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

$33.26

Daily $ Change

-$0.28

Daily % Change

-0.84%

as of 10/18/2018

CUSIP

563821123

Inception Date

01/01/2000

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

Important Documents

Annual Report
Applications & Forms

Performance

As of 09/30/2018

YTD

2.87%

1 Year

4.75%

3 Year

7.62%

5 Year

5.08%

10 Year

6.50%

Inception
(01/01/2000)

6.74%

US Stock Market Cycle (04/01/2000 - 09/30/2018)

6.68%

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 09/30/2018

TREASURY NOTES 11.35%
GOVERNMENT AGENCY 5.66%
TREASURY BONDS 4.78%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 3.03%
INCYTE CORP 2.15%
BOOKING HOLDINGS INC 1.71%
MEDTRONIC INC 1.52%
QORVO INC 1.50%
NOVARTIS AG- REG 1.48%
MASTERCARD INC-CLASS A 1.47%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 09/30/2018

Stocks 50.03%
Bonds 48.95%
Cash 1.02%

Detailed Asset Class Allocation

As of 09/30/2018

International Equities 17.46%
Small Capitalization 0.71%
Mid Capitalization 4.82%
Large Capitalization 27.04%
Long Term Fixed Income 15.03%
Intermediate Term Fixed Income 23.10%
Short Term Fixed Income 10.82%
Cash 1.02%

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 09/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 100,000 $101,500.00
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 2,170,000 $2,141,968.83
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 3,500,000 $3,448,130.00
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 650,000 $663,000.00
004239109 ACADIA REALTY TRUST US AKR 2,545 $71,336.35
0045614 ANTOFAGASTA PLC GB ANTO LN 23,020 $255,807.82
0053673 ASHTEAD GROUP PLC GB AHT LN 3,630 $115,174.28
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 2,110,000 $2,087,772.99
0081180 BARRATT DEVELOPMENTS PLC GB BDEV LN 6,625 $48,925.60
008492100 AGREE REALTY CORP US ADC 1,125 $59,760.00
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 80,000 $82,512.13
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 425 $53,460.75
01609W102 ALIBABA GROUP - ADR CN BABA 24,735 $4,075,338.60
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 3,470,000 $3,234,368.02
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 170,000 $171,700.00
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 145,000 $145,000.00
02079K107 ALPHABET INC-CL C US GOOG 2,320 $2,768,850.40
02079K305 ALPHABET INC-CL A US GOOGL 2,290 $2,764,213.20
02155FAC9 ALTICE US FINANCE I CORP 5.50000 05/15/2026 US 140,000 $139,825.00
023135106 AMAZON.COM INC US AMZN 1,140 $2,283,420.00
02319V103 AMBEV SA-ADR BR ABEV 1,147,837 $5,245,615.09
0237400 DIAGEO PLC GB DGE LN 169,822 $6,016,502.03
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 2,725 $112,161.00
0263494 BAE SYSTEMS PLC GB BA/ LN 20,860 $171,052.33
02665T306 AMERICAN HOMES 4 RENT- A US AMH 11,595 $253,814.55
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 2,250,000 $2,152,543.95
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 165,000 $165,000.00
03027X100 AMERICAN TOWER REIT INC US AMT 18,905 $2,746,896.50
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 89,398.03 $89,965.52
03064D108 AMERICOLD REALTY TRUST US COLD 2,175 $54,418.50
03748R101 APARTMENT INVT & MGMT CO -A US AIV 4,150 $183,139.50
03784Y200 APPLE HOSPITALITY REIT INC US APLE 5,270 $92,172.30
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 140,000 $137,025.00
0405207 HALMA PLC GB HLMA LN 6,395 $120,398.44
0490656 KERRY GROUP PLC-A IE KYGA LN 1,895 $209,127.88
053484101 AVALONBAY COMMUNITIES INC US AVB 2,690 $487,293.50
058498106 BALL CORP US BLL 146,290 $6,435,297.10
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 3,310,000 $3,266,513.95
0822011 DS SMITH PLC GB SMDS LN 22,962 $143,028.52
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 47,725 $4,627,893.25
09062X103 BIOGEN IDEC INC US BIIB 5,630 $1,989,135.30
0922320 SMITH & NEPHEW PLC GB SN/ LN 5,315 $96,970.86
09247X101 BLACKROCK INC US BLK 11,215 $5,285,965.95
0946580 WEIR GROUP PLC/THE GB WEIR LN 10,975 $251,787.97
09627J102 BLUEROCK RESIDENTIAL GROWTH US 4,905 $48,069.00
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 3,040,000 $3,217,178.83
09857L108 BOOKING HOLDINGS INC US BKNG 4,810 $9,543,040.00
101121101 BOSTON PROPERTIES INC US BXP 2,685 $330,496.65
105368203 BRANDYWINE REALTY TRUST US BDN 13,415 $210,883.80
110122108 BRISTOL MYERS SQUIBB CO US BMY 45,730 $2,838,918.40
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 3,370 $157,143.10
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 115,000 $113,850.00
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 165,000 $163,143.75
125269100 CF INDUSTRIES HOLDINGS INC US CF 97,010 $5,281,224.40
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 2,190,000 $2,192,847.00
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 320,000 $312,800.00
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 918,902.29 $850,024.87
13321L108 CAMECO CORP CA CCJ 7,994 $91,131.60
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 6,840 $78,181.20
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 111,029.85 $110,752.28
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 1,172,691.46 $1,169,641.41
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 295,000 $274,438.50
15672WAJ3 CEQUEL COM HLDG I/CAP CP 7.50000 04/01/2028 US 140,000 $146,825.00
16411QAB7 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 170,000 $170,209.10
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 1,987,717.16 $1,963,968.91
165240102 CHESAPEAKE LODGING TRUST US CHSP 2,680 $85,947.60
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 2,270,000 $3,276,666.62
19626G108 COLONY CAPITAL INC US CLNY 12,822 $78,085.98
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 3,665 $113,541.70
2162760 CAE INC CA CAE CN 2,690 $54,605.97
2171573 CANADIAN NATURAL RESOURCES CA CNQ CN 4,755 $155,352.46
2180632 CANADIAN NATL RAILWAY CO CA CNR CN 635 $56,978.67
21871N101 CORECIVIC INC US CXW 6,570 $159,848.10
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 1,455,000 $1,609,796.88
222795106 COUSINS PROPERTIES INC US CUZ 23,350 $207,581.50
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 150,000 $146,550.00
22822V101 CROWN CASTLE INTL CORP US CCI 1,475 $164,211.75
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 607,133.83 $557,036.79
229663109 CUBESMART US CUBE 2,895 $82,594.35
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 100,000 $102,250.00
23331A109 DR HORTON INC US DHI 685 $28,893.30
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 10,655 $121,344.83
23918K108 DAVITA INC. US DVA 65,160 $4,667,410.80
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 205,000 $195,518.75
2392471 GRUPO BIMBO SAB- SERIES A MX BIMBOA MM 24,650 $52,450.73
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 42,990 $147,182.29
2491914 KIMBERLY CLARK DE MEXICO S.A.B. MX 61,400 $108,928.08
25271C102 DIAMOND OFFSHORE DRILLING US DO 100,240 $2,004,800.00
253868103 DIGITAL REALTY TRUST INC US DLR 3,175 $357,124.00
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 2,250,000 $2,199,907.22
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 235,000 $237,937.50
2639349 GRUPO AEROPORT DEL SURESTE-B MX 4,780 $97,674.04
2643674 GRUPO MEXICO SAB DE CV-SER MX GMEXICOB MM 15,400 $44,322.11
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 320,000 $321,600.00
269246401 ETRADE FINANCIAL CORP US ETFC 44,820 $2,348,119.80
2715777 QUEBECOR INC -CL B CA QBR/B CN 82,030 $1,644,855.03
277276101 EASTGROUP PROPERTIES US EGP 540 $51,634.80
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 75,480 $1,470,856.35
285512109 ELECTRONIC ARTS US EA 31,445 $3,788,808.05
2866857 LUNDIN MINING CORP CA LUN CN 249,765 $1,322,643.60
294429105 EQUIFAX INC US EFX 20,215 $2,639,472.55
29444U700 EQUINIX INC US EQIX 9,760 $4,225,006.40
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 1,205 $116,222.25
29476L107 EQUITY RESIDENTIAL US EQR 4,885 $323,680.10
297178105 ESSEX PROPERTY TRUST INC US ESS 575 $141,858.25
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 3,075,000 $3,018,297.00
30225T102 EXTRA SPACE STORAGE INC US EXR 1,275 $110,466.00
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 203,186.17 $202,196.53
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 195,000 $198,900.00
30286XAN9 FREMF 2015-K43 B FLT 3.86212 02/25/2048 US 2,100,000 $2,042,202.33
30290HAE8 FREMF 2012-K708 FLT 3.88522 02/25/2045 US 400,000 $400,322.64
30291EAE4 FREMF 2013-K712 B FLT 3.47300 05/25/2045 US 1,350,000 $1,349,744.04
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 144,005,791.47 $501,125.75
30291XAE2 FREMF 2014-K715 B FLT 4.11905 02/25/2046 US 1,750,000 $1,770,427.23
30292HAU0 FREMF 2014- K503 B 3.08905 10/25/2047 US 1,250,000 $1,246,897.00
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 284,060.4 $306,841.11
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 176,688.34 $190,357.95
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 155,114.01 $171,694.02
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 11,229.54 $11,556.81
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 25,722.7 $26,499.10
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 17,551.06 $18,067.44
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 13,663.26 $14,104.99
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 24,175.5 $24,942.74
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 1,578,012.11 $1,635,926.84
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 258,279.8 $278,432.79
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 808,874.65 $845,112.44
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 865,946.67 $898,569.06
3132LMMM5 FHLM POOL K91364 4.50000 11/01/2033 US 510,379.83 $528,243.10
3132LNE83 FHLM POOL K92059 4.50000 09/01/2034 US 741,727.51 $778,185.53
3132WPDP9 FHLM GOLD POOL FG Q49109 4.00000 07/01/2047 US 1,034,891.64 $1,045,995.98
3132XSLZ1 FHLM GOLD POOL FG Q50343 4.00000 08/01/2047 US 1,183,599.48 $1,196,299.76
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 24,948.34 $25,169.13
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 878,160.38 $869,166.44
3137A2B34 FHMS K009 X1 FLT 1.44868 08/25/2020 US 14,727,037.54 $283,312.86
3137ADTK3 FHMS K014 X1 FLT 1.32335 04/25/2021 US 3,467,692.92 $86,057.04
3137AJMG6 FMHS K016 X1 FLT 1.66787 10/25/2021 US 4,228,116.25 $157,351.88
3137AL6W4 FHMS K706 X1 FLT 1.69370 10/25/2018 US 2,079,069.88 $250.32
3137AME78 FHMS K017 X1 FLT 1.48234 12/25/2021 US 28,946,593.21 $999,279.82
3137AUPF0 FHMS K021 x1 FLT 1.58570 06/25/2022 US 12,559,447.11 $557,598.01
3137B3NB0 FHMS K030 X1 FLT 0.31093 04/25/2023 US 47,031,305.98 $374,308.05
3137B4GZ3 FHMS K032 X1 FLT 0.21916 05/25/2023 US 30,192,444.86 $145,929.14
3137F4YU0 FHLM POOL FHR4791 4.00000 03/15/2044 US 1,156,102.01 $1,173,437.53
3137FG2L8 FHLM POOL 4801 4.50000 05/15/2044 US 1,155,423.05 $1,190,766.17
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 242,942.58 $252,816.25
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 114,532.41 $119,163.64
3138EGGZ1 FEDERAL NATL MTG ASSN AL0215 4.50000 04/01/2041 US 1,563,270.48 $1,626,801.92
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65400 01/01/2049 US 3,310,148.42 $3,527,476.84
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 630,546.19 $681,263.52
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 330,372.11 $356,838.05
3140EWG66 FEDERAL NATL MTG ASSN BC2020 3.50000 07/01/2046 US 2,052,377.77 $2,027,812.90
3140FA5G3 FEDERAL NATL MTG ASSN FN BD3546 4.00000 09/01/2047 US 746,212.17 $754,360.52
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 1,724,745.16 $1,742,905.33
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 599,224.91 $618,535.00
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 1,717,594.56 $1,805,537.86
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 1,168,518.54 $1,228,289.65
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 1,343,948 $1,412,623.41
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 18,956.96 $19,470.53
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 23,216.2 $23,843.56
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 160,736.72 $163,797.51
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 194,088.37 $197,680.00
31410HAQ4 MACYS RETAIL HLDGS INC 6.90000 04/01/2029 US 1,030,000 $1,090,026.82
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 593,620.21 $641,155.35
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 109,200.54 $117,317.67
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 8,095.31 $8,215.18
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 110,048.08 $112,161.44
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 1,321,103.24 $1,369,727.05
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 855,093.4 $886,596.44
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 566,246.93 $542,445.70
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 46,887.6 $51,612.03
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 17,781.18 $18,440.75
31428X106 FEDEX CORPORATION US FDX 18,560 $4,469,062.40
3174300 BURBERRY GROUP PLC GB BRBY LN 3,925 $103,068.26
32054K103 FIRST INDUSTRIAL REALTY TR US FR 2,875 $90,275.00
3208986 NEXT PLC GB NXT LN 715 $51,170.05
336130AB5 FIRST QUALITY FINANCE CO 5.00000 07/01/2025 US 160,000 $149,600.00
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 160,000 $158,872.00
357081AE8 FREMF 2015-K720 B FLT 3.50676 07/25/2022 US 1,070,000 $1,041,970.60
35802XAD5 FRESENIUS MED CARE II 5.62500 07/31/2019 US 1,785,000 $1,820,292.40
36143WAN1 GAHR 2015-NRF BFX FLT 3.49490 12/15/2034 US 2,400,000 $2,396,935.68
36223NTR5 GNMA POOL 312960 9.00000 09/15/2021 US 389.71 $393.90
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 524,000 $512,455.13
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 50,298.02 $50,702.26
37045VAR1 GENERAL MOTORS CO FLT 3.22706 09/10/2021 US 2,070,000 $2,069,219.61
371559105 GENESEE & WYOMING INC -CL A US GWR 35,740 $3,251,982.60
37185LAF9 GENESIS ENERGY LP/GENESI 5.62500 06/15/2024 US 130,000 $122,850.00
374297109 GETTY REALTY CORP US GTY 3,280 $93,676.80
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 340,000 $338,300.00
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 1,433,067.33 $1,349,805.26
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 165,000 $160,875.00
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 1,205 $131,561.90
404121AH8 HCA INC 5.37500 09/01/2026 US 155,000 $156,550.00
40414L109 HCP INC US HCP 6,180 $162,657.60
4057808 L'OREAL FR OR FP 445 $107,283.71
4061412 LVMH MOET HENNESSY LOUIS VUITTON FR MC FP 180 $63,606.73
4163437 CAP GEMINI FR CAP FP 480 $60,430.91
421946104 HEALTHCARE REALTY TRUST INC US HR 3,930 $114,991.80
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 4,325 $115,347.75
4354350 FUCHS PETROLUB SE - PREF DE FPE3 GR 915 $51,059.63
44053FAA8 HORIZON PHARMA INC/HORIZ 8.75000 11/01/2024 US 310,000 $330,925.00
44107P104 HOST MARRIOTT CORP US HST 10,755 $226,930.50
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 290,000 $282,750.00
4457624 TRIGANO SA FR TRI FP 1,690 $184,827.11
4497749 KBC GROEP NV BE KBC BB 1,590 $118,229.81
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 250,000 $246,250.00
45337C102 INCYTE CORP US INCY 173,270 $11,969,491.60
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 7,960 $83,818.80
45763PAE6 INMARSAT FINANCE PLC 4.87500 05/15/2022 GB 110,000 $109,450.00
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 2,285,000 $2,329,443.55
46187BAA1 IHSFR 2017-SFR2 A 3.00844 12/17/2036 US 492,242.36 $493,471.93
46187BAB9 IHSFR 2017-SFR2 B 3.30844 12/17/2036 US 370,000 $370,915.68
46187W107 INVITATION HOMES INC US INVH 10,101 $231,413.91
464287739 ISHARES DJ US REAL ESTATE US 2,325 $186,046.50
46625HHL7 JPMORGAN CHASE & CO 6.30000 04/23/2019 US 3,170,000 $3,232,760.42
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 429,560.3 $410,884.31
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 513,584.17 $499,921.80
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BB22L96 KION GROUP AG DE KGX GR 2,340 $143,678.30
BBG00LNRP8L0 AMZN US 09/28/18 P1825 US -10 -$10.00
BBG00LRS8WH5 QRVO US 10/19/18 P70 US -269 -$9,146.00
BBG00LXHFRM9 SCHW US 10/26/18 C51.5 US -275 -$20,900.00
BD3JR69 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 144,000 $75,603.09
BD6G507 FERRARI NV IT RACE IM 410 $56,316.05
BD6K457 COMPASS GROUP PLC GB CPG LN 2,665 $59,252.12
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 200,000 $204,500.00
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 144,000 $75,747.71
BDZV116 EPIROC AB-A SE EPIA SS 15,880 $177,429.17
BF2DSG3 SIKA AG-REG CH SIKA SW 330 $48,021.44
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 305,000 $286,700.00
BFYFZP5 FERGUSON PLC CH FERG LN 701 $59,460.47
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 1,275 $256,844.29
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 56,810 $93,662.07
BGLP232 MONCLER SPA IT MONC IM 2,420 $104,126.31
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 207,000 $161,640.71
BHC8X90 NOVO NORDISK A/S-B DK NOVOB DC 1,095 $51,536.25
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 134,605 $5,496,033.61
BNBNSG0 EURONEXT NV NL ENX FP 2,640 $173,461.90
BNGN9Z1 FINECOBANK SPA IT FBK IM 18,880 $251,762.78
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 114,530 $3,460,127.64
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 3,000 $100,204.40
BVSS790 ELIS SA FR ELIS FP 8,415 $198,126.48
BYQ32R1 NEMAK SAB DE CV MX 125,500 $94,557.55
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 208,000 $100,223.14
BYXS699 QIAGEN N.V. NL QIA GR 3,146 $119,146.89
BYY8LS2 MAISONS DU MONDE SA FR MDM FP 3,785 $110,393.87
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 84,705 $7,414,695.14
BYZ43T4 EUROBANK ERGASIAS SA GR EUROB GA 114,070 $86,117.29
BYZFYS3 SPIE SA FR SPIE FP 11,370 $226,434.92
BYZWX76 CRODA INTERNATIONAL PLC GB CRDA LN 2,261 $153,259.75
BZ01RF1 WILLIAM DEMANT HOLDING DK WDH DC 2,625 $98,538.30
BZ3C3Q4 BANKIA SA ES BKIA SM 41,282 $161,153.03
BZCNN35 BANCO COMERCIAL PORTUGUES-R PT BCP PL 343,360 $101,658.14
G02602103 AMDOCS LTD GG DOX 4,480 $295,590.40
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 1,755 $91,014.30
G27358103 DESPEGAR.COM CORP AR DESP 2,255 $38,041.85
G3157S106 ENSCO INTERNATIONAL INC US ESV 248,340 $2,095,989.60
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 290,000 $301,600.00
G5960L103 MEDTRONIC INC IE MDT 86,375 $8,496,708.75
G97822103 PERRIGO CO PLC IE PRGO 3,435 $243,198.00
H8817H100 TRANSOCEAN LTD US RIG 217,610 $3,035,659.50
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 820 $96,489.40
N22717107 CORE LABORATORIES N.V. NL CLB 990 $114,671.70
N47279109 INTERXION HOLDING NV NL INXN 49,945 $3,361,298.50
N72482123 QIAGEN N.V. ADR NL QGEN 2,286 $86,593.68
USD US DOLLAR US 5,755,729.91 $5,755,729.91

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

$33.26

Daily $ Change

-$0.28

Daily % Change

-0.84%

as of 10/18/2018

CUSIP

563821123

Inception Date

01/01/2000

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

Important Documents

Annual Report
Fact Sheet
Applications & Forms

Investment Objective

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

Investment Strategy

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

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

May be Appropriate for Investors

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

About Our Risk-Based Funds

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

Time Horizon & Range of Stock Exposure

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

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

Manning and Napier Risk-Based Funds Graphic

Learn more about our Pro-Mix® Series

Performance

As of 09/30/2018

YTD

2.87%

1 Year

4.75%

3 Year

7.62%

5 Year

5.08%

10 Year

6.50%

Inception
(01/01/2000)

6.74%

US Stock Market Cycle (04/01/2000 - 09/30/2018)

6.68%

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 09/30/2018

TREASURY NOTES 11.35%
GOVERNMENT AGENCY 5.66%
TREASURY BONDS 4.78%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 3.03%
INCYTE CORP 2.15%
BOOKING HOLDINGS INC 1.71%
MEDTRONIC INC 1.52%
QORVO INC 1.50%
NOVARTIS AG- REG 1.48%
MASTERCARD INC-CLASS A 1.47%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 09/30/2018

Stocks
50.03%
Bonds
48.95%
Cash
1.02%

Detailed Asset Class Allocation

As of 09/30/2018

International Equities
17.46%
Small Capitalization
0.71%
Mid Capitalization
4.82%
Large Capitalization
27.04%
Long Term Fixed Income
15.03%
Intermediate Term Fixed Income
23.10%
Short Term Fixed Income
10.82%
Cash
1.02%

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 09/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 100,000 $101,500.00
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 2,170,000 $2,141,968.83
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 3,500,000 $3,448,130.00
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 650,000 $663,000.00
004239109 ACADIA REALTY TRUST US AKR 2,545 $71,336.35
0045614 ANTOFAGASTA PLC GB ANTO LN 23,020 $255,807.82
0053673 ASHTEAD GROUP PLC GB AHT LN 3,630 $115,174.28
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 2,110,000 $2,087,772.99
0081180 BARRATT DEVELOPMENTS PLC GB BDEV LN 6,625 $48,925.60
008492100 AGREE REALTY CORP US ADC 1,125 $59,760.00
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 80,000 $82,512.13
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 425 $53,460.75
01609W102 ALIBABA GROUP - ADR CN BABA 24,735 $4,075,338.60
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 3,470,000 $3,234,368.02
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 170,000 $171,700.00
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 145,000 $145,000.00
02079K107 ALPHABET INC-CL C US GOOG 2,320 $2,768,850.40
02079K305 ALPHABET INC-CL A US GOOGL 2,290 $2,764,213.20
02155FAC9 ALTICE US FINANCE I CORP 5.50000 05/15/2026 US 140,000 $139,825.00
023135106 AMAZON.COM INC US AMZN 1,140 $2,283,420.00
02319V103 AMBEV SA-ADR BR ABEV 1,147,837 $5,245,615.09
0237400 DIAGEO PLC GB DGE LN 169,822 $6,016,502.03
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 2,725 $112,161.00
0263494 BAE SYSTEMS PLC GB BA/ LN 20,860 $171,052.33
02665T306 AMERICAN HOMES 4 RENT- A US AMH 11,595 $253,814.55
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 2,250,000 $2,152,543.95
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 165,000 $165,000.00
03027X100 AMERICAN TOWER REIT INC US AMT 18,905 $2,746,896.50
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 89,398.03 $89,965.52
03064D108 AMERICOLD REALTY TRUST US COLD 2,175 $54,418.50
03748R101 APARTMENT INVT & MGMT CO -A US AIV 4,150 $183,139.50
03784Y200 APPLE HOSPITALITY REIT INC US APLE 5,270 $92,172.30
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 140,000 $137,025.00
0405207 HALMA PLC GB HLMA LN 6,395 $120,398.44
0490656 KERRY GROUP PLC-A IE KYGA LN 1,895 $209,127.88
053484101 AVALONBAY COMMUNITIES INC US AVB 2,690 $487,293.50
058498106 BALL CORP US BLL 146,290 $6,435,297.10
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 3,310,000 $3,266,513.95
0822011 DS SMITH PLC GB SMDS LN 22,962 $143,028.52
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 47,725 $4,627,893.25
09062X103 BIOGEN IDEC INC US BIIB 5,630 $1,989,135.30
0922320 SMITH & NEPHEW PLC GB SN/ LN 5,315 $96,970.86
09247X101 BLACKROCK INC US BLK 11,215 $5,285,965.95
0946580 WEIR GROUP PLC/THE GB WEIR LN 10,975 $251,787.97
09627J102 BLUEROCK RESIDENTIAL GROWTH US 4,905 $48,069.00
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 3,040,000 $3,217,178.83
09857L108 BOOKING HOLDINGS INC US BKNG 4,810 $9,543,040.00
101121101 BOSTON PROPERTIES INC US BXP 2,685 $330,496.65
105368203 BRANDYWINE REALTY TRUST US BDN 13,415 $210,883.80
110122108 BRISTOL MYERS SQUIBB CO US BMY 45,730 $2,838,918.40
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 3,370 $157,143.10
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 115,000 $113,850.00
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 165,000 $163,143.75
125269100 CF INDUSTRIES HOLDINGS INC US CF 97,010 $5,281,224.40
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 2,190,000 $2,192,847.00
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 320,000 $312,800.00
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 918,902.29 $850,024.87
13321L108 CAMECO CORP CA CCJ 7,994 $91,131.60
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 6,840 $78,181.20
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 111,029.85 $110,752.28
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 1,172,691.46 $1,169,641.41
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 295,000 $274,438.50
15672WAJ3 CEQUEL COM HLDG I/CAP CP 7.50000 04/01/2028 US 140,000 $146,825.00
16411QAB7 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 170,000 $170,209.10
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 1,987,717.16 $1,963,968.91
165240102 CHESAPEAKE LODGING TRUST US CHSP 2,680 $85,947.60
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 2,270,000 $3,276,666.62
19626G108 COLONY CAPITAL INC US CLNY 12,822 $78,085.98
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 3,665 $113,541.70
2162760 CAE INC CA CAE CN 2,690 $54,605.97
2171573 CANADIAN NATURAL RESOURCES CA CNQ CN 4,755 $155,352.46
2180632 CANADIAN NATL RAILWAY CO CA CNR CN 635 $56,978.67
21871N101 CORECIVIC INC US CXW 6,570 $159,848.10
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 1,455,000 $1,609,796.88
222795106 COUSINS PROPERTIES INC US CUZ 23,350 $207,581.50
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 150,000 $146,550.00
22822V101 CROWN CASTLE INTL CORP US CCI 1,475 $164,211.75
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 607,133.83 $557,036.79
229663109 CUBESMART US CUBE 2,895 $82,594.35
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 100,000 $102,250.00
23331A109 DR HORTON INC US DHI 685 $28,893.30
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 10,655 $121,344.83
23918K108 DAVITA INC. US DVA 65,160 $4,667,410.80
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 205,000 $195,518.75
2392471 GRUPO BIMBO SAB- SERIES A MX BIMBOA MM 24,650 $52,450.73
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 42,990 $147,182.29
2491914 KIMBERLY CLARK DE MEXICO S.A.B. MX 61,400 $108,928.08
25271C102 DIAMOND OFFSHORE DRILLING US DO 100,240 $2,004,800.00
253868103 DIGITAL REALTY TRUST INC US DLR 3,175 $357,124.00
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 2,250,000 $2,199,907.22
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 235,000 $237,937.50
2639349 GRUPO AEROPORT DEL SURESTE-B MX 4,780 $97,674.04
2643674 GRUPO MEXICO SAB DE CV-SER MX GMEXICOB MM 15,400 $44,322.11
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 320,000 $321,600.00
269246401 ETRADE FINANCIAL CORP US ETFC 44,820 $2,348,119.80
2715777 QUEBECOR INC -CL B CA QBR/B CN 82,030 $1,644,855.03
277276101 EASTGROUP PROPERTIES US EGP 540 $51,634.80
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 75,480 $1,470,856.35
285512109 ELECTRONIC ARTS US EA 31,445 $3,788,808.05
2866857 LUNDIN MINING CORP CA LUN CN 249,765 $1,322,643.60
294429105 EQUIFAX INC US EFX 20,215 $2,639,472.55
29444U700 EQUINIX INC US EQIX 9,760 $4,225,006.40
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 1,205 $116,222.25
29476L107 EQUITY RESIDENTIAL US EQR 4,885 $323,680.10
297178105 ESSEX PROPERTY TRUST INC US ESS 575 $141,858.25
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 3,075,000 $3,018,297.00
30225T102 EXTRA SPACE STORAGE INC US EXR 1,275 $110,466.00
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 203,186.17 $202,196.53
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 195,000 $198,900.00
30286XAN9 FREMF 2015-K43 B FLT 3.86212 02/25/2048 US 2,100,000 $2,042,202.33
30290HAE8 FREMF 2012-K708 FLT 3.88522 02/25/2045 US 400,000 $400,322.64
30291EAE4 FREMF 2013-K712 B FLT 3.47300 05/25/2045 US 1,350,000 $1,349,744.04
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 144,005,791.47 $501,125.75
30291XAE2 FREMF 2014-K715 B FLT 4.11905 02/25/2046 US 1,750,000 $1,770,427.23
30292HAU0 FREMF 2014- K503 B 3.08905 10/25/2047 US 1,250,000 $1,246,897.00
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 284,060.4 $306,841.11
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 176,688.34 $190,357.95
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 155,114.01 $171,694.02
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 11,229.54 $11,556.81
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 25,722.7 $26,499.10
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 17,551.06 $18,067.44
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 13,663.26 $14,104.99
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 24,175.5 $24,942.74
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 1,578,012.11 $1,635,926.84
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 258,279.8 $278,432.79
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 808,874.65 $845,112.44
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 865,946.67 $898,569.06
3132LMMM5 FHLM POOL K91364 4.50000 11/01/2033 US 510,379.83 $528,243.10
3132LNE83 FHLM POOL K92059 4.50000 09/01/2034 US 741,727.51 $778,185.53
3132WPDP9 FHLM GOLD POOL FG Q49109 4.00000 07/01/2047 US 1,034,891.64 $1,045,995.98
3132XSLZ1 FHLM GOLD POOL FG Q50343 4.00000 08/01/2047 US 1,183,599.48 $1,196,299.76
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 24,948.34 $25,169.13
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 878,160.38 $869,166.44
3137A2B34 FHMS K009 X1 FLT 1.44868 08/25/2020 US 14,727,037.54 $283,312.86
3137ADTK3 FHMS K014 X1 FLT 1.32335 04/25/2021 US 3,467,692.92 $86,057.04
3137AJMG6 FMHS K016 X1 FLT 1.66787 10/25/2021 US 4,228,116.25 $157,351.88
3137AL6W4 FHMS K706 X1 FLT 1.69370 10/25/2018 US 2,079,069.88 $250.32
3137AME78 FHMS K017 X1 FLT 1.48234 12/25/2021 US 28,946,593.21 $999,279.82
3137AUPF0 FHMS K021 x1 FLT 1.58570 06/25/2022 US 12,559,447.11 $557,598.01
3137B3NB0 FHMS K030 X1 FLT 0.31093 04/25/2023 US 47,031,305.98 $374,308.05
3137B4GZ3 FHMS K032 X1 FLT 0.21916 05/25/2023 US 30,192,444.86 $145,929.14
3137F4YU0 FHLM POOL FHR4791 4.00000 03/15/2044 US 1,156,102.01 $1,173,437.53
3137FG2L8 FHLM POOL 4801 4.50000 05/15/2044 US 1,155,423.05 $1,190,766.17
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 242,942.58 $252,816.25
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 114,532.41 $119,163.64
3138EGGZ1 FEDERAL NATL MTG ASSN AL0215 4.50000 04/01/2041 US 1,563,270.48 $1,626,801.92
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65400 01/01/2049 US 3,310,148.42 $3,527,476.84
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 630,546.19 $681,263.52
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 330,372.11 $356,838.05
3140EWG66 FEDERAL NATL MTG ASSN BC2020 3.50000 07/01/2046 US 2,052,377.77 $2,027,812.90
3140FA5G3 FEDERAL NATL MTG ASSN FN BD3546 4.00000 09/01/2047 US 746,212.17 $754,360.52
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 1,724,745.16 $1,742,905.33
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 599,224.91 $618,535.00
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 1,717,594.56 $1,805,537.86
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 1,168,518.54 $1,228,289.65
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 1,343,948 $1,412,623.41
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 18,956.96 $19,470.53
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 23,216.2 $23,843.56
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 160,736.72 $163,797.51
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 194,088.37 $197,680.00
31410HAQ4 MACYS RETAIL HLDGS INC 6.90000 04/01/2029 US 1,030,000 $1,090,026.82
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 593,620.21 $641,155.35
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 109,200.54 $117,317.67
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 8,095.31 $8,215.18
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780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 4,215 $298,969.95
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78442PGC4 SLM CORP 5.12500 04/05/2022 US 200,000 $199,000.00
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81211K100 SEALED AIR CORP US SEE 87,380 $3,508,307.00
812578102 SEATTLE GENETICS INC US SGEN 55,545 $4,283,630.40
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81762P102 SERVICENOW INC US NOW 15,505 $3,033,243.15
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822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 150,000 $154,687.50
828806109 SIMON PROPERTY GROUP INC US SPG 3,365 $594,763.75
83088M102 SKYWORKS SOLUTIONS INC US SWKS 29,450 $2,671,409.50
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83406EAB1 SOFI 2018-A A2A 2.39000 02/25/2042 US 661,873.67 $655,942.62
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84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 1,981,000 $2,041,338.11
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852061AK6 SPRINT COMMUNICATIONS 9.00000 11/15/2018 US 75,000 $75,465.00
85254J102 STAG INDUSTRIAL INC US STAG 4,340 $119,350.00
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866674104 SUN COMMUNITIES US SUI 2,360 $239,634.40
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 8,265 $135,215.40
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88032WAG1 TENCENT HOLDINGS LTD 3.59500 01/19/2028 KY 2,280,000 $2,158,048.93
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882508104 TEXAS INSTRUMENTS INC US TXN 26,830 $2,878,590.70
88650V208 TIER REIT INC US TIER 8,410 $202,681.00
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89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 750,000 $717,435.98
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912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 6,781,000 $8,327,915.63
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912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 8,818,000 $8,492,836.25
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912828D23 US TREASURY N/B 1.62500 04/30/2019 US 11,500,000 $11,445,195.37
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912828RT9 US TREASURY N/B 1.37500 11/30/2018 US 6,200,000 $6,191,948.37
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 2,943,984.77 $2,849,973.53
912828WZ9 UNITED STATES TREAS NTS 1.75000 04/30/2022 US 5,800,000 $5,571,398.45
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 11,176,000 $10,610,651.53
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 5,800,000 $5,491,648.45
91704F104 URBAN EDGE PROPERTIES US UE 8,585 $189,556.80
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92339V100 VEREIT INC US VER 12,850 $93,291.00
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92532F100 VERTEX PHARMACEUTICALS INC US VRTX 12,630 $2,434,306.20
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95040Q104 WELLTOWER INC. US WELL 2,330 $149,865.60
962166104 WEYERHAEUSER CO US WY 2,456 $79,255.12
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 160,000 $160,800.00
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 170,000 $168,725.00
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 1,620,000 $1,542,100.65
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 649,227.04 $648,698.44
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 723,591.33 $706,262.33
98919V105 ZAYO GROUP HOLDINGS INC US ZAYO 120,360 $4,178,899.20
AP0787667 MPC CONTAINER SHIPS FLT 7.11638 09/22/2022 NL 200,000 $204,306.00
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 310,000 $306,125.00
B0190C7 TECHTRONIC INDUSTRIES CO LTD HK 669 HK 7,500 $47,840.18
B02J639 ADMIRAL GROUP PLC GB ADM LN 2,235 $60,585.01
B037JC2 NEXITY FR NXI FP 1,720 $95,063.19
B0386J1 JYSKE BANK-REG DK JYSK DC 2,515 $121,780.58
B05LZ02 HAKUHODO DY HOLDINGS INC JP 2433 JP 2,800 $49,177.42
B06JSP1 SYDBANK A/S DK SYDB DC 3,015 $88,639.84
B09DHL9 MTU AERO ENGINES HOLDING AG DE MTX GR 240 $54,066.88
B09M9D2 KONE OYJ-B FI KNEBV FH 1,990 $106,223.65
B0JDQD4 BANDAI NAMCO HOLDINGS INC JP 7832 JP 2,600 $101,012.25
B11TCY0 SCHINDLER HOLDING-PART CERT CH SCHP SW 400 $99,822.62
B138HB7 KAUFMAN & BROAD SA FR KOF FP 3,035 $142,426.96
B13X013 EIFFAGE FR FGR FP 1,715 $191,582.13
B15C557 TOTAL SA FR FP FP 3,785 $246,103.38
B19NLV4 EXPERIAN PLC GB EXPN LN 2,275 $58,376.97
B1CRLC4 MONDI PLC GB MNDI LN 2,120 $58,045.36
B1FW751 GALP ENERGIA SGPS SA PT GALP PL 15,075 $298,904.44
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 11,400 $81,476.43
B1WGG93 GEBERIT AG-REG CH GEBN SW 315 $146,204.64
B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 2,985 $174,762.05
B1XH026 VINCI SA FR DG FP 5,250 $499,483.65
B1Y9TB3 DANONE FR BN FP 2,828 $219,778.43
B1YVKN8 ANTA SPORTS PRODUCTS LTD CN 2020 HK 22,000 $105,024.35
B232R05 SK INNOVATION CO LTD KR 096770 KS 640 $124,057.58
B249GC0 MATSUMOTOKIYOSHI HOLDINGS CO JP 3088 JP 2,900 $118,924.00
B283W97 CAIXABANK S.A ES CABK SM 60,455 $274,944.43
B296BQ5 STORAGEVAULT CANADA INC CA SVI CN 15,410 $31,615.76
B3FF8W8 HOSHIZAKI CORP JP 6465 JP 500 $51,752.29
B3FP8W8 CANADA HOUSING TRUST 4.10000 12/15/2018 CA 420,000 $326,697.02
B3MSM28 AMADEUS IT HOLDING SA-A SHS ES AMS SM 585 $54,222.98
B3NB1P2 SUNCOR ENERGY INC CA SU CN 3,675 $142,203.00
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 1,250,000 $64,756.33
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 530,000 $416,921.84
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 3,100,000 $158,970.66
B4Q2TX3 CHINA LONGYUAN POWER GROUP-H CN 916 HK 235,000 $197,891.50
B4R2R50 JULIUS BAER CH BAER SW 6,820 $340,837.18
B4WTBY3 HUANENG RENEWABLES CORP-H CN 958 HK 586,000 $174,737.19
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 925,000 $679,691.12
B4YVF56 BRENNTAG AG DE BNR GR 1,402 $86,463.35
B607XS1 VERMILION ENERGY INC CA VET CN 5,090 $167,716.02
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 4,800,000 $257,331.20
B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 17,555 $221,578.27
B63QM77 NEXON CO LTD JP 3659 JP 14,600 $190,844.04
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 1,500,000 $78,426.58
B798FW0 NOVOZYMES A/S-B SHARES DK NZYMB DC 1,055 $57,865.17
B7VQL46 FNAC DARTY SA FR FNAC FP 1,835 $144,699.45
B8FMRX8 COLOPLAST-B DK COLOB DC 1,035 $105,730.87
BB22L96 KION GROUP AG DE KGX GR 2,340 $143,678.30
BBG00LNRP8L0 AMZN US 09/28/18 P1825 US -10 -$10.00
BBG00LRS8WH5 QRVO US 10/19/18 P70 US -269 -$9,146.00
BBG00LXHFRM9 SCHW US 10/26/18 C51.5 US -275 -$20,900.00
BD3JR69 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 144,000 $75,603.09
BD6G507 FERRARI NV IT RACE IM 410 $56,316.05
BD6K457 COMPASS GROUP PLC GB CPG LN 2,665 $59,252.12
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 200,000 $204,500.00
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 144,000 $75,747.71
BDZV116 EPIROC AB-A SE EPIA SS 15,880 $177,429.17
BF2DSG3 SIKA AG-REG CH SIKA SW 330 $48,021.44
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 305,000 $286,700.00
BFYFZP5 FERGUSON PLC CH FERG LN 701 $59,460.47
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 1,275 $256,844.29
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 56,810 $93,662.07
BGLP232 MONCLER SPA IT MONC IM 2,420 $104,126.31
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 207,000 $161,640.71
BHC8X90 NOVO NORDISK A/S-B DK NOVOB DC 1,095 $51,536.25
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 134,605 $5,496,033.61
BNBNSG0 EURONEXT NV NL ENX FP 2,640 $173,461.90
BNGN9Z1 FINECOBANK SPA IT FBK IM 18,880 $251,762.78
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 114,530 $3,460,127.64
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 3,000 $100,204.40
BVSS790 ELIS SA FR ELIS FP 8,415 $198,126.48
BYQ32R1 NEMAK SAB DE CV MX 125,500 $94,557.55
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 208,000 $100,223.14
BYXS699 QIAGEN N.V. NL QIA GR 3,146 $119,146.89
BYY8LS2 MAISONS DU MONDE SA FR MDM FP 3,785 $110,393.87
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 84,705 $7,414,695.14
BYZ43T4 EUROBANK ERGASIAS SA GR EUROB GA 114,070 $86,117.29
BYZFYS3 SPIE SA FR SPIE FP 11,370 $226,434.92
BYZWX76 CRODA INTERNATIONAL PLC GB CRDA LN 2,261 $153,259.75
BZ01RF1 WILLIAM DEMANT HOLDING DK WDH DC 2,625 $98,538.30
BZ3C3Q4 BANKIA SA ES BKIA SM 41,282 $161,153.03
BZCNN35 BANCO COMERCIAL PORTUGUES-R PT BCP PL 343,360 $101,658.14
G02602103 AMDOCS LTD GG DOX 4,480 $295,590.40
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 1,755 $91,014.30
G27358103 DESPEGAR.COM CORP AR DESP 2,255 $38,041.85
G3157S106 ENSCO INTERNATIONAL INC US ESV 248,340 $2,095,989.60
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 290,000 $301,600.00
G5960L103 MEDTRONIC INC IE MDT 86,375 $8,496,708.75
G97822103 PERRIGO CO PLC IE PRGO 3,435 $243,198.00
H8817H100 TRANSOCEAN LTD US RIG 217,610 $3,035,659.50
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 820 $96,489.40
N22717107 CORE LABORATORIES N.V. NL CLB 990 $114,671.70
N47279109 INTERXION HOLDING NV NL INXN 49,945 $3,361,298.50
N72482123 QIAGEN N.V. ADR NL QGEN 2,286 $86,593.68
USD US DOLLAR US 5,755,729.91 $5,755,729.91

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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