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

$11.59

Daily $ Change

-$0.01

Daily % Change

-0.09%

as of 05/23/2019

CUSIP

56382R852

Inception Date

05/14/2015

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

Important Documents

Annual Report
Applications & Forms

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

Performance

As of 04/30/2019

YTD

9.09%

1 Year

6.79%

3 Year

6.71%

5 Year

3.95%

10 Year

8.76%

Inception
(01/01/2000)

6.83%

US Stock Market Cycle (04/01/2000 - 04/30/2019)

6.97%

Performance through the inception date of the Retirement Target CIT Class U1 units is based on the historical performance of the CIT’s oldest unit class. Performance through the inception date of the oldest unit class (08/03/2012) is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. Returns are net of the Class U1 expenses. The Retirement Target CIT Fund will gradually become more conservative over time. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.54%
Net 0.49%*

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

Top Ten Investments

As of 04/30/2019

TREASURY NOTES 7.85%
TREASURY BONDS 7.81%
GOVERNMENT AGENCY 7.42%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 2.61%
TREASURY BILLS 2.54%
MICROSOFT CORP 1.75%
MEDTRONIC INC 1.51%
NOVARTIS AG- REG 1.43%
MASTERCARD INC-CLASS A 1.39%
TENCENT HOLDINGS LTD 1.38%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 04/30/2019

Bonds 56.92%
Stocks 41.24%
Cash 1.84%

Detailed Asset Class Allocation

As of 04/30/2019

International Equities 16.07%
Small Capitalization 0.39%
Mid Capitalization 1.15%
Large Capitalization 23.64%
Long Term Fixed Income 20.65%
Intermediate Term Fixed Income 23.87%
Short Term Fixed Income 12.39%
Cash 1.84%

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

April Fund Holdings

As of 04/30/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAH9 ADT SEC CORP 4.12500 06/15/2023 US 21,810.27 $21,333.06
00101JAM8 ADT CORP 5.25000 03/15/2020 US 13,861.15 $13,999.77
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 354,729.63 $368,239.66
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 655,146.8 $652,255.41
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 93,313.84 $93,780.41
004239109 ACADIA REALTY TRUST US AKR 245.54 $6,934.10
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 344,942.61 $353,031.94
0081180 BARRATT DEVELOPMENTS PLC GB BDEV LN 2,837.61 $22,323.07
008492100 AGREE REALTY CORP US ADC 151.89 $9,944.30
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 18,574.72 $18,946.02
0136701 BRITISH LAND CO PLC GB BLND LN 1,482.31 $11,500.75
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 56.76 $8,082.33
01609W102 ALIBABA GROUP - ADR CN BABA 116.1 $21,544.16
02079K107 ALPHABET INC-CL C US GOOG 544.36 $646,959.27
02079K305 ALPHABET INC-CL A US GOOGL 538.71 $645,887.95
023135106 AMAZON.COM INC US AMZN 149.11 $287,265.96
02319V103 AMBEV SA-ADR BR ABEV 71,097.1 $334,867.35
0237400 DIAGEO PLC GB DGE LN 17,249.06 $727,182.08
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 81,409.39 $81,816.44
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 241.57 $11,401.98
0263494 BAE SYSTEMS PLC GB BA/ LN 3,193.85 $20,527.83
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,503.53 $36,054.60
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 22,549.27 $21,703.67
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 14,780.11 $14,489.93
03027X100 AMERICAN TOWER REIT INC US AMT 1,791.3 $349,840.15
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 9,660.83 $9,748.82
03064D108 AMERICOLD REALTY TRUST US COLD 230.1 $7,365.60
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 20,052.73 $20,453.78
03748R754 APARTMENT INVT & MGMT CO -A US AIV 448.15 $22,120.73
03784Y200 APPLE HOSPITALITY REIT INC US APLE 427.85 $7,038.15
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 3,974.56 $3,919.91
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 MUL 18,854.24 $18,995.65
0405207 HALMA PLC GB HLMA LN 508.75 $11,970.70
0490656 KERRY GROUP PLC-A IE KYGA LN 206.73 $23,094.29
05278C107 AUTOHOME INC-ADR CN ATHM 189.99 $21,942.43
053484101 AVALONBAY COMMUNITIES INC US AVB 286.41 $57,547.48
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 367,581.37 $365,119.42
058498106 BALL CORP US BLL 13,840.58 $829,604.23
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 551,710.42 $565,299.88
0673123 ASSOCIATED BRITISH FOODS PLC GB ABF LN 328.18 $10,962.05
0682538 PERSIMMON PLC GB PSN LN 775.52 $22,655.04
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 3,888.94 $842,771.55
0870612 LLOYDS BANKING GROUP PLC GB LLOY LN 27,531.57 $22,516.31
0878230 TAYLOR WIMPEY PLC GB TW/ LN 9,627.35 $22,824.65
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 3,327.18 $284,573.97
0922320 SMITH & NEPHEW PLC GB SN/ LN 868.09 $16,782.30
09247X101 BLACKROCK INC US BLK 359.1 $174,251.70
0946580 WEIR GROUP PLC/THE GB WEIR LN 1,448.37 $31,480.27
09857L108 BOOKING HOLDINGS INC US BKNG 517.11 $959,243.05
101121101 BOSTON PROPERTIES INC US BXP 296.31 $40,778.38
105368203 BRANDYWINE REALTY TRUST US BDN 1,970.63 $30,327.94
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 233.93 $9,170.16
11134LAB5 BROADCOM CRP / CAYMN FI 2.37500 01/15/2020 US 373,255.37 $371,639.89
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 19,034.19 $17,987.31
12503M108 CBOE GLOBAL MARKETS INC US CBOE 2,841.18 $288,692.63
12510GAB8 CCG 2019-1 A2 2.80000 09/14/2026 US 152,622.67 $152,712.12
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 83,720.9 $85,008.93
12572Q105 CME GROUP INC US CME 1,660.5 $297,062.69
12591QAR3 COMM 2014-UBS4 A5 3.69400 08/10/2047 US 330,823.23 $342,317.75
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 365,037.28 $365,395.01
12593GAF9 COMM 2015-PC1 A5 3.90200 07/10/2050 US 174,601.15 $182,079.30
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 385,960.44 $391,850.04
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 132,726.35 $126,970.27
133131102 CAMDEN PROPERTY TRUST US CPT 72.48 $7,295.13
13321L108 CAMECO CORP CA CCJ 1,270.38 $14,024.96
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 7,065.13 $7,043.05
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 154,815.87 $154,566.90
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 40,844.46 $40,538.13
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 226,593.23 $224,554.52
165240102 CHESAPEAKE LODGING TRUST US CHSP 352.87 $10,056.91
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 196,460.16 $297,473.27
191216100 COCA COLA CO/THE US KO 12,479.37 $612,238.03
2011646 ALIMENTATION COUCHE-TARD -B CA ATD/B CN 117.66 $6,937.09
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 518.84 $18,927.45
2180632 CANADIAN NATL RAILWAY CO CA CNR CN 118.67 $11,023.22
222795106 COUSINS PROPERTIES INC US CUZ 3,061.9 $29,302.38
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 348,206.04 $353,984.18
22822V101 CROWN CASTLE INTL CORP US CCI 167.61 $21,081.88
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 88,157.27 $84,154.31
229663109 CUBESMART US CUBE 306.2 $9,770.78
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 13,861.15 $14,086.95
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 437.35 $4,619.30
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 17,835.71 $17,451.17
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 4,591.58 $10,664.10
25271C102 DIAMOND OFFSHORE DRILLING US DO 8,014.69 $77,822.69
253868103 DIGITAL REALTY TRUST INC US DLR 190.54 $22,428.18
254683BK0 DCENT 2014-A4 2.12000 12/15/2021 US 16,541.16 $16,529.82
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 375,743.25 $373,945.46
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 18,574.72 $18,899.77
25960P109 DOUGLAS EMMETT INC US DEI 341.43 $14,063.47
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 44,259.96 $44,702.56
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 46,377.39 $45,102.01
269246401 ETRADE FINANCIAL CORP US ETFC 3,197.36 $161,978.22
2715777 QUEBECOR INC -CL B CA QBR/B CN 7,051.36 $175,849.70
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 8,892 $180,070.18
285512109 ELECTRONIC ARTS US EA 4,750.35 $449,620.96
2866857 LUNDIN MINING CORP CA LUN CN 1,004.27 $5,389.82
29444U700 EQUINIX INC US EQIX 1,091.94 $496,506.94
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 157.9 $18,427.23
29476L107 EQUITY RESIDENTIAL US EQR 621.9 $47,525.87
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 730.47 $15,106.19
297178105 ESSEX PROPERTY TRUST INC US ESS 112.33 $31,731.90
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 601,520.88 $600,141.59
30225T102 EXTRA SPACE STORAGE INC US EXR 108.91 $11,292.86
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 13,486.55 $13,430.31
30261UAJ3 FREMF 2013-K713 B 3.26289 04/25/2046 US 110,274.41 $110,411.25
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 26,523.83 $27,391.69
30286XAN9 FREMF 2015-K43 B FLT 3.86186 02/25/2048 US 328,761.34 $332,365.06
30291EAE4 FREMF 2013-K712 B FLT 3.46531 05/25/2045 US 137,502.11 $137,527.06
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 17,533,866.46 $53,646.62
30291XAE2 FREMF 2014-K715 B FLT 4.11272 02/25/2046 US 97,835.05 $99,449.74
30292HAU0 FREMF 2014- K503 B 3.08515 10/25/2047 US 69,882.18 $69,745.88
3128M5A91 FHLM POOL G03332 6.00000 10/01/2037 US 4,236.4 $4,710.11
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 14,474.8 $15,886.58
3128M5NM8 FHLM POOL G03696 5.50000 01/01/2038 US 9,080.51 $9,954.76
3128M6B98 FHLM POOL G04264 5.50000 04/01/2038 US 31,595.73 $34,516.93
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 8,911.41 $9,717.19
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 9,237.12 $10,263.14
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 20,932.58 $23,271.95
3128M7KW5 FHLM POOL G05409 5.50000 03/01/2039 US 21,961.38 $24,029.20
3128M8AW4 FHLM POOL G06021 5.50000 01/01/2040 US 8,509.16 $9,291.11
3128M9C83 FHLM POOL G06995 6.00000 05/01/2040 US 26,202.44 $29,103.77
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 1,394.58 $1,440.71
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 2,703.63 $2,766.24
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 1,876.08 $1,931.13
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 1,534.33 $1,588.51
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 2,642.31 $2,728.66
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 265,664.58 $279,191.66
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 34,785.1 $37,941.18
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 40,842.45 $42,963.11
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 47,006.23 $49,446.65
3132LMMM5 FHLM POOL K91364 4.50000 11/01/2033 US 27,671.55 $28,960.11
3132LNE83 FHLM POOL K92059 4.50000 09/01/2034 US 40,344.53 $42,414.00
3132VLY43 FHLM POOL FG Q60730 4.00000 01/01/2049 US 299,063.51 $307,546.78
31335ABB3 FHLM POOL G60034 4.50000 02/01/2045 US 245,278.86 $258,154.84
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 60,426.51 $62,421.46
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 121,601.14 $128,337.37
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 1,141.35 $1,144.11
3134865 BARCLAYS PLC GB BARC LN 10,986.17 $23,576.42
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 142,909.58 $145,655.65
31371NCJ2 FEDERAL NATL MTG ASSN 256673 5.50000 04/01/2037 US 43,209.39 $47,493.94
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 56.02 $7,498.66
3137A2B34 FHMS K009 X1 FLT 1.43325 08/25/2020 US 1,762,549.07 $23,896.82
3137ADTK3 FHMS K014 X1 FLT 1.32344 04/25/2021 US 795,463.47 $15,582.02
3137AJMG6 FMHS K016 X1 FLT 1.63481 10/25/2021 US 590,610.14 $18,587.15
3137AME78 FHMS K017 X1 FLT 1.44558 12/25/2021 US 1,530,867.29 $42,974.35
3137AUPF0 FHMS K021 x1 FLT 1.57070 06/25/2022 US 2,084,708.89 $79,755.33
3137B3NB0 FHMS K030 X1 FLT 0.30473 04/25/2023 US 6,787,573.89 $47,776.38
3137B4GZ3 FHMS K032 X1 FLT 0.21525 05/25/2023 US 4,361,788.25 $19,072.36
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 174,847.97 $179,108.37
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 169,306.2 $175,567.77
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 32,473.67 $34,395.40
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 17,603.33 $18,639.75
3138EGGZ1 FEDERAL NATL MTG ASSN AL0215 4.50000 04/01/2041 US 81,181.9 $86,011.40
3138EQTZ5 FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 159,879.75 $169,357.18
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65000 01/01/2049 US 363,378.87 $398,255.45
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 419,463.02 $426,042.66
3138WGK37 FEDERAL NATL MTG ASSN FN AS6613 4.00000 02/01/2046 US 420,049.94 $433,450.37
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 77,793.07 $85,636.21
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 16,147.66 $17,763.98
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 53,464.51 $55,190.15
3140EWG66 FEDERAL NATL MTG ASSN BC2020 3.50000 07/01/2046 US 182,078.47 $184,001.46
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 63,342.8 $64,140.20
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 134,354.23 $138,585.22
3140FEXR0 FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 148,951.21 $153,611.43
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 88,367.28 $91,132.01
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 77,443.41 $80,915.26
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 305,698.82 $318,898.86
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 172,039.68 $181,433.95
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 164,817.51 $173,817.96
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 119,906.03 $126,490.83
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 71,243.62 $75,156.09
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 2,003.88 $2,050.49
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 2,320.36 $2,372.78
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 15,147.15 $15,377.04
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 18,749.17 $19,013.65
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 30,404.32 $33,390.44
31410KJV7 FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 27,363.66 $30,618.33
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 26,752.93 $28,940.66
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 15,350.67 $16,835.97
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 610.03 $615.63
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 10,820.45 $10,994.44
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 114,358.43 $120,060.23
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 95,993.91 $100,830.18
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 112,193.71 $111,035.31
31418MDZ2 FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 14,563.91 $16,296.10
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 8,058.46 $9,011.97
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 16,826.98 $18,229.93
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 26,812.53 $29,389.00
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 2,084.29 $2,170.98
31419BBV6 FEDERAL NATL MTG ASSN AE0951 4.50000 02/01/2041 US 46,132.83 $48,885.08
31428X106 FEDEX CORPORATION US FDX 1,398.62 $264,982.99
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 17,556.18 $17,731.74
316067107 FIDELITY CASH RESERVES US 362,122.12 $362,122.12
3163836 INTERTEK GROUP PLC GB ITRK LN 163.63 $11,445.00
32054K103 FIRST INDUSTRIAL REALTY TR US FR 367.57 $12,964.33
335934AK1 FIRST QUANTUM MINERALS L 7.25000 04/01/2023 CA 7,669.58 $7,596.72
346232AD3 FORESTAR GROUP INC 8.00000 04/15/2024 US 37,888.44 $38,835.65
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 21,810.27 $22,355.52
357081AE8 FREMF 2015-K720 B FLT 3.50621 07/25/2022 US 148,957.62 $149,527.61
35802XAD5 FRESENIUS MED CARE II 5.62500 07/31/2019 US 249,430.87 $250,717.94
36143WAN1 GAHR 2015-NRF BFX FLT 3.38216 12/15/2034 US 308,774.93 $307,690.57
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95040Q104 WELLTOWER INC. US WELL 291.12 $21,697.11
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 88,359.18 $88,207.20
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 21,350.79 $21,608.71
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 266,087.4 $266,857.04
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 89,270.98 $89,407.08
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 109,249.32 $109,052.68
98850P109 YUM CHINA HOLDINGS INC CN YUMC 243.92 $11,595.90
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 42,142.52 $40,667.53
B01FLR7 PING AN INSURANCE GROUP CO-H CN 2318 HK 1,507.89 $18,252.44
B01JCK9 LI NING CO LTD CN 2331 HK 7,682.6 $13,957.11
B02L3W3 BERKELEY GROUP HOLDINGS GB BKG LN 447.51 $21,953.56
B058TZ6 SAFRAN SA FR SAF FP 60.04 $8,750.93
B068DB9 SM INVESTMENTS CORP PH SM PM 446.5 $8,145.88
B0744B3 BUNZL PLC GB BNZL LN 307.93 $9,287.50
B07DRZ5 RECORDATI SPA IT REC IM 179.63 $7,258.42
B09DHL9 MTU AERO ENGINES HOLDING AG DE MTX GR 45.42 $10,715.14
B0C2CQ3 ENGIE FR ENGI FP 307.19 $4,559.49
B0MP1B0 SHENZHOU INTERNATIONAL GROUP CN 2313 HK 878.77 $11,811.39
B0SWJX3 LONDON STOCK EXCHANGE GROUP GB LSE LN 586.26 $38,437.20
B11TCY0 SCHINDLER HOLDING-PART CERT CH SCHP SW 49.95 $10,795.47
B15C557 TOTAL SA FR FP FP 400.14 $22,244.21
B1FW751 GALP ENERGIA SGPS SA PT GALP PL 1,441.88 $24,175.09
B1JB4K8 SYMRISE AG DE SY1 GR 113.68 $10,927.19
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 1,576.2 $9,706.89
B1WGG93 GEBERIT AG-REG CH GEBN SW 24.61 $10,317.33
B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 221.63 $12,108.14
B1XH026 VINCI SA FR DG FP 194.43 $19,636.60
B1Y9TB3 DANONE FR BN FP 505.34 $40,854.32
B1YVKN8 ANTA SPORTS PRODUCTS LTD CN 2020 HK 1,609.74 $11,321.51
B1YXBJ7 AIR LIQUIDE FR AI FP 80.57 $10,718.05
B1Z9Q99 ABOITIZ POWER CORP PH AP PM 6,846.82 $4,953.23
B247XZ6 MANILA ELECTRIC COMPANY PH MER PM 631.2 $4,669.79
B249GC0 MATSUMOTOKIYOSHI HOLDINGS CO JP 3088 JP 336.73 $11,149.29
B3NB1P2 SUNCOR ENERGY INC CA SU CN 507.63 $16,740.39
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 331,783.9 $16,995.09
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 62,712.37 $48,487.98
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 540,889.16 $27,378.35
B4R2R50 JULIUS BAER CH BAER SW 292.39 $14,123.92
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 112,363.74 $82,637.04
B5VJH76 BDO UNIBANK INC PH BDO PM 3,124.29 $8,043.74
B607XS1 VERMILION ENERGY INC CA VET CN 453.43 $11,578.49
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 755,392.87 $39,836.96
B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 2,168.01 $26,297.28
B63QM77 NEXON CO LTD JP 3659 JP 1,851.81 $26,360.89
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 175,753.95 $8,914.27
B725S29 PUREGOLD PRICE CLUB INC PH PGOLD PM 3,842.23 $3,092.71
B7T7721 ROYAL BANK OF SCOTLAND GB RBS LN 6,863.56 $21,492.14
B8FMRX8 COLOPLAST-B DK COLOB DC 93.61 $10,111.79
B92RW83 LT GROUP INC PH LTG PM 10,992.62 $3,383.48
BB22L96 KION GROUP AG DE KGX GR 139.58 $9,602.43
BBD7Q84 SUNTORY BEVERAGE & FOOD LTD JP 2587 JP 210.9 $9,326.03
BBG00NDWLL31 BKNG US 05/17/19 P1730 US -1.11 -$2,020.98
BBG00NX43YR7 EA US 05/10/19 P87.5 US -23.66 -$3,028.84
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 313.12 $6,383.56
BD0Q398 KONINKLIJKE AHOLD DELHAIZE N NL AD NA 248.63 $5,992.46
BD3JR69 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 16,872.38 $7,892.10
BD4TZK8 OCI NV NL OCI NA 357.24 $10,375.67
BD9Y5C0 TECHNOGYM SPA IT TGYM IM 977.93 $12,000.45
BD9Y9B7 BASIC-FIT NV NL BFIT NA 341.6 $12,125.45
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 17,615.23 $10,357.93
BDXN0J5 UK TREASURY BILL GBP 0.00000 05/28/2019 GB 50,189.81 $65,412.27
BDZV116 EPIROC AB-A SE EPIA SS 269.18 $2,782.71
BF1K7P7 ESSITY AKTIEBOLAG-B SE ESSITYB SS 238.37 $7,067.79
BF2DSG3 SIKA AG-REG CH SIKA SW 75.02 $11,493.97
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 42,781.95 $42,461.08
BFTCYP4 ROBINSONS RETAIL HOLDINGS IN PH RRHI PM 2,320.07 $3,472.60
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 7,593.96 $12,179.92
BGLP232 MONCLER SPA IT MONC IM 243.92 $10,028.58
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 19,277.03 $16,541.04
BHC8X90 NOVO NORDISK A/S-B DK NOVOB DC 201 $9,847.85
BJ2KSG2 AKZO NOBEL NL AKZA NA 316.97 $26,931.80
BJT1GR5 ALCON INC CH ALC SW 62.18 $3,580.70
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 20,403.88 $1,005,659.53
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 1,968.59 $10,148.62
BNGN9Z1 FINECOBANK SPA IT FBK IM 1,752.85 $23,088.53
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 13,500.71 $408,784.11
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 366.29 $11,030.35
BSQXJ01 THULE GROUP AB/THE SE THULE SS 792.5 $18,461.92
BSS7GP5 AGL ENERGY LTD AU AGL AU 431.14 $6,763.83
BW1YVH8 WALMART DE MEXICO SAB DE CV MX WALMEX* MM 3,795.71 $11,152.23
BYMXPS7 UNICREDIT SPA IT UCG IM 670.08 $9,276.73
BYW0PQ6 LAND SECURITIES GROUP PLC GB LAND LN 945.24 $11,391.96
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 28,416.23 $12,713.21
BYXS699 QIAGEN N.V. NL QIA GR 398.26 $15,421.00
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 9,739.13 $865,881.85
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 3,256.47 $15,214.46
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 235.11 $9,409.18
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 135.51 $7,262.01
G27358103 DESPEGAR.COM CORP AR DESP 294.77 $4,300.68
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 44,819.01 $46,387.68
G45667105 HOLLYSYS AUTOMATION TECHNOLOGIES CN HOLI 375.83 $7,866.20
G5960L103 MEDTRONIC INC IE MDT 12,332.46 $1,095,246.14
G97822103 PERRIGO CO PLC IE PRGO 348.35 $16,693.06
H01301128 ALCON INC CH ALC 2,539.17 $147,779.78
H8817H100 TRANSOCEAN LTD US RIG 14,702.22 $115,559.42
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 84.08 $10,153.79
N22717107 CORE LABORATORIES N.V. NL CLB 169.64 $10,753.65
N47279109 INTERXION HOLDING NV NL INXN 7,743.14 $535,747.56
N72482123 QIAGEN N.V. ADR NL QGEN 226.96 $8,842.30
USD US DOLLAR US 1,003,973.38 $1,003,973.38

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 40 years of experience managing life cycle investment objectives. The Firm’s active management approach focuses on participating in rising markets and, as important, helping to reduce the risk of large losses in sustained bear market periods. A team of investment analysts and professionals make all investment decisions in an effort to provide investors with strong risk-adjusted returns.

Daily Price

$11.59

Daily $ Change

-$0.01

Daily % Change

-0.09%

as of 05/23/2019

CUSIP

56382R852

Inception Date

05/14/2015

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

Important Documents

Annual Report
Fact Sheet
Applications & Forms

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

Investment Objective

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

Investment Strategy

Currently: The portfolio is currently invested in a 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 04/30/2019

YTD

9.09%

1 Year

6.79%

3 Year

6.71%

5 Year

3.95%

10 Year

8.76%

Inception
(01/01/2000)

6.83%

US Stock Market Cycle (04/01/2000 - 04/30/2019)

6.97%

Performance through the inception date of the Retirement Target CIT Class U1 units is based on the historical performance of the CIT’s oldest unit class. Performance through the inception date of the oldest unit class (08/03/2012) is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. Returns are net of the Class U1 expenses. The Retirement Target CIT Fund will gradually become more conservative over time. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.54%
Net 0.49%*

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

Top Ten Investments

As of 04/30/2019

TREASURY NOTES 7.85%
TREASURY BONDS 7.81%
GOVERNMENT AGENCY 7.42%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 2.61%
TREASURY BILLS 2.54%
MICROSOFT CORP 1.75%
MEDTRONIC INC 1.51%
NOVARTIS AG- REG 1.43%
MASTERCARD INC-CLASS A 1.39%
TENCENT HOLDINGS LTD 1.38%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 04/30/2019

Bonds
56.92%
Stocks
41.24%
Cash
1.84%

Detailed Asset Class Allocation

As of 04/30/2019

International Equities
16.07%
Small Capitalization
0.39%
Mid Capitalization
1.15%
Large Capitalization
23.64%
Long Term Fixed Income
20.65%
Intermediate Term Fixed Income
23.87%
Short Term Fixed Income
12.39%
Cash
1.84%

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

April Fund Holdings

As of 04/30/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAH9 ADT SEC CORP 4.12500 06/15/2023 US 21,810.27 $21,333.06
00101JAM8 ADT CORP 5.25000 03/15/2020 US 13,861.15 $13,999.77
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 354,729.63 $368,239.66
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 655,146.8 $652,255.41
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 93,313.84 $93,780.41
004239109 ACADIA REALTY TRUST US AKR 245.54 $6,934.10
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 344,942.61 $353,031.94
0081180 BARRATT DEVELOPMENTS PLC GB BDEV LN 2,837.61 $22,323.07
008492100 AGREE REALTY CORP US ADC 151.89 $9,944.30
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 18,574.72 $18,946.02
0136701 BRITISH LAND CO PLC GB BLND LN 1,482.31 $11,500.75
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 56.76 $8,082.33
01609W102 ALIBABA GROUP - ADR CN BABA 116.1 $21,544.16
02079K107 ALPHABET INC-CL C US GOOG 544.36 $646,959.27
02079K305 ALPHABET INC-CL A US GOOGL 538.71 $645,887.95
023135106 AMAZON.COM INC US AMZN 149.11 $287,265.96
02319V103 AMBEV SA-ADR BR ABEV 71,097.1 $334,867.35
0237400 DIAGEO PLC GB DGE LN 17,249.06 $727,182.08
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 81,409.39 $81,816.44
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 241.57 $11,401.98
0263494 BAE SYSTEMS PLC GB BA/ LN 3,193.85 $20,527.83
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,503.53 $36,054.60
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 22,549.27 $21,703.67
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 14,780.11 $14,489.93
03027X100 AMERICAN TOWER REIT INC US AMT 1,791.3 $349,840.15
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 9,660.83 $9,748.82
03064D108 AMERICOLD REALTY TRUST US COLD 230.1 $7,365.60
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 20,052.73 $20,453.78
03748R754 APARTMENT INVT & MGMT CO -A US AIV 448.15 $22,120.73
03784Y200 APPLE HOSPITALITY REIT INC US APLE 427.85 $7,038.15
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 3,974.56 $3,919.91
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 MUL 18,854.24 $18,995.65
0405207 HALMA PLC GB HLMA LN 508.75 $11,970.70
0490656 KERRY GROUP PLC-A IE KYGA LN 206.73 $23,094.29
05278C107 AUTOHOME INC-ADR CN ATHM 189.99 $21,942.43
053484101 AVALONBAY COMMUNITIES INC US AVB 286.41 $57,547.48
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 367,581.37 $365,119.42
058498106 BALL CORP US BLL 13,840.58 $829,604.23
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 551,710.42 $565,299.88
0673123 ASSOCIATED BRITISH FOODS PLC GB ABF LN 328.18 $10,962.05
0682538 PERSIMMON PLC GB PSN LN 775.52 $22,655.04
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 3,888.94 $842,771.55
0870612 LLOYDS BANKING GROUP PLC GB LLOY LN 27,531.57 $22,516.31
0878230 TAYLOR WIMPEY PLC GB TW/ LN 9,627.35 $22,824.65
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 3,327.18 $284,573.97
0922320 SMITH & NEPHEW PLC GB SN/ LN 868.09 $16,782.30
09247X101 BLACKROCK INC US BLK 359.1 $174,251.70
0946580 WEIR GROUP PLC/THE GB WEIR LN 1,448.37 $31,480.27
09857L108 BOOKING HOLDINGS INC US BKNG 517.11 $959,243.05
101121101 BOSTON PROPERTIES INC US BXP 296.31 $40,778.38
105368203 BRANDYWINE REALTY TRUST US BDN 1,970.63 $30,327.94
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 233.93 $9,170.16
11134LAB5 BROADCOM CRP / CAYMN FI 2.37500 01/15/2020 US 373,255.37 $371,639.89
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 19,034.19 $17,987.31
12503M108 CBOE GLOBAL MARKETS INC US CBOE 2,841.18 $288,692.63
12510GAB8 CCG 2019-1 A2 2.80000 09/14/2026 US 152,622.67 $152,712.12
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 83,720.9 $85,008.93
12572Q105 CME GROUP INC US CME 1,660.5 $297,062.69
12591QAR3 COMM 2014-UBS4 A5 3.69400 08/10/2047 US 330,823.23 $342,317.75
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 365,037.28 $365,395.01
12593GAF9 COMM 2015-PC1 A5 3.90200 07/10/2050 US 174,601.15 $182,079.30
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 385,960.44 $391,850.04
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 132,726.35 $126,970.27
133131102 CAMDEN PROPERTY TRUST US CPT 72.48 $7,295.13
13321L108 CAMECO CORP CA CCJ 1,270.38 $14,024.96
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 7,065.13 $7,043.05
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 154,815.87 $154,566.90
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 40,844.46 $40,538.13
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 226,593.23 $224,554.52
165240102 CHESAPEAKE LODGING TRUST US CHSP 352.87 $10,056.91
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 196,460.16 $297,473.27
191216100 COCA COLA CO/THE US KO 12,479.37 $612,238.03
2011646 ALIMENTATION COUCHE-TARD -B CA ATD/B CN 117.66 $6,937.09
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 518.84 $18,927.45
2180632 CANADIAN NATL RAILWAY CO CA CNR CN 118.67 $11,023.22
222795106 COUSINS PROPERTIES INC US CUZ 3,061.9 $29,302.38
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 348,206.04 $353,984.18
22822V101 CROWN CASTLE INTL CORP US CCI 167.61 $21,081.88
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 88,157.27 $84,154.31
229663109 CUBESMART US CUBE 306.2 $9,770.78
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 13,861.15 $14,086.95
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 437.35 $4,619.30
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 17,835.71 $17,451.17
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 4,591.58 $10,664.10
25271C102 DIAMOND OFFSHORE DRILLING US DO 8,014.69 $77,822.69
253868103 DIGITAL REALTY TRUST INC US DLR 190.54 $22,428.18
254683BK0 DCENT 2014-A4 2.12000 12/15/2021 US 16,541.16 $16,529.82
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 375,743.25 $373,945.46
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 18,574.72 $18,899.77
25960P109 DOUGLAS EMMETT INC US DEI 341.43 $14,063.47
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 44,259.96 $44,702.56
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 46,377.39 $45,102.01
269246401 ETRADE FINANCIAL CORP US ETFC 3,197.36 $161,978.22
2715777 QUEBECOR INC -CL B CA QBR/B CN 7,051.36 $175,849.70
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 8,892 $180,070.18
285512109 ELECTRONIC ARTS US EA 4,750.35 $449,620.96
2866857 LUNDIN MINING CORP CA LUN CN 1,004.27 $5,389.82
29444U700 EQUINIX INC US EQIX 1,091.94 $496,506.94
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 157.9 $18,427.23
29476L107 EQUITY RESIDENTIAL US EQR 621.9 $47,525.87
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 730.47 $15,106.19
297178105 ESSEX PROPERTY TRUST INC US ESS 112.33 $31,731.90
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 601,520.88 $600,141.59
30225T102 EXTRA SPACE STORAGE INC US EXR 108.91 $11,292.86
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 13,486.55 $13,430.31
30261UAJ3 FREMF 2013-K713 B 3.26289 04/25/2046 US 110,274.41 $110,411.25
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 26,523.83 $27,391.69
30286XAN9 FREMF 2015-K43 B FLT 3.86186 02/25/2048 US 328,761.34 $332,365.06
30291EAE4 FREMF 2013-K712 B FLT 3.46531 05/25/2045 US 137,502.11 $137,527.06
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 17,533,866.46 $53,646.62
30291XAE2 FREMF 2014-K715 B FLT 4.11272 02/25/2046 US 97,835.05 $99,449.74
30292HAU0 FREMF 2014- K503 B 3.08515 10/25/2047 US 69,882.18 $69,745.88
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BB22L96 KION GROUP AG DE KGX GR 139.58 $9,602.43
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BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 313.12 $6,383.56
BD0Q398 KONINKLIJKE AHOLD DELHAIZE N NL AD NA 248.63 $5,992.46
BD3JR69 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 16,872.38 $7,892.10
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BD9Y9B7 BASIC-FIT NV NL BFIT NA 341.6 $12,125.45
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 17,615.23 $10,357.93
BDXN0J5 UK TREASURY BILL GBP 0.00000 05/28/2019 GB 50,189.81 $65,412.27
BDZV116 EPIROC AB-A SE EPIA SS 269.18 $2,782.71
BF1K7P7 ESSITY AKTIEBOLAG-B SE ESSITYB SS 238.37 $7,067.79
BF2DSG3 SIKA AG-REG CH SIKA SW 75.02 $11,493.97
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 42,781.95 $42,461.08
BFTCYP4 ROBINSONS RETAIL HOLDINGS IN PH RRHI PM 2,320.07 $3,472.60
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 7,593.96 $12,179.92
BGLP232 MONCLER SPA IT MONC IM 243.92 $10,028.58
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 19,277.03 $16,541.04
BHC8X90 NOVO NORDISK A/S-B DK NOVOB DC 201 $9,847.85
BJ2KSG2 AKZO NOBEL NL AKZA NA 316.97 $26,931.80
BJT1GR5 ALCON INC CH ALC SW 62.18 $3,580.70
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 20,403.88 $1,005,659.53
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 1,968.59 $10,148.62
BNGN9Z1 FINECOBANK SPA IT FBK IM 1,752.85 $23,088.53
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 13,500.71 $408,784.11
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 366.29 $11,030.35
BSQXJ01 THULE GROUP AB/THE SE THULE SS 792.5 $18,461.92
BSS7GP5 AGL ENERGY LTD AU AGL AU 431.14 $6,763.83
BW1YVH8 WALMART DE MEXICO SAB DE CV MX WALMEX* MM 3,795.71 $11,152.23
BYMXPS7 UNICREDIT SPA IT UCG IM 670.08 $9,276.73
BYW0PQ6 LAND SECURITIES GROUP PLC GB LAND LN 945.24 $11,391.96
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 28,416.23 $12,713.21
BYXS699 QIAGEN N.V. NL QIA GR 398.26 $15,421.00
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 9,739.13 $865,881.85
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 3,256.47 $15,214.46
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 235.11 $9,409.18
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 135.51 $7,262.01
G27358103 DESPEGAR.COM CORP AR DESP 294.77 $4,300.68
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 44,819.01 $46,387.68
G45667105 HOLLYSYS AUTOMATION TECHNOLOGIES CN HOLI 375.83 $7,866.20
G5960L103 MEDTRONIC INC IE MDT 12,332.46 $1,095,246.14
G97822103 PERRIGO CO PLC IE PRGO 348.35 $16,693.06
H01301128 ALCON INC CH ALC 2,539.17 $147,779.78
H8817H100 TRANSOCEAN LTD US RIG 14,702.22 $115,559.42
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 84.08 $10,153.79
N22717107 CORE LABORATORIES N.V. NL CLB 169.64 $10,753.65
N47279109 INTERXION HOLDING NV NL INXN 7,743.14 $535,747.56
N72482123 QIAGEN N.V. ADR NL QGEN 226.96 $8,842.30
USD US DOLLAR US 1,003,973.38 $1,003,973.38

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 40 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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