Investment Objective

To provide long-term capital growth.

Investment Strategy

The portfolio is invested in an aggressive, growth-oriented mix of securities that seeks to earn the long-term growth typically associated with the stock market. Holdings are diversified primarily among various stock investments in both domestic and foreign markets; only a minor portion of the fund is invested in 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 seek long-term capital growth and generally have the time to withstand market volatility
  • Who have a very 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

$35.72

Daily $ Change

$0.04

Daily % Change

0.11%

as of 12/11/2018

CUSIP

563821115

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 11/30/2018

YTD

1.24%

1 Year

3.05%

3 Year

8.65%

5 Year

6.26%

10 Year

10.78%

Inception
(01/01/2000)

7.03%

US Stock Market Cycle (04/01/2000 - 11/30/2018)

7.18%

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 11/30/2018

TREASURY NOTES 6.62%
TREASURY BONDS 2.05%
MEDTRONIC INC 1.97%
MASTERCARD INC-CLASS A 1.78%
BOOKING HOLDINGS INC 1.77%
NOVARTIS AG- REG 1.67%
COCA COLA CO/THE 1.66%
TENCENT HOLDINGS LTD 1.65%
QORVO INC 1.65%
VISA INC - CLASS A SHARES 1.65%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 11/30/2018

Stocks 84.75%
Bonds 14.20%
Cash 1.05%

Detailed Asset Class Allocation

As of 11/30/2018

International Equities 29.03%
Small Capitalization 1.82%
Mid Capitalization 9.22%
Large Capitalization 44.68%
Long Term Fixed Income 3.00%
Intermediate Term Fixed Income 8.11%
Short Term Fixed Income 3.09%
Cash 1.05%

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

November Fund Holdings

As of 11/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 50,000 $50,375.00
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 460,000 $443,398.11
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 75,000 $76,500.00
004239109 ACADIA REALTY TRUST US AKR 885 $25,372.95
0045614 ANTOFAGASTA PLC GB ANTO LN 107,995 $1,108,229.92
00724F101 ADOBE INC US ADBE 18,360 $4,606,340.40
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 460,000 $447,763.33
00790X101 ADVANCED DISPOSAL SERVICES US ADSW 157,945 $4,256,617.75
008492100 AGREE REALTY CORP US ADC 505 $30,082.85
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 55,000 $56,227.71
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 205 $25,522.50
01609W102 ALIBABA GROUP - ADR CN BABA 37,100 $5,967,906.00
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 70,000 $70,000.00
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 55,000 $54,845.45
02079K107 ALPHABET INC-CL C US GOOG 3,310 $3,622,563.30
02079K305 ALPHABET INC-CL A US GOOGL 3,275 $3,634,103.75
02209S103 ALTRIA GROUP INC US MO 46,845 $2,568,511.35
023135106 AMAZON.COM INC US AMZN 2,715 $4,588,811.55
02319V103 AMBEV SA-ADR BR ABEV 868,760 $3,709,605.20
0237400 DIAGEO PLC GB DGE LN 98,040 $3,540,545.24
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 55,000 $55,343.75
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 660 $28,927.80
0263494 BAE SYSTEMS PLC GB BA/ LN 18,285 $114,945.38
02665T306 AMERICAN HOMES 4 RENT- A US AMH 4,835 $100,713.05
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 470,000 $443,693.49
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 85,000 $82,237.50
03027X100 AMERICAN TOWER REIT INC US AMT 36,010 $5,923,284.90
03064D108 AMERICOLD REALTY TRUST US COLD 905 $24,254.00
03748R101 APARTMENT INVT & MGMT CO -A US AIV 1,715 $80,759.35
03784Y200 APPLE HOSPITALITY REIT INC US APLE 1,440 $22,852.80
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 60,000 $55,875.00
0405207 HALMA PLC GB HLMA LN 5,005 $87,852.66
0490656 KERRY GROUP PLC-A IE KYGA LN 1,605 $165,894.76
053332102 AUTOZONE INC US AZO 7,555 $6,112,523.85
053484101 AVALONBAY COMMUNITIES INC US AVB 1,145 $218,202.65
058498106 BALL CORP US BLL 82,155 $4,034,632.05
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 690,000 $669,235.75
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 21,965 $4,793,641.60
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 54,050 $5,190,421.50
0922320 SMITH & NEPHEW PLC GB SN/ LN 6,260 $114,247.50
09247X101 BLACKROCK INC US BLK 14,740 $6,308,867.40
0946580 WEIR GROUP PLC/THE GB WEIR LN 10,485 $198,013.67
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 640,000 $651,709.96
09857L108 BOOKING HOLDINGS INC US BKNG 4,070 $7,699,951.60
101121101 BOSTON PROPERTIES INC US BXP 1,170 $153,504.00
105368203 BRANDYWINE REALTY TRUST US BDN 6,315 $90,115.05
110122108 BRISTOL MYERS SQUIBB CO US BMY 36,805 $1,967,595.30
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 1,985 $69,216.95
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 80,000 $77,600.00
12503M108 CBOE GLOBAL MARKETS INC US CBOE 10,150 $1,092,343.00
125269100 CF INDUSTRIES HOLDINGS INC US CF 63,370 $2,673,580.30
12572Q105 CME GROUP INC US CME 6,260 $1,189,900.80
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 450,000 $448,330.50
13321L108 CAMECO CORP CA CCJ 7,287 $86,569.56
134429109 CAMPBELL SOUP CO US CPB 97,960 $3,840,032.00
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 125,000 $112,656.25
165240102 CHESAPEAKE LODGING TRUST US CHSP 1,270 $37,553.90
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 470,000 $642,121.56
191216100 COCA COLA CO/THE US KO 143,285 $7,221,564.00
192422103 COGNEX CORP US CGNX 43,695 $1,923,453.90
194162103 COLGATE-PALMOLIVE CO US CL 46,205 $2,934,941.60
19626G108 COLONY CAPITAL INC US CLNY 5,232 $32,229.12
2011646 ALIMENTATION COUCHE-TARD -B CA ATD/B CN 1,620 $85,020.58
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 2,397 $75,601.38
2171573 CANADIAN NATURAL RESOURCES CA CNQ CN 4,150 $104,292.70
2180632 CANADIAN NATL RAILWAY CO CA CNR CN 665 $57,138.00
21871N101 CORECIVIC INC US CXW 2,900 $63,655.00
222795106 COUSINS PROPERTIES INC US CUZ 11,000 $92,950.00
22282EAH5 COVANTA HOLDING CORP 6.00000 01/01/2027 US 75,000 $69,750.00
2242059 FOMENTO ECONOMICO EXICA-UBD MX 8,500 $73,654.49
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 65,000 $62,562.50
22822V101 CROWN CASTLE INTL CORP US CCI 690 $79,281.00
228368106 CROWN HOLDINGS INC US CCK 35,555 $1,823,260.40
229663109 CUBESMART US CUBE 700 $21,798.00
2306814 EL PUERTO DE LIVERPOOL -C1 MX 16,475 $98,151.86
2328595 BANCO DO BRASIL S.A. BR BBAS3 BZ 3,400 $39,240.24
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 50,000 $50,500.00
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 11,935 $109,590.19
23918K108 DAVITA INC. US DVA 43,335 $2,862,710.10
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 95,000 $89,062.50
2392471 GRUPO BIMBO SAB- SERIES A MX BIMBOA MM 20,865 $39,887.35
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 28,000 $65,344.22
2458771 ITAUSA INVESTIMENTOS ITAU -PR BR ITSA4 BZ 13,200 $42,122.58
2516710 LOJAS AMERICANAS SA - PREF BR LAME4 BZ 5,000 $25,484.87
25271C102 DIAMOND OFFSHORE DRILLING US DO 95,760 $1,206,576.00
253393102 DICK'S SPORTING GOODS INC US DKS 130,395 $4,691,612.10
253868103 DIGITAL REALTY TRUST INC US DLR 1,295 $148,976.80
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 470,000 $433,363.87
2583952 METRO INC CA MRU CN 1,670 $57,566.70
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 125,000 $122,812.50
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 130,000 $128,862.50
269246401 ETRADE FINANCIAL CORP US ETFC 45,580 $2,383,378.20
2715777 QUEBECOR INC -CL B CA QBR/B CN 157,735 $3,403,652.17
277276101 EASTGROUP PROPERTIES US EGP 220 $22,004.40
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 150,860 $2,839,731.01
2823885 ARCA CONTINENTAL SAB DE CV MX AC* MM 7,300 $37,755.75
285512109 ELECTRONIC ARTS US EA 46,865 $3,939,940.55
2866857 LUNDIN MINING CORP CA LUN CN 278,200 $1,212,341.85
29444U700 EQUINIX INC US EQIX 7,800 $3,005,184.00
2945422 WEG SA BR WEGE3 BZ 4,900 $22,580.29
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 565 $56,234.45
29476L107 EQUITY RESIDENTIAL US EQR 2,420 $172,425.00
297178105 ESSEX PROPERTY TRUST INC US ESS 405 $106,316.55
30225T102 EXTRA SPACE STORAGE INC US EXR 555 $53,268.90
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 100,000 $98,000.00
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 200 $26,418.00
31410HAQ4 MACYS RETAIL HLDGS INC 6.90000 04/01/2029 US 220,000 $231,005.21
31428X106 FEDEX CORPORATION US FDX 19,285 $4,416,265.00
32054K103 FIRST INDUSTRIAL REALTY TR US FR 1,255 $40,235.30
336130AB5 FIRST QUALITY FINANCE CO 5.00000 07/01/2025 US 65,000 $59,475.00
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 80,000 $77,400.00
35671D857 FREEPORT-MCMORAN INC US FCX 160,585 $1,917,384.90
35802XAD5 FRESENIUS MED CARE II 5.62500 07/31/2019 US 420,000 $425,325.99
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 340,000 $270,300.00
37045VAR1 GENERAL MOTORS CO FLT 3.22706 09/10/2021 US 450,000 $446,433.83
371559105 GENESEE & WYOMING INC -CL A US GWR 24,045 $2,002,467.60
37185LAF9 GENESIS ENERGY LP/GENESI 5.62500 06/15/2024 US 65,000 $56,875.00
374297109 GETTY REALTY CORP US GTY 1,530 $46,802.70
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 135,000 $131,118.75
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 65,000 $61,750.00
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 660 $45,949.20
4012250 AIRBUS SE FR AIR FP 770 $82,578.45
40414L109 HCP INC US HCP 2,890 $84,561.40
4057808 L'OREAL FR OR FP 500 $117,982.94
4061412 LVMH MOET HENNESSY LOUIS VUITTON FR MC FP 360 $103,045.80
4162791 THALES SA FR HO FP 125 $15,341.38
4163437 CAP GEMINI FR CAP FP 195 $22,768.59
421946104 HEALTHCARE REALTY TRUST INC US HR 2,210 $68,510.00
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 3,515 $98,841.80
44107P104 HOST MARRIOTT CORP US HST 4,480 $85,120.00
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 150,000 $139,875.00
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 100,000 $95,500.00
45337C102 INCYTE CORP US INCY 84,895 $5,454,503.75
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 4,575 $46,207.50
45763PAE6 INMARSAT FINANCE PLC 4.87500 05/15/2022 GB 130,000 $125,125.00
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 14,005 $1,144,488.60
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 505,000 $510,362.62
46120E602 INTUITIVE SURGICAL INC US ISRG 7,755 $4,116,896.85
46187W107 INVITATION HOMES INC US INVH 4,212 $90,389.52
464286624 ISHARES MSCI THAILAND ETF TH 3,608 $311,117.84
464287739 ISHARES DJ US REAL ESTATE US 40 $3,271.20
46625HHL7 JPMORGAN CHASE & CO 6.30000 04/23/2019 US 660,000 $667,992.46
46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 320,000 $319,039.62
4682329 PERNOD-RICARD SA FR RI FP 500 $79,932.33
4712798 RENAULT SA FR RNO FP 305 $21,468.97
4741844 MERCK KGAA DE MRK GR 21,960 $2,430,939.06
476405105 JERNIGAN CAPITAL INC US JCAP 2,540 $54,305.20
478160104 JOHNSON & JOHNSON US JNJ 43,440 $6,381,336.00
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 125,000 $92,500.00
4821100 SOLVAY SA BE SOLB BB 1,600 $173,330.24
4834108 SCHNEIDER ELECTRIC SE FR SU FP 775 $56,490.47
4834777 VIVENDI FR VIV FP 1,290 $32,175.64
49446R109 KIMCO REALTY CORP US KIM 2,200 $35,970.00
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 580,000 $643,830.94
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 90,000 $81,337.50
50212YAB0 LPL HOLDINGS INC 5.75000 09/15/2025 US 50,000 $47,375.00
502160AM6 LSB INDUSTRIES 9.62500 05/01/2023 US 100,000 $102,250.00
505742AD8 LADDER CAP FIN LLLP/CORP 5.87500 08/01/2021 US 55,000 $55,000.00
5107401 BEIERSDORF AG DE BEI GR 38,735 $4,158,172.32
5176177 ORANGE FR ORA FP 2,500 $42,975.64
5253973 HERMES INTERNATIONAL FR RMS FP 40 $21,656.67
5263574 FLSMIDTH & CO A/S DK FLS DC 325 $16,302.86
529043101 LEXINGTON REALTY TRUST US LXP 4,620 $40,563.60
531172104 LIBERTY PROPERTY TRUST US LPT 2,075 $93,976.75
5330047 DASSAULT SYSTEMES SA FR DSY FP 190 $22,844.83
53815P108 LIVERAMP HOLDINGS INC US RAMP 126,911 $6,002,890.30
5458314 AKZO NOBEL NL AKZA NA 43,745 $3,675,975.34
5474008 BANKINTER S.A. ES BKT SM 15,195 $127,225.81
550021109 LULULEMON - ADR CA LULU 50,577 $6,703,981.35
5505072 KERING FR KER FP 110 $47,881.30
554382101 THE MACERICH CO US MAC 350 $17,601.50
5545670 JUNGHEINRICH AG DE JUN3 GR 2,370 $79,213.68
55616XAC1 MACYS RETAIL HLDGS INC 7.00000 02/15/2028 US 215,000 $227,459.53
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 105,000 $99,225.00
5596991 UCB SA BE UCB BB 925 $77,954.04
5669354 REPSOL SA ES REP SM 11,182.56 $192,635.62
5671519 WOLTERS KLUWER NL WKL NA 965 $58,340.32
5671735 SANOFI-AVENTIS FR SAN FP 1,445 $131,004.77
5701513 ELISA OYJ FI ELISA FH 1,305 $52,396.21
5713422 METSO OYJ FI METSO FH 3,045 $87,149.92
5727973 SIEMENS AG-REG DE SIE GR 1,330 $154,779.72
57636Q104 MASTERCARD INC-CLASS A US MA 38,555 $7,752,253.85
58502BAC0 MEDNAX INC 6.25000 01/15/2027 US 55,000 $54,780.00
58933Y105 MERCK & CO INC US MRK 35,320 $2,802,288.80
59001ABA9 MERITAGE HOMES CORP 5.12500 06/06/2027 US 60,000 $52,800.00
594918104 MICROSOFT CORP US MSFT 64,275 $7,127,454.75
59522J103 MID-AMERICA APARTMENT COMM US MAA 830 $85,954.80
5962280 CHOCOLADEFABRIKEN LINDT-PC CH LISP SW 17 $115,994.25
5966516 SOCIETE GENERALE FR GLE FP 1,045 $38,377.50
5980613 GIVAUDAN - REG CH GIVN SW 25 $61,723.59
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 130,030 $5,848,749.40
6136749 OBIC CO LTD JP 4684 JP 1,400 $121,400.72
61744YAG3 MORGAN STANLEY FLT 3.81125 05/08/2024 US 670,000 $665,655.61
6175076 KT&G CORP KR 033780 KS 620 $57,528.07
6196408 CHUGAI PHARMACEUTICAL CO LTD JP 4519 JP 1,900 $130,180.22
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 140,000 $140,350.00
6264189 NCSOFT CORP KR 036570 KS 190 $87,140.07
62913TAM4 NGL ENRGY PART LP/FIN CO 6.12500 03/01/2025 US 95,000 $84,550.00
6291819 CHINA PETROLEUM & CHEMICAL - H CN 386 HK 144,000 $123,264.29
6307200 EISAI CO LTD JP 4523 JP 900 $82,876.82
6332439 FAST RETAILING CO LTD JP 9983 JP 100 $52,131.71
6356934 FANUC LTD JP 6954 JP 507 $87,199.87
637417106 NATIONAL RETAIL PROPERTIES US NNN 870 $43,552.20
637870106 NATIONAL STORAGE AFFILIATES US NSA 760 $21,257.20
63938CAE8 NAVIENT CORP 7.25000 09/25/2023 US 50,000 $50,250.00
64110W102 NETEASE.COM INC- ADR CN NTES 150 $34,060.50
6441506 HOYA CORP JP 7741 JP 1,300 $79,455.20
6446620 HYUNDAI HEAVY INDUSTRIES KR 009540 KS 765 $90,370.76
6451066 HYUNDAI MIPO DOCKYARD KR 010620 KS 990 $96,589.74
647581107 NEW ORIENTAL EDUCATIO- SP ADR CN EDU 2,055 $117,463.80
6482903 KANAMOTO CO LTD JP 9678 JP 2,400 $70,786.42
6490809 KIKKOMAN CORP JP 2801 JP 2,000 $117,076.47
6490995 KEYENCE CORP JP 6861 JP 4,500 $2,451,353.97
6518808 LION CORP JP 4912 JP 4,200 $82,983.02
6531827 GEELY AUTOMOBILE HOLDINGS LT CN 175 HK 44,000 $87,430.87
654106103 NIKE INC CLASS B US NKE 79,720 $5,988,566.40
6641588 NISSAN CHEMICAL INDUSTRIES JP 4021 JP 2,200 $119,554.65
6642387 YAMAHA CORP JP 7951 JP 2,700 $116,413.62
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 140,000 $138,600.00
6683449 KANGWON LAND INC KR 035250 KS 2,090 $60,174.10
66987V109 NOVARTIS AG- REG CH NVS 79,355 $7,263,363.15
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 8,840 $3,065,535.20
6742340 SHANDONG WEIGAO CN 1066 HK 80,000 $75,422.43
6743882 JAPAN EXCHANGE GROUP INC JP 8697 JP 4,600 $82,995.26
6772217 SAMSUNG HEAVY INDUSTRIES KR 010140 KS 6,610 $43,898.01
6776606 SANTEN PHARMACEUTICAL CO LTD JP 4536 JP 3,500 $60,127.41
6791591 SECOM CO LTD JP 9735 JP 700 $59,280.56
680665205 OLIN CORP US OLN 95,885 $2,064,404.05
6865504 SUZUKI MOTOR CORP JP 7269 JP 2,400 $119,743.16
6885074 TERUMO CORP JP 4543 JP 2,100 $123,831.83
6895200 TOHO CO LTD JP 9602 JP 1,700 $59,234.88
6911485 UNICHARM CORP JP 8113 JP 2,700 $84,553.58
6913168 GUANGDONG INVESTMENT LTD HK 270 HK 60,000 $115,979.55
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 85,000 $84,362.50
6979728 WOODSIDE PETROLEUM LTD AU WPL AU 4,860 $110,772.07
6985112 YAKULT HONSHA CO LTD JP 2267 JP 1,500 $113,444.47
6986427 YOKOGAWA ELECTRIC CORP JP 6841 JP 2,800 $51,649.99
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 85,000 $82,662.50
7021963 DEUTSCHE BOERSE AG DE DB1 GR 540 $69,170.01
7062713 SODEXO FR SW FP 530 $54,849.86
7088429 AXA SA FR CS FP 2,780 $67,699.46
7103065 NOVARTIS AG-REG CH NOVN SW 2,465 $225,058.01
7103526 PEUGEOT SA FR UG FP 670 $14,741.39
7110388 ROCHE HOLDING AG-GENUSSCHEIN CH ROG SW 740 $192,092.29
7110902 TECAN GROUP AG-REG CH TECN SW 190 $39,133.65
7123870 NESTLE SA-REGISTERED CH NESN SW 57,280 $4,886,728.55
7133608 EQUINOR ASA NO EQNR NO 4,895 $114,664.78
713448108 PEPSICO INC US PEP 37,935 $4,625,793.90
7145056 ENI SPA IT ENI IM 6,605 $106,574.39
71642QAB3 PDLLN 7 1/4 05/01/22 7.25000 05/01/2022 GB 55,000 $50,806.25
718172109 PHILIP MORRIS INTERNATIONAL US PM 47,345 $4,096,762.85
71943U104 PHYSICIANS REALTY TRUST US DOC 6,365 $113,360.65
7212477 ESSILORLUXOTTICA FR EL FP 315 $39,827.42
7262610 CREDIT AGRICOLE SA FR ACA FP 1,815 $22,556.71
729640102 PLYMOUTH INDUSTRIAL REIT INC US 1,740 $21,941.40
7309681 BNP PARIBAS FR BNP FP 1,585 $79,722.99
733174AK2 POPULAR INC 6.12500 09/14/2023 PR 90,000 $89,887.50
7380482 COMPAGNIE DE SAINT-GOBAIN FR SGO FP 625 $23,229.45
741503AZ9 PRICELINE GROUP INC/THE 3.60000 06/01/2026 US 700,000 $664,444.05
74340W103 PROLOGIS US PLD 3,055 $205,723.70
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 430,000 $440,483.40
74460D109 PUBLIC STORAGE INC US PSA 580 $123,690.80
74736K101 QORVO INC US QRVO 108,930 $7,168,683.30
756109104 REALTY INCOME CORP US O 420 $26,917.80
75886F107 REGENERON PHARMACEUTICALS INC US REGN 7,610 $2,782,596.50
76131D103 RESTAURANT BRANDS INTERN CA QSR 1,220 $71,162.60
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 80,000 $80,800.00
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 3,570 $221,447.10
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 890 $73,273.70
78410G104 SBA COMMUNICATIONS CORP US SBAC 31,255 $5,338,666.55
78442PGC4 SLM CORP 5.12500 04/05/2022 US 85,000 $83,300.00
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 630,000 $663,177.12
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 450,000 $435,664.72
806857108 SCHLUMBERGER LTD NL SLB 101,721 $4,587,617.10
808513105 CHARLES SCHWAB CORP/THE US SCHW 84,060 $3,765,888.00
81141R100 SEA LTD - ADR SG SE 5,385 $71,835.90
81211K100 SEALED AIR CORP US SEE 115,115 $4,205,150.95
812578102 SEATTLE GENETICS INC US SGEN 49,260 $3,082,690.80
81762P102 SERVICENOW INC US NOW 32,535 $6,027,759.45
81783QAC9 SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 CA 70,000 $65,100.00
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 55,000 $51,562.50
828806109 SIMON PROPERTY GROUP INC US SPG 1,495 $277,606.55
84265V105 SOUTHERN COPPER CORPORATION US SCCO 58,655 $1,963,769.40
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 430,000 $437,338.38
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 95,000 $91,081.25
85254J102 STAG INDUSTRIAL INC US STAG 2,050 $54,919.50
862121100 STORE CAPITAL CORP US STOR 855 $25,615.80
866674104 SUN COMMUNITIES US SUI 1,030 $107,223.00
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 3,340 $50,968.40
874080104 TAL EDUCATION GROUP - ADR CN TAL 1,660 $46,596.20
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 70,000 $64,925.00
88104LAE3 TERRAFORM POWER OPERATIN 5.00000 01/31/2028 US 55,000 $49,241.50
883556102 THERMO FISHER SCIENTIFIC INC US TMO 11,295 $2,818,667.25
88650V208 TIER REIT INC US TIER 3,715 $87,451.10
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 95,000 $91,200.00
902653104 UDR INC US UDR 2,575 $109,746.50
903002103 UMH PROPERTIES INC US UMH 1,890 $24,626.70
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 85,000 $81,547.30
90384S303 ULTA BEAUTY INC US ULTA 10,645 $3,169,974.55
904767704 UNILEVER PLC - ADR GB UL 95,966 $5,209,994.14
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 1,835,000 $2,399,835.94
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 3,580,000 $4,377,389.08
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 1,367,428.32 $1,225,717.88
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 2,255,000 $2,124,104.29
9128282N9 US TREASURY N/B 2.12500 07/31/2024 US 11,172,000 $10,725,556.38
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 4,600,000 $4,504,765.65
912828D23 US TREASURY N/B 1.62500 04/30/2019 US 4,500,000 $4,483,476.54
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 4,591,074.23 $4,501,703.69
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 5,000,000 $4,559,570.30
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 1,340,814.9 $1,291,395.21
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 4,715,000 $4,503,009.17
91704F104 URBAN EDGE PROPERTIES US UE 3,875 $77,267.50
92276F100 VENTAS INC US VTR 800 $50,792.00
92339V100 VEREIT INC US VER 9,085 $69,500.25
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 630,000 $657,198.44
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 12,285 $2,221,005.15
92826C839 VISA INC - CLASS A SHARES US V 50,515 $7,158,480.65
929042109 VORNADO REALTY TRUST US VNO 1,250 $89,950.00
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 80,000 $72,400.00
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 85,000 $86,275.00
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 55,000 $51,837.50
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 95,000 $88,112.50
948741103 WEINGARTEN REALTY INVESTORS US WRI 2,195 $63,347.70
95040Q104 WELLTOWER INC. US WELL 960 $69,436.80
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 85,000 $84,549.50
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 85,000 $76,177.00
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 360,000 $332,786.85
98919V105 ZAYO GROUP HOLDINGS INC US ZAYO 87,290 $2,297,472.80
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 130,000 $124,150.00
B00FM53 BANCO BRADESCO SA - PREF BR BBDC4 BZ 8,600 $85,532.97
B00FV12 ISHARES FTSE 250 IE 13,200 $299,286.44
B02J639 ADMIRAL GROUP PLC GB ADM LN 2,140 $56,947.61
B037HR3 ITAU UNIBANCO HOLDINGS S-PREF BR ITUB4 BZ 9,000 $83,832.43
B058TZ6 SAFRAN SA FR SAF FP 445 $55,700.31
B05LZ02 HAKUHODO DY HOLDINGS INC JP 2433 JP 3,300 $50,547.52
B09DHL9 MTU AERO ENGINES HOLDING AG DE MTX GR 270 $56,365.89
B0C2CQ3 ENGIE FR ENGI FP 2,375 $33,477.46
B0CGYD6 LOJAS RENNER S.A. BR LREN3 BZ 3,260 $32,962.50
B0JDQD4 BANDAI NAMCO HOLDINGS INC JP 7832 JP 3,100 $130,442.31
B0SWJX3 LONDON STOCK EXCHANGE GROUP GB LSE LN 1,325 $68,287.65
B15C557 TOTAL SA FR FP FP 3,345 $186,048.96
B19NLV4 EXPERIAN PLC GB EXPN LN 2,390 $58,304.78
B1FW751 GALP ENERGIA SGPS SA PT GALP PL 12,060 $198,510.05
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 10,600 $47,459.46
B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 2,400 $119,781.22
B1XH026 VINCI SA FR DG FP 43,860 $3,827,233.70
B1Y9TB3 DANONE FR BN FP 3,028 $226,088.18
B1YVKN8 ANTA SPORTS PRODUCTS LTD CN 2020 HK 20,000 $91,648.44
B1YXBJ7 AIR LIQUIDE FR AI FP 570 $68,984.08
B249GC0 MATSUMOTOKIYOSHI HOLDINGS CO JP 3088 JP 2,300 $85,710.73
B24CGK7 RECKITT BENCKISER GROUP PLC GB RB/ LN 930 $77,414.25
B283W97 CAIXABANK S.A ES CABK SM 661,755 $2,733,611.31
B292SM8 MEGACABLE HOLDINGS-CPO MX MEGACPO MM 24,500 $111,704.23
B296BQ5 STORAGEVAULT CANADA INC CA SVI CN 6,715 $12,786.63
B3NB1P2 SUNCOR ENERGY INC CA SU CN 3,545 $114,302.34
B3ZCNF7 TELEFONICA BRASIL S.A. - PREF BR VIVT4 BZ 2,700 $32,124.90
B4975P9 MAGAZINE LUIZA SA BR MGLU3 BZ 500 $21,286.53
B4Q2TX3 CHINA LONGYUAN POWER GROUP-H CN 916 HK 25,000 $19,735.92
B4R2R50 JULIUS BAER CH BAER SW 67,290 $2,714,136.31
B4V5RY4 BANCO SANTANDER BRASIL - UNIT BR SANB11 BZ 3,400 $37,560.90
B4WTBY3 HUANENG RENEWABLES CORP-H CN 958 HK 148,000 $46,774.77
B607XS1 VERMILION ENERGY INC CA VET CN 4,310 $107,243.14
B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 16,750 $173,866.44
B63QM77 NEXON CO LTD JP 3659 JP 12,800 $152,184.23
B8FMRX8 COLOPLAST-B DK COLOB DC 1,165 $111,228.55
B9N3SQ0 BB SEGURIDADE PARTICIPACOES BR BBSE3 BZ 4,000 $29,294.03
BB22L96 KION GROUP AG DE KGX GR 2,050 $116,008.91
BD0Q398 KONINKLIJKE AHOLD DELHAIZE N NL AD NA 3,110 $80,145.73
BD1WX84 ENGIE BRASIL ENERGIA SA BR EGIE3 BZ 2,200 $24,469.10
BD3JR69 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 134,000 $58,594.46
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 196,000 $191,100.00
BD9Y9B7 BASIC-FIT NV NL BFIT NA 2,695 $80,917.87
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 130,000 $53,539.16
BDXL6S0 UK TREASURY BILL GBP 0.00000 01/28/2019 GB 364,000 $463,314.98
BDZV116 EPIROC AB-A SE EPIA SS 10,960 $89,799.17
BF7LBH4 ATACADAO DISTRIBUICAO COMERC BR CRFB3 BZ 6,000 $26,221.88
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 115,000 $105,225.00
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 850 $146,114.05
BG36ZK1 B3 SA-BRASIL BOLSA BALCAO BR B3SA3 BZ 5,700 $41,567.11
BG7ZWY7 AMBEV SA BR ABEV3 BZ 18,600 $81,384.02
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 24,585 $37,852.62
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 176,000 $134,347.39
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 179,471 $7,175,007.36
BNGN9Z1 FINECOBANK SPA IT FBK IM 255,885 $2,751,167.14
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 104,375 $3,207,969.90
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 4,500 $124,159.09
BSQXJ01 THULE GROUP AB/THE SE THULE SS 5,805 $108,735.94
BW1YVH8 WALMART DE MEXICO SAB DE CV MX WALMEX* MM 43,460 $107,658.45
BYQ32R1 NEMAK SAB DE CV MX 106,300 $76,198.10
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 204,000 $85,922.82
BYXS699 QIAGEN N.V. NL QIA GR 2,758 $97,601.35
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 55,143 $4,236,661.58
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 15,220 $70,771.43
BYZWX76 CRODA INTERNATIONAL PLC GB CRDA LN 909 $56,650.98
BZ3C3Q4 BANKIA SA ES BKIA SM 644,138 $2,132,119.31
BZ4CMZ5 DAVIDE CAMPARI-MILANO SPA IT CPR IM 6,645 $55,586.79
G02602103 AMDOCS LTD GG DOX 64,233 $4,169,364.03
G0750C108 AXALTA COATING SYSTEMS LTD US AXTA 90,140 $2,256,204.20
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 1,780 $70,630.40
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 1,650 $80,091.00
G27358103 DESPEGAR.COM CORP AR DESP 2,045 $30,552.30
G3157S106 ENSCO INTERNATIONAL INC US ESV 312,935 $1,774,341.45
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 115,000 $119,025.00
G5960L103 MEDTRONIC INC IE MDT 87,920 $8,574,837.60
G84720104 STERIS PLC GB STE 705 $83,951.40
G97822103 PERRIGO CO PLC IE PRGO 59,420 $3,700,677.60
H8817H100 TRANSOCEAN LTD US RIG 217,990 $2,022,947.20
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 990 $110,691.90
N22717107 CORE LABORATORIES N.V. NL CLB 895 $74,383.45
N47279109 INTERXION HOLDING NV NL INXN 36,340 $2,262,891.80
N59465109 MYLAN NV US MYL 42,340 $1,433,632.40
N72482123 QIAGEN N.V. ADR NL QGEN 87,326 $3,094,833.44
USD US DOLLAR US 4,594,534.78 $4,594,534.78

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

$35.72

Daily $ Change

$0.04

Daily % Change

0.11%

as of 12/11/2018

CUSIP

563821115

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.

Investment Strategy

The portfolio is invested in an aggressive, growth-oriented mix of securities that seeks to earn the long-term growth typically associated with the stock market. Holdings are diversified primarily among various stock investments in both domestic and foreign markets; only a minor portion of the fund is invested in 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 seek long-term capital growth and generally have the time to withstand market volatility
  • Who have a very 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 11/30/2018

YTD

1.24%

1 Year

3.05%

3 Year

8.65%

5 Year

6.26%

10 Year

10.78%

Inception
(01/01/2000)

7.03%

US Stock Market Cycle (04/01/2000 - 11/30/2018)

7.18%

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 11/30/2018

TREASURY NOTES 6.62%
TREASURY BONDS 2.05%
MEDTRONIC INC 1.97%
MASTERCARD INC-CLASS A 1.78%
BOOKING HOLDINGS INC 1.77%
NOVARTIS AG- REG 1.67%
COCA COLA CO/THE 1.66%
TENCENT HOLDINGS LTD 1.65%
QORVO INC 1.65%
VISA INC - CLASS A SHARES 1.65%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 11/30/2018

Stocks
84.75%
Bonds
14.20%
Cash
1.05%

Detailed Asset Class Allocation

As of 11/30/2018

International Equities
29.03%
Small Capitalization
1.82%
Mid Capitalization
9.22%
Large Capitalization
44.68%
Long Term Fixed Income
3.00%
Intermediate Term Fixed Income
8.11%
Short Term Fixed Income
3.09%
Cash
1.05%

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

November Fund Holdings

As of 11/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 50,000 $50,375.00
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 460,000 $443,398.11
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 75,000 $76,500.00
004239109 ACADIA REALTY TRUST US AKR 885 $25,372.95
0045614 ANTOFAGASTA PLC GB ANTO LN 107,995 $1,108,229.92
00724F101 ADOBE INC US ADBE 18,360 $4,606,340.40
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 460,000 $447,763.33
00790X101 ADVANCED DISPOSAL SERVICES US ADSW 157,945 $4,256,617.75
008492100 AGREE REALTY CORP US ADC 505 $30,082.85
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 55,000 $56,227.71
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 205 $25,522.50
01609W102 ALIBABA GROUP - ADR CN BABA 37,100 $5,967,906.00
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 70,000 $70,000.00
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 55,000 $54,845.45
02079K107 ALPHABET INC-CL C US GOOG 3,310 $3,622,563.30
02079K305 ALPHABET INC-CL A US GOOGL 3,275 $3,634,103.75
02209S103 ALTRIA GROUP INC US MO 46,845 $2,568,511.35
023135106 AMAZON.COM INC US AMZN 2,715 $4,588,811.55
02319V103 AMBEV SA-ADR BR ABEV 868,760 $3,709,605.20
0237400 DIAGEO PLC GB DGE LN 98,040 $3,540,545.24
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 55,000 $55,343.75
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 660 $28,927.80
0263494 BAE SYSTEMS PLC GB BA/ LN 18,285 $114,945.38
02665T306 AMERICAN HOMES 4 RENT- A US AMH 4,835 $100,713.05
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 470,000 $443,693.49
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 85,000 $82,237.50
03027X100 AMERICAN TOWER REIT INC US AMT 36,010 $5,923,284.90
03064D108 AMERICOLD REALTY TRUST US COLD 905 $24,254.00
03748R101 APARTMENT INVT & MGMT CO -A US AIV 1,715 $80,759.35
03784Y200 APPLE HOSPITALITY REIT INC US APLE 1,440 $22,852.80
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 60,000 $55,875.00
0405207 HALMA PLC GB HLMA LN 5,005 $87,852.66
0490656 KERRY GROUP PLC-A IE KYGA LN 1,605 $165,894.76
053332102 AUTOZONE INC US AZO 7,555 $6,112,523.85
053484101 AVALONBAY COMMUNITIES INC US AVB 1,145 $218,202.65
058498106 BALL CORP US BLL 82,155 $4,034,632.05
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 690,000 $669,235.75
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 21,965 $4,793,641.60
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 54,050 $5,190,421.50
0922320 SMITH & NEPHEW PLC GB SN/ LN 6,260 $114,247.50
09247X101 BLACKROCK INC US BLK 14,740 $6,308,867.40
0946580 WEIR GROUP PLC/THE GB WEIR LN 10,485 $198,013.67
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 640,000 $651,709.96
09857L108 BOOKING HOLDINGS INC US BKNG 4,070 $7,699,951.60
101121101 BOSTON PROPERTIES INC US BXP 1,170 $153,504.00
105368203 BRANDYWINE REALTY TRUST US BDN 6,315 $90,115.05
110122108 BRISTOL MYERS SQUIBB CO US BMY 36,805 $1,967,595.30
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 1,985 $69,216.95
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 80,000 $77,600.00
12503M108 CBOE GLOBAL MARKETS INC US CBOE 10,150 $1,092,343.00
125269100 CF INDUSTRIES HOLDINGS INC US CF 63,370 $2,673,580.30
12572Q105 CME GROUP INC US CME 6,260 $1,189,900.80
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 450,000 $448,330.50
13321L108 CAMECO CORP CA CCJ 7,287 $86,569.56
134429109 CAMPBELL SOUP CO US CPB 97,960 $3,840,032.00
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 125,000 $112,656.25
165240102 CHESAPEAKE LODGING TRUST US CHSP 1,270 $37,553.90
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 470,000 $642,121.56
191216100 COCA COLA CO/THE US KO 143,285 $7,221,564.00
192422103 COGNEX CORP US CGNX 43,695 $1,923,453.90
194162103 COLGATE-PALMOLIVE CO US CL 46,205 $2,934,941.60
19626G108 COLONY CAPITAL INC US CLNY 5,232 $32,229.12
2011646 ALIMENTATION COUCHE-TARD -B CA ATD/B CN 1,620 $85,020.58
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 2,397 $75,601.38
2171573 CANADIAN NATURAL RESOURCES CA CNQ CN 4,150 $104,292.70
2180632 CANADIAN NATL RAILWAY CO CA CNR CN 665 $57,138.00
21871N101 CORECIVIC INC US CXW 2,900 $63,655.00
222795106 COUSINS PROPERTIES INC US CUZ 11,000 $92,950.00
22282EAH5 COVANTA HOLDING CORP 6.00000 01/01/2027 US 75,000 $69,750.00
2242059 FOMENTO ECONOMICO EXICA-UBD MX 8,500 $73,654.49
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 65,000 $62,562.50
22822V101 CROWN CASTLE INTL CORP US CCI 690 $79,281.00
228368106 CROWN HOLDINGS INC US CCK 35,555 $1,823,260.40
229663109 CUBESMART US CUBE 700 $21,798.00
2306814 EL PUERTO DE LIVERPOOL -C1 MX 16,475 $98,151.86
2328595 BANCO DO BRASIL S.A. BR BBAS3 BZ 3,400 $39,240.24
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 50,000 $50,500.00
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B4WTBY3 HUANENG RENEWABLES CORP-H CN 958 HK 148,000 $46,774.77
B607XS1 VERMILION ENERGY INC CA VET CN 4,310 $107,243.14
B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 16,750 $173,866.44
B63QM77 NEXON CO LTD JP 3659 JP 12,800 $152,184.23
B8FMRX8 COLOPLAST-B DK COLOB DC 1,165 $111,228.55
B9N3SQ0 BB SEGURIDADE PARTICIPACOES BR BBSE3 BZ 4,000 $29,294.03
BB22L96 KION GROUP AG DE KGX GR 2,050 $116,008.91
BD0Q398 KONINKLIJKE AHOLD DELHAIZE N NL AD NA 3,110 $80,145.73
BD1WX84 ENGIE BRASIL ENERGIA SA BR EGIE3 BZ 2,200 $24,469.10
BD3JR69 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 134,000 $58,594.46
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 196,000 $191,100.00
BD9Y9B7 BASIC-FIT NV NL BFIT NA 2,695 $80,917.87
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 130,000 $53,539.16
BDXL6S0 UK TREASURY BILL GBP 0.00000 01/28/2019 GB 364,000 $463,314.98
BDZV116 EPIROC AB-A SE EPIA SS 10,960 $89,799.17
BF7LBH4 ATACADAO DISTRIBUICAO COMERC BR CRFB3 BZ 6,000 $26,221.88
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 115,000 $105,225.00
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 850 $146,114.05
BG36ZK1 B3 SA-BRASIL BOLSA BALCAO BR B3SA3 BZ 5,700 $41,567.11
BG7ZWY7 AMBEV SA BR ABEV3 BZ 18,600 $81,384.02
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 24,585 $37,852.62
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 176,000 $134,347.39
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 179,471 $7,175,007.36
BNGN9Z1 FINECOBANK SPA IT FBK IM 255,885 $2,751,167.14
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 104,375 $3,207,969.90
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 4,500 $124,159.09
BSQXJ01 THULE GROUP AB/THE SE THULE SS 5,805 $108,735.94
BW1YVH8 WALMART DE MEXICO SAB DE CV MX WALMEX* MM 43,460 $107,658.45
BYQ32R1 NEMAK SAB DE CV MX 106,300 $76,198.10
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 204,000 $85,922.82
BYXS699 QIAGEN N.V. NL QIA GR 2,758 $97,601.35
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 55,143 $4,236,661.58
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 15,220 $70,771.43
BYZWX76 CRODA INTERNATIONAL PLC GB CRDA LN 909 $56,650.98
BZ3C3Q4 BANKIA SA ES BKIA SM 644,138 $2,132,119.31
BZ4CMZ5 DAVIDE CAMPARI-MILANO SPA IT CPR IM 6,645 $55,586.79
G02602103 AMDOCS LTD GG DOX 64,233 $4,169,364.03
G0750C108 AXALTA COATING SYSTEMS LTD US AXTA 90,140 $2,256,204.20
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 1,780 $70,630.40
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 1,650 $80,091.00
G27358103 DESPEGAR.COM CORP AR DESP 2,045 $30,552.30
G3157S106 ENSCO INTERNATIONAL INC US ESV 312,935 $1,774,341.45
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 115,000 $119,025.00
G5960L103 MEDTRONIC INC IE MDT 87,920 $8,574,837.60
G84720104 STERIS PLC GB STE 705 $83,951.40
G97822103 PERRIGO CO PLC IE PRGO 59,420 $3,700,677.60
H8817H100 TRANSOCEAN LTD US RIG 217,990 $2,022,947.20
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 990 $110,691.90
N22717107 CORE LABORATORIES N.V. NL CLB 895 $74,383.45
N47279109 INTERXION HOLDING NV NL INXN 36,340 $2,262,891.80
N59465109 MYLAN NV US MYL 42,340 $1,433,632.40
N72482123 QIAGEN N.V. ADR NL QGEN 87,326 $3,094,833.44
USD US DOLLAR US 4,594,534.78 $4,594,534.78

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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