Mutual Fund

Pro-Blend® Conservative Term Series

Investment Objective

To provide capital preservation as a primary goal, with income and capital growth as secondary objectives.

Investment Strategy

The portfolio is invested in a conservative mix of securities that seeks stability with some growth and income potential. Holdings are diversified primarily among fixed income securities, typically focusing on short to intermediate-term maturities. Stock investments may be focused on dividend paying securities in pursuit of growth opportunities and income generation.

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

May be Appropriate for Investors

  • Who seek to minimize declines in account value with the potential for modest capital growth and income generation
  • Who want to assume a minimal amount of capital risk through limited stock exposure

About Risk-Based Funds

Risk-based funds offer professional management and asset allocation through a choice of investment objectives that range from fairly aggressive to fairly conservative. All an investor has to do is determine which objective best suits their current risk tolerance and investment time horizon, then decide when to move to a different objective as their personal situation changes over the years.

Time Horizon & Range of Stock Exposure

Conservative TermModerate TermExtended TermMaximum Term
0-5 Years3-10 Years7-20 Years15+ Years
5-35%20-60%40-70%70-95%

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

Learn more about our Pro-Blend® Series

Daily Price

$12.71

Daily $ Change

-$0.01

Daily % Change

-0.08%

as of 11/30/2023

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
Applications & Forms
Fact Sheet
N-Port Part F Reports

Performance

As of 10/31/2023

YTD

0.25%

1 Year

2.77%

3 Year

-0.64%

5 Year

2.49%

10 Year

2.14%

Inception
(01/04/2010)

4.24%

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.

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.

Expense Ratio

Gross 1.59%

*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 10/31/2023

TREASURY NOTES 24.78%
GOVERNMENT AGENCY 18.22%
TSY INFL IX N/B 0.50000 04/15/2024 4.32%
TSY INFL IX N/B 2.37500 01/15/2027 3.53%
TENCENT HOLDINGS 3.97500 04/11/2029 1.73%
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 1.37%
PCG 2023 1 NOTE MTG 11.32444 07/25/2029 1.29%
JPMORGAN CHASE & CO 4.49300 03/24/2031 1.06%
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 1.05%
PALOMINO FUNDING TRUST I 7.23300 05/17/2028 0.94%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 10/31/2023

Bonds
82.67%
Stocks
16.03%
Cash
1.30%

Detailed Asset Class Allocation

As of 10/31/2023

International Equities
4.31%
Small Capitalization
0.21%
Mid Capitalization
1.66%
Large Capitalization
9.85%
Long Term Fixed Income
14.26%
Intermediate Term Fixed Income
60.74%
Short Term Fixed Income
7.67%
Cash
1.30%

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

Security Description Country Ticker Shares/Par Market Value (USD)
ADMIRAL GROUP PLC GB ADM LN 4,635 $137,718.62
ADMIRAL GROUP PLC ADR GB AMIGY 21,825 $645,801.75
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 1,700,000 $1,433,985.00
AGREE REALTY CORP US ADC 1,900 $106,286.00
AIR LIQUIDE FR AI FP 491 $84,133.96
AIRBUS SE FR AIR FP 634 $85,004.32
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 142,111.92 $141,663.36
ALCON INC CH ALC 9,575 $682,889.00
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 1,020,000 $783,983.73
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 3,730,000 $2,800,527.08
ALLO 2023-1A A2 6.20000 06/20/2053 US 1,550,000 $1,442,171.62
ALPHABET INC-CL A US GOOGL 17,470 $2,167,677.60
AMAZON.COM INC US AMZN 18,221 $2,425,032.89
AMAZON.COM INC 3.30000 04/13/2027 US 3,110,000 $2,914,892.44
AMERICAN HOMES 4 RENT- A US AMH 1,183 $38,731.42
AMERICAN TOWER REIT INC US AMT 679 $120,991.01
AMERICOLD REALTY TRUST US COLD 4,010 $105,142.20
APARTMENT INCOME REIT CO US AIRC 996 $29,093.16
ARGO BLOCKCHAIN PLC GB 8,963 $58,080.24
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 1,600,000 $1,434,612.53
ASTRAZENECA GB AZN 1,556 $98,385.88
ATLASSIAN CORP PLC-CLASS A AU TEAM 305 $55,095.20
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 13,292 $56,840.37
AUTO TRADER GROUP PLC GB AUTO LN 14,742 $111,512.22
AVALONBAY COMMUNITIES INC US AVB 614 $101,764.36
AVANZA BANK HOLDING AB SE AZA SS 3,230 $54,602.85
BAE SYSTEMS PLC GB BA/ LN 11,613 $156,152.84
BAE SYSTEMS PLC -SPON ADR GB BAESY 13,558 $738,775.42
BANK OF AMERICA CORP 2.68700 04/22/2032 US 2,720,000 $2,089,356.36
BEIERSDORF AG DE BEI GR 813 $106,925.81
BIOMARIN PHARMACEUTICAL INC US BMRN 11,118 $905,561.10
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 1,540,000 $1,483,855.94
BORR IHC LTD 10.00000 11/15/2028 MUL 350,000 $349,146.45
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 446,696 $404,814.10
CANADIAN NATIONAL RAILWAY CO CA CNI 6,750 $714,015.00
CBOE GLOBAL MARKETS INC US CBOE 4,397 $720,624.33
CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 735,803.76 $638,207.54
CELLNEX TELECOM SA ES CLNX SM 2,935 $86,277.58
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 3,869 $56,487.40
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 2,110,000 $2,048,366.44
CIM 2019-INV1 A1 4.00000 02/25/2049 US 69,769.2 $63,792.84
CITIGROUP INC 1.46200 06/09/2027 US 2,490,000 $2,191,009.42
CLEANAWAY WASTE MANAGEMENT AU CWY AU 58,789 $83,747.70
COCA COLA CO/THE US KO 34,139 $1,928,512.11
COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 1,630,000 $1,402,589.02
COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 US 1,500,000 $1,363,115.06
COMMUNITY HEALTHCARE TRUST I US CHCT 1,877 $53,813.59
COPART INC US CPRT 17,932 $780,400.64
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 296,380.04 $238,903.33
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 163,366.75 $131,916.20
CSX CORP US CSX 21,262 $634,670.70
DEUTSCHE BOERSE AG DE DB1 GR 780 $128,385.24
DEUTSCHE BOERSE AG ADR DE DBOEY 36,297 $594,544.86
DIAGEO PLC GB DGE LN 2,723 $102,973.04
DOLLARAMA INC CA DOL CN 601 $41,041.79
DREYFUS GVT CSH MANAGEMENT US 4,374,301.96 $4,374,301.96
ELECTRONIC ARTS US EA 13,863 $1,716,100.77
ENDAVA PLC - SPON ADR GB DAVA 694 $34,811.04
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 3,760,000 $3,486,823.37
EQUINIX INC US EQIX 561 $409,328.04
EQUITY COMMONWEALTH US EQC 4,105 $77,748.70
EQUITY LIFESTYLE PROPERTIES US ELS 1,673 $110,083.40
EVERGY INC US EVRG 14,964 $735,330.96
EXTRA SPACE STORAGE INC US EXR 887 $91,884.33
FEDERAL NATL MTG ASSN 123456 6.00000 12/01/2038 US 6,495.59 $6,612.96
FEDERAL NATL MTG ASSN 886904 6.50000 09/01/2036 US 32,688.66 $33,825.42
FEDERAL NATL MTG ASSN 889260 5.00000 04/01/2038 US 6,574.96 $6,379.03
FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 155,462.17 $158,302.31
FEDERAL NATL MTG ASSN 933521 5.00000 01/01/2038 US 5,602.33 $5,435.39
FEDERAL NATL MTG ASSN 971022 5.00000 01/01/2039 US 11,592.06 $11,203.21
FEDERAL NATL MTG ASSN 975840 5.00000 05/01/2038 US 24,071.15 $23,265.72
FEDERAL NATL MTG ASSN 983686 5.00000 02/01/2039 US 13,440.35 $12,989.59
FEDERAL NATL MTG ASSN 986458 6.00000 08/01/2038 US 3,808.37 $3,877.18
FEDERAL NATL MTG ASSN 987831 6.00000 09/01/2038 US 8,528.38 $8,683.27
FEDERAL NATL MTG ASSN 990897 6.00000 09/01/2038 US 16,985.85 $17,292.77
FEDERAL NATL MTG ASSN 995196 6.00000 07/01/2038 US 195,948.97 $199,270.76
FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 US 156,953.85 $141,631.28
FEDERAL NATL MTG ASSN AA1563 4.50000 02/01/2024 US 393.45 $390.87
FEDERAL NATL MTG ASSN AA1810 5.00000 01/01/2039 US 32,527.81 $31,436.69
FEDERAL NATL MTG ASSN AA6788 6.00000 08/01/2039 US 109,373.29 $111,361.79
FEDERAL NATL MTG ASSN AB4300 3.50000 01/01/2042 US 77,598.33 $67,320.42
FEDERAL NATL MTG ASSN AC0463 5.00000 11/01/2039 US 13,700.7 $13,179.96
FEDERAL NATL MTG ASSN AC1557 4.50000 09/01/2024 US 2,225.57 $2,200.49
FEDERAL NATL MTG ASSN AC5111 5.00000 11/01/2039 US 26,485.19 $25,478.54
FEDERAL NATL MTG ASSN AC8573 5.00000 01/01/2040 US 22,571.21 $21,713.32
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 27,521.77 $27,988.33
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 579.44 $575.09
FEDERAL NATL MTG ASSN AE0061 6.00000 02/01/2040 US 78,704.6 $80,126.74
FEDERAL NATL MTG ASSN AE0604 6.00000 07/01/2039 US 181,215.51 $184,287.53
FEDERAL NATL MTG ASSN AL0152 6.00000 06/01/2040 US 310,996.85 $316,678.45
FEDERAL NATL MTG ASSN AL1410 4.50000 12/01/2041 US 339,413.82 $315,312.77
FEDERAL NATL MTG ASSN AL1595 6.00000 01/01/2040 US 198,747.94 $202,378.86
FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 175,273.54 $158,162.52
FEDERAL NATL MTG ASSN AL8674 FLT 5.64000 01/01/2049 US 542,546.47 $540,256.77
FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 86,783.68 $76,775.04
FEDERAL NATL MTG ASSN BD6997 4.00000 10/01/2046 US 98,500.3 $87,162.09
FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 127,538.42 $112,857.68
FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 124,990.9 $114,131.30
FEDERAL NATL MTG ASSN CA5518 3.00000 04/01/2050 US 4,107,656.45 $3,333,087.17
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 2,949,680.57 $2,512,432.99
FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 597,581.61 $545,060.16
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 3,058,550.89 $2,706,025.71
FEDERAL NATL MTG ASSN FS2998 3.50000 04/01/2052 US 3,445,903.98 $2,917,014.03
FEDERAL NATL MTG ASSN FS4511 4.00000 08/01/2051 US 3,795,658.39 $3,340,512.76
FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 297,446.06 $278,976.49
FEDERAL NATL MTG ASSN MA0259 5.00000 12/01/2039 US 16,710.14 $16,075.02
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 237,601.38 $227,967.70
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 214,840.65 $206,129.81
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 3,357,811.35 $2,799,701.10
FEDERAL NATL MTG ASSN MA4633 3.50000 06/01/2042 US 1,205,895.4 $1,035,458.03
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 3,730,975.85 $3,232,694.18
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 3,131,590.25 $2,544,660.18
FEDERAL NATL MTG ASSN SD8276 5.00000 12/01/2052 US 1,275,161.4 $1,175,668.58
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 2,362,820.24 $1,957,727.61
FHLM POOL A92889 4.50000 07/01/2040 US 425,086.32 $395,927.54
FHLM POOL C91746 4.50000 12/01/2033 US 35,545.03 $34,292.20
FHLM POOL C91762 4.50000 05/01/2034 US 351,786.01 $337,968.01
FHLM POOL G03926 6.00000 02/01/2038 US 128,428.73 $130,957.75
FHLM POOL G05906 6.00000 04/01/2040 US 17,707.63 $18,056.33
FHLM POOL G06789 6.00000 05/01/2040 US 109,501.77 $111,658.08
FHLM POOL SD8230 4.50000 06/01/2052 US 2,179,635.36 $1,947,963.07
FHR 5189 CP 2.50000 06/25/2049 US 1,879,091.21 $1,499,814.97
FINECOBANK SPA IT FBK IM 7,367 $86,905.89
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 3,151 $46,319.70
FLX 2021-1A A2 3.25000 11/27/2051 US 2,600,000 $2,250,517.10
FMC CORP US FMC 21,581 $1,148,109.20
FN FS4339 MTGE 3.00000 12/01/2050 US 1,886,481.64 $1,542,580.73
FN FS4616 MTGE 5.00000 05/01/2043 US 3,821,721.11 $3,582,699.51
FN FS4925 MTGE 3.50000 04/01/2052 US 4,036,225.37 $3,416,730.73
FN MA4020 MTGE 3.00000 05/01/2050 US 4,219,772.39 $3,423,257.31
FN MA4807 MTGE 5.50000 11/01/2052 US 2,746,223.09 $2,609,861.25
FN MA4934 MTGE 5.00000 02/01/2043 US 1,843,161.06 $1,725,882.01
FNR 2018-13 PA MTGE 3.00000 03/25/2048 US 1,690,160.85 $1,371,818.80
FNR 2018-31 KP 3.50000 07/25/2047 US 43,271.78 $41,693.54
FNR 2021-69 WJ 1.50000 10/25/2050 US 1,125,044.26 $884,684.33
FR RB5178 MTGE 4.50000 08/01/2042 US 1,859,832.24 $1,694,412.51
FR SD1360 MTGE 5.50000 07/01/2052 US 3,743,474.43 $3,559,682.90
FREDDIE MAC POOL RB5167 3.50000 07/01/2042 US 1,216,766.36 $1,044,792.52
FREDDIE MAC POOL RB5188 4.00000 10/01/2042 US 2,492,509.59 $2,205,333.80
GETTY REALTY CORP US GTY 1,376 $36,629.12
GLOBANT SA LU GLOB 261 $44,445.69
GNMA POOL 671161 5.50000 11/15/2037 US 24,763.67 $24,598.45
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 230,000 $202,014.90
GREENIDGE GEN HLD INC US 10,500 $63,735.00
GSMBS 2021-INV1 A9 5.00000 12/25/2051 US 1,440,165.11 $1,290,472.76
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 1,193,815.02 $979,940.77
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 1,202,462.84 $985,768.65
GSMBS 2022-PJ1 A8 2.50000 05/28/2052 US 1,861,613.6 $1,522,076.13
HALMA PLC GB HLMA LN 2,804 $63,057.41
HAWAII ST 2.68200 10/01/2038 US 2,660,000 $1,805,291.94
HDFC BANK LTD-ADR IN HDB 1,946 $110,046.30
HEINEKEN NV NL HEIA NA 1,448 $130,093.31
HEINEKEN NV-SPN ADR NL HEINY 31,501 $1,417,545.00
HELIOS TOWERS PLC GB HTWS LN 29,827 $21,951.33
IDEXX LABORATORIES INC US IDXX 2,146 $857,262.62
IIP OPERATING PARTNER 5.50000 05/25/2026 US 460,000 $411,900.12
IMCD NV NL IMCD NA 503 $60,558.97
IMPRL 2021-NQM3 1.59500 11/25/2056 US 1,321,798.28 $1,013,299.75
IMPRL 2022-NQM1 A1 2.49300 02/25/2067 US 2,454,884.13 $2,067,162.38
INTERCONTINENTALEXCHANGE INC US ICE 6,336 $680,739.84
INTERMEDIATE CAPITAL GROUP GB ICP LN 2,486 $39,579.61
INTUITIVE SURGICAL INC US ISRG 2,338 $613,070.36
INVITATION HOMES INC US INVH 3,635 $107,923.15
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 600,000 $579,794.18
JOHNSON & JOHNSON US JNJ 12,704 $1,884,511.36
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 208,156.07 $193,739.16
JPMMT 2017-3 1A3 3.50000 08/25/2047 US 30,373.11 $26,035.91
JPMMT 2017-6 A3 3.50000 12/25/2048 US 71,580.75 $62,249.33
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 3,920,000 $3,541,216.63
KEYENCE CORP JP 6861 JP 200 $77,423.74
KEYWORDS STUDIOS PLC IE KWS LN 3,265 $51,844.83
KIMBERLY CLARK DE MEXICO S.A.B. MX KIMBERA MM 28,600 $52,412.45
L'OREAL FR OR FP 50 $21,016.54
L3HARRIS TECHNOLOGIES INC US LHX 9,230 $1,655,954.30
LEXINGTON REALTY TRUST US LXP 6,407 $50,679.37
LONZA GROUP AG -REG CH LONN SW 139 $48,678.35
LULULEMON - ADR CA LULU 139 $54,693.72
MARRIOTT VACATIONS WORLD US VAC 279 $25,070.94
MASCO CORP US MAS 23,140 $1,205,362.60
MASTERCARD INC-CLASS A US MA 5,694 $2,142,936.90
MEDTRONIC INC IE MDT 17,913 $1,263,941.28
MERCADOLIBRE INC BR MELI 66 $81,888.84
META PLATFORMS INC US META 8,121 $2,446,613.67
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 908,000 $43,877.88
MICRON TECHNOLOGY INC US MU 24,393 $1,631,159.91
MICROSOFT CORP US MSFT 3,069 $1,037,659.59
MID-AMERICA APARTMENT COMM US MAA 428 $50,568.20
MONARCH CASINO & RESORT INC US MCRI 768 $46,225.92
MONDELEZ INTERNATIONAL INC US MDLZ 9,574 $633,894.54
MOODY'S CORPORATION US MCO 3,465 $1,067,220.00
NAVIENT CORP 6.75000 06/25/2025 US 485,000 $473,554.07
NESTLE S.A. - ADR CH NSRGY 14,168 $1,526,743.68
NESTLE SA-REGISTERED CH NESN SW 1,478 $159,385.72
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 1,641,201.11 $1,477,485.41
NIKE INC CLASS B US NKE 5,585 $573,970.45
NORTHROP GRUMMAN CORP US NOC 1,711 $806,616.73
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 880,000 $88.00
NOVARTIS AG- REG CH NVS 8,300 $776,714.00
NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 US 1,470,000 $1,457,877.76
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 306,532.97 $272,541.62
NRZT 2015-2A A1 3.75000 08/25/2055 US 301,918.6 $272,777.30
NRZT 2016-4A A1 3.75000 11/25/2056 US 440,361.56 $396,255.08
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 1,504,681.37 $1,325,772.50
OASIS 2022-2A A 6.85000 10/15/2034 US 771,816.29 $769,977.67
OASIS 2023-1A 7.00000 02/15/2035 US 833,628.85 $829,469.46
OBX 2022-INV1 A1 3.00000 12/25/2051 US 2,191,812.5 $1,681,850.02
ODFJELL DRILLING LTD 9.25000 05/31/2028 BM 200,000 $201,572.35
OXFIN 2019-1A A2 4.45900 02/15/2027 US 333,964.57 $333,532.72
OXFIN 2020-1A A2 3.10100 02/15/2028 US 133,238.05 $128,698.26
OXFIN 2022-1A 3.60200 02/15/2030 US 2,750,000 $2,597,483.90
OXFIN 2023-1A A2 6.71600 02/15/2031 US 2,500,000 $2,451,295.00
PALOMINO FUNDING TRUST I 7.23300 05/17/2028 US 3,130,000 $3,130,477.92
PCG 2023 1 NOTE MTG 11.32444 07/25/2029 US 4,297,189.06 $4,296,546.33
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 1,738,735.49 $1,658,683.59
PEAR 2023-1A 7.42000 07/15/2035 US 1,323,422.34 $1,307,450.22
PELORUS FUND REIT 7.00000 09/30/2026 US 470,000 $442,791.87
PEPSICO INC 3.90000 07/18/2032 US 3,370,000 $2,991,214.49
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 2,360,770.05 $1,728,820.64
PFMT 2021-2 A2A 2.00000 04/25/2051 US 1,485,754.67 $1,197,126.69
PHYSICIANS REALTY TRUST US DOC 3,254 $35,338.44
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 604,946.37 $529,661.87
PROLOGIS US PLD 3,336 $336,102.00
PUBLIC STORAGE INC US PSA 543 $129,619.53
QUALCOMM INC 4.25000 05/20/2032 US 3,110,000 $2,812,904.93
REALTY INCOME CORP US O 1,263 $59,840.94
RENAISSANCERE HOLDINGS LTD BM RNR 458 $100,572.22
RENTOKIL INITIAL PLC GB RTO LN 17,130 $87,234.37
RENTOKIL INITIAL PLC-SP ADR GB RTO 17,431 $446,059.29
REXFORD INDUSTRIAL REALITY IN US REXR 1,581 $68,362.44
S&P GLOBAL INC US SPGI 1,139 $397,864.09
SALESFORCE INC US CRM 3,067 $615,945.61
SANDOZ GROUP AG ADR CH SDZNY 1 $25.82
SBA COMMUNICATIONS CORP US SBAC 765 $159,601.95
SBA TOWER TRUST 6.59900 01/15/2028 US 2,540,000 $2,535,097.29
SCML 2019-SBC8 2.86000 04/25/2041 US 1,555,558.87 $1,418,300.71
SEMT 2013-2 1.87400 02/25/2043 US 148,575.36 $120,320.31
SEMT 2013-6 A2 3.00000 05/25/2043 US 1,175,379.41 $1,000,036.89
SEMT 2013-7 A2 3.00000 06/25/2043 US 173,676.95 $148,782.95
SEMT 2013-8 A1 3.00000 06/25/2043 US 207,821.6 $177,189.84
SEMT 2020-1 A1 3.50000 02/25/2050 US 64,181.88 $55,018.98
SERVICENOW INC US NOW 2,379 $1,384,221.15
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 5,970,000 $4,551,759.10
SLMA 2005-7 A4 FLT 5.74564 10/25/2029 US 13,711.54 $13,669.88
SONY CORP FIRST SECTION JP 6758 JP 1,000 $83,138.89
SORT 2020-1 B1 2.28000 07/15/2060 US 2,698,356.01 $2,381,795.41
SOUTH CAROLINA ST PUBLIC SVC 1.85200 12/01/2026 US 3,460,000 $3,067,236.20
SRPT 2014-STAR A FLTG RATE 8.50000 11/15/2027 US 2,117,053.96 $1,497,857.74
STAG INDUSTRIAL INC US STAG 1,051 $34,914.22
STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 2,088,352.15 $1,869,012.94
SUN COMMUNITIES US SUI 1,273 $141,608.52
SYNCHRONOSS TECH US 10,179 $173,551.95
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 12,879 $1,111,586.49
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 6,500 $59,341.91
TENCENT HOLDINGS 3.97500 04/11/2029 KY 6,410,000 $5,760,649.95
TENCENT HOLDINGS LTD CN 700 HK 3,200 $118,428.02
TERRENO REALTY CORP US TRNO 1,288 $68,624.64
THERMO FISHER SCIENTIFIC INC US TMO 1,246 $554,183.42
TPMT 2016-5 A1 2.50000 10/25/2056 US 89,727.74 $88,635.58
TPMT 2017-1 A1 2.75000 10/25/2056 US 78,908.85 $78,136.42
TPMT 2019-HY1 A1 6.43892 10/25/2048 US 475,192.33 $474,590.40
TREASURY NOTE 2.25000 11/15/2027 US 8,714,000 $7,886,170.00
TSY INFL IX N/B 0.50000 04/15/2024 US 14,613,069.4 $14,372,790.65
TSY INFL IX N/B 2.37500 01/15/2027 US 11,878,232.92 $11,762,492.96
UDR INC US UDR 2,005 $63,779.05
UNILEVER PLC - ADR GB UL 32,493 $1,538,543.55
UNION PAC CORP US UNP 2,924 $607,051.64
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 69,863.1 $64,514.39
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 360,242.53 $319,006.54
US CLAIMS LIT FNDG LLC 10.25000 03/17/2028 US 250,000 $223,004.03
US TEASURY NOTE 1.75000 11/15/2029 US 19,884,000 $16,711,880.63
US TREASURY N/B 0.87500 11/15/2030 US 11,003,000 $8,424,171.88
US TREASURY N/B 2.00000 11/15/2026 US 18,232,000 $16,756,347.50
US TREASURY N/B 2.25000 11/15/2025 US 9,486,000 $8,971,680.94
US TREASURY N/B 3.12500 11/15/2028 US 20,244,000 $18,678,253.13
US TREASURY N/B 4.12500 11/15/2032 US 5,347,000 $5,049,573.13
VENTAS INC US VTR 1,553 $65,940.38
VERTEX PHARMACEUTICALS INC US VRTX 2,362 $855,303.82
VISA INC - CLASS A SHARES US V 6,793 $1,597,034.30
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 2,380,000 $2,106,991.84
WELLTOWER INC. US WELL 1,162 $97,154.82
WIN 2015-1 A1 3.50000 01/20/2045 US 93,648.86 $80,261.33

Investments will change over time.

Distributions

  • Pro-Blend® Conservative Term Series Class L Distribution History
  • 2023 Distribution Calendar
  • 2023 Distributions
  • Tax Letter
  • Pro-Blend Conservative Series Stock Split

A Word About Risk

All investments involve risks, including possible loss of principal. Because the fund invests in both stocks and bonds, the value of your investment will fluctuate in response to stock market movements and changes in interest rates. Investing in the fund will also involve a number of other risks, including issuer-specific risk, foreign investment risk, and small-cap/mid-cap risk. Investments in options and futures, like all derivatives, can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. Also, the use of leverage increases exposure to the market and may magnify potential losses.

Daily Price

$12.71

Daily $ Change

-$0.01

Daily % Change

-0.08%

as of 11/30/2023

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
Applications & Forms
Fact Sheet
N-Port Part F Reports

Investment Objective

To provide capital preservation as a primary goal, with income and capital growth as secondary objectives.

Investment Strategy

The portfolio is invested in a conservative mix of securities that seeks stability with some growth and income potential. Holdings are diversified primarily among fixed income securities, typically focusing on short to intermediate-term maturities. Stock investments may be focused on dividend paying securities in pursuit of growth opportunities and income generation.

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

May be Appropriate for Investors

  • Who seek to minimize declines in account value with the potential for modest capital growth and income generation
  • Who want to assume a minimal amount of capital risk through limited stock exposure

About Risk-Based Funds

Risk-based funds offer professional management and asset allocation through a choice of investment objectives that range from fairly aggressive to fairly conservative. All an investor has to do is determine which objective best suits their current risk tolerance and investment time horizon, then decide when to move to a different objective as their personal situation changes over the years.

Time Horizon & Range of Stock Exposure

Conservative TermModerate TermExtended TermMaximum Term
0-5 Years3-10 Years7-20 Years15+ Years
5-35%20-60%40-70%70-95%

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

Learn more about our Pro-Blend® Series

Performance

As of 10/31/2023

YTD

0.25%

1 Year

2.77%

3 Year

-0.64%

5 Year

2.49%

10 Year

2.14%

Inception
(01/04/2010)

4.24%

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.

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.

Expense Ratio

Gross 1.59%

*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 10/31/2023

TREASURY NOTES 24.78%
GOVERNMENT AGENCY 18.22%
TSY INFL IX N/B 0.50000 04/15/2024 4.32%
TSY INFL IX N/B 2.37500 01/15/2027 3.53%
TENCENT HOLDINGS 3.97500 04/11/2029 1.73%
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 1.37%
PCG 2023 1 NOTE MTG 11.32444 07/25/2029 1.29%
JPMORGAN CHASE & CO 4.49300 03/24/2031 1.06%
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 1.05%
PALOMINO FUNDING TRUST I 7.23300 05/17/2028 0.94%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 10/31/2023

Bonds
82.67%
Stocks
16.03%
Cash
1.30%

Detailed Asset Class Allocation

As of 10/31/2023

International Equities
4.31%
Small Capitalization
0.21%
Mid Capitalization
1.66%
Large Capitalization
9.85%
Long Term Fixed Income
14.26%
Intermediate Term Fixed Income
60.74%
Short Term Fixed Income
7.67%
Cash
1.30%

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

Security Description Country Ticker Shares/Par Market Value (USD)
ADMIRAL GROUP PLC GB ADM LN 4,635 $137,718.62
ADMIRAL GROUP PLC ADR GB AMIGY 21,825 $645,801.75
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 1,700,000 $1,433,985.00
AGREE REALTY CORP US ADC 1,900 $106,286.00
AIR LIQUIDE FR AI FP 491 $84,133.96
AIRBUS SE FR AIR FP 634 $85,004.32
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 142,111.92 $141,663.36
ALCON INC CH ALC 9,575 $682,889.00
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 1,020,000 $783,983.73
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 3,730,000 $2,800,527.08
ALLO 2023-1A A2 6.20000 06/20/2053 US 1,550,000 $1,442,171.62
ALPHABET INC-CL A US GOOGL 17,470 $2,167,677.60
AMAZON.COM INC US AMZN 18,221 $2,425,032.89
AMAZON.COM INC 3.30000 04/13/2027 US 3,110,000 $2,914,892.44
AMERICAN HOMES 4 RENT- A US AMH 1,183 $38,731.42
AMERICAN TOWER REIT INC US AMT 679 $120,991.01
AMERICOLD REALTY TRUST US COLD 4,010 $105,142.20
APARTMENT INCOME REIT CO US AIRC 996 $29,093.16
ARGO BLOCKCHAIN PLC GB 8,963 $58,080.24
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 1,600,000 $1,434,612.53
ASTRAZENECA GB AZN 1,556 $98,385.88
ATLASSIAN CORP PLC-CLASS A AU TEAM 305 $55,095.20
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 13,292 $56,840.37
AUTO TRADER GROUP PLC GB AUTO LN 14,742 $111,512.22
AVALONBAY COMMUNITIES INC US AVB 614 $101,764.36
AVANZA BANK HOLDING AB SE AZA SS 3,230 $54,602.85
BAE SYSTEMS PLC GB BA/ LN 11,613 $156,152.84
BAE SYSTEMS PLC -SPON ADR GB BAESY 13,558 $738,775.42
BANK OF AMERICA CORP 2.68700 04/22/2032 US 2,720,000 $2,089,356.36
BEIERSDORF AG DE BEI GR 813 $106,925.81
BIOMARIN PHARMACEUTICAL INC US BMRN 11,118 $905,561.10
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 1,540,000 $1,483,855.94
BORR IHC LTD 10.00000 11/15/2028 MUL 350,000 $349,146.45
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 446,696 $404,814.10
CANADIAN NATIONAL RAILWAY CO CA CNI 6,750 $714,015.00
CBOE GLOBAL MARKETS INC US CBOE 4,397 $720,624.33
CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 735,803.76 $638,207.54
CELLNEX TELECOM SA ES CLNX SM 2,935 $86,277.58
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 3,869 $56,487.40
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 2,110,000 $2,048,366.44
CIM 2019-INV1 A1 4.00000 02/25/2049 US 69,769.2 $63,792.84
CITIGROUP INC 1.46200 06/09/2027 US 2,490,000 $2,191,009.42
CLEANAWAY WASTE MANAGEMENT AU CWY AU 58,789 $83,747.70
COCA COLA CO/THE US KO 34,139 $1,928,512.11
COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 1,630,000 $1,402,589.02
COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 US 1,500,000 $1,363,115.06
COMMUNITY HEALTHCARE TRUST I US CHCT 1,877 $53,813.59
COPART INC US CPRT 17,932 $780,400.64
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 296,380.04 $238,903.33
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 163,366.75 $131,916.20
CSX CORP US CSX 21,262 $634,670.70
DEUTSCHE BOERSE AG DE DB1 GR 780 $128,385.24
DEUTSCHE BOERSE AG ADR DE DBOEY 36,297 $594,544.86
DIAGEO PLC GB DGE LN 2,723 $102,973.04
DOLLARAMA INC CA DOL CN 601 $41,041.79
DREYFUS GVT CSH MANAGEMENT US 4,374,301.96 $4,374,301.96
ELECTRONIC ARTS US EA 13,863 $1,716,100.77
ENDAVA PLC - SPON ADR GB DAVA 694 $34,811.04
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 3,760,000 $3,486,823.37
EQUINIX INC US EQIX 561 $409,328.04
EQUITY COMMONWEALTH US EQC 4,105 $77,748.70
EQUITY LIFESTYLE PROPERTIES US ELS 1,673 $110,083.40
EVERGY INC US EVRG 14,964 $735,330.96
EXTRA SPACE STORAGE INC US EXR 887 $91,884.33
FEDERAL NATL MTG ASSN 123456 6.00000 12/01/2038 US 6,495.59 $6,612.96
FEDERAL NATL MTG ASSN 886904 6.50000 09/01/2036 US 32,688.66 $33,825.42
FEDERAL NATL MTG ASSN 889260 5.00000 04/01/2038 US 6,574.96 $6,379.03
FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 155,462.17 $158,302.31
FEDERAL NATL MTG ASSN 933521 5.00000 01/01/2038 US 5,602.33 $5,435.39
FEDERAL NATL MTG ASSN 971022 5.00000 01/01/2039 US 11,592.06 $11,203.21
FEDERAL NATL MTG ASSN 975840 5.00000 05/01/2038 US 24,071.15 $23,265.72
FEDERAL NATL MTG ASSN 983686 5.00000 02/01/2039 US 13,440.35 $12,989.59
FEDERAL NATL MTG ASSN 986458 6.00000 08/01/2038 US 3,808.37 $3,877.18
FEDERAL NATL MTG ASSN 987831 6.00000 09/01/2038 US 8,528.38 $8,683.27
FEDERAL NATL MTG ASSN 990897 6.00000 09/01/2038 US 16,985.85 $17,292.77
FEDERAL NATL MTG ASSN 995196 6.00000 07/01/2038 US 195,948.97 $199,270.76
FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 US 156,953.85 $141,631.28
FEDERAL NATL MTG ASSN AA1563 4.50000 02/01/2024 US 393.45 $390.87
FEDERAL NATL MTG ASSN AA1810 5.00000 01/01/2039 US 32,527.81 $31,436.69
FEDERAL NATL MTG ASSN AA6788 6.00000 08/01/2039 US 109,373.29 $111,361.79
FEDERAL NATL MTG ASSN AB4300 3.50000 01/01/2042 US 77,598.33 $67,320.42
FEDERAL NATL MTG ASSN AC0463 5.00000 11/01/2039 US 13,700.7 $13,179.96
FEDERAL NATL MTG ASSN AC1557 4.50000 09/01/2024 US 2,225.57 $2,200.49
FEDERAL NATL MTG ASSN AC5111 5.00000 11/01/2039 US 26,485.19 $25,478.54
FEDERAL NATL MTG ASSN AC8573 5.00000 01/01/2040 US 22,571.21 $21,713.32
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 27,521.77 $27,988.33
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 579.44 $575.09
FEDERAL NATL MTG ASSN AE0061 6.00000 02/01/2040 US 78,704.6 $80,126.74
FEDERAL NATL MTG ASSN AE0604 6.00000 07/01/2039 US 181,215.51 $184,287.53
FEDERAL NATL MTG ASSN AL0152 6.00000 06/01/2040 US 310,996.85 $316,678.45
FEDERAL NATL MTG ASSN AL1410 4.50000 12/01/2041 US 339,413.82 $315,312.77
FEDERAL NATL MTG ASSN AL1595 6.00000 01/01/2040 US 198,747.94 $202,378.86
FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 175,273.54 $158,162.52
FEDERAL NATL MTG ASSN AL8674 FLT 5.64000 01/01/2049 US 542,546.47 $540,256.77
FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 86,783.68 $76,775.04
FEDERAL NATL MTG ASSN BD6997 4.00000 10/01/2046 US 98,500.3 $87,162.09
FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 127,538.42 $112,857.68
FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 124,990.9 $114,131.30
FEDERAL NATL MTG ASSN CA5518 3.00000 04/01/2050 US 4,107,656.45 $3,333,087.17
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 2,949,680.57 $2,512,432.99
FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 597,581.61 $545,060.16
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 3,058,550.89 $2,706,025.71
FEDERAL NATL MTG ASSN FS2998 3.50000 04/01/2052 US 3,445,903.98 $2,917,014.03
FEDERAL NATL MTG ASSN FS4511 4.00000 08/01/2051 US 3,795,658.39 $3,340,512.76
FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 297,446.06 $278,976.49
FEDERAL NATL MTG ASSN MA0259 5.00000 12/01/2039 US 16,710.14 $16,075.02
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 237,601.38 $227,967.70
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 214,840.65 $206,129.81
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 3,357,811.35 $2,799,701.10
FEDERAL NATL MTG ASSN MA4633 3.50000 06/01/2042 US 1,205,895.4 $1,035,458.03
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 3,730,975.85 $3,232,694.18
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 3,131,590.25 $2,544,660.18
FEDERAL NATL MTG ASSN SD8276 5.00000 12/01/2052 US 1,275,161.4 $1,175,668.58
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 2,362,820.24 $1,957,727.61
FHLM POOL A92889 4.50000 07/01/2040 US 425,086.32 $395,927.54
FHLM POOL C91746 4.50000 12/01/2033 US 35,545.03 $34,292.20
FHLM POOL C91762 4.50000 05/01/2034 US 351,786.01 $337,968.01
FHLM POOL G03926 6.00000 02/01/2038 US 128,428.73 $130,957.75
FHLM POOL G05906 6.00000 04/01/2040 US 17,707.63 $18,056.33
FHLM POOL G06789 6.00000 05/01/2040 US 109,501.77 $111,658.08
FHLM POOL SD8230 4.50000 06/01/2052 US 2,179,635.36 $1,947,963.07
FHR 5189 CP 2.50000 06/25/2049 US 1,879,091.21 $1,499,814.97
FINECOBANK SPA IT FBK IM 7,367 $86,905.89
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 3,151 $46,319.70
FLX 2021-1A A2 3.25000 11/27/2051 US 2,600,000 $2,250,517.10
FMC CORP US FMC 21,581 $1,148,109.20
FN FS4339 MTGE 3.00000 12/01/2050 US 1,886,481.64 $1,542,580.73
FN FS4616 MTGE 5.00000 05/01/2043 US 3,821,721.11 $3,582,699.51
FN FS4925 MTGE 3.50000 04/01/2052 US 4,036,225.37 $3,416,730.73
FN MA4020 MTGE 3.00000 05/01/2050 US 4,219,772.39 $3,423,257.31
FN MA4807 MTGE 5.50000 11/01/2052 US 2,746,223.09 $2,609,861.25
FN MA4934 MTGE 5.00000 02/01/2043 US 1,843,161.06 $1,725,882.01
FNR 2018-13 PA MTGE 3.00000 03/25/2048 US 1,690,160.85 $1,371,818.80
FNR 2018-31 KP 3.50000 07/25/2047 US 43,271.78 $41,693.54
FNR 2021-69 WJ 1.50000 10/25/2050 US 1,125,044.26 $884,684.33
FR RB5178 MTGE 4.50000 08/01/2042 US 1,859,832.24 $1,694,412.51
FR SD1360 MTGE 5.50000 07/01/2052 US 3,743,474.43 $3,559,682.90
FREDDIE MAC POOL RB5167 3.50000 07/01/2042 US 1,216,766.36 $1,044,792.52
FREDDIE MAC POOL RB5188 4.00000 10/01/2042 US 2,492,509.59 $2,205,333.80
GETTY REALTY CORP US GTY 1,376 $36,629.12
GLOBANT SA LU GLOB 261 $44,445.69
GNMA POOL 671161 5.50000 11/15/2037 US 24,763.67 $24,598.45
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 230,000 $202,014.90
GREENIDGE GEN HLD INC US 10,500 $63,735.00
GSMBS 2021-INV1 A9 5.00000 12/25/2051 US 1,440,165.11 $1,290,472.76
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 1,193,815.02 $979,940.77
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 1,202,462.84 $985,768.65
GSMBS 2022-PJ1 A8 2.50000 05/28/2052 US 1,861,613.6 $1,522,076.13
HALMA PLC GB HLMA LN 2,804 $63,057.41
HAWAII ST 2.68200 10/01/2038 US 2,660,000 $1,805,291.94
HDFC BANK LTD-ADR IN HDB 1,946 $110,046.30
HEINEKEN NV NL HEIA NA 1,448 $130,093.31
HEINEKEN NV-SPN ADR NL HEINY 31,501 $1,417,545.00
HELIOS TOWERS PLC GB HTWS LN 29,827 $21,951.33
IDEXX LABORATORIES INC US IDXX 2,146 $857,262.62
IIP OPERATING PARTNER 5.50000 05/25/2026 US 460,000 $411,900.12
IMCD NV NL IMCD NA 503 $60,558.97
IMPRL 2021-NQM3 1.59500 11/25/2056 US 1,321,798.28 $1,013,299.75
IMPRL 2022-NQM1 A1 2.49300 02/25/2067 US 2,454,884.13 $2,067,162.38
INTERCONTINENTALEXCHANGE INC US ICE 6,336 $680,739.84
INTERMEDIATE CAPITAL GROUP GB ICP LN 2,486 $39,579.61
INTUITIVE SURGICAL INC US ISRG 2,338 $613,070.36
INVITATION HOMES INC US INVH 3,635 $107,923.15
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 600,000 $579,794.18
JOHNSON & JOHNSON US JNJ 12,704 $1,884,511.36
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 208,156.07 $193,739.16
JPMMT 2017-3 1A3 3.50000 08/25/2047 US 30,373.11 $26,035.91
JPMMT 2017-6 A3 3.50000 12/25/2048 US 71,580.75 $62,249.33
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 3,920,000 $3,541,216.63
KEYENCE CORP JP 6861 JP 200 $77,423.74
KEYWORDS STUDIOS PLC IE KWS LN 3,265 $51,844.83
KIMBERLY CLARK DE MEXICO S.A.B. MX KIMBERA MM 28,600 $52,412.45
L'OREAL FR OR FP 50 $21,016.54
L3HARRIS TECHNOLOGIES INC US LHX 9,230 $1,655,954.30
LEXINGTON REALTY TRUST US LXP 6,407 $50,679.37
LONZA GROUP AG -REG CH LONN SW 139 $48,678.35
LULULEMON - ADR CA LULU 139 $54,693.72
MARRIOTT VACATIONS WORLD US VAC 279 $25,070.94
MASCO CORP US MAS 23,140 $1,205,362.60
MASTERCARD INC-CLASS A US MA 5,694 $2,142,936.90
MEDTRONIC INC IE MDT 17,913 $1,263,941.28
MERCADOLIBRE INC BR MELI 66 $81,888.84
META PLATFORMS INC US META 8,121 $2,446,613.67
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 908,000 $43,877.88
MICRON TECHNOLOGY INC US MU 24,393 $1,631,159.91
MICROSOFT CORP US MSFT 3,069 $1,037,659.59
MID-AMERICA APARTMENT COMM US MAA 428 $50,568.20
MONARCH CASINO & RESORT INC US MCRI 768 $46,225.92
MONDELEZ INTERNATIONAL INC US MDLZ 9,574 $633,894.54
MOODY'S CORPORATION US MCO 3,465 $1,067,220.00
NAVIENT CORP 6.75000 06/25/2025 US 485,000 $473,554.07
NESTLE S.A. - ADR CH NSRGY 14,168 $1,526,743.68
NESTLE SA-REGISTERED CH NESN SW 1,478 $159,385.72
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 1,641,201.11 $1,477,485.41
NIKE INC CLASS B US NKE 5,585 $573,970.45
NORTHROP GRUMMAN CORP US NOC 1,711 $806,616.73
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 880,000 $88.00
NOVARTIS AG- REG CH NVS 8,300 $776,714.00
NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 US 1,470,000 $1,457,877.76
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 306,532.97 $272,541.62
NRZT 2015-2A A1 3.75000 08/25/2055 US 301,918.6 $272,777.30
NRZT 2016-4A A1 3.75000 11/25/2056 US 440,361.56 $396,255.08
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 1,504,681.37 $1,325,772.50
OASIS 2022-2A A 6.85000 10/15/2034 US 771,816.29 $769,977.67
OASIS 2023-1A 7.00000 02/15/2035 US 833,628.85 $829,469.46
OBX 2022-INV1 A1 3.00000 12/25/2051 US 2,191,812.5 $1,681,850.02
ODFJELL DRILLING LTD 9.25000 05/31/2028 BM 200,000 $201,572.35
OXFIN 2019-1A A2 4.45900 02/15/2027 US 333,964.57 $333,532.72
OXFIN 2020-1A A2 3.10100 02/15/2028 US 133,238.05 $128,698.26
OXFIN 2022-1A 3.60200 02/15/2030 US 2,750,000 $2,597,483.90
OXFIN 2023-1A A2 6.71600 02/15/2031 US 2,500,000 $2,451,295.00
PALOMINO FUNDING TRUST I 7.23300 05/17/2028 US 3,130,000 $3,130,477.92
PCG 2023 1 NOTE MTG 11.32444 07/25/2029 US 4,297,189.06 $4,296,546.33
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 1,738,735.49 $1,658,683.59
PEAR 2023-1A 7.42000 07/15/2035 US 1,323,422.34 $1,307,450.22
PELORUS FUND REIT 7.00000 09/30/2026 US 470,000 $442,791.87
PEPSICO INC 3.90000 07/18/2032 US 3,370,000 $2,991,214.49
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 2,360,770.05 $1,728,820.64
PFMT 2021-2 A2A 2.00000 04/25/2051 US 1,485,754.67 $1,197,126.69
PHYSICIANS REALTY TRUST US DOC 3,254 $35,338.44
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 604,946.37 $529,661.87
PROLOGIS US PLD 3,336 $336,102.00
PUBLIC STORAGE INC US PSA 543 $129,619.53
QUALCOMM INC 4.25000 05/20/2032 US 3,110,000 $2,812,904.93
REALTY INCOME CORP US O 1,263 $59,840.94
RENAISSANCERE HOLDINGS LTD BM RNR 458 $100,572.22
RENTOKIL INITIAL PLC GB RTO LN 17,130 $87,234.37
RENTOKIL INITIAL PLC-SP ADR GB RTO 17,431 $446,059.29
REXFORD INDUSTRIAL REALITY IN US REXR 1,581 $68,362.44
S&P GLOBAL INC US SPGI 1,139 $397,864.09
SALESFORCE INC US CRM 3,067 $615,945.61
SANDOZ GROUP AG ADR CH SDZNY 1 $25.82
SBA COMMUNICATIONS CORP US SBAC 765 $159,601.95
SBA TOWER TRUST 6.59900 01/15/2028 US 2,540,000 $2,535,097.29
SCML 2019-SBC8 2.86000 04/25/2041 US 1,555,558.87 $1,418,300.71
SEMT 2013-2 1.87400 02/25/2043 US 148,575.36 $120,320.31
SEMT 2013-6 A2 3.00000 05/25/2043 US 1,175,379.41 $1,000,036.89
SEMT 2013-7 A2 3.00000 06/25/2043 US 173,676.95 $148,782.95
SEMT 2013-8 A1 3.00000 06/25/2043 US 207,821.6 $177,189.84
SEMT 2020-1 A1 3.50000 02/25/2050 US 64,181.88 $55,018.98
SERVICENOW INC US NOW 2,379 $1,384,221.15
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 5,970,000 $4,551,759.10
SLMA 2005-7 A4 FLT 5.74564 10/25/2029 US 13,711.54 $13,669.88
SONY CORP FIRST SECTION JP 6758 JP 1,000 $83,138.89
SORT 2020-1 B1 2.28000 07/15/2060 US 2,698,356.01 $2,381,795.41
SOUTH CAROLINA ST PUBLIC SVC 1.85200 12/01/2026 US 3,460,000 $3,067,236.20
SRPT 2014-STAR A FLTG RATE 8.50000 11/15/2027 US 2,117,053.96 $1,497,857.74
STAG INDUSTRIAL INC US STAG 1,051 $34,914.22
STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 2,088,352.15 $1,869,012.94
SUN COMMUNITIES US SUI 1,273 $141,608.52
SYNCHRONOSS TECH US 10,179 $173,551.95
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 12,879 $1,111,586.49
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 6,500 $59,341.91
TENCENT HOLDINGS 3.97500 04/11/2029 KY 6,410,000 $5,760,649.95
TENCENT HOLDINGS LTD CN 700 HK 3,200 $118,428.02
TERRENO REALTY CORP US TRNO 1,288 $68,624.64
THERMO FISHER SCIENTIFIC INC US TMO 1,246 $554,183.42
TPMT 2016-5 A1 2.50000 10/25/2056 US 89,727.74 $88,635.58
TPMT 2017-1 A1 2.75000 10/25/2056 US 78,908.85 $78,136.42
TPMT 2019-HY1 A1 6.43892 10/25/2048 US 475,192.33 $474,590.40
TREASURY NOTE 2.25000 11/15/2027 US 8,714,000 $7,886,170.00
TSY INFL IX N/B 0.50000 04/15/2024 US 14,613,069.4 $14,372,790.65
TSY INFL IX N/B 2.37500 01/15/2027 US 11,878,232.92 $11,762,492.96
UDR INC US UDR 2,005 $63,779.05
UNILEVER PLC - ADR GB UL 32,493 $1,538,543.55
UNION PAC CORP US UNP 2,924 $607,051.64
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 69,863.1 $64,514.39
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 360,242.53 $319,006.54
US CLAIMS LIT FNDG LLC 10.25000 03/17/2028 US 250,000 $223,004.03
US TEASURY NOTE 1.75000 11/15/2029 US 19,884,000 $16,711,880.63
US TREASURY N/B 0.87500 11/15/2030 US 11,003,000 $8,424,171.88
US TREASURY N/B 2.00000 11/15/2026 US 18,232,000 $16,756,347.50
US TREASURY N/B 2.25000 11/15/2025 US 9,486,000 $8,971,680.94
US TREASURY N/B 3.12500 11/15/2028 US 20,244,000 $18,678,253.13
US TREASURY N/B 4.12500 11/15/2032 US 5,347,000 $5,049,573.13
VENTAS INC US VTR 1,553 $65,940.38
VERTEX PHARMACEUTICALS INC US VRTX 2,362 $855,303.82
VISA INC - CLASS A SHARES US V 6,793 $1,597,034.30
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 2,380,000 $2,106,991.84
WELLTOWER INC. US WELL 1,162 $97,154.82
WIN 2015-1 A1 3.50000 01/20/2045 US 93,648.86 $80,261.33

Investments will change over time.

Distributions

  • Pro-Blend® Conservative Term Series Class L Distribution History
  • 2023 Distribution Calendar
  • 2023 Distributions
  • Tax Letter
  • Pro-Blend Conservative Series Stock Split

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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