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 his or her current risk tolerance and investment time horizon, then decide when to move to a different objective as his or her personal situation changes over the years.

Time Horizon & Range of Stock Exposure

Conservative Term Moderate Term Extended Term Maximum Term
0-5 Years 3-10 Years 7-20 Years 15+ Years
15-45% 20-60% 40-70% 70-95%

Generally, the longer your time horizon, the more aggressive your investment objective can be. Greater stock exposure is typically associated with higher return potential and higher capital risk.

Manning and Napier Risk-Based Funds Graphic

Learn more about our Pro-Blend® Series

Daily Price

$10.74

Daily $ Change

$0.00

Daily % Change

0.00%

as of 09/24/2020

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
Fact Sheet
Applications & Forms

Performance

As of 08/31/2020

YTD

6.85%

1 Year

9.47%

3 Year

6.42%

5 Year

6.08%

10 Year

5.62%

Inception
(11/01/1995)

5.87%

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. 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.

Expense Ratio

Gross 0.64%

Top Ten Investments

As of 08/31/2020

GOVERNMENT AGENCY 13.24%
TREASURY NOTES 5.62%
TSY INFL IX N/B 2.00000 01/15/2026 3.12%
TSY INFL IX N/B 0.12500 04/15/2025 2.07%
ALIBABA GROUP HOLDING 3.40000 12/06/2027 1.20%
VERIZON COMMUNICATIONS 5.25000 03/16/2037 1.17%
BOOKING HOLDINGS INC 3.60000 06/01/2026 1.14%
SABINE PASS LIQUEFACTION 5.87500 06/30/2026 1.11%
TREASURY BONDS 1.08%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 1.05%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 08/31/2020

Bonds 65.68%
Stocks 31.85%
Cash 2.47%

Detailed Asset Class Allocation

As of 08/31/2020

International Equities 6.78%
Small Capitalization 1.25%
Mid Capitalization 3.50%
Large Capitalization 20.31%
Long Term Fixed Income 20.94%
Intermediate Term Fixed Income 38.21%
Short Term Fixed Income 6.54%
Cash 2.47%

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

August Fund Holdings

As of 08/31/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 2,480,000 $2,907,292.74
00287Y109 ABBVIE INC US ABBV 23,724 $2,272,047.48
00507V109 ACTIVISION INC US ATVI 40,230 $3,360,009.60
00653VAA9 ADAPTHEALTH LLC 6.12500 08/01/2028 US 260,000 $272,350.00
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 7,660,000 $7,677,218.76
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 250,000 $255,000.00
008492100 AGREE REALTY CORP US ADC 4,689 $313,787.88
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 2,915,000 $2,921,105.18
00914AAB8 AIR LEASE CORP 3.75000 06/01/2026 US 2,560,000 $2,617,710.39
01166WAA5 ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 282,000 $292,763.55
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 1,120 $188,585.60
01609W102 ALIBABA GROUP - ADR CN BABA 10,940 $3,140,108.20
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 8,850,000 $10,023,804.62
02079K305 ALPHABET INC-CL A US GOOGL 2,130 $3,470,898.90
023135106 AMAZON.COM INC US AMZN 1,390 $4,796,834.40
0237400 DIAGEO PLC GB DGE LN 30,840 $1,030,403.82
02406PBA7 AMERICAN AXLE & MFG INC 6.87500 07/01/2028 US 135,000 $140,597.10
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 9,648 $327,067.20
02665T306 AMERICAN HOMES 4 RENT- A US AMH 19,335 $553,754.40
03027X100 AMERICAN TOWER REIT INC US AMT 8,080 $2,013,132.00
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 6,665,000 $7,709,832.59
03064D108 AMERICOLD REALTY TRUST US COLD 12,150 $465,952.50
03217CAA4 AMS AG 7.00000 07/31/2025 AT 400,000 $416,000.00
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 280,000 $249,900.00
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 175,000 $156,187.50
03748R754 APARTMENT INVT & MGMT CO -A US AIV 7,822 $281,826.66
03784Y200 APPLE HOSPITALITY REIT INC US APLE 26,830 $272,861.10
053015103 AUTOMATIC DATA PROCESSING US ADP 5,840 $812,285.60
053484101 AVALONBAY COMMUNITIES INC US AVB 2,485 $392,779.10
05401AAJ0 AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 KY 3,030,000 $2,605,130.07
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 4,633,000 $4,713,335.29
060505104 BANK OF AMERICA CORP US BAC 98,299 $2,530,216.26
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 3,840,000 $4,303,366.77
071734AH0 BAUSCH HEALTH COS INC 5.00000 01/30/2028 CA 205,000 $202,437.50
084423102 WR BERKLEY CORP US WRB 32,955 $2,044,857.75
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 16,340 $3,562,773.60
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 12,660 $987,859.80
09857L108 BOOKING HOLDINGS INC US BKNG 975 $1,862,688.75
105368203 BRANDYWINE REALTY TRUST US BDN 18,295 $203,623.35
110122108 BRISTOL MYERS SQUIBB CO US BMY 33,091 $2,058,260.20
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 825,000 $1,617.00
12503M108 CBOE GLOBAL MARKETS INC US CBOE 9,230 $847,221.70
12530MAB1 SORT 2020-1 A2 1.99000 07/15/2060 US 2,338,050 $2,380,000.46
12530MAC9 SORT 2020-1 B1 2.28000 07/15/2060 US 3,000,000 $3,057,334.80
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 713,972.46 $739,626.06
12572Q105 CME GROUP INC US CME 4,880 $858,245.60
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 4,455,000 $4,805,185.28
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 789,381.18 $805,608.41
12654TAA8 CNX MIDSTREAM PTR/CNX 6.50000 03/15/2026 US 180,000 $180,266.40
127097103 CABOT OIL & GAS CORP US COG 255,445 $4,845,791.65
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 165,000 $156,750.00
133131102 CAMDEN PROPERTY TRUST US CPT 4,745 $431,510.30
133131AZ5 CAMDEN PROPERTY TRUST 2.80000 05/15/2030 US 5,970,000 $6,549,148.51
13321L108 CAMECO CORP CA CCJ 149,860 $1,733,880.20
136375102 CANADIAN NATIONAL RAILWAY CO CA CNI 9,867 $1,031,890.86
14314WAD3 CARMX 2017-3 A3 1.97000 04/15/2022 US 563,535.07 $566,000.20
149123101 CATERPILLAR INC US CAT 10,000 $1,423,100.00
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 773,649.73 $767,117.19
15135UAS8 CENOVUS ENERGY INC 5.37500 07/15/2025 CA 45,000 $45,804.07
16119P108 CHARTER COMMUNICATIONS INC-A US CHTR 5,620 $3,459,728.20
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 1,192,303.22 $1,196,395.32
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 623,387.67 $627,043.78
166764100 CHEVRON CORP US CVX 6,960 $584,152.80
17275R102 CISCO SYSTEMS INC US CSCO 57,017 $2,407,257.74
172967424 CITIGROUP INC US C 29,339 $1,499,809.68
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 6,880,000 $7,998,239.01
191216100 COCA COLA CO/THE US KO 81,760 $4,049,572.80
194162103 COLGATE-PALMOLIVE CO US CL 16,623 $1,317,538.98
20030N101 COMCAST CORP-CL A US CMCSA 42,764 $1,916,254.84
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 6,150,000 $6,826,369.62
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 1,974,847.53 $2,035,575.47
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 6,360 $297,012.00
20449X401 COMPASS GROUP PLC ADR GB CMPGY 106,180 $1,704,189.00
20605P101 CONCHO RESOURCES INC US CXO 39,230 $2,039,175.40
20825C104 CONOCOPHILLIPS US COP 27,770 $1,052,205.30
217204106 COPART INC US CPRT 17,360 $1,793,635.20
222795502 COUSINS PROPERTIES INC US CUZ 15,846 $473,003.10
22534GAA1 CAALT 2020-1A 2.01000 02/15/2029 US 870,000 $891,083.49
22534GAC7 CAALT 2020-1A B 2.39000 04/16/2029 US 1,150,000 $1,170,833.17
22822V101 CROWN CASTLE INTL CORP US CCI 3,530 $576,272.50
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 7,080,000 $7,781,871.13
22822VAR2 CROWN CASTLE INTL CORP 3.30000 07/01/2030 US 890,000 $991,490.36
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 486,101.68 $498,321.89
229663109 CUBESMART US CUBE 6,135 $193,988.70
25243Q205 DIAGEO PLC-SPONSORED ADR GB DEO 7,722 $1,037,836.80
253868103 DIGITAL REALTY TRUST INC US DLR 5,642 $878,177.30
254687FW1 WALT DISNEY COMPANY/THE 2.20000 01/13/2028 US 2,620,000 $2,772,425.42
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 6,640,000 $7,964,050.73
256746108 DOLLAR TREE STORES INC US DLTR 15,340 $1,476,781.80
25746UDG1 DOMINION ENERGY 3.37500 04/01/2030 US 4,015,000 $4,570,365.72
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 335,000 $348,400.00
25960P109 DOUGLAS EMMETT INC US DEI 8,895 $248,348.40
262006208 DREYFUS GVT CSH MANAGEMENT US 21,088,796.21 $21,088,796.21
26439XAC7 DCP MIDSTREAM OPERATING 8.12500 08/16/2030 US 210,000 $249,375.00
264411505 DUKE RLTY INVTS INC US DRE 10,838 $417,804.90
26875P101 EOG RESOURCES INC US EOG 29,400 $1,332,996.00
26884L109 EQT CORP US EQT 114,455 $1,816,400.85
26884LAG4 EQT CORP 8.75000 02/01/2030 US 160,000 $191,600.00
277276101 EASTGROUP PROPERTIES US EGP 913 $121,575.08
285512109 ELECTRONIC ARTS US EA 16,650 $2,322,175.50
291011104 EMERSON ELEC CO US EMR 14,516 $1,008,426.52
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 6,410,000 $6,907,989.25
29444U700 EQUINIX INC US EQIX 6,317 $4,989,040.26
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 6,590 $436,851.10
29476L107 EQUITY RESIDENTIAL US EQR 4,480 $252,896.00
297178105 ESSEX PROPERTY TRUST INC US ESS 539 $116,698.89
30212P303 EXPEDIA INC US EXPE 49,825 $4,890,323.75
30212PAS4 EXPEDIA GROUP INC 6.25000 05/01/2025 US 2,750,000 $3,021,770.81
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 8,725,000 $8,781,353.64
30225T102 EXTRA SPACE STORAGE INC US EXR 1,360 $144,908.00
30231G102 EXXON MOBIL CORP US XOM 28,000 $1,118,320.00
302491303 FMC CORP US FMC 16,030 $1,712,965.80
30262DAL5 FREMF 2011-K13 B 4.76356 01/25/2048 US 2,255,000 $2,275,588.38
30262SAR9 FREMF 2015-K42 B FLT 3.98209 12/25/2024 US 490,000 $529,611.40
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 140,000 $126,000.00
30286XAN9 FREMF 2015-K43 B FLT 3.86095 02/25/2048 US 500,000 $544,035.80
30287EAE0 FREMF 2014-K41 B FLT 3.96344 11/25/2047 US 2,227,000 $2,442,354.24
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 190,577,027.46 $358,589.73
30291YAJ9 FREMF 2014-K716 B FLT 4.08073 08/25/2047 US 2,624,000 $2,664,120.96
30303M102 FACEBOOK INC -A US FB 10,730 $3,146,036.00
3128LCD86 FHLM POOL A78227 5.50000 06/01/2038 US 86,209.2 $99,427.78
3128M56M7 FHLM POOL G04176 5.50000 05/01/2038 US 82,049.53 $95,081.01
3128M5VT4 FHLM POOL G03926 6.00000 02/01/2038 US 232,630.47 $273,408.62
3128M6JQ2 FHLM POOL G04471 5.50000 07/01/2038 US 28,873.18 $33,444.93
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 186,456.74 $216,532.01
3128M6T99 FHLM POOL G04776 5.50000 07/01/2038 US 193,165.99 $223,501.92
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 42,000.15 $49,491.28
3128M7C95 FHLM POOL G05196 5.50000 10/01/2038 US 238,381.88 $276,555.29
3128M7KW5 FHLM POOL G05409 5.50000 03/01/2039 US 210,394.91 $244,130.26
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 205,536.14 $241,861.68
3128M9GM8 FHLM POOL G07104 5.50000 05/01/2040 US 154,260.41 $173,197.52
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 84,171.73 $98,843.98
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 8,415.71 $8,582.52
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 5,866.39 $6,004.12
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 9,277.92 $9,586.79
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 1,134,347.99 $1,230,503.69
3128MJG20 FHLM POOL G08216 5.50000 08/01/2037 US 235,265.15 $272,950.26
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 234,253.19 $271,122.12
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 86,354.58 $95,098.36
3128P75X7 FHLM POOL C91762 4.50000 05/01/2034 US 778,203.62 $857,503.49
312941F69 FHLM POOL A92889 4.50000 07/01/2040 US 824,602.12 $919,719.23
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 920,807.12 $1,029,570.90
3132J8YK0 FHLM POOL Q17513 3.50000 04/01/2043 US 1,423,760.49 $1,545,889.71
3132M45M3 FHLM POOL Q24752 3.50000 02/01/2044 US 1,093,838.39 $1,186,874.08
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 1,378,821.3 $1,504,235.12
3132QVKA8 FHLM POOL Q38388 4.00000 01/01/2046 US 241,018.6 $263,188.06
3132WF3E7 FHLM POOL Q42596 3.50000 08/01/2046 US 1,492,816.62 $1,596,140.18
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 1,847,264.43 $1,974,703.67
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 560,203.19 $603,037.52
31335ALP1 FHLM POOL G60334 4.50000 10/01/2041 US 724,067.39 $807,907.12
31335AV54 FHLM POOL G60636 4.00000 01/01/2046 US 1,126,266.37 $1,227,823.15
3133A6DB4 FEDERAL NATL MTG ASSN FR QB0098 2.50000 06/01/2050 US 7,586,775.97 $7,982,637.70
3135G0Q22 FANNIE MAE 1.87500 09/24/2026 US 15,850,000 $17,106,262.76
3136AY6W8 FNA 2017-M15 A1 FLT 3.05797 09/25/2027 US 3,004,777.44 $3,265,719.22
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 1,221,338.3 $1,268,769.22
31371N7J8 FEDERAL NATL MTG ASSN 123456 6.00000 12/01/2038 US 13,050.86 $15,175.47
3137ADTK3 FHMS K014 X1 FLT 1.32366 04/25/2021 US 2,518,303.78 $10,350.73
3137AJMG6 FMHS K016 X1 FLT 1.63779 10/25/2021 US 5,843,641.56 $74,495.33
3137AME78 FHMS K017 X1 FLT 1.43314 12/25/2021 US 7,225,027.15 $79,843.78
3137AUPF0 FHMS K021 x1 FLT 1.54441 06/25/2022 US 14,289,775.26 $278,226.21
3137B3NB0 FHMS K030 X1 FLT 0.28647 04/25/2023 US 71,594,678.64 $294,776.77
3137B4GZ3 FHMS K032 X1 FLT 0.20559 05/25/2023 US 44,482,129.58 $125,577.50
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 1,272,817.26 $1,299,375.61
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 757,096.28 $767,364.55
3138AJXA5 FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 US 364,293.07 $401,793.62
3138EGE26 FEDERAL NATL MTG ASSN AL0152 6.00000 06/01/2040 US 545,219.71 $640,010.52
3138EHR87 FEDERAL NATL MTG ASSN AL1410 4.50000 12/01/2041 US 732,818.93 $817,644.36
3138EHXZ0 FEDERAL NATL MTG ASSN AL1595 6.00000 01/01/2040 US 363,317.14 $426,678.50
3138EQST0 FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 458,792.31 $505,993.20
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64300 01/01/2049 US 954,998.36 $1,128,260.34
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 10,598,648.97 $11,611,538.22
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 698,381.47 $770,050.63
3138WGK37 FEDERAL NATL MTG ASSN FN AS6613 4.00000 02/01/2046 US 3,815,295.31 $4,157,288.73
3138Y6Y81 FEDERAL NATL MTG ASSN AX5234 4.50000 11/01/2044 US 674,267.51 $743,258.82
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 321,501.42 $376,126.94
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 592,485.9 $654,367.56
3140EWKL8 FEDERAL NATL MTG ASSN BC2098 4.00000 06/01/2046 US 742,950.37 $805,785.52
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 1,010,145.32 $1,079,935.55
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 334,324.28 $360,311.42
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 173,635.62 $188,585.06
3140FEX33 FEDERAL NATL MTG ASSN BD6997 4.00000 10/01/2046 US 578,352.84 $625,016.48
3140FEXR0 FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 833,065.51 $894,794.87
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 470,785.07 $505,363.77
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 376,463.84 $409,558.69
3140X4JC1 FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 US 2,010,538.38 $2,124,539.67
31410EKR8 FEDERAL NATL MTG ASSN 886904 6.50000 09/01/2036 US 49,638.29 $57,975.03
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 4,557.55 $4,622.93
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 5,847.38 $5,945.62
31410G5V1 FEDERAL NATL MTG ASSN 889260 5.00000 04/01/2038 US 13,197.63 $15,124.86
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 16,782.78 $16,915.33
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 18,403.8 $18,573.00
31410GN82 FEDERAL NATL MTG ASSN 888815 4.50000 11/01/2022 US 3,696.93 $3,876.28
31410KJV7 FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 308,910.01 $363,020.39
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 261,712.49 $302,880.62
31410LC75 FEDERAL NATL MTG ASSN 890294 5.50000 01/01/2039 US 498,493.53 $579,094.56
31410LD74 FHLM POOL 890326 5.50000 01/01/2040 US 523,286.57 $608,205.59
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 102,013.91 $118,097.26
31411RHZ4 FEDERAL NATL MTG ASSN 912948 5.00000 05/01/2038 US 8,167.26 $8,946.71
31411YN90 FEDERAL NATL MTG ASSN 918516 5.50000 06/01/2037 US 38,365.78 $44,302.72
31412SSJ5 FEDERAL NATL MTG ASSN 933521 5.00000 01/01/2038 US 8,785.17 $10,061.88
31414NG73 FEDERAL NATL MTG ASSN 971022 5.00000 01/01/2039 US 23,381.62 $26,842.80
31414TS51 FEDERAL NATL MTG ASSN 975840 5.00000 05/01/2038 US 31,693.07 $34,692.51
31415LXP7 FEDERAL NATL MTG ASSN 983686 5.00000 02/01/2039 US 26,203.77 $28,737.04
31415QZX7 FEDERAL NATL MTG ASSN 986458 6.00000 08/01/2038 US 6,510.58 $7,466.27
31415SLL4 FEDERAL NATL MTG ASSN 987831 6.00000 09/01/2038 US 9,507.88 $10,584.20
31415VX26 FEDERAL NATL MTG ASSN 990897 6.00000 09/01/2038 US 23,955.26 $26,750.90
31416ADZ0 FEDERAL NATL MTG ASSN 993920 6.00000 11/01/2038 US 73,481.85 $81,815.57
31416BRR1 FEDERAL NATL MTG ASSN 995196 6.00000 07/01/2038 US 402,142.71 $474,627.15
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 198.7 $199.68
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 11,399.3 $11,495.10
31416JWZ0 FEDERAL NATL MTG ASSN AA1563 4.50000 02/01/2024 US 9,603.35 $10,083.15
31416KAL2 FEDERAL NATL MTG ASSN AA1810 5.00000 01/01/2039 US 64,861.19 $74,310.23
31416QRJ6 FEDERAL NATL MTG ASSN AA6788 6.00000 08/01/2039 US 121,013.65 $136,194.77
31417AX61 FEDERAL NATL MTG ASSN AB4300 3.50000 01/01/2042 US 193,147.17 $208,844.20
31417JQR4 FEDERAL NATL MTG ASSN AC0463 5.00000 11/01/2039 US 38,665.98 $44,458.76
31417KWT0 FEDERAL NATL MTG ASSN AC1557 4.50000 09/01/2024 US 26,167.52 $27,842.90
31417QVD3 FEDERAL NATL MTG ASSN AC5111 5.00000 11/01/2039 US 60,856.84 $69,662.49
31417VQ30 FEDERAL NATL MTG ASSN AC8573 5.00000 01/01/2040 US 57,217.82 $65,897.61
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 597,294.01 $665,452.69
31417YJD0 FEDERAL NATL MTG ASSN MA0259 5.00000 12/01/2039 US 35,365.65 $40,717.40
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 445,978.36 $491,302.89
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 536,400.05 $590,924.36
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 1,835,302.83 $1,989,498.48
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 2,267,130.61 $2,393,750.17
31418CZ56 FEDERAL NATL MTG ASSN FN MA3463 4.00000 09/01/2033 US 1,845,913.29 $1,957,066.32
31418DNN8 FEDERAL NATL MTG ASSN FN MA3996 2.50000 04/01/2050 US 2,269,302.56 $2,350,896.01
31418DQ21 FEDERAL NATL MTG ASSN FN MA4072 2.50000 07/01/2040 US 6,158,696.02 $6,483,503.00
31418DQG0 FEDERAL NATL MTG ASSN FN MA4054 2.50000 06/01/2040 US 10,551,410.31 $11,107,874.91
31418DQZ8 FEDERAL NATL MTG ASSN FN MA4071 2.00000 07/01/2040 US 5,798,316.19 $5,986,582.41
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 50,109.02 $59,207.87
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 263,172.21 $305,352.10
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 10,999.24 $11,599.58
31419AB71 FEDERAL NATL MTG ASSN AE0061 6.00000 02/01/2040 US 149,471.88 $174,812.79
31419AU62 FEDERAL NATL MTG ASSN AE0604 6.00000 07/01/2039 US 316,273.59 $374,095.83
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 310,000 $341,775.00
32054K103 FIRST INDUSTRIAL REALTY TR US FR 8,550 $364,657.50
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 245,000 $246,225.00
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 3,370,000 $3,451,931.44
345370CX6 FORD MOTOR COMPANY 9.62500 04/22/2030 US 265,000 $347,355.38
345397XU2 FORD MOTOR CREDIT CO LLC 4.38900 01/08/2026 US 200,000 $203,464.00
346232AE1 FORESTAR GROUP INC 5.00000 03/01/2028 US 160,000 $161,660.80
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 175,000 $169,750.00
34960PAC5 FORTRESS TRANS & INFRAST 9.75000 08/01/2027 US 160,000 $170,603.20
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 205,000 $223,771.85
357081AE8 FREMF 2015-K720 B FLT 3.50986 07/25/2022 US 270,000 $278,680.82
36166LAA5 GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 AE 140,000 $135,100.00
36237HAA9 G-III APPAREL GROUP LTD 7.87500 08/15/2025 US 250,000 $248,437.50
36257MAA3 GSMS 2019-70P A 1.16188 10/15/2036 US 2,725,000 $2,622,618.21
36295HTS9 GNMA POOL 671161 5.50000 11/15/2037 US 28,098.49 $31,088.45
369550108 GENERAL DYNAMICS CORP US GD 5,681 $848,457.35
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 4,800,000 $3,765,792.00
370334104 GENERAL MLS INC US GIS 14,946 $955,796.70
37255LAA5 GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 US 250,000 $263,470.00
374297109 GETTY REALTY CORP US GTY 8,425 $246,768.25
375558103 GILEAD SCIENCES INC US GILD 22,166 $1,479,580.50
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 200,000 $195,750.00
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 2,076,812 $2,177,492.11
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 231,395 $3,234,902.10
4031976 ADIDAS AG DE ADS GR 5,710 $1,737,531.94
404119BX6 HCA INC 4.12500 06/15/2029 US 4,630,000 $5,334,547.10
418751AD5 HAT HOLDINGS I LLC/HAT 3.75000 09/15/2030 US 170,000 $170,850.00
421946104 HEALTHCARE REALTY TRUST INC US HR 4,595 $132,565.75
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 8,010 $211,383.90
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 18,410 $508,852.40
427866108 HERSHEY CO/THE US HSY 5,260 $781,846.40
431571AB4 HILLENBRAND INC 4.50000 09/15/2026 US 245,000 $262,762.50
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 24,090 $2,176,772.40
437076102 HOME DEPOT INC US HD 12,186 $3,473,497.44
43731QAA6 HPA 2019-1 A 2.90800 09/17/2039 US 2,919,496.36 $3,029,561.37
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 39,647 $1,014,170.26
438516106 HONEYWELL INTERNATIONAL INC US HON 11,074 $1,833,300.70
443201AA6 HOWMET AEROSPACE INC 6.87500 05/01/2025 US 260,000 $295,535.18
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 160,000 $174,800.00
450913AE8 IAMGOLD CORP 7.00000 04/15/2025 CA 335,000 $351,750.00
452308109 ILLINOIS TOOL WKS INC US ITW 6,469 $1,277,950.95
45337C102 INCYTE CORP US INCY 9,570 $922,069.50
45569LAA9 INDIGO NATURAL RES LLC 6.87500 02/15/2026 US 175,000 $178,937.50
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 250,000 $237,500.00
45778Q107 INSPERITY INC US NSP 24,875 $1,675,828.75
458140100 INTEL CORP US INTC 45,171 $2,301,462.45
45857P806 INTERCONTINENTAL HOTELS-ADR GB IHG 13,800 $799,848.00
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 31,735 $3,371,209.05
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 14,424 $1,778,623.44
46116VAE5 INTL FC STORE INC 8.62500 06/15/2025 US 360,000 $389,700.00
46187BAA1 IHSFR 2017-SFR2 A 1.01188 12/17/2036 US 697,833.45 $692,672.13
46187BAB9 IHSFR 2017-SFR2 B 1.31188 12/17/2036 US 570,000 $569,030.32
46187W107 INVITATION HOMES INC US INVH 23,495 $672,661.85
46284VAN1 IRON MOUNTAIN INC 4.50000 02/15/2031 US 175,000 $179,614.75
465410BX5 ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 1,000,000 $1,034,215.64
46567TAA2 ITHACA ENERGY NORTH 9.37500 07/15/2024 GB 200,000 $193,004.00
46625H100 JP MORGAN CHASE & CO US JPM 25,950 $2,599,930.50
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 426,461.34 $434,024.21
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 440,036.93 $460,035.68
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 637,042.67 $644,364.27
46647PBP0 JPMORGAN CHASE & CO 2.95600 05/13/2031 US 6,850,000 $7,367,678.48
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 758,603.89 $761,507.60
46649HAC6 JPMMT 2017-6 A3 3.50000 12/25/2048 US 688,684.96 $705,843.68
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 777,370.44 $782,270.75
478160104 JOHNSON & JOHNSON US JNJ 49,432 $7,583,363.12
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 180,000 $25,200.00
48088LAB3 JOSEPH T RYERSON & SON 8.50000 08/01/2028 US 155,000 $169,337.50
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 255,000 $277,312.50
49427F108 KILROY REALTY CORP US KRC 6,961 $407,357.72
494368103 KIMBERLY CLARK CORP US KMB 7,194 $1,134,925.44
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 5,340,000 $7,103,633.04
505742AG1 LADDER CAP FIN LLLP/CORP 5.25000 10/01/2025 US 250,000 $237,500.00
512816109 LAMAR ADVERTISING CO-A US LAMR 2,765 $191,420.95
53223X107 LIFE STORAGE INC US LSI 3,115 $328,414.45
532457108 ELI LILLY & CO US LLY 10,209 $1,514,913.51
539473AE8 LLOYDS BANK PLC 12.00000 12/16/2024 GB 300,000 $350,564.40
539830109 LOCKHEED MARTIN CORP US LMT 4,504 $1,757,731.04
541056AA5 LOGAN MERGER SUB INC 5.50000 09/01/2027 US 140,000 $142,756.60
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 310,000 $49,600.00
550021109 LULULEMON - ADR CA LULU 4,180 $1,570,300.60
552697AQ7 MDC PARTNERS INC 6.50000 05/01/2024 CA 175,000 $167,125.00
552848AG8 MGIC INVESTMENT CORP 5.25000 08/15/2028 US 250,000 $262,500.00
573284106 MARTIN MARIETTA MATERIALS US MLM 3,800 $770,906.00
57636Q104 MASTERCARD INC-CLASS A US MA 22,120 $7,923,162.80
577128AA9 MATTHEWS INTERNATIONAL C 5.25000 12/01/2025 US 55,000 $51,975.00
58933Y105 MERCK & CO INC US MRK 33,365 $2,845,033.55
594918104 MICROSOFT CORP US MSFT 14,490 $3,267,929.70
595112103 MICRON TECHNOLOGY INC US MU 82,700 $3,763,677.00
59522J103 MID-AMERICA APARTMENT COMM US MAA 4,160 $487,219.20
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 83,889 $4,900,795.38
615369105 MOODY'S CORPORATION US MCO 4,370 $1,287,576.80
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 250,000 $171,250.00
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 90,000 $65,700.00
62913TAJ1 NGL ENRGY PART LP/FIN CO 7.50000 11/01/2023 US 160,000 $116,800.00
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 260,000 $271,050.00
63938NAF1 NAVIOS SA LOGIST/FIN US 10.75000 07/01/2025 MH 90,000 $97,425.00
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 882,431.23 $887,134.06
63941MAB7 NAVSL 2019-EA A2A 2.64000 05/15/2068 US 3,000,000 $3,134,246.40
63941RAB6 NAVSL 2019-2A A2 1.17513 02/27/2068 US 6,500,000 $6,548,322.30
63942FAB1 NAVSL 2020-1A A1B 1.19925 06/25/2069 US 3,250,000 $3,278,617.88
64033QAB5 NSLT 2015-2A A2 0.77513 09/25/2047 US 5,560,014.44 $5,373,642.76
644393AA8 NEW FORTRESS ENERGY INC 6.75000 09/15/2025 US 330,000 $334,851.00
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 543,794.84 $582,164.84
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 603,126.51 $651,142.14
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 836,180.24 $896,798.46
654106AM5 NIKE INC 3.37500 03/27/2050 US 2,360,000 $2,716,400.85
6642321 NIKON CORP JP 7731 JP 161,900 $1,267,951.23
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 805,000 $12,880.00
66987V109 NOVARTIS AG- REG CH NVS 52,160 $4,488,889.60
67401PAB4 OAKTREE SPECIALTY LEND 3.50000 02/25/2025 US 170,000 $171,133.48
674599EA9 OCCIDENTAL PETROLEUM COR 8.87500 07/15/2030 US 160,000 $180,800.00
675232AB8 OCEANEERING INTL INC 6.00000 02/01/2028 US 235,000 $148,285.00
682189AQ8 ON SEMICONDUCTOR CORP 3.87500 09/01/2028 US 160,000 $166,956.80
68389X105 ORACLE CORP US ORCL 29,371 $1,680,608.62
68555PAA8 ORBCOMM INC 8.00000 04/01/2024 US 250,000 $243,125.00
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 2,305,000 $2,361,168.24
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 55,000 $52,407.85
69327RAJ0 PDC ENERGY INC 5.75000 05/15/2026 US 165,000 $168,795.00
693456AW5 PMTLT 2013-J1 a9 3.50000 09/25/2043 US 2,109,689.04 $2,223,008.24
693475105 PNC FINANCIAL SERVICES GROUP US PNC 6,339 $704,896.80
69354NAC0 PRA GROUP INC 7.37500 09/01/2025 US 235,000 $250,486.50
70450Y103 PAYPAL HOLDINGS INC US PYPL 10,490 $2,141,428.60
7123870 NESTLE SA-REGISTERED CH NESN SW 29,520 $3,555,599.47
713448108 PEPSICO INC US PEP 11,915 $1,668,814.90
717081103 PFIZER INC US PFE 77,115 $2,914,175.85
717081EW9 PFIZER INC 2.62500 04/01/2030 US 1,730,000 $1,931,512.89
719245AD4 PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 US 220,000 $202,193.20
71943U104 PHYSICIANS REALTY TRUST US DOC 8,435 $153,095.25
723787107 PIONEER NATURAL RESOURCES CO US PXD 24,285 $2,523,940.05
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 8,420,000 $9,452,552.60
74166MAE6 PRIME SECSRVC BRW/FINANC 6.25000 01/15/2028 US 160,000 $168,000.00
74331AAA0 2019- SFR4 CLASS A 2.68700 10/17/2036 US 4,200,000 $4,322,573.64
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 1,497,213.2 $1,503,157.29
74333NAA0 PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 US 3,241,608.18 $3,356,701.80
74340W103 PROLOGIS US PLD 17,393 $1,771,650.98
74460D109 PUBLIC STORAGE INC US PSA 2,410 $511,884.00
747525103 QUALCOMM INC US QCOM 13,859 $1,650,606.90
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 365,000 $366,095.00
75513E101 RAYTHEON TECHNOLOGIES CORP US RTX 23,235 $1,417,335.00
756109104 REALTY INCOME CORP US O 2,870 $178,026.10
758849103 REGENCY CENTERS CORP US REG 2,070 $82,199.70
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 8,030 $385,279.40
778296AE3 ROSS STORES INC 5.45000 04/15/2050 US 2,120,000 $2,725,916.69
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 13,510 $379,631.00
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 28,230 $2,283,807.00
78409V104 S&P GLOBAL INC US SPGI 3,430 $1,256,820.60
78410G104 SBA COMMUNICATIONS CORP US SBAC 7,350 $2,249,614.50
78442PGC4 SLM CORP 5.12500 04/05/2022 US 370,000 $381,100.00
78449XAA0 SMB 2020-BA A1A 1.29000 07/15/2053 US 4,400,000 $4,394,751.68
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 930,673.12 $953,533.52
78490DAA2 SOFI 2018-C A1FX 3.08000 01/25/2048 US 503,321.83 $506,524.67
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 7,680,000 $9,236,910.26
79466L302 SALESFORCE.COM US CRM 13,140 $3,582,621.00
806857108 SCHLUMBERGER LTD NL SLB 40,390 $767,813.90
81745BAB1 SEMT 2013-6 A2 3.00000 05/25/2043 US 3,387,279.65 $3,543,818.04
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 564,855.56 $580,992.86
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 661,851.77 $680,867.10
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 535,958.12 $539,887.12
81762P102 SERVICENOW INC US NOW 3,300 $1,590,666.00
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 436,906.8 $448,747.37
83404RAB4 SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 2,130,000 $2,199,296.78
83405JAA3 SCLP 2017-4 A 2.50000 05/26/2026 US 125,241.23 $126,274.56
83405TAA1 SCLP 2019-3 A MTGE 2.90000 05/25/2028 US 1,368,332.39 $1,385,033.43
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 1,020,369.64 $1,032,154.40
83406EAB1 SOFI 2018-A A2A 2.39000 02/25/2042 US 59,735.64 $59,790.32
844741BJ6 SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 5,490,000 $5,991,948.23
85172FAN9 SPRINGLEAF FINANCE CORP 7.12500 03/15/2026 US 175,000 $200,811.63
85254J102 STAG INDUSTRIAL INC US STAG 6,800 $219,640.00
85571BAL9 STARWOOD PROPERTY TRUST 4.75000 03/15/2025 US 255,000 $245,437.50
85571XAA5 SRPT 2014-STAR A FLTG RATE 1.63188 11/15/2027 US 2,065,175.96 $1,446,076.89
861036AA9 STL HOLDING CO LLC 7.50000 02/15/2026 US 230,000 $232,875.00
86212XAA8 STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 2,166,038.33 $2,187,423.63
866674104 SUN COMMUNITIES US SUI 4,820 $718,565.60
86935CAA0 SCML 2019-SBC8 2.86000 04/25/2041 US 2,526,642.75 $2,546,701.77
87105L104 SWITCH INC - A US SWCH 18,852 $324,254.40
871829107 SYSCO CORP US SYY 27,905 $1,678,206.70
872540AU3 TJX COS INC 4.50000 04/15/2050 US 3,170,000 $4,032,883.48
87422VAJ7 TALEN ENERGY SUPPLY LLC 7.62500 06/01/2028 US 235,000 $242,846.65
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 194,607.24 $195,001.30
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 110,000 $24,475.00
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 6,120,000 $7,062,420.94
88146M101 TERRENO REALTY CORP US TRNO 4,530 $270,169.20
88167AAK7 TEVA PHARMACEUTICALS NE 6.75000 03/01/2028 NL 200,000 $218,000.00
882508104 TEXAS INSTRUMENTS INC US TXN 14,520 $2,064,018.00
883556102 THERMO FISHER SCIENTIFIC INC US TMO 3,970 $1,703,050.60
88579Y101 3M CO US MMM 10,384 $1,692,799.68
89151E109 TOTAL S A SPONSORED ADR FR TOT 69,438 $2,747,661.66
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 1,181,252.6 $1,206,190.50
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 1,549,645.68 $1,593,307.88
89177EAA7 TPMT 2019-HY1 A1 1.17513 10/25/2048 US 1,399,356.76 $1,396,444.14
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 245,000 $226,012.50
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 1,715,898.37 $1,720,415.13
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 1,831,811.36 $1,898,122.93
89613GAA4 TAH 2020-SFR1 A 1.49900 07/17/2038 US 4,670,000 $4,669,047.79
89832Q109 TRUIST FINANCIAL CORP US TFC 28,511 $1,106,511.91
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 420,000 $404,250.00
902653104 UDR INC US UDR 4,173 $145,262.13
902973304 U.S. BANCORP US USB 29,758 $1,083,191.20
904767704 UNILEVER PLC - ADR GB UL 128,551 $7,659,068.58
907818108 UNION PAC CORP US UNP 11,192 $2,153,788.48
91086QBG2 UNITED MEXICAN STATES 4.12500 01/21/2026 MX 400,000 $446,200.00
912810FS2 TSY INFL IX N/B 2.00000 01/15/2026 US 21,801,532.95 $25,946,804.92
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 15,160,000 $16,250,217.15
912828VS6 US TREASURY N/B 2.50000 08/15/2023 US 8,395,000 $8,975,435.50
912828YN4 US TREASURY FRN FLT 0.40503 10/31/2021 US 30,473,000 $30,571,527.74
912828ZJ2 TSY INFL IX N/B 0.12500 04/15/2025 US 16,048,644 $17,257,934.36
91704F104 URBAN EDGE PROPERTIES US UE 12,855 $135,748.80
91823AAN1 VBTOW 2020-1A C2 3.03100 06/15/2050 US 1,100,000 $1,138,697.89
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 7,160,000 $9,726,265.08
92826C839 VISA INC - CLASS A SHARES US V 34,595 $7,333,794.05
92826CAK8 VISA INC 2.70000 04/15/2040 US 6,580,000 $7,107,473.26
928668BE1 VOLKSWAGEN GROUP AMERICA 3.35000 05/13/2025 US 4,050,000 $4,451,376.10
929160109 VULCAN MATERIALS CO US VMC 12,855 $1,542,600.00
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 686,711.65 $692,685.35
93065PAA9 WBHT 2019-WBM A FLT 1.21188 12/15/2033 US 2,125,000 $2,018,672.23
931142103 WAL MART STORES US WMT 23,136 $3,212,433.60
94106L109 WASTE MANAGEMENT INC US WM 8,997 $1,025,658.00
949746101 WELLS FARGO COMPANY US WFC 63,149 $1,525,048.35
95040Q104 WELLTOWER INC. US WELL 6,218 $357,659.36
95081QAP9 WESCO DISTRIBUTION INC 7.25000 06/15/2028 US 240,000 $267,716.40
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 240,000 $260,400.00
966387AH5 WHITING PETROLEUM CORP 5.75000 03/15/2021 US 835,000 $187,875.00
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 5,490,000 $6,065,621.28
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 513,943.44 $529,156.22
98311A105 WYNDHAM HOTELS & RESORTS INC US WH 5,960 $312,065.60
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 2,725,000 $126,332.31
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 327,000 $261,620.06
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 4,996,000 $235,872.75
B63QM77 NEXON CO LTD JP 3659 JP 131,300 $3,072,342.02
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 908,000 $46,889.68
BBG00W89CJ51 BABA US 09/04/20 P240 CN -52 -$312.00
BBG00WD4YYY7 COG US 09/11/20 C20 US -635 -$6,350.00
BBG00WD57V16 CRM US 09/11/20 C230 US -55 -$220,550.00
BBG00WDJ9S48 PYPL US 09/11/20 P195 US -65 -$9,750.00
BBG00WN64F39 FB US 09/11/20 C282.5 US -44 -$71,280.00
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 121,315 $172,436.16
BH8295835 SAUDI INTERNATIONAL BOND 2.90000 10/22/2025 SA 200,000 $212,008.00
BJVB695 BUONI POLIENNALI DEL TES 2.45000 09/01/2050 IT 1,000,000 $1,298,634.81
BK0939417 AMERICAN TANKER INC 7.75000 07/02/2025 US 375,000 $377,362.50
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 44,700 $3,053,830.75
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 29,120 $1,692,434.75
G1151C101 ACCENTURE PLC - CL A IE ACN 6,789 $1,628,884.77
G29183103 EATON CORP PLC US ETN 9,555 $975,565.50
G5494J103 LINDE PLC GB LIN 6,216 $1,552,383.84
G5960L103 MEDTRONIC INC IE MDT 36,140 $3,883,965.80
H01301128 ALCON INC CH ALC 68,040 $3,901,413.60
H1467J104 CHUBB LTD CH CB 8,083 $1,010,375.00
ZO1818103 NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 MH 350,000 $350,843.50

Investments will change over time.

Distributions

  • Pro-Blend® Conservative Term Series Class I Distribution History
  • 2020 Distribution Calendar
  • Fourth Quarter 2019 Distributions
  • Third Quarter 2020 Distributions
  • Second Quarter 2020 Distributions
  • First Quarter 2020 Distributions
  • Tax Letter

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

$10.74

Daily $ Change

$0.00

Daily % Change

0.00%

as of 09/24/2020

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
Fact Sheet
Applications & Forms

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 his or her current risk tolerance and investment time horizon, then decide when to move to a different objective as his or her personal situation changes over the years.

Time Horizon & Range of Stock Exposure

Conservative Term Moderate Term Extended Term Maximum Term
0-5 Years 3-10 Years 7-20 Years 15+ Years
15-45% 20-60% 40-70% 70-95%

Generally, the longer your time horizon, the more aggressive your investment objective can be. Greater stock exposure is typically associated with higher return potential and higher capital risk.

Manning and Napier Risk-Based Funds Graphic

Learn more about our Pro-Blend® Series

Performance

As of 08/31/2020

YTD

6.85%

1 Year

9.47%

3 Year

6.42%

5 Year

6.08%

10 Year

5.62%

Inception
(11/01/1995)

5.87%

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. 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.

Expense Ratio

Gross 0.64%

Top Ten Investments

As of 08/31/2020

GOVERNMENT AGENCY 13.24%
TREASURY NOTES 5.62%
TSY INFL IX N/B 2.00000 01/15/2026 3.12%
TSY INFL IX N/B 0.12500 04/15/2025 2.07%
ALIBABA GROUP HOLDING 3.40000 12/06/2027 1.20%
VERIZON COMMUNICATIONS 5.25000 03/16/2037 1.17%
BOOKING HOLDINGS INC 3.60000 06/01/2026 1.14%
SABINE PASS LIQUEFACTION 5.87500 06/30/2026 1.11%
TREASURY BONDS 1.08%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 1.05%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 08/31/2020

Bonds
65.68%
Stocks
31.85%
Cash
2.47%

Detailed Asset Class Allocation

As of 08/31/2020

International Equities
6.78%
Small Capitalization
1.25%
Mid Capitalization
3.50%
Large Capitalization
20.31%
Long Term Fixed Income
20.94%
Intermediate Term Fixed Income
38.21%
Short Term Fixed Income
6.54%
Cash
2.47%

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

August Fund Holdings

As of 08/31/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 2,480,000 $2,907,292.74
00287Y109 ABBVIE INC US ABBV 23,724 $2,272,047.48
00507V109 ACTIVISION INC US ATVI 40,230 $3,360,009.60
00653VAA9 ADAPTHEALTH LLC 6.12500 08/01/2028 US 260,000 $272,350.00
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 7,660,000 $7,677,218.76
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 250,000 $255,000.00
008492100 AGREE REALTY CORP US ADC 4,689 $313,787.88
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 2,915,000 $2,921,105.18
00914AAB8 AIR LEASE CORP 3.75000 06/01/2026 US 2,560,000 $2,617,710.39
01166WAA5 ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 282,000 $292,763.55
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 1,120 $188,585.60
01609W102 ALIBABA GROUP - ADR CN BABA 10,940 $3,140,108.20
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 8,850,000 $10,023,804.62
02079K305 ALPHABET INC-CL A US GOOGL 2,130 $3,470,898.90
023135106 AMAZON.COM INC US AMZN 1,390 $4,796,834.40
0237400 DIAGEO PLC GB DGE LN 30,840 $1,030,403.82
02406PBA7 AMERICAN AXLE & MFG INC 6.87500 07/01/2028 US 135,000 $140,597.10
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 9,648 $327,067.20
02665T306 AMERICAN HOMES 4 RENT- A US AMH 19,335 $553,754.40
03027X100 AMERICAN TOWER REIT INC US AMT 8,080 $2,013,132.00
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 6,665,000 $7,709,832.59
03064D108 AMERICOLD REALTY TRUST US COLD 12,150 $465,952.50
03217CAA4 AMS AG 7.00000 07/31/2025 AT 400,000 $416,000.00
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 280,000 $249,900.00
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 175,000 $156,187.50
03748R754 APARTMENT INVT & MGMT CO -A US AIV 7,822 $281,826.66
03784Y200 APPLE HOSPITALITY REIT INC US APLE 26,830 $272,861.10
053015103 AUTOMATIC DATA PROCESSING US ADP 5,840 $812,285.60
053484101 AVALONBAY COMMUNITIES INC US AVB 2,485 $392,779.10
05401AAJ0 AVOLON HOLDINGS FNDG LTD 3.25000 02/15/2027 KY 3,030,000 $2,605,130.07
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 4,633,000 $4,713,335.29
060505104 BANK OF AMERICA CORP US BAC 98,299 $2,530,216.26
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 3,840,000 $4,303,366.77
071734AH0 BAUSCH HEALTH COS INC 5.00000 01/30/2028 CA 205,000 $202,437.50
084423102 WR BERKLEY CORP US WRB 32,955 $2,044,857.75
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 16,340 $3,562,773.60
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 12,660 $987,859.80
09857L108 BOOKING HOLDINGS INC US BKNG 975 $1,862,688.75
105368203 BRANDYWINE REALTY TRUST US BDN 18,295 $203,623.35
110122108 BRISTOL MYERS SQUIBB CO US BMY 33,091 $2,058,260.20
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 825,000 $1,617.00
12503M108 CBOE GLOBAL MARKETS INC US CBOE 9,230 $847,221.70
12530MAB1 SORT 2020-1 A2 1.99000 07/15/2060 US 2,338,050 $2,380,000.46
12530MAC9 SORT 2020-1 B1 2.28000 07/15/2060 US 3,000,000 $3,057,334.80
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 713,972.46 $739,626.06
12572Q105 CME GROUP INC US CME 4,880 $858,245.60
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 4,455,000 $4,805,185.28
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 789,381.18 $805,608.41
12654TAA8 CNX MIDSTREAM PTR/CNX 6.50000 03/15/2026 US 180,000 $180,266.40
127097103 CABOT OIL & GAS CORP US COG 255,445 $4,845,791.65
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 165,000 $156,750.00
133131102 CAMDEN PROPERTY TRUST US CPT 4,745 $431,510.30
133131AZ5 CAMDEN PROPERTY TRUST 2.80000 05/15/2030 US 5,970,000 $6,549,148.51
13321L108 CAMECO CORP CA CCJ 149,860 $1,733,880.20
136375102 CANADIAN NATIONAL RAILWAY CO CA CNI 9,867 $1,031,890.86
14314WAD3 CARMX 2017-3 A3 1.97000 04/15/2022 US 563,535.07 $566,000.20
149123101 CATERPILLAR INC US CAT 10,000 $1,423,100.00
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 773,649.73 $767,117.19
15135UAS8 CENOVUS ENERGY INC 5.37500 07/15/2025 CA 45,000 $45,804.07
16119P108 CHARTER COMMUNICATIONS INC-A US CHTR 5,620 $3,459,728.20
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 1,192,303.22 $1,196,395.32
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 623,387.67 $627,043.78
166764100 CHEVRON CORP US CVX 6,960 $584,152.80
17275R102 CISCO SYSTEMS INC US CSCO 57,017 $2,407,257.74
172967424 CITIGROUP INC US C 29,339 $1,499,809.68
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 6,880,000 $7,998,239.01
191216100 COCA COLA CO/THE US KO 81,760 $4,049,572.80
194162103 COLGATE-PALMOLIVE CO US CL 16,623 $1,317,538.98
20030N101 COMCAST CORP-CL A US CMCSA 42,764 $1,916,254.84
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 6,150,000 $6,826,369.62
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 1,974,847.53 $2,035,575.47
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 6,360 $297,012.00
20449X401 COMPASS GROUP PLC ADR GB CMPGY 106,180 $1,704,189.00
20605P101 CONCHO RESOURCES INC US CXO 39,230 $2,039,175.40
20825C104 CONOCOPHILLIPS US COP 27,770 $1,052,205.30
217204106 COPART INC US CPRT 17,360 $1,793,635.20
222795502 COUSINS PROPERTIES INC US CUZ 15,846 $473,003.10
22534GAA1 CAALT 2020-1A 2.01000 02/15/2029 US 870,000 $891,083.49
22534GAC7 CAALT 2020-1A B 2.39000 04/16/2029 US 1,150,000 $1,170,833.17
22822V101 CROWN CASTLE INTL CORP US CCI 3,530 $576,272.50
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 7,080,000 $7,781,871.13
22822VAR2 CROWN CASTLE INTL CORP 3.30000 07/01/2030 US 890,000 $991,490.36
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 486,101.68 $498,321.89
229663109 CUBESMART US CUBE 6,135 $193,988.70
25243Q205 DIAGEO PLC-SPONSORED ADR GB DEO 7,722 $1,037,836.80
253868103 DIGITAL REALTY TRUST INC US DLR 5,642 $878,177.30
254687FW1 WALT DISNEY COMPANY/THE 2.20000 01/13/2028 US 2,620,000 $2,772,425.42
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 6,640,000 $7,964,050.73
256746108 DOLLAR TREE STORES INC US DLTR 15,340 $1,476,781.80
25746UDG1 DOMINION ENERGY 3.37500 04/01/2030 US 4,015,000 $4,570,365.72
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 335,000 $348,400.00
25960P109 DOUGLAS EMMETT INC US DEI 8,895 $248,348.40
262006208 DREYFUS GVT CSH MANAGEMENT US 21,088,796.21 $21,088,796.21
26439XAC7 DCP MIDSTREAM OPERATING 8.12500 08/16/2030 US 210,000 $249,375.00
264411505 DUKE RLTY INVTS INC US DRE 10,838 $417,804.90
26875P101 EOG RESOURCES INC US EOG 29,400 $1,332,996.00
26884L109 EQT CORP US EQT 114,455 $1,816,400.85
26884LAG4 EQT CORP 8.75000 02/01/2030 US 160,000 $191,600.00
277276101 EASTGROUP PROPERTIES US EGP 913 $121,575.08
285512109 ELECTRONIC ARTS US EA 16,650 $2,322,175.50
291011104 EMERSON ELEC CO US EMR 14,516 $1,008,426.52
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 6,410,000 $6,907,989.25
29444U700 EQUINIX INC US EQIX 6,317 $4,989,040.26
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 6,590 $436,851.10
29476L107 EQUITY RESIDENTIAL US EQR 4,480 $252,896.00
297178105 ESSEX PROPERTY TRUST INC US ESS 539 $116,698.89
30212P303 EXPEDIA INC US EXPE 49,825 $4,890,323.75
30212PAS4 EXPEDIA GROUP INC 6.25000 05/01/2025 US 2,750,000 $3,021,770.81
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 8,725,000 $8,781,353.64
30225T102 EXTRA SPACE STORAGE INC US EXR 1,360 $144,908.00
30231G102 EXXON MOBIL CORP US XOM 28,000 $1,118,320.00
302491303 FMC CORP US FMC 16,030 $1,712,965.80
30262DAL5 FREMF 2011-K13 B 4.76356 01/25/2048 US 2,255,000 $2,275,588.38
30262SAR9 FREMF 2015-K42 B FLT 3.98209 12/25/2024 US 490,000 $529,611.40
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 140,000 $126,000.00
30286XAN9 FREMF 2015-K43 B FLT 3.86095 02/25/2048 US 500,000 $544,035.80
30287EAE0 FREMF 2014-K41 B FLT 3.96344 11/25/2047 US 2,227,000 $2,442,354.24
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 190,577,027.46 $358,589.73
30291YAJ9 FREMF 2014-K716 B FLT 4.08073 08/25/2047 US 2,624,000 $2,664,120.96
30303M102 FACEBOOK INC -A US FB 10,730 $3,146,036.00
3128LCD86 FHLM POOL A78227 5.50000 06/01/2038 US 86,209.2 $99,427.78
3128M56M7 FHLM POOL G04176 5.50000 05/01/2038 US 82,049.53 $95,081.01
3128M5VT4 FHLM POOL G03926 6.00000 02/01/2038 US 232,630.47 $273,408.62
3128M6JQ2 FHLM POOL G04471 5.50000 07/01/2038 US 28,873.18 $33,444.93
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 186,456.74 $216,532.01
3128M6T99 FHLM POOL G04776 5.50000 07/01/2038 US 193,165.99 $223,501.92
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 42,000.15 $49,491.28
3128M7C95 FHLM POOL G05196 5.50000 10/01/2038 US 238,381.88 $276,555.29
3128M7KW5 FHLM POOL G05409 5.50000 03/01/2039 US 210,394.91 $244,130.26
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 205,536.14 $241,861.68
3128M9GM8 FHLM POOL G07104 5.50000 05/01/2040 US 154,260.41 $173,197.52
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 84,171.73 $98,843.98
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 8,415.71 $8,582.52
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 5,866.39 $6,004.12
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 9,277.92 $9,586.79
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 1,134,347.99 $1,230,503.69
3128MJG20 FHLM POOL G08216 5.50000 08/01/2037 US 235,265.15 $272,950.26
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 234,253.19 $271,122.12
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 86,354.58 $95,098.36
3128P75X7 FHLM POOL C91762 4.50000 05/01/2034 US 778,203.62 $857,503.49
312941F69 FHLM POOL A92889 4.50000 07/01/2040 US 824,602.12 $919,719.23
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 920,807.12 $1,029,570.90
3132J8YK0 FHLM POOL Q17513 3.50000 04/01/2043 US 1,423,760.49 $1,545,889.71
3132M45M3 FHLM POOL Q24752 3.50000 02/01/2044 US 1,093,838.39 $1,186,874.08
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 1,378,821.3 $1,504,235.12
3132QVKA8 FHLM POOL Q38388 4.00000 01/01/2046 US 241,018.6 $263,188.06
3132WF3E7 FHLM POOL Q42596 3.50000 08/01/2046 US 1,492,816.62 $1,596,140.18
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 1,847,264.43 $1,974,703.67
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 560,203.19 $603,037.52
31335ALP1 FHLM POOL G60334 4.50000 10/01/2041 US 724,067.39 $807,907.12
31335AV54 FHLM POOL G60636 4.00000 01/01/2046 US 1,126,266.37 $1,227,823.15
3133A6DB4 FEDERAL NATL MTG ASSN FR QB0098 2.50000 06/01/2050 US 7,586,775.97 $7,982,637.70
3135G0Q22 FANNIE MAE 1.87500 09/24/2026 US 15,850,000 $17,106,262.76
3136AY6W8 FNA 2017-M15 A1 FLT 3.05797 09/25/2027 US 3,004,777.44 $3,265,719.22
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78410G104 SBA COMMUNICATIONS CORP US SBAC 7,350 $2,249,614.50
78442PGC4 SLM CORP 5.12500 04/05/2022 US 370,000 $381,100.00
78449XAA0 SMB 2020-BA A1A 1.29000 07/15/2053 US 4,400,000 $4,394,751.68
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 930,673.12 $953,533.52
78490DAA2 SOFI 2018-C A1FX 3.08000 01/25/2048 US 503,321.83 $506,524.67
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 7,680,000 $9,236,910.26
79466L302 SALESFORCE.COM US CRM 13,140 $3,582,621.00
806857108 SCHLUMBERGER LTD NL SLB 40,390 $767,813.90
81745BAB1 SEMT 2013-6 A2 3.00000 05/25/2043 US 3,387,279.65 $3,543,818.04
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 564,855.56 $580,992.86
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 661,851.77 $680,867.10
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 535,958.12 $539,887.12
81762P102 SERVICENOW INC US NOW 3,300 $1,590,666.00
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 436,906.8 $448,747.37
83404RAB4 SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 2,130,000 $2,199,296.78
83405JAA3 SCLP 2017-4 A 2.50000 05/26/2026 US 125,241.23 $126,274.56
83405TAA1 SCLP 2019-3 A MTGE 2.90000 05/25/2028 US 1,368,332.39 $1,385,033.43
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 1,020,369.64 $1,032,154.40
83406EAB1 SOFI 2018-A A2A 2.39000 02/25/2042 US 59,735.64 $59,790.32
844741BJ6 SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 5,490,000 $5,991,948.23
85172FAN9 SPRINGLEAF FINANCE CORP 7.12500 03/15/2026 US 175,000 $200,811.63
85254J102 STAG INDUSTRIAL INC US STAG 6,800 $219,640.00
85571BAL9 STARWOOD PROPERTY TRUST 4.75000 03/15/2025 US 255,000 $245,437.50
85571XAA5 SRPT 2014-STAR A FLTG RATE 1.63188 11/15/2027 US 2,065,175.96 $1,446,076.89
861036AA9 STL HOLDING CO LLC 7.50000 02/15/2026 US 230,000 $232,875.00
86212XAA8 STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 2,166,038.33 $2,187,423.63
866674104 SUN COMMUNITIES US SUI 4,820 $718,565.60
86935CAA0 SCML 2019-SBC8 2.86000 04/25/2041 US 2,526,642.75 $2,546,701.77
87105L104 SWITCH INC - A US SWCH 18,852 $324,254.40
871829107 SYSCO CORP US SYY 27,905 $1,678,206.70
872540AU3 TJX COS INC 4.50000 04/15/2050 US 3,170,000 $4,032,883.48
87422VAJ7 TALEN ENERGY SUPPLY LLC 7.62500 06/01/2028 US 235,000 $242,846.65
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 194,607.24 $195,001.30
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 110,000 $24,475.00
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 6,120,000 $7,062,420.94
88146M101 TERRENO REALTY CORP US TRNO 4,530 $270,169.20
88167AAK7 TEVA PHARMACEUTICALS NE 6.75000 03/01/2028 NL 200,000 $218,000.00
882508104 TEXAS INSTRUMENTS INC US TXN 14,520 $2,064,018.00
883556102 THERMO FISHER SCIENTIFIC INC US TMO 3,970 $1,703,050.60
88579Y101 3M CO US MMM 10,384 $1,692,799.68
89151E109 TOTAL S A SPONSORED ADR FR TOT 69,438 $2,747,661.66
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 1,181,252.6 $1,206,190.50
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 1,549,645.68 $1,593,307.88
89177EAA7 TPMT 2019-HY1 A1 1.17513 10/25/2048 US 1,399,356.76 $1,396,444.14
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 245,000 $226,012.50
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 1,715,898.37 $1,720,415.13
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 1,831,811.36 $1,898,122.93
89613GAA4 TAH 2020-SFR1 A 1.49900 07/17/2038 US 4,670,000 $4,669,047.79
89832Q109 TRUIST FINANCIAL CORP US TFC 28,511 $1,106,511.91
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 420,000 $404,250.00
902653104 UDR INC US UDR 4,173 $145,262.13
902973304 U.S. BANCORP US USB 29,758 $1,083,191.20
904767704 UNILEVER PLC - ADR GB UL 128,551 $7,659,068.58
907818108 UNION PAC CORP US UNP 11,192 $2,153,788.48
91086QBG2 UNITED MEXICAN STATES 4.12500 01/21/2026 MX 400,000 $446,200.00
912810FS2 TSY INFL IX N/B 2.00000 01/15/2026 US 21,801,532.95 $25,946,804.92
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 15,160,000 $16,250,217.15
912828VS6 US TREASURY N/B 2.50000 08/15/2023 US 8,395,000 $8,975,435.50
912828YN4 US TREASURY FRN FLT 0.40503 10/31/2021 US 30,473,000 $30,571,527.74
912828ZJ2 TSY INFL IX N/B 0.12500 04/15/2025 US 16,048,644 $17,257,934.36
91704F104 URBAN EDGE PROPERTIES US UE 12,855 $135,748.80
91823AAN1 VBTOW 2020-1A C2 3.03100 06/15/2050 US 1,100,000 $1,138,697.89
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 7,160,000 $9,726,265.08
92826C839 VISA INC - CLASS A SHARES US V 34,595 $7,333,794.05
92826CAK8 VISA INC 2.70000 04/15/2040 US 6,580,000 $7,107,473.26
928668BE1 VOLKSWAGEN GROUP AMERICA 3.35000 05/13/2025 US 4,050,000 $4,451,376.10
929160109 VULCAN MATERIALS CO US VMC 12,855 $1,542,600.00
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 686,711.65 $692,685.35
93065PAA9 WBHT 2019-WBM A FLT 1.21188 12/15/2033 US 2,125,000 $2,018,672.23
931142103 WAL MART STORES US WMT 23,136 $3,212,433.60
94106L109 WASTE MANAGEMENT INC US WM 8,997 $1,025,658.00
949746101 WELLS FARGO COMPANY US WFC 63,149 $1,525,048.35
95040Q104 WELLTOWER INC. US WELL 6,218 $357,659.36
95081QAP9 WESCO DISTRIBUTION INC 7.25000 06/15/2028 US 240,000 $267,716.40
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 240,000 $260,400.00
966387AH5 WHITING PETROLEUM CORP 5.75000 03/15/2021 US 835,000 $187,875.00
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 5,490,000 $6,065,621.28
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 513,943.44 $529,156.22
98311A105 WYNDHAM HOTELS & RESORTS INC US WH 5,960 $312,065.60
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 2,725,000 $126,332.31
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 327,000 $261,620.06
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 4,996,000 $235,872.75
B63QM77 NEXON CO LTD JP 3659 JP 131,300 $3,072,342.02
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 908,000 $46,889.68
BBG00W89CJ51 BABA US 09/04/20 P240 CN -52 -$312.00
BBG00WD4YYY7 COG US 09/11/20 C20 US -635 -$6,350.00
BBG00WD57V16 CRM US 09/11/20 C230 US -55 -$220,550.00
BBG00WDJ9S48 PYPL US 09/11/20 P195 US -65 -$9,750.00
BBG00WN64F39 FB US 09/11/20 C282.5 US -44 -$71,280.00
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 121,315 $172,436.16
BH8295835 SAUDI INTERNATIONAL BOND 2.90000 10/22/2025 SA 200,000 $212,008.00
BJVB695 BUONI POLIENNALI DEL TES 2.45000 09/01/2050 IT 1,000,000 $1,298,634.81
BK0939417 AMERICAN TANKER INC 7.75000 07/02/2025 US 375,000 $377,362.50
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 44,700 $3,053,830.75
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 29,120 $1,692,434.75
G1151C101 ACCENTURE PLC - CL A IE ACN 6,789 $1,628,884.77
G29183103 EATON CORP PLC US ETN 9,555 $975,565.50
G5494J103 LINDE PLC GB LIN 6,216 $1,552,383.84
G5960L103 MEDTRONIC INC IE MDT 36,140 $3,883,965.80
H01301128 ALCON INC CH ALC 68,040 $3,901,413.60
H1467J104 CHUBB LTD CH CB 8,083 $1,010,375.00
ZO1818103 NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 MH 350,000 $350,843.50

Investments will change over time.

Distributions

  • Pro-Blend® Conservative Term Series Class I Distribution History
  • 2020 Distribution Calendar
  • Fourth Quarter 2019 Distributions
  • Third Quarter 2020 Distributions
  • Second Quarter 2020 Distributions
  • First Quarter 2020 Distributions
  • Tax Letter

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.


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