Collective Investment Trusts

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

$27.43

Daily $ Change

$0.29

Daily % Change

1.06%

as of 04/23/2024

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 03/31/2024

YTD

4.55%

1 Year

16.14%

3 Year

3.51%

5 Year

9.55%

10 Year

7.77%

Inception
(08/17/2012)

7.55%

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 03/31/2024

TREASURY NOTES 11.45%
AMAZON.COM INC 4.32%
ALPHABET INC-CL A 2.96%
META PLATFORMS INC 2.79%
MASTERCARD INC-CLASS A 2.43%
VISA INC - CLASS A SHARES 2.42%
TREASURY BONDS 2.42%
MICRON TECHNOLOGY INC 2.40%
JOHNSON & JOHNSON 2.29%
MICROSOFT CORP 2.23%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 03/31/2024

Stocks
79.70%
Bonds
18.43%
Cash
1.87%

Detailed Asset Class Allocation

As of 03/31/2024

International Equities
18.60%
Small Capitalization
0.16%
Mid Capitalization
3.92%
Large Capitalization
57.02%
Long Term Fixed Income
2.97%
Intermediate Term Fixed Income
14.36%
Short Term Fixed Income
1.10%
Cash
1.87%

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 109.48 $11,612.61
ABBOTT LABORATORIES US ABT 212.32 $24,132.09
ADMIRAL GROUP PLC GB ADM LN 1,885.19 $67,560.83
ADMIRAL GROUP PLC ADR GB AMIGY 6,045.32 $216,422.52
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 63,874.33 $57,861.45
AGREE REALTY CORP US ADC 372.26 $21,263.47
AIR LIQUIDE FR AI FP 241.45 $50,232.31
AIRBUS SE FR AIR FP 324.48 $59,778.86
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 3,367.64 $3,428.26
ALCON INC CH ALC 6,025.65 $501,876.26
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 31,937.16 $26,550.42
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 131,581.11 $114,309.89
ALPHABET INC-CL A US GOOGL 10,164.7 $1,534,158.89
AMAZON.COM INC US AMZN 12,435.69 $2,243,150.22
AMAZON.COM INC 3.30000 04/13/2027 US 12,136.12 $11,675.49
AMERICAN HOMES 4 RENT- A US AMH 598.63 $22,017.62
AMERICAN TOWER REIT INC US AMT 133.37 $26,352.50
AMERICOLD REALTY TRUST US COLD 475.1 $11,839.42
ANALOG DEVICES INC US ADI 100.03 $19,784.38
APPLIED MATERIALS INC US AMAT 3,356.6 $692,230.76
ARCHER-DANIELS-MIDLAND CO US ADM 122.26 $7,678.87
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 60,041.87 $56,461.58
ASTRAZENECA GB AZN 15,893.08 $1,076,756.31
ATLASSIAN CORP PLC-CLASS A AU TEAM 148.19 $28,913.05
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 7,080.98 $35,324.94
AUTO TRADER GROUP PLC GB AUTO LN 4,275.62 $37,757.63
AVALONBAY COMMUNITIES INC US AVB 152.66 $28,327.52
AVANZA BANK HOLDING AB SE AZA SS 895.9 $19,312.95
BAE SYSTEMS PLC GB BA/ LN 2,503.23 $42,668.71
BAE SYSTEMS PLC -SPON ADR GB BAESY 3,496.99 $242,516.37
BANK OF AMERICA CORP US BAC 728.68 $27,631.48
BANK OF AMERICA CORP 2.68700 04/22/2032 US 100,921.44 $85,376.50
BAXTER INTERNATIONAL INC US BAX 118.81 $5,077.78
BEIERSDORF AG DE BEI GR 343.77 $50,052.17
BIOMARIN PHARMACEUTICAL INC US BMRN 6,193.89 $540,974.65
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 24,272.24 $24,103.54
BORR IHC LTD 10.00000 11/15/2028 MUL 25,549.73 $26,677.86
BOSTON SCIENTIFIC CORP US BSX 3,537.87 $242,308.80
BRENNTAG AG DE BNR GR 275.43 $23,213.20
BRISTOL MYERS SQUIBB CO US BMY 320.39 $17,374.95
BROADCOM INC US AVGO 38.96 $51,642.40
BROADRIDGE FINANCIAL SOLUTIONS US BR 36.41 $7,458.62
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 25,928.63 $18,266.55
BUNGE LIMITED US BG 47.39 $4,858.91
C.H. ROBINSON WORLDWIDE INC US CHRW 47.27 $3,598.91
CAMPBELL SOUP CO US CPB 102.2 $4,542.74
CANADIAN NATIONAL RAILWAY CO CA CNI 3,961.87 $521,817.76
CAPITAL ONE FINANCIAL CO 5.70000 02/01/2030 US 116,251.27 $117,228.22
CATERPILLAR INC US CAT 97.09 $35,576.31
CELLNEX TELECOM SA ES CLNX SM 717.56 $25,383.62
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 18,570.95 $327,220.13
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 80,481.65 $88,864.70
CHEVRON CORP US CVX 183.06 $28,876.49
CISCO SYSTEMS INC US CSCO 575.89 $28,742.72
CITIGROUP INC US C 327.16 $20,689.87
CITIGROUP INC 1.46200 06/09/2027 US 91,979.03 $84,507.36
CLARK CNTY NV 1.51000 11/01/2028 US 44,712.03 $38,526.28
CLEANAWAY WASTE MANAGEMENT AU CWY AU 22,337.11 $39,578.50
COCA COLA CO/THE US KO 16,006.91 $979,302.52
COGNIZANT TECH SOLUTIONS - A US CTSH 95.56 $7,003.30
COLGATE-PALMOLIVE CO US CL 168.12 $15,138.96
COMCAST CORP-CL A US CMCSA 567.97 $24,621.52
CONAGRA BRAND INC. US CAG 150.49 $4,460.46
CONOCOPHILLIPS US COP 165.05 $21,007.72
CONSTELLATION BRANDS INC-A US STZ 3,084.36 $838,206.61
COPART INC US CPRT 4,598.7 $266,356.47
CORNING INC US GLW 163.01 $5,372.72
COTERRA ENERGY INC US CTRA 197.24 $5,499.16
CROWN CASTLE INTL CORP US CCI 114.85 $12,154.16
CSX CORP US CSX 11,629.09 $431,090.28
CUMMINS INC US CMI 41.9 $12,346.29
CVS HEALTH CORP US CVS 159.94 $12,756.92
DEUTSCHE BOERSE AG DE DB1 GR 355.91 $72,886.33
DEUTSCHE BOERSE AG ADR DE DBOEY 15,423.99 $315,112.10
DEVON ENERGY CORPORATION US DVN 135.41 $6,795.05
DIAGEO PLC GB DGE LN 535.39 $19,810.79
DIAMONDBACK ENERGY INC US FANG 41.9 $8,303.63
DIGITAL REALTY TRUST INC US DLR 92.36 $13,303.86
DIGITALBRIDGE GROUP INC US DBRG 617.66 $11,902.40
DOLLARAMA INC CA DOL CN 398.19 $30,334.42
DOW INC US DOW 140.78 $8,155.33
DREYFUS GVT CSH MANAGEMENT US 990,011.82 $990,011.82
EBAY INC US EBAY 130.05 $6,863.94
ELECTRONIC ARTS US EA 7,190.46 $953,958.41
EMERSON ELEC CO US EMR 130.94 $14,851.48
ENERGY TRANSFER LP 7.37500 02/01/2031 US 54,293.18 $56,909.79
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 80,481.65 $85,528.60
EOG RESOURCES INC US EOG 96.71 $12,362.86
EQUINIX INC US EQIX 1,024.93 $845,903.36
EQUITY COMMONWEALTH US EQC 564.39 $10,655.75
EQUITY LIFESTYLE PROPERTIES US ELS 379.29 $24,426.00
EQUITY RESIDENTIAL US EQR 242.85 $15,326.28
EVERGY INC US EVRG 12,271.41 $655,047.75
EXPERIAN GROUP LTD-SPON ADR IE EXPGY 7,718.45 $336,061.13
EXPERIAN PLC IE EXPN LN 935.63 $40,768.21
EXTRA SPACE STORAGE INC US EXR 166.46 $24,469.10
EXXON MOBIL CORP US XOM 290.76 $33,797.47
FEDEX CORPORATION US FDX 37.3 $10,808.06
FIFTH THIRD BANCORP US FITB 192.65 $7,168.32
FINECOBANK SPA IT FBK IM 1,433.85 $21,474.50
FIRST INDUSTRIAL REALTY TR US FR 162.24 $8,524.13
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 746.31 $12,851.42
FMC CORP US FMC 41.14 $2,620.30
GENERAL DYNAMICS CORP US GD 53.53 $15,120.75
GENERAL MLS INC US GIS 138.99 $9,725.17
GENUINE PARTS CO US GPC 44.2 $6,848.07
GILEAD SCIENCES INC US GILD 236.34 $17,311.54
GLOBANT SA LU GLOB 169.52 $34,226.59
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 13,413.61 $11,291.23
GOODMAN GROUP AU GMG AU 546.25 $12,032.49
HALLIBURTON CO US HAL 173.23 $6,828.62
HALMA PLC GB HLMA LN 2,082.69 $62,189.80
HARTFORD FINL SVCS US HIG 64.26 $6,621.74
HDFC BANK LTD-ADR IN HDB 7,799.44 $436,534.57
HEINEKEN NV NL HEIA NA 694.7 $66,974.11
HEINEKEN NV-SPN ADR NL HEINY 9,598.14 $463,878.08
HELIOS TOWERS PLC GB HTWS LN 7,592.74 $9,045.01
HOME DEPOT INC US HD 128.39 $49,249.40
HONEYWELL INTERNATIONAL INC US HON 114.72 $23,545.93
HUMANA INC US HUM 2,316.85 $803,298.08
HUNTINGTON BANCSHARES US HBAN 324.86 $4,531.86
IDEXX LABORATORIES INC US IDXX 595.44 $321,494.01
IMCD NV NL IMCD NA 367.15 $64,622.04
INFRABUILD AUTRALIA PTY 14.50000 11/15/2028 AU 24,272.24 $25,171.52
INTERCONTINENTALEXCHANGE INC US ICE 6,693.77 $919,925.35
INTERMEDIATE CAPITAL GROUP GB ICP LN 1,637.99 $42,426.46
INTERNATIONAL BUSINESS MACH CORP US IBM 101.05 $19,296.35
INTERNATIONAL FLVRS & FRAGRANCES US IFF 61.96 $5,327.78
INTUIT INC US INTU 740.94 $481,612.42
INTUITIVE SURGICAL INC US ISRG 1,269.18 $506,518.19
INVITATION HOMES INC US INVH 1,001.68 $35,669.72
JM SMUCKER CO/THE-NEW COM WI US SJM 36.15 $4,550.56
JOHNSON & JOHNSON US JNJ 7,525.16 $1,190,405.40
JP MORGAN CHASE & CO US JPM 2,055.48 $411,711.81
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 146,910.95 $142,088.18
KELLOGG CO US K 69.24 $3,966.75
KEYENCE CORP JP 6861 JP 89.42 $41,516.09
KEYWORDS STUDIOS PLC IE KWS LN 1,537.33 $25,263.20
KRAFT HEINZ CO/THE US KHC 193.92 $7,155.74
L'OREAL FR OR FP 20.57 $9,740.20
L3HARRIS TECHNOLOGIES INC US LHX 4,876.29 $1,039,138.21
LEXINGTON REALTY TRUST US LXP 2,575.03 $23,226.77
LOCKHEED MARTIN CORP US LMT 45.1 $20,512.49
LONZA GROUP AG -REG CH LONN SW 94.66 $56,569.72
LONZA GROUP AG ADR CH LZAGY 8,518.15 $510,322.51
MARATHON OIL CORP US MRO 146.66 $4,156.22
MARATHON PETROLEUM CORP US MPC 84.06 $16,937.81
MARRIOTT VACATIONS WORLD US VAC 103.6 $11,161.28
MASCO CORP US MAS 7,658.02 $604,064.67
MASSMUTUAL GLOBAL FUNDING 4.85000 01/17/2029 US 28,104.7 $27,963.34
MASTERCARD INC-CLASS A US MA 2,618.46 $1,260,973.77
MEDTRONIC INC IE MDT 5,753.8 $501,443.61
MERCADOLIBRE INC BR MELI 196.99 $297,838.61
MERCK & CO INC US MRK 337.26 $44,500.99
MET LIFE GLOB FUNDING I 4.85000 01/08/2029 US 28,104.7 $27,901.93
META PLATFORMS INC US META 2,982.29 $1,448,141.49
MICROCHIP TECHNOLOGY INC US MCHP 111.4 $9,993.41
MICRON TECHNOLOGY INC US MU 10,558.04 $1,244,687.67
MICROSOFT CORP US MSFT 2,744.17 $1,154,526.70
MID-AMERICA APARTMENT COMM US MAA 66.94 $8,808.00
MONARCH CASINO & RESORT INC US MCRI 181.79 $13,632.16
MONDELEZ INTERNATIONAL INC US MDLZ 7,732.88 $541,301.70
MOODY'S CORPORATION US MCO 2,159.85 $848,884.46
NAVIENT CORP 6.75000 06/25/2025 US 23,633.5 $23,784.25
NESTLE S.A. - ADR CH NSRGY 6,380.79 $677,639.86
NESTLE SA-REGISTERED CH NESN SW 565.8 $60,116.10
NETAPP INC US NTAP 72.94 $7,656.98
NEW FORTRESS ENERGY INC 8.75000 03/15/2029 US 26,188.47 $26,098.54
NEW YORK LIFE GLOBAL FDG 4.70000 01/29/2029 US 28,104.7 $27,811.61
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 36,926.85 $34,940.11
NORFOLK SOUTHN CORP US NSC 983.03 $250,543.81
NORTHROP GRUMMAN CORP US NOC 964.76 $461,790.98
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 18,523.55 $0.19
NOVARTIS AG- REG CH NVS 3,691.81 $357,108.62
NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 US 53,654.43 $56,727.53
NVIDIA CORP US NVDA 678.6 $613,156.58
OMNICOM GROUP US OMC 66.68 $6,452.42
OPEN INFRA IS ASSETS AB 11.00000 02/22/2027 US 25,549.73 $25,422.65
OXFINF 2024-A A2 6.67500 01/14/2032 US 6,387.43 $6,348.47
PACKAGING CORP OF AMERICA US PKG 31.04 $5,891.33
PALOMINO FUNDING TRUST I 7.23300 05/17/2028 US 66,429.3 $69,672.34
PARAMOUNT GLOBAL CLASS B US PARA 182.68 $2,150.15
PELORUS FUND REIT 7.00000 09/30/2026 US 24,272.24 $23,800.76
PEPSICO INC 3.90000 07/18/2032 US 120,083.73 $113,797.22
PFIZER INC US PFE 630.7 $17,501.79
PHILIP MORRIS INTERNATIONAL US PM 5,998.57 $549,588.59
PHILLIPS 66 US PSX 71.79 $11,726.95
PPG INDUSTRIES INC US PPG 50.33 $7,293.25
PROLOGIS US PLD 770.84 $100,378.18
PUBLIC STORAGE INC US PSA 129.15 $37,462.38
QUALCOMM 5.40000 05/20/2033 US 49,821.97 $52,305.68
QUALCOMM INC US QCOM 183.45 $31,057.59
QUALCOMM INC 4.25000 05/20/2032 US 67,706.79 $65,341.28
QUEST DIAGNOSTICS INC US DGX 38.96 $5,186.41
RAYTHEON TECHNOLOGIES CORP US RTX 163.77 $15,972.86
REALTY INCOME CORP US O 338.41 $18,307.77
REGIONS FINANCIAL CORP. US RF 291.14 $6,125.57
REXFORD INDUSTRIAL REALITY IN US REXR 589.3 $29,642.02
S&P GLOBAL INC US SPGI 1,416.48 $602,640.16
SALESFORCE INC US CRM 2,418.67 $728,453.60
SBA COMMUNICATIONS CORP US SBAC 2,212.73 $479,499.55
SBA TOWER TRUST 6.59900 01/15/2028 US 40,240.83 $41,243.79
SCHLUMBERGER LTD US SLB 204.65 $11,217.05
SERVICENOW INC US NOW 952.37 $726,083.99
SIMON PROPERTY 2.25000 01/15/2032 US 118,167.5 $96,723.49
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 92,617.77 $78,116.44
SIRIUSPOINT LTD 7.00000 04/05/2029 BM 54,931.92 $54,847.33
SKYWORKS SOLUTIONS INC US SWKS 43.18 $4,677.15
SONY CORP FIRST SECTION JP 6758 JP 587.64 $50,390.89
SONY CORP SPONSORED ADR JP SONY 4,689.53 $402,079.90
SUN COMMUNITIES US SUI 296.25 $38,091.71
SYSCO CORP US SYY 87.12 $7,072.77
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 7,997.19 $1,088,018.16
TE CONNECTIVITY LIMITED CH TEL 60.68 $8,813.25
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 4,854.45 $65,961.60
TECHTRONIC INDUSTRIES-SP ADR HK TTNDY 3,407.06 $231,628.74
TENCENT HOLDINGS 3.97500 04/11/2029 KY 237,612.49 $225,857.71
TENCENT HOLDINGS LTD CN 700 HK 1,405.24 $54,733.83
TERRENO REALTY CORP US TRNO 391.29 $25,981.93
TEXAS INSTRUMENTS INC US TXN 116.51 $20,296.64
THERMO FISHER SCIENTIFIC INC US TMO 994.27 $577,878.37
TRAVELLERS COS INC US TRV 56.21 $12,936.03
TREASURY BOND 2.37500 02/15/2042 US 1,358,223.67 $1,011,876.64
TRUIST FINANCIAL CORP US TFC 215.51 $8,400.66
TSY INFL IX N/B 0.12500 01/15/2031 US 320,870.58 $285,943.75
TYSON FOODS INC -CL A US TSN 89.68 $5,266.88
U.S. BANCORP US USB 301.1 $13,459.33
UDR INC US UDR 236.97 $8,865.19
UNION PAC CORP US UNP 937.29 $230,508.19
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 2,189.68 $2,098.00
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 21,427.25 $19,794.44
UNITED PARCEL SERVICE US UPS 111.52 $16,575.90
UNITED STATES TREAS NTS 2.25000 11/15/2024 US 494,515.03 $485,571.26
UNITEDHEALTH GROUP INC US UNH 1,680.41 $831,296.74
US TEASURY NOTE 1.75000 11/15/2029 US 1,979,209.87 $1,743,714.83
US TREASURY N/B 0.87500 11/15/2030 US 2,644,269.36 $2,142,684.51
US TREASURY N/B 3.12500 11/15/2028 US 1,152,676.09 $1,098,554.35
US TREASURY N/B 3.62500 02/15/2053 US 278,492.06 $245,029.50
US TREASURY N/B 4.12500 11/15/2032 US 472,670.01 $469,937.39
VALERO ENERGY US VLO 57.23 $9,768.83
VENTAS INC US VTR 285.01 $12,409.22
VERTEX PHARMACEUTICALS INC US VRTX 746.82 $312,177.65
VISA INC - CLASS A SHARES US V 4,506.33 $1,257,627.61
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 90,701.54 $84,901.68
WELLS FARGO COMPANY US WFC 398.83 $23,116.26
WELLTOWER INC. US WELL 376.22 $35,153.98

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

$27.43

Daily $ Change

$0.29

Daily % Change

1.06%

as of 04/23/2024

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 03/31/2024

YTD

4.55%

1 Year

16.14%

3 Year

3.51%

5 Year

9.55%

10 Year

7.77%

Inception
(08/17/2012)

7.55%

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 03/31/2024

TREASURY NOTES 11.45%
AMAZON.COM INC 4.32%
ALPHABET INC-CL A 2.96%
META PLATFORMS INC 2.79%
MASTERCARD INC-CLASS A 2.43%
VISA INC - CLASS A SHARES 2.42%
TREASURY BONDS 2.42%
MICRON TECHNOLOGY INC 2.40%
JOHNSON & JOHNSON 2.29%
MICROSOFT CORP 2.23%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 03/31/2024

Stocks
79.70%
Bonds
18.43%
Cash
1.87%

Detailed Asset Class Allocation

As of 03/31/2024

International Equities
18.60%
Small Capitalization
0.16%
Mid Capitalization
3.92%
Large Capitalization
57.02%
Long Term Fixed Income
2.97%
Intermediate Term Fixed Income
14.36%
Short Term Fixed Income
1.10%
Cash
1.87%

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 109.48 $11,612.61
ABBOTT LABORATORIES US ABT 212.32 $24,132.09
ADMIRAL GROUP PLC GB ADM LN 1,885.19 $67,560.83
ADMIRAL GROUP PLC ADR GB AMIGY 6,045.32 $216,422.52
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 63,874.33 $57,861.45
AGREE REALTY CORP US ADC 372.26 $21,263.47
AIR LIQUIDE FR AI FP 241.45 $50,232.31
AIRBUS SE FR AIR FP 324.48 $59,778.86
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 3,367.64 $3,428.26
ALCON INC CH ALC 6,025.65 $501,876.26
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 31,937.16 $26,550.42
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 131,581.11 $114,309.89
ALPHABET INC-CL A US GOOGL 10,164.7 $1,534,158.89
AMAZON.COM INC US AMZN 12,435.69 $2,243,150.22
AMAZON.COM INC 3.30000 04/13/2027 US 12,136.12 $11,675.49
AMERICAN HOMES 4 RENT- A US AMH 598.63 $22,017.62
AMERICAN TOWER REIT INC US AMT 133.37 $26,352.50
AMERICOLD REALTY TRUST US COLD 475.1 $11,839.42
ANALOG DEVICES INC US ADI 100.03 $19,784.38
APPLIED MATERIALS INC US AMAT 3,356.6 $692,230.76
ARCHER-DANIELS-MIDLAND CO US ADM 122.26 $7,678.87
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 60,041.87 $56,461.58
ASTRAZENECA GB AZN 15,893.08 $1,076,756.31
ATLASSIAN CORP PLC-CLASS A AU TEAM 148.19 $28,913.05
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 7,080.98 $35,324.94
AUTO TRADER GROUP PLC GB AUTO LN 4,275.62 $37,757.63
AVALONBAY COMMUNITIES INC US AVB 152.66 $28,327.52
AVANZA BANK HOLDING AB SE AZA SS 895.9 $19,312.95
BAE SYSTEMS PLC GB BA/ LN 2,503.23 $42,668.71
BAE SYSTEMS PLC -SPON ADR GB BAESY 3,496.99 $242,516.37
BANK OF AMERICA CORP US BAC 728.68 $27,631.48
BANK OF AMERICA CORP 2.68700 04/22/2032 US 100,921.44 $85,376.50
BAXTER INTERNATIONAL INC US BAX 118.81 $5,077.78
BEIERSDORF AG DE BEI GR 343.77 $50,052.17
BIOMARIN PHARMACEUTICAL INC US BMRN 6,193.89 $540,974.65
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 24,272.24 $24,103.54
BORR IHC LTD 10.00000 11/15/2028 MUL 25,549.73 $26,677.86
BOSTON SCIENTIFIC CORP US BSX 3,537.87 $242,308.80
BRENNTAG AG DE BNR GR 275.43 $23,213.20
BRISTOL MYERS SQUIBB CO US BMY 320.39 $17,374.95
BROADCOM INC US AVGO 38.96 $51,642.40
BROADRIDGE FINANCIAL SOLUTIONS US BR 36.41 $7,458.62
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 25,928.63 $18,266.55
BUNGE LIMITED US BG 47.39 $4,858.91
C.H. ROBINSON WORLDWIDE INC US CHRW 47.27 $3,598.91
CAMPBELL SOUP CO US CPB 102.2 $4,542.74
CANADIAN NATIONAL RAILWAY CO CA CNI 3,961.87 $521,817.76
CAPITAL ONE FINANCIAL CO 5.70000 02/01/2030 US 116,251.27 $117,228.22
CATERPILLAR INC US CAT 97.09 $35,576.31
CELLNEX TELECOM SA ES CLNX SM 717.56 $25,383.62
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 18,570.95 $327,220.13
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 80,481.65 $88,864.70
CHEVRON CORP US CVX 183.06 $28,876.49
CISCO SYSTEMS INC US CSCO 575.89 $28,742.72
CITIGROUP INC US C 327.16 $20,689.87
CITIGROUP INC 1.46200 06/09/2027 US 91,979.03 $84,507.36
CLARK CNTY NV 1.51000 11/01/2028 US 44,712.03 $38,526.28
CLEANAWAY WASTE MANAGEMENT AU CWY AU 22,337.11 $39,578.50
COCA COLA CO/THE US KO 16,006.91 $979,302.52
COGNIZANT TECH SOLUTIONS - A US CTSH 95.56 $7,003.30
COLGATE-PALMOLIVE CO US CL 168.12 $15,138.96
COMCAST CORP-CL A US CMCSA 567.97 $24,621.52
CONAGRA BRAND INC. US CAG 150.49 $4,460.46
CONOCOPHILLIPS US COP 165.05 $21,007.72
CONSTELLATION BRANDS INC-A US STZ 3,084.36 $838,206.61
COPART INC US CPRT 4,598.7 $266,356.47
CORNING INC US GLW 163.01 $5,372.72
COTERRA ENERGY INC US CTRA 197.24 $5,499.16
CROWN CASTLE INTL CORP US CCI 114.85 $12,154.16
CSX CORP US CSX 11,629.09 $431,090.28
CUMMINS INC US CMI 41.9 $12,346.29
CVS HEALTH CORP US CVS 159.94 $12,756.92
DEUTSCHE BOERSE AG DE DB1 GR 355.91 $72,886.33
DEUTSCHE BOERSE AG ADR DE DBOEY 15,423.99 $315,112.10
DEVON ENERGY CORPORATION US DVN 135.41 $6,795.05
DIAGEO PLC GB DGE LN 535.39 $19,810.79
DIAMONDBACK ENERGY INC US FANG 41.9 $8,303.63
DIGITAL REALTY TRUST INC US DLR 92.36 $13,303.86
DIGITALBRIDGE GROUP INC US DBRG 617.66 $11,902.40
DOLLARAMA INC CA DOL CN 398.19 $30,334.42
DOW INC US DOW 140.78 $8,155.33
DREYFUS GVT CSH MANAGEMENT US 990,011.82 $990,011.82
EBAY INC US EBAY 130.05 $6,863.94
ELECTRONIC ARTS US EA 7,190.46 $953,958.41
EMERSON ELEC CO US EMR 130.94 $14,851.48
ENERGY TRANSFER LP 7.37500 02/01/2031 US 54,293.18 $56,909.79
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 80,481.65 $85,528.60
EOG RESOURCES INC US EOG 96.71 $12,362.86
EQUINIX INC US EQIX 1,024.93 $845,903.36
EQUITY COMMONWEALTH US EQC 564.39 $10,655.75
EQUITY LIFESTYLE PROPERTIES US ELS 379.29 $24,426.00
EQUITY RESIDENTIAL US EQR 242.85 $15,326.28
EVERGY INC US EVRG 12,271.41 $655,047.75
EXPERIAN GROUP LTD-SPON ADR IE EXPGY 7,718.45 $336,061.13
EXPERIAN PLC IE EXPN LN 935.63 $40,768.21
EXTRA SPACE STORAGE INC US EXR 166.46 $24,469.10
EXXON MOBIL CORP US XOM 290.76 $33,797.47
FEDEX CORPORATION US FDX 37.3 $10,808.06
FIFTH THIRD BANCORP US FITB 192.65 $7,168.32
FINECOBANK SPA IT FBK IM 1,433.85 $21,474.50
FIRST INDUSTRIAL REALTY TR US FR 162.24 $8,524.13
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 746.31 $12,851.42
FMC CORP US FMC 41.14 $2,620.30
GENERAL DYNAMICS CORP US GD 53.53 $15,120.75
GENERAL MLS INC US GIS 138.99 $9,725.17
GENUINE PARTS CO US GPC 44.2 $6,848.07
GILEAD SCIENCES INC US GILD 236.34 $17,311.54
GLOBANT SA LU GLOB 169.52 $34,226.59
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 13,413.61 $11,291.23
GOODMAN GROUP AU GMG AU 546.25 $12,032.49
HALLIBURTON CO US HAL 173.23 $6,828.62
HALMA PLC GB HLMA LN 2,082.69 $62,189.80
HARTFORD FINL SVCS US HIG 64.26 $6,621.74
HDFC BANK LTD-ADR IN HDB 7,799.44 $436,534.57
HEINEKEN NV NL HEIA NA 694.7 $66,974.11
HEINEKEN NV-SPN ADR NL HEINY 9,598.14 $463,878.08
HELIOS TOWERS PLC GB HTWS LN 7,592.74 $9,045.01
HOME DEPOT INC US HD 128.39 $49,249.40
HONEYWELL INTERNATIONAL INC US HON 114.72 $23,545.93
HUMANA INC US HUM 2,316.85 $803,298.08
HUNTINGTON BANCSHARES US HBAN 324.86 $4,531.86
IDEXX LABORATORIES INC US IDXX 595.44 $321,494.01
IMCD NV NL IMCD NA 367.15 $64,622.04
INFRABUILD AUTRALIA PTY 14.50000 11/15/2028 AU 24,272.24 $25,171.52
INTERCONTINENTALEXCHANGE INC US ICE 6,693.77 $919,925.35
INTERMEDIATE CAPITAL GROUP GB ICP LN 1,637.99 $42,426.46
INTERNATIONAL BUSINESS MACH CORP US IBM 101.05 $19,296.35
INTERNATIONAL FLVRS & FRAGRANCES US IFF 61.96 $5,327.78
INTUIT INC US INTU 740.94 $481,612.42
INTUITIVE SURGICAL INC US ISRG 1,269.18 $506,518.19
INVITATION HOMES INC US INVH 1,001.68 $35,669.72
JM SMUCKER CO/THE-NEW COM WI US SJM 36.15 $4,550.56
JOHNSON & JOHNSON US JNJ 7,525.16 $1,190,405.40
JP MORGAN CHASE & CO US JPM 2,055.48 $411,711.81
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 146,910.95 $142,088.18
KELLOGG CO US K 69.24 $3,966.75
KEYENCE CORP JP 6861 JP 89.42 $41,516.09
KEYWORDS STUDIOS PLC IE KWS LN 1,537.33 $25,263.20
KRAFT HEINZ CO/THE US KHC 193.92 $7,155.74
L'OREAL FR OR FP 20.57 $9,740.20
L3HARRIS TECHNOLOGIES INC US LHX 4,876.29 $1,039,138.21
LEXINGTON REALTY TRUST US LXP 2,575.03 $23,226.77
LOCKHEED MARTIN CORP US LMT 45.1 $20,512.49
LONZA GROUP AG -REG CH LONN SW 94.66 $56,569.72
LONZA GROUP AG ADR CH LZAGY 8,518.15 $510,322.51
MARATHON OIL CORP US MRO 146.66 $4,156.22
MARATHON PETROLEUM CORP US MPC 84.06 $16,937.81
MARRIOTT VACATIONS WORLD US VAC 103.6 $11,161.28
MASCO CORP US MAS 7,658.02 $604,064.67
MASSMUTUAL GLOBAL FUNDING 4.85000 01/17/2029 US 28,104.7 $27,963.34
MASTERCARD INC-CLASS A US MA 2,618.46 $1,260,973.77
MEDTRONIC INC IE MDT 5,753.8 $501,443.61
MERCADOLIBRE INC BR MELI 196.99 $297,838.61
MERCK & CO INC US MRK 337.26 $44,500.99
MET LIFE GLOB FUNDING I 4.85000 01/08/2029 US 28,104.7 $27,901.93
META PLATFORMS INC US META 2,982.29 $1,448,141.49
MICROCHIP TECHNOLOGY INC US MCHP 111.4 $9,993.41
MICRON TECHNOLOGY INC US MU 10,558.04 $1,244,687.67
MICROSOFT CORP US MSFT 2,744.17 $1,154,526.70
MID-AMERICA APARTMENT COMM US MAA 66.94 $8,808.00
MONARCH CASINO & RESORT INC US MCRI 181.79 $13,632.16
MONDELEZ INTERNATIONAL INC US MDLZ 7,732.88 $541,301.70
MOODY'S CORPORATION US MCO 2,159.85 $848,884.46
NAVIENT CORP 6.75000 06/25/2025 US 23,633.5 $23,784.25
NESTLE S.A. - ADR CH NSRGY 6,380.79 $677,639.86
NESTLE SA-REGISTERED CH NESN SW 565.8 $60,116.10
NETAPP INC US NTAP 72.94 $7,656.98
NEW FORTRESS ENERGY INC 8.75000 03/15/2029 US 26,188.47 $26,098.54
NEW YORK LIFE GLOBAL FDG 4.70000 01/29/2029 US 28,104.7 $27,811.61
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 36,926.85 $34,940.11
NORFOLK SOUTHN CORP US NSC 983.03 $250,543.81
NORTHROP GRUMMAN CORP US NOC 964.76 $461,790.98
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 18,523.55 $0.19
NOVARTIS AG- REG CH NVS 3,691.81 $357,108.62
NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 US 53,654.43 $56,727.53
NVIDIA CORP US NVDA 678.6 $613,156.58
OMNICOM GROUP US OMC 66.68 $6,452.42
OPEN INFRA IS ASSETS AB 11.00000 02/22/2027 US 25,549.73 $25,422.65
OXFINF 2024-A A2 6.67500 01/14/2032 US 6,387.43 $6,348.47
PACKAGING CORP OF AMERICA US PKG 31.04 $5,891.33
PALOMINO FUNDING TRUST I 7.23300 05/17/2028 US 66,429.3 $69,672.34
PARAMOUNT GLOBAL CLASS B US PARA 182.68 $2,150.15
PELORUS FUND REIT 7.00000 09/30/2026 US 24,272.24 $23,800.76
PEPSICO INC 3.90000 07/18/2032 US 120,083.73 $113,797.22
PFIZER INC US PFE 630.7 $17,501.79
PHILIP MORRIS INTERNATIONAL US PM 5,998.57 $549,588.59
PHILLIPS 66 US PSX 71.79 $11,726.95
PPG INDUSTRIES INC US PPG 50.33 $7,293.25
PROLOGIS US PLD 770.84 $100,378.18
PUBLIC STORAGE INC US PSA 129.15 $37,462.38
QUALCOMM 5.40000 05/20/2033 US 49,821.97 $52,305.68
QUALCOMM INC US QCOM 183.45 $31,057.59
QUALCOMM INC 4.25000 05/20/2032 US 67,706.79 $65,341.28
QUEST DIAGNOSTICS INC US DGX 38.96 $5,186.41
RAYTHEON TECHNOLOGIES CORP US RTX 163.77 $15,972.86
REALTY INCOME CORP US O 338.41 $18,307.77
REGIONS FINANCIAL CORP. US RF 291.14 $6,125.57
REXFORD INDUSTRIAL REALITY IN US REXR 589.3 $29,642.02
S&P GLOBAL INC US SPGI 1,416.48 $602,640.16
SALESFORCE INC US CRM 2,418.67 $728,453.60
SBA COMMUNICATIONS CORP US SBAC 2,212.73 $479,499.55
SBA TOWER TRUST 6.59900 01/15/2028 US 40,240.83 $41,243.79
SCHLUMBERGER LTD US SLB 204.65 $11,217.05
SERVICENOW INC US NOW 952.37 $726,083.99
SIMON PROPERTY 2.25000 01/15/2032 US 118,167.5 $96,723.49
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 92,617.77 $78,116.44
SIRIUSPOINT LTD 7.00000 04/05/2029 BM 54,931.92 $54,847.33
SKYWORKS SOLUTIONS INC US SWKS 43.18 $4,677.15
SONY CORP FIRST SECTION JP 6758 JP 587.64 $50,390.89
SONY CORP SPONSORED ADR JP SONY 4,689.53 $402,079.90
SUN COMMUNITIES US SUI 296.25 $38,091.71
SYSCO CORP US SYY 87.12 $7,072.77
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 7,997.19 $1,088,018.16
TE CONNECTIVITY LIMITED CH TEL 60.68 $8,813.25
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 4,854.45 $65,961.60
TECHTRONIC INDUSTRIES-SP ADR HK TTNDY 3,407.06 $231,628.74
TENCENT HOLDINGS 3.97500 04/11/2029 KY 237,612.49 $225,857.71
TENCENT HOLDINGS LTD CN 700 HK 1,405.24 $54,733.83
TERRENO REALTY CORP US TRNO 391.29 $25,981.93
TEXAS INSTRUMENTS INC US TXN 116.51 $20,296.64
THERMO FISHER SCIENTIFIC INC US TMO 994.27 $577,878.37
TRAVELLERS COS INC US TRV 56.21 $12,936.03
TREASURY BOND 2.37500 02/15/2042 US 1,358,223.67 $1,011,876.64
TRUIST FINANCIAL CORP US TFC 215.51 $8,400.66
TSY INFL IX N/B 0.12500 01/15/2031 US 320,870.58 $285,943.75
TYSON FOODS INC -CL A US TSN 89.68 $5,266.88
U.S. BANCORP US USB 301.1 $13,459.33
UDR INC US UDR 236.97 $8,865.19
UNION PAC CORP US UNP 937.29 $230,508.19
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 2,189.68 $2,098.00
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 21,427.25 $19,794.44
UNITED PARCEL SERVICE US UPS 111.52 $16,575.90
UNITED STATES TREAS NTS 2.25000 11/15/2024 US 494,515.03 $485,571.26
UNITEDHEALTH GROUP INC US UNH 1,680.41 $831,296.74
US TEASURY NOTE 1.75000 11/15/2029 US 1,979,209.87 $1,743,714.83
US TREASURY N/B 0.87500 11/15/2030 US 2,644,269.36 $2,142,684.51
US TREASURY N/B 3.12500 11/15/2028 US 1,152,676.09 $1,098,554.35
US TREASURY N/B 3.62500 02/15/2053 US 278,492.06 $245,029.50
US TREASURY N/B 4.12500 11/15/2032 US 472,670.01 $469,937.39
VALERO ENERGY US VLO 57.23 $9,768.83
VENTAS INC US VTR 285.01 $12,409.22
VERTEX PHARMACEUTICALS INC US VRTX 746.82 $312,177.65
VISA INC - CLASS A SHARES US V 4,506.33 $1,257,627.61
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 90,701.54 $84,901.68
WELLS FARGO COMPANY US WFC 398.83 $23,116.26
WELLTOWER INC. US WELL 376.22 $35,153.98

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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