Investment Objective

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

Investment Strategy

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

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

May be Appropriate for Investors

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

About Risk-Based Funds

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

Time Horizon & Range of Stock Exposure

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

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

Manning and Napier Risk-Based Funds Graphic

Learn more about our Pro-Blend® Series

Daily Price

$14.00

Daily $ Change

$0.03

Daily % Change

0.21%

as of 08/15/2019

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

Performance

As of 07/31/2019

YTD

9.44%

1 Year

6.37%

3 Year

4.64%

5 Year

3.22%

10 Year

5.33%

Inception
(11/01/1995)

5.61%

US Stock Market Cycle (04/01/2000 - 07/31/2019)

5.56%

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 0.48%
Net 0.08%*

*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 07/31/2019

GOVERNMENT AGENCY 14.00%
TREASURY NOTES 12.87%
TREASURY BILLS 4.31%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 4.10%
BOOKING HOLDINGS INC 3.60000 06/01/2026 1.19%
BANK OF AMERICA CORP 4.00000 01/22/2025 1.19%
VERIZON COMMUNICATIONS 5.50000 03/16/2047 1.13%
TREASURY BONDS 1.09%
MORGAN STANLEY FLT 3.77988 05/08/2024 1.07%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 0.99%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 07/31/2019

Bonds 71.28%
Stocks 26.89%
Cash 1.83%

Detailed Asset Class Allocation

As of 07/31/2019

International Equities 6.63%
Small Capitalization 0.59%
Mid Capitalization 1.28%
Large Capitalization 18.40%
Long Term Fixed Income 16.75%
Intermediate Term Fixed Income 36.43%
Short Term Fixed Income 18.09%
Cash 1.83%

July Fund Holdings

As of 07/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 165,000 $166,237.50
00206R102 AT&T INC US T 7,105 $241,925.25
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 6,620,000 $7,120,448.70
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 4,996,000 $4,991,403.68
00287Y109 ABBVIE INC US ABBV 10,180 $678,191.60
004239109 ACADIA REALTY TRUST US AKR 3,435 $96,420.45
00507V109 ACTIVISION INC US ATVI 62,530 $3,047,712.20
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 6,440,000 $6,812,354.68
008492100 AGREE REALTY CORP US ADC 2,150 $143,727.50
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 770 $112,697.20
020002101 ALLSTATE CORPORATION US ALL 3,280 $352,272.00
02079K107 ALPHABET INC-CL C US GOOG 2,715 $3,303,286.20
02079K305 ALPHABET INC-CL A US GOOGL 2,845 $3,465,779.00
023135106 AMAZON.COM INC US AMZN 790 $1,474,756.20
02319V103 AMBEV SA-ADR BR ABEV 166,325 $876,532.75
0237400 DIAGEO PLC GB DGE LN 52,271 $2,179,713.29
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 1,025,000 $1,028,382.50
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 3,435 $160,586.25
02665T306 AMERICAN HOMES 4 RENT- A US AMH 22,355 $541,214.55
026874784 AMERICAN INTL GROUP INC US AIG 6,010 $336,499.90
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 315,000 $318,208.92
03027X100 AMERICAN TOWER REIT INC US AMT 7,920 $1,676,030.40
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 91,637.2 $92,484.43
03064D108 AMERICOLD REALTY TRUST US COLD 9,225 $309,314.25
031162100 AMGEN INC US AMGN 4,450 $830,281.00
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 340,000 $317,475.00
03748R754 APARTMENT INVT & MGMT CO -A US AIV 7,387 $365,951.98
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 50,000 $51,625.00
03990B101 ARES MANAGEMENT CORP - A US ARES 14,065 $411,401.25
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 90,000 $87,525.00
04621X108 ASSURANT INC US AIZ 2,100 $238,056.00
053484101 AVALONBAY COMMUNITIES INC US AVB 5,440 $1,135,817.60
055622104 BP PLC-SPONS ADR GB BP 21,284 $845,826.16
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 4,633,000 $4,730,496.85
060505104 BANK OF AMERICA CORP US BAC 88,233 $2,706,988.44
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 10,060,000 $10,559,446.10
06759L103 BARINGS BDC INC US BBDC 22,366 $220,752.42
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 20,835 $4,280,134.05
088606108 BHP GROUP LTD AU BHP 13,649 $749,739.57
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 17,495 $1,387,703.40
09247X101 BLACKROCK INC US BLK 2,895 $1,353,933.60
0925288 GLAXOSMITHKLINE PLC GB GSK LN 11,075 $229,041.52
09260D107 BLACKSTONE GROUP LP US BX 16,785 $805,344.30
097023105 BOEING CO US BA 3,225 $1,100,305.50
09857L108 BOOKING HOLDINGS INC US BKNG 1,830 $3,452,496.30
0989529 ASTRAZENECA PLC GB AZN LN 3,780 $326,569.16
101121101 BOSTON PROPERTIES INC US BXP 4,365 $580,326.75
105368203 BRANDYWINE REALTY TRUST US BDN 27,195 $401,126.25
110122108 BRISTOL MYERS SQUIBB CO US BMY 18,492 $821,229.72
11135F101 BROADCOM INC US AVGO 2,571 $745,564.29
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 240,000 $179,400.00
12429TAE4 BWAY HOLDING CO 7.25000 04/15/2025 US 235,000 $222,662.50
12503M108 CBOE GLOBAL MARKETS INC US CBOE 15,630 $1,708,515.30
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 1,314,143.56 $1,339,098.75
12572Q105 CME GROUP INC US CME 8,730 $1,697,286.60
125896100 CMS ENERGY CORP US CMS 10,611 $617,772.42
12592TAA3 COMM 2015-3BP A FLT 3.17800 02/10/2035 US 500,000 $518,377.75
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 4,455,000 $4,629,519.72
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 1,173,133.78 $1,147,865.42
126650100 CVS HEALTH CORP US CVS 9,438 $527,301.06
12770QAA3 CZR 2017-VICI A 3.53100 10/15/2034 US 2,520,000 $2,601,158.36
133131102 CAMDEN PROPERTY TRUST US CPT 2,925 $303,351.75
14314WAD3 CARMX 2017-3 A3 1.97000 04/15/2022 US 1,975,443.4 $1,970,033.65
149123101 CATERPILLAR INC US CAT 4,149 $546,298.83
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 31,109.12 $31,071.07
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 1,554,189.11 $1,559,175.88
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 4,491,927.31 $4,477,515.86
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 1,398,750.58 $1,394,035.11
165240102 CHESAPEAKE LODGING TRUST US CHSP 4,965 $136,388.55
166764100 CHEVRON CORP US CVX 14,310 $1,761,704.10
16941R108 CHINA PETROLEUM & CHEM-ADR CN SNP 10,382 $666,212.94
17275R102 CISCO SYSTEMS INC US CSCO 21,490 $1,190,546.00
172967424 CITIGROUP INC US C 28,799 $2,049,336.84
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 3,240,000 $5,221,033.65
191216100 COCA COLA CO/THE US KO 65,615 $3,453,317.45
192422103 COGNEX CORP US CGNX 17,385 $765,113.85
194162103 COLGATE-PALMOLIVE CO US CL 14,536 $1,042,812.64
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 14,917 $612,939.53
2099084 BORALEX INC -A CA BLX CN 14,085 $213,014.55
21036PAM0 CONSTELLATION BRANDS INC 3.87500 11/15/2019 US 2,340,000 $2,347,812.00
21036PAU2 CONSTELLATION BRANDS INC 2.00000 11/07/2019 US 2,000,000 $1,996,506.92
22052L104 CORTEVA INC US CTVA 4,978 $146,851.00
222795502 COUSINS PROPERTIES INC US CUZ 17,646 $620,786.28
22282E102 COVANTA HOLDING CORP US CVA 39,495 $680,103.90
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 679,777.08 $679,775.45
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 6,550,000 $6,632,936.36
22822V101 CROWN CASTLE INTL CORP US CCI 7,348 $979,194.48
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 764,977.16 $750,142.72
229663109 CUBESMART US CUBE 4,525 $153,623.75
253868103 DIGITAL REALTY TRUST INC US DLR 2,840 $324,782.40
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 6,640,000 $7,065,092.14
256677105 DOLLAR GENERAL CORP US DG 6,955 $932,109.10
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 230,000 $239,200.00
25960P109 DOUGLAS EMMETT INC US DEI 5,025 $205,120.50
260557103 DOW INC US DOW 11,095 $537,441.80
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 350,000 $364,000.00
26614N102 DUPONT DE NEMOURS INC US DD 4,978 $359,212.48
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 359,000 $344,640.00
269246401 ETRADE FINANCIAL CORP US ETFC 16,680 $813,817.20
2715777 QUEBECOR INC -CL B CA QBR/B CN 35,310 $799,946.20
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 40,835 $800,425.41
285512109 ELECTRONIC ARTS US EA 40,400 $3,737,000.00
291011104 EMERSON ELEC CO US EMR 6,331 $410,755.28
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 4,570,000 $5,411,207.76
29372EBS6 EFF 2016-2 A2 1.74000 02/22/2022 US 9,166.44 $9,159.87
29372EBT4 EFF 2016-2 A3 2.04000 02/22/2022 US 980,000 $977,879.87
29444U700 EQUINIX INC US EQIX 8,295 $4,164,919.50
29446M102 EQUINOR ASA-SPON ADR NO EQNR 19,974 $355,736.94
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 2,175 $270,243.75
29476L107 EQUITY RESIDENTIAL US EQR 6,980 $550,652.20
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 10,852 $229,194.24
297178105 ESSEX PROPERTY TRUST INC US ESS 1,550 $468,441.00
30161N101 EXELON CORP US EXC 7,455 $335,922.30
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 8,725,000 $8,754,955.37
30225T102 EXTRA SPACE STORAGE INC US EXR 1,615 $181,509.85
30231G102 EXXON MOBIL CORP US XOM 19,228 $1,429,794.08
302491303 FMC CORP US FMC 10,285 $888,829.70
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 52,136.85 $52,005.56
30262DAL5 FREMF 2011-K13 B 4.61188 01/25/2048 US 2,255,000 $2,313,455.91
30262SAR9 FREMF 2015-K42 B FLT 3.85083 12/25/2024 US 490,000 $505,973.76
30286XAN9 FREMF 2015-K43 B FLT 3.73389 02/25/2048 US 500,000 $519,922.25
30287EAE0 FREMF 2014-K41 B FLT 3.83228 11/25/2047 US 2,227,000 $2,341,622.58
30291EAE4 FREMF 2013-K712 B FLT 3.31413 05/25/2045 US 1,025,000 $1,024,550.85
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 195,913,602.95 $563,584.66
30291YAJ9 FREMF 2014-K716 B FLT 3.94796 08/25/2047 US 2,624,000 $2,691,011.19
30303M102 FACEBOOK INC -A US FB 8,920 $1,732,531.60
3128LCD86 FHLM POOL A78227 5.50000 06/01/2038 US 112,092.58 $123,774.72
3128M56M7 FHLM POOL G04176 5.50000 05/01/2038 US 102,130.07 $113,072.74
3128M5VT4 FHLM POOL G03926 6.00000 02/01/2038 US 300,997.3 $342,595.80
3128M6JQ2 FHLM POOL G04471 5.50000 07/01/2038 US 35,957.95 $39,780.34
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 229,547.73 $255,677.51
3128M6T99 FHLM POOL G04776 5.50000 07/01/2038 US 243,925.55 $269,651.73
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 62,028.5 $70,025.34
3128M7C95 FHLM POOL G05196 5.50000 10/01/2038 US 296,464.01 $329,898.74
3128M7KW5 FHLM POOL G05409 5.50000 03/01/2039 US 263,167.39 $292,902.06
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 249,076.43 $283,705.77
3128M9GM8 FHLM POOL G07104 5.50000 05/01/2040 US 205,778.32 $223,543.24
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 104,993.24 $117,349.51
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 21,629.85 $22,155.31
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 14,505.68 $14,892.70
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 21,178.64 $21,857.90
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 1,731,228.77 $1,836,021.43
3128MJG20 FHLM POOL G08216 5.50000 08/01/2037 US 272,486.15 $304,565.06
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 290,795.67 $321,445.96
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 112,510.25 $120,228.52
3128P75X7 FHLM POOL C91762 4.50000 05/01/2034 US 916,900.39 $979,887.12
312941F69 FHLM POOL A92889 4.50000 07/01/2040 US 1,163,492.52 $1,256,359.27
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 1,236,170.46 $1,334,835.89
3132J8YK0 FHLM POOL Q17513 3.50000 04/01/2043 US 1,845,965.39 $1,924,943.80
3132M45M3 FHLM POOL Q24752 3.50000 02/01/2044 US 1,408,101.56 $1,468,287.89
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 1,844,202.81 $1,939,300.51
3132QVKA8 FHLM POOL Q38388 4.00000 01/01/2046 US 298,651.19 $314,310.12
3132VLY43 FHLM POOL FG Q60730 4.00000 01/01/2049 US 3,446,125.44 $3,579,991.84
3132WF3E7 FHLM POOL Q42596 3.50000 08/01/2046 US 2,063,841.19 $2,131,145.40
3132XTPU6 FHLM GOLD POOL FG Q51334 4.00000 10/01/2047 US 3,141,701.73 $3,275,937.00
3132Y33P7 FHLM POOL FG Q59805 4.50000 11/01/2048 US 2,309,366.05 $2,422,079.88
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 858,537.85 $896,809.69
31335ALP1 FHLM POOL G60334 4.50000 10/01/2041 US 982,647.35 $1,060,886.69
31335AV54 FHLM POOL G60636 4.00000 01/01/2046 US 1,411,586.33 $1,485,948.10
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 3,122.4 $3,127.48
3136AY6W8 FNA 2017-M15 A1 2.95932 09/25/2027 US 3,226,441.42 $3,340,781.34
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 2,360,474.83 $2,444,090.40
31371N7J8 FEDERAL NATL MTG ASSN 123456 6.00000 12/01/2038 US 16,329.86 $18,534.95
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 775 $102,307.75
3137A2B34 FHMS K009 X1 FLT 1.26050 08/25/2020 US 19,681,486.4 $203,109.00
3137ADTK3 FHMS K014 X1 FLT 1.14915 04/25/2021 US 2,579,623.91 $43,251.78
3137AJMG6 FMHS K016 X1 FLT 1.47763 10/25/2021 US 6,046,709.03 $170,959.21
3137AME78 FHMS K017 X1 FLT 1.29777 12/25/2021 US 7,761,985.31 $193,902.93
3137AUPF0 FHMS K021 x1 FLT 1.43308 06/25/2022 US 14,704,905.54 $519,247.86
3137B3NB0 FHMS K030 X1 FLT 0.19050 04/25/2023 US 73,994,455.65 $482,762.03
3137B4GZ3 FHMS K032 X1 FLT 0.09960 05/25/2023 US 45,870,150.03 $186,540.14
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 2,741,880 $2,839,084.31
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 2,568,891.22 $2,679,203.26
3138AJXA5 FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 US 477,750.59 $506,530.97
3138EGE26 FEDERAL NATL MTG ASSN AL0152 6.00000 06/01/2040 US 649,296.92 $738,723.84
3138EHR87 FEDERAL NATL MTG ASSN AL1410 4.50000 12/01/2041 US 1,028,684.62 $1,109,803.82
3138EHXZ0 FEDERAL NATL MTG ASSN AL1595 6.00000 01/01/2040 US 462,361.39 $526,119.64
3138EQST0 FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 584,966.78 $620,016.51
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64500 01/01/2049 US 1,149,024.34 $1,275,581.63
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 13,083,220.74 $13,595,508.90
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 920,484.8 $985,422.43
3138WGK37 FEDERAL NATL MTG ASSN FN AS6613 4.00000 02/01/2046 US 5,056,754.59 $5,314,947.37
3138Y6Y81 FEDERAL NATL MTG ASSN AX5234 4.50000 11/01/2044 US 760,236.11 $807,236.07
3138YTGK4 FEDERAL NATL MTG ASSN AZ2001 3.50000 05/01/2045 US 2,457,730.81 $2,552,054.02
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 399,246.27 $446,699.00
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 774,652.24 $810,096.87
3140EWKL8 FEDERAL NATL MTG ASSN BC2098 4.00000 06/01/2046 US 957,906.81 $1,006,894.72
3140EX2Y8 FEDERAL NATL MTG ASSN BC3490 3.50000 02/01/2046 US 1,965,412.61 $2,030,510.00
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 1,415,660.4 $1,461,729.43
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 457,937.22 $481,336.03
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 203,235.47 $213,599.32
3140FEX33 FEDERAL NATL MTG ASSN BD6997 4.00000 10/01/2046 US 788,120.38 $827,238.33
3140FEXR0 FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 1,150,395.45 $1,207,370.53
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 733,568.75 $769,542.18
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 873,274.55 $921,383.33
3140HPMQ7 FEDERAL NATIONAL MTGE FN BK9366 4.50000 08/01/2048 US 2,180,986.93 $2,287,960.67
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 2,645,402.09 $2,780,757.87
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 3,156,993.04 $3,379,612.45
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 1,924,460.24 $2,027,179.19
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 1,659,211.77 $1,777,608.06
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 6,287,736.14 $6,736,414.15
3140X4JC1 FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 US 4,415,618 $4,567,531.82
31410EKR8 FEDERAL NATL MTG ASSN 886904 6.50000 09/01/2036 US 51,546.1 $57,790.11
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 15,453.77 $15,792.49
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 17,718.41 $18,110.97
31410G5V1 FEDERAL NATL MTG ASSN 889260 5.00000 04/01/2038 US 16,529.58 $17,986.54
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 80,096.32 $81,259.74
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 95,531.68 $96,890.34
31410GN82 FEDERAL NATL MTG ASSN 888815 4.50000 11/01/2022 US 11,389.25 $11,682.06
31410KJV7 FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 365,479.58 $415,025.58
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 324,026.84 $359,018.04
31410LC75 FEDERAL NATL MTG ASSN 890294 5.50000 01/01/2039 US 632,350.26 $707,204.13
31410LD74 FHLM POOL 890326 5.50000 01/01/2040 US 668,593.34 $748,165.49
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 124,253.8 $138,573.31
31411RHZ4 FEDERAL NATL MTG ASSN 912948 5.00000 05/01/2038 US 8,449.39 $8,971.61
31411YN90 FEDERAL NATL MTG ASSN 918516 5.50000 06/01/2037 US 48,839.02 $54,421.01
31412SSJ5 FEDERAL NATL MTG ASSN 933521 5.00000 01/01/2038 US 11,170.31 $12,145.75
31414NG73 FEDERAL NATL MTG ASSN 971022 5.00000 01/01/2039 US 30,682.64 $33,414.79
31414TS51 FEDERAL NATL MTG ASSN 975840 5.00000 05/01/2038 US 51,616 $54,806.18
31415LXP7 FEDERAL NATL MTG ASSN 983686 5.00000 02/01/2039 US 30,711.41 $32,609.56
31415QZX7 FEDERAL NATL MTG ASSN 986458 6.00000 08/01/2038 US 9,039.73 $10,233.07
31415SLL4 FEDERAL NATL MTG ASSN 987831 6.00000 09/01/2038 US 9,799.4 $10,771.55
31415VX26 FEDERAL NATL MTG ASSN 990897 6.00000 09/01/2038 US 29,044.96 $31,926.35
31416ADZ0 FEDERAL NATL MTG ASSN 993920 6.00000 11/01/2038 US 77,345.15 $85,018.15
31416BRR1 FEDERAL NATL MTG ASSN 995196 6.00000 07/01/2038 US 493,547.98 $561,634.97
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 3,747.61 $3,782.43
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 62,141.26 $63,053.97
31416JWZ0 FEDERAL NATL MTG ASSN AA1563 4.50000 02/01/2024 US 14,422.06 $14,807.23
31416KAL2 FEDERAL NATL MTG ASSN AA1810 5.00000 01/01/2039 US 80,790.42 $88,006.88
31416QRJ6 FEDERAL NATL MTG ASSN AA6788 6.00000 08/01/2039 US 156,874.76 $174,318.89
31417AX61 FEDERAL NATL MTG ASSN AB4300 3.50000 01/01/2042 US 252,449.27 $263,078.53
31417JQR4 FEDERAL NATL MTG ASSN AC0463 5.00000 11/01/2039 US 51,959.39 $56,681.99
31417KWT0 FEDERAL NATL MTG ASSN AC1557 4.50000 09/01/2024 US 40,717.8 $42,098.36
31417QVD3 FEDERAL NATL MTG ASSN AC5111 5.00000 11/01/2039 US 85,638.91 $92,552.40
31417VQ30 FEDERAL NATL MTG ASSN AC8573 5.00000 01/01/2040 US 76,413.55 $83,423.61
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 823,146.57 $887,681.39
31417YJD0 FEDERAL NATL MTG ASSN MA0259 5.00000 12/01/2039 US 46,707.56 $51,000.43
31418B6G6 FEDERAL NATL MTG ASSN FN MA2670 3.00000 07/01/2046 US 2,185,447.17 $2,217,929.62
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 598,933.99 $638,482.95
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 684,777.87 $731,351.28
31418C4F8 FEDERAL NATL MTG ASSN FN MA3521 4.00000 11/01/2048 US 6,710,235.42 $6,943,941.11
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 2,504,243.22 $2,541,397.32
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 2,744,729.34 $2,898,172.58
31418CZ56 FEDERAL NATL MTG ASSN FN MA3463 4.00000 09/01/2033 US 3,551,223 $3,710,939.43
31418DC67 FEDERAL NATL MTG ASSN FN MA3692 3.50000 07/01/2049 US 6,866,347.97 $7,037,650.17
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 61,196.95 $69,651.77
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 327,496.79 $365,695.56
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 17,565.82 $18,376.46
31419AB71 FEDERAL NATL MTG ASSN AE0061 6.00000 02/01/2040 US 190,498.84 $216,476.05
31419AU62 FEDERAL NATL MTG ASSN AE0604 6.00000 07/01/2039 US 373,736.66 $425,038.37
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 440,000 $459,800.00
31620R303 FNF GROUP US FNF 5,395 $231,337.60
32054K103 FIRST INDUSTRIAL REALTY TR US FR 5,085 $194,196.15
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 335,000 $335,006.70
346232AD3 FORESTAR GROUP INC 8.00000 04/15/2024 US 320,000 $340,800.00
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 260,000 $269,425.00
357081AE8 FREMF 2015-K720 B FLT 3.38774 07/25/2022 US 270,000 $273,961.17
36166LAA5 GEMS MENASA KY LTD/GEMS 7.12500 07/31/2026 AE 340,000 $347,225.00
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 945,000 $941,785.39
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 45,203.76 $45,524.55
36295HTS9 GNMA POOL 671161 5.50000 11/15/2037 US 29,238.8 $31,300.02
363576109 ARTHUR J GALLAGHER & CO US AJG 5,460 $493,747.80
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 5,550,000 $5,376,562.50
37045VAR1 GENERAL MOTORS CO FLT 3.35300 09/10/2021 US 4,440,000 $4,440,835.43
37045XAR7 GENERAL MOTORS FINL CO 3.15000 01/15/2020 US 6,700,000 $6,710,023.80
372460105 GENUINE PARTS CO US GPC 6,465 $627,880.80
374297109 GETTY REALTY CORP US GTY 6,000 $179,880.00
375558103 GILEAD SCIENCES INC US GILD 9,956 $652,317.12
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 467,000 $474,005.00
37960JAA6 GLOBAL AIR LEASE CO LTD 6.50000 09/15/2024 KY 225,000 $224,010.00
38141GVR2 GOLDMAN SACHS GROUP INC 4.25000 10/21/2025 US 3,180,000 $3,383,042.40
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 2,399,507.35 $2,385,330.10
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 78,896 $1,172,394.56
40060QAA3 GTCR AP FINANCE INC 8.00000 05/15/2027 US 50,000 $51,125.00
404119BX6 HCA INC 4.12500 06/15/2029 US 5,100,000 $5,224,287.00
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 100,000 $87,000.00
40414L109 HCP INC US HCP 10,695 $341,491.35
406216101 HALLIBURTON CO US HAL 88,090 $2,026,070.00
421946104 HEALTHCARE REALTY TRUST INC US HR 16,550 $529,269.00
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 22,500 $605,925.00
42809H107 HESS CORP US HES 8,136 $527,538.24
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 1,515 $146,273.25
437076102 HOME DEPOT INC US HD 5,840 $1,247,949.60
43731QAA6 HPA 2019-1 A 2.90800 09/17/2039 US 3,062,000 $3,061,112.02
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 16,763 $417,063.44
438516106 HONEYWELL INTERNATIONAL INC US HON 4,593 $792,108.78
44107P104 HOST MARRIOTT CORP US HST 19,205 $333,974.95
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 463,000 $490,548.50
44891GAD6 HALST 2017-B A3 1.97000 07/15/2020 US 1,967,585.87 $1,966,371.28
452308109 ILLINOIS TOOL WKS INC US ITW 2,586 $398,838.78
45337C102 INCYTE CORP US INCY 18,080 $1,535,353.60
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 45,860 $566,371.00
458140100 INTEL CORP US INTC 47,777 $2,415,127.35
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 20,730 $1,821,337.80
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 6,072 $900,113.28
46187BAA1 IHSFR 2017-SFR2 A 3.16413 12/17/2036 US 730,850.04 $729,369.41
46187BAB9 IHSFR 2017-SFR2 B 3.46413 12/17/2036 US 570,000 $569,140.21
46187W107 INVITATION HOMES INC US INVH 18,405 $505,585.35
464287598 ISHARES RUSSELL 1000 VALUE US 5,260 $675,594.40
466032109 J&J SNACK FOODS CORP US JJSF 3,957 $735,368.88
46625H100 JP MORGAN CHASE & CO US JPM 26,469 $3,070,404.00
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 604,763.3 $606,110.05
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 649,414.62 $660,246.86
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 834,829.66 $844,890.86
46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 4,560,000 $4,834,750.76
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 2,424,231.17 $2,455,988.60
46649HAC6 JPMMT 2017-6 A3 3.50000 12/25/2048 US 1,267,954.07 $1,287,624.60
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 1,935,908.3 $1,961,268.70
4741844 MERCK KGAA DE MRK GR 31,150 $3,177,117.96
476405105 JERNIGAN CAPITAL INC US JCAP 30,255 $600,259.20
478160104 JOHNSON & JOHNSON US JNJ 54,891 $7,147,906.02
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 495,000 $195,525.00
485170302 KANSAS CITY SOUTHERN US KSU 7,379 $913,077.46
493267108 KEYCORP US KEY 21,473 $394,459.01
494368103 KIMBERLY CLARK CORP US KMB 2,957 $401,117.05
49446R109 KIMCO REALTY CORP US KIM 9,020 $173,274.20
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 5,550,000 $7,191,019.84
49456BAE1 KINDER MORGAN INC/ DELAWA 3.05000 12/01/2019 US 6,670,000 $6,676,641.19
500630CK2 KOREA DEVELOPMENT BANK 1.37500 09/12/2019 KR 200,000 $199,800.00
500630CR7 KOREA DEVELOPMENT BANK FLT 3.09350 09/19/2020 KR 3,000,000 $3,010,174.62
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 570,000 $579,975.00
529043101 LEXINGTON REALTY TRUST US LXP 43,200 $426,384.00
531172104 LIBERTY PROPERTY TRUST US LPT 5,255 $274,836.50
534187109 LINCOLN NATL CORP IND US LNC 3,505 $229,016.70
539830109 LOCKHEED MARTIN CORP US LMT 1,838 $665,668.46
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 215,000 $201,025.00
550021109 LULULEMON - ADR CA LULU 18,570 $3,548,541.30
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 386,000 $382,140.00
563571AL2 MANITOWOC COMPANY INC 9.00000 04/01/2026 US 100,000 $100,750.00
56585A102 MARATHON PETROLEUM CORP US MPC 7,828 $441,420.92
5671735 SANOFI-AVENTIS FR SAN FP 5,348 $445,659.72
57636Q104 MASTERCARD INC-CLASS A US MA 21,260 $5,788,460.20
58933Y105 MERCK & CO INC US MRK 35,453 $2,942,244.47
594918104 MICROSOFT CORP US MSFT 61,777 $8,418,351.79
595112103 MICRON TECHNOLOGY INC US MU 42,545 $1,909,845.05
59522J103 MID-AMERICA APARTMENT COMM US MAA 2,010 $236,858.40
60871R209 MOLSON COORS BREWING CO -B US TAP 8,745 $472,142.55
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 85,136 $4,553,924.64
615369105 MOODY'S CORPORATION US MCO 8,745 $1,874,403.30
61744YAG3 MORGAN STANLEY FLT 3.77988 05/08/2024 US 9,330,000 $9,460,153.50
61965RAB1 MOSS CREEK RESOURCES HLD 10.50000 05/15/2027 US 50,000 $44,000.00
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 420,000 $416,325.00
62957HAC9 NABORS INDUSTRIES INC 5.50000 01/15/2023 US 235,000 $219,725.00
637417106 NATIONAL RETAIL PROPERTIES US NNN 3,620 $189,108.80
637870106 NATIONAL STORAGE AFFILIATES US NSA 3,900 $118,131.00
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 3,131,884.37 $3,149,626.81
63941MAB7 NAVSL 2019-EA A2A 2.64000 05/15/2068 US 3,000,000 $2,995,855.50
63941RAB6 NAVSL 2019-2A A2 3.26600 02/27/2068 US 6,500,000 $6,573,683.35
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 706,241.71 $724,955.77
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 789,118.78 $810,385.37
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 1,058,140.33 $1,085,841.07
6499550 KYOWA KIRIN CO LTD JP 4151 JP 46,600 $768,015.73
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 420,000 $285,600.00
66987V109 NOVARTIS AG- REG CH NVS 61,275 $5,611,564.50
67059TAD7 NUSTAR LOGISTICS LP 6.75000 02/01/2021 US 225,000 $235,125.00
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 1,415 $538,775.40
674599105 OCCIDENTAL PETROLEUM CORP US OXY 11,730 $602,452.80
680665AL0 OLIN CORP 5.62500 08/01/2029 US 220,000 $225,775.00
693475105 PNC FINANCIAL SERVICES GROUP US PNC 2,019 $288,515.10
70338P100 PATTERN ENERGY GROUP INC -A US PEGI 13,850 $317,580.50
7123870 NESTLE SA-REGISTERED CH NESN SW 32,550 $3,453,138.60
713448108 PEPSICO INC US PEP 32,825 $4,195,363.25
71654V101 PETROLEO BRASIL-SP PREF ADR BR PBR/A 35,369 $485,262.68
717081103 PFIZER INC US PFE 30,415 $1,181,318.60
71943U104 PHYSICIANS REALTY TRUST US DOC 35,635 $613,278.35
729640102 PLYMOUTH INDUSTRIAL REIT INC US 15,568 $289,253.44
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 10,080,000 $10,586,434.82
74251V102 PRINCIPAL FINANCIAL GROUP US PFG 3,896 $226,123.84
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 1,500,000 $1,499,340.30
74333NAA0 PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 US 3,250,000 $3,294,807.43
74340W103 PROLOGIS US PLD 12,340 $994,727.40
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 6,440,000 $6,882,878.80
74460D109 PUBLIC STORAGE INC US PSA 2,125 $515,865.00
749685103 RPM INTERNATIONAL INC US RPM 11,375 $771,566.25
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 465,000 $466,162.50
756109104 REALTY INCOME CORP US O 1,640 $113,504.40
7591EP100 REGIONS FINANCIAL CORP. US RF 13,670 $217,763.10
760759100 REPUBLIC SERVICES INC US RSG 5,015 $444,579.75
767204100 RIO TINTO PLC - SPON ADR GB RIO 10,425 $595,059.00
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 315,000 $322,367.71
77714PAB5 SEMGROUP / ROSE ROCK FIN 5.62500 07/15/2022 US 345,000 $339,393.75
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 6,970 $442,385.90
78409V104 S&P GLOBAL INC US SPGI 7,680 $1,881,216.00
78410G104 SBA COMMUNICATIONS CORP US SBAC 7,290 $1,789,038.90
78442PGC4 SLM CORP 5.12500 04/05/2022 US 465,000 $469,650.00
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 1,400,000 $1,405,119.66
78490DAA2 SOFI 2018-C A1FX 3.08000 01/25/2048 US 2,059,598.68 $2,071,468.35
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 7,640,000 $8,711,586.86
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 6,590,000 $6,989,975.63
806857108 SCHLUMBERGER LTD NL SLB 35,130 $1,404,146.10
808513105 CHARLES SCHWAB CORP/THE US SCHW 35,635 $1,540,144.70
81211K100 SEALED AIR CORP US SEE 14,215 $594,044.85
812578102 SEATTLE GENETICS INC US SGEN 24,715 $1,871,172.65
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 765,660.71 $763,784.46
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 945,571.87 $946,831.84
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 769,959.82 $714,469.74
81762P102 SERVICENOW INC US NOW 12,240 $3,395,253.60
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 250,000 $230,000.00
828806109 SIMON PROPERTY GROUP INC US SPG 4,885 $792,347.00
831641FC4 SBIC 2015-10A 1 2.51700 03/10/2025 US 765,765.98 $770,943.55
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 240,116.08 $239,458.81
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 500,000 $503,568.40
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 47,866.87 $47,803.43
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 41,374.44 $41,284.74
83405JAA3 SCLP 2017-4 A 2.50000 05/26/2026 US 370,008.92 $369,617.97
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 26,782.25 $26,771.00
83405TAA1 SCLP 2019-3 A MTGE 2.90000 05/25/2028 US 3,080,672.57 $3,089,192.48
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 2,464,975.27 $2,475,112.97
83406EAB1 SOFI 2018-A A2A 2.39000 02/25/2042 US 709,122.02 $708,513.52
835699307 SONY CORP SPONSORED ADR JP SNE 30,885 $1,756,121.10
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 6,740,000 $6,854,289.78
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 345,000 $297,562.50
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 210,000 $229,950.00
85254J102 STAG INDUSTRIAL INC US STAG 15,820 $470,170.40
855030AN2 STAPLES INC 7.50000 04/15/2026 US 340,000 $347,650.00
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.54500 11/15/2027 US 2,079,820.61 $2,075,478.57
862121100 STORE CAPITAL CORP US STOR 3,270 $111,866.70
866674104 SUN COMMUNITIES US SUI 3,375 $448,233.75
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 12,935 $170,871.35
86935CAA0 SCML 2019-SBC8 2.86000 12/25/2035 US 3,270,000 $3,264,555.78
87612E106 TARGET CORP US TGT 8,580 $741,312.00
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 319,770.35 $318,764.10
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 300,000 $261,000.00
882508104 TEXAS INSTRUMENTS INC US TXN 6,488 $811,064.88
88579Y101 3M CO US MMM 5,087 $888,800.64
89151E109 TOTAL S A SPONSORED ADR FR TOT 11,736 $607,220.64
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 1,635,677.04 $1,626,242.78
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 2,146,219.04 $2,154,112.19
89177EAA7 TPMT 2019-HY1 A1 3.26600 10/25/2048 US 1,986,786.87 $1,997,644.26
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 1,773,692.86 $1,769,681.65
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 1,840,371.57 $1,857,117.11
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 359,000 $352,268.75
902653104 UDR INC US UDR 5,820 $268,069.20
902973304 U.S. BANCORP US USB 11,608 $663,397.20
903002103 UMH PROPERTIES INC US UMH 7,070 $92,970.50
904767704 UNILEVER PLC - ADR GB UL 61,915 $3,722,329.80
907818108 UNION PAC CORP US UNP 4,742 $853,322.90
911312106 UNITED PARCEL SERVICE US UPS 12,020 $1,436,029.40
912796SJ9 TREASURY BILL 0.00000 09/19/2019 US 38,337,000 $38,233,890.34
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 4,844,617.91 $4,919,499.09
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 9,698,000 $9,657,086.56
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 16,765,000 $17,768,280.47
9128286B1 US TREASURY N/B 2.62500 02/15/2029 US 23,125,000 $24,330,932.68
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 36,800,161.5 $36,369,574.22
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 18,720,000 $18,354,375.00
912828SV3 US TREASURY N/B 1.75000 05/15/2022 US 17,961,000 $17,906,274.99
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 17,520,000 $18,049,706.34
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 17,550,000 $17,772,117.19
913017109 UNITED TECHNOLOGIES CORP US UTX 6,291 $840,477.60
91704F104 URBAN EDGE PROPERTIES US UE 13,135 $219,748.55
918204108 VF CORP US VFC 4,133 $361,182.87
91913Y100 VALERO ENERGY US VLO 4,381 $373,480.25
92276F100 VENTAS INC US VTR 7,675 $516,450.75
92339V100 VEREIT INC US VER 35,665 $325,264.80
92343V104 VERIZON COMMUNICATIONS US VZ 14,370 $794,229.90
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 7,950,000 $10,011,530.80
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 9,485 $1,580,390.70
92826C839 VISA INC - CLASS A SHARES US V 30,360 $5,404,080.00
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 310,000 $306,900.00
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 155,000 $156,238.82
929042109 VORNADO REALTY TRUST US VNO 3,210 $206,467.20
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 230,000 $220,225.00
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 817,442.74 $838,613.20
93065PAA9 WBHT 2019-WBM A FLT 3.37500 12/15/2033 US 2,125,000 $2,112,966.76
931142103 WAL MART STORES US WMT 11,816 $1,304,250.08
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 8,091 $440,878.59
94106L109 WASTE MANAGEMENT INC US WM 14,101 $1,649,817.00
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 350,000 $347,375.00
948741103 WEINGARTEN REALTY INVESTORS US WRI 8,610 $240,305.10
949746101 WELLS FARGO COMPANY US WFC 44,794 $2,168,477.54
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 265,000 $268,658.14
95040Q104 WELLTOWER INC. US WELL 4,870 $404,794.40
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 5,150,000 $5,302,985.18
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 720,800.21 $724,148.54
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 894,640.46 $900,055.45
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 440,000 $415,800.00
B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 23,430 $266,822.93
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 2,725,000 $139,931.80
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 327,000 $255,990.60
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 4,996,000 $255,332.72
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 7,267,000 $379,850.18
B68XHC3 NORTHLAND POWER INC CA NPI CN 14,100 $268,367.93
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 908,000 $47,894.26
BBG00PFL3N07 EA US 08/02/19 C89 US -152 -$50,920.00
BBG00PHRPF69 EQIX US 08/16/19 P480 US -26 -$12,116.00
BBG00PMQYKV6 CBOE US 08/23/19 P105 US -121 -$10,890.00
BBG00PN16Q48 NOW US 08/23/2019 P270 US -47 -$20,962.00
BBG00PP80KG7 FB US 08/30/19 P185 US -73 -$16,863.00
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 105,835 $176,911.07
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 101,500 $4,729,186.79
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 187,405 $841,186.59
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 100,695 $3,013,033.86
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 37,825 $3,802,808.19
G29183103 EATON CORP PLC US ETN 4,321 $355,142.99
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 440,000 $453,640.00
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 22,750 $965,510.00
G5960L103 MEDTRONIC INC IE MDT 77,125 $7,862,122.50
H01301128 ALCON INC CH ALC 12,878 $756,582.50
H1467J104 CHUBB LTD CH CB 2,503 $382,558.52
H8817H100 TRANSOCEAN LTD US RIG 82,610 $502,268.80
N47279109 INTERXION HOLDING NV NL INXN 44,670 $3,363,651.00
USD US DOLLAR US 16,517,374 $16,517,374.00

Investments will change over time.

Distributions

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

A Word About Risk

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

Daily Price

$14.00

Daily $ Change

$0.03

Daily % Change

0.21%

as of 08/15/2019

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

Investment Objective

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

Investment Strategy

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

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

May be Appropriate for Investors

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

About Risk-Based Funds

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

Time Horizon & Range of Stock Exposure

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

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

Manning and Napier Risk-Based Funds Graphic

Learn more about our Pro-Blend® Series

Performance

As of 07/31/2019

YTD

9.44%

1 Year

6.37%

3 Year

4.64%

5 Year

3.22%

10 Year

5.33%

Inception
(11/01/1995)

5.61%

US Stock Market Cycle (04/01/2000 - 07/31/2019)

5.56%

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 0.48%
Net 0.08%*

*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 07/31/2019

GOVERNMENT AGENCY 14.00%
TREASURY NOTES 12.87%
TREASURY BILLS 4.31%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 4.10%
BOOKING HOLDINGS INC 3.60000 06/01/2026 1.19%
BANK OF AMERICA CORP 4.00000 01/22/2025 1.19%
VERIZON COMMUNICATIONS 5.50000 03/16/2047 1.13%
TREASURY BONDS 1.09%
MORGAN STANLEY FLT 3.77988 05/08/2024 1.07%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 0.99%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 07/31/2019

Bonds
71.28%
Stocks
26.89%
Cash
1.83%

Detailed Asset Class Allocation

As of 07/31/2019

International Equities
6.63%
Small Capitalization
0.59%
Mid Capitalization
1.28%
Large Capitalization
18.40%
Long Term Fixed Income
16.75%
Intermediate Term Fixed Income
36.43%
Short Term Fixed Income
18.09%
Cash
1.83%

July Fund Holdings

As of 07/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 165,000 $166,237.50
00206R102 AT&T INC US T 7,105 $241,925.25
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 6,620,000 $7,120,448.70
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 4,996,000 $4,991,403.68
00287Y109 ABBVIE INC US ABBV 10,180 $678,191.60
004239109 ACADIA REALTY TRUST US AKR 3,435 $96,420.45
00507V109 ACTIVISION INC US ATVI 62,530 $3,047,712.20
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 6,440,000 $6,812,354.68
008492100 AGREE REALTY CORP US ADC 2,150 $143,727.50
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 770 $112,697.20
020002101 ALLSTATE CORPORATION US ALL 3,280 $352,272.00
02079K107 ALPHABET INC-CL C US GOOG 2,715 $3,303,286.20
02079K305 ALPHABET INC-CL A US GOOGL 2,845 $3,465,779.00
023135106 AMAZON.COM INC US AMZN 790 $1,474,756.20
02319V103 AMBEV SA-ADR BR ABEV 166,325 $876,532.75
0237400 DIAGEO PLC GB DGE LN 52,271 $2,179,713.29
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 1,025,000 $1,028,382.50
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 3,435 $160,586.25
02665T306 AMERICAN HOMES 4 RENT- A US AMH 22,355 $541,214.55
026874784 AMERICAN INTL GROUP INC US AIG 6,010 $336,499.90
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 315,000 $318,208.92
03027X100 AMERICAN TOWER REIT INC US AMT 7,920 $1,676,030.40
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 91,637.2 $92,484.43
03064D108 AMERICOLD REALTY TRUST US COLD 9,225 $309,314.25
031162100 AMGEN INC US AMGN 4,450 $830,281.00
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 340,000 $317,475.00
03748R754 APARTMENT INVT & MGMT CO -A US AIV 7,387 $365,951.98
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 50,000 $51,625.00
03990B101 ARES MANAGEMENT CORP - A US ARES 14,065 $411,401.25
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 90,000 $87,525.00
04621X108 ASSURANT INC US AIZ 2,100 $238,056.00
053484101 AVALONBAY COMMUNITIES INC US AVB 5,440 $1,135,817.60
055622104 BP PLC-SPONS ADR GB BP 21,284 $845,826.16
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 4,633,000 $4,730,496.85
060505104 BANK OF AMERICA CORP US BAC 88,233 $2,706,988.44
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 10,060,000 $10,559,446.10
06759L103 BARINGS BDC INC US BBDC 22,366 $220,752.42
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 20,835 $4,280,134.05
088606108 BHP GROUP LTD AU BHP 13,649 $749,739.57
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 17,495 $1,387,703.40
09247X101 BLACKROCK INC US BLK 2,895 $1,353,933.60
0925288 GLAXOSMITHKLINE PLC GB GSK LN 11,075 $229,041.52
09260D107 BLACKSTONE GROUP LP US BX 16,785 $805,344.30
097023105 BOEING CO US BA 3,225 $1,100,305.50
09857L108 BOOKING HOLDINGS INC US BKNG 1,830 $3,452,496.30
0989529 ASTRAZENECA PLC GB AZN LN 3,780 $326,569.16
101121101 BOSTON PROPERTIES INC US BXP 4,365 $580,326.75
105368203 BRANDYWINE REALTY TRUST US BDN 27,195 $401,126.25
110122108 BRISTOL MYERS SQUIBB CO US BMY 18,492 $821,229.72
11135F101 BROADCOM INC US AVGO 2,571 $745,564.29
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 240,000 $179,400.00
12429TAE4 BWAY HOLDING CO 7.25000 04/15/2025 US 235,000 $222,662.50
12503M108 CBOE GLOBAL MARKETS INC US CBOE 15,630 $1,708,515.30
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 1,314,143.56 $1,339,098.75
12572Q105 CME GROUP INC US CME 8,730 $1,697,286.60
125896100 CMS ENERGY CORP US CMS 10,611 $617,772.42
12592TAA3 COMM 2015-3BP A FLT 3.17800 02/10/2035 US 500,000 $518,377.75
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 4,455,000 $4,629,519.72
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 1,173,133.78 $1,147,865.42
126650100 CVS HEALTH CORP US CVS 9,438 $527,301.06
12770QAA3 CZR 2017-VICI A 3.53100 10/15/2034 US 2,520,000 $2,601,158.36
133131102 CAMDEN PROPERTY TRUST US CPT 2,925 $303,351.75
14314WAD3 CARMX 2017-3 A3 1.97000 04/15/2022 US 1,975,443.4 $1,970,033.65
149123101 CATERPILLAR INC US CAT 4,149 $546,298.83
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 31,109.12 $31,071.07
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 1,554,189.11 $1,559,175.88
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 4,491,927.31 $4,477,515.86
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 1,398,750.58 $1,394,035.11
165240102 CHESAPEAKE LODGING TRUST US CHSP 4,965 $136,388.55
166764100 CHEVRON CORP US CVX 14,310 $1,761,704.10
16941R108 CHINA PETROLEUM & CHEM-ADR CN SNP 10,382 $666,212.94
17275R102 CISCO SYSTEMS INC US CSCO 21,490 $1,190,546.00
172967424 CITIGROUP INC US C 28,799 $2,049,336.84
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 3,240,000 $5,221,033.65
191216100 COCA COLA CO/THE US KO 65,615 $3,453,317.45
192422103 COGNEX CORP US CGNX 17,385 $765,113.85
194162103 COLGATE-PALMOLIVE CO US CL 14,536 $1,042,812.64
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 14,917 $612,939.53
2099084 BORALEX INC -A CA BLX CN 14,085 $213,014.55
21036PAM0 CONSTELLATION BRANDS INC 3.87500 11/15/2019 US 2,340,000 $2,347,812.00
21036PAU2 CONSTELLATION BRANDS INC 2.00000 11/07/2019 US 2,000,000 $1,996,506.92
22052L104 CORTEVA INC US CTVA 4,978 $146,851.00
222795502 COUSINS PROPERTIES INC US CUZ 17,646 $620,786.28
22282E102 COVANTA HOLDING CORP US CVA 39,495 $680,103.90
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 679,777.08 $679,775.45
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 6,550,000 $6,632,936.36
22822V101 CROWN CASTLE INTL CORP US CCI 7,348 $979,194.48
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 764,977.16 $750,142.72
229663109 CUBESMART US CUBE 4,525 $153,623.75
253868103 DIGITAL REALTY TRUST INC US DLR 2,840 $324,782.40
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 6,640,000 $7,065,092.14
256677105 DOLLAR GENERAL CORP US DG 6,955 $932,109.10
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 230,000 $239,200.00
25960P109 DOUGLAS EMMETT INC US DEI 5,025 $205,120.50
260557103 DOW INC US DOW 11,095 $537,441.80
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 350,000 $364,000.00
26614N102 DUPONT DE NEMOURS INC US DD 4,978 $359,212.48
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 359,000 $344,640.00
269246401 ETRADE FINANCIAL CORP US ETFC 16,680 $813,817.20
2715777 QUEBECOR INC -CL B CA QBR/B CN 35,310 $799,946.20
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 40,835 $800,425.41
285512109 ELECTRONIC ARTS US EA 40,400 $3,737,000.00
291011104 EMERSON ELEC CO US EMR 6,331 $410,755.28
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 4,570,000 $5,411,207.76
29372EBS6 EFF 2016-2 A2 1.74000 02/22/2022 US 9,166.44 $9,159.87
29372EBT4 EFF 2016-2 A3 2.04000 02/22/2022 US 980,000 $977,879.87
29444U700 EQUINIX INC US EQIX 8,295 $4,164,919.50
29446M102 EQUINOR ASA-SPON ADR NO EQNR 19,974 $355,736.94
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 2,175 $270,243.75
29476L107 EQUITY RESIDENTIAL US EQR 6,980 $550,652.20
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 10,852 $229,194.24
297178105 ESSEX PROPERTY TRUST INC US ESS 1,550 $468,441.00
30161N101 EXELON CORP US EXC 7,455 $335,922.30
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 8,725,000 $8,754,955.37
30225T102 EXTRA SPACE STORAGE INC US EXR 1,615 $181,509.85
30231G102 EXXON MOBIL CORP US XOM 19,228 $1,429,794.08
302491303 FMC CORP US FMC 10,285 $888,829.70
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 52,136.85 $52,005.56
30262DAL5 FREMF 2011-K13 B 4.61188 01/25/2048 US 2,255,000 $2,313,455.91
30262SAR9 FREMF 2015-K42 B FLT 3.85083 12/25/2024 US 490,000 $505,973.76
30286XAN9 FREMF 2015-K43 B FLT 3.73389 02/25/2048 US 500,000 $519,922.25
30287EAE0 FREMF 2014-K41 B FLT 3.83228 11/25/2047 US 2,227,000 $2,341,622.58
30291EAE4 FREMF 2013-K712 B FLT 3.31413 05/25/2045 US 1,025,000 $1,024,550.85
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 195,913,602.95 $563,584.66
30291YAJ9 FREMF 2014-K716 B FLT 3.94796 08/25/2047 US 2,624,000 $2,691,011.19
30303M102 FACEBOOK INC -A US FB 8,920 $1,732,531.60
3128LCD86 FHLM POOL A78227 5.50000 06/01/2038 US 112,092.58 $123,774.72
3128M56M7 FHLM POOL G04176 5.50000 05/01/2038 US 102,130.07 $113,072.74
3128M5VT4 FHLM POOL G03926 6.00000 02/01/2038 US 300,997.3 $342,595.80
3128M6JQ2 FHLM POOL G04471 5.50000 07/01/2038 US 35,957.95 $39,780.34
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 229,547.73 $255,677.51
3128M6T99 FHLM POOL G04776 5.50000 07/01/2038 US 243,925.55 $269,651.73
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 62,028.5 $70,025.34
3128M7C95 FHLM POOL G05196 5.50000 10/01/2038 US 296,464.01 $329,898.74
3128M7KW5 FHLM POOL G05409 5.50000 03/01/2039 US 263,167.39 $292,902.06
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 249,076.43 $283,705.77
3128M9GM8 FHLM POOL G07104 5.50000 05/01/2040 US 205,778.32 $223,543.24
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 104,993.24 $117,349.51
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 21,629.85 $22,155.31
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 14,505.68 $14,892.70
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 21,178.64 $21,857.90
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 1,731,228.77 $1,836,021.43
3128MJG20 FHLM POOL G08216 5.50000 08/01/2037 US 272,486.15 $304,565.06
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 290,795.67 $321,445.96
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 112,510.25 $120,228.52
3128P75X7 FHLM POOL C91762 4.50000 05/01/2034 US 916,900.39 $979,887.12
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74251V102 PRINCIPAL FINANCIAL GROUP US PFG 3,896 $226,123.84
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 1,500,000 $1,499,340.30
74333NAA0 PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 US 3,250,000 $3,294,807.43
74340W103 PROLOGIS US PLD 12,340 $994,727.40
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 6,440,000 $6,882,878.80
74460D109 PUBLIC STORAGE INC US PSA 2,125 $515,865.00
749685103 RPM INTERNATIONAL INC US RPM 11,375 $771,566.25
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 465,000 $466,162.50
756109104 REALTY INCOME CORP US O 1,640 $113,504.40
7591EP100 REGIONS FINANCIAL CORP. US RF 13,670 $217,763.10
760759100 REPUBLIC SERVICES INC US RSG 5,015 $444,579.75
767204100 RIO TINTO PLC - SPON ADR GB RIO 10,425 $595,059.00
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 315,000 $322,367.71
77714PAB5 SEMGROUP / ROSE ROCK FIN 5.62500 07/15/2022 US 345,000 $339,393.75
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 6,970 $442,385.90
78409V104 S&P GLOBAL INC US SPGI 7,680 $1,881,216.00
78410G104 SBA COMMUNICATIONS CORP US SBAC 7,290 $1,789,038.90
78442PGC4 SLM CORP 5.12500 04/05/2022 US 465,000 $469,650.00
78471CAB5 SOFI 2017-D A2FX 2.65000 09/25/2040 US 1,400,000 $1,405,119.66
78490DAA2 SOFI 2018-C A1FX 3.08000 01/25/2048 US 2,059,598.68 $2,071,468.35
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 7,640,000 $8,711,586.86
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 6,590,000 $6,989,975.63
806857108 SCHLUMBERGER LTD NL SLB 35,130 $1,404,146.10
808513105 CHARLES SCHWAB CORP/THE US SCHW 35,635 $1,540,144.70
81211K100 SEALED AIR CORP US SEE 14,215 $594,044.85
812578102 SEATTLE GENETICS INC US SGEN 24,715 $1,871,172.65
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 765,660.71 $763,784.46
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 945,571.87 $946,831.84
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 769,959.82 $714,469.74
81762P102 SERVICENOW INC US NOW 12,240 $3,395,253.60
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 250,000 $230,000.00
828806109 SIMON PROPERTY GROUP INC US SPG 4,885 $792,347.00
831641FC4 SBIC 2015-10A 1 2.51700 03/10/2025 US 765,765.98 $770,943.55
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 240,116.08 $239,458.81
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 500,000 $503,568.40
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 47,866.87 $47,803.43
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 41,374.44 $41,284.74
83405JAA3 SCLP 2017-4 A 2.50000 05/26/2026 US 370,008.92 $369,617.97
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 26,782.25 $26,771.00
83405TAA1 SCLP 2019-3 A MTGE 2.90000 05/25/2028 US 3,080,672.57 $3,089,192.48
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 2,464,975.27 $2,475,112.97
83406EAB1 SOFI 2018-A A2A 2.39000 02/25/2042 US 709,122.02 $708,513.52
835699307 SONY CORP SPONSORED ADR JP SNE 30,885 $1,756,121.10
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 6,740,000 $6,854,289.78
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 345,000 $297,562.50
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 210,000 $229,950.00
85254J102 STAG INDUSTRIAL INC US STAG 15,820 $470,170.40
855030AN2 STAPLES INC 7.50000 04/15/2026 US 340,000 $347,650.00
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.54500 11/15/2027 US 2,079,820.61 $2,075,478.57
862121100 STORE CAPITAL CORP US STOR 3,270 $111,866.70
866674104 SUN COMMUNITIES US SUI 3,375 $448,233.75
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 12,935 $170,871.35
86935CAA0 SCML 2019-SBC8 2.86000 12/25/2035 US 3,270,000 $3,264,555.78
87612E106 TARGET CORP US TGT 8,580 $741,312.00
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 319,770.35 $318,764.10
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 300,000 $261,000.00
882508104 TEXAS INSTRUMENTS INC US TXN 6,488 $811,064.88
88579Y101 3M CO US MMM 5,087 $888,800.64
89151E109 TOTAL S A SPONSORED ADR FR TOT 11,736 $607,220.64
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 1,635,677.04 $1,626,242.78
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 2,146,219.04 $2,154,112.19
89177EAA7 TPMT 2019-HY1 A1 3.26600 10/25/2048 US 1,986,786.87 $1,997,644.26
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 1,773,692.86 $1,769,681.65
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 1,840,371.57 $1,857,117.11
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 359,000 $352,268.75
902653104 UDR INC US UDR 5,820 $268,069.20
902973304 U.S. BANCORP US USB 11,608 $663,397.20
903002103 UMH PROPERTIES INC US UMH 7,070 $92,970.50
904767704 UNILEVER PLC - ADR GB UL 61,915 $3,722,329.80
907818108 UNION PAC CORP US UNP 4,742 $853,322.90
911312106 UNITED PARCEL SERVICE US UPS 12,020 $1,436,029.40
912796SJ9 TREASURY BILL 0.00000 09/19/2019 US 38,337,000 $38,233,890.34
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 4,844,617.91 $4,919,499.09
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 9,698,000 $9,657,086.56
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 16,765,000 $17,768,280.47
9128286B1 US TREASURY N/B 2.62500 02/15/2029 US 23,125,000 $24,330,932.68
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 36,800,161.5 $36,369,574.22
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 18,720,000 $18,354,375.00
912828SV3 US TREASURY N/B 1.75000 05/15/2022 US 17,961,000 $17,906,274.99
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 17,520,000 $18,049,706.34
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 17,550,000 $17,772,117.19
913017109 UNITED TECHNOLOGIES CORP US UTX 6,291 $840,477.60
91704F104 URBAN EDGE PROPERTIES US UE 13,135 $219,748.55
918204108 VF CORP US VFC 4,133 $361,182.87
91913Y100 VALERO ENERGY US VLO 4,381 $373,480.25
92276F100 VENTAS INC US VTR 7,675 $516,450.75
92339V100 VEREIT INC US VER 35,665 $325,264.80
92343V104 VERIZON COMMUNICATIONS US VZ 14,370 $794,229.90
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 7,950,000 $10,011,530.80
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 9,485 $1,580,390.70
92826C839 VISA INC - CLASS A SHARES US V 30,360 $5,404,080.00
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 310,000 $306,900.00
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 155,000 $156,238.82
929042109 VORNADO REALTY TRUST US VNO 3,210 $206,467.20
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 230,000 $220,225.00
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 817,442.74 $838,613.20
93065PAA9 WBHT 2019-WBM A FLT 3.37500 12/15/2033 US 2,125,000 $2,112,966.76
931142103 WAL MART STORES US WMT 11,816 $1,304,250.08
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 8,091 $440,878.59
94106L109 WASTE MANAGEMENT INC US WM 14,101 $1,649,817.00
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 350,000 $347,375.00
948741103 WEINGARTEN REALTY INVESTORS US WRI 8,610 $240,305.10
949746101 WELLS FARGO COMPANY US WFC 44,794 $2,168,477.54
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 265,000 $268,658.14
95040Q104 WELLTOWER INC. US WELL 4,870 $404,794.40
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 5,150,000 $5,302,985.18
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 720,800.21 $724,148.54
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 894,640.46 $900,055.45
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 440,000 $415,800.00
B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 23,430 $266,822.93
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 2,725,000 $139,931.80
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 327,000 $255,990.60
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 4,996,000 $255,332.72
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 7,267,000 $379,850.18
B68XHC3 NORTHLAND POWER INC CA NPI CN 14,100 $268,367.93
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 908,000 $47,894.26
BBG00PFL3N07 EA US 08/02/19 C89 US -152 -$50,920.00
BBG00PHRPF69 EQIX US 08/16/19 P480 US -26 -$12,116.00
BBG00PMQYKV6 CBOE US 08/23/19 P105 US -121 -$10,890.00
BBG00PN16Q48 NOW US 08/23/2019 P270 US -47 -$20,962.00
BBG00PP80KG7 FB US 08/30/19 P185 US -73 -$16,863.00
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 105,835 $176,911.07
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 101,500 $4,729,186.79
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 187,405 $841,186.59
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 100,695 $3,013,033.86
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 37,825 $3,802,808.19
G29183103 EATON CORP PLC US ETN 4,321 $355,142.99
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 440,000 $453,640.00
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 22,750 $965,510.00
G5960L103 MEDTRONIC INC IE MDT 77,125 $7,862,122.50
H01301128 ALCON INC CH ALC 12,878 $756,582.50
H1467J104 CHUBB LTD CH CB 2,503 $382,558.52
H8817H100 TRANSOCEAN LTD US RIG 82,610 $502,268.80
N47279109 INTERXION HOLDING NV NL INXN 44,670 $3,363,651.00
USD US DOLLAR US 16,517,374 $16,517,374.00

Investments will change over time.

Distributions

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

A Word About Risk

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


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