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

$36.24

Daily $ Change

$0.05

Daily % Change

0.14%

as of 06/24/2019

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 05/31/2019

YTD

8.90%

1 Year

3.76%

3 Year

6.25%

5 Year

3.27%

10 Year

7.91%

Inception
(01/01/2000)

6.59%

US Stock Market Cycle (04/01/2000 - 05/31/2019)

6.53%

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 05/31/2019

TREASURY NOTES 8.36%
TREASURY BONDS 8.08%
GOVERNMENT AGENCY 6.30%
TREASURY BILLS 1.98%
MICROSOFT CORP 1.95%
MEDTRONIC INC 1.88%
NOVARTIS AG- REG 1.74%
MASTERCARD INC-CLASS A 1.62%
GMCAR 2019-2 A2A MTGE 2.66000 06/16/2022 1.58%
TENCENT HOLDINGS LTD 1.54%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 05/31/2019

Bonds 52.28%
Stocks 47.41%
Cash 0.31%

Detailed Asset Class Allocation

As of 05/31/2019

International Equities 18.82%
Small Capitalization 0.45%
Mid Capitalization 1.18%
Large Capitalization 26.96%
Long Term Fixed Income 18.95%
Intermediate Term Fixed Income 23.76%
Short Term Fixed Income 9.57%
Cash 0.31%

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

May Fund Holdings

As of 05/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 100,000 $101,000.00
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 2,170,000 $2,261,407.39
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 3,500,000 $3,489,885.00
00287Y109 ABBVIE INC US ABBV 1,295 $99,339.45
004239109 ACADIA REALTY TRUST US AKR 1,910 $52,238.50
00507V109 ACTIVISION INC US ATVI 77,715 $3,370,499.55
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 2,350,000 $2,424,523.32
0081180 BARRATT DEVELOPMENTS PLC GB BDEV LN 18,725 $132,083.10
008492100 AGREE REALTY CORP US ADC 1,180 $79,001.00
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 1,325,000 $1,346,433.05
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 440 $64,420.40
01609W102 ALIBABA GROUP - ADR CN BABA 1,070 $159,708.20
020002101 ALLSTATE CORPORATION US ALL 309 $29,512.59
02079K107 ALPHABET INC-CL C US GOOG 4,625 $5,104,288.75
02079K305 ALPHABET INC-CL A US GOOGL 4,565 $5,051,172.50
023135106 AMAZON.COM INC US AMZN 1,270 $2,254,338.90
02319V103 AMBEV SA-ADR BR ABEV 589,072 $2,633,151.84
0237400 DIAGEO PLC GB DGE LN 147,027 $6,184,202.69
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 585,000 $587,193.75
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 1,880 $87,081.60
0263494 BAE SYSTEMS PLC GB BA/ LN 28,030 $160,243.48
02665T306 AMERICAN HOMES 4 RENT- A US AMH 11,755 $286,939.55
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 165,000 $160,050.00
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 185,000 $186,805.97
03027X100 AMERICAN TOWER REIT INC US AMT 15,160 $3,164,953.20
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 64,899.72 $65,534.74
03064D108 AMERICOLD REALTY TRUST US COLD 1,790 $56,027.00
031162100 AMGEN INC US AMGN 573 $95,519.10
03748R754 APARTMENT INVT & MGMT CO -A US AIV 3,486 $174,125.70
03784Y200 APPLE HOSPITALITY REIT INC US APLE 3,330 $51,415.20
038222105 APPLIED MATERIALS INC US AMAT 866 $33,505.54
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 606 $23,221.92
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 30,000 $28,800.00
0405207 HALMA PLC GB HLMA LN 4,325 $99,100.63
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 50,000 $46,750.00
0490656 KERRY GROUP PLC-A IE KYGA LN 1,750 $201,367.40
05278C107 AUTOHOME INC-ADR CN ATHM 1,615 $138,728.50
053484101 AVALONBAY COMMUNITIES INC US AVB 2,060 $418,200.60
054937107 BB&T CORP US BBT 648 $30,294.00
05722G100 BAKER HUGHES A GE CO US BHGE 1,059 $22,673.19
060505104 BANK OF AMERICA CORP US BAC 4,247 $112,970.20
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 3,310,000 $3,416,542.88
0673123 ASSOCIATED BRITISH FOODS PLC GB ABF LN 5,750 $179,221.00
0682538 PERSIMMON PLC GB PSN LN 5,335 $132,709.86
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 33,145 $6,543,485.90
086516101 BEST BUY INC US BBY 419 $26,258.73
0870612 LLOYDS BANKING GROUP PLC GB LLOY LN 234,000 $169,136.58
0878230 TAYLOR WIMPEY PLC GB TW/ LN 63,305 $132,266.22
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 28,365 $2,332,737.60
0922320 SMITH & NEPHEW PLC GB SN/ LN 9,350 $196,432.73
09247X101 BLACKROCK INC US BLK 2,840 $1,180,190.40
0946580 WEIR GROUP PLC/THE GB WEIR LN 12,330 $227,993.98
097023105 BOEING CO US BA 396 $135,277.56
09857L108 BOOKING HOLDINGS INC US BKNG 4,450 $7,370,179.00
101121101 BOSTON PROPERTIES INC US BXP 2,325 $304,179.75
105368203 BRANDYWINE REALTY TRUST US BDN 15,335 $231,711.85
110122108 BRISTOL MYERS SQUIBB CO US BMY 1,429 $64,833.73
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 1,990 $68,993.30
11134LAB5 BROADCOM CRP / CAYMN FI 2.37500 01/15/2020 US 2,600,000 $2,592,922.64
11135F101 BROADCOM INC US AVGO 319 $80,273.16
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 135,000 $121,162.50
12503M108 CBOE GLOBAL MARKETS INC US CBOE 24,225 $2,629,381.50
12510GAB8 CCG 2019-1 A2 2.80000 09/14/2026 US 2,730,000 $2,746,619.15
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 283 $22,535.29
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 582,501.98 $600,648.49
12572Q105 CME GROUP INC US CME 14,160 $2,720,419.20
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 2,190,000 $2,187,262.50
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 854,655.84 $827,161.65
126650100 CVS HEALTH CORP US CVS 1,179 $61,744.23
133131102 CAMDEN PROPERTY TRUST US CPT 565 $58,398.40
13321L108 CAMECO CORP CA CCJ 10,854 $109,516.86
149123101 CATERPILLAR INC US CAT 489 $58,587.09
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 39,271.79 $39,165.40
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 918,500.36 $919,963.44
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 175,000 $170,625.00
156504AJ1 CENTURY COMMUNITIES 6.75000 06/01/2027 US 120,000 $118,164.00
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 1,472,706.02 $1,463,757.12
165240102 CHESAPEAKE LODGING TRUST US CHSP 2,745 $78,973.65
166764100 CHEVRON CORP US CVX 1,002 $114,077.70
17275R102 CISCO SYSTEMS INC US CSCO 2,959 $153,956.77
172967424 CITIGROUP INC US C 1,241 $77,128.15
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 1,180,000 $1,823,134.68
191216100 COCA COLA CO/THE US KO 106,400 $5,227,432.00
194162103 COLGATE-PALMOLIVE CO US CL 898 $62,518.76
2011646 ALIMENTATION COUCHE-TARD -B CA ATD/B CN 3,280 $201,299.20
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 4,070 $159,259.10
205887102 CONAGRA BRAND INC. US CAG 689 $18,444.53
21036PAM0 CONSTELLATION BRANDS INC 3.87500 11/15/2019 US 1,160,000 $1,165,539.23
222795106 COUSINS PROPERTIES INC US CUZ 23,965 $216,883.25
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 2,530,000 $2,568,893.64
22822V101 CROWN CASTLE INTL CORP US CCI 1,305 $169,663.05
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 562,914.11 $549,689.57
229663109 CUBESMART US CUBE 2,395 $80,759.40
231021106 CUMMINS INC US CMI 218 $32,865.68
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 100,000 $101,125.00
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 5,400 $39,313.41
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 44,200 $92,171.90
2521800 LOBLAW COMPANIES LTD CA L CN 3,970 $203,728.32
25271C102 DIAMOND OFFSHORE DRILLING US DO 93,840 $738,520.80
253868103 DIGITAL REALTY TRUST INC US DLR 1,485 $174,814.20
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 2,250,000 $2,253,356.28
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 135,000 $138,037.50
25960P109 DOUGLAS EMMETT INC US DEI 2,680 $107,977.20
260557103 DOW INC US DOW 682 $31,890.32
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 315,000 $319,337.55
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 320,000 $302,608.00
269246401 ETRADE FINANCIAL CORP US ETFC 27,440 $1,229,312.00
2715777 QUEBECOR INC -CL B CA QBR/B CN 59,245 $1,398,280.19
277432100 EASTMAN CHEM CO US EMN 267 $17,333.64
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 76,200 $1,547,565.85
285512109 ELECTRONIC ARTS US EA 39,110 $3,640,358.80
2866857 LUNDIN MINING CORP CA LUN CN 8,545 $38,185.71
291011104 EMERSON ELEC CO US EMR 741 $44,637.84
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 1,600,000 $1,800,614.80
29444U700 EQUINIX INC US EQIX 8,905 $4,325,959.95
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 1,230 $149,641.80
29476L107 EQUITY RESIDENTIAL US EQR 4,845 $370,981.65
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 5,712 $121,437.12
297178105 ESSEX PROPERTY TRUST INC US ESS 875 $255,272.50
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 3,075,000 $3,079,544.85
30225T102 EXTRA SPACE STORAGE INC US EXR 855 $91,621.80
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 91,714.24 $91,378.27
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 195,000 $196,950.00
30286XAN9 FREMF 2015-K43 B FLT 3.73399 02/25/2048 US 2,100,000 $2,149,777.56
30291EAE4 FREMF 2013-K712 B FLT 3.34978 05/25/2045 US 1,350,000 $1,349,573.27
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 141,694,786.96 $426,798.87
30291XAE2 FREMF 2014-K715 B FLT 3.97199 02/25/2046 US 1,750,000 $1,782,798.33
30292HAU0 FREMF 2014- K503 B 2.98314 10/25/2047 US 1,250,000 $1,247,237.63
311900104 FASTENAL CO US FAST 850 $26,001.50
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 256,178.04 $281,367.33
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 157,343.76 $171,211.75
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 144,984.9 $162,885.14
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 8,172.87 $8,450.34
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 17,539.29 $17,949.15
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 12,134.21 $12,486.69
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 10,095.99 $10,460.95
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 17,201.69 $17,766.96
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 1,413,909.97 $1,490,090.38
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 233,842.94 $254,543.53
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 694,841.01 $735,936.52
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 817,128.85 $866,040.46
3132LMMM5 FHLM POOL K91364 4.50000 11/01/2033 US 492,690.18 $518,241.39
3132LNE83 FHLM POOL K92059 4.50000 09/01/2034 US 718,813.33 $761,171.27
3132VLY43 FHLM POOL FG Q60730 4.00000 01/01/2049 US 2,160,924.23 $2,236,441.25
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 5,884.11 $5,893.77
3134865 BARCLAYS PLC GB BARC LN 46,605 $87,831.14
3136AY6W8 FNA 2017-M15 A1 2.95932 09/25/2027 US 1,368,521.82 $1,409,026.92
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 849,357.49 $879,101.82
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 435 $56,867.55
3137A2B34 FHMS K009 X1 FLT 1.26039 08/25/2020 US 14,240,475.1 $176,952.14
3137ADTK3 FHMS K014 X1 FLT 1.14912 04/25/2021 US 3,419,513.15 $63,656.97
3137AJMG6 FMHS K016 X1 FLT 1.47799 10/25/2021 US 3,953,488.17 $120,726.88
3137AME78 FHMS K017 X1 FLT 1.29785 12/25/2021 US 27,328,862.82 $739,106.36
3137AUPF0 FHMS K021 x1 FLT 1.43622 06/25/2022 US 12,290,374.49 $459,044.26
3137B3NB0 FHMS K030 X1 FLT 0.19234 04/25/2023 US 46,233,127.46 $316,720.04
3137B4GZ3 FHMS K032 X1 FLT 0.10076 05/25/2023 US 29,656,162.17 $126,483.53
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 1,037,883.7 $1,072,544.35
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 986,493.48 $1,028,439.97
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 217,047.4 $232,020.69
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 107,063.09 $114,428.80
3138EGGZ1 FEDERAL NATL MTG ASSN AL0215 4.50000 04/01/2041 US 1,438,901.95 $1,534,367.24
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65000 01/01/2049 US 2,984,100.71 $3,318,635.56
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 2,547,330.08 $2,623,874.57
3138WGK37 FEDERAL NATL MTG ASSN FN AS6613 4.00000 02/01/2046 US 3,015,984.92 $3,127,531.24
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 557,399.66 $611,746.45
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 287,493.51 $315,722.30
3140EWG66 FEDERAL NATL MTG ASSN BC2020 3.50000 07/01/2046 US 1,577,784.76 $1,611,100.00
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 1,530,394.34 $1,586,881.94
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 551,854.12 $578,693.27
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 2,181,394.4 $2,285,101.21
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 1,571,959.16 $1,659,932.09
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 1,081,916.83 $1,142,466.72
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 1,251,752.95 $1,322,190.95
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 12,919.9 $13,217.01
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 14,702.32 $15,029.65
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 96,749.7 $98,087.20
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 119,447.06 $121,121.39
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 536,166.89 $586,894.30
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 103,719.79 $113,521.55
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 3,672.85 $3,707.15
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 67,909.84 $68,950.56
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 1,079,459.44 $1,141,411.55
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 807,370.8 $855,142.72
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 530,832.45 $535,475.02
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 41,219.8 $46,240.74
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 13,835.48 $14,469.08
31428X106 FEDEX CORPORATION US FDX 16,030 $2,473,108.40
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 125,000 $126,687.50
316067107 FIDELITY CASH RESERVES US 92,082.2 $92,082.20
316773100 FIFTH THIRD BANCORP US FITB 997 $26,420.50
32054K103 FIRST INDUSTRIAL REALTY TR US FR 2,860 $99,270.60
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 60,000 $59,700.00
346232AD3 FORESTAR GROUP INC 8.00000 04/15/2024 US 275,000 $279,125.00
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 160,000 $160,800.00
357081AE8 FREMF 2015-K720 B FLT 3.38979 07/25/2022 US 1,070,000 $1,088,541.17
35802XAD5 FRESENIUS MED CARE II 5.62500 07/31/2019 US 1,996,000 $2,002,707.20
36143WAN1 GAHR 2015-NRF BFX FLT 3.38216 12/15/2034 US 2,400,000 $2,392,698.96
36223NTR5 GNMA POOL 312960 9.00000 09/15/2021 US 248.85 $251.10
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 524,000 $521,394.51
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 34,550.42 $34,803.55
36257FAB6 GMCAR 2019-2 A2A MTGE 2.66000 06/16/2022 US 8,310,000 $8,338,329.62
364760108 GAP INC US GPS 767 $14,327.56
369550108 GENERAL DYNAMICS CORP US GD 227 $36,506.14
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 1,920,000 $1,786,560.00
370334104 GENERAL MLS INC US GIS 812 $40,145.28
37045VAR1 GENERAL MOTORS CO FLT 3.50063 09/10/2021 US 1,555,000 $1,553,453.16
37045XAR7 GENERAL MOTORS FINL CO 3.15000 01/15/2020 US 2,590,000 $2,594,014.50
37185LAF9 GENESIS ENERGY LP/GENESI 5.62500 06/15/2024 US 130,000 $122,200.00
372460105 GENUINE PARTS CO US GPC 263 $26,010.70
374297109 GETTY REALTY CORP US GTY 3,310 $102,477.60
375558103 GILEAD SCIENCES INC US GILD 1,273 $79,244.25
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 320,000 $324,800.00
38141GVR2 GOLDMAN SACHS GROUP INC 4.25000 10/21/2025 US 1,170,000 $1,211,735.89
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 1,417,998.75 $1,391,015.65
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 655 $64,111.40
40060QAA3 GTCR AP FINANCE INC 8.00000 05/15/2027 US 30,000 $29,400.00
4012250 AIRBUS SE FR AIR FP 1,370 $175,406.37
4031879 VEOLIA ENVIRONMENT FR VIE FP 1,280 $29,626.01
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 60,000 $52,200.00
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780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 4,460 $280,355.60
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78442PGC4 SLM CORP 5.12500 04/05/2022 US 265,000 $258,375.00
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832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 195 $23,704.20
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855030AN2 STAPLES INC 7.50000 04/15/2026 US 205,000 $196,822.55
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862121100 STORE CAPITAL CORP US STOR 1,875 $64,162.50
866674104 SUN COMMUNITIES US SUI 2,015 $254,434.05
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 5,090 $68,307.80
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882508104 TEXAS INSTRUMENTS INC US TXN 819 $85,429.89
88579Y101 3M CO US MMM 547 $87,383.25
88650V208 TIER REIT INC US TIER 7,500 $201,900.00
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89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 1,208,300.58 $1,205,895.22
89177EAA7 TPMT 2019-HY1 A1 3.42975 10/25/2048 US 1,151,636.23 $1,156,270.18
89417E109 TRAVELLERS COS INC US TRV 233 $33,917.81
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89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 748,118.52 $751,742.03
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902494103 TYSON FOODS INC -CL A US TSN 365 $27,699.85
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902973304 U.S. BANCORP US USB 1,472 $73,894.40
903002103 UMH PROPERTIES INC US UMH 4,110 $54,704.10
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907818108 UNION PAC CORP US UNP 589 $98,233.42
911312106 UNITED PARCEL SERVICE US UPS 867 $80,561.64
912796SE0 TREASURY BILL 0.00000 08/22/2019 US 5,500,000 $5,471,950.00
912796SJ9 TREASURY BILL 0.00000 09/19/2019 US 5,010,000 $4,975,449.79
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912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 8,136,000 $11,001,715.29
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913017109 UNITED TECHNOLOGIES CORP US UTX 694 $87,652.20
91704F104 URBAN EDGE PROPERTIES US UE 7,430 $128,167.50
918204108 VF CORP US VFC 493 $40,366.84
91913Y100 VALERO ENERGY US VLO 529 $37,241.60
92189F106 MARKET VECTORS GOLD MINERS US 8,475 $182,975.25
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92339V100 VEREIT INC US VER 20,065 $178,177.20
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 3,060,000 $3,700,623.79
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 15,045 $2,500,178.10
92553P201 VIACOM INC CL B US VIAB 665 $19,304.95
92826C839 VISA INC - CLASS A SHARES US V 48,560 $7,834,184.80
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 180,000 $175,266.00
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 380,000 $385,001.18
929042109 VORNADO REALTY TRUST US VNO 1,715 $113,584.45
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 135,000 $132,806.25
92936CAE9 WFRBS 2011-C4 A3 4.39400 06/15/2044 US 439.23 $438.68
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931142103 WAL MART STORES US WMT 1,777 $180,258.88
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 940 $46,379.60
94106L109 WASTE MANAGEMENT INC US WM 483 $52,816.05
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 245,000 $240,712.50
948741103 WEINGARTEN REALTY INVESTORS US WRI 4,805 $135,501.00
949746101 WELLS FARGO COMPANY US WFC 3,180 $141,096.60
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 600,000 $609,289.62
95040Q104 WELLTOWER INC. US WELL 2,545 $206,704.90
958102105 WESTERN DIGITAL CORP US WDC 482 $17,940.04
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 660,000 $655,050.00
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 160,000 $158,427.20
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 1,620,000 $1,639,387.90
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 549,190.2 $550,851.34
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 656,709.08 $661,504.24
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 310,000 $299,553.00
B01FLR7 PING AN INSURANCE GROUP CO-H CN 2318 HK 13,000 $144,250.76
B02L3W3 BERKELEY GROUP HOLDINGS GB BKG LN 2,985 $131,955.23
B037JC2 NEXITY FR NXI FP 665 $29,318.16
B058TZ6 SAFRAN SA FR SAF FP 740 $97,092.14
B068DB9 SM INVESTMENTS CORP PH SM PM 3,795 $68,577.82
B07DRZ5 RECORDATI SPA IT REC IM 4,865 $200,964.21
B0C2CQ3 ENGIE FR ENGI FP 4,185 $58,344.97
B0MP1B0 SHENZHOU INTERNATIONAL GROUP CN 2313 HK 7,500 $88,737.47
B0SWJX3 LONDON STOCK EXCHANGE GROUP GB LSE LN 4,980 $332,524.30
B11ZRK9 LEGRAND SA FR LR FP 570 $38,317.90
B15C557 TOTAL SA FR FP FP 3,385 $175,505.23
B1FW751 GALP ENERGIA SGPS SA PT GALP PL 12,255 $184,091.52
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 13,400 $81,020.47
B1L3CS6 UBISOFT ENTERTAINMENT FR UBI FP 2,318 $189,426.76
B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 1,885 $87,436.95
B1XH026 VINCI SA FR DG FP 1,910 $188,348.34
B1Y9TB3 DANONE FR BN FP 5,373 $429,193.63
B1YVKN8 ANTA SPORTS PRODUCTS LTD CN 2020 HK 14,000 $86,215.95
B1YXBJ7 AIR LIQUIDE FR AI FP 940 $116,880.19
B1Z9Q99 ABOITIZ POWER CORP PH AP PM 58,200 $40,725.83
B247XZ6 MANILA ELECTRIC COMPANY PH MER PM 5,340 $39,459.75
B3NB1P2 SUNCOR ENERGY INC CA SU CN 4,305 $132,660.00
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 1,250,000 $62,071.56
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 530,000 $407,640.43
B4JSTL6 WYNN MACAU LTD MO 1128 HK 56,400 $120,504.86
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 3,100,000 $152,365.23
B4P8HQ1 MGM CHINA HOLDINGS LTD MO 2282 HK 52,800 $81,588.67
B4R2R50 JULIUS BAER CH BAER SW 2,115 $83,369.90
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 925,000 $673,363.24
B5B23W2 SANDS CHINA LTD MO 1928 HK 27,200 $123,266.63
B5VJH76 BDO UNIBANK INC PH BDO PM 27,070 $71,667.38
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 4,800,000 $244,845.00
B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 8,060 $83,746.75
B63QM77 NEXON CO LTD JP 3659 JP 25,400 $376,746.68
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 1,500,000 $74,321.32
B725S29 PUREGOLD PRICE CLUB INC PH PGOLD PM 32,400 $27,726.94
B7T7721 ROYAL BANK OF SCOTLAND GB RBS LN 32,745 $88,351.06
B92RW83 LT GROUP INC PH LTG PM 93,400 $26,751.71
BB22L96 KION GROUP AG DE KGX GR 1,190 $64,722.67
BBG00JQ6ZYX7 BKNG US 06/21/19 P1650 US -10 -$36,540.00
BBG00KT3R5C3 MDT US 06/21/19 P82.5 IE -216 -$3,240.00
BBG00NWQ17B7 DLTR US 5/31/19 P90 US -299 -$1,495.00
BBG00NYKM5H3 RAMP US 06/21/19 P50 US -356 -$44,500.00
BBG00P3GM1T7 ATVI US 06/28/19 P40 US -440 -$24,640.00
BBG00P3LNW08 EA US 06/14/19 P88 US -202 -$21,614.00
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 2,675 $57,701.00
BD0PJ08 INMOBILIARIA COLONIAL SOCIMI ES COL SM 5,400 $59,783.50
BD3JR69 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 144,000 $57,331.14
BD4TZK8 OCI NV NL OCI NA 1,460 $33,061.51
BD9Y5C0 TECHNOGYM SPA IT TGYM IM 8,230 $94,291.48
BD9Y9B7 BASIC-FIT NV NL BFIT NA 2,905 $94,439.36
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 154,000 $80,432.39
BDZV116 EPIROC AB-A SE EPIA SS 2,300 $21,390.18
BF1K7P7 ESSITY AKTIEBOLAG-B SE ESSITYB SS 6,575 $192,914.83
BFTCYP4 ROBINSONS RETAIL HOLDINGS IN PH RRHI PM 19,720 $27,598.40
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 59,080 $90,158.17
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 164,000 $129,694.77
BJ2KSG2 AKZO NOBEL NL AKZA NA 2,711 $228,346.70
BJT1GR5 ALCON INC CH ALC SW 1,642 $95,494.29
BMJ6DW5 INFORMA PLC GB INF LN 18,860 $184,848.03
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 194,485 $8,109,568.65
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 16,745 $74,498.14
BNGN9Z1 FINECOBANK SPA IT FBK IM 14,085 $145,535.85
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 112,875 $3,014,324.14
BSQXJ01 THULE GROUP AB/THE SE THULE SS 6,565 $149,369.29
BSS7GP5 AGL ENERGY LTD AU AGL AU 12,455 $177,146.47
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 242,000 $98,819.61
BYXS699 QIAGEN N.V. NL QIA GR 3,376 $128,540.27
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 84,980 $6,911,840.27
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 27,585 $145,189.52
BYZR014 AMUNDI SA FR AMUN FP 910 $58,968.88
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 2,520 $83,210.40
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 3,535 $195,839.00
G27358103 DESPEGAR.COM CORP AR DESP 2,755 $33,060.00
G29183103 EATON CORP PLC US ETN 540 $40,224.60
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 325,000 $334,343.75
G45667105 HOLLYSYS AUTOMATION TECHNOLOGIES CN HOLI 3,205 $57,113.10
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 1,024 $39,444.48
G5960L103 MEDTRONIC INC IE MDT 107,118 $9,916,984.44
G97822103 PERRIGO CO PLC IE PRGO 2,960 $124,379.20
H01301128 ALCON INC CH ALC 21,729 $1,264,193.22
H1467J104 CHUBB LTD CH CB 331 $48,349.17
H8817H100 TRANSOCEAN LTD US RIG 152,760 $947,112.00
N22717107 CORE LABORATORIES N.V. NL CLB 1,415 $67,410.60
N47279109 INTERXION HOLDING NV NL INXN 65,570 $4,833,164.70
N53745100 LYONDELLBASELL INDU-CL A US LYB 494 $36,679.50
N72482123 QIAGEN N.V. ADR NL QGEN 1,931 $73,532.48
USD US DOLLAR US 1,566,491.07 $1,566,491.07

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

$36.24

Daily $ Change

$0.05

Daily % Change

0.14%

as of 06/24/2019

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 05/31/2019

YTD

8.90%

1 Year

3.76%

3 Year

6.25%

5 Year

3.27%

10 Year

7.91%

Inception
(01/01/2000)

6.59%

US Stock Market Cycle (04/01/2000 - 05/31/2019)

6.53%

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 05/31/2019

TREASURY NOTES 8.36%
TREASURY BONDS 8.08%
GOVERNMENT AGENCY 6.30%
TREASURY BILLS 1.98%
MICROSOFT CORP 1.95%
MEDTRONIC INC 1.88%
NOVARTIS AG- REG 1.74%
MASTERCARD INC-CLASS A 1.62%
GMCAR 2019-2 A2A MTGE 2.66000 06/16/2022 1.58%
TENCENT HOLDINGS LTD 1.54%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 05/31/2019

Bonds
52.28%
Stocks
47.41%
Cash
0.31%

Detailed Asset Class Allocation

As of 05/31/2019

International Equities
18.82%
Small Capitalization
0.45%
Mid Capitalization
1.18%
Large Capitalization
26.96%
Long Term Fixed Income
18.95%
Intermediate Term Fixed Income
23.76%
Short Term Fixed Income
9.57%
Cash
0.31%

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

May Fund Holdings

As of 05/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 100,000 $101,000.00
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 2,170,000 $2,261,407.39
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 3,500,000 $3,489,885.00
00287Y109 ABBVIE INC US ABBV 1,295 $99,339.45
004239109 ACADIA REALTY TRUST US AKR 1,910 $52,238.50
00507V109 ACTIVISION INC US ATVI 77,715 $3,370,499.55
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 2,350,000 $2,424,523.32
0081180 BARRATT DEVELOPMENTS PLC GB BDEV LN 18,725 $132,083.10
008492100 AGREE REALTY CORP US ADC 1,180 $79,001.00
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 1,325,000 $1,346,433.05
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 440 $64,420.40
01609W102 ALIBABA GROUP - ADR CN BABA 1,070 $159,708.20
020002101 ALLSTATE CORPORATION US ALL 309 $29,512.59
02079K107 ALPHABET INC-CL C US GOOG 4,625 $5,104,288.75
02079K305 ALPHABET INC-CL A US GOOGL 4,565 $5,051,172.50
023135106 AMAZON.COM INC US AMZN 1,270 $2,254,338.90
02319V103 AMBEV SA-ADR BR ABEV 589,072 $2,633,151.84
0237400 DIAGEO PLC GB DGE LN 147,027 $6,184,202.69
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 585,000 $587,193.75
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 1,880 $87,081.60
0263494 BAE SYSTEMS PLC GB BA/ LN 28,030 $160,243.48
02665T306 AMERICAN HOMES 4 RENT- A US AMH 11,755 $286,939.55
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 165,000 $160,050.00
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 185,000 $186,805.97
03027X100 AMERICAN TOWER REIT INC US AMT 15,160 $3,164,953.20
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 64,899.72 $65,534.74
03064D108 AMERICOLD REALTY TRUST US COLD 1,790 $56,027.00
031162100 AMGEN INC US AMGN 573 $95,519.10
03748R754 APARTMENT INVT & MGMT CO -A US AIV 3,486 $174,125.70
03784Y200 APPLE HOSPITALITY REIT INC US APLE 3,330 $51,415.20
038222105 APPLIED MATERIALS INC US AMAT 866 $33,505.54
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 606 $23,221.92
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 30,000 $28,800.00
0405207 HALMA PLC GB HLMA LN 4,325 $99,100.63
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 50,000 $46,750.00
0490656 KERRY GROUP PLC-A IE KYGA LN 1,750 $201,367.40
05278C107 AUTOHOME INC-ADR CN ATHM 1,615 $138,728.50
053484101 AVALONBAY COMMUNITIES INC US AVB 2,060 $418,200.60
054937107 BB&T CORP US BBT 648 $30,294.00
05722G100 BAKER HUGHES A GE CO US BHGE 1,059 $22,673.19
060505104 BANK OF AMERICA CORP US BAC 4,247 $112,970.20
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 3,310,000 $3,416,542.88
0673123 ASSOCIATED BRITISH FOODS PLC GB ABF LN 5,750 $179,221.00
0682538 PERSIMMON PLC GB PSN LN 5,335 $132,709.86
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 33,145 $6,543,485.90
086516101 BEST BUY INC US BBY 419 $26,258.73
0870612 LLOYDS BANKING GROUP PLC GB LLOY LN 234,000 $169,136.58
0878230 TAYLOR WIMPEY PLC GB TW/ LN 63,305 $132,266.22
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 28,365 $2,332,737.60
0922320 SMITH & NEPHEW PLC GB SN/ LN 9,350 $196,432.73
09247X101 BLACKROCK INC US BLK 2,840 $1,180,190.40
0946580 WEIR GROUP PLC/THE GB WEIR LN 12,330 $227,993.98
097023105 BOEING CO US BA 396 $135,277.56
09857L108 BOOKING HOLDINGS INC US BKNG 4,450 $7,370,179.00
101121101 BOSTON PROPERTIES INC US BXP 2,325 $304,179.75
105368203 BRANDYWINE REALTY TRUST US BDN 15,335 $231,711.85
110122108 BRISTOL MYERS SQUIBB CO US BMY 1,429 $64,833.73
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 1,990 $68,993.30
11134LAB5 BROADCOM CRP / CAYMN FI 2.37500 01/15/2020 US 2,600,000 $2,592,922.64
11135F101 BROADCOM INC US AVGO 319 $80,273.16
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 135,000 $121,162.50
12503M108 CBOE GLOBAL MARKETS INC US CBOE 24,225 $2,629,381.50
12510GAB8 CCG 2019-1 A2 2.80000 09/14/2026 US 2,730,000 $2,746,619.15
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 283 $22,535.29
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 582,501.98 $600,648.49
12572Q105 CME GROUP INC US CME 14,160 $2,720,419.20
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 2,190,000 $2,187,262.50
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 854,655.84 $827,161.65
126650100 CVS HEALTH CORP US CVS 1,179 $61,744.23
133131102 CAMDEN PROPERTY TRUST US CPT 565 $58,398.40
13321L108 CAMECO CORP CA CCJ 10,854 $109,516.86
149123101 CATERPILLAR INC US CAT 489 $58,587.09
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 39,271.79 $39,165.40
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 918,500.36 $919,963.44
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 175,000 $170,625.00
156504AJ1 CENTURY COMMUNITIES 6.75000 06/01/2027 US 120,000 $118,164.00
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 1,472,706.02 $1,463,757.12
165240102 CHESAPEAKE LODGING TRUST US CHSP 2,745 $78,973.65
166764100 CHEVRON CORP US CVX 1,002 $114,077.70
17275R102 CISCO SYSTEMS INC US CSCO 2,959 $153,956.77
172967424 CITIGROUP INC US C 1,241 $77,128.15
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 1,180,000 $1,823,134.68
191216100 COCA COLA CO/THE US KO 106,400 $5,227,432.00
194162103 COLGATE-PALMOLIVE CO US CL 898 $62,518.76
2011646 ALIMENTATION COUCHE-TARD -B CA ATD/B CN 3,280 $201,299.20
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 4,070 $159,259.10
205887102 CONAGRA BRAND INC. US CAG 689 $18,444.53
21036PAM0 CONSTELLATION BRANDS INC 3.87500 11/15/2019 US 1,160,000 $1,165,539.23
222795106 COUSINS PROPERTIES INC US CUZ 23,965 $216,883.25
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 2,530,000 $2,568,893.64
22822V101 CROWN CASTLE INTL CORP US CCI 1,305 $169,663.05
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 562,914.11 $549,689.57
229663109 CUBESMART US CUBE 2,395 $80,759.40
231021106 CUMMINS INC US CMI 218 $32,865.68
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 100,000 $101,125.00
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 5,400 $39,313.41
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 44,200 $92,171.90
2521800 LOBLAW COMPANIES LTD CA L CN 3,970 $203,728.32
25271C102 DIAMOND OFFSHORE DRILLING US DO 93,840 $738,520.80
253868103 DIGITAL REALTY TRUST INC US DLR 1,485 $174,814.20
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 2,250,000 $2,253,356.28
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 135,000 $138,037.50
25960P109 DOUGLAS EMMETT INC US DEI 2,680 $107,977.20
260557103 DOW INC US DOW 682 $31,890.32
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 315,000 $319,337.55
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 320,000 $302,608.00
269246401 ETRADE FINANCIAL CORP US ETFC 27,440 $1,229,312.00
2715777 QUEBECOR INC -CL B CA QBR/B CN 59,245 $1,398,280.19
277432100 EASTMAN CHEM CO US EMN 267 $17,333.64
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 76,200 $1,547,565.85
285512109 ELECTRONIC ARTS US EA 39,110 $3,640,358.80
2866857 LUNDIN MINING CORP CA LUN CN 8,545 $38,185.71
291011104 EMERSON ELEC CO US EMR 741 $44,637.84
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 1,600,000 $1,800,614.80
29444U700 EQUINIX INC US EQIX 8,905 $4,325,959.95
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 1,230 $149,641.80
29476L107 EQUITY RESIDENTIAL US EQR 4,845 $370,981.65
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 5,712 $121,437.12
297178105 ESSEX PROPERTY TRUST INC US ESS 875 $255,272.50
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 3,075,000 $3,079,544.85
30225T102 EXTRA SPACE STORAGE INC US EXR 855 $91,621.80
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 91,714.24 $91,378.27
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 195,000 $196,950.00
30286XAN9 FREMF 2015-K43 B FLT 3.73399 02/25/2048 US 2,100,000 $2,149,777.56
30291EAE4 FREMF 2013-K712 B FLT 3.34978 05/25/2045 US 1,350,000 $1,349,573.27
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 141,694,786.96 $426,798.87
30291XAE2 FREMF 2014-K715 B FLT 3.97199 02/25/2046 US 1,750,000 $1,782,798.33
30292HAU0 FREMF 2014- K503 B 2.98314 10/25/2047 US 1,250,000 $1,247,237.63
311900104 FASTENAL CO US FAST 850 $26,001.50
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 256,178.04 $281,367.33
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 157,343.76 $171,211.75
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 144,984.9 $162,885.14
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 8,172.87 $8,450.34
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 17,539.29 $17,949.15
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 12,134.21 $12,486.69
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 10,095.99 $10,460.95
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 17,201.69 $17,766.96
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 1,413,909.97 $1,490,090.38
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 233,842.94 $254,543.53
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 694,841.01 $735,936.52
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 817,128.85 $866,040.46
3132LMMM5 FHLM POOL K91364 4.50000 11/01/2033 US 492,690.18 $518,241.39
3132LNE83 FHLM POOL K92059 4.50000 09/01/2034 US 718,813.33 $761,171.27
3132VLY43 FHLM POOL FG Q60730 4.00000 01/01/2049 US 2,160,924.23 $2,236,441.25
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 5,884.11 $5,893.77
3134865 BARCLAYS PLC GB BARC LN 46,605 $87,831.14
3136AY6W8 FNA 2017-M15 A1 2.95932 09/25/2027 US 1,368,521.82 $1,409,026.92
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 849,357.49 $879,101.82
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 435 $56,867.55
3137A2B34 FHMS K009 X1 FLT 1.26039 08/25/2020 US 14,240,475.1 $176,952.14
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85254J102 STAG INDUSTRIAL INC US STAG 4,390 $128,100.20
855030AN2 STAPLES INC 7.50000 04/15/2026 US 205,000 $196,822.55
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.65963 11/15/2027 US 1,345,225.56 $1,341,008.95
862121100 STORE CAPITAL CORP US STOR 1,875 $64,162.50
866674104 SUN COMMUNITIES US SUI 2,015 $254,434.05
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871829107 SYSCO CORP US SYY 636 $43,769.52
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87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 195,000 $179,400.00
88160RAE1 TESLA INC 5.30000 08/15/2025 US 30,000 $24,450.60
882508104 TEXAS INSTRUMENTS INC US TXN 819 $85,429.89
88579Y101 3M CO US MMM 547 $87,383.25
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89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 1,208,300.58 $1,205,895.22
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89417E109 TRAVELLERS COS INC US TRV 233 $33,917.81
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 2,217,828.85 $2,210,740.45
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 748,118.52 $751,742.03
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 250,000 $240,087.50
902494103 TYSON FOODS INC -CL A US TSN 365 $27,699.85
902653104 UDR INC US UDR 4,350 $194,793.00
902973304 U.S. BANCORP US USB 1,472 $73,894.40
903002103 UMH PROPERTIES INC US UMH 4,110 $54,704.10
904767704 UNILEVER PLC - ADR GB UL 84,211 $5,129,292.01
907818108 UNION PAC CORP US UNP 589 $98,233.42
911312106 UNITED PARCEL SERVICE US UPS 867 $80,561.64
912796SE0 TREASURY BILL 0.00000 08/22/2019 US 5,500,000 $5,471,950.00
912796SJ9 TREASURY BILL 0.00000 09/19/2019 US 5,010,000 $4,975,449.79
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 7,826,000 $10,930,109.49
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 8,136,000 $11,001,715.29
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 3,067,820.46 $3,089,421.87
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 11,300,000 $11,143,742.24
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 8,818,000 $9,559,263.13
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 10,280,000 $10,798,417.21
9128286B1 US TREASURY N/B 2.62500 02/15/2029 US 10,875,000 $11,331,665.07
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912828R36 US TREASURY N/B 1.62500 05/15/2026 US 11,368,000 $11,067,369.72
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 10,646,000 $10,880,544.69
913017109 UNITED TECHNOLOGIES CORP US UTX 694 $87,652.20
91704F104 URBAN EDGE PROPERTIES US UE 7,430 $128,167.50
918204108 VF CORP US VFC 493 $40,366.84
91913Y100 VALERO ENERGY US VLO 529 $37,241.60
92189F106 MARKET VECTORS GOLD MINERS US 8,475 $182,975.25
92276F100 VENTAS INC US VTR 3,135 $201,580.50
92339V100 VEREIT INC US VER 20,065 $178,177.20
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 3,060,000 $3,700,623.79
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 15,045 $2,500,178.10
92553P201 VIACOM INC CL B US VIAB 665 $19,304.95
92826C839 VISA INC - CLASS A SHARES US V 48,560 $7,834,184.80
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 180,000 $175,266.00
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 380,000 $385,001.18
929042109 VORNADO REALTY TRUST US VNO 1,715 $113,584.45
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 135,000 $132,806.25
92936CAE9 WFRBS 2011-C4 A3 4.39400 06/15/2044 US 439.23 $438.68
93065PAA9 WBHT 2019-WBM A FLT 3.48963 12/15/2033 US 1,135,000 $1,128,301.80
931142103 WAL MART STORES US WMT 1,777 $180,258.88
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 940 $46,379.60
94106L109 WASTE MANAGEMENT INC US WM 483 $52,816.05
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 245,000 $240,712.50
948741103 WEINGARTEN REALTY INVESTORS US WRI 4,805 $135,501.00
949746101 WELLS FARGO COMPANY US WFC 3,180 $141,096.60
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 600,000 $609,289.62
95040Q104 WELLTOWER INC. US WELL 2,545 $206,704.90
958102105 WESTERN DIGITAL CORP US WDC 482 $17,940.04
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 660,000 $655,050.00
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 160,000 $158,427.20
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 1,620,000 $1,639,387.90
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 549,190.2 $550,851.34
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 656,709.08 $661,504.24
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 310,000 $299,553.00
B01FLR7 PING AN INSURANCE GROUP CO-H CN 2318 HK 13,000 $144,250.76
B02L3W3 BERKELEY GROUP HOLDINGS GB BKG LN 2,985 $131,955.23
B037JC2 NEXITY FR NXI FP 665 $29,318.16
B058TZ6 SAFRAN SA FR SAF FP 740 $97,092.14
B068DB9 SM INVESTMENTS CORP PH SM PM 3,795 $68,577.82
B07DRZ5 RECORDATI SPA IT REC IM 4,865 $200,964.21
B0C2CQ3 ENGIE FR ENGI FP 4,185 $58,344.97
B0MP1B0 SHENZHOU INTERNATIONAL GROUP CN 2313 HK 7,500 $88,737.47
B0SWJX3 LONDON STOCK EXCHANGE GROUP GB LSE LN 4,980 $332,524.30
B11ZRK9 LEGRAND SA FR LR FP 570 $38,317.90
B15C557 TOTAL SA FR FP FP 3,385 $175,505.23
B1FW751 GALP ENERGIA SGPS SA PT GALP PL 12,255 $184,091.52
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 13,400 $81,020.47
B1L3CS6 UBISOFT ENTERTAINMENT FR UBI FP 2,318 $189,426.76
B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 1,885 $87,436.95
B1XH026 VINCI SA FR DG FP 1,910 $188,348.34
B1Y9TB3 DANONE FR BN FP 5,373 $429,193.63
B1YVKN8 ANTA SPORTS PRODUCTS LTD CN 2020 HK 14,000 $86,215.95
B1YXBJ7 AIR LIQUIDE FR AI FP 940 $116,880.19
B1Z9Q99 ABOITIZ POWER CORP PH AP PM 58,200 $40,725.83
B247XZ6 MANILA ELECTRIC COMPANY PH MER PM 5,340 $39,459.75
B3NB1P2 SUNCOR ENERGY INC CA SU CN 4,305 $132,660.00
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 1,250,000 $62,071.56
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 530,000 $407,640.43
B4JSTL6 WYNN MACAU LTD MO 1128 HK 56,400 $120,504.86
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 3,100,000 $152,365.23
B4P8HQ1 MGM CHINA HOLDINGS LTD MO 2282 HK 52,800 $81,588.67
B4R2R50 JULIUS BAER CH BAER SW 2,115 $83,369.90
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 925,000 $673,363.24
B5B23W2 SANDS CHINA LTD MO 1928 HK 27,200 $123,266.63
B5VJH76 BDO UNIBANK INC PH BDO PM 27,070 $71,667.38
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 4,800,000 $244,845.00
B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 8,060 $83,746.75
B63QM77 NEXON CO LTD JP 3659 JP 25,400 $376,746.68
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 1,500,000 $74,321.32
B725S29 PUREGOLD PRICE CLUB INC PH PGOLD PM 32,400 $27,726.94
B7T7721 ROYAL BANK OF SCOTLAND GB RBS LN 32,745 $88,351.06
B92RW83 LT GROUP INC PH LTG PM 93,400 $26,751.71
BB22L96 KION GROUP AG DE KGX GR 1,190 $64,722.67
BBG00JQ6ZYX7 BKNG US 06/21/19 P1650 US -10 -$36,540.00
BBG00KT3R5C3 MDT US 06/21/19 P82.5 IE -216 -$3,240.00
BBG00NWQ17B7 DLTR US 5/31/19 P90 US -299 -$1,495.00
BBG00NYKM5H3 RAMP US 06/21/19 P50 US -356 -$44,500.00
BBG00P3GM1T7 ATVI US 06/28/19 P40 US -440 -$24,640.00
BBG00P3LNW08 EA US 06/14/19 P88 US -202 -$21,614.00
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 2,675 $57,701.00
BD0PJ08 INMOBILIARIA COLONIAL SOCIMI ES COL SM 5,400 $59,783.50
BD3JR69 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 144,000 $57,331.14
BD4TZK8 OCI NV NL OCI NA 1,460 $33,061.51
BD9Y5C0 TECHNOGYM SPA IT TGYM IM 8,230 $94,291.48
BD9Y9B7 BASIC-FIT NV NL BFIT NA 2,905 $94,439.36
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 154,000 $80,432.39
BDZV116 EPIROC AB-A SE EPIA SS 2,300 $21,390.18
BF1K7P7 ESSITY AKTIEBOLAG-B SE ESSITYB SS 6,575 $192,914.83
BFTCYP4 ROBINSONS RETAIL HOLDINGS IN PH RRHI PM 19,720 $27,598.40
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 59,080 $90,158.17
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 164,000 $129,694.77
BJ2KSG2 AKZO NOBEL NL AKZA NA 2,711 $228,346.70
BJT1GR5 ALCON INC CH ALC SW 1,642 $95,494.29
BMJ6DW5 INFORMA PLC GB INF LN 18,860 $184,848.03
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 194,485 $8,109,568.65
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 16,745 $74,498.14
BNGN9Z1 FINECOBANK SPA IT FBK IM 14,085 $145,535.85
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 112,875 $3,014,324.14
BSQXJ01 THULE GROUP AB/THE SE THULE SS 6,565 $149,369.29
BSS7GP5 AGL ENERGY LTD AU AGL AU 12,455 $177,146.47
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 242,000 $98,819.61
BYXS699 QIAGEN N.V. NL QIA GR 3,376 $128,540.27
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 84,980 $6,911,840.27
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 27,585 $145,189.52
BYZR014 AMUNDI SA FR AMUN FP 910 $58,968.88
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 2,520 $83,210.40
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 3,535 $195,839.00
G27358103 DESPEGAR.COM CORP AR DESP 2,755 $33,060.00
G29183103 EATON CORP PLC US ETN 540 $40,224.60
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 325,000 $334,343.75
G45667105 HOLLYSYS AUTOMATION TECHNOLOGIES CN HOLI 3,205 $57,113.10
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 1,024 $39,444.48
G5960L103 MEDTRONIC INC IE MDT 107,118 $9,916,984.44
G97822103 PERRIGO CO PLC IE PRGO 2,960 $124,379.20
H01301128 ALCON INC CH ALC 21,729 $1,264,193.22
H1467J104 CHUBB LTD CH CB 331 $48,349.17
H8817H100 TRANSOCEAN LTD US RIG 152,760 $947,112.00
N22717107 CORE LABORATORIES N.V. NL CLB 1,415 $67,410.60
N47279109 INTERXION HOLDING NV NL INXN 65,570 $4,833,164.70
N53745100 LYONDELLBASELL INDU-CL A US LYB 494 $36,679.50
N72482123 QIAGEN N.V. ADR NL QGEN 1,931 $73,532.48
USD US DOLLAR US 1,566,491.07 $1,566,491.07

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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