Collective Investment Trust

Retirement Target 2060 CIT

Investment Objective

To provide capital growth and manage risk for investors planning to retire (or meet another investment goal) 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 2060
  • 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

$20.31

Daily $ Change

-$0.20

Daily % Change

-0.98%

as of 06/07/2023

CUSIP

302028824

Inception Date

10/06/2015

This fund is only available for use within certain qualified employee benefit plans.

Important Documents

Applications & Forms
Fact Sheet
Annual Report

Each Retirement Target CIT Fund seeks to achieve its investment objectives by investing in a combination of other Manning & Napier CIT Funds (the “underlying CIT Funds”) in order to meet its target asset allocations and investment style. The financial statements of the underlying Pro-Mix® CIT Funds should be read in conjunction with the Retirement Target CIT Funds’ financial statements.
Pro-Mix® CIT Fund Annual Report

Performance

As of 05/31/2023

YTD

8.65%

1 Year

1.25%

3 Year

8.09%

5 Year

8.30%

10 Year

8.60%

Inception
(10/06/2015)

7.70%

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 I units is based on the historical performance of the CIT’s oldest unit class. Performance through the inception date of the oldest unit class (09/18/2015) 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 I expenses. The Retirement Target CIT Fund will gradually become more conservative over time.

Expense Ratio

Gross 0.76%
Net 0.69%*

*Includes acquired fund fees and expenses of the underlying collective investment trusts and reflects the Trustee’s contractual agreement to limit fees and voluntary agreement to reimburse certain expenses.

Top Ten Investments

As of 05/31/2023

TREASURY NOTES 10.45%
AMAZON.COM INC 3.01%
META PLATFORMS INC 2.73%
JOHNSON & JOHNSON 2.56%
SERVICENOW INC 2.33%
ALPHABET INC-CL A 2.26%
VISA INC - CLASS A SHARES 2.18%
MASTERCARD INC-CLASS A 2.10%
ELECTRONIC ARTS 2.02%
MICRON TECHNOLOGY INC 1.94%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 05/31/2023

Stocks
81.81%
Bonds
15.07%
Cash
3.12%

Detailed Asset Class Allocation

As of 05/31/2023

International Equities
20.52%
Small Capitalization
0.24%
Mid Capitalization
7.03%
Large Capitalization
54.03%
Long Term Fixed Income
1.76%
Intermediate Term Fixed Income
11.75%
Short Term Fixed Income
1.55%
Cash
3.12%

Due to rounding, the sum of the detailed asset class allocation categories may not equal the asset allocation totals provided above.

Security Description Country Ticker Shares/Par Market Value (USD)
3M CO US MMM 43.32 $4,042.30
ABBOTT LABORATORIES US ABT 81.44 $8,306.44
ADMIRAL GROUP PLC GB AMIGY 2,706.69 $78,250.35
ADMIRAL GROUP PLC GB ADM LN 914.04 $26,476.87
ADVANCED MICRO DEVICES INC US AMD 896.75 $106,005.18
ADYEN NV NL ADYEN NA 4.95 $8,113.67
AGREE REALTY CORP US ADC 137.65 $8,876.86
AIR LIQUIDE FR AI FP 123.64 $20,717.02
AIR LIQUIDE-ADR FR AIQUY 4,282.93 $143,563.85
AIRBUS SE FR AIR FP 104.69 $13,748.26
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 1,943.4 $1,969.96
ALCON INC CH ALC 2,440.29 $188,854.09
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 12,637.45 $10,380.44
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 23,758.4 $20,123.66
ALPHABET INC-CL A US GOOGL 3,324.41 $408,469.80
AMAZON.COM INC US AMZN 4,507.02 $543,456.28
AMAZON.COM INC 3.30000 04/13/2027 US 22,241.9 $21,449.72
AMERICAN HOMES 4 RENT- A US AMH 102.87 $3,526.34
AMERICAN TANKER INC 7.75000 07/02/2025 US 8,593.46 $8,258.41
AMERICAN TOWER REIT INC US AMT 33.92 $6,256.00
AMERICOLD REALTY TRUST US COLD 297.99 $8,731.13
ANALOG DEVICES INC US ADI 39.58 $7,033.06
APARTMENT INCOME REIT CO US AIRC 97.86 $3,394.92
APPLIED MATERIALS INC US AMAT 1,662.48 $221,608.74
ARCHER-DANIELS-MIDLAND CO US ADM 48.38 $3,417.77
ARGO BLOCKCHAIN PLC GB 181.98 $1,091.88
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 10,109.96 $9,367.69
ASTRAZENECA GB AZN 3,414.13 $249,504.78
ATLASSIAN CORP PLC-CLASS A AU TEAM 45.34 $8,197.59
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 1,206.42 $6,448.10
AUTO TRADER GROUP PLC GB AUTO LN 3,074.18 $24,126.27
AVALONBAY COMMUNITIES INC US AVB 31.8 $5,531.84
AVANZA BANK HOLDING AB SE AZA SS 460.56 $9,563.45
BAE SYSTEMS PLC GB BA/ LN 1,998.64 $23,099.34
BAE SYSTEMS PLC -SPON ADR GB BAESY 2,994.97 $140,733.80
BANK OF AMERICA CORP US BAC 305.47 $8,489.08
BANK OF AMERICA CORP 2.68700 04/22/2032 US 18,197.92 $15,031.86
BARRICK GOLD CORP CA GOLD 3,389.06 $57,207.32
BAXTER INTERNATIONAL INC US BAX 47.01 $1,914.30
BEIERSDORF AG DE BEI GR 136.03 $17,358.67
BIOMARIN PHARMACEUTICAL INC US BMRN 2,450.91 $213,081.78
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 9,604.46 $9,229.85
BOSTON SCIENTIFIC CORP US BSX 2,405.16 $123,817.56
BRANDYWINE REALTY TRUST US BDN 317.96 $1,240.04
BRISTOL MYERS SQUIBB CO US BMY 123.8 $7,977.44
BROADCOM INC US AVGO 15.27 $12,334.34
BROADRIDGE FINANCIAL SOLUTIONS US BR 14.41 $2,113.75
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 8,694.56 $7,470.00
BUNGE LIMITED US BG 18.75 $1,737.37
C.H. ROBINSON WORLDWIDE INC US CHRW 18.7 $1,768.22
CALDERYS FINANCING LLC 11.25000 06/01/2028 US 8,593.46 $8,705.61
CAMPBELL SOUP CO US CPB 40.44 $2,044.23
CANADIAN NATIONAL RAILWAY CO CA CNI 775.69 $87,443.13
CARETRUST REIT INC US CTRE 272.16 $5,279.90
CATERPILLAR INC US CAT 38.42 $7,904.47
CBOE GLOBAL MARKETS INC US CBOE 1,804.63 $238,968.73
CELLNEX TELECOM SA ES CLNX SM 258.66 $10,482.45
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 7,773.49 $157,180.06
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 9,452.81 $9,895.66
CHEVRON CORP US CVX 75.72 $11,405.48
CISCO SYSTEMS INC US CSCO 225.25 $11,188.16
CITIGROUP INC US C 137.44 $6,091.56
CITIGROUP INC 1.46200 06/09/2027 US 17,186.93 $15,321.15
CLARK CNTY NV 1.51000 11/01/2028 US 17,692.42 $15,160.79
CLEANAWAY WASTE MANAGEMENT AU CWY AU 7,315.06 $12,360.33
COCA COLA CO/THE US KO 5,322.94 $317,566.74
COGNIZANT TECH SOLUTIONS - A US CTSH 37.81 $2,362.82
COLGATE-PALMOLIVE CO US CL 66.52 $4,948.02
COMCAST CORP-CL A US CMCSA 237.99 $9,364.84
COMMUNITY HEALTHCARE TRUST I US CHCT 128.55 $4,216.38
CONAGRA BRAND INC. US CAG 59.55 $2,076.43
CONOCOPHILLIPS US COP 65.31 $6,485.31
CONSTELLATION BRANDS INC-A US STZ 933.76 $226,874.58
COPART INC US CPRT 1,331.99 $116,668.72
CORNING INC US GLW 64.5 $1,987.29
COTERRA ENERGY INC US CTRA 78.05 $1,814.64
COUSINS PROPERTIES INC US CUZ 230.2 $4,585.66
CSX CORP US CSX 2,625.15 $80,513.39
CUMMINS INC US CMI 16.13 $3,296.19
CVS HEALTH CORP US CVS 1,308.63 $89,026.28
DANONE FR BN FP 124.86 $7,390.21
DEUTSCHE BOERSE AG DE DB1 GR 116.16 $20,092.06
DEUTSCHE BOERSE AG ADR DE DBOEY 7,112.66 $122,693.34
DEVON ENERGY CORPORATION US DVN 53.58 $2,470.17
DIAGEO PLC GB DGE LN 369.27 $15,351.34
DIAMONDBACK ENERGY INC US FANG 16.58 $2,108.19
DIGITAL REALTY TRUST INC US DLR 28 $2,869.35
DOLLAR GENERAL CORP US DG 620.45 $124,765.89
DOLLAR TREE STORES INC US DLTR 1,285.89 $173,440.21
DOMINO'S PIZZA US DPZ 238.6 $69,156.75
DOW INC US DOW 55.71 $2,717.33
DREYFUS GVT CSH MANAGEMENT US 581,092.91 $581,092.91
EBAY INC US EBAY 51.46 $2,189.09
ELECTRONIC ARTS US EA 2,845.24 $364,191.35
EMERSON ELEC CO US EMR 51.81 $4,024.87
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 23,252.9 $23,193.56
EOG RESOURCES INC US EOG 38.27 $4,105.58
EQUINIX INC US EQIX 333.07 $248,322.20
EQUITY COMMONWEALTH US EQC 222.37 $4,547.44
EQUITY LIFESTYLE PROPERTIES US ELS 137.09 $8,660.04
ESSEX PROPERTY TRUST INC US ESS 12.69 $2,741.37
EVERGY INC US EVRG 1,814.18 $104,950.37
EXTRA SPACE STORAGE INC US EXR 13.75 $1,983.65
EXXON MOBIL CORP US XOM 121.37 $12,401.59
FEDEX CORPORATION US FDX 14.76 $3,217.50
FIFTH THIRD BANCORP US FITB 76.23 $1,850.08
FINECOBANK SPA IT FBK IM 879.62 $11,750.07
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 247.04 $3,720.37
FMC CORP US FMC 2,628.03 $273,525.63
GENERAL DYNAMICS CORP US GD 22.65 $4,623.92
GENERAL MLS INC US GIS 55 $4,628.65
GENUINE PARTS CO US GPC 17.49 $2,604.82
GETTY REALTY CORP US GTY 190.93 $6,543.05
GILEAD SCIENCES INC US GILD 91.34 $7,027.97
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 5,307.73 $4,963.45
GREENIDGE GEN HLD INC US 171.87 $816.38
HALLIBURTON CO US HAL 68.55 $1,963.83
HARTFORD FINL SVCS US HIG 25.43 $1,742.23
HDFC BANK LTD-ADR IN HDB 2,387.42 $153,749.56
HEALTHCARE REALTY TRUST INC US HR 433.51 $8,067.71
HEINEKEN NV NL HEIA NA 196.39 $19,870.02
HEINEKEN NV-SPN ADR NL HEINY 2,433.16 $122,972.06
HELIOS TOWERS PLC GB HTWS LN 2,344.45 $2,640.77
HOME DEPOT INC US HD 49.84 $14,127.74
HONEYWELL INTERNATIONAL INC US HON 44.64 $8,552.15
HUMANA INC US HUM 386.96 $194,202.90
HUNTINGTON BANCSHARES US HBAN 128.55 $1,325.33
IDEXX LABORATORIES INC US IDXX 369.37 $171,670.81
IMCD NV NL IMCD NA 43.42 $6,545.37
INTERCONTINENTALEXCHANGE INC US ICE 1,362.32 $144,337.44
INTERMEDIATE CAPITAL GROUP GB ICP LN 447.42 $7,765.75
INTERNATIONAL BUSINESS MACH CORP US IBM 42.82 $5,505.67
INTERNATIONAL FLVRS & FRAGRANCES US IFF 24.52 $1,894.89
INTUIT INC US INTU 563.48 $236,165.07
INTUITIVE SURGICAL INC US ISRG 619.44 $190,687.49
INVITATION HOMES INC US INVH 245.62 $8,321.65
JM SMUCKER CO/THE-NEW COM WI US SJM 14.31 $2,097.06
JOHNSON & JOHNSON US JNJ 2,976.22 $461,492.58
JP MORGAN CHASE & CO US JPM 911.36 $123,680.94
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 25,780.39 $24,885.73
KELLOGG CO US K 27.4 $1,829.36
KEYENCE CORP JP 6861 JP 25.27 $12,252.71
KEYWORDS STUDIOS PLC IE KWS LN 193.15 $4,673.25
KIMBERLY CLARK DE MEXICO S.A.B. MX KIMBERA MM 8,836.1 $18,057.84
KRAFT HEINZ CO/THE US KHC 76.73 $2,932.80
L'OREAL FR OR FP 8.14 $3,484.47
L3HARRIS TECHNOLOGIES INC US LHX 1,625.33 $285,927.54
LEXINGTON REALTY TRUST US LXP 567.27 $5,865.57
LIFE STORAGE INC US LSI 57.58 $7,334.63
LINDE PLC IE LIN 257.91 $91,210.67
LOCKHEED MARTIN CORP US LMT 17.24 $7,653.61
LULULEMON - ADR CA LULU 681.92 $226,348.56
MARATHON OIL CORP US MRO 58.03 $1,285.97
MARATHON PETROLEUM CORP US MPC 35.84 $3,759.95
MASCO CORP US MAS 5,608.14 $270,985.53
MASTERCARD INC-CLASS A US MA 1,036.12 $378,204.10
MEDTRONIC INC IE MDT 3,972.15 $328,735.23
MEITUAN DIANPING - CLASS B CN 3690 HK 5.06 $70.98
MERCADOLIBRE INC BR MELI 109.29 $135,408.61
MERCK & CO INC US MRK 129.91 $14,343.69
META PLATFORMS INC US META 1,859.47 $492,239.87
MICROCHIP TECHNOLOGY INC US MCHP 44.08 $3,317.42
MICRON TECHNOLOGY INC US MU 5,122.56 $349,358.80
MICROSOFT CORP US MSFT 940.12 $308,727.59
MID-AMERICA APARTMENT COMM US MAA 48.22 $7,091.89
MONARCH CASINO & RESORT INC US MCRI 43.73 $2,837.35
MONDELEZ INTERNATIONAL INC US MDLZ 3,059.88 $224,625.74
MOODY'S CORPORATION US MCO 1,042.03 $330,199.47
NAVIENT CORP 6.75000 06/25/2025 US 9,351.71 $9,099.59
NESTLE S.A. - ADR CH NSRGY 1,800.08 $213,723.22
NESTLE SA-REGISTERED CH NESN SW 188.3 $22,320.14
NETAPP INC US NTAP 28.86 $1,915.12
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 10,615.45 $9,549.90
NEWMONT GOLDCORP CORP US NEM 985.52 $39,962.78
NIKE INC CLASS B US NKE 987.14 $103,905.95
NORFOLK SOUTHN CORP US NSC 388.98 $80,977.97
NORTHROP GRUMMAN CORP US NOC 522.63 $227,601.96
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 7,329.72 $0.73
NOVARTIS AG- REG CH NVS 1,460.84 $140,605.67
ODFJELL DRILLING LTD 9.25000 05/31/2028 BM 10,109.96 $10,160.51
OMNICOM GROUP US OMC 26.39 $2,327.07
PACKAGING CORP OF AMERICA US PKG 12.28 $1,523.53
PARAMOUNT GLOBAL CLASS B US PARA 72.29 $1,099.47
PELORUS FUND REIT 7.00000 09/30/2026 US 9,604.46 $8,997.91
PEPSICO INC 3.90000 07/18/2032 US 18,703.42 $18,063.74
PFIZER INC US PFE 244.66 $9,302.01
PHILLIPS 66 US PSX 28.41 $2,602.55
POPULAR INC 6.12500 09/14/2023 PR 8,087.96 $8,047.53
PPG INDUSTRIES INC US PPG 19.92 $2,614.85
PROLOGIS US PLD 304.01 $37,863.99
PUBLIC STORAGE INC US PSA 45.14 $12,788.43
QUALCOMM 5.40000 05/20/2033 US 19,714.41 $20,615.16
QUALCOMM INC US QCOM 72.59 $8,232.37
QUEST DIAGNOSTICS INC US DGX 15.42 $2,045.16
RAYTHEON TECHNOLOGIES CORP US RTX 65.46 $6,031.67
REALTY INCOME CORP US O 122.28 $7,268.32
REGIONS FINANCIAL CORP. US RF 115.2 $1,989.55
RENAISSANCERE HOLDINGS LTD BM RNR 67.28 $12,673.86
RENTOKIL INITIAL PLC GB RTO LN 2,047.01 $16,283.13
RENTOKIL INITIAL PLC-SP ADR GB RTO 4,044.08 $160,671.44
RESTAURANT BRANDS INTERN CA QSR 153.52 $11,193.12
REXFORD INDUSTRIAL REALITY IN US REXR 146.49 $7,975.09
S&P GLOBAL INC US SPGI 649.87 $238,780.99
SALESFORCE INC US CRM 1,257.07 $280,804.73
SBA COMMUNICATIONS CORP US SBAC 614.74 $136,336.12
SBA TOWER TRUST 6.59900 01/15/2028 US 15,923.18 $16,477.74
SCHLUMBERGER LTD NL SLB 80.98 $3,468.41
SERVICENOW INC US NOW 772.96 $421,091.35
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 31,846.36 $25,876.30
SKYWORKS SOLUTIONS INC US SWKS 17.09 $1,768.55
SNOWFLAKE INC-CLASS A US SNOW 1,632.56 $269,959.41
SONY CORP FIRST SECTION JP 6758 JP 207.25 $19,436.37
SONY CORP SPONSORED ADR JP SONY 1,855.63 $173,872.71
STAG INDUSTRIAL INC US STAG 112.78 $3,924.62
SUN COMMUNITIES US SUI 91.09 $11,534.82
SYNCHRONOSS TECH US 230.46 $4,263.44
SYSCO CORP US SYY 34.48 $2,411.52
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 2,145.84 $211,558.19
TE CONNECTIVITY LIMITED CH TEL 25.93 $3,176.16
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 1,061.55 $9,830.78
TENCENT HOLDINGS 3.97500 04/11/2029 KY 40,945.32 $38,584.21
TENCENT HOLDINGS LTD CN 700 HK 439.78 $17,404.13
TERRENO REALTY CORP US TRNO 126.93 $7,784.65
TEXAS INSTRUMENTS INC US TXN 46.1 $8,016.11
THERMO FISHER SCIENTIFIC INC US TMO 322 $163,725.19
TOKYO ELECTRON LTD JP 8035 JP 75.82 $10,312.58
TRAVELLERS COS INC US TRV 22.24 $3,764.22
TREASURY BILL 0.00000 05/16/2024 US 243,902.69 $232,218.95
TREASURY BOND 2.37500 02/15/2042 US 228,485.01 $178,468.21
TRUIST FINANCIAL CORP US TFC 85.28 $2,598.40
TYSON FOODS INC -CL A US TSN 35.49 $1,797.01
U.S. BANCORP US USB 114.8 $3,432.48
UDR INC US UDR 210.99 $8,370.16
UNILEVER PLC - ADR GB UL 4,028.26 $201,171.38
UNION PAC CORP US UNP 429.37 $82,662.28
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 1,035.16 $974.29
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 9,336.86 $8,421.41
UNITED PARCEL SERVICE US UPS 43.32 $7,234.63
UNITEDHEALTH GROUP INC US UNH 142.9 $69,628.66
US TEASURY NOTE 1.75000 11/15/2029 US 697,839.72 $622,004.17
US TREASURY N/B 0.87500 11/15/2030 US 861,873.75 $708,891.16
US TREASURY N/B 1.37500 11/15/2031 US 101,352.31 $84,724.20
US TREASURY N/B 3.12500 11/15/2028 US 485,530.64 $469,788.83
US TREASURY N/B 3.62500 02/15/2053 US 90,484.11 $86,652.67
VALERO ENERGY US VLO 22.65 $2,424.06
VENTAS INC US VTR 92.35 $3,984.17
VERTEX PHARMACEUTICALS INC US VRTX 397.98 $128,773.88
VISA INC - CLASS A SHARES US V 1,783.14 $394,128.21
VISTRA OPERATIONS 4.87500 05/13/2024 US 17,186.93 $16,940.72
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 4,549.48 $4,400.65
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 24,263.89 $22,170.77
WELLS FARGO COMPANY US WFC 162.97 $6,487.93
WELLTOWER INC. US WELL 92.86 $6,928.28

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

$20.31

Daily $ Change

-$0.20

Daily % Change

-$0.98

as of 06/07/2023

CUSIP

302028824

Inception Date

10/06/2015

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 (or meet another investment goal) 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 2060
  • 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

8.65%

1 Year

1.25%

3 Year

8.09%

5 Year

8.30%

10 Year

8.60%

Inception
(10/06/2015)

7.70%

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 I units is based on the historical performance of the CIT’s oldest unit class. Performance through the inception date of the oldest unit class (09/18/2015) 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 I expenses. The Retirement Target CIT Fund will gradually become more conservative over time.

Expense Ratio

Gross 0.76%
Net 0.69%*

*Includes acquired fund fees and expenses of the underlying collective investment trusts and reflects the Trustee’s contractual agreement to limit fees and voluntary agreement to reimburse certain expenses.

Top Ten Investments

As of 05/31/2023

TREASURY NOTES 10.45%
AMAZON.COM INC 3.01%
META PLATFORMS INC 2.73%
JOHNSON & JOHNSON 2.56%
SERVICENOW INC 2.33%
ALPHABET INC-CL A 2.26%
VISA INC - CLASS A SHARES 2.18%
MASTERCARD INC-CLASS A 2.10%
ELECTRONIC ARTS 2.02%
MICRON TECHNOLOGY INC 1.94%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 05/31/2023

Stocks
81.81%
Bonds
15.07%
Cash
3.12%

Detailed Asset Class Allocation

As of 05/31/2023

International Equities
20.52%
Small Capitalization
0.24%
Mid Capitalization
7.03%
Large Capitalization
54.03%
Long Term Fixed Income
1.76%
Intermediate Term Fixed Income
11.75%
Short Term Fixed Income
1.55%
Cash
3.12%

Due to rounding, the sum of the detailed asset class allocation categories may not equal the asset allocation totals provided above.

Security Description Country Ticker Shares/Par Market Value (USD)
3M CO US MMM 43.32 $4,042.30
ABBOTT LABORATORIES US ABT 81.44 $8,306.44
ADMIRAL GROUP PLC GB AMIGY 2,706.69 $78,250.35
ADMIRAL GROUP PLC GB ADM LN 914.04 $26,476.87
ADVANCED MICRO DEVICES INC US AMD 896.75 $106,005.18
ADYEN NV NL ADYEN NA 4.95 $8,113.67
AGREE REALTY CORP US ADC 137.65 $8,876.86
AIR LIQUIDE FR AI FP 123.64 $20,717.02
AIR LIQUIDE-ADR FR AIQUY 4,282.93 $143,563.85
AIRBUS SE FR AIR FP 104.69 $13,748.26
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 1,943.4 $1,969.96
ALCON INC CH ALC 2,440.29 $188,854.09
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 12,637.45 $10,380.44
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 23,758.4 $20,123.66
ALPHABET INC-CL A US GOOGL 3,324.41 $408,469.80
AMAZON.COM INC US AMZN 4,507.02 $543,456.28
AMAZON.COM INC 3.30000 04/13/2027 US 22,241.9 $21,449.72
AMERICAN HOMES 4 RENT- A US AMH 102.87 $3,526.34
AMERICAN TANKER INC 7.75000 07/02/2025 US 8,593.46 $8,258.41
AMERICAN TOWER REIT INC US AMT 33.92 $6,256.00
AMERICOLD REALTY TRUST US COLD 297.99 $8,731.13
ANALOG DEVICES INC US ADI 39.58 $7,033.06
APARTMENT INCOME REIT CO US AIRC 97.86 $3,394.92
APPLIED MATERIALS INC US AMAT 1,662.48 $221,608.74
ARCHER-DANIELS-MIDLAND CO US ADM 48.38 $3,417.77
ARGO BLOCKCHAIN PLC GB 181.98 $1,091.88
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 10,109.96 $9,367.69
ASTRAZENECA GB AZN 3,414.13 $249,504.78
ATLASSIAN CORP PLC-CLASS A AU TEAM 45.34 $8,197.59
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 1,206.42 $6,448.10
AUTO TRADER GROUP PLC GB AUTO LN 3,074.18 $24,126.27
AVALONBAY COMMUNITIES INC US AVB 31.8 $5,531.84
AVANZA BANK HOLDING AB SE AZA SS 460.56 $9,563.45
BAE SYSTEMS PLC GB BA/ LN 1,998.64 $23,099.34
BAE SYSTEMS PLC -SPON ADR GB BAESY 2,994.97 $140,733.80
BANK OF AMERICA CORP US BAC 305.47 $8,489.08
BANK OF AMERICA CORP 2.68700 04/22/2032 US 18,197.92 $15,031.86
BARRICK GOLD CORP CA GOLD 3,389.06 $57,207.32
BAXTER INTERNATIONAL INC US BAX 47.01 $1,914.30
BEIERSDORF AG DE BEI GR 136.03 $17,358.67
BIOMARIN PHARMACEUTICAL INC US BMRN 2,450.91 $213,081.78
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 9,604.46 $9,229.85
BOSTON SCIENTIFIC CORP US BSX 2,405.16 $123,817.56
BRANDYWINE REALTY TRUST US BDN 317.96 $1,240.04
BRISTOL MYERS SQUIBB CO US BMY 123.8 $7,977.44
BROADCOM INC US AVGO 15.27 $12,334.34
BROADRIDGE FINANCIAL SOLUTIONS US BR 14.41 $2,113.75
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 8,694.56 $7,470.00
BUNGE LIMITED US BG 18.75 $1,737.37
C.H. ROBINSON WORLDWIDE INC US CHRW 18.7 $1,768.22
CALDERYS FINANCING LLC 11.25000 06/01/2028 US 8,593.46 $8,705.61
CAMPBELL SOUP CO US CPB 40.44 $2,044.23
CANADIAN NATIONAL RAILWAY CO CA CNI 775.69 $87,443.13
CARETRUST REIT INC US CTRE 272.16 $5,279.90
CATERPILLAR INC US CAT 38.42 $7,904.47
CBOE GLOBAL MARKETS INC US CBOE 1,804.63 $238,968.73
CELLNEX TELECOM SA ES CLNX SM 258.66 $10,482.45
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 7,773.49 $157,180.06
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 9,452.81 $9,895.66
CHEVRON CORP US CVX 75.72 $11,405.48
CISCO SYSTEMS INC US CSCO 225.25 $11,188.16
CITIGROUP INC US C 137.44 $6,091.56
CITIGROUP INC 1.46200 06/09/2027 US 17,186.93 $15,321.15
CLARK CNTY NV 1.51000 11/01/2028 US 17,692.42 $15,160.79
CLEANAWAY WASTE MANAGEMENT AU CWY AU 7,315.06 $12,360.33
COCA COLA CO/THE US KO 5,322.94 $317,566.74
COGNIZANT TECH SOLUTIONS - A US CTSH 37.81 $2,362.82
COLGATE-PALMOLIVE CO US CL 66.52 $4,948.02
COMCAST CORP-CL A US CMCSA 237.99 $9,364.84
COMMUNITY HEALTHCARE TRUST I US CHCT 128.55 $4,216.38
CONAGRA BRAND INC. US CAG 59.55 $2,076.43
CONOCOPHILLIPS US COP 65.31 $6,485.31
CONSTELLATION BRANDS INC-A US STZ 933.76 $226,874.58
COPART INC US CPRT 1,331.99 $116,668.72
CORNING INC US GLW 64.5 $1,987.29
COTERRA ENERGY INC US CTRA 78.05 $1,814.64
COUSINS PROPERTIES INC US CUZ 230.2 $4,585.66
CSX CORP US CSX 2,625.15 $80,513.39
CUMMINS INC US CMI 16.13 $3,296.19
CVS HEALTH CORP US CVS 1,308.63 $89,026.28
DANONE FR BN FP 124.86 $7,390.21
DEUTSCHE BOERSE AG DE DB1 GR 116.16 $20,092.06
DEUTSCHE BOERSE AG ADR DE DBOEY 7,112.66 $122,693.34
DEVON ENERGY CORPORATION US DVN 53.58 $2,470.17
DIAGEO PLC GB DGE LN 369.27 $15,351.34
DIAMONDBACK ENERGY INC US FANG 16.58 $2,108.19
DIGITAL REALTY TRUST INC US DLR 28 $2,869.35
DOLLAR GENERAL CORP US DG 620.45 $124,765.89
DOLLAR TREE STORES INC US DLTR 1,285.89 $173,440.21
DOMINO'S PIZZA US DPZ 238.6 $69,156.75
DOW INC US DOW 55.71 $2,717.33
DREYFUS GVT CSH MANAGEMENT US 581,092.91 $581,092.91
EBAY INC US EBAY 51.46 $2,189.09
ELECTRONIC ARTS US EA 2,845.24 $364,191.35
EMERSON ELEC CO US EMR 51.81 $4,024.87
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 23,252.9 $23,193.56
EOG RESOURCES INC US EOG 38.27 $4,105.58
EQUINIX INC US EQIX 333.07 $248,322.20
EQUITY COMMONWEALTH US EQC 222.37 $4,547.44
EQUITY LIFESTYLE PROPERTIES US ELS 137.09 $8,660.04
ESSEX PROPERTY TRUST INC US ESS 12.69 $2,741.37
EVERGY INC US EVRG 1,814.18 $104,950.37
EXTRA SPACE STORAGE INC US EXR 13.75 $1,983.65
EXXON MOBIL CORP US XOM 121.37 $12,401.59
FEDEX CORPORATION US FDX 14.76 $3,217.50
FIFTH THIRD BANCORP US FITB 76.23 $1,850.08
FINECOBANK SPA IT FBK IM 879.62 $11,750.07
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 247.04 $3,720.37
FMC CORP US FMC 2,628.03 $273,525.63
GENERAL DYNAMICS CORP US GD 22.65 $4,623.92
GENERAL MLS INC US GIS 55 $4,628.65
GENUINE PARTS CO US GPC 17.49 $2,604.82
GETTY REALTY CORP US GTY 190.93 $6,543.05
GILEAD SCIENCES INC US GILD 91.34 $7,027.97
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 5,307.73 $4,963.45
GREENIDGE GEN HLD INC US 171.87 $816.38
HALLIBURTON CO US HAL 68.55 $1,963.83
HARTFORD FINL SVCS US HIG 25.43 $1,742.23
HDFC BANK LTD-ADR IN HDB 2,387.42 $153,749.56
HEALTHCARE REALTY TRUST INC US HR 433.51 $8,067.71
HEINEKEN NV NL HEIA NA 196.39 $19,870.02
HEINEKEN NV-SPN ADR NL HEINY 2,433.16 $122,972.06
HELIOS TOWERS PLC GB HTWS LN 2,344.45 $2,640.77
HOME DEPOT INC US HD 49.84 $14,127.74
HONEYWELL INTERNATIONAL INC US HON 44.64 $8,552.15
HUMANA INC US HUM 386.96 $194,202.90
HUNTINGTON BANCSHARES US HBAN 128.55 $1,325.33
IDEXX LABORATORIES INC US IDXX 369.37 $171,670.81
IMCD NV NL IMCD NA 43.42 $6,545.37
INTERCONTINENTALEXCHANGE INC US ICE 1,362.32 $144,337.44
INTERMEDIATE CAPITAL GROUP GB ICP LN 447.42 $7,765.75
INTERNATIONAL BUSINESS MACH CORP US IBM 42.82 $5,505.67
INTERNATIONAL FLVRS & FRAGRANCES US IFF 24.52 $1,894.89
INTUIT INC US INTU 563.48 $236,165.07
INTUITIVE SURGICAL INC US ISRG 619.44 $190,687.49
INVITATION HOMES INC US INVH 245.62 $8,321.65
JM SMUCKER CO/THE-NEW COM WI US SJM 14.31 $2,097.06
JOHNSON & JOHNSON US JNJ 2,976.22 $461,492.58
JP MORGAN CHASE & CO US JPM 911.36 $123,680.94
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 25,780.39 $24,885.73
KELLOGG CO US K 27.4 $1,829.36
KEYENCE CORP JP 6861 JP 25.27 $12,252.71
KEYWORDS STUDIOS PLC IE KWS LN 193.15 $4,673.25
KIMBERLY CLARK DE MEXICO S.A.B. MX KIMBERA MM 8,836.1 $18,057.84
KRAFT HEINZ CO/THE US KHC 76.73 $2,932.80
L'OREAL FR OR FP 8.14 $3,484.47
L3HARRIS TECHNOLOGIES INC US LHX 1,625.33 $285,927.54
LEXINGTON REALTY TRUST US LXP 567.27 $5,865.57
LIFE STORAGE INC US LSI 57.58 $7,334.63
LINDE PLC IE LIN 257.91 $91,210.67
LOCKHEED MARTIN CORP US LMT 17.24 $7,653.61
LULULEMON - ADR CA LULU 681.92 $226,348.56
MARATHON OIL CORP US MRO 58.03 $1,285.97
MARATHON PETROLEUM CORP US MPC 35.84 $3,759.95
MASCO CORP US MAS 5,608.14 $270,985.53
MASTERCARD INC-CLASS A US MA 1,036.12 $378,204.10
MEDTRONIC INC IE MDT 3,972.15 $328,735.23
MEITUAN DIANPING - CLASS B CN 3690 HK 5.06 $70.98
MERCADOLIBRE INC BR MELI 109.29 $135,408.61
MERCK & CO INC US MRK 129.91 $14,343.69
META PLATFORMS INC US META 1,859.47 $492,239.87
MICROCHIP TECHNOLOGY INC US MCHP 44.08 $3,317.42
MICRON TECHNOLOGY INC US MU 5,122.56 $349,358.80
MICROSOFT CORP US MSFT 940.12 $308,727.59
MID-AMERICA APARTMENT COMM US MAA 48.22 $7,091.89
MONARCH CASINO & RESORT INC US MCRI 43.73 $2,837.35
MONDELEZ INTERNATIONAL INC US MDLZ 3,059.88 $224,625.74
MOODY'S CORPORATION US MCO 1,042.03 $330,199.47
NAVIENT CORP 6.75000 06/25/2025 US 9,351.71 $9,099.59
NESTLE S.A. - ADR CH NSRGY 1,800.08 $213,723.22
NESTLE SA-REGISTERED CH NESN SW 188.3 $22,320.14
NETAPP INC US NTAP 28.86 $1,915.12
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 10,615.45 $9,549.90
NEWMONT GOLDCORP CORP US NEM 985.52 $39,962.78
NIKE INC CLASS B US NKE 987.14 $103,905.95
NORFOLK SOUTHN CORP US NSC 388.98 $80,977.97
NORTHROP GRUMMAN CORP US NOC 522.63 $227,601.96
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 7,329.72 $0.73
NOVARTIS AG- REG CH NVS 1,460.84 $140,605.67
ODFJELL DRILLING LTD 9.25000 05/31/2028 BM 10,109.96 $10,160.51
OMNICOM GROUP US OMC 26.39 $2,327.07
PACKAGING CORP OF AMERICA US PKG 12.28 $1,523.53
PARAMOUNT GLOBAL CLASS B US PARA 72.29 $1,099.47
PELORUS FUND REIT 7.00000 09/30/2026 US 9,604.46 $8,997.91
PEPSICO INC 3.90000 07/18/2032 US 18,703.42 $18,063.74
PFIZER INC US PFE 244.66 $9,302.01
PHILLIPS 66 US PSX 28.41 $2,602.55
POPULAR INC 6.12500 09/14/2023 PR 8,087.96 $8,047.53
PPG INDUSTRIES INC US PPG 19.92 $2,614.85
PROLOGIS US PLD 304.01 $37,863.99
PUBLIC STORAGE INC US PSA 45.14 $12,788.43
QUALCOMM 5.40000 05/20/2033 US 19,714.41 $20,615.16
QUALCOMM INC US QCOM 72.59 $8,232.37
QUEST DIAGNOSTICS INC US DGX 15.42 $2,045.16
RAYTHEON TECHNOLOGIES CORP US RTX 65.46 $6,031.67
REALTY INCOME CORP US O 122.28 $7,268.32
REGIONS FINANCIAL CORP. US RF 115.2 $1,989.55
RENAISSANCERE HOLDINGS LTD BM RNR 67.28 $12,673.86
RENTOKIL INITIAL PLC GB RTO LN 2,047.01 $16,283.13
RENTOKIL INITIAL PLC-SP ADR GB RTO 4,044.08 $160,671.44
RESTAURANT BRANDS INTERN CA QSR 153.52 $11,193.12
REXFORD INDUSTRIAL REALITY IN US REXR 146.49 $7,975.09
S&P GLOBAL INC US SPGI 649.87 $238,780.99
SALESFORCE INC US CRM 1,257.07 $280,804.73
SBA COMMUNICATIONS CORP US SBAC 614.74 $136,336.12
SBA TOWER TRUST 6.59900 01/15/2028 US 15,923.18 $16,477.74
SCHLUMBERGER LTD NL SLB 80.98 $3,468.41
SERVICENOW INC US NOW 772.96 $421,091.35
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 31,846.36 $25,876.30
SKYWORKS SOLUTIONS INC US SWKS 17.09 $1,768.55
SNOWFLAKE INC-CLASS A US SNOW 1,632.56 $269,959.41
SONY CORP FIRST SECTION JP 6758 JP 207.25 $19,436.37
SONY CORP SPONSORED ADR JP SONY 1,855.63 $173,872.71
STAG INDUSTRIAL INC US STAG 112.78 $3,924.62
SUN COMMUNITIES US SUI 91.09 $11,534.82
SYNCHRONOSS TECH US 230.46 $4,263.44
SYSCO CORP US SYY 34.48 $2,411.52
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 2,145.84 $211,558.19
TE CONNECTIVITY LIMITED CH TEL 25.93 $3,176.16
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 1,061.55 $9,830.78
TENCENT HOLDINGS 3.97500 04/11/2029 KY 40,945.32 $38,584.21
TENCENT HOLDINGS LTD CN 700 HK 439.78 $17,404.13
TERRENO REALTY CORP US TRNO 126.93 $7,784.65
TEXAS INSTRUMENTS INC US TXN 46.1 $8,016.11
THERMO FISHER SCIENTIFIC INC US TMO 322 $163,725.19
TOKYO ELECTRON LTD JP 8035 JP 75.82 $10,312.58
TRAVELLERS COS INC US TRV 22.24 $3,764.22
TREASURY BILL 0.00000 05/16/2024 US 243,902.69 $232,218.95
TREASURY BOND 2.37500 02/15/2042 US 228,485.01 $178,468.21
TRUIST FINANCIAL CORP US TFC 85.28 $2,598.40
TYSON FOODS INC -CL A US TSN 35.49 $1,797.01
U.S. BANCORP US USB 114.8 $3,432.48
UDR INC US UDR 210.99 $8,370.16
UNILEVER PLC - ADR GB UL 4,028.26 $201,171.38
UNION PAC CORP US UNP 429.37 $82,662.28
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 1,035.16 $974.29
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 9,336.86 $8,421.41
UNITED PARCEL SERVICE US UPS 43.32 $7,234.63
UNITEDHEALTH GROUP INC US UNH 142.9 $69,628.66
US TEASURY NOTE 1.75000 11/15/2029 US 697,839.72 $622,004.17
US TREASURY N/B 0.87500 11/15/2030 US 861,873.75 $708,891.16
US TREASURY N/B 1.37500 11/15/2031 US 101,352.31 $84,724.20
US TREASURY N/B 3.12500 11/15/2028 US 485,530.64 $469,788.83
US TREASURY N/B 3.62500 02/15/2053 US 90,484.11 $86,652.67
VALERO ENERGY US VLO 22.65 $2,424.06
VENTAS INC US VTR 92.35 $3,984.17
VERTEX PHARMACEUTICALS INC US VRTX 397.98 $128,773.88
VISA INC - CLASS A SHARES US V 1,783.14 $394,128.21
VISTRA OPERATIONS 4.87500 05/13/2024 US 17,186.93 $16,940.72
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 4,549.48 $4,400.65
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 24,263.89 $22,170.77
WELLS FARGO COMPANY US WFC 162.97 $6,487.93
WELLTOWER INC. US WELL 92.86 $6,928.28

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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