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

$11.00

Daily $ Change

$0.01

Daily % Change

0.09%

as of 08/17/2018

CUSIP

56382R878

Inception Date

05/14/2015

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 07/31/2018

YTD

1.20%

1 Year

3.58%

3 Year

3.72%

5 Year

4.45%

10 Year

5.54%

Inception
(01/01/2000)

6.59%

US Stock Market Cycle (04/01/2000 - 07/31/2018)

6.52%

Performance through the inception date of the Retirement Target CIT Class U1 units is based on the 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 U1 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 0.56%
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 07/31/2018

TREASURY NOTES 15.65%
GOVERNMENT AGENCY 8.20%
TREASURY BONDS 4.13%
TREASURY BILLS 2.74%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 1.96%
SWEDISH EXPORT CREDIT 1.12500 08/28/2019 1.06%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 0.97%
VERIZON COMMUNICATIONS 5.50000 03/16/2047 0.94%
SABINE PASS LIQUEFACTION 5.87500 06/30/2026 0.93%
PRICELINE GROUP INC/THE 3.60000 06/01/2026 0.92%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 07/31/2018

Bonds 67.89%
Stocks 31.17%
Cash 0.94%

Detailed Asset Class Allocation

As of 07/31/2018

International Equities 8.58%
Small Capitalization 0.82%
Mid Capitalization 2.32%
Large Capitalization 19.44%
Long Term Fixed Income 19.65%
Intermediate Term Fixed Income 27.20%
Short Term Fixed Income 21.05%
Cash 0.94%

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

July Fund Holdings

As of 07/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
000375204 ABB LTD-SPON ADR CH ABB 322.26 $7,418.49
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 114,262.24 $113,071.43
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 207,575.74 $204,096.95
00287Y109 ABBVIE INC US ABBV 172.04 $15,866.78
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 17,728.26 $18,304.42
004239109 ACADIA REALTY TRUST US AKR 90.63 $2,454.36
0045614 ANTOFAGASTA PLC GB ANTO LN 223.47 $2,934.81
0053673 ASHTEAD GROUP PLC GB AHT LN 37.77 $1,159.52
008492100 AGREE REALTY CORP US ADC 40.1 $2,134.70
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 3,075.78 $3,175.74
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 15.6 $1,988.04
01609W102 ALIBABA GROUP - ADR CN BABA 429.65 $80,443.54
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 188,744.08 $176,849.55
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 6,545.81 $6,611.27
020002101 ALLSTATE CORPORATION US ALL 33.7 $3,205.09
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 6,214.74 $6,224.06
02079K107 ALPHABET INC-CL C US GOOG 44.32 $53,949.42
02079K305 ALPHABET INC-CL A US GOOGL 43.25 $53,074.53
02155FAC9 ALTICE US FINANCE I CORP 5.50000 05/15/2026 US 1,971.31 $1,937.03
023135106 AMAZON.COM INC US AMZN 14.42 $25,623.44
02319V103 AMBEV SA-ADR BR ABEV 16,812.17 $86,414.55
0237400 DIAGEO PLC GB DGE LN 3,253.4 $119,358.29
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 99.21 $4,092.57
0263494 BAE SYSTEMS PLC GB BA/ LN 151.63 $1,298.02
02665T306 AMERICAN HOMES 4 RENT- A US AMH 388.12 $8,592.92
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 122,243.59 $117,303.53
026874784 AMERICAN INTL GROUP INC US AIG 50.73 $2,800.92
03027X100 AMERICAN TOWER REIT INC US AMT 197.91 $29,338.50
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 4,006.36 $4,037.20
03064D108 AMERICOLD REALTY TRUST US COLD 70.85 $1,524.06
031162100 AMGEN INC US AMGN 73.52 $14,451.09
03748R101 APARTMENT INVT & MGMT CO -A US AIV 140.1 $5,975.19
037612306 APOLLO GLOBAL MANAGMENT - A US APO 148.41 $5,268.57
037833100 APPLE COMPUTER INC US AAPL 67.77 $12,895.77
03784Y200 APPLE HOSPITALITY REIT INC US APLE 191.76 $3,449.68
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 4,921.24 $4,804.36
04014Y101 ARES MANAGEMENT LP US ARES 149.92 $3,200.90
0405207 HALMA PLC GB HLMA LN 64.74 $1,194.23
04621WAC4 ASSURED GUARANTY US HLDG 5.00000 07/01/2024 US 47,911.99 $49,524.27
0490656 KERRY GROUP PLC-A IE KYGA LN 24.21 $2,575.95
053015103 AUTOMATIC DATA PROCESSING US ADP 62.09 $8,381.54
053484101 AVALONBAY COMMUNITIES INC US AVB 86.15 $15,236.26
055622104 BP PLC-SPONS ADR GB BP 338.85 $15,278.53
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 63,081.92 $59,822.92
058498106 BALL CORP US BLL 2,456.17 $95,716.75
060505104 BANK OF AMERICA CORP US BAC 687.53 $21,231.05
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 179,532.42 $177,267.19
06652K103 BANKUNITED INC US BKU 87.08 $3,383.83
088606108 BHP LIMITED-SPONS ADR AU BHP 222.99 $11,653.68
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 846.69 $85,143.28
09062X103 BIOGEN IDEC INC US BIIB 106.31 $35,545.83
0922320 SMITH & NEPHEW PLC GB SN/ LN 66 $1,142.71
09247X101 BLACKROCK INC US BLK 202.26 $101,690.60
09253U108 BLACKSTONE GROUP LP/THE US BX 144.25 $5,037.07
0946580 WEIR GROUP PLC/THE GB WEIR LN 113.94 $2,919.79
09627J102 BLUEROCK RESIDENTIAL GROWTH US 174.44 $1,599.59
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 165,399.51 $176,523.23
097023105 BOEING CO US BA 57.17 $20,369.07
09857L108 BOOKING HOLDINGS INC US BKNG 85.86 $174,195.47
0989529 ASTRAZENECA PLC GB AZN LN 98.06 $7,548.01
101121101 BOSTON PROPERTIES INC US BXP 87.68 $11,006.93
105368203 BRANDYWINE REALTY TRUST US BDN 476.6 $7,859.21
110122108 BRISTOL MYERS SQUIBB CO US BMY 1,228 $72,144.73
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 33.2 $1,818.52
11135F101 BROADCOM INC US AVGO 35.36 $7,842.02
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 3,848.64 $3,814.96
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 4,763.54 $4,680.18
125269100 CF INDUSTRIES HOLDINGS INC US CF 1,947.36 $86,501.94
125896100 CMS ENERGY CORP US CMS 125.32 $6,057.77
12591QAR3 COMM 2014-UBS4 A5 3.69400 08/10/2047 US 56,773.72 $56,980.57
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 118,868.07 $119,165.24
12593GAF9 COMM 2015-PC1 A5 3.90200 07/10/2050 US 29,963.91 $30,251.44
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 66,236.01 $65,038.37
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 12,555.33 $12,084.50
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 55,566.67 $51,602.93
126650100 CVS HEALTH CORP US CVS 121.76 $7,897.17
13321L108 CAMECO CORP CA CCJ 81.94 $884.99
14041NFF3 CAPITAL ONE MULTI-ASSET 1.33000 06/15/2022 US 26,501.87 $26,102.94
14314WAD3 CARMX 2017-3 A3 1.97000 04/15/2022 US 30,136.41 $29,679.44
149123101 CATERPILLAR INC US CAT 57.77 $8,307.91
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 1,244.44 $15,456.00
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 8,058.77 $8,018.47
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 11,372.54 $10,718.62
15672WAJ3 CEQUEL COM HLDG I/CAP CP 7.50000 04/01/2028 US 1,655.9 $1,706.90
16411QAB7 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 8,833.07 $8,788.90
165240102 CHESAPEAKE LODGING TRUST US CHSP 99.67 $3,191.48
166764100 CHEVRON CORP US CVX 86.7 $10,947.48
16941R108 CHINA PETROLEUM & CHEM-ADR CN SNP 141.67 $13,583.45
17275R102 CISCO SYSTEMS INC US CSCO 452.27 $19,126.64
172967424 CITIGROUP INC US C 246.09 $17,691.32
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 122,401.3 $177,048.61
194162103 COLGATE-PALMOLIVE CO US CL 128.42 $8,605.46
19625JAA1 CAH 2015-1A A 3.27750 07/17/2032 US 81,952.48 $81,960.52
19626G108 COLONY CAPITAL INC US CLNY 994.65 $6,127.05
199908104 COMFORT SYSTEMS US FIX 143.87 $7,991.83
20030N101 COMCAST CORP-CL A US CMCSA 366.48 $13,112.76
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 302.78 $9,083.34
2099084 BORALEX INC -A CA BLX CN 177.94 $2,719.35
2112226 SAPUTO INC CA SAP CN 17.19 $573.10
2162760 CAE INC CA CAE CN 27.2 $566.73
2171573 CANADIAN NATURAL RESOURCES CA CNQ CN 48.65 $1,787.73
2180632 CANADIAN NATL RAILWAY CO CA CNR CN 6.62 $591.25
21871N101 CORECIVIC INC US CXW 633.51 $16,243.15
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 104,892.87 $116,275.62
222795106 COUSINS PROPERTIES INC US CUZ 830.38 $7,739.17
22282E102 COVANTA HOLDING CORP US CVA 457.35 $8,232.24
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 5,915 $5,841.06
22822V101 CROWN CASTLE INTL CORP US CCI 131.64 $14,589.23
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 39,033.08 $36,073.05
229663109 CUBESMART US CUBE 147.65 $4,482.76
23311RAC0 DCP MIDSTREAM OPERATING 9.75000 03/15/2019 US 3,911.82 $4,072.21
23331A109 DR HORTON INC US DHI 22.29 $973.97
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 30.75 $479.66
23918K108 DAVITA INC. US DVA 1,173.25 $82,455.81
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 8,848.73 $8,339.93
2392471 GRUPO BIMBO SAB- SERIES A MX BIMBOA MM 341.83 $732.15
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 522.87 $1,829.71
247361702 DELTA AIR LINES INC. US DAL 96.92 $5,274.45
2491914 KIMBERLY CLARK DE MEXICO S.A.B. MX 638.7 $1,176.13
25271C102 DIAMOND OFFSHORE DRILLING US DO 1,736.08 $33,332.66
253393102 DICK'S SPORTING GOODS INC US DKS 149.92 $5,118.43
253868103 DIGITAL REALTY TRUST INC US DLR 139.39 $16,924.95
254683BK0 DCENT 2014-A4 2.12000 12/15/2021 US 2,838.69 $2,823.22
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 122,401.3 $120,521.16
2554475 MAGNA INTERNATIONAL INC CA MG CN 10.25 $624.42
256677105 DOLLAR GENERAL CORP US DG 116.61 $11,445.10
2583952 METRO INC CA MRU CN 16.8 $566.29
26078J100 DOWDUPONT INC US DWDP 192.78 $13,257.63
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 9,747.97 $9,772.34
2639349 GRUPO AEROPORT DEL SURESTE-B MX 81.38 $1,453.50
2643674 GRUPO MEXICO SAB DE CV-SER MX GMEXICOB MM 369.03 $1,161.67
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 12,460.81 $12,491.96
269246401 ETRADE FINANCIAL CORP US ETFC 788.55 $47,163.38
2715777 QUEBECOR INC -CL B CA QBR/B CN 1,455.15 $30,325.73
277276101 EASTGROUP PROPERTIES US EGP 18.14 $1,729.03
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 1,334.46 $27,913.10
285512109 ELECTRONIC ARTS US EA 554 $71,327.97
2866857 LUNDIN MINING CORP CA LUN CN 4,469.69 $24,739.03
291011104 EMERSON ELEC CO US EMR 101.69 $7,350.26
294429105 EQUIFAX INC US EFX 540.58 $67,842.50
29444U700 EQUINIX INC US EQIX 217.35 $95,477.14
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 43.96 $3,999.93
29476L107 EQUITY RESIDENTIAL US EQR 138.27 $9,046.90
297178105 ESSEX PROPERTY TRUST INC US ESS 19.29 $4,638.45
30161N101 EXELON CORP US EXC 87.83 $3,732.98
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 191,092.39 $187,187.80
30225T102 EXTRA SPACE STORAGE INC US EXR 49.17 $4,620.08
30231G102 EXXON MOBIL CORP US XOM 335.44 $27,341.54
302491303 FMC CORP US FMC 122.29 $10,991.17
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 7,830.05 $7,796.00
30261UAJ3 FREMF 2013-K713 B 3.15400 04/25/2046 US 18,924.57 $18,882.65
30262DAL5 FREMF 2011-K13 B 4.61132 01/25/2048 US 31,045.04 $31,941.26
30262SAR9 FREMF 2015-K42 B FLT 3.85180 12/25/2024 US 13,629.53 $13,438.46
30286XAN9 FREMF 2015-K43 B FLT 3.73435 02/25/2048 US 36,272.1 $35,480.68
30287EAE0 FREMF 2014-K41 B FLT 3.83196 11/25/2047 US 53,003.73 $52,393.84
30290HAE8 FREMF 2012-K708 FLT 3.75035 02/25/2045 US 25,232.77 $25,292.31
30291EAE4 FREMF 2013-K712 B FLT 3.35980 05/25/2045 US 97,722.63 $97,812.78
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 2,511,350.62 $9,047.89
3128M1AM1 FHLM POOL G11912 5.50000 03/01/2021 US 1,224.79 $1,242.54
3128M5A91 FHLM POOL G03332 6.00000 10/01/2037 US 833.32 $911.00
3128M5NM8 FHLM POOL G03696 5.50000 01/01/2038 US 1,760.12 $1,895.99
3128M6B98 FHLM POOL G04264 5.50000 04/01/2038 US 6,104.08 $6,578.21
3128M6HZ4 FHLM POOL G04448 5.50000 07/01/2038 US 14,153.63 $15,239.62
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 314.05 $338.26
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 2,250.25 $2,466.03
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 3,663.2 $4,011.58
3128M7KW5 FHLM POOL G05409 5.50000 03/01/2039 US 4,346.79 $4,682.38
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 11,052.6 $12,063.56
3128M8AW4 FHLM POOL G06021 5.50000 01/01/2040 US 1,690.16 $1,820.87
3128M9C83 FHLM POOL G06995 6.00000 05/01/2040 US 5,290.56 $5,771.37
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 3,682.26 $3,985.03
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 8,095.54 $8,352.87
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 1,039.41 $1,073.73
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 299.27 $309.01
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 233.53 $242.14
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 942.85 $976.67
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 87,211.81 $90,784.53
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 11,827.22 $12,737.20
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 4,108.85 $4,284.40
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 39,240.49 $41,118.79
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 12,421.7 $12,649.38
3132WJYG0 FHLM POOL Q45210 4.00000 01/01/2047 US 30,806.93 $31,328.04
3132WPDP9 FHLM GOLD POOL FG Q49109 4.00000 07/01/2047 US 54,426.94 $55,311.10
3132XSLZ1 FHLM GOLD POOL FG Q50343 4.00000 08/01/2047 US 62,305.74 $63,300.24
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 46,572.43 $47,315.76
31335ABB3 FHLM POOL G60034 4.50000 02/01/2045 US 47,226.18 $49,036.19
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 12,625.74 $12,864.88
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 1,200.92 $1,214.02
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 50,044.86 $49,754.53
31371MLB1 FEDERAL NATL MTG ASSN 256022 5.50000 12/01/2035 US 4,532.1 $4,889.82
31371MRU3 FEDERAL NATL MTG ASSN 256199 5.00000 04/01/2021 US 587.62 $599.94
31371NCJ2 FEDERAL NATL MTG ASSN 256673 5.50000 04/01/2037 US 8,443.69 $9,112.97
31371NDQ5 FEDERAL NATL MTG ASSN 256711 5.50000 05/01/2037 US 610.13 $658.18
3137A2B34 FHMS K009 X1 FLT 1.28587 08/25/2020 US 256,378.33 $5,438.68
3137ADTK3 FHMS K014 X1 FLT 1.14899 04/25/2021 US 946,314.03 $25,100.41
3137AJMG6 FMHS K016 X1 FLT 1.51423 10/25/2021 US 261,231.32 $10,280.37
3137AL6W4 FHMS K706 X1 FLT 1.54170 10/25/2018 US 271,662.64 $249.01
3137AUPF0 FHMS K021 x1 FLT 1.45553 06/25/2022 US 1,463,582.82 $67,720.85
3137B3NB0 FHMS K030 X1 FLT 0.20117 04/25/2023 US 3,059,253.12 $25,365.19
3137B4GZ3 FHMS K032 X1 FLT 0.10631 05/25/2023 US 1,837,588.98 $9,251.34
3137B5KW2 FHMS K035 A2 3.45800 08/25/2023 US 63,081.92 $63,802.38
3137BT7J4 FHMS KJ10 A2 2.91200 12/25/2023 US 22,867.19 $22,506.29
3137F4YU0 FHLM POOL FHR4791 4.00000 03/15/2044 US 66,227.95 $67,448.09
3137FG2L8 FHLM POOL 4801 4.50000 05/15/2044 US 66,323.53 $68,528.82
3138A7BL1 FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 22,168.31 $23,154.49
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 3,828 $4,011.46
3138AJ4A7 FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 2,410.61 $2,501.32
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 2,153.68 $2,255.41
3138EPLE2 FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 8,586.15 $8,991.38
3138EQTZ5 FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 30,421.36 $31,880.47
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65300 01/01/2049 US 91,708.76 $98,074.11
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 55,239.81 $57,960.74
3138YTGK4 FEDERAL NATL MTG ASSN AZ2001 3.50000 05/01/2045 US 82,366 $81,863.55
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 14,324.5 $15,477.19
31403DVZ9 FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 856.8 $954.35
31406PTV1 FEDERAL NATL MTG ASSN 816064 4.50000 04/01/2020 US 591.46 $596.00
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 10,447.09 $10,650.33
3140EWG66 FEDERAL NATL MTG ASSN BC2020 3.50000 07/01/2046 US 20,950.53 $20,819.42
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808513105 CHARLES SCHWAB CORP/THE US SCHW 2,359.93 $120,498.00
81211K100 SEALED AIR CORP US SEE 1,713.63 $75,519.52
812578102 SEATTLE GENETICS INC US SGEN 997.57 $70,228.99
81663AAD7 SEMGROUP CORP 6.37500 03/15/2025 US 10,930.75 $10,493.52
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 32,545.47 $31,225.68
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 44,129.28 $42,501.17
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 34,704.66 $31,005.30
81762P102 SERVICENOW INC US NOW 277.17 $48,770.37
81783QAC9 SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 CA 6,466.96 $6,208.28
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 5,615.25 $5,727.55
828806109 SIMON PROPERTY GROUP INC US SPG 119.67 $21,087.35
83088M102 SKYWORKS SOLUTIONS INC US SWKS 1,096.92 $103,746.91
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83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 3,548.36 $3,457.66
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83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 30,742.16 $30,078.05
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 1,899.59 $1,883.48
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 9,843.55 $9,631.07
83404YAA1 SCLP 2016-5 A 3.06000 09/25/2028 US 5,840.7 $5,812.97
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 2,922.04 $2,896.89
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 26,280.84 $26,139.65
83406EAB1 SOFI 2018-A A2A 2.39000 02/25/2042 US 10,346.37 $10,258.36
835495102 SONOCO PRODUCTS CO US SON 204.06 $11,390.87
84265V105 SOUTHERN COPPER CORPORATION US SCCO 39.58 $1,953.86
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85254J102 STAG INDUSTRIAL INC US STAG 270.11 $7,379.50
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866674104 SUN COMMUNITIES US SUI 84.01 $8,145.45
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 306.18 $4,981.47
867914103 SUNTRUST BANKS INC US STI 55.28 $3,983.69
87243QAB2 TENET HEALTHCARE CORP 6.00000 10/01/2020 US 3,911.82 $4,063.41
874039100 TAIWAN SEMICONDUCTOR - SP ADR TW TSM 526.02 $21,677.46
874080104 TAL EDUCATION GROUP - ADR CN TAL 16.87 $539.81
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87612E106 TARGET CORP US TGT 90.64 $7,312.54
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 24,939.81 $24,887.17
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 7,224.16 $6,375.32
88032WAG1 TENCENT HOLDINGS LTD 3.59500 01/19/2028 KY 123,631.61 $117,904.98
882508104 TEXAS INSTRUMENTS INC US TXN 700.66 $77,997.62
88579Y101 3M CO US MMM 94.42 $20,047.76
88650V208 TIER REIT INC US TIER 199.23 $4,735.74
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 105,902.65 $103,075.12
89613BAA5 TAH 2013-SFR1 A 2.58900 11/17/2033 US 92,664.17 $89,571.85
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 52,289.8 $50,195.39
896356AE2 TRINIDAD DRILLING LTD 6.62500 02/15/2025 CA 9,937 $9,614.05
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 9,700.44 $9,627.69
902653104 UDR INC US UDR 218.43 $8,405.12
902973304 U.S. BANCORP US USB 204.97 $10,865.62
903002103 UMH PROPERTIES INC US UMH 141.5 $2,184.79
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 10,125.5 $9,771.11
904767704 UNILEVER PLC - ADR GB UL 2,041.56 $116,389.53
907818108 UNION PAC CORP US UNP 93.44 $14,005.42
911312106 UNITED PARCEL SERVICE US UPS 107.98 $12,945.26
912796PY9 TREASURY BILL 0.00000 09/06/2018 US 528,647.32 $527,648.18
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 143,870.4 $190,336.04
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 231,310.8 $288,542.16
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 116,568.64 $112,117.12
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 170,241.05 $152,272.64
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 166,378.55 $163,642.40
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 83,583.54 $82,084.91
912828D23 US TREASURY N/B 1.62500 04/30/2019 US 958,300.83 $953,097.55
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 382,918.38 $377,047.59
912828K58 UNITED STATES TREAS NTS 1.37500 04/30/2020 US 614,166.11 $600,875.17
912828R28 US TREASURY N/B 1.62500 04/30/2023 US 333,458.27 $315,482.78
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 205,144.95 $186,401.44
912828RT9 US TREASURY N/B 1.37500 11/30/2018 US 145,109.72 $144,758.29
912828S76 US TREASURY N/B 1.12500 07/31/2021 US 276,376.6 $263,324.28
912828S92 US TREASURY N/B 1.25000 07/31/2023 US 84,734.78 $78,432.63
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 98,398.32 $95,413.65
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 160,953.51 $153,760.90
912828XQ8 US TREASURY N/B 2.00000 07/31/2022 US 243,734.03 $236,231.59
913017109 UNITED TECHNOLOGIES CORP US UTX 98.28 $13,341.08
91704F104 URBAN EDGE PROPERTIES US UE 305.99 $6,939.77
91913Y100 VALERO ENERGY US VLO 67.01 $7,930.85
92276F100 VENTAS INC US VTR 62.76 $3,538.52
92339V100 VEREIT INC US VER 436.86 $3,333.22
92343V104 VERIZON COMMUNICATIONS US VZ 121.53 $6,275.81
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 166,314.41 $181,475.52
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 241.29 $42,237.08
92826C839 VISA INC - CLASS A SHARES US V 824.93 $112,800.30
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 8,122.86 $8,258.69
929042109 VORNADO REALTY TRUST US VNO 103.54 $7,446.32
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 8,375.62 $8,543.13
931142103 WAL MART STORES US WMT 258.28 $23,046.29
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 102.75 $6,948.06
94106L109 WASTE MANAGEMENT INC US WM 116.61 $10,494.74
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 5,378.69 $5,190.44
94856TAA2 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 9,621.59 $9,140.51
949746101 WELLS FARGO COMPANY US WFC 644.9 $36,946.55
95040Q104 WELLTOWER INC. US WELL 80.37 $5,030.85
962166104 WEYERHAEUSER CO US WY 174.83 $5,975.53
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 6,388.11 $6,394.24
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 5,615.25 $5,573.14
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 27,598.34 $26,600.01
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 41,368.3 $41,376.72
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 49,745.15 $48,710.95
98919V105 ZAYO GROUP HOLDINGS INC US ZAYO 2,022.28 $75,006.23
AP0787667 MPC CONTAINER SHIPS FLT 7.08188 09/22/2022 NL 3,154.1 $3,229.92
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 11,072.79 $10,955.15
B02J639 ADMIRAL GROUP PLC GB ADM LN 22.63 $588.27
B037JC2 NEXITY FR NXI FP 17.9 $1,101.39
B0386J1 JYSKE BANK-REG DK JYSK DC 26.65 $1,509.56
B06JSP1 SYDBANK A/S DK SYDB DC 38.16 $1,416.40
B09DHL9 MTU AERO ENGINES HOLDING AG DE MTX GR 3.08 $652.13
B09M9D2 KONE OYJ-B FI KNEBV FH 20.66 $1,129.35
B0JDQD4 BANDAI NAMCO HOLDINGS INC JP 7832 JP 26.81 $1,072.62
B0R7JF1 IPSEN FR IPN FP 3.39 $563.34
B11TCY0 SCHINDLER HOLDING-PART CERT CH SCHP SW 4.89 $1,138.48
B138HB7 KAUFMAN & BROAD SA FR KOF FP 31.62 $1,616.13
B13X013 EIFFAGE FR FGR FP 21.61 $2,414.43
B15C557 TOTAL SA FR FP FP 116.99 $7,630.97
B19NLV4 EXPERIAN PLC GB EXPN LN 23.02 $565.31
B1CRLC4 MONDI PLC GB MNDI LN 21.45 $589.72
B1FW751 GALP ENERGIA SGPS SA PT GALP PL 154.24 $3,167.69
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 121.43 $738.26
B1WGG93 GEBERIT AG-REG CH GEBN SW 4.1 $1,825.77
B1WY233 SMITHS GROUP PLC GB SMIN LN 25.86 $546.58
B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 30.59 $1,864.73
B1XH026 VINCI SA FR DG FP 52.67 $5,300.07
B1Y9TB3 DANONE FR BN FP 29.25 $2,296.81
B1YVKN8 ANTA SPORTS PRODUCTS LTD CN 2020 HK 346.95 $1,771.96
B232R05 SK INNOVATION CO LTD KR 096770 KS 6.54 $1,162.39
B249GC0 MATSUMOTOKIYOSHI HOLDINGS CO JP 3088 JP 29.96 $1,299.49
B283W97 CAIXABANK S.A ES CABK SM 602.12 $2,770.25
B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 302.5 $3,132.32
B3FP8W8 CANADA HOUSING TRUST 4.10000 12/15/2018 CA 13,060.3 $10,129.07
B3MPN59 SUN ART RETAIL GROUP LTD HK 6808 HK 449.46 $574.56
B3MSM28 AMADEUS IT HOLDING SA-A SHS ES AMS SM 7.25 $618.84
B3NB1P2 SUNCOR ENERGY INC CA SU CN 37.61 $1,583.90
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 75,233.71 $3,898.58
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 16,278.12 $12,764.22
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 146,373.49 $7,511.81
B4Q2TX3 CHINA LONGYUAN POWER GROUP-H CN 916 HK 3,138.33 $2,923.17
B4R2R50 JULIUS BAER CH BAER SW 70.26 $3,854.30
B4WTBY3 HUANENG RENEWABLES CORP-H CN 958 HK 7,096.72 $2,640.63
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 28,581.22 $21,124.20
B4YVF56 BRENNTAG AG DE BNR GR 22.8 $1,368.29
B607XS1 VERMILION ENERGY INC CA VET CN 39.66 $1,365.34
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 219,878.85 $11,828.29
B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 179.63 $2,459.77
B63QM77 NEXON CO LTD JP 3659 JP 145.09 $2,090.53
B68XHC3 NORTHLAND POWER INC CA NPI CN 177.56 $3,245.91
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 42,272.34 $2,257.51
B798FW0 NOVOZYMES A/S-B SHARES DK NZYMB DC 10.96 $577.12
B7VQL46 FNAC DARTY SA FR FNAC FP 19.16 $1,738.55
B8FMRX8 COLOPLAST-B DK COLOB DC 10.72 $1,169.65
BB22L96 KION GROUP AG DE KGX GR 23.66 $1,623.46
BBG00JK0S941 QRVO US 08/17/18 P72.5 US -3.85 -$269.62
BBG00JYPG9N3 QRVO US 08/17/18 C92.5 US -3.05 -$185.88
BBG00L8GY9L9 SCHW US 08/03/18 C52 US -5.51 -$132.19
BBG00LF7ZTY2 MSFT US 08/31/18 P98.5 US -3.7 -$181.16
BD4TZK8 OCI NV NL OCI NA 49.91 $1,509.01
BD6K457 COMPASS GROUP PLC GB CPG LN 27.05 $581.75
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 18,298.02 $18,572.49
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 1,450.88 $1,297.96
BDZV116 EPIROC AB-A SE EPIA SS 185.86 $2,225.29
BF2DSG3 SIKA AG-REG CH SIKA SW 4.26 $604.59
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 11,987.7 $10,938.77
BFYFZP5 FERGUSON PLC CH FERG LN 7.11 $560.91
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 29.05 $6,449.83
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 2,020.42 $3,439.90
BGLP232 MONCLER SPA IT MONC IM 25.15 $1,108.62
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 1,718.98 $1,585.71
BHC8X90 NOVO NORDISK A/S-B DK NOVOB DC 11.43 $568.79
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 1,074.94 $48,925.31
BNBNSG0 EURONEXT NV NL ENX FP 27.44 $1,703.06
BNGN9Z1 FINECOBANK SPA IT FBK IM 192.32 $2,255.23
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 2,117.79 $69,401.11
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 39.43 $1,080.34
BSBMKM2 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 1,387.8 $1,191.52
BVSS790 ELIS SA FR ELIS FP 106.21 $2,438.07
BYQ32R1 NEMAK SAB DE CV MX 1,871.96 $1,543.75
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 883.15 $661.08
BYXS699 QIAGEN N.V. NL QIA GR 33.12 $1,200.74
BYY8LS2 MAISONS DU MONDE SA FR MDM FP 34.54 $1,055.81
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 1,444.82 $147,030.27
BYZ43T4 EUROBANK ERGASIAS SA GR EUROB GA 1,270 $1,316.13
BYZFYS3 SPIE SA FR SPIE FP 116.39 $2,203.89
BYZWX76 CRODA INTERNATIONAL PLC GB CRDA LN 37.11 $2,503.52
BZ3C3Q4 BANKIA SA ES BKIA SM 438.2 $1,722.60
BZ4CMZ5 DAVIDE CAMPARI-MILANO SPA IT CPR IM 130.11 $1,095.96
BZCNN35 BANCO COMERCIAL PORTUGUES-R PT BCP PL 3,705.51 $1,160.46
G02602103 AMDOCS LTD GG DOX 45.42 $3,069.41
G06242104 ATLASSIAN CORP PLC-CLASS A AU TEAM 6.51 $471.62
G27358103 DESPEGAR.COM CORP AR DESP 21.92 $460.78
G3157S106 ENSCO INTERNATIONAL INC US ESV 4,391.31 $32,627.42
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 10,000.19 $10,375.20
G5960L103 MEDTRONIC INC IE MDT 1,656.66 $149,480.55
G96629103 WILLIS TOWERS WATSON PLC GB WLTW 22.34 $3,561.01
G97822103 PERRIGO CO PLC IE PRGO 35.8 $2,882.53
H1467J104 CHUBB LTD CH CB 35.21 $4,919.49
H8817H100 TRANSOCEAN LTD US RIG 4,015.32 $51,677.23
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 10.25 $1,154.96
N22717107 CORE LABORATORIES N.V. NL CLB 10.01 $1,122.80
N47279109 INTERXION HOLDING NV NL INXN 155.48 $10,087.22
N53745100 LYONDELLBASELL INDU-CL A US LYB 64.44 $7,139.02
N72482123 QIAGEN N.V. ADR NL QGEN 23.18 $837.36
USD US DOLLAR US 182,423.22 $182,423.22

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

$11.00

Daily $ Change

$0.01

Daily % Change

0.09%

as of 08/17/2018

CUSIP

56382R878

Inception Date

05/14/2015

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 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 07/31/2018

YTD

1.20%

1 Year

3.58%

3 Year

3.72%

5 Year

4.45%

10 Year

5.54%

Inception
(01/01/2000)

6.59%

US Stock Market Cycle (04/01/2000 - 07/31/2018)

6.52%

Performance through the inception date of the Retirement Target CIT Class U1 units is based on the 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 U1 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 0.56%
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 07/31/2018

TREASURY NOTES 15.65%
GOVERNMENT AGENCY 8.20%
TREASURY BONDS 4.13%
TREASURY BILLS 2.74%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 1.96%
SWEDISH EXPORT CREDIT 1.12500 08/28/2019 1.06%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 0.97%
VERIZON COMMUNICATIONS 5.50000 03/16/2047 0.94%
SABINE PASS LIQUEFACTION 5.87500 06/30/2026 0.93%
PRICELINE GROUP INC/THE 3.60000 06/01/2026 0.92%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 07/31/2018

Bonds
67.89%
Stocks
31.17%
Cash
0.94%

Detailed Asset Class Allocation

As of 07/31/2018

International Equities
8.58%
Small Capitalization
0.82%
Mid Capitalization
2.32%
Large Capitalization
19.44%
Long Term Fixed Income
19.65%
Intermediate Term Fixed Income
27.20%
Short Term Fixed Income
21.05%
Cash
0.94%

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

July Fund Holdings

As of 07/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
000375204 ABB LTD-SPON ADR CH ABB 322.26 $7,418.49
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 114,262.24 $113,071.43
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 207,575.74 $204,096.95
00287Y109 ABBVIE INC US ABBV 172.04 $15,866.78
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 17,728.26 $18,304.42
004239109 ACADIA REALTY TRUST US AKR 90.63 $2,454.36
0045614 ANTOFAGASTA PLC GB ANTO LN 223.47 $2,934.81
0053673 ASHTEAD GROUP PLC GB AHT LN 37.77 $1,159.52
008492100 AGREE REALTY CORP US ADC 40.1 $2,134.70
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 3,075.78 $3,175.74
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 15.6 $1,988.04
01609W102 ALIBABA GROUP - ADR CN BABA 429.65 $80,443.54
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