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

$13.60

Daily $ Change

$0.04

Daily % Change

0.29%

as of 01/20/2021

CUSIP

56382R803

Inception Date

04/17/2015

This fund is available only for use within certain qualified employee benefit plans.

Important Documents

Annual Report
Applications & Forms

Each Retirement Target CIT Fund seeks to achieve its investment objectives by investing in a combination of other Manning & Napier CIT Funds (the “underlying CIT Funds”) in order to meet its target asset allocations and investment style. The financial statements of the underlying Pro-Mix® CIT Funds should be read in conjunction with the Retirement Target CIT Funds’ financial statements.
Pro-Mix® CIT Fund Annual Report

Performance

As of 12/31/2020

YTD

---

1 Year

11.03%

3 Year

7.30%

5 Year

7.11%

10 Year

5.60%

Inception
(01/01/2000)

6.25%

Performance through the inception date of the Retirement Target CIT Class U1 units (04/17/2015) is based on the historical performance of the CIT’s oldest unit class. Performance through the inception date of the oldest unit class (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 U1 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 0.50%
Net 0.49%*

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

Top Ten Investments

As of 12/31/2020

TREASURY NOTES 15.47%
GOVERNMENT AGENCY 9.49%
TSY INFL IX N/B 0.12500 04/15/2025 2.17%
ALIBABA GROUP HOLDING 3.40000 12/06/2027 1.11%
AMERICAN TOWER CORP 3.80000 08/15/2029 1.07%
BOOKING HOLDINGS INC 3.60000 06/01/2026 1.02%
VERIZON COMMUNICATIONS 5.25000 03/16/2037 1.01%
SABINE PASS LIQUEFACTION 5.87500 06/30/2026 0.98%
AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 0.96%
JOHNSON & JOHNSON 0.95%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 12/31/2020

Bonds 67.74%
Stocks 31.24%
Cash 1.02%

Detailed Asset Class Allocation

As of 12/31/2020

International Equities 6.33%
Small Capitalization 1.10%
Mid Capitalization 4.04%
Large Capitalization 19.77%
Long Term Fixed Income 17.80%
Intermediate Term Fixed Income 42.68%
Short Term Fixed Income 7.26%
Cash 1.02%

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

December Fund Holdings

As of 12/31/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 136,426.51 $159,582.62
00287Y109 ABBVIE INC US ABBV 1,238.84 $132,741.79
00507V109 ACTIVISION INC US ATVI 1,769.14 $164,265.01
00653VAA9 ADAPTHEALTH LLC 6.12500 08/01/2028 US 15,402.99 $16,538.96
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 426,882.97 $475,495.17
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 15,402.99 $17,020.31
00842XAA7 AFFINITY GAMING 6.87500 12/15/2027 US 11,002.14 $11,527.93
008492100 AGREE REALTY CORP US ADC 329.18 $21,917.07
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 176,034.21 $188,654.47
00914AAB8 AIR LEASE CORP 3.75000 06/01/2026 US 132,025.66 $145,225.22
01166WAA5 ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 22,004.28 $23,902.19
01609W102 ALIBABA GROUP - ADR CN BABA 528.1 $122,905.33
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 492,895.8 $551,797.51
02079K305 ALPHABET INC-CL A US GOOGL 154.03 $269,959.03
023135106 AMAZON.COM INC US AMZN 92.42 $300,998.83
0237400 DIAGEO PLC GB DGE LN 1,637.12 $64,778.74
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 397.4 $16,996.68
025816109 AMERICAN EXPRESS CO US AXP 946.18 $114,403.09
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,014.4 $30,431.91
03027X100 AMERICAN TOWER REIT INC US AMT 589.71 $132,367.34
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 457,688.95 $532,126.40
03064D108 AMERICOLD REALTY TRUST US COLD 899.53 $33,579.64
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 22,004.28 $21,619.20
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 11,002.14 $10,564.25
03690EAA6 ANTERO MIDSTREAM PART/FI 7.87500 05/15/2026 US 4,400.86 $4,544.24
03750L109 APARTMENT INCOME REIT CO US AIRC 353.83 $13,590.56
03784Y200 APPLE HOSPITALITY REIT INC US APLE 1,379.67 $17,811.52
04364VAR4 ASCENT RESOURCES 8.25000 12/31/2028 US 8,801.71 $8,779.71
045054AJ2 ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 158,430.79 $168,275.68
053015103 AUTOMATIC DATA PROCESSING US ADP 312.9 $55,133.12
053484101 AVALONBAY COMMUNITIES INC US AVB 103.42 $16,591.69
05401AAJ0 AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 KY 184,835.92 $188,591.46
055622104 BP PLC-SPONS ADR GB BP 1,819.75 $37,341.35
060505104 BANK OF AMERICA CORP US BAC 5,266.06 $159,614.38
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 215,641.91 $242,312.83
071734AH0 BAUSCH HEALTH COS INC 5.00000 01/30/2028 CA 22,004.28 $22,676.29
084423102 WR BERKLEY CORP US WRB 1,786.75 $118,675.75
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 818.56 $189,799.30
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 1,538.1 $134,875.90
105368203 BRANDYWINE REALTY TRUST US BDN 899.97 $10,718.70
110122108 BRISTOL MYERS SQUIBB CO US BMY 1,749.34 $108,511.56
116ESCAD6 BRUIN E&P PARTNERS LLC 0.00000 08/01/2023 US 57,211.12 $5.72
12467AAF5 C&S GROUP ENTERPRISES LL 5.00000 12/15/2028 US 15,402.99 $15,358.02
12503M108 CBOE GLOBAL MARKETS INC US CBOE 532.5 $49,586.73
12514G108 CDW CORP/DE US CDW 699.74 $92,218.21
12530MAA3 SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 157,503.12 $160,435.06
12530MAB1 SORT 2020-1 A2 1.99000 07/15/2060 US 127,564.66 $129,193.41
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 35,766.76 $36,767.40
12572Q105 CME GROUP INC US CME 281.65 $51,275.25
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 110,674.51 $112,661.75
12654TAA8 CNX MIDSTREAM PTR/CNX 6.50000 03/15/2026 US 15,402.99 $15,672.55
127097103 CABOT OIL & GAS CORP US COG 11,710.68 $190,649.81
133131102 CAMDEN PROPERTY TRUST US CPT 214.32 $21,415.02
133131AZ5 CAMDEN PROPERTY TRUST 2.80000 05/15/2030 US 330,064.15 $366,555.72
13321L108 CAMECO CORP CA CCJ 7,697.1 $103,141.09
136375102 CANADIAN NATIONAL RAILWAY CO CA CNI 540.43 $59,365.69
14174T107 CARETRUST REIT INC US CTRE 433.48 $9,614.68
149123101 CATERPILLAR INC US CAT 550.99 $100,290.67
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 49,423.52 $49,633.47
16119P108 CHARTER COMMUNICATIONS INC-A US CHTR 277.25 $183,417.31
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 15,370.58 $15,384.03
17275R102 CISCO SYSTEMS INC US CSCO 3,050.23 $136,497.92
172967424 CITIGROUP INC US C 1,578.15 $97,308.53
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 286,055.6 $338,157.24
180848P56 CLARK CNTY NV 1.51000 11/01/2028 US 352,068.43 $355,117.34
191216100 COCA COLA CO/THE US KO 3,514.08 $192,712.31
194162103 COLGATE-PALMOLIVE CO US CL 910.98 $77,897.65
20030N101 COMCAST CORP-CL A US CMCSA 2,337.29 $122,474.22
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 343,266.71 $389,740.19
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 146,883.32 $150,585.80
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 345.47 $16,274.96
20449X401 COMPASS GROUP PLC ADR GB CMPGY 4,968.57 $93,061.23
20605P101 CONCHO RESOURCES INC US CXO 2,244.44 $130,962.85
20825C104 CONOCOPHILLIPS US COP 2,398.47 $95,914.66
217204106 COPART INC US CPRT 805.36 $102,481.62
222795502 COUSINS PROPERTIES INC US CUZ 947.94 $31,756.13
22534GAA1 CAALT 2020-1A 2.01000 02/15/2029 US 193,637.63 $197,976.97
22536BAA0 CAALT 2020-3A A 1.24000 10/15/2029 US 294,857.31 $298,129.69
22822V101 CROWN CASTLE INTL CORP US CCI 205.08 $32,646.66
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 360,870.14 $397,655.05
22822VAR2 CROWN CASTLE INTL CORP 3.30000 07/01/2030 US 114,422.24 $128,070.41
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 72,530.47 $73,843.20
229663109 CUBESMART US CUBE 352.07 $11,833.02
25243Q205 DIAGEO PLC-SPONSORED ADR GB DEO 403.56 $64,089.11
253868103 DIGITAL REALTY TRUST INC US DLR 326.54 $45,556.08
256746108 DOLLAR TREE STORES INC US DLTR 840.56 $90,814.47
25746UDG1 DOMINION ENERGY 3.37500 04/01/2030 US 220,042.77 $250,649.59
25960P109 DOUGLAS EMMETT INC US DEI 512.7 $14,960.58
26439XAC7 DCP MIDSTREAM OPERATING 8.12500 08/16/2030 US 13,202.57 $16,866.28
264411505 DUKE RLTY INVTS INC US DRE 691.81 $27,651.82
26875P101 EOG RESOURCES INC US EOG 1,795.55 $89,544.03
26884L109 EQT CORP US EQT 6,365.84 $80,909.79
26884LAG4 EQT CORP 8.75000 02/01/2030 US 11,002.14 $13,477.62
285512109 ELECTRONIC ARTS US EA 743.74 $106,801.72
291011104 EMERSON ELEC CO US EMR 775.87 $62,356.74
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 378,473.56 $461,732.35
29275YAC6 ENERSYS 4.37500 12/15/2027 US 2,200.43 $2,326.95
29444U700 EQUINIX INC US EQIX 357.35 $255,211.83
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 489.82 $31,034.69
297178105 ESSEX PROPERTY TRUST INC US ESS 52.81 $12,538.21
30212P303 EXPEDIA INC US EXPE 2,429.27 $321,635.63
30212PAS4 EXPEDIA GROUP INC 6.25000 05/01/2025 US 160,631.22 $186,187.74
30225T102 EXTRA SPACE STORAGE INC US EXR 77.02 $8,922.95
30231G102 EXXON MOBIL CORP US XOM 2,636.11 $108,660.55
302491303 FMC CORP US FMC 778.95 $89,524.88
30262DAL5 FREMF 2011-K13 B 4.63267 01/25/2048 US 180,435.07 $180,311.87
30262SAR9 FREMF 2015-K42 B FLT 3.85003 12/25/2024 US 79,215.4 $86,132.80
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 15,402.99 $14,690.61
30287EAE0 FREMF 2014-K41 B FLT 3.83296 11/25/2047 US 308,059.87 $338,120.20
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 4,567,262.86 $7,234.09
30303M102 FACEBOOK INC -A US FB 981.39 $268,076.69
3128M1AM1 FHLM POOL G11912 5.50000 03/01/2021 US 51.53 $51.58
3128M6HZ4 FHLM POOL G04448 5.50000 07/01/2038 US 49,933.25 $58,663.26
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 1,132.82 $1,330.60
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 3,917.07 $4,649.13
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 41,803.37 $49,458.69
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 12,694.12 $14,892.83
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 10,784.52 $11,166.39
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 467.13 $473.57
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 569.92 $586.34
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 135,339.16 $147,749.35
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 27,347.87 $32,160.36
3128MJY87 FHLM POOL FG G08734 4.00000 11/01/2046 US 13,430.02 $14,557.47
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 13,342.09 $14,752.29
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 136,601.49 $153,425.54
3132DWAG8 FEDERAL NATL MTG ASSN FR SD8107 2.50000 11/01/2050 US 522,913.18 $551,708.04
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 42,634.2 $46,674.42
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 111,771.87 $119,819.34
3135G05Y5 FANNIE MAE 0.75000 10/08/2027 US 1,058,405.7 $1,062,521.78
3136AY6W8 FNA 2017-M15 A1 FLT 2.95934 09/25/2027 US 197,382.73 $213,860.49
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 59,784.43 $61,925.35
31371MLB1 FEDERAL NATL MTG ASSN 256022 5.50000 12/01/2035 US 16,501.15 $19,357.47
31371MRU3 FEDERAL NATL MTG ASSN 256199 5.00000 04/01/2021 US 183.05 $191.94
31371NDQ5 FEDERAL NATL MTG ASSN 256711 5.50000 05/01/2037 US 1,883.99 $2,214.82
3137ADTK3 FHMS K014 X1 FLT 1.17813 04/25/2021 US 3,549,048.42 $4,144.58
3137AJMG6 FMHS K016 X1 FLT 1.48098 10/25/2021 US 976,222.52 $5,024.91
3137AUPF0 FHMS K021 x1 FLT 1.40440 06/25/2022 US 6,633,114.74 $97,973.76
3137B3NB0 FHMS K030 X1 FLT 0.16985 04/25/2023 US 12,611,457.16 $44,213.25
3137B4GZ3 FHMS K032 X1 FLT 0.08901 05/25/2023 US 7,416,783.01 $18,659.14
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 58,317.63 $59,011.17
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 27,798.81 $28,034.13
3138A7BL1 FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 50,575.05 $54,833.64
3138AJ4A7 FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 13,146.6 $14,246.65
3138EPLE2 FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 28,419.14 $31,895.41
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64100 01/01/2049 US 209,882.37 $246,027.10
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 179,048.05 $198,637.75
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 18,200.5 $21,390.71
31403DVZ9 FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 3,158.67 $3,678.91
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 134,514.95 $145,281.11
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 25,618.77 $27,698.79
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 185.3 $186.76
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 289.12 $292.27
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 748.37 $751.21
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 952.56 $957.72
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 5,412.06 $6,360.97
31410WSY5 FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 2,419.01 $2,710.19
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 11,491.44 $13,437.93
31413CCL1 FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 750.84 $844.69
31413MR66 FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 6,988.04 $7,862.60
31413S6R0 FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 4,946.69 $5,821.15
31414CQ50 FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 1,056.65 $1,258.82
31414DJ23 FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 2,735.91 $3,140.77
31414QX28 FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 1,255.08 $1,318.91
31414UF52 FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 7,792 $8,188.30
31415ALX7 FEDERAL NATL MTG ASSN 981042 6.00000 04/01/2038 US 1,942.02 $2,181.06
31415BBC2 FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 3,435.49 $3,882.40
31415BBT5 FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 2,123.62 $2,368.95
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 353.37 $355.58
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 4,627.56 $5,177.87
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 64,276.99 $71,053.81
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 69,117.88 $76,406.54
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 122,304.48 $133,634.25
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 65,553.7 $69,420.68
31418DU59 FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 553,000.45 $584,024.53
31418DU67 FEDERAL NATL MTG ASSN FN MA4204 2.00000 12/01/2040 US 561,477.9 $583,310.53
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 9,149.66 $10,901.18
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 28,631.96 $33,589.76
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 5,371.81 $6,315.12
32054K103 FIRST INDUSTRIAL REALTY TR US FR 493.78 $20,802.78
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 206,840.2 $216,740.77
345370CW8 FORD MOTOR COMPANY 9.00000 04/22/2025 US 13,202.57 $16,186.48
345397XU2 FORD MOTOR CREDIT CO LLC 4.38900 01/08/2026 US 8,801.71 $9,238.98
346232AE1 FORESTAR GROUP INC 5.00000 03/01/2028 US 13,202.57 $13,631.65
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 11,002.14 $11,498.44
34960PAC5 FORTRESS TRANS & INFRAST 9.75000 08/01/2027 US 13,202.57 $15,133.44
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 11,002.14 $12,542.44
357081AE8 FREMF 2015-K720 B FLT 3.39339 07/25/2022 US 44,008.55 $45,477.76
36166LAA5 GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 AE 11,002.14 $11,469.73
36257MAA3 GSMS 2019-70P A 1.15900 10/15/2036 US 149,629.08 $145,876.37
36294VKJ8 GNMA POOL 660997 5.50000 05/15/2037 US 12,813.45 $14,335.00
369550108 GENERAL DYNAMICS CORP US GD 301.02 $44,797.57
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 343,266.71 $319,323.86
370334104 GENERAL MLS INC US GIS 798.76 $46,966.81
37255LAA5 GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 US 19,803.85 $21,437.67
374297109 GETTY REALTY CORP US GTY 490.7 $13,513.75
375558103 GILEAD SCIENCES INC US GILD 1,128.82 $65,765.02
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 147,858.52 $155,161.96
383909AF5 WR GRACE & CO-CONN 5.62500 10/01/2024 US 8,801.71 $9,494.85
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 11,481.83 $194,502.23
404119BX6 HCA INC 4.12500 06/15/2029 US 220,042.77 $255,267.56
418751AD5 HAT HOLDINGS I LLC/HAT 3.75000 09/15/2030 US 11,002.14 $11,414.72
419792A22 HAWAII ST 2.68200 10/01/2030 US 167,232.5 $174,170.98
421946104 HEALTHCARE REALTY TRUST INC US HR 546.15 $16,165.93
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 690.93 $19,028.33
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 911.86 $27,565.44
423012301 HEINEKEN NV-SPN ADR NL HEINY 1,711.93 $95,594.32
427866108 HERSHEY CO/THE US HSY 279.45 $42,569.28
431571AB4 HILLENBRAND INC 5.00000 09/15/2026 US 8,801.71 $9,868.92
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 591.92 $65,856.47
437076102 HOME DEPOT INC US HD 668.05 $177,447.40
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 2,153.34 $60,831.81
438516106 HONEYWELL INTERNATIONAL INC US HON 617.44 $131,329.49
443201AA6 HOWMET AEROSPACE INC 6.87500 05/01/2025 US 8,801.71 $10,298.00
443628AH5 HUDBAY MINERALS INC 6.12500 04/01/2029 CA 8,801.71 $9,483.84
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 11,002.14 $12,143.61
450913AF5 IAMGOLD CORP 5.75000 10/15/2028 CA 17,603.42 $17,867.47
45168D104 IDEXX LABORATORIES INC US IDXX 213.44 $106,692.99
452308109 ILLINOIS TOOL WKS INC US ITW 349.43 $71,241.36
45337C102 INCYTE CORP US INCY 708.54 $61,628.61
45569LAA9 INDIGO NATURAL RES LLC 6.87500 02/15/2026 US 13,202.57 $13,499.62
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 19,803.85 $20,026.64
45778Q107 INSPERITY INC US NSP 1,078.21 $87,787.82
458140100 INTEL CORP US INTC 2,530.93 $126,091.03
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 1,689.93 $194,831.85
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 777.63 $97,888.21
46116VAE5 INTL FC STORE INC 8.62500 06/15/2025 US 22,004.28 $23,929.65
46187BAA1 IHSFR 2017-SFR2 A 1.00300 12/17/2036 US 63,341.43 $63,186.93
46187BAB9 IHSFR 2017-SFR2 B 1.30300 12/17/2036 US 52,810.26 $52,682.41
46187W107 INVITATION HOMES INC US INVH 1,624.36 $48,243.36
46284VAN1 IRON MOUNTAIN INC 4.50000 02/15/2031 US 11,002.14 $11,524.74
465410BX5 ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 88,017.11 $92,555.47
46625H100 JP MORGAN CHASE & CO US JPM 1,394.19 $177,159.85
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 8,893.99 $8,885.30
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 53,754.31 $54,519.53
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 60,901.97 $62,102.64
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 90,814.91 $92,882.21
46647PBP0 JPMORGAN CHASE & CO 2.95600 05/13/2031 US 382,874.41 $419,856.63
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 21,180.5 $21,194.51
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 25,920.76 $25,996.66
478160104 JOHNSON & JOHNSON US JNJ 2,992.14 $470,903.23
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 74,814.54 $731.99
48088LAB3 JOSEPH T RYERSON & SON 8.50000 08/01/2028 US 9,681.88 $10,964.73
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 19,803.85 $22,229.82
49427F108 KILROY REALTY CORP US KRC 414.56 $23,795.78
494368103 KIMBERLY CLARK CORP US KMB 392.56 $52,928.37
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 312,460.73 $427,543.02
50212YAC8 LPL HOLDINGS INC 4.62500 11/15/2027 US 11,002.14 $11,387.21
505742AG1 LADDER CAP FIN LLLP/CORP 5.25000 10/01/2025 US 19,803.85 $19,754.34
512816109 LAMAR ADVERTISING CO-A US LAMR 163.27 $13,587.47
53223X107 LIFE STORAGE INC US LSI 161.51 $19,282.84
532457108 ELI LILLY & CO US LLY 542.63 $91,616.88
539830109 LOCKHEED MARTIN CORP US LMT 248.65 $88,265.18
541056AA5 LOGAN MERGER SUB INC 5.50000 09/01/2027 US 8,801.71 $9,219.79
54240F202 LONESTAR RES US INC NPV US 760.47 $1,384.05
552848AG8 MGIC INVESTMENT CORP 5.25000 08/15/2028 US 15,402.99 $16,481.20
55303XAL9 MGM GROWTH/MGM FINANCE 3.87500 02/15/2029 US 11,002.14 $11,249.69
573284106 MARTIN MARIETTA MATERIALS US MLM 184.84 $52,487.86
57636Q104 MASTERCARD INC-CLASS A US MA 818.56 $292,176.48
577128AA9 MATTHEWS INTERNATIONAL C 5.25000 12/01/2025 US 15,402.99 $15,557.02
58933Y105 MERCK & CO INC US MRK 1,765.18 $144,391.97
594918104 MICROSOFT CORP US MSFT 897.77 $199,683.00
595112103 MICRON TECHNOLOGY INC US MU 2,552.5 $191,896.66
59522J103 MID-AMERICA APARTMENT COMM US MAA 290.46 $36,797.93
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 4,717.72 $275,844.91
615369105 MOODY'S CORPORATION US MCO 264.05 $76,638.25
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 15,402.99 $11,706.28
62913TAJ1 NGL ENRGY PART LP/FIN CO 7.50000 11/01/2023 US 15,402.99 $10,907.25
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 15,402.99 $16,750.76
63938NAF1 NAVIOS SA LOGIST/FIN US 10.75000 07/01/2025 MUL 8,801.71 $9,417.83
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 18,879.75 $18,924.16
63941XAA5 NAVSL 2020-FA A 1.22000 07/15/2069 US 221,583.05 $223,754.56
63942FAB1 NAVSL 2020-1A A1B 1.19800 06/25/2069 US 301,106.11 $304,971.68
64033QAB5 NSLT 2015-2A A2 0.74800 09/25/2047 US 303,724.82 $298,567.24
644393AA8 NEW FORTRESS ENERGY INC 6.75000 09/15/2025 US 19,803.85 $21,035.25
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 95,239 $102,035.92
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 109,718.45 $116,918.19
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 152,023.93 $161,985.28
64971XPG7 NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 94,618.39 $97,476.81
654106AM5 NIKE INC 3.37500 03/27/2050 US 136,426.51 $168,778.99
655844108 NORFOLK SOUTHN CORP US NSC 413.68 $98,294.60
6642321 NIKON CORP JP 7731 JP 9,769.9 $61,725.04
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 59,411.55 $401.03
66987V109 NOVARTIS AG- REG CH NVS 3,151.01 $297,550.10
674599EA9 OCCIDENTAL PETROLEUM COR 8.87500 07/15/2030 US 15,402.99 $18,079.26
675232AB8 OCEANEERING INTL INC 6.00000 02/01/2028 US 19,803.85 $17,699.69
68389X105 ORACLE CORP US ORCL 1,674.53 $108,325.05
691205AC2 OWL ROCK TECHNOLOGY FINA 4.75000 12/15/2025 US 13,202.57 $13,786.71
691205AE8 OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 167,232.5 $168,140.22
69121KAE4 OWL ROCK CAPITAL CORP 3.40000 07/15/2026 US 15,402.99 $15,623.54
69144AAA7 OXFIN 2020-1A A2 3.10100 02/15/2028 US 132,025.66 $135,128.18
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 330,064.15 $341,492.36
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 11,002.14 $10,974.63
69306RAA4 P&L DEV LLC/PLD 7.75000 11/15/2025 US 15,402.99 $16,558.22
69327RAJ0 PDC ENERGY INC 5.75000 05/15/2026 US 13,202.57 $13,631.65
693475105 PNC FINANCIAL SERVICES GROUP US PNC 342.39 $51,015.60
69354NAC0 PRA GROUP INC 7.37500 09/01/2025 US 13,202.57 $14,258.77
69356MAA4 PM GENERAL PURCHASER LLC 9.50000 10/01/2028 US 15,402.99 $17,058.82
70450Y103 PAYPAL HOLDINGS INC US PYPL 862.57 $202,013.34
7123870 NESTLE SA-REGISTERED CH NESN SW 1,227.84 $145,144.42
713448108 PEPSICO INC US PEP 638.12 $94,633.79
717081103 PFIZER INC US PFE 3,847.23 $141,616.45
717081EW9 PFIZER INC 2.62500 04/01/2030 US 96,818.82 $108,064.17
723787107 PIONEER NATURAL RESOURCES CO US PXD 1,227.84 $139,838.54
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 444,486.39 $505,183.33
74165HAB4 PRIME HEALTHCARE SERVICE 7.25000 11/01/2025 US 15,402.99 $16,365.68
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 11,002.14 $12,047.34
74340W103 PROLOGIS US PLD 982.27 $97,893.12
74460D109 PUBLIC STORAGE INC US PSA 160.63 $37,094.57
747525103 QUALCOMM INC US QCOM 766.63 $116,788.26
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 22,004.28 $24,165.10
75513E101 RAYTHEON TECHNOLOGIES CORP US RTX 1,194.83 $85,442.45
756109104 REALTY INCOME CORP US O 169.43 $10,533.65
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 345.47 $16,965.89
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 624.92 $21,003.61
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 873.57 $96,075.20
78409V104 S&P GLOBAL INC US SPGI 184.84 $60,761.11
78410G104 SBA COMMUNICATIONS CORP US SBAC 422.48 $119,194.88
78442PGC4 SLM CORP 5.12500 04/05/2022 US 22,004.28 $22,499.37
78442PGD2 SLM CORP 4.20000 10/29/2025 US 19,803.85 $20,917.82
78443BAG1 SLMA 2006-10 A6 FLT 0.36475 03/25/2044 US 55,220.91 $53,807.16
78449XAA0 SMB 2020-BA A1A 1.29000 07/15/2053 US 280,894.45 $281,846.35
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 212,056.67 $218,477.35
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 400,477.83 $484,218.69
806857108 SCHLUMBERGER LTD NL SLB 2,011.19 $43,904.30
81745BAB1 SEMT 2013-6 A2 3.00000 05/25/2043 US 112,207.44 $113,995.42
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 67,936.3 $69,019.51
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 90,722.91 $92,173.35
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 72,529.91 $73,225.57
81762P102 SERVICENOW INC US NOW 171.63 $94,472.15
83192CAB3 SMB 2019-B A2A 2.84000 06/15/2037 US 330,064.15 $348,530.41
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 51,752.79 $52,415.89
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 20,812.19 $21,210.81
83404RAB4 SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 96,503.24 $99,325.39
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 44,991.47 $45,444.43
835699307 SONY CORP SPONSORED ADR JP SNE 1,040.8 $105,225.11
837151XF1 SOUTH CAROLINA ST PUBLIC SVC 1.85200 12/01/2026 US 127,624.8 $130,650.79
844741BJ6 SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 308,059.87 $356,782.89
85172FAN9 SPRINGLEAF FINANCE CORP 7.12500 03/15/2026 US 11,002.14 $13,010.03
85254J102 STAG INDUSTRIAL INC US STAG 356.03 $11,150.83
85571BAL9 STARWOOD PROPERTY TRUST 4.75000 03/15/2025 US 17,603.42 $18,043.51
85571XAA5 SRPT 2014-STAR A FLTG RATE 1.62863 11/15/2027 US 390,066.12 $257,443.64
857949BL0 SS INT BEARING FD .022% 01/02/15 US 512,337.54 $512,337.54
861036AA9 STL HOLDING CO LLC 7.50000 02/15/2026 US 19,803.85 $20,546.49
86212XAA8 STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 129,081.74 $129,387.11
866674104 SUN COMMUNITIES US SUI 293.98 $44,669.83
87105L104 SWITCH INC - A US SWCH 1,582.99 $25,913.51
87422VAA6 TALEN ENERGY SUPPLY LLC 6.50000 06/01/2025 US 11,002.14 $8,966.74
87485LAA2 TALOS PRODUCTION INC 12.00000 01/15/2026 US 11,002.14 $10,704.75
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 23,940.27 $23,993.80
87901JAE5 TEGNA INC 4.62500 03/15/2028 US 11,002.14 $11,249.69
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 343,266.71 $391,111.83
88146M101 TERRENO REALTY CORP US TRNO 248.65 $14,548.41
882508104 TEXAS INSTRUMENTS INC US TXN 800.96 $131,460.85
883556102 THERMO FISHER SCIENTIFIC INC US TMO 198.04 $92,242.37
88579Y101 3M CO US MMM 544.39 $95,153.19
89151E109 TOTAL S A SPONSORED ADR FR TOT 2,837.23 $118,908.37
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 205,466.88 $209,461.30
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 91,125.28 $93,394.44
89177EAA7 TPMT 2019-HY1 A1 1.14800 10/25/2048 US 86,913.24 $87,251.03
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 218,226.3 $224,971.87
89613GAA4 TAH 2020-SFR1 A 1.49900 07/17/2038 US 268,452.17 $271,312.37
89832Q109 TRUIST FINANCIAL CORP US TFC 1,503.33 $72,054.71
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 28,605.56 $28,033.45
902653104 UDR INC US UDR 551.87 $21,208.26
902973304 U.S. BANCORP US USB 1,608.07 $74,920.10
904767704 UNILEVER PLC - ADR GB UL 6,721.43 $405,705.29
907818108 UNION PAC CORP US UNP 602.92 $125,539.41
909214BV9 UNISYS CORP 6.87500 11/01/2027 US 8,801.71 $9,615.87
9128284P2 US TREASURY N/B 2.62500 05/15/2021 US 1,991,387.03 $2,009,589.54
912828D56 US TREASURY N/B 2.37500 08/15/2024 US 3,421,665.01 $3,687,779.67
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 981,390.74 $1,044,951.11
912828YN4 US TREASURY FRN FLT 0.39002 10/31/2021 US 916,258.08 $918,131.95
912828ZJ2 TSY INFL IX N/B 0.12500 04/15/2025 US 998,193.2 $1,073,785.54
91823AAN1 VBTOW 2020-1A C2 3.03100 06/15/2050 US 66,012.83 $69,157.29
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 369,671.85 $500,975.59
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 514.9 $121,691.48
92556V106 VIATRIS INC US VTRS 497.74 $9,327.59
92826C839 VISA INC - CLASS A SHARES US V 1,315.86 $287,817.13
92826CAK8 VISA INC 2.70000 04/15/2040 US 365,270.99 $398,741.32
92837TAA0 AUSTIN BIDCO INC 7.12500 12/15/2028 US 2,200.43 $2,296.70
928668BE1 VOLKSWAGEN GROUP AMERICA 3.35000 05/13/2025 US 220,042.77 $241,905.13
929160109 VULCAN MATERIALS CO US VMC 673.33 $99,861.70
93065PAA9 WBHT 2019-WBM A FLT 1.20900 12/15/2033 US 171,633.36 $166,924.79
931142103 WAL MART STORES US WMT 1,242.36 $179,086.40
94106L109 WASTE MANAGEMENT INC US WM 497.74 $58,698.09
949746101 WELLS FARGO COMPANY US WFC 3,371.06 $101,738.45
95040Q104 WELLTOWER INC. US WELL 191.44 $12,370.67
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 17,603.42 $19,214.13
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 308,059.87 $351,507.58
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 66,628.29 $68,371.75
98311A105 WYNDHAM HOTELS & RESORTS INC US WH 200.24 $11,902.20
98978V103 ZOETIS INC US ZTS 303.66 $50,255.57
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 176,034.21 $8,920.47
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 61,611.97 $50,169.54
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 484,094.08 $25,045.08
B63QM77 NEXON CO LTD JP 3659 JP 6,469.26 $199,608.33
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 154,029.94 $9,094.27
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 6,299.82 $8,881.39
BK0939417 AMERICAN TANKER INC 7.75000 07/02/2025 US 30,805.99 $30,869.14
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 2,451.28 $176,378.65
BMXKJ81 FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 527.66 $7,788.30
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 741.54 $51,735.12
G1151C101 ACCENTURE PLC - CL A IE ACN 382.87 $100,010.63
G29183103 EATON CORP PLC US ETN 522.82 $62,811.79
G5494J103 LINDE PLC GB LIN 341.51 $89,990.34
G5960L103 MEDTRONIC INC IE MDT 2,008.99 $235,333.14
H01301128 ALCON INC CH ALC 3,674.71 $242,457.64
H1467J104 CHUBB LTD CH CB 438.77 $67,534.75
ZO4110185 BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 88,017.11 $83,673.15

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

$13.60

Daily $ Change

$0.04

Daily % Change

0.29%

as of 01/20/2021

CUSIP

56382R803

Inception Date

04/17/2015

This fund is available only 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 12/31/2020

YTD

---

1 Year

11.03%

3 Year

7.30%

5 Year

7.11%

10 Year

5.60%

Inception
(01/01/2000)

6.25%

Performance through the inception date of the Retirement Target CIT Class U1 units (04/17/2015) is based on the historical performance of the CIT’s oldest unit class. Performance through the inception date of the oldest unit class (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 U1 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 0.50%
Net 0.49%*

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

Top Ten Investments

As of 12/31/2020

TREASURY NOTES 15.47%
GOVERNMENT AGENCY 9.49%
TSY INFL IX N/B 0.12500 04/15/2025 2.17%
ALIBABA GROUP HOLDING 3.40000 12/06/2027 1.11%
AMERICAN TOWER CORP 3.80000 08/15/2029 1.07%
BOOKING HOLDINGS INC 3.60000 06/01/2026 1.02%
VERIZON COMMUNICATIONS 5.25000 03/16/2037 1.01%
SABINE PASS LIQUEFACTION 5.87500 06/30/2026 0.98%
AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 0.96%
JOHNSON & JOHNSON 0.95%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 12/31/2020

Bonds
67.74%
Stocks
31.24%
Cash
1.02%

Detailed Asset Class Allocation

As of 12/31/2020

International Equities
6.33%
Small Capitalization
1.10%
Mid Capitalization
4.04%
Large Capitalization
19.77%
Long Term Fixed Income
17.80%
Intermediate Term Fixed Income
42.68%
Short Term Fixed Income
7.26%
Cash
1.02%

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

December Fund Holdings

As of 12/31/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 136,426.51 $159,582.62
00287Y109 ABBVIE INC US ABBV 1,238.84 $132,741.79
00507V109 ACTIVISION INC US ATVI 1,769.14 $164,265.01
00653VAA9 ADAPTHEALTH LLC 6.12500 08/01/2028 US 15,402.99 $16,538.96
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 426,882.97 $475,495.17
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 15,402.99 $17,020.31
00842XAA7 AFFINITY GAMING 6.87500 12/15/2027 US 11,002.14 $11,527.93
008492100 AGREE REALTY CORP US ADC 329.18 $21,917.07
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 176,034.21 $188,654.47
00914AAB8 AIR LEASE CORP 3.75000 06/01/2026 US 132,025.66 $145,225.22
01166WAA5 ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 22,004.28 $23,902.19
01609W102 ALIBABA GROUP - ADR CN BABA 528.1 $122,905.33
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 492,895.8 $551,797.51
02079K305 ALPHABET INC-CL A US GOOGL 154.03 $269,959.03
023135106 AMAZON.COM INC US AMZN 92.42 $300,998.83
0237400 DIAGEO PLC GB DGE LN 1,637.12 $64,778.74
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 397.4 $16,996.68
025816109 AMERICAN EXPRESS CO US AXP 946.18 $114,403.09
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,014.4 $30,431.91
03027X100 AMERICAN TOWER REIT INC US AMT 589.71 $132,367.34
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 457,688.95 $532,126.40
03064D108 AMERICOLD REALTY TRUST US COLD 899.53 $33,579.64
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 22,004.28 $21,619.20
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 11,002.14 $10,564.25
03690EAA6 ANTERO MIDSTREAM PART/FI 7.87500 05/15/2026 US 4,400.86 $4,544.24
03750L109 APARTMENT INCOME REIT CO US AIRC 353.83 $13,590.56
03784Y200 APPLE HOSPITALITY REIT INC US APLE 1,379.67 $17,811.52
04364VAR4 ASCENT RESOURCES 8.25000 12/31/2028 US 8,801.71 $8,779.71
045054AJ2 ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 158,430.79 $168,275.68
053015103 AUTOMATIC DATA PROCESSING US ADP 312.9 $55,133.12
053484101 AVALONBAY COMMUNITIES INC US AVB 103.42 $16,591.69
05401AAJ0 AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 KY 184,835.92 $188,591.46
055622104 BP PLC-SPONS ADR GB BP 1,819.75 $37,341.35
060505104 BANK OF AMERICA CORP US BAC 5,266.06 $159,614.38
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 215,641.91 $242,312.83
071734AH0 BAUSCH HEALTH COS INC 5.00000 01/30/2028 CA 22,004.28 $22,676.29
084423102 WR BERKLEY CORP US WRB 1,786.75 $118,675.75
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 818.56 $189,799.30
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 1,538.1 $134,875.90
105368203 BRANDYWINE REALTY TRUST US BDN 899.97 $10,718.70
110122108 BRISTOL MYERS SQUIBB CO US BMY 1,749.34 $108,511.56
116ESCAD6 BRUIN E&P PARTNERS LLC 0.00000 08/01/2023 US 57,211.12 $5.72
12467AAF5 C&S GROUP ENTERPRISES LL 5.00000 12/15/2028 US 15,402.99 $15,358.02
12503M108 CBOE GLOBAL MARKETS INC US CBOE 532.5 $49,586.73
12514G108 CDW CORP/DE US CDW 699.74 $92,218.21
12530MAA3 SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 157,503.12 $160,435.06
12530MAB1 SORT 2020-1 A2 1.99000 07/15/2060 US 127,564.66 $129,193.41
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 35,766.76 $36,767.40
12572Q105 CME GROUP INC US CME 281.65 $51,275.25
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 110,674.51 $112,661.75
12654TAA8 CNX MIDSTREAM PTR/CNX 6.50000 03/15/2026 US 15,402.99 $15,672.55
127097103 CABOT OIL & GAS CORP US COG 11,710.68 $190,649.81
133131102 CAMDEN PROPERTY TRUST US CPT 214.32 $21,415.02
133131AZ5 CAMDEN PROPERTY TRUST 2.80000 05/15/2030 US 330,064.15 $366,555.72
13321L108 CAMECO CORP CA CCJ 7,697.1 $103,141.09
136375102 CANADIAN NATIONAL RAILWAY CO CA CNI 540.43 $59,365.69
14174T107 CARETRUST REIT INC US CTRE 433.48 $9,614.68
149123101 CATERPILLAR INC US CAT 550.99 $100,290.67
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 49,423.52 $49,633.47
16119P108 CHARTER COMMUNICATIONS INC-A US CHTR 277.25 $183,417.31
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 15,370.58 $15,384.03
17275R102 CISCO SYSTEMS INC US CSCO 3,050.23 $136,497.92
172967424 CITIGROUP INC US C 1,578.15 $97,308.53
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 286,055.6 $338,157.24
180848P56 CLARK CNTY NV 1.51000 11/01/2028 US 352,068.43 $355,117.34
191216100 COCA COLA CO/THE US KO 3,514.08 $192,712.31
194162103 COLGATE-PALMOLIVE CO US CL 910.98 $77,897.65
20030N101 COMCAST CORP-CL A US CMCSA 2,337.29 $122,474.22
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 343,266.71 $389,740.19
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 146,883.32 $150,585.80
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 345.47 $16,274.96
20449X401 COMPASS GROUP PLC ADR GB CMPGY 4,968.57 $93,061.23
20605P101 CONCHO RESOURCES INC US CXO 2,244.44 $130,962.85
20825C104 CONOCOPHILLIPS US COP 2,398.47 $95,914.66
217204106 COPART INC US CPRT 805.36 $102,481.62
222795502 COUSINS PROPERTIES INC US CUZ 947.94 $31,756.13
22534GAA1 CAALT 2020-1A 2.01000 02/15/2029 US 193,637.63 $197,976.97
22536BAA0 CAALT 2020-3A A 1.24000 10/15/2029 US 294,857.31 $298,129.69
22822V101 CROWN CASTLE INTL CORP US CCI 205.08 $32,646.66
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 360,870.14 $397,655.05
22822VAR2 CROWN CASTLE INTL CORP 3.30000 07/01/2030 US 114,422.24 $128,070.41
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 72,530.47 $73,843.20
229663109 CUBESMART US CUBE 352.07 $11,833.02
25243Q205 DIAGEO PLC-SPONSORED ADR GB DEO 403.56 $64,089.11
253868103 DIGITAL REALTY TRUST INC US DLR 326.54 $45,556.08
256746108 DOLLAR TREE STORES INC US DLTR 840.56 $90,814.47
25746UDG1 DOMINION ENERGY 3.37500 04/01/2030 US 220,042.77 $250,649.59
25960P109 DOUGLAS EMMETT INC US DEI 512.7 $14,960.58
26439XAC7 DCP MIDSTREAM OPERATING 8.12500 08/16/2030 US 13,202.57 $16,866.28
264411505 DUKE RLTY INVTS INC US DRE 691.81 $27,651.82
26875P101 EOG RESOURCES INC US EOG 1,795.55 $89,544.03
26884L109 EQT CORP US EQT 6,365.84 $80,909.79
26884LAG4 EQT CORP 8.75000 02/01/2030 US 11,002.14 $13,477.62
285512109 ELECTRONIC ARTS US EA 743.74 $106,801.72
291011104 EMERSON ELEC CO US EMR 775.87 $62,356.74
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 378,473.56 $461,732.35
29275YAC6 ENERSYS 4.37500 12/15/2027 US 2,200.43 $2,326.95
29444U700 EQUINIX INC US EQIX 357.35 $255,211.83
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 489.82 $31,034.69
297178105 ESSEX PROPERTY TRUST INC US ESS 52.81 $12,538.21
30212P303 EXPEDIA INC US EXPE 2,429.27 $321,635.63
30212PAS4 EXPEDIA GROUP INC 6.25000 05/01/2025 US 160,631.22 $186,187.74
30225T102 EXTRA SPACE STORAGE INC US EXR 77.02 $8,922.95
30231G102 EXXON MOBIL CORP US XOM 2,636.11 $108,660.55
302491303 FMC CORP US FMC 778.95 $89,524.88
30262DAL5 FREMF 2011-K13 B 4.63267 01/25/2048 US 180,435.07 $180,311.87
30262SAR9 FREMF 2015-K42 B FLT 3.85003 12/25/2024 US 79,215.4 $86,132.80
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 15,402.99 $14,690.61
30287EAE0 FREMF 2014-K41 B FLT 3.83296 11/25/2047 US 308,059.87 $338,120.20
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 4,567,262.86 $7,234.09
30303M102 FACEBOOK INC -A US FB 981.39 $268,076.69
3128M1AM1 FHLM POOL G11912 5.50000 03/01/2021 US 51.53 $51.58
3128M6HZ4 FHLM POOL G04448 5.50000 07/01/2038 US 49,933.25 $58,663.26
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 1,132.82 $1,330.60
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 3,917.07 $4,649.13
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 41,803.37 $49,458.69
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 12,694.12 $14,892.83
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 10,784.52 $11,166.39
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 467.13 $473.57
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 569.92 $586.34
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 135,339.16 $147,749.35
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 27,347.87 $32,160.36
3128MJY87 FHLM POOL FG G08734 4.00000 11/01/2046 US 13,430.02 $14,557.47
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 13,342.09 $14,752.29
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 136,601.49 $153,425.54
3132DWAG8 FEDERAL NATL MTG ASSN FR SD8107 2.50000 11/01/2050 US 522,913.18 $551,708.04
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 42,634.2 $46,674.42
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 111,771.87 $119,819.34
3135G05Y5 FANNIE MAE 0.75000 10/08/2027 US 1,058,405.7 $1,062,521.78
3136AY6W8 FNA 2017-M15 A1 FLT 2.95934 09/25/2027 US 197,382.73 $213,860.49
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 59,784.43 $61,925.35
31371MLB1 FEDERAL NATL MTG ASSN 256022 5.50000 12/01/2035 US 16,501.15 $19,357.47
31371MRU3 FEDERAL NATL MTG ASSN 256199 5.00000 04/01/2021 US 183.05 $191.94
31371NDQ5 FEDERAL NATL MTG ASSN 256711 5.50000 05/01/2037 US 1,883.99 $2,214.82
3137ADTK3 FHMS K014 X1 FLT 1.17813 04/25/2021 US 3,549,048.42 $4,144.58
3137AJMG6 FMHS K016 X1 FLT 1.48098 10/25/2021 US 976,222.52 $5,024.91
3137AUPF0 FHMS K021 x1 FLT 1.40440 06/25/2022 US 6,633,114.74 $97,973.76
3137B3NB0 FHMS K030 X1 FLT 0.16985 04/25/2023 US 12,611,457.16 $44,213.25
3137B4GZ3 FHMS K032 X1 FLT 0.08901 05/25/2023 US 7,416,783.01 $18,659.14
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 58,317.63 $59,011.17
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 27,798.81 $28,034.13
3138A7BL1 FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 50,575.05 $54,833.64
3138AJ4A7 FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 13,146.6 $14,246.65
3138EPLE2 FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 28,419.14 $31,895.41
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64100 01/01/2049 US 209,882.37 $246,027.10
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 179,048.05 $198,637.75
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 18,200.5 $21,390.71
31403DVZ9 FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 3,158.67 $3,678.91
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 134,514.95 $145,281.11
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 25,618.77 $27,698.79
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 185.3 $186.76
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 289.12 $292.27
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 748.37 $751.21
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 952.56 $957.72
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 5,412.06 $6,360.97
31410WSY5 FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 2,419.01 $2,710.19
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 11,491.44 $13,437.93
31413CCL1 FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 750.84 $844.69
31413MR66 FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 6,988.04 $7,862.60
31413S6R0 FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 4,946.69 $5,821.15
31414CQ50 FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 1,056.65 $1,258.82
31414DJ23 FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 2,735.91 $3,140.77
31414QX28 FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 1,255.08 $1,318.91
31414UF52 FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 7,792 $8,188.30
31415ALX7 FEDERAL NATL MTG ASSN 981042 6.00000 04/01/2038 US 1,942.02 $2,181.06
31415BBC2 FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 3,435.49 $3,882.40
31415BBT5 FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 2,123.62 $2,368.95
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 353.37 $355.58
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 4,627.56 $5,177.87
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 64,276.99 $71,053.81
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 69,117.88 $76,406.54
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 122,304.48 $133,634.25
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 65,553.7 $69,420.68
31418DU59 FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 553,000.45 $584,024.53
31418DU67 FEDERAL NATL MTG ASSN FN MA4204 2.00000 12/01/2040 US 561,477.9 $583,310.53
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 9,149.66 $10,901.18
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 28,631.96 $33,589.76
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 5,371.81 $6,315.12
32054K103 FIRST INDUSTRIAL REALTY TR US FR 493.78 $20,802.78
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 206,840.2 $216,740.77
345370CW8 FORD MOTOR COMPANY 9.00000 04/22/2025 US 13,202.57 $16,186.48
345397XU2 FORD MOTOR CREDIT CO LLC 4.38900 01/08/2026 US 8,801.71 $9,238.98
346232AE1 FORESTAR GROUP INC 5.00000 03/01/2028 US 13,202.57 $13,631.65
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 11,002.14 $11,498.44
34960PAC5 FORTRESS TRANS & INFRAST 9.75000 08/01/2027 US 13,202.57 $15,133.44
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 11,002.14 $12,542.44
357081AE8 FREMF 2015-K720 B FLT 3.39339 07/25/2022 US 44,008.55 $45,477.76
36166LAA5 GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 AE 11,002.14 $11,469.73
36257MAA3 GSMS 2019-70P A 1.15900 10/15/2036 US 149,629.08 $145,876.37
36294VKJ8 GNMA POOL 660997 5.50000 05/15/2037 US 12,813.45 $14,335.00
369550108 GENERAL DYNAMICS CORP US GD 301.02 $44,797.57
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 343,266.71 $319,323.86
370334104 GENERAL MLS INC US GIS 798.76 $46,966.81
37255LAA5 GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 US 19,803.85 $21,437.67
374297109 GETTY REALTY CORP US GTY 490.7 $13,513.75
375558103 GILEAD SCIENCES INC US GILD 1,128.82 $65,765.02
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 147,858.52 $155,161.96
383909AF5 WR GRACE & CO-CONN 5.62500 10/01/2024 US 8,801.71 $9,494.85
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 11,481.83 $194,502.23
404119BX6 HCA INC 4.12500 06/15/2029 US 220,042.77 $255,267.56
418751AD5 HAT HOLDINGS I LLC/HAT 3.75000 09/15/2030 US 11,002.14 $11,414.72
419792A22 HAWAII ST 2.68200 10/01/2030 US 167,232.5 $174,170.98
421946104 HEALTHCARE REALTY TRUST INC US HR 546.15 $16,165.93
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 690.93 $19,028.33
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 911.86 $27,565.44
423012301 HEINEKEN NV-SPN ADR NL HEINY 1,711.93 $95,594.32
427866108 HERSHEY CO/THE US HSY 279.45 $42,569.28
431571AB4 HILLENBRAND INC 5.00000 09/15/2026 US 8,801.71 $9,868.92
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 591.92 $65,856.47
437076102 HOME DEPOT INC US HD 668.05 $177,447.40
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 2,153.34 $60,831.81
438516106 HONEYWELL INTERNATIONAL INC US HON 617.44 $131,329.49
443201AA6 HOWMET AEROSPACE INC 6.87500 05/01/2025 US 8,801.71 $10,298.00
443628AH5 HUDBAY MINERALS INC 6.12500 04/01/2029 CA 8,801.71 $9,483.84
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 11,002.14 $12,143.61
450913AF5 IAMGOLD CORP 5.75000 10/15/2028 CA 17,603.42 $17,867.47
45168D104 IDEXX LABORATORIES INC US IDXX 213.44 $106,692.99
452308109 ILLINOIS TOOL WKS INC US ITW 349.43 $71,241.36
45337C102 INCYTE CORP US INCY 708.54 $61,628.61
45569LAA9 INDIGO NATURAL RES LLC 6.87500 02/15/2026 US 13,202.57 $13,499.62
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 19,803.85 $20,026.64
45778Q107 INSPERITY INC US NSP 1,078.21 $87,787.82
458140100 INTEL CORP US INTC 2,530.93 $126,091.03
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 1,689.93 $194,831.85
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 777.63 $97,888.21
46116VAE5 INTL FC STORE INC 8.62500 06/15/2025 US 22,004.28 $23,929.65
46187BAA1 IHSFR 2017-SFR2 A 1.00300 12/17/2036 US 63,341.43 $63,186.93
46187BAB9 IHSFR 2017-SFR2 B 1.30300 12/17/2036 US 52,810.26 $52,682.41
46187W107 INVITATION HOMES INC US INVH 1,624.36 $48,243.36
46284VAN1 IRON MOUNTAIN INC 4.50000 02/15/2031 US 11,002.14 $11,524.74
465410BX5 ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 88,017.11 $92,555.47
46625H100 JP MORGAN CHASE & CO US JPM 1,394.19 $177,159.85
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 8,893.99 $8,885.30
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 53,754.31 $54,519.53
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 60,901.97 $62,102.64
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 90,814.91 $92,882.21
46647PBP0 JPMORGAN CHASE & CO 2.95600 05/13/2031 US 382,874.41 $419,856.63
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 21,180.5 $21,194.51
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 25,920.76 $25,996.66
478160104 JOHNSON & JOHNSON US JNJ 2,992.14 $470,903.23
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 74,814.54 $731.99
48088LAB3 JOSEPH T RYERSON & SON 8.50000 08/01/2028 US 9,681.88 $10,964.73
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 19,803.85 $22,229.82
49427F108 KILROY REALTY CORP US KRC 414.56 $23,795.78
494368103 KIMBERLY CLARK CORP US KMB 392.56 $52,928.37
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 312,460.73 $427,543.02
50212YAC8 LPL HOLDINGS INC 4.62500 11/15/2027 US 11,002.14 $11,387.21
505742AG1 LADDER CAP FIN LLLP/CORP 5.25000 10/01/2025 US 19,803.85 $19,754.34
512816109 LAMAR ADVERTISING CO-A US LAMR 163.27 $13,587.47
53223X107 LIFE STORAGE INC US LSI 161.51 $19,282.84
532457108 ELI LILLY & CO US LLY 542.63 $91,616.88
539830109 LOCKHEED MARTIN CORP US LMT 248.65 $88,265.18
541056AA5 LOGAN MERGER SUB INC 5.50000 09/01/2027 US 8,801.71 $9,219.79
54240F202 LONESTAR RES US INC NPV US 760.47 $1,384.05
552848AG8 MGIC INVESTMENT CORP 5.25000 08/15/2028 US 15,402.99 $16,481.20
55303XAL9 MGM GROWTH/MGM FINANCE 3.87500 02/15/2029 US 11,002.14 $11,249.69
573284106 MARTIN MARIETTA MATERIALS US MLM 184.84 $52,487.86
57636Q104 MASTERCARD INC-CLASS A US MA 818.56 $292,176.48
577128AA9 MATTHEWS INTERNATIONAL C 5.25000 12/01/2025 US 15,402.99 $15,557.02
58933Y105 MERCK & CO INC US MRK 1,765.18 $144,391.97
594918104 MICROSOFT CORP US MSFT 897.77 $199,683.00
595112103 MICRON TECHNOLOGY INC US MU 2,552.5 $191,896.66
59522J103 MID-AMERICA APARTMENT COMM US MAA 290.46 $36,797.93
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 4,717.72 $275,844.91
615369105 MOODY'S CORPORATION US MCO 264.05 $76,638.25
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 15,402.99 $11,706.28
62913TAJ1 NGL ENRGY PART LP/FIN CO 7.50000 11/01/2023 US 15,402.99 $10,907.25
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 15,402.99 $16,750.76
63938NAF1 NAVIOS SA LOGIST/FIN US 10.75000 07/01/2025 MUL 8,801.71 $9,417.83
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 18,879.75 $18,924.16
63941XAA5 NAVSL 2020-FA A 1.22000 07/15/2069 US 221,583.05 $223,754.56
63942FAB1 NAVSL 2020-1A A1B 1.19800 06/25/2069 US 301,106.11 $304,971.68
64033QAB5 NSLT 2015-2A A2 0.74800 09/25/2047 US 303,724.82 $298,567.24
644393AA8 NEW FORTRESS ENERGY INC 6.75000 09/15/2025 US 19,803.85 $21,035.25
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 95,239 $102,035.92
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 109,718.45 $116,918.19
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 152,023.93 $161,985.28
64971XPG7 NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 94,618.39 $97,476.81
654106AM5 NIKE INC 3.37500 03/27/2050 US 136,426.51 $168,778.99
655844108 NORFOLK SOUTHN CORP US NSC 413.68 $98,294.60
6642321 NIKON CORP JP 7731 JP 9,769.9 $61,725.04
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 59,411.55 $401.03
66987V109 NOVARTIS AG- REG CH NVS 3,151.01 $297,550.10
674599EA9 OCCIDENTAL PETROLEUM COR 8.87500 07/15/2030 US 15,402.99 $18,079.26
675232AB8 OCEANEERING INTL INC 6.00000 02/01/2028 US 19,803.85 $17,699.69
68389X105 ORACLE CORP US ORCL 1,674.53 $108,325.05
691205AC2 OWL ROCK TECHNOLOGY FINA 4.75000 12/15/2025 US 13,202.57 $13,786.71
691205AE8 OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 167,232.5 $168,140.22
69121KAE4 OWL ROCK CAPITAL CORP 3.40000 07/15/2026 US 15,402.99 $15,623.54
69144AAA7 OXFIN 2020-1A A2 3.10100 02/15/2028 US 132,025.66 $135,128.18
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 330,064.15 $341,492.36
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 11,002.14 $10,974.63
69306RAA4 P&L DEV LLC/PLD 7.75000 11/15/2025 US 15,402.99 $16,558.22
69327RAJ0 PDC ENERGY INC 5.75000 05/15/2026 US 13,202.57 $13,631.65
693475105 PNC FINANCIAL SERVICES GROUP US PNC 342.39 $51,015.60
69354NAC0 PRA GROUP INC 7.37500 09/01/2025 US 13,202.57 $14,258.77
69356MAA4 PM GENERAL PURCHASER LLC 9.50000 10/01/2028 US 15,402.99 $17,058.82
70450Y103 PAYPAL HOLDINGS INC US PYPL 862.57 $202,013.34
7123870 NESTLE SA-REGISTERED CH NESN SW 1,227.84 $145,144.42
713448108 PEPSICO INC US PEP 638.12 $94,633.79
717081103 PFIZER INC US PFE 3,847.23 $141,616.45
717081EW9 PFIZER INC 2.62500 04/01/2030 US 96,818.82 $108,064.17
723787107 PIONEER NATURAL RESOURCES CO US PXD 1,227.84 $139,838.54
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 444,486.39 $505,183.33
74165HAB4 PRIME HEALTHCARE SERVICE 7.25000 11/01/2025 US 15,402.99 $16,365.68
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 11,002.14 $12,047.34
74340W103 PROLOGIS US PLD 982.27 $97,893.12
74460D109 PUBLIC STORAGE INC US PSA 160.63 $37,094.57
747525103 QUALCOMM INC US QCOM 766.63 $116,788.26
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 22,004.28 $24,165.10
75513E101 RAYTHEON TECHNOLOGIES CORP US RTX 1,194.83 $85,442.45
756109104 REALTY INCOME CORP US O 169.43 $10,533.65
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 345.47 $16,965.89
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 624.92 $21,003.61
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 873.57 $96,075.20
78409V104 S&P GLOBAL INC US SPGI 184.84 $60,761.11
78410G104 SBA COMMUNICATIONS CORP US SBAC 422.48 $119,194.88
78442PGC4 SLM CORP 5.12500 04/05/2022 US 22,004.28 $22,499.37
78442PGD2 SLM CORP 4.20000 10/29/2025 US 19,803.85 $20,917.82
78443BAG1 SLMA 2006-10 A6 FLT 0.36475 03/25/2044 US 55,220.91 $53,807.16
78449XAA0 SMB 2020-BA A1A 1.29000 07/15/2053 US 280,894.45 $281,846.35
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 212,056.67 $218,477.35
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 400,477.83 $484,218.69
806857108 SCHLUMBERGER LTD NL SLB 2,011.19 $43,904.30
81745BAB1 SEMT 2013-6 A2 3.00000 05/25/2043 US 112,207.44 $113,995.42
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 67,936.3 $69,019.51
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 90,722.91 $92,173.35
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 72,529.91 $73,225.57
81762P102 SERVICENOW INC US NOW 171.63 $94,472.15
83192CAB3 SMB 2019-B A2A 2.84000 06/15/2037 US 330,064.15 $348,530.41
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 51,752.79 $52,415.89
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 20,812.19 $21,210.81
83404RAB4 SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 96,503.24 $99,325.39
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 44,991.47 $45,444.43
835699307 SONY CORP SPONSORED ADR JP SNE 1,040.8 $105,225.11
837151XF1 SOUTH CAROLINA ST PUBLIC SVC 1.85200 12/01/2026 US 127,624.8 $130,650.79
844741BJ6 SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 308,059.87 $356,782.89
85172FAN9 SPRINGLEAF FINANCE CORP 7.12500 03/15/2026 US 11,002.14 $13,010.03
85254J102 STAG INDUSTRIAL INC US STAG 356.03 $11,150.83
85571BAL9 STARWOOD PROPERTY TRUST 4.75000 03/15/2025 US 17,603.42 $18,043.51
85571XAA5 SRPT 2014-STAR A FLTG RATE 1.62863 11/15/2027 US 390,066.12 $257,443.64
857949BL0 SS INT BEARING FD .022% 01/02/15 US 512,337.54 $512,337.54
861036AA9 STL HOLDING CO LLC 7.50000 02/15/2026 US 19,803.85 $20,546.49
86212XAA8 STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 129,081.74 $129,387.11
866674104 SUN COMMUNITIES US SUI 293.98 $44,669.83
87105L104 SWITCH INC - A US SWCH 1,582.99 $25,913.51
87422VAA6 TALEN ENERGY SUPPLY LLC 6.50000 06/01/2025 US 11,002.14 $8,966.74
87485LAA2 TALOS PRODUCTION INC 12.00000 01/15/2026 US 11,002.14 $10,704.75
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 23,940.27 $23,993.80
87901JAE5 TEGNA INC 4.62500 03/15/2028 US 11,002.14 $11,249.69
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 343,266.71 $391,111.83
88146M101 TERRENO REALTY CORP US TRNO 248.65 $14,548.41
882508104 TEXAS INSTRUMENTS INC US TXN 800.96 $131,460.85
883556102 THERMO FISHER SCIENTIFIC INC US TMO 198.04 $92,242.37
88579Y101 3M CO US MMM 544.39 $95,153.19
89151E109 TOTAL S A SPONSORED ADR FR TOT 2,837.23 $118,908.37
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 205,466.88 $209,461.30
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 91,125.28 $93,394.44
89177EAA7 TPMT 2019-HY1 A1 1.14800 10/25/2048 US 86,913.24 $87,251.03
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 218,226.3 $224,971.87
89613GAA4 TAH 2020-SFR1 A 1.49900 07/17/2038 US 268,452.17 $271,312.37
89832Q109 TRUIST FINANCIAL CORP US TFC 1,503.33 $72,054.71
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 28,605.56 $28,033.45
902653104 UDR INC US UDR 551.87 $21,208.26
902973304 U.S. BANCORP US USB 1,608.07 $74,920.10
904767704 UNILEVER PLC - ADR GB UL 6,721.43 $405,705.29
907818108 UNION PAC CORP US UNP 602.92 $125,539.41
909214BV9 UNISYS CORP 6.87500 11/01/2027 US 8,801.71 $9,615.87
9128284P2 US TREASURY N/B 2.62500 05/15/2021 US 1,991,387.03 $2,009,589.54
912828D56 US TREASURY N/B 2.37500 08/15/2024 US 3,421,665.01 $3,687,779.67
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 981,390.74 $1,044,951.11
912828YN4 US TREASURY FRN FLT 0.39002 10/31/2021 US 916,258.08 $918,131.95
912828ZJ2 TSY INFL IX N/B 0.12500 04/15/2025 US 998,193.2 $1,073,785.54
91823AAN1 VBTOW 2020-1A C2 3.03100 06/15/2050 US 66,012.83 $69,157.29
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 369,671.85 $500,975.59
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 514.9 $121,691.48
92556V106 VIATRIS INC US VTRS 497.74 $9,327.59
92826C839 VISA INC - CLASS A SHARES US V 1,315.86 $287,817.13
92826CAK8 VISA INC 2.70000 04/15/2040 US 365,270.99 $398,741.32
92837TAA0 AUSTIN BIDCO INC 7.12500 12/15/2028 US 2,200.43 $2,296.70
928668BE1 VOLKSWAGEN GROUP AMERICA 3.35000 05/13/2025 US 220,042.77 $241,905.13
929160109 VULCAN MATERIALS CO US VMC 673.33 $99,861.70
93065PAA9 WBHT 2019-WBM A FLT 1.20900 12/15/2033 US 171,633.36 $166,924.79
931142103 WAL MART STORES US WMT 1,242.36 $179,086.40
94106L109 WASTE MANAGEMENT INC US WM 497.74 $58,698.09
949746101 WELLS FARGO COMPANY US WFC 3,371.06 $101,738.45
95040Q104 WELLTOWER INC. US WELL 191.44 $12,370.67
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 17,603.42 $19,214.13
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 308,059.87 $351,507.58
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 66,628.29 $68,371.75
98311A105 WYNDHAM HOTELS & RESORTS INC US WH 200.24 $11,902.20
98978V103 ZOETIS INC US ZTS 303.66 $50,255.57
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 176,034.21 $8,920.47
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 61,611.97 $50,169.54
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 484,094.08 $25,045.08
B63QM77 NEXON CO LTD JP 3659 JP 6,469.26 $199,608.33
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 154,029.94 $9,094.27
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 6,299.82 $8,881.39
BK0939417 AMERICAN TANKER INC 7.75000 07/02/2025 US 30,805.99 $30,869.14
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 2,451.28 $176,378.65
BMXKJ81 FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 527.66 $7,788.30
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 741.54 $51,735.12
G1151C101 ACCENTURE PLC - CL A IE ACN 382.87 $100,010.63
G29183103 EATON CORP PLC US ETN 522.82 $62,811.79
G5494J103 LINDE PLC GB LIN 341.51 $89,990.34
G5960L103 MEDTRONIC INC IE MDT 2,008.99 $235,333.14
H01301128 ALCON INC CH ALC 3,674.71 $242,457.64
H1467J104 CHUBB LTD CH CB 438.77 $67,534.75
ZO4110185 BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 88,017.11 $83,673.15

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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