Collective Investment Trust

Retirement Target 2045 CIT

Investment Objective

To provide capital growth and manage risk for investors planning to retire in or around the year indicated in the fund’s name.

Investment Strategy

Currently: The portfolio is currently invested in a moderately aggressive, growth-oriented mix of stocks, bonds, alternatives, and cash that seeks to earn the long-term growth typically associated with the stock market without full market risk. The portfolio is diversified primarily among various stock investments in both domestic and foreign markets, with a portion of the portfolio invested in fixed income securities. Stock exposure can range from 70% - 95%.

Over Time: The portfolio’s investment mix will gradually become more conservative as the target date approaches and for several years after the target date. During the target year, the portfolio’s stock exposure can range from 20% - 60%. At five years after the target date and beyond, the focus will be on capital preservation, and stock exposure can range from 13% - 47%.

May be Appropriate for Investors

  • Who plan to stop contributions and start periodic withdrawals around the year 2045
  • Who generally have time to withstand market volatility and can accept very significant fluctuations in current account value
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio that becomes more conservative over time

About Target Date Funds

A target date fund is a single investment portfolio designed to meet an investor’s changing needs over time. The fund gradually shifts from a more aggressive to a more conservative investment objective over the years to reflect an appropriate risk/return trade-off for the investor’s changing time horizon.

Learn more about our Glide Range SM

Daily Price

$24.55

Daily $ Change

-$0.24

Daily % Change

-0.98%

as of 06/07/2023

CUSIP

302027560

Inception Date

08/17/2012

This fund is only available for use within certain qualified employee benefit plans.

Important Documents

Applications & Forms
Fact Sheet
Annual Report

Each Retirement Target CIT Fund seeks to achieve its investment objectives by investing in a combination of other Manning & Napier CIT Funds (the “underlying CIT Funds”) in order to meet its target asset allocations and investment style. The financial statements of the underlying Pro-Mix® CIT Funds should be read in conjunction with the Retirement Target CIT Funds’ financial statements.
Pro-Mix® CIT Fund Annual Report

Performance

As of 05/31/2023

YTD

8.52%

1 Year

1.03%

3 Year

6.62%

5 Year

7.34%

10 Year

7.84%

Inception
(08/17/2012)

7.20%

Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Performance through the inception date of the Retirement Target CIT Class S units is based on historical performance of the CIT's oldest unit class. Performance through the inception date of the oldest unit class (08/03/2012) is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. Returns are net of the Class S expenses. The Retirement Target CIT Fund will gradually become more conservative over time.

Expense Ratio

Gross 0.91%
Net 0.89%*

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

Top Ten Investments

As of 05/31/2023

TREASURY NOTES 10.45%
AMAZON.COM INC 3.01%
META PLATFORMS INC 2.73%
JOHNSON & JOHNSON 2.56%
SERVICENOW INC 2.33%
ALPHABET INC-CL A 2.26%
VISA INC - CLASS A SHARES 2.18%
MASTERCARD INC-CLASS A 2.10%
ELECTRONIC ARTS 2.02%
MICRON TECHNOLOGY INC 1.94%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 05/31/2023

Stocks
81.81%
Bonds
15.07%
Cash
3.12%

Detailed Asset Class Allocation

As of 05/31/2023

International Equities
20.52%
Small Capitalization
0.24%
Mid Capitalization
7.03%
Large Capitalization
54.03%
Long Term Fixed Income
1.76%
Intermediate Term Fixed Income
11.75%
Short Term Fixed Income
1.55%
Cash
3.12%

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

Security Description Country Ticker Shares/Par Market Value (USD)
3M CO US MMM 99.8 $9,312.34
ABBOTT LABORATORIES US ABT 187.61 $19,135.74
ADMIRAL GROUP PLC GB AMIGY 6,235.46 $180,267.18
ADMIRAL GROUP PLC GB ADM LN 2,105.7 $60,995.40
ADVANCED MICRO DEVICES INC US AMD 2,065.87 $244,206.65
ADYEN NV NL ADYEN NA 11.41 $18,691.66
AGREE REALTY CORP US ADC 317.1 $20,449.83
AIR LIQUIDE FR AI FP 284.84 $47,726.29
AIR LIQUIDE-ADR FR AIQUY 9,866.69 $330,731.45
AIRBUS SE FR AIR FP 241.17 $31,672.19
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 4,477.06 $4,538.25
ALCON INC CH ALC 5,621.76 $435,067.64
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 29,113.18 $23,913.67
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 54,732.78 $46,359.34
ALPHABET INC-CL A US GOOGL 7,658.51 $941,001.55
AMAZON.COM INC US AMZN 10,382.93 $1,251,973.09
AMAZON.COM INC 3.30000 04/13/2027 US 51,239.2 $49,414.24
AMERICAN HOMES 4 RENT- A US AMH 236.98 $8,123.72
AMERICAN TANKER INC 7.75000 07/02/2025 US 19,796.96 $19,025.09
AMERICAN TOWER REIT INC US AMT 78.14 $14,412.10
AMERICOLD REALTY TRUST US COLD 686.49 $20,114.12
ANALOG DEVICES INC US ADI 91.18 $16,202.22
APARTMENT INCOME REIT CO US AIRC 225.45 $7,820.95
APPLIED MATERIALS INC US AMAT 3,829.9 $510,525.30
ARCHER-DANIELS-MIDLAND CO US ADM 111.45 $7,873.61
ARGO BLOCKCHAIN PLC GB 419.23 $2,515.38
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 23,290.55 $21,580.57
ASTRAZENECA GB AZN 7,865.22 $574,790.06
ATLASSIAN CORP PLC-CLASS A AU TEAM 104.46 $18,884.98
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 2,779.26 $14,854.64
AUTO TRADER GROUP PLC GB AUTO LN 7,082.07 $55,580.27
AVALONBAY COMMUNITIES INC US AVB 73.25 $12,743.82
AVANZA BANK HOLDING AB SE AZA SS 1,061 $22,031.54
BAE SYSTEMS PLC GB BA/ LN 4,604.31 $53,214.50
BAE SYSTEMS PLC -SPON ADR GB BAESY 6,899.59 $324,211.78
BANK OF AMERICA CORP US BAC 703.72 $19,556.48
BANK OF AMERICA CORP 2.68700 04/22/2032 US 41,922.98 $34,629.26
BARRICK GOLD CORP CA GOLD 7,807.46 $131,789.87
BAXTER INTERNATIONAL INC US BAX 108.3 $4,410.02
BEIERSDORF AG DE BEI GR 313.37 $39,989.58
BIOMARIN PHARMACEUTICAL INC US BMRN 5,646.21 $490,881.53
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 22,126.02 $21,263.03
BOSTON SCIENTIFIC CORP US BSX 5,540.82 $285,241.45
BRANDYWINE REALTY TRUST US BDN 732.49 $2,856.70
BRISTOL MYERS SQUIBB CO US BMY 285.19 $18,377.82
BROADCOM INC US AVGO 35.17 $28,414.92
BROADRIDGE FINANCIAL SOLUTIONS US BR 33.19 $4,869.49
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 20,029.87 $17,208.83
BUNGE LIMITED US BG 43.2 $4,002.41
C.H. ROBINSON WORLDWIDE INC US CHRW 43.09 $4,073.49
CALDERYS FINANCING LLC 11.25000 06/01/2028 US 19,796.96 $20,055.31
CAMPBELL SOUP CO US CPB 93.16 $4,709.35
CANADIAN NATIONAL RAILWAY CO CA CNI 1,786.97 $201,444.80
CARETRUST REIT INC US CTRE 626.98 $12,163.44
CATERPILLAR INC US CAT 88.5 $18,209.71
CBOE GLOBAL MARKETS INC US CBOE 4,157.36 $550,517.91
CELLNEX TELECOM SA ES CLNX SM 595.89 $24,148.67
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 17,907.98 $362,099.43
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 21,776.66 $22,796.87
CHEVRON CORP US CVX 174.45 $26,275.08
CISCO SYSTEMS INC US CSCO 518.91 $25,774.43
CITIGROUP INC US C 316.64 $14,033.26
CITIGROUP INC 1.46200 06/09/2027 US 39,593.93 $35,295.69
CLARK CNTY NV 1.51000 11/01/2028 US 40,758.45 $34,926.27
CLEANAWAY WASTE MANAGEMENT AU CWY AU 16,851.87 $28,474.79
COCA COLA CO/THE US KO 12,262.59 $731,586.02
COGNIZANT TECH SOLUTIONS - A US CTSH 87.11 $5,443.29
COLGATE-PALMOLIVE CO US CL 153.25 $11,398.87
COMCAST CORP-CL A US CMCSA 548.26 $21,574.01
COMMUNITY HEALTHCARE TRUST I US CHCT 296.14 $9,713.37
CONAGRA BRAND INC. US CAG 137.18 $4,783.51
CONOCOPHILLIPS US COP 150.46 $14,940.37
CONSTELLATION BRANDS INC-A US STZ 2,151.11 $522,656.35
COPART INC US CPRT 3,068.53 $268,772.48
CORNING INC US GLW 148.59 $4,578.17
COTERRA ENERGY INC US CTRA 179.8 $4,180.42
COUSINS PROPERTIES INC US CUZ 530.33 $10,564.09
CSX CORP US CSX 6,047.62 $185,480.59
CUMMINS INC US CMI 37.15 $7,593.51
CVS HEALTH CORP US CVS 3,014.73 $205,091.96
DANONE FR BN FP 287.64 $17,025.00
DEUTSCHE BOERSE AG DE DB1 GR 267.61 $46,286.55
DEUTSCHE BOERSE AG ADR DE DBOEY 16,385.6 $282,651.55
DEVON ENERGY CORPORATION US DVN 123.44 $5,690.58
DIAGEO PLC GB DGE LN 850.69 $35,365.23
DIAMONDBACK ENERGY INC US FANG 38.2 $4,856.68
DIGITAL REALTY TRUST INC US DLR 64.51 $6,610.19
DOLLAR GENERAL CORP US DG 1,429.34 $287,426.13
DOLLAR TREE STORES INC US DLTR 2,962.32 $399,558.32
DOMINO'S PIZZA US DPZ 549.66 $159,318.04
DOW INC US DOW 128.33 $6,259.98
DREYFUS GVT CSH MANAGEMENT US 1,338,677.49 $1,338,677.49
EBAY INC US EBAY 118.55 $5,043.07
ELECTRONIC ARTS US EA 6,554.66 $838,996.23
EMERSON ELEC CO US EMR 119.36 $9,272.20
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 53,568.25 $53,431.56
EOG RESOURCES INC US EOG 88.15 $9,458.12
EQUINIX INC US EQIX 767.31 $572,065.74
EQUITY COMMONWEALTH US EQC 512.28 $10,476.03
EQUITY LIFESTYLE PROPERTIES US ELS 315.82 $19,950.34
ESSEX PROPERTY TRUST INC US ESS 29.23 $6,315.35
EVERGY INC US EVRG 4,179.37 $241,776.66
EXTRA SPACE STORAGE INC US EXR 31.68 $4,569.77
EXXON MOBIL CORP US XOM 279.6 $28,569.83
FEDEX CORPORATION US FDX 34 $7,412.23
FIFTH THIRD BANCORP US FITB 175.61 $4,262.07
FINECOBANK SPA IT FBK IM 2,026.39 $27,068.91
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 569.1 $8,570.71
FMC CORP US FMC 6,054.26 $630,127.46
GENERAL DYNAMICS CORP US GD 52.17 $10,652.24
GENERAL MLS INC US GIS 126.7 $10,663.12
GENUINE PARTS CO US GPC 40.29 $6,000.78
GETTY REALTY CORP US GTY 439.84 $15,073.38
GILEAD SCIENCES INC US GILD 210.43 $16,190.49
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 12,227.54 $11,434.41
GREENIDGE GEN HLD INC US 395.94 $1,880.71
HALLIBURTON CO US HAL 157.91 $4,524.12
HARTFORD FINL SVCS US HIG 58.58 $4,013.61
HDFC BANK LTD-ADR IN HDB 5,499.95 $354,196.51
HEALTHCARE REALTY TRUST INC US HR 998.7 $18,585.78
HEINEKEN NV NL HEIA NA 452.42 $45,775.04
HEINEKEN NV-SPN ADR NL HEINY 5,605.34 $283,293.65
HELIOS TOWERS PLC GB HTWS LN 5,400.96 $6,083.61
HOME DEPOT INC US HD 114.82 $32,546.41
HONEYWELL INTERNATIONAL INC US HON 102.83 $19,701.80
HUMANA INC US HUM 891.45 $447,389.81
HUNTINGTON BANCSHARES US HBAN 296.14 $3,053.20
IDEXX LABORATORIES INC US IDXX 850.92 $395,482.12
IMCD NV NL IMCD NA 100.03 $15,078.73
INTERCONTINENTALEXCHANGE INC US ICE 3,138.4 $332,513.58
INTERMEDIATE CAPITAL GROUP GB ICP LN 1,030.72 $17,890.14
INTERNATIONAL BUSINESS MACH CORP US IBM 98.64 $12,683.53
INTERNATIONAL FLVRS & FRAGRANCES US IFF 56.48 $4,365.31
INTUIT INC US INTU 1,298.1 $544,059.05
INTUITIVE SURGICAL INC US ISRG 1,427.01 $439,291.28
INVITATION HOMES INC US INVH 565.84 $19,170.79
JM SMUCKER CO/THE-NEW COM WI US SJM 32.96 $4,831.04
JOHNSON & JOHNSON US JNJ 6,856.39 $1,063,151.38
JP MORGAN CHASE & CO US JPM 2,099.53 $284,926.70
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 59,390.89 $57,329.84
KELLOGG CO US K 63.12 $4,214.35
KEYENCE CORP JP 6861 JP 58.23 $28,226.85
KEYWORDS STUDIOS PLC IE KWS LN 444.97 $10,765.87
KIMBERLY CLARK DE MEXICO S.A.B. MX KIMBERA MM 20,355.94 $41,600.27
KRAFT HEINZ CO/THE US KHC 176.78 $6,756.35
L'OREAL FR OR FP 18.75 $8,027.27
L3HARRIS TECHNOLOGIES INC US LHX 3,744.3 $658,698.04
LEXINGTON REALTY TRUST US LXP 1,306.83 $13,512.65
LIFE STORAGE INC US LSI 132.64 $16,896.97
LINDE PLC IE LIN 594.14 $210,124.19
LOCKHEED MARTIN CORP US LMT 39.71 $17,631.81
LULULEMON - ADR CA LULU 1,570.95 $521,444.52
MARATHON OIL CORP US MRO 133.69 $2,962.52
MARATHON PETROLEUM CORP US MPC 82.57 $8,661.89
MASCO CORP US MAS 12,919.61 $624,275.78
MASTERCARD INC-CLASS A US MA 2,386.93 $871,277.74
MEDTRONIC INC IE MDT 9,150.74 $757,315.13
MEITUAN DIANPING - CLASS B CN 3690 HK 11.65 $163.51
MERCADOLIBRE INC BR MELI 251.77 $311,944.01
MERCK & CO INC US MRK 299.28 $33,043.89
META PLATFORMS INC US META 4,283.71 $1,133,984.63
MICROCHIP TECHNOLOGY INC US MCHP 101.55 $7,642.41
MICRON TECHNOLOGY INC US MU 11,800.97 $804,826.14
MICROSOFT CORP US MSFT 2,165.79 $711,223.05
MID-AMERICA APARTMENT COMM US MAA 111.1 $16,337.76
MONARCH CASINO & RESORT INC US MCRI 100.73 $6,536.47
MONDELEZ INTERNATIONAL INC US MDLZ 7,049.12 $517,475.63
MOODY'S CORPORATION US MCO 2,400.56 $760,688.33
NAVIENT CORP 6.75000 06/25/2025 US 21,543.75 $20,962.94
NESTLE S.A. - ADR CH NSRGY 4,146.88 $492,359.24
NESTLE SA-REGISTERED CH NESN SW 433.79 $51,419.44
NETAPP INC US NTAP 66.49 $4,411.91
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 24,455.07 $22,000.34
NEWMONT GOLDCORP CORP US NEM 2,270.36 $92,063.19
NIKE INC CLASS B US NKE 2,274.09 $239,370.59
NORFOLK SOUTHN CORP US NSC 896.1 $186,550.87
NORTHROP GRUMMAN CORP US NOC 1,204 $524,332.02
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 16,885.65 $1.69
NOVARTIS AG- REG CH NVS 3,365.37 $323,916.60
ODFJELL DRILLING LTD 9.25000 05/31/2028 BM 23,290.55 $23,407.00
OMNICOM GROUP US OMC 60.79 $5,360.92
PACKAGING CORP OF AMERICA US PKG 28.3 $3,509.80
PARAMOUNT GLOBAL CLASS B US PARA 166.53 $2,532.88
PELORUS FUND REIT 7.00000 09/30/2026 US 22,126.02 $20,728.71
PEPSICO INC 3.90000 07/18/2032 US 43,087.51 $41,613.87
PFIZER INC US PFE 563.63 $21,429.26
PHILLIPS 66 US PSX 65.45 $5,995.55
POPULAR INC 6.12500 09/14/2023 PR 18,632.44 $18,539.27
PPG INDUSTRIES INC US PPG 45.88 $6,023.90
PROLOGIS US PLD 700.35 $87,228.18
PUBLIC STORAGE INC US PSA 103.99 $29,461.01
QUALCOMM 5.40000 05/20/2033 US 45,416.56 $47,491.63
QUALCOMM INC US QCOM 167.23 $18,965.11
QUEST DIAGNOSTICS INC US DGX 35.52 $4,711.47
RAYTHEON TECHNOLOGIES CORP US RTX 150.81 $13,895.29
REALTY INCOME CORP US O 281.7 $16,744.20
REGIONS FINANCIAL CORP. US RF 265.4 $4,583.38
RENAISSANCERE HOLDINGS LTD BM RNR 155 $29,197.08
RENTOKIL INITIAL PLC GB RTO LN 4,715.75 $37,511.83
RENTOKIL INITIAL PLC-SP ADR GB RTO 9,316.45 $370,142.59
RESTAURANT BRANDS INTERN CA QSR 353.67 $25,785.86
REXFORD INDUSTRIAL REALITY IN US REXR 337.48 $18,372.41
S&P GLOBAL INC US SPGI 1,497.12 $550,085.42
SALESFORCE INC US CRM 2,895.95 $646,896.50
SBA COMMUNICATIONS CORP US SBAC 1,416.18 $314,080.75
SBA TOWER TRUST 6.59900 01/15/2028 US 36,682.61 $37,960.16
SCHLUMBERGER LTD NL SLB 186.56 $7,990.25
SERVICENOW INC US NOW 1,780.68 $970,078.10
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 73,365.22 $59,611.84
SKYWORKS SOLUTIONS INC US SWKS 39.36 $4,074.26
SNOWFLAKE INC-CLASS A US SNOW 3,760.96 $621,911.88
SONY CORP FIRST SECTION JP 6758 JP 477.46 $44,776.02
SONY CORP SPONSORED ADR JP SONY 4,274.86 $400,554.67
STAG INDUSTRIAL INC US STAG 259.81 $9,041.25
SUN COMMUNITIES US SUI 209.85 $26,573.03
SYNCHRONOSS TECH US 530.91 $9,821.80
SYSCO CORP US SYY 79.42 $5,555.48
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 4,943.42 $487,371.60
TE CONNECTIVITY LIMITED CH TEL 59.74 $7,316.99
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 2,445.51 $22,647.41
TENCENT HOLDINGS 3.97500 04/11/2029 KY 94,326.71 $88,887.36
TENCENT HOLDINGS LTD CN 700 HK 1,013.14 $40,094.30
TERRENO REALTY CORP US TRNO 292.41 $17,933.68
TEXAS INSTRUMENTS INC US TXN 106.2 $18,466.91
THERMO FISHER SCIENTIFIC INC US TMO 741.8 $377,177.59
TOKYO ELECTRON LTD JP 8035 JP 174.68 $23,757.33
TRAVELLERS COS INC US TRV 51.24 $8,671.72
TREASURY BILL 0.00000 05/16/2024 US 561,884.4 $534,968.29
TREASURY BOND 2.37500 02/15/2042 US 526,366.32 $411,141.44
TRUIST FINANCIAL CORP US TFC 196.46 $5,986.01
TYSON FOODS INC -CL A US TSN 81.75 $4,139.81
U.S. BANCORP US USB 264.46 $7,907.48
UDR INC US UDR 486.07 $19,282.54
UNILEVER PLC - ADR GB UL 9,280 $463,443.26
UNION PAC CORP US UNP 989.15 $190,431.05
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 2,384.72 $2,244.49
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 21,509.54 $19,400.59
UNITED PARCEL SERVICE US UPS 99.8 $16,666.60
UNITEDHEALTH GROUP INC US UNH 329.21 $160,405.18
US TEASURY NOTE 1.75000 11/15/2029 US 1,607,629.87 $1,432,925.72
US TREASURY N/B 0.87500 11/15/2030 US 1,985,518.96 $1,633,089.34
US TREASURY N/B 1.37500 11/15/2031 US 233,487.71 $195,181.14
US TREASURY N/B 3.12500 11/15/2028 US 1,118,528.42 $1,082,263.64
US TREASURY N/B 3.62500 02/15/2053 US 208,450.38 $199,623.81
VALERO ENERGY US VLO 52.17 $5,584.36
VENTAS INC US VTR 212.76 $9,178.43
VERTEX PHARMACEUTICALS INC US VRTX 916.83 $296,659.43
VISA INC - CLASS A SHARES US V 4,107.87 $907,962.48
VISTRA OPERATIONS 4.87500 05/13/2024 US 39,593.93 $39,026.74
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 10,480.75 $10,137.89
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 55,897.31 $51,075.33
WELLS FARGO COMPANY US WFC 375.44 $14,946.41
WELLTOWER INC. US WELL 213.92 $15,960.84

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Maximum Term CIT Fund. Investments will change over time and as the target date fund gradually becomes more conservative. Fund holdings list does not include securities with positions less than 0.005 shares.

A Word About Risk

Each Manning & Napier Retirement Target CIT Fund is invested in one or two of four proprietary risk-based funds, the Manning & Napier Pro-Mix® CIT Funds, based on the Retirement Target CIT Fund becoming increasingly conservative over time. Because the underlying funds invest in both stocks and bonds, the value of your investment will fluctuate in response to stock market movements and changes in interest rates. Investing in target date funds will also involve a number of other risks, including issuer-specific risk, foreign investment risk, and small-cap/mid-cap risk as the underlying investments change over time. Investments in options and futures, like all derivatives, can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. Also, the use of leverage increases exposure to the market and may magnify potential losses. Principal value is not guaranteed at any time, including at the target date (the approximate year when an investor plans to stop contributions and start periodic withdrawals).

About The Fund Manager

Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company, Trustee of the Manning & Napier Collective Investment Trust Funds. Manning & Napier is headquartered in Rochester, NY and has more than 50 years of experience managing life cycle investment objectives. The Firm’s active management approach focuses on participating in rising markets and, as important, helping to reduce the risk of large losses in sustained bear market periods. A team of investment analysts and professionals make all investment decisions in an effort to provide investors with strong risk-adjusted returns.

Daily Price

$24.55

Daily $ Change

-$0.24

Daily % Change

-$0.98

as of 06/07/2023

CUSIP

302027560

Inception Date

08/17/2012

This fund is only available for use within certain qualified employee benefit plans.

Important Documents

Applications & Forms
Fact Sheet
Annual Report

Each Retirement Target CIT Fund seeks to achieve its investment objectives by investing in a combination of other Manning & Napier CIT Funds (the “underlying CIT Funds”) in order to meet its target asset allocations and investment style. The financial statements of the underlying Pro-Mix® CIT Funds should be read in conjunction with the Retirement Target CIT Funds’ financial statements.
Pro-Mix® CIT Fund Annual Report

Investment Objective

To provide capital growth and manage risk for investors planning to retire in or around the year indicated in the fund’s name.

Investment Strategy

Currently: The portfolio is currently invested in a moderately aggressive, growth-oriented mix of stocks, bonds, alternatives, and cash that seeks to earn the long-term growth typically associated with the stock market without full market risk. The portfolio is diversified primarily among various stock investments in both domestic and foreign markets, with a portion of the portfolio invested in fixed income securities. Stock exposure can range from 70% - 95%.

Over Time: The portfolio’s investment mix will gradually become more conservative as the target date approaches and for several years after the target date. During the target year, the portfolio’s stock exposure can range from 20% - 60%. At five years after the target date and beyond, the focus will be on capital preservation, and stock exposure can range from 13% - 47%.

May be Appropriate for Investors

  • Who plan to stop contributions and start periodic withdrawals around the year 2045
  • Who generally have time to withstand market volatility and can accept very significant fluctuations in current account value
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio that becomes more conservative over time

About Target Date Funds

A target date fund is a single investment portfolio designed to meet an investor’s changing needs over time. The fund gradually shifts from a more aggressive to a more conservative investment objective over the years to reflect an appropriate risk/return trade-off for the investor’s changing time horizon.

Learn more about our Glide Range SM

Performance

As of 05/31/2023

YTD

8.52%

1 Year

1.03%

3 Year

6.62%

5 Year

7.34%

10 Year

7.84%

Inception
(08/17/2012)

7.20%

Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Performance through the inception date of the Retirement Target CIT Class S units is based on historical performance of the CIT's oldest unit class. Performance through the inception date of the oldest unit class (08/03/2012) is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. Returns are net of the Class S expenses. The Retirement Target CIT Fund will gradually become more conservative over time.

Expense Ratio

Gross 0.91%
Net 0.89%*

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

Top Ten Investments

As of 05/31/2023

TREASURY NOTES 10.45%
AMAZON.COM INC 3.01%
META PLATFORMS INC 2.73%
JOHNSON & JOHNSON 2.56%
SERVICENOW INC 2.33%
ALPHABET INC-CL A 2.26%
VISA INC - CLASS A SHARES 2.18%
MASTERCARD INC-CLASS A 2.10%
ELECTRONIC ARTS 2.02%
MICRON TECHNOLOGY INC 1.94%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 05/31/2023

Stocks
81.81%
Bonds
15.07%
Cash
3.12%

Detailed Asset Class Allocation

As of 05/31/2023

International Equities
20.52%
Small Capitalization
0.24%
Mid Capitalization
7.03%
Large Capitalization
54.03%
Long Term Fixed Income
1.76%
Intermediate Term Fixed Income
11.75%
Short Term Fixed Income
1.55%
Cash
3.12%

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

Security Description Country Ticker Shares/Par Market Value (USD)
3M CO US MMM 99.8 $9,312.34
ABBOTT LABORATORIES US ABT 187.61 $19,135.74
ADMIRAL GROUP PLC GB AMIGY 6,235.46 $180,267.18
ADMIRAL GROUP PLC GB ADM LN 2,105.7 $60,995.40
ADVANCED MICRO DEVICES INC US AMD 2,065.87 $244,206.65
ADYEN NV NL ADYEN NA 11.41 $18,691.66
AGREE REALTY CORP US ADC 317.1 $20,449.83
AIR LIQUIDE FR AI FP 284.84 $47,726.29
AIR LIQUIDE-ADR FR AIQUY 9,866.69 $330,731.45
AIRBUS SE FR AIR FP 241.17 $31,672.19
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 4,477.06 $4,538.25
ALCON INC CH ALC 5,621.76 $435,067.64
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 29,113.18 $23,913.67
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 54,732.78 $46,359.34
ALPHABET INC-CL A US GOOGL 7,658.51 $941,001.55
AMAZON.COM INC US AMZN 10,382.93 $1,251,973.09
AMAZON.COM INC 3.30000 04/13/2027 US 51,239.2 $49,414.24
AMERICAN HOMES 4 RENT- A US AMH 236.98 $8,123.72
AMERICAN TANKER INC 7.75000 07/02/2025 US 19,796.96 $19,025.09
AMERICAN TOWER REIT INC US AMT 78.14 $14,412.10
AMERICOLD REALTY TRUST US COLD 686.49 $20,114.12
ANALOG DEVICES INC US ADI 91.18 $16,202.22
APARTMENT INCOME REIT CO US AIRC 225.45 $7,820.95
APPLIED MATERIALS INC US AMAT 3,829.9 $510,525.30
ARCHER-DANIELS-MIDLAND CO US ADM 111.45 $7,873.61
ARGO BLOCKCHAIN PLC GB 419.23 $2,515.38
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 23,290.55 $21,580.57
ASTRAZENECA GB AZN 7,865.22 $574,790.06
ATLASSIAN CORP PLC-CLASS A AU TEAM 104.46 $18,884.98
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 2,779.26 $14,854.64
AUTO TRADER GROUP PLC GB AUTO LN 7,082.07 $55,580.27
AVALONBAY COMMUNITIES INC US AVB 73.25 $12,743.82
AVANZA BANK HOLDING AB SE AZA SS 1,061 $22,031.54
BAE SYSTEMS PLC GB BA/ LN 4,604.31 $53,214.50
BAE SYSTEMS PLC -SPON ADR GB BAESY 6,899.59 $324,211.78
BANK OF AMERICA CORP US BAC 703.72 $19,556.48
BANK OF AMERICA CORP 2.68700 04/22/2032 US 41,922.98 $34,629.26
BARRICK GOLD CORP CA GOLD 7,807.46 $131,789.87
BAXTER INTERNATIONAL INC US BAX 108.3 $4,410.02
BEIERSDORF AG DE BEI GR 313.37 $39,989.58
BIOMARIN PHARMACEUTICAL INC US BMRN 5,646.21 $490,881.53
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 22,126.02 $21,263.03
BOSTON SCIENTIFIC CORP US BSX 5,540.82 $285,241.45
BRANDYWINE REALTY TRUST US BDN 732.49 $2,856.70
BRISTOL MYERS SQUIBB CO US BMY 285.19 $18,377.82
BROADCOM INC US AVGO 35.17 $28,414.92
BROADRIDGE FINANCIAL SOLUTIONS US BR 33.19 $4,869.49
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 20,029.87 $17,208.83
BUNGE LIMITED US BG 43.2 $4,002.41
C.H. ROBINSON WORLDWIDE INC US CHRW 43.09 $4,073.49
CALDERYS FINANCING LLC 11.25000 06/01/2028 US 19,796.96 $20,055.31
CAMPBELL SOUP CO US CPB 93.16 $4,709.35
CANADIAN NATIONAL RAILWAY CO CA CNI 1,786.97 $201,444.80
CARETRUST REIT INC US CTRE 626.98 $12,163.44
CATERPILLAR INC US CAT 88.5 $18,209.71
CBOE GLOBAL MARKETS INC US CBOE 4,157.36 $550,517.91
CELLNEX TELECOM SA ES CLNX SM 595.89 $24,148.67
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 17,907.98 $362,099.43
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 21,776.66 $22,796.87
CHEVRON CORP US CVX 174.45 $26,275.08
CISCO SYSTEMS INC US CSCO 518.91 $25,774.43
CITIGROUP INC US C 316.64 $14,033.26
CITIGROUP INC 1.46200 06/09/2027 US 39,593.93 $35,295.69
CLARK CNTY NV 1.51000 11/01/2028 US 40,758.45 $34,926.27
CLEANAWAY WASTE MANAGEMENT AU CWY AU 16,851.87 $28,474.79
COCA COLA CO/THE US KO 12,262.59 $731,586.02
COGNIZANT TECH SOLUTIONS - A US CTSH 87.11 $5,443.29
COLGATE-PALMOLIVE CO US CL 153.25 $11,398.87
COMCAST CORP-CL A US CMCSA 548.26 $21,574.01
COMMUNITY HEALTHCARE TRUST I US CHCT 296.14 $9,713.37
CONAGRA BRAND INC. US CAG 137.18 $4,783.51
CONOCOPHILLIPS US COP 150.46 $14,940.37
CONSTELLATION BRANDS INC-A US STZ 2,151.11 $522,656.35
COPART INC US CPRT 3,068.53 $268,772.48
CORNING INC US GLW 148.59 $4,578.17
COTERRA ENERGY INC US CTRA 179.8 $4,180.42
COUSINS PROPERTIES INC US CUZ 530.33 $10,564.09
CSX CORP US CSX 6,047.62 $185,480.59
CUMMINS INC US CMI 37.15 $7,593.51
CVS HEALTH CORP US CVS 3,014.73 $205,091.96
DANONE FR BN FP 287.64 $17,025.00
DEUTSCHE BOERSE AG DE DB1 GR 267.61 $46,286.55
DEUTSCHE BOERSE AG ADR DE DBOEY 16,385.6 $282,651.55
DEVON ENERGY CORPORATION US DVN 123.44 $5,690.58
DIAGEO PLC GB DGE LN 850.69 $35,365.23
DIAMONDBACK ENERGY INC US FANG 38.2 $4,856.68
DIGITAL REALTY TRUST INC US DLR 64.51 $6,610.19
DOLLAR GENERAL CORP US DG 1,429.34 $287,426.13
DOLLAR TREE STORES INC US DLTR 2,962.32 $399,558.32
DOMINO'S PIZZA US DPZ 549.66 $159,318.04
DOW INC US DOW 128.33 $6,259.98
DREYFUS GVT CSH MANAGEMENT US 1,338,677.49 $1,338,677.49
EBAY INC US EBAY 118.55 $5,043.07
ELECTRONIC ARTS US EA 6,554.66 $838,996.23
EMERSON ELEC CO US EMR 119.36 $9,272.20
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 53,568.25 $53,431.56
EOG RESOURCES INC US EOG 88.15 $9,458.12
EQUINIX INC US EQIX 767.31 $572,065.74
EQUITY COMMONWEALTH US EQC 512.28 $10,476.03
EQUITY LIFESTYLE PROPERTIES US ELS 315.82 $19,950.34
ESSEX PROPERTY TRUST INC US ESS 29.23 $6,315.35
EVERGY INC US EVRG 4,179.37 $241,776.66
EXTRA SPACE STORAGE INC US EXR 31.68 $4,569.77
EXXON MOBIL CORP US XOM 279.6 $28,569.83
FEDEX CORPORATION US FDX 34 $7,412.23
FIFTH THIRD BANCORP US FITB 175.61 $4,262.07
FINECOBANK SPA IT FBK IM 2,026.39 $27,068.91
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 569.1 $8,570.71
FMC CORP US FMC 6,054.26 $630,127.46
GENERAL DYNAMICS CORP US GD 52.17 $10,652.24
GENERAL MLS INC US GIS 126.7 $10,663.12
GENUINE PARTS CO US GPC 40.29 $6,000.78
GETTY REALTY CORP US GTY 439.84 $15,073.38
GILEAD SCIENCES INC US GILD 210.43 $16,190.49
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 12,227.54 $11,434.41
GREENIDGE GEN HLD INC US 395.94 $1,880.71
HALLIBURTON CO US HAL 157.91 $4,524.12
HARTFORD FINL SVCS US HIG 58.58 $4,013.61
HDFC BANK LTD-ADR IN HDB 5,499.95 $354,196.51
HEALTHCARE REALTY TRUST INC US HR 998.7 $18,585.78
HEINEKEN NV NL HEIA NA 452.42 $45,775.04
HEINEKEN NV-SPN ADR NL HEINY 5,605.34 $283,293.65
HELIOS TOWERS PLC GB HTWS LN 5,400.96 $6,083.61
HOME DEPOT INC US HD 114.82 $32,546.41
HONEYWELL INTERNATIONAL INC US HON 102.83 $19,701.80
HUMANA INC US HUM 891.45 $447,389.81
HUNTINGTON BANCSHARES US HBAN 296.14 $3,053.20
IDEXX LABORATORIES INC US IDXX 850.92 $395,482.12
IMCD NV NL IMCD NA 100.03 $15,078.73
INTERCONTINENTALEXCHANGE INC US ICE 3,138.4 $332,513.58
INTERMEDIATE CAPITAL GROUP GB ICP LN 1,030.72 $17,890.14
INTERNATIONAL BUSINESS MACH CORP US IBM 98.64 $12,683.53
INTERNATIONAL FLVRS & FRAGRANCES US IFF 56.48 $4,365.31
INTUIT INC US INTU 1,298.1 $544,059.05
INTUITIVE SURGICAL INC US ISRG 1,427.01 $439,291.28
INVITATION HOMES INC US INVH 565.84 $19,170.79
JM SMUCKER CO/THE-NEW COM WI US SJM 32.96 $4,831.04
JOHNSON & JOHNSON US JNJ 6,856.39 $1,063,151.38
JP MORGAN CHASE & CO US JPM 2,099.53 $284,926.70
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 59,390.89 $57,329.84
KELLOGG CO US K 63.12 $4,214.35
KEYENCE CORP JP 6861 JP 58.23 $28,226.85
KEYWORDS STUDIOS PLC IE KWS LN 444.97 $10,765.87
KIMBERLY CLARK DE MEXICO S.A.B. MX KIMBERA MM 20,355.94 $41,600.27
KRAFT HEINZ CO/THE US KHC 176.78 $6,756.35
L'OREAL FR OR FP 18.75 $8,027.27
L3HARRIS TECHNOLOGIES INC US LHX 3,744.3 $658,698.04
LEXINGTON REALTY TRUST US LXP 1,306.83 $13,512.65
LIFE STORAGE INC US LSI 132.64 $16,896.97
LINDE PLC IE LIN 594.14 $210,124.19
LOCKHEED MARTIN CORP US LMT 39.71 $17,631.81
LULULEMON - ADR CA LULU 1,570.95 $521,444.52
MARATHON OIL CORP US MRO 133.69 $2,962.52
MARATHON PETROLEUM CORP US MPC 82.57 $8,661.89
MASCO CORP US MAS 12,919.61 $624,275.78
MASTERCARD INC-CLASS A US MA 2,386.93 $871,277.74
MEDTRONIC INC IE MDT 9,150.74 $757,315.13
MEITUAN DIANPING - CLASS B CN 3690 HK 11.65 $163.51
MERCADOLIBRE INC BR MELI 251.77 $311,944.01
MERCK & CO INC US MRK 299.28 $33,043.89
META PLATFORMS INC US META 4,283.71 $1,133,984.63
MICROCHIP TECHNOLOGY INC US MCHP 101.55 $7,642.41
MICRON TECHNOLOGY INC US MU 11,800.97 $804,826.14
MICROSOFT CORP US MSFT 2,165.79 $711,223.05
MID-AMERICA APARTMENT COMM US MAA 111.1 $16,337.76
MONARCH CASINO & RESORT INC US MCRI 100.73 $6,536.47
MONDELEZ INTERNATIONAL INC US MDLZ 7,049.12 $517,475.63
MOODY'S CORPORATION US MCO 2,400.56 $760,688.33
NAVIENT CORP 6.75000 06/25/2025 US 21,543.75 $20,962.94
NESTLE S.A. - ADR CH NSRGY 4,146.88 $492,359.24
NESTLE SA-REGISTERED CH NESN SW 433.79 $51,419.44
NETAPP INC US NTAP 66.49 $4,411.91
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 24,455.07 $22,000.34
NEWMONT GOLDCORP CORP US NEM 2,270.36 $92,063.19
NIKE INC CLASS B US NKE 2,274.09 $239,370.59
NORFOLK SOUTHN CORP US NSC 896.1 $186,550.87
NORTHROP GRUMMAN CORP US NOC 1,204 $524,332.02
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 16,885.65 $1.69
NOVARTIS AG- REG CH NVS 3,365.37 $323,916.60
ODFJELL DRILLING LTD 9.25000 05/31/2028 BM 23,290.55 $23,407.00
OMNICOM GROUP US OMC 60.79 $5,360.92
PACKAGING CORP OF AMERICA US PKG 28.3 $3,509.80
PARAMOUNT GLOBAL CLASS B US PARA 166.53 $2,532.88
PELORUS FUND REIT 7.00000 09/30/2026 US 22,126.02 $20,728.71
PEPSICO INC 3.90000 07/18/2032 US 43,087.51 $41,613.87
PFIZER INC US PFE 563.63 $21,429.26
PHILLIPS 66 US PSX 65.45 $5,995.55
POPULAR INC 6.12500 09/14/2023 PR 18,632.44 $18,539.27
PPG INDUSTRIES INC US PPG 45.88 $6,023.90
PROLOGIS US PLD 700.35 $87,228.18
PUBLIC STORAGE INC US PSA 103.99 $29,461.01
QUALCOMM 5.40000 05/20/2033 US 45,416.56 $47,491.63
QUALCOMM INC US QCOM 167.23 $18,965.11
QUEST DIAGNOSTICS INC US DGX 35.52 $4,711.47
RAYTHEON TECHNOLOGIES CORP US RTX 150.81 $13,895.29
REALTY INCOME CORP US O 281.7 $16,744.20
REGIONS FINANCIAL CORP. US RF 265.4 $4,583.38
RENAISSANCERE HOLDINGS LTD BM RNR 155 $29,197.08
RENTOKIL INITIAL PLC GB RTO LN 4,715.75 $37,511.83
RENTOKIL INITIAL PLC-SP ADR GB RTO 9,316.45 $370,142.59
RESTAURANT BRANDS INTERN CA QSR 353.67 $25,785.86
REXFORD INDUSTRIAL REALITY IN US REXR 337.48 $18,372.41
S&P GLOBAL INC US SPGI 1,497.12 $550,085.42
SALESFORCE INC US CRM 2,895.95 $646,896.50
SBA COMMUNICATIONS CORP US SBAC 1,416.18 $314,080.75
SBA TOWER TRUST 6.59900 01/15/2028 US 36,682.61 $37,960.16
SCHLUMBERGER LTD NL SLB 186.56 $7,990.25
SERVICENOW INC US NOW 1,780.68 $970,078.10
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 73,365.22 $59,611.84
SKYWORKS SOLUTIONS INC US SWKS 39.36 $4,074.26
SNOWFLAKE INC-CLASS A US SNOW 3,760.96 $621,911.88
SONY CORP FIRST SECTION JP 6758 JP 477.46 $44,776.02
SONY CORP SPONSORED ADR JP SONY 4,274.86 $400,554.67
STAG INDUSTRIAL INC US STAG 259.81 $9,041.25
SUN COMMUNITIES US SUI 209.85 $26,573.03
SYNCHRONOSS TECH US 530.91 $9,821.80
SYSCO CORP US SYY 79.42 $5,555.48
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 4,943.42 $487,371.60
TE CONNECTIVITY LIMITED CH TEL 59.74 $7,316.99
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 2,445.51 $22,647.41
TENCENT HOLDINGS 3.97500 04/11/2029 KY 94,326.71 $88,887.36
TENCENT HOLDINGS LTD CN 700 HK 1,013.14 $40,094.30
TERRENO REALTY CORP US TRNO 292.41 $17,933.68
TEXAS INSTRUMENTS INC US TXN 106.2 $18,466.91
THERMO FISHER SCIENTIFIC INC US TMO 741.8 $377,177.59
TOKYO ELECTRON LTD JP 8035 JP 174.68 $23,757.33
TRAVELLERS COS INC US TRV 51.24 $8,671.72
TREASURY BILL 0.00000 05/16/2024 US 561,884.4 $534,968.29
TREASURY BOND 2.37500 02/15/2042 US 526,366.32 $411,141.44
TRUIST FINANCIAL CORP US TFC 196.46 $5,986.01
TYSON FOODS INC -CL A US TSN 81.75 $4,139.81
U.S. BANCORP US USB 264.46 $7,907.48
UDR INC US UDR 486.07 $19,282.54
UNILEVER PLC - ADR GB UL 9,280 $463,443.26
UNION PAC CORP US UNP 989.15 $190,431.05
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 2,384.72 $2,244.49
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 21,509.54 $19,400.59
UNITED PARCEL SERVICE US UPS 99.8 $16,666.60
UNITEDHEALTH GROUP INC US UNH 329.21 $160,405.18
US TEASURY NOTE 1.75000 11/15/2029 US 1,607,629.87 $1,432,925.72
US TREASURY N/B 0.87500 11/15/2030 US 1,985,518.96 $1,633,089.34
US TREASURY N/B 1.37500 11/15/2031 US 233,487.71 $195,181.14
US TREASURY N/B 3.12500 11/15/2028 US 1,118,528.42 $1,082,263.64
US TREASURY N/B 3.62500 02/15/2053 US 208,450.38 $199,623.81
VALERO ENERGY US VLO 52.17 $5,584.36
VENTAS INC US VTR 212.76 $9,178.43
VERTEX PHARMACEUTICALS INC US VRTX 916.83 $296,659.43
VISA INC - CLASS A SHARES US V 4,107.87 $907,962.48
VISTRA OPERATIONS 4.87500 05/13/2024 US 39,593.93 $39,026.74
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 10,480.75 $10,137.89
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 55,897.31 $51,075.33
WELLS FARGO COMPANY US WFC 375.44 $14,946.41
WELLTOWER INC. US WELL 213.92 $15,960.84

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Maximum Term CIT Fund. Investments will change over time and as the target date fund gradually becomes more conservative. Fund holdings list does not include securities with positions less than 0.005 shares.

A Word About Risk

Each Manning & Napier Retirement Target CIT Fund is invested in one or two of four proprietary risk-based funds, the Manning & Napier Pro-Mix® CIT Funds, based on the Retirement Target CIT Fund becoming increasingly conservative over time. Because the underlying funds invest in both stocks and bonds, the value of your investment will fluctuate in response to stock market movements and changes in interest rates. Investing in target date funds will also involve a number of other risks, including issuer-specific risk, foreign investment risk, and small-cap/mid-cap risk as the underlying investments change over time. Investments in options and futures, like all derivatives, can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. Also, the use of leverage increases exposure to the market and may magnify potential losses. Principal value is not guaranteed at any time, including at the target date (the approximate year when an investor plans to stop contributions and start periodic withdrawals).

About The Fund Manager

Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company, Trustee of the Manning & Napier Collective Investment Trust Funds. Manning & Napier is headquartered in Rochester, NY and has more than 50 years of experience managing life cycle investment objectives. The Firm’s active management approach focuses on participating in rising markets and, as important, helping to reduce the risk of large losses in sustained bear market periods. A team of investment analysts and professionals make all investment decisions in an effort to provide investors with strong risk-adjusted returns.

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