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

$10.19

Daily $ Change

$0.01

Daily % Change

0.10%

as of 11/15/2019

Ticker

MNCCX

CUSIP

56382P633

Inception Date

01/04/2010

Investment Minimum

$2,000.00

Prior to 03/01/2019, the Class L shares were designated as the Class R2 shares. Investment minimum may be waived for certain qualified retirement plans, participants in an automatic investment program, 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 10/31/2019

YTD

10.51%

1 Year

9.61%

3 Year

4.61%

5 Year

2.76%

10 Year

4.39%

Inception
(11/01/1995)

4.83%

US Stock Market Cycle (04/01/2000 - 10/31/2019)

4.78%

Inception performance is based on the Pro-Blend® Conservative Term Series Class S inception of 11/01/1995. For periods through 01/04/2010 (the inception date of the Class L shares), performance for the Class L shares is hypothetical and is based on the historical performance of the Class S shares adjusted for the Class L shares’ charges and expenses. 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 1.54%*

*Includes a 12b-1 fee of 1.00%, of which up to 0.25% is available as a shareholder servicing fee.

Top Ten Investments

As of 10/31/2019

GOVERNMENT AGENCY 14.99%
TREASURY NOTES 11.02%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 4.03%
TREASURY BONDS 4.00%
TREASURY BILLS 2.00%
TSY INFL IX N/B 0.50000 04/15/2024 1.97%
BOOKING HOLDINGS INC 3.60000 06/01/2026 1.20%
BANK OF AMERICA CORP 4.00000 01/22/2025 1.18%
VERIZON COMMUNICATIONS 5.25000 03/16/2037 1.15%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 0.96%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 10/31/2019

Bonds 72.63%
Stocks 26.76%
Cash 0.61%

Detailed Asset Class Allocation

As of 10/31/2019

International Equities 6.84%
Small Capitalization 0.50%
Mid Capitalization 1.18%
Large Capitalization 18.24%
Long Term Fixed Income 17.42%
Intermediate Term Fixed Income 41.69%
Short Term Fixed Income 13.52%
Cash 0.61%

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

October Fund Holdings

As of 10/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 85,000 $90,631.25
00206R102 AT&T INC US T 14,790 $569,267.10
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 6,620,000 $7,270,782.21
00287Y109 ABBVIE INC US ABBV 10,180 $809,819.00
004239109 ACADIA REALTY TRUST US AKR 3,435 $96,111.30
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 150,000 $137,250.00
00507V109 ACTIVISION INC US ATVI 62,530 $3,503,555.90
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 6,440,000 $6,987,903.09
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 90,000 $89,100.00
008492100 AGREE REALTY CORP US ADC 2,150 $169,355.50
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 6,600,000 $6,884,908.34
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 770 $122,237.50
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 5,140,000 $5,338,720.37
020002101 ALLSTATE CORPORATION US ALL 3,280 $349,057.60
02079K107 ALPHABET INC-CL C US GOOG 2,030 $2,558,023.30
02079K305 ALPHABET INC-CL A US GOOGL 2,025 $2,549,070.00
023135106 AMAZON.COM INC US AMZN 1,770 $3,144,688.20
02319V103 AMBEV SA-ADR BR ABEV 166,325 $716,860.75
0237400 DIAGEO PLC GB DGE LN 46,306 $1,895,355.10
02406PAR1 AMERICAN AXLE & MFG INC 6.25000 04/01/2025 US 45,000 $43,368.75
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 5,700 $284,886.00
02665T306 AMERICAN HOMES 4 RENT- A US AMH 19,370 $512,723.90
026874784 AMERICAN INTL GROUP INC US AIG 6,010 $318,289.60
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 225,000 $226,261.54
03027X100 AMERICAN TOWER REIT INC US AMT 7,920 $1,727,193.60
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 6,410,000 $6,852,500.95
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 76,832.37 $77,600.19
03064D108 AMERICOLD REALTY TRUST US COLD 10,650 $426,958.50
031162100 AMGEN INC US AMGN 4,450 $948,962.50
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 90,000 $66,937.50
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 90,000 $67,950.00
03748R754 APARTMENT INVT & MGMT CO -A US AIV 9,252 $507,749.76
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 52,187 $54,274.48
03990B101 ARES MANAGEMENT CORP - A US ARES 14,065 $415,902.05
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 90,000 $90,450.00
04621X108 ASSURANT INC US AIZ 2,100 $264,747.00
053484101 AVALONBAY COMMUNITIES INC US AVB 4,935 $1,074,152.10
055622104 BP PLC-SPONS ADR GB BP 11,244 $426,260.04
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 4,633,000 $4,745,621.28
060505104 BANK OF AMERICA CORP US BAC 82,813 $2,589,562.51
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 10,060,000 $10,730,187.64
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 20,835 $4,429,104.30
08576PAA9 BERRY GLOBAL INC 4.50000 02/15/2026 US 65,000 $65,406.25
088606108 BHP GROUP LTD AU BHP 13,649 $667,572.59
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 28,160 $2,061,593.60
09247X101 BLACKROCK INC US BLK 2,895 $1,336,621.50
0925288 GLAXOSMITHKLINE PLC GB GSK LN 11,075 $253,672.93
09260D107 BLACKSTONE GROUP LP US BX 9,740 $517,778.40
097023105 BOEING CO US BA 3,225 $1,096,209.75
09857L108 BOOKING HOLDINGS INC US BKNG 870 $1,782,429.90
101121101 BOSTON PROPERTIES INC US BXP 2,896 $397,331.20
105368203 BRANDYWINE REALTY TRUST US BDN 27,195 $415,539.60
110122108 BRISTOL MYERS SQUIBB CO US BMY 18,492 $1,060,886.04
11135F101 BROADCOM INC US AVGO 2,571 $752,917.35
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 90,000 $59,400.00
12429TAE4 BWAY HOLDING CO 7.25000 04/15/2025 US 95,000 $90,843.75
124847AC8 ENTERCOM MEDIA CORP 7.25000 11/01/2024 US 45,000 $46,912.50
12503M108 CBOE GLOBAL MARKETS INC US CBOE 15,630 $1,799,794.50
12527GAB9 CF INDUSTRIES INC 7.12500 05/01/2020 US 85,000 $87,042.65
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 1,155,529.64 $1,180,748.15
12572Q105 CME GROUP INC US CME 8,730 $1,796,197.50
125896100 CMS ENERGY CORP US CMS 10,611 $678,255.12
12592TAA3 COMM 2015-3BP A FLT 3.17800 02/10/2035 US 500,000 $524,533.85
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 4,455,000 $4,684,451.21
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 1,091,056.24 $1,079,577.56
126650100 CVS HEALTH CORP US CVS 9,438 $626,588.82
12686CBA6 CABLEVISION SYSTEMS CORP 8.00000 04/15/2020 US 85,000 $87,125.00
12770QAA3 CZR 2017-VICI A 3.53100 10/15/2034 US 2,520,000 $2,620,647.04
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 135,000 $135,337.50
133131102 CAMDEN PROPERTY TRUST US CPT 3,355 $383,711.35
14314WAD3 CARMX 2017-3 A3 1.97000 04/15/2022 US 1,613,153.49 $1,612,779.40
149123101 CATERPILLAR INC US CAT 4,149 $571,732.20
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 13,918.93 $13,910.80
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 1,346,737.55 $1,356,517.02
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 85,000 $86,062.50
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 3,735,756.86 $3,734,598.40
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 1,216,837.16 $1,216,854.32
166764100 CHEVRON CORP US CVX 15,435 $1,792,620.90
16941R108 CHINA PETROLEUM & CHEM-ADR CN SNP 10,382 $586,479.18
17275R102 CISCO SYSTEMS INC US CSCO 21,490 $1,020,989.90
172967424 CITIGROUP INC US C 25,944 $1,864,335.84
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 3,240,000 $5,330,021.00
191216100 COCA COLA CO/THE US KO 65,615 $3,571,424.45
192422103 COGNEX CORP US CGNX 17,385 $895,153.65
194162103 COLGATE-PALMOLIVE CO US CL 14,536 $997,169.60
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 5,180,000 $5,251,567.29
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 2,500,000 $2,499,146.50
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 13,692 $662,966.64
20825C104 CONOCOPHILLIPS US COP 4,105 $226,596.00
2099084 BORALEX INC -A CA BLX CN 14,085 $233,128.08
21036PAU2 CONSTELLATION BRANDS INC 2.00000 11/07/2019 US 2,000,000 $1,999,953.04
222795502 COUSINS PROPERTIES INC US CUZ 17,646 $708,133.98
22282E102 COVANTA HOLDING CORP US CVA 29,245 $422,297.80
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 288,082.25 $288,196.59
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 6,550,000 $6,592,444.00
22822V101 CROWN CASTLE INTL CORP US CCI 5,428 $753,352.12
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 6,780,000 $6,889,476.05
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 726,262.55 $710,252.60
229663109 CUBESMART US CUBE 3,030 $96,051.00
247361702 DELTA AIR LINES INC. US DAL 3,940 $217,015.20
25277LAC0 DIAMOND SPORTS GR/DIAMON 6.62500 08/15/2027 US 130,000 $133,900.00
253868103 DIGITAL REALTY TRUST INC US DLR 2,840 $360,793.60
254687106 WALT DISNEY CO/THE US DIS 3,770 $489,798.40
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 6,640,000 $7,261,211.51
256677105 DOLLAR GENERAL CORP US DG 4,409 $706,939.06
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 175,000 $182,000.00
25960P109 DOUGLAS EMMETT INC US DEI 7,525 $325,983.00
260557103 DOW INC US DOW 8,820 $445,321.80
2715777 QUEBECOR INC -CL B CA QBR/B CN 35,310 $820,888.47
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 40,835 $833,380.00
285512109 ELECTRONIC ARTS US EA 25,200 $2,429,280.00
291011104 EMERSON ELEC CO US EMR 6,331 $444,119.65
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 4,570,000 $5,473,501.80
29372EBT4 EFF 2016-2 A3 2.04000 02/22/2022 US 827,710.76 $827,336.47
29444U700 EQUINIX INC US EQIX 7,645 $4,333,033.10
29446M102 EQUINOR ASA-SPON ADR NO EQNR 19,974 $369,718.74
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 4,350 $304,239.00
29476L107 EQUITY RESIDENTIAL US EQR 5,810 $515,114.60
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 12,607 $323,495.62
297178105 ESSEX PROPERTY TRUST INC US ESS 1,259 $411,856.67
30161N101 EXELON CORP US EXC 7,455 $339,127.95
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 8,725,000 $8,775,125.56
30225T102 EXTRA SPACE STORAGE INC US EXR 1,110 $124,619.70
30231G102 EXXON MOBIL CORP US XOM 19,228 $1,299,235.96
302491303 FMC CORP US FMC 5,155 $471,682.50
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 10,003.71 $9,985.82
30262DAL5 FREMF 2011-K13 B 4.61202 01/25/2048 US 2,255,000 $2,313,122.85
30262SAR9 FREMF 2015-K42 B FLT 3.85112 12/25/2024 US 490,000 $513,346.49
30286XAN9 FREMF 2015-K43 B FLT 3.73374 02/25/2048 US 500,000 $520,355.65
30287EAE0 FREMF 2014-K41 B FLT 3.83237 11/25/2047 US 2,227,000 $2,337,661.63
30291EAE4 FREMF 2013-K712 B FLT 3.26320 05/25/2045 US 1,025,000 $1,023,982.59
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 194,709,611.3 $521,743.87
30291YAJ9 FREMF 2014-K716 B FLT 3.94755 08/25/2047 US 2,624,000 $2,694,172.84
30303M102 FACEBOOK INC -A US FB 17,060 $3,269,549.00
3128LCD86 FHLM POOL A78227 5.50000 06/01/2038 US 99,763.29 $110,234.06
3128M56M7 FHLM POOL G04176 5.50000 05/01/2038 US 97,972.74 $110,188.57
3128M5VT4 FHLM POOL G03926 6.00000 02/01/2038 US 287,825.54 $331,084.24
3128M6JQ2 FHLM POOL G04471 5.50000 07/01/2038 US 34,834.87 $39,158.79
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 218,124.81 $245,128.50
3128M6T99 FHLM POOL G04776 5.50000 07/01/2038 US 230,132.17 $258,624.80
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 53,244.48 $59,678.85
3128M7C95 FHLM POOL G05196 5.50000 10/01/2038 US 281,189.96 $315,789.02
3128M7KW5 FHLM POOL G05409 5.50000 03/01/2039 US 249,889.16 $280,769.81
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 238,702.49 $274,358.08
3128M9GM8 FHLM POOL G07104 5.50000 05/01/2040 US 180,609.6 $196,713.95
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 99,369.17 $111,760.85
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 17,953.4 $18,397.83
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 12,329.85 $12,676.62
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 18,132.79 $18,741.92
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 1,568,860.29 $1,662,945.59
3128MJG20 FHLM POOL G08216 5.50000 08/01/2037 US 258,836.2 $290,464.04
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 272,526.86 $305,850.11
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 105,461.38 $113,374.27
3128P75X7 FHLM POOL C91762 4.50000 05/01/2034 US 894,620.05 $962,025.82
312941F69 FHLM POOL A92889 4.50000 07/01/2040 US 1,038,856.44 $1,116,642.14
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 1,177,938.27 $1,277,578.91
3131XVYW9 FEDERAL NATL MTG ASSN FR ZM2525 3.00000 12/01/2046 US 3,436,627.36 $3,521,860.25
3132J8YK0 FHLM POOL Q17513 3.50000 04/01/2043 US 1,826,286.03 $1,917,841.71
3132M45M3 FHLM POOL Q24752 3.50000 02/01/2044 US 1,362,740.45 $1,430,870.50
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 1,738,528.18 $1,843,668.09
3132QVKA8 FHLM POOL Q38388 4.00000 01/01/2046 US 292,545.56 $310,535.78
3132VLY43 FHLM POOL FG Q60730 4.00000 01/01/2049 US 3,323,013.14 $3,458,031.02
3132WF3E7 FHLM POOL Q42596 3.50000 08/01/2046 US 1,969,045.8 $2,049,974.21
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 2,911,777.67 $3,055,825.87
3132Y33P7 FHLM POOL FG Q59805 4.50000 11/01/2048 US 2,064,019.27 $2,173,830.75
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 802,179.95 $842,168.46
31335ALP1 FHLM POOL G60334 4.50000 10/01/2041 US 940,388.92 $1,019,771.25
31335AV54 FHLM POOL G60636 4.00000 01/01/2046 US 1,372,849.25 $1,451,499.45
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 1,065.51 $1,068.53
3133G6L60 FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 US 3,701,041.3 $3,791,929.07
3136AY6W8 FNA 2017-M15 A1 2.95932 09/25/2027 US 3,177,087.52 $3,329,072.72
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 2,318,746.88 $2,420,647.69
31371N7J8 FEDERAL NATL MTG ASSN 123456 6.00000 12/01/2038 US 15,787.79 $18,115.60
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 775 $105,407.75
3137A2B34 FHMS K009 X1 FLT 1.25979 08/25/2020 US 19,443,659.3 $139,605.47
3137ADTK3 FHMS K014 X1 FLT 1.14919 04/25/2021 US 2,565,926.74 $35,808.79
3137AJMG6 FMHS K016 X1 FLT 1.47773 10/25/2021 US 6,013,691.54 $148,831.05
3137AME78 FHMS K017 X1 FLT 1.29766 12/25/2021 US 7,716,962.49 $171,342.80
3137AUPF0 FHMS K021 x1 FLT 1.42834 06/25/2022 US 14,611,507.9 $470,207.09
3137B3NB0 FHMS K030 X1 FLT 0.18772 04/25/2023 US 73,512,045.79 $443,711.36
3137B4GZ3 FHMS K032 X1 FLT 0.09785 05/25/2023 US 45,556,865.1 $177,813.00
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 2,444,259.43 $2,477,287.00
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 2,123,691.83 $2,168,041.95
3138AJXA5 FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 US 421,678.81 $451,275.77
3138EGE26 FEDERAL NATL MTG ASSN AL0152 6.00000 06/01/2040 US 616,013.46 $708,098.99
3138EHR87 FEDERAL NATL MTG ASSN AL1410 4.50000 12/01/2041 US 977,318.14 $1,059,549.87
3138EHXZ0 FEDERAL NATL MTG ASSN AL1595 6.00000 01/01/2040 US 450,250.62 $518,134.73
3138EQST0 FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 560,804.21 $599,985.14
3138ERN30 FEDERAL NATL MTG ASSN FN AL9409 3.50000 11/01/2031 US 2,942,191.06 $3,057,720.31
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64500 01/01/2049 US 1,112,858.17 $1,252,736.62
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 12,760,123.46 $13,437,317.12
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 817,039.67 $879,233.25
3138WGK37 FEDERAL NATL MTG ASSN FN AS6613 4.00000 02/01/2046 US 4,951,224.59 $5,228,339.58
3138Y6Y81 FEDERAL NATL MTG ASSN AX5234 4.50000 11/01/2044 US 737,552.59 $782,973.05
3138YTGK4 FEDERAL NATL MTG ASSN AZ2001 3.50000 05/01/2045 US 2,443,217.3 $2,552,804.51
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 380,132.45 $427,969.65
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 742,464.41 $781,872.61
3140EWKL8 FEDERAL NATL MTG ASSN BC2098 4.00000 06/01/2046 US 929,306.39 $978,696.68
3140EX2Y8 FEDERAL NATL MTG ASSN BC3490 3.50000 02/01/2046 US 1,868,407.9 $1,947,748.40
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 1,373,736.55 $1,431,508.78
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 441,522.08 $465,168.43
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 191,847.76 $202,142.08
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459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 6,072 $812,008.56
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46187BAB9 IHSFR 2017-SFR2 B 3.03913 12/17/2036 US 570,000 $570,534.72
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478160104 JOHNSON & JOHNSON US JNJ 54,891 $7,247,807.64
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485170302 KANSAS CITY SOUTHERN US KSU 4,844 $681,938.32
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50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 175,000 $181,125.00
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534187109 LINCOLN NATL CORP IND US LNC 3,505 $197,962.40
539830109 LOCKHEED MARTIN CORP US LMT 1,838 $692,337.84
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56585A102 MARATHON PETROLEUM CORP US MPC 7,828 $500,600.60
5671735 SANOFI-AVENTIS FR SAN FP 4,233 $390,228.12
57636Q104 MASTERCARD INC-CLASS A US MA 20,210 $5,594,330.10
580135101 MCDONALDS CORP US MCD 1,115 $219,320.50
58933Y105 MERCK & CO INC US MRK 26,893 $2,330,547.38
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595112103 MICRON TECHNOLOGY INC US MU 101,880 $4,844,394.00
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609207105 MONDELEZ INTERNATIONAL INC US MDLZ 83,351 $4,371,759.95
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637417106 NATIONAL RETAIL PROPERTIES US NNN 5,600 $329,896.00
637870106 NATIONAL STORAGE AFFILIATES US NSA 5,490 $187,593.30
63938CAA6 NAVIENT CORP 5.00000 10/26/2020 US 135,000 $137,490.75
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 2,678,875.5 $2,705,123.93
63941MAB7 NAVSL 2019-EA A2A 2.64000 05/15/2068 US 3,000,000 $3,035,420.40
63941RAB6 NAVSL 2019-2A A2 2.82275 02/27/2068 US 6,500,000 $6,556,465.50
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 668,969.72 $695,884.51
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 751,218.72 $783,182.55
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 1,002,426.84 $1,045,545.73
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66987V109 NOVARTIS AG- REG CH NVS 56,360 $4,928,118.40
67059TAD7 NUSTAR LOGISTICS LP 6.75000 02/01/2021 US 85,000 $88,075.30
67066G104 NVIDIA CORP US NVDA 9,715 $1,952,909.30
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 881 $383,684.31
674599105 OCCIDENTAL PETROLEUM CORP US OXY 11,730 $475,065.00
680665AL0 OLIN CORP 5.62500 08/01/2029 US 90,000 $93,444.30
681936100 OMEGA HEALTHCARE INVS INC US OHI 5,305 $233,632.20
693475105 PNC FINANCIAL SERVICES GROUP US PNC 2,019 $296,187.30
70338P100 PATTERN ENERGY GROUP INC -A US PEGI 9,091 $254,820.73
7123870 NESTLE SA-REGISTERED CH NESN SW 32,550 $3,482,242.75
713448108 PEPSICO INC US PEP 32,825 $4,502,605.25
71654V101 PETROLEO BRASIL-SP PREF ADR BR PBR/A 35,369 $533,718.21
717081103 PFIZER INC US PFE 43,135 $1,655,089.95
719245AD4 PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 US 135,000 $118,817.55
71943U104 PHYSICIANS REALTY TRUST US DOC 32,350 $603,974.50
729640102 PLYMOUTH INDUSTRIAL REIT INC US 16,859 $317,960.74
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 10,080,000 $10,913,187.20
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 85,000 $87,099.50
74251V102 PRINCIPAL FINANCIAL GROUP US PFG 3,896 $207,968.48
742718109 PROCTER & GAMBLE CO US PG 5,560 $692,275.60
74331AAA0 2019- SFR4 CLASS A 2.68700 10/17/2036 US 4,200,000 $4,217,940.30
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 1,500,000 $1,507,470.45
74333NAA0 PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 US 3,250,000 $3,306,407.00
74340W103 PROLOGIS US PLD 12,340 $1,082,958.40
74460D109 PUBLIC STORAGE INC US PSA 2,125 $473,577.50
749685103 RPM INTERNATIONAL INC US RPM 8,500 $615,655.00
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 180,000 $186,750.00
756109104 REALTY INCOME CORP US O 1,640 $134,135.60
7591EP100 REGIONS FINANCIAL CORP. US RF 13,670 $220,087.00
760759100 REPUBLIC SERVICES INC US RSG 6,085 $532,498.35
767204100 RIO TINTO PLC - SPON ADR GB RIO 10,425 $542,204.25
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 130,000 $132,183.60
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 2,485 $144,850.65
78409V104 S&P GLOBAL INC US SPGI 7,680 $1,981,363.20
78410G104 SBA COMMUNICATIONS CORP US SBAC 7,290 $1,754,338.50
78442PGC4 SLM CORP 5.12500 04/05/2022 US 175,000 $180,687.50
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 1,388,317.75 $1,399,998.50
78490DAA2 SOFI 2018-C A1FX 3.08000 01/25/2048 US 1,708,614.08 $1,719,318.38
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 7,640,000 $8,772,642.38
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 6,590,000 $7,101,374.38
806857108 SCHLUMBERGER LTD NL SLB 35,130 $1,148,399.70
808524797 SCHWAB US DVD EQUITY ETF US 26,461 $1,469,114.72
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81211K100 SEALED AIR CORP US SEE 12,205 $509,802.85
812578102 SEATTLE GENETICS INC US SGEN 14,230 $1,528,302.00
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 737,943.11 $743,317.18
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 909,336.24 $919,601.74
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 728,243.12 $702,134.66
81762P102 SERVICENOW INC US NOW 12,240 $3,026,462.40
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 90,000 $75,600.00
828806109 SIMON PROPERTY GROUP INC US SPG 4,885 $736,071.80
831641FC4 SBIC 2015-10A 1 2.51700 03/10/2025 US 655,038.1 $666,065.34
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 166,573.95 $166,561.71
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 500,000 $507,424.65
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 13,930.42 $13,923.00
83405JAA3 SCLP 2017-4 A 2.50000 05/26/2026 US 306,112.08 $306,920.43
83405TAA1 SCLP 2019-3 A MTGE 2.90000 05/25/2028 US 2,636,674.95 $2,655,437.53
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 2,100,468.54 $2,116,913.32
83406EAB1 SOFI 2018-A A2A 2.39000 02/25/2042 US 551,559.91 $552,623.32
835699307 SONY CORP SPONSORED ADR JP SNE 58,870 $3,581,062.10
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 6,740,000 $6,823,149.09
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 90,000 $79,200.00
852061AR1 SPRINT COMMUNICATIONS 7.00000 08/15/2020 US 205,000 $211,184.85
85207UAE5 SPRINT CORP 7.25000 09/15/2021 US 85,000 $90,700.10
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 85,000 $92,225.00
85254J102 STAG INDUSTRIAL INC US STAG 15,820 $491,052.80
855030AN2 STAPLES INC 7.50000 04/15/2026 US 135,000 $140,427.00
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.13350 11/15/2027 US 2,065,175.96 $2,061,460.50
858912AF5 STERICYCLE INC 5.37500 07/15/2024 US 180,000 $187,200.00
862121100 STORE CAPITAL CORP US STOR 4,710 $190,755.00
866674104 SUN COMMUNITIES US SUI 2,965 $482,257.25
86723CAF5 SUNCOKE ENRGY PART LP/FI 7.50000 06/15/2025 US 45,000 $38,250.00
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 9,220 $124,562.20
86935CAA0 SCML 2019-SBC8 2.86000 12/25/2035 US 3,013,416.4 $3,030,591.37
87612E106 TARGET CORP US TGT 4,245 $453,832.95
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 297,823.18 $297,755.99
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 110,000 $92,950.00
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 4,790,000 $5,155,091.79
882508104 TEXAS INSTRUMENTS INC US TXN 6,488 $765,519.12
88579Y101 3M CO US MMM 4,601 $759,118.99
89151E109 TOTAL S A SPONSORED ADR FR TOT 11,736 $617,665.68
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 1,507,669.13 $1,513,434.61
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 2,014,602.45 $2,038,439.63
89177EAA7 TPMT 2019-HY1 A1 2.82275 10/25/2048 US 1,829,782.5 $1,839,557.38
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 90,000 $89,100.00
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 1,760,418.23 $1,760,045.73
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 1,839,780.7 $1,867,368.76
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 180,000 $179,523.00
902653104 UDR INC US UDR 7,858 $394,864.50
902973304 U.S. BANCORP US USB 11,608 $661,888.16
903002103 UMH PROPERTIES INC US UMH 7,070 $105,555.10
904767704 UNILEVER PLC - ADR GB UL 61,915 $3,721,710.65
907818108 UNION PAC CORP US UNP 4,742 $784,611.32
911312106 UNITED PARCEL SERVICE US UPS 12,020 $1,384,343.40
912796SR1 TREASURY BILL 0.00000 05/21/2020 US 18,365,000 $18,206,821.15
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 4,853,423.59 $5,099,915.43
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 7,645,000 $8,951,817.19
9128284P2 US TREASURY N/B 2.62500 05/15/2021 US 17,785,000 $18,062,890.63
9128286N5 TSY INFL IX N/B 0.50000 04/15/2024 US 17,725,581.25 $17,958,611.84
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 36,867,127.78 $36,669,831.14
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 27,785,000 $27,829,499.34
912828VS6 US TREASURY N/B 2.50000 08/15/2023 US 26,540,000 $27,485,487.50
912828WJ5 US TREASURY N/B 2.50000 05/15/2024 US 26,140,000 $27,242,781.25
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 26,365,000 $27,136,382.16
913017109 UNITED TECHNOLOGIES CORP US UTX 6,291 $903,261.78
91704F104 URBAN EDGE PROPERTIES US UE 13,135 $277,279.85
918204108 VF CORP US VFC 4,133 $340,104.57
91913Y100 VALERO ENERGY US VLO 4,381 $424,869.38
92276F100 VENTAS INC US VTR 5,717 $372,176.70
92339V100 VEREIT INC US VER 35,665 $350,943.60
92343V104 VERIZON COMMUNICATIONS US VZ 14,370 $868,953.90
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 8,320,000 $10,479,690.46
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 6,010 $1,174,834.80
92826C839 VISA INC - CLASS A SHARES US V 28,235 $5,050,112.10
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 135,000 $131,287.50
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 155,000 $156,087.05
929042109 VORNADO REALTY TRUST US VNO 2,025 $132,900.75
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 45,000 $42,187.50
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 810,877.52 $829,944.09
93065PAA9 WBHT 2019-WBM A FLT 2.97125 12/15/2033 US 2,125,000 $2,126,317.71
931142103 WAL MART STORES US WMT 13,766 $1,614,201.16
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 8,091 $443,224.98
94106L109 WASTE MANAGEMENT INC US WM 9,401 $1,054,886.21
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 180,000 $182,700.00
948741103 WEINGARTEN REALTY INVESTORS US WRI 8,610 $273,195.30
949746101 WELLS FARGO COMPANY US WFC 38,144 $1,969,374.72
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 265,000 $268,503.01
95040Q104 WELLTOWER INC. US WELL 5,279 $478,752.51
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 5,150,000 $5,369,619.23
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 578,791.98 $580,106.07
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 835,582.9 $850,890.78
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 190,000 $178,600.00
B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 23,430 $292,452.51
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 2,725,000 $141,341.89
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 327,000 $256,066.00
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 4,996,000 $259,410.74
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 7,267,000 $380,457.38
B63QM77 NEXON CO LTD JP 3659 JP 265,300 $3,074,361.74
B68XHC3 NORTHLAND POWER INC CA NPI CN 14,100 $281,550.38
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 908,000 $50,479.16
BBG00P131QW2 SE US 11/15/19 C27 SG -140 -$43,400.00
BBG00QG82MR7 NOW US 11/08/19 P200 US -64 -$2,560.00
BBG00QH0RKM5 EA US 11/01/19 P87.5 US -110 -$220.00
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 105,835 $164,780.69
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 81,400 $3,301,821.48
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 61,690 $295,951.62
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 100,695 $3,137,737.94
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 37,825 $3,053,136.74
G29183103 EATON CORP PLC US ETN 4,321 $376,402.31
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 16,810 $728,377.30
G5960L103 MEDTRONIC INC IE MDT 65,995 $7,186,855.50
H01301128 ALCON INC CH ALC 27,893 $1,653,218.11
H1467J104 CHUBB LTD CH CB 2,503 $381,507.26
H8817H100 TRANSOCEAN LTD US RIG 82,610 $392,397.50
N47279109 INTERXION HOLDING NV NL INXN 44,910 $3,961,960.20
USD US DOLLAR US 5,597,197.63 $5,597,197.63

Investments will change over time.

Distributions

  • Pro-Blend® Conservative Term Series Class L Distribution History
  • 2019 Distribution Calendar
  • Fourth Quarter 2018 Distributions
  • Third Quarter 2019 Distributions
  • Second Quarter 2019 Distributions
  • First Quarter 2019 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

$10.19

Daily $ Change

$0.01

Daily % Change

0.10%

as of 11/15/2019

Ticker

MNCCX

CUSIP

56382P633

Inception Date

01/04/2010

Investment Minimum

$2,000.00

Prior to 03/01/2019, the Class L shares were designated as the Class R2 shares. Investment minimum may be waived for certain qualified retirement plans, participants in an automatic investment program, 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 10/31/2019

YTD

10.51%

1 Year

9.61%

3 Year

4.61%

5 Year

2.76%

10 Year

4.39%

Inception
(11/01/1995)

4.83%

US Stock Market Cycle (04/01/2000 - 10/31/2019)

4.78%

Inception performance is based on the Pro-Blend® Conservative Term Series Class S inception of 11/01/1995. For periods through 01/04/2010 (the inception date of the Class L shares), performance for the Class L shares is hypothetical and is based on the historical performance of the Class S shares adjusted for the Class L shares’ charges and expenses. 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 1.54%*

*Includes a 12b-1 fee of 1.00%, of which up to 0.25% is available as a shareholder servicing fee.

Top Ten Investments

As of 10/31/2019

GOVERNMENT AGENCY 14.99%
TREASURY NOTES 11.02%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 4.03%
TREASURY BONDS 4.00%
TREASURY BILLS 2.00%
TSY INFL IX N/B 0.50000 04/15/2024 1.97%
BOOKING HOLDINGS INC 3.60000 06/01/2026 1.20%
BANK OF AMERICA CORP 4.00000 01/22/2025 1.18%
VERIZON COMMUNICATIONS 5.25000 03/16/2037 1.15%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 0.96%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 10/31/2019

Bonds
72.63%
Stocks
26.76%
Cash
0.61%

Detailed Asset Class Allocation

As of 10/31/2019

International Equities
6.84%
Small Capitalization
0.50%
Mid Capitalization
1.18%
Large Capitalization
18.24%
Long Term Fixed Income
17.42%
Intermediate Term Fixed Income
41.69%
Short Term Fixed Income
13.52%
Cash
0.61%

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

October Fund Holdings

As of 10/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 85,000 $90,631.25
00206R102 AT&T INC US T 14,790 $569,267.10
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 6,620,000 $7,270,782.21
00287Y109 ABBVIE INC US ABBV 10,180 $809,819.00
004239109 ACADIA REALTY TRUST US AKR 3,435 $96,111.30
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 150,000 $137,250.00
00507V109 ACTIVISION INC US ATVI 62,530 $3,503,555.90
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 6,440,000 $6,987,903.09
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 90,000 $89,100.00
008492100 AGREE REALTY CORP US ADC 2,150 $169,355.50
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 6,600,000 $6,884,908.34
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 770 $122,237.50
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 5,140,000 $5,338,720.37
020002101 ALLSTATE CORPORATION US ALL 3,280 $349,057.60
02079K107 ALPHABET INC-CL C US GOOG 2,030 $2,558,023.30
02079K305 ALPHABET INC-CL A US GOOGL 2,025 $2,549,070.00
023135106 AMAZON.COM INC US AMZN 1,770 $3,144,688.20
02319V103 AMBEV SA-ADR BR ABEV 166,325 $716,860.75
0237400 DIAGEO PLC GB DGE LN 46,306 $1,895,355.10
02406PAR1 AMERICAN AXLE & MFG INC 6.25000 04/01/2025 US 45,000 $43,368.75
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 5,700 $284,886.00
02665T306 AMERICAN HOMES 4 RENT- A US AMH 19,370 $512,723.90
026874784 AMERICAN INTL GROUP INC US AIG 6,010 $318,289.60
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 225,000 $226,261.54
03027X100 AMERICAN TOWER REIT INC US AMT 7,920 $1,727,193.60
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 6,410,000 $6,852,500.95
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 76,832.37 $77,600.19
03064D108 AMERICOLD REALTY TRUST US COLD 10,650 $426,958.50
031162100 AMGEN INC US AMGN 4,450 $948,962.50
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 90,000 $66,937.50
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 90,000 $67,950.00
03748R754 APARTMENT INVT & MGMT CO -A US AIV 9,252 $507,749.76
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 52,187 $54,274.48
03990B101 ARES MANAGEMENT CORP - A US ARES 14,065 $415,902.05
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 90,000 $90,450.00
04621X108 ASSURANT INC US AIZ 2,100 $264,747.00
053484101 AVALONBAY COMMUNITIES INC US AVB 4,935 $1,074,152.10
055622104 BP PLC-SPONS ADR GB BP 11,244 $426,260.04
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 4,633,000 $4,745,621.28
060505104 BANK OF AMERICA CORP US BAC 82,813 $2,589,562.51
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 10,060,000 $10,730,187.64
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 20,835 $4,429,104.30
08576PAA9 BERRY GLOBAL INC 4.50000 02/15/2026 US 65,000 $65,406.25
088606108 BHP GROUP LTD AU BHP 13,649 $667,572.59
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 28,160 $2,061,593.60
09247X101 BLACKROCK INC US BLK 2,895 $1,336,621.50
0925288 GLAXOSMITHKLINE PLC GB GSK LN 11,075 $253,672.93
09260D107 BLACKSTONE GROUP LP US BX 9,740 $517,778.40
097023105 BOEING CO US BA 3,225 $1,096,209.75
09857L108 BOOKING HOLDINGS INC US BKNG 870 $1,782,429.90
101121101 BOSTON PROPERTIES INC US BXP 2,896 $397,331.20
105368203 BRANDYWINE REALTY TRUST US BDN 27,195 $415,539.60
110122108 BRISTOL MYERS SQUIBB CO US BMY 18,492 $1,060,886.04
11135F101 BROADCOM INC US AVGO 2,571 $752,917.35
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 90,000 $59,400.00
12429TAE4 BWAY HOLDING CO 7.25000 04/15/2025 US 95,000 $90,843.75
124847AC8 ENTERCOM MEDIA CORP 7.25000 11/01/2024 US 45,000 $46,912.50
12503M108 CBOE GLOBAL MARKETS INC US CBOE 15,630 $1,799,794.50
12527GAB9 CF INDUSTRIES INC 7.12500 05/01/2020 US 85,000 $87,042.65
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 1,155,529.64 $1,180,748.15
12572Q105 CME GROUP INC US CME 8,730 $1,796,197.50
125896100 CMS ENERGY CORP US CMS 10,611 $678,255.12
12592TAA3 COMM 2015-3BP A FLT 3.17800 02/10/2035 US 500,000 $524,533.85
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 4,455,000 $4,684,451.21
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 1,091,056.24 $1,079,577.56
126650100 CVS HEALTH CORP US CVS 9,438 $626,588.82
12686CBA6 CABLEVISION SYSTEMS CORP 8.00000 04/15/2020 US 85,000 $87,125.00
12770QAA3 CZR 2017-VICI A 3.53100 10/15/2034 US 2,520,000 $2,620,647.04
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 135,000 $135,337.50
133131102 CAMDEN PROPERTY TRUST US CPT 3,355 $383,711.35
14314WAD3 CARMX 2017-3 A3 1.97000 04/15/2022 US 1,613,153.49 $1,612,779.40
149123101 CATERPILLAR INC US CAT 4,149 $571,732.20
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 13,918.93 $13,910.80
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 1,346,737.55 $1,356,517.02
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 85,000 $86,062.50
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 3,735,756.86 $3,734,598.40
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 1,216,837.16 $1,216,854.32
166764100 CHEVRON CORP US CVX 15,435 $1,792,620.90
16941R108 CHINA PETROLEUM & CHEM-ADR CN SNP 10,382 $586,479.18
17275R102 CISCO SYSTEMS INC US CSCO 21,490 $1,020,989.90
172967424 CITIGROUP INC US C 25,944 $1,864,335.84
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 3,240,000 $5,330,021.00
191216100 COCA COLA CO/THE US KO 65,615 $3,571,424.45
192422103 COGNEX CORP US CGNX 17,385 $895,153.65
194162103 COLGATE-PALMOLIVE CO US CL 14,536 $997,169.60
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 5,180,000 $5,251,567.29
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 2,500,000 $2,499,146.50
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 13,692 $662,966.64
20825C104 CONOCOPHILLIPS US COP 4,105 $226,596.00
2099084 BORALEX INC -A CA BLX CN 14,085 $233,128.08
21036PAU2 CONSTELLATION BRANDS INC 2.00000 11/07/2019 US 2,000,000 $1,999,953.04
222795502 COUSINS PROPERTIES INC US CUZ 17,646 $708,133.98
22282E102 COVANTA HOLDING CORP US CVA 29,245 $422,297.80
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 288,082.25 $288,196.59
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 6,550,000 $6,592,444.00
22822V101 CROWN CASTLE INTL CORP US CCI 5,428 $753,352.12
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 6,780,000 $6,889,476.05
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 726,262.55 $710,252.60
229663109 CUBESMART US CUBE 3,030 $96,051.00
247361702 DELTA AIR LINES INC. US DAL 3,940 $217,015.20
25277LAC0 DIAMOND SPORTS GR/DIAMON 6.62500 08/15/2027 US 130,000 $133,900.00
253868103 DIGITAL REALTY TRUST INC US DLR 2,840 $360,793.60
254687106 WALT DISNEY CO/THE US DIS 3,770 $489,798.40
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 6,640,000 $7,261,211.51
256677105 DOLLAR GENERAL CORP US DG 4,409 $706,939.06
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 175,000 $182,000.00
25960P109 DOUGLAS EMMETT INC US DEI 7,525 $325,983.00
260557103 DOW INC US DOW 8,820 $445,321.80
2715777 QUEBECOR INC -CL B CA QBR/B CN 35,310 $820,888.47
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 40,835 $833,380.00
285512109 ELECTRONIC ARTS US EA 25,200 $2,429,280.00
291011104 EMERSON ELEC CO US EMR 6,331 $444,119.65
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 4,570,000 $5,473,501.80
29372EBT4 EFF 2016-2 A3 2.04000 02/22/2022 US 827,710.76 $827,336.47
29444U700 EQUINIX INC US EQIX 7,645 $4,333,033.10
29446M102 EQUINOR ASA-SPON ADR NO EQNR 19,974 $369,718.74
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 4,350 $304,239.00
29476L107 EQUITY RESIDENTIAL US EQR 5,810 $515,114.60
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 12,607 $323,495.62
297178105 ESSEX PROPERTY TRUST INC US ESS 1,259 $411,856.67
30161N101 EXELON CORP US EXC 7,455 $339,127.95
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 8,725,000 $8,775,125.56
30225T102 EXTRA SPACE STORAGE INC US EXR 1,110 $124,619.70
30231G102 EXXON MOBIL CORP US XOM 19,228 $1,299,235.96
302491303 FMC CORP US FMC 5,155 $471,682.50
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 10,003.71 $9,985.82
30262DAL5 FREMF 2011-K13 B 4.61202 01/25/2048 US 2,255,000 $2,313,122.85
30262SAR9 FREMF 2015-K42 B FLT 3.85112 12/25/2024 US 490,000 $513,346.49
30286XAN9 FREMF 2015-K43 B FLT 3.73374 02/25/2048 US 500,000 $520,355.65
30287EAE0 FREMF 2014-K41 B FLT 3.83237 11/25/2047 US 2,227,000 $2,337,661.63
30291EAE4 FREMF 2013-K712 B FLT 3.26320 05/25/2045 US 1,025,000 $1,023,982.59
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 194,709,611.3 $521,743.87
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609207105 MONDELEZ INTERNATIONAL INC US MDLZ 83,351 $4,371,759.95
615369105 MOODY'S CORPORATION US MCO 8,745 $1,929,934.05
617446448 MORGAN STANLEY US MS 2,665 $122,723.25
61965RAB1 MOSS CREEK RESOURCES HLD 10.50000 05/15/2027 US 30,000 $23,175.00
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 180,000 $174,600.00
62957HAC9 NABORS INDUSTRIES INC 5.50000 01/15/2023 US 90,000 $76,050.00
637417106 NATIONAL RETAIL PROPERTIES US NNN 5,600 $329,896.00
637870106 NATIONAL STORAGE AFFILIATES US NSA 5,490 $187,593.30
63938CAA6 NAVIENT CORP 5.00000 10/26/2020 US 135,000 $137,490.75
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 2,678,875.5 $2,705,123.93
63941MAB7 NAVSL 2019-EA A2A 2.64000 05/15/2068 US 3,000,000 $3,035,420.40
63941RAB6 NAVSL 2019-2A A2 2.82275 02/27/2068 US 6,500,000 $6,556,465.50
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 668,969.72 $695,884.51
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 751,218.72 $783,182.55
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 1,002,426.84 $1,045,545.73
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 180,000 $90,000.00
66987V109 NOVARTIS AG- REG CH NVS 56,360 $4,928,118.40
67059TAD7 NUSTAR LOGISTICS LP 6.75000 02/01/2021 US 85,000 $88,075.30
67066G104 NVIDIA CORP US NVDA 9,715 $1,952,909.30
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 881 $383,684.31
674599105 OCCIDENTAL PETROLEUM CORP US OXY 11,730 $475,065.00
680665AL0 OLIN CORP 5.62500 08/01/2029 US 90,000 $93,444.30
681936100 OMEGA HEALTHCARE INVS INC US OHI 5,305 $233,632.20
693475105 PNC FINANCIAL SERVICES GROUP US PNC 2,019 $296,187.30
70338P100 PATTERN ENERGY GROUP INC -A US PEGI 9,091 $254,820.73
7123870 NESTLE SA-REGISTERED CH NESN SW 32,550 $3,482,242.75
713448108 PEPSICO INC US PEP 32,825 $4,502,605.25
71654V101 PETROLEO BRASIL-SP PREF ADR BR PBR/A 35,369 $533,718.21
717081103 PFIZER INC US PFE 43,135 $1,655,089.95
719245AD4 PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 US 135,000 $118,817.55
71943U104 PHYSICIANS REALTY TRUST US DOC 32,350 $603,974.50
729640102 PLYMOUTH INDUSTRIAL REIT INC US 16,859 $317,960.74
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 10,080,000 $10,913,187.20
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 85,000 $87,099.50
74251V102 PRINCIPAL FINANCIAL GROUP US PFG 3,896 $207,968.48
742718109 PROCTER & GAMBLE CO US PG 5,560 $692,275.60
74331AAA0 2019- SFR4 CLASS A 2.68700 10/17/2036 US 4,200,000 $4,217,940.30
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 1,500,000 $1,507,470.45
74333NAA0 PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 US 3,250,000 $3,306,407.00
74340W103 PROLOGIS US PLD 12,340 $1,082,958.40
74460D109 PUBLIC STORAGE INC US PSA 2,125 $473,577.50
749685103 RPM INTERNATIONAL INC US RPM 8,500 $615,655.00
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 180,000 $186,750.00
756109104 REALTY INCOME CORP US O 1,640 $134,135.60
7591EP100 REGIONS FINANCIAL CORP. US RF 13,670 $220,087.00
760759100 REPUBLIC SERVICES INC US RSG 6,085 $532,498.35
767204100 RIO TINTO PLC - SPON ADR GB RIO 10,425 $542,204.25
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 130,000 $132,183.60
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 2,485 $144,850.65
78409V104 S&P GLOBAL INC US SPGI 7,680 $1,981,363.20
78410G104 SBA COMMUNICATIONS CORP US SBAC 7,290 $1,754,338.50
78442PGC4 SLM CORP 5.12500 04/05/2022 US 175,000 $180,687.50
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 1,388,317.75 $1,399,998.50
78490DAA2 SOFI 2018-C A1FX 3.08000 01/25/2048 US 1,708,614.08 $1,719,318.38
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 7,640,000 $8,772,642.38
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 6,590,000 $7,101,374.38
806857108 SCHLUMBERGER LTD NL SLB 35,130 $1,148,399.70
808524797 SCHWAB US DVD EQUITY ETF US 26,461 $1,469,114.72
81141R100 SEA LTD - ADR SG SE 69,280 $2,061,772.80
81211K100 SEALED AIR CORP US SEE 12,205 $509,802.85
812578102 SEATTLE GENETICS INC US SGEN 14,230 $1,528,302.00
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 737,943.11 $743,317.18
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 909,336.24 $919,601.74
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 728,243.12 $702,134.66
81762P102 SERVICENOW INC US NOW 12,240 $3,026,462.40
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 90,000 $75,600.00
828806109 SIMON PROPERTY GROUP INC US SPG 4,885 $736,071.80
831641FC4 SBIC 2015-10A 1 2.51700 03/10/2025 US 655,038.1 $666,065.34
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 166,573.95 $166,561.71
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 500,000 $507,424.65
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 13,930.42 $13,923.00
83405JAA3 SCLP 2017-4 A 2.50000 05/26/2026 US 306,112.08 $306,920.43
83405TAA1 SCLP 2019-3 A MTGE 2.90000 05/25/2028 US 2,636,674.95 $2,655,437.53
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 2,100,468.54 $2,116,913.32
83406EAB1 SOFI 2018-A A2A 2.39000 02/25/2042 US 551,559.91 $552,623.32
835699307 SONY CORP SPONSORED ADR JP SNE 58,870 $3,581,062.10
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 6,740,000 $6,823,149.09
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 90,000 $79,200.00
852061AR1 SPRINT COMMUNICATIONS 7.00000 08/15/2020 US 205,000 $211,184.85
85207UAE5 SPRINT CORP 7.25000 09/15/2021 US 85,000 $90,700.10
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 85,000 $92,225.00
85254J102 STAG INDUSTRIAL INC US STAG 15,820 $491,052.80
855030AN2 STAPLES INC 7.50000 04/15/2026 US 135,000 $140,427.00
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.13350 11/15/2027 US 2,065,175.96 $2,061,460.50
858912AF5 STERICYCLE INC 5.37500 07/15/2024 US 180,000 $187,200.00
862121100 STORE CAPITAL CORP US STOR 4,710 $190,755.00
866674104 SUN COMMUNITIES US SUI 2,965 $482,257.25
86723CAF5 SUNCOKE ENRGY PART LP/FI 7.50000 06/15/2025 US 45,000 $38,250.00
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 9,220 $124,562.20
86935CAA0 SCML 2019-SBC8 2.86000 12/25/2035 US 3,013,416.4 $3,030,591.37
87612E106 TARGET CORP US TGT 4,245 $453,832.95
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 297,823.18 $297,755.99
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 110,000 $92,950.00
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 4,790,000 $5,155,091.79
882508104 TEXAS INSTRUMENTS INC US TXN 6,488 $765,519.12
88579Y101 3M CO US MMM 4,601 $759,118.99
89151E109 TOTAL S A SPONSORED ADR FR TOT 11,736 $617,665.68
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 1,507,669.13 $1,513,434.61
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 2,014,602.45 $2,038,439.63
89177EAA7 TPMT 2019-HY1 A1 2.82275 10/25/2048 US 1,829,782.5 $1,839,557.38
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 90,000 $89,100.00
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 1,760,418.23 $1,760,045.73
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 1,839,780.7 $1,867,368.76
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 180,000 $179,523.00
902653104 UDR INC US UDR 7,858 $394,864.50
902973304 U.S. BANCORP US USB 11,608 $661,888.16
903002103 UMH PROPERTIES INC US UMH 7,070 $105,555.10
904767704 UNILEVER PLC - ADR GB UL 61,915 $3,721,710.65
907818108 UNION PAC CORP US UNP 4,742 $784,611.32
911312106 UNITED PARCEL SERVICE US UPS 12,020 $1,384,343.40
912796SR1 TREASURY BILL 0.00000 05/21/2020 US 18,365,000 $18,206,821.15
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 4,853,423.59 $5,099,915.43
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 7,645,000 $8,951,817.19
9128284P2 US TREASURY N/B 2.62500 05/15/2021 US 17,785,000 $18,062,890.63
9128286N5 TSY INFL IX N/B 0.50000 04/15/2024 US 17,725,581.25 $17,958,611.84
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 36,867,127.78 $36,669,831.14
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 27,785,000 $27,829,499.34
912828VS6 US TREASURY N/B 2.50000 08/15/2023 US 26,540,000 $27,485,487.50
912828WJ5 US TREASURY N/B 2.50000 05/15/2024 US 26,140,000 $27,242,781.25
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 26,365,000 $27,136,382.16
913017109 UNITED TECHNOLOGIES CORP US UTX 6,291 $903,261.78
91704F104 URBAN EDGE PROPERTIES US UE 13,135 $277,279.85
918204108 VF CORP US VFC 4,133 $340,104.57
91913Y100 VALERO ENERGY US VLO 4,381 $424,869.38
92276F100 VENTAS INC US VTR 5,717 $372,176.70
92339V100 VEREIT INC US VER 35,665 $350,943.60
92343V104 VERIZON COMMUNICATIONS US VZ 14,370 $868,953.90
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 8,320,000 $10,479,690.46
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 6,010 $1,174,834.80
92826C839 VISA INC - CLASS A SHARES US V 28,235 $5,050,112.10
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 135,000 $131,287.50
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 155,000 $156,087.05
929042109 VORNADO REALTY TRUST US VNO 2,025 $132,900.75
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 45,000 $42,187.50
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 810,877.52 $829,944.09
93065PAA9 WBHT 2019-WBM A FLT 2.97125 12/15/2033 US 2,125,000 $2,126,317.71
931142103 WAL MART STORES US WMT 13,766 $1,614,201.16
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 8,091 $443,224.98
94106L109 WASTE MANAGEMENT INC US WM 9,401 $1,054,886.21
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 180,000 $182,700.00
948741103 WEINGARTEN REALTY INVESTORS US WRI 8,610 $273,195.30
949746101 WELLS FARGO COMPANY US WFC 38,144 $1,969,374.72
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 265,000 $268,503.01
95040Q104 WELLTOWER INC. US WELL 5,279 $478,752.51
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 5,150,000 $5,369,619.23
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 578,791.98 $580,106.07
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 835,582.9 $850,890.78
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 190,000 $178,600.00
B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 23,430 $292,452.51
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 2,725,000 $141,341.89
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 327,000 $256,066.00
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 4,996,000 $259,410.74
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 7,267,000 $380,457.38
B63QM77 NEXON CO LTD JP 3659 JP 265,300 $3,074,361.74
B68XHC3 NORTHLAND POWER INC CA NPI CN 14,100 $281,550.38
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 908,000 $50,479.16
BBG00P131QW2 SE US 11/15/19 C27 SG -140 -$43,400.00
BBG00QG82MR7 NOW US 11/08/19 P200 US -64 -$2,560.00
BBG00QH0RKM5 EA US 11/01/19 P87.5 US -110 -$220.00
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 105,835 $164,780.69
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 81,400 $3,301,821.48
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 61,690 $295,951.62
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 100,695 $3,137,737.94
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 37,825 $3,053,136.74
G29183103 EATON CORP PLC US ETN 4,321 $376,402.31
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 16,810 $728,377.30
G5960L103 MEDTRONIC INC IE MDT 65,995 $7,186,855.50
H01301128 ALCON INC CH ALC 27,893 $1,653,218.11
H1467J104 CHUBB LTD CH CB 2,503 $381,507.26
H8817H100 TRANSOCEAN LTD US RIG 82,610 $392,397.50
N47279109 INTERXION HOLDING NV NL INXN 44,910 $3,961,960.20
USD US DOLLAR US 5,597,197.63 $5,597,197.63

Investments will change over time.

Distributions

  • Pro-Blend® Conservative Term Series Class L Distribution History
  • 2019 Distribution Calendar
  • Fourth Quarter 2018 Distributions
  • Third Quarter 2019 Distributions
  • Second Quarter 2019 Distributions
  • First Quarter 2019 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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