Collective Investment Trust

Retirement Target 2055 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 2055
  • 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

$18.72

Daily $ Change

-$0.18

Daily % Change

-0.96%

as of 06/07/2023

CUSIP

56382R787

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 05/31/2023

YTD

8.75%

1 Year

1.47%

3 Year

8.23%

5 Year

8.45%

10 Year

8.77%

Inception
(05/14/2015)

7.86%

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 (08/17/2012) is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. Returns are net of the Class U1 expenses. The Retirement Target CIT Fund will gradually become more conservative over time.

Expense Ratio

Gross 0.54%
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 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 50.77 $4,736.92
ABBOTT LABORATORIES US ABT 95.43 $9,733.80
ADMIRAL GROUP PLC GB AMIGY 3,171.8 $91,696.69
ADMIRAL GROUP PLC GB ADM LN 1,071.11 $31,026.59
ADVANCED MICRO DEVICES INC US AMD 1,050.85 $124,220.85
ADYEN NV NL ADYEN NA 5.81 $9,507.90
AGREE REALTY CORP US ADC 161.3 $10,402.24
AIR LIQUIDE FR AI FP 144.89 $24,276.98
AIR LIQUIDE-ADR FR AIQUY 5,018.9 $168,233.50
AIRBUS SE FR AIR FP 122.68 $16,110.73
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 2,277.35 $2,308.47
ALCON INC CH ALC 2,859.62 $221,306.30
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 14,809.03 $12,164.19
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 27,840.98 $23,581.65
ALPHABET INC-CL A US GOOGL 3,895.66 $478,660.22
AMAZON.COM INC US AMZN 5,281.49 $636,842.43
AMAZON.COM INC 3.30000 04/13/2027 US 26,063.9 $25,135.59
AMERICAN HOMES 4 RENT- A US AMH 120.55 $4,132.30
AMERICAN TANKER INC 7.75000 07/02/2025 US 10,070.14 $9,677.51
AMERICAN TOWER REIT INC US AMT 39.75 $7,331.02
AMERICOLD REALTY TRUST US COLD 349.2 $10,231.47
ANALOG DEVICES INC US ADI 46.38 $8,241.60
APARTMENT INCOME REIT CO US AIRC 114.68 $3,978.29
APPLIED MATERIALS INC US AMAT 1,948.16 $259,689.43
ARCHER-DANIELS-MIDLAND CO US ADM 56.69 $4,005.08
ARGO BLOCKCHAIN PLC GB 213.25 $1,279.50
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 11,847.23 $10,977.41
ASTRAZENECA GB AZN 4,000.81 $292,379.05
ATLASSIAN CORP PLC-CLASS A AU TEAM 53.13 $9,606.24
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 1,413.73 $7,556.13
AUTO TRADER GROUP PLC GB AUTO LN 3,602.45 $28,272.07
AVALONBAY COMMUNITIES INC US AVB 37.26 $6,482.41
AVANZA BANK HOLDING AB SE AZA SS 539.7 $11,206.81
BAE SYSTEMS PLC GB BA/ LN 2,342.08 $27,068.68
BAE SYSTEMS PLC -SPON ADR GB BAESY 3,509.62 $164,917.14
BANK OF AMERICA CORP US BAC 357.96 $9,947.82
BANK OF AMERICA CORP 2.68700 04/22/2032 US 21,325.01 $17,614.90
BARRICK GOLD CORP CA GOLD 3,971.43 $67,037.69
BAXTER INTERNATIONAL INC US BAX 55.09 $2,243.25
BEIERSDORF AG DE BEI GR 159.4 $20,341.54
BIOMARIN PHARMACEUTICAL INC US BMRN 2,872.06 $249,697.21
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 11,254.86 $10,815.89
BOSTON SCIENTIFIC CORP US BSX 2,818.45 $145,094.06
BRANDYWINE REALTY TRUST US BDN 372.6 $1,453.12
BRISTOL MYERS SQUIBB CO US BMY 145.07 $9,348.26
BROADCOM INC US AVGO 17.89 $14,453.85
BROADRIDGE FINANCIAL SOLUTIONS US BR 16.88 $2,476.97
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 10,188.61 $8,753.63
BUNGE LIMITED US BG 21.98 $2,035.91
C.H. ROBINSON WORLDWIDE INC US CHRW 21.92 $2,072.07
CALDERYS FINANCING LLC 11.25000 06/01/2028 US 10,070.14 $10,201.56
CAMPBELL SOUP CO US CPB 47.39 $2,395.51
CANADIAN NATIONAL RAILWAY CO CA CNI 908.98 $102,469.13
CARETRUST REIT INC US CTRE 318.93 $6,187.19
CATERPILLAR INC US CAT 45.02 $9,262.75
CBOE GLOBAL MARKETS INC US CBOE 2,114.73 $280,032.51
CELLNEX TELECOM SA ES CLNX SM 303.11 $12,283.73
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 9,109.27 $184,189.49
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 11,077.16 $11,596.11
CHEVRON CORP US CVX 88.74 $13,365.37
CISCO SYSTEMS INC US CSCO 263.96 $13,110.70
CITIGROUP INC US C 161.06 $7,138.31
CITIGROUP INC 1.46200 06/09/2027 US 20,140.28 $17,953.89
CLARK CNTY NV 1.51000 11/01/2028 US 20,732.64 $17,765.98
CLEANAWAY WASTE MANAGEMENT AU CWY AU 8,572.06 $14,484.30
COCA COLA CO/THE US KO 6,237.62 $372,136.61
COGNIZANT TECH SOLUTIONS - A US CTSH 44.31 $2,768.85
COLGATE-PALMOLIVE CO US CL 77.95 $5,798.27
COMCAST CORP-CL A US CMCSA 278.88 $10,974.07
COMMUNITY HEALTHCARE TRUST I US CHCT 150.64 $4,940.91
CONAGRA BRAND INC. US CAG 69.78 $2,433.23
CONOCOPHILLIPS US COP 76.53 $7,599.73
CONSTELLATION BRANDS INC-A US STZ 1,094.21 $265,860.14
COPART INC US CPRT 1,560.87 $136,716.77
CORNING INC US GLW 75.59 $2,328.78
COTERRA ENERGY INC US CTRA 91.46 $2,126.46
COUSINS PROPERTIES INC US CUZ 269.76 $5,373.65
CSX CORP US CSX 3,076.25 $94,348.60
CUMMINS INC US CMI 18.9 $3,862.60
CVS HEALTH CORP US CVS 1,533.5 $104,324.33
DANONE FR BN FP 146.31 $8,660.12
DEUTSCHE BOERSE AG DE DB1 GR 136.12 $23,544.63
DEUTSCHE BOERSE AG ADR DE DBOEY 8,334.88 $143,776.65
DEVON ENERGY CORPORATION US DVN 62.79 $2,894.63
DIAGEO PLC GB DGE LN 432.72 $17,989.27
DIAMONDBACK ENERGY INC US FANG 19.43 $2,470.45
DIGITAL REALTY TRUST INC US DLR 32.82 $3,362.41
DOLLAR GENERAL CORP US DG 727.06 $146,205.34
DOLLAR TREE STORES INC US DLTR 1,506.85 $203,243.74
DOMINO'S PIZZA US DPZ 279.59 $81,040.47
DOW INC US DOW 65.28 $3,184.27
DREYFUS GVT CSH MANAGEMENT US 680,946.45 $680,946.45
EBAY INC US EBAY 60.3 $2,565.26
ELECTRONIC ARTS US EA 3,334.16 $426,773.07
EMERSON ELEC CO US EMR 60.72 $4,716.50
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 27,248.62 $27,179.09
EOG RESOURCES INC US EOG 44.84 $4,811.07
EQUINIX INC US EQIX 390.31 $290,993.26
EQUITY COMMONWEALTH US EQC 260.58 $5,328.86
EQUITY LIFESTYLE PROPERTIES US ELS 160.65 $10,148.16
ESSEX PROPERTY TRUST INC US ESS 14.87 $3,212.44
EVERGY INC US EVRG 2,125.93 $122,984.78
EXTRA SPACE STORAGE INC US EXR 16.11 $2,324.51
EXXON MOBIL CORP US XOM 142.23 $14,532.65
FEDEX CORPORATION US FDX 17.3 $3,770.39
FIFTH THIRD BANCORP US FITB 89.33 $2,167.99
FINECOBANK SPA IT FBK IM 1,030.77 $13,769.17
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 289.49 $4,359.67
FMC CORP US FMC 3,079.63 $320,527.58
GENERAL DYNAMICS CORP US GD 26.54 $5,418.48
GENERAL MLS INC US GIS 64.45 $5,424.02
GENUINE PARTS CO US GPC 20.5 $3,052.42
GETTY REALTY CORP US GTY 223.73 $7,667.39
GILEAD SCIENCES INC US GILD 107.04 $8,235.63
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 6,219.79 $5,816.35
GREENIDGE GEN HLD INC US 201.4 $956.66
HALLIBURTON CO US HAL 80.32 $2,301.29
HARTFORD FINL SVCS US HIG 29.8 $2,041.61
HDFC BANK LTD-ADR IN HDB 2,797.66 $180,169.50
HEALTHCARE REALTY TRUST INC US HR 508.01 $9,454.05
HEINEKEN NV NL HEIA NA 230.13 $23,284.44
HEINEKEN NV-SPN ADR NL HEINY 2,851.27 $144,103.27
HELIOS TOWERS PLC GB HTWS LN 2,747.31 $3,094.56
HOME DEPOT INC US HD 58.41 $16,555.41
HONEYWELL INTERNATIONAL INC US HON 52.31 $10,021.73
HUMANA INC US HUM 453.45 $227,574.23
HUNTINGTON BANCSHARES US HBAN 150.64 $1,553.07
IDEXX LABORATORIES INC US IDXX 432.84 $201,170.29
IMCD NV NL IMCD NA 50.88 $7,670.11
INTERCONTINENTALEXCHANGE INC US ICE 1,596.41 $169,140.02
INTERMEDIATE CAPITAL GROUP GB ICP LN 524.3 $9,100.20
INTERNATIONAL BUSINESS MACH CORP US IBM 50.17 $6,451.75
INTERNATIONAL FLVRS & FRAGRANCES US IFF 28.73 $2,220.50
INTUIT INC US INTU 660.31 $276,747.07
INTUITIVE SURGICAL INC US ISRG 725.88 $223,454.74
INVITATION HOMES INC US INVH 287.83 $9,751.62
JM SMUCKER CO/THE-NEW COM WI US SJM 16.76 $2,457.41
JOHNSON & JOHNSON US JNJ 3,487.65 $540,794.30
JP MORGAN CHASE & CO US JPM 1,067.97 $144,933.95
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 30,210.42 $29,162.03
KELLOGG CO US K 32.11 $2,143.72
KEYENCE CORP JP 6861 JP 29.62 $14,358.18
KEYWORDS STUDIOS PLC IE KWS LN 226.34 $5,476.29
KIMBERLY CLARK DE MEXICO S.A.B. MX KIMBERA MM 10,354.47 $21,160.85
KRAFT HEINZ CO/THE US KHC 89.92 $3,436.76
L'OREAL FR OR FP 9.54 $4,083.24
L3HARRIS TECHNOLOGIES INC US LHX 1,904.62 $335,060.61
LEXINGTON REALTY TRUST US LXP 664.75 $6,873.49
LIFE STORAGE INC US LSI 67.47 $8,595.00
LINDE PLC IE LIN 302.22 $106,884.09
LOCKHEED MARTIN CORP US LMT 20.2 $8,968.79
LULULEMON - ADR CA LULU 799.1 $265,243.72
MARATHON OIL CORP US MRO 68 $1,506.95
MARATHON PETROLEUM CORP US MPC 42 $4,406.05
MASCO CORP US MAS 6,571.83 $317,551.00
MASTERCARD INC-CLASS A US MA 1,214.16 $443,193.74
MEDTRONIC INC IE MDT 4,654.72 $385,224.26
MEITUAN DIANPING - CLASS B CN 3690 HK 5.92 $83.18
MERCADOLIBRE INC BR MELI 128.07 $158,676.88
MERCK & CO INC US MRK 152.24 $16,808.47
META PLATFORMS INC US META 2,179 $576,825.12
MICROCHIP TECHNOLOGY INC US MCHP 51.65 $3,887.47
MICRON TECHNOLOGY INC US MU 6,002.81 $409,391.73
MICROSOFT CORP US MSFT 1,101.67 $361,778.55
MID-AMERICA APARTMENT COMM US MAA 56.51 $8,310.55
MONARCH CASINO & RESORT INC US MCRI 51.24 $3,324.91
MONDELEZ INTERNATIONAL INC US MDLZ 3,585.68 $263,224.86
MOODY'S CORPORATION US MCO 1,221.09 $386,940.11
NAVIENT CORP 6.75000 06/25/2025 US 10,958.68 $10,663.24
NESTLE S.A. - ADR CH NSRGY 2,109.4 $250,448.88
NESTLE SA-REGISTERED CH NESN SW 220.65 $26,155.58
NETAPP INC US NTAP 33.82 $2,244.21
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 12,439.59 $11,190.93
NEWMONT GOLDCORP CORP US NEM 1,154.87 $46,829.88
NIKE INC CLASS B US NKE 1,156.76 $121,760.88
NORFOLK SOUTHN CORP US NSC 455.82 $94,893.02
NORTHROP GRUMMAN CORP US NOC 612.44 $266,712.50
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 8,589.24 $0.86
NOVARTIS AG- REG CH NVS 1,711.86 $164,766.99
ODFJELL DRILLING LTD 9.25000 05/31/2028 BM 11,847.23 $11,906.46
OMNICOM GROUP US OMC 30.92 $2,726.95
PACKAGING CORP OF AMERICA US PKG 14.39 $1,785.33
PARAMOUNT GLOBAL CLASS B US PARA 84.71 $1,288.40
PELORUS FUND REIT 7.00000 09/30/2026 US 11,254.86 $10,544.09
PEPSICO INC 3.90000 07/18/2032 US 21,917.37 $21,167.77
PFIZER INC US PFE 286.7 $10,900.44
PHILLIPS 66 US PSX 33.29 $3,049.76
POPULAR INC 6.12500 09/14/2023 PR 9,477.78 $9,430.39
PPG INDUSTRIES INC US PPG 23.34 $3,064.18
PROLOGIS US PLD 356.25 $44,370.45
PUBLIC STORAGE INC US PSA 52.9 $14,985.96
QUALCOMM 5.40000 05/20/2033 US 23,102.09 $24,157.61
QUALCOMM INC US QCOM 85.06 $9,647.00
QUEST DIAGNOSTICS INC US DGX 18.07 $2,396.59
RAYTHEON TECHNOLOGIES CORP US RTX 76.71 $7,068.13
REALTY INCOME CORP US O 143.29 $8,517.29
REGIONS FINANCIAL CORP. US RF 135 $2,331.44
RENAISSANCERE HOLDINGS LTD BM RNR 78.84 $14,851.71
RENTOKIL INITIAL PLC GB RTO LN 2,398.77 $19,081.18
RENTOKIL INITIAL PLC-SP ADR GB RTO 4,739.01 $188,280.81
RESTAURANT BRANDS INTERN CA QSR 179.9 $13,116.52
REXFORD INDUSTRIAL REALITY IN US REXR 171.67 $9,345.51
S&P GLOBAL INC US SPGI 761.54 $279,812.51
SALESFORCE INC US CRM 1,473.08 $329,057.50
SBA COMMUNICATIONS CORP US SBAC 720.37 $159,763.78
SBA TOWER TRUST 6.59900 01/15/2028 US 18,659.38 $19,309.23
SCHLUMBERGER LTD NL SLB 94.9 $4,064.41
SERVICENOW INC US NOW 905.78 $493,450.62
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 37,318.76 $30,322.81
SKYWORKS SOLUTIONS INC US SWKS 20.02 $2,072.46
SNOWFLAKE INC-CLASS A US SNOW 1,913.09 $316,348.55
SONY CORP FIRST SECTION JP 6758 JP 242.87 $22,776.27
SONY CORP SPONSORED ADR JP SONY 2,174.5 $203,750.55
STAG INDUSTRIAL INC US STAG 132.16 $4,599.02
SUN COMMUNITIES US SUI 106.74 $13,516.93
SYNCHRONOSS TECH US 270.06 $4,996.06
SYSCO CORP US SYY 40.4 $2,825.91
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 2,514.57 $247,911.81
TE CONNECTIVITY LIMITED CH TEL 30.39 $3,721.94
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 1,243.96 $11,520.08
TENCENT HOLDINGS 3.97500 04/11/2029 KY 47,981.26 $45,214.43
TENCENT HOLDINGS LTD CN 700 HK 515.35 $20,394.81
TERRENO REALTY CORP US TRNO 148.74 $9,122.34
TEXAS INSTRUMENTS INC US TXN 54.02 $9,393.58
THERMO FISHER SCIENTIFIC INC US TMO 377.33 $191,859.31
TOKYO ELECTRON LTD JP 8035 JP 88.85 $12,084.67
TRAVELLERS COS INC US TRV 26.06 $4,411.05
TREASURY BILL 0.00000 05/16/2024 US 285,814.31 $272,122.87
TREASURY BOND 2.37500 02/15/2042 US 267,747.29 $209,135.74
TRUIST FINANCIAL CORP US TFC 99.93 $3,044.91
TYSON FOODS INC -CL A US TSN 41.58 $2,105.80
U.S. BANCORP US USB 134.53 $4,022.30
UDR INC US UDR 247.25 $9,808.47
UNILEVER PLC - ADR GB UL 4,720.47 $235,740.16
UNION PAC CORP US UNP 503.15 $96,866.76
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 1,213.04 $1,141.71
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 10,941.28 $9,868.52
UNITED PARCEL SERVICE US UPS 50.77 $8,477.82
UNITEDHEALTH GROUP INC US UNH 167.46 $81,593.47
US TEASURY NOTE 1.75000 11/15/2029 US 817,754.73 $728,887.79
US TREASURY N/B 0.87500 11/15/2030 US 1,009,975.96 $830,705.23
US TREASURY N/B 1.37500 11/15/2031 US 118,768.43 $99,282.99
US TREASURY N/B 3.12500 11/15/2028 US 568,963 $550,516.15
US TREASURY N/B 3.62500 02/15/2053 US 106,032.67 $101,542.85
VALERO ENERGY US VLO 26.54 $2,840.60
VENTAS INC US VTR 108.22 $4,668.80
VERTEX PHARMACEUTICALS INC US VRTX 466.37 $150,902.05
VISA INC - CLASS A SHARES US V 2,089.55 $461,854.20
VISTRA OPERATIONS 4.87500 05/13/2024 US 20,140.28 $19,851.77
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 5,331.25 $5,156.85
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 28,433.34 $25,980.54
WELLS FARGO COMPANY US WFC 190.98 $7,602.81
WELLTOWER INC. US WELL 108.82 $8,118.82

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

$18.72

Daily $ Change

-$0.18

Daily % Change

-$0.96

as of 06/07/2023

CUSIP

56382R787

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 2055
  • 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

8.75%

1 Year

1.47%

3 Year

8.23%

5 Year

8.45%

10 Year

8.77%

Inception
(05/14/2015)

7.86%

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 (08/17/2012) is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. Returns are net of the Class U1 expenses. The Retirement Target CIT Fund will gradually become more conservative over time.

Expense Ratio

Gross 0.54%
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 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 50.77 $4,736.92
ABBOTT LABORATORIES US ABT 95.43 $9,733.80
ADMIRAL GROUP PLC GB AMIGY 3,171.8 $91,696.69
ADMIRAL GROUP PLC GB ADM LN 1,071.11 $31,026.59
ADVANCED MICRO DEVICES INC US AMD 1,050.85 $124,220.85
ADYEN NV NL ADYEN NA 5.81 $9,507.90
AGREE REALTY CORP US ADC 161.3 $10,402.24
AIR LIQUIDE FR AI FP 144.89 $24,276.98
AIR LIQUIDE-ADR FR AIQUY 5,018.9 $168,233.50
AIRBUS SE FR AIR FP 122.68 $16,110.73
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 2,277.35 $2,308.47
ALCON INC CH ALC 2,859.62 $221,306.30
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 14,809.03 $12,164.19
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 27,840.98 $23,581.65
ALPHABET INC-CL A US GOOGL 3,895.66 $478,660.22
AMAZON.COM INC US AMZN 5,281.49 $636,842.43
AMAZON.COM INC 3.30000 04/13/2027 US 26,063.9 $25,135.59
AMERICAN HOMES 4 RENT- A US AMH 120.55 $4,132.30
AMERICAN TANKER INC 7.75000 07/02/2025 US 10,070.14 $9,677.51
AMERICAN TOWER REIT INC US AMT 39.75 $7,331.02
AMERICOLD REALTY TRUST US COLD 349.2 $10,231.47
ANALOG DEVICES INC US ADI 46.38 $8,241.60
APARTMENT INCOME REIT CO US AIRC 114.68 $3,978.29
APPLIED MATERIALS INC US AMAT 1,948.16 $259,689.43
ARCHER-DANIELS-MIDLAND CO US ADM 56.69 $4,005.08
ARGO BLOCKCHAIN PLC GB 213.25 $1,279.50
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 11,847.23 $10,977.41
ASTRAZENECA GB AZN 4,000.81 $292,379.05
ATLASSIAN CORP PLC-CLASS A AU TEAM 53.13 $9,606.24
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 1,413.73 $7,556.13
AUTO TRADER GROUP PLC GB AUTO LN 3,602.45 $28,272.07
AVALONBAY COMMUNITIES INC US AVB 37.26 $6,482.41
AVANZA BANK HOLDING AB SE AZA SS 539.7 $11,206.81
BAE SYSTEMS PLC GB BA/ LN 2,342.08 $27,068.68
BAE SYSTEMS PLC -SPON ADR GB BAESY 3,509.62 $164,917.14
BANK OF AMERICA CORP US BAC 357.96 $9,947.82
BANK OF AMERICA CORP 2.68700 04/22/2032 US 21,325.01 $17,614.90
BARRICK GOLD CORP CA GOLD 3,971.43 $67,037.69
BAXTER INTERNATIONAL INC US BAX 55.09 $2,243.25
BEIERSDORF AG DE BEI GR 159.4 $20,341.54
BIOMARIN PHARMACEUTICAL INC US BMRN 2,872.06 $249,697.21
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 11,254.86 $10,815.89
BOSTON SCIENTIFIC CORP US BSX 2,818.45 $145,094.06
BRANDYWINE REALTY TRUST US BDN 372.6 $1,453.12
BRISTOL MYERS SQUIBB CO US BMY 145.07 $9,348.26
BROADCOM INC US AVGO 17.89 $14,453.85
BROADRIDGE FINANCIAL SOLUTIONS US BR 16.88 $2,476.97
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 10,188.61 $8,753.63
BUNGE LIMITED US BG 21.98 $2,035.91
C.H. ROBINSON WORLDWIDE INC US CHRW 21.92 $2,072.07
CALDERYS FINANCING LLC 11.25000 06/01/2028 US 10,070.14 $10,201.56
CAMPBELL SOUP CO US CPB 47.39 $2,395.51
CANADIAN NATIONAL RAILWAY CO CA CNI 908.98 $102,469.13
CARETRUST REIT INC US CTRE 318.93 $6,187.19
CATERPILLAR INC US CAT 45.02 $9,262.75
CBOE GLOBAL MARKETS INC US CBOE 2,114.73 $280,032.51
CELLNEX TELECOM SA ES CLNX SM 303.11 $12,283.73
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 9,109.27 $184,189.49
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 11,077.16 $11,596.11
CHEVRON CORP US CVX 88.74 $13,365.37
CISCO SYSTEMS INC US CSCO 263.96 $13,110.70
CITIGROUP INC US C 161.06 $7,138.31
CITIGROUP INC 1.46200 06/09/2027 US 20,140.28 $17,953.89
CLARK CNTY NV 1.51000 11/01/2028 US 20,732.64 $17,765.98
CLEANAWAY WASTE MANAGEMENT AU CWY AU 8,572.06 $14,484.30
COCA COLA CO/THE US KO 6,237.62 $372,136.61
COGNIZANT TECH SOLUTIONS - A US CTSH 44.31 $2,768.85
COLGATE-PALMOLIVE CO US CL 77.95 $5,798.27
COMCAST CORP-CL A US CMCSA 278.88 $10,974.07
COMMUNITY HEALTHCARE TRUST I US CHCT 150.64 $4,940.91
CONAGRA BRAND INC. US CAG 69.78 $2,433.23
CONOCOPHILLIPS US COP 76.53 $7,599.73
CONSTELLATION BRANDS INC-A US STZ 1,094.21 $265,860.14
COPART INC US CPRT 1,560.87 $136,716.77
CORNING INC US GLW 75.59 $2,328.78
COTERRA ENERGY INC US CTRA 91.46 $2,126.46
COUSINS PROPERTIES INC US CUZ 269.76 $5,373.65
CSX CORP US CSX 3,076.25 $94,348.60
CUMMINS INC US CMI 18.9 $3,862.60
CVS HEALTH CORP US CVS 1,533.5 $104,324.33
DANONE FR BN FP 146.31 $8,660.12
DEUTSCHE BOERSE AG DE DB1 GR 136.12 $23,544.63
DEUTSCHE BOERSE AG ADR DE DBOEY 8,334.88 $143,776.65
DEVON ENERGY CORPORATION US DVN 62.79 $2,894.63
DIAGEO PLC GB DGE LN 432.72 $17,989.27
DIAMONDBACK ENERGY INC US FANG 19.43 $2,470.45
DIGITAL REALTY TRUST INC US DLR 32.82 $3,362.41
DOLLAR GENERAL CORP US DG 727.06 $146,205.34
DOLLAR TREE STORES INC US DLTR 1,506.85 $203,243.74
DOMINO'S PIZZA US DPZ 279.59 $81,040.47
DOW INC US DOW 65.28 $3,184.27
DREYFUS GVT CSH MANAGEMENT US 680,946.45 $680,946.45
EBAY INC US EBAY 60.3 $2,565.26
ELECTRONIC ARTS US EA 3,334.16 $426,773.07
EMERSON ELEC CO US EMR 60.72 $4,716.50
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 27,248.62 $27,179.09
EOG RESOURCES INC US EOG 44.84 $4,811.07
EQUINIX INC US EQIX 390.31 $290,993.26
EQUITY COMMONWEALTH US EQC 260.58 $5,328.86
EQUITY LIFESTYLE PROPERTIES US ELS 160.65 $10,148.16
ESSEX PROPERTY TRUST INC US ESS 14.87 $3,212.44
EVERGY INC US EVRG 2,125.93 $122,984.78
EXTRA SPACE STORAGE INC US EXR 16.11 $2,324.51
EXXON MOBIL CORP US XOM 142.23 $14,532.65
FEDEX CORPORATION US FDX 17.3 $3,770.39
FIFTH THIRD BANCORP US FITB 89.33 $2,167.99
FINECOBANK SPA IT FBK IM 1,030.77 $13,769.17
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 289.49 $4,359.67
FMC CORP US FMC 3,079.63 $320,527.58
GENERAL DYNAMICS CORP US GD 26.54 $5,418.48
GENERAL MLS INC US GIS 64.45 $5,424.02
GENUINE PARTS CO US GPC 20.5 $3,052.42
GETTY REALTY CORP US GTY 223.73 $7,667.39
GILEAD SCIENCES INC US GILD 107.04 $8,235.63
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 6,219.79 $5,816.35
GREENIDGE GEN HLD INC US 201.4 $956.66
HALLIBURTON CO US HAL 80.32 $2,301.29
HARTFORD FINL SVCS US HIG 29.8 $2,041.61
HDFC BANK LTD-ADR IN HDB 2,797.66 $180,169.50
HEALTHCARE REALTY TRUST INC US HR 508.01 $9,454.05
HEINEKEN NV NL HEIA NA 230.13 $23,284.44
HEINEKEN NV-SPN ADR NL HEINY 2,851.27 $144,103.27
HELIOS TOWERS PLC GB HTWS LN 2,747.31 $3,094.56
HOME DEPOT INC US HD 58.41 $16,555.41
HONEYWELL INTERNATIONAL INC US HON 52.31 $10,021.73
HUMANA INC US HUM 453.45 $227,574.23
HUNTINGTON BANCSHARES US HBAN 150.64 $1,553.07
IDEXX LABORATORIES INC US IDXX 432.84 $201,170.29
IMCD NV NL IMCD NA 50.88 $7,670.11
INTERCONTINENTALEXCHANGE INC US ICE 1,596.41 $169,140.02
INTERMEDIATE CAPITAL GROUP GB ICP LN 524.3 $9,100.20
INTERNATIONAL BUSINESS MACH CORP US IBM 50.17 $6,451.75
INTERNATIONAL FLVRS & FRAGRANCES US IFF 28.73 $2,220.50
INTUIT INC US INTU 660.31 $276,747.07
INTUITIVE SURGICAL INC US ISRG 725.88 $223,454.74
INVITATION HOMES INC US INVH 287.83 $9,751.62
JM SMUCKER CO/THE-NEW COM WI US SJM 16.76 $2,457.41
JOHNSON & JOHNSON US JNJ 3,487.65 $540,794.30
JP MORGAN CHASE & CO US JPM 1,067.97 $144,933.95
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 30,210.42 $29,162.03
KELLOGG CO US K 32.11 $2,143.72
KEYENCE CORP JP 6861 JP 29.62 $14,358.18
KEYWORDS STUDIOS PLC IE KWS LN 226.34 $5,476.29
KIMBERLY CLARK DE MEXICO S.A.B. MX KIMBERA MM 10,354.47 $21,160.85
KRAFT HEINZ CO/THE US KHC 89.92 $3,436.76
L'OREAL FR OR FP 9.54 $4,083.24
L3HARRIS TECHNOLOGIES INC US LHX 1,904.62 $335,060.61
LEXINGTON REALTY TRUST US LXP 664.75 $6,873.49
LIFE STORAGE INC US LSI 67.47 $8,595.00
LINDE PLC IE LIN 302.22 $106,884.09
LOCKHEED MARTIN CORP US LMT 20.2 $8,968.79
LULULEMON - ADR CA LULU 799.1 $265,243.72
MARATHON OIL CORP US MRO 68 $1,506.95
MARATHON PETROLEUM CORP US MPC 42 $4,406.05
MASCO CORP US MAS 6,571.83 $317,551.00
MASTERCARD INC-CLASS A US MA 1,214.16 $443,193.74
MEDTRONIC INC IE MDT 4,654.72 $385,224.26
MEITUAN DIANPING - CLASS B CN 3690 HK 5.92 $83.18
MERCADOLIBRE INC BR MELI 128.07 $158,676.88
MERCK & CO INC US MRK 152.24 $16,808.47
META PLATFORMS INC US META 2,179 $576,825.12
MICROCHIP TECHNOLOGY INC US MCHP 51.65 $3,887.47
MICRON TECHNOLOGY INC US MU 6,002.81 $409,391.73
MICROSOFT CORP US MSFT 1,101.67 $361,778.55
MID-AMERICA APARTMENT COMM US MAA 56.51 $8,310.55
MONARCH CASINO & RESORT INC US MCRI 51.24 $3,324.91
MONDELEZ INTERNATIONAL INC US MDLZ 3,585.68 $263,224.86
MOODY'S CORPORATION US MCO 1,221.09 $386,940.11
NAVIENT CORP 6.75000 06/25/2025 US 10,958.68 $10,663.24
NESTLE S.A. - ADR CH NSRGY 2,109.4 $250,448.88
NESTLE SA-REGISTERED CH NESN SW 220.65 $26,155.58
NETAPP INC US NTAP 33.82 $2,244.21
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 12,439.59 $11,190.93
NEWMONT GOLDCORP CORP US NEM 1,154.87 $46,829.88
NIKE INC CLASS B US NKE 1,156.76 $121,760.88
NORFOLK SOUTHN CORP US NSC 455.82 $94,893.02
NORTHROP GRUMMAN CORP US NOC 612.44 $266,712.50
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 8,589.24 $0.86
NOVARTIS AG- REG CH NVS 1,711.86 $164,766.99
ODFJELL DRILLING LTD 9.25000 05/31/2028 BM 11,847.23 $11,906.46
OMNICOM GROUP US OMC 30.92 $2,726.95
PACKAGING CORP OF AMERICA US PKG 14.39 $1,785.33
PARAMOUNT GLOBAL CLASS B US PARA 84.71 $1,288.40
PELORUS FUND REIT 7.00000 09/30/2026 US 11,254.86 $10,544.09
PEPSICO INC 3.90000 07/18/2032 US 21,917.37 $21,167.77
PFIZER INC US PFE 286.7 $10,900.44
PHILLIPS 66 US PSX 33.29 $3,049.76
POPULAR INC 6.12500 09/14/2023 PR 9,477.78 $9,430.39
PPG INDUSTRIES INC US PPG 23.34 $3,064.18
PROLOGIS US PLD 356.25 $44,370.45
PUBLIC STORAGE INC US PSA 52.9 $14,985.96
QUALCOMM 5.40000 05/20/2033 US 23,102.09 $24,157.61
QUALCOMM INC US QCOM 85.06 $9,647.00
QUEST DIAGNOSTICS INC US DGX 18.07 $2,396.59
RAYTHEON TECHNOLOGIES CORP US RTX 76.71 $7,068.13
REALTY INCOME CORP US O 143.29 $8,517.29
REGIONS FINANCIAL CORP. US RF 135 $2,331.44
RENAISSANCERE HOLDINGS LTD BM RNR 78.84 $14,851.71
RENTOKIL INITIAL PLC GB RTO LN 2,398.77 $19,081.18
RENTOKIL INITIAL PLC-SP ADR GB RTO 4,739.01 $188,280.81
RESTAURANT BRANDS INTERN CA QSR 179.9 $13,116.52
REXFORD INDUSTRIAL REALITY IN US REXR 171.67 $9,345.51
S&P GLOBAL INC US SPGI 761.54 $279,812.51
SALESFORCE INC US CRM 1,473.08 $329,057.50
SBA COMMUNICATIONS CORP US SBAC 720.37 $159,763.78
SBA TOWER TRUST 6.59900 01/15/2028 US 18,659.38 $19,309.23
SCHLUMBERGER LTD NL SLB 94.9 $4,064.41
SERVICENOW INC US NOW 905.78 $493,450.62
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 37,318.76 $30,322.81
SKYWORKS SOLUTIONS INC US SWKS 20.02 $2,072.46
SNOWFLAKE INC-CLASS A US SNOW 1,913.09 $316,348.55
SONY CORP FIRST SECTION JP 6758 JP 242.87 $22,776.27
SONY CORP SPONSORED ADR JP SONY 2,174.5 $203,750.55
STAG INDUSTRIAL INC US STAG 132.16 $4,599.02
SUN COMMUNITIES US SUI 106.74 $13,516.93
SYNCHRONOSS TECH US 270.06 $4,996.06
SYSCO CORP US SYY 40.4 $2,825.91
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 2,514.57 $247,911.81
TE CONNECTIVITY LIMITED CH TEL 30.39 $3,721.94
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 1,243.96 $11,520.08
TENCENT HOLDINGS 3.97500 04/11/2029 KY 47,981.26 $45,214.43
TENCENT HOLDINGS LTD CN 700 HK 515.35 $20,394.81
TERRENO REALTY CORP US TRNO 148.74 $9,122.34
TEXAS INSTRUMENTS INC US TXN 54.02 $9,393.58
THERMO FISHER SCIENTIFIC INC US TMO 377.33 $191,859.31
TOKYO ELECTRON LTD JP 8035 JP 88.85 $12,084.67
TRAVELLERS COS INC US TRV 26.06 $4,411.05
TREASURY BILL 0.00000 05/16/2024 US 285,814.31 $272,122.87
TREASURY BOND 2.37500 02/15/2042 US 267,747.29 $209,135.74
TRUIST FINANCIAL CORP US TFC 99.93 $3,044.91
TYSON FOODS INC -CL A US TSN 41.58 $2,105.80
U.S. BANCORP US USB 134.53 $4,022.30
UDR INC US UDR 247.25 $9,808.47
UNILEVER PLC - ADR GB UL 4,720.47 $235,740.16
UNION PAC CORP US UNP 503.15 $96,866.76
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 1,213.04 $1,141.71
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 10,941.28 $9,868.52
UNITED PARCEL SERVICE US UPS 50.77 $8,477.82
UNITEDHEALTH GROUP INC US UNH 167.46 $81,593.47
US TEASURY NOTE 1.75000 11/15/2029 US 817,754.73 $728,887.79
US TREASURY N/B 0.87500 11/15/2030 US 1,009,975.96 $830,705.23
US TREASURY N/B 1.37500 11/15/2031 US 118,768.43 $99,282.99
US TREASURY N/B 3.12500 11/15/2028 US 568,963 $550,516.15
US TREASURY N/B 3.62500 02/15/2053 US 106,032.67 $101,542.85
VALERO ENERGY US VLO 26.54 $2,840.60
VENTAS INC US VTR 108.22 $4,668.80
VERTEX PHARMACEUTICALS INC US VRTX 466.37 $150,902.05
VISA INC - CLASS A SHARES US V 2,089.55 $461,854.20
VISTRA OPERATIONS 4.87500 05/13/2024 US 20,140.28 $19,851.77
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 5,331.25 $5,156.85
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 28,433.34 $25,980.54
WELLS FARGO COMPANY US WFC 190.98 $7,602.81
WELLTOWER INC. US WELL 108.82 $8,118.82

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.

Sign up to receive the latest financial planning and investment tips and news.

View all Preferences