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 67% - 93%.

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 2045
  • Who generally have time to withstand market volatility and can accept very 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

$12.66

Daily $ Change

$0.05

Daily % Change

0.39%

as of 08/20/2018

CUSIP

56382R811

Inception Date

05/14/2015

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

Important Documents

Annual Report
Applications & Forms

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

Performance

As of 07/31/2018

YTD

5.59%

1 Year

12.05%

3 Year

8.92%

5 Year

8.73%

10 Year

8.19%

Inception
(01/01/2000)

7.77%

US Stock Market Cycle (04/01/2000 - 07/31/2018)

7.93%

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

Expense Ratio

Gross 0.55%
Net 0.49%*

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

Top Ten Investments

As of 07/31/2018

TREASURY NOTES 10.05%
TREASURY BONDS 2.09%
BOOKING HOLDINGS INC 1.82%
QORVO INC 1.81%
MEDTRONIC INC 1.69%
INCYTE CORP 1.69%
MASTERCARD INC-CLASS A 1.64%
O'REILLY AUTOMOTIVE INC 1.61%
LULULEMON - ADR 1.51%
MICROSOFT CORP 1.48%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 07/31/2018

Stocks 77.14%
Bonds 20.77%
Cash 2.09%

Detailed Asset Class Allocation

As of 07/31/2018

International Equities 26.36%
Small Capitalization 1.65%
Mid Capitalization 6.46%
Large Capitalization 42.67%
Long Term Fixed Income 4.41%
Intermediate Term Fixed Income 13.66%
Short Term Fixed Income 2.70%
Cash 2.09%

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

July Fund Holdings

As of 07/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 47,532.28 $47,036.91
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 30,935.56 $30,417.11
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 10,470.55 $10,810.84
004239109 ACADIA REALTY TRUST US AKR 92.12 $2,494.48
0045614 ANTOFAGASTA PLC GB ANTO LN 5,795.43 $76,111.59
0053673 ASHTEAD GROUP PLC GB AHT LN 223.3 $6,855.29
00724F101 ADOBE SYS INC US ADBE 1,156.77 $283,038.81
00790X101 ADVANCED DISPOSAL SERVICES US ADSW 8,556.39 $210,487.20
008492100 AGREE REALTY CORP US ADC 41.76 $2,223.36
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 2,912.27 $3,006.92
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 17.16 $2,186.69
01609W102 ALIBABA GROUP - ADR CN BABA 2,614.2 $489,456.39
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 76,033.98 $71,242.37
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 5,912.93 $5,972.06
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 4,746.89 $4,754.01
02079K107 ALPHABET INC-CL C US GOOG 161.01 $195,987.32
02079K305 ALPHABET INC-CL A US GOOGL 159.48 $195,719.11
02155FAC9 ALTICE US FINANCE I CORP 5.50000 05/15/2026 US 1,237.42 $1,215.90
02209S103 ALTRIA GROUP INC US MO 2,951.47 $173,192.14
023135106 AMAZON.COM INC US AMZN 156.17 $277,575.93
02319V103 AMBEV SA-ADR BR ABEV 63,017.36 $323,909.22
0237400 DIAGEO PLC GB DGE LN 7,792.69 $285,892.64
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 107.29 $4,425.69
0263494 BAE SYSTEMS PLC GB BA/ LN 964.37 $8,255.28
02665T306 AMERICAN HOMES 4 RENT- A US AMH 407.11 $9,013.51
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 49,499.48 $47,499.13
03027X100 AMERICAN TOWER REIT INC US AMT 2,360.47 $349,915.59
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 843.19 $849.68
03064D108 AMERICOLD REALTY TRUST US COLD 76.24 $1,640.00
03748R101 APARTMENT INVT & MGMT CO -A US AIV 144.73 $6,172.92
03784Y200 APPLE HOSPITALITY REIT INC US APLE 207.32 $3,729.74
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 5,017.72 $4,898.55
0405207 HALMA PLC GB HLMA LN 371.86 $6,859.82
04621WAC4 ASSURED GUARANTY US HLDG 5.00000 07/01/2024 US 46,748.14 $48,321.25
0490656 KERRY GROUP PLC-A IE KYGA LN 127.74 $13,592.99
053332102 AUTOZONE INC US AZO 476 $335,834.10
053484101 AVALONBAY COMMUNITIES INC US AVB 95.92 $16,962.90
058498106 BALL CORP US BLL 8,808.25 $343,257.55
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 72,729.63 $71,811.98
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 3,827.25 $384,867.99
09062X103 BIOGEN IDEC INC US BIIB 439.45 $146,938.17
0922320 SMITH & NEPHEW PLC GB SN/ LN 391.54 $6,779.10
09247X101 BLACKROCK INC US BLK 873.46 $439,139.49
0946580 WEIR GROUP PLC/THE GB WEIR LN 645.52 $16,541.60
09627J102 BLUEROCK RESIDENTIAL GROWTH US 180.07 $1,651.29
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 66,562.88 $71,039.47
09857L108 BOOKING HOLDINGS INC US BKNG 298.94 $606,474.77
101121101 BOSTON PROPERTIES INC US BXP 97.45 $12,232.62
105368203 BRANDYWINE REALTY TRUST US BDN 529.97 $8,739.23
110122108 BRISTOL MYERS SQUIBB CO US BMY 2,339.39 $137,439.34
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 214.39 $11,744.34
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 4,796.75 $4,754.78
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 4,255.09 $4,180.63
12503M108 CBOE GLOBAL MARKETS INC US CBOE 639.5 $62,114.68
125269100 CF INDUSTRIES HOLDINGS INC US CF 7,064.7 $313,813.77
12572Q105 CME GROUP INC US CME 394.41 $62,758.70
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 47,709.06 $47,828.33
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 11,019.04 $10,605.83
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 8,217.72 $7,631.52
13321L108 CAMECO CORP CA CCJ 529.77 $5,721.56
134429109 CAMPBELL SOUP CO US CPB 6,171.97 $252,433.46
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 535.46 $6,650.45
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 1,422.56 $1,415.44
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 10,483.05 $9,880.27
15672WAJ3 CEQUEL COM HLDG I/CAP CP 7.50000 04/01/2028 US 4,702.7 $4,847.54
16411QAB7 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 7,703.36 $7,664.84
165240102 CHESAPEAKE LODGING TRUST US CHSP 106.84 $3,421.08
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 49,046.21 $70,943.39
191216100 COCA COLA CO/THE US KO 6,321.6 $294,776.40
19626G108 COLONY CAPITAL INC US CLNY 442.97 $2,728.71
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 134.46 $4,033.86
2112226 SAPUTO INC CA SAP CN 98.82 $3,294.71
2162760 CAE INC CA CAE CN 156.4 $3,258.24
2171573 CANADIAN NATURAL RESOURCES CA CNQ CN 275.15 $10,110.32
2180632 CANADIAN NATL RAILWAY CO CA CNR CN 39.32 $3,509.91
21871N101 CORECIVIC INC US CXW 459.39 $11,778.79
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 42,349.13 $46,944.77
222795106 COUSINS PROPERTIES INC US CUZ 922.99 $8,602.31
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 5,421.13 $5,353.37
22822V101 CROWN CASTLE INTL CORP US CCI 58.19 $6,449.19
228368106 CROWN HOLDINGS INC US CCK 2,240.14 $101,411.22
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 5,481.52 $5,065.84
229663109 CUBESMART US CUBE 167.82 $5,095.10
23311RAC0 DCP MIDSTREAM OPERATING 9.75000 03/15/2019 US 2,956.47 $3,077.68
23331A109 DR HORTON INC US DHI 24.01 $1,049.28
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 4,527.54 $70,618.30
23918K108 DAVITA INC. US DVA 3,808.09 $267,632.35
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 8,062.57 $7,598.98
2392471 GRUPO BIMBO SAB- SERIES A MX BIMBOA MM 1,792.08 $3,838.45
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 3,208.9 $11,229.05
2491914 KIMBERLY CLARK DE MEXICO S.A.B. MX 3,774.85 $6,951.11
25271C102 DIAMOND OFFSHORE DRILLING US DO 5,947.81 $114,198.03
253393102 DICK'S SPORTING GOODS INC US DKS 8,215.53 $280,478.31
253868103 DIGITAL REALTY TRUST INC US DLR 109.65 $13,314.24
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 49,499.48 $48,739.15
2554475 MAGNA INTERNATIONAL INC CA MG CN 53.57 $3,263.30
2583952 METRO INC CA MRU CN 96.58 $3,256.29
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 8,377.6 $8,398.54
2639349 GRUPO AEROPORT DEL SURESTE-B MX 426.47 $7,617.48
2643674 GRUPO MEXICO SAB DE CV-SER MX GMEXICOB MM 2,235.27 $7,036.45
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 11,019.04 $11,046.59
269246401 ETRADE FINANCIAL CORP US ETFC 4,984.49 $298,122.30
2715777 QUEBECOR INC -CL B CA QBR/B CN 6,310.75 $131,517.36
277276101 EASTGROUP PROPERTIES US EGP 18.63 $1,776.19
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 10,172.08 $212,770.29
285512109 ELECTRONIC ARTS US EA 2,343.87 $301,772.87
2866857 LUNDIN MINING CORP CA LUN CN 12,404.67 $68,657.89
294429105 EQUIFAX INC US EFX 1,854.13 $232,693.51
29444U700 EQUINIX INC US EQIX 579.25 $254,453.64
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 47.53 $4,324.76
29476L107 EQUITY RESIDENTIAL US EQR 154.25 $10,092.25
297178105 ESSEX PROPERTY TRUST INC US ESS 19.89 $4,782.18
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 27,179.1 $26,623.75
30225T102 EXTRA SPACE STORAGE INC US EXR 55.2 $5,187.20
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 2,032.26 $2,023.42
30286XAN9 FREMF 2015-K43 B FLT 3.73435 02/25/2048 US 18,561.34 $18,156.34
30290HAE8 FREMF 2012-K708 FLT 3.75035 02/25/2045 US 3,535.49 $3,543.84
30291EAE4 FREMF 2013-K712 B FLT 3.35980 05/25/2045 US 11,932.29 $11,943.29
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 1,277,645.8 $4,603.10
30291XAE2 FREMF 2014-K715 B FLT 3.97845 02/25/2046 US 15,467.78 $15,659.10
30292HAU0 FREMF 2014- K503 B 3.01984 10/25/2047 US 11,048.41 $11,010.06
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 2,617.64 $2,826.42
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 1,599.49 $1,721.38
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 1,400.15 $1,533.31
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 106.18 $109.55
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 246.91 $255.07
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 170.72 $176.28
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 133.03 $137.93
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 233.31 $241.67
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 14,279.1 $14,864.06
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 2,364 $2,545.89
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 8,462.39 $8,894.32
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 7,925.36 $8,261.91
3132LMMM5 FHLM POOL K91364 4.50000 11/01/2033 US 4,544.77 $4,724.59
3132LNE83 FHLM POOL K92059 4.50000 09/01/2034 US 6,604.96 $6,959.02
3132WPDP9 FHLM GOLD POOL FG Q49109 4.00000 07/01/2047 US 9,175.12 $9,324.17
3132XSLZ1 FHLM GOLD POOL FG Q50343 4.00000 08/01/2047 US 10,491.36 $10,658.81
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 284.48 $287.58
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 7,818.99 $7,773.63
3137A2B34 FHMS K009 X1 FLT 1.28587 08/25/2020 US 130,432.08 $2,766.92
3137ADTK3 FHMS K014 X1 FLT 1.14899 04/25/2021 US 30,747.84 $815.57
3137AJMG6 FMHS K016 X1 FLT 1.51423 10/25/2021 US 38,096.61 $1,499.23
3137AL6W4 FHMS K706 X1 FLT 1.54170 10/25/2018 US 40,682.83 $37.29
3137AME78 FHMS K017 X1 FLT 1.33783 12/25/2021 US 256,299.5 $9,326.53
3137AUPF0 FHMS K021 x1 FLT 1.45553 06/25/2022 US 111,223.98 $5,146.40
3137B3NB0 FHMS K030 X1 FLT 0.20117 04/25/2023 US 417,365.82 $3,460.51
3137B4GZ3 FHMS K032 X1 FLT 0.10631 05/25/2023 US 267,984.33 $1,349.17
3137B5KW2 FHMS K035 A2 3.45800 08/25/2023 US 28,637.49 $28,964.56
3137BT7J4 FHMS KJ10 A2 2.91200 12/25/2023 US 24,748.45 $24,357.85
3137BWVV3 FHMS KJ13 A2 2.86400 08/25/2022 US 28,283.94 $28,016.95
3137F4YU0 FHLM POOL FHR4791 4.00000 03/15/2044 US 10,464.84 $10,657.64
3137FG2L8 FHLM POOL 4801 4.50000 05/15/2044 US 10,415.17 $10,761.48
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 2,174.92 $2,279.16
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 1,032.72 $1,081.50
3138EGGZ1 FEDERAL NATL MTG ASSN AL0215 4.50000 04/01/2041 US 14,172.6 $14,852.73
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65300 01/01/2049 US 30,123.14 $32,213.94
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 5,771.72 $6,236.16
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 3,002.25 $3,244.10
3140EWG66 FEDERAL NATL MTG ASSN BC2020 3.50000 07/01/2046 US 18,260.31 $18,146.03
3140FA5G3 FEDERAL NATL MTG ASSN FN BD3546 4.00000 09/01/2047 US 6,614.32 $6,727.38
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 15,294.67 $15,546.57
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 183.23 $188.72
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 225.91 $232.88
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 1,602.71 $1,636.94
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 1,896.48 $1,935.44
31410HAQ4 MACYS RETAIL HLDGS INC 6.90000 04/01/2029 US 22,964.99 $24,839.10
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 5,430.5 $5,865.96
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 1,024.94 $1,103.56
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 83.56 $84.91
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 1,101.92 $1,126.14
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 12,555.48 $13,086.76
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 7,847.08 $8,177.79
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 5,096.84 $4,919.78
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 427.75 $466.37
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 167.3 $173.98
31428X106 FEDEX CORPORATION US FDX 1,379.1 $339,078.77
3163836 INTERTEK GROUP PLC GB ITRK LN 44.61 $3,441.21
3174300 BURBERRY GROUP PLC GB BRBY LN 242.29 $6,692.57
32054K103 FIRST INDUSTRIAL REALTY TR US FR 104.48 $3,400.91
3208986 NEXT PLC GB NXT LN 41.6 $3,238.92
336130AB5 FIRST QUALITY FINANCE CO 5.00000 07/01/2025 US 5,509.52 $5,082.53
345605109 FOREST CITY REALTY TRUST - A US FCE/A 150.23 $3,751.33
35671D857 FREEPORT-MCMORAN INC US FCX 13,345.08 $220,193.88
357081AE8 FREMF 2015-K720 B FLT 3.39055 07/25/2022 US 9,457.44 $9,230.69
35802XAA1 FRESENIUS MED CARE US 6.50000 09/15/2018 US 3,448.27 $3,461.38
35802XAD5 FRESENIUS MED CARE II 5.62500 07/31/2019 US 42,239.22 $43,245.87
36143WAN1 GAHR 2015-NRF BFX FLT 3.38216 12/15/2034 US 21,212.96 $21,191.38
36174X101 GGP INC US GGP 200.33 $4,271.09
36223NTR5 GNMA POOL 312960 9.00000 09/15/2021 US 3.74 $3.78
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 4,631.5 $4,541.96
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 476.67 $481.17
371559105 GENESEE & WYOMING INC -CL A US GWR 2,743.79 $235,966.19
374297109 GETTY REALTY CORP US GTY 128.66 $3,686.08
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 11,510.84 $11,438.90
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 12,699.07 $12,000.67
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 5,553.71 $5,387.10
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 89.42 $8,454.92
40414L109 HCP INC US HCP 243.34 $6,302.42
4057808 L'OREAL FR OR FP 27.25 $6,657.88
4061412 LVMH MOET HENNESSY LOUIS VUITTON FR MC FP 9.78 $3,408.76
410345AL6 HANESBRANDS INC 4.87500 05/15/2026 US 5,017.72 $4,848.37
4163437 CAP GEMINI FR CAP FP 25.66 $3,283.30
421946104 HEALTHCARE REALTY TRUST INC US HR 155.86 $4,630.56
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 157.94 $4,314.84
431318AQ7 HILCORP ENERGY I/HILCORP 5.75000 10/01/2025 US 5,106.11 $5,093.34
44053FAA8 HORIZON PHARMA INC/HORIZ 8.75000 11/01/2024 US 2,740.01 $2,911.26
44107P104 HOST MARRIOTT CORP US HST 423.91 $8,876.75
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 11,151.62 $10,649.80
4457624 TRIGANO SA FR TRI FP 101.25 $14,532.86
4497749 KBC GROEP NV BE KBC BB 85.25 $6,544.43
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 8,510.18 $8,297.43
45337C102 INCYTE CORP US INCY 8,443.52 $561,832.09
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 283.63 $2,878.83
45763PAE6 INMARSAT FINANCE PLC 4.87500 05/15/2022 GB 10,135.17 $10,033.82
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 882.38 $65,217.05
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 52,014.01 $53,329.34
46120E602 INTUITIVE SURGICAL INC US ISRG 388.74 $197,554.13
46187BAA1 IHSFR 2017-SFR2 A 2.92325 12/17/2036 US 4,353.12 $4,350.57
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B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 8,175.83 $6,042.70
B4YVF56 BRENNTAG AG DE BNR GR 140.16 $8,409.95
B607XS1 VERMILION ENERGY INC CA VET CN 221.56 $7,627.01
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 42,425.91 $2,282.28
B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 1,016.13 $13,914.73
B63QM77 NEXON CO LTD JP 3659 JP 885.11 $12,753.19
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 13,258.1 $708.04
B798FW0 NOVOZYMES A/S-B SHARES DK NZYMB DC 65.08 $3,427.00
B7VQL46 FNAC DARTY SA FR FNAC FP 97.18 $8,817.47
B8FMRX8 COLOPLAST-B DK COLOB DC 63.65 $6,942.00
BB22L96 KION GROUP AG DE KGX GR 124.96 $8,575.55
BBG00JK0S941 QRVO US 08/17/18 P72.5 US -1.73 -$121.27
BBG00JYPG9N3 QRVO US 08/17/18 C92.5 US -1.39 -$84.65
BBG00L8GY9L9 SCHW US 08/03/18 C52 US -2.54 -$60.88
BBG00LF7ZTY2 MSFT US 08/31/18 P98.5 US -1.71 -$83.59
BD4TZK8 OCI NV NL OCI NA 321.84 $9,730.03
BD6K457 COMPASS GROUP PLC GB CPG LN 155.24 $3,339.00
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 14,368.74 $14,584.27
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 7,699.28 $6,887.75
BDZV116 EPIROC AB-A SE EPIA SS 1,121.01 $13,422.05
BF2DSG3 SIKA AG-REG CH SIKA SW 24.5 $3,479.27
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 9,941.39 $9,071.51
BFYFZP5 FERGUSON PLC CH FERG LN 41.04 $3,236.33
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 59.47 $13,201.94
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 2,051.11 $3,492.14
BGLP232 MONCLER SPA IT MONC IM 149.6 $6,593.60
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 8,289.44 $7,646.76
BHC8X90 NOVO NORDISK A/S-B DK NOVOB DC 67.64 $3,365.06
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 5,806.33 $264,271.55
BNBNSG0 EURONEXT NV NL ENX FP 162.89 $10,109.54
BNGN9Z1 FINECOBANK SPA IT FBK IM 16,766.48 $196,609.91
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 7,751 $254,003.87
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 235.2 $6,444.91
BSBMKM2 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 7,250.54 $6,225.07
BVSS790 ELIS SA FR ELIS FP 630.51 $14,472.93
BYQ32R1 NEMAK SAB DE CV MX 9,810.9 $8,090.76
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 4,540.43 $3,398.72
BYXS699 QIAGEN N.V. NL QIA GR 201.57 $7,308.39
BYY8LS2 MAISONS DU MONDE SA FR MDM FP 175.43 $5,362.82
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 3,505.66 $356,748.11
BYZ43T4 EUROBANK ERGASIAS SA GR EUROB GA 6,689.23 $6,932.23
BYZFYS3 SPIE SA FR SPIE FP 635.72 $12,038.07
BYZWX76 CRODA INTERNATIONAL PLC GB CRDA LN 207.02 $13,966.96
BZ3C3Q4 BANKIA SA ES BKIA SM 31,667.52 $124,487.94
BZ4CMZ5 DAVIDE CAMPARI-MILANO SPA IT CPR IM 772.4 $6,506.31
BZCNN35 BANCO COMERCIAL PORTUGUES-R PT BCP PL 17,957.59 $5,623.81
G02602103 AMDOCS LTD GG DOX 4,086.6 $276,172.16
G06242104 ATLASSIAN CORP PLC-CLASS A AU TEAM 2,060.93 $149,232.25
G0750C108 AXALTA COATING SYSTEMS LTD US AXTA 6,274.67 $189,808.63
G27358103 DESPEGAR.COM CORP AR DESP 123.26 $2,590.91
G3157S106 ENSCO INTERNATIONAL INC US ESV 21,911.47 $162,802.24
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 9,808.8 $10,176.63
G5960L103 MEDTRONIC INC IE MDT 6,248.97 $563,844.87
G97822103 PERRIGO CO PLC IE PRGO 3,454.68 $278,170.94
H8817H100 TRANSOCEAN LTD US RIG 13,194.99 $169,819.47
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 60.69 $6,837.41
N22717107 CORE LABORATORIES N.V. NL CLB 57.58 $6,455.78
N47279109 INTERXION HOLDING NV NL INXN 242.6 $15,739.62
N72482123 QIAGEN N.V. ADR NL QGEN 5,522.18 $199,461.06
USD US DOLLAR US 710,143.63 $710,143.63

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

$12.66

Daily $ Change

$0.05

Daily % Change

0.39%

as of 08/20/2018

CUSIP

56382R811

Inception Date

05/14/2015

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

Important Documents

Annual Report
Fact Sheet
Applications & Forms

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

Investment Objective

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

Investment Strategy

Currently: The portfolio is currently invested in a 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 67% - 93%.

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 2045
  • Who generally have time to withstand market volatility and can accept very 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 07/31/2018

YTD

5.59%

1 Year

12.05%

3 Year

8.92%

5 Year

8.73%

10 Year

8.19%

Inception
(01/01/2000)

7.77%

US Stock Market Cycle (04/01/2000 - 07/31/2018)

7.93%

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

Expense Ratio

Gross 0.55%
Net 0.49%*

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

Top Ten Investments

As of 07/31/2018

TREASURY NOTES 10.05%
TREASURY BONDS 2.09%
BOOKING HOLDINGS INC 1.82%
QORVO INC 1.81%
MEDTRONIC INC 1.69%
INCYTE CORP 1.69%
MASTERCARD INC-CLASS A 1.64%
O'REILLY AUTOMOTIVE INC 1.61%
LULULEMON - ADR 1.51%
MICROSOFT CORP 1.48%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 07/31/2018

Stocks
77.14%
Bonds
20.77%
Cash
2.09%

Detailed Asset Class Allocation

As of 07/31/2018

International Equities
26.36%
Small Capitalization
1.65%
Mid Capitalization
6.46%
Large Capitalization
42.67%
Long Term Fixed Income
4.41%
Intermediate Term Fixed Income
13.66%
Short Term Fixed Income
2.70%
Cash
2.09%

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

July Fund Holdings

As of 07/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 47,532.28 $47,036.91
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 30,935.56 $30,417.11
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 10,470.55 $10,810.84
004239109 ACADIA REALTY TRUST US AKR 92.12 $2,494.48
0045614 ANTOFAGASTA PLC GB ANTO LN 5,795.43 $76,111.59
0053673 ASHTEAD GROUP PLC GB AHT LN 223.3 $6,855.29
00724F101 ADOBE SYS INC US ADBE 1,156.77 $283,038.81
00790X101 ADVANCED DISPOSAL SERVICES US ADSW 8,556.39 $210,487.20
008492100 AGREE REALTY CORP US ADC 41.76 $2,223.36
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 2,912.27 $3,006.92
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 17.16 $2,186.69
01609W102 ALIBABA GROUP - ADR CN BABA 2,614.2 $489,456.39
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 76,033.98 $71,242.37
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 5,912.93 $5,972.06
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 4,746.89 $4,754.01
02079K107 ALPHABET INC-CL C US GOOG 161.01 $195,987.32
02079K305 ALPHABET INC-CL A US GOOGL 159.48 $195,719.11
02155FAC9 ALTICE US FINANCE I CORP 5.50000 05/15/2026 US 1,237.42 $1,215.90
02209S103 ALTRIA GROUP INC US MO 2,951.47 $173,192.14
023135106 AMAZON.COM INC US AMZN 156.17 $277,575.93
02319V103 AMBEV SA-ADR BR ABEV 63,017.36 $323,909.22
0237400 DIAGEO PLC GB DGE LN 7,792.69 $285,892.64
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 107.29 $4,425.69
0263494 BAE SYSTEMS PLC GB BA/ LN 964.37 $8,255.28
02665T306 AMERICAN HOMES 4 RENT- A US AMH 407.11 $9,013.51
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 49,499.48 $47,499.13
03027X100 AMERICAN TOWER REIT INC US AMT 2,360.47 $349,915.59
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 843.19 $849.68
03064D108 AMERICOLD REALTY TRUST US COLD 76.24 $1,640.00
03748R101 APARTMENT INVT & MGMT CO -A US AIV 144.73 $6,172.92
03784Y200 APPLE HOSPITALITY REIT INC US APLE 207.32 $3,729.74
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 5,017.72 $4,898.55
0405207 HALMA PLC GB HLMA LN 371.86 $6,859.82
04621WAC4 ASSURED GUARANTY US HLDG 5.00000 07/01/2024 US 46,748.14 $48,321.25
0490656 KERRY GROUP PLC-A IE KYGA LN 127.74 $13,592.99
053332102 AUTOZONE INC US AZO 476 $335,834.10
053484101 AVALONBAY COMMUNITIES INC US AVB 95.92 $16,962.90
058498106 BALL CORP US BLL 8,808.25 $343,257.55
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 72,729.63 $71,811.98
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 3,827.25 $384,867.99
09062X103 BIOGEN IDEC INC US BIIB 439.45 $146,938.17
0922320 SMITH & NEPHEW PLC GB SN/ LN 391.54 $6,779.10
09247X101 BLACKROCK INC US BLK 873.46 $439,139.49
0946580 WEIR GROUP PLC/THE GB WEIR LN 645.52 $16,541.60
09627J102 BLUEROCK RESIDENTIAL GROWTH US 180.07 $1,651.29
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 66,562.88 $71,039.47
09857L108 BOOKING HOLDINGS INC US BKNG 298.94 $606,474.77
101121101 BOSTON PROPERTIES INC US BXP 97.45 $12,232.62
105368203 BRANDYWINE REALTY TRUST US BDN 529.97 $8,739.23
110122108 BRISTOL MYERS SQUIBB CO US BMY 2,339.39 $137,439.34
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 214.39 $11,744.34
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 4,796.75 $4,754.78
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 4,255.09 $4,180.63
12503M108 CBOE GLOBAL MARKETS INC US CBOE 639.5 $62,114.68
125269100 CF INDUSTRIES HOLDINGS INC US CF 7,064.7 $313,813.77
12572Q105 CME GROUP INC US CME 394.41 $62,758.70
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 47,709.06 $47,828.33
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 11,019.04 $10,605.83
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 8,217.72 $7,631.52
13321L108 CAMECO CORP CA CCJ 529.77 $5,721.56
134429109 CAMPBELL SOUP CO US CPB 6,171.97 $252,433.46
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 535.46 $6,650.45
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 1,422.56 $1,415.44
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 10,483.05 $9,880.27
15672WAJ3 CEQUEL COM HLDG I/CAP CP 7.50000 04/01/2028 US 4,702.7 $4,847.54
16411QAB7 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 7,703.36 $7,664.84
165240102 CHESAPEAKE LODGING TRUST US CHSP 106.84 $3,421.08
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 49,046.21 $70,943.39
191216100 COCA COLA CO/THE US KO 6,321.6 $294,776.40
19626G108 COLONY CAPITAL INC US CLNY 442.97 $2,728.71
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 134.46 $4,033.86
2112226 SAPUTO INC CA SAP CN 98.82 $3,294.71
2162760 CAE INC CA CAE CN 156.4 $3,258.24
2171573 CANADIAN NATURAL RESOURCES CA CNQ CN 275.15 $10,110.32
2180632 CANADIAN NATL RAILWAY CO CA CNR CN 39.32 $3,509.91
21871N101 CORECIVIC INC US CXW 459.39 $11,778.79
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 42,349.13 $46,944.77
222795106 COUSINS PROPERTIES INC US CUZ 922.99 $8,602.31
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 5,421.13 $5,353.37
22822V101 CROWN CASTLE INTL CORP US CCI 58.19 $6,449.19
228368106 CROWN HOLDINGS INC US CCK 2,240.14 $101,411.22
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 5,481.52 $5,065.84
229663109 CUBESMART US CUBE 167.82 $5,095.10
23311RAC0 DCP MIDSTREAM OPERATING 9.75000 03/15/2019 US 2,956.47 $3,077.68
23331A109 DR HORTON INC US DHI 24.01 $1,049.28
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 4,527.54 $70,618.30
23918K108 DAVITA INC. US DVA 3,808.09 $267,632.35
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 8,062.57 $7,598.98
2392471 GRUPO BIMBO SAB- SERIES A MX BIMBOA MM 1,792.08 $3,838.45
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 3,208.9 $11,229.05
2491914 KIMBERLY CLARK DE MEXICO S.A.B. MX 3,774.85 $6,951.11
25271C102 DIAMOND OFFSHORE DRILLING US DO 5,947.81 $114,198.03
253393102 DICK'S SPORTING GOODS INC US DKS 8,215.53 $280,478.31
253868103 DIGITAL REALTY TRUST INC US DLR 109.65 $13,314.24
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 49,499.48 $48,739.15
2554475 MAGNA INTERNATIONAL INC CA MG CN 53.57 $3,263.30
2583952 METRO INC CA MRU CN 96.58 $3,256.29
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 8,377.6 $8,398.54
2639349 GRUPO AEROPORT DEL SURESTE-B MX 426.47 $7,617.48
2643674 GRUPO MEXICO SAB DE CV-SER MX GMEXICOB MM 2,235.27 $7,036.45
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 11,019.04 $11,046.59
269246401 ETRADE FINANCIAL CORP US ETFC 4,984.49 $298,122.30
2715777 QUEBECOR INC -CL B CA QBR/B CN 6,310.75 $131,517.36
277276101 EASTGROUP PROPERTIES US EGP 18.63 $1,776.19
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 10,172.08 $212,770.29
285512109 ELECTRONIC ARTS US EA 2,343.87 $301,772.87
2866857 LUNDIN MINING CORP CA LUN CN 12,404.67 $68,657.89
294429105 EQUIFAX INC US EFX 1,854.13 $232,693.51
29444U700 EQUINIX INC US EQIX 579.25 $254,453.64
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 47.53 $4,324.76
29476L107 EQUITY RESIDENTIAL US EQR 154.25 $10,092.25
297178105 ESSEX PROPERTY TRUST INC US ESS 19.89 $4,782.18
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 27,179.1 $26,623.75
30225T102 EXTRA SPACE STORAGE INC US EXR 55.2 $5,187.20
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 2,032.26 $2,023.42
30286XAN9 FREMF 2015-K43 B FLT 3.73435 02/25/2048 US 18,561.34 $18,156.34
30290HAE8 FREMF 2012-K708 FLT 3.75035 02/25/2045 US 3,535.49 $3,543.84
30291EAE4 FREMF 2013-K712 B FLT 3.35980 05/25/2045 US 11,932.29 $11,943.29
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 1,277,645.8 $4,603.10
30291XAE2 FREMF 2014-K715 B FLT 3.97845 02/25/2046 US 15,467.78 $15,659.10
30292HAU0 FREMF 2014- K503 B 3.01984 10/25/2047 US 11,048.41 $11,010.06
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 2,617.64 $2,826.42
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 1,599.49 $1,721.38
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 1,400.15 $1,533.31
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 106.18 $109.55
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 246.91 $255.07
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 170.72 $176.28
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 133.03 $137.93
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 233.31 $241.67
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 14,279.1 $14,864.06
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 2,364 $2,545.89
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 8,462.39 $8,894.32
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 7,925.36 $8,261.91
3132LMMM5 FHLM POOL K91364 4.50000 11/01/2033 US 4,544.77 $4,724.59
3132LNE83 FHLM POOL K92059 4.50000 09/01/2034 US 6,604.96 $6,959.02
3132WPDP9 FHLM GOLD POOL FG Q49109 4.00000 07/01/2047 US 9,175.12 $9,324.17
3132XSLZ1 FHLM GOLD POOL FG Q50343 4.00000 08/01/2047 US 10,491.36 $10,658.81
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 284.48 $287.58
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 7,818.99 $7,773.63
3137A2B34 FHMS K009 X1 FLT 1.28587 08/25/2020 US 130,432.08 $2,766.92
3137ADTK3 FHMS K014 X1 FLT 1.14899 04/25/2021 US 30,747.84 $815.57
3137AJMG6 FMHS K016 X1 FLT 1.51423 10/25/2021 US 38,096.61 $1,499.23
3137AL6W4 FHMS K706 X1 FLT 1.54170 10/25/2018 US 40,682.83 $37.29
3137AME78 FHMS K017 X1 FLT 1.33783 12/25/2021 US 256,299.5 $9,326.53
3137AUPF0 FHMS K021 x1 FLT 1.45553 06/25/2022 US 111,223.98 $5,146.40
3137B3NB0 FHMS K030 X1 FLT 0.20117 04/25/2023 US 417,365.82 $3,460.51
3137B4GZ3 FHMS K032 X1 FLT 0.10631 05/25/2023 US 267,984.33 $1,349.17
3137B5KW2 FHMS K035 A2 3.45800 08/25/2023 US 28,637.49 $28,964.56
3137BT7J4 FHMS KJ10 A2 2.91200 12/25/2023 US 24,748.45 $24,357.85
3137BWVV3 FHMS KJ13 A2 2.86400 08/25/2022 US 28,283.94 $28,016.95
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9128282N9 US TREASURY N/B 2.12500 07/31/2024 US 1,522,382.7 $1,457,621.97
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 51,264.64 $50,345.48
912828D23 US TREASURY N/B 1.62500 04/30/2019 US 101,645.41 $101,093.51
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 215,822.31 $212,513.39
912828K58 UNITED STATES TREAS NTS 1.37500 04/30/2020 US 102,971.22 $100,742.86
912828R28 US TREASURY N/B 1.62500 04/30/2023 US 54,800.13 $51,846.06
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 56,064.07 $50,941.66
912828RT9 US TREASURY N/B 1.37500 11/30/2018 US 54,800.13 $54,667.41
912828S92 US TREASURY N/B 1.25000 07/31/2023 US 1,194,044.67 $1,105,237.60
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 110,171.7 $106,829.91
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 395,850.11 $378,160.56
91704F104 URBAN EDGE PROPERTIES US UE 320.02 $7,258.16
92276F100 VENTAS INC US VTR 65.87 $3,713.85
92339V100 VEREIT INC US VER 449.39 $3,428.88
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 66,739.65 $72,823.59
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 885.65 $155,032.91
92826C839 VISA INC - CLASS A SHARES US V 3,244.42 $443,641.55
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 3,358.72 $3,414.88
929042109 VORNADO REALTY TRUST US VNO 104.43 $7,510.80
92936CAE9 WFRBS 2011-C4 A3 4.39400 06/15/2044 US 245.74 $247.03
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 7,255.75 $7,400.86
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 4,702.7 $4,538.10
94856TAA2 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 8,150.96 $7,743.41
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 5,303.24 $5,414.43
95040Q104 WELLTOWER INC. US WELL 81.08 $5,075.55
962166104 WEYERHAEUSER CO US WY 85.83 $2,933.58
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 5,509.52 $5,514.81
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 5,017.72 $4,980.09
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 5,994.98 $5,996.20
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 6,653.47 $6,515.14
98919V105 ZAYO GROUP HOLDINGS INC US ZAYO 11,551.64 $428,450.24
AP0787667 MPC CONTAINER SHIPS FLT 7.08188 09/22/2022 NL 1,767.75 $1,810.24
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 10,930.65 $10,814.52
B02J639 ADMIRAL GROUP PLC GB ADM LN 129.38 $3,363.26
B037JC2 NEXITY FR NXI FP 106.24 $6,537.45
B0386J1 JYSKE BANK-REG DK JYSK DC 120.52 $6,826.02
B06JSP1 SYDBANK A/S DK SYDB DC 171.38 $6,360.23
B09DHL9 MTU AERO ENGINES HOLDING AG DE MTX GR 17.82 $3,778.22
B09M9D2 KONE OYJ-B FI KNEBV FH 122.81 $6,713.33
B0JDQD4 BANDAI NAMCO HOLDINGS INC JP 7832 JP 161.59 $6,465.04
B0R7JF1 IPSEN FR IPN FP 20.24 $3,363.27
B11TCY0 SCHINDLER HOLDING-PART CERT CH SCHP SW 29.09 $6,773.20
B138HB7 KAUFMAN & BROAD SA FR KOF FP 187.49 $9,582.79
B13X013 EIFFAGE FR FGR FP 117.25 $13,103.00
B15C557 TOTAL SA FR FP FP 162.82 $10,619.79
B19NLV4 EXPERIAN PLC GB EXPN LN 132.57 $3,254.92
B1CRLC4 MONDI PLC GB MNDI LN 123.33 $3,390.90
B1FW751 GALP ENERGIA SGPS SA PT GALP PL 872.29 $17,915.18
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 768.61 $4,672.86
B1WGG93 GEBERIT AG-REG CH GEBN SW 23.11 $10,290.85
B1WY233 SMITHS GROUP PLC GB SMIN LN 148.23 $3,132.67
B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 163.42 $9,960.32
B1XH026 VINCI SA FR DG FP 2,925.1 $294,327.53
B1Y9TB3 DANONE FR BN FP 160.33 $12,587.86
B1YVKN8 ANTA SPORTS PRODUCTS LTD CN 2020 HK 1,803.8 $9,212.41
B232R05 SK INNOVATION CO LTD KR 096770 KS 36.53 $6,487.83
B249GC0 MATSUMOTOKIYOSHI HOLDINGS CO JP 3088 JP 151.64 $6,576.52
B283W97 CAIXABANK S.A ES CABK SM 43,334.57 $199,376.11
B3FP8W8 CANADA HOUSING TRUST 4.10000 12/15/2018 CA 3,712.27 $2,879.09
B3MPN59 SUN ART RETAIL GROUP LTD HK 6808 HK 2,562.58 $3,275.82
B3MSM28 AMADEUS IT HOLDING SA-A SHS ES AMS SM 41.96 $3,579.57
B3NB1P2 SUNCOR ENERGY INC CA SU CN 212.68 $8,956.01
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 11,048.41 $572.52
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 4,684.53 $3,673.29
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 27,400.07 $1,406.16
B4Q2TX3 CHINA LONGYUAN POWER GROUP-H CN 916 HK 16,511.58 $15,379.59
B4R2R50 JULIUS BAER CH BAER SW 3,644 $199,908.78
B4WTBY3 HUANENG RENEWABLES CORP-H CN 958 HK 40,731.51 $15,155.86
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 8,175.83 $6,042.70
B4YVF56 BRENNTAG AG DE BNR GR 140.16 $8,409.95
B607XS1 VERMILION ENERGY INC CA VET CN 221.56 $7,627.01
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 42,425.91 $2,282.28
B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 1,016.13 $13,914.73
B63QM77 NEXON CO LTD JP 3659 JP 885.11 $12,753.19
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 13,258.1 $708.04
B798FW0 NOVOZYMES A/S-B SHARES DK NZYMB DC 65.08 $3,427.00
B7VQL46 FNAC DARTY SA FR FNAC FP 97.18 $8,817.47
B8FMRX8 COLOPLAST-B DK COLOB DC 63.65 $6,942.00
BB22L96 KION GROUP AG DE KGX GR 124.96 $8,575.55
BBG00JK0S941 QRVO US 08/17/18 P72.5 US -1.73 -$121.27
BBG00JYPG9N3 QRVO US 08/17/18 C92.5 US -1.39 -$84.65
BBG00L8GY9L9 SCHW US 08/03/18 C52 US -2.54 -$60.88
BBG00LF7ZTY2 MSFT US 08/31/18 P98.5 US -1.71 -$83.59
BD4TZK8 OCI NV NL OCI NA 321.84 $9,730.03
BD6K457 COMPASS GROUP PLC GB CPG LN 155.24 $3,339.00
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 14,368.74 $14,584.27
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 7,699.28 $6,887.75
BDZV116 EPIROC AB-A SE EPIA SS 1,121.01 $13,422.05
BF2DSG3 SIKA AG-REG CH SIKA SW 24.5 $3,479.27
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 9,941.39 $9,071.51
BFYFZP5 FERGUSON PLC CH FERG LN 41.04 $3,236.33
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 59.47 $13,201.94
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 2,051.11 $3,492.14
BGLP232 MONCLER SPA IT MONC IM 149.6 $6,593.60
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 8,289.44 $7,646.76
BHC8X90 NOVO NORDISK A/S-B DK NOVOB DC 67.64 $3,365.06
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 5,806.33 $264,271.55
BNBNSG0 EURONEXT NV NL ENX FP 162.89 $10,109.54
BNGN9Z1 FINECOBANK SPA IT FBK IM 16,766.48 $196,609.91
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 7,751 $254,003.87
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 235.2 $6,444.91
BSBMKM2 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 7,250.54 $6,225.07
BVSS790 ELIS SA FR ELIS FP 630.51 $14,472.93
BYQ32R1 NEMAK SAB DE CV MX 9,810.9 $8,090.76
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 4,540.43 $3,398.72
BYXS699 QIAGEN N.V. NL QIA GR 201.57 $7,308.39
BYY8LS2 MAISONS DU MONDE SA FR MDM FP 175.43 $5,362.82
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 3,505.66 $356,748.11
BYZ43T4 EUROBANK ERGASIAS SA GR EUROB GA 6,689.23 $6,932.23
BYZFYS3 SPIE SA FR SPIE FP 635.72 $12,038.07
BYZWX76 CRODA INTERNATIONAL PLC GB CRDA LN 207.02 $13,966.96
BZ3C3Q4 BANKIA SA ES BKIA SM 31,667.52 $124,487.94
BZ4CMZ5 DAVIDE CAMPARI-MILANO SPA IT CPR IM 772.4 $6,506.31
BZCNN35 BANCO COMERCIAL PORTUGUES-R PT BCP PL 17,957.59 $5,623.81
G02602103 AMDOCS LTD GG DOX 4,086.6 $276,172.16
G06242104 ATLASSIAN CORP PLC-CLASS A AU TEAM 2,060.93 $149,232.25
G0750C108 AXALTA COATING SYSTEMS LTD US AXTA 6,274.67 $189,808.63
G27358103 DESPEGAR.COM CORP AR DESP 123.26 $2,590.91
G3157S106 ENSCO INTERNATIONAL INC US ESV 21,911.47 $162,802.24
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 9,808.8 $10,176.63
G5960L103 MEDTRONIC INC IE MDT 6,248.97 $563,844.87
G97822103 PERRIGO CO PLC IE PRGO 3,454.68 $278,170.94
H8817H100 TRANSOCEAN LTD US RIG 13,194.99 $169,819.47
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 60.69 $6,837.41
N22717107 CORE LABORATORIES N.V. NL CLB 57.58 $6,455.78
N47279109 INTERXION HOLDING NV NL INXN 242.6 $15,739.62
N72482123 QIAGEN N.V. ADR NL QGEN 5,522.18 $199,461.06
USD US DOLLAR US 710,143.63 $710,143.63

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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