Investment Objective

To provide long-term capital growth, with capital preservation as a secondary objective.

Investment Strategy

The portfolio is invested in a growth-oriented mix of securities that seeks to earn a good portion of the long-term growth of the stock market with less volatility. Holdings are diversified primarily among various stock investments, as long as stock market valuations are favorable versus long-term bond yields. A substantial portion of the fund may be invested in long-term, fixed income securities.

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 want to be invested in long-term assets without full market risk
  • Who have a reasonably high capital risk tolerance

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

$34.53

Daily $ Change

-$0.03

Daily % Change

-0.09%

as of 07/19/2018

CUSIP

563821123

Inception Date

01/01/2000

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

Important Documents

Annual Report
Fact Sheet
Applications & Forms

Performance

As of 06/30/2018

YTD

1.34%

1 Year

6.67%

3 Year

4.53%

5 Year

5.96%

10 Year

6.16%

Inception
(01/01/2000)

6.75%

US Stock Market Cycle (04/01/2000 - 06/30/2018)

6.69%

Returns are net of Pro-Mix® CIT Class S 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 0.90%
Net 0.90%*

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

Top Ten Investments

As of 06/30/2018

TREASURY NOTES 13.45%
TREASURY BONDS 5.20%
GOVERNMENT AGENCY 4.79%
FACEBOOK INC -A 2.51%
INCYTE CORP 1.97%
BOOKING HOLDINGS INC 1.67%
REGENERON PHARMACEUTICALS INC 1.56%
QORVO INC 1.50%
ANHEUSER-BUSCH INBEV SA/NV 1.47%
MASTERCARD INC-CLASS A 1.36%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 06/30/2018

Stocks 50.20%
Bonds 48.10%
Cash 1.70%

Detailed Asset Class Allocation

As of 06/30/2018

International Equities 15.68%
Small Capitalization 0.72%
Mid Capitalization 3.30%
Large Capitalization 30.50%
Long Term Fixed Income 14.31%
Intermediate Term Fixed Income 23.56%
Short Term Fixed Income 10.23%
Cash 1.70%

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

June Fund Holdings

As of 06/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00163UAB2 AMAG PHARMACEUTICALS INC 7.87500 09/01/2023 US 180,000 $190,912.50
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 2,170,000 $2,123,811.12
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 3,500,000 $3,441,900.00
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 650,000 $672,750.00
004239109 ACADIA REALTY TRUST US AKR 2,545 $69,656.65
0045614 ANTOFAGASTA PLC GB ANTO LN 21,895 $284,464.08
0053673 ASHTEAD GROUP PLC GB AHT LN 8,840 $263,249.14
008492100 AGREE REALTY CORP US ADC 1,125 $59,366.25
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 80,000 $82,746.40
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 480 $60,561.60
01609W102 ALIBABA GROUP - ADR CN BABA 26,125 $4,846,971.25
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 3,470,000 $3,233,131.90
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 170,000 $170,850.00
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 145,000 $144,818.75
02079K107 ALPHABET INC-CL C US GOOG 2,650 $2,956,472.50
02079K305 ALPHABET INC-CL A US GOOGL 2,630 $2,969,769.70
02155FAC9 ALTICE US FINANCE I CORP 5.50000 05/15/2026 US 140,000 $135,100.00
023135106 AMAZON.COM INC US AMZN 930 $1,580,814.00
02319V103 AMBEV SA-ADR BR ABEV 931,507 $4,312,877.41
0237400 DIAGEO PLC GB DGE LN 186,467 $6,698,987.92
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 3,050 $130,784.00
0263494 BAE SYSTEMS PLC GB BA/ LN 15,670 $133,309.40
02665T306 AMERICAN HOMES 4 RENT- A US AMH 11,595 $257,177.10
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 2,250,000 $2,154,753.14
03027X100 AMERICAN TOWER REIT INC US AMT 10,370 $1,495,042.90
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 98,378.51 $99,267.08
03064D108 AMERICOLD REALTY TRUST US COLD 2,175 $47,893.50
03748R101 APARTMENT INVT & MGMT CO -A US AIV 4,150 $175,545.00
03784Y200 APPLE HOSPITALITY REIT INC US APLE 5,885 $105,223.80
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 140,000 $136,325.00
0405207 HALMA PLC GB HLMA LN 7,160 $128,924.98
04621WAC4 ASSURED GUARANTY US HLDG 5.00000 07/01/2024 US 2,010,000 $2,100,419.91
0490656 KERRY GROUP PLC-A IE KYGA LN 2,405 $251,225.90
053484101 AVALONBAY COMMUNITIES INC US AVB 2,690 $462,384.10
058498106 BALL CORP US BLL 146,290 $5,200,609.50
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 3,310,000 $3,267,474.58
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 71,500 $6,735,300.00
09062X103 BIOGEN IDEC INC US BIIB 12,210 $3,543,830.40
0922320 SMITH & NEPHEW PLC GB SN/ LN 3,530 $65,023.63
09247X101 BLACKROCK INC US BLK 11,215 $5,596,733.60
0946580 WEIR GROUP PLC/THE GB WEIR LN 15,155 $398,003.96
09627J102 BLUEROCK RESIDENTIAL GROWTH US 4,905 $43,752.60
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 3,040,000 $3,259,956.49
09857L108 BOOKING HOLDINGS INC US BKNG 4,810 $9,750,302.90
101121101 BOSTON PROPERTIES INC US BXP 2,090 $262,127.80
105368203 BRANDYWINE REALTY TRUST US BDN 14,945 $252,271.60
110122108 BRISTOL MYERS SQUIBB CO US BMY 45,730 $2,530,698.20
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 3,165 $159,674.25
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 225,000 $220,500.00
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 125,000 $121,212.50
125269100 CF INDUSTRIES HOLDINGS INC US CF 109,570 $4,864,908.00
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 2,190,000 $2,191,752.00
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 320,000 $302,400.00
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 932,308.71 $869,704.09
13321L108 CAMECO CORP CA CCJ 9,159 $103,038.75
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 15,495 $197,251.35
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 186,292.33 $185,360.87
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 295,000 $278,775.00
15672WAJ3 CEQUEL COM HLDG I/CAP CP 7.50000 04/01/2028 US 140,000 $141,708.00
16411QAA9 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 230,000 $224,353.50
165240102 CHESAPEAKE LODGING TRUST US CHSP 3,035 $96,027.40
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 2,270,000 $3,193,040.16
19626G108 COLONY CAPITAL INC US CLNY 12,822 $80,009.28
198287203 COLUMBIA PROPERTY TRUST INC US CXP 3,185 $72,331.35
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 4,590 $137,103.30
2112226 SAPUTO INC CA SAP CN 1,910 $63,417.26
2162760 CAE INC CA CAE CN 3,310 $68,760.58
21871N101 CORECIVIC INC US CXW 13,090 $312,720.10
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 1,940,000 $2,168,331.93
222795106 COUSINS PROPERTIES INC US CUZ 26,015 $252,085.35
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 150,000 $146,625.00
22822V101 CROWN CASTLE INTL CORP US CCI 1,665 $179,520.30
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 637,018.85 $591,348.42
229663109 CUBESMART US CUBE 5,615 $180,915.30
23311RAC0 DCP MIDSTREAM OPERATING 9.75000 03/15/2019 US 85,000 $88,506.25
23331A109 DR HORTON INC US DHI 685 $28,085.00
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 3,185 $46,927.66
23918K108 DAVITA INC. US DVA 72,810 $5,055,926.40
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 235,000 $221,193.75
2392471 GRUPO BIMBO SAB- SERIES A MX BIMBOA MM 33,350 $65,003.13
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 54,590 $157,720.78
25271C102 DIAMOND OFFSHORE DRILLING US DO 100,240 $2,091,006.40
253868103 DIGITAL REALTY TRUST INC US DLR 3,175 $354,266.50
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 2,250,000 $2,182,375.42
2554475 MAGNA INTERNATIONAL INC CA MG CN 1,000 $58,159.97
2583952 METRO INC CA MRU CN 1,920 $65,268.17
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 235,000 $233,825.00
2639349 GRUPO AEROPORT DEL SURESTE-B MX 7,940 $126,134.87
2643674 GRUPO MEXICO SAB DE CV-SER MX GMEXICOB MM 35,850 $101,609.82
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 320,000 $320,000.00
269246401 ETRADE FINANCIAL CORP US ETFC 44,820 $2,741,191.20
2715777 QUEBECOR INC -CL B CA QBR/B CN 82,500 $1,689,346.97
277276101 EASTGROUP PROPERTIES US EGP 540 $51,602.40
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 75,480 $1,537,560.87
285512109 ELECTRONIC ARTS US EA 31,445 $4,434,373.90
2866857 LUNDIN MINING CORP CA LUN CN 248,370 $1,381,040.35
294429105 EQUIFAX INC US EFX 29,820 $3,730,780.20
29444U700 EQUINIX INC US EQIX 10,985 $4,722,341.65
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 1,350 $124,065.00
29476L107 EQUITY RESIDENTIAL US EQR 4,335 $276,096.15
297178105 ESSEX PROPERTY TRUST INC US ESS 575 $137,465.25
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 3,075,000 $3,018,749.03
30225T102 EXTRA SPACE STORAGE INC US EXR 1,860 $185,646.60
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 234,220.66 $233,351.96
30286XAN9 FREMF 2015-K43 B FLT 3.86221 02/25/2048 US 2,100,000 $2,071,555.71
30290HAE8 FREMF 2012-K708 FLT 3.88202 02/25/2045 US 400,000 $401,399.60
30291EAE4 FREMF 2013-K712 B FLT 3.47721 05/25/2045 US 1,350,000 $1,353,054.24
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 144,838,045.22 $533,148.84
30291XAE2 FREMF 2014-K715 B FLT 4.11938 02/25/2046 US 1,750,000 $1,776,367.25
30303M102 FACEBOOK INC -A US FB 75,440 $14,659,500.80
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 298,390.08 $323,076.98
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 184,258.47 $199,145.97
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 160,568.69 $177,183.02
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 12,447.51 $12,863.40
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 28,870.45 $29,883.01
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 20,194.84 $20,911.81
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 15,671.68 $16,305.01
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 27,475.49 $28,537.46
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 1,642,253.39 $1,715,820.40
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 272,964.53 $295,177.55
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 961,044.02 $1,013,758.21
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 930,421.25 $973,499.93
3132LMMM5 FHLM POOL K91364 4.50000 11/01/2033 US 516,080.94 $538,457.86
3132LNE83 FHLM POOL K92059 4.50000 09/01/2034 US 813,887.66 $861,072.53
3132WPDP9 FHLM GOLD POOL FG Q49109 4.00000 07/01/2047 US 1,039,891.83 $1,061,195.62
3132XSLZ1 FHLM GOLD POOL FG Q50343 4.00000 08/01/2047 US 1,188,617.57 $1,212,647.00
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 35,712.44 $36,152.85
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 886,392.49 $886,698.92
3137A2B34 FHMS K009 X1 FLT 1.45484 08/25/2020 US 14,788,707.27 $331,169.44
3137ADTK3 FHMS K014 X1 FLT 1.34101 04/25/2021 US 3,484,735.65 $96,132.01
3137AJMG6 FMHS K016 X1 FLT 1.67213 10/25/2021 US 4,317,848.85 $175,628.07
3137AL6W4 FHMS K706 X1 FLT 1.68593 10/25/2018 US 6,031,789.71 $9,155.65
3137AME78 FHMS K017 X1 FLT 1.48754 12/25/2021 US 29,051,535.29 $1,091,919.38
3137AUPF0 FHMS K021 x1 FLT 1.58997 06/25/2022 US 12,609,492.48 $600,268.58
3137B3NB0 FHMS K030 X1 FLT 0.31344 04/25/2023 US 47,319,180.31 $403,296.64
3137B4GZ3 FHMS K032 X1 FLT 0.22073 05/25/2023 US 30,385,893.2 $157,736.21
3137B5KW2 FHMS K035 A2 3.45800 08/25/2023 US 3,240,000 $3,290,820.05
3137BT7J4 FHMS KJ10 A2 2.91200 12/25/2023 US 2,800,000 $2,767,156.28
3137BWVV3 FHMS KJ13 A2 2.86400 08/25/2022 US 3,200,000 $3,179,555.84
3137F4YU0 FHLM POOL FHR4791 4.00000 03/15/2044 US 1,196,808.33 $1,226,231.86
3137FG2L8 FHLM POOL 4801 4.50000 05/15/2044 US 1,187,171.11 $1,232,945.70
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 250,489.93 $263,553.84
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 118,154.54 $124,209.51
3138EGGZ1 FEDERAL NATL MTG ASSN AL0215 4.50000 04/01/2041 US 1,626,516.13 $1,711,279.69
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65100 01/01/2049 US 3,465,272.63 $3,731,987.77
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 665,366.55 $722,081.42
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 343,891.56 $372,504.71
3140EWG66 FEDERAL NATL MTG ASSN BC2020 3.50000 07/01/2046 US 2,072,022.09 $2,068,479.95
3140FA5G3 FEDERAL NATL MTG ASSN FN BD3546 4.00000 09/01/2047 US 749,380.73 $765,508.74
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 1,733,240.92 $1,768,742.10
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 21,703.57 $22,415.45
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 26,679.52 $27,548.10
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 190,245.32 $194,669.17
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 232,088.21 $237,615.81
31410HAQ4 MACYS RETAIL HLDGS INC 6.90000 04/01/2029 US 1,030,000 $1,106,182.46
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 626,509.03 $679,698.14
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 120,466.33 $130,246.84
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 10,261.22 $10,445.21
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 130,708.17 $133,825.02
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 1,426,073.95 $1,492,239.19
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 911,472.01 $953,787.95
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 582,158.71 $564,802.08
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 49,338.68 $54,206.01
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 19,637.13 $20,494.53
31428X106 FEDEX CORPORATION US FDX 18,560 $4,214,233.60
3163836 INTERTEK GROUP PLC GB ITRK LN 890 $66,919.54
3174300 BURBERRY GROUP PLC GB BRBY LN 2,460 $69,914.48
32054K103 FIRST INDUSTRIAL REALTY TR US FR 4,510 $150,363.40
3208986 NEXT PLC GB NXT LN 830 $66,066.91
336130AB5 FIRST QUALITY FINANCE CO 5.00000 07/01/2025 US 160,000 $146,400.00
345605109 FOREST CITY REALTY TRUST - A US FCE/A 4,665 $106,408.65
357081AE8 FREMF 2015-K720 B FLT 3.50443 07/25/2022 US 1,070,000 $1,047,588.53
35802XAA1 FRESENIUS MED CARE US 6.50000 09/15/2018 US 105,000 $105,693.56
35802XAD5 FRESENIUS MED CARE II 5.62500 07/31/2019 US 865,000 $886,072.53
36143WAN1 GAHR 2015-NRF BFX FLT 3.49490 12/15/2034 US 2,400,000 $2,399,233.20
36174X101 GGP INC US GGP 5,700 $116,451.00
36223NTR5 GNMA POOL 312960 9.00000 09/15/2021 US 520.3 $526.54
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 524,000 $514,144.40
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 55,879.67 $56,468.88
371559105 GENESEE & WYOMING INC -CL A US GWR 40,180 $3,267,437.60
374297109 GETTY REALTY CORP US GTY 3,650 $102,820.50
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 340,000 $335,750.00
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 165,000 $160,050.00
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 1,385 $128,680.35
40414L109 HCP INC US HCP 6,930 $178,932.60
4057808 L'OREAL FR OR FP 270 $66,562.30
4061412 LVMH MOET HENNESSY LOUIS VUITTON FR MC FP 180 $59,763.48
410345AL6 HANESBRANDS INC 4.87500 05/15/2026 US 140,000 $135,100.00
4163437 CAP GEMINI FR CAP FP 480 $64,324.82
421946104 HEALTHCARE REALTY TRUST INC US HR 4,375 $127,225.00
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 4,325 $116,602.00
431318AQ7 HILCORP ENERGY I/HILCORP 5.75000 10/01/2025 US 150,000 $149,625.00
4354134 UNITED INTERNET AG-REG SHARE DE UTDI GR 1,010 $57,662.76
44053FAA8 HORIZON PHARMA INC/HORIZ 8.75000 11/01/2024 US 310,000 $332,862.50
44107P104 HOST MARRIOTT CORP US HST 12,070 $254,314.90
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 335,000 $314,062.50
4457624 TRIGANO SA FR TRI FP 1,285 $227,971.97
4497749 KBC GROEP NV BE KBC BB 1,590 $122,112.30
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 250,000 $242,031.25
45337C102 INCYTE CORP US INCY 171,265 $11,474,755.00
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 7,960 $82,067.60
45763PAE6 INMARSAT FINANCE PLC 4.87500 05/15/2022 GB 220,000 $216,150.00
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 2,285,000 $2,342,745.81
46186YAA2 IHSFR 2015-SFR3 A FLT 3.37325 08/17/2032 US 2,057,313.51 $2,059,872.60
46187BAA1 IHSFR 2017-SFR2 A 2.93506 12/17/2036 US 492,738.57 $492,737.88
46187BAB9 IHSFR 2017-SFR2 B 3.23506 12/17/2036 US 370,000 $372,144.26
46187W107 INVITATION HOMES INC US INVH 10,101 $232,929.06
46625HHL7 JPMORGAN CHASE & CO 6.30000 04/23/2019 US 3,170,000 $3,259,168.58
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 443,207.03 $428,941.53
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 523,539.8 $515,196.15
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 922,116.6 $914,300.74
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 1,191,637.01 $1,177,579.27
476405105 JERNIGAN CAPITAL INC US JCAP 3,275 $62,421.50
478160104 JOHNSON & JOHNSON US JNJ 45,670 $5,541,597.80
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 295,000 $238,212.50
4800659 LUXOTTICA GROUP SPA IT LUX IM 1,010 $65,029.67
4821100 SOLVAY SA BE SOLB BB 1,660 $209,058.23
4824778 SGS SA-REG CH SGSN SW 30 $79,715.86
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BF2DSG3 SIKA AG-REG CH SIKA SW 600 $82,901.77
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 305,000 $277,550.00
BFMDQ58 REPSOL SA-RTS ES 10,321 $5,858.90
BFYFZP5 FERGUSON PLC CH FERG LN 786.32 $63,619.02
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 1,275 $280,740.91
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 56,810 $99,514.19
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 183,000 $205,958.90
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 69,854 $3,507,746.75
BNBNSG0 EURONEXT NV NL ENX FP 4,775 $302,581.00
BNGN9Z1 FINECOBANK SPA IT FBK IM 22,535 $253,678.14
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 128,500 $4,375,959.45
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 2,300 $63,522.92
BSBMKM2 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 68,000 $122,109.03
BVSS790 ELIS SA FR ELIS FP 8,535 $195,181.24
BYM4063 BECLE SAB DE CV MX 43,530 $62,729.75
BYPC1T4 ASSA ABLOY AB-B SE ASSAB SS 2,970 $62,998.46
BYQ32R1 NEMAK SAB DE CV MX 182,600 $125,501.44
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 86,000 $60,843.59
BYXS699 QIAGEN N.V. NL QIA GR 3,266 $118,389.95
BYY8LS2 MAISONS DU MONDE SA FR MDM FP 3,310 $121,721.67
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 84,705 $8,543,778.71
BYZ43T4 EUROBANK ERGASIAS SA GR EUROB GA 124,530 $129,483.37
BYZFYS3 SPIE SA FR SPIE FP 12,115 $245,222.14
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 25,310 $212,821.05
BYZWX76 CRODA INTERNATIONAL PLC GB CRDA LN 3,959 $250,117.99
BZ3C3Q4 BANKIA SA ES BKIA SM 37,252 $138,915.49
BZCNN35 BANCO COMERCIAL PORTUGUES-R PT BCP PL 343,360 $102,675.59
G02602103 AMDOCS LTD GG DOX 4,480 $296,531.20
G06242104 ATLASSIAN CORP PLC-CLASS A AU TEAM 682 $42,638.64
G27358103 DESPEGAR.COM CORP AR DESP 1,915 $40,157.55
G3157S106 ENSCO INTERNATIONAL INC US ESV 290,760 $2,110,917.60
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 290,000 $300,875.00
G5960L103 MEDTRONIC INC IE MDT 86,565 $7,410,829.65
G68707101 PAGSEGURO DIGITAL LTD-CL A BR PAGS 2,185 $60,633.75
G97822103 PERRIGO CO PLC IE PRGO 3,235 $235,863.85
H8817H100 TRANSOCEAN LTD US RIG 217,610 $2,924,678.40
N47279109 INTERXION HOLDING NX NL INXN 4,660 $290,877.20
N72482123 QIAGEN N.V. ADR NL QGEN 2,286 $82,661.76

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

$34.53

Daily $ Change

-$0.03

Daily % Change

-0.09%

as of 07/19/2018

CUSIP

563821123

Inception Date

01/01/2000

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 long-term capital growth, with capital preservation as a secondary objective.

Investment Strategy

The portfolio is invested in a growth-oriented mix of securities that seeks to earn a good portion of the long-term growth of the stock market with less volatility. Holdings are diversified primarily among various stock investments, as long as stock market valuations are favorable versus long-term bond yields. A substantial portion of the fund may be invested in long-term, fixed income securities.

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 want to be invested in long-term assets without full market risk
  • Who have a reasonably high capital risk tolerance

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 06/30/2018

YTD

1.34%

1 Year

6.67%

3 Year

4.53%

5 Year

5.96%

10 Year

6.16%

Inception
(01/01/2000)

6.75%

US Stock Market Cycle (04/01/2000 - 06/30/2018)

6.69%

Returns are net of Pro-Mix® CIT Class S 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 0.90%
Net 0.90%*

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

Top Ten Investments

As of 06/30/2018

TREASURY NOTES 13.45%
TREASURY BONDS 5.20%
GOVERNMENT AGENCY 4.79%
FACEBOOK INC -A 2.51%
INCYTE CORP 1.97%
BOOKING HOLDINGS INC 1.67%
REGENERON PHARMACEUTICALS INC 1.56%
QORVO INC 1.50%
ANHEUSER-BUSCH INBEV SA/NV 1.47%
MASTERCARD INC-CLASS A 1.36%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 06/30/2018

Stocks
50.20%
Bonds
48.10%
Cash
1.70%

Detailed Asset Class Allocation

As of 06/30/2018

International Equities
15.68%
Small Capitalization
0.72%
Mid Capitalization
3.30%
Large Capitalization
30.50%
Long Term Fixed Income
14.31%
Intermediate Term Fixed Income
23.56%
Short Term Fixed Income
10.23%
Cash
1.70%

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

June Fund Holdings

As of 06/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00163UAB2 AMAG PHARMACEUTICALS INC 7.87500 09/01/2023 US 180,000 $190,912.50
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 2,170,000 $2,123,811.12
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 3,500,000 $3,441,900.00
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 650,000 $672,750.00
004239109 ACADIA REALTY TRUST US AKR 2,545 $69,656.65
0045614 ANTOFAGASTA PLC GB ANTO LN 21,895 $284,464.08
0053673 ASHTEAD GROUP PLC GB AHT LN 8,840 $263,249.14
008492100 AGREE REALTY CORP US ADC 1,125 $59,366.25
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 80,000 $82,746.40
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 480 $60,561.60
01609W102 ALIBABA GROUP - ADR CN BABA 26,125 $4,846,971.25
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 3,470,000 $3,233,131.90
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 170,000 $170,850.00
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 145,000 $144,818.75
02079K107 ALPHABET INC-CL C US GOOG 2,650 $2,956,472.50
02079K305 ALPHABET INC-CL A US GOOGL 2,630 $2,969,769.70
02155FAC9 ALTICE US FINANCE I CORP 5.50000 05/15/2026 US 140,000 $135,100.00
023135106 AMAZON.COM INC US AMZN 930 $1,580,814.00
02319V103 AMBEV SA-ADR BR ABEV 931,507 $4,312,877.41
0237400 DIAGEO PLC GB DGE LN 186,467 $6,698,987.92
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 3,050 $130,784.00
0263494 BAE SYSTEMS PLC GB BA/ LN 15,670 $133,309.40
02665T306 AMERICAN HOMES 4 RENT- A US AMH 11,595 $257,177.10
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 2,250,000 $2,154,753.14
03027X100 AMERICAN TOWER REIT INC US AMT 10,370 $1,495,042.90
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 98,378.51 $99,267.08
03064D108 AMERICOLD REALTY TRUST US COLD 2,175 $47,893.50
03748R101 APARTMENT INVT & MGMT CO -A US AIV 4,150 $175,545.00
03784Y200 APPLE HOSPITALITY REIT INC US APLE 5,885 $105,223.80
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 140,000 $136,325.00
0405207 HALMA PLC GB HLMA LN 7,160 $128,924.98
04621WAC4 ASSURED GUARANTY US HLDG 5.00000 07/01/2024 US 2,010,000 $2,100,419.91
0490656 KERRY GROUP PLC-A IE KYGA LN 2,405 $251,225.90
053484101 AVALONBAY COMMUNITIES INC US AVB 2,690 $462,384.10
058498106 BALL CORP US BLL 146,290 $5,200,609.50
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 3,310,000 $3,267,474.58
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 71,500 $6,735,300.00
09062X103 BIOGEN IDEC INC US BIIB 12,210 $3,543,830.40
0922320 SMITH & NEPHEW PLC GB SN/ LN 3,530 $65,023.63
09247X101 BLACKROCK INC US BLK 11,215 $5,596,733.60
0946580 WEIR GROUP PLC/THE GB WEIR LN 15,155 $398,003.96
09627J102 BLUEROCK RESIDENTIAL GROWTH US 4,905 $43,752.60
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 3,040,000 $3,259,956.49
09857L108 BOOKING HOLDINGS INC US BKNG 4,810 $9,750,302.90
101121101 BOSTON PROPERTIES INC US BXP 2,090 $262,127.80
105368203 BRANDYWINE REALTY TRUST US BDN 14,945 $252,271.60
110122108 BRISTOL MYERS SQUIBB CO US BMY 45,730 $2,530,698.20
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 3,165 $159,674.25
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 225,000 $220,500.00
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 125,000 $121,212.50
125269100 CF INDUSTRIES HOLDINGS INC US CF 109,570 $4,864,908.00
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 2,190,000 $2,191,752.00
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 320,000 $302,400.00
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 932,308.71 $869,704.09
13321L108 CAMECO CORP CA CCJ 9,159 $103,038.75
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 15,495 $197,251.35
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 186,292.33 $185,360.87
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 295,000 $278,775.00
15672WAJ3 CEQUEL COM HLDG I/CAP CP 7.50000 04/01/2028 US 140,000 $141,708.00
16411QAA9 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 230,000 $224,353.50
165240102 CHESAPEAKE LODGING TRUST US CHSP 3,035 $96,027.40
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 2,270,000 $3,193,040.16
19626G108 COLONY CAPITAL INC US CLNY 12,822 $80,009.28
198287203 COLUMBIA PROPERTY TRUST INC US CXP 3,185 $72,331.35
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 4,590 $137,103.30
2112226 SAPUTO INC CA SAP CN 1,910 $63,417.26
2162760 CAE INC CA CAE CN 3,310 $68,760.58
21871N101 CORECIVIC INC US CXW 13,090 $312,720.10
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 1,940,000 $2,168,331.93
222795106 COUSINS PROPERTIES INC US CUZ 26,015 $252,085.35
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 150,000 $146,625.00
22822V101 CROWN CASTLE INTL CORP US CCI 1,665 $179,520.30
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 637,018.85 $591,348.42
229663109 CUBESMART US CUBE 5,615 $180,915.30
23311RAC0 DCP MIDSTREAM OPERATING 9.75000 03/15/2019 US 85,000 $88,506.25
23331A109 DR HORTON INC US DHI 685 $28,085.00
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 3,185 $46,927.66
23918K108 DAVITA INC. US DVA 72,810 $5,055,926.40
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 235,000 $221,193.75
2392471 GRUPO BIMBO SAB- SERIES A MX BIMBOA MM 33,350 $65,003.13
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 54,590 $157,720.78
25271C102 DIAMOND OFFSHORE DRILLING US DO 100,240 $2,091,006.40
253868103 DIGITAL REALTY TRUST INC US DLR 3,175 $354,266.50
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 2,250,000 $2,182,375.42
2554475 MAGNA INTERNATIONAL INC CA MG CN 1,000 $58,159.97
2583952 METRO INC CA MRU CN 1,920 $65,268.17
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 235,000 $233,825.00
2639349 GRUPO AEROPORT DEL SURESTE-B MX 7,940 $126,134.87
2643674 GRUPO MEXICO SAB DE CV-SER MX GMEXICOB MM 35,850 $101,609.82
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 320,000 $320,000.00
269246401 ETRADE FINANCIAL CORP US ETFC 44,820 $2,741,191.20
2715777 QUEBECOR INC -CL B CA QBR/B CN 82,500 $1,689,346.97
277276101 EASTGROUP PROPERTIES US EGP 540 $51,602.40
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 75,480 $1,537,560.87
285512109 ELECTRONIC ARTS US EA 31,445 $4,434,373.90
2866857 LUNDIN MINING CORP CA LUN CN 248,370 $1,381,040.35
294429105 EQUIFAX INC US EFX 29,820 $3,730,780.20
29444U700 EQUINIX INC US EQIX 10,985 $4,722,341.65
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 1,350 $124,065.00
29476L107 EQUITY RESIDENTIAL US EQR 4,335 $276,096.15
297178105 ESSEX PROPERTY TRUST INC US ESS 575 $137,465.25
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 3,075,000 $3,018,749.03
30225T102 EXTRA SPACE STORAGE INC US EXR 1,860 $185,646.60
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 234,220.66 $233,351.96
30286XAN9 FREMF 2015-K43 B FLT 3.86221 02/25/2048 US 2,100,000 $2,071,555.71
30290HAE8 FREMF 2012-K708 FLT 3.88202 02/25/2045 US 400,000 $401,399.60
30291EAE4 FREMF 2013-K712 B FLT 3.47721 05/25/2045 US 1,350,000 $1,353,054.24
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 144,838,045.22 $533,148.84
30291XAE2 FREMF 2014-K715 B FLT 4.11938 02/25/2046 US 1,750,000 $1,776,367.25
30303M102 FACEBOOK INC -A US FB 75,440 $14,659,500.80
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 298,390.08 $323,076.98
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 184,258.47 $199,145.97
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 160,568.69 $177,183.02
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 12,447.51 $12,863.40
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 28,870.45 $29,883.01
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 20,194.84 $20,911.81
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 15,671.68 $16,305.01
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 27,475.49 $28,537.46
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 1,642,253.39 $1,715,820.40
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 272,964.53 $295,177.55
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 961,044.02 $1,013,758.21
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 930,421.25 $973,499.93
3132LMMM5 FHLM POOL K91364 4.50000 11/01/2033 US 516,080.94 $538,457.86
3132LNE83 FHLM POOL K92059 4.50000 09/01/2034 US 813,887.66 $861,072.53
3132WPDP9 FHLM GOLD POOL FG Q49109 4.00000 07/01/2047 US 1,039,891.83 $1,061,195.62
3132XSLZ1 FHLM GOLD POOL FG Q50343 4.00000 08/01/2047 US 1,188,617.57 $1,212,647.00
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 35,712.44 $36,152.85
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 886,392.49 $886,698.92
3137A2B34 FHMS K009 X1 FLT 1.45484 08/25/2020 US 14,788,707.27 $331,169.44
3137ADTK3 FHMS K014 X1 FLT 1.34101 04/25/2021 US 3,484,735.65 $96,132.01
3137AJMG6 FMHS K016 X1 FLT 1.67213 10/25/2021 US 4,317,848.85 $175,628.07
3137AL6W4 FHMS K706 X1 FLT 1.68593 10/25/2018 US 6,031,789.71 $9,155.65
3137AME78 FHMS K017 X1 FLT 1.48754 12/25/2021 US 29,051,535.29 $1,091,919.38
3137AUPF0 FHMS K021 x1 FLT 1.58997 06/25/2022 US 12,609,492.48 $600,268.58
3137B3NB0 FHMS K030 X1 FLT 0.31344 04/25/2023 US 47,319,180.31 $403,296.64
3137B4GZ3 FHMS K032 X1 FLT 0.22073 05/25/2023 US 30,385,893.2 $157,736.21
3137B5KW2 FHMS K035 A2 3.45800 08/25/2023 US 3,240,000 $3,290,820.05
3137BT7J4 FHMS KJ10 A2 2.91200 12/25/2023 US 2,800,000 $2,767,156.28
3137BWVV3 FHMS KJ13 A2 2.86400 08/25/2022 US 3,200,000 $3,179,555.84
3137F4YU0 FHLM POOL FHR4791 4.00000 03/15/2044 US 1,196,808.33 $1,226,231.86
3137FG2L8 FHLM POOL 4801 4.50000 05/15/2044 US 1,187,171.11 $1,232,945.70
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 250,489.93 $263,553.84
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 118,154.54 $124,209.51
3138EGGZ1 FEDERAL NATL MTG ASSN AL0215 4.50000 04/01/2041 US 1,626,516.13 $1,711,279.69
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65100 01/01/2049 US 3,465,272.63 $3,731,987.77
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 665,366.55 $722,081.42
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 343,891.56 $372,504.71
3140EWG66 FEDERAL NATL MTG ASSN BC2020 3.50000 07/01/2046 US 2,072,022.09 $2,068,479.95
3140FA5G3 FEDERAL NATL MTG ASSN FN BD3546 4.00000 09/01/2047 US 749,380.73 $765,508.74
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 1,733,240.92 $1,768,742.10
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 21,703.57 $22,415.45
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 26,679.52 $27,548.10
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 190,245.32 $194,669.17
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 232,088.21 $237,615.81
31410HAQ4 MACYS RETAIL HLDGS INC 6.90000 04/01/2029 US 1,030,000 $1,106,182.46
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 626,509.03 $679,698.14
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 120,466.33 $130,246.84
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 10,261.22 $10,445.21
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 130,708.17 $133,825.02
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 1,426,073.95 $1,492,239.19
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 911,472.01 $953,787.95
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 582,158.71 $564,802.08
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 49,338.68 $54,206.01
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 19,637.13 $20,494.53
31428X106 FEDEX CORPORATION US FDX 18,560 $4,214,233.60
3163836 INTERTEK GROUP PLC GB ITRK LN 890 $66,919.54
3174300 BURBERRY GROUP PLC GB BRBY LN 2,460 $69,914.48
32054K103 FIRST INDUSTRIAL REALTY TR US FR 4,510 $150,363.40
3208986 NEXT PLC GB NXT LN 830 $66,066.91
336130AB5 FIRST QUALITY FINANCE CO 5.00000 07/01/2025 US 160,000 $146,400.00
345605109 FOREST CITY REALTY TRUST - A US FCE/A 4,665 $106,408.65
357081AE8 FREMF 2015-K720 B FLT 3.50443 07/25/2022 US 1,070,000 $1,047,588.53
35802XAA1 FRESENIUS MED CARE US 6.50000 09/15/2018 US 105,000 $105,693.56
35802XAD5 FRESENIUS MED CARE II 5.62500 07/31/2019 US 865,000 $886,072.53
36143WAN1 GAHR 2015-NRF BFX FLT 3.49490 12/15/2034 US 2,400,000 $2,399,233.20
36174X101 GGP INC US GGP 5,700 $116,451.00
36223NTR5 GNMA POOL 312960 9.00000 09/15/2021 US 520.3 $526.54
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371559105 GENESEE & WYOMING INC -CL A US GWR 40,180 $3,267,437.60
374297109 GETTY REALTY CORP US GTY 3,650 $102,820.50
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39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 165,000 $160,050.00
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 1,385 $128,680.35
40414L109 HCP INC US HCP 6,930 $178,932.60
4057808 L'OREAL FR OR FP 270 $66,562.30
4061412 LVMH MOET HENNESSY LOUIS VUITTON FR MC FP 180 $59,763.48
410345AL6 HANESBRANDS INC 4.87500 05/15/2026 US 140,000 $135,100.00
4163437 CAP GEMINI FR CAP FP 480 $64,324.82
421946104 HEALTHCARE REALTY TRUST INC US HR 4,375 $127,225.00
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 4,325 $116,602.00
431318AQ7 HILCORP ENERGY I/HILCORP 5.75000 10/01/2025 US 150,000 $149,625.00
4354134 UNITED INTERNET AG-REG SHARE DE UTDI GR 1,010 $57,662.76
44053FAA8 HORIZON PHARMA INC/HORIZ 8.75000 11/01/2024 US 310,000 $332,862.50
44107P104 HOST MARRIOTT CORP US HST 12,070 $254,314.90
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 335,000 $314,062.50
4457624 TRIGANO SA FR TRI FP 1,285 $227,971.97
4497749 KBC GROEP NV BE KBC BB 1,590 $122,112.30
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 250,000 $242,031.25
45337C102 INCYTE CORP US INCY 171,265 $11,474,755.00
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 7,960 $82,067.60
45763PAE6 INMARSAT FINANCE PLC 4.87500 05/15/2022 GB 220,000 $216,150.00
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 2,285,000 $2,342,745.81
46186YAA2 IHSFR 2015-SFR3 A FLT 3.37325 08/17/2032 US 2,057,313.51 $2,059,872.60
46187BAA1 IHSFR 2017-SFR2 A 2.93506 12/17/2036 US 492,738.57 $492,737.88
46187BAB9 IHSFR 2017-SFR2 B 3.23506 12/17/2036 US 370,000 $372,144.26
46187W107 INVITATION HOMES INC US INVH 10,101 $232,929.06
46625HHL7 JPMORGAN CHASE & CO 6.30000 04/23/2019 US 3,170,000 $3,259,168.58
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 443,207.03 $428,941.53
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 523,539.8 $515,196.15
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 922,116.6 $914,300.74
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 1,191,637.01 $1,177,579.27
476405105 JERNIGAN CAPITAL INC US JCAP 3,275 $62,421.50
478160104 JOHNSON & JOHNSON US JNJ 45,670 $5,541,597.80
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 295,000 $238,212.50
4800659 LUXOTTICA GROUP SPA IT LUX IM 1,010 $65,029.67
4821100 SOLVAY SA BE SOLB BB 1,660 $209,058.23
4824778 SGS SA-REG CH SGSN SW 30 $79,715.86
4834108 SCHNEIDER ELECTRIC SA FR SU FP 720 $59,880.14
4846288 SAP AG DE SAP GR 570 $65,788.22
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 2,740,000 $3,122,847.46
497864AA6 KISSNER GR HLDG 8.37500 12/01/2022 CA 275,000 $281,187.50
500630CK2 KOREA DEVELOPMENT BANK 1.37500 09/12/2019 KR 200,000 $196,006.82
50187T106 LGI HOMES INC US LGIH 485 $27,999.05
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 235,000 $234,412.50
50212YAB0 LPL HOLDINGS INC 5.75000 09/15/2025 US 210,000 $204,225.00
502160AM6 LSB INDUSTRIES 9.62500 05/01/2023 US 300,000 $302,250.00
50218LAC0 LSTAR COMMERCIAL MORTGAGE TR FLT 2.76700 01/20/2041 US 95,894.08 $95,499.24
5048566 SWEDISH MATCH AB SE SWMA SS 1,340 $66,225.09
505742AD8 LADDER CAP FIN LLLP/CORP 5.87500 08/01/2021 US 145,000 $148,182.75
5107401 BEIERSDORF AG DE BEI GR 2,045 $231,797.18
512816109 LAMAR ADVERTISING CO US LAMR 1,265 $86,412.15
5129074 FRESENIUS MEDICAL DE FME GR 1,110 $111,767.65
5228658 RANDSTAD HOLDING NV NL RAND NA 4,810 $282,324.23
526057104 LENNAR CORP US LEN 555 $29,137.50
5263574 FLSMIDTH & CO A/S DK FLS DC 1,530 $91,289.40
5289837 ERSTE GROUP BANK AG AT EBS AV 2,970 $123,819.17
531172104 LIBERTY PROPERTY TRUST US LPT 4,905 $217,438.65
53223X107 LIFE STORAGE INC US LSI 650 $63,251.50
5330047 DASSAULT SYSTEMES SA FR DSY FP 1,455 $203,618.25
5458314 AKZO NOBEL NL AKZA NA 2,860 $243,936.19
5474008 BANKINTER S.A. ES BKT SM 15,515 $150,542.25
550021109 LULULEMON - ADR CA LULU 48,189 $6,016,396.65
55354GAF7 MSCI INC 5.37500 05/15/2027 US 150,000 $150,000.00
554382101 THE MACERICH CO US MAC 1,345 $76,436.35
5545670 JUNGHEINRICH AG DE JUN3 GR 3,330 $123,101.16
55616XAC1 MACYS RETAIL HLDGS INC 7.00000 02/15/2028 US 1,025,000 $1,112,737.82
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 265,000 $256,334.50
5633616 SOPRA STERIA GROUP FR SOP FP 1,590 $323,516.13
5654781 ATOS ORIGIN SA FR ATO FP 450 $61,189.67
5669354 REPSOL SA ES REP SM 10,321 $201,456.72
5671519 WOLTERS KLUWER NL WKL NA 1,170 $65,726.85
5699373 WIENERBERGER AG AT WIE AV 9,830 $245,196.67
5701513 ELISA OYJ FI ELISA FH 1,395 $64,445.43
5713422 METSO OYJ FI METSO FH 6,510 $217,142.23
5727973 SIEMENS AG-REG DE SIE GR 1,930 $254,289.08
57636Q104 MASTERCARD INC-CLASS A US MA 40,440 $7,947,268.80
5852842 ACCOR SA FR AC FP 2,794 $136,838.92
58933Y105 MERCK & CO INC US MRK 51,220 $3,109,054.00
59001ABA9 MERITAGE HOMES CORP 5.12500 06/06/2027 US 215,000 $199,950.00
594918104 MICROSOFT CORP US MSFT 78,915 $7,781,808.15
59522J103 MID-AMERICA APARTMENT COMM US MAA 2,910 $292,949.70
5980613 GIVAUDAN - REG CH GIVN SW 30 $67,944.53
5999330 TELEPERFORMANCE FR TEP FP 360 $63,538.51
6054603 ASAHI KASEI CORP JP 3407 JP 4,800 $60,870.96
6125286 TREND MICRO INC JP 4704 JP 1,100 $62,619.85
6129277 NTT DOCOMO INC JP 9437 JP 2,500 $63,705.92
6136233 HENGAN INTL GROUP CO LTD CN 1044 HK 6,500 $62,347.06
6136749 OBIC CO LTD JP 4684 JP 800 $66,093.28
6141680 ORACLE CORP JAPAN JP 4716 JP 800 $65,204.04
61744YAG3 MORGAN STANLEY FLT 3.58313 05/08/2024 US 3,220,000 $3,252,200.00
6180412 COMPUTERSHARE LTD AU CPU AU 4,880 $66,477.64
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 360,000 $358,650.00
6248990 KDDI CORP JP 9433 JP 2,400 $65,627.79
6250724 DAIKIN INDUSTRIES LTD JP 6367 JP 1,600 $191,220.96
6267058 OTSUKA CORP JP 4768 JP 1,600 $62,635.76
6291819 CHINA PETROLEUM & CHEMICAL - H CN 386 HK 140,000 $125,316.43
62944T105 NVR INC US NVR 5 $14,851.75
6356934 FANUC LTD JP 6954 JP 643 $127,450.20
637417106 NATIONAL RETAIL PROPERTIES US NNN 2,100 $92,316.00
6390921 NOMURA RESEARCH INSTITUTE LT JP 4307 JP 1,300 $62,895.69
63938CAE8 NAVIENT CORP 7.25000 09/25/2023 US 130,000 $136,175.00
64110W102 NETEASE.COM INC- ADR CN NTES 460 $116,228.20
6429104 HITACHI LTD FIRST SECTION JP 6501 JP 17,900 $126,105.21
6446620 HYUNDAI HEAVY INDUSTRIES KR 009540 KS 590 $53,955.48
6451066 HYUNDAI MIPO DOCKYARD KR 010620 KS 760 $58,432.75
647581107 NEW ORIENTAL EDUCATIO- SP ADR CN EDU 1,425 $134,890.50
6482903 KANAMOTO CO LTD JP 9678 JP 3,800 $119,981.11
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 638,965 $638,035.05
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 1,159,363.37 $1,161,723.83
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 2,014,109.32 $2,016,014.47
6483809 KAO CORP JP 4452 JP 900 $68,599.42
6490995 KEYENCE CORP JP 6861 JP 520 $293,287.57
6496324 KOITO MANUFACTURINING CO LTD JP 7276 JP 900 $59,447.80
6518808 LION CORP JP 4912 JP 6,900 $126,257.95
65409QBB7 NIELSEN FINANCE LLC/CO 5.00000 04/15/2022 US 150,000 $147,390.00
6555805 MAKITA CORP JP 6586 JP 1,300 $58,152.95
6619604 NGK SPARK PLUG CO LTD JP 5334 JP 2,300 $65,386.17
6630940 CHINA EVERBRIGHT INTL LTD HK 257 HK 115,000 $148,106.21
6640507 NIPPON PAINT HOLDINGS CO LTD JP 4612 JP 1,600 $68,808.22
6641588 NISSAN CHEMICAL INDUSTRIES JP 4021 JP 1,400 $65,214.87
6642387 YAMAHA CORP JP 7951 JP 2,700 $140,123.82
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 415,000 $413,962.50
66987V109 NOVARTIS AG- REG CH NVS 95,550 $7,217,847.00
67087MAA4 OBP DEPOSITOR LLC TRUST 4.64620 07/15/2045 US 150,000 $153,712.29
67091GAA1 OCI NV 6.62500 04/15/2023 NL 235,000 $238,689.50
6743882 JAPAN EXCHANGE GROUP INC JP 8697 JP 6,500 $120,562.94
6758455 RYOHIN KEIKAKU CO LTD JP 7453 JP 100 $35,132.34
6772217 SAMSUNG HEAVY INDUSTRIES KR 010140 KS 9,155 $58,624.38
6776606 SANTEN PHARMACEUTICAL CO LTD JP 4536 JP 3,800 $66,106.38
6791591 SECOM CO LTD JP 9735 JP 800 $61,347.10
683235AA3 ONTARIO (PROVINCE OF) 2.00000 09/27/2018 CA 900,000 $899,271.00
68323ADY7 ONTARIO (PROVINCE OF) 1.25000 06/17/2019 CA 900,000 $888,511.85
6865504 SUZUKI MOTOR CORP JP 7269 JP 3,300 $181,856.79
6895200 TOHO CO LTD JP 9602 JP 1,800 $60,289.24
6897466 TOTO LTD JP 5332 JP 1,200 $55,542.84
69007J106 OUTFRONT MEDIA INC US OUT 3,991 $77,624.95
6913168 GUANGDONG INVESTMENT LTD HK 270 HK 40,000 $63,305.42
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 225,000 $228,375.00
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 225,000 $213,705.00
7110902 TECAN GROUP AG-REG CH TECN SW 570 $138,330.04
7123870 NESTLE SA-REGISTERED CH NESN SW 3,410 $264,277.90
7145056 ENI SPA IT ENI IM 6,770 $125,525.25
7147892 TEMENOS GROUP AG-REG CH TEMN SW 880 $132,340.19
7156036 SONOVA HOLDING AG-REG CH SOON SW 380 $67,975.75
71654QCJ9 PETROLEOS MEXICANOS 6.35000 02/12/2048 MX 3,400,000 $3,068,500.00
71943U104 PHYSICIANS REALTY TRUST US DOC 15,265 $243,324.10
7212477 ESSILOR INTERNATIONAL FR EI FP 470 $66,268.30
7262610 CREDIT AGRICOLE SA FR ACA FP 8,650 $114,807.54
729640102 PLYMOUTH INDUSTRIAL REIT INC US 1,588 $25,408.00
733174AJ5 POPULAR INC 7.00000 07/01/2019 US 275,000 $279,125.00
7339451 ORPEA SA FR ORP FP 1,565 $208,455.29
7380062 AAREAL BANK AG DE ARL GR 2,850 $125,032.95
7380482 COMPAGNIE DE SAINT-GOBAIN FR SGO FP 6,160 $274,397.20
741503AZ9 PRICELINE GROUP INC/THE 3.60000 06/01/2026 US 3,370,000 $3,279,372.31
74340W103 PROLOGIS US PLD 7,925 $520,593.25
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 2,050,000 $2,165,312.50
74460D109 PUBLIC STORAGE INC US PSA 1,405 $318,738.30
74736K101 QORVO INC US QRVO 108,945 $8,734,120.65
758849103 REGENCY CENTERS CORP US REG 1,936 $120,186.88
75886F107 REGENERON PHARMACEUTICALS INC US REGN 26,340 $9,087,036.60
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 1,195 $37,511.05
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 130,000 $133,087.50
7759435 ILIAD SA FR ILD FP 570 $89,937.63
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 3,725 $270,621.25
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 676 $77,219.48
78410G104 SBA COMMUNICATIONS CORP US SBAC 9,200 $1,519,104.00
78442PGC4 SLM CORP 5.12500 04/05/2022 US 200,000 $199,000.00
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 3,030,000 $3,249,658.37
80282KAS5 SANTANDER HOLDINGS USA 3.40000 01/18/2023 US 2,240,000 $2,162,753.06
806857108 SCHLUMBERGER LTD NL SLB 89,070 $5,970,362.10
808513105 CHARLES SCHWAB CORP/THE US SCHW 110,210 $5,631,731.00
81211K100 SEALED AIR CORP US SEE 87,380 $3,709,281.00
812578102 SEATTLE GENETICS INC US SGEN 68,400 $4,541,076.00
81663AAD7 SEMGROUP CORP 6.37500 03/15/2025 US 300,000 $285,000.00
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 543,125.04 $523,752.31
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 758,164.05 $733,894.46
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 648,623.44 $582,650.33
81762P102 SERVICENOW INC US NOW 35,140 $6,060,595.80
81783QAC9 SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 CA 160,000 $153,800.00
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 150,000 $151,125.00
828806109 SIMON PROPERTY GROUP INC US SPG 3,755 $639,063.45
83088M102 SKYWORKS SOLUTIONS INC US SWKS 59,780 $5,777,737.00
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 319,633.68 $316,811.54
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 225,000 $219,671.73
83406EAB1 SOFI 2018-A A2A 2.39000 02/25/2042 US 734,895.06 $730,414.40
84265V105 SOUTHERN COPPER CORPORATION US SCCO 3,915 $183,496.05
845467AL3 SOUTHWESTERN ENERGY CO 6.70000 01/23/2025 US 235,000 $230,006.25
852061AK6 SPRINT COMMUNICATIONS 9.00000 11/15/2018 US 75,000 $76,500.00
85254J102 STAG INDUSTRIAL INC US STAG 4,845 $131,929.35
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.29325 11/15/2027 US 1,379,794.47 $1,380,410.96
857949BL0 SS INT BEARING FD .022% 01/02/15 US 10,060,953.66 $10,060,953.66
866674104 SUN COMMUNITIES US SUI 2,635 $257,913.80
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 9,350 $155,397.00
87243QAB2 TENET HEALTHCARE CORP 6.00000 10/01/2020 US 85,000 $87,337.50
874080104 TAL EDUCATION GROUP - ADR CN TAL 1,650 $60,720.00
87470LAA9 TALLGRASS NRG PRTNR/FIN 5.50000 09/15/2024 US 220,000 $224,400.00
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 609,475.5 $608,713.05
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 195,000 $173,550.00
88032WAG1 TENCENT HOLDINGS LTD 3.59500 01/19/2028 KY 2,280,000 $2,156,925.60
88146M101 TERRENO REALTY CORP US TRNO 815 $30,701.05
88161DAA9 TESLA 2018-A A 2.32000 12/20/2019 US 950,047.56 $946,940.14
882508104 TEXAS INSTRUMENTS INC US TXN 26,830 $2,958,007.50
88650V208 TIER REIT INC US TIER 5,140 $122,229.20
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 2,733,563.71 $2,669,549.66
89613BAA5 TAH 2013-SFR1 A 2.58900 11/17/2033 US 2,234,942.86 $2,162,837.35
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 750,000 $722,405.33
896356AE2 TRINIDAD DRILLING LTD 6.62500 02/15/2025 CA 265,000 $255,062.50
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 250,000 $250,312.50
902653104 UDR INC US UDR 6,840 $256,773.60
903002103 UMH PROPERTIES INC US UMH 4,440 $68,154.00
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 495,000 $470,299.50
904767704 UNILEVER PLC - ADR GB UL 97,061 $5,365,532.08
912796PY9 TREASURY BILL 0.00000 09/06/2018 US 5,950,000 $5,929,519.62
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 4,271,000 $5,715,632.39
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 6,781,000 $8,594,122.83
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 3,023,697.6 $2,952,098.13
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 4,790,000 $4,367,319.91
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 11,610,000 $11,644,013.70
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 5,800,000 $5,750,382.80
912828D23 US TREASURY N/B 1.62500 04/30/2019 US 11,500,000 $11,433,964.82
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 2,894,025.4 $2,863,166.47
912828K58 UNITED STATES TREAS NTS 1.37500 04/30/2020 US 11,650,000 $11,411,539.06
912828R28 US TREASURY N/B 1.62500 04/30/2023 US 6,200,000 $5,890,484.34
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 6,343,000 $5,802,110.57
912828RT9 US TREASURY N/B 1.37500 11/30/2018 US 6,200,000 $6,181,593.75
912828S92 US TREASURY N/B 1.25000 07/31/2023 US 22,826,000 $21,211,238.77
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 2,926,915.93 $2,861,237.95
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 11,176,000 $10,762,575.28
91704F104 URBAN EDGE PROPERTIES US UE 8,585 $196,338.95
92276F100 VENTAS INC US VTR 1,750 $99,662.50
92339V100 VEREIT INC US VER 12,850 $95,604.00
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 3,060,000 $3,206,453.77
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 14,100 $2,396,436.00
92826C839 VISA INC - CLASS A SHARES US V 45,500 $6,026,475.00
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 380,000 $387,309.49
929042109 VORNADO REALTY TRUST US VNO 2,905 $214,737.60
92936CAE9 WFRBS 2011-C4 A3 4.39400 06/15/2044 US 30,330.62 $30,514.93
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 215,000 $217,687.50
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 140,000 $136,325.00
94856TAA2 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 245,000 $232,137.50
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 600,000 $614,204.34
95040Q104 WELLTOWER INC. US WELL 2,330 $146,067.70
962166104 WEYERHAEUSER CO US WY 2,411 $87,905.06
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 160,000 $160,832.00
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 140,000 $138,950.00
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 689,560.55 $690,363.47
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 764,299.36 $750,997.88
98919V105 ZAYO GROUP HOLDINGS INC US ZAYO 120,360 $4,390,732.80
AN7903213 SONGA BULK ASA 6.83263 06/13/2022 NO 200,000 $207,728.00
AP0787667 MPC CONTAINER SHIPS FLT 7.08188 09/22/2022 NL 200,000 $205,102.00
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 310,000 $305,737.50
B0190C7 TECHTRONIC INDUSTRIES CO LTD HK 669 HK 10,500 $58,315.88
B02J639 ADMIRAL GROUP PLC GB ADM LN 2,450 $61,574.08
B037JC2 NEXITY FR NXI FP 3,860 $243,685.73
B0386J1 JYSKE BANK-REG DK JYSK DC 2,515 $137,469.69
B06JSP1 SYDBANK A/S DK SYDB DC 3,600 $123,408.96
B09DHL9 MTU AERO ENGINES HOLDING AG DE MTX GR 340 $65,124.18
B09M9D2 KONE OYJ-B FI KNEBV FH 1,240 $63,048.53
B11TCY0 SCHINDLER HOLDING-PART CERT CH SCHP SW 290 $62,263.84
B11ZRK9 LEGRAND SA FR LR FP 2,830 $207,289.55
B138HB7 KAUFMAN & BROAD SA FR KOF FP 3,900 $183,657.73
B13X013 EIFFAGE FR FGR FP 2,270 $246,620.97
B15C557 TOTAL SA FR FP FP 3,265 $198,269.86
B19NLV4 EXPERIAN PLC GB EXPN LN 2,600 $64,138.37
B1CRLC4 MONDI PLC GB MNDI LN 2,380 $64,207.79
B1FW751 GALP ENERGIA SGPS SA PT GALP PL 13,280 $252,634.42
B1HDJL2 NATIXIS FR KN FP 28,540 $201,936.59
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 12,900 $67,370.15
B1WGG93 GEBERIT AG-REG CH GEBN SW 410 $175,547.22
B1WY233 SMITHS GROUP PLC GB SMIN LN 2,830 $63,214.92
B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 3,155 $175,314.40
B1XH026 VINCI SA FR DG FP 5,575 $535,151.34
B1Y9TB3 DANONE FR BN FP 2,733 $199,543.39
B1YVKN8 ANTA SPORTS PRODUCTS LTD CN 2020 HK 34,000 $179,292.46
B232R05 SK INNOVATION CO LTD KR 096770 KS 750 $135,846.28
B249GC0 MATSUMOTOKIYOSHI HOLDINGS CO JP 3088 JP 2,900 $130,134.07
B283W97 CAIXABANK S.A ES CABK SM 59,440 $255,847.03
B3FP8W8 CANADA HOUSING TRUST 4.10000 12/15/2018 CA 420,000 $323,013.27
B3MPN59 SUN ART RETAIL GROUP LTD HK 6808 HK 56,000 $73,056.04
B3MSM28 AMADEUS IT HOLDING SA-A SHS ES AMS SM 820 $64,478.69
B3NB1P2 SUNCOR ENERGY INC CA SU CN 3,475 $141,415.97
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 1,250,000 $60,932.01
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 530,000 $413,977.71
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 3,100,000 $149,725.31
B4Q2TX3 CHINA LONGYUAN POWER GROUP-H CN 916 HK 307,000 $246,616.64
B4R2R50 JULIUS BAER CH BAER SW 7,300 $427,571.73
B4WTBY3 HUANENG RENEWABLES CORP-H CN 958 HK 648,000 $214,788.26
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 925,000 $683,178.86
B4YVF56 BRENNTAG AG DE BNR GR 3,017 $167,629.73
B607XS1 VERMILION ENERGY INC CA VET CN 3,805 $137,219.07
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 4,800,000 $242,940.75
B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 20,700 $265,954.27
B63QM77 NEXON CO LTD JP 3659 JP 14,600 $211,836.75
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 1,500,000 $76,267.92
B7VQL46 FNAC DARTY SA FR FNAC FP 1,835 $173,942.37
BB22L96 KION GROUP AG DE KGX GR 2,340 $167,964.10
BBG00J8JCGT8 BABA US 07/20/18 P185 CN -108 -$55,620.00
BBG00KWNZGX9 SCHW US 06/29/18 P51.5 US -286 -$5,720.00
BBG00KZ9KMK4 QRVO US 07/20/18 P75 US -200 -$12,200.00
BBG00KZB2V74 REGN US 07/20/18 C360 US -41 -$20,500.00
BBG00KZD4H15 SGEN US 07/20/18 P60 US -249 -$9,960.00
BBG00L3N2DV4 FB US 07/27/18 P180 US -111 -$18,537.00
BD4TZK8 OCI NV NL OCI NA 5,340 $143,397.94
BD6K457 COMPASS GROUP PLC GB CPG LN 2,980 $63,520.52
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 200,000 $203,000.00
BD97BN2 ATLAS COPCO AB-A SHS SE ATCOA SS 1,570 $45,468.07
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 144,000 $125,121.51
BDZV116 EPIROC AB-A SE EPIA SS 20,740 $217,640.62
BF2DSG3 SIKA AG-REG CH SIKA SW 600 $82,901.77
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 305,000 $277,550.00
BFMDQ58 REPSOL SA-RTS ES 10,321 $5,858.90
BFYFZP5 FERGUSON PLC CH FERG LN 786.32 $63,619.02
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 1,275 $280,740.91
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 56,810 $99,514.19
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 183,000 $205,958.90
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 69,854 $3,507,746.75
BNBNSG0 EURONEXT NV NL ENX FP 4,775 $302,581.00
BNGN9Z1 FINECOBANK SPA IT FBK IM 22,535 $253,678.14
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 128,500 $4,375,959.45
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 2,300 $63,522.92
BSBMKM2 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 68,000 $122,109.03
BVSS790 ELIS SA FR ELIS FP 8,535 $195,181.24
BYM4063 BECLE SAB DE CV MX 43,530 $62,729.75
BYPC1T4 ASSA ABLOY AB-B SE ASSAB SS 2,970 $62,998.46
BYQ32R1 NEMAK SAB DE CV MX 182,600 $125,501.44
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 86,000 $60,843.59
BYXS699 QIAGEN N.V. NL QIA GR 3,266 $118,389.95
BYY8LS2 MAISONS DU MONDE SA FR MDM FP 3,310 $121,721.67
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 84,705 $8,543,778.71
BYZ43T4 EUROBANK ERGASIAS SA GR EUROB GA 124,530 $129,483.37
BYZFYS3 SPIE SA FR SPIE FP 12,115 $245,222.14
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 25,310 $212,821.05
BYZWX76 CRODA INTERNATIONAL PLC GB CRDA LN 3,959 $250,117.99
BZ3C3Q4 BANKIA SA ES BKIA SM 37,252 $138,915.49
BZCNN35 BANCO COMERCIAL PORTUGUES-R PT BCP PL 343,360 $102,675.59
G02602103 AMDOCS LTD GG DOX 4,480 $296,531.20
G06242104 ATLASSIAN CORP PLC-CLASS A AU TEAM 682 $42,638.64
G27358103 DESPEGAR.COM CORP AR DESP 1,915 $40,157.55
G3157S106 ENSCO INTERNATIONAL INC US ESV 290,760 $2,110,917.60
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 290,000 $300,875.00
G5960L103 MEDTRONIC INC IE MDT 86,565 $7,410,829.65
G68707101 PAGSEGURO DIGITAL LTD-CL A BR PAGS 2,185 $60,633.75
G97822103 PERRIGO CO PLC IE PRGO 3,235 $235,863.85
H8817H100 TRANSOCEAN LTD US RIG 217,610 $2,924,678.40
N47279109 INTERXION HOLDING NX NL INXN 4,660 $290,877.20
N72482123 QIAGEN N.V. ADR NL QGEN 2,286 $82,661.76

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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