Investment Objective

To provide capital preservation, with income and capital growth as secondary objectives.

Investment Strategy

The portfolio is invested in a conservative mix of securities that seeks stability with some growth and income potential. Holdings are diversified primarily among fixed income securities, typically focusing on short to intermediate-term maturities. Stock investments may be focused on dividend paying securities in pursuit of growth opportunities and income generation.

The fund manager will adjust the investment mix over time to manage risk by continually evaluating individual securities and market conditions to determine the relative attractiveness of each investment. In general, stock exposure will increase when valuations are low and decrease during speculative markets.

May be Appropriate for Investors

  • Who seek to minimize declines in account value with the potential for modest growth and income generation
  • Who want to assume a minimal amount of capital risk through limited stock exposure

About Our Risk-Based Funds

Risk-based funds offer professional management and asset allocation through a choice of investment objectives that range from fairly aggressive to fairly conservative. All an investor has to do is determine which objective best suits his or her current risk tolerance and investment time horizon, then decide when to move to a different objective as his or her personal situation changes over the years.

Time Horizon & Range of Stock Exposure

Conservative Term Moderate Term Extended Term Maximum Term
0-5 Years 3-10 Years 7-20 Years 15+ Years
15-45% 20-60% 40-70% 70-95%

Generally, the longer your time horizon, the more aggressive your investment objective can be. Greater stock exposure is typically associated with higher return potential and higher capital risk.

Manning and Napier Risk-Based Funds Graphic

Learn more about our Pro-Mix® Series

Daily Price

$12.63

Daily $ Change

$0.25

Daily % Change

1.98%

as of 04/06/2020

CUSIP

302027123

Inception Date

10/15/2013

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

Important Documents

Annual Report
Applications & Forms

Performance

As of 02/29/2020

YTD

-0.53%

1 Year

8.42%

3 Year

5.41%

5 Year

3.83%

10 Year

5.24%

Inception
(01/01/2000)

5.89%

US Stock Market Cycle (04/01/2000 - 02/29/2020)

5.84%

Performance through the inception date of the Pro-Mix® CIT Class U units is based on the historical performance of the CIT's oldest unit class. Returns are net of Pro-Mix CIT® Class U expenses. 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.

Expense Ratio

Gross 0.51%
Net 0.49%*

*Reflects the Trustee’s contractual agreement to limit fees and voluntary agreement to reimburse certain expenses.

Top Ten Investments

As of 02/29/2020

GOVERNMENT AGENCY 14.67%
TREASURY NOTES 11.00%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 4.38%
TSY INFL IX N/B 2.00000 01/15/2026 3.29%
TSY INFL IX N/B 0.50000 04/15/2024 2.14%
TREASURY BONDS 2.14%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 1.38%
VERIZON COMMUNICATIONS 5.25000 03/16/2037 1.16%
BOOKING HOLDINGS INC 3.60000 06/01/2026 1.13%
BANK OF AMERICA CORP 4.00000 01/22/2025 1.12%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 02/29/2020

Bonds 74.23%
Stocks 25.35%
Cash 0.42%

Detailed Asset Class Allocation

As of 02/29/2020

International Equities 6.76%
Small Capitalization 0.38%
Mid Capitalization 0.77%
Large Capitalization 17.43%
Long Term Fixed Income 18.35%
Intermediate Term Fixed Income 42.25%
Short Term Fixed Income 13.64%
Cash 0.42%

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

February Fund Holdings

As of 02/29/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 15,000 $15,640.80
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 760,000 $856,546.27
00287Y109 ABBVIE INC US ABBV 2,826 $242,216.46
004239109 ACADIA REALTY TRUST US AKR 1,075 $24,553.00
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 10,000 $9,772.00
00507V109 ACTIVISION INC US ATVI 6,310 $366,800.30
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 780,000 $860,133.96
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 15,000 $15,787.50
008492100 AGREE REALTY CORP US ADC 290 $20,827.80
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 400,000 $424,262.42
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 105 $15,947.40
01609W102 ALIBABA GROUP - ADR CN BABA 1,055 $219,440.00
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 600,000 $646,288.30
02079K107 ALPHABET INC-CL C US GOOG 160 $214,292.80
02079K305 ALPHABET INC-CL A US GOOGL 160 $214,280.00
023135106 AMAZON.COM INC US AMZN 250 $470,937.50
0237400 DIAGEO PLC GB DGE LN 5,460 $194,810.49
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 1,030 $44,743.20
02665T306 AMERICAN HOMES 4 RENT- A US AMH 2,345 $60,712.05
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 35,000 $36,403.31
03027X100 AMERICAN TOWER REIT INC US AMT 970 $219,996.00
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 780,000 $859,264.59
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 13,065.27 $13,145.14
03064D108 AMERICOLD REALTY TRUST US COLD 1,360 $41,711.20
031162100 AMGEN INC US AMGN 1,228 $245,268.44
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 15,000 $10,200.00
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 15,000 $10,275.00
03748R754 APARTMENT INVT & MGMT CO -A US AIV 1,244 $59,512.96
043436AT1 ASBURY AUTOMOTIVE GROUP 4.75000 03/01/2030 US 15,000 $15,262.50
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 15,000 $15,487.50
053484101 AVALONBAY COMMUNITIES INC US AVB 465 $93,274.35
05401AAJ0 AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 KY 420,000 $422,811.06
055622104 BP PLC-SPONS ADR GB BP 2,380 $74,470.20
060505104 BANK OF AMERICA CORP US BAC 8,825 $251,512.50
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 1,170,000 $1,276,401.77
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 2,490 $513,786.60
088606108 BHP GROUP LTD AU BHP 3,804 $164,751.24
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 3,310 $299,124.70
097023105 BOEING CO US BA 861 $236,869.71
09857L108 BOOKING HOLDINGS INC US BKNG 110 $186,522.60
101121101 BOSTON PROPERTIES INC US BXP 522 $67,306.68
105368203 BRANDYWINE REALTY TRUST US BDN 3,675 $49,906.50
110122108 BRISTOL MYERS SQUIBB CO US BMY 2,790 $164,777.40
11135F101 BROADCOM INC US AVGO 621 $169,297.02
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 15,000 $7,950.00
1248EPCE1 CCO HLDGS LLC/CAP CORP 4.50000 08/15/2030 US 15,000 $15,168.75
12503M108 CBOE GLOBAL MARKETS INC US CBOE 1,860 $212,040.00
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 150,079.61 $154,419.88
12572Q105 CME GROUP INC US CME 1,080 $214,725.60
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 397,809.93 $397,602.11
12662PAD0 CVR ENERGY INC 5.75000 02/15/2028 US 15,000 $14,175.00
126650100 CVS HEALTH CORP US CVS 2,535 $150,021.30
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 20,000 $21,100.00
133131102 CAMDEN PROPERTY TRUST US CPT 700 $74,186.00
14180LAA4 CARGO AIRCRAFT MANAGEMENT 4.75000 02/01/2028 US 15,000 $14,868.75
149123101 CATERPILLAR INC US CAT 1,049 $130,327.76
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 181,095.94 $183,749.68
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 15,000 $15,028.13
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 292,207.18 $292,827.65
166764100 CHEVRON CORP US CVX 2,845 $265,552.30
16941R108 CHINA PETROLEUM & CHEM-ADR CN SNP 2,426 $125,036.04
17275R102 CISCO SYSTEMS INC US CSCO 6,240 $249,163.20
172967424 CITIGROUP INC US C 2,596 $164,742.16
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 380,000 $657,863.19
191216100 COCA COLA CO/THE US KO 8,220 $439,687.80
194162103 COLGATE-PALMOLIVE CO US CL 1,981 $133,856.17
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 620,000 $670,013.84
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 474,419.52 $485,944.45
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 825 $39,294.75
20451NAG6 COMPASS MINERALS INTERNA 6.75000 12/01/2027 US 20,000 $21,200.00
20825C104 CONOCOPHILLIPS US COP 1,480 $71,661.60
222795502 COUSINS PROPERTIES INC US CUZ 1,684 $60,101.96
225310AN1 CREDIT ACCEPTANC 5.12500 12/31/2024 US 15,000 $15,450.00
22534GAA1 CAALT 2020-1A 2.01000 02/15/2029 US 440,000 $442,251.44
22822V101 CROWN CASTLE INTL CORP US CCI 270 $38,688.30
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 820,000 $864,225.59
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 288,962.02 $284,143.81
25277LAC0 DIAMOND SPORTS GR/DIAMON 6.62500 08/15/2027 US 20,000 $16,133.00
253868103 DIGITAL REALTY TRUST INC US DLR 85 $10,209.35
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 910,000 $1,072,818.62
256746108 DOLLAR TREE STORES INC US DLTR 2,500 $207,575.00
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 25,000 $25,680.00
25960P109 DOUGLAS EMMETT INC US DEI 1,100 $41,998.00
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 200,000 $208,810.00
2715777 QUEBECOR INC -CL B CA QBR/B CN 4,340 $101,398.70
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 5,480 $94,841.05
285512109 ELECTRONIC ARTS US EA 3,060 $310,192.20
291011104 EMERSON ELEC CO US EMR 1,528 $97,960.08
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 520,000 $626,663.39
29413XAD9 ENVIVA PARTNERS LP/FIN C 6.50000 01/15/2026 US 20,000 $20,800.40
29444U700 EQUINIX INC US EQIX 820 $469,696.00
29446M102 EQUINOR ASA-SPON ADR NO EQNR 5,076 $78,931.80
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 445 $30,406.85
29476L107 EQUITY RESIDENTIAL US EQR 625 $46,937.50
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 1,435 $32,875.85
297178105 ESSEX PROPERTY TRUST INC US ESS 126 $35,703.36
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 1,550,000 $1,565,041.93
30225T102 EXTRA SPACE STORAGE INC US EXR 150 $15,054.00
30262DAL5 FREMF 2011-K13 B 4.61222 01/25/2048 US 410,000 $419,188.35
30262SAR9 FREMF 2015-K42 B FLT 3.85083 12/25/2024 US 180,000 $194,165.12
30287EAE0 FREMF 2014-K41 B FLT 3.83254 11/25/2047 US 700,000 $760,657.38
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 10,609,212.94 $25,173.54
30303M102 FACEBOOK INC -A US FB 4,180 $804,524.60
3128M1AM1 FHLM POOL G11912 5.50000 03/01/2021 US 3,250.35 $3,278.29
3128M6HZ4 FHLM POOL G04448 5.50000 07/01/2038 US 136,219.76 $157,020.11
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 3,133.94 $3,611.41
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 10,082.02 $11,520.86
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 108,195.25 $127,034.32
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 36,407.86 $41,777.65
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 45,322.62 $47,012.70
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 2,938.83 $3,007.62
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 2,869.7 $2,970.88
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 467,162.72 $506,298.14
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 76,203.61 $87,647.00
3128MJY87 FHLM POOL FG G08734 4.00000 11/01/2046 US 41,550.1 $44,474.18
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 37,864.87 $41,252.33
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 397,089.44 $437,649.03
3131XVYW9 FEDERAL NATL MTG ASSN FR ZM2525 3.00000 12/01/2046 US 494,016.14 $515,092.39
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 129,845.11 $140,369.28
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 452,473.03 $480,921.96
3132Y33P7 FHLM POOL FG Q59805 4.50000 11/01/2048 US 311,623.79 $333,202.82
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 296,364.84 $321,303.26
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 66.05 $66.11
3133G6L60 FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 US 538,491.43 $558,286.18
3136AY6W8 FNA 2017-M15 A1 2.95932 09/25/2027 US 476,558.92 $507,132.03
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 362,005.04 $386,222.34
31371MLB1 FEDERAL NATL MTG ASSN 256022 5.50000 12/01/2035 US 45,836.56 $52,685.37
31371MRU3 FEDERAL NATL MTG ASSN 256199 5.00000 04/01/2021 US 2,403.27 $2,541.57
31371NDQ5 FEDERAL NATL MTG ASSN 256711 5.50000 05/01/2037 US 5,886.41 $6,785.61
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 105 $12,215.70
3137A2B34 FHMS K009 X1 FLT 1.26002 08/25/2020 US 945,838.8 $3,343.54
3137ADTK3 FHMS K014 X1 FLT 1.14924 04/25/2021 US 10,744,321.42 $108,252.26
3137AJMG6 FMHS K016 X1 FLT 1.47787 10/25/2021 US 2,284,164.9 $46,557.90
3137AUPF0 FHMS K021 x1 FLT 1.42177 06/25/2022 US 15,421,664.89 $422,550.53
3137B3NB0 FHMS K030 X1 FLT 0.18125 04/25/2023 US 29,379,849.59 $154,200.14
3137B4GZ3 FHMS K032 X1 FLT 0.09543 05/25/2023 US 17,271,470.68 $62,476.09
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 364,941.94 $374,394.59
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 281,675.94 $288,835.02
3138A7BL1 FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 183,324.79 $197,339.48
3138AJ4A7 FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 30,575.37 $32,640.93
3138EPLE2 FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 85,763.43 $94,584.16
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64500 01/01/2049 US 541,925.33 $619,217.53
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 821,666.23 $882,467.70
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 505,386.19 $553,004.17
3138YTGK4 FEDERAL NATL MTG ASSN AZ2001 3.50000 05/01/2045 US 1,005,243.59 $1,071,195.72
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 50,270.27 $57,823.30
31403DVZ9 FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 8,403.9 $9,665.70
31406PTV1 FEDERAL NATL MTG ASSN 816064 4.50000 04/01/2020 US 139.43 $144.76
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 519,949.07 $557,195.29
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 90,970.16 $97,538.08
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 434,558.62 $464,289.14
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 113,834.75 $121,814.77
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 415,289.44 $443,646.22
3140K1TB2 FEDERAL NATL MTG ASSN FN BO5945 3.50000 11/01/2049 US 441,276.44 $460,381.27
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 351,975.61 $393,802.24
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 233,548.42 $253,559.82
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 345,077.81 $370,479.04
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 144,486.5 $156,960.41
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 211,639.85 $229,348.17
3140X4JC1 FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 US 739,106.23 $774,317.32
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 1,767.51 $1,804.34
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 2,104.92 $2,148.36
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 12,638.63 $12,792.96
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 14,850.47 $15,012.38
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 15,038.62 $17,326.30
31410WSY5 FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 5,631.27 $6,282.36
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 34,853.61 $40,062.71
31411RHZ4 FEDERAL NATL MTG ASSN 912948 5.00000 05/01/2038 US 4,334.76 $4,691.37
31413CCL1 FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 2,481.34 $2,750.82
31413MR66 FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 16,328.81 $18,699.34
31413S6R0 FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 11,543.15 $13,406.05
31414CQ50 FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 2,509.96 $2,920.61
31414DJ23 FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 7,509.39 $8,539.31
31414QX28 FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 4,803.65 $4,989.50
31414UF52 FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 27,885.51 $28,952.19
31415ALX7 FEDERAL NATL MTG ASSN 981042 6.00000 04/01/2038 US 12,010.62 $13,417.70
31415BBC2 FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 12,940.88 $14,518.97
31415BBT5 FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 6,709.35 $7,387.11
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 8,364.27 $8,464.51
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 14,441.87 $15,922.32
31418B6G6 FEDERAL NATL MTG ASSN FN MA2670 3.00000 07/01/2046 US 357,300.43 $374,102.48
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 182,306.49 $198,441.59
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 196,551.28 $214,122.32
31418C4F8 FEDERAL NATL MTG ASSN FN MA3521 4.00000 11/01/2048 US 943,612.66 $994,909.13
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 392,394.53 $411,428.41
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 403,545.87 $438,792.35
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 275,798.88 $289,082.30
31418CZH0 FEDERAL NATL MTG ASSN FN MA3443 4.00000 08/01/2048 US 376,018.67 $396,842.24
31418DC67 FEDERAL NATL MTG ASSN FN MA3692 3.50000 07/01/2049 US 1,127,725.61 $1,170,783.71
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 23,843.11 $28,025.01
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 82,409.87 $95,165.11
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 14,929.26 $17,203.48
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 20,000 $22,200.00
316067107 FIDELITY CASH RESERVES US 16,410 $16,410.00
32054K103 FIRST INDUSTRIAL REALTY TR US FR 535 $20,597.50
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 20,000 $20,087.60
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 470,000 $498,200.85
346232AE1 FORESTAR GROUP INC 5.00000 03/01/2028 US 20,000 $19,650.00
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 20,000 $20,950.00
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 20,000 $20,794.00
357081AE8 FREMF 2015-K720 B FLT 3.39225 07/25/2022 US 100,000 $103,264.73
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 115,000 $115,492.95
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 7,536.41 $7,575.00
36294VKJ8 GNMA POOL 660997 5.50000 05/15/2037 US 29,964.56 $32,484.58
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 780,000 $763,596.60
37185LAL6 GENESIS ENERGY LP/FIN 7.75000 02/01/2028 US 20,000 $17,200.00
374297109 GETTY REALTY CORP US GTY 605 $17,145.70
375558103 GILEAD SCIENCES INC US GILD 2,745 $190,393.20
37960JAA6 GLOBAL AIR LEASE CO LTD 6.50000 09/15/2024 KY 30,000 $29,550.00
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 450,967.78 $464,394.31
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 13,270 $179,410.40
38869PAK0 GRAPHIC PACKAGING INTERN 4.75000 04/15/2021 US 15,000 $15,224.55
398433AN2 GRIFFON CORPORATION 5.75000 03/01/2028 US 10,000 $10,003.70
404119BX6 HCA INC 4.12500 06/15/2029 US 590,000 $647,404.09
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 5,000 $5,050.00
406216101 HALLIBURTON CO US HAL 10,525 $178,504.00
421946104 HEALTHCARE REALTY TRUST INC US HR 1,210 $41,503.00
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 745 $23,199.30
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 2,040 $64,545.60
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 180 $17,496.00
437076102 HOME DEPOT INC US HD 1,680 $365,971.20
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 4,181 $107,284.46
438516106 HONEYWELL INTERNATIONAL INC US HON 1,277 $207,091.09
44107P104 HOST MARRIOTT CORP US HST 1,390 $20,127.20
450913AE8 IAMGOLD CORP 7.00000 04/15/2025 CA 20,000 $20,494.00
452308109 ILLINOIS TOOL WKS INC US ITW 687 $115,264.86
45337C102 INCYTE CORP US INCY 1,490 $112,360.90
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 20,000 $20,475.00
45781V101 INNOVATIVE INDUSTRIAL PROPER US IIPR 339 $31,167.66
458140100 INTEL CORP US INTC 6,203 $344,390.56
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 2,380 $212,343.60
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 1,638 $213,185.70
46187BAA1 IHSFR 2017-SFR2 A 2.50850 12/17/2036 US 147,896.06 $147,078.96
46187BAB9 IHSFR 2017-SFR2 B 2.80850 12/17/2036 US 120,000 $119,736.56
46187W107 INVITATION HOMES INC US INVH 3,311 $94,992.59
46625H100 JP MORGAN CHASE & CO US JPM 3,030 $351,813.30
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 27,697.94 $27,824.65
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 201,983.06 $206,871.66
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 233,023.08 $240,384.51
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 259,109.08 $263,682.25
46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 590,000 $639,650.71
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 298,567.89 $305,476.45
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 247,340.66 $253,202.63
4741844 MERCK KGAA DE MRK GR 3,500 $425,894.13
476405105 JERNIGAN CAPITAL INC US JCAP 2,680 $48,025.60
478160104 JOHNSON & JOHNSON US JNJ 7,228 $972,021.44
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 25,000 $6,000.00
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 20,000 $21,000.00
49427F108 KILROY REALTY CORP US KRC 177 $12,866.13
494368103 KIMBERLY CLARK CORP US KMB 876 $114,922.44
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 630,000 $844,378.98
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 25,000 $26,093.75
516806AG1 LAREDO PETROLEUM INC 10.12500 01/15/2028 US 20,000 $14,347.50
53223X107 LIFE STORAGE INC US LSI 135 $14,567.85
539830109 LOCKHEED MARTIN CORP US LMT 532 $196,770.84
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 15,000 $9,787.50
550021109 LULULEMON - ADR CA LULU 915 $198,930.15
56585A102 MARATHON PETROLEUM CORP US MPC 1,905 $90,335.10
57636Q104 MASTERCARD INC-CLASS A US MA 2,250 $653,062.50
58933Y105 MERCK & CO INC US MRK 5,640 $431,798.40
594918104 MICROSOFT CORP US MSFT 2,855 $462,538.55
595112103 MICRON TECHNOLOGY INC US MU 11,970 $629,143.20
59522J103 MID-AMERICA APARTMENT COMM US MAA 215 $27,790.90
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 10,773 $568,814.40
615369105 MOODY'S CORPORATION US MCO 675 $162,020.25
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 15,000 $8,770.50
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 30,000 $29,241.00
637417106 NATIONAL RETAIL PROPERTIES US NNN 485 $24,662.25
63938CAA6 NAVIENT CORP 5.00000 10/26/2020 US 20,000 $20,194.00
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 15,000 $15,825.00
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 266,086.32 $268,005.89
63941RAB6 NAVSL 2019-2A A2 2.62675 02/27/2068 US 1,000,000 $1,007,506.20
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 256,598.13 $271,623.21
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 326,020.59 $344,367.30
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 418,905.35 $440,873.17
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 25,000 $19,000.00
66987V109 NOVARTIS AG- REG CH NVS 7,380 $619,624.80
67059TAD7 NUSTAR LOGISTICS LP 6.75000 02/01/2021 US 15,000 $15,301.50
67066G104 NVIDIA CORP US NVDA 855 $230,909.85
67401PAB4 OAKTREE SPECIALTY LEND 3.50000 02/25/2025 US 20,000 $20,026.45
675232102 OCEANEERING INTL INC US OII 12,050 $127,007.00
675232AB8 OCEANEERING INTL INC 6.00000 02/01/2028 US 20,000 $18,650.00
681936100 OMEGA HEALTHCARE INVS INC US OHI 675 $26,730.00
70450Y103 PAYPAL HOLDINGS INC US PYPL 2,030 $219,219.70
7123870 NESTLE SA-REGISTERED CH NESN SW 4,150 $427,059.16
713448108 PEPSICO INC US PEP 3,230 $426,456.90
71654V101 PETROLEO BRASIL-SP PREF ADR BR PBR/A 9,212 $103,727.12
717081103 PFIZER INC US PFE 8,710 $291,088.20
719245AD4 PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 US 20,000 $18,950.00
71943U104 PHYSICIANS REALTY TRUST US DOC 2,510 $47,338.60
729640102 PLYMOUTH INDUSTRIAL REIT INC US PLYM 870 $16,329.90
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 1,170,000 $1,281,225.51
74166MAB2 PRIME SECSRVC BRW/FINANC 5.25000 04/15/2024 US 15,000 $15,525.00
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 15,000 $15,445.50
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 299,442.64 $302,495.49
74340W103 PROLOGIS US PLD 1,712 $144,287.36
74460D109 PUBLIC STORAGE INC US PSA 300 $62,736.00
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 25,000 $26,500.00
756109104 REALTY INCOME CORP US O 305 $22,078.95
758849103 REGENCY CENTERS CORP US REG 440 $25,273.60
767204100 RIO TINTO PLC - SPON ADR GB RIO 2,819 $132,295.67
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 20,000 $20,061.40
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 1,650 $73,474.50
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 2,530 $181,350.40
78409V104 S&P GLOBAL INC US SPGI 550 $146,250.50
78410G104 SBA COMMUNICATIONS CORP US SBAC 950 $251,835.50
78442PGC4 SLM CORP 5.12500 04/05/2022 US 25,000 $25,500.00
78443BAG1 SLMA 2006-10 A6 FLT 1.94413 03/25/2044 US 130,000 $122,538.17
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 749,053.9 $766,053.60
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 910,000 $1,056,300.05
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 770,000 $855,893.76
806857108 SCHLUMBERGER LTD NL SLB 6,670 $180,690.30
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 255,099.35 $259,497.11
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 338,310.73 $346,363.54
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 257,185.27 $251,857.21
81762P102 SERVICENOW INC US NOW 310 $101,087.90
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 20,000 $16,600.00
828806109 SIMON PROPERTY GROUP INC US SPG 540 $66,463.20
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 228,144.64 $231,159.02
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 79,469.45 $80,397.45
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 253,528.91 $255,880.31
835699307 SONY CORP SPONSORED ADR JP SNE 6,660 $414,252.00
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 830,000 $831,245.00
852061AR1 SPRINT COMMUNICATIONS 7.00000 08/15/2020 US 30,000 $30,600.00
85207UAE5 SPRINT CORP 7.25000 09/15/2021 US 15,000 $15,920.25
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 20,000 $22,691.60
85254J102 STAG INDUSTRIAL INC US STAG 1,280 $35,814.40
85571BAP0 STARWOOD PROPERTY TRUST 3.62500 02/01/2021 US 20,000 $19,825.00
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.12850 11/15/2027 US 886,341.61 $881,807.62
862121100 STORE CAPITAL CORP US STOR 1,180 $38,774.80
86212XAA8 STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 298,456.29 $311,012.14
866674104 SUN COMMUNITIES US SUI 450 $68,796.00
86723CAF5 SUNCOKE ENRGY PART LP/FI 7.50000 06/15/2025 US 15,000 $13,500.00
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 1,155 $12,647.25
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 120,263.17 $120,639.86
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 15,000 $10,500.00
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 580,000 $657,737.35
882508104 TEXAS INSTRUMENTS INC US TXN 1,662 $189,700.68
88579Y101 3M CO US MMM 1,186 $176,998.64
89151E109 TOTAL S A SPONSORED ADR FR TOT 4,963 $214,103.82
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 623,675.84 $631,755.87
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 288,630.4 $294,621.62
89177EAA7 TPMT 2019-HY1 A1 2.62675 10/25/2048 US 257,852.09 $259,246.19
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 15,000 $15,150.00
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 783,736.3 $790,362.95
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 498,585.56 $514,153.69
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 70,000 $66,500.00
902653104 UDR INC US UDR 753 $33,869.94
902973304 U.S. BANCORP US USB 3,196 $148,422.24
903002103 UMH PROPERTIES INC US UMH 920 $13,349.20
904767704 UNILEVER PLC - ADR GB UL 10,902 $587,944.86
907818108 UNION PAC CORP US UNP 1,278 $204,237.18
911312106 UNITED PARCEL SERVICE US UPS 1,868 $169,035.32
912796SZ3 TREASURY BILL 0.00000 07/16/2020 US 800,000 $796,482.89
912810FS2 TSY INFL IX N/B 2.00000 01/15/2026 US 3,282,140.55 $3,740,395.02
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 576,585.75 $662,643.17
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 480,000 $618,956.25
9128286N5 TSY INFL IX N/B 0.50000 04/15/2024 US 2,349,560.34 $2,431,241.02
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 4,967,283.71 $4,978,090.68
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 2,377,000 $2,464,559.03
912828VS6 US TREASURY N/B 2.50000 08/15/2023 US 1,714,000 $1,807,399.61
912828WJ5 US TREASURY N/B 2.50000 05/15/2024 US 2,295,000 $2,444,892.19
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 2,304,000 $2,441,699.99
912828YN4 US TREASURY FRN 1.45838 10/31/2021 US 5,125,000 $5,144,239.56
913017109 UNITED TECHNOLOGIES CORP US UTX 1,514 $197,713.26
91704F104 URBAN EDGE PROPERTIES US UE 1,425 $23,085.00
918204108 VF CORP US VFC 983 $70,776.00
91913Y100 VALERO ENERGY US VLO 1,075 $71,218.75
92276F100 VENTAS INC US VTR 659 $35,434.43
92339V100 VEREIT INC US VER 2,745 $23,771.70
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 990,000 $1,322,510.06
92826C839 VISA INC - CLASS A SHARES US V 3,210 $583,449.60
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 20,000 $18,700.00
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 50,000 $50,033.32
929042109 VORNADO REALTY TRUST US VNO 160 $8,572.80
93065PAA9 WBHT 2019-WBM A FLT 2.70850 12/15/2033 US 390,000 $390,013.92
931142103 WAL MART STORES US WMT 3,449 $371,388.32
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 2,248 $102,868.48
94106L109 WASTE MANAGEMENT INC US WM 1,065 $118,012.65
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 20,000 $20,800.00
949746101 WELLS FARGO COMPANY US WFC 6,995 $285,745.75
95040Q104 WELLTOWER INC. US WELL 776 $58,060.32
966387AH5 WHITING PETROLEUM CORP 5.75000 03/15/2021 US 20,000 $11,500.00
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 610,000 $640,172.44
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 171,308.82 $171,526.48
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 319,440.39 $329,148.50
98311A105 WYNDHAM HOTELS & RESORTS INC US WH 495 $25,220.25
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 30,000 $28,800.00
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 400,000 $20,265.81
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 140,000 $107,984.35
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 1,100,000 $55,706.40
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 1,800,000 $91,700.96
B63QM77 NEXON CO LTD JP 3659 JP 47,800 $755,906.60
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 350,000 $19,027.46
B7KR2P8 EASY JET PLC GB EZJ LN 11,790 $170,193.08
BBG00PR0GMF2 CBOE US 03/20/20 P115 US -15 -$8,475.00
BBG00RBW6Q94 MU US 02/28/20 C60 US -28 -$28.00
BBG00RCD6MK1 BKNG US 02/28/20 P1650 US -1 -$20.00
BBG00RKSFKR6 SNE US 03/20/20 P62.5 JP -27 -$9,450.00
BBG00RLJMWB8 PYPL US 03/13/20 P107 US -15 -$7,980.00
BBG00RVWXGX7 ATVI US 03/20/20 P54 US -30 -$3,570.00
BD3HF92 BSR REAL ESTATE INVESTMENT CA HOM/U CN 1,160 $14,440.26
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 14,315 $19,331.54
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 9,180 $465,469.21
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 6,545 $204,196.75
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 5,390 $311,439.12
G29183103 EATON CORP PLC US ETN 1,142 $103,602.24
G5960L103 MEDTRONIC INC IE MDT 6,343 $638,549.81
H01301128 ALCON INC CH ALC 3,870 $237,231.00
H1467J104 CHUBB LTD CH CB 702 $101,811.06
N47279109 INTERXION HOLDING NV NL INXN 995 $84,465.55
USD US DOLLAR US 457,484.01 $457,484.01

Investments will change over time.

A Word About Risk

All investments involve risks, including possible loss of principal. Because the fund invests 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 the fund will also involve a number of other risks, including issuer-specific risk, foreign investment risk, and small-cap/mid-cap risk. 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.

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 45 years of experience managing 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

$12.63

Daily $ Change

$0.25

Daily % Change

1.98%

as of 04/06/2020

CUSIP

302027123

Inception Date

10/15/2013

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

Important Documents

Annual Report
Fact Sheet
Applications & Forms

Investment Objective

To provide capital preservation, with income and capital growth as secondary objectives.

Investment Strategy

The portfolio is invested in a conservative mix of securities that seeks stability with some growth and income potential. Holdings are diversified primarily among fixed income securities, typically focusing on short to intermediate-term maturities. Stock investments may be focused on dividend paying securities in pursuit of growth opportunities and income generation.

The fund manager will adjust the investment mix over time to manage risk by continually evaluating individual securities and market conditions to determine the relative attractiveness of each investment. In general, stock exposure will increase when valuations are low and decrease during speculative markets.

May be Appropriate for Investors

  • Who seek to minimize declines in account value with the potential for modest growth and income generation
  • Who want to assume a minimal amount of capital risk through limited stock exposure

About Our Risk-Based Funds

Risk-based funds offer professional management and asset allocation through a choice of investment objectives that range from fairly aggressive to fairly conservative. All an investor has to do is determine which objective best suits his or her current risk tolerance and investment time horizon, then decide when to move to a different objective as his or her personal situation changes over the years.

Time Horizon & Range of Stock Exposure

Conservative Term Moderate Term Extended Term Maximum Term
0-5 Years 3-10 Years 7-20 Years 15+ Years
15-45% 20-60% 40-70% 70-95%

Generally, the longer your time horizon, the more aggressive your investment objective can be. Greater stock exposure is typically associated with higher return potential and higher capital risk.

Manning and Napier Risk-Based Funds Graphic

Learn more about our Pro-Mix® Series

Performance

As of 02/29/2020

YTD

-0.53%

1 Year

8.42%

3 Year

5.41%

5 Year

3.83%

10 Year

5.24%

Inception
(01/01/2000)

5.89%

US Stock Market Cycle (04/01/2000 - 02/29/2020)

5.84%

Performance through the inception date of the Pro-Mix® CIT Class U units is based on the historical performance of the CIT's oldest unit class. Returns are net of Pro-Mix CIT® Class U expenses. 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.

Expense Ratio

Gross 0.51%
Net 0.49%*

*Reflects the Trustee’s contractual agreement to limit fees and voluntary agreement to reimburse certain expenses.

Top Ten Investments

As of 02/29/2020

GOVERNMENT AGENCY 14.67%
TREASURY NOTES 11.00%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 4.38%
TSY INFL IX N/B 2.00000 01/15/2026 3.29%
TSY INFL IX N/B 0.50000 04/15/2024 2.14%
TREASURY BONDS 2.14%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 1.38%
VERIZON COMMUNICATIONS 5.25000 03/16/2037 1.16%
BOOKING HOLDINGS INC 3.60000 06/01/2026 1.13%
BANK OF AMERICA CORP 4.00000 01/22/2025 1.12%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 02/29/2020

Bonds
74.23%
Stocks
25.35%
Cash
0.42%

Detailed Asset Class Allocation

As of 02/29/2020

International Equities
6.76%
Small Capitalization
0.38%
Mid Capitalization
0.77%
Large Capitalization
17.43%
Long Term Fixed Income
18.35%
Intermediate Term Fixed Income
42.25%
Short Term Fixed Income
13.64%
Cash
0.42%

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

February Fund Holdings

As of 02/29/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 15,000 $15,640.80
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 760,000 $856,546.27
00287Y109 ABBVIE INC US ABBV 2,826 $242,216.46
004239109 ACADIA REALTY TRUST US AKR 1,075 $24,553.00
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 10,000 $9,772.00
00507V109 ACTIVISION INC US ATVI 6,310 $366,800.30
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 780,000 $860,133.96
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 15,000 $15,787.50
008492100 AGREE REALTY CORP US ADC 290 $20,827.80
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 400,000 $424,262.42
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 105 $15,947.40
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50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 25,000 $26,093.75
516806AG1 LAREDO PETROLEUM INC 10.12500 01/15/2028 US 20,000 $14,347.50
53223X107 LIFE STORAGE INC US LSI 135 $14,567.85
539830109 LOCKHEED MARTIN CORP US LMT 532 $196,770.84
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 15,000 $9,787.50
550021109 LULULEMON - ADR CA LULU 915 $198,930.15
56585A102 MARATHON PETROLEUM CORP US MPC 1,905 $90,335.10
57636Q104 MASTERCARD INC-CLASS A US MA 2,250 $653,062.50
58933Y105 MERCK & CO INC US MRK 5,640 $431,798.40
594918104 MICROSOFT CORP US MSFT 2,855 $462,538.55
595112103 MICRON TECHNOLOGY INC US MU 11,970 $629,143.20
59522J103 MID-AMERICA APARTMENT COMM US MAA 215 $27,790.90
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 10,773 $568,814.40
615369105 MOODY'S CORPORATION US MCO 675 $162,020.25
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 15,000 $8,770.50
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 30,000 $29,241.00
637417106 NATIONAL RETAIL PROPERTIES US NNN 485 $24,662.25
63938CAA6 NAVIENT CORP 5.00000 10/26/2020 US 20,000 $20,194.00
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 15,000 $15,825.00
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 266,086.32 $268,005.89
63941RAB6 NAVSL 2019-2A A2 2.62675 02/27/2068 US 1,000,000 $1,007,506.20
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 256,598.13 $271,623.21
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 326,020.59 $344,367.30
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 418,905.35 $440,873.17
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 25,000 $19,000.00
66987V109 NOVARTIS AG- REG CH NVS 7,380 $619,624.80
67059TAD7 NUSTAR LOGISTICS LP 6.75000 02/01/2021 US 15,000 $15,301.50
67066G104 NVIDIA CORP US NVDA 855 $230,909.85
67401PAB4 OAKTREE SPECIALTY LEND 3.50000 02/25/2025 US 20,000 $20,026.45
675232102 OCEANEERING INTL INC US OII 12,050 $127,007.00
675232AB8 OCEANEERING INTL INC 6.00000 02/01/2028 US 20,000 $18,650.00
681936100 OMEGA HEALTHCARE INVS INC US OHI 675 $26,730.00
70450Y103 PAYPAL HOLDINGS INC US PYPL 2,030 $219,219.70
7123870 NESTLE SA-REGISTERED CH NESN SW 4,150 $427,059.16
713448108 PEPSICO INC US PEP 3,230 $426,456.90
71654V101 PETROLEO BRASIL-SP PREF ADR BR PBR/A 9,212 $103,727.12
717081103 PFIZER INC US PFE 8,710 $291,088.20
719245AD4 PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 US 20,000 $18,950.00
71943U104 PHYSICIANS REALTY TRUST US DOC 2,510 $47,338.60
729640102 PLYMOUTH INDUSTRIAL REIT INC US PLYM 870 $16,329.90
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 1,170,000 $1,281,225.51
74166MAB2 PRIME SECSRVC BRW/FINANC 5.25000 04/15/2024 US 15,000 $15,525.00
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 15,000 $15,445.50
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 299,442.64 $302,495.49
74340W103 PROLOGIS US PLD 1,712 $144,287.36
74460D109 PUBLIC STORAGE INC US PSA 300 $62,736.00
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 25,000 $26,500.00
756109104 REALTY INCOME CORP US O 305 $22,078.95
758849103 REGENCY CENTERS CORP US REG 440 $25,273.60
767204100 RIO TINTO PLC - SPON ADR GB RIO 2,819 $132,295.67
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 20,000 $20,061.40
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 1,650 $73,474.50
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 2,530 $181,350.40
78409V104 S&P GLOBAL INC US SPGI 550 $146,250.50
78410G104 SBA COMMUNICATIONS CORP US SBAC 950 $251,835.50
78442PGC4 SLM CORP 5.12500 04/05/2022 US 25,000 $25,500.00
78443BAG1 SLMA 2006-10 A6 FLT 1.94413 03/25/2044 US 130,000 $122,538.17
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 749,053.9 $766,053.60
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 910,000 $1,056,300.05
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 770,000 $855,893.76
806857108 SCHLUMBERGER LTD NL SLB 6,670 $180,690.30
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 255,099.35 $259,497.11
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 338,310.73 $346,363.54
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 257,185.27 $251,857.21
81762P102 SERVICENOW INC US NOW 310 $101,087.90
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 20,000 $16,600.00
828806109 SIMON PROPERTY GROUP INC US SPG 540 $66,463.20
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 228,144.64 $231,159.02
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 79,469.45 $80,397.45
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 253,528.91 $255,880.31
835699307 SONY CORP SPONSORED ADR JP SNE 6,660 $414,252.00
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 830,000 $831,245.00
852061AR1 SPRINT COMMUNICATIONS 7.00000 08/15/2020 US 30,000 $30,600.00
85207UAE5 SPRINT CORP 7.25000 09/15/2021 US 15,000 $15,920.25
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 20,000 $22,691.60
85254J102 STAG INDUSTRIAL INC US STAG 1,280 $35,814.40
85571BAP0 STARWOOD PROPERTY TRUST 3.62500 02/01/2021 US 20,000 $19,825.00
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.12850 11/15/2027 US 886,341.61 $881,807.62
862121100 STORE CAPITAL CORP US STOR 1,180 $38,774.80
86212XAA8 STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 298,456.29 $311,012.14
866674104 SUN COMMUNITIES US SUI 450 $68,796.00
86723CAF5 SUNCOKE ENRGY PART LP/FI 7.50000 06/15/2025 US 15,000 $13,500.00
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 1,155 $12,647.25
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 120,263.17 $120,639.86
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 15,000 $10,500.00
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 580,000 $657,737.35
882508104 TEXAS INSTRUMENTS INC US TXN 1,662 $189,700.68
88579Y101 3M CO US MMM 1,186 $176,998.64
89151E109 TOTAL S A SPONSORED ADR FR TOT 4,963 $214,103.82
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 623,675.84 $631,755.87
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 288,630.4 $294,621.62
89177EAA7 TPMT 2019-HY1 A1 2.62675 10/25/2048 US 257,852.09 $259,246.19
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 15,000 $15,150.00
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 783,736.3 $790,362.95
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 498,585.56 $514,153.69
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 70,000 $66,500.00
902653104 UDR INC US UDR 753 $33,869.94
902973304 U.S. BANCORP US USB 3,196 $148,422.24
903002103 UMH PROPERTIES INC US UMH 920 $13,349.20
904767704 UNILEVER PLC - ADR GB UL 10,902 $587,944.86
907818108 UNION PAC CORP US UNP 1,278 $204,237.18
911312106 UNITED PARCEL SERVICE US UPS 1,868 $169,035.32
912796SZ3 TREASURY BILL 0.00000 07/16/2020 US 800,000 $796,482.89
912810FS2 TSY INFL IX N/B 2.00000 01/15/2026 US 3,282,140.55 $3,740,395.02
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 576,585.75 $662,643.17
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 480,000 $618,956.25
9128286N5 TSY INFL IX N/B 0.50000 04/15/2024 US 2,349,560.34 $2,431,241.02
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 4,967,283.71 $4,978,090.68
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 2,377,000 $2,464,559.03
912828VS6 US TREASURY N/B 2.50000 08/15/2023 US 1,714,000 $1,807,399.61
912828WJ5 US TREASURY N/B 2.50000 05/15/2024 US 2,295,000 $2,444,892.19
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 2,304,000 $2,441,699.99
912828YN4 US TREASURY FRN 1.45838 10/31/2021 US 5,125,000 $5,144,239.56
913017109 UNITED TECHNOLOGIES CORP US UTX 1,514 $197,713.26
91704F104 URBAN EDGE PROPERTIES US UE 1,425 $23,085.00
918204108 VF CORP US VFC 983 $70,776.00
91913Y100 VALERO ENERGY US VLO 1,075 $71,218.75
92276F100 VENTAS INC US VTR 659 $35,434.43
92339V100 VEREIT INC US VER 2,745 $23,771.70
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 990,000 $1,322,510.06
92826C839 VISA INC - CLASS A SHARES US V 3,210 $583,449.60
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 20,000 $18,700.00
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 50,000 $50,033.32
929042109 VORNADO REALTY TRUST US VNO 160 $8,572.80
93065PAA9 WBHT 2019-WBM A FLT 2.70850 12/15/2033 US 390,000 $390,013.92
931142103 WAL MART STORES US WMT 3,449 $371,388.32
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 2,248 $102,868.48
94106L109 WASTE MANAGEMENT INC US WM 1,065 $118,012.65
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 20,000 $20,800.00
949746101 WELLS FARGO COMPANY US WFC 6,995 $285,745.75
95040Q104 WELLTOWER INC. US WELL 776 $58,060.32
966387AH5 WHITING PETROLEUM CORP 5.75000 03/15/2021 US 20,000 $11,500.00
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 610,000 $640,172.44
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 171,308.82 $171,526.48
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 319,440.39 $329,148.50
98311A105 WYNDHAM HOTELS & RESORTS INC US WH 495 $25,220.25
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 30,000 $28,800.00
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 400,000 $20,265.81
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 140,000 $107,984.35
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 1,100,000 $55,706.40
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 1,800,000 $91,700.96
B63QM77 NEXON CO LTD JP 3659 JP 47,800 $755,906.60
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 350,000 $19,027.46
B7KR2P8 EASY JET PLC GB EZJ LN 11,790 $170,193.08
BBG00PR0GMF2 CBOE US 03/20/20 P115 US -15 -$8,475.00
BBG00RBW6Q94 MU US 02/28/20 C60 US -28 -$28.00
BBG00RCD6MK1 BKNG US 02/28/20 P1650 US -1 -$20.00
BBG00RKSFKR6 SNE US 03/20/20 P62.5 JP -27 -$9,450.00
BBG00RLJMWB8 PYPL US 03/13/20 P107 US -15 -$7,980.00
BBG00RVWXGX7 ATVI US 03/20/20 P54 US -30 -$3,570.00
BD3HF92 BSR REAL ESTATE INVESTMENT CA HOM/U CN 1,160 $14,440.26
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 14,315 $19,331.54
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 9,180 $465,469.21
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 6,545 $204,196.75
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 5,390 $311,439.12
G29183103 EATON CORP PLC US ETN 1,142 $103,602.24
G5960L103 MEDTRONIC INC IE MDT 6,343 $638,549.81
H01301128 ALCON INC CH ALC 3,870 $237,231.00
H1467J104 CHUBB LTD CH CB 702 $101,811.06
N47279109 INTERXION HOLDING NV NL INXN 995 $84,465.55
USD US DOLLAR US 457,484.01 $457,484.01

Investments will change over time.

A Word About Risk

All investments involve risks, including possible loss of principal. Because the fund invests 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 the fund will also involve a number of other risks, including issuer-specific risk, foreign investment risk, and small-cap/mid-cap risk. 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.

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 45 years of experience managing 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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