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 their current risk tolerance and investment time horizon, then decide when to move to a different objective as their 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
5-35% 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

$43.11

Daily $ Change

$0.42

Daily % Change

0.97%

as of 06/23/2022

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 05/31/2022

YTD

-11.00%

1 Year

-7.09%

3 Year

8.58%

5 Year

7.04%

10 Year

7.40%

Inception
(01/01/2000)

6.86%

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 0.91%
Net 0.90%*

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

Top Ten Investments

As of 05/31/2022

TREASURY NOTES 15.22%
GOVERNMENT AGENCY 4.48%
TREASURY BONDS 4.09%
AMAZON.COM INC 2.81%
MICROSOFT CORP 1.92%
JOHNSON & JOHNSON 1.76%
MASTERCARD INC-CLASS A 1.69%
VISA INC - CLASS A SHARES 1.68%
META PLATFORMS INC 1.56%
SBA COMMUNICATIONS CORP 1.50%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 05/31/2022

Stocks 52.23%
Bonds 43.22%
Cash 4.55%

Detailed Asset Class Allocation

As of 05/31/2022

International Equities 14.20%
Small Capitalization 0.77%
Mid Capitalization 3.86%
Large Capitalization 33.40%
Long Term Fixed Income 14.97%
Intermediate Term Fixed Income 22.07%
Short Term Fixed Income 6.18%
Cash 4.55%

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 05/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 758 $89,034.68
ACTIVISION INC US ATVI 20,725 $1,614,063.00
ADIDAS AG-SPONSORED ADR DE ADDYY 13,865 $1,374,576.10
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 740,000 $648,948.50
ADYEN NV UNSPON ADR NL ADYEY 105,912 $1,639,517.76
AGREE REALTY CORP US ADC 1,398 $97,258.86
AIR LIQUIDE-ADR FR AIQUY 78,769 $2,749,825.79
AIR LEASE CORP 3.62500 04/01/2027 US 710,000 $675,206.90
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 122,713.49 $128,743.47
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 1,400,000 $1,218,900.72
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 410,000 $341,056.58
ALLSTATE CORPORATION US ALL 296 $40,460.24
ALPHABET INC-CL A US GOOGL 1,250 $2,844,050.00
AMAZON.COM INC US AMZN 3,550 $8,534,874.50
AMAZON.COM INC 3.30000 04/13/2027 US 1,400,000 $1,398,710.25
DIAGEO PLC GB DGE LN 31,247 $1,451,775.48
AMERICAN HOMES 4 RENT- A US AMH 4,980 $184,060.80
AMERICAN TOWER REIT INC US AMT 745 $190,816.85
ANALOG DEVICES INC US ADI 437 $73,590.80
APPLE HOSPITALITY REIT INC US APLE 16,974 $283,635.54
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 110,000 $111,276.13
ARCHER-DANIELS-MIDLAND CO US ADM 500 $45,410.00
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 600,000 $570,540.88
AUTOMATIC DATA PROCESSING US ADP 302 $67,327.88
AVALONBAY COMMUNITIES INC US AVB 1,183 $246,016.68
AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 KY 1,890,000 $1,637,751.55
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 570,000 $577,050.54
BANK OF AMERICA CORP 2.68700 04/22/2032 US 1,170,000 $1,023,645.96
BARRICK GOLD CORP CA GOLD 49,075 $1,005,546.75
BAXTER INTERNATIONAL INC US BAX 386 $29,355.30
BEST BUY INC US BBY 278 $22,812.68
BIOMARIN PHARMACEUTICAL INC US BMRN 39,720 $2,984,163.60
BLACKROCK INC US BLK 2,187 $1,463,277.96
BLACKSTONE PRIVATE CRE 2.62500 12/15/2026 US 740,000 $643,826.35
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 740,000 $673,210.27
DECHRA PHARMACEUTICALS PLC GB DPH LN 5,573 $255,452.11
BRANDYWINE REALTY TRUST US BDN 8,443 $94,139.45
BABS 2021-RM2 A 1.75000 10/25/2061 US 677,877.21 $613,333.06
BRISTOL MYERS SQUIBB CO US BMY 1,335 $100,725.75
BROADRIDGE FINANCIAL SOLUTIONS US BR 149 $21,786.78
JONAH ENERGY PARENT LLC US 4,645 $249,250.70
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 690,377.62 $633,373.42
SORT 2020-1 A2 1.99000 07/15/2060 US 564,819.72 $495,964.64
C.H. ROBINSON WORLDWIDE INC US CHRW 192 $20,833.92
CIM 2019-INV1 A1 4.00000 02/25/2049 US 39,202.76 $39,157.13
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 206,377.93 $193,630.46
COTERRA ENERGY INC US CTRA 756 $25,953.48
CAMDEN PROPERTY TRUST US CPT 1,138 $163,291.62
CAMECO CORP CA CCJ 3,731 $91,297.57
CAMPBELL SOUP CO US CPB 429 $20,553.39
CANADIAN NATIONAL RAILWAY CO CA CNI 21,131 $2,404,285.18
CARETRUST REIT INC US CTRE 5,637 $104,453.61
CATERPILLAR INC US CAT 399 $86,124.15
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 1,620,000 $1,825,586.38
CENTURYLINK INC 7.50000 04/01/2024 US 345,000 $356,909.25
CHARTER COMMUNICATIONS INC-A US CHTR 5,523 $2,799,774.39
CHEVRON CORP US CVX 732 $127,851.12
CINCINNATI FINANCIAL CORP US CINF 204 $26,083.44
CISCO SYSTEMS INC US CSCO 2,493 $112,309.65
CITIGROUP INC US C 1,522 $81,290.02
CITIGROUP INC 1.46200 06/09/2027 US 1,120,000 $1,008,865.05
COCA COLA CO/THE US KO 42,912 $2,719,762.56
COLGATE-PALMOLIVE CO US CL 691 $54,457.71
COMCAST CORP-CL A US CMCSA 2,696 $119,378.88
COMMUNITY HEALTHCARE TRUST I US CHCT 2,937 $110,666.16
CONAGRA BRAND INC. US CAG 628 $20,654.92
CONOCOPHILLIPS US COP 680 $76,404.80
CONTROLADORA VUELA CIA DE AV MX VLRS 6,137 $95,614.46
COPART INC US CPRT 13,066 $1,496,448.98
COUSINS PROPERTIES INC US CUZ 6,953 $240,226.15
CAALT 2020-1A 2.01000 02/15/2029 US 553,646.83 $552,644.13
CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 860,000 $782,110.91
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 117,283.6 $106,914.09
CUMMINS INC US CMI 163 $34,086.56
KIMBERLY CLARK DE MEXICO S.A.B. MX 140,300 $217,074.52
DEVON ENERGY CORPORATION US DVN 496 $37,150.40
DIAMONDBACK ENERGY INC US FANG 161 $24,475.22
DIGITAL REALTY TRUST INC US DLR 2,144 $299,280.96
DOLLAR GENERAL CORP US DG 7,624 $1,679,872.16
DOLLAR TREE STORES INC US DLTR 10,745 $1,722,745.85
DOW INC US DOW 529 $35,961.42
DUKE RLTY INVTS INC US DRE 4,851 $256,278.33
EOG RESOURCES INC US EOG 372 $50,949.12
EASTMAN CHEM CO US EMN 186 $20,489.76
EBAY INC US EBAY 465 $22,631.55
ECO MATERIAL TECH INC 7.87500 01/31/2027 US 160,000 $151,617.54
ELECTRONIC ARTS US EA 12,292 $1,704,285.80
EMERSON ELEC CO US EMR 542 $48,053.72
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 1,610,000 $1,683,636.31
EQUINIX INC US EQIX 3,332 $2,289,383.88
EQUITY LIFESTYLE PROPERTIES US ELS 4,290 $324,753.00
ESSEX PROPERTY TRUST INC US ESS 729 $206,926.65
EXPEDIA GROUP INC 3.25000 02/15/2030 US 700,000 $618,969.29
EXTRA SPACE STORAGE INC US EXR 1,065 $189,783.00
FMC CORP US FMC 31,262 $3,832,095.96
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 365,000 $371,751.72
FREMF 2015-K43 B FLT 3.73230 02/25/2048 US 2,100,000 $2,064,059.11
FREMF 2013-K28 X2A 0.10000 06/25/2046 US 128,793,115.99 $60,740.12
META PLATFORMS INC US FB 24,376 $4,720,168.64
FHLM POOL G05906 6.00000 04/01/2040 US 64,073.57 $70,799.71
FHLM POOL G13331 5.50000 10/01/2023 US 421.52 $428.50
FHLM POOL G12988 6.00000 01/01/2023 US 219.08 $219.70
FHLM POOL G13078 6.00000 03/01/2023 US 324.11 $325.32
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 331,910.76 $341,968.98
FHLM POOL C91780 4.50000 07/01/2034 US 421,527.95 $439,643.85
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 1,397,379.49 $1,344,439.54
FHLM POOL SD8230 4.50000 06/01/2052 US 920,000 $937,538.98
FHLM POOL K91364 4.50000 11/01/2033 US 50,300.46 $52,546.08
FHLM POOL K92059 4.50000 09/01/2034 US 328,941.58 $342,498.41
FNA 2017-M15 A1 FLT 2.95843 09/25/2027 US 640,051.81 $638,508.34
FNR 2018-31 KP 3.50000 07/25/2047 US 32,321.88 $32,514.63
FHMS K030 X1 FLT 0.14558 04/25/2023 US 40,922,924.83 $47,590.50
FHMS K032 X1 FLT 0.06799 05/25/2023 US 26,911,613.48 $23,070.25
FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 83,587.47 $87,231.47
FEDERAL NATL MTG ASSN AL8674 FLT 5.65900 01/01/2049 US 1,512,315.47 $1,653,387.49
FEDERAL NATL MTG ASSN BK0433 3.50000 12/01/2049 US 963,343.31 $953,973.10
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 1,353,326.32 $1,345,854.16
FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 38.9 $38.90
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 315,749.5 $327,681.65
FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 127,231.73 $127,308.95
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 1,467,959.22 $1,380,810.56
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 1,400,581.53 $1,373,989.61
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 1,392,003.37 $1,393,809.15
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 1,380,000 $1,396,691.10
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 21,810.38 $24,084.14
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 2,379.69 $2,453.40
FEDEX CORPORATION US FDX 6,413 $1,440,231.54
FIFTH THIRD BANCORP US FITB 791 $31,189.13
FLX 2021-1A A2 3.25000 11/27/2051 US 1,150,000 $1,065,549.29
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 970,000 $934,746.19
FORD MOTOR CREDIT 3.08700 01/09/2023 US 200,000 $199,816.23
FREMF 2015-K720 B FLT 3.45856 07/25/2022 US 599,410.92 $599,330.01
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 535,058.58 $496,230.35
GSMBS 2021-INV1 A6 2.50000 12/25/2051 US 673,869.02 $627,962.67
GENERAL DYNAMICS CORP US GD 237 $53,303.67
GENERAL MLS INC US GIS 588 $41,071.80
GENUINE PARTS CO US GPC 184 $25,158.32
GETTY REALTY CORP US GTY 3,801 $106,199.94
GILEAD SCIENCES INC US GILD 1,044 $67,703.40
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 395,767.42 $385,446.59
GRAPHIC PACKAGING HOLDING CO US GPK 123,273 $2,744,056.98
GREENIDGE GEN HLD INC US 7,600 $151,392.00
GRUPO AEROPORTUARIO PAC-ADR MX PAC 621 $93,385.98
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 454 $98,649.66
AIRBUS SE FR AIR FP 1,412 $165,480.48
ADIDAS AG DE ADS GR 1,550 $307,934.83
HCA INC 4.12500 06/15/2029 US 1,020,000 $992,915.14
L'OREAL FR OR FP 183 $64,637.71
HAWAII ST 2.68200 10/01/2038 US 100,000 $79,188.32
HEALTHCARE REALTY TRUST INC US HR 4,866 $141,454.62
HEALTHCARE TRUST OF AMERICA US HTA 3,338 $100,306.90
HEINEKEN NV-SPN ADR NL HEINY 30,877 $1,557,435.88
HOME DEPOT INC US HD 520 $157,430.00
HONEYWELL INTERNATIONAL INC US HON 466 $90,226.92
HWIRE 2021-1 A2 2.31100 11/20/2051 US 1,080,000 $969,654.46
IDEXX LABORATORIES INC US IDXX 4,304 $1,685,532.48
KERRY GROUP PLC-A IE KYGA ID 1,126 $116,529.99
ILLINOIS TOOL WKS INC US ITW 273 $56,803.11
IMPRL 2021-NQM3 1.59500 11/25/2056 US 639,501.7 $607,104.48
INDEPENDENCE REALTY TRUST IN US IRT 5,037 $118,419.87
INTEL CORP US INTC 2,525 $112,160.50
INTERCONTINENTALEXCHANGE INC US ICE 32,370 $3,314,364.30
INTERNATIONAL FLVRS & FRAGRANCES US IFF 271 $35,818.07
INVITATION HOMES INC US INVH 8,055 $303,834.60
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 240,000 $234,749.85
JP MORGAN CHASE & CO US JPM 1,509 $199,535.07
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 270,640.56 $261,929.24
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 1,670,000 $1,692,098.51
JOHNSON & JOHNSON US JNJ 29,740 $5,339,222.20
KREF 2021-FL2 A 1.95671 02/15/2039 US 1,040,000 $1,007,429.90
KEYCORP US KEY 930 $18,562.80
KROGER CO US KR 721 $38,191.37
L3HARRIS TECHNOLOGIES INC US LHX 6,691 $1,611,861.90
BEIERSDORF AG DE BEI GR 2,878 $298,711.52
LENNAR CORP US LEN 258 $20,704.50
LIFE STORAGE INC US LSI 1,871 $218,457.96
LOCKHEED MARTIN CORP US LMT 181 $79,659.91
LULULEMON - ADR CA LULU 6,087 $1,781,604.03
MAGALLANES INC 4.05400 03/15/2029 US 1,720,000 $1,648,860.52
ATOS SE FR ATO FP 8,538 $224,758.45
MARATHON PETROLEUM CORP US MPC 372 $37,865.88
MARRIOTT VACATIONS WORLD US VAC 795 $117,437.40
MASTERCARD INC-CLASS A US MA 14,332 $5,128,992.84
MCDONALDS CORP US MCD 314 $79,193.94
ACCOR SA FR AC FP 3,753 $123,491.53
MERCADOLIBRE INC AR MELI 248 $194,898.24
MERCK & CO INC US MRK 1,479 $136,112.37
MICROSOFT CORP US MSFT 21,459 $5,834,058.33
MICROCHIP TECHNOLOGY INC US MCHP 432 $31,384.80
MID-AMERICA APARTMENT COMM US MAA 1,508 $272,948.00
MONDELEZ INTERNATIONAL INC US MDLZ 54,701 $3,476,795.56
MOODY'S CORPORATION US MCO 9,085 $2,739,763.45
MOTOROLA SOLUTIONS INC US MSI 170 $37,355.80
NAVIENT CORP 6.75000 06/25/2025 US 355,000 $358,313.91
NETAPP INC US NTAP 305 $21,944.75
USRE 2021-1 A1 1.91000 10/20/2061 US 1,225,000 $1,092,703.19
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 247,544.63 $243,151.68
NRZT 2015-2A A1 3.75000 08/25/2055 US 407,848.91 $397,335.46
NRZT 2016-4A A1 3.75000 11/25/2056 US 786,425.66 $768,548.40
KEYENCE CORP JP 6861 JP 600 $238,545.95
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 385,000 $373,740.29
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 750,000 $681,735.44
NEWMONT GOLDCORP CORP US NEM 14,785 $1,003,162.25
NEXPOINT RESIDENTIAL US NXRT 1,435.34 $105,468.40
NORFOLK SOUTHN CORP US NSC 6,231 $1,493,321.46
NIKON CORP JP 7731 JP 22,400 $277,945.98
NORTHROP GRUMMAN CORP US NOC 3,607 $1,687,967.79
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 370,000 $37.00
NOVARTIS AG- REG CH NVS 45,104 $4,101,757.76
NUCOR CORP US NUE 273 $36,161.58
OMNICOM GROUP US OMC 303 $22,606.83
SONY CORP FIRST SECTION JP 6758 JP 2,600 $243,852.54
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 720,000 $670,462.47
OXFIN 2020-1A A2 3.10100 02/15/2028 US 957,018.99 $951,499.29
OXFIN 2022-1A 3.60200 02/15/2030 US 975,000 $928,063.70
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 177,112.39 $168,383.00
PPG INDUSTRIES INC US PPG 184 $23,274.16
PACKAGING CORP OF AMERICA US PKG 131 $20,603.68
PARKER HANNIFIN CORP US PH 102 $27,761.34
DEUTSCHE BOERSE AG DE DB1 GR 2,237 $375,957.29
PAYPAL HOLDINGS INC US PYPL 30,583 $2,605,977.43
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 1,295,792.21 $1,246,983.48
NESTLE SA-REGISTERED CH NESN SW 23,858 $2,918,244.47
PFIZER INC US PFE 2,128 $112,869.12
PIONEER NATURAL RESOURCES CO US PXD 161 $44,748.34
POPULAR INC 6.12500 09/14/2023 PR 355,000 $359,017.96
PROCTER & GAMBLE CO US PG 1,138 $168,287.44
PROLOGIS US PLD 7,431 $947,303.88
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 1,011,523.25 $888,515.87
PFMT 2021-2 A2A 2.00000 04/25/2051 US 620,107.07 $561,764.79
PUBLIC STORAGE INC US PSA 1,350 $446,364.00
QUALCOMM INC US QCOM 765 $109,563.30
QUEST DIAGNOSTICS INC US DGX 171 $24,114.42
RCKT 2021-6 A1 2.50000 12/25/2051 US 1,097,165.15 $962,387.36
RADIUS GLOBAL INFRASTRUCTURE US RADI 24,811 $369,683.90
RAILWORKS HOLDINGS LP/R 8.25000 11/15/2028 US 400,000 $387,079.38
REGIONS FINANCIAL CORP. US RF 1,212 $26,773.08
REPUBLIC SERVICES INC US RSG 311 $41,624.24
RESTAURANT BRANDS INTERN CA QSR 2,323 $121,980.73
REXFORD INDUSTRIAL REALITY IN US REXR 4,589 $293,099.43
GETINGE AB-B SHS SE GETIB SS 8,809 $255,647.82
ROSS STORES INC US ROST 279 $23,720.58
HEINEKEN NV NL HEIA NA 1,916 $192,659.67
RYANAIR HOLDINGS - ADR IE RYAAY 17,501 $1,526,087.20
S&P GLOBAL INC US SPGI 2,765 $966,312.20
SBA COMMUNICATIONS CORP US SBAC 13,497 $4,543,225.17
NAVIENT CORP 5.50000 01/25/2023 US 165,000 $165,693.67
SLAM 2021-1A A MTGE 2.43400 06/15/2046 US 848,430 $731,759.51
SMB 2020-A A2A MTGE 2.23000 09/15/2037 US 839,268.18 $801,280.47
SMB 2020-BA A1A 1.29000 07/15/2053 US 817,867.87 $762,548.68
SALESFORCE INC US CRM 18,042 $2,891,050.08
SEA LTD - ADR SG SE 26,939 $2,226,777.74
SEAGEN INC US SGEN 23,216 $3,149,946.88
SEMT 2013-6 A2 3.00000 05/25/2043 US 305,491.88 $286,091.57
SEMT 2013-7 A2 3.00000 06/25/2043 US 132,200.43 $123,873.97
SEMT 2013-8 A1 3.00000 06/25/2043 US 156,024.28 $146,543.11
SEMT 2013-2 1.87400 02/25/2043 US 131,705.91 $119,280.64
SERVICENOW INC US NOW 7,160 $3,347,085.20
SHOPIFY INC CA SHOP 273 $102,407.76
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 2,240,000 $1,934,543.36
SKYWORKS SOLUTIONS INC US SWKS 161 $17,528.07
JM SMUCKER CO/THE-NEW COM WI US SJM 150 $18,805.50
SOFI 2017-F A2FX 2.84000 01/25/2041 US 61,839.02 $61,068.57
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 286,571.92 $284,617.65
SOFI 2020-A A2FX MTGE 2.54000 05/15/2046 US 534,388.75 $521,231.10
SONY CORP SPONSORED ADR JP SONY 18,009 $1,694,106.63
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 1,935,000 $1,742,112.81
SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 1,290,000 $1,346,572.50
STANLEY BLACK & DECKER INC US SWK 151 $17,922.19
SRPT 2014-STAR A FLTG RATE 2.34500 11/15/2027 US 1,329,512.42 $913,900.80
STEEL DYNAMICS INC US STLD 278 $23,735.64
SUN COMMUNITIES US SUI 2,233 $366,502.29
SYNCHRONOSS TECH US 15,045 $333,698.10
SYNERGY ONE LENDING 5.50000 10/14/2026 US 400,000 $356,802.15
TJX COMPANIES INC US TJX 690 $43,863.30
TACORA RESOURCES INC 8.25000 05/15/2026 CA 165,000 $157,427.45
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 20,859 $1,987,862.70
TARGET CORP US TGT 262 $42,412.56
TENCENT HOLDINGS 3.97500 04/11/2029 KY 2,860,000 $2,755,724.46
TERRENO REALTY CORP US TRNO 2,562 $155,539.02
TEXAS INSTRUMENTS INC US TXN 447 $79,011.72
THERMO FISHER SCIENTIFIC INC US TMO 2,889 $1,639,709.73
3M CO US MMM 464 $69,270.56
TPMT 2016-5 A1 2.50000 10/25/2056 US 409,615.65 $407,827.10
TPMT 2017-1 A1 2.75000 10/25/2056 US 216,245.11 $215,393.84
TPMT 2019-HY1 A1 2.00571 10/25/2048 US 365,110.62 $361,475.69
TRACTOR SUPPLY COMPANY US TSCO 97 $18,173.92
TRAVELLERS COS INC US TRV 233 $41,716.32
TAH 2017-SFR2 A 2.92800 01/17/2036 US 706,307.92 $698,189.24
TCF 2021-1A 1.86000 03/20/2046 US 878,312.5 $770,643.46
TYSON FOODS INC -CL A US TSN 375 $33,603.75
UDR INC US UDR 5,529 $264,286.20
U.S. BANCORP US USB 1,218 $64,639.26
UNILEVER PLC - ADR GB UL 78,690 $3,803,087.70
UNION PAC CORP US UNP 421 $92,527.38
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 306,277.64 $275,686.32
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 57,837.58 $54,180.38
UNITED MEXICAN STATES 4.12500 01/21/2026 MX 200,000 $203,058.32
UNITED PARCEL SERVICE US UPS 8,167 $1,488,435.75
US TREASURY N/BB 3.87500 08/15/2040 US 6,215,000 $6,809,309.38
US TREASURY N/B 2.50000 02/15/2045 US 3,485,000 $3,017,247.66
US TREASURY N/B 3.00000 05/15/2047 US 6,668,000 $6,356,479.38
US TREASURY N/B 2.00000 02/15/2050 US 3,855,000 $3,041,233.59
US TREASURY N/B 2.87500 05/15/2028 US 10,580,000 $10,576,693.75
US TREASURY N/B 1.62500 05/15/2026 US 6,550,000 $6,261,902.38
US TREASURY N/B 2.50000 05/15/2024 US 6,045,000 $6,044,291.59
US TREASURY N/B 2.37500 05/15/2027 US 6,795,000 $6,647,951.99
UNITED STATES TREAS NTS 2.12500 05/15/2025 US 6,605,000 $6,493,540.63
US TREASURY N/B 1.62500 05/15/2031 US 3,670,000 $3,319,056.25
VF CORP US VFC 369 $18,619.74
VENTAS INC US VTR 2,691 $152,687.34
VERTEX PHARMACEUTICALS INC US VRTX 11,791 $3,167,652.15
PARAMOUNT GLOBAL CLASS B US PARA 606 $20,803.98
VISA INC - CLASS A SHARES US V 24,085 $5,110,114.45
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 315,000 $309,201.62
VISTRA OPERATIONS 4.87500 05/13/2024 US 1,105,000 $1,109,197.29
WAL MART STORES US WMT 1,277 $164,260.51
WALGREENS BOOTS ALLIANCE INC US WBA 697 $30,549.51
WARRIOR MET COAL INC 7.87500 12/01/2028 US 155,000 $157,216.57
WASTE MANAGEMENT INC US WM 352 $55,795.52
WELLTOWER INC. US WELL 3,108 $276,891.72
WIN 2015-1 A1 3.50000 01/20/2045 US 78,783.73 $75,322.59
ZOETIS INC US ZTS 4,052 $692,608.36
BNY MELLON CASH RESERVE EOD FUND US 292.41 $292.41
ADMIRAL GROUP PLC GB ADM LN 10,891 $304,919.45
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 11,900 $85,752.80
UBISOFT ENTERTAINMENT FR UBI FP 4,301 $226,116.80
DANONE FR BN FP 2,143 $126,088.82
AIR LIQUIDE FR AI FP 2,361 $413,571.36
CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 530,000 $419,022.02
MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 3,100,000 $157,493.21
BRENNTAG AG DE BNR GR 3,924 $303,625.67
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 1,500,000 $72,120.14
KEYWORDS STUDIOS PLC IE KWS LN 2,187 $64,620.85
S4 CAPITAL PLC GB SFOR LN 45,638 $163,228.06
HELIOS TOWERS PLC GB HTWS LN 66,913 $95,869.02
AVANZA BANK HOLDING AB SE AZA SS 7,837 $188,811.19
AMERICAN TANKER INC 7.75000 07/02/2025 US 380,000 $361,000.00
SOFTWAREONE HOLDING AG CH SWON SW 14,044 $187,567.91
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 7,887 $139,442.16
SEASPAN CORP 6.50000 02/05/2024 MH 200,000 $199,497.02
PETROTAL CORP 12.00000 02/16/2024 CA 296,000 $304,880.00
FINECOBANK SPA IT FBK IM 25,924 $367,358.33
ALLFUNDS GROUP PLC GB ALLFG NA 14,924 $136,129.25
COPPER MOUNTAIN MINING C 8.00000 04/09/2026 CA 288,000 $287,819.30
AIRSWIFT GLOBAL AS FLT 10.38899 05/12/2025 NO 400,000 $400,665.31
KENT GLOBAL PLC 10.00000 06/28/2026 GB 160,000 $158,400.00
ROTORK PLC GB ROR LN 53,940 $189,836.98
AUTO TRADER GROUP PLC GB AUTO LN 43,844 $326,163.05
CELLNEX TELECOM SA ES CLNX SM 2,113 $95,357.95
ASSA ABLOY AB-B SE ASSAB SS 11,605 $286,075.87
CLEANAWAY WASTE MANAGEMENT AU CWY AU 116,016 $248,634.42
INTERMEDIATE CAPITAL GROUP GB ICP LN 10,785 $214,127.44
ADYEN NV NL ADYEN NA 197 $305,087.11
BANK OF N.T. BUTTERFIELD&SON BM NTB 3,690 $116,530.20
BUNGE LIMITED US BG 197 $23,309.04
EATON CORP PLC US ETN 375 $51,975.00
JOHNSON CONTROLS INTERNATIONAL US JCI 679 $37,012.29
MEDTRONIC INC IE MDT 20,726 $2,075,708.90
ROYALTY PHARMA PLC- CL A US RPRX 521 $21,433.94
STONECO LTD-A BR STNE 12,817 $128,682.68
TRANE TECHNOLOGIES IE TT 180 $24,850.80
ALCON INC CH ALC 26,005 $1,943,353.65
CHUBB LTD CH CB 333 $70,359.57
GARMIN LTD CH GRMN 246 $25,982.52
TE CONNECTIVITY LIMITED CH TEL 247 $31,959.33
LYONDELLBASELL INDU-CL A US LYB 257 $29,362.25
PLAYA HOTELS AND RESORTS US PLYA 10,989 $94,944.96
US DOLLAR US 14,470,046.02 $14,470,046.02
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 157,089 $156,945.45

Investments will change over time.

A Word About Risk

All investments involve risks, including possible loss of principal. Because the fund invests in both stocks and bonds, the value of your investment will fluctuate in response to stock market movements and changes in interest rates. Investing in the fund will also involve a number of other risks, including issuer-specific risk, foreign investment risk, and small-cap/mid-cap risk. Investments in options and futures, like all derivatives, can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. Also, the use of leverage increases exposure to the market and may magnify potential losses.

About The Fund Manager

Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company, Trustee of the Manning & Napier Collective Investment Trust Funds. Manning & Napier is headquartered in Rochester, NY and has more than 50 years of experience managing investment objectives. The Firm’s active management approach focuses on participating in rising markets and, as important, helping to reduce the risk of large losses in sustained bear market periods. A team of investment analysts and professionals make all investment decisions in an effort to provide investors with strong risk-adjusted returns.

Daily Price

$43.11

Daily $ Change

$0.42

Daily % Change

0.97%

as of 06/23/2022

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 their current risk tolerance and investment time horizon, then decide when to move to a different objective as their 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
5-35% 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 05/31/2022

YTD

-11.00%

1 Year

-7.09%

3 Year

8.58%

5 Year

7.04%

10 Year

7.40%

Inception
(01/01/2000)

6.86%

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 0.91%
Net 0.90%*

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

Top Ten Investments

As of 05/31/2022

TREASURY NOTES 15.22%
GOVERNMENT AGENCY 4.48%
TREASURY BONDS 4.09%
AMAZON.COM INC 2.81%
MICROSOFT CORP 1.92%
JOHNSON & JOHNSON 1.76%
MASTERCARD INC-CLASS A 1.69%
VISA INC - CLASS A SHARES 1.68%
META PLATFORMS INC 1.56%
SBA COMMUNICATIONS CORP 1.50%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 05/31/2022

Stocks
52.23%
Bonds
43.22%
Cash
4.55%

Detailed Asset Class Allocation

As of 05/31/2022

International Equities
14.20%
Small Capitalization
0.77%
Mid Capitalization
3.86%
Large Capitalization
33.40%
Long Term Fixed Income
14.97%
Intermediate Term Fixed Income
22.07%
Short Term Fixed Income
6.18%
Cash
4.55%

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 05/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 758 $89,034.68
ACTIVISION INC US ATVI 20,725 $1,614,063.00
ADIDAS AG-SPONSORED ADR DE ADDYY 13,865 $1,374,576.10
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 740,000 $648,948.50
ADYEN NV UNSPON ADR NL ADYEY 105,912 $1,639,517.76
AGREE REALTY CORP US ADC 1,398 $97,258.86
AIR LIQUIDE-ADR FR AIQUY 78,769 $2,749,825.79
AIR LEASE CORP 3.62500 04/01/2027 US 710,000 $675,206.90
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 122,713.49 $128,743.47
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 1,400,000 $1,218,900.72
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 410,000 $341,056.58
ALLSTATE CORPORATION US ALL 296 $40,460.24
ALPHABET INC-CL A US GOOGL 1,250 $2,844,050.00
AMAZON.COM INC US AMZN 3,550 $8,534,874.50
AMAZON.COM INC 3.30000 04/13/2027 US 1,400,000 $1,398,710.25
DIAGEO PLC GB DGE LN 31,247 $1,451,775.48
AMERICAN HOMES 4 RENT- A US AMH 4,980 $184,060.80
AMERICAN TOWER REIT INC US AMT 745 $190,816.85
ANALOG DEVICES INC US ADI 437 $73,590.80
APPLE HOSPITALITY REIT INC US APLE 16,974 $283,635.54
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 110,000 $111,276.13
ARCHER-DANIELS-MIDLAND CO US ADM 500 $45,410.00
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 600,000 $570,540.88
AUTOMATIC DATA PROCESSING US ADP 302 $67,327.88
AVALONBAY COMMUNITIES INC US AVB 1,183 $246,016.68
AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 KY 1,890,000 $1,637,751.55
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 570,000 $577,050.54
BANK OF AMERICA CORP 2.68700 04/22/2032 US 1,170,000 $1,023,645.96
BARRICK GOLD CORP CA GOLD 49,075 $1,005,546.75
BAXTER INTERNATIONAL INC US BAX 386 $29,355.30
BEST BUY INC US BBY 278 $22,812.68
BIOMARIN PHARMACEUTICAL INC US BMRN 39,720 $2,984,163.60
BLACKROCK INC US BLK 2,187 $1,463,277.96
BLACKSTONE PRIVATE CRE 2.62500 12/15/2026 US 740,000 $643,826.35
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 740,000 $673,210.27
DECHRA PHARMACEUTICALS PLC GB DPH LN 5,573 $255,452.11
BRANDYWINE REALTY TRUST US BDN 8,443 $94,139.45
BABS 2021-RM2 A 1.75000 10/25/2061 US 677,877.21 $613,333.06
BRISTOL MYERS SQUIBB CO US BMY 1,335 $100,725.75
BROADRIDGE FINANCIAL SOLUTIONS US BR 149 $21,786.78
JONAH ENERGY PARENT LLC US 4,645 $249,250.70
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 690,377.62 $633,373.42
SORT 2020-1 A2 1.99000 07/15/2060 US 564,819.72 $495,964.64
C.H. ROBINSON WORLDWIDE INC US CHRW 192 $20,833.92
CIM 2019-INV1 A1 4.00000 02/25/2049 US 39,202.76 $39,157.13
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 206,377.93 $193,630.46
COTERRA ENERGY INC US CTRA 756 $25,953.48
CAMDEN PROPERTY TRUST US CPT 1,138 $163,291.62
CAMECO CORP CA CCJ 3,731 $91,297.57
CAMPBELL SOUP CO US CPB 429 $20,553.39
CANADIAN NATIONAL RAILWAY CO CA CNI 21,131 $2,404,285.18
CARETRUST REIT INC US CTRE 5,637 $104,453.61
CATERPILLAR INC US CAT 399 $86,124.15
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 1,620,000 $1,825,586.38
CENTURYLINK INC 7.50000 04/01/2024 US 345,000 $356,909.25
CHARTER COMMUNICATIONS INC-A US CHTR 5,523 $2,799,774.39
CHEVRON CORP US CVX 732 $127,851.12
CINCINNATI FINANCIAL CORP US CINF 204 $26,083.44
CISCO SYSTEMS INC US CSCO 2,493 $112,309.65
CITIGROUP INC US C 1,522 $81,290.02
CITIGROUP INC 1.46200 06/09/2027 US 1,120,000 $1,008,865.05
COCA COLA CO/THE US KO 42,912 $2,719,762.56
COLGATE-PALMOLIVE CO US CL 691 $54,457.71
COMCAST CORP-CL A US CMCSA 2,696 $119,378.88
COMMUNITY HEALTHCARE TRUST I US CHCT 2,937 $110,666.16
CONAGRA BRAND INC. US CAG 628 $20,654.92
CONOCOPHILLIPS US COP 680 $76,404.80
CONTROLADORA VUELA CIA DE AV MX VLRS 6,137 $95,614.46
COPART INC US CPRT 13,066 $1,496,448.98
COUSINS PROPERTIES INC US CUZ 6,953 $240,226.15
CAALT 2020-1A 2.01000 02/15/2029 US 553,646.83 $552,644.13
CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 860,000 $782,110.91
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 117,283.6 $106,914.09
CUMMINS INC US CMI 163 $34,086.56
KIMBERLY CLARK DE MEXICO S.A.B. MX 140,300 $217,074.52
DEVON ENERGY CORPORATION US DVN 496 $37,150.40
DIAMONDBACK ENERGY INC US FANG 161 $24,475.22
DIGITAL REALTY TRUST INC US DLR 2,144 $299,280.96
DOLLAR GENERAL CORP US DG 7,624 $1,679,872.16
DOLLAR TREE STORES INC US DLTR 10,745 $1,722,745.85
DOW INC US DOW 529 $35,961.42
DUKE RLTY INVTS INC US DRE 4,851 $256,278.33
EOG RESOURCES INC US EOG 372 $50,949.12
EASTMAN CHEM CO US EMN 186 $20,489.76
EBAY INC US EBAY 465 $22,631.55
ECO MATERIAL TECH INC 7.87500 01/31/2027 US 160,000 $151,617.54
ELECTRONIC ARTS US EA 12,292 $1,704,285.80
EMERSON ELEC CO US EMR 542 $48,053.72
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 1,610,000 $1,683,636.31
EQUINIX INC US EQIX 3,332 $2,289,383.88
EQUITY LIFESTYLE PROPERTIES US ELS 4,290 $324,753.00
ESSEX PROPERTY TRUST INC US ESS 729 $206,926.65
EXPEDIA GROUP INC 3.25000 02/15/2030 US 700,000 $618,969.29
EXTRA SPACE STORAGE INC US EXR 1,065 $189,783.00
FMC CORP US FMC 31,262 $3,832,095.96
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 365,000 $371,751.72
FREMF 2015-K43 B FLT 3.73230 02/25/2048 US 2,100,000 $2,064,059.11
FREMF 2013-K28 X2A 0.10000 06/25/2046 US 128,793,115.99 $60,740.12
META PLATFORMS INC US FB 24,376 $4,720,168.64
FHLM POOL G05906 6.00000 04/01/2040 US 64,073.57 $70,799.71
FHLM POOL G13331 5.50000 10/01/2023 US 421.52 $428.50
FHLM POOL G12988 6.00000 01/01/2023 US 219.08 $219.70
FHLM POOL G13078 6.00000 03/01/2023 US 324.11 $325.32
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 331,910.76 $341,968.98
FHLM POOL C91780 4.50000 07/01/2034 US 421,527.95 $439,643.85
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 1,397,379.49 $1,344,439.54
FHLM POOL SD8230 4.50000 06/01/2052 US 920,000 $937,538.98
FHLM POOL K91364 4.50000 11/01/2033 US 50,300.46 $52,546.08
FHLM POOL K92059 4.50000 09/01/2034 US 328,941.58 $342,498.41
FNA 2017-M15 A1 FLT 2.95843 09/25/2027 US 640,051.81 $638,508.34
FNR 2018-31 KP 3.50000 07/25/2047 US 32,321.88 $32,514.63
FHMS K030 X1 FLT 0.14558 04/25/2023 US 40,922,924.83 $47,590.50
FHMS K032 X1 FLT 0.06799 05/25/2023 US 26,911,613.48 $23,070.25
FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 83,587.47 $87,231.47
FEDERAL NATL MTG ASSN AL8674 FLT 5.65900 01/01/2049 US 1,512,315.47 $1,653,387.49
FEDERAL NATL MTG ASSN BK0433 3.50000 12/01/2049 US 963,343.31 $953,973.10
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 1,353,326.32 $1,345,854.16
FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 38.9 $38.90
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 315,749.5 $327,681.65
FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 127,231.73 $127,308.95
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 1,467,959.22 $1,380,810.56
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 1,400,581.53 $1,373,989.61
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 1,392,003.37 $1,393,809.15
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 1,380,000 $1,396,691.10
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 21,810.38 $24,084.14
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 2,379.69 $2,453.40
FEDEX CORPORATION US FDX 6,413 $1,440,231.54
FIFTH THIRD BANCORP US FITB 791 $31,189.13
FLX 2021-1A A2 3.25000 11/27/2051 US 1,150,000 $1,065,549.29
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 970,000 $934,746.19
FORD MOTOR CREDIT 3.08700 01/09/2023 US 200,000 $199,816.23
FREMF 2015-K720 B FLT 3.45856 07/25/2022 US 599,410.92 $599,330.01
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 535,058.58 $496,230.35
GSMBS 2021-INV1 A6 2.50000 12/25/2051 US 673,869.02 $627,962.67
GENERAL DYNAMICS CORP US GD 237 $53,303.67
GENERAL MLS INC US GIS 588 $41,071.80
GENUINE PARTS CO US GPC 184 $25,158.32
GETTY REALTY CORP US GTY 3,801 $106,199.94
GILEAD SCIENCES INC US GILD 1,044 $67,703.40
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 395,767.42 $385,446.59
GRAPHIC PACKAGING HOLDING CO US GPK 123,273 $2,744,056.98
GREENIDGE GEN HLD INC US 7,600 $151,392.00
GRUPO AEROPORTUARIO PAC-ADR MX PAC 621 $93,385.98
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 454 $98,649.66
AIRBUS SE FR AIR FP 1,412 $165,480.48
ADIDAS AG DE ADS GR 1,550 $307,934.83
HCA INC 4.12500 06/15/2029 US 1,020,000 $992,915.14
L'OREAL FR OR FP 183 $64,637.71
HAWAII ST 2.68200 10/01/2038 US 100,000 $79,188.32
HEALTHCARE REALTY TRUST INC US HR 4,866 $141,454.62
HEALTHCARE TRUST OF AMERICA US HTA 3,338 $100,306.90
HEINEKEN NV-SPN ADR NL HEINY 30,877 $1,557,435.88
HOME DEPOT INC US HD 520 $157,430.00
HONEYWELL INTERNATIONAL INC US HON 466 $90,226.92
HWIRE 2021-1 A2 2.31100 11/20/2051 US 1,080,000 $969,654.46
IDEXX LABORATORIES INC US IDXX 4,304 $1,685,532.48
KERRY GROUP PLC-A IE KYGA ID 1,126 $116,529.99
ILLINOIS TOOL WKS INC US ITW 273 $56,803.11
IMPRL 2021-NQM3 1.59500 11/25/2056 US 639,501.7 $607,104.48
INDEPENDENCE REALTY TRUST IN US IRT 5,037 $118,419.87
INTEL CORP US INTC 2,525 $112,160.50
INTERCONTINENTALEXCHANGE INC US ICE 32,370 $3,314,364.30
INTERNATIONAL FLVRS & FRAGRANCES US IFF 271 $35,818.07
INVITATION HOMES INC US INVH 8,055 $303,834.60
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 240,000 $234,749.85
JP MORGAN CHASE & CO US JPM 1,509 $199,535.07
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 270,640.56 $261,929.24
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 1,670,000 $1,692,098.51
JOHNSON & JOHNSON US JNJ 29,740 $5,339,222.20
KREF 2021-FL2 A 1.95671 02/15/2039 US 1,040,000 $1,007,429.90
KEYCORP US KEY 930 $18,562.80
KROGER CO US KR 721 $38,191.37
L3HARRIS TECHNOLOGIES INC US LHX 6,691 $1,611,861.90
BEIERSDORF AG DE BEI GR 2,878 $298,711.52
LENNAR CORP US LEN 258 $20,704.50
LIFE STORAGE INC US LSI 1,871 $218,457.96
LOCKHEED MARTIN CORP US LMT 181 $79,659.91
LULULEMON - ADR CA LULU 6,087 $1,781,604.03
MAGALLANES INC 4.05400 03/15/2029 US 1,720,000 $1,648,860.52
ATOS SE FR ATO FP 8,538 $224,758.45
MARATHON PETROLEUM CORP US MPC 372 $37,865.88
MARRIOTT VACATIONS WORLD US VAC 795 $117,437.40
MASTERCARD INC-CLASS A US MA 14,332 $5,128,992.84
MCDONALDS CORP US MCD 314 $79,193.94
ACCOR SA FR AC FP 3,753 $123,491.53
MERCADOLIBRE INC AR MELI 248 $194,898.24
MERCK & CO INC US MRK 1,479 $136,112.37
MICROSOFT CORP US MSFT 21,459 $5,834,058.33
MICROCHIP TECHNOLOGY INC US MCHP 432 $31,384.80
MID-AMERICA APARTMENT COMM US MAA 1,508 $272,948.00
MONDELEZ INTERNATIONAL INC US MDLZ 54,701 $3,476,795.56
MOODY'S CORPORATION US MCO 9,085 $2,739,763.45
MOTOROLA SOLUTIONS INC US MSI 170 $37,355.80
NAVIENT CORP 6.75000 06/25/2025 US 355,000 $358,313.91
NETAPP INC US NTAP 305 $21,944.75
USRE 2021-1 A1 1.91000 10/20/2061 US 1,225,000 $1,092,703.19
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 247,544.63 $243,151.68
NRZT 2015-2A A1 3.75000 08/25/2055 US 407,848.91 $397,335.46
NRZT 2016-4A A1 3.75000 11/25/2056 US 786,425.66 $768,548.40
KEYENCE CORP JP 6861 JP 600 $238,545.95
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 385,000 $373,740.29
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 750,000 $681,735.44
NEWMONT GOLDCORP CORP US NEM 14,785 $1,003,162.25
NEXPOINT RESIDENTIAL US NXRT 1,435.34 $105,468.40
NORFOLK SOUTHN CORP US NSC 6,231 $1,493,321.46
NIKON CORP JP 7731 JP 22,400 $277,945.98
NORTHROP GRUMMAN CORP US NOC 3,607 $1,687,967.79
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 370,000 $37.00
NOVARTIS AG- REG CH NVS 45,104 $4,101,757.76
NUCOR CORP US NUE 273 $36,161.58
OMNICOM GROUP US OMC 303 $22,606.83
SONY CORP FIRST SECTION JP 6758 JP 2,600 $243,852.54
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 720,000 $670,462.47
OXFIN 2020-1A A2 3.10100 02/15/2028 US 957,018.99 $951,499.29
OXFIN 2022-1A 3.60200 02/15/2030 US 975,000 $928,063.70
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 177,112.39 $168,383.00
PPG INDUSTRIES INC US PPG 184 $23,274.16
PACKAGING CORP OF AMERICA US PKG 131 $20,603.68
PARKER HANNIFIN CORP US PH 102 $27,761.34
DEUTSCHE BOERSE AG DE DB1 GR 2,237 $375,957.29
PAYPAL HOLDINGS INC US PYPL 30,583 $2,605,977.43
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 1,295,792.21 $1,246,983.48
NESTLE SA-REGISTERED CH NESN SW 23,858 $2,918,244.47
PFIZER INC US PFE 2,128 $112,869.12
PIONEER NATURAL RESOURCES CO US PXD 161 $44,748.34
POPULAR INC 6.12500 09/14/2023 PR 355,000 $359,017.96
PROCTER & GAMBLE CO US PG 1,138 $168,287.44
PROLOGIS US PLD 7,431 $947,303.88
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 1,011,523.25 $888,515.87
PFMT 2021-2 A2A 2.00000 04/25/2051 US 620,107.07 $561,764.79
PUBLIC STORAGE INC US PSA 1,350 $446,364.00
QUALCOMM INC US QCOM 765 $109,563.30
QUEST DIAGNOSTICS INC US DGX 171 $24,114.42
RCKT 2021-6 A1 2.50000 12/25/2051 US 1,097,165.15 $962,387.36
RADIUS GLOBAL INFRASTRUCTURE US RADI 24,811 $369,683.90
RAILWORKS HOLDINGS LP/R 8.25000 11/15/2028 US 400,000 $387,079.38
REGIONS FINANCIAL CORP. US RF 1,212 $26,773.08
REPUBLIC SERVICES INC US RSG 311 $41,624.24
RESTAURANT BRANDS INTERN CA QSR 2,323 $121,980.73
REXFORD INDUSTRIAL REALITY IN US REXR 4,589 $293,099.43
GETINGE AB-B SHS SE GETIB SS 8,809 $255,647.82
ROSS STORES INC US ROST 279 $23,720.58
HEINEKEN NV NL HEIA NA 1,916 $192,659.67
RYANAIR HOLDINGS - ADR IE RYAAY 17,501 $1,526,087.20
S&P GLOBAL INC US SPGI 2,765 $966,312.20
SBA COMMUNICATIONS CORP US SBAC 13,497 $4,543,225.17
NAVIENT CORP 5.50000 01/25/2023 US 165,000 $165,693.67
SLAM 2021-1A A MTGE 2.43400 06/15/2046 US 848,430 $731,759.51
SMB 2020-A A2A MTGE 2.23000 09/15/2037 US 839,268.18 $801,280.47
SMB 2020-BA A1A 1.29000 07/15/2053 US 817,867.87 $762,548.68
SALESFORCE INC US CRM 18,042 $2,891,050.08
SEA LTD - ADR SG SE 26,939 $2,226,777.74
SEAGEN INC US SGEN 23,216 $3,149,946.88
SEMT 2013-6 A2 3.00000 05/25/2043 US 305,491.88 $286,091.57
SEMT 2013-7 A2 3.00000 06/25/2043 US 132,200.43 $123,873.97
SEMT 2013-8 A1 3.00000 06/25/2043 US 156,024.28 $146,543.11
SEMT 2013-2 1.87400 02/25/2043 US 131,705.91 $119,280.64
SERVICENOW INC US NOW 7,160 $3,347,085.20
SHOPIFY INC CA SHOP 273 $102,407.76
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 2,240,000 $1,934,543.36
SKYWORKS SOLUTIONS INC US SWKS 161 $17,528.07
JM SMUCKER CO/THE-NEW COM WI US SJM 150 $18,805.50
SOFI 2017-F A2FX 2.84000 01/25/2041 US 61,839.02 $61,068.57
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 286,571.92 $284,617.65
SOFI 2020-A A2FX MTGE 2.54000 05/15/2046 US 534,388.75 $521,231.10
SONY CORP SPONSORED ADR JP SONY 18,009 $1,694,106.63
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 1,935,000 $1,742,112.81
SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 1,290,000 $1,346,572.50
STANLEY BLACK & DECKER INC US SWK 151 $17,922.19
SRPT 2014-STAR A FLTG RATE 2.34500 11/15/2027 US 1,329,512.42 $913,900.80
STEEL DYNAMICS INC US STLD 278 $23,735.64
SUN COMMUNITIES US SUI 2,233 $366,502.29
SYNCHRONOSS TECH US 15,045 $333,698.10
SYNERGY ONE LENDING 5.50000 10/14/2026 US 400,000 $356,802.15
TJX COMPANIES INC US TJX 690 $43,863.30
TACORA RESOURCES INC 8.25000 05/15/2026 CA 165,000 $157,427.45
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 20,859 $1,987,862.70
TARGET CORP US TGT 262 $42,412.56
TENCENT HOLDINGS 3.97500 04/11/2029 KY 2,860,000 $2,755,724.46
TERRENO REALTY CORP US TRNO 2,562 $155,539.02
TEXAS INSTRUMENTS INC US TXN 447 $79,011.72
THERMO FISHER SCIENTIFIC INC US TMO 2,889 $1,639,709.73
3M CO US MMM 464 $69,270.56
TPMT 2016-5 A1 2.50000 10/25/2056 US 409,615.65 $407,827.10
TPMT 2017-1 A1 2.75000 10/25/2056 US 216,245.11 $215,393.84
TPMT 2019-HY1 A1 2.00571 10/25/2048 US 365,110.62 $361,475.69
TRACTOR SUPPLY COMPANY US TSCO 97 $18,173.92
TRAVELLERS COS INC US TRV 233 $41,716.32
TAH 2017-SFR2 A 2.92800 01/17/2036 US 706,307.92 $698,189.24
TCF 2021-1A 1.86000 03/20/2046 US 878,312.5 $770,643.46
TYSON FOODS INC -CL A US TSN 375 $33,603.75
UDR INC US UDR 5,529 $264,286.20
U.S. BANCORP US USB 1,218 $64,639.26
UNILEVER PLC - ADR GB UL 78,690 $3,803,087.70
UNION PAC CORP US UNP 421 $92,527.38
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 306,277.64 $275,686.32
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 57,837.58 $54,180.38
UNITED MEXICAN STATES 4.12500 01/21/2026 MX 200,000 $203,058.32
UNITED PARCEL SERVICE US UPS 8,167 $1,488,435.75
US TREASURY N/BB 3.87500 08/15/2040 US 6,215,000 $6,809,309.38
US TREASURY N/B 2.50000 02/15/2045 US 3,485,000 $3,017,247.66
US TREASURY N/B 3.00000 05/15/2047 US 6,668,000 $6,356,479.38
US TREASURY N/B 2.00000 02/15/2050 US 3,855,000 $3,041,233.59
US TREASURY N/B 2.87500 05/15/2028 US 10,580,000 $10,576,693.75
US TREASURY N/B 1.62500 05/15/2026 US 6,550,000 $6,261,902.38
US TREASURY N/B 2.50000 05/15/2024 US 6,045,000 $6,044,291.59
US TREASURY N/B 2.37500 05/15/2027 US 6,795,000 $6,647,951.99
UNITED STATES TREAS NTS 2.12500 05/15/2025 US 6,605,000 $6,493,540.63
US TREASURY N/B 1.62500 05/15/2031 US 3,670,000 $3,319,056.25
VF CORP US VFC 369 $18,619.74
VENTAS INC US VTR 2,691 $152,687.34
VERTEX PHARMACEUTICALS INC US VRTX 11,791 $3,167,652.15
PARAMOUNT GLOBAL CLASS B US PARA 606 $20,803.98
VISA INC - CLASS A SHARES US V 24,085 $5,110,114.45
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 315,000 $309,201.62
VISTRA OPERATIONS 4.87500 05/13/2024 US 1,105,000 $1,109,197.29
WAL MART STORES US WMT 1,277 $164,260.51
WALGREENS BOOTS ALLIANCE INC US WBA 697 $30,549.51
WARRIOR MET COAL INC 7.87500 12/01/2028 US 155,000 $157,216.57
WASTE MANAGEMENT INC US WM 352 $55,795.52
WELLTOWER INC. US WELL 3,108 $276,891.72
WIN 2015-1 A1 3.50000 01/20/2045 US 78,783.73 $75,322.59
ZOETIS INC US ZTS 4,052 $692,608.36
BNY MELLON CASH RESERVE EOD FUND US 292.41 $292.41
ADMIRAL GROUP PLC GB ADM LN 10,891 $304,919.45
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 11,900 $85,752.80
UBISOFT ENTERTAINMENT FR UBI FP 4,301 $226,116.80
DANONE FR BN FP 2,143 $126,088.82
AIR LIQUIDE FR AI FP 2,361 $413,571.36
CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 530,000 $419,022.02
MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 3,100,000 $157,493.21
BRENNTAG AG DE BNR GR 3,924 $303,625.67
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 1,500,000 $72,120.14
KEYWORDS STUDIOS PLC IE KWS LN 2,187 $64,620.85
S4 CAPITAL PLC GB SFOR LN 45,638 $163,228.06
HELIOS TOWERS PLC GB HTWS LN 66,913 $95,869.02
AVANZA BANK HOLDING AB SE AZA SS 7,837 $188,811.19
AMERICAN TANKER INC 7.75000 07/02/2025 US 380,000 $361,000.00
SOFTWAREONE HOLDING AG CH SWON SW 14,044 $187,567.91
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 7,887 $139,442.16
SEASPAN CORP 6.50000 02/05/2024 MH 200,000 $199,497.02
PETROTAL CORP 12.00000 02/16/2024 CA 296,000 $304,880.00
FINECOBANK SPA IT FBK IM 25,924 $367,358.33
ALLFUNDS GROUP PLC GB ALLFG NA 14,924 $136,129.25
COPPER MOUNTAIN MINING C 8.00000 04/09/2026 CA 288,000 $287,819.30
AIRSWIFT GLOBAL AS FLT 10.38899 05/12/2025 NO 400,000 $400,665.31
KENT GLOBAL PLC 10.00000 06/28/2026 GB 160,000 $158,400.00
ROTORK PLC GB ROR LN 53,940 $189,836.98
AUTO TRADER GROUP PLC GB AUTO LN 43,844 $326,163.05
CELLNEX TELECOM SA ES CLNX SM 2,113 $95,357.95
ASSA ABLOY AB-B SE ASSAB SS 11,605 $286,075.87
CLEANAWAY WASTE MANAGEMENT AU CWY AU 116,016 $248,634.42
INTERMEDIATE CAPITAL GROUP GB ICP LN 10,785 $214,127.44
ADYEN NV NL ADYEN NA 197 $305,087.11
BANK OF N.T. BUTTERFIELD&SON BM NTB 3,690 $116,530.20
BUNGE LIMITED US BG 197 $23,309.04
EATON CORP PLC US ETN 375 $51,975.00
JOHNSON CONTROLS INTERNATIONAL US JCI 679 $37,012.29
MEDTRONIC INC IE MDT 20,726 $2,075,708.90
ROYALTY PHARMA PLC- CL A US RPRX 521 $21,433.94
STONECO LTD-A BR STNE 12,817 $128,682.68
TRANE TECHNOLOGIES IE TT 180 $24,850.80
ALCON INC CH ALC 26,005 $1,943,353.65
CHUBB LTD CH CB 333 $70,359.57
GARMIN LTD CH GRMN 246 $25,982.52
TE CONNECTIVITY LIMITED CH TEL 247 $31,959.33
LYONDELLBASELL INDU-CL A US LYB 257 $29,362.25
PLAYA HOTELS AND RESORTS US PLYA 10,989 $94,944.96
US DOLLAR US 14,470,046.02 $14,470,046.02
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 157,089 $156,945.45

Investments will change over time.

A Word About Risk

All investments involve risks, including possible loss of principal. Because the fund invests in both stocks and bonds, the value of your investment will fluctuate in response to stock market movements and changes in interest rates. Investing in the fund will also involve a number of other risks, including issuer-specific risk, foreign investment risk, and small-cap/mid-cap risk. Investments in options and futures, like all derivatives, can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. Also, the use of leverage increases exposure to the market and may magnify potential losses.

About The Fund Manager

Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company, Trustee of the Manning & Napier Collective Investment Trust Funds. Manning & Napier is headquartered in Rochester, NY and has more than 50 years of experience managing investment objectives. The Firm’s active management approach focuses on participating in rising markets and, as important, helping to reduce the risk of large losses in sustained bear market periods. A team of investment analysts and professionals make all investment decisions in an effort to provide investors with strong risk-adjusted returns.


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