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

$14.66

Daily $ Change

-$0.02

Daily % Change

-0.14%

as of 09/16/2021

Ticker

MNCWX

CUSIP

56382R324

Inception Date

04/01/2019

This fund is only available to discretionary investment accounts and other accounts managed by the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet ---
Applications & Forms
N-Port Part F Reports

Performance

As of 08/31/2021

YTD

5.78%

1 Year

9.95%

3 Year

8.97%

5 Year

7.00%

10 Year

5.83%

Inception
(11/01/1995)

5.97%

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 0.49%
Net 0.09%*

*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 08/31/2021

TREASURY NOTES 25.80%
GOVERNMENT AGENCY 4.00%
AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 1.58%
TENCENT HOLDINGS 3.97500 04/11/2029 1.32%
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 1.04%
AMAZON.COM INC 1.02%
SABINE PASS LIQUEFACTION 5.87500 06/30/2026 1.00%
CROWN CASTLE INTL CORP 3.10000 11/15/2029 0.99%
VERIZON COMMUNICATIONS 4.27200 01/15/2036 0.98%
AMERICAN TOWER CORP 3.80000 08/15/2029 0.98%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 08/31/2021

Bonds 64.88%
Stocks 30.56%
Cash 4.56%

Detailed Asset Class Allocation

As of 08/31/2021

International Equities 6.38%
Small Capitalization 0.60%
Mid Capitalization 2.49%
Large Capitalization 21.09%
Long Term Fixed Income 19.86%
Intermediate Term Fixed Income 32.91%
Short Term Fixed Income 12.11%
Cash 4.56%

August Fund Holdings

As of 08/31/2021

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00507V109 ACTIVISION INC US ATVI 10,334 $851,211.58
008474108 AGNICO EAGLE MINES LTD CA AEM 13,446 $773,413.92
008492100 AGREE REALTY CORP US ADC 2,140 $159,537.00
009126202 AIR LIQUIDE-ADR FR AIQUY 43,987 $1,576,494.08
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 1,660,000 $1,794,219.75
01166WAA5 ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 244,905.35 $275,768.67
01609WAU6 ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 3,270,000 $3,655,644.70
01627AAA6 ADC 2021-1A A2 1.93700 08/15/2046 US 2,350,000 $2,357,068.33
01879NAA3 ALLIANCE RES OP/FINANCE 7.50000 05/01/2025 US 100,000 $100,770.00
02079K305 ALPHABET INC-CL A US GOOGL 1,707 $4,939,972.65
023135106 AMAZON.COM INC US AMZN 1,533 $5,320,721.07
0237400 DIAGEO PLC GB DGE LN 14,468 $695,515.48
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 3,462 $176,042.70
02665T306 AMERICAN HOMES 4 RENT- A US AMH 9,250 $387,945.00
03027X100 AMERICAN TOWER REIT INC US AMT 5,510 $1,609,856.70
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 4,560,000 $5,088,685.49
03064D108 AMERICOLD REALTY TRUST US COLD 4,485 $164,778.90
032654105 ANALOG DEVICES INC US ADI 3,888 $633,549.60
03784Y200 APPLE HOSPITALITY REIT INC US APLE 8,709 $128,719.02
038923AS7 ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 160,000 $169,469.16
044209AM6 ASHLAND LLC 6.87500 05/15/2043 US 20,000 $25,750.00
045054AJ2 ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 1,680,000 $1,784,348.33
053015103 AUTOMATIC DATA PROCESSING US ADP 3,808 $796,024.32
053484101 AVALONBAY COMMUNITIES INC US AVB 1,248 $286,515.84
05401AAP6 AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 KY 8,200,000 $8,228,654.00
05545E209 BHP GROUP PLC SPONSORED ADR AU BBL 17,835 $1,117,184.40
055622104 BP PLC-SPONS ADR GB BP 13,876 $339,406.96
05567SAA0 BNSF FUNDING TRUST I 6.61300 12/15/2055 US 1,540,000 $1,765,209.60
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 4,633,000 $4,747,632.00
067901108 BARRICK GOLD CORP CA GOLD 40,232 $807,456.24
071734AM9 BAUSCH HEALTH COS INC 5.00000 02/15/2029 CA 165,000 $154,275.00
07403VAA7 BEASLEY MEZ HLDGS LLC 8.62500 02/01/2026 US 140,000 $142,450.00
084423102 WR BERKLEY CORP US WRB 15,113 $1,138,160.03
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 3,345 $955,900.65
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 22,539 $1,898,009.19
09261XAB8 BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 1,770,000 $1,823,137.03
10373QBR0 BP CAP MARKETS AMERICA 3.06000 06/17/2041 US 4,470,000 $4,593,909.88
105368203 BRANDYWINE REALTY TRUST US BDN 10,179 $141,284.52
110122108 BRISTOL MYERS SQUIBB CO US BMY 16,524 $1,104,794.64
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 19,577 $737,857.13
12345678 JONAH ENERGY PARENT LLC US 2,353 $35,295.00
12530MAB1 SORT 2020-1 A2 1.99000 07/15/2060 US 2,196,134.5 $2,238,039.38
12530MAC9 SORT 2020-1 B1 2.28000 07/15/2060 US 2,846,363.28 $2,905,466.87
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 234,449.47 $237,499.19
12626K203 CRH PLC -SPONSORED ADR IE CRH 10,726 $569,765.12
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 423,937.89 $427,948.22
133131102 CAMDEN PROPERTY TRUST US CPT 1,464 $219,658.56
13321L108 CAMECO CORP CA CCJ 51,774 $958,854.48
136375102 CANADIAN NATIONAL RAILWAY CO CA CNI 13,862 $1,630,587.06
14174T107 CARETRUST REIT INC US CTRE 5,042 $110,873.58
149123101 CATERPILLAR INC US CAT 5,446 $1,148,398.02
156700BA3 CENTURYLINK INC 7.50000 04/01/2024 US 100,000 $111,250.00
16119P108 CHARTER COMMUNICATIONS INC-A US CHTR 2,173 $1,774,602.18
17275R102 CISCO SYSTEMS INC US CSCO 31,256 $1,844,729.12
172967424 CITIGROUP INC US C 16,067 $1,155,377.97
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 3,020,000 $3,457,328.98
191216100 COCA COLA CO/THE US KO 31,605 $1,779,677.55
194162103 COLGATE-PALMOLIVE CO US CL 9,230 $719,478.50
20030N101 COMCAST CORP-CL A US CMCSA 28,518 $1,730,472.24
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 1,283,119.24 $1,315,084.05
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 4,258 $206,555.58
20825C104 CONOCOPHILLIPS US COP 16,551 $919,077.03
217204106 COPART INC US CPRT 6,714 $968,964.48
222795502 COUSINS PROPERTIES INC US CUZ 7,530 $290,356.80
22534GAC7 CAALT 2020-1A B 2.39000 04/16/2029 US 1,150,000 $1,179,833.30
22537CAA7 CAALT 2021-2A A 0.96000 02/15/2030 US 2,200,000 $2,209,854.46
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 4,830,000 $5,150,823.91
22822VAR2 CROWN CASTLE INTL CORP 3.30000 07/01/2030 US 1,080,000 $1,166,524.59
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 255,969.03 $259,443.99
231021106 CUMMINS INC US CMI 2,265 $534,494.70
253868103 DIGITAL REALTY TRUST INC US DLR 2,370 $388,466.70
256677105 DOLLAR GENERAL CORP US DG 4,978 $1,109,645.98
256746108 DOLLAR TREE STORES INC US DLTR 8,810 $797,657.40
25960P109 DOUGLAS EMMETT INC US DEI 3,719 $122,764.19
26150TAE9 DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 US 250,000 $258,730.26
262006208 DREYFUS GVT CSH MANAGEMENT US 24,907,331.62 $24,907,331.62
264411505 DUKE RLTY INVTS INC US DRE 7,344 $385,633.44
267475AD3 DYCOM INDUSTRIES INC 4.50000 04/15/2029 US 160,000 $164,400.00
26875P101 EOG RESOURCES INC US EOG 12,994 $877,354.88
26884L109 EQT CORP US EQT 53,559 $981,736.47
285512109 ELECTRONIC ARTS US EA 6,876 $998,463.96
291011104 EMERSON ELEC CO US EMR 7,789 $821,739.50
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 4,170,000 $5,452,657.97
29278MAC9 ENERGY VEB/ENVEN FIN 11.75000 04/15/2026 US 65,000 $66,781.65
29444U700 EQUINIX INC US EQIX 2,543 $2,144,893.35
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 3,955 $336,451.85
297178105 ESSEX PROPERTY TRUST INC US ESS 875 $289,397.50
30212P303 EXPEDIA INC US EXPE 13,818 $1,996,701.00
30212PBK0 EXPEDIA GROUP INC 4.62500 08/01/2027 US 1,600,000 $1,809,715.30
30225T102 EXTRA SPACE STORAGE INC US EXR 1,298 $242,609.18
30231G102 EXXON MOBIL CORP US XOM 13,295 $724,843.40
302491303 FMC CORP US FMC 22,136 $2,072,593.68
30262SAR9 FREMF 2015-K42 B FLT 3.98140 01/25/2048 US 490,000 $530,685.34
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 510,000 $529,762.50
30286XAN9 FREMF 2015-K43 B FLT 3.85954 02/25/2048 US 500,000 $541,632.70
30287EAE0 FREMF 2014-K41 B FLT 3.96407 11/25/2047 US 2,500,000 $2,712,162.00
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 184,946,052.86 $179,656.60
30303M102 FACEBOOK INC -A US FB 12,977 $4,923,214.26
3128LCD86 FHLM POOL A78227 5.50000 06/01/2038 US 75,568.12 $87,868.11
3128M56M7 FHLM POOL G04176 5.50000 05/01/2038 US 60,394.85 $70,233.93
3128M5VT4 FHLM POOL G03926 6.00000 02/01/2038 US 193,223.82 $228,848.41
3128M6JQ2 FHLM POOL G04471 5.50000 07/01/2038 US 21,557.6 $25,117.87
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 137,222.18 $159,890.24
3128M6T99 FHLM POOL G04776 5.50000 07/01/2038 US 141,819.88 $165,216.91
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 35,107.22 $41,636.68
3128M7C95 FHLM POOL G05196 5.50000 10/01/2038 US 197,085.99 $229,642.97
3128M7KW5 FHLM POOL G05409 5.50000 03/01/2039 US 175,320.51 $204,287.97
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 165,233.66 $195,894.78
3128M9GM8 FHLM POOL G07104 5.50000 05/01/2040 US 115,335.2 $129,077.39
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 61,185.83 $70,887.36
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 861.54 $864.42
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 774.88 $778.46
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 2,513.77 $2,558.34
3128MJG20 FHLM POOL G08216 5.50000 08/01/2037 US 175,206.44 $204,027.52
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 167,189.92 $194,838.07
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 61,808.64 $67,864.40
3128P75X7 FHLM POOL C91762 4.50000 05/01/2034 US 562,573.32 $616,550.55
312941F69 FHLM POOL A92889 4.50000 07/01/2040 US 697,715.62 $782,180.54
3133KYU98 FHLM POOL RB5108 2.00000 04/01/2041 US 2,581,047.29 $2,646,292.55
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 285,827.88 $292,827.49
31371N7J8 FEDERAL NATL MTG ASSN 123456 6.00000 12/01/2038 US 11,181.85 $13,171.56
3137AJMG6 FMHS K016 X1 FLT 1.59940 10/25/2021 US 1,687,175.72 $16.87
3137AME78 FHMS K017 X1 FLT 1.54998 12/25/2021 US 3,317,727.61 $33.18
3137AUPF0 FHMS K021 x1 FLT 1.50845 06/25/2022 US 13,506,586.4 $69,495.44
3137B3NB0 FHMS K030 X1 FLT 0.26124 04/25/2023 US 67,853,063.91 $140,937.60
3137B4GZ3 FHMS K032 X1 FLT 0.19743 05/25/2023 US 42,850,312.05 $69,657.47
3138AJXA5 FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 US 243,081.58 $268,782.97
3138EGE26 FEDERAL NATL MTG ASSN AL0152 6.00000 06/01/2040 US 472,606.03 $559,001.82
3138EHR87 FEDERAL NATL MTG ASSN AL1410 4.50000 12/01/2041 US 511,281.13 $572,611.41
3138EHXZ0 FEDERAL NATL MTG ASSN AL1595 6.00000 01/01/2040 US 293,662.08 $347,787.39
3138EQST0 FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 267,807.53 $292,611.95
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.66100 01/01/2049 US 812,099.15 $912,968.53
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 239,688.67 $278,054.65
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 477,386.22 $519,689.50
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 172,234.53 $186,725.39
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 93,727.59 $102,105.17
3140FEX33 FEDERAL NATL MTG ASSN BD6997 4.00000 10/01/2046 US 334,235.32 $362,357.76
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 255,713.18 $275,886.09
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 180,596.15 $196,842.31
31410EKR8 FEDERAL NATL MTG ASSN 886904 6.50000 09/01/2036 US 36,260.28 $41,939.14
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 19.64 $19.66
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 153.44 $153.61
31410G5V1 FEDERAL NATL MTG ASSN 889260 5.00000 04/01/2038 US 10,063.75 $11,339.49
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 215.1 $216.48
31410GN82 FEDERAL NATL MTG ASSN 888815 4.50000 11/01/2022 US 709.42 $742.01
31410KJV7 FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 236,057.11 $280,038.59
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 202,851.57 $236,347.66
31410LC75 FEDERAL NATL MTG ASSN 890294 5.50000 01/01/2039 US 425,776.03 $494,609.28
31410LD74 FHLM POOL 890326 5.50000 01/01/2040 US 438,127.06 $509,135.88
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 71,482.56 $83,183.59
31411YN90 FEDERAL NATL MTG ASSN 918516 5.50000 06/01/2037 US 29,126.27 $33,901.11
31412SSJ5 FEDERAL NATL MTG ASSN 933521 5.00000 01/01/2038 US 7,188.33 $8,229.12
31414NG73 FEDERAL NATL MTG ASSN 971022 5.00000 01/01/2039 US 16,862.69 $19,314.62
31414TS51 FEDERAL NATL MTG ASSN 975840 5.00000 05/01/2038 US 29,426.29 $32,268.68
31415LXP7 FEDERAL NATL MTG ASSN 983686 5.00000 02/01/2039 US 14,563.7 $15,964.84
31415QZX7 FEDERAL NATL MTG ASSN 986458 6.00000 08/01/2038 US 6,287.36 $7,325.60
31415SLL4 FEDERAL NATL MTG ASSN 987831 6.00000 09/01/2038 US 9,220 $10,353.79
31415VX26 FEDERAL NATL MTG ASSN 990897 6.00000 09/01/2038 US 21,985.2 $24,767.75
31416ADZ0 FEDERAL NATL MTG ASSN 993920 6.00000 11/01/2038 US 59,227.94 $66,526.74
31416BRR1 FEDERAL NATL MTG ASSN 995196 6.00000 07/01/2038 US 308,120.39 $366,145.07
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 194.57 $194.95
31416JWZ0 FEDERAL NATL MTG ASSN AA1563 4.50000 02/01/2024 US 6,456.52 $6,758.24
31416KAL2 FEDERAL NATL MTG ASSN AA1810 5.00000 01/01/2039 US 44,523.81 $50,302.88
31416QRJ6 FEDERAL NATL MTG ASSN AA6788 6.00000 08/01/2039 US 117,582.81 $133,505.03
31417AX61 FEDERAL NATL MTG ASSN AB4300 3.50000 01/01/2042 US 114,885.54 $124,371.26
31417JQR4 FEDERAL NATL MTG ASSN AC0463 5.00000 11/01/2039 US 28,467.75 $32,594.66
31417KWT0 FEDERAL NATL MTG ASSN AC1557 4.50000 09/01/2024 US 15,413.11 $16,145.19
31417QVD3 FEDERAL NATL MTG ASSN AC5111 5.00000 11/01/2039 US 38,922.25 $44,280.63
31417VQ30 FEDERAL NATL MTG ASSN AC8573 5.00000 01/01/2040 US 37,048.8 $42,162.73
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 428,483.65 $478,518.58
31417YJD0 FEDERAL NATL MTG ASSN MA0259 5.00000 12/01/2039 US 25,804.87 $29,557.42
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 368,583.7 $404,609.29
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 463,128.93 $508,405.87
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 1,023,424.72 $1,115,482.04
31418DU59 FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 3,689,019.51 $3,840,158.75
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 40,701.93 $48,366.78
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 225,706.69 $262,968.32
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 5,611.92 $5,854.07
31419AB71 FEDERAL NATL MTG ASSN AE0061 6.00000 02/01/2040 US 118,384.87 $140,021.18
31419AU62 FEDERAL NATL MTG ASSN AE0604 6.00000 07/01/2039 US 263,971.64 $313,666.37
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 3,660,000 $3,847,039.54
345370CW8 FORD MOTOR COMPANY 9.00000 04/22/2025 US 170,000 $207,689.00
346232AF8 FORESTAR GROUP INC 3.85000 05/15/2026 US 105,000 $105,787.50
357081AE8 FREMF 2015-K720 B FLT 3.50908 07/25/2022 US 270,000 $275,740.82
36167RAA1 GCT 2021-GCT A FLT 0.89600 02/15/2038 US 3,100,000 $3,103,309.56
36257MAA3 GSMS 2019-70P A 1.09600 10/15/2036 US 2,985,000 $2,985,036.12
36262LAJ9 GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 1,504,378.04 $1,542,810.39
36263KAJ0 GSMBS 2021-INV1 A9 0.90000 12/25/2051 US 1,723,000 $1,722,873.70
36295HTS9 GNMA POOL 671161 5.50000 11/15/2037 US 27,112.83 $30,323.54
369550108 GENERAL DYNAMICS CORP US GD 3,045 $609,943.95
369604BQ5 GENERAL ELECTRIC CO 3.44888 01/21/2099 US 3,310,000 $3,210,700.13
374297109 GETTY REALTY CORP US GTY 4,481 $141,734.03
375558103 GILEAD SCIENCES INC US GILD 11,550 $840,609.00
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 116,702 $2,394,725.04
404119BX6 HCA INC 4.12500 06/15/2029 US 2,320,000 $2,625,356.36
419792A22 HAWAII ST 2.68200 10/01/2030 US 2,660,000 $2,735,889.80
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 5,111 $155,016.63
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 5,509 $198,324.00
423012301 HEINEKEN NV-SPN ADR NL HEINY 18,013 $985,130.97
42806MAA7 HERTZ 2021-1A A 1.21000 12/26/2025 US 2,000,000 $2,011,033.00
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 1,053 $131,477.58
437076102 HOME DEPOT INC US HD 5,959 $1,943,706.62
43731QAA6 HPA 2019-1 A 2.90800 09/17/2039 US 2,722,005.63 $2,806,430.00
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 20,511 $620,662.86
438516106 HONEYWELL INTERNATIONAL INC US HON 6,295 $1,459,873.45
44267DAE7 HOWARD HUGHES CORP 4.12500 02/01/2029 US 160,000 $160,800.00
448579102 HYATT HOTEL US H 12,179 $896,252.61
44988FAC4 IIP OPERATING PARTNER 5.50000 05/25/2026 US 210,000 $220,513.95
450913AF5 IAMGOLD CORP 5.75000 10/15/2028 CA 245,000 $244,081.25
451102BZ9 ICAHN ENTERPRISES/FIN 5.25000 05/15/2027 US 150,000 $155,805.00
45168D104 IDEXX LABORATORIES INC US IDXX 1,640 $1,104,966.40
452308109 ILLINOIS TOOL WKS INC US ITW 3,407 $793,354.02
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 275,000 $293,499.25
45778Q107 INSPERITY INC US NSP 11,230 $1,239,118.20
45781V101 INNOVATIVE INDUSTRIAL PROPER US IIPR 628 $154,431.48
458140100 INTEL CORP US INTC 28,414 $1,536,060.84
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 17,007 $2,032,846.71
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 7,341 $1,030,235.94
46116VAE5 INTL FC STORE INC 8.62500 06/15/2025 US 145,000 $156,890.00
46187BAA1 IHSFR 2017-SFR2 A 0.94300 12/17/2036 US 253,926.19 $254,164.02
46187BAB9 IHSFR 2017-SFR2 B 1.24300 12/17/2036 US 211,244.06 $211,421.91
46187W107 INVITATION HOMES INC US INVH 11,719 $482,588.42
465410BX5 ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 600,000 $624,291.60
46625H100 JP MORGAN CHASE & CO US JPM 11,946 $1,910,762.70
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 204,585.3 $207,207.39
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 192,623.26 $195,411.15
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 471,374.25 $481,074.61
46647PBP0 JPMORGAN CHASE & CO 2.95600 05/13/2031 US 4,090,000 $4,321,042.26
46647SAE0 JPMMT 2017-3 1A3 3.50000 08/25/2047 US 60,789.11 $61,352.27
46649HAC6 JPMMT 2017-6 A3 3.50000 12/25/2048 US 210,149.73 $212,363.01
478160104 JOHNSON & JOHNSON US JNJ 27,590 $4,776,656.70
48275RAA5 KREF 2021-FL2 A 1.16300 02/15/2039 US 1,450,000 $1,450,003.19
49427F108 KILROY REALTY CORP US KRC 2,895 $190,056.75
494368103 KIMBERLY CLARK CORP US KMB 3,886 $535,529.66
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 3,330,000 $4,763,850.01
500472303 KONINKLIJKE PHILIPS NVR - NY ADR NL PHG 9,114 $420,428.82
500754106 KRAFT HEINZ CO/THE US KHC 12,232 $440,229.68
512816109 LAMAR ADVERTISING CO-A US LAMR 881 $100,284.23
53223X107 LIFE STORAGE INC US LSI 1,279 $159,158.76
539473AE8 LLOYDS BANK PLC 12.00000 12/16/2024 GB 490,000 $517,562.50
539830109 LOCKHEED MARTIN CORP US LMT 2,489 $895,542.20
55616XAM9 MACY'S RETAIL HLDGS LLC 4.50000 12/15/2034 US 110,000 $107,658.65
57636Q104 MASTERCARD INC-CLASS A US MA 7,575 $2,622,692.25
58933Y105 MERCK & CO INC US MRK 17,414 $1,328,514.06
59022CAJ2 MERRILL LYNCH 6.11000 01/29/2037 US 2,090,000 $2,874,817.40
594918104 MICROSOFT CORP US MSFT 10,271 $3,100,609.48
59522J103 MID-AMERICA APARTMENT COMM US MAA 2,031 $390,703.47
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 44,993 $2,792,715.51
615369105 MOODY'S CORPORATION US MCO 5,304 $2,019,604.08
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 165,000 $140,971.05
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 485,000 $540,775.00
63938EAC8 NAVSL 2014-1 A3 FLT 0.59438 06/25/2031 US 219,836.18 $214,875.25
63941MAB7 NAVSL 2019-EA A2A 2.64000 05/15/2068 US 2,400,493.26 $2,452,359.28
64032XAA3 NSLT 2012-3A A MTGE FLT 0.78438 02/25/2045 US 231,094.57 $230,036.27
64033GAA9 NSLT 2013-5A A MTGE FLT 0.71438 01/25/2037 US 368,141.06 $368,979.91
644393AA8 NEW FORTRESS ENERGY INC 6.75000 09/15/2025 US 150,000 $152,250.00
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 472,971.76 $503,182.55
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 488,465.91 $516,928.48
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 717,876.2 $770,763.72
64971XPG7 NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 950,000 $978,566.50
65106WAA3 NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 1,730,000 $1,804,847.71
651639106 NEWMONT GOLDCORP CORP US NEM 22,706 $1,316,720.94
65341D102 NEXPOINT RESIDENTIAL US NXRT 2,044.82 $132,484.06
655844108 NORFOLK SOUTHN CORP US NSC 3,478 $881,812.12
6642321 NIKON CORP JP 7731 JP 66,500 $698,927.42
666807102 NORTHROP GRUMMAN CORP US NOC 1,654 $608,175.80
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 880,000 $88.00
66987V109 NOVARTIS AG- REG CH NVS 35,282 $3,259,703.98
67066G104 NVIDIA CORP US NVDA 5,280 $1,181,928.00
67421QAA0 OASIS MIDSTREAM PARTNERS 8.00000 04/01/2029 US 155,000 $160,425.00
68389X105 ORACLE CORP US ORCL 20,219 $1,802,119.47
68622V106 ORGANNON & CO US OGN 1,741 $59,002.49
691205AE8 OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 1,780,000 $1,890,143.32
69144AAA7 OXFIN 2020-1A A2 3.10100 02/15/2028 US 505,000 $518,791.75
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 1,907,408.56 $1,964,060.12
693456AW5 PMTLT 2013-J1 a9 3.50000 09/25/2043 US 915,951.53 $931,844.11
69354NAC0 PRA GROUP INC 7.37500 09/01/2025 US 255,000 $272,212.50
70450Y103 PAYPAL HOLDINGS INC US PYPL 7,925 $2,287,630.50
70789PAA2 PENN VIRGINIA ESC LLC 9.25000 08/15/2026 US 160,000 $155,600.00
7123870 NESTLE SA-REGISTERED CH NESN SW 12,345 $1,559,035.89
71654V101 PETROLEO BRASIL-SP PREF ADR BR PBR/A 62,068 $652,334.68
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 195,000 $210,958.31
742718109 PROCTER & GAMBLE CO US PG 13,428 $1,912,012.92
74331AAA0 2019- SFR4 CLASS A 2.68700 10/17/2036 US 4,200,000 $4,283,923.56
74333NAA0 PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 US 3,498,914.9 $3,552,745.01
74340W103 PROLOGIS US PLD 8,958 $1,206,284.28
74387VAA7 PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 2,741,644.87 $2,814,148.49
74388JAD7 PFMT 2021-2 A2A 2.00000 04/25/2051 US 1,864,487.17 $1,888,958.56
74460D109 PUBLIC STORAGE INC US PSA 1,750 $566,317.50
747525103 QUALCOMM INC US QCOM 8,700 $1,276,203.00
750481103 RADIUS GLOBAL INFRASTRUCTURE US RADI 15,689 $280,519.32
75134P402 RAMACO RESOURCES INC US 21,300 $573,183.00
756109104 REALTY INCOME CORP US O 1,146 $82,764.12
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 4,582 $283,763.26
767204100 RIO TINTO PLC - SPON ADR GB RIO 10,871 $816,085.97
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 6,344 $249,763.28
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 9,065 $976,300.50
78409V104 S&P GLOBAL INC US SPGI 1,920 $852,134.40
78410G104 SBA COMMUNICATIONS CORP US SBAC 9,139 $3,280,626.83
78442FAZ1 SLM CORP 5.62500 08/01/2033 US 110,000 $106,562.50
78442GQJ8 SLMA 2005-7 A4 FLT 0.27525 10/25/2029 US 186,006.14 $185,193.93
78442PGC4 SLM CORP 5.12500 04/05/2022 US 405,000 $410,062.50
78449GAB5 SMB 2016-B A2A 2.43000 02/17/2032 US 2,392,749.77 $2,450,836.88
78449UAB4 SMB 2020-A A2A MTGE 2.23000 09/15/2037 US 340,000 $349,902.81
78470NAB2 SOFI 2015-D A2 2.72000 10/27/2036 US 28,894.64 $29,133.78
78470RAC1 SOFI 2016-E A2B 2.49000 01/25/2036 US 32,925.52 $33,182.88
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 4,410,000 $5,206,599.03
79466L302 SALESFORCE.COM US CRM 4,161 $1,103,788.47
80105N105 SANOFI-AVENTIS-ADR FR SNY 18,142 $939,392.76
81141R100 SEA LTD - ADR SG SE 7,454 $2,521,837.28
81181C104 SEAGEN INC US SGEN 12,278 $2,057,792.80
81745BAB1 SEMT 2013-6 A2 3.00000 05/25/2043 US 1,912,734.2 $1,931,601.60
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 264,903.14 $267,686.08
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 314,423.25 $317,756.07
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 268,706.28 $270,113.25
81748MAA6 SEMT 2020-1 A1 3.50000 02/25/2050 US 107,108.15 $109,227.30
81762P102 SERVICENOW INC US NOW 1,725 $1,110,279.00
82967NBJ6 SIRIUS XM RADIO INC 4.00000 07/15/2028 US 105,000 $107,593.50
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 263,403.83 $269,587.87
83405TAA1 SCLP 2019-3 A MTGE 2.90000 05/25/2028 US 175,171.41 $175,541.62
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 20,445.29 $20,472.41
83406TAB8 SOFI 2020-A A2FX MTGE 2.54000 05/15/2046 US 225,000 $232,176.11
835699307 SONY CORP SPONSORED ADR JP SONY 10,380 $1,073,914.80
837151XF1 SOUTH CAROLINA ST PUBLIC SVC 1.85200 12/01/2026 US 3,460,000 $3,555,046.20
844741BJ6 SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 810,000 $918,114.30
844741BK3 SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 2,530,000 $2,958,247.51
85571XAA5 SRPT 2014-STAR A FLTG RATE 1.56550 11/15/2027 US 2,317,783.32 $1,547,120.37
861036AA9 STL HOLDING CO LLC 7.50000 02/15/2026 US 250,000 $265,000.00
86212XAA8 STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 2,120,756.13 $2,205,924.00
866674104 SUN COMMUNITIES US SUI 2,620 $527,903.80
86935CAA0 SCML 2019-SBC8 2.86000 04/25/2041 US 2,277,676.76 $2,290,507.37
87105L104 SWITCH INC - A US SWCH 17,693 $438,963.33
87157B301 SYNCHRONOSS TECH 8.37500 06/30/2026 US 4,250 $106,675.00
87267CAA6 TRP 2021-1 A MTGE 2.07000 06/19/2051 US 1,994,538.76 $1,996,750.50
87356LAA8 TACORA RESOURCES INC 8.25000 05/15/2026 CA 205,000 $213,769.90
874060205 TAKEDA PHARMACEUTIC - SP ADR JP TAK 30,190 $500,852.10
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 6,195,000 $6,870,255.31
88146M101 TERRENO REALTY CORP US TRNO 2,138 $142,839.78
883556102 THERMO FISHER SCIENTIFIC INC US TMO 1,965 $1,090,476.75
88579Y101 3M CO US MMM 5,320 $1,036,016.80
89151E109 TOTALENERGIES SE SPON ADR FR TTE 8,505 $376,686.45
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 783,197.06 $794,952.06
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 886,704.34 $899,318.33
89177EAA7 TPMT 2019-HY1 A1 1.08438 10/25/2048 US 1,017,532.67 $1,023,656.59
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 2,004,080.29 $2,041,053.17
902653104 UDR INC US UDR 4,906 $265,022.12
902973304 U.S. BANCORP US USB 15,720 $902,170.80
90348R102 UBISOFT ENTERTAIN-UNSPON ADR FR UBSFY 70,640 $896,421.60
904767704 UNILEVER PLC - ADR GB UL 67,324 $3,748,600.32
907818108 UNION PAC CORP US UNP 5,923 $1,284,343.32
90932KAA7 UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 492,682.53 $488,655.88
90932NAA1 UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 100,853.73 $104,221.88
91086QBG2 UNITED MEXICAN STATES 4.12500 01/21/2026 MX 400,000 $451,956.00
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 25,690,000 $26,738,673.76
912828VB3 UNITED STATES TREAS NTS 1.75000 05/15/2023 US 30,645,000 $31,469,781.37
912828WJ5 US TREASURY N/B 2.50000 05/15/2024 US 29,600,000 $31,321,656.18
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 42,640,000 $45,076,809.48
91823AAN1 VBTOW 2020-1A C2 3.03100 06/15/2050 US 1,200,000 $1,258,832.28
92276F100 VENTAS INC US VTR 2,038 $114,005.72
92343V104 VERIZON COMMUNICATIONS US VZ 25,202 $1,386,110.00
92343VCV4 VERIZON COMMUNICATIONS 4.27200 01/15/2036 US 4,290,000 $5,130,855.62
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 11,465 $2,296,324.85
92826C839 VISA INC - CLASS A SHARES US V 11,939 $2,735,224.90
92840VAH5 VISTRA OPERATIONS CO LLC 4.37500 05/01/2029 US 160,000 $162,400.00
93065PAA9 WBHT 2019-WBM A FLT 1.14600 12/15/2033 US 2,300,000 $2,300,135.01
931142103 WAL MART STORES US WMT 13,388 $1,982,762.80
94106L109 WASTE MANAGEMENT INC US WM 5,035 $780,978.85
95040Q104 WELLTOWER INC. US WELL 2,340 $204,820.20
969457BY5 WILLIAMS COMPANIES INC 2.60000 03/15/2031 US 3,580,000 $3,653,013.71
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 166,856.88 $169,134.88
98978V103 ZOETIS INC US ZTS 3,055 $624,930.80
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 327,000 $264,028.56
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 4,996,000 $250,842.28
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 908,000 $47,648.30
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 57,258 $85,691.21
BK0939417 AMERICAN TANKER INC 7.75000 07/02/2025 US 375,000 $384,281.25
BMXKJ81 FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 7,631 $138,121.10
BN7860420 PETROTAL CORP 12.00000 02/16/2024 CA 120,000 $124,800.00
BO8204600 COPPER MOUNTAIN MINING C 8.00000 04/09/2026 CA 500,000 $522,500.00
BP3061408 AIRSWIFT GLOBAL AS FLT 8.62275 05/12/2025 NO 500,000 $495,000.00
BQ0584657 JERVOIS MINING LTD 12.50000 07/20/2026 AU 400,000 $422,380.00
G29183103 EATON CORP PLC US ETN 5,030 $846,850.80
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 10,264 $767,747.20
G5494J103 LINDE PLC GB LIN 3,907 $1,229,103.13
G5960L103 MEDTRONIC INC IE MDT 8,327 $1,111,487.96
H01301128 ALCON INC CH ALC 26,336 $2,171,929.92
H1467J104 CHUBB LTD CH CB 4,255 $782,579.60
ZO1818103 NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 MH 350,000 $365,750.00
ZO4110185 BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 300,000 $294,000.00

Investments will change over time.

Distributions

  • Pro-Blend® Conservative Term Series Class W Distribution History
  • 2021 Distribution Calendar
  • Fourth Quarter 2020 Distributions
  • Third Quarter 2021 Distributions
  • Second Quarter 2021 Distributions
  • First Quarter 2021 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

$14.66

Daily $ Change

-$0.02

Daily % Change

-0.14%

as of 09/16/2021

Ticker

MNCWX

CUSIP

56382R324

Inception Date

04/01/2019

This fund is only available to discretionary investment accounts and other accounts managed by the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet ---
Applications & Forms
N-Port Part F Reports

Investment Objective

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

Investment Strategy

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

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

May be Appropriate for Investors

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

About Risk-Based Funds

Risk-based funds offer professional management and asset allocation through a choice of investment objectives that range from fairly aggressive to fairly conservative. All an investor has to do is determine which objective best suits 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 08/31/2021

YTD

5.78%

1 Year

9.95%

3 Year

8.97%

5 Year

7.00%

10 Year

5.83%

Inception
(11/01/1995)

5.97%

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 0.49%
Net 0.09%*

*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 08/31/2021

TREASURY NOTES 25.80%
GOVERNMENT AGENCY 4.00%
AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 1.58%
TENCENT HOLDINGS 3.97500 04/11/2029 1.32%
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 1.04%
AMAZON.COM INC 1.02%
SABINE PASS LIQUEFACTION 5.87500 06/30/2026 1.00%
CROWN CASTLE INTL CORP 3.10000 11/15/2029 0.99%
VERIZON COMMUNICATIONS 4.27200 01/15/2036 0.98%
AMERICAN TOWER CORP 3.80000 08/15/2029 0.98%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 08/31/2021

Bonds
64.88%
Stocks
30.56%
Cash
4.56%

Detailed Asset Class Allocation

As of 08/31/2021

International Equities
6.38%
Small Capitalization
0.60%
Mid Capitalization
2.49%
Large Capitalization
21.09%
Long Term Fixed Income
19.86%
Intermediate Term Fixed Income
32.91%
Short Term Fixed Income
12.11%
Cash
4.56%

August Fund Holdings

As of 08/31/2021

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00507V109 ACTIVISION INC US ATVI 10,334 $851,211.58
008474108 AGNICO EAGLE MINES LTD CA AEM 13,446 $773,413.92
008492100 AGREE REALTY CORP US ADC 2,140 $159,537.00
009126202 AIR LIQUIDE-ADR FR AIQUY 43,987 $1,576,494.08
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 1,660,000 $1,794,219.75
01166WAA5 ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 244,905.35 $275,768.67
01609WAU6 ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 3,270,000 $3,655,644.70
01627AAA6 ADC 2021-1A A2 1.93700 08/15/2046 US 2,350,000 $2,357,068.33
01879NAA3 ALLIANCE RES OP/FINANCE 7.50000 05/01/2025 US 100,000 $100,770.00
02079K305 ALPHABET INC-CL A US GOOGL 1,707 $4,939,972.65
023135106 AMAZON.COM INC US AMZN 1,533 $5,320,721.07
0237400 DIAGEO PLC GB DGE LN 14,468 $695,515.48
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 3,462 $176,042.70
02665T306 AMERICAN HOMES 4 RENT- A US AMH 9,250 $387,945.00
03027X100 AMERICAN TOWER REIT INC US AMT 5,510 $1,609,856.70
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 4,560,000 $5,088,685.49
03064D108 AMERICOLD REALTY TRUST US COLD 4,485 $164,778.90
032654105 ANALOG DEVICES INC US ADI 3,888 $633,549.60
03784Y200 APPLE HOSPITALITY REIT INC US APLE 8,709 $128,719.02
038923AS7 ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 160,000 $169,469.16
044209AM6 ASHLAND LLC 6.87500 05/15/2043 US 20,000 $25,750.00
045054AJ2 ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 1,680,000 $1,784,348.33
053015103 AUTOMATIC DATA PROCESSING US ADP 3,808 $796,024.32
053484101 AVALONBAY COMMUNITIES INC US AVB 1,248 $286,515.84
05401AAP6 AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 KY 8,200,000 $8,228,654.00
05545E209 BHP GROUP PLC SPONSORED ADR AU BBL 17,835 $1,117,184.40
055622104 BP PLC-SPONS ADR GB BP 13,876 $339,406.96
05567SAA0 BNSF FUNDING TRUST I 6.61300 12/15/2055 US 1,540,000 $1,765,209.60
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 4,633,000 $4,747,632.00
067901108 BARRICK GOLD CORP CA GOLD 40,232 $807,456.24
071734AM9 BAUSCH HEALTH COS INC 5.00000 02/15/2029 CA 165,000 $154,275.00
07403VAA7 BEASLEY MEZ HLDGS LLC 8.62500 02/01/2026 US 140,000 $142,450.00
084423102 WR BERKLEY CORP US WRB 15,113 $1,138,160.03
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 3,345 $955,900.65
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 22,539 $1,898,009.19
09261XAB8 BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 1,770,000 $1,823,137.03
10373QBR0 BP CAP MARKETS AMERICA 3.06000 06/17/2041 US 4,470,000 $4,593,909.88
105368203 BRANDYWINE REALTY TRUST US BDN 10,179 $141,284.52
110122108 BRISTOL MYERS SQUIBB CO US BMY 16,524 $1,104,794.64
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 19,577 $737,857.13
12345678 JONAH ENERGY PARENT LLC US 2,353 $35,295.00
12530MAB1 SORT 2020-1 A2 1.99000 07/15/2060 US 2,196,134.5 $2,238,039.38
12530MAC9 SORT 2020-1 B1 2.28000 07/15/2060 US 2,846,363.28 $2,905,466.87
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 234,449.47 $237,499.19
12626K203 CRH PLC -SPONSORED ADR IE CRH 10,726 $569,765.12
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 423,937.89 $427,948.22
133131102 CAMDEN PROPERTY TRUST US CPT 1,464 $219,658.56
13321L108 CAMECO CORP CA CCJ 51,774 $958,854.48
136375102 CANADIAN NATIONAL RAILWAY CO CA CNI 13,862 $1,630,587.06
14174T107 CARETRUST REIT INC US CTRE 5,042 $110,873.58
149123101 CATERPILLAR INC US CAT 5,446 $1,148,398.02
156700BA3 CENTURYLINK INC 7.50000 04/01/2024 US 100,000 $111,250.00
16119P108 CHARTER COMMUNICATIONS INC-A US CHTR 2,173 $1,774,602.18
17275R102 CISCO SYSTEMS INC US CSCO 31,256 $1,844,729.12
172967424 CITIGROUP INC US C 16,067 $1,155,377.97
172967KA8 CITIGROUP INCA 4.45000 09/29/2027 US 3,020,000 $3,457,328.98
191216100 COCA COLA CO/THE US KO 31,605 $1,779,677.55
194162103 COLGATE-PALMOLIVE CO US CL 9,230 $719,478.50
20030N101 COMCAST CORP-CL A US CMCSA 28,518 $1,730,472.24
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 1,283,119.24 $1,315,084.05
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 4,258 $206,555.58
20825C104 CONOCOPHILLIPS US COP 16,551 $919,077.03
217204106 COPART INC US CPRT 6,714 $968,964.48
222795502 COUSINS PROPERTIES INC US CUZ 7,530 $290,356.80
22534GAC7 CAALT 2020-1A B 2.39000 04/16/2029 US 1,150,000 $1,179,833.30
22537CAA7 CAALT 2021-2A A 0.96000 02/15/2030 US 2,200,000 $2,209,854.46
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 4,830,000 $5,150,823.91
22822VAR2 CROWN CASTLE INTL CORP 3.30000 07/01/2030 US 1,080,000 $1,166,524.59
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 255,969.03 $259,443.99
231021106 CUMMINS INC US CMI 2,265 $534,494.70
253868103 DIGITAL REALTY TRUST INC US DLR 2,370 $388,466.70
256677105 DOLLAR GENERAL CORP US DG 4,978 $1,109,645.98
256746108 DOLLAR TREE STORES INC US DLTR 8,810 $797,657.40
25960P109 DOUGLAS EMMETT INC US DEI 3,719 $122,764.19
26150TAE9 DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 US 250,000 $258,730.26
262006208 DREYFUS GVT CSH MANAGEMENT US 24,907,331.62 $24,907,331.62
264411505 DUKE RLTY INVTS INC US DRE 7,344 $385,633.44
267475AD3 DYCOM INDUSTRIES INC 4.50000 04/15/2029 US 160,000 $164,400.00
26875P101 EOG RESOURCES INC US EOG 12,994 $877,354.88
26884L109 EQT CORP US EQT 53,559 $981,736.47
285512109 ELECTRONIC ARTS US EA 6,876 $998,463.96
291011104 EMERSON ELEC CO US EMR 7,789 $821,739.50
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 4,170,000 $5,452,657.97
29278MAC9 ENERGY VEB/ENVEN FIN 11.75000 04/15/2026 US 65,000 $66,781.65
29444U700 EQUINIX INC US EQIX 2,543 $2,144,893.35
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 3,955 $336,451.85
297178105 ESSEX PROPERTY TRUST INC US ESS 875 $289,397.50
30212P303 EXPEDIA INC US EXPE 13,818 $1,996,701.00
30212PBK0 EXPEDIA GROUP INC 4.62500 08/01/2027 US 1,600,000 $1,809,715.30
30225T102 EXTRA SPACE STORAGE INC US EXR 1,298 $242,609.18
30231G102 EXXON MOBIL CORP US XOM 13,295 $724,843.40
302491303 FMC CORP US FMC 22,136 $2,072,593.68
30262SAR9 FREMF 2015-K42 B FLT 3.98140 01/25/2048 US 490,000 $530,685.34
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 510,000 $529,762.50
30286XAN9 FREMF 2015-K43 B FLT 3.85954 02/25/2048 US 500,000 $541,632.70
30287EAE0 FREMF 2014-K41 B FLT 3.96407 11/25/2047 US 2,500,000 $2,712,162.00
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 184,946,052.86 $179,656.60
30303M102 FACEBOOK INC -A US FB 12,977 $4,923,214.26
3128LCD86 FHLM POOL A78227 5.50000 06/01/2038 US 75,568.12 $87,868.11
3128M56M7 FHLM POOL G04176 5.50000 05/01/2038 US 60,394.85 $70,233.93
3128M5VT4 FHLM POOL G03926 6.00000 02/01/2038 US 193,223.82 $228,848.41
3128M6JQ2 FHLM POOL G04471 5.50000 07/01/2038 US 21,557.6 $25,117.87
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 137,222.18 $159,890.24
3128M6T99 FHLM POOL G04776 5.50000 07/01/2038 US 141,819.88 $165,216.91
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 35,107.22 $41,636.68
3128M7C95 FHLM POOL G05196 5.50000 10/01/2038 US 197,085.99 $229,642.97
3128M7KW5 FHLM POOL G05409 5.50000 03/01/2039 US 175,320.51 $204,287.97
3128M82W3 FHLM POOL G06789 6.00000 05/01/2040 US 165,233.66 $195,894.78
3128M9GM8 FHLM POOL G07104 5.50000 05/01/2040 US 115,335.2 $129,077.39
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 61,185.83 $70,887.36
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 861.54 $864.42
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 774.88 $778.46
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 2,513.77 $2,558.34
3128MJG20 FHLM POOL G08216 5.50000 08/01/2037 US 175,206.44 $204,027.52
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 167,189.92 $194,838.07
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 61,808.64 $67,864.40
3128P75X7 FHLM POOL C91762 4.50000 05/01/2034 US 562,573.32 $616,550.55
312941F69 FHLM POOL A92889 4.50000 07/01/2040 US 697,715.62 $782,180.54
3133KYU98 FHLM POOL RB5108 2.00000 04/01/2041 US 2,581,047.29 $2,646,292.55
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 285,827.88 $292,827.49
31371N7J8 FEDERAL NATL MTG ASSN 123456 6.00000 12/01/2038 US 11,181.85 $13,171.56
3137AJMG6 FMHS K016 X1 FLT 1.59940 10/25/2021 US 1,687,175.72 $16.87
3137AME78 FHMS K017 X1 FLT 1.54998 12/25/2021 US 3,317,727.61 $33.18
3137AUPF0 FHMS K021 x1 FLT 1.50845 06/25/2022 US 13,506,586.4 $69,495.44
3137B3NB0 FHMS K030 X1 FLT 0.26124 04/25/2023 US 67,853,063.91 $140,937.60
3137B4GZ3 FHMS K032 X1 FLT 0.19743 05/25/2023 US 42,850,312.05 $69,657.47
3138AJXA5 FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 US 243,081.58 $268,782.97
3138EGE26 FEDERAL NATL MTG ASSN AL0152 6.00000 06/01/2040 US 472,606.03 $559,001.82
3138EHR87 FEDERAL NATL MTG ASSN AL1410 4.50000 12/01/2041 US 511,281.13 $572,611.41
3138EHXZ0 FEDERAL NATL MTG ASSN AL1595 6.00000 01/01/2040 US 293,662.08 $347,787.39
3138EQST0 FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 267,807.53 $292,611.95
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.66100 01/01/2049 US 812,099.15 $912,968.53
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 239,688.67 $278,054.65
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 477,386.22 $519,689.50
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 172,234.53 $186,725.39
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 93,727.59 $102,105.17
3140FEX33 FEDERAL NATL MTG ASSN BD6997 4.00000 10/01/2046 US 334,235.32 $362,357.76
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 255,713.18 $275,886.09
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 180,596.15 $196,842.31
31410EKR8 FEDERAL NATL MTG ASSN 886904 6.50000 09/01/2036 US 36,260.28 $41,939.14
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 19.64 $19.66
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 153.44 $153.61
31410G5V1 FEDERAL NATL MTG ASSN 889260 5.00000 04/01/2038 US 10,063.75 $11,339.49
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 215.1 $216.48
31410GN82 FEDERAL NATL MTG ASSN 888815 4.50000 11/01/2022 US 709.42 $742.01
31410KJV7 FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 236,057.11 $280,038.59
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 202,851.57 $236,347.66
31410LC75 FEDERAL NATL MTG ASSN 890294 5.50000 01/01/2039 US 425,776.03 $494,609.28
31410LD74 FHLM POOL 890326 5.50000 01/01/2040 US 438,127.06 $509,135.88
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 71,482.56 $83,183.59
31411YN90 FEDERAL NATL MTG ASSN 918516 5.50000 06/01/2037 US 29,126.27 $33,901.11
31412SSJ5 FEDERAL NATL MTG ASSN 933521 5.00000 01/01/2038 US 7,188.33 $8,229.12
31414NG73 FEDERAL NATL MTG ASSN 971022 5.00000 01/01/2039 US 16,862.69 $19,314.62
31414TS51 FEDERAL NATL MTG ASSN 975840 5.00000 05/01/2038 US 29,426.29 $32,268.68
31415LXP7 FEDERAL NATL MTG ASSN 983686 5.00000 02/01/2039 US 14,563.7 $15,964.84
31415QZX7 FEDERAL NATL MTG ASSN 986458 6.00000 08/01/2038 US 6,287.36 $7,325.60
31415SLL4 FEDERAL NATL MTG ASSN 987831 6.00000 09/01/2038 US 9,220 $10,353.79
31415VX26 FEDERAL NATL MTG ASSN 990897 6.00000 09/01/2038 US 21,985.2 $24,767.75
31416ADZ0 FEDERAL NATL MTG ASSN 993920 6.00000 11/01/2038 US 59,227.94 $66,526.74
31416BRR1 FEDERAL NATL MTG ASSN 995196 6.00000 07/01/2038 US 308,120.39 $366,145.07
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 194.57 $194.95
31416JWZ0 FEDERAL NATL MTG ASSN AA1563 4.50000 02/01/2024 US 6,456.52 $6,758.24
31416KAL2 FEDERAL NATL MTG ASSN AA1810 5.00000 01/01/2039 US 44,523.81 $50,302.88
31416QRJ6 FEDERAL NATL MTG ASSN AA6788 6.00000 08/01/2039 US 117,582.81 $133,505.03
31417AX61 FEDERAL NATL MTG ASSN AB4300 3.50000 01/01/2042 US 114,885.54 $124,371.26
31417JQR4 FEDERAL NATL MTG ASSN AC0463 5.00000 11/01/2039 US 28,467.75 $32,594.66
31417KWT0 FEDERAL NATL MTG ASSN AC1557 4.50000 09/01/2024 US 15,413.11 $16,145.19
31417QVD3 FEDERAL NATL MTG ASSN AC5111 5.00000 11/01/2039 US 38,922.25 $44,280.63
31417VQ30 FEDERAL NATL MTG ASSN AC8573 5.00000 01/01/2040 US 37,048.8 $42,162.73
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 428,483.65 $478,518.58
31417YJD0 FEDERAL NATL MTG ASSN MA0259 5.00000 12/01/2039 US 25,804.87 $29,557.42
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 368,583.7 $404,609.29
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 463,128.93 $508,405.87
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 1,023,424.72 $1,115,482.04
31418DU59 FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 3,689,019.51 $3,840,158.75
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 40,701.93 $48,366.78
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 225,706.69 $262,968.32
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 5,611.92 $5,854.07
31419AB71 FEDERAL NATL MTG ASSN AE0061 6.00000 02/01/2040 US 118,384.87 $140,021.18
31419AU62 FEDERAL NATL MTG ASSN AE0604 6.00000 07/01/2039 US 263,971.64 $313,666.37
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 3,660,000 $3,847,039.54
345370CW8 FORD MOTOR COMPANY 9.00000 04/22/2025 US 170,000 $207,689.00
346232AF8 FORESTAR GROUP INC 3.85000 05/15/2026 US 105,000 $105,787.50
357081AE8 FREMF 2015-K720 B FLT 3.50908 07/25/2022 US 270,000 $275,740.82
36167RAA1 GCT 2021-GCT A FLT 0.89600 02/15/2038 US 3,100,000 $3,103,309.56
36257MAA3 GSMS 2019-70P A 1.09600 10/15/2036 US 2,985,000 $2,985,036.12
36262LAJ9 GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 1,504,378.04 $1,542,810.39
36263KAJ0 GSMBS 2021-INV1 A9 0.90000 12/25/2051 US 1,723,000 $1,722,873.70
36295HTS9 GNMA POOL 671161 5.50000 11/15/2037 US 27,112.83 $30,323.54
369550108 GENERAL DYNAMICS CORP US GD 3,045 $609,943.95
369604BQ5 GENERAL ELECTRIC CO 3.44888 01/21/2099 US 3,310,000 $3,210,700.13
374297109 GETTY REALTY CORP US GTY 4,481 $141,734.03
375558103 GILEAD SCIENCES INC US GILD 11,550 $840,609.00
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 116,702 $2,394,725.04
404119BX6 HCA INC 4.12500 06/15/2029 US 2,320,000 $2,625,356.36
419792A22 HAWAII ST 2.68200 10/01/2030 US 2,660,000 $2,735,889.80
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 5,111 $155,016.63
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 5,509 $198,324.00
423012301 HEINEKEN NV-SPN ADR NL HEINY 18,013 $985,130.97
42806MAA7 HERTZ 2021-1A A 1.21000 12/26/2025 US 2,000,000 $2,011,033.00
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 1,053 $131,477.58
437076102 HOME DEPOT INC US HD 5,959 $1,943,706.62
43731QAA6 HPA 2019-1 A 2.90800 09/17/2039 US 2,722,005.63 $2,806,430.00
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 20,511 $620,662.86
438516106 HONEYWELL INTERNATIONAL INC US HON 6,295 $1,459,873.45
44267DAE7 HOWARD HUGHES CORP 4.12500 02/01/2029 US 160,000 $160,800.00
448579102 HYATT HOTEL US H 12,179 $896,252.61
44988FAC4 IIP OPERATING PARTNER 5.50000 05/25/2026 US 210,000 $220,513.95
450913AF5 IAMGOLD CORP 5.75000 10/15/2028 CA 245,000 $244,081.25
451102BZ9 ICAHN ENTERPRISES/FIN 5.25000 05/15/2027 US 150,000 $155,805.00
45168D104 IDEXX LABORATORIES INC US IDXX 1,640 $1,104,966.40
452308109 ILLINOIS TOOL WKS INC US ITW 3,407 $793,354.02
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 275,000 $293,499.25
45778Q107 INSPERITY INC US NSP 11,230 $1,239,118.20
45781V101 INNOVATIVE INDUSTRIAL PROPER US IIPR 628 $154,431.48
458140100 INTEL CORP US INTC 28,414 $1,536,060.84
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 17,007 $2,032,846.71
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 7,341 $1,030,235.94
46116VAE5 INTL FC STORE INC 8.62500 06/15/2025 US 145,000 $156,890.00
46187BAA1 IHSFR 2017-SFR2 A 0.94300 12/17/2036 US 253,926.19 $254,164.02
46187BAB9 IHSFR 2017-SFR2 B 1.24300 12/17/2036 US 211,244.06 $211,421.91
46187W107 INVITATION HOMES INC US INVH 11,719 $482,588.42
465410BX5 ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 600,000 $624,291.60
46625H100 JP MORGAN CHASE & CO US JPM 11,946 $1,910,762.70
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 204,585.3 $207,207.39
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 192,623.26 $195,411.15
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 471,374.25 $481,074.61
46647PBP0 JPMORGAN CHASE & CO 2.95600 05/13/2031 US 4,090,000 $4,321,042.26
46647SAE0 JPMMT 2017-3 1A3 3.50000 08/25/2047 US 60,789.11 $61,352.27
46649HAC6 JPMMT 2017-6 A3 3.50000 12/25/2048 US 210,149.73 $212,363.01
478160104 JOHNSON & JOHNSON US JNJ 27,590 $4,776,656.70
48275RAA5 KREF 2021-FL2 A 1.16300 02/15/2039 US 1,450,000 $1,450,003.19
49427F108 KILROY REALTY CORP US KRC 2,895 $190,056.75
494368103 KIMBERLY CLARK CORP US KMB 3,886 $535,529.66
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 3,330,000 $4,763,850.01
500472303 KONINKLIJKE PHILIPS NVR - NY ADR NL PHG 9,114 $420,428.82
500754106 KRAFT HEINZ CO/THE US KHC 12,232 $440,229.68
512816109 LAMAR ADVERTISING CO-A US LAMR 881 $100,284.23
53223X107 LIFE STORAGE INC US LSI 1,279 $159,158.76
539473AE8 LLOYDS BANK PLC 12.00000 12/16/2024 GB 490,000 $517,562.50
539830109 LOCKHEED MARTIN CORP US LMT 2,489 $895,542.20
55616XAM9 MACY'S RETAIL HLDGS LLC 4.50000 12/15/2034 US 110,000 $107,658.65
57636Q104 MASTERCARD INC-CLASS A US MA 7,575 $2,622,692.25
58933Y105 MERCK & CO INC US MRK 17,414 $1,328,514.06
59022CAJ2 MERRILL LYNCH 6.11000 01/29/2037 US 2,090,000 $2,874,817.40
594918104 MICROSOFT CORP US MSFT 10,271 $3,100,609.48
59522J103 MID-AMERICA APARTMENT COMM US MAA 2,031 $390,703.47
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 44,993 $2,792,715.51
615369105 MOODY'S CORPORATION US MCO 5,304 $2,019,604.08
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 165,000 $140,971.05
63938CAH1 NAVIENT CORP 6.75000 06/25/2025 US 485,000 $540,775.00
63938EAC8 NAVSL 2014-1 A3 FLT 0.59438 06/25/2031 US 219,836.18 $214,875.25
63941MAB7 NAVSL 2019-EA A2A 2.64000 05/15/2068 US 2,400,493.26 $2,452,359.28
64032XAA3 NSLT 2012-3A A MTGE FLT 0.78438 02/25/2045 US 231,094.57 $230,036.27
64033GAA9 NSLT 2013-5A A MTGE FLT 0.71438 01/25/2037 US 368,141.06 $368,979.91
644393AA8 NEW FORTRESS ENERGY INC 6.75000 09/15/2025 US 150,000 $152,250.00
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 472,971.76 $503,182.55
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 488,465.91 $516,928.48
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 717,876.2 $770,763.72
64971XPG7 NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 950,000 $978,566.50
65106WAA3 NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 1,730,000 $1,804,847.71
651639106 NEWMONT GOLDCORP CORP US NEM 22,706 $1,316,720.94
65341D102 NEXPOINT RESIDENTIAL US NXRT 2,044.82 $132,484.06
655844108 NORFOLK SOUTHN CORP US NSC 3,478 $881,812.12
6642321 NIKON CORP JP 7731 JP 66,500 $698,927.42
666807102 NORTHROP GRUMMAN CORP US NOC 1,654 $608,175.80
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 880,000 $88.00
66987V109 NOVARTIS AG- REG CH NVS 35,282 $3,259,703.98
67066G104 NVIDIA CORP US NVDA 5,280 $1,181,928.00
67421QAA0 OASIS MIDSTREAM PARTNERS 8.00000 04/01/2029 US 155,000 $160,425.00
68389X105 ORACLE CORP US ORCL 20,219 $1,802,119.47
68622V106 ORGANNON & CO US OGN 1,741 $59,002.49
691205AE8 OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 1,780,000 $1,890,143.32
69144AAA7 OXFIN 2020-1A A2 3.10100 02/15/2028 US 505,000 $518,791.75
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 1,907,408.56 $1,964,060.12
693456AW5 PMTLT 2013-J1 a9 3.50000 09/25/2043 US 915,951.53 $931,844.11
69354NAC0 PRA GROUP INC 7.37500 09/01/2025 US 255,000 $272,212.50
70450Y103 PAYPAL HOLDINGS INC US PYPL 7,925 $2,287,630.50
70789PAA2 PENN VIRGINIA ESC LLC 9.25000 08/15/2026 US 160,000 $155,600.00
7123870 NESTLE SA-REGISTERED CH NESN SW 12,345 $1,559,035.89
71654V101 PETROLEO BRASIL-SP PREF ADR BR PBR/A 62,068 $652,334.68
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 195,000 $210,958.31
742718109 PROCTER & GAMBLE CO US PG 13,428 $1,912,012.92
74331AAA0 2019- SFR4 CLASS A 2.68700 10/17/2036 US 4,200,000 $4,283,923.56
74333NAA0 PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 US 3,498,914.9 $3,552,745.01
74340W103 PROLOGIS US PLD 8,958 $1,206,284.28
74387VAA7 PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 2,741,644.87 $2,814,148.49
74388JAD7 PFMT 2021-2 A2A 2.00000 04/25/2051 US 1,864,487.17 $1,888,958.56
74460D109 PUBLIC STORAGE INC US PSA 1,750 $566,317.50
747525103 QUALCOMM INC US QCOM 8,700 $1,276,203.00
750481103 RADIUS GLOBAL INFRASTRUCTURE US RADI 15,689 $280,519.32
75134P402 RAMACO RESOURCES INC US 21,300 $573,183.00
756109104 REALTY INCOME CORP US O 1,146 $82,764.12
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 4,582 $283,763.26
767204100 RIO TINTO PLC - SPON ADR GB RIO 10,871 $816,085.97
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 6,344 $249,763.28
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 9,065 $976,300.50
78409V104 S&P GLOBAL INC US SPGI 1,920 $852,134.40
78410G104 SBA COMMUNICATIONS CORP US SBAC 9,139 $3,280,626.83
78442FAZ1 SLM CORP 5.62500 08/01/2033 US 110,000 $106,562.50
78442GQJ8 SLMA 2005-7 A4 FLT 0.27525 10/25/2029 US 186,006.14 $185,193.93
78442PGC4 SLM CORP 5.12500 04/05/2022 US 405,000 $410,062.50
78449GAB5 SMB 2016-B A2A 2.43000 02/17/2032 US 2,392,749.77 $2,450,836.88
78449UAB4 SMB 2020-A A2A MTGE 2.23000 09/15/2037 US 340,000 $349,902.81
78470NAB2 SOFI 2015-D A2 2.72000 10/27/2036 US 28,894.64 $29,133.78
78470RAC1 SOFI 2016-E A2B 2.49000 01/25/2036 US 32,925.52 $33,182.88
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 4,410,000 $5,206,599.03
79466L302 SALESFORCE.COM US CRM 4,161 $1,103,788.47
80105N105 SANOFI-AVENTIS-ADR FR SNY 18,142 $939,392.76
81141R100 SEA LTD - ADR SG SE 7,454 $2,521,837.28
81181C104 SEAGEN INC US SGEN 12,278 $2,057,792.80
81745BAB1 SEMT 2013-6 A2 3.00000 05/25/2043 US 1,912,734.2 $1,931,601.60
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 264,903.14 $267,686.08
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 314,423.25 $317,756.07
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 268,706.28 $270,113.25
81748MAA6 SEMT 2020-1 A1 3.50000 02/25/2050 US 107,108.15 $109,227.30
81762P102 SERVICENOW INC US NOW 1,725 $1,110,279.00
82967NBJ6 SIRIUS XM RADIO INC 4.00000 07/15/2028 US 105,000 $107,593.50
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 263,403.83 $269,587.87
83405TAA1 SCLP 2019-3 A MTGE 2.90000 05/25/2028 US 175,171.41 $175,541.62
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 20,445.29 $20,472.41
83406TAB8 SOFI 2020-A A2FX MTGE 2.54000 05/15/2046 US 225,000 $232,176.11
835699307 SONY CORP SPONSORED ADR JP SONY 10,380 $1,073,914.80
837151XF1 SOUTH CAROLINA ST PUBLIC SVC 1.85200 12/01/2026 US 3,460,000 $3,555,046.20
844741BJ6 SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 810,000 $918,114.30
844741BK3 SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 2,530,000 $2,958,247.51
85571XAA5 SRPT 2014-STAR A FLTG RATE 1.56550 11/15/2027 US 2,317,783.32 $1,547,120.37
861036AA9 STL HOLDING CO LLC 7.50000 02/15/2026 US 250,000 $265,000.00
86212XAA8 STR 2019-1 A1 MTGE 2.82000 11/20/2049 US 2,120,756.13 $2,205,924.00
866674104 SUN COMMUNITIES US SUI 2,620 $527,903.80
86935CAA0 SCML 2019-SBC8 2.86000 04/25/2041 US 2,277,676.76 $2,290,507.37
87105L104 SWITCH INC - A US SWCH 17,693 $438,963.33
87157B301 SYNCHRONOSS TECH 8.37500 06/30/2026 US 4,250 $106,675.00
87267CAA6 TRP 2021-1 A MTGE 2.07000 06/19/2051 US 1,994,538.76 $1,996,750.50
87356LAA8 TACORA RESOURCES INC 8.25000 05/15/2026 CA 205,000 $213,769.90
874060205 TAKEDA PHARMACEUTIC - SP ADR JP TAK 30,190 $500,852.10
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 6,195,000 $6,870,255.31
88146M101 TERRENO REALTY CORP US TRNO 2,138 $142,839.78
883556102 THERMO FISHER SCIENTIFIC INC US TMO 1,965 $1,090,476.75
88579Y101 3M CO US MMM 5,320 $1,036,016.80
89151E109 TOTALENERGIES SE SPON ADR FR TTE 8,505 $376,686.45
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 783,197.06 $794,952.06
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 886,704.34 $899,318.33
89177EAA7 TPMT 2019-HY1 A1 1.08438 10/25/2048 US 1,017,532.67 $1,023,656.59
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 2,004,080.29 $2,041,053.17
902653104 UDR INC US UDR 4,906 $265,022.12
902973304 U.S. BANCORP US USB 15,720 $902,170.80
90348R102 UBISOFT ENTERTAIN-UNSPON ADR FR UBSFY 70,640 $896,421.60
904767704 UNILEVER PLC - ADR GB UL 67,324 $3,748,600.32
907818108 UNION PAC CORP US UNP 5,923 $1,284,343.32
90932KAA7 UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 492,682.53 $488,655.88
90932NAA1 UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 100,853.73 $104,221.88
91086QBG2 UNITED MEXICAN STATES 4.12500 01/21/2026 MX 400,000 $451,956.00
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 25,690,000 $26,738,673.76
912828VB3 UNITED STATES TREAS NTS 1.75000 05/15/2023 US 30,645,000 $31,469,781.37
912828WJ5 US TREASURY N/B 2.50000 05/15/2024 US 29,600,000 $31,321,656.18
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 42,640,000 $45,076,809.48
91823AAN1 VBTOW 2020-1A C2 3.03100 06/15/2050 US 1,200,000 $1,258,832.28
92276F100 VENTAS INC US VTR 2,038 $114,005.72
92343V104 VERIZON COMMUNICATIONS US VZ 25,202 $1,386,110.00
92343VCV4 VERIZON COMMUNICATIONS 4.27200 01/15/2036 US 4,290,000 $5,130,855.62
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 11,465 $2,296,324.85
92826C839 VISA INC - CLASS A SHARES US V 11,939 $2,735,224.90
92840VAH5 VISTRA OPERATIONS CO LLC 4.37500 05/01/2029 US 160,000 $162,400.00
93065PAA9 WBHT 2019-WBM A FLT 1.14600 12/15/2033 US 2,300,000 $2,300,135.01
931142103 WAL MART STORES US WMT 13,388 $1,982,762.80
94106L109 WASTE MANAGEMENT INC US WM 5,035 $780,978.85
95040Q104 WELLTOWER INC. US WELL 2,340 $204,820.20
969457BY5 WILLIAMS COMPANIES INC 2.60000 03/15/2031 US 3,580,000 $3,653,013.71
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 166,856.88 $169,134.88
98978V103 ZOETIS INC US ZTS 3,055 $624,930.80
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 327,000 $264,028.56
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 4,996,000 $250,842.28
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 908,000 $47,648.30
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 57,258 $85,691.21
BK0939417 AMERICAN TANKER INC 7.75000 07/02/2025 US 375,000 $384,281.25
BMXKJ81 FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 7,631 $138,121.10
BN7860420 PETROTAL CORP 12.00000 02/16/2024 CA 120,000 $124,800.00
BO8204600 COPPER MOUNTAIN MINING C 8.00000 04/09/2026 CA 500,000 $522,500.00
BP3061408 AIRSWIFT GLOBAL AS FLT 8.62275 05/12/2025 NO 500,000 $495,000.00
BQ0584657 JERVOIS MINING LTD 12.50000 07/20/2026 AU 400,000 $422,380.00
G29183103 EATON CORP PLC US ETN 5,030 $846,850.80
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 10,264 $767,747.20
G5494J103 LINDE PLC GB LIN 3,907 $1,229,103.13
G5960L103 MEDTRONIC INC IE MDT 8,327 $1,111,487.96
H01301128 ALCON INC CH ALC 26,336 $2,171,929.92
H1467J104 CHUBB LTD CH CB 4,255 $782,579.60
ZO1818103 NAVIGATOR HOLDINGS LTD 8.00000 09/10/2025 MH 350,000 $365,750.00
ZO4110185 BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 300,000 $294,000.00

Investments will change over time.

Distributions

  • Pro-Blend® Conservative Term Series Class W Distribution History
  • 2021 Distribution Calendar
  • Fourth Quarter 2020 Distributions
  • Third Quarter 2021 Distributions
  • Second Quarter 2021 Distributions
  • First Quarter 2021 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.


Loading...