Investment Objective

To provide long-term capital growth.

Investment Strategy

The portfolio is invested in an aggressive, growth-oriented mix of securities that seeks to earn the long-term growth typically associated with the stock market. Holdings are diversified primarily among various stock investments in both domestic and foreign markets; only a minor portion of the fund is invested in fixed income securities.

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 long-term capital growth and generally have the time to withstand market volatility
  • Who have a very high capital risk tolerance

About Risk-Based Funds

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

Time Horizon & Range of Stock Exposure

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

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

Manning and Napier Risk-Based Funds Graphic

Learn more about our Pro-Blend® Series

Daily Price

$22.97

Daily $ Change

$0.34

Daily % Change

1.48%

as of 06/23/2022

Ticker

EXHAX

CUSIP

563821594

Inception Date

11/01/1995

Investment Minimum

$2,000.00

Investment minimum may be waived for certain qualified retirement plans, participants in an automatic investment program, and discretionary investment accounts of the Advisor.

Important Documents

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

Performance

As of 05/31/2022

YTD

-14.41%

1 Year

-7.97%

3 Year

12.14%

5 Year

10.09%

10 Year

10.71%

Inception
(11/01/1995)

9.14%

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 1.10%*

*Includes a 12b-1 fee of 0.50%, of which up to 0.25% is available as a shareholder servicing fee. Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated without the prior approval of the Fund's Board of Directors.

Top Ten Investments

As of 05/31/2022

TREASURY NOTES 8.69%
MICROSOFT CORP 2.99%
AMAZON.COM INC 2.91%
MASTERCARD INC-CLASS A 2.05%
COCA COLA CO/THE 2.04%
PAYPAL HOLDINGS INC 1.97%
MEDTRONIC INC 1.93%
META PLATFORMS INC 1.87%
MONDELEZ INTERNATIONAL INC 1.86%
SERVICENOW INC 1.74%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 05/31/2022

Stocks 82.73%
Bonds 12.87%
Cash 4.40%

Detailed Asset Class Allocation

As of 05/31/2022

International Equities 22.56%
Small Capitalization 2.32%
Mid Capitalization 6.72%
Large Capitalization 51.12%
Long Term Fixed Income 1.40%
Intermediate Term Fixed Income 10.01%
Short Term Fixed Income 1.47%
Cash 4.40%

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

May Fund Holdings

As of 05/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 1,395 $163,856.70
ACCOR SA-SPONSORED ADR FR ACCYY 321,745 $2,152,474.05
ACTIVISION INC US ATVI 35,779 $2,786,468.52
ADIDAS AG-SPONSORED ADR DE ADDYY 20,137 $1,996,382.18
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 300,000 $263,087.23
ADYEN NV UNSPON ADR NL ADYEY 243,730 $3,772,940.40
AGREE REALTY CORP US ADC 1,191 $82,857.87
AIR LIQUIDE-ADR FR AIQUY 106,806 $3,728,597.46
AIR LEASE CORP 3.62500 04/01/2027 US 280,000 $266,278.78
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 79,402.84 $83,304.59
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 460,000 $400,495.95
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 250,000 $207,961.33
ALIGN TECHNOLOGY INC US ALGN 9,783 $2,716,152.12
ALLSTATE CORPORATION US ALL 504 $68,891.76
ALPHABET INC-CL A US GOOGL 2,533 $5,763,182.92
AMAZON.COM INC US AMZN 5,406 $12,997,051.14
AMAZON.COM INC 3.30000 04/13/2027 US 590,000 $589,456.46
DIAGEO PLC GB DGE LN 85,911 $3,991,534.65
AMERICAN HOMES 4 RENT- A US AMH 4,242 $156,784.32
AMERICAN TOWER REIT INC US AMT 634 $162,386.42
ANALOG DEVICES INC US ADI 796 $134,046.40
APPLE HOSPITALITY REIT INC US APLE 14,460 $241,626.60
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 80,000 $80,928.09
ARCHER-DANIELS-MIDLAND CO US ADM 916 $83,191.12
ARGO BLOCKCHAIN PLC GB 6,000 $125,820.00
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 230,000 $218,707.34
AUTOMATIC DATA PROCESSING US ADP 551 $122,839.94
AVALONBAY COMMUNITIES INC US AVB 1,007 $209,415.72
AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 KY 750,000 $649,901.41
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 210,000 $212,597.57
BANK OF AMERICA CORP 2.68700 04/22/2032 US 480,000 $419,957.32
BARRICK GOLD CORP CA GOLD 71,798 $1,471,141.02
BAXTER INTERNATIONAL INC US BAX 699 $53,158.95
BEST BUY INC US BBY 482 $39,552.92
BIOMARIN PHARMACEUTICAL INC US BMRN 63,756 $4,789,988.28
BLACKROCK INC US BLK 7,217 $4,828,750.36
BLACKSTONE PRIVATE CRE 2.62500 12/15/2026 US 280,000 $243,609.97
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 290,000 $263,825.65
DECHRA PHARMACEUTICALS PLC GB DPH LN 6,833 $313,207.30
BOSTON SCIENTIFIC CORP US BSX 52,679 $2,160,365.79
BRANDYWINE REALTY TRUST US BDN 7,192 $80,190.80
BRISTOL MYERS SQUIBB CO US BMY 2,473 $186,587.85
BROADRIDGE FINANCIAL SOLUTIONS US BR 281 $41,087.82
JONAH ENERGY PARENT LLC US 2,449 $131,413.34
CBOE GLOBAL MARKETS INC US CBOE 20,443 $2,295,953.33
CDW CORP/DE US CDW 13,269 $2,253,872.34
C.H. ROBINSON WORLDWIDE INC US CHRW 348 $37,761.48
CIM 2019-INV1 A1 4.00000 02/25/2049 US 514.13 $513.53
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 2,144.19 $2,011.75
CSMC 2014-IVR3 A1 3.50000 07/25/2044 US 3,374.02 $3,199.19
COTERRA ENERGY INC US CTRA 1,240 $42,569.20
CAMDEN PROPERTY TRUST US CPT 969 $139,041.81
CAMECO CORP CA CCJ 4,729 $115,718.63
CAMPBELL SOUP CO US CPB 792 $37,944.72
CANADIAN NATIONAL RAILWAY CO CA CNI 54,648 $6,217,849.44
CARETRUST REIT INC US CTRE 4,802 $88,981.06
CATERPILLAR INC US CAT 678 $146,346.30
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 620,000 $698,681.21
CENTURYLINK INC 7.50000 04/01/2024 US 240,000 $248,284.69
CHARTER COMMUNICATIONS INC-A US CHTR 11,752 $5,957,441.36
CHEVRON CORP US CVX 1,285 $224,438.10
CINCINNATI FINANCIAL CORP US CINF 372 $47,563.92
CISCO SYSTEMS INC US CSCO 4,353 $196,102.65
CITIGROUP INC US C 2,674 $142,818.34
CITIGROUP INC 1.46200 06/09/2027 US 450,000 $405,347.57
COCA COLA CO/THE US KO 143,663 $9,105,360.94
COGNEX CORP US CGNX 33,730 $1,633,206.60
COLGATE-PALMOLIVE CO US CL 1,286 $101,349.66
COMCAST CORP-CL A US CMCSA 4,665 $206,566.20
CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 6,059.36 $5,916.08
COMMUNITY HEALTHCARE TRUST I US CHCT 2,501 $94,237.68
CONAGRA BRAND INC. US CAG 1,205 $39,632.45
CONOCOPHILLIPS US COP 1,149 $129,101.64
CONSTELLATION BRANDS INC-A US STZ 30,006 $7,365,572.82
CONTROLADORA VUELA CIA DE AV MX VLRS 10,870 $169,354.60
COPART INC US CPRT 18,745 $2,146,864.85
COUSINS PROPERTIES INC US CUZ 5,923 $204,639.65
CAALT 2020-1A 2.01000 02/15/2029 US 11,311.06 $11,290.57
CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 340,000 $309,206.64
CUMMINS INC US CMI 295 $61,690.40
KIMBERLY CLARK DE MEXICO S.A.B. MX 213,600 $330,485.51
DEVON ENERGY CORPORATION US DVN 906 $67,859.40
DIAMONDBACK ENERGY INC US FANG 262 $39,829.24
DIGITAL REALTY TRUST INC US DLR 1,825 $254,751.75
WALT DISNEY CO/THE US DIS 18,852 $2,082,014.88
DOLLAR GENERAL CORP US DG 19,718 $4,344,664.12
DOLLAR TREE STORES INC US DLTR 28,050 $4,497,256.50
DOMINO'S PIZZA US DPZ 8,066 $2,929,329.22
DOUBLEVERIFY HOLDINGS INC US DV 153,002 $3,404,294.50
DOW INC US DOW 970 $65,940.60
DREYFUS GVT CSH MANAGEMENT US 20,518,077.87 $20,518,077.87
DUKE RLTY INVTS INC US DRE 4,132 $218,293.56
EOG RESOURCES INC US EOG 616 $84,367.36
EAST WEST BANCORP INC US EWBC 42,169 $3,101,108.26
EASTMAN CHEM CO US EMN 336 $37,013.76
EBAY INC US EBAY 866 $42,148.22
ECO MATERIAL TECH INC 7.87500 01/31/2027 US 120,000 $113,713.16
ELECTRONIC ARTS US EA 38,980 $5,404,577.00
EMERSON ELEC CO US EMR 995 $88,216.70
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 610,000 $637,899.47
EQUINIX INC US EQIX 8,661 $5,950,886.49
EQUITY LIFESTYLE PROPERTIES US ELS 3,655 $276,683.50
ESSEX PROPERTY TRUST INC US ESS 620 $175,987.00
EXPEDIA INC US EXPE 17,140 $2,216,716.20
EXPEDIA GROUP INC 3.25000 02/15/2030 US 270,000 $238,745.30
EXTRA SPACE STORAGE INC US EXR 907 $161,627.40
FMC CORP US FMC 41,518 $5,089,276.44
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 540,000 $549,988.85
FREMF 2014-K41 B FLT 3.83302 11/25/2047 US 21,000 $20,786.28
META PLATFORMS INC US FB 43,149 $8,355,372.36
FHLM POOL C91762 4.50000 05/01/2034 US 2,852.3 $2,962.81
FHLM POOL C91771 4.50000 06/01/2034 US 2,473.97 $2,569.85
FHLM POOL C91780 4.50000 07/01/2034 US 3,714.55 $3,874.19
FNA 2017-M15 A1 FLT 2.95843 09/25/2027 US 8,216.88 $8,197.07
FEDERAL NATL MTG ASSN AL8674 FLT 5.65900 01/01/2049 US 10,545.82 $11,529.56
FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 2,690.33 $2,807.94
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 4,312.84 $4,475.82
FEDERAL NATL MTG ASSN AD0207 6.00000 10/01/2038 US 4,081.68 $4,512.12
FEDEX CORPORATION US FDX 11,571 $2,598,615.18
FIFTH THIRD BANCORP US FITB 1,423 $56,108.89
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 18,000 $17,345.81
FORD MOTOR CREDIT 3.08700 01/09/2023 US 200,000 $199,816.23
GENERAL DYNAMICS CORP US GD 442 $99,410.22
GENERAL MLS INC US GIS 1,102 $76,974.70
GENUINE PARTS CO US GPC 337 $46,078.01
GETTY REALTY CORP US GTY 3,238 $90,469.72
GILEAD SCIENCES INC US GILD 1,893 $122,761.05
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 5,872.68 $5,719.53
GRAPHIC PACKAGING HOLDING CO US GPK 165,757 $3,689,750.82
GREENIDGE GEN HLD INC US 5,500 $109,560.00
GRUPO AEROPORTUARIO CEN-ADR MX OMAB 19,167 $1,107,085.92
GRUPO AEROPORTUARIO PAC-ADR MX PAC 8,719 $1,311,163.22
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 6,142 $1,334,595.18
AIRBUS SE FR AIR FP 2,120 $248,455.11
ADIDAS AG DE ADS GR 8,828 $1,753,837.85
HCA INC 4.12500 06/15/2029 US 400,000 $389,378.49
L'OREAL FR OR FP 276 $97,486.38
HARROW HEALTH US 5,200 $131,040.00
HEALTHCARE REALTY TRUST INC US HR 4,145 $120,495.15
HEALTHCARE TRUST OF AMERICA US HTA 2,842 $85,402.10
HEINEKEN NV-SPN ADR NL HEINY 68,760 $3,468,254.40
HESKA CORP US HSKA 20,283 $2,024,040.57
HOME DEPOT INC US HD 965 $292,153.75
HONEYWELL INTERNATIONAL INC US HON 894 $173,096.28
HUMANA INC US HUM 4,827 $2,192,568.21
IDEXX LABORATORIES INC US IDXX 10,672 $4,179,368.64
KERRY GROUP PLC-A IE KYGA ID 1,683 $174,174.04
ILLINOIS TOOL WKS INC US ITW 523 $108,820.61
INDEPENDENCE REALTY TRUST IN US IRT 4,290 $100,857.90
INSPERITY INC US NSP 33,087 $3,311,016.09
INTEL CORP US INTC 4,848 $215,348.16
INTERCONTINENTALEXCHANGE INC US ICE 32,685 $3,346,617.15
INTERNATIONAL FLVRS & FRAGRANCES US IFF 520 $68,728.40
INTUITIVE SURGICAL INC US ISRG 5,922 $1,348,084.08
INVITATION HOMES INC US INVH 6,862 $258,834.64
JP MORGAN CHASE & CO US JPM 27,255 $3,603,928.65
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 2,706.41 $2,619.30
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 680,000 $688,998.20
JPMMT 2017-2 A3 3.50000 05/25/2047 US 6,068.39 $5,719.19
JOHNSON & JOHNSON US JNJ 43,109 $7,739,358.77
KEYCORP US KEY 1,571 $31,357.16
KROGER CO US KR 1,250 $66,212.50
L3HARRIS TECHNOLOGIES INC US LHX 13,124 $3,161,571.60
BEIERSDORF AG DE BEI GR 4,353 $451,803.76
LENNAR CORP US LEN 476 $38,199.00
LIFE STORAGE INC US LSI 1,593 $185,998.68
LOCKHEED MARTIN CORP US LMT 329 $144,796.19
LULULEMON - ADR CA LULU 22,479 $6,579,378.51
MAGALLANES INC 4.05400 03/15/2029 US 650,000 $623,115.90
ATOS SE FR ATO FP 12,818 $337,427.24
MARATHON PETROLEUM CORP US MPC 714 $72,678.06
MARRIOTT VACATIONS WORLD US VAC 677 $100,006.44
MASTERCARD INC-CLASS A US MA 25,579 $9,153,956.73
MCDONALDS CORP US MCD 580 $146,281.80
ACCOR SA FR AC FP 5,663 $186,339.61
MERCADOLIBRE INC AR MELI 291 $228,691.08
MERCK & CO INC US MRK 2,588 $238,173.64
MICROSOFT CORP US MSFT 49,067 $13,339,845.29
MICROCHIP TECHNOLOGY INC US MCHP 792 $57,538.80
MID-AMERICA APARTMENT COMM US MAA 1,284 $232,404.00
MONDELEZ INTERNATIONAL INC US MDLZ 130,636 $8,303,224.16
MOODY'S CORPORATION US MCO 21,787 $6,570,305.59
MOTOROLA SOLUTIONS INC US MSI 315 $69,218.10
NSLT 2012-3A A MTGE FLT 1.70571 02/25/2045 US 13,049.23 $12,794.12
NETAPP INC US NTAP 558 $40,148.10
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 2,692.5 $2,644.72
NRZT 2015-2A A1 3.75000 08/25/2055 US 3,707.72 $3,612.14
NRZT 2016-4A A1 3.75000 11/25/2056 US 4,067.72 $3,975.25
KEYENCE CORP JP 6861 JP 800 $318,061.26
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 125,000 $121,344.25
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 290,000 $263,604.37
NEWMONT GOLDCORP CORP US NEM 21,956 $1,489,714.60
NEXPOINT RESIDENTIAL US NXRT 1,223.43 $89,897.50
NORFOLK SOUTHN CORP US NSC 14,253 $3,415,873.98
NIKON CORP JP 7731 JP 33,600 $416,918.97
NORTHROP GRUMMAN CORP US NOC 6,783 $3,174,240.51
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 220,000 $22.00
NOVARTIS AG- REG CH NVS 39,136 $3,559,027.84
NUCOR CORP US NUE 469 $62,123.74
NVIDIA CORP US NVDA 8,049 $1,502,909.28
OKTA INC US OKTA 22,119 $1,836,982.95
OMNICOM GROUP US OMC 545 $40,662.45
SONY CORP FIRST SECTION JP 6758 JP 3,600 $337,641.98
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 280,000 $260,735.40
OXFIN 2020-1A A2 3.10100 02/15/2028 US 12,760.25 $12,686.65
OXFIN 2019-1A A2 4.45900 02/15/2027 US 16,517.99 $16,478.78
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 3,542.25 $3,367.66
PPG INDUSTRIES INC US PPG 332 $41,994.68
PACKAGING CORP OF AMERICA US PKG 244 $38,376.32
PARKER HANNIFIN CORP US PH 185 $50,351.45
DEUTSCHE BOERSE AG DE DB1 GR 23,745 $3,990,659.78
PAYPAL HOLDINGS INC US PYPL 102,868 $8,765,382.28
NESTLE SA-REGISTERED CH NESN SW 58,265 $7,126,813.40
PFIZER INC US PFE 3,847 $204,044.88
PIONEER NATURAL RESOURCES CO US PXD 288 $80,046.72
POPULAR INC 6.12500 09/14/2023 PR 260,000 $262,942.73
PROCTER & GAMBLE CO US PG 2,132 $315,280.16
PROLOGIS US PLD 6,330 $806,948.40
PUBLIC STORAGE INC US PSA 1,149 $379,905.36
QUALCOMM INC US QCOM 1,299 $186,042.78
QUALCOMM INC 4.25000 05/20/2032 US 445,000 $462,073.74
QUEST DIAGNOSTICS INC US DGX 317 $44,703.34
RADIUS GLOBAL INFRASTRUCTURE US RADI 21,137 $314,941.30
RAILWORKS HOLDINGS LP/R 8.25000 11/15/2028 US 295,000 $285,471.04
REGIONS FINANCIAL CORP. US RF 2,213 $48,885.17
REPUBLIC SERVICES INC US RSG 564 $75,485.76
RESTAURANT BRANDS INTERN CA QSR 3,520 $184,835.20
REXFORD INDUSTRIAL REALITY IN US REXR 3,909 $249,667.83
GETINGE AB-B SHS SE GETIB SS 9,492 $275,469.30
ROSS STORES INC US ROST 441 $37,493.82
HEINEKEN NV NL HEIA NA 3,235 $325,289.16
RYANAIR HOLDINGS - ADR IE RYAAY 43,557 $3,798,170.40
S&P GLOBAL INC US SPGI 11,366 $3,972,189.68
SBA COMMUNICATIONS CORP US SBAC 21,924 $7,379,837.64
NAVIENT CORP 5.50000 01/25/2023 US 125,000 $125,525.51
SMB 2020-A A2A MTGE 2.23000 09/15/2037 US 17,501.33 $16,709.17
SALESFORCE INC US CRM 30,334 $4,860,720.16
SEA LTD - ADR SG SE 59,851 $4,947,283.66
SEAGEN INC US SGEN 32,796 $4,449,761.28
SEMT 2013-6 A2 3.00000 05/25/2043 US 4,026.94 $3,771.21
SEMT 2013-8 A1 3.00000 06/25/2043 US 1,671.69 $1,570.11
SEMT 2013-2 1.87400 02/25/2043 US 1,416.19 $1,282.59
SERVICENOW INC US NOW 16,617 $7,767,948.99
SHOPIFY INC CA SHOP 326 $122,289.12
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 880,000 $759,999.18
SKYWORKS SOLUTIONS INC US SWKS 287 $31,245.69
JM SMUCKER CO/THE-NEW COM WI US SJM 282 $35,354.34
SNOWFLAKE INC-CLASS A US SNOW 15,373 $1,962,363.45
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 5,998.02 $5,957.12
SOFI 2020-A A2FX MTGE 2.54000 05/15/2046 US 11,250.29 $10,973.29
SONY CORP SPONSORED ADR JP SONY 60,899 $5,728,768.93
SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 16,000 $16,701.67
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 454,000 $473,359.71
STANLEY BLACK & DECKER INC US SWK 264 $31,334.16
SRPT 2014-STAR A FLTG RATE 2.34500 11/15/2027 US 15,954.15 $10,966.81
STEEL DYNAMICS INC US STLD 465 $39,701.70
SUN COMMUNITIES US SUI 1,901 $312,011.13
SCML 2019-SBC8 2.86000 04/25/2041 US 9,877.75 $9,274.96
SYNCHRONOSS TECH US 11,200 $248,416.00
SYNERGY ONE LENDING 5.50000 10/14/2026 US 285,000 $254,221.53
TJX COMPANIES INC US TJX 1,223 $77,746.11
TACORA RESOURCES INC 8.25000 05/15/2026 CA 125,000 $119,263.22
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 42,526 $4,052,727.80
TARGET CORP US TGT 471 $76,245.48
TENCENT HOLDINGS 3.97500 04/11/2029 KY 990,000 $953,904.62
TERRENO REALTY CORP US TRNO 2,181 $132,408.51
TEXAS INSTRUMENTS INC US TXN 824 $145,650.24
THERMO FISHER SCIENTIFIC INC US TMO 7,605 $4,316,369.85
3M CO US MMM 834 $124,507.86
TPMT 2016-5 A1 2.50000 10/25/2056 US 2,802.63 $2,790.39
TPMT 2017-1 A1 2.75000 10/25/2056 US 2,897.58 $2,886.17
TPMT 2019-HY1 A1 2.00571 10/25/2048 US 5,005.55 $4,955.72
TRACTOR SUPPLY COMPANY US TSCO 183 $34,286.88
TRAVELLERS COS INC US TRV 434 $77,703.36
TAH 2017-SFR2 A 2.92800 01/17/2036 US 12,242.67 $12,101.95
TYSON FOODS INC -CL A US TSN 692 $62,010.12
UDR INC US UDR 4,710 $225,138.00
U.S. BANCORP US USB 2,188 $116,117.16
UBISOFT ENTERTAIN-UNSPON ADR FR UBSFY 183,716 $1,940,040.96
UNILEVER PLC - ADR GB UL 124,652 $6,024,431.16
UNION PAC CORP US UNP 785 $172,527.30
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 441,970.26 $397,825.83
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 40,826.54 $38,244.99
UNITED PARCEL SERVICE US UPS 14,793 $2,696,024.25
US TREASURY N/B 3.00000 05/15/2047 US 2,365,000 $2,254,510.16
US TREASURY N/B 2.00000 02/15/2050 US 2,725,000 $2,149,769.53
US TREASURY N/B 2.87500 05/15/2028 US 32,870,000 $32,859,728.13
UNITED STATES TREAS NTS 1.75000 05/15/2023 US 3,485,000 $3,472,339.66
US TREASURY N/B 1.62500 05/15/2031 US 2,700,000 $2,441,812.50
UNITEDHEALTH GROUP INC US UNH 4,259 $2,115,786.02
UNIVERSAL DISPLAY CORP US OLED 26,266 $3,317,658.46
VF CORP US VFC 660 $33,303.60
VENTAS INC US VTR 2,291 $129,991.34
VERTEX PHARMACEUTICALS INC US VRTX 18,571 $4,989,099.15
PARAMOUNT GLOBAL CLASS B US PARA 1,088 $37,351.04
VISA INC - CLASS A SHARES US V 33,827 $7,177,074.59
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 120,000 $117,791.09
VISTRA OPERATIONS 4.87500 05/13/2024 US 440,000 $441,671.32
WAL MART STORES US WMT 2,262 $290,961.06
WALGREENS BOOTS ALLIANCE INC US WBA 1,210 $53,034.30
WARRIOR MET COAL INC 7.87500 12/01/2028 US 120,000 $121,716.06
WASTE MANAGEMENT INC US WM 614 $97,325.14
WELLTOWER INC. US WELL 2,647 $235,821.23
ZOETIS INC US ZTS 8,201 $1,401,796.93
ADMIRAL GROUP PLC GB ADM LN 12,853 $359,850.30
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 19,400 $139,798.68
UBISOFT ENTERTAINMENT FR UBI FP 6,265 $329,370.33
DANONE FR BN FP 3,207 $188,691.94
AIR LIQUIDE FR AI FP 3,862 $676,498.35
BRENNTAG AG DE BNR GR 35,049 $2,711,971.45
KEYWORDS STUDIOS PLC IE KWS LN 2,756 $81,433.50
S4 CAPITAL PLC GB SFOR LN 53,305 $190,649.71
HELIOS TOWERS PLC GB HTWS LN 56,999 $81,664.82
AVANZA BANK HOLDING AB SE AZA SS 11,905 $286,818.58
AMERICAN TANKER INC 7.75000 07/02/2025 US 275,000 $261,250.00
SOFTWAREONE HOLDING AG CH SWON SW 21,483 $286,921.21
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 6,717 $118,756.56
SEASPAN CORP 6.50000 02/05/2024 MH 200,000 $199,497.02
PETROTAL CORP 12.00000 02/16/2024 CA 216,000 $222,480.00
FINECOBANK SPA IT FBK IM 39,831 $564,428.71
ALLFUNDS GROUP PLC GB ALLFG NA 22,829 $208,234.70
COPPER MOUNTAIN MINING C 8.00000 04/09/2026 CA 288,000 $287,819.30
AIRSWIFT GLOBAL AS FLT 10.38899 05/12/2025 NO 500,000 $500,831.64
KENT GLOBAL PLC 10.00000 06/28/2026 GB 280,000 $277,200.00
PING PETROLEUM UK 12.00000 07/29/2024 GB 285,000 $278,976.95
ROTORK PLC GB ROR LN 77,462 $272,620.55
AUTO TRADER GROUP PLC GB AUTO LN 65,825 $489,683.48
CELLNEX TELECOM SA ES CLNX SM 1,799 $81,187.39
ASSA ABLOY AB-B SE ASSAB SS 16,323 $402,379.71
CLEANAWAY WASTE MANAGEMENT AU CWY AU 133,457 $286,012.31
INTERMEDIATE CAPITAL GROUP GB ICP LN 13,169 $261,459.83
ADYEN NV NL ADYEN NA 297 $459,953.67
BANK OF N.T. BUTTERFIELD&SON BM NTB 6,214 $196,238.12
BUNGE LIMITED US BG 343 $40,583.76
EATON CORP PLC US ETN 692 $95,911.20
JOHNSON CONTROLS INTERNATIONAL US JCI 1,256 $68,464.56
MEDTRONIC INC IE MDT 85,972 $8,610,095.80
ROYALTY PHARMA PLC- CL A US RPRX 949 $39,041.86
STONECO LTD-A BR STNE 14,041 $140,971.64
TRANE TECHNOLOGIES IE TT 322 $44,455.32
ALCON INC CH ALC 38,506 $2,877,553.38
CHUBB LTD CH CB 607 $128,253.03
GARMIN LTD CH GRMN 455 $48,057.10
TE CONNECTIVITY LIMITED CH TEL 450 $58,225.50
LYONDELLBASELL INDU-CL A US LYB 471 $53,811.75
PLAYA HOTELS AND RESORTS US PLYA 9,359 $80,861.76
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 128,176 $128,058.87

Investments will change over time.

Distributions

  • Pro-Blend® Maximum Term Series Class S Distribution History
  • 2022 Distribution Calendar
  • Fourth Quarter 2021 Distributions
  • Third Quarter 2021 Distributions
  • Second Quarter 2022 Distributions
  • First Quarter 2022 Distributions
  • Tax Letter
  • Target 2045 Merger into Pro Blend Maximum
  • Target 2050 Merger into Pro Blend Maximum
  • Target 2055 Merger into Pro Blend Maximum
  • Target 2060 Merger into Pro Blend Maximum

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

$22.97

Daily $ Change

$0.34

Daily % Change

1.48%

as of 06/23/2022

Ticker

EXHAX

CUSIP

563821594

Inception Date

11/01/1995

Investment Minimum

$2,000.00

Investment minimum may be waived for certain qualified retirement plans, participants in an automatic investment program, and discretionary investment accounts of the Advisor.

Important Documents

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

Investment Objective

To provide long-term capital growth.

Investment Strategy

The portfolio is invested in an aggressive, growth-oriented mix of securities that seeks to earn the long-term growth typically associated with the stock market. Holdings are diversified primarily among various stock investments in both domestic and foreign markets; only a minor portion of the fund is invested in fixed income securities.

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 long-term capital growth and generally have the time to withstand market volatility
  • Who have a very high capital risk tolerance

About Risk-Based Funds

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

Time Horizon & Range of Stock Exposure

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

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

Manning and Napier Risk-Based Funds Graphic

Learn more about our Pro-Blend® Series

Performance

As of 05/31/2022

YTD

-14.41%

1 Year

-7.97%

3 Year

12.14%

5 Year

10.09%

10 Year

10.71%

Inception
(11/01/1995)

9.14%

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 1.10%*

*Includes a 12b-1 fee of 0.50%, of which up to 0.25% is available as a shareholder servicing fee. Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated without the prior approval of the Fund's Board of Directors.

Top Ten Investments

As of 05/31/2022

TREASURY NOTES 8.69%
MICROSOFT CORP 2.99%
AMAZON.COM INC 2.91%
MASTERCARD INC-CLASS A 2.05%
COCA COLA CO/THE 2.04%
PAYPAL HOLDINGS INC 1.97%
MEDTRONIC INC 1.93%
META PLATFORMS INC 1.87%
MONDELEZ INTERNATIONAL INC 1.86%
SERVICENOW INC 1.74%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 05/31/2022

Stocks
82.73%
Bonds
12.87%
Cash
4.40%

Detailed Asset Class Allocation

As of 05/31/2022

International Equities
22.56%
Small Capitalization
2.32%
Mid Capitalization
6.72%
Large Capitalization
51.12%
Long Term Fixed Income
1.40%
Intermediate Term Fixed Income
10.01%
Short Term Fixed Income
1.47%
Cash
4.40%

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

May Fund Holdings

As of 05/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 1,395 $163,856.70
ACCOR SA-SPONSORED ADR FR ACCYY 321,745 $2,152,474.05
ACTIVISION INC US ATVI 35,779 $2,786,468.52
ADIDAS AG-SPONSORED ADR DE ADDYY 20,137 $1,996,382.18
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 300,000 $263,087.23
ADYEN NV UNSPON ADR NL ADYEY 243,730 $3,772,940.40
AGREE REALTY CORP US ADC 1,191 $82,857.87
AIR LIQUIDE-ADR FR AIQUY 106,806 $3,728,597.46
AIR LEASE CORP 3.62500 04/01/2027 US 280,000 $266,278.78
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 79,402.84 $83,304.59
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 460,000 $400,495.95
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 250,000 $207,961.33
ALIGN TECHNOLOGY INC US ALGN 9,783 $2,716,152.12
ALLSTATE CORPORATION US ALL 504 $68,891.76
ALPHABET INC-CL A US GOOGL 2,533 $5,763,182.92
AMAZON.COM INC US AMZN 5,406 $12,997,051.14
AMAZON.COM INC 3.30000 04/13/2027 US 590,000 $589,456.46
DIAGEO PLC GB DGE LN 85,911 $3,991,534.65
AMERICAN HOMES 4 RENT- A US AMH 4,242 $156,784.32
AMERICAN TOWER REIT INC US AMT 634 $162,386.42
ANALOG DEVICES INC US ADI 796 $134,046.40
APPLE HOSPITALITY REIT INC US APLE 14,460 $241,626.60
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 80,000 $80,928.09
ARCHER-DANIELS-MIDLAND CO US ADM 916 $83,191.12
ARGO BLOCKCHAIN PLC GB 6,000 $125,820.00
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 230,000 $218,707.34
AUTOMATIC DATA PROCESSING US ADP 551 $122,839.94
AVALONBAY COMMUNITIES INC US AVB 1,007 $209,415.72
AVALON HOLDINGS FNDG LTD 2.75000 02/21/2028 KY 750,000 $649,901.41
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 210,000 $212,597.57
BANK OF AMERICA CORP 2.68700 04/22/2032 US 480,000 $419,957.32
BARRICK GOLD CORP CA GOLD 71,798 $1,471,141.02
BAXTER INTERNATIONAL INC US BAX 699 $53,158.95
BEST BUY INC US BBY 482 $39,552.92
BIOMARIN PHARMACEUTICAL INC US BMRN 63,756 $4,789,988.28
BLACKROCK INC US BLK 7,217 $4,828,750.36
BLACKSTONE PRIVATE CRE 2.62500 12/15/2026 US 280,000 $243,609.97
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 290,000 $263,825.65
DECHRA PHARMACEUTICALS PLC GB DPH LN 6,833 $313,207.30
BOSTON SCIENTIFIC CORP US BSX 52,679 $2,160,365.79
BRANDYWINE REALTY TRUST US BDN 7,192 $80,190.80
BRISTOL MYERS SQUIBB CO US BMY 2,473 $186,587.85
BROADRIDGE FINANCIAL SOLUTIONS US BR 281 $41,087.82
JONAH ENERGY PARENT LLC US 2,449 $131,413.34
CBOE GLOBAL MARKETS INC US CBOE 20,443 $2,295,953.33
CDW CORP/DE US CDW 13,269 $2,253,872.34
C.H. ROBINSON WORLDWIDE INC US CHRW 348 $37,761.48
CIM 2019-INV1 A1 4.00000 02/25/2049 US 514.13 $513.53
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 2,144.19 $2,011.75
CSMC 2014-IVR3 A1 3.50000 07/25/2044 US 3,374.02 $3,199.19
COTERRA ENERGY INC US CTRA 1,240 $42,569.20
CAMDEN PROPERTY TRUST US CPT 969 $139,041.81
CAMECO CORP CA CCJ 4,729 $115,718.63
CAMPBELL SOUP CO US CPB 792 $37,944.72
CANADIAN NATIONAL RAILWAY CO CA CNI 54,648 $6,217,849.44
CARETRUST REIT INC US CTRE 4,802 $88,981.06
CATERPILLAR INC US CAT 678 $146,346.30
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 620,000 $698,681.21
CENTURYLINK INC 7.50000 04/01/2024 US 240,000 $248,284.69
CHARTER COMMUNICATIONS INC-A US CHTR 11,752 $5,957,441.36
CHEVRON CORP US CVX 1,285 $224,438.10
CINCINNATI FINANCIAL CORP US CINF 372 $47,563.92
CISCO SYSTEMS INC US CSCO 4,353 $196,102.65
CITIGROUP INC US C 2,674 $142,818.34
CITIGROUP INC 1.46200 06/09/2027 US 450,000 $405,347.57
COCA COLA CO/THE US KO 143,663 $9,105,360.94
COGNEX CORP US CGNX 33,730 $1,633,206.60
COLGATE-PALMOLIVE CO US CL 1,286 $101,349.66
COMCAST CORP-CL A US CMCSA 4,665 $206,566.20
CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 6,059.36 $5,916.08
COMMUNITY HEALTHCARE TRUST I US CHCT 2,501 $94,237.68
CONAGRA BRAND INC. US CAG 1,205 $39,632.45
CONOCOPHILLIPS US COP 1,149 $129,101.64
CONSTELLATION BRANDS INC-A US STZ 30,006 $7,365,572.82
CONTROLADORA VUELA CIA DE AV MX VLRS 10,870 $169,354.60
COPART INC US CPRT 18,745 $2,146,864.85
COUSINS PROPERTIES INC US CUZ 5,923 $204,639.65
CAALT 2020-1A 2.01000 02/15/2029 US 11,311.06 $11,290.57
CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 340,000 $309,206.64
CUMMINS INC US CMI 295 $61,690.40
KIMBERLY CLARK DE MEXICO S.A.B. MX 213,600 $330,485.51
DEVON ENERGY CORPORATION US DVN 906 $67,859.40
DIAMONDBACK ENERGY INC US FANG 262 $39,829.24
DIGITAL REALTY TRUST INC US DLR 1,825 $254,751.75
WALT DISNEY CO/THE US DIS 18,852 $2,082,014.88
DOLLAR GENERAL CORP US DG 19,718 $4,344,664.12
DOLLAR TREE STORES INC US DLTR 28,050 $4,497,256.50
DOMINO'S PIZZA US DPZ 8,066 $2,929,329.22
DOUBLEVERIFY HOLDINGS INC US DV 153,002 $3,404,294.50
DOW INC US DOW 970 $65,940.60
DREYFUS GVT CSH MANAGEMENT US 20,518,077.87 $20,518,077.87
DUKE RLTY INVTS INC US DRE 4,132 $218,293.56
EOG RESOURCES INC US EOG 616 $84,367.36
EAST WEST BANCORP INC US EWBC 42,169 $3,101,108.26
EASTMAN CHEM CO US EMN 336 $37,013.76
EBAY INC US EBAY 866 $42,148.22
ECO MATERIAL TECH INC 7.87500 01/31/2027 US 120,000 $113,713.16
ELECTRONIC ARTS US EA 38,980 $5,404,577.00
EMERSON ELEC CO US EMR 995 $88,216.70
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 610,000 $637,899.47
EQUINIX INC US EQIX 8,661 $5,950,886.49
EQUITY LIFESTYLE PROPERTIES US ELS 3,655 $276,683.50
ESSEX PROPERTY TRUST INC US ESS 620 $175,987.00
EXPEDIA INC US EXPE 17,140 $2,216,716.20
EXPEDIA GROUP INC 3.25000 02/15/2030 US 270,000 $238,745.30
EXTRA SPACE STORAGE INC US EXR 907 $161,627.40
FMC CORP US FMC 41,518 $5,089,276.44
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 540,000 $549,988.85
FREMF 2014-K41 B FLT 3.83302 11/25/2047 US 21,000 $20,786.28
META PLATFORMS INC US FB 43,149 $8,355,372.36
FHLM POOL C91762 4.50000 05/01/2034 US 2,852.3 $2,962.81
FHLM POOL C91771 4.50000 06/01/2034 US 2,473.97 $2,569.85
FHLM POOL C91780 4.50000 07/01/2034 US 3,714.55 $3,874.19
FNA 2017-M15 A1 FLT 2.95843 09/25/2027 US 8,216.88 $8,197.07
FEDERAL NATL MTG ASSN AL8674 FLT 5.65900 01/01/2049 US 10,545.82 $11,529.56
FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 2,690.33 $2,807.94
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 4,312.84 $4,475.82
FEDERAL NATL MTG ASSN AD0207 6.00000 10/01/2038 US 4,081.68 $4,512.12
FEDEX CORPORATION US FDX 11,571 $2,598,615.18
FIFTH THIRD BANCORP US FITB 1,423 $56,108.89
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 18,000 $17,345.81
FORD MOTOR CREDIT 3.08700 01/09/2023 US 200,000 $199,816.23
GENERAL DYNAMICS CORP US GD 442 $99,410.22
GENERAL MLS INC US GIS 1,102 $76,974.70
GENUINE PARTS CO US GPC 337 $46,078.01
GETTY REALTY CORP US GTY 3,238 $90,469.72
GILEAD SCIENCES INC US GILD 1,893 $122,761.05
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 5,872.68 $5,719.53
GRAPHIC PACKAGING HOLDING CO US GPK 165,757 $3,689,750.82
GREENIDGE GEN HLD INC US 5,500 $109,560.00
GRUPO AEROPORTUARIO CEN-ADR MX OMAB 19,167 $1,107,085.92
GRUPO AEROPORTUARIO PAC-ADR MX PAC 8,719 $1,311,163.22
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 6,142 $1,334,595.18
AIRBUS SE FR AIR FP 2,120 $248,455.11
ADIDAS AG DE ADS GR 8,828 $1,753,837.85
HCA INC 4.12500 06/15/2029 US 400,000 $389,378.49
L'OREAL FR OR FP 276 $97,486.38
HARROW HEALTH US 5,200 $131,040.00
HEALTHCARE REALTY TRUST INC US HR 4,145 $120,495.15
HEALTHCARE TRUST OF AMERICA US HTA 2,842 $85,402.10
HEINEKEN NV-SPN ADR NL HEINY 68,760 $3,468,254.40
HESKA CORP US HSKA 20,283 $2,024,040.57
HOME DEPOT INC US HD 965 $292,153.75
HONEYWELL INTERNATIONAL INC US HON 894 $173,096.28
HUMANA INC US HUM 4,827 $2,192,568.21
IDEXX LABORATORIES INC US IDXX 10,672 $4,179,368.64
KERRY GROUP PLC-A IE KYGA ID 1,683 $174,174.04
ILLINOIS TOOL WKS INC US ITW 523 $108,820.61
INDEPENDENCE REALTY TRUST IN US IRT 4,290 $100,857.90
INSPERITY INC US NSP 33,087 $3,311,016.09
INTEL CORP US INTC 4,848 $215,348.16
INTERCONTINENTALEXCHANGE INC US ICE 32,685 $3,346,617.15
INTERNATIONAL FLVRS & FRAGRANCES US IFF 520 $68,728.40
INTUITIVE SURGICAL INC US ISRG 5,922 $1,348,084.08
INVITATION HOMES INC US INVH 6,862 $258,834.64
JP MORGAN CHASE & CO US JPM 27,255 $3,603,928.65
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 2,706.41 $2,619.30
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 680,000 $688,998.20
JPMMT 2017-2 A3 3.50000 05/25/2047 US 6,068.39 $5,719.19
JOHNSON & JOHNSON US JNJ 43,109 $7,739,358.77
KEYCORP US KEY 1,571 $31,357.16
KROGER CO US KR 1,250 $66,212.50
L3HARRIS TECHNOLOGIES INC US LHX 13,124 $3,161,571.60
BEIERSDORF AG DE BEI GR 4,353 $451,803.76
LENNAR CORP US LEN 476 $38,199.00
LIFE STORAGE INC US LSI 1,593 $185,998.68
LOCKHEED MARTIN CORP US LMT 329 $144,796.19
LULULEMON - ADR CA LULU 22,479 $6,579,378.51
MAGALLANES INC 4.05400 03/15/2029 US 650,000 $623,115.90
ATOS SE FR ATO FP 12,818 $337,427.24
MARATHON PETROLEUM CORP US MPC 714 $72,678.06
MARRIOTT VACATIONS WORLD US VAC 677 $100,006.44
MASTERCARD INC-CLASS A US MA 25,579 $9,153,956.73
MCDONALDS CORP US MCD 580 $146,281.80
ACCOR SA FR AC FP 5,663 $186,339.61
MERCADOLIBRE INC AR MELI 291 $228,691.08
MERCK & CO INC US MRK 2,588 $238,173.64
MICROSOFT CORP US MSFT 49,067 $13,339,845.29
MICROCHIP TECHNOLOGY INC US MCHP 792 $57,538.80
MID-AMERICA APARTMENT COMM US MAA 1,284 $232,404.00
MONDELEZ INTERNATIONAL INC US MDLZ 130,636 $8,303,224.16
MOODY'S CORPORATION US MCO 21,787 $6,570,305.59
MOTOROLA SOLUTIONS INC US MSI 315 $69,218.10
NSLT 2012-3A A MTGE FLT 1.70571 02/25/2045 US 13,049.23 $12,794.12
NETAPP INC US NTAP 558 $40,148.10
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 2,692.5 $2,644.72
NRZT 2015-2A A1 3.75000 08/25/2055 US 3,707.72 $3,612.14
NRZT 2016-4A A1 3.75000 11/25/2056 US 4,067.72 $3,975.25
KEYENCE CORP JP 6861 JP 800 $318,061.26
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 125,000 $121,344.25
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 290,000 $263,604.37
NEWMONT GOLDCORP CORP US NEM 21,956 $1,489,714.60
NEXPOINT RESIDENTIAL US NXRT 1,223.43 $89,897.50
NORFOLK SOUTHN CORP US NSC 14,253 $3,415,873.98
NIKON CORP JP 7731 JP 33,600 $416,918.97
NORTHROP GRUMMAN CORP US NOC 6,783 $3,174,240.51
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 220,000 $22.00
NOVARTIS AG- REG CH NVS 39,136 $3,559,027.84
NUCOR CORP US NUE 469 $62,123.74
NVIDIA CORP US NVDA 8,049 $1,502,909.28
OKTA INC US OKTA 22,119 $1,836,982.95
OMNICOM GROUP US OMC 545 $40,662.45
SONY CORP FIRST SECTION JP 6758 JP 3,600 $337,641.98
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 280,000 $260,735.40
OXFIN 2020-1A A2 3.10100 02/15/2028 US 12,760.25 $12,686.65
OXFIN 2019-1A A2 4.45900 02/15/2027 US 16,517.99 $16,478.78
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 3,542.25 $3,367.66
PPG INDUSTRIES INC US PPG 332 $41,994.68
PACKAGING CORP OF AMERICA US PKG 244 $38,376.32
PARKER HANNIFIN CORP US PH 185 $50,351.45
DEUTSCHE BOERSE AG DE DB1 GR 23,745 $3,990,659.78
PAYPAL HOLDINGS INC US PYPL 102,868 $8,765,382.28
NESTLE SA-REGISTERED CH NESN SW 58,265 $7,126,813.40
PFIZER INC US PFE 3,847 $204,044.88
PIONEER NATURAL RESOURCES CO US PXD 288 $80,046.72
POPULAR INC 6.12500 09/14/2023 PR 260,000 $262,942.73
PROCTER & GAMBLE CO US PG 2,132 $315,280.16
PROLOGIS US PLD 6,330 $806,948.40
PUBLIC STORAGE INC US PSA 1,149 $379,905.36
QUALCOMM INC US QCOM 1,299 $186,042.78
QUALCOMM INC 4.25000 05/20/2032 US 445,000 $462,073.74
QUEST DIAGNOSTICS INC US DGX 317 $44,703.34
RADIUS GLOBAL INFRASTRUCTURE US RADI 21,137 $314,941.30
RAILWORKS HOLDINGS LP/R 8.25000 11/15/2028 US 295,000 $285,471.04
REGIONS FINANCIAL CORP. US RF 2,213 $48,885.17
REPUBLIC SERVICES INC US RSG 564 $75,485.76
RESTAURANT BRANDS INTERN CA QSR 3,520 $184,835.20
REXFORD INDUSTRIAL REALITY IN US REXR 3,909 $249,667.83
GETINGE AB-B SHS SE GETIB SS 9,492 $275,469.30
ROSS STORES INC US ROST 441 $37,493.82
HEINEKEN NV NL HEIA NA 3,235 $325,289.16
RYANAIR HOLDINGS - ADR IE RYAAY 43,557 $3,798,170.40
S&P GLOBAL INC US SPGI 11,366 $3,972,189.68
SBA COMMUNICATIONS CORP US SBAC 21,924 $7,379,837.64
NAVIENT CORP 5.50000 01/25/2023 US 125,000 $125,525.51
SMB 2020-A A2A MTGE 2.23000 09/15/2037 US 17,501.33 $16,709.17
SALESFORCE INC US CRM 30,334 $4,860,720.16
SEA LTD - ADR SG SE 59,851 $4,947,283.66
SEAGEN INC US SGEN 32,796 $4,449,761.28
SEMT 2013-6 A2 3.00000 05/25/2043 US 4,026.94 $3,771.21
SEMT 2013-8 A1 3.00000 06/25/2043 US 1,671.69 $1,570.11
SEMT 2013-2 1.87400 02/25/2043 US 1,416.19 $1,282.59
SERVICENOW INC US NOW 16,617 $7,767,948.99
SHOPIFY INC CA SHOP 326 $122,289.12
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 880,000 $759,999.18
SKYWORKS SOLUTIONS INC US SWKS 287 $31,245.69
JM SMUCKER CO/THE-NEW COM WI US SJM 282 $35,354.34
SNOWFLAKE INC-CLASS A US SNOW 15,373 $1,962,363.45
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 5,998.02 $5,957.12
SOFI 2020-A A2FX MTGE 2.54000 05/15/2046 US 11,250.29 $10,973.29
SONY CORP SPONSORED ADR JP SONY 60,899 $5,728,768.93
SOUTHWEST AIRLINES CO 5.25000 05/04/2025 US 16,000 $16,701.67
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 454,000 $473,359.71
STANLEY BLACK & DECKER INC US SWK 264 $31,334.16
SRPT 2014-STAR A FLTG RATE 2.34500 11/15/2027 US 15,954.15 $10,966.81
STEEL DYNAMICS INC US STLD 465 $39,701.70
SUN COMMUNITIES US SUI 1,901 $312,011.13
SCML 2019-SBC8 2.86000 04/25/2041 US 9,877.75 $9,274.96
SYNCHRONOSS TECH US 11,200 $248,416.00
SYNERGY ONE LENDING 5.50000 10/14/2026 US 285,000 $254,221.53
TJX COMPANIES INC US TJX 1,223 $77,746.11
TACORA RESOURCES INC 8.25000 05/15/2026 CA 125,000 $119,263.22
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 42,526 $4,052,727.80
TARGET CORP US TGT 471 $76,245.48
TENCENT HOLDINGS 3.97500 04/11/2029 KY 990,000 $953,904.62
TERRENO REALTY CORP US TRNO 2,181 $132,408.51
TEXAS INSTRUMENTS INC US TXN 824 $145,650.24
THERMO FISHER SCIENTIFIC INC US TMO 7,605 $4,316,369.85
3M CO US MMM 834 $124,507.86
TPMT 2016-5 A1 2.50000 10/25/2056 US 2,802.63 $2,790.39
TPMT 2017-1 A1 2.75000 10/25/2056 US 2,897.58 $2,886.17
TPMT 2019-HY1 A1 2.00571 10/25/2048 US 5,005.55 $4,955.72
TRACTOR SUPPLY COMPANY US TSCO 183 $34,286.88
TRAVELLERS COS INC US TRV 434 $77,703.36
TAH 2017-SFR2 A 2.92800 01/17/2036 US 12,242.67 $12,101.95
TYSON FOODS INC -CL A US TSN 692 $62,010.12
UDR INC US UDR 4,710 $225,138.00
U.S. BANCORP US USB 2,188 $116,117.16
UBISOFT ENTERTAIN-UNSPON ADR FR UBSFY 183,716 $1,940,040.96
UNILEVER PLC - ADR GB UL 124,652 $6,024,431.16
UNION PAC CORP US UNP 785 $172,527.30
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 441,970.26 $397,825.83
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 40,826.54 $38,244.99
UNITED PARCEL SERVICE US UPS 14,793 $2,696,024.25
US TREASURY N/B 3.00000 05/15/2047 US 2,365,000 $2,254,510.16
US TREASURY N/B 2.00000 02/15/2050 US 2,725,000 $2,149,769.53
US TREASURY N/B 2.87500 05/15/2028 US 32,870,000 $32,859,728.13
UNITED STATES TREAS NTS 1.75000 05/15/2023 US 3,485,000 $3,472,339.66
US TREASURY N/B 1.62500 05/15/2031 US 2,700,000 $2,441,812.50
UNITEDHEALTH GROUP INC US UNH 4,259 $2,115,786.02
UNIVERSAL DISPLAY CORP US OLED 26,266 $3,317,658.46
VF CORP US VFC 660 $33,303.60
VENTAS INC US VTR 2,291 $129,991.34
VERTEX PHARMACEUTICALS INC US VRTX 18,571 $4,989,099.15
PARAMOUNT GLOBAL CLASS B US PARA 1,088 $37,351.04
VISA INC - CLASS A SHARES US V 33,827 $7,177,074.59
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 120,000 $117,791.09
VISTRA OPERATIONS 4.87500 05/13/2024 US 440,000 $441,671.32
WAL MART STORES US WMT 2,262 $290,961.06
WALGREENS BOOTS ALLIANCE INC US WBA 1,210 $53,034.30
WARRIOR MET COAL INC 7.87500 12/01/2028 US 120,000 $121,716.06
WASTE MANAGEMENT INC US WM 614 $97,325.14
WELLTOWER INC. US WELL 2,647 $235,821.23
ZOETIS INC US ZTS 8,201 $1,401,796.93
ADMIRAL GROUP PLC GB ADM LN 12,853 $359,850.30
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 19,400 $139,798.68
UBISOFT ENTERTAINMENT FR UBI FP 6,265 $329,370.33
DANONE FR BN FP 3,207 $188,691.94
AIR LIQUIDE FR AI FP 3,862 $676,498.35
BRENNTAG AG DE BNR GR 35,049 $2,711,971.45
KEYWORDS STUDIOS PLC IE KWS LN 2,756 $81,433.50
S4 CAPITAL PLC GB SFOR LN 53,305 $190,649.71
HELIOS TOWERS PLC GB HTWS LN 56,999 $81,664.82
AVANZA BANK HOLDING AB SE AZA SS 11,905 $286,818.58
AMERICAN TANKER INC 7.75000 07/02/2025 US 275,000 $261,250.00
SOFTWAREONE HOLDING AG CH SWON SW 21,483 $286,921.21
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 6,717 $118,756.56
SEASPAN CORP 6.50000 02/05/2024 MH 200,000 $199,497.02
PETROTAL CORP 12.00000 02/16/2024 CA 216,000 $222,480.00
FINECOBANK SPA IT FBK IM 39,831 $564,428.71
ALLFUNDS GROUP PLC GB ALLFG NA 22,829 $208,234.70
COPPER MOUNTAIN MINING C 8.00000 04/09/2026 CA 288,000 $287,819.30
AIRSWIFT GLOBAL AS FLT 10.38899 05/12/2025 NO 500,000 $500,831.64
KENT GLOBAL PLC 10.00000 06/28/2026 GB 280,000 $277,200.00
PING PETROLEUM UK 12.00000 07/29/2024 GB 285,000 $278,976.95
ROTORK PLC GB ROR LN 77,462 $272,620.55
AUTO TRADER GROUP PLC GB AUTO LN 65,825 $489,683.48
CELLNEX TELECOM SA ES CLNX SM 1,799 $81,187.39
ASSA ABLOY AB-B SE ASSAB SS 16,323 $402,379.71
CLEANAWAY WASTE MANAGEMENT AU CWY AU 133,457 $286,012.31
INTERMEDIATE CAPITAL GROUP GB ICP LN 13,169 $261,459.83
ADYEN NV NL ADYEN NA 297 $459,953.67
BANK OF N.T. BUTTERFIELD&SON BM NTB 6,214 $196,238.12
BUNGE LIMITED US BG 343 $40,583.76
EATON CORP PLC US ETN 692 $95,911.20
JOHNSON CONTROLS INTERNATIONAL US JCI 1,256 $68,464.56
MEDTRONIC INC IE MDT 85,972 $8,610,095.80
ROYALTY PHARMA PLC- CL A US RPRX 949 $39,041.86
STONECO LTD-A BR STNE 14,041 $140,971.64
TRANE TECHNOLOGIES IE TT 322 $44,455.32
ALCON INC CH ALC 38,506 $2,877,553.38
CHUBB LTD CH CB 607 $128,253.03
GARMIN LTD CH GRMN 455 $48,057.10
TE CONNECTIVITY LIMITED CH TEL 450 $58,225.50
LYONDELLBASELL INDU-CL A US LYB 471 $53,811.75
PLAYA HOTELS AND RESORTS US PLYA 9,359 $80,861.76
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 128,176 $128,058.87

Investments will change over time.

Distributions

  • Pro-Blend® Maximum Term Series Class S Distribution History
  • 2022 Distribution Calendar
  • Fourth Quarter 2021 Distributions
  • Third Quarter 2021 Distributions
  • Second Quarter 2022 Distributions
  • First Quarter 2022 Distributions
  • Tax Letter
  • Target 2045 Merger into Pro Blend Maximum
  • Target 2050 Merger into Pro Blend Maximum
  • Target 2055 Merger into Pro Blend Maximum
  • Target 2060 Merger into Pro Blend Maximum

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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