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 an aggressive, growth-oriented mix of securities that seeks to earn the long-term growth typically associated with the stock market. The portfolio is diversified primarily among various stock investments in both domestic and foreign markets, with only a minor portion of the portfolio invested in fixed income securities. Stock exposure can range from 70% - 95%.

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 2050
  • 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

$18.20

Daily $ Change

-$0.26

Daily % Change

-1.43%

as of 10/18/2018

CUSIP

302027552

Inception Date

05/31/2007

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

Important Documents

Annual Report
Applications & Forms

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

Performance

As of 09/30/2018

YTD

7.31%

1 Year

12.78%

3 Year

13.58%

5 Year

8.61%

10 Year

8.67%

Inception
(01/01/2000)

7.64%

US Stock Market Cycle (04/01/2000 - 09/30/2018)

7.80%

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 0.70%
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 09/30/2018

TREASURY NOTES 7.00%
INCYTE CORP 2.16%
LULULEMON - ADR 2.08%
MASTERCARD INC-CLASS A 1.87%
MEDTRONIC INC 1.86%
BOOKING HOLDINGS INC 1.76%
QORVO INC 1.70%
VISA INC - CLASS A SHARES 1.65%
MICROSOFT CORP 1.60%
NOVARTIS AG- REG 1.49%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 09/30/2018

Stocks 85.70%
Bonds 14.13%
Cash 0.17%

Detailed Asset Class Allocation

As of 09/30/2018

International Equities 29.29%
Small Capitalization 1.47%
Mid Capitalization 8.65%
Large Capitalization 46.30%
Long Term Fixed Income 2.59%
Intermediate Term Fixed Income 8.83%
Short Term Fixed Income 2.70%
Cash 0.17%

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

September Fund Holdings

As of 09/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 8,128.86 $8,250.79
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 74,785.52 $73,819.48
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 12,193.29 $12,437.16
004239109 ACADIA REALTY TRUST US AKR 179.65 $5,035.53
0045614 ANTOFAGASTA PLC GB ANTO LN 17,416.09 $193,534.79
0053673 ASHTEAD GROUP PLC GB AHT LN 493.42 $15,655.51
00724F101 ADOBE SYS INC US ADBE 2,984.92 $805,778.58
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 74,785.52 $73,997.72
00790X101 ADVANCED DISPOSAL SERVICES US ADSW 25,678.26 $695,367.28
0081180 BARRATT DEVELOPMENTS PLC GB BDEV LN 911.25 $6,729.54
008492100 AGREE REALTY CORP US ADC 82.1 $4,361.23
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 5,690.2 $5,868.89
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 33.33 $4,192.37
01609W102 ALIBABA GROUP - ADR CN BABA 6,055.19 $997,652.91
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 118,681.38 $110,622.26
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 11,380.41 $11,494.21
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 8,941.75 $8,941.75
02079K107 ALPHABET INC-CL C US GOOG 538.13 $642,242.75
02079K305 ALPHABET INC-CL A US GOOGL 532.44 $642,698.18
02209S103 ALTRIA GROUP INC US MO 7,615.93 $459,316.75
023135106 AMAZON.COM INC US AMZN 441.4 $884,118.54
02319V103 AMBEV SA-ADR BR ABEV 141,240.59 $645,469.51
0237400 DIAGEO PLC GB DGE LN 16,234.96 $575,176.84
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 207.29 $8,531.89
0263494 BAE SYSTEMS PLC GB BA/ LN 2,972.72 $24,376.39
02665T306 AMERICAN HOMES 4 RENT- A US AMH 786.06 $17,206.87
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 76,411.3 $73,101.63
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 13,819.06 $13,819.06
03027X100 AMERICAN TOWER REIT INC US AMT 5,854.41 $850,645.18
03064D108 AMERICOLD REALTY TRUST US COLD 147.13 $3,681.25
03748R101 APARTMENT INVT & MGMT CO -A US AIV 278.82 $12,304.32
03784Y200 APPLE HOSPITALITY REIT INC US APLE 400.75 $7,009.17
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 9,754.63 $9,547.35
0405207 HALMA PLC GB HLMA LN 813.7 $15,319.48
0490656 KERRY GROUP PLC-A IE KYGA LN 260.94 $28,796.35
053332102 AUTOZONE INC US AZO 1,228.27 $952,769.78
053484101 AVALONBAY COMMUNITIES INC US AVB 186.15 $33,721.24
058498106 BALL CORP US BLL 19,392.21 $853,063.39
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 112,178.29 $110,704.51
0822011 DS SMITH PLC GB SMDS LN 3,139.04 $19,552.84
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 8,787.3 $852,104.40
09062X103 BIOGEN IDEC INC US BIIB 1,005.54 $355,267.39
0922320 SMITH & NEPHEW PLC GB SN/ LN 731.6 $13,347.82
09247X101 BLACKROCK INC US BLK 1,998.07 $941,752.28
0946580 WEIR GROUP PLC/THE GB WEIR LN 1,429.87 $32,803.94
09627J102 BLUEROCK RESIDENTIAL GROWTH US 352.79 $3,457.37
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 104,049.43 $110,113.69
09857L108 BOOKING HOLDINGS INC US BKNG 661.69 $1,312,791.60
101121101 BOSTON PROPERTIES INC US BXP 190.22 $23,413.61
105368203 BRANDYWINE REALTY TRUST US BDN 1,026.68 $16,139.33
110122108 BRISTOL MYERS SQUIBB CO US BMY 4,993.56 $310,000.18
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 476.35 $22,212.26
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 9,754.63 $9,657.09
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 13,006.18 $12,859.86
12503M108 CBOE GLOBAL MARKETS INC US CBOE 1,650.16 $158,349.24
125269100 CF INDUSTRIES HOLDINGS INC US CF 16,017.11 $871,971.38
12572Q105 CME GROUP INC US CME 1,017.73 $173,228.41
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 73,159.75 $73,254.86
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 21,135.04 $20,659.50
13321L108 CAMECO CORP CA CCJ 1,184.7 $13,505.58
134429109 CAMPBELL SOUP CO US CPB 15,926.07 $583,371.77
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 490.98 $5,611.94
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 20,322.15 $18,905.70
15672WAJ3 CEQUEL COM HLDG I/CAP CP 7.50000 04/01/2028 US 8,941.75 $9,377.66
16411QAB7 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 14,631.95 $14,649.95
165240102 CHESAPEAKE LODGING TRUST US CHSP 206.47 $6,621.59
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 76,411.3 $110,297.07
191216100 COCA COLA CO/THE US KO 19,579.18 $904,362.12
194162103 COLGATE-PALMOLIVE CO US CL 7,511.88 $502,920.42
19626G108 COLONY CAPITAL INC US CLNY 850.6 $5,180.18
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 263.38 $8,159.36
2162760 CAE INC CA CAE CN 342.23 $6,947.04
2171573 CANADIAN NATURAL RESOURCES CA CNQ CN 601.54 $19,653.01
2180632 CANADIAN NATL RAILWAY CO CA CNR CN 86.98 $7,804.63
21871N101 CORECIVIC INC US CXW 471.47 $11,470.96
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 48,773.17 $53,962.13
222795106 COUSINS PROPERTIES INC US CUZ 1,788.35 $15,898.43
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 10,567.52 $10,324.47
22822V101 CROWN CASTLE INTL CORP US CCI 112.18 $12,488.81
228368106 CROWN HOLDINGS INC US CCK 5,780.43 $277,460.80
229663109 CUBESMART US CUBE 205.66 $5,867.49
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 8,128.86 $8,311.76
23331A109 DR HORTON INC US DHI 46.33 $1,954.39
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 14,792.9 $168,469.47
23918K108 DAVITA INC. US DVA 8,340.21 $597,409.37
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 15,444.84 $14,730.51
2392471 GRUPO BIMBO SAB- SERIES A MX BIMBOA MM 3,392.17 $7,217.93
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 6,707.94 $22,965.56
2491914 KIMBERLY CLARK DE MEXICO S.A.B. MX 8,340.21 $14,796.14
25271C102 DIAMOND OFFSHORE DRILLING US DO 13,061.45 $261,229.09
253393102 DICK'S SPORTING GOODS INC US DKS 21,199.26 $752,149.66
253868103 DIGITAL REALTY TRUST INC US DLR 210.54 $23,681.26
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 76,411.3 $74,710.12
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 16,257.72 $16,460.94
2639349 GRUPO AEROPORT DEL SURESTE-B MX 657.62 $13,437.84
2643674 GRUPO MEXICO SAB DE CV-SER MX GMEXICOB MM 2,357.37 $6,784.65
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 21,135.04 $21,240.71
269246401 ETRADE FINANCIAL CORP US ETFC 13,853.21 $725,769.44
2715777 QUEBECOR INC -CL B CA QBR/B CN 25,644.12 $514,212.58
277276101 EASTGROUP PROPERTIES US EGP 35.77 $3,420.04
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 24,526.4 $477,938.68
285512109 ELECTRONIC ARTS US EA 6,562.43 $790,707.16
2866857 LUNDIN MINING CORP CA LUN CN 34,985.81 $185,269.16
294429105 EQUIFAX INC US EFX 2,831.28 $369,680.54
29444U700 EQUINIX INC US EQIX 1,268.1 $548,948.84
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 91.86 $8,859.52
29476L107 EQUITY RESIDENTIAL US EQR 345.48 $22,891.28
297178105 ESSEX PROPERTY TRUST INC US ESS 38.21 $9,425.72
30225T102 EXTRA SPACE STORAGE INC US EXR 90.23 $7,817.56
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 16,257.72 $16,582.88
31410HAQ4 MACYS RETAIL HLDGS INC 6.90000 04/01/2029 US 35,766.99 $37,851.43
31428X106 FEDEX CORPORATION US FDX 3,135.3 $754,949.33
3174300 BURBERRY GROUP PLC GB BRBY LN 535.69 $14,066.97
32054K103 FIRST INDUSTRIAL REALTY TR US FR 204.03 $6,406.68
3208986 NEXT PLC GB NXT LN 91.04 $6,515.65
336130AB5 FIRST QUALITY FINANCE CO 5.00000 07/01/2025 US 10,567.52 $9,880.63
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 13,006.18 $12,914.48
35671D857 FREEPORT-MCMORAN INC US FCX 41,451.5 $577,004.92
35802XAD5 FRESENIUS MED CARE II 5.62500 07/31/2019 US 68,282.44 $69,632.49
37045VAR1 GENERAL MOTORS CO FLT 3.22706 09/10/2021 US 73,159.75 $73,132.17
371559105 GENESEE & WYOMING INC -CL A US GWR 6,264.91 $570,044.47
37185LAF9 GENESIS ENERGY LP/GENESI 5.62500 06/15/2024 US 10,567.52 $9,986.31
374297109 GETTY REALTY CORP US GTY 248.74 $7,104.10
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 21,947.93 $21,838.19
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 10,567.52 $10,303.33
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 182.9 $19,968.95
404121AH8 HCA INC 5.37500 09/01/2026 US 12,193.29 $12,315.22
40414L109 HCP INC US HCP 469.85 $12,366.40
4057808 L'OREAL FR OR FP 60.15 $14,502.24
4061412 LVMH MOET HENNESSY LOUIS VUITTON FR MC FP 21.14 $7,468.50
4163437 CAP GEMINI FR CAP FP 55.28 $6,959.16
421946104 HEALTHCARE REALTY TRUST INC US HR 302.39 $8,848.04
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 308.9 $8,238.28
4354350 FUCHS PETROLUB SE - PREF DE FPE3 GR 126 $7,031.01
44107P104 HOST MARRIOTT CORP US HST 818.58 $17,271.96
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 24,386.58 $23,776.92
4457624 TRIGANO SA FR TRI FP 222.73 $24,358.99
4497749 KBC GROEP NV BE KBC BB 183.71 $13,660.55
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 16,257.72 $16,013.86
45337C102 INCYTE CORP US INCY 23,372.1 $1,614,544.82
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 550.32 $5,794.91
45763PAE6 INMARSAT FINANCE PLC 4.87500 05/15/2022 GB 21,135.04 $21,029.36
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 2,276.89 $170,516.60
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 82,101.5 $83,698.39
46120E602 INTUITIVE SURGICAL INC US ISRG 1,260.79 $723,691.39
46187W107 INVITATION HOMES INC US INVH 684.78 $15,688.20
464287739 ISHARES DJ US REAL ESTATE US 167.45 $13,399.71
46625HHL7 JPMORGAN CHASE & CO 6.30000 04/23/2019 US 107,300.97 $109,425.34
4741844 MERCK KGAA DE MRK GR 3,453.14 $356,780.57
476405105 JERNIGAN CAPITAL INC US JCAP 299.96 $5,786.13
478160104 JOHNSON & JOHNSON US JNJ 7,062.35 $975,805.56
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 20,322.15 $15,546.45
4800659 LUXOTTICA GROUP SPA IT LUX IM 112.18 $7,602.64
4821100 SOLVAY SA BE SOLB BB 233.3 $31,274.49
4824778 SGS SA-REG CH SGSN SW 3.25 $8,561.10
4846288 SAP AG DE SAP GR 62.59 $7,696.56
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 94,294.79 $114,302.15
497864AA6 KISSNER GR HLDG 8.37500 12/01/2022 CA 11,380.41 $11,636.47
50187T106 LGI HOMES INC US LGIH 32.52 $1,542.53
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 14,631.95 $14,375.89
50212YAB0 LPL HOLDINGS INC 5.75000 09/15/2025 US 13,819.06 $13,490.86
502160AM6 LSB INDUSTRIES 9.62500 05/01/2023 US 16,257.72 $17,029.96
5048566 SWEDISH MATCH AB SE SWMA SS 127.62 $6,523.50
505742AD8 LADDER CAP FIN LLLP/CORP 5.87500 08/01/2021 US 8,941.75 $9,064.70
5107401 BEIERSDORF AG DE BEI GR 6,426.68 $724,436.08
512816109 LAMAR ADVERTISING CO US LAMR 74.79 $5,818.31
5228658 RANDSTAD HOLDING NV NL RAND NA 371.49 $19,828.06
5253973 HERMES INTERNATIONAL FR RMS FP 23.57 $15,618.13
526057104 LENNAR CORP US LEN 37.39 $1,745.87
5263574 FLSMIDTH & CO A/S DK FLS DC 144.69 $8,997.44
5289837 ERSTE GROUP BANK AG AT EBS AV 309.71 $12,858.14
529043101 LEXINGTON REALTY TRUST US LXP 751.11 $6,234.19
531172104 LIBERTY PROPERTY TRUST US LPT 337.35 $14,252.94
53223X107 LIFE STORAGE INC US LSI 45.52 $4,331.84
5458314 AKZO NOBEL NL AKZA NA 7,111.94 $665,274.07
5474008 BANKINTER S.A. ES BKT SM 2,128.95 $19,556.14
5476929 BARRY CALLEBAUT AG-REG CH BARN SW 3.25 $6,157.23
550021109 LULULEMON - ADR CA LULU 9,590.76 $1,558,401.91
554382101 THE MACERICH CO US MAC 89.42 $4,943.89
5545670 JUNGHEINRICH AG DE JUN3 GR 365.8 $13,921.54
55616XAC1 MACYS RETAIL HLDGS INC 7.00000 02/15/2028 US 34,954.1 $37,599.55
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 17,070.61 $16,793.21
5633616 SOPRA STERIA GROUP FR SOP FP 204.03 $32,706.40
5669354 REPSOL SA ES REP SM 1,722.92 $34,298.75
5671519 WOLTERS KLUWER NL WKL NA 112.18 $6,993.18
5699373 WIENERBERGER AG AT WIE AV 536.5 $13,412.12
5713422 METSO OYJ FI METSO FH 645.43 $22,843.21
5727973 SIEMENS AG-REG DE SIE GR 216.23 $27,647.64
57636Q104 MASTERCARD INC-CLASS A US MA 6,268.17 $1,395,356.21
5852842 ACCOR SA FR AC FP 397.01 $20,395.32
58933Y105 MERCK & CO INC US MRK 5,742.23 $407,353.63
59001ABA9 MERITAGE HOMES CORP 5.12500 06/06/2027 US 9,754.63 $8,998.65
594918104 MICROSOFT CORP US MSFT 10,449.65 $1,195,126.62
59522J103 MID-AMERICA APARTMENT COMM US MAA 168.27 $16,857.03
5980613 GIVAUDAN - REG CH GIVN SW 2.44 $6,000.52
5999330 TELEPERFORMANCE FR TEP FP 34.14 $6,440.90
6054603 ASAHI KASEI CORP JP 3407 JP 438.96 $6,655.53
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 15,273.32 $656,141.72
6125286 TREND MICRO INC JP 4704 JP 211.35 $13,594.85
6129277 NTT DOCOMO INC JP 9437 JP 487.73 $13,109.04
6136749 OBIC CO LTD JP 4684 JP 130.06 $12,301.47
6141680 ORACLE CORP JAPAN JP 4716 JP 178.83 $14,409.14
61744YAG3 MORGAN STANLEY FLT 3.56325 05/08/2024 US 108,926.74 $110,697.93
6180412 COMPUTERSHARE LTD AU CPU AU 526.75 $7,585.85
6196408 CHUGAI PHARMACEUTICAL CO LTD JP 4519 JP 211.35 $13,586.31
6198578 REA GROUP LTD AU REA AU 110.55 $6,858.97
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 22,760.81 $23,216.03
6248990 KDDI CORP JP 9433 JP 536.5 $14,800.42
62913TAM4 NGL ENRGY PART LP/FIN CO 6.12500 03/01/2025 US 15,444.84 $14,479.53
6291819 CHINA PETROLEUM & CHEMICAL - H CN 386 HK 21,135.04 $21,235.42
62943WAE9 NRG YIELD OPERATING LLC 5.00000 09/15/2026 US 9,754.63 $9,340.06
6308913 ELBIT SYSTEMS LTD IL ESLT IT 51.21 $6,507.30
6353418 FRUTAROM IL FRUT IT 74.79 $7,759.34
6356934 FANUC LTD JP 6954 JP 66.17 $12,448.54
637417106 NATIONAL RETAIL PROPERTIES US NNN 141.44 $6,339.44
6390921 NOMURA RESEARCH INSTITUTE LT JP 4307 JP 292.64 $14,777.69
63938CAE8 NAVIENT CORP 7.25000 09/25/2023 US 8,128.86 $8,616.59
64110W102 NETEASE.COM INC- ADR CN NTES 79.66 $18,183.04
6441506 HOYA CORP JP 7741 JP 113.8 $6,758.94
6446620 HYUNDAI HEAVY INDUSTRIES KR 009540 KS 120.31 $14,582.14
6451066 HYUNDAI MIPO DOCKYARD KR 010620 KS 155.26 $14,483.93
6467104 ISUZU MOTORS LTD JP 7202 JP 438.96 $6,919.98
647581107 NEW ORIENTAL EDUCATIO- SP ADR CN EDU 299.96 $22,199.67
6482903 KANAMOTO CO LTD JP 9678 JP 373.93 $13,257.24
6483809 KAO CORP JP 4452 JP 81.29 $6,566.31
6490809 KIKKOMAN CORP JP 2801 JP 113.8 $6,777.79
6490995 KEYENCE CORP JP 6861 JP 699.08 $406,087.61
6518808 LION CORP JP 4912 JP 617.79 $13,720.97
6531827 GEELY AUTOMOBILE HOLDINGS LT CN 175 HK 7,153.4 $14,245.71
654106103 NIKE INC CLASS B US NKE 5,124.43 $434,142.07
6555805 MAKITA CORP JP 6586 JP 130.06 $6,512.99
6619604 NGK SPARK PLUG CO LTD JP 5334 JP 260.12 $7,582.49
6630940 CHINA EVERBRIGHT INTL LTD HK 257 HK 16,317.94 $14,088.72
6640507 NIPPON PAINT HOLDINGS CO LTD JP 4612 JP 178.83 $6,675.21
6641588 NISSAN CHEMICAL INDUSTRIES JP 4021 JP 113.8 $6,011.19
6642387 YAMAHA CORP JP 7951 JP 390.19 $20,675.10
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 22,760.81 $23,272.93
66987V109 NOVARTIS AG- REG CH NVS 12,901.32 $1,111,577.38
67091GAA1 OCI NV 6.62500 04/15/2023 NL 14,631.95 $15,144.07
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 1,437.18 $499,162.29
6742340 SHANDONG WEIGAO CN 1066 HK 8,454.02 $8,342.53
6743882 JAPAN EXCHANGE GROUP INC JP 8697 JP 747.86 $13,027.12
6772217 SAMSUNG HEAVY INDUSTRIES KR 010140 KS 954.33 $6,949.66
6791591 SECOM CO LTD JP 9735 JP 81.29 $6,624.35
6793821 SEKISUI CHEMICAL CO LTD JP 4204 JP 373.93 $6,895.61
680665205 OLIN CORP US OLN 18,010.31 $462,504.64
6865504 SUZUKI MOTOR CORP JP 7269 JP 325.15 $18,634.97
6883807 SYSMEX CORP JP 6869 JP 81.29 $7,009.80
6885074 TERUMO CORP JP 4543 JP 227.61 $13,470.78
69007J106 OUTFRONT MEDIA INC US OUT 230.05 $4,589.43
6913168 GUANGDONG INVESTMENT LTD HK 270 HK 8,779.17 $15,556.37
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 13,819.06 $14,095.45
6948836 WESFARMERS LTD AU WES AU 190.22 $6,849.52
6979728 WOODSIDE PETROLEUM LTD AU WPL AU 741.35 $20,681.44
6985383 ASTELLAS PHARMA INC JP 4503 JP 373.93 $6,529.89
6986427 YOKOGAWA ELECTRIC CORP JP 6841 JP 308.9 $6,534.08
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 13,819.06 $13,490.86
7103065 NOVARTIS AG-REG CH NOVN SW 400.75 $34,496.19
7110902 TECAN GROUP AG-REG CH TECN SW 30.89 $7,312.53
7123870 NESTLE SA-REGISTERED CH NESN SW 9,312.42 $775,134.72
7145056 ENI SPA IT ENI IM 1,073.82 $20,241.09
7156036 SONOVA HOLDING AG-REG CH SOON SW 33.33 $6,614.61
71654QCJ9 PETROLEOS MEXICANOS 6.35000 02/12/2048 MX 60,153.57 $55,100.67
718172109 PHILIP MORRIS INTERNATIONAL US PM 6,222.64 $507,394.34
71943U104 PHYSICIANS REALTY TRUST US DOC 1,034.8 $17,446.80
7212477 ESSILORLUXOTTICA FR EL FP 104.86 $15,521.68
729640102 PLYMOUTH INDUSTRIAL REIT INC US 282.88 $4,384.71
733174AJ5 POPULAR INC 7.00000 07/01/2019 US 13,819.06 $14,171.45
733174AK2 POPULAR INC 6.12500 09/14/2023 PR 14,631.95 $14,813.09
7339451 ORPEA SA FR ORP FP 176.4 $22,820.12
7380062 AAREAL BANK AG DE ARL GR 321.9 $13,422.22
7380482 COMPAGNIE DE SAINT-GOBAIN FR SGO FP 1,029.11 $44,355.79
741503AZ9 PRICELINE GROUP INC/THE 3.60000 06/01/2026 US 113,804.06 $110,406.30
74340W103 PROLOGIS US PLD 496.67 $33,669.49
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 69,908.21 $73,927.93
74460D109 PUBLIC STORAGE INC US PSA 94.29 $19,012.66
74736K101 QORVO INC US QRVO 16,524.35 $1,270,557.22
758849103 REGENCY CENTERS CORP US REG 136.4 $8,821.14
75886F107 REGENERON PHARMACEUTICALS INC US REGN 1,237.21 $499,883.42
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 8,128.86 $8,352.41
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 580.4 $41,167.82
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 115.43 $11,085.88
78410G104 SBA COMMUNICATIONS CORP US SBAC 5,081.35 $816,217.45
78442PGC4 SLM CORP 5.12500 04/05/2022 US 12,193.29 $12,132.33
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 102,423.65 $110,617.33
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 73,159.75 $72,244.23
806857108 SCHLUMBERGER LTD NL SLB 14,150.88 $862,071.88
808513105 CHARLES SCHWAB CORP/THE US SCHW 19,180.05 $942,699.38
81211K100 SEALED AIR CORP US SEE 17,611.99 $707,121.44
812578102 SEATTLE GENETICS INC US SGEN 8,008.55 $617,619.70
81663AAD7 SEMGROUP CORP 6.37500 03/15/2025 US 9,754.63 $9,583.93
81762P102 SERVICENOW INC US NOW 5,289.45 $1,034,775.12
81783QAC9 SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 CA 11,380.41 $11,067.44
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 8,941.75 $9,221.18
828806109 SIMON PROPERTY GROUP INC US SPG 257.68 $45,545.81
83088M102 SKYWORKS SOLUTIONS INC US SWKS 4,099.38 $371,855.19
84265V105 SOUTHERN COPPER CORPORATION US SCCO 9,477.44 $408,856.74
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 15,444.84 $15,329.00
852061AK6 SPRINT COMMUNICATIONS 9.00000 11/15/2018 US 4,877.32 $4,907.56
85254J102 STAG INDUSTRIAL INC US STAG 333.28 $9,165.29
866674104 SUN COMMUNITIES US SUI 167.45 $17,003.33
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 634.05 $10,373.08
874080104 TAL EDUCATION GROUP - ADR CN TAL 269.88 $6,938.57
87470LAA9 TALLGRASS NRG PRTNR/FIN 5.50000 09/15/2024 US 8,941.75 $9,109.41
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 11,380.41 $10,754.48
88032WAG1 TENCENT HOLDINGS LTD 3.59500 01/19/2028 KY 78,037.07 $73,863.08
88104LAE3 TERRAFORM POWER OPERATIN 5.00000 01/31/2028 US 8,941.75 $8,315.83
882508104 TEXAS INSTRUMENTS INC US TXN 4,634.26 $497,210.17
883556102 THERMO FISHER SCIENTIFIC INC US TMO 1,836.31 $448,206.49
88650V208 TIER REIT INC US TIER 603.97 $14,555.78
896356AE2 TRINIDAD DRILLING LTD 6.62500 02/15/2025 CA 5,690.2 $5,633.30
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 15,444.84 $15,869.57
902653104 UDR INC US UDR 473.1 $19,127.42
903002103 UMH PROPERTIES INC US UMH 307.27 $4,805.72
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 13,819.06 $13,801.79
90384S303 ULTA BEAUTY INC US ULTA 2,723.98 $768,489.64
904767704 UNILEVER PLC - ADR GB UL 15,647.41 $860,138.01
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 298,329.21 $390,706.39
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 436,519.86 $536,100.95
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 221,932.63 $208,246.78
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 178,834.95 $172,240.41
9128282N9 US TREASURY N/B 2.12500 07/31/2024 US 2,422,725.84 $2,311,526.50
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 747,855.25 $729,129.65
912828D23 US TREASURY N/B 1.62500 04/30/2019 US 731,597.52 $728,111.01
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 745,123.15 $735,391.91
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 812,886.14 $735,344.42
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 217,613.24 $210,664.13
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 766,551.63 $727,774.89
91704F104 URBAN EDGE PROPERTIES US UE 629.99 $13,910.11
92276F100 VENTAS INC US VTR 130.06 $7,072.76
92339V100 VEREIT INC US VER 866.54 $6,291.06
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 102,423.65 $112,151.05
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 1,997.26 $384,952.13
92826C839 VISA INC - CLASS A SHARES US V 8,212.59 $1,232,627.43
929042109 VORNADO REALTY TRUST US VNO 203.22 $14,835.17
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 13,819.06 $14,285.46
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 8,941.75 $8,651.14
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 15,444.84 $14,711.21
95040Q104 WELLTOWER INC. US WELL 156.07 $10,038.69
962166104 WEYERHAEUSER CO US WY 176.23 $5,687.06
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 10,567.52 $10,620.36
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 13,819.06 $13,715.42
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 58,527.8 $55,713.43
98919V105 ZAYO GROUP HOLDINGS INC US ZAYO 27,062.61 $939,613.65
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 21,135.04 $20,870.85
B0190C7 TECHTRONIC INDUSTRIES CO LTD HK 669 HK 1,056.75 $6,740.69
B02J639 ADMIRAL GROUP PLC GB ADM LN 282.88 $7,668.26
B037JC2 NEXITY FR NXI FP 234.92 $12,984.09
B0386J1 JYSKE BANK-REG DK JYSK DC 253.62 $12,280.74
B05LZ02 HAKUHODO DY HOLDINGS INC JP 2433 JP 373.93 $6,567.43
B06JSP1 SYDBANK A/S DK SYDB DC 360.11 $10,587.05
B09DHL9 MTU AERO ENGINES HOLDING AG DE MTX GR 33.33 $7,508.16
B09M9D2 KONE OYJ-B FI KNEBV FH 271.5 $14,492.53
B0JDQD4 BANDAI NAMCO HOLDINGS INC JP 7832 JP 357.67 $13,895.78
B11TCY0 SCHINDLER HOLDING-PART CERT CH SCHP SW 55.28 $13,794.55
B138HB7 KAUFMAN & BROAD SA FR KOF FP 414.57 $19,455.10
B13X013 EIFFAGE FR FGR FP 236.55 $26,424.91
B15C557 TOTAL SA FR FP FP 520.25 $33,826.84
B19NLV4 EXPERIAN PLC GB EXPN LN 290.2 $7,446.60
B1CRLC4 MONDI PLC GB MNDI LN 269.88 $7,389.23
B1FW751 GALP ENERGIA SGPS SA PT GALP PL 2,067.17 $40,987.47
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 1,723.32 $12,316.65
B1WGG93 GEBERIT AG-REG CH GEBN SW 43.08 $19,996.60
B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 353.61 $20,702.45
B1XH026 VINCI SA FR DG FP 7,428.15 $706,712.61
B1Y9TB3 DANONE FR BN FP 349.22 $27,139.36
B1YVKN8 ANTA SPORTS PRODUCTS LTD CN 2020 HK 2,926.39 $13,970.10
B232R05 SK INNOVATION CO LTD KR 096770 KS 79.66 $15,441.84
B249GC0 MATSUMOTOKIYOSHI HOLDINGS CO JP 3088 JP 325.15 $13,334.02
B283W97 CAIXABANK S.A ES CABK SM 110,441.15 $502,277.38
B296BQ5 STORAGEVAULT CANADA INC CA SVI CN 1,091.71 $2,239.79
B3FF8W8 HOSHIZAKI CORP JP 6465 JP 65.03 $6,730.99
B3MSM28 AMADEUS IT HOLDING SA-A SHS ES AMS SM 80.48 $7,459.20
B3NB1P2 SUNCOR ENERGY INC CA SU CN 464.97 $17,991.90
B4Q2TX3 CHINA LONGYUAN POWER GROUP-H CN 916 HK 32,352.87 $27,244.08
B4R2R50 JULIUS BAER CH BAER SW 10,356.98 $517,601.85
B4WTBY3 HUANENG RENEWABLES CORP-H CN 958 HK 80,638.3 $24,045.24
B4YVF56 BRENNTAG AG DE BNR GR 197.53 $12,182.04
B607XS1 VERMILION ENERGY INC CA VET CN 700.71 $23,088.40
B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 2,221.62 $28,041.14
B63QM77 NEXON CO LTD JP 3659 JP 1,950.93 $25,501.56
B798FW0 NOVOZYMES A/S-B SHARES DK NZYMB DC 143.88 $7,891.65
B7VQL46 FNAC DARTY SA FR FNAC FP 208.91 $16,473.79
B8FMRX8 COLOPLAST-B DK COLOB DC 140.63 $14,366.05
BB22L96 KION GROUP AG DE KGX GR 321.9 $19,765.16
BD3JR69 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 19,834.42 $10,413.50
BD6G507 FERRARI NV IT RACE IM 56.09 $7,704.19
BD6K457 COMPASS GROUP PLC GB CPG LN 339.79 $7,554.62
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 32,515.45 $33,247.04
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 17,233.19 $9,065.10
BDZV116 EPIROC AB-A SE EPIA SS 2,108.63 $23,559.94
BF2DSG3 SIKA AG-REG CH SIKA SW 45.52 $6,624.28
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 18,696.38 $17,574.60
BFYFZP5 FERGUSON PLC CH FERG LN 89.91 $7,625.97
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 124.37 $25,054.22
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 3,996.96 $6,589.75
BGLP232 MONCLER SPA IT MONC IM 330.84 $14,235.39
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 28,613.59 $22,343.58
BHC8X90 NOVO NORDISK A/S-B DK NOVOB DC 149.57 $7,039.57
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 24,316.84 $992,876.65
BNBNSG0 EURONEXT NV NL ENX FP 360.11 $23,661.03
BNGN9Z1 FINECOBANK SPA IT FBK IM 42,833.41 $571,178.93
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 17,388.45 $525,331.77
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 406.44 $13,575.79
BVSS790 ELIS SA FR ELIS FP 1,157.55 $27,253.87
BYQ32R1 NEMAK SAB DE CV MX 17,281.96 $13,021.03
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 28,613.59 $13,787.23
BYXS699 QIAGEN N.V. NL QIA GR 448.39 $16,981.58
BYY8LS2 MAISONS DU MONDE SA FR MDM FP 521.06 $15,197.31
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 7,114.05 $622,732.35
BYZ43T4 EUROBANK ERGASIAS SA GR EUROB GA 14,420.6 $10,886.85
BYZFYS3 SPIE SA FR SPIE FP 1,381.09 $27,504.64
BYZWX76 CRODA INTERNATIONAL PLC GB CRDA LN 309.06 $20,949.29
BZ01RF1 WILLIAM DEMANT HOLDING DK WDH DC 360.92 $13,548.41
BZ3C3Q4 BANKIA SA ES BKIA SM 80,772.92 $315,314.20
BZCNN35 BANCO COMERCIAL PORTUGUES-R PT BCP PL 38,506.42 $11,400.54
G02602103 AMDOCS LTD GG DOX 10,442.82 $689,017.46
G0750C108 AXALTA COATING SYSTEMS LTD US AXTA 16,191.07 $472,131.49
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 248.74 $12,899.82
G27358103 DESPEGAR.COM CORP AR DESP 332.47 $5,608.78
G3157S106 ENSCO INTERNATIONAL INC US ESV 50,876.1 $429,394.32
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 18,696.38 $19,444.24
G5960L103 MEDTRONIC INC IE MDT 14,154.79 $1,392,406.33
G97822103 PERRIGO CO PLC IE PRGO 8,879.16 $628,644.19
H8817H100 TRANSOCEAN LTD US RIG 29,085.07 $405,736.67
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 112.18 $13,200.02
N22717107 CORE LABORATORIES N.V. NL CLB 126 $14,594.27
N47279109 INTERXION HOLDING NV NL INXN 5,804.01 $390,609.67
N59465109 MYLAN NV US MYL 6,883.52 $251,936.82
N72482123 QIAGEN N.V. ADR NL QGEN 14,197.22 $537,790.65
USD US DOLLAR US 125,107.38 $125,107.38

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Maximum 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

$18.20

Daily $ Change

-$0.26

Daily % Change

-1.43%

as of 10/18/2018

CUSIP

302027552

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 an aggressive, growth-oriented mix of securities that seeks to earn the long-term growth typically associated with the stock market. The portfolio is diversified primarily among various stock investments in both domestic and foreign markets, with only a minor portion of the portfolio invested in fixed income securities. Stock exposure can range from 70% - 95%.

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 2050
  • 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 09/30/2018

YTD

7.31%

1 Year

12.78%

3 Year

13.58%

5 Year

8.61%

10 Year

8.67%

Inception
(01/01/2000)

7.64%

US Stock Market Cycle (04/01/2000 - 09/30/2018)

7.80%

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 0.70%
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 09/30/2018

TREASURY NOTES 7.00%
INCYTE CORP 2.16%
LULULEMON - ADR 2.08%
MASTERCARD INC-CLASS A 1.87%
MEDTRONIC INC 1.86%
BOOKING HOLDINGS INC 1.76%
QORVO INC 1.70%
VISA INC - CLASS A SHARES 1.65%
MICROSOFT CORP 1.60%
NOVARTIS AG- REG 1.49%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 09/30/2018

Stocks
85.70%
Bonds
14.13%
Cash
0.17%

Detailed Asset Class Allocation

As of 09/30/2018

International Equities
29.29%
Small Capitalization
1.47%
Mid Capitalization
8.65%
Large Capitalization
46.30%
Long Term Fixed Income
2.59%
Intermediate Term Fixed Income
8.83%
Short Term Fixed Income
2.70%
Cash
0.17%

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

September Fund Holdings

As of 09/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 8,128.86 $8,250.79
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 74,785.52 $73,819.48
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 12,193.29 $12,437.16
004239109 ACADIA REALTY TRUST US AKR 179.65 $5,035.53
0045614 ANTOFAGASTA PLC GB ANTO LN 17,416.09 $193,534.79
0053673 ASHTEAD GROUP PLC GB AHT LN 493.42 $15,655.51
00724F101 ADOBE SYS INC US ADBE 2,984.92 $805,778.58
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 74,785.52 $73,997.72
00790X101 ADVANCED DISPOSAL SERVICES US ADSW 25,678.26 $695,367.28
0081180 BARRATT DEVELOPMENTS PLC GB BDEV LN 911.25 $6,729.54
008492100 AGREE REALTY CORP US ADC 82.1 $4,361.23
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 5,690.2 $5,868.89
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 33.33 $4,192.37
01609W102 ALIBABA GROUP - ADR CN BABA 6,055.19 $997,652.91
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 118,681.38 $110,622.26
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 11,380.41 $11,494.21
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 8,941.75 $8,941.75
02079K107 ALPHABET INC-CL C US GOOG 538.13 $642,242.75
02079K305 ALPHABET INC-CL A US GOOGL 532.44 $642,698.18
02209S103 ALTRIA GROUP INC US MO 7,615.93 $459,316.75
023135106 AMAZON.COM INC US AMZN 441.4 $884,118.54
02319V103 AMBEV SA-ADR BR ABEV 141,240.59 $645,469.51
0237400 DIAGEO PLC GB DGE LN 16,234.96 $575,176.84
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 207.29 $8,531.89
0263494 BAE SYSTEMS PLC GB BA/ LN 2,972.72 $24,376.39
02665T306 AMERICAN HOMES 4 RENT- A US AMH 786.06 $17,206.87
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 76,411.3 $73,101.63
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 13,819.06 $13,819.06
03027X100 AMERICAN TOWER REIT INC US AMT 5,854.41 $850,645.18
03064D108 AMERICOLD REALTY TRUST US COLD 147.13 $3,681.25
03748R101 APARTMENT INVT & MGMT CO -A US AIV 278.82 $12,304.32
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902653104 UDR INC US UDR 473.1 $19,127.42
903002103 UMH PROPERTIES INC US UMH 307.27 $4,805.72
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90384S303 ULTA BEAUTY INC US ULTA 2,723.98 $768,489.64
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912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 298,329.21 $390,706.39
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 436,519.86 $536,100.95
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 221,932.63 $208,246.78
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 178,834.95 $172,240.41
9128282N9 US TREASURY N/B 2.12500 07/31/2024 US 2,422,725.84 $2,311,526.50
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 747,855.25 $729,129.65
912828D23 US TREASURY N/B 1.62500 04/30/2019 US 731,597.52 $728,111.01
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 745,123.15 $735,391.91
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 812,886.14 $735,344.42
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 217,613.24 $210,664.13
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 766,551.63 $727,774.89
91704F104 URBAN EDGE PROPERTIES US UE 629.99 $13,910.11
92276F100 VENTAS INC US VTR 130.06 $7,072.76
92339V100 VEREIT INC US VER 866.54 $6,291.06
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 102,423.65 $112,151.05
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 1,997.26 $384,952.13
92826C839 VISA INC - CLASS A SHARES US V 8,212.59 $1,232,627.43
929042109 VORNADO REALTY TRUST US VNO 203.22 $14,835.17
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 13,819.06 $14,285.46
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 8,941.75 $8,651.14
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 15,444.84 $14,711.21
95040Q104 WELLTOWER INC. US WELL 156.07 $10,038.69
962166104 WEYERHAEUSER CO US WY 176.23 $5,687.06
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 10,567.52 $10,620.36
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 13,819.06 $13,715.42
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 58,527.8 $55,713.43
98919V105 ZAYO GROUP HOLDINGS INC US ZAYO 27,062.61 $939,613.65
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 21,135.04 $20,870.85
B0190C7 TECHTRONIC INDUSTRIES CO LTD HK 669 HK 1,056.75 $6,740.69
B02J639 ADMIRAL GROUP PLC GB ADM LN 282.88 $7,668.26
B037JC2 NEXITY FR NXI FP 234.92 $12,984.09
B0386J1 JYSKE BANK-REG DK JYSK DC 253.62 $12,280.74
B05LZ02 HAKUHODO DY HOLDINGS INC JP 2433 JP 373.93 $6,567.43
B06JSP1 SYDBANK A/S DK SYDB DC 360.11 $10,587.05
B09DHL9 MTU AERO ENGINES HOLDING AG DE MTX GR 33.33 $7,508.16
B09M9D2 KONE OYJ-B FI KNEBV FH 271.5 $14,492.53
B0JDQD4 BANDAI NAMCO HOLDINGS INC JP 7832 JP 357.67 $13,895.78
B11TCY0 SCHINDLER HOLDING-PART CERT CH SCHP SW 55.28 $13,794.55
B138HB7 KAUFMAN & BROAD SA FR KOF FP 414.57 $19,455.10
B13X013 EIFFAGE FR FGR FP 236.55 $26,424.91
B15C557 TOTAL SA FR FP FP 520.25 $33,826.84
B19NLV4 EXPERIAN PLC GB EXPN LN 290.2 $7,446.60
B1CRLC4 MONDI PLC GB MNDI LN 269.88 $7,389.23
B1FW751 GALP ENERGIA SGPS SA PT GALP PL 2,067.17 $40,987.47
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 1,723.32 $12,316.65
B1WGG93 GEBERIT AG-REG CH GEBN SW 43.08 $19,996.60
B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 353.61 $20,702.45
B1XH026 VINCI SA FR DG FP 7,428.15 $706,712.61
B1Y9TB3 DANONE FR BN FP 349.22 $27,139.36
B1YVKN8 ANTA SPORTS PRODUCTS LTD CN 2020 HK 2,926.39 $13,970.10
B232R05 SK INNOVATION CO LTD KR 096770 KS 79.66 $15,441.84
B249GC0 MATSUMOTOKIYOSHI HOLDINGS CO JP 3088 JP 325.15 $13,334.02
B283W97 CAIXABANK S.A ES CABK SM 110,441.15 $502,277.38
B296BQ5 STORAGEVAULT CANADA INC CA SVI CN 1,091.71 $2,239.79
B3FF8W8 HOSHIZAKI CORP JP 6465 JP 65.03 $6,730.99
B3MSM28 AMADEUS IT HOLDING SA-A SHS ES AMS SM 80.48 $7,459.20
B3NB1P2 SUNCOR ENERGY INC CA SU CN 464.97 $17,991.90
B4Q2TX3 CHINA LONGYUAN POWER GROUP-H CN 916 HK 32,352.87 $27,244.08
B4R2R50 JULIUS BAER CH BAER SW 10,356.98 $517,601.85
B4WTBY3 HUANENG RENEWABLES CORP-H CN 958 HK 80,638.3 $24,045.24
B4YVF56 BRENNTAG AG DE BNR GR 197.53 $12,182.04
B607XS1 VERMILION ENERGY INC CA VET CN 700.71 $23,088.40
B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 2,221.62 $28,041.14
B63QM77 NEXON CO LTD JP 3659 JP 1,950.93 $25,501.56
B798FW0 NOVOZYMES A/S-B SHARES DK NZYMB DC 143.88 $7,891.65
B7VQL46 FNAC DARTY SA FR FNAC FP 208.91 $16,473.79
B8FMRX8 COLOPLAST-B DK COLOB DC 140.63 $14,366.05
BB22L96 KION GROUP AG DE KGX GR 321.9 $19,765.16
BD3JR69 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 19,834.42 $10,413.50
BD6G507 FERRARI NV IT RACE IM 56.09 $7,704.19
BD6K457 COMPASS GROUP PLC GB CPG LN 339.79 $7,554.62
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 32,515.45 $33,247.04
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 17,233.19 $9,065.10
BDZV116 EPIROC AB-A SE EPIA SS 2,108.63 $23,559.94
BF2DSG3 SIKA AG-REG CH SIKA SW 45.52 $6,624.28
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 18,696.38 $17,574.60
BFYFZP5 FERGUSON PLC CH FERG LN 89.91 $7,625.97
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 124.37 $25,054.22
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 3,996.96 $6,589.75
BGLP232 MONCLER SPA IT MONC IM 330.84 $14,235.39
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 28,613.59 $22,343.58
BHC8X90 NOVO NORDISK A/S-B DK NOVOB DC 149.57 $7,039.57
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 24,316.84 $992,876.65
BNBNSG0 EURONEXT NV NL ENX FP 360.11 $23,661.03
BNGN9Z1 FINECOBANK SPA IT FBK IM 42,833.41 $571,178.93
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 17,388.45 $525,331.77
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 406.44 $13,575.79
BVSS790 ELIS SA FR ELIS FP 1,157.55 $27,253.87
BYQ32R1 NEMAK SAB DE CV MX 17,281.96 $13,021.03
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 28,613.59 $13,787.23
BYXS699 QIAGEN N.V. NL QIA GR 448.39 $16,981.58
BYY8LS2 MAISONS DU MONDE SA FR MDM FP 521.06 $15,197.31
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 7,114.05 $622,732.35
BYZ43T4 EUROBANK ERGASIAS SA GR EUROB GA 14,420.6 $10,886.85
BYZFYS3 SPIE SA FR SPIE FP 1,381.09 $27,504.64
BYZWX76 CRODA INTERNATIONAL PLC GB CRDA LN 309.06 $20,949.29
BZ01RF1 WILLIAM DEMANT HOLDING DK WDH DC 360.92 $13,548.41
BZ3C3Q4 BANKIA SA ES BKIA SM 80,772.92 $315,314.20
BZCNN35 BANCO COMERCIAL PORTUGUES-R PT BCP PL 38,506.42 $11,400.54
G02602103 AMDOCS LTD GG DOX 10,442.82 $689,017.46
G0750C108 AXALTA COATING SYSTEMS LTD US AXTA 16,191.07 $472,131.49
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 248.74 $12,899.82
G27358103 DESPEGAR.COM CORP AR DESP 332.47 $5,608.78
G3157S106 ENSCO INTERNATIONAL INC US ESV 50,876.1 $429,394.32
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 18,696.38 $19,444.24
G5960L103 MEDTRONIC INC IE MDT 14,154.79 $1,392,406.33
G97822103 PERRIGO CO PLC IE PRGO 8,879.16 $628,644.19
H8817H100 TRANSOCEAN LTD US RIG 29,085.07 $405,736.67
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 112.18 $13,200.02
N22717107 CORE LABORATORIES N.V. NL CLB 126 $14,594.27
N47279109 INTERXION HOLDING NV NL INXN 5,804.01 $390,609.67
N59465109 MYLAN NV US MYL 6,883.52 $251,936.82
N72482123 QIAGEN N.V. ADR NL QGEN 14,197.22 $537,790.65
USD US DOLLAR US 125,107.38 $125,107.38

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Maximum 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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