Investment Objective

To provide current income and income growth, with a secondary objective of providing long-term capital appreciation.

Investment Strategy

Under normal circumstances, at least 80% of the portfolio will be invested in equity securities, primarily income-producing equity securities. Holdings may consist of U.S. and non-U.S. securities, including those in emerging markets. The Series may be invested in securities of small, large, or mid-size companies.

A “bottom-up” investment strategy focusing on individual security selection is used to identify companies that have the potential to provide a growing level of dividend income going forward, that are trading at a meaningful discount from their intrinsic value, and/or that are expected to be beneficiaries of special situations.

May be Appropriate for Investors

  • Who have a focus on income generation
  • Who generally have the time to withstand market volatility

    Daily Price

    $11.98

    Daily $ Change

    -$0.06

    Daily % Change

    -0.50%

    as of 05/18/2018

    Ticker

    MNESX

    CUSIP

    56382R506

    Inception Date

    12/31/2013

    Investment Minimum

    $2,000.00

    Investment minimum may be waived for certain qualified retirement plans and participants in an automatic investment program.

    Important Documents

    Summary Prospectus
    Prospectus
    Statement of Additional Information
    Annual Report
    Semi-Annual Report
    Fact Sheet
    Applications & Forms
    XBRL-05/14/18

    Annualized Performance

    As of 04/30/2018

    YTD

    -3.67%

    1 Year

    6.49%

    3 Year

    6.68%

    5 Year

    ---

    10 Year

    ---

    Inception
    (12/31/2013)

    7.67%

    Market Cycle

    ---

    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 1.29%
    Net 1.19%*

    *Includes a shareholder servicing fee of 0.20%. Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated prior to the expiration date (04/30/2018) without the approval of the Fund’s Board of Directors.

    Top Ten Investments

    As of 04/30/2018

    EXXON MOBIL CORP 4.26%
    BANK OF AMERICA CORP 3.35%
    JP MORGAN CHASE & CO 3.29%
    INTEL CORP 3.08%
    CITIGROUP INC 2.78%
    JOHNSON & JOHNSON 2.54%
    BP PLC-SPONS ADR 2.43%
    SEALED AIR CORP 2.27%
    MICROSOFT CORP 2.07%
    WELLS FARGO COMPANY 2.04%

    Top Ten Investments list is unaudited and excludes cash.

    Sector Allocation

    As of 04/30/2018

    Consumer Discretionary 6.32%
    Consumer Staples 4.49%
    Energy 11.94%
    Financials 22.91%
    Health Care 10.59%
    Industrials 9.14%
    Information Technology 10.99%
    Materials 10.07%
    Other 0.80%
    Real Estate 9.05%
    Utilities 3.70%

    The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Manning & Napier when referencing GICS sectors. Nether MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification nor shall any such party have any liability therefrom. The “Other” category contains securities such as ETFs and others that cannot otherwise be classified.

    Country Allocation

    As of 04/30/2018

    United States 86.98%
    United Kingdom 5.83%
    France 1.83%
    Switzerland 1.79%
    Canada 1.56%
    Netherlands 1.31%
    Ireland 0.70%

    April Fund Holdings

    As of 04/30/2018

    CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
    020002101 ALLSTATE CORPORATION US ALL 4,315 $422,093.30
    0237400 DIAGEO PLC GB DGE LN 36,940 $1,317,831.56
    026874784 AMERICAN INTL GROUP INC US AIG 6,655 $372,680.00
    037612306 APOLLO GLOBAL MANAGMENT - A US APO 18,980 $547,383.20
    037833100 APPLE COMPUTER INC US AAPL 8,485 $1,402,231.10
    04014Y101 ARES MANAGEMENT LP US ARES 18,935 $416,570.00
    055622104 BP PLC-SPONS ADR GB BP 41,860 $1,866,537.40
    060505104 BANK OF AMERICA CORP US BAC 86,120 $2,576,710.40
    06652K103 BANKUNITED INC US BKU 11,395 $451,355.95
    09253U108 BLACKSTONE GROUP LP/THE US BX 18,620 $576,289.00
    0989529 ASTRAZENECA PLC GB AZN LN 12,545 $878,185.41
    110122108 BRISTOL MYERS SQUIBB CO US BMY 20,930 $1,091,080.90
    11133T103 BROADRIDGE FINANCIAL SOLUTIONS US BR 3,505 $375,771.05
    125896100 CMS ENERGY CORP US CMS 16,780 $791,848.20
    14912Y202 CATCHMARK TIMBER TRUST INC US CTT 92,670 $1,208,416.80
    166764100 CHEVRON CORP US CVX 11,035 $1,380,588.85
    172967424 CITIGROUP INC US C 31,300 $2,136,851.00
    19625W104 COLONY NORTHSTAR INC-CLASS A US CLNS 76,790 $469,186.90
    199908104 COMFORT SYSTEMS US FIX 18,690 $788,718.00
    20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 25,090 $639,795.00
    2099084 BORALEX INC -A CA BLX CN 22,540 $402,891.86
    21871N101 CORECIVIC INC US CXW 20,770 $418,723.20
    22282E102 COVANTA HOLDING CORP US CVA 62,950 $937,955.00
    22822V101 CROWN CASTLE INTL CORP US CCI 8,050 $812,003.50
    229663109 CUBESMART US CUBE 12,960 $381,542.40
    247361702 DELTA AIR LINES INC. US DAL 12,640 $660,060.80
    253393102 DICK'S SPORTING GOODS INC US DKS 23,225 $768,515.25
    253868103 DIGITAL REALTY TRUST INC US DLR 4,140 $437,556.60
    256677105 DOLLAR GENERAL CORP US DG 15,855 $1,530,483.15
    26078J100 DOWDUPONT INC US DWDP 23,621 $1,493,792.04
    29444U700 EQUINIX INC US EQIX 1,585 $666,952.15
    30161N101 EXELON CORP US EXC 11,800 $468,224.00
    30231G102 EXXON MOBIL CORP US XOM 42,080 $3,271,720.00
    302491303 FMC CORP US FMC 15,180 $1,210,301.40
    316773100 FIFTH THIRD BANCORP US FITB 16,260 $539,344.20
    363576109 ARTHUR J GALLAGHER & CO US AJG 6,820 $477,331.80
    369604103 GENERAL ELEC CO US GE 12,575 $176,930.25
    388689101 GRAPHIC PACKAGING HOLDING CO US GPK 100,675 $1,439,652.50
    42809H107 HESS CORP US HES 16,930 $964,840.70
    446150104 HUNTINGTON BANCSHARES US HBAN 29,815 $444,541.65
    458140100 INTEL CORP US INTC 45,810 $2,364,712.20
    464287598 ISHARES RUSSELL 1000 VALUE US 5,085 $611,928.90
    466032109 J&J SNACK FOODS CORP US JJSF 6,250 $858,812.50
    46625H100 JP MORGAN CHASE & CO US JPM 23,285 $2,532,942.30
    478160104 JOHNSON & JOHNSON US JNJ 15,465 $1,956,167.85
    485170302 KANSAS CITY SOUTHERN US KSU 11,845 $1,263,032.35
    493267108 KEYCORP US KEY 43,475 $866,022.00
    512816109 LAMAR ADVERTISING CO US LAMR 5,145 $327,787.95
    532457108 ELI LILLY & CO US LLY 10,285 $833,804.95
    534187109 LINCOLN NATL CORP IND US LNC 5,755 $406,533.20
    5671735 SANOFI-AVENTIS FR SAN FP 9,140 $722,628.56
    58933Y105 MERCK & CO INC US MRK 22,765 $1,340,175.55
    594918104 MICROSOFT CORP US MSFT 17,025 $1,592,178.00
    609207105 MONDELEZ INTERNATIONAL INC US MDLZ 18,895 $746,352.50
    624758108 MUELLER WATER PRODUCTS INC - A US MWA 72,290 $707,719.10
    651229106 NEWELL BRANDS INC US NWL 27,990 $773,363.70
    654106103 NIKE INC CLASS B US NKE 10,750 $735,192.50
    66987V109 NOVARTIS AG- REG CH NVS 10,190 $781,471.10
    67103H107 O'REILLY AUTOMOTIVE INC US ORLY 4,110 $1,052,447.70
    680223104 OLD REPUBLIC INTL CORP US ORI 20,890 $426,156.00
    69007J106 OUTFRONT MEDIA INC US OUT 14,809 $277,668.75
    693475105 PNC FINANCIAL SERVICES GROUP US PNC 3,265 $475,416.65
    70338P100 PATTERN ENERGY GROUP INC -A US PEGI 21,310 $387,415.80
    713448108 PEPSICO INC US PEP 5,260 $530,944.40
    74251V102 PRINCIPAL FINANCIAL GROUP US PFG 6,370 $377,231.40
    749685103 RPM INTERNATIONAL INC US RPM 10,745 $518,983.50
    7591EP100 REGIONS FINANCIAL CORP. US RF 27,475 $513,782.50
    780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 13,890 $1,005,913.80
    81211K100 SEALED AIR CORP US SEE 39,830 $1,746,545.50
    83088M102 SKYWORKS SOLUTIONS INC US SWKS 13,395 $1,162,150.20
    835495102 SONOCO PRODUCTS CO US SON 25,990 $1,334,846.40
    844741108 SOUTHWEST AIRLS CO US LUV 11,545 $609,922.35
    85254J102 STAG INDUSTRIAL INC US STAG 14,905 $366,215.85
    867914103 SUNTRUST BANKS INC US STI 7,005 $467,934.00
    882508104 TEXAS INSTRUMENTS INC US TXN 15,300 $1,551,879.00
    88579Y101 3M CO US MMM 3,480 $676,477.20
    94106L109 WASTE MANAGEMENT INC US WM 14,870 $1,208,782.30
    949746101 WELLS FARGO COMPANY US WFC 30,110 $1,564,515.60
    962166104 WEYERHAEUSER CO US WY 25,780 $948,188.40
    B15C557 TOTAL SA FR FP FP 10,920 $686,340.14
    B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 37,355 $393,930.22
    B68XHC3 NORTHLAND POWER INC CA NPI CN 22,165 $399,641.54
    G96629103 WILLIS TOWERS WATSON PLC GB WLTW 2,830 $420,283.30
    G97822103 PERRIGO CO PLC IE PRGO 6,930 $541,510.20
    H1467J104 CHUBB LTD CH CB 4,410 $598,304.70
    USD US DOLLAR US 1,154,367.21 $1,154,367.21

    Investments will change over time.

    A Word About Risk

    All investments involve risks, including possible loss of principal. As with any stock fund, the value of your investment will fluctuate in response to stock market movements. Investing in the Series will also involve a number of other risks, including issuer-specific risk, small-cap/mid-cap risk, foreign investment risk, and the risk that the investment approach may not be successful. Additionally, like all derivatives, investments in options 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. Stocks of small- and mid-cap companies may be subject to more abrupt or erratic market movements than the stocks of larger companies and may be less marketable than the stocks of larger companies. In addition, they may have limited product lines, markets, or financial resources, and they may depend on a small management group. As a result, they fail more often than larger companies. Funds that invest in foreign countries may be subject to the risks of adverse changes in foreign economic, political, regulatory and other conditions as well as risks related to the use of different financial standards. Investments in emerging markets may be more volatile than investments in more developed markets. The Equity Income Series invests primarily in income-producing equity securities. There is no assurance or guarantee that companies which issue dividends will declare, continue to pay, or increase dividends. Additionally, the Series may invest a portion of its assets in real estate investment trusts (REITs). Investments in real estate, including REITs, are subject to risks associated with the direct ownership of real estate: interest rate risk, liquidity risk, and changes in property value, among others. The Equity Income Series may also invest a portion of its assets in business development companies (BDCs) or master limited partnerships (MLPs). BDCs are subject to additional risks, as they generally invest in less mature private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly-traded companies. MLPs are subject to additional risks, including risks associated with the specific industry or industries in which the partnership invests, such as the risks of investing in real estate, or oil and gas industries or other natural resources. To the extent that an MLP’s interests are all in a particular industry, the MLP will be negatively impacted by economic events adversely impacting that industry. Additionally, the potential tax benefits from investing in MLPs depend on their continued treatment as partnerships for federal income tax purposes.

    Daily Price

    $11.98

    Daily $ Change

    -$0.06

    Daily % Change

    -0.50%

    as of 05/18/2018

    Ticker

    MNESX

    CUSIP

    56382R506

    Inception Date

    12/31/2013

    Investment Minimum

    $2,000.00

    Investment minimum may be waived for certain qualified retirement plans and participants in an automatic investment program.

    Important Documents

    Summary Prospectus
    Prospectus
    Statement of Additional Information
    Annual Report
    Semi-Annual Report
    Fact Sheet
    Applications & Forms
    XBRL-05/14/18

    Investment Objective

    To provide current income and income growth, with a secondary objective of providing long-term capital appreciation.

    Investment Strategy

    Under normal circumstances, at least 80% of the portfolio will be invested in equity securities, primarily income-producing equity securities. Holdings may consist of U.S. and non-U.S. securities, including those in emerging markets. The Series may be invested in securities of small, large, or mid-size companies.

    A “bottom-up” investment strategy focusing on individual security selection is used to identify companies that have the potential to provide a growing level of dividend income going forward, that are trading at a meaningful discount from their intrinsic value, and/or that are expected to be beneficiaries of special situations.

    May be Appropriate for Investors

    • Who have a focus on income generation
    • Who generally have the time to withstand market volatility

      Annualized Performance

      As of 04/30/2018

      YTD

      -3.67%

      1 Year

      6.49%

      3 Year

      6.68%

      5 Year

      ---

      10 Year

      ---

      Inception
      (12/31/2013)

      7.67%

      Market Cycle

      ---

      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 1.29%
      Net 1.19%*

      *Includes a shareholder servicing fee of 0.20%. Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated prior to the expiration date (04/30/2018) without the approval of the Fund’s Board of Directors.

      Top Ten Investments

      As of 04/30/2018

      EXXON MOBIL CORP 4.26%
      BANK OF AMERICA CORP 3.35%
      JP MORGAN CHASE & CO 3.29%
      INTEL CORP 3.08%
      CITIGROUP INC 2.78%
      JOHNSON & JOHNSON 2.54%
      BP PLC-SPONS ADR 2.43%
      SEALED AIR CORP 2.27%
      MICROSOFT CORP 2.07%
      WELLS FARGO COMPANY 2.04%

      Top Ten Investments list is unaudited and excludes cash.

      Sector Allocation

      As of 04/30/2018

      Consumer Discretionary
      6.32%
      Consumer Staples
      4.49%
      Energy
      11.94%
      Financials
      22.91%
      Health Care
      10.59%
      Industrials
      9.14%
      Information Technology
      10.99%
      Materials
      10.07%
      Other
      0.80%
      Real Estate
      9.05%
      Utilities
      3.70%

      The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Manning & Napier when referencing GICS sectors. Nether MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification nor shall any such party have any liability therefrom. The “Other” category contains securities such as ETFs and others that cannot otherwise be classified.

      Country Allocation

      As of 04/30/2018

      United States
      86.98%
      United Kingdom
      5.83%
      France
      1.83%
      Switzerland
      1.79%
      Canada
      1.56%
      Netherlands
      1.31%
      Ireland
      0.70%

      April Fund Holdings

      As of 04/30/2018

      CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
      020002101 ALLSTATE CORPORATION US ALL 4,315 $422,093.30
      0237400 DIAGEO PLC GB DGE LN 36,940 $1,317,831.56
      026874784 AMERICAN INTL GROUP INC US AIG 6,655 $372,680.00
      037612306 APOLLO GLOBAL MANAGMENT - A US APO 18,980 $547,383.20
      037833100 APPLE COMPUTER INC US AAPL 8,485 $1,402,231.10
      04014Y101 ARES MANAGEMENT LP US ARES 18,935 $416,570.00
      055622104 BP PLC-SPONS ADR GB BP 41,860 $1,866,537.40
      060505104 BANK OF AMERICA CORP US BAC 86,120 $2,576,710.40
      06652K103 BANKUNITED INC US BKU 11,395 $451,355.95
      09253U108 BLACKSTONE GROUP LP/THE US BX 18,620 $576,289.00
      0989529 ASTRAZENECA PLC GB AZN LN 12,545 $878,185.41
      110122108 BRISTOL MYERS SQUIBB CO US BMY 20,930 $1,091,080.90
      11133T103 BROADRIDGE FINANCIAL SOLUTIONS US BR 3,505 $375,771.05
      125896100 CMS ENERGY CORP US CMS 16,780 $791,848.20
      14912Y202 CATCHMARK TIMBER TRUST INC US CTT 92,670 $1,208,416.80
      166764100 CHEVRON CORP US CVX 11,035 $1,380,588.85
      172967424 CITIGROUP INC US C 31,300 $2,136,851.00
      19625W104 COLONY NORTHSTAR INC-CLASS A US CLNS 76,790 $469,186.90
      199908104 COMFORT SYSTEMS US FIX 18,690 $788,718.00
      20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 25,090 $639,795.00
      2099084 BORALEX INC -A CA BLX CN 22,540 $402,891.86
      21871N101 CORECIVIC INC US CXW 20,770 $418,723.20
      22282E102 COVANTA HOLDING CORP US CVA 62,950 $937,955.00
      22822V101 CROWN CASTLE INTL CORP US CCI 8,050 $812,003.50
      229663109 CUBESMART US CUBE 12,960 $381,542.40
      247361702 DELTA AIR LINES INC. US DAL 12,640 $660,060.80
      253393102 DICK'S SPORTING GOODS INC US DKS 23,225 $768,515.25
      253868103 DIGITAL REALTY TRUST INC US DLR 4,140 $437,556.60
      256677105 DOLLAR GENERAL CORP US DG 15,855 $1,530,483.15
      26078J100 DOWDUPONT INC US DWDP 23,621 $1,493,792.04
      29444U700 EQUINIX INC US EQIX 1,585 $666,952.15
      30161N101 EXELON CORP US EXC 11,800 $468,224.00
      30231G102 EXXON MOBIL CORP US XOM 42,080 $3,271,720.00
      302491303 FMC CORP US FMC 15,180 $1,210,301.40
      316773100 FIFTH THIRD BANCORP US FITB 16,260 $539,344.20
      363576109 ARTHUR J GALLAGHER & CO US AJG 6,820 $477,331.80
      369604103 GENERAL ELEC CO US GE 12,575 $176,930.25
      388689101 GRAPHIC PACKAGING HOLDING CO US GPK 100,675 $1,439,652.50
      42809H107 HESS CORP US HES 16,930 $964,840.70
      446150104 HUNTINGTON BANCSHARES US HBAN 29,815 $444,541.65
      458140100 INTEL CORP US INTC 45,810 $2,364,712.20
      464287598 ISHARES RUSSELL 1000 VALUE US 5,085 $611,928.90
      466032109 J&J SNACK FOODS CORP US JJSF 6,250 $858,812.50
      46625H100 JP MORGAN CHASE & CO US JPM 23,285 $2,532,942.30
      478160104 JOHNSON & JOHNSON US JNJ 15,465 $1,956,167.85
      485170302 KANSAS CITY SOUTHERN US KSU 11,845 $1,263,032.35
      493267108 KEYCORP US KEY 43,475 $866,022.00
      512816109 LAMAR ADVERTISING CO US LAMR 5,145 $327,787.95
      532457108 ELI LILLY & CO US LLY 10,285 $833,804.95
      534187109 LINCOLN NATL CORP IND US LNC 5,755 $406,533.20
      5671735 SANOFI-AVENTIS FR SAN FP 9,140 $722,628.56
      58933Y105 MERCK & CO INC US MRK 22,765 $1,340,175.55
      594918104 MICROSOFT CORP US MSFT 17,025 $1,592,178.00
      609207105 MONDELEZ INTERNATIONAL INC US MDLZ 18,895 $746,352.50
      624758108 MUELLER WATER PRODUCTS INC - A US MWA 72,290 $707,719.10
      651229106 NEWELL BRANDS INC US NWL 27,990 $773,363.70
      654106103 NIKE INC CLASS B US NKE 10,750 $735,192.50
      66987V109 NOVARTIS AG- REG CH NVS 10,190 $781,471.10
      67103H107 O'REILLY AUTOMOTIVE INC US ORLY 4,110 $1,052,447.70
      680223104 OLD REPUBLIC INTL CORP US ORI 20,890 $426,156.00
      69007J106 OUTFRONT MEDIA INC US OUT 14,809 $277,668.75
      693475105 PNC FINANCIAL SERVICES GROUP US PNC 3,265 $475,416.65
      70338P100 PATTERN ENERGY GROUP INC -A US PEGI 21,310 $387,415.80
      713448108 PEPSICO INC US PEP 5,260 $530,944.40
      74251V102 PRINCIPAL FINANCIAL GROUP US PFG 6,370 $377,231.40
      749685103 RPM INTERNATIONAL INC US RPM 10,745 $518,983.50
      7591EP100 REGIONS FINANCIAL CORP. US RF 27,475 $513,782.50
      780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 13,890 $1,005,913.80
      81211K100 SEALED AIR CORP US SEE 39,830 $1,746,545.50
      83088M102 SKYWORKS SOLUTIONS INC US SWKS 13,395 $1,162,150.20
      835495102 SONOCO PRODUCTS CO US SON 25,990 $1,334,846.40
      844741108 SOUTHWEST AIRLS CO US LUV 11,545 $609,922.35
      85254J102 STAG INDUSTRIAL INC US STAG 14,905 $366,215.85
      867914103 SUNTRUST BANKS INC US STI 7,005 $467,934.00
      882508104 TEXAS INSTRUMENTS INC US TXN 15,300 $1,551,879.00
      88579Y101 3M CO US MMM 3,480 $676,477.20
      94106L109 WASTE MANAGEMENT INC US WM 14,870 $1,208,782.30
      949746101 WELLS FARGO COMPANY US WFC 30,110 $1,564,515.60
      962166104 WEYERHAEUSER CO US WY 25,780 $948,188.40
      B15C557 TOTAL SA FR FP FP 10,920 $686,340.14
      B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 37,355 $393,930.22
      B68XHC3 NORTHLAND POWER INC CA NPI CN 22,165 $399,641.54
      G96629103 WILLIS TOWERS WATSON PLC GB WLTW 2,830 $420,283.30
      G97822103 PERRIGO CO PLC IE PRGO 6,930 $541,510.20
      H1467J104 CHUBB LTD CH CB 4,410 $598,304.70
      USD US DOLLAR US 1,154,367.21 $1,154,367.21

      Investments will change over time.

      Distributions

      • Equity Income 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. As with any stock fund, the value of your investment will fluctuate in response to stock market movements. Investing in the Series will also involve a number of other risks, including issuer-specific risk, small-cap/mid-cap risk, foreign investment risk, and the risk that the investment approach may not be successful. Additionally, like all derivatives, investments in options 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. Stocks of small- and mid-cap companies may be subject to more abrupt or erratic market movements than the stocks of larger companies and may be less marketable than the stocks of larger companies. In addition, they may have limited product lines, markets, or financial resources, and they may depend on a small management group. As a result, they fail more often than larger companies. Funds that invest in foreign countries may be subject to the risks of adverse changes in foreign economic, political, regulatory and other conditions as well as risks related to the use of different financial standards. Investments in emerging markets may be more volatile than investments in more developed markets. The Equity Income Series invests primarily in income-producing equity securities. There is no assurance or guarantee that companies which issue dividends will declare, continue to pay, or increase dividends. Additionally, the Series may invest a portion of its assets in real estate investment trusts (REITs). Investments in real estate, including REITs, are subject to risks associated with the direct ownership of real estate: interest rate risk, liquidity risk, and changes in property value, among others. The Equity Income Series may also invest a portion of its assets in business development companies (BDCs) or master limited partnerships (MLPs). BDCs are subject to additional risks, as they generally invest in less mature private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly-traded companies. MLPs are subject to additional risks, including risks associated with the specific industry or industries in which the partnership invests, such as the risks of investing in real estate, or oil and gas industries or other natural resources. To the extent that an MLP’s interests are all in a particular industry, the MLP will be negatively impacted by economic events adversely impacting that industry. Additionally, the potential tax benefits from investing in MLPs depend on their continued treatment as partnerships for federal income tax purposes.


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