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

$24.43

Daily $ Change

$0.03

Daily % Change

0.12%

as of 04/18/2019

CUSIP

563821164

Inception Date

01/06/2005

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 03/31/2019

YTD

8.94%

1 Year

4.68%

3 Year

7.48%

5 Year

4.15%

10 Year

10.12%

Inception
(01/01/2000)

6.59%

US Stock Market Cycle (04/01/2000 - 03/31/2019)

6.74%

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

Expense Ratio

Gross 0.92%
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 03/31/2019

TREASURY NOTES 9.00%
TREASURY BONDS 7.56%
GOVERNMENT AGENCY 5.98%
MICROSOFT CORP 2.09%
NOVARTIS AG- REG 1.93%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 1.92%
MEDTRONIC INC 1.80%
MASTERCARD INC-CLASS A 1.67%
TENCENT HOLDINGS LTD 1.65%
VISA INC - CLASS A SHARES 1.64%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 03/31/2019

Stocks 50.03%
Bonds 48.41%
Cash 1.56%

Detailed Asset Class Allocation

As of 03/31/2019

International Equities 19.05%
Small Capitalization 0.50%
Mid Capitalization 1.45%
Large Capitalization 29.03%
Long Term Fixed Income 17.42%
Intermediate Term Fixed Income 21.84%
Short Term Fixed Income 9.15%
Cash 1.56%

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

March Fund Holdings

As of 03/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAH9 ADT SEC CORP 4.12500 06/15/2023 US 65,869.34 $63,530.98
00101JAM8 ADT CORP 5.25000 03/15/2020 US 41,433.19 $41,847.53
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 881,443.26 $906,251.04
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 1,400,722.04 $1,392,397.20
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 262,252.94 $263,564.20
004239109 ACADIA REALTY TRUST US AKR 786.85 $21,457.50
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 857,430.88 $862,207.23
00790X101 ADVANCED DISPOSAL SERVICES US ADSW 4,795.09 $134,262.57
0081180 BARRATT DEVELOPMENTS PLC GB BDEV LN 10,207.55 $79,734.84
008492100 AGREE REALTY CORP US ADC 486.09 $33,705.24
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 55,581.67 $56,598.18
0136701 BRITISH LAND CO PLC GB BLND LN 5,332.6 $40,941.95
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 181.32 $25,848.59
01609W102 ALIBABA GROUP - ADR CN BABA 424.64 $77,476.24
02079K107 ALPHABET INC-CL C US GOOG 1,983.88 $2,327,702.08
02079K305 ALPHABET INC-CL A US GOOGL 1,959.3 $2,305,879.45
02209S103 ALTRIA GROUP INC US MO 1,323.43 $76,004.68
023135106 AMAZON.COM INC US AMZN 657 $1,169,955.22
02319V103 AMBEV SA-ADR BR ABEV 260,956.85 $1,122,114.47
0237400 DIAGEO PLC GB DGE LN 60,758.59 $2,486,378.94
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 235,674.51 $238,596.87
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 774.42 $36,847.09
0263494 BAE SYSTEMS PLC GB BA/ LN 11,463.56 $72,057.65
02665T306 AMERICAN HOMES 4 RENT- A US AMH 4,845.96 $110,100.30
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 402,207.33 $398,069.39
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 68,435.4 $62,960.57
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 40,020.63 $39,220.22
03027X100 AMERICAN TOWER REIT INC US AMT 7,084.46 $1,396,062.99
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 28,454.78 $28,648.60
03064D108 AMERICOLD REALTY TRUST US COLD 737.42 $22,498.58
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 59,583.73 $60,477.49
03748R754 APARTMENT INVT & MGMT CO -A US AIV 1,436.16 $72,224.30
03784Y200 APPLE HOSPITALITY REIT INC US APLE 1,371.67 $22,358.28
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 MUL 57,723.96 $57,723.96
0405207 HALMA PLC GB HLMA LN 1,830.34 $39,905.11
0490656 KERRY GROUP PLC-A IE KYGA LN 740.76 $82,264.24
05278C107 AUTOHOME INC-ADR CN ATHM 683.48 $71,847.80
053332102 AUTOZONE INC US AZO 213.44 $218,586.64
053484101 AVALONBAY COMMUNITIES INC US AVB 918.59 $184,389.07
058498106 BALL CORP US BLL 50,870.75 $2,943,381.31
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 1,344,176.24 $1,370,837.04
0673123 ASSOCIATED BRITISH FOODS PLC GB ABF LN 1,175.43 $37,376.61
0682538 PERSIMMON PLC GB PSN LN 2,788.93 $78,886.91
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 14,402.23 $2,893,264.93
0870612 LLOYDS BANKING GROUP PLC GB LLOY LN 99,028.31 $80,231.01
0878230 TAYLOR WIMPEY PLC GB TW/ LN 34,628.13 $79,201.85
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 12,711.16 $1,129,132.56
0922320 SMITH & NEPHEW PLC GB SN/ LN 3,107.78 $61,717.78
09247X101 BLACKROCK INC US BLK 1,668.27 $712,967.12
0946580 WEIR GROUP PLC/THE GB WEIR LN 5,235.7 $106,416.27
09857L108 BOOKING HOLDINGS INC US BKNG 1,895.9 $3,308,176.23
101121101 BOSTON PROPERTIES INC US BXP 1,134.92 $151,942.56
105368203 BRANDYWINE REALTY TRUST US BDN 6,317.41 $100,194.07
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 852.49 $35,565.86
11134LAB5 BROADCOM CRP / CAYMN FI 2.37500 01/15/2020 US 1,040,536.37 $1,034,969.75
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 55,581.67 $53,219.45
12503M108 CBOE GLOBAL MARKETS INC US CBOE 10,486.18 $1,000,800.54
125269100 CF INDUSTRIES HOLDINGS INC US CF 2,446.99 $100,032.77
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 244,125.84 $248,102.65
12572Q105 CME GROUP INC US CME 6,130.52 $1,008,961.78
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 889,164.87 $890,276.33
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 353,674.62 $338,055.04
133131102 CAMDEN PROPERTY TRUST US CPT 232.76 $23,624.69
13321L108 CAMECO CORP CA CCJ 2,701.57 $31,851.56
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 21,853.18 $21,771.23
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 432,749.1 $431,859.11
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 121,592.27 $115,512.66
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 640,387.93 $634,136.01
165240102 CHESAPEAKE LODGING TRUST US CHSP 1,130.77 $31,446.79
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 478,741.23 $719,670.23
191216100 COCA COLA CO/THE US KO 47,741.77 $2,237,179.15
192422103 COGNEX CORP US CGNX 1,234.44 $62,783.63
194162103 COLGATE-PALMOLIVE CO US CL 1,197.57 $82,081.60
2011646 ALIMENTATION COUCHE-TARD -B CA ATD/B CN 420.67 $24,780.00
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 2,298.69 $82,500.13
2180632 CANADIAN NATL RAILWAY CO CA CNR CN 424.95 $38,041.47
222795106 COUSINS PROPERTIES INC US CUZ 9,877.98 $95,421.26
22282EAH5 COVANTA HOLDING CORP 6.00000 01/01/2027 US 60,148.76 $60,148.76
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 1,012,521.93 $1,030,798.05
22822V101 CROWN CASTLE INTL CORP US CCI 537.52 $68,803.19
228368106 CROWN HOLDINGS INC US CCK 1,450 $79,126.36
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 230,159.64 $221,632.68
229663109 CUBESMART US CUBE 632.4 $20,262.02
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 41,433.19 $42,165.32
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 1,583.03 $17,946.60
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 53,439.38 $51,208.29
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 16,477.72 $39,389.81
25271C102 DIAMOND OFFSHORE DRILLING US DO 30,147.49 $316,247.16
253868103 DIGITAL REALTY TRUST INC US DLR 821.86 $97,801.36
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 913,742.28 $888,027.89
256677105 DOLLAR GENERAL CORP US DG 1,117.62 $133,332.19
256746108 DOLLAR TREE STORES INC US DLTR 1,601.99 $168,272.97
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 55,581.67 $55,998.53
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 129,596.4 $131,540.34
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 131,738.68 $125,151.75
269246401 ETRADE FINANCIAL CORP US ETFC 12,139.54 $563,638.84
2715777 QUEBECOR INC -CL B CA QBR/B CN 29,201.46 $715,860.30
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 34,413.61 $716,161.53
285512109 ELECTRONIC ARTS US EA 17,516.37 $1,780,188.78
2866857 LUNDIN MINING CORP CA LUN CN 9,130.06 $42,358.92
29444U700 EQUINIX INC US EQIX 4,149.89 $1,880,565.53
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 506.66 $57,911.46
29476L107 EQUITY RESIDENTIAL US EQR 1,995.93 $150,333.14
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 2,354.71 $45,964.01
297178105 ESSEX PROPERTY TRUST INC US ESS 360.49 $104,268.77
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 1,230,634.36 $1,227,717.76
30225T102 EXTRA SPACE STORAGE INC US EXR 519.09 $52,900.65
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 47,201.46 $46,997.25
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 80,865.36 $82,937.53
30286XAN9 FREMF 2015-K43 B FLT 3.73430 02/25/2048 US 840,433.22 $851,208.08
30291EAE4 FREMF 2013-K712 B FLT 3.35855 05/25/2045 US 540,278.5 $539,929.16
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 56,937,376.55 $178,196.91
30291XAE2 FREMF 2014-K715 B FLT 3.97555 02/25/2046 US 700,361.02 $711,426.16
30292HAU0 FREMF 2014- K503 B 3.04223 10/25/2047 US 500,257.87 $499,503.33
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 104,617.44 $114,951.99
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 64,914.83 $70,886.69
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 59,093.06 $65,114.38
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 3,573.45 $3,692.60
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 7,715.66 $7,894.38
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 5,367.62 $5,527.09
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 4,366.13 $4,523.08
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 7,542.92 $7,794.57
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 590,126.87 $620,953.15
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 95,629.73 $104,460.29
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 293,515.66 $309,128.32
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 338,170.87 $356,170.26
3132LMMM5 FHLM POOL K91364 4.50000 11/01/2033 US 198,997.24 $208,520.53
3132LNE83 FHLM POOL K92059 4.50000 09/01/2034 US 290,039.09 $305,289.87
3132VLY43 FHLM POOL FG Q60730 4.00000 01/01/2049 US 867,357.59 $894,021.54
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 3,915.42 $3,929.41
3134865 BARCLAYS PLC GB BARC LN 39,516.08 $79,596.45
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 343,244.1 $349,772.53
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 179.18 $24,699.27
3137A2B34 FHMS K009 X1 FLT 1.26972 08/25/2020 US 5,804,483.03 $77,903.13
3137ADTK3 FHMS K014 X1 FLT 1.14985 04/25/2021 US 1,373,302.61 $28,101.62
3137AJMG6 FMHS K016 X1 FLT 1.47861 10/25/2021 US 1,613,579.6 $52,623.19
3137AME78 FHMS K017 X1 FLT 1.30341 12/25/2021 US 10,979,046.9 $319,103.80
3137AUPF0 FHMS K021 x1 FLT 1.44016 06/25/2022 US 4,939,309.16 $193,767.12
3137B3NB0 FHMS K030 X1 FLT 0.19480 04/25/2023 US 18,582,395.02 $132,912.44
3137B4GZ3 FHMS K032 X1 FLT 0.10256 05/25/2023 US 11,922,068.04 $52,950.67
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 429,717.03 $442,823.14
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 416,998.93 $434,122.24
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 90,748.91 $95,945.48
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 43,275.32 $45,740.08
3138EGGZ1 FEDERAL NATL MTG ASSN AL0215 4.50000 04/01/2041 US 586,825.08 $620,427.39
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65100 01/01/2049 US 1,239,495.88 $1,364,739.93
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 1,031,909.51 $1,052,250.20
3138WGK37 FEDERAL NATL MTG ASSN FN AS6613 4.00000 02/01/2046 US 1,220,701.77 $1,262,353.85
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 229,597.81 $252,555.88
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 118,677.72 $130,541.56
3140EWG66 FEDERAL NATL MTG ASSN BC2020 3.50000 07/01/2046 US 635,771.3 $645,233.02
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 633,670.64 $654,902.20
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 221,452.21 $231,641.23
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 878,419.07 $917,399.95
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 665,389.12 $703,740.45
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 449,825.59 $475,890.89
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 524,394.34 $554,780.63
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 5,761.62 $5,895.12
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 6,765.18 $6,922.80
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 44,362.38 $45,063.89
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 54,809.24 $55,688.95
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 219,939.76 $241,363.24
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 41,746.31 $45,758.72
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 1,877.28 $1,896.29
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 31,532.22 $32,060.00
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 477,224.83 $501,807.67
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 326,008.71 $342,814.99
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 216,661.4 $216,001.32
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 17,026.38 $18,777.52
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 5,859.14 $6,098.98
31428X106 FEDEX CORPORATION US FDX 5,425.49 $984,237.90
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 51,297.1 $51,489.46
3163836 INTERTEK GROUP PLC GB ITRK LN 588.21 $37,262.92
32054K103 FIRST INDUSTRIAL REALTY TR US FR 1,178.07 $41,656.48
335934AK1 FIRST QUANTUM MINERALS L 7.25000 04/01/2023 CA 22,576.37 $22,068.40
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 66,293.11 $65,464.45
35671D857 FREEPORT-MCMORAN INC US FCX 3,978.91 $51,288.17
357081AE8 FREMF 2015-K720 B FLT 3.39034 07/25/2022 US 428,220.74 $431,637.68
35802XAD5 FRESENIUS MED CARE II 5.62500 07/31/2019 US 810,677.31 $815,889.54
36143WAN1 GAHR 2015-NRF BFX FLT 3.38216 12/15/2034 US 960,495.11 $956,454.98
36223NTR5 GNMA POOL 312960 9.00000 09/15/2021 US 114.02 $115.10
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 209,708.1 $207,331.67
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 15,395.49 $15,504.87
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 778,001.53 $726,653.43
37045VAR1 GENERAL MOTORS CO FLT 3.50063 09/10/2021 US 631,926.23 $626,763.04
37045XAR7 GENERAL MOTORS FINL CO 3.15000 01/15/2020 US 1,036,534.31 $1,037,982.91
37185LAF9 GENESIS ENERGY LP/GENESI 5.62500 06/15/2024 US 53,863.15 $51,708.63
374297109 GETTY REALTY CORP US GTY 1,363.53 $43,673.81
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 131,653.93 $130,008.26
38141GVR2 GOLDMAN SACHS GROUP INC 4.25000 10/21/2025 US 220,913.88 $226,130.95
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 569,017.68 $548,963.84
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 59,583.73 $59,732.69
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 276.83 $24,629.19
4012250 AIRBUS SE FR AIR FP 346.96 $45,984.50
4031976 ADIDAS AG DE ADS GR 154.27 $37,521.49
40414L109 HCP INC US HCP 2,451.15 $76,720.98
4057808 L'OREAL FR OR FP 234.69 $63,199.30
4061412 LVMH MOET HENNESSY LOUIS VUITTON FR MC FP 156.55 $57,663.55
406216101 HALLIBURTON CO US HAL 45,565.79 $1,335,077.59
4076836 INTESA SANPAOLO IT ISP IM 13,099.68 $31,970.16
4162791 THALES SA FR HO FP 67.56 $8,094.94
4163437 CAP GEMINI FR CAP FP 99.56 $12,080.55
421946104 HEALTHCARE REALTY TRUST INC US HR 2,090.66 $67,131.00
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 3,322.45 $94,988.76
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 560.1 $46,550.02
44107P104 HOST MARRIOTT CORP US HST 2,461.13 $46,515.38
444454AB8 HUGHES SATELITE SYSTEMS 6.50000 06/15/2019 US 90,046.42 $90,505.65
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 119,591.24 $118,694.30
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B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 5,682 $32,033.68
B1WGG93 GEBERIT AG-REG CH GEBN SW 88.85 $36,337.17
B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 797.75 $41,692.73
B1XH026 VINCI SA FR DG FP 2,278.37 $221,690.25
B1Y9TB3 DANONE FR BN FP 1,837.88 $141,519.52
B1YVKN8 ANTA SPORTS PRODUCTS LTD CN 2020 HK 5,941.9 $40,505.91
B1YXBJ7 AIR LIQUIDE FR AI FP 290.24 $36,937.11
B1Z9Q99 ABOITIZ POWER CORP PH AP PM 22,197.38 $14,964.53
B247XZ6 MANILA ELECTRIC COMPANY PH MER PM 2,258.02 $16,362.29
B249GC0 MATSUMOTOKIYOSHI HOLDINGS CO JP 3088 JP 1,225.58 $40,950.03
B3NB1P2 SUNCOR ENERGY INC CA SU CN 1,826.71 $59,202.22
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 500,257.87 $25,095.04
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 212,109.34 $164,608.34
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 1,240,639.52 $61,553.08
B4R2R50 JULIUS BAER CH BAER SW 2,405.8 $97,319.80
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 370,190.83 $273,368.41
B5VJH76 BDO UNIBANK INC PH BDO PM 10,827.87 $27,637.52
B607XS1 VERMILION ENERGY INC CA VET CN 1,625.52 $40,128.75
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 1,920,990.23 $99,239.99
B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 7,355.6 $78,081.30
B63QM77 NEXON CO LTD JP 3659 JP 6,650.51 $104,587.97
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 600,309.45 $29,884.57
B725S29 PUREGOLD PRICE CLUB INC PH PGOLD PM 13,698.39 $12,565.73
B7T7721 ROYAL BANK OF SCOTLAND GB RBS LN 24,687.26 $79,495.16
B8FMRX8 COLOPLAST-B DK COLOB DC 336.53 $36,940.82
B8K9X70 GRAND CITY PROPERTIES DE GYC GR 2,560.56 $61,837.69
B92RW83 LT GROUP INC PH LTG PM 42,195.04 $12,937.35
B9G6L89 LEG IMMOBILIEN AG DE LEG GR 758.91 $93,260.06
BBD7Q84 SUNTORY BEVERAGE & FOOD LTD JP 2587 JP 762.75 $35,873.21
BBG00NCXF4P1 RAMP US 04/18/19 P50 US -144.87 -$6,519.36
BBG00NG63J67 EA US 04/05/19 P90 US -81.64 -$244.93
BBG00NH7KDD0 LULU US 04/05/19 P130 CA -40.82 -$122.46
BBJPFY1 VONOVIA SE DE VNA GR 2,348.58 $121,881.57
BD0Q398 KONINKLIJKE AHOLD DELHAIZE N NL AD NA 892.72 $23,767.72
BD3JR69 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 66,622.75 $32,179.94
BD4TZK8 OCI NV NL OCI NA 1,308.47 $36,045.67
BD9Y5C0 TECHNOGYM SPA IT TGYM IM 3,479.73 $42,867.42
BD9Y9B7 BASIC-FIT NV NL BFIT NA 1,229.55 $41,377.79
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 65,304.44 $31,798.74
BDXN0J5 UK TREASURY BILL GBP 0.00000 05/28/2019 GB 180,291.08 $234,537.15
BDZV116 EPIROC AB-A SE EPIA SS 976.84 $9,865.71
BF1K7P7 ESSITY AKTIEBOLAG-B SE ESSITYB SS 854.04 $24,646.24
BF2DSG3 SIKA AG-REG CH SIKA SW 268.54 $37,555.78
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 125,311.82 $122,805.58
BFTCYP4 ROBINSONS RETAIL HOLDINGS IN PH RRHI PM 7,343.99 $11,048.86
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 24,338.75 $36,475.63
BGLP232 MONCLER SPA IT MONC IM 876.31 $35,367.85
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 87,108.65 $80,056.00
BHC8X90 NOVO NORDISK A/S-B DK NOVOB DC 720.91 $37,678.88
BJ2KSG2 AKZO NOBEL NL AKZA NA 2,183.48 $193,967.11
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 81,578.07 $3,751,595.60
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 7,101.07 $34,591.28
BNGN9Z1 FINECOBANK SPA IT FBK IM 11,206.54 $147,650.35
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 48,152.24 $1,415,751.52
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 1,311.27 $37,594.66
BSQXJ01 THULE GROUP AB/THE SE THULE SS 2,778.5 $62,878.09
BSS7GP5 AGL ENERGY LTD AU AGL AU 1,549.51 $23,952.01
BW1YVH8 WALMART DE MEXICO SAB DE CV MX WALMEX* MM 13,627.93 $36,431.96
BYMXPS7 UNICREDIT SPA IT UCG IM 2,361.12 $30,329.91
BYNXBZ5 ADO PROPERTIES SA DE ADJ GR 550.21 $31,284.78
BYW0PQ6 LAND SECURITIES GROUP PLC GB LAND LN 3,392.28 $40,388.55
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 102,387.18 $42,130.17
BYXS699 QIAGEN N.V. NL QIA GR 1,429.86 $58,041.39
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 35,723.47 $2,998,790.96
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 11,682.83 $45,836.27
G02602103 AMDOCS LTD GG DOX 2,118.4 $114,626.75
G0750C108 AXALTA COATING SYSTEMS LTD US AXTA 2,260.95 $56,998.57
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 838.69 $30,092.33
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 486.23 $25,157.46
G27358103 DESPEGAR.COM CORP AR DESP 1,046.28 $15,589.62
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 133,739.71 $138,420.60
G5960L103 MEDTRONIC INC IE MDT 44,975.44 $4,096,362.71
G8473T100 STERIS PLC GB STE 196.55 $25,164.16
G97822103 PERRIGO CO PLC IE PRGO 2,204.45 $106,166.27
H8817H100 TRANSOCEAN LTD US RIG 54,974.91 $478,831.48
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 302.25 $38,231.70
N22717107 CORE LABORATORIES N.V. NL CLB 609.49 $42,012.31
N47279109 INTERXION HOLDING NV NL INXN 30,334.39 $2,024,214.14
N72482123 QIAGEN N.V. ADR NL QGEN 2,871.19 $116,800.06
USD US DOLLAR US 3,612,936.06 $3,612,936.06

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

$24.43

Daily $ Change

$0.03

Daily % Change

0.12%

as of 04/18/2019

CUSIP

563821164

Inception Date

01/06/2005

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

Important Documents

Annual Report
Fact Sheet
Applications & Forms

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

Investment Objective

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

Investment Strategy

Currently: The portfolio is currently invested in a 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 03/31/2019

YTD

8.94%

1 Year

4.68%

3 Year

7.48%

5 Year

4.15%

10 Year

10.12%

Inception
(01/01/2000)

6.59%

US Stock Market Cycle (04/01/2000 - 03/31/2019)

6.74%

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

Expense Ratio

Gross 0.92%
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 03/31/2019

TREASURY NOTES 9.00%
TREASURY BONDS 7.56%
GOVERNMENT AGENCY 5.98%
MICROSOFT CORP 2.09%
NOVARTIS AG- REG 1.93%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 1.92%
MEDTRONIC INC 1.80%
MASTERCARD INC-CLASS A 1.67%
TENCENT HOLDINGS LTD 1.65%
VISA INC - CLASS A SHARES 1.64%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 03/31/2019

Stocks
50.03%
Bonds
48.41%
Cash
1.56%

Detailed Asset Class Allocation

As of 03/31/2019

International Equities
19.05%
Small Capitalization
0.50%
Mid Capitalization
1.45%
Large Capitalization
29.03%
Long Term Fixed Income
17.42%
Intermediate Term Fixed Income
21.84%
Short Term Fixed Income
9.15%
Cash
1.56%

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

March Fund Holdings

As of 03/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAH9 ADT SEC CORP 4.12500 06/15/2023 US 65,869.34 $63,530.98
00101JAM8 ADT CORP 5.25000 03/15/2020 US 41,433.19 $41,847.53
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 881,443.26 $906,251.04
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 1,400,722.04 $1,392,397.20
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 262,252.94 $263,564.20
004239109 ACADIA REALTY TRUST US AKR 786.85 $21,457.50
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 857,430.88 $862,207.23
00790X101 ADVANCED DISPOSAL SERVICES US ADSW 4,795.09 $134,262.57
0081180 BARRATT DEVELOPMENTS PLC GB BDEV LN 10,207.55 $79,734.84
008492100 AGREE REALTY CORP US ADC 486.09 $33,705.24
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 55,581.67 $56,598.18
0136701 BRITISH LAND CO PLC GB BLND LN 5,332.6 $40,941.95
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 181.32 $25,848.59
01609W102 ALIBABA GROUP - ADR CN BABA 424.64 $77,476.24
02079K107 ALPHABET INC-CL C US GOOG 1,983.88 $2,327,702.08
02079K305 ALPHABET INC-CL A US GOOGL 1,959.3 $2,305,879.45
02209S103 ALTRIA GROUP INC US MO 1,323.43 $76,004.68
023135106 AMAZON.COM INC US AMZN 657 $1,169,955.22
02319V103 AMBEV SA-ADR BR ABEV 260,956.85 $1,122,114.47
0237400 DIAGEO PLC GB DGE LN 60,758.59 $2,486,378.94
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 235,674.51 $238,596.87
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 774.42 $36,847.09
0263494 BAE SYSTEMS PLC GB BA/ LN 11,463.56 $72,057.65
02665T306 AMERICAN HOMES 4 RENT- A US AMH 4,845.96 $110,100.30
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 402,207.33 $398,069.39
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 68,435.4 $62,960.57
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 40,020.63 $39,220.22
03027X100 AMERICAN TOWER REIT INC US AMT 7,084.46 $1,396,062.99
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 28,454.78 $28,648.60
03064D108 AMERICOLD REALTY TRUST US COLD 737.42 $22,498.58
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 59,583.73 $60,477.49
03748R754 APARTMENT INVT & MGMT CO -A US AIV 1,436.16 $72,224.30
03784Y200 APPLE HOSPITALITY REIT INC US APLE 1,371.67 $22,358.28
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 MUL 57,723.96 $57,723.96
0405207 HALMA PLC GB HLMA LN 1,830.34 $39,905.11
0490656 KERRY GROUP PLC-A IE KYGA LN 740.76 $82,264.24
05278C107 AUTOHOME INC-ADR CN ATHM 683.48 $71,847.80
053332102 AUTOZONE INC US AZO 213.44 $218,586.64
053484101 AVALONBAY COMMUNITIES INC US AVB 918.59 $184,389.07
058498106 BALL CORP US BLL 50,870.75 $2,943,381.31
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 1,344,176.24 $1,370,837.04
0673123 ASSOCIATED BRITISH FOODS PLC GB ABF LN 1,175.43 $37,376.61
0682538 PERSIMMON PLC GB PSN LN 2,788.93 $78,886.91
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 14,402.23 $2,893,264.93
0870612 LLOYDS BANKING GROUP PLC GB LLOY LN 99,028.31 $80,231.01
0878230 TAYLOR WIMPEY PLC GB TW/ LN 34,628.13 $79,201.85
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 12,711.16 $1,129,132.56
0922320 SMITH & NEPHEW PLC GB SN/ LN 3,107.78 $61,717.78
09247X101 BLACKROCK INC US BLK 1,668.27 $712,967.12
0946580 WEIR GROUP PLC/THE GB WEIR LN 5,235.7 $106,416.27
09857L108 BOOKING HOLDINGS INC US BKNG 1,895.9 $3,308,176.23
101121101 BOSTON PROPERTIES INC US BXP 1,134.92 $151,942.56
105368203 BRANDYWINE REALTY TRUST US BDN 6,317.41 $100,194.07
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 852.49 $35,565.86
11134LAB5 BROADCOM CRP / CAYMN FI 2.37500 01/15/2020 US 1,040,536.37 $1,034,969.75
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 55,581.67 $53,219.45
12503M108 CBOE GLOBAL MARKETS INC US CBOE 10,486.18 $1,000,800.54
125269100 CF INDUSTRIES HOLDINGS INC US CF 2,446.99 $100,032.77
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 244,125.84 $248,102.65
12572Q105 CME GROUP INC US CME 6,130.52 $1,008,961.78
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 889,164.87 $890,276.33
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 353,674.62 $338,055.04
133131102 CAMDEN PROPERTY TRUST US CPT 232.76 $23,624.69
13321L108 CAMECO CORP CA CCJ 2,701.57 $31,851.56
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 21,853.18 $21,771.23
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 432,749.1 $431,859.11
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 121,592.27 $115,512.66
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 640,387.93 $634,136.01
165240102 CHESAPEAKE LODGING TRUST US CHSP 1,130.77 $31,446.79
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 478,741.23 $719,670.23
191216100 COCA COLA CO/THE US KO 47,741.77 $2,237,179.15
192422103 COGNEX CORP US CGNX 1,234.44 $62,783.63
194162103 COLGATE-PALMOLIVE CO US CL 1,197.57 $82,081.60
2011646 ALIMENTATION COUCHE-TARD -B CA ATD/B CN 420.67 $24,780.00
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 2,298.69 $82,500.13
2180632 CANADIAN NATL RAILWAY CO CA CNR CN 424.95 $38,041.47
222795106 COUSINS PROPERTIES INC US CUZ 9,877.98 $95,421.26
22282EAH5 COVANTA HOLDING CORP 6.00000 01/01/2027 US 60,148.76 $60,148.76
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 1,012,521.93 $1,030,798.05
22822V101 CROWN CASTLE INTL CORP US CCI 537.52 $68,803.19
228368106 CROWN HOLDINGS INC US CCK 1,450 $79,126.36
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 230,159.64 $221,632.68
229663109 CUBESMART US CUBE 632.4 $20,262.02
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 41,433.19 $42,165.32
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 1,583.03 $17,946.60
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 53,439.38 $51,208.29
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 16,477.72 $39,389.81
25271C102 DIAMOND OFFSHORE DRILLING US DO 30,147.49 $316,247.16
253868103 DIGITAL REALTY TRUST INC US DLR 821.86 $97,801.36
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 913,742.28 $888,027.89
256677105 DOLLAR GENERAL CORP US DG 1,117.62 $133,332.19
256746108 DOLLAR TREE STORES INC US DLTR 1,601.99 $168,272.97
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 55,581.67 $55,998.53
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 129,596.4 $131,540.34
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 131,738.68 $125,151.75
269246401 ETRADE FINANCIAL CORP US ETFC 12,139.54 $563,638.84
2715777 QUEBECOR INC -CL B CA QBR/B CN 29,201.46 $715,860.30
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 34,413.61 $716,161.53
285512109 ELECTRONIC ARTS US EA 17,516.37 $1,780,188.78
2866857 LUNDIN MINING CORP CA LUN CN 9,130.06 $42,358.92
29444U700 EQUINIX INC US EQIX 4,149.89 $1,880,565.53
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 506.66 $57,911.46
29476L107 EQUITY RESIDENTIAL US EQR 1,995.93 $150,333.14
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 2,354.71 $45,964.01
297178105 ESSEX PROPERTY TRUST INC US ESS 360.49 $104,268.77
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 1,230,634.36 $1,227,717.76
30225T102 EXTRA SPACE STORAGE INC US EXR 519.09 $52,900.65
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 47,201.46 $46,997.25
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 80,865.36 $82,937.53
30286XAN9 FREMF 2015-K43 B FLT 3.73430 02/25/2048 US 840,433.22 $851,208.08
30291EAE4 FREMF 2013-K712 B FLT 3.35855 05/25/2045 US 540,278.5 $539,929.16
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 56,937,376.55 $178,196.91
30291XAE2 FREMF 2014-K715 B FLT 3.97555 02/25/2046 US 700,361.02 $711,426.16
30292HAU0 FREMF 2014- K503 B 3.04223 10/25/2047 US 500,257.87 $499,503.33
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 104,617.44 $114,951.99
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 64,914.83 $70,886.69
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 59,093.06 $65,114.38
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 3,573.45 $3,692.60
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 7,715.66 $7,894.38
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 5,367.62 $5,527.09
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 4,366.13 $4,523.08
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 7,542.92 $7,794.57
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 590,126.87 $620,953.15
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 95,629.73 $104,460.29
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 293,515.66 $309,128.32
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 338,170.87 $356,170.26
3132LMMM5 FHLM POOL K91364 4.50000 11/01/2033 US 198,997.24 $208,520.53
3132LNE83 FHLM POOL K92059 4.50000 09/01/2034 US 290,039.09 $305,289.87
3132VLY43 FHLM POOL FG Q60730 4.00000 01/01/2049 US 867,357.59 $894,021.54
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B5VJH76 BDO UNIBANK INC PH BDO PM 10,827.87 $27,637.52
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B725S29 PUREGOLD PRICE CLUB INC PH PGOLD PM 13,698.39 $12,565.73
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B8FMRX8 COLOPLAST-B DK COLOB DC 336.53 $36,940.82
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B9G6L89 LEG IMMOBILIEN AG DE LEG GR 758.91 $93,260.06
BBD7Q84 SUNTORY BEVERAGE & FOOD LTD JP 2587 JP 762.75 $35,873.21
BBG00NCXF4P1 RAMP US 04/18/19 P50 US -144.87 -$6,519.36
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BBJPFY1 VONOVIA SE DE VNA GR 2,348.58 $121,881.57
BD0Q398 KONINKLIJKE AHOLD DELHAIZE N NL AD NA 892.72 $23,767.72
BD3JR69 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 66,622.75 $32,179.94
BD4TZK8 OCI NV NL OCI NA 1,308.47 $36,045.67
BD9Y5C0 TECHNOGYM SPA IT TGYM IM 3,479.73 $42,867.42
BD9Y9B7 BASIC-FIT NV NL BFIT NA 1,229.55 $41,377.79
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 65,304.44 $31,798.74
BDXN0J5 UK TREASURY BILL GBP 0.00000 05/28/2019 GB 180,291.08 $234,537.15
BDZV116 EPIROC AB-A SE EPIA SS 976.84 $9,865.71
BF1K7P7 ESSITY AKTIEBOLAG-B SE ESSITYB SS 854.04 $24,646.24
BF2DSG3 SIKA AG-REG CH SIKA SW 268.54 $37,555.78
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 125,311.82 $122,805.58
BFTCYP4 ROBINSONS RETAIL HOLDINGS IN PH RRHI PM 7,343.99 $11,048.86
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 24,338.75 $36,475.63
BGLP232 MONCLER SPA IT MONC IM 876.31 $35,367.85
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 87,108.65 $80,056.00
BHC8X90 NOVO NORDISK A/S-B DK NOVOB DC 720.91 $37,678.88
BJ2KSG2 AKZO NOBEL NL AKZA NA 2,183.48 $193,967.11
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 81,578.07 $3,751,595.60
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 7,101.07 $34,591.28
BNGN9Z1 FINECOBANK SPA IT FBK IM 11,206.54 $147,650.35
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 48,152.24 $1,415,751.52
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 1,311.27 $37,594.66
BSQXJ01 THULE GROUP AB/THE SE THULE SS 2,778.5 $62,878.09
BSS7GP5 AGL ENERGY LTD AU AGL AU 1,549.51 $23,952.01
BW1YVH8 WALMART DE MEXICO SAB DE CV MX WALMEX* MM 13,627.93 $36,431.96
BYMXPS7 UNICREDIT SPA IT UCG IM 2,361.12 $30,329.91
BYNXBZ5 ADO PROPERTIES SA DE ADJ GR 550.21 $31,284.78
BYW0PQ6 LAND SECURITIES GROUP PLC GB LAND LN 3,392.28 $40,388.55
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 102,387.18 $42,130.17
BYXS699 QIAGEN N.V. NL QIA GR 1,429.86 $58,041.39
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 35,723.47 $2,998,790.96
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 11,682.83 $45,836.27
G02602103 AMDOCS LTD GG DOX 2,118.4 $114,626.75
G0750C108 AXALTA COATING SYSTEMS LTD US AXTA 2,260.95 $56,998.57
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 838.69 $30,092.33
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 486.23 $25,157.46
G27358103 DESPEGAR.COM CORP AR DESP 1,046.28 $15,589.62
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 133,739.71 $138,420.60
G5960L103 MEDTRONIC INC IE MDT 44,975.44 $4,096,362.71
G8473T100 STERIS PLC GB STE 196.55 $25,164.16
G97822103 PERRIGO CO PLC IE PRGO 2,204.45 $106,166.27
H8817H100 TRANSOCEAN LTD US RIG 54,974.91 $478,831.48
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 302.25 $38,231.70
N22717107 CORE LABORATORIES N.V. NL CLB 609.49 $42,012.31
N47279109 INTERXION HOLDING NV NL INXN 30,334.39 $2,024,214.14
N72482123 QIAGEN N.V. ADR NL QGEN 2,871.19 $116,800.06
USD US DOLLAR US 3,612,936.06 $3,612,936.06

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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