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

    $11.82

    Daily $ Change

    -$0.07

    Daily % Change

    -0.59%

    as of 02/21/2018

    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-05/11/17

    Annualized Performance

    As of 01/31/2018

    YTD

    2.56%

    1 Year

    17.60%

    3 Year

    10.40%

    5 Year

    ---

    10 Year

    ---

    Inception
    (12/31/2013)

    9.81%

    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 01/31/2018

    BANK OF AMERICA CORP 3.08%
    JP MORGAN CHASE & CO 3.01%
    EXXON MOBIL CORP 2.97%
    CITIGROUP INC 2.75%
    DOLLAR GENERAL CORP 2.56%
    HESS CORP 2.44%
    BP PLC-SPONS ADR 2.42%
    JOHNSON & JOHNSON 2.39%
    MICROSOFT CORP 2.38%
    WELLS FARGO COMPANY 2.21%

    Top Ten Investments list is unaudited and excludes cash.

    Country Allocation

    As of 01/31/2018

    United States 88.47%
    United Kingdom 5.85%
    Switzerland 1.80%
    France 1.61%
    Ireland 1.15%
    Netherlands 1.12%

    Sector Allocation

    As of 01/31/2018

    Consumer Discretionary 7.40%
    Consumer Staples 4.83%
    Energy 12.29%
    Financials 20.97%
    Health Care 10.35%
    Industrials 10.09%
    Information Technology 10.50%
    Materials 10.56%
    Other 0.48%
    Real Estate 9.91%
    Utilities 2.62%

    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.

    January Fund Holdings

    As of 01/31/2018

    CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
    020002101 ALLSTATE CORPORATION US ALL 4,315 $426,192.55
    0237400 DIAGEO PLC GB DGE LN 48,350 $1,740,230.87
    026874784 AMERICAN INTL GROUP INC US AIG 6,655 $425,387.60
    03761U106 APOLLO INVESTMENT CORP US AINV 40,390 $232,242.50
    037833100 APPLE COMPUTER INC US AAPL 8,485 $1,420,643.55
    04010L103 ARES CAPITAL CORP US ARCC 17,580 $280,401.00
    044186104 ASHLAND GLOBAL HOLDINGS INC US ASH 8,915 $647,139.85
    055622104 BP PLC-SPONS ADR GB BP 50,610 $2,165,601.90
    060505104 BANK OF AMERICA CORP US BAC 86,120 $2,755,840.00
    06652K103 BANKUNITED INC US BKU 11,395 $467,650.80
    0989529 ASTRAZENECA PLC GB AZN LN 12,545 $870,789.13
    110122108 BRISTOL MYERS SQUIBB CO US BMY 20,930 $1,310,218.00
    11133T103 BROADRIDGE FINANCIAL SOLUTIONS US BR 10,470 $1,009,412.70
    125896100 CMS ENERGY CORP US CMS 16,780 $750,905.00
    134429109 CAMPBELL SOUP CO US CPB 23,210 $1,080,425.50
    14912Y202 CATCHMARK TIMBER TRUST INC US CTT 92,670 $1,220,463.90
    166764100 CHEVRON CORP US CVX 11,035 $1,383,237.25
    172967424 CITIGROUP INC US C 31,300 $2,456,424.00
    19625W104 COLONY NORTHSTAR INC-CLASS A US CLNS 76,790 $689,574.20
    199908104 COMFORT SYSTEMS US FIX 23,545 $1,003,017.00
    20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 25,090 $668,397.60
    20825C104 CONOCOPHILLIPS US COP 16,360 $962,131.60
    21871N101 CORECIVIC INC US CXW 20,770 $482,071.70
    22282E102 COVANTA HOLDING CORP US CVA 62,950 $1,029,232.50
    22822V101 CROWN CASTLE INTL CORP US CCI 11,325 $1,277,120.25
    229663109 CUBESMART US CUBE 12,960 $356,788.80
    247361702 DELTA AIR LINES INC. US DAL 12,640 $717,572.80
    253393102 DICK'S SPORTING GOODS INC US DKS 37,645 $1,184,311.70
    253868103 DIGITAL REALTY TRUST INC US DLR 4,140 $463,473.00
    256677105 DOLLAR GENERAL CORP US DG 22,175 $2,286,686.00
    26078J100 DOWDUPONT INC US DWDP 23,621 $1,785,275.18
    29444U700 EQUINIX INC US EQIX 1,120 $509,812.80
    30040W108 EVERSOURCE ENERGY US ES 11,050 $697,144.50
    30161N101 EXELON CORP US EXC 11,800 $454,418.00
    30231G102 EXXON MOBIL CORP US XOM 30,485 $2,661,340.50
    302491303 FMC CORP US FMC 9,490 $866,721.70
    316773100 FIFTH THIRD BANCORP US FITB 16,260 $538,206.00
    363576109 ARTHUR J GALLAGHER & CO US AJG 6,820 $465,942.40
    369604103 GENERAL ELEC CO US GE 26,900 $434,973.00
    37954A204 GLOBAL MEDICAL REIT INC US GMRE 46,715 $374,654.30
    388689101 GRAPHIC PACKAGING HOLDING CO US GPK 100,675 $1,625,901.25
    42809H107 HESS CORP US HES 43,290 $2,186,577.90
    446150104 HUNTINGTON BANCSHARES US HBAN 29,815 $482,406.70
    458140100 INTEL CORP US INTC 33,195 $1,598,007.30
    46434V621 ISHARES CORE DIVIDEND GROWTH US 5,895 $214,872.75
    466032109 J&J SNACK FOODS CORP US JJSF 6,250 $865,250.00
    46625H100 JP MORGAN CHASE & CO US JPM 23,285 $2,693,375.95
    478160104 JOHNSON & JOHNSON US JNJ 15,465 $2,137,108.35
    485170302 KANSAS CITY SOUTHERN US KSU 14,130 $1,598,526.90
    493267108 KEYCORP US KEY 43,475 $930,365.00
    512816109 LAMAR ADVERTISING CO US LAMR 5,145 $370,440.00
    532457108 ELI LILLY & CO US LLY 10,285 $837,713.25
    534187109 LINCOLN NATL CORP IND US LNC 5,755 $476,514.00
    5671735 SANOFI-AVENTIS FR SAN FP 9,140 $806,624.70
    58503F106 MEDLEY CAPITAL CORP US MCC 31,730 $161,505.70
    58933Y105 MERCK & CO INC US MRK 22,765 $1,348,826.25
    594918104 MICROSOFT CORP US MSFT 22,390 $2,127,273.90
    624758108 MUELLER WATER PRODUCTS INC - A US MWA 72,290 $840,732.70
    651229106 NEWELL BRANDS INC US NWL 45,695 $1,208,175.80
    654106103 NIKE INC CLASS B US NKE 10,750 $733,365.00
    66987V109 NOVARTIS AG- REG CH NVS 10,190 $917,711.40
    67103H107 O'REILLY AUTOMOTIVE INC US ORLY 4,550 $1,204,339.50
    67401P108 OAKTREE SPECIALTY LENDING CO US OCSL 43,240 $213,605.60
    680223104 OLD REPUBLIC INTL CORP US ORI 20,890 $448,926.10
    69007J106 OUTFRONT MEDIA INC US OUT 14,809 $331,721.60
    693475105 PNC FINANCIAL SERVICES GROUP US PNC 3,265 $515,935.30
    70338P100 PATTERN ENERGY GROUP INC -A US PEGI 21,310 $439,412.20
    708062104 PENNANTPARK INVESTMENT CORP US PNNT 31,590 $212,916.60
    713448108 PEPSICO INC US PEP 5,260 $632,778.00
    74251V102 PRINCIPAL FINANCIAL GROUP US PFG 6,370 $430,612.00
    749685103 RPM INTERNATIONAL INC US RPM 27,350 $1,427,670.00
    7591EP100 REGIONS FINANCIAL CORP. US RF 27,475 $528,344.25
    780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 13,890 $999,107.70
    808524797 SCHWAB US DVD EQUITY ETF US 4,016 $214,856.00
    81211K100 SEALED AIR CORP US SEE 35,480 $1,679,978.00
    83088M102 SKYWORKS SOLUTIONS INC US SWKS 13,395 $1,302,127.95
    835495102 SONOCO PRODUCTS CO US SON 25,990 $1,411,516.90
    844741108 SOUTHWEST AIRLS CO US LUV 11,545 $701,936.00
    85254J102 STAG INDUSTRIAL INC US STAG 14,905 $377,394.60
    862121100 STORE CAPITAL CORP US STOR 15,200 $372,552.00
    867914103 SUNTRUST BANKS INC US STI 7,005 $495,253.50
    882508104 TEXAS INSTRUMENTS INC US TXN 17,690 $1,940,062.30
    88579Y101 3M CO US MMM 4,410 $1,104,705.00
    94106L109 WASTE MANAGEMENT INC US WM 10,550 $932,936.50
    949746101 WELLS FARGO COMPANY US WFC 30,110 $1,980,635.80
    962166104 WEYERHAEUSER CO US WY 36,645 $1,375,653.30
    B15C557 TOTAL SA FR FP FP 10,920 $633,144.65
    G6518L108 NIELSEN HOLDINGS PLC US NLSN 17,810 $666,272.10
    G96629103 WILLIS TOWERS WATSON PLC GB WLTW 2,830 $454,130.10
    G97822103 PERRIGO CO PLC IE PRGO 11,380 $1,031,255.60
    H1467J104 CHUBB LTD CH CB 4,410 $688,621.50
    USD US DOLLAR US 82,496.04 $82,496.04

    Investments will change over time.

    Investments will change over time.

    Daily Price

    $11.82

    Daily $ Change

    -$0.07

    Daily % Change

    -0.59%

    as of 02/21/2018

    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-05/11/17

    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 01/31/2018

      YTD

      2.56%

      1 Year

      17.60%

      3 Year

      10.40%

      5 Year

      ---

      10 Year

      ---

      Inception
      (12/31/2013)

      9.81%

      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 01/31/2018

      BANK OF AMERICA CORP 3.08%
      JP MORGAN CHASE & CO 3.01%
      EXXON MOBIL CORP 2.97%
      CITIGROUP INC 2.75%
      DOLLAR GENERAL CORP 2.56%
      HESS CORP 2.44%
      BP PLC-SPONS ADR 2.42%
      JOHNSON & JOHNSON 2.39%
      MICROSOFT CORP 2.38%
      WELLS FARGO COMPANY 2.21%

      Top Ten Investments list is unaudited and excludes cash.

      Country Allocation

      As of 01/31/2018

      United States
      88.47%
      United Kingdom
      5.85%
      Switzerland
      1.80%
      France
      1.61%
      Ireland
      1.15%
      Netherlands
      1.12%

      Sector Allocation

      As of 01/31/2018

      Consumer Discretionary
      7.40%
      Consumer Staples
      4.83%
      Energy
      12.29%
      Financials
      20.97%
      Health Care
      10.35%
      Industrials
      10.09%
      Information Technology
      10.50%
      Materials
      10.56%
      Other
      0.48%
      Real Estate
      9.91%
      Utilities
      2.62%

      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.

      January Fund Holdings

      As of 01/31/2018

      CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
      020002101 ALLSTATE CORPORATION US ALL 4,315 $426,192.55
      0237400 DIAGEO PLC GB DGE LN 48,350 $1,740,230.87
      026874784 AMERICAN INTL GROUP INC US AIG 6,655 $425,387.60
      03761U106 APOLLO INVESTMENT CORP US AINV 40,390 $232,242.50
      037833100 APPLE COMPUTER INC US AAPL 8,485 $1,420,643.55
      04010L103 ARES CAPITAL CORP US ARCC 17,580 $280,401.00
      044186104 ASHLAND GLOBAL HOLDINGS INC US ASH 8,915 $647,139.85
      055622104 BP PLC-SPONS ADR GB BP 50,610 $2,165,601.90
      060505104 BANK OF AMERICA CORP US BAC 86,120 $2,755,840.00
      06652K103 BANKUNITED INC US BKU 11,395 $467,650.80
      0989529 ASTRAZENECA PLC GB AZN LN 12,545 $870,789.13
      110122108 BRISTOL MYERS SQUIBB CO US BMY 20,930 $1,310,218.00
      11133T103 BROADRIDGE FINANCIAL SOLUTIONS US BR 10,470 $1,009,412.70
      125896100 CMS ENERGY CORP US CMS 16,780 $750,905.00
      134429109 CAMPBELL SOUP CO US CPB 23,210 $1,080,425.50
      14912Y202 CATCHMARK TIMBER TRUST INC US CTT 92,670 $1,220,463.90
      166764100 CHEVRON CORP US CVX 11,035 $1,383,237.25
      172967424 CITIGROUP INC US C 31,300 $2,456,424.00
      19625W104 COLONY NORTHSTAR INC-CLASS A US CLNS 76,790 $689,574.20
      199908104 COMFORT SYSTEMS US FIX 23,545 $1,003,017.00
      20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 25,090 $668,397.60
      20825C104 CONOCOPHILLIPS US COP 16,360 $962,131.60
      21871N101 CORECIVIC INC US CXW 20,770 $482,071.70
      22282E102 COVANTA HOLDING CORP US CVA 62,950 $1,029,232.50
      22822V101 CROWN CASTLE INTL CORP US CCI 11,325 $1,277,120.25
      229663109 CUBESMART US CUBE 12,960 $356,788.80
      247361702 DELTA AIR LINES INC. US DAL 12,640 $717,572.80
      253393102 DICK'S SPORTING GOODS INC US DKS 37,645 $1,184,311.70
      253868103 DIGITAL REALTY TRUST INC US DLR 4,140 $463,473.00
      256677105 DOLLAR GENERAL CORP US DG 22,175 $2,286,686.00
      26078J100 DOWDUPONT INC US DWDP 23,621 $1,785,275.18
      29444U700 EQUINIX INC US EQIX 1,120 $509,812.80
      30040W108 EVERSOURCE ENERGY US ES 11,050 $697,144.50
      30161N101 EXELON CORP US EXC 11,800 $454,418.00
      30231G102 EXXON MOBIL CORP US XOM 30,485 $2,661,340.50
      302491303 FMC CORP US FMC 9,490 $866,721.70
      316773100 FIFTH THIRD BANCORP US FITB 16,260 $538,206.00
      363576109 ARTHUR J GALLAGHER & CO US AJG 6,820 $465,942.40
      369604103 GENERAL ELEC CO US GE 26,900 $434,973.00
      37954A204 GLOBAL MEDICAL REIT INC US GMRE 46,715 $374,654.30
      388689101 GRAPHIC PACKAGING HOLDING CO US GPK 100,675 $1,625,901.25
      42809H107 HESS CORP US HES 43,290 $2,186,577.90
      446150104 HUNTINGTON BANCSHARES US HBAN 29,815 $482,406.70
      458140100 INTEL CORP US INTC 33,195 $1,598,007.30
      46434V621 ISHARES CORE DIVIDEND GROWTH US 5,895 $214,872.75
      466032109 J&J SNACK FOODS CORP US JJSF 6,250 $865,250.00
      46625H100 JP MORGAN CHASE & CO US JPM 23,285 $2,693,375.95
      478160104 JOHNSON & JOHNSON US JNJ 15,465 $2,137,108.35
      485170302 KANSAS CITY SOUTHERN US KSU 14,130 $1,598,526.90
      493267108 KEYCORP US KEY 43,475 $930,365.00
      512816109 LAMAR ADVERTISING CO US LAMR 5,145 $370,440.00
      532457108 ELI LILLY & CO US LLY 10,285 $837,713.25
      534187109 LINCOLN NATL CORP IND US LNC 5,755 $476,514.00
      5671735 SANOFI-AVENTIS FR SAN FP 9,140 $806,624.70
      58503F106 MEDLEY CAPITAL CORP US MCC 31,730 $161,505.70
      58933Y105 MERCK & CO INC US MRK 22,765 $1,348,826.25
      594918104 MICROSOFT CORP US MSFT 22,390 $2,127,273.90
      624758108 MUELLER WATER PRODUCTS INC - A US MWA 72,290 $840,732.70
      651229106 NEWELL BRANDS INC US NWL 45,695 $1,208,175.80
      654106103 NIKE INC CLASS B US NKE 10,750 $733,365.00
      66987V109 NOVARTIS AG- REG CH NVS 10,190 $917,711.40
      67103H107 O'REILLY AUTOMOTIVE INC US ORLY 4,550 $1,204,339.50
      67401P108 OAKTREE SPECIALTY LENDING CO US OCSL 43,240 $213,605.60
      680223104 OLD REPUBLIC INTL CORP US ORI 20,890 $448,926.10
      69007J106 OUTFRONT MEDIA INC US OUT 14,809 $331,721.60
      693475105 PNC FINANCIAL SERVICES GROUP US PNC 3,265 $515,935.30
      70338P100 PATTERN ENERGY GROUP INC -A US PEGI 21,310 $439,412.20
      708062104 PENNANTPARK INVESTMENT CORP US PNNT 31,590 $212,916.60
      713448108 PEPSICO INC US PEP 5,260 $632,778.00
      74251V102 PRINCIPAL FINANCIAL GROUP US PFG 6,370 $430,612.00
      749685103 RPM INTERNATIONAL INC US RPM 27,350 $1,427,670.00
      7591EP100 REGIONS FINANCIAL CORP. US RF 27,475 $528,344.25
      780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 13,890 $999,107.70
      808524797 SCHWAB US DVD EQUITY ETF US 4,016 $214,856.00
      81211K100 SEALED AIR CORP US SEE 35,480 $1,679,978.00
      83088M102 SKYWORKS SOLUTIONS INC US SWKS 13,395 $1,302,127.95
      835495102 SONOCO PRODUCTS CO US SON 25,990 $1,411,516.90
      844741108 SOUTHWEST AIRLS CO US LUV 11,545 $701,936.00
      85254J102 STAG INDUSTRIAL INC US STAG 14,905 $377,394.60
      862121100 STORE CAPITAL CORP US STOR 15,200 $372,552.00
      867914103 SUNTRUST BANKS INC US STI 7,005 $495,253.50
      882508104 TEXAS INSTRUMENTS INC US TXN 17,690 $1,940,062.30
      88579Y101 3M CO US MMM 4,410 $1,104,705.00
      94106L109 WASTE MANAGEMENT INC US WM 10,550 $932,936.50
      949746101 WELLS FARGO COMPANY US WFC 30,110 $1,980,635.80
      962166104 WEYERHAEUSER CO US WY 36,645 $1,375,653.30
      B15C557 TOTAL SA FR FP FP 10,920 $633,144.65
      G6518L108 NIELSEN HOLDINGS PLC US NLSN 17,810 $666,272.10
      G96629103 WILLIS TOWERS WATSON PLC GB WLTW 2,830 $454,130.10
      G97822103 PERRIGO CO PLC IE PRGO 11,380 $1,031,255.60
      H1467J104 CHUBB LTD CH CB 4,410 $688,621.50
      USD US DOLLAR US 82,496.04 $82,496.04

      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 2017 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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