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

$26.55

Daily $ Change

-$0.04

Daily % Change

-0.15%

as of 09/22/2023

CUSIP

302027859

Inception Date

05/10/2007

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 08/31/2023

YTD

11.24%

1 Year

8.14%

3 Year

4.64%

5 Year

7.54%

10 Year

8.39%

Inception
(05/10/2007)

7.43%

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 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. The Retirement Target CIT Fund will gradually become more conservative over time. Returns are net of the Class S expenses.

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 08/31/2023

TREASURY NOTES 9.45%
AMAZON.COM INC 3.38%
META PLATFORMS INC 2.99%
JOHNSON & JOHNSON 2.62%
SERVICENOW INC 2.48%
VISA INC - CLASS A SHARES 2.38%
MASTERCARD INC-CLASS A 2.33%
L3HARRIS TECHNOLOGIES INC 2.17%
ALPHABET INC-CL A 2.09%
MICRON TECHNOLOGY INC 1.95%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 08/31/2023

Stocks
82.03%
Bonds
13.94%
Cash
4.03%

Detailed Asset Class Allocation

As of 08/31/2023

International Equities
19.36%
Small Capitalization
0.26%
Mid Capitalization
6.65%
Large Capitalization
55.75%
Long Term Fixed Income
1.95%
Intermediate Term Fixed Income
11.89%
Short Term Fixed Income
0.11%
Cash
4.03%

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 128.36 $13,692.57
ABBOTT LABORATORIES US ABT 248.94 $25,615.82
ADMIRAL GROUP PLC GB ADM LN 2,708.37 $85,324.60
ADMIRAL GROUP PLC ADR GB AMIGY 8,020.12 $252,673.82
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 52,423.97 $45,435.12
AGREE REALTY CORP US ADC 506.27 $31,297.35
AIR LIQUIDE FR AI FP 254.03 $45,897.46
AIRBUS SE FR AIR FP 310.2 $45,384.47
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 4,853.47 $4,883.25
ALCON INC CH ALC 7,064.95 $586,320.47
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 37,445.69 $30,022.85
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 100,354.45 $81,490.97
ALPHABET INC-CL A US GOOGL 8,343.5 $1,136,134.25
AMAZON.COM INC US AMZN 13,354.63 $1,843,072.63
AMAZON.COM INC 3.30000 04/13/2027 US 82,380.52 $78,394.77
AMERICAN HOMES 4 RENT- A US AMH 320.24 $11,541.29
AMERICAN TOWER REIT INC US AMT 142.29 $25,800.68
AMERICOLD REALTY TRUST US COLD 1,060.46 $35,684.54
ANALOG DEVICES INC US ADI 117.28 $21,319.14
APARTMENT INCOME REIT CO US AIRC 265.56 $9,045.14
APPLIED MATERIALS INC US AMAT 4,926.06 $752,504.23
ARCHER-DANIELS-MIDLAND CO US ADM 143.34 $11,367.03
ARGO BLOCKCHAIN PLC GB 539.22 $3,639.72
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 29,956.55 $27,686.51
ASTRAZENECA GB AZN 10,200.06 $691,767.82
ATLASSIAN CORP PLC-CLASS A AU TEAM 173.75 $35,455.02
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 5,483.4 $25,530.62
AUTO TRADER GROUP PLC GB AUTO LN 7,807.43 $59,870.96
AVALONBAY COMMUNITIES INC US AVB 165.36 $30,396.51
AVANZA BANK HOLDING AB SE AZA SS 1,931.45 $37,291.07
BAE SYSTEMS PLC GB BA/ LN 5,922.11 $75,375.27
BAE SYSTEMS PLC -SPON ADR GB BAESY 8,874.33 $459,424.01
BANK OF AMERICA CORP US BAC 930.15 $26,667.43
BANK OF AMERICA CORP 2.68700 04/22/2032 US 73,393.55 $60,019.12
BAXTER INTERNATIONAL INC US BAX 139.3 $5,655.50
BEIERSDORF AG DE BEI GR 403.07 $52,775.44
BIOMARIN PHARMACEUTICAL INC US BMRN 7,262.22 $663,621.41
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 28,458.72 $27,790.68
BOSTON SCIENTIFIC CORP US BSX 4,745.57 $255,975.90
BRISTOL MYERS SQUIBB CO US BMY 375.66 $23,159.14
BROADCOM INC US AVGO 45.68 $42,161.07
BROADRIDGE FINANCIAL SOLUTIONS US BR 42.69 $7,948.95
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 27,945.87 $24,312.90
BUNGE LIMITED US BG 55.57 $6,352.69
C.H. ROBINSON WORLDWIDE INC US CHRW 55.42 $5,011.60
CALDERYS FINANCING LLC 11.25000 06/01/2028 US 25,463.07 $26,127.91
CAMPBELL SOUP CO US CPB 119.83 $4,996.75
CANADIAN NATIONAL RAILWAY CO CA CNI 2,338.56 $263,345.04
CARETRUST REIT INC US CTRE 849.72 $17,121.81
CATERPILLAR INC US CAT 113.83 $32,002.41
CBOE GLOBAL MARKETS INC US CBOE 5,347.24 $800,535.99
CELLNEX TELECOM SA ES CLNX SM 841.33 $32,177.04
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 23,033.44 $439,478.10
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 55,419.62 $57,494.98
CHEVRON CORP US CVX 228.27 $36,774.12
CISCO SYSTEMS INC US CSCO 675.22 $38,723.91
CITIGROUP INC US C 414.75 $17,124.96
CITIGROUP INC 1.46200 06/09/2027 US 65,904.42 $58,667.56
CLARK CNTY NV 1.51000 11/01/2028 US 52,423.97 $44,421.40
CLEANAWAY WASTE MANAGEMENT AU CWY AU 26,189.82 $44,323.39
COCA COLA CO/THE US KO 15,772.27 $943,655.19
COGNIZANT TECH SOLUTIONS - A US CTSH 112.04 $8,023.01
COLGATE-PALMOLIVE CO US CL 197.11 $14,481.97
COMCAST CORP-CL A US CMCSA 718.21 $33,583.42
COMMUNITY HEALTHCARE TRUST I US CHCT 515.7 $17,116.15
CONAGRA BRAND INC. US CAG 176.44 $5,272.15
CONOCOPHILLIPS US COP 193.52 $23,034.61
CONSTELLATION BRANDS INC-A US STZ 2,766.79 $720,914.06
COPART INC US CPRT 5,391.88 $241,717.97
CORNING INC US GLW 191.12 $6,272.65
COTERRA ENERGY INC US CTRA 231.26 $6,519.35
COUSINS PROPERTIES INC US CUZ 270.06 $6,346.37
CSX CORP US CSX 7,778.52 $234,911.25
CUMMINS INC US CMI 49.13 $11,301.58
CVS HEALTH CORP US CVS 3,877.58 $252,701.64
DEUTSCHE BOERSE AG DE DB1 GR 398.42 $70,729.48
DEUTSCHE BOERSE AG ADR DE DBOEY 21,075.33 $373,244.15
DEVON ENERGY CORPORATION US DVN 158.77 $8,111.55
DIAGEO PLC GB DGE LN 1,184.18 $48,495.85
DIAMONDBACK ENERGY INC US FANG 49.13 $7,456.76
DOLLAR GENERAL CORP US DG 5,716.31 $791,708.84
DOLLARAMA INC CA DOL CN 341.21 $22,123.28
DOW INC US DOW 165.06 $9,005.71
DREYFUS GVT CSH MANAGEMENT US 2,287,732.18 $2,287,732.18
EBAY INC US EBAY 152.48 $6,828.00
ELECTRONIC ARTS US EA 8,430.67 $1,011,512.09
EMERSON ELEC CO US EMR 153.53 $15,084.06
ENDAVA PLC - SPON ADR GB DAVA 461.93 $22,588.38
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 95,860.97 $95,434.12
EOG RESOURCES INC US EOG 113.39 $14,583.65
EQUINIX INC US EQIX 1,008.64 $788,128.87
EQUITY COMMONWEALTH US EQC 846.27 $16,104.57
EQUITY LIFESTYLE PROPERTIES US ELS 446.65 $29,907.83
EVERGY INC US EVRG 5,375.55 $295,494.18
EXTRA SPACE STORAGE INC US EXR 244.6 $31,474.52
EXXON MOBIL CORP US XOM 366.97 $40,803.15
FEDEX CORPORATION US FDX 43.74 $11,416.12
FIFTH THIRD BANCORP US FITB 225.87 $5,996.91
FINECOBANK SPA IT FBK IM 4,050.13 $55,354.80
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 841.48 $13,463.67
FMC CORP US FMC 7,787.06 $671,477.84
GENERAL DYNAMICS CORP US GD 69.2 $15,683.41
GENERAL MLS INC US GIS 162.96 $11,026.12
GENUINE PARTS CO US GPC 51.82 $7,967.03
GETTY REALTY CORP US GTY 448.75 $13,471.45
GILEAD SCIENCES INC US GILD 277.1 $21,192.46
GLOBANT SA LU GLOB 119.68 $24,470.24
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 15,727.19 $14,128.97
GREENIDGE GEN HLD INC US 509.26 $2,704.18
HALLIBURTON CO US HAL 203.11 $7,843.93
HALMA PLC GB HLMA LN 978.08 $26,514.26
HARTFORD FINL SVCS US HIG 75.34 $5,410.97
HDFC BANK LTD-ADR IN HDB 7,205.45 $448,971.56
HEALTHCARE REALTY TRUST INC US HR 533.23 $9,342.13
HEINEKEN NV NL HEIA NA 646.31 $62,828.33
HEINEKEN NV-SPN ADR NL HEINY 11,253.63 $548,164.23
HELIOS TOWERS PLC GB HTWS LN 8,210.49 $9,480.56
HOME DEPOT INC US HD 150.53 $49,720.61
HONEYWELL INTERNATIONAL INC US HON 134.5 $25,278.85
HUMANA INC US HUM 1,146.59 $529,298.97
HUNTINGTON BANCSHARES US HBAN 380.9 $4,224.15
IDEXX LABORATORIES INC US IDXX 1,094.46 $559,719.14
IMCD NV NL IMCD NA 161.92 $22,300.94
INTERCONTINENTALEXCHANGE INC US ICE 4,036.65 $476,283.79
INTERMEDIATE CAPITAL GROUP GB ICP LN 1,325.73 $22,656.15
INTERNATIONAL BUSINESS MACH CORP US IBM 129.71 $19,045.59
INTERNATIONAL FLVRS & FRAGRANCES US IFF 72.64 $5,117.81
INTUIT INC US INTU 1,669.63 $904,621.39
INTUITIVE SURGICAL INC US ISRG 1,835.44 $573,904.74
INVITATION HOMES INC US INVH 977.33 $33,317.27
JM SMUCKER CO/THE-NEW COM WI US SJM 42.39 $6,144.22
JOHNSON & JOHNSON US JNJ 8,823.1 $1,426,519.35
JP MORGAN CHASE & CO US JPM 2,709.57 $396,491.40
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 101,852.28 $96,600.07
KELLOGG CO US K 81.18 $4,953.74
KEYENCE CORP JP 6861 JP 89.87 $37,311.35
KEYWORDS STUDIOS PLC IE KWS LN 867.39 $16,756.89
KIMBERLY CLARK DE MEXICO S.A.B. MX KIMBERA MM 11,982.62 $26,986.46
KRAFT HEINZ CO/THE US KHC 227.37 $7,523.68
L'OREAL FR OR FP 24.12 $10,592.09
L3HARRIS TECHNOLOGIES INC US LHX 6,634.33 $1,181,507.45
LEXINGTON REALTY TRUST US LXP 1,738.23 $17,069.41
LOCKHEED MARTIN CORP US LMT 52.87 $23,705.75
LONZA GROUP AG -REG CH LONN SW 39.69 $21,894.00
LULULEMON - ADR CA LULU 2,020.57 $770,362.31
MARATHON OIL CORP US MRO 171.95 $4,530.90
MARATHON PETROLEUM CORP US MPC 106.2 $15,161.60
MARRIOTT VACATIONS WORLD US VAC 78.04 $8,481.82
MASCO CORP US MAS 16,617.35 $980,589.76
MASTERCARD INC-CLASS A US MA 3,070.1 $1,266,844.93
MEDTRONIC INC IE MDT 11,614.45 $946,578.07
MERCADOLIBRE INC BR MELI 230.97 $316,967.15
MERCK & CO INC US MRK 395.43 $43,093.58
META PLATFORMS INC US META 5,509.76 $1,630,282.55
MICROCHIP TECHNOLOGY INC US MCHP 130.61 $10,689.17
MICRON TECHNOLOGY INC US MU 15,178.54 $1,061,586.79
MICROSOFT CORP US MSFT 2,785.66 $913,027.85
MID-AMERICA APARTMENT COMM US MAA 116.08 $16,858.54
MONARCH CASINO & RESORT INC US MCRI 208.2 $14,032.55
MONDELEZ INTERNATIONAL INC US MDLZ 9,066.65 $646,089.49
MOODY'S CORPORATION US MCO 3,087.62 $1,039,911.04
NAVIENT CORP 6.75000 06/25/2025 US 27,709.81 $27,573.57
NESTLE S.A. - ADR CH NSRGY 7,481.35 $898,734.50
NESTLE SA-REGISTERED CH NESN SW 701.73 $84,375.88
NETAPP INC US NTAP 85.53 $6,559.84
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 43,437 $39,267.30
NIKE INC CLASS B US NKE 7,911.53 $804,681.25
NORFOLK SOUTHN CORP US NSC 1,152.58 $236,290.09
NORTHROP GRUMMAN CORP US NOC 1,548.6 $670,684.89
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 21,718.5 $2.17
NOVARTIS AG- REG CH NVS 4,328.57 $434,934.92
NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 US 40,441.35 $40,968.30
ODFJELL DRILLING LTD 9.25000 05/31/2028 BM 29,956.55 $30,352.72
OMNICOM GROUP US OMC 78.19 $6,333.90
PACKAGING CORP OF AMERICA US PKG 36.4 $5,426.82
PALOMINO FUNDING TRUST I 7.23300 05/17/2028 US 77,887.04 $78,907.58
PARAMOUNT GLOBAL CLASS B US PARA 214.19 $3,232.12
PELORUS FUND REIT 7.00000 09/30/2026 US 28,458.72 $27,078.33
PEPSICO INC 3.90000 07/18/2032 US 80,882.69 $76,715.42
PFIZER INC US PFE 739.48 $26,162.71
PHILLIPS 66 US PSX 84.18 $9,609.75
PHYSICIANS REALTY TRUST US DOC 707.12 $9,836.10
PPG INDUSTRIES INC US PPG 59.01 $8,365.88
PROLOGIS US PLD 904.99 $112,399.44
PUBLIC STORAGE INC US PSA 151.43 $41,852.33
QUALCOMM 5.40000 05/20/2033 US 58,415.28 $60,487.95
QUALCOMM INC US QCOM 215.09 $24,634.03
QUEST DIAGNOSTICS INC US DGX 45.68 $6,007.41
RAYTHEON TECHNOLOGIES CORP US RTX 230.07 $19,794.91
REALTY INCOME CORP US O 433.02 $24,266.55
REGIONS FINANCIAL CORP. US RF 341.35 $6,260.45
RENAISSANCERE HOLDINGS LTD BM RNR 251.93 $47,335.99
RENTOKIL INITIAL PLC GB RTO LN 8,264.56 $62,922.02
RENTOKIL INITIAL PLC-SP ADR GB RTO 11,982.92 $454,751.83
REXFORD INDUSTRIAL REALITY IN US REXR 369.81 $19,773.94
S&P GLOBAL INC US SPGI 1,925.61 $752,642.82
SALESFORCE INC US CRM 3,724.8 $824,893.70
SBA COMMUNICATIONS CORP US SBAC 2,848.87 $639,656.36
SBA TOWER TRUST 6.59900 01/15/2028 US 47,181.57 $47,901.39
SCHLUMBERGER LTD NL SLB 239.95 $14,147.57
SERVICENOW INC US NOW 2,290.33 $1,348,613.96
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 143,791.45 $115,638.55
SKYWORKS SOLUTIONS INC US SWKS 50.63 $5,505.13
SNOWFLAKE INC-CLASS A US SNOW 4,837.38 $758,743.69
SONY CORP FIRST SECTION JP 6758 JP 524.24 $43,612.81
SONY CORP SPONSORED ADR JP SONY 5,498.38 $457,409.85
STAG INDUSTRIAL INC US STAG 275.15 $10,051.26
SUN COMMUNITIES US SUI 325.33 $39,826.67
SYNCHRONOSS TECH US 522.89 $9,568.92
SYSCO CORP US SYY 102.15 $7,114.88
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 6,441.26 $602,708.50
TE CONNECTIVITY LIMITED CH TEL 76.84 $10,172.66
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 3,145.44 $31,022.46
TENCENT HOLDINGS 3.97500 04/11/2029 KY 167,756.69 $154,501.34
TENCENT HOLDINGS LTD CN 700 HK 1,497.83 $62,070.53
TERRENO REALTY CORP US TRNO 306.61 $18,669.20
TEXAS INSTRUMENTS INC US TXN 136.6 $22,957.31
THERMO FISHER SCIENTIFIC INC US TMO 954.12 $531,538.13
TOKYO ELECTRON LTD JP 8035 JP 224.67 $33,369.88
TRAVELLERS COS INC US TRV 65.9 $10,625.77
TREASURY BOND 2.37500 02/15/2042 US 1,133,106.59 $843,279.17
TRUIST FINANCIAL CORP US TFC 252.68 $7,719.48
TSY INFL IX N/B 0.12500 01/15/2031 US 372,178.47 $326,048.69
TYSON FOODS INC -CL A US TSN 105.15 $5,601.21
U.S. BANCORP US USB 353.04 $12,896.48
UDR INC US UDR 637.33 $25,429.29
UNILEVER PLC - ADR GB UL 11,991.31 $611,796.55
UNION PAC CORP US UNP 1,274.8 $281,182.87
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 3,067.25 $2,898.00
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 27,665.8 $24,951.21
UNITED PARCEL SERVICE US UPS 130.76 $22,150.80
UNITEDHEALTH GROUP INC US UNH 423.44 $201,801.07
US TEASURY NOTE 1.75000 11/15/2029 US 2,067,751.02 $1,798,297.22
US TREASURY N/B 0.87500 11/15/2030 US 2,093,963 $1,676,479.13
US TREASURY N/B 3.12500 11/15/2028 US 1,767,436.58 $1,673,265.35
VALERO ENERGY US VLO 67.1 $8,716.64
VENTAS INC US VTR 315.44 $13,778.53
VERTEX PHARMACEUTICALS INC US VRTX 1,179.24 $410,776.35
VISA INC - CLASS A SHARES US V 5,283.59 $1,298,071.63
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 106,345.76 $97,753.49
WELLS FARGO COMPANY US WFC 498.48 $20,582.12
WELLTOWER INC. US WELL 328.47 $27,223.89

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

$26.55

Daily $ Change

-$0.04

Daily % Change

-0.15%

as of 09/22/2023

CUSIP

302027859

Inception Date

05/10/2007

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 08/31/2023

YTD

11.24%

1 Year

8.14%

3 Year

4.64%

5 Year

7.54%

10 Year

8.39%

Inception
(05/10/2007)

7.43%

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 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. The Retirement Target CIT Fund will gradually become more conservative over time. Returns are net of the Class S expenses.

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 08/31/2023

TREASURY NOTES 9.45%
AMAZON.COM INC 3.38%
META PLATFORMS INC 2.99%
JOHNSON & JOHNSON 2.62%
SERVICENOW INC 2.48%
VISA INC - CLASS A SHARES 2.38%
MASTERCARD INC-CLASS A 2.33%
L3HARRIS TECHNOLOGIES INC 2.17%
ALPHABET INC-CL A 2.09%
MICRON TECHNOLOGY INC 1.95%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 08/31/2023

Stocks
82.03%
Bonds
13.94%
Cash
4.03%

Detailed Asset Class Allocation

As of 08/31/2023

International Equities
19.36%
Small Capitalization
0.26%
Mid Capitalization
6.65%
Large Capitalization
55.75%
Long Term Fixed Income
1.95%
Intermediate Term Fixed Income
11.89%
Short Term Fixed Income
0.11%
Cash
4.03%

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 128.36 $13,692.57
ABBOTT LABORATORIES US ABT 248.94 $25,615.82
ADMIRAL GROUP PLC GB ADM LN 2,708.37 $85,324.60
ADMIRAL GROUP PLC ADR GB AMIGY 8,020.12 $252,673.82
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 52,423.97 $45,435.12
AGREE REALTY CORP US ADC 506.27 $31,297.35
AIR LIQUIDE FR AI FP 254.03 $45,897.46
AIRBUS SE FR AIR FP 310.2 $45,384.47
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 4,853.47 $4,883.25
ALCON INC CH ALC 7,064.95 $586,320.47
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 37,445.69 $30,022.85
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 100,354.45 $81,490.97
ALPHABET INC-CL A US GOOGL 8,343.5 $1,136,134.25
AMAZON.COM INC US AMZN 13,354.63 $1,843,072.63
AMAZON.COM INC 3.30000 04/13/2027 US 82,380.52 $78,394.77
AMERICAN HOMES 4 RENT- A US AMH 320.24 $11,541.29
AMERICAN TOWER REIT INC US AMT 142.29 $25,800.68
AMERICOLD REALTY TRUST US COLD 1,060.46 $35,684.54
ANALOG DEVICES INC US ADI 117.28 $21,319.14
APARTMENT INCOME REIT CO US AIRC 265.56 $9,045.14
APPLIED MATERIALS INC US AMAT 4,926.06 $752,504.23
ARCHER-DANIELS-MIDLAND CO US ADM 143.34 $11,367.03
ARGO BLOCKCHAIN PLC GB 539.22 $3,639.72
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 29,956.55 $27,686.51
ASTRAZENECA GB AZN 10,200.06 $691,767.82
ATLASSIAN CORP PLC-CLASS A AU TEAM 173.75 $35,455.02
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 5,483.4 $25,530.62
AUTO TRADER GROUP PLC GB AUTO LN 7,807.43 $59,870.96
AVALONBAY COMMUNITIES INC US AVB 165.36 $30,396.51
AVANZA BANK HOLDING AB SE AZA SS 1,931.45 $37,291.07
BAE SYSTEMS PLC GB BA/ LN 5,922.11 $75,375.27
BAE SYSTEMS PLC -SPON ADR GB BAESY 8,874.33 $459,424.01
BANK OF AMERICA CORP US BAC 930.15 $26,667.43
BANK OF AMERICA CORP 2.68700 04/22/2032 US 73,393.55 $60,019.12
BAXTER INTERNATIONAL INC US BAX 139.3 $5,655.50
BEIERSDORF AG DE BEI GR 403.07 $52,775.44
BIOMARIN PHARMACEUTICAL INC US BMRN 7,262.22 $663,621.41
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 28,458.72 $27,790.68
BOSTON SCIENTIFIC CORP US BSX 4,745.57 $255,975.90
BRISTOL MYERS SQUIBB CO US BMY 375.66 $23,159.14
BROADCOM INC US AVGO 45.68 $42,161.07
BROADRIDGE FINANCIAL SOLUTIONS US BR 42.69 $7,948.95
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 27,945.87 $24,312.90
BUNGE LIMITED US BG 55.57 $6,352.69
C.H. ROBINSON WORLDWIDE INC US CHRW 55.42 $5,011.60
CALDERYS FINANCING LLC 11.25000 06/01/2028 US 25,463.07 $26,127.91
CAMPBELL SOUP CO US CPB 119.83 $4,996.75
CANADIAN NATIONAL RAILWAY CO CA CNI 2,338.56 $263,345.04
CARETRUST REIT INC US CTRE 849.72 $17,121.81
CATERPILLAR INC US CAT 113.83 $32,002.41
CBOE GLOBAL MARKETS INC US CBOE 5,347.24 $800,535.99
CELLNEX TELECOM SA ES CLNX SM 841.33 $32,177.04
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 23,033.44 $439,478.10
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 55,419.62 $57,494.98
CHEVRON CORP US CVX 228.27 $36,774.12
CISCO SYSTEMS INC US CSCO 675.22 $38,723.91
CITIGROUP INC US C 414.75 $17,124.96
CITIGROUP INC 1.46200 06/09/2027 US 65,904.42 $58,667.56
CLARK CNTY NV 1.51000 11/01/2028 US 52,423.97 $44,421.40
CLEANAWAY WASTE MANAGEMENT AU CWY AU 26,189.82 $44,323.39
COCA COLA CO/THE US KO 15,772.27 $943,655.19
COGNIZANT TECH SOLUTIONS - A US CTSH 112.04 $8,023.01
COLGATE-PALMOLIVE CO US CL 197.11 $14,481.97
COMCAST CORP-CL A US CMCSA 718.21 $33,583.42
COMMUNITY HEALTHCARE TRUST I US CHCT 515.7 $17,116.15
CONAGRA BRAND INC. US CAG 176.44 $5,272.15
CONOCOPHILLIPS US COP 193.52 $23,034.61
CONSTELLATION BRANDS INC-A US STZ 2,766.79 $720,914.06
COPART INC US CPRT 5,391.88 $241,717.97
CORNING INC US GLW 191.12 $6,272.65
COTERRA ENERGY INC US CTRA 231.26 $6,519.35
COUSINS PROPERTIES INC US CUZ 270.06 $6,346.37
CSX CORP US CSX 7,778.52 $234,911.25
CUMMINS INC US CMI 49.13 $11,301.58
CVS HEALTH CORP US CVS 3,877.58 $252,701.64
DEUTSCHE BOERSE AG DE DB1 GR 398.42 $70,729.48
DEUTSCHE BOERSE AG ADR DE DBOEY 21,075.33 $373,244.15
DEVON ENERGY CORPORATION US DVN 158.77 $8,111.55
DIAGEO PLC GB DGE LN 1,184.18 $48,495.85
DIAMONDBACK ENERGY INC US FANG 49.13 $7,456.76
DOLLAR GENERAL CORP US DG 5,716.31 $791,708.84
DOLLARAMA INC CA DOL CN 341.21 $22,123.28
DOW INC US DOW 165.06 $9,005.71
DREYFUS GVT CSH MANAGEMENT US 2,287,732.18 $2,287,732.18
EBAY INC US EBAY 152.48 $6,828.00
ELECTRONIC ARTS US EA 8,430.67 $1,011,512.09
EMERSON ELEC CO US EMR 153.53 $15,084.06
ENDAVA PLC - SPON ADR GB DAVA 461.93 $22,588.38
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 95,860.97 $95,434.12
EOG RESOURCES INC US EOG 113.39 $14,583.65
EQUINIX INC US EQIX 1,008.64 $788,128.87
EQUITY COMMONWEALTH US EQC 846.27 $16,104.57
EQUITY LIFESTYLE PROPERTIES US ELS 446.65 $29,907.83
EVERGY INC US EVRG 5,375.55 $295,494.18
EXTRA SPACE STORAGE INC US EXR 244.6 $31,474.52
EXXON MOBIL CORP US XOM 366.97 $40,803.15
FEDEX CORPORATION US FDX 43.74 $11,416.12
FIFTH THIRD BANCORP US FITB 225.87 $5,996.91
FINECOBANK SPA IT FBK IM 4,050.13 $55,354.80
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 841.48 $13,463.67
FMC CORP US FMC 7,787.06 $671,477.84
GENERAL DYNAMICS CORP US GD 69.2 $15,683.41
GENERAL MLS INC US GIS 162.96 $11,026.12
GENUINE PARTS CO US GPC 51.82 $7,967.03
GETTY REALTY CORP US GTY 448.75 $13,471.45
GILEAD SCIENCES INC US GILD 277.1 $21,192.46
GLOBANT SA LU GLOB 119.68 $24,470.24
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 15,727.19 $14,128.97
GREENIDGE GEN HLD INC US 509.26 $2,704.18
HALLIBURTON CO US HAL 203.11 $7,843.93
HALMA PLC GB HLMA LN 978.08 $26,514.26
HARTFORD FINL SVCS US HIG 75.34 $5,410.97
HDFC BANK LTD-ADR IN HDB 7,205.45 $448,971.56
HEALTHCARE REALTY TRUST INC US HR 533.23 $9,342.13
HEINEKEN NV NL HEIA NA 646.31 $62,828.33
HEINEKEN NV-SPN ADR NL HEINY 11,253.63 $548,164.23
HELIOS TOWERS PLC GB HTWS LN 8,210.49 $9,480.56
HOME DEPOT INC US HD 150.53 $49,720.61
HONEYWELL INTERNATIONAL INC US HON 134.5 $25,278.85
HUMANA INC US HUM 1,146.59 $529,298.97
HUNTINGTON BANCSHARES US HBAN 380.9 $4,224.15
IDEXX LABORATORIES INC US IDXX 1,094.46 $559,719.14
IMCD NV NL IMCD NA 161.92 $22,300.94
INTERCONTINENTALEXCHANGE INC US ICE 4,036.65 $476,283.79
INTERMEDIATE CAPITAL GROUP GB ICP LN 1,325.73 $22,656.15
INTERNATIONAL BUSINESS MACH CORP US IBM 129.71 $19,045.59
INTERNATIONAL FLVRS & FRAGRANCES US IFF 72.64 $5,117.81
INTUIT INC US INTU 1,669.63 $904,621.39
INTUITIVE SURGICAL INC US ISRG 1,835.44 $573,904.74
INVITATION HOMES INC US INVH 977.33 $33,317.27
JM SMUCKER CO/THE-NEW COM WI US SJM 42.39 $6,144.22
JOHNSON & JOHNSON US JNJ 8,823.1 $1,426,519.35
JP MORGAN CHASE & CO US JPM 2,709.57 $396,491.40
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 101,852.28 $96,600.07
KELLOGG CO US K 81.18 $4,953.74
KEYENCE CORP JP 6861 JP 89.87 $37,311.35
KEYWORDS STUDIOS PLC IE KWS LN 867.39 $16,756.89
KIMBERLY CLARK DE MEXICO S.A.B. MX KIMBERA MM 11,982.62 $26,986.46
KRAFT HEINZ CO/THE US KHC 227.37 $7,523.68
L'OREAL FR OR FP 24.12 $10,592.09
L3HARRIS TECHNOLOGIES INC US LHX 6,634.33 $1,181,507.45
LEXINGTON REALTY TRUST US LXP 1,738.23 $17,069.41
LOCKHEED MARTIN CORP US LMT 52.87 $23,705.75
LONZA GROUP AG -REG CH LONN SW 39.69 $21,894.00
LULULEMON - ADR CA LULU 2,020.57 $770,362.31
MARATHON OIL CORP US MRO 171.95 $4,530.90
MARATHON PETROLEUM CORP US MPC 106.2 $15,161.60
MARRIOTT VACATIONS WORLD US VAC 78.04 $8,481.82
MASCO CORP US MAS 16,617.35 $980,589.76
MASTERCARD INC-CLASS A US MA 3,070.1 $1,266,844.93
MEDTRONIC INC IE MDT 11,614.45 $946,578.07
MERCADOLIBRE INC BR MELI 230.97 $316,967.15
MERCK & CO INC US MRK 395.43 $43,093.58
META PLATFORMS INC US META 5,509.76 $1,630,282.55
MICROCHIP TECHNOLOGY INC US MCHP 130.61 $10,689.17
MICRON TECHNOLOGY INC US MU 15,178.54 $1,061,586.79
MICROSOFT CORP US MSFT 2,785.66 $913,027.85
MID-AMERICA APARTMENT COMM US MAA 116.08 $16,858.54
MONARCH CASINO & RESORT INC US MCRI 208.2 $14,032.55
MONDELEZ INTERNATIONAL INC US MDLZ 9,066.65 $646,089.49
MOODY'S CORPORATION US MCO 3,087.62 $1,039,911.04
NAVIENT CORP 6.75000 06/25/2025 US 27,709.81 $27,573.57
NESTLE S.A. - ADR CH NSRGY 7,481.35 $898,734.50
NESTLE SA-REGISTERED CH NESN SW 701.73 $84,375.88
NETAPP INC US NTAP 85.53 $6,559.84
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 43,437 $39,267.30
NIKE INC CLASS B US NKE 7,911.53 $804,681.25
NORFOLK SOUTHN CORP US NSC 1,152.58 $236,290.09
NORTHROP GRUMMAN CORP US NOC 1,548.6 $670,684.89
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 21,718.5 $2.17
NOVARTIS AG- REG CH NVS 4,328.57 $434,934.92
NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 US 40,441.35 $40,968.30
ODFJELL DRILLING LTD 9.25000 05/31/2028 BM 29,956.55 $30,352.72
OMNICOM GROUP US OMC 78.19 $6,333.90
PACKAGING CORP OF AMERICA US PKG 36.4 $5,426.82
PALOMINO FUNDING TRUST I 7.23300 05/17/2028 US 77,887.04 $78,907.58
PARAMOUNT GLOBAL CLASS B US PARA 214.19 $3,232.12
PELORUS FUND REIT 7.00000 09/30/2026 US 28,458.72 $27,078.33
PEPSICO INC 3.90000 07/18/2032 US 80,882.69 $76,715.42
PFIZER INC US PFE 739.48 $26,162.71
PHILLIPS 66 US PSX 84.18 $9,609.75
PHYSICIANS REALTY TRUST US DOC 707.12 $9,836.10
PPG INDUSTRIES INC US PPG 59.01 $8,365.88
PROLOGIS US PLD 904.99 $112,399.44
PUBLIC STORAGE INC US PSA 151.43 $41,852.33
QUALCOMM 5.40000 05/20/2033 US 58,415.28 $60,487.95
QUALCOMM INC US QCOM 215.09 $24,634.03
QUEST DIAGNOSTICS INC US DGX 45.68 $6,007.41
RAYTHEON TECHNOLOGIES CORP US RTX 230.07 $19,794.91
REALTY INCOME CORP US O 433.02 $24,266.55
REGIONS FINANCIAL CORP. US RF 341.35 $6,260.45
RENAISSANCERE HOLDINGS LTD BM RNR 251.93 $47,335.99
RENTOKIL INITIAL PLC GB RTO LN 8,264.56 $62,922.02
RENTOKIL INITIAL PLC-SP ADR GB RTO 11,982.92 $454,751.83
REXFORD INDUSTRIAL REALITY IN US REXR 369.81 $19,773.94
S&P GLOBAL INC US SPGI 1,925.61 $752,642.82
SALESFORCE INC US CRM 3,724.8 $824,893.70
SBA COMMUNICATIONS CORP US SBAC 2,848.87 $639,656.36
SBA TOWER TRUST 6.59900 01/15/2028 US 47,181.57 $47,901.39
SCHLUMBERGER LTD NL SLB 239.95 $14,147.57
SERVICENOW INC US NOW 2,290.33 $1,348,613.96
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 143,791.45 $115,638.55
SKYWORKS SOLUTIONS INC US SWKS 50.63 $5,505.13
SNOWFLAKE INC-CLASS A US SNOW 4,837.38 $758,743.69
SONY CORP FIRST SECTION JP 6758 JP 524.24 $43,612.81
SONY CORP SPONSORED ADR JP SONY 5,498.38 $457,409.85
STAG INDUSTRIAL INC US STAG 275.15 $10,051.26
SUN COMMUNITIES US SUI 325.33 $39,826.67
SYNCHRONOSS TECH US 522.89 $9,568.92
SYSCO CORP US SYY 102.15 $7,114.88
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 6,441.26 $602,708.50
TE CONNECTIVITY LIMITED CH TEL 76.84 $10,172.66
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 3,145.44 $31,022.46
TENCENT HOLDINGS 3.97500 04/11/2029 KY 167,756.69 $154,501.34
TENCENT HOLDINGS LTD CN 700 HK 1,497.83 $62,070.53
TERRENO REALTY CORP US TRNO 306.61 $18,669.20
TEXAS INSTRUMENTS INC US TXN 136.6 $22,957.31
THERMO FISHER SCIENTIFIC INC US TMO 954.12 $531,538.13
TOKYO ELECTRON LTD JP 8035 JP 224.67 $33,369.88
TRAVELLERS COS INC US TRV 65.9 $10,625.77
TREASURY BOND 2.37500 02/15/2042 US 1,133,106.59 $843,279.17
TRUIST FINANCIAL CORP US TFC 252.68 $7,719.48
TSY INFL IX N/B 0.12500 01/15/2031 US 372,178.47 $326,048.69
TYSON FOODS INC -CL A US TSN 105.15 $5,601.21
U.S. BANCORP US USB 353.04 $12,896.48
UDR INC US UDR 637.33 $25,429.29
UNILEVER PLC - ADR GB UL 11,991.31 $611,796.55
UNION PAC CORP US UNP 1,274.8 $281,182.87
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 3,067.25 $2,898.00
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 27,665.8 $24,951.21
UNITED PARCEL SERVICE US UPS 130.76 $22,150.80
UNITEDHEALTH GROUP INC US UNH 423.44 $201,801.07
US TEASURY NOTE 1.75000 11/15/2029 US 2,067,751.02 $1,798,297.22
US TREASURY N/B 0.87500 11/15/2030 US 2,093,963 $1,676,479.13
US TREASURY N/B 3.12500 11/15/2028 US 1,767,436.58 $1,673,265.35
VALERO ENERGY US VLO 67.1 $8,716.64
VENTAS INC US VTR 315.44 $13,778.53
VERTEX PHARMACEUTICALS INC US VRTX 1,179.24 $410,776.35
VISA INC - CLASS A SHARES US V 5,283.59 $1,298,071.63
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 106,345.76 $97,753.49
WELLS FARGO COMPANY US WFC 498.48 $20,582.12
WELLTOWER INC. US WELL 328.47 $27,223.89

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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