Retirement Target 

Fiduciary Supplement

A Guide to Understanding QDIA Investments

FOR INSTITUTIONAL INVESTOR USE ONLY - NOT FOR PUBLIC DISTRIBUTION 

1
www.manning-napier.com

Introduction and Fund Overview 

2
Approved FUNDCIT-INSTL-BK001 (10/13) www.manning-napier.com

Chartered Financial Analyst® is a trademark owned by CFA Institute.

Manning & Napier provides investment advisory services to Exeter Trust Company (ETC), Trustee of the Manning & Napier Collective Investment Trust funds. The Collectives are available only for use 

within certain qualified employee benefit plans. The Manning & Napier Fund, Inc. is managed by Manning & Napier. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier 

and ETC, is the distributor of the Fund shares.

FOR INSTITUTIONAL INVESTOR USE ONLY – NOT FOR PUBLIC DISTRIBUTION

Manning & Napier Advisors, LLC (Manning & Napier) provides a broad range of investment solutions including mutual 

funds and collective investment trust funds. For more information about any of the Manning & Napier Fund, Inc. Series, 

you may obtain a prospectus at www.manning-napier.com or by calling (800) 466-3863. Before investing, carefully 

consider the objectives, risks, charges and expenses of the investment and read the prospectus carefully as it contains 

this and other information about the investment company.

Dear Valued Partner, 

As you may already know, there are real costs associated with the retirement crisis. Employers face costs associated 

with an aging workforce, increased fiduciary risk, and the challenge of recruiting and retaining a talented workforce. 

Employees face costs associated with longer life expectancies, rising health care costs, and trimmed social entitlements. 

With increased costs come new risks, necessitating the use of new risk management techniques. 

As a result of these increased costs, plan failure risk — the risk that a plan will fail to further plan sponsor objectives of 

achieving participant outcomes — is greater than ever. 

The Department of Labor and other regulatory bodies are looking to plan fiduciaries to improve retirement readiness. Plan 

sponsors are looking to plan design and employee engagement best practices to improve retirement readiness. While 

there is no singular risk management tactic that will solve the retirement crisis, automatic features and qualified default 

investment alternatives (QDIAs) are powerful tools that can help address participant inertia. As QDIAs become more 

popular, they are also the subject of increasing regulatory scrutiny, underscoring the importance of fiduciary due diligence.

At Manning & Napier, we are committed to managing risk and improving participant outcomes. We know that at the end 

of the day, it is the participant’s level of retirement readiness that really counts; so we actively manage each and every 

portfolio with a focus on meeting the participant’s investment objectives. Moreover, we are firm believers that fiduciaries 

can make a difference, and that is why we accept the accountability that comes with being a fiduciary. 

In fact, Manning & Napier has accepted co-fiduciary responsibility for asset allocation and stock selection decisions 

within our discretionary separate accounts since the firm’s inception in 1970. With the formation of the Manning & 

Napier Collective Investment Trust (CIT) Funds more than 15 years ago, our affiliate, Exeter Trust Company, acts as an 

ERISA 3(38) fiduciary, accepting responsibility for the prudence of our asset allocation and stock selection decisions 

within our CIT Funds. Although ERISA and SEC regulations do not contemplate a mutual fund manager accepting 

fiduciary responsibility for a plan invested in a fund, we adhere to the same disciplined process and employ the same 

due diligence to the asset allocation and stock selection decisions we make within our mutual fund products as we do 

with the assets invested in our separate accounts and CIT Funds.

So you see, we do not shy away from fiduciary responsibilities; we embrace them wherever possible, and we want 

to assist others in doing the same by making it easier to carry out those tasks. This Fiduciary Supplement provides 

information that will help plan fiduciaries better understand their Manning & Napier funds overall. A transparent view 

of glide path construction, portfolio positioning, and the underlying investments are included to aid plan fiduciaries in 

assessing our investment approach. On top of that, Manning & Napier provides a complete listing of underlying holdings 

available at www.manning-napier.com. Additionally, our Portfolio Strategists are available to discuss the portfolio, as well 

as attribution analysis, in further detail with plan fiduciaries and their advisors. 

Sincerely, 

Jeffrey S. Coons, Ph.D., CFA®

President & Co-Director of Research

Thoughts From Manning & Napier’s 

President and Co-Director of Research

3
Approved FUNDCIT-INSTL-BK004 (10/13) www.manning-napier.com

Our Fiduciary Commitment 

The growth of target date funds as a qualified default investment alternative (QDIA) makes prudent selection and 

evaluation of this option a critical factor for improving participant outcomes and managing risk. But merely establishing and 

documenting the process for QDIA selection and monitoring is not enough. Of the additional target date fund guidance that 

the Department of Labor issued in February 2013, many fiduciaries find the most challenging mandate to be “Understand 

the funds’ investments...and how these will change over time.”1 At Manning & Napier, we understand that fiduciary risk is real. 

Our Target Date QDIA Pledge is intended to provide plan fiduciaries with the information they need to understand the funds’ 

investments, and ultimately, have confidence that target date funds are the right QDIA choice for the plan and participants. 

The Manning & Napier Target Date QDIA Pledge

1

U.S. Department of Labor. “Target Date Retirement Funds – Tips for ERISA Plan Fiduciaries.” Web http://www.dol.gov/ebsa/pdf/fsTDF.pdf. February 2013. 

Please note that diversification does not assure a profit or protect against loss in a declining market.

Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company (ETC), Trustee of the Manning & Napier Collective Investment Trust funds. The Collectives are 

available only for use within certain qualified employee benefit plans. The Manning & Napier Fund, Inc. is managed by Manning & Napier. Manning & Napier Investor Services, Inc., an affiliate of Manning 

& Napier and ETC, is the distributor of the Fund shares.

FOR INSTITUTIONAL INVESTOR USE ONLY - NOT FOR PUBLIC DISTRIBUTION

Manning & Napier’s target date offerings include mutual funds (Manning & Napier Fund, Inc. Target Series) and affiliate 

collective investment trust (CIT) funds (Manning & Napier Retirement Target CIT Funds and Manning & Napier GOALSM CIT 

Funds). Because target date 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. Additionally, some target date funds invest in other funds and therefore, may have additional risks associated with the 

underlying funds. 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).

For more information about any of the Manning & Napier Fund, Inc. Series, you may obtain a prospectus at www.manning-napier.com 

or by calling (800) 466-3863. Before investing, carefully consider the objectives, risks, charges and expenses of the investment and 

read the prospectus carefully as it contains this and other information about the investment company.

Our target date funds will continue to satisfy 

ERISA requirements of a QDIA

• Do not invest in employer securities except as a registered 

investment company

• Do not impose any restrictions, fees or expenses 

inconsistent with the QDIA requirements

• Are managed by a 3(38) investment manager or registered 

investment company

• Are comprised of a mix of investments that takes into 

account the individuals’ age or retirement date

We will actively manage target date fund assets 

exclusively for the benefit of plan participants

• Risk defined as factors that would prevent a participant

from meeting investment goals

• Coordinated diversification through active investment 

selection

• Seek absolute returns over full market cycles

We will prudently shift target date fund asset 

allocation in accordance with our disciplined 

process 

• Over 40 years of active asset allocation experience 

• Continual oversight by the Senior Research Group, whose 

members average approximately 18 years tenure with the firm

• Full disclosure of material changes to the management team, 

glide path construction, and investment process if they occur

• Voluntarily subject our fundamental investment process to 

audit examination

We will disclose, in detail, information required to 

help fiduciaries understand the target date funds’ 

investments and how they change over time 

• Quarterly Market Reviews – communicating 

market overviews and our resulting active risk 

management strategies

• Disclosure of current portfolio positioning including 

underlying holdings and attribution

We will continuously work toward making sure our 

funds’ expense ratios are commensurate with the 

value the funds provide

• Competitively priced funds with multiple classes 

to meet plan needs

• Published mutual fund and collective investment 

trust fund net expense ratios

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QDIA Manager Attestations & Fund Snapshot

Approved CIT-RT011.4 (1/14)

1

Reflective of the oldest unit class, Class S for the ten year increments and Class I for the five year increments, of the Manning & Napier Retirement Target Collective Investment Trust Funds. 

Investments will change over time. 

Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company, Trustee of the Manning & Napier Collective Investment Trust funds. The Collectives are available 

only for use within certain qualified employee benefit plans. Manning & Napier, Inc., Manning & Napier, and Exeter Trust Company are affiliates.

Each Manning & Napier Retirement Target CIT Fund is invested in one or two of four proprietary lifestyle 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. 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).

Manning & Napier Retirement Target Collective Investment Trust (CIT) Funds

Overview

Target Date Strategy Name Retirement Target

Inception Date1 Ten Year Increments: 01/06/2005 

Five Year Increments: 08/03/2012

Number of Investment Options 11

Glide Path Construction

Maximum Equity Percentage 95%

Equity Percentage at Target Retirement Date 20% - 60% Range

To/Through Through

Landing Point Five Years After Target Retirement Date

Equity Percentage at Landing Point 15% - 45% Range

Management Assessment

Internally/Externally Managed 100% Internally Managed

Multi-Manager Approach No

Number of Distinct Underlying Portfolio Management Teams One

(with Oversight by the Firm’s Senior Research Group)

Number of Team Members / “Portfolio Managers” 13

Average Tenure of Team Members / “Portfolio Managers” 18 Years

Portfolio Composition Assessment

Coordinated or Uncoordinated Approach

Coordinated 

(Portfolio Constructed by a Single Management Team 

Focused on Life Cycle Objectives)

Portfolio Structure Non traditional fund-of-funds

Asset Allocation Approach

Flexible 

(Asset Allocation Decisions Are Governed by a Flexible, 

Well-Defined Range)

Security Selection Approach Predominately Employed 100% Actively Managed

Diversification

Largest Number of Underlying Funds Two

Largest Number of Total Securities (as of 12/31/2013) 901

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Market Assessment

6
Approved FUNDCIT-INSTL-BK027-R (11/13) www.manning-napier.com

Managing Risk Helps Drive Outcomes 

Through Glide Range Phases 

 Our Glide Range - A Focus on Both Time and Market Conditions 

Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company (ETC), Trustee of the Manning & Napier Collective Investment Trust funds. The Collectives are 

available only for use within certain qualified employee benefit plans. The Manning & Napier Fund, Inc. is managed by Manning & Napier. Manning & Napier Investor Services, Inc., an affiliate of Manning & 

Napier and ETC, is the distributor of the Fund shares.

Manning & Napier’s target date offerings include mutual funds (Manning & Napier Fund, Inc. Target Series) and affiliate collective investment 

trust (CIT) funds (Manning & Napier Retirement Target CIT Funds and Manning & Napier GOALSM CIT Funds). 

Because target date 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. Additionally, some target date funds invest in other 

funds and therefore, may have additional risks associated with the underlying funds. 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).

For more information about any of the Manning & Napier Fund, Inc. Series, you may obtain a prospectus at www.manning-napier.com or 

by calling (800) 466-3863. Before investing, carefully consider the objectives, risks, charges and expenses of the investment and read the 

prospectus carefully as it contains this and other information about the investment company.

Manning & Napier’s flexible glide “range” accounts for both time to retirement and the current market environment. Our 

active approach to investment management is designed to balance the often conflicting goals of managing capital risk, 

inflation risk, and reinvestment rate risk as participants move through each phase of the glide path. 

Early Career Mid Career Near Retirement In Retirement 

Participant Profile 

New to workforce 

Moderate salary

Low balance 

Initial contribution rate 

approx. 6% 

Fruitful earnings years

Potentially meaningful 

balance

Increased contribution rates 

Retirement in sight 

Significant earning years

High portfolio balance 

Contributions remain 

meaningful 

Retirement imminent

Consideration of income 

replacement

Spending needs a concern

Contributions likely cease 

Risk Management 

Profile 

Manage for long-term 

capital appreciation

Less attention to market 

volatility 

Capital risk not a concern 

Avoid reinvestment rate risk 

Manage primarily for longterm capital appreciation

Less attention to market 

volatility 

Increased attention to 

management of capital risk 

Avoid reinvestment rate risk 

Capital growth and 

preservation equally 

targeted 

Increased management of 

volatility and capital risk 

Emphasis on preserving 

capital

Management of inflation 

and capital risks targeted

Portfolio Profile Long duration assets with 

significant equity exposure 

Long duration assets with 

equity exposure moderating 

Balance of equity and fixed 

income 

Interest- and dividendpaying securities majority 

of holdings with modest 

exposure to growth 

potential 

FOR INSTITUTIONAL INVESTOR USE ONLY - NOT FOR PUBLIC DISTRIBUTION 

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Market Assessment

Economic Outlook

• In the current environment, we are maintaining our slow growth economic outlook.

• We expect growth levels in developed markets to stabilize at weak levels due to persisting headwinds to more 

robust economic growth.

• Emerging market growth rates have been decelerating but should stabilize in the future, albeit at a slower pace 

than was witnessed in the years immediately following the global financial crisis.

Risk Assessment

• Reinvestment rate risk is the largest risk facing long-term investors. We define reinvestment rate risk as the risk of 

earning absolute returns that are insufficient to allow investors to achieve their long-term objectives.

• Against a slow growth backdrop, investors should not confuse volatility with capital risk.

Equity Markets

• Our indicators suggest that returns in equity markets are likely to moderate following the strong rally from late 

2012 into 2013.

• Subsequent bouts of volatility are likely against the backdrop of slow economic growth.

• In a slow growth environment, businesses find it difficult to grow sales – passive investment strategies linked 

to broad equity indices that generally track the global economy may struggle to generate adequate return for 

investors.

• Our primary focus is on finding companies that are expected to grow multiple times faster than the broad 

economy.

• By investing in companies with strong fundamentals at reasonable valuations and companies with stable 

fundamentals at attractive valuations we aim to generate more attractive absolute returns.

Bond Markets

• Traditionally “safe” investments such as U.S. Treasuries may contain large risks. Future returns may turn negative 

as low current yields are insufficient to offset the impact of price declines in a rising interest rate environment.

• We continue to find opportunities in the corporate sector.

• Across all sectors, we are focused on shorter-duration securities.

• It is critical to avoid reaching for yield and exposing investors to unnecessary risk.

Approved FUNDCIT-INSTL-BK029 (10/13)

Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company (ETC), Trustee of the Manning & Napier Collective Investment Trust funds. The Collectives are 

available only for use within certain qualified employee benefit plans. The Manning & Napier Fund, Inc. is managed by Manning & Napier. Manning & Napier Investor Services, Inc., an affiliate of Manning & 

Napier and ETC, is the distributor of the Fund shares.

For more information about any of the Manning & Napier Fund, Inc. Series, you may obtain a prospectus at 

www.manning-napier.com or by calling (800) 466-3863. Before investing, carefully consider the objectives, risks, charges 

and expenses of the investment and read the prospectus carefully as it contains this and other information about the 

investment company.

All investment strategies involve risks and there is no guarantee of a profit, or protection against a loss.

FOR INSTITUTIONAL INVESTOR USE ONLY - NOT FOR PUBLIC DISTRIBUTION 

8
www.manning-napier.com

Portfolio Positioning

9
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Our Commitment to Transparency

In order to best perform their due diligence responsibilities, plan fiduciaries should have a clear understanding of 

the composition of a plan’s investment options. Obtaining this information on target date funds, which typically use a 

fund-of-funds structure, can be particularly difficult. In such cases, managers may simply report the underlying funds 

as opposed to the actual securities. This limited information does little to shed light on the target fund’s composition 

at a more granular level, making an analysis of fund characteristics, such as diversification, difficult. 

Manning & Napier can provide detailed insight regarding the:

• Extent to which each target date fund is diversified at an asset-, sector-, and security-level

• Degree to which the equity portion of the fund is actively managed

• Composition of each target date fund

Diversification

Target date options are designed and managed to be an all-in-one investment solution for plan participants. As a result, 

they are generally diversified across multiple asset classes, market capitalizations, and geographic regions. Such 

diversification serves as a tool with which to manage risk.

While it is important that target funds are well-diversified, it is equally important to avoid over-diversification. Fiduciaries 

should be wary of managers who over-diversify beyond a point where additional diversification could detract from the 

ability of the fund to meet its stated objective. 

The most likely result of over-diversification is index-like returns. For example, if multiple managers lack proper 

coordination, or if the fund invests in too many underlying funds or securities, the target date fund could end up looking 

like the broader market. In this case, it becomes exceedingly difficult for the manager to add value versus the broad 

market from the perspective of security selection.

Manning & Napier builds portfolios one security at a time. A complete list of underlying holdings is available at 

www.manning-napier.com. Additionally, our Portfolio Strategists are available to discuss the portfolio, as well as attribution 

analysis, in further detail with plan fiduciaries and their advisors. 

Approved FUNDCIT-INSTL-BK028-R (11/13)

Please note that diversification does not assure a profit or protect against loss in a declining market.

Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company (ETC), Trustee of the Manning & Napier Collective Investment Trust funds. The Collectives are available 

only for use within certain qualified employee benefit plans. The Manning & Napier Fund, Inc. is managed by Manning & Napier. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier and ETC, 

is the distributor of the Fund shares.

For more information about any of the Manning & Napier Fund, Inc. Series, you may obtain a prospectus at 

www.manning-napier.com or by calling (800) 466-3863. Before investing, carefully consider the objectives, risks, charges 

and expenses of the investment and read the prospectus carefully as it contains this and other information about the 

investment company.

Manning & Napier’s target date offerings include mutual funds (Manning & Napier Fund, Inc. Target Series) and affiliate 

collective investment trust (CIT) funds (Manning & Napier Retirement Target CIT Funds and Manning & Napier GOALSM

CIT Funds). 

Because target date 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. Additionally, some target date funds invest in other funds and therefore, may have additional risks associated 

with the underlying funds. 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).

FOR INSTITUTIONAL INVESTOR USE ONLY - NOT FOR PUBLIC DISTRIBUTION

10
www.manning-napier.com

Building Life Cycle Portfolios 

One Security at a Time

Approved FUNDCIT-BK004 (4/14)

All investment strategies involve risks and there is no guarantee of a profit, or protection against a loss.

Please note that diversification does not assure a profit or protect against loss in a declining market.

Manning & Napier provides investment advisory services to Exeter Trust Company (ETC), Trustee of the Manning & Napier Collective Investment Trust funds. The Collectives are available only for use within certain 

qualified employee benefit plans. The Manning & Napier Fund, Inc. is managed by Manning & Napier. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier and ETC, is the distributor 

of the Fund shares.

• Fully diversified portfolios

• Transparency derived through individual securities

• Coordinated buy/sell decisions

• Flexibility to seek absolute returns

Manning & Napier Advisors, LLC (Manning & Napier) provides a broad range of investment solutions including mutual 

funds and collective investment trust funds.For more information about any of the Manning & Napier Fund, Inc. Series, you 

may obtain a prospectus at www.manning-napier.com or by calling (800) 466-3863. Before investing, carefully consider 

the objectives, risks, charges and expenses of the investment and read the prospectus carefully as it contains this and 

other information about the investment company.

Portfolio Composition

Equity Diversification Large Cap Value

Large Cap Growth

Mid Cap Value

Mid Cap Growth

Small Cap Value

Small Cap Growth

Developed Markets

Emerging Markets

Real Estate

Commodities and/or Commodity-Related Equities

Fixed Income Diversification Long Duration Treasury Bonds

Short Duration Treasury Bonds

Investment-Grade Corporate Bonds

High-Yield Bonds

Pass-Through Securities

International Bonds

Treasury Inflation-Protected Securities

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Sector Allocation Snapshot

Manning & Napier Retirement Target 

Collective Investment Trust Funds

18.07%

17.30%

14.12%

6.54%

13.78%

8.04%

15.21%

6.75%

0.19%

0.00%

17.80%

13.89%

14.66%

13.54%

11.29%

6.71%

15.46%

5.90%

0.10%

0.65%

Consumer Discretionary

Consumer Staples

Energy

Financials

Health Care

Industrials

Information Technology

Materials

Telecommunication Services

Utilities

Retirement Target 2055 CIT Fund Retirement Target Income CIT Fund

Each Manning & Napier Retirement Target Collective Investment Trust (CIT) Fund is actively managed by our 

Multi-Asset Class Core Management Team. Rather than just scaling exposure to identical funds or securities, 

we individually manage each CIT Fund to help better position plan participants to achieve their long-term 

investment objectives. 

Approved CIT-RT007.1 (4/14)

Based on the investments of the underlying fund(s): 100% Manning & Napier Pro-Mix® Maximum Term Collective Investment Trust (CIT) Fund for Retirement Target 2055 CIT Fund and 100% Manning & Napier ProMix® Conservative Term CIT Fund for Retirement Target Income CIT Fund. Investments will change over time and as the target date fund gradually becomes more conservative. The Global Industry Classification 

Standard (GICS) was developed by and is the exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use 

by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or 

representations with respect to such standard or classification nor shall any such party have any liability therefrom.

Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company, Trustee of the Manning & Napier Collective Investment Trust funds. The Collectives are 

available only for use within certain qualified employee benefit plans.

Equity Sector Exposure (as of 03/31/2014)

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Portfolio Summary as of 03/31/2014

Manning & Napier Retirement Target 

Collective Investment Trust (CIT) Funds

Retirement Target 2055 

CIT Fund

Retirement Target 2050 

CIT Fund

Retirement Target 2045 

CIT Fund

Retirement Target 2040 

CIT Fund

Range of 

Stock Exposure

70% - 95% 

83% midpoint

70% - 95% 

83% midpoint

70% - 95% 

83% midpoint

64% - 91% 

78% midpoint

Asset Class

Allocation1

Stocks 86.06% Stocks 86.06% Stocks 86.06% Stocks 82.24%

Bonds 9.61% Bonds 9.61% Bonds 9.61% Bonds 13.97%

Cash 4.33% Cash 4.33% Cash 4.33% Cash 3.79%

Sector 

Allocation1

Consumer Discretionary 15.54% Consumer Discretionary 15.54% Consumer Discretionary 15.54% Consumer Discretionary 15.30%

Consumer Staples 14.89% Consumer Staples 14.89% Consumer Staples 14.89% Consumer Staples 13.68%

Energy 12.15% Energy 12.15% Energy 12.15% Energy 11.61%

Financials 5.63% Financials 5.63% Financials 5.63% Financials 5.67%

Health Care 11.86% Health Care 11.86% Health Care 11.86% Health Care 10.91%

Industrials 6.92% Industrials 6.92% Industrials 6.92% Industrials 6.54%

Information Technology 13.09% Information Technology 13.09% Information Technology 13.09% Information Technology 12.77%

Materials 5.81% Materials 5.81% Materials 5.81% Materials 5.59%

Telecommunication Services 0.16% Telecommunication Services 0.16% Telecommunication Services 0.16% Telecommunication Services 0.16%

Utilities -- Utilities -- Utilities -- Utilities --

Other Equity -- Other Equity -- Other Equity -- Other Equity --

Agency 2.40% Agency 2.40% Agency 2.40% Agency 2.79%

Corporate 5.47% Corporate 5.47% Corporate 5.47% Corporate 7.64%

Government -- Government -- Government -- Government 0.31%

Mortgage 1.49% Mortgage 1.49% Mortgage 1.49% Mortgage 2.37%

Treasury -- Treasury -- Treasury -- Treasury --

Other Fixed 0.26% Other Fixed 0.26% Other Fixed 0.26% Other Fixed 0.87%

Cash 4.33% Cash 4.33% Cash 4.33% Cash 3.79%

Total Holdings1 438 438 438 771

Top Ten 

Investments1

GOVERNMENT AGENCY 4.06% GOVERNMENT AGENCY 4.06% GOVERNMENT AGENCY 4.06% GOVERNMENT AGENCY 5.36%

E M C CORP MASS 2.56% E M C CORP MASS 2.56% E M C CORP MASS 2.56% E M C CORP MASS 2.47%

HESS CORP 2.30% HESS CORP 2.30% HESS CORP 2.30% HESS CORP 2.40%

ALCOA INC 1.83% ALCOA INC 1.83% ALCOA INC 1.83% ALCOA INC 1.80%

CAMERON 

INTERNATIONAL CORP 1.75% CAMERON INTERNATIONAL CORP 1.75% CAMERON INTERNATIONAL CORP 1.75% CAMERON 

INTERNATIONAL CORP 1.62%

NESTLE SAREGISTERED 1.60% NESTLE SAREGISTERED 1.60% NESTLE SAREGISTERED 1.60% NESTLE SAREGISTERED 1.58%

AMBEV SA-ADR 1.54% AMBEV SA-ADR 1.54% AMBEV SA-ADR 1.54% DIRECTV GROUP INC 1.51%

UNILEVER PLCSPONSORED ADR 1.52% UNILEVER PLCSPONSORED ADR 1.52% UNILEVER PLCSPONSORED ADR 1.52% JOHNSON & JOHNSON 1.49%

JOHNSON & JOHNSON 1.52% JOHNSON & JOHNSON 1.52% JOHNSON & JOHNSON 1.52% UNILEVER PLCSPONSORED ADR 1.46%

ANHEUSER-BUSCH 

INBEV NV 1.50% ANHEUSER-BUSCH INBEV NV 1.50% ANHEUSER-BUSCH INBEV NV 1.50% APPLE COMPUTER INC 1.42%

Fund Facts

Class S Class S Class S Class S 

CUSIP 302027537 CUSIP 302027859 CUSIP 302027560 CUSIP 563821156

Expense Ratio 

After Fee Waiver* 0.98% Expense Ratio After Fee Waiver* 0.98% Expense Ratio After Fee Waiver* 0.98% Expense Ratio After Fee Waiver* 0.98%

Class I Class I Class I Class I

CUSIP 302027545 CUSIP 302027552 CUSIP 302027578 CUSIP 302027586

Expense Ratio 

After Fee Waiver* 0.69% Expense Ratio After Fee Waiver* 0.69% Expense Ratio After Fee Waiver* 0.69% Expense Ratio After Fee Waiver* 0.69%

Class U Class U Class U Class U

CUSIP 302028840 CUSIP 302028857 CUSIP 302028865 CUSIP 302028873

Expense Ratio 

After Fee Waiver* 0.55% Expense Ratio After Fee Waiver* 0.55% Expense Ratio After Fee Waiver* 0.55% Expense Ratio After Fee Waiver* 0.55%

*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. The Manning & Napier Retirement Target CIT Funds do not have investment minimums.

1 of 3

1

Based on the investments of the underlying fund(s): 100% Manning & Napier Pro-Mix® Maximum Term Collective Investment Trust (CIT) Fund for Retirement Target 2055, 2050, and 2045 CIT Funds; 80% Manning & 

Napier Pro-Mix® Maximum Term CIT Fund and 20% Manning & Napier Pro-Mix® Extended Term CIT Fund for Retirement Target 2040 CIT Fund. Investments will change over time and as the target date fund gradually 

becomes more conservative. Due to rounding, totals may not equal the sum of each category. Top Ten Investments list is unaudited and excludes cash. 

Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company, Trustee of the Manning & Napier Collective Investment Trust funds. The Collectives 

are available only for use within certain qualified employee benefit plans. 

13
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Portfolio Summary as of 03/31/2014

Manning & Napier Retirement Target 

Collective Investment Trust (CIT) Funds

2 of 3

Retirement Target 2035 

CIT Fund

Retirement Target 2030 

CIT Fund

Retirement Target 2025 

CIT Fund

Retirement Target 2020 

CIT Fund

Range of 

Stock Exposure

56% - 86%

71% midpoint

47% - 78% 

63% midpoint

32% - 72% 

52% midpoint

26% - 66% 

46% midpoint

Asset Class

Allocation1

Stocks 77.46% Stocks 72.64% Stocks 67.80% Stocks 57.85%

Bonds 19.42% Bonds 24.92% Bonds 30.44% Bonds 39.71%

Cash 3.12% Cash 2.44% Cash 1.76% Cash 2.44%

Sector 

Allocation1

Consumer Discretionary 15.02% Consumer Discretionary 14.72% Consumer Discretionary 14.44% Consumer Discretionary 12.33%

Consumer Staples 12.17% Consumer Staples 10.65% Consumer Staples 9.12% Consumer Staples 7.40%

Energy 10.94% Energy 10.26% Energy 9.58% Energy 8.39%

Financials 5.71% Financials 5.76% Financials 5.80% Financials 5.15%

Health Care 9.72% Health Care 8.53% Health Care 7.32% Health Care 6.01%

Industrials 6.07% Industrials 5.59% Industrials 5.12% Industrials 4.28%

Information Technology 12.36% Information Technology 11.95% Information Technology 11.54% Information Technology 10.18%

Materials 5.31% Materials 5.03% Materials 4.75% Materials 3.98%

Telecommunication Services 0.15% Telecommunication Services 0.15% Telecommunication Services 0.14% Telecommunication Services 0.12%

Utilities -- Utilities -- Utilities -- Utilities --

Other Equity -- Other Equity -- Other Equity -- Other Equity --

Agency 3.28% Agency 3.78% Agency 4.27% Agency 7.29%

Corporate 10.35% Corporate 13.08% Corporate 15.82% Corporate 20.78%

Government 0.70% Government 1.09% Government 1.48% Government 1.50%

Mortgage 3.47% Mortgage 4.57% Mortgage 5.69% Mortgage 6.41%

Treasury -- Treasury -- Treasury -- Treasury --

Other Fixed 1.63% Other Fixed 2.40% Other Fixed 3.17% Other Fixed 3.74%

Cash 3.12% Cash 2.44% Cash 1.76% Cash 2.44%

Total Holdings1 771 771 771 792

Top Ten 

Investments1

GOVERNMENT AGENCY 6.96% GOVERNMENT AGENCY 8.56% GOVERNMENT AGENCY 10.14% GOVERNMENT AGENCY 14.04%

HESS CORP 2.54% HESS CORP 2.67% HESS CORP 2.80% HESS CORP 2.40%

E M C CORP MASS 2.35% E M C CORP MASS 2.22% E M C CORP MASS 2.11% E M C CORP MASS 1.78%

ALCOA INC 1.77% ALCOA INC 1.73% DIRECTV GROUP INC 1.75% DIRECTV GROUP INC 1.51%

DIRECTV GROUP INC 1.59% DIRECTV GROUP INC 1.67% ALCOA INC 1.70% JUNIPER NETWORKS 

INC 1.47%

NESTLE SAREGISTERED 1.56% NESTLE SAREGISTERED 1.54% ELECTRONIC ARTS 1.56% ALCOA INC 1.45%

CAMERON 

INTERNATIONAL CORP 1.45% APPLE COMPUTER INC 1.41% NESTLE SAREGISTERED 1.53% ELECTRONIC ARTS 1.38%

JOHNSON & JOHNSON 1.45% JOHNSON & JOHNSON 1.41% APPLE COMPUTER INC 1.40% NESTLE SAREGISTERED 1.28%

APPLE COMPUTER INC 1.42% CERNER CORP 1.36% JOHNSON & JOHNSON 1.37% JOHNSON & JOHNSON 1.16%

UNILEVER PLCSPONSORED ADR 1.39% ELECTRONIC ARTS 1.35% CERNER CORP 1.35% CERNER CORP 1.15%

Fund Facts

Class S Class S Class S Class S 

CUSIP 302027594 CUSIP 563821164 CUSIP 302027636 CUSIP 563821172

Expense Ratio 

After Fee Waiver* 0.98% Expense Ratio After Fee Waiver* 0.98% Expense Ratio After Fee Waiver* 0.98% Expense Ratio After Fee Waiver* 0.98%

Class I Class I Class I Class I 

CUSIP 302027610 CUSIP 302027628 CUSIP 302027644 CUSIP 302027669

Expense Ratio 

After Fee Waiver* 0.69% Expense Ratio After Fee Waiver* 0.69% Expense Ratio After Fee Waiver* 0.69% Expense Ratio After Fee Waiver* 0.69%

Class U Class U Class U Class U

CUSIP 302028881 CUSIP 302028808 CUSIP 302028709 CUSIP 302028600

Expense Ratio 

After Fee Waiver* 0.55% Expense Ratio After Fee Waiver* 0.55% Expense Ratio After Fee Waiver* 0.55% Expense Ratio After Fee Waiver* 0.55%

*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. The Manning & Napier Retirement Target CIT Funds do not have investment minimums.

1

Based on the investments of the underlying fund(s): 55% Manning & Napier Pro-Mix® Maximum Term CIT Fund and 45% Manning & Napier Pro-Mix® Extended Term CIT Fund for Retirement Target 2035 CIT 

Fund; 30% Manning & Napier Pro-Mix® Maximum Term CIT Fund and 70% Manning & Napier Pro-Mix® Extended Term CIT Fund for Retirement Target 2030 CIT Fund; 5% Manning & Napier Pro-Mix® Maximum 

Term CIT Fund and 95% Manning & Napier Pro-Mix® Extended Term CIT Fund for Retirement Target 2025 CIT Fund; 40% Manning & Napier Pro-Mix® Extended Term CIT Fund and 60% Manning & Napier ProMix® Moderate Term CIT Fund for Retirement Target 2020 CIT Fund. Investments will change over time and as the target date fund gradually becomes more conservative. Due to rounding, totals may not equal the 

sum of each category. Top Ten Investments list is unaudited and excludes cash.

14
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Portfolio Summary as of 03/31/2014

Manning & Napier Retirement Target 

Collective Investment Trust (CIT) Funds

3 of 3

Retirement Target 2015

CIT Fund

Retirement Target 2010

CIT Fund

Retirement Target Income 

CIT Fund

Range of 

Stock Exposure

21% - 61%

41% midpoint

16% - 48% 

32% midpoint

15% - 45% 

30% midpoint

Asset Class

Allocation1

Stocks 52.62% Stocks 39.86% Stocks 36.85%

Bonds 44.46% Bonds 57.87% Bonds 61.06%

Cash 2.92% Cash 2.27% Cash 2.09%

Sector 

Allocation1

Consumer Discretionary 11.15% Consumer Discretionary 7.44% Consumer Discretionary 6.56%

Consumer Staples 6.58% Consumer Staples 5.39% Consumer Staples 5.12%

Energy 7.78% Energy 5.86% Energy 5.40%

Financials 4.77% Financials 4.93% Financials 4.99%

Health Care 5.39% Health Care 4.39% Health Care 4.16%

Industrials 3.85% Industrials 2.74% Industrials 2.47%

Information Technology 9.44% Information Technology 6.42% Information Technology 5.70%

Materials 3.56% Materials 2.44% Materials 2.18%

Telecommunication Services 0.11% Telecommunication Services 0.05% Telecommunication Services 0.04%

Utilities -- Utilities 0.19% Utilities 0.24%

Other Equity -- Other Equity -- Other Equity --

Agency 8.99% Agency 10.34% Agency 10.62%

Corporate 23.31% Corporate 32.07% Corporate 34.14%

Government 1.47% Government 1.80% Government 1.89%

Mortgage 6.70% Mortgage 8.34% Mortgage 8.74%

Treasury -- Treasury -- Treasury --

Other Fixed 3.98% Other Fixed 5.33% Other Fixed 5.66%

Cash 2.92% Cash 2.27% Cash 2.09%

Total Holdings1 792 935 770

Top Ten 

Investments1

GOVERNMENT AGENCY 16.16% GOVERNMENT AGENCY 19.11% GOVERNMENT AGENCY 19.77%

HESS CORP 2.15% HESS CORP 1.43% HESS CORP 1.26%

JUNIPER NETWORKS 

INC 1.67% E M C CORP MASS 1.20% E M C CORP MASS 1.11%

E M C CORP MASS 1.60% JOHNSON & JOHNSON 1.08% JOHNSON & JOHNSON 1.09%

DIRECTV GROUP INC 1.36% APPLE COMPUTER INC 0.93% APPLE COMPUTER INC 0.95%

ALCOA INC 1.30% DIRECTV GROUP INC 0.88%

BBVA US SENIOR 

SA UNIPER 4.66400 

10/09/2015

0.95%

ELECTRONIC ARTS 1.24% ALCOA INC 0.86% GENWORTH FINANCIAL 

INC 7.62500 09/24/2021 0.88%

NESTLE SAREGISTERED 1.13%

BBVA US SENIOR 

SA UNIPER 4.66400 

10/09/2015

0.84%

JEFFERIES GROUP 

JEF8 1/2 8.50000 

07/15/2019

0.84%

JOHNSON & JOHNSON 1.04% ELECTRONIC ARTS 0.83% DIRECTV GROUP INC 0.77%

CERNER CORP 1.04% GENWORTH FINANCIAL 

INC 7.62500 09/24/2021 0.80% ALCOA INC 0.76%

Fund Facts

Class S Class S Class S 

CUSIP 302027677 CUSIP 563821180 CUSIP 563821198

Expense Ratio 

After Fee Waiver* 0.98% Expense Ratio After Fee Waiver* 0.97% Expense Ratio After Fee Waiver* 0.98%

Class I Class I Class I 

CUSIP 302027685 CUSIP 302027693 CUSIP 302027651

Expense Ratio 

After Fee Waiver* 0.69% Expense Ratio After Fee Waiver* 0.68% Expense Ratio After Fee Waiver* 0.69%

Class U Class U Class U 

CUSIP 302028501 CUSIP 302028402 CUSIP 302028832

Expense Ratio 

After Fee Waiver* 0.55% Expense Ratio After Fee Waiver* 0.55% Expense Ratio 

After Fee Waiver* 0.55%

*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. The Manning & Napier Retirement Target CIT Funds do not have investment minimums.

1

Based on the investments of the underlying fund(s): 5% Manning & Napier Pro-Mix® Extended Term CIT Fund and 95% Manning & Napier Pro-Mix® Moderate Term CIT Fund for Retirement Target 2015 CIT Fund; 

20% Manning & Napier Pro-Mix® Moderate Term CIT Fund and 80% Manning & Napier Pro-Mix® Conservative Term CIT Fund for Retirement Target 2010 CIT Fund; 100% Manning & Napier Pro-Mix® Conservative 

Term CIT Fund for Retirement Target Income CIT Fund. Investments will change over time and as the target date fund gradually becomes more conservative. Due to rounding, totals may not equal the sum of each 

category. Top Ten Investments list is unaudited and excludes cash.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. 

(S&P) and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express 

or implied warranties or representations with respect to such standard or classification nor shall any such party have any liability therefrom.

Approved CIT-RT006.1 (4/14)

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Glide Range and Detailed Asset Class Allocation1 (as of 03/31/2014)

Years To Retirement: 

Manning & Napier Retirement Target 

Collective Investment Trust (CIT) Funds

Retirement 

Target 2055 

CIT Fund

Retirement 

Target 2050 

CIT Fund

Retirement 

Target 2045 

CIT Fund

Retirement 

Target 2040 

CIT Fund

Retirement 

Target 2035 

CIT Fund

Retirement 

Target 2030 

CIT Fund

Retirement 

Target 2025 

CIT Fund

Retirement 

Target 2020 

CIT Fund

Retirement 

Target 2015 

CIT Fund

Range of 

Stock 

Exposure

70% - 95% 

83% midpoint

70% - 95% 

83% midpoint

70% - 95% 

83% midpoint

64% - 91% 

78% midpoint

56% - 86%

71% midpoint

47% - 78% 

63% midpoint

32% - 72% 

52% midpoint

26% - 66% 

46% midpoint

21% - 61%

41% midpoint

Total 

Holdings 438 438 438 771 771 771 771 792 792

Stocks 86.06% 86.06% 86.06% 82.24% 77.46% 72.64% 67.80% 57.85% 52.62%

International 22.54% 22.54% 22.54% 21.51% 20.22% 18.91% 17.60% 14.92% 13.52%

Small Cap 3.29% 3.29% 3.29% 3.04% 2.73% 2.42% 2.11% 1.77% 1.61%

Mid Cap 17.09% 17.09% 17.09% 15.91% 14.43% 12.94% 11.45% 9.62% 8.74%

Large Cap 43.14% 43.14% 43.14% 41.78% 40.08% 38.37% 36.65% 31.53% 28.76%

Bonds 9.61% 9.61% 9.61% 13.97% 19.42% 24.92% 30.44% 39.71% 44.46%

Long-Term 0.33% 0.33% 0.33% 0.94% 1.69% 2.45% 3.21% 3.64% 3.79%

IntermediateTerm 9.06% 9.06% 9.06% 12.54% 16.90% 21.30% 25.71% 33.20% 37.02%

Short-Term 0.22% 0.22% 0.22% 0.49% 0.83% 1.17% 1.51% 2.88% 3.64%

Cash 4.33% 4.33% 4.33% 3.79% 3.12% 2.44% 1.76% 2.44% 2.92%

Please see next page for additional data and disclosures.

1 of 2

2050 2045

2040

2035

2030

2025

2020

2015

2055

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Years After Retirement:

Manning & Napier Retirement Target 

Collective Investment Trust (CIT) Funds 

1

Based on the investments of the underlying fund(s): 100% Manning & Napier Pro-Mix® Maximum Term Collective Investment Trust (CIT) Fund for Retirement Target 2055, 2050, and 2045 CIT Funds; 80% Manning 

& Napier Pro-Mix® Maximum Term CIT Fund and 20% Manning & Napier Pro-Mix® Extended Term CIT Fund for Retirement Target 2040 CIT Fund; 55% Manning & Napier Pro-Mix® Maximum Term CIT Fund and 

45% Manning & Napier Pro-Mix® Extended Term CIT Fund for Retirement Target 2035 CIT Fund; 30% Manning & Napier Pro-Mix® Maximum Term CIT Fund and 70% Manning & Napier Pro-Mix® Extended Term 

CIT Fund for Retirement Target 2030 CIT Fund; 5% Manning & Napier Pro-Mix® Maximum Term CIT Fund and 95% Manning & Napier Pro-Mix® Extended Term CIT Fund for Retirement Target 2025 CIT Fund; 40% 

Manning & Napier Pro-Mix® Extended Term CIT Fund and 60% Manning & Napier Pro-Mix® Moderate Term CIT Fund for Retirement Target 2020 CIT Fund; 5% Manning & Napier Pro-Mix® Extended Term CIT Fund 

and 95% Manning & Napier Pro-Mix® Moderate Term CIT Fund for Retirement Target 2015 CIT Fund; 20% Manning & Napier Pro-Mix® Moderate Term CIT Fund and 80% Manning & Napier Pro-Mix® Conservative 

Term CIT Fund for Retirement Target 2010 CIT Fund; 100% Manning & Napier Pro-Mix® Conservative Term CIT Fund for Retirement Target Income CIT Fund. Investments will change over time and as the target 

date fund gradually becomes more conservative. Due to rounding, totals may not equal the sum of each category.

Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company, Trustee of the Manning & Napier Collective Investment Trust funds. The Collectives are 

available only for use within certain qualified employee benefit plans. 

Approved CIT-RT005.1 (4/14)

Retirement 

Target 2010

CIT Fund

Retirement 

Target Income

CIT Fund

Range of 

Stock 

Exposure

16% - 48% 

32% midpoint

15% - 45% 

30% midpoint

Total 

Holdings 935 770

Stocks 39.86% 36.85%

International 8.81% 7.68%

Small Cap 0.99% 0.84%

Mid Cap 5.96% 5.30%

Large Cap 24.09% 23.03%

Bonds 57.87% 61.06%

Long-Term 4.13% 4.20%

IntermediateTerm 47.87% 50.45%

Short-Term 5.88% 6.41%

Cash 2.27% 2.09%

2 of 2

Each Manning & Napier Retirement Target CIT Fund is invested in one or two of four proprietary lifestyle 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. 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).

Glide Range and Detailed Asset Class Allocation1 (as of 03/31/2014) Range of Stock Exposure

2010

INCOME

Early Career Phase

• Primary goal - capital appreciation

• Significant exposure to equities

Mid Career Phase

• Primary goal - long-term growth

• Secondary goal - capital preservation

• Many investors have accumulated meaningful balances 

Near Retirement Phase

• Primary goal - balance capital preservation and 

capital appreciation

• Retirement is in sight

In Retirement Phase

• Primary goal - preservation of capital

• Secondary goal - income generation and capital growth 

• Account may be main source of income

• It is likely that contributions cease and withdrawals start 

(lump sum or recurring)

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Detailed Allocation as of 03/31/2014

Manning & Napier Retirement Target 

Collective Investment Trust (CIT) Funds

Retirement 

Target 2055 

CIT Fund 

Retirement 

Target 2050 

CIT Fund 

Retirement 

Target 2045 

CIT Fund 

Retirement 

Target 2040 

CIT Fund 

Retirement 

Target 2035 

CIT Fund 

Total Equity 86.06% 86.06% 86.06% 82.24% 77.46%

U.S. Large Cap Value 18.37% 18.37% 18.37% 17.96% 17.44%

U.S. Large Cap Growth 23.88% 23.88% 23.88% 22.87% 21.60%

U.S. Mid Cap Value 7.80% 7.80% 7.80% 7.00% 6.00%

U.S. Mid Cap Growth 7.56% 7.56% 7.56% 7.04% 6.40%

U.S. Small Cap Value 1.35% 1.35% 1.35% 1.22% 1.06%

U.S. Small Cap Growth 1.41% 1.41% 1.41% 1.28% 1.12%

U.S. Real Estate 3.16% 3.16% 3.16% 3.36% 3.60%

Developed International 19.11% 19.11% 19.11% 18.34% 17.39%

Emerging International 3.43% 3.43% 3.43% 3.16% 2.83%

Other -- -- -- 0.02% 0.04%

Total Fixed Income 9.61% 9.61% 9.61% 13.97% 19.42%

U.S. Treasuries -- -- -- -- --

Treasury Inflation Protected Securities -- -- -- -- --

Investment-Grade Corporates 3.79% 3.79% 3.79% 5.33% 7.48%

Below Investment-Grade Corporates 1.68% 1.68% 1.68% 2.12% 3.06%

Mortgages 1.49% 1.49% 1.49% 2.76% 3.62%

Agencies 2.40% 2.40% 2.40% 2.18% 3.50%

Commercial Mortgage-Backed Securities 0.26% 0.26% 0.26% 0.91% 1.07%

Collateralized Mortgage Obligations -- -- -- -- --

Asset-Backed -- -- -- 0.11% 0.11%

Non-U.S. Sovereigns -- -- -- 0.55% 0.57%

Other -- -- -- 0.02% 0.02%

Cash 4.33% 4.33% 4.33% 3.79% 3.12%

18
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Detailed Allocation as of 03/31/2014

Manning & Napier Retirement Target 

Collective Investment Trust (CIT) Funds

 2 of 3

Retirement 

Target 2030 

CIT Fund 

Retirement 

Target 2025 

CIT Fund 

Retirement 

Target 2020 

CIT Fund 

Retirement 

Target 2015 

CIT Fund 

Retirement 

Target 2010

CIT Fund 

Total Equity 72.64% 67.80% 57.85% 52.62% 39.86%

U.S. Large Cap Value 16.93% 16.41% 14.67% 13.72% 10.59%

U.S. Large Cap Growth 20.32% 19.04% 15.72% 13.94% 12.15%

U.S. Mid Cap Value 4.99% 3.97% 3.31% 3.04% 2.06%

U.S. Mid Cap Growth 5.75% 5.09% 4.20% 3.75% 2.06%

U.S. Small Cap Value 0.90% 0.74% 0.60% 0.54% 0.24%

U.S. Small Cap Growth 0.95% 0.79% 0.64% 0.57% 0.23%

U.S. Real Estate 3.84% 4.09% 3.71% 3.46% 3.63%

Developed International 16.42% 15.45% 13.18% 11.97% 7.80%

Emerging International 2.49% 2.15% 1.74% 1.55% 1.01%

Other 0.05% 0.07% 0.08% 0.08% 0.10%

Total Fixed Income 24.92% 30.44% 39.71% 44.46% 57.87%

U.S. Treasuries -- -- -- -- --

Treasury Inflation Protected Securities -- -- -- -- --

Investment-Grade Corporates 9.69% 11.97% 15.57% 16.94% 24.72%

Below Investment-Grade Corporates 4.10% 5.27% 5.09% 6.45% 5.48%

Mortgages 4.32% 4.81% 7.59% 9.05% 9.71%

Agencies 5.19% 7.37% 6.54% 6.31% 11.47%

Commercial Mortgage-Backed Securities 1.08% 0.91% 2.61% 3.16% 3.20%

Collateralized Mortgage Obligations -- -- -- -- --

Asset-Backed 0.08% 0.02% 0.33% 0.40% 0.39%

Non-U.S. Sovereigns 0.43% 0.09% 1.91% 2.08% 2.84%

Other 0.02% -- 0.06% 0.08% 0.07%

Cash 2.44% 1.76% 2.44% 2.92% 2.27%

19
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Detailed Allocation as of 03/31/2014

Manning & Napier Retirement Target 

Collective Investment Trust (CIT) Funds

 3 of 3

Based on the investments of the underlying fund(s): 100% Manning & Napier Pro-Mix® Maximum Term Collective Investment Trust (CIT) Fund for Retirement Target 2055, 2050, and 2045 CIT Funds; 80% Manning 

& Napier Pro-Mix® Maximum Term CIT Fund and 20% Manning & Napier Pro-Mix® Extended Term CIT Fund for Retirement Target 2040 CIT Fund; 55% Manning & Napier Pro-Mix® Maximum Term CIT Fund and 

45% Manning & Napier Pro-Mix® Extended Term CIT Fund for Retirement Target 2035 CIT Fund; 30% Manning & Napier Pro-Mix® Maximum Term CIT Fund and 70% Manning & Napier Pro-Mix® Extended Term 

CIT Fund for Retirement Target 2030 CIT Fund; 5% Manning & Napier Pro-Mix® Maximum Term CIT Fund and 95% Manning & Napier Pro-Mix® Extended Term CIT Fund for Retirement Target 2025 CIT Fund; 40% 

Manning & Napier Pro-Mix® Extended Term CIT Fund and 60% Manning & Napier Pro-Mix® Moderate Term CIT Fund for Retirement Target 2020 CIT Fund; 5% Manning & Napier Pro-Mix® Extended Term CIT Fund 

and 95% Manning & Napier Pro-Mix® Moderate Term CIT Fund for Retirement Target 2015 CIT Fund; 20% Manning & Napier Pro-Mix® Moderate Term CIT Fund and 80% Manning & Napier Pro-Mix® Conservative 

Term CIT Fund for Retirement Target 2010 CIT Fund; 100% Manning & Napier Pro-Mix® Conservative Term CIT Fund for Retirement Target Income CIT Fund. Investments will change over time and as the target 

date fund gradually becomes more conservative. Due to rounding, totals may not equal the sum of each category.

Source: FactSet, Bloomberg. Analysis by Manning & Napier.

Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company, Trustee of the Manning & Napier Collective Investment Trust funds. The Collectives are 

available only for use within certain qualified employee benefit plans. 

Retirement 

Target Income

CIT Fund 

Total Equity 36.85%

U.S. Large Cap Value 9.84%

U.S. Large Cap Growth 11.76%

U.S. Mid Cap Value 1.83%

U.S. Mid Cap Growth 1.65%

U.S. Small Cap Value 0.16%

U.S. Small Cap Growth 0.14%

U.S. Real Estate 3.68%

Developed International 6.80%

Emerging International 0.88%

Other 0.10%

Total Fixed Income 61.06%

U.S. Treasuries --

Treasury Inflation Protected Securities --

Investment-Grade Corporates 29.83%

Below Investment-Grade Corporates 4.75%

Mortgages 9.79%

Agencies 10.62%

Commercial Mortgage- Backed Securities 3.06%

Collateralized Mortgage Obligations --

Asset-Backed 0.25%

Non-U.S. Sovereigns 2.74%

Other 0.02%

Cash 2.09%

Approved CIT-RT012.1 (5/14)

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Fixed Income Communiqué as of 03/31/2014

Manning & Napier Retirement Target 

Collective Investment Trust (CIT) Funds

Retirement 

Target 2055 

CIT Fund 

Retirement 

Target 2050 

CIT Fund 

Retirement 

Target 2045 

CIT Fund 

Retirement 

Target 2040 

CIT Fund 

Retirement 

Target 2035 

CIT Fund 

Characteristics

OA Duration (Weighted Average) 2.73 2.73 2.73 3.74 3.43

Effective Maturity 5.61 5.61 5.61 8.97 7.92

Effective Yield 1.99% 1.99% 1.99% 2.68% 2.46%

OA Convexity (Weighted Average) 0.04 0.04 0.04 0.11 0.09 

Yield to Maturity 2.01% 2.01% 2.01% 3.08% 2.74%

Number of Holdings 98 98 98 420 420 

Sector Weights

U.S. Treasuries -- -- -- -- --

Treasury Inflation-Protected Securities -- -- -- -- --

Non-U.S. Sovereigns -- -- -- 3.49% 2.40%

Agencies 17.21% 17.21% 17.21% 14.04% 15.03%

Mortgages 10.67% 10.67% 10.67% 17.75% 15.53%

Asset-Backed Securities -- -- -- 0.69% 0.47%

CMO -- -- -- -- --

CMBS 1.85% 1.85% 1.85% 5.82% 4.58%

Investment-Grade Corporates 26.20% 26.20% 26.20% 33.00% 30.87%

Below Investment-Grade Corporates 13.05% 13.05% 13.05% 14.91% 14.33%

Convertibles -- -- -- 0.14% 0.09%

Futures/Options/Derivatives -- -- -- -- --

Cash (MMF) 31.03% 31.03% 31.03% 10.15% 16.69%

Credit Quality Distribution1

U.S. Treasury -- -- -- -- --

Agency/Mortgage/ABS/CMBS 27.88% 27.88% 27.88% 32.43% 31.00%

Aaa 1.32% 1.32% 1.32% 3.29% 2.68%

Aa -- -- -- 0.87% 0.60%

A 1.86% 1.86% 1.86% 5.31% 4.23%

Baa 24.34% 24.34% 24.34% 29.92% 28.17%

Below IG/NR 13.57% 13.57% 13.57% 18.03% 16.63%

Cash (MMF) 31.03% 31.03% 31.03% 10.15% 16.69%

Duration Breakdown

0 - 2 years 35.29% 35.29% 35.29% 22.06% 26.21%

2 - 4 years 33.10% 33.10% 33.10% 26.16% 28.33%

4 - 6 years 26.23% 26.23% 26.23% 40.84% 36.26%

6 - 8 years 5.38% 5.38% 5.38% 9.17% 7.98%

8 - 10 years -- -- -- 1.29% 0.89%

10 - 12 years -- -- -- 0.48% 0.33%

12+ years -- -- -- -- --

Domestic/Foreign Exposures

Domestic Issuers 88.86% 88.86% 88.86% 84.34% 85.76%

Foreign Issuers 11.14% 11.14% 11.14% 15.66% 14.24%

Dollar Denominated Gov’t/Agency -- -- -- 0.28% 0.19%

Non-Dollar Denominated Gov’t/Agency -- -- -- 3.27% 2.24%

Dollar Denominated Corp/Pass Thru 11.14% 11.14% 11.14% 11.70% 11.53%

Non-Dollar Denominated Corp/Pass Thru -- -- -- 0.41% 0.28%

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Fixed Income Communiqué as of 03/31/2014 

Manning & Napier Retirement Target 

Collective Investment Trust (CIT) Funds

Retirement 

Target 2030 

CIT Fund 

Retirement 

Target 2025 

CIT Fund 

Retirement 

Target 2020 

CIT Fund 

Retirement 

Target 2015 

CIT Fund

Retirement 

Target 2010

CIT Fund 

Characteristics

OA Duration (Weighted Average) 3.11 2.80 3.92 3.99 3.75

Effective Maturity 6.86 5.81 9.34 9.75 8.49

Effective Yield 2.25% 2.03% 2.72% 2.84% 2.51%

OA Convexity (Weighted Average) 0.07 0.05 0.12 0.12 0.11 

Yield to Maturity 2.41% 2.07% 3.15% 3.32% 2.84%

Number of Holdings 420 420 453 453 525

Sector Weights

U.S. Treasuries -- -- -- -- --

Treasury Inflation-Protected Securities -- -- -- -- --

Non-U.S. Sovereigns 1.31% 0.22% 4.48% 4.38% 4.58%

Agencies 16.02% 17.01% 15.64% 13.55% 18.75%

Mortgages 13.32% 11.11% 18.09% 19.35% 15.84%

Asset-Backed Securities 0.26% 0.04% 0.80% 0.86% 0.63%

CMO -- -- -- -- --

CMBS 3.33% 2.09% 6.22% 6.75% 5.22%

Investment-Grade Corporates 28.74% 26.62% 35.87% 34.86% 39.34%

Below Investment-Grade Corporates 13.74% 13.16% 13.33% 15.12% 9.91%

Convertibles 0.05% 0.01% 0.15% 0.17% 0.11%

Futures/Options/Derivatives -- -- -- -- --

Cash (MMF) 23.23% 29.74% 5.42% 4.97% 5.62%

Credit Quality Distribution1

U.S. Treasury -- -- -- -- --

Agency/Mortgage/ABS/CMBS 29.58% 28.16% 34.46% 33.68% 35.18%

Aaa 2.06% 1.45% 3.71% 3.78% 3.76%

Aa 0.32% 0.05% 1.73% 1.17% 2.65%

A 3.15% 2.07% 6.90% 6.27% 8.34%

Baa 26.42% 24.68% 31.01% 31.28% 31.70%

Below IG/NR 15.23% 13.84% 16.76% 18.85% 12.74%

Cash (MMF) 23.23% 29.74% 5.42% 4.97% 5.62%

Duration Breakdown

0 - 2 years 30.35% 34.47% 19.59% 18.84% 20.60%

2 - 4 years 30.50% 32.67% 26.85% 24.72% 32.58%

4 - 6 years 31.69% 27.14% 41.13% 44.09% 34.94%

6 - 8 years 6.79% 5.61% 10.27% 10.14% 9.87%

8 - 10 years 0.48% 0.08% 1.50% 1.60% 1.29%

10 - 12 years 0.18% 0.03% 0.66% 0.61% 0.72%

12+ years -- -- -- -- --

Domestic/Foreign Exposures

Domestic Issuers 87.17% 88.58% 83.82% 83.28% 84.08%

Foreign Issuers 12.83% 11.42% 16.18% 16.72% 15.91%

Dollar Denominated Gov’t/Agency 0.10% 0.02% 0.98% 0.43% 1.86%

Non-Dollar Denominated Gov’t/Agency 1.22% 0.20% 3.56% 4.02% 2.77%

Dollar Denominated Corp/Pass Thru 11.35% 11.18% 11.19% 11.76% 10.97%

Non-Dollar Denominated Corp/Pass Thru 0.15% 0.03% 0.44% 0.50% 0.31%

 2 of 4

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Fixed Income Communiqué as of 03/31/2014

Manning & Napier Retirement Target 

Collective Investment Trust (CIT) Funds

Retirement 

Target Income 

CIT Fund

Characteristics

OA Duration (Weighted Average) 3.58

Effective Maturity 7.95

Effective Yield 2.43%

OA Convexity (Weighted Average) 0.09 

Yield to Maturity 2.77%

Number of Holdings 509

Sector Weights

U.S. Treasuries --

Treasury Inflation-Protected Securities --

Non-U.S. Sovereigns 4.31%

Agencies 16.84%

Mortgages 15.51%

Asset-Backed Securities 0.39%

CMO --

CMBS 4.84%

Investment-Grade Corporates 46.28%

Below Investment-Grade Corporates 8.49%

Convertibles 0.04%

Futures/Options/Derivatives --

Cash (MMF) 3.30%

Credit Quality Distribution1

U.S. Treasury --

Agency/Mortgage/ABS/CMBS 32.71%

Aaa 4.41%

Aa 2.50%

A 9.75%

Baa 36.34%

Below IG/NR 10.98%

Cash (MMF) 3.30%

Duration Breakdown

0 - 2 years 19.52%

2 - 4 years 40.87%

4 - 6 years 30.46%

6 - 8 years 7.39%

8 - 10 years 1.15%

10 - 12 years 0.60%

12+ years --

Domestic/Foreign Exposures

Domestic Issuers 81.41%

Foreign Issuers 18.59%

Dollar Denominated Gov’t/Agency 1.61%

Non-Dollar Denominated Gov’t/Agency 2.73%

Dollar Denominated Corp/Pass Thru 14.04%

Non-Dollar Denominated Corp/Pass Thru 0.21%

 3 of 4

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Fixed Income Communiqué as of 03/31/2014

Manning & Napier Retirement Target 

Collective Investment Trust (CIT) Funds

Approved CIT-RT009.1 (4/14) 4 of 4

Sources: Bloomberg. All data is reflective of the fixed income holdings and cash positions within each Retirement Target CIT Fund and excludes equity holdings. Each Retirement Target CIT Fund is invested in one 

or two of four proprietary lifestyle funds, the Manning & Napier Pro-Mix CIT Funds, based on the Retirement Target CIT Funds becoming increasingly conservative over time. 

1

Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Not Rated (NR) is used to classify securities for which a rating is not available. Credit quality ratings for each

issue are obtained from Bloomberg using ratings derived from Moody’s Investors Services (Moody’s) or Standard & Poor’s. When ratings from Moody’s are not available, ratings from Standard & Poor’s are used.

Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company, Trustee of the Manning & Napier Collective Investment Trust funds. The Collectives are 

available only for use within certain qualified employee benefit plans. 

24
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0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

2007 2008 2009 2010 2011 2012 2013

Active Share

Approved CIT-RT010.4 (1/14)

Measuring the active share of the equity portion of a target date fund may help plan fiduciaries identify managers that are 

closet indexers or funds that are potentially over-diversified. A portfolio’s active share will range between 0% and 100%, 

where a higher number is indicative of active management and differentiation from the benchmark.

Funds with a low active share will more closely resemble the comparison index, either intentionally or through overdiversification. This increases the risk of achieving index-like returns, in some cases while paying fees typically charged for 

the active management of the target date fund.

Source: FactSet. Analysis: Manning & Napier. 

Active share is calculated using only the CIT fund’s equity holdings. 

Active share calculation benchmark: The 62/21/17 Blended Index is 62% Russell 3000® Index (Russell 3000), 21% MSCI ACWI ex USA Index (ACWIxUS), and 17% Barclays U.S. Aggregate Bond Index (BAB). 

Russell 3000 is an unmanaged index that consists of 3,000 of the largest U.S. companies based on total market capitalization. ACWIxUS is a free float-adjusted market capitalization index that is designed to measure 

equity market performance in the global developed and emerging markets and consists of 43 developed and emerging market country indices outside the U.S. The Index is denominated in U.S. dollars. BAB is 

an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more. 

Because the fund’s asset allocation will vary over time, the composition of the fund’s portfolio may not match the composition of the comparative indices.

Please note that diversification does not assure a profit or protect against loss in a declining market.

Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company, Trustee of the Manning & Napier Collective Investment Trust funds. The Collectives are 

available only for use within certain qualified employee benefit plans. 

Retirement Target 2050 Collective Investment Trust (CIT) Fund

Active Share Percentage 

86.56% 87.29% 86.49% 86.10% 85.95% 86.67% 84.95%

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Manning & Napier Retirement Target

Collective Investment Trust Funds Class I 

1 of 3

 

 

 Retirement Target 2040 CIT Class I Retirement Target 2035 CIT Class I Retirement Target 2030 CIT Class I

Target

20401

2040 Composite

Benchmark2

S&P Target Date

2040 Index3

Target

 20351

2035 Composite

Benchmark2

S&P Target Date

2035 Index3

Target 

 20301

2030 Composite

Benchmark2

S&P Target Date

2030 Index3

Inception* 7.63% 4.54% ----- 7.44% 4.38% ----- 7.78% 4.43% -----

10 Years 7.97% 7.22% 7.11% 7.70% 6.98% 6.99% 8.19% 7.05% 6.88%

7 Years 5.57% 5.35% 5.28% 5.20% 5.02% 5.24% 5.91% 5.12% 5.25%

5 Years 17.76% 17.69% 18.13% 17.19% 17.18% 17.54% 16.78% 15.33% 16.66%

3 Years 9.37% 10.22% 10.33% 8.46% 9.43% 9.99% 9.89% 9.21% 9.52%

2 Years 15.15% 13.19% 13.94% 14.08% 12.35% 13.29% 14.29% 11.53% 12.42%

1 Year 17.36% 15.57% 16.70% 15.98% 14.38% 15.82% 14.80% 12.50% 14.56%

Year-to-Date 2.53% 1.69% 2.17% 2.56% 1.72% 2.15% 2.69% 1.74% 2.10%

Quarter 2.53% 1.69% 2.17% 2.56% 1.72% 2.15% 2.69% 1.74% 2.10%

Market Cycle** 7.84% 4.37% ----- 7.65% 4.21% ----- 7.99% 4.25% -----

Annualized Performance (as of 03/31/2014)

This information was prepared to reflect the estimated historical performance of the Manning & Napier Retirement Target Collective Investment 

Trust (CIT) Class I units. Performance shown was created using historical performance data of the underlying Manning & Napier Pro-Mix® CIT 

Fund(s) that would have been held according to the Retirement Target CIT Funds’ glide path. This information is for illustrative purposes only. Your 

investment may fluctuate in value and there is a potential for loss as well as profit.

**U.S. Large Cap Market Cycle 

as of 04/01/2000 

 

 

 

 Retirement Target 2010 CIT Class I Retirement Target Income CIT Class I 

Target

20101

2010 Composite

Benchmark2

S&P Target Date

2010 Index3

Target

 Income1

Income Composite

Benchmark2

S&P Target Date

Retirement Income Index3

Inception* 6.92% 4.94% ----- 6.58% 5.63% -----

10 Years 6.62% 5.87% 5.62% 6.02% 5.46% 5.02%

7 Years 5.28% 5.22% 4.77% 5.95% 5.57% 4.44%

5 Years 11.61% 10.59% 11.06% 8.99% 8.22% 9.22%

3 Years 6.69% 6.45% 6.85% 6.36% 6.09% 6.01%

2 Years 8.39% 6.72% 7.49% 7.30% 6.20% 5.95%

1 Year 7.66% 6.39% 7.57% 6.30% 5.72% 5.30%

Year-to-Date 2.15% 1.47% 1.69% 2.08% 1.36% 1.59%

Quarter 2.15% 1.47% 1.69% 2.08% 1.36% 1.59%

Market Cycle** 6.85% 4.81% ----- 6.52% 5.59% -----

 

*Inception Date: 01/01/2000 

 Retirement Target 2025 CIT Class I Retirement Target 2020 CIT Class I Retirement Target 2015 CIT Class I 

Target

20251

2025 Composite

Benchmark2

S&P Target Date

2025 Index3

Target

 20201

2020 Composite

Benchmark2

S&P Target Date

2020 Index3

Target 

 20151

2015 Composite

Benchmark2

S&P Target Date

2015 Index3

Inception* 7.61% 4.24% ----- 7.63% 4.84% ----- 7.43% 5.06% -----

10 Years 8.20% 6.86% 6.72% 7.67% 6.35% 6.42% 7.30% 6.27% 6.08%

7 Years 6.50% 5.59% 5.27% 5.95% 5.26% 5.18% 5.63% 5.30% 5.03%

5 Years 15.28% 13.36% 15.55% 14.45% 12.86% 14.26% 12.76% 11.50% 12.76%

3 Years 9.60% 8.29% 9.00% 8.46% 7.68% 8.39% 8.02% 7.48% 7.68%

2 Years 13.02% 9.65% 11.39% 11.18% 8.63% 10.25% 10.24% 7.99% 8.94%

1 Year 13.58% 10.43% 13.10% 11.42% 9.03% 11.47% 10.24% 8.03% 9.61%

Year-to-Date 2.83% 1.77% 2.06% 2.59% 1.78% 1.98% 2.55% 1.80% 1.89%

Quarter 2.83% 1.77% 2.06% 2.59% 1.78% 1.98% 2.55% 1.80% 1.89%

Market Cycle** 7.82% 4.06% ----- 7.67% 4.69% ----- 7.36% 4.93% -----

Target

20551

2055 Composite

Benchmark2

S&P Target Date

2055+ Index3

Target

 20501

2050 Composite

Benchmark2

S&P Target Date

2050 Index3

Target 

 20451

2045 Composite

Benchmark2

S&P Target Date

2045 Index3

Inception* 7.66% 4.63% ----- 7.71% 4.63% ----- 7.71% 4.63% -----

10 Years 8.01% 7.35% ----- 8.09% 7.35% ----- 8.08% 7.35% -----

7 Years 5.63% 5.54% ----- 5.74% 5.54% 5.24% 5.73% 5.54% 5.21%

5 Years 17.86% 17.99% 18.85% 18.05% 17.99% 18.63% 18.02% 17.99% 18.58%

3 Years 9.50% 10.69% 11.03% 9.80% 10.69% 10.69% 9.74% 10.69% 10.61%

2 Years 15.38% 13.90% 15.24% 15.83% 13.90% 14.71% 15.75% 13.90% 14.49%

1 Year 18.07% 16.40% 18.13% 18.04% 16.40% 17.53% 18.02% 16.40% 17.43%

Year-to-Date 2.44% 1.67% 1.58% 2.42% 1.67% 1.60% 2.41% 1.67% 2.16%

Quarter 2.44% 1.67% 1.58% 2.42% 1.67% 1.60% 2.41% 1.67% 2.16%

Market Cycle** 7.87% 4.46% ----- 7.92% 4.46% ----- 7.92% 4.46% -----

 

 

 

 Retirement Target 2055 CIT Class I Retirement Target 2050 CIT Class I Retirement Target 2045 CIT Class I 

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Manning & Napier Retirement Target

Collective Investment Trust Funds Class I

2 of 3

Calendar Year Performance

 

 Retirement Target 2055 CIT Class I Retirement Target 2050 CIT Class I Retirement Target 2045 CIT Class I 

Target

20551

2055 Composite

Benchmark2

S&P Target Date

2055+ Index3

Target

 20501

2050 Composite

Benchmark2

S&P Target Date

2050 Index3

Target 

 20451

2045 Composite

Benchmark2

S&P Target Date

2045 Index3

2013 24.66% 23.02% 25.28% 25.32% 23.02% 24.44% 25.24% 23.02% 23.44%

2012 15.85% 14.74% 16.10% 16.15% 14.74% 15.79% 16.11% 14.74% 15.43%

2011 -7.49% -0.90% -2.63% -7.43% -0.90% -2.64% -7.49% -0.90% -2.31%

2010 14.50% 14.53% 15.91% 14.51% 14.53% 15.92% 14.50% 14.53% 15.91%

2009 36.32% 27.60% 26.72% 36.32% 27.60% 26.71% 36.32% 27.60% 26.72%

2008 -33.68% -33.70% -35.08% -33.71% -33.70% -35.07% -33.68% -33.70% -35.08%

2007 6.19% 7.75% ----- 6.07% 7.75% 7.23% 6.19% 7.75% 7.24%

2006 20.82% 16.09% ----- 20.82% 16.09% ----- 20.82% 16.09% 17.11%

2005 7.61% 7.69% ----- 7.61% 7.69% ----- 7.61% 7.69% -----

2004 15.64% 12.56% ----- 15.64% 12.56% ----- 15.64% 12.56% -----

 

 

 Retirement Target 2040 CIT Class I Retirement Target 2035 CIT Class I Retirement Target 2030 CIT Class I 

Target

20401

2040 Composite 

Benchmark2

S&P Target Date

2040 Index3

Target

 20351

2035 Composite

Benchmark2

S&P Target Date

2035 Index3

Target 

 20301

2030 Composite

Benchmark2

S&P Target Date

2030 Index3

2013 24.08% 21.70% 22.40% 21.85% 19.83% 21.14% 19.77% 16.89% 19.44%

2012 15.81% 14.51% 14.98% 15.02% 13.78% 14.41% 14.46% 11.79% 13.71%

2011 -7.51% -0.90% -1.93% -7.49% -0.90% -1.46% -1.96% 1.47% -0.92%

2010 14.61% 14.53% 15.67% 14.50% 14.53% 15.30% 13.79% 13.02% 14.80%

2009 36.27% 27.60% 26.28% 36.32% 27.60% 25.30% 30.29% 23.90% 24.01%

2008 -33.67% -33.70% -33.84% -33.68% -33.70% -32.43% -29.81% -29.07% -30.31%

2007 6.18% 7.75% 7.25% 6.19% 7.75% 7.02% 6.46% 7.77% 6.94%

2006 20.82% 16.09% 16.69% 20.82% 16.09% 16.21% 20.82% 16.09% 15.57%

2005 7.61% 7.69% 6.26% 7.61% 7.69% 6.08% 7.61% 7.69% 5.85%

2004 15.64% 12.56% 13.26% 15.64% 12.56% 12.94% 15.64% 12.56% 12.57%

 

Target

20101

2010 Composite

Benchmark2

S&P Target Date

Benchmark3

Target

 Income1

Income Composite

Benchmark2

S&P Target Date 

Retirement Income Index3

2013 9.77% 8.03% 9.70% 7.87% 7.17% 6.54%

2012 10.43% 8.28% 9.21% 8.37% 6.89% 7.78%

2011 0.91% 3.96% 2.87% 2.50% 4.39% 4.24%

2010 11.65% 10.63% 10.84% 9.48% 8.33% 9.36%

2009 19.35% 16.18% 14.90% 11.71% 11.50% 11.65%

2008 -18.20% -14.83% -17.21% -4.66% -5.45% -12.87%

2007 6.79% 7.51% 6.67% 6.52% 7.30% 6.46%

2006 14.07% 9.83% 10.76% 8.71% 7.26% 9.04%

2005 6.50% 5.01% 4.23% 4.44% 3.39% 3.79%

2004 10.99% 8.57% 9.16% 6.67% 5.81% 7.32%

 Retirement Target 2025 CIT Class I Retirement Target 2020 CIT Class I Retirement Target 2015 CIT Class I 

Target

20251

2025 Composite

Benchmark2

S&P Target Date

2025 Index3

Target

 20201

2020 Composite

Benchmark2

S&P Target Date

2020 Index3

Target 

 20151

2015 Composite

Benchmark2

S&P Target Date

 2015 Index3

2013 17.49% 13.66% 17.33% 14.62% 11.55% 15.04% 12.86% 9.99% 12.44%

2012 13.93% 11.07% 12.79% 12.65% 10.14% 11.76% 11.84% 9.44% 10.60%

2011 -0.67% 2.05% -0.03% -0.19% 2.77% 0.83% 0.36% 3.84% 1.79%

2010 13.15% 11.94% 14.10% 12.89% 11.68% 13.21% 11.68% 10.63% 12.13%

2009 24.40% 20.19% 22.33% 24.38% 20.19% 20.25% 20.39% 16.98% 17.17%

2008 -23.74% -21.68% -27.57% -23.76% -21.68% -24.60% -20.46% -17.62% -21.12%

2007 7.48% 7.81% 6.91% 7.46% 7.81% 6.86% 7.16% 7.66% 6.77%

2006 18.05% 12.87% 14.49% 17.36% 12.07% 13.42% 16.04% 11.17% 12.20%

2005 7.66% 6.74% 5.55% 7.69% 6.09% 4.97% 7.45% 5.88% 4.63%

2004 14.29% 11.20% 12.05% 12.93% 9.84% 11.17% 12.93% 9.84% 10.26%

 

 Retirement Target 2010 CIT Class I Retirement Target Income CIT Class I

27
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Manning & Napier Retirement Target

Collective Investment Trust Funds Class I

Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company, Trustee of the Manning & Napier Collective Investment Trust funds. The Collectives are available 

only for use within certain qualified employee benefit plans. 

1

PERFORMANCE FOR THE RETIREMENT TARGET 2050, 2040, 2030, 2020, 2010, AND INCOME CIT CLASS I UNITS PRIOR TO 06/04/2012 REFLECTS THE PERFORMANCE OF EACH RESPECTIVE MANNING & NAPIER RETIREMENT TARGET INSTITUTIONAL CIT FUND, WHICH WERE MERGED INTO THE RESPECTIVE MANNING & NAPIER RETIREMENT TARGET CIT FUND ON 06/04/2012 TO ESTABLISH 

THE CLASS I UNITS. PERFORMANCE PRIOR TO AND INCLUDING THE INCEPTION DATE OF THE RETIREMENT TARGET 2055, 2045, 2035, 2025, AND 2015 CIT CLASS I UNITS (10/11/2012 for 2055; and 

08/03/2012 FOR 2045, 2035, 2025, and 2015) IS NOT THE PAST PERFORMANCE OF THE RETIREMENT TARGET CIT CLASS I UNITS. PERFORMANCE FROM 08/18/2012 THROUGH 10/11/2012 FOR THE 

2055 CIT CLASS I UNITS IS BASED ON THE HISTORICAL PERFORMANCE OF THE 2055 CLASS S UNITS. PERFORMANCE PRIOR TO AND INCLUDING 08/17/2012 FOR 2055; 08/03/2012 FOR 2045, 2035, 

2025, and 2015; AND 05/31/2007 FOR RETIREMENT TARGET 2050, 2040, 2030, 2020, 2010, AND INCOME is based on the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held in each Retirement 

Target CIT Fund based on its increasingly conservative asset allocation. Returns are net of the Retirement Target CIT Class I expenses. The performance data does not reflect custodial or other administrative costs 

associated with the plan, if any. The Retirement Target CIT Funds will gradually become more conservative over time. Performance data quoted represents past performance and does not guarantee future results. 

2

The Target Composite Benchmark represents the performance of the target date fund’s asset classes according to their respective weightings, as adjusted over time to reflect the target date fund’s increasingly conservative asset allocations. The following indices are used to calculate the Target Composite Benchmarks: Russell 3000® Index (Russell 3000), MSCI ACWI ex USA Index (ACWIxUS), and Barclays U.S. Aggregate 

Bond Index (BAB) and/or Barclays U.S. Intermediate Aggregate Bond Index (BIAB). Russell 3000 is an unmanaged index that consists of 3,000 of the largest U.S. companies based on total market capitalization. Index 

returns are based on a market capitalization-weighted average of relative price changes of the component stocks plus dividends whose reinvestments are compounded daily. Index returns provided by Bloomberg. 

ACWIxUS is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets and consists of 43 developed and emerging market 

country indices outside the U.S. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend 

taxation. Index returns provided by Bloomberg. BAB and BIAB are both unmanaged, market value-weighted indices of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed 

and mortgage-backed securities. BAB includes maturities of one year or more; BIAB includes maturities of greater than one year but less than ten years. BAB and BIAB returns provided by Interactive Data. Indices 

returns do not reflect any fees or expenses. Returns provided are calculated monthly using a blended allocation. Because the target date fund’s asset allocation will vary over time, the composition of the target date 

portfolio may not match the composition of the comparative Target Composite Benchmark.

Approved RSG-CITPER001.1 (04/14) 3 of 3

†

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

 Retirement Target CIT Class I Expense Ratios

 Before Fee 

Waiver

 After Fee

 Waiver†

Before Fee 

Waiver

After Fee

 Waiver†

Target 2055 CIT 1.98% 0.69% Target 2025 CIT 1.37% 0.69%

Target 2050 CIT 0.91% 0.69% Target 2020 CIT 0.90% 0.69%

Target 2045 CIT 1.56% 0.69% Target 2015 CIT 1.32% 0.69%

Target 2040 CIT 0.90% 0.69% Target 2010 CIT 0.87% 0.68%

Target 2035 CIT 1.47% 0.69% Target Income CIT 0.85% 0.69%

Target 2030 CIT 0.90% 0.69%

3

The S&P Target Date Index Series is a series of unmanaged indices that reflect the market consensus for asset allocations for different target date horizons. The asset class exposure for each index is represented 

by exchange traded funds (ETFs). Asset class weights are established annually and rebalanced monthly. Prior to 02/26/2010, the indices were rebalanced annually. All returns prior to 05/31/2007 are back-tested. 

New Target Date indices are launched with five years of historical returns matching those of the closest dated index. Historical returns from 05/31/2007 to 5/31/2011 for the S&P Target Date 2050 Index and from 

05/31/2007 to 05/31/2012 for the S&P Target Date 2055+ Index are identical to the returns of the S&P Target Date 2045 Index and 2050 Index respectively, and were not calculated using back-tested proforma data. 

The Index returns shown are the Gross Return series, which provide benchmarks free of underlying ETF expenses by adjusting the Total Return series (which assume the reinvestment of dividends) by an assumed 

weighted average ETF expense ratio. Index returns provided by Bloomberg. S&P Dow Jones Indices LLC, a subsidiary of the McGraw Hill Financial, Inc., is the publisher of various index based data products and 

services and has licensed certain of its products and services for use by Manning & Napier. All such content Copyright © 2014 by S&P Dow Jones Indices LLC and/or its affiliates. All rights reserved. Neither S&P 

Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent 

the asset class or market sector that it purports to represent and none of these parties shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

28
Must I withdraw my account at the 

target date?No. The benefi ts of investing in a Retirement Target Fund do not stop at the target date. While you will most likely make periodic withdrawals throughout your retirement years, your Retirement Target Fund will continue to be professionally managed for as long as your account remains invested in the retirement plan. Can I change my Retirement Target Fund investment?Yes. Your plan allows you to make changes to the way your account is invested on an ongoing basis. You can move in or out of a Retirement Target Fund at any time with no cost to you. If your goals or your situation change, you may want to revisit your Retirement Target Fund choice.Can I invest in more than one Retirement Target Fund?The Retirement Target Funds are designed so you can choose just one fund. However, if your expected target date falls between two Retirement Target Funds, dividing your investment between the two funds on either side of the year you expect to retire may be a reasonable alternative.How do I invest in a Retirement Target Fund?Follow your retirement plan’s existing procedures to access your retirement plan account and initiate any changes to your investments. Remember that you should continue to save, review your investments periodically, and make adjustments if your 

Focusing On Your Retirement Needs.

How Do I Choose My Retirement Target Fund?Each Retirement Target Fund is built to meet the needs of an investor who plans 

to retire in or around the year in the Retirement Target Fund’s name. The most common approach to Retirement Target Fund selection is to choose the fund that is closest to your expected retirement year. An easy way to determine the year in which you expect to retire is to add your planned retirement age to the year you were born. The chart below can help you with this calculation.

My Year of Birth

 __________

M

Pl

d R

ti

t A

CALCULATE YOUR EXPECTED RETIREMENT DATE

How Are the Retirement Target Funds Built to Meet My Retirement Needs? Your plan’s target date funds automatically decrease risk over time by moving to a lower range of stock exposure each year. The specifi c ranges along the target date glide path were built with the following key assumptions about your retirement needs: • You may spend approximately 20-30 years in retirement and your target

date portfolio may account for a signifi cant portion of your total retirementsavings. 

• Within the fi rst fi ve years after the target date, you may stop making

contributions and begin taking annual withdrawals of roughly 5-8% of youraccount.

• In years fi ve and beyond, withdrawals may represent a larger percentage

(more than 8%) of your remaining account balance due to infl ation and thegradual reduction of your retirement plan assets. 

While the range of stock exposure along the glide path focuses on time to retirement, the specifi c stock exposure in each Retirement Target Fund at any particular point in time is primarily driven by prevailing economic and market conditions. Each fund is actively managed to help keep you on track to meeting your retirement goals. 

What Is Asset Allocation?The mix of stocks, bonds, and casdeciding how to mix different types oand market trends. To maintain an apyour time to retirement and changing adapt your investment mix accordingWhy Is Asset Allocation ImporIt determines over 93% of your invthe most important factor affecting poportfolio’s risk level, you should be coaccount is appropriate for your invesmanaged over time.

How Do I Manage My Asset AChoose one of two approaches of

Is this approach right for me? 

Do I have the resources and e

DO-IT-YOURSELF APPROACH 

You choose a mix of funds to creallocation you feel is right for you own investment mix over time.

Which funds?

How much?

When to adjust?

Stock Funds 

Understandin

MANNING & NAPIER RET
What Is a Target Date Fund? Your retirement plan offers you a choice of professionally managed investment options called “target date” funds. Target date funds are designed for people who want help building a diversifi ed mix of investments. 

Professional Asset Allocation A target date fund is a professionally managed mix of stocks, bonds, and cash all within one portfolio. As market conditions change, an investment team actively adjusts the fund’s investments to help you meet your retirement goals.One-Stop Investment DecisionOne target date fund can see you all the way throughretirement. You choose the target date fund that best fi ts your retirement goals. The closer you get to your retirement date, the more conservative the fund’s investment strategy automatically becomes. Retirement Investing Made EasyWhen you select a target date fund, you leave the day-to-day investment decisions to professionals. Of course, you should continue to save, review your investments periodically, and make adjustments if your situation changes.

Why Invest in a Target Date Fund? The target date funds available in your plan are the Manning & Napier Collective Investment Trust Funds (Retirement Target Funds). Each Retirement Target Fund is a fully diversifi ed single investment solution that adjusts over time to meet your changing investment needs. You benefi t from day-to-day professional management as both the markets and your goals change over the years.Manning & Napier* uses an active management approach to adjust the Retirement Target Funds’ investment mix over time. As each Retirement Target Fund automatically becomes more conservative, Manning & Napier’s team of more than 35 investment professionals actively adjusts the fund’s asset allocation mix to seek competitive long-term returns, while managing investment risk to help you meet your retirement goals

 Stocks 

International, Small Cap, Mid Cap, Large Cap

 Bonds

Long-Term, Intermediate-Term, Short-Term

 Cash

How are target date funds different from other funds available in my plan?Many investment options focus on one particular part of the market; for example, an international stock fund invests primarily in non-U.S. stocks, a bond fund only invests in bonds, etc. When investing in these funds, it is up to you to decide exactly how to allocate your account among the funds and when to make adjustments over time. Target date funds, on the other hand, provide a diversifi ed portfolio of stocks, bonds and cash all in one fund; the fund manager automatically adjusts the investment mix to become more conservative as you get closer to retirement. 

More About the Target Date Approach.

Is there an additional fee for the Retirement Target Funds? No. Every option in your plan has an investment management fee and other costs which make up the expense ratio of the fund. Expense ratios differ from fund to fund. There is no additional cost beyond the expense ratio to invest in a Retirement Target Fund where you benefi t from professional asset allocation.Can I invest in a Retirement Target Fund and also put money in other funds available in my plan?

Yes. You can choose to split your money among any of the investments available in your plan. However, if you decide to invest in other funds in addition to a Retirement Target Fund, you may unintentionally overweight your account in a particular asset class. 

Target Date Fund 

Helping You Stay How Do the Retirement TargeThe Retirement Target Funds follow more conservative investments as yodate gets closer. In your early career stock exposure will generally provide exposure will gradually decrease oveassets as you near retirement. As each Retirement Target Fund grainvestment professionals actively materm growth with reducing your invesinvestment team continuously tracks fund’s investments to manage your inThe actual allocation to stocks wittime until the target date; it also tamarket environment. 

What Happens at the Target DDuring the target year, the Retirementhe next fi ve years, the Retirement Ta

Retirement Target Glide Path
What Is a Target Date Fund? Your retirement plan offers you a choice of professionally managed investment options called “target date” funds. Target date funds are designed for people who want help building a diversifi ed mix of investments. 

Professional Asset Allocation A target date fund is a professionally managed mix of stocks, bonds, and cash all within one portfolio. As market conditions change, an investment team actively adjusts the fund’s investments to help you meet your retirement goals.One-Stop Investment DecisionOne target date fund can see you all the way throughretirement. You choose the target date fund that best fi ts your retirement goals. The closer you get to your retirement date, the more conservative the fund’s investment strategy automatically becomes. Retirement Investing Made EasyWhen you select a target date fund, you leave the day-to-day investment decisions to professionals. Of course, you should continue to save, review your investments periodically, and make adjustments if your situation changes.

Why Invest in a Target Date Fund? The target date funds available in your plan are the Manning & Napier Collective Investment Trust Funds (Retirement Target Funds). Each Retirement Target Fund is a fully diversifi ed single investment solution that adjusts over time to meet your changing investment needs. You benefi t from day-to-day professional management as both the markets and your goals change over the years.Manning & Napier* uses an active management approach to adjust the Retirement Target Funds’ investment mix over time. As each Retirement Target Fund automatically becomes more conservative, Manning & Napier’s team of more than 35 investment professionals actively adjusts the fund’s asset allocation mix to seek competitive long-term returns, while managing investment risk to help you meet your retirement goals

 Stocks 

International, Small Cap, Mid Cap, Large Cap

 Bonds

Long-Term, Intermediate-Term, Short-Term

 Cash

How are target date funds different from other funds available in my plan?Many investment options focus on one particular part of the market; for example, an international stock fund invests primarily in non-U.S. stocks, a bond fund only invests in bonds, etc. When investing in these funds, it is up to you to decide exactly how to allocate your account among the funds and when to make adjustments over time. Target date funds, on the other hand, provide a diversifi ed portfolio of stocks, bonds and cash all in one fund; the fund manager automatically adjusts the investment mix to become more conservative as you get closer to retirement. 

More About the Target Date Approach.

Is there an additional fee for the Retirement Target Funds? No. Every option in your plan has an investment management fee and other costs which make up the expense ratio of the fund. Expense ratios differ from fund to fund. There is no additional cost beyond the expense ratio to invest in a Retirement Target Fund where you benefi t from professional asset allocation.Can I invest in a Retirement Target Fund and also put money in other funds available in my plan?

Yes. You can choose to split your money among any of the investments available in your plan. However, if you decide to invest in other funds in addition to a Retirement Target Fund, you may unintentionally overweight your account in a particular asset class. 

Target Date Fund 

Helping You Stay How Do the Retirement TargeThe Retirement Target Funds follow more conservative investments as yodate gets closer. In your early career stock exposure will generally provide exposure will gradually decrease oveassets as you near retirement. As each Retirement Target Fund grainvestment professionals actively materm growth with reducing your invesinvestment team continuously tracks fund’s investments to manage your inThe actual allocation to stocks wittime until the target date; it also tamarket environment. 

What Happens at the Target DDuring the target year, the Retirementhe next fi ve years, the Retirement Ta

Retirement Target Glide Path
Must I withdraw my account at the 

target date?No. The benefi ts of investing in a Retirement Target Fund do not stop at the target date. While you will most likely make periodic withdrawals throughout your retirement years, your Retirement Target Fund will continue to be professionally managed for as long as your account remains invested in the retirement plan. Can I change my Retirement Target Fund investment?Yes. Your plan allows you to make changes to the way your account is invested on an ongoing basis. You can move in or out of a Retirement Target Fund at any time with no cost to you. If your goals or your situation change, you may want to revisit your Retirement Target Fund choice.Can I invest in more than one Retirement Target Fund?The Retirement Target Funds are designed so you can choose just one fund. However, if your expected target date falls between two Retirement Target Funds, dividing your investment between the two funds on either side of the year you expect to retire may be a reasonable alternative.How do I invest in a Retirement Target Fund?Follow your retirement plan’s existing procedures to access your retirement plan account and initiate any changes to your investments. Remember that you should continue to save, review your investments periodically, and make adjustments if your 

Focusing On Your Retirement Needs.

How Do I Choose My Retirement Target Fund?Each Retirement Target Fund is built to meet the needs of an investor who plans 

to retire in or around the year in the Retirement Target Fund’s name. The most common approach to Retirement Target Fund selection is to choose the fund that is closest to your expected retirement year. An easy way to determine the year in which you expect to retire is to add your planned retirement age to the year you were born. The chart below can help you with this calculation.

My Year of Birth

 __________

M

Pl

d R

ti

t A

CALCULATE YOUR EXPECTED RETIREMENT DATE

How Are the Retirement Target Funds Built to Meet My Retirement Needs? Your plan’s target date funds automatically decrease risk over time by moving to a lower range of stock exposure each year. The specifi c ranges along the target date glide path were built with the following key assumptions about your retirement needs: • You may spend approximately 20-30 years in retirement and your target

date portfolio may account for a signifi cant portion of your total retirementsavings. 

• Within the fi rst fi ve years after the target date, you may stop making

contributions and begin taking annual withdrawals of roughly 5-8% of youraccount.

• In years fi ve and beyond, withdrawals may represent a larger percentage

(more than 8%) of your remaining account balance due to infl ation and thegradual reduction of your retirement plan assets. 

While the range of stock exposure along the glide path focuses on time to retirement, the specifi c stock exposure in each Retirement Target Fund at any particular point in time is primarily driven by prevailing economic and market conditions. Each fund is actively managed to help keep you on track to meeting your retirement goals. 

What Is Asset Allocation?The mix of stocks, bonds, and casdeciding how to mix different types oand market trends. To maintain an apyour time to retirement and changing adapt your investment mix accordingWhy Is Asset Allocation ImporIt determines over 93% of your invthe most important factor affecting poportfolio’s risk level, you should be coaccount is appropriate for your invesmanaged over time.

How Do I Manage My Asset AChoose one of two approaches of

Is this approach right for me? 

Do I have the resources and e

DO-IT-YOURSELF APPROACH 

You choose a mix of funds to creallocation you feel is right for you own investment mix over time.

Which funds?

How much?

When to adjust?

Stock Funds 

Understandin

MANNING & NAPIER RET