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 stocks, bonds, alternatives, and cash 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 his or her current risk tolerance and investment time horizon, then decide when to move to a different objective as his or her personal situation changes over the years.

Time Horizon & Range of Stock Exposure

Conservative Term Moderate Term Extended Term Maximum Term
0-5 Years 3-10 Years 15+ Years 7-20 Years
15-45% 20-60% 40-70% 70-95%

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

Manning and Napier Risk-Based Funds Graphic

Learn more about our Pro-Blend® Series

Daily Price

$13.24

Daily $ Change

-$0.08

Daily % Change

-0.60%

as of 04/24/2018

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
XBRL-3/20/18

Annualized Performance

As of 03/31/2018

YTD

-0.59%

1 Year

5.72%

3 Year

2.79%

5 Year

4.00%

10 Year

4.73%

Inception
(---)

---

US Stock Market Cycle (04/01/2000 - 03/31/2018)

5.83%

Performance data quoted represents past performance and does not guarantee future results. 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 1.08%*

Includes a shareholder servicing fee of 0.25%.

Top Ten Investments

As of 03/31/2018

TREASURY NOTES 12.74%
GOVERNMENT AGENCY 7.70%
TREASURY BONDS 5.62%
BOOKING HOLDINGS INC 1.54%
QORVO INC 1.42%
ANHEUSER-BUSCH INBEV SA/NV 1.20%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 1.09%
FACEBOOK INC -A 1.09%
DAVITA INC. 1.08%
NOVARTIS AG- REG 1.05%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 03/31/2018

Bonds 61.05%
Stocks 37.48%
Cash 1.47%

Detailed Asset Class Allocation

As of 03/31/2018

International Equities 12.69%
Small Capitalization 0.67%
Mid Capitalization 4.75%
Large Capitalization 19.38%
Long Term Fixed Income 16.68%
Intermediate Term Fixed Income 31.47%
Short Term Fixed Income 12.89%
Cash 1.47%

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

March Fund Holdings

As of 03/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00163UAB2 AMAG PHARMACEUTICALS INC 7.87500 09/01/2023 US 195,000 $192,562.50
00206REM0 AT&T INC 3.90000 08/14/2027 US 3,200,000 $3,222,030.56
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 3,200,000 $3,143,328.00
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 645,000 $665,962.50
004239109 ACADIA REALTY TRUST US AKR 2,730 $67,158.00
0045614 ANTOFAGASTA PLC GB ANTO LN 115,540 $1,493,796.88
0053673 ASHTEAD GROUP PLC GB AHT LN 8,570 $233,675.41
00772BAF8 AERCAP IRELAND CAP LTD/A 4.50000 05/15/2021 IE 2,890,000 $2,960,322.43
008492100 AGREE REALTY CORP US ADC 1,435 $68,937.40
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 100,000 $104,000.00
009563AD9 AIRXCEL INC 8.50000 02/15/2022 US 264,000 $285,450.00
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 1,085 $135,505.65
01609W102 ALIBABA GROUP - ADR CN BABA 22,500 $4,129,650.00
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 5,050,000 $4,792,980.20
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 182,000 $184,730.00
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 160,000 $160,200.00
02079K107 ALPHABET INC-CL C US GOOG 2,190 $2,259,620.10
02079K305 ALPHABET INC-CL A US GOOGL 2,180 $2,260,965.20
02155FAC9 ALTICE US FINANCE I CORP 5.50000 05/15/2026 US 200,000 $195,480.00
023135106 AMAZON.COM INC US AMZN 1,070 $1,548,653.80
02319V103 AMBEV SA-ADR BR ABEV 751,156 $5,460,904.12
0237400 DIAGEO PLC GB DGE LN 160,073 $5,413,610.20
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 3,370 $130,149.40
0263494 BAE SYSTEMS PLC GB BA/ LN 3,675 $30,067.65
02665T306 AMERICAN HOMES 4 RENT- A US AMH 10,310 $207,024.80
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 3,270,000 $3,204,380.58
026874CY1 AMERICAN INTL GROUP 4.12500 02/15/2024 US 2,075,000 $2,105,596.27
03027X100 AMERICAN TOWER REIT INC US AMT 8,595 $1,249,197.30
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 139,087.98 $140,849.58
03064D108 AMERICOLD REALTY TRUST US COLD 2,915 $55,618.20
034863AT7 ANGLO AMERICAN CAPITAL 4.00000 09/11/2027 GB 3,080,000 $2,953,730.44
03748R101 APARTMENT INVT & MGMT CO -A US AIV 3,925 $159,943.75
0405207 HALMA PLC GB HLMA LN 7,010 $116,038.00
04621WAC4 ASSURED GUARANTY US HLDG 5.00000 07/01/2024 US 3,540,000 $3,773,652.71
0490656 KERRY GROUP PLC-A IE KYGA LN 2,110 $213,282.11
053484101 AVALONBAY COMMUNITIES INC US AVB 2,390 $393,059.40
05501U106 AZUL S.A SPONSORED ADR PFD BR AZUL 4,555 $158,286.25
0557681 HOWDEN JOINERY GROUP INC GB HWDN LN 12,375 $80,101.77
05582QAD9 BMWOT 2016-A A3 1.16000 11/25/2020 US 2,180,000 $2,158,963.87
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 2,809,000 $2,714,049.90
058498106 BALL CORP US BLL 127,080 $5,046,346.80
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 2,188,000 $2,183,695.74
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 55,000 $4,458,850.00
09062X103 BIOGEN IDEC INC US BIIB 11,340 $3,105,118.80
09247X101 BLACKROCK INC US BLK 6,530 $3,537,431.60
0946580 WEIR GROUP PLC/THE GB WEIR LN 13,920 $390,199.42
09627J102 BLUEROCK RESIDENTIAL GROWTH US 6,210 $52,785.00
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 4,420,000 $4,736,788.83
09857L108 BOOKING HOLDINGS INC US BKNG 4,460 $9,278,539.40
101121101 BOSTON PROPERTIES INC US BXP 2,260 $278,477.20
105368203 BRANDYWINE REALTY TRUST US BDN 7,955 $126,325.40
110122108 BRISTOL MYERS SQUIBB CO US BMY 40,260 $2,546,445.00
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 2,250 $129,802.50
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 385,000 $362,812.45
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 346,000 $329,132.50
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 1,093,945.78 $1,015,916.82
12770QAA3 CZR 2017-VICI A 3.53100 10/15/2034 US 1,850,000 $1,867,427.93
13321L108 CAMECO CORP CA CCJ 7,509 $68,256.81
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 15,375 $191,726.25
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 245,884.16 $245,576.80
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 347,000 $330,517.50
16411QAA9 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 160,000 $157,800.00
16412XAD7 CHENIERE CORP CHRISTI HD 7.00000 06/30/2024 US 225,000 $248,906.25
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 4,174,330.5 $4,130,428.23
165240102 CHESAPEAKE LODGING TRUST US CHSP 4,870 $135,434.70
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 3,220,000 $4,876,062.13
19238VAG0 COGECO CABLE INC 4.87500 05/01/2020 CA 95,000 $95,237.50
19625JAA1 CAH 2015-1A A 2.91794 07/17/2032 US 1,029,270.65 $1,032,516.45
19625W104 COLONY NORTHSTAR INC-CLASS A US CLNS 12,638 $71,025.56
198287203 COLUMBIA PROPERTY TRUST INC US CXP 3,410 $69,768.60
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 7,415 $190,862.10
21871N101 CORECIVIC INC US CXW 9,810 $191,491.20
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 2,810,000 $3,220,991.33
222795106 COUSINS PROPERTIES INC US CUZ 31,880 $276,718.40
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 1,320,000 $1,312,968.10
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 170,000 $165,750.00
22822V101 CROWN CASTLE INTL CORP US CCI 1,435 $157,290.35
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 788,282.73 $736,509.90
229663109 CUBESMART US CUBE 4,270 $120,414.00
23311RAC0 DCP MIDSTREAM OPERATING 9.75000 03/15/2019 US 95,000 $100,225.00
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 2,475 $34,752.01
23918K108 DAVITA INC. US DVA 99,220 $6,542,566.80
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 251,000 $242,604.05
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 30,500 $93,345.43
25271C102 DIAMOND OFFSHORE DRILLING US DO 83,030 $1,217,219.80
253868103 DIGITAL REALTY TRUST INC US DLR 3,125 $329,312.50
2643674 GRUPO MEXICO SAB DE CV-SER MX GMEXICOB MM 71,120 $236,871.07
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 286,000 $287,430.00
269246401 ETRADE FINANCIAL CORP US ETFC 43,905 $2,432,776.05
269246BP8 E*TRADE FINANCIAL CORP 2.95000 08/24/2022 US 1,540,000 $1,499,124.32
2715777 QUEBECOR INC -CL B CA QBR/B CN 4,085 $78,094.89
277276101 EASTGROUP PROPERTIES US EGP 530 $43,809.80
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 1,700 $32,750.42
28140H203 EDUCATION REALTY TRUST INC US EDR 1,283 $42,018.25
285512109 ELECTRONIC ARTS US EA 26,507 $3,213,708.68
2866857 LUNDIN MINING CORP CA LUN CN 220,005 $1,442,963.67
29250NAR6 ENBRIDGE INC 3.70000 07/15/2027 CA 1,435,000 $1,375,558.66
29372EBL1 ENTERPRISE FLEET FINANCING FLT 1.59000 02/22/2021 US 328,850.9 $328,570.39
29372EBV9 EFF 2017-1 A2 2.13000 07/20/2022 US 693,473.3 $689,711.21
294429105 EQUIFAX INC US EFX 25,290 $2,979,414.90
29444U700 EQUINIX INC US EQIX 1,380 $577,033.20
294628102 EQUITY COMMONWEALTH US EQC 2,970 $91,089.90
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 1,610 $141,309.70
29476L107 EQUITY RESIDENTIAL US EQR 3,460 $213,205.20
297178105 ESSEX PROPERTY TRUST INC US ESS 545 $131,170.60
298736109 EURONET WORLDWIDE INC US EEFT 32,580 $2,571,213.60
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 6,700,000 $6,595,124.90
30225T102 EXTRA SPACE STORAGE INC US EXR 2,355 $205,732.80
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 227,693.23 $227,113.50
30291EAE4 FREMF 2013-K712 B FLT 3.36434 05/25/2045 US 742,000 $746,256.11
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 128,758,505.16 $500,020.78
30303M102 FACEBOOK INC -A US FB 41,215 $6,585,744.85
3128M5NM8 FHLM POOL G03696 5.50000 01/01/2038 US 1,592.65 $1,746.77
3128M5RA0 FHLM POOL G03781 6.00000 01/01/2038 US 238,947.32 $266,771.00
3128M5VT4 FHLM POOL G03926 6.00000 02/01/2038 US 243,688.29 $273,020.86
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 243,758.45 $267,331.33
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 187,905.04 $210,687.00
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 182,861.69 $205,215.83
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 17,778.3 $18,494.56
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 41,204 $42,929.19
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 28,437.33 $29,575.65
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 21,895.7 $22,885.59
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 38,790.03 $40,540.51
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 306,718.21 $336,417.15
3128MJZU7 FHLM POOL G08754 4.50000 03/01/2047 US 1,543,157.36 $1,616,282.14
3128P75P4 FHLM POOL C91754 4.50000 03/01/2034 US 601,295.53 $632,305.33
3128P75X7 FHLM POOL C91762 4.50000 05/01/2034 US 826,106.82 $873,469.22
3128P8BT7 FHLM POOL C91850 4.00000 09/01/2035 US 1,425,952.47 $1,480,054.93
3128P8BX8 FHLM POOL C91854 4.00000 10/01/2035 US 1,032,062.73 $1,071,218.78
312941F69 FHLM POOL A92889 4.50000 07/01/2040 US 1,885,439.58 $1,995,077.99
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 1,940,521.84 $1,998,262.01
3132WF3E7 FHLM POOL Q42596 3.50000 08/01/2046 US 1,501,604.62 $1,507,756.05
3132WJX55 FHLM POOL Q45199 4.00000 01/01/2047 US 809,315.14 $834,154.54
3132WJYG0 FHLM POOL Q45210 4.00000 01/01/2047 US 680,818.04 $700,064.17
3132WPDP9 FHLM GOLD POOL FG Q49109 4.00000 07/01/2047 US 592,778.35 $609,213.33
3132XSLZ1 FHLM GOLD POOL FG Q50343 4.00000 08/01/2047 US 643,793.7 $661,469.34
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 1,005,516.71 $1,034,558.79
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 60,881.37 $61,829.61
3137A2B34 FHMS K009 X1 FLT 1.29512 08/25/2020 US 13,152,846.41 $333,791.62
3137ADTK3 FHMS K014 X1 FLT 1.17939 04/25/2021 US 8,264,244.39 $250,071.90
3137AJMG6 FMHS K016 X1 FLT 1.52075 10/25/2021 US 5,562,264.14 $245,687.99
3137AL6W4 FHMS K706 X1 FLT 1.54720 10/25/2018 US 8,110,059.41 $43,816.22
3137AME78 FHMS K017 X1 FLT 1.34561 12/25/2021 US 8,296,558.27 $337,466.66
3137AUPF0 FHMS K021 x1 FLT 1.46192 06/25/2022 US 10,041,539.21 $506,919.99
3137B36J2 FHMS K029 A2 3.32000 02/25/2023 US 2,431,000 $2,476,322.83
3137B3NB0 FHMS K030 X1 FLT 0.20508 04/25/2023 US 52,014,903.28 $468,773.91
3137B4GZ3 FHMS K032 X1 FLT 0.10903 05/25/2023 US 39,193,512.82 $214,533.53
3137B4WB8 FHMS K033 A2 3.06000 07/25/2023 US 3,970,000 $3,992,234.78
3137B5KW2 FHMS K035 A2 3.45800 08/25/2023 US 3,613,000 $3,704,325.08
3137BT7J4 FHMS KJ10 A2 2.91200 12/25/2023 US 3,060,000 $3,047,052.22
3137BWVV3 FHMS KJ13 A2 2.86400 08/25/2022 US 1,911,000 $1,911,204.29
3138AJXA5 FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 US 771,545.01 $797,574.96
3138EGE26 FEDERAL NATL MTG ASSN AL0152 6.00000 06/01/2040 US 805,890.29 $903,439.84
3138EGHT4 FEDERAL NATL MTG ASSN AL0241 4.00000 04/01/2041 US 1,011,364.94 $1,045,378.56
3138EHR87 FEDERAL NATL MTG ASSN AL1410 4.50000 12/01/2041 US 1,728,898.2 $1,826,896.71
3138EHXZ0 FEDERAL NATL MTG ASSN AL1595 6.00000 01/01/2040 US 723,075.58 $811,765.45
3138EP2A1 FEDERAL NATL MTG ASSN AL7068 4.50000 09/01/2042 US 1,824,577.32 $1,929,074.48
3138EQST0 FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 904,783.26 $935,175.09
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65200 01/01/2049 US 1,993,541.68 $2,159,903.73
3138WHMS8 FEDERAL NATL MTG ASSN AS7568 4.50000 07/01/2046 US 806,620.01 $844,974.65
3138Y6Y81 FEDERAL NATL MTG ASSN AX5234 4.50000 11/01/2044 US 1,209,160.52 $1,267,621.97
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 563,474.87 $619,198.42
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 822,447.51 $846,370.82
3140EX2Y8 FEDERAL NATL MTG ASSN BC3490 3.50000 02/01/2046 US 2,346,189.78 $2,353,773.51
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 1,367,100.61 $1,371,522.87
3140F8RB5 FEDERAL NATL MTG ASSN BD1381 3.50000 06/01/2046 US 820,179.85 $822,828.83
3140FA5G3 FEDERAL NATL MTG ASSN FN BD3546 4.00000 09/01/2047 US 410,064.96 $421,631.60
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 591,565.32 $622,283.67
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 30,957.14 $32,177.04
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 38,368.12 $39,857.97
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 238,671.09 $245,698.83
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 287,174.56 $295,707.63
31410KJV7 FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 478,294.64 $537,625.14
31416BRR1 FEDERAL NATL MTG ASSN 995196 6.00000 07/01/2038 US 1,072,294.75 $1,204,136.65
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 16,086.86 $16,432.53
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 191,164.6 $196,519.40
31417FB72 FEDERAL NATL MTG ASSN AB8161 6.00000 12/01/2037 US 702,297.89 $788,451.70
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 909,505.96 $961,778.80
31418B6G6 FEDERAL NATL MTG ASSN FN MA2670 3.00000 07/01/2046 US 2,310,671.47 $2,255,713.58
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 733,433.97 $774,869.48
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 597,442.27 $631,005.66
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 1,794,175.29 $1,751,505.69
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 54,827.2 $61,496.64
31418MGR7 FEDERAL NATL MTG ASSN AD0207 6.00000 10/01/2038 US 159,926.14 $179,358.46
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 27,347.04 $28,604.83
31418MSR4 FEDERAL NATL MTG ASSN AD0527 5.50000 06/01/2039 US 141,091.72 $154,447.67
31428X106 FEDEX CORPORATION US FDX 13,630 $3,272,699.30
315419AA9 FERROGLOBE / GLOBE SPEC 9.37500 03/01/2022 GB 175,000 $182,000.00
32054K103 FIRST INDUSTRIAL REALTY TR US FR 6,470 $189,118.10
345605109 FOREST CITY REALTY TRUST - A US FCE/A 5,235 $106,061.10
35563BAJ9 FREMF 2014-K37 B FLT 4.55894 01/25/2047 US 1,657,000 $1,733,568.48
35802XAA1 FRESENIUS MED CARE US 6.50000 09/15/2018 US 108,000 $109,621.13
36143WAN1 GAHR 2015-NRF BFX FLT 3.38216 12/15/2034 US 1,928,000 $1,931,182.16
36143WAS0 GAHR 2015-NRF DFX FLT 3.38216 12/15/2034 US 1,000,000 $993,157.40
36174X101 GGP INC US GGP 6,740 $137,900.40
36219YGD2 GNMA POOL 263096 9.50000 03/15/2020 US 421.63 $422.97
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 589,000 $582,160.94
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 85,146.87 $86,368.80
371559105 GENESEE & WYOMING INC -CL A US GWR 30,740 $2,176,084.60
374297109 GETTY REALTY CORP US GTY 4,595 $115,885.90
37950E366 GLOBAL X MSCI GREECE ETF GR 18,085 $175,424.50
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 350,000 $351,400.00
37954A204 GLOBAL MEDICAL REIT INC US GMRE 7,360 $51,152.00
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 190,000 $189,525.00
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BB22L96 KION GROUP AG DE KGX GR 2,970 $277,281.52
BBG00HGG4WB2 BABA US 04/20/18 P175 CN -68 -$20,060.00
BBG00HH5X1Q5 MA US 04/20/18 P160 US -74 -$5,402.00
BBG00HJYYS71 REGN US 04/20/18 C360 US -33 -$16,170.00
BBG00K1PWX55 LULU US 03/29/18 C90 CA -133 -$399.00
BBG00K4117D7 QRVO US 04/20/18 P67.5 US -172 -$23,220.00
BBG00K4BM7W1 UL US 04/20/18 P47.5 GB -250 -$1,250.00
BBG00K5JF822 MDT US 04/06/18 P77.5 IE -155 -$3,100.00
BBG00K996BS5 AMZN US 04/27/18 P1350 US -8 -$28,800.00
BBG00KCSQKF1 SCHW US 04/20/18 P50.5 US -236 -$23,600.00
BDZZRC1 BOLSAS Y MERCADOS ARGENTINOS AR 6,565 $129,780.46
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 200,000 $191,250.00
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 61,910 $109,999.93
BGSH2S6 CVC BRASIL OPERADORA E AGENCIA BR CVCB3 BZ 6,300 $115,697.35
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 170,640 $169,871.07
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 62,278 $3,343,056.24
BNBNSG0 EURONEXT NV NL ENX FP 3,905 $286,232.64
BNGN9Z1 FINECOBANK SPA IT FBK IM 28,940 $348,330.26
BP269Z8 AXIA REAL ESTATE SOCIMI SA ES AXIA SM 2,615 $53,210.67
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 105,265 $3,309,393.09
BVRZ8L1 AENA SA ES AENA SM 1,840 $371,024.40
BVSS790 ELIS SA FR ELIS FP 3,920 $97,062.71
BYXS699 QIAGEN N.V. NL QIA GR 4,357 $140,854.76
BYY8LS2 MAISONS DU MONDE SA FR MDM FP 2,350 $85,828.91
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 65,770 $7,231,206.63
BYZ43T4 EUROBANK ERGASIAS SA GR EUROB GA 163,355 $155,331.87
BYZFYS3 SPIE SA FR SPIE FP 8,460 $187,189.39
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 23,190 $141,259.59
BYZR014 AMUNDI SA FR AMUN FP 3,185 $255,778.90
BYZWX76 CRODA INTERNATIONAL PLC GB CRDA LN 3,885 $249,577.12
BZ3C3Q4 BANKIA SA ES BKIA SM 25,677.5 $115,188.25
BZCNN35 BANCO COMERCIAL PORTUGUES-R PT BCP PL 280,845 $94,172.97
G02602103 AMDOCS LTD GG DOX 4,005 $267,213.60
G06242104 ATLASSIAN CORP PLC-CLASS A AU TEAM 1,488 $80,232.96
G3157S106 ENSCO INTERNATIONAL INC US ESV 115,390 $506,562.10
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 272,000 $282,200.00
G45667105 HOLLYSYS AUTOMATION TECHNOLOGIES CN HOLI 5,115 $126,442.80
G57279104 LUXOFT HOLDING INC CH LXFT 510 $20,884.50
G5960L103 MEDTRONIC INC IE MDT 73,660 $5,909,005.20
G97822103 PERRIGO CO PLC IE PRGO 2,530 $210,850.20
H8817H100 TRANSOCEAN LTD US RIG 207,620 $2,055,438.00
N47279109 INTERXION HOLDING NX NL INXN 4,595 $285,395.45
N72482123 QIAGEN N.V. ADR NL QGEN 3,401 $109,886.31
USD US DOLLAR US 9,009,186.51 $9,009,186.51

Investments will change over time.

Daily Price

$13.24

Daily $ Change

-$0.08

Daily % Change

-0.60%

as of 04/24/2018

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
XBRL-3/20/18

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 stocks, bonds, alternatives, and cash 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 his or her current risk tolerance and investment time horizon, then decide when to move to a different objective as his or her personal situation changes over the years.

Time Horizon & Range of Stock Exposure

Conservative Term Moderate Term Extended Term Maximum Term
0-5 Years 3-10 Years 15+ Years 7-20 Years
15-45% 20-60% 40-70% 70-95%

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

Manning and Napier Risk-Based Funds Graphic

Learn more about our Pro-Blend® Series

Annualized Performance

As of 03/31/2018

YTD

-0.59%

1 Year

5.72%

3 Year

2.79%

5 Year

4.00%

10 Year

4.73%

Inception
(---)

---

US Stock Market Cycle (04/01/2000 - 03/31/2018)

5.83%

Performance data quoted represents past performance and does not guarantee future results. 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 1.08%*

Includes a shareholder servicing fee of 0.25%.

Top Ten Investments

As of 03/31/2018

TREASURY NOTES 12.74%
GOVERNMENT AGENCY 7.70%
TREASURY BONDS 5.62%
BOOKING HOLDINGS INC 1.54%
QORVO INC 1.42%
ANHEUSER-BUSCH INBEV SA/NV 1.20%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 1.09%
FACEBOOK INC -A 1.09%
DAVITA INC. 1.08%
NOVARTIS AG- REG 1.05%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 03/31/2018

Bonds
61.05%
Stocks
37.48%
Cash
1.47%

Detailed Asset Class Allocation

As of 03/31/2018

International Equities
12.69%
Small Capitalization
0.67%
Mid Capitalization
4.75%
Large Capitalization
19.38%
Long Term Fixed Income
16.68%
Intermediate Term Fixed Income
31.47%
Short Term Fixed Income
12.89%
Cash
1.47%

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

March Fund Holdings

As of 03/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00163UAB2 AMAG PHARMACEUTICALS INC 7.87500 09/01/2023 US 195,000 $192,562.50
00206REM0 AT&T INC 3.90000 08/14/2027 US 3,200,000 $3,222,030.56
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 3,200,000 $3,143,328.00
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 645,000 $665,962.50
004239109 ACADIA REALTY TRUST US AKR 2,730 $67,158.00
0045614 ANTOFAGASTA PLC GB ANTO LN 115,540 $1,493,796.88
0053673 ASHTEAD GROUP PLC GB AHT LN 8,570 $233,675.41
00772BAF8 AERCAP IRELAND CAP LTD/A 4.50000 05/15/2021 IE 2,890,000 $2,960,322.43
008492100 AGREE REALTY CORP US ADC 1,435 $68,937.40
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 100,000 $104,000.00
009563AD9 AIRXCEL INC 8.50000 02/15/2022 US 264,000 $285,450.00
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 1,085 $135,505.65
01609W102 ALIBABA GROUP - ADR CN BABA 22,500 $4,129,650.00
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 5,050,000 $4,792,980.20
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 182,000 $184,730.00
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 160,000 $160,200.00
02079K107 ALPHABET INC-CL C US GOOG 2,190 $2,259,620.10
02079K305 ALPHABET INC-CL A US GOOGL 2,180 $2,260,965.20
02155FAC9 ALTICE US FINANCE I CORP 5.50000 05/15/2026 US 200,000 $195,480.00
023135106 AMAZON.COM INC US AMZN 1,070 $1,548,653.80
02319V103 AMBEV SA-ADR BR ABEV 751,156 $5,460,904.12
0237400 DIAGEO PLC GB DGE LN 160,073 $5,413,610.20
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 3,370 $130,149.40
0263494 BAE SYSTEMS PLC GB BA/ LN 3,675 $30,067.65
02665T306 AMERICAN HOMES 4 RENT- A US AMH 10,310 $207,024.80
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 3,270,000 $3,204,380.58
026874CY1 AMERICAN INTL GROUP 4.12500 02/15/2024 US 2,075,000 $2,105,596.27
03027X100 AMERICAN TOWER REIT INC US AMT 8,595 $1,249,197.30
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 139,087.98 $140,849.58
03064D108 AMERICOLD REALTY TRUST US COLD 2,915 $55,618.20
034863AT7 ANGLO AMERICAN CAPITAL 4.00000 09/11/2027 GB 3,080,000 $2,953,730.44
03748R101 APARTMENT INVT & MGMT CO -A US AIV 3,925 $159,943.75
0405207 HALMA PLC GB HLMA LN 7,010 $116,038.00
04621WAC4 ASSURED GUARANTY US HLDG 5.00000 07/01/2024 US 3,540,000 $3,773,652.71
0490656 KERRY GROUP PLC-A IE KYGA LN 2,110 $213,282.11
053484101 AVALONBAY COMMUNITIES INC US AVB 2,390 $393,059.40
05501U106 AZUL S.A SPONSORED ADR PFD BR AZUL 4,555 $158,286.25
0557681 HOWDEN JOINERY GROUP INC GB HWDN LN 12,375 $80,101.77
05582QAD9 BMWOT 2016-A A3 1.16000 11/25/2020 US 2,180,000 $2,158,963.87
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 2,809,000 $2,714,049.90
058498106 BALL CORP US BLL 127,080 $5,046,346.80
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 2,188,000 $2,183,695.74
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 55,000 $4,458,850.00
09062X103 BIOGEN IDEC INC US BIIB 11,340 $3,105,118.80
09247X101 BLACKROCK INC US BLK 6,530 $3,537,431.60
0946580 WEIR GROUP PLC/THE GB WEIR LN 13,920 $390,199.42
09627J102 BLUEROCK RESIDENTIAL GROWTH US 6,210 $52,785.00
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 4,420,000 $4,736,788.83
09857L108 BOOKING HOLDINGS INC US BKNG 4,460 $9,278,539.40
101121101 BOSTON PROPERTIES INC US BXP 2,260 $278,477.20
105368203 BRANDYWINE REALTY TRUST US BDN 7,955 $126,325.40
110122108 BRISTOL MYERS SQUIBB CO US BMY 40,260 $2,546,445.00
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 2,250 $129,802.50
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 385,000 $362,812.45
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 346,000 $329,132.50
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 1,093,945.78 $1,015,916.82
12770QAA3 CZR 2017-VICI A 3.53100 10/15/2034 US 1,850,000 $1,867,427.93
13321L108 CAMECO CORP CA CCJ 7,509 $68,256.81
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 15,375 $191,726.25
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 245,884.16 $245,576.80
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 347,000 $330,517.50
16411QAA9 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 160,000 $157,800.00
16412XAD7 CHENIERE CORP CHRISTI HD 7.00000 06/30/2024 US 225,000 $248,906.25
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 4,174,330.5 $4,130,428.23
165240102 CHESAPEAKE LODGING TRUST US CHSP 4,870 $135,434.70
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 3,220,000 $4,876,062.13
19238VAG0 COGECO CABLE INC 4.87500 05/01/2020 CA 95,000 $95,237.50
19625JAA1 CAH 2015-1A A 2.91794 07/17/2032 US 1,029,270.65 $1,032,516.45
19625W104 COLONY NORTHSTAR INC-CLASS A US CLNS 12,638 $71,025.56
198287203 COLUMBIA PROPERTY TRUST INC US CXP 3,410 $69,768.60
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 7,415 $190,862.10
21871N101 CORECIVIC INC US CXW 9,810 $191,491.20
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 2,810,000 $3,220,991.33
222795106 COUSINS PROPERTIES INC US CUZ 31,880 $276,718.40
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 1,320,000 $1,312,968.10
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 170,000 $165,750.00
22822V101 CROWN CASTLE INTL CORP US CCI 1,435 $157,290.35
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 788,282.73 $736,509.90
229663109 CUBESMART US CUBE 4,270 $120,414.00
23311RAC0 DCP MIDSTREAM OPERATING 9.75000 03/15/2019 US 95,000 $100,225.00
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 2,475 $34,752.01
23918K108 DAVITA INC. US DVA 99,220 $6,542,566.80
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 251,000 $242,604.05
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 30,500 $93,345.43
25271C102 DIAMOND OFFSHORE DRILLING US DO 83,030 $1,217,219.80
253868103 DIGITAL REALTY TRUST INC US DLR 3,125 $329,312.50
2643674 GRUPO MEXICO SAB DE CV-SER MX GMEXICOB MM 71,120 $236,871.07
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 286,000 $287,430.00
269246401 ETRADE FINANCIAL CORP US ETFC 43,905 $2,432,776.05
269246BP8 E*TRADE FINANCIAL CORP 2.95000 08/24/2022 US 1,540,000 $1,499,124.32
2715777 QUEBECOR INC -CL B CA QBR/B CN 4,085 $78,094.89
277276101 EASTGROUP PROPERTIES US EGP 530 $43,809.80
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 1,700 $32,750.42
28140H203 EDUCATION REALTY TRUST INC US EDR 1,283 $42,018.25
285512109 ELECTRONIC ARTS US EA 26,507 $3,213,708.68
2866857 LUNDIN MINING CORP CA LUN CN 220,005 $1,442,963.67
29250NAR6 ENBRIDGE INC 3.70000 07/15/2027 CA 1,435,000 $1,375,558.66
29372EBL1 ENTERPRISE FLEET FINANCING FLT 1.59000 02/22/2021 US 328,850.9 $328,570.39
29372EBV9 EFF 2017-1 A2 2.13000 07/20/2022 US 693,473.3 $689,711.21
294429105 EQUIFAX INC US EFX 25,290 $2,979,414.90
29444U700 EQUINIX INC US EQIX 1,380 $577,033.20
294628102 EQUITY COMMONWEALTH US EQC 2,970 $91,089.90
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 1,610 $141,309.70
29476L107 EQUITY RESIDENTIAL US EQR 3,460 $213,205.20
297178105 ESSEX PROPERTY TRUST INC US ESS 545 $131,170.60
298736109 EURONET WORLDWIDE INC US EEFT 32,580 $2,571,213.60
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 6,700,000 $6,595,124.90
30225T102 EXTRA SPACE STORAGE INC US EXR 2,355 $205,732.80
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 227,693.23 $227,113.50
30291EAE4 FREMF 2013-K712 B FLT 3.36434 05/25/2045 US 742,000 $746,256.11
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 128,758,505.16 $500,020.78
30303M102 FACEBOOK INC -A US FB 41,215 $6,585,744.85
3128M5NM8 FHLM POOL G03696 5.50000 01/01/2038 US 1,592.65 $1,746.77
3128M5RA0 FHLM POOL G03781 6.00000 01/01/2038 US 238,947.32 $266,771.00
3128M5VT4 FHLM POOL G03926 6.00000 02/01/2038 US 243,688.29 $273,020.86
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 243,758.45 $267,331.33
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 187,905.04 $210,687.00
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 182,861.69 $205,215.83
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 17,778.3 $18,494.56
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 41,204 $42,929.19
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 28,437.33 $29,575.65
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 21,895.7 $22,885.59
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 38,790.03 $40,540.51
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 306,718.21 $336,417.15
3128MJZU7 FHLM POOL G08754 4.50000 03/01/2047 US 1,543,157.36 $1,616,282.14
3128P75P4 FHLM POOL C91754 4.50000 03/01/2034 US 601,295.53 $632,305.33
3128P75X7 FHLM POOL C91762 4.50000 05/01/2034 US 826,106.82 $873,469.22
3128P8BT7 FHLM POOL C91850 4.00000 09/01/2035 US 1,425,952.47 $1,480,054.93
3128P8BX8 FHLM POOL C91854 4.00000 10/01/2035 US 1,032,062.73 $1,071,218.78
312941F69 FHLM POOL A92889 4.50000 07/01/2040 US 1,885,439.58 $1,995,077.99
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 1,940,521.84 $1,998,262.01
3132WF3E7 FHLM POOL Q42596 3.50000 08/01/2046 US 1,501,604.62 $1,507,756.05
3132WJX55 FHLM POOL Q45199 4.00000 01/01/2047 US 809,315.14 $834,154.54
3132WJYG0 FHLM POOL Q45210 4.00000 01/01/2047 US 680,818.04 $700,064.17
3132WPDP9 FHLM GOLD POOL FG Q49109 4.00000 07/01/2047 US 592,778.35 $609,213.33
3132XSLZ1 FHLM GOLD POOL FG Q50343 4.00000 08/01/2047 US 643,793.7 $661,469.34
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 1,005,516.71 $1,034,558.79
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 60,881.37 $61,829.61
3137A2B34 FHMS K009 X1 FLT 1.29512 08/25/2020 US 13,152,846.41 $333,791.62
3137ADTK3 FHMS K014 X1 FLT 1.17939 04/25/2021 US 8,264,244.39 $250,071.90
3137AJMG6 FMHS K016 X1 FLT 1.52075 10/25/2021 US 5,562,264.14 $245,687.99
3137AL6W4 FHMS K706 X1 FLT 1.54720 10/25/2018 US 8,110,059.41 $43,816.22
3137AME78 FHMS K017 X1 FLT 1.34561 12/25/2021 US 8,296,558.27 $337,466.66
3137AUPF0 FHMS K021 x1 FLT 1.46192 06/25/2022 US 10,041,539.21 $506,919.99
3137B36J2 FHMS K029 A2 3.32000 02/25/2023 US 2,431,000 $2,476,322.83
3137B3NB0 FHMS K030 X1 FLT 0.20508 04/25/2023 US 52,014,903.28 $468,773.91
3137B4GZ3 FHMS K032 X1 FLT 0.10903 05/25/2023 US 39,193,512.82 $214,533.53
3137B4WB8 FHMS K033 A2 3.06000 07/25/2023 US 3,970,000 $3,992,234.78
3137B5KW2 FHMS K035 A2 3.45800 08/25/2023 US 3,613,000 $3,704,325.08
3137BT7J4 FHMS KJ10 A2 2.91200 12/25/2023 US 3,060,000 $3,047,052.22
3137BWVV3 FHMS KJ13 A2 2.86400 08/25/2022 US 1,911,000 $1,911,204.29
3138AJXA5 FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 US 771,545.01 $797,574.96
3138EGE26 FEDERAL NATL MTG ASSN AL0152 6.00000 06/01/2040 US 805,890.29 $903,439.84
3138EGHT4 FEDERAL NATL MTG ASSN AL0241 4.00000 04/01/2041 US 1,011,364.94 $1,045,378.56
3138EHR87 FEDERAL NATL MTG ASSN AL1410 4.50000 12/01/2041 US 1,728,898.2 $1,826,896.71
3138EHXZ0 FEDERAL NATL MTG ASSN AL1595 6.00000 01/01/2040 US 723,075.58 $811,765.45
3138EP2A1 FEDERAL NATL MTG ASSN AL7068 4.50000 09/01/2042 US 1,824,577.32 $1,929,074.48
3138EQST0 FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 904,783.26 $935,175.09
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65200 01/01/2049 US 1,993,541.68 $2,159,903.73
3138WHMS8 FEDERAL NATL MTG ASSN AS7568 4.50000 07/01/2046 US 806,620.01 $844,974.65
3138Y6Y81 FEDERAL NATL MTG ASSN AX5234 4.50000 11/01/2044 US 1,209,160.52 $1,267,621.97
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 563,474.87 $619,198.42
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 822,447.51 $846,370.82
3140EX2Y8 FEDERAL NATL MTG ASSN BC3490 3.50000 02/01/2046 US 2,346,189.78 $2,353,773.51
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 1,367,100.61 $1,371,522.87
3140F8RB5 FEDERAL NATL MTG ASSN BD1381 3.50000 06/01/2046 US 820,179.85 $822,828.83
3140FA5G3 FEDERAL NATL MTG ASSN FN BD3546 4.00000 09/01/2047 US 410,064.96 $421,631.60
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 591,565.32 $622,283.67
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 30,957.14 $32,177.04
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780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 3,155 $206,747.15
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78442PGC4 SLM CORP 5.12500 04/05/2022 US 275,000 $277,750.00
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806857108 SCHLUMBERGER LTD NL SLB 68,743 $4,453,171.54
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81211K100 SEALED AIR CORP US SEE 66,900 $2,862,651.00
812578102 SEATTLE GENETICS INC US SGEN 88,290 $4,621,098.60
81663AAD7 SEMGROUP CORP 6.37500 03/15/2025 US 310,000 $296,050.00
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81762P102 SERVICENOW INC US NOW 29,210 $4,832,794.50
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822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 165,000 $165,412.50
828806109 SIMON PROPERTY GROUP INC US SPG 3,595 $554,888.25
82967NAY4 SIRIUS XM RADIO INC 3.87500 08/01/2022 US 165,000 $158,070.00
83088M102 SKYWORKS SOLUTIONS INC US SWKS 42,715 $4,282,605.90
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83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 300,000 $295,090.89
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 621,994.31 $616,760.79
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 1,291,263.73 $1,283,976.74
83406EAB1 SOFI 2018-A A2A 2.39000 02/25/2042 US 966,315.66 $961,816.59
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845467AL3 SOUTHWESTERN ENERGY CO 6.70000 01/23/2025 US 204,000 $197,982.00
852061AK6 SPRINT COMMUNICATIONS 9.00000 11/15/2018 US 73,000 $75,281.25
852061AR1 SPRINT COMMUNICATIONS 7.00000 08/15/2020 US 73,000 $75,920.00
85254J102 STAG INDUSTRIAL INC US STAG 6,815 $163,014.80
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862121100 STORE CAPITAL CORP US STOR 3,950 $98,039.00
866674104 SUN COMMUNITIES US SUI 2,120 $193,704.40
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 7,615 $115,900.30
87243QAB2 TENET HEALTHCARE CORP 6.00000 10/01/2020 US 95,000 $98,206.25
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876664103 TAUBMAN CTRS INC US TCO 680 $38,698.80
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 436,744.05 $434,459.88
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 205,000 $174,250.00
88032WAG1 TENCENT HOLDINGS LTD 3.59500 01/19/2028 KY 3,320,000 $3,197,755.94
88146M101 TERRENO REALTY CORP US TRNO 1,635 $56,423.85
88161DAA9 TESLA 2018-A A 2.32000 12/20/2019 US 1,249,097.57 $1,246,620.48
882508104 TEXAS INSTRUMENTS INC US TXN 21,160 $2,198,312.40
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 1,660,378.41 $1,636,450.03
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89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 1,250,000 $1,222,268.88
896356AE2 TRINIDAD DRILLING LTD 6.62500 02/15/2025 CA 281,000 $262,032.50
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 286,000 $294,580.00
902653104 UDR INC US UDR 5,920 $210,870.40
903002103 UMH PROPERTIES INC US UMH 5,940 $79,655.40
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 285,000 $275,025.00
904767704 UNILEVER PLC - ADR GB UL 67,885 $3,771,690.60
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912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 7,244,000 $9,272,320.00
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 3,984,451.49 $3,880,192.10
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 5,473,000 $4,997,319.35
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 12,990,000 $13,053,427.70
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 6,500,000 $6,503,300.77
912828D23 US TREASURY N/B 1.62500 04/30/2019 US 19,250,000 $19,140,966.85
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 5,149,098.91 $5,129,049.25
912828K58 UNITED STATES TREAS NTS 1.37500 04/30/2020 US 19,142,000 $18,774,862.37
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 7,312,000 $6,725,611.89
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 3,838,978 $3,775,056.94
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 13,758,000 $13,347,947.07
912828XQ8 US TREASURY N/B 2.00000 07/31/2022 US 12,800,000 $12,526,499.97
91704F104 URBAN EDGE PROPERTIES US UE 9,560 $204,106.00
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92339V100 VEREIT INC US VER 12,465 $86,756.40
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 4,440,000 $4,920,092.27
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 10,620 $1,730,847.60
92826C839 VISA INC - CLASS A SHARES US V 40,170 $4,805,135.40
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 350,000 $359,669.42
929042109 VORNADO REALTY TRUST US VNO 3,620 $243,626.00
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 242,000 $240,790.00
94856TAA2 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 256,000 $252,800.00
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95040Q104 WELLTOWER INC. US WELL 2,355 $128,182.65
962166104 WEYERHAEUSER CO US WY 96,077 $3,362,695.00
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 170,000 $170,425.00
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 156,000 $158,293.20
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 2,245,000 $2,146,303.22
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 846,828.91 $850,665.89
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 933,810.56 $925,407.29
98416JAE0 XERIUM TECHNOLOGIES INC 9.50000 08/15/2021 US 211,000 $217,330.00
984245100 YPF S.A.-SPONSORED ADR AR YPF 4,375 $94,587.50
98919V105 ZAYO GROUP HOLDINGS INC US ZAYO 102,650 $3,506,524.00
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AP0787667 MPC CONTAINER SHIPS FLT 6.99814 09/22/2022 NL 200,000 $201,616.00
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 200,000 $199,500.00
B037HR3 ITAU UNIBANCO HOLDINGS S-PREF BR ITUB4 BZ 9,900 $154,851.96
B037JC2 NEXITY FR NXI FP 3,130 $200,462.97
B0386J1 JYSKE BANK-REG DK JYSK DC 2,060 $122,476.08
B06JSP1 SYDBANK A/S DK SYDB DC 2,985 $110,263.62
B0CGYD6 LOJAS RENNER S.A. BR LREN3 BZ 10,880 $112,542.06
B11ZRK9 LEGRAND SA FR LR FP 2,465 $193,405.82
B138HB7 KAUFMAN & BROAD SA FR KOF FP 3,200 $168,399.61
B13X013 EIFFAGE FR FGR FP 1,855 $211,268.50
B15C557 TOTAL SA FR FP FP 3,075 $176,258.22
B1FRH89 M DIAS BRANCO SA BR MDIA3 BZ 7,800 $120,492.51
B1FW751 GALP ENERGIA SGPS SA PT GALP PL 11,635 $219,421.25
B1HDJL2 NATIXIS FR KN FP 23,345 $191,553.01
B1HKSV6 BANCA GENERALI SPA IT BGN IM 5,260 $169,707.06
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 10,500 $51,200.50
B1NXMK6 IGUATEMI EMP DE SHOPPING BR IGTA3 BZ 9,990 $118,616.97
B1WGG93 GEBERIT AG-REG CH GEBN SW 390 $172,466.72
B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 2,580 $153,997.56
B1XH026 VINCI SA FR DG FP 4,600 $453,077.95
B1Y9TB3 DANONE FR BN FP 2,286 $185,354.28
B1YVKN8 ANTA SPORTS PRODUCTS LTD CN 2020 HK 43,180 $220,425.66
B1YY4B3 UNIBAIL-RODAMCO SE FR UL NA 965 $220,429.00
B232R05 SK INNOVATION CO LTD KR 096770 KS 605 $120,249.00
B283W97 CAIXABANK S.A ES CABK SM 46,540 $221,887.07
B2B0DG9 RELX PLC GB REL LN 7,315 $150,263.21
B2QY968 HYPERMARCAS SA BR HYPE3 BZ 14,100 $153,964.17
B3FP8W8 CANADA HOUSING TRUST 4.10000 12/15/2018 CA 338,000 $266,952.71
B3NB1P2 SUNCOR ENERGY INC CA SU CN 3,180 $109,813.48
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 3,460,000 $186,394.65
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 433,000 $346,840.28
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 5,621,000 $301,156.36
B4Q2TX3 CHINA LONGYUAN POWER GROUP-H CN 916 HK 340,000 $262,575.75
B4R2R50 JULIUS BAER CH BAER SW 2,395 $147,391.87
B4WTBY3 HUANENG RENEWABLES CORP-H CN 958 HK 718,000 $270,350.56
B4X4D29 FLEURY SA BR FLRY3 BZ 17,870 $147,335.69
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 739,000 $568,277.28
B4YVF56 BRENNTAG AG DE BNR GR 2,193 $130,554.10
B5W0S97 ROYAL BANK OF CANADA 3.77000 03/30/2018 CA 390,000 $302,779.37
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 8,562,000 $478,412.35
B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 11,211 $146,474.31
B63QM77 NEXON CO LTD JP 3659 JP 11,200 $189,881.30
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 1,081,000 $60,843.41
B7FQV64 RAIA DROGASIL S.A. BR RADL3 BZ 6,265 $141,811.46
B7VQL46 FNAC DARTY SA FR FNAC FP 870 $93,105.73
BB22L96 KION GROUP AG DE KGX GR 2,970 $277,281.52
BBG00HGG4WB2 BABA US 04/20/18 P175 CN -68 -$20,060.00
BBG00HH5X1Q5 MA US 04/20/18 P160 US -74 -$5,402.00
BBG00HJYYS71 REGN US 04/20/18 C360 US -33 -$16,170.00
BBG00K1PWX55 LULU US 03/29/18 C90 CA -133 -$399.00
BBG00K4117D7 QRVO US 04/20/18 P67.5 US -172 -$23,220.00
BBG00K4BM7W1 UL US 04/20/18 P47.5 GB -250 -$1,250.00
BBG00K5JF822 MDT US 04/06/18 P77.5 IE -155 -$3,100.00
BBG00K996BS5 AMZN US 04/27/18 P1350 US -8 -$28,800.00
BBG00KCSQKF1 SCHW US 04/20/18 P50.5 US -236 -$23,600.00
BDZZRC1 BOLSAS Y MERCADOS ARGENTINOS AR 6,565 $129,780.46
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 200,000 $191,250.00
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 61,910 $109,999.93
BGSH2S6 CVC BRASIL OPERADORA E AGENCIA BR CVCB3 BZ 6,300 $115,697.35
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 170,640 $169,871.07
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 62,278 $3,343,056.24
BNBNSG0 EURONEXT NV NL ENX FP 3,905 $286,232.64
BNGN9Z1 FINECOBANK SPA IT FBK IM 28,940 $348,330.26
BP269Z8 AXIA REAL ESTATE SOCIMI SA ES AXIA SM 2,615 $53,210.67
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 105,265 $3,309,393.09
BVRZ8L1 AENA SA ES AENA SM 1,840 $371,024.40
BVSS790 ELIS SA FR ELIS FP 3,920 $97,062.71
BYXS699 QIAGEN N.V. NL QIA GR 4,357 $140,854.76
BYY8LS2 MAISONS DU MONDE SA FR MDM FP 2,350 $85,828.91
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 65,770 $7,231,206.63
BYZ43T4 EUROBANK ERGASIAS SA GR EUROB GA 163,355 $155,331.87
BYZFYS3 SPIE SA FR SPIE FP 8,460 $187,189.39
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 23,190 $141,259.59
BYZR014 AMUNDI SA FR AMUN FP 3,185 $255,778.90
BYZWX76 CRODA INTERNATIONAL PLC GB CRDA LN 3,885 $249,577.12
BZ3C3Q4 BANKIA SA ES BKIA SM 25,677.5 $115,188.25
BZCNN35 BANCO COMERCIAL PORTUGUES-R PT BCP PL 280,845 $94,172.97
G02602103 AMDOCS LTD GG DOX 4,005 $267,213.60
G06242104 ATLASSIAN CORP PLC-CLASS A AU TEAM 1,488 $80,232.96
G3157S106 ENSCO INTERNATIONAL INC US ESV 115,390 $506,562.10
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 272,000 $282,200.00
G45667105 HOLLYSYS AUTOMATION TECHNOLOGIES CN HOLI 5,115 $126,442.80
G57279104 LUXOFT HOLDING INC CH LXFT 510 $20,884.50
G5960L103 MEDTRONIC INC IE MDT 73,660 $5,909,005.20
G97822103 PERRIGO CO PLC IE PRGO 2,530 $210,850.20
H8817H100 TRANSOCEAN LTD US RIG 207,620 $2,055,438.00
N47279109 INTERXION HOLDING NX NL INXN 4,595 $285,395.45
N72482123 QIAGEN N.V. ADR NL QGEN 3,401 $109,886.31
USD US DOLLAR US 9,009,186.51 $9,009,186.51

Investments will change over time.

Distributions

  • Pro-Blend® Moderate Term Series Class S Distribution History
  • 2018 Distribution Calendar
  • Fourth Quarter 2017 Distributions
  • Third Quarter 2017 Distributions
  • Second Quarter 2017 Distributions
  • First Quarter 2018 Distributions
  • Tax Letter

A Word About Risk

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


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