Investment Objective

To manage against capital risk while generating income 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

$10.54

Daily $ Change

-$0.06

Daily % Change

-0.57%

as of 12/14/2018

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
XBRL-8/02/18
XBRL-05/14/18

Performance

As of 11/30/2018

YTD

1.01%

1 Year

1.95%

3 Year

6.50%

5 Year

5.50%

10 Year

---

Inception
(08/01/2012)

6.58%

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 1.02%
Net 0.64%*

*Includes acquired fund fees and expenses of the underlying Series. Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated prior to the expiration date (04/30/2019) without the approval of the Fund’s Board of Directors.

Top Ten Investments

As of 11/30/2018

TREASURY NOTES 9.25%
GOVERNMENT AGENCY 6.46%
TREASURY BONDS 4.64%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 2.10%
JOHNSON & JOHNSON 1.28%
JP MORGAN CHASE & CO 1.25%
INTEL CORP 1.13%
MERCK & CO INC 0.97%
WELLS FARGO COMPANY 0.92%
EXXON MOBIL CORP 0.79%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 11/30/2018

Communication Services 0.68%
Consumer Discretionary 2.56%
Consumer Staples 3.91%
Energy 2.15%
Financials 5.43%
Health Care 5.79%
Industrials 5.28%
Information Technology 3.91%
Materials 1.82%
Real Estate 6.15%
Utilities 0.67%
Long Term Fixed Income 12.47%
Intermediate Term Fixed Income 37.68%
Short Term Fixed Income 9.71%
Cash 1.79%

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

Asset Allocation

As of 11/30/2018

Bonds 59.86%
Stocks 38.35%
Cash 1.79%

Credit Quality Distribution

As of 11/30/2018

AAA 46.66%
AA 2.71%
A 2.82%
BBB 15.35%
BB 11.86%
B 13.98%
CCC 1.75%
NR 4.87%

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.

November Fund Holdings

As of 11/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 82,820.2 $83,441.36
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 175,729.57 $169,387.30
00287Y109 ABBVIE INC US ABBV 1,553.98 $146,493.49
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 106,285.93 $108,411.65
004239109 ACADIA REALTY TRUST US AKR 363.88 $10,432.34
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 174,764.02 $170,115.04
008492100 AGREE REALTY CORP US ADC 224.73 $13,387.04
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 89,376.8 $91,371.87
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 83.11 $10,347.72
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 84,821.69 $84,821.69
020002101 ALLSTATE CORPORATION US ALL 412.78 $36,815.76
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 75,573.44 $75,361.07
0237400 DIAGEO PLC GB DGE LN 2,000.28 $72,236.66
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 87,306.3 $87,851.96
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 270.35 $11,849.31
02665T306 AMERICAN HOMES 4 RENT- A US AMH 2,021.75 $42,113.09
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 180,557.3 $170,451.28
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 136,998.42 $132,545.97
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 2,514.92 $2,529.47
03064D108 AMERICOLD REALTY TRUST US COLD 373.01 $9,996.59
031162100 AMGEN INC US AMGN 703.65 $146,535.65
03748R101 APARTMENT INVT & MGMT CO -A US AIV 752.89 $35,453.52
037833100 APPLE COMPUTER INC US AAPL 619.41 $110,613.82
03784Y200 APPLE HOSPITALITY REIT INC US APLE 628.6 $9,975.87
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 142,174.68 $132,400.17
03990B101 ARES MANAGEMENT CORP - A US ARES 3,030.55 $68,005.62
053015103 AUTOMATIC DATA PROCESSING US ADP 611.44 $90,137.98
053484101 AVALONBAY COMMUNITIES INC US AVB 465.15 $88,643.27
055622104 BP PLC-SPONS ADR GB BP 3,218.05 $129,848.31
05582QAD9 BMWOT 2016-A A3 1.16000 11/25/2020 US 46,542.58 $46,221.10
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 38,621.88 $36,918.89
060505104 BANK OF AMERICA CORP US BAC 8,238.36 $233,969.45
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 265,525.44 $257,534.95
086516101 BEST BUY INC US BBY 497.04 $32,103.65
09247X101 BLACKROCK INC US BLK 117.66 $50,361.17
09253U108 BLACKSTONE GROUP LP/THE US BX 2,593.86 $87,490.87
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 244,283.41 $248,753.02
097023105 BOEING CO US BA 573.44 $198,845.01
0989529 ASTRAZENECA PLC GB AZN LN 1,200.07 $93,448.06
101121101 BOSTON PROPERTIES INC US BXP 507.96 $66,643.70
105368203 BRANDYWINE REALTY TRUST US BDN 2,572.69 $36,712.25
110122108 BRISTOL MYERS SQUIBB CO US BMY 3,573.07 $191,016.26
11135F101 BROADCOM INC US AVGO 363.98 $86,412.24
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 137,343.5 $133,223.20
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 311.52 $28,763.04
125896100 CMS ENERGY CORP US CMS 1,605.2 $83,614.79
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 175,729.57 $175,077.61
12592TAA3 COMM 2015-3BP A FLT 3.17800 02/10/2035 US 38,621.88 $37,368.73
126307AU1 CSC HOLDINGS LLC 5.50000 05/15/2026 US 92,137.48 $89,229.39
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 24,784.53 $22,945.81
12647MBY0 CSMC 2013-6 2A1 3.50000 08/25/2043 US 79,303.19 $76,802.52
126650100 CVS HEALTH CORP US CVS 1,292.79 $103,681.43
12770QAA3 CZR 2017-VICI A 3.53100 10/15/2034 US 55,036.18 $54,950.12
134429109 CAMPBELL SOUP CO US CPB 699.41 $27,416.80
149123101 CATERPILLAR INC US CAT 570.67 $77,423.36
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 2,936.99 $2,922.30
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 45,463.11 $45,320.80
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 193,592.23 $174,474.99
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 103,543.27 $102,326.72
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 38,627.84 $38,146.02
165240102 CHESAPEAKE LODGING TRUST US CHSP 518.96 $15,345.66
166764100 CHEVRON CORP US CVX 1,055.62 $125,555.88
17275R102 CISCO SYSTEMS INC US CSCO 4,287.66 $205,250.47
172967424 CITIGROUP INC US C 2,994.2 $193,994.36
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 179,591.75 $245,361.14
189054109 CLOROX COMPANY US CLX 286.22 $47,403.42
194162103 COLGATE-PALMOLIVE CO US CL 2,066.61 $131,270.83
19626G108 COLONY CAPITAL INC US CLNY 9,673.57 $59,589.17
199908104 COMFORT SYSTEMS US FIX 1,025.49 $54,002.32
20030N101 COMCAST CORP-CL A US CMCSA 3,275.49 $127,776.87
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 2,068.58 $65,242.92
205887102 CONAGRA BRAND INC. US CAG 699.93 $22,635.69
2099084 BORALEX INC -A CA BLX CN 2,156.21 $29,049.13
21871N101 CORECIVIC INC US CXW 2,789.14 $61,221.68
219350105 CORNING INC US GLW 1,482.3 $47,759.81
222795106 COUSINS PROPERTIES INC US CUZ 4,477.82 $37,837.60
22282E102 COVANTA HOLDING CORP US CVA 6,021.89 $99,722.43
22282EAH5 COVANTA HOLDING CORP 6.00000 01/01/2027 US 116,293.37 $108,152.83
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 33,794.15 $33,632.51
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 87,651.38 $84,364.46
22822V101 CROWN CASTLE INTL CORP US CCI 1,251.04 $143,744.40
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 17,386.78 $15,895.76
229663109 CUBESMART US CUBE 287.5 $8,952.67
231021106 CUMMINS INC US CMI 285.94 $43,193.75
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 82,820.2 $83,648.41
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 141,139.43 $132,318.22
247361702 DELTA AIR LINES INC. US DAL 1,005.4 $61,037.92
253393102 DICK'S SPORTING GOODS INC US DKS 1,854.4 $66,721.18
253868103 DIGITAL REALTY TRUST INC US DLR 972.53 $111,879.40
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 180,557.3 $166,483.00
256677105 DOLLAR GENERAL CORP US DG 1,028.84 $114,190.78
26078J100 DOWDUPONT INC US DWDP 1,716.74 $99,313.39
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 176,338.02 $173,252.10
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 94,553.07 $93,725.73
277276101 EASTGROUP PROPERTIES US EGP 98.49 $9,851.39
277432100 EASTMAN CHEM CO US EMN 307.44 $24,232.43
291011104 EMERSON ELEC CO US EMR 970.01 $65,495.07
29372EBS6 EFF 2016-2 A2 1.74000 02/22/2022 US 12,904.31 $12,846.20
29444U700 EQUINIX INC US EQIX 466.21 $179,619.86
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 231.85 $23,075.53
29476L107 EQUITY RESIDENTIAL US EQR 988.59 $70,436.84
297178105 ESSEX PROPERTY TRUST INC US ESS 165.74 $43,509.04
30161N101 EXELON CORP US EXC 1,128.8 $52,365.25
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 193,109.41 $190,118.34
30225T102 EXTRA SPACE STORAGE INC US EXR 237.33 $22,778.97
30231G102 EXXON MOBIL CORP US XOM 4,025.43 $320,021.86
302491303 FMC CORP US FMC 1,452.14 $120,150.08
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 1,908.54 $1,898.86
30261KAN6 FREMF 2012-K711 B 3.68865 08/25/2045 US 43,449.62 $43,440.09
30262SAR9 FREMF 2015-K42 B FLT 3.98325 12/25/2024 US 36,690.79 $36,194.50
30263HAL5 FREMF 2011-K15 B FLT 5.11579 08/25/2044 US 16,414.3 $16,961.75
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 176,683.1 $173,149.44
30286XAN9 FREMF 2015-K43 B FLT 3.86206 02/25/2048 US 38,621.88 $37,750.86
30291EAE4 FREMF 2013-K712 B FLT 3.47306 05/25/2045 US 34,759.69 $34,682.72
30291XAE2 FREMF 2014-K715 B FLT 4.11882 02/25/2046 US 44,897.94 $45,283.14
311900104 FASTENAL CO US FAST 624.09 $36,983.56
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 12,163.62 $12,628.70
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 4,587.7 $4,986.92
3128M7FQ4 FHLM POOL G05275 5.50000 02/01/2039 US 25,133.3 $26,965.42
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 9,386.1 $10,142.53
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 1,199.94 $1,227.51
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 828.94 $850.75
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 655.72 $675.53
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 1,157.22 $1,191.83
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 37,218.22 $38,436.13
3128MJJN1 FHLM POOL G08268 5.00000 05/01/2038 US 73,150.3 $77,369.26
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 11,336.49 $11,770.37
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 13,433.79 $13,981.56
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 13,055.57 $13,554.20
3128P8A92 FHLM POOL C91832 3.50000 06/01/2035 US 66,289.2 $66,099.24
312941F69 FHLM POOL A92889 4.50000 07/01/2040 US 32,716.68 $34,031.98
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 85,798.71 $89,246.59
3132J8YK0 FHLM POOL Q17513 3.50000 04/01/2043 US 20,159.43 $19,945.48
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 79,093.7 $79,641.94
3132QUWT6 FHLM POOL Q37857 4.00000 12/01/2045 US 70,203.73 $70,720.17
3132QVKA8 FHLM POOL Q38388 4.00000 01/01/2046 US 84,131.34 $84,801.57
3132WL4Q6 FHLM POOL Q47130 4.50000 04/01/2047 US 36,170.84 $37,224.53
3132WML28 FHLM POOL FG Q47544 4.00000 03/01/2047 US 101,418.13 $102,443.40
3132Y3ZJ6 FHLM POOL FG Q59744 4.50000 11/01/2048 US 111,037.91 $114,226.03
31335A5Q7 FHLM POOL G60855 4.50000 12/01/2045 US 31,809.3 $32,752.90
31335ACG1 FHLM POOL G60071 4.50000 07/01/2042 US 32,742.45 $34,057.19
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 41,609.32 $41,929.11
31335ASA7 FHLM POOL G60513 5.00000 07/01/2041 US 74,958.77 $79,257.25
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 1,000.74 $1,007.00
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 64,808.32 $64,465.59
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 82.21 $10,859.33
3137ADTK3 FHMS K014 X1 FLT 1.32338 04/25/2021 US 675,021.04 $15,972.75
3137AJMG6 FMHS K016 X1 FLT 1.64995 10/25/2021 US 106,331.26 $3,812.05
3137AUPF0 FHMS K021 x1 FLT 1.57841 06/25/2022 US 874,194.89 $37,102.05
3137B3NB0 FHMS K030 X1 FLT 0.30922 04/25/2023 US 1,305,887.97 $9,958.18
3137B4GZ3 FHMS K032 X1 FLT 0.21808 05/25/2023 US 766,301.51 $3,584.22
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 81,902.24 $83,532.78
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 82,864.05 $85,593.75
3138A5JC7 FEDERAL NATL MTG ASSN AH3858 4.50000 08/01/2041 US 48,758.62 $50,719.44
3138AJXA5 FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 US 11,164.73 $11,311.49
3138EQST0 FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 15,706.68 $15,912.96
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65400 01/01/2049 US 60,085.77 $64,232.24
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 225,238.8 $221,794.00
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 30,259.34 $31,386.43
3138Y22T9 FEDERAL NATL MTG ASSN FN AX1685 3.50000 11/01/2044 US 115,922.14 $114,149.18
3138YNR25 FEDERAL NATL MTG ASSN AY8604 3.50000 04/01/2045 US 25,834.67 $25,439.46
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 32,244.94 $34,722.83
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 86,351.44 $87,107.36
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 14,094.59 $13,873.17
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 11,805.73 $11,879.39
3140F8KD8 FEDERAL NATL MTG ASSN BD1191 3.50000 01/01/2047 US 51,292.53 $50,401.49
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 29,771.44 $29,966.16
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 27,323.34 $28,298.73
3140HPMQ7 FEDERAL NATIONAL MTGE FN BK9366 4.50000 08/01/2048 US 41,364.38 $42,565.21
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 41,352.77 $42,553.25
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 94,600.98 $99,105.74
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 56,451.23 $58,124.85
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 38,319.29 $40,142.07
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 82,291.43 $86,201.65
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 907.75 $930.15
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 1,101.11 $1,128.70
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 7,468.51 $7,593.81
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 8,943.81 $9,092.07
31410HAQ4 MACYS RETAIL HLDGS INC 6.90000 04/01/2029 US 82,071.5 $86,177.02
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 29,960.24 $32,263.59
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 4,371.79 $4,692.03
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 377.13 $381.74
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 5,180.68 $5,272.45
31416CJV9 FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 12,939.22 $14,155.24
31418B2V7 FEDERAL NATL MTG ASSN MA2587 3.50000 04/01/2036 US 64,697.47 $64,509.88
31418B6G6 FEDERAL NATL MTG ASSN FN MA2670 3.00000 07/01/2046 US 36,124.29 $34,482.95
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 9,073.06 $9,419.88
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 103,019.22 $98,338.38
31418CZ56 FEDERAL NATL MTG ASSN FN MA3463 4.00000 09/01/2033 US 79,599.7 $81,302.34
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 4,515.02 $4,855.22
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 867 $898.47
316773100 FIFTH THIRD BANCORP US FITB 2,106.79 $58,842.72
32054K103 FIRST INDUSTRIAL REALTY TR US FR 542.88 $17,404.77
336130AB5 FIRST QUALITY FINANCE CO 5.00000 07/01/2025 US 79,369.36 $72,622.97
34531GAD3 FORDL 2017-A A3 1.88000 04/15/2020 US 93,003.12 $92,752.96
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 138,033.67 $133,547.58
357081AE8 FREMF 2015-K720 B FLT 3.50661 07/25/2022 US 32,828.6 $32,435.63
36143WAN1 GAHR 2015-NRF BFX FLT 3.49490 12/15/2034 US 38,621.88 $38,403.12
36143WAS0 GAHR 2015-NRF DFX FLT 3.49490 12/15/2034 US 21,242.04 $21,100.47
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 43,449.62 $42,576.39
36251LAE3 GMALT 2016-2 A4 1.76000 03/20/2020 US 94,494.1 $94,351.30
363576109 ARTHUR J GALLAGHER & CO US AJG 652.41 $50,281.30
364760108 GAP INC US GPS 988.71 $26,981.88
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 135,176.59 $107,465.39
370334104 GENERAL MLS INC US GIS 1,093.1 $46,248.98
37045VAR1 GENERAL MOTORS CO FLT 3.22706 09/10/2021 US 170,901.83 $169,547.46
37185LAF9 GENESIS ENERGY LP/GENESI 5.62500 06/15/2024 US 100,074.41 $87,565.11
372460105 GENUINE PARTS CO US GPC 325.54 $33,761.64
374297109 GETTY REALTY CORP US GTY 624.88 $19,115.21
375558103 GILEAD SCIENCES INC US GILD 1,611 $115,895.14
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 184,274.95 $178,977.05
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 45,409.88 $42,361.40
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 11,064.2 $132,659.74
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 139,414.01 $132,443.31
40414L109 HCP INC US HCP 1,188.21 $34,767.14
418056107 HASBRO INC US HAS 289.9 $26,381.07
421946104 HEALTHCARE REALTY TRUST INC US HR 2,101.69 $65,152.30
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 2,777.75 $78,110.35
427866108 HERSHEY CO/THE US HSY 417.11 $45,173.47
42809H107 HESS CORP US HES 1,926.62 $103,825.60
437076102 HOME DEPOT INC US HD 983.58 $177,359.87
438516106 HONEYWELL INTERNATIONAL INC US HON 833.35 $122,293.76
440452100 HORMEL FOODS CORP US HRL 761.23 $34,323.97
44053FAA8 HORIZON PHARMA INC/HORIZ 8.75000 11/01/2024 US 169,091.25 $176,700.36
44107P104 HOST MARRIOTT CORP US HST 1,958.46 $37,210.77
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 234,657.24 $218,817.88
446150104 HUNTINGTON BANCSHARES US HBAN 1,691.77 $24,682.95
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 139,759.09 $133,469.93
452308109 ILLINOIS TOOL WKS INC US ITW 358.77 $49,887.46
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 1,869.31 $18,879.99
45763PAE6 INMARSAT FINANCE PLC 4.87500 05/15/2022 GB 84,821.69 $81,640.88
458140100 INTEL CORP US INTC 9,359.19 $461,501.79
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 1,002.24 $124,548.79
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 250,685.98 $253,348.03
46187BAA1 IHSFR 2017-SFR2 A 3.15250 12/17/2036 US 14,690.9 $14,672.64
46187BAB9 IHSFR 2017-SFR2 B 3.45250 12/17/2036 US 11,103.79 $11,176.29
46187W107 INVITATION HOMES INC US INVH 1,761.09 $37,793.02
464287739 ISHARES DJ US REAL ESTATE US 17.74 $1,450.84
464288513 ISHARES IBOXX H/Y CORP BOND 4.46500 US 2,098.11 $175,402.15
466032109 J&J SNACK FOODS CORP US JJSF 597.88 $93,790.04
46625H100 JP MORGAN CHASE & CO US JPM 4,585.97 $509,914.16
46625HHL7 JPMORGAN CHASE & CO 6.30000 04/23/2019 US 253,938.88 $257,014.03
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 16,968.4 $17,120.16
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 12,075.73 $11,512.98
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 13,736.46 $13,268.02
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 16,704.28 $16,448.51
46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 127,452.21 $127,069.70
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 79,840.29 $78,160.37
46649HAC6 JPMMT 2017-6 A3 3.50000 12/25/2048 US 30,811.69 $29,703.17
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 51,541.84 $50,426.42
476405105 JERNIGAN CAPITAL INC US JCAP 3,179.93 $67,986.92
478160104 JOHNSON & JOHNSON US JNJ 3,555.49 $522,300.76
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 180,133.94 $133,299.12
482480100 KLA-TENCOR CORPORATION US KLAC 303.04 $29,867.18
485170302 KANSAS CITY SOUTHERN US KSU 1,133.11 $116,766.93
487836108 KELLOGG CO US K 595.74 $37,918.87
493267108 KEYCORP US KEY 4,766.25 $87,413.10
494368103 KIMBERLY CLARK CORP US KMB 571.92 $65,981.88
49446R109 KIMCO REALTY CORP US KIM 963.38 $15,751.30
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 219,179.18 $243,300.59
500255104 KOHLS CORP US KSS 490.47 $32,944.91
500630CK2 KOREA DEVELOPMENT BANK 1.37500 09/12/2019 KR 96,554.71 $95,293.58
500754106 KRAFT HEINZ CO/THE US KHC 1,270.8 $64,963.45
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 135,273 $122,252.97
50212YAB0 LPL HOLDINGS INC 5.75000 09/15/2025 US 86,961.21 $82,395.75
502160AM6 LSB INDUSTRIES 9.62500 05/01/2023 US 139,068.93 $142,197.98
50218LAC0 LSTAR COMMERCIAL MORTGAGE TR FLT 2.76700 01/20/2041 US 232.72 $232.24
505742AD8 LADDER CAP FIN LLLP/CORP 5.87500 08/01/2021 US 77,989.03 $77,989.03
529043101 LEXINGTON REALTY TRUST US LXP 1,908.19 $16,753.91
531172104 LIBERTY PROPERTY TRUST US LPT 844.93 $38,266.66
532457108 ELI LILLY & CO US LLY 1,955.41 $231,989.73
534187109 LINCOLN NATL CORP IND US LNC 550.53 $34,666.96
539830109 LOCKHEED MARTIN CORP US LMT 330.98 $99,437.70
554382101 THE MACERICH CO US MAC 144.32 $7,257.93
55616P104 MACY'S INC US M 715.42 $24,481.84
55616XAC1 MACYS RETAIL HLDGS INC 7.00000 02/15/2028 US 81,105.95 $85,806.15
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 122,849.97 $116,093.22
56585A102 MARATHON PETROLEUM CORP US MPC 1,330.18 $86,674.84
5671735 SANOFI-AVENTIS FR SAN FP 1,239.29 $112,355.27
57772K101 MAXIM INTEGRATED PRODUCTS US MXIM 450.39 $25,185.75
580135101 MCDONALDS CORP US MCD 807.44 $152,210.63
58502BAC0 MEDNAX INC 6.25000 01/15/2027 US 89,376.8 $89,019.30
58768MAC5 MBALT 2016-B A3 1.35000 08/15/2019 US 16,282.28 $16,272.97
58933Y105 MERCK & CO INC US MRK 5,001.41 $396,811.81
59001ABA9 MERITAGE HOMES CORP 5.12500 06/06/2027 US 105,940.84 $93,227.94
594918104 MICROSOFT CORP US MSFT 1,506.19 $167,021.29
59522J103 MID-AMERICA APARTMENT COMM US MAA 338.78 $35,083.60
60871R209 MOLSON COORS BREWING CO -B US TAP 955.11 $62,817.73
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 3,729.68 $167,761.15
61744YAG3 MORGAN STANLEY FLT 3.81125 05/08/2024 US 257,801.07 $256,129.44
620076307 MOTOROLA SOLUTIONS INC US MSI 301.83 $39,615.74
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 203,530.65 $204,039.48
624758108 MUELLER WATER PRODUCTS INC - A US MWA 5,011.22 $52,768.18
62913TAM4 NGL ENRGY PART LP/FIN CO 6.12500 03/01/2025 US 155,425.92 $138,329.06
637417106 NATIONAL RETAIL PROPERTIES US NNN 380.96 $19,070.74
637870106 NATIONAL STORAGE AFFILIATES US NSA 313.08 $8,756.97
63938CAE8 NAVIENT CORP 7.25000 09/25/2023 US 85,235.79 $85,661.97
64828AAA1 NRZT 2014-1A A 3.75000 01/25/2054 US 29,480.44 $29,407.78
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 13,103.78 $13,093.24
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 28,114.03 $28,039.16
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 23,256.82 $23,153.49
651229106 NEWELL BRANDS INC US NWL 5,609.47 $131,261.67
655844108 NORFOLK SOUTHN CORP US NSC 321.94 $54,967.21
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 220,508.79 $218,303.70
66987V109 NOVARTIS AG- REG CH NVS 974.79 $89,222.51
670346105 NUCOR CORP US NUE 614 $37,091.69
67087MAA4 OBP DEPOSITOR LLC TRUST 4.64620 07/15/2045 US 9,655.47 $9,790.84
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 218.59 $75,801.37
680223104 OLD REPUBLIC INTL CORP US ORI 1,998.37 $45,063.17
68323ADY7 ONTARIO (PROVINCE OF) 1.25000 06/17/2019 CA 38,621.88 $38,295.48
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 112,842.53 $111,996.21
693475105 PNC FINANCIAL SERVICES GROUP US PNC 312.33 $42,408.78
695156109 PACKAGING CORP OF AMERICA US PKG 222.79 $21,793.51
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 136,653.34 $132,895.37
70338P100 PATTERN ENERGY GROUP INC -A US PEGI 2,038.54 $42,177.49
704326107 PAYCHEX INC US PAYX 641.79 $45,412.93
713448108 PEPSICO INC US PEP 2,190.88 $267,155.52
71642QAB3 PDLLN 7 1/4 05/01/22 7.25000 05/01/2022 GB 91,447.31 $84,474.45
717081103 PFIZER INC US PFE 5,040.89 $233,040.25
71943U104 PHYSICIANS REALTY TRUST US DOC 4,636.88 $82,582.87
729640102 PLYMOUTH INDUSTRIAL REIT INC US 1,719.96 $21,688.65
733174AK2 POPULAR INC 6.12500 09/14/2023 PR 138,033.67 $137,861.13
741503AZ9 PRICELINE GROUP INC/THE 3.60000 06/01/2026 US 269,387.63 $255,704.30
74251V102 PRINCIPAL FINANCIAL GROUP US PFG 609.36 $30,053.79
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 38,621.88 $37,333.80
74340W103 PROLOGIS US PLD 1,320.52 $88,924.04
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 165,108.55 $169,133.90
74460D109 PUBLIC STORAGE INC US PSA 256.53 $54,707.43
74834L100 QUEST DIAGNOSTICS INC US DGX 230.24 $20,392.33
756109104 REALTY INCOME CORP US O 172.76 $11,071.89
7591EP100 REGIONS FINANCIAL CORP. US RF 2,628.3 $43,235.49
76118Y104 RESIDEO TECHNOLOGIES INC US REZI 128.17 $2,644.22
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 95,243.23 $96,195.67
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 1,056.58 $65,539.68
78442PGC4 SLM CORP 5.12500 04/05/2022 US 140,035.16 $137,234.46
78469EAB5 SOFI 2014-A A2 3.02000 10/25/2027 US 12,730.34 $12,720.27
78470RAC1 SOFI 2016-E A2B 2.49000 01/25/2036 US 96,554.71 $94,569.41
78490DAA2 SOFI 2018-C A1FX 3.08000 01/25/2048 US 56,853.5 $56,712.90
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 243,317.86 $256,131.49
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 171,867.38 $166,392.34
81211K100 SEALED AIR CORP US SEE 2,185.38 $79,832.11
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 14,024.74 $13,179.51
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 19,174.67 $18,091.61
81745FAA4 SEMT 2012-3 A1 3.50000 07/25/2042 US 34,969.21 $34,213.81
81783QAC9 SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 CA 92,482.56 $86,008.78
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 134,237.75 $125,847.89
828806109 SIMON PROPERTY GROUP INC US SPG 615.51 $114,294.15
831641FC4 SBIC 2015-10A 1 2.51700 03/10/2025 US 46,733.71 $45,421.81
831641FE0 SBIC 2015-10B 1 2.82900 09/10/2025 US 127,347.47 $124,890.40
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 265.84 $27,782.60
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 10,671.51 $10,564.21
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 14,483.21 $13,969.48
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 7,162.02 $7,107.72
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 19,341.25 $19,170.37
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 14,541.56 $14,461.04
835495102 SONOCO PRODUCTS CO US SON 2,854.06 $164,222.51
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 168,005.19 $170,872.36
844741108 SOUTHWEST AIRLS CO US LUV 923.61 $50,438.39
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 127,336.06 $122,083.45
85254J102 STAG INDUSTRIAL INC US STAG 2,259.44 $60,530.41
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.52650 11/15/2027 US 36,000.32 $36,004.83
862121100 STORE CAPITAL CORP US STOR 351.38 $10,527.29
866674104 SUN COMMUNITIES US SUI 436.19 $45,407.74
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 1,460.57 $22,288.37
867914103 SUNTRUST BANKS INC US STI 1,234.54 $77,393.05
871829107 SYSCO CORP US SYY 954.83 $64,355.82
876030107 TAPESTRY INC US TPR 460.08 $17,910.87
87612E106 TARGET CORP US TGT 1,017.42 $72,196.07
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 10,768.06 $10,725.08
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 96,278.49 $89,298.30
88104LAE3 TERRAFORM POWER OPERATIN 5.00000 01/31/2028 US 96,623.57 $86,507.08
882508104 TEXAS INSTRUMENTS INC US TXN 1,128.9 $112,720.19
88579Y101 3M CO US MMM 882.43 $183,474.82
88650V208 TIER REIT INC US TIER 1,614.1 $37,995.83
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 53,834.54 $52,270.12
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 48,070.69 $46,180.73
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 48,225.91 $45,875.17
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 179,443.77 $172,266.02
902653104 UDR INC US UDR 1,053.02 $44,879.85
90270YBF5 UBS-BARCLAYS COMMERCIAL MORTGAGE 3.18470 03/10/2046 US 77,243.77 $76,233.28
902973304 U.S. BANCORP US USB 1,902.98 $103,636.36
903002103 UMH PROPERTIES INC US UMH 767.96 $10,006.47
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 90,688.12 $87,004.37
907818108 UNION PAC CORP US UNP 839.55 $129,106.62
911312106 UNITED PARCEL SERVICE US UPS 955.55 $110,165.92
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 266,490.99 $348,520.25
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 411,323.05 $502,938.84
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 187,152.69 $167,757.53
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 607,811.88 $520,890.03
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 547,658.3 $515,868.44
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 528,154.25 $517,219.81
912828D23 US TREASURY N/B 1.62500 04/30/2019 US 165,108.55 $164,502.29
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 870,935.97 $853,982.20
912828R28 US TREASURY N/B 1.62500 04/30/2023 US 523,229.96 $496,496.18
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 561,465.62 $512,008.39
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 185,850.82 $179,000.74
912828WZ9 UNITED STATES TREAS NTS 1.75000 04/30/2022 US 535,878.62 $516,808.88
912828X70 US TREASURY N/B 2.00000 04/30/2024 US 551,134.27 $526,828.39
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 543,120.23 $518,701.03
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 542,927.12 $517,477.41
913017109 UNITED TECHNOLOGIES CORP US UTX 936.58 $114,112.31
91704F104 URBAN EDGE PROPERTIES US UE 1,751.58 $34,926.48
918204108 VF CORP US VFC 676.9 $55,025.58
91913Y100 VALERO ENERGY US VLO 746.7 $59,661.12
92276F100 VENTAS INC US VTR 356.9 $22,659.47
92339V100 VEREIT INC US VER 3,785 $28,955.22
92343V104 VERIZON COMMUNICATIONS US VZ 2,211.21 $133,336.18
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 245,248.96 $255,836.88
92553P201 VIACOM INC CL B US VIAB 683.75 $21,100.58
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 23,655.9 $24,014.14
929042109 VORNADO REALTY TRUST US VNO 567.25 $40,819.52
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 133,892.66 $121,172.86
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 75,411.07 $77,476.50
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 131,822.16 $133,799.49
931142103 WAL MART STORES US WMT 2,666.86 $260,418.53
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 962.56 $81,500.13
94106L109 WASTE MANAGEMENT INC US WM 2,293.31 $214,998.12
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 72,122.59 $67,975.54
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 111,807.28 $103,701.25
948741103 WEINGARTEN REALTY INVESTORS US WRI 905.13 $26,121.93
949746101 WELLS FARGO COMPANY US WFC 6,920.49 $375,644.27
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 26,552.54 $26,956.49
95040Q104 WELLTOWER INC. US WELL 422.17 $30,535.38
958102105 WESTERN DIGITAL CORP US WDC 603.63 $27,398.69
96145D105 WESTROCK CO US WRK 440.02 $20,729.25
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 136,998.42 $136,272.33
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 135,273 $121,231.66
963320106 WHIRLPOOL CORP US WHR 174.66 $22,030.10
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 144,349.29 $133,437.63
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 12,257.69 $12,209.56
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 14,382.31 $14,043.35
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 182,894.62 $174,664.36
B296BQ5 STORAGEVAULT CANADA INC CA SVI CN 2,879.84 $5,483.75
B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 3,573.43 $33,834.17
B68XHC3 NORTHLAND POWER INC CA NPI CN 2,120.34 $35,651.44
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 121,745.7 $118,702.06
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 165,640.41 $151,560.97
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 123.53 $21,233.92
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 11,156.47 $17,177.21
G29183103 EATON CORP PLC US ETN 776.61 $59,752.26
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 180,479.03 $186,795.79
G47791101 INGERSOLL-RAND PLC IE IR 333.83 $34,557.83
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 3,739.07 $130,044.73
G96629103 WILLIS TOWERS WATSON PLC GB WLTW 270.72 $43,166.59
H1467J104 CHUBB LTD CH CB 421.87 $56,420.47
N47279109 INTERXION HOLDING NV NL INXN 780.32 $48,590.25
N53745100 LYONDELLBASELL INDU-CL A US LYB 575.12 $53,664.33
USD US DOLLAR US 742,640.66 $742,640.66

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
  • 2018 Distribution Calendar
  • Fourth Quarter 2017 Distributions
  • Third Quarter 2018 Distributions
  • Second Quarter 2018 Distributions
  • First Quarter 2018 Distributions
  • Tax Letter
  • Fourth Quarter 2018 Distribution Estimates

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

$10.54

Daily $ Change

-$0.06

Daily % Change

-0.57%

as of 12/14/2018

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
XBRL-8/02/18
XBRL-05/14/18

Investment Objective

To manage against capital risk while generating income 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 11/30/2018

YTD

1.01%

1 Year

1.95%

3 Year

6.50%

5 Year

5.50%

10 Year

---

Inception
(08/01/2012)

6.58%

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 1.02%
Net 0.64%*

*Includes acquired fund fees and expenses of the underlying Series. Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated prior to the expiration date (04/30/2019) without the approval of the Fund’s Board of Directors.

Top Ten Investments

As of 11/30/2018

TREASURY NOTES 9.25%
GOVERNMENT AGENCY 6.46%
TREASURY BONDS 4.64%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 2.10%
JOHNSON & JOHNSON 1.28%
JP MORGAN CHASE & CO 1.25%
INTEL CORP 1.13%
MERCK & CO INC 0.97%
WELLS FARGO COMPANY 0.92%
EXXON MOBIL CORP 0.79%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 11/30/2018

Communication Services
0.68%
Consumer Discretionary
2.56%
Consumer Staples
3.91%
Energy
2.15%
Financials
5.43%
Health Care
5.79%
Industrials
5.28%
Information Technology
3.91%
Materials
1.82%
Real Estate
6.15%
Utilities
0.67%
Long Term Fixed Income
12.47%
Intermediate Term Fixed Income
37.68%
Short Term Fixed Income
9.71%
Cash
1.79%

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

Asset Allocation

As of 11/30/2018

Bonds
59.86%
Stocks
38.35%
Cash
1.79%

Credit Quality Distribution

As of 11/30/2018

AAA
46.66%
AA
2.71%
A
2.82%
BBB
15.35%
BB
11.86%
B
13.98%
CCC
1.75%
NR
4.87%

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.

November Fund Holdings

As of 11/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 82,820.2 $83,441.36
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 175,729.57 $169,387.30
00287Y109 ABBVIE INC US ABBV 1,553.98 $146,493.49
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 106,285.93 $108,411.65
004239109 ACADIA REALTY TRUST US AKR 363.88 $10,432.34
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 174,764.02 $170,115.04
008492100 AGREE REALTY CORP US ADC 224.73 $13,387.04
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 89,376.8 $91,371.87
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 83.11 $10,347.72
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 84,821.69 $84,821.69
020002101 ALLSTATE CORPORATION US ALL 412.78 $36,815.76
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 75,573.44 $75,361.07
0237400 DIAGEO PLC GB DGE LN 2,000.28 $72,236.66
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 87,306.3 $87,851.96
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 270.35 $11,849.31
02665T306 AMERICAN HOMES 4 RENT- A US AMH 2,021.75 $42,113.09
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 180,557.3 $170,451.28
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 136,998.42 $132,545.97
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 2,514.92 $2,529.47
03064D108 AMERICOLD REALTY TRUST US COLD 373.01 $9,996.59
031162100 AMGEN INC US AMGN 703.65 $146,535.65
03748R101 APARTMENT INVT & MGMT CO -A US AIV 752.89 $35,453.52
037833100 APPLE COMPUTER INC US AAPL 619.41 $110,613.82
03784Y200 APPLE HOSPITALITY REIT INC US APLE 628.6 $9,975.87
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 142,174.68 $132,400.17
03990B101 ARES MANAGEMENT CORP - A US ARES 3,030.55 $68,005.62
053015103 AUTOMATIC DATA PROCESSING US ADP 611.44 $90,137.98
053484101 AVALONBAY COMMUNITIES INC US AVB 465.15 $88,643.27
055622104 BP PLC-SPONS ADR GB BP 3,218.05 $129,848.31
05582QAD9 BMWOT 2016-A A3 1.16000 11/25/2020 US 46,542.58 $46,221.10
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 38,621.88 $36,918.89
060505104 BANK OF AMERICA CORP US BAC 8,238.36 $233,969.45
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 265,525.44 $257,534.95
086516101 BEST BUY INC US BBY 497.04 $32,103.65
09247X101 BLACKROCK INC US BLK 117.66 $50,361.17
09253U108 BLACKSTONE GROUP LP/THE US BX 2,593.86 $87,490.87
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 244,283.41 $248,753.02
097023105 BOEING CO US BA 573.44 $198,845.01
0989529 ASTRAZENECA PLC GB AZN LN 1,200.07 $93,448.06
101121101 BOSTON PROPERTIES INC US BXP 507.96 $66,643.70
105368203 BRANDYWINE REALTY TRUST US BDN 2,572.69 $36,712.25
110122108 BRISTOL MYERS SQUIBB CO US BMY 3,573.07 $191,016.26
11135F101 BROADCOM INC US AVGO 363.98 $86,412.24
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 137,343.5 $133,223.20
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 311.52 $28,763.04
125896100 CMS ENERGY CORP US CMS 1,605.2 $83,614.79
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 175,729.57 $175,077.61
12592TAA3 COMM 2015-3BP A FLT 3.17800 02/10/2035 US 38,621.88 $37,368.73
126307AU1 CSC HOLDINGS LLC 5.50000 05/15/2026 US 92,137.48 $89,229.39
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 24,784.53 $22,945.81
12647MBY0 CSMC 2013-6 2A1 3.50000 08/25/2043 US 79,303.19 $76,802.52
126650100 CVS HEALTH CORP US CVS 1,292.79 $103,681.43
12770QAA3 CZR 2017-VICI A 3.53100 10/15/2034 US 55,036.18 $54,950.12
134429109 CAMPBELL SOUP CO US CPB 699.41 $27,416.80
149123101 CATERPILLAR INC US CAT 570.67 $77,423.36
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 2,936.99 $2,922.30
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 45,463.11 $45,320.80
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 193,592.23 $174,474.99
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 103,543.27 $102,326.72
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 38,627.84 $38,146.02
165240102 CHESAPEAKE LODGING TRUST US CHSP 518.96 $15,345.66
166764100 CHEVRON CORP US CVX 1,055.62 $125,555.88
17275R102 CISCO SYSTEMS INC US CSCO 4,287.66 $205,250.47
172967424 CITIGROUP INC US C 2,994.2 $193,994.36
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 179,591.75 $245,361.14
189054109 CLOROX COMPANY US CLX 286.22 $47,403.42
194162103 COLGATE-PALMOLIVE CO US CL 2,066.61 $131,270.83
19626G108 COLONY CAPITAL INC US CLNY 9,673.57 $59,589.17
199908104 COMFORT SYSTEMS US FIX 1,025.49 $54,002.32
20030N101 COMCAST CORP-CL A US CMCSA 3,275.49 $127,776.87
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 2,068.58 $65,242.92
205887102 CONAGRA BRAND INC. US CAG 699.93 $22,635.69
2099084 BORALEX INC -A CA BLX CN 2,156.21 $29,049.13
21871N101 CORECIVIC INC US CXW 2,789.14 $61,221.68
219350105 CORNING INC US GLW 1,482.3 $47,759.81
222795106 COUSINS PROPERTIES INC US CUZ 4,477.82 $37,837.60
22282E102 COVANTA HOLDING CORP US CVA 6,021.89 $99,722.43
22282EAH5 COVANTA HOLDING CORP 6.00000 01/01/2027 US 116,293.37 $108,152.83
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 33,794.15 $33,632.51
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 87,651.38 $84,364.46
22822V101 CROWN CASTLE INTL CORP US CCI 1,251.04 $143,744.40
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 17,386.78 $15,895.76
229663109 CUBESMART US CUBE 287.5 $8,952.67
231021106 CUMMINS INC US CMI 285.94 $43,193.75
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 82,820.2 $83,648.41
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 141,139.43 $132,318.22
247361702 DELTA AIR LINES INC. US DAL 1,005.4 $61,037.92
253393102 DICK'S SPORTING GOODS INC US DKS 1,854.4 $66,721.18
253868103 DIGITAL REALTY TRUST INC US DLR 972.53 $111,879.40
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 180,557.3 $166,483.00
256677105 DOLLAR GENERAL CORP US DG 1,028.84 $114,190.78
26078J100 DOWDUPONT INC US DWDP 1,716.74 $99,313.39
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 176,338.02 $173,252.10
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 94,553.07 $93,725.73
277276101 EASTGROUP PROPERTIES US EGP 98.49 $9,851.39
277432100 EASTMAN CHEM CO US EMN 307.44 $24,232.43
291011104 EMERSON ELEC CO US EMR 970.01 $65,495.07
29372EBS6 EFF 2016-2 A2 1.74000 02/22/2022 US 12,904.31 $12,846.20
29444U700 EQUINIX INC US EQIX 466.21 $179,619.86
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 231.85 $23,075.53
29476L107 EQUITY RESIDENTIAL US EQR 988.59 $70,436.84
297178105 ESSEX PROPERTY TRUST INC US ESS 165.74 $43,509.04
30161N101 EXELON CORP US EXC 1,128.8 $52,365.25
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 193,109.41 $190,118.34
30225T102 EXTRA SPACE STORAGE INC US EXR 237.33 $22,778.97
30231G102 EXXON MOBIL CORP US XOM 4,025.43 $320,021.86
302491303 FMC CORP US FMC 1,452.14 $120,150.08
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 1,908.54 $1,898.86
30261KAN6 FREMF 2012-K711 B 3.68865 08/25/2045 US 43,449.62 $43,440.09
30262SAR9 FREMF 2015-K42 B FLT 3.98325 12/25/2024 US 36,690.79 $36,194.50
30263HAL5 FREMF 2011-K15 B FLT 5.11579 08/25/2044 US 16,414.3 $16,961.75
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 176,683.1 $173,149.44
30286XAN9 FREMF 2015-K43 B FLT 3.86206 02/25/2048 US 38,621.88 $37,750.86
30291EAE4 FREMF 2013-K712 B FLT 3.47306 05/25/2045 US 34,759.69 $34,682.72
30291XAE2 FREMF 2014-K715 B FLT 4.11882 02/25/2046 US 44,897.94 $45,283.14
311900104 FASTENAL CO US FAST 624.09 $36,983.56
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 12,163.62 $12,628.70
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 4,587.7 $4,986.92
3128M7FQ4 FHLM POOL G05275 5.50000 02/01/2039 US 25,133.3 $26,965.42
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 9,386.1 $10,142.53
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 1,199.94 $1,227.51
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 828.94 $850.75
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 655.72 $675.53
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 1,157.22 $1,191.83
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 37,218.22 $38,436.13
3128MJJN1 FHLM POOL G08268 5.00000 05/01/2038 US 73,150.3 $77,369.26
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 11,336.49 $11,770.37
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 13,433.79 $13,981.56
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 13,055.57 $13,554.20
3128P8A92 FHLM POOL C91832 3.50000 06/01/2035 US 66,289.2 $66,099.24
312941F69 FHLM POOL A92889 4.50000 07/01/2040 US 32,716.68 $34,031.98
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 85,798.71 $89,246.59
3132J8YK0 FHLM POOL Q17513 3.50000 04/01/2043 US 20,159.43 $19,945.48
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 79,093.7 $79,641.94
3132QUWT6 FHLM POOL Q37857 4.00000 12/01/2045 US 70,203.73 $70,720.17
3132QVKA8 FHLM POOL Q38388 4.00000 01/01/2046 US 84,131.34 $84,801.57
3132WL4Q6 FHLM POOL Q47130 4.50000 04/01/2047 US 36,170.84 $37,224.53
3132WML28 FHLM POOL FG Q47544 4.00000 03/01/2047 US 101,418.13 $102,443.40
3132Y3ZJ6 FHLM POOL FG Q59744 4.50000 11/01/2048 US 111,037.91 $114,226.03
31335A5Q7 FHLM POOL G60855 4.50000 12/01/2045 US 31,809.3 $32,752.90
31335ACG1 FHLM POOL G60071 4.50000 07/01/2042 US 32,742.45 $34,057.19
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 41,609.32 $41,929.11
31335ASA7 FHLM POOL G60513 5.00000 07/01/2041 US 74,958.77 $79,257.25
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 1,000.74 $1,007.00
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 64,808.32 $64,465.59
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 82.21 $10,859.33
3137ADTK3 FHMS K014 X1 FLT 1.32338 04/25/2021 US 675,021.04 $15,972.75
3137AJMG6 FMHS K016 X1 FLT 1.64995 10/25/2021 US 106,331.26 $3,812.05
3137AUPF0 FHMS K021 x1 FLT 1.57841 06/25/2022 US 874,194.89 $37,102.05
3137B3NB0 FHMS K030 X1 FLT 0.30922 04/25/2023 US 1,305,887.97 $9,958.18
3137B4GZ3 FHMS K032 X1 FLT 0.21808 05/25/2023 US 766,301.51 $3,584.22
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 81,902.24 $83,532.78
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 82,864.05 $85,593.75
3138A5JC7 FEDERAL NATL MTG ASSN AH3858 4.50000 08/01/2041 US 48,758.62 $50,719.44
3138AJXA5 FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 US 11,164.73 $11,311.49
3138EQST0 FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 15,706.68 $15,912.96
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65400 01/01/2049 US 60,085.77 $64,232.24
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 225,238.8 $221,794.00
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 30,259.34 $31,386.43
3138Y22T9 FEDERAL NATL MTG ASSN FN AX1685 3.50000 11/01/2044 US 115,922.14 $114,149.18
3138YNR25 FEDERAL NATL MTG ASSN AY8604 3.50000 04/01/2045 US 25,834.67 $25,439.46
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 32,244.94 $34,722.83
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 86,351.44 $87,107.36
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 14,094.59 $13,873.17
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 11,805.73 $11,879.39
3140F8KD8 FEDERAL NATL MTG ASSN BD1191 3.50000 01/01/2047 US 51,292.53 $50,401.49
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 29,771.44 $29,966.16
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 27,323.34 $28,298.73
3140HPMQ7 FEDERAL NATIONAL MTGE FN BK9366 4.50000 08/01/2048 US 41,364.38 $42,565.21
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 41,352.77 $42,553.25
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 94,600.98 $99,105.74
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 56,451.23 $58,124.85
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 38,319.29 $40,142.07
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 82,291.43 $86,201.65
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 907.75 $930.15
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 1,101.11 $1,128.70
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 7,468.51 $7,593.81
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 8,943.81 $9,092.07
31410HAQ4 MACYS RETAIL HLDGS INC 6.90000 04/01/2029 US 82,071.5 $86,177.02
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 29,960.24 $32,263.59
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 4,371.79 $4,692.03
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 377.13 $381.74
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 5,180.68 $5,272.45
31416CJV9 FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 12,939.22 $14,155.24
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BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 121,745.7 $118,702.06
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 165,640.41 $151,560.97
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 123.53 $21,233.92
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 11,156.47 $17,177.21
G29183103 EATON CORP PLC US ETN 776.61 $59,752.26
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 180,479.03 $186,795.79
G47791101 INGERSOLL-RAND PLC IE IR 333.83 $34,557.83
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 3,739.07 $130,044.73
G96629103 WILLIS TOWERS WATSON PLC GB WLTW 270.72 $43,166.59
H1467J104 CHUBB LTD CH CB 421.87 $56,420.47
N47279109 INTERXION HOLDING NV NL INXN 780.32 $48,590.25
N53745100 LYONDELLBASELL INDU-CL A US LYB 575.12 $53,664.33
USD US DOLLAR US 742,640.66 $742,640.66

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
  • 2018 Distribution Calendar
  • Fourth Quarter 2017 Distributions
  • Third Quarter 2018 Distributions
  • Second Quarter 2018 Distributions
  • First Quarter 2018 Distributions
  • Tax Letter
  • Fourth Quarter 2018 Distribution Estimates

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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