Investment Objective

To provide capital preservation and manage risk for investors who have already reached their target date or who desire minimal capital risk as they move towards a future target date.

Investment Strategy

The portfolio is invested in a conservative mix of securities that seeks preservation of capital, with income and long-term capital growth as secondary objectives. The portfolio is diversified primarily among fixed income securities, typically focusing on short to intermediate-term maturities. A position in various stock investments, which may be focused on dividend paying stocks, adds potential for growth opportunities and income generation. For the most part, this approach favors stability over growth. Stock exposure can range from 15% - 45%.

May be Appropriate for Investors

  • Who have reached their target date or are already in retirement and seek to minimize declines in account value with potential for modest capital growth and income generation
  • Who have a future target date and want to assume a minimal amount of capital risk through limited stock exposure
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio

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

$17.92

Daily $ Change

$0.20

Daily % Change

1.12%

as of 04/09/2020

CUSIP

302027651

Inception Date

05/31/2007

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 03/31/2020

YTD

-5.51%

1 Year

1.11%

3 Year

3.42%

5 Year

2.75%

10 Year

4.43%

Inception
(01/01/2000)

5.44%

US Stock Market Cycle (04/01/2000 - 03/31/2020)

5.39%

Performance through 06/04/2012 reflects the performance of the Retirement Target Institutional CIT Fund, which was merged into the Retirement Target CIT Fund on 06/04/2012 to establish the Class I units. Performance through the Institutional CIT Fund inception date (05/31/2007) 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 I 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 0.70%
Net 0.69%*

*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 03/31/2020

GOVERNMENT AGENCY 9.34%
TREASURY NOTES 7.49%
TSY INFL IX N/B 2.00000 01/15/2026 3.82%
TSY INFL IX N/B 0.50000 04/15/2024 2.50%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 1.63%
TREASURY BONDS 1.45%
VERIZON COMMUNICATIONS 5.25000 03/16/2037 1.31%
BANK OF AMERICA CORP 4.00000 01/22/2025 1.28%
BOOKING HOLDINGS INC 3.60000 06/01/2026 1.19%
FACEBOOK INC -A 1.02%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 03/31/2020

Bonds 64.43%
Stocks 31.07%
Cash 4.50%

Detailed Asset Class Allocation

As of 03/31/2020

International Equities 7.00%
Small Capitalization 0.23%
Mid Capitalization 1.54%
Large Capitalization 22.30%
Long Term Fixed Income 20.38%
Intermediate Term Fixed Income 31.51%
Short Term Fixed Income 12.54%
Cash 4.50%

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

March Fund Holdings

As of 03/31/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 5,997.94 $5,862.99
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 303,895.59 $322,788.37
00287Y109 ABBVIE INC US ABBV 1,177.6 $89,720.99
004239109 ACADIA REALTY TRUST US AKR 429.85 $5,325.87
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 3,998.63 $3,438.82
00507V109 ACTIVISION INC US ATVI 2,523.13 $150,075.96
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 311,892.84 $264,064.29
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 5,997.94 $5,218.21
008492100 AGREE REALTY CORP US ADC 115.96 $7,177.93
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 159,945.05 $134,338.55
00912XBA1 AIR LEASE CORP 3.25000 03/01/2025 US 9,996.57 $7,834.60
013092AC5 ALBERTSONS COS/SAFEWAY 4.62500 01/15/2027 US 7,997.25 $7,957.27
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 41.99 $5,754.54
01609W102 ALIBABA GROUP - ADR CN BABA 421.86 $82,042.37
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 239,917.57 $251,489.79
02005NBF6 ALLY FINANCIAL INC 5.75000 11/20/2025 US 7,997.25 $7,822.91
02079K107 ALPHABET INC-CL C US GOOG 183.94 $213,883.56
02079K305 ALPHABET INC-CL A US GOOGL 185.94 $216,048.47
02154CAE3 ALTICE FINANCING SA 7.50000 05/15/2026 LU 7,997.25 $7,748.54
023135106 AMAZON.COM INC US AMZN 135.95 $265,070.85
0237400 DIAGEO PLC GB DGE LN 2,183.25 $69,229.65
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 411.86 $11,429.07
02665T306 AMERICAN HOMES 4 RENT- A US AMH 875.7 $20,316.22
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 3,998.63 $3,598.78
03027X100 AMERICAN TOWER REIT INC US AMT 387.87 $84,457.98
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 311,892.84 $315,729.12
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 4,759.08 $4,723.90
03064D108 AMERICOLD REALTY TRUST US COLD 633.78 $21,573.95
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 5,997.94 $3,838.68
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 5,997.94 $3,838.68
03748R754 APARTMENT INVT & MGMT CO -A US AIV 441.45 $15,516.91
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 5,997.94 $4,798.35
053015103 AUTOMATIC DATA PROCESSING US ADP 301.1 $41,153.88
053484101 AVALONBAY COMMUNITIES INC US AVB 185.94 $27,364.22
05401AAJ0 AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 KY 167,942.3 $131,705.83
055622104 BP PLC-SPONS ADR GB BP 951.67 $23,211.31
060505104 BANK OF AMERICA CORP US BAC 5,060.26 $107,429.35
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 467,839.26 $492,349.91
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 823.72 $150,600.18
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 1,323.55 $111,839.57
09857L108 BOOKING HOLDINGS INC US BKNG 237.92 $320,076.19
101121101 BOSTON PROPERTIES INC US BXP 192.73 $17,775.84
105368203 BRANDYWINE REALTY TRUST US BDN 983.66 $10,348.12
110122108 BRISTOL MYERS SQUIBB CO US BMY 1,587.05 $88,462.43
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 15,994.5 $1,119.62
1248EPCE1 CCO HLDGS LLC/CAP CORP 4.50000 08/15/2030 US 5,997.94 $5,877.98
12503M108 CBOE GLOBAL MARKETS INC US CBOE 1,343.54 $119,910.80
12527GAC7 CF INDUSTRIES 3.45000 06/01/2023 US 7,997.25 $7,857.86
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 57,241.3 $56,667.41
12572Q105 CME GROUP INC US CME 431.85 $74,671.46
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 155,103.23 $147,696.09
127097103 CABOT OIL & GAS CORP US COG 9,944.58 $170,947.39
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 7,997.25 $5,760.82
133131102 CAMDEN PROPERTY TRUST US CPT 279.9 $22,179.58
136375102 CANADIAN NATIONAL RAILWAY CO CA CNI 525.42 $40,788.31
14180LAA4 CARGO AIRCRAFT MANAGEMENT 4.75000 02/01/2028 US 11,995.88 $11,126.18
143905AN7 CARRIAGE SERVICES INC 6.62500 06/01/2026 US 7,997.25 $7,857.30
149123101 CATERPILLAR INC US CAT 528.62 $61,340.88
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 72,413.5 $69,355.43
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 5,997.94 $5,997.94
16119P108 CHARTER COMMUNICATIONS INC-A US CHTR 123.96 $54,083.86
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 106,026.2 $105,174.70
166764100 CHEVRON CORP US CVX 927.68 $67,219.79
17275R102 CISCO SYSTEMS INC US CSCO 2,945.79 $115,798.92
172967424 CITIGROUP INC US C 1,518.68 $63,966.73
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 151,947.79 $238,337.40
191216100 COCA COLA CO/THE US KO 4,646.4 $205,603.36
194162103 COLGATE-PALMOLIVE CO US CL 821.32 $54,502.65
20030N101 COMCAST CORP-CL A US CMCSA 2,288.81 $78,689.41
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 247,914.82 $255,918.46
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 185,885.19 $187,905.65
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 329.89 $12,628.06
20451NAG6 COMPASS MINERALS INTERNA 6.75000 12/01/2027 US 7,997.25 $7,219.52
20825C104 CONOCOPHILLIPS US COP 2,053.29 $63,241.47
222795502 COUSINS PROPERTIES INC US CUZ 673.37 $19,709.50
225310AN1 CREDIT ACCEPTANC 5.12500 12/31/2024 US 5,997.94 $5,458.12
22534GAA1 CAALT 2020-1A 2.01000 02/15/2029 US 175,939.55 $163,225.84
22822V101 CROWN CASTLE INTL CORP US CCI 123.96 $17,899.45
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 327,887.35 $314,097.31
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 113,481.73 $107,055.33
23110AAA4 CUMULUS MEDIA NEW HLDGS 6.75000 07/01/2026 US 13,995.19 $12,525.70
25243Q205 DIAGEO PLC-SPONSORED ADR GB DEO 383.47 $48,746.48
253868103 DIGITAL REALTY TRUST INC US DLR 279.1 $38,770.35
254687106 WALT DISNEY CO/THE US DIS 723.75 $69,914.38
254709AP3 DISCOVER FINANCIAL SVS 4.50000 01/30/2026 US 7,997.25 $8,157.03
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 363,874.98 $366,630.72
256746108 DOLLAR TREE STORES INC US DLTR 999.66 $73,444.77
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 15,994.5 $15,034.83
25960P109 DOUGLAS EMMETT INC US DEI 439.85 $13,419.79
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 79,972.52 $80,172.45
26875P101 EOG RESOURCES INC US EOG 2,017.31 $72,461.66
285512109 ELECTRONIC ARTS US EA 1,223.58 $122,565.97
291011104 EMERSON ELEC CO US EMR 780.53 $37,192.34
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 207,928.56 $189,325.51
29413XAD9 ENVIVA PARTNERS LP/FIN C 6.50000 01/15/2026 US 7,997.25 $7,797.32
29444U700 EQUINIX INC US EQIX 328.69 $205,288.08
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 379.87 $21,834.90
29476L107 EQUITY RESIDENTIAL US EQR 289.9 $17,889.75
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 573.8 $7,493.87
297178105 ESSEX PROPERTY TRUST INC US ESS 50.38 $11,096.28
30212P303 EXPEDIA INC US EXPE 1,397.52 $78,638.44
30212PAP0 EXPEDIA INC 3.80000 02/15/2028 US 171,940.93 $148,624.30
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 619,787.06 $625,210.19
30225T102 EXTRA SPACE STORAGE INC US EXR 59.98 $5,743.63
30262DAL5 FREMF 2011-K13 B 4.61254 01/25/2048 US 163,943.67 $164,361.01
30262SAR9 FREMF 2015-K42 B FLT 3.85082 12/25/2024 US 71,975.27 $70,201.91
30287EAE0 FREMF 2014-K41 B FLT 3.83276 11/25/2047 US 279,903.83 $283,416.79
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 4,232,456.38 $9,494.67
30303M102 FACEBOOK INC -A US FB 2,335.2 $389,510.97
3128M1AM1 FHLM POOL G11912 5.50000 03/01/2021 US 1,142.1 $1,154.19
3128M6HZ4 FHLM POOL G04448 5.50000 07/01/2038 US 54,068.38 $61,293.20
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 1,236.3 $1,400.63
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 4,000.19 $4,547.22
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 42,472.78 $48,908.08
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 14,447.33 $16,370.07
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 17,160.29 $17,919.42
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 1,094.48 $1,124.68
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 1,074.91 $1,117.70
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 181,875.21 $197,201.01
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 30,209.7 $34,213.77
3128MJY87 FHLM POOL FG G08734 4.00000 11/01/2046 US 16,230.85 $17,462.48
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 14,827.39 $16,281.63
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 152,368.72 $166,605.92
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 51,801.43 $55,999.37
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 173,921.53 $186,258.40
3132Y33P7 FHLM POOL FG Q59805 4.50000 11/01/2048 US 120,996.35 $130,131.35
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 113,134.26 $122,019.29
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 15.96 $15.97
3136AY6W8 FNA 2017-M15 A1 2.95938 09/25/2027 US 189,395.58 $205,004.86
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 135,651.41 $145,039.91
31371MLB1 FEDERAL NATL MTG ASSN 256022 5.50000 12/01/2035 US 18,103.85 $20,517.74
31371MRU3 FEDERAL NATL MTG ASSN 256199 5.00000 04/01/2021 US 879.84 $923.23
31371NDQ5 FEDERAL NATL MTG ASSN 256711 5.50000 05/01/2037 US 2,250.55 $2,543.19
3137A2B34 FHMS K009 X1 FLT 1.25934 08/25/2020 US 326,706.47 $868.19
3137ADTK3 FHMS K014 X1 FLT 1.14953 04/25/2021 US 4,287,358.98 $38,031.45
3137AJMG6 FMHS K016 X1 FLT 1.47814 10/25/2021 US 911,422.71 $17,097.83
3137AUPF0 FHMS K021 x1 FLT 1.42038 06/25/2022 US 6,151,682.6 $157,121.97
3137B3NB0 FHMS K030 X1 FLT 0.18047 04/25/2023 US 11,719,106.17 $57,505.65
3137B4GZ3 FHMS K032 X1 FLT 0.09504 05/25/2023 US 6,888,616.12 $23,242.19
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 139,162.54 $144,249.69
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 105,882.6 $109,138.60
3138A7BL1 FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 73,033.57 $78,950.80
3138AJ4A7 FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 12,198.35 $13,126.96
3138EPLE2 FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 33,626.98 $36,838.49
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64500 01/01/2049 US 213,661.28 $247,987.09
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 201,693.89 $219,990.09
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 19,782.19 $22,417.23
31403DVZ9 FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 3,317.81 $3,924.94
31406PTV1 FEDERAL NATL MTG ASSN 816064 4.50000 04/01/2020 US 21.46 $21.52
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 207,507.68 $223,659.13
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 35,056.49 $37,792.52
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 42,763.6 $46,032.40
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 165,857.09 $178,410.27
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 138,524.36 $154,072.08
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 91,468.59 $98,724.40
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 132,372.86 $142,519.35
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 78,800.72 $84,883.70
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 645.43 $660.82
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 770.94 $789.64
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 4,493.88 $4,559.70
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 5,036.74 $5,103.92
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 5,930.11 $6,720.09
31410WSY5 FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 2,246.51 $2,489.55
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 13,892.55 $15,698.01
31411RHZ4 FEDERAL NATL MTG ASSN 912948 5.00000 05/01/2038 US 1,728.76 $1,864.38
31413CCL1 FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 989.06 $1,094.74
31413MR66 FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 6,511.94 $7,441.73
31413S6R0 FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 4,603.97 $5,289.13
31414CQ50 FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 999.4 $1,142.51
31414DJ23 FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 2,993.55 $3,372.85
31414QX28 FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 1,835.75 $1,919.86
31414UF52 FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 10,835.77 $11,300.66
31415ALX7 FEDERAL NATL MTG ASSN 981042 6.00000 04/01/2038 US 4,787.98 $5,317.28
31415BBC2 FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 5,161.03 $5,708.46
31415BBT5 FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 2,670.58 $2,914.73
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 2,906.94 $2,948.97
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 5,653.3 $6,189.23
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 70,055.62 $76,910.31
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 76,968.89 $84,501.04
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 156,529.31 $169,730.23
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 107,280.82 $114,052.83
31418CZH0 FEDERAL NATL MTG ASSN FN MA3443 4.00000 08/01/2048 US 144,495.88 $154,057.62
31418DNN8 FEDERAL NATL MTG ASSN FN MA3996 2.50000 04/01/2050 US 123,957.41 $127,362.02
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 9,335.44 $10,740.99
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 32,483.81 $36,817.13
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 5,865.32 $6,642.38
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 15,994.5 $15,799.37
316067107 FIDELITY CASH RESERVES US 3,416.39 $3,416.39
32054K103 FIRST INDUSTRIAL REALTY TR US FR 213.93 $7,108.78
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 7,997.25 $6,877.64
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 187,935.43 $174,615.21
346232AE1 FORESTAR GROUP INC 5.00000 03/01/2028 US 7,997.25 $6,640.68
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 7,997.25 $5,857.99
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 9,996.57 $7,797.32
357081AE8 FREMF 2015-K720 B FLT 3.39232 07/25/2022 US 39,986.26 $39,428.84
36166LAA5 GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 AE 9,996.57 $8,322.14
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 45,984.2 $46,286.61
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 2,604.43 $2,607.56
36294VKJ8 GNMA POOL 660997 5.50000 05/15/2037 US 11,948.53 $13,022.34
369550108 GENERAL DYNAMICS CORP US GD 281.9 $37,298.61
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 311,892.84 $257,311.59
370334104 GENERAL MLS INC US GIS 707.76 $37,348.33
37185LAL6 GENESIS ENERGY LP/FIN 7.75000 02/01/2028 US 7,997.25 $5,567.69
374297109 GETTY REALTY CORP US GTY 241.92 $5,743.11
375558103 GILEAD SCIENCES INC US GILD 1,051.64 $78,620.51
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 171,854.1 $174,664.12
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 12,387.74 $151,130.48
38869PAK0 GRAPHIC PACKAGING INTERN 4.75000 04/15/2021 US 5,997.94 $5,924.76
398433AN2 GRIFFON CORPORATION 5.75000 03/01/2028 US 7,997.25 $7,517.42
404119BX6 HCA INC 4.12500 06/15/2029 US 235,918.94 $236,325.37
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 3,998.63 $3,718.72
421946104 HEALTHCARE REALTY TRUST INC US HR 383.87 $10,721.44
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 213.93 $5,194.14
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 815.72 $19,454.92
427866108 HERSHEY CO/THE US HSY 261.11 $34,597.11
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 143.95 $9,823.19
437076102 HOME DEPOT INC US HD 660.57 $123,335.59
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 2,008.51 $45,111.13
438516106 HONEYWELL INTERNATIONAL INC US HON 599.79 $80,246.43
44107P104 HOST MARRIOTT CORP US HST 555.81 $6,136.13
450913AE8 IAMGOLD CORP 7.00000 04/15/2025 CA 7,997.25 $7,437.44
452308109 ILLINOIS TOOL WKS INC US ITW 341.08 $48,474.69
45337C102 INCYTE CORP US INCY 595.8 $43,630.09
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 7,997.25 $6,357.82
45781V101 INNOVATIVE INDUSTRIAL PROPER US IIPR 135.55 $10,292.57
458140100 INTEL CORP US INTC 2,403.17 $130,059.79
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 951.67 $76,847.60
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 745.34 $82,681.00
46187BAA1 IHSFR 2017-SFR2 A 1.65013 12/17/2036 US 58,782.86 $53,349.66
46187BAB9 IHSFR 2017-SFR2 B 1.95013 12/17/2036 US 47,983.51 $41,901.42
46187W107 INVITATION HOMES INC US INVH 1,281.96 $27,395.48
46284PAP9 IRON MOUNTAIN INC 5.75000 08/15/2024 US 7,997.25 $7,957.27
46625H100 JP MORGAN CHASE & CO US JPM 1,381.13 $124,342.73
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 11,024.18 $10,749.83
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 77,411.25 $77,237.59
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 91,798.1 $93,223.00
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 102,629.49 $101,779.83
46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 235,918.94 $249,974.12
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 112,167.59 $111,699.35
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 93,295.15 $93,189.39
4741844 MERCK KGAA DE MRK GR 1,399.52 $141,298.51
476405105 JERNIGAN CAPITAL INC US JCAP 679.77 $7,450.24
478160104 JOHNSON & JOHNSON US JNJ 2,901.4 $380,461.00
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 9,996.57 $449.85
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 7,997.25 $8,037.24
49427F108 KILROY REALTY CORP US KRC 406.66 $25,904.26
494368103 KIMBERLY CLARK CORP US KMB 357.08 $45,659.48
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 251,913.45 $262,014.55
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 13,995.19 $12,175.82
505742AD8 LADDER CAP FIN LLLP/CORP 5.87500 08/01/2021 US 9,996.57 $8,397.11
516806AG1 LAREDO PETROLEUM INC 10.12500 01/15/2028 US 7,997.25 $3,038.96
53223X107 LIFE STORAGE INC US LSI 53.98 $5,103.95
532457108 ELI LILLY & CO US LLY 506.63 $70,279.15
539830109 LOCKHEED MARTIN CORP US LMT 227.92 $77,254.06
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 5,997.94 $1,094.62
550021109 LULULEMON - ADR CA LULU 375.87 $71,246.32
57636Q104 MASTERCARD INC-CLASS A US MA 1,397.52 $337,584.89
58933Y105 MERCK & CO INC US MRK 1,704.61 $131,153.03
594918104 MICROSOFT CORP US MSFT 1,633.44 $257,609.63
595112103 MICRON TECHNOLOGY INC US MU 4,786.36 $201,314.11
59522J103 MID-AMERICA APARTMENT COMM US MAA 85.97 $8,857.54
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 4,512.45 $225,983.48
615369105 MOODY'S CORPORATION US MCO 269.91 $57,085.39
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 5,997.94 $1,739.40
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 3,998.63 $2,879.01
637417106 NATIONAL RETAIL PROPERTIES US NNN 193.93 $6,242.72
63938CAA6 NAVIENT CORP 5.00000 10/26/2020 US 7,997.25 $7,877.29
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 5,997.94 $5,518.10
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 96,378.74 $96,422.11
63941RAB6 NAVSL 2019-2A A2 1.94663 02/27/2068 US 399,862.62 $385,053.87
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 100,743.94 $104,189.80
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 128,114.01 $132,010.55
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 165,617.6 $170,353.63
65342QAK8 NEXTERA ENERGY OPERATING 4.25000 07/15/2024 US 3,998.63 $3,898.66
65409QBB7 NIELSEN FINANCE LLC/CO 5.00000 04/15/2022 US 7,997.25 $7,372.03
654106103 NIKE INC CLASS B US NKE 1,009.65 $83,538.70
654106AJ2 NIKE INC 2.75000 03/27/2027 US 79,972.52 $83,098.61
6642321 NIKON CORP JP 7731 JP 7,837.31 $71,932.89
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 9,996.57 $4,898.32
66987V109 NOVARTIS AG- REG CH NVS 2,950.99 $243,308.81
67059TAD7 NUSTAR LOGISTICS LP 6.75000 02/01/2021 US 5,997.94 $4,768.36
67066G104 NVIDIA CORP US NVDA 341.88 $90,120.24
67401PAB4 OAKTREE SPECIALTY LEND 3.50000 02/25/2025 US 7,997.25 $7,173.03
675232AB8 OCEANEERING INTL INC 6.00000 02/01/2028 US 7,997.25 $3,062.27
68245XAE9 1011778 BC / NEW RED FIN 5.00000 10/15/2025 CA 7,997.25 $7,637.30
68389X105 ORACLE CORP US ORCL 1,558.66 $75,330.25
69318FAH1 PBF HOLDING CO LLC 6.00000 02/15/2028 US 7,997.25 $5,278.19
693475105 PNC FINANCIAL SERVICES GROUP US PNC 323.09 $30,926.08
70450Y103 PAYPAL HOLDINGS INC US PYPL 1,111.62 $106,426.31
7123870 NESTLE SA-REGISTERED CH NESN SW 1,659.43 $169,872.18
713448108 PEPSICO INC US PEP 637.78 $76,597.48
717081103 PFIZER INC US PFE 3,828.28 $124,955.21
717081EW9 PFIZER INC 2.62500 04/01/2030 US 87,969.78 $92,497.09
719245AD4 PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 US 7,997.25 $6,477.77
71943U104 PHYSICIANS REALTY TRUST US DOC 641.78 $8,946.41
733174AK2 POPULAR INC 6.12500 09/14/2023 PR 7,997.25 $7,397.46
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 467,839.26 $456,280.45
74166MAB2 PRIME SECSRVC BRW/FINANC 5.25000 04/15/2024 US 7,997.25 $7,899.61
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 5,997.94 $5,877.98
74166MAE6 PRIME SECSRVC BRW/FINANC 6.25000 01/15/2028 US 9,996.57 $8,622.04
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 119,735.92 $119,103.70
74340W103 PROLOGIS US PLD 932.48 $74,943.39
74460D109 PUBLIC STORAGE INC US PSA 135.95 $27,001.68
747525103 QUALCOMM INC US QCOM 734.15 $49,665.10
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 11,995.88 $11,815.94
755111507 RAYTHEON COMPANY US RTN 230.32 $30,206.58
756109104 REALTY INCOME CORP US O 121.96 $6,080.83
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 69.98 $2,869.71
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 659.77 $21,548.20
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 1,795.38 $95,316.89
78409V104 S&P GLOBAL INC US SPGI 219.92 $53,892.48
78410G104 SBA COMMUNICATIONS CORP US SBAC 379.87 $102,553.37
78410GAC8 SBA COMMUNICATIONS CORP 3.87500 02/15/2027 US 7,997.25 $8,017.25
78442PGC4 SLM CORP 5.12500 04/05/2022 US 9,996.57 $8,597.05
78443BAG1 SLMA 2006-10 A6 FLT 1.94413 03/25/2044 US 51,982.14 $46,221.60
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 288,985.37 $286,553.79
785592AU0 SABINE PASS LIQUEFACTION 4.20000 03/15/2028 US 123,957.41 $106,360.37
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 363,874.98 $329,234.12
79466L302 SALESFORCE.COM US CRM 869.7 $125,219.58
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 307,894.22 $314,115.82
806857108 SCHLUMBERGER LTD NL SLB 2,667.08 $35,978.96
808625AA5 SCIENCE APPLICATIONS INT 4.87500 04/01/2028 US 9,996.57 $9,596.70
81745BAB1 SEMT 2013-6 A2 3.00000 05/25/2043 US 147,004.27 $147,486.77
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 100,796.34 $98,326.98
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 134,093.66 $134,222.15
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 101,154.9 $96,423.60
81762P102 SERVICENOW INC US NOW 275.91 $79,068.91
828806109 SIMON PROPERTY GROUP INC US SPG 193.93 $10,639.18
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 86,724 $87,041.50
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 30,433.24 $30,463.13
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 93,972.41 $91,155.07
835699307 SONY CORP SPONSORED ADR JP SNE 3,742.71 $221,493.82
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 331,885.97 $330,227.67
85172FAN9 SPRINGLEAF FINANCE CORP 7.12500 03/15/2026 US 7,997.25 $7,917.28
852061AR1 SPRINT COMMUNICATIONS 7.00000 08/15/2020 US 11,995.88 $12,003.08
85207UAE5 SPRINT CORP 7.25000 09/15/2021 US 5,997.94 $6,182.08
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 7,997.25 $8,778.18
85254J102 STAG INDUSTRIAL INC US STAG 321.89 $7,248.95
855030AN2 STAPLES INC 7.50000 04/15/2026 US 7,997.25 $7,067.57
85571BAP0 STARWOOD PROPERTY TRUST 3.62500 02/01/2021 US 11,995.88 $11,217.35
85571XAA5 SRPT 2014-STAR A FLTG RATE 2.17463 11/15/2027 US 354,414.88 $330,800.29
862121100 STORE CAPITAL CORP US STOR 471.84 $8,549.70
86212XAA8 STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 119,135.76 $112,458.07
866674104 SUN COMMUNITIES US SUI 283.9 $35,445.22
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 461.84 $4,022.64
872540AR0 TJX COS INC 3.50000 04/15/2025 US 199,931.31 $204,363.39
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 45,440.22 $45,203.83
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 5,997.94 $4,108.59
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 231,920.32 $258,765.41
88146M101 TERRENO REALTY CORP US TRNO 53.98 $2,793.54
882508104 TEXAS INSTRUMENTS INC US TXN 794.53 $79,397.09
883556102 THERMO FISHER SCIENTIFIC INC US TMO 259.91 $73,710.67
88579Y101 3M CO US MMM 515.42 $70,360.38
89151E109 TOTAL S A SPONSORED ADR FR TOT 3,423.22 $127,480.86
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 246,094.41 $241,801.69
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 113,261.56 $113,312.42
89177EAA7 TPMT 2019-HY1 A1 1.94663 10/25/2048 US 100,831.56 $98,916.86
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 11,995.88 $11,516.04
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 311,891.95 $306,608.85
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 199,365.73 $195,695.68
89832Q109 TRUIST FINANCIAL CORP US TFC 1,415.51 $43,654.44
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 27,990.38 $23,232.02
902653104 UDR INC US UDR 243.12 $8,883.48
902973304 U.S. BANCORP US USB 1,477.09 $50,885.84
904767704 UNILEVER PLC - ADR GB UL 6,702.1 $338,925.06
907818108 UNION PAC CORP US UNP 571.4 $80,590.78
912796SZ3 TREASURY BILL 0.00000 07/16/2020 US 319,890.09 $319,815.92
912810FS2 TSY INFL IX N/B 2.00000 01/15/2026 US 1,317,493.84 $1,465,483.83
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 231,449.13 $259,207.20
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 371,872.23 $515,478.83
9128286N5 TSY INFL IX N/B 0.50000 04/15/2024 US 943,152.8 $956,776.61
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 75,631.22 $75,708.66
912828VS6 US TREASURY N/B 2.50000 08/15/2023 US 35,987.64 $38,657.19
912828YN4 US TREASURY FRN 0.42504 10/31/2021 US 2,864,215.93 $2,872,477.62
913017109 UNITED TECHNOLOGIES CORP US UTX 714.15 $67,366.21
91704F104 URBAN EDGE PROPERTIES US UE 569.8 $5,019.98
91911KAK8 BAUSCH HEALTH COS INC 7.00000 03/15/2024 CA 7,997.25 $8,147.12
92276F100 VENTAS INC US VTR 141.55 $3,793.58
92339V100 VEREIT INC US VER 1,097.62 $5,367.38
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 395,863.99 $502,794.90
92826C839 VISA INC - CLASS A SHARES US V 1,841.37 $296,681.11
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 7,997.25 $6,467.78
92840VAB8 VISTRA OPERATIONS CO LLC 5.62500 02/15/2027 US 7,997.25 $8,247.17
93065PAA9 WBHT 2019-WBM A FLT 1.75463 12/15/2033 US 155,946.42 $134,343.10
931142103 WAL MART STORES US WMT 1,148.41 $130,481.83
94106L109 WASTE MANAGEMENT INC US WM 471.84 $43,673.31
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 7,997.25 $7,197.53
949746101 WELLS FARGO COMPANY US WFC 3,134.92 $89,972.29
95040Q104 WELLTOWER INC. US WELL 312.29 $14,296.76
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 5,997.94 $5,571.97
966387AH5 WHITING PETROLEUM CORP 5.75000 03/15/2021 US 7,997.25 $537.42
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 243,916.2 $223,435.62
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 56,900.65 $56,406.72
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 127,414.78 $129,350.81
98311A105 WYNDHAM HOTELS & RESORTS INC US WH 197.93 $6,236.84
983793AD2 XPO LOGISTICS INC 6.50000 06/15/2022 US 7,997.25 $8,017.25
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 159,945.05 $6,744.97
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 55,980.77 $41,728.40
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 439,848.88 $18,577.39
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 719,752.71 $30,395.73
B63QM77 NEXON CO LTD JP 3659 JP 15,154.79 $247,642.08
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 139,951.92 $6,048.98
B7KR2P8 EASY JET PLC GB EZJ LN 11,114.18 $77,016.22
BBG00S178J65 SNE US 04/09/20 JP -8.8 -$879.70
BBG00S4P5V77 FB US 04/03/20 US -3.6 -$82.77
BD3HF92 BSR REAL ESTATE INVESTMENT CA HOM/U CN 463.84 $4,058.61
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 5,724.03 $6,603.37
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 2,990.97 $147,836.63
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 1,603.45 $70,824.21
G1151C101 ACCENTURE PLC - CL A IE ACN 366.67 $59,863.20
G29183103 EATON CORP PLC US ETN 501.83 $38,986.99
G5494J103 LINDE PLC GB LIN 326.69 $56,516.98
G5960L103 MEDTRONIC INC IE MDT 1,897.75 $171,138.91
H01301128 ALCON INC CH ALC 1,547.47 $78,642.34
H1467J104 CHUBB LTD CH CB 401.46 $44,839.30
USD US DOLLAR US 1,803,634.78 $1,803,634.78

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

Daily Price

$17.92

Daily $ Change

$0.20

Daily % Change

1.12%

as of 04/09/2020

CUSIP

302027651

Inception Date

05/31/2007

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 preservation and manage risk for investors who have already reached their target date or who desire minimal capital risk as they move towards a future target date.

Investment Strategy

The portfolio is invested in a conservative mix of securities that seeks preservation of capital, with income and long-term capital growth as secondary objectives. The portfolio is diversified primarily among fixed income securities, typically focusing on short to intermediate-term maturities. A position in various stock investments, which may be focused on dividend paying stocks, adds potential for growth opportunities and income generation. For the most part, this approach favors stability over growth. Stock exposure can range from 15% - 45%.

May be Appropriate for Investors

  • Who have reached their target date or are already in retirement and seek to minimize declines in account value with potential for modest capital growth and income generation
  • Who have a future target date and want to assume a minimal amount of capital risk through limited stock exposure
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio

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 03/31/2020

YTD

-5.51%

1 Year

1.11%

3 Year

3.42%

5 Year

2.75%

10 Year

4.43%

Inception
(01/01/2000)

5.44%

US Stock Market Cycle (04/01/2000 - 03/31/2020)

5.39%

Performance through 06/04/2012 reflects the performance of the Retirement Target Institutional CIT Fund, which was merged into the Retirement Target CIT Fund on 06/04/2012 to establish the Class I units. Performance through the Institutional CIT Fund inception date (05/31/2007) 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 I 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 0.70%
Net 0.69%*

*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 03/31/2020

GOVERNMENT AGENCY 9.34%
TREASURY NOTES 7.49%
TSY INFL IX N/B 2.00000 01/15/2026 3.82%
TSY INFL IX N/B 0.50000 04/15/2024 2.50%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 1.63%
TREASURY BONDS 1.45%
VERIZON COMMUNICATIONS 5.25000 03/16/2037 1.31%
BANK OF AMERICA CORP 4.00000 01/22/2025 1.28%
BOOKING HOLDINGS INC 3.60000 06/01/2026 1.19%
FACEBOOK INC -A 1.02%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 03/31/2020

Bonds
64.43%
Stocks
31.07%
Cash
4.50%

Detailed Asset Class Allocation

As of 03/31/2020

International Equities
7.00%
Small Capitalization
0.23%
Mid Capitalization
1.54%
Large Capitalization
22.30%
Long Term Fixed Income
20.38%
Intermediate Term Fixed Income
31.51%
Short Term Fixed Income
12.54%
Cash
4.50%

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

March Fund Holdings

As of 03/31/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 5,997.94 $5,862.99
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 303,895.59 $322,788.37
00287Y109 ABBVIE INC US ABBV 1,177.6 $89,720.99
004239109 ACADIA REALTY TRUST US AKR 429.85 $5,325.87
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 3,998.63 $3,438.82
00507V109 ACTIVISION INC US ATVI 2,523.13 $150,075.96
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 311,892.84 $264,064.29
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 5,997.94 $5,218.21
008492100 AGREE REALTY CORP US ADC 115.96 $7,177.93
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 159,945.05 $134,338.55
00912XBA1 AIR LEASE CORP 3.25000 03/01/2025 US 9,996.57 $7,834.60
013092AC5 ALBERTSONS COS/SAFEWAY 4.62500 01/15/2027 US 7,997.25 $7,957.27
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 41.99 $5,754.54
01609W102 ALIBABA GROUP - ADR CN BABA 421.86 $82,042.37
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 239,917.57 $251,489.79
02005NBF6 ALLY FINANCIAL INC 5.75000 11/20/2025 US 7,997.25 $7,822.91
02079K107 ALPHABET INC-CL C US GOOG 183.94 $213,883.56
02079K305 ALPHABET INC-CL A US GOOGL 185.94 $216,048.47
02154CAE3 ALTICE FINANCING SA 7.50000 05/15/2026 LU 7,997.25 $7,748.54
023135106 AMAZON.COM INC US AMZN 135.95 $265,070.85
0237400 DIAGEO PLC GB DGE LN 2,183.25 $69,229.65
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 411.86 $11,429.07
02665T306 AMERICAN HOMES 4 RENT- A US AMH 875.7 $20,316.22
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 3,998.63 $3,598.78
03027X100 AMERICAN TOWER REIT INC US AMT 387.87 $84,457.98
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 311,892.84 $315,729.12
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 4,759.08 $4,723.90
03064D108 AMERICOLD REALTY TRUST US COLD 633.78 $21,573.95
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 5,997.94 $3,838.68
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 5,997.94 $3,838.68
03748R754 APARTMENT INVT & MGMT CO -A US AIV 441.45 $15,516.91
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 5,997.94 $4,798.35
053015103 AUTOMATIC DATA PROCESSING US ADP 301.1 $41,153.88
053484101 AVALONBAY COMMUNITIES INC US AVB 185.94 $27,364.22
05401AAJ0 AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 KY 167,942.3 $131,705.83
055622104 BP PLC-SPONS ADR GB BP 951.67 $23,211.31
060505104 BANK OF AMERICA CORP US BAC 5,060.26 $107,429.35
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 467,839.26 $492,349.91
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 823.72 $150,600.18
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 1,323.55 $111,839.57
09857L108 BOOKING HOLDINGS INC US BKNG 237.92 $320,076.19
101121101 BOSTON PROPERTIES INC US BXP 192.73 $17,775.84
105368203 BRANDYWINE REALTY TRUST US BDN 983.66 $10,348.12
110122108 BRISTOL MYERS SQUIBB CO US BMY 1,587.05 $88,462.43
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 15,994.5 $1,119.62
1248EPCE1 CCO HLDGS LLC/CAP CORP 4.50000 08/15/2030 US 5,997.94 $5,877.98
12503M108 CBOE GLOBAL MARKETS INC US CBOE 1,343.54 $119,910.80
12527GAC7 CF INDUSTRIES 3.45000 06/01/2023 US 7,997.25 $7,857.86
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 57,241.3 $56,667.41
12572Q105 CME GROUP INC US CME 431.85 $74,671.46
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 155,103.23 $147,696.09
127097103 CABOT OIL & GAS CORP US COG 9,944.58 $170,947.39
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 7,997.25 $5,760.82
133131102 CAMDEN PROPERTY TRUST US CPT 279.9 $22,179.58
136375102 CANADIAN NATIONAL RAILWAY CO CA CNI 525.42 $40,788.31
14180LAA4 CARGO AIRCRAFT MANAGEMENT 4.75000 02/01/2028 US 11,995.88 $11,126.18
143905AN7 CARRIAGE SERVICES INC 6.62500 06/01/2026 US 7,997.25 $7,857.30
149123101 CATERPILLAR INC US CAT 528.62 $61,340.88
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 72,413.5 $69,355.43
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 5,997.94 $5,997.94
16119P108 CHARTER COMMUNICATIONS INC-A US CHTR 123.96 $54,083.86
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 106,026.2 $105,174.70
166764100 CHEVRON CORP US CVX 927.68 $67,219.79
17275R102 CISCO SYSTEMS INC US CSCO 2,945.79 $115,798.92
172967424 CITIGROUP INC US C 1,518.68 $63,966.73
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 151,947.79 $238,337.40
191216100 COCA COLA CO/THE US KO 4,646.4 $205,603.36
194162103 COLGATE-PALMOLIVE CO US CL 821.32 $54,502.65
20030N101 COMCAST CORP-CL A US CMCSA 2,288.81 $78,689.41
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 247,914.82 $255,918.46
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 185,885.19 $187,905.65
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 329.89 $12,628.06
20451NAG6 COMPASS MINERALS INTERNA 6.75000 12/01/2027 US 7,997.25 $7,219.52
20825C104 CONOCOPHILLIPS US COP 2,053.29 $63,241.47
222795502 COUSINS PROPERTIES INC US CUZ 673.37 $19,709.50
225310AN1 CREDIT ACCEPTANC 5.12500 12/31/2024 US 5,997.94 $5,458.12
22534GAA1 CAALT 2020-1A 2.01000 02/15/2029 US 175,939.55 $163,225.84
22822V101 CROWN CASTLE INTL CORP US CCI 123.96 $17,899.45
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 327,887.35 $314,097.31
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 113,481.73 $107,055.33
23110AAA4 CUMULUS MEDIA NEW HLDGS 6.75000 07/01/2026 US 13,995.19 $12,525.70
25243Q205 DIAGEO PLC-SPONSORED ADR GB DEO 383.47 $48,746.48
253868103 DIGITAL REALTY TRUST INC US DLR 279.1 $38,770.35
254687106 WALT DISNEY CO/THE US DIS 723.75 $69,914.38
254709AP3 DISCOVER FINANCIAL SVS 4.50000 01/30/2026 US 7,997.25 $8,157.03
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 363,874.98 $366,630.72
256746108 DOLLAR TREE STORES INC US DLTR 999.66 $73,444.77
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 15,994.5 $15,034.83
25960P109 DOUGLAS EMMETT INC US DEI 439.85 $13,419.79
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 79,972.52 $80,172.45
26875P101 EOG RESOURCES INC US EOG 2,017.31 $72,461.66
285512109 ELECTRONIC ARTS US EA 1,223.58 $122,565.97
291011104 EMERSON ELEC CO US EMR 780.53 $37,192.34
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 207,928.56 $189,325.51
29413XAD9 ENVIVA PARTNERS LP/FIN C 6.50000 01/15/2026 US 7,997.25 $7,797.32
29444U700 EQUINIX INC US EQIX 328.69 $205,288.08
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 379.87 $21,834.90
29476L107 EQUITY RESIDENTIAL US EQR 289.9 $17,889.75
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 573.8 $7,493.87
297178105 ESSEX PROPERTY TRUST INC US ESS 50.38 $11,096.28
30212P303 EXPEDIA INC US EXPE 1,397.52 $78,638.44
30212PAP0 EXPEDIA INC 3.80000 02/15/2028 US 171,940.93 $148,624.30
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 619,787.06 $625,210.19
30225T102 EXTRA SPACE STORAGE INC US EXR 59.98 $5,743.63
30262DAL5 FREMF 2011-K13 B 4.61254 01/25/2048 US 163,943.67 $164,361.01
30262SAR9 FREMF 2015-K42 B FLT 3.85082 12/25/2024 US 71,975.27 $70,201.91
30287EAE0 FREMF 2014-K41 B FLT 3.83276 11/25/2047 US 279,903.83 $283,416.79
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 4,232,456.38 $9,494.67
30303M102 FACEBOOK INC -A US FB 2,335.2 $389,510.97
3128M1AM1 FHLM POOL G11912 5.50000 03/01/2021 US 1,142.1 $1,154.19
3128M6HZ4 FHLM POOL G04448 5.50000 07/01/2038 US 54,068.38 $61,293.20
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 1,236.3 $1,400.63
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 4,000.19 $4,547.22
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 42,472.78 $48,908.08
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 14,447.33 $16,370.07
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 17,160.29 $17,919.42
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 1,094.48 $1,124.68
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 1,074.91 $1,117.70
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 181,875.21 $197,201.01
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 30,209.7 $34,213.77
3128MJY87 FHLM POOL FG G08734 4.00000 11/01/2046 US 16,230.85 $17,462.48
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 14,827.39 $16,281.63
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 152,368.72 $166,605.92
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 51,801.43 $55,999.37
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 173,921.53 $186,258.40
3132Y33P7 FHLM POOL FG Q59805 4.50000 11/01/2048 US 120,996.35 $130,131.35
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 113,134.26 $122,019.29
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 15.96 $15.97
3136AY6W8 FNA 2017-M15 A1 2.95938 09/25/2027 US 189,395.58 $205,004.86
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 135,651.41 $145,039.91
31371MLB1 FEDERAL NATL MTG ASSN 256022 5.50000 12/01/2035 US 18,103.85 $20,517.74
31371MRU3 FEDERAL NATL MTG ASSN 256199 5.00000 04/01/2021 US 879.84 $923.23
31371NDQ5 FEDERAL NATL MTG ASSN 256711 5.50000 05/01/2037 US 2,250.55 $2,543.19
3137A2B34 FHMS K009 X1 FLT 1.25934 08/25/2020 US 326,706.47 $868.19
3137ADTK3 FHMS K014 X1 FLT 1.14953 04/25/2021 US 4,287,358.98 $38,031.45
3137AJMG6 FMHS K016 X1 FLT 1.47814 10/25/2021 US 911,422.71 $17,097.83
3137AUPF0 FHMS K021 x1 FLT 1.42038 06/25/2022 US 6,151,682.6 $157,121.97
3137B3NB0 FHMS K030 X1 FLT 0.18047 04/25/2023 US 11,719,106.17 $57,505.65
3137B4GZ3 FHMS K032 X1 FLT 0.09504 05/25/2023 US 6,888,616.12 $23,242.19
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 139,162.54 $144,249.69
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 105,882.6 $109,138.60
3138A7BL1 FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 73,033.57 $78,950.80
3138AJ4A7 FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 12,198.35 $13,126.96
3138EPLE2 FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 33,626.98 $36,838.49
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64500 01/01/2049 US 213,661.28 $247,987.09
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 201,693.89 $219,990.09
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 19,782.19 $22,417.23
31403DVZ9 FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 3,317.81 $3,924.94
31406PTV1 FEDERAL NATL MTG ASSN 816064 4.50000 04/01/2020 US 21.46 $21.52
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 207,507.68 $223,659.13
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 35,056.49 $37,792.52
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 42,763.6 $46,032.40
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 165,857.09 $178,410.27
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 138,524.36 $154,072.08
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 91,468.59 $98,724.40
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 132,372.86 $142,519.35
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 78,800.72 $84,883.70
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 645.43 $660.82
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 770.94 $789.64
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 4,493.88 $4,559.70
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 5,036.74 $5,103.92
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 5,930.11 $6,720.09
31410WSY5 FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 2,246.51 $2,489.55
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 13,892.55 $15,698.01
31411RHZ4 FEDERAL NATL MTG ASSN 912948 5.00000 05/01/2038 US 1,728.76 $1,864.38
31413CCL1 FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 989.06 $1,094.74
31413MR66 FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 6,511.94 $7,441.73
31413S6R0 FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 4,603.97 $5,289.13
31414CQ50 FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 999.4 $1,142.51
31414DJ23 FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 2,993.55 $3,372.85
31414QX28 FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 1,835.75 $1,919.86
31414UF52 FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 10,835.77 $11,300.66
31415ALX7 FEDERAL NATL MTG ASSN 981042 6.00000 04/01/2038 US 4,787.98 $5,317.28
31415BBC2 FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 5,161.03 $5,708.46
31415BBT5 FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 2,670.58 $2,914.73
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 2,906.94 $2,948.97
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 5,653.3 $6,189.23
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 70,055.62 $76,910.31
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 76,968.89 $84,501.04
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 156,529.31 $169,730.23
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 107,280.82 $114,052.83
31418CZH0 FEDERAL NATL MTG ASSN FN MA3443 4.00000 08/01/2048 US 144,495.88 $154,057.62
31418DNN8 FEDERAL NATL MTG ASSN FN MA3996 2.50000 04/01/2050 US 123,957.41 $127,362.02
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 9,335.44 $10,740.99
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 32,483.81 $36,817.13
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 5,865.32 $6,642.38
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 15,994.5 $15,799.37
316067107 FIDELITY CASH RESERVES US 3,416.39 $3,416.39
32054K103 FIRST INDUSTRIAL REALTY TR US FR 213.93 $7,108.78
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 7,997.25 $6,877.64
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 187,935.43 $174,615.21
346232AE1 FORESTAR GROUP INC 5.00000 03/01/2028 US 7,997.25 $6,640.68
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 7,997.25 $5,857.99
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 9,996.57 $7,797.32
357081AE8 FREMF 2015-K720 B FLT 3.39232 07/25/2022 US 39,986.26 $39,428.84
36166LAA5 GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 AE 9,996.57 $8,322.14
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 45,984.2 $46,286.61
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 2,604.43 $2,607.56
36294VKJ8 GNMA POOL 660997 5.50000 05/15/2037 US 11,948.53 $13,022.34
369550108 GENERAL DYNAMICS CORP US GD 281.9 $37,298.61
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 311,892.84 $257,311.59
370334104 GENERAL MLS INC US GIS 707.76 $37,348.33
37185LAL6 GENESIS ENERGY LP/FIN 7.75000 02/01/2028 US 7,997.25 $5,567.69
374297109 GETTY REALTY CORP US GTY 241.92 $5,743.11
375558103 GILEAD SCIENCES INC US GILD 1,051.64 $78,620.51
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 171,854.1 $174,664.12
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 12,387.74 $151,130.48
38869PAK0 GRAPHIC PACKAGING INTERN 4.75000 04/15/2021 US 5,997.94 $5,924.76
398433AN2 GRIFFON CORPORATION 5.75000 03/01/2028 US 7,997.25 $7,517.42
404119BX6 HCA INC 4.12500 06/15/2029 US 235,918.94 $236,325.37
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 3,998.63 $3,718.72
421946104 HEALTHCARE REALTY TRUST INC US HR 383.87 $10,721.44
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 213.93 $5,194.14
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 815.72 $19,454.92
427866108 HERSHEY CO/THE US HSY 261.11 $34,597.11
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 143.95 $9,823.19
437076102 HOME DEPOT INC US HD 660.57 $123,335.59
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 2,008.51 $45,111.13
438516106 HONEYWELL INTERNATIONAL INC US HON 599.79 $80,246.43
44107P104 HOST MARRIOTT CORP US HST 555.81 $6,136.13
450913AE8 IAMGOLD CORP 7.00000 04/15/2025 CA 7,997.25 $7,437.44
452308109 ILLINOIS TOOL WKS INC US ITW 341.08 $48,474.69
45337C102 INCYTE CORP US INCY 595.8 $43,630.09
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 7,997.25 $6,357.82
45781V101 INNOVATIVE INDUSTRIAL PROPER US IIPR 135.55 $10,292.57
458140100 INTEL CORP US INTC 2,403.17 $130,059.79
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 951.67 $76,847.60
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 745.34 $82,681.00
46187BAA1 IHSFR 2017-SFR2 A 1.65013 12/17/2036 US 58,782.86 $53,349.66
46187BAB9 IHSFR 2017-SFR2 B 1.95013 12/17/2036 US 47,983.51 $41,901.42
46187W107 INVITATION HOMES INC US INVH 1,281.96 $27,395.48
46284PAP9 IRON MOUNTAIN INC 5.75000 08/15/2024 US 7,997.25 $7,957.27
46625H100 JP MORGAN CHASE & CO US JPM 1,381.13 $124,342.73
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 11,024.18 $10,749.83
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 77,411.25 $77,237.59
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 91,798.1 $93,223.00
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 102,629.49 $101,779.83
46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 235,918.94 $249,974.12
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 112,167.59 $111,699.35
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 93,295.15 $93,189.39
4741844 MERCK KGAA DE MRK GR 1,399.52 $141,298.51
476405105 JERNIGAN CAPITAL INC US JCAP 679.77 $7,450.24
478160104 JOHNSON & JOHNSON US JNJ 2,901.4 $380,461.00
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 9,996.57 $449.85
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 7,997.25 $8,037.24
49427F108 KILROY REALTY CORP US KRC 406.66 $25,904.26
494368103 KIMBERLY CLARK CORP US KMB 357.08 $45,659.48
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 251,913.45 $262,014.55
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 13,995.19 $12,175.82
505742AD8 LADDER CAP FIN LLLP/CORP 5.87500 08/01/2021 US 9,996.57 $8,397.11
516806AG1 LAREDO PETROLEUM INC 10.12500 01/15/2028 US 7,997.25 $3,038.96
53223X107 LIFE STORAGE INC US LSI 53.98 $5,103.95
532457108 ELI LILLY & CO US LLY 506.63 $70,279.15
539830109 LOCKHEED MARTIN CORP US LMT 227.92 $77,254.06
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 5,997.94 $1,094.62
550021109 LULULEMON - ADR CA LULU 375.87 $71,246.32
57636Q104 MASTERCARD INC-CLASS A US MA 1,397.52 $337,584.89
58933Y105 MERCK & CO INC US MRK 1,704.61 $131,153.03
594918104 MICROSOFT CORP US MSFT 1,633.44 $257,609.63
595112103 MICRON TECHNOLOGY INC US MU 4,786.36 $201,314.11
59522J103 MID-AMERICA APARTMENT COMM US MAA 85.97 $8,857.54
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 4,512.45 $225,983.48
615369105 MOODY'S CORPORATION US MCO 269.91 $57,085.39
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 5,997.94 $1,739.40
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 3,998.63 $2,879.01
637417106 NATIONAL RETAIL PROPERTIES US NNN 193.93 $6,242.72
63938CAA6 NAVIENT CORP 5.00000 10/26/2020 US 7,997.25 $7,877.29
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 5,997.94 $5,518.10
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 96,378.74 $96,422.11
63941RAB6 NAVSL 2019-2A A2 1.94663 02/27/2068 US 399,862.62 $385,053.87
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 100,743.94 $104,189.80
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 128,114.01 $132,010.55
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 165,617.6 $170,353.63
65342QAK8 NEXTERA ENERGY OPERATING 4.25000 07/15/2024 US 3,998.63 $3,898.66
65409QBB7 NIELSEN FINANCE LLC/CO 5.00000 04/15/2022 US 7,997.25 $7,372.03
654106103 NIKE INC CLASS B US NKE 1,009.65 $83,538.70
654106AJ2 NIKE INC 2.75000 03/27/2027 US 79,972.52 $83,098.61
6642321 NIKON CORP JP 7731 JP 7,837.31 $71,932.89
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 9,996.57 $4,898.32
66987V109 NOVARTIS AG- REG CH NVS 2,950.99 $243,308.81
67059TAD7 NUSTAR LOGISTICS LP 6.75000 02/01/2021 US 5,997.94 $4,768.36
67066G104 NVIDIA CORP US NVDA 341.88 $90,120.24
67401PAB4 OAKTREE SPECIALTY LEND 3.50000 02/25/2025 US 7,997.25 $7,173.03
675232AB8 OCEANEERING INTL INC 6.00000 02/01/2028 US 7,997.25 $3,062.27
68245XAE9 1011778 BC / NEW RED FIN 5.00000 10/15/2025 CA 7,997.25 $7,637.30
68389X105 ORACLE CORP US ORCL 1,558.66 $75,330.25
69318FAH1 PBF HOLDING CO LLC 6.00000 02/15/2028 US 7,997.25 $5,278.19
693475105 PNC FINANCIAL SERVICES GROUP US PNC 323.09 $30,926.08
70450Y103 PAYPAL HOLDINGS INC US PYPL 1,111.62 $106,426.31
7123870 NESTLE SA-REGISTERED CH NESN SW 1,659.43 $169,872.18
713448108 PEPSICO INC US PEP 637.78 $76,597.48
717081103 PFIZER INC US PFE 3,828.28 $124,955.21
717081EW9 PFIZER INC 2.62500 04/01/2030 US 87,969.78 $92,497.09
719245AD4 PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 US 7,997.25 $6,477.77
71943U104 PHYSICIANS REALTY TRUST US DOC 641.78 $8,946.41
733174AK2 POPULAR INC 6.12500 09/14/2023 PR 7,997.25 $7,397.46
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 467,839.26 $456,280.45
74166MAB2 PRIME SECSRVC BRW/FINANC 5.25000 04/15/2024 US 7,997.25 $7,899.61
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 5,997.94 $5,877.98
74166MAE6 PRIME SECSRVC BRW/FINANC 6.25000 01/15/2028 US 9,996.57 $8,622.04
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 119,735.92 $119,103.70
74340W103 PROLOGIS US PLD 932.48 $74,943.39
74460D109 PUBLIC STORAGE INC US PSA 135.95 $27,001.68
747525103 QUALCOMM INC US QCOM 734.15 $49,665.10
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 11,995.88 $11,815.94
755111507 RAYTHEON COMPANY US RTN 230.32 $30,206.58
756109104 REALTY INCOME CORP US O 121.96 $6,080.83
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 69.98 $2,869.71
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 659.77 $21,548.20
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 1,795.38 $95,316.89
78409V104 S&P GLOBAL INC US SPGI 219.92 $53,892.48
78410G104 SBA COMMUNICATIONS CORP US SBAC 379.87 $102,553.37
78410GAC8 SBA COMMUNICATIONS CORP 3.87500 02/15/2027 US 7,997.25 $8,017.25
78442PGC4 SLM CORP 5.12500 04/05/2022 US 9,996.57 $8,597.05
78443BAG1 SLMA 2006-10 A6 FLT 1.94413 03/25/2044 US 51,982.14 $46,221.60
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 288,985.37 $286,553.79
785592AU0 SABINE PASS LIQUEFACTION 4.20000 03/15/2028 US 123,957.41 $106,360.37
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 363,874.98 $329,234.12
79466L302 SALESFORCE.COM US CRM 869.7 $125,219.58
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 307,894.22 $314,115.82
806857108 SCHLUMBERGER LTD NL SLB 2,667.08 $35,978.96
808625AA5 SCIENCE APPLICATIONS INT 4.87500 04/01/2028 US 9,996.57 $9,596.70
81745BAB1 SEMT 2013-6 A2 3.00000 05/25/2043 US 147,004.27 $147,486.77
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 100,796.34 $98,326.98
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 134,093.66 $134,222.15
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 101,154.9 $96,423.60
81762P102 SERVICENOW INC US NOW 275.91 $79,068.91
828806109 SIMON PROPERTY GROUP INC US SPG 193.93 $10,639.18
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 86,724 $87,041.50
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 30,433.24 $30,463.13
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 93,972.41 $91,155.07
835699307 SONY CORP SPONSORED ADR JP SNE 3,742.71 $221,493.82
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 331,885.97 $330,227.67
85172FAN9 SPRINGLEAF FINANCE CORP 7.12500 03/15/2026 US 7,997.25 $7,917.28
852061AR1 SPRINT COMMUNICATIONS 7.00000 08/15/2020 US 11,995.88 $12,003.08
85207UAE5 SPRINT CORP 7.25000 09/15/2021 US 5,997.94 $6,182.08
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 7,997.25 $8,778.18
85254J102 STAG INDUSTRIAL INC US STAG 321.89 $7,248.95
855030AN2 STAPLES INC 7.50000 04/15/2026 US 7,997.25 $7,067.57
85571BAP0 STARWOOD PROPERTY TRUST 3.62500 02/01/2021 US 11,995.88 $11,217.35
85571XAA5 SRPT 2014-STAR A FLTG RATE 2.17463 11/15/2027 US 354,414.88 $330,800.29
862121100 STORE CAPITAL CORP US STOR 471.84 $8,549.70
86212XAA8 STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 119,135.76 $112,458.07
866674104 SUN COMMUNITIES US SUI 283.9 $35,445.22
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 461.84 $4,022.64
872540AR0 TJX COS INC 3.50000 04/15/2025 US 199,931.31 $204,363.39
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 45,440.22 $45,203.83
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 5,997.94 $4,108.59
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 231,920.32 $258,765.41
88146M101 TERRENO REALTY CORP US TRNO 53.98 $2,793.54
882508104 TEXAS INSTRUMENTS INC US TXN 794.53 $79,397.09
883556102 THERMO FISHER SCIENTIFIC INC US TMO 259.91 $73,710.67
88579Y101 3M CO US MMM 515.42 $70,360.38
89151E109 TOTAL S A SPONSORED ADR FR TOT 3,423.22 $127,480.86
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 246,094.41 $241,801.69
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 113,261.56 $113,312.42
89177EAA7 TPMT 2019-HY1 A1 1.94663 10/25/2048 US 100,831.56 $98,916.86
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 11,995.88 $11,516.04
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 311,891.95 $306,608.85
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 199,365.73 $195,695.68
89832Q109 TRUIST FINANCIAL CORP US TFC 1,415.51 $43,654.44
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 27,990.38 $23,232.02
902653104 UDR INC US UDR 243.12 $8,883.48
902973304 U.S. BANCORP US USB 1,477.09 $50,885.84
904767704 UNILEVER PLC - ADR GB UL 6,702.1 $338,925.06
907818108 UNION PAC CORP US UNP 571.4 $80,590.78
912796SZ3 TREASURY BILL 0.00000 07/16/2020 US 319,890.09 $319,815.92
912810FS2 TSY INFL IX N/B 2.00000 01/15/2026 US 1,317,493.84 $1,465,483.83
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 231,449.13 $259,207.20
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 371,872.23 $515,478.83
9128286N5 TSY INFL IX N/B 0.50000 04/15/2024 US 943,152.8 $956,776.61
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 75,631.22 $75,708.66
912828VS6 US TREASURY N/B 2.50000 08/15/2023 US 35,987.64 $38,657.19
912828YN4 US TREASURY FRN 0.42504 10/31/2021 US 2,864,215.93 $2,872,477.62
913017109 UNITED TECHNOLOGIES CORP US UTX 714.15 $67,366.21
91704F104 URBAN EDGE PROPERTIES US UE 569.8 $5,019.98
91911KAK8 BAUSCH HEALTH COS INC 7.00000 03/15/2024 CA 7,997.25 $8,147.12
92276F100 VENTAS INC US VTR 141.55 $3,793.58
92339V100 VEREIT INC US VER 1,097.62 $5,367.38
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 395,863.99 $502,794.90
92826C839 VISA INC - CLASS A SHARES US V 1,841.37 $296,681.11
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 7,997.25 $6,467.78
92840VAB8 VISTRA OPERATIONS CO LLC 5.62500 02/15/2027 US 7,997.25 $8,247.17
93065PAA9 WBHT 2019-WBM A FLT 1.75463 12/15/2033 US 155,946.42 $134,343.10
931142103 WAL MART STORES US WMT 1,148.41 $130,481.83
94106L109 WASTE MANAGEMENT INC US WM 471.84 $43,673.31
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 7,997.25 $7,197.53
949746101 WELLS FARGO COMPANY US WFC 3,134.92 $89,972.29
95040Q104 WELLTOWER INC. US WELL 312.29 $14,296.76
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 5,997.94 $5,571.97
966387AH5 WHITING PETROLEUM CORP 5.75000 03/15/2021 US 7,997.25 $537.42
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 243,916.2 $223,435.62
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 56,900.65 $56,406.72
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 127,414.78 $129,350.81
98311A105 WYNDHAM HOTELS & RESORTS INC US WH 197.93 $6,236.84
983793AD2 XPO LOGISTICS INC 6.50000 06/15/2022 US 7,997.25 $8,017.25
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 159,945.05 $6,744.97
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 55,980.77 $41,728.40
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 439,848.88 $18,577.39
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 719,752.71 $30,395.73
B63QM77 NEXON CO LTD JP 3659 JP 15,154.79 $247,642.08
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 139,951.92 $6,048.98
B7KR2P8 EASY JET PLC GB EZJ LN 11,114.18 $77,016.22
BBG00S178J65 SNE US 04/09/20 JP -8.8 -$879.70
BBG00S4P5V77 FB US 04/03/20 US -3.6 -$82.77
BD3HF92 BSR REAL ESTATE INVESTMENT CA HOM/U CN 463.84 $4,058.61
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 5,724.03 $6,603.37
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 2,990.97 $147,836.63
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 1,603.45 $70,824.21
G1151C101 ACCENTURE PLC - CL A IE ACN 366.67 $59,863.20
G29183103 EATON CORP PLC US ETN 501.83 $38,986.99
G5494J103 LINDE PLC GB LIN 326.69 $56,516.98
G5960L103 MEDTRONIC INC IE MDT 1,897.75 $171,138.91
H01301128 ALCON INC CH ALC 1,547.47 $78,642.34
H1467J104 CHUBB LTD CH CB 401.46 $44,839.30
USD US DOLLAR US 1,803,634.78 $1,803,634.78

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


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