Investment Objective

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

Investment Strategy

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

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

May be Appropriate for Investors

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

About Risk-Based Funds

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

Time Horizon & Range of Stock Exposure

Conservative Term Moderate Term Extended Term Maximum Term
0-5 Years 3-10 Years 7-20 Years 15+ Years
5-35% 20-60% 40-70% 70-95%

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

Manning and Napier Risk-Based Funds Graphic

Learn more about our Pro-Blend® Series

Daily Price

$12.88

Daily $ Change

$0.03

Daily % Change

0.23%

as of 05/25/2022

Ticker

EXDAX

CUSIP

563821651

Inception Date

11/01/1995

Investment Minimum

$2,000.00

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
N-Port Part F Reports

Performance

As of 04/30/2022

YTD

-7.44%

1 Year

-5.16%

3 Year

4.55%

5 Year

4.42%

10 Year

4.35%

Inception
(11/01/1995)

5.43%

Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.

Expense Ratio

Gross 0.87%*

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

Top Ten Investments

As of 04/30/2022

TREASURY NOTES 37.80%
GOVERNMENT AGENCY 4.82%
TREASURY BONDS 1.87%
TENCENT HOLDINGS 3.97500 04/11/2029 1.57%
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 1.12%
CENOVUS ENERGY INC 6.75000 11/15/2039 1.09%
MAGALLANES INC 4.05400 03/15/2029 0.98%
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 0.95%
AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 0.95%
JPMORGAN CHASE & CO 2.95600 05/13/2031 0.93%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 04/30/2022

Bonds 80.26%
Stocks 18.12%
Cash 1.62%

Detailed Asset Class Allocation

As of 04/30/2022

International Equities 4.78%
Small Capitalization 0.30%
Mid Capitalization 1.67%
Large Capitalization 11.36%
Long Term Fixed Income 18.80%
Intermediate Term Fixed Income 39.19%
Short Term Fixed Income 22.28%
Cash 1.62%

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

April Fund Holdings

As of 04/30/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 379 $43,016.50
ACTIVISION INC US ATVI 10,947 $827,593.20
ADIDAS AG-SPONSORED ADR DE ADDYY 7,448 $745,321.36
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 2,040,000 $1,774,079.82
ADYEN NV UNSPON ADR NL ADYEY 42,767 $712,925.89
AGREE REALTY CORP US ADC 625 $42,450.00
AIR LIQUIDE-ADR FR AIQUY 39,105 $1,347,558.30
AIR LEASE CORP 3.62500 04/01/2027 US 1,890,000 $1,797,257.81
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 221,606.12 $234,100.68
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 3,730,000 $3,248,311.79
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 1,020,000 $846,943.81
ALIGN TECHNOLOGY INC US ALGN 1,935 $560,975.85
ALLSTATE CORPORATION US ALL 152 $19,234.08
ALPHABET INC-CL A US GOOGL 677 $1,545,042.63
AMAZON.COM INC US AMZN 1,329 $3,303,402.27
AMAZON.COM INC 3.30000 04/13/2027 US 3,750,000 $3,724,274.66
DIAGEO PLC GB DGE LN 15,376 $767,090.78
AMERICAN CAMPUS COMMUNITIES US ACC 769 $49,731.23
AMERICAN HOMES 4 RENT- A US AMH 1,956 $77,477.16
AMERICAN TOWER REIT INC US AMT 4,956 $1,194,495.12
ANALOG DEVICES INC US ADI 215 $33,191.70
APPLE HOSPITALITY REIT INC US APLE 7,630 $134,974.70
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 160,000 $162,712.51
ARCHER-DANIELS-MIDLAND CO US ADM 259 $23,196.04
ARGO BLOCKCHAIN PLC GB 10,500 $236,250.00
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 1,890,000 $1,794,893.80
AUTOMATIC DATA PROCESSING US ADP 149 $32,508.82
AVALONBAY COMMUNITIES INC US AVB 528 $120,109.44
AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 KY 5,050,000 $4,372,543.76
BP PLC-SPONS ADR GB BP 1,136 $32,625.92
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 1,540,000 $1,590,589.00
BARRICK GOLD CORP CA GOLD 23,452 $523,214.12
BAXTER INTERNATIONAL INC US BAX 194 $13,785.64
WR BERKLEY CORP US WRB 16,330 $1,085,781.70
BEST BUY INC US BBY 144 $12,949.92
BIOMARIN PHARMACEUTICAL INC US BMRN 20,078 $1,633,345.30
BLACKROCK INC US BLK 1,167 $729,001.56
BLACKSTONE PRIVATE CRE 2.62500 12/15/2026 US 2,030,000 $1,785,953.83
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 1,980,000 $1,812,788.90
DECHRA PHARMACEUTICALS PLC GB DPH LN 2,255 $102,186.14
BRANDYWINE REALTY TRUST US BDN 3,770 $43,995.90
BRISTOL MYERS SQUIBB CO US BMY 667 $50,205.09
BROADRIDGE FINANCIAL SOLUTIONS US BR 76 $10,953.88
JONAH ENERGY PARENT LLC US 2,353 $133,391.57
SORT 2020-1 A2 1.99000 07/15/2060 US 2,116,448.72 $1,893,914.30
SORT 2020-1 B1 2.28000 07/15/2060 US 2,761,510.5 $2,572,775.89
C.H. ROBINSON WORLDWIDE INC US CHRW 94 $9,978.10
CIM 2019-INV1 A1 4.00000 02/25/2049 US 106,497.79 $106,615.16
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 328,704.07 $298,316.02
COTERRA ENERGY INC US CTRA 388 $11,170.52
CAMDEN PROPERTY TRUST US CPT 553 $86,760.17
CAMECO CORP CA CCJ 1,624 $41,915.44
CAMPBELL SOUP CO US CPB 214 $10,105.08
CANADIAN NATIONAL RAILWAY CO CA CNI 10,814 $1,271,942.68
CARETRUST REIT INC US CTRE 1,858 $30,118.18
CATERPILLAR INC US CAT 205 $43,160.70
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 4,420,000 $5,012,747.81
CENTURYLINK INC 7.50000 04/01/2024 US 470,000 $482,850.62
CHARTER COMMUNICATIONS INC-A US CHTR 2,897 $1,241,335.53
CHEVRON CORP US CVX 376 $58,907.92
CINCINNATI FINANCIAL CORP US CINF 102 $12,511.32
CISCO SYSTEMS INC US CSCO 1,246 $61,029.08
CITIGROUP INC US C 790 $38,085.90
CITIGROUP INCA 4.45000 09/29/2027 US 3,020,000 $3,005,817.75
COCA COLA CO/THE US KO 24,675 $1,594,251.75
COLGATE-PALMOLIVE CO US CL 358 $27,583.90
COMCAST CORP-CL A US CMCSA 1,385 $55,067.60
CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 960,643.8 $936,989.69
COMMUNITY HEALTHCARE TRUST I US CHCT 1,004 $36,967.28
CONAGRA BRAND INC. US CAG 325 $11,352.25
CONOCOPHILLIPS US COP 350 $33,432.00
CONTROLADORA VUELA CIA DE AV MX VLRS 3,065 $48,794.80
COPART INC US CPRT 6,714 $763,046.10
COUSINS PROPERTIES INC US CUZ 3,103 $111,397.70
CAALT 2020-1A B 2.39000 04/16/2029 US 1,150,000 $1,134,522.14
CAALT 2021-2A A 0.96000 02/15/2030 US 2,200,000 $2,116,002.64
CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 2,350,000 $2,119,543.54
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 189,064.83 $172,404.57
CUMMINS INC US CMI 84 $15,891.96
COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 1,630,000 $1,492,803.67
KIMBERLY CLARK DE MEXICO S.A.B. MX 72,500 $100,899.22
DEVON ENERGY CORPORATION US DVN 257 $14,949.69
DIAMONDBACK ENERGY INC US FANG 83 $10,477.09
DIGITAL REALTY TRUST INC US DLR 720 $105,206.40
DOLLAR GENERAL CORP US DG 4,412 $1,047,982.36
DOLLAR TREE STORES INC US DLTR 5,671 $921,253.95
DOW INC US DOW 262 $17,423.00
DREYFUS GVT CSH MANAGEMENT US 7,563,748.91 $7,563,748.91
DUKE RLTY INVTS INC US DRE 2,526 $138,298.50
EOG RESOURCES INC US EOG 191 $22,301.16
EASTMAN CHEM CO US EMN 96 $9,856.32
EBAY INC US EBAY 241 $12,512.72
ECO MATERIAL TECH INC 7.87500 01/31/2027 US 240,000 $232,233.17
ELECTRONIC ARTS US EA 6,876 $811,711.80
EMERSON ELEC CO US EMR 281 $25,340.58
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 4,170,000 $4,372,965.41
EQUINIX INC US EQIX 1,670 $1,200,863.60
EQUITY LIFESTYLE PROPERTIES US ELS 1,459 $112,751.52
EQUITY RESIDENTIAL US EQR 529 $43,113.50
ESSEX PROPERTY TRUST INC US ESS 324 $106,683.48
EXPEDIA GROUP INC 3.25000 02/15/2030 US 1,950,000 $1,744,390.48
EXTRA SPACE STORAGE INC US EXR 560 $106,400.00
FMC CORP US FMC 15,872 $2,103,674.88
FREMF 2015-K42 B FLT 3.98029 01/25/2048 US 490,000 $483,905.55
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 510,000 $518,269.76
FREMF 2015-K43 B FLT 3.85930 02/25/2048 US 500,000 $491,796.54
FREMF 2014-K41 B FLT 3.96379 11/25/2047 US 2,500,000 $2,478,247.70
FREMF 2013-K28 X2A 0.10000 06/25/2046 US 179,256,451.23 $98,583.88
META PLATFORMS INC US FB 11,884 $2,382,385.48
FHLM POOL G03926 6.00000 02/01/2038 US 166,700.31 $182,067.92
FHLM POOL G05906 6.00000 04/01/2040 US 31,204.99 $34,040.34
FHLM POOL G06789 6.00000 05/01/2040 US 134,215.49 $146,933.44
FHLM POOL G13078 6.00000 03/01/2023 US 584.64 $587.90
FHLM POOL C91746 4.50000 12/01/2033 US 48,372.49 $50,251.99
FHLM POOL C91762 4.50000 05/01/2034 US 461,762.47 $479,720.64
FHLM POOL A92889 4.50000 07/01/2040 US 559,950.97 $583,191.00
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 3,703,719.28 $3,528,805.35
FNR 2018-31 KP 3.50000 07/25/2047 US 106,829.45 $106,675.53
FNR 2021-69 WJ 1.50000 10/25/2050 US 1,263,004.72 $1,138,514.93
FEDERAL NATL MTG ASSN 123456 6.00000 12/01/2038 US 9,025.47 $9,897.01
FHMS K021 x1 FLT 1.50179 06/25/2022 US 5,423,659.09 $211.85
FHMS K030 X1 FLT 0.25699 04/25/2023 US 66,447,062.87 $88,613.14
FHMS K032 X1 FLT 0.18254 05/25/2023 US 41,932,823.26 $41,630.07
FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 US 203,174.65 $206,808.00
FEDERAL NATL MTG ASSN AL0152 6.00000 06/01/2040 US 400,980.14 $437,981.85
FEDERAL NATL MTG ASSN AL1410 4.50000 12/01/2041 US 417,594.7 $434,566.77
FEDERAL NATL MTG ASSN AL1595 6.00000 01/01/2040 US 251,850.67 $274,822.30
FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 211,127.97 $214,903.55
FEDERAL NATL MTG ASSN AL8674 FLT 5.65900 01/01/2049 US 687,273.86 $741,368.60
FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 115,613.06 $116,547.83
FEDERAL NATL MTG ASSN BD6997 4.00000 10/01/2046 US 204,388.18 $206,040.73
FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 169,969.9 $171,344.17
FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 152,682.29 $157,272.20
FEDERAL NATL MTG ASSN 886904 6.50000 09/01/2036 US 35,232.49 $38,270.43
FEDERAL NATL MTG ASSN 889260 5.00000 04/01/2038 US 8,001.87 $8,501.54
FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 59.54 $59.54
FEDERAL NATL MTG ASSN 888815 4.50000 11/01/2022 US 86.21 $86.22
FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 195,938.07 $214,172.66
FEDERAL NATL MTG ASSN 933521 5.00000 01/01/2038 US 5,993.19 $6,367.43
FEDERAL NATL MTG ASSN 971022 5.00000 01/01/2039 US 14,530.71 $15,465.86
FEDERAL NATL MTG ASSN 975840 5.00000 05/01/2038 US 27,845.19 $29,637.23
FEDERAL NATL MTG ASSN 983686 5.00000 02/01/2039 US 14,232.8 $15,148.78
FEDERAL NATL MTG ASSN 986458 6.00000 08/01/2038 US 4,057.1 $4,356.67
FEDERAL NATL MTG ASSN 987831 6.00000 09/01/2038 US 9,017.43 $9,551.72
FEDERAL NATL MTG ASSN 990897 6.00000 09/01/2038 US 20,443.31 $21,582.11
FEDERAL NATL MTG ASSN 995196 6.00000 07/01/2038 US 246,644.89 $268,599.71
FEDERAL NATL MTG ASSN AA1563 4.50000 02/01/2024 US 4,255.86 $4,322.04
FEDERAL NATL MTG ASSN AA1810 5.00000 01/01/2039 US 35,345.67 $37,620.42
FEDERAL NATL MTG ASSN AA6788 6.00000 08/01/2039 US 115,173.84 $125,207.90
FEDERAL NATL MTG ASSN AB4300 3.50000 01/01/2042 US 91,029.75 $90,364.71
FEDERAL NATL MTG ASSN AC0463 5.00000 11/01/2039 US 18,407.47 $19,591.78
FEDERAL NATL MTG ASSN AC1557 4.50000 09/01/2024 US 10,209.31 $10,415.23
FEDERAL NATL MTG ASSN AC5111 5.00000 11/01/2039 US 33,550.76 $35,709.37
FEDERAL NATL MTG ASSN AC8573 5.00000 01/01/2040 US 29,030.53 $30,898.31
FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 364,455.71 $379,387.71
FEDERAL NATL MTG ASSN MA0259 5.00000 12/01/2039 US 20,522.11 $21,842.47
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 313,121.29 $324,949.43
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 333,683.12 $346,287.98
FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 717,199.54 $734,385.47
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 2,887,149.94 $2,682,760.40
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 3,665,000 $3,562,780.86
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 3,620,000 $3,605,152.34
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 34,942.47 $38,073.20
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 3,464.11 $3,564.91
FEDERAL NATL MTG ASSN AE0061 6.00000 02/01/2040 US 97,762.99 $106,935.31
FEDERAL NATL MTG ASSN AE0604 6.00000 07/01/2039 US 233,520.83 $253,918.22
FEDEX CORPORATION US FDX 3,192 $634,378.08
FIFTH THIRD BANCORP US FITB 410 $15,387.30
FLX 2021-1A A2 3.25000 11/27/2051 US 2,600,000 $2,443,948.00
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 3,660,000 $3,548,029.88
FORD MOTOR CREDIT 3.08700 01/09/2023 US 235,000 $233,695.91
FREMF 2015-K720 B FLT 3.53769 07/25/2022 US 270,000 $270,246.97
GCT 2021-GCT A FLT 1.35400 02/15/2038 US 3,100,000 $3,036,751.17
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 1,347,261.14 $1,247,635.97
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 1,355,410.77 $1,254,490.61
GSMBS 2021-INV1 A9 1.13870 12/25/2051 US 1,603,088.27 $1,549,603.15
GSMBS 2022-PJ1 A8 2.50000 05/28/2052 US 2,076,477.1 $1,909,405.83
GNMA POOL 671161 5.50000 11/15/2037 US 26,422.18 $27,783.37
GENERAL DYNAMICS CORP US GD 119 $28,147.07
GENERAL MLS INC US GIS 297 $21,006.81
GENUINE PARTS CO US GPC 96 $12,484.80
GETTY REALTY CORP US GTY 1,636 $44,024.76
GILEAD SCIENCES INC US GILD 524 $31,094.16
GRAPHIC PACKAGING HOLDING CO US GPK 63,853 $1,391,995.40
GREENIDGE GEN HLD INC US 10,500 $221,235.00
GRUPO AEROPORTUARIO PAC-ADR MX PAC 319 $49,059.01
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 233 $50,845.26
AIRBUS SE FR AIR FP 721 $78,929.24
ADIDAS AG DE ADS GR 791 $159,512.43
HCA INC 4.12500 06/15/2029 US 2,720,000 $2,610,448.33
HAWAII ST 2.68200 10/01/2038 US 2,660,000 $2,172,782.38
HEALTHCARE TRUST OF AMERICA US HTA 1,475 $44,928.50
HEALTHPEAK PROPERTIES INC US PEAK 1,044 $34,253.64
HEINEKEN NV-SPN ADR NL HEINY 16,219 $791,487.20
HOME DEPOT INC US HD 261 $78,404.40
HONEYWELL INTERNATIONAL INC US HON 241 $46,635.91
IIP OPERATING PARTNER 5.50000 05/25/2026 US 350,000 $349,424.67
IDEXX LABORATORIES INC US IDXX 1,633 $702,973.84
KERRY GROUP PLC-A IE KYGA ID 563 $62,363.37
ILLINOIS TOOL WKS INC US ITW 141 $27,792.51
IMPRL 2021-NQM3 1.59500 11/25/2056 US 1,513,711.67 $1,453,956.60
IMPRL 2022-NQM1 A1 2.49300 02/25/2067 US 2,918,733.25 $2,793,279.64
INDEPENDENCE REALTY TRUST IN US IRT 2,270 $61,880.20
INTEL CORP US INTC 1,308 $57,015.72
INTERCONTINENTALEXCHANGE INC US ICE 12,690 $1,469,628.90
INTERNATIONAL FLVRS & FRAGRANCES US IFF 140 $16,982.00
INVITATION HOMES INC US INVH 3,703 $147,453.46
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 600,000 $585,138.35
JP MORGAN CHASE & CO US JPM 753 $89,878.08
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 341,042.29 $325,926.49
JPMORGAN CHASE & CO 2.95600 05/13/2031 US 4,850,000 $4,265,083.11
JPMMT 2017-3 1A3 3.50000 08/25/2047 US 40,376.6 $38,140.38
JPMMT 2017-6 A3 3.50000 12/25/2048 US 110,030.8 $106,465.90
JOHNSON & JOHNSON US JNJ 15,366 $2,772,948.36
KREF 2021-FL2 A 1.62414 02/15/2039 US 1,450,000 $1,427,871.26
KEYCORP US KEY 478 $9,230.18
KILROY REALTY CORP US KRC 738 $51,660.00
KINDER MORGAN ENER PART 6.95000 01/15/2038 US 2,260,000 $2,584,295.69
KROGER CO US KR 370 $19,965.20
L3HARRIS TECHNOLOGIES INC US LHX 93 $21,600.18
BEIERSDORF AG DE BEI GR 1,435 $144,132.10
LENNAR CORP US LEN 133 $10,173.17
LIFE STORAGE INC US LSI 1,020 $135,139.80
LOCKHEED MARTIN CORP US LMT 94 $40,619.28
LULULEMON - ADR CA LULU 3,179 $1,127,368.77
MAGALLANES INC 4.05400 03/15/2029 US 4,730,000 $4,522,197.62
ATOS SE FR ATO FP 4,358 $106,167.68
MARATHON PETROLEUM CORP US MPC 193 $16,841.18
MARRIOTT VACATIONS WORLD US VAC 574 $85,715.42
MASTERCARD INC-CLASS A US MA 7,575 $2,752,603.50
MCDONALDS CORP US MCD 163 $40,613.08
ACCOR SA FR AC FP 3,181 $104,507.39
MERCADOLIBRE INC AR MELI 98 $95,415.74
MERCK & CO INC US MRK 698 $61,905.62
MERRILL LYNCH 6.11000 01/29/2037 US 2,090,000 $2,306,243.21
MICROSOFT CORP US MSFT 11,194 $3,106,558.88
MICROCHIP TECHNOLOGY INC US MCHP 224 $14,604.80
MID-AMERICA APARTMENT COMM US MAA 551 $108,370.68
MONDELEZ INTERNATIONAL INC US MDLZ 27,980 $1,804,150.40
MOODY'S CORPORATION US MCO 4,790 $1,515,939.20
MOTOROLA SOLUTIONS INC US MSI 88 $18,804.72
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 2,001,512.78 $1,914,003.24
TRAVELSKY TECHNOLOGY LTD-H CN 696 HK 36,000 $54,366.32
NAVIENT CORP 6.75000 06/25/2025 US 485,000 $487,427.31
NAVSL 2019-EA A2A 2.64000 05/15/2068 US 1,670,322.6 $1,650,908.42
NSLT 2012-3A A MTGE FLT 1.36786 02/25/2045 US 206,415.14 $203,482.72
NETAPP INC US NTAP 158 $11,573.50
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 398,064.96 $390,788.85
NRZT 2015-2A A1 3.75000 08/25/2055 US 393,017.92 $382,857.35
NRZT 2016-4A A1 3.75000 11/25/2056 US 572,045.9 $558,070.76
KEYENCE CORP JP 6861 JP 200 $80,400.85
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 950,000 $922,848.76
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 2,010,000 $1,827,553.41
NEWMONT GOLDCORP CORP US NEM 7,522 $547,977.70
NEXPOINT RESIDENTIAL US NXRT 935.27 $83,388.99
NORFOLK SOUTHN CORP US NSC 3,274 $844,299.12
NIKON CORP JP 7731 JP 11,400 $128,099.79
NORTHROP GRUMMAN CORP US NOC 66 $29,000.40
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 880,000 $88.00
NOVARTIS AG- REG CH NVS 22,353 $1,967,734.59
NUCOR CORP US NUE 141 $21,823.98
OBX 2022-INV1 A1 3.00000 12/25/2051 US 2,443,116.47 $2,233,990.02
OMNICOM GROUP US OMC 147 $11,191.11
SONY CORP FIRST SECTION JP 6758 JP 1,100 $94,931.19
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 1,780,000 $1,659,849.29
OXFIN 2020-1A A2 3.10100 02/15/2028 US 433,930.68 $433,903.26
OXFIN 2019-1A A2 4.45900 02/15/2027 US 1,481,909.12 $1,489,757.46
OXFIN 2022-1A 3.60200 02/15/2030 US 2,750,000 $2,639,133.48
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 679,122.74 $641,213.70
PPG INDUSTRIES INC US PPG 95 $12,159.05
PACKAGING CORP OF AMERICA US PKG 68 $10,959.56
PARKER HANNIFIN CORP US PH 53 $14,353.46
DEUTSCHE BOERSE AG DE DB1 GR 1,139 $198,293.70
PAYPAL HOLDINGS INC US PYPL 11,002 $967,405.86
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 3,058,764.74 $2,950,450.82
NESTLE SA-REGISTERED CH NESN SW 11,702 $1,510,659.03
PETROFAC LTD 9.75000 11/15/2026 JE 530,000 $495,647.01
PFIZER INC US PFE 1,039 $50,983.73
PIONEER NATURAL RESOURCES CO US PXD 83 $19,295.01
POPULAR INC 6.12500 09/14/2023 PR 485,000 $496,751.58
PROCTER & GAMBLE CO US PG 575 $92,316.25
PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 US 3,491,237.55 $3,445,175.66
PROLOGIS US PLD 3,342 $535,689.18
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 2,541,906.73 $2,235,439.23
PFMT 2021-2 A2A 2.00000 04/25/2051 US 1,687,088.23 $1,551,920.27
PUBLIC STORAGE INC US PSA 567 $210,640.50
QUALCOMM INC US QCOM 351 $49,031.19
QUEST DIAGNOSTICS INC US DGX 86 $11,510.24
RADIUS GLOBAL INFRASTRUCTURE US RADI 10,650 $132,273.00
RAILWORKS HOLDINGS LP/R 8.25000 11/15/2028 US 530,000 $528,617.47
REGIONS FINANCIAL CORP. US RF 628 $13,012.16
REPUBLIC SERVICES INC US RSG 152 $20,409.04
RESTAURANT BRANDS INTERN CA QSR 1,214 $69,307.26
REXFORD INDUSTRIAL REALITY IN US REXR 1,905 $148,666.20
GETINGE AB-B SHS SE GETIB SS 3,481 $100,697.64
ROSS STORES INC US ROST 140 $13,967.80
HEINEKEN NV NL HEIA NA 952 $92,925.71
SHELL PLC- ADR GB SHEL 709 $37,881.87
RYANAIR HOLDINGS - ADR IE RYAAY 9,727 $849,361.64
S&P GLOBAL INC US SPGI 1,550 $583,575.00
SBA COMMUNICATIONS CORP US SBAC 6,561 $2,277,388.71
NAVIENT CORP 5.50000 01/25/2023 US 235,000 $236,176.16
SLMA 2005-7 A4 FLT 1.33400 10/25/2029 US 133,443.89 $131,901.98
SMB 2016-B A2A 2.43000 02/17/2032 US 1,848,136.1 $1,812,858.84
SMB 2020-A A2A MTGE 2.23000 09/15/2037 US 276,484.53 $262,994.19
SOFI 2016-E A2B 2.49000 01/25/2036 US 1,925.5 $1,925.44
SALESFORCE INC US CRM 8,160 $1,435,670.40
SEA LTD - ADR SG SE 8,629 $714,136.04
SEAGEN INC US SGEN 13,347 $1,748,590.47
SEMT 2013-6 A2 3.00000 05/25/2043 US 1,404,697.57 $1,302,990.02
SEMT 2013-7 A2 3.00000 06/25/2043 US 209,999.78 $194,794.68
SEMT 2013-8 A1 3.00000 06/25/2043 US 247,435.18 $229,518.34
SEMT 2013-2 1.87400 02/25/2043 US 181,105.6 $167,412.88
SEMT 2020-1 A1 3.50000 02/25/2050 US 78,210.16 $74,748.09
SERVICENOW INC US NOW 3,072 $1,468,723.20
SHOPIFY INC CA SHOP 73 $31,157.86
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 5,970,000 $5,153,292.54
SKYWORKS SOLUTIONS INC US SWKS 78 $8,837.40
JM SMUCKER CO/THE-NEW COM WI US SJM 76 $10,406.68
SOFI 2017-F A2FX 2.84000 01/25/2041 US 166,989.99 $166,035.51
SOFI 2020-A A2FX MTGE 2.54000 05/15/2046 US 186,596.18 $181,829.57
SONY CORP SPONSORED ADR JP SONY 8,200 $705,610.00
SOUTH CAROLINA ST PUBLIC SVC 1.85200 12/01/2026 US 3,460,000 $3,168,900.62
SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 810,000 $836,401.42
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 2,530,000 $2,618,508.74
STANLEY BLACK & DECKER INC US SWK 78 $9,371.70
STARWOOD PROPERTY TRUST 3.75000 12/31/2024 US 255,000 $245,476.28
SRPT 2014-STAR A FLTG RATE 2.02500 11/15/2027 US 2,317,783.32 $1,611,167.05
STEEL DYNAMICS INC US STLD 139 $11,919.25
STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 2,105,768.9 $1,991,671.18
SUN COMMUNITIES US SUI 966 $169,600.62
SCML 2019-SBC8 2.86000 04/25/2041 US 1,966,992.93 $1,844,357.81
SWITCH INC - A US SWCH 5,727 $171,008.22
SYNCHRONOSS TECH US 21,100 $428,330.00
SYNERGY ONE LENDING 5.50000 10/14/2026 US 550,000 $498,542.93
TJX COMPANIES INC US TJX 358 $21,938.24
TACORA RESOURCES INC 8.25000 05/15/2026 CA 245,000 $234,656.94
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 8,843 $821,779.99
TARGET CORP US TGT 135 $30,867.75
TENCENT HOLDINGS 3.97500 04/11/2029 KY 7,530,000 $7,236,496.49
TERRENO REALTY CORP US TRNO 1,142 $83,080.50
TEXAS INSTRUMENTS INC US TXN 222 $37,795.50
THERMO FISHER SCIENTIFIC INC US TMO 1,607 $888,542.44
3M CO US MMM 234 $33,747.48
TOTALENERGIES SE SPON ADR FR TTE 615 $29,956.65
TPMT 2016-5 A1 2.50000 10/25/2056 US 394,054.81 $393,260.55
TPMT 2017-1 A1 2.75000 10/25/2056 US 468,671.01 $467,136.30
TPMT 2019-HY1 A1 1.66786 10/25/2048 US 768,520.08 $765,109.54
TRACTOR SUPPLY COMPANY US TSCO 49 $9,871.05
TRAVELLERS COS INC US TRV 121 $20,698.26
TAH 2017-SFR2 A 2.92800 01/17/2036 US 1,939,355.37 $1,915,639.85
TYSON FOODS INC -CL A US TSN 194 $18,073.04
UDR INC US UDR 2,257 $120,094.97
U.S. BANCORP US USB 631 $30,641.36
UNILEVER PLC - ADR GB UL 40,940 $1,893,884.40
UNION PAC CORP US UNP 212 $49,669.48
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 459,572.53 $420,195.88
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 88,457.47 $85,057.05
UNITED MEXICAN STATES 4.12500 01/21/2026 MX 400,000 $402,489.48
UNITED PARCEL SERVICE US UPS 4,086 $735,398.28
US TREASURY N/B 2.50000 02/15/2045 US 4,875,000 $4,330,371.09
US TREASURY N/B 2.00000 02/15/2050 US 5,295,000 $4,291,432.03
US TREASURY N/B 1.62500 05/15/2026 US 38,260,000 $36,358,956.25
UNITED STATES TREAS NTS 1.75000 05/15/2023 US 47,670,000 $47,463,305.74
US TREASURY N/B 2.50000 05/15/2024 US 47,565,000 $47,360,619.38
UNITED STATES TREAS NTS 2.12500 05/15/2025 US 43,705,000 $42,738,709.98
VF CORP US VFC 190 $9,880.00
VENTAS INC US VTR 1,013 $56,272.15
VERTEX PHARMACEUTICALS INC US VRTX 6,006 $1,640,959.32
PARAMOUNT GLOBAL CLASS B US PARA 312 $9,085.44
VISA INC - CLASS A SHARES US V 12,415 $2,646,008.95
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 2,850,000 $2,806,347.63
WAL MART STORES US WMT 640 $97,913.60
WALGREENS BOOTS ALLIANCE INC US WBA 358 $15,179.20
WARRIOR MET COAL INC 7.87500 12/01/2028 US 230,000 $236,961.85
WASTE MANAGEMENT INC US WM 166 $27,297.04
WELLTOWER INC. US WELL 1,040 $94,442.40
WILLIAMS COMPANIES INC 2.60000 03/15/2031 US 4,000,000 $3,461,196.52
WIN 2015-1 A1 3.50000 01/20/2045 US 111,413.26 $105,192.66
ZOETIS INC US ZTS 2,240 $397,040.00
ADMIRAL GROUP PLC GB ADM LN 4,001 $125,940.59
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 6,200 $43,209.96
UBISOFT ENTERTAINMENT FR UBI FP 2,315 $104,667.91
DANONE FR BN FP 1,090 $65,913.65
AIR LIQUIDE FR AI FP 1,203 $208,129.08
CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 327,000 $254,903.95
MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 4,996,000 $244,671.75
BRENNTAG AG DE BNR GR 2,000 $154,326.91
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 908,000 $40,827.80
KEYWORDS STUDIOS PLC IE KWS LN 948 $28,657.18
S4 CAPITAL PLC GB SFOR LN 17,961 $67,934.84
JINXIN FERTILITY GROUP CN 1951 HK 36,000 $22,564.49
HELIOS TOWERS PLC GB HTWS LN 22,547 $31,782.28
AVANZA BANK HOLDING AB SE AZA SS 4,093 $103,641.87
AMERICAN TANKER INC 7.75000 07/02/2025 US 520,000 $499,200.00
SOFTWAREONE HOLDING AG CH SWON SW 5,082 $68,711.04
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 3,485 $66,737.75
SEASPAN CORP 6.50000 02/05/2024 MH 500,000 $508,901.27
PETROTAL CORP 12.00000 02/16/2024 CA 400,000 $412,000.00
FINECOBANK SPA IT FBK IM 12,399 $172,362.99
ALLFUNDS GROUP PLC GB ALLFG NA 3,772 $32,335.54
COPPER MOUNTAIN MINING C 8.00000 04/09/2026 CA 480,000 $485,862.26
AIRSWIFT GLOBAL AS FLT 8.89486 05/12/2025 NO 500,000 $503,886.19
KENT GLOBAL PLC 10.00000 06/28/2026 GB 225,000 $224,331.80
ROTORK PLC GB ROR LN 26,037 $94,996.68
AUTO TRADER GROUP PLC GB AUTO LN 22,379 $176,618.70
ASSA ABLOY AB-B SE ASSAB SS 5,549 $140,235.13
CLEANAWAY WASTE MANAGEMENT AU CWY AU 48,211 $108,066.81
INTERMEDIATE CAPITAL GROUP GB ICP LN 4,283 $81,961.53
ADYEN NV NL ADYEN NA 92 $154,310.98
BANK OF N.T. BUTTERFIELD&SON BM NTB 1,879 $60,184.37
BUNGE LIMITED US BG 101 $11,425.12
EATON CORP PLC US ETN 187 $27,118.74
JOHNSON CONTROLS INTERNATIONAL US JCI 352 $21,074.24
MEDTRONIC INC IE MDT 10,826 $1,129,801.36
ROYALTY PHARMA PLC- CL A US RPRX 256 $10,900.48
STONECO LTD-A BR STNE 3,986 $37,548.12
TRANE TECHNOLOGIES IE TT 93 $13,009.77
ALCON INC CH ALC 13,603 $968,669.63
CHUBB LTD CH CB 164 $33,857.80
GARMIN LTD CH GRMN 123 $13,498.02
TE CONNECTIVITY LIMITED CH TEL 121 $15,098.38
LYONDELLBASELL INDU-CL A US LYB 133 $14,101.99
PLAYA HOTELS AND RESORTS US PLYA 5,447 $51,419.68
NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 MH 350,000 $354,290.94
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 503,549 $508,155.86

Investments will change over time.

Distributions

  • Pro-Blend® Conservative Term Series Class S Distribution History
  • 2022 Distribution Calendar
  • Fourth Quarter 2021 Distributions
  • Third Quarter 2021 Distributions
  • Second Quarter 2021 Distributions
  • First Quarter 2022 Distributions
  • Tax Letter
  • Target Income Merger into Pro Blend Conservative
  • Target 2015 Merger into Pro Blend Conservative

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

$12.88

Daily $ Change

$0.03

Daily % Change

0.23%

as of 05/25/2022

Ticker

EXDAX

CUSIP

563821651

Inception Date

11/01/1995

Investment Minimum

$2,000.00

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
N-Port Part F Reports

Investment Objective

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

Investment Strategy

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

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

May be Appropriate for Investors

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

About Risk-Based Funds

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

Time Horizon & Range of Stock Exposure

Conservative Term Moderate Term Extended Term Maximum Term
0-5 Years 3-10 Years 7-20 Years 15+ Years
5-35% 20-60% 40-70% 70-95%

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

Manning and Napier Risk-Based Funds Graphic

Learn more about our Pro-Blend® Series

Performance

As of 04/30/2022

YTD

-7.44%

1 Year

-5.16%

3 Year

4.55%

5 Year

4.42%

10 Year

4.35%

Inception
(11/01/1995)

5.43%

Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.

Expense Ratio

Gross 0.87%*

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

Top Ten Investments

As of 04/30/2022

TREASURY NOTES 37.80%
GOVERNMENT AGENCY 4.82%
TREASURY BONDS 1.87%
TENCENT HOLDINGS 3.97500 04/11/2029 1.57%
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 1.12%
CENOVUS ENERGY INC 6.75000 11/15/2039 1.09%
MAGALLANES INC 4.05400 03/15/2029 0.98%
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 0.95%
AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 0.95%
JPMORGAN CHASE & CO 2.95600 05/13/2031 0.93%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 04/30/2022

Bonds
80.26%
Stocks
18.12%
Cash
1.62%

Detailed Asset Class Allocation

As of 04/30/2022

International Equities
4.78%
Small Capitalization
0.30%
Mid Capitalization
1.67%
Large Capitalization
11.36%
Long Term Fixed Income
18.80%
Intermediate Term Fixed Income
39.19%
Short Term Fixed Income
22.28%
Cash
1.62%

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

April Fund Holdings

As of 04/30/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 379 $43,016.50
ACTIVISION INC US ATVI 10,947 $827,593.20
ADIDAS AG-SPONSORED ADR DE ADDYY 7,448 $745,321.36
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 2,040,000 $1,774,079.82
ADYEN NV UNSPON ADR NL ADYEY 42,767 $712,925.89
AGREE REALTY CORP US ADC 625 $42,450.00
AIR LIQUIDE-ADR FR AIQUY 39,105 $1,347,558.30
AIR LEASE CORP 3.62500 04/01/2027 US 1,890,000 $1,797,257.81
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 221,606.12 $234,100.68
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 3,730,000 $3,248,311.79
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 1,020,000 $846,943.81
ALIGN TECHNOLOGY INC US ALGN 1,935 $560,975.85
ALLSTATE CORPORATION US ALL 152 $19,234.08
ALPHABET INC-CL A US GOOGL 677 $1,545,042.63
AMAZON.COM INC US AMZN 1,329 $3,303,402.27
AMAZON.COM INC 3.30000 04/13/2027 US 3,750,000 $3,724,274.66
DIAGEO PLC GB DGE LN 15,376 $767,090.78
AMERICAN CAMPUS COMMUNITIES US ACC 769 $49,731.23
AMERICAN HOMES 4 RENT- A US AMH 1,956 $77,477.16
AMERICAN TOWER REIT INC US AMT 4,956 $1,194,495.12
ANALOG DEVICES INC US ADI 215 $33,191.70
APPLE HOSPITALITY REIT INC US APLE 7,630 $134,974.70
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 160,000 $162,712.51
ARCHER-DANIELS-MIDLAND CO US ADM 259 $23,196.04
ARGO BLOCKCHAIN PLC GB 10,500 $236,250.00
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 1,890,000 $1,794,893.80
AUTOMATIC DATA PROCESSING US ADP 149 $32,508.82
AVALONBAY COMMUNITIES INC US AVB 528 $120,109.44
AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 KY 5,050,000 $4,372,543.76
BP PLC-SPONS ADR GB BP 1,136 $32,625.92
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 1,540,000 $1,590,589.00
BARRICK GOLD CORP CA GOLD 23,452 $523,214.12
BAXTER INTERNATIONAL INC US BAX 194 $13,785.64
WR BERKLEY CORP US WRB 16,330 $1,085,781.70
BEST BUY INC US BBY 144 $12,949.92
BIOMARIN PHARMACEUTICAL INC US BMRN 20,078 $1,633,345.30
BLACKROCK INC US BLK 1,167 $729,001.56
BLACKSTONE PRIVATE CRE 2.62500 12/15/2026 US 2,030,000 $1,785,953.83
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 1,980,000 $1,812,788.90
DECHRA PHARMACEUTICALS PLC GB DPH LN 2,255 $102,186.14
BRANDYWINE REALTY TRUST US BDN 3,770 $43,995.90
BRISTOL MYERS SQUIBB CO US BMY 667 $50,205.09
BROADRIDGE FINANCIAL SOLUTIONS US BR 76 $10,953.88
JONAH ENERGY PARENT LLC US 2,353 $133,391.57
SORT 2020-1 A2 1.99000 07/15/2060 US 2,116,448.72 $1,893,914.30
SORT 2020-1 B1 2.28000 07/15/2060 US 2,761,510.5 $2,572,775.89
C.H. ROBINSON WORLDWIDE INC US CHRW 94 $9,978.10
CIM 2019-INV1 A1 4.00000 02/25/2049 US 106,497.79 $106,615.16
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 328,704.07 $298,316.02
COTERRA ENERGY INC US CTRA 388 $11,170.52
CAMDEN PROPERTY TRUST US CPT 553 $86,760.17
CAMECO CORP CA CCJ 1,624 $41,915.44
CAMPBELL SOUP CO US CPB 214 $10,105.08
CANADIAN NATIONAL RAILWAY CO CA CNI 10,814 $1,271,942.68
CARETRUST REIT INC US CTRE 1,858 $30,118.18
CATERPILLAR INC US CAT 205 $43,160.70
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 4,420,000 $5,012,747.81
CENTURYLINK INC 7.50000 04/01/2024 US 470,000 $482,850.62
CHARTER COMMUNICATIONS INC-A US CHTR 2,897 $1,241,335.53
CHEVRON CORP US CVX 376 $58,907.92
CINCINNATI FINANCIAL CORP US CINF 102 $12,511.32
CISCO SYSTEMS INC US CSCO 1,246 $61,029.08
CITIGROUP INC US C 790 $38,085.90
CITIGROUP INCA 4.45000 09/29/2027 US 3,020,000 $3,005,817.75
COCA COLA CO/THE US KO 24,675 $1,594,251.75
COLGATE-PALMOLIVE CO US CL 358 $27,583.90
COMCAST CORP-CL A US CMCSA 1,385 $55,067.60
CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 960,643.8 $936,989.69
COMMUNITY HEALTHCARE TRUST I US CHCT 1,004 $36,967.28
CONAGRA BRAND INC. US CAG 325 $11,352.25
CONOCOPHILLIPS US COP 350 $33,432.00
CONTROLADORA VUELA CIA DE AV MX VLRS 3,065 $48,794.80
COPART INC US CPRT 6,714 $763,046.10
COUSINS PROPERTIES INC US CUZ 3,103 $111,397.70
CAALT 2020-1A B 2.39000 04/16/2029 US 1,150,000 $1,134,522.14
CAALT 2021-2A A 0.96000 02/15/2030 US 2,200,000 $2,116,002.64
CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 2,350,000 $2,119,543.54
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 189,064.83 $172,404.57
CUMMINS INC US CMI 84 $15,891.96
COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 1,630,000 $1,492,803.67
KIMBERLY CLARK DE MEXICO S.A.B. MX 72,500 $100,899.22
DEVON ENERGY CORPORATION US DVN 257 $14,949.69
DIAMONDBACK ENERGY INC US FANG 83 $10,477.09
DIGITAL REALTY TRUST INC US DLR 720 $105,206.40
DOLLAR GENERAL CORP US DG 4,412 $1,047,982.36
DOLLAR TREE STORES INC US DLTR 5,671 $921,253.95
DOW INC US DOW 262 $17,423.00
DREYFUS GVT CSH MANAGEMENT US 7,563,748.91 $7,563,748.91
DUKE RLTY INVTS INC US DRE 2,526 $138,298.50
EOG RESOURCES INC US EOG 191 $22,301.16
EASTMAN CHEM CO US EMN 96 $9,856.32
EBAY INC US EBAY 241 $12,512.72
ECO MATERIAL TECH INC 7.87500 01/31/2027 US 240,000 $232,233.17
ELECTRONIC ARTS US EA 6,876 $811,711.80
EMERSON ELEC CO US EMR 281 $25,340.58
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 4,170,000 $4,372,965.41
EQUINIX INC US EQIX 1,670 $1,200,863.60
EQUITY LIFESTYLE PROPERTIES US ELS 1,459 $112,751.52
EQUITY RESIDENTIAL US EQR 529 $43,113.50
ESSEX PROPERTY TRUST INC US ESS 324 $106,683.48
EXPEDIA GROUP INC 3.25000 02/15/2030 US 1,950,000 $1,744,390.48
EXTRA SPACE STORAGE INC US EXR 560 $106,400.00
FMC CORP US FMC 15,872 $2,103,674.88
FREMF 2015-K42 B FLT 3.98029 01/25/2048 US 490,000 $483,905.55
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 510,000 $518,269.76
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FREMF 2014-K41 B FLT 3.96379 11/25/2047 US 2,500,000 $2,478,247.70
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META PLATFORMS INC US FB 11,884 $2,382,385.48
FHLM POOL G03926 6.00000 02/01/2038 US 166,700.31 $182,067.92
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FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 3,703,719.28 $3,528,805.35
FNR 2018-31 KP 3.50000 07/25/2047 US 106,829.45 $106,675.53
FNR 2021-69 WJ 1.50000 10/25/2050 US 1,263,004.72 $1,138,514.93
FEDERAL NATL MTG ASSN 123456 6.00000 12/01/2038 US 9,025.47 $9,897.01
FHMS K021 x1 FLT 1.50179 06/25/2022 US 5,423,659.09 $211.85
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FEDEX CORPORATION US FDX 3,192 $634,378.08
FIFTH THIRD BANCORP US FITB 410 $15,387.30
FLX 2021-1A A2 3.25000 11/27/2051 US 2,600,000 $2,443,948.00
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 3,660,000 $3,548,029.88
FORD MOTOR CREDIT 3.08700 01/09/2023 US 235,000 $233,695.91
FREMF 2015-K720 B FLT 3.53769 07/25/2022 US 270,000 $270,246.97
GCT 2021-GCT A FLT 1.35400 02/15/2038 US 3,100,000 $3,036,751.17
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 1,347,261.14 $1,247,635.97
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 1,355,410.77 $1,254,490.61
GSMBS 2021-INV1 A9 1.13870 12/25/2051 US 1,603,088.27 $1,549,603.15
GSMBS 2022-PJ1 A8 2.50000 05/28/2052 US 2,076,477.1 $1,909,405.83
GNMA POOL 671161 5.50000 11/15/2037 US 26,422.18 $27,783.37
GENERAL DYNAMICS CORP US GD 119 $28,147.07
GENERAL MLS INC US GIS 297 $21,006.81
GENUINE PARTS CO US GPC 96 $12,484.80
GETTY REALTY CORP US GTY 1,636 $44,024.76
GILEAD SCIENCES INC US GILD 524 $31,094.16
GRAPHIC PACKAGING HOLDING CO US GPK 63,853 $1,391,995.40
GREENIDGE GEN HLD INC US 10,500 $221,235.00
GRUPO AEROPORTUARIO PAC-ADR MX PAC 319 $49,059.01
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 233 $50,845.26
AIRBUS SE FR AIR FP 721 $78,929.24
ADIDAS AG DE ADS GR 791 $159,512.43
HCA INC 4.12500 06/15/2029 US 2,720,000 $2,610,448.33
HAWAII ST 2.68200 10/01/2038 US 2,660,000 $2,172,782.38
HEALTHCARE TRUST OF AMERICA US HTA 1,475 $44,928.50
HEALTHPEAK PROPERTIES INC US PEAK 1,044 $34,253.64
HEINEKEN NV-SPN ADR NL HEINY 16,219 $791,487.20
HOME DEPOT INC US HD 261 $78,404.40
HONEYWELL INTERNATIONAL INC US HON 241 $46,635.91
IIP OPERATING PARTNER 5.50000 05/25/2026 US 350,000 $349,424.67
IDEXX LABORATORIES INC US IDXX 1,633 $702,973.84
KERRY GROUP PLC-A IE KYGA ID 563 $62,363.37
ILLINOIS TOOL WKS INC US ITW 141 $27,792.51
IMPRL 2021-NQM3 1.59500 11/25/2056 US 1,513,711.67 $1,453,956.60
IMPRL 2022-NQM1 A1 2.49300 02/25/2067 US 2,918,733.25 $2,793,279.64
INDEPENDENCE REALTY TRUST IN US IRT 2,270 $61,880.20
INTEL CORP US INTC 1,308 $57,015.72
INTERCONTINENTALEXCHANGE INC US ICE 12,690 $1,469,628.90
INTERNATIONAL FLVRS & FRAGRANCES US IFF 140 $16,982.00
INVITATION HOMES INC US INVH 3,703 $147,453.46
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 600,000 $585,138.35
JP MORGAN CHASE & CO US JPM 753 $89,878.08
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 341,042.29 $325,926.49
JPMORGAN CHASE & CO 2.95600 05/13/2031 US 4,850,000 $4,265,083.11
JPMMT 2017-3 1A3 3.50000 08/25/2047 US 40,376.6 $38,140.38
JPMMT 2017-6 A3 3.50000 12/25/2048 US 110,030.8 $106,465.90
JOHNSON & JOHNSON US JNJ 15,366 $2,772,948.36
KREF 2021-FL2 A 1.62414 02/15/2039 US 1,450,000 $1,427,871.26
KEYCORP US KEY 478 $9,230.18
KILROY REALTY CORP US KRC 738 $51,660.00
KINDER MORGAN ENER PART 6.95000 01/15/2038 US 2,260,000 $2,584,295.69
KROGER CO US KR 370 $19,965.20
L3HARRIS TECHNOLOGIES INC US LHX 93 $21,600.18
BEIERSDORF AG DE BEI GR 1,435 $144,132.10
LENNAR CORP US LEN 133 $10,173.17
LIFE STORAGE INC US LSI 1,020 $135,139.80
LOCKHEED MARTIN CORP US LMT 94 $40,619.28
LULULEMON - ADR CA LULU 3,179 $1,127,368.77
MAGALLANES INC 4.05400 03/15/2029 US 4,730,000 $4,522,197.62
ATOS SE FR ATO FP 4,358 $106,167.68
MARATHON PETROLEUM CORP US MPC 193 $16,841.18
MARRIOTT VACATIONS WORLD US VAC 574 $85,715.42
MASTERCARD INC-CLASS A US MA 7,575 $2,752,603.50
MCDONALDS CORP US MCD 163 $40,613.08
ACCOR SA FR AC FP 3,181 $104,507.39
MERCADOLIBRE INC AR MELI 98 $95,415.74
MERCK & CO INC US MRK 698 $61,905.62
MERRILL LYNCH 6.11000 01/29/2037 US 2,090,000 $2,306,243.21
MICROSOFT CORP US MSFT 11,194 $3,106,558.88
MICROCHIP TECHNOLOGY INC US MCHP 224 $14,604.80
MID-AMERICA APARTMENT COMM US MAA 551 $108,370.68
MONDELEZ INTERNATIONAL INC US MDLZ 27,980 $1,804,150.40
MOODY'S CORPORATION US MCO 4,790 $1,515,939.20
MOTOROLA SOLUTIONS INC US MSI 88 $18,804.72
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 2,001,512.78 $1,914,003.24
TRAVELSKY TECHNOLOGY LTD-H CN 696 HK 36,000 $54,366.32
NAVIENT CORP 6.75000 06/25/2025 US 485,000 $487,427.31
NAVSL 2019-EA A2A 2.64000 05/15/2068 US 1,670,322.6 $1,650,908.42
NSLT 2012-3A A MTGE FLT 1.36786 02/25/2045 US 206,415.14 $203,482.72
NETAPP INC US NTAP 158 $11,573.50
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 398,064.96 $390,788.85
NRZT 2015-2A A1 3.75000 08/25/2055 US 393,017.92 $382,857.35
NRZT 2016-4A A1 3.75000 11/25/2056 US 572,045.9 $558,070.76
KEYENCE CORP JP 6861 JP 200 $80,400.85
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 950,000 $922,848.76
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 2,010,000 $1,827,553.41
NEWMONT GOLDCORP CORP US NEM 7,522 $547,977.70
NEXPOINT RESIDENTIAL US NXRT 935.27 $83,388.99
NORFOLK SOUTHN CORP US NSC 3,274 $844,299.12
NIKON CORP JP 7731 JP 11,400 $128,099.79
NORTHROP GRUMMAN CORP US NOC 66 $29,000.40
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 880,000 $88.00
NOVARTIS AG- REG CH NVS 22,353 $1,967,734.59
NUCOR CORP US NUE 141 $21,823.98
OBX 2022-INV1 A1 3.00000 12/25/2051 US 2,443,116.47 $2,233,990.02
OMNICOM GROUP US OMC 147 $11,191.11
SONY CORP FIRST SECTION JP 6758 JP 1,100 $94,931.19
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 1,780,000 $1,659,849.29
OXFIN 2020-1A A2 3.10100 02/15/2028 US 433,930.68 $433,903.26
OXFIN 2019-1A A2 4.45900 02/15/2027 US 1,481,909.12 $1,489,757.46
OXFIN 2022-1A 3.60200 02/15/2030 US 2,750,000 $2,639,133.48
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 679,122.74 $641,213.70
PPG INDUSTRIES INC US PPG 95 $12,159.05
PACKAGING CORP OF AMERICA US PKG 68 $10,959.56
PARKER HANNIFIN CORP US PH 53 $14,353.46
DEUTSCHE BOERSE AG DE DB1 GR 1,139 $198,293.70
PAYPAL HOLDINGS INC US PYPL 11,002 $967,405.86
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 3,058,764.74 $2,950,450.82
NESTLE SA-REGISTERED CH NESN SW 11,702 $1,510,659.03
PETROFAC LTD 9.75000 11/15/2026 JE 530,000 $495,647.01
PFIZER INC US PFE 1,039 $50,983.73
PIONEER NATURAL RESOURCES CO US PXD 83 $19,295.01
POPULAR INC 6.12500 09/14/2023 PR 485,000 $496,751.58
PROCTER & GAMBLE CO US PG 575 $92,316.25
PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 US 3,491,237.55 $3,445,175.66
PROLOGIS US PLD 3,342 $535,689.18
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 2,541,906.73 $2,235,439.23
PFMT 2021-2 A2A 2.00000 04/25/2051 US 1,687,088.23 $1,551,920.27
PUBLIC STORAGE INC US PSA 567 $210,640.50
QUALCOMM INC US QCOM 351 $49,031.19
QUEST DIAGNOSTICS INC US DGX 86 $11,510.24
RADIUS GLOBAL INFRASTRUCTURE US RADI 10,650 $132,273.00
RAILWORKS HOLDINGS LP/R 8.25000 11/15/2028 US 530,000 $528,617.47
REGIONS FINANCIAL CORP. US RF 628 $13,012.16
REPUBLIC SERVICES INC US RSG 152 $20,409.04
RESTAURANT BRANDS INTERN CA QSR 1,214 $69,307.26
REXFORD INDUSTRIAL REALITY IN US REXR 1,905 $148,666.20
GETINGE AB-B SHS SE GETIB SS 3,481 $100,697.64
ROSS STORES INC US ROST 140 $13,967.80
HEINEKEN NV NL HEIA NA 952 $92,925.71
SHELL PLC- ADR GB SHEL 709 $37,881.87
RYANAIR HOLDINGS - ADR IE RYAAY 9,727 $849,361.64
S&P GLOBAL INC US SPGI 1,550 $583,575.00
SBA COMMUNICATIONS CORP US SBAC 6,561 $2,277,388.71
NAVIENT CORP 5.50000 01/25/2023 US 235,000 $236,176.16
SLMA 2005-7 A4 FLT 1.33400 10/25/2029 US 133,443.89 $131,901.98
SMB 2016-B A2A 2.43000 02/17/2032 US 1,848,136.1 $1,812,858.84
SMB 2020-A A2A MTGE 2.23000 09/15/2037 US 276,484.53 $262,994.19
SOFI 2016-E A2B 2.49000 01/25/2036 US 1,925.5 $1,925.44
SALESFORCE INC US CRM 8,160 $1,435,670.40
SEA LTD - ADR SG SE 8,629 $714,136.04
SEAGEN INC US SGEN 13,347 $1,748,590.47
SEMT 2013-6 A2 3.00000 05/25/2043 US 1,404,697.57 $1,302,990.02
SEMT 2013-7 A2 3.00000 06/25/2043 US 209,999.78 $194,794.68
SEMT 2013-8 A1 3.00000 06/25/2043 US 247,435.18 $229,518.34
SEMT 2013-2 1.87400 02/25/2043 US 181,105.6 $167,412.88
SEMT 2020-1 A1 3.50000 02/25/2050 US 78,210.16 $74,748.09
SERVICENOW INC US NOW 3,072 $1,468,723.20
SHOPIFY INC CA SHOP 73 $31,157.86
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 5,970,000 $5,153,292.54
SKYWORKS SOLUTIONS INC US SWKS 78 $8,837.40
JM SMUCKER CO/THE-NEW COM WI US SJM 76 $10,406.68
SOFI 2017-F A2FX 2.84000 01/25/2041 US 166,989.99 $166,035.51
SOFI 2020-A A2FX MTGE 2.54000 05/15/2046 US 186,596.18 $181,829.57
SONY CORP SPONSORED ADR JP SONY 8,200 $705,610.00
SOUTH CAROLINA ST PUBLIC SVC 1.85200 12/01/2026 US 3,460,000 $3,168,900.62
SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 810,000 $836,401.42
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 2,530,000 $2,618,508.74
STANLEY BLACK & DECKER INC US SWK 78 $9,371.70
STARWOOD PROPERTY TRUST 3.75000 12/31/2024 US 255,000 $245,476.28
SRPT 2014-STAR A FLTG RATE 2.02500 11/15/2027 US 2,317,783.32 $1,611,167.05
STEEL DYNAMICS INC US STLD 139 $11,919.25
STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 2,105,768.9 $1,991,671.18
SUN COMMUNITIES US SUI 966 $169,600.62
SCML 2019-SBC8 2.86000 04/25/2041 US 1,966,992.93 $1,844,357.81
SWITCH INC - A US SWCH 5,727 $171,008.22
SYNCHRONOSS TECH US 21,100 $428,330.00
SYNERGY ONE LENDING 5.50000 10/14/2026 US 550,000 $498,542.93
TJX COMPANIES INC US TJX 358 $21,938.24
TACORA RESOURCES INC 8.25000 05/15/2026 CA 245,000 $234,656.94
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 8,843 $821,779.99
TARGET CORP US TGT 135 $30,867.75
TENCENT HOLDINGS 3.97500 04/11/2029 KY 7,530,000 $7,236,496.49
TERRENO REALTY CORP US TRNO 1,142 $83,080.50
TEXAS INSTRUMENTS INC US TXN 222 $37,795.50
THERMO FISHER SCIENTIFIC INC US TMO 1,607 $888,542.44
3M CO US MMM 234 $33,747.48
TOTALENERGIES SE SPON ADR FR TTE 615 $29,956.65
TPMT 2016-5 A1 2.50000 10/25/2056 US 394,054.81 $393,260.55
TPMT 2017-1 A1 2.75000 10/25/2056 US 468,671.01 $467,136.30
TPMT 2019-HY1 A1 1.66786 10/25/2048 US 768,520.08 $765,109.54
TRACTOR SUPPLY COMPANY US TSCO 49 $9,871.05
TRAVELLERS COS INC US TRV 121 $20,698.26
TAH 2017-SFR2 A 2.92800 01/17/2036 US 1,939,355.37 $1,915,639.85
TYSON FOODS INC -CL A US TSN 194 $18,073.04
UDR INC US UDR 2,257 $120,094.97
U.S. BANCORP US USB 631 $30,641.36
UNILEVER PLC - ADR GB UL 40,940 $1,893,884.40
UNION PAC CORP US UNP 212 $49,669.48
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 459,572.53 $420,195.88
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 88,457.47 $85,057.05
UNITED MEXICAN STATES 4.12500 01/21/2026 MX 400,000 $402,489.48
UNITED PARCEL SERVICE US UPS 4,086 $735,398.28
US TREASURY N/B 2.50000 02/15/2045 US 4,875,000 $4,330,371.09
US TREASURY N/B 2.00000 02/15/2050 US 5,295,000 $4,291,432.03
US TREASURY N/B 1.62500 05/15/2026 US 38,260,000 $36,358,956.25
UNITED STATES TREAS NTS 1.75000 05/15/2023 US 47,670,000 $47,463,305.74
US TREASURY N/B 2.50000 05/15/2024 US 47,565,000 $47,360,619.38
UNITED STATES TREAS NTS 2.12500 05/15/2025 US 43,705,000 $42,738,709.98
VF CORP US VFC 190 $9,880.00
VENTAS INC US VTR 1,013 $56,272.15
VERTEX PHARMACEUTICALS INC US VRTX 6,006 $1,640,959.32
PARAMOUNT GLOBAL CLASS B US PARA 312 $9,085.44
VISA INC - CLASS A SHARES US V 12,415 $2,646,008.95
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 2,850,000 $2,806,347.63
WAL MART STORES US WMT 640 $97,913.60
WALGREENS BOOTS ALLIANCE INC US WBA 358 $15,179.20
WARRIOR MET COAL INC 7.87500 12/01/2028 US 230,000 $236,961.85
WASTE MANAGEMENT INC US WM 166 $27,297.04
WELLTOWER INC. US WELL 1,040 $94,442.40
WILLIAMS COMPANIES INC 2.60000 03/15/2031 US 4,000,000 $3,461,196.52
WIN 2015-1 A1 3.50000 01/20/2045 US 111,413.26 $105,192.66
ZOETIS INC US ZTS 2,240 $397,040.00
ADMIRAL GROUP PLC GB ADM LN 4,001 $125,940.59
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 6,200 $43,209.96
UBISOFT ENTERTAINMENT FR UBI FP 2,315 $104,667.91
DANONE FR BN FP 1,090 $65,913.65
AIR LIQUIDE FR AI FP 1,203 $208,129.08
CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 327,000 $254,903.95
MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 4,996,000 $244,671.75
BRENNTAG AG DE BNR GR 2,000 $154,326.91
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 908,000 $40,827.80
KEYWORDS STUDIOS PLC IE KWS LN 948 $28,657.18
S4 CAPITAL PLC GB SFOR LN 17,961 $67,934.84
JINXIN FERTILITY GROUP CN 1951 HK 36,000 $22,564.49
HELIOS TOWERS PLC GB HTWS LN 22,547 $31,782.28
AVANZA BANK HOLDING AB SE AZA SS 4,093 $103,641.87
AMERICAN TANKER INC 7.75000 07/02/2025 US 520,000 $499,200.00
SOFTWAREONE HOLDING AG CH SWON SW 5,082 $68,711.04
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 3,485 $66,737.75
SEASPAN CORP 6.50000 02/05/2024 MH 500,000 $508,901.27
PETROTAL CORP 12.00000 02/16/2024 CA 400,000 $412,000.00
FINECOBANK SPA IT FBK IM 12,399 $172,362.99
ALLFUNDS GROUP PLC GB ALLFG NA 3,772 $32,335.54
COPPER MOUNTAIN MINING C 8.00000 04/09/2026 CA 480,000 $485,862.26
AIRSWIFT GLOBAL AS FLT 8.89486 05/12/2025 NO 500,000 $503,886.19
KENT GLOBAL PLC 10.00000 06/28/2026 GB 225,000 $224,331.80
ROTORK PLC GB ROR LN 26,037 $94,996.68
AUTO TRADER GROUP PLC GB AUTO LN 22,379 $176,618.70
ASSA ABLOY AB-B SE ASSAB SS 5,549 $140,235.13
CLEANAWAY WASTE MANAGEMENT AU CWY AU 48,211 $108,066.81
INTERMEDIATE CAPITAL GROUP GB ICP LN 4,283 $81,961.53
ADYEN NV NL ADYEN NA 92 $154,310.98
BANK OF N.T. BUTTERFIELD&SON BM NTB 1,879 $60,184.37
BUNGE LIMITED US BG 101 $11,425.12
EATON CORP PLC US ETN 187 $27,118.74
JOHNSON CONTROLS INTERNATIONAL US JCI 352 $21,074.24
MEDTRONIC INC IE MDT 10,826 $1,129,801.36
ROYALTY PHARMA PLC- CL A US RPRX 256 $10,900.48
STONECO LTD-A BR STNE 3,986 $37,548.12
TRANE TECHNOLOGIES IE TT 93 $13,009.77
ALCON INC CH ALC 13,603 $968,669.63
CHUBB LTD CH CB 164 $33,857.80
GARMIN LTD CH GRMN 123 $13,498.02
TE CONNECTIVITY LIMITED CH TEL 121 $15,098.38
LYONDELLBASELL INDU-CL A US LYB 133 $14,101.99
PLAYA HOTELS AND RESORTS US PLYA 5,447 $51,419.68
NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 MH 350,000 $354,290.94
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 503,549 $508,155.86

Investments will change over time.

Distributions

  • Pro-Blend® Conservative Term Series Class S Distribution History
  • 2022 Distribution Calendar
  • Fourth Quarter 2021 Distributions
  • Third Quarter 2021 Distributions
  • Second Quarter 2021 Distributions
  • First Quarter 2022 Distributions
  • Tax Letter
  • Target Income Merger into Pro Blend Conservative
  • Target 2015 Merger into Pro Blend Conservative

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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