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 balanced mix of securities that seeks a more stable rate of long-term growth than that of the broad stock market. The portfolio is diversified among fixed income securities, primarily with intermediate to long-term maturities, and various stocks. Stock exposure can range from 23% - 63%.

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

May be Appropriate for Investors

  • Who plan to stop contributions and start periodic withdrawals around the year 2020
  • Who currently have a moderate tolerance for risk and can accept fluctuations in current account value
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio that becomes more conservative over time

About Target Date Funds

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

Target Series Glide Path Overview

Learn more about our Glide Range SM

Daily Price

$16.08

Daily $ Change

-$0.11

Daily % Change

-0.68%

as of 10/18/2018

CUSIP

302027669

Inception Date

05/31/2007

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 09/30/2018

YTD

2.10%

1 Year

3.57%

3 Year

6.35%

5 Year

4.47%

10 Year

6.12%

Inception
(01/01/2000)

6.59%

US Stock Market Cycle (04/01/2000 - 09/30/2018)

6.61%

Performance through 06/04/2012 reflects the performance of the Retirement Target Institutional CIT Fund, which was merged into the Retirement Target CIT Fund on 06/04/2012 to establish the Class I units. Performance through the Institutional CIT Fund inception date (05/31/2007) 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 I 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 0.69%
Net 0.69%*

*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 09/30/2018

TREASURY NOTES 12.13%
GOVERNMENT AGENCY 7.15%
TREASURY BONDS 4.70%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 4.39%
INCYTE CORP 1.67%
BOOKING HOLDINGS INC 1.32%
MASTERCARD INC-CLASS A 1.21%
MICROSOFT CORP 1.18%
MEDTRONIC INC 1.17%
QORVO INC 1.15%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 09/30/2018

Bonds 59.95%
Stocks 38.96%
Cash 1.09%

Detailed Asset Class Allocation

As of 09/30/2018

International Equities 13.61%
Small Capitalization 0.57%
Mid Capitalization 3.65%
Large Capitalization 21.13%
Long Term Fixed Income 19.09%
Intermediate Term Fixed Income 26.54%
Short Term Fixed Income 14.32%
Cash 1.09%

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

September Fund Holdings

As of 09/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 32,968.91 $33,463.44
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 909,352.35 $897,605.71
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 1,765,095.79 $1,738,937.07
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 225,860.85 $230,378.07
004239109 ACADIA REALTY TRUST US AKR 759.6 $21,291.72
0045614 ANTOFAGASTA PLC GB ANTO LN 5,713.6 $63,491.94
0053673 ASHTEAD GROUP PLC GB AHT LN 908.69 $28,831.29
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 884,285.09 $874,969.91
0081180 BARRATT DEVELOPMENTS PLC GB BDEV LN 1,658.08 $12,244.89
008492100 AGREE REALTY CORP US ADC 337.04 $17,903.42
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 27,366.24 $28,225.58
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 134.34 $16,898.17
01609W102 ALIBABA GROUP - ADR CN BABA 6,091.21 $1,003,586.97
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 1,496,525.63 $1,394,903.35
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 63,315.28 $63,948.43
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 47,639.73 $47,639.73
02079K107 ALPHABET INC-CL C US GOOG 606.96 $724,390.90
02079K305 ALPHABET INC-CL A US GOOGL 599.38 $723,504.29
02155FAC9 ALTICE US FINANCE I CORP 5.50000 05/15/2026 US 45,826.1 $45,768.82
023135106 AMAZON.COM INC US AMZN 307.79 $616,502.17
02319V103 AMBEV SA-ADR BR ABEV 308,507.15 $1,409,877.67
0237400 DIAGEO PLC GB DGE LN 43,637.66 $1,546,007.23
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 780.3 $32,116.97
0263494 BAE SYSTEMS PLC GB BA/ LN 5,204.32 $42,675.52
02665T306 AMERICAN HOMES 4 RENT- A US AMH 3,054.47 $66,862.35
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 968,103.71 $926,171.46
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 53,242.41 $53,242.41
03027X100 AMERICAN TOWER REIT INC US AMT 4,728.1 $686,993.42
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 30,581.09 $30,775.22
03064D108 AMERICOLD REALTY TRUST US COLD 618.79 $15,482.10
03748R101 APARTMENT INVT & MGMT CO -A US AIV 1,221.2 $53,891.34
03784Y200 APPLE HOSPITALITY REIT INC US APLE 1,510.17 $26,412.82
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 44,174.25 $43,235.55
0405207 HALMA PLC GB HLMA LN 1,563.09 $29,428.17
0490656 KERRY GROUP PLC-A IE KYGA LN 472.63 $52,157.88
053484101 AVALONBAY COMMUNITIES INC US AVB 757.69 $137,255.38
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 1,321,478.86 $1,269,345.19
058498106 BALL CORP US BLL 34,503.03 $1,517,788.07
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 1,425,274.67 $1,406,549.73
0822011 DS SMITH PLC GB SMDS LN 5,736.17 $35,730.19
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 11,802.19 $1,144,458.01
09062X103 BIOGEN IDEC INC US BIIB 1,378.1 $486,898.14
0922320 SMITH & NEPHEW PLC GB SN/ LN 1,329.92 $24,264.06
09247X101 BLACKROCK INC US BLK 2,807.61 $1,323,311.91
0946580 WEIR GROUP PLC/THE GB WEIR LN 2,755.25 $63,210.76
09627J102 BLUEROCK RESIDENTIAL GROWTH US 1,465.32 $14,360.14
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 1,310,820.15 $1,387,218.03
09857L108 BOOKING HOLDINGS INC US BKNG 1,192.99 $2,366,901.95
101121101 BOSTON PROPERTIES INC US BXP 765.79 $94,260.67
105368203 BRANDYWINE REALTY TRUST US BDN 4,160.63 $65,405.12
110122108 BRISTOL MYERS SQUIBB CO US BMY 12,286.05 $762,717.93
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 827.6 $38,590.76
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 36,757.95 $36,390.37
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 53,242.41 $52,643.43
125269100 CF INDUSTRIES HOLDINGS INC US CF 21,196.9 $1,153,959.12
12591QAR3 COMM 2014-UBS4 A5 3.69400 08/10/2047 US 1,189,330.97 $1,192,037.29
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 943,036.45 $944,262.39
12593GAF9 COMM 2015-PC1 A5 3.90200 07/10/2050 US 627,702.46 $634,564.25
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 1,387,552.8 $1,361,201.78
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 122,679.73 $119,919.44
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 352,036.99 $325,649.63
13321L108 CAMECO CORP CA CCJ 1,975.26 $22,517.94
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 1,957.41 $22,373.20
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 36,511.28 $36,420.00
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 451,780.87 $450,605.84
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 97,093.1 $90,325.71
15672WAJ3 CEQUEL COM HLDG I/CAP CP 7.50000 04/01/2028 US 39,218.71 $41,130.62
16411QAB7 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 55,056.04 $55,123.76
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 720,996.82 $712,382.71
165240102 CHESAPEAKE LODGING TRUST US CHSP 767.28 $24,606.56
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 972,054.53 $1,403,127.15
19625JAA1 CAH 2015-1A A 3.33100 07/17/2032 US 340,723.15 $341,144.97
19626G108 COLONY CAPITAL INC US CLNY 3,783.98 $23,044.46
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 1,023.8 $31,717.29
2162760 CAE INC CA CAE CN 656.93 $13,335.35
2171573 CANADIAN NATURAL RESOURCES CA CNQ CN 1,173.05 $38,325.01
2180632 CANADIAN NATL RAILWAY CO CA CNR CN 159.3 $14,294.16
21871N101 CORECIVIC INC US CXW 1,880.95 $45,763.47
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 625,225.49 $691,742.98
222795106 COUSINS PROPERTIES INC US CUZ 7,245.63 $64,413.68
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 49,453.36 $48,315.94
22822V101 CROWN CASTLE INTL CORP US CCI 422.7 $47,058.66
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 234,079.02 $214,764.23
229663109 CUBESMART US CUBE 827.09 $23,596.95
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 32,968.91 $33,710.71
23331A109 DR HORTON INC US DHI 195.61 $8,250.75
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 2,716.81 $30,940.50
23918K108 DAVITA INC. US DVA 15,947.53 $1,142,321.35
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 71,055.15 $67,768.84
2392471 GRUPO BIMBO SAB- SERIES A MX BIMBOA MM 6,174.35 $13,137.90
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 10,956.85 $37,512.33
2491914 KIMBERLY CLARK DE MEXICO S.A.B. MX 15,366.65 $27,261.56
25271C102 DIAMOND OFFSHORE DRILLING US DO 23,273.72 $465,474.32
253868103 DIGITAL REALTY TRUST INC US DLR 936.91 $105,384.19
254683BK0 DCENT 2014-A4 2.12000 12/15/2021 US 59,466.55 $59,197.51
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 971,407.4 $949,780.51
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 76,981.38 $77,943.65
2639349 GRUPO AEROPORT DEL SURESTE-B MX 1,196.98 $24,458.96
2643674 GRUPO MEXICO SAB DE CV-SER MX GMEXICOB MM 3,537.69 $10,181.68
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 112,768.64 $113,332.49
269246401 ETRADE FINANCIAL CORP US ETFC 11,077.19 $580,333.72
2715777 QUEBECOR INC -CL B CA QBR/B CN 20,527.19 $411,608.63
277276101 EASTGROUP PROPERTIES US EGP 159.53 $15,254.39
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 18,881.45 $367,937.29
285512109 ELECTRONIC ARTS US EA 7,745.42 $933,246.21
2866857 LUNDIN MINING CORP CA LUN CN 64,132.01 $339,614.40
294429105 EQUIFAX INC US EFX 4,965.41 $648,333.37
29444U700 EQUINIX INC US EQIX 2,445.03 $1,058,429.36
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 344.58 $33,234.87
29476L107 EQUITY RESIDENTIAL US EQR 1,395.3 $92,452.27
297178105 ESSEX PROPERTY TRUST INC US ESS 168.92 $41,675.02
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 1,643,974.18 $1,613,659.30
30225T102 EXTRA SPACE STORAGE INC US EXR 363.36 $31,481.93
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 57,420.01 $57,140.34
30261UAJ3 FREMF 2013-K713 B 3.26256 04/25/2046 US 396,443.66 $395,225.47
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 62,472.34 $63,721.79
30286XAN9 FREMF 2015-K43 B FLT 3.86212 02/25/2048 US 827,798.67 $805,015.42
30290HAE8 FREMF 2012-K708 FLT 3.88522 02/25/2045 US 541,534.08 $541,970.88
30291EAE4 FREMF 2013-K712 B FLT 3.47300 05/25/2045 US 266,680.63 $266,630.06
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 39,646,474.04 $137,965.77
30291XAE2 FREMF 2014-K715 B FLT 4.11905 02/25/2046 US 56,623.61 $57,284.56
30292HAU0 FREMF 2014- K503 B 3.08905 10/25/2047 US 40,445.43 $40,345.03
3128M5A91 FHLM POOL G03332 6.00000 10/01/2037 US 16,681.43 $18,465.19
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 9,191.16 $9,928.26
3128M5NM8 FHLM POOL G03696 5.50000 01/01/2038 US 35,638.06 $38,429.19
3128M6B98 FHLM POOL G04264 5.50000 04/01/2038 US 123,546.21 $133,205.12
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 5,716.99 $6,159.29
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 45,955.99 $50,773.07
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 53,756.16 $59,502.11
3128M7KW5 FHLM POOL G05409 5.50000 03/01/2039 US 87,518.33 $94,364.83
3128M8AW4 FHLM POOL G06021 5.50000 01/01/2040 US 34,156.37 $36,828.05
3128M9C83 FHLM POOL G06995 6.00000 05/01/2040 US 107,371.25 $118,850.31
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 4,659.02 $4,794.80
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 9,184.58 $9,461.80
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 6,264.5 $6,448.81
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 4,883.22 $5,041.09
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 8,638.42 $8,912.57
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 776,620.43 $805,123.23
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 93,491.69 $100,786.63
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 26,172.23 $27,344.75
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 28,018.87 $29,074.41
3132LMMM5 FHLM POOL K91364 4.50000 11/01/2033 US 16,514.03 $17,092.02
3132LNE83 FHLM POOL K92059 4.50000 09/01/2034 US 23,999.59 $25,179.24
3132WPDP9 FHLM GOLD POOL FG Q49109 4.00000 07/01/2047 US 388,819.16 $392,991.17
3132XSLZ1 FHLM GOLD POOL FG Q50343 4.00000 08/01/2047 US 443,924.99 $448,688.40
31335ABB3 FHLM POOL G60034 4.50000 02/01/2045 US 953,735.09 $985,869.60
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 249,231.6 $252,220.54
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 8,909.94 $8,988.79
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 380,466.87 $376,570.21
31371NCJ2 FEDERAL NATL MTG ASSN 256673 5.50000 04/01/2037 US 170,353.79 $183,705.34
3137A2B34 FHMS K009 X1 FLT 1.44868 08/25/2020 US 4,054,524.97 $77,999.33
3137ADTK3 FHMS K014 X1 FLT 1.32335 04/25/2021 US 2,310,005.78 $57,326.95
3137AJMG6 FMHS K016 X1 FLT 1.66787 10/25/2021 US 1,517,505.96 $56,474.89
3137AL6W4 FHMS K706 X1 FLT 1.69370 10/25/2018 US 754,132.83 $90.80
3137AME78 FHMS K017 X1 FLT 1.48234 12/25/2021 US 936,606.02 $32,333.04
3137AUPF0 FHMS K021 x1 FLT 1.58570 06/25/2022 US 5,524,321.12 $245,261.63
3137B3NB0 FHMS K030 X1 FLT 0.31093 04/25/2023 US 16,837,513.05 $134,004.72
3137B4GZ3 FHMS K032 X1 FLT 0.21916 05/25/2023 US 10,836,317.84 $52,375.17
3137F4YU0 FHLM POOL FHR4791 4.00000 03/15/2044 US 490,981.83 $498,344.01
3137FG2L8 FHLM POOL 4801 4.50000 05/15/2044 US 498,626.38 $513,878.81
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 87,033.83 $90,571.06
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 47,931.38 $49,869.53
3138EGGZ1 FEDERAL NATL MTG ASSN AL0215 4.50000 04/01/2041 US 50,581.72 $52,637.37
3138EQTZ5 FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 619,745.6 $644,910.22
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65400 01/01/2049 US 866,507.21 $923,397.90
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 205,569.6 $222,104.38
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 10,689.63 $11,545.98
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 215,362.29 $218,180.80
3140EWG66 FEDERAL NATL MTG ASSN BC2020 3.50000 07/01/2046 US 502,410.4 $496,397.06
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 251,647.1 $248,635.01
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 522,347.19 $527,994.91
3140FA5G3 FEDERAL NATL MTG ASSN FN BD3546 4.00000 09/01/2047 US 280,881.73 $283,948.86
3140FEXR0 FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 541,593.59 $547,310.11
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 568,629.66 $574,616.87
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 200,857.34 $207,329.99
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 330,249.48 $347,158.73
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 256,292.98 $269,402.67
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 43,485.25 $45,707.33
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 6,773.51 $6,957.02
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 8,297.94 $8,522.17
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 57,414.91 $58,508.22
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 69,343.24 $70,626.45
31410HAQ4 MACYS RETAIL HLDGS INC 6.90000 04/01/2029 US 424,815.15 $449,572.73
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 19,207.38 $20,745.45
31410KJV7 FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 107,598.09 $118,420.49
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 103,142.83 $110,937.07
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 39,522.51 $42,460.31
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 2,871.62 $2,914.15
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 39,299.95 $40,054.67
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 254,622.71 $263,994.22
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 219,730.08 $227,825.29
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 330,106.41 $316,230.94
31418MDZ2 FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 58,032.92 $63,872.74
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 24,565.92 $27,041.20
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 63,951.75 $68,730.28
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 108,062.04 $116,553.55
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 6,350.69 $6,586.27
31419BBV6 FEDERAL NATL MTG ASSN AE0951 4.50000 02/01/2041 US 182,857.99 $190,363.48
31428X106 FEDEX CORPORATION US FDX 4,599.66 $1,107,551.94
3174300 BURBERRY GROUP PLC GB BRBY LN 982.66 $25,803.99
32054K103 FIRST INDUSTRIAL REALTY TR US FR 821.49 $25,794.78
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962166104 WEYERHAEUSER CO US WY 701.88 $22,649.79
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 59,688.02 $59,986.46
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 53,404.19 $53,003.66
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 683,423.44 $650,560.32
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 253,133.18 $252,927.08
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 300,210.59 $293,020.97
98919V105 ZAYO GROUP HOLDINGS INC US ZAYO 27,747.1 $963,379.43
AP0787667 MPC CONTAINER SHIPS FLT 7.11638 09/22/2022 NL 72,545.21 $74,107.11
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 99,230.29 $97,989.91
B0190C7 TECHTRONIC INDUSTRIES CO LTD HK 669 HK 1,894.52 $12,084.56
B02J639 ADMIRAL GROUP PLC GB ADM LN 546.4 $14,811.39
B037JC2 NEXITY FR NXI FP 430.62 $23,800.20
B0386J1 JYSKE BANK-REG DK JYSK DC 639.7 $30,975.41
B05LZ02 HAKUHODO DY HOLDINGS INC JP 2433 JP 685.26 $12,035.53
B06JSP1 SYDBANK A/S DK SYDB DC 754.99 $22,196.42
B09DHL9 MTU AERO ENGINES HOLDING AG DE MTX GR 60.62 $13,657.45
B09M9D2 KONE OYJ-B FI KNEBV FH 497.17 $26,538.48
B0JDQD4 BANDAI NAMCO HOLDINGS INC JP 7832 JP 645.76 $25,088.14
B11TCY0 SCHINDLER HOLDING-PART CERT CH SCHP SW 100.49 $25,078.07
B138HB7 KAUFMAN & BROAD SA FR KOF FP 760.59 $35,693.22
B13X013 EIFFAGE FR FGR FP 428.81 $47,902.11
B15C557 TOTAL SA FR FP FP 945.09 $61,450.38
B19NLV4 EXPERIAN PLC GB EXPN LN 555.95 $14,265.80
B1CRLC4 MONDI PLC GB MNDI LN 517.9 $14,180.00
B1FW751 GALP ENERGIA SGPS SA PT GALP PL 3,755.13 $74,456.02
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 2,912.71 $20,817.29
B1WGG93 GEBERIT AG-REG CH GEBN SW 77.92 $36,165.01
B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 737.5 $43,178.28
B1XH026 VINCI SA FR DG FP 1,273.31 $121,141.97
B1Y9TB3 DANONE FR BN FP 704.34 $54,737.85
B1YVKN8 ANTA SPORTS PRODUCTS LTD CN 2020 HK 5,337.02 $25,478.03
B232R05 SK INNOVATION CO LTD KR 096770 KS 157.81 $30,590.18
B249GC0 MATSUMOTOKIYOSHI HOLDINGS CO JP 3088 JP 721.54 $29,588.94
B283W97 CAIXABANK S.A ES CABK SM 14,569.62 $66,261.44
B296BQ5 STORAGEVAULT CANADA INC CA SVI CN 4,401.93 $9,031.17
B3FF8W8 HOSHIZAKI CORP JP 6465 JP 115.29 $11,932.95
B3FP8W8 CANADA HOUSING TRUST 4.10000 12/15/2018 CA 112,700.58 $87,664.15
B3MSM28 AMADEUS IT HOLDING SA-A SHS ES AMS SM 146.12 $13,543.77
B3NB1P2 SUNCOR ENERGY INC CA SU CN 906.84 $35,089.95
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 981,999.12 $50,872.53
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 136,081.96 $107,048.19
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 1,421,783.53 $72,910.28
B4Q2TX3 CHINA LONGYUAN POWER GROUP-H CN 916 HK 58,811.05 $49,524.28
B4R2R50 JULIUS BAER CH BAER SW 1,692.47 $84,582.96
B4WTBY3 HUANENG RENEWABLES CORP-H CN 958 HK 146,483.53 $43,679.39
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 247,973.63 $182,211.33
B4YVF56 BRENNTAG AG DE BNR GR 349.63 $21,562.44
B607XS1 VERMILION ENERGY INC CA VET CN 1,269.78 $41,839.40
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 1,906,269.95 $102,196.40
B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 4,330.93 $54,664.73
B63QM77 NEXON CO LTD JP 3659 JP 3,511.8 $45,904.58
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 378,904.24 $19,810.78
B798FW0 NOVOZYMES A/S-B SHARES DK NZYMB DC 263.74 $14,465.90
B7VQL46 FNAC DARTY SA FR FNAC FP 460.77 $36,334.39
B8FMRX8 COLOPLAST-B DK COLOB DC 258.14 $26,370.43
BB22L96 KION GROUP AG DE KGX GR 584.48 $35,887.84
BBG00LNRP8L0 AMZN US 09/28/18 P1825 US -2.31 -$2.31
BBG00LRS8WH5 QRVO US 10/19/18 P70 US -65.53 -$2,227.93
BBG00LXHFRM9 SCHW US 10/26/18 C51.5 US -68.69 -$5,220.81
BD3JR69 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 35,714.07 $18,750.65
BD6G507 FERRARI NV IT RACE IM 102.47 $14,074.33
BD6K457 COMPASS GROUP PLC GB CPG LN 652.81 $14,514.30
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 72,545.21 $74,177.48
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 35,053.33 $18,438.95
BDZV116 EPIROC AB-A SE EPIA SS 3,910.02 $43,687.12
BF2DSG3 SIKA AG-REG CH SIKA SW 83.36 $12,130.35
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 102,372.21 $96,229.87
BFYFZP5 FERGUSON PLC CH FERG LN 171.68 $14,562.18
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 348.5 $70,203.74
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 16,967.45 $27,974.05
BGLP232 MONCLER SPA IT MONC IM 605.24 $26,041.99
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 51,958.41 $40,572.92
BHC8X90 NOVO NORDISK A/S-B DK NOVOB DC 274.95 $12,940.46
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 33,894.34 $1,383,934.09
BNBNSG0 EURONEXT NV NL ENX FP 660.26 $43,382.82
BNGN9Z1 FINECOBANK SPA IT FBK IM 4,639.75 $61,870.52
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 29,892.53 $903,099.29
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 724.77 $24,208.43
BVSS790 ELIS SA FR ELIS FP 2,105.83 $49,580.61
BYQ32R1 NEMAK SAB DE CV MX 31,349.26 $23,619.99
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 51,660.4 $24,892.15
BYXS699 QIAGEN N.V. NL QIA GR 795.57 $30,130.21
BYY8LS2 MAISONS DU MONDE SA FR MDM FP 945.09 $27,564.62
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 20,540.07 $1,797,985.75
BYZ43T4 EUROBANK ERGASIAS SA GR EUROB GA 28,547.91 $21,552.28
BYZFYS3 SPIE SA FR SPIE FP 2,806.02 $55,882.23
BYZWX76 CRODA INTERNATIONAL PLC GB CRDA LN 564.75 $38,280.90
BZ01RF1 WILLIAM DEMANT HOLDING DK WDH DC 654.82 $24,581.01
BZ3C3Q4 BANKIA SA ES BKIA SM 10,515.39 $41,049.04
BZCNN35 BANCO COMERCIAL PORTUGUES-R PT BCP PL 88,735.2 $26,271.71
G02602103 AMDOCS LTD GG DOX 1,096.42 $72,341.87
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 435.06 $22,562.14
G27358103 DESPEGAR.COM CORP AR DESP 573.47 $9,674.50
G3157S106 ENSCO INTERNATIONAL INC US ESV 61,069.63 $515,427.64
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 91,975.77 $95,654.80
G5960L103 MEDTRONIC INC IE MDT 21,236.02 $2,088,986.99
G97822103 PERRIGO CO PLC IE PRGO 861.08 $60,964.70
H8817H100 TRANSOCEAN LTD US RIG 55,704.52 $777,078.10
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 204.93 $24,114.33
N22717107 CORE LABORATORIES N.V. NL CLB 241.82 $28,009.73
N47279109 INTERXION HOLDING NV NL INXN 12,609.09 $848,591.76
N72482123 QIAGEN N.V. ADR NL QGEN 559.61 $21,198.03
USD US DOLLAR US 1,968,739.6 $1,968,739.60

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Extended Term CIT Fund and Manning & Napier Pro-Mix® Moderate 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

$16.08

Daily $ Change

-$0.11

Daily % Change

-0.68%

as of 10/18/2018

CUSIP

302027669

Inception Date

05/31/2007

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 balanced mix of securities that seeks a more stable rate of long-term growth than that of the broad stock market. The portfolio is diversified among fixed income securities, primarily with intermediate to long-term maturities, and various stocks. Stock exposure can range from 23% - 63%.

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

May be Appropriate for Investors

  • Who plan to stop contributions and start periodic withdrawals around the year 2020
  • Who currently have a moderate tolerance for risk and can accept fluctuations in current account value
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio that becomes more conservative over time

About Target Date Funds

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

Target Series Glide Path Overview

Learn more about our Glide Range SM

Performance

As of 09/30/2018

YTD

2.10%

1 Year

3.57%

3 Year

6.35%

5 Year

4.47%

10 Year

6.12%

Inception
(01/01/2000)

6.59%

US Stock Market Cycle (04/01/2000 - 09/30/2018)

6.61%

Performance through 06/04/2012 reflects the performance of the Retirement Target Institutional CIT Fund, which was merged into the Retirement Target CIT Fund on 06/04/2012 to establish the Class I units. Performance through the Institutional CIT Fund inception date (05/31/2007) 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 I 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 0.69%
Net 0.69%*

*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 09/30/2018

TREASURY NOTES 12.13%
GOVERNMENT AGENCY 7.15%
TREASURY BONDS 4.70%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 4.39%
INCYTE CORP 1.67%
BOOKING HOLDINGS INC 1.32%
MASTERCARD INC-CLASS A 1.21%
MICROSOFT CORP 1.18%
MEDTRONIC INC 1.17%
QORVO INC 1.15%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 09/30/2018

Bonds
59.95%
Stocks
38.96%
Cash
1.09%

Detailed Asset Class Allocation

As of 09/30/2018

International Equities
13.61%
Small Capitalization
0.57%
Mid Capitalization
3.65%
Large Capitalization
21.13%
Long Term Fixed Income
19.09%
Intermediate Term Fixed Income
26.54%
Short Term Fixed Income
14.32%
Cash
1.09%

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

September Fund Holdings

As of 09/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 32,968.91 $33,463.44
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 909,352.35 $897,605.71
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 1,765,095.79 $1,738,937.07
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 225,860.85 $230,378.07
004239109 ACADIA REALTY TRUST US AKR 759.6 $21,291.72
0045614 ANTOFAGASTA PLC GB ANTO LN 5,713.6 $63,491.94
0053673 ASHTEAD GROUP PLC GB AHT LN 908.69 $28,831.29
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 884,285.09 $874,969.91
0081180 BARRATT DEVELOPMENTS PLC GB BDEV LN 1,658.08 $12,244.89
008492100 AGREE REALTY CORP US ADC 337.04 $17,903.42
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 27,366.24 $28,225.58
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 134.34 $16,898.17
01609W102 ALIBABA GROUP - ADR CN BABA 6,091.21 $1,003,586.97
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 1,496,525.63 $1,394,903.35
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 63,315.28 $63,948.43
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 47,639.73 $47,639.73
02079K107 ALPHABET INC-CL C US GOOG 606.96 $724,390.90
02079K305 ALPHABET INC-CL A US GOOGL 599.38 $723,504.29
02155FAC9 ALTICE US FINANCE I CORP 5.50000 05/15/2026 US 45,826.1 $45,768.82
023135106 AMAZON.COM INC US AMZN 307.79 $616,502.17
02319V103 AMBEV SA-ADR BR ABEV 308,507.15 $1,409,877.67
0237400 DIAGEO PLC GB DGE LN 43,637.66 $1,546,007.23
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 780.3 $32,116.97
0263494 BAE SYSTEMS PLC GB BA/ LN 5,204.32 $42,675.52
02665T306 AMERICAN HOMES 4 RENT- A US AMH 3,054.47 $66,862.35
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 968,103.71 $926,171.46
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 53,242.41 $53,242.41
03027X100 AMERICAN TOWER REIT INC US AMT 4,728.1 $686,993.42
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 30,581.09 $30,775.22
03064D108 AMERICOLD REALTY TRUST US COLD 618.79 $15,482.10
03748R101 APARTMENT INVT & MGMT CO -A US AIV 1,221.2 $53,891.34
03784Y200 APPLE HOSPITALITY REIT INC US APLE 1,510.17 $26,412.82
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 44,174.25 $43,235.55
0405207 HALMA PLC GB HLMA LN 1,563.09 $29,428.17
0490656 KERRY GROUP PLC-A IE KYGA LN 472.63 $52,157.88
053484101 AVALONBAY COMMUNITIES INC US AVB 757.69 $137,255.38
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 1,321,478.86 $1,269,345.19
058498106 BALL CORP US BLL 34,503.03 $1,517,788.07
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 1,425,274.67 $1,406,549.73
0822011 DS SMITH PLC GB SMDS LN 5,736.17 $35,730.19
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 11,802.19 $1,144,458.01
09062X103 BIOGEN IDEC INC US BIIB 1,378.1 $486,898.14
0922320 SMITH & NEPHEW PLC GB SN/ LN 1,329.92 $24,264.06
09247X101 BLACKROCK INC US BLK 2,807.61 $1,323,311.91
0946580 WEIR GROUP PLC/THE GB WEIR LN 2,755.25 $63,210.76
09627J102 BLUEROCK RESIDENTIAL GROWTH US 1,465.32 $14,360.14
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 1,310,820.15 $1,387,218.03
09857L108 BOOKING HOLDINGS INC US BKNG 1,192.99 $2,366,901.95
101121101 BOSTON PROPERTIES INC US BXP 765.79 $94,260.67
105368203 BRANDYWINE REALTY TRUST US BDN 4,160.63 $65,405.12
110122108 BRISTOL MYERS SQUIBB CO US BMY 12,286.05 $762,717.93
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 827.6 $38,590.76
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 36,757.95 $36,390.37
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 53,242.41 $52,643.43
125269100 CF INDUSTRIES HOLDINGS INC US CF 21,196.9 $1,153,959.12
12591QAR3 COMM 2014-UBS4 A5 3.69400 08/10/2047 US 1,189,330.97 $1,192,037.29
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 943,036.45 $944,262.39
12593GAF9 COMM 2015-PC1 A5 3.90200 07/10/2050 US 627,702.46 $634,564.25
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 1,387,552.8 $1,361,201.78
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 122,679.73 $119,919.44
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 352,036.99 $325,649.63
13321L108 CAMECO CORP CA CCJ 1,975.26 $22,517.94
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 1,957.41 $22,373.20
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 36,511.28 $36,420.00
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 451,780.87 $450,605.84
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 97,093.1 $90,325.71
15672WAJ3 CEQUEL COM HLDG I/CAP CP 7.50000 04/01/2028 US 39,218.71 $41,130.62
16411QAB7 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 55,056.04 $55,123.76
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 720,996.82 $712,382.71
165240102 CHESAPEAKE LODGING TRUST US CHSP 767.28 $24,606.56
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 972,054.53 $1,403,127.15
19625JAA1 CAH 2015-1A A 3.33100 07/17/2032 US 340,723.15 $341,144.97
19626G108 COLONY CAPITAL INC US CLNY 3,783.98 $23,044.46
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 1,023.8 $31,717.29
2162760 CAE INC CA CAE CN 656.93 $13,335.35
2171573 CANADIAN NATURAL RESOURCES CA CNQ CN 1,173.05 $38,325.01
2180632 CANADIAN NATL RAILWAY CO CA CNR CN 159.3 $14,294.16
21871N101 CORECIVIC INC US CXW 1,880.95 $45,763.47
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 625,225.49 $691,742.98
222795106 COUSINS PROPERTIES INC US CUZ 7,245.63 $64,413.68
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 49,453.36 $48,315.94
22822V101 CROWN CASTLE INTL CORP US CCI 422.7 $47,058.66
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 234,079.02 $214,764.23
229663109 CUBESMART US CUBE 827.09 $23,596.95
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 32,968.91 $33,710.71
23331A109 DR HORTON INC US DHI 195.61 $8,250.75
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 2,716.81 $30,940.50
23918K108 DAVITA INC. US DVA 15,947.53 $1,142,321.35
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 71,055.15 $67,768.84
2392471 GRUPO BIMBO SAB- SERIES A MX BIMBOA MM 6,174.35 $13,137.90
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 10,956.85 $37,512.33
2491914 KIMBERLY CLARK DE MEXICO S.A.B. MX 15,366.65 $27,261.56
25271C102 DIAMOND OFFSHORE DRILLING US DO 23,273.72 $465,474.32
253868103 DIGITAL REALTY TRUST INC US DLR 936.91 $105,384.19
254683BK0 DCENT 2014-A4 2.12000 12/15/2021 US 59,466.55 $59,197.51
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 971,407.4 $949,780.51
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 76,981.38 $77,943.65
2639349 GRUPO AEROPORT DEL SURESTE-B MX 1,196.98 $24,458.96
2643674 GRUPO MEXICO SAB DE CV-SER MX GMEXICOB MM 3,537.69 $10,181.68
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 112,768.64 $113,332.49
269246401 ETRADE FINANCIAL CORP US ETFC 11,077.19 $580,333.72
2715777 QUEBECOR INC -CL B CA QBR/B CN 20,527.19 $411,608.63
277276101 EASTGROUP PROPERTIES US EGP 159.53 $15,254.39
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 18,881.45 $367,937.29
285512109 ELECTRONIC ARTS US EA 7,745.42 $933,246.21
2866857 LUNDIN MINING CORP CA LUN CN 64,132.01 $339,614.40
294429105 EQUIFAX INC US EFX 4,965.41 $648,333.37
29444U700 EQUINIX INC US EQIX 2,445.03 $1,058,429.36
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 344.58 $33,234.87
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B1YVKN8 ANTA SPORTS PRODUCTS LTD CN 2020 HK 5,337.02 $25,478.03
B232R05 SK INNOVATION CO LTD KR 096770 KS 157.81 $30,590.18
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B296BQ5 STORAGEVAULT CANADA INC CA SVI CN 4,401.93 $9,031.17
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B3FP8W8 CANADA HOUSING TRUST 4.10000 12/15/2018 CA 112,700.58 $87,664.15
B3MSM28 AMADEUS IT HOLDING SA-A SHS ES AMS SM 146.12 $13,543.77
B3NB1P2 SUNCOR ENERGY INC CA SU CN 906.84 $35,089.95
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 981,999.12 $50,872.53
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 136,081.96 $107,048.19
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 1,421,783.53 $72,910.28
B4Q2TX3 CHINA LONGYUAN POWER GROUP-H CN 916 HK 58,811.05 $49,524.28
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B4WTBY3 HUANENG RENEWABLES CORP-H CN 958 HK 146,483.53 $43,679.39
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 247,973.63 $182,211.33
B4YVF56 BRENNTAG AG DE BNR GR 349.63 $21,562.44
B607XS1 VERMILION ENERGY INC CA VET CN 1,269.78 $41,839.40
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B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 4,330.93 $54,664.73
B63QM77 NEXON CO LTD JP 3659 JP 3,511.8 $45,904.58
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 378,904.24 $19,810.78
B798FW0 NOVOZYMES A/S-B SHARES DK NZYMB DC 263.74 $14,465.90
B7VQL46 FNAC DARTY SA FR FNAC FP 460.77 $36,334.39
B8FMRX8 COLOPLAST-B DK COLOB DC 258.14 $26,370.43
BB22L96 KION GROUP AG DE KGX GR 584.48 $35,887.84
BBG00LNRP8L0 AMZN US 09/28/18 P1825 US -2.31 -$2.31
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BD3JR69 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 35,714.07 $18,750.65
BD6G507 FERRARI NV IT RACE IM 102.47 $14,074.33
BD6K457 COMPASS GROUP PLC GB CPG LN 652.81 $14,514.30
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 72,545.21 $74,177.48
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 35,053.33 $18,438.95
BDZV116 EPIROC AB-A SE EPIA SS 3,910.02 $43,687.12
BF2DSG3 SIKA AG-REG CH SIKA SW 83.36 $12,130.35
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 102,372.21 $96,229.87
BFYFZP5 FERGUSON PLC CH FERG LN 171.68 $14,562.18
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 348.5 $70,203.74
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 16,967.45 $27,974.05
BGLP232 MONCLER SPA IT MONC IM 605.24 $26,041.99
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 51,958.41 $40,572.92
BHC8X90 NOVO NORDISK A/S-B DK NOVOB DC 274.95 $12,940.46
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 33,894.34 $1,383,934.09
BNBNSG0 EURONEXT NV NL ENX FP 660.26 $43,382.82
BNGN9Z1 FINECOBANK SPA IT FBK IM 4,639.75 $61,870.52
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 29,892.53 $903,099.29
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 724.77 $24,208.43
BVSS790 ELIS SA FR ELIS FP 2,105.83 $49,580.61
BYQ32R1 NEMAK SAB DE CV MX 31,349.26 $23,619.99
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 51,660.4 $24,892.15
BYXS699 QIAGEN N.V. NL QIA GR 795.57 $30,130.21
BYY8LS2 MAISONS DU MONDE SA FR MDM FP 945.09 $27,564.62
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 20,540.07 $1,797,985.75
BYZ43T4 EUROBANK ERGASIAS SA GR EUROB GA 28,547.91 $21,552.28
BYZFYS3 SPIE SA FR SPIE FP 2,806.02 $55,882.23
BYZWX76 CRODA INTERNATIONAL PLC GB CRDA LN 564.75 $38,280.90
BZ01RF1 WILLIAM DEMANT HOLDING DK WDH DC 654.82 $24,581.01
BZ3C3Q4 BANKIA SA ES BKIA SM 10,515.39 $41,049.04
BZCNN35 BANCO COMERCIAL PORTUGUES-R PT BCP PL 88,735.2 $26,271.71
G02602103 AMDOCS LTD GG DOX 1,096.42 $72,341.87
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 435.06 $22,562.14
G27358103 DESPEGAR.COM CORP AR DESP 573.47 $9,674.50
G3157S106 ENSCO INTERNATIONAL INC US ESV 61,069.63 $515,427.64
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 91,975.77 $95,654.80
G5960L103 MEDTRONIC INC IE MDT 21,236.02 $2,088,986.99
G97822103 PERRIGO CO PLC IE PRGO 861.08 $60,964.70
H8817H100 TRANSOCEAN LTD US RIG 55,704.52 $777,078.10
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 204.93 $24,114.33
N22717107 CORE LABORATORIES N.V. NL CLB 241.82 $28,009.73
N47279109 INTERXION HOLDING NV NL INXN 12,609.09 $848,591.76
N72482123 QIAGEN N.V. ADR NL QGEN 559.61 $21,198.03
USD US DOLLAR US 1,968,739.6 $1,968,739.60

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Extended Term CIT Fund and Manning & Napier Pro-Mix® Moderate 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.


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