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To provide capital preservation and manage risk for investors who have already reached their target date or who desire minimal capital risk as they move towards a future target date.
The portfolio is invested in a conservative mix of securities that seeks preservation of capital, with income and long-term capital growth as secondary objectives. The portfolio is diversified primarily among fixed income securities, typically focusing on short to intermediate-term maturities. A position in various stock investments, which may be focused on dividend paying stocks, adds potential for growth opportunities and income generation. For the most part, this approach favors stability over growth. Stock exposure can range from 15% - 45%.
A target date fund is a single investment portfolio designed to meet an investor’s changing needs over time. The fund gradually shifts from a more aggressive to a more conservative investment objective over the years to reflect an appropriate risk/return trade-off for the investor’s changing time horizon.
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. Investments in options and futures, like all derivatives, can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. Also, the use of leverage increases exposure to the market and may magnify potential losses. Principal value is not guaranteed at any time, including at the target date (the approximate year when an investor plans to stop contributions and start periodic withdrawals).
Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company, Trustee of the Manning & Napier Collective Investment Trust funds. Manning & Napier is headquartered in Rochester, NY and has over 40 years of experience managing life cycle investment objectives. The firm’s active management approach focuses on participating in rising markets and, as important, helping to reduce the risk of large losses in sustained bear market periods. A team of investment analysts and professionals make all investment decisions in an effort to provide investors with strong risk-adjusted returns.
*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.
This fund is available only for use within certain qualified employee benefit plans.
The information for Ten Year and U.S. Stock Market Cycle was prepared to reflect the estimated historical performance of the Manning & Napier Retirement Target 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.
PERFORMANCE PRIOR TO 06/04/2012 REFLECTS THE PERFORMANCE OF THE MANNING & NAPIER RETIREMENT TARGET INCOME INSTITUTIONAL CIT FUND, WHICH WAS MERGED INTO THE MANNING & NAPIER RETIREMENT TARGET INCOME CIT FUND ON 06/04/2012 TO ESTABLISH THE CLASS I UNITS. PERFORMANCE PRIOR TO AND INCLUDING 05/31/2007 (the Retirement Target Income Institutional CIT Fund inception date) is based on the Manning & Napier Pro-Mix® Conservative Term CIT Fund that would have been held in the Retirement Target Income CIT Fund. Returns are net of the Retirement Target Income CIT Class I expenses. The performance data does not reflect custodial or other administrative costs associated with the plan, if any. Performance data quoted represents past performance and does not guarantee future results.
Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Conservative Term CIT Fund. Investments will change over time. Top Ten Investments list is unaudited and excludes cash.
Each Retirement Target CIT fund seeks to achieve its investment objectives by investing in a combination of other Manning & Napier CIT funds (the “underlying CIT funds”) in order to meet its target asset allocations and investment style. The financial statements of the underlying Pro-Mix® CIT funds should be read in conjunction with the Retirement Target CIT funds’ financial statements.
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