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

$15.34

Daily $ Change

$0.01

Daily % Change

0.07%

as of 11/24/2021

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 10/31/2021

YTD

4.85%

1 Year

11.14%

3 Year

9.43%

5 Year

7.04%

10 Year

5.76%

Inception
(01/01/2000)

6.19%

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 10/31/2021

TREASURY NOTES 26.43%
GOVERNMENT AGENCY 2.82%
TENCENT HOLDINGS 3.97500 04/11/2029 1.32%
VERIZON COMMUNICATIONS 4.27200 01/15/2036 1.09%
CENOVUS ENERGY INC 6.75000 11/15/2039 1.04%
AMERICAN TOWER CORP 3.80000 08/15/2029 1.02%
AMAZON.COM INC 0.99%
ALPHABET INC-CL A 0.96%
JOHNSON & JOHNSON 0.93%
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 0.87%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 10/31/2021

Bonds 67.13%
Stocks 31.01%
Cash 1.86%

Detailed Asset Class Allocation

As of 10/31/2021

International Equities 6.73%
Small Capitalization 0.72%
Mid Capitalization 2.45%
Large Capitalization 21.12%
Long Term Fixed Income 20.92%
Intermediate Term Fixed Income 30.99%
Short Term Fixed Income 15.21%
Cash 1.86%

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

October Fund Holdings

As of 10/31/2021

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00774MAW5 AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 880,000 $893,282.58
008474108 AGNICO EAGLE MINES LTD CA AEM 3,435 $182,226.75
008492100 AGREE REALTY CORP US ADC 391 $27,784.46
009126202 AIR LIQUIDE-ADR FR AIQUY 10,879 $363,576.18
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 420,000 $448,315.72
01166WAA5 ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 44,448.64 $50,131.64
01609WAU6 ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 810,000 $877,866.28
01627AAA6 ADC 2021-1A A2 1.93700 08/15/2046 US 600,000 $597,162.96
02079K305 ALPHABET INC-CL A US GOOGL 420 $1,243,586.40
023135106 AMAZON.COM INC US AMZN 377 $1,271,406.11
0237400 DIAGEO PLC GB DGE LN 3,811 $189,603.69
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 1,138 $61,133.36
02665T306 AMERICAN HOMES 4 RENT- A US AMH 2,131 $86,518.60
03027X100 AMERICAN TOWER REIT INC US AMT 1,418 $399,833.46
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 1,200,000 $1,319,337.58
032654105 ANALOG DEVICES INC US ADI 968 $167,938.32
03784Y200 APPLE HOSPITALITY REIT INC US APLE 3,443 $54,089.53
038923AS7 ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 50,000 $52,568.86
045054AJ2 ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 360,000 $379,853.71
053015103 AUTOMATIC DATA PROCESSING US ADP 927 $208,102.23
053484101 AVALONBAY COMMUNITIES INC US AVB 257 $60,826.76
05401AAP6 AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 KY 1,130,000 $1,118,962.48
05545E209 BHP GROUP PLC SPONSORED ADR AU BBL 4,468 $236,714.64
055622104 BP PLC-SPONS ADR GB BP 4,135 $119,046.65
05567SAA0 BNSF FUNDING TRUST I 6.61300 12/15/2055 US 380,000 $432,839.00
067901108 BARRICK GOLD CORP CA GOLD 10,280 $188,843.60
084423102 WR BERKLEY CORP US WRB 3,734 $297,226.40
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 5,698 $451,452.54
09261HAC1 BLACKSTONE PRIVATE CRE 2.62500 12/15/2026 US 450,000 $442,297.13
09261XAB8 BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 440,000 $444,062.87
10373QBR0 BP CAP MARKETS AMERICA 3.06000 06/17/2041 US 1,100,000 $1,108,931.09
105368203 BRANDYWINE REALTY TRUST US BDN 2,413 $31,972.25
110122108 BRISTOL MYERS SQUIBB CO US BMY 4,394 $256,609.60
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 4,771 $166,603.32
12345678 JONAH ENERGY PARENT LLC US 2,051 $128,187.50
12530MAA3 SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 349,467.5 $349,535.65
12530MAB1 SORT 2020-1 A2 1.99000 07/15/2060 US 280,684.66 $278,995.11
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 28,343.1 $28,670.15
12626K203 CRH PLC -SPONSORED ADR IE CRH 2,707 $129,773.58
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 138,191.4 $138,384.77
133131102 CAMDEN PROPERTY TRUST US CPT 336 $54,801.60
13321L108 CAMECO CORP CA CCJ 12,000 $291,600.00
136375102 CANADIAN NATIONAL RAILWAY CO CA CNI 3,436 $456,678.76
14174T107 CARETRUST REIT INC US CTRE 1,208 $25,066.00
149123101 CATERPILLAR INC US CAT 1,343 $273,985.43
15135UAF6 CENOVUS ENERGY INC 6.75000 11/15/2039 CA 980,000 $1,341,609.78
156700BA3 CENTURYLINK INC 7.50000 04/01/2024 US 160,000 $175,600.00
16119P108 CHARTER COMMUNICATIONS INC-A US CHTR 521 $351,617.69
17275R102 CISCO SYSTEMS INC US CSCO 7,713 $431,696.61
172967424 CITIGROUP INC US C 3,988 $275,810.08
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 650,000 $729,136.75
180848P56 CLARK CNTY NV 1.51000 11/01/2028 US 800,000 $783,144.00
191216100 COCA COLA CO/THE US KO 7,355 $414,601.35
194162103 COLGATE-PALMOLIVE CO US CL 2,250 $171,427.50
20030N101 COMCAST CORP-CL A US CMCSA 7,327 $376,827.61
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 212,219.45 $216,281.39
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 1,002 $47,935.68
20825C104 CONOCOPHILLIPS US COP 4,149 $309,059.01
217204106 COPART INC US CPRT 1,680 $260,887.20
222795502 COUSINS PROPERTIES INC US CUZ 1,845 $73,080.45
22534GAA1 CAALT 2020-1A 2.01000 02/15/2029 US 440,000 $445,295.75
22536BAA0 CAALT 2020-3A A 1.24000 10/15/2029 US 670,000 $672,969.31
22537CAA7 CAALT 2021-2A A 0.96000 02/15/2030 US 800,000 $797,981.68
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 820,000 $857,614.74
22822VAR2 CROWN CASTLE INTL CORP 3.30000 07/01/2030 US 260,000 $274,999.96
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 93,069.49 $93,881.43
231021106 CUMMINS INC US CMI 529 $126,875.36
23802WAG6 COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 410,000 $409,943.42
253868103 DIGITAL REALTY TRUST INC US DLR 539 $85,059.59
256677105 DOLLAR GENERAL CORP US DG 1,155 $255,855.60
256746108 DOLLAR TREE STORES INC US DLTR 2,164 $233,192.64
25960P109 DOUGLAS EMMETT INC US DEI 863 $28,202.84
264411505 DUKE RLTY INVTS INC US DRE 1,701 $95,664.24
26884L109 EQT CORP US EQT 13,176 $262,334.16
285512109 ELECTRONIC ARTS US EA 1,789 $250,907.25
291011104 EMERSON ELEC CO US EMR 1,966 $190,721.66
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 860,000 $1,119,455.39
29444U700 EQUINIX INC US EQIX 596 $498,893.72
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 923 $78,002.73
297178105 ESSEX PROPERTY TRUST INC US ESS 225 $76,484.25
30212P303 EXPEDIA INC US EXPE 2,509 $412,504.69
30212PAR6 EXPEDIA GROUP INC 3.25000 02/15/2030 US 430,000 $442,239.20
30225T102 EXTRA SPACE STORAGE INC US EXR 350 $69,079.50
30231G102 EXXON MOBIL CORP US XOM 3,293 $212,299.71
302491303 FMC CORP US FMC 5,524 $502,739.24
30262SAR9 FREMF 2015-K42 B FLT 3.84953 01/25/2048 US 180,000 $191,866.72
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 130,000 $135,200.00
30287EAE0 FREMF 2014-K41 B FLT 3.83340 11/25/2047 US 700,000 $746,940.88
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 10,113,654.86 $9,614.04
30303M102 META PLATFORMS INC US FB 3,217 $1,040,924.69
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 7,682.75 $9,063.63
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 78,790.45 $92,987.88
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 9,559.54 $9,793.25
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 74.99 $75.26
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 362.85 $368.03
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 187,591.43 $204,290.74
3128MJY87 FHLM POOL FG G08734 4.00000 11/01/2046 US 20,400.9 $22,159.28
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 22,746.82 $24,909.19
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 218,309.83 $243,260.10
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 146,237.53 $157,288.52
3136AY6W8 FNA 2017-M15 A1 FLT 2.95925 09/25/2027 US 413,186.95 $434,916.37
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 47,051.95 $48,411.68
3137AUPF0 FHMS K021 x1 FLT 1.37556 06/25/2022 US 14,307,571.64 $41,968.40
3137B3NB0 FHMS K030 X1 FLT 0.14755 04/25/2023 US 27,311,346.77 $57,616.02
3137B4GZ3 FHMS K032 X1 FLT 0.07332 05/25/2023 US 16,310,284.93 $23,395.47
3138A7BL1 FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 105,650.23 $114,293.21
3138AJ4A7 FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 29,142.01 $31,501.72
3138EPLE2 FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 45,363.11 $50,513.79
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65900 01/01/2049 US 373,539.79 $416,681.07
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 284,707.23 $313,006.15
31403DVZ9 FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 5,665.86 $6,461.70
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 196,916.09 $213,649.09
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 42.07 $42.35
31410WSY5 FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 3,333.95 $3,749.97
31413CCL1 FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 1,644.21 $1,847.84
31413MR66 FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 13,999.16 $16,131.50
31413S6R0 FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 8,260.71 $9,565.73
31414CQ50 FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 2,281.1 $2,679.84
31414DJ23 FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 5,885.14 $6,732.46
31414QX28 FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 1,163.16 $1,211.70
31414UF52 FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 10,108.77 $10,530.63
31415ALX7 FEDERAL NATL MTG ASSN 981042 6.00000 04/01/2038 US 4,145.27 $4,648.96
31415BBC2 FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 5,865.17 $6,519.86
31415BBT5 FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 3,369.53 $3,711.46
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 14.36 $14.35
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 7,504.57 $8,359.64
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 107,513.29 $117,966.89
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 120,101.6 $131,782.42
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 165,692.48 $180,489.24
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 87,799.49 $93,219.55
31418DU59 FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 1,049,047.91 $1,079,692.18
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 16,765.07 $19,812.40
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 470,000 $486,214.81
345370CW8 FORD MOTOR COMPANY 9.00000 04/22/2025 US 110,000 $132,275.00
346232AF8 FORESTAR GROUP INC 3.85000 05/15/2026 US 35,000 $34,999.65
357081AE8 FREMF 2015-K720 B FLT 3.39040 07/25/2022 US 100,000 $101,641.30
36257MAA3 GSMS 2019-70P A 1.09000 10/15/2036 US 340,000 $339,355.50
36262LAJ9 GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 913,284.48 $930,194.86
36263CAH2 GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 344,594.88 $349,459.18
36263KAJ0 GSMBS 2021-INV1 A9 0.89867 12/25/2051 US 441,989.41 $443,110.07
36294VKJ8 GNMA POOL 660997 5.50000 05/15/2037 US 28,223.29 $31,869.39
369550108 GENERAL DYNAMICS CORP US GD 746 $151,251.50
36962G4B7 GENERAL ELECTRIC CO 6.87500 01/10/2039 US 440,000 $669,280.15
374297109 GETTY REALTY CORP US GTY 1,037 $33,308.44
375558103 GILEAD SCIENCES INC US GILD 2,978 $193,212.64
38138JAC7 GLM 2021-9A A FLT 1.20150 01/20/2033 KY 1,000,000 $1,000,238.00
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 248,869.9 $253,932.64
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 27,224 $542,574.32
39531G209 GREENIDGE GEN HLD INC US 2,600 $64,480.00
404119BX6 HCA INC 4.12500 06/15/2029 US 500,000 $554,040.03
419792A22 HAWAII ST 2.68200 10/01/2038 US 380,000 $381,086.80
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 965 $32,221.35
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 876 $31,106.76
423012301 HEINEKEN NV-SPN ADR NL HEINY 4,522 $252,011.06
42806MAA7 HERTZ 2021-1A A 1.21000 12/26/2025 US 500,000 $497,313.35
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 139 $20,009.05
437076102 HOME DEPOT INC US HD 1,363 $506,681.62
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 5,243 $155,087.94
438516106 HONEYWELL INTERNATIONAL INC US HON 1,554 $339,735.48
448579102 HYATT HOTEL US H 3,011 $256,537.20
44988FAD2 IIP OPERATING PARTNER 5.50000 05/25/2026 US 130,000 $137,181.78
450913AF5 IAMGOLD CORP 5.75000 10/15/2028 CA 50,000 $49,125.00
45168D104 IDEXX LABORATORIES INC US IDXX 359 $239,144.26
452308109 ILLINOIS TOOL WKS INC US ITW 850 $193,689.50
452762AA5 IMPRL 2021-NQM3 1.59500 11/25/2056 US 410,000 $408,811.00
45778Q107 INSPERITY INC US NSP 2,185 $273,125.00
45781V101 INNOVATIVE INDUSTRIAL PROPER US IIPR 174 $45,777.66
458140100 INTEL CORP US INTC 6,925 $339,325.00
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 4,148 $574,332.08
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 1,939 $242,568.90
46187BAA1 IHSFR 2017-SFR2 A 0.93600 12/17/2036 US 47,580.68 $47,522.86
46187BAB9 IHSFR 2017-SFR2 B 1.23600 12/17/2036 US 40,236.96 $40,269.37
46187W107 INVITATION HOMES INC US INVH 2,781 $114,716.25
465410BX5 ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 100,000 $102,889.75
46625H100 JP MORGAN CHASE & CO US JPM 2,817 $478,580.13
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 71,025.31 $71,668.21
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 61,865.11 $62,574.92
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 137,094.87 $139,131.21
46647PBP0 JPMORGAN CHASE & CO 2.95600 05/13/2031 US 1,060,000 $1,094,862.77
478160104 JOHNSON & JOHNSON US JNJ 7,391 $1,203,846.08
48275RAA5 KREF 2021-FL2 A 1.15588 02/15/2039 US 400,000 $400,053.08
49427F108 KILROY REALTY CORP US KRC 677 $45,616.26
494368103 KIMBERLY CLARK CORP US KMB 970 $125,605.30
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 710,000 $1,000,211.39
500472303 KONINKLIJKE PHILIPS NVR - NY ADR NL PHG 2,181 $103,052.25
500754106 KRAFT HEINZ CO/THE US KHC 3,102 $111,330.78
512816109 LAMAR ADVERTISING CO-A US LAMR 210 $23,772.00
53223X107 LIFE STORAGE INC US LSI 359 $48,037.79
539473AE8 LLOYDS BANK PLC 12.00000 12/16/2024 GB 200,000 $205,750.00
539830109 LOCKHEED MARTIN CORP US LMT 572 $190,087.04
57636Q104 MASTERCARD INC-CLASS A US MA 1,879 $630,442.08
58933Y105 MERCK & CO INC US MRK 4,248 $374,036.40
59022CAJ2 MERRILL LYNCH 6.11000 01/29/2037 US 515,000 $695,829.58
594918104 MICROSOFT CORP US MSFT 2,568 $851,600.16
59522J103 MID-AMERICA APARTMENT COMM US MAA 439 $89,648.19
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 11,963 $726,632.62
615369105 MOODY'S CORPORATION US MCO 1,306 $527,819.90
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 125,000 $137,571.25
63941XAA5 NAVSL 2020-FA A 1.22000 07/15/2069 US 306,445.21 $306,085.99
63942FAB1 NAVSL 2020-1A A1B 1.13925 06/25/2069 US 627,184.29 $643,856.42
64033QAB5 NSLT 2015-2A A2 0.68925 09/25/2047 US 616,422.69 $615,237.62
64134JAA1 NEUB 2021-40A A 1.18225 04/16/2033 KY 700,000 $701,277.50
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 173,632.91 $182,847.87
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 195,263.28 $204,547.72
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 277,722.34 $295,284.97
64971XPG7 NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 215,000 $218,874.30
65106WAA3 NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 430,000 $435,314.04
651639106 NEWMONT GOLDCORP CORP US NEM 5,765 $311,310.00
65341D102 NEXPOINT RESIDENTIAL US NXRT 463 $32,789.35
655844108 NORFOLK SOUTHN CORP US NSC 863 $252,902.15
6642321 NIKON CORP JP 7731 JP 14,700 $162,078.67
666807102 NORTHROP GRUMMAN CORP US NOC 362 $129,313.64
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 135,000 $13.50
66987V109 NOVARTIS AG- REG CH NVS 8,936 $739,543.36
67066G104 NVIDIA CORP US NVDA 1,278 $326,746.26
68389X105 ORACLE CORP US ORCL 4,582 $439,597.08
691205AE8 OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 380,000 $396,690.44
69144AAA7 OXFIN 2020-1A A2 3.10100 02/15/2028 US 300,000 $305,075.07
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 616,080.78 $631,654.38
70450Y103 PAYPAL HOLDINGS INC US PYPL 1,960 $455,876.40
7123870 NESTLE SA-REGISTERED CH NESN SW 3,242 $427,643.23
71654V101 PETROLEO BRASIL-SP PREF ADR BR PBR/A 15,393 $147,926.73
733174AK2 POPULAR INC 6.12500 09/14/2023 PR 125,000 $133,464.30
742718109 PROCTER & GAMBLE CO US PG 3,325 $475,441.75
74340W103 PROLOGIS US PLD 2,096 $303,836.16
74387VAA7 PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 691,676.43 $702,186.45
74388JAD7 PFMT 2021-2 A2A 2.00000 04/25/2051 US 446,695.49 $448,614.94
74460D109 PUBLIC STORAGE INC US PSA 417 $138,519.06
747525103 QUALCOMM INC US QCOM 2,187 $290,958.48
750481103 RADIUS GLOBAL INFRASTRUCTURE US RADI 3,800 $65,854.00
75134P402 RAMACO RESOURCES INC US 4,500 $120,150.00
756109104 REALTY INCOME CORP US O 258 $18,428.94
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 1,234 $82,924.80
767204100 RIO TINTO PLC - SPON ADR GB RIO 3,017 $190,885.59
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 1,420 $65,092.80
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 2,261 $256,646.11
78409V104 S&P GLOBAL INC US SPGI 451 $213,846.16
78410G104 SBA COMMUNICATIONS CORP US SBAC 2,240 $773,539.20
78443BAG1 SLMA 2006-10 A6 FLT 0.27388 03/25/2044 US 112,376.7 $109,848.34
78448QAD0 SMB 2015 B A3 1.84025 05/17/2032 US 800,000 $808,982.88
78449XAA0 SMB 2020-BA A1A 1.29000 07/15/2053 US 490,972.49 $488,063.72
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 290,485.4 $295,600.79
79466L302 SALESFORCE.COM US CRM 1,910 $572,407.90
80105N105 SANOFI-AVENTIS-ADR FR SNY 4,531 $228,498.33
81141R100 SEA LTD - ADR SG SE 1,846 $634,230.22
81181C104 SEAGEN INC US SGEN 3,104 $547,328.32
81745BAB1 SEMT 2013-6 A2 3.00000 05/25/2043 US 145,809.73 $146,421.65
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 90,682.44 $91,170.07
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 109,431.53 $110,311.24
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 92,496.79 $92,450.19
81762P102 SERVICENOW INC US NOW 382 $266,544.32
83192CAB3 SMB 2019-B A2A 2.84000 06/15/2037 US 603,212.25 $622,446.58
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 44,037.79 $44,341.55
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 25,450.41 $25,811.62
83404RAB4 SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 125,566.75 $128,455.07
835699307 SONY CORP SPONSORED ADR JP SONY 4,384 $507,623.36
837151XF1 SOUTH CAROLINA ST PUBLIC SVC 1.85200 12/01/2026 US 290,000 $292,656.40
844741BJ6 SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 700,000 $784,857.08
85571XAA5 SRPT 2014-STAR A FLTG RATE 1.56020 11/15/2027 US 886,341.61 $540,668.38
857949BL0 SS INT BEARING FD .022% 01/02/15 US 2,450,585.63 $2,450,585.63
86212XAA8 STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 288,164.88 $298,286.21
866674104 SUN COMMUNITIES US SUI 599 $117,392.02
87105L104 SWITCH INC - A US SWCH 4,096 $103,546.88
87157B301 SYNCHRONOSS TECH 8.37500 06/30/2026 US 5,900 $142,662.00
87168KAA8 SYNERGY ONE LENDING 5.50000 10/14/2026 US 135,000 $136,953.45
87356LAA8 TACORA RESOURCES INC 8.25000 05/15/2026 CA 150,000 $150,375.00
874060205 TAKEDA PHARMACEUTIC - SP ADR JP TAK 7,630 $106,972.60
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 1,560,000 $1,701,430.04
88146M101 TERRENO REALTY CORP US TRNO 504 $36,857.52
883556102 THERMO FISHER SCIENTIFIC INC US TMO 420 $265,889.40
88579Y101 3M CO US MMM 1,354 $241,932.72
89151E109 TOTALENERGIES SE SPON ADR FR TTE 2,144 $107,435.84
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 265,938.16 $268,747.13
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 111,763.97 $113,168.24
89177EAA7 TPMT 2019-HY1 A1 1.08925 10/25/2048 US 136,602.58 $137,167.76
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 484,587.94 $490,129.35
89613GAA4 TAH 2020-SFR1 A 1.49900 07/17/2038 US 608,980.99 $604,536.95
89642JAC9 TRNTS 2021-17A B1 FLT 1.81308 10/20/2034 US 680,000 $680,234.60
89680HAE2 TCF 2021-1A 1.86000 03/20/2046 US 641,531.25 $631,253.28
902653104 UDR INC US UDR 1,283 $71,244.99
902973304 U.S. BANCORP US USB 3,859 $232,967.83
90348R102 UBISOFT ENTERTAIN-UNSPON ADR FR UBSFY 17,809 $185,747.87
904767704 UNILEVER PLC - ADR GB UL 17,570 $941,400.60
907818108 UNION PAC CORP US UNP 1,286 $310,440.40
90932KAA7 UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 125,410.1 $123,859.98
90932NAA1 UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 25,484.19 $26,025.06
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 6,480,000 $6,621,496.89
912828VB3 UNITED STATES TREAS NTS 1.75000 05/15/2023 US 7,810,000 $7,974,437.13
912828WJ5 US TREASURY N/B 2.50000 05/15/2024 US 9,985,000 $10,445,636.11
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 8,685,000 $9,046,309.55
91823AAN1 VBTOW 2020-1A C2 3.03100 06/15/2050 US 150,000 $155,324.96
92276F100 VENTAS INC US VTR 495 $26,418.15
92343V104 VERIZON COMMUNICATIONS US VZ 6,142 $325,464.58
92343VCV4 VERIZON COMMUNICATIONS 4.27200 01/15/2036 US 1,200,000 $1,403,719.61
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 2,898 $535,927.14
92826C839 VISA INC - CLASS A SHARES US V 3,166 $670,463.82
93065PAA9 WBHT 2019-WBM A FLT 1.14000 12/15/2033 US 390,000 $389,525.60
931142103 WAL MART STORES US WMT 3,163 $472,615.46
94106L109 WASTE MANAGEMENT INC US WM 1,189 $190,513.47
95040Q104 WELLTOWER INC. US WELL 594 $47,757.60
969457BY5 WILLIAMS COMPANIES INC 2.60000 03/15/2031 US 900,000 $902,299.45
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 69,933.96 $70,853.74
98978V103 ZOETIS INC US ZTS 641 $138,584.20
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 140,000 $114,622.62
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 1,100,000 $53,513.07
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 350,000 $17,264.55
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 13,762 $20,045.18
BK0939417 AMERICAN TANKER INC 7.75000 07/02/2025 US 135,000 $138,273.75
BMXKJ81 FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 2,077 $41,477.69
BN6725160 SEASPAN CORP 6.50000 02/05/2024 MH 200,000 $211,000.00
BN7860420 PETROTAL CORP 12.00000 02/16/2024 CA 120,000 $126,000.00
BO8204600 COPPER MOUNTAIN MINING C 8.00000 04/09/2026 CA 195,996 $204,325.83
BP3061408 AIRSWIFT GLOBAL AS FLT 8.62275 05/12/2025 NO 200,000 $201,000.00
BQ0584657 JERVOIS MINING LTD 12.50000 07/20/2026 AU 200,000 $211,876.00
G29183103 EATON CORP PLC US ETN 1,252 $206,279.52
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 2,645 $194,063.65
G5494J103 LINDE PLC GB LIN 983 $313,773.60
G5960L103 MEDTRONIC INC IE MDT 1,867 $223,778.62
H01301128 ALCON INC CH ALC 6,513 $542,923.68
H1467J104 CHUBB LTD CH CB 1,054 $205,930.52
ZO4110185 BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 193,000 $197,342.50

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 50 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

$15.34

Daily $ Change

$0.01

Daily % Change

0.07%

as of 11/24/2021

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 10/31/2021

YTD

4.85%

1 Year

11.14%

3 Year

9.43%

5 Year

7.04%

10 Year

5.76%

Inception
(01/01/2000)

6.19%

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 10/31/2021

TREASURY NOTES 26.43%
GOVERNMENT AGENCY 2.82%
TENCENT HOLDINGS 3.97500 04/11/2029 1.32%
VERIZON COMMUNICATIONS 4.27200 01/15/2036 1.09%
CENOVUS ENERGY INC 6.75000 11/15/2039 1.04%
AMERICAN TOWER CORP 3.80000 08/15/2029 1.02%
AMAZON.COM INC 0.99%
ALPHABET INC-CL A 0.96%
JOHNSON & JOHNSON 0.93%
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 0.87%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 10/31/2021

Bonds
67.13%
Stocks
31.01%
Cash
1.86%

Detailed Asset Class Allocation

As of 10/31/2021

International Equities
6.73%
Small Capitalization
0.72%
Mid Capitalization
2.45%
Large Capitalization
21.12%
Long Term Fixed Income
20.92%
Intermediate Term Fixed Income
30.99%
Short Term Fixed Income
15.21%
Cash
1.86%

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

October Fund Holdings

As of 10/31/2021

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00774MAW5 AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 880,000 $893,282.58
008474108 AGNICO EAGLE MINES LTD CA AEM 3,435 $182,226.75
008492100 AGREE REALTY CORP US ADC 391 $27,784.46
009126202 AIR LIQUIDE-ADR FR AIQUY 10,879 $363,576.18
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 420,000 $448,315.72
01166WAA5 ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 44,448.64 $50,131.64
01609WAU6 ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 810,000 $877,866.28
01627AAA6 ADC 2021-1A A2 1.93700 08/15/2046 US 600,000 $597,162.96
02079K305 ALPHABET INC-CL A US GOOGL 420 $1,243,586.40
023135106 AMAZON.COM INC US AMZN 377 $1,271,406.11
0237400 DIAGEO PLC GB DGE LN 3,811 $189,603.69
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 1,138 $61,133.36
02665T306 AMERICAN HOMES 4 RENT- A US AMH 2,131 $86,518.60
03027X100 AMERICAN TOWER REIT INC US AMT 1,418 $399,833.46
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 1,200,000 $1,319,337.58
032654105 ANALOG DEVICES INC US ADI 968 $167,938.32
03784Y200 APPLE HOSPITALITY REIT INC US APLE 3,443 $54,089.53
038923AS7 ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 50,000 $52,568.86
045054AJ2 ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 360,000 $379,853.71
053015103 AUTOMATIC DATA PROCESSING US ADP 927 $208,102.23
053484101 AVALONBAY COMMUNITIES INC US AVB 257 $60,826.76
05401AAP6 AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 KY 1,130,000 $1,118,962.48
05545E209 BHP GROUP PLC SPONSORED ADR AU BBL 4,468 $236,714.64
055622104 BP PLC-SPONS ADR GB BP 4,135 $119,046.65
05567SAA0 BNSF FUNDING TRUST I 6.61300 12/15/2055 US 380,000 $432,839.00
067901108 BARRICK GOLD CORP CA GOLD 10,280 $188,843.60
084423102 WR BERKLEY CORP US WRB 3,734 $297,226.40
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 5,698 $451,452.54
09261HAC1 BLACKSTONE PRIVATE CRE 2.62500 12/15/2026 US 450,000 $442,297.13
09261XAB8 BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 440,000 $444,062.87
10373QBR0 BP CAP MARKETS AMERICA 3.06000 06/17/2041 US 1,100,000 $1,108,931.09
105368203 BRANDYWINE REALTY TRUST US BDN 2,413 $31,972.25
110122108 BRISTOL MYERS SQUIBB CO US BMY 4,394 $256,609.60
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 4,771 $166,603.32
12345678 JONAH ENERGY PARENT LLC US 2,051 $128,187.50
12530MAA3 SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 349,467.5 $349,535.65
12530MAB1 SORT 2020-1 A2 1.99000 07/15/2060 US 280,684.66 $278,995.11
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 28,343.1 $28,670.15
12626K203 CRH PLC -SPONSORED ADR IE CRH 2,707 $129,773.58
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 138,191.4 $138,384.77
133131102 CAMDEN PROPERTY TRUST US CPT 336 $54,801.60
13321L108 CAMECO CORP CA CCJ 12,000 $291,600.00
136375102 CANADIAN NATIONAL RAILWAY CO CA CNI 3,436 $456,678.76
14174T107 CARETRUST REIT INC US CTRE 1,208 $25,066.00
149123101 CATERPILLAR INC US CAT 1,343 $273,985.43
15135UAF6 CENOVUS ENERGY INC 6.75000 11/15/2039 CA 980,000 $1,341,609.78
156700BA3 CENTURYLINK INC 7.50000 04/01/2024 US 160,000 $175,600.00
16119P108 CHARTER COMMUNICATIONS INC-A US CHTR 521 $351,617.69
17275R102 CISCO SYSTEMS INC US CSCO 7,713 $431,696.61
172967424 CITIGROUP INC US C 3,988 $275,810.08
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 650,000 $729,136.75
180848P56 CLARK CNTY NV 1.51000 11/01/2028 US 800,000 $783,144.00
191216100 COCA COLA CO/THE US KO 7,355 $414,601.35
194162103 COLGATE-PALMOLIVE CO US CL 2,250 $171,427.50
20030N101 COMCAST CORP-CL A US CMCSA 7,327 $376,827.61
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 212,219.45 $216,281.39
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 1,002 $47,935.68
20825C104 CONOCOPHILLIPS US COP 4,149 $309,059.01
217204106 COPART INC US CPRT 1,680 $260,887.20
222795502 COUSINS PROPERTIES INC US CUZ 1,845 $73,080.45
22534GAA1 CAALT 2020-1A 2.01000 02/15/2029 US 440,000 $445,295.75
22536BAA0 CAALT 2020-3A A 1.24000 10/15/2029 US 670,000 $672,969.31
22537CAA7 CAALT 2021-2A A 0.96000 02/15/2030 US 800,000 $797,981.68
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 820,000 $857,614.74
22822VAR2 CROWN CASTLE INTL CORP 3.30000 07/01/2030 US 260,000 $274,999.96
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 93,069.49 $93,881.43
231021106 CUMMINS INC US CMI 529 $126,875.36
23802WAG6 COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 410,000 $409,943.42
253868103 DIGITAL REALTY TRUST INC US DLR 539 $85,059.59
256677105 DOLLAR GENERAL CORP US DG 1,155 $255,855.60
256746108 DOLLAR TREE STORES INC US DLTR 2,164 $233,192.64
25960P109 DOUGLAS EMMETT INC US DEI 863 $28,202.84
264411505 DUKE RLTY INVTS INC US DRE 1,701 $95,664.24
26884L109 EQT CORP US EQT 13,176 $262,334.16
285512109 ELECTRONIC ARTS US EA 1,789 $250,907.25
291011104 EMERSON ELEC CO US EMR 1,966 $190,721.66
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 860,000 $1,119,455.39
29444U700 EQUINIX INC US EQIX 596 $498,893.72
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 923 $78,002.73
297178105 ESSEX PROPERTY TRUST INC US ESS 225 $76,484.25
30212P303 EXPEDIA INC US EXPE 2,509 $412,504.69
30212PAR6 EXPEDIA GROUP INC 3.25000 02/15/2030 US 430,000 $442,239.20
30225T102 EXTRA SPACE STORAGE INC US EXR 350 $69,079.50
30231G102 EXXON MOBIL CORP US XOM 3,293 $212,299.71
302491303 FMC CORP US FMC 5,524 $502,739.24
30262SAR9 FREMF 2015-K42 B FLT 3.84953 01/25/2048 US 180,000 $191,866.72
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 130,000 $135,200.00
30287EAE0 FREMF 2014-K41 B FLT 3.83340 11/25/2047 US 700,000 $746,940.88
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 10,113,654.86 $9,614.04
30303M102 META PLATFORMS INC US FB 3,217 $1,040,924.69
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 7,682.75 $9,063.63
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 78,790.45 $92,987.88
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 9,559.54 $9,793.25
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 74.99 $75.26
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 362.85 $368.03
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 187,591.43 $204,290.74
3128MJY87 FHLM POOL FG G08734 4.00000 11/01/2046 US 20,400.9 $22,159.28
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 22,746.82 $24,909.19
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 218,309.83 $243,260.10
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 146,237.53 $157,288.52
3136AY6W8 FNA 2017-M15 A1 FLT 2.95925 09/25/2027 US 413,186.95 $434,916.37
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 47,051.95 $48,411.68
3137AUPF0 FHMS K021 x1 FLT 1.37556 06/25/2022 US 14,307,571.64 $41,968.40
3137B3NB0 FHMS K030 X1 FLT 0.14755 04/25/2023 US 27,311,346.77 $57,616.02
3137B4GZ3 FHMS K032 X1 FLT 0.07332 05/25/2023 US 16,310,284.93 $23,395.47
3138A7BL1 FEDERAL NATL MTG ASSN AH5442 4.50000 05/01/2041 US 105,650.23 $114,293.21
3138AJ4A7 FEDERAL NATL MTG ASSN AI5316 4.50000 07/01/2041 US 29,142.01 $31,501.72
3138EPLE2 FEDERAL NATL MTG ASSN AL6624 4.50000 09/01/2042 US 45,363.11 $50,513.79
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65900 01/01/2049 US 373,539.79 $416,681.07
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 284,707.23 $313,006.15
31403DVZ9 FEDERAL NATL MTG ASSN 745932 6.50000 11/01/2036 US 5,665.86 $6,461.70
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 196,916.09 $213,649.09
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 42.07 $42.35
31410WSY5 FEDERAL NATL MTG ASSN 899735 6.50000 09/01/2037 US 3,333.95 $3,749.97
31413CCL1 FEDERAL NATL MTG ASSN 941175 6.00000 11/01/2037 US 1,644.21 $1,847.84
31413MR66 FEDERAL NATL MTG ASSN 949709 6.50000 09/01/2037 US 13,999.16 $16,131.50
31413S6R0 FEDERAL NATL MTG ASSN 954580 6.00000 02/01/2038 US 8,260.71 $9,565.73
31414CQ50 FEDERAL NATL MTG ASSN 962276 6.00000 03/01/2038 US 2,281.1 $2,679.84
31414DJ23 FEDERAL NATL MTG ASSN 962981 6.00000 05/01/2038 US 5,885.14 $6,732.46
31414QX28 FEDERAL NATL MTG ASSN 973297 4.50000 03/01/2023 US 1,163.16 $1,211.70
31414UF52 FEDERAL NATL MTG ASSN 976388 4.50000 04/01/2023 US 10,108.77 $10,530.63
31415ALX7 FEDERAL NATL MTG ASSN 981042 6.00000 04/01/2038 US 4,145.27 $4,648.96
31415BBC2 FEDERAL NATL MTG ASSN 981635 5.00000 06/01/2038 US 5,865.17 $6,519.86
31415BBT5 FEDERAL NATL MTG ASSN 981650 5.00000 06/01/2038 US 3,369.53 $3,711.46
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 14.36 $14.35
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 7,504.57 $8,359.64
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 107,513.29 $117,966.89
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 120,101.6 $131,782.42
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 165,692.48 $180,489.24
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 87,799.49 $93,219.55
31418DU59 FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 1,049,047.91 $1,079,692.18
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 16,765.07 $19,812.40
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 470,000 $486,214.81
345370CW8 FORD MOTOR COMPANY 9.00000 04/22/2025 US 110,000 $132,275.00
346232AF8 FORESTAR GROUP INC 3.85000 05/15/2026 US 35,000 $34,999.65
357081AE8 FREMF 2015-K720 B FLT 3.39040 07/25/2022 US 100,000 $101,641.30
36257MAA3 GSMS 2019-70P A 1.09000 10/15/2036 US 340,000 $339,355.50
36262LAJ9 GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 913,284.48 $930,194.86
36263CAH2 GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 344,594.88 $349,459.18
36263KAJ0 GSMBS 2021-INV1 A9 0.89867 12/25/2051 US 441,989.41 $443,110.07
36294VKJ8 GNMA POOL 660997 5.50000 05/15/2037 US 28,223.29 $31,869.39
369550108 GENERAL DYNAMICS CORP US GD 746 $151,251.50
36962G4B7 GENERAL ELECTRIC CO 6.87500 01/10/2039 US 440,000 $669,280.15
374297109 GETTY REALTY CORP US GTY 1,037 $33,308.44
375558103 GILEAD SCIENCES INC US GILD 2,978 $193,212.64
38138JAC7 GLM 2021-9A A FLT 1.20150 01/20/2033 KY 1,000,000 $1,000,238.00
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 248,869.9 $253,932.64
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 27,224 $542,574.32
39531G209 GREENIDGE GEN HLD INC US 2,600 $64,480.00
404119BX6 HCA INC 4.12500 06/15/2029 US 500,000 $554,040.03
419792A22 HAWAII ST 2.68200 10/01/2038 US 380,000 $381,086.80
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 965 $32,221.35
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 876 $31,106.76
423012301 HEINEKEN NV-SPN ADR NL HEINY 4,522 $252,011.06
42806MAA7 HERTZ 2021-1A A 1.21000 12/26/2025 US 500,000 $497,313.35
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 139 $20,009.05
437076102 HOME DEPOT INC US HD 1,363 $506,681.62
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 5,243 $155,087.94
438516106 HONEYWELL INTERNATIONAL INC US HON 1,554 $339,735.48
448579102 HYATT HOTEL US H 3,011 $256,537.20
44988FAD2 IIP OPERATING PARTNER 5.50000 05/25/2026 US 130,000 $137,181.78
450913AF5 IAMGOLD CORP 5.75000 10/15/2028 CA 50,000 $49,125.00
45168D104 IDEXX LABORATORIES INC US IDXX 359 $239,144.26
452308109 ILLINOIS TOOL WKS INC US ITW 850 $193,689.50
452762AA5 IMPRL 2021-NQM3 1.59500 11/25/2056 US 410,000 $408,811.00
45778Q107 INSPERITY INC US NSP 2,185 $273,125.00
45781V101 INNOVATIVE INDUSTRIAL PROPER US IIPR 174 $45,777.66
458140100 INTEL CORP US INTC 6,925 $339,325.00
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 4,148 $574,332.08
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 1,939 $242,568.90
46187BAA1 IHSFR 2017-SFR2 A 0.93600 12/17/2036 US 47,580.68 $47,522.86
46187BAB9 IHSFR 2017-SFR2 B 1.23600 12/17/2036 US 40,236.96 $40,269.37
46187W107 INVITATION HOMES INC US INVH 2,781 $114,716.25
465410BX5 ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 100,000 $102,889.75
46625H100 JP MORGAN CHASE & CO US JPM 2,817 $478,580.13
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 71,025.31 $71,668.21
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 61,865.11 $62,574.92
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 137,094.87 $139,131.21
46647PBP0 JPMORGAN CHASE & CO 2.95600 05/13/2031 US 1,060,000 $1,094,862.77
478160104 JOHNSON & JOHNSON US JNJ 7,391 $1,203,846.08
48275RAA5 KREF 2021-FL2 A 1.15588 02/15/2039 US 400,000 $400,053.08
49427F108 KILROY REALTY CORP US KRC 677 $45,616.26
494368103 KIMBERLY CLARK CORP US KMB 970 $125,605.30
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 710,000 $1,000,211.39
500472303 KONINKLIJKE PHILIPS NVR - NY ADR NL PHG 2,181 $103,052.25
500754106 KRAFT HEINZ CO/THE US KHC 3,102 $111,330.78
512816109 LAMAR ADVERTISING CO-A US LAMR 210 $23,772.00
53223X107 LIFE STORAGE INC US LSI 359 $48,037.79
539473AE8 LLOYDS BANK PLC 12.00000 12/16/2024 GB 200,000 $205,750.00
539830109 LOCKHEED MARTIN CORP US LMT 572 $190,087.04
57636Q104 MASTERCARD INC-CLASS A US MA 1,879 $630,442.08
58933Y105 MERCK & CO INC US MRK 4,248 $374,036.40
59022CAJ2 MERRILL LYNCH 6.11000 01/29/2037 US 515,000 $695,829.58
594918104 MICROSOFT CORP US MSFT 2,568 $851,600.16
59522J103 MID-AMERICA APARTMENT COMM US MAA 439 $89,648.19
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 11,963 $726,632.62
615369105 MOODY'S CORPORATION US MCO 1,306 $527,819.90
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 125,000 $137,571.25
63941XAA5 NAVSL 2020-FA A 1.22000 07/15/2069 US 306,445.21 $306,085.99
63942FAB1 NAVSL 2020-1A A1B 1.13925 06/25/2069 US 627,184.29 $643,856.42
64033QAB5 NSLT 2015-2A A2 0.68925 09/25/2047 US 616,422.69 $615,237.62
64134JAA1 NEUB 2021-40A A 1.18225 04/16/2033 KY 700,000 $701,277.50
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 173,632.91 $182,847.87
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 195,263.28 $204,547.72
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 277,722.34 $295,284.97
64971XPG7 NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 215,000 $218,874.30
65106WAA3 NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 430,000 $435,314.04
651639106 NEWMONT GOLDCORP CORP US NEM 5,765 $311,310.00
65341D102 NEXPOINT RESIDENTIAL US NXRT 463 $32,789.35
655844108 NORFOLK SOUTHN CORP US NSC 863 $252,902.15
6642321 NIKON CORP JP 7731 JP 14,700 $162,078.67
666807102 NORTHROP GRUMMAN CORP US NOC 362 $129,313.64
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 135,000 $13.50
66987V109 NOVARTIS AG- REG CH NVS 8,936 $739,543.36
67066G104 NVIDIA CORP US NVDA 1,278 $326,746.26
68389X105 ORACLE CORP US ORCL 4,582 $439,597.08
691205AE8 OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 380,000 $396,690.44
69144AAA7 OXFIN 2020-1A A2 3.10100 02/15/2028 US 300,000 $305,075.07
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 616,080.78 $631,654.38
70450Y103 PAYPAL HOLDINGS INC US PYPL 1,960 $455,876.40
7123870 NESTLE SA-REGISTERED CH NESN SW 3,242 $427,643.23
71654V101 PETROLEO BRASIL-SP PREF ADR BR PBR/A 15,393 $147,926.73
733174AK2 POPULAR INC 6.12500 09/14/2023 PR 125,000 $133,464.30
742718109 PROCTER & GAMBLE CO US PG 3,325 $475,441.75
74340W103 PROLOGIS US PLD 2,096 $303,836.16
74387VAA7 PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 691,676.43 $702,186.45
74388JAD7 PFMT 2021-2 A2A 2.00000 04/25/2051 US 446,695.49 $448,614.94
74460D109 PUBLIC STORAGE INC US PSA 417 $138,519.06
747525103 QUALCOMM INC US QCOM 2,187 $290,958.48
750481103 RADIUS GLOBAL INFRASTRUCTURE US RADI 3,800 $65,854.00
75134P402 RAMACO RESOURCES INC US 4,500 $120,150.00
756109104 REALTY INCOME CORP US O 258 $18,428.94
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 1,234 $82,924.80
767204100 RIO TINTO PLC - SPON ADR GB RIO 3,017 $190,885.59
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 1,420 $65,092.80
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 2,261 $256,646.11
78409V104 S&P GLOBAL INC US SPGI 451 $213,846.16
78410G104 SBA COMMUNICATIONS CORP US SBAC 2,240 $773,539.20
78443BAG1 SLMA 2006-10 A6 FLT 0.27388 03/25/2044 US 112,376.7 $109,848.34
78448QAD0 SMB 2015 B A3 1.84025 05/17/2032 US 800,000 $808,982.88
78449XAA0 SMB 2020-BA A1A 1.29000 07/15/2053 US 490,972.49 $488,063.72
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 290,485.4 $295,600.79
79466L302 SALESFORCE.COM US CRM 1,910 $572,407.90
80105N105 SANOFI-AVENTIS-ADR FR SNY 4,531 $228,498.33
81141R100 SEA LTD - ADR SG SE 1,846 $634,230.22
81181C104 SEAGEN INC US SGEN 3,104 $547,328.32
81745BAB1 SEMT 2013-6 A2 3.00000 05/25/2043 US 145,809.73 $146,421.65
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 90,682.44 $91,170.07
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 109,431.53 $110,311.24
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 92,496.79 $92,450.19
81762P102 SERVICENOW INC US NOW 382 $266,544.32
83192CAB3 SMB 2019-B A2A 2.84000 06/15/2037 US 603,212.25 $622,446.58
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 44,037.79 $44,341.55
83404LAC5 SOFI 2016-D A2B 2.34000 04/25/2033 US 25,450.41 $25,811.62
83404RAB4 SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 125,566.75 $128,455.07
835699307 SONY CORP SPONSORED ADR JP SONY 4,384 $507,623.36
837151XF1 SOUTH CAROLINA ST PUBLIC SVC 1.85200 12/01/2026 US 290,000 $292,656.40
844741BJ6 SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 700,000 $784,857.08
85571XAA5 SRPT 2014-STAR A FLTG RATE 1.56020 11/15/2027 US 886,341.61 $540,668.38
857949BL0 SS INT BEARING FD .022% 01/02/15 US 2,450,585.63 $2,450,585.63
86212XAA8 STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 288,164.88 $298,286.21
866674104 SUN COMMUNITIES US SUI 599 $117,392.02
87105L104 SWITCH INC - A US SWCH 4,096 $103,546.88
87157B301 SYNCHRONOSS TECH 8.37500 06/30/2026 US 5,900 $142,662.00
87168KAA8 SYNERGY ONE LENDING 5.50000 10/14/2026 US 135,000 $136,953.45
87356LAA8 TACORA RESOURCES INC 8.25000 05/15/2026 CA 150,000 $150,375.00
874060205 TAKEDA PHARMACEUTIC - SP ADR JP TAK 7,630 $106,972.60
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 1,560,000 $1,701,430.04
88146M101 TERRENO REALTY CORP US TRNO 504 $36,857.52
883556102 THERMO FISHER SCIENTIFIC INC US TMO 420 $265,889.40
88579Y101 3M CO US MMM 1,354 $241,932.72
89151E109 TOTALENERGIES SE SPON ADR FR TTE 2,144 $107,435.84
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 265,938.16 $268,747.13
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 111,763.97 $113,168.24
89177EAA7 TPMT 2019-HY1 A1 1.08925 10/25/2048 US 136,602.58 $137,167.76
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 484,587.94 $490,129.35
89613GAA4 TAH 2020-SFR1 A 1.49900 07/17/2038 US 608,980.99 $604,536.95
89642JAC9 TRNTS 2021-17A B1 FLT 1.81308 10/20/2034 US 680,000 $680,234.60
89680HAE2 TCF 2021-1A 1.86000 03/20/2046 US 641,531.25 $631,253.28
902653104 UDR INC US UDR 1,283 $71,244.99
902973304 U.S. BANCORP US USB 3,859 $232,967.83
90348R102 UBISOFT ENTERTAIN-UNSPON ADR FR UBSFY 17,809 $185,747.87
904767704 UNILEVER PLC - ADR GB UL 17,570 $941,400.60
907818108 UNION PAC CORP US UNP 1,286 $310,440.40
90932KAA7 UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 125,410.1 $123,859.98
90932NAA1 UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 25,484.19 $26,025.06
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 6,480,000 $6,621,496.89
912828VB3 UNITED STATES TREAS NTS 1.75000 05/15/2023 US 7,810,000 $7,974,437.13
912828WJ5 US TREASURY N/B 2.50000 05/15/2024 US 9,985,000 $10,445,636.11
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 8,685,000 $9,046,309.55
91823AAN1 VBTOW 2020-1A C2 3.03100 06/15/2050 US 150,000 $155,324.96
92276F100 VENTAS INC US VTR 495 $26,418.15
92343V104 VERIZON COMMUNICATIONS US VZ 6,142 $325,464.58
92343VCV4 VERIZON COMMUNICATIONS 4.27200 01/15/2036 US 1,200,000 $1,403,719.61
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 2,898 $535,927.14
92826C839 VISA INC - CLASS A SHARES US V 3,166 $670,463.82
93065PAA9 WBHT 2019-WBM A FLT 1.14000 12/15/2033 US 390,000 $389,525.60
931142103 WAL MART STORES US WMT 3,163 $472,615.46
94106L109 WASTE MANAGEMENT INC US WM 1,189 $190,513.47
95040Q104 WELLTOWER INC. US WELL 594 $47,757.60
969457BY5 WILLIAMS COMPANIES INC 2.60000 03/15/2031 US 900,000 $902,299.45
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 69,933.96 $70,853.74
98978V103 ZOETIS INC US ZTS 641 $138,584.20
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 140,000 $114,622.62
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 1,100,000 $53,513.07
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 350,000 $17,264.55
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 13,762 $20,045.18
BK0939417 AMERICAN TANKER INC 7.75000 07/02/2025 US 135,000 $138,273.75
BMXKJ81 FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 2,077 $41,477.69
BN6725160 SEASPAN CORP 6.50000 02/05/2024 MH 200,000 $211,000.00
BN7860420 PETROTAL CORP 12.00000 02/16/2024 CA 120,000 $126,000.00
BO8204600 COPPER MOUNTAIN MINING C 8.00000 04/09/2026 CA 195,996 $204,325.83
BP3061408 AIRSWIFT GLOBAL AS FLT 8.62275 05/12/2025 NO 200,000 $201,000.00
BQ0584657 JERVOIS MINING LTD 12.50000 07/20/2026 AU 200,000 $211,876.00
G29183103 EATON CORP PLC US ETN 1,252 $206,279.52
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 2,645 $194,063.65
G5494J103 LINDE PLC GB LIN 983 $313,773.60
G5960L103 MEDTRONIC INC IE MDT 1,867 $223,778.62
H01301128 ALCON INC CH ALC 6,513 $542,923.68
H1467J104 CHUBB LTD CH CB 1,054 $205,930.52
ZO4110185 BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 193,000 $197,342.50

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 50 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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