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

$19.61

Daily $ Change

$0.09

Daily % Change

0.46%

as of 08/15/2019

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 07/31/2019

YTD

18.98%

1 Year

6.01%

3 Year

10.28%

5 Year

6.80%

10 Year

9.97%

Inception
(01/01/2000)

7.55%

US Stock Market Cycle (04/01/2000 - 07/31/2019)

7.70%

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 07/31/2019

TREASURY NOTES 7.76%
JOHNSON & JOHNSON 2.17%
COCA COLA CO/THE 2.14%
MASTERCARD INC-CLASS A 2.13%
SERVICENOW INC 2.05%
BERKSHIRE HATHAWAY INC-CL B 1.98%
MONDELEZ INTERNATIONAL INC 1.97%
MICROSOFT CORP 1.95%
TENCENT HOLDINGS LTD 1.89%
MEDTRONIC INC 1.84%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 07/31/2019

Stocks 84.76%
Bonds 13.31%
Cash 1.93%

Detailed Asset Class Allocation

As of 07/31/2019

International Equities 26.97%
Small Capitalization 1.68%
Mid Capitalization 2.71%
Large Capitalization 53.40%
Long Term Fixed Income 2.13%
Intermediate Term Fixed Income 8.43%
Short Term Fixed Income 2.75%
Cash 1.93%

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

July Fund Holdings

As of 07/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 7,962.08 $8,021.79
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 55,734.56 $59,947.89
00287Y109 ABBVIE INC US ABBV 170.07 $11,330.06
004239109 ACADIA REALTY TRUST US AKR 108.28 $3,039.54
00507V109 ACTIVISION INC US ATVI 11,156.47 $543,766.13
00751Y106 ADVANCE AUTO PARTS INC US AAP 2,934.82 $442,101.65
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 57,326.97 $60,641.56
008492100 AGREE REALTY CORP US ADC 68.47 $4,577.48
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 25.48 $3,729.06
01609W102 ALIBABA GROUP - ADR CN BABA 152.08 $26,325.83
020002101 ALLSTATE CORPORATION US ALL 40.61 $4,361.15
02079K107 ALPHABET INC-CL C US GOOG 749.23 $911,575.18
02079K305 ALPHABET INC-CL A US GOOGL 746.05 $908,834.25
02209S103 ALTRIA GROUP INC US MO 7,863.35 $370,127.86
023135106 AMAZON.COM INC US AMZN 340.78 $636,155.68
02319V103 AMBEV SA-ADR BR ABEV 110,078.14 $580,111.77
0237400 DIAGEO PLC GB DGE LN 10,270.29 $428,273.40
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 8,758.29 $8,787.19
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 115.45 $5,397.29
0263494 BAE SYSTEMS PLC GB BA/ LN 3,390.25 $22,523.97
02665T306 AMERICAN HOMES 4 RENT- A US AMH 707.83 $17,136.54
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 11,146.91 $11,260.46
03027X100 AMERICAN TOWER REIT INC US AMT 3,151.39 $666,897.36
03064D108 AMERICOLD REALTY TRUST US COLD 298.58 $10,011.32
031162100 AMGEN INC US AMGN 75.32 $14,053.44
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 13,535.53 $12,638.81
03748R754 APARTMENT INVT & MGMT CO -A US AIV 242.84 $12,030.46
038222105 APPLIED MATERIALS INC US AMAT 113.7 $5,613.29
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 79.62 $3,270.82
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 1,592.42 $1,644.17
0405207 HALMA PLC GB HLMA LN 457.82 $11,056.12
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 3,184.83 $3,097.25
0490656 KERRY GROUP PLC-A IE KYGA LN 191.09 $22,296.01
05278C107 AUTOHOME INC-ADR CN ATHM 202.24 $17,190.13
053332102 AUTOZONE INC US AZO 397.31 $446,192.50
053484101 AVALONBAY COMMUNITIES INC US AVB 126.6 $26,432.20
054937107 BB&T CORP US BBT 85.19 $4,390.06
05722G100 BAKER HUGHES A GE CO US BHGE 139.02 $3,529.66
060505104 BANK OF AMERICA CORP US BAC 557.35 $17,099.36
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 85,990.46 $90,259.60
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 5,656.26 $1,161,965.73
086516101 BEST BUY INC US BBY 55.1 $4,216.62
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 3,891.86 $308,702.68
0922320 SMITH & NEPHEW PLC GB SN/ LN 1,049.4 $23,757.26
09247X101 BLACKROCK INC US BLK 1,619.49 $757,401.65
0946580 WEIR GROUP PLC/THE GB WEIR LN 1,032.68 $18,669.71
097023105 BOEING CO US BA 51.91 $17,711.59
09857L108 BOOKING HOLDINGS INC US BKNG 407.66 $769,092.53
101121101 BOSTON PROPERTIES INC US BXP 138.54 $18,418.92
101137107 BOSTON SCIENTIFIC CORP US BSX 9,226.46 $391,755.39
105368203 BRANDYWINE REALTY TRUST US BDN 902.1 $13,306.03
110122108 BRISTOL MYERS SQUIBB CO US BMY 187.59 $8,330.72
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 262.75 $9,356.48
11135F101 BROADCOM INC US AVGO 41.88 $12,144.94
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 8,758.29 $6,546.82
12429TAE4 BWAY HOLDING CO 7.25000 04/15/2025 US 9,554.5 $9,052.88
12503M108 CBOE GLOBAL MARKETS INC US CBOE 4,609.25 $503,836.87
125269100 CF INDUSTRIES HOLDINGS INC US CF 5,378.38 $266,552.74
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 37.1 $3,106.66
12572Q105 CME GROUP INC US CME 2,591.66 $503,869.92
126650100 CVS HEALTH CORP US CVS 154.78 $8,647.72
133131102 CAMDEN PROPERTY TRUST US CPT 93.95 $9,743.82
13321L108 CAMECO CORP CA CCJ 1,447.03 $13,298.19
149123101 CATERPILLAR INC US CAT 64.17 $8,449.84
165240102 CHESAPEAKE LODGING TRUST US CHSP 160.83 $4,418.11
166764100 CHEVRON CORP US CVX 131.53 $16,193.10
17275R102 CISCO SYSTEMS INC US CSCO 388.55 $21,525.64
172967424 CITIGROUP INC US C 162.9 $11,592.26
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 28,663.49 $46,189.21
191216100 COCA COLA CO/THE US KO 23,824.93 $1,253,906.06
192422103 COGNEX CORP US CGNX 5,462.78 $240,417.06
194162103 COLGATE-PALMOLIVE CO US CL 5,559.92 $398,868.66
2011646 ALIMENTATION COUCHE-TARD -B CA ATD/B CN 369.44 $22,645.66
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 238.86 $9,814.86
205887102 CONAGRA BRAND INC. US CAG 90.45 $2,611.27
21036PAM0 CONSTELLATION BRANDS INC 3.87500 11/15/2019 US 33,440.73 $33,552.37
222795502 COUSINS PROPERTIES INC US CUZ 569.93 $20,049.98
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 98,729.78 $99,979.90
22822V101 CROWN CASTLE INTL CORP US CCI 75.64 $10,079.75
228368106 CROWN HOLDINGS INC US CCK 6,076.66 $388,966.94
229663109 CUBESMART US CUBE 144.91 $4,919.69
231021106 CUMMINS INC US CMI 28.66 $4,700.81
2328595 BANCO DO BRASIL S.A. BR BBAS3 BZ 573.27 $7,417.57
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 503.2 $4,636.27
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 5,796.39 $10,592.38
2458771 ITAUSA INVESTIMENTOS ITAU -PR BR ITSA4 BZ 2,245.31 $7,366.00
2521800 LOBLAW COMPANIES LTD CA L CN 448.27 $23,258.97
25271C102 DIAMOND OFFSHORE DRILLING US DO 15,248.97 $137,850.73
253868103 DIGITAL REALTY TRUST INC US DLR 91.56 $10,471.25
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 57,326.97 $60,997.04
256677105 DOLLAR GENERAL CORP US DG 5,449.25 $730,308.09
256746108 DOLLAR TREE STORES INC US DLTR 8,048.07 $818,891.10
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 8,758.29 $9,108.62
25960P109 DOUGLAS EMMETT INC US DEI 158.45 $6,467.74
260557103 DOW INC US DOW 89.49 $4,335.08
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 19,905.2 $20,701.41
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 20,701.41 $19,873.35
269246401 ETRADE FINANCIAL CORP US ETFC 4,043.94 $197,303.84
2715777 QUEBECOR INC -CL B CA QBR/B CN 19,379.7 $439,046.11
277432100 EASTMAN CHEM CO US EMN 35.03 $2,639.75
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 22,083.62 $432,871.14
285512109 ELECTRONIC ARTS US EA 10,508.35 $972,022.59
2866857 LUNDIN MINING CORP CA LUN CN 25,958.77 $125,683.07
291011104 EMERSON ELEC CO US EMR 97.3 $6,312.60
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 38,217.98 $45,252.83
29444U700 EQUINIX INC US EQIX 1,101.16 $552,890.21
2945422 WEG SA BR WEGE3 BZ 461.8 $2,889.62
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 72.45 $9,002.52
29476L107 EQUITY RESIDENTIAL US EQR 225.33 $17,776.03
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 336.48 $7,106.40
297178105 ESSEX PROPERTY TRUST INC US ESS 52.55 $15,881.58
30225T102 EXTRA SPACE STORAGE INC US EXR 51.75 $5,816.58
30303M102 FACEBOOK INC -A US FB 4,512.11 $876,387.19
30744W107 FARFETCH LTD - CLASS A GB FTCH 228.51 $4,593.08
311900104 FASTENAL CO US FAST 111.47 $3,433.25
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 26.27 $3,468.54
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 16,720.37 $17,472.78
316773100 FIFTH THIRD BANCORP US FITB 130.74 $3,881.59
32054K103 FIRST INDUSTRIAL REALTY TR US FR 168.8 $6,446.32
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 11,146.91 $11,147.13
346232AD3 FORESTAR GROUP INC 8.00000 04/15/2024 US 12,739.33 $13,567.38
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 12,739.33 $13,201.13
35671D857 FREEPORT-MCMORAN INC US FCX 22,427.59 $248,049.09
36166LAA5 GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 AE 13,535.53 $13,823.16
364760108 GAP INC US GPS 100.8 $1,965.60
369550108 GENERAL DYNAMICS CORP US GD 29.78 $5,536.95
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 46,180.06 $44,736.93
370334104 GENERAL MLS INC US GIS 106.69 $5,666.40
37045VAR1 GENERAL MOTORS CO FLT 3.35300 09/10/2021 US 54,142.14 $54,152.33
372460105 GENUINE PARTS CO US GPC 34.56 $3,356.02
374297109 GETTY REALTY CORP US GTY 198.26 $5,943.71
375558103 GILEAD SCIENCES INC US GILD 167.2 $10,955.18
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 20,223.68 $20,527.04
37960JAA6 GLOBAL AIR LEASE CO LTD 6.50000 09/15/2024 KY 8,758.29 $8,719.75
38141GVR2 GOLDMAN SACHS GROUP INC 4.25000 10/21/2025 US 28,663.49 $30,493.64
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 74.84 $7,491.09
40060QAA3 GTCR AP FINANCE INC 8.00000 05/15/2027 US 1,592.42 $1,628.25
4012250 AIRBUS SE FR AIR FP 139.34 $19,696.77
4031879 VEOLIA ENVIRONMENT FR VIE FP 138.54 $3,496.19
404119BX6 HCA INC 4.12500 06/15/2029 US 44,587.64 $45,674.25
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 3,184.83 $2,770.80
40414L109 HCP INC US HCP 359.09 $11,465.74
4057808 L'OREAL FR OR FP 66.09 $17,682.10
4061412 LVMH MOET HENNESSY LOUIS VUITTON FR MC FP 62.1 $25,652.78
406216101 HALLIBURTON CO US HAL 21,898.11 $503,656.45
4162791 THALES SA FR HO FP 19.91 $2,242.80
4163437 CAPGEMINI FR CAP FP 35.83 $4,549.06
416515104 HARTFORD FINL SVCS US HIG 52.71 $3,037.62
421946104 HEALTHCARE REALTY TRUST INC US HR 302.56 $9,675.84
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 482.5 $12,993.78
427866108 HERSHEY CO/THE US HSY 36.63 $5,557.56
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 50.16 $4,843.05
437076102 HOME DEPOT INC US HD 103.51 $22,118.42
438516106 HONEYWELL INTERNATIONAL INC US HON 77.23 $13,319.46
44107P104 HOST MARRIOTT CORP US HST 615.47 $10,703.00
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 17,516.57 $18,558.81
4457624 TRIGANO SA FR TRI FP 42.2 $4,233.81
452308109 ILLINOIS TOOL WKS INC US ITW 43 $6,631.15
45337C102 INCYTE CORP US INCY 3,698.39 $314,066.93
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 582.03 $7,188.05
458140100 INTEL CORP US INTC 438.87 $22,184.87
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 5,934.14 $521,373.34
4588364 MICHELIN (CGDE)-B FR ML FP 46.18 $5,105.10
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 99.53 $14,753.73
460146103 INTERNATIONAL PAPER CO US IP 63.06 $2,768.95
46120E602 INTUITIVE SURGICAL INC US ISRG 370.24 $192,341.66
46187W107 INVITATION HOMES INC US INVH 596.68 $16,390.75
46625H100 JP MORGAN CHASE & CO US JPM 218 $25,288.20
46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 42,995.23 $45,585.79
4682329 PERNOD-RICARD SA FR RI FP 58.12 $10,199.70
4741844 MERCK KGAA DE MRK GR 3,802.69 $387,852.06
476405105 JERNIGAN CAPITAL INC US JCAP 412.44 $8,182.72
478160104 JOHNSON & JOHNSON US JNJ 9,778.71 $1,273,383.27
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 19,905.2 $7,862.55
4821100 SOLVAY SA BE SOLB BB 257.18 $26,333.50
4824778 SGS SA-REG CH SGSN SW 4.78 $11,797.26
482480100 KLA-TENCOR CORPORATION US KLAC 33.6 $4,580.35
4834108 SCHNEIDER ELECTRIC SE FR SU FP 132.97 $11,471.88
4834777 VIVENDI FR VIV FP 250.01 $6,944.04
487836108 KELLOGG CO US K 60.35 $3,513.73
493267108 KEYCORP US KEY 178.35 $3,276.30
494368103 KIMBERLY CLARK CORP US KMB 52.71 $7,149.97
49446R109 KIMCO REALTY CORP US KIM 291.41 $5,598.03
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 46,180.06 $59,834.55
500255104 KOHLS CORP US KSS 46.98 $2,530.14
50050N103 KONTOOR BRANDS INC US KTB 9.24 $270.89
501044101 KROGER CO US KR 112.27 $2,375.53
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 21,497.61 $21,873.82
5107401 BEIERSDORF AG DE BEI GR 4,445.23 $515,149.64
512807108 LAM RESEARCH CORP US LRCX 19.43 $4,052.77
5176177 ORANGE FR ORA FP 544.61 $8,072.44
5253973 HERMES INTERNATIONAL FR RMS FP 7.96 $5,592.77
529043101 LEXINGTON REALTY TRUST US LXP 592.38 $5,846.78
531172104 LIBERTY PROPERTY TRUST US LPT 164.82 $8,619.83
5330047 DASSAULT SYSTEMES SA FR DSY FP 35.83 $5,450.25
539830109 LOCKHEED MARTIN CORP US LMT 32.17 $11,649.85
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 7,962.08 $7,444.54
5474008 BANKINTER S.A. ES BKT SM 2,419.68 $15,695.85
5476929 BARRY CALLEBAUT AG-REG CH BARN SW 6.37 $12,426.99
550021109 LULULEMON - ADR CA LULU 4,713.87 $900,773.31
5505072 KERING FR KER FP 19.11 $9,870.03
5545670 JUNGHEINRICH AG DE JUN3 GR 562.12 $12,532.55
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 16,720.37 $16,553.16
5608915 ALTEN SA FR ATE FP 65.29 $8,076.89
5633616 SOPRA STERIA GROUP FR SOP FP 91.56 $11,818.75
563571AL2 MANITOWOC COMPANY INC 9.00000 04/01/2026 US 3,184.83 $3,208.72
56585A102 MARATHON PETROLEUM CORP US MPC 110.83 $6,249.82
5669354 REPSOL SA ES REP SM 1,444.16 $22,905.64
5671735 SANOFI-AVENTIS FR SAN FP 285.04 $23,753.17
5701513 ELISA OYJ FI ELISA FH 496.52 $23,348.87
5727973 SIEMENS AG-REG DE SIE GR 100.32 $10,918.43
57636Q104 MASTERCARD INC-CLASS A US MA 4,586.95 $1,248,889.94
57772K101 MAXIM INTEGRATED PRODUCTS US MXIM 52.23 $3,091.57
585464100 MELCO CROWN ENTERTAINME-ADR HK MLCO 458.62 $10,305.10
58933Y105 MERCK & CO INC US MRK 3,183.72 $264,216.68
594918104 MICROSOFT CORP US MSFT 8,384.07 $1,142,497.15
595112103 MICRON TECHNOLOGY INC US MU 10,775.88 $483,729.17
59522J103 MID-AMERICA APARTMENT COMM US MAA 66.09 $7,787.49
5962280 CHOCOLADEFABRIKEN LINDT-PC CH LISP SW 1.11 $8,215.46
5980613 GIVAUDAN - REG CH GIVN SW 3.98 $10,587.94
5986622 KONINKLIJKE PHILIPS NV NL PHIA NA 488.87 $22,933.34
6055112 AYALA LAND INC PH ALI PM 11,242.46 $10,962.26
6074968 BANK OF THE PHILIPPINE ISLAN PH BPI PM 3,899.83 $6,873.67
60871R209 MOLSON COORS BREWING CO -B US TAP 42.2 $2,278.33
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 21,608.92 $1,155,861.35
6108179 HARMONIC DRIVE SYSTEMS INC JP 6324 JP 286.63 $10,795.44
615369105 MOODY'S CORPORATION US MCO 2,570.96 $551,058.58
61744YAG3 MORGAN STANLEY FLT 3.77988 05/08/2024 US 89,175.29 $90,419.28
6194037 KAKAO CORP KR 035720 KS 198.26 $21,119.54
61965RAB1 MOSS CREEK RESOURCES HLD 10.50000 05/15/2027 US 1,592.42 $1,401.33
6211732 DAEWOO SHIPBUILDING& MARINE KR 042660 KS 219.75 $5,408.32
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 16,720.37 $16,574.06
6250025 DAIFUKU CO LTD JP 6383 JP 207.01 $11,322.28
6272483 DMCI HOLDINGS INC PH DMC PM 16,656.67 $3,319.06
6284864 GLOBE TELECOM INC PH GLO PM 160.04 $6,755.32
6291819 CHINA PETROLEUM & CHEMICAL - H CN 386 HK 23,567.75 $15,130.75
62957HAC9 NABORS INDUSTRIES INC 5.50000 01/15/2023 US 9,554.5 $8,933.45
6344456 LG HOUSEHOLD & HEALTH CARE KR 051900 KS 20.38 $21,581.97
6356934 FANUC LTD JP 6954 JP 111.47 $19,811.01
637417106 NATIONAL RETAIL PROPERTIES US NNN 119.43 $6,239.09
637870106 NATIONAL STORAGE AFFILIATES US NSA 125 $3,786.39
64110D104 NETAPP INC US NTAP 38.85 $2,272.63
6441506 HOYA CORP JP 7741 JP 286.63 $21,979.72
6446620 HYUNDAI HEAVY INDUSTRIES KR 009540 KS 248.42 $22,553.52
6451066 HYUNDAI MIPO DOCKYARD KR 010620 KS 581.23 $20,891.70
6465874 GALAXY ENTERTAINMENT GROUP L HK 27 HK 2,229.38 $15,176.07
6474494 JOLLIBEE FOODS CORP PH JFC PM 1,632.23 $8,294.41
647581107 NEW ORIENTAL EDUCATIO- SP ADR CN EDU 160.04 $16,693.54
6490995 KEYENCE CORP JP 6861 JP 499.22 $286,478.33
6499550 KYOWA KIRIN CO LTD JP 4151 JP 14,777.62 $243,550.30
6514442 METROPOLITAN BANK & TRUST PH MBT PM 5,462.78 $8,120.09
654106103 NIKE INC CLASS B US NKE 10,114.23 $870,127.15
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806857108 SCHLUMBERGER LTD NL SLB 9,158.14 $366,050.97
808513105 CHARLES SCHWAB CORP/THE US SCHW 4,983.47 $215,385.38
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812578102 SEATTLE GENETICS INC US SGEN 4,058.27 $307,251.76
81762P102 SERVICENOW INC US NOW 4,334.56 $1,202,362.48
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832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 25.64 $2,850.68
835699307 SONY CORP SPONSORED ADR JP SNE 7,165.87 $407,451.45
84265V105 SOUTHERN COPPER CORPORATION US SCCO 8,842.69 $316,479.71
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85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 7,962.08 $8,718.48
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866674104 SUN COMMUNITIES US SUI 109.08 $14,486.98
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867914103 SUNTRUST BANKS INC US STI 66.09 $4,401.28
871829107 SYSCO CORP US SYY 83.44 $5,721.66
874080104 TAL EDUCATION GROUP - ADR CN TAL 607.51 $19,561.71
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 11,146.91 $9,697.81
882508104 TEXAS INSTRUMENTS INC US TXN 107.49 $13,437.08
883556102 THERMO FISHER SCIENTIFIC INC US TMO 1,344.8 $373,422.73
88579Y101 3M CO US MMM 71.82 $12,548.03
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901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 15,127.95 $14,844.30
902494103 TYSON FOODS INC -CL A US TSN 47.93 $3,810.57
902653104 UDR INC US UDR 189.5 $8,728.25
902973304 U.S. BANCORP US USB 193.16 $11,039.10
903002103 UMH PROPERTIES INC US UMH 230.1 $3,025.87
904767704 UNILEVER PLC - ADR GB UL 10,872.06 $653,628.25
907818108 UNION PAC CORP US UNP 77.39 $13,926.58
911312106 UNITED PARCEL SERVICE US UPS 113.7 $13,583.56
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912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 149,614.98 $151,927.51
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 278,672.78 $305,081.38
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 568,492.46 $602,513.18
9128284P2 US TREASURY N/B 2.62500 05/15/2021 US 597,155.95 $604,270.50
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 609,322.23 $602,192.74
912828K74 US TREASURY N/B 2.00000 08/15/2025 US 2,126,989.87 $2,138,621.84
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 613,080.11 $601,105.89
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 584,416.62 $602,086.09
913017109 UNITED TECHNOLOGIES CORP US UTX 91.09 $12,169.11
91324P102 UNITEDHEALTH GROUP INC US UNH 1,570.12 $390,976.09
91704F104 URBAN EDGE PROPERTIES US UE 441.1 $7,379.59
918204108 VF CORP US VFC 64.65 $5,649.95
91913Y100 VALERO ENERGY US VLO 69.43 $5,918.85
92189F106 MARKET VECTORS GOLD MINERS US 1,635.25 $43,334.17
92276F100 VENTAS INC US VTR 249.21 $16,769.55
92339V100 VEREIT INC US VER 1,185.55 $10,812.25
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 71,658.71 $90,240.68
92511U102 VERRA MOBILITY CORP US VRRM 56,311.01 $779,907.48
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 1,660.89 $276,737.45
92553P201 VIACOM INC CL B US VIAB 87.26 $2,648.47
92826C839 VISA INC - CLASS A SHARES US V 6,053.57 $1,077,535.26
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 11,146.91 $11,035.44
929042109 VORNADO REALTY TRUST US VNO 104.3 $6,708.78
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 8,758.29 $8,386.06
931142103 WAL MART STORES US WMT 233.45 $25,768.01
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 123.57 $6,733.41
94106L109 WASTE MANAGEMENT INC US WM 63.38 $7,415.24
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 15,127.95 $15,014.49
948741103 WEINGARTEN REALTY INVESTORS US WRI 281.86 $7,866.65
949746101 WELLS FARGO COMPANY US WFC 417.37 $20,204.99
95040Q104 WELLTOWER INC. US WELL 156.06 $12,971.44
958102105 WESTERN DIGITAL CORP US WDC 63.22 $3,406.87
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 44,587.64 $45,912.16
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 20,701.41 $19,562.83
B00FM53 BANCO BRADESCO SA - PREF BR BBDC4 BZ 2,054.22 $18,645.58
B01FLR7 PING AN INSURANCE GROUP CO-H CN 2318 HK 1,433.17 $16,891.12
B037HR3 ITAU UNIBANCO HOLDINGS S-PREF BR ITUB4 BZ 2,484.17 $22,723.89
B037JC2 NEXITY FR NXI FP 70.86 $3,402.36
B058TZ6 SAFRAN SA FR SAF FP 75.64 $10,858.94
B068DB9 SM INVESTMENTS CORP PH SM PM 532.66 $10,416.76
B07DRZ5 RECORDATI SPA IT REC IM 509.57 $22,821.20
B08K3S0 LOCALIZA RENT A CAR BR RENT3 BZ 286.63 $3,289.69
B0C2CQ3 ENGIE FR ENGI FP 441.1 $6,788.31
B0CGYD6 LOJAS RENNER S.A. BR LREN3 BZ 445.88 $5,520.37
B0MP1B0 SHENZHOU INTERNATIONAL GROUP CN 2313 HK 1,210.24 $16,692.44
B0R7JF1 IPSEN FR IPN FP 179.94 $20,656.77
B0SWJX3 LONDON STOCK EXCHANGE GROUP GB LSE LN 5,798.78 $465,711.36
B11ZRK9 LEGRAND SA FR LR FP 62.9 $4,430.81
B13X013 EIFFAGE FR FGR FP 66.88 $6,608.73
B15C557 TOTAL SA FR FP FP 425.97 $22,078.22
B1FW751 GALP ENERGIA SGPS SA PT GALP PL 1,453.08 $22,621.76
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 1,608.34 $9,883.14
B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 220.55 $10,686.14
B1XH026 VINCI SA FR DG FP 218.16 $22,440.91
B1Y47Y7 GERRESHEIMER AG DE GXI GR 122.62 $9,537.34
B1Y9TB3 DANONE FR BN FP 607.98 $52,766.37
B1YVKN8 ANTA SPORTS PRODUCTS LTD CN 2020 HK 1,433.17 $10,698.55
B1YXBJ7 AIR LIQUIDE FR AI FP 97.93 $13,518.43
B1Z9Q99 ABOITIZ POWER CORP PH AP PM 9,443.03 $6,554.69
B247XZ6 MANILA ELECTRIC COMPANY PH MER PM 928.38 $6,642.69
B24CGK7 RECKITT BENCKISER GROUP PLC GB RB/ LN 285.52 $22,071.67
B3NB1P2 SUNCOR ENERGY INC CA SU CN 679.17 $19,487.80
B3ZCNF7 TELEFONICA BRASIL S.A. - PREF BR VIVT4 BZ 254.79 $3,484.30
B4975P9 MAGAZINE LUIZA SA BR MGLU3 BZ 31.85 $2,194.79
B4JSTL6 WYNN MACAU LTD MO 1128 HK 7,070.33 $15,864.63
B4P8HQ1 MGM CHINA HOLDINGS LTD MO 2282 HK 6,433.36 $10,512.91
B4R2R50 JULIUS BAER CH BAER SW 6,223.96 $265,966.03
B4V5RY4 BANCO SANTANDER BRASIL - UNIT BR SANB11 BZ 175.17 $1,986.50
B5B23W2 SANDS CHINA LTD MO 1928 HK 3,312.23 $15,898.24
B5VJH76 BDO UNIBANK INC PH BDO PM 3,570.2 $10,265.89
B63QM77 NEXON CO LTD JP 3659 JP 3,089.29 $48,898.72
B725S29 PUREGOLD PRICE CLUB INC PH PGOLD PM 3,853.65 $3,432.88
B7FQV64 RAIA DROGASIL S.A. BR RADL3 BZ 143.32 $3,098.17
B92RW83 LT GROUP INC PH LTG PM 11,640.56 $3,225.39
B9N3SQ0 BB SEGURIDADE PARTICIPACOES BR BBSE3 BZ 382.18 $3,255.64
BB22L96 KION GROUP AG DE KGX GR 204.63 $10,906.95
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 71.66 $1,438.48
BD0PJ08 INMOBILIARIA COLONIAL SOCIMI ES COL SM 925.19 $10,344.34
BD4TZK8 OCI NV NL OCI NA 190.29 $4,963.25
BD9Y5C0 TECHNOGYM SPA IT TGYM IM 1,511.2 $16,233.12
BD9Y9B7 BASIC-FIT NV NL BFIT NA 516.74 $16,331.50
BF1K7P7 ESSITY AKTIEBOLAG-B SE ESSITYB SS 766.75 $22,774.79
BFTCYP4 ROBINSONS RETAIL HOLDINGS IN PH RRHI PM 2,223.01 $3,464.21
BG36ZK1 B3 SA-BRASIL BOLSA BALCAO BR B3SA3 BZ 1,050.99 $11,649.11
BG7ZWY7 AMBEV SA BR ABEV3 BZ 2,372.7 $12,558.74
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 3,388.66 $5,664.40
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 19,268.23 $16,464.89
BJ2KSG2 AKZO NOBEL NL AKZA NA 6,164.08 $581,609.64
BJT1GR5 ALCON INC CH ALC SW 194.12 $11,241.15
BMJ6DW5 INFORMA PLC GB INF LN 2,082.88 $22,053.04
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 23,754.23 $1,106,780.05
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 2,137.02 $9,592.24
BNGN9Z1 FINECOBANK SPA IT FBK IM 26,715.16 $265,762.63
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 13,406.55 $401,155.83
BSQXJ01 THULE GROUP AB/THE SE THULE SS 995.26 $21,739.59
BVSS790 ELIS SA FR ELIS FP 365.46 $6,788.59
BYXS699 QIAGEN N.V. NL QIA GR 395.4 $15,008.22
BYXZ2W5 RUMO SA BR RAIL3 BZ 589.19 $3,362.54
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 5,682.22 $571,272.53
BYZFYS3 SPIE SA FR SPIE FP 187.11 $3,468.18
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 2,731.79 $14,421.54
BYZR014 AMUNDI SA FR AMUN FP 146.5 $10,080.05
G0750C108 AXALTA COATING SYSTEMS LTD US AXTA 9,882.53 $292,819.45
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 350.33 $11,010.92
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 398.9 $22,051.20
G27358103 DESPEGAR.COM CORP AR DESP 325.65 $4,236.69
G29183103 EATON CORP PLC US ETN 70.86 $5,824.19
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 17,516.57 $18,059.59
G45667105 HOLLYSYS AUTOMATION TECHNOLOGIES CN HOLI 637.76 $11,026.91
G50871105 JAZZ PHARMACEUTICALS IE JAZZ 170.39 $23,748.75
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 134.4 $5,703.93
G5960L103 MEDTRONIC INC IE MDT 10,577.3 $1,078,250.36
G97822103 PERRIGO CO PLC IE PRGO 276.28 $14,922.11
H01301128 ALCON INC CH ALC 1,824.11 $107,166.60
H1467J104 CHUBB LTD CH CB 43.31 $6,620.07
H8817H100 TRANSOCEAN LTD US RIG 44,345.6 $269,621.23
N22717107 CORE LABORATORIES N.V. NL CLB 7,363.33 $369,418.31
N47279109 INTERXION HOLDING NV NL INXN 3,804.28 $286,462.40
N53745100 LYONDELLBASELL INDU-CL A US LYB 64.97 $5,437.39
N72482123 QIAGEN N.V. ADR NL QGEN 10,061.84 $379,532.56
USD US DOLLAR US 1,152,101.65 $1,152,101.65

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

$19.61

Daily $ Change

$0.09

Daily % Change

0.46%

as of 08/15/2019

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 07/31/2019

YTD

18.98%

1 Year

6.01%

3 Year

10.28%

5 Year

6.80%

10 Year

9.97%

Inception
(01/01/2000)

7.55%

US Stock Market Cycle (04/01/2000 - 07/31/2019)

7.70%

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 07/31/2019

TREASURY NOTES 7.76%
JOHNSON & JOHNSON 2.17%
COCA COLA CO/THE 2.14%
MASTERCARD INC-CLASS A 2.13%
SERVICENOW INC 2.05%
BERKSHIRE HATHAWAY INC-CL B 1.98%
MONDELEZ INTERNATIONAL INC 1.97%
MICROSOFT CORP 1.95%
TENCENT HOLDINGS LTD 1.89%
MEDTRONIC INC 1.84%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 07/31/2019

Stocks
84.76%
Bonds
13.31%
Cash
1.93%

Detailed Asset Class Allocation

As of 07/31/2019

International Equities
26.97%
Small Capitalization
1.68%
Mid Capitalization
2.71%
Large Capitalization
53.40%
Long Term Fixed Income
2.13%
Intermediate Term Fixed Income
8.43%
Short Term Fixed Income
2.75%
Cash
1.93%

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

July Fund Holdings

As of 07/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 7,962.08 $8,021.79
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 55,734.56 $59,947.89
00287Y109 ABBVIE INC US ABBV 170.07 $11,330.06
004239109 ACADIA REALTY TRUST US AKR 108.28 $3,039.54
00507V109 ACTIVISION INC US ATVI 11,156.47 $543,766.13
00751Y106 ADVANCE AUTO PARTS INC US AAP 2,934.82 $442,101.65
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 57,326.97 $60,641.56
008492100 AGREE REALTY CORP US ADC 68.47 $4,577.48
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 25.48 $3,729.06
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84265V105 SOUTHERN COPPER CORPORATION US SCCO 8,842.69 $316,479.71
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862121100 STORE CAPITAL CORP US STOR 108.28 $3,704.41
866674104 SUN COMMUNITIES US SUI 109.08 $14,486.98
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 416.42 $5,500.87
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871829107 SYSCO CORP US SYY 83.44 $5,721.66
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88579Y101 3M CO US MMM 71.82 $12,548.03
89417E109 TRAVELLERS COS INC US TRV 30.57 $4,482.82
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 15,127.95 $14,844.30
902494103 TYSON FOODS INC -CL A US TSN 47.93 $3,810.57
902653104 UDR INC US UDR 189.5 $8,728.25
902973304 U.S. BANCORP US USB 193.16 $11,039.10
903002103 UMH PROPERTIES INC US UMH 230.1 $3,025.87
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912828X88 US TREASURY N/B 2.37500 05/15/2027 US 584,416.62 $602,086.09
913017109 UNITED TECHNOLOGIES CORP US UTX 91.09 $12,169.11
91324P102 UNITEDHEALTH GROUP INC US UNH 1,570.12 $390,976.09
91704F104 URBAN EDGE PROPERTIES US UE 441.1 $7,379.59
918204108 VF CORP US VFC 64.65 $5,649.95
91913Y100 VALERO ENERGY US VLO 69.43 $5,918.85
92189F106 MARKET VECTORS GOLD MINERS US 1,635.25 $43,334.17
92276F100 VENTAS INC US VTR 249.21 $16,769.55
92339V100 VEREIT INC US VER 1,185.55 $10,812.25
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 71,658.71 $90,240.68
92511U102 VERRA MOBILITY CORP US VRRM 56,311.01 $779,907.48
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 1,660.89 $276,737.45
92553P201 VIACOM INC CL B US VIAB 87.26 $2,648.47
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929042109 VORNADO REALTY TRUST US VNO 104.3 $6,708.78
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 8,758.29 $8,386.06
931142103 WAL MART STORES US WMT 233.45 $25,768.01
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 123.57 $6,733.41
94106L109 WASTE MANAGEMENT INC US WM 63.38 $7,415.24
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 15,127.95 $15,014.49
948741103 WEINGARTEN REALTY INVESTORS US WRI 281.86 $7,866.65
949746101 WELLS FARGO COMPANY US WFC 417.37 $20,204.99
95040Q104 WELLTOWER INC. US WELL 156.06 $12,971.44
958102105 WESTERN DIGITAL CORP US WDC 63.22 $3,406.87
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 44,587.64 $45,912.16
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B00FM53 BANCO BRADESCO SA - PREF BR BBDC4 BZ 2,054.22 $18,645.58
B01FLR7 PING AN INSURANCE GROUP CO-H CN 2318 HK 1,433.17 $16,891.12
B037HR3 ITAU UNIBANCO HOLDINGS S-PREF BR ITUB4 BZ 2,484.17 $22,723.89
B037JC2 NEXITY FR NXI FP 70.86 $3,402.36
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B0C2CQ3 ENGIE FR ENGI FP 441.1 $6,788.31
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B0MP1B0 SHENZHOU INTERNATIONAL GROUP CN 2313 HK 1,210.24 $16,692.44
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B0SWJX3 LONDON STOCK EXCHANGE GROUP GB LSE LN 5,798.78 $465,711.36
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B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 1,608.34 $9,883.14
B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 220.55 $10,686.14
B1XH026 VINCI SA FR DG FP 218.16 $22,440.91
B1Y47Y7 GERRESHEIMER AG DE GXI GR 122.62 $9,537.34
B1Y9TB3 DANONE FR BN FP 607.98 $52,766.37
B1YVKN8 ANTA SPORTS PRODUCTS LTD CN 2020 HK 1,433.17 $10,698.55
B1YXBJ7 AIR LIQUIDE FR AI FP 97.93 $13,518.43
B1Z9Q99 ABOITIZ POWER CORP PH AP PM 9,443.03 $6,554.69
B247XZ6 MANILA ELECTRIC COMPANY PH MER PM 928.38 $6,642.69
B24CGK7 RECKITT BENCKISER GROUP PLC GB RB/ LN 285.52 $22,071.67
B3NB1P2 SUNCOR ENERGY INC CA SU CN 679.17 $19,487.80
B3ZCNF7 TELEFONICA BRASIL S.A. - PREF BR VIVT4 BZ 254.79 $3,484.30
B4975P9 MAGAZINE LUIZA SA BR MGLU3 BZ 31.85 $2,194.79
B4JSTL6 WYNN MACAU LTD MO 1128 HK 7,070.33 $15,864.63
B4P8HQ1 MGM CHINA HOLDINGS LTD MO 2282 HK 6,433.36 $10,512.91
B4R2R50 JULIUS BAER CH BAER SW 6,223.96 $265,966.03
B4V5RY4 BANCO SANTANDER BRASIL - UNIT BR SANB11 BZ 175.17 $1,986.50
B5B23W2 SANDS CHINA LTD MO 1928 HK 3,312.23 $15,898.24
B5VJH76 BDO UNIBANK INC PH BDO PM 3,570.2 $10,265.89
B63QM77 NEXON CO LTD JP 3659 JP 3,089.29 $48,898.72
B725S29 PUREGOLD PRICE CLUB INC PH PGOLD PM 3,853.65 $3,432.88
B7FQV64 RAIA DROGASIL S.A. BR RADL3 BZ 143.32 $3,098.17
B92RW83 LT GROUP INC PH LTG PM 11,640.56 $3,225.39
B9N3SQ0 BB SEGURIDADE PARTICIPACOES BR BBSE3 BZ 382.18 $3,255.64
BB22L96 KION GROUP AG DE KGX GR 204.63 $10,906.95
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BD0PJ08 INMOBILIARIA COLONIAL SOCIMI ES COL SM 925.19 $10,344.34
BD4TZK8 OCI NV NL OCI NA 190.29 $4,963.25
BD9Y5C0 TECHNOGYM SPA IT TGYM IM 1,511.2 $16,233.12
BD9Y9B7 BASIC-FIT NV NL BFIT NA 516.74 $16,331.50
BF1K7P7 ESSITY AKTIEBOLAG-B SE ESSITYB SS 766.75 $22,774.79
BFTCYP4 ROBINSONS RETAIL HOLDINGS IN PH RRHI PM 2,223.01 $3,464.21
BG36ZK1 B3 SA-BRASIL BOLSA BALCAO BR B3SA3 BZ 1,050.99 $11,649.11
BG7ZWY7 AMBEV SA BR ABEV3 BZ 2,372.7 $12,558.74
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 3,388.66 $5,664.40
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 19,268.23 $16,464.89
BJ2KSG2 AKZO NOBEL NL AKZA NA 6,164.08 $581,609.64
BJT1GR5 ALCON INC CH ALC SW 194.12 $11,241.15
BMJ6DW5 INFORMA PLC GB INF LN 2,082.88 $22,053.04
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 23,754.23 $1,106,780.05
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 2,137.02 $9,592.24
BNGN9Z1 FINECOBANK SPA IT FBK IM 26,715.16 $265,762.63
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 13,406.55 $401,155.83
BSQXJ01 THULE GROUP AB/THE SE THULE SS 995.26 $21,739.59
BVSS790 ELIS SA FR ELIS FP 365.46 $6,788.59
BYXS699 QIAGEN N.V. NL QIA GR 395.4 $15,008.22
BYXZ2W5 RUMO SA BR RAIL3 BZ 589.19 $3,362.54
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 5,682.22 $571,272.53
BYZFYS3 SPIE SA FR SPIE FP 187.11 $3,468.18
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 2,731.79 $14,421.54
BYZR014 AMUNDI SA FR AMUN FP 146.5 $10,080.05
G0750C108 AXALTA COATING SYSTEMS LTD US AXTA 9,882.53 $292,819.45
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 350.33 $11,010.92
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 398.9 $22,051.20
G27358103 DESPEGAR.COM CORP AR DESP 325.65 $4,236.69
G29183103 EATON CORP PLC US ETN 70.86 $5,824.19
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 17,516.57 $18,059.59
G45667105 HOLLYSYS AUTOMATION TECHNOLOGIES CN HOLI 637.76 $11,026.91
G50871105 JAZZ PHARMACEUTICALS IE JAZZ 170.39 $23,748.75
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 134.4 $5,703.93
G5960L103 MEDTRONIC INC IE MDT 10,577.3 $1,078,250.36
G97822103 PERRIGO CO PLC IE PRGO 276.28 $14,922.11
H01301128 ALCON INC CH ALC 1,824.11 $107,166.60
H1467J104 CHUBB LTD CH CB 43.31 $6,620.07
H8817H100 TRANSOCEAN LTD US RIG 44,345.6 $269,621.23
N22717107 CORE LABORATORIES N.V. NL CLB 7,363.33 $369,418.31
N47279109 INTERXION HOLDING NV NL INXN 3,804.28 $286,462.40
N53745100 LYONDELLBASELL INDU-CL A US LYB 64.97 $5,437.39
N72482123 QIAGEN N.V. ADR NL QGEN 10,061.84 $379,532.56
USD US DOLLAR US 1,152,101.65 $1,152,101.65

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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