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

$22.74

Daily $ Change

$0.12

Daily % Change

0.53%

as of 11/24/2020

CUSIP

563821198

Inception Date

01/06/2005

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 10/31/2020

YTD

4.37%

1 Year

6.05%

3 Year

5.11%

5 Year

4.98%

10 Year

4.54%

Inception
(01/01/2000)

5.51%

Performance through the inception date of the Retirement Target CIT Class S Units (01/06/2005) is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. Returns are net of the Class S expenses. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.90%
Net 0.89%*

*Includes acquired fund fees and expenses of the underlying collective investment trusts and reflects the Trustee’s contractual agreement to limit fees and voluntary agreement to reimburse certain expenses.

Top Ten Investments

As of 10/31/2020

TREASURY NOTES 10.76%
GOVERNMENT AGENCY 9.64%
TSY INFL IX N/B 2.00000 01/15/2026 2.88%
TSY INFL IX N/B 0.12500 04/15/2025 1.95%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 1.40%
ALIBABA GROUP HOLDING 3.40000 12/06/2027 1.13%
AMERICAN TOWER CORP 3.80000 08/15/2029 1.07%
VERIZON COMMUNICATIONS 5.25000 03/16/2037 1.03%
BOOKING HOLDINGS INC 3.60000 06/01/2026 1.01%
SABINE PASS LIQUEFACTION 5.87500 06/30/2026 0.96%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 10/31/2020

Bonds 67.22%
Stocks 30.26%
Cash 2.52%

Detailed Asset Class Allocation

As of 10/31/2020

International Equities 6.35%
Small Capitalization 1.24%
Mid Capitalization 4.26%
Large Capitalization 18.42%
Long Term Fixed Income 19.35%
Intermediate Term Fixed Income 40.92%
Short Term Fixed Income 6.94%
Cash 2.52%

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

October Fund Holdings

As of 10/31/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 147,838.54 $170,075.49
00287Y109 ABBVIE INC US ABBV 1,559.46 $132,709.89
00435F309 ACCOR SA-SPONSORED ADR FR ACCYY 9,318.6 $47,618.03
00507V109 ACTIVISION INC US ATVI 1,917.13 $145,184.41
00653VAA9 ADAPTHEALTH LLC 6.12500 08/01/2028 US 16,691.45 $17,338.24
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 462,591.56 $470,395.22
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 16,691.45 $16,733.18
008492100 AGREE REALTY CORP US ADC 422.06 $26,196.97
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 190,759.41 $190,403.28
00914AAB8 AIR LEASE CORP 3.75000 06/01/2026 US 143,069.56 $147,097.12
01166WAA5 ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 23,844.93 $25,116.09
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 45.31 $6,864.67
01609W102 ALIBABA GROUP - ADR CN BABA 672.43 $204,881.75
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 534,126.34 $595,946.06
02079K305 ALPHABET INC-CL A US GOOGL 128.76 $208,094.52
023135106 AMAZON.COM INC US AMZN 100.15 $304,066.44
0237400 DIAGEO PLC GB DGE LN 2,203.27 $71,205.30
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 661.46 $24,778.23
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,068.25 $30,199.50
03027X100 AMERICAN TOWER REIT INC US AMT 591.35 $135,804.48
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 495,974.46 $564,385.56
03064D108 AMERICOLD REALTY TRUST US COLD 910.88 $33,001.04
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 23,844.93 $21,460.43
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 11,922.46 $10,610.99
03748R754 APARTMENT INVT & MGMT CO -A US AIV 407.27 $12,991.96
03784Y200 APPLE HOSPITALITY REIT INC US APLE 2,095.97 $20,750.09
053015103 AUTOMATIC DATA PROCESSING US ADP 386.76 $61,093.35
053484101 AVALONBAY COMMUNITIES INC US AVB 133.53 $18,578.25
05401AAJ0 AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 KY 200,297.38 $182,829.55
060505104 BANK OF AMERICA CORP US BAC 6,657.5 $157,782.83
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 233,680.27 $259,810.12
071734AH0 BAUSCH HEALTH COS INC 5.00000 01/30/2028 CA 23,844.93 $23,567.85
084423102 WR BERKLEY CORP US WRB 2,057.82 $123,715.96
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 968.1 $195,460.20
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 1,666.76 $124,056.97
105368203 BRANDYWINE REALTY TRUST US BDN 1,290.01 $11,300.49
110122108 BRISTOL MYERS SQUIBB CO US BMY 2,159.87 $126,244.60
116ESCAD6 BRUIN E&P PARTNERS LLC 0.00000 08/01/2023 US 61,996.81 $62.00
12503M108 CBOE GLOBAL MARKETS INC US CBOE 577.05 $46,908.17
12514G108 CDW CORP/DE US CDW 913.26 $111,965.76
12530MAA3 SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 176,538.59 $178,404.46
12530MAB1 SORT 2020-1 A2 1.99000 07/15/2060 US 143,224.5 $144,374.53
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 45,904.63 $47,514.64
12572Q105 CME GROUP INC US CME 305.22 $46,002.01
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 132,068 $134,550.85
12654TAA8 CNX MIDSTREAM PTR/CNX 6.50000 03/15/2026 US 16,691.45 $16,960.18
127097103 CABOT OIL & GAS CORP US COG 12,690.27 $225,759.89
133131102 CAMDEN PROPERTY TRUST US CPT 247.99 $22,874.34
133131AZ5 CAMDEN PROPERTY TRUST 2.80000 05/15/2030 US 357,673.89 $386,138.39
13321L108 CAMECO CORP CA CCJ 9,938.57 $94,515.75
136375102 CANADIAN NATIONAL RAILWAY CO CA CNI 626.64 $62,319.81
14174T107 CARETRUST REIT INC US CTRE 488.82 $8,358.84
149123101 CATERPILLAR INC US CAT 680.06 $106,803.00
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 59,247.26 $59,461.15
16119P108 CHARTER COMMUNICATIONS INC-A US CHTR 352.9 $213,091.04
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 38,197.01 $38,275.05
166764100 CHEVRON CORP US CVX 562.74 $39,110.45
17275R102 CISCO SYSTEMS INC US CSCO 3,808.03 $136,708.44
172967424 CITIGROUP INC US C 1,982.94 $82,133.54
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 309,984.04 $357,654.58
180848P56 CLARK CNTY NV 1.51000 11/01/2028 US 381,518.81 $377,821.90
191216100 COCA COLA CO/THE US KO 5,541.56 $266,327.41
194162103 COLGATE-PALMOLIVE CO US CL 1,169.36 $92,250.43
20030N101 COMCAST CORP-CL A US CMCSA 2,729.77 $115,305.36
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 371,980.84 $413,568.63
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 173,842.83 $177,408.57
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 331.44 $15,345.88
20449X401 COMPASS GROUP PLC ADR GB CMPGY 6,624.12 $91,412.86
20605P101 CONCHO RESOURCES INC US CXO 3,452.75 $143,323.46
20825C104 CONOCOPHILLIPS US COP 3,300.14 $94,449.94
217204106 COPART INC US CPRT 958.57 $105,787.35
222795502 COUSINS PROPERTIES INC US CUZ 1,091.62 $27,814.50
22534GAA1 CAALT 2020-1A 2.01000 02/15/2029 US 209,835.35 $214,378.87
22536BAA0 CAALT 2020-3A A 1.24000 10/15/2029 US 319,522.01 $319,350.71
22822V101 CROWN CASTLE INTL CORP US CCI 231.3 $36,128.40
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 391,056.78 $420,221.97
22822VAR2 CROWN CASTLE INTL CORP 3.30000 07/01/2030 US 123,993.61 $135,116.61
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 89,641.69 $91,815.23
229663109 CUBESMART US CUBE 500.74 $16,990.23
25243Q205 DIAGEO PLC-SPONSORED ADR GB DEO 489.3 $63,696.80
253868103 DIGITAL REALTY TRUST INC US DLR 371.03 $53,539.20
256746108 DOLLAR TREE STORES INC US DLTR 1,139.79 $102,945.60
25746UDG1 DOMINION ENERGY 3.37500 04/01/2030 US 238,449.26 $269,014.24
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 9,537.97 $9,991.02
25960P109 DOUGLAS EMMETT INC US DEI 691.5 $16,319.47
26439XAC7 DCP MIDSTREAM OPERATING 8.12500 08/16/2030 US 14,306.96 $16,309.93
264411505 DUKE RLTY INVTS INC US DRE 617.58 $23,462.00
26875P101 EOG RESOURCES INC US EOG 2,751.7 $94,218.36
26884L109 EQT CORP US EQT 6,898.34 $104,440.82
26884LAG4 EQT CORP 8.75000 02/01/2030 US 9,537.97 $11,850.93
27579R104 EAST WEST BANCORP INC US EWBC 3,085.53 $112,560.26
285512109 ELECTRONIC ARTS US EA 805.96 $96,578.01
291011104 EMERSON ELEC CO US EMR 930.91 $60,313.39
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 410,132.72 $437,438.56
29444U700 EQUINIX INC US EQIX 389.63 $284,910.18
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 448.28 $26,533.97
29476L107 EQUITY RESIDENTIAL US EQR 174.07 $8,177.71
297178105 ESSEX PROPERTY TRUST INC US ESS 36.24 $7,415.22
30212P303 EXPEDIA INC US EXPE 3,633.97 $342,137.96
30212PAS4 EXPEDIA GROUP INC 6.25000 05/01/2025 US 174,067.96 $191,416.91
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 739,192.7 $741,714.21
30225T102 EXTRA SPACE STORAGE INC US EXR 88.23 $10,229.83
30231G102 EXXON MOBIL CORP US XOM 2,346.34 $76,537.63
302491303 FMC CORP US FMC 968.1 $99,463.00
30262DAL5 FREMF 2011-K13 B 4.62661 01/25/2048 US 195,528.39 $196,593.30
30262SAR9 FREMF 2015-K42 B FLT 3.85016 12/25/2024 US 85,841.73 $92,942.84
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 16,691.45 $14,897.12
30287EAE0 FREMF 2014-K41 B FLT 3.83288 11/25/2047 US 333,828.96 $365,847.10
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 4,971,513.83 $8,629.55
30303M102 FACEBOOK INC -A US FB 743.96 $195,743.76
3128M1AM1 FHLM POOL G11912 5.50000 03/01/2021 US 237.83 $238.35
3128M6HZ4 FHLM POOL G04448 5.50000 07/01/2038 US 57,172.22 $66,414.79
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 1,291.57 $1,501.50
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 4,363.1 $5,138.47
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 46,970.36 $55,260.78
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 14,699.79 $17,255.71
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 13,451.22 $13,950.25
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 677.99 $689.23
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 735.17 $757.55
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 165,169.84 $179,543.47
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 31,196.66 $36,152.36
3128MJY87 FHLM POOL FG G08734 4.00000 11/01/2046 US 15,598.41 $16,909.31
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 15,148.12 $16,706.37
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 150,419.81 $169,145.48
3132DWAG8 FEDERAL NATL MTG ASSN FR SD8107 2.50000 11/01/2050 US 572,278.22 $597,161.02
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 47,636.88 $52,131.91
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 138,090.05 $147,912.87
3135G05Y5 FANNIE MAE 0.75000 10/08/2027 US 977,641.96 $971,557.16
3136AY6W8 FNA 2017-M15 A1 FLT 2.95934 09/25/2027 US 216,716.64 $233,864.88
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 82,174.29 $85,054.22
31371MLB1 FEDERAL NATL MTG ASSN 256022 5.50000 12/01/2035 US 19,616.96 $23,048.32
31371MRU3 FEDERAL NATL MTG ASSN 256199 5.00000 04/01/2021 US 404.2 $426.37
31371NDQ5 FEDERAL NATL MTG ASSN 256711 5.50000 05/01/2037 US 2,258.26 $2,620.76
3137ADTK3 FHMS K014 X1 FLT 1.15276 04/25/2021 US 4,796,453.94 $11,785.85
3137AJMG6 FMHS K016 X1 FLT 1.48091 10/25/2021 US 1,062,150.87 $8,070.65
3137AUPF0 FHMS K021 x1 FLT 1.40799 06/25/2022 US 7,221,563.87 $123,540.02
3137B3NB0 FHMS K030 X1 FLT 0.17200 04/25/2023 US 13,732,372.25 $51,609.00
3137B4GZ3 FHMS K032 X1 FLT 0.09033 05/25/2023 US 8,077,412.54 $21,184.63
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 85,696.22 $87,226.20
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 44,740.04 $45,351.86
3138A7BL1 FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 55,349.91 $59,802.59
3138AJ4A7 FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 14,314.38 $15,468.89
3138EPLE2 FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 33,152.82 $37,285.34
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64000 01/01/2049 US 235,922.93 $277,377.39
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 220,073.93 $242,853.57
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 20,665.45 $24,204.76
31403DVZ9 FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 3,552.04 $4,136.00
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 176,241.04 $190,600.56
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 31,895.78 $34,481.24
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 299.91 $303.52
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 429.42 $435.12
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 1,564.45 $1,575.01
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 1,785.53 $1,797.59
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 6,112.27 $7,081.71
31410WSY5 FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 2,634.53 $2,940.02
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 14,191.58 $16,466.69
31411RHZ4 FEDERAL NATL MTG ASSN 912948 5.00000 05/01/2038 US 2,023.08 $2,221.06
31413CCL1 FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 819.6 $913.90
31413MR66 FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 7,616.1 $8,551.94
31413S6R0 FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 5,390.74 $6,279.04
31414CQ50 FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 1,155.55 $1,354.79
31414DJ23 FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 2,990.12 $3,396.98
31414QX28 FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 1,549.4 $1,624.67
31414UF52 FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 10,249.25 $10,743.57
31415ALX7 FEDERAL NATL MTG ASSN 981042 6.00000 04/01/2038 US 2,123.43 $2,364.35
31415BBC2 FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 3,744.08 $4,188.87
31415BBT5 FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 2,326.25 $2,567.55
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 880.18 $885.85
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 5,375.05 $6,009.72
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 70,447.94 $77,669.60
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 78,681.83 $86,749.12
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 145,159.42 $157,827.48
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 81,246.89 $85,860.02
31418DQ21 FEDERAL NATL MTG ASSN FN MA4072 2.50000 07/01/2040 US 244,267.94 $255,339.88
31418DQG0 FEDERAL NATL MTG ASSN FN MA4054 2.50000 06/01/2040 US 618,504.87 $645,264.34
31418DQZ8 FEDERAL NATL MTG ASSN FN MA4071 2.00000 07/01/2040 US 362,005.68 $374,235.70
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 10,120.32 $11,954.86
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 32,791.14 $38,022.10
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 6,033.29 $7,015.92
32054K103 FIRST INDUSTRIAL REALTY TR US FR 562.74 $22,402.69
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 19,075.94 $19,075.94
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 224,142.3 $230,456.37
345370CW8 FORD MOTOR COMPANY 9.00000 04/22/2025 US 14,306.96 $16,859.24
345397XU2 FORD MOTOR CREDIT CO LLC 4.38900 01/08/2026 US 9,537.97 $9,609.51
346232AE1 FORESTAR GROUP INC 5.00000 03/01/2028 US 14,306.96 $14,202.80
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 11,922.46 $11,746.13
34960PAC5 FORTRESS TRANS & INFRAST 9.75000 08/01/2027 US 14,306.96 $15,219.02
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 11,922.46 $12,458.97
357081AE8 FREMF 2015-K720 B FLT 3.39323 07/25/2022 US 47,689.85 $49,194.08
36166LAA5 GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 AE 11,922.46 $11,803.24
36257MAA3 GSMS 2019-70P A 1.14838 10/15/2036 US 162,145.5 $155,637.40
36294VKJ8 GNMA POOL 660997 5.50000 05/15/2037 US 13,967.87 $15,537.72
369550108 GENERAL DYNAMICS CORP US GD 370.07 $48,601.72
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 371,980.84 $301,304.48
370334104 GENERAL MLS INC US GIS 1,046.79 $61,886.36
37255LAA5 GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 US 16,691.45 $17,400.83
374297109 GETTY REALTY CORP US GTY 572.28 $15,039.47
375558103 GILEAD SCIENCES INC US GILD 1,535.61 $89,295.91
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 172,040.61 $179,719.83
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 14,864.93 $197,554.88
404119BX6 HCA INC 4.12500 06/15/2029 US 238,449.26 $270,595.91
418751AD5 HAT HOLDINGS I LLC/HAT 3.75000 09/15/2030 US 11,922.46 $11,907.56
421946104 HEALTHCARE REALTY TRUST INC US HR 507.9 $14,119.53
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 789.27 $19,179.19
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 1,292.4 $34,855.89
423012301 HEINEKEN NV-SPN ADR NL HEINY 2,181.81 $97,221.49
427866108 HERSHEY CO/THE US HSY 337.17 $46,347.01
431571AB4 HILLENBRAND INC 5.00000 09/15/2026 US 9,537.97 $10,360.62
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 1,471.23 $129,188.88
437076102 HOME DEPOT INC US HD 787.84 $210,123.83
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 2,654.89 $62,708.60
438516106 HONEYWELL INTERNATIONAL INC US HON 776.87 $128,144.32
443201AA6 HOWMET AEROSPACE INC 6.87500 05/01/2025 US 19,075.94 $21,221.98
443628AH5 HUDBAY MINERALS INC 6.12500 04/01/2029 CA 19,075.94 $19,505.15
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 11,922.46 $12,778.20
450913AF5 IAMGOLD CORP 5.75000 10/15/2028 CA 19,075.94 $19,091.20
452308109 ILLINOIS TOOL WKS INC US ITW 406.79 $79,682.89
45337C102 INCYTE CORP US INCY 767.81 $66,522.76
45569LAA9 INDIGO NATURAL RES LLC 6.87500 02/15/2026 US 14,306.96 $14,056.58
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 21,460.43 $21,245.83
45778Q107 INSPERITY INC US NSP 1,373.47 $105,180.16
458140100 INTEL CORP US INTC 2,866.16 $126,913.57
45857P806 INTERCONTINENTAL HOTELS-ADR GB IHG 991.95 $50,728.27
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 1,983.9 $187,279.96
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 948.07 $105,861.97
46116VAE5 INTL FC STORE INC 8.62500 06/15/2025 US 23,844.93 $25,156.40
46187BAA1 IHSFR 2017-SFR2 A 0.99725 12/17/2036 US 68,854.81 $68,706.79
46187BAB9 IHSFR 2017-SFR2 B 1.29725 12/17/2036 US 57,227.82 $57,210.13
46187W107 INVITATION HOMES INC US INVH 1,722.08 $46,943.92
46284VAN1 IRON MOUNTAIN INC 4.50000 02/15/2031 US 11,922.46 $11,869.65
465410BX5 ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 95,379.7 $99,711.49
46625H100 JP MORGAN CHASE & CO US JPM 1,754.51 $172,012.13
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 9,739.9 $9,730.42
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 72,161.53 $73,487.02
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 76,995.15 $80,496.00
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 103,401.3 $105,524.68
46647PBP0 JPMORGAN CHASE & CO 2.95600 05/13/2031 US 414,901.71 $441,848.64
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 41,713.14 $41,837.29
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 45,033.96 $45,264.19
478160104 JOHNSON & JOHNSON US JNJ 3,409.35 $467,455.64
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 81,072.75 $2,634.86
48088LAB3 JOSEPH T RYERSON & SON 8.50000 08/01/2028 US 11,922.46 $12,775.52
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 21,460.43 $23,069.97
49427F108 KILROY REALTY CORP US KRC 530.31 $24,967.05
494368103 KIMBERLY CLARK CORP US KMB 461.64 $61,208.55
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 300,446.07 $387,068.13
505742AG1 LADDER CAP FIN LLLP/CORP 5.25000 10/01/2025 US 16,691.45 $15,230.95
512816109 LAMAR ADVERTISING CO-A US LAMR 188.37 $11,671.71
53223X107 LIFE STORAGE INC US LSI 178.84 $20,414.24
532457108 ELI LILLY & CO US LLY 674.81 $88,035.90
539830109 LOCKHEED MARTIN CORP US LMT 307.6 $107,699.83
541056AA5 LOGAN MERGER SUB INC 5.50000 09/01/2027 US 9,537.97 $9,669.12
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 21,460.43 $2,843.51
552697AQ7 MDC PARTNERS INC 6.50000 05/01/2024 CA 4,768.99 $4,563.06
552848AG8 MGIC INVESTMENT CORP 5.25000 08/15/2028 US 16,691.45 $17,150.46
573284106 MARTIN MARIETTA MATERIALS US MLM 200.3 $53,349.21
57636Q104 MASTERCARD INC-CLASS A US MA 963.34 $278,057.02
577128AA9 MATTHEWS INTERNATIONAL C 5.25000 12/01/2025 US 11,922.46 $11,326.34
58933Y105 MERCK & CO INC US MRK 2,205.66 $165,887.36
594918104 MICROSOFT CORP US MSFT 972.87 $196,977.59
595112103 MICRON TECHNOLOGY INC US MU 5,465.26 $275,121.04
59522J103 MID-AMERICA APARTMENT COMM US MAA 338.6 $39,490.68
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 5,277.84 $280,358.64
615369105 MOODY'S CORPORATION US MCO 286.14 $75,225.97
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 16,691.45 $8,304.00
62913TAJ1 NGL ENRGY PART LP/FIN CO 7.50000 11/01/2023 US 9,537.97 $5,146.59
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 16,691.45 $16,941.82
63938NAF1 NAVIOS SA LOGIST/FIN US 10.75000 07/01/2025 MUL 9,537.97 $10,062.56
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 39,000.21 $39,142.36
63941XAA5 NAVSL 2020-FA A 1.22000 07/15/2069 US 268,748.48 $269,535.67
63942FAB1 NAVSL 2020-1A A1B 1.19925 06/25/2069 US 333,828.96 $337,326.75
64033QAB5 NSLT 2015-2A A2 0.74925 09/25/2047 US 334,336.26 $327,948.86
644393AA8 NEW FORTRESS ENERGY INC 6.75000 09/15/2025 US 21,460.43 $22,129.35
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 106,401.25 $113,653.47
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 127,953.69 $138,154.78
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 172,765.52 $185,428.77
64971XPG7 NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 102,533.18 $105,106.76
654106AM5 NIKE INC 3.37500 03/27/2050 US 147,838.54 $169,999.42
6642321 NIKON CORP JP 7731 JP 10,587.15 $64,521.90
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 64,381.3 $643.81
66987V109 NOVARTIS AG- REG CH NVS 3,614.89 $282,250.67
674599EA9 OCCIDENTAL PETROLEUM COR 8.87500 07/15/2030 US 21,460.43 $21,004.40
675232AB8 OCEANEERING INTL INC 6.00000 02/01/2028 US 21,460.43 $15,880.72
68389X105 ORACLE CORP US ORCL 1,986.28 $111,450.30
68555PAA8 ORBCOMM INC 8.00000 04/01/2024 US 16,691.45 $16,941.82
691205AC2 OWL ROCK TECHNOLOGY FINA 4.75000 12/15/2025 US 14,306.96 $14,173.66
69144AAA7 OXFIN 2020-1A A2 3.10100 02/15/2028 US 143,069.56 $145,737.13
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 357,673.89 $370,704.77
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 11,922.46 $11,827.08
69306RAA4 P&L DEV LLC/PLD 7.75000 11/15/2025 US 11,922.46 $12,146.01
69327RAJ0 PDC ENERGY INC 5.75000 05/15/2026 US 14,306.96 $13,484.31
693475105 PNC FINANCIAL SERVICES GROUP US PNC 435.89 $48,766.84
69354NAC0 PRA GROUP INC 7.37500 09/01/2025 US 14,306.96 $15,008.00
69356MAA4 PM GENERAL PURCHASER LLC 9.50000 10/01/2028 US 16,691.45 $17,442.56
70450Y103 PAYPAL HOLDINGS INC US PYPL 1,096.87 $204,159.78
7123870 NESTLE SA-REGISTERED CH NESN SW 1,330.55 $149,657.16
713448108 PEPSICO INC US PEP 748.73 $99,798.31
717081103 PFIZER INC US PFE 4,887.26 $173,399.84
717081EW9 PFIZER INC 2.62500 04/01/2030 US 104,917.67 $115,409.05
71943U104 PHYSICIANS REALTY TRUST US DOC 560.36 $9,447.60
723787107 PIONEER NATURAL RESOURCES CO US PXD 1,759.76 $140,006.15
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 481,667.5 $534,397.93
74165HAB4 PRIME HEALTHCARE SERVICE 7.25000 11/01/2025 US 16,691.45 $16,821.64
74166MAE6 PRIME SECSRVC BRW/FINANC 6.25000 01/15/2028 US 9,537.97 $9,637.93
74340W103 PROLOGIS US PLD 1,128.82 $111,978.82
74460D109 PUBLIC STORAGE INC US PSA 154.99 $35,504.02
747525103 QUALCOMM INC US QCOM 875.59 $108,012.25
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 23,844.93 $24,381.44
75513E101 RAYTHEON TECHNOLOGIES CORP US RTX 1,492.69 $81,083.05
756109104 REALTY INCOME CORP US O 197.91 $11,451.24
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 526.97 $24,483.16
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 958.57 $23,149.37
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 1,874.21 $151,061.42
78409V104 S&P GLOBAL INC US SPGI 200.3 $64,641.97
78410G104 SBA COMMUNICATIONS CORP US SBAC 457.82 $132,937.94
78442PGC4 SLM CORP 5.12500 04/05/2022 US 23,844.93 $24,500.66
78442PGD2 SLM CORP 4.20000 10/29/2025 US 21,460.43 $21,728.69
78443BAG1 SLMA 2006-10 A6 FLT 0.36475 03/25/2044 US 59,840.11 $56,577.71
78449XAA0 SMB 2020-BA A1A 1.29000 07/15/2053 US 315,766.15 $315,906.03
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 248,052.7 $254,538.06
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 433,977.65 $509,921.77
79466L302 SALESFORCE.COM US CRM 622.35 $144,553.83
806857108 SCHLUMBERGER LTD NL SLB 3,018.77 $45,100.39
81745BAB1 SEMT 2013-6 A2 3.00000 05/25/2043 US 133,195.27 $139,201.02
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 86,294.41 $87,262.35
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 116,253 $119,482.21
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 89,753.31 $90,330.07
81762P102 SERVICENOW INC US NOW 219.37 $109,153.58
83192CAB3 SMB 2019-B A2A 2.84000 06/15/2037 US 357,673.89 $375,202.66
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 60,667.95 $61,480.34
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 23,978.39 $24,397.05
83404RAB4 SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 114,204.92 $117,302.68
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 61,335.84 $61,996.03
837151XF1 SOUTH CAROLINA ST PUBLIC SVC 1.85200 12/01/2026 US 138,300.57 $137,816.52
844741BJ6 SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 333,828.96 $370,227.23
85172FAN9 SPRINGLEAF FINANCE CORP 7.12500 03/15/2026 US 11,922.46 $13,220.34
85254J102 STAG INDUSTRIAL INC US STAG 407.75 $12,689.12
85571BAL9 STARWOOD PROPERTY TRUST 4.75000 03/15/2025 US 19,075.94 $18,503.66
85571XAA5 SRPT 2014-STAR A FLTG RATE 1.61838 11/15/2027 US 422,695 $312,913.50
857949BL0 SS INT BEARING FD .022% 01/02/15 US 1,367,376.96 $1,367,376.96
861036AA9 STL HOLDING CO LLC 7.50000 02/15/2026 US 21,460.43 $21,326.31
86212XAA8 STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 140,370.18 $140,782.51
866674104 SUN COMMUNITIES US SUI 305.22 $42,006.75
87105L104 SWITCH INC - A US SWCH 1,826.52 $25,680.89
872540AU3 TJX COS INC 4.50000 04/15/2050 US 195,528.39 $258,996.20
87422VAJ7 TALEN ENERGY SUPPLY LLC 7.62500 06/01/2028 US 16,691.45 $16,336.75
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 35,487.38 $35,570.51
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 7,153.48 $265.39
87901JAF2 TEGNA INC 4.75000 03/15/2026 US 11,922.46 $12,250.33
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 371,980.84 $418,915.18
88146M101 TERRENO REALTY CORP US TRNO 345.75 $19,458.89
882508104 TEXAS INSTRUMENTS INC US TXN 947.6 $137,013.10
883556102 THERMO FISHER SCIENTIFIC INC US TMO 214.6 $101,533.60
88579Y101 3M CO US MMM 681.96 $109,087.10
89151E109 TOTAL S A SPONSORED ADR FR TOT 4,966.42 $150,631.55
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 242,052.26 $247,333.55
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 107,047.64 $109,720.01
89177EAA7 TPMT 2019-HY1 A1 1.14925 10/25/2048 US 99,612.89 $99,940.31
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 16,691.45 $15,523.05
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 362,359.69 $362,579.32
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 236,480.85 $243,204.40
89613GAA4 TAH 2020-SFR1 A 1.49900 07/17/2038 US 290,908.1 $291,622.39
89832Q109 TRUIST FINANCIAL CORP US TFC 1,941.93 $81,794.12
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 30,998.4 $29,525.98
902653104 UDR INC US UDR 368.64 $11,516.39
902973304 U.S. BANCORP US USB 2,045.89 $79,687.60
904767704 UNILEVER PLC - ADR GB UL 7,680.93 $436,507.11
907818108 UNION PAC CORP US UNP 728.7 $129,118.52
909214BV9 UNISYS CORP 6.87500 11/01/2027 US 9,537.97 $9,871.80
9127963S6 TREASURY BILL 0.00000 07/15/2021 US 190,759.41 $190,617.53
912810FS2 TSY INFL IX N/B 2.00000 01/15/2026 US 1,302,139.26 $1,520,679.93
912828D56 US TREASURY N/B 2.37500 08/15/2024 US 2,460,796.35 $2,656,025.94
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 906,107.18 $963,269.81
912828YN4 US TREASURY FRN FLT 0.39502 10/31/2021 US 2,065,924.37 $2,071,786.74
912828ZJ2 TSY INFL IX N/B 0.12500 04/15/2025 US 974,164.32 $1,029,620.65
91823AAN1 VBTOW 2020-1A C2 3.03100 06/15/2050 US 71,534.78 $74,236.25
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 400,594.75 $546,249.88
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 615.2 $128,182.88
92826C839 VISA INC - CLASS A SHARES US V 1,607.15 $292,034.86
92826CAK8 VISA INC 2.70000 04/15/2040 US 395,825.77 $423,332.44
928668BE1 VOLKSWAGEN GROUP AMERICA 3.35000 05/13/2025 US 238,449.26 $259,383.70
929160109 VULCAN MATERIALS CO US VMC 729.65 $105,683.19
93065PAA9 WBHT 2019-WBM A FLT 1.19838 12/15/2033 US 185,990.42 $179,013.31
931142103 WAL MART STORES US WMT 1,369.65 $190,039.29
94106L109 WASTE MANAGEMENT INC US WM 609.95 $65,820.05
949746101 WELLS FARGO COMPANY US WFC 4,273.01 $91,656.08
95040Q104 WELLTOWER INC. US WELL 392.49 $21,104.05
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 19,075.94 $20,637.78
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 333,828.96 $363,969.75
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 90,085.55 $92,693.43
98311A105 WYNDHAM HOTELS & RESORTS INC US WH 484.05 $22,513.26
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 190,759.41 $9,100.95
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 66,765.79 $52,123.73
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 524,588.37 $25,493.78
B63QM77 NEXON CO LTD JP 3659 JP 7,487.31 $208,678.06
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 166,914.48 $8,762.51
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 6,826.8 $8,258.14
BK0939417 AMERICAN TANKER INC 7.75000 07/02/2025 US 33,382.9 $33,585.53
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 2,847.08 $217,533.32
BMXKJ81 FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 584.2 $8,616.96
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 1,912.36 $98,918.94
G1151C101 ACCENTURE PLC - CL A IE ACN 485.01 $105,202.61
G29183103 EATON CORP PLC US ETN 598.51 $62,119.11
G5494J103 LINDE PLC GB LIN 423.96 $93,415.96
G5960L103 MEDTRONIC INC IE MDT 2,342.53 $235,587.79
H01301128 ALCON INC CH ALC 4,540.07 $258,057.80
H1467J104 CHUBB LTD CH CB 531.26 $69,016.63
ZO4110185 BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 95,379.7 $89,551.78

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

$22.74

Daily $ Change

$0.12

Daily % Change

0.53%

as of 11/24/2020

CUSIP

563821198

Inception Date

01/06/2005

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 10/31/2020

YTD

4.37%

1 Year

6.05%

3 Year

5.11%

5 Year

4.98%

10 Year

4.54%

Inception
(01/01/2000)

5.51%

Performance through the inception date of the Retirement Target CIT Class S Units (01/06/2005) is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. Returns are net of the Class S expenses. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.90%
Net 0.89%*

*Includes acquired fund fees and expenses of the underlying collective investment trusts and reflects the Trustee’s contractual agreement to limit fees and voluntary agreement to reimburse certain expenses.

Top Ten Investments

As of 10/31/2020

TREASURY NOTES 10.76%
GOVERNMENT AGENCY 9.64%
TSY INFL IX N/B 2.00000 01/15/2026 2.88%
TSY INFL IX N/B 0.12500 04/15/2025 1.95%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 1.40%
ALIBABA GROUP HOLDING 3.40000 12/06/2027 1.13%
AMERICAN TOWER CORP 3.80000 08/15/2029 1.07%
VERIZON COMMUNICATIONS 5.25000 03/16/2037 1.03%
BOOKING HOLDINGS INC 3.60000 06/01/2026 1.01%
SABINE PASS LIQUEFACTION 5.87500 06/30/2026 0.96%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 10/31/2020

Bonds
67.22%
Stocks
30.26%
Cash
2.52%

Detailed Asset Class Allocation

As of 10/31/2020

International Equities
6.35%
Small Capitalization
1.24%
Mid Capitalization
4.26%
Large Capitalization
18.42%
Long Term Fixed Income
19.35%
Intermediate Term Fixed Income
40.92%
Short Term Fixed Income
6.94%
Cash
2.52%

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

October Fund Holdings

As of 10/31/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 147,838.54 $170,075.49
00287Y109 ABBVIE INC US ABBV 1,559.46 $132,709.89
00435F309 ACCOR SA-SPONSORED ADR FR ACCYY 9,318.6 $47,618.03
00507V109 ACTIVISION INC US ATVI 1,917.13 $145,184.41
00653VAA9 ADAPTHEALTH LLC 6.12500 08/01/2028 US 16,691.45 $17,338.24
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 462,591.56 $470,395.22
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 16,691.45 $16,733.18
008492100 AGREE REALTY CORP US ADC 422.06 $26,196.97
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 190,759.41 $190,403.28
00914AAB8 AIR LEASE CORP 3.75000 06/01/2026 US 143,069.56 $147,097.12
01166WAA5 ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 23,844.93 $25,116.09
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 45.31 $6,864.67
01609W102 ALIBABA GROUP - ADR CN BABA 672.43 $204,881.75
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 534,126.34 $595,946.06
02079K305 ALPHABET INC-CL A US GOOGL 128.76 $208,094.52
023135106 AMAZON.COM INC US AMZN 100.15 $304,066.44
0237400 DIAGEO PLC GB DGE LN 2,203.27 $71,205.30
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 661.46 $24,778.23
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,068.25 $30,199.50
03027X100 AMERICAN TOWER REIT INC US AMT 591.35 $135,804.48
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 495,974.46 $564,385.56
03064D108 AMERICOLD REALTY TRUST US COLD 910.88 $33,001.04
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 23,844.93 $21,460.43
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 11,922.46 $10,610.99
03748R754 APARTMENT INVT & MGMT CO -A US AIV 407.27 $12,991.96
03784Y200 APPLE HOSPITALITY REIT INC US APLE 2,095.97 $20,750.09
053015103 AUTOMATIC DATA PROCESSING US ADP 386.76 $61,093.35
053484101 AVALONBAY COMMUNITIES INC US AVB 133.53 $18,578.25
05401AAJ0 AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 KY 200,297.38 $182,829.55
060505104 BANK OF AMERICA CORP US BAC 6,657.5 $157,782.83
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 233,680.27 $259,810.12
071734AH0 BAUSCH HEALTH COS INC 5.00000 01/30/2028 CA 23,844.93 $23,567.85
084423102 WR BERKLEY CORP US WRB 2,057.82 $123,715.96
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 968.1 $195,460.20
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 1,666.76 $124,056.97
105368203 BRANDYWINE REALTY TRUST US BDN 1,290.01 $11,300.49
110122108 BRISTOL MYERS SQUIBB CO US BMY 2,159.87 $126,244.60
116ESCAD6 BRUIN E&P PARTNERS LLC 0.00000 08/01/2023 US 61,996.81 $62.00
12503M108 CBOE GLOBAL MARKETS INC US CBOE 577.05 $46,908.17
12514G108 CDW CORP/DE US CDW 913.26 $111,965.76
12530MAA3 SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 176,538.59 $178,404.46
12530MAB1 SORT 2020-1 A2 1.99000 07/15/2060 US 143,224.5 $144,374.53
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 45,904.63 $47,514.64
12572Q105 CME GROUP INC US CME 305.22 $46,002.01
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 132,068 $134,550.85
12654TAA8 CNX MIDSTREAM PTR/CNX 6.50000 03/15/2026 US 16,691.45 $16,960.18
127097103 CABOT OIL & GAS CORP US COG 12,690.27 $225,759.89
133131102 CAMDEN PROPERTY TRUST US CPT 247.99 $22,874.34
133131AZ5 CAMDEN PROPERTY TRUST 2.80000 05/15/2030 US 357,673.89 $386,138.39
13321L108 CAMECO CORP CA CCJ 9,938.57 $94,515.75
136375102 CANADIAN NATIONAL RAILWAY CO CA CNI 626.64 $62,319.81
14174T107 CARETRUST REIT INC US CTRE 488.82 $8,358.84
149123101 CATERPILLAR INC US CAT 680.06 $106,803.00
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 59,247.26 $59,461.15
16119P108 CHARTER COMMUNICATIONS INC-A US CHTR 352.9 $213,091.04
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 38,197.01 $38,275.05
166764100 CHEVRON CORP US CVX 562.74 $39,110.45
17275R102 CISCO SYSTEMS INC US CSCO 3,808.03 $136,708.44
172967424 CITIGROUP INC US C 1,982.94 $82,133.54
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 309,984.04 $357,654.58
180848P56 CLARK CNTY NV 1.51000 11/01/2028 US 381,518.81 $377,821.90
191216100 COCA COLA CO/THE US KO 5,541.56 $266,327.41
194162103 COLGATE-PALMOLIVE CO US CL 1,169.36 $92,250.43
20030N101 COMCAST CORP-CL A US CMCSA 2,729.77 $115,305.36
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 371,980.84 $413,568.63
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 173,842.83 $177,408.57
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 331.44 $15,345.88
20449X401 COMPASS GROUP PLC ADR GB CMPGY 6,624.12 $91,412.86
20605P101 CONCHO RESOURCES INC US CXO 3,452.75 $143,323.46
20825C104 CONOCOPHILLIPS US COP 3,300.14 $94,449.94
217204106 COPART INC US CPRT 958.57 $105,787.35
222795502 COUSINS PROPERTIES INC US CUZ 1,091.62 $27,814.50
22534GAA1 CAALT 2020-1A 2.01000 02/15/2029 US 209,835.35 $214,378.87
22536BAA0 CAALT 2020-3A A 1.24000 10/15/2029 US 319,522.01 $319,350.71
22822V101 CROWN CASTLE INTL CORP US CCI 231.3 $36,128.40
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 391,056.78 $420,221.97
22822VAR2 CROWN CASTLE INTL CORP 3.30000 07/01/2030 US 123,993.61 $135,116.61
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 89,641.69 $91,815.23
229663109 CUBESMART US CUBE 500.74 $16,990.23
25243Q205 DIAGEO PLC-SPONSORED ADR GB DEO 489.3 $63,696.80
253868103 DIGITAL REALTY TRUST INC US DLR 371.03 $53,539.20
256746108 DOLLAR TREE STORES INC US DLTR 1,139.79 $102,945.60
25746UDG1 DOMINION ENERGY 3.37500 04/01/2030 US 238,449.26 $269,014.24
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 9,537.97 $9,991.02
25960P109 DOUGLAS EMMETT INC US DEI 691.5 $16,319.47
26439XAC7 DCP MIDSTREAM OPERATING 8.12500 08/16/2030 US 14,306.96 $16,309.93
264411505 DUKE RLTY INVTS INC US DRE 617.58 $23,462.00
26875P101 EOG RESOURCES INC US EOG 2,751.7 $94,218.36
26884L109 EQT CORP US EQT 6,898.34 $104,440.82
26884LAG4 EQT CORP 8.75000 02/01/2030 US 9,537.97 $11,850.93
27579R104 EAST WEST BANCORP INC US EWBC 3,085.53 $112,560.26
285512109 ELECTRONIC ARTS US EA 805.96 $96,578.01
291011104 EMERSON ELEC CO US EMR 930.91 $60,313.39
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 410,132.72 $437,438.56
29444U700 EQUINIX INC US EQIX 389.63 $284,910.18
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 448.28 $26,533.97
29476L107 EQUITY RESIDENTIAL US EQR 174.07 $8,177.71
297178105 ESSEX PROPERTY TRUST INC US ESS 36.24 $7,415.22
30212P303 EXPEDIA INC US EXPE 3,633.97 $342,137.96
30212PAS4 EXPEDIA GROUP INC 6.25000 05/01/2025 US 174,067.96 $191,416.91
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 739,192.7 $741,714.21
30225T102 EXTRA SPACE STORAGE INC US EXR 88.23 $10,229.83
30231G102 EXXON MOBIL CORP US XOM 2,346.34 $76,537.63
302491303 FMC CORP US FMC 968.1 $99,463.00
30262DAL5 FREMF 2011-K13 B 4.62661 01/25/2048 US 195,528.39 $196,593.30
30262SAR9 FREMF 2015-K42 B FLT 3.85016 12/25/2024 US 85,841.73 $92,942.84
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 16,691.45 $14,897.12
30287EAE0 FREMF 2014-K41 B FLT 3.83288 11/25/2047 US 333,828.96 $365,847.10
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 4,971,513.83 $8,629.55
30303M102 FACEBOOK INC -A US FB 743.96 $195,743.76
3128M1AM1 FHLM POOL G11912 5.50000 03/01/2021 US 237.83 $238.35
3128M6HZ4 FHLM POOL G04448 5.50000 07/01/2038 US 57,172.22 $66,414.79
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 1,291.57 $1,501.50
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 4,363.1 $5,138.47
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 46,970.36 $55,260.78
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 14,699.79 $17,255.71
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 13,451.22 $13,950.25
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 677.99 $689.23
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 735.17 $757.55
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 165,169.84 $179,543.47
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 31,196.66 $36,152.36
3128MJY87 FHLM POOL FG G08734 4.00000 11/01/2046 US 15,598.41 $16,909.31
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 15,148.12 $16,706.37
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 150,419.81 $169,145.48
3132DWAG8 FEDERAL NATL MTG ASSN FR SD8107 2.50000 11/01/2050 US 572,278.22 $597,161.02
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 47,636.88 $52,131.91
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 138,090.05 $147,912.87
3135G05Y5 FANNIE MAE 0.75000 10/08/2027 US 977,641.96 $971,557.16
3136AY6W8 FNA 2017-M15 A1 FLT 2.95934 09/25/2027 US 216,716.64 $233,864.88
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 82,174.29 $85,054.22
31371MLB1 FEDERAL NATL MTG ASSN 256022 5.50000 12/01/2035 US 19,616.96 $23,048.32
31371MRU3 FEDERAL NATL MTG ASSN 256199 5.00000 04/01/2021 US 404.2 $426.37
31371NDQ5 FEDERAL NATL MTG ASSN 256711 5.50000 05/01/2037 US 2,258.26 $2,620.76
3137ADTK3 FHMS K014 X1 FLT 1.15276 04/25/2021 US 4,796,453.94 $11,785.85
3137AJMG6 FMHS K016 X1 FLT 1.48091 10/25/2021 US 1,062,150.87 $8,070.65
3137AUPF0 FHMS K021 x1 FLT 1.40799 06/25/2022 US 7,221,563.87 $123,540.02
3137B3NB0 FHMS K030 X1 FLT 0.17200 04/25/2023 US 13,732,372.25 $51,609.00
3137B4GZ3 FHMS K032 X1 FLT 0.09033 05/25/2023 US 8,077,412.54 $21,184.63
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 85,696.22 $87,226.20
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 44,740.04 $45,351.86
3138A7BL1 FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 55,349.91 $59,802.59
3138AJ4A7 FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 14,314.38 $15,468.89
3138EPLE2 FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 33,152.82 $37,285.34
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64000 01/01/2049 US 235,922.93 $277,377.39
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 220,073.93 $242,853.57
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 20,665.45 $24,204.76
31403DVZ9 FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 3,552.04 $4,136.00
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 176,241.04 $190,600.56
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 31,895.78 $34,481.24
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 299.91 $303.52
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 429.42 $435.12
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 1,564.45 $1,575.01
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 1,785.53 $1,797.59
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 6,112.27 $7,081.71
31410WSY5 FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 2,634.53 $2,940.02
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 14,191.58 $16,466.69
31411RHZ4 FEDERAL NATL MTG ASSN 912948 5.00000 05/01/2038 US 2,023.08 $2,221.06
31413CCL1 FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 819.6 $913.90
31413MR66 FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 7,616.1 $8,551.94
31413S6R0 FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 5,390.74 $6,279.04
31414CQ50 FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 1,155.55 $1,354.79
31414DJ23 FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 2,990.12 $3,396.98
31414QX28 FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 1,549.4 $1,624.67
31414UF52 FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 10,249.25 $10,743.57
31415ALX7 FEDERAL NATL MTG ASSN 981042 6.00000 04/01/2038 US 2,123.43 $2,364.35
31415BBC2 FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 3,744.08 $4,188.87
31415BBT5 FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 2,326.25 $2,567.55
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 880.18 $885.85
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 5,375.05 $6,009.72
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 70,447.94 $77,669.60
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 78,681.83 $86,749.12
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 145,159.42 $157,827.48
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 81,246.89 $85,860.02
31418DQ21 FEDERAL NATL MTG ASSN FN MA4072 2.50000 07/01/2040 US 244,267.94 $255,339.88
31418DQG0 FEDERAL NATL MTG ASSN FN MA4054 2.50000 06/01/2040 US 618,504.87 $645,264.34
31418DQZ8 FEDERAL NATL MTG ASSN FN MA4071 2.00000 07/01/2040 US 362,005.68 $374,235.70
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 10,120.32 $11,954.86
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 32,791.14 $38,022.10
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 6,033.29 $7,015.92
32054K103 FIRST INDUSTRIAL REALTY TR US FR 562.74 $22,402.69
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 19,075.94 $19,075.94
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 224,142.3 $230,456.37
345370CW8 FORD MOTOR COMPANY 9.00000 04/22/2025 US 14,306.96 $16,859.24
345397XU2 FORD MOTOR CREDIT CO LLC 4.38900 01/08/2026 US 9,537.97 $9,609.51
346232AE1 FORESTAR GROUP INC 5.00000 03/01/2028 US 14,306.96 $14,202.80
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 11,922.46 $11,746.13
34960PAC5 FORTRESS TRANS & INFRAST 9.75000 08/01/2027 US 14,306.96 $15,219.02
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 11,922.46 $12,458.97
357081AE8 FREMF 2015-K720 B FLT 3.39323 07/25/2022 US 47,689.85 $49,194.08
36166LAA5 GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 AE 11,922.46 $11,803.24
36257MAA3 GSMS 2019-70P A 1.14838 10/15/2036 US 162,145.5 $155,637.40
36294VKJ8 GNMA POOL 660997 5.50000 05/15/2037 US 13,967.87 $15,537.72
369550108 GENERAL DYNAMICS CORP US GD 370.07 $48,601.72
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 371,980.84 $301,304.48
370334104 GENERAL MLS INC US GIS 1,046.79 $61,886.36
37255LAA5 GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 US 16,691.45 $17,400.83
374297109 GETTY REALTY CORP US GTY 572.28 $15,039.47
375558103 GILEAD SCIENCES INC US GILD 1,535.61 $89,295.91
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 172,040.61 $179,719.83
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 14,864.93 $197,554.88
404119BX6 HCA INC 4.12500 06/15/2029 US 238,449.26 $270,595.91
418751AD5 HAT HOLDINGS I LLC/HAT 3.75000 09/15/2030 US 11,922.46 $11,907.56
421946104 HEALTHCARE REALTY TRUST INC US HR 507.9 $14,119.53
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 789.27 $19,179.19
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 1,292.4 $34,855.89
423012301 HEINEKEN NV-SPN ADR NL HEINY 2,181.81 $97,221.49
427866108 HERSHEY CO/THE US HSY 337.17 $46,347.01
431571AB4 HILLENBRAND INC 5.00000 09/15/2026 US 9,537.97 $10,360.62
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 1,471.23 $129,188.88
437076102 HOME DEPOT INC US HD 787.84 $210,123.83
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 2,654.89 $62,708.60
438516106 HONEYWELL INTERNATIONAL INC US HON 776.87 $128,144.32
443201AA6 HOWMET AEROSPACE INC 6.87500 05/01/2025 US 19,075.94 $21,221.98
443628AH5 HUDBAY MINERALS INC 6.12500 04/01/2029 CA 19,075.94 $19,505.15
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 11,922.46 $12,778.20
450913AF5 IAMGOLD CORP 5.75000 10/15/2028 CA 19,075.94 $19,091.20
452308109 ILLINOIS TOOL WKS INC US ITW 406.79 $79,682.89
45337C102 INCYTE CORP US INCY 767.81 $66,522.76
45569LAA9 INDIGO NATURAL RES LLC 6.87500 02/15/2026 US 14,306.96 $14,056.58
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 21,460.43 $21,245.83
45778Q107 INSPERITY INC US NSP 1,373.47 $105,180.16
458140100 INTEL CORP US INTC 2,866.16 $126,913.57
45857P806 INTERCONTINENTAL HOTELS-ADR GB IHG 991.95 $50,728.27
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 1,983.9 $187,279.96
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 948.07 $105,861.97
46116VAE5 INTL FC STORE INC 8.62500 06/15/2025 US 23,844.93 $25,156.40
46187BAA1 IHSFR 2017-SFR2 A 0.99725 12/17/2036 US 68,854.81 $68,706.79
46187BAB9 IHSFR 2017-SFR2 B 1.29725 12/17/2036 US 57,227.82 $57,210.13
46187W107 INVITATION HOMES INC US INVH 1,722.08 $46,943.92
46284VAN1 IRON MOUNTAIN INC 4.50000 02/15/2031 US 11,922.46 $11,869.65
465410BX5 ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 95,379.7 $99,711.49
46625H100 JP MORGAN CHASE & CO US JPM 1,754.51 $172,012.13
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 9,739.9 $9,730.42
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 72,161.53 $73,487.02
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 76,995.15 $80,496.00
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 103,401.3 $105,524.68
46647PBP0 JPMORGAN CHASE & CO 2.95600 05/13/2031 US 414,901.71 $441,848.64
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 41,713.14 $41,837.29
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 45,033.96 $45,264.19
478160104 JOHNSON & JOHNSON US JNJ 3,409.35 $467,455.64
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 81,072.75 $2,634.86
48088LAB3 JOSEPH T RYERSON & SON 8.50000 08/01/2028 US 11,922.46 $12,775.52
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 21,460.43 $23,069.97
49427F108 KILROY REALTY CORP US KRC 530.31 $24,967.05
494368103 KIMBERLY CLARK CORP US KMB 461.64 $61,208.55
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 300,446.07 $387,068.13
505742AG1 LADDER CAP FIN LLLP/CORP 5.25000 10/01/2025 US 16,691.45 $15,230.95
512816109 LAMAR ADVERTISING CO-A US LAMR 188.37 $11,671.71
53223X107 LIFE STORAGE INC US LSI 178.84 $20,414.24
532457108 ELI LILLY & CO US LLY 674.81 $88,035.90
539830109 LOCKHEED MARTIN CORP US LMT 307.6 $107,699.83
541056AA5 LOGAN MERGER SUB INC 5.50000 09/01/2027 US 9,537.97 $9,669.12
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 21,460.43 $2,843.51
552697AQ7 MDC PARTNERS INC 6.50000 05/01/2024 CA 4,768.99 $4,563.06
552848AG8 MGIC INVESTMENT CORP 5.25000 08/15/2028 US 16,691.45 $17,150.46
573284106 MARTIN MARIETTA MATERIALS US MLM 200.3 $53,349.21
57636Q104 MASTERCARD INC-CLASS A US MA 963.34 $278,057.02
577128AA9 MATTHEWS INTERNATIONAL C 5.25000 12/01/2025 US 11,922.46 $11,326.34
58933Y105 MERCK & CO INC US MRK 2,205.66 $165,887.36
594918104 MICROSOFT CORP US MSFT 972.87 $196,977.59
595112103 MICRON TECHNOLOGY INC US MU 5,465.26 $275,121.04
59522J103 MID-AMERICA APARTMENT COMM US MAA 338.6 $39,490.68
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 5,277.84 $280,358.64
615369105 MOODY'S CORPORATION US MCO 286.14 $75,225.97
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 16,691.45 $8,304.00
62913TAJ1 NGL ENRGY PART LP/FIN CO 7.50000 11/01/2023 US 9,537.97 $5,146.59
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 16,691.45 $16,941.82
63938NAF1 NAVIOS SA LOGIST/FIN US 10.75000 07/01/2025 MUL 9,537.97 $10,062.56
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 39,000.21 $39,142.36
63941XAA5 NAVSL 2020-FA A 1.22000 07/15/2069 US 268,748.48 $269,535.67
63942FAB1 NAVSL 2020-1A A1B 1.19925 06/25/2069 US 333,828.96 $337,326.75
64033QAB5 NSLT 2015-2A A2 0.74925 09/25/2047 US 334,336.26 $327,948.86
644393AA8 NEW FORTRESS ENERGY INC 6.75000 09/15/2025 US 21,460.43 $22,129.35
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 106,401.25 $113,653.47
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 127,953.69 $138,154.78
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 172,765.52 $185,428.77
64971XPG7 NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 102,533.18 $105,106.76
654106AM5 NIKE INC 3.37500 03/27/2050 US 147,838.54 $169,999.42
6642321 NIKON CORP JP 7731 JP 10,587.15 $64,521.90
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 64,381.3 $643.81
66987V109 NOVARTIS AG- REG CH NVS 3,614.89 $282,250.67
674599EA9 OCCIDENTAL PETROLEUM COR 8.87500 07/15/2030 US 21,460.43 $21,004.40
675232AB8 OCEANEERING INTL INC 6.00000 02/01/2028 US 21,460.43 $15,880.72
68389X105 ORACLE CORP US ORCL 1,986.28 $111,450.30
68555PAA8 ORBCOMM INC 8.00000 04/01/2024 US 16,691.45 $16,941.82
691205AC2 OWL ROCK TECHNOLOGY FINA 4.75000 12/15/2025 US 14,306.96 $14,173.66
69144AAA7 OXFIN 2020-1A A2 3.10100 02/15/2028 US 143,069.56 $145,737.13
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 357,673.89 $370,704.77
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 11,922.46 $11,827.08
69306RAA4 P&L DEV LLC/PLD 7.75000 11/15/2025 US 11,922.46 $12,146.01
69327RAJ0 PDC ENERGY INC 5.75000 05/15/2026 US 14,306.96 $13,484.31
693475105 PNC FINANCIAL SERVICES GROUP US PNC 435.89 $48,766.84
69354NAC0 PRA GROUP INC 7.37500 09/01/2025 US 14,306.96 $15,008.00
69356MAA4 PM GENERAL PURCHASER LLC 9.50000 10/01/2028 US 16,691.45 $17,442.56
70450Y103 PAYPAL HOLDINGS INC US PYPL 1,096.87 $204,159.78
7123870 NESTLE SA-REGISTERED CH NESN SW 1,330.55 $149,657.16
713448108 PEPSICO INC US PEP 748.73 $99,798.31
717081103 PFIZER INC US PFE 4,887.26 $173,399.84
717081EW9 PFIZER INC 2.62500 04/01/2030 US 104,917.67 $115,409.05
71943U104 PHYSICIANS REALTY TRUST US DOC 560.36 $9,447.60
723787107 PIONEER NATURAL RESOURCES CO US PXD 1,759.76 $140,006.15
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 481,667.5 $534,397.93
74165HAB4 PRIME HEALTHCARE SERVICE 7.25000 11/01/2025 US 16,691.45 $16,821.64
74166MAE6 PRIME SECSRVC BRW/FINANC 6.25000 01/15/2028 US 9,537.97 $9,637.93
74340W103 PROLOGIS US PLD 1,128.82 $111,978.82
74460D109 PUBLIC STORAGE INC US PSA 154.99 $35,504.02
747525103 QUALCOMM INC US QCOM 875.59 $108,012.25
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 23,844.93 $24,381.44
75513E101 RAYTHEON TECHNOLOGIES CORP US RTX 1,492.69 $81,083.05
756109104 REALTY INCOME CORP US O 197.91 $11,451.24
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 526.97 $24,483.16
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 958.57 $23,149.37
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 1,874.21 $151,061.42
78409V104 S&P GLOBAL INC US SPGI 200.3 $64,641.97
78410G104 SBA COMMUNICATIONS CORP US SBAC 457.82 $132,937.94
78442PGC4 SLM CORP 5.12500 04/05/2022 US 23,844.93 $24,500.66
78442PGD2 SLM CORP 4.20000 10/29/2025 US 21,460.43 $21,728.69
78443BAG1 SLMA 2006-10 A6 FLT 0.36475 03/25/2044 US 59,840.11 $56,577.71
78449XAA0 SMB 2020-BA A1A 1.29000 07/15/2053 US 315,766.15 $315,906.03
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 248,052.7 $254,538.06
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 433,977.65 $509,921.77
79466L302 SALESFORCE.COM US CRM 622.35 $144,553.83
806857108 SCHLUMBERGER LTD NL SLB 3,018.77 $45,100.39
81745BAB1 SEMT 2013-6 A2 3.00000 05/25/2043 US 133,195.27 $139,201.02
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 86,294.41 $87,262.35
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 116,253 $119,482.21
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 89,753.31 $90,330.07
81762P102 SERVICENOW INC US NOW 219.37 $109,153.58
83192CAB3 SMB 2019-B A2A 2.84000 06/15/2037 US 357,673.89 $375,202.66
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 60,667.95 $61,480.34
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 23,978.39 $24,397.05
83404RAB4 SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 114,204.92 $117,302.68
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 61,335.84 $61,996.03
837151XF1 SOUTH CAROLINA ST PUBLIC SVC 1.85200 12/01/2026 US 138,300.57 $137,816.52
844741BJ6 SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 333,828.96 $370,227.23
85172FAN9 SPRINGLEAF FINANCE CORP 7.12500 03/15/2026 US 11,922.46 $13,220.34
85254J102 STAG INDUSTRIAL INC US STAG 407.75 $12,689.12
85571BAL9 STARWOOD PROPERTY TRUST 4.75000 03/15/2025 US 19,075.94 $18,503.66
85571XAA5 SRPT 2014-STAR A FLTG RATE 1.61838 11/15/2027 US 422,695 $312,913.50
857949BL0 SS INT BEARING FD .022% 01/02/15 US 1,367,376.96 $1,367,376.96
861036AA9 STL HOLDING CO LLC 7.50000 02/15/2026 US 21,460.43 $21,326.31
86212XAA8 STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 140,370.18 $140,782.51
866674104 SUN COMMUNITIES US SUI 305.22 $42,006.75
87105L104 SWITCH INC - A US SWCH 1,826.52 $25,680.89
872540AU3 TJX COS INC 4.50000 04/15/2050 US 195,528.39 $258,996.20
87422VAJ7 TALEN ENERGY SUPPLY LLC 7.62500 06/01/2028 US 16,691.45 $16,336.75
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 35,487.38 $35,570.51
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 7,153.48 $265.39
87901JAF2 TEGNA INC 4.75000 03/15/2026 US 11,922.46 $12,250.33
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 371,980.84 $418,915.18
88146M101 TERRENO REALTY CORP US TRNO 345.75 $19,458.89
882508104 TEXAS INSTRUMENTS INC US TXN 947.6 $137,013.10
883556102 THERMO FISHER SCIENTIFIC INC US TMO 214.6 $101,533.60
88579Y101 3M CO US MMM 681.96 $109,087.10
89151E109 TOTAL S A SPONSORED ADR FR TOT 4,966.42 $150,631.55
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 242,052.26 $247,333.55
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 107,047.64 $109,720.01
89177EAA7 TPMT 2019-HY1 A1 1.14925 10/25/2048 US 99,612.89 $99,940.31
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 16,691.45 $15,523.05
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 362,359.69 $362,579.32
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 236,480.85 $243,204.40
89613GAA4 TAH 2020-SFR1 A 1.49900 07/17/2038 US 290,908.1 $291,622.39
89832Q109 TRUIST FINANCIAL CORP US TFC 1,941.93 $81,794.12
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 30,998.4 $29,525.98
902653104 UDR INC US UDR 368.64 $11,516.39
902973304 U.S. BANCORP US USB 2,045.89 $79,687.60
904767704 UNILEVER PLC - ADR GB UL 7,680.93 $436,507.11
907818108 UNION PAC CORP US UNP 728.7 $129,118.52
909214BV9 UNISYS CORP 6.87500 11/01/2027 US 9,537.97 $9,871.80
9127963S6 TREASURY BILL 0.00000 07/15/2021 US 190,759.41 $190,617.53
912810FS2 TSY INFL IX N/B 2.00000 01/15/2026 US 1,302,139.26 $1,520,679.93
912828D56 US TREASURY N/B 2.37500 08/15/2024 US 2,460,796.35 $2,656,025.94
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 906,107.18 $963,269.81
912828YN4 US TREASURY FRN FLT 0.39502 10/31/2021 US 2,065,924.37 $2,071,786.74
912828ZJ2 TSY INFL IX N/B 0.12500 04/15/2025 US 974,164.32 $1,029,620.65
91823AAN1 VBTOW 2020-1A C2 3.03100 06/15/2050 US 71,534.78 $74,236.25
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 400,594.75 $546,249.88
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 615.2 $128,182.88
92826C839 VISA INC - CLASS A SHARES US V 1,607.15 $292,034.86
92826CAK8 VISA INC 2.70000 04/15/2040 US 395,825.77 $423,332.44
928668BE1 VOLKSWAGEN GROUP AMERICA 3.35000 05/13/2025 US 238,449.26 $259,383.70
929160109 VULCAN MATERIALS CO US VMC 729.65 $105,683.19
93065PAA9 WBHT 2019-WBM A FLT 1.19838 12/15/2033 US 185,990.42 $179,013.31
931142103 WAL MART STORES US WMT 1,369.65 $190,039.29
94106L109 WASTE MANAGEMENT INC US WM 609.95 $65,820.05
949746101 WELLS FARGO COMPANY US WFC 4,273.01 $91,656.08
95040Q104 WELLTOWER INC. US WELL 392.49 $21,104.05
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 19,075.94 $20,637.78
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 333,828.96 $363,969.75
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 90,085.55 $92,693.43
98311A105 WYNDHAM HOTELS & RESORTS INC US WH 484.05 $22,513.26
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 190,759.41 $9,100.95
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 66,765.79 $52,123.73
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 524,588.37 $25,493.78
B63QM77 NEXON CO LTD JP 3659 JP 7,487.31 $208,678.06
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 166,914.48 $8,762.51
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 6,826.8 $8,258.14
BK0939417 AMERICAN TANKER INC 7.75000 07/02/2025 US 33,382.9 $33,585.53
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 2,847.08 $217,533.32
BMXKJ81 FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 584.2 $8,616.96
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 1,912.36 $98,918.94
G1151C101 ACCENTURE PLC - CL A IE ACN 485.01 $105,202.61
G29183103 EATON CORP PLC US ETN 598.51 $62,119.11
G5494J103 LINDE PLC GB LIN 423.96 $93,415.96
G5960L103 MEDTRONIC INC IE MDT 2,342.53 $235,587.79
H01301128 ALCON INC CH ALC 4,540.07 $258,057.80
H1467J104 CHUBB LTD CH CB 531.26 $69,016.63
ZO4110185 BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 95,379.7 $89,551.78

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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