The Income Series has been closed and liquidated as of the end of business on 11/20/2019. The Income Series Class I closing NAV is $9.0835.

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

$9.08

Daily $ Change

$0.00

Daily % Change

0.00%

as of 11/20/2019

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 10/31/2019

YTD

14.14%

1 Year

12.31%

3 Year

8.19%

5 Year

6.07%

10 Year

---

Inception
(08/01/2012)

7.20%

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 10/31/2019

GOVERNMENT AGENCY 8.63%
TREASURY NOTES 7.52%
TREASURY BONDS 6.58%
JP MORGAN CHASE & CO 1.30%
JOHNSON & JOHNSON 1.11%
TSY INFL IX N/B 0.50000 04/15/2024 1.11%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 1.10%
INTEL CORP 0.97%
BANK OF AMERICA CORP 0.97%
TREASURY BILLS 0.89%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 10/31/2019

Other 1.34%
Communication Services 0.78%
Consumer Discretionary 1.98%
Consumer Staples 3.54%
Energy 2.34%
Financials 6.52%
Health Care 4.73%
Industrials 4.97%
Information Technology 3.20%
Materials 1.48%
Real Estate 6.66%
Utilities 0.77%
Long Term Fixed Income 14.77%
Intermediate Term Fixed Income 37.56%
Short Term Fixed Income 7.70%
Cash 1.66%

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 10/31/2019

Bonds 60.03%
Stocks 38.31%
Cash 1.66%

Credit Quality Distribution

As of 10/31/2019

AAA 52.66%
AA 1.72%
A 3.67%
BBB 12.53%
BB 9.19%
B 12.35%
CCC 3.90%
NR 3.98%

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.

October Fund Holdings

As of 10/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 37,794.68 $40,298.58
00206R102 AT&T INC US T 1,180.71 $45,445.46
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 73,491.85 $80,716.50
00287Y109 ABBVIE INC US ABBV 793.49 $63,122.17
004239109 ACADIA REALTY TRUST US AKR 189.54 $5,303.22
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 60,986.87 $55,802.99
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 73,088.04 $79,306.24
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 39,512.62 $39,117.49
008492100 AGREE REALTY CORP US ADC 117.06 $9,220.53
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 86,817.29 $90,565.01
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 43.29 $6,872.70
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 67,031.02 $69,622.55
020002101 ALLSTATE CORPORATION US ALL 455.34 $48,457.39
0237400 DIAGEO PLC GB DGE LN 561.87 $22,997.98
02406PAR1 AMERICAN AXLE & MFG INC 6.25000 04/01/2025 US 18,324.69 $17,660.42
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 308.58 $15,422.92
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,055.7 $27,944.26
026874784 AMERICAN INTL GROUP INC US AIG 496.16 $26,276.50
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 100,785.81 $101,350.90
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 83,586.88 $89,357.12
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 620.5 $626.70
03064D108 AMERICOLD REALTY TRUST US COLD 573.69 $22,999.24
031162100 AMGEN INC US AMGN 336.76 $71,813.81
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 39,798.94 $29,600.46
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 39,798.94 $30,048.20
03748R754 APARTMENT INVT & MGMT CO -A US AIV 506.22 $27,781.53
038222105 APPLIED MATERIALS INC US AMAT 455.26 $24,702.21
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 350.78 $14,746.80
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 41,085.57 $42,728.99
03990B101 ARES MANAGEMENT CORP - A US ARES 1,106.96 $32,732.76
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 40,944.24 $41,148.96
04621X108 ASSURANT INC US AIZ 173.03 $21,813.73
053484101 AVALONBAY COMMUNITIES INC US AVB 294.46 $64,092.34
054937107 BB&T CORP US BBT 401.68 $21,308.89
055622104 BP PLC-SPONS ADR GB BP 872.94 $33,093.31
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 16,152.05 $16,544.69
05722G100 BAKER HUGHES CO US BKR 618.38 $13,233.26
060505104 BANK OF AMERICA CORP US BAC 6,195.66 $193,738.32
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 111,045.37 $118,443.11
08576PAA9 BERRY GLOBAL INC 4.50000 02/15/2026 US 28,918.66 $29,099.40
086516101 BEST BUY INC US BBY 255.42 $18,346.94
09247X101 BLACKROCK INC US BLK 77.3 $35,687.39
0925288 GLAXOSMITHKLINE PLC GB GSK LN 868.45 $19,891.92
09260D107 BLACKSTONE GROUP LP US BX 768.94 $40,876.73
097023105 BOEING CO US BA 239.67 $81,466.26
101121101 BOSTON PROPERTIES INC US BXP 157.92 $21,666.92
105368203 BRANDYWINE REALTY TRUST US BDN 1,501.33 $22,940.39
110122108 BRISTOL MYERS SQUIBB CO US BMY 1,379.61 $79,148.46
11135F101 BROADCOM INC US AVGO 172.99 $50,660.50
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 39,798.94 $26,267.30
12429TAE4 BWAY HOLDING CO 7.25000 04/15/2025 US 42,089.53 $40,248.11
124847AC8 ENTERCOM MEDIA CORP 7.25000 11/01/2024 US 18,324.69 $19,103.49
12510GAB8 CCG 2019-1 A2 2.80000 09/14/2026 US 78,337.46 $79,066.71
12527GAB9 CF INDUSTRIES INC 7.12500 05/01/2020 US 37,794.68 $38,702.93
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 158.32 $11,975.50
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 11,392.01 $11,640.64
125896100 CMS ENERGY CORP US CMS 793.28 $50,706.76
12592TAA3 COMM 2015-3BP A FLT 3.17800 02/10/2035 US 16,152.05 $16,944.60
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 8,804.11 $8,711.49
12647MBY0 CSMC 2013-6 2A1 3.50000 08/25/2043 US 29,035.75 $29,532.19
126650100 CVS HEALTH CORP US CVS 716.21 $47,549.06
12686CBA6 CABLEVISION SYSTEMS CORP 8.00000 04/15/2020 US 37,794.68 $38,739.55
12770QAA3 CZR 2017-VICI A 3.53100 10/15/2034 US 23,016.68 $23,935.95
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 58,696.28 $58,843.02
133131102 CAMDEN PROPERTY TRUST US CPT 180.86 $20,684.50
149123101 CATERPILLAR INC US CAT 282.03 $38,863.96
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 152.73 $152.64
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 11,085.45 $11,165.95
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 37,794.68 $38,267.11
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 24,449.26 $24,441.68
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 10,281.77 $10,281.92
166764100 CHEVRON CORP US CVX 1,238.74 $143,867.56
17275R102 CISCO SYSTEMS INC US CSCO 1,797.47 $85,397.92
172967424 CITIGROUP INC US C 1,942.62 $139,596.39
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 38,764.93 $63,770.95
194162103 COLGATE-PALMOLIVE CO US CL 1,149.24 $78,838.12
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 65,012.02 $65,910.23
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 30,285.1 $30,274.76
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 888.37 $43,015.11
205887102 CONAGRA BRAND INC. US CAG 415.26 $11,232.83
20825C104 CONOCOPHILLIPS US COP 344.17 $18,997.99
2099084 BORALEX INC -A CA BLX CN 1,065.59 $17,637.16
222795502 COUSINS PROPERTIES INC US CUZ 941.85 $37,796.33
22282E102 COVANTA HOLDING CORP US CVA 2,363.07 $34,122.75
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 2,817.63 $2,818.75
22534BAA2 CAALT 2018-1A A MTGE 3.01000 02/16/2027 US 36,342.12 $36,552.83
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 35,130.72 $35,358.36
22822V101 CROWN CASTLE INTL CORP US CCI 367.79 $51,045.44
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 88,432.5 $89,860.41
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 6,303.66 $6,164.70
229663109 CUBESMART US CUBE 160.73 $5,095.10
231021106 CUMMINS INC US CMI 132.05 $22,776.34
23110AAA4 CUMULUS MEDIA NEW HLDGS 6.75000 07/01/2026 US 39,512.62 $41,883.38
247361702 DELTA AIR LINES INC. US DAL 316.75 $17,446.40
25277LAC0 DIAMOND SPORTS GR/DIAMON 6.62500 08/15/2027 US 56,119.37 $57,802.95
253868103 DIGITAL REALTY TRUST INC US DLR 149.84 $19,035.97
254687106 WALT DISNEY CO/THE US DIS 300.91 $39,094.13
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 75,510.85 $82,575.34
256677105 DOLLAR GENERAL CORP US DG 338.45 $54,266.44
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 61,845.84 $64,319.67
25960P109 DOUGLAS EMMETT INC US DEI 399.02 $17,285.50
260557103 DOW INC US DOW 1,062.78 $53,659.52
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 31,781.89 $33,649.08
277432100 EASTMAN CHEM CO US EMN 159.42 $12,121.96
291011104 EMERSON ELEC CO US EMR 442.56 $31,045.71
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 53,705.58 $64,323.32
29444U700 EQUINIX INC US EQIX 206.88 $117,254.17
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 241.53 $16,892.41
29476L107 EQUITY RESIDENTIAL US EQR 317.68 $28,165.33
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 687.61 $17,644.09
297178105 ESSEX PROPERTY TRUST INC US ESS 68.67 $22,464.47
30161N101 EXELON CORP US EXC 557.85 $25,376.69
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 80,760.27 $81,224.24
30225T102 EXTRA SPACE STORAGE INC US EXR 60.67 $6,811.55
30231G102 EXXON MOBIL CORP US XOM 1,549.46 $104,696.88
302491303 FMC CORP US FMC 394.04 $36,054.86
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 243.86 $243.42
30262SAR9 FREMF 2015-K42 B FLT 3.85112 12/25/2024 US 15,344.45 $16,075.55
30263HAL5 FREMF 2011-K15 B FLT 4.96075 08/25/2044 US 6,864.62 $7,155.13
30286XAN9 FREMF 2015-K43 B FLT 3.73374 02/25/2048 US 16,152.05 $16,809.63
30291EAE4 FREMF 2013-K712 B FLT 3.26320 05/25/2045 US 14,536.85 $14,522.42
30291XAE2 FREMF 2014-K715 B FLT 3.97143 02/25/2046 US 18,776.76 $19,139.49
311900104 FASTENAL CO US FAST 502.89 $18,073.98
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 4,318.55 $4,638.58
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 1,480.28 $1,671.49
3128M7FQ4 FHLM POOL G05275 5.50000 02/01/2039 US 7,853.13 $8,580.20
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 3,270.98 $3,678.89
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 287.73 $294.85
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 198.55 $204.13
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 174.3 $180.76
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 290.89 $300.66
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 12,670.16 $13,429.99
3128MJJN1 FHLM POOL G08268 5.00000 05/01/2038 US 26,502.52 $29,277.40
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 3,863.79 $4,153.69
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 4,406.99 $4,733.97
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 5,083.99 $5,467.08
3128P8A92 FHLM POOL C91832 3.50000 06/01/2035 US 23,939.99 $24,942.93
312941F69 FHLM POOL A92889 4.50000 07/01/2040 US 10,774.2 $11,580.93
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 31,753.79 $34,439.81
3131XVYW9 FEDERAL NATL MTG ASSN FR ZM2525 3.00000 12/01/2046 US 45,064.36 $46,182.02
3132J8YK0 FHLM POOL Q17513 3.50000 04/01/2043 US 8,175.52 $8,585.38
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 29,151.79 $30,914.79
3132QUWT6 FHLM POOL Q37857 4.00000 12/01/2045 US 26,029.7 $27,523.82
3132QVKA8 FHLM POOL Q38388 4.00000 01/01/2046 US 30,713.88 $32,602.64
3132WL4Q6 FHLM POOL Q47130 4.50000 04/01/2047 US 11,806.38 $12,449.59
3132WML28 FHLM POOL FG Q47544 4.00000 03/01/2047 US 34,128.22 $36,237.85
3132Y06K1 FHLM POOL FG Q57173 4.50000 07/01/2048 US 28,462.8 $29,920.15
3132Y33P7 FHLM POOL FG Q59805 4.50000 11/01/2048 US 21,549.38 $22,695.86
3132Y3ZJ6 FHLM POOL FG Q59744 4.50000 11/01/2048 US 39,034.84 $41,264.55
31334WF97 FEDERA; NATL MTG ASSN FR QA0192 3.50000 06/01/2049 US 39,356.28 $40,491.02
31335A5Q7 FHLM POOL G60855 4.50000 12/01/2045 US 11,185.51 $12,019.31
31335ACG1 FHLM POOL G60071 4.50000 07/01/2042 US 11,599.93 $12,577.77
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 13,422.34 $14,091.44
31335ASA7 FHLM POOL G60513 5.00000 07/01/2041 US 27,075.18 $29,894.46
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 47,162.16 $50,459.97
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 21.67 $21.74
3133G6L60 FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 US 48,411.33 $49,600.19
3136AY6W8 FNA 2017-M15 A1 2.95932 09/25/2027 US 39,124.27 $40,995.90
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 25,654.98 $26,782.43
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 42.82 $5,824.28
3137ADTK3 FHMS K014 X1 FLT 1.14919 04/25/2021 US 276,851.83 $3,863.61
3137AJMG6 FMHS K016 X1 FLT 1.47773 10/25/2021 US 41,260.82 $1,021.15
3137AUPF0 FHMS K021 x1 FLT 1.42834 06/25/2022 US 357,187.56 $11,494.51
3137B3NB0 FHMS K030 X1 FLT 0.18772 04/25/2023 US 533,269.98 $3,218.76
3137B4GZ3 FHMS K032 X1 FLT 0.09785 05/25/2023 US 312,572.43 $1,220.00
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 26,785.71 $27,147.65
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 23,550.62 $24,042.44
3138A5JC7 FEDERAL NATL MTG ASSN AH3858 4.50000 08/01/2041 US 17,500.06 $18,973.36
3138AJXA5 FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 US 3,902.95 $4,176.89
3138EQST0 FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 5,806.99 $6,212.70
3138ERN30 FEDERAL NATL MTG ASSN FN AL9409 3.50000 11/01/2031 US 38,499.78 $40,011.53
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64500 01/01/2049 US 21,890.77 $24,642.28
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 88,364.97 $93,054.59
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 11,083.19 $11,926.85
3138Y22T9 FEDERAL NATL MTG ASSN FN AX1685 3.50000 11/01/2044 US 43,355.25 $45,757.63
3138YNR25 FEDERAL NATL MTG ASSN AY8604 3.50000 04/01/2045 US 9,651.62 $10,062.48
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 11,620.59 $13,091.35
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 29,713.05 $31,290.15
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 5,080.29 $5,293.94
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 4,457.18 $4,695.89
3140F8KD8 FEDERAL NATL MTG ASSN BD1191 3.50000 01/01/2047 US 19,874.48 $20,653.25
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 10,845.57 $11,427.53
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 7,810.25 $8,246.84
3140HPMQ7 FEDERAL NATIONAL MTGE FN BK9366 4.50000 08/01/2048 US 13,082.08 $13,769.87
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 14,053.89 $14,816.99
3140JAQM3 FEDERAL NATL MTG ASSN FN BM5859 4.00000 10/01/2048 US 35,107.92 $36,603.10
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 24,583.92 $25,871.28
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 30,620.01 $32,826.59
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 18,666.5 $19,702.37
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 44,266.03 $47,455.07
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 25,644.8 $27,491.73
3140X4JC1 FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 US 45,395.01 $47,030.10
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 201.72 $206.06
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 227.74 $233.03
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 1,406.09 $1,426.41
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 1,703.59 $1,726.11
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 10,812.75 $12,134.92
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 1,585.1 $1,780.97
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 41.82 $42.21
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962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 57,550.99 $62,011.19
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 60,368.3 $62,942.68
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 3,545.92 $3,553.97
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 5,036.53 $5,128.80
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 84,179.06 $79,128.32
B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 1,765.98 $22,042.91
B68XHC3 NORTHLAND POWER INC CA NPI CN 1,047.86 $20,923.86
BGDM907 DIANA SHIPPING INC 9.50000 09/27/2023 MH 40,085.27 $39,483.99
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 5,811.19 $9,047.78
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 4,925.88 $23,631.43
BZ121X9 EURONAV LUXEMBOURG SA 7.50000 05/31/2022 LU 45,811.73 $46,727.97
G29183103 EATON CORP PLC US ETN 336.15 $29,282.35
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 1,962.82 $85,049.01
G5960L103 MEDTRONIC INC IE MDT 1,217.28 $132,561.47
H1467J104 CHUBB LTD CH CB 197.08 $30,038.18
N47279109 INTERXION HOLDING NV NL INXN 412.49 $36,389.98
N53745100 LYONDELLBASELL INDU-CL A US LYB 301.85 $27,075.81
USD US DOLLAR US 338,103.85 $338,103.85

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 2019 Distribution Estimates
  • Third Quarter 2019 Distributions
  • Second Quarter 2019 Distributions
  • First Quarter 2019 Distributions
  • Tax Letter
  • November 2019 Special Distribution

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.

The Income Series has been closed and liquidated as of the end of business on 11/20/2019. The Income Series Class I closing NAV is $9.0835.

Daily Price

$9.08

Daily $ Change

$0.00

Daily % Change

0.00%

as of 11/20/2019

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 10/31/2019

YTD

14.14%

1 Year

12.31%

3 Year

8.19%

5 Year

6.07%

10 Year

---

Inception
(08/01/2012)

7.20%

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 10/31/2019

GOVERNMENT AGENCY 8.63%
TREASURY NOTES 7.52%
TREASURY BONDS 6.58%
JP MORGAN CHASE & CO 1.30%
JOHNSON & JOHNSON 1.11%
TSY INFL IX N/B 0.50000 04/15/2024 1.11%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 1.10%
INTEL CORP 0.97%
BANK OF AMERICA CORP 0.97%
TREASURY BILLS 0.89%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 10/31/2019

Other
1.34%
Communication Services
0.78%
Consumer Discretionary
1.98%
Consumer Staples
3.54%
Energy
2.34%
Financials
6.52%
Health Care
4.73%
Industrials
4.97%
Information Technology
3.20%
Materials
1.48%
Real Estate
6.66%
Utilities
0.77%
Long Term Fixed Income
14.77%
Intermediate Term Fixed Income
37.56%
Short Term Fixed Income
7.70%
Cash
1.66%

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 10/31/2019

Bonds
60.03%
Stocks
38.31%
Cash
1.66%

Credit Quality Distribution

As of 10/31/2019

AAA
52.66%
AA
1.72%
A
3.67%
BBB
12.53%
BB
9.19%
B
12.35%
CCC
3.90%
NR
3.98%

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.

October Fund Holdings

As of 10/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 37,794.68 $40,298.58
00206R102 AT&T INC US T 1,180.71 $45,445.46
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 73,491.85 $80,716.50
00287Y109 ABBVIE INC US ABBV 793.49 $63,122.17
004239109 ACADIA REALTY TRUST US AKR 189.54 $5,303.22
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 60,986.87 $55,802.99
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 73,088.04 $79,306.24
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 39,512.62 $39,117.49
008492100 AGREE REALTY CORP US ADC 117.06 $9,220.53
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 86,817.29 $90,565.01
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 43.29 $6,872.70
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 67,031.02 $69,622.55
020002101 ALLSTATE CORPORATION US ALL 455.34 $48,457.39
0237400 DIAGEO PLC GB DGE LN 561.87 $22,997.98
02406PAR1 AMERICAN AXLE & MFG INC 6.25000 04/01/2025 US 18,324.69 $17,660.42
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 308.58 $15,422.92
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,055.7 $27,944.26
026874784 AMERICAN INTL GROUP INC US AIG 496.16 $26,276.50
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 100,785.81 $101,350.90
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 83,586.88 $89,357.12
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 620.5 $626.70
03064D108 AMERICOLD REALTY TRUST US COLD 573.69 $22,999.24
031162100 AMGEN INC US AMGN 336.76 $71,813.81
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 39,798.94 $29,600.46
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 39,798.94 $30,048.20
03748R754 APARTMENT INVT & MGMT CO -A US AIV 506.22 $27,781.53
038222105 APPLIED MATERIALS INC US AMAT 455.26 $24,702.21
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 350.78 $14,746.80
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 41,085.57 $42,728.99
03990B101 ARES MANAGEMENT CORP - A US ARES 1,106.96 $32,732.76
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 40,944.24 $41,148.96
04621X108 ASSURANT INC US AIZ 173.03 $21,813.73
053484101 AVALONBAY COMMUNITIES INC US AVB 294.46 $64,092.34
054937107 BB&T CORP US BBT 401.68 $21,308.89
055622104 BP PLC-SPONS ADR GB BP 872.94 $33,093.31
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 16,152.05 $16,544.69
05722G100 BAKER HUGHES CO US BKR 618.38 $13,233.26
060505104 BANK OF AMERICA CORP US BAC 6,195.66 $193,738.32
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 111,045.37 $118,443.11
08576PAA9 BERRY GLOBAL INC 4.50000 02/15/2026 US 28,918.66 $29,099.40
086516101 BEST BUY INC US BBY 255.42 $18,346.94
09247X101 BLACKROCK INC US BLK 77.3 $35,687.39
0925288 GLAXOSMITHKLINE PLC GB GSK LN 868.45 $19,891.92
09260D107 BLACKSTONE GROUP LP US BX 768.94 $40,876.73
097023105 BOEING CO US BA 239.67 $81,466.26
101121101 BOSTON PROPERTIES INC US BXP 157.92 $21,666.92
105368203 BRANDYWINE REALTY TRUST US BDN 1,501.33 $22,940.39
110122108 BRISTOL MYERS SQUIBB CO US BMY 1,379.61 $79,148.46
11135F101 BROADCOM INC US AVGO 172.99 $50,660.50
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 39,798.94 $26,267.30
12429TAE4 BWAY HOLDING CO 7.25000 04/15/2025 US 42,089.53 $40,248.11
124847AC8 ENTERCOM MEDIA CORP 7.25000 11/01/2024 US 18,324.69 $19,103.49
12510GAB8 CCG 2019-1 A2 2.80000 09/14/2026 US 78,337.46 $79,066.71
12527GAB9 CF INDUSTRIES INC 7.12500 05/01/2020 US 37,794.68 $38,702.93
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 158.32 $11,975.50
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 11,392.01 $11,640.64
125896100 CMS ENERGY CORP US CMS 793.28 $50,706.76
12592TAA3 COMM 2015-3BP A FLT 3.17800 02/10/2035 US 16,152.05 $16,944.60
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 8,804.11 $8,711.49
12647MBY0 CSMC 2013-6 2A1 3.50000 08/25/2043 US 29,035.75 $29,532.19
126650100 CVS HEALTH CORP US CVS 716.21 $47,549.06
12686CBA6 CABLEVISION SYSTEMS CORP 8.00000 04/15/2020 US 37,794.68 $38,739.55
12770QAA3 CZR 2017-VICI A 3.53100 10/15/2034 US 23,016.68 $23,935.95
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 58,696.28 $58,843.02
133131102 CAMDEN PROPERTY TRUST US CPT 180.86 $20,684.50
149123101 CATERPILLAR INC US CAT 282.03 $38,863.96
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 152.73 $152.64
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 11,085.45 $11,165.95
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 37,794.68 $38,267.11
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 24,449.26 $24,441.68
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 10,281.77 $10,281.92
166764100 CHEVRON CORP US CVX 1,238.74 $143,867.56
17275R102 CISCO SYSTEMS INC US CSCO 1,797.47 $85,397.92
172967424 CITIGROUP INC US C 1,942.62 $139,596.39
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 38,764.93 $63,770.95
194162103 COLGATE-PALMOLIVE CO US CL 1,149.24 $78,838.12
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 65,012.02 $65,910.23
20268CAA6 CBSLT 2019-AGS A1 MTGE 2.54000 01/25/2047 US 30,285.1 $30,274.76
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 888.37 $43,015.11
205887102 CONAGRA BRAND INC. US CAG 415.26 $11,232.83
20825C104 CONOCOPHILLIPS US COP 344.17 $18,997.99
2099084 BORALEX INC -A CA BLX CN 1,065.59 $17,637.16
222795502 COUSINS PROPERTIES INC US CUZ 941.85 $37,796.33
22282E102 COVANTA HOLDING CORP US CVA 2,363.07 $34,122.75
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 2,817.63 $2,818.75
22534BAA2 CAALT 2018-1A A MTGE 3.01000 02/16/2027 US 36,342.12 $36,552.83
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 35,130.72 $35,358.36
22822V101 CROWN CASTLE INTL CORP US CCI 367.79 $51,045.44
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 88,432.5 $89,860.41
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 6,303.66 $6,164.70
229663109 CUBESMART US CUBE 160.73 $5,095.10
231021106 CUMMINS INC US CMI 132.05 $22,776.34
23110AAA4 CUMULUS MEDIA NEW HLDGS 6.75000 07/01/2026 US 39,512.62 $41,883.38
247361702 DELTA AIR LINES INC. US DAL 316.75 $17,446.40
25277LAC0 DIAMOND SPORTS GR/DIAMON 6.62500 08/15/2027 US 56,119.37 $57,802.95
253868103 DIGITAL REALTY TRUST INC US DLR 149.84 $19,035.97
254687106 WALT DISNEY CO/THE US DIS 300.91 $39,094.13
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 75,510.85 $82,575.34
256677105 DOLLAR GENERAL CORP US DG 338.45 $54,266.44
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 61,845.84 $64,319.67
25960P109 DOUGLAS EMMETT INC US DEI 399.02 $17,285.50
260557103 DOW INC US DOW 1,062.78 $53,659.52
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 31,781.89 $33,649.08
277432100 EASTMAN CHEM CO US EMN 159.42 $12,121.96
291011104 EMERSON ELEC CO US EMR 442.56 $31,045.71
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 53,705.58 $64,323.32
29444U700 EQUINIX INC US EQIX 206.88 $117,254.17
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 241.53 $16,892.41
29476L107 EQUITY RESIDENTIAL US EQR 317.68 $28,165.33
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 687.61 $17,644.09
297178105 ESSEX PROPERTY TRUST INC US ESS 68.67 $22,464.47
30161N101 EXELON CORP US EXC 557.85 $25,376.69
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 80,760.27 $81,224.24
30225T102 EXTRA SPACE STORAGE INC US EXR 60.67 $6,811.55
30231G102 EXXON MOBIL CORP US XOM 1,549.46 $104,696.88
302491303 FMC CORP US FMC 394.04 $36,054.86
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 243.86 $243.42
30262SAR9 FREMF 2015-K42 B FLT 3.85112 12/25/2024 US 15,344.45 $16,075.55
30263HAL5 FREMF 2011-K15 B FLT 4.96075 08/25/2044 US 6,864.62 $7,155.13
30286XAN9 FREMF 2015-K43 B FLT 3.73374 02/25/2048 US 16,152.05 $16,809.63
30291EAE4 FREMF 2013-K712 B FLT 3.26320 05/25/2045 US 14,536.85 $14,522.42
30291XAE2 FREMF 2014-K715 B FLT 3.97143 02/25/2046 US 18,776.76 $19,139.49
311900104 FASTENAL CO US FAST 502.89 $18,073.98
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 4,318.55 $4,638.58
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 1,480.28 $1,671.49
3128M7FQ4 FHLM POOL G05275 5.50000 02/01/2039 US 7,853.13 $8,580.20
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 3,270.98 $3,678.89
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 287.73 $294.85
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 198.55 $204.13
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 174.3 $180.76
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 290.89 $300.66
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 12,670.16 $13,429.99
3128MJJN1 FHLM POOL G08268 5.00000 05/01/2038 US 26,502.52 $29,277.40
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 3,863.79 $4,153.69
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 4,406.99 $4,733.97
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 5,083.99 $5,467.08
3128P8A92 FHLM POOL C91832 3.50000 06/01/2035 US 23,939.99 $24,942.93
312941F69 FHLM POOL A92889 4.50000 07/01/2040 US 10,774.2 $11,580.93
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 31,753.79 $34,439.81
3131XVYW9 FEDERAL NATL MTG ASSN FR ZM2525 3.00000 12/01/2046 US 45,064.36 $46,182.02
3132J8YK0 FHLM POOL Q17513 3.50000 04/01/2043 US 8,175.52 $8,585.38
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 29,151.79 $30,914.79
3132QUWT6 FHLM POOL Q37857 4.00000 12/01/2045 US 26,029.7 $27,523.82
3132QVKA8 FHLM POOL Q38388 4.00000 01/01/2046 US 30,713.88 $32,602.64
3132WL4Q6 FHLM POOL Q47130 4.50000 04/01/2047 US 11,806.38 $12,449.59
3132WML28 FHLM POOL FG Q47544 4.00000 03/01/2047 US 34,128.22 $36,237.85
3132Y06K1 FHLM POOL FG Q57173 4.50000 07/01/2048 US 28,462.8 $29,920.15
3132Y33P7 FHLM POOL FG Q59805 4.50000 11/01/2048 US 21,549.38 $22,695.86
3132Y3ZJ6 FHLM POOL FG Q59744 4.50000 11/01/2048 US 39,034.84 $41,264.55
31334WF97 FEDERA; NATL MTG ASSN FR QA0192 3.50000 06/01/2049 US 39,356.28 $40,491.02
31335A5Q7 FHLM POOL G60855 4.50000 12/01/2045 US 11,185.51 $12,019.31
31335ACG1 FHLM POOL G60071 4.50000 07/01/2042 US 11,599.93 $12,577.77
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 13,422.34 $14,091.44
31335ASA7 FHLM POOL G60513 5.00000 07/01/2041 US 27,075.18 $29,894.46
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 47,162.16 $50,459.97
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 21.67 $21.74
3133G6L60 FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 US 48,411.33 $49,600.19
3136AY6W8 FNA 2017-M15 A1 2.95932 09/25/2027 US 39,124.27 $40,995.90
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 25,654.98 $26,782.43
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 42.82 $5,824.28
3137ADTK3 FHMS K014 X1 FLT 1.14919 04/25/2021 US 276,851.83 $3,863.61
3137AJMG6 FMHS K016 X1 FLT 1.47773 10/25/2021 US 41,260.82 $1,021.15
3137AUPF0 FHMS K021 x1 FLT 1.42834 06/25/2022 US 357,187.56 $11,494.51
3137B3NB0 FHMS K030 X1 FLT 0.18772 04/25/2023 US 533,269.98 $3,218.76
3137B4GZ3 FHMS K032 X1 FLT 0.09785 05/25/2023 US 312,572.43 $1,220.00
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 26,785.71 $27,147.65
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 23,550.62 $24,042.44
3138A5JC7 FEDERAL NATL MTG ASSN AH3858 4.50000 08/01/2041 US 17,500.06 $18,973.36
3138AJXA5 FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 US 3,902.95 $4,176.89
3138EQST0 FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 5,806.99 $6,212.70
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912796SR1 TREASURY BILL 0.00000 05/21/2020 US 179,408.94 $177,863.68
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 186,758.12 $268,545.05
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 184,335.32 $262,260.19
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 79,546.3 $83,586.23
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 331,803.57 $352,981.97
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 370,568.5 $433,912.55
9128286N5 TSY INFL IX N/B 0.50000 04/15/2024 US 218,733.39 $221,608.98
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 221,534.94 $220,349.38
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 353,528.08 $354,094.28
912828VB3 UNITED STATES TREAS NTS 1.75000 05/15/2023 US 352,316.68 $354,986.57
912828WJ5 US TREASURY N/B 2.50000 05/15/2024 US 427,221.83 $445,245.25
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 342,342.78 $352,358.98
913017109 UNITED TECHNOLOGIES CORP US UTX 401.03 $57,579.62
91704F104 URBAN EDGE PROPERTIES US UE 733.88 $15,492.13
918204108 VF CORP US VFC 282.44 $23,241.57
91913Y100 VALERO ENERGY US VLO 282.98 $27,443.04
92276F100 VENTAS INC US VTR 320.99 $20,896.27
92339V100 VEREIT INC US VER 1,971.53 $19,399.87
92343V104 VERIZON COMMUNICATIONS US VZ 1,092.78 $66,080.14
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 104,584.55 $131,732.42
92553P201 VIACOM INC CL B US VIAB 393.92 $8,492.84
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 60,700.55 $59,031.28
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 9,893.13 $9,962.52
929042109 VORNADO REALTY TRUST US VNO 106.59 $6,995.23
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 20,042.63 $18,789.97
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 30,625.99 $31,346.12
93065PAA9 WBHT 2019-WBM A FLT 2.97125 12/15/2033 US 16,757.76 $16,768.15
931142103 WAL MART STORES US WMT 1,202.61 $141,017.55
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 560.95 $30,729.02
94106L109 WASTE MANAGEMENT INC US WM 759.44 $85,216.39
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 81,029.5 $82,244.94
948741103 WEINGARTEN REALTY INVESTORS US WRI 471.46 $14,959.51
949746101 WELLS FARGO COMPANY US WFC 2,918.36 $150,675.02
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 11,104.54 $11,251.33
95040Q104 WELLTOWER INC. US WELL 287.81 $26,101.56
958102105 WESTERN DIGITAL CORP US WDC 280.3 $14,477.57
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 57,550.99 $62,011.19
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 60,368.3 $62,942.68
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 3,545.92 $3,553.97
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 5,036.53 $5,128.80
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 84,179.06 $79,128.32
B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 1,765.98 $22,042.91
B68XHC3 NORTHLAND POWER INC CA NPI CN 1,047.86 $20,923.86
BGDM907 DIANA SHIPPING INC 9.50000 09/27/2023 MH 40,085.27 $39,483.99
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 5,811.19 $9,047.78
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 4,925.88 $23,631.43
BZ121X9 EURONAV LUXEMBOURG SA 7.50000 05/31/2022 LU 45,811.73 $46,727.97
G29183103 EATON CORP PLC US ETN 336.15 $29,282.35
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 1,962.82 $85,049.01
G5960L103 MEDTRONIC INC IE MDT 1,217.28 $132,561.47
H1467J104 CHUBB LTD CH CB 197.08 $30,038.18
N47279109 INTERXION HOLDING NV NL INXN 412.49 $36,389.98
N53745100 LYONDELLBASELL INDU-CL A US LYB 301.85 $27,075.81
USD US DOLLAR US 338,103.85 $338,103.85

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 2019 Distribution Estimates
  • Third Quarter 2019 Distributions
  • Second Quarter 2019 Distributions
  • First Quarter 2019 Distributions
  • Tax Letter
  • November 2019 Special Distribution

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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