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 fixed income securities, with a focus on intermediate maturities. 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. 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 may have stopped contributions and started periodic withdrawals around the year 2015
  • Who currently have a moderately low tolerance for risk and are looking to minimize extreme declines in 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.

Target Series Glide Path Overview

Learn more about our Glide Range SM

Daily Price

$13.74

Daily $ Change

$0.02

Daily % Change

0.15%

as of 04/18/2019

CUSIP

302027677

Inception Date

08/17/2012

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

Important Documents

Annual Report
Applications & Forms

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

Performance

As of 03/31/2019

YTD

6.11%

1 Year

4.34%

3 Year

5.22%

5 Year

2.87%

10 Year

7.55%

Inception
(01/01/2000)

6.00%

US Stock Market Cycle (04/01/2000 - 03/31/2019)

5.93%

Performance through the inception date of the Retirement Target CIT Class S units is based on historical performance of the CIT's oldest unit class. Performance through the inception date of the oldest unit class (08/03/2012) is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. Returns are net of the Class S expenses. The Retirement Target CIT Fund 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 is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.99%
Net 0.89%*

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

Top Ten Investments

As of 03/31/2019

TREASURY NOTES 13.01%
GOVERNMENT AGENCY 9.27%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 3.88%
TREASURY BONDS 3.68%
SWEDISH EXPORT CREDIT 1.12500 08/28/2019 1.17%
VERIZON COMMUNICATIONS 5.50000 03/16/2047 1.13%
BOOKING HOLDINGS INC 3.60000 06/01/2026 1.08%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 1.07%
BANK OF AMERICA CORP 4.00000 01/22/2025 1.06%
SABINE PASS LIQUEFACTION 5.87500 06/30/2026 1.06%

Top Ten Investments list is unaudited and excludes cash.

Asset Allocation

As of 03/31/2019

Bonds 69.14%
Stocks 29.57%
Cash 1.29%

Detailed Asset Class Allocation

As of 03/31/2019

International Equities 8.35%
Small Capitalization 0.73%
Mid Capitalization 1.25%
Large Capitalization 19.24%
Long Term Fixed Income 20.41%
Intermediate Term Fixed Income 33.64%
Short Term Fixed Income 15.09%
Cash 1.29%

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

March Fund Holdings

As of 03/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
000375204 ABB LTD-SPON ADR CH ABB 312.33 $5,893.63
00101JAH9 ADT SEC CORP 4.12500 06/15/2023 US 4,940.47 $4,765.09
00101JAM8 ADT CORP 5.25000 03/15/2020 US 3,271.41 $3,304.13
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 104,197.57 $107,130.16
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 184,712.85 $183,615.05
00287Y109 ABBVIE INC US ABBV 157.86 $12,721.58
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 13,484.7 $13,552.12
004239109 ACADIA REALTY TRUST US AKR 57.26 $1,561.51
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 101,949.92 $102,517.83
0081180 BARRATT DEVELOPMENTS PLC GB BDEV LN 108.11 $844.48
008492100 AGREE REALTY CORP US ADC 36.51 $2,531.53
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 4,361.88 $4,441.65
0136701 BRITISH LAND CO PLC GB BLND LN 56.47 $433.58
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 13.91 $1,982.90
01609W102 ALIBABA GROUP - ADR CN BABA 4.6 $839.86
020002101 ALLSTATE CORPORATION US ALL 38.73 $3,647.53
02079K107 ALPHABET INC-CL C US GOOG 59.92 $70,307.54
02079K305 ALPHABET INC-CL A US GOOGL 59.76 $70,325.78
023135106 AMAZON.COM INC US AMZN 18.05 $32,134.51
02319V103 AMBEV SA-ADR BR ABEV 7,725.08 $33,217.84
0237400 DIAGEO PLC GB DGE LN 2,056.11 $84,140.74
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 18,671.42 $18,902.95
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 58.88 $2,801.28
0263494 BAE SYSTEMS PLC GB BA/ LN 122.02 $766.99
02665T306 AMERICAN HOMES 4 RENT- A US AMH 370.83 $8,425.32
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 53,322.68 $52,774.10
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 4,973.83 $4,575.92
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 667.13 $653.79
03027X100 AMERICAN TOWER REIT INC US AMT 188.71 $37,187.04
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 2,719.63 $2,738.15
03064D108 AMERICOLD REALTY TRUST US COLD 53.51 $1,632.63
031162100 AMGEN INC US AMGN 75.23 $14,292.75
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 4,873.76 $4,946.87
03748R754 APARTMENT INVT & MGMT CO -A US AIV 105.19 $5,290.15
037833100 APPLE COMPUTER INC US AAPL 44.96 $8,540.47
03784Y200 APPLE HOSPITALITY REIT INC US APLE 101.68 $1,657.41
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 MUL 4,361.88 $4,361.88
03990B101 ARES MANAGEMENT CORP - A US ARES 195.43 $4,535.87
0405207 HALMA PLC GB HLMA LN 19.38 $422.53
0490656 KERRY GROUP PLC-A IE KYGA LN 7.91 $877.94
05278C107 AUTOHOME INC-ADR CN ATHM 7.24 $760.90
053015103 AUTOMATIC DATA PROCESSING US ADP 62.32 $9,955.50
053484101 AVALONBAY COMMUNITIES INC US AVB 92.76 $18,620.04
055622104 BP PLC-SPONS ADR GB BP 304.49 $13,312.43
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 26,685.35 $26,535.76
058498106 BALL CORP US BLL 1,695.37 $98,094.12
060505104 BANK OF AMERICA CORP US BAC 753.22 $20,781.33
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 163,729.51 $166,976.97
0673123 ASSOCIATED BRITISH FOODS PLC GB ABF LN 12.54 $398.82
06759L103 BARINGS BDC INC US BBDC 310.28 $3,043.85
0682538 PERSIMMON PLC GB PSN LN 29.55 $835.96
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 434.49 $87,284.67
0870612 LLOYDS BANKING GROUP PLC GB LLOY LN 1,049 $849.88
0878230 TAYLOR WIMPEY PLC GB TW/ LN 366.82 $839.00
088606108 BHP GROUP LTD AU BHP 222.23 $12,149.12
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 385.51 $34,244.67
0922320 SMITH & NEPHEW PLC GB SN/ LN 33.19 $659.12
09247X101 BLACKROCK INC US BLK 53.72 $22,957.48
0925288 GLAXOSMITHKLINE PLC GB GSK LN 156.25 $3,246.30
09253U108 BLACKSTONE GROUP LP/THE US BX 239.94 $8,390.84
0946580 WEIR GROUP PLC/THE GB WEIR LN 55.11 $1,120.02
097023105 BOEING CO US BA 55.47 $21,156.44
09857L108 BOOKING HOLDINGS INC US BKNG 55.98 $97,686.78
0989529 ASTRAZENECA PLC GB AZN LN 53.42 $4,264.07
101121101 BOSTON PROPERTIES INC US BXP 85.29 $11,418.82
105368203 BRANDYWINE REALTY TRUST US BDN 469.01 $7,438.46
110122108 BRISTOL MYERS SQUIBB CO US BMY 248.76 $11,868.26
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 8.91 $371.57
11134LAB5 BROADCOM CRP / CAYMN FI 2.37500 01/15/2020 US 95,265.35 $94,755.70
11135F101 BROADCOM INC US AVGO 37.57 $11,298.26
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 4,395.24 $4,208.44
12503M108 CBOE GLOBAL MARKETS INC US CBOE 328.74 $31,375.34
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 24,180.19 $24,574.09
12572Q105 CME GROUP INC US CME 192.18 $31,628.23
125896100 CMS ENERGY CORP US CMS 151.8 $8,431.05
12591QAR3 COMM 2014-UBS4 A5 3.69400 08/10/2047 US 24,016.81 $24,870.32
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 108,426.03 $108,561.56
12593GAF9 COMM 2015-PC1 A5 3.90200 07/10/2050 US 12,675.54 $13,208.58
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 28,019.62 $28,397.78
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 50,964.61 $48,713.82
126650100 CVS HEALTH CORP US CVS 131.06 $7,067.88
133131102 CAMDEN PROPERTY TRUST US CPT 17.21 $1,747.22
13321L108 CAMECO CORP CA CCJ 29.49 $347.73
149123101 CATERPILLAR INC US CAT 55.47 $7,515.30
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 2,633.08 $2,623.21
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 41,984.61 $41,898.26
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 10,226.04 $9,714.74
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 53,406.67 $53,039.31
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 10,675.1 $10,570.89
165240102 CHESAPEAKE LODGING TRUST US CHSP 88.37 $2,457.69
166764100 CHEVRON CORP US CVX 100.61 $12,392.81
16941R108 CHINA PETROLEUM & CHEM-ADR CN SNP 132.84 $10,560.56
17275R102 CISCO SYSTEMS INC US CSCO 430.21 $23,226.91
172967424 CITIGROUP INC US C 272 $16,923.59
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 56,660.81 $85,175.65
191216100 COCA COLA CO/THE US KO 1,445.04 $67,714.44
194162103 COLGATE-PALMOLIVE CO US CL 209.85 $14,383.18
199908104 COMFORT SYSTEMS US FIX 92.59 $4,851.02
20030N101 COMCAST CORP-CL A US CMCSA 349.28 $13,964.08
2011646 ALIMENTATION COUCHE-TARD -B CA ATD/B CN 4.5 $265.27
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 270.08 $9,693.06
2099084 BORALEX INC -A CA BLX CN 201.21 $2,854.81
2180632 CANADIAN NATL RAILWAY CO CA CNR CN 4.54 $406.11
222795106 COUSINS PROPERTIES INC US CUZ 755.82 $7,301.22
22282E102 COVANTA HOLDING CORP US CVA 564.02 $9,763.26
22282EAH5 COVANTA HOLDING CORP 6.00000 01/01/2027 US 4,873.76 $4,873.76
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 107,604.87 $109,547.14
22822V101 CROWN CASTLE INTL CORP US CCI 111.93 $14,327.10
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 35,261.53 $33,955.16
229663109 CUBESMART US CUBE 45.5 $1,457.81
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 3,271.41 $3,329.22
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 16.61 $188.32
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 4,328.53 $4,147.81
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 175.46 $419.43
25271C102 DIAMOND OFFSHORE DRILLING US DO 1,009.94 $10,594.29
253868103 DIGITAL REALTY TRUST INC US DLR 63.93 $7,607.33
254683BK0 DCENT 2014-A4 2.12000 12/15/2021 US 1,200.84 $1,199.33
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 111,630.73 $108,489.23
256677105 DOLLAR GENERAL CORP US DG 99.72 $11,896.24
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 4,361.88 $4,394.60
26078J100 DOWDUPONT INC US DWDP 114.94 $6,127.54
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 10,837.99 $11,000.56
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 10,971.42 $10,422.85
269246401 ETRADE FINANCIAL CORP US ETFC 368.26 $17,098.45
2715777 QUEBECOR INC -CL B CA QBR/B CN 809.22 $19,837.56
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 982.65 $20,449.33
285512109 ELECTRONIC ARTS US EA 535.14 $54,386.26
2866857 LUNDIN MINING CORP CA LUN CN 38.23 $177.35
291011104 EMERSON ELEC CO US EMR 99.36 $6,803.24
29444U700 EQUINIX INC US EQIX 169.11 $76,634.77
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 38.97 $4,454.07
29476L107 EQUITY RESIDENTIAL US EQR 153.69 $11,576.09
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 179.87 $3,511.03
297178105 ESSEX PROPERTY TRUST INC US ESS 25.97 $7,511.90
30161N101 EXELON CORP US EXC 106.39 $5,333.56
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 169,189.71 $168,788.73
30225T102 EXTRA SPACE STORAGE INC US EXR 37.8 $3,852.15
30231G102 EXXON MOBIL CORP US XOM 378.39 $30,573.94
302491303 FMC CORP US FMC 122.87 $9,438.53
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 3,662.09 $3,646.25
30261UAJ3 FREMF 2013-K713 B 3.15484 04/25/2046 US 8,005.6 $8,009.90
30262DAL5 FREMF 2011-K13 B 4.61246 01/25/2048 US 36,503.54 $37,457.60
30262SAR9 FREMF 2015-K42 B FLT 3.85146 12/25/2024 US 16,025.95 $16,242.72
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 6,030.94 $6,185.49
30286XAN9 FREMF 2015-K43 B FLT 3.73430 02/25/2048 US 15,344.08 $15,540.80
30287EAE0 FREMF 2014-K41 B FLT 3.83248 11/25/2047 US 62,323.13 $63,529.26
30291EAE4 FREMF 2013-K712 B FLT 3.35855 05/25/2045 US 106,891.14 $106,822.03
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 1,664,198.88 $5,208.44
3128M1AM1 FHLM POOL G11912 5.50000 03/01/2021 US 844.51 $852.08
3128M5A91 FHLM POOL G03332 6.00000 10/01/2037 US 310.08 $341.67
3128M5NM8 FHLM POOL G03696 5.50000 01/01/2038 US 666.46 $731.50
3128M6B98 FHLM POOL G04264 5.50000 04/01/2038 US 2,310.29 $2,526.65
3128M6HZ4 FHLM POOL G04448 5.50000 07/01/2038 US 14,497.55 $15,875.65
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 330.2 $361.87
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 684.92 $745.00
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 2,347.68 $2,586.90
3128M7KW5 FHLM POOL G05409 5.50000 03/01/2039 US 1,616.43 $1,770.83
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 11,361.93 $12,519.81
3128M8AW4 FHLM POOL G06021 5.50000 01/01/2040 US 629.34 $688.17
3128M9C83 FHLM POOL G06995 6.00000 05/01/2040 US 1,950.57 $2,147.41
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 3,904.67 $4,289.04
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 6,952.69 $7,184.51
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 618.5 $632.82
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 87.91 $90.52
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 71.61 $74.18
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 571.5 $590.57
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 69,234.43 $72,851.01
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 9,594.04 $10,479.97
3128MJY87 FHLM POOL FG G08734 4.00000 11/01/2046 US 4,572.62 $4,721.04
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 4,090.37 $4,308.22
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 43,363.94 $45,920.73
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 13,693.93 $14,206.96
3132VLY43 FHLM POOL FG Q60730 4.00000 01/01/2049 US 12,946.85 $13,344.86
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 51,947.61 $53,630.66
31335ABB3 FHLM POOL G60034 4.50000 02/01/2045 US 17,966.34 $18,847.73
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 4,566.93 $4,730.14
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 46,990.07 $49,745.98
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 315.04 $316.17
3134865 BARCLAYS PLC GB BARC LN 418.59 $843.16
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 44,694.69 $45,544.78
31371MLB1 FEDERAL NATL MTG ASSN 256022 5.50000 12/01/2035 US 4,777.22 $5,256.28
31371MRU3 FEDERAL NATL MTG ASSN 256199 5.00000 04/01/2021 US 446.14 $456.16
31371NCJ2 FEDERAL NATL MTG ASSN 256673 5.50000 04/01/2037 US 3,239.24 $3,561.63
31371NDQ5 FEDERAL NATL MTG ASSN 256711 5.50000 05/01/2037 US 621.19 $683.02
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 12.99 $1,790.06
3137A2B34 FHMS K009 X1 FLT 1.26972 08/25/2020 US 169,656.84 $2,277.00
3137ADTK3 FHMS K014 X1 FLT 1.14985 04/25/2021 US 1,019,424.17 $20,860.27
3137AJMG6 FMHS K016 X1 FLT 1.47861 10/25/2021 US 240,014.94 $7,827.53
3137AUPF0 FHMS K021 x1 FLT 1.44016 06/25/2022 US 1,507,119.97 $59,123.71
3137B3NB0 FHMS K030 X1 FLT 0.19480 04/25/2023 US 2,993,747.76 $21,413.08
3137B4GZ3 FHMS K032 X1 FLT 0.10256 05/25/2023 US 1,773,370.78 $7,876.25
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 55,483.77 $57,175.99
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 54,010.8 $56,228.66
3138A7BL1 FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 17,003.28 $17,735.30
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 1,492.26 $1,577.71
3138AJ4A7 FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 2,788.23 $2,904.86
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 843.17 $891.19
3138EPLE2 FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 9,160.37 $9,675.42
3138EQTZ5 FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 11,709.91 $12,379.70
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65100 01/01/2049 US 72,461.69 $79,783.53
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 101,311.39 $103,308.41
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 54,743.33 $57,617.68
3138WGK37 FEDERAL NATL MTG ASSN FN AS6613 4.00000 02/01/2046 US 18,181.46 $18,801.84
3138YTGK4 FEDERAL NATL MTG ASSN AZ2001 3.50000 05/01/2045 US 95,411.22 $97,182.54
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 8,743.42 $9,617.70
31403DVZ9 FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 880.37 $1,008.61
31406PTV1 FEDERAL NATL MTG ASSN 816064 4.50000 04/01/2020 US 359.02 $365.13
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 3,945.84 $4,083.89
3140EWG66 FEDERAL NATL MTG ASSN BC2020 3.50000 07/01/2046 US 6,814.94 $6,916.36
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 4,698.86 $4,778.51
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 51,438.21 $53,174.80
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 20,155.12 $20,835.58
3140FEXR0 FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 10,830.31 $11,193.19
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 49,339.97 $50,993.14
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 17,753.17 $18,570.00
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 68,828.89 $71,883.25
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785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 149,886.96 $166,716.62
80105N105 SANOFI-AVENTIS-ADR FR SNY 291.58 $12,911.30
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 101,683.06 $104,790.47
806857108 SCHLUMBERGER LTD NL SLB 787.45 $34,309.40
808513105 CHARLES SCHWAB CORP/THE US SCHW 785.93 $33,606.53
81141R100 SEA LTD - ADR SG SE 28.92 $680.20
81211K100 SEALED AIR CORP US SEE 203 $9,349.96
812578102 SEATTLE GENETICS INC US SGEN 308.35 $22,583.26
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 29,582.47 $29,084.73
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 40,685.07 $40,154.43
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 31,292.18 $28,650.35
81762P102 SERVICENOW INC US NOW 77.79 $19,174.66
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 4,940.47 $4,693.45
828806109 SIMON PROPERTY GROUP INC US SPG 100.94 $18,391.63
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 1,321.59 $1,313.46
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 1,501.05 $1,491.92
83401LAB0 SOFI 2015-A A2 2.42000 03/25/2030 US 27,870.35 $27,625.31
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 32,972.49 $32,501.19
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 869.49 $866.12
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 10,768.5 $10,573.53
83404YAA1 SCLP 2016-5 A 3.06000 09/25/2028 US 1,577.76 $1,577.29
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 1,614.93 $1,605.15
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 10,107.49 $10,081.44
83406EAB1 SOFI 2018-A A2A 2.39000 02/25/2042 US 3,108.47 $3,095.97
835495102 SONOCO PRODUCTS CO US SON 175.84 $10,819.45
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 99,635.55 $102,249.85
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 9,925.83 $9,752.13
85254J102 STAG INDUSTRIAL INC US STAG 270.66 $8,025.11
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.70375 11/15/2027 US 90,437.98 $90,216.77
862121100 STORE CAPITAL CORP US STOR 55.28 $1,851.89
866674104 SUN COMMUNITIES US SUI 60.91 $7,219.18
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 160.61 $2,312.83
874039100 TAIWAN SEMICONDUCTOR - SP ADR TW TSM 499.12 $20,443.92
874080104 TAL EDUCATION GROUP - ADR CN TAL 6.14 $221.45
87612E106 TARGET CORP US TGT 212.34 $17,042.71
876664103 TAUBMAN CTRS INC US TCO 24.55 $1,298.05
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 17,785.3 $17,667.05
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 6,476.11 $6,071.35
88104LAE3 TERRAFORM POWER OPERATIN 5.00000 01/31/2028 US 3,338.12 $3,221.29
882508104 TEXAS INSTRUMENTS INC US TXN 123.85 $13,136.23
88579Y101 3M CO US MMM 91.08 $18,924.77
88650V208 TIER REIT INC US TIER 236.78 $6,786.14
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 84,678.05 $83,194.18
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 39,983.03 $39,536.25
89177EAA7 TPMT 2019-HY1 A1 3.48550 10/25/2048 US 39,375.35 $39,375.32
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 84,769.34 $83,687.23
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 50,493.8 $49,938.88
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 8,378.67 $8,348.34
902653104 UDR INC US UDR 138.21 $6,283.20
902973304 U.S. BANCORP US USB 197.3 $9,507.75
903002103 UMH PROPERTIES INC US UMH 125.85 $1,771.98
904767704 UNILEVER PLC - ADR GB UL 1,458.43 $84,180.81
907818108 UNION PAC CORP US UNP 88.5 $14,797.01
911312106 UNITED PARCEL SERVICE US UPS 172.72 $19,300.19
912796SE0 TREASURY BILL 0.00000 08/22/2019 US 80,117.45 $79,361.22
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 46,252.38 $63,318.79
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 201,206.7 $264,028.77
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 85,846.2 $83,524.60
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 214,594.88 $202,473.63
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 48,727.45 $50,497.62
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 318,157.14 $327,229.59
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 613,696.15 $610,792.04
912828R28 US TREASURY N/B 1.62500 04/30/2023 US 254,634.48 $248,527.23
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 338,469.47 $322,854.92
912828S92 US TREASURY N/B 1.25000 07/31/2023 US 131,558.77 $126,193.64
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 85,679.7 $84,699.69
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 192,469.52 $192,665.00
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 324,420.35 $321,036.75
912828XQ8 US TREASURY N/B 2.00000 07/31/2022 US 515,056.11 $511,193.19
913017109 UNITED TECHNOLOGIES CORP US UTX 91.35 $11,773.83
91704F104 URBAN EDGE PROPERTIES US UE 226.61 $4,305.56
91913Y100 VALERO ENERGY US VLO 71.05 $6,027.03
92189F106 MARKET VECTORS GOLD MINERS US 37.96 $851.06
92276F100 VENTAS INC US VTR 58.53 $3,734.80
92339V100 VEREIT INC US VER 605.28 $5,066.22
92343V104 VERIZON COMMUNICATIONS US VZ 205.22 $12,134.73
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 151,867.76 $177,745.11
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 147.5 $27,133.43
92826C839 VISA INC - CLASS A SHARES US V 676.75 $105,701.64
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 6,286.27 $6,350.06
929042109 VORNADO REALTY TRUST US VNO 77.48 $5,225.24
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 4,361.88 $4,345.52
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 4,973.83 $5,210.09
93065PAA9 WBHT 2019-WBM A FLT 3.53375 12/15/2033 US 41,694.43 $41,513.77
931142103 WAL MART STORES US WMT 258.55 $25,216.57
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 100.61 $6,365.43
94106L109 WASTE MANAGEMENT INC US WM 150.47 $15,634.90
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 4,006.49 $3,856.24
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 8,345.31 $7,969.77
948741103 WEINGARTEN REALTY INVESTORS US WRI 145.51 $4,273.70
949746101 WELLS FARGO COMPANY US WFC 678.08 $32,764.61
95040Q104 WELLTOWER INC. US WELL 69.81 $5,417.50
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 17,090.9 $17,112.27
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 4,907.12 $4,931.65
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 79,517.03 $78,941.31
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 34,879.78 $34,914.66
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 43,644.68 $43,518.63
98850P109 YUM CHINA HOLDINGS INC CN YUMC 9.31 $417.96
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 9,814.23 $9,446.20
B01FLR7 PING AN INSURANCE GROUP CO-H CN 2318 HK 66.71 $751.07
B01JCK9 LI NING CO LTD CN 2331 HK 292.93 $460.56
B02L3W3 BERKELEY GROUP HOLDINGS GB BKG LN 17.05 $819.45
B058TZ6 SAFRAN SA FR SAF FP 2.27 $310.89
B068DB9 SM INVESTMENTS CORP PH SM PM 15.91 $283.31
B0744B3 BUNZL PLC GB BNZL LN 11.74 $387.54
B07DRZ5 RECORDATI SPA IT REC IM 6.87 $267.75
B09DHL9 MTU AERO ENGINES HOLDING AG DE MTX GR 1.73 $393.16
B0C2CQ3 ENGIE FR ENGI FP 11.71 $174.60
B0SWJX3 LONDON STOCK EXCHANGE GROUP GB LSE LN 23.22 $1,436.07
B0YZ0Z5 DEUTSCHE WOHNEN SE DE DWNI GR 25.89 $1,256.40
B11TCY0 SCHINDLER HOLDING-PART CERT CH SCHP SW 1.9 $394.52
B15C557 TOTAL SA FR FP FP 15.31 $852.04
B1FW751 GALP ENERGIA SGPS SA PT GALP PL 54.94 $880.32
B1JB4K8 SYMRISE AG DE SY1 GR 4.34 $390.92
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 60.04 $338.50
B1WGG93 GEBERIT AG-REG CH GEBN SW .93 $381.99
B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 8.44 $441.06
B1XH026 VINCI SA FR DG FP 11.74 $1,142.48
B1Y9TB3 DANONE FR BN FP 20.38 $1,569.36
B1YVKN8 ANTA SPORTS PRODUCTS LTD CN 2020 HK 60.04 $409.31
B1YXBJ7 AIR LIQUIDE FR AI FP 3.07 $390.54
B1Z9Q99 ABOITIZ POWER CORP PH AP PM 239.5 $161.46
B247XZ6 MANILA ELECTRIC COMPANY PH MER PM 24.15 $175.00
B249GC0 MATSUMOTOKIYOSHI HOLDINGS CO JP 3088 JP 12.68 $423.53
B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 334.32 $3,522.44
B3NB1P2 SUNCOR ENERGY INC CA SU CN 19.38 $628.10
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 54,626.53 $2,740.30
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 14,866.31 $11,537.06
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 124,621.69 $6,182.98
B4R2R50 JULIUS BAER CH BAER SW 12.84 $519.50
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 25,771.01 $19,030.67
B5VJH76 BDO UNIBANK INC PH BDO PM 116.95 $298.50
B607XS1 VERMILION ENERGY INC CA VET CN 17.31 $427.38
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 195,617.55 $10,105.77
B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 76.95 $816.88
B63QM77 NEXON CO LTD JP 3659 JP 70.72 $1,112.11
B68XHC3 NORTHLAND POWER INC CA NPI CN 200.77 $3,545.60
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 37,832.9 $1,883.40
B725S29 PUREGOLD PRICE CLUB INC PH PGOLD PM 147.44 $135.25
B7T7721 ROYAL BANK OF SCOTLAND GB RBS LN 261.52 $842.11
B8FMRX8 COLOPLAST-B DK COLOB DC 3.57 $391.79
B8K9X70 GRAND CITY PROPERTIES DE GYC GR 27.11 $654.77
B92RW83 LT GROUP INC PH LTG PM 455.65 $139.71
B9G6L89 LEG IMMOBILIEN AG DE LEG GR 8.11 $996.08
BBD7Q84 SUNTORY BEVERAGE & FOOD LTD JP 2587 JP 8.01 $376.52
BBG00NCXF4P1 RAMP US 04/18/19 P50 US -5.32 -$239.42
BBG00NG63J67 EA US 04/05/19 P90 US -3.03 -$9.09
BBG00NH7KDD0 LULU US 04/05/19 P130 CA -1.53 -$4.59
BBJPFY1 VONOVIA SE DE VNA GR 25.02 $1,298.30
BD0Q398 KONINKLIJKE AHOLD DELHAIZE N NL AD NA 9.51 $253.10
BD3JR69 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 707.16 $341.57
BD4TZK8 OCI NV NL OCI NA 13.58 $374.00
BD9Y5C0 TECHNOGYM SPA IT TGYM IM 37.59 $463.11
BD9Y9B7 BASIC-FIT NV NL BFIT NA 13.01 $437.79
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 693.82 $337.84
BDXN0J5 UK TREASURY BILL GBP 0.00000 05/28/2019 GB 1,914.67 $2,490.76
BDZV116 EPIROC AB-A SE EPIA SS 10.21 $103.09
BF1K7P7 ESSITY AKTIEBOLAG-B SE ESSITYB SS 9.11 $262.79
BF2DSG3 SIKA AG-REG CH SIKA SW 2.87 $401.19
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 10,771.28 $10,555.85
BFTCYP4 ROBINSONS RETAIL HOLDINGS IN PH RRHI PM 79.26 $119.24
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 1,837.99 $2,754.53
BGLP232 MONCLER SPA IT MONC IM 9.31 $375.61
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 913.97 $839.97
BHC8X90 NOVO NORDISK A/S-B DK NOVOB DC 7.67 $400.98
BJ2KSG2 AKZO NOBEL NL AKZA NA 12.01 $1,066.75
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 2,400.6 $110,398.53
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 1,349.02 $6,571.43
BNGN9Z1 FINECOBANK SPA IT FBK IM 67.35 $887.32
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 1,542.32 $45,346.55
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 14.01 $401.67
BSQXJ01 THULE GROUP AB/THE SE THULE SS 30.89 $699.01
BSS7GP5 AGL ENERGY LTD AU AGL AU 16.44 $254.20
BW1YVH8 WALMART DE MEXICO SAB DE CV MX WALMEX* MM 145.13 $387.99
BYMXPS7 UNICREDIT SPA IT UCG IM 26.03 $334.39
BYNXBZ5 ADO PROPERTIES SA DE ADJ GR 5.84 $331.91
BYW0PQ6 LAND SECURITIES GROUP PLC GB LAND LN 36.09 $429.71
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 1,080.76 $444.71
BYXS699 QIAGEN N.V. NL QIA GR 15.21 $617.44
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 1,064.13 $89,328.32
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 124.45 $488.28
G02602103 AMDOCS LTD GG DOX 12.94 $700.31
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 9.07 $325.54
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 5.17 $267.51
G27358103 DESPEGAR.COM CORP AR DESP 11.37 $169.48
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 10,392.83 $10,756.58
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 321.41 $11,872.86
G5960L103 MEDTRONIC INC IE MDT 1,567.41 $142,760.04
G8473T100 STERIS PLC GB STE 2.1 $269.05
G96629103 WILLIS TOWERS WATSON PLC GB WLTW 24.93 $4,378.82
G97822103 PERRIGO CO PLC IE PRGO 15.14 $729.33
H1467J104 CHUBB LTD CH CB 39.17 $5,487.57
H8817H100 TRANSOCEAN LTD US RIG 1,681.52 $14,646.00
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 3.2 $405.05
N22717107 CORE LABORATORIES N.V. NL CLB 6.47 $446.06
N47279109 INTERXION HOLDING NV NL INXN 990.18 $66,074.64
N53745100 LYONDELLBASELL INDU-CL A US LYB 62.23 $5,232.64
N72482123 QIAGEN N.V. ADR NL QGEN 8.64 $351.45
USD US DOLLAR US 205,445.36 $205,445.36

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Moderate Term CIT Fund and Manning & Napier Pro-Mix® Conservative Term CIT Fund. Investments will change over time and as the target date fund gradually becomes more conservative. 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 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.

Daily Price

$13.74

Daily $ Change

$0.02

Daily % Change

0.15%

as of 04/18/2019

CUSIP

302027677

Inception Date

08/17/2012

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

Important Documents

Annual Report
Fact Sheet
Applications & Forms

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

Investment Objective

To provide capital 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 fixed income securities, with a focus on intermediate maturities. 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. 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 may have stopped contributions and started periodic withdrawals around the year 2015
  • Who currently have a moderately low tolerance for risk and are looking to minimize extreme declines in 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.

Target Series Glide Path Overview

Learn more about our Glide Range SM

Performance

As of 03/31/2019

YTD

6.11%

1 Year

4.34%

3 Year

5.22%

5 Year

2.87%

10 Year

7.55%

Inception
(01/01/2000)

6.00%

US Stock Market Cycle (04/01/2000 - 03/31/2019)

5.93%

Performance through the inception date of the Retirement Target CIT Class S units is based on historical performance of the CIT's oldest unit class. Performance through the inception date of the oldest unit class (08/03/2012) is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. Returns are net of the Class S expenses. The Retirement Target CIT Fund 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 is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.99%
Net 0.89%*

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

Top Ten Investments

As of 03/31/2019

TREASURY NOTES 13.01%
GOVERNMENT AGENCY 9.27%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 3.88%
TREASURY BONDS 3.68%
SWEDISH EXPORT CREDIT 1.12500 08/28/2019 1.17%
VERIZON COMMUNICATIONS 5.50000 03/16/2047 1.13%
BOOKING HOLDINGS INC 3.60000 06/01/2026 1.08%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 1.07%
BANK OF AMERICA CORP 4.00000 01/22/2025 1.06%
SABINE PASS LIQUEFACTION 5.87500 06/30/2026 1.06%

Top Ten Investments list is unaudited and excludes cash.

Asset Allocation

As of 03/31/2019

Bonds
69.14%
Stocks
29.57%
Cash
1.29%

Detailed Asset Class Allocation

As of 03/31/2019

International Equities
8.35%
Small Capitalization
0.73%
Mid Capitalization
1.25%
Large Capitalization
19.24%
Long Term Fixed Income
20.41%
Intermediate Term Fixed Income
33.64%
Short Term Fixed Income
15.09%
Cash
1.29%

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

March Fund Holdings

As of 03/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
000375204 ABB LTD-SPON ADR CH ABB 312.33 $5,893.63
00101JAH9 ADT SEC CORP 4.12500 06/15/2023 US 4,940.47 $4,765.09
00101JAM8 ADT CORP 5.25000 03/15/2020 US 3,271.41 $3,304.13
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 104,197.57 $107,130.16
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 184,712.85 $183,615.05
00287Y109 ABBVIE INC US ABBV 157.86 $12,721.58
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 13,484.7 $13,552.12
004239109 ACADIA REALTY TRUST US AKR 57.26 $1,561.51
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 101,949.92 $102,517.83
0081180 BARRATT DEVELOPMENTS PLC GB BDEV LN 108.11 $844.48
008492100 AGREE REALTY CORP US ADC 36.51 $2,531.53
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 4,361.88 $4,441.65
0136701 BRITISH LAND CO PLC GB BLND LN 56.47 $433.58
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 13.91 $1,982.90
01609W102 ALIBABA GROUP - ADR CN BABA 4.6 $839.86
020002101 ALLSTATE CORPORATION US ALL 38.73 $3,647.53
02079K107 ALPHABET INC-CL C US GOOG 59.92 $70,307.54
02079K305 ALPHABET INC-CL A US GOOGL 59.76 $70,325.78
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534187109 LINCOLN NATL CORP IND US LNC 49.86 $2,926.69
53815P108 LIVERAMP HOLDINGS INC US RAMP 630.82 $34,423.85
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6284864 GLOBE TELECOM INC PH GLO PM 4.2 $155.12
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680223104 OLD REPUBLIC INTL CORP US ORI 185.19 $3,874.15
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6985112 YAKULT HONSHA CO LTD JP 2267 JP 5.34 $374.20
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7103526 PEUGEOT SA FR UG FP 3.44 $83.84
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7110902 TECAN GROUP AG-REG CH TECN SW .9 $212.70
7123870 NESTLE SA-REGISTERED CH NESN SW 839.09 $80,007.32
7133608 EQUINOR ASA NO EQNR NO 39.73 $870.84
713448108 PEPSICO INC US PEP 830.56 $101,785.04
7145056 ENI SPA IT ENI IM 51.37 $907.62
7156036 SONOVA HOLDING AG-REG CH SOON SW 3.4 $674.25
71642QAB3 PDLLN 7 1/4 05/01/22 7.25000 05/01/2022 GB 4,361.88 $4,078.36
717081103 PFIZER INC US PFE 537.58 $22,831.09
71943U104 PHYSICIANS REALTY TRUST US DOC 631.93 $11,886.67
7212477 ESSILORLUXOTTICA FR EL FP 2 $218.63
7262610 CREDIT AGRICOLE SA FR ACA FP 10.91 $131.70
729640102 PLYMOUTH INDUSTRIAL REIT INC US 165.29 $2,780.18
7309681 BNP PARIBAS FR BNP FP 10.17 $484.15
7380482 COMPAGNIE DE SAINT-GOBAIN FR SGO FP 3.64 $131.83
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 166,867.5 $169,573.74
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74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 26,709.91 $26,484.47
74340W103 PROLOGIS US PLD 219.94 $15,824.97
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 102,016.63 $107,882.59
74460D109 PUBLIC STORAGE INC US PSA 41.86 $9,116.54
749685103 RPM INTERNATIONAL INC US RPM 113.96 $6,614.37
756109104 REALTY INCOME CORP US O 27.13 $1,995.56
75886F107 REGENERON PHARMACEUTICALS INC US REGN 82.76 $33,984.81
7591EP100 REGIONS FINANCIAL CORP. US RF 198.99 $2,815.69
76131D103 RESTAURANT BRANDS INTERN CA QSR 6.24 $406.14
767204100 RIO TINTO PLC - SPON ADR GB RIO 167.03 $9,829.48
7698356 GETINGE AB-B SHS SE GETIB SS 38.99 $454.73
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 4,695.45 $4,795.23
77714PAB5 SEMGROUP / ROSE ROCK FIN 5.62500 07/15/2022 US 6,097.66 $6,029.06
7792559 HEINEKEN NV NL HEIA NA 2.47 $260.90
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 120.31 $7,693.80
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 4.06 $303.97
78409V104 S&P GLOBAL INC US SPGI 226.48 $47,685.53
78410G104 SBA COMMUNICATIONS CORP US SBAC 186.44 $37,224.81
78442PGC4 SLM CORP 5.12500 04/05/2022 US 8,245.24 $8,100.95
78463V107 SPDR GOLD SHARES US 14.11 $1,721.55
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 77,903.91 $77,036.93
78490DAA2 SOFI 2018-C A1FX 3.08000 01/25/2048 US 15,850.88 $15,890.71
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 149,886.96 $166,716.62
80105N105 SANOFI-AVENTIS-ADR FR SNY 291.58 $12,911.30
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 101,683.06 $104,790.47
806857108 SCHLUMBERGER LTD NL SLB 787.45 $34,309.40
808513105 CHARLES SCHWAB CORP/THE US SCHW 785.93 $33,606.53
81141R100 SEA LTD - ADR SG SE 28.92 $680.20
81211K100 SEALED AIR CORP US SEE 203 $9,349.96
812578102 SEATTLE GENETICS INC US SGEN 308.35 $22,583.26
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 29,582.47 $29,084.73
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 40,685.07 $40,154.43
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 31,292.18 $28,650.35
81762P102 SERVICENOW INC US NOW 77.79 $19,174.66
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 4,940.47 $4,693.45
828806109 SIMON PROPERTY GROUP INC US SPG 100.94 $18,391.63
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 1,321.59 $1,313.46
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 1,501.05 $1,491.92
83401LAB0 SOFI 2015-A A2 2.42000 03/25/2030 US 27,870.35 $27,625.31
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 32,972.49 $32,501.19
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 869.49 $866.12
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 10,768.5 $10,573.53
83404YAA1 SCLP 2016-5 A 3.06000 09/25/2028 US 1,577.76 $1,577.29
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 1,614.93 $1,605.15
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 10,107.49 $10,081.44
83406EAB1 SOFI 2018-A A2A 2.39000 02/25/2042 US 3,108.47 $3,095.97
835495102 SONOCO PRODUCTS CO US SON 175.84 $10,819.45
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 99,635.55 $102,249.85
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 9,925.83 $9,752.13
85254J102 STAG INDUSTRIAL INC US STAG 270.66 $8,025.11
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.70375 11/15/2027 US 90,437.98 $90,216.77
862121100 STORE CAPITAL CORP US STOR 55.28 $1,851.89
866674104 SUN COMMUNITIES US SUI 60.91 $7,219.18
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 160.61 $2,312.83
874039100 TAIWAN SEMICONDUCTOR - SP ADR TW TSM 499.12 $20,443.92
874080104 TAL EDUCATION GROUP - ADR CN TAL 6.14 $221.45
87612E106 TARGET CORP US TGT 212.34 $17,042.71
876664103 TAUBMAN CTRS INC US TCO 24.55 $1,298.05
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 17,785.3 $17,667.05
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 6,476.11 $6,071.35
88104LAE3 TERRAFORM POWER OPERATIN 5.00000 01/31/2028 US 3,338.12 $3,221.29
882508104 TEXAS INSTRUMENTS INC US TXN 123.85 $13,136.23
88579Y101 3M CO US MMM 91.08 $18,924.77
88650V208 TIER REIT INC US TIER 236.78 $6,786.14
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 84,678.05 $83,194.18
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 39,983.03 $39,536.25
89177EAA7 TPMT 2019-HY1 A1 3.48550 10/25/2048 US 39,375.35 $39,375.32
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 84,769.34 $83,687.23
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 50,493.8 $49,938.88
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 8,378.67 $8,348.34
902653104 <