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

$21.98

Daily $ Change

$0.00

Daily % Change

0.00%

as of 07/19/2018

CUSIP

563821172

Inception Date

01/06/2005

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

Performance

As of 06/30/2018

YTD

0.65%

1 Year

4.84%

3 Year

3.51%

5 Year

4.95%

10 Year

5.51%

Inception
(01/01/2000)

6.31%

US Stock Market Cycle (04/01/2000 - 06/30/2018)

6.33%

Performance through the inception date of the Retirement Target CIT Class S Units 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. The Retirement Target CIT Fund will gradually become more conservative over time. Returns are net of the Class S expenses. 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 0.89%
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 06/30/2018

TREASURY NOTES 14.51%
GOVERNMENT AGENCY 6.78%
TREASURY BONDS 5.21%
FACEBOOK INC -A 1.95%
TREASURY BILLS 1.95%
INCYTE CORP 1.55%
BOOKING HOLDINGS INC 1.31%
REGENERON PHARMACEUTICALS INC 1.24%
QORVO INC 1.16%
ANHEUSER-BUSCH INBEV SA/NV 1.12%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 06/30/2018

Bonds 59.08%
Stocks 39.28%
Cash 1.64%

Detailed Asset Class Allocation

As of 06/30/2018

International Equities 12.23%
Small Capitalization 0.63%
Mid Capitalization 2.62%
Large Capitalization 23.80%
Long Term Fixed Income 18.49%
Intermediate Term Fixed Income 26.64%
Short Term Fixed Income 13.95%
Cash 1.64%

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

June Fund Holdings

As of 06/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00163UAB2 AMAG PHARMACEUTICALS INC 7.87500 09/01/2023 US 70,690.7 $74,976.32
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 960,435.54 $939,992.48
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 1,864,685.4 $1,833,731.63
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 238,480.88 $246,827.71
004239109 ACADIA REALTY TRUST US AKR 801.83 $21,946.05
0045614 ANTOFAGASTA PLC GB ANTO LN 5,687.04 $73,887.11
0053673 ASHTEAD GROUP PLC GB AHT LN 2,341.16 $69,718.27
008492100 AGREE REALTY CORP US ADC 355.77 $18,774.23
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 28,894.57 $29,886.52
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 143.67 $18,126.54
01609W102 ALIBABA GROUP - ADR CN BABA 6,800.57 $1,261,709.91
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 1,580,655.27 $1,472,757.05
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 66,860.49 $67,194.80
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 50,296.79 $50,233.92
02079K107 ALPHABET INC-CL C US GOOG 735.48 $820,533.78
02079K305 ALPHABET INC-CL A US GOOGL 729.56 $823,814.82
02155FAC9 ALTICE US FINANCE I CORP 5.50000 05/15/2026 US 48,381.69 $46,688.33
023135106 AMAZON.COM INC US AMZN 251.39 $427,305.84
02319V103 AMBEV SA-ADR BR ABEV 255,273.12 $1,181,914.54
0237400 DIAGEO PLC GB DGE LN 47,272.24 $1,698,296.02
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 916.64 $39,305.39
0263494 BAE SYSTEMS PLC GB BA/ LN 4,053.97 $34,488.33
02665T306 AMERICAN HOMES 4 RENT- A US AMH 3,544.88 $78,625.53
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 1,022,524.03 $979,238.61
03027X100 AMERICAN TOWER REIT INC US AMT 2,829.35 $407,907.47
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 35,532.56 $35,853.50
03064D108 AMERICOLD REALTY TRUST US COLD 653.12 $14,381.77
03748R101 APARTMENT INVT & MGMT CO -A US AIV 1,289.04 $54,526.47
03784Y200 APPLE HOSPITALITY REIT INC US APLE 1,778.88 $31,806.32
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 46,634.64 $45,410.48
0405207 HALMA PLC GB HLMA LN 1,858.42 $33,463.21
04621WAC4 ASSURED GUARANTY US HLDG 5.00000 07/01/2024 US 1,028,433.87 $1,074,698.00
0490656 KERRY GROUP PLC-A IE KYGA LN 662.6 $69,215.15
053484101 AVALONBAY COMMUNITIES INC US AVB 799.71 $137,462.86
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 1,397,638.61 $1,327,689.59
058498106 BALL CORP US BLL 36,402.2 $1,294,098.22
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 1,505,395.64 $1,486,054.98
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 17,452.23 $1,644,000.30
09062X103 BIOGEN IDEC INC US BIIB 3,247.59 $942,581.09
0922320 SMITH & NEPHEW PLC GB SN/ LN 918.79 $16,924.45
09247X101 BLACKROCK INC US BLK 2,962.57 $1,478,443.15
0946580 WEIR GROUP PLC/THE GB WEIR LN 3,900.39 $102,432.89
09627J102 BLUEROCK RESIDENTIAL GROWTH US 1,546.78 $13,797.24
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 1,384,509.68 $1,484,684.65
09857L108 BOOKING HOLDINGS INC US BKNG 1,258.81 $2,551,727.96
101121101 BOSTON PROPERTIES INC US BXP 659 $82,651.96
105368203 BRANDYWINE REALTY TRUST US BDN 4,443.65 $75,008.84
110122108 BRISTOL MYERS SQUIBB CO US BMY 12,966.2 $717,549.67
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 841.88 $42,473.09
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 75,697.27 $74,183.32
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 42,636.39 $41,344.51
125269100 CF INDUSTRIES HOLDINGS INC US CF 28,642.79 $1,271,740.02
12591QAR3 COMM 2014-UBS4 A5 3.69400 08/10/2047 US 1,257,874.75 $1,267,237.99
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 996,048.72 $996,845.56
12593GAF9 COMM 2015-PC1 A5 3.90200 07/10/2050 US 663,878.34 $670,748.09
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 1,467,520.54 $1,450,669.88
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 129,554.68 $122,429.17
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 377,188.57 $351,860.32
13321L108 CAMECO CORP CA CCJ 2,261.39 $25,440.63
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 4,823.78 $61,406.67
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 64,677.6 $64,354.21
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 102,508.69 $96,870.71
15672WAJ3 CEQUEL COM HLDG I/CAP CP 7.50000 04/01/2028 US 41,393.5 $41,898.50
16411QAA9 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 77,612.37 $75,706.99
165240102 CHESAPEAKE LODGING TRUST US CHSP 917.88 $29,041.72
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 1,026,690.34 $1,444,168.94
19625JAA1 CAH 2015-1A A 3.24638 07/17/2032 US 362,561.74 $362,396.30
19626G108 COLONY CAPITAL INC US CLNY 3,994.23 $24,924.03
198287203 COLUMBIA PROPERTY TRUST INC US CXP 999.79 $22,705.26
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 1,364.98 $40,771.87
2112226 SAPUTO INC CA SAP CN 497.46 $16,517.18
2162760 CAE INC CA CAE CN 858.99 $17,844.26
21871N101 CORECIVIC INC US CXW 3,923.58 $93,734.26
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 879,329.08 $982,823.36
222795106 COUSINS PROPERTIES INC US CUZ 7,738.53 $74,986.38
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 52,211.89 $51,037.13
22822V101 CROWN CASTLE INTL CORP US CCI 497.96 $53,690.57
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 259,366.76 $240,771.72
229663109 CUBESMART US CUBE 1,673.71 $53,927.08
23311RAC0 DCP MIDSTREAM OPERATING 9.75000 03/15/2019 US 30,809.67 $32,080.57
23331A109 DR HORTON INC US DHI 206.46 $8,465.00
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 788.4 $11,616.23
23918K108 DAVITA INC. US DVA 19,304.46 $1,340,501.52
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 86,515.67 $81,432.87
2392471 GRUPO BIMBO SAB- SERIES A MX BIMBOA MM 8,694.37 $16,946.36
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 15,096.65 $43,617.05
25271C102 DIAMOND OFFSHORE DRILLING US DO 27,750.93 $578,884.47
253868103 DIGITAL REALTY TRUST INC US DLR 988.97 $110,349.61
254683BK0 DCENT 2014-A4 2.12000 12/15/2021 US 62,893.74 $62,555.79
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 1,026,018.13 $995,180.78
2554475 MAGNA INTERNATIONAL INC CA MG CN 260.73 $15,163.87
2583952 METRO INC CA MRU CN 497.8 $16,922.14
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 81,274.52 $80,868.15
2639349 GRUPO AEROPORT DEL SURESTE-B MX 2,069.82 $32,881.20
2643674 GRUPO MEXICO SAB DE CV-SER MX GMEXICOB MM 9,381.13 $26,588.97
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 119,072.39 $119,072.39
269246401 ETRADE FINANCIAL CORP US ETFC 11,688.22 $714,851.84
2715777 QUEBECOR INC -CL B CA QBR/B CN 21,775.52 $445,895.85
277276101 EASTGROUP PROPERTIES US EGP 168.4 $16,091.91
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 19,923.55 $405,851.56
285512109 ELECTRONIC ARTS US EA 8,172.61 $1,152,501.92
2866857 LUNDIN MINING CORP CA LUN CN 67,090.62 $373,051.70
294429105 EQUIFAX INC US EFX 8,231.55 $1,029,849.74
29444U700 EQUINIX INC US EQIX 2,905.93 $1,249,228.81
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 407.01 $37,404.52
29476L107 EQUITY RESIDENTIAL US EQR 1,288.27 $82,050.02
297178105 ESSEX PROPERTY TRUST INC US ESS 178.31 $42,627.97
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 1,736,842.76 $1,705,070.69
30225T102 EXTRA SPACE STORAGE INC US EXR 555.18 $55,412.85
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 69,862 $69,602.89
30286XAN9 FREMF 2015-K43 B FLT 3.86221 02/25/2048 US 874,224.49 $862,383.20
30290HAE8 FREMF 2012-K708 FLT 3.88202 02/25/2045 US 572,499.69 $574,502.86
30291EAE4 FREMF 2013-K712 B FLT 3.47721 05/25/2045 US 281,225.84 $281,862.09
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 42,085,298.42 $154,915.98
30291XAE2 FREMF 2014-K715 B FLT 4.11938 02/25/2046 US 58,818.57 $59,704.79
30303M102 FACEBOOK INC -A US FB 19,616.48 $3,811,873.51
3128M5A91 FHLM POOL G03332 6.00000 10/01/2037 US 18,698.8 $20,596.04
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 10,029.07 $10,858.82
3128M5NM8 FHLM POOL G03696 5.50000 01/01/2038 US 39,701.32 $42,948.26
3128M6B98 FHLM POOL G04264 5.50000 04/01/2038 US 136,463.38 $147,666.65
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 6,193.04 $6,693.42
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 50,208.29 $55,146.14
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 58,755.53 $64,835.07
3128M7KW5 FHLM POOL G05409 5.50000 03/01/2039 US 98,234.03 $106,285.74
3128M8AW4 FHLM POOL G06021 5.50000 01/01/2040 US 38,145.13 $41,260.43
3128M9C83 FHLM POOL G06995 6.00000 05/01/2040 US 119,965.53 $131,886.92
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 5,454.37 $5,636.61
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 10,884.99 $11,266.76
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 7,611.24 $7,881.46
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 5,914.25 $6,153.26
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 10,366.61 $10,767.30
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 853,814.73 $892,062.54
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 104,335.08 $112,825.55
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 32,301.28 $34,073.03
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 31,272.03 $32,719.93
3132LMMM5 FHLM POOL K91364 4.50000 11/01/2033 US 17,345.8 $18,097.90
3132LNE83 FHLM POOL K92059 4.50000 09/01/2034 US 27,355.26 $28,941.17
3132WPDP9 FHLM GOLD POOL FG Q49109 4.00000 07/01/2047 US 412,579.71 $421,032.04
3132XSLZ1 FHLM GOLD POOL FG Q50343 4.00000 08/01/2047 US 470,774.28 $480,291.59
31335ABB3 FHLM POOL G60034 4.50000 02/01/2045 US 1,057,882.1 $1,102,893.97
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 286,266.82 $292,884.97
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 13,467.43 $13,633.51
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 405,625.03 $405,765.25
31371NCJ2 FEDERAL NATL MTG ASSN 256673 5.50000 04/01/2037 US 189,013.64 $204,776.27
3137A2B34 FHMS K009 X1 FLT 1.45484 08/25/2020 US 4,297,124.56 $96,227.23
3137ADTK3 FHMS K014 X1 FLT 1.34101 04/25/2021 US 2,453,016.4 $67,670.38
3137AJMG6 FMHS K016 X1 FLT 1.67213 10/25/2021 US 1,636,388.98 $66,559.96
3137AL6W4 FHMS K706 X1 FLT 1.68593 10/25/2018 US 2,310,297.69 $3,506.80
3137AME78 FHMS K017 X1 FLT 1.48754 12/25/2021 US 976,439.89 $36,700.08
3137AUPF0 FHMS K021 x1 FLT 1.58997 06/25/2022 US 5,858,283.13 $278,880.64
3137B3NB0 FHMS K030 X1 FLT 0.31344 04/25/2023 US 17,888,008.2 $152,457.70
3137B4GZ3 FHMS K032 X1 FLT 0.22073 05/25/2023 US 11,515,719.77 $59,779.25
3137B5KW2 FHMS K035 A2 3.45800 08/25/2023 US 1,506,536.99 $1,530,167.33
3137BT7J4 FHMS KJ10 A2 2.91200 12/25/2023 US 600,753.71 $593,706.93
3137BWVV3 FHMS KJ13 A2 2.86400 08/25/2022 US 107,553.96 $106,866.82
3137F4YU0 FHLM POOL FHR4791 4.00000 03/15/2044 US 536,831.32 $550,029.32
3137FG2L8 FHLM POOL 4801 4.50000 05/15/2044 US 541,129.15 $561,993.84
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 94,756.51 $99,698.38
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 52,224.85 $54,901.17
3138EGGZ1 FEDERAL NATL MTG ASSN AL0215 4.50000 04/01/2041 US 54,668.2 $57,517.16
3138EQTZ5 FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 682,509.12 $717,929.87
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65100 01/01/2049 US 957,277.98 $1,030,957.76
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 229,017.15 $248,538.23
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 11,558.41 $12,520.11
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 243,760.88 $249,450.77
3140EWG66 FEDERAL NATL MTG ASSN BC2020 3.50000 07/01/2046 US 535,186.41 $534,271.51
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 270,723.15 $270,260.35
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 605,518.1 $617,795.16
3140FA5G3 FEDERAL NATL MTG ASSN FN BD3546 4.00000 09/01/2047 US 297,873.49 $304,284.25
3140FEXR0 FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 575,510.67 $587,239.15
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 603,305.29 $615,662.51
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 8,188.59 $8,457.18
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 10,069.08 $10,396.89
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 71,755.61 $73,424.17
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 87,556.86 $89,642.18
31410HAQ4 MACYS RETAIL HLDGS INC 6.90000 04/01/2029 US 448,669.37 $481,854.55
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 21,057.35 $22,845.07
31410KJV7 FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 121,730.62 $134,224.61
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 115,536.17 $124,900.04
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 46,039.11 $49,776.96
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 3,843.44 $3,912.35
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 49,288.36 $50,463.69
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 289,824.07 $303,270.97
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 247,159.49 $258,634.10
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 358,586.5 $347,895.51
31418MDZ2 FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 65,408.51 $71,937.89
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 27,309.8 $30,003.95
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 74,924.98 $81,027.27
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 119,950.78 $129,856.09
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 7,405.78 $7,729.13
31419BBV6 FEDERAL NATL MTG ASSN AE0951 4.50000 02/01/2041 US 200,824.93 $211,296.65
31428X106 FEDEX CORPORATION US FDX 4,853.42 $1,102,016.82
3163836 INTERTEK GROUP PLC GB ITRK LN 232.57 $17,487.13
3174300 BURBERRY GROUP PLC GB BRBY LN 638.24 $18,139.21
32054K103 FIRST INDUSTRIAL REALTY TR US FR 1,343.07 $44,777.98
3208986 NEXT PLC GB NXT LN 216.58 $17,239.33
336130AB5 FIRST QUALITY FINANCE CO 5.00000 07/01/2025 US 54,295.05 $49,679.97
345605109 FOREST CITY REALTY TRUST - A US FCE/A 1,470.57 $33,543.79
357081AE8 FREMF 2015-K720 B FLT 3.50443 07/25/2022 US 374,890.72 $367,038.52
35802XAA1 FRESENIUS MED CARE US 6.50000 09/15/2018 US 40,217.13 $40,482.78
35802XAD5 FRESENIUS MED CARE II 5.62500 07/31/2019 US 378,482.83 $387,703.17
36143WAN1 GAHR 2015-NRF BFX FLT 3.49490 12/15/2034 US 744,543.81 $744,305.93
36143WAS0 GAHR 2015-NRF DFX FLT 3.49490 12/15/2034 US 314,468.69 $312,607.88
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7156036 SONOVA HOLDING AG-REG CH SOON SW 100.12 $17,910.62
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7212477 ESSILOR INTERNATIONAL FR EI FP 120.62 $17,006.97
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729640102 PLYMOUTH INDUSTRIAL REIT INC US 395.8 $6,332.72
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7380482 COMPAGNIE DE SAINT-GOBAIN FR SGO FP 1,630.89 $72,647.81
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74460D109 PUBLIC STORAGE INC US PSA 436.81 $99,095.78
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758849103 REGENCY CENTERS CORP US REG 610.85 $37,921.45
75886F107 REGENERON PHARMACEUTICALS INC US REGN 6,989.49 $2,411,304.21
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7759435 ILIAD SA FR ILD FP 148.44 $23,421.59
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 986.49 $71,668.81
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 182.75 $20,875.58
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78442PGC4 SLM CORP 5.12500 04/05/2022 US 67,868.81 $67,529.47
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806857108 SCHLUMBERGER LTD NL SLB 23,175.6 $1,553,460.38
808513105 CHARLES SCHWAB CORP/THE US SCHW 26,877.07 $1,373,418.47
81211K100 SEALED AIR CORP US SEE 20,554.13 $872,522.82
812578102 SEATTLE GENETICS INC US SGEN 17,774.32 $1,180,037.06
81663AAD7 SEMGROUP CORP 6.37500 03/15/2025 US 109,664.93 $104,181.69
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 218,866.64 $211,059.88
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 301,745.48 $292,086.30
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 237,875.85 $213,680.90
81762P102 SERVICENOW INC US NOW 8,864.6 $1,528,876.73
81783QAC9 SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 CA 64,777.34 $62,267.22
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 53,958.94 $54,363.64
828806109 SIMON PROPERTY GROUP INC US SPG 1,116.78 $190,065.51
83088M102 SKYWORKS SOLUTIONS INC US SWKS 14,619.44 $1,412,968.56
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83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 86,179.56 $84,138.72
83404YAA1 SCLP 2016-5 A 3.06000 09/25/2028 US 135,233.82 $134,677.94
83406EAB1 SOFI 2018-A A2A 2.39000 02/25/2042 US 261,727.44 $260,131.68
84265V105 SOUTHERN COPPER CORPORATION US SCCO 1,008.6 $47,273.26
845467AL3 SOUTHWESTERN ENERGY CO 6.70000 01/23/2025 US 84,768.62 $82,967.28
852061AK6 SPRINT COMMUNICATIONS 9.00000 11/15/2018 US 28,726.52 $29,301.05
85254J102 STAG INDUSTRIAL INC US STAG 1,441.68 $39,257.02
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.29325 11/15/2027 US 592,771.04 $593,035.89
857949BL0 SS INT BEARING FD .022% 01/02/15 US 3,262,667.49 $3,262,667.49
866674104 SUN COMMUNITIES US SUI 783.89 $76,727.07
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 2,828.26 $47,005.71
87243QAB2 TENET HEALTHCARE CORP 6.00000 10/01/2020 US 30,809.67 $31,656.94
874080104 TAL EDUCATION GROUP - ADR CN TAL 429.33 $15,799.19
87470LAA9 TALLGRASS NRG PRTNR/FIN 5.50000 09/15/2024 US 77,276.27 $78,821.79
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 208,387.75 $208,127.06
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 65,953.71 $58,698.80
88032WAG1 TENCENT HOLDINGS LTD 3.59500 01/19/2028 KY 1,037,508.74 $981,504.02
88146M101 TERRENO REALTY CORP US TRNO 245.77 $9,258.29
88161DAA9 TESLA 2018-A A 2.32000 12/20/2019 US 335,992.02 $334,893.06
882508104 TEXAS INSTRUMENTS INC US TXN 7,386.82 $814,396.45
88650V208 TIER REIT INC US TIER 1,530.22 $36,388.51
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 886,145.7 $865,394.12
89613BAA5 TAH 2013-SFR1 A 2.58900 11/17/2033 US 772,359.41 $747,440.94
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 344,917.79 $332,227.27
896356AE2 TRINIDAD DRILLING LTD 6.62500 02/15/2025 CA 103,247.42 $99,375.64
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 97,502.11 $97,623.99
902653104 UDR INC US UDR 2,032.85 $76,313.20
903002103 UMH PROPERTIES INC US UMH 1,321.5 $20,285.03
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 173,871.6 $165,195.40
904767704 UNILEVER PLC - ADR GB UL 26,467.62 $1,463,130.19
912796PY9 TREASURY BILL 0.00000 09/06/2018 US 3,816,373.04 $3,803,236.78
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 1,386,750.47 $1,855,807.98
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 2,213,958.02 $2,805,932.34
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912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 1,550,597.02 $1,413,768.94
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 4,076,491.04 $4,088,433.89
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 2,046,812.71 $2,029,302.86
912828D23 US TREASURY N/B 1.62500 04/30/2019 US 5,872,253.58 $5,838,533.98
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 97,269.97 $96,232.78
912828K58 UNITED STATES TREAS NTS 1.37500 04/30/2020 US 6,010,070.84 $5,887,052.20
912828R28 US TREASURY N/B 1.62500 04/30/2023 US 208,385.8 $197,982.79
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 2,074,147.92 $1,897,278.19
912828RT9 US TREASURY N/B 1.37500 11/30/2018 US 1,745,788.26 $1,740,605.46
912828S92 US TREASURY N/B 1.25000 07/31/2023 US 767,195.84 $712,922.72
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 979,449.92 $957,471.74
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 3,941,707.11 $3,795,894.73
912828XQ8 US TREASURY N/B 2.00000 07/31/2022 US 6,399,088.37 $6,225,613.05
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92339V100 VEREIT INC US VER 3,995.87 $29,729.31
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 1,388,675.99 $1,455,139.01
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 3,538.23 $601,357.96
92826C839 VISA INC - CLASS A SHARES US V 12,105.91 $1,603,428.18
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 108,859.69 $110,953.66
929042109 VORNADO REALTY TRUST US VNO 915.26 $67,655.83
92936CAE9 WFRBS 2011-C4 A3 4.39400 06/15/2044 US 1,019.43 $1,025.63
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 75,361.16 $76,303.18
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 48,381.69 $47,111.67
94856TAA2 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 95,587.01 $90,568.69
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95040Q104 WELLTOWER INC. US WELL 726.47 $45,542.26
962166104 WEYERHAEUSER CO US WY 716.61 $26,127.65
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 63,030.29 $63,358.05
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 53,622.84 $53,220.67
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 611,466.89 $577,363.20
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 283,933.17 $284,263.78
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 334,908.5 $329,079.92
98919V105 ZAYO GROUP HOLDINGS INC US ZAYO 33,095.29 $1,207,316.24
AN7903213 SONGA BULK ASA 6.83263 06/13/2022 NO 76,604.05 $79,564.03
AP0787667 MPC CONTAINER SHIPS FLT 7.08188 09/22/2022 NL 76,604.05 $78,558.22
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 104,759.9 $103,319.45
B0190C7 TECHTRONIC INDUSTRIES CO LTD HK 669 HK 2,624.07 $14,573.83
B02J639 ADMIRAL GROUP PLC GB ADM LN 634.41 $15,944.25
B037JC2 NEXITY FR NXI FP 1,055.67 $66,645.68
B0386J1 JYSKE BANK-REG DK JYSK DC 675.03 $36,897.25
B06JSP1 SYDBANK A/S DK SYDB DC 966.57 $33,134.26
B09DHL9 MTU AERO ENGINES HOLDING AG DE MTX GR 88.3 $16,912.70
B09M9D2 KONE OYJ-B FI KNEBV FH 321.2 $16,331.85
B11TCY0 SCHINDLER HOLDING-PART CERT CH SCHP SW 76.13 $16,346.39
B11ZRK9 LEGRAND SA FR LR FP 759 $55,594.35
B138HB7 KAUFMAN & BROAD SA FR KOF FP 1,062.26 $50,023.57
B13X013 EIFFAGE FR FGR FP 619.63 $67,318.62
B15C557 TOTAL SA FR FP FP 864.46 $52,495.27
B19NLV4 EXPERIAN PLC GB EXPN LN 674.4 $16,636.40
B1CRLC4 MONDI PLC GB MNDI LN 619.83 $16,721.85
B1FW751 GALP ENERGIA SGPS SA PT GALP PL 3,570.07 $67,915.88
B1HDJL2 NATIXIS FR KN FP 7,783.22 $55,070.65
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 3,508.38 $18,322.50
B1WGG93 GEBERIT AG-REG CH GEBN SW 115.11 $49,285.59
B1WY233 SMITHS GROUP PLC GB SMIN LN 734.54 $16,407.68
B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 860.77 $47,830.35
B1XH026 VINCI SA FR DG FP 1,448.75 $139,067.16
B1Y9TB3 DANONE FR BN FP 682.36 $49,820.88
B1YVKN8 ANTA SPORTS PRODUCTS LTD CN 2020 HK 9,179.18 $48,404.65
B232R05 SK INNOVATION CO LTD KR 096770 KS 229.61 $41,589.36
B249GC0 MATSUMOTOKIYOSHI HOLDINGS CO JP 3088 JP 761.35 $34,164.64
B283W97 CAIXABANK S.A ES CABK SM 15,717.38 $67,652.19
B3FP8W8 CANADA HOUSING TRUST 4.10000 12/15/2018 CA 118,939.35 $91,473.79
B3MPN59 SUN ART RETAIL GROUP LTD HK 6808 HK 14,460.94 $18,865.34
B3MSM28 AMADEUS IT HOLDING SA-A SHS ES AMS SM 212.75 $16,728.90
B3NB1P2 SUNCOR ENERGY INC CA SU CN 920.44 $37,457.49
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 1,037,830.77 $50,589.69
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 143,601.1 $112,165.39
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 1,501,831.51 $72,536.19
B4Q2TX3 CHINA LONGYUAN POWER GROUP-H CN 916 HK 79,850.98 $64,145.21
B4R2R50 JULIUS BAER CH BAER SW 1,929.51 $113,014.36
B4WTBY3 HUANENG RENEWABLES CORP-H CN 958 HK 167,832.91 $55,630.46
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 261,700.19 $193,284.36
B4YVF56 BRENNTAG AG DE BNR GR 739.43 $41,083.74
B607XS1 VERMILION ENERGY INC CA VET CN 1,006.65 $36,302.78
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 2,013,202.09 $101,893.51
B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 5,370.84 $69,004.74
B63QM77 NEXON CO LTD JP 3659 JP 3,984.81 $57,817.09
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 399,825.57 $20,329.24
B7VQL46 FNAC DARTY SA FR FNAC FP 486.21 $46,088.40
BB22L96 KION GROUP AG DE KGX GR 602.76 $43,266.07
BBG00J8JCGT8 BABA US 07/20/18 P185 CN -27.39 -$14,105.75
BBG00KWNZGX9 SCHW US 06/29/18 P51.5 US -74.6 -$1,492.06
BBG00KZ9KMK4 QRVO US 07/20/18 P75 US -51.8 -$3,159.55
BBG00KZB2V74 REGN US 07/20/18 C360 US -10.46 -$5,231.34
BBG00KZD4H15 SGEN US 07/20/18 P60 US -64.62 -$2,584.96
BBG00L3N2DV4 FB US 07/27/18 P180 US -28.19 -$4,707.64
BD4TZK8 OCI NV NL OCI NA 1,391.93 $37,378.31
BD6K457 COMPASS GROUP PLC GB CPG LN 771.03 $16,434.89
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 76,604.05 $77,753.11
BD97BN2 ATLAS COPCO AB-A SHS SE ATCOA SS 409.17 $11,849.69
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 36,985.62 $32,136.78
BDZV116 EPIROC AB-A SE EPIA SS 5,351.22 $56,154.44
BF2DSG3 SIKA AG-REG CH SIKA SW 229.81 $31,753.06
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 108,085.94 $98,358.20
BFMDQ58 REPSOL SA-RTS ES 2,733.36 $1,551.64
BFYFZP5 FERGUSON PLC CH FERG LN 205.18 $16,600.58
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 359.07 $79,063.08
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 17,910.63 $31,374.10
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 49,128.13 $55,291.67
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 17,395.51 $873,522.63
BNBNSG0 EURONEXT NV NL ENX FP 1,241.91 $78,697.26
BNGN9Z1 FINECOBANK SPA IT FBK IM 5,848.31 $65,834.89
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 32,229.81 $1,097,558.97
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 601.42 $16,610.38
BSBMKM2 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 17,659.55 $31,711.62
BVSS790 ELIS SA FR ELIS FP 2,259.28 $51,666.06
BYM4063 BECLE SAB DE CV MX 11,349.62 $16,355.58
BYPC1T4 ASSA ABLOY AB-B SE ASSAB SS 770.69 $16,347.57
BYQ32R1 NEMAK SAB DE CV MX 47,612.22 $32,724.00
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 22,457.45 $15,888.28
BYXS699 QIAGEN N.V. NL QIA GR 843.53 $30,577.40
BYY8LS2 MAISONS DU MONDE SA FR MDM FP 876.46 $32,230.80
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 21,672.13 $2,185,961.74
BYZ43T4 EUROBANK ERGASIAS SA GR EUROB GA 32,323.49 $33,609.20
BYZFYS3 SPIE SA FR SPIE FP 3,205.96 $64,892.56
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 6,570.52 $55,248.72
BYZWX76 CRODA INTERNATIONAL PLC GB CRDA LN 1,048.17 $66,220.19
BZ3C3Q4 BANKIA SA ES BKIA SM 8,682.61 $32,378.09
BZCNN35 BANCO COMERCIAL PORTUGUES-R PT BCP PL 93,639.58 $28,001.22
G02602103 AMDOCS LTD GG DOX 1,245.97 $82,471.07
G06242104 ATLASSIAN CORP PLC-CLASS A AU TEAM 177.71 $11,110.49
G27358103 DESPEGAR.COM CORP AR DESP 424.26 $8,896.65
G3157S106 ENSCO INTERNATIONAL INC US ESV 73,642.96 $534,647.88
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 97,099.49 $100,740.72
G5960L103 MEDTRONIC INC IE MDT 22,445 $1,921,516.13
G68707101 PAGSEGURO DIGITAL LTD-CL A BR PAGS 450.8 $12,509.74
G97822103 PERRIGO CO PLC IE PRGO 849.48 $61,935.50
H8817H100 TRANSOCEAN LTD US RIG 58,782.05 $790,030.71
N47279109 INTERXION HOLDING NX NL INXN 1,451.19 $90,583.17
N72482123 QIAGEN N.V. ADR NL QGEN 590.47 $21,351.25

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

$21.98

Daily $ Change

$0.00

Daily % Change

0.00%

as of 07/19/2018

CUSIP

563821172

Inception Date

01/06/2005

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 06/30/2018

YTD

0.65%

1 Year

4.84%

3 Year

3.51%

5 Year

4.95%

10 Year

5.51%

Inception
(01/01/2000)

6.31%

US Stock Market Cycle (04/01/2000 - 06/30/2018)

6.33%

Performance through the inception date of the Retirement Target CIT Class S Units 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. The Retirement Target CIT Fund will gradually become more conservative over time. Returns are net of the Class S expenses. 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 0.89%
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 06/30/2018

TREASURY NOTES 14.51%
GOVERNMENT AGENCY 6.78%
TREASURY BONDS 5.21%
FACEBOOK INC -A 1.95%
TREASURY BILLS 1.95%
INCYTE CORP 1.55%
BOOKING HOLDINGS INC 1.31%
REGENERON PHARMACEUTICALS INC 1.24%
QORVO INC 1.16%
ANHEUSER-BUSCH INBEV SA/NV 1.12%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 06/30/2018

Bonds
59.08%
Stocks
39.28%
Cash
1.64%

Detailed Asset Class Allocation

As of 06/30/2018

International Equities
12.23%
Small Capitalization
0.63%
Mid Capitalization
2.62%
Large Capitalization
23.80%
Long Term Fixed Income
18.49%
Intermediate Term Fixed Income
26.64%
Short Term Fixed Income
13.95%
Cash
1.64%

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

June Fund Holdings

As of 06/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00163UAB2 AMAG PHARMACEUTICALS INC 7.87500 09/01/2023 US 70,690.7 $74,976.32
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 960,435.54 $939,992.48
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 1,864,685.4 $1,833,731.63
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 238,480.88 $246,827.71
004239109 ACADIA REALTY TRUST US AKR 801.83 $21,946.05
0045614 ANTOFAGASTA PLC GB ANTO LN 5,687.04 $73,887.11
0053673 ASHTEAD GROUP PLC GB AHT LN 2,341.16 $69,718.27
008492100 AGREE REALTY CORP US ADC 355.77 $18,774.23
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 28,894.57 $29,886.52
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 143.67 $18,126.54
01609W102 ALIBABA GROUP - ADR CN BABA 6,800.57 $1,261,709.91
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 1,580,655.27 $1,472,757.05
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 66,860.49 $67,194.80
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 50,296.79 $50,233.92
02079K107 ALPHABET INC-CL C US GOOG 735.48 $820,533.78
02079K305 ALPHABET INC-CL A US GOOGL 729.56 $823,814.82
02155FAC9 ALTICE US FINANCE I CORP 5.50000 05/15/2026 US 48,381.69 $46,688.33
023135106 AMAZON.COM INC US AMZN 251.39 $427,305.84
02319V103 AMBEV SA-ADR BR ABEV 255,273.12 $1,181,914.54
0237400 DIAGEO PLC GB DGE LN 47,272.24 $1,698,296.02
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 916.64 $39,305.39
0263494 BAE SYSTEMS PLC GB BA/ LN 4,053.97 $34,488.33
02665T306 AMERICAN HOMES 4 RENT- A US AMH 3,544.88 $78,625.53
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 1,022,524.03 $979,238.61
03027X100 AMERICAN TOWER REIT INC US AMT 2,829.35 $407,907.47
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 35,532.56 $35,853.50
03064D108 AMERICOLD REALTY TRUST US COLD 653.12 $14,381.77
03748R101 APARTMENT INVT & MGMT CO -A US AIV 1,289.04 $54,526.47
03784Y200 APPLE HOSPITALITY REIT INC US APLE 1,778.88 $31,806.32
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 46,634.64 $45,410.48
0405207 HALMA PLC GB HLMA LN 1,858.42 $33,463.21
04621WAC4 ASSURED GUARANTY US HLDG 5.00000 07/01/2024 US 1,028,433.87 $1,074,698.00
0490656 KERRY GROUP PLC-A IE KYGA LN 662.6 $69,215.15
053484101 AVALONBAY COMMUNITIES INC US AVB 799.71 $137,462.86
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 1,397,638.61 $1,327,689.59
058498106 BALL CORP US BLL 36,402.2 $1,294,098.22
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 1,505,395.64 $1,486,054.98
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 17,452.23 $1,644,000.30
09062X103 BIOGEN IDEC INC US BIIB 3,247.59 $942,581.09
0922320 SMITH & NEPHEW PLC GB SN/ LN 918.79 $16,924.45
09247X101 BLACKROCK INC US BLK 2,962.57 $1,478,443.15
0946580 WEIR GROUP PLC/THE GB WEIR LN 3,900.39 $102,432.89
09627J102 BLUEROCK RESIDENTIAL GROWTH US 1,546.78 $13,797.24
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 1,384,509.68 $1,484,684.65
09857L108 BOOKING HOLDINGS INC US BKNG 1,258.81 $2,551,727.96
101121101 BOSTON PROPERTIES INC US BXP 659 $82,651.96
105368203 BRANDYWINE REALTY TRUST US BDN 4,443.65 $75,008.84
110122108 BRISTOL MYERS SQUIBB CO US BMY 12,966.2 $717,549.67
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 841.88 $42,473.09
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 75,697.27 $74,183.32
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 42,636.39 $41,344.51
125269100 CF INDUSTRIES HOLDINGS INC US CF 28,642.79 $1,271,740.02
12591QAR3 COMM 2014-UBS4 A5 3.69400 08/10/2047 US 1,257,874.75 $1,267,237.99
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 996,048.72 $996,845.56
12593GAF9 COMM 2015-PC1 A5 3.90200 07/10/2050 US 663,878.34 $670,748.09
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 1,467,520.54 $1,450,669.88
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 129,554.68 $122,429.17
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 377,188.57 $351,860.32
13321L108 CAMECO CORP CA CCJ 2,261.39 $25,440.63
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 4,823.78 $61,406.67
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 64,677.6 $64,354.21
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 102,508.69 $96,870.71
15672WAJ3 CEQUEL COM HLDG I/CAP CP 7.50000 04/01/2028 US 41,393.5 $41,898.50
16411QAA9 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 77,612.37 $75,706.99
165240102 CHESAPEAKE LODGING TRUST US CHSP 917.88 $29,041.72
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 1,026,690.34 $1,444,168.94
19625JAA1 CAH 2015-1A A 3.24638 07/17/2032 US 362,561.74 $362,396.30
19626G108 COLONY CAPITAL INC US CLNY 3,994.23 $24,924.03
198287203 COLUMBIA PROPERTY TRUST INC US CXP 999.79 $22,705.26
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 1,364.98 $40,771.87
2112226 SAPUTO INC CA SAP CN 497.46 $16,517.18
2162760 CAE INC CA CAE CN 858.99 $17,844.26
21871N101 CORECIVIC INC US CXW 3,923.58 $93,734.26
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 879,329.08 $982,823.36
222795106 COUSINS PROPERTIES INC US CUZ 7,738.53 $74,986.38
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 52,211.89 $51,037.13
22822V101 CROWN CASTLE INTL CORP US CCI 497.96 $53,690.57
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 259,366.76 $240,771.72
229663109 CUBESMART US CUBE 1,673.71 $53,927.08
23311RAC0 DCP MIDSTREAM OPERATING 9.75000 03/15/2019 US 30,809.67 $32,080.57
23331A109 DR HORTON INC US DHI 206.46 $8,465.00
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 788.4 $11,616.23
23918K108 DAVITA INC. US DVA 19,304.46 $1,340,501.52
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 86,515.67 $81,432.87
2392471 GRUPO BIMBO SAB- SERIES A MX BIMBOA MM 8,694.37 $16,946.36
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 15,096.65 $43,617.05
25271C102 DIAMOND OFFSHORE DRILLING US DO 27,750.93 $578,884.47
253868103 DIGITAL REALTY TRUST INC US DLR 988.97 $110,349.61
254683BK0 DCENT 2014-A4 2.12000 12/15/2021 US 62,893.74 $62,555.79
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 1,026,018.13 $995,180.78
2554475 MAGNA INTERNATIONAL INC CA MG CN 260.73 $15,163.87
2583952 METRO INC CA MRU CN 497.8 $16,922.14
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 81,274.52 $80,868.15
2639349 GRUPO AEROPORT DEL SURESTE-B MX 2,069.82 $32,881.20
2643674 GRUPO MEXICO SAB DE CV-SER MX GMEXICOB MM 9,381.13 $26,588.97
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 119,072.39 $119,072.39
269246401 ETRADE FINANCIAL CORP US ETFC 11,688.22 $714,851.84
2715777 QUEBECOR INC -CL B CA QBR/B CN 21,775.52 $445,895.85
277276101 EASTGROUP PROPERTIES US EGP 168.4 $16,091.91
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 19,923.55 $405,851.56
285512109 ELECTRONIC ARTS US EA 8,172.61 $1,152,501.92
2866857 LUNDIN MINING CORP CA LUN CN 67,090.62 $373,051.70
294429105 EQUIFAX INC US EFX 8,231.55 $1,029,849.74
29444U700 EQUINIX INC US EQIX 2,905.93 $1,249,228.81
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 407.01 $37,404.52
29476L107 EQUITY RESIDENTIAL US EQR 1,288.27 $82,050.02
297178105 ESSEX PROPERTY TRUST INC US ESS 178.31 $42,627.97
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 1,736,842.76 $1,705,070.69
30225T102 EXTRA SPACE STORAGE INC US EXR 555.18 $55,412.85
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 69,862 $69,602.89
30286XAN9 FREMF 2015-K43 B FLT 3.86221 02/25/2048 US 874,224.49 $862,383.20
30290HAE8 FREMF 2012-K708 FLT 3.88202 02/25/2045 US 572,499.69 $574,502.86
30291EAE4 FREMF 2013-K712 B FLT 3.47721 05/25/2045 US 281,225.84 $281,862.09
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 42,085,298.42 $154,915.98
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B1XH026 VINCI SA FR DG FP 1,448.75 $139,067.16
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B1YVKN8 ANTA SPORTS PRODUCTS LTD CN 2020 HK 9,179.18 $48,404.65
B232R05 SK INNOVATION CO LTD KR 096770 KS 229.61 $41,589.36
B249GC0 MATSUMOTOKIYOSHI HOLDINGS CO JP 3088 JP 761.35 $34,164.64
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B3FP8W8 CANADA HOUSING TRUST 4.10000 12/15/2018 CA 118,939.35 $91,473.79
B3MPN59 SUN ART RETAIL GROUP LTD HK 6808 HK 14,460.94 $18,865.34
B3MSM28 AMADEUS IT HOLDING SA-A SHS ES AMS SM 212.75 $16,728.90
B3NB1P2 SUNCOR ENERGY INC CA SU CN 920.44 $37,457.49
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 1,037,830.77 $50,589.69
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 143,601.1 $112,165.39
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 1,501,831.51 $72,536.19
B4Q2TX3 CHINA LONGYUAN POWER GROUP-H CN 916 HK 79,850.98 $64,145.21
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B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 261,700.19 $193,284.36
B4YVF56 BRENNTAG AG DE BNR GR 739.43 $41,083.74
B607XS1 VERMILION ENERGY INC CA VET CN 1,006.65 $36,302.78
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 2,013,202.09 $101,893.51
B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 5,370.84 $69,004.74
B63QM77 NEXON CO LTD JP 3659 JP 3,984.81 $57,817.09
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 399,825.57 $20,329.24
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BB22L96 KION GROUP AG DE KGX GR 602.76 $43,266.07
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BBG00KZB2V74 REGN US 07/20/18 C360 US -10.46 -$5,231.34
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BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 76,604.05 $77,753.11
BD97BN2 ATLAS COPCO AB-A SHS SE ATCOA SS 409.17 $11,849.69
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 36,985.62 $32,136.78
BDZV116 EPIROC AB-A SE EPIA SS 5,351.22 $56,154.44
BF2DSG3 SIKA AG-REG CH SIKA SW 229.81 $31,753.06
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 108,085.94 $98,358.20
BFMDQ58 REPSOL SA-RTS ES 2,733.36 $1,551.64
BFYFZP5 FERGUSON PLC CH FERG LN 205.18 $16,600.58
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 359.07 $79,063.08
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 17,910.63 $31,374.10
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 49,128.13 $55,291.67
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 17,395.51 $873,522.63
BNBNSG0 EURONEXT NV NL ENX FP 1,241.91 $78,697.26
BNGN9Z1 FINECOBANK SPA IT FBK IM 5,848.31 $65,834.89
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 32,229.81 $1,097,558.97
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 601.42 $16,610.38
BSBMKM2 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 17,659.55 $31,711.62
BVSS790 ELIS SA FR ELIS FP 2,259.28 $51,666.06
BYM4063 BECLE SAB DE CV MX 11,349.62 $16,355.58
BYPC1T4 ASSA ABLOY AB-B SE ASSAB SS 770.69 $16,347.57
BYQ32R1 NEMAK SAB DE CV MX 47,612.22 $32,724.00
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 22,457.45 $15,888.28
BYXS699 QIAGEN N.V. NL QIA GR 843.53 $30,577.40
BYY8LS2 MAISONS DU MONDE SA FR MDM FP 876.46 $32,230.80
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 21,672.13 $2,185,961.74
BYZ43T4 EUROBANK ERGASIAS SA GR EUROB GA 32,323.49 $33,609.20
BYZFYS3 SPIE SA FR SPIE FP 3,205.96 $64,892.56
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 6,570.52 $55,248.72
BYZWX76 CRODA INTERNATIONAL PLC GB CRDA LN 1,048.17 $66,220.19
BZ3C3Q4 BANKIA SA ES BKIA SM 8,682.61 $32,378.09
BZCNN35 BANCO COMERCIAL PORTUGUES-R PT BCP PL 93,639.58 $28,001.22
G02602103 AMDOCS LTD GG DOX 1,245.97 $82,471.07
G06242104 ATLASSIAN CORP PLC-CLASS A AU TEAM 177.71 $11,110.49
G27358103 DESPEGAR.COM CORP AR DESP 424.26 $8,896.65
G3157S106 ENSCO INTERNATIONAL INC US ESV 73,642.96 $534,647.88
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 97,099.49 $100,740.72
G5960L103 MEDTRONIC INC IE MDT 22,445 $1,921,516.13
G68707101 PAGSEGURO DIGITAL LTD-CL A BR PAGS 450.8 $12,509.74
G97822103 PERRIGO CO PLC IE PRGO 849.48 $61,935.50
H8817H100 TRANSOCEAN LTD US RIG 58,782.05 $790,030.71
N47279109 INTERXION HOLDING NX NL INXN 1,451.19 $90,583.17
N72482123 QIAGEN N.V. ADR NL QGEN 590.47 $21,351.25

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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