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

$17.61

Daily $ Change

$0.01

Daily % Change

0.06%

as of 12/11/2018

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 11/30/2018

YTD

1.45%

1 Year

3.29%

3 Year

8.86%

5 Year

6.49%

10 Year

11.01%

Inception
(01/01/2000)

7.25%

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

7.40%

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 11/30/2018

TREASURY NOTES 6.62%
TREASURY BONDS 2.05%
MEDTRONIC INC 1.97%
MASTERCARD INC-CLASS A 1.78%
BOOKING HOLDINGS INC 1.77%
NOVARTIS AG- REG 1.67%
COCA COLA CO/THE 1.66%
TENCENT HOLDINGS LTD 1.65%
QORVO INC 1.65%
VISA INC - CLASS A SHARES 1.65%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 11/30/2018

Stocks 84.75%
Bonds 14.20%
Cash 1.05%

Detailed Asset Class Allocation

As of 11/30/2018

International Equities 29.03%
Small Capitalization 1.82%
Mid Capitalization 9.22%
Large Capitalization 44.68%
Long Term Fixed Income 3.00%
Intermediate Term Fixed Income 8.11%
Short Term Fixed Income 3.09%
Cash 1.05%

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

November Fund Holdings

As of 11/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 8,147.2 $8,208.30
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 74,954.24 $72,249.06
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 12,220.8 $12,465.22
004239109 ACADIA REALTY TRUST US AKR 144.21 $4,134.37
0045614 ANTOFAGASTA PLC GB ANTO LN 17,597.14 $180,579.42
00724F101 ADOBE INC US ADBE 2,991.65 $750,575.56
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 74,954.24 $72,960.35
00790X101 ADVANCED DISPOSAL SERVICES US ADSW 25,736.19 $693,590.35
008492100 AGREE REALTY CORP US ADC 82.29 $4,901.82
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 8,961.92 $9,161.97
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 33.4 $4,158.74
01609W102 ALIBABA GROUP - ADR CN BABA 6,045.22 $972,434.51
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 11,406.08 $11,406.08
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 8,961.92 $8,936.74
02079K107 ALPHABET INC-CL C US GOOG 539.34 $590,274.98
02079K305 ALPHABET INC-CL A US GOOGL 533.64 $592,155.42
02209S103 ALTRIA GROUP INC US MO 7,633.11 $418,523.53
023135106 AMAZON.COM INC US AMZN 442.39 $747,719.34
02319V103 AMBEV SA-ADR BR ABEV 141,559.23 $604,457.93
0237400 DIAGEO PLC GB DGE LN 15,975.03 $576,910.62
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 8,961.92 $9,017.93
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 107.54 $4,713.61
0263494 BAE SYSTEMS PLC GB BA/ LN 2,979.43 $18,729.66
02665T306 AMERICAN HOMES 4 RENT- A US AMH 787.83 $16,410.59
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 76,583.68 $72,297.19
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 13,850.24 $13,400.11
03027X100 AMERICAN TOWER REIT INC US AMT 5,867.61 $965,163.77
03064D108 AMERICOLD REALTY TRUST US COLD 147.46 $3,952.04
03748R101 APARTMENT INVT & MGMT CO -A US AIV 279.45 $13,159.25
03784Y200 APPLE HOSPITALITY REIT INC US APLE 234.64 $3,723.73
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 9,776.64 $9,104.50
0405207 HALMA PLC GB HLMA LN 815.53 $14,315.06
0490656 KERRY GROUP PLC-A IE KYGA LN 261.53 $27,031.56
053332102 AUTOZONE INC US AZO 1,231.04 $995,999.12
053484101 AVALONBAY COMMUNITIES INC US AVB 186.57 $35,554.81
058498106 BALL CORP US BLL 13,386.66 $657,419.11
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 112,431.36 $109,047.95
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 3,579.07 $781,095.17
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 8,807.12 $845,748.07
0922320 SMITH & NEPHEW PLC GB SN/ LN 1,020.03 $18,615.95
09247X101 BLACKROCK INC US BLK 2,401.79 $1,027,992.13
0946580 WEIR GROUP PLC/THE GB WEIR LN 1,708.47 $32,265.14
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 104,284.16 $106,192.23
09857L108 BOOKING HOLDINGS INC US BKNG 663.18 $1,254,660.96
101121101 BOSTON PROPERTIES INC US BXP 190.64 $25,012.56
105368203 BRANDYWINE REALTY TRUST US BDN 1,028.99 $14,683.71
110122108 BRISTOL MYERS SQUIBB CO US BMY 5,997.15 $320,607.86
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 323.44 $11,278.49
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 13,035.52 $12,644.45
12503M108 CBOE GLOBAL MARKETS INC US CBOE 1,653.88 $177,990.74
125269100 CF INDUSTRIES HOLDINGS INC US CF 10,325.76 $435,643.88
12572Q105 CME GROUP INC US CME 1,020.03 $193,887.20
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 73,324.8 $73,052.77
13321L108 CAMECO CORP CA CCJ 1,187.37 $14,105.99
134429109 CAMPBELL SOUP CO US CPB 15,961.99 $625,710.20
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 20,368 $18,356.66
165240102 CHESAPEAKE LODGING TRUST US CHSP 206.94 $6,119.18
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 76,583.68 $104,629.86
191216100 COCA COLA CO/THE US KO 23,347.43 $1,176,710.57
192422103 COGNEX CORP US CGNX 7,119.84 $313,415.28
194162103 COLGATE-PALMOLIVE CO US CL 7,528.83 $478,231.14
19626G108 COLONY CAPITAL INC US CLNY 852.52 $5,251.54
2011646 ALIMENTATION COUCHE-TARD -B CA ATD/B CN 263.97 $13,853.59
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 390.58 $12,318.79
2171573 CANADIAN NATURAL RESOURCES CA CNQ CN 676.22 $16,993.87
2180632 CANADIAN NATL RAILWAY CO CA CNR CN 108.36 $9,310.29
21871N101 CORECIVIC INC US CXW 472.54 $10,372.20
222795106 COUSINS PROPERTIES INC US CUZ 1,792.38 $15,145.65
22282EAH5 COVANTA HOLDING CORP 6.00000 01/01/2027 US 12,220.8 $11,365.34
2242059 FOMENTO ECONOMICO EXICA-UBD MX 1,385.02 $12,001.56
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 10,591.36 $10,194.18
22822V101 CROWN CASTLE INTL CORP US CCI 112.43 $12,918.36
228368106 CROWN HOLDINGS INC US CCK 5,793.47 $297,089.35
229663109 CUBESMART US CUBE 114.06 $3,551.85
2306814 EL PUERTO DE LIVERPOOL -C1 MX 2,684.5 $15,993.26
2328595 BANCO DO BRASIL S.A. BR BBAS3 BZ 554.01 $6,393.96
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 8,147.2 $8,228.67
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 1,944.74 $17,857.06
23918K108 DAVITA INC. US DVA 7,061.18 $466,461.45
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 15,479.68 $14,512.20
2392471 GRUPO BIMBO SAB- SERIES A MX BIMBOA MM 3,399.83 $6,499.40
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 4,562.43 $10,647.45
2458771 ITAUSA INVESTIMENTOS ITAU -PR BR ITSA4 BZ 2,150.86 $6,863.62
2516710 LOJAS AMERICANAS SA - PREF BR LAME4 BZ 814.72 $4,152.61
25271C102 DIAMOND OFFSHORE DRILLING US DO 15,603.52 $196,604.33
253393102 DICK'S SPORTING GOODS INC US DKS 21,247.08 $764,470.07
253868103 DIGITAL REALTY TRUST INC US DLR 211.01 $24,274.88
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 76,583.68 $70,614.04
2583952 METRO INC CA MRU CN 272.12 $9,380.15
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 20,368 $20,011.56
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 21,182.72 $20,997.37
269246401 ETRADE FINANCIAL CORP US ETFC 7,426.99 $388,357.19
2715777 QUEBECOR INC -CL B CA QBR/B CN 25,701.97 $554,604.72
277276101 EASTGROUP PROPERTIES US EGP 35.85 $3,585.49
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 24,581.73 $462,717.15
2823885 ARCA CONTINENTAL SAB DE CV MX AC* MM 1,189.49 $6,152.07
285512109 ELECTRONIC ARTS US EA 7,636.37 $641,989.70
2866857 LUNDIN MINING CORP CA LUN CN 45,331.02 $197,543.84
29444U700 EQUINIX INC US EQIX 1,270.96 $489,676.72
2945422 WEG SA BR WEGE3 BZ 798.43 $3,679.32
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 92.06 $9,163.07
29476L107 EQUITY RESIDENTIAL US EQR 394.32 $28,095.62
297178105 ESSEX PROPERTY TRUST INC US ESS 65.99 $17,323.64
30225T102 EXTRA SPACE STORAGE INC US EXR 90.43 $8,679.85
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 16,294.4 $15,968.51
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 32.59 $4,304.65
31410HAQ4 MACYS RETAIL HLDGS INC 6.90000 04/01/2029 US 35,847.68 $37,640.91
31428X106 FEDEX CORPORATION US FDX 3,142.38 $719,603.91
32054K103 FIRST INDUSTRIAL REALTY TR US FR 204.49 $6,556.10
336130AB5 FIRST QUALITY FINANCE CO 5.00000 07/01/2025 US 10,591.36 $9,691.09
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 13,035.52 $12,611.87
35671D857 FREEPORT-MCMORAN INC US FCX 26,166.36 $312,426.38
35802XAD5 FRESENIUS MED CARE II 5.62500 07/31/2019 US 68,436.48 $69,304.32
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 55,400.96 $44,043.76
37045VAR1 GENERAL MOTORS CO FLT 3.22706 09/10/2021 US 73,324.8 $72,743.72
371559105 GENESEE & WYOMING INC -CL A US GWR 3,917.99 $326,290.09
37185LAF9 GENESIS ENERGY LP/GENESI 5.62500 06/15/2024 US 10,591.36 $9,267.44
374297109 GETTY REALTY CORP US GTY 249.3 $7,626.22
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 21,997.44 $21,365.01
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 10,591.36 $10,061.79
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 107.54 $7,487.15
4012250 AIRBUS SE FR AIR FP 125.47 $13,455.66
40414L109 HCP INC US HCP 470.91 $13,778.77
4057808 L'OREAL FR OR FP 81.47 $19,224.61
4061412 LVMH MOET HENNESSY LOUIS VUITTON FR MC FP 58.66 $16,790.70
4162791 THALES SA FR HO FP 20.37 $2,499.79
4163437 CAP GEMINI FR CAP FP 31.77 $3,710.01
421946104 HEALTHCARE REALTY TRUST INC US HR 360.11 $11,163.29
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 572.75 $16,105.68
44107P104 HOST MARRIOTT CORP US HST 729.99 $13,869.79
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 24,441.6 $22,791.79
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 16,294.4 $15,561.15
45337C102 INCYTE CORP US INCY 13,833.13 $888,778.69
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 745.47 $7,529.24
45763PAE6 INMARSAT FINANCE PLC 4.87500 05/15/2022 GB 21,182.72 $20,388.37
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 2,282.03 $186,487.56
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 82,286.72 $83,160.53
46120E602 INTUITIVE SURGICAL INC US ISRG 1,263.63 $670,823.66
46187W107 INVITATION HOMES INC US INVH 686.32 $14,728.43
464286624 ISHARES MSCI THAILAND ETF TH 587.9 $50,694.79
464287739 ISHARES DJ US REAL ESTATE US 6.52 $533.02
46625HHL7 JPMORGAN CHASE & CO 6.30000 04/23/2019 US 107,543.04 $108,845.37
46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 52,142.08 $51,985.59
4682329 PERNOD-RICARD SA FR RI FP 81.47 $13,024.49
4712798 RENAULT SA FR RNO FP 49.7 $3,498.24
4741844 MERCK KGAA DE MRK GR 3,578.25 $396,106.95
476405105 JERNIGAN CAPITAL INC US JCAP 413.88 $8,848.71
478160104 JOHNSON & JOHNSON US JNJ 7,078.29 $1,039,800.45
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 20,368 $15,072.32
4821100 SOLVAY SA BE SOLB BB 260.71 $28,243.12
4834108 SCHNEIDER ELECTRIC SE FR SU FP 126.28 $9,204.78
4834777 VIVENDI FR VIV FP 210.2 $5,242.83
49446R109 KIMCO REALTY CORP US KIM 358.48 $5,861.10
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 94,507.52 $104,908.39
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 14,664.96 $13,253.46
50212YAB0 LPL HOLDINGS INC 5.75000 09/15/2025 US 8,147.2 $7,719.47
502160AM6 LSB INDUSTRIES 9.62500 05/01/2023 US 16,294.4 $16,661.02
505742AD8 LADDER CAP FIN LLLP/CORP 5.87500 08/01/2021 US 8,961.92 $8,961.92
5107401 BEIERSDORF AG DE BEI GR 6,311.64 $677,549.25
5176177 ORANGE FR ORA FP 407.36 $7,002.62
5253973 HERMES INTERNATIONAL FR RMS FP 6.52 $3,528.82
5263574 FLSMIDTH & CO A/S DK FLS DC 52.96 $2,656.45
529043101 LEXINGTON REALTY TRUST US LXP 752.8 $6,609.60
531172104 LIBERTY PROPERTY TRUST US LPT 338.11 $15,312.95
5330047 DASSAULT SYSTEMES SA FR DSY FP 30.96 $3,722.43
53815P108 LIVERAMP HOLDINGS INC US RAMP 20,679.39 $978,134.99
5458314 AKZO NOBEL NL AKZA NA 7,127.99 $598,978.15
5474008 BANKINTER S.A. ES BKT SM 2,475.93 $20,730.68
550021109 LULULEMON - ADR CA LULU 8,241.22 $1,092,373.58
5505072 KERING FR KER FP 17.92 $7,801.97
554382101 THE MACERICH CO US MAC 57.03 $2,868.06
5545670 JUNGHEINRICH AG DE JUN3 GR 386.18 $12,907.39
55616XAC1 MACYS RETAIL HLDGS INC 7.00000 02/15/2028 US 35,032.96 $37,063.17
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 17,109.12 $16,168.12
5596991 UCB SA BE UCB BB 150.72 $12,702.14
5669354 REPSOL SA ES REP SM 1,822.13 $31,388.82
5671519 WOLTERS KLUWER NL WKL NA 157.24 $9,506.21
5671735 SANOFI-AVENTIS FR SAN FP 235.45 $21,346.44
5701513 ELISA OYJ FI ELISA FH 212.64 $8,537.65
5713422 METSO OYJ FI METSO FH 496.16 $14,200.56
5727973 SIEMENS AG-REG DE SIE GR 216.72 $25,220.43
57636Q104 MASTERCARD INC-CLASS A US MA 6,282.31 $1,263,183.30
58502BAC0 MEDNAX INC 6.25000 01/15/2027 US 8,961.92 $8,926.07
58933Y105 MERCK & CO INC US MRK 5,755.18 $456,616.16
59001ABA9 MERITAGE HOMES CORP 5.12500 06/06/2027 US 9,776.64 $8,603.44
594918104 MICROSOFT CORP US MSFT 10,473.23 $1,161,376.03
59522J103 MID-AMERICA APARTMENT COMM US MAA 135.24 $14,005.82
5962280 CHOCOLADEFABRIKEN LINDT-PC CH LISP SW 2.77 $18,900.57
5966516 SOCIETE GENERALE FR GLE FP 170.28 $6,253.38
5980613 GIVAUDAN - REG CH GIVN SW 4.07 $10,057.49
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 21,187.61 $953,018.66
6136749 OBIC CO LTD JP 4684 JP 228.12 $19,781.52
61744YAG3 MORGAN STANLEY FLT 3.81125 05/08/2024 US 109,172.48 $108,464.59
6175076 KT&G CORP KR 033780 KS 101.03 $9,373.85
6196408 CHUGAI PHARMACEUTICAL CO LTD JP 4519 JP 309.59 $21,212.09
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 22,812.16 $22,869.19
6264189 NCSOFT CORP KR 036570 KS 30.96 $14,198.95
62913TAM4 NGL ENRGY PART LP/FIN CO 6.12500 03/01/2025 US 15,479.68 $13,776.92
6291819 CHINA PETROLEUM & CHEMICAL - H CN 386 HK 23,463.94 $20,085.18
6307200 EISAI CO LTD JP 4523 JP 146.65 $13,504.28
6332439 FAST RETAILING CO LTD JP 9983 JP 16.29 $8,494.55
6356934 FANUC LTD JP 6954 JP 82.61 $14,208.70
637417106 NATIONAL RETAIL PROPERTIES US NNN 141.76 $7,096.57
637870106 NATIONAL STORAGE AFFILIATES US NSA 123.84 $3,463.73
63938CAE8 NAVIENT CORP 7.25000 09/25/2023 US 8,147.2 $8,187.94
64110W102 NETEASE.COM INC- ADR CN NTES 24.44 $5,549.95
6441506 HOYA CORP JP 7741 JP 211.83 $12,946.75
6446620 HYUNDAI HEAVY INDUSTRIES KR 009540 KS 124.65 $14,725.37
6451066 HYUNDAI MIPO DOCKYARD KR 010620 KS 161.31 $15,738.72
647581107 NEW ORIENTAL EDUCATIO- SP ADR CN EDU 334.85 $19,140.02
6482903 KANAMOTO CO LTD JP 9678 JP 391.07 $11,534.22
6490809 KIKKOMAN CORP JP 2801 JP 325.89 $19,076.91
6490995 KEYENCE CORP JP 6861 JP 733.25 $399,433.44
6518808 LION CORP JP 4912 JP 684.36 $13,521.59
6531827 GEELY AUTOMOBILE HOLDINGS LT CN 175 HK 7,169.54 $14,246.34
654106103 NIKE INC CLASS B US NKE 12,989.9 $975,801.00
6641588 NISSAN CHEMICAL INDUSTRIES JP 4021 JP 358.48 $19,480.71
6642387 YAMAHA CORP JP 7951 JP 439.95 $18,968.90
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 22,812.16 $22,584.04
6683449 KANGWON LAND INC KR 035250 KS 340.55 $9,805.01
66987V109 NOVARTIS AG- REG CH NVS 12,930.42 $1,183,521.49
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 1,440.43 $499,510.59
6742340 SHANDONG WEIGAO CN 1066 HK 13,035.52 $12,289.63
6743882 JAPAN EXCHANGE GROUP INC JP 8697 JP 749.54 $13,523.58
6772217 SAMSUNG HEAVY INDUSTRIES KR 010140 KS 1,077.06 $7,152.92
6776606 SANTEN PHARMACEUTICAL CO LTD JP 4536 JP 570.3 $9,797.40
6791591 SECOM CO LTD JP 9735 JP 114.06 $9,659.41
680665205 OLIN CORP US OLN 15,623.89 $336,382.27
6865504 SUZUKI MOTOR CORP JP 7269 JP 391.07 $19,511.43
6885074 TERUMO CORP JP 4543 JP 342.18 $20,177.65
6895200 TOHO CO LTD JP 9602 JP 277 $9,651.97
6911485 UNICHARM CORP JP 8113 JP 439.95 $13,777.50
6913168 GUANGDONG INVESTMENT LTD HK 270 HK 9,776.64 $18,898.17
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 13,850.24 $13,746.36
6979728 WOODSIDE PETROLEUM LTD AU WPL AU 791.91 $18,049.64
6985112 YAKULT HONSHA CO LTD JP 2267 JP 244.42 $18,485.10
6986427 YOKOGAWA ELECTRIC CORP JP 6841 JP 456.24 $8,416.06
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 13,850.24 $13,469.36
7021963 DEUTSCHE BOERSE AG DE DB1 GR 87.99 $11,270.84
7062713 SODEXO FR SW FP 86.36 $8,937.46
7088429 AXA SA FR CS FP 452.98 $11,031.22
7103065 NOVARTIS AG-REG CH NOVN SW 401.66 $36,671.85
7103526 PEUGEOT SA FR UG FP 109.17 $2,402.02
7110388 ROCHE HOLDING AG-GENUSSCHEIN CH ROG SW 120.58 $31,300.29
7110902 TECAN GROUP AG-REG CH TECN SW 30.96 $6,376.59
7123870 NESTLE SA-REGISTERED CH NESN SW 9,333.43 $796,263.13
7133608 EQUINOR ASA NO EQNR NO 797.61 $18,683.94
713448108 PEPSICO INC US PEP 6,181.28 $753,745.39
7145056 ENI SPA IT ENI IM 1,076.25 $17,365.66
71642QAB3 PDLLN 7 1/4 05/01/22 7.25000 05/01/2022 GB 8,961.92 $8,278.57
718172109 PHILIP MORRIS INTERNATIONAL US PM 7,714.58 $667,542.95
71943U104 PHYSICIANS REALTY TRUST US DOC 1,037.14 $18,471.44
7212477 ESSILORLUXOTTICA FR EL FP 51.33 $6,489.64
7262610 CREDIT AGRICOLE SA FR ACA FP 295.74 $3,675.48
729640102 PLYMOUTH INDUSTRIAL REIT INC US 283.52 $3,575.22
7309681 BNP PARIBAS FR BNP FP 258.27 $12,990.38
733174AK2 POPULAR INC 6.12500 09/14/2023 PR 14,664.96 $14,646.63
7380482 COMPAGNIE DE SAINT-GOBAIN FR SGO FP 101.84 $3,785.10
741503AZ9 PRICELINE GROUP INC/THE 3.60000 06/01/2026 US 114,060.8 $108,267.18
74340W103 PROLOGIS US PLD 497.79 $33,521.44
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 70,065.92 $71,774.13
74460D109 PUBLIC STORAGE INC US PSA 94.51 $20,154.67
74736K101 QORVO INC US QRVO 17,749.49 $1,168,093.97
756109104 REALTY INCOME CORP US O 68.44 $4,386.09
75886F107 REGENERON PHARMACEUTICALS INC US REGN 1,240 $453,407.42
76131D103 RESTAURANT BRANDS INTERN CA QSR 198.79 $11,595.52
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 13,035.52 $13,165.88
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 581.71 $36,083.48
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 145.02 $11,939.51
78410G104 SBA COMMUNICATIONS CORP US SBAC 5,092.81 $869,903.71
78442PGC4 SLM CORP 5.12500 04/05/2022 US 13,850.24 $13,573.24
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 102,654.72 $108,060.74
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 73,324.8 $70,988.95
806857108 SCHLUMBERGER LTD NL SLB 16,574.83 $747,524.71
808513105 CHARLES SCHWAB CORP/THE US SCHW 13,697.07 $613,628.88
81141R100 SEA LTD - ADR SG SE 877.45 $11,705.23
81211K100 SEALED AIR CORP US SEE 18,757.3 $685,204.14
812578102 SEATTLE GENETICS INC US SGEN 8,026.62 $502,305.99
81762P102 SERVICENOW INC US NOW 5,301.38 $982,187.27
81783QAC9 SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 CA 11,406.08 $10,607.65
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 8,961.92 $8,401.80
828806109 SIMON PROPERTY GROUP INC US SPG 243.6 $45,234.32
84265V105 SOUTHERN COPPER CORPORATION US SCCO 9,557.48 $319,984.45
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 70,065.92 $71,261.67
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 15,479.68 $14,841.14
85254J102 STAG INDUSTRIAL INC US STAG 334.04 $8,948.80
862121100 STORE CAPITAL CORP US STOR 139.32 $4,173.94
866674104 SUN COMMUNITIES US SUI 167.83 $17,471.35
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 544.23 $8,305.00
874080104 TAL EDUCATION GROUP - ADR CN TAL 270.49 $7,592.57
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 11,406.08 $10,579.14
88104LAE3 TERRAFORM POWER OPERATIN 5.00000 01/31/2028 US 8,961.92 $8,023.61
883556102 THERMO FISHER SCIENTIFIC INC US TMO 1,840.45 $459,284.93
88650V208 TIER REIT INC US TIER 605.34 $14,249.63
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 15,479.68 $14,860.49
902653104 UDR INC US UDR 419.58 $17,882.53
903002103 UMH PROPERTIES INC US UMH 307.96 $4,012.77
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 13,850.24 $13,287.64
90384S303 ULTA BEAUTY INC US ULTA 1,734.54 $516,528.35
904767704 UNILEVER PLC - ADR GB UL 15,637.08 $848,937.32
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 299,002.25 $391,038.88
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 583,339.54 $713,269.31
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 222,814.25 $199,723.38
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 367,438.73 $346,110.06
9128282N9 US TREASURY N/B 2.12500 07/31/2024 US 1,820,410.43 $1,747,665.12
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 749,542.43 $734,024.56
912828D23 US TREASURY N/B 1.62500 04/30/2019 US 733,248.03 $730,555.63
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 748,088.03 $733,525.63
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 814,720.03 $742,954.65
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 218,477.75 $210,425.11
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 768,280.99 $733,738.35
91704F104 URBAN EDGE PROPERTIES US UE 631.41 $12,590.28
92276F100 VENTAS INC US VTR 130.36 $8,276.25
92339V100 VEREIT INC US VER 1,480.35 $11,324.65
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 102,654.72 $107,086.55
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 2,001.77 $361,899.48
92826C839 VISA INC - CLASS A SHARES US V 8,231.12 $1,166,431.51
929042109 VORNADO REALTY TRUST US VNO 203.68 $14,656.81
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 13,035.52 $11,797.15
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 13,850.24 $14,057.99
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 8,961.92 $8,446.61
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 15,479.68 $14,357.40
948741103 WEINGARTEN REALTY INVESTORS US WRI 357.66 $10,322.13
95040Q104 WELLTOWER INC. US WELL 156.43 $11,314.31
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 13,850.24 $13,776.83
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 13,850.24 $12,412.59
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 58,659.84 $54,225.62
98919V105 ZAYO GROUP HOLDINGS INC US ZAYO 14,223.38 $374,359.42
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 21,182.72 $20,229.50
B00FM53 BANCO BRADESCO SA - PREF BR BBDC4 BZ 1,401.32 $13,937.08
B00FV12 ISHARES FTSE 250 IE 2,150.86 $48,766.93
B02J639 ADMIRAL GROUP PLC GB ADM LN 348.7 $9,279.27
B037HR3 ITAU UNIBANCO HOLDINGS S-PREF BR ITUB4 BZ 1,466.5 $13,659.99
B058TZ6 SAFRAN SA FR SAF FP 72.51 $9,076.03
B05LZ02 HAKUHODO DY HOLDINGS INC JP 2433 JP 537.72 $8,236.42
B09DHL9 MTU AERO ENGINES HOLDING AG DE MTX GR 43.99 $9,184.48
B0C2CQ3 ENGIE FR ENGI FP 386.99 $5,454.95
B0CGYD6 LOJAS RENNER S.A. BR LREN3 BZ 531.2 $5,371.04
B0JDQD4 BANDAI NAMCO HOLDINGS INC JP 7832 JP 505.13 $21,254.79
B0SWJX3 LONDON STOCK EXCHANGE GROUP GB LSE LN 215.9 $11,127.06
B15C557 TOTAL SA FR FP FP 545.05 $30,315.56
B19NLV4 EXPERIAN PLC GB EXPN LN 389.44 $9,500.41
B1FW751 GALP ENERGIA SGPS SA PT GALP PL 1,965.1 $32,346.02
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 1,727.21 $7,733.23
B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 391.07 $19,517.63
B1XH026 VINCI SA FR DG FP 7,146.72 $623,624.79
B1Y9TB3 DANONE FR BN FP 493.39 $36,839.71
B1YVKN8 ANTA SPORTS PRODUCTS LTD CN 2020 HK 3,258.88 $14,933.56
B1YXBJ7 AIR LIQUIDE FR AI FP 92.88 $11,240.54
B249GC0 MATSUMOTOKIYOSHI HOLDINGS CO JP 3088 JP 374.77 $13,966.05
B24CGK7 RECKITT BENCKISER GROUP PLC GB RB/ LN 151.54 $12,614.19
B283W97 CAIXABANK S.A ES CABK SM 107,829.01 $445,425.58
B292SM8 MEGACABLE HOLDINGS-CPO MX MEGACPO MM 3,992.13 $18,201.53
B296BQ5 STORAGEVAULT CANADA INC CA SVI CN 1,094.17 $2,083.50
B3NB1P2 SUNCOR ENERGY INC CA SU CN 577.64 $18,624.88
B3ZCNF7 TELEFONICA BRASIL S.A. - PREF BR VIVT4 BZ 439.95 $5,234.56
B4975P9 MAGAZINE LUIZA SA BR MGLU3 BZ 81.47 $3,468.51
B4Q2TX3 CHINA LONGYUAN POWER GROUP-H CN 916 HK 4,073.6 $3,215.85
B4R2R50 JULIUS BAER CH BAER SW 10,964.5 $442,252.24
B4V5RY4 BANCO SANTANDER BRASIL - UNIT BR SANB11 BZ 554.01 $6,120.32
B4WTBY3 HUANENG RENEWABLES CORP-H CN 958 HK 24,115.71 $7,621.67
B607XS1 VERMILION ENERGY INC CA VET CN 702.29 $17,474.63
B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 2,729.31 $28,330.49
B63QM77 NEXON CO LTD JP 3659 JP 2,085.68 $24,797.51
B8FMRX8 COLOPLAST-B DK COLOB DC 189.83 $18,124.03
B9N3SQ0 BB SEGURIDADE PARTICIPACOES BR BBSE3 BZ 651.78 $4,773.29
BB22L96 KION GROUP AG DE KGX GR 334.04 $18,902.96
BD0Q398 KONINKLIJKE AHOLD DELHAIZE N NL AD NA 506.76 $13,059.27
BD1WX84 ENGIE BRASIL ENERGIA SA BR EGIE3 BZ 358.48 $3,987.09
BD3JR69 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 21,834.5 $9,547.62
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 31,937.03 $31,138.60
BD9Y9B7 BASIC-FIT NV NL BFIT NA 439.13 $13,185.08
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 21,182.72 $8,723.89
BDXL6S0 UK TREASURY BILL GBP 0.00000 01/28/2019 GB 59,311.62 $75,494.40
BDZV116 EPIROC AB-A SE EPIA SS 1,785.87 $14,632.24
BF7LBH4 ATACADAO DISTRIBUICAO COMERC BR CRFB3 BZ 977.66 $4,272.70
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 18,738.56 $17,145.78
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 138.5 $23,808.41
BG36ZK1 B3 SA-BRASIL BOLSA BALCAO BR B3SA3 BZ 928.78 $6,773.11
BG7ZWY7 AMBEV SA BR ABEV3 BZ 3,030.76 $13,261.04
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 4,005.98 $6,167.86
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 28,678.15 $21,891.10
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 29,243.72 $1,169,124.44
BNGN9Z1 FINECOBANK SPA IT FBK IM 41,694.93 $448,286.19
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 17,007.28 $522,719.47
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 733.25 $20,230.98
BSQXJ01 THULE GROUP AB/THE SE THULE SS 945.89 $17,717.87
BW1YVH8 WALMART DE MEXICO SAB DE CV MX WALMEX* MM 7,081.55 $17,542.30
BYQ32R1 NEMAK SAB DE CV MX 17,320.95 $12,416.02
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 33,240.58 $14,000.61
BYXS699 QIAGEN N.V. NL QIA GR 449.4 $15,903.55
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 8,985.22 $690,338.61
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 2,480.01 $11,531.78
BYZWX76 CRODA INTERNATIONAL PLC GB CRDA LN 148.12 $9,230.94
BZ3C3Q4 BANKIA SA ES BKIA SM 104,958.43 $347,416.06
BZ4CMZ5 DAVIDE CAMPARI-MILANO SPA IT CPR IM 1,082.76 $9,057.53
G02602103 AMDOCS LTD GG DOX 10,466.38 $679,372.88
G0750C108 AXALTA COATING SYSTEMS LTD US AXTA 14,687.77 $367,634.95
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 290.04 $11,508.80
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 268.86 $13,050.35
G27358103 DESPEGAR.COM CORP AR DESP 333.22 $4,978.31
G3157S106 ENSCO INTERNATIONAL INC US ESV 50,990.88 $289,118.30
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 18,738.56 $19,394.41
G5960L103 MEDTRONIC INC IE MDT 14,326.04 $1,397,218.39
G84720104 STERIS PLC GB STE 114.88 $13,679.38
G97822103 PERRIGO CO PLC IE PRGO 9,682.13 $603,003.23
H8817H100 TRANSOCEAN LTD US RIG 35,520.16 $329,627.12
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 161.31 $18,036.58
N22717107 CORE LABORATORIES N.V. NL CLB 145.83 $12,120.34
N47279109 INTERXION HOLDING NV NL INXN 5,921.39 $368,724.65
N59465109 MYLAN NV US MYL 6,899.05 $233,601.81
N72482123 QIAGEN N.V. ADR NL QGEN 14,229.25 $504,284.56
USD US DOLLAR US 748,651.9 $748,651.90

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

$17.61

Daily $ Change

$0.01

Daily % Change

0.06%

as of 12/11/2018

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 11/30/2018

YTD

1.45%

1 Year

3.29%

3 Year

8.86%

5 Year

6.49%

10 Year

11.01%

Inception
(01/01/2000)

7.25%

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

7.40%

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 11/30/2018

TREASURY NOTES 6.62%
TREASURY BONDS 2.05%
MEDTRONIC INC 1.97%
MASTERCARD INC-CLASS A 1.78%
BOOKING HOLDINGS INC 1.77%
NOVARTIS AG- REG 1.67%
COCA COLA CO/THE 1.66%
TENCENT HOLDINGS LTD 1.65%
QORVO INC 1.65%
VISA INC - CLASS A SHARES 1.65%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 11/30/2018

Stocks
84.75%
Bonds
14.20%
Cash
1.05%

Detailed Asset Class Allocation

As of 11/30/2018

International Equities
29.03%
Small Capitalization
1.82%
Mid Capitalization
9.22%
Large Capitalization
44.68%
Long Term Fixed Income
3.00%
Intermediate Term Fixed Income
8.11%
Short Term Fixed Income
3.09%
Cash
1.05%

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

November Fund Holdings

As of 11/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 8,147.2 $8,208.30
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 74,954.24 $72,249.06
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 12,220.8 $12,465.22
004239109 ACADIA REALTY TRUST US AKR 144.21 $4,134.37
0045614 ANTOFAGASTA PLC GB ANTO LN 17,597.14 $180,579.42
00724F101 ADOBE INC US ADBE 2,991.65 $750,575.56
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 74,954.24 $72,960.35
00790X101 ADVANCED DISPOSAL SERVICES US ADSW 25,736.19 $693,590.35
008492100 AGREE REALTY CORP US ADC 82.29 $4,901.82
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 8,961.92 $9,161.97
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 33.4 $4,158.74
01609W102 ALIBABA GROUP - ADR CN BABA 6,045.22 $972,434.51
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 11,406.08 $11,406.08
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 8,961.92 $8,936.74
02079K107 ALPHABET INC-CL C US GOOG 539.34 $590,274.98
02079K305 ALPHABET INC-CL A US GOOGL 533.64 $592,155.42
02209S103 ALTRIA GROUP INC US MO 7,633.11 $418,523.53
023135106 AMAZON.COM INC US AMZN 442.39 $747,719.34
02319V103 AMBEV SA-ADR BR ABEV 141,559.23 $604,457.93
0237400 DIAGEO PLC GB DGE LN 15,975.03 $576,910.62
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 8,961.92 $9,017.93
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 107.54 $4,713.61
0263494 BAE SYSTEMS PLC GB BA/ LN 2,979.43 $18,729.66
02665T306 AMERICAN HOMES 4 RENT- A US AMH 787.83 $16,410.59
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 76,583.68 $72,297.19
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 13,850.24 $13,400.11
03027X100 AMERICAN TOWER REIT INC US AMT 5,867.61 $965,163.77
03064D108 AMERICOLD REALTY TRUST US COLD 147.46 $3,952.04
03748R101 APARTMENT INVT & MGMT CO -A US AIV 279.45 $13,159.25
03784Y200 APPLE HOSPITALITY REIT INC US APLE 234.64 $3,723.73
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 9,776.64 $9,104.50
0405207 HALMA PLC GB HLMA LN 815.53 $14,315.06
0490656 KERRY GROUP PLC-A IE KYGA LN 261.53 $27,031.56
053332102 AUTOZONE INC US AZO 1,231.04 $995,999.12
053484101 AVALONBAY COMMUNITIES INC US AVB 186.57 $35,554.81
058498106 BALL CORP US BLL 13,386.66 $657,419.11
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 112,431.36 $109,047.95
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 3,579.07 $781,095.17
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 8,807.12 $845,748.07
0922320 SMITH & NEPHEW PLC GB SN/ LN 1,020.03 $18,615.95
09247X101 BLACKROCK INC US BLK 2,401.79 $1,027,992.13
0946580 WEIR GROUP PLC/THE GB WEIR LN 1,708.47 $32,265.14
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 104,284.16 $106,192.23
09857L108 BOOKING HOLDINGS INC US BKNG 663.18 $1,254,660.96
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94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 15,479.68 $14,357.40
948741103 WEINGARTEN REALTY INVESTORS US WRI 357.66 $10,322.13
95040Q104 WELLTOWER INC. US WELL 156.43 $11,314.31
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 13,850.24 $13,776.83
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 13,850.24 $12,412.59
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 58,659.84 $54,225.62
98919V105 ZAYO GROUP HOLDINGS INC US ZAYO 14,223.38 $374,359.42
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 21,182.72 $20,229.50
B00FM53 BANCO BRADESCO SA - PREF BR BBDC4 BZ 1,401.32 $13,937.08
B00FV12 ISHARES FTSE 250 IE 2,150.86 $48,766.93
B02J639 ADMIRAL GROUP PLC GB ADM LN 348.7 $9,279.27
B037HR3 ITAU UNIBANCO HOLDINGS S-PREF BR ITUB4 BZ 1,466.5 $13,659.99
B058TZ6 SAFRAN SA FR SAF FP 72.51 $9,076.03
B05LZ02 HAKUHODO DY HOLDINGS INC JP 2433 JP 537.72 $8,236.42
B09DHL9 MTU AERO ENGINES HOLDING AG DE MTX GR 43.99 $9,184.48
B0C2CQ3 ENGIE FR ENGI FP 386.99 $5,454.95
B0CGYD6 LOJAS RENNER S.A. BR LREN3 BZ 531.2 $5,371.04
B0JDQD4 BANDAI NAMCO HOLDINGS INC JP 7832 JP 505.13 $21,254.79
B0SWJX3 LONDON STOCK EXCHANGE GROUP GB LSE LN 215.9 $11,127.06
B15C557 TOTAL SA FR FP FP 545.05 $30,315.56
B19NLV4 EXPERIAN PLC GB EXPN LN 389.44 $9,500.41
B1FW751 GALP ENERGIA SGPS SA PT GALP PL 1,965.1 $32,346.02
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 1,727.21 $7,733.23
B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 391.07 $19,517.63
B1XH026 VINCI SA FR DG FP 7,146.72 $623,624.79
B1Y9TB3 DANONE FR BN FP 493.39 $36,839.71
B1YVKN8 ANTA SPORTS PRODUCTS LTD CN 2020 HK 3,258.88 $14,933.56
B1YXBJ7 AIR LIQUIDE FR AI FP 92.88 $11,240.54
B249GC0 MATSUMOTOKIYOSHI HOLDINGS CO JP 3088 JP 374.77 $13,966.05
B24CGK7 RECKITT BENCKISER GROUP PLC GB RB/ LN 151.54 $12,614.19
B283W97 CAIXABANK S.A ES CABK SM 107,829.01 $445,425.58
B292SM8 MEGACABLE HOLDINGS-CPO MX MEGACPO MM 3,992.13 $18,201.53
B296BQ5 STORAGEVAULT CANADA INC CA SVI CN 1,094.17 $2,083.50
B3NB1P2 SUNCOR ENERGY INC CA SU CN 577.64 $18,624.88
B3ZCNF7 TELEFONICA BRASIL S.A. - PREF BR VIVT4 BZ 439.95 $5,234.56
B4975P9 MAGAZINE LUIZA SA BR MGLU3 BZ 81.47 $3,468.51
B4Q2TX3 CHINA LONGYUAN POWER GROUP-H CN 916 HK 4,073.6 $3,215.85
B4R2R50 JULIUS BAER CH BAER SW 10,964.5 $442,252.24
B4V5RY4 BANCO SANTANDER BRASIL - UNIT BR SANB11 BZ 554.01 $6,120.32
B4WTBY3 HUANENG RENEWABLES CORP-H CN 958 HK 24,115.71 $7,621.67
B607XS1 VERMILION ENERGY INC CA VET CN 702.29 $17,474.63
B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 2,729.31 $28,330.49
B63QM77 NEXON CO LTD JP 3659 JP 2,085.68 $24,797.51
B8FMRX8 COLOPLAST-B DK COLOB DC 189.83 $18,124.03
B9N3SQ0 BB SEGURIDADE PARTICIPACOES BR BBSE3 BZ 651.78 $4,773.29
BB22L96 KION GROUP AG DE KGX GR 334.04 $18,902.96
BD0Q398 KONINKLIJKE AHOLD DELHAIZE N NL AD NA 506.76 $13,059.27
BD1WX84 ENGIE BRASIL ENERGIA SA BR EGIE3 BZ 358.48 $3,987.09
BD3JR69 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 21,834.5 $9,547.62
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 31,937.03 $31,138.60
BD9Y9B7 BASIC-FIT NV NL BFIT NA 439.13 $13,185.08
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 21,182.72 $8,723.89
BDXL6S0 UK TREASURY BILL GBP 0.00000 01/28/2019 GB 59,311.62 $75,494.40
BDZV116 EPIROC AB-A SE EPIA SS 1,785.87 $14,632.24
BF7LBH4 ATACADAO DISTRIBUICAO COMERC BR CRFB3 BZ 977.66 $4,272.70
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 18,738.56 $17,145.78
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 138.5 $23,808.41
BG36ZK1 B3 SA-BRASIL BOLSA BALCAO BR B3SA3 BZ 928.78 $6,773.11
BG7ZWY7 AMBEV SA BR ABEV3 BZ 3,030.76 $13,261.04
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 4,005.98 $6,167.86
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 28,678.15 $21,891.10
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 29,243.72 $1,169,124.44
BNGN9Z1 FINECOBANK SPA IT FBK IM 41,694.93 $448,286.19
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 17,007.28 $522,719.47
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 733.25 $20,230.98
BSQXJ01 THULE GROUP AB/THE SE THULE SS 945.89 $17,717.87
BW1YVH8 WALMART DE MEXICO SAB DE CV MX WALMEX* MM 7,081.55 $17,542.30
BYQ32R1 NEMAK SAB DE CV MX 17,320.95 $12,416.02
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 33,240.58 $14,000.61
BYXS699 QIAGEN N.V. NL QIA GR 449.4 $15,903.55
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 8,985.22 $690,338.61
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 2,480.01 $11,531.78
BYZWX76 CRODA INTERNATIONAL PLC GB CRDA LN 148.12 $9,230.94
BZ3C3Q4 BANKIA SA ES BKIA SM 104,958.43 $347,416.06
BZ4CMZ5 DAVIDE CAMPARI-MILANO SPA IT CPR IM 1,082.76 $9,057.53
G02602103 AMDOCS LTD GG DOX 10,466.38 $679,372.88
G0750C108 AXALTA COATING SYSTEMS LTD US AXTA 14,687.77 $367,634.95
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 290.04 $11,508.80
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 268.86 $13,050.35
G27358103 DESPEGAR.COM CORP AR DESP 333.22 $4,978.31
G3157S106 ENSCO INTERNATIONAL INC US ESV 50,990.88 $289,118.30
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 18,738.56 $19,394.41
G5960L103 MEDTRONIC INC IE MDT 14,326.04 $1,397,218.39
G84720104 STERIS PLC GB STE 114.88 $13,679.38
G97822103 PERRIGO CO PLC IE PRGO 9,682.13 $603,003.23
H8817H100 TRANSOCEAN LTD US RIG 35,520.16 $329,627.12
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 161.31 $18,036.58
N22717107 CORE LABORATORIES N.V. NL CLB 145.83 $12,120.34
N47279109 INTERXION HOLDING NV NL INXN 5,921.39 $368,724.65
N59465109 MYLAN NV US MYL 6,899.05 $233,601.81
N72482123 QIAGEN N.V. ADR NL QGEN 14,229.25 $504,284.56
USD US DOLLAR US 748,651.9 $748,651.90

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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