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

    $12.42

    Daily $ Change

    $0.03

    Daily % Change

    0.24%

    as of 07/18/2019

    Ticker

    MNEWX

    CUSIP

    56382R449

    Inception Date

    03/01/2019

    This fund is only available to discretionary investment accounts and other accounts managed by the Advisor.

    Important Documents

    Summary Prospectus
    Prospectus
    Statement of Additional Information
    Annual Report
    Semi-Annual Report
    Fact Sheet ---
    Applications & Forms

    Performance

    As of 06/30/2019

    YTD

    18.66%

    1 Year

    9.78%

    3 Year

    10.47%

    5 Year

    7.16%

    10 Year

    ---

    Inception
    (12/31/2013)

    8.52%

    Market Cycle

    ---

    Inception performance is based on the Equity Income Series Class I inception of 12/31/2013. For periods through 03/01/2019 (the inception date of the Class W shares), performance for the Class W shares is based on the historical performance of the Class I shares. Because the Class W shares invest in the same portfolio of securities as the Class I shares, performance will be different only to the extent that the Class I shares have a higher expense ratio. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.

    Expense Ratio

    Gross 0.69%
    Net 0.12%*

    *Reflects the Advisor's contractual agreement to waive its management fee and limit and reimburse certain other expenses. These contractual waivers may not be amended or terminated without the prior approval of the Fund's Board of Directors. The Class W shares are only available to discretionary investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the fund's expenses.

    Top Ten Investments

    As of 06/30/2019

    JP MORGAN CHASE & CO 3.39%
    JOHNSON & JOHNSON 3.32%
    EXXON MOBIL CORP 3.27%
    BANK OF AMERICA CORP 3.25%
    CITIGROUP INC 2.86%
    MICROSOFT CORP 2.75%
    WASTE MANAGEMENT INC 2.54%
    INTEL CORP 2.42%
    GRAPHIC PACKAGING HOLDING CO 2.38%
    JOHNSON CONTROLS INTERNATIONAL 2.03%

    Top Ten Investments list is unaudited and excludes cash

    Sector Allocation

    As of 06/30/2019

    Communication Services 2.24%
    Consumer Discretionary 7.85%
    Consumer Staples 7.70%
    Energy 10.30%
    Financials 21.48%
    Health Care 10.76%
    Industrials 10.75%
    Information Technology 5.17%
    Materials 9.90%
    Other 1.46%
    Real Estate 8.22%
    Utilities 4.17%

    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 S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither 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.

    Country Allocation

    As of 06/30/2019

    United States 87.71%
    United Kingdom 5.94%
    Ireland 1.91%
    Canada 1.52%
    France 1.00%
    Switzerland 0.97%
    Netherlands 0.95%

    June Fund Holdings

    As of 06/30/2019

    CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
    00206R102 AT&T INC US T 11,860 $397,428.60
    020002101 ALLSTATE CORPORATION US ALL 5,725 $582,175.25
    0237400 DIAGEO PLC GB DGE LN 20,910 $899,975.29
    026874784 AMERICAN INTL GROUP INC US AIG 10,495 $559,173.60
    03990B101 ARES MANAGEMENT CORP - A US ARES 23,415 $612,770.55
    04621X108 ASSURANT INC US AIZ 3,660 $389,350.80
    053484101 AVALONBAY COMMUNITIES INC US AVB 2,465 $500,838.70
    055622104 BP PLC-SPONS ADR GB BP 33,640 $1,402,788.00
    060505104 BANK OF AMERICA CORP US BAC 86,120 $2,497,480.00
    06759L103 BARINGS BDC INC US BBDC 37,275 $366,786.00
    09247X101 BLACKROCK INC US BLK 1,635 $767,305.50
    0925288 GLAXOSMITHKLINE PLC GB GSK LN 18,370 $368,225.08
    09260D107 BLACKSTONE GROUP LP US BX 27,115 $1,204,448.30
    0989529 ASTRAZENECA PLC GB AZN LN 6,270 $512,584.81
    110122108 BRISTOL MYERS SQUIBB CO US BMY 11,050 $501,117.50
    125896100 CMS ENERGY CORP US CMS 16,780 $971,729.80
    166764100 CHEVRON CORP US CVX 11,035 $1,373,195.40
    172967424 CITIGROUP INC US C 31,300 $2,191,939.00
    194162103 COLGATE-PALMOLIVE CO US CL 12,980 $930,276.60
    20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 11,680 $460,308.80
    2099084 BORALEX INC -A CA BLX CN 22,540 $338,904.66
    22052L104 CORTEVA INC US CTVA 8,310 $245,726.70
    22282E102 COVANTA HOLDING CORP US CVA 62,950 $1,127,434.50
    22822V101 CROWN CASTLE INTL CORP US CCI 7,960 $1,037,586.00
    256677105 DOLLAR GENERAL CORP US DG 10,755 $1,453,645.80
    260557103 DOW INC US DOW 19,265 $949,957.15
    26614N102 DUPONT DE NEMOURS INC US DD 8,310 $623,831.70
    29444U700 EQUINIX INC US EQIX 2,445 $1,232,989.05
    30161N101 EXELON CORP US EXC 11,800 $565,692.00
    30231G102 EXXON MOBIL CORP US XOM 32,775 $2,511,548.25
    302491303 FMC CORP US FMC 17,170 $1,424,251.50
    31620R303 FNF GROUP US FNF 9,415 $379,424.50
    363576109 ARTHUR J GALLAGHER & CO US AJG 8,725 $764,222.75
    372460105 GENUINE PARTS CO US GPC 10,795 $1,118,146.10
    388689101 GRAPHIC PACKAGING HOLDING CO US GPK 130,525 $1,824,739.50
    421946104 HEALTHCARE REALTY TRUST INC US HR 11,965 $374,743.80
    42225P501 HEALTHCARE TRUST OF AMERICA US HTA 13,105 $359,470.15
    42809H107 HESS CORP US HES 13,580 $863,280.60
    45378A106 INDEPENDENCE REALTY TRUST IN US IRT 34,135 $394,941.95
    458140100 INTEL CORP US INTC 38,820 $1,858,313.40
    464287598 ISHARES RUSSELL 1000 VALUE US 8,780 $1,116,991.60
    466032109 J&J SNACK FOODS CORP US JJSF 6,250 $1,005,937.50
    46625H100 JP MORGAN CHASE & CO US JPM 23,285 $2,603,263.00
    476405105 JERNIGAN CAPITAL INC US JCAP 27,335 $560,367.50
    478160104 JOHNSON & JOHNSON US JNJ 18,280 $2,546,038.40
    485170302 KANSAS CITY SOUTHERN US KSU 11,845 $1,442,957.90
    493267108 KEYCORP US KEY 35,300 $626,575.00
    529043101 LEXINGTON REALTY TRUST US LXP 40,260 $378,846.60
    534187109 LINCOLN NATL CORP IND US LNC 5,755 $370,909.75
    5671735 SANOFI-AVENTIS FR SAN FP 8,870 $766,565.99
    58933Y105 MERCK & CO INC US MRK 16,070 $1,347,469.50
    594918104 MICROSOFT CORP US MSFT 15,745 $2,109,200.20
    60871R209 MOLSON COORS BREWING CO -B US TAP 13,905 $778,680.00
    609207105 MONDELEZ INTERNATIONAL INC US MDLZ 23,460 $1,264,494.00
    66987V109 NOVARTIS AG- REG CH NVS 8,160 $745,089.60
    67103H107 O'REILLY AUTOMOTIVE INC US ORLY 2,285 $843,896.20
    674599105 OCCIDENTAL PETROLEUM CORP US OXY 20,360 $1,023,700.80
    693475105 PNC FINANCIAL SERVICES GROUP US PNC 3,265 $448,219.20
    70338P100 PATTERN ENERGY GROUP INC -A US PEGI 21,310 $492,047.90
    713448108 PEPSICO INC US PEP 7,860 $1,030,681.80
    71943U104 PHYSICIANS REALTY TRUST US DOC 21,090 $367,809.60
    729640102 PLYMOUTH INDUSTRIAL REIT INC US 10,110 $191,483.40
    74251V102 PRINCIPAL FINANCIAL GROUP US PFG 6,370 $368,950.40
    749685103 RPM INTERNATIONAL INC US RPM 18,920 $1,156,201.20
    7591EP100 REGIONS FINANCIAL CORP. US RF 22,240 $332,265.60
    760759100 REPUBLIC SERVICES INC US RSG 8,760 $758,966.40
    780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 11,045 $726,098.30
    81211K100 SEALED AIR CORP US SEE 22,845 $977,309.10
    835495102 SONOCO PRODUCTS CO US SON 6,085 $397,593.90
    85254J102 STAG INDUSTRIAL INC US STAG 14,905 $450,727.20
    87612E106 TARGET CORP US TGT 14,275 $1,236,357.75
    88579Y101 3M CO US MMM 820 $142,138.80
    911312106 UNITED PARCEL SERVICE US UPS 12,270 $1,267,122.90
    92343V104 VERIZON COMMUNICATIONS US VZ 23,115 $1,320,559.95
    94106L109 WASTE MANAGEMENT INC US WM 16,875 $1,946,868.75
    949746101 WELLS FARGO COMPANY US WFC 30,110 $1,424,805.20
    B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 37,355 $397,639.42
    B68XHC3 NORTHLAND POWER INC CA NPI CN 22,165 $431,604.37
    BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 324,415 $1,374,092.79
    G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 37,770 $1,560,278.70
    G5960L103 MEDTRONIC INC IE MDT 15,085 $1,469,128.15
    USD US DOLLAR US 321,014.34 $321,014.34

    Investments will change over time.

    Distributions

    • Equity Income Series Class W Distribution History
    • 2019 Distribution Calendar
    • First Quarter 2019 Distributions
    • Fourth Quarter 2018 Distributions
    • Third Quarter 2018 Distributions
    • Second Quarter 2019 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.

    Daily Price

    $12.42

    Daily $ Change

    $0.03

    Daily % Change

    0.24%

    as of 07/18/2019

    Ticker

    MNEWX

    CUSIP

    56382R449

    Inception Date

    03/01/2019

    This fund is only available to discretionary investment accounts and other accounts managed by the Advisor.

    Important Documents

    Summary Prospectus
    Prospectus
    Statement of Additional Information
    Annual Report
    Semi-Annual Report
    Fact Sheet ---
    Applications & Forms

    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

      Performance

      As of 06/30/2019

      YTD

      18.66%

      1 Year

      9.78%

      3 Year

      10.47%

      5 Year

      7.16%

      10 Year

      ---

      Inception
      (12/31/2013)

      8.52%

      Market Cycle

      ---

      Inception performance is based on the Equity Income Series Class I inception of 12/31/2013. For periods through 03/01/2019 (the inception date of the Class W shares), performance for the Class W shares is based on the historical performance of the Class I shares. Because the Class W shares invest in the same portfolio of securities as the Class I shares, performance will be different only to the extent that the Class I shares have a higher expense ratio. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.

      Expense Ratio

      Gross 0.69%
      Net 0.12%*

      *Reflects the Advisor's contractual agreement to waive its management fee and limit and reimburse certain other expenses. These contractual waivers may not be amended or terminated without the prior approval of the Fund's Board of Directors. The Class W shares are only available to discretionary investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the fund's expenses.

      Top Ten Investments

      As of 06/30/2019

      JP MORGAN CHASE & CO 3.39%
      JOHNSON & JOHNSON 3.32%
      EXXON MOBIL CORP 3.27%
      BANK OF AMERICA CORP 3.25%
      CITIGROUP INC 2.86%
      MICROSOFT CORP 2.75%
      WASTE MANAGEMENT INC 2.54%
      INTEL CORP 2.42%
      GRAPHIC PACKAGING HOLDING CO 2.38%
      JOHNSON CONTROLS INTERNATIONAL 2.03%

      Top Ten Investments list is unaudited and excludes cash

      Sector Allocation

      As of 06/30/2019

      Communication Services
      2.24%
      Consumer Discretionary
      7.85%
      Consumer Staples
      7.70%
      Energy
      10.30%
      Financials
      21.48%
      Health Care
      10.76%
      Industrials
      10.75%
      Information Technology
      5.17%
      Materials
      9.90%
      Other
      1.46%
      Real Estate
      8.22%
      Utilities
      4.17%

      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 S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither 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.

      Country Allocation

      As of 06/30/2019

      United States
      87.71%
      United Kingdom
      5.94%
      Ireland
      1.91%
      Canada
      1.52%
      France
      1.00%
      Switzerland
      0.97%
      Netherlands
      0.95%

      June Fund Holdings

      As of 06/30/2019

      CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
      00206R102 AT&T INC US T 11,860 $397,428.60
      020002101 ALLSTATE CORPORATION US ALL 5,725 $582,175.25
      0237400 DIAGEO PLC GB DGE LN 20,910 $899,975.29
      026874784 AMERICAN INTL GROUP INC US AIG 10,495 $559,173.60
      03990B101 ARES MANAGEMENT CORP - A US ARES 23,415 $612,770.55
      04621X108 ASSURANT INC US AIZ 3,660 $389,350.80
      053484101 AVALONBAY COMMUNITIES INC US AVB 2,465 $500,838.70
      055622104 BP PLC-SPONS ADR GB BP 33,640 $1,402,788.00
      060505104 BANK OF AMERICA CORP US BAC 86,120 $2,497,480.00
      06759L103 BARINGS BDC INC US BBDC 37,275 $366,786.00
      09247X101 BLACKROCK INC US BLK 1,635 $767,305.50
      0925288 GLAXOSMITHKLINE PLC GB GSK LN 18,370 $368,225.08
      09260D107 BLACKSTONE GROUP LP US BX 27,115 $1,204,448.30
      0989529 ASTRAZENECA PLC GB AZN LN 6,270 $512,584.81
      110122108 BRISTOL MYERS SQUIBB CO US BMY 11,050 $501,117.50
      125896100 CMS ENERGY CORP US CMS 16,780 $971,729.80
      166764100 CHEVRON CORP US CVX 11,035 $1,373,195.40
      172967424 CITIGROUP INC US C 31,300 $2,191,939.00
      194162103 COLGATE-PALMOLIVE CO US CL 12,980 $930,276.60
      20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 11,680 $460,308.80
      2099084 BORALEX INC -A CA BLX CN 22,540 $338,904.66
      22052L104 CORTEVA INC US CTVA 8,310 $245,726.70
      22282E102 COVANTA HOLDING CORP US CVA 62,950 $1,127,434.50
      22822V101 CROWN CASTLE INTL CORP US CCI 7,960 $1,037,586.00
      256677105 DOLLAR GENERAL CORP US DG 10,755 $1,453,645.80
      260557103 DOW INC US DOW 19,265 $949,957.15
      26614N102 DUPONT DE NEMOURS INC US DD 8,310 $623,831.70
      29444U700 EQUINIX INC US EQIX 2,445 $1,232,989.05
      30161N101 EXELON CORP US EXC 11,800 $565,692.00
      30231G102 EXXON MOBIL CORP US XOM 32,775 $2,511,548.25
      302491303 FMC CORP US FMC 17,170 $1,424,251.50
      31620R303 FNF GROUP US FNF 9,415 $379,424.50
      363576109 ARTHUR J GALLAGHER & CO US AJG 8,725 $764,222.75
      372460105 GENUINE PARTS CO US GPC 10,795 $1,118,146.10
      388689101 GRAPHIC PACKAGING HOLDING CO US GPK 130,525 $1,824,739.50
      421946104 HEALTHCARE REALTY TRUST INC US HR 11,965 $374,743.80
      42225P501 HEALTHCARE TRUST OF AMERICA US HTA 13,105 $359,470.15
      42809H107 HESS CORP US HES 13,580 $863,280.60
      45378A106 INDEPENDENCE REALTY TRUST IN US IRT 34,135 $394,941.95
      458140100 INTEL CORP US INTC 38,820 $1,858,313.40
      464287598 ISHARES RUSSELL 1000 VALUE US 8,780 $1,116,991.60
      466032109 J&J SNACK FOODS CORP US JJSF 6,250 $1,005,937.50
      46625H100 JP MORGAN CHASE & CO US JPM 23,285 $2,603,263.00
      476405105 JERNIGAN CAPITAL INC US JCAP 27,335 $560,367.50
      478160104 JOHNSON & JOHNSON US JNJ 18,280 $2,546,038.40
      485170302 KANSAS CITY SOUTHERN US KSU 11,845 $1,442,957.90
      493267108 KEYCORP US KEY 35,300 $626,575.00
      529043101 LEXINGTON REALTY TRUST US LXP 40,260 $378,846.60
      534187109 LINCOLN NATL CORP IND US LNC 5,755 $370,909.75
      5671735 SANOFI-AVENTIS FR SAN FP 8,870 $766,565.99
      58933Y105 MERCK & CO INC US MRK 16,070 $1,347,469.50
      594918104 MICROSOFT CORP US MSFT 15,745 $2,109,200.20
      60871R209 MOLSON COORS BREWING CO -B US TAP 13,905 $778,680.00
      609207105 MONDELEZ INTERNATIONAL INC US MDLZ 23,460 $1,264,494.00
      66987V109 NOVARTIS AG- REG CH NVS 8,160 $745,089.60
      67103H107 O'REILLY AUTOMOTIVE INC US ORLY 2,285 $843,896.20
      674599105 OCCIDENTAL PETROLEUM CORP US OXY 20,360 $1,023,700.80
      693475105 PNC FINANCIAL SERVICES GROUP US PNC 3,265 $448,219.20
      70338P100 PATTERN ENERGY GROUP INC -A US PEGI 21,310 $492,047.90
      713448108 PEPSICO INC US PEP 7,860 $1,030,681.80
      71943U104 PHYSICIANS REALTY TRUST US DOC 21,090 $367,809.60
      729640102 PLYMOUTH INDUSTRIAL REIT INC US 10,110 $191,483.40
      74251V102 PRINCIPAL FINANCIAL GROUP US PFG 6,370 $368,950.40
      749685103 RPM INTERNATIONAL INC US RPM 18,920 $1,156,201.20
      7591EP100 REGIONS FINANCIAL CORP. US RF 22,240 $332,265.60
      760759100 REPUBLIC SERVICES INC US RSG 8,760 $758,966.40
      780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 11,045 $726,098.30
      81211K100 SEALED AIR CORP US SEE 22,845 $977,309.10
      835495102 SONOCO PRODUCTS CO US SON 6,085 $397,593.90
      85254J102 STAG INDUSTRIAL INC US STAG 14,905 $450,727.20
      87612E106 TARGET CORP US TGT 14,275 $1,236,357.75
      88579Y101 3M CO US MMM 820 $142,138.80
      911312106 UNITED PARCEL SERVICE US UPS 12,270 $1,267,122.90
      92343V104 VERIZON COMMUNICATIONS US VZ 23,115 $1,320,559.95
      94106L109 WASTE MANAGEMENT INC US WM 16,875 $1,946,868.75
      949746101 WELLS FARGO COMPANY US WFC 30,110 $1,424,805.20
      B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 37,355 $397,639.42
      B68XHC3 NORTHLAND POWER INC CA NPI CN 22,165 $431,604.37
      BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 324,415 $1,374,092.79
      G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 37,770 $1,560,278.70
      G5960L103 MEDTRONIC INC IE MDT 15,085 $1,469,128.15
      USD US DOLLAR US 321,014.34 $321,014.34

      Investments will change over time.

      Distributions

      • Equity Income Series Class W Distribution History
      • 2019 Distribution Calendar
      • First Quarter 2019 Distributions
      • Fourth Quarter 2018 Distributions
      • Third Quarter 2018 Distributions
      • Second Quarter 2019 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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