Collective Investment Trusts

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

$20.94

Daily $ Change

$0.22

Daily % Change

1.05%

as of 04/23/2024

CUSIP

56382R795

Inception Date

05/14/2015

This fund is available only 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

4.59%

1 Year

16.55%

3 Year

4.19%

5 Year

10.60%

10 Year

8.66%

Inception
(05/14/2015)

8.25%

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 U1 units is based on the historical performance of the CIT’s oldest unit class. Performance through the inception date of the oldest unit class (05/10/2007) 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 U1 expenses. The Retirement Target CIT Fund will gradually become more conservative over time.

Expense Ratio

Gross 0.51%
Net 0.49%*

*Includes acquired fund fees and expenses of the underlying collective investment trusts and reflects the Trustee’s contractual agreement to limit its 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 136.84 $14,514.61
ABBOTT LABORATORIES US ABT 265.38 $30,162.73
ADMIRAL GROUP PLC GB ADM LN 2,356.3 $84,444.35
ADMIRAL GROUP PLC ADR GB AMIGY 7,556.05 $270,506.74
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 79,836.59 $72,321.09
AGREE REALTY CORP US ADC 465.29 $26,577.23
AIR LIQUIDE FR AI FP 301.78 $62,785.42
AIRBUS SE FR AIR FP 405.57 $74,717.66
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 4,209.22 $4,284.99
ALCON INC CH ALC 7,531.46 $627,295.68
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 39,918.3 $33,185.39
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 164,463.38 $142,876.05
ALPHABET INC-CL A US GOOGL 12,704.88 $1,917,546.87
AMAZON.COM INC US AMZN 15,543.39 $2,803,715.91
AMAZON.COM INC 3.30000 04/13/2027 US 15,168.95 $14,593.21
AMERICAN HOMES 4 RENT- A US AMH 748.23 $27,519.85
AMERICAN TOWER REIT INC US AMT 166.7 $32,938.02
AMERICOLD REALTY TRUST US COLD 593.82 $14,798.11
ANALOG DEVICES INC US ADI 125.02 $24,728.52
APPLIED MATERIALS INC US AMAT 4,195.41 $865,219.98
ARCHER-DANIELS-MIDLAND CO US ADM 152.81 $9,597.82
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 75,046.39 $70,571.38
ASTRAZENECA GB AZN 19,864.78 $1,345,838.89
ATLASSIAN CORP PLC-CLASS A AU TEAM 185.22 $36,138.45
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 8,850.52 $44,152.68
AUTO TRADER GROUP PLC GB AUTO LN 5,344.1 $47,193.30
AVALONBAY COMMUNITIES INC US AVB 190.81 $35,406.60
AVANZA BANK HOLDING AB SE AZA SS 1,119.79 $24,139.28
BAE SYSTEMS PLC GB BA/ LN 3,128.8 $53,331.67
BAE SYSTEMS PLC -SPON ADR GB BAESY 4,370.89 $303,121.47
BANK OF AMERICA CORP US BAC 910.78 $34,536.62
BANK OF AMERICA CORP 2.68700 04/22/2032 US 126,141.81 $106,712.17
BAXTER INTERNATIONAL INC US BAX 148.5 $6,346.72
BEIERSDORF AG DE BEI GR 429.68 $62,560.27
BIOMARIN PHARMACEUTICAL INC US BMRN 7,741.75 $676,164.81
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 30,337.9 $30,127.04
BORR IHC LTD 10.00000 11/15/2028 MUL 31,934.64 $33,344.69
BOSTON SCIENTIFIC CORP US BSX 4,421.99 $302,862.03
BRENNTAG AG DE BNR GR 344.26 $29,014.20
BRISTOL MYERS SQUIBB CO US BMY 400.46 $21,716.96
BROADCOM INC US AVGO 48.7 $64,547.89
BROADRIDGE FINANCIAL SOLUTIONS US BR 45.51 $9,322.53
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 32,408.23 $22,831.39
BUNGE LIMITED US BG 59.24 $6,073.16
C.H. ROBINSON WORLDWIDE INC US CHRW 59.08 $4,498.28
CAMPBELL SOUP CO US CPB 127.74 $5,677.98
CANADIAN NATIONAL RAILWAY CO CA CNI 4,951.94 $652,220.59
CAPITAL ONE FINANCIAL CO 5.70000 02/01/2030 US 145,302.59 $146,523.68
CATERPILLAR INC US CAT 121.35 $44,466.87
CELLNEX TELECOM SA ES CLNX SM 896.88 $31,727.01
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 23,211.85 $408,992.79
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 100,594.1 $111,072.08
CHEVRON CORP US CVX 228.81 $36,092.75
CISCO SYSTEMS INC US CSCO 719.81 $35,925.55
CITIGROUP INC US C 408.92 $25,860.29
CITIGROUP INC 1.46200 06/09/2027 US 114,964.69 $105,625.84
CLARK CNTY NV 1.51000 11/01/2028 US 55,885.61 $48,154.04
CLEANAWAY WASTE MANAGEMENT AU CWY AU 27,919.17 $49,469.21
COCA COLA CO/THE US KO 20,007.05 $1,224,031.28
COGNIZANT TECH SOLUTIONS - A US CTSH 119.44 $8,753.43
COLGATE-PALMOLIVE CO US CL 210.13 $18,922.20
COMCAST CORP-CL A US CMCSA 709.91 $30,774.47
CONAGRA BRAND INC. US CAG 188.1 $5,575.14
CONOCOPHILLIPS US COP 206.3 $26,257.58
CONSTELLATION BRANDS INC-A US STZ 3,855.15 $1,047,675.36
COPART INC US CPRT 5,747.92 $332,919.24
CORNING INC US GLW 203.74 $6,715.37
COTERRA ENERGY INC US CTRA 246.54 $6,873.41
CROWN CASTLE INTL CORP US CCI 143.55 $15,191.49
CSX CORP US CSX 14,535.21 $538,820.21
CUMMINS INC US CMI 52.37 $15,431.65
CVS HEALTH CORP US CVS 199.91 $15,944.89
DEUTSCHE BOERSE AG DE DB1 GR 444.85 $91,100.70
DEUTSCHE BOERSE AG ADR DE DBOEY 19,278.46 $393,858.95
DEVON ENERGY CORPORATION US DVN 169.25 $8,493.14
DIAGEO PLC GB DGE LN 669.19 $24,761.53
DIAMONDBACK ENERGY INC US FANG 52.37 $10,378.72
DIGITAL REALTY TRUST INC US DLR 115.44 $16,628.51
DIGITALBRIDGE GROUP INC US DBRG 772.02 $14,876.82
DOLLARAMA INC CA DOL CN 497.7 $37,915.03
DOW INC US DOW 175.96 $10,193.35
DREYFUS GVT CSH MANAGEMENT US 1,237,416.86 $1,237,416.86
EBAY INC US EBAY 162.55 $8,579.25
ELECTRONIC ARTS US EA 8,987.36 $1,192,353.66
EMERSON ELEC CO US EMR 163.67 $18,562.89
ENERGY TRANSFER LP 7.37500 02/01/2031 US 67,861.1 $71,131.60
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 100,594.1 $106,902.30
EOG RESOURCES INC US EOG 120.87 $15,452.35
EQUINIX INC US EQIX 1,281.06 $1,057,295.54
EQUITY COMMONWEALTH US EQC 705.44 $13,318.63
EQUITY LIFESTYLE PROPERTIES US ELS 474.07 $30,530.09
EQUITY RESIDENTIAL US EQR 303.54 $19,156.33
EVERGY INC US EVRG 15,338.05 $818,744.89
EXPERIAN GROUP LTD-SPON ADR IE EXPGY 9,647.29 $420,043.17
EXPERIAN PLC IE EXPN LN 1,169.45 $50,956.23
EXTRA SPACE STORAGE INC US EXR 208.05 $30,583.96
EXXON MOBIL CORP US XOM 363.42 $42,243.49
FEDEX CORPORATION US FDX 46.62 $13,509.00
FIFTH THIRD BANCORP US FITB 240.79 $8,959.69
FINECOBANK SPA IT FBK IM 1,792.17 $26,841.00
FIRST INDUSTRIAL REALTY TR US FR 202.78 $10,654.32
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 932.81 $16,063.00
FMC CORP US FMC 51.41 $3,275.12
GENERAL DYNAMICS CORP US GD 66.9 $18,899.45
GENERAL MLS INC US GIS 173.72 $12,155.50
GENUINE PARTS CO US GPC 55.25 $8,559.41
GILEAD SCIENCES INC US GILD 295.4 $21,637.71
GLOBANT SA LU GLOB 211.89 $42,779.85
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 16,765.68 $14,112.92
GOODMAN GROUP AU GMG AU 682.76 $15,039.42
HALLIBURTON CO US HAL 216.52 $8,535.09
HALMA PLC GB HLMA LN 2,603.15 $77,731.10
HARTFORD FINL SVCS US HIG 80.32 $8,276.52
HDFC BANK LTD-ADR IN HDB 9,748.53 $545,625.04
HEINEKEN NV NL HEIA NA 868.3 $83,711.02
HEINEKEN NV-SPN ADR NL HEINY 11,996.73 $579,801.72
HELIOS TOWERS PLC GB HTWS LN 9,490.18 $11,305.36
HOME DEPOT INC US HD 160.47 $61,556.88
HONEYWELL INTERNATIONAL INC US HON 143.39 $29,430.08
HUMANA INC US HUM 2,895.83 $1,004,043.15
HUNTINGTON BANCSHARES US HBAN 406.05 $5,664.38
IDEXX LABORATORIES INC US IDXX 744.24 $401,835.72
IMCD NV NL IMCD NA 458.9 $80,771.16
INFRABUILD AUTRALIA PTY 14.50000 11/15/2028 AU 30,337.9 $31,461.91
INTERCONTINENTALEXCHANGE INC US ICE 8,366.56 $1,149,815.69
INTERMEDIATE CAPITAL GROUP GB ICP LN 2,047.33 $53,028.87
INTERNATIONAL BUSINESS MACH CORP US IBM 126.3 $24,118.53
INTERNATIONAL FLVRS & FRAGRANCES US IFF 77.44 $6,659.19
INTUIT INC US INTU 926.1 $601,967.89
INTUITIVE SURGICAL INC US ISRG 1,586.35 $633,097.64
INVITATION HOMES INC US INVH 1,252 $44,583.63
JM SMUCKER CO/THE-NEW COM WI US SJM 45.19 $5,687.75
JOHNSON & JOHNSON US JNJ 9,405.71 $1,487,889.00
JP MORGAN CHASE & CO US JPM 2,569.14 $514,599.04
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 183,624.16 $177,596.18
KELLOGG CO US K 86.54 $4,958.04
KEYENCE CORP JP 6861 JP 111.77 $51,891.01
KEYWORDS STUDIOS PLC IE KWS LN 1,921.51 $31,576.50
KRAFT HEINZ CO/THE US KHC 242.38 $8,943.97
L'OREAL FR OR FP 25.71 $12,174.29
L3HARRIS TECHNOLOGIES INC US LHX 6,094.88 $1,298,819.98
LEXINGTON REALTY TRUST US LXP 3,218.53 $29,031.16
LOCKHEED MARTIN CORP US LMT 56.36 $25,638.58
LONZA GROUP AG -REG CH LONN SW 118.32 $70,706.56
LONZA GROUP AG ADR CH LZAGY 10,646.85 $637,852.66
MARATHON OIL CORP US MRO 183.3 $5,194.86
MARATHON PETROLEUM CORP US MPC 105.07 $21,170.59
MARRIOTT VACATIONS WORLD US VAC 129.49 $13,950.49
MASCO CORP US MAS 9,571.77 $755,021.09
MASSMUTUAL GLOBAL FUNDING 4.85000 01/17/2029 US 35,128.1 $34,951.41
MASTERCARD INC-CLASS A US MA 3,272.82 $1,576,092.49
MEDTRONIC INC IE MDT 7,191.68 $626,754.91
MERCADOLIBRE INC BR MELI 246.22 $372,268.81
MERCK & CO INC US MRK 421.54 $55,621.83
MET LIFE GLOB FUNDING I 4.85000 01/08/2029 US 35,128.1 $34,874.65
META PLATFORMS INC US META 3,727.57 $1,810,033.63
MICROCHIP TECHNOLOGY INC US MCHP 139.24 $12,490.77
MICRON TECHNOLOGY INC US MU 13,196.51 $1,555,736.48
MICROSOFT CORP US MSFT 3,429.94 $1,443,044.18
MID-AMERICA APARTMENT COMM US MAA 83.67 $11,009.13
MONARCH CASINO & RESORT INC US MCRI 227.21 $17,038.85
MONDELEZ INTERNATIONAL INC US MDLZ 9,665.34 $676,573.58
MOODY'S CORPORATION US MCO 2,699.59 $1,061,021.61
NAVIENT CORP 6.75000 06/25/2025 US 29,539.54 $29,727.96
NESTLE S.A. - ADR CH NSRGY 7,975.36 $846,982.81
NESTLE SA-REGISTERED CH NESN SW 707.19 $75,139.18
NETAPP INC US NTAP 91.17 $9,570.47
NEW FORTRESS ENERGY INC 8.75000 03/15/2029 US 32,733 $32,620.59
NEW YORK LIFE GLOBAL FDG 4.70000 01/29/2029 US 35,128.1 $34,761.76
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 46,154.9 $43,671.68
NORFOLK SOUTHN CORP US NSC 1,228.69 $313,154.98
NORTHROP GRUMMAN CORP US NOC 1,205.85 $577,193.05
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 23,152.61 $0.23
NOVARTIS AG- REG CH NVS 4,614.4 $446,350.45
NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 US 67,062.74 $70,903.80
NVIDIA CORP US NVDA 848.18 $766,385.07
OMNICOM GROUP US OMC 83.35 $8,064.89
OPEN INFRA IS ASSETS AB 11.00000 02/22/2027 US 31,934.64 $31,775.79
OXFINF 2024-A A2 6.67500 01/14/2032 US 7,983.66 $7,934.96
PACKAGING CORP OF AMERICA US PKG 38.8 $7,363.57
PALOMINO FUNDING TRUST I 7.23300 05/17/2028 US 83,030.05 $87,083.54
PARAMOUNT GLOBAL CLASS B US PARA 228.33 $2,687.48
PELORUS FUND REIT 7.00000 09/30/2026 US 30,337.9 $29,748.59
PEPSICO INC 3.90000 07/18/2032 US 150,092.79 $142,235.28
PFIZER INC US PFE 788.31 $21,875.51
PHILIP MORRIS INTERNATIONAL US PM 7,497.61 $686,931.38
PHILLIPS 66 US PSX 89.74 $14,657.53
PPG INDUSTRIES INC US PPG 62.91 $9,115.84
PROLOGIS US PLD 963.47 $125,462.80
PUBLIC STORAGE INC US PSA 161.43 $46,824.27
QUALCOMM 5.40000 05/20/2033 US 62,272.54 $65,376.93
QUALCOMM INC US QCOM 229.29 $38,818.91
QUALCOMM INC 4.25000 05/20/2032 US 84,626.79 $81,670.14
QUEST DIAGNOSTICS INC US DGX 48.7 $6,482.50
RAYTHEON TECHNOLOGIES CORP US RTX 204.7 $19,964.49
REALTY INCOME CORP US O 422.97 $22,882.91
REGIONS FINANCIAL CORP. US RF 363.9 $7,656.35
REXFORD INDUSTRIAL REALITY IN US REXR 736.57 $37,049.59
S&P GLOBAL INC US SPGI 1,770.46 $753,240.60
SALESFORCE INC US CRM 3,023.09 $910,494.94
SBA COMMUNICATIONS CORP US SBAC 2,765.7 $599,327.01
SBA TOWER TRUST 6.59900 01/15/2028 US 50,297.05 $51,550.66
SCHLUMBERGER LTD US SLB 255.8 $14,020.20
SERVICENOW INC US NOW 1,190.36 $907,533.18
SIMON PROPERTY 2.25000 01/15/2032 US 147,697.69 $120,894.79
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 115,763.06 $97,637.82
SIRIUSPOINT LTD 7.00000 04/05/2029 BM 68,659.47 $68,553.73
SKYWORKS SOLUTIONS INC US SWKS 53.97 $5,845.98
SONY CORP FIRST SECTION JP 6758 JP 734.5 $62,983.62
SONY CORP SPONSORED ADR JP SONY 5,861.44 $502,560.10
SUN COMMUNITIES US SUI 370.28 $47,610.87
SYSCO CORP US SYY 108.9 $8,840.27
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 9,995.7 $1,359,915.08
TE CONNECTIVITY LIMITED CH TEL 75.84 $11,015.69
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 6,067.58 $82,445.47
TECHTRONIC INDUSTRIES-SP ADR HK TTNDY 4,258.48 $289,513.01
TENCENT HOLDINGS 3.97500 04/11/2029 KY 296,992.11 $282,299.79
TENCENT HOLDINGS LTD CN 700 HK 1,756.41 $68,411.87
TERRENO REALTY CORP US TRNO 489.08 $32,474.84
TEXAS INSTRUMENTS INC US TXN 145.62 $25,368.80
THERMO FISHER SCIENTIFIC INC US TMO 1,242.74 $722,290.80
TRAVELLERS COS INC US TRV 70.26 $16,168.76
TREASURY BOND 2.37500 02/15/2042 US 1,697,645.25 $1,264,745.71
TRUIST FINANCIAL CORP US TFC 269.37 $10,499.99
TSY INFL IX N/B 0.12500 01/15/2031 US 401,056.49 $357,401.40
TYSON FOODS INC -CL A US TSN 112.09 $6,583.08
U.S. BANCORP US USB 376.35 $16,822.83
UDR INC US UDR 296.19 $11,080.61
UNION PAC CORP US UNP 1,171.52 $288,112.44
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 2,736.89 $2,622.29
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 26,781.95 $24,741.10
UNITED PARCEL SERVICE US UPS 139.39 $20,718.23
UNITED STATES TREAS NTS 2.25000 11/15/2024 US 618,094.88 $606,916.05
UNITEDHEALTH GROUP INC US UNH 2,100.34 $1,039,038.70
US TEASURY NOTE 1.75000 11/15/2029 US 2,473,816.58 $2,179,471.07
US TREASURY N/B 0.87500 11/15/2030 US 3,305,075.15 $2,678,143.71
US TREASURY N/B 3.12500 11/15/2028 US 1,440,731.1 $1,373,084.28
US TREASURY N/B 3.62500 02/15/2053 US 348,087.53 $306,262.64
US TREASURY N/B 4.12500 11/15/2032 US 590,790.77 $587,375.26
VALERO ENERGY US VLO 71.53 $12,210.07
VENTAS INC US VTR 356.23 $15,510.29
VERTEX PHARMACEUTICALS INC US VRTX 933.45 $390,191.19
VISA INC - CLASS A SHARES US V 5,632.47 $1,571,910.12
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 113,367.96 $106,118.70
WELLS FARGO COMPANY US WFC 498.5 $28,893.04
WELLTOWER INC. US WELL 470.24 $43,938.99

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

$20.94

Daily $ Change

$0.22

Daily % Change

1.05%

as of 04/23/2024

CUSIP

56382R795

Inception Date

05/14/2015

This fund is available only 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 03/31/2024

YTD

4.59%

1 Year

16.55%

3 Year

4.19%

5 Year

10.60%

10 Year

8.66%

Inception
(05/14/2015)

8.25%

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 U1 units is based on the historical performance of the CIT’s oldest unit class. Performance through the inception date of the oldest unit class (05/10/2007) 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 U1 expenses. The Retirement Target CIT Fund will gradually become more conservative over time.

Expense Ratio

Gross 0.51%
Net 0.49%*

*Includes acquired fund fees and expenses of the underlying collective investment trusts and reflects the Trustee’s contractual agreement to limit its 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 136.84 $14,514.61
ABBOTT LABORATORIES US ABT 265.38 $30,162.73
ADMIRAL GROUP PLC GB ADM LN 2,356.3 $84,444.35
ADMIRAL GROUP PLC ADR GB AMIGY 7,556.05 $270,506.74
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 79,836.59 $72,321.09
AGREE REALTY CORP US ADC 465.29 $26,577.23
AIR LIQUIDE FR AI FP 301.78 $62,785.42
AIRBUS SE FR AIR FP 405.57 $74,717.66
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 4,209.22 $4,284.99
ALCON INC CH ALC 7,531.46 $627,295.68
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 39,918.3 $33,185.39
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 164,463.38 $142,876.05
ALPHABET INC-CL A US GOOGL 12,704.88 $1,917,546.87
AMAZON.COM INC US AMZN 15,543.39 $2,803,715.91
AMAZON.COM INC 3.30000 04/13/2027 US 15,168.95 $14,593.21
AMERICAN HOMES 4 RENT- A US AMH 748.23 $27,519.85
AMERICAN TOWER REIT INC US AMT 166.7 $32,938.02
AMERICOLD REALTY TRUST US COLD 593.82 $14,798.11
ANALOG DEVICES INC US ADI 125.02 $24,728.52
APPLIED MATERIALS INC US AMAT 4,195.41 $865,219.98
ARCHER-DANIELS-MIDLAND CO US ADM 152.81 $9,597.82
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 75,046.39 $70,571.38
ASTRAZENECA GB AZN 19,864.78 $1,345,838.89
ATLASSIAN CORP PLC-CLASS A AU TEAM 185.22 $36,138.45
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 8,850.52 $44,152.68
AUTO TRADER GROUP PLC GB AUTO LN 5,344.1 $47,193.30
AVALONBAY COMMUNITIES INC US AVB 190.81 $35,406.60
AVANZA BANK HOLDING AB SE AZA SS 1,119.79 $24,139.28
BAE SYSTEMS PLC GB BA/ LN 3,128.8 $53,331.67
BAE SYSTEMS PLC -SPON ADR GB BAESY 4,370.89 $303,121.47
BANK OF AMERICA CORP US BAC 910.78 $34,536.62
BANK OF AMERICA CORP 2.68700 04/22/2032 US 126,141.81 $106,712.17
BAXTER INTERNATIONAL INC US BAX 148.5 $6,346.72
BEIERSDORF AG DE BEI GR 429.68 $62,560.27
BIOMARIN PHARMACEUTICAL INC US BMRN 7,741.75 $676,164.81
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 30,337.9 $30,127.04
BORR IHC LTD 10.00000 11/15/2028 MUL 31,934.64 $33,344.69
BOSTON SCIENTIFIC CORP US BSX 4,421.99 $302,862.03
BRENNTAG AG DE BNR GR 344.26 $29,014.20
BRISTOL MYERS SQUIBB CO US BMY 400.46 $21,716.96
BROADCOM INC US AVGO 48.7 $64,547.89
BROADRIDGE FINANCIAL SOLUTIONS US BR 45.51 $9,322.53
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 32,408.23 $22,831.39
BUNGE LIMITED US BG 59.24 $6,073.16
C.H. ROBINSON WORLDWIDE INC US CHRW 59.08 $4,498.28
CAMPBELL SOUP CO US CPB 127.74 $5,677.98
CANADIAN NATIONAL RAILWAY CO CA CNI 4,951.94 $652,220.59
CAPITAL ONE FINANCIAL CO 5.70000 02/01/2030 US 145,302.59 $146,523.68
CATERPILLAR INC US CAT 121.35 $44,466.87
CELLNEX TELECOM SA ES CLNX SM 896.88 $31,727.01
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 23,211.85 $408,992.79
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 100,594.1 $111,072.08
CHEVRON CORP US CVX 228.81 $36,092.75
CISCO SYSTEMS INC US CSCO 719.81 $35,925.55
CITIGROUP INC US C 408.92 $25,860.29
CITIGROUP INC 1.46200 06/09/2027 US 114,964.69 $105,625.84
CLARK CNTY NV 1.51000 11/01/2028 US 55,885.61 $48,154.04
CLEANAWAY WASTE MANAGEMENT AU CWY AU 27,919.17 $49,469.21
COCA COLA CO/THE US KO 20,007.05 $1,224,031.28
COGNIZANT TECH SOLUTIONS - A US CTSH 119.44 $8,753.43
COLGATE-PALMOLIVE CO US CL 210.13 $18,922.20
COMCAST CORP-CL A US CMCSA 709.91 $30,774.47
CONAGRA BRAND INC. US CAG 188.1 $5,575.14
CONOCOPHILLIPS US COP 206.3 $26,257.58
CONSTELLATION BRANDS INC-A US STZ 3,855.15 $1,047,675.36
COPART INC US CPRT 5,747.92 $332,919.24
CORNING INC US GLW 203.74 $6,715.37
COTERRA ENERGY INC US CTRA 246.54 $6,873.41
CROWN CASTLE INTL CORP US CCI 143.55 $15,191.49
CSX CORP US CSX 14,535.21 $538,820.21
CUMMINS INC US CMI 52.37 $15,431.65
CVS HEALTH CORP US CVS 199.91 $15,944.89
DEUTSCHE BOERSE AG DE DB1 GR 444.85 $91,100.70
DEUTSCHE BOERSE AG ADR DE DBOEY 19,278.46 $393,858.95
DEVON ENERGY CORPORATION US DVN 169.25 $8,493.14
DIAGEO PLC GB DGE LN 669.19 $24,761.53
DIAMONDBACK ENERGY INC US FANG 52.37 $10,378.72
DIGITAL REALTY TRUST INC US DLR 115.44 $16,628.51
DIGITALBRIDGE GROUP INC US DBRG 772.02 $14,876.82
DOLLARAMA INC CA DOL CN 497.7 $37,915.03
DOW INC US DOW 175.96 $10,193.35
DREYFUS GVT CSH MANAGEMENT US 1,237,416.86 $1,237,416.86
EBAY INC US EBAY 162.55 $8,579.25
ELECTRONIC ARTS US EA 8,987.36 $1,192,353.66
EMERSON ELEC CO US EMR 163.67 $18,562.89
ENERGY TRANSFER LP 7.37500 02/01/2031 US 67,861.1 $71,131.60
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 100,594.1 $106,902.30
EOG RESOURCES INC US EOG 120.87 $15,452.35
EQUINIX INC US EQIX 1,281.06 $1,057,295.54
EQUITY COMMONWEALTH US EQC 705.44 $13,318.63
EQUITY LIFESTYLE PROPERTIES US ELS 474.07 $30,530.09
EQUITY RESIDENTIAL US EQR 303.54 $19,156.33
EVERGY INC US EVRG 15,338.05 $818,744.89
EXPERIAN GROUP LTD-SPON ADR IE EXPGY 9,647.29 $420,043.17
EXPERIAN PLC IE EXPN LN 1,169.45 $50,956.23
EXTRA SPACE STORAGE INC US EXR 208.05 $30,583.96
EXXON MOBIL CORP US XOM 363.42 $42,243.49
FEDEX CORPORATION US FDX 46.62 $13,509.00
FIFTH THIRD BANCORP US FITB 240.79 $8,959.69
FINECOBANK SPA IT FBK IM 1,792.17 $26,841.00
FIRST INDUSTRIAL REALTY TR US FR 202.78 $10,654.32
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 932.81 $16,063.00
FMC CORP US FMC 51.41 $3,275.12
GENERAL DYNAMICS CORP US GD 66.9 $18,899.45
GENERAL MLS INC US GIS 173.72 $12,155.50
GENUINE PARTS CO US GPC 55.25 $8,559.41
GILEAD SCIENCES INC US GILD 295.4 $21,637.71
GLOBANT SA LU GLOB 211.89 $42,779.85
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 16,765.68 $14,112.92
GOODMAN GROUP AU GMG AU 682.76 $15,039.42
HALLIBURTON CO US HAL 216.52 $8,535.09
HALMA PLC GB HLMA LN 2,603.15 $77,731.10
HARTFORD FINL SVCS US HIG 80.32 $8,276.52
HDFC BANK LTD-ADR IN HDB 9,748.53 $545,625.04
HEINEKEN NV NL HEIA NA 868.3 $83,711.02
HEINEKEN NV-SPN ADR NL HEINY 11,996.73 $579,801.72
HELIOS TOWERS PLC GB HTWS LN 9,490.18 $11,305.36
HOME DEPOT INC US HD 160.47 $61,556.88
HONEYWELL INTERNATIONAL INC US HON 143.39 $29,430.08
HUMANA INC US HUM 2,895.83 $1,004,043.15
HUNTINGTON BANCSHARES US HBAN 406.05 $5,664.38
IDEXX LABORATORIES INC US IDXX 744.24 $401,835.72
IMCD NV NL IMCD NA 458.9 $80,771.16
INFRABUILD AUTRALIA PTY 14.50000 11/15/2028 AU 30,337.9 $31,461.91
INTERCONTINENTALEXCHANGE INC US ICE 8,366.56 $1,149,815.69
INTERMEDIATE CAPITAL GROUP GB ICP LN 2,047.33 $53,028.87
INTERNATIONAL BUSINESS MACH CORP US IBM 126.3 $24,118.53
INTERNATIONAL FLVRS & FRAGRANCES US IFF 77.44 $6,659.19
INTUIT INC US INTU 926.1 $601,967.89
INTUITIVE SURGICAL INC US ISRG 1,586.35 $633,097.64
INVITATION HOMES INC US INVH 1,252 $44,583.63
JM SMUCKER CO/THE-NEW COM WI US SJM 45.19 $5,687.75
JOHNSON & JOHNSON US JNJ 9,405.71 $1,487,889.00
JP MORGAN CHASE & CO US JPM 2,569.14 $514,599.04
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 183,624.16 $177,596.18
KELLOGG CO US K 86.54 $4,958.04
KEYENCE CORP JP 6861 JP 111.77 $51,891.01
KEYWORDS STUDIOS PLC IE KWS LN 1,921.51 $31,576.50
KRAFT HEINZ CO/THE US KHC 242.38 $8,943.97
L'OREAL FR OR FP 25.71 $12,174.29
L3HARRIS TECHNOLOGIES INC US LHX 6,094.88 $1,298,819.98
LEXINGTON REALTY TRUST US LXP 3,218.53 $29,031.16
LOCKHEED MARTIN CORP US LMT 56.36 $25,638.58
LONZA GROUP AG -REG CH LONN SW 118.32 $70,706.56
LONZA GROUP AG ADR CH LZAGY 10,646.85 $637,852.66
MARATHON OIL CORP US MRO 183.3 $5,194.86
MARATHON PETROLEUM CORP US MPC 105.07 $21,170.59
MARRIOTT VACATIONS WORLD US VAC 129.49 $13,950.49
MASCO CORP US MAS 9,571.77 $755,021.09
MASSMUTUAL GLOBAL FUNDING 4.85000 01/17/2029 US 35,128.1 $34,951.41
MASTERCARD INC-CLASS A US MA 3,272.82 $1,576,092.49
MEDTRONIC INC IE MDT 7,191.68 $626,754.91
MERCADOLIBRE INC BR MELI 246.22 $372,268.81
MERCK & CO INC US MRK 421.54 $55,621.83
MET LIFE GLOB FUNDING I 4.85000 01/08/2029 US 35,128.1 $34,874.65
META PLATFORMS INC US META 3,727.57 $1,810,033.63
MICROCHIP TECHNOLOGY INC US MCHP 139.24 $12,490.77
MICRON TECHNOLOGY INC US MU 13,196.51 $1,555,736.48
MICROSOFT CORP US MSFT 3,429.94 $1,443,044.18
MID-AMERICA APARTMENT COMM US MAA 83.67 $11,009.13
MONARCH CASINO & RESORT INC US MCRI 227.21 $17,038.85
MONDELEZ INTERNATIONAL INC US MDLZ 9,665.34 $676,573.58
MOODY'S CORPORATION US MCO 2,699.59 $1,061,021.61
NAVIENT CORP 6.75000 06/25/2025 US 29,539.54 $29,727.96
NESTLE S.A. - ADR CH NSRGY 7,975.36 $846,982.81
NESTLE SA-REGISTERED CH NESN SW 707.19 $75,139.18
NETAPP INC US NTAP 91.17 $9,570.47
NEW FORTRESS ENERGY INC 8.75000 03/15/2029 US 32,733 $32,620.59
NEW YORK LIFE GLOBAL FDG 4.70000 01/29/2029 US 35,128.1 $34,761.76
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 46,154.9 $43,671.68
NORFOLK SOUTHN CORP US NSC 1,228.69 $313,154.98
NORTHROP GRUMMAN CORP US NOC 1,205.85 $577,193.05
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 23,152.61 $0.23
NOVARTIS AG- REG CH NVS 4,614.4 $446,350.45
NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 US 67,062.74 $70,903.80
NVIDIA CORP US NVDA 848.18 $766,385.07
OMNICOM GROUP US OMC 83.35 $8,064.89
OPEN INFRA IS ASSETS AB 11.00000 02/22/2027 US 31,934.64 $31,775.79
OXFINF 2024-A A2 6.67500 01/14/2032 US 7,983.66 $7,934.96
PACKAGING CORP OF AMERICA US PKG 38.8 $7,363.57
PALOMINO FUNDING TRUST I 7.23300 05/17/2028 US 83,030.05 $87,083.54
PARAMOUNT GLOBAL CLASS B US PARA 228.33 $2,687.48
PELORUS FUND REIT 7.00000 09/30/2026 US 30,337.9 $29,748.59
PEPSICO INC 3.90000 07/18/2032 US 150,092.79 $142,235.28
PFIZER INC US PFE 788.31 $21,875.51
PHILIP MORRIS INTERNATIONAL US PM 7,497.61 $686,931.38
PHILLIPS 66 US PSX 89.74 $14,657.53
PPG INDUSTRIES INC US PPG 62.91 $9,115.84
PROLOGIS US PLD 963.47 $125,462.80
PUBLIC STORAGE INC US PSA 161.43 $46,824.27
QUALCOMM 5.40000 05/20/2033 US 62,272.54 $65,376.93
QUALCOMM INC US QCOM 229.29 $38,818.91
QUALCOMM INC 4.25000 05/20/2032 US 84,626.79 $81,670.14
QUEST DIAGNOSTICS INC US DGX 48.7 $6,482.50
RAYTHEON TECHNOLOGIES CORP US RTX 204.7 $19,964.49
REALTY INCOME CORP US O 422.97 $22,882.91
REGIONS FINANCIAL CORP. US RF 363.9 $7,656.35
REXFORD INDUSTRIAL REALITY IN US REXR 736.57 $37,049.59
S&P GLOBAL INC US SPGI 1,770.46 $753,240.60
SALESFORCE INC US CRM 3,023.09 $910,494.94
SBA COMMUNICATIONS CORP US SBAC 2,765.7 $599,327.01
SBA TOWER TRUST 6.59900 01/15/2028 US 50,297.05 $51,550.66
SCHLUMBERGER LTD US SLB 255.8 $14,020.20
SERVICENOW INC US NOW 1,190.36 $907,533.18
SIMON PROPERTY 2.25000 01/15/2032 US 147,697.69 $120,894.79
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 115,763.06 $97,637.82
SIRIUSPOINT LTD 7.00000 04/05/2029 BM 68,659.47 $68,553.73
SKYWORKS SOLUTIONS INC US SWKS 53.97 $5,845.98
SONY CORP FIRST SECTION JP 6758 JP 734.5 $62,983.62
SONY CORP SPONSORED ADR JP SONY 5,861.44 $502,560.10
SUN COMMUNITIES US SUI 370.28 $47,610.87
SYSCO CORP US SYY 108.9 $8,840.27
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 9,995.7 $1,359,915.08
TE CONNECTIVITY LIMITED CH TEL 75.84 $11,015.69
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 6,067.58 $82,445.47
TECHTRONIC INDUSTRIES-SP ADR HK TTNDY 4,258.48 $289,513.01
TENCENT HOLDINGS 3.97500 04/11/2029 KY 296,992.11 $282,299.79
TENCENT HOLDINGS LTD CN 700 HK 1,756.41 $68,411.87
TERRENO REALTY CORP US TRNO 489.08 $32,474.84
TEXAS INSTRUMENTS INC US TXN 145.62 $25,368.80
THERMO FISHER SCIENTIFIC INC US TMO 1,242.74 $722,290.80
TRAVELLERS COS INC US TRV 70.26 $16,168.76
TREASURY BOND 2.37500 02/15/2042 US 1,697,645.25 $1,264,745.71
TRUIST FINANCIAL CORP US TFC 269.37 $10,499.99
TSY INFL IX N/B 0.12500 01/15/2031 US 401,056.49 $357,401.40
TYSON FOODS INC -CL A US TSN 112.09 $6,583.08
U.S. BANCORP US USB 376.35 $16,822.83
UDR INC US UDR 296.19 $11,080.61
UNION PAC CORP US UNP 1,171.52 $288,112.44
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 2,736.89 $2,622.29
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 26,781.95 $24,741.10
UNITED PARCEL SERVICE US UPS 139.39 $20,718.23
UNITED STATES TREAS NTS 2.25000 11/15/2024 US 618,094.88 $606,916.05
UNITEDHEALTH GROUP INC US UNH 2,100.34 $1,039,038.70
US TEASURY NOTE 1.75000 11/15/2029 US 2,473,816.58 $2,179,471.07
US TREASURY N/B 0.87500 11/15/2030 US 3,305,075.15 $2,678,143.71
US TREASURY N/B 3.12500 11/15/2028 US 1,440,731.1 $1,373,084.28
US TREASURY N/B 3.62500 02/15/2053 US 348,087.53 $306,262.64
US TREASURY N/B 4.12500 11/15/2032 US 590,790.77 $587,375.26
VALERO ENERGY US VLO 71.53 $12,210.07
VENTAS INC US VTR 356.23 $15,510.29
VERTEX PHARMACEUTICALS INC US VRTX 933.45 $390,191.19
VISA INC - CLASS A SHARES US V 5,632.47 $1,571,910.12
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 113,367.96 $106,118.70
WELLS FARGO COMPANY US WFC 498.5 $28,893.04
WELLTOWER INC. US WELL 470.24 $43,938.99

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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