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

$38.02

Daily $ Change

$2.07

Daily % Change

5.44%

as of 04/06/2020

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 02/29/2020

YTD

-5.12%

1 Year

10.03%

3 Year

9.53%

5 Year

6.41%

10 Year

8.64%

Inception
(01/01/2000)

7.21%

US Stock Market Cycle (04/01/2000 - 02/29/2020)

7.35%

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 02/29/2020

TREASURY NOTES 7.01%
COCA COLA CO/THE 2.28%
FACEBOOK INC -A 2.12%
MONDELEZ INTERNATIONAL INC 2.07%
JOHNSON & JOHNSON 2.04%
BERKSHIRE HATHAWAY INC-CL B 1.92%
MASTERCARD INC-CLASS A 1.90%
NEXON CO LTD 1.86%
TREASURY BONDS 1.83%
MICRON TECHNOLOGY INC 1.82%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 02/29/2020

Stocks 83.03%
Bonds 15.76%
Cash 1.21%

Detailed Asset Class Allocation

As of 02/29/2020

International Equities 25.46%
Small Capitalization 2.85%
Mid Capitalization 3.52%
Large Capitalization 51.19%
Long Term Fixed Income 3.28%
Intermediate Term Fixed Income 7.14%
Short Term Fixed Income 5.35%
Cash 1.21%

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

February Fund Holdings

As of 02/29/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 15,000 $15,640.80
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 510,000 $574,787.63
00287Y109 ABBVIE INC US ABBV 1,407 $120,593.97
004239109 ACADIA REALTY TRUST US AKR 1,265 $28,892.60
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 15,000 $14,658.00
00507V109 ACTIVISION INC US ATVI 44,830 $2,605,967.90
00751Y106 ADVANCE AUTO PARTS INC US AAP 15,830 $2,105,073.40
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 310,000 $341,848.11
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 20,000 $21,050.00
008492100 AGREE REALTY CORP US ADC 340 $24,418.80
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 320,000 $339,409.93
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 130 $19,744.40
01609W102 ALIBABA GROUP - ADR CN BABA 7,565 $1,573,520.00
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 400,000 $430,858.87
020002101 ALLSTATE CORPORATION US ALL 329 $34,627.25
02079K107 ALPHABET INC-CL C US GOOG 2,015 $2,698,749.95
02079K305 ALPHABET INC-CL A US GOOGL 2,020 $2,705,285.00
02209S103 ALTRIA GROUP INC US MO 42,965 $1,734,497.05
023135106 AMAZON.COM INC US AMZN 1,840 $3,466,100.00
02319V103 AMBEV SA-ADR BR ABEV 607,850 $1,951,198.50
0237400 DIAGEO PLC GB DGE LN 56,904 $2,030,310.63
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 1,255 $54,517.20
0263494 BAE SYSTEMS PLC GB BA/ LN 35,525 $281,005.65
02665T306 AMERICAN HOMES 4 RENT- A US AMH 2,790 $72,233.10
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 45,000 $46,804.25
03027X100 AMERICAN TOWER REIT INC US AMT 14,675 $3,328,290.00
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 530,000 $583,859.27
03064D108 AMERICOLD REALTY TRUST US COLD 1,685 $51,678.95
031162100 AMGEN INC US AMGN 615 $122,833.95
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 15,000 $10,200.00
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 20,000 $13,700.00
03748R754 APARTMENT INVT & MGMT CO -A US AIV 1,485 $71,042.40
038222105 APPLIED MATERIALS INC US AMAT 872 $50,680.64
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 633 $23,832.45
043436AT1 ASBURY AUTOMOTIVE GROUP 4.75000 03/01/2030 US 15,000 $15,262.50
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 20,000 $20,650.00
053332102 AUTOZONE INC US AZO 1,960 $2,023,719.60
053484101 AVALONBAY COMMUNITIES INC US AVB 555 $111,327.45
05401AAJ0 AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 KY 360,000 $362,409.48
055622104 BP PLC-SPONS ADR GB BP 16,555 $518,005.95
05722G100 BAKER HUGHES CO US BKR 1,075 $17,296.75
060505104 BANK OF AMERICA CORP US BAC 4,541 $129,418.50
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 800,000 $872,753.34
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 26,725 $5,514,436.50
086516101 BEST BUY INC US BBY 442 $33,437.30
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 23,950 $2,164,361.50
09247X101 BLACKROCK INC US BLK 8,245 $3,817,517.45
0946580 WEIR GROUP PLC/THE GB WEIR LN 11,505 $194,326.33
097023105 BOEING CO US BA 438 $120,498.18
09857L108 BOOKING HOLDINGS INC US BKNG 1,030 $1,746,529.80
101121101 BOSTON PROPERTIES INC US BXP 618 $79,684.92
101137107 BOSTON SCIENTIFIC CORP US BSX 46,665 $1,744,804.35
105368203 BRANDYWINE REALTY TRUST US BDN 4,405 $59,819.90
110122108 BRISTOL MYERS SQUIBB CO US BMY 1,594 $94,141.64
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 2,795 $111,241.00
11135F101 BROADCOM INC US AVGO 316 $86,147.92
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 20,000 $10,600.00
1248EPCE1 CCO HLDGS LLC/CAP CORP 4.50000 08/15/2030 US 15,000 $15,168.75
12503M108 CBOE GLOBAL MARKETS INC US CBOE 22,335 $2,546,190.00
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 293 $20,187.70
12572Q105 CME GROUP INC US CME 13,345 $2,653,252.90
12662PAD0 CVR ENERGY INC 5.75000 02/15/2028 US 15,000 $14,175.00
126650100 CVS HEALTH CORP US CVS 1,282 $75,868.76
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 25,000 $26,375.00
133131102 CAMDEN PROPERTY TRUST US CPT 835 $88,493.30
13321L108 CAMECO CORP CA CCJ 19,957 $173,226.76
14180LAA4 CARGO AIRCRAFT MANAGEMENT 4.75000 02/01/2028 US 15,000 $14,868.75
149123101 CATERPILLAR INC US CAT 527 $65,474.48
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 15,000 $15,028.13
166764100 CHEVRON CORP US CVX 5,947 $555,092.98
17275R102 CISCO SYSTEMS INC US CSCO 3,032 $121,067.76
172967424 CITIGROUP INC US C 1,286 $81,609.56
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 150,000 $259,682.84
191216100 COCA COLA CO/THE US KO 122,370 $6,545,571.30
194162103 COLGATE-PALMOLIVE CO US CL 971 $65,610.47
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 420,000 $453,880.35
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 1,010 $48,106.30
20451NAG6 COMPASS MINERALS INTERNA 6.75000 12/01/2027 US 25,000 $26,500.00
205887102 CONAGRA BRAND INC. US CAG 619 $16,521.11
20825C104 CONOCOPHILLIPS US COP 9,260 $448,369.20
222795502 COUSINS PROPERTIES INC US CUZ 1,984 $70,808.96
225310AN1 CREDIT ACCEPTANC 5.12500 12/31/2024 US 15,000 $15,450.00
22822V101 CROWN CASTLE INTL CORP US CCI 330 $47,285.70
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 580,000 $611,281.52
228368106 CROWN HOLDINGS INC US CCK 28,375 $2,000,437.50
231021106 CUMMINS INC US CMI 250 $37,822.50
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 8,115 $59,974.52
25277LAC0 DIAMOND SPORTS GR/DIAMON 6.62500 08/15/2027 US 25,000 $20,166.25
253868103 DIGITAL REALTY TRUST INC US DLR 105 $12,611.55
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 490,000 $577,671.56
256677105 DOLLAR GENERAL CORP US DG 24,535 $3,687,610.50
256746108 DOLLAR TREE STORES INC US DLTR 43,270 $3,592,708.10
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 30,000 $30,816.00
25960P109 DOUGLAS EMMETT INC US DEI 1,310 $50,015.80
260557103 DOW INC US DOW 738 $29,822.58
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 200,000 $208,810.00
2715777 QUEBECOR INC -CL B CA QBR/B CN 87,480 $2,043,861.28
277432100 EASTMAN CHEM CO US EMN 296 $18,206.96
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 114,195 $1,976,345.58
285512109 ELECTRONIC ARTS US EA 43,050 $4,363,978.50
2866857 LUNDIN MINING CORP CA LUN CN 134,635 $687,092.38
291011104 EMERSON ELEC CO US EMR 798 $51,159.78
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 360,000 $433,843.89
29413XAD9 ENVIVA PARTNERS LP/FIN C 6.50000 01/15/2026 US 25,000 $26,000.50
29444U700 EQUINIX INC US EQIX 5,160 $2,955,648.00
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 485 $33,140.05
29476L107 EQUITY RESIDENTIAL US EQR 740 $55,574.00
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 1,678 $38,442.98
297178105 ESSEX PROPERTY TRUST INC US ESS 157 $44,487.52
30225T102 EXTRA SPACE STORAGE INC US EXR 180 $18,064.80
30303M102 FACEBOOK INC -A US FB 31,650 $6,091,675.50
30744W107 FARFETCH LTD - CLASS A GB FTCH 5,640 $62,998.80
311900104 FASTENAL CO US FAST 955 $32,680.10
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 125 $14,542.50
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 20,000 $22,200.00
316773100 FIFTH THIRD BANCORP US FITB 1,105 $26,962.00
32054K103 FIRST INDUSTRIAL REALTY TR US FR 675 $25,987.50
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 25,000 $25,109.50
339750101 FLOOR & DECOR HOLDINGS INC -A US FND 27,685 $1,413,319.25
346232AE1 FORESTAR GROUP INC 5.00000 03/01/2028 US 25,000 $24,562.50
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 15,000 $15,712.50
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 25,000 $25,992.50
35671D857 FREEPORT-MCMORAN INC US FCX 98,820 $984,247.20
364760108 GAP INC US GPS 744 $10,661.52
369550108 GENERAL DYNAMICS CORP US GD 244 $38,964.36
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 250,000 $244,742.50
370334104 GENERAL MLS INC US GIS 875 $42,875.00
37185LAL6 GENESIS ENERGY LP/FIN 7.75000 02/01/2028 US 25,000 $21,500.00
372460105 GENUINE PARTS CO US GPC 302 $26,346.48
374297109 GETTY REALTY CORP US GTY 725 $20,546.50
375558103 GILEAD SCIENCES INC US GILD 1,402 $97,242.72
37960JAA6 GLOBAL AIR LEASE CO LTD 6.50000 09/15/2024 KY 40,000 $39,400.00
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 189,255 $2,558,727.60
38869PAK0 GRAPHIC PACKAGING INTERN 4.75000 04/15/2021 US 20,000 $20,299.40
398433AN2 GRIFFON CORPORATION 5.75000 03/01/2028 US 15,000 $15,005.55
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 1,025 $111,089.50
40051E202 GRUPO AEROPORTUARIO DEL SURESTE MX ASR 655 $109,385.00
404119BX6 HCA INC 4.12500 06/15/2029 US 400,000 $438,918.03
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 10,000 $10,100.00
406216101 HALLIBURTON CO US HAL 107,879 $1,829,627.84
416515104 HARTFORD FINL SVCS US HIG 442 $22,077.90
421946104 HEALTHCARE REALTY TRUST INC US HR 1,460 $50,078.00
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 900 $28,026.00
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 2,365 $74,828.60
427866108 HERSHEY CO/THE US HSY 313 $45,068.87
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 215 $20,898.00
437076102 HOME DEPOT INC US HD 816 $177,757.44
438516106 HONEYWELL INTERNATIONAL INC US HON 636 $103,140.12
44107P104 HOST MARRIOTT CORP US HST 1,785 $25,846.80
450913AE8 IAMGOLD CORP 7.00000 04/15/2025 CA 25,000 $25,617.50
452308109 ILLINOIS TOOL WKS INC US ITW 355 $59,561.90
45337C102 INCYTE CORP US INCY 10,970 $827,247.70
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 25,000 $25,593.75
45781V101 INNOVATIVE INDUSTRIAL PROPER US IIPR 398 $36,592.12
458140100 INTEL CORP US INTC 3,408 $189,212.16
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 29,330 $2,616,822.60
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 833 $108,414.95
460146103 INTERNATIONAL PAPER CO US IP 529 $19,551.84
46120E602 INTUITIVE SURGICAL INC US ISRG 1,735 $926,420.60
46187W107 INVITATION HOMES INC US INVH 3,937 $112,952.53
46625H100 JP MORGAN CHASE & CO US JPM 1,781 $206,791.91
46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 400,000 $433,661.50
4741844 MERCK KGAA DE MRK GR 18,430 $2,242,636.80
476405105 JERNIGAN CAPITAL INC US JCAP 3,215 $57,612.80
478160104 JOHNSON & JOHNSON US JNJ 43,632 $5,867,631.36
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 35,000 $8,400.00
482480100 KLA-TENCOR CORPORATION US KLAC 260 $39,964.60
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 25,000 $26,250.00
487836108 KELLOGG CO US K 474 $28,662.78
493267108 KEYCORP US KEY 1,513 $24,737.55
49427F108 KILROY REALTY CORP US KRC 214 $15,555.66
494368103 KIMBERLY CLARK CORP US KMB 441 $57,854.79
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 430,000 $576,322.16
500255104 KOHLS CORP US KSS 317 $12,410.55
501044101 KROGER CO US KR 897 $25,232.61
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 35,000 $36,531.25
5107401 BEIERSDORF AG DE BEI GR 25,010 $2,641,004.12
512807108 LAM RESEARCH CORP US LRCX 146 $42,840.78
516806AG1 LAREDO PETROLEUM INC 10.12500 01/15/2028 US 25,000 $17,934.38
53223X107 LIFE STORAGE INC US LSI 160 $17,265.60
539830109 LOCKHEED MARTIN CORP US LMT 251 $92,837.37
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 15,000 $9,787.50
550021109 LULULEMON - ADR CA LULU 20,582 $4,474,732.62
56585A102 MARATHON PETROLEUM CORP US MPC 947 $44,906.74
57636Q104 MASTERCARD INC-CLASS A US MA 18,795 $5,455,248.75
57772K101 MAXIM INTEGRATED PRODUCTS US MXIM 421 $23,416.02
58933Y105 MERCK & CO INC US MRK 13,254 $1,014,726.24
594918104 MICROSOFT CORP US MSFT 29,610 $4,797,116.10
595112103 MICRON TECHNOLOGY INC US MU 99,365 $5,222,624.40
59522J103 MID-AMERICA APARTMENT COMM US MAA 255 $32,961.30
60871R209 MOLSON COORS BREWING CO -B US TAP 326 $16,172.86
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 112,793 $5,955,470.40
615369105 MOODY'S CORPORATION US MCO 11,675 $2,802,350.25
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 15,000 $8,770.50
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 35,000 $34,114.50
6356934 FANUC LTD JP 6954 JP 600 $98,528.36
637417106 NATIONAL RETAIL PROPERTIES US NNN 570 $28,984.50
63938CAA6 NAVIENT CORP 5.00000 10/26/2020 US 25,000 $25,242.50
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 15,000 $15,825.00
64110D104 NETAPP INC US NTAP 324 $15,137.28
6490995 KEYENCE CORP JP 6861 JP 500 $159,652.78
654106103 NIKE INC CLASS B US NKE 44,695 $3,994,839.10
6642321 NIKON CORP JP 7731 JP 6,100 $62,310.10
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 35,000 $26,600.00
66987V109 NOVARTIS AG- REG CH NVS 31,055 $2,607,377.80
670346105 NUCOR CORP US NUE 579 $23,941.65
67059TAD7 NUSTAR LOGISTICS LP 6.75000 02/01/2021 US 15,000 $15,301.50
67066G104 NVIDIA CORP US NVDA 7,790 $2,103,845.30
67401PAB4 OAKTREE SPECIALTY LEND 3.50000 02/25/2025 US 25,000 $25,033.06
6742340 SHANDONG WEIGAO CN 1066 HK 164,000 $213,999.93
674599105 OCCIDENTAL PETROLEUM CORP US OXY 635 $20,789.90
675232102 OCEANEERING INTL INC US OII 91,325 $962,565.50
675232AB8 OCEANEERING INTL INC 6.00000 02/01/2028 US 25,000 $23,312.50
681936100 OMEGA HEALTHCARE INVS INC US OHI 830 $32,868.00
6821506 SONY CORP FIRST SECTION JP 6758 JP 3,500 $215,767.59
7021963 DEUTSCHE BOERSE AG DE DB1 GR 18,995 $2,988,928.13
70450Y103 PAYPAL HOLDINGS INC US PYPL 18,535 $2,001,594.65
7123870 NESTLE SA-REGISTERED CH NESN SW 28,670 $2,950,309.89
713448108 PEPSICO INC US PEP 29,525 $3,898,185.75
717081103 PFIZER INC US PFE 4,364 $145,844.88
718172109 PHILIP MORRIS INTERNATIONAL US PM 35,435 $2,901,063.45
718546104 PHILLIPS 66 US PSX 452 $33,836.72
719245AD4 PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 US 25,000 $23,687.50
71943U104 PHYSICIANS REALTY TRUST US DOC 2,990 $56,391.40
729640102 PLYMOUTH INDUSTRIAL REIT INC US PLYM 1,080 $20,271.60
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 470,000 $514,680.33
74166MAB2 PRIME SECSRVC BRW/FINANC 5.25000 04/15/2024 US 15,000 $15,525.00
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 15,000 $15,445.50
74340E103 PROGYNY INC US PGNY 38,450 $1,058,528.50
74340W103 PROLOGIS US PLD 2,122 $178,842.16
74460D109 PUBLIC STORAGE INC US PSA 375 $78,420.00
74834L100 QUEST DIAGNOSTICS INC US DGX 221 $23,439.26
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 25,000 $26,500.00
756109104 REALTY INCOME CORP US O 380 $27,508.20
758849103 REGENCY CENTERS CORP US REG 520 $29,868.80
7591EP100 REGIONS FINANCIAL CORP. US RF 1,365 $18,454.80
76131D103 RESTAURANT BRANDS INTERN CA QSR 4,620 $270,270.00
7698356 GETINGE AB-B SHS SE GETIB SS 8,255 $138,437.97
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 25,000 $25,076.76
773903109 ROCKWELL AUTOMATION INC US ROK 145 $26,607.50
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 11,570 $515,212.10
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 25,475 $1,826,048.00
78409V104 S&P GLOBAL INC US SPGI 9,970 $2,651,122.70
78410G104 SBA COMMUNICATIONS CORP US SBAC 14,040 $3,721,863.60
78442PGC4 SLM CORP 5.12500 04/05/2022 US 35,000 $35,700.00
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 620,000 $719,676.96
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 530,000 $589,121.68
806857108 SCHLUMBERGER LTD NL SLB 51,431 $1,393,265.79
81141R100 SEA LTD - ADR SG SE 29,710 $1,338,732.60
812578102 SEATTLE GENETICS INC US SGEN 9,260 $1,054,343.60
81762P102 SERVICENOW INC US NOW 15,335 $5,000,590.15
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 30,000 $24,900.00
828806109 SIMON PROPERTY GROUP INC US SPG 640 $78,771.20
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 207 $21,318.93
835699307 SONY CORP SPONSORED ADR JP SNE 61,390 $3,818,458.00
84265V105 SOUTHERN COPPER CORPORATION US SCCO 40,685 $1,369,050.25
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 370,000 $370,555.00
852061AR1 SPRINT COMMUNICATIONS 7.00000 08/15/2020 US 40,000 $40,800.00
85207UAE5 SPRINT CORP 7.25000 09/15/2021 US 15,000 $15,920.25
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 25,000 $28,364.50
85254J102 STAG INDUSTRIAL INC US STAG 1,520 $42,529.60
85571BAP0 STARWOOD PROPERTY TRUST 3.62500 02/01/2021 US 25,000 $24,781.25
857949BL0 SS INT BEARING FD .022% 01/02/15 US 3,511,911.54 $3,511,911.54
862121100 STORE CAPITAL CORP US STOR 1,390 $45,675.40
866674104 SUN COMMUNITIES US SUI 550 $84,084.00
86723CAF5 SUNCOKE ENRGY PART LP/FI 7.50000 06/15/2025 US 15,000 $13,500.00
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 1,475 $16,151.25
871829107 SYSCO CORP US SYY 686 $45,721.90
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 20,000 $14,000.00
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 390,000 $442,271.66
882508104 TEXAS INSTRUMENTS INC US TXN 867 $98,959.38
883556102 THERMO FISHER SCIENTIFIC INC US TMO 6,245 $1,816,046.00
88579Y101 3M CO US MMM 569 $84,917.56
89151E109 TOTAL S A SPONSORED ADR FR TOT 12,270 $529,327.80
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 10,000 $10,100.00
89417E109 TRAVELLERS COS INC US TRV 251 $30,072.31
89832Q109 TRUIST FINANCIAL CORP US TFC 1,449 $66,856.86
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 40,000 $38,000.00
902494103 TYSON FOODS INC -CL A US TSN 379 $25,707.57
902653104 UDR INC US UDR 937 $42,146.26
902973304 U.S. BANCORP US USB 1,667 $77,415.48
903002103 UMH PROPERTIES INC US UMH 1,165 $16,904.15
904767704 UNILEVER PLC - ADR GB UL 64,569 $3,482,206.17
907818108 UNION PAC CORP US UNP 635 $101,479.35
911312106 UNITED PARCEL SERVICE US UPS 948 $85,784.52
912796TQ2 TREASURY BILL 0.00000 04/09/2020 US 1,570,000 $1,567,687.77
912810FS2 TSY INFL IX N/B 2.00000 01/15/2026 US 1,404,782.05 $1,600,918.58
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 942,780.25 $1,083,493.47
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 2,270,000 $2,648,185.54
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 2,020,000 $2,604,774.22
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 3,142,753.12 $3,149,590.59
912828K74 US TREASURY N/B 2.00000 08/15/2025 US 9,822,000 $10,360,291.67
912828YN4 US TREASURY FRN 1.45838 10/31/2021 US 9,775,000 $9,811,695.94
913017109 UNITED TECHNOLOGIES CORP US UTX 745 $97,289.55
91324P102 UNITEDHEALTH GROUP INC US UNH 7,335 $1,870,131.60
91336L107 UNIVAR SOLUTIONS INC US UNVR 94,660 $1,608,273.40
91704F104 URBAN EDGE PROPERTIES US UE 1,675 $27,135.00
918204108 VF CORP US VFC 495 $35,640.00
91913Y100 VALERO ENERGY US VLO 571 $37,828.75
92276F100 VENTAS INC US VTR 786 $42,263.22
92339V100 VEREIT INC US VER 3,235 $28,015.10
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 670,000 $895,032.06
92511U102 VERRA MOBILITY CORP US VRRM 283,775 $4,297,772.38
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 4,695 $1,051,820.85
92556H206 VIACOMCBS INC US VIAC 394 $9,696.34
92826C839 VISA INC - CLASS A SHARES US V 23,445 $4,261,363.20
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 25,000 $23,375.00
929042109 VORNADO REALTY TRUST US VNO 190 $10,180.20
931142103 WAL MART STORES US WMT 1,990 $214,283.20
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 994 $45,485.44
94106L109 WASTE MANAGEMENT INC US WM 510 $56,513.10
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 25,000 $26,000.00
949746101 WELLS FARGO COMPANY US WFC 3,522 $143,873.70
95040Q104 WELLTOWER INC. US WELL 941 $70,405.62
958102105 WESTERN DIGITAL CORP US WDC 413 $22,946.28
966387AH5 WHITING PETROLEUM CORP 5.75000 03/15/2021 US 25,000 $14,375.00
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 410,000 $430,279.84
98311A105 WYNDHAM HOTELS & RESORTS INC US WH 605 $30,824.75
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 40,000 $38,400.00
B02J639 ADMIRAL GROUP PLC GB ADM LN 9,215 $252,916.23
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 16,500 $108,013.26
B1Y47Y7 GERRESHEIMER AG DE GXI GR 2,395 $172,650.25
B1Y9TB3 DANONE FR BN FP 4,153 $293,111.97
B4YVF56 BRENNTAG AG DE BNR GR 41,450 $1,880,708.32
B63QM77 NEXON CO LTD JP 3659 JP 339,000 $5,360,927.59
B7KR2P8 EASY JET PLC GB EZJ LN 129,110 $1,863,751.37
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 3,220 $64,705.50
BD3HF92 BSR REAL ESTATE INVESTMENT CA HOM/U CN 1,460 $18,174.81
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 17,065 $23,045.25
BGHVXC0 DRILLING CO OF 1972/THE DK DRLCO DC 2,640 $116,901.87
BGJW376 MEITUAN DIANPING - CLASS B CN 3690 HK 4,900 $63,219.78
BJ2KSG2 AKZO NOBEL NL AKZA NA 2,139 $171,141.96
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 86,961 $4,409,332.07
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 40,745 $176,499.29
BNGN9Z1 FINECOBANK SPA IT FBK IM 131,905 $1,384,078.71
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 63,740 $1,988,617.35
BVYVFW2 AUTO TRADER GROUP PLC GB AUTO LN 8,335 $56,124.14
BYXS699 QIAGEN N.V. NL QIA GR 4,363 $159,908.59
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 36,683 $2,119,577.22
BZ0VW78 BINGO INDUSTRIES LTD AU BIN AU 34,085 $64,426.41
G0750C108 AXALTA COATING SYSTEMS LTD US AXTA 51,320 $1,278,894.40
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 5,495 $152,101.60
G29183103 EATON CORP PLC US ETN 583 $52,889.76
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 1,093 $39,971.01
G5960L103 MEDTRONIC INC IE MDT 47,718 $4,803,771.06
G97822103 PERRIGO CO PLC IE PRGO 3,540 $179,442.60
H01301128 ALCON INC CH ALC 28,830 $1,767,279.00
H1467J104 CHUBB LTD CH CB 363 $52,645.89
N22717107 CORE LABORATORIES N.V. NL CLB 42,900 $1,151,436.00
N47279109 INTERXION HOLDING NV NL INXN 1,210 $102,716.90
N53745100 LYONDELLBASELL INDU-CL A US LYB 549 $39,231.54
N72482123 QIAGEN N.V. ADR NL QGEN 36,745 $1,319,145.50

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

$38.02

Daily $ Change

$2.07

Daily % Change

5.44%

as of 04/06/2020

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 02/29/2020

YTD

-5.12%

1 Year

10.03%

3 Year

9.53%

5 Year

6.41%

10 Year

8.64%

Inception
(01/01/2000)

7.21%

US Stock Market Cycle (04/01/2000 - 02/29/2020)

7.35%

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 02/29/2020

TREASURY NOTES 7.01%
COCA COLA CO/THE 2.28%
FACEBOOK INC -A 2.12%
MONDELEZ INTERNATIONAL INC 2.07%
JOHNSON & JOHNSON 2.04%
BERKSHIRE HATHAWAY INC-CL B 1.92%
MASTERCARD INC-CLASS A 1.90%
NEXON CO LTD 1.86%
TREASURY BONDS 1.83%
MICRON TECHNOLOGY INC 1.82%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 02/29/2020

Stocks
83.03%
Bonds
15.76%
Cash
1.21%

Detailed Asset Class Allocation

As of 02/29/2020

International Equities
25.46%
Small Capitalization
2.85%
Mid Capitalization
3.52%
Large Capitalization
51.19%
Long Term Fixed Income
3.28%
Intermediate Term Fixed Income
7.14%
Short Term Fixed Income
5.35%
Cash
1.21%

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

February Fund Holdings

As of 02/29/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 15,000 $15,640.80
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 510,000 $574,787.63
00287Y109 ABBVIE INC US ABBV 1,407 $120,593.97
004239109 ACADIA REALTY TRUST US AKR 1,265 $28,892.60
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 15,000 $14,658.00
00507V109 ACTIVISION INC US ATVI 44,830 $2,605,967.90
00751Y106 ADVANCE AUTO PARTS INC US AAP 15,830 $2,105,073.40
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 310,000 $341,848.11
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 20,000 $21,050.00
008492100 AGREE REALTY CORP US ADC 340 $24,418.80
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 320,000 $339,409.93
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 130 $19,744.40
01609W102 ALIBABA GROUP - ADR CN BABA 7,565 $1,573,520.00
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 400,000 $430,858.87
020002101 ALLSTATE CORPORATION US ALL 329 $34,627.25
02079K107 ALPHABET INC-CL C US GOOG 2,015 $2,698,749.95
02079K305 ALPHABET INC-CL A US GOOGL 2,020 $2,705,285.00
02209S103 ALTRIA GROUP INC US MO 42,965 $1,734,497.05
023135106 AMAZON.COM INC US AMZN 1,840 $3,466,100.00
02319V103 AMBEV SA-ADR BR ABEV 607,850 $1,951,198.50
0237400 DIAGEO PLC GB DGE LN 56,904 $2,030,310.63
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 1,255 $54,517.20
0263494 BAE SYSTEMS PLC GB BA/ LN 35,525 $281,005.65
02665T306 AMERICAN HOMES 4 RENT- A US AMH 2,790 $72,233.10
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 45,000 $46,804.25
03027X100 AMERICAN TOWER REIT INC US AMT 14,675 $3,328,290.00
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 530,000 $583,859.27
03064D108 AMERICOLD REALTY TRUST US COLD 1,685 $51,678.95
031162100 AMGEN INC US AMGN 615 $122,833.95
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 15,000 $10,200.00
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 20,000 $13,700.00
03748R754 APARTMENT INVT & MGMT CO -A US AIV 1,485 $71,042.40
038222105 APPLIED MATERIALS INC US AMAT 872 $50,680.64
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 633 $23,832.45
043436AT1 ASBURY AUTOMOTIVE GROUP 4.75000 03/01/2030 US 15,000 $15,262.50
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 20,000 $20,650.00
053332102 AUTOZONE INC US AZO 1,960 $2,023,719.60
053484101 AVALONBAY COMMUNITIES INC US AVB 555 $111,327.45
05401AAJ0 AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 KY 360,000 $362,409.48
055622104 BP PLC-SPONS ADR GB BP 16,555 $518,005.95
05722G100 BAKER HUGHES CO US BKR 1,075 $17,296.75
060505104 BANK OF AMERICA CORP US BAC 4,541 $129,418.50
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 800,000 $872,753.34
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 26,725 $5,514,436.50
086516101 BEST BUY INC US BBY 442 $33,437.30
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 23,950 $2,164,361.50
09247X101 BLACKROCK INC US BLK 8,245 $3,817,517.45
0946580 WEIR GROUP PLC/THE GB WEIR LN 11,505 $194,326.33
097023105 BOEING CO US BA 438 $120,498.18
09857L108 BOOKING HOLDINGS INC US BKNG 1,030 $1,746,529.80
101121101 BOSTON PROPERTIES INC US BXP 618 $79,684.92
101137107 BOSTON SCIENTIFIC CORP US BSX 46,665 $1,744,804.35
105368203 BRANDYWINE REALTY TRUST US BDN 4,405 $59,819.90
110122108 BRISTOL MYERS SQUIBB CO US BMY 1,594 $94,141.64
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 2,795 $111,241.00
11135F101 BROADCOM INC US AVGO 316 $86,147.92
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 20,000 $10,600.00
1248EPCE1 CCO HLDGS LLC/CAP CORP 4.50000 08/15/2030 US 15,000 $15,168.75
12503M108 CBOE GLOBAL MARKETS INC US CBOE 22,335 $2,546,190.00
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 293 $20,187.70
12572Q105 CME GROUP INC US CME 13,345 $2,653,252.90
12662PAD0 CVR ENERGY INC 5.75000 02/15/2028 US 15,000 $14,175.00
126650100 CVS HEALTH CORP US CVS 1,282 $75,868.76
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 25,000 $26,375.00
133131102 CAMDEN PROPERTY TRUST US CPT 835 $88,493.30
13321L108 CAMECO CORP CA CCJ 19,957 $173,226.76
14180LAA4 CARGO AIRCRAFT MANAGEMENT 4.75000 02/01/2028 US 15,000 $14,868.75
149123101 CATERPILLAR INC US CAT 527 $65,474.48
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 15,000 $15,028.13
166764100 CHEVRON CORP US CVX 5,947 $555,092.98
17275R102 CISCO SYSTEMS INC US CSCO 3,032 $121,067.76
172967424 CITIGROUP INC US C 1,286 $81,609.56
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 150,000 $259,682.84
191216100 COCA COLA CO/THE US KO 122,370 $6,545,571.30
194162103 COLGATE-PALMOLIVE CO US CL 971 $65,610.47
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 420,000 $453,880.35
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 1,010 $48,106.30
20451NAG6 COMPASS MINERALS INTERNA 6.75000 12/01/2027 US 25,000 $26,500.00
205887102 CONAGRA BRAND INC. US CAG 619 $16,521.11
20825C104 CONOCOPHILLIPS US COP 9,260 $448,369.20
222795502 COUSINS PROPERTIES INC US CUZ 1,984 $70,808.96
225310AN1 CREDIT ACCEPTANC 5.12500 12/31/2024 US 15,000 $15,450.00
22822V101 CROWN CASTLE INTL CORP US CCI 330 $47,285.70
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 580,000 $611,281.52
228368106 CROWN HOLDINGS INC US CCK 28,375 $2,000,437.50
231021106 CUMMINS INC US CMI 250 $37,822.50
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 8,115 $59,974.52
25277LAC0 DIAMOND SPORTS GR/DIAMON 6.62500 08/15/2027 US 25,000 $20,166.25
253868103 DIGITAL REALTY TRUST INC US DLR 105 $12,611.55
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 490,000 $577,671.56
256677105 DOLLAR GENERAL CORP US DG 24,535 $3,687,610.50
256746108 DOLLAR TREE STORES INC US DLTR 43,270 $3,592,708.10
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 30,000 $30,816.00
25960P109 DOUGLAS EMMETT INC US DEI 1,310 $50,015.80
260557103 DOW INC US DOW 738 $29,822.58
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 200,000 $208,810.00
2715777 QUEBECOR INC -CL B CA QBR/B CN 87,480 $2,043,861.28
277432100 EASTMAN CHEM CO US EMN 296 $18,206.96
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 114,195 $1,976,345.58
285512109 ELECTRONIC ARTS US EA 43,050 $4,363,978.50
2866857 LUNDIN MINING CORP CA LUN CN 134,635 $687,092.38
291011104 EMERSON ELEC CO US EMR 798 $51,159.78
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 360,000 $433,843.89
29413XAD9 ENVIVA PARTNERS LP/FIN C 6.50000 01/15/2026 US 25,000 $26,000.50
29444U700 EQUINIX INC US EQIX 5,160 $2,955,648.00
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 485 $33,140.05
29476L107 EQUITY RESIDENTIAL US EQR 740 $55,574.00
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 1,678 $38,442.98
297178105 ESSEX PROPERTY TRUST INC US ESS 157 $44,487.52
30225T102 EXTRA SPACE STORAGE INC US EXR 180 $18,064.80
30303M102 FACEBOOK INC -A US FB 31,650 $6,091,675.50
30744W107 FARFETCH LTD - CLASS A GB FTCH 5,640 $62,998.80
311900104 FASTENAL CO US FAST 955 $32,680.10
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 125 $14,542.50
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 20,000 $22,200.00
316773100 FIFTH THIRD BANCORP US FITB 1,105 $26,962.00
32054K103 FIRST INDUSTRIAL REALTY TR US FR 675 $25,987.50
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 25,000 $25,109.50
339750101 FLOOR & DECOR HOLDINGS INC -A US FND 27,685 $1,413,319.25
346232AE1 FORESTAR GROUP INC 5.00000 03/01/2028 US 25,000 $24,562.50
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 15,000 $15,712.50
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 25,000 $25,992.50
35671D857 FREEPORT-MCMORAN INC US FCX 98,820 $984,247.20
364760108 GAP INC US GPS 744 $10,661.52
369550108 GENERAL DYNAMICS CORP US GD 244 $38,964.36
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 250,000 $244,742.50
370334104 GENERAL MLS INC US GIS 875 $42,875.00
37185LAL6 GENESIS ENERGY LP/FIN 7.75000 02/01/2028 US 25,000 $21,500.00
372460105 GENUINE PARTS CO US GPC 302 $26,346.48
374297109 GETTY REALTY CORP US GTY 725 $20,546.50
375558103 GILEAD SCIENCES INC US GILD 1,402 $97,242.72
37960JAA6 GLOBAL AIR LEASE CO LTD 6.50000 09/15/2024 KY 40,000 $39,400.00
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 189,255 $2,558,727.60
38869PAK0 GRAPHIC PACKAGING INTERN 4.75000 04/15/2021 US 20,000 $20,299.40
398433AN2 GRIFFON CORPORATION 5.75000 03/01/2028 US 15,000 $15,005.55
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 1,025 $111,089.50
40051E202 GRUPO AEROPORTUARIO DEL SURESTE MX ASR 655 $109,385.00
404119BX6 HCA INC 4.12500 06/15/2029 US 400,000 $438,918.03
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 10,000 $10,100.00
406216101 HALLIBURTON CO US HAL 107,879 $1,829,627.84
416515104 HARTFORD FINL SVCS US HIG 442 $22,077.90
421946104 HEALTHCARE REALTY TRUST INC US HR 1,460 $50,078.00
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 900 $28,026.00
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 2,365 $74,828.60
427866108 HERSHEY CO/THE US HSY 313 $45,068.87
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 215 $20,898.00
437076102 HOME DEPOT INC US HD 816 $177,757.44
438516106 HONEYWELL INTERNATIONAL INC US HON 636 $103,140.12
44107P104 HOST MARRIOTT CORP US HST 1,785 $25,846.80
450913AE8 IAMGOLD CORP 7.00000 04/15/2025 CA 25,000 $25,617.50
452308109 ILLINOIS TOOL WKS INC US ITW 355 $59,561.90
45337C102 INCYTE CORP US INCY 10,970 $827,247.70
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 25,000 $25,593.75
45781V101 INNOVATIVE INDUSTRIAL PROPER US IIPR 398 $36,592.12
458140100 INTEL CORP US INTC 3,408 $189,212.16
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 29,330 $2,616,822.60
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 833 $108,414.95
460146103 INTERNATIONAL PAPER CO US IP 529 $19,551.84
46120E602 INTUITIVE SURGICAL INC US ISRG 1,735 $926,420.60
46187W107 INVITATION HOMES INC US INVH 3,937 $112,952.53
46625H100 JP MORGAN CHASE & CO US JPM 1,781 $206,791.91
46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 400,000 $433,661.50
4741844 MERCK KGAA DE MRK GR 18,430 $2,242,636.80
476405105 JERNIGAN CAPITAL INC US JCAP 3,215 $57,612.80
478160104 JOHNSON & JOHNSON US JNJ 43,632 $5,867,631.36
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 35,000 $8,400.00
482480100 KLA-TENCOR CORPORATION US KLAC 260 $39,964.60
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 25,000 $26,250.00
487836108 KELLOGG CO US K 474 $28,662.78
493267108 KEYCORP US KEY 1,513 $24,737.55
49427F108 KILROY REALTY CORP US KRC 214 $15,555.66
494368103 KIMBERLY CLARK CORP US KMB 441 $57,854.79
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 430,000 $576,322.16
500255104 KOHLS CORP US KSS 317 $12,410.55
501044101 KROGER CO US KR 897 $25,232.61
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 35,000 $36,531.25
5107401 BEIERSDORF AG DE BEI GR 25,010 $2,641,004.12
512807108 LAM RESEARCH CORP US LRCX 146 $42,840.78
516806AG1 LAREDO PETROLEUM INC 10.12500 01/15/2028 US 25,000 $17,934.38
53223X107 LIFE STORAGE INC US LSI 160 $17,265.60
539830109 LOCKHEED MARTIN CORP US LMT 251 $92,837.37
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 15,000 $9,787.50
550021109 LULULEMON - ADR CA LULU 20,582 $4,474,732.62
56585A102 MARATHON PETROLEUM CORP US MPC 947 $44,906.74
57636Q104 MASTERCARD INC-CLASS A US MA 18,795 $5,455,248.75
57772K101 MAXIM INTEGRATED PRODUCTS US MXIM 421 $23,416.02
58933Y105 MERCK & CO INC US MRK 13,254 $1,014,726.24
594918104 MICROSOFT CORP US MSFT 29,610 $4,797,116.10
595112103 MICRON TECHNOLOGY INC US MU 99,365 $5,222,624.40
59522J103 MID-AMERICA APARTMENT COMM US MAA 255 $32,961.30
60871R209 MOLSON COORS BREWING CO -B US TAP 326 $16,172.86
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 112,793 $5,955,470.40
615369105 MOODY'S CORPORATION US MCO 11,675 $2,802,350.25
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 15,000 $8,770.50
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 35,000 $34,114.50
6356934 FANUC LTD JP 6954 JP 600 $98,528.36
637417106 NATIONAL RETAIL PROPERTIES US NNN 570 $28,984.50
63938CAA6 NAVIENT CORP 5.00000 10/26/2020 US 25,000 $25,242.50
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 15,000 $15,825.00
64110D104 NETAPP INC US NTAP 324 $15,137.28
6490995 KEYENCE CORP JP 6861 JP 500 $159,652.78
654106103 NIKE INC CLASS B US NKE 44,695 $3,994,839.10
6642321 NIKON CORP JP 7731 JP 6,100 $62,310.10
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 35,000 $26,600.00
66987V109 NOVARTIS AG- REG CH NVS 31,055 $2,607,377.80
670346105 NUCOR CORP US NUE 579 $23,941.65
67059TAD7 NUSTAR LOGISTICS LP 6.75000 02/01/2021 US 15,000 $15,301.50
67066G104 NVIDIA CORP US NVDA 7,790 $2,103,845.30
67401PAB4 OAKTREE SPECIALTY LEND 3.50000 02/25/2025 US 25,000 $25,033.06
6742340 SHANDONG WEIGAO CN 1066 HK 164,000 $213,999.93
674599105 OCCIDENTAL PETROLEUM CORP US OXY 635 $20,789.90
675232102 OCEANEERING INTL INC US OII 91,325 $962,565.50
675232AB8 OCEANEERING INTL INC 6.00000 02/01/2028 US 25,000 $23,312.50
681936100 OMEGA HEALTHCARE INVS INC US OHI 830 $32,868.00
6821506 SONY CORP FIRST SECTION JP 6758 JP 3,500 $215,767.59
7021963 DEUTSCHE BOERSE AG DE DB1 GR 18,995 $2,988,928.13
70450Y103 PAYPAL HOLDINGS INC US PYPL 18,535 $2,001,594.65
7123870 NESTLE SA-REGISTERED CH NESN SW 28,670 $2,950,309.89
713448108 PEPSICO INC US PEP 29,525 $3,898,185.75
717081103 PFIZER INC US PFE 4,364 $145,844.88
718172109 PHILIP MORRIS INTERNATIONAL US PM 35,435 $2,901,063.45
718546104 PHILLIPS 66 US PSX 452 $33,836.72
719245AD4 PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 US 25,000 $23,687.50
71943U104 PHYSICIANS REALTY TRUST US DOC 2,990 $56,391.40
729640102 PLYMOUTH INDUSTRIAL REIT INC US PLYM 1,080 $20,271.60
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 470,000 $514,680.33
74166MAB2 PRIME SECSRVC BRW/FINANC 5.25000 04/15/2024 US 15,000 $15,525.00
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 15,000 $15,445.50
74340E103 PROGYNY INC US PGNY 38,450 $1,058,528.50
74340W103 PROLOGIS US PLD 2,122 $178,842.16
74460D109 PUBLIC STORAGE INC US PSA 375 $78,420.00
74834L100 QUEST DIAGNOSTICS INC US DGX 221 $23,439.26
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 25,000 $26,500.00
756109104 REALTY INCOME CORP US O 380 $27,508.20
758849103 REGENCY CENTERS CORP US REG 520 $29,868.80
7591EP100 REGIONS FINANCIAL CORP. US RF 1,365 $18,454.80
76131D103 RESTAURANT BRANDS INTERN CA QSR 4,620 $270,270.00
7698356 GETINGE AB-B SHS SE GETIB SS 8,255 $138,437.97
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 25,000 $25,076.76
773903109 ROCKWELL AUTOMATION INC US ROK 145 $26,607.50
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 11,570 $515,212.10
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 25,475 $1,826,048.00
78409V104 S&P GLOBAL INC US SPGI 9,970 $2,651,122.70
78410G104 SBA COMMUNICATIONS CORP US SBAC 14,040 $3,721,863.60
78442PGC4 SLM CORP 5.12500 04/05/2022 US 35,000 $35,700.00
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 620,000 $719,676.96
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 530,000 $589,121.68
806857108 SCHLUMBERGER LTD NL SLB 51,431 $1,393,265.79
81141R100 SEA LTD - ADR SG SE 29,710 $1,338,732.60
812578102 SEATTLE GENETICS INC US SGEN 9,260 $1,054,343.60
81762P102 SERVICENOW INC US NOW 15,335 $5,000,590.15
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 30,000 $24,900.00
828806109 SIMON PROPERTY GROUP INC US SPG 640 $78,771.20
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 207 $21,318.93
835699307 SONY CORP SPONSORED ADR JP SNE 61,390 $3,818,458.00
84265V105 SOUTHERN COPPER CORPORATION US SCCO 40,685 $1,369,050.25
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 370,000 $370,555.00
852061AR1 SPRINT COMMUNICATIONS 7.00000 08/15/2020 US 40,000 $40,800.00
85207UAE5 SPRINT CORP 7.25000 09/15/2021 US 15,000 $15,920.25
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 25,000 $28,364.50
85254J102 STAG INDUSTRIAL INC US STAG 1,520 $42,529.60
85571BAP0 STARWOOD PROPERTY TRUST 3.62500 02/01/2021 US 25,000 $24,781.25
857949BL0 SS INT BEARING FD .022% 01/02/15 US 3,511,911.54 $3,511,911.54
862121100 STORE CAPITAL CORP US STOR 1,390 $45,675.40
866674104 SUN COMMUNITIES US SUI 550 $84,084.00
86723CAF5 SUNCOKE ENRGY PART LP/FI 7.50000 06/15/2025 US 15,000 $13,500.00
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 1,475 $16,151.25
871829107 SYSCO CORP US SYY 686 $45,721.90
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 20,000 $14,000.00
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 390,000 $442,271.66
882508104 TEXAS INSTRUMENTS INC US TXN 867 $98,959.38
883556102 THERMO FISHER SCIENTIFIC INC US TMO 6,245 $1,816,046.00
88579Y101 3M CO US MMM 569 $84,917.56
89151E109 TOTAL S A SPONSORED ADR FR TOT 12,270 $529,327.80
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 10,000 $10,100.00
89417E109 TRAVELLERS COS INC US TRV 251 $30,072.31
89832Q109 TRUIST FINANCIAL CORP US TFC 1,449 $66,856.86
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 40,000 $38,000.00
902494103 TYSON FOODS INC -CL A US TSN 379 $25,707.57
902653104 UDR INC US UDR 937 $42,146.26
902973304 U.S. BANCORP US USB 1,667 $77,415.48
903002103 UMH PROPERTIES INC US UMH 1,165 $16,904.15
904767704 UNILEVER PLC - ADR GB UL 64,569 $3,482,206.17
907818108 UNION PAC CORP US UNP 635 $101,479.35
911312106 UNITED PARCEL SERVICE US UPS 948 $85,784.52
912796TQ2 TREASURY BILL 0.00000 04/09/2020 US 1,570,000 $1,567,687.77
912810FS2 TSY INFL IX N/B 2.00000 01/15/2026 US 1,404,782.05 $1,600,918.58
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 942,780.25 $1,083,493.47
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 2,270,000 $2,648,185.54
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 2,020,000 $2,604,774.22
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 3,142,753.12 $3,149,590.59
912828K74 US TREASURY N/B 2.00000 08/15/2025 US 9,822,000 $10,360,291.67
912828YN4 US TREASURY FRN 1.45838 10/31/2021 US 9,775,000 $9,811,695.94
913017109 UNITED TECHNOLOGIES CORP US UTX 745 $97,289.55
91324P102 UNITEDHEALTH GROUP INC US UNH 7,335 $1,870,131.60
91336L107 UNIVAR SOLUTIONS INC US UNVR 94,660 $1,608,273.40
91704F104 URBAN EDGE PROPERTIES US UE 1,675 $27,135.00
918204108 VF CORP US VFC 495 $35,640.00
91913Y100 VALERO ENERGY US VLO 571 $37,828.75
92276F100 VENTAS INC US VTR 786 $42,263.22
92339V100 VEREIT INC US VER 3,235 $28,015.10
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 670,000 $895,032.06
92511U102 VERRA MOBILITY CORP US VRRM 283,775 $4,297,772.38
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 4,695 $1,051,820.85
92556H206 VIACOMCBS INC US VIAC 394 $9,696.34
92826C839 VISA INC - CLASS A SHARES US V 23,445 $4,261,363.20
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 25,000 $23,375.00
929042109 VORNADO REALTY TRUST US VNO 190 $10,180.20
931142103 WAL MART STORES US WMT 1,990 $214,283.20
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 994 $45,485.44
94106L109 WASTE MANAGEMENT INC US WM 510 $56,513.10
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 25,000 $26,000.00
949746101 WELLS FARGO COMPANY US WFC 3,522 $143,873.70
95040Q104 WELLTOWER INC. US WELL 941 $70,405.62
958102105 WESTERN DIGITAL CORP US WDC 413 $22,946.28
966387AH5 WHITING PETROLEUM CORP 5.75000 03/15/2021 US 25,000 $14,375.00
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 410,000 $430,279.84
98311A105 WYNDHAM HOTELS & RESORTS INC US WH 605 $30,824.75
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 40,000 $38,400.00
B02J639 ADMIRAL GROUP PLC GB ADM LN 9,215 $252,916.23
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 16,500 $108,013.26
B1Y47Y7 GERRESHEIMER AG DE GXI GR 2,395 $172,650.25
B1Y9TB3 DANONE FR BN FP 4,153 $293,111.97
B4YVF56 BRENNTAG AG DE BNR GR 41,450 $1,880,708.32
B63QM77 NEXON CO LTD JP 3659 JP 339,000 $5,360,927.59
B7KR2P8 EASY JET PLC GB EZJ LN 129,110 $1,863,751.37
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 3,220 $64,705.50
BD3HF92 BSR REAL ESTATE INVESTMENT CA HOM/U CN 1,460 $18,174.81
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 17,065 $23,045.25
BGHVXC0 DRILLING CO OF 1972/THE DK DRLCO DC 2,640 $116,901.87
BGJW376 MEITUAN DIANPING - CLASS B CN 3690 HK 4,900 $63,219.78
BJ2KSG2 AKZO NOBEL NL AKZA NA 2,139 $171,141.96
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 86,961 $4,409,332.07
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 40,745 $176,499.29
BNGN9Z1 FINECOBANK SPA IT FBK IM 131,905 $1,384,078.71
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 63,740 $1,988,617.35
BVYVFW2 AUTO TRADER GROUP PLC GB AUTO LN 8,335 $56,124.14
BYXS699 QIAGEN N.V. NL QIA GR 4,363 $159,908.59
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 36,683 $2,119,577.22
BZ0VW78 BINGO INDUSTRIES LTD AU BIN AU 34,085 $64,426.41
G0750C108 AXALTA COATING SYSTEMS LTD US AXTA 51,320 $1,278,894.40
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 5,495 $152,101.60
G29183103 EATON CORP PLC US ETN 583 $52,889.76
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 1,093 $39,971.01
G5960L103 MEDTRONIC INC IE MDT 47,718 $4,803,771.06
G97822103 PERRIGO CO PLC IE PRGO 3,540 $179,442.60
H01301128 ALCON INC CH ALC 28,830 $1,767,279.00
H1467J104 CHUBB LTD CH CB 363 $52,645.89
N22717107 CORE LABORATORIES N.V. NL CLB 42,900 $1,151,436.00
N47279109 INTERXION HOLDING NV NL INXN 1,210 $102,716.90
N53745100 LYONDELLBASELL INDU-CL A US LYB 549 $39,231.54
N72482123 QIAGEN N.V. ADR NL QGEN 36,745 $1,319,145.50

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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