Investment Objective

To provide capital growth and manage risk for investors planning to retire in or around the year indicated in the fund’s name.

Investment Strategy

Currently: The portfolio is currently invested in a moderately growth-oriented mix of securities that seeks potential for growth with some stability. The portfolio is diversified primarily among multiple exchange-traded funds (ETFs) which provide exposure to various stock and fixed income issuers, markets, and sectors. Stock exposure can range from 49% - 79%.

Over Time: The portfolio’s investment mix will gradually become more conservative as the target date approaches and for several years after the target date. During the target year, the portfolio’s stock exposure can range from 25% - 55%. At five years after the target date and beyond, the focus will be on capital preservation, and stock exposure can range from 15% - 45%.

May be Appropriate for Investors

  • Who plan to stop contributions and start periodic withdrawals around the year 2030. Such investors have time to pursue growth and can accept potentially significant fluctuations in current account value
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio that becomes more conservative over time

About Target Date Funds

A target date fund is a single investment portfolio designed to meet an investor’s changing needs over time. The fund gradually shifts from a more aggressive to a more conservative investment objective over the years to reflect an appropriate risk/return trade-off for the investor’s changing time horizon.

ETF Target Glide Path Overview

Learn more about our Glide Range SM

Daily Price

$14.64

Daily $ Change

-$0.06

Daily % Change

-0.41%

as of 11/09/2018

CUSIP

302027362

Inception Date

12/11/2012

This fund is only available for use within certain qualified employee benefit plans. As of 03/31/2018, the Manning & Napier Fi360 ETF Target CITs were named the MANNING & NAPIER GOAL® CITs. The name change to Manning & Napier Fi360 ETF Target CITs is effective 04/20/2018.

Important Documents

Annual Report
Applications & Forms

Performance

As of 10/31/2018

YTD

-1.77%

1 Year

0.35%

3 Year

5.66%

5 Year

5.25%

10 Year

---

Inception
(12/20/2010)

6.44%

Market Cycle

---

Performance through the inception date of the Manning & Napier Fi360 ETF Target Collective Investment Trust (CIT) Class U units is not the past performance of the Target CIT and is based on historical performance data for a target date separate account managed by Manning & Napier Advisors, LLC. Returns are net of the Class U expenses. Performance data reflects acquired fees and expenses incurred by and deducted from the daily net asset value of the underlying third party ETFs. Acquired ETF fees will vary due to the active management of the ETF allocations. The Target CIT will gradually become more conservative over time. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year are annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.46%
Net 0.21%*

*Includes Trustee Fee of 0.14% and estimated acquired fees and expenses of the underlying third party exchange-traded funds (ETFs) of 0.07% and reflects the Trustee’s contractual agreement to limit fees and voluntary agreement to reimburse certain expenses. Acquired ETF fees will vary due to the active management of the ETF allocations.

Underlying ETFs

As of 10/31/2018

VANGUARD S&P 500 ETF 36.20%
ISHARES BARCLAYS 7-10 YEAR 2.23500 9.31%
VANGUARD MORTGAGE-BACKED SEC 1.34400 7.91%
ISHARES LEHMAN 3-7 YEAR TREAS 2.27000 7.48%
VANGUARD S/T CORP BOND ETF 2.01000 6.51%
VANGUARD FTSE DEVELOPED MARKETS 5.82%
VANGUARD TOTAL BOND MARKET 2.21800 5.15%
SPDR MSCI EAFE STRATEGICFACT 4.40%
GOLDMAN SACHS ACTIVEBETA INT 4.39%
VANGUARD EMERGING MARKET ETF 3.54%
VANGUARD SMALL-CAP ETF 2.31%
SCHWAB US DVD EQUITY ETF 2.30%
VANGUARD INTERMEDIATE-TERM C 2.95600 2.16%
VANGUARD LONG-TERM TREASURY 2.03600 1.35%
VANGUARD ETF MIDCAP 1.16%

Underlying exchange-traded funds list is unaudited.

Asset Allocation

As of 10/31/2018

Stocks 60.09%
Bonds 39.86%
Cash 0.05%

Detailed Asset Class Allocation

As of 10/31/2018

International Equities 18.14%
Small Capitalization 2.31%
Mid Capitalization 1.16%
Large Capitalization 38.48%
Long Term Fixed Income 1.35%
Intermediate Term Fixed Income 32.00%
Short Term Fixed Income 6.51%
Cash 0.05%

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 10/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
381430107 GOLDMAN SACHS ACTIVEBETA INT XX 6,149 $165,592.57
464287440 ISHARES BARCLAYS 7-10 YEAR 2.23500 US 3,486 $350,900.76
464288661 ISHARES LEHMAN 3-7 YEAR TREAS 2.27000 US 2,370 $281,887.80
78463X434 SPDR MSCI EAFE STRATEGICFACT XX 2,797 $165,657.08
808524797 SCHWAB US DVD EQUITY ETF US 1,737 $86,624.19
921937835 VANGUARD TOTAL BOND MARKET 2.21800 US 2,494 $194,132.96
921943858 VANGUARD FTSE DEVELOPED MARKETS MUL 5,541 $219,146.55
922042858 VANGUARD EMERGING MARKET ETF XX 3,525 $133,456.50
92206C409 VANGUARD S/T CORP BOND ETF 2.01000 US 3,150 $245,479.50
92206C771 VANGUARD MORTGAGE-BACKED SEC 1.34400 US 5,894 $298,177.46
92206C847 VANGUARD LONG-TERM TREASURY 2.03600 US 730 $51,063.50
92206C870 VANGUARD INTERMEDIATE-TERM C 2.95600 US 985 $81,311.75
922908363 VANGUARD S&P 500 ETF US 5,484 $1,364,364.36
922908629 VANGUARD ETF MIDCAP US 291 $43,786.77
922908751 VANGUARD SMALL-CAP ETF US 595 $86,947.35
USD US DOLLAR US 2,000.58 $2,000.58

Based on the underlying investments. Investments will change over time and as the target fund gradually becomes more conservative.

A Word About Risk

Each Manning & Napier Fi360 ETF Target CIT is invested in approximately 15 - 25 ETFs, based on the Target CIT becoming increasingly conservative over time. Because the underlying ETFs 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. 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 Trusts. Manning & Napier is headquartered in Rochester, NY and has more than 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. <p></p> <p class="footnote">Manning & Napier uses proprietary screening in its ETF selection process, which now incorporates the Fi360 Fiduciary Score® as one component. The Fi360 Fiduciary Score is a peer percentile ranking of an investment against a set of quantitative due diligence criteria selected to reflect prudent fiduciary management. The Fi360 Fiduciary Score should not be used as the sole source of information in an investment decision.</p>

Daily Price

$14.64

Daily $ Change

-$0.06

Daily % Change

-0.41%

as of 11/09/2018

CUSIP

302027362

Inception Date

12/11/2012

This fund is only available for use within certain qualified employee benefit plans. As of 03/31/2018, the Manning & Napier Fi360 ETF Target CITs were named the MANNING & NAPIER GOAL® CITs. The name change to Manning & Napier Fi360 ETF Target CITs is effective 04/20/2018.

Important Documents

Annual Report
Fact Sheet
Applications & Forms

Investment Objective

To provide capital growth and manage risk for investors planning to retire in or around the year indicated in the fund’s name.

Investment Strategy

Currently: The portfolio is currently invested in a moderately growth-oriented mix of securities that seeks potential for growth with some stability. The portfolio is diversified primarily among multiple exchange-traded funds (ETFs) which provide exposure to various stock and fixed income issuers, markets, and sectors. Stock exposure can range from 49% - 79%.

Over Time: The portfolio’s investment mix will gradually become more conservative as the target date approaches and for several years after the target date. During the target year, the portfolio’s stock exposure can range from 25% - 55%. At five years after the target date and beyond, the focus will be on capital preservation, and stock exposure can range from 15% - 45%.

May be Appropriate for Investors

  • Who plan to stop contributions and start periodic withdrawals around the year 2030. Such investors have time to pursue growth and can accept potentially significant fluctuations in current account value
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio that becomes more conservative over time

About Target Date Funds

A target date fund is a single investment portfolio designed to meet an investor’s changing needs over time. The fund gradually shifts from a more aggressive to a more conservative investment objective over the years to reflect an appropriate risk/return trade-off for the investor’s changing time horizon.

ETF Target Glide Path Overview

Learn more about our Glide Range SM

Performance

As of 10/31/2018

YTD

-1.77%

1 Year

0.35%

3 Year

5.66%

5 Year

5.25%

10 Year

---

Inception
(12/20/2010)

6.44%

Market Cycle

---

Performance through the inception date of the Manning & Napier Fi360 ETF Target Collective Investment Trust (CIT) Class U units is not the past performance of the Target CIT and is based on historical performance data for a target date separate account managed by Manning & Napier Advisors, LLC. Returns are net of the Class U expenses. Performance data reflects acquired fees and expenses incurred by and deducted from the daily net asset value of the underlying third party ETFs. Acquired ETF fees will vary due to the active management of the ETF allocations. The Target CIT will gradually become more conservative over time. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year are annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.46%
Net 0.21%*

*Includes Trustee Fee of 0.14% and estimated acquired fees and expenses of the underlying third party exchange-traded funds (ETFs) of 0.07% and reflects the Trustee’s contractual agreement to limit fees and voluntary agreement to reimburse certain expenses. Acquired ETF fees will vary due to the active management of the ETF allocations.

Underlying ETFs

As of 10/31/2018

VANGUARD S&P 500 ETF 36.20%
ISHARES BARCLAYS 7-10 YEAR 2.23500 9.31%
VANGUARD MORTGAGE-BACKED SEC 1.34400 7.91%
ISHARES LEHMAN 3-7 YEAR TREAS 2.27000 7.48%
VANGUARD S/T CORP BOND ETF 2.01000 6.51%
VANGUARD FTSE DEVELOPED MARKETS 5.82%
VANGUARD TOTAL BOND MARKET 2.21800 5.15%
SPDR MSCI EAFE STRATEGICFACT 4.40%
GOLDMAN SACHS ACTIVEBETA INT 4.39%
VANGUARD EMERGING MARKET ETF 3.54%
VANGUARD SMALL-CAP ETF 2.31%
SCHWAB US DVD EQUITY ETF 2.30%
VANGUARD INTERMEDIATE-TERM C 2.95600 2.16%
VANGUARD LONG-TERM TREASURY 2.03600 1.35%
VANGUARD ETF MIDCAP 1.16%

Underlying exchange-traded funds list is unaudited.

Asset Allocation

As of 10/31/2018

Stocks
60.09%
Bonds
39.86%
Cash
0.05%

Detailed Asset Class Allocation

As of 10/31/2018

International Equities
18.14%
Small Capitalization
2.31%
Mid Capitalization
1.16%
Large Capitalization
38.48%
Long Term Fixed Income
1.35%
Intermediate Term Fixed Income
32.00%
Short Term Fixed Income
6.51%
Cash
0.05%

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 10/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
381430107 GOLDMAN SACHS ACTIVEBETA INT XX 6,149 $165,592.57
464287440 ISHARES BARCLAYS 7-10 YEAR 2.23500 US 3,486 $350,900.76
464288661 ISHARES LEHMAN 3-7 YEAR TREAS 2.27000 US 2,370 $281,887.80
78463X434 SPDR MSCI EAFE STRATEGICFACT XX 2,797 $165,657.08
808524797 SCHWAB US DVD EQUITY ETF US 1,737 $86,624.19
921937835 VANGUARD TOTAL BOND MARKET 2.21800 US 2,494 $194,132.96
921943858 VANGUARD FTSE DEVELOPED MARKETS MUL 5,541 $219,146.55
922042858 VANGUARD EMERGING MARKET ETF XX 3,525 $133,456.50
92206C409 VANGUARD S/T CORP BOND ETF 2.01000 US 3,150 $245,479.50
92206C771 VANGUARD MORTGAGE-BACKED SEC 1.34400 US 5,894 $298,177.46
92206C847 VANGUARD LONG-TERM TREASURY 2.03600 US 730 $51,063.50
92206C870 VANGUARD INTERMEDIATE-TERM C 2.95600 US 985 $81,311.75
922908363 VANGUARD S&P 500 ETF US 5,484 $1,364,364.36
922908629 VANGUARD ETF MIDCAP US 291 $43,786.77
922908751 VANGUARD SMALL-CAP ETF US 595 $86,947.35
USD US DOLLAR US 2,000.58 $2,000.58

Based on the underlying investments. Investments will change over time and as the target fund gradually becomes more conservative.

A Word About Risk

Each Manning & Napier Fi360 ETF Target CIT is invested in approximately 15 - 25 ETFs, based on the Target CIT becoming increasingly conservative over time. Because the underlying ETFs 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. 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 Trusts. Manning & Napier is headquartered in Rochester, NY and has more than 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. <p></p> <p class="footnote">Manning & Napier uses proprietary screening in its ETF selection process, which now incorporates the Fi360 Fiduciary Score® as one component. The Fi360 Fiduciary Score is a peer percentile ranking of an investment against a set of quantitative due diligence criteria selected to reflect prudent fiduciary management. The Fi360 Fiduciary Score should not be used as the sole source of information in an investment decision.</p>


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