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 conservative mix of securities that seeks a more stable rate of growth than that of the stock market by placing a greater emphasis on bonds to help maintain 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 18% - 54%.

Over Time: The portfolio’s investment mix will gradually become more conservative as the target date approaches and for several years after the target date. During the target year, the portfolio’s stock exposure can range from 20% - 60%. At five years after the target date and beyond, the focus will be on capital preservation, and stock exposure can range from 15% - 45%.

May be Appropriate for Investors

  • Who plan to stop contributions and start periodic withdrawals around the year 2015. Such investors have a moderate tolerance for risk and can accept 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.

Learn more about our Glide Range SM

Daily Price

$13.27

Daily $ Change

-$0.02

Daily % Change

-0.15%

as of 01/18/2018

CUSIP

302027461

Inception Date

12/11/2012

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

Important Documents

Annual Report
Fact Sheet
Applications & Forms

Annualized Performance

As of 12/31/2017

YTD

---

1 Year

8.96%

3 Year

4.91%

5 Year

5.51%

10 Year

---

Inception
(---)

---

Market Cycle

---

Performance through the inception date of the GOAL CIT Class U units is not the past performance of the GOAL CIT Fund 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 exchange-traded funds (ETFs). Acquired ETF fees will vary due to the active management of the ETF allocations. The GOAL CIT Fund will gradually become more conservative over time. Performance data quoted represents past performance and does not guarantee future results. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 5.37%
Net 0.25%*

*Includes Trustee Fee of 0.24% and estimated acquired fees and expenses of the underlying third party exchange-traded funds (ETFs) of 0.11% 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.

Top Ten Investments

This product does not provide top ten investment information.

Underlying ETFs

As of 12/31/2017

VANGUARD S&P 500 ETF 21.74%
VANGUARD MORTGAGE-BACKED SEC 1.13400 12.82%
ISHARES LEHMAN 3-7 YEAR TREAS 1.84500 12.28%
VANGUARD S/T CORP BOND ETF 1.78800 10.96%
VANGUARD INTERMEDIATE-TERM C 2.80900 8.91%
VANGUARD FTSE DEVELOPED MARKETS 7.57%
VANGUARD TOTAL BOND MARKET 2.07500 6.34%
ISHARES BARCLAYS 7-10 YEAR 1.92100 6.09%
ISHARES LEHMAN 1-3YR TRS BD 0.82200 2.80%
ISHARES BARCLAYS TIPS BOND 2.36600 1.96%
SCHWAB US DVD EQUITY ETF 1.88%
VANGUARD EMERGING MARKET ETF 1.36%
ISHARES BARCLAYS AGENCY BOND 1.78800 1.35%
VANGUARD SMALL-CAP ETF 1.34%
ISHARES IBOXX H/Y CORP BOND 4.46900 0.87%
VANGUARD ETF MIDCAP 0.66%
WISDOMTREE DIEFA FUND 0.64%
VANGUARD REIT ETF 0.44%

Underlying exchange-traded funds list is unaudited.

Asset Allocation

As of 12/31/2017

Bonds 62.03%
Stocks 34.33%
Cash 3.64%

Detailed Asset Class Allocation

As of 12/31/2017

International Equities 9.21%
Small Capitalization 1.29%
Mid Capitalization 0.64%
Large Capitalization 23.18%
Intermediate Term Fixed Income 48.78%
Short Term Fixed Income 13.26%
Cash 3.64%

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 12/31/2017

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
464287176 ISHARES BARCLAYS TIPS BOND 2.36600 US 36 $4,106.88
464287440 ISHARES BARCLAYS 7-10 YEAR 1.92100 US 121 $12,773.97
464287457 ISHARES LEHMAN 1-3YR TRS BD 0.82200 US 70 $5,869.50
464288166 ISHARES BARCLAYS AGENCY BOND 1.78800 US 25 $2,827.30
464288513 ISHARES IBOXX H/Y CORP BOND 4.46900 US 21 $1,832.46
464288661 ISHARES LEHMAN 3-7 YEAR TREAS 1.84500 US 211 $25,775.76
808524797 SCHWAB US DVD EQUITY ETF US 77 $3,940.09
921937835 VANGUARD TOTAL BOND MARKET 2.07500 US 163 $13,295.91
921943858 VANGUARD FTSE DEVELOPED MARKETS MUL 354 $15,880.44
922042858 VANGUARD EMERGING MARKET ETF XX 62 $2,846.42
92206C409 VANGUARD S/T CORP BOND ETF 1.78800 US 290 $22,997.00
92206C771 VANGUARD MORTGAGE-BACKED SEC 1.13400 US 513 $26,901.72
92206C870 VANGUARD INTERMEDIATE-TERM C 2.80900 US 214 $18,701.46
922908363 VANGUARD S&P 500 ETF US 186 $45,623.94
922908553 VANGUARD REIT ETF US 11 $912.78
922908629 VANGUARD ETF MIDCAP US 9 $1,393.02
922908751 VANGUARD SMALL-CAP ETF US 19 $2,808.20
97717W703 WISDOMTREE DIEFA FUND MUL 24 $1,338.72
USD US DOLLAR US 7,925.99 $7,925.99

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

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

Daily Price

$13.27

Daily $ Change

-$0.02

Daily % Change

-0.15%

as of 01/18/2018

CUSIP

302027461

Inception Date

12/11/2012

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

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 conservative mix of securities that seeks a more stable rate of growth than that of the stock market by placing a greater emphasis on bonds to help maintain 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 18% - 54%.

Over Time: The portfolio’s investment mix will gradually become more conservative as the target date approaches and for several years after the target date. During the target year, the portfolio’s stock exposure can range from 20% - 60%. At five years after the target date and beyond, the focus will be on capital preservation, and stock exposure can range from 15% - 45%.

May be Appropriate for Investors

  • Who plan to stop contributions and start periodic withdrawals around the year 2015. Such investors have a moderate tolerance for risk and can accept 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.

Learn more about our Glide Range SM

Annualized Performance

As of 12/31/2017

YTD

---

1 Year

8.96%

3 Year

4.91%

5 Year

5.51%

10 Year

---

Inception
(---)

---

Market Cycle

---

Performance through the inception date of the GOAL CIT Class U units is not the past performance of the GOAL CIT Fund 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 exchange-traded funds (ETFs). Acquired ETF fees will vary due to the active management of the ETF allocations. The GOAL CIT Fund will gradually become more conservative over time. Performance data quoted represents past performance and does not guarantee future results. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 5.37%
Net 0.25%*

*Includes Trustee Fee of 0.24% and estimated acquired fees and expenses of the underlying third party exchange-traded funds (ETFs) of 0.11% 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.

Top Ten Investments

This product does not provide top ten investment information.

Underlying ETFs

As of 12/31/2017

VANGUARD S&P 500 ETF 21.74%
VANGUARD MORTGAGE-BACKED SEC 1.13400 12.82%
ISHARES LEHMAN 3-7 YEAR TREAS 1.84500 12.28%
VANGUARD S/T CORP BOND ETF 1.78800 10.96%
VANGUARD INTERMEDIATE-TERM C 2.80900 8.91%
VANGUARD FTSE DEVELOPED MARKETS 7.57%
VANGUARD TOTAL BOND MARKET 2.07500 6.34%
ISHARES BARCLAYS 7-10 YEAR 1.92100 6.09%
ISHARES LEHMAN 1-3YR TRS BD 0.82200 2.80%
ISHARES BARCLAYS TIPS BOND 2.36600 1.96%
SCHWAB US DVD EQUITY ETF 1.88%
VANGUARD EMERGING MARKET ETF 1.36%
ISHARES BARCLAYS AGENCY BOND 1.78800 1.35%
VANGUARD SMALL-CAP ETF 1.34%
ISHARES IBOXX H/Y CORP BOND 4.46900 0.87%
VANGUARD ETF MIDCAP 0.66%
WISDOMTREE DIEFA FUND 0.64%
VANGUARD REIT ETF 0.44%

Underlying exchange-traded funds list is unaudited.

Asset Allocation

As of 12/31/2017

Bonds
62.03%
Stocks
34.33%
Cash
3.64%

Detailed Asset Class Allocation

As of 12/31/2017

International Equities
9.21%
Small Capitalization
1.29%
Mid Capitalization
0.64%
Large Capitalization
23.18%
Intermediate Term Fixed Income
48.78%
Short Term Fixed Income
13.26%
Cash
3.64%

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 12/31/2017

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
464287176 ISHARES BARCLAYS TIPS BOND 2.36600 US 36 $4,106.88
464287440 ISHARES BARCLAYS 7-10 YEAR 1.92100 US 121 $12,773.97
464287457 ISHARES LEHMAN 1-3YR TRS BD 0.82200 US 70 $5,869.50
464288166 ISHARES BARCLAYS AGENCY BOND 1.78800 US 25 $2,827.30
464288513 ISHARES IBOXX H/Y CORP BOND 4.46900 US 21 $1,832.46
464288661 ISHARES LEHMAN 3-7 YEAR TREAS 1.84500 US 211 $25,775.76
808524797 SCHWAB US DVD EQUITY ETF US 77 $3,940.09
921937835 VANGUARD TOTAL BOND MARKET 2.07500 US 163 $13,295.91
921943858 VANGUARD FTSE DEVELOPED MARKETS MUL 354 $15,880.44
922042858 VANGUARD EMERGING MARKET ETF XX 62 $2,846.42
92206C409 VANGUARD S/T CORP BOND ETF 1.78800 US 290 $22,997.00
92206C771 VANGUARD MORTGAGE-BACKED SEC 1.13400 US 513 $26,901.72
92206C870 VANGUARD INTERMEDIATE-TERM C 2.80900 US 214 $18,701.46
922908363 VANGUARD S&P 500 ETF US 186 $45,623.94
922908553 VANGUARD REIT ETF US 11 $912.78
922908629 VANGUARD ETF MIDCAP US 9 $1,393.02
922908751 VANGUARD SMALL-CAP ETF US 19 $2,808.20
97717W703 WISDOMTREE DIEFA FUND MUL 24 $1,338.72
USD US DOLLAR US 7,925.99 $7,925.99

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 GOAL® CIT Fund is invested in approximately 15 - 25 ETFs, based on the GOAL CIT Fund 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 Trust Funds. 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.


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