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

$12.54

Daily $ Change

$0.01

Daily % Change

0.08%

as of 11/25/2022

Ticker

MNCWX

CUSIP

56382R324

Inception Date

04/01/2019

This fund is only available to discretionary investment accounts and other accounts managed by 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 10/31/2022

YTD

-12.75%

1 Year

-12.06%

3 Year

1.61%

5 Year

2.94%

10 Year

3.65%

Inception
(11/01/1995)

5.18%

Inception performance is based on the Pro-Blend® Conservative Term Series Class S inception of 11/01/1995. For periods through 04/01/2019 (the inception date of the Class W shares), performance for the Class W shares is based on the historical performance of the Class S shares. Because the Class W shares invest in the same portfolio of securities as the Class S shares, performance will be different only to the extent that the Class S shares have a higher expense ratio. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.

Expense Ratio

Gross 0.52%
Net 0.10%*

*Reflects the Advisor's contractual agreement to waive its management fee and limit and reimburse certain other expenses. These contractual waivers may not be amended or terminated without the prior approval of the Fund's Board of Directors. The Class W shares are only available to discretionary investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the fund's expenses.

Top Ten Investments

As of 10/31/2022

TREASURY NOTES 31.14%
GOVERNMENT AGENCY 10.67%
TREASURY BONDS 2.98%
TENCENT HOLDINGS 3.97500 04/11/2029 1.66%
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 1.18%
JPMORGAN CHASE & CO 4.49300 03/24/2031 1.06%
MAGALLANES INC 4.05400 03/15/2029 1.05%
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 1.00%
AMAZON.COM INC 3.30000 04/13/2027 0.92%
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 0.88%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 10/31/2022

Bonds 79.43%
Stocks 17.62%
Cash 2.95%

Detailed Asset Class Allocation

As of 10/31/2022

International Equities 4.24%
Small Capitalization 0.35%
Mid Capitalization 1.60%
Large Capitalization 11.43%
Long Term Fixed Income 18.63%
Intermediate Term Fixed Income 44.37%
Short Term Fixed Income 16.43%
Cash 2.95%

October Fund Holdings

As of 10/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 376 $37,201.44
ACTIVISION INC US ATVI 10,947 $796,941.60
ADIDAS AG-SPONSORED ADR DE ADDYY 7,448 $363,164.48
ADMIRAL GROUP PLC GB AMIGY 29,010 $669,840.90
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 2,040,000 $1,647,637.19
ADYEN NV UNSPON ADR NL ADYEY 42,767 $614,561.79
AGREE REALTY CORP US ADC 979 $67,257.30
AIR LIQUIDE-ADR FR AIQUY 43,015 $1,124,412.10
AIR LEASE CORP 3.62500 04/01/2027 US 1,890,000 $1,664,842.49
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 195,108.05 $193,090.01
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 3,730,000 $2,538,083.54
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 1,020,000 $733,304.73
ALLSTATE CORPORATION US ALL 152 $19,190.00
ALPHABET INC-CL A US GOOGL 22,041 $2,083,094.91
AMAZON.COM INC US AMZN 27,699 $2,837,485.56
AMAZON.COM INC 3.30000 04/13/2027 US 3,750,000 $3,517,777.31
DIAGEO PLC GB DGE LN 3,490 $143,622.28
BAE SYSTEMS PLC GB BA/ LN 13,657 $127,741.71
AMERICAN HOMES 4 RENT- A US AMH 4,856 $155,100.64
AMERICAN TOWER REIT INC US AMT 436 $90,334.84
ANALOG DEVICES INC US ADI 229 $32,659.98
APPLE HOSPITALITY REIT INC US APLE 6,240 $106,828.80
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 160,000 $160,762.76
ARCHER-DANIELS-MIDLAND CO US ADM 259 $25,117.82
ARGO BLOCKCHAIN PLC GB 8,963 $34,328.29
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 1,890,000 $1,646,608.35
AUTOMATIC DATA PROCESSING US ADP 150 $36,255.00
AVALONBAY COMMUNITIES INC US AVB 671 $117,505.52
BAE SYSTEMS PLC -SPON ADR GB BAESY 21,384 $798,478.56
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 1,540,000 $1,424,520.45
BANK OF AMERICA CORP 2.68700 04/22/2032 US 3,130,000 $2,412,724.16
BARRICK GOLD CORP CA GOLD 24,949 $374,983.47
BAXTER INTERNATIONAL INC US BAX 199 $10,815.65
BEST BUY INC US BBY 144 $9,851.04
BIOMARIN PHARMACEUTICAL INC US BMRN 11,251 $974,674.13
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 1,630,000 $1,398,382.09
DECHRA PHARMACEUTICALS PLC GB DPH LN 2,255 $67,790.41
BRANDYWINE REALTY TRUST US BDN 4,872 $31,960.32
BRISTOL MYERS SQUIBB CO US BMY 662 $51,285.14
BROADRIDGE FINANCIAL SOLUTIONS US BR 78 $11,704.68
JONAH ENERGY PARENT LLC US 2,353 $78,072.54
SORT 2020-1 A2 1.99000 07/15/2060 US 2,094,449.11 $1,708,812.02
SORT 2020-1 B1 2.28000 07/15/2060 US 2,743,084.24 $2,352,823.73
C.H. ROBINSON WORLDWIDE INC US CHRW 100 $9,772.00
CIM 2019-INV1 A1 4.00000 02/25/2049 US 93,183.8 $89,159.59
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 317,218.78 $270,929.06
COTERRA ENERGY INC US CTRA 388 $12,078.44
CAMDEN PROPERTY TRUST US CPT 750 $86,662.50
CAMPBELL SOUP CO US CPB 206 $10,899.46
CANADIAN NATIONAL RAILWAY CO CA CNI 7,474 $885,220.56
CARETRUST REIT INC US CTRE 5,177 $96,706.36
CATERPILLAR INC US CAT 205 $44,374.30
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 4,265 $70,073.95
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 1,784,000 $1,753,887.49
CHARTER COMMUNICATIONS INC-A US CHTR 2,483 $912,800.46
CHEVRON CORP US CVX 376 $68,018.40
CINCINNATI FINANCIAL CORP US CINF 106 $10,951.92
CISCO SYSTEMS INC US CSCO 1,246 $56,605.78
CITIGROUP INC US C 790 $36,229.40
CITIGROUP INC 1.46200 06/09/2027 US 2,990,000 $2,539,173.69
COCA COLA CO/THE US KO 24,675 $1,476,798.75
COLGATE-PALMOLIVE CO US CL 358 $26,434.72
COMCAST CORP-CL A US CMCSA 1,385 $43,959.90
CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 879,473.43 $783,085.62
COMMUNITY HEALTHCARE TRUST I US CHCT 1,675 $57,955.00
CONAGRA BRAND INC. US CAG 311 $11,413.70
CONOCOPHILLIPS US COP 350 $44,131.50
CONTROLADORA VUELA CIA DE AV MX VLRS 4,933 $41,338.54
COPART INC US CPRT 6,714 $772,244.28
COUSINS PROPERTIES INC US CUZ 3,823 $90,834.48
CAALT 2020-1A B 2.39000 04/16/2029 US 1,150,000 $1,136,469.96
CAALT 2021-2A A 0.96000 02/15/2030 US 2,200,000 $2,090,503.05
CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 2,350,000 $1,955,687.20
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 173,216.32 $145,471.48
CUMMINS INC US CMI 84 $20,538.84
COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 1,630,000 $1,375,460.70
KIMBERLY CLARK DE MEXICO S.A.B. MX 95,500 $150,482.51
DEVON ENERGY CORPORATION US DVN 257 $19,878.95
DIAMONDBACK ENERGY INC US FANG 83 $13,040.13
DIGITAL REALTY TRUST INC US DLR 1,233 $123,608.25
DOLLAR TREE STORES INC US DLTR 5,671 $898,853.50
DOW INC US DOW 264 $12,339.36
DREYFUS GVT CSH MANAGEMENT US 11,618,864.04 $11,618,864.04
EOG RESOURCES INC US EOG 191 $26,075.32
EASTMAN CHEM CO US EMN 96 $7,373.76
EBAY INC US EBAY 247 $9,840.48
ELECTRONIC ARTS US EA 6,876 $866,100.96
EMERSON ELEC CO US EMR 281 $24,334.60
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 4,170,000 $3,818,866.44
EQUINIX INC US EQIX 1,907 $1,080,201.08
EQUITY LIFESTYLE PROPERTIES US ELS 2,438 $155,934.48
ESSEX PROPERTY TRUST INC US ESS 318 $70,672.32
EVERGY INC US EVRG 14,964 $914,749.32
EXPEDIA GROUP INC 3.25000 02/15/2030 US 1,950,000 $1,570,973.57
EXTRA SPACE STORAGE INC US EXR 336 $59,619.84
FMC CORP US FMC 22,282 $2,649,329.80
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 435,000 $436,035.51
FREMF 2013-K28 X2A 0.10000 06/25/2046 US 145,545,067.87 $16,392.74
META PLATFORMS INC US META 7,583 $706,432.28
FHLM POOL G03926 6.00000 02/01/2038 US 146,964.72 $152,535.04
FHLM POOL G05906 6.00000 04/01/2040 US 20,381.25 $21,153.75
FHLM POOL G06789 6.00000 05/01/2040 US 120,320.72 $124,881.17
FHLM POOL G13078 6.00000 03/01/2023 US 53.19 $53.10
FHLM POOL C91746 4.50000 12/01/2033 US 42,159.89 $41,514.21
FHLM POOL C91762 4.50000 05/01/2034 US 393,999.49 $379,576.69
FHLM POOL A92889 4.50000 07/01/2040 US 496,487.66 $480,703.88
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 3,421,165.45 $2,934,980.14
FHLM POOL SD8230 4.50000 06/01/2052 US 2,326,845.94 $2,183,427.86
FREDDIE MAC POOL RB5167 3.50000 07/01/2042 US 1,300,539.98 $1,164,584.50
FR RB5178 MTGE 4.50000 08/01/2042 US 2,102,535.67 $1,999,366.60
FREDDIE MAC POOL RB5188 4.00000 10/01/2042 US 2,678,487.16 $2,473,077.70
FNR 2018-13 PA MTGE 3.00000 03/25/2048 US 1,854,081.31 $1,595,475.31
FNR 2018-31 KP 3.50000 07/25/2047 US 79,794.95 $76,695.57
FNR 2021-69 WJ 1.50000 10/25/2050 US 1,202,947.19 $987,306.53
FEDERAL NATL MTG ASSN 123456 6.00000 12/01/2038 US 8,706.19 $9,018.67
FHMS K030 X1 FLT 0.14022 04/25/2023 US 60,561,513.31 $20,430.43
FHMS K032 X1 FLT 0.06404 05/25/2023 US 41,233,052.56 $13,174.37
FHR 5189 CP 2.50000 06/25/2049 US 2,030,695.9 $1,721,113.10
FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 US 184,917.68 $173,143.71
FEDERAL NATL MTG ASSN AL0152 6.00000 06/01/2040 US 358,655.83 $371,845.06
FEDERAL NATL MTG ASSN AL1410 4.50000 12/01/2041 US 384,921.17 $372,226.42
FEDERAL NATL MTG ASSN AL1595 6.00000 01/01/2040 US 232,728.01 $241,286.36
FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 194,175.83 $181,812.38
FEDERAL NATL MTG ASSN AL8674 FLT 5.65600 01/01/2049 US 623,418.44 $642,554.67
FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 98,345.42 $91,098.30
FEDERAL NATL MTG ASSN BD6997 4.00000 10/01/2046 US 201,988.33 $187,103.71
FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 167,954.85 $155,578.18
FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 151,088.28 $144,733.22
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 3,270,208.53 $2,930,411.95
FEDERAL NATL MTG ASSN FS2998 3.50000 04/01/2052 US 3,828,827 $3,410,626.05
FEDERAL NATL MTG ASSN 886904 6.50000 09/01/2036 US 34,421.28 $36,045.34
FEDERAL NATL MTG ASSN 889260 5.00000 04/01/2038 US 7,478.42 $7,477.34
FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 1.55 $1.55
FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 172,430.44 $178,771.41
FEDERAL NATL MTG ASSN 933521 5.00000 01/01/2038 US 5,869.89 $5,869.05
FEDERAL NATL MTG ASSN 971022 5.00000 01/01/2039 US 13,468.67 $13,471.60
FEDERAL NATL MTG ASSN 975840 5.00000 05/01/2038 US 26,621.2 $26,626.99
FEDERAL NATL MTG ASSN 983686 5.00000 02/01/2039 US 13,976.19 $13,979.23
FEDERAL NATL MTG ASSN 986458 6.00000 08/01/2038 US 3,983.43 $4,126.40
FEDERAL NATL MTG ASSN 987831 6.00000 09/01/2038 US 8,859.68 $9,177.66
FEDERAL NATL MTG ASSN 990897 6.00000 09/01/2038 US 19,427.07 $20,124.33
FEDERAL NATL MTG ASSN 995196 6.00000 07/01/2038 US 222,254.7 $230,583.01
FEDERAL NATL MTG ASSN AA1563 4.50000 02/01/2024 US 2,484.99 $2,469.83
FEDERAL NATL MTG ASSN AA1810 5.00000 01/01/2039 US 34,318.98 $34,326.44
FEDERAL NATL MTG ASSN AA6788 6.00000 08/01/2039 US 113,300.26 $117,354.94
FEDERAL NATL MTG ASSN AB4300 3.50000 01/01/2042 US 84,843.25 $76,913.78
FEDERAL NATL MTG ASSN AC0463 5.00000 11/01/2039 US 16,888.3 $16,878.64
FEDERAL NATL MTG ASSN AC1557 4.50000 09/01/2024 US 7,337.68 $7,292.91
FEDERAL NATL MTG ASSN AC5111 5.00000 11/01/2039 US 27,957.61 $27,941.62
FEDERAL NATL MTG ASSN AC8573 5.00000 01/01/2040 US 26,071.65 $26,056.74
FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 323,395.07 $313,234.62
FEDERAL NATL MTG ASSN MA0259 5.00000 12/01/2039 US 18,553.72 $18,543.11
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 278,333.47 $267,953.27
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 258,646.53 $249,000.53
FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 642,133.03 $614,176.47
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 2,640,917.5 $2,226,080.67
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 3,563,919.3 $3,134,826.87
FEDERAL NATL MTG ASSN MA4633 3.50000 06/01/2042 US 1,322,546.08 $1,184,225.91
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 4,008,321.74 $3,647,334.93
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 3,402,544.47 $3,141,057.43
FN MA4807 MTGE 5.50000 11/01/2052 US 2,990,000 $2,950,931.08
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 30,849.28 $32,005.26
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 2,235.54 $2,255.43
FEDERAL NATL MTG ASSN AE0061 6.00000 02/01/2040 US 88,292.42 $91,461.34
FEDERAL NATL MTG ASSN AE0604 6.00000 07/01/2039 US 208,820.1 $216,644.99
FIFTH THIRD BANCORP US FITB 410 $14,632.90
FLX 2021-1A A2 3.25000 11/27/2051 US 2,600,000 $2,220,029.24
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 3,660,000 $3,372,203.37
GCT 2021-GCT A FLT 4.21200 02/15/2038 US 3,100,000 $2,910,975.02
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 1,288,817.4 $1,093,394.26
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 1,296,068.94 $1,099,510.96
GSMBS 2021-INV1 A9 3.84682 12/25/2051 US 1,539,756.92 $1,388,213.58
GSMBS 2022-PJ1 A8 2.50000 05/28/2052 US 1,974,441.87 $1,672,005.30
GNMA POOL 671161 5.50000 11/15/2037 US 25,885.81 $26,514.66
GENERAL DYNAMICS CORP US GD 124 $30,975.20
GENERAL MLS INC US GIS 273 $22,271.34
GENUINE PARTS CO US GPC 96 $17,074.56
GETTY REALTY CORP US GTY 2,077 $65,404.73
GILEAD SCIENCES INC US GILD 539 $42,289.94
GREENIDGE GEN HLD INC US 10,500 $61,425.00
GRUPO AEROPORTUARIO PAC-ADR MX PAC 160 $24,809.60
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 112 $26,143.04
AIRBUS SE FR AIR FP 721 $78,014.92
ADIDAS AG DE ADS GR 1,291 $126,021.12
HCA INC 4.12500 06/15/2029 US 2,720,000 $2,397,385.72
HDFC BANK LTD-ADR IN HDB 1,552 $96,705.12
L'OREAL FR OR FP 93 $29,202.41
HAWAII ST 2.68200 10/01/2038 US 2,660,000 $1,808,190.35
HEALTHCARE REALTY TRUST INC US HR 5,907 $120,089.31
HEINEKEN NV-SPN ADR NL HEINY 16,219 $676,981.06
HOME DEPOT INC US HD 272 $80,547.36
HONEYWELL INTERNATIONAL INC US HON 238 $48,556.76
IIP OPERATING PARTNER 5.50000 05/25/2026 US 460,000 $399,073.09
IDEXX LABORATORIES INC US IDXX 1,633 $587,357.44
KERRY GROUP PLC-A IE KYGA ID 876 $76,084.90
ILLINOIS TOOL WKS INC US ITW 139 $29,680.67
IMPRL 2021-NQM3 1.59500 11/25/2056 US 1,450,342.85 $1,149,846.49
IMPRL 2022-NQM1 A1 2.49300 02/25/2067 US 2,785,028.42 $2,413,163.15
INDEPENDENCE REALTY TRUST IN US IRT 2,368 $39,687.68
INTEL CORP US INTC 1,351 $38,408.93
INTERCONTINENTALEXCHANGE INC US ICE 24,236 $2,316,234.52
INTERNATIONAL FLVRS & FRAGRANCES US IFF 145 $14,153.45
INTUITIVE SURGICAL INC US ISRG 3,649 $899,369.03
INVITATION HOMES INC US INVH 4,351 $137,883.19
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 600,000 $560,086.44
JP MORGAN CHASE & CO US JPM 753 $94,787.64
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 299,590.63 $275,063.90
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 4,480,000 $4,050,797.63
JPMMT 2017-3 1A3 3.50000 08/25/2047 US 35,638.74 $30,797.54
JPMMT 2017-6 A3 3.50000 12/25/2048 US 90,263.53 $79,658.96
JOHNSON & JOHNSON US JNJ 15,360 $2,672,179.20
KREF 2021-FL2 A 4.48214 02/15/2039 US 1,450,000 $1,391,753.94
KEYCORP US KEY 478 $8,541.86
KROGER CO US KR 370 $17,497.30
L3HARRIS TECHNOLOGIES INC US LHX 3,563 $878,172.61
BEIERSDORF AG DE BEI GR 1,435 $137,753.13
LENNAR CORP US LEN 133 $10,733.10
OASIS 2022-2A A 7.01707 10/15/2034 US 1,570,000 $1,560,405.57
LIFE STORAGE INC US LSI 863 $95,456.43
LOCKHEED MARTIN CORP US LMT 94 $45,747.92
LULULEMON - ADR CA LULU 155 $51,001.20
MAGALLANES INC 4.05400 03/15/2029 US 4,730,000 $4,020,844.30
MARATHON PETROLEUM CORP US MPC 198 $22,496.76
MARRIOTT VACATIONS WORLD US VAC 266 $39,304.16
MASTERCARD INC-CLASS A US MA 7,575 $2,485,963.50
MCDONALDS CORP US MCD 163 $44,443.58
MERCADOLIBRE INC BR MELI 127 $114,505.74
MERCK & CO INC US MRK 714 $72,256.80
MICROSOFT CORP US MSFT 11,194 $2,598,463.22
MICROCHIP TECHNOLOGY INC US MCHP 224 $13,829.76
MID-AMERICA APARTMENT COMM US MAA 783 $123,283.35
MONDELEZ INTERNATIONAL INC US MDLZ 27,976 $1,719,964.48
MOODY'S CORPORATION US MCO 4,790 $1,268,727.30
MOTOROLA SOLUTIONS INC US MSI 90 $22,473.90
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 1,759,722.83 $1,553,289.04
NAVIENT CORP 6.75000 06/25/2025 US 485,000 $463,762.78
NAVSL 2019-EA A2A 2.64000 05/15/2068 US 1,400,783.42 $1,309,737.40
NSLT 2012-3A A MTGE FLT 4.28557 02/25/2045 US 179,422.16 $173,306.69
NESTLE S.A. - ADR CH NSRGY 9,662 $1,050,356.02
NETAPP INC US NTAP 158 $10,944.66
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 362,082.05 $331,909.50
NRZT 2015-2A A1 3.75000 08/25/2055 US 355,309.84 $325,301.19
NRZT 2016-4A A1 3.75000 11/25/2056 US 512,214.73 $466,410.85
KEYENCE CORP JP 6861 JP 300 $113,119.59
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 950,000 $902,119.99
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 2,010,000 $1,702,302.95
NEWMONT GOLDCORP CORP US NEM 7,526 $318,500.32
NIKE INC CLASS B US NKE 6,865 $636,248.20
NORFOLK SOUTHN CORP US NSC 3,278 $747,613.46
NIKON CORP JP 7731 JP 4,900 $47,388.56
NORTHROP GRUMMAN CORP US NOC 1,920 $1,054,099.20
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 880,000 $88.00
NOVARTIS AG- REG CH NVS 22,353 $1,813,498.89
NUCOR CORP US NUE 141 $18,524.58
OBX 2022-INV1 A1 3.00000 12/25/2051 US 2,348,867.45 $1,876,379.84
OMNICOM GROUP US OMC 149 $10,839.75
SONY CORP FIRST SECTION JP 6758 JP 1,100 $74,178.13
TOKYO ELECTRON LTD JP 8035 JP 200 $52,619.32
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 1,780,000 $1,531,329.57
OXFIN 2020-1A A2 3.10100 02/15/2028 US 269,299.39 $266,087.03
OXFIN 2019-1A A2 4.45900 02/15/2027 US 877,270.16 $867,848.10
OXFIN 2022-1A 3.60200 02/15/2030 US 2,750,000 $2,508,927.03
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 642,831.18 $561,977.65
PPG INDUSTRIES INC US PPG 95 $10,847.10
PACKAGING CORP OF AMERICA US PKG 68 $8,174.28
PARKER HANNIFIN CORP US PH 53 $15,402.86
DEUTSCHE BOERSE AG DE DB1 GR 737 $119,850.77
PAYPAL HOLDINGS INC US PYPL 10,228 $854,856.24
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 2,618,789.64 $2,454,055.99
PEAR 2022-1 A1 6.50000 10/15/2034 US 1,250,000 $1,247,758.75
PELORUS FUND REIT 7.00000 09/30/2026 US 470,000 $423,189.79
NESTLE SA-REGISTERED CH NESN SW 1,902 $207,049.44
PEPSICO INC 3.90000 07/18/2032 US 3,370,000 $3,117,308.98
PFIZER INC US PFE 1,115 $51,903.25
PIONEER NATURAL RESOURCES CO US PXD 83 $21,282.03
POPULAR INC 6.12500 09/14/2023 PR 430,000 $429,928.32
PROCTER & GAMBLE CO US PG 597 $80,397.99
PROLOGIS US PLD 5,095 $564,271.25
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 2,463,170.08 $1,886,521.03
PFMT 2021-2 A2A 2.00000 04/25/2051 US 1,586,441.7 $1,327,705.15
PUBLIC STORAGE INC US PSA 682 $211,249.50
QUALCOMM INC US QCOM 373 $43,887.18
QUALCOMM INC 4.25000 05/20/2032 US 3,550,000 $3,327,131.60
QUEST DIAGNOSTICS INC US DGX 82 $11,779.30
RADIUS GLOBAL INFRASTRUCTURE US RADI 14,766 $138,062.10
REGIONS FINANCIAL CORP. US RF 628 $13,784.60
REPUBLIC SERVICES INC US RSG 163 $21,617.06
RESTAURANT BRANDS INTERN CA QSR 1,214 $72,087.32
REXFORD INDUSTRIAL REALITY IN US REXR 2,787 $154,065.36
GETINGE AB-B SHS SE GETIB SS 5,850 $118,713.96
ROSS STORES INC US ROST 140 $13,396.60
HEINEKEN NV NL HEIA NA 1,378 $115,110.21
RYANAIR HOLDINGS - ADR IE RYAAY 662 $45,605.18
S&P GLOBAL INC US SPGI 1,550 $497,937.50
SBA COMMUNICATIONS CORP US SBAC 6,659 $1,797,264.10
SLMA 2005-7 A4 FLT 4.50843 10/25/2029 US 84,837.17 $83,792.11
SMB 2016-B A2A 2.43000 02/17/2032 US 1,408,231.01 $1,327,605.33
SALESFORCE INC US CRM 8,160 $1,326,734.40
SEA LTD - ADR SG SE 1,171 $58,175.28
SEAGEN INC US SGEN 4,474 $568,913.84
SEMT 2013-6 A2 3.00000 05/25/2043 US 1,322,515 $1,138,972.57
SEMT 2013-7 A2 3.00000 06/25/2043 US 197,248.76 $169,320.42
SEMT 2013-8 A1 3.00000 06/25/2043 US 227,834.57 $197,457.90
SEMT 2013-2 1.87400 02/25/2043 US 164,406.16 $136,820.15
SEMT 2020-1 A1 3.50000 02/25/2050 US 69,264.98 $59,835.88
SERVICENOW INC US NOW 3,072 $1,292,513.28
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 5,970,000 $4,531,846.28
SKYWORKS SOLUTIONS INC US SWKS 80 $6,880.80
JM SMUCKER CO/THE-NEW COM WI US SJM 73 $10,998.18
SNOWFLAKE INC-CLASS A US SNOW 4,002 $641,520.60
SOFI 2017-F A2FX 2.84000 01/25/2041 US 129,230.47 $123,415.43
SOFI 2020-A A2FX MTGE 2.54000 05/15/2046 US 161,519.82 $147,369.71
SOUTH CAROLINA ST PUBLIC SVC 1.85200 12/01/2026 US 3,460,000 $3,027,875.38
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 3,310,000 $3,226,298.90
STANLEY BLACK & DECKER INC US SWK 78 $6,122.22
SRPT 2014-STAR A FLTG RATE 4.88300 11/15/2027 US 2,317,783.32 $1,625,007.06
STEEL DYNAMICS INC US STLD 139 $13,072.95
STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 2,099,352.2 $1,857,960.71
SUN COMMUNITIES US SUI 1,323 $178,406.55
SCML 2019-SBC8 2.86000 04/25/2041 US 1,789,670.04 $1,616,718.12
SYNCHRONOSS TECH US 20,031 $380,989.62
SYNERGY ONE LENDING 5.50000 10/14/2026 US 550,000 $462,771.28
TJX COMPANIES INC US TJX 358 $25,811.80
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 2,109 $129,808.95
TARGET CORP US TGT 135 $22,173.75
TENCENT HOLDINGS 3.97500 04/11/2029 KY 7,530,000 $6,340,158.35
TERRENO REALTY CORP US TRNO 2,117 $120,965.38
TEXAS INSTRUMENTS INC US TXN 219 $35,177.97
THERMO FISHER SCIENTIFIC INC US TMO 1,607 $825,949.79
3M CO US MMM 234 $29,434.86
TPMT 2016-5 A1 2.50000 10/25/2056 US 237,823.37 $234,254.35
TPMT 2017-1 A1 2.75000 10/25/2056 US 281,945.82 $276,651.30
TPMT 2019-HY1 A1 4.58557 10/25/2048 US 623,269.4 $611,897.73
TRACTOR SUPPLY COMPANY US TSCO 48 $10,548.96
TRAVELLERS COS INC US TRV 121 $22,319.66
TAH 2017-SFR2 A 2.92800 01/17/2036 US 1,875,562.96 $1,807,514.31
TYSON FOODS INC -CL A US TSN 194 $13,259.90
UDR INC US UDR 3,986 $158,483.36
U.S. BANCORP US USB 631 $26,785.95
UNILEVER PLC - ADR GB UL 41,768 $1,900,861.68
UNION PAC CORP US UNP 221 $43,567.94
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 426,462.53 $358,030.50
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 82,259.34 $73,670.32
UNITED MEXICAN STATES 4.12500 01/21/2026 MX 400,000 $385,430.08
UNITED PARCEL SERVICE US UPS 216 $36,238.32
TREASURY BOND 2.37500 02/15/2042 US 15,675,000 $11,401,113.28
UNITED STATES TREAS NTS 2.25000 11/15/2024 US 29,080,000 $27,796,390.77
US TREASURY N/B 2.25000 11/15/2025 US 30,065,000 $28,188,286.48
US TREASURY N/B 2.00000 11/15/2026 US 27,960,000 $25,522,237.50
UNITED STATES TREAS NTS 1.75000 05/15/2023 US 28,190,000 $27,768,251.10
US TREASURY N/B 1.37500 11/15/2031 US 12,375,000 $9,863,261.72
VF CORP US VFC 190 $5,367.50
VENTAS INC US VTR 1,533 $59,986.29
VERTEX PHARMACEUTICALS INC US VRTX 3,340 $1,042,080.00
PARAMOUNT GLOBAL CLASS B US PARA 312 $5,715.84
VISA INC - CLASS A SHARES US V 9,064 $1,877,698.24
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 855,000 $814,276.91
VISTRA OPERATIONS 4.87500 05/13/2024 US 2,945,000 $2,865,663.29
WAL MART STORES US WMT 622 $88,529.26
WALGREENS BOOTS ALLIANCE INC US WBA 358 $13,067.00
WASTE MANAGEMENT INC US WM 177 $28,031.49
WELLTOWER INC. US WELL 1,814 $110,726.56
WIN 2015-1 A1 3.50000 01/20/2045 US 101,994.67 $90,276.13
ZOETIS INC US ZTS 2,240 $337,747.20
ADMIRAL GROUP PLC GB ADM LN 5,483 $126,797.95
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 3,400 $27,113.51
UBISOFT ENTERTAINMENT FR UBI FP 2,315 $63,514.13
DANONE FR BN FP 1,090 $54,172.47
AIR LIQUIDE FR AI FP 1,097 $143,502.70
BRENNTAG AG DE BNR GR 1,375 $83,429.99
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 908,000 $40,340.08
KEYWORDS STUDIOS PLC IE KWS LN 948 $26,215.14
HELIOS TOWERS PLC GB HTWS LN 41,898 $60,198.83
AVANZA BANK HOLDING AB SE AZA SS 4,093 $81,643.21
AMERICAN TANKER INC 7.75000 07/02/2025 US 520,000 $484,212.16
SOFTWAREONE HOLDING AG CH SWON SW 6,918 $77,856.71
TENCENT HOLDINGS LTD CN 700 HK 2,700 $70,947.34
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 4,418 $63,619.20
SEASPAN CORP 6.50000 02/05/2024 MH 500,000 $494,375.31
PETROTAL CORP 12.00000 02/16/2024 CA 400,000 $404,620.60
IMCD NV NL IMCD NA 399 $51,748.09
FINECOBANK SPA IT FBK IM 12,399 $167,083.93
ALLFUNDS GROUP PLC GB ALLFG NA 8,695 $54,680.99
AIRSWIFT GLOBAL AS FLT 11.42271 05/12/2025 NO 500,000 $496,474.49
ROTORK PLC GB ROR LN 26,037 $76,316.52
AUTO TRADER GROUP PLC GB AUTO LN 22,379 $133,955.82
CELLNEX TELECOM SA ES CLNX SM 3,690 $120,774.66
ASSA ABLOY AB-B SE ASSAB SS 4,911 $99,163.31
CLEANAWAY WASTE MANAGEMENT AU CWY AU 65,464 $113,235.13
INTERMEDIATE CAPITAL GROUP GB ICP LN 8,309 $101,176.80
ADYEN NV NL ADYEN NA 87 $124,201.16
BANK OF N.T. BUTTERFIELD&SON BM NTB 1,648 $56,921.92
BUNGE LIMITED US BG 101 $9,968.70
EATON CORP PLC US ETN 186 $27,913.02
JOHNSON CONTROLS INTERNATIONAL US JCI 352 $20,359.68
LINDE PLC GB LIN 288 $85,636.80
MEDTRONIC INC IE MDT 10,860 $948,512.40
ROYALTY PHARMA PLC- CL A US RPRX 273 $11,553.36
STONECO LTD-A BR STNE 3,986 $41,853.00
TRANE TECHNOLOGIES IE TT 93 $14,845.59
ALCON INC CH ALC 13,603 $825,430.04
CHUBB LTD CH CB 174 $37,390.86
GARMIN LTD CH GRMN 120 $10,564.80
TE CONNECTIVITY LIMITED CH TEL 130 $15,889.90
LYONDELLBASELL INDU-CL A US LYB 133 $10,167.85
PLAYA HOTELS AND RESORTS US PLYA 4,533 $27,968.61
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 484,598 $457,747.90

Investments will change over time.

Distributions

  • Pro-Blend® Conservative Term Series Class W Distribution History
  • 2022 Distribution Calendar
  • Fourth Quarter 2021 Distributions
  • Third Quarter 2022 Distributions
  • Second Quarter 2022 Distributions
  • First Quarter 2022 Distributions
  • Tax Letter

A Word About Risk

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

Daily Price

$12.54

Daily $ Change

$0.01

Daily % Change

0.08%

as of 11/25/2022

Ticker

MNCWX

CUSIP

56382R324

Inception Date

04/01/2019

This fund is only available to discretionary investment accounts and other accounts managed by 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 10/31/2022

YTD

-12.75%

1 Year

-12.06%

3 Year

1.61%

5 Year

2.94%

10 Year

3.65%

Inception
(11/01/1995)

5.18%

Inception performance is based on the Pro-Blend® Conservative Term Series Class S inception of 11/01/1995. For periods through 04/01/2019 (the inception date of the Class W shares), performance for the Class W shares is based on the historical performance of the Class S shares. Because the Class W shares invest in the same portfolio of securities as the Class S shares, performance will be different only to the extent that the Class S shares have a higher expense ratio. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.

Expense Ratio

Gross 0.52%
Net 0.10%*

*Reflects the Advisor's contractual agreement to waive its management fee and limit and reimburse certain other expenses. These contractual waivers may not be amended or terminated without the prior approval of the Fund's Board of Directors. The Class W shares are only available to discretionary investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the fund's expenses.

Top Ten Investments

As of 10/31/2022

TREASURY NOTES 31.14%
GOVERNMENT AGENCY 10.67%
TREASURY BONDS 2.98%
TENCENT HOLDINGS 3.97500 04/11/2029 1.66%
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 1.18%
JPMORGAN CHASE & CO 4.49300 03/24/2031 1.06%
MAGALLANES INC 4.05400 03/15/2029 1.05%
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 1.00%
AMAZON.COM INC 3.30000 04/13/2027 0.92%
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 0.88%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 10/31/2022

Bonds
79.43%
Stocks
17.62%
Cash
2.95%

Detailed Asset Class Allocation

As of 10/31/2022

International Equities
4.24%
Small Capitalization
0.35%
Mid Capitalization
1.60%
Large Capitalization
11.43%
Long Term Fixed Income
18.63%
Intermediate Term Fixed Income
44.37%
Short Term Fixed Income
16.43%
Cash
2.95%

October Fund Holdings

As of 10/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 376 $37,201.44
ACTIVISION INC US ATVI 10,947 $796,941.60
ADIDAS AG-SPONSORED ADR DE ADDYY 7,448 $363,164.48
ADMIRAL GROUP PLC GB AMIGY 29,010 $669,840.90
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 2,040,000 $1,647,637.19
ADYEN NV UNSPON ADR NL ADYEY 42,767 $614,561.79
AGREE REALTY CORP US ADC 979 $67,257.30
AIR LIQUIDE-ADR FR AIQUY 43,015 $1,124,412.10
AIR LEASE CORP 3.62500 04/01/2027 US 1,890,000 $1,664,842.49
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 195,108.05 $193,090.01
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 3,730,000 $2,538,083.54
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 1,020,000 $733,304.73
ALLSTATE CORPORATION US ALL 152 $19,190.00
ALPHABET INC-CL A US GOOGL 22,041 $2,083,094.91
AMAZON.COM INC US AMZN 27,699 $2,837,485.56
AMAZON.COM INC 3.30000 04/13/2027 US 3,750,000 $3,517,777.31
DIAGEO PLC GB DGE LN 3,490 $143,622.28
BAE SYSTEMS PLC GB BA/ LN 13,657 $127,741.71
AMERICAN HOMES 4 RENT- A US AMH 4,856 $155,100.64
AMERICAN TOWER REIT INC US AMT 436 $90,334.84
ANALOG DEVICES INC US ADI 229 $32,659.98
APPLE HOSPITALITY REIT INC US APLE 6,240 $106,828.80
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 160,000 $160,762.76
ARCHER-DANIELS-MIDLAND CO US ADM 259 $25,117.82
ARGO BLOCKCHAIN PLC GB 8,963 $34,328.29
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 1,890,000 $1,646,608.35
AUTOMATIC DATA PROCESSING US ADP 150 $36,255.00
AVALONBAY COMMUNITIES INC US AVB 671 $117,505.52
BAE SYSTEMS PLC -SPON ADR GB BAESY 21,384 $798,478.56
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 1,540,000 $1,424,520.45
BANK OF AMERICA CORP 2.68700 04/22/2032 US 3,130,000 $2,412,724.16
BARRICK GOLD CORP CA GOLD 24,949 $374,983.47
BAXTER INTERNATIONAL INC US BAX 199 $10,815.65
BEST BUY INC US BBY 144 $9,851.04
BIOMARIN PHARMACEUTICAL INC US BMRN 11,251 $974,674.13
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 1,630,000 $1,398,382.09
DECHRA PHARMACEUTICALS PLC GB DPH LN 2,255 $67,790.41
BRANDYWINE REALTY TRUST US BDN 4,872 $31,960.32
BRISTOL MYERS SQUIBB CO US BMY 662 $51,285.14
BROADRIDGE FINANCIAL SOLUTIONS US BR 78 $11,704.68
JONAH ENERGY PARENT LLC US 2,353 $78,072.54
SORT 2020-1 A2 1.99000 07/15/2060 US 2,094,449.11 $1,708,812.02
SORT 2020-1 B1 2.28000 07/15/2060 US 2,743,084.24 $2,352,823.73
C.H. ROBINSON WORLDWIDE INC US CHRW 100 $9,772.00
CIM 2019-INV1 A1 4.00000 02/25/2049 US 93,183.8 $89,159.59
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 317,218.78 $270,929.06
COTERRA ENERGY INC US CTRA 388 $12,078.44
CAMDEN PROPERTY TRUST US CPT 750 $86,662.50
CAMPBELL SOUP CO US CPB 206 $10,899.46
CANADIAN NATIONAL RAILWAY CO CA CNI 7,474 $885,220.56
CARETRUST REIT INC US CTRE 5,177 $96,706.36
CATERPILLAR INC US CAT 205 $44,374.30
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 4,265 $70,073.95
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 1,784,000 $1,753,887.49
CHARTER COMMUNICATIONS INC-A US CHTR 2,483 $912,800.46
CHEVRON CORP US CVX 376 $68,018.40
CINCINNATI FINANCIAL CORP US CINF 106 $10,951.92
CISCO SYSTEMS INC US CSCO 1,246 $56,605.78
CITIGROUP INC US C 790 $36,229.40
CITIGROUP INC 1.46200 06/09/2027 US 2,990,000 $2,539,173.69
COCA COLA CO/THE US KO 24,675 $1,476,798.75
COLGATE-PALMOLIVE CO US CL 358 $26,434.72
COMCAST CORP-CL A US CMCSA 1,385 $43,959.90
CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 879,473.43 $783,085.62
COMMUNITY HEALTHCARE TRUST I US CHCT 1,675 $57,955.00
CONAGRA BRAND INC. US CAG 311 $11,413.70
CONOCOPHILLIPS US COP 350 $44,131.50
CONTROLADORA VUELA CIA DE AV MX VLRS 4,933 $41,338.54
COPART INC US CPRT 6,714 $772,244.28
COUSINS PROPERTIES INC US CUZ 3,823 $90,834.48
CAALT 2020-1A B 2.39000 04/16/2029 US 1,150,000 $1,136,469.96
CAALT 2021-2A A 0.96000 02/15/2030 US 2,200,000 $2,090,503.05
CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 2,350,000 $1,955,687.20
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 173,216.32 $145,471.48
CUMMINS INC US CMI 84 $20,538.84
COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 1,630,000 $1,375,460.70
KIMBERLY CLARK DE MEXICO S.A.B. MX 95,500 $150,482.51
DEVON ENERGY CORPORATION US DVN 257 $19,878.95
DIAMONDBACK ENERGY INC US FANG 83 $13,040.13
DIGITAL REALTY TRUST INC US DLR 1,233 $123,608.25
DOLLAR TREE STORES INC US DLTR 5,671 $898,853.50
DOW INC US DOW 264 $12,339.36
DREYFUS GVT CSH MANAGEMENT US 11,618,864.04 $11,618,864.04
EOG RESOURCES INC US EOG 191 $26,075.32
EASTMAN CHEM CO US EMN 96 $7,373.76
EBAY INC US EBAY 247 $9,840.48
ELECTRONIC ARTS US EA 6,876 $866,100.96
EMERSON ELEC CO US EMR 281 $24,334.60
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 4,170,000 $3,818,866.44
EQUINIX INC US EQIX 1,907 $1,080,201.08
EQUITY LIFESTYLE PROPERTIES US ELS 2,438 $155,934.48
ESSEX PROPERTY TRUST INC US ESS 318 $70,672.32
EVERGY INC US EVRG 14,964 $914,749.32
EXPEDIA GROUP INC 3.25000 02/15/2030 US 1,950,000 $1,570,973.57
EXTRA SPACE STORAGE INC US EXR 336 $59,619.84
FMC CORP US FMC 22,282 $2,649,329.80
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 435,000 $436,035.51
FREMF 2013-K28 X2A 0.10000 06/25/2046 US 145,545,067.87 $16,392.74
META PLATFORMS INC US META 7,583 $706,432.28
FHLM POOL G03926 6.00000 02/01/2038 US 146,964.72 $152,535.04
FHLM POOL G05906 6.00000 04/01/2040 US 20,381.25 $21,153.75
FHLM POOL G06789 6.00000 05/01/2040 US 120,320.72 $124,881.17
FHLM POOL G13078 6.00000 03/01/2023 US 53.19 $53.10
FHLM POOL C91746 4.50000 12/01/2033 US 42,159.89 $41,514.21
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FIFTH THIRD BANCORP US FITB 410 $14,632.90
FLX 2021-1A A2 3.25000 11/27/2051 US 2,600,000 $2,220,029.24
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 3,660,000 $3,372,203.37
GCT 2021-GCT A FLT 4.21200 02/15/2038 US 3,100,000 $2,910,975.02
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 1,288,817.4 $1,093,394.26
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 1,296,068.94 $1,099,510.96
GSMBS 2021-INV1 A9 3.84682 12/25/2051 US 1,539,756.92 $1,388,213.58
GSMBS 2022-PJ1 A8 2.50000 05/28/2052 US 1,974,441.87 $1,672,005.30
GNMA POOL 671161 5.50000 11/15/2037 US 25,885.81 $26,514.66
GENERAL DYNAMICS CORP US GD 124 $30,975.20
GENERAL MLS INC US GIS 273 $22,271.34
GENUINE PARTS CO US GPC 96 $17,074.56
GETTY REALTY CORP US GTY 2,077 $65,404.73
GILEAD SCIENCES INC US GILD 539 $42,289.94
GREENIDGE GEN HLD INC US 10,500 $61,425.00
GRUPO AEROPORTUARIO PAC-ADR MX PAC 160 $24,809.60
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 112 $26,143.04
AIRBUS SE FR AIR FP 721 $78,014.92
ADIDAS AG DE ADS GR 1,291 $126,021.12
HCA INC 4.12500 06/15/2029 US 2,720,000 $2,397,385.72
HDFC BANK LTD-ADR IN HDB 1,552 $96,705.12
L'OREAL FR OR FP 93 $29,202.41
HAWAII ST 2.68200 10/01/2038 US 2,660,000 $1,808,190.35
HEALTHCARE REALTY TRUST INC US HR 5,907 $120,089.31
HEINEKEN NV-SPN ADR NL HEINY 16,219 $676,981.06
HOME DEPOT INC US HD 272 $80,547.36
HONEYWELL INTERNATIONAL INC US HON 238 $48,556.76
IIP OPERATING PARTNER 5.50000 05/25/2026 US 460,000 $399,073.09
IDEXX LABORATORIES INC US IDXX 1,633 $587,357.44
KERRY GROUP PLC-A IE KYGA ID 876 $76,084.90
ILLINOIS TOOL WKS INC US ITW 139 $29,680.67
IMPRL 2021-NQM3 1.59500 11/25/2056 US 1,450,342.85 $1,149,846.49
IMPRL 2022-NQM1 A1 2.49300 02/25/2067 US 2,785,028.42 $2,413,163.15
INDEPENDENCE REALTY TRUST IN US IRT 2,368 $39,687.68
INTEL CORP US INTC 1,351 $38,408.93
INTERCONTINENTALEXCHANGE INC US ICE 24,236 $2,316,234.52
INTERNATIONAL FLVRS & FRAGRANCES US IFF 145 $14,153.45
INTUITIVE SURGICAL INC US ISRG 3,649 $899,369.03
INVITATION HOMES INC US INVH 4,351 $137,883.19
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 600,000 $560,086.44
JP MORGAN CHASE & CO US JPM 753 $94,787.64
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 299,590.63 $275,063.90
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 4,480,000 $4,050,797.63
JPMMT 2017-3 1A3 3.50000 08/25/2047 US 35,638.74 $30,797.54
JPMMT 2017-6 A3 3.50000 12/25/2048 US 90,263.53 $79,658.96
JOHNSON & JOHNSON US JNJ 15,360 $2,672,179.20
KREF 2021-FL2 A 4.48214 02/15/2039 US 1,450,000 $1,391,753.94
KEYCORP US KEY 478 $8,541.86
KROGER CO US KR 370 $17,497.30
L3HARRIS TECHNOLOGIES INC US LHX 3,563 $878,172.61
BEIERSDORF AG DE BEI GR 1,435 $137,753.13
LENNAR CORP US LEN 133 $10,733.10
OASIS 2022-2A A 7.01707 10/15/2034 US 1,570,000 $1,560,405.57
LIFE STORAGE INC US LSI 863 $95,456.43
LOCKHEED MARTIN CORP US LMT 94 $45,747.92
LULULEMON - ADR CA LULU 155 $51,001.20
MAGALLANES INC 4.05400 03/15/2029 US 4,730,000 $4,020,844.30
MARATHON PETROLEUM CORP US MPC 198 $22,496.76
MARRIOTT VACATIONS WORLD US VAC 266 $39,304.16
MASTERCARD INC-CLASS A US MA 7,575 $2,485,963.50
MCDONALDS CORP US MCD 163 $44,443.58
MERCADOLIBRE INC BR MELI 127 $114,505.74
MERCK & CO INC US MRK 714 $72,256.80
MICROSOFT CORP US MSFT 11,194 $2,598,463.22
MICROCHIP TECHNOLOGY INC US MCHP 224 $13,829.76
MID-AMERICA APARTMENT COMM US MAA 783 $123,283.35
MONDELEZ INTERNATIONAL INC US MDLZ 27,976 $1,719,964.48
MOODY'S CORPORATION US MCO 4,790 $1,268,727.30
MOTOROLA SOLUTIONS INC US MSI 90 $22,473.90
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 1,759,722.83 $1,553,289.04
NAVIENT CORP 6.75000 06/25/2025 US 485,000 $463,762.78
NAVSL 2019-EA A2A 2.64000 05/15/2068 US 1,400,783.42 $1,309,737.40
NSLT 2012-3A A MTGE FLT 4.28557 02/25/2045 US 179,422.16 $173,306.69
NESTLE S.A. - ADR CH NSRGY 9,662 $1,050,356.02
NETAPP INC US NTAP 158 $10,944.66
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 362,082.05 $331,909.50
NRZT 2015-2A A1 3.75000 08/25/2055 US 355,309.84 $325,301.19
NRZT 2016-4A A1 3.75000 11/25/2056 US 512,214.73 $466,410.85
KEYENCE CORP JP 6861 JP 300 $113,119.59
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 950,000 $902,119.99
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 2,010,000 $1,702,302.95
NEWMONT GOLDCORP CORP US NEM 7,526 $318,500.32
NIKE INC CLASS B US NKE 6,865 $636,248.20
NORFOLK SOUTHN CORP US NSC 3,278 $747,613.46
NIKON CORP JP 7731 JP 4,900 $47,388.56
NORTHROP GRUMMAN CORP US NOC 1,920 $1,054,099.20
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 880,000 $88.00
NOVARTIS AG- REG CH NVS 22,353 $1,813,498.89
NUCOR CORP US NUE 141 $18,524.58
OBX 2022-INV1 A1 3.00000 12/25/2051 US 2,348,867.45 $1,876,379.84
OMNICOM GROUP US OMC 149 $10,839.75
SONY CORP FIRST SECTION JP 6758 JP 1,100 $74,178.13
TOKYO ELECTRON LTD JP 8035 JP 200 $52,619.32
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 1,780,000 $1,531,329.57
OXFIN 2020-1A A2 3.10100 02/15/2028 US 269,299.39 $266,087.03
OXFIN 2019-1A A2 4.45900 02/15/2027 US 877,270.16 $867,848.10
OXFIN 2022-1A 3.60200 02/15/2030 US 2,750,000 $2,508,927.03
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 642,831.18 $561,977.65
PPG INDUSTRIES INC US PPG 95 $10,847.10
PACKAGING CORP OF AMERICA US PKG 68 $8,174.28
PARKER HANNIFIN CORP US PH 53 $15,402.86
DEUTSCHE BOERSE AG DE DB1 GR 737 $119,850.77
PAYPAL HOLDINGS INC US PYPL 10,228 $854,856.24
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 2,618,789.64 $2,454,055.99
PEAR 2022-1 A1 6.50000 10/15/2034 US 1,250,000 $1,247,758.75
PELORUS FUND REIT 7.00000 09/30/2026 US 470,000 $423,189.79
NESTLE SA-REGISTERED CH NESN SW 1,902 $207,049.44
PEPSICO INC 3.90000 07/18/2032 US 3,370,000 $3,117,308.98
PFIZER INC US PFE 1,115 $51,903.25
PIONEER NATURAL RESOURCES CO US PXD 83 $21,282.03
POPULAR INC 6.12500 09/14/2023 PR 430,000 $429,928.32
PROCTER & GAMBLE CO US PG 597 $80,397.99
PROLOGIS US PLD 5,095 $564,271.25
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 2,463,170.08 $1,886,521.03
PFMT 2021-2 A2A 2.00000 04/25/2051 US 1,586,441.7 $1,327,705.15
PUBLIC STORAGE INC US PSA 682 $211,249.50
QUALCOMM INC US QCOM 373 $43,887.18
QUALCOMM INC 4.25000 05/20/2032 US 3,550,000 $3,327,131.60
QUEST DIAGNOSTICS INC US DGX 82 $11,779.30
RADIUS GLOBAL INFRASTRUCTURE US RADI 14,766 $138,062.10
REGIONS FINANCIAL CORP. US RF 628 $13,784.60
REPUBLIC SERVICES INC US RSG 163 $21,617.06
RESTAURANT BRANDS INTERN CA QSR 1,214 $72,087.32
REXFORD INDUSTRIAL REALITY IN US REXR 2,787 $154,065.36
GETINGE AB-B SHS SE GETIB SS 5,850 $118,713.96
ROSS STORES INC US ROST 140 $13,396.60
HEINEKEN NV NL HEIA NA 1,378 $115,110.21
RYANAIR HOLDINGS - ADR IE RYAAY 662 $45,605.18
S&P GLOBAL INC US SPGI 1,550 $497,937.50
SBA COMMUNICATIONS CORP US SBAC 6,659 $1,797,264.10
SLMA 2005-7 A4 FLT 4.50843 10/25/2029 US 84,837.17 $83,792.11
SMB 2016-B A2A 2.43000 02/17/2032 US 1,408,231.01 $1,327,605.33
SALESFORCE INC US CRM 8,160 $1,326,734.40
SEA LTD - ADR SG SE 1,171 $58,175.28
SEAGEN INC US SGEN 4,474 $568,913.84
SEMT 2013-6 A2 3.00000 05/25/2043 US 1,322,515 $1,138,972.57
SEMT 2013-7 A2 3.00000 06/25/2043 US 197,248.76 $169,320.42
SEMT 2013-8 A1 3.00000 06/25/2043 US 227,834.57 $197,457.90
SEMT 2013-2 1.87400 02/25/2043 US 164,406.16 $136,820.15
SEMT 2020-1 A1 3.50000 02/25/2050 US 69,264.98 $59,835.88
SERVICENOW INC US NOW 3,072 $1,292,513.28
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 5,970,000 $4,531,846.28
SKYWORKS SOLUTIONS INC US SWKS 80 $6,880.80
JM SMUCKER CO/THE-NEW COM WI US SJM 73 $10,998.18
SNOWFLAKE INC-CLASS A US SNOW 4,002 $641,520.60
SOFI 2017-F A2FX 2.84000 01/25/2041 US 129,230.47 $123,415.43
SOFI 2020-A A2FX MTGE 2.54000 05/15/2046 US 161,519.82 $147,369.71
SOUTH CAROLINA ST PUBLIC SVC 1.85200 12/01/2026 US 3,460,000 $3,027,875.38
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 3,310,000 $3,226,298.90
STANLEY BLACK & DECKER INC US SWK 78 $6,122.22
SRPT 2014-STAR A FLTG RATE 4.88300 11/15/2027 US 2,317,783.32 $1,625,007.06
STEEL DYNAMICS INC US STLD 139 $13,072.95
STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 2,099,352.2 $1,857,960.71
SUN COMMUNITIES US SUI 1,323 $178,406.55
SCML 2019-SBC8 2.86000 04/25/2041 US 1,789,670.04 $1,616,718.12
SYNCHRONOSS TECH US 20,031 $380,989.62
SYNERGY ONE LENDING 5.50000 10/14/2026 US 550,000 $462,771.28
TJX COMPANIES INC US TJX 358 $25,811.80
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 2,109 $129,808.95
TARGET CORP US TGT 135 $22,173.75
TENCENT HOLDINGS 3.97500 04/11/2029 KY 7,530,000 $6,340,158.35
TERRENO REALTY CORP US TRNO 2,117 $120,965.38
TEXAS INSTRUMENTS INC US TXN 219 $35,177.97
THERMO FISHER SCIENTIFIC INC US TMO 1,607 $825,949.79
3M CO US MMM 234 $29,434.86
TPMT 2016-5 A1 2.50000 10/25/2056 US 237,823.37 $234,254.35
TPMT 2017-1 A1 2.75000 10/25/2056 US 281,945.82 $276,651.30
TPMT 2019-HY1 A1 4.58557 10/25/2048 US 623,269.4 $611,897.73
TRACTOR SUPPLY COMPANY US TSCO 48 $10,548.96
TRAVELLERS COS INC US TRV 121 $22,319.66
TAH 2017-SFR2 A 2.92800 01/17/2036 US 1,875,562.96 $1,807,514.31
TYSON FOODS INC -CL A US TSN 194 $13,259.90
UDR INC US UDR 3,986 $158,483.36
U.S. BANCORP US USB 631 $26,785.95
UNILEVER PLC - ADR GB UL 41,768 $1,900,861.68
UNION PAC CORP US UNP 221 $43,567.94
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 426,462.53 $358,030.50
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 82,259.34 $73,670.32
UNITED MEXICAN STATES 4.12500 01/21/2026 MX 400,000 $385,430.08
UNITED PARCEL SERVICE US UPS 216 $36,238.32
TREASURY BOND 2.37500 02/15/2042 US 15,675,000 $11,401,113.28
UNITED STATES TREAS NTS 2.25000 11/15/2024 US 29,080,000 $27,796,390.77
US TREASURY N/B 2.25000 11/15/2025 US 30,065,000 $28,188,286.48
US TREASURY N/B 2.00000 11/15/2026 US 27,960,000 $25,522,237.50
UNITED STATES TREAS NTS 1.75000 05/15/2023 US 28,190,000 $27,768,251.10
US TREASURY N/B 1.37500 11/15/2031 US 12,375,000 $9,863,261.72
VF CORP US VFC 190 $5,367.50
VENTAS INC US VTR 1,533 $59,986.29
VERTEX PHARMACEUTICALS INC US VRTX 3,340 $1,042,080.00
PARAMOUNT GLOBAL CLASS B US PARA 312 $5,715.84
VISA INC - CLASS A SHARES US V 9,064 $1,877,698.24
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 855,000 $814,276.91
VISTRA OPERATIONS 4.87500 05/13/2024 US 2,945,000 $2,865,663.29
WAL MART STORES US WMT 622 $88,529.26
WALGREENS BOOTS ALLIANCE INC US WBA 358 $13,067.00
WASTE MANAGEMENT INC US WM 177 $28,031.49
WELLTOWER INC. US WELL 1,814 $110,726.56
WIN 2015-1 A1 3.50000 01/20/2045 US 101,994.67 $90,276.13
ZOETIS INC US ZTS 2,240 $337,747.20
ADMIRAL GROUP PLC GB ADM LN 5,483 $126,797.95
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 3,400 $27,113.51
UBISOFT ENTERTAINMENT FR UBI FP 2,315 $63,514.13
DANONE FR BN FP 1,090 $54,172.47
AIR LIQUIDE FR AI FP 1,097 $143,502.70
BRENNTAG AG DE BNR GR 1,375 $83,429.99
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 908,000 $40,340.08
KEYWORDS STUDIOS PLC IE KWS LN 948 $26,215.14
HELIOS TOWERS PLC GB HTWS LN 41,898 $60,198.83
AVANZA BANK HOLDING AB SE AZA SS 4,093 $81,643.21
AMERICAN TANKER INC 7.75000 07/02/2025 US 520,000 $484,212.16
SOFTWAREONE HOLDING AG CH SWON SW 6,918 $77,856.71
TENCENT HOLDINGS LTD CN 700 HK 2,700 $70,947.34
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 4,418 $63,619.20
SEASPAN CORP 6.50000 02/05/2024 MH 500,000 $494,375.31
PETROTAL CORP 12.00000 02/16/2024 CA 400,000 $404,620.60
IMCD NV NL IMCD NA 399 $51,748.09
FINECOBANK SPA IT FBK IM 12,399 $167,083.93
ALLFUNDS GROUP PLC GB ALLFG NA 8,695 $54,680.99
AIRSWIFT GLOBAL AS FLT 11.42271 05/12/2025 NO 500,000 $496,474.49
ROTORK PLC GB ROR LN 26,037 $76,316.52
AUTO TRADER GROUP PLC GB AUTO LN 22,379 $133,955.82
CELLNEX TELECOM SA ES CLNX SM 3,690 $120,774.66
ASSA ABLOY AB-B SE ASSAB SS 4,911 $99,163.31
CLEANAWAY WASTE MANAGEMENT AU CWY AU 65,464 $113,235.13
INTERMEDIATE CAPITAL GROUP GB ICP LN 8,309 $101,176.80
ADYEN NV NL ADYEN NA 87 $124,201.16
BANK OF N.T. BUTTERFIELD&SON BM NTB 1,648 $56,921.92
BUNGE LIMITED US BG 101 $9,968.70
EATON CORP PLC US ETN 186 $27,913.02
JOHNSON CONTROLS INTERNATIONAL US JCI 352 $20,359.68
LINDE PLC GB LIN 288 $85,636.80
MEDTRONIC INC IE MDT 10,860 $948,512.40
ROYALTY PHARMA PLC- CL A US RPRX 273 $11,553.36
STONECO LTD-A BR STNE 3,986 $41,853.00
TRANE TECHNOLOGIES IE TT 93 $14,845.59
ALCON INC CH ALC 13,603 $825,430.04
CHUBB LTD CH CB 174 $37,390.86
GARMIN LTD CH GRMN 120 $10,564.80
TE CONNECTIVITY LIMITED CH TEL 130 $15,889.90
LYONDELLBASELL INDU-CL A US LYB 133 $10,167.85
PLAYA HOTELS AND RESORTS US PLYA 4,533 $27,968.61
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 484,598 $457,747.90

Investments will change over time.

Distributions

  • Pro-Blend® Conservative Term Series Class W Distribution History
  • 2022 Distribution Calendar
  • Fourth Quarter 2021 Distributions
  • Third Quarter 2022 Distributions
  • Second Quarter 2022 Distributions
  • First Quarter 2022 Distributions
  • Tax Letter

A Word About Risk

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


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