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 multiple exchange-traded funds (ETFs) which provide exposure to various stock and fixed income issuers, markets, and sectors. 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.

Learn more about our Glide Range SM

Daily Price

$12.75

Daily $ Change

-$0.02

Daily % Change

-0.16%

as of 01/18/2018

CUSIP

302027495

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

7.56%

3 Year

4.60%

5 Year

4.78%

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. 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 1.03%
Net 0.26%*

Includes Trustee Fee of 0.24% and estimated acquired fees and expenses of the underlying third party exchange-traded funds (ETFs) of 0.12% 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. <br/><br/> Effective 09/18/2017, Trustee fee will be reduced to 0.14%, resulting in an expense ratio after fee waiver of 0.25%.

Top Ten Investments

This product does not provide top ten investment information.

Underlying ETFs

As of 12/31/2017

VANGUARD S&P 500 ETF 13.98%
VANGUARD MORTGAGE-BACKED SEC 1.13400 13.65%
ISHARES LEHMAN 3-7 YEAR TREAS 1.84500 12.89%
VANGUARD S/T CORP BOND ETF 1.78800 11.89%
VANGUARD INTERMEDIATE-TERM C 2.80900 9.63%
VANGUARD TOTAL BOND MARKET 2.07500 7.66%
ISHARES BARCLAYS 7-10 YEAR 1.92100 6.06%
VANGUARD FTSE DEVELOPED MARKETS 5.05%
SCHWAB US DVD EQUITY ETF 4.82%
ISHARES LEHMAN 1-3YR TRS BD 0.82200 3.02%
ISHARES IBOXX H/Y CORP BOND 4.46900 2.34%
ISHARES BARCLAYS TIPS BOND 2.36600 2.10%
WISDOMTREE DIEFA FUND 1.62%
ISHARES BARCLAYS AGENCY BOND 1.78800 1.58%
VANGUARD REIT ETF 1.20%
VANGUARD EMERGING MARKET ETF 1.04%
VANGUARD SMALL-CAP ETF 0.97%
VANGUARD ETF MIDCAP 0.51%

Underlying exchange-traded funds list is unaudited.

Asset Allocation

As of 12/31/2017

Bonds 68.30%
Stocks 28.12%
Cash 3.58%

Detailed Asset Class Allocation

As of 12/31/2017

International Equities 7.43%
Small Capitalization 0.93%
Mid Capitalization 0.49%
Large Capitalization 19.27%
Intermediate Term Fixed Income 53.93%
Short Term Fixed Income 14.37%
Cash 3.58%

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 79 $9,012.32
464287440 ISHARES BARCLAYS 7-10 YEAR 1.92100 US 246 $25,970.22
464287457 ISHARES LEHMAN 1-3YR TRS BD 0.82200 US 154 $12,912.90
464288166 ISHARES BARCLAYS AGENCY BOND 1.78800 US 60 $6,785.52
464288513 ISHARES IBOXX H/Y CORP BOND 4.46900 US 115 $10,034.90
464288661 ISHARES LEHMAN 3-7 YEAR TREAS 1.84500 US 452 $55,216.32
808524797 SCHWAB US DVD EQUITY ETF US 403 $20,621.51
921937835 VANGUARD TOTAL BOND MARKET 2.07500 US 402 $32,791.14
921943858 VANGUARD FTSE DEVELOPED MARKETS MUL 482 $21,622.52
922042858 VANGUARD EMERGING MARKET ETF XX 97 $4,453.27
92206C409 VANGUARD S/T CORP BOND ETF 1.78800 US 642 $50,910.60
92206C771 VANGUARD MORTGAGE-BACKED SEC 1.13400 US 1,115 $58,470.60
92206C870 VANGUARD INTERMEDIATE-TERM C 2.80900 US 472 $41,248.08
922908363 VANGUARD S&P 500 ETF US 244 $59,850.76
922908553 VANGUARD REIT ETF US 62 $5,144.76
922908629 VANGUARD ETF MIDCAP US 14 $2,166.92
922908751 VANGUARD SMALL-CAP ETF US 28 $4,138.40
97717W703 WISDOMTREE DIEFA FUND MUL 124 $6,916.72
USD US DOLLAR US 15,899.65 $15,899.65

Based on the underlying investments. Investments will change over time.

Based on the underlying investments. Investments will change over time.

Daily Price

$12.75

Daily $ Change

-$0.02

Daily % Change

-0.16%

as of 01/18/2018

CUSIP

302027495

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 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 multiple exchange-traded funds (ETFs) which provide exposure to various stock and fixed income issuers, markets, and sectors. 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.

Learn more about our Glide Range SM

Annualized Performance

As of 12/31/2017

YTD

---

1 Year

7.56%

3 Year

4.60%

5 Year

4.78%

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. 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 1.03%
Net 0.26%*

Includes Trustee Fee of 0.24% and estimated acquired fees and expenses of the underlying third party exchange-traded funds (ETFs) of 0.12% 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. <br/><br/> Effective 09/18/2017, Trustee fee will be reduced to 0.14%, resulting in an expense ratio after fee waiver of 0.25%.

Top Ten Investments

This product does not provide top ten investment information.

Underlying ETFs

As of 12/31/2017

VANGUARD S&P 500 ETF 13.98%
VANGUARD MORTGAGE-BACKED SEC 1.13400 13.65%
ISHARES LEHMAN 3-7 YEAR TREAS 1.84500 12.89%
VANGUARD S/T CORP BOND ETF 1.78800 11.89%
VANGUARD INTERMEDIATE-TERM C 2.80900 9.63%
VANGUARD TOTAL BOND MARKET 2.07500 7.66%
ISHARES BARCLAYS 7-10 YEAR 1.92100 6.06%
VANGUARD FTSE DEVELOPED MARKETS 5.05%
SCHWAB US DVD EQUITY ETF 4.82%
ISHARES LEHMAN 1-3YR TRS BD 0.82200 3.02%
ISHARES IBOXX H/Y CORP BOND 4.46900 2.34%
ISHARES BARCLAYS TIPS BOND 2.36600 2.10%
WISDOMTREE DIEFA FUND 1.62%
ISHARES BARCLAYS AGENCY BOND 1.78800 1.58%
VANGUARD REIT ETF 1.20%
VANGUARD EMERGING MARKET ETF 1.04%
VANGUARD SMALL-CAP ETF 0.97%
VANGUARD ETF MIDCAP 0.51%

Underlying exchange-traded funds list is unaudited.

Asset Allocation

As of 12/31/2017

Bonds
68.30%
Stocks
28.12%
Cash
3.58%

Detailed Asset Class Allocation

As of 12/31/2017

International Equities
7.43%
Small Capitalization
0.93%
Mid Capitalization
0.49%
Large Capitalization
19.27%
Intermediate Term Fixed Income
53.93%
Short Term Fixed Income
14.37%
Cash
3.58%

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 79 $9,012.32
464287440 ISHARES BARCLAYS 7-10 YEAR 1.92100 US 246 $25,970.22
464287457 ISHARES LEHMAN 1-3YR TRS BD 0.82200 US 154 $12,912.90
464288166 ISHARES BARCLAYS AGENCY BOND 1.78800 US 60 $6,785.52
464288513 ISHARES IBOXX H/Y CORP BOND 4.46900 US 115 $10,034.90
464288661 ISHARES LEHMAN 3-7 YEAR TREAS 1.84500 US 452 $55,216.32
808524797 SCHWAB US DVD EQUITY ETF US 403 $20,621.51
921937835 VANGUARD TOTAL BOND MARKET 2.07500 US 402 $32,791.14
921943858 VANGUARD FTSE DEVELOPED MARKETS MUL 482 $21,622.52
922042858 VANGUARD EMERGING MARKET ETF XX 97 $4,453.27
92206C409 VANGUARD S/T CORP BOND ETF 1.78800 US 642 $50,910.60
92206C771 VANGUARD MORTGAGE-BACKED SEC 1.13400 US 1,115 $58,470.60
92206C870 VANGUARD INTERMEDIATE-TERM C 2.80900 US 472 $41,248.08
922908363 VANGUARD S&P 500 ETF US 244 $59,850.76
922908553 VANGUARD REIT ETF US 62 $5,144.76
922908629 VANGUARD ETF MIDCAP US 14 $2,166.92
922908751 VANGUARD SMALL-CAP ETF US 28 $4,138.40
97717W703 WISDOMTREE DIEFA FUND MUL 124 $6,916.72
USD US DOLLAR US 15,899.65 $15,899.65

Based on the underlying investments. Investments will change over time.

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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