Collective Investment Trust

Retirement Target 2050 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 an aggressive, growth-oriented mix of securities that seeks to earn the long-term growth typically associated with the stock market. The portfolio is diversified primarily among various stock investments in both domestic and foreign markets, with only a minor portion of the portfolio invested in fixed income securities. Stock exposure can range from 70% - 95%.

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

May be Appropriate for Investors

  • Who plan to stop contributions and start periodic withdrawals around the year 2050
  • Who generally have time to withstand market volatility and can accept very significant fluctuations in current account value
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio that becomes more conservative over time

About Target Date Funds

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

Learn more about our Glide Range SM

Daily Price

$27.38

Daily $ Change

-$0.26

Daily % Change

-0.95%

as of 06/07/2023

CUSIP

302027552

Inception Date

05/31/2007

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

8.61%

1 Year

1.23%

3 Year

7.93%

5 Year

8.18%

10 Year

8.52%

Inception
(05/31/2007)

7.66%

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 06/04/2012 reflects the performance of the Retirement Target Institutional CIT Fund, which was merged into the Retirement Target CIT Fund on 06/04/2012 to establish the Class I units. Performance through the Institutional CIT Fund inception date (05/31/2007) 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 I expenses. The Retirement Target CIT Fund will gradually become more conservative over time.

Expense Ratio

Gross 0.71%
Net 0.69%*

*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 126.73 $11,824.88
ABBOTT LABORATORIES US ABT 238.22 $24,298.71
ADMIRAL GROUP PLC GB AMIGY 7,917.84 $228,904.65
ADMIRAL GROUP PLC GB ADM LN 2,673.83 $77,452.43
ADVANCED MICRO DEVICES INC US AMD 2,623.26 $310,095.47
ADYEN NV NL ADYEN NA 14.49 $23,734.81
AGREE REALTY CORP US ADC 402.66 $25,967.35
AIR LIQUIDE FR AI FP 361.7 $60,603.21
AIR LIQUIDE-ADR FR AIQUY 12,528.8 $419,965.33
AIRBUS SE FR AIR FP 306.24 $40,217.59
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 5,685 $5,762.70
ALCON INC CH ALC 7,138.55 $552,452.22
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 36,968.14 $30,365.76
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 69,500.1 $58,867.45
ALPHABET INC-CL A US GOOGL 9,724.84 $1,194,890.97
AMAZON.COM INC US AMZN 13,184.32 $1,589,765.01
AMAZON.COM INC 3.30000 04/13/2027 US 65,063.93 $62,746.58
AMERICAN HOMES 4 RENT- A US AMH 300.92 $10,315.56
AMERICAN TANKER INC 7.75000 07/02/2025 US 25,138.34 $24,158.21
AMERICAN TOWER REIT INC US AMT 99.22 $18,300.60
AMERICOLD REALTY TRUST US COLD 871.71 $25,541.07
ANALOG DEVICES INC US ADI 115.78 $20,573.70
APARTMENT INCOME REIT CO US AIRC 286.28 $9,931.10
APPLIED MATERIALS INC US AMAT 4,863.23 $648,268.93
ARCHER-DANIELS-MIDLAND CO US ADM 141.51 $9,997.97
ARGO BLOCKCHAIN PLC GB 532.34 $3,194.05
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 29,574.51 $27,403.17
ASTRAZENECA GB AZN 9,987.31 $729,872.82
ATLASSIAN CORP PLC-CLASS A AU TEAM 132.64 $23,980.29
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 3,529.13 $18,862.54
AUTO TRADER GROUP PLC GB AUTO LN 8,992.87 $70,576.25
AVALONBAY COMMUNITIES INC US AVB 93.01 $16,182.20
AVANZA BANK HOLDING AB SE AZA SS 1,347.27 $27,975.82
BAE SYSTEMS PLC GB BA/ LN 5,846.59 $67,572.18
BAE SYSTEMS PLC -SPON ADR GB BAESY 8,761.15 $411,686.60
BANK OF AMERICA CORP US BAC 893.59 $24,832.97
BANK OF AMERICA CORP 2.68700 04/22/2032 US 53,234.12 $43,972.50
BARRICK GOLD CORP CA GOLD 9,913.97 $167,347.78
BAXTER INTERNATIONAL INC US BAX 137.52 $5,599.87
BEIERSDORF AG DE BEI GR 397.93 $50,779.07
BIOMARIN PHARMACEUTICAL INC US BMRN 7,169.6 $623,325.12
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 28,095.79 $26,999.96
BOSTON SCIENTIFIC CORP US BSX 7,035.78 $362,201.77
BRANDYWINE REALTY TRUST US BDN 930.12 $3,627.46
BRISTOL MYERS SQUIBB CO US BMY 362.14 $23,336.30
BROADCOM INC US AVGO 44.66 $36,081.48
BROADRIDGE FINANCIAL SOLUTIONS US BR 42.14 $6,183.32
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 25,434.08 $21,851.90
BUNGE LIMITED US BG 54.86 $5,082.30
C.H. ROBINSON WORLDWIDE INC US CHRW 54.71 $5,172.55
CALDERYS FINANCING LLC 11.25000 06/01/2028 US 25,138.34 $25,466.39
CAMPBELL SOUP CO US CPB 118.3 $5,979.97
CANADIAN NATIONAL RAILWAY CO CA CNI 2,269.1 $255,796.14
CARETRUST REIT INC US CTRE 796.15 $15,445.23
CATERPILLAR INC US CAT 112.38 $23,122.83
CBOE GLOBAL MARKETS INC US CBOE 5,279.05 $699,051.86
CELLNEX TELECOM SA ES CLNX SM 756.66 $30,664.16
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 22,739.69 $459,796.62
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 27,652.17 $28,947.64
CHEVRON CORP US CVX 221.51 $33,364.30
CISCO SYSTEMS INC US CSCO 658.92 $32,728.56
CITIGROUP INC US C 402.07 $17,819.54
CITIGROUP INC 1.46200 06/09/2027 US 50,276.67 $44,818.73
CLARK CNTY NV 1.51000 11/01/2028 US 51,755.4 $44,349.64
CLEANAWAY WASTE MANAGEMENT AU CWY AU 21,398.64 $36,157.50
COCA COLA CO/THE US KO 15,571.13 $928,973.53
COGNIZANT TECH SOLUTIONS - A US CTSH 110.61 $6,911.94
COLGATE-PALMOLIVE CO US CL 194.6 $14,474.37
COMCAST CORP-CL A US CMCSA 696.18 $27,394.84
COMMUNITY HEALTHCARE TRUST I US CHCT 376.04 $12,334.11
CONAGRA BRAND INC. US CAG 174.19 $6,074.14
CONOCOPHILLIPS US COP 191.05 $18,971.40
CONSTELLATION BRANDS INC-A US STZ 2,731.5 $663,673.03
COPART INC US CPRT 3,896.44 $341,289.35
CORNING INC US GLW 188.69 $5,813.40
COTERRA ENERGY INC US CTRA 228.32 $5,308.33
COUSINS PROPERTIES INC US CUZ 673.41 $13,414.36
CSX CORP US CSX 7,679.32 $235,524.68
CUMMINS INC US CMI 47.17 $9,642.30
CVS HEALTH CORP US CVS 3,828.12 $260,427.33
DANONE FR BN FP 365.25 $21,618.47
DEUTSCHE BOERSE AG DE DB1 GR 339.81 $58,775.02
DEUTSCHE BOERSE AG ADR DE DBOEY 20,806.56 $358,913.10
DEVON ENERGY CORPORATION US DVN 156.74 $7,225.94
DIAGEO PLC GB DGE LN 1,080.21 $44,907.05
DIAMONDBACK ENERGY INC US FANG 48.5 $6,167.05
DIGITAL REALTY TRUST INC US DLR 81.92 $8,393.67
DOLLAR GENERAL CORP US DG 1,814.99 $364,975.90
DOLLAR TREE STORES INC US DLTR 3,761.58 $507,362.21
DOMINO'S PIZZA US DPZ 697.96 $202,303.27
DOW INC US DOW 162.96 $7,948.97
DREYFUS GVT CSH MANAGEMENT US 1,699,862.92 $1,699,862.92
EBAY INC US EBAY 150.53 $6,403.73
ELECTRONIC ARTS US EA 8,323.16 $1,065,363.84
EMERSON ELEC CO US EMR 151.57 $11,773.91
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 68,021.38 $67,847.81
EOG RESOURCES INC US EOG 111.94 $12,009.99
EQUINIX INC US EQIX 974.33 $726,413.45
EQUITY COMMONWEALTH US EQC 650.49 $13,302.55
EQUITY LIFESTYLE PROPERTIES US ELS 401.03 $25,333.09
ESSEX PROPERTY TRUST INC US ESS 37.12 $8,019.29
EVERGY INC US EVRG 5,307 $307,009.85
EXTRA SPACE STORAGE INC US EXR 40.22 $5,802.73
EXXON MOBIL CORP US XOM 355.04 $36,278.19
FEDEX CORPORATION US FDX 43.18 $9,412.11
FIFTH THIRD BANCORP US FITB 222.99 $5,412.01
FINECOBANK SPA IT FBK IM 2,573.13 $34,372.31
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 722.65 $10,883.16
FMC CORP US FMC 7,687.75 $800,140.66
GENERAL DYNAMICS CORP US GD 66.25 $13,526.29
GENERAL MLS INC US GIS 160.89 $13,540.11
GENUINE PARTS CO US GPC 51.16 $7,619.84
GETTY REALTY CORP US GTY 558.51 $19,140.30
GILEAD SCIENCES INC US GILD 267.21 $20,558.81
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 15,526.62 $14,519.50
GREENIDGE GEN HLD INC US 502.77 $2,388.14
HALLIBURTON CO US HAL 200.52 $5,744.76
HARTFORD FINL SVCS US HIG 74.38 $5,096.51
HDFC BANK LTD-ADR IN HDB 6,983.87 $449,761.43
HEALTHCARE REALTY TRUST INC US HR 1,268.16 $23,600.37
HEINEKEN NV NL HEIA NA 574.48 $58,125.50
HEINEKEN NV-SPN ADR NL HEINY 7,117.7 $359,728.45
HELIOS TOWERS PLC GB HTWS LN 6,858.18 $7,725.02
HOME DEPOT INC US HD 145.8 $41,327.67
HONEYWELL INTERNATIONAL INC US HON 130.57 $25,017.49
HUMANA INC US HUM 1,131.96 $568,099.00
HUNTINGTON BANCSHARES US HBAN 376.04 $3,876.97
IDEXX LABORATORIES INC US IDXX 1,080.5 $502,186.22
IMCD NV NL IMCD NA 127.02 $19,147.08
INTERCONTINENTALEXCHANGE INC US ICE 3,985.17 $422,228.29
INTERMEDIATE CAPITAL GROUP GB ICP LN 1,308.82 $22,717.04
INTERNATIONAL BUSINESS MACH CORP US IBM 125.25 $16,105.65
INTERNATIONAL FLVRS & FRAGRANCES US IFF 71.72 $5,543.10
INTUIT INC US INTU 1,648.34 $690,850.35
INTUITIVE SURGICAL INC US ISRG 1,812.03 $557,815.43
INVITATION HOMES INC US INVH 718.51 $24,343.21
JM SMUCKER CO/THE-NEW COM WI US SJM 41.85 $6,134.49
JOHNSON & JOHNSON US JNJ 8,706.29 $1,349,997.76
JP MORGAN CHASE & CO US JPM 2,665.99 $361,802.10
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 75,415.01 $72,797.87
KELLOGG CO US K 80.15 $5,351.41
KEYENCE CORP JP 6861 JP 73.94 $35,842.67
KEYWORDS STUDIOS PLC IE KWS LN 565.02 $13,670.59
KIMBERLY CLARK DE MEXICO S.A.B. MX KIMBERA MM 25,848.12 $52,824.34
KRAFT HEINZ CO/THE US KHC 224.47 $8,579.26
L'OREAL FR OR FP 23.81 $10,193.08
L3HARRIS TECHNOLOGIES INC US LHX 4,754.55 $836,419.81
LEXINGTON REALTY TRUST US LXP 1,659.43 $17,158.46
LIFE STORAGE INC US LSI 168.43 $21,455.90
LINDE PLC IE LIN 754.45 $266,817.30
LOCKHEED MARTIN CORP US LMT 50.42 $22,389.00
LULULEMON - ADR CA LULU 1,994.8 $662,134.25
MARATHON OIL CORP US MRO 169.76 $3,761.83
MARATHON PETROLEUM CORP US MPC 104.84 $10,998.94
MASCO CORP US MAS 16,405.43 $792,710.16
MASTERCARD INC-CLASS A US MA 3,030.94 $1,106,355.14
MEDTRONIC INC IE MDT 11,619.68 $961,644.55
MEITUAN DIANPING - CLASS B CN 3690 HK 14.79 $207.63
MERCADOLIBRE INC BR MELI 319.7 $396,108.89
MERCK & CO INC US MRK 380.03 $41,959.39
META PLATFORMS INC US META 5,439.49 $1,439,942.37
MICROCHIP TECHNOLOGY INC US MCHP 128.94 $9,704.39
MICRON TECHNOLOGY INC US MU 14,984.96 $1,021,974.39
MICROSOFT CORP US MSFT 2,750.13 $903,116.47
MID-AMERICA APARTMENT COMM US MAA 141.07 $20,745.82
MONARCH CASINO & RESORT INC US MCRI 127.91 $8,300.06
MONDELEZ INTERNATIONAL INC US MDLZ 8,951.02 $657,094.52
MOODY'S CORPORATION US MCO 3,048.25 $965,927.87
NAVIENT CORP 6.75000 06/25/2025 US 27,356.42 $26,618.90
NESTLE S.A. - ADR CH NSRGY 5,265.74 $625,201.54
NESTLE SA-REGISTERED CH NESN SW 550.83 $65,292.79
NETAPP INC US NTAP 84.44 $5,602.28
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 31,053.24 $27,936.20
NEWMONT GOLDCORP CORP US NEM 2,882.92 $116,902.55
NIKE INC CLASS B US NKE 2,887.66 $303,954.60
NORFOLK SOUTHN CORP US NSC 1,137.88 $236,883.72
NORTHROP GRUMMAN CORP US NOC 1,528.85 $665,800.81
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 21,441.52 $2.14
NOVARTIS AG- REG CH NVS 4,273.37 $411,311.78
ODFJELL DRILLING LTD 9.25000 05/31/2028 BM 29,574.51 $29,722.38
OMNICOM GROUP US OMC 77.19 $6,807.34
PACKAGING CORP OF AMERICA US PKG 35.93 $4,456.77
PARAMOUNT GLOBAL CLASS B US PARA 211.46 $3,216.27
PELORUS FUND REIT 7.00000 09/30/2026 US 28,095.79 $26,321.47
PEPSICO INC 3.90000 07/18/2032 US 54,712.85 $52,841.61
PFIZER INC US PFE 715.7 $27,211.04
PHILLIPS 66 US PSX 83.1 $7,613.19
POPULAR INC 6.12500 09/14/2023 PR 23,659.61 $23,541.31
PPG INDUSTRIES INC US PPG 58.26 $7,649.19
PROLOGIS US PLD 889.31 $110,763.01
PUBLIC STORAGE INC US PSA 132.05 $37,409.82
QUALCOMM 5.40000 05/20/2033 US 57,670.3 $60,305.23
QUALCOMM INC US QCOM 212.35 $24,082.05
QUEST DIAGNOSTICS INC US DGX 45.1 $5,982.67
RAYTHEON TECHNOLOGIES CORP US RTX 191.5 $17,644.35
REALTY INCOME CORP US O 357.7 $21,261.91
REGIONS FINANCIAL CORP. US RF 337 $5,820.02
RENAISSANCERE HOLDINGS LTD BM RNR 196.82 $37,074.68
RENTOKIL INITIAL PLC GB RTO LN 5,988.1 $47,632.81
RENTOKIL INITIAL PLC-SP ADR GB RTO 11,830.1 $470,009.90
RESTAURANT BRANDS INTERN CA QSR 449.09 $32,743.08
REXFORD INDUSTRIAL REALITY IN US REXR 428.53 $23,329.43
S&P GLOBAL INC US SPGI 1,901.05 $698,502.67
SALESFORCE INC US CRM 3,677.29 $821,434.12
SBA COMMUNICATIONS CORP US SBAC 1,798.28 $398,822.14
SBA TOWER TRUST 6.59900 01/15/2028 US 46,579.86 $48,202.10
SCHLUMBERGER LTD NL SLB 236.89 $10,146.08
SERVICENOW INC US NOW 2,261.12 $1,231,812.59
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 93,159.71 $75,695.57
SKYWORKS SOLUTIONS INC US SWKS 49.98 $5,173.53
SNOWFLAKE INC-CLASS A US SNOW 4,775.69 $789,708.47
SONY CORP FIRST SECTION JP 6758 JP 606.28 $56,856.94
SONY CORP SPONSORED ADR JP SONY 5,428.25 $508,627.39
STAG INDUSTRIAL INC US STAG 329.9 $11,480.65
SUN COMMUNITIES US SUI 266.47 $33,742.63
SYNCHRONOSS TECH US 674.15 $12,471.79
SYSCO CORP US SYY 100.85 $7,054.39
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 6,277.19 $618,868.18
TE CONNECTIVITY LIMITED CH TEL 75.86 $9,291.16
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 3,105.32 $28,757.85
TENCENT HOLDINGS 3.97500 04/11/2029 KY 119,776.77 $112,869.86
TENCENT HOLDINGS LTD CN 700 HK 1,286.49 $50,912.05
TERRENO REALTY CORP US TRNO 371.31 $22,772.32
TEXAS INSTRUMENTS INC US TXN 134.86 $23,449.42
THERMO FISHER SCIENTIFIC INC US TMO 941.95 $478,942.99
TOKYO ELECTRON LTD JP 8035 JP 221.81 $30,167.24
TRAVELLERS COS INC US TRV 65.06 $11,011.42
TREASURY BILL 0.00000 05/16/2024 US 713,485.11 $679,306.82
TREASURY BOND 2.37500 02/15/2042 US 668,383.98 $522,070.55
TRUIST FINANCIAL CORP US TFC 249.46 $7,601.08
TYSON FOODS INC -CL A US TSN 103.81 $5,256.76
U.S. BANCORP US USB 335.82 $10,040.98
UDR INC US UDR 617.22 $24,485.12
UNILEVER PLC - ADR GB UL 11,783.82 $588,483.80
UNION PAC CORP US UNP 1,256.03 $241,810.81
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 3,028.13 $2,850.08
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 27,312.97 $24,635.02
UNITED PARCEL SERVICE US UPS 126.73 $21,163.37
UNITEDHEALTH GROUP INC US UNH 418.04 $203,683.73
US TEASURY NOTE 1.75000 11/15/2029 US 2,041,380.71 $1,819,540.05
US TREASURY N/B 0.87500 11/15/2030 US 2,521,227.17 $2,073,709.35
US TREASURY N/B 1.37500 11/15/2031 US 296,484.49 $247,842.50
US TREASURY N/B 3.12500 11/15/2028 US 1,420,315.95 $1,374,266.65
US TREASURY N/B 3.62500 02/15/2053 US 264,691.88 $253,483.84
VALERO ENERGY US VLO 66.25 $7,091.07
VENTAS INC US VTR 270.16 $11,654.84
VERTEX PHARMACEUTICALS INC US VRTX 1,164.2 $376,700.41
VISA INC - CLASS A SHARES US V 5,216.2 $1,152,937.70
VISTRA OPERATIONS 4.87500 05/13/2024 US 50,276.67 $49,556.46
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 13,308.53 $12,873.17
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 70,978.83 $64,855.84
WELLS FARGO COMPANY US WFC 476.74 $18,979.06
WELLTOWER INC. US WELL 271.64 $20,267.20

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

$27.38

Daily $ Change

-$0.26

Daily % Change

-$0.95

as of 06/07/2023

CUSIP

302027552

Inception Date

05/31/2007

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 an aggressive, growth-oriented mix of securities that seeks to earn the long-term growth typically associated with the stock market. The portfolio is diversified primarily among various stock investments in both domestic and foreign markets, with only a minor portion of the portfolio invested in fixed income securities. Stock exposure can range from 70% - 95%.

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

May be Appropriate for Investors

  • Who plan to stop contributions and start periodic withdrawals around the year 2050
  • Who generally have time to withstand market volatility and can accept very significant fluctuations in current account value
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio that becomes more conservative over time

About Target Date Funds

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

Learn more about our Glide Range SM

Performance

As of 05/31/2023

YTD

8.61%

1 Year

1.23%

3 Year

7.93%

5 Year

8.18%

10 Year

8.52%

Inception
(05/31/2007)

7.66%

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 06/04/2012 reflects the performance of the Retirement Target Institutional CIT Fund, which was merged into the Retirement Target CIT Fund on 06/04/2012 to establish the Class I units. Performance through the Institutional CIT Fund inception date (05/31/2007) 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 I expenses. The Retirement Target CIT Fund will gradually become more conservative over time.

Expense Ratio

Gross 0.71%
Net 0.69%*

*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 126.73 $11,824.88
ABBOTT LABORATORIES US ABT 238.22 $24,298.71
ADMIRAL GROUP PLC GB AMIGY 7,917.84 $228,904.65
ADMIRAL GROUP PLC GB ADM LN 2,673.83 $77,452.43
ADVANCED MICRO DEVICES INC US AMD 2,623.26 $310,095.47
ADYEN NV NL ADYEN NA 14.49 $23,734.81
AGREE REALTY CORP US ADC 402.66 $25,967.35
AIR LIQUIDE FR AI FP 361.7 $60,603.21
AIR LIQUIDE-ADR FR AIQUY 12,528.8 $419,965.33
AIRBUS SE FR AIR FP 306.24 $40,217.59
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 5,685 $5,762.70
ALCON INC CH ALC 7,138.55 $552,452.22
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 36,968.14 $30,365.76
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 69,500.1 $58,867.45
ALPHABET INC-CL A US GOOGL 9,724.84 $1,194,890.97
AMAZON.COM INC US AMZN 13,184.32 $1,589,765.01
AMAZON.COM INC 3.30000 04/13/2027 US 65,063.93 $62,746.58
AMERICAN HOMES 4 RENT- A US AMH 300.92 $10,315.56
AMERICAN TANKER INC 7.75000 07/02/2025 US 25,138.34 $24,158.21
AMERICAN TOWER REIT INC US AMT 99.22 $18,300.60
AMERICOLD REALTY TRUST US COLD 871.71 $25,541.07
ANALOG DEVICES INC US ADI 115.78 $20,573.70
APARTMENT INCOME REIT CO US AIRC 286.28 $9,931.10
APPLIED MATERIALS INC US AMAT 4,863.23 $648,268.93
ARCHER-DANIELS-MIDLAND CO US ADM 141.51 $9,997.97
ARGO BLOCKCHAIN PLC GB 532.34 $3,194.05
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 29,574.51 $27,403.17
ASTRAZENECA GB AZN 9,987.31 $729,872.82
ATLASSIAN CORP PLC-CLASS A AU TEAM 132.64 $23,980.29
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 3,529.13 $18,862.54
AUTO TRADER GROUP PLC GB AUTO LN 8,992.87 $70,576.25
AVALONBAY COMMUNITIES INC US AVB 93.01 $16,182.20
AVANZA BANK HOLDING AB SE AZA SS 1,347.27 $27,975.82
BAE SYSTEMS PLC GB BA/ LN 5,846.59 $67,572.18
BAE SYSTEMS PLC -SPON ADR GB BAESY 8,761.15 $411,686.60
BANK OF AMERICA CORP US BAC 893.59 $24,832.97
BANK OF AMERICA CORP 2.68700 04/22/2032 US 53,234.12 $43,972.50
BARRICK GOLD CORP CA GOLD 9,913.97 $167,347.78
BAXTER INTERNATIONAL INC US BAX 137.52 $5,599.87
BEIERSDORF AG DE BEI GR 397.93 $50,779.07
BIOMARIN PHARMACEUTICAL INC US BMRN 7,169.6 $623,325.12
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 28,095.79 $26,999.96
BOSTON SCIENTIFIC CORP US BSX 7,035.78 $362,201.77
BRANDYWINE REALTY TRUST US BDN 930.12 $3,627.46
BRISTOL MYERS SQUIBB CO US BMY 362.14 $23,336.30
BROADCOM INC US AVGO 44.66 $36,081.48
BROADRIDGE FINANCIAL SOLUTIONS US BR 42.14 $6,183.32
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 25,434.08 $21,851.90
BUNGE LIMITED US BG 54.86 $5,082.30
C.H. ROBINSON WORLDWIDE INC US CHRW 54.71 $5,172.55
CALDERYS FINANCING LLC 11.25000 06/01/2028 US 25,138.34 $25,466.39
CAMPBELL SOUP CO US CPB 118.3 $5,979.97
CANADIAN NATIONAL RAILWAY CO CA CNI 2,269.1 $255,796.14
CARETRUST REIT INC US CTRE 796.15 $15,445.23
CATERPILLAR INC US CAT 112.38 $23,122.83
CBOE GLOBAL MARKETS INC US CBOE 5,279.05 $699,051.86
CELLNEX TELECOM SA ES CLNX SM 756.66 $30,664.16
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 22,739.69 $459,796.62
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 27,652.17 $28,947.64
CHEVRON CORP US CVX 221.51 $33,364.30
CISCO SYSTEMS INC US CSCO 658.92 $32,728.56
CITIGROUP INC US C 402.07 $17,819.54
CITIGROUP INC 1.46200 06/09/2027 US 50,276.67 $44,818.73
CLARK CNTY NV 1.51000 11/01/2028 US 51,755.4 $44,349.64
CLEANAWAY WASTE MANAGEMENT AU CWY AU 21,398.64 $36,157.50
COCA COLA CO/THE US KO 15,571.13 $928,973.53
COGNIZANT TECH SOLUTIONS - A US CTSH 110.61 $6,911.94
COLGATE-PALMOLIVE CO US CL 194.6 $14,474.37
COMCAST CORP-CL A US CMCSA 696.18 $27,394.84
COMMUNITY HEALTHCARE TRUST I US CHCT 376.04 $12,334.11
CONAGRA BRAND INC. US CAG 174.19 $6,074.14
CONOCOPHILLIPS US COP 191.05 $18,971.40
CONSTELLATION BRANDS INC-A US STZ 2,731.5 $663,673.03
COPART INC US CPRT 3,896.44 $341,289.35
CORNING INC US GLW 188.69 $5,813.40
COTERRA ENERGY INC US CTRA 228.32 $5,308.33
COUSINS PROPERTIES INC US CUZ 673.41 $13,414.36
CSX CORP US CSX 7,679.32 $235,524.68
CUMMINS INC US CMI 47.17 $9,642.30
CVS HEALTH CORP US CVS 3,828.12 $260,427.33
DANONE FR BN FP 365.25 $21,618.47
DEUTSCHE BOERSE AG DE DB1 GR 339.81 $58,775.02
DEUTSCHE BOERSE AG ADR DE DBOEY 20,806.56 $358,913.10
DEVON ENERGY CORPORATION US DVN 156.74 $7,225.94
DIAGEO PLC GB DGE LN 1,080.21 $44,907.05
DIAMONDBACK ENERGY INC US FANG 48.5 $6,167.05
DIGITAL REALTY TRUST INC US DLR 81.92 $8,393.67
DOLLAR GENERAL CORP US DG 1,814.99 $364,975.90
DOLLAR TREE STORES INC US DLTR 3,761.58 $507,362.21
DOMINO'S PIZZA US DPZ 697.96 $202,303.27
DOW INC US DOW 162.96 $7,948.97
DREYFUS GVT CSH MANAGEMENT US 1,699,862.92 $1,699,862.92
EBAY INC US EBAY 150.53 $6,403.73
ELECTRONIC ARTS US EA 8,323.16 $1,065,363.84
EMERSON ELEC CO US EMR 151.57 $11,773.91
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 68,021.38 $67,847.81
EOG RESOURCES INC US EOG 111.94 $12,009.99
EQUINIX INC US EQIX 974.33 $726,413.45
EQUITY COMMONWEALTH US EQC 650.49 $13,302.55
EQUITY LIFESTYLE PROPERTIES US ELS 401.03 $25,333.09
ESSEX PROPERTY TRUST INC US ESS 37.12 $8,019.29
EVERGY INC US EVRG 5,307 $307,009.85
EXTRA SPACE STORAGE INC US EXR 40.22 $5,802.73
EXXON MOBIL CORP US XOM 355.04 $36,278.19
FEDEX CORPORATION US FDX 43.18 $9,412.11
FIFTH THIRD BANCORP US FITB 222.99 $5,412.01
FINECOBANK SPA IT FBK IM 2,573.13 $34,372.31
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 722.65 $10,883.16
FMC CORP US FMC 7,687.75 $800,140.66
GENERAL DYNAMICS CORP US GD 66.25 $13,526.29
GENERAL MLS INC US GIS 160.89 $13,540.11
GENUINE PARTS CO US GPC 51.16 $7,619.84
GETTY REALTY CORP US GTY 558.51 $19,140.30
GILEAD SCIENCES INC US GILD 267.21 $20,558.81
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 15,526.62 $14,519.50
GREENIDGE GEN HLD INC US 502.77 $2,388.14
HALLIBURTON CO US HAL 200.52 $5,744.76
HARTFORD FINL SVCS US HIG 74.38 $5,096.51
HDFC BANK LTD-ADR IN HDB 6,983.87 $449,761.43
HEALTHCARE REALTY TRUST INC US HR 1,268.16 $23,600.37
HEINEKEN NV NL HEIA NA 574.48 $58,125.50
HEINEKEN NV-SPN ADR NL HEINY 7,117.7 $359,728.45
HELIOS TOWERS PLC GB HTWS LN 6,858.18 $7,725.02
HOME DEPOT INC US HD 145.8 $41,327.67
HONEYWELL INTERNATIONAL INC US HON 130.57 $25,017.49
HUMANA INC US HUM 1,131.96 $568,099.00
HUNTINGTON BANCSHARES US HBAN 376.04 $3,876.97
IDEXX LABORATORIES INC US IDXX 1,080.5 $502,186.22
IMCD NV NL IMCD NA 127.02 $19,147.08
INTERCONTINENTALEXCHANGE INC US ICE 3,985.17 $422,228.29
INTERMEDIATE CAPITAL GROUP GB ICP LN 1,308.82 $22,717.04
INTERNATIONAL BUSINESS MACH CORP US IBM 125.25 $16,105.65
INTERNATIONAL FLVRS & FRAGRANCES US IFF 71.72 $5,543.10
INTUIT INC US INTU 1,648.34 $690,850.35
INTUITIVE SURGICAL INC US ISRG 1,812.03 $557,815.43
INVITATION HOMES INC US INVH 718.51 $24,343.21
JM SMUCKER CO/THE-NEW COM WI US SJM 41.85 $6,134.49
JOHNSON & JOHNSON US JNJ 8,706.29 $1,349,997.76
JP MORGAN CHASE & CO US JPM 2,665.99 $361,802.10
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 75,415.01 $72,797.87
KELLOGG CO US K 80.15 $5,351.41
KEYENCE CORP JP 6861 JP 73.94 $35,842.67
KEYWORDS STUDIOS PLC IE KWS LN 565.02 $13,670.59
KIMBERLY CLARK DE MEXICO S.A.B. MX KIMBERA MM 25,848.12 $52,824.34
KRAFT HEINZ CO/THE US KHC 224.47 $8,579.26
L'OREAL FR OR FP 23.81 $10,193.08
L3HARRIS TECHNOLOGIES INC US LHX 4,754.55 $836,419.81
LEXINGTON REALTY TRUST US LXP 1,659.43 $17,158.46
LIFE STORAGE INC US LSI 168.43 $21,455.90
LINDE PLC IE LIN 754.45 $266,817.30
LOCKHEED MARTIN CORP US LMT 50.42 $22,389.00
LULULEMON - ADR CA LULU 1,994.8 $662,134.25
MARATHON OIL CORP US MRO 169.76 $3,761.83
MARATHON PETROLEUM CORP US MPC 104.84 $10,998.94
MASCO CORP US MAS 16,405.43 $792,710.16
MASTERCARD INC-CLASS A US MA 3,030.94 $1,106,355.14
MEDTRONIC INC IE MDT 11,619.68 $961,644.55
MEITUAN DIANPING - CLASS B CN 3690 HK 14.79 $207.63
MERCADOLIBRE INC BR MELI 319.7 $396,108.89
MERCK & CO INC US MRK 380.03 $41,959.39
META PLATFORMS INC US META 5,439.49 $1,439,942.37
MICROCHIP TECHNOLOGY INC US MCHP 128.94 $9,704.39
MICRON TECHNOLOGY INC US MU 14,984.96 $1,021,974.39
MICROSOFT CORP US MSFT 2,750.13 $903,116.47
MID-AMERICA APARTMENT COMM US MAA 141.07 $20,745.82
MONARCH CASINO & RESORT INC US MCRI 127.91 $8,300.06
MONDELEZ INTERNATIONAL INC US MDLZ 8,951.02 $657,094.52
MOODY'S CORPORATION US MCO 3,048.25 $965,927.87
NAVIENT CORP 6.75000 06/25/2025 US 27,356.42 $26,618.90
NESTLE S.A. - ADR CH NSRGY 5,265.74 $625,201.54
NESTLE SA-REGISTERED CH NESN SW 550.83 $65,292.79
NETAPP INC US NTAP 84.44 $5,602.28
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 31,053.24 $27,936.20
NEWMONT GOLDCORP CORP US NEM 2,882.92 $116,902.55
NIKE INC CLASS B US NKE 2,887.66 $303,954.60
NORFOLK SOUTHN CORP US NSC 1,137.88 $236,883.72
NORTHROP GRUMMAN CORP US NOC 1,528.85 $665,800.81
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 21,441.52 $2.14
NOVARTIS AG- REG CH NVS 4,273.37 $411,311.78
ODFJELL DRILLING LTD 9.25000 05/31/2028 BM 29,574.51 $29,722.38
OMNICOM GROUP US OMC 77.19 $6,807.34
PACKAGING CORP OF AMERICA US PKG 35.93 $4,456.77
PARAMOUNT GLOBAL CLASS B US PARA 211.46 $3,216.27
PELORUS FUND REIT 7.00000 09/30/2026 US 28,095.79 $26,321.47
PEPSICO INC 3.90000 07/18/2032 US 54,712.85 $52,841.61
PFIZER INC US PFE 715.7 $27,211.04
PHILLIPS 66 US PSX 83.1 $7,613.19
POPULAR INC 6.12500 09/14/2023 PR 23,659.61 $23,541.31
PPG INDUSTRIES INC US PPG 58.26 $7,649.19
PROLOGIS US PLD 889.31 $110,763.01
PUBLIC STORAGE INC US PSA 132.05 $37,409.82
QUALCOMM 5.40000 05/20/2033 US 57,670.3 $60,305.23
QUALCOMM INC US QCOM 212.35 $24,082.05
QUEST DIAGNOSTICS INC US DGX 45.1 $5,982.67
RAYTHEON TECHNOLOGIES CORP US RTX 191.5 $17,644.35
REALTY INCOME CORP US O 357.7 $21,261.91
REGIONS FINANCIAL CORP. US RF 337 $5,820.02
RENAISSANCERE HOLDINGS LTD BM RNR 196.82 $37,074.68
RENTOKIL INITIAL PLC GB RTO LN 5,988.1 $47,632.81
RENTOKIL INITIAL PLC-SP ADR GB RTO 11,830.1 $470,009.90
RESTAURANT BRANDS INTERN CA QSR 449.09 $32,743.08
REXFORD INDUSTRIAL REALITY IN US REXR 428.53 $23,329.43
S&P GLOBAL INC US SPGI 1,901.05 $698,502.67
SALESFORCE INC US CRM 3,677.29 $821,434.12
SBA COMMUNICATIONS CORP US SBAC 1,798.28 $398,822.14
SBA TOWER TRUST 6.59900 01/15/2028 US 46,579.86 $48,202.10
SCHLUMBERGER LTD NL SLB 236.89 $10,146.08
SERVICENOW INC US NOW 2,261.12 $1,231,812.59
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 93,159.71 $75,695.57
SKYWORKS SOLUTIONS INC US SWKS 49.98 $5,173.53
SNOWFLAKE INC-CLASS A US SNOW 4,775.69 $789,708.47
SONY CORP FIRST SECTION JP 6758 JP 606.28 $56,856.94
SONY CORP SPONSORED ADR JP SONY 5,428.25 $508,627.39
STAG INDUSTRIAL INC US STAG 329.9 $11,480.65
SUN COMMUNITIES US SUI 266.47 $33,742.63
SYNCHRONOSS TECH US 674.15 $12,471.79
SYSCO CORP US SYY 100.85 $7,054.39
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 6,277.19 $618,868.18
TE CONNECTIVITY LIMITED CH TEL 75.86 $9,291.16
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 3,105.32 $28,757.85
TENCENT HOLDINGS 3.97500 04/11/2029 KY 119,776.77 $112,869.86
TENCENT HOLDINGS LTD CN 700 HK 1,286.49 $50,912.05
TERRENO REALTY CORP US TRNO 371.31 $22,772.32
TEXAS INSTRUMENTS INC US TXN 134.86 $23,449.42
THERMO FISHER SCIENTIFIC INC US TMO 941.95 $478,942.99
TOKYO ELECTRON LTD JP 8035 JP 221.81 $30,167.24
TRAVELLERS COS INC US TRV 65.06 $11,011.42
TREASURY BILL 0.00000 05/16/2024 US 713,485.11 $679,306.82
TREASURY BOND 2.37500 02/15/2042 US 668,383.98 $522,070.55
TRUIST FINANCIAL CORP US TFC 249.46 $7,601.08
TYSON FOODS INC -CL A US TSN 103.81 $5,256.76
U.S. BANCORP US USB 335.82 $10,040.98
UDR INC US UDR 617.22 $24,485.12
UNILEVER PLC - ADR GB UL 11,783.82 $588,483.80
UNION PAC CORP US UNP 1,256.03 $241,810.81
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 3,028.13 $2,850.08
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 27,312.97 $24,635.02
UNITED PARCEL SERVICE US UPS 126.73 $21,163.37
UNITEDHEALTH GROUP INC US UNH 418.04 $203,683.73
US TEASURY NOTE 1.75000 11/15/2029 US 2,041,380.71 $1,819,540.05
US TREASURY N/B 0.87500 11/15/2030 US 2,521,227.17 $2,073,709.35
US TREASURY N/B 1.37500 11/15/2031 US 296,484.49 $247,842.50
US TREASURY N/B 3.12500 11/15/2028 US 1,420,315.95 $1,374,266.65
US TREASURY N/B 3.62500 02/15/2053 US 264,691.88 $253,483.84
VALERO ENERGY US VLO 66.25 $7,091.07
VENTAS INC US VTR 270.16 $11,654.84
VERTEX PHARMACEUTICALS INC US VRTX 1,164.2 $376,700.41
VISA INC - CLASS A SHARES US V 5,216.2 $1,152,937.70
VISTRA OPERATIONS 4.87500 05/13/2024 US 50,276.67 $49,556.46
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 13,308.53 $12,873.17
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 70,978.83 $64,855.84
WELLS FARGO COMPANY US WFC 476.74 $18,979.06
WELLTOWER INC. US WELL 271.64 $20,267.20

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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