Mutual Funds

Pro-Blend® Conservative Term Series

Investment Objective

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

Investment Strategy

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

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

May be Appropriate for Investors

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

About Risk-Based Funds

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

Time Horizon & Range of Stock Exposure

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

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

Learn more about our Pro-Blend® Series

Daily Price

$12.67

Daily $ Change

$0.05

Daily % Change

0.39%

as of 04/23/2024

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
Applications & Forms
N-Port Part F Reports

Performance

As of 03/31/2024

YTD

1.02%

1 Year

6.43%

3 Year

1.26%

5 Year

4.72%

10 Year

3.86%

Inception
(04/01/2019)

5.39%

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

Inception performance is based on the Pro-Blend® Conservative Term Series Class S inception of 11/01/1995. For periods through 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.

Expense Ratio

Gross 0.57%
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 03/31/2024

TREASURY NOTES 24.67%
GOVERNMENT AGENCY 18.14%
TSY INFL IX N/B 2.37500 01/15/2027 2.47%
TREASURY BONDS 2.07%
ISHARES BROAD USD HIGH YIELD 2.43400 1.78%
TENCENT HOLDINGS 3.97500 04/11/2029 1.77%
PCG 2023 1 NOTE MTG 11.32941 07/25/2029 1.25%
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 1.11%
JPMORGAN CHASE & CO 4.49300 03/24/2031 1.10%
PALOMINO FUNDING TRUST I 7.23300 05/17/2028 0.95%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 03/31/2024

Bonds
83.95%
Stocks
15.40%
Cash
0.65%

Detailed Asset Class Allocation

As of 03/31/2024

International Equities
4.68%
Small Capitalization
0.09%
Mid Capitalization
0.95%
Large Capitalization
9.68%
Long Term Fixed Income
15.96%
Intermediate Term Fixed Income
50.14%
Short Term Fixed Income
17.85%
Cash
0.65%
Security Description Country Ticker Shares/Par Market Value (USD)
ADMIRAL GROUP PLC GB ADM LN 4,323 $154,926.53
ADMIRAL GROUP PLC ADR GB AMIGY 16,070 $575,306.00
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 1,700,000 $1,539,968.73
AGREE REALTY CORP US ADC 1,379 $78,768.48
AIR LIQUIDE FR AI FP 499 $103,816.30
AIRBUS SE FR AIR FP 698 $128,591.71
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 115,613.85 $117,695.00
ALCON INC CH ALC 8,170 $680,479.30
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 1,020,000 $847,959.58
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 3,730,000 $3,240,403.33
ALLO 2023-1A A2 6.20000 06/20/2053 US 1,550,000 $1,541,548.63
ALPHABET INC-CL A US GOOGL 14,062 $2,122,377.66
AMAZON.COM INC US AMZN 15,242 $2,749,351.96
AMAZON.COM INC 3.30000 04/13/2027 US 780,000 $750,394.66
AMERICAN HOMES 4 RENT- A US AMH 2,227 $81,909.06
AMERICAN TOWER REIT INC US AMT 516 $101,956.44
AMERICOLD REALTY TRUST US COLD 1,768 $44,058.56
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 1,600,000 $1,504,592.13
ASTRAZENECA GB AZN 18,952 $1,283,998.00
ATLASSIAN CORP PLC-CLASS A AU TEAM 305 $59,508.55
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 14,601 $72,840.12
AUTO TRADER GROUP PLC GB AUTO LN 9,231 $81,518.17
AVALONBAY COMMUNITIES INC US AVB 593 $110,037.08
AVANZA BANK HOLDING AB SE AZA SS 1,848 $39,837.35
BAE SYSTEMS PLC GB BA/ LN 5,329 $90,835.09
BAE SYSTEMS PLC -SPON ADR GB BAESY 8,425 $584,273.75
BANK OF AMERICA CORP 2.68700 04/22/2032 US 2,720,000 $2,301,038.10
BEIERSDORF AG DE BEI GR 813 $118,370.50
BIOMARIN PHARMACEUTICAL INC US BMRN 11,118 $971,046.12
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 1,540,000 $1,529,296.35
BORR IHC LTD 10.00000 11/15/2028 MUL 350,000 $365,454.02
BRENNTAG AG DE BNR GR 568 $47,871.63
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 427,745 $301,343.59
CANADIAN NATIONAL RAILWAY CO CA CNI 7,692 $1,013,113.32
CAPITAL ONE FINANCIAL CO 5.70000 02/01/2030 US 2,940,000 $2,964,707.03
CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 679,766.93 $610,175.63
CELLNEX TELECOM SA ES CLNX SM 2,935 $103,824.75
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 2,546 $44,860.52
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 2,110,000 $2,329,779.63
CIM 2019-INV1 A1 4.00000 02/25/2049 US 63,196.72 $60,102.83
CITIGROUP INC 1.46200 06/09/2027 US 2,490,000 $2,287,731.45
CLEANAWAY WASTE MANAGEMENT AU CWY AU 49,875 $88,372.13
COCA COLA CO/THE US KO 27,680 $1,693,462.40
COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 1,630,000 $1,461,747.36
COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 US 1,500,000 $1,427,444.69
CONSTELLATION BRANDS INC-A US STZ 3,117 $847,075.92
COPART INC US CPRT 17,932 $1,038,621.44
CROWN CASTLE INTL CORP US CCI 449 $47,517.67
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 289,119.94 $249,534.66
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 160,170.67 $133,375.76
CSX CORP US CSX 22,255 $824,992.85
DEUTSCHE BOERSE AG DE DB1 GR 816 $167,108.60
DEUTSCHE BOERSE AG ADR DE DBOEY 39,444 $805,840.92
DIAGEO PLC GB DGE LN 1,143 $42,293.54
DIGITAL REALTY TRUST INC US DLR 342 $49,261.68
DIGITALBRIDGE GROUP INC US DBRG 2,369 $45,650.63
DOLLARAMA INC CA DOL CN 884 $67,343.37
ELECTRONIC ARTS US EA 10,012 $1,328,292.04
ENERGY TRANSFER LP 7.37500 02/01/2031 US 1,400,000 $1,467,471.71
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 2,090,000 $2,221,062.56
EQUINIX INC US EQIX 497 $410,189.01
EQUITY COMMONWEALTH US EQC 2,182 $41,196.16
EQUITY LIFESTYLE PROPERTIES US ELS 1,467 $94,474.80
EQUITY RESIDENTIAL US EQR 900 $56,799.00
EVERGY INC US EVRG 16,852 $899,559.76
EXPERIAN PLC IE EXPN LN 1,932 $84,182.94
EXTRA SPACE STORAGE INC US EXR 630 $92,610.00
FEDERAL NATL MTG ASSN 123456 6.00000 12/01/2038 US 6,293.23 $6,576.41
FEDERAL NATL MTG ASSN 886904 6.50000 09/01/2036 US 31,851.8 $33,691.24
FEDERAL NATL MTG ASSN 889260 5.00000 04/01/2038 US 6,295.08 $6,322.42
FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 149,801.94 $156,515.44
FEDERAL NATL MTG ASSN 933521 5.00000 01/01/2038 US 5,490.43 $5,514.28
FEDERAL NATL MTG ASSN 971022 5.00000 01/01/2039 US 11,288.26 $11,329.44
FEDERAL NATL MTG ASSN 975840 5.00000 05/01/2038 US 22,967.03 $23,050.20
FEDERAL NATL MTG ASSN 983686 5.00000 02/01/2039 US 13,207.85 $13,255.64
FEDERAL NATL MTG ASSN 986458 6.00000 08/01/2038 US 3,740.49 $3,908.80
FEDERAL NATL MTG ASSN 987831 6.00000 09/01/2038 US 8,383.87 $8,762.65
FEDERAL NATL MTG ASSN 990897 6.00000 09/01/2038 US 16,055.44 $16,777.89
FEDERAL NATL MTG ASSN 995196 6.00000 07/01/2038 US 184,223.35 $192,483.16
FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 US 148,000.32 $141,269.21
FEDERAL NATL MTG ASSN AA1810 5.00000 01/01/2039 US 31,751.47 $31,867.31
FEDERAL NATL MTG ASSN AA6788 6.00000 08/01/2039 US 107,663.41 $112,508.53
FEDERAL NATL MTG ASSN AB4300 3.50000 01/01/2042 US 74,127.75 $68,570.03
FEDERAL NATL MTG ASSN AC0463 5.00000 11/01/2039 US 12,071.72 $12,105.66
FEDERAL NATL MTG ASSN AC1557 4.50000 09/01/2024 US 1,029.56 $1,021.39
FEDERAL NATL MTG ASSN AC5111 5.00000 11/01/2039 US 25,773.34 $25,845.81
FEDERAL NATL MTG ASSN AC8573 5.00000 01/01/2040 US 21,343.36 $21,403.38
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 26,087.99 $27,257.67
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 173.95 $172.96
FEDERAL NATL MTG ASSN AE0061 6.00000 02/01/2040 US 75,595.86 $78,997.46
FEDERAL NATL MTG ASSN AE0604 6.00000 07/01/2039 US 169,085.69 $176,666.79
FEDERAL NATL MTG ASSN AL0152 6.00000 06/01/2040 US 294,442.71 $307,638.41
FEDERAL NATL MTG ASSN AL1410 4.50000 12/01/2041 US 327,628.3 $321,115.04
FEDERAL NATL MTG ASSN AL1595 6.00000 01/01/2040 US 182,731.3 $190,920.56
FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 167,554.88 $159,934.42
FEDERAL NATL MTG ASSN AL8674 FLT 5.64300 01/01/2049 US 500,401.71 $515,898.89
FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 77,042.16 $72,804.82
FEDERAL NATL MTG ASSN BD6997 4.00000 10/01/2046 US 97,439.62 $92,080.37
FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 126,177.61 $119,237.75
FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 123,740.02 $120,346.55
FEDERAL NATL MTG ASSN CA5518 3.00000 04/01/2050 US 3,994,251.68 $3,495,644.17
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 2,861,312.58 $2,608,069.76
FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 582,745.8 $565,555.46
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 2,943,305.16 $2,786,126.95
FEDERAL NATL MTG ASSN FS2998 3.50000 04/01/2052 US 3,337,903.42 $3,025,513.28
FEDERAL NATL MTG ASSN FS4511 4.00000 08/01/2051 US 3,664,554.38 $3,444,187.06
FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 283,184.22 $278,101.40
FEDERAL NATL MTG ASSN MA0259 5.00000 12/01/2039 US 15,751.89 $15,796.18
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 217,716.79 $214,591.34
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 205,491.52 $202,545.73
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 3,276,105.27 $2,938,221.07
FEDERAL NATL MTG ASSN MA4633 3.50000 06/01/2042 US 1,163,420.62 $1,072,809.20
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 3,626,441.27 $3,360,960.09
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 3,036,748.46 $2,651,341.81
FEDERAL NATL MTG ASSN SD8276 5.00000 12/01/2052 US 1,246,041.87 $1,217,296.51
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 2,287,283.99 $2,002,866.54
FHLM POOL A92889 4.50000 07/01/2040 US 414,517.5 $407,244.67
FHLM POOL C91746 4.50000 12/01/2033 US 32,959.62 $32,526.32
FHLM POOL C91762 4.50000 05/01/2034 US 328,426.62 $324,125.80
FHLM POOL G03926 6.00000 02/01/2038 US 122,622.34 $128,281.83
FHLM POOL G05906 6.00000 04/01/2040 US 16,944.24 $17,726.28
FHLM POOL G06789 6.00000 05/01/2040 US 103,057.66 $107,814.16
FHLM POOL SD8230 4.50000 06/01/2052 US 2,116,599.82 $2,021,109.19
FHR 5189 CP 2.50000 06/25/2049 US 1,820,587.03 $1,553,091.13
FINECOBANK SPA IT FBK IM 2,957 $44,286.39
FIRST INDUSTRIAL REALTY TR US FR 602 $31,629.08
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 3,001 $51,677.22
FLX 2021-1A A2 3.25000 11/27/2051 US 2,600,000 $2,356,388.03
FN FS4339 MTGE 3.00000 12/01/2050 US 1,825,209.9 $1,598,294.40
FN FS4616 MTGE 5.00000 05/01/2043 US 3,639,904.32 $3,618,247.73
FN FS4925 MTGE 3.50000 04/01/2052 US 3,889,936.21 $3,525,882.02
FN MA4020 MTGE 3.00000 05/01/2050 US 4,099,703.21 $3,574,147.87
FN MA4807 MTGE 5.50000 11/01/2052 US 2,661,915.91 $2,653,579.88
FN MA4934 MTGE 5.00000 02/01/2043 US 1,771,378.66 $1,756,967.70
FNR 2018-13 PA MTGE 3.00000 03/25/2048 US 1,658,995.81 $1,449,662.18
FNR 2018-31 KP 3.50000 07/25/2047 US 41,119.85 $40,008.67
FNR 2021-69 WJ 1.50000 10/25/2050 US 1,094,957.83 $908,864.38
FR RB5178 MTGE 4.50000 08/01/2042 US 1,769,762.43 $1,713,231.35
FR SD1360 MTGE 5.50000 07/01/2052 US 3,598,082.59 $3,589,826.07
FREDDIE MAC POOL RB5167 3.50000 07/01/2042 US 1,180,819.74 $1,089,593.74
FREDDIE MAC POOL RB5188 4.00000 10/01/2042 US 2,425,967.23 $2,296,415.87
GLOBANT SA LU GLOB 350 $70,665.00
GNMA POOL 671161 5.50000 11/15/2037 US 24,275.93 $24,832.57
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 230,000 $193,608.06
GOODMAN GROUP AU GMG AU 2,134 $47,006.27
GSMBS 2021-INV1 A9 5.00000 12/25/2051 US 1,411,064.57 $1,304,150.32
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 1,160,879.48 $1,022,107.61
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 1,148,347.86 $989,683.76
GSMBS 2022-PJ1 A8 2.50000 05/28/2052 US 1,809,856.16 $1,554,146.71
HALMA PLC GB HLMA LN 4,293 $128,190.61
HAWAII ST 2.68200 10/01/2038 US 2,660,000 $2,061,922.51
HDFC BANK LTD-ADR IN HDB 22,092 $1,236,489.24
HEINEKEN NV NL HEIA NA 1,494 $144,033.01
HEINEKEN NV-SPN ADR NL HEINY 31,501 $1,522,443.33
HELIOS TOWERS PLC GB HTWS LN 29,388 $35,009.05
HUMANA INC US HUM 1,505 $521,813.60
IIP OPERATING PARTNER 5.50000 05/25/2026 US 460,000 $439,575.07
IMCD NV NL IMCD NA 757 $133,239.64
IMPRL 2021-NQM3 1.59500 11/25/2056 US 1,251,994.29 $1,039,271.15
IMPRL 2022-NQM1 A1 2.49300 02/25/2067 US 2,344,565.03 $2,063,242.62
INFRABUILD AUTRALIA PTY 14.50000 11/15/2028 AU 350,000 $362,967.39
INTERCONTINENTALEXCHANGE INC US ICE 5,873 $807,126.39
INTERMEDIATE CAPITAL GROUP GB ICP LN 3,378 $87,495.22
INTUITIVE SURGICAL INC US ISRG 1,403 $559,923.27
INVITATION HOMES INC US INVH 3,880 $138,166.80
ISHARES BROAD USD HIGH YIELD 2.43400 US 167,405 $6,125,348.95
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 600,000 $589,618.25
JAPAN (2 YEAR ISSUE) 0.10000 01/01/2026 JP 200,000,000 $1,319,553.64
JOHNSON & JOHNSON US JNJ 10,332 $1,634,419.08
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 184,321.72 $176,658.56
JPMMT 2017-3 1A3 3.50000 08/25/2047 US 29,730.47 $26,254.83
JPMMT 2017-6 A3 3.50000 12/25/2048 US 67,097.44 $60,804.57
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 3,920,000 $3,791,314.95
KEYENCE CORP JP 6861 JP 200 $92,852.18
KEYWORDS STUDIOS PLC IE KWS LN 3,265 $53,654.38
L'OREAL FR OR FP 50 $23,678.58
L3HARRIS TECHNOLOGIES INC US LHX 8,030 $1,711,193.00
LEXINGTON REALTY TRUST US LXP 9,823 $88,603.46
LONZA GROUP AG -REG CH LONN SW 202 $120,714.91
LONZA GROUP AG ADR CH LZAGY 2,556 $153,129.96
MARRIOTT VACATIONS WORLD US VAC 385 $41,476.05
MASCO CORP US MAS 8,013 $632,065.44
MASSMUTUAL GLOBAL FUNDING 4.85000 01/17/2029 US 730,000 $726,328.30
MASTERCARD INC-CLASS A US MA 4,249 $2,046,190.93
MEDTRONIC INC IE MDT 7,680 $669,312.00
MERCADOLIBRE INC BR MELI 66 $99,789.36
MET LIFE GLOB FUNDING I 4.85000 01/08/2029 US 730,000 $724,733.06
META PLATFORMS INC US META 3,096 $1,503,355.68
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 908,000 $50,341.30
MICRON TECHNOLOGY INC US MU 16,800 $1,980,552.00
MICROSOFT CORP US MSFT 2,153 $905,810.16
MID-AMERICA APARTMENT COMM US MAA 248 $32,631.84
MONARCH CASINO & RESORT INC US MCRI 724 $54,292.76
MONDELEZ INTERNATIONAL INC US MDLZ 7,685 $537,950.00
MOODY'S CORPORATION US MCO 2,726 $1,071,399.78
NAVIENT CORP 6.75000 06/25/2025 US 485,000 $488,093.65
NESTLE S.A. - ADR CH NSRGY 14,168 $1,504,641.60
NESTLE SA-REGISTERED CH NESN SW 1,168 $124,099.95
NEW FORTRESS ENERGY INC 8.75000 03/15/2029 US 345,000 $343,815.20
NEW YORK LIFE GLOBAL FDG 4.70000 01/29/2029 US 730,000 $722,387.13
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 1,634,676.16 $1,546,727.41
NORTHROP GRUMMAN CORP US NOC 1,711 $818,987.26
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 880,000 $8.80
NOVARTIS AG- REG CH NVS 6,619 $640,255.87
NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 US 1,470,000 $1,554,195.22
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 284,129.07 $265,079.21
NRZT 2015-2A A1 3.75000 08/25/2055 US 278,394.16 $258,639.06
NRZT 2016-4A A1 3.75000 11/25/2056 US 407,804.97 $378,618.41
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 1,415,619.15 $1,283,767.96
OASIS 2022-2A A 6.85000 10/15/2034 US 512,870.47 $511,306.57
OASIS 2023-1A 7.00000 02/15/2035 US 607,508.75 $606,365.42
OBX 2022-INV1 A1 3.00000 12/25/2051 US 2,142,445 $1,797,412.22
OBX 2024-NQM1 A1 5.92800 11/25/2063 US 1,407,784.86 $1,408,322.08
OPEN INFRA IS ASSETS AB 11.00000 02/22/2027 US 400,000 $398,010.42
OXFIN 2020-1A A2 3.10100 02/15/2028 US 95,017.98 $92,299.11
OXFIN 2022-1A 3.60200 02/15/2030 US 2,748,832.91 $2,626,154.70
OXFIN 2023-1A A2 6.71600 02/15/2031 US 2,500,000 $2,519,486.00
OXFINF 2024-A A2 6.67500 01/14/2032 US 220,000 $218,658.13
PALOMINO FUNDING TRUST I 7.23300 05/17/2028 US 3,130,000 $3,282,804.94
PCG 2023 1 NOTE MTG 11.32941 07/25/2029 US 4,293,108.97 $4,292,466.51
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 1,442,203.91 $1,393,156.29
PEAR 2023-1A 7.42000 07/15/2035 US 1,213,337.54 $1,226,317.10
PEAR 2024-1 A 6.95000 02/15/2036 US 706,395.19 $707,472.51
PELORUS FUND REIT 7.00000 09/30/2026 US 470,000 $460,870.30
PEPSICO INC 3.90000 07/18/2032 US 3,370,000 $3,193,577.00
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 2,317,363.84 $1,878,364.31
PFMT 2021-2 A2A 2.00000 04/25/2051 US 1,447,496.66 $1,212,501.83
PHILIP MORRIS INTERNATIONAL US PM 15,117 $1,385,019.54
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 581,787.2 $527,793.05
PROLOGIS US PLD 2,862 $372,689.64
PUBLIC STORAGE INC US PSA 485 $140,679.10
QUALCOMM INC 4.25000 05/20/2032 US 3,110,000 $3,001,344.34
REALTY INCOME CORP US O 1,298 $70,221.80
REXFORD INDUSTRIAL REALITY IN US REXR 2,183 $109,804.90
S&P GLOBAL INC US SPGI 1,777 $756,024.65
SBA COMMUNICATIONS CORP US SBAC 693 $150,173.10
SBA TOWER TRUST 6.59900 01/15/2028 US 2,540,000 $2,603,306.96
SCML 2019-SBC8 2.86000 04/25/2041 US 1,458,550.87 $1,354,373.87
SEMT 2013-2 1.87400 02/25/2043 US 142,813.22 $120,603.15
SEMT 2013-6 A2 3.00000 05/25/2043 US 1,116,180.93 $985,490.08
SEMT 2013-7 A2 3.00000 06/25/2043 US 168,163.9 $146,968.00
SEMT 2013-8 A1 3.00000 06/25/2043 US 200,392.55 $177,736.12
SEMT 2020-1 A1 3.50000 02/25/2050 US 62,394.99 $55,879.17
SERVICENOW INC US NOW 784 $597,721.60
SIMON PROPERTY 2.25000 01/15/2032 US 1,290,000 $1,055,901.96
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 4,505,000 $3,799,643.91
SIRIUSPOINT LTD 7.00000 04/05/2029 BM 1,440,000 $1,437,782.40
SONY CORP FIRST SECTION JP 6758 JP 1,200 $102,900.88
SORT 2020-1 B1 2.28000 07/15/2060 US 2,698,356.01 $2,482,329.41
SOUTH CAROLINA ST PUBLIC SVC 1.85200 12/01/2026 US 3,460,000 $3,170,526.71
SRPT 2014-STAR A FLTG RATE 8.50000 11/15/2027 US 2,117,053.96 $1,503,095.40
STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 2,083,768.8 $1,922,774.11
SUN COMMUNITIES US SUI 1,102 $141,695.16
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 13,706 $1,864,701.30
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 10,000 $135,878.65
TECHTRONIC INDUSTRIES-SP ADR HK TTNDY 8,504 $578,144.44
TENCENT HOLDINGS 3.97500 04/11/2029 KY 6,410,000 $6,092,894.67
TENCENT HOLDINGS LTD CN 700 HK 3,200 $124,639.82
TERRENO REALTY CORP US TRNO 1,449 $96,213.60
THERMO FISHER SCIENTIFIC INC US TMO 990 $575,397.90
TPMT 2016-5 A1 2.50000 10/25/2056 US 15,024.62 $14,961.47
TPMT 2017-1 A1 2.75000 10/25/2056 US 8,353.4 $8,318.09
TPMT 2019-HY1 A1 6.44389 10/25/2048 US 424,834.49 $431,057.00
TREASURY BOND 2.37500 02/15/2042 US 9,544,000 $7,110,280.00
TREASURY NOTE 2.25000 11/15/2027 US 11,175,000 $10,399,734.38
TSY INFL IX N/B 2.37500 01/15/2027 US 8,420,656.16 $8,491,609.28
UDR INC US UDR 926 $34,641.66
UNION PAC CORP US UNP 2,272 $558,752.96
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 63,664.97 $60,999.11
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 327,132.53 $302,204.22
UNITED STATES TREAS NTS 2.25000 11/15/2024 US 14,850,000 $14,581,423.79
UNITEDHEALTH GROUP INC US UNH 1,091 $539,717.70
US CLAIMS LIT FNDG LLC 10.25000 03/17/2028 US 250,000 $212,917.35
US DOLLAR US 2,233,393.94 $2,233,393.94
US TEASURY NOTE 1.75000 11/15/2029 US 15,849,000 $13,963,216.72
US TREASURY N/B 0.87500 11/15/2030 US 11,003,000 $8,915,868.44
US TREASURY N/B 2.00000 11/15/2026 US 14,957,000 $14,045,557.81
US TREASURY N/B 2.25000 11/15/2025 US 18,016,000 $17,309,435.00
US TREASURY N/B 3.12500 11/15/2028 US 5,872,000 $5,596,291.28
VENTAS INC US VTR 1,093 $47,589.22
VERTEX PHARMACEUTICALS INC US VRTX 2,362 $987,339.62
VISA INC - CLASS A SHARES US V 5,427 $1,514,567.16
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 2,380,000 $2,227,812.19
WELLTOWER INC. US WELL 1,442 $134,740.48
WIN 2015-1 A1 3.50000 01/20/2045 US 92,291.02 $83,490.73

Investments will change over time.

Distributions

  • Pro-Blend® Conservative Term Series Class W Distribution History
  • 2024 Distribution Calendar
  • 2024 Distributions
  • Tax Letter
  • Pro-Blend Conservative Series Stock Split

A Word About Risk

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

Daily Price

$12.67

Daily $ Change

$0.05

Daily % Change

0.39%

as of 04/23/2024

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

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

Learn more about our Pro-Blend® Series

Performance

As of 03/31/2024

YTD

1.02%

1 Year

6.43%

3 Year

1.26%

5 Year

4.72%

10 Year

3.86%

Inception
(04/01/2019)

5.39%

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

Inception performance is based on the Pro-Blend® Conservative Term Series Class S inception of 11/01/1995. For periods through 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.

Expense Ratio

Gross 0.57%
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 03/31/2024

TREASURY NOTES 24.67%
GOVERNMENT AGENCY 18.14%
TSY INFL IX N/B 2.37500 01/15/2027 2.47%
TREASURY BONDS 2.07%
ISHARES BROAD USD HIGH YIELD 2.43400 1.78%
TENCENT HOLDINGS 3.97500 04/11/2029 1.77%
PCG 2023 1 NOTE MTG 11.32941 07/25/2029 1.25%
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 1.11%
JPMORGAN CHASE & CO 4.49300 03/24/2031 1.10%
PALOMINO FUNDING TRUST I 7.23300 05/17/2028 0.95%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 03/31/2024

Bonds
83.95%
Stocks
15.40%
Cash
0.65%

Detailed Asset Class Allocation

As of 03/31/2024

International Equities
4.68%
Small Capitalization
0.09%
Mid Capitalization
0.95%
Large Capitalization
9.68%
Long Term Fixed Income
15.96%
Intermediate Term Fixed Income
50.14%
Short Term Fixed Income
17.85%
Cash
0.65%
Security Description Country Ticker Shares/Par Market Value (USD)
ADMIRAL GROUP PLC GB ADM LN 4,323 $154,926.53
ADMIRAL GROUP PLC ADR GB AMIGY 16,070 $575,306.00
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 1,700,000 $1,539,968.73
AGREE REALTY CORP US ADC 1,379 $78,768.48
AIR LIQUIDE FR AI FP 499 $103,816.30
AIRBUS SE FR AIR FP 698 $128,591.71
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 115,613.85 $117,695.00
ALCON INC CH ALC 8,170 $680,479.30
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 1,020,000 $847,959.58
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 3,730,000 $3,240,403.33
ALLO 2023-1A A2 6.20000 06/20/2053 US 1,550,000 $1,541,548.63
ALPHABET INC-CL A US GOOGL 14,062 $2,122,377.66
AMAZON.COM INC US AMZN 15,242 $2,749,351.96
AMAZON.COM INC 3.30000 04/13/2027 US 780,000 $750,394.66
AMERICAN HOMES 4 RENT- A US AMH 2,227 $81,909.06
AMERICAN TOWER REIT INC US AMT 516 $101,956.44
AMERICOLD REALTY TRUST US COLD 1,768 $44,058.56
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 1,600,000 $1,504,592.13
ASTRAZENECA GB AZN 18,952 $1,283,998.00
ATLASSIAN CORP PLC-CLASS A AU TEAM 305 $59,508.55
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 14,601 $72,840.12
AUTO TRADER GROUP PLC GB AUTO LN 9,231 $81,518.17
AVALONBAY COMMUNITIES INC US AVB 593 $110,037.08
AVANZA BANK HOLDING AB SE AZA SS 1,848 $39,837.35
BAE SYSTEMS PLC GB BA/ LN 5,329 $90,835.09
BAE SYSTEMS PLC -SPON ADR GB BAESY 8,425 $584,273.75
BANK OF AMERICA CORP 2.68700 04/22/2032 US 2,720,000 $2,301,038.10
BEIERSDORF AG DE BEI GR 813 $118,370.50
BIOMARIN PHARMACEUTICAL INC US BMRN 11,118 $971,046.12
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 1,540,000 $1,529,296.35
BORR IHC LTD 10.00000 11/15/2028 MUL 350,000 $365,454.02
BRENNTAG AG DE BNR GR 568 $47,871.63
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 427,745 $301,343.59
CANADIAN NATIONAL RAILWAY CO CA CNI 7,692 $1,013,113.32
CAPITAL ONE FINANCIAL CO 5.70000 02/01/2030 US 2,940,000 $2,964,707.03
CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 679,766.93 $610,175.63
CELLNEX TELECOM SA ES CLNX SM 2,935 $103,824.75
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 2,546 $44,860.52
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 2,110,000 $2,329,779.63
CIM 2019-INV1 A1 4.00000 02/25/2049 US 63,196.72 $60,102.83
CITIGROUP INC 1.46200 06/09/2027 US 2,490,000 $2,287,731.45
CLEANAWAY WASTE MANAGEMENT AU CWY AU 49,875 $88,372.13
COCA COLA CO/THE US KO 27,680 $1,693,462.40
COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 1,630,000 $1,461,747.36
COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 US 1,500,000 $1,427,444.69
CONSTELLATION BRANDS INC-A US STZ 3,117 $847,075.92
COPART INC US CPRT 17,932 $1,038,621.44
CROWN CASTLE INTL CORP US CCI 449 $47,517.67
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 289,119.94 $249,534.66
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 160,170.67 $133,375.76
CSX CORP US CSX 22,255 $824,992.85
DEUTSCHE BOERSE AG DE DB1 GR 816 $167,108.60
DEUTSCHE BOERSE AG ADR DE DBOEY 39,444 $805,840.92
DIAGEO PLC GB DGE LN 1,143 $42,293.54
DIGITAL REALTY TRUST INC US DLR 342 $49,261.68
DIGITALBRIDGE GROUP INC US DBRG 2,369 $45,650.63
DOLLARAMA INC CA DOL CN 884 $67,343.37
ELECTRONIC ARTS US EA 10,012 $1,328,292.04
ENERGY TRANSFER LP 7.37500 02/01/2031 US 1,400,000 $1,467,471.71
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 2,090,000 $2,221,062.56
EQUINIX INC US EQIX 497 $410,189.01
EQUITY COMMONWEALTH US EQC 2,182 $41,196.16
EQUITY LIFESTYLE PROPERTIES US ELS 1,467 $94,474.80
EQUITY RESIDENTIAL US EQR 900 $56,799.00
EVERGY INC US EVRG 16,852 $899,559.76
EXPERIAN PLC IE EXPN LN 1,932 $84,182.94
EXTRA SPACE STORAGE INC US EXR 630 $92,610.00
FEDERAL NATL MTG ASSN 123456 6.00000 12/01/2038 US 6,293.23 $6,576.41
FEDERAL NATL MTG ASSN 886904 6.50000 09/01/2036 US 31,851.8 $33,691.24
FEDERAL NATL MTG ASSN 889260 5.00000 04/01/2038 US 6,295.08 $6,322.42
FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 149,801.94 $156,515.44
FEDERAL NATL MTG ASSN 933521 5.00000 01/01/2038 US 5,490.43 $5,514.28
FEDERAL NATL MTG ASSN 971022 5.00000 01/01/2039 US 11,288.26 $11,329.44
FEDERAL NATL MTG ASSN 975840 5.00000 05/01/2038 US 22,967.03 $23,050.20
FEDERAL NATL MTG ASSN 983686 5.00000 02/01/2039 US 13,207.85 $13,255.64
FEDERAL NATL MTG ASSN 986458 6.00000 08/01/2038 US 3,740.49 $3,908.80
FEDERAL NATL MTG ASSN 987831 6.00000 09/01/2038 US 8,383.87 $8,762.65
FEDERAL NATL MTG ASSN 990897 6.00000 09/01/2038 US 16,055.44 $16,777.89
FEDERAL NATL MTG ASSN 995196 6.00000 07/01/2038 US 184,223.35 $192,483.16
FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 US 148,000.32 $141,269.21
FEDERAL NATL MTG ASSN AA1810 5.00000 01/01/2039 US 31,751.47 $31,867.31
FEDERAL NATL MTG ASSN AA6788 6.00000 08/01/2039 US 107,663.41 $112,508.53
FEDERAL NATL MTG ASSN AB4300 3.50000 01/01/2042 US 74,127.75 $68,570.03
FEDERAL NATL MTG ASSN AC0463 5.00000 11/01/2039 US 12,071.72 $12,105.66
FEDERAL NATL MTG ASSN AC1557 4.50000 09/01/2024 US 1,029.56 $1,021.39
FEDERAL NATL MTG ASSN AC5111 5.00000 11/01/2039 US 25,773.34 $25,845.81
FEDERAL NATL MTG ASSN AC8573 5.00000 01/01/2040 US 21,343.36 $21,403.38
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 26,087.99 $27,257.67
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 173.95 $172.96
FEDERAL NATL MTG ASSN AE0061 6.00000 02/01/2040 US 75,595.86 $78,997.46
FEDERAL NATL MTG ASSN AE0604 6.00000 07/01/2039 US 169,085.69 $176,666.79
FEDERAL NATL MTG ASSN AL0152 6.00000 06/01/2040 US 294,442.71 $307,638.41
FEDERAL NATL MTG ASSN AL1410 4.50000 12/01/2041 US 327,628.3 $321,115.04
FEDERAL NATL MTG ASSN AL1595 6.00000 01/01/2040 US 182,731.3 $190,920.56
FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 167,554.88 $159,934.42
FEDERAL NATL MTG ASSN AL8674 FLT 5.64300 01/01/2049 US 500,401.71 $515,898.89
FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 77,042.16 $72,804.82
FEDERAL NATL MTG ASSN BD6997 4.00000 10/01/2046 US 97,439.62 $92,080.37
FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 126,177.61 $119,237.75
FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 123,740.02 $120,346.55
FEDERAL NATL MTG ASSN CA5518 3.00000 04/01/2050 US 3,994,251.68 $3,495,644.17
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 2,861,312.58 $2,608,069.76
FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 582,745.8 $565,555.46
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 2,943,305.16 $2,786,126.95
FEDERAL NATL MTG ASSN FS2998 3.50000 04/01/2052 US 3,337,903.42 $3,025,513.28
FEDERAL NATL MTG ASSN FS4511 4.00000 08/01/2051 US 3,664,554.38 $3,444,187.06
FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 283,184.22 $278,101.40
FEDERAL NATL MTG ASSN MA0259 5.00000 12/01/2039 US 15,751.89 $15,796.18
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 217,716.79 $214,591.34
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 205,491.52 $202,545.73
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 3,276,105.27 $2,938,221.07
FEDERAL NATL MTG ASSN MA4633 3.50000 06/01/2042 US 1,163,420.62 $1,072,809.20
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 3,626,441.27 $3,360,960.09
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 3,036,748.46 $2,651,341.81
FEDERAL NATL MTG ASSN SD8276 5.00000 12/01/2052 US 1,246,041.87 $1,217,296.51
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 2,287,283.99 $2,002,866.54
FHLM POOL A92889 4.50000 07/01/2040 US 414,517.5 $407,244.67
FHLM POOL C91746 4.50000 12/01/2033 US 32,959.62 $32,526.32
FHLM POOL C91762 4.50000 05/01/2034 US 328,426.62 $324,125.80
FHLM POOL G03926 6.00000 02/01/2038 US 122,622.34 $128,281.83
FHLM POOL G05906 6.00000 04/01/2040 US 16,944.24 $17,726.28
FHLM POOL G06789 6.00000 05/01/2040 US 103,057.66 $107,814.16
FHLM POOL SD8230 4.50000 06/01/2052 US 2,116,599.82 $2,021,109.19
FHR 5189 CP 2.50000 06/25/2049 US 1,820,587.03 $1,553,091.13
FINECOBANK SPA IT FBK IM 2,957 $44,286.39
FIRST INDUSTRIAL REALTY TR US FR 602 $31,629.08
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 3,001 $51,677.22
FLX 2021-1A A2 3.25000 11/27/2051 US 2,600,000 $2,356,388.03
FN FS4339 MTGE 3.00000 12/01/2050 US 1,825,209.9 $1,598,294.40
FN FS4616 MTGE 5.00000 05/01/2043 US 3,639,904.32 $3,618,247.73
FN FS4925 MTGE 3.50000 04/01/2052 US 3,889,936.21 $3,525,882.02
FN MA4020 MTGE 3.00000 05/01/2050 US 4,099,703.21 $3,574,147.87
FN MA4807 MTGE 5.50000 11/01/2052 US 2,661,915.91 $2,653,579.88
FN MA4934 MTGE 5.00000 02/01/2043 US 1,771,378.66 $1,756,967.70
FNR 2018-13 PA MTGE 3.00000 03/25/2048 US 1,658,995.81 $1,449,662.18
FNR 2018-31 KP 3.50000 07/25/2047 US 41,119.85 $40,008.67
FNR 2021-69 WJ 1.50000 10/25/2050 US 1,094,957.83 $908,864.38
FR RB5178 MTGE 4.50000 08/01/2042 US 1,769,762.43 $1,713,231.35
FR SD1360 MTGE 5.50000 07/01/2052 US 3,598,082.59 $3,589,826.07
FREDDIE MAC POOL RB5167 3.50000 07/01/2042 US 1,180,819.74 $1,089,593.74
FREDDIE MAC POOL RB5188 4.00000 10/01/2042 US 2,425,967.23 $2,296,415.87
GLOBANT SA LU GLOB 350 $70,665.00
GNMA POOL 671161 5.50000 11/15/2037 US 24,275.93 $24,832.57
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 230,000 $193,608.06
GOODMAN GROUP AU GMG AU 2,134 $47,006.27
GSMBS 2021-INV1 A9 5.00000 12/25/2051 US 1,411,064.57 $1,304,150.32
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 1,160,879.48 $1,022,107.61
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 1,148,347.86 $989,683.76
GSMBS 2022-PJ1 A8 2.50000 05/28/2052 US 1,809,856.16 $1,554,146.71
HALMA PLC GB HLMA LN 4,293 $128,190.61
HAWAII ST 2.68200 10/01/2038 US 2,660,000 $2,061,922.51
HDFC BANK LTD-ADR IN HDB 22,092 $1,236,489.24
HEINEKEN NV NL HEIA NA 1,494 $144,033.01
HEINEKEN NV-SPN ADR NL HEINY 31,501 $1,522,443.33
HELIOS TOWERS PLC GB HTWS LN 29,388 $35,009.05
HUMANA INC US HUM 1,505 $521,813.60
IIP OPERATING PARTNER 5.50000 05/25/2026 US 460,000 $439,575.07
IMCD NV NL IMCD NA 757 $133,239.64
IMPRL 2021-NQM3 1.59500 11/25/2056 US 1,251,994.29 $1,039,271.15
IMPRL 2022-NQM1 A1 2.49300 02/25/2067 US 2,344,565.03 $2,063,242.62
INFRABUILD AUTRALIA PTY 14.50000 11/15/2028 AU 350,000 $362,967.39
INTERCONTINENTALEXCHANGE INC US ICE 5,873 $807,126.39
INTERMEDIATE CAPITAL GROUP GB ICP LN 3,378 $87,495.22
INTUITIVE SURGICAL INC US ISRG 1,403 $559,923.27
INVITATION HOMES INC US INVH 3,880 $138,166.80
ISHARES BROAD USD HIGH YIELD 2.43400 US 167,405 $6,125,348.95
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 600,000 $589,618.25
JAPAN (2 YEAR ISSUE) 0.10000 01/01/2026 JP 200,000,000 $1,319,553.64
JOHNSON & JOHNSON US JNJ 10,332 $1,634,419.08
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 184,321.72 $176,658.56
JPMMT 2017-3 1A3 3.50000 08/25/2047 US 29,730.47 $26,254.83
JPMMT 2017-6 A3 3.50000 12/25/2048 US 67,097.44 $60,804.57
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 3,920,000 $3,791,314.95
KEYENCE CORP JP 6861 JP 200 $92,852.18
KEYWORDS STUDIOS PLC IE KWS LN 3,265 $53,654.38
L'OREAL FR OR FP 50 $23,678.58
L3HARRIS TECHNOLOGIES INC US LHX 8,030 $1,711,193.00
LEXINGTON REALTY TRUST US LXP 9,823 $88,603.46
LONZA GROUP AG -REG CH LONN SW 202 $120,714.91
LONZA GROUP AG ADR CH LZAGY 2,556 $153,129.96
MARRIOTT VACATIONS WORLD US VAC 385 $41,476.05
MASCO CORP US MAS 8,013 $632,065.44
MASSMUTUAL GLOBAL FUNDING 4.85000 01/17/2029 US 730,000 $726,328.30
MASTERCARD INC-CLASS A US MA 4,249 $2,046,190.93
MEDTRONIC INC IE MDT 7,680 $669,312.00
MERCADOLIBRE INC BR MELI 66 $99,789.36
MET LIFE GLOB FUNDING I 4.85000 01/08/2029 US 730,000 $724,733.06
META PLATFORMS INC US META 3,096 $1,503,355.68
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 908,000 $50,341.30
MICRON TECHNOLOGY INC US MU 16,800 $1,980,552.00
MICROSOFT CORP US MSFT 2,153 $905,810.16
MID-AMERICA APARTMENT COMM US MAA 248 $32,631.84
MONARCH CASINO & RESORT INC US MCRI 724 $54,292.76
MONDELEZ INTERNATIONAL INC US MDLZ 7,685 $537,950.00
MOODY'S CORPORATION US MCO 2,726 $1,071,399.78
NAVIENT CORP 6.75000 06/25/2025 US 485,000 $488,093.65
NESTLE S.A. - ADR CH NSRGY 14,168 $1,504,641.60
NESTLE SA-REGISTERED CH NESN SW 1,168 $124,099.95
NEW FORTRESS ENERGY INC 8.75000 03/15/2029 US 345,000 $343,815.20
NEW YORK LIFE GLOBAL FDG 4.70000 01/29/2029 US 730,000 $722,387.13
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 1,634,676.16 $1,546,727.41
NORTHROP GRUMMAN CORP US NOC 1,711 $818,987.26
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 880,000 $8.80
NOVARTIS AG- REG CH NVS 6,619 $640,255.87
NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 US 1,470,000 $1,554,195.22
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 284,129.07 $265,079.21
NRZT 2015-2A A1 3.75000 08/25/2055 US 278,394.16 $258,639.06
NRZT 2016-4A A1 3.75000 11/25/2056 US 407,804.97 $378,618.41
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 1,415,619.15 $1,283,767.96
OASIS 2022-2A A 6.85000 10/15/2034 US 512,870.47 $511,306.57
OASIS 2023-1A 7.00000 02/15/2035 US 607,508.75 $606,365.42
OBX 2022-INV1 A1 3.00000 12/25/2051 US 2,142,445 $1,797,412.22
OBX 2024-NQM1 A1 5.92800 11/25/2063 US 1,407,784.86 $1,408,322.08
OPEN INFRA IS ASSETS AB 11.00000 02/22/2027 US 400,000 $398,010.42
OXFIN 2020-1A A2 3.10100 02/15/2028 US 95,017.98 $92,299.11
OXFIN 2022-1A 3.60200 02/15/2030 US 2,748,832.91 $2,626,154.70
OXFIN 2023-1A A2 6.71600 02/15/2031 US 2,500,000 $2,519,486.00
OXFINF 2024-A A2 6.67500 01/14/2032 US 220,000 $218,658.13
PALOMINO FUNDING TRUST I 7.23300 05/17/2028 US 3,130,000 $3,282,804.94
PCG 2023 1 NOTE MTG 11.32941 07/25/2029 US 4,293,108.97 $4,292,466.51
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 1,442,203.91 $1,393,156.29
PEAR 2023-1A 7.42000 07/15/2035 US 1,213,337.54 $1,226,317.10
PEAR 2024-1 A 6.95000 02/15/2036 US 706,395.19 $707,472.51
PELORUS FUND REIT 7.00000 09/30/2026 US 470,000 $460,870.30
PEPSICO INC 3.90000 07/18/2032 US 3,370,000 $3,193,577.00
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 2,317,363.84 $1,878,364.31
PFMT 2021-2 A2A 2.00000 04/25/2051 US 1,447,496.66 $1,212,501.83
PHILIP MORRIS INTERNATIONAL US PM 15,117 $1,385,019.54
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 581,787.2 $527,793.05
PROLOGIS US PLD 2,862 $372,689.64
PUBLIC STORAGE INC US PSA 485 $140,679.10
QUALCOMM INC 4.25000 05/20/2032 US 3,110,000 $3,001,344.34
REALTY INCOME CORP US O 1,298 $70,221.80
REXFORD INDUSTRIAL REALITY IN US REXR 2,183 $109,804.90
S&P GLOBAL INC US SPGI 1,777 $756,024.65
SBA COMMUNICATIONS CORP US SBAC 693 $150,173.10
SBA TOWER TRUST 6.59900 01/15/2028 US 2,540,000 $2,603,306.96
SCML 2019-SBC8 2.86000 04/25/2041 US 1,458,550.87 $1,354,373.87
SEMT 2013-2 1.87400 02/25/2043 US 142,813.22 $120,603.15
SEMT 2013-6 A2 3.00000 05/25/2043 US 1,116,180.93 $985,490.08
SEMT 2013-7 A2 3.00000 06/25/2043 US 168,163.9 $146,968.00
SEMT 2013-8 A1 3.00000 06/25/2043 US 200,392.55 $177,736.12
SEMT 2020-1 A1 3.50000 02/25/2050 US 62,394.99 $55,879.17
SERVICENOW INC US NOW 784 $597,721.60
SIMON PROPERTY 2.25000 01/15/2032 US 1,290,000 $1,055,901.96
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 4,505,000 $3,799,643.91
SIRIUSPOINT LTD 7.00000 04/05/2029 BM 1,440,000 $1,437,782.40
SONY CORP FIRST SECTION JP 6758 JP 1,200 $102,900.88
SORT 2020-1 B1 2.28000 07/15/2060 US 2,698,356.01 $2,482,329.41
SOUTH CAROLINA ST PUBLIC SVC 1.85200 12/01/2026 US 3,460,000 $3,170,526.71
SRPT 2014-STAR A FLTG RATE 8.50000 11/15/2027 US 2,117,053.96 $1,503,095.40
STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 2,083,768.8 $1,922,774.11
SUN COMMUNITIES US SUI 1,102 $141,695.16
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 13,706 $1,864,701.30
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 10,000 $135,878.65
TECHTRONIC INDUSTRIES-SP ADR HK TTNDY 8,504 $578,144.44
TENCENT HOLDINGS 3.97500 04/11/2029 KY 6,410,000 $6,092,894.67
TENCENT HOLDINGS LTD CN 700 HK 3,200 $124,639.82
TERRENO REALTY CORP US TRNO 1,449 $96,213.60
THERMO FISHER SCIENTIFIC INC US TMO 990 $575,397.90
TPMT 2016-5 A1 2.50000 10/25/2056 US 15,024.62 $14,961.47
TPMT 2017-1 A1 2.75000 10/25/2056 US 8,353.4 $8,318.09
TPMT 2019-HY1 A1 6.44389 10/25/2048 US 424,834.49 $431,057.00
TREASURY BOND 2.37500 02/15/2042 US 9,544,000 $7,110,280.00
TREASURY NOTE 2.25000 11/15/2027 US 11,175,000 $10,399,734.38
TSY INFL IX N/B 2.37500 01/15/2027 US 8,420,656.16 $8,491,609.28
UDR INC US UDR 926 $34,641.66
UNION PAC CORP US UNP 2,272 $558,752.96
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 63,664.97 $60,999.11
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 327,132.53 $302,204.22
UNITED STATES TREAS NTS 2.25000 11/15/2024 US 14,850,000 $14,581,423.79
UNITEDHEALTH GROUP INC US UNH 1,091 $539,717.70
US CLAIMS LIT FNDG LLC 10.25000 03/17/2028 US 250,000 $212,917.35
US DOLLAR US 2,233,393.94 $2,233,393.94
US TEASURY NOTE 1.75000 11/15/2029 US 15,849,000 $13,963,216.72
US TREASURY N/B 0.87500 11/15/2030 US 11,003,000 $8,915,868.44
US TREASURY N/B 2.00000 11/15/2026 US 14,957,000 $14,045,557.81
US TREASURY N/B 2.25000 11/15/2025 US 18,016,000 $17,309,435.00
US TREASURY N/B 3.12500 11/15/2028 US 5,872,000 $5,596,291.28
VENTAS INC US VTR 1,093 $47,589.22
VERTEX PHARMACEUTICALS INC US VRTX 2,362 $987,339.62
VISA INC - CLASS A SHARES US V 5,427 $1,514,567.16
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 2,380,000 $2,227,812.19
WELLTOWER INC. US WELL 1,442 $134,740.48
WIN 2015-1 A1 3.50000 01/20/2045 US 92,291.02 $83,490.73

Investments will change over time.

Distributions

  • Pro-Blend® Conservative Term Series Class W Distribution History
  • 2024 Distribution Calendar
  • 2024 Distributions
  • Tax Letter
  • Pro-Blend Conservative Series Stock Split

A Word About Risk

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

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