Mutual Funds
Pro-Blend® Conservative Term Series
Investment Objective
To provide capital preservation as a primary goal, with income and capital growth as secondary objectives.
Investment Strategy
The portfolio is invested in a conservative mix of securities that seeks stability with some growth and income potential. Holdings are diversified primarily among fixed income securities, typically focusing on short to intermediate-term maturities. Stock investments may be focused on dividend paying securities in pursuit of growth opportunities and income generation.
The fund manager will adjust the investment mix over time to manage risk by continually evaluating individual securities and market conditions to determine the relative attractiveness of each investment. In general, stock exposure will increase when valuations are low and decrease during speculative markets.
May be Appropriate for Investors
- Who seek to minimize declines in account value with the potential for modest capital growth and income generation
- Who want to assume a minimal amount of capital risk through limited stock exposure
About Risk-Based Funds
Risk-based funds offer professional management and asset allocation through a choice of investment objectives that range from fairly aggressive to fairly conservative. All an investor has to do is determine which objective best suits their current risk tolerance and investment time horizon, then decide when to move to a different objective as their personal situation changes over the years.
Time Horizon & Range of Stock Exposure
| Conservative Term | Moderate Term | Extended Term | Maximum Term |
| 0-5 Years | 3-10 Years | 7-20 Years | 15+ Years |
| 5-35% | 20-60% | 40-70% | 70-95% |
Generally, the longer your time horizon, the more aggressive your investment objective can be. Greater stock exposure is typically associated with higher return potential and higher capital risk.
Daily Price
$12.57
Daily $ Change
-$0.04
Daily % Change
-0.32%
as of 04/18/2024
Ticker
MNCIX
CUSIP
56382P690
Inception Date
03/28/2008
Investment Minimum
$1,000,000.00
Investment minimum may be waived for certain qualified retirement plans and discretionary investment accounts of the Advisor.
Important Documents
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Applications & Forms | |
| Fact Sheet | |
| N-Port Part F Reports |
YTD
0.94%
1 Year
5.80%
3 Year
0.73%
5 Year
4.17%
10 Year
3.68%
Inception
(03/28/2008)
5.37%
Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.
Inception performance is based on the Pro-Blend® Conservative Term Series Class S inception of 11/01/1995. For periods through 03/28/2008 (the inception date of the Class I shares), performance for the Class I shares is based on the historical performance of the Class S shares. Because the Class I shares invest in the same portfolio of securities as the Class S shares, performance will be different only to the extent that the Class S shares have a higher expense ratio. Performance data quoted represents past performance and does not guarantee future results.
Expense Ratio
| Gross | 0.67% |
| Net | 0.65% |
| TREASURY NOTES | 24.67% |
| GOVERNMENT AGENCY | 18.14% |
| TSY INFL IX N/B 2.37500 01/15/2027 | 2.47% |
| TREASURY BONDS | 2.07% |
| ISHARES BROAD USD HIGH YIELD 2.43400 | 1.78% |
| TENCENT HOLDINGS 3.97500 04/11/2029 | 1.77% |
| PCG 2023 1 NOTE MTG 11.32941 07/25/2029 | 1.25% |
| SIMON PROPERTY GROUP LP 2.65000 02/01/2032 | 1.11% |
| JPMORGAN CHASE & CO 4.49300 03/24/2031 | 1.10% |
| PALOMINO FUNDING TRUST I 7.23300 05/17/2028 | 0.95% |
This investment list is unaudited and excludes cash.
| Bonds | 83.95% | |
| Stocks | 15.40% | |
| Cash | 0.65% |
| International Equities | 4.68% | |
| Small Capitalization | 0.09% | |
| Mid Capitalization | 0.95% | |
| Large Capitalization | 9.68% | |
| Long Term Fixed Income | 15.96% | |
| Intermediate Term Fixed Income | 50.14% | |
| Short Term Fixed Income | 17.85% | |
| Cash | 0.65% |
Due to rounding, the sum of the detailed asset class allocation categories may not equal the asset allocation totals provided above.
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| ADMIRAL GROUP PLC | GB | ADM LN | 4,323 | $154,926.53 |
| ADMIRAL GROUP PLC ADR | GB | AMIGY | 16,070 | $575,306.00 |
| AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 | IE | 1,700,000 | $1,539,968.73 | |
| AGREE REALTY CORP | US | ADC | 1,379 | $78,768.48 |
| AIR LIQUIDE | FR | AI FP | 499 | $103,816.30 |
| AIRBUS SE | FR | AIR FP | 698 | $128,591.71 |
| ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 | US | 115,613.85 | $117,695.00 | |
| ALCON INC | CH | ALC | 8,170 | $680,479.30 |
| ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 | KY | 1,020,000 | $847,959.58 | |
| ALIBABA GROUP HOLDING 4.00000 12/06/2037 | KY | 3,730,000 | $3,240,403.33 | |
| ALLO 2023-1A A2 6.20000 06/20/2053 | US | 1,550,000 | $1,541,548.63 | |
| ALPHABET INC-CL A | US | GOOGL | 14,062 | $2,122,377.66 |
| AMAZON.COM INC | US | AMZN | 15,242 | $2,749,351.96 |
| AMAZON.COM INC 3.30000 04/13/2027 | US | 780,000 | $750,394.66 | |
| AMERICAN HOMES 4 RENT- A | US | AMH | 2,227 | $81,909.06 |
| AMERICAN TOWER REIT INC | US | AMT | 516 | $101,956.44 |
| AMERICOLD REALTY TRUST | US | COLD | 1,768 | $44,058.56 |
| ASHTEAD CAPITAL INC 4.00000 05/01/2028 | US | 1,600,000 | $1,504,592.13 | |
| ASTRAZENECA | GB | AZN | 18,952 | $1,283,998.00 |
| ATLASSIAN CORP PLC-CLASS A | AU | TEAM | 305 | $59,508.55 |
| AUCKLAND INTL AIRPORT LTD | NZ | AIA NZ | 14,601 | $72,840.12 |
| AUTO TRADER GROUP PLC | GB | AUTO LN | 9,231 | $81,518.17 |
| AVALONBAY COMMUNITIES INC | US | AVB | 593 | $110,037.08 |
| AVANZA BANK HOLDING AB | SE | AZA SS | 1,848 | $39,837.35 |
| BAE SYSTEMS PLC | GB | BA/ LN | 5,329 | $90,835.09 |
| BAE SYSTEMS PLC -SPON ADR | GB | BAESY | 8,425 | $584,273.75 |
| BANK OF AMERICA CORP 2.68700 04/22/2032 | US | 2,720,000 | $2,301,038.10 | |
| BEIERSDORF AG | DE | BEI GR | 813 | $118,370.50 |
| BIOMARIN PHARMACEUTICAL INC | US | BMRN | 11,118 | $971,046.12 |
| BNSF FUNDING TRUST I 6.61300 12/15/2055 | US | 1,540,000 | $1,529,296.35 | |
| BORR IHC LTD 10.00000 11/15/2028 | MUL | 350,000 | $365,454.02 | |
| BRENNTAG AG | DE | BNR GR | 568 | $47,871.63 |
| BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 | AE | 427,745 | $301,343.59 | |
| CANADIAN NATIONAL RAILWAY CO | CA | CNI | 7,692 | $1,013,113.32 |
| CAPITAL ONE FINANCIAL CO 5.70000 02/01/2030 | US | 2,940,000 | $2,964,707.03 | |
| CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 | US | 679,766.93 | $610,175.63 | |
| CELLNEX TELECOM SA | ES | CLNX SM | 2,935 | $103,824.75 |
| CELLNEX TELECOM SAU-UNSP ADR | ES | CLLNY | 2,546 | $44,860.52 |
| CENOVUS ENERGY INC 6.75000 11/15/2039 | CA | 2,110,000 | $2,329,779.63 | |
| CIM 2019-INV1 A1 4.00000 02/25/2049 | US | 63,196.72 | $60,102.83 | |
| CITIGROUP INC 1.46200 06/09/2027 | US | 2,490,000 | $2,287,731.45 | |
| CLEANAWAY WASTE MANAGEMENT | AU | CWY AU | 49,875 | $88,372.13 |
| COCA COLA CO/THE | US | KO | 27,680 | $1,693,462.40 |
| COLO 2021-2A A2 MTGE 2.40000 10/25/2051 | US | 1,630,000 | $1,461,747.36 | |
| COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 | US | 1,500,000 | $1,427,444.69 | |
| CONSTELLATION BRANDS INC-A | US | STZ | 3,117 | $847,075.92 |
| COPART INC | US | CPRT | 17,932 | $1,038,621.44 |
| CROWN CASTLE INTL CORP | US | CCI | 449 | $47,517.67 |
| CSMC 2013-IVR3 A1 2.50000 05/25/2043 | US | 289,119.94 | $249,534.66 | |
| CSMC 2013-TH1 A1 2.13000 02/25/2043 | US | 160,170.67 | $133,375.76 | |
| CSX CORP | US | CSX | 22,255 | $824,992.85 |
| DEUTSCHE BOERSE AG | DE | DB1 GR | 816 | $167,108.60 |
| DEUTSCHE BOERSE AG ADR | DE | DBOEY | 39,444 | $805,840.92 |
| DIAGEO PLC | GB | DGE LN | 1,143 | $42,293.54 |
| DIGITAL REALTY TRUST INC | US | DLR | 342 | $49,261.68 |
| DIGITALBRIDGE GROUP INC | US | DBRG | 2,369 | $45,650.63 |
| DOLLARAMA INC | CA | DOL CN | 884 | $67,343.37 |
| ELECTRONIC ARTS | US | EA | 10,012 | $1,328,292.04 |
| ENERGY TRANSFER LP 7.37500 02/01/2031 | US | 1,400,000 | $1,467,471.71 | |
| ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 | US | 2,090,000 | $2,221,062.56 | |
| EQUINIX INC | US | EQIX | 497 | $410,189.01 |
| EQUITY COMMONWEALTH | US | EQC | 2,182 | $41,196.16 |
| EQUITY LIFESTYLE PROPERTIES | US | ELS | 1,467 | $94,474.80 |
| EQUITY RESIDENTIAL | US | EQR | 900 | $56,799.00 |
| EVERGY INC | US | EVRG | 16,852 | $899,559.76 |
| EXPERIAN PLC | IE | EXPN LN | 1,932 | $84,182.94 |
| EXTRA SPACE STORAGE INC | US | EXR | 630 | $92,610.00 |
| FEDERAL NATL MTG ASSN 123456 6.00000 12/01/2038 | US | 6,293.23 | $6,576.41 | |
| FEDERAL NATL MTG ASSN 886904 6.50000 09/01/2036 | US | 31,851.8 | $33,691.24 | |
| FEDERAL NATL MTG ASSN 889260 5.00000 04/01/2038 | US | 6,295.08 | $6,322.42 | |
| FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 | US | 149,801.94 | $156,515.44 | |
| FEDERAL NATL MTG ASSN 933521 5.00000 01/01/2038 | US | 5,490.43 | $5,514.28 | |
| FEDERAL NATL MTG ASSN 971022 5.00000 01/01/2039 | US | 11,288.26 | $11,329.44 | |
| FEDERAL NATL MTG ASSN 975840 5.00000 05/01/2038 | US | 22,967.03 | $23,050.20 | |
| FEDERAL NATL MTG ASSN 983686 5.00000 02/01/2039 | US | 13,207.85 | $13,255.64 | |
| FEDERAL NATL MTG ASSN 986458 6.00000 08/01/2038 | US | 3,740.49 | $3,908.80 | |
| FEDERAL NATL MTG ASSN 987831 6.00000 09/01/2038 | US | 8,383.87 | $8,762.65 | |
| FEDERAL NATL MTG ASSN 990897 6.00000 09/01/2038 | US | 16,055.44 | $16,777.89 | |
| FEDERAL NATL MTG ASSN 995196 6.00000 07/01/2038 | US | 184,223.35 | $192,483.16 | |
| FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 | US | 148,000.32 | $141,269.21 | |
| FEDERAL NATL MTG ASSN AA1810 5.00000 01/01/2039 | US | 31,751.47 | $31,867.31 | |
| FEDERAL NATL MTG ASSN AA6788 6.00000 08/01/2039 | US | 107,663.41 | $112,508.53 | |
| FEDERAL NATL MTG ASSN AB4300 3.50000 01/01/2042 | US | 74,127.75 | $68,570.03 | |
| FEDERAL NATL MTG ASSN AC0463 5.00000 11/01/2039 | US | 12,071.72 | $12,105.66 | |
| FEDERAL NATL MTG ASSN AC1557 4.50000 09/01/2024 | US | 1,029.56 | $1,021.39 | |
| FEDERAL NATL MTG ASSN AC5111 5.00000 11/01/2039 | US | 25,773.34 | $25,845.81 | |
| FEDERAL NATL MTG ASSN AC8573 5.00000 01/01/2040 | US | 21,343.36 | $21,403.38 | |
| FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 | US | 26,087.99 | $27,257.67 | |
| FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 | US | 173.95 | $172.96 | |
| FEDERAL NATL MTG ASSN AE0061 6.00000 02/01/2040 | US | 75,595.86 | $78,997.46 | |
| FEDERAL NATL MTG ASSN AE0604 6.00000 07/01/2039 | US | 169,085.69 | $176,666.79 | |
| FEDERAL NATL MTG ASSN AL0152 6.00000 06/01/2040 | US | 294,442.71 | $307,638.41 | |
| FEDERAL NATL MTG ASSN AL1410 4.50000 12/01/2041 | US | 327,628.3 | $321,115.04 | |
| FEDERAL NATL MTG ASSN AL1595 6.00000 01/01/2040 | US | 182,731.3 | $190,920.56 | |
| FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 | US | 167,554.88 | $159,934.42 | |
| FEDERAL NATL MTG ASSN AL8674 FLT 5.64300 01/01/2049 | US | 500,401.71 | $515,898.89 | |
| FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 | US | 77,042.16 | $72,804.82 | |
| FEDERAL NATL MTG ASSN BD6997 4.00000 10/01/2046 | US | 97,439.62 | $92,080.37 | |
| FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 | US | 126,177.61 | $119,237.75 | |
| FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 | US | 123,740.02 | $120,346.55 | |
| FEDERAL NATL MTG ASSN CA5518 3.00000 04/01/2050 | US | 3,994,251.68 | $3,495,644.17 | |
| FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 | US | 2,861,312.58 | $2,608,069.76 | |
| FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 | US | 582,745.8 | $565,555.46 | |
| FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 | US | 2,943,305.16 | $2,786,126.95 | |
| FEDERAL NATL MTG ASSN FS2998 3.50000 04/01/2052 | US | 3,337,903.42 | $3,025,513.28 | |
| FEDERAL NATL MTG ASSN FS4511 4.00000 08/01/2051 | US | 3,664,554.38 | $3,444,187.06 | |
| FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 | US | 283,184.22 | $278,101.40 | |
| FEDERAL NATL MTG ASSN MA0259 5.00000 12/01/2039 | US | 15,751.89 | $15,796.18 | |
| FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 | US | 217,716.79 | $214,591.34 | |
| FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 | US | 205,491.52 | $202,545.73 | |
| FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 | US | 3,276,105.27 | $2,938,221.07 | |
| FEDERAL NATL MTG ASSN MA4633 3.50000 06/01/2042 | US | 1,163,420.62 | $1,072,809.20 | |
| FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 | US | 3,626,441.27 | $3,360,960.09 | |
| FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 | US | 3,036,748.46 | $2,651,341.81 | |
| FEDERAL NATL MTG ASSN SD8276 5.00000 12/01/2052 | US | 1,246,041.87 | $1,217,296.51 | |
| FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 | US | 2,287,283.99 | $2,002,866.54 | |
| FHLM POOL A92889 4.50000 07/01/2040 | US | 414,517.5 | $407,244.67 | |
| FHLM POOL C91746 4.50000 12/01/2033 | US | 32,959.62 | $32,526.32 | |
| FHLM POOL C91762 4.50000 05/01/2034 | US | 328,426.62 | $324,125.80 | |
| FHLM POOL G03926 6.00000 02/01/2038 | US | 122,622.34 | $128,281.83 | |
| FHLM POOL G05906 6.00000 04/01/2040 | US | 16,944.24 | $17,726.28 | |
| FHLM POOL G06789 6.00000 05/01/2040 | US | 103,057.66 | $107,814.16 | |
| FHLM POOL SD8230 4.50000 06/01/2052 | US | 2,116,599.82 | $2,021,109.19 | |
| FHR 5189 CP 2.50000 06/25/2049 | US | 1,820,587.03 | $1,553,091.13 | |
| FINECOBANK SPA | IT | FBK IM | 2,957 | $44,286.39 |
| FIRST INDUSTRIAL REALTY TR | US | FR | 602 | $31,629.08 |
| FLAGSHIP COMMUNITIES REIT UT | US | MHC/U CN | 3,001 | $51,677.22 |
| FLX 2021-1A A2 3.25000 11/27/2051 | US | 2,600,000 | $2,356,388.03 | |
| FN FS4339 MTGE 3.00000 12/01/2050 | US | 1,825,209.9 | $1,598,294.40 | |
| FN FS4616 MTGE 5.00000 05/01/2043 | US | 3,639,904.32 | $3,618,247.73 | |
| FN FS4925 MTGE 3.50000 04/01/2052 | US | 3,889,936.21 | $3,525,882.02 | |
| FN MA4020 MTGE 3.00000 05/01/2050 | US | 4,099,703.21 | $3,574,147.87 | |
| FN MA4807 MTGE 5.50000 11/01/2052 | US | 2,661,915.91 | $2,653,579.88 | |
| FN MA4934 MTGE 5.00000 02/01/2043 | US | 1,771,378.66 | $1,756,967.70 | |
| FNR 2018-13 PA MTGE 3.00000 03/25/2048 | US | 1,658,995.81 | $1,449,662.18 | |
| FNR 2018-31 KP 3.50000 07/25/2047 | US | 41,119.85 | $40,008.67 | |
| FNR 2021-69 WJ 1.50000 10/25/2050 | US | 1,094,957.83 | $908,864.38 | |
| FR RB5178 MTGE 4.50000 08/01/2042 | US | 1,769,762.43 | $1,713,231.35 | |
| FR SD1360 MTGE 5.50000 07/01/2052 | US | 3,598,082.59 | $3,589,826.07 | |
| FREDDIE MAC POOL RB5167 3.50000 07/01/2042 | US | 1,180,819.74 | $1,089,593.74 | |
| FREDDIE MAC POOL RB5188 4.00000 10/01/2042 | US | 2,425,967.23 | $2,296,415.87 | |
| GLOBANT SA | LU | GLOB | 350 | $70,665.00 |
| GNMA POOL 671161 5.50000 11/15/2037 | US | 24,275.93 | $24,832.57 | |
| GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 | US | 230,000 | $193,608.06 | |
| GOODMAN GROUP | AU | GMG AU | 2,134 | $47,006.27 |
| GSMBS 2021-INV1 A9 5.00000 12/25/2051 | US | 1,411,064.57 | $1,304,150.32 | |
| GSMBS 2021-PJ6 A8 2.50000 11/25/2051 | US | 1,160,879.48 | $1,022,107.61 | |
| GSMBS 2021-PJ9 A8 2.50000 02/26/2052 | US | 1,148,347.86 | $989,683.76 | |
| GSMBS 2022-PJ1 A8 2.50000 05/28/2052 | US | 1,809,856.16 | $1,554,146.71 | |
| HALMA PLC | GB | HLMA LN | 4,293 | $128,190.61 |
| HAWAII ST 2.68200 10/01/2038 | US | 2,660,000 | $2,061,922.51 | |
| HDFC BANK LTD-ADR | IN | HDB | 22,092 | $1,236,489.24 |
| HEINEKEN NV | NL | HEIA NA | 1,494 | $144,033.01 |
| HEINEKEN NV-SPN ADR | NL | HEINY | 31,501 | $1,522,443.33 |
| HELIOS TOWERS PLC | GB | HTWS LN | 29,388 | $35,009.05 |
| HUMANA INC | US | HUM | 1,505 | $521,813.60 |
| IIP OPERATING PARTNER 5.50000 05/25/2026 | US | 460,000 | $439,575.07 | |
| IMCD NV | NL | IMCD NA | 757 | $133,239.64 |
| IMPRL 2021-NQM3 1.59500 11/25/2056 | US | 1,251,994.29 | $1,039,271.15 | |
| IMPRL 2022-NQM1 A1 2.49300 02/25/2067 | US | 2,344,565.03 | $2,063,242.62 | |
| INFRABUILD AUTRALIA PTY 14.50000 11/15/2028 | AU | 350,000 | $362,967.39 | |
| INTERCONTINENTALEXCHANGE INC | US | ICE | 5,873 | $807,126.39 |
| INTERMEDIATE CAPITAL GROUP | GB | ICP LN | 3,378 | $87,495.22 |
| INTUITIVE SURGICAL INC | US | ISRG | 1,403 | $559,923.27 |
| INVITATION HOMES INC | US | INVH | 3,880 | $138,166.80 |
| ISHARES BROAD USD HIGH YIELD 2.43400 | US | 167,405 | $6,125,348.95 | |
| ITALY GOV'T INT BOND 2.37500 10/17/2024 | IT | 600,000 | $589,618.25 | |
| JAPAN (2 YEAR ISSUE) 0.10000 01/01/2026 | JP | 200,000,000 | $1,319,553.64 | |
| JOHNSON & JOHNSON | US | JNJ | 10,332 | $1,634,419.08 |
| JPMMT 2014-2 1A1 3.00000 06/25/2029 | US | 184,321.72 | $176,658.56 | |
| JPMMT 2017-3 1A3 3.50000 08/25/2047 | US | 29,730.47 | $26,254.83 | |
| JPMMT 2017-6 A3 3.50000 12/25/2048 | US | 67,097.44 | $60,804.57 | |
| JPMORGAN CHASE & CO 4.49300 03/24/2031 | US | 3,920,000 | $3,791,314.95 | |
| KEYENCE CORP | JP | 6861 JP | 200 | $92,852.18 |
| KEYWORDS STUDIOS PLC | IE | KWS LN | 3,265 | $53,654.38 |
| L'OREAL | FR | OR FP | 50 | $23,678.58 |
| L3HARRIS TECHNOLOGIES INC | US | LHX | 8,030 | $1,711,193.00 |
| LEXINGTON REALTY TRUST | US | LXP | 9,823 | $88,603.46 |
| LONZA GROUP AG -REG | CH | LONN SW | 202 | $120,714.91 |
| LONZA GROUP AG ADR | CH | LZAGY | 2,556 | $153,129.96 |
| MARRIOTT VACATIONS WORLD | US | VAC | 385 | $41,476.05 |
| MASCO CORP | US | MAS | 8,013 | $632,065.44 |
| MASSMUTUAL GLOBAL FUNDING 4.85000 01/17/2029 | US | 730,000 | $726,328.30 | |
| MASTERCARD INC-CLASS A | US | MA | 4,249 | $2,046,190.93 |
| MEDTRONIC INC | IE | MDT | 7,680 | $669,312.00 |
| MERCADOLIBRE INC | BR | MELI | 66 | $99,789.36 |
| MET LIFE GLOB FUNDING I 4.85000 01/08/2029 | US | 730,000 | $724,733.06 | |
| META PLATFORMS INC | US | META | 3,096 | $1,503,355.68 |
| MEX BONOS DESARR FIX RT 7.75000 05/29/2031 | MX | 908,000 | $50,341.30 | |
| MICRON TECHNOLOGY INC | US | MU | 16,800 | $1,980,552.00 |
| MICROSOFT CORP | US | MSFT | 2,153 | $905,810.16 |
| MID-AMERICA APARTMENT COMM | US | MAA | 248 | $32,631.84 |
| MONARCH CASINO & RESORT INC | US | MCRI | 724 | $54,292.76 |
| MONDELEZ INTERNATIONAL INC | US | MDLZ | 7,685 | $537,950.00 |
| MOODY'S CORPORATION | US | MCO | 2,726 | $1,071,399.78 |
| NAVIENT CORP 6.75000 06/25/2025 | US | 485,000 | $488,093.65 | |
| NESTLE S.A. - ADR | CH | NSRGY | 14,168 | $1,504,641.60 |
| NESTLE SA-REGISTERED | CH | NESN SW | 1,168 | $124,099.95 |
| NEW FORTRESS ENERGY INC 8.75000 03/15/2029 | US | 345,000 | $343,815.20 | |
| NEW YORK LIFE GLOBAL FDG 4.70000 01/29/2029 | US | 730,000 | $722,387.13 | |
| NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 | AU | 1,634,676.16 | $1,546,727.41 | |
| NORTHROP GRUMMAN CORP | US | NOC | 1,711 | $818,987.26 |
| NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | CA | 880,000 | $8.80 | |
| NOVARTIS AG- REG | CH | NVS | 6,619 | $640,255.87 |
| NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 | US | 1,470,000 | $1,554,195.22 | |
| NRZT 2014-3A AFX3 3.75000 11/25/2054 | US | 284,129.07 | $265,079.21 | |
| NRZT 2015-2A A1 3.75000 08/25/2055 | US | 278,394.16 | $258,639.06 | |
| NRZT 2016-4A A1 3.75000 11/25/2056 | US | 407,804.97 | $378,618.41 | |
| NYMT 2022-CP1 A1 2.04240 07/25/2061 | US | 1,415,619.15 | $1,283,767.96 | |
| OASIS 2022-2A A 6.85000 10/15/2034 | US | 512,870.47 | $511,306.57 | |
| OASIS 2023-1A 7.00000 02/15/2035 | US | 607,508.75 | $606,365.42 | |
| OBX 2022-INV1 A1 3.00000 12/25/2051 | US | 2,142,445 | $1,797,412.22 | |
| OBX 2024-NQM1 A1 5.92800 11/25/2063 | US | 1,407,784.86 | $1,408,322.08 | |
| OPEN INFRA IS ASSETS AB 11.00000 02/22/2027 | US | 400,000 | $398,010.42 | |
| OXFIN 2020-1A A2 3.10100 02/15/2028 | US | 95,017.98 | $92,299.11 | |
| OXFIN 2022-1A 3.60200 02/15/2030 | US | 2,748,832.91 | $2,626,154.70 | |
| OXFIN 2023-1A A2 6.71600 02/15/2031 | US | 2,500,000 | $2,519,486.00 | |
| OXFINF 2024-A A2 6.67500 01/14/2032 | US | 220,000 | $218,658.13 | |
| PALOMINO FUNDING TRUST I 7.23300 05/17/2028 | US | 3,130,000 | $3,282,804.94 | |
| PCG 2023 1 NOTE MTG 11.32941 07/25/2029 | US | 4,293,108.97 | $4,292,466.51 | |
| PEAR 2021-1 A MTGE 2.60000 01/15/2034 | US | 1,442,203.91 | $1,393,156.29 | |
| PEAR 2023-1A 7.42000 07/15/2035 | US | 1,213,337.54 | $1,226,317.10 | |
| PEAR 2024-1 A 6.95000 02/15/2036 | US | 706,395.19 | $707,472.51 | |
| PELORUS FUND REIT 7.00000 09/30/2026 | US | 470,000 | $460,870.30 | |
| PEPSICO INC 3.90000 07/18/2032 | US | 3,370,000 | $3,193,577.00 | |
| PFMT 2021 -INV1 A1 2.50000 08/25/2051 | US | 2,317,363.84 | $1,878,364.31 | |
| PFMT 2021-2 A2A 2.00000 04/25/2051 | US | 1,447,496.66 | $1,212,501.83 | |
| PHILIP MORRIS INTERNATIONAL | US | PM | 15,117 | $1,385,019.54 |
| PMTLT 2013-J1 a9 3.50000 09/25/2043 | US | 581,787.2 | $527,793.05 | |
| PROLOGIS | US | PLD | 2,862 | $372,689.64 |
| PUBLIC STORAGE INC | US | PSA | 485 | $140,679.10 |
| QUALCOMM INC 4.25000 05/20/2032 | US | 3,110,000 | $3,001,344.34 | |
| REALTY INCOME CORP | US | O | 1,298 | $70,221.80 |
| REXFORD INDUSTRIAL REALITY IN | US | REXR | 2,183 | $109,804.90 |
| S&P GLOBAL INC | US | SPGI | 1,777 | $756,024.65 |
| SBA COMMUNICATIONS CORP | US | SBAC | 693 | $150,173.10 |
| SBA TOWER TRUST 6.59900 01/15/2028 | US | 2,540,000 | $2,603,306.96 | |
| SCML 2019-SBC8 2.86000 04/25/2041 | US | 1,458,550.87 | $1,354,373.87 | |
| SEMT 2013-2 1.87400 02/25/2043 | US | 142,813.22 | $120,603.15 | |
| SEMT 2013-6 A2 3.00000 05/25/2043 | US | 1,116,180.93 | $985,490.08 | |
| SEMT 2013-7 A2 3.00000 06/25/2043 | US | 168,163.9 | $146,968.00 | |
| SEMT 2013-8 A1 3.00000 06/25/2043 | US | 200,392.55 | $177,736.12 | |
| SEMT 2020-1 A1 3.50000 02/25/2050 | US | 62,394.99 | $55,879.17 | |
| SERVICENOW INC | US | NOW | 784 | $597,721.60 |
| SIMON PROPERTY 2.25000 01/15/2032 | US | 1,290,000 | $1,055,901.96 | |
| SIMON PROPERTY GROUP LP 2.65000 02/01/2032 | US | 4,505,000 | $3,799,643.91 | |
| SIRIUSPOINT LTD 7.00000 04/05/2029 | BM | 1,440,000 | $1,437,782.40 | |
| SONY CORP FIRST SECTION | JP | 6758 JP | 1,200 | $102,900.88 |
| SORT 2020-1 B1 2.28000 07/15/2060 | US | 2,698,356.01 | $2,482,329.41 | |
| SOUTH CAROLINA ST PUBLIC SVC 1.85200 12/01/2026 | US | 3,460,000 | $3,170,526.71 | |
| SRPT 2014-STAR A FLTG RATE 8.50000 11/15/2027 | US | 2,117,053.96 | $1,503,095.40 | |
| STR 2019-1 A1 MTGE 2.82000 11/20/2049 | US | 2,083,768.8 | $1,922,774.11 | |
| SUN COMMUNITIES | US | SUI | 1,102 | $141,695.16 |
| TAIWAN SEMICONDUCTOR - SP ADR | TW | TSM | 13,706 | $1,864,701.30 |
| TECHTRONIC INDUSTRIES CO LTD | HK | 669 HK | 10,000 | $135,878.65 |
| TECHTRONIC INDUSTRIES-SP ADR | HK | TTNDY | 8,504 | $578,144.44 |
| TENCENT HOLDINGS 3.97500 04/11/2029 | KY | 6,410,000 | $6,092,894.67 | |
| TENCENT HOLDINGS LTD | CN | 700 HK | 3,200 | $124,639.82 |
| TERRENO REALTY CORP | US | TRNO | 1,449 | $96,213.60 |
| THERMO FISHER SCIENTIFIC INC | US | TMO | 990 | $575,397.90 |
| TPMT 2016-5 A1 2.50000 10/25/2056 | US | 15,024.62 | $14,961.47 | |
| TPMT 2017-1 A1 2.75000 10/25/2056 | US | 8,353.4 | $8,318.09 | |
| TPMT 2019-HY1 A1 6.44389 10/25/2048 | US | 424,834.49 | $431,057.00 | |
| TREASURY BOND 2.37500 02/15/2042 | US | 9,544,000 | $7,110,280.00 | |
| TREASURY NOTE 2.25000 11/15/2027 | US | 11,175,000 | $10,399,734.38 | |
| TSY INFL IX N/B 2.37500 01/15/2027 | US | 8,420,656.16 | $8,491,609.28 | |
| UDR INC | US | UDR | 926 | $34,641.66 |
| UNION PAC CORP | US | UNP | 2,272 | $558,752.96 |
| UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 | US | 63,664.97 | $60,999.11 | |
| UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 | US | 327,132.53 | $302,204.22 | |
| UNITED STATES TREAS NTS 2.25000 11/15/2024 | US | 14,850,000 | $14,581,423.79 | |
| UNITEDHEALTH GROUP INC | US | UNH | 1,091 | $539,717.70 |
| US CLAIMS LIT FNDG LLC 10.25000 03/17/2028 | US | 250,000 | $212,917.35 | |
| US DOLLAR | US | 2,233,393.94 | $2,233,393.94 | |
| US TEASURY NOTE 1.75000 11/15/2029 | US | 15,849,000 | $13,963,216.72 | |
| US TREASURY N/B 0.87500 11/15/2030 | US | 11,003,000 | $8,915,868.44 | |
| US TREASURY N/B 2.00000 11/15/2026 | US | 14,957,000 | $14,045,557.81 | |
| US TREASURY N/B 2.25000 11/15/2025 | US | 18,016,000 | $17,309,435.00 | |
| US TREASURY N/B 3.12500 11/15/2028 | US | 5,872,000 | $5,596,291.28 | |
| VENTAS INC | US | VTR | 1,093 | $47,589.22 |
| VERTEX PHARMACEUTICALS INC | US | VRTX | 2,362 | $987,339.62 |
| VISA INC - CLASS A SHARES | US | V | 5,427 | $1,514,567.16 |
| WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 | US | 2,380,000 | $2,227,812.19 | |
| WELLTOWER INC. | US | WELL | 1,442 | $134,740.48 |
| WIN 2015-1 A1 3.50000 01/20/2045 | US | 92,291.02 | $83,490.73 |
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.
Daily Price
$12.57
Daily $ Change
-$0.04
Daily % Change
-0.32%
as of 04/18/2024
Ticker
MNCIX
CUSIP
56382P690
Inception Date
03/28/2008
Investment Minimum
$1,000,000.00
Investment minimum may be waived for certain qualified retirement plans and discretionary investment accounts of the Advisor.
Important Documents
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Applications & Forms | |
| Fact Sheet | |
| N-Port Part F Reports |
Investment Objective
To provide capital preservation as a primary goal, with income and capital growth as secondary objectives.
Investment Strategy
The portfolio is invested in a conservative mix of securities that seeks stability with some growth and income potential. Holdings are diversified primarily among fixed income securities, typically focusing on short to intermediate-term maturities. Stock investments may be focused on dividend paying securities in pursuit of growth opportunities and income generation.
The fund manager will adjust the investment mix over time to manage risk by continually evaluating individual securities and market conditions to determine the relative attractiveness of each investment. In general, stock exposure will increase when valuations are low and decrease during speculative markets.
May be Appropriate for Investors
- Who seek to minimize declines in account value with the potential for modest capital growth and income generation
- Who want to assume a minimal amount of capital risk through limited stock exposure
About Risk-Based Funds
Risk-based funds offer professional management and asset allocation through a choice of investment objectives that range from fairly aggressive to fairly conservative. All an investor has to do is determine which objective best suits their current risk tolerance and investment time horizon, then decide when to move to a different objective as their personal situation changes over the years.
Time Horizon & Range of Stock Exposure
| Conservative Term | Moderate Term | Extended Term | Maximum Term |
| 0-5 Years | 3-10 Years | 7-20 Years | 15+ Years |
| 5-35% | 20-60% | 40-70% | 70-95% |
Generally, the longer your time horizon, the more aggressive your investment objective can be. Greater stock exposure is typically associated with higher return potential and higher capital risk.
YTD
0.94%
1 Year
5.80%
3 Year
0.73%
5 Year
4.17%
10 Year
3.68%
Inception
(03/28/2008)
5.37%
Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.
Inception performance is based on the Pro-Blend® Conservative Term Series Class S inception of 11/01/1995. For periods through 03/28/2008 (the inception date of the Class I shares), performance for the Class I shares is based on the historical performance of the Class S shares. Because the Class I shares invest in the same portfolio of securities as the Class S shares, performance will be different only to the extent that the Class S shares have a higher expense ratio. Performance data quoted represents past performance and does not guarantee future results.
Expense Ratio
| Gross | 0.67% |
| Net | 0.65% |
| TREASURY NOTES | 24.67% |
| GOVERNMENT AGENCY | 18.14% |
| TSY INFL IX N/B 2.37500 01/15/2027 | 2.47% |
| TREASURY BONDS | 2.07% |
| ISHARES BROAD USD HIGH YIELD 2.43400 | 1.78% |
| TENCENT HOLDINGS 3.97500 04/11/2029 | 1.77% |
| PCG 2023 1 NOTE MTG 11.32941 07/25/2029 | 1.25% |
| SIMON PROPERTY GROUP LP 2.65000 02/01/2032 | 1.11% |
| JPMORGAN CHASE & CO 4.49300 03/24/2031 | 1.10% |
| PALOMINO FUNDING TRUST I 7.23300 05/17/2028 | 0.95% |
This investment list is unaudited and excludes cash.
| Bonds | 83.95% | |
| Stocks | 15.40% | |
| Cash | 0.65% |
| International Equities | 4.68% | |
| Small Capitalization | 0.09% | |
| Mid Capitalization | 0.95% | |
| Large Capitalization | 9.68% | |
| Long Term Fixed Income | 15.96% | |
| Intermediate Term Fixed Income | 50.14% | |
| Short Term Fixed Income | 17.85% | |
| Cash | 0.65% |
Due to rounding, the sum of the detailed asset class allocation categories may not equal the asset allocation totals provided above.
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| ADMIRAL GROUP PLC | GB | ADM LN | 4,323 | $154,926.53 |
| ADMIRAL GROUP PLC ADR | GB | AMIGY | 16,070 | $575,306.00 |
| AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 | IE | 1,700,000 | $1,539,968.73 | |
| AGREE REALTY CORP | US | ADC | 1,379 | $78,768.48 |
| AIR LIQUIDE | FR | AI FP | 499 | $103,816.30 |
| AIRBUS SE | FR | AIR FP | 698 | $128,591.71 |
| ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 | US | 115,613.85 | $117,695.00 | |
| ALCON INC | CH | ALC | 8,170 | $680,479.30 |
| ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 | KY | 1,020,000 | $847,959.58 | |
| ALIBABA GROUP HOLDING 4.00000 12/06/2037 | KY | 3,730,000 | $3,240,403.33 | |
| ALLO 2023-1A A2 6.20000 06/20/2053 | US | 1,550,000 | $1,541,548.63 | |
| ALPHABET INC-CL A | US | GOOGL | 14,062 | $2,122,377.66 |
| AMAZON.COM INC | US | AMZN | 15,242 | $2,749,351.96 |
| AMAZON.COM INC 3.30000 04/13/2027 | US | 780,000 | $750,394.66 | |
| AMERICAN HOMES 4 RENT- A | US | AMH | 2,227 | $81,909.06 |
| AMERICAN TOWER REIT INC | US | AMT | 516 | $101,956.44 |
| AMERICOLD REALTY TRUST | US | COLD | 1,768 | $44,058.56 |
| ASHTEAD CAPITAL INC 4.00000 05/01/2028 | US | 1,600,000 | $1,504,592.13 | |
| ASTRAZENECA | GB | AZN | 18,952 | $1,283,998.00 |
| ATLASSIAN CORP PLC-CLASS A | AU | TEAM | 305 | $59,508.55 |
| AUCKLAND INTL AIRPORT LTD | NZ | AIA NZ | 14,601 | $72,840.12 |
| AUTO TRADER GROUP PLC | GB | AUTO LN | 9,231 | $81,518.17 |
| AVALONBAY COMMUNITIES INC | US | AVB | 593 | $110,037.08 |
| AVANZA BANK HOLDING AB | SE | AZA SS | 1,848 | $39,837.35 |
| BAE SYSTEMS PLC | GB | BA/ LN | 5,329 | $90,835.09 |
| BAE SYSTEMS PLC -SPON ADR | GB | BAESY | 8,425 | $584,273.75 |
| BANK OF AMERICA CORP 2.68700 04/22/2032 | US | 2,720,000 | $2,301,038.10 | |
| BEIERSDORF AG | DE | BEI GR | 813 | $118,370.50 |
| BIOMARIN PHARMACEUTICAL INC | US | BMRN | 11,118 | $971,046.12 |
| BNSF FUNDING TRUST I 6.61300 12/15/2055 | US | 1,540,000 | $1,529,296.35 | |
| BORR IHC LTD 10.00000 11/15/2028 | MUL | 350,000 | $365,454.02 | |
| BRENNTAG AG | DE | BNR GR | 568 | $47,871.63 |
| BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 | AE | 427,745 | $301,343.59 | |
| CANADIAN NATIONAL RAILWAY CO | CA | CNI | 7,692 | $1,013,113.32 |
| CAPITAL ONE FINANCIAL CO 5.70000 02/01/2030 | US | 2,940,000 | $2,964,707.03 | |
| CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 | US | 679,766.93 | $610,175.63 | |
| CELLNEX TELECOM SA | ES | CLNX SM | 2,935 | $103,824.75 |
| CELLNEX TELECOM SAU-UNSP ADR | ES | CLLNY | 2,546 | $44,860.52 |
| CENOVUS ENERGY INC 6.75000 11/15/2039 | CA | 2,110,000 | $2,329,779.63 | |
| CIM 2019-INV1 A1 4.00000 02/25/2049 | US | 63,196.72 | $60,102.83 | |
| CITIGROUP INC 1.46200 06/09/2027 | US | 2,490,000 | $2,287,731.45 | |
| CLEANAWAY WASTE MANAGEMENT | AU | CWY AU | 49,875 | $88,372.13 |
| COCA COLA CO/THE | US | KO | 27,680 | $1,693,462.40 |
| COLO 2021-2A A2 MTGE 2.40000 10/25/2051 | US | 1,630,000 | $1,461,747.36 | |
| COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 | US | 1,500,000 | $1,427,444.69 | |
| CONSTELLATION BRANDS INC-A | US | STZ | 3,117 | $847,075.92 |
| COPART INC | US | CPRT | 17,932 | $1,038,621.44 |
| CROWN CASTLE INTL CORP | US | CCI | 449 | $47,517.67 |
| CSMC 2013-IVR3 A1 2.50000 05/25/2043 | US | 289,119.94 | $249,534.66 | |
| CSMC 2013-TH1 A1 2.13000 02/25/2043 | US | 160,170.67 | $133,375.76 | |
| CSX CORP | US | CSX | 22,255 | $824,992.85 |
| DEUTSCHE BOERSE AG | DE | DB1 GR | 816 | $167,108.60 |
| DEUTSCHE BOERSE AG ADR | DE | DBOEY | 39,444 | $805,840.92 |
| DIAGEO PLC | GB | DGE LN | 1,143 | $42,293.54 |
| DIGITAL REALTY TRUST INC | US | DLR | 342 | $49,261.68 |
| DIGITALBRIDGE GROUP INC | US | DBRG | 2,369 | $45,650.63 |
| DOLLARAMA INC | CA | DOL CN | 884 | $67,343.37 |
| ELECTRONIC ARTS | US | EA | 10,012 | $1,328,292.04 |
| ENERGY TRANSFER LP 7.37500 02/01/2031 | US | 1,400,000 | $1,467,471.71 | |
| ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 | US | 2,090,000 | $2,221,062.56 | |
| EQUINIX INC | US | EQIX | 497 | $410,189.01 |
| EQUITY COMMONWEALTH | US | EQC | 2,182 | $41,196.16 |
| EQUITY LIFESTYLE PROPERTIES | US | ELS | 1,467 | $94,474.80 |
| EQUITY RESIDENTIAL | US | EQR | 900 | $56,799.00 |
| EVERGY INC | US | EVRG | 16,852 | $899,559.76 |
| EXPERIAN PLC | IE | EXPN LN | 1,932 | $84,182.94 |
| EXTRA SPACE STORAGE INC | US | EXR | 630 | $92,610.00 |
| FEDERAL NATL MTG ASSN 123456 6.00000 12/01/2038 | US | 6,293.23 | $6,576.41 | |
| FEDERAL NATL MTG ASSN 886904 6.50000 09/01/2036 | US | 31,851.8 | $33,691.24 | |
| FEDERAL NATL MTG ASSN 889260 5.00000 04/01/2038 | US | 6,295.08 | $6,322.42 | |
| FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 | US | 149,801.94 | $156,515.44 | |
| FEDERAL NATL MTG ASSN 933521 5.00000 01/01/2038 | US | 5,490.43 | $5,514.28 | |
| FEDERAL NATL MTG ASSN 971022 5.00000 01/01/2039 | US | 11,288.26 | $11,329.44 | |
| FEDERAL NATL MTG ASSN 975840 5.00000 05/01/2038 | US | 22,967.03 | $23,050.20 | |
| FEDERAL NATL MTG ASSN 983686 5.00000 02/01/2039 | US | 13,207.85 | $13,255.64 | |
| FEDERAL NATL MTG ASSN 986458 6.00000 08/01/2038 | US | 3,740.49 | $3,908.80 | |
| FEDERAL NATL MTG ASSN 987831 6.00000 09/01/2038 | US | 8,383.87 | $8,762.65 | |
| FEDERAL NATL MTG ASSN 990897 6.00000 09/01/2038 | US | 16,055.44 | $16,777.89 | |
| FEDERAL NATL MTG ASSN 995196 6.00000 07/01/2038 | US | 184,223.35 | $192,483.16 | |
| FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 | US | 148,000.32 | $141,269.21 | |
| FEDERAL NATL MTG ASSN AA1810 5.00000 01/01/2039 | US | 31,751.47 | $31,867.31 | |
| FEDERAL NATL MTG ASSN AA6788 6.00000 08/01/2039 | US | 107,663.41 | $112,508.53 | |
| FEDERAL NATL MTG ASSN AB4300 3.50000 01/01/2042 | US | 74,127.75 | $68,570.03 | |
| FEDERAL NATL MTG ASSN AC0463 5.00000 11/01/2039 | US | 12,071.72 | $12,105.66 | |
| FEDERAL NATL MTG ASSN AC1557 4.50000 09/01/2024 | US | 1,029.56 | $1,021.39 | |
| FEDERAL NATL MTG ASSN AC5111 5.00000 11/01/2039 | US | 25,773.34 | $25,845.81 | |
| FEDERAL NATL MTG ASSN AC8573 5.00000 01/01/2040 | US | 21,343.36 | $21,403.38 | |
| FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 | US | 26,087.99 | $27,257.67 | |
| FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 | US | 173.95 | $172.96 | |
| FEDERAL NATL MTG ASSN AE0061 6.00000 02/01/2040 | US | 75,595.86 | $78,997.46 | |
| FEDERAL NATL MTG ASSN AE0604 6.00000 07/01/2039 | US | 169,085.69 | $176,666.79 | |
| FEDERAL NATL MTG ASSN AL0152 6.00000 06/01/2040 | US | 294,442.71 | $307,638.41 | |
| FEDERAL NATL MTG ASSN AL1410 4.50000 12/01/2041 | US | 327,628.3 | $321,115.04 | |
| FEDERAL NATL MTG ASSN AL1595 6.00000 01/01/2040 | US | 182,731.3 | $190,920.56 | |
| FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 | US | 167,554.88 | $159,934.42 | |
| FEDERAL NATL MTG ASSN AL8674 FLT 5.64300 01/01/2049 | US | 500,401.71 | $515,898.89 | |
| FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 | US | 77,042.16 | $72,804.82 | |
| FEDERAL NATL MTG ASSN BD6997 4.00000 10/01/2046 | US | 97,439.62 | $92,080.37 | |
| FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 | US | 126,177.61 | $119,237.75 | |
| FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 | US | 123,740.02 | $120,346.55 | |
| FEDERAL NATL MTG ASSN CA5518 3.00000 04/01/2050 | US | 3,994,251.68 | $3,495,644.17 | |
| FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 | US | 2,861,312.58 | $2,608,069.76 | |
| FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 | US | 582,745.8 | $565,555.46 | |
| FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 | US | 2,943,305.16 | $2,786,126.95 | |
| FEDERAL NATL MTG ASSN FS2998 3.50000 04/01/2052 | US | 3,337,903.42 | $3,025,513.28 | |
| FEDERAL NATL MTG ASSN FS4511 4.00000 08/01/2051 | US | 3,664,554.38 | $3,444,187.06 | |
| FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 | US | 283,184.22 | $278,101.40 | |
| FEDERAL NATL MTG ASSN MA0259 5.00000 12/01/2039 | US | 15,751.89 | $15,796.18 | |
| FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 | US | 217,716.79 | $214,591.34 | |
| FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 | US | 205,491.52 | $202,545.73 | |
| FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 | US | 3,276,105.27 | $2,938,221.07 | |
| FEDERAL NATL MTG ASSN MA4633 3.50000 06/01/2042 | US | 1,163,420.62 | $1,072,809.20 | |
| FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 | US | 3,626,441.27 | $3,360,960.09 | |
| FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 | US | 3,036,748.46 | $2,651,341.81 | |
| FEDERAL NATL MTG ASSN SD8276 5.00000 12/01/2052 | US | 1,246,041.87 | $1,217,296.51 | |
| FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 | US | 2,287,283.99 | $2,002,866.54 | |
| FHLM POOL A92889 4.50000 07/01/2040 | US | 414,517.5 | $407,244.67 | |
| FHLM POOL C91746 4.50000 12/01/2033 | US | 32,959.62 | $32,526.32 | |
| FHLM POOL C91762 4.50000 05/01/2034 | US | 328,426.62 | $324,125.80 | |
| FHLM POOL G03926 6.00000 02/01/2038 | US | 122,622.34 | $128,281.83 | |
| FHLM POOL G05906 6.00000 04/01/2040 | US | 16,944.24 | $17,726.28 | |
| FHLM POOL G06789 6.00000 05/01/2040 | US | 103,057.66 | $107,814.16 | |
| FHLM POOL SD8230 4.50000 06/01/2052 | US | 2,116,599.82 | $2,021,109.19 | |
| FHR 5189 CP 2.50000 06/25/2049 | US | 1,820,587.03 | $1,553,091.13 | |
| FINECOBANK SPA | IT | FBK IM | 2,957 | $44,286.39 |
| FIRST INDUSTRIAL REALTY TR | US | FR | 602 | $31,629.08 |
| FLAGSHIP COMMUNITIES REIT UT | US | MHC/U CN | 3,001 | $51,677.22 |
| FLX 2021-1A A2 3.25000 11/27/2051 | US | 2,600,000 | $2,356,388.03 | |
| FN FS4339 MTGE 3.00000 12/01/2050 | US | 1,825,209.9 | $1,598,294.40 | |
| FN FS4616 MTGE 5.00000 05/01/2043 | US | 3,639,904.32 | $3,618,247.73 | |
| FN FS4925 MTGE 3.50000 04/01/2052 | US | 3,889,936.21 | $3,525,882.02 | |
| FN MA4020 MTGE 3.00000 05/01/2050 | US | 4,099,703.21 | $3,574,147.87 | |
| FN MA4807 MTGE 5.50000 11/01/2052 | US | 2,661,915.91 | $2,653,579.88 | |
| FN MA4934 MTGE 5.00000 02/01/2043 | US | 1,771,378.66 | $1,756,967.70 | |
| FNR 2018-13 PA MTGE 3.00000 03/25/2048 | US | 1,658,995.81 | $1,449,662.18 | |
| FNR 2018-31 KP 3.50000 07/25/2047 | US | 41,119.85 | $40,008.67 | |
| FNR 2021-69 WJ 1.50000 10/25/2050 | US | 1,094,957.83 | $908,864.38 | |
| FR RB5178 MTGE 4.50000 08/01/2042 | US | 1,769,762.43 | $1,713,231.35 | |
| FR SD1360 MTGE 5.50000 07/01/2052 | US | 3,598,082.59 | $3,589,826.07 | |
| FREDDIE MAC POOL RB5167 3.50000 07/01/2042 | US | 1,180,819.74 | $1,089,593.74 | |
| FREDDIE MAC POOL RB5188 4.00000 10/01/2042 | US | 2,425,967.23 | $2,296,415.87 | |
| GLOBANT SA | LU | GLOB | 350 | $70,665.00 |
| GNMA POOL 671161 5.50000 11/15/2037 | US | 24,275.93 | $24,832.57 | |
| GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 | US | 230,000 | $193,608.06 | |
| GOODMAN GROUP | AU | GMG AU | 2,134 | $47,006.27 |
| GSMBS 2021-INV1 A9 5.00000 12/25/2051 | US | 1,411,064.57 | $1,304,150.32 | |
| GSMBS 2021-PJ6 A8 2.50000 11/25/2051 | US | 1,160,879.48 | $1,022,107.61 | |
| GSMBS 2021-PJ9 A8 2.50000 02/26/2052 | US | 1,148,347.86 | $989,683.76 | |
| GSMBS 2022-PJ1 A8 2.50000 05/28/2052 | US | 1,809,856.16 | $1,554,146.71 | |
| HALMA PLC | GB | HLMA LN | 4,293 | $128,190.61 |
| HAWAII ST 2.68200 10/01/2038 | US | 2,660,000 | $2,061,922.51 | |
| HDFC BANK LTD-ADR | IN | HDB | 22,092 | $1,236,489.24 |
| HEINEKEN NV | NL | HEIA NA | 1,494 | $144,033.01 |
| HEINEKEN NV-SPN ADR | NL | HEINY | 31,501 | $1,522,443.33 |
| HELIOS TOWERS PLC | GB | HTWS LN | 29,388 | $35,009.05 |
| HUMANA INC | US | HUM | 1,505 | $521,813.60 |
| IIP OPERATING PARTNER 5.50000 05/25/2026 | US | 460,000 | $439,575.07 | |
| IMCD NV | NL | IMCD NA | 757 | $133,239.64 |
| IMPRL 2021-NQM3 1.59500 11/25/2056 | US | 1,251,994.29 | $1,039,271.15 | |
| IMPRL 2022-NQM1 A1 2.49300 02/25/2067 | US | 2,344,565.03 | $2,063,242.62 | |
| INFRABUILD AUTRALIA PTY 14.50000 11/15/2028 | AU | 350,000 | $362,967.39 | |
| INTERCONTINENTALEXCHANGE INC | US | ICE | 5,873 | $807,126.39 |
| INTERMEDIATE CAPITAL GROUP | GB | ICP LN | 3,378 | $87,495.22 |
| INTUITIVE SURGICAL INC | US | ISRG | 1,403 | $559,923.27 |
| INVITATION HOMES INC | US | INVH | 3,880 | $138,166.80 |
| ISHARES BROAD USD HIGH YIELD 2.43400 | US | 167,405 | $6,125,348.95 | |
| ITALY GOV'T INT BOND 2.37500 10/17/2024 | IT | 600,000 | $589,618.25 | |
| JAPAN (2 YEAR ISSUE) 0.10000 01/01/2026 | JP | 200,000,000 | $1,319,553.64 | |
| JOHNSON & JOHNSON | US | JNJ | 10,332 | $1,634,419.08 |
| JPMMT 2014-2 1A1 3.00000 06/25/2029 | US | 184,321.72 | $176,658.56 | |
| JPMMT 2017-3 1A3 3.50000 08/25/2047 | US | 29,730.47 | $26,254.83 | |
| JPMMT 2017-6 A3 3.50000 12/25/2048 | US | 67,097.44 | $60,804.57 | |
| JPMORGAN CHASE & CO 4.49300 03/24/2031 | US | 3,920,000 | $3,791,314.95 | |
| KEYENCE CORP | JP | 6861 JP | 200 | $92,852.18 |
| KEYWORDS STUDIOS PLC | IE | KWS LN | 3,265 | $53,654.38 |
| L'OREAL | FR | OR FP | 50 | $23,678.58 |
| L3HARRIS TECHNOLOGIES INC | US | LHX | 8,030 | $1,711,193.00 |
| LEXINGTON REALTY TRUST | US | LXP | 9,823 | $88,603.46 |
| LONZA GROUP AG -REG | CH | LONN SW | 202 | $120,714.91 |
| LONZA GROUP AG ADR | CH | LZAGY | 2,556 | $153,129.96 |
| MARRIOTT VACATIONS WORLD | US | VAC | 385 | $41,476.05 |
| MASCO CORP | US | MAS | 8,013 | $632,065.44 |
| MASSMUTUAL GLOBAL FUNDING 4.85000 01/17/2029 | US | 730,000 | $726,328.30 | |
| MASTERCARD INC-CLASS A | US | MA | 4,249 | $2,046,190.93 |
| MEDTRONIC INC | IE | MDT | 7,680 | $669,312.00 |
| MERCADOLIBRE INC | BR | MELI | 66 | $99,789.36 |
| MET LIFE GLOB FUNDING I 4.85000 01/08/2029 | US | 730,000 | $724,733.06 | |
| META PLATFORMS INC | US | META | 3,096 | $1,503,355.68 |
| MEX BONOS DESARR FIX RT 7.75000 05/29/2031 | MX | 908,000 | $50,341.30 | |
| MICRON TECHNOLOGY INC | US | MU | 16,800 | $1,980,552.00 |
| MICROSOFT CORP | US | MSFT | 2,153 | $905,810.16 |
| MID-AMERICA APARTMENT COMM | US | MAA | 248 | $32,631.84 |
| MONARCH CASINO & RESORT INC | US | MCRI | 724 | $54,292.76 |
| MONDELEZ INTERNATIONAL INC | US | MDLZ | 7,685 | $537,950.00 |
| MOODY'S CORPORATION | US | MCO | 2,726 | $1,071,399.78 |
| NAVIENT CORP 6.75000 06/25/2025 | US | 485,000 | $488,093.65 | |
| NESTLE S.A. - ADR | CH | NSRGY | 14,168 | $1,504,641.60 |
| NESTLE SA-REGISTERED | CH | NESN SW | 1,168 | $124,099.95 |
| NEW FORTRESS ENERGY INC 8.75000 03/15/2029 | US | 345,000 | $343,815.20 | |
| NEW YORK LIFE GLOBAL FDG 4.70000 01/29/2029 | US | 730,000 | $722,387.13 | |
| NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 | AU | 1,634,676.16 | $1,546,727.41 | |
| NORTHROP GRUMMAN CORP | US | NOC | 1,711 | $818,987.26 |
| NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | CA | 880,000 | $8.80 | |
| NOVARTIS AG- REG | CH | NVS | 6,619 | $640,255.87 |
| NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 | US | 1,470,000 | $1,554,195.22 | |
| NRZT 2014-3A AFX3 3.75000 11/25/2054 | US | 284,129.07 | $265,079.21 | |
| NRZT 2015-2A A1 3.75000 08/25/2055 | US | 278,394.16 | $258,639.06 | |
| NRZT 2016-4A A1 3.75000 11/25/2056 | US | 407,804.97 | $378,618.41 | |
| NYMT 2022-CP1 A1 2.04240 07/25/2061 | US | 1,415,619.15 | $1,283,767.96 | |
| OASIS 2022-2A A 6.85000 10/15/2034 | US | 512,870.47 | $511,306.57 | |
| OASIS 2023-1A 7.00000 02/15/2035 | US | 607,508.75 | $606,365.42 | |
| OBX 2022-INV1 A1 3.00000 12/25/2051 | US | 2,142,445 | $1,797,412.22 | |
| OBX 2024-NQM1 A1 5.92800 11/25/2063 | US | 1,407,784.86 | $1,408,322.08 | |
| OPEN INFRA IS ASSETS AB 11.00000 02/22/2027 | US | 400,000 | $398,010.42 | |
| OXFIN 2020-1A A2 3.10100 02/15/2028 | US | 95,017.98 | $92,299.11 | |
| OXFIN 2022-1A 3.60200 02/15/2030 | US | 2,748,832.91 | $2,626,154.70 | |
| OXFIN 2023-1A A2 6.71600 02/15/2031 | US | 2,500,000 | $2,519,486.00 | |
| OXFINF 2024-A A2 6.67500 01/14/2032 | US | 220,000 | $218,658.13 | |
| PALOMINO FUNDING TRUST I 7.23300 05/17/2028 | US | 3,130,000 | $3,282,804.94 | |
| PCG 2023 1 NOTE MTG 11.32941 07/25/2029 | US | 4,293,108.97 | $4,292,466.51 | |
| PEAR 2021-1 A MTGE 2.60000 01/15/2034 | US | 1,442,203.91 | $1,393,156.29 | |
| PEAR 2023-1A 7.42000 07/15/2035 | US | 1,213,337.54 | $1,226,317.10 | |
| PEAR 2024-1 A 6.95000 02/15/2036 | US | 706,395.19 | $707,472.51 | |
| PELORUS FUND REIT 7.00000 09/30/2026 | US | 470,000 | $460,870.30 | |
| PEPSICO INC 3.90000 07/18/2032 | US | 3,370,000 | $3,193,577.00 | |
| PFMT 2021 -INV1 A1 2.50000 08/25/2051 | US | 2,317,363.84 | $1,878,364.31 | |
| PFMT 2021-2 A2A 2.00000 04/25/2051 | US | 1,447,496.66 | $1,212,501.83 | |
| PHILIP MORRIS INTERNATIONAL | US | PM | 15,117 | $1,385,019.54 |
| PMTLT 2013-J1 a9 3.50000 09/25/2043 | US | 581,787.2 | $527,793.05 | |
| PROLOGIS | US | PLD | 2,862 | $372,689.64 |
| PUBLIC STORAGE INC | US | PSA | 485 | $140,679.10 |
| QUALCOMM INC 4.25000 05/20/2032 | US | 3,110,000 | $3,001,344.34 | |
| REALTY INCOME CORP | US | O | 1,298 | $70,221.80 |
| REXFORD INDUSTRIAL REALITY IN | US | REXR | 2,183 | $109,804.90 |
| S&P GLOBAL INC | US | SPGI | 1,777 | $756,024.65 |
| SBA COMMUNICATIONS CORP | US | SBAC | 693 | $150,173.10 |
| SBA TOWER TRUST 6.59900 01/15/2028 | US | 2,540,000 | $2,603,306.96 | |
| SCML 2019-SBC8 2.86000 04/25/2041 | US | 1,458,550.87 | $1,354,373.87 | |
| SEMT 2013-2 1.87400 02/25/2043 | US | 142,813.22 | $120,603.15 | |
| SEMT 2013-6 A2 3.00000 05/25/2043 | US | 1,116,180.93 | $985,490.08 | |
| SEMT 2013-7 A2 3.00000 06/25/2043 | US | 168,163.9 | $146,968.00 | |
| SEMT 2013-8 A1 3.00000 06/25/2043 | US | 200,392.55 | $177,736.12 | |
| SEMT 2020-1 A1 3.50000 02/25/2050 | US | 62,394.99 | $55,879.17 | |
| SERVICENOW INC | US | NOW | 784 | $597,721.60 |
| SIMON PROPERTY 2.25000 01/15/2032 | US | 1,290,000 | $1,055,901.96 | |
| SIMON PROPERTY GROUP LP 2.65000 02/01/2032 | US | 4,505,000 | $3,799,643.91 | |
| SIRIUSPOINT LTD 7.00000 04/05/2029 | BM | 1,440,000 | $1,437,782.40 | |
| SONY CORP FIRST SECTION | JP | 6758 JP | 1,200 | $102,900.88 |
| SORT 2020-1 B1 2.28000 07/15/2060 | US | 2,698,356.01 | $2,482,329.41 | |
| SOUTH CAROLINA ST PUBLIC SVC 1.85200 12/01/2026 | US | 3,460,000 | $3,170,526.71 | |
| SRPT 2014-STAR A FLTG RATE 8.50000 11/15/2027 | US | 2,117,053.96 | $1,503,095.40 | |
| STR 2019-1 A1 MTGE 2.82000 11/20/2049 | US | 2,083,768.8 | $1,922,774.11 | |
| SUN COMMUNITIES | US | SUI | 1,102 | $141,695.16 |
| TAIWAN SEMICONDUCTOR - SP ADR | TW | TSM | 13,706 | $1,864,701.30 |
| TECHTRONIC INDUSTRIES CO LTD | HK | 669 HK | 10,000 | $135,878.65 |
| TECHTRONIC INDUSTRIES-SP ADR | HK | TTNDY | 8,504 | $578,144.44 |
| TENCENT HOLDINGS 3.97500 04/11/2029 | KY | 6,410,000 | $6,092,894.67 | |
| TENCENT HOLDINGS LTD | CN | 700 HK | 3,200 | $124,639.82 |
| TERRENO REALTY CORP | US | TRNO | 1,449 | $96,213.60 |
| THERMO FISHER SCIENTIFIC INC | US | TMO | 990 | $575,397.90 |
| TPMT 2016-5 A1 2.50000 10/25/2056 | US | 15,024.62 | $14,961.47 | |
| TPMT 2017-1 A1 2.75000 10/25/2056 | US | 8,353.4 | $8,318.09 | |
| TPMT 2019-HY1 A1 6.44389 10/25/2048 | US | 424,834.49 | $431,057.00 | |
| TREASURY BOND 2.37500 02/15/2042 | US | 9,544,000 | $7,110,280.00 | |
| TREASURY NOTE 2.25000 11/15/2027 | US | 11,175,000 | $10,399,734.38 | |
| TSY INFL IX N/B 2.37500 01/15/2027 | US | 8,420,656.16 | $8,491,609.28 | |
| UDR INC | US | UDR | 926 | $34,641.66 |
| UNION PAC CORP | US | UNP | 2,272 | $558,752.96 |
| UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 | US | 63,664.97 | $60,999.11 | |
| UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 | US | 327,132.53 | $302,204.22 | |
| UNITED STATES TREAS NTS 2.25000 11/15/2024 | US | 14,850,000 | $14,581,423.79 | |
| UNITEDHEALTH GROUP INC | US | UNH | 1,091 | $539,717.70 |
| US CLAIMS LIT FNDG LLC 10.25000 03/17/2028 | US | 250,000 | $212,917.35 | |
| US DOLLAR | US | 2,233,393.94 | $2,233,393.94 | |
| US TEASURY NOTE 1.75000 11/15/2029 | US | 15,849,000 | $13,963,216.72 | |
| US TREASURY N/B 0.87500 11/15/2030 | US | 11,003,000 | $8,915,868.44 | |
| US TREASURY N/B 2.00000 11/15/2026 | US | 14,957,000 | $14,045,557.81 | |
| US TREASURY N/B 2.25000 11/15/2025 | US | 18,016,000 | $17,309,435.00 | |
| US TREASURY N/B 3.12500 11/15/2028 | US | 5,872,000 | $5,596,291.28 | |
| VENTAS INC | US | VTR | 1,093 | $47,589.22 |
| VERTEX PHARMACEUTICALS INC | US | VRTX | 2,362 | $987,339.62 |
| VISA INC - CLASS A SHARES | US | V | 5,427 | $1,514,567.16 |
| WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 | US | 2,380,000 | $2,227,812.19 | |
| WELLTOWER INC. | US | WELL | 1,442 | $134,740.48 |
| WIN 2015-1 A1 3.50000 01/20/2045 | US | 92,291.02 | $83,490.73 |
Investments will change over time.
Distributions
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.