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 26% - 66%.

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 2025
  • Who 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

$15.53

Daily $ Change

-$0.03

Daily % Change

-0.19%

as of 08/22/2019

CUSIP

302027636

Inception Date

08/17/2012

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

Important Documents

Annual Report
Applications & Forms

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

Performance

As of 07/31/2019

YTD

12.10%

1 Year

6.14%

3 Year

6.01%

5 Year

3.55%

10 Year

7.51%

Inception
(01/01/2000)

6.39%

US Stock Market Cycle (04/01/2000 - 07/31/2019)

6.53%

Performance through the inception date of the Retirement Target CIT Class S units is based on historical performance of the CIT's oldest unit class. Performance through the inception date of the oldest unit class (08/03/2012) is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. Returns are net of the Class S expenses. The Retirement Target CIT Fund will gradually become more conservative over time. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.90%
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 07/31/2019

GOVERNMENT AGENCY 9.62%
TREASURY NOTES 8.19%
TREASURY BONDS 8.01%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 2.24%
MICROSOFT CORP 1.90%
MASTERCARD INC-CLASS A 1.58%
MEDTRONIC INC 1.54%
VISA INC - CLASS A SHARES 1.47%
TENCENT HOLDINGS LTD 1.39%
NOVARTIS AG- REG 1.36%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 07/31/2019

Bonds 56.19%
Stocks 42.20%
Cash 1.61%

Detailed Asset Class Allocation

As of 07/31/2019

International Equities 15.73%
Small Capitalization 0.25%
Mid Capitalization 0.88%
Large Capitalization 25.34%
Long Term Fixed Income 20.78%
Intermediate Term Fixed Income 26.32%
Short Term Fixed Income 9.09%
Cash 1.61%

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

July Fund Holdings

As of 07/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 16,122.26 $16,243.18
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 390,832.26 $420,377.81
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 752,643.22 $751,950.79
00287Y109 ABBVIE INC US ABBV 178.29 $11,877.60
004239109 ACADIA REALTY TRUST US AKR 241 $6,764.94
00507V109 ACTIVISION INC US ATVI 12,260.94 $597,598.29
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 420,410.8 $444,718.56
008492100 AGREE REALTY CORP US ADC 151.98 $10,160.01
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 57.12 $8,360.64
01609W102 ALIBABA GROUP - ADR CN BABA 161.89 $28,023.98
020002101 ALLSTATE CORPORATION US ALL 42.58 $4,572.93
02079K107 ALPHABET INC-CL C US GOOG 595 $723,924.10
02079K305 ALPHABET INC-CL A US GOOGL 591.76 $720,879.92
023135106 AMAZON.COM INC US AMZN 151.09 $282,055.57
02319V103 AMBEV SA-ADR BR ABEV 38,074.69 $200,653.61
0237400 DIAGEO PLC GB DGE LN 8,970.44 $374,069.36
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 94,671.61 $94,984.03
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 256.96 $12,013.05
0263494 BAE SYSTEMS PLC GB BA/ LN 3,485.74 $23,158.37
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,575.74 $38,148.68
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 29,673.46 $29,975.75
03027X100 AMERICAN TOWER REIT INC US AMT 1,652.66 $349,735.65
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 9,679.28 $9,768.77
03064D108 AMERICOLD REALTY TRUST US COLD 664.7 $22,287.54
031162100 AMGEN INC US AMGN 78.97 $14,734.43
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 33,101.55 $30,908.57
03748R754 APARTMENT INVT & MGMT CO -A US AIV 540.85 $26,793.87
038222105 APPLIED MATERIALS INC US AMAT 119.21 $5,885.62
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 83.51 $3,430.49
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 4,633.04 $4,783.62
0405207 HALMA PLC GB HLMA LN 489.99 $11,833.08
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 8,570.22 $8,334.54
0490656 KERRY GROUP PLC-A IE KYGA LN 204.3 $23,837.83
05278C107 AUTOHOME INC-ADR CN ATHM 215.98 $18,358.32
053484101 AVALONBAY COMMUNITIES INC US AVB 282.35 $58,952.28
054937107 BB&T CORP US BBT 89.28 $4,600.65
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 407,273.43 $415,844.09
05722G100 BAKER HUGHES A GE CO US BHGE 145.88 $3,703.92
060505104 BANK OF AMERICA CORP US BAC 584.7 $17,938.49
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 608,750.87 $638,973.35
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 4,034.22 $828,750.57
086516101 BEST BUY INC US BBY 57.67 $4,413.16
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 3,774.19 $299,368.44
0922320 SMITH & NEPHEW PLC GB SN/ LN 1,123.34 $25,431.09
09247X101 BLACKROCK INC US BLK 348.89 $163,167.95
0946580 WEIR GROUP PLC/THE GB WEIR LN 1,027.19 $18,570.36
097023105 BOEING CO US BA 54.54 $18,607.26
09857L108 BOOKING HOLDINGS INC US BKNG 349.58 $659,528.44
101121101 BOSTON PROPERTIES INC US BXP 308.6 $41,028.02
105368203 BRANDYWINE REALTY TRUST US BDN 2,009.89 $29,645.85
110122108 BRISTOL MYERS SQUIBB CO US BMY 196.78 $8,738.86
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 264.66 $9,424.61
11135F101 BROADCOM INC US AVGO 43.89 $12,726.29
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 22,121.42 $16,535.76
12429TAE4 BWAY HOLDING CO 7.25000 04/15/2025 US 23,326.37 $22,101.74
12503M108 CBOE GLOBAL MARKETS INC US CBOE 3,068.37 $335,403.49
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 38.94 $3,260.16
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 86,985.51 $88,637.34
12572Q105 CME GROUP INC US CME 1,675.45 $325,741.68
12591QAR3 COMM 2014-UBS4 A5 3.69400 08/10/2047 US 366,546.08 $387,048.44
12593GAF9 COMM 2015-PC1 A5 3.90200 07/10/2050 US 193,454.88 $206,939.67
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 203,636.71 $211,613.96
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 147,469.32 $144,292.95
126650100 CVS HEALTH CORP US CVS 162.38 $9,071.99
133131102 CAMDEN PROPERTY TRUST US CPT 209.96 $21,775.26
13321L108 CAMECO CORP CA CCJ 1,458.86 $13,406.89
149123101 CATERPILLAR INC US CAT 67.32 $8,864.32
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 4,245.38 $4,240.19
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 140,724.39 $141,175.92
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 138,026.73 $137,561.41
165240102 CHESAPEAKE LODGING TRUST US CHSP 357.82 $9,829.35
166764100 CHEVRON CORP US CVX 138.05 $16,994.77
17275R102 CISCO SYSTEMS INC US CSCO 407.51 $22,575.82
172967424 CITIGROUP INC US C 170.87 $12,158.80
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 198,148.36 $319,302.24
191216100 COCA COLA CO/THE US KO 12,275.45 $646,057.05
192422103 COGNEX CORP US CGNX 3,808.64 $167,618.44
194162103 COLGATE-PALMOLIVE CO US CL 123.68 $8,872.89
2011646 ALIMENTATION COUCHE-TARD -B CA ATD/B CN 395.57 $24,247.10
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 531.42 $21,835.87
205887102 CONAGRA BRAND INC. US CAG 94.88 $2,739.28
21036PAM0 CONSTELLATION BRANDS INC 3.87500 11/15/2019 US 220,211.05 $220,946.22
222795502 COUSINS PROPERTIES INC US CUZ 1,269.13 $44,647.83
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 405,144.2 $410,274.15
22822V101 CROWN CASTLE INTL CORP US CCI 168.45 $22,447.96
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 98,016.58 $96,115.84
229663109 CUBESMART US CUBE 323.01 $10,966.04
231021106 CUMMINS INC US CMI 30.04 $4,925.78
2328595 BANCO DO BRASIL S.A. BR BBAS3 BZ 628.26 $8,129.13
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 516.82 $4,761.76
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 5,753.53 $10,514.05
2458771 ITAUSA INVESTIMENTOS ITAU -PR BR ITSA4 BZ 2,406.98 $7,896.40
2521800 LOBLAW COMPANIES LTD CA L CN 479.52 $24,880.76
253868103 DIGITAL REALTY TRUST INC US DLR 203.62 $23,285.51
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 410,551.29 $436,834.74
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 21,612.33 $22,476.82
25960P109 DOUGLAS EMMETT INC US DEI 353.54 $14,431.34
260557103 DOW INC US DOW 93.89 $4,547.88
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 51,446.95 $53,504.83
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 53,831.25 $51,678.00
269246401 ETRADE FINANCIAL CORP US ETFC 3,453.14 $168,478.47
2715777 QUEBECOR INC -CL B CA QBR/B CN 7,890.9 $178,767.87
277432100 EASTMAN CHEM CO US EMN 36.7 $2,765.58
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 9,509.82 $186,406.26
285512109 ELECTRONIC ARTS US EA 8,027.28 $742,523.42
2866857 LUNDIN MINING CORP CA LUN CN 961.88 $4,657.07
291011104 EMERSON ELEC CO US EMR 101.96 $6,615.39
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 283,916.84 $336,177.90
29444U700 EQUINIX INC US EQIX 1,010.63 $507,435.02
2945422 WEG SA BR WEGE3 BZ 484.18 $3,029.65
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 161.41 $20,055.12
29476L107 EQUITY RESIDENTIAL US EQR 503.11 $39,690.22
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 749.64 $15,832.36
297178105 ESSEX PROPERTY TRUST INC US ESS 117.84 $35,612.65
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 689,978.15 $692,347.04
30225T102 EXTRA SPACE STORAGE INC US EXR 114.76 $12,897.50
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 9,444.46 $9,420.68
30261UAJ3 FREMF 2013-K713 B 3.15454 04/25/2046 US 122,182.03 $122,412.23
30286XAN9 FREMF 2015-K43 B FLT 3.73389 02/25/2048 US 380,313.08 $395,466.47
30291EAE4 FREMF 2013-K712 B FLT 3.31413 05/25/2045 US 162,668.66 $162,597.38
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 20,386,138.75 $58,644.81
30291XAE2 FREMF 2014-K715 B FLT 3.97177 02/25/2046 US 121,775.72 $123,909.37
30292HAU0 FREMF 2014- K503 B 3.15029 10/25/2047 US 86,982.66 $86,832.08
30303M102 FACEBOOK INC -A US FB 1,657.24 $321,886.44
30744W107 FARFETCH LTD - CLASS A GB FTCH 239.47 $4,813.30
311900104 FASTENAL CO US FAST 116.98 $3,603.02
3128M5A91 FHLM POOL G03332 6.00000 10/01/2037 US 4,381.65 $4,975.65
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 17,496.81 $19,604.89
3128M5NM8 FHLM POOL G03696 5.50000 01/01/2038 US 9,583.84 $10,706.32
3128M6B98 FHLM POOL G04264 5.50000 04/01/2038 US 33,399.33 $36,975.01
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 10,631.61 $11,748.96
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 8,935.01 $10,064.85
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 21,688.92 $24,485.10
3128M7KW5 FHLM POOL G05409 5.50000 03/01/2039 US 23,196.34 $25,817.24
3128M8AW4 FHLM POOL G06021 5.50000 01/01/2040 US 9,094.42 $10,078.74
3128M9C83 FHLM POOL G06995 6.00000 05/01/2040 US 27,902.31 $31,781.39
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 1,406.01 $1,453.57
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 2,712.1 $2,777.99
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 1,819.78 $1,868.33
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 1,552.79 $1,604.97
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 2,655.4 $2,740.57
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 289,455.91 $306,976.91
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 38,945.2 $43,050.08
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 56,386.65 $60,254.35
3132LMMM5 FHLM POOL K91364 4.50000 11/01/2033 US 33,817.19 $35,774.93
3132LNE83 FHLM POOL K92059 4.50000 09/01/2034 US 49,621 $52,963.67
3132VLY43 FHLM POOL FG Q60730 4.00000 01/01/2049 US 185,546.25 $192,753.88
3132Y33P7 FHLM POOL FG Q59805 4.50000 11/01/2048 US 190,273.42 $199,560.15
31335ABB3 FHLM POOL G60034 4.50000 02/01/2045 US 263,224.46 $282,359.50
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 60,216.14 $62,900.45
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 116,604.16 $124,211.62
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 495.73 $496.54
3136AY6W8 FNA 2017-M15 A1 2.95932 09/25/2027 US 246,637.86 $255,378.31
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 162,301.98 $168,051.23
31371NCJ2 FEDERAL NATL MTG ASSN 256673 5.50000 04/01/2037 US 45,605.08 $51,012.57
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 57.12 $7,540.91
3137A2B34 FHMS K009 X1 FLT 1.26050 08/25/2020 US 2,047,992 $21,134.87
3137ADTK3 FHMS K014 X1 FLT 1.14915 04/25/2021 US 902,691.49 $15,135.16
3137AJMG6 FMHS K016 X1 FLT 1.47763 10/25/2021 US 662,461.33 $18,729.84
3137AME78 FHMS K017 X1 FLT 1.29777 12/25/2021 US 1,894,374.33 $47,323.55
3137AUPF0 FHMS K021 x1 FLT 1.43308 06/25/2022 US 2,388,643.99 $84,345.89
3137B3NB0 FHMS K030 X1 FLT 0.19050 04/25/2023 US 7,823,297.75 $51,041.54
3137B4GZ3 FHMS K032 X1 FLT 0.09960 05/25/2023 US 5,025,411.69 $20,436.84
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 188,131.2 $194,800.78
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 177,245.8 $184,857.00
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 35,335.15 $38,109.47
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 19,379.12 $20,905.40
3138EGGZ1 FEDERAL NATL MTG ASSN AL0215 4.50000 04/01/2041 US 97,390.39 $104,817.87
3138EQTZ5 FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 170,898.83 $184,389.61
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64500 01/01/2049 US 405,394.31 $450,045.76
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 304,041.15 $315,946.23
3138WGK37 FEDERAL NATL MTG ASSN FN AS6613 4.00000 02/01/2046 US 478,650.52 $503,089.93
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 86,210.2 $96,456.78
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 19,576.92 $21,925.54
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 54,536.78 $57,032.14
3140EWG66 FEDERAL NATL MTG ASSN BC2020 3.50000 07/01/2046 US 211,561.13 $218,532.30
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 66,004.31 $68,152.25
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 148,056.59 $155,606.63
3140FEXR0 FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 164,256.59 $172,391.65
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 102,092.41 $107,098.92
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 51,367.12 $53,995.39
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 229,708.11 $241,377.61
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 172,143.81 $184,426.40
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 69,265.1 $74,149.42
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 344,269.38 $368,835.39
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 80,747.83 $86,509.81
3140X4JC1 FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 US 363,610.36 $376,119.92
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 1,937.79 $1,980.26
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 2,222.68 $2,271.93
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 14,225.17 $14,431.79
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 17,070.16 $17,312.94
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 36,462.92 $40,709.83
31410KJV7 FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 28,788.83 $32,691.56
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 28,543.88 $31,626.29
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 16,464.24 $18,361.65
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 472.84 $477.23
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 9,891.66 $10,036.94
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 52,285.54 $55,738.07
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 108,890.02 $116,295.89
31418C4F8 FEDERAL NATL MTG ASSN FN MA3521 4.00000 11/01/2048 US 693,253.33 $717,398.13
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 123,977.34 $125,816.72
31418DC67 FEDERAL NATL MTG ASSN FN MA3692 3.50000 07/01/2049 US 502,375.07 $514,908.36
31418MDZ2 FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 15,235.83 $17,397.13
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 8,779.74 $9,992.73
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 16,842.35 $18,792.84
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 28,590.2 $31,924.92
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 2,201.53 $2,303.12
31419BBV6 FEDERAL NATL MTG ASSN AE0951 4.50000 02/01/2041 US 49,533.33 $53,458.41
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780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 576.17 $36,569.55
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 150.29 $9,337.38
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812578102 SEATTLE GENETICS INC US SGEN 4,423.19 $334,880.05
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832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 26.91 $2,991.84
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866674104 SUN COMMUNITIES US SUI 243.06 $32,281.40
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882508104 TEXAS INSTRUMENTS INC US TXN 112.69 $14,086.84
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89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 330,457.77 $328,551.76
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 188,943.95 $189,638.83
89177EAA7 TPMT 2019-HY1 A1 3.26600 10/25/2048 US 173,922.92 $174,873.38
89417E109 TRAVELLERS COS INC US TRV 32.1 $4,706.10
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89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 144,988.75 $146,308.00
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 43,360.21 $42,547.21
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902973304 U.S. BANCORP US USB 202.72 $11,585.55
903002103 UMH PROPERTIES INC US UMH 511.87 $6,731.03
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907818108 UNION PAC CORP US UNP 81.1 $14,594.42
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912828R36 US TREASURY N/B 1.62500 05/15/2026 US 1,591,240.88 $1,560,161.95
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912828X88 US TREASURY N/B 2.37500 05/15/2027 US 1,515,683.73 $1,561,509.49
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918204108 VF CORP US VFC 67.91 $5,934.31
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92189F106 MARKET VECTORS GOLD MINERS US 1,749.72 $46,367.60
92276F100 VENTAS INC US VTR 553.38 $37,236.67
92339V100 VEREIT INC US VER 2,638.22 $24,060.60
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 502,736.17 $633,101.72
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 1,803.84 $300,555.53
92553P201 VIACOM INC CL B US VIAB 91.58 $2,779.57
92826C839 VISA INC - CLASS A SHARES US V 6,300.33 $1,121,459.27
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 28,307.35 $28,024.27
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 54,442.78 $54,877.90
929042109 VORNADO REALTY TRUST US VNO 231.58 $14,894.92
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 21,612.33 $20,693.81
93065PAA9 WBHT 2019-WBM A FLT 3.37500 12/15/2033 US 185,380.43 $184,330.68
931142103 WAL MART STORES US WMT 244.82 $27,023.05
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 129.45 $7,053.99
94106L109 WASTE MANAGEMENT INC US WM 66.5 $7,780.20
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 42,503.19 $42,184.42
948741103 WEINGARTEN REALTY INVESTORS US WRI 626.62 $17,489.02
949746101 WELLS FARGO COMPANY US WFC 437.85 $21,196.39
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 41,751.67 $42,328.03
95040Q104 WELLTOWER INC. US WELL 346.33 $28,787.11
958102105 WESTERN DIGITAL CORP US WDC 66.43 $3,579.80
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 331,638.99 $341,490.61
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 95,611.67 $96,055.81
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 118,925.06 $119,644.88
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 49,062.65 $46,364.21
B00FM53 BANCO BRADESCO SA - PREF BR BBDC4 BZ 2,197.56 $19,946.69
B01FLR7 PING AN INSURANCE GROUP CO-H CN 2318 HK 1,510.41 $17,801.39
B037HR3 ITAU UNIBANCO HOLDINGS S-PREF BR ITUB4 BZ 2,664.6 $24,374.41
B037JC2 NEXITY FR NXI FP 75.55 $3,627.23
B058TZ6 SAFRAN SA FR SAF FP 80.69 $11,583.69
B068DB9 SM INVESTMENTS CORP PH SM PM 569.82 $11,143.47
B07DRZ5 RECORDATI SPA IT REC IM 545.27 $24,419.73
B08K3S0 LOCALIZA RENT A CAR BR RENT3 BZ 319.22 $3,663.69
B0C2CQ3 ENGIE FR ENGI FP 472.48 $7,271.23
B0CGYD6 LOJAS RENNER S.A. BR LREN3 BZ 484.18 $5,994.60
B0MP1B0 SHENZHOU INTERNATIONAL GROUP CN 2313 HK 1,287.58 $17,759.26
B0R7JF1 IPSEN FR IPN FP 192.98 $22,152.93
B0SWJX3 LONDON STOCK EXCHANGE GROUP GB LSE LN 218.58 $17,554.33
B11ZRK9 LEGRAND SA FR LR FP 67.65 $4,765.10
B13X013 EIFFAGE FR FGR FP 71.77 $7,091.78
B15C557 TOTAL SA FR FP FP 448.69 $23,255.97
B1FW751 GALP ENERGIA SGPS SA PT GALP PL 1,554.44 $24,199.78
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 1,702.69 $10,462.91
B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 235.56 $11,413.25
B1XH026 VINCI SA FR DG FP 229.21 $23,577.36
B1Y47Y7 GERRESHEIMER AG DE GXI GR 126.37 $9,829.63
B1Y9TB3 DANONE FR BN FP 638.91 $55,450.29
B1YVKN8 ANTA SPORTS PRODUCTS LTD CN 2020 HK 1,510.41 $11,275.10
B1YXBJ7 AIR LIQUIDE FR AI FP 106.1 $14,645.99
B1Z9Q99 ABOITIZ POWER CORP PH AP PM 10,081.57 $6,997.92
B247XZ6 MANILA ELECTRIC COMPANY PH MER PM 993.38 $7,107.75
B24CGK7 RECKITT BENCKISER GROUP PLC GB RB/ LN 305.25 $23,597.16
B3NB1P2 SUNCOR ENERGY INC CA SU CN 695.74 $19,963.46
B3ZCNF7 TELEFONICA BRASIL S.A. - PREF BR VIVT4 BZ 267.8 $3,662.27
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 377,164.97 $19,367.84
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 73,535.25 $57,566.77
B4975P9 MAGAZINE LUIZA SA BR MGLU3 BZ 41.24 $2,841.98
B4JSTL6 WYNN MACAU LTD MO 1128 HK 7,554.09 $16,950.11
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 622,990.41 $31,839.44
B4P8HQ1 MGM CHINA HOLDINGS LTD MO 2282 HK 6,881.36 $11,245.00
B4R2R50 JULIUS BAER CH BAER SW 301.94 $12,902.63
B4V5RY4 BANCO SANTANDER BRASIL - UNIT BR SANB11 BZ 192.28 $2,180.59
B5B23W2 SANDS CHINA LTD MO 1928 HK 3,543.52 $17,008.45
B5VJH76 BDO UNIBANK INC PH BDO PM 3,820.69 $10,986.18
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 873,650.69 $45,666.21
B63QM77 NEXON CO LTD JP 3659 JP 3,238.22 $51,256.11
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 206,197.54 $10,876.30
B725S29 PUREGOLD PRICE CLUB INC PH PGOLD PM 4,113.41 $3,664.28
B7FQV64 RAIA DROGASIL S.A. BR RADL3 BZ 133.9 $2,894.59
B92RW83 LT GROUP INC PH LTG PM 12,274.22 $3,400.96
B9N3SQ0 BB SEGURIDADE PARTICIPACOES BR BBSE3 BZ 418.84 $3,567.95
BB22L96 KION GROUP AG DE KGX GR 218.9 $11,667.77
BBG00PFL3N07 EA US 08/02/19 C89 US -27.5 -$9,211.30
BBG00PHRPF69 EQIX US 08/16/19 P480 US -4.5 -$2,096.53
BBG00PMQYKV6 CBOE US 08/23/19 P105 US -19.88 -$1,789.33
BBG00PN16Q48 NOW US 08/23/2019 P270 US -8 -$3,568.80
BBG00PP80KG7 FB US 08/30/19 P185 US -13.34 -$3,080.57
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 73.83 $1,482.11
BD0PJ08 INMOBILIARIA COLONIAL SOCIMI ES COL SM 989.6 $11,064.44
BD4TZK8 OCI NV NL OCI NA 192.52 $5,021.28
BD9Y5C0 TECHNOGYM SPA IT TGYM IM 1,617.11 $17,370.72
BD9Y9B7 BASIC-FIT NV NL BFIT NA 551.99 $17,445.52
BF1K7P7 ESSITY AKTIEBOLAG-B SE ESSITYB SS 820.83 $24,381.24
BFTCYP4 ROBINSONS RETAIL HOLDINGS IN PH RRHI PM 2,378.86 $3,707.08
BG36ZK1 B3 SA-BRASIL BOLSA BALCAO BR B3SA3 BZ 1,119.4 $12,407.32
BG7ZWY7 AMBEV SA BR ABEV3 BZ 2,530.7 $13,395.04
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 7,542.76 $12,608.29
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 20,636.62 $17,634.20
BJ2KSG2 AKZO NOBEL NL AKZA NA 319.95 $30,189.17
BJT1GR5 ALCON INC CH ALC SW 208.32 $12,063.80
BMJ6DW5 INFORMA PLC GB INF LN 2,228.65 $23,596.45
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 22,791.96 $1,061,945.20
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 2,190.16 $9,830.74
BNGN9Z1 FINECOBANK SPA IT FBK IM 1,827.85 $18,183.49
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 19,144.49 $572,848.61
BSQXJ01 THULE GROUP AB/THE SE THULE SS 1,064.8 $23,258.50
BVSS790 ELIS SA FR ELIS FP 390.59 $7,255.32
BYXS699 QIAGEN N.V. NL QIA GR 407.18 $15,455.34
BYXZ2W5 RUMO SA BR RAIL3 BZ 628.26 $3,585.51
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 7,251.36 $729,028.97
BYZFYS3 SPIE SA FR SPIE FP 200.53 $3,716.92
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 2,808.72 $14,827.67
BYZR014 AMUNDI SA FR AMUN FP 156.23 $10,749.65
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 346.92 $10,903.73
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 427.33 $23,622.66
G27358103 DESPEGAR.COM CORP AR DESP 353.48 $4,598.78
G29183103 EATON CORP PLC US ETN 74.33 $6,109.42
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 42,876.73 $44,205.91
G45667105 HOLLYSYS AUTOMATION TECHNOLOGIES CN HOLI 681.44 $11,782.12
G50871105 JAZZ PHARMACEUTICALS IE JAZZ 182.51 $25,437.57
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 141 $5,984.11
G5960L103 MEDTRONIC INC IE MDT 11,507.4 $1,173,064.27
G97822103 PERRIGO CO PLC IE PRGO 284 $15,338.83
H01301128 ALCON INC CH ALC 2,356.37 $138,436.46
H1467J104 CHUBB LTD CH CB 45.53 $6,959.55
H8817H100 TRANSOCEAN LTD US RIG 19,226.5 $116,897.12
N22717107 CORE LABORATORIES N.V. NL CLB 184.24 $9,243.56
N47279109 INTERXION HOLDING NV NL INXN 7,237.25 $544,965.03
N53745100 LYONDELLBASELL INDU-CL A US LYB 68.08 $5,697.40
N72482123 QIAGEN N.V. ADR NL QGEN 247.79 $9,346.46
USD US DOLLAR US 1,236,346.81 $1,236,346.81

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

$15.53

Daily $ Change

-$0.03

Daily % Change

-0.19%

as of 08/22/2019

CUSIP

302027636

Inception Date

08/17/2012

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

Important Documents

Annual Report
Fact Sheet
Applications & Forms

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

Investment Objective

To provide capital growth and manage risk for investors planning to retire in or around the year indicated in the fund’s name.

Investment Strategy

Currently: The portfolio is currently invested in a 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 26% - 66%.

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 2025
  • Who 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 07/31/2019

YTD

12.10%

1 Year

6.14%

3 Year

6.01%

5 Year

3.55%

10 Year

7.51%

Inception
(01/01/2000)

6.39%

US Stock Market Cycle (04/01/2000 - 07/31/2019)

6.53%

Performance through the inception date of the Retirement Target CIT Class S units is based on historical performance of the CIT's oldest unit class. Performance through the inception date of the oldest unit class (08/03/2012) is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. Returns are net of the Class S expenses. The Retirement Target CIT Fund will gradually become more conservative over time. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.90%
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 07/31/2019

GOVERNMENT AGENCY 9.62%
TREASURY NOTES 8.19%
TREASURY BONDS 8.01%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 2.24%
MICROSOFT CORP 1.90%
MASTERCARD INC-CLASS A 1.58%
MEDTRONIC INC 1.54%
VISA INC - CLASS A SHARES 1.47%
TENCENT HOLDINGS LTD 1.39%
NOVARTIS AG- REG 1.36%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 07/31/2019

Bonds
56.19%
Stocks
42.20%
Cash
1.61%

Detailed Asset Class Allocation

As of 07/31/2019

International Equities
15.73%
Small Capitalization
0.25%
Mid Capitalization
0.88%
Large Capitalization
25.34%
Long Term Fixed Income
20.78%
Intermediate Term Fixed Income
26.32%
Short Term Fixed Income
9.09%
Cash
1.61%

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

July Fund Holdings

As of 07/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 16,122.26 $16,243.18
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 390,832.26 $420,377.81
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 752,643.22 $751,950.79
00287Y109 ABBVIE INC US ABBV 178.29 $11,877.60
004239109 ACADIA REALTY TRUST US AKR 241 $6,764.94
00507V109 ACTIVISION INC US ATVI 12,260.94 $597,598.29
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 420,410.8 $444,718.56
008492100 AGREE REALTY CORP US ADC 151.98 $10,160.01
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 57.12 $8,360.64
01609W102 ALIBABA GROUP - ADR CN BABA 161.89 $28,023.98
020002101 ALLSTATE CORPORATION US ALL 42.58 $4,572.93
02079K107 ALPHABET INC-CL C US GOOG 595 $723,924.10
02079K305 ALPHABET INC-CL A US GOOGL 591.76 $720,879.92
023135106 AMAZON.COM INC US AMZN 151.09 $282,055.57
02319V103 AMBEV SA-ADR BR ABEV 38,074.69 $200,653.61
0237400 DIAGEO PLC GB DGE LN 8,970.44 $374,069.36
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 94,671.61 $94,984.03
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 256.96 $12,013.05
0263494 BAE SYSTEMS PLC GB BA/ LN 3,485.74 $23,158.37
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,575.74 $38,148.68
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 29,673.46 $29,975.75
03027X100 AMERICAN TOWER REIT INC US AMT 1,652.66 $349,735.65
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 9,679.28 $9,768.77
03064D108 AMERICOLD REALTY TRUST US COLD 664.7 $22,287.54
031162100 AMGEN INC US AMGN 78.97 $14,734.43
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 33,101.55 $30,908.57
03748R754 APARTMENT INVT & MGMT CO -A US AIV 540.85 $26,793.87
038222105 APPLIED MATERIALS INC US AMAT 119.21 $5,885.62
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 83.51 $3,430.49
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 4,633.04 $4,783.62
0405207 HALMA PLC GB HLMA LN 489.99 $11,833.08
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 8,570.22 $8,334.54
0490656 KERRY GROUP PLC-A IE KYGA LN 204.3 $23,837.83
05278C107 AUTOHOME INC-ADR CN ATHM 215.98 $18,358.32
053484101 AVALONBAY COMMUNITIES INC US AVB 282.35 $58,952.28
054937107 BB&T CORP US BBT 89.28 $4,600.65
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 407,273.43 $415,844.09
05722G100 BAKER HUGHES A GE CO US BHGE 145.88 $3,703.92
060505104 BANK OF AMERICA CORP US BAC 584.7 $17,938.49
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 608,750.87 $638,973.35
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 4,034.22 $828,750.57
086516101 BEST BUY INC US BBY 57.67 $4,413.16
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 3,774.19 $299,368.44
0922320 SMITH & NEPHEW PLC GB SN/ LN 1,123.34 $25,431.09
09247X101 BLACKROCK INC US BLK 348.89 $163,167.95
0946580 WEIR GROUP PLC/THE GB WEIR LN 1,027.19 $18,570.36
097023105 BOEING CO US BA 54.54 $18,607.26
09857L108 BOOKING HOLDINGS INC US BKNG 349.58 $659,528.44
101121101 BOSTON PROPERTIES INC US BXP 308.6 $41,028.02
105368203 BRANDYWINE REALTY TRUST US BDN 2,009.89 $29,645.85
110122108 BRISTOL MYERS SQUIBB CO US BMY 196.78 $8,738.86
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 264.66 $9,424.61
11135F101 BROADCOM INC US AVGO 43.89 $12,726.29
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 22,121.42 $16,535.76
12429TAE4 BWAY HOLDING CO 7.25000 04/15/2025 US 23,326.37 $22,101.74
12503M108 CBOE GLOBAL MARKETS INC US CBOE 3,068.37 $335,403.49
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 38.94 $3,260.16
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 86,985.51 $88,637.34
12572Q105 CME GROUP INC US CME 1,675.45 $325,741.68
12591QAR3 COMM 2014-UBS4 A5 3.69400 08/10/2047 US 366,546.08 $387,048.44
12593GAF9 COMM 2015-PC1 A5 3.90200 07/10/2050 US 193,454.88 $206,939.67
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 203,636.71 $211,613.96
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 147,469.32 $144,292.95
126650100 CVS HEALTH CORP US CVS 162.38 $9,071.99
133131102 CAMDEN PROPERTY TRUST US CPT 209.96 $21,775.26
13321L108 CAMECO CORP CA CCJ 1,458.86 $13,406.89
149123101 CATERPILLAR INC US CAT 67.32 $8,864.32
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 4,245.38 $4,240.19
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 140,724.39 $141,175.92
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 138,026.73 $137,561.41
165240102 CHESAPEAKE LODGING TRUST US CHSP 357.82 $9,829.35
166764100 CHEVRON CORP US CVX 138.05 $16,994.77
17275R102 CISCO SYSTEMS INC US CSCO 407.51 $22,575.82
172967424 CITIGROUP INC US C 170.87 $12,158.80
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 198,148.36 $319,302.24
191216100 COCA COLA CO/THE US KO 12,275.45 $646,057.05
192422103 COGNEX CORP US CGNX 3,808.64 $167,618.44
194162103 COLGATE-PALMOLIVE CO US CL 123.68 $8,872.89
2011646 ALIMENTATION COUCHE-TARD -B CA ATD/B CN 395.57 $24,247.10
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 531.42 $21,835.87
205887102 CONAGRA BRAND INC. US CAG 94.88 $2,739.28
21036PAM0 CONSTELLATION BRANDS INC 3.87500 11/15/2019 US 220,211.05 $220,946.22
222795502 COUSINS PROPERTIES INC US CUZ 1,269.13 $44,647.83
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 405,144.2 $410,274.15
22822V101 CROWN CASTLE INTL CORP US CCI 168.45 $22,447.96
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 98,016.58 $96,115.84
229663109 CUBESMART US CUBE 323.01 $10,966.04
231021106 CUMMINS INC US CMI 30.04 $4,925.78
2328595 BANCO DO BRASIL S.A. BR BBAS3 BZ 628.26 $8,129.13
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 516.82 $4,761.76
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 5,753.53 $10,514.05
2458771 ITAUSA INVESTIMENTOS ITAU -PR BR ITSA4 BZ 2,406.98 $7,896.40
2521800 LOBLAW COMPANIES LTD CA L CN 479.52 $24,880.76
253868103 DIGITAL REALTY TRUST INC US DLR 203.62 $23,285.51
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 410,551.29 $436,834.74
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 21,612.33 $22,476.82
25960P109 DOUGLAS EMMETT INC US DEI 353.54 $14,431.34
260557103 DOW INC US DOW 93.89 $4,547.88
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 51,446.95 $53,504.83
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 53,831.25 $51,678.00
269246401 ETRADE FINANCIAL CORP US ETFC 3,453.14 $168,478.47
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BF1K7P7 ESSITY AKTIEBOLAG-B SE ESSITYB SS 820.83 $24,381.24
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BG36ZK1 B3 SA-BRASIL BOLSA BALCAO BR B3SA3 BZ 1,119.4 $12,407.32
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BGHQ198 HIBERNIA REIT PLC IE HBRN ID 7,542.76 $12,608.29
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 20,636.62 $17,634.20
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BJT1GR5 ALCON INC CH ALC SW 208.32 $12,063.80
BMJ6DW5 INFORMA PLC GB INF LN 2,228.65 $23,596.45
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 22,791.96 $1,061,945.20
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 2,190.16 $9,830.74
BNGN9Z1 FINECOBANK SPA IT FBK IM 1,827.85 $18,183.49
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 19,144.49 $572,848.61
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BVSS790 ELIS SA FR ELIS FP 390.59 $7,255.32
BYXS699 QIAGEN N.V. NL QIA GR 407.18 $15,455.34
BYXZ2W5 RUMO SA BR RAIL3 BZ 628.26 $3,585.51
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 7,251.36 $729,028.97
BYZFYS3 SPIE SA FR SPIE FP 200.53 $3,716.92
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 2,808.72 $14,827.67
BYZR014 AMUNDI SA FR AMUN FP 156.23 $10,749.65
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 346.92 $10,903.73
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 427.33 $23,622.66
G27358103 DESPEGAR.COM CORP AR DESP 353.48 $4,598.78
G29183103 EATON CORP PLC US ETN 74.33 $6,109.42
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 42,876.73 $44,205.91
G45667105 HOLLYSYS AUTOMATION TECHNOLOGIES CN HOLI 681.44 $11,782.12
G50871105 JAZZ PHARMACEUTICALS IE JAZZ 182.51 $25,437.57
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 141 $5,984.11
G5960L103 MEDTRONIC INC IE MDT 11,507.4 $1,173,064.27
G97822103 PERRIGO CO PLC IE PRGO 284 $15,338.83
H01301128 ALCON INC CH ALC 2,356.37 $138,436.46
H1467J104 CHUBB LTD CH CB 45.53 $6,959.55
H8817H100 TRANSOCEAN LTD US RIG 19,226.5 $116,897.12
N22717107 CORE LABORATORIES N.V. NL CLB 184.24 $9,243.56
N47279109 INTERXION HOLDING NV NL INXN 7,237.25 $544,965.03
N53745100 LYONDELLBASELL INDU-CL A US LYB 68.08 $5,697.40
N72482123 QIAGEN N.V. ADR NL QGEN 247.79 $9,346.46
USD US DOLLAR US 1,236,346.81 $1,236,346.81

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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