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 aggressive, growth-oriented mix of securities that seeks to earn the long-term growth typically associated with the stock market without full market risk. The portfolio is diversified primarily among various stock investments in both domestic and foreign markets, with a portion of the portfolio invested in fixed income securities. Stock exposure can range from 59% - 88%.

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 2040
  • Who have time to pursue growth and can accept significant 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

$18.08

Daily $ Change

-$0.03

Daily % Change

-0.17%

as of 07/19/2018

CUSIP

302027586

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

Performance

As of 06/30/2018

YTD

2.91%

1 Year

11.41%

3 Year

7.23%

5 Year

8.56%

10 Year

7.55%

Inception
(01/01/2000)

7.25%

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

7.41%

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 06/30/2018

TREASURY NOTES 8.12%
TREASURY BONDS 2.97%
FACEBOOK INC -A 2.79%
INCYTE CORP 1.98%
GOVERNMENT AGENCY 1.90%
BOOKING HOLDINGS INC 1.74%
MASTERCARD INC-CLASS A 1.70%
QORVO INC 1.66%
ANHEUSER-BUSCH INBEV SA/NV 1.62%
SERVICENOW INC 1.55%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 06/30/2018

Stocks 72.85%
Bonds 25.62%
Cash 1.53%

Detailed Asset Class Allocation

As of 06/30/2018

International Equities 23.46%
Small Capitalization 1.45%
Mid Capitalization 5.89%
Large Capitalization 42.06%
Long Term Fixed Income 7.29%
Intermediate Term Fixed Income 13.72%
Short Term Fixed Income 4.60%
Cash 1.53%

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

June Fund Holdings

As of 06/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00163UAB2 AMAG PHARMACEUTICALS INC 7.87500 09/01/2023 US 39,657.5 $42,061.73
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 371,170.93 $363,270.48
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 427,789.75 $420,688.44
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 97,103.55 $100,502.17
004239109 ACADIA REALTY TRUST US AKR 571.21 $15,633.99
0045614 ANTOFAGASTA PLC GB ANTO LN 23,599.53 $306,609.73
0053673 ASHTEAD GROUP PLC GB AHT LN 2,541.29 $75,677.79
00724F101 ADOBE SYS INC US ADBE 4,322.4 $1,053,845.45
00790X101 ADVANCED DISPOSAL SERVICES US ADSW 31,971.9 $792,263.77
008492100 AGREE REALTY CORP US ADC 256.39 $13,529.89
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 18,017.93 $18,636.48
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 106.93 $13,491.41
01609W102 ALIBABA GROUP - ADR CN BABA 12,142.83 $2,252,859.15
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 593,629.04 $553,106.91
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 37,258.12 $37,444.41
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 30,671.1 $30,632.76
02079K107 ALPHABET INC-CL C US GOOG 848.9 $947,070.70
02079K305 ALPHABET INC-CL A US GOOGL 841.74 $950,487.64
02155FAC9 ALTICE US FINANCE I CORP 5.50000 05/15/2026 US 17,111.59 $16,512.68
02209S103 ALTRIA GROUP INC US MO 11,028.49 $626,307.84
023135106 AMAZON.COM INC US AMZN 768.15 $1,305,704.06
02319V103 AMBEV SA-ADR BR ABEV 318,381.94 $1,474,108.37
0237400 DIAGEO PLC GB DGE LN 68,392.89 $2,457,073.52
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 672.96 $28,856.32
0263494 BAE SYSTEMS PLC GB BA/ LN 5,029.95 $42,791.29
02665T306 AMERICAN HOMES 4 RENT- A US AMH 2,555.49 $56,680.69
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 385,657.48 $369,331.86
03027X100 AMERICAN TOWER REIT INC US AMT 9,745.14 $1,404,956.43
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 12,024.38 $12,132.98
03064D108 AMERICOLD REALTY TRUST US COLD 478.9 $10,545.39
03748R101 APARTMENT INVT & MGMT CO -A US AIV 910.99 $38,534.90
03784Y200 APPLE HOSPITALITY REIT INC US APLE 1,299.62 $23,237.22
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 31,237.1 $30,417.12
0405207 HALMA PLC GB HLMA LN 2,075.8 $37,377.50
04621WAC4 ASSURED GUARANTY US HLDG 5.00000 07/01/2024 US 353,969.08 $369,892.39
0490656 KERRY GROUP PLC-A IE KYGA LN 693 $72,390.48
053332102 AUTOZONE INC US AZO 1,778.64 $1,193,340.60
053484101 AVALONBAY COMMUNITIES INC US AVB 598.35 $102,850.16
058498106 BALL CORP US BLL 45,961.89 $1,633,945.31
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 567,010.18 $559,725.49
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 27,168.21 $2,559,245.29
09062X103 BIOGEN IDEC INC US BIIB 3,192.14 $926,487.93
0922320 SMITH & NEPHEW PLC GB SN/ LN 1,025.9 $18,897.47
09247X101 BLACKROCK INC US BLK 4,264.13 $2,127,973.86
0946580 WEIR GROUP PLC/THE GB WEIR LN 4,530.29 $118,975.47
09627J102 BLUEROCK RESIDENTIAL GROWTH US 1,110.39 $9,904.67
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 519,883.76 $557,499.48
09857L108 BOOKING HOLDINGS INC US BKNG 1,546.09 $3,134,054.32
101121101 BOSTON PROPERTIES INC US BXP 468.51 $58,760.69
105368203 BRANDYWINE REALTY TRUST US BDN 3,313.37 $55,929.71
110122108 BRISTOL MYERS SQUIBB CO US BMY 12,820.46 $709,484.26
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 1,076.64 $54,316.47
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 48,689.03 $47,715.25
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 27,049.46 $26,229.86
125269100 CF INDUSTRIES HOLDINGS INC US CF 39,131.29 $1,737,429.19
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 373,615.44 $373,914.34
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 69,717.47 $65,883.01
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 113,952.03 $106,300.14
13321L108 CAMECO CORP CA CCJ 2,835.01 $31,893.83
134429109 CAMPBELL SOUP CO US CPB 23,062.24 $934,943.26
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 3,382.95 $43,064.95
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 22,769.7 $22,655.85
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 65,484.7 $61,883.04
15672WAJ3 CEQUEL COM HLDG I/CAP CP 7.50000 04/01/2028 US 30,059.97 $30,426.70
16411QAA9 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 49,300.16 $48,089.84
165240102 CHESAPEAKE LODGING TRUST US CHSP 669.94 $21,197.05
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 385,747.75 $542,602.66
191216100 COCA COLA CO/THE US KO 23,621.38 $1,036,033.54
19626G108 COLONY CAPITAL INC US CLNY 2,798.92 $17,465.27
198287203 COLUMBIA PROPERTY TRUST INC US CXP 711.82 $16,165.46
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 1,021.27 $30,505.39
2112226 SAPUTO INC CA SAP CN 554.81 $18,421.09
2162760 CAE INC CA CAE CN 957.82 $19,897.27
21871N101 CORECIVIC INC US CXW 2,884.18 $68,903.00
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 331,287.78 $370,279.32
222795106 COUSINS PROPERTIES INC US CUZ 5,769.38 $55,905.25
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 33,636.48 $32,879.66
22822V101 CROWN CASTLE INTL CORP US CCI 365.95 $39,456.62
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 77,860.04 $72,277.94
229663109 CUBESMART US CUBE 1,247.79 $40,203.66
23311RAC0 DCP MIDSTREAM OPERATING 9.75000 03/15/2019 US 18,629.06 $19,397.51
23331A109 DR HORTON INC US DHI 150.82 $6,183.65
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 17,206.88 $253,525.47
23918K108 DAVITA INC. US DVA 20,976.56 $1,456,612.04
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 51,088.41 $48,086.96
2392471 GRUPO BIMBO SAB- SERIES A MX BIMBOA MM 9,671.1 $18,850.13
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 17,021.58 $49,178.56
25271C102 DIAMOND OFFSHORE DRILLING US DO 34,878.6 $727,567.66
253393102 DICK'S SPORTING GOODS INC US DKS 30,698.25 $1,082,113.45
253868103 DIGITAL REALTY TRUST INC US DLR 692.94 $77,318.46
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 385,657.48 $374,066.41
2554475 MAGNA INTERNATIONAL INC CA MG CN 289.38 $16,830.18
2583952 METRO INC CA MRU CN 557.21 $18,941.56
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 52,265.53 $52,004.21
2639349 GRUPO AEROPORT DEL SURESTE-B MX 2,301.8 $36,566.41
2643674 GRUPO MEXICO SAB DE CV-SER MX GMEXICOB MM 11,493.98 $32,577.45
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 69,717.47 $69,717.47
269246401 ETRADE FINANCIAL CORP US ETFC 22,622.99 $1,383,621.77
2715777 QUEBECOR INC -CL B CA QBR/B CN 30,955.23 $633,868.10
277276101 EASTGROUP PROPERTIES US EGP 117.8 $11,256.53
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 44,741.82 $911,410.59
285512109 ELECTRONIC ARTS US EA 12,596.49 $1,776,357.01
2866857 LUNDIN MINING CORP CA LUN CN 68,473.68 $380,742.10
294429105 EQUIFAX INC US EFX 9,588.07 $1,199,564.05
29444U700 EQUINIX INC US EQIX 3,394.38 $1,459,209.28
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 298.02 $27,388.02
29476L107 EQUITY RESIDENTIAL US EQR 963.03 $61,335.40
297178105 ESSEX PROPERTY TRUST INC US ESS 125.6 $30,028.30
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 375,843.85 $368,968.54
30225T102 EXTRA SPACE STORAGE INC US EXR 413.33 $41,254.02
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 28,627.77 $28,521.59
30286XAN9 FREMF 2015-K43 B FLT 3.86221 02/25/2048 US 256,673.85 $253,197.23
30290HAE8 FREMF 2012-K708 FLT 3.88202 02/25/2045 US 48,890.26 $49,061.32
30291EAE4 FREMF 2013-K712 B FLT 3.47721 05/25/2045 US 165,004.62 $165,377.92
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 17,702,923.11 $65,164.46
30291XAE2 FREMF 2014-K715 B FLT 4.11938 02/25/2046 US 213,894.87 $217,117.63
30303M102 FACEBOOK INC -A US FB 25,809.93 $5,015,385.80
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 36,470.92 $39,488.29
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 22,521.11 $24,340.74
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 19,625.61 $21,656.31
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 1,521.4 $1,572.24
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 3,528.71 $3,652.47
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 2,468.33 $2,555.96
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 1,915.48 $1,992.89
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 3,358.21 $3,488.01
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 200,725.48 $209,717.25
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 33,363.27 $36,078.27
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 117,464.22 $123,907.25
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 113,721.33 $118,986.65
3132LMMM5 FHLM POOL K91364 4.50000 11/01/2033 US 63,078.32 $65,813.36
3132LNE83 FHLM POOL K92059 4.50000 09/01/2034 US 99,477.94 $105,245.14
3132WPDP9 FHLM GOLD POOL FG Q49109 4.00000 07/01/2047 US 127,101.45 $129,705.32
3132XSLZ1 FHLM GOLD POOL FG Q50343 4.00000 08/01/2047 US 145,279.55 $148,216.56
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 4,364.98 $4,418.81
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 108,339.89 $108,377.35
3137A2B34 FHMS K009 X1 FLT 1.45484 08/25/2020 US 1,807,559.25 $40,477.40
3137ADTK3 FHMS K014 X1 FLT 1.34101 04/25/2021 US 425,924.05 $11,749.80
3137AJMG6 FMHS K016 X1 FLT 1.67213 10/25/2021 US 527,751.85 $21,466.25
3137AL6W4 FHMS K706 X1 FLT 1.68593 10/25/2018 US 737,239.37 $1,119.06
3137AME78 FHMS K017 X1 FLT 1.48754 12/25/2021 US 3,550,842.56 $133,460.55
3137AUPF0 FHMS K021 x1 FLT 1.58997 06/25/2022 US 1,541,203.32 $73,368.21
3137B3NB0 FHMS K030 X1 FLT 0.31344 04/25/2023 US 5,783,617.21 $49,293.19
3137B4GZ3 FHMS K032 X1 FLT 0.22073 05/25/2023 US 3,713,935.31 $19,279.41
3137B5KW2 FHMS K035 A2 3.45800 08/25/2023 US 396,011.08 $402,222.59
3137BT7J4 FHMS KJ10 A2 2.91200 12/25/2023 US 342,231.8 $338,217.45
3137BWVV3 FHMS KJ13 A2 2.86400 08/25/2022 US 391,122.06 $388,623.25
3137F4YU0 FHLM POOL FHR4791 4.00000 03/15/2044 US 146,280.67 $149,876.98
3137FG2L8 FHLM POOL 4801 4.50000 05/15/2044 US 145,102.75 $150,697.58
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 30,616.29 $32,213.04
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 14,441.51 $15,181.59
3138EGGZ1 FEDERAL NATL MTG ASSN AL0215 4.50000 04/01/2041 US 198,801.98 $209,162.26
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65100 01/01/2049 US 423,545.17 $456,144.60
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 81,324.85 $88,256.87
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 42,032.37 $45,529.63
3140EWG66 FEDERAL NATL MTG ASSN BC2020 3.50000 07/01/2046 US 253,254.23 $252,821.29
3140FA5G3 FEDERAL NATL MTG ASSN FN BD3546 4.00000 09/01/2047 US 91,593.54 $93,564.80
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 211,846.48 $216,185.64
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 2,652.73 $2,739.74
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 3,260.92 $3,367.08
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 23,252.86 $23,793.56
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 28,367.13 $29,042.74
31410HAQ4 MACYS RETAIL HLDGS INC 6.90000 04/01/2029 US 177,685.93 $190,828.21
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 76,575.47 $83,076.54
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 14,724.07 $15,919.50
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 1,254.18 $1,276.67
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 15,975.89 $16,356.85
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 174,302.8 $182,389.89
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 111,405.25 $116,577.34
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 71,154.72 $69,033.30
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 6,030.45 $6,625.36
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 2,400.16 $2,504.96
31428X106 FEDEX CORPORATION US FDX 6,808.68 $1,545,979.03
3163836 INTERTEK GROUP PLC GB ITRK LN 259.45 $19,508.39
3174300 BURBERRY GROUP PLC GB BRBY LN 712.67 $20,254.42
32054K103 FIRST INDUSTRIAL REALTY TR US FR 1,000.9 $33,369.99
3208986 NEXT PLC GB NXT LN 240.35 $19,131.39
336130AB5 FIRST QUALITY FINANCE CO 5.00000 07/01/2025 US 34,858.73 $31,895.74
345605109 FOREST CITY REALTY TRUST - A US FCE/A 1,051.63 $23,987.61
35671D857 FREEPORT-MCMORAN INC US FCX 49,865.39 $860,676.58
357081AE8 FREMF 2015-K720 B FLT 3.50443 07/25/2022 US 130,781.44 $128,042.18
35802XAA1 FRESENIUS MED CARE US 6.50000 09/15/2018 US 22,250.7 $22,397.67
35802XAD5 FRESENIUS MED CARE II 5.62500 07/31/2019 US 204,603.72 $209,588.13
36143WAN1 GAHR 2015-NRF BFX FLT 3.49490 12/15/2034 US 293,341.54 $293,247.82
36174X101 GGP INC US GGP 1,257 $25,680.47
36223NTR5 GNMA POOL 312960 9.00000 09/15/2021 US 63.59 $64.36
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 64,046.24 $62,841.63
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 6,829.93 $6,901.95
371559105 GENESEE & WYOMING INC -CL A US GWR 15,233.24 $1,238,767.01
374297109 GETTY REALTY CORP US GTY 806.32 $22,714.15
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 73,339.1 $72,422.37
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 35,469.86 $34,405.77
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 457.68 $42,522.89
40414L109 HCP INC US HCP 1,527.4 $39,437.52
4057808 L'OREAL FR OR FP 77.73 $19,162.96
4061412 LVMH MOET HENNESSY LOUIS VUITTON FR MC FP 52.61 $17,466.17
410345AL6 HANESBRANDS INC 4.87500 05/15/2026 US 31,237.1 $30,143.80
4163437 CAP GEMINI FR CAP FP 138.71 $18,588.91
421946104 HEALTHCARE REALTY TRUST INC US HR 972.63 $28,284.02
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 975.93 $26,311.17
431318AQ7 HILCORP ENERGY I/HILCORP 5.75000 10/01/2025 US 32,459.35 $32,378.20
4354134 UNITED INTERNET AG-REG SHARE DE UTDI GR 292.95 $16,725.28
44053FAA8 HORIZON PHARMA INC/HORIZ 8.75000 11/01/2024 US 37,889.95 $40,684.33
44107P104 HOST MARRIOTT CORP US HST 2,660.63 $56,059.45
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 71,550.85 $67,078.92
4457624 TRIGANO SA FR TRI FP 337.16 $59,815.61
4497749 KBC GROEP NV BE KBC BB 460.37 $35,356.43
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 54,098.92 $52,374.52
45337C102 INCYTE CORP US INCY 53,088.51 $3,556,930.15
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 1,769.83 $18,246.95
45763PAE6 INMARSAT FINANCE PLC 4.87500 05/15/2022 GB 57,494.9 $56,488.74
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 398,175.26 $408,237.82
46120E602 INTUITIVE SURGICAL INC US ISRG 1,784.52 $853,858.15
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81211K100 SEALED AIR CORP US SEE 36,183.68 $1,535,997.05
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81762P102 SERVICENOW INC US NOW 16,128.65 $2,781,708.43
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83088M102 SKYWORKS SOLUTIONS INC US SWKS 17,907.84 $1,730,792.78
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903002103 UMH PROPERTIES INC US UMH 987.64 $15,160.20
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B1WGG93 GEBERIT AG-REG CH GEBN SW 123.09 $52,704.54
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B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 897.67 $49,881.06
B1XH026 VINCI SA FR DG FP 11,448.57 $1,098,963.20
B1Y9TB3 DANONE FR BN FP 839.74 $61,311.28
B1YVKN8 ANTA SPORTS PRODUCTS LTD CN 2020 HK 9,805.87 $51,709.39
B232R05 SK INNOVATION CO LTD KR 096770 KS 207.03 $37,498.56
B249GC0 MATSUMOTOKIYOSHI HOLDINGS CO JP 3088 JP 825.3 $37,034.56
B283W97 CAIXABANK S.A ES CABK SM 167,192.88 $719,646.74
B3FP8W8 CANADA HOUSING TRUST 4.10000 12/15/2018 CA 51,334.77 $39,480.50
B3MPN59 SUN ART RETAIL GROUP LTD HK 6808 HK 16,261.64 $21,214.48
B3MSM28 AMADEUS IT HOLDING SA-A SHS ES AMS SM 236.77 $18,617.95
B3NB1P2 SUNCOR ENERGY INC CA SU CN 999.17 $40,661.52
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 152,782.05 $7,447.45
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 64,779.59 $50,598.69
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 378,899.49 $18,300.27
B4Q2TX3 CHINA LONGYUAN POWER GROUP-H CN 916 HK 89,081.37 $71,560.09
B4R2R50 JULIUS BAER CH BAER SW 14,291.47 $837,072.17
B4WTBY3 HUANENG RENEWABLES CORP-H CN 958 HK 187,968.61 $62,304.71
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 113,058.72 $83,501.97
B4YVF56 BRENNTAG AG DE BNR GR 939.66 $52,209.17
B607XS1 VERMILION ENERGY INC CA VET CN 1,093.65 $39,440.24
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 586,683.08 $29,693.59
B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 6,000.24 $77,091.23
B63QM77 NEXON CO LTD JP 3659 JP 4,609.6 $66,882.31
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 183,338.46 $9,321.90
B7VQL46 FNAC DARTY SA FR FNAC FP 526.81 $49,936.66
BB22L96 KION GROUP AG DE KGX GR 675.64 $48,496.87
BBG00J8JCGT8 BABA US 07/20/18 P185 CN -13.2 -$6,798.19
BBG00KWNZGX9 SCHW US 06/29/18 P51.5 US -34.96 -$699.13
BBG00KZ9KMK4 QRVO US 07/20/18 P75 US -24.45 -$1,491.15
BBG00KZB2V74 REGN US 07/20/18 C360 US -5.01 -$2,505.63
BBG00KZD4H15 SGEN US 07/20/18 P60 US -30.43 -$1,217.37
BBG00L3N2DV4 FB US 07/27/18 P180 US -13.57 -$2,265.70
BD4TZK8 OCI NV NL OCI NA 1,694.44 $45,501.75
BD6K457 COMPASS GROUP PLC GB CPG LN 863.33 $18,402.48
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 71,530.15 $72,603.10
BD97BN2 ATLAS COPCO AB-A SHS SE ATCOA SS 455.57 $13,193.57
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 41,613.85 $36,158.25
BDZV116 EPIROC AB-A SE EPIA SS 6,257.03 $65,659.79
BF2DSG3 SIKA AG-REG CH SIKA SW 214.59 $29,649.88
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 64,352.71 $58,560.96
BFMDQ58 REPSOL SA-RTS ES 2,966.57 $1,684.03
BFYFZP5 FERGUSON PLC CH FERG LN 227.7 $18,422.54
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 335.94 $73,969.81
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 12,731.56 $22,301.91
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 47,793.2 $53,789.26
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 28,402.18 $1,426,226.75
BNBNSG0 EURONEXT NV NL ENX FP 1,359.35 $86,139.14
BNGN9Z1 FINECOBANK SPA IT FBK IM 65,016.05 $731,890.41
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 40,885.88 $1,392,334.43
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 681.34 $18,817.74
BSBMKM2 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 19,611.75 $35,217.23
BVSS790 ELIS SA FR ELIS FP 2,452.22 $56,078.08
BYM4063 BECLE SAB DE CV MX 12,624.55 $18,192.85
BYPC1T4 ASSA ABLOY AB-B SE ASSAB SS 862.11 $18,286.76
BYQ32R1 NEMAK SAB DE CV MX 52,947.21 $36,390.75
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 24,636.91 $17,430.21
BYXS699 QIAGEN N.V. NL QIA GR 1,048.49 $38,006.99
BYY8LS2 MAISONS DU MONDE SA FR MDM FP 950.75 $34,962.92
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 28,817.04 $2,906,633.92
BYZ43T4 EUROBANK ERGASIAS SA GR EUROB GA 36,102.96 $37,539.01
BYZFYS3 SPIE SA FR SPIE FP 3,480.7 $70,453.54
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 7,338.25 $61,704.19
BYZWX76 CRODA INTERNATIONAL PLC GB CRDA LN 1,137.67 $71,874.44
BZ3C3Q4 BANKIA SA ES BKIA SM 121,518.92 $453,153.15
BZCNN35 BANCO COMERCIAL PORTUGUES-R PT BCP PL 97,727.83 $29,223.74
G02602103 AMDOCS LTD GG DOX 15,669.63 $1,037,172.83
G06242104 ATLASSIAN CORP PLC-CLASS A AU TEAM 7,763.4 $485,367.45
G0750C108 AXALTA COATING SYSTEMS LTD US AXTA 23,445.98 $710,647.78
G27358103 DESPEGAR.COM CORP AR DESP 620.16 $13,004.74
G3157S106 ENSCO INTERNATIONAL INC US ESV 118,718.72 $861,897.90
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 62,519.32 $64,863.80
G5960L103 MEDTRONIC INC IE MDT 31,077.75 $2,660,565.98
G68707101 PAGSEGURO DIGITAL LTD-CL A BR PAGS 14,609.16 $405,404.17
G97822103 PERRIGO CO PLC IE PRGO 13,190.75 $961,737.82
H8817H100 TRANSOCEAN LTD US RIG 82,736.99 $1,111,985.11
N47279109 INTERXION HOLDING NX NL INXN 1,016.88 $63,473.60
N72482123 QIAGEN N.V. ADR NL QGEN 20,838.14 $753,507.10

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

$18.08

Daily $ Change

-$0.03

Daily % Change

-0.17%

as of 07/19/2018

CUSIP

302027586

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 aggressive, growth-oriented mix of securities that seeks to earn the long-term growth typically associated with the stock market without full market risk. The portfolio is diversified primarily among various stock investments in both domestic and foreign markets, with a portion of the portfolio invested in fixed income securities. Stock exposure can range from 59% - 88%.

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 2040
  • Who have time to pursue growth and can accept significant fluctuations in current account value
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio that becomes more conservative over time

About Target Date Funds

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

Target Series Glide Path Overview

Learn more about our Glide Range SM

Performance

As of 06/30/2018

YTD

2.91%

1 Year

11.41%

3 Year

7.23%

5 Year

8.56%

10 Year

7.55%

Inception
(01/01/2000)

7.25%

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

7.41%

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 06/30/2018

TREASURY NOTES 8.12%
TREASURY BONDS 2.97%
FACEBOOK INC -A 2.79%
INCYTE CORP 1.98%
GOVERNMENT AGENCY 1.90%
BOOKING HOLDINGS INC 1.74%
MASTERCARD INC-CLASS A 1.70%
QORVO INC 1.66%
ANHEUSER-BUSCH INBEV SA/NV 1.62%
SERVICENOW INC 1.55%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 06/30/2018

Stocks
72.85%
Bonds
25.62%
Cash
1.53%

Detailed Asset Class Allocation

As of 06/30/2018

International Equities
23.46%
Small Capitalization
1.45%
Mid Capitalization
5.89%
Large Capitalization
42.06%
Long Term Fixed Income
7.29%
Intermediate Term Fixed Income
13.72%
Short Term Fixed Income
4.60%
Cash
1.53%

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

June Fund Holdings

As of 06/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00163UAB2 AMAG PHARMACEUTICALS INC 7.87500 09/01/2023 US 39,657.5 $42,061.73
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 371,170.93 $363,270.48
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 427,789.75 $420,688.44
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 97,103.55 $100,502.17
004239109 ACADIA REALTY TRUST US AKR 571.21 $15,633.99
0045614 ANTOFAGASTA PLC GB ANTO LN 23,599.53 $306,609.73
0053673 ASHTEAD GROUP PLC GB AHT LN 2,541.29 $75,677.79
00724F101 ADOBE SYS INC US ADBE 4,322.4 $1,053,845.45
00790X101 ADVANCED DISPOSAL SERVICES US ADSW 31,971.9 $792,263.77
008492100 AGREE REALTY CORP US ADC 256.39 $13,529.89
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 18,017.93 $18,636.48
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 106.93 $13,491.41
01609W102 ALIBABA GROUP - ADR CN BABA 12,142.83 $2,252,859.15
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 593,629.04 $553,106.91
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 37,258.12 $37,444.41
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 30,671.1 $30,632.76
02079K107 ALPHABET INC-CL C US GOOG 848.9 $947,070.70
02079K305 ALPHABET INC-CL A US GOOGL 841.74 $950,487.64
02155FAC9 ALTICE US FINANCE I CORP 5.50000 05/15/2026 US 17,111.59 $16,512.68
02209S103 ALTRIA GROUP INC US MO 11,028.49 $626,307.84
023135106 AMAZON.COM INC US AMZN 768.15 $1,305,704.06
02319V103 AMBEV SA-ADR BR ABEV 318,381.94 $1,474,108.37
0237400 DIAGEO PLC GB DGE LN 68,392.89 $2,457,073.52
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 672.96 $28,856.32
0263494 BAE SYSTEMS PLC GB BA/ LN 5,029.95 $42,791.29
02665T306 AMERICAN HOMES 4 RENT- A US AMH 2,555.49 $56,680.69
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 385,657.48 $369,331.86
03027X100 AMERICAN TOWER REIT INC US AMT 9,745.14 $1,404,956.43
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 12,024.38 $12,132.98
03064D108 AMERICOLD REALTY TRUST US COLD 478.9 $10,545.39
03748R101 APARTMENT INVT & MGMT CO -A US AIV 910.99 $38,534.90
03784Y200 APPLE HOSPITALITY REIT INC US APLE 1,299.62 $23,237.22
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 31,237.1 $30,417.12
0405207 HALMA PLC GB HLMA LN 2,075.8 $37,377.50
04621WAC4 ASSURED GUARANTY US HLDG 5.00000 07/01/2024 US 353,969.08 $369,892.39
0490656 KERRY GROUP PLC-A IE KYGA LN 693 $72,390.48
053332102 AUTOZONE INC US AZO 1,778.64 $1,193,340.60
053484101 AVALONBAY COMMUNITIES INC US AVB 598.35 $102,850.16
058498106 BALL CORP US BLL 45,961.89 $1,633,945.31
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 567,010.18 $559,725.49
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 27,168.21 $2,559,245.29
09062X103 BIOGEN IDEC INC US BIIB 3,192.14 $926,487.93
0922320 SMITH & NEPHEW PLC GB SN/ LN 1,025.9 $18,897.47
09247X101 BLACKROCK INC US BLK 4,264.13 $2,127,973.86
0946580 WEIR GROUP PLC/THE GB WEIR LN 4,530.29 $118,975.47
09627J102 BLUEROCK RESIDENTIAL GROWTH US 1,110.39 $9,904.67
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 519,883.76 $557,499.48
09857L108 BOOKING HOLDINGS INC US BKNG 1,546.09 $3,134,054.32
101121101 BOSTON PROPERTIES INC US BXP 468.51 $58,760.69
105368203 BRANDYWINE REALTY TRUST US BDN 3,313.37 $55,929.71
110122108 BRISTOL MYERS SQUIBB CO US BMY 12,820.46 $709,484.26
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 1,076.64 $54,316.47
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 48,689.03 $47,715.25
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 27,049.46 $26,229.86
125269100 CF INDUSTRIES HOLDINGS INC US CF 39,131.29 $1,737,429.19
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 373,615.44 $373,914.34
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 69,717.47 $65,883.01
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 113,952.03 $106,300.14
13321L108 CAMECO CORP CA CCJ 2,835.01 $31,893.83
134429109 CAMPBELL SOUP CO US CPB 23,062.24 $934,943.26
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 3,382.95 $43,064.95
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 22,769.7 $22,655.85
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 65,484.7 $61,883.04
15672WAJ3 CEQUEL COM HLDG I/CAP CP 7.50000 04/01/2028 US 30,059.97 $30,426.70
16411QAA9 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 49,300.16 $48,089.84
165240102 CHESAPEAKE LODGING TRUST US CHSP 669.94 $21,197.05
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 385,747.75 $542,602.66
191216100 COCA COLA CO/THE US KO 23,621.38 $1,036,033.54
19626G108 COLONY CAPITAL INC US CLNY 2,798.92 $17,465.27
198287203 COLUMBIA PROPERTY TRUST INC US CXP 711.82 $16,165.46
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 1,021.27 $30,505.39
2112226 SAPUTO INC CA SAP CN 554.81 $18,421.09
2162760 CAE INC CA CAE CN 957.82 $19,897.27
21871N101 CORECIVIC INC US CXW 2,884.18 $68,903.00
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 331,287.78 $370,279.32
222795106 COUSINS PROPERTIES INC US CUZ 5,769.38 $55,905.25
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 33,636.48 $32,879.66
22822V101 CROWN CASTLE INTL CORP US CCI 365.95 $39,456.62
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 77,860.04 $72,277.94
229663109 CUBESMART US CUBE 1,247.79 $40,203.66
23311RAC0 DCP MIDSTREAM OPERATING 9.75000 03/15/2019 US 18,629.06 $19,397.51
23331A109 DR HORTON INC US DHI 150.82 $6,183.65
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 17,206.88 $253,525.47
23918K108 DAVITA INC. US DVA 20,976.56 $1,456,612.04
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 51,088.41 $48,086.96
2392471 GRUPO BIMBO SAB- SERIES A MX BIMBOA MM 9,671.1 $18,850.13
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 17,021.58 $49,178.56
25271C102 DIAMOND OFFSHORE DRILLING US DO 34,878.6 $727,567.66
253393102 DICK'S SPORTING GOODS INC US DKS 30,698.25 $1,082,113.45
253868103 DIGITAL REALTY TRUST INC US DLR 692.94 $77,318.46
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 385,657.48 $374,066.41
2554475 MAGNA INTERNATIONAL INC CA MG CN 289.38 $16,830.18
2583952 METRO INC CA MRU CN 557.21 $18,941.56
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 52,265.53 $52,004.21
2639349 GRUPO AEROPORT DEL SURESTE-B MX 2,301.8 $36,566.41
2643674 GRUPO MEXICO SAB DE CV-SER MX GMEXICOB MM 11,493.98 $32,577.45
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 69,717.47 $69,717.47
269246401 ETRADE FINANCIAL CORP US ETFC 22,622.99 $1,383,621.77
2715777 QUEBECOR INC -CL B CA QBR/B CN 30,955.23 $633,868.10
277276101 EASTGROUP PROPERTIES US EGP 117.8 $11,256.53
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 44,741.82 $911,410.59
285512109 ELECTRONIC ARTS US EA 12,596.49 $1,776,357.01
2866857 LUNDIN MINING CORP CA LUN CN 68,473.68 $380,742.10
294429105 EQUIFAX INC US EFX 9,588.07 $1,199,564.05
29444U700 EQUINIX INC US EQIX 3,394.38 $1,459,209.28
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 298.02 $27,388.02
29476L107 EQUITY RESIDENTIAL US EQR 963.03 $61,335.40
297178105 ESSEX PROPERTY TRUST INC US ESS 125.6 $30,028.30
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 375,843.85 $368,968.54
30225T102 EXTRA SPACE STORAGE INC US EXR 413.33 $41,254.02
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 28,627.77 $28,521.59
30286XAN9 FREMF 2015-K43 B FLT 3.86221 02/25/2048 US 256,673.85 $253,197.23
30290HAE8 FREMF 2012-K708 FLT 3.88202 02/25/2045 US 48,890.26 $49,061.32
30291EAE4 FREMF 2013-K712 B FLT 3.47721 05/25/2045 US 165,004.62 $165,377.92
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 17,702,923.11 $65,164.46
30291XAE2 FREMF 2014-K715 B FLT 4.11938 02/25/2046 US 213,894.87 $217,117.63
30303M102 FACEBOOK INC -A US FB 25,809.93 $5,015,385.80
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 36,470.92 $39,488.29
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 22,521.11 $24,340.74
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 19,625.61 $21,656.31
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 1,521.4 $1,572.24
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 3,528.71 $3,652.47
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 2,468.33 $2,555.96
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 1,915.48 $1,992.89
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 3,358.21 $3,488.01
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 200,725.48 $209,717.25
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 33,363.27 $36,078.27
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 117,464.22 $123,907.25
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 113,721.33 $118,986.65
3132LMMM5 FHLM POOL K91364 4.50000 11/01/2033 US 63,078.32 $65,813.36
3132LNE83 FHLM POOL K92059 4.50000 09/01/2034 US 99,477.94 $105,245.14
3132WPDP9 FHLM GOLD POOL FG Q49109 4.00000 07/01/2047 US 127,101.45 $129,705.32
3132XSLZ1 FHLM GOLD POOL FG Q50343 4.00000 08/01/2047 US 145,279.55 $148,216.56
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 4,364.98 $4,418.81
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 108,339.89 $108,377.35
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87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 74,493.53 $74,400.34
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 40,313.76 $35,879.24
88032WAG1 TENCENT HOLDINGS LTD 3.59500 01/19/2028 KY 389,324.25 $368,308.53
88146M101 TERRENO REALTY CORP US TRNO 179.66 $6,767.73
88161DAA9 TESLA 2018-A A 2.32000 12/20/2019 US 116,120.17 $115,740.37
882508104 TEXAS INSTRUMENTS INC US TXN 9,990.11 $1,101,409.19
883556102 THERMO FISHER SCIENTIFIC INC US TMO 2,659.13 $550,811.43
88650V208 TIER REIT INC US TIER 1,140.29 $27,116.08
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 334,111.58 $326,287.42
89613BAA5 TAH 2013-SFR1 A 2.58900 11/17/2033 US 273,167.33 $264,354.18
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 91,669.23 $88,296.46
896356AE2 TRINIDAD DRILLING LTD 6.62500 02/15/2025 CA 57,109.43 $54,967.83
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 52,921.79 $52,987.95
902653104 UDR INC US UDR 1,521.11 $57,102.48
903002103 UMH PROPERTIES INC US UMH 987.64 $15,160.20
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 80,512.83 $76,495.24
90384S303 ULTA BEAUTY INC US ULTA 4,593.14 $1,072,315.26
904767704 UNILEVER PLC - ADR GB UL 34,522.07 $1,908,379.79
912796PY9 TREASURY BILL 0.00000 09/06/2018 US 727,242.57 $724,739.34
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 954,030.75 $1,276,724.20
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 1,460,928.43 $1,851,555.58
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 689,085.53 $672,768.37
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 585,460.83 $533,798.48
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 1,678,007.3 $1,682,923.34
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 708,908.73 $702,844.23
912828D23 US TREASURY N/B 1.62500 04/30/2019 US 1,405,594.89 $1,397,523.69
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 664,539.82 $657,453.85
912828K58 UNITED STATES TREAS NTS 1.37500 04/30/2020 US 1,423,928.73 $1,394,782.69
912828R28 US TREASURY N/B 1.62500 04/30/2023 US 757,798.98 $719,968.23
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 775,277.25 $709,166.69
912828RT9 US TREASURY N/B 1.37500 11/30/2018 US 757,798.98 $755,549.27
912828S92 US TREASURY N/B 1.25000 07/31/2023 US 7,026,161.48 $6,529,115.43
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 671,038.86 $655,981.22
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 2,476,023.05 $2,384,429.53
91704F104 URBAN EDGE PROPERTIES US UE 1,961.58 $44,861.32
92276F100 VENTAS INC US VTR 402.23 $22,907.28
92339V100 VEREIT INC US VER 2,825.42 $21,021.09
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 522,328.27 $547,327.27
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 4,615.58 $784,463.76
92826C839 VISA INC - CLASS A SHARES US V 17,916.38 $2,373,023.89
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 46,445.74 $47,339.15
929042109 VORNADO REALTY TRUST US VNO 649.35 $47,999.72
92936CAE9 WFRBS 2011-C4 A3 4.39400 06/15/2044 US 3,707.18 $3,729.71
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 46,289.65 $46,868.27
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 30,059.97 $29,270.90
94856TAA2 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 52,310.67 $49,564.36
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 73,335.39 $75,071.52
95040Q104 WELLTOWER INC. US WELL 510.79 $32,021.67
962166104 WEYERHAEUSER CO US WY 535.76 $19,533.86
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 34,858.73 $35,040.00
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 31,237.1 $31,002.82
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 84,281.98 $84,380.12
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 93,416.98 $91,791.20
98919V105 ZAYO GROUP HOLDINGS INC US ZAYO 53,899.94 $1,966,269.73
AN7903213 SONGA BULK ASA 6.83263 06/13/2022 NO 24,445.13 $25,389.69
AP0787667 MPC CONTAINER SHIPS FLT 7.08188 09/22/2022 NL 24,445.13 $25,068.72
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 68,495.21 $67,553.40
B0190C7 TECHTRONIC INDUSTRIES CO LTD HK 669 HK 3,049.06 $16,934.14
B02J639 ADMIRAL GROUP PLC GB ADM LN 709.09 $17,821.11
B037JC2 NEXITY FR NXI FP 1,102.73 $69,616.48
B0386J1 JYSKE BANK-REG DK JYSK DC 674.66 $36,876.89
B06JSP1 SYDBANK A/S DK SYDB DC 961.48 $32,959.75
B09DHL9 MTU AERO ENGINES HOLDING AG DE MTX GR 100.41 $19,233.28
B09M9D2 KONE OYJ-B FI KNEBV FH 359.91 $18,299.89
B11TCY0 SCHINDLER HOLDING-PART CERT CH SCHP SW 84.88 $18,224.99
B11ZRK9 LEGRAND SA FR LR FP 759.07 $55,599.72
B138HB7 KAUFMAN & BROAD SA FR KOF FP 1,109.97 $52,270.57
B13X013 EIFFAGE FR FGR FP 645.89 $70,172.08
B15C557 TOTAL SA FR FP FP 938.19 $56,972.38
B19NLV4 EXPERIAN PLC GB EXPN LN 753.32 $18,583.43
B1CRLC4 MONDI PLC GB MNDI LN 692.3 $18,676.83
B1FW751 GALP ENERGIA SGPS SA PT GALP PL 3,825.56 $72,776.18
B1HDJL2 NATIXIS FR KN FP 8,123.84 $57,480.75
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 4,072.22 $21,267.12
B1WGG93 GEBERIT AG-REG CH GEBN SW 123.09 $52,704.54
B1WY233 SMITHS GROUP PLC GB SMIN LN 819.1 $18,296.65
B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 897.67 $49,881.06
B1XH026 VINCI SA FR DG FP 11,448.57 $1,098,963.20
B1Y9TB3 DANONE FR BN FP 839.74 $61,311.28
B1YVKN8 ANTA SPORTS PRODUCTS LTD CN 2020 HK 9,805.87 $51,709.39
B232R05 SK INNOVATION CO LTD KR 096770 KS 207.03 $37,498.56
B249GC0 MATSUMOTOKIYOSHI HOLDINGS CO JP 3088 JP 825.3 $37,034.56
B283W97 CAIXABANK S.A ES CABK SM 167,192.88 $719,646.74
B3FP8W8 CANADA HOUSING TRUST 4.10000 12/15/2018 CA 51,334.77 $39,480.50
B3MPN59 SUN ART RETAIL GROUP LTD HK 6808 HK 16,261.64 $21,214.48
B3MSM28 AMADEUS IT HOLDING SA-A SHS ES AMS SM 236.77 $18,617.95
B3NB1P2 SUNCOR ENERGY INC CA SU CN 999.17 $40,661.52
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 152,782.05 $7,447.45
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 64,779.59 $50,598.69
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 378,899.49 $18,300.27
B4Q2TX3 CHINA LONGYUAN POWER GROUP-H CN 916 HK 89,081.37 $71,560.09
B4R2R50 JULIUS BAER CH BAER SW 14,291.47 $837,072.17
B4WTBY3 HUANENG RENEWABLES CORP-H CN 958 HK 187,968.61 $62,304.71
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 113,058.72 $83,501.97
B4YVF56 BRENNTAG AG DE BNR GR 939.66 $52,209.17
B607XS1 VERMILION ENERGY INC CA VET CN 1,093.65 $39,440.24
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 586,683.08 $29,693.59
B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 6,000.24 $77,091.23
B63QM77 NEXON CO LTD JP 3659 JP 4,609.6 $66,882.31
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 183,338.46 $9,321.90
B7VQL46 FNAC DARTY SA FR FNAC FP 526.81 $49,936.66
BB22L96 KION GROUP AG DE KGX GR 675.64 $48,496.87
BBG00J8JCGT8 BABA US 07/20/18 P185 CN -13.2 -$6,798.19
BBG00KWNZGX9 SCHW US 06/29/18 P51.5 US -34.96 -$699.13
BBG00KZ9KMK4 QRVO US 07/20/18 P75 US -24.45 -$1,491.15
BBG00KZB2V74 REGN US 07/20/18 C360 US -5.01 -$2,505.63
BBG00KZD4H15 SGEN US 07/20/18 P60 US -30.43 -$1,217.37
BBG00L3N2DV4 FB US 07/27/18 P180 US -13.57 -$2,265.70
BD4TZK8 OCI NV NL OCI NA 1,694.44 $45,501.75
BD6K457 COMPASS GROUP PLC GB CPG LN 863.33 $18,402.48
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 71,530.15 $72,603.10
BD97BN2 ATLAS COPCO AB-A SHS SE ATCOA SS 455.57 $13,193.57
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 41,613.85 $36,158.25
BDZV116 EPIROC AB-A SE EPIA SS 6,257.03 $65,659.79
BF2DSG3 SIKA AG-REG CH SIKA SW 214.59 $29,649.88
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 64,352.71 $58,560.96
BFMDQ58 REPSOL SA-RTS ES 2,966.57 $1,684.03
BFYFZP5 FERGUSON PLC CH FERG LN 227.7 $18,422.54
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 335.94 $73,969.81
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 12,731.56 $22,301.91
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 47,793.2 $53,789.26
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 28,402.18 $1,426,226.75
BNBNSG0 EURONEXT NV NL ENX FP 1,359.35 $86,139.14
BNGN9Z1 FINECOBANK SPA IT FBK IM 65,016.05 $731,890.41
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 40,885.88 $1,392,334.43
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 681.34 $18,817.74
BSBMKM2 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 19,611.75 $35,217.23
BVSS790 ELIS SA FR ELIS FP 2,452.22 $56,078.08
BYM4063 BECLE SAB DE CV MX 12,624.55 $18,192.85
BYPC1T4 ASSA ABLOY AB-B SE ASSAB SS 862.11 $18,286.76
BYQ32R1 NEMAK SAB DE CV MX 52,947.21 $36,390.75
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 24,636.91 $17,430.21
BYXS699 QIAGEN N.V. NL QIA GR 1,048.49 $38,006.99
BYY8LS2 MAISONS DU MONDE SA FR MDM FP 950.75 $34,962.92
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 28,817.04 $2,906,633.92
BYZ43T4 EUROBANK ERGASIAS SA GR EUROB GA 36,102.96 $37,539.01
BYZFYS3 SPIE SA FR SPIE FP 3,480.7 $70,453.54
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 7,338.25 $61,704.19
BYZWX76 CRODA INTERNATIONAL PLC GB CRDA LN 1,137.67 $71,874.44
BZ3C3Q4 BANKIA SA ES BKIA SM 121,518.92 $453,153.15
BZCNN35 BANCO COMERCIAL PORTUGUES-R PT BCP PL 97,727.83 $29,223.74
G02602103 AMDOCS LTD GG DOX 15,669.63 $1,037,172.83
G06242104 ATLASSIAN CORP PLC-CLASS A AU TEAM 7,763.4 $485,367.45
G0750C108 AXALTA COATING SYSTEMS LTD US AXTA 23,445.98 $710,647.78
G27358103 DESPEGAR.COM CORP AR DESP 620.16 $13,004.74
G3157S106 ENSCO INTERNATIONAL INC US ESV 118,718.72 $861,897.90
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 62,519.32 $64,863.80
G5960L103 MEDTRONIC INC IE MDT 31,077.75 $2,660,565.98
G68707101 PAGSEGURO DIGITAL LTD-CL A BR PAGS 14,609.16 $405,404.17
G97822103 PERRIGO CO PLC IE PRGO 13,190.75 $961,737.82
H8817H100 TRANSOCEAN LTD US RIG 82,736.99 $1,111,985.11
N47279109 INTERXION HOLDING NX NL INXN 1,016.88 $63,473.60
N72482123 QIAGEN N.V. ADR NL QGEN 20,838.14 $753,507.10

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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