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

$19.96

Daily $ Change

-$0.03

Daily % Change

-0.15%

as of 10/14/2019

CUSIP

302027859

Inception Date

05/10/2007

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 09/30/2019

YTD

19.11%

1 Year

4.65%

3 Year

9.86%

5 Year

6.95%

10 Year

8.95%

Inception
(01/01/2000)

7.22%

US Stock Market Cycle (04/01/2000 - 09/30/2019)

7.37%

Performance through the inception date of the Retirement Target CIT Class S Units is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. The Retirement Target CIT Fund will gradually become more conservative over time. Returns are net of the Class S expenses. 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 0.90%
Net 0.89%*

*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 09/30/2019

TREASURY NOTES 8.81%
TREASURY BONDS 2.27%
BERKSHIRE HATHAWAY INC-CL B 2.24%
COCA COLA CO/THE 2.18%
SERVICENOW INC 2.09%
MONDELEZ INTERNATIONAL INC 2.00%
JOHNSON & JOHNSON 1.96%
MEDTRONIC INC 1.83%
LULULEMON - ADR 1.72%
MASTERCARD INC-CLASS A 1.70%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 09/30/2019

Stocks 82.67%
Bonds 14.90%
Cash 2.43%

Detailed Asset Class Allocation

As of 09/30/2019

International Equities 27.44%
Small Capitalization 1.99%
Mid Capitalization 1.90%
Large Capitalization 51.34%
Long Term Fixed Income 2.99%
Intermediate Term Fixed Income 9.15%
Short Term Fixed Income 2.76%
Cash 2.43%

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 09/30/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 2,396.9 $2,552.70
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 47,938.01 $52,157.23
00287Y109 ABBVIE INC US ABBV 128.79 $9,752.24
004239109 ACADIA REALTY TRUST US AKR 98.27 $2,808.64
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 3,195.87 $2,979.51
00507V109 ACTIVISION INC US ATVI 8,884.51 $470,168.35
00751Y106 ADVANCE AUTO PARTS INC US AAP 2,624.61 $434,109.86
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 49,535.95 $52,804.79
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 3,195.87 $3,243.81
008492100 AGREE REALTY CORP US ADC 62.32 $4,558.67
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 51,133.88 $52,722.24
013093AD1 ALBERTSONS COS LLC/SAFEW 5.75000 03/15/2025 US 3,195.87 $3,286.47
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 22.37 $3,446.04
01609W102 ALIBABA GROUP - ADR CN BABA 148.61 $24,851.69
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 41,546.28 $43,241.65
020002101 ALLSTATE CORPORATION US ALL 31.32 $3,403.80
02079K107 ALPHABET INC-CL C US GOOG 379.51 $462,621.79
02079K305 ALPHABET INC-CL A US GOOGL 379.51 $463,433.94
02209S103 ALTRIA GROUP INC US MO 6,865.52 $280,799.86
023135106 AMAZON.COM INC US AMZN 341.96 $593,608.00
02319V103 AMBEV SA-ADR BR ABEV 110,459.57 $510,323.20
0237400 DIAGEO PLC GB DGE LN 9,695.3 $396,054.21
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 8,788.64 $8,788.64
02406PAR1 AMERICAN AXLE & MFG INC 6.25000 04/01/2025 US 1,597.93 $1,551.99
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 162.99 $7,836.52
0263494 BAE SYSTEMS PLC GB BA/ LN 3,004.12 $21,038.58
02665T306 AMERICAN HOMES 4 RENT- A US AMH 619.2 $16,031.07
0287580 BRITISH AMERICAN TOBACCO PLC GB BATS LN 584.04 $21,568.81
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 7,190.7 $7,280.63
03027X100 AMERICAN TOWER REIT INC US AMT 2,502.36 $553,347.81
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 51,133.88 $54,575.47
03064D108 AMERICOLD REALTY TRUST US COLD 302.81 $11,225.11
031162100 AMGEN INC US AMGN 58.32 $11,286.39
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 2,396.9 $1,998.42
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 3,195.87 $2,652.57
03748R754 APARTMENT INVT & MGMT CO -A US AIV 243.68 $12,705.73
038222105 APPLIED MATERIALS INC US AMAT 80.06 $3,994.82
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 59.44 $2,441.33
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 1,667.76 $1,726.14
0405207 HALMA PLC GB HLMA LN 431.44 $10,443.19
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 3,195.87 $3,187.88
0490656 KERRY GROUP PLC-A IE KYGA LN 170.18 $19,902.89
05278C107 AUTOHOME INC-ADR CN ATHM 187.76 $15,608.26
053332102 AUTOZONE INC US AZO 398.68 $432,421.15
053484101 AVALONBAY COMMUNITIES INC US AVB 93.48 $20,128.86
054937107 BB&T CORP US BBT 65.99 $3,522.14
05722G100 BAKER HUGHES A GE CO US BHGE 106.74 $2,476.41
060505104 BANK OF AMERICA CORP US BAC 433.36 $12,641.10
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 75,102.89 $79,746.86
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 5,675.86 $1,180,692.53
086516101 BEST BUY INC US BBY 42.82 $2,954.47
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 3,384.42 $228,110.16
0922320 SMITH & NEPHEW PLC GB SN/ LN 857.29 $20,645.12
09247X101 BLACKROCK INC US BLK 1,625.1 $724,208.95
0946580 WEIR GROUP PLC/THE GB WEIR LN 1,036.26 $18,152.81
097023105 BOEING CO US BA 38.99 $14,834.37
09857L108 BOOKING HOLDINGS INC US BKNG 197.34 $387,310.91
101121101 BOSTON PROPERTIES INC US BXP 104.66 $13,570.82
101137107 BOSTON SCIENTIFIC CORP US BSX 8,222.97 $334,592.53
105368203 BRANDYWINE REALTY TRUST US BDN 791.78 $11,995.41
110122108 BRISTOL MYERS SQUIBB CO US BMY 148.61 $7,535.90
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 263.66 $9,729.02
11135F101 BROADCOM INC US AVGO 30.2 $8,337.58
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 3,195.87 $2,388.91
12429TAE4 BWAY HOLDING CO 7.25000 04/15/2025 US 3,195.87 $3,021.05
124847AC8 ENTERCOM MEDIA CORP 7.25000 11/01/2024 US 1,597.93 $1,653.86
12503M108 CBOE GLOBAL MARKETS INC US CBOE 3,821.46 $439,123.80
125269100 CF INDUSTRIES HOLDINGS INC US CF 10,154.87 $499,619.55
12527GAB9 CF INDUSTRIES INC 7.12500 05/01/2020 US 2,396.9 $2,462.82
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 27.48 $2,330.13
12572Q105 CME GROUP INC US CME 2,132.44 $450,670.42
126650100 CVS HEALTH CORP US CVS 123.68 $7,800.50
12686CBA6 CABLEVISION SYSTEMS CORP 8.00000 04/15/2020 US 2,396.9 $2,465.81
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 3,994.83 $3,994.83
133131102 CAMDEN PROPERTY TRUST US CPT 95.08 $10,554.50
13321L108 CAMECO CORP CA CCJ 1,452.04 $13,794.40
149123101 CATERPILLAR INC US CAT 50.33 $6,357.80
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 2,396.9 $2,430.10
166764100 CHEVRON CORP US CVX 103.71 $12,299.52
17275R102 CISCO SYSTEMS INC US CSCO 301.37 $14,890.71
172967424 CITIGROUP INC US C 124 $8,565.90
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 23,969.01 $39,297.01
191216100 COCA COLA CO/THE US KO 21,083.94 $1,147,809.52
192422103 COGNEX CORP US CGNX 4,860.12 $238,777.47
194162103 COLGATE-PALMOLIVE CO US CL 4,833.11 $355,281.95
2011646 ALIMENTATION COUCHE-TARD -B CA ATD/B CN 671.13 $20,566.83
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 177.37 $7,901.86
205887102 CONAGRA BRAND INC. US CAG 64.24 $1,970.79
222795502 COUSINS PROPERTIES INC US CUZ 496 $18,644.59
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 99,071.89 $99,948.25
22822V101 CROWN CASTLE INTL CORP US CCI 67.91 $9,440.47
228368106 CROWN HOLDINGS INC US CCK 5,301.94 $350,246.43
229663109 CUBESMART US CUBE 85.49 $2,983.58
231021106 CUMMINS INC US CMI 22.69 $3,691.09
2328595 BANCO DO BRASIL S.A. BR BBAS3 BZ 862.88 $9,470.03
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 504.95 $4,242.04
2458771 ITAUSA INVESTIMENTOS ITAU -PR BR ITSA4 BZ 3,259.78 $10,387.50
2521800 LOBLAW COMPANIES LTD CA L CN 370.72 $21,115.28
25271C102 DIAMOND OFFSHORE DRILLING US DO 15,301.81 $85,078.08
253868103 DIGITAL REALTY TRUST INC US DLR 79.1 $10,267.68
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 47,938.01 $52,417.87
256677105 DOLLAR GENERAL CORP US DG 4,777.82 $759,387.01
256746108 DOLLAR TREE STORES INC US DLTR 6,931.84 $791,338.46
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 2,396.9 $2,486.78
25960P109 DOUGLAS EMMETT INC US DEI 210.13 $8,999.79
260557103 DOW INC US DOW 68.55 $3,266.47
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 19,974.17 $20,773.14
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 20,773.14 $20,787.68
269246401 ETRADE FINANCIAL CORP US ETFC 4,057.95 $177,291.96
2715777 QUEBECOR INC -CL B CA QBR/B CN 16,163.1 $366,974.41
277432100 EASTMAN CHEM CO US EMN 26.37 $1,946.59
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 19,066.55 $374,610.09
285512109 ELECTRONIC ARTS US EA 8,397.14 $821,408.41
2866857 LUNDIN MINING CORP CA LUN CN 26,048.72 $122,491.99
291011104 EMERSON ELEC CO US EMR 75.58 $5,053.43
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 31,958.67 $38,333.83
29444U700 EQUINIX INC US EQIX 895.64 $516,606.23
2945422 WEG SA BR WEGE3 BZ 703.09 $4,111.99
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 63.92 $8,539.36
29476L107 EQUITY RESIDENTIAL US EQR 181.37 $15,644.59
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 303.29 $6,948.32
297178105 ESSEX PROPERTY TRUST INC US ESS 45.54 $14,876.00
30225T102 EXTRA SPACE STORAGE INC US EXR 44.74 $5,226.78
30303M102 FACEBOOK INC -A US FB 3,761.54 $669,854.34
30744W107 FARFETCH LTD - CLASS A GB FTCH 229.3 $1,981.18
311900104 FASTENAL CO US FAST 85.33 $2,787.72
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 22.37 $3,045.60
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 2,396.9 $2,570.68
316773100 FIFTH THIRD BANCORP US FITB 101.95 $2,791.34
32054K103 FIRST INDUSTRIAL REALTY TR US FR 149.41 $5,910.53
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 3,994.83 $4,054.76
346232AD3 FORESTAR GROUP INC 8.00000 04/15/2024 US 2,396.9 $2,588.65
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 3,994.83 $4,104.69
35671D857 FREEPORT-MCMORAN INC US FCX 22,505.3 $215,375.71
36166LAA5 GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 AE 13,582.44 $14,006.89
364760108 GAP INC US GPS 75.9 $1,317.66
369550108 GENERAL DYNAMICS CORP US GD 23.17 $4,233.86
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 46,340.08 $43,773.30
370334104 GENERAL MLS INC US GIS 81.81 $4,509.60
372460105 GENUINE PARTS CO US GPC 27.16 $2,705.35
374297109 GETTY REALTY CORP US GTY 170.98 $5,481.58
375558103 GILEAD SCIENCES INC US GILD 134.55 $8,527.53
37960JAA6 GLOBAL AIR LEASE CO LTD 6.50000 09/15/2024 KY 4,793.8 $4,853.72
38141GVR2 GOLDMAN SACHS GROUP INC 4.25000 10/21/2025 US 23,969.01 $25,649.29
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 75.1 $7,248.93
4012250 AIRBUS SE FR AIR FP 135.82 $17,633.94
4031879 VEOLIA ENVIRONMENT FR VIE FP 129.43 $3,278.75
404119BX6 HCA INC 4.12500 06/15/2029 US 36,752.48 $38,541.79
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 1,597.93 $1,406.18
40414L109 HCP INC US HCP 350.75 $12,497.10
4057808 L'OREAL FR OR FP 58.32 $16,311.62
4061412 LVMH MOET HENNESSY LOUIS VUITTON FR MC FP 59.12 $23,457.93
406216101 HALLIBURTON CO US HAL 21,945.86 $413,679.50
4162791 THALES SA FR HO FP 17.58 $2,020.53
4163437 CAPGEMINI FR CAP FP 34.36 $4,045.42
416515104 HARTFORD FINL SVCS US HIG 40.43 $2,450.32
421946104 HEALTHCARE REALTY TRUST INC US HR 262.86 $8,805.81
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 161.39 $4,741.68
427866108 HERSHEY CO/THE US HSY 28.44 $4,408.41
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 43.14 $4,017.16
437076102 HOME DEPOT INC US HD 76.06 $17,647.82
438516106 HONEYWELL INTERNATIONAL INC US HON 59.44 $10,057.78
44107P104 HOST MARRIOTT CORP US HST 307.6 $5,318.44
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 5,592.77 $5,984.26
445658107 HUNT (JB) TRANSPORT SVCS INC US JBHT 3,405.2 $376,785.03
4457624 TRIGANO SA FR TRI FP 42.35 $3,401.95
452308109 ILLINOIS TOOL WKS INC US ITW 32.92 $5,151.25
45337C102 INCYTE CORP US INCY 2,335.38 $173,355.27
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 425.05 $6,082.47
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 3,994.83 $4,104.69
458140100 INTEL CORP US INTC 324.86 $16,740.03
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 4,952 $456,920.73
4588364 MICHELIN (CGDE)-B FR ML FP 46.34 $5,159.66
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 77.02 $11,200.31
460146103 INTERNATIONAL PAPER CO US IP 45.86 $1,917.89
46120E602 INTUITIVE SURGICAL INC US ISRG 371.52 $200,594.58
46187W107 INVITATION HOMES INC US INVH 573.18 $16,971.83
46429B598 ISHARES MSCI INDIA ETF IN 1,804.87 $60,589.36
46625H100 JP MORGAN CHASE & CO US JPM 169.06 $19,896.84
46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 36,752.48 $39,187.96
4682329 PERNOD-RICARD SA FR RI FP 47.14 $8,389.88
4741844 MERCK KGAA DE MRK GR 3,477.1 $391,696.18
476405105 JERNIGAN CAPITAL INC US JCAP 364.33 $7,013.33
478160104 JOHNSON & JOHNSON US JNJ 8,007.25 $1,035,977.49
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 5,592.77 $1,873.58
4821100 SOLVAY SA BE SOLB BB 258.07 $26,717.01
4824778 SGS SA-REG CH SGSN SW 4.79 $11,883.46
482480100 KLA-TENCOR CORPORATION US KLAC 23.97 $3,821.86
4834108 SCHNEIDER ELECTRIC SE FR SU FP 126.24 $11,038.45
4834777 VIVENDI FR VIV FP 220.51 $6,033.92
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 3,994.83 $4,074.73
487836108 KELLOGG CO US K 45.86 $2,951.14
493267108 KEYCORP US KEY 136.78 $2,440.21
494368103 KIMBERLY CLARK CORP US KMB 39.47 $5,606.57
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 39,948.34 $52,149.23
500255104 KOHLS CORP US KSS 30.36 $1,507.71
501044101 KROGER CO US KR 84.69 $2,183.32
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 5,592.77 $5,816.48
5076705 HENKEL AG & CO KGAA VORZUG DE HEN3 GR 194.15 $19,210.93
5107401 BEIERSDORF AG DE BEI GR 3,839.83 $452,737.13
512807108 LAM RESEARCH CORP US LRCX 13.74 $3,175.97
5176177 ORANGE FR ORA FP 480.18 $7,515.76
5253973 HERMES INTERNATIONAL FR RMS FP 7.99 $5,518.32
529043101 LEXINGTON REALTY TRUST US LXP 524.12 $5,372.25
531172104 LIBERTY PROPERTY TRUST US LPT 147.81 $7,587.03
53223X107 LIFE STORAGE INC US LSI 41.55 $4,379.39
5330047 DASSAULT SYSTEMES SA FR DSY FP 35.95 $5,121.82
539830109 LOCKHEED MARTIN CORP US LMT 24.45 $9,536.34
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 2,396.9 $1,959.47
5476929 BARRY CALLEBAUT AG-REG CH BARN SW 4.79 $9,887.35
550021109 LULULEMON - ADR CA LULU 4,725.41 $909,783.12
5505072 KERING FR KER FP 19.18 $9,771.43
5608915 ALTEN SA FR ATE FP 59.92 $6,841.06
5633616 SOPRA STERIA GROUP FR SOP FP 71.11 $8,855.68
56585A102 MARATHON PETROLEUM CORP US MPC 78.14 $4,746.94
5669354 REPSOL SA ES REP SM 1,479.37 $23,072.26
5671735 SANOFI-AVENTIS FR SAN FP 241.29 $22,351.26
5701513 ELISA OYJ FI ELISA FH 403.96 $20,825.96
57636Q104 MASTERCARD INC-CLASS A US MA 3,308.52 $898,495.27
57772K101 MAXIM INTEGRATED PRODUCTS US MXIM 39.31 $2,276.39
585464100 MELCO CROWN ENTERTAINME-ADR HK MLCO 460.2 $8,932.58
58933Y105 MERCK & CO INC US MRK 2,449.63 $206,210.06
594918104 MICROSOFT CORP US MSFT 6,438.87 $895,196.66
595112103 MICRON TECHNOLOGY INC US MU 19,978.97 $856,098.68
59522J103 MID-AMERICA APARTMENT COMM US MAA 45.54 $5,920.80
5962280 CHOCOLADEFABRIKEN LINDT-PC CH LISP SW 1.12 $8,261.29
5980613 GIVAUDAN - REG CH GIVN SW 3.99 $11,149.67
5986622 KONINKLIJKE PHILIPS NV NL PHIA NA 434.64 $20,084.29
6055112 AYALA LAND INC PH ALI PM 11,281.41 $10,767.00
6074968 BANK OF THE PHILIPPINE ISLAN PH BPI PM 3,719.99 $6,676.35
60871R209 MOLSON COORS BREWING CO -B US TAP 31.96 $1,837.62
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 19,105.22 $1,056,900.52
6108179 HARMONIC DRIVE SYSTEMS INC JP 6324 JP 255.67 $11,200.12
615369105 MOODY'S CORPORATION US MCO 2,146.03 $439,570.30
6194037 KAKAO CORP KR 035720 KS 179.77 $20,352.46
61965RAB1 MOSS CREEK RESOURCES HLD 10.50000 05/15/2027 US 798.97 $647.16
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 5,592.77 $5,466.93
6250025 DAIFUKU CO LTD JP 6383 JP 207.73 $10,807.45
6284864 GLOBE TELECOM INC PH GLO PM 160.59 $5,670.15
62957HAC9 NABORS INDUSTRIES INC 5.50000 01/15/2023 US 3,195.87 $2,628.60
6356934 FANUC LTD JP 6954 JP 127.83 $24,163.76
637417106 NATIONAL RETAIL PROPERTIES US NNN 155.8 $8,787.04
637870106 NATIONAL STORAGE AFFILIATES US NSA 154.2 $5,145.67
64110D104 NETAPP INC US NTAP 29.4 $1,543.90
6441506 HOYA CORP JP 7741 JP 239.69 $19,631.32
6465874 GALAXY ENTERTAINMENT GROUP L HK 27 HK 2,237.11 $13,869.45
647581107 NEW ORIENTAL EDUCATIO- SP ADR CN EDU 143.02 $15,840.35
6490995 KEYENCE CORP JP 6861 JP 453.01 $281,981.46
6499550 KYOWA KIRIN CO LTD JP 4151 JP 479.38 $9,335.61
6514442 METROPOLITAN BANK & TRUST PH MBT PM 5,352.28 $7,068.95
654106103 NIKE INC CLASS B US NKE 8,723.12 $819,275.46
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 5,592.77 $3,285.75
6687571 NABTESCO CORP JP 6268 JP 367.52 $11,504.64
66987V109 NOVARTIS AG- REG CH NVS 5,828.46 $506,493.46
670346105 NUCOR CORP US NUE 55.13 $2,806.60
67059TAD7 NUSTAR LOGISTICS LP 6.75000 02/01/2021 US 2,396.9 $2,497.81
6742340 SHANDONG WEIGAO CN 1066 HK 8,948.43 $9,215.10
674599105 OCCIDENTAL PETROLEUM CORP US OXY 71.27 $3,169.28
680665AL0 OLIN CORP 5.62500 08/01/2029 US 3,195.87 $3,324.66
6818843 SM PRIME HOLDINGS INC PH SMPH PM 18,708.61 $13,429.84
681936100 OMEGA HEALTHCARE INVS INC US OHI 147.81 $6,176.93
6821120 SONIC HEALTHCARE LTD AU SHL AU 1,036.26 $19,648.59
6821506 SONY CORP FIRST SECTION JP 6758 JP 319.59 $18,890.19
6895200 TOHO CO LTD JP 9602 JP 479.38 $21,042.30
6919519 UNIVERSAL ROBINA CORP PH URC PM 2,245.1 $6,756.06
700517105 PARK HOTELS & RESORTS INC US PK 88.81 $2,217.59
7021963 DEUTSCHE BOERSE AG DE DB1 GR 3,285.35 $512,382.18
7088429 AXA SA FR CS FP 480.18 $12,260.84
7103065 NOVARTIS AG-REG CH NOVN SW 250.88 $21,772.74
7103526 PEUGEOT SA FR UG FP 131.83 $3,290.31
7110388 ROCHE HOLDING AG-GENUSSCHEIN CH ROG SW 111.86 $32,568.33
7110902 TECAN GROUP AG-REG CH TECN SW 21.57 $5,156.20
7123870 NESTLE SA-REGISTERED CH NESN SW 4,711.51 $510,984.40
7133608 EQUINOR ASA NO EQNR NO 1,228.81 $23,276.36
713448108 PEPSICO INC US PEP 5,136.56 $704,222.10
7145056 ENI SPA IT ENI IM 1,395.8 $21,334.48
717081103 PFIZER INC US PFE 422.17 $15,168.72
718172109 PHILIP MORRIS INTERNATIONAL US PM 6,812.79 $517,295.18
718546104 PHILLIPS 66 US PSX 39.95 $4,090.71
71943U104 PHYSICIANS REALTY TRUST US DOC 537.7 $9,544.26
7212477 ESSILORLUXOTTICA FR EL FP 55.13 $7,948.45
7262610 CREDIT AGRICOLE SA FR ACA FP 275.64 $3,336.35
729640102 PLYMOUTH INDUSTRIAL REIT INC US 194.15 $3,556.81
7309681 BNP PARIBAS FR BNP FP 298.81 $14,527.44
7339451 ORPEA SA FR ORP FP 74.3 $9,075.06
7380482 COMPAGNIE DE SAINT-GOBAIN FR SGO FP 117.45 $4,603.13
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 75,102.89 $80,300.22
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 2,396.9 $2,495.89
74340W103 PROLOGIS US PLD 350.75 $29,890.61
74460D109 PUBLIC STORAGE INC US PSA 59.12 $14,501.23
74834L100 QUEST DIAGNOSTICS INC US DGX 20.61 $2,206.25
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 5,592.77 $5,662.68
756109104 REALTY INCOME CORP US O 47.14 $3,614.62
7591EP100 REGIONS FINANCIAL CORP. US RF 122.24 $1,933.87
76131D103 RESTAURANT BRANDS INTERN CA QSR 170.98 $12,163.44
7698356 GETINGE AB-B SHS SE GETIB SS 849.3 $11,871.58
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 3,994.83 $4,049.76
773903109 ROCKWELL AUTOMATION INC US ROK 13.26 $2,185.72
7742468 GECINA SA FR GFC FP 58.32 $9,164.15
7792559 HEINEKEN NV NL HEIA NA 194.95 $21,056.82
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 548.89 $32,878.53
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 142.22 $9,440.30
78409V104 S&P GLOBAL INC US SPGI 1,780.9 $436,284.19
78410G104 SBA COMMUNICATIONS CORP US SBAC 2,177.98 $525,220.77
78442PGC4 SLM CORP 5.12500 04/05/2022 US 5,592.77 $5,732.59
78463V107 SPDR GOLD SHARES US 628.79 $87,319.64
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 65,515.28 $75,067.34
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 49,535.95 $53,142.63
806857108 SCHLUMBERGER LTD NL SLB 9,189.88 $314,018.09
808513105 CHARLES SCHWAB CORP/THE US SCHW 4,330.4 $181,140.65
81141R100 SEA LTD - ADR SG SE 22,447.77 $694,758.58
812578102 SEATTLE GENETICS INC US SGEN 2,507.16 $214,111.30
81762P102 SERVICENOW INC US NOW 4,349.58 $1,104,139.78
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 3,195.87 $2,716.49
828806109 SIMON PROPERTY GROUP INC US SPG 136.62 $21,265.42
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 19.34 $2,127.24
835699307 SONY CORP SPONSORED ADR JP SNE 11,807.13 $698,155.74
84265V105 SOUTHERN COPPER CORPORATION US SCCO 8,873.33 $302,846.62
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 59,123.55 $59,920.24
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 3,195.87 $2,812.30
852061AR1 SPRINT COMMUNICATIONS 7.00000 08/15/2020 US 6,391.74 $6,597.61
85207UAE5 SPRINT CORP 7.25000 09/15/2021 US 2,396.9 $2,557.73
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 2,396.9 $2,583.38
85254J102 STAG INDUSTRIAL INC US STAG 184.56 $5,440.87
855030AN2 STAPLES INC 7.50000 04/15/2026 US 3,994.83 $4,115.88
858912AF5 STERICYCLE INC 5.37500 07/15/2024 US 5,592.77 $5,746.57
862121100 STORE CAPITAL CORP US STOR 95.88 $3,586.72
866674104 SUN COMMUNITIES US SUI 83.09 $12,335.09
86723CAF5 SUNCOKE ENRGY PART LP/FI 7.50000 06/15/2025 US 1,597.93 $1,422.16
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 257.27 $3,534.85
867914103 SUNTRUST BANKS INC US STI 51.13 $3,518.01
871829107 SYSCO CORP US SYY 63.6 $5,049.66
874080104 TAL EDUCATION GROUP - ADR CN TAL 445.02 $15,237.64
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 3,195.87 $2,700.51
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 38,350.41 $41,035.22
882508104 TEXAS INSTRUMENTS INC US TXN 81.49 $10,532.36
883556102 THERMO FISHER SCIENTIFIC INC US TMO 1,349.46 $393,055.77
88579Y101 3M CO US MMM 56.89 $9,352.13
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 1,597.93 $1,593.94
89417E109 TRAVELLERS COS INC US TRV 23.17 $3,445.15
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 5,592.77 $5,424.99
902494103 TYSON FOODS INC -CL A US TSN 36.43 $3,138.33
902653104 UDR INC US UDR 164.59 $7,979.19
902973304 U.S. BANCORP US USB 147.97 $8,188.59
903002103 UMH PROPERTIES INC US UMH 207.73 $2,924.86
904767704 UNILEVER PLC - ADR GB UL 9,712.08 $583,696.10
907818108 UNION PAC CORP US UNP 60.24 $9,758.02
911312106 UNITED PARCEL SERVICE US UPS 87.57 $10,492.25
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 333,169.19 $477,460.07
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 150,414.24 $158,105.12
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 362,730.96 $390,304.18
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 279,638.41 $331,360.59
9128284P2 US TREASURY N/B 2.62500 05/15/2021 US 599,225.15 $607,862.42
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 612,574.2 $607,309.89
912828K74 US TREASURY N/B 2.00000 08/15/2025 US 1,689,335.55 $1,726,817.69
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 615,204.49 $615,492.87
912828WJ5 US TREASURY N/B 2.50000 05/15/2024 US 1,036,260.03 $1,078,924.81
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 586,441.68 $617,940.02
913017109 UNITED TECHNOLOGIES CORP US UTX 69.67 $9,511.34
91324P102 UNITEDHEALTH GROUP INC US UNH 1,575.56 $342,401.28
91704F104 URBAN EDGE PROPERTIES US UE 385.1 $7,621.17
918204108 VF CORP US VFC 48.1 $4,280.22
91913Y100 VALERO ENERGY US VLO 51.29 $4,372.27
92189F106 MARKET VECTORS GOLD MINERS US 1,656.1 $44,234.39
92276F100 VENTAS INC US VTR 214.92 $15,695.76
92339V100 VEREIT INC US VER 1,037.06 $10,142.44
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 59,123.55 $78,032.35
92511U102 VERRA MOBILITY CORP US VRRM 50,415.61 $723,463.98
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 1,061.83 $179,894.73
92553P201 VIACOM INC CL B US VIAB 69.19 $1,662.65
92826C839 VISA INC - CLASS A SHARES US V 4,252.1 $731,404.01
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 3,994.83 $3,874.99
929042109 VORNADO REALTY TRUST US VNO 55.93 $3,560.92
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 1,597.93 $1,525.42
931142103 WAL MART STORES US WMT 177.53 $21,069.31
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 96.2 $5,320.58
94106L109 WASTE MANAGEMENT INC US WM 48.9 $5,623.13
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 5,592.77 $5,606.75
948741103 WEINGARTEN REALTY INVESTORS US WRI 247.68 $7,214.91
949746101 WELLS FARGO COMPANY US WFC 319.27 $16,103.84
95040Q104 WELLTOWER INC. US WELL 135.82 $12,312.48
958102105 WESTERN DIGITAL CORP US WDC 45.38 $2,706.54
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 38,350.41 $39,611.64
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 6,391.74 $6,008.23
B00FM53 BANCO BRADESCO SA - PREF BR BBDC4 BZ 2,652.57 $21,680.47
B01FLR7 PING AN INSURANCE GROUP CO-H CN 2318 HK 1,278.35 $14,692.96
B02J639 ADMIRAL GROUP PLC GB ADM LN 546.49 $14,211.20
B02L486 MOWI ASA NO MOWI NO 829.33 $19,155.15
B037HR3 ITAU UNIBANCO HOLDINGS S-PREF BR ITUB4 BZ 2,972.16 $25,086.59
B037JC2 NEXITY FR NXI FP 65.52 $3,118.70
B058TZ6 SAFRAN SA FR SAF FP 71.11 $11,196.03
B068DB9 SM INVESTMENTS CORP PH SM PM 492.16 $9,222.78
B07DRZ5 RECORDATI SPA IT REC IM 453.01 $19,429.30
B08K3S0 LOCALIZA RENT A CAR BR RENT3 BZ 335.57 $3,671.48
B0C2CQ3 ENGIE FR ENGI FP 407.47 $6,650.87
B0CGYD6 LOJAS RENNER S.A. BR LREN3 BZ 479.38 $5,811.47
B0MP1B0 SHENZHOU INTERNATIONAL GROUP CN 2313 HK 1,166.49 $15,217.24
B11ZRK9 LEGRAND SA FR LR FP 59.12 $4,217.71
B13X013 EIFFAGE FR FGR FP 59.92 $6,211.89
B15C557 TOTAL SA FR FP FP 422.65 $22,006.26
B1FW751 GALP ENERGIA SGPS SA PT GALP PL 1,458.11 $21,928.87
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 1,613.91 $9,603.82
B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 231.7 $11,161.03
B1XH026 VINCI SA FR DG FP 182.96 $19,708.72
B1Y47Y7 GERRESHEIMER AG DE GXI GR 123.04 $8,822.03
B1Y9TB3 DANONE FR BN FP 504.63 $44,448.61
B1YXBJ7 AIR LIQUIDE FR AI FP 88.69 $12,621.75
B1Z9Q99 ABOITIZ POWER CORP PH AP PM 9,108.22 $6,734.88
B247XZ6 MANILA ELECTRIC COMPANY PH MER PM 882.06 $6,292.75
B3NB1P2 SUNCOR ENERGY INC CA SU CN 549.69 $17,338.95
B3ZCNF7 TELEFONICA BRASIL S.A. - PREF BR VIVT4 BZ 367.52 $4,856.16
B4975P9 MAGAZINE LUIZA SA BR MGLU3 BZ 431.44 $3,835.78
B4JSTL6 WYNN MACAU LTD MO 1128 HK 7,094.83 $13,825.49
B4P8HQ1 MGM CHINA HOLDINGS LTD MO 2282 HK 6,455.65 $10,051.53
B4R2R50 JULIUS BAER CH BAER SW 6,245.52 $276,619.99
B4V5RY4 BANCO SANTANDER BRASIL - UNIT BR SANB11 BZ 367.52 $4,021.15
B5B23W2 SANDS CHINA LTD MO 1928 HK 3,323.7 $15,018.74
B5VJH76 BDO UNIBANK INC PH BDO PM 3,341.28 $9,218.33
B63QM77 NEXON CO LTD JP 3659 JP 37,567.42 $456,450.79
B725S29 PUREGOLD PRICE CLUB INC PH PGOLD PM 3,675.25 $2,768.34
B7FQV64 RAIA DROGASIL S.A. BR RADL3 BZ 175.77 $4,055.30
B92RW83 LT GROUP INC PH LTG PM 11,680.9 $3,141.65
B9N3SQ0 BB SEGURIDADE PARTICIPACOES BR BBSE3 BZ 607.21 $5,141.29
BB22L96 KION GROUP AG DE KGX GR 207.73 $10,924.42
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 227.71 $3,206.96
BD0PJ08 INMOBILIARIA COLONIAL SOCIMI ES COL SM 793.37 $9,572.11
BD4TZK8 OCI NV NL OCI NA 190.95 $4,503.74
BD9Y5C0 TECHNOGYM SPA IT TGYM IM 1,538.01 $17,096.40
BD9Y9B7 BASIC-FIT NV NL BFIT NA 499.35 $15,643.49
BF1K7P7 ESSITY AKTIEBOLAG-B SE ESSITYB SS 655.15 $19,116.32
BFTCYP4 ROBINSONS RETAIL HOLDINGS IN PH RRHI PM 2,050.15 $3,124.86
BG36ZK1 B3 SA-BRASIL BOLSA BALCAO BR B3SA3 BZ 1,150.51 $12,133.83
BG7ZWY7 AMBEV SA BR ABEV3 BZ 3,004.12 $13,882.00
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 3,064.84 $4,910.58
BH3T8K8 ORBIA ADVANCE CORP SAB DE CV MX 5,816.48 $11,400.70
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 10,386.57 $9,177.80
BJ2KSG2 AKZO NOBEL NL AKZA NA 5,421.63 $483,083.42
BJT1GR5 ALCON INC CH ALC SW 172.42 $10,057.07
BMJ6DW5 INFORMA PLC GB INF LN 1,951.08 $20,433.38
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 17,780.37 $743,715.88
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 2,144.43 $9,998.76
BNGN9Z1 FINECOBANK SPA IT FBK IM 26,807.74 $283,628.25
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 13,453 $416,339.43
BSQXJ01 THULE GROUP AB/THE SE THULE SS 1,037.06 $19,628.29
BVSS790 ELIS SA FR ELIS FP 351.55 $6,213.23
BYXS699 QIAGEN N.V. NL QIA GR 396.77 $12,993.64
BYXZ2W5 RUMO SA BR RAIL3 BZ 878.86 $5,194.98
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 5,125.05 $487,801.93
BYZFYS3 SPIE SA FR SPIE FP 173.38 $3,469.29
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 2,741.26 $13,501.20
BYZR014 AMUNDI SA FR AMUN FP 144.61 $10,073.48
G0750C108 AXALTA COATING SYSTEMS LTD US AXTA 8,862.14 $267,193.54
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 351.55 $10,419.81
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 372.32 $20,645.06
G29183103 EATON CORP PLC US ETN 55.45 $4,610.53
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 2,396.9 $2,480.79
G45667105 HOLLYSYS AUTOMATION TECHNOLOGIES CN HOLI 691.91 $10,510.04
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 103.71 $4,551.65
G5960L103 MEDTRONIC INC IE MDT 8,889.31 $965,556.35
G97822103 PERRIGO CO PLC IE PRGO 277.24 $15,495.03
H01301128 ALCON INC CH ALC 4,072.33 $237,376.36
H1467J104 CHUBB LTD CH CB 33.24 $5,365.78
H8817H100 TRANSOCEAN LTD US RIG 44,499.26 $198,911.69
N22717107 CORE LABORATORIES N.V. NL CLB 7,388.85 $344,467.98
N47279109 INTERXION HOLDING NV NL INXN 3,278.96 $267,104.09
N53745100 LYONDELLBASELL INDU-CL A US LYB 50.49 $4,517.76
N72482123 QIAGEN N.V. ADR NL QGEN 10,096.7 $332,888.34
USD US DOLLAR US 1,313,378.87 $1,313,378.87

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

$19.96

Daily $ Change

-$0.03

Daily % Change

-0.15%

as of 10/14/2019

CUSIP

302027859

Inception Date

05/10/2007

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 09/30/2019

YTD

19.11%

1 Year

4.65%

3 Year

9.86%

5 Year

6.95%

10 Year

8.95%

Inception
(01/01/2000)

7.22%

US Stock Market Cycle (04/01/2000 - 09/30/2019)

7.37%

Performance through the inception date of the Retirement Target CIT Class S Units is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. The Retirement Target CIT Fund will gradually become more conservative over time. Returns are net of the Class S expenses. 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 0.90%
Net 0.89%*

*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 09/30/2019

TREASURY NOTES 8.81%
TREASURY BONDS 2.27%
BERKSHIRE HATHAWAY INC-CL B 2.24%
COCA COLA CO/THE 2.18%
SERVICENOW INC 2.09%
MONDELEZ INTERNATIONAL INC 2.00%
JOHNSON & JOHNSON 1.96%
MEDTRONIC INC 1.83%
LULULEMON - ADR 1.72%
MASTERCARD INC-CLASS A 1.70%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 09/30/2019

Stocks
82.67%
Bonds
14.90%
Cash
2.43%

Detailed Asset Class Allocation

As of 09/30/2019

International Equities
27.44%
Small Capitalization
1.99%
Mid Capitalization
1.90%
Large Capitalization
51.34%
Long Term Fixed Income
2.99%
Intermediate Term Fixed Income
9.15%
Short Term Fixed Income
2.76%
Cash
2.43%

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 09/30/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 2,396.9 $2,552.70
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 47,938.01 $52,157.23
00287Y109 ABBVIE INC US ABBV 128.79 $9,752.24
004239109 ACADIA REALTY TRUST US AKR 98.27 $2,808.64
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 3,195.87 $2,979.51
00507V109 ACTIVISION INC US ATVI 8,884.51 $470,168.35
00751Y106 ADVANCE AUTO PARTS INC US AAP 2,624.61 $434,109.86
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780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 548.89 $32,878.53
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 142.22 $9,440.30
78409V104 S&P GLOBAL INC US SPGI 1,780.9 $436,284.19
78410G104 SBA COMMUNICATIONS CORP US SBAC 2,177.98 $525,220.77
78442PGC4 SLM CORP 5.12500 04/05/2022 US 5,592.77 $5,732.59
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785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 65,515.28 $75,067.34
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 49,535.95 $53,142.63
806857108 SCHLUMBERGER LTD NL SLB 9,189.88 $314,018.09
808513105 CHARLES SCHWAB CORP/THE US SCHW 4,330.4 $181,140.65
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812578102 SEATTLE GENETICS INC US SGEN 2,507.16 $214,111.30
81762P102 SERVICENOW INC US NOW 4,349.58 $1,104,139.78
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 3,195.87 $2,716.49
828806109 SIMON PROPERTY GROUP INC US SPG 136.62 $21,265.42
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 19.34 $2,127.24
835699307 SONY CORP SPONSORED ADR JP SNE 11,807.13 $698,155.74
84265V105 SOUTHERN COPPER CORPORATION US SCCO 8,873.33 $302,846.62
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 59,123.55 $59,920.24
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 3,195.87 $2,812.30
852061AR1 SPRINT COMMUNICATIONS 7.00000 08/15/2020 US 6,391.74 $6,597.61
85207UAE5 SPRINT CORP 7.25000 09/15/2021 US 2,396.9 $2,557.73
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 2,396.9 $2,583.38
85254J102 STAG INDUSTRIAL INC US STAG 184.56 $5,440.87
855030AN2 STAPLES INC 7.50000 04/15/2026 US 3,994.83 $4,115.88
858912AF5 STERICYCLE INC 5.37500 07/15/2024 US 5,592.77 $5,746.57
862121100 STORE CAPITAL CORP US STOR 95.88 $3,586.72
866674104 SUN COMMUNITIES US SUI 83.09 $12,335.09
86723CAF5 SUNCOKE ENRGY PART LP/FI 7.50000 06/15/2025 US 1,597.93 $1,422.16
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 257.27 $3,534.85
867914103 SUNTRUST BANKS INC US STI 51.13 $3,518.01
871829107 SYSCO CORP US SYY 63.6 $5,049.66
874080104 TAL EDUCATION GROUP - ADR CN TAL 445.02 $15,237.64
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 3,195.87 $2,700.51
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 38,350.41 $41,035.22
882508104 TEXAS INSTRUMENTS INC US TXN 81.49 $10,532.36
883556102 THERMO FISHER SCIENTIFIC INC US TMO 1,349.46 $393,055.77
88579Y101 3M CO US MMM 56.89 $9,352.13
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 1,597.93 $1,593.94
89417E109 TRAVELLERS COS INC US TRV 23.17 $3,445.15
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 5,592.77 $5,424.99
902494103 TYSON FOODS INC -CL A US TSN 36.43 $3,138.33
902653104 UDR INC US UDR 164.59 $7,979.19
902973304 U.S. BANCORP US USB 147.97 $8,188.59
903002103 UMH PROPERTIES INC US UMH 207.73 $2,924.86
904767704 UNILEVER PLC - ADR GB UL 9,712.08 $583,696.10
907818108 UNION PAC CORP US UNP 60.24 $9,758.02
911312106 UNITED PARCEL SERVICE US UPS 87.57 $10,492.25
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 333,169.19 $477,460.07
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 150,414.24 $158,105.12
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 362,730.96 $390,304.18
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 279,638.41 $331,360.59
9128284P2 US TREASURY N/B 2.62500 05/15/2021 US 599,225.15 $607,862.42
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 612,574.2 $607,309.89
912828K74 US TREASURY N/B 2.00000 08/15/2025 US 1,689,335.55 $1,726,817.69
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 615,204.49 $615,492.87
912828WJ5 US TREASURY N/B 2.50000 05/15/2024 US 1,036,260.03 $1,078,924.81
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 586,441.68 $617,940.02
913017109 UNITED TECHNOLOGIES CORP US UTX 69.67 $9,511.34
91324P102 UNITEDHEALTH GROUP INC US UNH 1,575.56 $342,401.28
91704F104 URBAN EDGE PROPERTIES US UE 385.1 $7,621.17
918204108 VF CORP US VFC 48.1 $4,280.22
91913Y100 VALERO ENERGY US VLO 51.29 $4,372.27
92189F106 MARKET VECTORS GOLD MINERS US 1,656.1 $44,234.39
92276F100 VENTAS INC US VTR 214.92 $15,695.76
92339V100 VEREIT INC US VER 1,037.06 $10,142.44
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 59,123.55 $78,032.35
92511U102 VERRA MOBILITY CORP US VRRM 50,415.61 $723,463.98
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 1,061.83 $179,894.73
92553P201 VIACOM INC CL B US VIAB 69.19 $1,662.65
92826C839 VISA INC - CLASS A SHARES US V 4,252.1 $731,404.01
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 3,994.83 $3,874.99
929042109 VORNADO REALTY TRUST US VNO 55.93 $3,560.92
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 1,597.93 $1,525.42
931142103 WAL MART STORES US WMT 177.53 $21,069.31
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 96.2 $5,320.58
94106L109 WASTE MANAGEMENT INC US WM 48.9 $5,623.13
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 5,592.77 $5,606.75
948741103 WEINGARTEN REALTY INVESTORS US WRI 247.68 $7,214.91
949746101 WELLS FARGO COMPANY US WFC 319.27 $16,103.84
95040Q104 WELLTOWER INC. US WELL 135.82 $12,312.48
958102105 WESTERN DIGITAL CORP US WDC 45.38 $2,706.54
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 38,350.41 $39,611.64
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 6,391.74 $6,008.23
B00FM53 BANCO BRADESCO SA - PREF BR BBDC4 BZ 2,652.57 $21,680.47
B01FLR7 PING AN INSURANCE GROUP CO-H CN 2318 HK 1,278.35 $14,692.96
B02J639 ADMIRAL GROUP PLC GB ADM LN 546.49 $14,211.20
B02L486 MOWI ASA NO MOWI NO 829.33 $19,155.15
B037HR3 ITAU UNIBANCO HOLDINGS S-PREF BR ITUB4 BZ 2,972.16 $25,086.59
B037JC2 NEXITY FR NXI FP 65.52 $3,118.70
B058TZ6 SAFRAN SA FR SAF FP 71.11 $11,196.03
B068DB9 SM INVESTMENTS CORP PH SM PM 492.16 $9,222.78
B07DRZ5 RECORDATI SPA IT REC IM 453.01 $19,429.30
B08K3S0 LOCALIZA RENT A CAR BR RENT3 BZ 335.57 $3,671.48
B0C2CQ3 ENGIE FR ENGI FP 407.47 $6,650.87
B0CGYD6 LOJAS RENNER S.A. BR LREN3 BZ 479.38 $5,811.47
B0MP1B0 SHENZHOU INTERNATIONAL GROUP CN 2313 HK 1,166.49 $15,217.24
B11ZRK9 LEGRAND SA FR LR FP 59.12 $4,217.71
B13X013 EIFFAGE FR FGR FP 59.92 $6,211.89
B15C557 TOTAL SA FR FP FP 422.65 $22,006.26
B1FW751 GALP ENERGIA SGPS SA PT GALP PL 1,458.11 $21,928.87
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 1,613.91 $9,603.82
B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 231.7 $11,161.03
B1XH026 VINCI SA FR DG FP 182.96 $19,708.72
B1Y47Y7 GERRESHEIMER AG DE GXI GR 123.04 $8,822.03
B1Y9TB3 DANONE FR BN FP 504.63 $44,448.61
B1YXBJ7 AIR LIQUIDE FR AI FP 88.69 $12,621.75
B1Z9Q99 ABOITIZ POWER CORP PH AP PM 9,108.22 $6,734.88
B247XZ6 MANILA ELECTRIC COMPANY PH MER PM 882.06 $6,292.75
B3NB1P2 SUNCOR ENERGY INC CA SU CN 549.69 $17,338.95
B3ZCNF7 TELEFONICA BRASIL S.A. - PREF BR VIVT4 BZ 367.52 $4,856.16
B4975P9 MAGAZINE LUIZA SA BR MGLU3 BZ 431.44 $3,835.78
B4JSTL6 WYNN MACAU LTD MO 1128 HK 7,094.83 $13,825.49
B4P8HQ1 MGM CHINA HOLDINGS LTD MO 2282 HK 6,455.65 $10,051.53
B4R2R50 JULIUS BAER CH BAER SW 6,245.52 $276,619.99
B4V5RY4 BANCO SANTANDER BRASIL - UNIT BR SANB11 BZ 367.52 $4,021.15
B5B23W2 SANDS CHINA LTD MO 1928 HK 3,323.7 $15,018.74
B5VJH76 BDO UNIBANK INC PH BDO PM 3,341.28 $9,218.33
B63QM77 NEXON CO LTD JP 3659 JP 37,567.42 $456,450.79
B725S29 PUREGOLD PRICE CLUB INC PH PGOLD PM 3,675.25 $2,768.34
B7FQV64 RAIA DROGASIL S.A. BR RADL3 BZ 175.77 $4,055.30
B92RW83 LT GROUP INC PH LTG PM 11,680.9 $3,141.65
B9N3SQ0 BB SEGURIDADE PARTICIPACOES BR BBSE3 BZ 607.21 $5,141.29
BB22L96 KION GROUP AG DE KGX GR 207.73 $10,924.42
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 227.71 $3,206.96
BD0PJ08 INMOBILIARIA COLONIAL SOCIMI ES COL SM 793.37 $9,572.11
BD4TZK8 OCI NV NL OCI NA 190.95 $4,503.74
BD9Y5C0 TECHNOGYM SPA IT TGYM IM 1,538.01 $17,096.40
BD9Y9B7 BASIC-FIT NV NL BFIT NA 499.35 $15,643.49
BF1K7P7 ESSITY AKTIEBOLAG-B SE ESSITYB SS 655.15 $19,116.32
BFTCYP4 ROBINSONS RETAIL HOLDINGS IN PH RRHI PM 2,050.15 $3,124.86
BG36ZK1 B3 SA-BRASIL BOLSA BALCAO BR B3SA3 BZ 1,150.51 $12,133.83
BG7ZWY7 AMBEV SA BR ABEV3 BZ 3,004.12 $13,882.00
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 3,064.84 $4,910.58
BH3T8K8 ORBIA ADVANCE CORP SAB DE CV MX 5,816.48 $11,400.70
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 10,386.57 $9,177.80
BJ2KSG2 AKZO NOBEL NL AKZA NA 5,421.63 $483,083.42
BJT1GR5 ALCON INC CH ALC SW 172.42 $10,057.07
BMJ6DW5 INFORMA PLC GB INF LN 1,951.08 $20,433.38
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 17,780.37 $743,715.88
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 2,144.43 $9,998.76
BNGN9Z1 FINECOBANK SPA IT FBK IM 26,807.74 $283,628.25
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 13,453 $416,339.43
BSQXJ01 THULE GROUP AB/THE SE THULE SS 1,037.06 $19,628.29
BVSS790 ELIS SA FR ELIS FP 351.55 $6,213.23
BYXS699 QIAGEN N.V. NL QIA GR 396.77 $12,993.64
BYXZ2W5 RUMO SA BR RAIL3 BZ 878.86 $5,194.98
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 5,125.05 $487,801.93
BYZFYS3 SPIE SA FR SPIE FP 173.38 $3,469.29
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 2,741.26 $13,501.20
BYZR014 AMUNDI SA FR AMUN FP 144.61 $10,073.48
G0750C108 AXALTA COATING SYSTEMS LTD US AXTA 8,862.14 $267,193.54
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 351.55 $10,419.81
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 372.32 $20,645.06
G29183103 EATON CORP PLC US ETN 55.45 $4,610.53
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 2,396.9 $2,480.79
G45667105 HOLLYSYS AUTOMATION TECHNOLOGIES CN HOLI 691.91 $10,510.04
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 103.71 $4,551.65
G5960L103 MEDTRONIC INC IE MDT 8,889.31 $965,556.35
G97822103 PERRIGO CO PLC IE PRGO 277.24 $15,495.03
H01301128 ALCON INC CH ALC 4,072.33 $237,376.36
H1467J104 CHUBB LTD CH CB 33.24 $5,365.78
H8817H100 TRANSOCEAN LTD US RIG 44,499.26 $198,911.69
N22717107 CORE LABORATORIES N.V. NL CLB 7,388.85 $344,467.98
N47279109 INTERXION HOLDING NV NL INXN 3,278.96 $267,104.09
N53745100 LYONDELLBASELL INDU-CL A US LYB 50.49 $4,517.76
N72482123 QIAGEN N.V. ADR NL QGEN 10,096.7 $332,888.34
USD US DOLLAR US 1,313,378.87 $1,313,378.87

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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