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 15+ Years 7-20 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

$13.45

Daily $ Change

$0.09

Daily % Change

0.67%

as of 02/02/2023

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
Fact Sheet
Applications & Forms
N-Port Part F Reports

Performance

As of 12/31/2022

YTD

---

1 Year

-14.53%

3 Year

1.99%

5 Year

3.52%

10 Year

4.31%

Inception
(09/15/1993)

6.08%

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 1.05%*

*Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee.

Top Ten Investments

As of 12/31/2022

TREASURY NOTES 26.66%
GOVERNMENT AGENCY 7.33%
TREASURY BONDS 3.03%
AMAZON.COM INC 1.85%
MICROSOFT CORP 1.43%
MASTERCARD INC-CLASS A 1.35%
INTERCONTINENTALEXCHANGE INC 1.33%
TENCENT HOLDINGS 3.97500 04/11/2029 1.28%
JOHNSON & JOHNSON 1.24%
UNILEVER PLC - ADR 1.12%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 12/31/2022

Bonds 60.71%
Stocks 36.30%
Cash 2.99%

Detailed Asset Class Allocation

As of 12/31/2022

International Equities 9.76%
Small Capitalization 0.63%
Mid Capitalization 2.77%
Large Capitalization 23.14%
Long Term Fixed Income 13.13%
Intermediate Term Fixed Income 41.79%
Short Term Fixed Income 5.79%
Cash 2.99%

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

December Fund Holdings

As of 12/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 699 $76,743.21
ACTIVISION INC US ATVI 21,760 $1,665,728.00
ADIDAS AG-SPONSORED ADR DE ADDYY 14,733 $998,013.42
ADMIRAL GROUP PLC GB AMIGY 58,373 $1,483,841.66
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 1,430,000 $1,201,989.85
ADYEN NV UNSPON ADR NL ADYEY 84,999 $1,172,986.20
AGREE REALTY CORP US ADC 2,650 $187,964.50
AIR LIQUIDE-ADR FR AIQUY 92,038 $2,603,064.74
AIR LEASE CORP 3.62500 04/01/2027 US 1,220,000 $1,115,074.85
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 142,994.5 $143,696.62
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 2,860,000 $2,407,479.67
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 800,000 $637,772.34
ALLSTATE CORPORATION US ALL 276 $37,425.60
ALPHABET INC-CL A US GOOGL 44,868 $3,958,703.64
AMAZON.COM INC US AMZN 83,283 $6,995,772.00
AMAZON.COM INC 3.30000 04/13/2027 US 2,660,000 $2,528,710.62
DIAGEO PLC GB DGE LN 6,207 $271,692.03
BAE SYSTEMS PLC GB BA/ LN 27,986 $289,050.69
AMERICAN HOMES 4 RENT- A US AMH 6,090 $183,552.60
AMERICAN TOWER REIT INC US AMT 810 $171,606.60
AMERICOLD REALTY TRUST US COLD 3,057 $86,543.67
ANALOG DEVICES INC US ADI 385 $63,151.55
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 155,000 $154,978.36
ARCHER-DANIELS-MIDLAND CO US ADM 482 $44,753.70
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 1,220,000 $1,110,548.87
ATLASSIAN CORP PLC-CLASS A AU TEAM 1,368 $176,034.24
AUTOMATIC DATA PROCESSING US ADP 283 $67,597.38
AVALONBAY COMMUNITIES INC US AVB 767 $123,885.84
BAE SYSTEMS PLC -SPON ADR GB BAESY 42,013 $1,770,637.89
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 1,140,000 $1,075,280.73
BANK OF AMERICA CORP 2.68700 04/22/2032 US 2,190,000 $1,758,531.24
BARRICK GOLD CORP CA GOLD 51,112 $878,104.16
BAXTER INTERNATIONAL INC US BAX 363 $18,502.11
BEST BUY INC US BBY 251 $20,132.71
BIOMARIN PHARMACEUTICAL INC US BMRN 17,745 $1,836,430.05
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 869,000 $762,874.76
DECHRA PHARMACEUTICALS PLC GB DPH LN 5,883 $185,431.08
BRANDYWINE REALTY TRUST US BDN 9,214 $56,666.10
BABS 2021-RM2 A 1.75000 10/25/2061 US 1,212,899.51 $1,059,629.52
BRISTOL MYERS SQUIBB CO US BMY 1,272 $91,520.40
BROADRIDGE FINANCIAL SOLUTIONS US BR 140 $18,778.20
JONAH ENERGY PARENT LLC US 5,224 $325,089.52
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 931,009.43 $831,643.91
SORT 2020-1 A2 1.99000 07/15/2060 US 803,991.88 $664,170.86
C.H. ROBINSON WORLDWIDE INC US CHRW 189 $17,304.84
CIM 2019-INV1 A1 4.00000 02/25/2049 US 46,840.81 $44,788.92
CLIF 2021-1A A MTGE 1.64000 02/18/2046 US 1,666,405.97 $1,418,483.67
CSMC 2013-IVR2 A2 3.00000 04/25/2043 US 311,255.82 $275,172.06
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 274,125.81 $239,479.10
CSMC 2013-7 A6 3.50000 08/25/2043 US 137,674.84 $123,982.09
CSMC 2014-IVR3 A1 3.50000 07/25/2044 US 59,999.62 $53,524.69
COTERRA ENERGY INC US CTRA 694 $17,051.58
CAMDEN PROPERTY TRUST US CPT 1,082 $121,054.16
CAMPBELL SOUP CO US CPB 423 $24,005.25
CANADIAN NATIONAL RAILWAY CO CA CNI 14,986 $1,781,535.68
CARETRUST REIT INC US CTRE 6,575 $122,163.50
CATERPILLAR INC US CAT 363 $86,960.28
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 8,678 $143,187.00
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 1,220,000 $1,270,435.52
CHEVRON CORP US CVX 685 $122,950.65
CINCINNATI FINANCIAL CORP US CINF 192 $19,658.88
CISCO SYSTEMS INC US CSCO 2,241 $106,761.24
CITIGROUP INC US C 1,440 $65,131.20
CITIGROUP INC 1.46200 06/09/2027 US 2,100,000 $1,825,144.27
CMLTI 2021-INV1 2.50000 05/25/2051 US 658,844.44 $528,063.34
CLARK CNTY NV 1.51000 11/01/2028 US 2,530,000 $2,080,103.31
COCA COLA CO/THE US KO 46,159 $2,936,173.99
COLGATE-PALMOLIVE CO US CL 681 $53,655.99
COMCAST CORP-CL A US CMCSA 2,430 $84,977.10
CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 648,844.75 $591,303.68
COMMUNITY HEALTHCARE TRUST I US CHCT 5,769 $206,530.20
CONAGRA BRAND INC. US CAG 640 $24,768.00
CONOCOPHILLIPS US COP 634 $74,812.00
COPART INC US CPRT 26,298 $1,601,285.22
COUSINS PROPERTIES INC US CUZ 7,066 $178,699.14
CAALT 2020-3A A 1.24000 10/15/2029 US 1,817,447.59 $1,779,097.57
CAALT 2021-2A A 0.96000 02/15/2030 US 1,800,000 $1,728,883.62
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 153,127.88 $130,171.21
CUMMINS INC US CMI 157 $38,039.53
KIMBERLY CLARK DE MEXICO S.A.B. MX 166,800 $283,071.66
DEVON ENERGY CORPORATION US DVN 491 $30,201.41
DIAMONDBACK ENERGY INC US FANG 157 $21,474.46
DIGITAL REALTY TRUST INC US DLR 2,165 $217,084.55
DOLLAR TREE STORES INC US DLTR 11,257 $1,592,190.08
DOW INC US DOW 481 $24,237.59
DREYFUS GVT CSH MANAGEMENT US 11,675,712.71 $11,675,712.71
EOG RESOURCES INC US EOG 347 $44,943.44
EASTMAN CHEM CO US EMN 172 $14,007.68
EBAY INC US EBAY 456 $18,910.32
ELECTRONIC ARTS US EA 12,644 $1,544,843.92
EMERSON ELEC CO US EMR 506 $48,606.36
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 2,728,000 $2,704,011.99
EQUINIX INC US EQIX 3,576 $2,342,387.28
EQUITY LIFESTYLE PROPERTIES US ELS 4,220 $272,612.00
ESSEX PROPERTY TRUST INC US ESS 507 $107,443.44
EVERGY INC US EVRG 30,225 $1,902,059.25
EXPEDIA GROUP INC 3.25000 02/15/2030 US 1,290,000 $1,098,066.20
FMC CORP US FMC 29,797 $3,718,665.60
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 430,000 $431,169.29
FREMF 2013-K28 X2A 0.10000 06/25/2046 US 29,722,251.73 $1,160.95
META PLATFORMS INC US META 20,922 $2,517,753.48
FHLM POOL G03781 6.00000 01/01/2038 US 69,561.75 $73,004.99
FHLM POOL G03926 6.00000 02/01/2038 US 91,740.09 $96,281.14
FHLM POOL G05900 6.00000 03/01/2040 US 52,183.47 $54,766.50
FHLM POOL G05906 6.00000 04/01/2040 US 46,549.72 $48,853.89
FHLM POOL G13331 5.50000 10/01/2023 US 203.75 $203.05
FHLM POOL G12988 6.00000 01/01/2023 US 1.22 $1.22
FHLM POOL G13078 6.00000 03/01/2023 US 10.4 $10.37
FHLM POOL FG 08772 4.50000 07/01/2047 US 61,831.76 $60,689.11
FHLM POOL C91762 4.50000 05/01/2034 US 289,617.01 $286,257.86
FHLM POOL C91771 4.50000 06/01/2034 US 5,178.39 $5,118.35
FHLM POOL C91780 4.50000 07/01/2034 US 7,279.4 $7,206.75
FHLM POOL A92889 4.50000 07/01/2040 US 542,300.97 $538,012.26
FEDERAL NATL MTG ASSN FR ZS4751 3.50000 01/01/2048 US 125,083.62 $115,778.80
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 2,377,493.6 $2,113,474.89
FHLM POOL SD8230 4.50000 06/01/2052 US 2,511,663.39 $2,420,169.27
FNR 2018-31 KP 3.50000 07/25/2047 US 36,939.2 $35,725.58
FNR 2021-69 WJ 1.50000 10/25/2050 US 929,672.22 $779,453.28
FHMS K030 X1 FLT 0.13744 04/25/2023 US 41,318,079.94 $10,035.75
FHMS K032 X1 FLT 0.06240 05/25/2023 US 33,445,668.32 $7,337.65
FHR 5189 CP 2.50000 06/25/2049 US 2,228,459.62 $1,925,772.85
FEDERAL NATL MTG ASSN AL0152 6.00000 06/01/2040 US 348,134.8 $364,961.34
FEDERAL NATL MTG ASSN AL1595 6.00000 01/01/2040 US 258,600.36 $271,099.39
FEDERAL NATL MTG ASSN AL7068 4.50000 09/01/2042 US 103,138.68 $102,241.81
FEDERAL NATL MTG ASSN AL8674 FLT 5.65100 01/01/2049 US 911,587.41 $941,247.13
FEDERAL NATL MTG ASSN AX5234 4.50000 11/01/2044 US 335,512.72 $331,814.44
FEDERAL NATL MTG ASSN BD1381 3.50000 06/01/2046 US 60,450.45 $55,962.81
FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 67,195.5 $66,083.54
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 2,260,329.44 $2,092,217.10
FN DS2696 3.00000 12/01/2051 US 2,753,499.68 $2,448,094.41
FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 170,050.92 $178,270.06
FEDERAL NATL MTG ASSN 995196 6.00000 07/01/2038 US 362,731.55 $379,755.72
FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 308,615.01 $305,931.37
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 263,132.35 $259,848.26
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 180,034.18 $177,787.22
FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 312,408.66 $298,247.29
FEDERAL NATL MTG ASSN FN MA3463 4.00000 09/01/2033 US 383,357.63 $376,668.19
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 2,150,612.47 $1,872,620.15
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 2,491,037.42 $2,263,722.31
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 2,448,488.62 $2,296,858.81
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 2,371,966.74 $2,254,537.05
FN MA4733 4.50000 09/01/2052 US 2,601,484.84 $2,506,680.25
FN MA4807 MTGE 5.50000 11/01/2052 US 1,250,626.16 $1,254,424.40
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 20,113.08 $21,057.05
FEDERAL NATL MTG ASSN AD0207 6.00000 10/01/2038 US 62,260.79 $65,270.07
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 1,653.21 $1,644.13
FIFTH THIRD BANCORP US FITB 771 $25,296.51
FLX 2021-1A A2 3.25000 11/27/2051 US 2,100,000 $1,833,057.66
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 1,541,000 $1,439,401.28
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 966,477.32 $832,055.09
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 985,991.83 $848,849.51
GSMBS 2021-INV1 A9 4.77768 12/25/2051 US 1,210,477.31 $1,101,178.47
GENERAL DYNAMICS CORP US GD 228 $56,569.08
GENERAL MLS INC US GIS 560 $46,956.00
GENUINE PARTS CO US GPC 176 $30,537.76
GETTY REALTY CORP US GTY 6,869 $232,515.65
GILEAD SCIENCES INC US GILD 963 $82,673.55
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 1,034,581.11 $852,223.98
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 293,512.49 $273,962.04
GREENIDGE GEN HLD INC US 10,000 $10,700.00
GRUPO AEROPORTUARIO PAC-ADR MX PAC 245 $35,233.45
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 165 $38,443.35
AIRBUS SE FR AIR FP 1,259 $149,698.25
ADIDAS AG DE ADS GR 1,858 $251,808.12
HDFC BANK LTD-ADR IN HDB 2,443 $167,125.63
L'OREAL FR OR FP 156 $55,863.25
HARROW HEALTH US 25 $596.25
HAWAII ST 2.68200 10/01/2038 US 1,835,000 $1,321,370.80
HEALTHCARE REALTY TRUST INC US HR 14,729 $283,827.83
HEINEKEN NV-SPN ADR NL HEINY 47,529 $2,234,813.58
HOME DEPOT INC US HD 487 $153,823.82
HONEYWELL INTERNATIONAL INC US HON 440 $94,292.00
HWIRE 2021-1 A2 2.31100 11/20/2051 US 1,950,000 $1,693,901.63
IIP OPERATING PARTNER 5.50000 05/25/2026 US 490,000 $429,905.54
IDEXX LABORATORIES INC US IDXX 3,260 $1,329,949.60
KERRY GROUP PLC-A IE KYGA ID 1,781 $160,878.34
ILLINOIS TOOL WKS INC US ITW 261 $57,498.30
IMPRL 2021-NQM3 1.59500 11/25/2056 US 1,104,721.71 $890,441.92
INDEPENDENCE REALTY TRUST IN US IRT 7,293 $122,959.98
INTEL CORP US INTC 2,451 $64,779.93
INTERCONTINENTALEXCHANGE INC US ICE 49,204 $5,047,838.36
INTERNATIONAL FLVRS & FRAGRANCES US IFF 262 $27,468.08
INTUIT INC US INTU 3,657 $1,423,377.54
INTUITIVE SURGICAL INC US ISRG 5,655 $1,500,554.25
INVITATION HOMES INC US INVH 7,644 $226,568.16
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 380,000 $357,747.42
JP MORGAN CHASE & CO US JPM 1,366 $183,180.60
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 238,288.87 $222,617.65
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 3,140,000 $2,945,600.50
JPMMT 2017-2 A3 3.50000 05/25/2047 US 13,014.05 $11,412.74
JOHNSON & JOHNSON US JNJ 26,521 $4,684,934.65
KEYCORP US KEY 848 $14,772.16
KROGER CO US KR 679 $30,269.82
L3HARRIS TECHNOLOGIES INC US LHX 6,962 $1,449,558.02
BEIERSDORF AG DE BEI GR 2,521 $288,079.34
LENNAR CORP US LEN 254 $22,987.00
LEXINGTON REALTY TRUST US LXP 10,956 $109,779.12
OASIS 2022-2A A 6.85000 10/15/2034 US 1,021,640.58 $1,016,214.34
LIFE STORAGE INC US LSI 1,941 $191,188.50
LOCKHEED MARTIN CORP US LMT 178 $86,595.22
LULULEMON - ADR CA LULU 327 $104,764.26
MAGALLANES INC 4.05400 03/15/2029 US 3,300,000 $2,865,196.82
MARATHON PETROLEUM CORP US MPC 357 $41,551.23
MARRIOTT VACATIONS WORLD US VAC 523 $70,390.57
MASTERCARD INC-CLASS A US MA 14,698 $5,110,935.54
MCDONALDS CORP US MCD 311 $81,957.83
MERCADOLIBRE INC BR MELI 223 $188,711.52
MERCK & CO INC US MRK 1,361 $151,002.95
MICROSOFT CORP US MSFT 22,569 $5,412,497.58
MICROCHIP TECHNOLOGY INC US MCHP 405 $28,451.25
MID-AMERICA APARTMENT COMM US MAA 1,704 $267,510.96
MONDELEZ INTERNATIONAL INC US MDLZ 45,735 $3,048,237.75
MOODY'S CORPORATION US MCO 10,208 $2,844,152.96
MOTOROLA SOLUTIONS INC US MSI 164 $42,264.44
NAVIENT CORP 6.75000 06/25/2025 US 475,000 $456,596.21
NAVSL 2020-FA A 1.22000 07/15/2069 US 589,938.76 $538,353.51
NSLT 2012-3A A MTGE FLT 5.08871 02/25/2045 US 225,070.62 $219,167.74
NESTLE S.A. - ADR CH NSRGY 19,785 $2,282,001.90
NETAPP INC US NTAP 293 $17,597.58
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 280,972.38 $258,895.17
NRZT 2015-2A A1 3.75000 08/25/2055 US 320,955.34 $298,521.08
NRZT 2016-4A A1 3.75000 11/25/2056 US 375,772.52 $343,491.37
KEYENCE CORP JP 6861 JP 500 $194,122.39
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 685,000 $656,798.15
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 1,280,000 $1,095,340.63
NEWMONT GOLDCORP CORP US NEM 15,195 $717,204.00
NIKE INC CLASS B US NKE 13,624 $1,594,144.24
NORFOLK SOUTHN CORP US NSC 6,862 $1,690,934.04
NIKON CORP JP 7731 JP 10,700 $94,617.20
NORTHROP GRUMMAN CORP US NOC 2,908 $1,586,633.88
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 497,000 $49.70
NOVARTIS AG- REG CH NVS 43,496 $3,945,957.12
NUCOR CORP US NUE 250 $32,952.50
OMNICOM GROUP US OMC 279 $22,758.03
SONY CORP FIRST SECTION JP 6758 JP 2,000 $152,443.24
TOKYO ELECTRON LTD JP 8035 JP 300 $88,148.62
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 28,000 $24,379.20
OXFIN 2020-1A A2 3.10100 02/15/2028 US 615,716.2 $608,911.12
OXFIN 2019-1A A2 4.45900 02/15/2027 US 19,937.63 $19,779.90
OXFIN 2022-1A 3.60200 02/15/2030 US 1,925,000 $1,755,081.02
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 292,123.68 $263,525.16
PPG INDUSTRIES INC US PPG 172 $21,627.28
PACKAGING CORP OF AMERICA US PKG 124 $15,860.84
PARKER HANNIFIN CORP US PH 98 $28,518.00
DEUTSCHE BOERSE AG DE DB1 GR 1,251 $215,409.93
PAYPAL HOLDINGS INC US PYPL 20,772 $1,479,381.84
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 1,971,290.58 $1,854,353.82
PEAR 2022-1 A1 6.50000 10/15/2034 US 767,854.23 $766,486.76
NESTLE SA-REGISTERED CH NESN SW 3,307 $381,989.70
PEPSICO INC 3.90000 07/18/2032 US 2,360,000 $2,239,042.71
PFIZER INC US PFE 2,051 $105,093.24
PIONEER NATURAL RESOURCES CO US PXD 155 $35,400.45
POPULAR INC 6.12500 09/14/2023 PR 425,000 $422,511.73
PROCTER & GAMBLE CO US PG 1,080 $163,684.80
PROLOGIS US PLD 9,531 $1,074,429.63
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 1,863,835.7 $1,490,516.36
PFMT 2021-2 A2A 2.00000 04/25/2051 US 1,168,343.59 $986,319.91
PUBLIC STORAGE INC US PSA 1,400 $392,266.00
QUALCOMM INC US QCOM 705 $77,507.70
QUALCOMM INC 4.25000 05/20/2032 US 2,490,000 $2,406,451.21
QUEST DIAGNOSTICS INC US DGX 168 $26,281.92
RCKT 2021-6 A1 2.50000 12/25/2051 US 1,241,189.48 $993,004.61
RADIUS GLOBAL INFRASTRUCTURE US RADI 31,663 $374,256.66
REALTY INCOME CORP US O 1,049 $66,538.07
REGIONS FINANCIAL CORP. US RF 1,186 $25,570.16
REPUBLIC SERVICES INC US RSG 298 $38,439.02
RESTAURANT BRANDS INTERN CA QSR 1,702 $110,068.34
REXFORD INDUSTRIAL REALITY IN US REXR 5,033 $275,003.12
GETINGE AB-B SHS SE GETIB SS 12,192 $253,479.01
ROSS STORES INC US ROST 246 $28,553.22
HEINEKEN NV NL HEIA NA 3,206 $301,980.42
RYANAIR HOLDINGS - ADR IE RYAAY 1,464 $109,448.64
SBA TOWER TRUST 1.88400 01/15/2026 US 520,000 $457,778.52
SBA TOWER TRUST 6.59900 01/15/2028 US 1,960,000 $1,966,219.47
S&P GLOBAL INC US SPGI 3,085 $1,033,289.90
SBA COMMUNICATIONS CORP US SBAC 13,185 $3,695,887.35
SLMA 2005-7 A4 FLT 4.50843 10/25/2029 US 417,659.9 $413,556.05
SALESFORCE INC US CRM 17,295 $2,293,144.05
SEAGEN INC US SGEN 8,779 $1,128,189.29
SEMT 2013-6 A2 3.00000 05/25/2043 US 461,006.28 $405,682.07
SEMT 2013-7 A2 3.00000 06/25/2043 US 162,389.16 $142,398.60
SEMT 2013-8 A1 3.00000 06/25/2043 US 195,202.94 $172,618.47
SEMT 2013-2 1.87400 02/25/2043 US 237,135.4 $200,350.88
SEMT 2017-6 A19 MTGE 3.50000 09/25/2047 US 82,262 $73,386.40
SEMT 2020-1 A1 3.50000 02/25/2050 US 77,958.16 $69,544.80
SERVICENOW INC US NOW 6,431 $2,496,964.37
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 4,230,000 $3,412,966.53
SKYWORKS SOLUTIONS INC US SWKS 147 $13,396.11
SMB 2019-B A2A 2.84000 06/15/2037 US 1,467,740.61 $1,345,851.72
JM SMUCKER CO/THE-NEW COM WI US SJM 141 $22,342.86
SNOWFLAKE INC-CLASS A US SNOW 8,012 $1,150,042.48
SOFI 2017-F A2FX 2.84000 01/25/2041 US 79,181.68 $76,193.76
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 295,246.82 $285,372.88
SOFI 2020-A A2FX MTGE 2.54000 05/15/2046 US 777,260.86 $719,004.42
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 955,000 $804,300.28
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 2,320,000 $2,297,210.29
STAG INDUSTRIAL INC US STAG 2,076 $67,075.56
STANLEY BLACK & DECKER INC US SWK 140 $10,516.80
SRPT 2014-STAR A FLTG RATE 5.78800 11/15/2027 US 1,910,952.51 $1,326,130.93
STEEL DYNAMICS INC US STLD 249 $24,327.30
SUN COMMUNITIES US SUI 2,435 $348,205.00
SCML 2019-SBC8 2.86000 04/25/2041 US 162,397.66 $148,558.88
SYNCHRONOSS TECH US 19,435 $348,858.25
SYNERGY ONE LENDING 5.50000 10/14/2026 US 525,000 $452,419.14
TJX COMPANIES INC US TJX 663 $52,774.80
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 32,899 $2,450,646.51
TARGET CORP US TGT 245 $36,514.80
TENCENT HOLDINGS 3.97500 04/11/2029 KY 5,250,000 $4,855,504.19
TERRENO REALTY CORP US TRNO 3,257 $185,225.59
TEXAS INSTRUMENTS INC US TXN 415 $68,566.30
THERMO FISHER SCIENTIFIC INC US TMO 3,276 $1,804,060.44
3M CO US MMM 429 $51,445.68
TPMT 2016-5 A1 2.50000 10/25/2056 US 172,925.95 $170,022.85
TPMT 2017-1 A1 2.75000 10/25/2056 US 127,537.59 $125,392.70
TPMT 2019-HY1 A1 5.38871 10/25/2048 US 310,477.76 $307,978.07
TRACTOR SUPPLY COMPANY US TSCO 92 $20,697.24
TRAVELLERS COS INC US TRV 227 $42,560.23
TAH 2017-SFR2 A 2.92800 01/17/2036 US 1,364,482.34 $1,322,522.76
TYSON FOODS INC -CL A US TSN 363 $22,596.75
UDR INC US UDR 4,881 $189,041.13
U.S. BANCORP US USB 1,166 $50,849.26
UNILEVER PLC - ADR GB UL 84,335 $4,246,267.25
UNION PAC CORP US UNP 406 $84,070.42
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 425,535.92 $362,825.22
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 75,931.7 $68,754.05
UNITED MEXICAN STATES 4.12500 01/21/2026 MX 200,000 $195,212.15
UNITED PARCEL SERVICE US UPS 393 $68,319.12
TREASURY BOND 2.37500 02/15/2042 US 14,900,000 $11,466,015.63
TREASURY NOTE 2.25000 11/15/2027 US 33,920,000 $31,299,150.17
US TREASURY N/B 3.12500 11/15/2028 US 10,450,000 $9,983,832.08
US TREASURY N/B 2.25000 11/15/2025 US 16,705,000 $15,821,462.19
US TREASURY N/B 2.00000 11/15/2026 US 17,225,000 $15,937,162.20
US TEASURY NOTE 1.75000 11/15/2029 US 22,930,000 $20,045,835.94
US TREASURY N/B 1.37500 11/15/2031 US 9,710,000 $7,933,373.44
VF CORP US VFC 339 $9,359.79
VENTAS INC US VTR 2,933 $132,131.65
VERTEX PHARMACEUTICALS INC US VRTX 6,984 $2,016,839.52
PARAMOUNT GLOBAL CLASS B US PARA 534 $9,013.92
VISA INC - CLASS A SHARES US V 18,833 $3,912,744.08
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 600,000 $576,056.38
VISTRA OPERATIONS 4.87500 05/13/2024 US 2,065,000 $2,021,380.92
WAL MART STORES US WMT 1,195 $169,439.05
WALGREENS BOOTS ALLIANCE INC US WBA 620 $23,163.20
WASTE MANAGEMENT INC US WM 333 $52,241.04
WELLTOWER INC. US WELL 2,931 $192,127.05
WIN 2015-1 A1 3.50000 01/20/2045 US 79,331.51 $72,281.41
ZOETIS INC US ZTS 3,957 $579,898.35
ADMIRAL GROUP PLC GB ADM LN 13,104 $336,391.44
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 4,500 $34,597.80
UBISOFT ENTERTAINMENT FR UBI FP 4,494 $126,959.31
DANONE FR BN FP 2,198 $115,847.20
AIR LIQUIDE FR AI FP 2,284 $324,180.54
BRENNTAG AG DE BNR GR 1,726 $110,075.44
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 1,081,000 $51,197.38
KEYWORDS STUDIOS PLC IE KWS LN 1,623 $53,261.03
HELIOS TOWERS PLC GB HTWS LN 70,026 $89,822.07
AVANZA BANK HOLDING AB SE AZA SS 7,923 $170,024.06
AMERICAN TANKER INC 7.75000 07/02/2025 US 505,000 $483,739.11
SOFTWAREONE HOLDING AG CH SWON SW 11,391 $161,676.90
TENCENT HOLDINGS LTD CN 700 HK 4,200 $178,081.53
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 8,256 $134,077.44
SEASPAN CORP 6.50000 02/05/2024 MH 500,000 $496,467.01
PETROTAL CORP 12.00000 02/16/2024 CA 400,000 $403,015.34
IMCD NV NL IMCD NA 415 $59,362.25
FINECOBANK SPA IT FBK IM 17,617 $292,550.03
ALLFUNDS GROUP PLC GB ALLFG NA 15,971 $112,000.50
ROTORK PLC GB ROR LN 34,536 $128,343.14
AUTO TRADER GROUP PLC GB AUTO LN 45,845 $285,493.07
CELLNEX TELECOM SA ES CLNX SM 8,202 $272,070.61
ASSA ABLOY AB-B SE ASSAB SS 8,639 $185,818.56
CLEANAWAY WASTE MANAGEMENT AU CWY AU 130,701 $232,887.33
INTERMEDIATE CAPITAL GROUP GB ICP LN 12,452 $171,927.03
ADYEN NV NL ADYEN NA 148 $205,460.98
BANK OF N.T. BUTTERFIELD&SON BM NTB 3,435 $102,397.35
BUNGE LIMITED US BG 184 $18,357.68
EATON CORP PLC US ETN 351 $55,089.45
JOHNSON CONTROLS INTERNATIONAL US JCI 648 $41,472.00
LINDE PLC GB LIN 354 $115,467.72
MEDTRONIC INC IE MDT 19,811 $1,539,710.92
RENAISSANCERE HOLDINGS LTD BM RNR 590 $108,695.70
ROYALTY PHARMA PLC- CL A US RPRX 489 $19,325.28
STONECO LTD-A BR STNE 5,354 $50,541.76
TRANE TECHNOLOGIES IE TT 167 $28,071.03
ALCON INC CH ALC 27,159 $1,861,749.45
CHUBB LTD CH CB 314 $69,268.40
GARMIN LTD CH GRMN 233 $21,503.57
TE CONNECTIVITY LIMITED CH TEL 232 $26,633.60
LYONDELLBASELL INDU-CL A US LYB 237 $19,678.11
PLAYA HOTELS AND RESORTS US PLYA 8,704 $56,837.12
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 179,000 $169,628.36

Investments will change over time.

Distributions

  • Pro-Blend® Moderate Term Series Class S Distribution History
  • 2023 Distribution Calendar
  • Fourth Quarter 2022 Distributions
  • Third Quarter 2022 Distributions
  • Second Quarter 2022 Distributions
  • First Quarter 2023 Distributions
  • Tax Letter
  • Target 2020 Merger into Pro Blend Moderate
  • Target 2025 Merger into Pro Blend Moderate
  • Pro-Blend Moderate Series Stock Split

A Word About Risk

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

Daily Price

$13.45

Daily $ Change

$0.09

Daily % Change

0.67%

as of 02/02/2023

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
Fact Sheet
Applications & Forms
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 15+ Years 7-20 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 12/31/2022

YTD

---

1 Year

-14.53%

3 Year

1.99%

5 Year

3.52%

10 Year

4.31%

Inception
(09/15/1993)

6.08%

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 1.05%*

*Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee.

Top Ten Investments

As of 12/31/2022

TREASURY NOTES 26.66%
GOVERNMENT AGENCY 7.33%
TREASURY BONDS 3.03%
AMAZON.COM INC 1.85%
MICROSOFT CORP 1.43%
MASTERCARD INC-CLASS A 1.35%
INTERCONTINENTALEXCHANGE INC 1.33%
TENCENT HOLDINGS 3.97500 04/11/2029 1.28%
JOHNSON & JOHNSON 1.24%
UNILEVER PLC - ADR 1.12%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 12/31/2022

Bonds
60.71%
Stocks
36.30%
Cash
2.99%

Detailed Asset Class Allocation

As of 12/31/2022

International Equities
9.76%
Small Capitalization
0.63%
Mid Capitalization
2.77%
Large Capitalization
23.14%
Long Term Fixed Income
13.13%
Intermediate Term Fixed Income
41.79%
Short Term Fixed Income
5.79%
Cash
2.99%

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

December Fund Holdings

As of 12/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 699 $76,743.21
ACTIVISION INC US ATVI 21,760 $1,665,728.00
ADIDAS AG-SPONSORED ADR DE ADDYY 14,733 $998,013.42
ADMIRAL GROUP PLC GB AMIGY 58,373 $1,483,841.66
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 1,430,000 $1,201,989.85
ADYEN NV UNSPON ADR NL ADYEY 84,999 $1,172,986.20
AGREE REALTY CORP US ADC 2,650 $187,964.50
AIR LIQUIDE-ADR FR AIQUY 92,038 $2,603,064.74
AIR LEASE CORP 3.62500 04/01/2027 US 1,220,000 $1,115,074.85
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 142,994.5 $143,696.62
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 2,860,000 $2,407,479.67
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 800,000 $637,772.34
ALLSTATE CORPORATION US ALL 276 $37,425.60
ALPHABET INC-CL A US GOOGL 44,868 $3,958,703.64
AMAZON.COM INC US AMZN 83,283 $6,995,772.00
AMAZON.COM INC 3.30000 04/13/2027 US 2,660,000 $2,528,710.62
DIAGEO PLC GB DGE LN 6,207 $271,692.03
BAE SYSTEMS PLC GB BA/ LN 27,986 $289,050.69
AMERICAN HOMES 4 RENT- A US AMH 6,090 $183,552.60
AMERICAN TOWER REIT INC US AMT 810 $171,606.60
AMERICOLD REALTY TRUST US COLD 3,057 $86,543.67
ANALOG DEVICES INC US ADI 385 $63,151.55
ARBOR REALTY TRUST INC 8.00000 04/30/2023 US 155,000 $154,978.36
ARCHER-DANIELS-MIDLAND CO US ADM 482 $44,753.70
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 1,220,000 $1,110,548.87
ATLASSIAN CORP PLC-CLASS A AU TEAM 1,368 $176,034.24
AUTOMATIC DATA PROCESSING US ADP 283 $67,597.38
AVALONBAY COMMUNITIES INC US AVB 767 $123,885.84
BAE SYSTEMS PLC -SPON ADR GB BAESY 42,013 $1,770,637.89
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 1,140,000 $1,075,280.73
BANK OF AMERICA CORP 2.68700 04/22/2032 US 2,190,000 $1,758,531.24
BARRICK GOLD CORP CA GOLD 51,112 $878,104.16
BAXTER INTERNATIONAL INC US BAX 363 $18,502.11
BEST BUY INC US BBY 251 $20,132.71
BIOMARIN PHARMACEUTICAL INC US BMRN 17,745 $1,836,430.05
BLACKSTONE SECURED LEND 2.75000 09/16/2026 US 869,000 $762,874.76
DECHRA PHARMACEUTICALS PLC GB DPH LN 5,883 $185,431.08
BRANDYWINE REALTY TRUST US BDN 9,214 $56,666.10
BABS 2021-RM2 A 1.75000 10/25/2061 US 1,212,899.51 $1,059,629.52
BRISTOL MYERS SQUIBB CO US BMY 1,272 $91,520.40
BROADRIDGE FINANCIAL SOLUTIONS US BR 140 $18,778.20
JONAH ENERGY PARENT LLC US 5,224 $325,089.52
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 931,009.43 $831,643.91
SORT 2020-1 A2 1.99000 07/15/2060 US 803,991.88 $664,170.86
C.H. ROBINSON WORLDWIDE INC US CHRW 189 $17,304.84
CIM 2019-INV1 A1 4.00000 02/25/2049 US 46,840.81 $44,788.92
CLIF 2021-1A A MTGE 1.64000 02/18/2046 US 1,666,405.97 $1,418,483.67
CSMC 2013-IVR2 A2 3.00000 04/25/2043 US 311,255.82 $275,172.06
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 274,125.81 $239,479.10
CSMC 2013-7 A6 3.50000 08/25/2043 US 137,674.84 $123,982.09
CSMC 2014-IVR3 A1 3.50000 07/25/2044 US 59,999.62 $53,524.69
COTERRA ENERGY INC US CTRA 694 $17,051.58
CAMDEN PROPERTY TRUST US CPT 1,082 $121,054.16
CAMPBELL SOUP CO US CPB 423 $24,005.25
CANADIAN NATIONAL RAILWAY CO CA CNI 14,986 $1,781,535.68
CARETRUST REIT INC US CTRE 6,575 $122,163.50
CATERPILLAR INC US CAT 363 $86,960.28
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 8,678 $143,187.00
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 1,220,000 $1,270,435.52
CHEVRON CORP US CVX 685 $122,950.65
CINCINNATI FINANCIAL CORP US CINF 192 $19,658.88
CISCO SYSTEMS INC US CSCO 2,241 $106,761.24
CITIGROUP INC US C 1,440 $65,131.20
CITIGROUP INC 1.46200 06/09/2027 US 2,100,000 $1,825,144.27
CMLTI 2021-INV1 2.50000 05/25/2051 US 658,844.44 $528,063.34
CLARK CNTY NV 1.51000 11/01/2028 US 2,530,000 $2,080,103.31
COCA COLA CO/THE US KO 46,159 $2,936,173.99
COLGATE-PALMOLIVE CO US CL 681 $53,655.99
COMCAST CORP-CL A US CMCSA 2,430 $84,977.10
CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 648,844.75 $591,303.68
COMMUNITY HEALTHCARE TRUST I US CHCT 5,769 $206,530.20
CONAGRA BRAND INC. US CAG 640 $24,768.00
CONOCOPHILLIPS US COP 634 $74,812.00
COPART INC US CPRT 26,298 $1,601,285.22
COUSINS PROPERTIES INC US CUZ 7,066 $178,699.14
CAALT 2020-3A A 1.24000 10/15/2029 US 1,817,447.59 $1,779,097.57
CAALT 2021-2A A 0.96000 02/15/2030 US 1,800,000 $1,728,883.62
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 153,127.88 $130,171.21
CUMMINS INC US CMI 157 $38,039.53
KIMBERLY CLARK DE MEXICO S.A.B. MX 166,800 $283,071.66
DEVON ENERGY CORPORATION US DVN 491 $30,201.41
DIAMONDBACK ENERGY INC US FANG 157 $21,474.46
DIGITAL REALTY TRUST INC US DLR 2,165 $217,084.55
DOLLAR TREE STORES INC US DLTR 11,257 $1,592,190.08
DOW INC US DOW 481 $24,237.59
DREYFUS GVT CSH MANAGEMENT US 11,675,712.71 $11,675,712.71
EOG RESOURCES INC US EOG 347 $44,943.44
EASTMAN CHEM CO US EMN 172 $14,007.68
EBAY INC US EBAY 456 $18,910.32
ELECTRONIC ARTS US EA 12,644 $1,544,843.92
EMERSON ELEC CO US EMR 506 $48,606.36
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 2,728,000 $2,704,011.99
EQUINIX INC US EQIX 3,576 $2,342,387.28
EQUITY LIFESTYLE PROPERTIES US ELS 4,220 $272,612.00
ESSEX PROPERTY TRUST INC US ESS 507 $107,443.44
EVERGY INC US EVRG 30,225 $1,902,059.25
EXPEDIA GROUP INC 3.25000 02/15/2030 US 1,290,000 $1,098,066.20
FMC CORP US FMC 29,797 $3,718,665.60
FS ENERGY & POWER FUND 7.50000 08/15/2023 US 430,000 $431,169.29
FREMF 2013-K28 X2A 0.10000 06/25/2046 US 29,722,251.73 $1,160.95
META PLATFORMS INC US META 20,922 $2,517,753.48
FHLM POOL G03781 6.00000 01/01/2038 US 69,561.75 $73,004.99
FHLM POOL G03926 6.00000 02/01/2038 US 91,740.09 $96,281.14
FHLM POOL G05900 6.00000 03/01/2040 US 52,183.47 $54,766.50
FHLM POOL G05906 6.00000 04/01/2040 US 46,549.72 $48,853.89
FHLM POOL G13331 5.50000 10/01/2023 US 203.75 $203.05
FHLM POOL G12988 6.00000 01/01/2023 US 1.22 $1.22
FHLM POOL G13078 6.00000 03/01/2023 US 10.4 $10.37
FHLM POOL FG 08772 4.50000 07/01/2047 US 61,831.76 $60,689.11
FHLM POOL C91762 4.50000 05/01/2034 US 289,617.01 $286,257.86
FHLM POOL C91771 4.50000 06/01/2034 US 5,178.39 $5,118.35
FHLM POOL C91780 4.50000 07/01/2034 US 7,279.4 $7,206.75
FHLM POOL A92889 4.50000 07/01/2040 US 542,300.97 $538,012.26
FEDERAL NATL MTG ASSN FR ZS4751 3.50000 01/01/2048 US 125,083.62 $115,778.80
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 2,377,493.6 $2,113,474.89
FHLM POOL SD8230 4.50000 06/01/2052 US 2,511,663.39 $2,420,169.27
FNR 2018-31 KP 3.50000 07/25/2047 US 36,939.2 $35,725.58
FNR 2021-69 WJ 1.50000 10/25/2050 US 929,672.22 $779,453.28
FHMS K030 X1 FLT 0.13744 04/25/2023 US 41,318,079.94 $10,035.75
FHMS K032 X1 FLT 0.06240 05/25/2023 US 33,445,668.32 $7,337.65
FHR 5189 CP 2.50000 06/25/2049 US 2,228,459.62 $1,925,772.85
FEDERAL NATL MTG ASSN AL0152 6.00000 06/01/2040 US 348,134.8 $364,961.34
FEDERAL NATL MTG ASSN AL1595 6.00000 01/01/2040 US 258,600.36 $271,099.39
FEDERAL NATL MTG ASSN AL7068 4.50000 09/01/2042 US 103,138.68 $102,241.81
FEDERAL NATL MTG ASSN AL8674 FLT 5.65100 01/01/2049 US 911,587.41 $941,247.13
FEDERAL NATL MTG ASSN AX5234 4.50000 11/01/2044 US 335,512.72 $331,814.44
FEDERAL NATL MTG ASSN BD1381 3.50000 06/01/2046 US 60,450.45 $55,962.81
FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 67,195.5 $66,083.54
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 2,260,329.44 $2,092,217.10
FN DS2696 3.00000 12/01/2051 US 2,753,499.68 $2,448,094.41
FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 170,050.92 $178,270.06
FEDERAL NATL MTG ASSN 995196 6.00000 07/01/2038 US 362,731.55 $379,755.72
FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 308,615.01 $305,931.37
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 263,132.35 $259,848.26
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 180,034.18 $177,787.22
FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 312,408.66 $298,247.29
FEDERAL NATL MTG ASSN FN MA3463 4.00000 09/01/2033 US 383,357.63 $376,668.19
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 2,150,612.47 $1,872,620.15
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 2,491,037.42 $2,263,722.31
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 2,448,488.62 $2,296,858.81
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 2,371,966.74 $2,254,537.05
FN MA4733 4.50000 09/01/2052 US 2,601,484.84 $2,506,680.25
FN MA4807 MTGE 5.50000 11/01/2052 US 1,250,626.16 $1,254,424.40
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 20,113.08 $21,057.05
FEDERAL NATL MTG ASSN AD0207 6.00000 10/01/2038 US 62,260.79 $65,270.07
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 1,653.21 $1,644.13
FIFTH THIRD BANCORP US FITB 771 $25,296.51
FLX 2021-1A A2 3.25000 11/27/2051 US 2,100,000 $1,833,057.66
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 1,541,000 $1,439,401.28
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 966,477.32 $832,055.09
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 985,991.83 $848,849.51
GSMBS 2021-INV1 A9 4.77768 12/25/2051 US 1,210,477.31 $1,101,178.47
GENERAL DYNAMICS CORP US GD 228 $56,569.08
GENERAL MLS INC US GIS 560 $46,956.00
GENUINE PARTS CO US GPC 176 $30,537.76
GETTY REALTY CORP US GTY 6,869 $232,515.65
GILEAD SCIENCES INC US GILD 963 $82,673.55
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 1,034,581.11 $852,223.98
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 293,512.49 $273,962.04
GREENIDGE GEN HLD INC US 10,000 $10,700.00
GRUPO AEROPORTUARIO PAC-ADR MX PAC 245 $35,233.45
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 165 $38,443.35
AIRBUS SE FR AIR FP 1,259 $149,698.25
ADIDAS AG DE ADS GR 1,858 $251,808.12
HDFC BANK LTD-ADR IN HDB 2,443 $167,125.63
L'OREAL FR OR FP 156 $55,863.25
HARROW HEALTH US 25 $596.25
HAWAII ST 2.68200 10/01/2038 US 1,835,000 $1,321,370.80
HEALTHCARE REALTY TRUST INC US HR 14,729 $283,827.83
HEINEKEN NV-SPN ADR NL HEINY 47,529 $2,234,813.58
HOME DEPOT INC US HD 487 $153,823.82
HONEYWELL INTERNATIONAL INC US HON 440 $94,292.00
HWIRE 2021-1 A2 2.31100 11/20/2051 US 1,950,000 $1,693,901.63
IIP OPERATING PARTNER 5.50000 05/25/2026 US 490,000 $429,905.54
IDEXX LABORATORIES INC US IDXX 3,260 $1,329,949.60
KERRY GROUP PLC-A IE KYGA ID 1,781 $160,878.34
ILLINOIS TOOL WKS INC US ITW 261 $57,498.30
IMPRL 2021-NQM3 1.59500 11/25/2056 US 1,104,721.71 $890,441.92
INDEPENDENCE REALTY TRUST IN US IRT 7,293 $122,959.98
INTEL CORP US INTC 2,451 $64,779.93
INTERCONTINENTALEXCHANGE INC US ICE 49,204 $5,047,838.36
INTERNATIONAL FLVRS & FRAGRANCES US IFF 262 $27,468.08
INTUIT INC US INTU 3,657 $1,423,377.54
INTUITIVE SURGICAL INC US ISRG 5,655 $1,500,554.25
INVITATION HOMES INC US INVH 7,644 $226,568.16
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 380,000 $357,747.42
JP MORGAN CHASE & CO US JPM 1,366 $183,180.60
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 238,288.87 $222,617.65
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 3,140,000 $2,945,600.50
JPMMT 2017-2 A3 3.50000 05/25/2047 US 13,014.05 $11,412.74
JOHNSON & JOHNSON US JNJ 26,521 $4,684,934.65
KEYCORP US KEY 848 $14,772.16
KROGER CO US KR 679 $30,269.82
L3HARRIS TECHNOLOGIES INC US LHX 6,962 $1,449,558.02
BEIERSDORF AG DE BEI GR 2,521 $288,079.34
LENNAR CORP US LEN 254 $22,987.00
LEXINGTON REALTY TRUST US LXP 10,956 $109,779.12
OASIS 2022-2A A 6.85000 10/15/2034 US 1,021,640.58 $1,016,214.34
LIFE STORAGE INC US LSI 1,941 $191,188.50
LOCKHEED MARTIN CORP US LMT 178 $86,595.22
LULULEMON - ADR CA LULU 327 $104,764.26
MAGALLANES INC 4.05400 03/15/2029 US 3,300,000 $2,865,196.82
MARATHON PETROLEUM CORP US MPC 357 $41,551.23
MARRIOTT VACATIONS WORLD US VAC 523 $70,390.57
MASTERCARD INC-CLASS A US MA 14,698 $5,110,935.54
MCDONALDS CORP US MCD 311 $81,957.83
MERCADOLIBRE INC BR MELI 223 $188,711.52
MERCK & CO INC US MRK 1,361 $151,002.95
MICROSOFT CORP US MSFT 22,569 $5,412,497.58
MICROCHIP TECHNOLOGY INC US MCHP 405 $28,451.25
MID-AMERICA APARTMENT COMM US MAA 1,704 $267,510.96
MONDELEZ INTERNATIONAL INC US MDLZ 45,735 $3,048,237.75
MOODY'S CORPORATION US MCO 10,208 $2,844,152.96
MOTOROLA SOLUTIONS INC US MSI 164 $42,264.44
NAVIENT CORP 6.75000 06/25/2025 US 475,000 $456,596.21
NAVSL 2020-FA A 1.22000 07/15/2069 US 589,938.76 $538,353.51
NSLT 2012-3A A MTGE FLT 5.08871 02/25/2045 US 225,070.62 $219,167.74
NESTLE S.A. - ADR CH NSRGY 19,785 $2,282,001.90
NETAPP INC US NTAP 293 $17,597.58
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 280,972.38 $258,895.17
NRZT 2015-2A A1 3.75000 08/25/2055 US 320,955.34 $298,521.08
NRZT 2016-4A A1 3.75000 11/25/2056 US 375,772.52 $343,491.37
KEYENCE CORP JP 6861 JP 500 $194,122.39
NEW YORK CITY NY TRANSITIONALFIN 1.58000 05/01/2024 US 685,000 $656,798.15
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 1,280,000 $1,095,340.63
NEWMONT GOLDCORP CORP US NEM 15,195 $717,204.00
NIKE INC CLASS B US NKE 13,624 $1,594,144.24
NORFOLK SOUTHN CORP US NSC 6,862 $1,690,934.04
NIKON CORP JP 7731 JP 10,700 $94,617.20
NORTHROP GRUMMAN CORP US NOC 2,908 $1,586,633.88
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 497,000 $49.70
NOVARTIS AG- REG CH NVS 43,496 $3,945,957.12
NUCOR CORP US NUE 250 $32,952.50
OMNICOM GROUP US OMC 279 $22,758.03
SONY CORP FIRST SECTION JP 6758 JP 2,000 $152,443.24
TOKYO ELECTRON LTD JP 8035 JP 300 $88,148.62
OWL ROCK TECHNOLOGY 3.75000 06/17/2026 US 28,000 $24,379.20
OXFIN 2020-1A A2 3.10100 02/15/2028 US 615,716.2 $608,911.12
OXFIN 2019-1A A2 4.45900 02/15/2027 US 19,937.63 $19,779.90
OXFIN 2022-1A 3.60200 02/15/2030 US 1,925,000 $1,755,081.02
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 292,123.68 $263,525.16
PPG INDUSTRIES INC US PPG 172 $21,627.28
PACKAGING CORP OF AMERICA US PKG 124 $15,860.84
PARKER HANNIFIN CORP US PH 98 $28,518.00
DEUTSCHE BOERSE AG DE DB1 GR 1,251 $215,409.93
PAYPAL HOLDINGS INC US PYPL 20,772 $1,479,381.84
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 1,971,290.58 $1,854,353.82
PEAR 2022-1 A1 6.50000 10/15/2034 US 767,854.23 $766,486.76
NESTLE SA-REGISTERED CH NESN SW 3,307 $381,989.70
PEPSICO INC 3.90000 07/18/2032 US 2,360,000 $2,239,042.71
PFIZER INC US PFE 2,051 $105,093.24
PIONEER NATURAL RESOURCES CO US PXD 155 $35,400.45
POPULAR INC 6.12500 09/14/2023 PR 425,000 $422,511.73
PROCTER & GAMBLE CO US PG 1,080 $163,684.80
PROLOGIS US PLD 9,531 $1,074,429.63
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 1,863,835.7 $1,490,516.36
PFMT 2021-2 A2A 2.00000 04/25/2051 US 1,168,343.59 $986,319.91
PUBLIC STORAGE INC US PSA 1,400 $392,266.00
QUALCOMM INC US QCOM 705 $77,507.70
QUALCOMM INC 4.25000 05/20/2032 US 2,490,000 $2,406,451.21
QUEST DIAGNOSTICS INC US DGX 168 $26,281.92
RCKT 2021-6 A1 2.50000 12/25/2051 US 1,241,189.48 $993,004.61
RADIUS GLOBAL INFRASTRUCTURE US RADI 31,663 $374,256.66
REALTY INCOME CORP US O 1,049 $66,538.07
REGIONS FINANCIAL CORP. US RF 1,186 $25,570.16
REPUBLIC SERVICES INC US RSG 298 $38,439.02
RESTAURANT BRANDS INTERN CA QSR 1,702 $110,068.34
REXFORD INDUSTRIAL REALITY IN US REXR 5,033 $275,003.12
GETINGE AB-B SHS SE GETIB SS 12,192 $253,479.01
ROSS STORES INC US ROST 246 $28,553.22
HEINEKEN NV NL HEIA NA 3,206 $301,980.42
RYANAIR HOLDINGS - ADR IE RYAAY 1,464 $109,448.64
SBA TOWER TRUST 1.88400 01/15/2026 US 520,000 $457,778.52
SBA TOWER TRUST 6.59900 01/15/2028 US 1,960,000 $1,966,219.47
S&P GLOBAL INC US SPGI 3,085 $1,033,289.90
SBA COMMUNICATIONS CORP US SBAC 13,185 $3,695,887.35
SLMA 2005-7 A4 FLT 4.50843 10/25/2029 US 417,659.9 $413,556.05
SALESFORCE INC US CRM 17,295 $2,293,144.05
SEAGEN INC US SGEN 8,779 $1,128,189.29
SEMT 2013-6 A2 3.00000 05/25/2043 US 461,006.28 $405,682.07
SEMT 2013-7 A2 3.00000 06/25/2043 US 162,389.16 $142,398.60
SEMT 2013-8 A1 3.00000 06/25/2043 US 195,202.94 $172,618.47
SEMT 2013-2 1.87400 02/25/2043 US 237,135.4 $200,350.88
SEMT 2017-6 A19 MTGE 3.50000 09/25/2047 US 82,262 $73,386.40
SEMT 2020-1 A1 3.50000 02/25/2050 US 77,958.16 $69,544.80
SERVICENOW INC US NOW 6,431 $2,496,964.37
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 4,230,000 $3,412,966.53
SKYWORKS SOLUTIONS INC US SWKS 147 $13,396.11
SMB 2019-B A2A 2.84000 06/15/2037 US 1,467,740.61 $1,345,851.72
JM SMUCKER CO/THE-NEW COM WI US SJM 141 $22,342.86
SNOWFLAKE INC-CLASS A US SNOW 8,012 $1,150,042.48
SOFI 2017-F A2FX 2.84000 01/25/2041 US 79,181.68 $76,193.76
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 295,246.82 $285,372.88
SOFI 2020-A A2FX MTGE 2.54000 05/15/2046 US 777,260.86 $719,004.42
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 955,000 $804,300.28
SOUTHWEST AIRLINES CO 5.12500 06/15/2027 US 2,320,000 $2,297,210.29
STAG INDUSTRIAL INC US STAG 2,076 $67,075.56
STANLEY BLACK & DECKER INC US SWK 140 $10,516.80
SRPT 2014-STAR A FLTG RATE 5.78800 11/15/2027 US 1,910,952.51 $1,326,130.93
STEEL DYNAMICS INC US STLD 249 $24,327.30
SUN COMMUNITIES US SUI 2,435 $348,205.00
SCML 2019-SBC8 2.86000 04/25/2041 US 162,397.66 $148,558.88
SYNCHRONOSS TECH US 19,435 $348,858.25
SYNERGY ONE LENDING 5.50000 10/14/2026 US 525,000 $452,419.14
TJX COMPANIES INC US TJX 663 $52,774.80
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 32,899 $2,450,646.51
TARGET CORP US TGT 245 $36,514.80
TENCENT HOLDINGS 3.97500 04/11/2029 KY 5,250,000 $4,855,504.19
TERRENO REALTY CORP US TRNO 3,257 $185,225.59
TEXAS INSTRUMENTS INC US TXN 415 $68,566.30
THERMO FISHER SCIENTIFIC INC US TMO 3,276 $1,804,060.44
3M CO US MMM 429 $51,445.68
TPMT 2016-5 A1 2.50000 10/25/2056 US 172,925.95 $170,022.85
TPMT 2017-1 A1 2.75000 10/25/2056 US 127,537.59 $125,392.70
TPMT 2019-HY1 A1 5.38871 10/25/2048 US 310,477.76 $307,978.07
TRACTOR SUPPLY COMPANY US TSCO 92 $20,697.24
TRAVELLERS COS INC US TRV 227 $42,560.23
TAH 2017-SFR2 A 2.92800 01/17/2036 US 1,364,482.34 $1,322,522.76
TYSON FOODS INC -CL A US TSN 363 $22,596.75
UDR INC US UDR 4,881 $189,041.13
U.S. BANCORP US USB 1,166 $50,849.26
UNILEVER PLC - ADR GB UL 84,335 $4,246,267.25
UNION PAC CORP US UNP 406 $84,070.42
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 425,535.92 $362,825.22
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 75,931.7 $68,754.05
UNITED MEXICAN STATES 4.12500 01/21/2026 MX 200,000 $195,212.15
UNITED PARCEL SERVICE US UPS 393 $68,319.12
TREASURY BOND 2.37500 02/15/2042 US 14,900,000 $11,466,015.63
TREASURY NOTE 2.25000 11/15/2027 US 33,920,000 $31,299,150.17
US TREASURY N/B 3.12500 11/15/2028 US 10,450,000 $9,983,832.08
US TREASURY N/B 2.25000 11/15/2025 US 16,705,000 $15,821,462.19
US TREASURY N/B 2.00000 11/15/2026 US 17,225,000 $15,937,162.20
US TEASURY NOTE 1.75000 11/15/2029 US 22,930,000 $20,045,835.94
US TREASURY N/B 1.37500 11/15/2031 US 9,710,000 $7,933,373.44
VF CORP US VFC 339 $9,359.79
VENTAS INC US VTR 2,933 $132,131.65
VERTEX PHARMACEUTICALS INC US VRTX 6,984 $2,016,839.52
PARAMOUNT GLOBAL CLASS B US PARA 534 $9,013.92
VISA INC - CLASS A SHARES US V 18,833 $3,912,744.08
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 600,000 $576,056.38
VISTRA OPERATIONS 4.87500 05/13/2024 US 2,065,000 $2,021,380.92
WAL MART STORES US WMT 1,195 $169,439.05
WALGREENS BOOTS ALLIANCE INC US WBA 620 $23,163.20
WASTE MANAGEMENT INC US WM 333 $52,241.04
WELLTOWER INC. US WELL 2,931 $192,127.05
WIN 2015-1 A1 3.50000 01/20/2045 US 79,331.51 $72,281.41
ZOETIS INC US ZTS 3,957 $579,898.35
ADMIRAL GROUP PLC GB ADM LN 13,104 $336,391.44
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 4,500 $34,597.80
UBISOFT ENTERTAINMENT FR UBI FP 4,494 $126,959.31
DANONE FR BN FP 2,198 $115,847.20
AIR LIQUIDE FR AI FP 2,284 $324,180.54
BRENNTAG AG DE BNR GR 1,726 $110,075.44
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 1,081,000 $51,197.38
KEYWORDS STUDIOS PLC IE KWS LN 1,623 $53,261.03
HELIOS TOWERS PLC GB HTWS LN 70,026 $89,822.07
AVANZA BANK HOLDING AB SE AZA SS 7,923 $170,024.06
AMERICAN TANKER INC 7.75000 07/02/2025 US 505,000 $483,739.11
SOFTWAREONE HOLDING AG CH SWON SW 11,391 $161,676.90
TENCENT HOLDINGS LTD CN 700 HK 4,200 $178,081.53
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 8,256 $134,077.44
SEASPAN CORP 6.50000 02/05/2024 MH 500,000 $496,467.01
PETROTAL CORP 12.00000 02/16/2024 CA 400,000 $403,015.34
IMCD NV NL IMCD NA 415 $59,362.25
FINECOBANK SPA IT FBK IM 17,617 $292,550.03
ALLFUNDS GROUP PLC GB ALLFG NA 15,971 $112,000.50
ROTORK PLC GB ROR LN 34,536 $128,343.14
AUTO TRADER GROUP PLC GB AUTO LN 45,845 $285,493.07
CELLNEX TELECOM SA ES CLNX SM 8,202 $272,070.61
ASSA ABLOY AB-B SE ASSAB SS 8,639 $185,818.56
CLEANAWAY WASTE MANAGEMENT AU CWY AU 130,701 $232,887.33
INTERMEDIATE CAPITAL GROUP GB ICP LN 12,452 $171,927.03
ADYEN NV NL ADYEN NA 148 $205,460.98
BANK OF N.T. BUTTERFIELD&SON BM NTB 3,435 $102,397.35
BUNGE LIMITED US BG 184 $18,357.68
EATON CORP PLC US ETN 351 $55,089.45
JOHNSON CONTROLS INTERNATIONAL US JCI 648 $41,472.00
LINDE PLC GB LIN 354 $115,467.72
MEDTRONIC INC IE MDT 19,811 $1,539,710.92
RENAISSANCERE HOLDINGS LTD BM RNR 590 $108,695.70
ROYALTY PHARMA PLC- CL A US RPRX 489 $19,325.28
STONECO LTD-A BR STNE 5,354 $50,541.76
TRANE TECHNOLOGIES IE TT 167 $28,071.03
ALCON INC CH ALC 27,159 $1,861,749.45
CHUBB LTD CH CB 314 $69,268.40
GARMIN LTD CH GRMN 233 $21,503.57
TE CONNECTIVITY LIMITED CH TEL 232 $26,633.60
LYONDELLBASELL INDU-CL A US LYB 237 $19,678.11
PLAYA HOTELS AND RESORTS US PLYA 8,704 $56,837.12
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 179,000 $169,628.36

Investments will change over time.

Distributions

  • Pro-Blend® Moderate Term Series Class S Distribution History
  • 2023 Distribution Calendar
  • Fourth Quarter 2022 Distributions
  • Third Quarter 2022 Distributions
  • Second Quarter 2022 Distributions
  • First Quarter 2023 Distributions
  • Tax Letter
  • Target 2020 Merger into Pro Blend Moderate
  • Target 2025 Merger into Pro Blend Moderate
  • Pro-Blend Moderate Series Stock Split

A Word About Risk

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


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