHEALTH GROUP INC US UNH 262.37 $104,632.70
92343V104 VERIZON COMMUNICATIONS US VZ 112.77 $6,517.20
92343VCV4 VERIZON COMMUNICATIONS 4.27200 01/15/2036 US 13,790.74 $15,876.49
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 662.3 $144,513.94
92826C839 VISA INC - CLASS A SHARES US V 747.46 $174,576.34
929160109 VULCAN MATERIALS CO US VMC 281.54 $50,181.33
929740108 WABTEC CORP US WAB 888.16 $72,891.15
931142103 WAL MART STORES US WMT 60.13 $8,412.46
93114W107 WALMART DE MEXICO MX WMMVY 3,064.99 $100,531.75
94106L109 WASTE MANAGEMENT INC US WM 19.17 $2,644.77
95040Q104 WELLTOWER INC. US WELL 23.75 $1,782.30
963320106 WHIRLPOOL CORP US WHR 4.34 $1,027.16
969457BY5 WILLIAMS COMPANIES INC 2.60000 03/15/2031 US 10,343.06 $10,198.30
969904101 WILLIAMS - SONOMA INC US WSM 5.34 $912.47
98978V103 ZOETIS INC US ZTS 211.79 $36,646.25
B02J639 ADMIRAL GROUP PLC GB ADM LN 326.08 $14,089.61
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 417.17 $2,606.57
B1Y9TB3 DANONE FR BN FP 137.15 $9,681.28
B1YXBJ7 AIR LIQUIDE FR AI FP 26.72 $4,499.64
B3QJ0H8 TOURMALINE OIL CORP CA TOU CN 800.41 $17,269.66
B4YVF56 BRENNTAG AG DE BNR GR 672.75 $60,395.68
B63QM77 NEXON CO LTD JP 3659 JP 3,192.56 $105,601.10
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 74.78 $2,794.63
BFZZM64 S4 CAPITAL PLC GB SFOR LN 955.01 $7,372.74
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 1,015.45 $1,389.29
BJ2KSG2 AKZO NOBEL NL AKZA NA 31.34 $3,762.90
BK0939417 AMERICAN TANKER INC 7.75000 07/02/2025 US 2,585.76 $2,636.34
BKWD4B5 SOFTWAREONE HOLDING AG CH SWON SW 174.94 $4,533.58
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 1,622.52 $129,431.35
BMXKJ81 FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 82.43 $1,341.20
BNGN9Z1 FINECOBANK SPA IT FBK IM 845.86 $14,548.54
BVYVFW2 AUTO TRADER GROUP PLC GB AUTO LN 552.8 $4,351.99
BW1YVH8 WALMART DE MEXICO SAB DE CV MX WALMEX MM 1,438.2 $4,716.38
BYPC1T4 ASSA ABLOY AB-B SE ASSAB SS 113.95 $3,248.55
BYT1DJ1 INTERMEDIATE CAPITAL GROUP GB ICP LN 273.5 $8,257.07
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 749.11 $53,061.56
BZ1HM42 ADYEN NV NL ADYEN NA 2.21 $5,430.45
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 124.98 $4,901.66
G16962105 BUNGE LIMITED US BG 10.58 $893.53
G29183103 EATON CORP PLC US ETN 18.76 $2,680.71
G3223R108 EVEREST RE GROUP LTD BM RE 3.21 $888.00
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 41.48 $2,585.59
G5494J103 LINDE PLC GB LIN 16.93 $4,838.74
G5960L103 MEDTRONIC INC IE MDT 882.57 $115,546.46
G85158106 STONECO LTD-A BR STNE 129.67 $8,381.70
G97822103 PERRIGO CO PLC IE PRGO 156.63 $6,520.44
H01301128 ALCON INC CH ALC 857.27 $64,663.65
H1467J104 CHUBB LTD CH CB 18.76 $3,218.24
H2906T109 GARMIN LTD CH GRMN 11 $1,509.38
ZO1818103 NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 MH 5,171.53 $5,391.32
ZO4110185 BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 6,895.37 $6,429.93

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

A Word About Risk

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

About The Fund Manager

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


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