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

$13.06

Daily $ Change

-$0.03

Daily % Change

-0.23%

as of 07/19/2019

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 06/30/2019

YTD

10.90%

1 Year

7.07%

3 Year

6.40%

5 Year

3.39%

10 Year

7.25%

Inception
(01/01/2000)

6.38%

US Stock Market Cycle (04/01/2000 - 06/30/2019)

6.36%

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 06/30/2019

GOVERNMENT AGENCY 10.17%
TREASURY NOTES 9.73%
TREASURY BONDS 8.27%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 3.01%
MICROSOFT CORP 1.57%
MEDTRONIC INC 1.45%
MASTERCARD INC-CLASS A 1.27%
VISA INC - CLASS A SHARES 1.27%
NOVARTIS AG- REG 1.22%
TENCENT HOLDINGS LTD 1.11%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 06/30/2019

Bonds 60.64%
Stocks 35.95%
Cash 3.41%

Detailed Asset Class Allocation

As of 06/30/2019

International Equities 14.19%
Small Capitalization 0.23%
Mid Capitalization 0.59%
Large Capitalization 20.95%
Long Term Fixed Income 22.04%
Intermediate Term Fixed Income 28.30%
Short Term Fixed Income 10.29%
Cash 3.41%

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

June Fund Holdings

As of 06/30/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 90,000 $91,350.00
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 2,540,000 $2,722,331.66
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 5,000,000 $4,989,750.00
00287Y109 ABBVIE INC US ABBV 866 $62,975.52
004239109 ACADIA REALTY TRUST US AKR 1,510 $41,328.70
00507V109 ACTIVISION INC US ATVI 67,135 $3,168,772.00
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 2,810,000 $2,963,040.89
008492100 AGREE REALTY CORP US ADC 935 $59,886.75
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 1,455,000 $1,475,570.57
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 350 $49,381.50
01609W102 ALIBABA GROUP - ADR CN BABA 955 $161,824.75
020002101 ALLSTATE CORPORATION US ALL 207 $21,049.83
02079K107 ALPHABET INC-CL C US GOOG 3,110 $3,361,630.10
02079K305 ALPHABET INC-CL A US GOOGL 3,085 $3,340,438.00
023135106 AMAZON.COM INC US AMZN 850 $1,609,585.50
02319V103 AMBEV SA-ADR BR ABEV 415,305 $1,939,474.35
0237400 DIAGEO PLC GB DGE LN 99,545 $4,284,459.12
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 530,000 $532,385.00
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 1,485 $68,547.60
0263494 BAE SYSTEMS PLC GB BA/ LN 19,650 $123,498.41
02665T306 AMERICAN HOMES 4 RENT- A US AMH 9,210 $223,895.10
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 165,000 $166,261.72
03027X100 AMERICAN TOWER REIT INC US AMT 8,700 $1,778,715.00
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 57,918.95 $58,537.89
03064D108 AMERICOLD REALTY TRUST US COLD 1,415 $45,874.30
031162100 AMGEN INC US AMGN 384 $70,763.52
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 185,000 $183,150.00
03748R754 APARTMENT INVT & MGMT CO -A US AIV 2,756 $138,130.72
03784Y200 APPLE HOSPITALITY REIT INC US APLE 2,630 $41,711.80
038222105 APPLIED MATERIALS INC US AMAT 579 $26,002.89
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 406 $16,564.80
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 25,000 $25,187.50
0405207 HALMA PLC GB HLMA LN 2,905 $74,608.28
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 50,000 $48,250.00
0490656 KERRY GROUP PLC-A IE KYGA LN 1,185 $141,483.69
05278C107 AUTOHOME INC-ADR CN ATHM 1,130 $96,750.60
053484101 AVALONBAY COMMUNITIES INC US AVB 1,610 $327,119.80
054937107 BB&T CORP US BBT 434 $21,322.42
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 4,000,000 $4,075,854.40
05722G100 BAKER HUGHES A GE CO US BHGE 709 $17,462.67
060505104 BANK OF AMERICA CORP US BAC 2,840 $82,360.00
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 3,990,000 $4,196,709.21
0673123 ASSOCIATED BRITISH FOODS PLC GB ABF LN 3,870 $121,151.97
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 22,155 $4,722,781.35
086516101 BEST BUY INC US BBY 280 $19,524.40
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 18,950 $1,623,067.50
0922320 SMITH & NEPHEW PLC GB SN/ LN 6,295 $136,694.00
09247X101 BLACKROCK INC US BLK 2,180 $1,023,074.00
0946580 WEIR GROUP PLC/THE GB WEIR LN 8,260 $162,527.25
097023105 BOEING CO US BA 265 $96,462.65
09857L108 BOOKING HOLDINGS INC US BKNG 1,980 $3,711,925.80
101121101 BOSTON PROPERTIES INC US BXP 1,810 $233,490.00
105368203 BRANDYWINE REALTY TRUST US BDN 12,115 $173,486.80
110122108 BRISTOL MYERS SQUIBB CO US BMY 956 $43,354.60
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 1,335 $46,551.45
11135F101 BROADCOM INC US AVGO 213 $61,314.18
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 125,000 $105,000.00
12503M108 CBOE GLOBAL MARKETS INC US CBOE 16,180 $1,676,733.40
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 189 $15,942.15
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 505,226.7 $517,322.13
12572Q105 CME GROUP INC US CME 9,455 $1,835,310.05
12591QAR3 COMM 2014-UBS4 A5 3.69400 08/10/2047 US 3,600,000 $3,807,246.96
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 2,640,000 $2,640,610.84
12593GAF9 COMM 2015-PC1 A5 3.90200 07/10/2050 US 1,900,000 $2,032,206.37
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 2,000,000 $2,081,020.00
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 901,978.41 $885,293.43
126650100 CVS HEALTH CORP US CVS 789 $42,992.61
133131102 CAMDEN PROPERTY TRUST US CPT 445 $46,453.55
13321L108 CAMECO CORP CA CCJ 7,221 $77,481.33
149123101 CATERPILLAR INC US CAT 327 $44,566.83
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 30,804.66 $30,754.71
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 891,755.71 $897,324.10
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 1,413,653.06 $1,409,464.97
165240102 CHESAPEAKE LODGING TRUST US CHSP 2,170 $61,671.40
166764100 CHEVRON CORP US CVX 671 $83,499.24
17275R102 CISCO SYSTEMS INC US CSCO 1,980 $108,365.40
172967424 CITIGROUP INC US C 830 $58,124.90
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 1,420,000 $2,271,454.00
191216100 COCA COLA CO/THE US KO 71,070 $3,618,884.40
194162103 COLGATE-PALMOLIVE CO US CL 601 $43,073.67
2011646 ALIMENTATION COUCHE-TARD -B CA ATD/B CN 2,210 $139,075.33
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 3,170 $124,929.70
205887102 CONAGRA BRAND INC. US CAG 461 $12,225.72
21036PAM0 CONSTELLATION BRANDS INC 3.87500 11/15/2019 US 1,370,000 $1,376,303.89
222795502 COUSINS PROPERTIES INC US CUZ 7,354 $265,994.18
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 2,250,000 $2,282,864.78
22822V101 CROWN CASTLE INTL CORP US CCI 1,030 $134,260.50
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 597,922.01 $589,387.27
229663109 CUBESMART US CUBE 1,875 $62,700.00
231021106 CUMMINS INC US CMI 146 $25,015.64
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 90,000 $91,237.50
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 3,605 $34,245.50
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 26,300 $55,371.31
2521800 LOBLAW COMPANIES LTD CA L CN 2,670 $136,706.12
253868103 DIGITAL REALTY TRUST INC US DLR 1,170 $137,814.30
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 2,720,000 $2,874,867.06
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 120,000 $124,200.00
25960P109 DOUGLAS EMMETT INC US DEI 2,085 $83,066.40
260557103 DOW INC US DOW 456 $22,485.36
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 290,000 $296,400.30
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 310,000 $297,600.00
269246401 ETRADE FINANCIAL CORP US ETFC 18,100 $807,260.00
2715777 QUEBECOR INC -CL B CA QBR/B CN 40,690 $969,127.64
277432100 EASTMAN CHEM CO US EMN 178 $13,853.74
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 50,405 $1,028,461.38
285512109 ELECTRONIC ARTS US EA 27,900 $2,825,154.00
2866857 LUNDIN MINING CORP CA LUN CN 5,730 $31,547.71
291011104 EMERSON ELEC CO US EMR 495 $33,026.40
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 1,900,000 $2,246,067.50
29444U700 EQUINIX INC US EQIX 5,695 $2,871,931.55
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 970 $117,699.80
29476L107 EQUITY RESIDENTIAL US EQR 3,820 $290,014.40
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 4,474 $89,658.96
297178105 ESSEX PROPERTY TRUST INC US ESS 690 $201,431.70
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 4,675,000 $4,696,882.97
30225T102 EXTRA SPACE STORAGE INC US EXR 665 $70,556.50
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 58,614.93 $58,457.78
30261UAJ3 FREMF 2013-K713 B 3.26298 04/25/2046 US 1,200,000 $1,203,915.60
30286XAN9 FREMF 2015-K43 B FLT 3.86175 02/25/2048 US 2,300,000 $2,375,854.00
30291EAE4 FREMF 2013-K712 B FLT 3.45367 05/25/2045 US 675,000 $675,241.45
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 103,996,210.65 $307,943.18
30303M102 FACEBOOK INC -A US FB 9,660 $1,864,380.00
30744W107 FARFETCH LTD - CLASS A GB FTCH 1,255 $26,104.00
311900104 FASTENAL CO US FAST 568 $18,511.12
3128M5A91 FHLM POOL G03332 6.00000 10/01/2037 US 44,820.48 $50,864.89
3128M5NM8 FHLM POOL G03696 5.50000 01/01/2038 US 95,796.9 $106,034.28
3128M6B98 FHLM POOL G04264 5.50000 04/01/2038 US 337,565.91 $368,296.32
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 88,760.4 $99,074.48
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 136,448.81 $154,845.85
3128M7KW5 FHLM POOL G05409 5.50000 03/01/2039 US 230,345.28 $253,031.30
3128M8AW4 FHLM POOL G06021 5.50000 01/01/2040 US 90,484.4 $98,714.45
3128M9C83 FHLM POOL G06995 6.00000 05/01/2040 US 277,227.43 $314,614.06
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 9,080.12 $9,410.27
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 16,473.19 $16,891.45
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 11,287.93 $11,634.48
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 9,457.69 $9,815.02
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 16,117.44 $16,688.44
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 1,936,235.99 $2,047,417.37
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 229,514.26 $249,776.93
3132VLY43 FHLM POOL FG Q60730 4.00000 01/01/2049 US 1,825,051.06 $1,894,046.18
31335ABB3 FHLM POOL G60034 4.50000 02/01/2045 US 2,616,992.56 $2,788,903.53
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 606,535.74 $631,656.95
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 1,232,300.07 $1,306,910.20
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 4,154.94 $4,162.47
3136AY6W8 FNA 2017-M15 A1 3.05802 09/25/2027 US 1,504,501.67 $1,561,516.72
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 1,025,310.86 $1,064,326.91
31371NCJ2 FEDERAL NATL MTG ASSN 256673 5.50000 04/01/2037 US 454,222.45 $504,254.61
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 345 $44,422.20
3137A2B34 FHMS K009 X1 FLT 1.42744 08/25/2020 US 10,449,791.35 $120,776.60
3137ADTK3 FHMS K014 X1 FLT 1.32347 04/25/2021 US 6,549,014.33 $117,087.86
3137AJMG6 FMHS K016 X1 FLT 1.63773 10/25/2021 US 3,853,931.77 $114,442.50
3137AUPF0 FHMS K021 x1 FLT 1.56759 06/25/2022 US 15,128,699.29 $553,843.53
3137B3NB0 FHMS K030 X1 FLT 0.30291 04/25/2023 US 45,476,633.11 $307,954.12
3137B4GZ3 FHMS K032 X1 FLT 0.21411 05/25/2023 US 29,248,754.95 $123,523.34
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 1,202,917.01 $1,247,768.61
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 1,146,049.23 $1,197,705.57
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 212,430.82 $228,162.64
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 123,501.22 $132,647.30
3138EQTZ5 FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 1,698,483.51 $1,824,029.14
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65000 01/01/2049 US 2,043,110.57 $2,285,782.21
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 2,992,807.04 $3,105,001.96
3138WGK37 FEDERAL NATL MTG ASSN FN AS6613 4.00000 02/01/2046 US 2,688,099.15 $2,811,574.43
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 487,376.37 $541,285.04
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 561,733.39 $586,157.13
3140EWG66 FEDERAL NATL MTG ASSN BC2020 3.50000 07/01/2046 US 1,011,027.81 $1,037,568.68
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 649,580.97 $669,667.48
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 1,456,675.33 $1,523,588.18
3140FEXR0 FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 1,615,790.12 $1,689,351.86
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 505,178.28 $530,327.27
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 1,835,362.38 $1,925,604.32
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 1,740,082.94 $1,848,525.74
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 720,816.14 $765,740.46
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 2,809,334.19 $2,984,428.47
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 11,883.93 $12,169.71
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 13,646.89 $13,974.41
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 88,765.51 $90,187.22
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 109,019.02 $110,654.96
31410KJV7 FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 291,730.51 $330,847.92
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 281,912.24 $307,159.69
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 98,917.53 $109,427.40
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 3,125.19 $3,155.67
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 61,688.23 $62,676.04
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 521,798.21 $554,282.09
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 535,670.03 $570,282.24
31418C4F8 FEDERAL NATL MTG ASSN FN MA3521 4.00000 11/01/2048 US 5,171,330.09 $5,345,813.15
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 874,048.17 $885,640.97
31418DC67 FEDERAL NATL MTG ASSN FN MA3692 3.50000 07/01/2049 US 3,000,000 $3,071,204.88
31418MDZ2 FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 153,981.97 $175,078.75
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 59,527.99 $67,412.43
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 167,956.46 $183,699.59
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 283,848.6 $314,004.12
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 13,171.49 $13,817.15
31419BBV6 FEDERAL NATL MTG ASSN AE0951 4.50000 02/01/2041 US 491,890.91 $528,310.93
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 235,000 $243,812.50
316067107 FIDELITY CASH RESERVES US 65,951.5 $65,951.50
316773100 FIFTH THIRD BANCORP US FITB 667 $18,609.30
32054K103 FIRST INDUSTRIAL REALTY TR US FR 2,260 $83,032.40
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 50,000 $50,251.00
346232AD3 FORESTAR GROUP INC 8.00000 04/15/2024 US 245,000 $256,943.75
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 140,000 $144,200.00
357081AE8 FREMF 2015-K720 B FLT 3.50605 07/25/2022 US 970,000 $991,093.52
35802XAD5 FRESENIUS MED CARE II 5.62500 07/31/2019 US 1,500,000 $1,502,803.31
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 31,596.38 $31,855.85
364760108 GAP INC US GPS 512 $9,200.64
369550108 GENERAL DYNAMICS CORP US GD 152 $27,636.64
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 2,340,000 $2,256,836.40
370334104 GENERAL MLS INC US GIS 543 $28,518.36
37045VAR1 GENERAL MOTORS CO FLT 3.35300 09/10/2021 US 1,820,000 $1,814,582.46
37045XAR7 GENERAL MOTORS FINL CO 3.15000 01/15/2020 US 2,300,000 $2,304,508.00
37185LAF9 GENESIS ENERGY LP/GENESI 5.62500 06/15/2024 US 115,000 $110,687.50
372460105 GENUINE PARTS CO US GPC 176 $18,230.08
374297109 GETTY REALTY CORP US GTY 2,620 $80,591.20
375558103 GILEAD SCIENCES INC US GILD 851 $57,493.56
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 325,000 $325,812.50
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B1Y9TB3 DANONE FR BN FP 3,545 $300,163.06
B1YVKN8 ANTA SPORTS PRODUCTS LTD CN 2020 HK 15,000 $103,458.01
B1YXBJ7 AIR LIQUIDE FR AI FP 630 $88,117.10
B1Z9Q99 ABOITIZ POWER CORP PH AP PM 39,100 $26,557.63
B247XZ6 MANILA ELECTRIC COMPANY PH MER PM 3,620 $27,357.78
B24CGK7 RECKITT BENCKISER GROUP PLC GB RB/ LN 1,619 $127,828.12
B3NB1P2 SUNCOR ENERGY INC CA SU CN 2,905 $90,618.34
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 2,850,000 $145,663.12
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 360,000 $285,168.49
B4JSTL6 WYNN MACAU LTD MO 1128 HK 50,000 $111,932.38
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 4,000,000 $203,018.17
B4P8HQ1 MGM CHINA HOLDINGS LTD MO 2282 HK 45,200 $76,785.90
B4R2R50 JULIUS BAER CH BAER SW 1,520 $67,722.20
B5B23W2 SANDS CHINA LTD MO 1928 HK 22,400 $107,006.32
B5VJH76 BDO UNIBANK INC PH BDO PM 17,530 $47,923.40
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 5,300,000 $276,518.14
B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 5,427 $56,997.04
B63QM77 NEXON CO LTD JP 3659 JP 17,100 $249,824.99
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 1,000,000 $52,653.60
B725S29 PUREGOLD PRICE CLUB INC PH PGOLD PM 22,100 $19,416.85
B92RW83 LT GROUP INC PH LTG PM 62,800 $18,631.01
BB22L96 KION GROUP AG DE KGX GR 1,170 $73,991.81
BBG00P5X0RV2 CBOE US 07/19/19 P100 US -116 -$10,440.00
BBG00PHQCPQ1 EA US 07/19/19 P89 US -132 -$5,808.00
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 1,780 $41,214.15
BD0PJ08 INMOBILIARIA COLONIAL SOCIMI ES COL SM 3,615 $40,263.49
BD3JR69 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 96,000 $38,050.51
BD4TZK8 OCI NV NL OCI NA 975 $26,771.38
BD9Y5C0 TECHNOGYM SPA IT TGYM IM 8,575 $95,537.69
BD9Y9B7 BASIC-FIT NV NL BFIT NA 2,975 $104,704.61
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 98,000 $52,178.64
BDZV116 EPIROC AB-A SE EPIA SS 1,530 $15,941.58
BF1K7P7 ESSITY AKTIEBOLAG-B SE ESSITYB SS 4,425 $136,128.12
BFTCYP4 ROBINSONS RETAIL HOLDINGS IN PH RRHI PM 13,250 $19,137.31
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 46,695 $76,990.49
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 110,000 $96,537.75
BJ2KSG2 AKZO NOBEL NL AKZA NA 1,800 $169,146.48
BJT1GR5 ALCON INC CH ALC SW 1,106 $68,295.10
BKDRYM7 REPSOL -SA ES 7,794 $4,323.16
BMJ6DW5 INFORMA PLC GB INF LN 12,125 $128,584.34
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 116,692 $5,279,078.29
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 11,235 $47,586.99
BNGN9Z1 FINECOBANK SPA IT FBK IM 9,375 $104,582.67
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 110,945 $3,338,035.34
BSQXJ01 THULE GROUP AB/THE SE THULE SS 4,630 $114,485.11
BSS7GP5 AGL ENERGY LTD AU AGL AU 8,385 $117,922.17
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 162,000 $70,680.54
BYXS699 QIAGEN N.V. NL QIA GR 2,280 $92,777.26
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 54,282 $4,803,434.69
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 18,655 $93,648.30
BYZR014 AMUNDI SA FR AMUN FP 605 $42,240.97
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 1,685 $57,222.60
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 2,380 $134,470.00
G27358103 DESPEGAR.COM CORP AR DESP 1,705 $23,682.45
G29183103 EATON CORP PLC US ETN 361 $30,064.08
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 290,000 $298,700.00
G45667105 HOLLYSYS AUTOMATION TECHNOLOGIES CN HOLI 3,525 $66,975.00
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 685 $28,297.35
G5960L103 MEDTRONIC INC IE MDT 70,637 $6,879,337.43
G97822103 PERRIGO CO PLC IE PRGO 1,990 $94,763.80
H01301128 ALCON INC CH ALC 14,412 $894,264.60
H1467J104 CHUBB LTD CH CB 221 $32,551.09
H8817H100 TRANSOCEAN LTD US RIG 84,430 $541,196.30
N22717107 CORE LABORATORIES N.V. NL CLB 945 $49,404.60
N47279109 INTERXION HOLDING NV NL INXN 44,370 $3,376,113.30
N53745100 LYONDELLBASELL INDU-CL A US LYB 331 $28,509.03
N72482123 QIAGEN N.V. ADR NL QGEN 1,295 $52,512.25
USD US DOLLAR US 16,675,900.14 $16,675,900.14

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

$13.06

Daily $ Change

-$0.03

Daily % Change

-0.23%

as of 07/19/2019

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 06/30/2019

YTD

10.90%

1 Year

7.07%

3 Year

6.40%

5 Year

3.39%

10 Year

7.25%

Inception
(01/01/2000)

6.38%

US Stock Market Cycle (04/01/2000 - 06/30/2019)

6.36%

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 06/30/2019

GOVERNMENT AGENCY 10.17%
TREASURY NOTES 9.73%
TREASURY BONDS 8.27%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 3.01%
MICROSOFT CORP 1.57%
MEDTRONIC INC 1.45%
MASTERCARD INC-CLASS A 1.27%
VISA INC - CLASS A SHARES 1.27%
NOVARTIS AG- REG 1.22%
TENCENT HOLDINGS LTD 1.11%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 06/30/2019

Bonds
60.64%
Stocks
35.95%
Cash
3.41%

Detailed Asset Class Allocation

As of 06/30/2019

International Equities
14.19%
Small Capitalization
0.23%
Mid Capitalization
0.59%
Large Capitalization
20.95%
Long Term Fixed Income
22.04%
Intermediate Term Fixed Income
28.30%
Short Term Fixed Income
10.29%
Cash
3.41%

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

June Fund Holdings

As of 06/30/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 90,000 $91,350.00
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 2,540,000 $2,722,331.66
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 5,000,000 $4,989,750.00
00287Y109 ABBVIE INC US ABBV 866 $62,975.52
004239109 ACADIA REALTY TRUST US AKR 1,510 $41,328.70
00507V109 ACTIVISION INC US ATVI 67,135 $3,168,772.00
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 2,810,000 $2,963,040.89
008492100 AGREE REALTY CORP US ADC 935 $59,886.75
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 1,455,000 $1,475,570.57
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 350 $49,381.50
01609W102 ALIBABA GROUP - ADR CN BABA 955 $161,824.75
020002101 ALLSTATE CORPORATION US ALL 207 $21,049.83
02079K107 ALPHABET INC-CL C US GOOG 3,110 $3,361,630.10
02079K305 ALPHABET INC-CL A US GOOGL 3,085 $3,340,438.00
023135106 AMAZON.COM INC US AMZN 850 $1,609,585.50
02319V103 AMBEV SA-ADR BR ABEV 415,305 $1,939,474.35
0237400 DIAGEO PLC GB DGE LN 99,545 $4,284,459.12
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 530,000 $532,385.00
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 1,485 $68,547.60
0263494 BAE SYSTEMS PLC GB BA/ LN 19,650 $123,498.41
02665T306 AMERICAN HOMES 4 RENT- A US AMH 9,210 $223,895.10
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 165,000 $166,261.72
03027X100 AMERICAN TOWER REIT INC US AMT 8,700 $1,778,715.00
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 57,918.95 $58,537.89
03064D108 AMERICOLD REALTY TRUST US COLD 1,415 $45,874.30
031162100 AMGEN INC US AMGN 384 $70,763.52
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 185,000 $183,150.00
03748R754 APARTMENT INVT & MGMT CO -A US AIV 2,756 $138,130.72
03784Y200 APPLE HOSPITALITY REIT INC US APLE 2,630 $41,711.80
038222105 APPLIED MATERIALS INC US AMAT 579 $26,002.89
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 406 $16,564.80
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 25,000 $25,187.50
0405207 HALMA PLC GB HLMA LN 2,905 $74,608.28
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 50,000 $48,250.00
0490656 KERRY GROUP PLC-A IE KYGA LN 1,185 $141,483.69
05278C107 AUTOHOME INC-ADR CN ATHM 1,130 $96,750.60
053484101 AVALONBAY COMMUNITIES INC US AVB 1,610 $327,119.80
054937107 BB&T CORP US BBT 434 $21,322.42
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 4,000,000 $4,075,854.40
05722G100 BAKER HUGHES A GE CO US BHGE 709 $17,462.67
060505104 BANK OF AMERICA CORP US BAC 2,840 $82,360.00
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 3,990,000 $4,196,709.21
0673123 ASSOCIATED BRITISH FOODS PLC GB ABF LN 3,870 $121,151.97
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 22,155 $4,722,781.35
086516101 BEST BUY INC US BBY 280 $19,524.40
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 18,950 $1,623,067.50
0922320 SMITH & NEPHEW PLC GB SN/ LN 6,295 $136,694.00
09247X101 BLACKROCK INC US BLK 2,180 $1,023,074.00
0946580 WEIR GROUP PLC/THE GB WEIR LN 8,260 $162,527.25
097023105 BOEING CO US BA 265 $96,462.65
09857L108 BOOKING HOLDINGS INC US BKNG 1,980 $3,711,925.80
101121101 BOSTON PROPERTIES INC US BXP 1,810 $233,490.00
105368203 BRANDYWINE REALTY TRUST US BDN 12,115 $173,486.80
110122108 BRISTOL MYERS SQUIBB CO US BMY 956 $43,354.60
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 1,335 $46,551.45
11135F101 BROADCOM INC US AVGO 213 $61,314.18
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 125,000 $105,000.00
12503M108 CBOE GLOBAL MARKETS INC US CBOE 16,180 $1,676,733.40
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 189 $15,942.15
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 505,226.7 $517,322.13
12572Q105 CME GROUP INC US CME 9,455 $1,835,310.05
12591QAR3 COMM 2014-UBS4 A5 3.69400 08/10/2047 US 3,600,000 $3,807,246.96
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 2,640,000 $2,640,610.84
12593GAF9 COMM 2015-PC1 A5 3.90200 07/10/2050 US 1,900,000 $2,032,206.37
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 2,000,000 $2,081,020.00
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 901,978.41 $885,293.43
126650100 CVS HEALTH CORP US CVS 789 $42,992.61
133131102 CAMDEN PROPERTY TRUST US CPT 445 $46,453.55
13321L108 CAMECO CORP CA CCJ 7,221 $77,481.33
149123101 CATERPILLAR INC US CAT 327 $44,566.83
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 30,804.66 $30,754.71
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 891,755.71 $897,324.10
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 1,413,653.06 $1,409,464.97
165240102 CHESAPEAKE LODGING TRUST US CHSP 2,170 $61,671.40
166764100 CHEVRON CORP US CVX 671 $83,499.24
17275R102 CISCO SYSTEMS INC US CSCO 1,980 $108,365.40
172967424 CITIGROUP INC US C 830 $58,124.90
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 1,420,000 $2,271,454.00
191216100 COCA COLA CO/THE US KO 71,070 $3,618,884.40
194162103 COLGATE-PALMOLIVE CO US CL 601 $43,073.67
2011646 ALIMENTATION COUCHE-TARD -B CA ATD/B CN 2,210 $139,075.33
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 3,170 $124,929.70
205887102 CONAGRA BRAND INC. US CAG 461 $12,225.72
21036PAM0 CONSTELLATION BRANDS INC 3.87500 11/15/2019 US 1,370,000 $1,376,303.89
222795502 COUSINS PROPERTIES INC US CUZ 7,354 $265,994.18
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 2,250,000 $2,282,864.78
22822V101 CROWN CASTLE INTL CORP US CCI 1,030 $134,260.50
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 597,922.01 $589,387.27
229663109 CUBESMART US CUBE 1,875 $62,700.00
231021106 CUMMINS INC US CMI 146 $25,015.64
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 90,000 $91,237.50
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 3,605 $34,245.50
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 26,300 $55,371.31
2521800 LOBLAW COMPANIES LTD CA L CN 2,670 $136,706.12
253868103 DIGITAL REALTY TRUST INC US DLR 1,170 $137,814.30
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 2,720,000 $2,874,867.06
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 120,000 $124,200.00
25960P109 DOUGLAS EMMETT INC US DEI 2,085 $83,066.40
260557103 DOW INC US DOW 456 $22,485.36
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 290,000 $296,400.30
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 310,000 $297,600.00
269246401 ETRADE FINANCIAL CORP US ETFC 18,100 $807,260.00
2715777 QUEBECOR INC -CL B CA QBR/B CN 40,690 $969,127.64
277432100 EASTMAN CHEM CO US EMN 178 $13,853.74
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 50,405 $1,028,461.38
285512109 ELECTRONIC ARTS US EA 27,900 $2,825,154.00
2866857 LUNDIN MINING CORP CA LUN CN 5,730 $31,547.71
291011104 EMERSON ELEC CO US EMR 495 $33,026.40
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 1,900,000 $2,246,067.50
29444U700 EQUINIX INC US EQIX 5,695 $2,871,931.55
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 970 $117,699.80
29476L107 EQUITY RESIDENTIAL US EQR 3,820 $290,014.40
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 4,474 $89,658.96
297178105 ESSEX PROPERTY TRUST INC US ESS 690 $201,431.70
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 4,675,000 $4,696,882.97
30225T102 EXTRA SPACE STORAGE INC US EXR 665 $70,556.50
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 58,614.93 $58,457.78
30261UAJ3 FREMF 2013-K713 B 3.26298 04/25/2046 US 1,200,000 $1,203,915.60
30286XAN9 FREMF 2015-K43 B FLT 3.86175 02/25/2048 US 2,300,000 $2,375,854.00
30291EAE4 FREMF 2013-K712 B FLT 3.45367 05/25/2045 US 675,000 $675,241.45
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 103,996,210.65 $307,943.18
30303M102 FACEBOOK INC -A US FB 9,660 $1,864,380.00
30744W107 FARFETCH LTD - CLASS A GB FTCH 1,255 $26,104.00
311900104 FASTENAL CO US FAST 568 $18,511.12
3128M5A91 FHLM POOL G03332 6.00000 10/01/2037 US 44,820.48 $50,864.89
3128M5NM8 FHLM POOL G03696 5.50000 01/01/2038 US 95,796.9 $106,034.28
3128M6B98 FHLM POOL G04264 5.50000 04/01/2038 US 337,565.91 $368,296.32
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 88,760.4 $99,074.48
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 136,448.81 $154,845.85
3128M7KW5 FHLM POOL G05409 5.50000 03/01/2039 US 230,345.28 $253,031.30
3128M8AW4 FHLM POOL G06021 5.50000 01/01/2040 US 90,484.4 $98,714.45
3128M9C83 FHLM POOL G06995 6.00000 05/01/2040 US 277,227.43 $314,614.06
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 9,080.12 $9,410.27
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 16,473.19 $16,891.45
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 11,287.93 $11,634.48
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 9,457.69 $9,815.02
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 16,117.44 $16,688.44
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 1,936,235.99 $2,047,417.37
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 229,514.26 $249,776.93
3132VLY43 FHLM POOL FG Q60730 4.00000 01/01/2049 US 1,825,051.06 $1,894,046.18
31335ABB3 FHLM POOL G60034 4.50000 02/01/2045 US 2,616,992.56 $2,788,903.53
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 606,535.74 $631,656.95
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 1,232,300.07 $1,306,910.20
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 4,154.94 $4,162.47
3136AY6W8 FNA 2017-M15 A1 3.05802 09/25/2027 US 1,504,501.67 $1,561,516.72
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 1,025,310.86 $1,064,326.91
31371NCJ2 FEDERAL NATL MTG ASSN 256673 5.50000 04/01/2037 US 454,222.45 $504,254.61
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 345 $44,422.20
3137A2B34 FHMS K009 X1 FLT 1.42744 08/25/2020 US 10,449,791.35 $120,776.60
3137ADTK3 FHMS K014 X1 FLT 1.32347 04/25/2021 US 6,549,014.33 $117,087.86
3137AJMG6 FMHS K016 X1 FLT 1.63773 10/25/2021 US 3,853,931.77 $114,442.50
3137AUPF0 FHMS K021 x1 FLT 1.56759 06/25/2022 US 15,128,699.29 $553,843.53
3137B3NB0 FHMS K030 X1 FLT 0.30291 04/25/2023 US 45,476,633.11 $307,954.12
3137B4GZ3 FHMS K032 X1 FLT 0.21411 05/25/2023 US 29,248,754.95 $123,523.34
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 1,202,917.01 $1,247,768.61
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 1,146,049.23 $1,197,705.57
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 212,430.82 $228,162.64
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458140100 INTEL CORP US INTC 2,236 $107,037.32
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478160104 JOHNSON & JOHNSON US JNJ 37,358 $5,203,222.24
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5505072 KERING FR KER FP 120 $70,826.77
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57636Q104 MASTERCARD INC-CLASS A US MA 22,720 $6,010,121.60
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609207105 MONDELEZ INTERNATIONAL INC US MDLZ 72,817 $3,924,836.30
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615369105 MOODY'S CORPORATION US MCO 9,455 $1,846,656.05
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6250025 DAIFUKU CO LTD JP 6383 JP 1,200 $67,779.87
6272483 DMCI HOLDINGS INC PH DMC PM 83,200 $16,726.07
6284864 GLOBE TELECOM INC PH GLO PM 705 $31,125.40
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637870106 NATIONAL STORAGE AFFILIATES US NSA 1,615 $46,738.10
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6441506 HOYA CORP JP 7741 JP 1,800 $138,337.65
6446620 HYUNDAI HEAVY INDUSTRIES KR 009540 KS 1,280 $131,494.40
6451066 HYUNDAI MIPO DOCKYARD KR 010620 KS 2,620 $112,270.36
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64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 735,333.66 $760,765.03
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 1,346,725.79 $1,390,430.54
6490995 KEYENCE CORP JP 6861 JP 280 $172,682.30
6499550 KYOWA KIRIN CO LTD JP 4151 JP 52,300 $943,677.01
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6531827 GEELY AUTOMOBILE HOLDINGS LT HK 175 HK 36,000 $61,726.79
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 245,000 $169,050.00
6687571 NABTESCO CORP JP 6268 JP 2,500 $69,842.49
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670346105 NUCOR CORP US NUE 350 $19,285.00
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6742340 SHANDONG WEIGAO CN 1066 HK 56,000 $50,816.25
674599105 OCCIDENTAL PETROLEUM CORP US OXY 469 $23,581.32
6772217 SAMSUNG HEAVY INDUSTRIES KR 010140 KS 4,715 $33,371.62
6818843 SM PRIME HOLDINGS INC PH SMPH PM 83,850 $60,729.83
6895200 TOHO CO LTD JP 9602 JP 3,100 $132,072.73
6919519 UNIVERSAL ROBINA CORP PH URC PM 11,080 $35,903.27
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70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 180,000 $185,788.80
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7103065 NOVARTIS AG-REG CH NOVN SW 1,780 $162,499.36
7103526 PEUGEOT SA FR UG FP 850 $20,920.60
7110388 ROCHE HOLDING AG-GENUSSCHEIN CH ROG SW 740 $208,079.02
7110902 TECAN GROUP AG-REG CH TECN SW 135 $35,060.42
7123870 NESTLE SA-REGISTERED CH NESN SW 39,749 $4,114,905.61
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713448108 PEPSICO INC US PEP 30,250 $3,966,682.50
7145056 ENI SPA IT ENI IM 7,700 $128,030.43
717081103 PFIZER INC US PFE 2,739 $118,653.48
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71943U104 PHYSICIANS REALTY TRUST US DOC 9,250 $161,320.00
7212477 ESSILORLUXOTTICA FR EL FP 455 $59,296.48
7262610 CREDIT AGRICOLE SA FR ACA FP 1,635 $19,510.00
729640102 PLYMOUTH INDUSTRIAL REIT INC US 1,755 $33,239.70
7309681 BNP PARIBAS FR BNP FP 1,740 $82,485.22
7380482 COMPAGNIE DE SAINT-GOBAIN FR SGO FP 715 $27,920.60
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 4,060,000 $4,281,145.28
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744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 2,480,000 $2,625,055.20
74460D109 PUBLIC STORAGE INC US PSA 880 $209,589.60
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756109104 REALTY INCOME CORP US O 730 $50,348.10
7591EP100 REGIONS FINANCIAL CORP. US RF 813 $12,146.22
76131D103 RESTAURANT BRANDS INTERN CA QSR 820 $57,022.80
7698356 GETINGE AB-B SHS SE GETIB SS 4,945 $77,979.44
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 170,000 $172,762.50
773903109 ROCKWELL AUTOMATION INC US ROK 89 $14,580.87
7742468 GECINA SA FR GFC FP 270 $40,403.44
77714PAB5 SEMGROUP / ROSE ROCK FIN 5.62500 07/15/2022 US 180,000 $177,436.80
7792559 HEINEKEN NV NL HEIA NA 1,205 $134,300.21
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 3,020 $198,534.80
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 768 $49,259.52
78409V104 S&P GLOBAL INC US SPGI 8,305 $1,891,795.95
78410G104 SBA COMMUNICATIONS CORP US SBAC 8,020 $1,803,216.80
78442PGC4 SLM CORP 5.12500 04/05/2022 US 235,000 $233,237.50
78463V107 SPDR GOLD SHARES US 3,494 $465,400.80
78490DAA2 SOFI 2018-C A1FX 3.08000 01/25/2048 US 2,089,608.54 $2,105,758.92
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 3,650,000 $4,170,983.55
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 2,750,000 $2,927,067.17
806857108 SCHLUMBERGER LTD NL SLB 51,385 $2,042,039.90
808513105 CHARLES SCHWAB CORP/THE US SCHW 38,935 $1,564,797.65
81141R100 SEA LTD - ADR SG SE 4,410 $146,500.20
812578102 SEATTLE GENETICS INC US SGEN 25,830 $1,787,694.30
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 517,606.91 $516,500.53
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 716,430.92 $717,609.81
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 553,223.19 $515,008.41
81762P102 SERVICENOW INC US NOW 13,250 $3,638,052.50
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 140,000 $129,220.00
828806109 SIMON PROPERTY GROUP INC US SPG 2,285 $365,051.60
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 131 $15,089.89
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 154,122.12 $153,793.65
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 225,000 $227,395.55
83404YAA1 SCLP 2016-5 A 3.06000 09/25/2028 US 195,390.99 $196,655.95
83406EAB1 SOFI 2018-A A2A 2.39000 02/25/2042 US 390,836.49 $391,147.48
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 2,810,000 $2,869,771.88
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 220,000 $200,750.00
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 105,000 $111,331.50
85254J102 STAG INDUSTRIAL INC US STAG 3,470 $104,932.80
855030AN2 STAPLES INC 7.50000 04/15/2026 US 180,000 $178,939.80
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.61425 11/15/2027 US 1,521,027.33 $1,516,888.46
862121100 STORE CAPITAL CORP US STOR 1,480 $49,121.20
866674104 SUN COMMUNITIES US SUI 1,410 $180,747.90
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 3,990 $54,702.90
867914103 SUNTRUST BANKS INC US STI 337 $21,180.45
86935CAA0 SCML 2019-SBC8 2.86000 12/25/2035 US 2,210,000 $2,214,860.45
871829107 SYSCO CORP US SYY 425 $30,056.00
874080104 TAL EDUCATION GROUP - ADR CN TAL 920 $35,052.00
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 351,465.69 $350,734.82
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882508104 TEXAS INSTRUMENTS INC US TXN 547 $62,773.72
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BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 11,235 $47,586.99
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BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 110,945 $3,338,035.34
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BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 18,655 $93,648.30
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G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 1,685 $57,222.60
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 2,380 $134,470.00
G27358103 DESPEGAR.COM CORP AR DESP 1,705 $23,682.45
G29183103 EATON CORP PLC US ETN 361 $30,064.08
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 290,000 $298,700.00
G45667105 HOLLYSYS AUTOMATION TECHNOLOGIES CN HOLI 3,525 $66,975.00
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 685 $28,297.35
G5960L103 MEDTRONIC INC IE MDT 70,637 $6,879,337.43
G97822103 PERRIGO CO PLC IE PRGO 1,990 $94,763.80
H01301128 ALCON INC CH ALC 14,412 $894,264.60
H1467J104 CHUBB LTD CH CB 221 $32,551.09
H8817H100 TRANSOCEAN LTD US RIG 84,430 $541,196.30
N22717107 CORE LABORATORIES N.V. NL CLB 945 $49,404.60
N47279109 INTERXION HOLDING NV NL INXN 44,370 $3,376,113.30
N53745100 LYONDELLBASELL INDU-CL A US LYB 331 $28,509.03
N72482123 QIAGEN N.V. ADR NL QGEN 1,295 $52,512.25
USD US DOLLAR US 16,675,900.14 $16,675,900.14

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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