Investment Objective

To provide equal emphasis on long-term capital growth and capital preservation.

Investment Strategy

The portfolio is invested in a moderately conservative mix of securities that seeks to balance growth and capital preservation for a more stable rate of return relative to an investment in the stock market. Holdings are diversified primarily among intermediate to long-term fixed income securities. Because this fund is designed to moderate risk, stocks will typically be a minority in the portfolio, unless the fund manager’s analysis shows that the stock market is especially attractive.

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

May be Appropriate for Investors

  • Who want long-term capital growth and who seek to minimize extreme declines in account value
  • Who have a moderate tolerance for capital risk

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 15+ Years 7-20 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

$12.30

Daily $ Change

$0.03

Daily % Change

0.24%

as of 08/20/2018

CUSIP

302027131

Inception Date

10/15/2013

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

Important Documents

Annual Report
Applications & Forms

Performance

As of 07/31/2018

YTD

1.57%

1 Year

3.90%

3 Year

4.06%

5 Year

4.59%

10 Year

5.69%

Inception
(01/01/2000)

6.36%

US Stock Market Cycle (04/01/2000 - 07/31/2018)

6.33%

Performance through the inception date of the Pro-Mix® CIT Class U units is based on the historical performance of the CIT's oldest unit class. Returns are net of Pro-Mix CIT® Class U 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 0.53%
Net 0.49%*

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

Top Ten Investments

As of 07/31/2018

TREASURY NOTES 15.62%
GOVERNMENT AGENCY 7.04%
TREASURY BONDS 5.24%
TREASURY BILLS 2.10%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 1.63%
BOOKING HOLDINGS INC 1.30%
QORVO INC 1.17%
INCYTE CORP 1.16%
ANHEUSER-BUSCH INBEV SA/NV 1.12%
MICROSOFT CORP 1.06%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 07/31/2018

Bonds 63.55%
Stocks 35.53%
Cash 0.92%

Detailed Asset Class Allocation

As of 07/31/2018

International Equities 12.33%
Small Capitalization 0.55%
Mid Capitalization 2.53%
Large Capitalization 20.12%
Long Term Fixed Income 19.11%
Intermediate Term Fixed Income 28.13%
Short Term Fixed Income 16.31%
Cash 0.92%

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

July Fund Holdings

As of 07/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 2,540,000 $2,513,528.73
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 5,000,000 $4,916,204.35
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 620,000 $640,150.00
004239109 ACADIA REALTY TRUST US AKR 2,050 $55,514.00
0045614 ANTOFAGASTA PLC GB ANTO LN 14,170 $186,095.02
0053673 ASHTEAD GROUP PLC GB AHT LN 2,395 $73,524.70
008492100 AGREE REALTY CORP US ADC 910 $48,448.40
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 75,000 $77,437.50
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 365 $46,515.60
01609W102 ALIBABA GROUP - ADR CN BABA 16,585 $3,105,209.55
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 4,190,000 $3,925,948.88
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 175,000 $176,750.00
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 130,000 $130,195.00
02079K107 ALPHABET INC-CL C US GOOG 1,610 $1,959,788.60
02079K305 ALPHABET INC-CL A US GOOGL 1,590 $1,951,279.80
02155FAC9 ALTICE US FINANCE I CORP 5.50000 05/15/2026 US 125,000 $122,826.25
023135106 AMAZON.COM INC US AMZN 530 $942,043.20
02319V103 AMBEV SA-ADR BR ABEV 646,415 $3,322,573.10
0237400 DIAGEO PLC GB DGE LN 115,455 $4,235,731.75
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 2,330 $96,112.50
0263494 BAE SYSTEMS PLC GB BA/ LN 9,615 $82,307.15
02665T306 AMERICAN HOMES 4 RENT- A US AMH 9,030 $199,924.20
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 2,710,000 $2,600,484.51
03027X100 AMERICAN TOWER REIT INC US AMT 7,100 $1,052,504.00
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 89,435.01 $90,123.51
03064D108 AMERICOLD REALTY TRUST US COLD 1,660 $35,706.60
03748R101 APARTMENT INVT & MGMT CO -A US AIV 3,290 $140,318.50
03784Y200 APPLE HOSPITALITY REIT INC US APLE 4,525 $81,404.75
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 120,000 $117,150.00
0405207 HALMA PLC GB HLMA LN 4,105 $75,725.56
04621WAC4 ASSURED GUARANTY US HLDG 5.00000 07/01/2024 US 2,750,000 $2,842,539.76
0490656 KERRY GROUP PLC-A IE KYGA LN 1,535 $163,339.88
053484101 AVALONBAY COMMUNITIES INC US AVB 2,030 $359,005.50
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 4,000,000 $3,793,348.40
058498106 BALL CORP US BLL 90,110 $3,511,586.70
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 3,990,000 $3,939,656.77
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 31,050 $3,122,388.00
09062X103 BIOGEN IDEC INC US BIIB 3,620 $1,210,419.40
0922320 SMITH & NEPHEW PLC GB SN/ LN 4,185 $72,458.97
09247X101 BLACKROCK INC US BLK 7,400 $3,720,424.00
0946580 WEIR GROUP PLC/THE GB WEIR LN 7,225 $185,142.59
09627J102 BLUEROCK RESIDENTIAL GROWTH US 3,955 $36,267.35
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 3,670,000 $3,916,820.79
09857L108 BOOKING HOLDINGS INC US BKNG 3,140 $6,370,180.80
101121101 BOSTON PROPERTIES INC US BXP 2,055 $257,964.15
105368203 BRANDYWINE REALTY TRUST US BDN 11,280 $186,007.20
110122108 BRISTOL MYERS SQUIBB CO US BMY 32,710 $1,921,712.50
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 2,105 $115,311.90
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 100,000 $99,125.00
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 110,000 $108,075.00
125269100 CF INDUSTRIES HOLDINGS INC US CF 71,435 $3,173,142.70
12591QAR3 COMM 2014-UBS4 A5 3.69400 08/10/2047 US 3,600,000 $3,613,116.24
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 2,640,000 $2,646,600.00
12593GAF9 COMM 2015-PC1 A5 3.90200 07/10/2050 US 1,900,000 $1,918,232.21
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 4,200,000 $4,124,058.12
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 340,000 $327,250.00
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 987,093.74 $916,681.28
13321L108 CAMECO CORP CA CCJ 5,196 $56,116.80
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 12,315 $152,952.30
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 144,438.62 $143,716.43
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 265,000 $249,762.50
15672WAJ3 CEQUEL COM HLDG I/CAP CP 7.50000 04/01/2028 US 105,000 $108,234.00
16411QAB7 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 200,000 $199,000.00
165240102 CHESAPEAKE LODGING TRUST US CHSP 2,335 $74,766.70
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 2,720,000 $3,934,371.88
19625JAA1 CAH 2015-1A A 3.27750 07/17/2032 US 1,034,606.79 $1,034,708.28
19626G108 COLONY CAPITAL INC US CLNY 10,198 $62,819.68
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 2,740 $82,200.00
2112226 SAPUTO INC CA SAP CN 1,090 $36,340.32
2162760 CAE INC CA CAE CN 1,725 $35,936.12
2171573 CANADIAN NATURAL RESOURCES CA CNQ CN 3,085 $113,358.96
2180632 CANADIAN NATL RAILWAY CO CA CNR CN 420 $37,491.18
21871N101 CORECIVIC INC US CXW 9,970 $255,630.80
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 2,330,000 $2,582,846.71
222795106 COUSINS PROPERTIES INC US CUZ 19,645 $183,091.40
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 135,000 $133,312.50
22822V101 CROWN CASTLE INTL CORP US CCI 1,265 $140,199.95
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 663,011.41 $612,732.60
229663109 CUBESMART US CUBE 3,505 $106,411.80
23311RAC0 DCP MIDSTREAM OPERATING 9.75000 03/15/2019 US 80,000 $83,280.00
23331A109 DR HORTON INC US DHI 525 $22,942.50
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 1,950 $30,415.11
23918K108 DAVITA INC. US DVA 41,890 $2,944,029.20
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 225,000 $212,062.50
2392471 GRUPO BIMBO SAB- SERIES A MX BIMBOA MM 21,675 $46,425.45
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 33,155 $116,020.93
2491914 KIMBERLY CLARK DE MEXICO S.A.B. MX 40,500 $74,577.67
25271C102 DIAMOND OFFSHORE DRILLING US DO 60,630 $1,164,096.00
253868103 DIGITAL REALTY TRUST INC US DLR 2,525 $306,585.50
254683BK0 DCENT 2014-A4 2.12000 12/15/2021 US 180,000 $179,019.16
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 2,720,000 $2,678,219.52
2554475 MAGNA INTERNATIONAL INC CA MG CN 650 $39,594.11
2583952 METRO INC CA MRU CN 1,065 $35,907.98
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 210,000 $210,525.00
2639349 GRUPO AEROPORT DEL SURESTE-B MX 5,160 $92,165.85
2643674 GRUPO MEXICO SAB DE CV-SER MX GMEXICOB MM 23,400 $73,661.14
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 310,000 $310,775.00
269246401 ETRADE FINANCIAL CORP US ETFC 29,140 $1,742,863.40
2715777 QUEBECOR INC -CL B CA QBR/B CN 54,100 $1,127,455.89
277276101 EASTGROUP PROPERTIES US EGP 430 $40,987.60
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 49,760 $1,040,834.53
285512109 ELECTRONIC ARTS US EA 20,365 $2,621,993.75
2866857 LUNDIN MINING CORP CA LUN CN 168,645 $933,423.53
294429105 EQUIFAX INC US EFX 20,690 $2,596,595.00
29444U700 EQUINIX INC US EQIX 6,580 $2,890,462.40
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 1,035 $94,174.65
29476L107 EQUITY RESIDENTIAL US EQR 3,270 $213,956.10
297178105 ESSEX PROPERTY TRUST INC US ESS 455 $109,404.75
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 4,675,000 $4,579,475.73
30225T102 EXTRA SPACE STORAGE INC US EXR 1,125 $105,716.25
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 174,159.85 $173,402.60
30261UAJ3 FREMF 2013-K713 B 3.15400 04/25/2046 US 1,200,000 $1,197,341.64
30286XAN9 FREMF 2015-K43 B FLT 3.73435 02/25/2048 US 2,300,000 $2,249,816.07
30290HAE8 FREMF 2012-K708 FLT 3.75035 02/25/2045 US 1,600,000 $1,603,775.52
30291EAE4 FREMF 2013-K712 B FLT 3.35980 05/25/2045 US 675,000 $675,622.69
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 106,303,293.71 $382,989.51
3128M5A91 FHLM POOL G03332 6.00000 10/01/2037 US 52,840.46 $57,766.47
3128M5NM8 FHLM POOL G03696 5.50000 01/01/2038 US 111,608.59 $120,224.09
3128M6B98 FHLM POOL G04264 5.50000 04/01/2038 US 387,057.17 $417,121.53
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 142,687.46 $156,370.24
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 150,658.65 $164,986.80
3128M7KW5 FHLM POOL G05409 5.50000 03/01/2039 US 275,628.47 $296,908.13
3128M8AW4 FHLM POOL G06021 5.50000 01/01/2040 US 107,172.42 $115,460.52
3128M9C83 FHLM POOL G06995 6.00000 05/01/2040 US 335,472.65 $365,960.22
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 13,909.4 $14,351.52
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 27,456.51 $28,363.06
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 18,976.31 $19,594.05
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 14,808.06 $15,353.94
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 25,963.97 $26,895.22
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 2,248,405.98 $2,340,514.25
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 266,853.8 $287,385.48
3132WPDP9 FHLM GOLD POOL FG Q49109 4.00000 07/01/2047 US 1,078,855.29 $1,096,381.09
3132XSLZ1 FHLM GOLD POOL FG Q50343 4.00000 08/01/2047 US 1,231,302.11 $1,250,955.77
31335ABB3 FHLM POOL G60034 4.50000 02/01/2045 US 2,994,593.68 $3,109,365.82
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 800,593.55 $815,756.89
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 31,641.04 $31,986.29
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 1,073,481.54 $1,067,253.84
31371NCJ2 FEDERAL NATL MTG ASSN 256673 5.50000 04/01/2037 US 535,410.98 $577,850.17
3137A2B34 FHMS K009 X1 FLT 1.28587 08/25/2020 US 10,852,271.19 $230,214.65
3137ADTK3 FHMS K014 X1 FLT 1.14899 04/25/2021 US 6,673,794.28 $177,018.39
3137AJMG6 FMHS K016 X1 FLT 1.51423 10/25/2021 US 4,260,380.93 $167,660.90
3137AL6W4 FHMS K706 X1 FLT 1.54170 10/25/2018 US 4,602,790.99 $4,218.92
3137AUPF0 FHMS K021 x1 FLT 1.45553 06/25/2022 US 15,521,483.49 $718,188.35
3137B3NB0 FHMS K030 X1 FLT 0.20117 04/25/2023 US 46,545,532.95 $385,922.98
3137B4GZ3 FHMS K032 X1 FLT 0.10631 05/25/2023 US 29,968,946.37 $150,878.66
3137B5KW2 FHMS K035 A2 3.45800 08/25/2023 US 4,000,000 $4,045,684.40
3137BT7J4 FHMS KJ10 A2 2.91200 12/25/2023 US 1,450,000 $1,427,115.09
3137F4YU0 FHLM POOL FHR4791 4.00000 03/15/2044 US 1,406,031.98 $1,431,935.73
3137FG2L8 FHLM POOL 4801 4.50000 05/15/2044 US 1,423,846.68 $1,471,190.15
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 242,731.88 $254,365.35
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 136,563.71 $143,014.56
3138EQTZ5 FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 1,929,006.68 $2,021,528.09
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65300 01/01/2049 US 2,366,654.46 $2,530,920.14
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 580,446.86 $627,155.13
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 662,445.7 $675,333.38
3140EWG66 FEDERAL NATL MTG ASSN BC2020 3.50000 07/01/2046 US 1,328,464.88 $1,320,151.29
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 768,628.45 $763,818.18
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 1,730,194.71 $1,758,689.65
3140FA5G3 FEDERAL NATL MTG ASSN FN BD3546 4.00000 09/01/2047 US 779,329.58 $792,651.42
3140FEXR0 FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 1,644,272.8 $1,671,353.78
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 1,557,372.87 $1,583,022.55
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 20,390.11 $21,001.96
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 25,148.78 $25,924.97
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 178,294.58 $182,102.65
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 211,025.09 $215,360.53
31410HAQ4 MACYS RETAIL HLDGS INC 6.90000 04/01/2029 US 1,185,000 $1,281,704.54
31410KJV7 FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 338,371.33 $369,562.43
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 325,164.33 $349,888.74
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 115,679.06 $124,553.13
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 9,224.48 $9,373.94
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 122,553.03 $125,245.78
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 689,587.42 $718,767.34
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 603,596.23 $629,034.97
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 961,079.79 $927,693.14
31418MDZ2 FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 181,688.33 $198,268.14
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 72,009.01 $78,511.84
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 210,640.26 $226,724.60
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 338,488.02 $364,967.83
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 18,609.57 $19,352.27
31419BBV6 FEDERAL NATL MTG ASSN AE0951 4.50000 02/01/2041 US 568,018.45 $595,281.98
31428X106 FEDEX CORPORATION US FDX 12,105 $2,976,256.35
3163836 INTERTEK GROUP PLC GB ITRK LN 495 $38,185.29
3174300 BURBERRY GROUP PLC GB BRBY LN 2,590 $71,540.40
32054K103 FIRST INDUSTRIAL REALTY TR US FR 2,205 $71,772.75
3208986 NEXT PLC GB NXT LN 460 $35,812.81
336130AB5 FIRST QUALITY FINANCE CO 5.00000 07/01/2025 US 140,000 $129,150.00
345605109 FOREST CITY REALTY TRUST - A US FCE/A 3,090 $77,157.30
357081AE8 FREMF 2015-K720 B FLT 3.39055 07/25/2022 US 970,000 $946,743.38
35802XAA1 FRESENIUS MED CARE US 6.50000 09/15/2018 US 105,000 $105,399.39
35802XAD5 FRESENIUS MED CARE II 5.62500 07/31/2019 US 1,000,000 $1,023,832.05
36143WAN1 GAHR 2015-NRF BFX FLT 3.38216 12/15/2034 US 1,900,000 $1,898,067.13
36143WAS0 GAHR 2015-NRF DFX FLT 3.38216 12/15/2034 US 900,000 $894,812.13
36174X101 GGP INC US GGP 4,440 $94,660.80
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 52,190.18 $52,682.98
371559105 GENESEE & WYOMING INC -CL A US GWR 24,910 $2,142,260.00
374297109 GETTY REALTY CORP US GTY 2,805 $80,363.25
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 345,000 $342,843.75
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 1,251,364.94 $1,182,544.50
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 150,000 $145,500.00
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 895 $84,622.25
40414L109 HCP INC US HCP 5,290 $137,011.00
4057808 L'OREAL FR OR FP 290 $70,867.36
4061412 LVMH MOET HENNESSY LOUIS VUITTON FR MC FP 120 $41,818.37
410345AL6 HANESBRANDS INC 4.87500 05/15/2026 US 130,000 $125,612.50
4163437 CAP GEMINI FR CAP FP 310 $39,659.15
421946104 HEALTHCARE REALTY TRUST INC US HR 3,295 $97,894.45
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 3,485 $95,210.20
431318AQ7 HILCORP ENERGY I/HILCORP 5.75000 10/01/2025 US 130,000 $129,675.00
44053FAA8 HORIZON PHARMA INC/HORIZ 8.75000 11/01/2024 US 300,000 $318,750.00
44107P104 HOST MARRIOTT CORP US HST 9,290 $194,532.60
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 340,000 $324,700.00
4457624 TRIGANO SA FR TRI FP 1,085 $155,728.30
4497749 KBC GROEP NV BE KBC BB 1,030 $79,071.25
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B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 1,000,000 $53,403.98
B798FW0 NOVOZYMES A/S-B SHARES DK NZYMB DC 695 $36,595.11
B7VQL46 FNAC DARTY SA FR FNAC FP 1,215 $110,240.53
B8FMRX8 COLOPLAST-B DK COLOB DC 680 $74,167.35
BB22L96 KION GROUP AG DE KGX GR 1,500 $102,942.94
BBG00JK0S941 QRVO US 08/17/18 P72.5 US -129 -$9,030.00
BBG00JYPG9N3 QRVO US 08/17/18 C92.5 US -102 -$6,222.00
BBG00L8GY9L9 SCHW US 08/03/18 C52 US -186 -$4,464.00
BBG00LF7ZTY2 MSFT US 08/31/18 P98.5 US -124 -$6,076.00
BD4TZK8 OCI NV NL OCI NA 3,165 $95,685.43
BD6K457 COMPASS GROUP PLC GB CPG LN 1,715 $36,888.31
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 200,000 $203,000.00
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 92,000 $82,302.85
BDZV116 EPIROC AB-A SE EPIA SS 11,785 $141,104.50
BF2DSG3 SIKA AG-REG CH SIKA SW 270 $38,336.85
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 280,000 $255,500.00
BFYFZP5 FERGUSON PLC CH FERG LN 451 $35,566.94
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 930 $206,460.04
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 45,795 $77,968.99
BGLP232 MONCLER SPA IT MONC IM 1,595 $70,297.13
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 109,000 $100,549.19
BHC8X90 NOVO NORDISK A/S-B DK NOVOB DC 725 $36,066.80
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 41,082 $1,869,822.47
BNBNSG0 EURONEXT NV NL ENX FP 1,740 $107,990.51
BNGN9Z1 FINECOBANK SPA IT FBK IM 12,195 $143,003.05
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 79,265 $2,597,551.90
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 2,500 $68,503.68
BSBMKM2 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 88,000 $75,553.83
BVSS790 ELIS SA FR ELIS FP 6,735 $154,597.10
BYQ32R1 NEMAK SAB DE CV MX 118,700 $97,888.37
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 56,000 $41,918.62
BYXS699 QIAGEN N.V. NL QIA GR 2,100 $76,138.75
BYY8LS2 MAISONS DU MONDE SA FR MDM FP 2,190 $66,948.29
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 53,877 $5,482,715.94
BYZ43T4 EUROBANK ERGASIAS SA GR EUROB GA 80,530 $83,455.40
BYZFYS3 SPIE SA FR SPIE FP 7,380 $139,747.82
BYZWX76 CRODA INTERNATIONAL PLC GB CRDA LN 2,353 $158,747.01
BZ3C3Q4 BANKIA SA ES BKIA SM 27,786 $109,229.35
BZ4CMZ5 DAVIDE CAMPARI-MILANO SPA IT CPR IM 8,250 $69,494.31
BZCNN35 BANCO COMERCIAL PORTUGUES-R PT BCP PL 234,965 $73,584.34
G02602103 AMDOCS LTD GG DOX 2,880 $194,630.40
G06242104 ATLASSIAN CORP PLC-CLASS A AU TEAM 413 $29,905.33
G27358103 DESPEGAR.COM CORP AR DESP 1,390 $29,217.80
G3157S106 ENSCO INTERNATIONAL INC US ESV 160,530 $1,192,737.90
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 250,000 $259,375.00
G5960L103 MEDTRONIC INC IE MDT 55,820 $5,036,638.60
G97822103 PERRIGO CO PLC IE PRGO 2,270 $182,780.40
H8817H100 TRANSOCEAN LTD US RIG 147,300 $1,895,751.00
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 650 $73,235.50
N22717107 CORE LABORATORIES N.V. NL CLB 635 $71,196.20
N47279109 INTERXION HOLDING NV NL INXN 4,145 $268,927.60
N72482123 QIAGEN N.V. ADR NL QGEN 1,470 $53,096.40
USD US DOLLAR US 4,581,982.05 $4,581,982.05

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

$12.30

Daily $ Change

$0.03

Daily % Change

0.24%

as of 08/20/2018

CUSIP

302027131

Inception Date

10/15/2013

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 equal emphasis on long-term capital growth and capital preservation.

Investment Strategy

The portfolio is invested in a moderately conservative mix of securities that seeks to balance growth and capital preservation for a more stable rate of return relative to an investment in the stock market. Holdings are diversified primarily among intermediate to long-term fixed income securities. Because this fund is designed to moderate risk, stocks will typically be a minority in the portfolio, unless the fund manager’s analysis shows that the stock market is especially attractive.

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

May be Appropriate for Investors

  • Who want long-term capital growth and who seek to minimize extreme declines in account value
  • Who have a moderate tolerance for capital risk

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 15+ Years 7-20 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 07/31/2018

YTD

1.57%

1 Year

3.90%

3 Year

4.06%

5 Year

4.59%

10 Year

5.69%

Inception
(01/01/2000)

6.36%

US Stock Market Cycle (04/01/2000 - 07/31/2018)

6.33%

Performance through the inception date of the Pro-Mix® CIT Class U units is based on the historical performance of the CIT's oldest unit class. Returns are net of Pro-Mix CIT® Class U 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 0.53%
Net 0.49%*

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

Top Ten Investments

As of 07/31/2018

TREASURY NOTES 15.62%
GOVERNMENT AGENCY 7.04%
TREASURY BONDS 5.24%
TREASURY BILLS 2.10%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 1.63%
BOOKING HOLDINGS INC 1.30%
QORVO INC 1.17%
INCYTE CORP 1.16%
ANHEUSER-BUSCH INBEV SA/NV 1.12%
MICROSOFT CORP 1.06%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 07/31/2018

Bonds
63.55%
Stocks
35.53%
Cash
0.92%

Detailed Asset Class Allocation

As of 07/31/2018

International Equities
12.33%
Small Capitalization
0.55%
Mid Capitalization
2.53%
Large Capitalization
20.12%
Long Term Fixed Income
19.11%
Intermediate Term Fixed Income
28.13%
Short Term Fixed Income
16.31%
Cash
0.92%

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

July Fund Holdings

As of 07/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 2,540,000 $2,513,528.73
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 5,000,000 $4,916,204.35
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 620,000 $640,150.00
004239109 ACADIA REALTY TRUST US AKR 2,050 $55,514.00
0045614 ANTOFAGASTA PLC GB ANTO LN 14,170 $186,095.02
0053673 ASHTEAD GROUP PLC GB AHT LN 2,395 $73,524.70
008492100 AGREE REALTY CORP US ADC 910 $48,448.40
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 75,000 $77,437.50
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 365 $46,515.60
01609W102 ALIBABA GROUP - ADR CN BABA 16,585 $3,105,209.55
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 4,190,000 $3,925,948.88
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 175,000 $176,750.00
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 130,000 $130,195.00
02079K107 ALPHABET INC-CL C US GOOG 1,610 $1,959,788.60
02079K305 ALPHABET INC-CL A US GOOGL 1,590 $1,951,279.80
02155FAC9 ALTICE US FINANCE I CORP 5.50000 05/15/2026 US 125,000 $122,826.25
023135106 AMAZON.COM INC US AMZN 530 $942,043.20
02319V103 AMBEV SA-ADR BR ABEV 646,415 $3,322,573.10
0237400 DIAGEO PLC GB DGE LN 115,455 $4,235,731.75
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 2,330 $96,112.50
0263494 BAE SYSTEMS PLC GB BA/ LN 9,615 $82,307.15
02665T306 AMERICAN HOMES 4 RENT- A US AMH 9,030 $199,924.20
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 2,710,000 $2,600,484.51
03027X100 AMERICAN TOWER REIT INC US AMT 7,100 $1,052,504.00
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 89,435.01 $90,123.51
03064D108 AMERICOLD REALTY TRUST US COLD 1,660 $35,706.60
03748R101 APARTMENT INVT & MGMT CO -A US AIV 3,290 $140,318.50
03784Y200 APPLE HOSPITALITY REIT INC US APLE 4,525 $81,404.75
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 120,000 $117,150.00
0405207 HALMA PLC GB HLMA LN 4,105 $75,725.56
04621WAC4 ASSURED GUARANTY US HLDG 5.00000 07/01/2024 US 2,750,000 $2,842,539.76
0490656 KERRY GROUP PLC-A IE KYGA LN 1,535 $163,339.88
053484101 AVALONBAY COMMUNITIES INC US AVB 2,030 $359,005.50
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 4,000,000 $3,793,348.40
058498106 BALL CORP US BLL 90,110 $3,511,586.70
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 3,990,000 $3,939,656.77
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 31,050 $3,122,388.00
09062X103 BIOGEN IDEC INC US BIIB 3,620 $1,210,419.40
0922320 SMITH & NEPHEW PLC GB SN/ LN 4,185 $72,458.97
09247X101 BLACKROCK INC US BLK 7,400 $3,720,424.00
0946580 WEIR GROUP PLC/THE GB WEIR LN 7,225 $185,142.59
09627J102 BLUEROCK RESIDENTIAL GROWTH US 3,955 $36,267.35
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 3,670,000 $3,916,820.79
09857L108 BOOKING HOLDINGS INC US BKNG 3,140 $6,370,180.80
101121101 BOSTON PROPERTIES INC US BXP 2,055 $257,964.15
105368203 BRANDYWINE REALTY TRUST US BDN 11,280 $186,007.20
110122108 BRISTOL MYERS SQUIBB CO US BMY 32,710 $1,921,712.50
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 2,105 $115,311.90
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 100,000 $99,125.00
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 110,000 $108,075.00
125269100 CF INDUSTRIES HOLDINGS INC US CF 71,435 $3,173,142.70
12591QAR3 COMM 2014-UBS4 A5 3.69400 08/10/2047 US 3,600,000 $3,613,116.24
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 2,640,000 $2,646,600.00
12593GAF9 COMM 2015-PC1 A5 3.90200 07/10/2050 US 1,900,000 $1,918,232.21
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 4,200,000 $4,124,058.12
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 340,000 $327,250.00
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 987,093.74 $916,681.28
13321L108 CAMECO CORP CA CCJ 5,196 $56,116.80
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 12,315 $152,952.30
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 144,438.62 $143,716.43
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 265,000 $249,762.50
15672WAJ3 CEQUEL COM HLDG I/CAP CP 7.50000 04/01/2028 US 105,000 $108,234.00
16411QAB7 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 200,000 $199,000.00
165240102 CHESAPEAKE LODGING TRUST US CHSP 2,335 $74,766.70
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 2,720,000 $3,934,371.88
19625JAA1 CAH 2015-1A A 3.27750 07/17/2032 US 1,034,606.79 $1,034,708.28
19626G108 COLONY CAPITAL INC US CLNY 10,198 $62,819.68
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 2,740 $82,200.00
2112226 SAPUTO INC CA SAP CN 1,090 $36,340.32
2162760 CAE INC CA CAE CN 1,725 $35,936.12
2171573 CANADIAN NATURAL RESOURCES CA CNQ CN 3,085 $113,358.96
2180632 CANADIAN NATL RAILWAY CO CA CNR CN 420 $37,491.18
21871N101 CORECIVIC INC US CXW 9,970 $255,630.80
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 2,330,000 $2,582,846.71
222795106 COUSINS PROPERTIES INC US CUZ 19,645 $183,091.40
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 135,000 $133,312.50
22822V101 CROWN CASTLE INTL CORP US CCI 1,265 $140,199.95
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 663,011.41 $612,732.60
229663109 CUBESMART US CUBE 3,505 $106,411.80
23311RAC0 DCP MIDSTREAM OPERATING 9.75000 03/15/2019 US 80,000 $83,280.00
23331A109 DR HORTON INC US DHI 525 $22,942.50
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 1,950 $30,415.11
23918K108 DAVITA INC. US DVA 41,890 $2,944,029.20
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 225,000 $212,062.50
2392471 GRUPO BIMBO SAB- SERIES A MX BIMBOA MM 21,675 $46,425.45
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 33,155 $116,020.93
2491914 KIMBERLY CLARK DE MEXICO S.A.B. MX 40,500 $74,577.67
25271C102 DIAMOND OFFSHORE DRILLING US DO 60,630 $1,164,096.00
253868103 DIGITAL REALTY TRUST INC US DLR 2,525 $306,585.50
254683BK0 DCENT 2014-A4 2.12000 12/15/2021 US 180,000 $179,019.16
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 2,720,000 $2,678,219.52
2554475 MAGNA INTERNATIONAL INC CA MG CN 650 $39,594.11
2583952 METRO INC CA MRU CN 1,065 $35,907.98
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 210,000 $210,525.00
2639349 GRUPO AEROPORT DEL SURESTE-B MX 5,160 $92,165.85
2643674 GRUPO MEXICO SAB DE CV-SER MX GMEXICOB MM 23,400 $73,661.14
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 310,000 $310,775.00
269246401 ETRADE FINANCIAL CORP US ETFC 29,140 $1,742,863.40
2715777 QUEBECOR INC -CL B CA QBR/B CN 54,100 $1,127,455.89
277276101 EASTGROUP PROPERTIES US EGP 430 $40,987.60
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 49,760 $1,040,834.53
285512109 ELECTRONIC ARTS US EA 20,365 $2,621,993.75
2866857 LUNDIN MINING CORP CA LUN CN 168,645 $933,423.53
294429105 EQUIFAX INC US EFX 20,690 $2,596,595.00
29444U700 EQUINIX INC US EQIX 6,580 $2,890,462.40
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 1,035 $94,174.65
29476L107 EQUITY RESIDENTIAL US EQR 3,270 $213,956.10
297178105 ESSEX PROPERTY TRUST INC US ESS 455 $109,404.75
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 4,675,000 $4,579,475.73
30225T102 EXTRA SPACE STORAGE INC US EXR 1,125 $105,716.25
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 174,159.85 $173,402.60
30261UAJ3 FREMF 2013-K713 B 3.15400 04/25/2046 US 1,200,000 $1,197,341.64
30286XAN9 FREMF 2015-K43 B FLT 3.73435 02/25/2048 US 2,300,000 $2,249,816.07
30290HAE8 FREMF 2012-K708 FLT 3.75035 02/25/2045 US 1,600,000 $1,603,775.52
30291EAE4 FREMF 2013-K712 B FLT 3.35980 05/25/2045 US 675,000 $675,622.69
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 106,303,293.71 $382,989.51
3128M5A91 FHLM POOL G03332 6.00000 10/01/2037 US 52,840.46 $57,766.47
3128M5NM8 FHLM POOL G03696 5.50000 01/01/2038 US 111,608.59 $120,224.09
3128M6B98 FHLM POOL G04264 5.50000 04/01/2038 US 387,057.17 $417,121.53
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 142,687.46 $156,370.24
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 150,658.65 $164,986.80
3128M7KW5 FHLM POOL G05409 5.50000 03/01/2039 US 275,628.47 $296,908.13
3128M8AW4 FHLM POOL G06021 5.50000 01/01/2040 US 107,172.42 $115,460.52
3128M9C83 FHLM POOL G06995 6.00000 05/01/2040 US 335,472.65 $365,960.22
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 13,909.4 $14,351.52
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 27,456.51 $28,363.06
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 18,976.31 $19,594.05
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 14,808.06 $15,353.94
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 25,963.97 $26,895.22
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 2,248,405.98 $2,340,514.25
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 266,853.8 $287,385.48
3132WPDP9 FHLM GOLD POOL FG Q49109 4.00000 07/01/2047 US 1,078,855.29 $1,096,381.09
3132XSLZ1 FHLM GOLD POOL FG Q50343 4.00000 08/01/2047 US 1,231,302.11 $1,250,955.77
31335ABB3 FHLM POOL G60034 4.50000 02/01/2045 US 2,994,593.68 $3,109,365.82
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 800,593.55 $815,756.89
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 31,641.04 $31,986.29
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 1,073,481.54 $1,067,253.84
31371NCJ2 FEDERAL NATL MTG ASSN 256673 5.50000 04/01/2037 US 535,410.98 $577,850.17
3137A2B34 FHMS K009 X1 FLT 1.28587 08/25/2020 US 10,852,271.19 $230,214.65
3137ADTK3 FHMS K014 X1 FLT 1.14899 04/25/2021 US 6,673,794.28 $177,018.39
3137AJMG6 FMHS K016 X1 FLT 1.51423 10/25/2021 US 4,260,380.93 $167,660.90
3137AL6W4 FHMS K706 X1 FLT 1.54170 10/25/2018 US 4,602,790.99 $4,218.92
3137AUPF0 FHMS K021 x1 FLT 1.45553 06/25/2022 US 15,521,483.49 $718,188.35
3137B3NB0 FHMS K030 X1 FLT 0.20117 04/25/2023 US 46,545,532.95 $385,922.98
3137B4GZ3 FHMS K032 X1 FLT 0.10631 05/25/2023 US 29,968,946.37 $150,878.66
3137B5KW2 FHMS K035 A2 3.45800 08/25/2023 US 4,000,000 $4,045,684.40
3137BT7J4 FHMS KJ10 A2 2.91200 12/25/2023 US 1,450,000 $1,427,115.09
3137F4YU0 FHLM POOL FHR4791 4.00000 03/15/2044 US 1,406,031.98 $1,431,935.73
3137FG2L8 FHLM POOL 4801 4.50000 05/15/2044 US 1,423,846.68 $1,471,190.15
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 242,731.88 $254,365.35
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 136,563.71 $143,014.56
3138EQTZ5 FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 1,929,006.68 $2,021,528.09
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65300 01/01/2049 US 2,366,654.46 $2,530,920.14
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 580,446.86 $627,155.13
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 662,445.7 $675,333.38
3140EWG66 FEDERAL NATL MTG ASSN BC2020 3.50000 07/01/2046 US 1,328,464.88 $1,320,151.29
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 768,628.45 $763,818.18
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 1,730,194.71 $1,758,689.65
3140FA5G3 FEDERAL NATL MTG ASSN FN BD3546 4.00000 09/01/2047 US 779,329.58 $792,651.42
3140FEXR0 FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 1,644,272.8 $1,671,353.78
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63938CAE8 NAVIENT CORP 7.25000 09/25/2023 US 115,000 $120,462.50
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64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 879,853.3 $880,377.16
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6531827 GEELY AUTOMOBILE HOLDINGS LT CN 175 HK 29,000 $66,510.32
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6630940 CHINA EVERBRIGHT INTL LTD HK 257 HK 75,000 $91,505.77
6640507 NIPPON PAINT HOLDINGS CO LTD JP 4612 JP 900 $39,331.85
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6772217 SAMSUNG HEAVY INDUSTRIES KR 010140 KS 5,990 $34,797.76
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7156036 SONOVA HOLDING AG-REG CH SOON SW 395 $72,822.73
71654QCJ9 PETROLEOS MEXICANOS 6.35000 02/12/2048 MX 2,020,000 $1,795,275.00
71943U104 PHYSICIANS REALTY TRUST US DOC 11,655 $183,682.80
7212477 ESSILOR INTERNATIONAL FR EI FP 505 $74,418.50
729640102 PLYMOUTH INDUSTRIAL REIT INC US 3,050 $44,621.50
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7380062 AAREAL BANK AG DE ARL GR 1,625 $74,677.78
7380482 COMPAGNIE DE SAINT-GOBAIN FR SGO FP 4,975 $221,179.07
741503AZ9 PRICELINE GROUP INC/THE 3.60000 06/01/2026 US 4,060,000 $3,949,042.80
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744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 2,480,000 $2,641,696.00
74460D109 PUBLIC STORAGE INC US PSA 1,115 $242,880.45
74736K101 QORVO INC US QRVO 70,190 $5,738,734.40
758849103 REGENCY CENTERS CORP US REG 1,562 $99,390.06
75886F107 REGENERON PHARMACEUTICALS INC US REGN 6,750 $2,484,067.50
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 115,000 $118,323.50
7759435 ILIAD SA FR ILD FP 345 $54,543.16
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 2,525 $179,376.00
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 498 $52,489.20
78410G104 SBA COMMUNICATIONS CORP US SBAC 6,300 $996,975.00
78442PGC4 SLM CORP 5.12500 04/05/2022 US 175,000 $174,560.75
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 3,650,000 $3,969,591.96
80282KAS5 SANTANDER HOLDINGS USA 3.40000 01/18/2023 US 2,700,000 $2,615,067.26
806857108 SCHLUMBERGER LTD NL SLB 57,435 $3,878,011.20
808513105 CHARLES SCHWAB CORP/THE US SCHW 84,920 $4,336,015.20
81211K100 SEALED AIR CORP US SEE 50,420 $2,222,009.40
812578102 SEATTLE GENETICS INC US SGEN 36,320 $2,556,928.00
81663AAD7 SEMGROUP CORP 6.37500 03/15/2025 US 285,000 $273,600.00
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 567,010.74 $544,017.32
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 774,179.35 $745,616.78
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 608,360.46 $543,511.97
81762P102 SERVICENOW INC US NOW 10,205 $1,795,671.80
81783QAC9 SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 CA 170,000 $163,200.00
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 140,000 $142,800.00
828806109 SIMON PROPERTY GROUP INC US SPG 2,835 $499,555.35
83088M102 SKYWORKS SOLUTIONS INC US SWKS 36,090 $3,413,392.20
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 306,224.72 $303,362.07
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 225,000 $219,248.89
83404YAA1 SCLP 2016-5 A 3.06000 09/25/2028 US 370,356.62 $368,598.09
83406EAB1 SOFI 2018-A A2A 2.39000 02/25/2042 US 656,059.4 $650,478.70
84265V105 SOUTHERN COPPER CORPORATION US SCCO 2,510 $123,893.60
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 220,000 $216,975.00
852061AK6 SPRINT COMMUNICATIONS 9.00000 11/15/2018 US 75,000 $76,275.00
85254J102 STAG INDUSTRIAL INC US STAG 3,660 $99,991.20
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.29163 11/15/2027 US 1,560,205.42 $1,560,859.15
866674104 SUN COMMUNITIES US SUI 1,990 $192,950.40
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 7,195 $117,062.65
87243QAB2 TENET HEALTHCARE CORP 6.00000 10/01/2020 US 80,000 $83,100.00
874080104 TAL EDUCATION GROUP - ADR CN TAL 1,070 $34,229.30
87470LAA9 TALLGRASS NRG PRTNR/FIN 5.50000 09/15/2024 US 100,000 $102,500.00
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 505,843.06 $504,775.33
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 170,000 $150,025.00
88032WAG1 TENCENT HOLDINGS LTD 3.59500 01/19/2028 KY 2,750,000 $2,622,619.81
88161DAA9 TESLA 2018-A A 2.32000 12/20/2019 US .01 $0.01
882508104 TEXAS INSTRUMENTS INC US TXN 16,480 $1,834,553.60
88650V208 TIER REIT INC US TIER 4,735 $112,550.95
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 2,234,224.01 $2,174,571.79
89613BAA5 TAH 2013-SFR1 A 2.58900 11/17/2033 US 1,995,484.7 $1,928,892.78
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 915,000 $878,350.68
896356AE2 TRINIDAD DRILLING LTD 6.62500 02/15/2025 CA 270,000 $261,225.00
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 255,000 $253,087.50
902653104 UDR INC US UDR 5,160 $198,556.80
903002103 UMH PROPERTIES INC US UMH 3,355 $51,801.20
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 450,000 $434,250.00
904767704 UNILEVER PLC - ADR GB UL 66,413 $3,786,205.13
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912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 3,558,000 $4,707,122.81
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 5,684,000 $7,090,345.97
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 2,564,206.26 $2,466,284.35
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 3,977,000 $3,557,240.06
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 10,550,000 $10,376,501.98
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 5,300,000 $5,204,972.64
912828D23 US TREASURY N/B 1.62500 04/30/2019 US 15,700,000 $15,614,753.87
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 8,136,975.42 $8,012,221.84
912828K58 UNITED STATES TREAS NTS 1.37500 04/30/2020 US 16,080,000 $15,732,018.83
912828R28 US TREASURY N/B 1.62500 04/30/2023 US 5,300,000 $5,014,296.88
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 5,326,000 $4,839,378.35
912828RT9 US TREASURY N/B 1.37500 11/30/2018 US 4,400,000 $4,389,343.77
912828S92 US TREASURY N/B 1.25000 07/31/2023 US 5,373,000 $4,973,383.13
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 2,532,109.31 $2,455,303.92
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 10,206,000 $9,749,919.38
912828XQ8 US TREASURY N/B 2.00000 07/31/2022 US 11,614,000 $11,256,506.56
91704F104 URBAN EDGE PROPERTIES US UE 7,015 $159,100.20
92276F100 VENTAS INC US VTR 1,435 $80,905.30
92339V100 VEREIT INC US VER 10,200 $77,826.00
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 3,680,000 $4,015,466.19
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 8,770 $1,535,188.50
92826C839 VISA INC - CLASS A SHARES US V 30,270 $4,139,119.80
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 275,000 $279,598.30
929042109 VORNADO REALTY TRUST US VNO 2,340 $168,292.80
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 195,000 $198,900.00
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 125,000 $120,625.00
94856TAA2 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 250,000 $237,500.00
95040Q104 WELLTOWER INC. US WELL 1,855 $116,123.00
962166104 WEYERHAEUSER CO US WY 1,819 $62,173.42
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 165,000 $165,158.40
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 140,000 $138,950.00
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 1,750,000 $1,686,696.69
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 734,050.67 $734,199.98
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 871,619.68 $853,498.62
98919V105 ZAYO GROUP HOLDINGS INC US ZAYO 72,200 $2,677,898.00
AP0787667 MPC CONTAINER SHIPS FLT 7.08188 09/22/2022 NL 200,000 $204,808.00
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 270,000 $267,131.25
B02J639 ADMIRAL GROUP PLC GB ADM LN 1,435 $37,302.19
B037JC2 NEXITY FR NXI FP 1,135 $69,838.78
B0386J1 JYSKE BANK-REG DK JYSK DC 1,690 $95,720.63
B06JSP1 SYDBANK A/S DK SYDB DC 2,420 $89,813.08
B09DHL9 MTU AERO ENGINES HOLDING AG DE MTX GR 195 $41,351.14
B09M9D2 KONE OYJ-B FI KNEBV FH 1,310 $71,611.88
B0JDQD4 BANDAI NAMCO HOLDINGS INC JP 7832 JP 1,700 $68,014.44
B0R7JF1 IPSEN FR IPN FP 215 $35,720.92
B11TCY0 SCHINDLER HOLDING-PART CERT CH SCHP SW 310 $72,190.73
B138HB7 KAUFMAN & BROAD SA FR KOF FP 2,005 $102,478.45
B13X013 EIFFAGE FR FGR FP 1,370 $153,097.84
B15C557 TOTAL SA FR FP FP 1,825 $119,035.72
B19NLV4 EXPERIAN PLC GB EXPN LN 1,460 $35,846.02
B1CRLC4 MONDI PLC GB MNDI LN 1,360 $37,393.67
B1FW751 GALP ENERGIA SGPS SA PT GALP PL 9,780 $200,862.17
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 7,700 $46,812.89
B1WGG93 GEBERIT AG-REG CH GEBN SW 260 $115,771.46
B1WY233 SMITHS GROUP PLC GB SMIN LN 1,640 $34,658.65
B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 1,940 $118,241.86
B1XH026 VINCI SA FR DG FP 3,340 $336,075.27
B1Y9TB3 DANONE FR BN FP 1,855 $145,639.61
B1YVKN8 ANTA SPORTS PRODUCTS LTD CN 2020 HK 22,000 $112,359.03
B232R05 SK INNOVATION CO LTD KR 096770 KS 415 $73,706.69
B249GC0 MATSUMOTOKIYOSHI HOLDINGS CO JP 3088 JP 1,900 $82,400.44
B283W97 CAIXABANK S.A ES CABK SM 38,180 $175,660.68
B3FP8W8 CANADA HOUSING TRUST 4.10000 12/15/2018 CA 300,000 $232,668.64
B3MPN59 SUN ART RETAIL GROUP LTD HK 6808 HK 28,500 $36,432.48
B3MSM28 AMADEUS IT HOLDING SA-A SHS ES AMS SM 460 $39,240.57
B3NB1P2 SUNCOR ENERGY INC CA SU CN 2,385 $100,434.56
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 2,850,000 $147,685.75
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 360,000 $282,288.04
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 4,000,000 $205,278.00
B4Q2TX3 CHINA LONGYUAN POWER GROUP-H CN 916 HK 199,000 $185,357.04
B4R2R50 JULIUS BAER CH BAER SW 4,455 $244,399.80
B4WTBY3 HUANENG RENEWABLES CORP-H CN 958 HK 450,000 $167,441.24
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 660,000 $487,801.74
B4YVF56 BRENNTAG AG DE BNR GR 1,446 $86,762.63
B607XS1 VERMILION ENERGY INC CA VET CN 2,515 $86,575.47
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 5,300,000 $285,111.29
B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 11,390 $155,973.37
B63QM77 NEXON CO LTD JP 3659 JP 9,200 $132,559.83
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 1,000,000 $53,403.98
B798FW0 NOVOZYMES A/S-B SHARES DK NZYMB DC 695 $36,595.11
B7VQL46 FNAC DARTY SA FR FNAC FP 1,215 $110,240.53
B8FMRX8 COLOPLAST-B DK COLOB DC 680 $74,167.35
BB22L96 KION GROUP AG DE KGX GR 1,500 $102,942.94
BBG00JK0S941 QRVO US 08/17/18 P72.5 US -129 -$9,030.00
BBG00JYPG9N3 QRVO US 08/17/18 C92.5 US -102 -$6,222.00
BBG00L8GY9L9 SCHW US 08/03/18 C52 US -186 -$4,464.00
BBG00LF7ZTY2 MSFT US 08/31/18 P98.5 US -124 -$6,076.00
BD4TZK8 OCI NV NL OCI NA 3,165 $95,685.43
BD6K457 COMPASS GROUP PLC GB CPG LN 1,715 $36,888.31
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 200,000 $203,000.00
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 92,000 $82,302.85
BDZV116 EPIROC AB-A SE EPIA SS 11,785 $141,104.50
BF2DSG3 SIKA AG-REG CH SIKA SW 270 $38,336.85
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 280,000 $255,500.00
BFYFZP5 FERGUSON PLC CH FERG LN 451 $35,566.94
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 930 $206,460.04
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 45,795 $77,968.99
BGLP232 MONCLER SPA IT MONC IM 1,595 $70,297.13
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 109,000 $100,549.19
BHC8X90 NOVO NORDISK A/S-B DK NOVOB DC 725 $36,066.80
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 41,082 $1,869,822.47
BNBNSG0 EURONEXT NV NL ENX FP 1,740 $107,990.51
BNGN9Z1 FINECOBANK SPA IT FBK IM 12,195 $143,003.05
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 79,265 $2,597,551.90
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 2,500 $68,503.68
BSBMKM2 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 88,000 $75,553.83
BVSS790 ELIS SA FR ELIS FP 6,735 $154,597.10
BYQ32R1 NEMAK SAB DE CV MX 118,700 $97,888.37
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 56,000 $41,918.62
BYXS699 QIAGEN N.V. NL QIA GR 2,100 $76,138.75
BYY8LS2 MAISONS DU MONDE SA FR MDM FP 2,190 $66,948.29
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 53,877 $5,482,715.94
BYZ43T4 EUROBANK ERGASIAS SA GR EUROB GA 80,530 $83,455.40
BYZFYS3 SPIE SA FR SPIE FP 7,380 $139,747.82
BYZWX76 CRODA INTERNATIONAL PLC GB CRDA LN 2,353 $158,747.01
BZ3C3Q4 BANKIA SA ES BKIA SM 27,786 $109,229.35
BZ4CMZ5 DAVIDE CAMPARI-MILANO SPA IT CPR IM 8,250 $69,494.31
BZCNN35 BANCO COMERCIAL PORTUGUES-R PT BCP PL 234,965 $73,584.34
G02602103 AMDOCS LTD GG DOX 2,880 $194,630.40
G06242104 ATLASSIAN CORP PLC-CLASS A AU TEAM 413 $29,905.33
G27358103 DESPEGAR.COM CORP AR DESP 1,390 $29,217.80
G3157S106 ENSCO INTERNATIONAL INC US ESV 160,530 $1,192,737.90
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 250,000 $259,375.00
G5960L103 MEDTRONIC INC IE MDT 55,820 $5,036,638.60
G97822103 PERRIGO CO PLC IE PRGO 2,270 $182,780.40
H8817H100 TRANSOCEAN LTD US RIG 147,300 $1,895,751.00
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 650 $73,235.50
N22717107 CORE LABORATORIES N.V. NL CLB 635 $71,196.20
N47279109 INTERXION HOLDING NV NL INXN 4,145 $268,927.60
N72482123 QIAGEN N.V. ADR NL QGEN 1,470 $53,096.40
USD US DOLLAR US 4,581,982.05 $4,581,982.05

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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