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

$36.62

Daily $ Change

-$0.14

Daily % Change

-0.38%

as of 10/22/2019

CUSIP

563821123

Inception Date

01/01/2000

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

Important Documents

Annual Report
Applications & Forms

Performance

As of 09/30/2019

YTD

14.06%

1 Year

6.51%

3 Year

6.56%

5 Year

4.45%

10 Year

7.10%

Inception
(01/01/2000)

6.73%

US Stock Market Cycle (04/01/2000 - 09/30/2019)

6.67%

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%*

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

Top Ten Investments

As of 09/30/2019

TREASURY BONDS 9.53%
GOVERNMENT AGENCY 8.70%
TREASURY NOTES 4.59%
MEDTRONIC INC 1.84%
NOVARTIS AG- REG 1.67%
MASTERCARD INC-CLASS A 1.63%
JOHNSON & JOHNSON 1.57%
TREASURY BILLS 1.56%
MICROSOFT CORP 1.55%
VISA INC - CLASS A SHARES 1.46%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 09/30/2019

Stocks 49.49%
Bonds 48.19%
Cash 2.32%

Detailed Asset Class Allocation

As of 09/30/2019

International Equities 20.24%
Small Capitalization 0.40%
Mid Capitalization 0.84%
Large Capitalization 28.00%
Long Term Fixed Income 19.41%
Intermediate Term Fixed Income 21.95%
Short Term Fixed Income 6.84%
Cash 2.32%

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

September Fund Holdings

As of 09/30/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 40,000 $42,600.00
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 1,680,000 $1,827,863.50
00287Y109 ABBVIE INC US ABBV 954 $72,236.88
004239109 ACADIA REALTY TRUST US AKR 1,415 $40,440.70
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 45,000 $41,953.50
00507V109 ACTIVISION INC US ATVI 70,130 $3,711,279.60
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 1,740,000 $1,854,821.59
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 45,000 $45,675.00
008492100 AGREE REALTY CORP US ADC 890 $65,103.50
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 1,790,000 $1,845,602.41
013093AD1 ALBERTSONS COS LLC/SAFEW 5.75000 03/15/2025 US 45,000 $46,275.75
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 325 $50,063.00
01609W102 ALIBABA GROUP - ADR CN BABA 1,090 $182,280.70
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 1,400,000 $1,457,129.70
020002101 ALLSTATE CORPORATION US ALL 232 $25,213.76
02079K107 ALPHABET INC-CL C US GOOG 2,530 $3,084,070.00
02079K305 ALPHABET INC-CL A US GOOGL 2,530 $3,089,484.20
023135106 AMAZON.COM INC US AMZN 2,385 $4,140,145.35
02319V103 AMBEV SA-ADR BR ABEV 251,732 $1,163,001.84
0237400 DIAGEO PLC GB DGE LN 57,087 $2,332,010.30
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 585,000 $585,000.00
02406PAR1 AMERICAN AXLE & MFG INC 6.25000 04/01/2025 US 20,000 $19,425.00
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 2,340 $112,507.20
0263494 BAE SYSTEMS PLC GB BA/ LN 23,850 $167,027.59
02665T306 AMERICAN HOMES 4 RENT- A US AMH 8,885 $230,032.65
0287580 BRITISH AMERICAN TOBACCO PLC GB BATS LN 4,370 $161,384.39
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 110,000 $111,375.62
03027X100 AMERICAN TOWER REIT INC US AMT 9,090 $2,010,071.70
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 1,740,000 $1,857,111.45
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 52,344.12 $52,861.65
03064D108 AMERICOLD REALTY TRUST US COLD 4,345 $161,069.15
031162100 AMGEN INC US AMGN 432 $83,596.32
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 40,000 $33,350.00
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 45,000 $37,350.00
03748R754 APARTMENT INVT & MGMT CO -A US AIV 3,426 $178,631.64
038222105 APPLIED MATERIALS INC US AMAT 593 $29,590.70
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 440 $18,070.80
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 31,312 $32,407.92
0405207 HALMA PLC GB HLMA LN 3,275 $79,272.36
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 45,000 $44,887.50
0490656 KERRY GROUP PLC-A IE KYGA LN 1,290 $150,868.15
05278C107 AUTOHOME INC-ADR CN ATHM 1,420 $118,044.60
053484101 AVALONBAY COMMUNITIES INC US AVB 1,340 $288,542.20
054937107 BB&T CORP US BBT 488 $26,044.56
05722G100 BAKER HUGHES A GE CO US BHGE 788 $18,281.60
060505104 BANK OF AMERICA CORP US BAC 3,206 $93,519.02
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 2,610,000 $2,771,388.80
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 25,310 $5,264,986.20
086516101 BEST BUY INC US BBY 317 $21,869.83
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 26,510 $1,786,774.00
0922320 SMITH & NEPHEW PLC GB SN/ LN 6,415 $154,484.70
09247X101 BLACKROCK INC US BLK 2,380 $1,060,623.20
0946580 WEIR GROUP PLC/THE GB WEIR LN 7,460 $130,681.43
097023105 BOEING CO US BA 288 $109,575.36
09857L108 BOOKING HOLDINGS INC US BKNG 1,060 $2,080,366.60
101121101 BOSTON PROPERTIES INC US BXP 1,505 $195,138.30
105368203 BRANDYWINE REALTY TRUST US BDN 11,365 $172,179.75
110122108 BRISTOL MYERS SQUIBB CO US BMY 1,099 $55,730.29
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 1,850 $68,265.00
11135F101 BROADCOM INC US AVGO 223 $61,563.61
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 45,000 $33,637.50
12429TAE4 BWAY HOLDING CO 7.25000 04/15/2025 US 45,000 $42,538.50
124847AC8 ENTERCOM MEDIA CORP 7.25000 11/01/2024 US 20,000 $20,700.00
12503M108 CBOE GLOBAL MARKETS INC US CBOE 17,470 $2,007,477.70
12527GAB9 CF INDUSTRIES INC 7.12500 05/01/2020 US 40,000 $41,100.00
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 204 $17,295.12
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 489,227.06 $501,560.77
12572Q105 CME GROUP INC US CME 9,720 $2,054,224.80
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 787,637.78 $778,628.70
126650100 CVS HEALTH CORP US CVS 915 $57,709.05
12686CBA6 CABLEVISION SYSTEMS CORP 8.00000 04/15/2020 US 40,000 $41,150.00
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 60,000 $60,000.00
133131102 CAMDEN PROPERTY TRUST US CPT 1,370 $152,083.70
13321L108 CAMECO CORP CA CCJ 10,399 $98,790.50
149123101 CATERPILLAR INC US CAT 373 $47,113.63
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 16,994.52 $16,980.35
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 714,692.43 $717,919.98
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 40,000 $40,554.00
166764100 CHEVRON CORP US CVX 768 $91,084.80
17275R102 CISCO SYSTEMS INC US CSCO 2,230 $110,184.30
172967424 CITIGROUP INC US C 918 $63,415.44
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 830,000 $1,360,779.04
191216100 COCA COLA CO/THE US KO 77,000 $4,191,880.00
192422103 COGNEX CORP US CGNX 21,660 $1,064,155.80
194162103 COLGATE-PALMOLIVE CO US CL 646 $47,487.46
2011646 ALIMENTATION COUCHE-TARD -B CA ATD/B CN 5,070 $155,370.04
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 2,550 $113,602.50
205887102 CONAGRA BRAND INC. US CAG 473 $14,511.64
222795502 COUSINS PROPERTIES INC US CUZ 7,123 $267,753.57
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 2,530,000 $2,552,379.55
22822V101 CROWN CASTLE INTL CORP US CCI 980 $136,229.80
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 533,027.26 $517,830.44
229663109 CUBESMART US CUBE 1,225 $42,752.50
231021106 CUMMINS INC US CMI 168 $27,328.56
2328595 BANCO DO BRASIL S.A. BR BBAS3 BZ 6,400 $70,239.11
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 4,155 $34,905.95
2458771 ITAUSA INVESTIMENTOS ITAU -PR BR ITSA4 BZ 24,400 $77,752.08
2521800 LOBLAW COMPANIES LTD CA L CN 2,775 $158,056.76
253868103 DIGITAL REALTY TRUST INC US DLR 1,140 $147,983.40
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 1,650,000 $1,804,194.15
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 45,000 $46,687.50
25960P109 DOUGLAS EMMETT INC US DEI 3,015 $129,132.45
260557103 DOW INC US DOW 507 $24,158.55
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 85,000 $88,400.00
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 320,000 $320,224.00
269246401 ETRADE FINANCIAL CORP US ETFC 23,140 $1,010,986.60
2715777 QUEBECOR INC -CL B CA QBR/B CN 48,950 $1,111,383.18
277432100 EASTMAN CHEM CO US EMN 195 $14,396.85
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 57,970 $1,138,966.00
285512109 ELECTRONIC ARTS US EA 32,370 $3,166,433.40
2866857 LUNDIN MINING CORP CA LUN CN 7,100 $33,387.18
291011104 EMERSON ELEC CO US EMR 559 $37,374.74
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 1,140,000 $1,367,408.66
29444U700 EQUINIX INC US EQIX 5,810 $3,351,208.00
2945422 WEG SA BR WEGE3 BZ 5,300 $30,996.76
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 915 $122,244.00
29476L107 EQUITY RESIDENTIAL US EQR 2,600 $224,276.00
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 4,347 $99,589.77
297178105 ESSEX PROPERTY TRUST INC US ESS 655 $213,955.75
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 3,075,000 $3,091,426.77
30225T102 EXTRA SPACE STORAGE INC US EXR 640 $74,764.80
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 20,339.4 $20,298.74
30286XAN9 FREMF 2015-K43 B FLT 3.86160 02/25/2048 US 2,100,000 $2,212,207.41
30291EAE4 FREMF 2013-K712 B FLT 3.40062 05/25/2045 US 1,350,000 $1,348,580.75
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 140,549,073 $386,692.66
30291XAE2 FREMF 2014-K715 B FLT 4.11215 02/25/2046 US 1,750,000 $1,783,524.23
30303M102 FACEBOOK INC -A US FB 23,015 $4,098,511.20
30744W107 FARFETCH LTD - CLASS A GB FTCH 1,775 $15,336.00
311900104 FASTENAL CO US FAST 632 $20,647.44
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 243,932.56 $275,453.17
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 148,785.32 $167,807.37
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 114,535.43 $128,564.20
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 6,815.3 $7,052.61
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 14,022.15 $14,361.29
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 9,616.6 $9,875.71
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 8,352.93 $8,642.51
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 14,017.8 $14,472.43
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 1,285,550.16 $1,364,684.81
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 220,555 $248,910.23
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 803,511.99 $865,006.72
3131XVYW9 FEDERAL NATL MTG ASSN FR ZM2525 3.00000 12/01/2046 US 1,059,675.49 $1,084,178.35
3132LMMM5 FHLM POOL K91364 4.50000 11/01/2033 US 481,339.5 $512,025.32
3132LNE83 FHLM POOL K92059 4.50000 09/01/2034 US 707,372.64 $759,699.59
3132Y33P7 FHLM POOL FG Q59805 4.50000 11/01/2048 US 1,062,206.12 $1,122,532.31
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 1,374.27 $1,377.55
3133G6L60 FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 US 1,130,035.67 $1,155,497.32
3136AY6W8 FNA 2017-M15 A1 3.05802 09/25/2027 US 1,341,224.42 $1,404,640.06
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 830,597.84 $873,125.36
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 320 $43,564.80
3137A2B34 FHMS K009 X1 FLT 1.42667 08/25/2020 US 14,038,546.51 $117,094.11
3137ADTK3 FHMS K014 X1 FLT 1.32351 04/25/2021 US 3,395,706.96 $50,711.83
3137AJMG6 FMHS K016 X1 FLT 1.63454 10/25/2021 US 3,877,823.2 $100,821.08
3137AME78 FHMS K017 X1 FLT 1.44538 12/25/2021 US 27,120,680.37 $628,453.97
3137AUPF0 FHMS K021 x1 FLT 1.56289 06/25/2022 US 12,187,797.79 $406,300.96
3137B3NB0 FHMS K030 X1 FLT 0.30017 04/25/2023 US 45,836,532.04 $286,253.73
3137B4GZ3 FHMS K032 X1 FLT 0.21238 05/25/2023 US 29,389,703.75 $119,187.00
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 925,108.92 $942,914.21
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 820,107.34 $838,190.13
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 201,308.37 $218,129.52
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 99,219.53 $107,512.85
3138EGGZ1 FEDERAL NATL MTG ASSN AL0215 4.50000 04/01/2041 US 1,356,420.26 $1,465,746.35
3138ERN30 FEDERAL NATL MTG ASSN FN AL9409 3.50000 11/01/2031 US 911,835.92 $946,273.84
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64300 01/01/2049 US 2,843,527.62 $3,197,233.40
3138WGK37 FEDERAL NATL MTG ASSN FN AS6613 4.00000 02/01/2046 US 2,925,832.51 $3,082,580.36
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 520,498.83 $588,568.50
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 275,996.45 $312,141.82
3140EWG66 FEDERAL NATL MTG ASSN BC2020 3.50000 07/01/2046 US 1,557,258.54 $1,622,264.80
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 1,462,162.9 $1,535,029.66
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 647,326.25 $683,455.42
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 918,072.26 $986,477.22
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 1,090,792.55 $1,172,567.21
3140X4JC1 FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 US 2,135,558.32 $2,209,204.93
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 9,950.95 $10,164.93
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 11,233.91 $11,492.21
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 70,214.64 $71,209.09
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 84,866.85 $85,987.37
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 508,655.98 $573,766.52
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 95,598.38 $107,567.03
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 2,105.09 $2,125.60
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 47,888.32 $48,609.49
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 777,397.14 $836,474.03
31418C4F8 FEDERAL NATL MTG ASSN FN MA3521 4.00000 11/01/2048 US 2,338,656.94 $2,430,916.51
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 503,808.91 $515,995.82
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 603,215.16 $624,596.40
31418CZH0 FEDERAL NATL MTG ASSN FN MA3443 4.00000 08/01/2048 US 939,400.72 $974,774.39
31418DC67 FEDERAL NATL MTG ASSN FN MA3692 3.50000 07/01/2049 US 2,806,432.54 $2,886,946.76
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 38,582.26 $44,407.33
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 12,173.65 $12,771.37
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 40,000 $42,900.00
316067107 FIDELITY CASH RESERVES US 92,300.11 $92,300.11
316773100 FIFTH THIRD BANCORP US FITB 754 $20,644.52
32054K103 FIRST INDUSTRIAL REALTY TR US FR 2,145 $84,856.20
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 65,000 $65,975.00
346232AD3 FORESTAR GROUP INC 8.00000 04/15/2024 US 40,000 $43,200.00
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 65,000 $66,787.50
357081AE8 FREMF 2015-K720 B FLT 3.50714 07/25/2022 US 1,070,000 $1,097,221.87
36166LAA5 GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 AE 210,000 $216,562.50
36223NTR5 GNMA POOL 312960 9.00000 09/15/2021 US 199.5 $200.08
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 524,000 $523,773.42
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 26,749.57 $26,934.64
364760108 GAP INC US GPS 562 $9,756.32
369550108 GENERAL DYNAMICS CORP US GD 172 $31,429.56
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 1,590,000 $1,501,929.90
370334104 GENERAL MLS INC US GIS 606 $33,402.72
37045XAR7 GENERAL MOTORS FINL CO 3.15000 01/15/2020 US 2,590,000 $2,593,847.83
372460105 GENUINE PARTS CO US GPC 201 $20,017.59
374297109 GETTY REALTY CORP US GTY 2,460 $78,867.60
375558103 GILEAD SCIENCES INC US GILD 996 $63,126.48
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 200,000 $209,625.00
37960JAA6 GLOBAL AIR LEASE CO LTD 6.50000 09/15/2024 KY 60,000 $60,750.00
38141GVR2 GOLDMAN SACHS GROUP INC 4.25000 10/21/2025 US 860,000 $920,288.11
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 1,410,282.56 $1,419,822.70
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 530 $51,155.60
4012250 AIRBUS SE FR AIR FP 1,010 $131,127.26
4031879 VEOLIA ENVIRONMENT FR VIE FP 975 $24,698.42
404119BX6 HCA INC 4.12500 06/15/2029 US 1,300,000 $1,363,291.05
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 20,000 $17,600.00
40414L109 HCP INC US HCP 5,030 $179,218.90
4057808 L'OREAL FR OR FP 435 $121,656.36
4061412 LVMH MOET HENNESSY LOUIS VUITTON FR MC FP 450 $178,542.56
406216101 HALLIBURTON CO US HAL 120,219 $2,266,128.15
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B4P8HQ1 MGM CHINA HOLDINGS LTD MO 2282 HK 46,800 $72,868.19
B4R2R50 JULIUS BAER CH BAER SW 2,115 $93,675.29
B4V5RY4 BANCO SANTANDER BRASIL - UNIT BR SANB11 BZ 2,800 $30,635.27
B5B23W2 SANDS CHINA LTD MO 1928 HK 24,000 $108,448.26
B5VJH76 BDO UNIBANK INC PH BDO PM 25,270 $69,717.97
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 4,800,000 $245,059.29
B63QM77 NEXON CO LTD JP 3659 JP 349,800 $4,250,131.50
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 1,500,000 $80,535.12
B725S29 PUREGOLD PRICE CLUB INC PH PGOLD PM 27,800 $20,940.03
B7FQV64 RAIA DROGASIL S.A. BR RADL3 BZ 1,300 $29,992.66
B92RW83 LT GROUP INC PH LTG PM 84,500 $22,726.80
B9N3SQ0 BB SEGURIDADE PARTICIPACOES BR BBSE3 BZ 4,600 $38,948.24
BB22L96 KION GROUP AG DE KGX GR 1,555 $81,776.16
BBG00ND15VD4 SNE US 10/18/19 P55 JP -249 -$1,245.00
BBG00Q0BJS32 CME US 10/18/19 P190 US -72 -$2,520.00
BBG00Q4JGRN4 MU US 10/11/2019 P43.5 US -316 -$49,296.00
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 1,645 $23,167.85
BD0PJ08 INMOBILIARIA COLONIAL SOCIMI ES COL SM 6,015 $72,571.33
BD4TZK8 OCI NV NL OCI NA 1,340 $31,604.67
BD9Y5C0 TECHNOGYM SPA IT TGYM IM 11,510 $127,944.17
BD9Y9B7 BASIC-FIT NV NL BFIT NA 3,755 $117,634.51
BF1K7P7 ESSITY AKTIEBOLAG-B SE ESSITYB SS 4,905 $143,120.14
BFTCYP4 ROBINSONS RETAIL HOLDINGS IN PH RRHI PM 15,550 $23,701.52
BG36ZK1 B3 SA-BRASIL BOLSA BALCAO BR B3SA3 BZ 8,700 $91,754.17
BG7ZWY7 AMBEV SA BR ABEV3 BZ 22,500 $103,972.37
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 44,005 $70,506.23
BH3T8K8 ORBIA ADVANCE CORP SAB DE CV MX 46,600 $91,339.21
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 78,000 $68,922.50
BJ2KSG2 AKZO NOBEL NL AKZA NA 2,191 $195,224.66
BJT1GR5 ALCON INC CH ALC SW 1,297 $75,653.86
BMJ6DW5 INFORMA PLC GB INF LN 14,795 $154,946.11
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 109,085 $4,562,798.97
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 15,035 $70,103.24
BNGN9Z1 FINECOBANK SPA IT FBK IM 12,550 $132,780.13
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 121,815 $3,769,893.10
BSQXJ01 THULE GROUP AB/THE SE THULE SS 7,760 $146,872.55
BVSS790 ELIS SA FR ELIS FP 2,650 $46,836.25
BYXS699 QIAGEN N.V. NL QIA GR 2,786 $91,238.15
BYXZ2W5 RUMO SA BR RAIL3 BZ 6,500 $38,421.64
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 46,155 $4,393,027.44
BYZFYS3 SPIE SA FR SPIE FP 1,310 $26,213.44
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 19,220 $94,662.15
BYZR014 AMUNDI SA FR AMUN FP 1,060 $73,837.72
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 2,520 $74,692.80
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 2,815 $156,091.75
G29183103 EATON CORP PLC US ETN 410 $34,091.50
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 40,000 $41,400.00
G45667105 HOLLYSYS AUTOMATION TECHNOLOGIES CN HOLI 5,175 $78,608.25
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 768 $33,707.52
G5960L103 MEDTRONIC INC IE MDT 68,180 $7,405,711.60
G97822103 PERRIGO CO PLC IE PRGO 1,945 $108,706.05
H01301128 ALCON INC CH ALC 35,868 $2,090,745.72
H1467J104 CHUBB LTD CH CB 246 $39,714.24
H8817H100 TRANSOCEAN LTD US RIG 152,760 $682,837.20
N22717107 CORE LABORATORIES N.V. NL CLB 1,495 $69,696.90
N47279109 INTERXION HOLDING NV NL INXN 44,135 $3,595,237.10
N53745100 LYONDELLBASELL INDU-CL A US LYB 373 $33,372.31
N72482123 QIAGEN N.V. ADR NL QGEN 1,666 $54,928.02
USD US DOLLAR US 9,488,330.59 $9,488,330.59

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

$36.62

Daily $ Change

-$0.14

Daily % Change

-0.38%

as of 10/22/2019

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 09/30/2019

YTD

14.06%

1 Year

6.51%

3 Year

6.56%

5 Year

4.45%

10 Year

7.10%

Inception
(01/01/2000)

6.73%

US Stock Market Cycle (04/01/2000 - 09/30/2019)

6.67%

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%*

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

Top Ten Investments

As of 09/30/2019

TREASURY BONDS 9.53%
GOVERNMENT AGENCY 8.70%
TREASURY NOTES 4.59%
MEDTRONIC INC 1.84%
NOVARTIS AG- REG 1.67%
MASTERCARD INC-CLASS A 1.63%
JOHNSON & JOHNSON 1.57%
TREASURY BILLS 1.56%
MICROSOFT CORP 1.55%
VISA INC - CLASS A SHARES 1.46%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 09/30/2019

Stocks
49.49%
Bonds
48.19%
Cash
2.32%

Detailed Asset Class Allocation

As of 09/30/2019

International Equities
20.24%
Small Capitalization
0.40%
Mid Capitalization
0.84%
Large Capitalization
28.00%
Long Term Fixed Income
19.41%
Intermediate Term Fixed Income
21.95%
Short Term Fixed Income
6.84%
Cash
2.32%

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

September Fund Holdings

As of 09/30/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 40,000 $42,600.00
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 1,680,000 $1,827,863.50
00287Y109 ABBVIE INC US ABBV 954 $72,236.88
004239109 ACADIA REALTY TRUST US AKR 1,415 $40,440.70
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 45,000 $41,953.50
00507V109 ACTIVISION INC US ATVI 70,130 $3,711,279.60
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 1,740,000 $1,854,821.59
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 45,000 $45,675.00
008492100 AGREE REALTY CORP US ADC 890 $65,103.50
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 1,790,000 $1,845,602.41
013093AD1 ALBERTSONS COS LLC/SAFEW 5.75000 03/15/2025 US 45,000 $46,275.75
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 325 $50,063.00
01609W102 ALIBABA GROUP - ADR CN BABA 1,090 $182,280.70
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 1,400,000 $1,457,129.70
020002101 ALLSTATE CORPORATION US ALL 232 $25,213.76
02079K107 ALPHABET INC-CL C US GOOG 2,530 $3,084,070.00
02079K305 ALPHABET INC-CL A US GOOGL 2,530 $3,089,484.20
023135106 AMAZON.COM INC US AMZN 2,385 $4,140,145.35
02319V103 AMBEV SA-ADR BR ABEV 251,732 $1,163,001.84
0237400 DIAGEO PLC GB DGE LN 57,087 $2,332,010.30
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 585,000 $585,000.00
02406PAR1 AMERICAN AXLE & MFG INC 6.25000 04/01/2025 US 20,000 $19,425.00
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 2,340 $112,507.20
0263494 BAE SYSTEMS PLC GB BA/ LN 23,850 $167,027.59
02665T306 AMERICAN HOMES 4 RENT- A US AMH 8,885 $230,032.65
0287580 BRITISH AMERICAN TOBACCO PLC GB BATS LN 4,370 $161,384.39
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 110,000 $111,375.62
03027X100 AMERICAN TOWER REIT INC US AMT 9,090 $2,010,071.70
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 1,740,000 $1,857,111.45
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 52,344.12 $52,861.65
03064D108 AMERICOLD REALTY TRUST US COLD 4,345 $161,069.15
031162100 AMGEN INC US AMGN 432 $83,596.32
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 40,000 $33,350.00
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 45,000 $37,350.00
03748R754 APARTMENT INVT & MGMT CO -A US AIV 3,426 $178,631.64
038222105 APPLIED MATERIALS INC US AMAT 593 $29,590.70
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 440 $18,070.80
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 31,312 $32,407.92
0405207 HALMA PLC GB HLMA LN 3,275 $79,272.36
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 45,000 $44,887.50
0490656 KERRY GROUP PLC-A IE KYGA LN 1,290 $150,868.15
05278C107 AUTOHOME INC-ADR CN ATHM 1,420 $118,044.60
053484101 AVALONBAY COMMUNITIES INC US AVB 1,340 $288,542.20
054937107 BB&T CORP US BBT 488 $26,044.56
05722G100 BAKER HUGHES A GE CO US BHGE 788 $18,281.60
060505104 BANK OF AMERICA CORP US BAC 3,206 $93,519.02
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 2,610,000 $2,771,388.80
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 25,310 $5,264,986.20
086516101 BEST BUY INC US BBY 317 $21,869.83
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 26,510 $1,786,774.00
0922320 SMITH & NEPHEW PLC GB SN/ LN 6,415 $154,484.70
09247X101 BLACKROCK INC US BLK 2,380 $1,060,623.20
0946580 WEIR GROUP PLC/THE GB WEIR LN 7,460 $130,681.43
097023105 BOEING CO US BA 288 $109,575.36
09857L108 BOOKING HOLDINGS INC US BKNG 1,060 $2,080,366.60
101121101 BOSTON PROPERTIES INC US BXP 1,505 $195,138.30
105368203 BRANDYWINE REALTY TRUST US BDN 11,365 $172,179.75
110122108 BRISTOL MYERS SQUIBB CO US BMY 1,099 $55,730.29
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 1,850 $68,265.00
11135F101 BROADCOM INC US AVGO 223 $61,563.61
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 45,000 $33,637.50
12429TAE4 BWAY HOLDING CO 7.25000 04/15/2025 US 45,000 $42,538.50
124847AC8 ENTERCOM MEDIA CORP 7.25000 11/01/2024 US 20,000 $20,700.00
12503M108 CBOE GLOBAL MARKETS INC US CBOE 17,470 $2,007,477.70
12527GAB9 CF INDUSTRIES INC 7.12500 05/01/2020 US 40,000 $41,100.00
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 204 $17,295.12
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 489,227.06 $501,560.77
12572Q105 CME GROUP INC US CME 9,720 $2,054,224.80
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 787,637.78 $778,628.70
126650100 CVS HEALTH CORP US CVS 915 $57,709.05
12686CBA6 CABLEVISION SYSTEMS CORP 8.00000 04/15/2020 US 40,000 $41,150.00
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 60,000 $60,000.00
133131102 CAMDEN PROPERTY TRUST US CPT 1,370 $152,083.70
13321L108 CAMECO CORP CA CCJ 10,399 $98,790.50
149123101 CATERPILLAR INC US CAT 373 $47,113.63
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 16,994.52 $16,980.35
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 714,692.43 $717,919.98
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 40,000 $40,554.00
166764100 CHEVRON CORP US CVX 768 $91,084.80
17275R102 CISCO SYSTEMS INC US CSCO 2,230 $110,184.30
172967424 CITIGROUP INC US C 918 $63,415.44
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 830,000 $1,360,779.04
191216100 COCA COLA CO/THE US KO 77,000 $4,191,880.00
192422103 COGNEX CORP US CGNX 21,660 $1,064,155.80
194162103 COLGATE-PALMOLIVE CO US CL 646 $47,487.46
2011646 ALIMENTATION COUCHE-TARD -B CA ATD/B CN 5,070 $155,370.04
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 2,550 $113,602.50
205887102 CONAGRA BRAND INC. US CAG 473 $14,511.64
222795502 COUSINS PROPERTIES INC US CUZ 7,123 $267,753.57
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 2,530,000 $2,552,379.55
22822V101 CROWN CASTLE INTL CORP US CCI 980 $136,229.80
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 533,027.26 $517,830.44
229663109 CUBESMART US CUBE 1,225 $42,752.50
231021106 CUMMINS INC US CMI 168 $27,328.56
2328595 BANCO DO BRASIL S.A. BR BBAS3 BZ 6,400 $70,239.11
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 4,155 $34,905.95
2458771 ITAUSA INVESTIMENTOS ITAU -PR BR ITSA4 BZ 24,400 $77,752.08
2521800 LOBLAW COMPANIES LTD CA L CN 2,775 $158,056.76
253868103 DIGITAL REALTY TRUST INC US DLR 1,140 $147,983.40
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 1,650,000 $1,804,194.15
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 45,000 $46,687.50
25960P109 DOUGLAS EMMETT INC US DEI 3,015 $129,132.45
260557103 DOW INC US DOW 507 $24,158.55
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 85,000 $88,400.00
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 320,000 $320,224.00
269246401 ETRADE FINANCIAL CORP US ETFC 23,140 $1,010,986.60
2715777 QUEBECOR INC -CL B CA QBR/B CN 48,950 $1,111,383.18
277432100 EASTMAN CHEM CO US EMN 195 $14,396.85
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 57,970 $1,138,966.00
285512109 ELECTRONIC ARTS US EA 32,370 $3,166,433.40
2866857 LUNDIN MINING CORP CA LUN CN 7,100 $33,387.18
291011104 EMERSON ELEC CO US EMR 559 $37,374.74
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 1,140,000 $1,367,408.66
29444U700 EQUINIX INC US EQIX 5,810 $3,351,208.00
2945422 WEG SA BR WEGE3 BZ 5,300 $30,996.76
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 915 $122,244.00
29476L107 EQUITY RESIDENTIAL US EQR 2,600 $224,276.00
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 4,347 $99,589.77
297178105 ESSEX PROPERTY TRUST INC US ESS 655 $213,955.75
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 3,075,000 $3,091,426.77
30225T102 EXTRA SPACE STORAGE INC US EXR 640 $74,764.80
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 20,339.4 $20,298.74
30286XAN9 FREMF 2015-K43 B FLT 3.86160 02/25/2048 US 2,100,000 $2,212,207.41
30291EAE4 FREMF 2013-K712 B FLT 3.40062 05/25/2045 US 1,350,000 $1,348,580.75
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 140,549,073 $386,692.66
30291XAE2 FREMF 2014-K715 B FLT 4.11215 02/25/2046 US 1,750,000 $1,783,524.23
30303M102 FACEBOOK INC -A US FB 23,015 $4,098,511.20
30744W107 FARFETCH LTD - CLASS A GB FTCH 1,775 $15,336.00
311900104 FASTENAL CO US FAST 632 $20,647.44
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 243,932.56 $275,453.17
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 148,785.32 $167,807.37
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 114,535.43 $128,564.20
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 6,815.3 $7,052.61
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 14,022.15 $14,361.29
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 9,616.6 $9,875.71
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 8,352.93 $8,642.51
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 14,017.8 $14,472.43
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 1,285,550.16 $1,364,684.81
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 220,555 $248,910.23
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 803,511.99 $865,006.72
3131XVYW9 FEDERAL NATL MTG ASSN FR ZM2525 3.00000 12/01/2046 US 1,059,675.49 $1,084,178.35
3132LMMM5 FHLM POOL K91364 4.50000 11/01/2033 US 481,339.5 $512,025.32
3132LNE83 FHLM POOL K92059 4.50000 09/01/2034 US 707,372.64 $759,699.59
3132Y33P7 FHLM POOL FG Q59805 4.50000 11/01/2048 US 1,062,206.12 $1,122,532.31
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 1,374.27 $1,377.55
3133G6L60 FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 US 1,130,035.67 $1,155,497.32
3136AY6W8 FNA 2017-M15 A1 3.05802 09/25/2027 US 1,341,224.42 $1,404,640.06
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 830,597.84 $873,125.36
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 320 $43,564.80
3137A2B34 FHMS K009 X1 FLT 1.42667 08/25/2020 US 14,038,546.51 $117,094.11
3137ADTK3 FHMS K014 X1 FLT 1.32351 04/25/2021 US 3,395,706.96 $50,711.83
3137AJMG6 FMHS K016 X1 FLT 1.63454 10/25/2021 US 3,877,823.2 $100,821.08
3137AME78 FHMS K017 X1 FLT 1.44538 12/25/2021 US 27,120,680.37 $628,453.97
3137AUPF0 FHMS K021 x1 FLT 1.56289 06/25/2022 US 12,187,797.79 $406,300.96
3137B3NB0 FHMS K030 X1 FLT 0.30017 04/25/2023 US 45,836,532.04 $286,253.73
3137B4GZ3 FHMS K032 X1 FLT 0.21238 05/25/2023 US 29,389,703.75 $119,187.00
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 925,108.92 $942,914.21
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 820,107.34 $838,190.13
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 201,308.37 $218,129.52
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 99,219.53 $107,512.85
3138EGGZ1 FEDERAL NATL MTG ASSN AL0215 4.50000 04/01/2041 US 1,356,420.26 $1,465,746.35
3138ERN30 FEDERAL NATL MTG ASSN FN AL9409 3.50000 11/01/2031 US 911,835.92 $946,273.84
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64300 01/01/2049 US 2,843,527.62 $3,197,233.40
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31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 520,498.83 $588,568.50
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912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 4,607,040.05 $4,567,448.30
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912828WJ5 US TREASURY N/B 2.50000 05/15/2024 US 7,870,000 $8,194,022.70
913017109 UNITED TECHNOLOGIES CORP US UTX 515 $70,307.80
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918204108 VF CORP US VFC 356 $31,680.44
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92189F106 MARKET VECTORS GOLD MINERS US 12,392 $330,990.32
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92339V100 VEREIT INC US VER 14,890 $145,624.20
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 2,070,000 $2,732,024.23
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 7,460 $1,263,873.20
92553P201 VIACOM INC CL B US VIAB 512 $12,303.36
92826C839 VISA INC - CLASS A SHARES US V 34,200 $5,882,742.00
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 70,000 $67,900.00
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 380,000 $383,284.95
929042109 VORNADO REALTY TRUST US VNO 810 $51,572.70
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 20,000 $19,092.40
93065PAA9 WBHT 2019-WBM A FLT 3.07750 12/15/2033 US 1,135,000 $1,135,030.99
931142103 WAL MART STORES US WMT 1,314 $155,945.52
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 711 $39,325.41
94106L109 WASTE MANAGEMENT INC US WM 361 $41,515.00
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 90,000 $90,225.00
948741103 WEINGARTEN REALTY INVESTORS US WRI 3,555 $103,557.15
949746101 WELLS FARGO COMPANY US WFC 2,363 $119,189.72
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 600,000 $608,060.46
95040Q104 WELLTOWER INC. US WELL 1,945 $176,314.25
958102105 WESTERN DIGITAL CORP US WDC 336 $20,039.04
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 1,330,000 $1,373,739.82
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97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 609,343.02 $619,673.21
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 95,000 $89,300.00
B00FM53 BANCO BRADESCO SA - PREF BR BBDC4 BZ 19,900 $162,650.33
B01FLR7 PING AN INSURANCE GROUP CO-H CN 2318 HK 10,000 $114,937.16
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B0C2CQ3 ENGIE FR ENGI FP 3,085 $50,354.06
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B0MP1B0 SHENZHOU INTERNATIONAL GROUP CN 2313 HK 8,700 $113,494.14
B11ZRK9 LEGRAND SA FR LR FP 445 $31,745.04
B13X013 EIFFAGE FR FGR FP 450 $46,649.43
B15C557 TOTAL SA FR FP FP 3,090 $160,886.78
B1FW751 GALP ENERGIA SGPS SA PT GALP PL 10,545 $158,588.35
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 11,300 $67,242.27
B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 1,735 $83,575.10
B1XH026 VINCI SA FR DG FP 1,350 $145,421.28
B1Y47Y7 GERRESHEIMER AG DE GXI GR 865 $62,020.50
B1Y9TB3 DANONE FR BN FP 3,718 $327,488.99
B1YXBJ7 AIR LIQUIDE FR AI FP 665 $94,643.18
B1Z9Q99 ABOITIZ POWER CORP PH AP PM 68,500 $50,650.83
B247XZ6 MANILA ELECTRIC COMPANY PH MER PM 6,680 $47,656.15
B3NB1P2 SUNCOR ENERGY INC CA SU CN 4,160 $131,219.69
B3ZCNF7 TELEFONICA BRASIL S.A. - PREF BR VIVT4 BZ 2,700 $35,675.52
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 1,250,000 $63,123.92
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 530,000 $412,858.74
B4975P9 MAGAZINE LUIZA SA BR MGLU3 BZ 3,200 $28,449.92
B4JSTL6 WYNN MACAU LTD MO 1128 HK 51,200 $99,771.99
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 3,100,000 $156,258.29
B4P8HQ1 MGM CHINA HOLDINGS LTD MO 2282 HK 46,800 $72,868.19
B4R2R50 JULIUS BAER CH BAER SW 2,115 $93,675.29
B4V5RY4 BANCO SANTANDER BRASIL - UNIT BR SANB11 BZ 2,800 $30,635.27
B5B23W2 SANDS CHINA LTD MO 1928 HK 24,000 $108,448.26
B5VJH76 BDO UNIBANK INC PH BDO PM 25,270 $69,717.97
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 4,800,000 $245,059.29
B63QM77 NEXON CO LTD JP 3659 JP 349,800 $4,250,131.50
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 1,500,000 $80,535.12
B725S29 PUREGOLD PRICE CLUB INC PH PGOLD PM 27,800 $20,940.03
B7FQV64 RAIA DROGASIL S.A. BR RADL3 BZ 1,300 $29,992.66
B92RW83 LT GROUP INC PH LTG PM 84,500 $22,726.80
B9N3SQ0 BB SEGURIDADE PARTICIPACOES BR BBSE3 BZ 4,600 $38,948.24
BB22L96 KION GROUP AG DE KGX GR 1,555 $81,776.16
BBG00ND15VD4 SNE US 10/18/19 P55 JP -249 -$1,245.00
BBG00Q0BJS32 CME US 10/18/19 P190 US -72 -$2,520.00
BBG00Q4JGRN4 MU US 10/11/2019 P43.5 US -316 -$49,296.00
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 1,645 $23,167.85
BD0PJ08 INMOBILIARIA COLONIAL SOCIMI ES COL SM 6,015 $72,571.33
BD4TZK8 OCI NV NL OCI NA 1,340 $31,604.67
BD9Y5C0 TECHNOGYM SPA IT TGYM IM 11,510 $127,944.17
BD9Y9B7 BASIC-FIT NV NL BFIT NA 3,755 $117,634.51
BF1K7P7 ESSITY AKTIEBOLAG-B SE ESSITYB SS 4,905 $143,120.14
BFTCYP4 ROBINSONS RETAIL HOLDINGS IN PH RRHI PM 15,550 $23,701.52
BG36ZK1 B3 SA-BRASIL BOLSA BALCAO BR B3SA3 BZ 8,700 $91,754.17
BG7ZWY7 AMBEV SA BR ABEV3 BZ 22,500 $103,972.37
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 44,005 $70,506.23
BH3T8K8 ORBIA ADVANCE CORP SAB DE CV MX 46,600 $91,339.21
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 78,000 $68,922.50
BJ2KSG2 AKZO NOBEL NL AKZA NA 2,191 $195,224.66
BJT1GR5 ALCON INC CH ALC SW 1,297 $75,653.86
BMJ6DW5 INFORMA PLC GB INF LN 14,795 $154,946.11
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 109,085 $4,562,798.97
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 15,035 $70,103.24
BNGN9Z1 FINECOBANK SPA IT FBK IM 12,550 $132,780.13
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 121,815 $3,769,893.10
BSQXJ01 THULE GROUP AB/THE SE THULE SS 7,760 $146,872.55
BVSS790 ELIS SA FR ELIS FP 2,650 $46,836.25
BYXS699 QIAGEN N.V. NL QIA GR 2,786 $91,238.15
BYXZ2W5 RUMO SA BR RAIL3 BZ 6,500 $38,421.64
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 46,155 $4,393,027.44
BYZFYS3 SPIE SA FR SPIE FP 1,310 $26,213.44
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 19,220 $94,662.15
BYZR014 AMUNDI SA FR AMUN FP 1,060 $73,837.72
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 2,520 $74,692.80
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 2,815 $156,091.75
G29183103 EATON CORP PLC US ETN 410 $34,091.50
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 40,000 $41,400.00
G45667105 HOLLYSYS AUTOMATION TECHNOLOGIES CN HOLI 5,175 $78,608.25
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 768 $33,707.52
G5960L103 MEDTRONIC INC IE MDT 68,180 $7,405,711.60
G97822103 PERRIGO CO PLC IE PRGO 1,945 $108,706.05
H01301128 ALCON INC CH ALC 35,868 $2,090,745.72
H1467J104 CHUBB LTD CH CB 246 $39,714.24
H8817H100 TRANSOCEAN LTD US RIG 152,760 $682,837.20
N22717107 CORE LABORATORIES N.V. NL CLB 1,495 $69,696.90
N47279109 INTERXION HOLDING NV NL INXN 44,135 $3,595,237.10
N53745100 LYONDELLBASELL INDU-CL A US LYB 373 $33,372.31
N72482123 QIAGEN N.V. ADR NL QGEN 1,666 $54,928.02
USD US DOLLAR US 9,488,330.59 $9,488,330.59

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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