Collective Investment Trusts

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

$22.54

Daily $ Change

$0.24

Daily % Change

1.06%

as of 04/23/2024

CUSIP

302028782

Inception Date

10/22/2015

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

4.63%

1 Year

16.53%

3 Year

4.26%

5 Year

10.69%

10 Year

8.71%

Inception
(10/22/2015)

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 (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 U1 expenses. The Retirement Target CIT Fund will gradually become more conservative over time.

Expense Ratio

Gross 0.56%
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 55.59 $5,896.90
ABBOTT LABORATORIES US ABT 107.82 $12,254.32
ADMIRAL GROUP PLC GB ADM LN 957.3 $34,307.51
ADMIRAL GROUP PLC ADR GB AMIGY 3,069.83 $109,899.75
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 32,435.5 $29,382.15
AGREE REALTY CORP US ADC 189.03 $10,797.63
AIR LIQUIDE FR AI FP 122.61 $25,508.06
AIRBUS SE FR AIR FP 164.77 $30,355.81
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 1,710.09 $1,740.88
ALCON INC CH ALC 3,059.84 $254,853.68
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 16,217.75 $13,482.35
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 66,817.13 $58,046.77
ALPHABET INC-CL A US GOOGL 5,161.66 $779,048.68
AMAZON.COM INC US AMZN 6,314.87 $1,139,075.76
AMAZON.COM INC 3.30000 04/13/2027 US 6,162.74 $5,928.83
AMERICAN HOMES 4 RENT- A US AMH 303.99 $11,180.59
AMERICAN TOWER REIT INC US AMT 67.73 $13,381.85
AMERICOLD REALTY TRUST US COLD 241.26 $6,012.08
ANALOG DEVICES INC US ADI 50.79 $10,046.54
APPLIED MATERIALS INC US AMAT 1,704.49 $351,516.04
ARCHER-DANIELS-MIDLAND CO US ADM 62.08 $3,899.34
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 30,489.37 $28,671.29
ASTRAZENECA GB AZN 8,070.54 $546,778.81
ATLASSIAN CORP PLC-CLASS A AU TEAM 75.25 $14,682.10
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 3,595.73 $17,938.07
AUTO TRADER GROUP PLC GB AUTO LN 2,171.17 $19,173.39
AVALONBAY COMMUNITIES INC US AVB 77.52 $14,384.77
AVANZA BANK HOLDING AB SE AZA SS 454.94 $9,807.15
BAE SYSTEMS PLC GB BA/ LN 1,271.15 $21,667.25
BAE SYSTEMS PLC -SPON ADR GB BAESY 1,775.78 $123,150.25
BANK OF AMERICA CORP US BAC 370.02 $14,031.32
BANK OF AMERICA CORP 2.68700 04/22/2032 US 51,248.09 $43,354.34
BAXTER INTERNATIONAL INC US BAX 60.33 $2,578.51
BEIERSDORF AG DE BEI GR 174.57 $25,416.59
BIOMARIN PHARMACEUTICAL INC US BMRN 3,145.27 $274,707.91
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 12,325.49 $12,239.82
BORR IHC LTD 10.00000 11/15/2028 MUL 12,974.2 $13,547.07
BOSTON SCIENTIFIC CORP US BSX 1,796.54 $123,044.85
BRENNTAG AG DE BNR GR 139.86 $11,787.70
BRISTOL MYERS SQUIBB CO US BMY 162.7 $8,823.03
BROADCOM INC US AVGO 19.79 $26,224.10
BROADRIDGE FINANCIAL SOLUTIONS US BR 18.49 $3,787.50
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 13,166.61 $9,275.79
BUNGE LIMITED US BG 24.07 $2,467.36
C.H. ROBINSON WORLDWIDE INC US CHRW 24 $1,827.53
CAMPBELL SOUP CO US CPB 51.9 $2,306.81
CANADIAN NATIONAL RAILWAY CO CA CNI 2,011.84 $264,980.01
CAPITAL ONE FINANCIAL CO 5.70000 02/01/2030 US 59,032.61 $59,528.70
CATERPILLAR INC US CAT 49.3 $18,065.72
CELLNEX TELECOM SA ES CLNX SM 364.38 $12,889.85
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 9,430.36 $166,162.98
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 40,868.73 $45,125.65
CHEVRON CORP US CVX 92.96 $14,663.53
CISCO SYSTEMS INC US CSCO 292.44 $14,595.60
CITIGROUP INC US C 166.13 $10,506.35
CITIGROUP INC 1.46200 06/09/2027 US 46,707.12 $42,912.99
CLARK CNTY NV 1.51000 11/01/2028 US 22,704.85 $19,563.72
CLEANAWAY WASTE MANAGEMENT AU CWY AU 11,342.82 $20,098.03
COCA COLA CO/THE US KO 8,128.34 $497,291.60
COGNIZANT TECH SOLUTIONS - A US CTSH 48.52 $3,556.29
COLGATE-PALMOLIVE CO US CL 85.37 $7,687.59
COMCAST CORP-CL A US CMCSA 288.42 $12,502.85
CONAGRA BRAND INC. US CAG 76.42 $2,265.03
CONOCOPHILLIPS US COP 83.81 $10,667.76
CONSTELLATION BRANDS INC-A US STZ 1,566.25 $425,642.84
COPART INC US CPRT 2,335.23 $135,256.30
CORNING INC US GLW 82.78 $2,728.28
COTERRA ENERGY INC US CTRA 100.16 $2,792.48
CROWN CASTLE INTL CORP US CCI 58.32 $6,171.90
CSX CORP US CSX 5,905.27 $218,908.43
CUMMINS INC US CMI 21.28 $6,269.47
CVS HEALTH CORP US CVS 81.22 $6,477.99
DEUTSCHE BOERSE AG DE DB1 GR 180.73 $37,011.81
DEUTSCHE BOERSE AG ADR DE DBOEY 7,832.33 $160,014.50
DEVON ENERGY CORPORATION US DVN 68.76 $3,450.54
DIAGEO PLC GB DGE LN 271.87 $10,059.95
DIAMONDBACK ENERGY INC US FANG 21.28 $4,216.60
DIGITAL REALTY TRUST INC US DLR 46.9 $6,755.73
DIGITALBRIDGE GROUP INC US DBRG 313.65 $6,044.06
DOLLARAMA INC CA DOL CN 202.2 $15,403.87
DOW INC US DOW 71.49 $4,141.29
DREYFUS GVT CSH MANAGEMENT US 502,729.8 $502,729.80
EBAY INC US EBAY 66.04 $3,485.52
ELECTRONIC ARTS US EA 3,651.33 $484,421.82
EMERSON ELEC CO US EMR 66.49 $7,541.61
ENERGY TRANSFER LP 7.37500 02/01/2031 US 27,570.17 $28,898.89
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 40,868.73 $43,431.58
EOG RESOURCES INC US EOG 49.11 $6,277.88
EQUINIX INC US EQIX 520.46 $429,551.27
EQUITY COMMONWEALTH US EQC 286.6 $5,411.01
EQUITY LIFESTYLE PROPERTIES US ELS 192.6 $12,403.57
EQUITY RESIDENTIAL US EQR 123.32 $7,782.71
EVERGY INC US EVRG 6,231.44 $332,634.44
EXPERIAN GROUP LTD-SPON ADR IE EXPGY 3,919.44 $170,652.45
EXPERIAN PLC IE EXPN LN 475.12 $20,702.17
EXTRA SPACE STORAGE INC US EXR 84.53 $12,425.46
EXXON MOBIL CORP US XOM 147.65 $17,162.42
FEDEX CORPORATION US FDX 18.94 $5,488.35
FIFTH THIRD BANCORP US FITB 97.83 $3,640.09
FINECOBANK SPA IT FBK IM 728.11 $10,904.79
FIRST INDUSTRIAL REALTY TR US FR 82.39 $4,328.57
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 378.98 $6,525.97
FMC CORP US FMC 20.89 $1,330.59
GENERAL DYNAMICS CORP US GD 27.18 $7,678.35
GENERAL MLS INC US GIS 70.58 $4,938.46
GENUINE PARTS CO US GPC 22.45 $3,477.46
GILEAD SCIENCES INC US GILD 120.01 $8,790.83
GLOBANT SA LU GLOB 86.08 $17,380.32
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 6,811.45 $5,733.71
GOODMAN GROUP AU GMG AU 277.39 $6,110.12
HALLIBURTON CO US HAL 87.97 $3,467.58
HALMA PLC GB HLMA LN 1,057.59 $31,580.10
HARTFORD FINL SVCS US HIG 32.63 $3,362.53
HDFC BANK LTD-ADR IN HDB 3,960.57 $221,673.05
HEINEKEN NV NL HEIA NA 352.77 $34,009.58
HEINEKEN NV-SPN ADR NL HEINY 4,873.95 $235,558.13
HELIOS TOWERS PLC GB HTWS LN 3,855.61 $4,593.07
HOME DEPOT INC US HD 65.2 $25,008.94
HONEYWELL INTERNATIONAL INC US HON 58.25 $11,956.67
HUMANA INC US HUM 1,176.5 $407,916.23
HUNTINGTON BANCSHARES US HBAN 164.97 $2,301.29
IDEXX LABORATORIES INC US IDXX 302.36 $163,255.24
IMCD NV NL IMCD NA 186.44 $32,815.19
INFRABUILD AUTRALIA PTY 14.50000 11/15/2028 AU 12,325.49 $12,782.15
INTERCONTINENTALEXCHANGE INC US ICE 3,399.11 $467,139.76
INTERMEDIATE CAPITAL GROUP GB ICP LN 831.78 $21,544.23
INTERNATIONAL BUSINESS MACH CORP US IBM 51.31 $9,798.72
INTERNATIONAL FLVRS & FRAGRANCES US IFF 31.46 $2,705.45
INTUIT INC US INTU 376.25 $244,563.66
INTUITIVE SURGICAL INC US ISRG 644.49 $257,210.86
INVITATION HOMES INC US INVH 508.65 $18,113.15
JM SMUCKER CO/THE-NEW COM WI US SJM 18.36 $2,310.78
JOHNSON & JOHNSON US JNJ 3,821.29 $604,490.02
JP MORGAN CHASE & CO US JPM 1,043.77 $209,068.00
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 74,601.65 $72,152.64
KELLOGG CO US K 35.16 $2,014.32
KEYENCE CORP JP 6861 JP 45.41 $21,081.95
KEYWORDS STUDIOS PLC IE KWS LN 780.66 $12,828.70
KRAFT HEINZ CO/THE US KHC 98.47 $3,633.70
L'OREAL FR OR FP 10.44 $4,946.09
L3HARRIS TECHNOLOGIES INC US LHX 2,476.19 $527,676.27
LEXINGTON REALTY TRUST US LXP 1,307.6 $11,794.59
LOCKHEED MARTIN CORP US LMT 22.9 $10,416.28
LONZA GROUP AG -REG CH LONN SW 48.07 $28,726.21
LONZA GROUP AG ADR CH LZAGY 4,325.53 $259,142.70
MARATHON OIL CORP US MRO 74.47 $2,110.53
MARATHON PETROLEUM CORP US MPC 42.69 $8,601.05
MARRIOTT VACATIONS WORLD US VAC 52.61 $5,667.72
MASCO CORP US MAS 3,888.76 $306,745.14
MASSMUTUAL GLOBAL FUNDING 4.85000 01/17/2029 US 14,271.62 $14,199.84
MASTERCARD INC-CLASS A US MA 1,329.66 $640,324.77
MEDTRONIC INC IE MDT 2,921.79 $254,633.98
MERCADOLIBRE INC BR MELI 100.03 $151,242.99
MERCK & CO INC US MRK 171.26 $22,597.68
MET LIFE GLOB FUNDING I 4.85000 01/08/2029 US 14,271.62 $14,168.65
META PLATFORMS INC US META 1,514.41 $735,368.88
MICROCHIP TECHNOLOGY INC US MCHP 56.57 $5,074.67
MICRON TECHNOLOGY INC US MU 5,361.39 $632,054.66
MICROSOFT CORP US MSFT 1,393.49 $586,270.76
MID-AMERICA APARTMENT COMM US MAA 33.99 $4,472.72
MONARCH CASINO & RESORT INC US MCRI 92.31 $6,922.43
MONDELEZ INTERNATIONAL INC US MDLZ 3,926.77 $274,873.99
MOODY'S CORPORATION US MCO 1,096.77 $431,065.07
NAVIENT CORP 6.75000 06/25/2025 US 12,001.13 $12,077.69
NESTLE S.A. - ADR CH NSRGY 3,240.18 $344,106.76
NESTLE SA-REGISTERED CH NESN SW 287.31 $30,527.06
NETAPP INC US NTAP 37.04 $3,888.23
NEW FORTRESS ENERGY INC 8.75000 03/15/2029 US 13,298.55 $13,252.88
NEW YORK LIFE GLOBAL FDG 4.70000 01/29/2029 US 14,271.62 $14,122.79
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 18,751.52 $17,742.65
NORFOLK SOUTHN CORP US NSC 499.18 $127,226.60
NORTHROP GRUMMAN CORP US NOC 489.91 $234,498.30
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 9,406.29 $0.09
NOVARTIS AG- REG CH NVS 1,874.71 $181,340.41
NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 US 27,245.82 $28,806.34
NVIDIA CORP US NVDA 344.59 $311,362.02
OMNICOM GROUP US OMC 33.86 $3,276.55
OPEN INFRA IS ASSETS AB 11.00000 02/22/2027 US 12,974.2 $12,909.67
OXFINF 2024-A A2 6.67500 01/14/2032 US 3,243.55 $3,223.77
PACKAGING CORP OF AMERICA US PKG 15.76 $2,991.63
PALOMINO FUNDING TRUST I 7.23300 05/17/2028 US 33,732.92 $35,379.74
PARAMOUNT GLOBAL CLASS B US PARA 92.77 $1,091.85
PELORUS FUND REIT 7.00000 09/30/2026 US 12,325.49 $12,086.07
PEPSICO INC 3.90000 07/18/2032 US 60,978.74 $57,786.44
PFIZER INC US PFE 320.27 $8,887.44
PHILIP MORRIS INTERNATIONAL US PM 3,046.08 $279,082.09
PHILLIPS 66 US PSX 36.46 $5,954.97
PPG INDUSTRIES INC US PPG 25.56 $3,703.52
PROLOGIS US PLD 391.43 $50,972.22
PUBLIC STORAGE INC US PSA 65.58 $19,023.46
QUALCOMM 5.40000 05/20/2033 US 25,299.69 $26,560.92
QUALCOMM INC US QCOM 93.15 $15,771.10
QUALCOMM INC 4.25000 05/20/2032 US 34,381.63 $33,180.42
QUEST DIAGNOSTICS INC US DGX 19.79 $2,633.67
RAYTHEON TECHNOLOGIES CORP US RTX 83.16 $8,111.05
REALTY INCOME CORP US O 171.84 $9,296.72
REGIONS FINANCIAL CORP. US RF 147.84 $3,110.57
REXFORD INDUSTRIAL REALITY IN US REXR 299.25 $15,052.27
S&P GLOBAL INC US SPGI 719.29 $306,021.77
SALESFORCE INC US CRM 1,228.2 $369,910.06
SBA COMMUNICATIONS CORP US SBAC 1,123.63 $243,490.74
SBA TOWER TRUST 6.59900 01/15/2028 US 20,434.36 $20,943.67
SCHLUMBERGER LTD US SLB 103.92 $5,696.04
SERVICENOW INC US NOW 483.61 $368,706.77
SIMON PROPERTY 2.25000 01/15/2032 US 60,005.67 $49,116.36
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 47,031.47 $39,667.67
SIRIUSPOINT LTD 7.00000 04/05/2029 BM 27,894.53 $27,851.57
SKYWORKS SOLUTIONS INC US SWKS 21.93 $2,375.07
SONY CORP FIRST SECTION JP 6758 JP 298.41 $25,588.58
SONY CORP SPONSORED ADR JP SONY 2,381.35 $204,176.90
SUN COMMUNITIES US SUI 150.44 $19,343.04
SYSCO CORP US SYY 44.24 $3,591.57
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 4,060.99 $552,497.60
TE CONNECTIVITY LIMITED CH TEL 30.81 $4,475.39
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 2,465.1 $33,495.42
TECHTRONIC INDUSTRIES-SP ADR HK TTNDY 1,730.11 $117,621.50
TENCENT HOLDINGS 3.97500 04/11/2029 KY 120,660.06 $114,690.95
TENCENT HOLDINGS LTD CN 700 HK 713.58 $27,793.94
TERRENO REALTY CORP US TRNO 198.7 $13,193.67
TEXAS INSTRUMENTS INC US TXN 59.16 $10,306.67
THERMO FISHER SCIENTIFIC INC US TMO 504.89 $293,447.69
TRAVELLERS COS INC US TRV 28.54 $6,568.94
TREASURY BOND 2.37500 02/15/2042 US 689,708.45 $513,832.80
TRUIST FINANCIAL CORP US TFC 109.44 $4,265.87
TSY INFL IX N/B 0.12500 01/15/2031 US 162,938.67 $145,202.75
TYSON FOODS INC -CL A US TSN 45.54 $2,674.53
U.S. BANCORP US USB 152.9 $6,834.67
UDR INC US UDR 120.34 $4,501.76
UNION PAC CORP US UNP 475.96 $117,052.48
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 1,111.93 $1,065.37
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 10,880.8 $10,051.65
UNITED PARCEL SERVICE US UPS 56.63 $8,417.27
UNITED STATES TREAS NTS 2.25000 11/15/2024 US 251,115.63 $246,573.97
UNITEDHEALTH GROUP INC US UNH 853.31 $422,133.99
US TEASURY NOTE 1.75000 11/15/2029 US 1,005,046.37 $885,461.56
US TREASURY N/B 0.87500 11/15/2030 US 1,342,764.79 $1,088,059.09
US TREASURY N/B 3.12500 11/15/2028 US 585,331.02 $557,847.90
US TREASURY N/B 3.62500 02/15/2053 US 141,418.78 $124,426.43
US TREASURY N/B 4.12500 11/15/2032 US 240,022.69 $238,635.06
VALERO ENERGY US VLO 29.06 $4,960.63
VENTAS INC US VTR 144.73 $6,301.42
VERTEX PHARMACEUTICALS INC US VRTX 379.24 $158,524.38
VISA INC - CLASS A SHARES US V 2,288.32 $638,625.59
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 46,058.41 $43,113.23
WELLS FARGO COMPANY US WFC 202.53 $11,738.48
WELLTOWER INC. US WELL 191.05 $17,851.25

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

$22.54

Daily $ Change

$0.24

Daily % Change

1.06%

as of 04/23/2024

CUSIP

302028782

Inception Date

10/22/2015

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 (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 03/31/2024

YTD

4.63%

1 Year

16.53%

3 Year

4.26%

5 Year

10.69%

10 Year

8.71%

Inception
(10/22/2015)

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 (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 U1 expenses. The Retirement Target CIT Fund will gradually become more conservative over time.

Expense Ratio

Gross 0.56%
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 55.59 $5,896.90
ABBOTT LABORATORIES US ABT 107.82 $12,254.32
ADMIRAL GROUP PLC GB ADM LN 957.3 $34,307.51
ADMIRAL GROUP PLC ADR GB AMIGY 3,069.83 $109,899.75
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 32,435.5 $29,382.15
AGREE REALTY CORP US ADC 189.03 $10,797.63
AIR LIQUIDE FR AI FP 122.61 $25,508.06
AIRBUS SE FR AIR FP 164.77 $30,355.81
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 1,710.09 $1,740.88
ALCON INC CH ALC 3,059.84 $254,853.68
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 16,217.75 $13,482.35
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 66,817.13 $58,046.77
ALPHABET INC-CL A US GOOGL 5,161.66 $779,048.68
AMAZON.COM INC US AMZN 6,314.87 $1,139,075.76
AMAZON.COM INC 3.30000 04/13/2027 US 6,162.74 $5,928.83
AMERICAN HOMES 4 RENT- A US AMH 303.99 $11,180.59
AMERICAN TOWER REIT INC US AMT 67.73 $13,381.85
AMERICOLD REALTY TRUST US COLD 241.26 $6,012.08
ANALOG DEVICES INC US ADI 50.79 $10,046.54
APPLIED MATERIALS INC US AMAT 1,704.49 $351,516.04
ARCHER-DANIELS-MIDLAND CO US ADM 62.08 $3,899.34
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 30,489.37 $28,671.29
ASTRAZENECA GB AZN 8,070.54 $546,778.81
ATLASSIAN CORP PLC-CLASS A AU TEAM 75.25 $14,682.10
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 3,595.73 $17,938.07
AUTO TRADER GROUP PLC GB AUTO LN 2,171.17 $19,173.39
AVALONBAY COMMUNITIES INC US AVB 77.52 $14,384.77
AVANZA BANK HOLDING AB SE AZA SS 454.94 $9,807.15
BAE SYSTEMS PLC GB BA/ LN 1,271.15 $21,667.25
BAE SYSTEMS PLC -SPON ADR GB BAESY 1,775.78 $123,150.25
BANK OF AMERICA CORP US BAC 370.02 $14,031.32
BANK OF AMERICA CORP 2.68700 04/22/2032 US 51,248.09 $43,354.34
BAXTER INTERNATIONAL INC US BAX 60.33 $2,578.51
BEIERSDORF AG DE BEI GR 174.57 $25,416.59
BIOMARIN PHARMACEUTICAL INC US BMRN 3,145.27 $274,707.91
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 12,325.49 $12,239.82
BORR IHC LTD 10.00000 11/15/2028 MUL 12,974.2 $13,547.07
BOSTON SCIENTIFIC CORP US BSX 1,796.54 $123,044.85
BRENNTAG AG DE BNR GR 139.86 $11,787.70
BRISTOL MYERS SQUIBB CO US BMY 162.7 $8,823.03
BROADCOM INC US AVGO 19.79 $26,224.10
BROADRIDGE FINANCIAL SOLUTIONS US BR 18.49 $3,787.50
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 13,166.61 $9,275.79
BUNGE LIMITED US BG 24.07 $2,467.36
C.H. ROBINSON WORLDWIDE INC US CHRW 24 $1,827.53
CAMPBELL SOUP CO US CPB 51.9 $2,306.81
CANADIAN NATIONAL RAILWAY CO CA CNI 2,011.84 $264,980.01
CAPITAL ONE FINANCIAL CO 5.70000 02/01/2030 US 59,032.61 $59,528.70
CATERPILLAR INC US CAT 49.3 $18,065.72
CELLNEX TELECOM SA ES CLNX SM 364.38 $12,889.85
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 9,430.36 $166,162.98
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 40,868.73 $45,125.65
CHEVRON CORP US CVX 92.96 $14,663.53
CISCO SYSTEMS INC US CSCO 292.44 $14,595.60
CITIGROUP INC US C 166.13 $10,506.35
CITIGROUP INC 1.46200 06/09/2027 US 46,707.12 $42,912.99
CLARK CNTY NV 1.51000 11/01/2028 US 22,704.85 $19,563.72
CLEANAWAY WASTE MANAGEMENT AU CWY AU 11,342.82 $20,098.03
COCA COLA CO/THE US KO 8,128.34 $497,291.60
COGNIZANT TECH SOLUTIONS - A US CTSH 48.52 $3,556.29
COLGATE-PALMOLIVE CO US CL 85.37 $7,687.59
COMCAST CORP-CL A US CMCSA 288.42 $12,502.85
CONAGRA BRAND INC. US CAG 76.42 $2,265.03
CONOCOPHILLIPS US COP 83.81 $10,667.76
CONSTELLATION BRANDS INC-A US STZ 1,566.25 $425,642.84
COPART INC US CPRT 2,335.23 $135,256.30
CORNING INC US GLW 82.78 $2,728.28
COTERRA ENERGY INC US CTRA 100.16 $2,792.48
CROWN CASTLE INTL CORP US CCI 58.32 $6,171.90
CSX CORP US CSX 5,905.27 $218,908.43
CUMMINS INC US CMI 21.28 $6,269.47
CVS HEALTH CORP US CVS 81.22 $6,477.99
DEUTSCHE BOERSE AG DE DB1 GR 180.73 $37,011.81
DEUTSCHE BOERSE AG ADR DE DBOEY 7,832.33 $160,014.50
DEVON ENERGY CORPORATION US DVN 68.76 $3,450.54
DIAGEO PLC GB DGE LN 271.87 $10,059.95
DIAMONDBACK ENERGY INC US FANG 21.28 $4,216.60
DIGITAL REALTY TRUST INC US DLR 46.9 $6,755.73
DIGITALBRIDGE GROUP INC US DBRG 313.65 $6,044.06
DOLLARAMA INC CA DOL CN 202.2 $15,403.87
DOW INC US DOW 71.49 $4,141.29
DREYFUS GVT CSH MANAGEMENT US 502,729.8 $502,729.80
EBAY INC US EBAY 66.04 $3,485.52
ELECTRONIC ARTS US EA 3,651.33 $484,421.82
EMERSON ELEC CO US EMR 66.49 $7,541.61
ENERGY TRANSFER LP 7.37500 02/01/2031 US 27,570.17 $28,898.89
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 40,868.73 $43,431.58
EOG RESOURCES INC US EOG 49.11 $6,277.88
EQUINIX INC US EQIX 520.46 $429,551.27
EQUITY COMMONWEALTH US EQC 286.6 $5,411.01
EQUITY LIFESTYLE PROPERTIES US ELS 192.6 $12,403.57
EQUITY RESIDENTIAL US EQR 123.32 $7,782.71
EVERGY INC US EVRG 6,231.44 $332,634.44
EXPERIAN GROUP LTD-SPON ADR IE EXPGY 3,919.44 $170,652.45
EXPERIAN PLC IE EXPN LN 475.12 $20,702.17
EXTRA SPACE STORAGE INC US EXR 84.53 $12,425.46
EXXON MOBIL CORP US XOM 147.65 $17,162.42
FEDEX CORPORATION US FDX 18.94 $5,488.35
FIFTH THIRD BANCORP US FITB 97.83 $3,640.09
FINECOBANK SPA IT FBK IM 728.11 $10,904.79
FIRST INDUSTRIAL REALTY TR US FR 82.39 $4,328.57
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 378.98 $6,525.97
FMC CORP US FMC 20.89 $1,330.59
GENERAL DYNAMICS CORP US GD 27.18 $7,678.35
GENERAL MLS INC US GIS 70.58 $4,938.46
GENUINE PARTS CO US GPC 22.45 $3,477.46
GILEAD SCIENCES INC US GILD 120.01 $8,790.83
GLOBANT SA LU GLOB 86.08 $17,380.32
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 6,811.45 $5,733.71
GOODMAN GROUP AU GMG AU 277.39 $6,110.12
HALLIBURTON CO US HAL 87.97 $3,467.58
HALMA PLC GB HLMA LN 1,057.59 $31,580.10
HARTFORD FINL SVCS US HIG 32.63 $3,362.53
HDFC BANK LTD-ADR IN HDB 3,960.57 $221,673.05
HEINEKEN NV NL HEIA NA 352.77 $34,009.58
HEINEKEN NV-SPN ADR NL HEINY 4,873.95 $235,558.13
HELIOS TOWERS PLC GB HTWS LN 3,855.61 $4,593.07
HOME DEPOT INC US HD 65.2 $25,008.94
HONEYWELL INTERNATIONAL INC US HON 58.25 $11,956.67
HUMANA INC US HUM 1,176.5 $407,916.23
HUNTINGTON BANCSHARES US HBAN 164.97 $2,301.29
IDEXX LABORATORIES INC US IDXX 302.36 $163,255.24
IMCD NV NL IMCD NA 186.44 $32,815.19
INFRABUILD AUTRALIA PTY 14.50000 11/15/2028 AU 12,325.49 $12,782.15
INTERCONTINENTALEXCHANGE INC US ICE 3,399.11 $467,139.76
INTERMEDIATE CAPITAL GROUP GB ICP LN 831.78 $21,544.23
INTERNATIONAL BUSINESS MACH CORP US IBM 51.31 $9,798.72
INTERNATIONAL FLVRS & FRAGRANCES US IFF 31.46 $2,705.45
INTUIT INC US INTU 376.25 $244,563.66
INTUITIVE SURGICAL INC US ISRG 644.49 $257,210.86
INVITATION HOMES INC US INVH 508.65 $18,113.15
JM SMUCKER CO/THE-NEW COM WI US SJM 18.36 $2,310.78
JOHNSON & JOHNSON US JNJ 3,821.29 $604,490.02
JP MORGAN CHASE & CO US JPM 1,043.77 $209,068.00
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 74,601.65 $72,152.64
KELLOGG CO US K 35.16 $2,014.32
KEYENCE CORP JP 6861 JP 45.41 $21,081.95
KEYWORDS STUDIOS PLC IE KWS LN 780.66 $12,828.70
KRAFT HEINZ CO/THE US KHC 98.47 $3,633.70
L'OREAL FR OR FP 10.44 $4,946.09
L3HARRIS TECHNOLOGIES INC US LHX 2,476.19 $527,676.27
LEXINGTON REALTY TRUST US LXP 1,307.6 $11,794.59
LOCKHEED MARTIN CORP US LMT 22.9 $10,416.28
LONZA GROUP AG -REG CH LONN SW 48.07 $28,726.21
LONZA GROUP AG ADR CH LZAGY 4,325.53 $259,142.70
MARATHON OIL CORP US MRO 74.47 $2,110.53
MARATHON PETROLEUM CORP US MPC 42.69 $8,601.05
MARRIOTT VACATIONS WORLD US VAC 52.61 $5,667.72
MASCO CORP US MAS 3,888.76 $306,745.14
MASSMUTUAL GLOBAL FUNDING 4.85000 01/17/2029 US 14,271.62 $14,199.84
MASTERCARD INC-CLASS A US MA 1,329.66 $640,324.77
MEDTRONIC INC IE MDT 2,921.79 $254,633.98
MERCADOLIBRE INC BR MELI 100.03 $151,242.99
MERCK & CO INC US MRK 171.26 $22,597.68
MET LIFE GLOB FUNDING I 4.85000 01/08/2029 US 14,271.62 $14,168.65
META PLATFORMS INC US META 1,514.41 $735,368.88
MICROCHIP TECHNOLOGY INC US MCHP 56.57 $5,074.67
MICRON TECHNOLOGY INC US MU 5,361.39 $632,054.66
MICROSOFT CORP US MSFT 1,393.49 $586,270.76
MID-AMERICA APARTMENT COMM US MAA 33.99 $4,472.72
MONARCH CASINO & RESORT INC US MCRI 92.31 $6,922.43
MONDELEZ INTERNATIONAL INC US MDLZ 3,926.77 $274,873.99
MOODY'S CORPORATION US MCO 1,096.77 $431,065.07
NAVIENT CORP 6.75000 06/25/2025 US 12,001.13 $12,077.69
NESTLE S.A. - ADR CH NSRGY 3,240.18 $344,106.76
NESTLE SA-REGISTERED CH NESN SW 287.31 $30,527.06
NETAPP INC US NTAP 37.04 $3,888.23
NEW FORTRESS ENERGY INC 8.75000 03/15/2029 US 13,298.55 $13,252.88
NEW YORK LIFE GLOBAL FDG 4.70000 01/29/2029 US 14,271.62 $14,122.79
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 18,751.52 $17,742.65
NORFOLK SOUTHN CORP US NSC 499.18 $127,226.60
NORTHROP GRUMMAN CORP US NOC 489.91 $234,498.30
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 9,406.29 $0.09
NOVARTIS AG- REG CH NVS 1,874.71 $181,340.41
NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 US 27,245.82 $28,806.34
NVIDIA CORP US NVDA 344.59 $311,362.02
OMNICOM GROUP US OMC 33.86 $3,276.55
OPEN INFRA IS ASSETS AB 11.00000 02/22/2027 US 12,974.2 $12,909.67
OXFINF 2024-A A2 6.67500 01/14/2032 US 3,243.55 $3,223.77
PACKAGING CORP OF AMERICA US PKG 15.76 $2,991.63
PALOMINO FUNDING TRUST I 7.23300 05/17/2028 US 33,732.92 $35,379.74
PARAMOUNT GLOBAL CLASS B US PARA 92.77 $1,091.85
PELORUS FUND REIT 7.00000 09/30/2026 US 12,325.49 $12,086.07
PEPSICO INC 3.90000 07/18/2032 US 60,978.74 $57,786.44
PFIZER INC US PFE 320.27 $8,887.44
PHILIP MORRIS INTERNATIONAL US PM 3,046.08 $279,082.09
PHILLIPS 66 US PSX 36.46 $5,954.97
PPG INDUSTRIES INC US PPG 25.56 $3,703.52
PROLOGIS US PLD 391.43 $50,972.22
PUBLIC STORAGE INC US PSA 65.58 $19,023.46
QUALCOMM 5.40000 05/20/2033 US 25,299.69 $26,560.92
QUALCOMM INC US QCOM 93.15 $15,771.10
QUALCOMM INC 4.25000 05/20/2032 US 34,381.63 $33,180.42
QUEST DIAGNOSTICS INC US DGX 19.79 $2,633.67
RAYTHEON TECHNOLOGIES CORP US RTX 83.16 $8,111.05
REALTY INCOME CORP US O 171.84 $9,296.72
REGIONS FINANCIAL CORP. US RF 147.84 $3,110.57
REXFORD INDUSTRIAL REALITY IN US REXR 299.25 $15,052.27
S&P GLOBAL INC US SPGI 719.29 $306,021.77
SALESFORCE INC US CRM 1,228.2 $369,910.06
SBA COMMUNICATIONS CORP US SBAC 1,123.63 $243,490.74
SBA TOWER TRUST 6.59900 01/15/2028 US 20,434.36 $20,943.67
SCHLUMBERGER LTD US SLB 103.92 $5,696.04
SERVICENOW INC US NOW 483.61 $368,706.77
SIMON PROPERTY 2.25000 01/15/2032 US 60,005.67 $49,116.36
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 47,031.47 $39,667.67
SIRIUSPOINT LTD 7.00000 04/05/2029 BM 27,894.53 $27,851.57
SKYWORKS SOLUTIONS INC US SWKS 21.93 $2,375.07
SONY CORP FIRST SECTION JP 6758 JP 298.41 $25,588.58
SONY CORP SPONSORED ADR JP SONY 2,381.35 $204,176.90
SUN COMMUNITIES US SUI 150.44 $19,343.04
SYSCO CORP US SYY 44.24 $3,591.57
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 4,060.99 $552,497.60
TE CONNECTIVITY LIMITED CH TEL 30.81 $4,475.39
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 2,465.1 $33,495.42
TECHTRONIC INDUSTRIES-SP ADR HK TTNDY 1,730.11 $117,621.50
TENCENT HOLDINGS 3.97500 04/11/2029 KY 120,660.06 $114,690.95
TENCENT HOLDINGS LTD CN 700 HK 713.58 $27,793.94
TERRENO REALTY CORP US TRNO 198.7 $13,193.67
TEXAS INSTRUMENTS INC US TXN 59.16 $10,306.67
THERMO FISHER SCIENTIFIC INC US TMO 504.89 $293,447.69
TRAVELLERS COS INC US TRV 28.54 $6,568.94
TREASURY BOND 2.37500 02/15/2042 US 689,708.45 $513,832.80
TRUIST FINANCIAL CORP US TFC 109.44 $4,265.87
TSY INFL IX N/B 0.12500 01/15/2031 US 162,938.67 $145,202.75
TYSON FOODS INC -CL A US TSN 45.54 $2,674.53
U.S. BANCORP US USB 152.9 $6,834.67
UDR INC US UDR 120.34 $4,501.76
UNION PAC CORP US UNP 475.96 $117,052.48
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 1,111.93 $1,065.37
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 10,880.8 $10,051.65
UNITED PARCEL SERVICE US UPS 56.63 $8,417.27
UNITED STATES TREAS NTS 2.25000 11/15/2024 US 251,115.63 $246,573.97
UNITEDHEALTH GROUP INC US UNH 853.31 $422,133.99
US TEASURY NOTE 1.75000 11/15/2029 US 1,005,046.37 $885,461.56
US TREASURY N/B 0.87500 11/15/2030 US 1,342,764.79 $1,088,059.09
US TREASURY N/B 3.12500 11/15/2028 US 585,331.02 $557,847.90
US TREASURY N/B 3.62500 02/15/2053 US 141,418.78 $124,426.43
US TREASURY N/B 4.12500 11/15/2032 US 240,022.69 $238,635.06
VALERO ENERGY US VLO 29.06 $4,960.63
VENTAS INC US VTR 144.73 $6,301.42
VERTEX PHARMACEUTICALS INC US VRTX 379.24 $158,524.38
VISA INC - CLASS A SHARES US V 2,288.32 $638,625.59
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 46,058.41 $43,113.23
WELLS FARGO COMPANY US WFC 202.53 $11,738.48
WELLTOWER INC. US WELL 191.05 $17,851.25

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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