Investment Objective

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

Investment Strategy

Currently: The portfolio is currently invested in a moderately growth-oriented mix of securities that seeks potential for growth with some stability. The portfolio is diversified among various stock investments and fixed income securities, which will typically be intermediate to long-term maturities. Stock exposure can range from 38% - 74%.

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 2030
  • Who have some time to pursue growth and can accept fluctuations in current account value
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio that becomes more conservative over time

About Target Date Funds

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

Target Series Glide Path Overview

Learn more about our Glide Range SM

Daily Price

$16.41

Daily $ Change

$0.00

Daily % Change

0.00%

as of 12/11/2018

CUSIP

302027628

Inception Date

05/31/2007

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

Important Documents

Annual Report
Applications & Forms

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

Performance

As of 11/30/2018

YTD

-0.30%

1 Year

0.97%

3 Year

5.62%

5 Year

4.32%

10 Year

9.37%

Inception
(01/01/2000)

6.74%

US Stock Market Cycle (04/01/2000 - 11/30/2018)

6.88%

Performance through 06/04/2012 reflects the performance of the Retirement Target Institutional CIT Fund, which was merged into the Retirement Target CIT Fund on 06/04/2012 to establish the Class I units. Performance through the Institutional CIT Fund inception date (05/31/2007) is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. Returns are net of the Class I expenses. The Retirement Target CIT Fund will gradually become more conservative over time. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.69%
Net 0.69%*

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

Top Ten Investments

As of 11/30/2018

TREASURY NOTES 9.39%
TREASURY BONDS 6.11%
GOVERNMENT AGENCY 4.65%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 2.78%
NOVARTIS AG- REG 1.87%
QORVO INC 1.69%
MEDTRONIC INC 1.65%
MASTERCARD INC-CLASS A 1.64%
BOOKING HOLDINGS INC 1.61%
JOHNSON & JOHNSON 1.52%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 11/30/2018

Stocks 52.97%
Bonds 44.89%
Cash 2.14%

Detailed Asset Class Allocation

As of 11/30/2018

International Equities 19.43%
Small Capitalization 0.84%
Mid Capitalization 4.74%
Large Capitalization 27.96%
Long Term Fixed Income 15.66%
Intermediate Term Fixed Income 21.59%
Short Term Fixed Income 7.64%
Cash 2.14%

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

November Fund Holdings

As of 11/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 40,704.53 $41,009.81
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 850,457.19 $819,763.28
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 1,332,731.42 $1,316,745.14
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 251,447 $256,475.94
004239109 ACADIA REALTY TRUST US AKR 792.82 $22,730.11
0045614 ANTOFAGASTA PLC GB ANTO LN 14,628.91 $150,119.87
00724F101 ADOBE INC US ADBE 964.45 $241,970.08
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 827,610.36 $805,594.73
00790X101 ADVANCED DISPOSAL SERVICES US ADSW 8,296.82 $223,599.23
008492100 AGREE REALTY CORP US ADC 454.91 $27,098.72
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 54,294.49 $55,506.45
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 172.6 $21,488.73
01609W102 ALIBABA GROUP - ADR CN BABA 9,583.5 $1,541,602.18
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 68,409.75 $68,409.75
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 58,102.3 $57,939.03
02079K107 ALPHABET INC-CL C US GOOG 1,666.53 $1,823,903.48
02079K305 ALPHABET INC-CL A US GOOGL 1,044.02 $1,158,499.22
02155FAC9 ALTICE US FINANCE I CORP 5.50000 05/15/2026 US 53,309.26 $51,443.43
02209S103 ALTRIA GROUP INC US MO 2,460.76 $134,923.36
023135106 AMAZON.COM INC US AMZN 694.75 $1,174,245.55
02319V103 AMBEV SA-ADR BR ABEV 301,987.43 $1,289,486.32
0237400 DIAGEO PLC GB DGE LN 69,009.56 $2,492,161.05
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 54,294.49 $54,633.83
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 592.51 $25,969.84
0263494 BAE SYSTEMS PLC GB BA/ LN 9,754.63 $61,320.74
02665T306 AMERICAN HOMES 4 RENT- A US AMH 4,669.13 $97,257.99
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 881,444.92 $832,109.31
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 67,293.8 $65,106.75
03027X100 AMERICAN TOWER REIT INC US AMT 9,090.25 $1,495,255.43
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 31,737.67 $31,921.34
03064D108 AMERICOLD REALTY TRUST US COLD 875.74 $23,469.75
03748R101 APARTMENT INVT & MGMT CO -A US AIV 1,670.33 $78,655.71
03784Y200 APPLE HOSPITALITY REIT INC US APLE 1,336.03 $21,202.73
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 56,461.04 $52,579.35
0405207 HALMA PLC GB HLMA LN 2,698 $47,357.98
0490656 KERRY GROUP PLC-A IE KYGA LN 805.89 $83,297.69
053332102 AUTOZONE INC US AZO 396.86 $321,089.58
053484101 AVALONBAY COMMUNITIES INC US AVB 1,084.45 $206,662.86
058498106 BALL CORP US BLL 60,019.95 $2,947,579.77
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 1,296,628.7 $1,257,609.10
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 8,104.96 $1,768,827.15
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 13,640.07 $1,309,856.04
0922320 SMITH & NEPHEW PLC GB SN/ LN 3,188.5 $58,191.35
09247X101 BLACKROCK INC US BLK 2,015.63 $862,711.17
0946580 WEIR GROUP PLC/THE GB WEIR LN 5,489.5 $103,671.47
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 1,191,191.5 $1,212,986.52
09857L108 BOOKING HOLDINGS INC US BKNG 1,908.27 $3,610,216.05
101121101 BOSTON PROPERTIES INC US BXP 1,083.86 $142,201.81
105368203 BRANDYWINE REALTY TRUST US BDN 5,439.89 $77,627.30
110122108 BRISTOL MYERS SQUIBB CO US BMY 19,346.45 $1,034,261.05
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 980.07 $34,174.92
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 67,031.15 $65,020.22
12503M108 CBOE GLOBAL MARKETS INC US CBOE 9,757.58 $1,050,111.05
125269100 CF INDUSTRIES HOLDINGS INC US CF 3,328.81 $140,442.61
12572Q105 CME GROUP INC US CME 5,720.69 $1,087,388.19
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 857,547.5 $854,365.99
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 346,029.57 $320,358.36
13321L108 CAMECO CORP CA CCJ 3,426.74 $40,709.71
134429109 CAMPBELL SOUP CO US CPB 5,145.82 $201,716.07
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 36,137.49 $35,956.80
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 446,537.93 $445,140.18
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 118,896.44 $107,155.42
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 705,554.55 $696,753.88
165240102 CHESAPEAKE LODGING TRUST US CHSP 1,087.2 $32,148.63
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 889,060.52 $1,214,648.78
191216100 COCA COLA CO/THE US KO 48,041.77 $2,421,305.00
192422103 COGNEX CORP US CGNX 2,295.29 $101,038.63
194162103 COLGATE-PALMOLIVE CO US CL 2,427.14 $154,171.86
19626G108 COLONY CAPITAL INC US CLNY 5,157.2 $31,768.37
2011646 ALIMENTATION COUCHE-TARD -B CA ATD/B CN 823.81 $43,235.18
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 2,099.12 $66,206.18
2171573 CANADIAN NATURAL RESOURCES CA CNQ CN 2,100.96 $52,798.69
2180632 CANADIAN NATL RAILWAY CO CA CNR CN 335.75 $28,848.14
21871N101 CORECIVIC INC US CXW 2,654.06 $58,256.70
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 554,035.49 $584,884.83
222795106 COUSINS PROPERTIES INC US CUZ 9,469.05 $80,013.47
22282EAH5 COVANTA HOLDING CORP 6.00000 01/01/2027 US 59,152.89 $55,012.19
2242059 FOMENTO ECONOMICO EXICA-UBD MX 4,330.46 $37,524.48
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 60,531.5 $58,261.57
22822V101 CROWN CASTLE INTL CORP US CCI 597.9 $68,698.33
228368106 CROWN HOLDINGS INC US CCK 1,867.7 $95,775.48
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 229,061.74 $209,418.32
229663109 CUBESMART US CUBE 626.98 $19,524.17
2306814 EL PUERTO DE LIVERPOOL -C1 MX 8,439.15 $50,277.29
2328595 BANCO DO BRASIL S.A. BR BBAS3 BZ 1,739.8 $20,079.47
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 40,704.53 $41,111.58
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 6,209.18 $57,014.29
23918K108 DAVITA INC. US DVA 23,268.8 $1,537,137.07
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 83,050.31 $77,859.67
2392471 GRUPO BIMBO SAB- SERIES A MX BIMBOA MM 10,482.27 $20,038.82
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 11,866.14 $27,692.27
2458771 ITAUSA INVESTIMENTOS ITAU -PR BR ITSA4 BZ 6,671.65 $21,289.92
2516710 LOJAS AMERICANAS SA - PREF BR LAME4 BZ 2,509.25 $12,789.60
25271C102 DIAMOND OFFSHORE DRILLING US DO 36,979.63 $465,943.37
253393102 DICK'S SPORTING GOODS INC US DKS 6,849.62 $246,449.39
253868103 DIGITAL REALTY TRUST INC US DLR 1,277 $146,906.52
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 881,444.92 $812,736.98
2583952 METRO INC CA MRU CN 851.19 $29,341.42
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 126,512.05 $124,298.09
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 128,678.6 $127,552.66
269246401 ETRADE FINANCIAL CORP US ETFC 12,842.92 $671,556.40
2715777 QUEBECOR INC -CL B CA QBR/B CN 39,521.2 $852,800.13
277276101 EASTGROUP PROPERTIES US EGP 217.18 $21,722.14
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 36,665.95 $690,185.81
2823885 ARCA CONTINENTAL SAB DE CV MX AC* MM 3,734.34 $19,314.06
285512109 ELECTRONIC ARTS US EA 18,085.23 $1,520,425.17
2866857 LUNDIN MINING CORP CA LUN CN 27,038.65 $117,829.22
29444U700 EQUINIX INC US EQIX 4,126.15 $1,589,722.73
2945422 WEG SA BR WEGE3 BZ 2,504 $11,538.99
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 488.52 $48,622.37
29476L107 EQUITY RESIDENTIAL US EQR 2,170.01 $154,613.14
297178105 ESSEX PROPERTY TRUST INC US ESS 363.98 $95,547.58
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 1,170,899.75 $1,152,763.69
30225T102 EXTRA SPACE STORAGE INC US EXR 514.65 $49,396.02
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 64,917.47 $64,588.14
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 79,505.16 $77,915.05
30286XAN9 FREMF 2015-K43 B FLT 3.86206 02/25/2048 US 799,638.85 $781,605.00
30290HAE8 FREMF 2012-K708 FLT 3.87019 02/25/2045 US 152,312.16 $152,048.18
30291EAE4 FREMF 2013-K712 B FLT 3.47306 05/25/2045 US 514,053.55 $512,915.13
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 54,619,629.01 $183,117.77
30291XAE2 FREMF 2014-K715 B FLT 4.11882 02/25/2046 US 666,365.71 $672,082.80
30292HAU0 FREMF 2014- K503 B 3.13900 10/25/2047 US 475,975.51 $474,457.62
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 103,920.38 $112,256.35
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 65,020.68 $69,846.26
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 58,044.43 $63,731.56
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 3,948.84 $4,055.51
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 8,811.85 $9,014.36
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 6,063.01 $6,222.57
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 4,800.24 $4,945.30
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 8,485.38 $8,739.17
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 580,724.66 $599,727.99
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 95,684.3 $102,874.67
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 305,608.39 $318,069.60
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 327,193.71 $339,690.16
3132LMMM5 FHLM POOL K91364 4.50000 11/01/2033 US 192,759.17 $199,527.46
3132LNE83 FHLM POOL K92059 4.50000 09/01/2034 US 280,295.92 $292,937.67
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 7,330.18 $7,376.06
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 332,071.32 $330,315.19
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 178.05 $23,518.54
3137A2B34 FHMS K009 X1 FLT 1.44443 08/25/2020 US 5,572,558.33 $95,760.51
3137ADTK3 FHMS K014 X1 FLT 1.32338 04/25/2021 US 1,315,993.65 $31,139.83
3137AJMG6 FMHS K016 X1 FLT 1.64995 10/25/2021 US 1,588,341.87 $56,943.17
3137AME78 FHMS K017 X1 FLT 1.45146 12/25/2021 US 10,719,897.92 $348,344.15
3137AUPF0 FHMS K021 x1 FLT 1.57841 06/25/2022 US 4,739,593.8 $201,155.00
3137B3NB0 FHMS K030 X1 FLT 0.30922 04/25/2023 US 17,834,292.47 $135,997.18
3137B4GZ3 FHMS K032 X1 FLT 0.21808 05/25/2023 US 11,446,761.02 $53,539.93
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 428,671.65 $437,205.77
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 426,246.42 $440,287.78
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 90,110.02 $93,734.07
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 42,528.67 $44,216.22
3138EGGZ1 FEDERAL NATL MTG ASSN AL0215 4.50000 04/01/2041 US 579,564.89 $602,863.55
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65400 01/01/2049 US 1,223,312.34 $1,307,732.18
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 1,002,335.31 $987,005.63
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 232,154.14 $250,110.63
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 121,479.92 $130,815.14
3140EWG66 FEDERAL NATL MTG ASSN BC2020 3.50000 07/01/2046 US 778,015.77 $765,873.99
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 654,521.67 $658,617.13
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 227,556.12 $234,162.11
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 643,555.34 $674,200.49
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 443,911.61 $465,027.67
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 510,519 $534,777.18
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 6,646.14 $6,810.11
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 8,026.66 $8,227.84
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 54,810.6 $55,730.18
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 65,668.61 $66,757.20
31410HAQ4 MACYS RETAIL HLDGS INC 6.90000 04/01/2029 US 403,760.37 $423,957.95
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 219,427.84 $236,297.55
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 41,361.05 $44,416.19
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 2,613.83 $2,645.77
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 37,957 $38,629.37
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 498,980.36 $518,053.97
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 315,309.15 $327,370.22
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 211,969.23 $202,338.06
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 17,293.76 $18,956.00
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 6,330.72 $6,560.51
31428X106 FEDEX CORPORATION US FDX 5,553.84 $1,271,830.12
32054K103 FIRST INDUSTRIAL REALTY TR US FR 1,160.67 $37,211.03
336130AB5 FIRST QUALITY FINANCE CO 5.00000 07/01/2025 US 64,339.3 $58,870.46
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 65,127.25 $63,010.61
35671D857 FREEPORT-MCMORAN INC US FCX 8,435.5 $100,719.82
357081AE8 FREMF 2015-K720 B FLT 3.50661 07/25/2022 US 407,435.04 $402,557.84
35802XAD5 FRESENIUS MED CARE II 5.62500 07/31/2019 US 701,755.54 $710,654.45
36143WAN1 GAHR 2015-NRF BFX FLT 3.49490 12/15/2034 US 913,872.98 $908,696.53
36223NTR5 GNMA POOL 312960 9.00000 09/15/2021 US 135.3 $136.60
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 199,528.93 $195,518.88
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 17,700.9 $17,801.25
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 630,916.58 $501,578.68
37045VAR1 GENERAL MOTORS CO FLT 3.22706 09/10/2021 US 811,853.85 $805,420.05
371559105 GENESEE & WYOMING INC -CL A US GWR 1,263.08 $105,189.20
37185LAF9 GENESIS ENERGY LP/GENESI 5.62500 06/15/2024 US 52,915.89 $46,301.40
374297109 GETTY REALTY CORP US GTY 1,329.33 $40,664.21
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 136,556.86 $132,630.85
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 544,268.22 $507,730.13
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 66,243.2 $62,931.04
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 284.08 $19,777.71
4012250 AIRBUS SE FR AIR FP 383.15 $41,090.85
40414L109 HCP INC US HCP 2,505.03 $73,297.29
4057808 L'OREAL FR OR FP 256.64 $60,557.59
4061412 LVMH MOET HENNESSY LOUIS VUITTON FR MC FP 182.65 $52,280.37
4162791 THALES SA FR HO FP 61.78 $7,582.25
4163437 CAP GEMINI FR CAP FP 99.73 $11,644.29
421946104 HEALTHCARE REALTY TRUST INC US HR 2,050.46 $63,564.11
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 3,265.16 $91,816.18
44053FAA8 HORIZON PHARMA INC/HORIZ 8.75000 11/01/2024 US 118,041.93 $123,353.81
44107P104 HOST MARRIOTT CORP US HST 4,161.18 $79,062.41
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 118,305.79 $110,320.15
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 100,448.08 $95,927.92
45337C102 INCYTE CORP US INCY 36,159.49 $2,323,246.93
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 4,103.34 $41,443.74
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B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 475,975.51 $22,239.28
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 201,813.62 $154,655.17
B4975P9 MAGAZINE LUIZA SA BR MGLU3 BZ 254.73 $10,844.77
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 1,180,419.26 $53,946.53
B4Q2TX3 CHINA LONGYUAN POWER GROUP-H CN 916 HK 13,498.22 $10,655.99
B4R2R50 JULIUS BAER CH BAER SW 4,859.85 $196,021.44
B4V5RY4 BANCO SANTANDER BRASIL - UNIT BR SANB11 BZ 1,701.72 $18,799.48
B4WTBY3 HUANENG RENEWABLES CORP-H CN 958 HK 76,314.88 $24,119.00
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 352,221.88 $257,330.70
B607XS1 VERMILION ENERGY INC CA VET CN 2,164.58 $53,859.83
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 1,827,745.95 $89,123.69
B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 8,478.35 $88,005.97
B63QM77 NEXON CO LTD JP 3659 JP 6,346.01 $75,450.20
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 571,170.61 $24,730.92
B8FMRX8 COLOPLAST-B DK COLOB DC 571.44 $54,558.60
B9N3SQ0 BB SEGURIDADE PARTICIPACOES BR BBSE3 BZ 1,999.79 $14,645.45
BB22L96 KION GROUP AG DE KGX GR 1,038.69 $58,779.40
BBG00MBFLVG6 QRVO US 12/21/18 C67.5 US -102.43 -$16,388.79
BBG00MCR9B13 BABA US 12/07/18 C165 CN -30.84 -$6,785.51
BBG00MD5C001 NOW US 12/07/18 C205 US -25.13 -$251.32
BBG00MHMRQ16 GOOG US 12/28/18 C1110 US -6.09 -$12,002.20
BD0Q398 KONINKLIJKE AHOLD DELHAIZE N NL AD NA 1,583.68 $40,811.92
BD1WX84 ENGIE BRASIL ENERGIA SA BR EGIE3 BZ 1,143.67 $12,720.29
BD3JR69 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 67,202.3 $29,385.69
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 84,928.8 $82,805.58
BD9Y9B7 BASIC-FIT NV NL BFIT NA 1,363.87 $40,950.53
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 65,469.06 $26,962.76
BDXL6S0 UK TREASURY BILL GBP 0.00000 01/28/2019 GB 186,664.22 $237,594.31
BDZV116 EPIROC AB-A SE EPIA SS 5,518.26 $45,213.03
BF7LBH4 ATACADAO DISTRIBUICAO COMERC BR CRFB3 BZ 3,018.72 $13,192.75
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 122,178.95 $111,793.74
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 551.09 $94,731.45
BG36ZK1 B3 SA-BRASIL BOLSA BALCAO BR B3SA3 BZ 2,888.73 $21,065.97
BG7ZWY7 AMBEV SA BR ABEV3 BZ 9,430.38 $41,262.48
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 22,923.58 $35,294.59
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 88,066.79 $67,224.68
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 73,613.82 $2,942,980.88
BNGN9Z1 FINECOBANK SPA IT FBK IM 16,944.76 $182,182.93
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 47,932.2 $1,473,198.02
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 2,292.6 $63,254.87
BSQXJ01 THULE GROUP AB/THE SE THULE SS 2,949.46 $55,247.51
BW1YVH8 WALMART DE MEXICO SAB DE CV MX WALMEX* MM 22,254.88 $55,129.44
BYQ32R1 NEMAK SAB DE CV MX 55,085.37 $39,486.36
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 102,864.94 $43,325.72
BYXS699 QIAGEN N.V. NL QIA GR 1,342.81 $47,520.05
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 35,403.87 $2,720,095.57
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 7,510.76 $34,924.25
BYZWX76 CRODA INTERNATIONAL PLC GB CRDA LN 462.8 $28,842.78
BZ3C3Q4 BANKIA SA ES BKIA SM 49,555.81 $164,031.46
BZ4CMZ5 DAVIDE CAMPARI-MILANO SPA IT CPR IM 3,383.88 $28,306.85
G02602103 AMDOCS LTD GG DOX 5,080.04 $329,745.53
G0750C108 AXALTA COATING SYSTEMS LTD US AXTA 4,735.04 $118,517.93
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 843.64 $33,475.65
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 838.72 $40,711.25
G27358103 DESPEGAR.COM CORP AR DESP 1,047.95 $15,656.39
G3157S106 ENSCO INTERNATIONAL INC US ESV 99,914.99 $566,518.02
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 116,467.24 $120,543.60
G5960L103 MEDTRONIC INC IE MDT 37,900.53 $3,696,438.73
G84720104 STERIS PLC GB STE 358.79 $42,725.06
G97822103 PERRIGO CO PLC IE PRGO 4,429.3 $275,856.85
H8817H100 TRANSOCEAN LTD US RIG 65,007.73 $603,271.76
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 508.94 $56,904.69
N22717107 CORE LABORATORIES N.V. NL CLB 452.55 $37,611.04
N47279109 INTERXION HOLDING NV NL INXN 29,938.18 $1,864,250.36
N59465109 MYLAN NV US MYL 2,224.11 $75,308.41
N72482123 QIAGEN N.V. ADR NL QGEN 5,457.68 $193,420.19
USD US DOLLAR US 4,894,267.45 $4,894,267.45

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Maximum Term CIT Fund and Manning & Napier Pro-Mix® Extended Term CIT Fund. Investments will change over time and as the target date fund gradually becomes more conservative. Fund holdings list does not include securities with positions less than 0.005 shares.

A Word About Risk

Each Manning & Napier Retirement Target CIT Fund is invested in one or two of four proprietary risk-based funds, the Manning & Napier Pro-Mix® CIT Funds, based on the Retirement Target CIT Fund becoming increasingly conservative over time. Because the underlying funds invest in both stocks and bonds, the value of your investment will fluctuate in response to stock market movements and changes in interest rates. Investing in target date funds will also involve a number of other risks, including issuer-specific risk, foreign investment risk, and small-cap/mid-cap risk, as the underlying investments change over time. Investments in options and futures, like all derivatives, can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. Also, the use of leverage increases exposure to the market and may magnify potential losses. Principal value is not guaranteed at any time, including at the target date (the approximate year when an investor plans to stop contributions and start periodic withdrawals).

About The Fund Manager

Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company, Trustee of the Manning & Napier Collective Investment Trust Funds. Manning & Napier is headquartered in Rochester, NY and has more than 45 years of experience managing life cycle investment objectives. The Firm’s active management approach focuses on participating in rising markets and, as important, helping to reduce the risk of large losses in sustained bear market periods. A team of investment analysts and professionals make all investment decisions in an effort to provide investors with strong risk-adjusted returns.

Daily Price

$16.41

Daily $ Change

$0.00

Daily % Change

0.00%

as of 12/11/2018

CUSIP

302027628

Inception Date

05/31/2007

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

Important Documents

Annual Report
Fact Sheet
Applications & Forms

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

Investment Objective

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

Investment Strategy

Currently: The portfolio is currently invested in a moderately growth-oriented mix of securities that seeks potential for growth with some stability. The portfolio is diversified among various stock investments and fixed income securities, which will typically be intermediate to long-term maturities. Stock exposure can range from 38% - 74%.

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 2030
  • Who have some time to pursue growth 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 11/30/2018

YTD

-0.30%

1 Year

0.97%

3 Year

5.62%

5 Year

4.32%

10 Year

9.37%

Inception
(01/01/2000)

6.74%

US Stock Market Cycle (04/01/2000 - 11/30/2018)

6.88%

Performance through 06/04/2012 reflects the performance of the Retirement Target Institutional CIT Fund, which was merged into the Retirement Target CIT Fund on 06/04/2012 to establish the Class I units. Performance through the Institutional CIT Fund inception date (05/31/2007) is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. Returns are net of the Class I expenses. The Retirement Target CIT Fund will gradually become more conservative over time. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.69%
Net 0.69%*

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

Top Ten Investments

As of 11/30/2018

TREASURY NOTES 9.39%
TREASURY BONDS 6.11%
GOVERNMENT AGENCY 4.65%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 2.78%
NOVARTIS AG- REG 1.87%
QORVO INC 1.69%
MEDTRONIC INC 1.65%
MASTERCARD INC-CLASS A 1.64%
BOOKING HOLDINGS INC 1.61%
JOHNSON & JOHNSON 1.52%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 11/30/2018

Stocks
52.97%
Bonds
44.89%
Cash
2.14%

Detailed Asset Class Allocation

As of 11/30/2018

International Equities
19.43%
Small Capitalization
0.84%
Mid Capitalization
4.74%
Large Capitalization
27.96%
Long Term Fixed Income
15.66%
Intermediate Term Fixed Income
21.59%
Short Term Fixed Income
7.64%
Cash
2.14%

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

November Fund Holdings

As of 11/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 40,704.53 $41,009.81
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 850,457.19 $819,763.28
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 1,332,731.42 $1,316,745.14
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 251,447 $256,475.94
004239109 ACADIA REALTY TRUST US AKR 792.82 $22,730.11
0045614 ANTOFAGASTA PLC GB ANTO LN 14,628.91 $150,119.87
00724F101 ADOBE INC US ADBE 964.45 $241,970.08
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 827,610.36 $805,594.73
00790X101 ADVANCED DISPOSAL SERVICES US ADSW 8,296.82 $223,599.23
008492100 AGREE REALTY CORP US ADC 454.91 $27,098.72
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 54,294.49 $55,506.45
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 172.6 $21,488.73
01609W102 ALIBABA GROUP - ADR CN BABA 9,583.5 $1,541,602.18
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 68,409.75 $68,409.75
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 58,102.3 $57,939.03
02079K107 ALPHABET INC-CL C US GOOG 1,666.53 $1,823,903.48
02079K305 ALPHABET INC-CL A US GOOGL 1,044.02 $1,158,499.22
02155FAC9 ALTICE US FINANCE I CORP 5.50000 05/15/2026 US 53,309.26 $51,443.43
02209S103 ALTRIA GROUP INC US MO 2,460.76 $134,923.36
023135106 AMAZON.COM INC US AMZN 694.75 $1,174,245.55
02319V103 AMBEV SA-ADR BR ABEV 301,987.43 $1,289,486.32
0237400 DIAGEO PLC GB DGE LN 69,009.56 $2,492,161.05
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 54,294.49 $54,633.83
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 592.51 $25,969.84
0263494 BAE SYSTEMS PLC GB BA/ LN 9,754.63 $61,320.74
02665T306 AMERICAN HOMES 4 RENT- A US AMH 4,669.13 $97,257.99
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 881,444.92 $832,109.31
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 67,293.8 $65,106.75
03027X100 AMERICAN TOWER REIT INC US AMT 9,090.25 $1,495,255.43
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 31,737.67 $31,921.34
03064D108 AMERICOLD REALTY TRUST US COLD 875.74 $23,469.75
03748R101 APARTMENT INVT & MGMT CO -A US AIV 1,670.33 $78,655.71
03784Y200 APPLE HOSPITALITY REIT INC US APLE 1,336.03 $21,202.73
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 56,461.04 $52,579.35
0405207 HALMA PLC GB HLMA LN 2,698 $47,357.98
0490656 KERRY GROUP PLC-A IE KYGA LN 805.89 $83,297.69
053332102 AUTOZONE INC US AZO 396.86 $321,089.58
053484101 AVALONBAY COMMUNITIES INC US AVB 1,084.45 $206,662.86
058498106 BALL CORP US BLL 60,019.95 $2,947,579.77
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 1,296,628.7 $1,257,609.10
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 8,104.96 $1,768,827.15
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 13,640.07 $1,309,856.04
0922320 SMITH & NEPHEW PLC GB SN/ LN 3,188.5 $58,191.35
09247X101 BLACKROCK INC US BLK 2,015.63 $862,711.17
0946580 WEIR GROUP PLC/THE GB WEIR LN 5,489.5 $103,671.47
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 1,191,191.5 $1,212,986.52
09857L108 BOOKING HOLDINGS INC US BKNG 1,908.27 $3,610,216.05
101121101 BOSTON PROPERTIES INC US BXP 1,083.86 $142,201.81
105368203 BRANDYWINE REALTY TRUST US BDN 5,439.89 $77,627.30
110122108 BRISTOL MYERS SQUIBB CO US BMY 19,346.45 $1,034,261.05
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 980.07 $34,174.92
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 67,031.15 $65,020.22
12503M108 CBOE GLOBAL MARKETS INC US CBOE 9,757.58 $1,050,111.05
125269100 CF INDUSTRIES HOLDINGS INC US CF 3,328.81 $140,442.61
12572Q105 CME GROUP INC US CME 5,720.69 $1,087,388.19
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 857,547.5 $854,365.99
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 346,029.57 $320,358.36
13321L108 CAMECO CORP CA CCJ 3,426.74 $40,709.71
134429109 CAMPBELL SOUP CO US CPB 5,145.82 $201,716.07
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 36,137.49 $35,956.80
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 446,537.93 $445,140.18
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 118,896.44 $107,155.42
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 705,554.55 $696,753.88
165240102 CHESAPEAKE LODGING TRUST US CHSP 1,087.2 $32,148.63
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 889,060.52 $1,214,648.78
191216100 COCA COLA CO/THE US KO 48,041.77 $2,421,305.00
192422103 COGNEX CORP US CGNX 2,295.29 $101,038.63
194162103 COLGATE-PALMOLIVE CO US CL 2,427.14 $154,171.86
19626G108 COLONY CAPITAL INC US CLNY 5,157.2 $31,768.37
2011646 ALIMENTATION COUCHE-TARD -B CA ATD/B CN 823.81 $43,235.18
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 2,099.12 $66,206.18
2171573 CANADIAN NATURAL RESOURCES CA CNQ CN 2,100.96 $52,798.69
2180632 CANADIAN NATL RAILWAY CO CA CNR CN 335.75 $28,848.14
21871N101 CORECIVIC INC US CXW 2,654.06 $58,256.70
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 554,035.49 $584,884.83
222795106 COUSINS PROPERTIES INC US CUZ 9,469.05 $80,013.47
22282EAH5 COVANTA HOLDING CORP 6.00000 01/01/2027 US 59,152.89 $55,012.19
2242059 FOMENTO ECONOMICO EXICA-UBD MX 4,330.46 $37,524.48
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 60,531.5 $58,261.57
22822V101 CROWN CASTLE INTL CORP US CCI 597.9 $68,698.33
228368106 CROWN HOLDINGS INC US CCK 1,867.7 $95,775.48
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 229,061.74 $209,418.32
229663109 CUBESMART US CUBE 626.98 $19,524.17
2306814 EL PUERTO DE LIVERPOOL -C1 MX 8,439.15 $50,277.29
2328595 BANCO DO BRASIL S.A. BR BBAS3 BZ 1,739.8 $20,079.47
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 40,704.53 $41,111.58
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 6,209.18 $57,014.29
23918K108 DAVITA INC. US DVA 23,268.8 $1,537,137.07
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 83,050.31 $77,859.67
2392471 GRUPO BIMBO SAB- SERIES A MX BIMBOA MM 10,482.27 $20,038.82
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 11,866.14 $27,692.27
2458771 ITAUSA INVESTIMENTOS ITAU -PR BR ITSA4 BZ 6,671.65 $21,289.92
2516710 LOJAS AMERICANAS SA - PREF BR LAME4 BZ 2,509.25 $12,789.60
25271C102 DIAMOND OFFSHORE DRILLING US DO 36,979.63 $465,943.37
253393102 DICK'S SPORTING GOODS INC US DKS 6,849.62 $246,449.39
253868103 DIGITAL REALTY TRUST INC US DLR 1,277 $146,906.52
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 881,444.92 $812,736.98
2583952 METRO INC CA MRU CN 851.19 $29,341.42
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 126,512.05 $124,298.09
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 128,678.6 $127,552.66
269246401 ETRADE FINANCIAL CORP US ETFC 12,842.92 $671,556.40
2715777 QUEBECOR INC -CL B CA QBR/B CN 39,521.2 $852,800.13
277276101 EASTGROUP PROPERTIES US EGP 217.18 $21,722.14
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 36,665.95 $690,185.81
2823885 ARCA CONTINENTAL SAB DE CV MX AC* MM 3,734.34 $19,314.06
285512109 ELECTRONIC ARTS US EA 18,085.23 $1,520,425.17
2866857 LUNDIN MINING CORP CA LUN CN 27,038.65 $117,829.22
29444U700 EQUINIX INC US EQIX 4,126.15 $1,589,722.73
2945422 WEG SA BR WEGE3 BZ 2,504 $11,538.99
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 488.52 $48,622.37
29476L107 EQUITY RESIDENTIAL US EQR 2,170.01 $154,613.14
297178105 ESSEX PROPERTY TRUST INC US ESS 363.98 $95,547.58
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 1,170,899.75 $1,152,763.69
30225T102 EXTRA SPACE STORAGE INC US EXR 514.65 $49,396.02
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 64,917.47 $64,588.14
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 79,505.16 $77,915.05
30286XAN9 FREMF 2015-K43 B FLT 3.86206 02/25/2048 US 799,638.85 $781,605.00
30290HAE8 FREMF 2012-K708 FLT 3.87019 02/25/2045 US 152,312.16 $152,048.18
30291EAE4 FREMF 2013-K712 B FLT 3.47306 05/25/2045 US 514,053.55 $512,915.13
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 54,619,629.01 $183,117.77
30291XAE2 FREMF 2014-K715 B FLT 4.11882 02/25/2046 US 666,365.71 $672,082.80
30292HAU0 FREMF 2014- K503 B 3.13900 10/25/2047 US 475,975.51 $474,457.62
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 103,920.38 $112,256.35
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 65,020.68 $69,846.26
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 58,044.43 $63,731.56
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 3,948.84 $4,055.51
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 8,811.85 $9,014.36
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 6,063.01 $6,222.57
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 4,800.24 $4,945.30
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 8,485.38 $8,739.17
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 580,724.66 $599,727.99
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 95,684.3 $102,874.67
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 305,608.39 $318,069.60
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 327,193.71 $339,690.16
3132LMMM5 FHLM POOL K91364 4.50000 11/01/2033 US 192,759.17 $199,527.46
3132LNE83 FHLM POOL K92059 4.50000 09/01/2034 US 280,295.92 $292,937.67
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 7,330.18 $7,376.06
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 332,071.32 $330,315.19
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92339V100 VEREIT INC US VER 8,256.58 $63,162.81
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929042109 VORNADO REALTY TRUST US VNO 1,171.83 $84,324.84
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948741103 WEINGARTEN REALTY INVESTORS US WRI 1,969.7 $56,845.64
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 228,468.24 $231,943.93
95040Q104 WELLTOWER INC. US WELL 937.65 $67,820.00
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962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 69,197.7 $62,014.98
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 635,774.98 $587,715.44
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98919V105 ZAYO GROUP HOLDINGS INC US ZAYO 25,585.36 $673,406.80
AP0787667 MPC CONTAINER SHIPS FLT 7.11638 09/22/2022 NL 76,156.08 $75,154.63
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 124,870.8 $119,251.61
B00FM53 BANCO BRADESCO SA - PREF BR BBDC4 BZ 4,335.72 $43,121.71
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B058TZ6 SAFRAN SA FR SAF FP 219.48 $27,471.85
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B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 1,262.7 $63,019.94
B1XH026 VINCI SA FR DG FP 3,293.99 $287,433.94
B1Y9TB3 DANONE FR BN FP 1,635.73 $122,132.91
B1YVKN8 ANTA SPORTS PRODUCTS LTD CN 2020 HK 10,189.33 $46,691.79
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B249GC0 MATSUMOTOKIYOSHI HOLDINGS CO JP 3088 JP 1,225.08 $45,653.32
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B283W97 CAIXABANK S.A ES CABK SM 48,096.78 $198,680.63
B292SM8 MEGACABLE HOLDINGS-CPO MX MEGACPO MM 12,558.08 $57,256.76
B296BQ5 STORAGEVAULT CANADA INC CA SVI CN 6,220.56 $11,845.12
B3FP8W8 CANADA HOUSING TRUST 4.10000 12/15/2018 CA 159,927.77 $120,434.83
B3NB1P2 SUNCOR ENERGY INC CA SU CN 1,800.73 $58,061.30
B3ZCNF7 TELEFONICA BRASIL S.A. - PREF BR VIVT4 BZ 1,398.41 $16,638.39
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 475,975.51 $22,239.28
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 201,813.62 $154,655.17
B4975P9 MAGAZINE LUIZA SA BR MGLU3 BZ 254.73 $10,844.77
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 1,180,419.26 $53,946.53
B4Q2TX3 CHINA LONGYUAN POWER GROUP-H CN 916 HK 13,498.22 $10,655.99
B4R2R50 JULIUS BAER CH BAER SW 4,859.85 $196,021.44
B4V5RY4 BANCO SANTANDER BRASIL - UNIT BR SANB11 BZ 1,701.72 $18,799.48
B4WTBY3 HUANENG RENEWABLES CORP-H CN 958 HK 76,314.88 $24,119.00
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 352,221.88 $257,330.70
B607XS1 VERMILION ENERGY INC CA VET CN 2,164.58 $53,859.83
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 1,827,745.95 $89,123.69
B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 8,478.35 $88,005.97
B63QM77 NEXON CO LTD JP 3659 JP 6,346.01 $75,450.20
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 571,170.61 $24,730.92
B8FMRX8 COLOPLAST-B DK COLOB DC 571.44 $54,558.60
B9N3SQ0 BB SEGURIDADE PARTICIPACOES BR BBSE3 BZ 1,999.79 $14,645.45
BB22L96 KION GROUP AG DE KGX GR 1,038.69 $58,779.40
BBG00MBFLVG6 QRVO US 12/21/18 C67.5 US -102.43 -$16,388.79
BBG00MCR9B13 BABA US 12/07/18 C165 CN -30.84 -$6,785.51
BBG00MD5C001 NOW US 12/07/18 C205 US -25.13 -$251.32
BBG00MHMRQ16 GOOG US 12/28/18 C1110 US -6.09 -$12,002.20
BD0Q398 KONINKLIJKE AHOLD DELHAIZE N NL AD NA 1,583.68 $40,811.92
BD1WX84 ENGIE BRASIL ENERGIA SA BR EGIE3 BZ 1,143.67 $12,720.29
BD3JR69 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 67,202.3 $29,385.69
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 84,928.8 $82,805.58
BD9Y9B7 BASIC-FIT NV NL BFIT NA 1,363.87 $40,950.53
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 65,469.06 $26,962.76
BDXL6S0 UK TREASURY BILL GBP 0.00000 01/28/2019 GB 186,664.22 $237,594.31
BDZV116 EPIROC AB-A SE EPIA SS 5,518.26 $45,213.03
BF7LBH4 ATACADAO DISTRIBUICAO COMERC BR CRFB3 BZ 3,018.72 $13,192.75
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 122,178.95 $111,793.74
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 551.09 $94,731.45
BG36ZK1 B3 SA-BRASIL BOLSA BALCAO BR B3SA3 BZ 2,888.73 $21,065.97
BG7ZWY7 AMBEV SA BR ABEV3 BZ 9,430.38 $41,262.48
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 22,923.58 $35,294.59
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 88,066.79 $67,224.68
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 73,613.82 $2,942,980.88
BNGN9Z1 FINECOBANK SPA IT FBK IM 16,944.76 $182,182.93
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 47,932.2 $1,473,198.02
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 2,292.6 $63,254.87
BSQXJ01 THULE GROUP AB/THE SE THULE SS 2,949.46 $55,247.51
BW1YVH8 WALMART DE MEXICO SAB DE CV MX WALMEX* MM 22,254.88 $55,129.44
BYQ32R1 NEMAK SAB DE CV MX 55,085.37 $39,486.36
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 102,864.94 $43,325.72
BYXS699 QIAGEN N.V. NL QIA GR 1,342.81 $47,520.05
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 35,403.87 $2,720,095.57
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 7,510.76 $34,924.25
BYZWX76 CRODA INTERNATIONAL PLC GB CRDA LN 462.8 $28,842.78
BZ3C3Q4 BANKIA SA ES BKIA SM 49,555.81 $164,031.46
BZ4CMZ5 DAVIDE CAMPARI-MILANO SPA IT CPR IM 3,383.88 $28,306.85
G02602103 AMDOCS LTD GG DOX 5,080.04 $329,745.53
G0750C108 AXALTA COATING SYSTEMS LTD US AXTA 4,735.04 $118,517.93
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 843.64 $33,475.65
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 838.72 $40,711.25
G27358103 DESPEGAR.COM CORP AR DESP 1,047.95 $15,656.39
G3157S106 ENSCO INTERNATIONAL INC US ESV 99,914.99 $566,518.02
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 116,467.24 $120,543.60
G5960L103 MEDTRONIC INC IE MDT 37,900.53 $3,696,438.73
G84720104 STERIS PLC GB STE 358.79 $42,725.06
G97822103 PERRIGO CO PLC IE PRGO 4,429.3 $275,856.85
H8817H100 TRANSOCEAN LTD US RIG 65,007.73 $603,271.76
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 508.94 $56,904.69
N22717107 CORE LABORATORIES N.V. NL CLB 452.55 $37,611.04
N47279109 INTERXION HOLDING NV NL INXN 29,938.18 $1,864,250.36
N59465109 MYLAN NV US MYL 2,224.11 $75,308.41
N72482123 QIAGEN N.V. ADR NL QGEN 5,457.68 $193,420.19
USD US DOLLAR US 4,894,267.45 $4,894,267.45

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