Mutual Funds
Pro-Blend® Moderate Term Series
Investment Objective
To provide equal emphasis on long-term capital growth and capital preservation.
Investment Strategy
The portfolio is invested in a moderately conservative mix of securities that seeks to balance growth and capital preservation for a more stable rate of return relative to an investment in the stock market. Holdings are diversified primarily among intermediate to long-term fixed income securities. Because this fund is designed to moderate risk, stocks will typically be a minority in the portfolio, unless the fund manager’s analysis shows that the stock market is especially attractive.
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 want long term capital growth and who seek to minimize extreme declines in account value
- Who have a moderate tolerance for capital risk
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.
Daily Price
$14.88
Daily $ Change
$0.03
Daily % Change
0.20%
as of 10/09/2024
Ticker
EXBAX
CUSIP
563821776
Inception Date
09/15/1993
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 | |
| Proxy Voting Record | |
| Applications & Forms | |
| Fact Sheet | |
| N-Port Part F Reports |
YTD
9.00%
1 Year
17.83%
3 Year
2.00%
5 Year
5.85%
10 Year
4.73%
Inception
(09/15/1993)
6.38%
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 0.25%, of which up to 0.25% is available as a shareholder servicing fee.
| UNITED STATES TREAS BDS . 20420215 2.375% | 3.39% |
| UNITED STATES TREAS NTS . 20331115 4.500% | 3.07% |
| UNITED STATES TREAS NTS . 20271115 2.250% | 3.07% |
| UNITED STATES TREAS NTS . 20291115 1.750% | 2.97% |
| META PLATFORMS INC CL A | 2.38% |
| UNITED STATES TREAS NTS . 20321115 4.125% | 2.06% |
| UNITED STATES TREAS NTS . 20251115 2.250% | 2.06% |
| AMAZON COM INC | 1.93% |
| MASTERCARD INCORPORATED CL A | 1.48% |
| ASTRAZENECA PLC | 1.48% |
This investment list is unaudited and excludes cash.
| Fixed Income | 55.24% | |
| Equity | 43.04% | |
| Cash and Equivalents | 1.72% |
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| ADMIRAL GROUP | GB | 7,193 | $268,609.52 | |
| AERCAP IRELAND CAP DESIGNATED SR GLBL NT 20281029 3.000% | US | 1,020,000 | $963,532.80 | |
| AGREE REALTY CORP | US | ADC | 2,138 | $161,055.54 |
| AIR LIQUIDE | US | AIQUY | 66,306 | $2,564,251.94 |
| AIR LIQUIDE | FR | 2,047 | $395,821.89 | |
| AIRBUS SE EUR1 | FR | 1,783 | $261,116.93 | |
| ALASKA AIRLINES EQ TR -B B . 20270215 8.000% | US | 65,312.87 | $66,267.65 | |
| ALCON INC ORD SHS | US | ALC | 2,236 | $223,756.52 |
| ALEXANDER FDG TR II SR SEC GLBL 20280731 7.467% | US | 880,000 | $950,804.80 | |
| ALIBABA GROUP HLDG LTD SR GLBL NT 20310209 2.125% | US | 600,000 | $524,436.00 | |
| ALIBABA GROUP HLDG LTD SR GLBL NT 20371206 4.000% | US | 2,200,000 | $2,033,504.00 | |
| ALPHABET INC CAP STK CL A | US | GOOGL | 27,346 | $4,535,334.10 |
| AMAZON COM INC | US | AMZN | 34,180 | $6,368,759.40 |
| AMERICAN HEALTHCARE REIT INC | US | AHR | 4,611 | $120,347.10 |
| AMERICAN HOMES 4 RENT | US | AMH | 5,485 | $210,569.15 |
| AMERICAN TOWER REIT COM | US | AMT | 1,209 | $281,165.04 |
| AMERICOLD RLTY TR | US | COLD | 3,929 | $111,072.83 |
| ASHTEAD CAP INC SR SEC GLBL 20280501 4.000% | US | 980,000 | $954,559.20 | |
| ASTRAZENECA PLC | US | AZN | 62,529 | $4,871,634.39 |
| ATLASSIAN CORPORATION CL A | US | TEAM | 982 | $155,951.42 |
| AUCKLAND INTL NPV | NZ | 39,859 | $189,441.36 | |
| AUTO TRADER GROUP ORD GBP1.50 | GB | 28,984 | $337,380.58 | |
| AVALONBAY CMNTYS INC | US | AVB | 1,424 | $320,756.00 |
| AVANZA BANK HLDG NPV | SE | 5,862 | $145,442.55 | |
| BAE SYS PLC | US | BAESY | 18,054 | $1,198,731.44 |
| BAE SYSTEMS ORD GBP0.025 | GB | 19,232 | $319,235.93 | |
| BANK AMERICA CORP FR . 20320422 2.687% | US | 1,640,000 | $1,462,666.80 | |
| BEIERSDORF AG NPV | DE | 1,484 | $223,837.89 | |
| BLACKROCK INC | US | BLK | 2,745 | $2,606,404.95 |
| BNSF FUNDING TRUST GTD PFD SECS 20551215 6.613% | US | 940,000 | $947,538.80 | |
| BORR IHC LTD SR SEC A 20281115 10.000% | US | 317,926.83 | $329,849.09 | |
| BREAN ABS TR -RM A . 20611025 1.750% | US | 1,119,869.38 | $1,035,905.27 | |
| BRENNTAG AG NPV | DE | 3,728 | $278,679.29 | |
| BRENNTAG SE | US | BNTGY | 89,295 | $1,335,049.55 |
| BROOGE PETROLEUM AND GAS | AE | 334,688 | $301,219.20 | |
| CANADIAN NATL RY CO | US | CNI | 21,975 | $2,574,371.25 |
| CAPITAL ONE FINL CORP SR GLBL NT 20311030 7.624% | US | 1,700,000 | $1,932,101.00 | |
| CAPTERIS EQUIPMNT FIN - LLC A- . 20320720 5.580% | US | 820,000 | $834,473.90 | |
| CARETRUST REIT INC | US | CTRE | 4,649 | $143,468.14 |
| CELLNEX TELECOM SA EUR0.25 | ES | 4,722 | $191,985.67 | |
| CENOVUS ENERGY INC SR NT . 20391115 6.750% | US | 1,290,000 | $1,456,680.90 | |
| CF HIPPOLYTA ISSUER - A- . 20600715 1.690% | US | 921,938.3 | $892,080.22 | |
| CIM TR -INV A- FLT 20490225 4.000% | US | 27,849.93 | $26,870.64 | |
| CITIGROUP INC SR GLBL NT 20270609 1.462% | US | 1,510,000 | $1,438,622.30 | |
| CITIGROUP MTG LN TR -INV A-A FLT 20510525 2.500% | US | 596,488.31 | $502,292.07 | |
| CITIZENS BK NA PROVIDENCE RI SR GLBL NT 20280809 4.575% | US | 960,000 | $958,963.20 | |
| CLEANAWAY WASTE MG NPV | AU | 98,540 | $200,984.65 | |
| COCA COLA CO | US | KO | 53,670 | $3,856,726.20 |
| COGENT IPV LLC, - A- . 20540525 7.924% | US | 615,000 | $644,534.39 | |
| COMMONBOND ST LN TR -A-GS A- . 20470125 2.540% | US | 473,033.08 | $433,498.91 | |
| CONSTELLATION BRANDS INC | US | STZ | 7,230 | $1,863,098.70 |
| COPART INC | US | CPRT | 49,978 | $2,618,847.20 |
| CROWN CASTLE INTL CORP NEW | US | CCI | 813 | $96,446.19 |
| CSMC TRUST - A- FLT 20430825 3.500% | US | 122,113.57 | $113,617.30 | |
| CSMC TRUST -IVR A- FLT 20430425 3.000% | US | 267,964.32 | $242,528.96 | |
| CSMC TRUST -IVR A- FLT 20430525 2.500% | US | 240,920.2 | $213,718.79 | |
| CSMC TRUST -IVR A- FLT 20440725 3.500% | US | 47,613.43 | $44,690.41 | |
| CSMC TRUST -TH A- FLT 20430225 2.130% | US | 139,004.75 | $121,840.55 | |
| CSX CORP | US | CSX | 91,850 | $3,171,580.50 |
| DATABANK ISSUER LLC - A- . 20530225 5.116% | US | 1,600,000 | $1,586,982.56 | |
| DEEPHAVEN RES MTG TR - A- FLT 20660825 1.194% | US | 924,437.58 | $816,366.39 | |
| DEUTSCHE BOERSE ADR | US | DBOEY | 56,035 | $1,317,663.03 |
| DEUTSCHE BOERSE AG NPV(REGD) | DE | 1,700 | $399,757.95 | |
| DIGITAL RLTY TR INC | US | DLR | 1,502 | $243,068.66 |
| DIGITALBRIDGE GROUP INC CL A NEW | US | DBRG | 4,138 | $58,469.94 |
| ELECTRONIC ARTS INC | US | EA | 17,115 | $2,454,975.60 |
| ENERGY TRANSFER L P SR GLBL A 20310201 7.375% | US | 890,000 | $946,826.50 | |
| ENERGY TRANSFER L P SR NT . 20420201 6.500% | US | 1,350,000 | $1,475,347.50 | |
| EPAM SYS INC | US | EPAM | 7,011 | $1,395,399.33 |
| EQUINIX INC | US | EQIX | 1,070 | $949,764.10 |
| EQUITY COMWLTH | US | EQC | 3,406 | $67,779.40 |
| EQUITY LIFESTYLE PPTYS INC | US | ELS | 3,472 | $247,692.48 |
| EQUITY RESIDENTIAL | US | EQR | 3,081 | $229,411.26 |
| EVERGY INC COM | US | EVRG | 35,289 | $2,188,270.89 |
| EXPERIAN ORD USD0.10 | GB | 4,534 | $239,070.88 | |
| EXTRA SPACE STORAGE INC | US | EXR | 1,564 | $281,817.16 |
| FHLMC GIANT MBS GOLD COMB . 20380101 6.000% | US | 53,529.07 | $56,384.85 | |
| FHLMC GIANT MBS GOLD COMB . 20380201 6.000% | US | 74,458.15 | $78,529.52 | |
| FHLMC GIANT MBS GOLD COMB . 20400301 6.000% | US | 41,385.67 | $43,510.41 | |
| FHLMC GIANT MBS GOLD COMB . 20400401 6.000% | US | 37,269.67 | $39,162.60 | |
| FHLMC GIANT MBS GOLD COMB . 20470701 4.500% | US | 52,889.53 | $52,641.48 | |
| FHLMC MBS GOLD CASH . 20340501 4.500% | US | 227,982.16 | $231,155.67 | |
| FHLMC MBS GOLD CASH . 20340601 4.500% | US | 3,960.3 | $3,981.33 | |
| FHLMC MBS GOLD CASH . 20340701 4.500% | US | 5,580.9 | $5,610.31 | |
| FHLMC MBS GOLD COMB . 20400701 4.500% | US | 463,044.09 | $468,850.66 | |
| FHLMC REMIC SERIES CP . 20490625 2.500% | US | 1,926,012.71 | $1,719,641.60 | |
| FHLMC SUPER Y FIXED . 20480101 3.500% | US | 106,403.06 | $100,408.31 | |
| FHLMC SUPER Y FIXED . 20520601 4.500% | US | 2,196,051.17 | $2,161,485.32 | |
| FHLMC SUPER Y FIXED . 20520701 5.500% | US | 2,679,271.65 | $2,715,066.72 | |
| FHLMC SUPER Y FIXED . 20521201 5.000% | US | 1,715,904.19 | $1,717,379.87 | |
| FIFTH THIRD BANCORP SR GLBL NT 20281027 6.361% | US | 330,000 | $347,602.20 | |
| FINECOBANK SPA EUR0.33 | IT | 8,362 | $143,485.81 | |
| FIRST INDUSTRIAL REALTY TRUS | US | FR | 1,321 | $73,949.58 |
| FISERV INC | US | FI | 12,209 | $2,193,346.85 |
| FLEXENTIAL ISSUER LLC - A- . 20511127 3.250% | US | 2,100,000 | $1,991,418.03 | |
| FNMA MEGA WGTD AVG MEGA . 20490101 5.638% | US | 690,652.99 | $709,583.79 | |
| FNMA REMC TRUST - WJ . 20501025 1.500% | US | 817,919.91 | $701,155.71 | |
| FNMA REMIC TRUST - KP . 20470725 3.500% | US | 16,777.14 | $16,400.34 | |
| FNMA SUPER LNG YEAR . 20380401 6.000% | US | 143,797.55 | $151,394.37 | |
| FNMA SUPER LNG YEAR . 20380701 6.000% | US | 287,880.97 | $303,383.36 | |
| FNMA SUPER LNG YEAR . 20381001 6.000% | US | 16,006.61 | $16,856.40 | |
| FNMA SUPER LNG YEAR . 20381001 6.000% | US | 51,003.08 | $53,738.89 | |
| FNMA SUPER LNG YEAR . 20400101 6.000% | US | 186,797.95 | $196,782.30 | |
| FNMA SUPER LNG YEAR . 20400601 6.000% | US | 279,585.62 | $294,247.09 | |
| FNMA SUPER LNG YEAR . 20420901 4.500% | US | 85,452.65 | $86,427.66 | |
| FNMA SUPER LNG YEAR . 20491201 3.500% | US | 901,129.9 | $850,360.24 | |
| FNMA SUPER LNG YEAR . 20501201 3.000% | US | 2,351,392.82 | $2,148,561.68 | |
| FNMA SUPER LNG YEAR . 20511201 3.000% | US | 2,314,966.36 | $2,115,277.36 | |
| FNMA SUPER LNG YEAR . 20520401 3.500% | US | 2,089,040.08 | $1,967,081.92 | |
| FNMA UMBS INT YEAR . 20330901 4.000% | US | 266,276.55 | $264,628.30 | |
| FNMA UMBS INT YEAR . 20340201 4.500% | US | 190,191.86 | $192,786.08 | |
| FNMA UMBS INT YEAR . 20340501 4.500% | US | 145,151.82 | $147,083.79 | |
| FNMA UMBS INT YEAR . 20380701 3.500% | US | 246,733.68 | $238,813.53 | |
| FNMA UMBS INT YEAR . 20401201 2.500% | US | 1,783,757.88 | $1,618,439.20 | |
| FNMA UMBS INT YEAR . 20420601 4.000% | US | 1,931,186.49 | $1,897,564.53 | |
| FNMA UMBS INT YEAR . 20430201 5.000% | US | 2,470,933.47 | $2,500,708.22 | |
| FNMA UMBS LNG YEAR . 20391201 4.500% | US | 262,257.57 | $265,257.80 | |
| FNMA UMBS LNG YEAR . 20441101 4.500% | US | 319,654.88 | $320,549.91 | |
| FNMA UMBS LNG YEAR . 20460601 3.500% | US | 50,156.82 | $47,330.98 | |
| FNMA UMBS LNG YEAR . 20470201 4.500% | US | 54,566.3 | $54,527.56 | |
| FNMA UMBS LNG YEAR . 20500501 3.000% | US | 3,057,990.91 | $2,792,924.26 | |
| FNMA UMBS LNG YEAR . 20520501 4.000% | US | 2,131,561.89 | $2,050,093.59 | |
| FNMA UMBS LNG YEAR . 20520901 4.000% | US | 1,953,559.25 | $1,878,894.22 | |
| FNMA UMBS LNG YEAR . 20520901 4.500% | US | 1,190,595.33 | $1,171,021.94 | |
| FNMA UMBS LNG YEAR . 20521101 5.500% | US | 1,078,188.41 | $1,093,315.39 | |
| FNMA UMBS LNG YEAR . 20530101 5.000% | US | 1,795,282.26 | $1,796,826.20 | |
| GLOBANT S A | US | GLOB | 7,692 | $1,524,092.88 |
| GNMA REMIC TRUST - AH . 20561216 2.600% | US | 201,329.35 | $185,966.83 | |
| GOLDEN PEAR FUNDING HOLDCO LLC SR A NT 20280302 10.000% | US | 230,000 | $214,291.00 | |
| GOODGREEN - A . 20550415 2.630% | US | 869,072.83 | $751,893.74 | |
| GS MBS TR -PJ A- FLT 20520225 2.500% | US | 843,672.71 | $753,635.37 | |
| GS MRTG BCK SEC TR -INV A- FLT 20511225 5.000% | US | 1,090,435.37 | $1,013,822.80 | |
| GS MTG -BACK SEC TR -PJ A- FLT 20511125 2.500% | US | 830,725.24 | $741,763.79 | |
| HALMA ORD GBP0.10 | GB | 6,420 | $224,587.06 | |
| HAWAII ST TAXABLE GO REF BDS G 20381001 2.682% | US | 1,835,000 | $1,461,008.65 | |
| HDFC BANK LTD | US | HDB | 51,290 | $3,208,702.40 |
| HENSOLDT AG NPV | DE | 1,228 | $40,375.21 | |
| HERMES INTERNATIONAL S.C.A. | FR | 49 | $120,638.31 | |
| HOTWIRE FUNDING LLC - A- . 20511120 2.311% | US | 1,950,000 | $1,843,872.03 | |
| HUMANA INC | US | HUM | 3,500 | $1,108,590.00 |
| HUNTINGTON BANCSHARES INC GLBL NT . 20300204 2.550% | US | 1,080,000 | $975,099.60 | |
| IIP OPER PARTNERSHIP L P SR GLBL NT. 20260525 5.500% | US | 490,000 | $473,281.20 | |
| IMCD NV EUR0.16 | NL | 2,019 | $351,290.24 | |
| IMPERIAL FUND MTG TR -NQM A- FLT 20561125 1.595% | US | 942,381.03 | $802,674.83 | |
| INFINEON TECHNOLOGIES AG | US | IFNNY | 113,988 | $4,002,232.67 |
| INFINEON TECHNOLOGY | DE | 11,035 | $387,449.15 | |
| INFRABUILD AUSTRALIA PTY LTD SR A NT 20281115 14.500% | US | 335,000 | $338,564.40 | |
| INTERCONTINENTAL EXCHANGE INC COM | US | ICE | 7,851 | $1,261,184.64 |
| INTERMED CAP GRP ORD GBP0.2625 | GB | 6,643 | $198,527.90 | |
| INTUITIVE SURGICAL INC | US | ISRG | 2,649 | $1,301,374.23 |
| INVITATION HOMES INC | US | INVH | 9,065 | $319,631.90 |
| ITALY REP GLBL NT . 20241017 2.375% | IT | 380,000 | $379,513.60 | |
| JAPAN (2 YEAR ISSUE) | JP | 165,000,000 | $1,150,501.26 | |
| JEFFERIES FINANCIAL GROUP INC SR GLBL NT. 20340414 6.200% | US | 1,370,000 | $1,466,571.30 | |
| JOHNSON AND JOHNSON | US | JNJ | 25,474 | $4,128,316.44 |
| JP MORGAN MTG TR - -A- FLT 20290625 3.000% | US | 130,996.57 | $127,609.16 | |
| JP MORGAN MTG TR - A- FLT 20470525 3.500% | US | 11,105.18 | $10,218.93 | |
| JPMORGAN CHASE n CO SR GLBL NT 20310324 4.493% | US | 2,450,000 | $2,463,132.00 | |
| KEYBANK NATIONAL ASSOCIATION SR GLBL NT 20271115 5.850% | US | 1,020,000 | $1,057,658.40 | |
| KEYENCE CORP | JP | 600 | $286,744.97 | |
| L3HARRIS TECHNOLOGIES INC COM | US | LHX | 17,283 | $4,111,107.21 |
| LEXINGTON CORP PPTYS TR | US | LXP | 13,323 | $133,896.15 |
| LIBRA SOL LLC - A . 20350215 7.000% | US | 369,849.55 | $370,913.24 | |
| LONZA GROUP AG | US | LZAGY | 21,490 | $1,361,928.75 |
| LONZA GROUP AG CHF1(REGD) | CH | 414 | $262,372.59 | |
| LVMH | FR | 427 | $328,106.98 | |
| LVMH MOET HENNESSY LOU VUITT | US | LVMUY | 27,741 | $4,263,236.88 |
| MASCO CORP | US | MAS | 16,478 | $1,383,163.32 |
| MASSMUTUAL GLBL FDG II MTN A NT . 20290117 4.850% | US | 470,000 | $483,404.40 | |
| MASTERCARD INCORPORATED CL A | US | MA | 9,910 | $4,893,558.00 |
| MERCADOLIBRE INC | US | MELI | 1,067 | $2,189,441.32 |
| META PLATFORMS INC CL A | US | META | 13,721 | $7,854,449.24 |
| METROPOLITAN LIFE GLOBAL FDG I FR . 20290108 4.850% | US | 470,000 | $481,820.50 | |
| MEX BONOS DESARR FIX RT | MX | 1,081,000 | $51,235.83 | |
| MICROSOFT CORP | US | MSFT | 7,811 | $3,361,073.30 |
| MID-AMER APT CMNTYS INC | US | MAA | 757 | $120,287.30 |
| MOODYS CORP | US | MCO | 3,985 | $1,891,241.15 |
| MSCI INC | US | MSCI | 2,272 | $1,324,416.96 |
| NASDAQ STOCK MARKET INC | US | NDAQ | 17,581 | $1,283,588.81 |
| NAVIENT CORPORATION SR GLBL NT 20250625 6.750% | US | 475,000 | $477,888.00 | |
| NELNET ST LN TR - A FLT 20400326 6.095% | US | 133,893.03 | $133,492.68 | |
| NESTLE S A SPONSORED ADR | US | NSRGY | 12,228 | $1,231,567.48 |
| NESTLE SA CHF0.10 (REGD) | CH | 1,756 | $176,859.42 | |
| NEW FORTRESS ENERGY INC SR SEC GLBL 20290315 8.750% | US | 335,000 | $252,218.15 | |
| NEW RESI MTG LN TR - A- FLT 20550825 3.750% | US | 239,294.53 | $230,099.45 | |
| NEW RESI MTG LN TR - A- FLT 20561125 3.750% | US | 274,895.13 | $262,544.37 | |
| NEW RESI MTG LN TR - A-FXD FLT 20541125 3.750% | US | 211,160.62 | $201,317.96 | |
| NEW YORK LIFE GLOBAL FDG FR . 20290129 4.700% | US | 470,000 | $481,251.80 | |
| NEWCASTLE COAL INFRASTRUCTURE SR SEC A NT 20270929 4.400% | US | 1,247,224.45 | $1,225,971.75 | |
| NORTHROP GRUMMAN CORP | US | NOC | 3,642 | $1,923,230.94 |
| OBX TRUST -NQM A- . 20631125 5.928% | US | 926,742.27 | $936,195.50 | |
| OPEN INFRA US ASSETS AB (PUBL) 11.0 20270222 | US | 400,000 | $393,621.70 | |
| OXFORD FIN CR FD III -A LP A- . 20320114 6.675% | US | 165,000 | $167,860.64 | |
| OXFORD FIN FDG LLC - A- . 20280215 3.100% | US | 237,738.63 | $236,016.64 | |
| OXFORD FIN FDG TR - A- . 20310215 6.716% | US | 2,170,000 | $2,200,939.64 | |
| OXFORD FIN FDG TR LLC - A- . 20300215 3.602% | US | 1,756,706.98 | $1,677,710.68 | |
| PALOMINO FDG TR I SR SEC GLBL 20280517 7.233% | US | 1,780,000 | $1,908,640.60 | |
| PCG - LLC SR SEC GLBL 20290725 10.855% | US | 3,282,846.82 | $3,282,420.05 | |
| PEAR - LLC A . 20350716 0.000% | US | 746,976.3 | $758,342.89 | |
| PEAR LLC - A . 20360215 6.950% | US | 460,406.6 | $468,941.30 | |
| PEAR, LLC - A . 20340115 2.600% | US | 819,449.78 | $802,984.25 | |
| PMT LOAN TRUST -J A- FLT 20430925 3.500% | US | 818,235.43 | $765,463.01 | |
| PNC FINL SVCS GROUP INC SR GLBL NT 20260612 5.812% | US | 1,420,000 | $1,429,201.60 | |
| PROLOGIS INC | US | PLD | 6,284 | $793,543.52 |
| PROVIDENT FDG MTG TR - A-A FLT 20510525 2.000% | US | 1,026,235.62 | $898,041.04 | |
| PROVIDENT FND MTG TR -INV A- FLT 20510825 2.500% | US | 1,733,839.78 | $1,459,246.37 | |
| PUBLIC STORAGE INC | US | PSA | 1,060 | $385,702.20 |
| RCKT MRTG TR - A- FLT 20511225 2.500% | US | 1,133,033.25 | $951,381.96 | |
| REALTY INCOME CORP | US | O | 2,010 | $127,474.20 |
| REXFORD INDL RLTY INC | US | REXR | 3,484 | $175,280.04 |
| ROCHE HLDG LTD SPONSORED ADR | US | RHHBY | 60,970 | $2,444,775.06 |
| ROCHE HLDGS AG GENUSSCHEINE NPV | CH | 809 | $259,516.80 | |
| S AND P GLOBAL INC | US | SPGI | 2,446 | $1,263,652.52 |
| SBA COMMUNICATIONS CORP NEW | US | SBAC | 1,451 | $349,255.70 |
| SBA TOWER TR - - . 20521115 6.599% | US | 1,960,000 | $2,039,719.08 | |
| SBA TOWER TRUST - C . 20541015 4.831% | US | 710,000 | $710,000.00 | |
| SBA TOWER TRUST -- C . 20500715 1.884% | US | 520,000 | $501,829.54 | |
| SEQUOIA MTG TR - A FLT 20430225 1.874% | US | 196,972.96 | $169,055.37 | |
| SEQUOIA MTG TR - A- FLT 20430525 3.000% | US | 376,129.14 | $339,970.79 | |
| SEQUOIA MTG TR - A- FLT 20430625 3.000% | US | 137,019.1 | $123,668.19 | |
| SEQUOIA MTG TR - A- FLT 20430625 3.000% | US | 167,035.71 | $151,769.15 | |
| SEQUOIA MTG TR - A- FLT 20470925 3.500% | US | 70,134.29 | $64,673.36 | |
| SEQUOIA MTG TR - A- FLT 20500225 3.500% | US | 69,229.39 | $63,859.45 | |
| SERVICENOW INC | US | NOW | 3,424 | $3,062,391.36 |
| SIMON PPTY GROUP LP SR GLBL NT 20320201 2.650% | US | 3,190,000 | $2,815,143.10 | |
| SIRIUSPOINT LTD SR GLBL NT 20290405 7.000% | US | 1,045,000 | $1,096,570.75 | |
| SLM STUDENT LOAN TR - A- FLT 20260526 6.045% | US | 1,752,335.4 | $1,711,662.12 | |
| SMC CORP | JP | 300 | $133,494.13 | |
| SOFTCAT PLC ORD GBP0.0005 | GB | 7,142 | $148,680.38 | |
| SONY CORP NPV | JP | 8,500 | $165,049.99 | |
| SOUTH CAROLINA ST PUB SVCS AUT TAXABLE REF OBLIGS B 20281201 2.329% | US | 955,000 | $883,909.80 | |
| SPIRAX-SARCO ENG ORD GBP0.269230769 | GB | 2,130 | $214,709.22 | |
| STARWOOD RTL PPTY TR -STAR A FLT 20271115 8.494% | US | 1,239,468.54 | $743,164.89 | |
| SUN COMMUNITIES INC | US | SUI | 2,434 | $328,955.10 |
| SUTHERLAND COML MTG TF -SB A FLT 20410425 2.860% | US | 125,207.74 | $118,761.34 | |
| TAIWAN SEMICONDUCTOR MFG LTD | US | TSM | 24,951 | $4,333,240.17 |
| TECHTRONIC INDS LTD | US | TTNDY | 34,291 | $2,606,870.40 |
| TECHTRONIC INDUSTRIES | HK | 23,500 | $357,302.86 | |
| TENCENT HLDGS LIMI HKD0.00002 | HK | 6,600 | $377,774.06 | |
| TENCENT HLDGS LTD FR . 20290411 3.975% | US | 2,000,000 | $1,980,180.00 | |
| TERRENO RLTY CORP | US | TRNO | 2,956 | $197,549.48 |
| THERMO FISHER SCIENTIFIC INC COM | US | TMO | 3,092 | $1,912,618.44 |
| TOWD PT MTG TR -HY A FLT 20481026 6.464% | US | 194,916 | $197,905.17 | |
| TRANSUNION | US | TRU | 24,349 | $2,549,340.30 |
| TRUIST FINL CORP FR . 20290607 1.887% | US | 1,590,000 | $1,454,547.90 | |
| UDR INC | US | UDR | 2,182 | $98,931.88 |
| UNION PAC CORP | US | UNP | 7,892 | $1,945,220.16 |
| UNITED AIR PASS THRU TR - B . 20291101 3.500% | US | 318,078.92 | $302,995.08 | |
| UNITED AIRLS INC -B B . 20270901 4.600% | US | 53,046.32 | $52,314.40 | |
| UNITED STATES TREAS BDS . 20420215 2.375% | US | 14,362,000 | $11,185,556.46 | |
| UNITED STATES TREAS BDS . 20530215 3.625% | US | 3,898,000 | $3,544,451.40 | |
| UNITED STATES TREAS NTS . 20251115 2.250% | US | 6,924,000 | $6,800,406.60 | |
| UNITED STATES TREAS NTS . 20271115 2.250% | US | 10,531,000 | $10,120,080.38 | |
| UNITED STATES TREAS NTS . 20291115 1.750% | US | 10,703,000 | $9,805,339.39 | |
| UNITED STATES TREAS NTS . 20321115 4.125% | US | 6,619,000 | $6,808,501.97 | |
| UNITED STATES TREAS NTS . 20331115 4.500% | US | 9,597,000 | $10,135,007.82 | |
| UNITED STATES TREAS NTS TIPS . 20310115 0.125% | US | 3,786,812.2 | $3,479,285.18 | |
| UNITEDHEALTH GROUP INC | US | UNH | 2,538 | $1,483,917.84 |
| US BANCORP FR . 20290201 4.653% | US | 1,550,000 | $1,565,004.00 | |
| US CLAIMS LITIGATION FDG LLC SR A NT 20280317 10.250% | US | 250,000 | $232,225.00 | |
| US DOLLARS | US | USD | 5,769,702.53 | $5,769,702.53 |
| VENTAS INC | US | VTR | 2,565 | $164,493.45 |
| VERTEX PHARMACEUTICALS INC | US | VRTX | 2,801 | $1,302,689.08 |
| VISA INC | US | V | 14,100 | $3,876,795.00 |
| WARNERMEDIA HLDGS INC SR GLBL NT 20290315 4.054% | US | 1,530,000 | $1,449,430.20 | |
| WELLS FARGO n CO FR . 20280422 5.707% | US | 1,510,000 | $1,559,210.90 | |
| WELLTOWER INC | US | WELL | 2,904 | $371,799.12 |
| WEST FRASER TIMBER COM NPV | CA | 5,028 | $490,424.93 | |
| WEST FRASER TIMBER LTD | US | WFG | 13,290 | $1,293,914.40 |
| WINWATER MTG LN TR - A- FLT 20450120 3.500% | US | 74,675.45 | $70,239.84 |
Investments will change over time.
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
$14.88
Daily $ Change
$0.03
Daily % Change
0.20%
as of 10/09/2024
Ticker
EXBAX
CUSIP
563821776
Inception Date
09/15/1993
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 | |
| Proxy Voting Record | |
| Applications & Forms | |
| Fact Sheet | |
| N-Port Part F Reports |
Investment Objective
To provide equal emphasis on long-term capital growth and capital preservation.
Investment Strategy
The portfolio is invested in a moderately conservative mix of securities that seeks to balance growth and capital preservation for a more stable rate of return relative to an investment in the stock market. Holdings are diversified primarily among intermediate to long-term fixed income securities. Because this fund is designed to moderate risk, stocks will typically be a minority in the portfolio, unless the fund manager’s analysis shows that the stock market is especially attractive.
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 want long term capital growth and who seek to minimize extreme declines in account value
- Who have a moderate tolerance for capital risk
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.
YTD
9.00%
1 Year
17.83%
3 Year
2.00%
5 Year
5.85%
10 Year
4.73%
Inception
(09/15/1993)
6.38%
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 0.25%, of which up to 0.25% is available as a shareholder servicing fee.
| UNITED STATES TREAS BDS . 20420215 2.375% | 3.39% |
| UNITED STATES TREAS NTS . 20331115 4.500% | 3.07% |
| UNITED STATES TREAS NTS . 20271115 2.250% | 3.07% |
| UNITED STATES TREAS NTS . 20291115 1.750% | 2.97% |
| META PLATFORMS INC CL A | 2.38% |
| UNITED STATES TREAS NTS . 20321115 4.125% | 2.06% |
| UNITED STATES TREAS NTS . 20251115 2.250% | 2.06% |
| AMAZON COM INC | 1.93% |
| MASTERCARD INCORPORATED CL A | 1.48% |
| ASTRAZENECA PLC | 1.48% |
This investment list is unaudited and excludes cash.
| Fixed Income | 55.24% | |
| Equity | 43.04% | |
| Cash and Equivalents | 1.72% |
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| ADMIRAL GROUP | GB | 7,193 | $268,609.52 | |
| AERCAP IRELAND CAP DESIGNATED SR GLBL NT 20281029 3.000% | US | 1,020,000 | $963,532.80 | |
| AGREE REALTY CORP | US | ADC | 2,138 | $161,055.54 |
| AIR LIQUIDE | US | AIQUY | 66,306 | $2,564,251.94 |
| AIR LIQUIDE | FR | 2,047 | $395,821.89 | |
| AIRBUS SE EUR1 | FR | 1,783 | $261,116.93 | |
| ALASKA AIRLINES EQ TR -B B . 20270215 8.000% | US | 65,312.87 | $66,267.65 | |
| ALCON INC ORD SHS | US | ALC | 2,236 | $223,756.52 |
| ALEXANDER FDG TR II SR SEC GLBL 20280731 7.467% | US | 880,000 | $950,804.80 | |
| ALIBABA GROUP HLDG LTD SR GLBL NT 20310209 2.125% | US | 600,000 | $524,436.00 | |
| ALIBABA GROUP HLDG LTD SR GLBL NT 20371206 4.000% | US | 2,200,000 | $2,033,504.00 | |
| ALPHABET INC CAP STK CL A | US | GOOGL | 27,346 | $4,535,334.10 |
| AMAZON COM INC | US | AMZN | 34,180 | $6,368,759.40 |
| AMERICAN HEALTHCARE REIT INC | US | AHR | 4,611 | $120,347.10 |
| AMERICAN HOMES 4 RENT | US | AMH | 5,485 | $210,569.15 |
| AMERICAN TOWER REIT COM | US | AMT | 1,209 | $281,165.04 |
| AMERICOLD RLTY TR | US | COLD | 3,929 | $111,072.83 |
| ASHTEAD CAP INC SR SEC GLBL 20280501 4.000% | US | 980,000 | $954,559.20 | |
| ASTRAZENECA PLC | US | AZN | 62,529 | $4,871,634.39 |
| ATLASSIAN CORPORATION CL A | US | TEAM | 982 | $155,951.42 |
| AUCKLAND INTL NPV | NZ | 39,859 | $189,441.36 | |
| AUTO TRADER GROUP ORD GBP1.50 | GB | 28,984 | $337,380.58 | |
| AVALONBAY CMNTYS INC | US | AVB | 1,424 | $320,756.00 |
| AVANZA BANK HLDG NPV | SE | 5,862 | $145,442.55 | |
| BAE SYS PLC | US | BAESY | 18,054 | $1,198,731.44 |
| BAE SYSTEMS ORD GBP0.025 | GB | 19,232 | $319,235.93 | |
| BANK AMERICA CORP FR . 20320422 2.687% | US | 1,640,000 | $1,462,666.80 | |
| BEIERSDORF AG NPV | DE | 1,484 | $223,837.89 | |
| BLACKROCK INC | US | BLK | 2,745 | $2,606,404.95 |
| BNSF FUNDING TRUST GTD PFD SECS 20551215 6.613% | US | 940,000 | $947,538.80 | |
| BORR IHC LTD SR SEC A 20281115 10.000% | US | 317,926.83 | $329,849.09 | |
| BREAN ABS TR -RM A . 20611025 1.750% | US | 1,119,869.38 | $1,035,905.27 | |
| BRENNTAG AG NPV | DE | 3,728 | $278,679.29 | |
| BRENNTAG SE | US | BNTGY | 89,295 | $1,335,049.55 |
| BROOGE PETROLEUM AND GAS | AE | 334,688 | $301,219.20 | |
| CANADIAN NATL RY CO | US | CNI | 21,975 | $2,574,371.25 |
| CAPITAL ONE FINL CORP SR GLBL NT 20311030 7.624% | US | 1,700,000 | $1,932,101.00 | |
| CAPTERIS EQUIPMNT FIN - LLC A- . 20320720 5.580% | US | 820,000 | $834,473.90 | |
| CARETRUST REIT INC | US | CTRE | 4,649 | $143,468.14 |
| CELLNEX TELECOM SA EUR0.25 | ES | 4,722 | $191,985.67 | |
| CENOVUS ENERGY INC SR NT . 20391115 6.750% | US | 1,290,000 | $1,456,680.90 | |
| CF HIPPOLYTA ISSUER - A- . 20600715 1.690% | US | 921,938.3 | $892,080.22 | |
| CIM TR -INV A- FLT 20490225 4.000% | US | 27,849.93 | $26,870.64 | |
| CITIGROUP INC SR GLBL NT 20270609 1.462% | US | 1,510,000 | $1,438,622.30 | |
| CITIGROUP MTG LN TR -INV A-A FLT 20510525 2.500% | US | 596,488.31 | $502,292.07 | |
| CITIZENS BK NA PROVIDENCE RI SR GLBL NT 20280809 4.575% | US | 960,000 | $958,963.20 | |
| CLEANAWAY WASTE MG NPV | AU | 98,540 | $200,984.65 | |
| COCA COLA CO | US | KO | 53,670 | $3,856,726.20 |
| COGENT IPV LLC, - A- . 20540525 7.924% | US | 615,000 | $644,534.39 | |
| COMMONBOND ST LN TR -A-GS A- . 20470125 2.540% | US | 473,033.08 | $433,498.91 | |
| CONSTELLATION BRANDS INC | US | STZ | 7,230 | $1,863,098.70 |
| COPART INC | US | CPRT | 49,978 | $2,618,847.20 |
| CROWN CASTLE INTL CORP NEW | US | CCI | 813 | $96,446.19 |
| CSMC TRUST - A- FLT 20430825 3.500% | US | 122,113.57 | $113,617.30 | |
| CSMC TRUST -IVR A- FLT 20430425 3.000% | US | 267,964.32 | $242,528.96 | |
| CSMC TRUST -IVR A- FLT 20430525 2.500% | US | 240,920.2 | $213,718.79 | |
| CSMC TRUST -IVR A- FLT 20440725 3.500% | US | 47,613.43 | $44,690.41 | |
| CSMC TRUST -TH A- FLT 20430225 2.130% | US | 139,004.75 | $121,840.55 | |
| CSX CORP | US | CSX | 91,850 | $3,171,580.50 |
| DATABANK ISSUER LLC - A- . 20530225 5.116% | US | 1,600,000 | $1,586,982.56 | |
| DEEPHAVEN RES MTG TR - A- FLT 20660825 1.194% | US | 924,437.58 | $816,366.39 | |
| DEUTSCHE BOERSE ADR | US | DBOEY | 56,035 | $1,317,663.03 |
| DEUTSCHE BOERSE AG NPV(REGD) | DE | 1,700 | $399,757.95 | |
| DIGITAL RLTY TR INC | US | DLR | 1,502 | $243,068.66 |
| DIGITALBRIDGE GROUP INC CL A NEW | US | DBRG | 4,138 | $58,469.94 |
| ELECTRONIC ARTS INC | US | EA | 17,115 | $2,454,975.60 |
| ENERGY TRANSFER L P SR GLBL A 20310201 7.375% | US | 890,000 | $946,826.50 | |
| ENERGY TRANSFER L P SR NT . 20420201 6.500% | US | 1,350,000 | $1,475,347.50 | |
| EPAM SYS INC | US | EPAM | 7,011 | $1,395,399.33 |
| EQUINIX INC | US | EQIX | 1,070 | $949,764.10 |
| EQUITY COMWLTH | US | EQC | 3,406 | $67,779.40 |
| EQUITY LIFESTYLE PPTYS INC | US | ELS | 3,472 | $247,692.48 |
| EQUITY RESIDENTIAL | US | EQR | 3,081 | $229,411.26 |
| EVERGY INC COM | US | EVRG | 35,289 | $2,188,270.89 |
| EXPERIAN ORD USD0.10 | GB | 4,534 | $239,070.88 | |
| EXTRA SPACE STORAGE INC | US | EXR | 1,564 | $281,817.16 |
| FHLMC GIANT MBS GOLD COMB . 20380101 6.000% | US | 53,529.07 | $56,384.85 | |
| FHLMC GIANT MBS GOLD COMB . 20380201 6.000% | US | 74,458.15 | $78,529.52 | |
| FHLMC GIANT MBS GOLD COMB . 20400301 6.000% | US | 41,385.67 | $43,510.41 | |
| FHLMC GIANT MBS GOLD COMB . 20400401 6.000% | US | 37,269.67 | $39,162.60 | |
| FHLMC GIANT MBS GOLD COMB . 20470701 4.500% | US | 52,889.53 | $52,641.48 | |
| FHLMC MBS GOLD CASH . 20340501 4.500% | US | 227,982.16 | $231,155.67 | |
| FHLMC MBS GOLD CASH . 20340601 4.500% | US | 3,960.3 | $3,981.33 | |
| FHLMC MBS GOLD CASH . 20340701 4.500% | US | 5,580.9 | $5,610.31 | |
| FHLMC MBS GOLD COMB . 20400701 4.500% | US | 463,044.09 | $468,850.66 | |
| FHLMC REMIC SERIES CP . 20490625 2.500% | US | 1,926,012.71 | $1,719,641.60 | |
| FHLMC SUPER Y FIXED . 20480101 3.500% | US | 106,403.06 | $100,408.31 | |
| FHLMC SUPER Y FIXED . 20520601 4.500% | US | 2,196,051.17 | $2,161,485.32 | |
| FHLMC SUPER Y FIXED . 20520701 5.500% | US | 2,679,271.65 | $2,715,066.72 | |
| FHLMC SUPER Y FIXED . 20521201 5.000% | US | 1,715,904.19 | $1,717,379.87 | |
| FIFTH THIRD BANCORP SR GLBL NT 20281027 6.361% | US | 330,000 | $347,602.20 | |
| FINECOBANK SPA EUR0.33 | IT | 8,362 | $143,485.81 | |
| FIRST INDUSTRIAL REALTY TRUS | US | FR | 1,321 | $73,949.58 |
| FISERV INC | US | FI | 12,209 | $2,193,346.85 |
| FLEXENTIAL ISSUER LLC - A- . 20511127 3.250% | US | 2,100,000 | $1,991,418.03 | |
| FNMA MEGA WGTD AVG MEGA . 20490101 5.638% | US | 690,652.99 | $709,583.79 | |
| FNMA REMC TRUST - WJ . 20501025 1.500% | US | 817,919.91 | $701,155.71 | |
| FNMA REMIC TRUST - KP . 20470725 3.500% | US | 16,777.14 | $16,400.34 | |
| FNMA SUPER LNG YEAR . 20380401 6.000% | US | 143,797.55 | $151,394.37 | |
| FNMA SUPER LNG YEAR . 20380701 6.000% | US | 287,880.97 | $303,383.36 | |
| FNMA SUPER LNG YEAR . 20381001 6.000% | US | 16,006.61 | $16,856.40 | |
| FNMA SUPER LNG YEAR . 20381001 6.000% | US | 51,003.08 | $53,738.89 | |
| FNMA SUPER LNG YEAR . 20400101 6.000% | US | 186,797.95 | $196,782.30 | |
| FNMA SUPER LNG YEAR . 20400601 6.000% | US | 279,585.62 | $294,247.09 | |
| FNMA SUPER LNG YEAR . 20420901 4.500% | US | 85,452.65 | $86,427.66 | |
| FNMA SUPER LNG YEAR . 20491201 3.500% | US | 901,129.9 | $850,360.24 | |
| FNMA SUPER LNG YEAR . 20501201 3.000% | US | 2,351,392.82 | $2,148,561.68 | |
| FNMA SUPER LNG YEAR . 20511201 3.000% | US | 2,314,966.36 | $2,115,277.36 | |
| FNMA SUPER LNG YEAR . 20520401 3.500% | US | 2,089,040.08 | $1,967,081.92 | |
| FNMA UMBS INT YEAR . 20330901 4.000% | US | 266,276.55 | $264,628.30 | |
| FNMA UMBS INT YEAR . 20340201 4.500% | US | 190,191.86 | $192,786.08 | |
| FNMA UMBS INT YEAR . 20340501 4.500% | US | 145,151.82 | $147,083.79 | |
| FNMA UMBS INT YEAR . 20380701 3.500% | US | 246,733.68 | $238,813.53 | |
| FNMA UMBS INT YEAR . 20401201 2.500% | US | 1,783,757.88 | $1,618,439.20 | |
| FNMA UMBS INT YEAR . 20420601 4.000% | US | 1,931,186.49 | $1,897,564.53 | |
| FNMA UMBS INT YEAR . 20430201 5.000% | US | 2,470,933.47 | $2,500,708.22 | |
| FNMA UMBS LNG YEAR . 20391201 4.500% | US | 262,257.57 | $265,257.80 | |
| FNMA UMBS LNG YEAR . 20441101 4.500% | US | 319,654.88 | $320,549.91 | |
| FNMA UMBS LNG YEAR . 20460601 3.500% | US | 50,156.82 | $47,330.98 | |
| FNMA UMBS LNG YEAR . 20470201 4.500% | US | 54,566.3 | $54,527.56 | |
| FNMA UMBS LNG YEAR . 20500501 3.000% | US | 3,057,990.91 | $2,792,924.26 | |
| FNMA UMBS LNG YEAR . 20520501 4.000% | US | 2,131,561.89 | $2,050,093.59 | |
| FNMA UMBS LNG YEAR . 20520901 4.000% | US | 1,953,559.25 | $1,878,894.22 | |
| FNMA UMBS LNG YEAR . 20520901 4.500% | US | 1,190,595.33 | $1,171,021.94 | |
| FNMA UMBS LNG YEAR . 20521101 5.500% | US | 1,078,188.41 | $1,093,315.39 | |
| FNMA UMBS LNG YEAR . 20530101 5.000% | US | 1,795,282.26 | $1,796,826.20 | |
| GLOBANT S A | US | GLOB | 7,692 | $1,524,092.88 |
| GNMA REMIC TRUST - AH . 20561216 2.600% | US | 201,329.35 | $185,966.83 | |
| GOLDEN PEAR FUNDING HOLDCO LLC SR A NT 20280302 10.000% | US | 230,000 | $214,291.00 | |
| GOODGREEN - A . 20550415 2.630% | US | 869,072.83 | $751,893.74 | |
| GS MBS TR -PJ A- FLT 20520225 2.500% | US | 843,672.71 | $753,635.37 | |
| GS MRTG BCK SEC TR -INV A- FLT 20511225 5.000% | US | 1,090,435.37 | $1,013,822.80 | |
| GS MTG -BACK SEC TR -PJ A- FLT 20511125 2.500% | US | 830,725.24 | $741,763.79 | |
| HALMA ORD GBP0.10 | GB | 6,420 | $224,587.06 | |
| HAWAII ST TAXABLE GO REF BDS G 20381001 2.682% | US | 1,835,000 | $1,461,008.65 | |
| HDFC BANK LTD | US | HDB | 51,290 | $3,208,702.40 |
| HENSOLDT AG NPV | DE | 1,228 | $40,375.21 | |
| HERMES INTERNATIONAL S.C.A. | FR | 49 | $120,638.31 | |
| HOTWIRE FUNDING LLC - A- . 20511120 2.311% | US | 1,950,000 | $1,843,872.03 | |
| HUMANA INC | US | HUM | 3,500 | $1,108,590.00 |
| HUNTINGTON BANCSHARES INC GLBL NT . 20300204 2.550% | US | 1,080,000 | $975,099.60 | |
| IIP OPER PARTNERSHIP L P SR GLBL NT. 20260525 5.500% | US | 490,000 | $473,281.20 | |
| IMCD NV EUR0.16 | NL | 2,019 | $351,290.24 | |
| IMPERIAL FUND MTG TR -NQM A- FLT 20561125 1.595% | US | 942,381.03 | $802,674.83 | |
| INFINEON TECHNOLOGIES AG | US | IFNNY | 113,988 | $4,002,232.67 |
| INFINEON TECHNOLOGY | DE | 11,035 | $387,449.15 | |
| INFRABUILD AUSTRALIA PTY LTD SR A NT 20281115 14.500% | US | 335,000 | $338,564.40 | |
| INTERCONTINENTAL EXCHANGE INC COM | US | ICE | 7,851 | $1,261,184.64 |
| INTERMED CAP GRP ORD GBP0.2625 | GB | 6,643 | $198,527.90 | |
| INTUITIVE SURGICAL INC | US | ISRG | 2,649 | $1,301,374.23 |
| INVITATION HOMES INC | US | INVH | 9,065 | $319,631.90 |
| ITALY REP GLBL NT . 20241017 2.375% | IT | 380,000 | $379,513.60 | |
| JAPAN (2 YEAR ISSUE) | JP | 165,000,000 | $1,150,501.26 | |
| JEFFERIES FINANCIAL GROUP INC SR GLBL NT. 20340414 6.200% | US | 1,370,000 | $1,466,571.30 | |
| JOHNSON AND JOHNSON | US | JNJ | 25,474 | $4,128,316.44 |
| JP MORGAN MTG TR - -A- FLT 20290625 3.000% | US | 130,996.57 | $127,609.16 | |
| JP MORGAN MTG TR - A- FLT 20470525 3.500% | US | 11,105.18 | $10,218.93 | |
| JPMORGAN CHASE n CO SR GLBL NT 20310324 4.493% | US | 2,450,000 | $2,463,132.00 | |
| KEYBANK NATIONAL ASSOCIATION SR GLBL NT 20271115 5.850% | US | 1,020,000 | $1,057,658.40 | |
| KEYENCE CORP | JP | 600 | $286,744.97 | |
| L3HARRIS TECHNOLOGIES INC COM | US | LHX | 17,283 | $4,111,107.21 |
| LEXINGTON CORP PPTYS TR | US | LXP | 13,323 | $133,896.15 |
| LIBRA SOL LLC - A . 20350215 7.000% | US | 369,849.55 | $370,913.24 | |
| LONZA GROUP AG | US | LZAGY | 21,490 | $1,361,928.75 |
| LONZA GROUP AG CHF1(REGD) | CH | 414 | $262,372.59 | |
| LVMH | FR | 427 | $328,106.98 | |
| LVMH MOET HENNESSY LOU VUITT | US | LVMUY | 27,741 | $4,263,236.88 |
| MASCO CORP | US | MAS | 16,478 | $1,383,163.32 |
| MASSMUTUAL GLBL FDG II MTN A NT . 20290117 4.850% | US | 470,000 | $483,404.40 | |
| MASTERCARD INCORPORATED CL A | US | MA | 9,910 | $4,893,558.00 |
| MERCADOLIBRE INC | US | MELI | 1,067 | $2,189,441.32 |
| META PLATFORMS INC CL A | US | META | 13,721 | $7,854,449.24 |
| METROPOLITAN LIFE GLOBAL FDG I FR . 20290108 4.850% | US | 470,000 | $481,820.50 | |
| MEX BONOS DESARR FIX RT | MX | 1,081,000 | $51,235.83 | |
| MICROSOFT CORP | US | MSFT | 7,811 | $3,361,073.30 |
| MID-AMER APT CMNTYS INC | US | MAA | 757 | $120,287.30 |
| MOODYS CORP | US | MCO | 3,985 | $1,891,241.15 |
| MSCI INC | US | MSCI | 2,272 | $1,324,416.96 |
| NASDAQ STOCK MARKET INC | US | NDAQ | 17,581 | $1,283,588.81 |
| NAVIENT CORPORATION SR GLBL NT 20250625 6.750% | US | 475,000 | $477,888.00 | |
| NELNET ST LN TR - A FLT 20400326 6.095% | US | 133,893.03 | $133,492.68 | |
| NESTLE S A SPONSORED ADR | US | NSRGY | 12,228 | $1,231,567.48 |
| NESTLE SA CHF0.10 (REGD) | CH | 1,756 | $176,859.42 | |
| NEW FORTRESS ENERGY INC SR SEC GLBL 20290315 8.750% | US | 335,000 | $252,218.15 | |
| NEW RESI MTG LN TR - A- FLT 20550825 3.750% | US | 239,294.53 | $230,099.45 | |
| NEW RESI MTG LN TR - A- FLT 20561125 3.750% | US | 274,895.13 | $262,544.37 | |
| NEW RESI MTG LN TR - A-FXD FLT 20541125 3.750% | US | 211,160.62 | $201,317.96 | |
| NEW YORK LIFE GLOBAL FDG FR . 20290129 4.700% | US | 470,000 | $481,251.80 | |
| NEWCASTLE COAL INFRASTRUCTURE SR SEC A NT 20270929 4.400% | US | 1,247,224.45 | $1,225,971.75 | |
| NORTHROP GRUMMAN CORP | US | NOC | 3,642 | $1,923,230.94 |
| OBX TRUST -NQM A- . 20631125 5.928% | US | 926,742.27 | $936,195.50 | |
| OPEN INFRA US ASSETS AB (PUBL) 11.0 20270222 | US | 400,000 | $393,621.70 | |
| OXFORD FIN CR FD III -A LP A- . 20320114 6.675% | US | 165,000 | $167,860.64 | |
| OXFORD FIN FDG LLC - A- . 20280215 3.100% | US | 237,738.63 | $236,016.64 | |
| OXFORD FIN FDG TR - A- . 20310215 6.716% | US | 2,170,000 | $2,200,939.64 | |
| OXFORD FIN FDG TR LLC - A- . 20300215 3.602% | US | 1,756,706.98 | $1,677,710.68 | |
| PALOMINO FDG TR I SR SEC GLBL 20280517 7.233% | US | 1,780,000 | $1,908,640.60 | |
| PCG - LLC SR SEC GLBL 20290725 10.855% | US | 3,282,846.82 | $3,282,420.05 | |
| PEAR - LLC A . 20350716 0.000% | US | 746,976.3 | $758,342.89 | |
| PEAR LLC - A . 20360215 6.950% | US | 460,406.6 | $468,941.30 | |
| PEAR, LLC - A . 20340115 2.600% | US | 819,449.78 | $802,984.25 | |
| PMT LOAN TRUST -J A- FLT 20430925 3.500% | US | 818,235.43 | $765,463.01 | |
| PNC FINL SVCS GROUP INC SR GLBL NT 20260612 5.812% | US | 1,420,000 | $1,429,201.60 | |
| PROLOGIS INC | US | PLD | 6,284 | $793,543.52 |
| PROVIDENT FDG MTG TR - A-A FLT 20510525 2.000% | US | 1,026,235.62 | $898,041.04 | |
| PROVIDENT FND MTG TR -INV A- FLT 20510825 2.500% | US | 1,733,839.78 | $1,459,246.37 | |
| PUBLIC STORAGE INC | US | PSA | 1,060 | $385,702.20 |
| RCKT MRTG TR - A- FLT 20511225 2.500% | US | 1,133,033.25 | $951,381.96 | |
| REALTY INCOME CORP | US | O | 2,010 | $127,474.20 |
| REXFORD INDL RLTY INC | US | REXR | 3,484 | $175,280.04 |
| ROCHE HLDG LTD SPONSORED ADR | US | RHHBY | 60,970 | $2,444,775.06 |
| ROCHE HLDGS AG GENUSSCHEINE NPV | CH | 809 | $259,516.80 | |
| S AND P GLOBAL INC | US | SPGI | 2,446 | $1,263,652.52 |
| SBA COMMUNICATIONS CORP NEW | US | SBAC | 1,451 | $349,255.70 |
| SBA TOWER TR - - . 20521115 6.599% | US | 1,960,000 | $2,039,719.08 | |
| SBA TOWER TRUST - C . 20541015 4.831% | US | 710,000 | $710,000.00 | |
| SBA TOWER TRUST -- C . 20500715 1.884% | US | 520,000 | $501,829.54 | |
| SEQUOIA MTG TR - A FLT 20430225 1.874% | US | 196,972.96 | $169,055.37 | |
| SEQUOIA MTG TR - A- FLT 20430525 3.000% | US | 376,129.14 | $339,970.79 | |
| SEQUOIA MTG TR - A- FLT 20430625 3.000% | US | 137,019.1 | $123,668.19 | |
| SEQUOIA MTG TR - A- FLT 20430625 3.000% | US | 167,035.71 | $151,769.15 | |
| SEQUOIA MTG TR - A- FLT 20470925 3.500% | US | 70,134.29 | $64,673.36 | |
| SEQUOIA MTG TR - A- FLT 20500225 3.500% | US | 69,229.39 | $63,859.45 | |
| SERVICENOW INC | US | NOW | 3,424 | $3,062,391.36 |
| SIMON PPTY GROUP LP SR GLBL NT 20320201 2.650% | US | 3,190,000 | $2,815,143.10 | |
| SIRIUSPOINT LTD SR GLBL NT 20290405 7.000% | US | 1,045,000 | $1,096,570.75 | |
| SLM STUDENT LOAN TR - A- FLT 20260526 6.045% | US | 1,752,335.4 | $1,711,662.12 | |
| SMC CORP | JP | 300 | $133,494.13 | |
| SOFTCAT PLC ORD GBP0.0005 | GB | 7,142 | $148,680.38 | |
| SONY CORP NPV | JP | 8,500 | $165,049.99 | |
| SOUTH CAROLINA ST PUB SVCS AUT TAXABLE REF OBLIGS B 20281201 2.329% | US | 955,000 | $883,909.80 | |
| SPIRAX-SARCO ENG ORD GBP0.269230769 | GB | 2,130 | $214,709.22 | |
| STARWOOD RTL PPTY TR -STAR A FLT 20271115 8.494% | US | 1,239,468.54 | $743,164.89 | |
| SUN COMMUNITIES INC | US | SUI | 2,434 | $328,955.10 |
| SUTHERLAND COML MTG TF -SB A FLT 20410425 2.860% | US | 125,207.74 | $118,761.34 | |
| TAIWAN SEMICONDUCTOR MFG LTD | US | TSM | 24,951 | $4,333,240.17 |
| TECHTRONIC INDS LTD | US | TTNDY | 34,291 | $2,606,870.40 |
| TECHTRONIC INDUSTRIES | HK | 23,500 | $357,302.86 | |
| TENCENT HLDGS LIMI HKD0.00002 | HK | 6,600 | $377,774.06 | |
| TENCENT HLDGS LTD FR . 20290411 3.975% | US | 2,000,000 | $1,980,180.00 | |
| TERRENO RLTY CORP | US | TRNO | 2,956 | $197,549.48 |
| THERMO FISHER SCIENTIFIC INC COM | US | TMO | 3,092 | $1,912,618.44 |
| TOWD PT MTG TR -HY A FLT 20481026 6.464% | US | 194,916 | $197,905.17 | |
| TRANSUNION | US | TRU | 24,349 | $2,549,340.30 |
| TRUIST FINL CORP FR . 20290607 1.887% | US | 1,590,000 | $1,454,547.90 | |
| UDR INC | US | UDR | 2,182 | $98,931.88 |
| UNION PAC CORP | US | UNP | 7,892 | $1,945,220.16 |
| UNITED AIR PASS THRU TR - B . 20291101 3.500% | US | 318,078.92 | $302,995.08 | |
| UNITED AIRLS INC -B B . 20270901 4.600% | US | 53,046.32 | $52,314.40 | |
| UNITED STATES TREAS BDS . 20420215 2.375% | US | 14,362,000 | $11,185,556.46 | |
| UNITED STATES TREAS BDS . 20530215 3.625% | US | 3,898,000 | $3,544,451.40 | |
| UNITED STATES TREAS NTS . 20251115 2.250% | US | 6,924,000 | $6,800,406.60 | |
| UNITED STATES TREAS NTS . 20271115 2.250% | US | 10,531,000 | $10,120,080.38 | |
| UNITED STATES TREAS NTS . 20291115 1.750% | US | 10,703,000 | $9,805,339.39 | |
| UNITED STATES TREAS NTS . 20321115 4.125% | US | 6,619,000 | $6,808,501.97 | |
| UNITED STATES TREAS NTS . 20331115 4.500% | US | 9,597,000 | $10,135,007.82 | |
| UNITED STATES TREAS NTS TIPS . 20310115 0.125% | US | 3,786,812.2 | $3,479,285.18 | |
| UNITEDHEALTH GROUP INC | US | UNH | 2,538 | $1,483,917.84 |
| US BANCORP FR . 20290201 4.653% | US | 1,550,000 | $1,565,004.00 | |
| US CLAIMS LITIGATION FDG LLC SR A NT 20280317 10.250% | US | 250,000 | $232,225.00 | |
| US DOLLARS | US | USD | 5,769,702.53 | $5,769,702.53 |
| VENTAS INC | US | VTR | 2,565 | $164,493.45 |
| VERTEX PHARMACEUTICALS INC | US | VRTX | 2,801 | $1,302,689.08 |
| VISA INC | US | V | 14,100 | $3,876,795.00 |
| WARNERMEDIA HLDGS INC SR GLBL NT 20290315 4.054% | US | 1,530,000 | $1,449,430.20 | |
| WELLS FARGO n CO FR . 20280422 5.707% | US | 1,510,000 | $1,559,210.90 | |
| WELLTOWER INC | US | WELL | 2,904 | $371,799.12 |
| WEST FRASER TIMBER COM NPV | CA | 5,028 | $490,424.93 | |
| WEST FRASER TIMBER LTD | US | WFG | 13,290 | $1,293,914.40 |
| WINWATER MTG LN TR - A- FLT 20450120 3.500% | US | 74,675.45 | $70,239.84 |
Investments will change over time.
Distributions
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.