Investment Objective

To generate income while managing against capital risk and pursuing long-term capital growth.

Investment Strategy

A diversified multi-asset class portfolio constructed using a strategic blend of proprietary Manning & Napier mutual funds while utilizing both top down and bottom up analysis.

Stock exposure can range from 25% - 55%, and is focused on income-oriented securities such as dividend-paying and dividend growth companies, as well as real estate securities (such as REITs - real estate investment trusts).

Bond exposure can range from 45% - 75%, and will include allocations to both investment grade bonds and high yield bonds. Sector exposure can vary, with the flexibility to build concentrated exposure across fixed income sectors based on market conditions.

May be Appropriate for Investors

  • Who are near retirement, or who have an investment time frame of 3–10 years
  • Who have a focus on stability and income, with a moderate tolerance for capital risk
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio

A Focus on Income

This Series is designed to meet investors' income needs by addressing today’s environment and allowing for the flexibility to adjust to tomorrow’s market conditions. Income Series aims to provide income over time by way of a meaningful exposure to income-oriented equity securities. Additionally, the portfolio includes a notable allocation to fixed income in an effort to enhance income generation and provide some stability.

Daily Price

$11.16

Daily $ Change

$0.01

Daily % Change

0.09%

as of 08/22/2019

Ticker

MSMAX

CUSIP

56382P229

Inception Date

08/01/2012

Investment Minimum

$1,000,000.00

Investment minimum may be waived for certain qualified retirement plans and discretionary investment accounts of the Advisor. As of 06/30/2018, the Manning & Napier Fund, Inc. Income Series was named the Manning & Napier Fund, Inc. Strategic Income Moderate Series. The name change is effective 08/20/2018.

Important Documents

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

Performance

As of 07/31/2019

YTD

11.14%

1 Year

7.26%

3 Year

6.68%

5 Year

5.77%

10 Year

---

Inception
(08/01/2012)

7.07%

Market Cycle

---

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 0.87%
Net 0.63%*

*Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated without the prior approval of the Fund’s Board of Directors.

Top Ten Investments

As of 07/31/2019

TREASURY NOTES 11.84%
GOVERNMENT AGENCY 8.07%
TREASURY BONDS 5.41%
JP MORGAN CHASE & CO 1.13%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 1.12%
JOHNSON & JOHNSON 1.02%
BANK OF AMERICA CORP 0.93%
INTEL CORP 0.90%
WELLS FARGO COMPANY 0.75%
CITIGROUP INC 0.72%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 07/31/2019

Other 0.23%
Communication Services 0.39%
Consumer Discretionary 2.10%
Consumer Staples 3.24%
Energy 2.54%
Financials 6.09%
Health Care 4.24%
Industrials 5.04%
Information Technology 3.27%
Materials 1.90%
Real Estate 6.08%
Utilities 0.64%
Long Term Fixed Income 13.28%
Intermediate Term Fixed Income 39.89%
Short Term Fixed Income 7.88%
Cash 3.19%

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.

Asset Allocation

As of 07/31/2019

Bonds 61.05%
Stocks 35.76%
Cash 3.19%

Credit Quality Distribution

As of 07/31/2019

AAA 53.74%
AA 2.03%
A 2.79%
BBB 11.54%
BB 10.72%
B 11.92%
CCC 2.62%
NR 4.64%

Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Not Rated (NR) is used to classify securities for which a rating is not available. Credit quality ratings for each issue are obtained from Bloomberg using ratings derived from Moody’s Investors Services (Moody’s) or Standard & Poor’s. When ratings from Moody’s are not available, ratings from Standard & Poor’s are used.

July Fund Holdings

As of 07/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 111,440.96 $112,276.76
00206R102 AT&T INC US T 1,236.3 $42,095.96
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 189,322.33 $203,634.43
00287Y109 ABBVIE INC US ABBV 2,001.88 $133,365.24
004239109 ACADIA REALTY TRUST US AKR 452.8 $12,710.16
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 92,867.46 $85,205.90
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 188,282.1 $199,168.39
008492100 AGREE REALTY CORP US ADC 279.65 $18,694.45
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 103.43 $15,137.44
020002101 ALLSTATE CORPORATION US ALL 1,048.57 $112,615.98
0237400 DIAGEO PLC GB DGE LN 2,179.68 $90,893.17
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 117,477.34 $117,865.02
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 447.75 $20,932.20
02665T306 AMERICAN HOMES 4 RENT- A US AMH 2,804.82 $67,904.59
026874784 AMERICAN INTL GROUP INC US AIG 1,094.01 $61,253.59
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 163,446.73 $165,111.78
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 1,906.48 $1,924.11
03064D108 AMERICOLD REALTY TRUST US COLD 1,185.51 $39,750.20
031162100 AMGEN INC US AMGN 880.36 $164,257.53
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 111,440.96 $104,478.12
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 102,154.21 $95,386.49
03748R754 APARTMENT INVT & MGMT CO -A US AIV 945.58 $46,844.00
038222105 APPLIED MATERIALS INC US AMAT 1,254.25 $61,922.41
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 878.98 $36,108.65
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 100,761.2 $104,035.94
03990B101 ARES MANAGEMENT CORP - A US ARES 2,440.8 $71,393.50
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 108,654.93 $105,666.92
04621X108 ASSURANT INC US AIZ 381.52 $43,249.35
053484101 AVALONBAY COMMUNITIES INC US AVB 756.03 $157,850.63
054937107 BB&T CORP US BBT 948.31 $48,866.39
055622104 BP PLC-SPONS ADR GB BP 3,506.67 $139,354.98
05582QAD9 BMWOT 2016-A A3 1.16000 11/25/2020 US 10,438.94 $10,421.55
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 41,609.3 $42,484.93
05722G100 BAKER HUGHES A GE CO US BHGE 1,636.24 $41,544.25
060505104 BANK OF AMERICA CORP US BAC 15,190.98 $466,059.37
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 286,063.96 $300,266.10
06759L103 BARINGS BDC INC US BBDC 3,885.58 $38,350.71
086516101 BEST BUY INC US BBY 624.82 $47,817.09
09247X101 BLACKROCK INC US BLK 170.43 $79,708.60
0925288 GLAXOSMITHKLINE PLC GB GSK LN 1,914.91 $39,602.11
09260D107 BLACKSTONE GROUP LP US BX 2,826.5 $135,615.24
097023105 BOEING CO US BA 616.12 $210,206.74
0989529 ASTRAZENECA PLC GB AZN LN 653.59 $56,466.33
101121101 BOSTON PROPERTIES INC US BXP 554.2 $73,680.59
105368203 BRANDYWINE REALTY TRUST US BDN 3,586.69 $52,903.67
110122108 BRISTOL MYERS SQUIBB CO US BMY 3,363.85 $149,388.56
11135F101 BROADCOM INC US AVGO 449.32 $130,298.15
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 118,406.02 $88,508.50
12429TAE4 BWAY HOLDING CO 7.25000 04/15/2025 US 102,154.21 $96,791.11
1248EPCB7 CCO HLDGS LLC/CAP CORP 5.37500 06/01/2029 US 102,154.21 $105,857.30
12510GAB8 CCG 2019-1 A2 2.80000 09/14/2026 US 201,805.12 $202,740.32
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 413.85 $34,651.80
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 33,375.28 $34,009.07
125896100 CMS ENERGY CORP US CMS 1,749.16 $101,836.35
12592TAA3 COMM 2015-3BP A FLT 3.17800 02/10/2035 US 41,609.3 $43,138.67
12596JAA1 CNH 2019-A A1 2.75334 02/28/2020 US 47,827.52 $47,829.45
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 24,386.46 $23,861.19
12647MBY0 CSMC 2013-6 2A1 3.50000 08/25/2043 US 79,317.73 $80,451.30
126650100 CVS HEALTH CORP US CVS 1,725.28 $96,391.26
12770QAA3 CZR 2017-VICI A 3.53100 10/15/2034 US 59,293.26 $61,202.84
133131102 CAMDEN PROPERTY TRUST US CPT 374.56 $38,845.93
149123101 CATERPILLAR INC US CAT 760.48 $100,132.49
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 879.37 $878.29
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 32,956.18 $33,061.92
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 164,839.75 $165,663.95
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 75,732.55 $75,489.58
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 30,446.58 $30,343.94
165240102 CHESAPEAKE LODGING TRUST US CHSP 645.79 $17,739.75
166764100 CHEVRON CORP US CVX 2,639.56 $324,955.99
17275R102 CISCO SYSTEMS INC US CSCO 4,432.36 $245,552.71
172967424 CITIGROUP INC US C 5,078.04 $361,353.42
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 99,862.33 $160,921.16
194162103 COLGATE-PALMOLIVE CO US CL 2,666.89 $191,322.63
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 2,173.64 $89,314.98
205887102 CONAGRA BRAND INC. US CAG 1,016.31 $29,340.90
2099084 BORALEX INC -A CA BLX CN 2,349.59 $35,534.07
21036PAM0 CONSTELLATION BRANDS INC 3.87500 11/15/2019 US 99,862.33 $100,195.71
22052L104 CORTEVA INC US CTVA 866.24 $25,554.16
222795502 COUSINS PROPERTIES INC US CUZ 2,250.07 $79,157.60
22282E102 COVANTA HOLDING CORP US CVA 6,561.97 $112,997.16
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 17,127.63 $17,127.58
22534BAA2 CAALT 2018-1A A MTGE 3.01000 02/16/2027 US 93,620.93 $93,948.68
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 90,500.23 $91,646.15
22822V101 CROWN CASTLE INTL CORP US CCI 1,137.49 $151,581.61
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 17,104.5 $16,772.81
229663109 CUBESMART US CUBE 566.73 $19,240.36
231021106 CUMMINS INC US CMI 319.65 $52,422.87
23110AAA4 CUMULUS MEDIA NEW HLDGS 6.75000 07/01/2026 US 102,154.21 $104,324.99
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 109,119.27 $106,939.07
25277LAA4 DIAMOND SPORTS GR/DIAMON 5.37500 08/15/2026 US 92,867.46 $94,376.56
25277LAC0 DIAMOND SPORTS GR/DIAMON 6.62500 08/15/2027 US 92,867.46 $94,898.94
253868103 DIGITAL REALTY TRUST INC US DLR 357.97 $40,937.83
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 194,523.49 $206,976.87
256677105 DOLLAR GENERAL CORP US DG 1,121.11 $150,251.45
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 105,868.91 $110,103.66
25960P109 DOUGLAS EMMETT INC US DEI 638.05 $26,045.33
260557103 DOW INC US DOW 3,035.13 $147,021.88
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 198,272.03 $206,202.91
26614N102 DUPONT DE NEMOURS INC US DD 866.24 $62,508.09
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 213,130.83 $204,605.59
277432100 EASTMAN CHEM CO US EMN 389.96 $29,383.80
291011104 EMERSON ELEC CO US EMR 1,133.41 $73,535.77
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 138,350.93 $163,817.43
29372EBS6 EFF 2016-2 A2 1.74000 02/22/2022 US 1,654.07 $1,652.88
29444U700 EQUINIX INC US EQIX 585.28 $293,868.91
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 288.5 $35,846.65
29476L107 EQUITY RESIDENTIAL US EQR 893.16 $70,461.56
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 1,360.12 $28,725.68
297178105 ESSEX PROPERTY TRUST INC US ESS 206.25 $62,332.05
30161N101 EXELON CORP US EXC 1,230.04 $55,425.78
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 208,046.51 $208,760.80
30225T102 EXTRA SPACE STORAGE INC US EXR 202.32 $22,738.28
30231G102 EXXON MOBIL CORP US XOM 3,416.5 $254,050.89
302491303 FMC CORP US FMC 1,789.82 $154,676.10
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 3,274.05 $3,265.80
30262SAR9 FREMF 2015-K42 B FLT 3.85083 12/25/2024 US 39,528.84 $40,817.46
30263HAL5 FREMF 2011-K15 B FLT 4.94811 08/25/2044 US 17,683.95 $18,453.33
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 99,832.52 $101,829.17
30286XAN9 FREMF 2015-K43 B FLT 3.73389 02/25/2048 US 41,609.3 $43,267.20
30291EAE4 FREMF 2013-K712 B FLT 3.31413 05/25/2045 US 37,448.37 $37,431.96
30291XAE2 FREMF 2014-K715 B FLT 3.97177 02/25/2046 US 48,370.81 $49,218.33
311900104 FASTENAL CO US FAST 1,310.91 $40,375.93
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 11,899.35 $12,715.94
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 4,035.33 $4,545.61
3128M7FQ4 FHLM POOL G05275 5.50000 02/01/2039 US 25,369.82 $28,027.88
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 8,903.29 $9,951.09
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 893 $914.70
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 601.74 $617.80
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 512.57 $529.80
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 875.24 $903.31
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 36,017.61 $38,197.79
3128MJJN1 FHLM POOL G08268 5.00000 05/01/2038 US 71,285.83 $77,753.01
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 10,618.77 $11,347.23
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 12,426.11 $13,266.07
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 13,264.05 $14,173.86
3128P8A92 FHLM POOL C91832 3.50000 06/01/2035 US 65,156.07 $67,731.40
312941F69 FHLM POOL A92889 4.50000 07/01/2040 US 31,085.35 $33,566.50
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 85,844.81 $92,696.55
3132J8YK0 FHLM POOL Q17513 3.50000 04/01/2043 US 21,287.9 $22,198.69
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 79,662.68 $83,770.54
3132QUWT6 FHLM POOL Q37857 4.00000 12/01/2045 US 70,762.59 $74,484.30
3132QVKA8 FHLM POOL Q38388 4.00000 01/01/2046 US 80,773.34 $85,008.46
3132WL4Q6 FHLM POOL Q47130 4.50000 04/01/2047 US 38,517.65 $40,699.18
3132WML28 FHLM POOL FG Q47544 4.00000 03/01/2047 US 98,660.01 $104,245.13
3132Y06K1 FHLM POOL FG Q57173 4.50000 07/01/2048 US 85,518.33 $89,787.44
3132Y33P7 FHLM POOL FG Q59805 4.50000 11/01/2048 US 62,112.13 $65,143.65
3132Y3ZJ6 FHLM POOL FG Q59744 4.50000 11/01/2048 US 110,058.44 $115,863.70
31334WF97 FEDERA; NATL MTG ASSN FR QA0192 3.50000 06/01/2049 US 103,177.56 $105,762.36
31335A5Q7 FHLM POOL G60855 4.50000 12/01/2045 US 30,602.99 $32,789.60
31335ACG1 FHLM POOL G60071 4.50000 07/01/2042 US 31,987.92 $34,533.02
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 37,006.55 $38,656.22
31335ASA7 FHLM POOL G60513 5.00000 07/01/2041 US 72,964.46 $79,597.66
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 129,640.65 $138,098.64
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 163.63 $163.89
3136AY6W8 FNA 2017-M15 A1 2.95932 09/25/2027 US 102,353.71 $105,980.96
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 67,279.13 $69,662.38
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 102.3 $13,504.99
3137ADTK3 FHMS K014 X1 FLT 1.14915 04/25/2021 US 717,005.06 $12,021.81
3137AJMG6 FMHS K016 X1 FLT 1.47763 10/25/2021 US 106,875.57 $3,021.70
3137AUPF0 FHMS K021 x1 FLT 1.43308 06/25/2022 US 926,032.46 $32,699.32
3137B3NB0 FHMS K030 X1 FLT 0.19050 04/25/2023 US 1,382,771.73 $9,021.62
3137B4GZ3 FHMS K032 X1 FLT 0.09960 05/25/2023 US 810,755.09 $3,297.10
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 77,404.65 $80,148.77
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 73,387.01 $76,538.36
3138A5JC7 FEDERAL NATL MTG ASSN AH3858 4.50000 08/01/2041 US 47,397.09 $51,158.03
3138AJXA5 FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 US 11,391.35 $12,077.58
3138EQST0 FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 15,603.92 $16,538.87
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64500 01/01/2049 US 58,225.47 $64,638.62
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 233,400.94 $242,540.01
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 32,166.3 $34,435.54
3138Y22T9 FEDERAL NATL MTG ASSN FN AX1685 3.50000 11/01/2044 US 120,186.59 $125,258.18
3138YNR25 FEDERAL NATL MTG ASSN AY8604 3.50000 04/01/2045 US 25,861.93 $26,738.67
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 30,634.47 $34,309.66
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 79,862.16 $83,516.30
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 13,486.73 $13,925.62
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 11,909.03 $12,517.54
3140F8KD8 FEDERAL NATL MTG ASSN BD1191 3.50000 01/01/2047 US 52,122.34 $54,007.12
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 29,597.7 $31,107.02
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 23,517.66 $24,813.24
3140HPMQ7 FEDERAL NATIONAL MTGE FN BK9366 4.50000 08/01/2048 US 33,826.47 $35,485.60
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 41,029.42 $43,128.75
3140JAQM3 FEDERAL NATL MTG ASSN FN BM5859 4.00000 10/01/2048 US 100,044.56 $103,841.45
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 73,321.48 $77,046.32
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 84,748.57 $90,724.72
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 54,265.25 $57,161.69
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 130,118.17 $139,403.01
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 76,733.06 $82,208.55
3140X4JC1 FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 US 118,690.54 $122,773.94
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 639.68 $653.70
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 736.79 $753.11
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 4,685.69 $4,753.76
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 5,619.38 $5,699.30
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 29,350.4 $32,768.89
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 4,307.69 $4,772.87
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 165.66 $167.20
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 3,264.2 $3,312.14
31416CJV9 FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 12,331.24 $14,025.49
31418B2V7 FEDERAL NATL MTG ASSN MA2587 3.50000 04/01/2036 US 62,483.55 $64,698.12
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912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 474,866.17 $649,305.29
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918204108 VF CORP US VFC 739.99 $64,668.12
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92339V100 VEREIT INC US VER 4,709.99 $42,955.10
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92553P201 VIACOM INC CL B US VIAB 963.6 $29,245.34
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948741103 WEINGARTEN REALTY INVESTORS US WRI 1,126.32 $31,435.71
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958102105 WESTERN DIGITAL CORP US WDC 650.88 $35,076.12
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 152,766.98 $159,259.57
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 155,514.77 $160,134.47
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 11,375.84 $11,428.69
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 13,891.62 $13,975.70
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 246,098.78 $232,563.34
B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 3,893.92 $44,344.35
B68XHC3 NORTHLAND POWER INC CA NPI CN 2,310.5 $43,976.22
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 148,587.94 $150,371.00
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 13,882.94 $23,206.36
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 33,817.35 $151,792.65
BZ121X9 EURONAV LUXEMBOURG SA 7.50000 05/31/2022 LU 111,440.96 $113,112.57
G29183103 EATON CORP PLC US ETN 812.85 $66,808.26
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 199,200.71 $205,375.93
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 5,434.65 $230,646.40
G5960L103 MEDTRONIC INC IE MDT 2,805.67 $286,010.01
H1467J104 CHUBB LTD CH CB 483.57 $73,908.37
N47279109 INTERXION HOLDING NV NL INXN 971.01 $73,117.24
N53745100 LYONDELLBASELL INDU-CL A US LYB 749.68 $62,740.66
USD US DOLLAR US 1,661,794 $1,661,794.00

Portfolio data is based on the investments of the underlying funds. Allocations to the underlying funds will change over time; funds may be added or removed at the manager's discretion.

Distributions

  • Income Series Class I Distribution History
  • 2019 Distribution Calendar
  • Fourth Quarter 2018 Distributions
  • Third Quarter 2018 Distributions
  • Second Quarter 2019 Distributions
  • First Quarter 2019 Distributions
  • Tax Letter

A Word About Risk

All investments involve risks, including possible loss of principal. An investment in the Series will fluctuate in response to stock market movements and changes in interest rates. Because the Series invests in a combination of other affiliated funds, it is subject to asset allocation risk as well as the risks associated with each underlying fund’s investment portfolio. These may include the risk that dividends may be discontinued or decreased; small-cap/mid-cap risk, including the risk that 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; risks related to investments in options, which, 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; risks related to the direct ownership of real estate (including REITs) such as interest rate risk, liquidity risk, and changes in property value, among others; foreign investment risk, including fluctuating currency values, different accounting standards, and economic and political instability, as well as the risk that investments in emerging markets may be more volatile than investments in developed markets; issuer-specific risk; and the increased default risk associated with higher-yielding, lower-rated securities. There is an inverse relationship between bond prices and interest rates; as interest rates rise, bond prices (and therefore the value of bond funds) fall. Likewise, as interest rates fall, bond prices and the value of bond funds rise. Additionally, a portion of the Series’ underlying holdings may be invested 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. Moreover, the potential tax benefits from investing in MLPs depend on their continued treatment as partnerships for federal income tax purposes.

Daily Price

$11.16

Daily $ Change

$0.01

Daily % Change

0.09%

as of 08/22/2019

Ticker

MSMAX

CUSIP

56382P229

Inception Date

08/01/2012

Investment Minimum

$1,000,000.00

Investment minimum may be waived for certain qualified retirement plans and discretionary investment accounts of the Advisor. As of 06/30/2018, the Manning & Napier Fund, Inc. Income Series was named the Manning & Napier Fund, Inc. Strategic Income Moderate Series. The name change is effective 08/20/2018.

Important Documents

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

Investment Objective

To generate income while managing against capital risk and pursuing long-term capital growth.

Investment Strategy

A diversified multi-asset class portfolio constructed using a strategic blend of proprietary Manning & Napier mutual funds while utilizing both top down and bottom up analysis.

Stock exposure can range from 25% - 55%, and is focused on income-oriented securities such as dividend-paying and dividend growth companies, as well as real estate securities (such as REITs - real estate investment trusts).

Bond exposure can range from 45% - 75%, and will include allocations to both investment grade bonds and high yield bonds. Sector exposure can vary, with the flexibility to build concentrated exposure across fixed income sectors based on market conditions.

May be Appropriate for Investors

  • Who are near retirement, or who have an investment time frame of 3–10 years
  • Who have a focus on stability and income, with a moderate tolerance for capital risk
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio

A Focus on Income

This Series is designed to meet investors' income needs by addressing today’s environment and allowing for the flexibility to adjust to tomorrow’s market conditions. Income Series aims to provide income over time by way of a meaningful exposure to income-oriented equity securities. Additionally, the portfolio includes a notable allocation to fixed income in an effort to enhance income generation and provide some stability.

Performance

As of 07/31/2019

YTD

11.14%

1 Year

7.26%

3 Year

6.68%

5 Year

5.77%

10 Year

---

Inception
(08/01/2012)

7.07%

Market Cycle

---

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 0.87%
Net 0.63%*

*Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated without the prior approval of the Fund’s Board of Directors.

Top Ten Investments

As of 07/31/2019

TREASURY NOTES 11.84%
GOVERNMENT AGENCY 8.07%
TREASURY BONDS 5.41%
JP MORGAN CHASE & CO 1.13%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 1.12%
JOHNSON & JOHNSON 1.02%
BANK OF AMERICA CORP 0.93%
INTEL CORP 0.90%
WELLS FARGO COMPANY 0.75%
CITIGROUP INC 0.72%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 07/31/2019

Other
0.23%
Communication Services
0.39%
Consumer Discretionary
2.10%
Consumer Staples
3.24%
Energy
2.54%
Financials
6.09%
Health Care
4.24%
Industrials
5.04%
Information Technology
3.27%
Materials
1.90%
Real Estate
6.08%
Utilities
0.64%
Long Term Fixed Income
13.28%
Intermediate Term Fixed Income
39.89%
Short Term Fixed Income
7.88%
Cash
3.19%

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.

Asset Allocation

As of 07/31/2019

Bonds
61.05%
Stocks
35.76%
Cash
3.19%

Credit Quality Distribution

As of 07/31/2019

AAA
53.74%
AA
2.03%
A
2.79%
BBB
11.54%
BB
10.72%
B
11.92%
CCC
2.62%
NR
4.64%

Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Not Rated (NR) is used to classify securities for which a rating is not available. Credit quality ratings for each issue are obtained from Bloomberg using ratings derived from Moody’s Investors Services (Moody’s) or Standard & Poor’s. When ratings from Moody’s are not available, ratings from Standard & Poor’s are used.

July Fund Holdings

As of 07/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 111,440.96 $112,276.76
00206R102 AT&T INC US T 1,236.3 $42,095.96
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 189,322.33 $203,634.43
00287Y109 ABBVIE INC US ABBV 2,001.88 $133,365.24
004239109 ACADIA REALTY TRUST US AKR 452.8 $12,710.16
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 92,867.46 $85,205.90
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 188,282.1 $199,168.39
008492100 AGREE REALTY CORP US ADC 279.65 $18,694.45
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 103.43 $15,137.44
020002101 ALLSTATE CORPORATION US ALL 1,048.57 $112,615.98
0237400 DIAGEO PLC GB DGE LN 2,179.68 $90,893.17
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 117,477.34 $117,865.02
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 447.75 $20,932.20
02665T306 AMERICAN HOMES 4 RENT- A US AMH 2,804.82 $67,904.59
026874784 AMERICAN INTL GROUP INC US AIG 1,094.01 $61,253.59
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 163,446.73 $165,111.78
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 1,906.48 $1,924.11
03064D108 AMERICOLD REALTY TRUST US COLD 1,185.51 $39,750.20
031162100 AMGEN INC US AMGN 880.36 $164,257.53
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 111,440.96 $104,478.12
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 102,154.21 $95,386.49
03748R754 APARTMENT INVT & MGMT CO -A US AIV 945.58 $46,844.00
038222105 APPLIED MATERIALS INC US AMAT 1,254.25 $61,922.41
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 878.98 $36,108.65
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 100,761.2 $104,035.94
03990B101 ARES MANAGEMENT CORP - A US ARES 2,440.8 $71,393.50
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 108,654.93 $105,666.92
04621X108 ASSURANT INC US AIZ 381.52 $43,249.35
053484101 AVALONBAY COMMUNITIES INC US AVB 756.03 $157,850.63
054937107 BB&T CORP US BBT 948.31 $48,866.39
055622104 BP PLC-SPONS ADR GB BP 3,506.67 $139,354.98
05582QAD9 BMWOT 2016-A A3 1.16000 11/25/2020 US 10,438.94 $10,421.55
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 41,609.3 $42,484.93
05722G100 BAKER HUGHES A GE CO US BHGE 1,636.24 $41,544.25
060505104 BANK OF AMERICA CORP US BAC 15,190.98 $466,059.37
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 286,063.96 $300,266.10
06759L103 BARINGS BDC INC US BBDC 3,885.58 $38,350.71
086516101 BEST BUY INC US BBY 624.82 $47,817.09
09247X101 BLACKROCK INC US BLK 170.43 $79,708.60
0925288 GLAXOSMITHKLINE PLC GB GSK LN 1,914.91 $39,602.11
09260D107 BLACKSTONE GROUP LP US BX 2,826.5 $135,615.24
097023105 BOEING CO US BA 616.12 $210,206.74
0989529 ASTRAZENECA PLC GB AZN LN 653.59 $56,466.33
101121101 BOSTON PROPERTIES INC US BXP 554.2 $73,680.59
105368203 BRANDYWINE REALTY TRUST US BDN 3,586.69 $52,903.67
110122108 BRISTOL MYERS SQUIBB CO US BMY 3,363.85 $149,388.56
11135F101 BROADCOM INC US AVGO 449.32 $130,298.15
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 118,406.02 $88,508.50
12429TAE4 BWAY HOLDING CO 7.25000 04/15/2025 US 102,154.21 $96,791.11
1248EPCB7 CCO HLDGS LLC/CAP CORP 5.37500 06/01/2029 US 102,154.21 $105,857.30
12510GAB8 CCG 2019-1 A2 2.80000 09/14/2026 US 201,805.12 $202,740.32
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 413.85 $34,651.80
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 33,375.28 $34,009.07
125896100 CMS ENERGY CORP US CMS 1,749.16 $101,836.35
12592TAA3 COMM 2015-3BP A FLT 3.17800 02/10/2035 US 41,609.3 $43,138.67
12596JAA1 CNH 2019-A A1 2.75334 02/28/2020 US 47,827.52 $47,829.45
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 24,386.46 $23,861.19
12647MBY0 CSMC 2013-6 2A1 3.50000 08/25/2043 US 79,317.73 $80,451.30
126650100 CVS HEALTH CORP US CVS 1,725.28 $96,391.26
12770QAA3 CZR 2017-VICI A 3.53100 10/15/2034 US 59,293.26 $61,202.84
133131102 CAMDEN PROPERTY TRUST US CPT 374.56 $38,845.93
149123101 CATERPILLAR INC US CAT 760.48 $100,132.49
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 879.37 $878.29
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 32,956.18 $33,061.92
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 164,839.75 $165,663.95
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 75,732.55 $75,489.58
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 30,446.58 $30,343.94
165240102 CHESAPEAKE LODGING TRUST US CHSP 645.79 $17,739.75
166764100 CHEVRON CORP US CVX 2,639.56 $324,955.99
17275R102 CISCO SYSTEMS INC US CSCO 4,432.36 $245,552.71
172967424 CITIGROUP INC US C 5,078.04 $361,353.42
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 99,862.33 $160,921.16
194162103 COLGATE-PALMOLIVE CO US CL 2,666.89 $191,322.63
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 2,173.64 $89,314.98
205887102 CONAGRA BRAND INC. US CAG 1,016.31 $29,340.90
2099084 BORALEX INC -A CA BLX CN 2,349.59 $35,534.07
21036PAM0 CONSTELLATION BRANDS INC 3.87500 11/15/2019 US 99,862.33 $100,195.71
22052L104 CORTEVA INC US CTVA 866.24 $25,554.16
222795502 COUSINS PROPERTIES INC US CUZ 2,250.07 $79,157.60
22282E102 COVANTA HOLDING CORP US CVA 6,561.97 $112,997.16
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 17,127.63 $17,127.58
22534BAA2 CAALT 2018-1A A MTGE 3.01000 02/16/2027 US 93,620.93 $93,948.68
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 90,500.23 $91,646.15
22822V101 CROWN CASTLE INTL CORP US CCI 1,137.49 $151,581.61
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 17,104.5 $16,772.81
229663109 CUBESMART US CUBE 566.73 $19,240.36
231021106 CUMMINS INC US CMI 319.65 $52,422.87
23110AAA4 CUMULUS MEDIA NEW HLDGS 6.75000 07/01/2026 US 102,154.21 $104,324.99
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 109,119.27 $106,939.07
25277LAA4 DIAMOND SPORTS GR/DIAMON 5.37500 08/15/2026 US 92,867.46 $94,376.56
25277LAC0 DIAMOND SPORTS GR/DIAMON 6.62500 08/15/2027 US 92,867.46 $94,898.94
253868103 DIGITAL REALTY TRUST INC US DLR 357.97 $40,937.83
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 194,523.49 $206,976.87
256677105 DOLLAR GENERAL CORP US DG 1,121.11 $150,251.45
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 105,868.91 $110,103.66
25960P109 DOUGLAS EMMETT INC US DEI 638.05 $26,045.33
260557103 DOW INC US DOW 3,035.13 $147,021.88
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 198,272.03 $206,202.91
26614N102 DUPONT DE NEMOURS INC US DD 866.24 $62,508.09
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 213,130.83 $204,605.59
277432100 EASTMAN CHEM CO US EMN 389.96 $29,383.80
291011104 EMERSON ELEC CO US EMR 1,133.41 $73,535.77
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 138,350.93 $163,817.43
29372EBS6 EFF 2016-2 A2 1.74000 02/22/2022 US 1,654.07 $1,652.88
29444U700 EQUINIX INC US EQIX 585.28 $293,868.91
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 288.5 $35,846.65
29476L107 EQUITY RESIDENTIAL US EQR 893.16 $70,461.56
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 1,360.12 $28,725.68
297178105 ESSEX PROPERTY TRUST INC US ESS 206.25 $62,332.05
30161N101 EXELON CORP US EXC 1,230.04 $55,425.78
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 208,046.51 $208,760.80
30225T102 EXTRA SPACE STORAGE INC US EXR 202.32 $22,738.28
30231G102 EXXON MOBIL CORP US XOM 3,416.5 $254,050.89
302491303 FMC CORP US FMC 1,789.82 $154,676.10
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 3,274.05 $3,265.80
30262SAR9 FREMF 2015-K42 B FLT 3.85083 12/25/2024 US 39,528.84 $40,817.46
30263HAL5 FREMF 2011-K15 B FLT 4.94811 08/25/2044 US 17,683.95 $18,453.33
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 99,832.52 $101,829.17
30286XAN9 FREMF 2015-K43 B FLT 3.73389 02/25/2048 US 41,609.3 $43,267.20
30291EAE4 FREMF 2013-K712 B FLT 3.31413 05/25/2045 US 37,448.37 $37,431.96
30291XAE2 FREMF 2014-K715 B FLT 3.97177 02/25/2046 US 48,370.81 $49,218.33
311900104 FASTENAL CO US FAST 1,310.91 $40,375.93
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 11,899.35 $12,715.94
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 4,035.33 $4,545.61
3128M7FQ4 FHLM POOL G05275 5.50000 02/01/2039 US 25,369.82 $28,027.88
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 8,903.29 $9,951.09
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 893 $914.70
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 601.74 $617.80
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 512.57 $529.80
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 875.24 $903.31
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 36,017.61 $38,197.79
3128MJJN1 FHLM POOL G08268 5.00000 05/01/2038 US 71,285.83 $77,753.01
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 10,618.77 $11,347.23
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 12,426.11 $13,266.07
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 13,264.05 $14,173.86
3128P8A92 FHLM POOL C91832 3.50000 06/01/2035 US 65,156.07 $67,731.40
312941F69 FHLM POOL A92889 4.50000 07/01/2040 US 31,085.35 $33,566.50
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 85,844.81 $92,696.55
3132J8YK0 FHLM POOL Q17513 3.50000 04/01/2043 US 21,287.9 $22,198.69
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 79,662.68 $83,770.54
3132QUWT6 FHLM POOL Q37857 4.00000 12/01/2045 US 70,762.59 $74,484.30
3132QVKA8 FHLM POOL Q38388 4.00000 01/01/2046 US 80,773.34 $85,008.46
3132WL4Q6 FHLM POOL Q47130 4.50000 04/01/2047 US 38,517.65 $40,699.18
3132WML28 FHLM POOL FG Q47544 4.00000 03/01/2047 US 98,660.01 $104,245.13
3132Y06K1 FHLM POOL FG Q57173 4.50000 07/01/2048 US 85,518.33 $89,787.44
3132Y33P7 FHLM POOL FG Q59805 4.50000 11/01/2048 US 62,112.13 $65,143.65
3132Y3ZJ6 FHLM POOL FG Q59744 4.50000 11/01/2048 US 110,058.44 $115,863.70
31334WF97 FEDERA; NATL MTG ASSN FR QA0192 3.50000 06/01/2049 US 103,177.56 $105,762.36
31335A5Q7 FHLM POOL G60855 4.50000 12/01/2045 US 30,602.99 $32,789.60
31335ACG1 FHLM POOL G60071 4.50000 07/01/2042 US 31,987.92 $34,533.02
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 37,006.55 $38,656.22
31335ASA7 FHLM POOL G60513 5.00000 07/01/2041 US 72,964.46 $79,597.66
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 129,640.65 $138,098.64
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 163.63 $163.89
3136AY6W8 FNA 2017-M15 A1 2.95932 09/25/2027 US 102,353.71 $105,980.96
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 67,279.13 $69,662.38
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 102.3 $13,504.99
3137ADTK3 FHMS K014 X1 FLT 1.14915 04/25/2021 US 717,005.06 $12,021.81
3137AJMG6 FMHS K016 X1 FLT 1.47763 10/25/2021 US 106,875.57 $3,021.70
3137AUPF0 FHMS K021 x1 FLT 1.43308 06/25/2022 US 926,032.46 $32,699.32
3137B3NB0 FHMS K030 X1 FLT 0.19050 04/25/2023 US 1,382,771.73 $9,021.62
3137B4GZ3 FHMS K032 X1 FLT 0.09960 05/25/2023 US 810,755.09 $3,297.10
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 77,404.65 $80,148.77
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 73,387.01 $76,538.36
3138A5JC7 FEDERAL NATL MTG ASSN AH3858 4.50000 08/01/2041 US 47,397.09 $51,158.03
3138AJXA5 FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 US 11,391.35 $12,077.58
3138EQST0 FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 15,603.92 $16,538.87
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64500 01/01/2049 US 58,225.47 $64,638.62
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832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 285.69 $31,765.85
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83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 1,084.67 $1,083.23
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84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 181,000.47 $184,069.68
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85254J102 STAG INDUSTRIAL INC US STAG 2,382.33 $70,802.86
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858912AF5 STERICYCLE INC 5.37500 07/15/2024 US 102,154.21 $106,683.73
862121100 STORE CAPITAL CORP US STOR 437.25 $14,958.30
866674104 SUN COMMUNITIES US SUI 432.28 $57,411.26
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 1,656.67 $21,884.67
867914103 SUNTRUST BANKS INC US STI 736.26 $49,034.62
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871829107 SYSCO CORP US SYY 930.24 $63,786.42
87612E106 TARGET CORP US TGT 1,488.04 $128,566.70
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 8,825.02 $8,797.25
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 129,550.11 $112,708.60
88104LAC7 TERRAFORM POWER OPERATIN 4.25000 01/31/2023 US 32,503.61 $32,535.14
882508104 TEXAS INSTRUMENTS INC US TXN 1,233.06 $154,145.39
88579Y101 3M CO US MMM 907.86 $158,620.98
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 49,847.03 $49,559.53
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 43,269.13 $43,428.26
89177EAA7 TPMT 2019-HY1 A1 3.26600 10/25/2048 US 40,435.83 $40,656.81
89417E109 TRAVELLERS COS INC US TRV 358.44 $52,554.91
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 50,996.49 $50,881.16
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 51,881.15 $52,353.22
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 200,593.72 $196,832.59
902494103 TYSON FOODS INC -CL A US TSN 533.81 $42,437.79
902653104 UDR INC US UDR 744.85 $34,307.74
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902973304 U.S. BANCORP US USB 2,153.02 $123,045.12
903002103 UMH PROPERTIES INC US UMH 955.63 $12,566.57
907818108 UNION PAC CORP US UNP 862.73 $155,248.21
911312106 UNITED PARCEL SERVICE US UPS 2,233.55 $266,841.87
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 481,107.57 $676,952.17
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 474,866.17 $649,305.29
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 204,547.41 $207,709.01
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 755,937.01 $752,747.90
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 591,580.26 $647,641.73
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 847,061.38 $897,752.71
9128286B1 US TREASURY N/B 2.62500 02/15/2029 US 1,198,868.04 $1,261,387.14
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 569,659.49 $562,994.09
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 910,723.62 $892,936.05
912828SV3 US TREASURY N/B 1.75000 05/15/2022 US 223,337.93 $222,657.45
912828VB3 UNITED STATES TREAS NTS 1.75000 05/15/2023 US 674,070.71 $671,358.62
912828WJ5 US TREASURY N/B 2.50000 05/15/2024 US 216,888.49 $223,268.06
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 871,714.9 $898,070.66
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 881,909.18 $893,070.84
913017109 UNITED TECHNOLOGIES CORP US UTX 1,047.13 $139,896.72
91704F104 URBAN EDGE PROPERTIES US UE 1,753.23 $29,331.56
918204108 VF CORP US VFC 739.99 $64,668.12
91913Y100 VALERO ENERGY US VLO 804.85 $68,613.83
92276F100 VENTAS INC US VTR 978.7 $65,856.89
92339V100 VEREIT INC US VER 4,709.99 $42,955.10
92343V104 VERIZON COMMUNICATIONS US VZ 2,409.53 $133,174.79
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 264,219.07 $332,734.26
92553P201 VIACOM INC CL B US VIAB 963.6 $29,245.34
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 159,732.04 $158,134.72
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 25,485.7 $25,689.39
929042109 VORNADO REALTY TRUST US VNO 407.87 $26,234.32
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 106,797.58 $102,258.69
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 79,534.38 $81,594.20
93065PAA9 WBHT 2019-WBM A FLT 3.37500 12/15/2033 US 43,169.65 $42,925.20
931142103 WAL MART STORES US WMT 2,603.02 $287,320.80
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 1,375.66 $74,959.86
94106L109 WASTE MANAGEMENT INC US WM 2,466.61 $288,592.88
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 150,445.29 $149,316.95
948741103 WEINGARTEN REALTY INVESTORS US WRI 1,126.32 $31,435.71
949746101 WELLS FARGO COMPANY US WFC 7,787.71 $377,002.85
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 28,606.4 $29,001.29
95040Q104 WELLTOWER INC. US WELL 611.83 $50,855.26
958102105 WESTERN DIGITAL CORP US WDC 650.88 $35,076.12
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 152,766.98 $159,259.57
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 155,514.77 $160,134.47
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 11,375.84 $11,428.69
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 13,891.62 $13,975.70
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 246,098.78 $232,563.34
B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 3,893.92 $44,344.35
B68XHC3 NORTHLAND POWER INC CA NPI CN 2,310.5 $43,976.22
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 148,587.94 $150,371.00
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 13,882.94 $23,206.36
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 33,817.35 $151,792.65
BZ121X9 EURONAV LUXEMBOURG SA 7.50000 05/31/2022 LU 111,440.96 $113,112.57
G29183103 EATON CORP PLC US ETN 812.85 $66,808.26
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 199,200.71 $205,375.93
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 5,434.65 $230,646.40
G5960L103 MEDTRONIC INC IE MDT 2,805.67 $286,010.01
H1467J104 CHUBB LTD CH CB 483.57 $73,908.37
N47279109 INTERXION HOLDING NV NL INXN 971.01 $73,117.24
N53745100 LYONDELLBASELL INDU-CL A US LYB 749.68 $62,740.66
USD US DOLLAR US 1,661,794 $1,661,794.00

Portfolio data is based on the investments of the underlying funds. Allocations to the underlying funds will change over time; funds may be added or removed at the manager's discretion.

Distributions

  • Income Series Class I Distribution History
  • 2019 Distribution Calendar
  • Fourth Quarter 2018 Distributions
  • Third Quarter 2018 Distributions
  • Second Quarter 2019 Distributions
  • First Quarter 2019 Distributions
  • Tax Letter

A Word About Risk

All investments involve risks, including possible loss of principal. An investment in the Series will fluctuate in response to stock market movements and changes in interest rates. Because the Series invests in a combination of other affiliated funds, it is subject to asset allocation risk as well as the risks associated with each underlying fund’s investment portfolio. These may include the risk that dividends may be discontinued or decreased; small-cap/mid-cap risk, including the risk that 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; risks related to investments in options, which, 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; risks related to the direct ownership of real estate (including REITs) such as interest rate risk, liquidity risk, and changes in property value, among others; foreign investment risk, including fluctuating currency values, different accounting standards, and economic and political instability, as well as the risk that investments in emerging markets may be more volatile than investments in developed markets; issuer-specific risk; and the increased default risk associated with higher-yielding, lower-rated securities. There is an inverse relationship between bond prices and interest rates; as interest rates rise, bond prices (and therefore the value of bond funds) fall. Likewise, as interest rates fall, bond prices and the value of bond funds rise. Additionally, a portion of the Series’ underlying holdings may be invested 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. Moreover, the potential tax benefits from investing in MLPs depend on their continued treatment as partnerships for federal income tax purposes.


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