The Income Series is closed to new investors and will be closed to subsequent purchases from existing shareholders on 11/6/2019. The Series will be liquidated on or around 11/20/2019.

Investment Objective

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

Investment Strategy

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

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

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

May be Appropriate for Investors

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

A Focus on Income

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

Daily Price

$11.31

Daily $ Change

$0.00

Daily % Change

0.00%

as of 09/19/2019

Ticker

MSMSX

CUSIP

56382P211

Inception Date

08/01/2012

Investment Minimum

$2,000.00

Investment minimum may be waived for certain qualified retirement plans, participants in an automatic investment program, 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 08/31/2019

YTD

11.92%

1 Year

6.74%

3 Year

6.71%

5 Year

5.26%

10 Year

---

Inception
(08/01/2012)

6.86%

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 1.13%
Net 0.88%*

*Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee and 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 without the prior approval of the Fund’s Board of Directors.

Top Ten Investments

As of 08/31/2019

TREASURY NOTES 10.63%
GOVERNMENT AGENCY 9.08%
TREASURY BONDS 6.33%
TSY INFL IX N/B 0.50000 04/15/2024 1.11%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 1.09%
JP MORGAN CHASE & CO 1.06%
JOHNSON & JOHNSON 1.00%
BANK OF AMERICA CORP 0.83%
INTEL CORP 0.83%
WELLS FARGO COMPANY 0.73%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 08/31/2019

Other 0.22%
Communication Services 0.40%
Consumer Discretionary 1.92%
Consumer Staples 3.37%
Energy 2.51%
Financials 5.82%
Health Care 4.30%
Industrials 5.07%
Information Technology 3.10%
Materials 1.90%
Real Estate 6.31%
Utilities 0.68%
Long Term Fixed Income 14.26%
Intermediate Term Fixed Income 40.23%
Short Term Fixed Income 8.38%
Cash 1.53%

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 08/31/2019

Bonds 62.87%
Stocks 35.60%
Cash 1.53%

Credit Quality Distribution

As of 08/31/2019

AAA 54.27%
AA 1.98%
A 2.80%
BBB 11.44%
BB 9.79%
B 12.26%
CCC 2.25%
NR 5.21%

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.

August Fund Holdings

As of 08/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 92,368.8 $98,141.85
00101JAM8 ADT CORP 5.25000 03/15/2020 US 96,567.39 $97,533.06
00206R102 AT&T INC US T 1,205.16 $42,494.05
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 181,377.38 $199,566.07
00287Y109 ABBVIE INC US ABBV 1,890.18 $124,260.22
004239109 ACADIA REALTY TRUST US AKR 441.25 $12,068.22
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 97,267.15 $89,579.15
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 180,380.8 $193,446.88
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 96,567.39 $96,084.55
008492100 AGREE REALTY CORP US ADC 272.51 $20,354.06
013093AD1 ALBERTSONS COS LLC/SAFEW 5.75000 03/15/2025 US 96,567.39 $98,981.57
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 100.79 $15,102.02
020002101 ALLSTATE CORPORATION US ALL 1,025.2 $104,969.88
0237400 DIAGEO PLC GB DGE LN 2,124.79 $90,969.84
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 177,040.21 $177,305.77
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 436.33 $20,280.40
02665T306 AMERICAN HOMES 4 RENT- A US AMH 2,733.26 $69,916.90
026874784 AMERICAN INTL GROUP INC US AIG 1,066.46 $55,498.45
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 246,316.81 $248,153.84
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 1,728.52 $1,746.41
03064D108 AMERICOLD REALTY TRUST US COLD 1,155.27 $42,074.88
031162100 AMGEN INC US AMGN 748.91 $156,238.52
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 97,267.15 $89,242.61
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 97,267.15 $88,269.94
03748R754 APARTMENT INVT & MGMT CO -A US AIV 921.46 $46,994.33
038222105 APPLIED MATERIALS INC US AMAT 1,162.06 $55,802.05
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 894.16 $34,022.63
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 100,411.61 $103,926.01
03990B101 ARES MANAGEMENT CORP - A US ARES 2,379.33 $69,238.61
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 100,066.21 $99,065.54
04621X108 ASSURANT INC US AIZ 371.91 $45,745.39
053484101 AVALONBAY COMMUNITIES INC US AVB 664.71 $141,289.85
054937107 BB&T CORP US BBT 965.31 $45,997.07
055622104 BP PLC-SPONS ADR GB BP 3,418.35 $126,308.21
05582QAD9 BMWOT 2016-A A3 1.16000 11/25/2020 US 5,929.51 $5,922.78
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 39,863.16 $41,500.53
05722G100 BAKER HUGHES A GE CO US BHGE 1,539.78 $33,397.78
060505104 BANK OF AMERICA CORP US BAC 15,057.98 $414,244.91
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 274,059.23 $292,776.08
06759L103 BARINGS BDC INC US BBDC 3,787.73 $37,877.28
086516101 BEST BUY INC US BBY 613.28 $39,035.34
09247X101 BLACKROCK INC US BLK 166.14 $70,204.88
0925288 GLAXOSMITHKLINE PLC GB GSK LN 1,866.68 $38,900.38
09260D107 BLACKSTONE GROUP LP US BX 2,755.31 $137,104.32
097023105 BOEING CO US BA 577.17 $210,141.16
0989529 ASTRAZENECA PLC GB AZN LN 637.13 $56,909.32
101121101 BOSTON PROPERTIES INC US BXP 467.06 $59,979.64
105368203 BRANDYWINE REALTY TRUST US BDN 3,495.19 $50,156.00
110122108 BRISTOL MYERS SQUIBB CO US BMY 3,181.08 $152,914.61
11135F101 BROADCOM INC US AVGO 415.36 $117,397.71
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 97,267.15 $69,302.84
12429TAE4 BWAY HOLDING CO 7.25000 04/15/2025 US 102,865.26 $98,236.32
1248EPCB7 CCO HLDGS LLC/CAP CORP 5.37500 06/01/2029 US 93,068.57 $99,467.03
12510GAB8 CCG 2019-1 A2 2.80000 09/14/2026 US 193,336.33 $195,372.38
12527GAB9 CF INDUSTRIES INC 7.12500 05/01/2020 US 92,368.8 $94,908.95
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 380.14 $32,118.07
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 30,552.02 $31,522.57
125896100 CMS ENERGY CORP US CMS 1,705.11 $107,507.36
12592TAA3 COMM 2015-3BP A FLT 3.17800 02/10/2035 US 39,863.16 $42,098.93
12596JAA1 CNH 2019-A A1 2.75334 02/28/2020 US 34,851.19 $34,865.55
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 22,932.14 $22,732.69
12647MBY0 CSMC 2013-6 2A1 3.50000 08/25/2043 US 73,220 $74,478.03
126650100 CVS HEALTH CORP US CVS 1,580.83 $96,304.46
12686CBA6 CABLEVISION SYSTEMS CORP 8.00000 04/15/2020 US 92,368.8 $95,024.41
12770QAA3 CZR 2017-VICI A 3.53100 10/15/2034 US 56,805 $59,363.85
133131102 CAMDEN PROPERTY TRUST US CPT 365.01 $39,512.09
149123101 CATERPILLAR INC US CAT 731.99 $87,107.06
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 615.11 $614.37
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 29,653.16 $29,865.17
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 144,851.08 $149,153.16
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 92,368.8 $93,985.26
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 68,686.94 $68,595.18
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 27,967.66 $27,961.44
165240102 CHESAPEAKE LODGING TRUST US CHSP 629.31 $16,204.79
166764100 CHEVRON CORP US CVX 2,980.92 $350,914.24
17275R102 CISCO SYSTEMS INC US CSCO 4,350.54 $203,648.72
172967424 CITIGROUP INC US C 4,962.36 $319,327.95
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 95,671.59 $159,882.94
194162103 COLGATE-PALMOLIVE CO US CL 2,608.56 $193,424.75
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 1,969.56 $83,981.83
205887102 CONAGRA BRAND INC. US CAG 944.62 $26,789.34
20825C104 CONOCOPHILLIPS US COP 739.76 $38,600.83
2099084 BORALEX INC -A CA BLX CN 2,290.42 $35,576.00
22052L104 CORTEVA INC US CTVA 2,550.56 $74,782.31
222795502 COUSINS PROPERTIES INC US CUZ 2,192.67 $76,085.78
22282E102 COVANTA HOLDING CORP US CVA 6,396.71 $110,023.47
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 13,200.58 $13,203.51
22534BAA2 CAALT 2018-1A A MTGE 3.01000 02/16/2027 US 89,692.11 $90,320.18
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 86,702.38 $87,630.58
22822V101 CROWN CASTLE INTL CORP US CCI 1,108.74 $160,955.87
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 16,188.34 $15,864.59
229663109 CUBESMART US CUBE 374.19 $13,429.52
231021106 CUMMINS INC US CMI 325.6 $48,602.56
23110AAA4 CUMULUS MEDIA NEW HLDGS 6.75000 07/01/2026 US 96,567.39 $99,464.41
25277LAA4 DIAMOND SPORTS GR/DIAMON 5.37500 08/15/2026 US 95,167.86 $99,926.25
25277LAC0 DIAMOND SPORTS GR/DIAMON 6.62500 08/15/2027 US 97,267.15 $101,887.34
253868103 DIGITAL REALTY TRUST INC US DLR 348.84 $43,127.26
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 186,360.28 $210,795.97
256677105 DOLLAR GENERAL CORP US DG 1,092.88 $170,587.29
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 94,468.1 $97,774.48
25960P109 DOUGLAS EMMETT INC US DEI 928.94 $39,201.21
260557103 DOW INC US DOW 2,899.87 $123,621.66
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 189,635.95 $195,799.12
26614N102 DUPONT DE NEMOURS INC US DD 844.43 $57,361.94
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 321,191.53 $295,496.20
277432100 EASTMAN CHEM CO US EMN 382.77 $25,021.38
291011104 EMERSON ELEC CO US EMR 1,099.42 $65,514.16
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 132,545.01 $160,995.48
29372EBS6 EFF 2016-2 A2 1.74000 02/22/2022 US 447.08 $446.86
29444U700 EQUINIX INC US EQIX 526.11 $292,664.33
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 281.14 $37,875.78
29476L107 EQUITY RESIDENTIAL US EQR 870.38 $73,773.18
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 1,325.42 $30,100.30
297178105 ESSEX PROPERTY TRUST INC US ESS 200.99 $64,568.71
30161N101 EXELON CORP US EXC 1,199.07 $56,667.87
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 199,315.81 $200,639.73
30225T102 EXTRA SPACE STORAGE INC US EXR 197.15 $24,037.11
30231G102 EXXON MOBIL CORP US XOM 3,330.46 $228,069.71
302491303 FMC CORP US FMC 1,744.74 $150,623.66
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 1,630.88 $1,627.20
30262SAR9 FREMF 2015-K42 B FLT 3.98244 12/25/2024 US 37,870 $39,817.65
30263HAL5 FREMF 2011-K15 B FLT 5.11574 08/25/2044 US 16,941.84 $17,745.36
30286XAN9 FREMF 2015-K43 B FLT 3.86165 02/25/2048 US 39,863.16 $42,218.54
30291EAE4 FREMF 2013-K712 B FLT 3.40789 05/25/2045 US 35,876.85 $35,847.21
30291XAE2 FREMF 2014-K715 B FLT 4.11226 02/25/2046 US 46,340.93 $47,282.23
311900104 FASTENAL CO US FAST 1,207.47 $36,972.84
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 11,323.19 $12,145.26
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 3,836.22 $4,344.48
3128M7FQ4 FHLM POOL G05275 5.50000 02/01/2039 US 23,064.57 $25,956.05
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 8,417.47 $9,514.65
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 799.59 $819.64
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 548.09 $563.33
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 469.19 $485.73
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 789.48 $815.74
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 33,469.85 $35,555.47
3128MJJN1 FHLM POOL G08268 5.00000 05/01/2038 US 68,039.77 $75,743.81
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 10,011.22 $10,738.23
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 11,855.95 $12,703.77
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 12,654.26 $13,571.77
3128P8A92 FHLM POOL C91832 3.50000 06/01/2035 US 61,228.07 $63,853.78
312941F69 FHLM POOL A92889 4.50000 07/01/2040 US 28,931.89 $31,352.64
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 80,050.03 $86,750.27
3131XVYW9 FEDERAL NATL MTG ASSN FR ZM2525 3.00000 12/01/2046 US 113,483.31 $116,496.46
3132J8YK0 FHLM POOL Q17513 3.50000 04/01/2043 US 20,337.85 $21,283.57
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 76,157.94 $80,460.40
3132QUWT6 FHLM POOL Q37857 4.00000 12/01/2045 US 67,649.81 $71,378.90
3132QVKA8 FHLM POOL Q38388 4.00000 01/01/2046 US 77,230.23 $81,672.37
3132WL4Q6 FHLM POOL Q47130 4.50000 04/01/2047 US 36,842.45 $39,017.29
3132WML28 FHLM POOL FG Q47544 4.00000 03/01/2047 US 93,000.21 $98,885.56
3132Y06K1 FHLM POOL FG Q57173 4.50000 07/01/2048 US 78,337.68 $82,612.68
3132Y33P7 FHLM POOL FG Q59805 4.50000 11/01/2048 US 57,580.27 $60,914.36
3132Y3ZJ6 FHLM POOL FG Q59744 4.50000 11/01/2048 US 103,430.57 $109,711.26
31334WF97 FEDERA; NATL MTG ASSN FR QA0192 3.50000 06/01/2049 US 98,707.98 $101,652.92
31335A5Q7 FHLM POOL G60855 4.50000 12/01/2045 US 28,873.64 $31,055.55
31335ACG1 FHLM POOL G60071 4.50000 07/01/2042 US 29,724.45 $32,204.57
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 34,739.2 $36,411.88
31335ASA7 FHLM POOL G60513 5.00000 07/01/2041 US 68,920.15 $76,686.23
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 121,499.79 $129,865.77
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 105.68 $105.88
3133G6L60 FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 US 120,586.06 $123,712.01
3136AY6W8 FNA 2017-M15 A1 3.05802 09/25/2027 US 97,573.47 $102,605.83
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 64,089.21 $67,815.40
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 99.69 $12,881.33
3137ADTK3 FHMS K014 X1 FLT 1.32350 04/25/2021 US 685,736.74 $10,848.01
3137AJMG6 FMHS K016 X1 FLT 1.63450 10/25/2021 US 102,209.45 $2,777.19
3137AUPF0 FHMS K021 x1 FLT 1.56444 06/25/2022 US 885,337.63 $30,471.46
3137B3NB0 FHMS K030 X1 FLT 0.30107 04/25/2023 US 1,321,921.64 $8,438.88
3137B4GZ3 FHMS K032 X1 FLT 0.21295 05/25/2023 US 774,998.23 $3,198.11
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 71,809.4 $73,279.56
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 66,479.29 $67,668.57
3138A5JC7 FEDERAL NATL MTG ASSN AH3858 4.50000 08/01/2041 US 45,255.29 $49,028.12
3138AJXA5 FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 US 10,743.44 $11,482.84
3138EQST0 FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 14,728.23 $15,736.96
3138ERN30 FEDERAL NATL MTG ASSN FN AL9409 3.50000 11/01/2031 US 99,022.58 $102,876.02
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64400 01/01/2049 US 55,447.95 $62,717.46
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 223,093.95 $234,306.46
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 28,085.11 $30,255.14
3138Y22T9 FEDERAL NATL MTG ASSN FN AX1685 3.50000 11/01/2044 US 109,973.47 $115,597.40
3138YNR25 FEDERAL NATL MTG ASSN AY8604 3.50000 04/01/2045 US 24,172.41 $25,227.87
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 29,024.93 $32,853.02
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 75,046.44 $78,766.11
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 12,592.37 $13,131.74
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 11,121.72 $11,707.99
3140F8KD8 FEDERAL NATL MTG ASSN BD1191 3.50000 01/01/2047 US 49,847.95 $51,888.49
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 28,305.14 $29,789.43
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 21,176.26 $22,411.26
3140HPMQ7 FEDERAL NATIONAL MTGE FN BK9366 4.50000 08/01/2048 US 32,366.96 $34,113.93
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 37,656.18 $39,817.18
3140JAQM3 FEDERAL NATL MTG ASSN FN BM5859 4.00000 10/01/2048 US 93,274.37 $97,222.79
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 67,615.08 $71,440.13
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 77,898.11 $83,544.32
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 50,150.67 $53,191.89
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 117,968.12 $126,572.88
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 71,937.05 $77,211.67
3140X4JC1 FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 US 113,121.43 $117,442.83
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 573.07 $585.88
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 650.48 $665.19
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5671735 SANOFI-AVENTIS FR SAN FP 901.33 $77,431.09
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58933Y105 MERCK & CO INC US MRK 2,724.39 $235,578.07
594918104 MICROSOFT CORP US MSFT 1,599.94 $220,567.79
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609207105 MONDELEZ INTERNATIONAL INC US MDLZ 4,246.23 $234,476.68
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63941MAB7 NAVSL 2019-EA A2A 2.64000 05/15/2068 US 99,657.9 $101,852.19
63941RAB6 NAVSL 2019-2A A2 3.14525 02/27/2068 US 181,377.38 $182,852.40
64110D104 NETAPP INC US NTAP 420.08 $20,188.86
64828AAA1 NRZT 2014-1A A 3.75000 01/25/2054 US 25,572.11 $26,646.83
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 11,435.4 $11,864.22
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 24,981.68 $26,057.16
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 21,226.49 $22,015.94
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66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 195,234.06 $121,045.12
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67087MAA4 OBP DEPOSITOR LLC TRUST 4.64620 07/15/2045 US 9,965.79 $10,038.16
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 232.19 $89,106.03
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681936100 OMEGA HEALTHCARE INVS INC US OHI 649.81 $26,434.47
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 89,692.11 $92,528.84
693475105 PNC FINANCIAL SERVICES GROUP US PNC 331.78 $42,775.82
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713448108 PEPSICO INC US PEP 798.7 $109,206.26
71642QAB3 PDLLN 7 1/4 05/01/22 7.25000 05/01/2022 GB 97,267.15 $84,622.42
717081103 PFIZER INC US PFE 6,057.76 $215,353.21
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729640102 PLYMOUTH INDUSTRIAL REIT INC US 2,944.03 $54,935.63
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744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 170,415.01 $182,344.07
74460D109 PUBLIC STORAGE INC US PSA 259.8 $68,779.36
74834L100 QUEST DIAGNOSTICS INC US DGX 290.79 $29,768.03
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750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 194,534.3 $198,181.82
756109104 REALTY INCOME CORP US O 209.49 $15,462.46
7591EP100 REGIONS FINANCIAL CORP. US RF 4,025.21 $58,848.54
760759100 REPUBLIC SERVICES INC US RSG 1,326.59 $118,398.52
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 143,451.55 $146,644.07
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780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 1,122.35 $62,582.03
78442PGC4 SLM CORP 5.12500 04/05/2022 US 191,035.48 $195,572.57
78470RAC1 SOFI 2016-E A2B 2.49000 01/25/2036 US 81,998.95 $82,628.97
78490DAA2 SOFI 2018-C A1FX 3.08000 01/25/2048 US 40,771.8 $41,102.29
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 251,137.92 $288,625.63
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81211K100 SEALED AIR CORP US SEE 2,321.41 $92,438.65
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822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 97,267.15 $86,567.76
828806109 SIMON PROPERTY GROUP INC US SPG 608.47 $90,625.91
831641FC4 SBIC 2015-10A 1 2.51700 03/10/2025 US 42,397.02 $43,538.09
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 280.42 $29,488.55
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 5,615.63 $5,606.06
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 14,948.69 $15,291.69
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 139.5 $139.41
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 5,772.16 $5,762.80
83405TAA1 SCLP 2019-3 A MTGE 2.90000 05/25/2028 US 89,226.27 $89,938.44
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 63,976.96 $64,518.40
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 173,404.75 $176,236.99
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 97,267.15 $85,108.76
85207UAE5 SPRINT CORP 7.25000 09/15/2021 US 92,368.8 $99,361.12
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 90,269.51 $99,789.34
85254J102 STAG INDUSTRIAL INC US STAG 2,322.06 $67,525.59
855030AN2 STAPLES INC 7.50000 04/15/2026 US 147,650.13 $149,126.64
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.41513 11/15/2027 US 36,386.9 $36,308.84
858912AF5 STERICYCLE INC 5.37500 07/15/2024 US 153,948.01 $157,796.71
862121100 STORE CAPITAL CORP US STOR 426.1 $16,089.35
866674104 SUN COMMUNITIES US SUI 366.23 $54,128.60
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 1,137.8 $14,950.65
867914103 SUNTRUST BANKS INC US STI 755.67 $46,481.14
86935CAA0 SCML 2019-SBC8 2.86000 12/25/2035 US 98,599.81 $99,550.81
871829107 SYSCO CORP US SYY 865.41 $64,325.79
87612E106 TARGET CORP US TGT 765.17 $81,903.46
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 7,893.51 $7,883.43
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 121,758.88 $105,930.22
882508104 TEXAS INSTRUMENTS INC US TXN 1,166.93 $144,407.11
88579Y101 3M CO US MMM 890.52 $144,015.62
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 46,282.21 $46,306.48
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 40,589.38 $40,820.76
89177EAA7 TPMT 2019-HY1 A1 3.14525 10/25/2048 US 37,617.56 $37,800.51
89417E109 TRAVELLERS COS INC US TRV 333.15 $48,959.04
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 48,736.01 $48,700.09
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 49,703.95 $50,770.90
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 195,234.06 $181,813.67
902494103 TYSON FOODS INC -CL A US TSN 468.32 $43,572.49
902653104 UDR INC US UDR 725.85 $34,971.34
90270YBF5 UBS-BARCLAYS COMMERCIAL MORTGAGE 3.18470 03/10/2046 US 79,726.32 $82,665.19
902973304 U.S. BANCORP US USB 2,189.35 $115,356.85
903002103 UMH PROPERTIES INC US UMH 931.25 $11,975.93
907818108 UNION PAC CORP US UNP 880.04 $142,530.77
911312106 UNITED PARCEL SERVICE US UPS 2,139.47 $253,870.06
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 460,917.8 $675,856.74
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 454,938.33 $664,903.03
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 196,001.58 $215,110.85
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 818,888.99 $908,359.01
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 731,190.04 $893,451.39
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 811,514.31 $892,665.74
9128286B1 US TREASURY N/B 2.62500 02/15/2029 US 635,319.13 $697,535.74
9128286N5 TSY INFL IX N/B 0.50000 04/15/2024 US 538,956.92 $550,173.50
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 545,858.44 $540,687.71
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 872,504.94 $881,843.47
912828VB3 UNITED STATES TREAS NTS 1.75000 05/15/2023 US 373,218.85 $377,577.93
912828WJ5 US TREASURY N/B 2.50000 05/15/2024 US 627,346.5 $658,174.70
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 835,133.23 $890,460.81
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 844,899.7 $876,715.46
913017109 UNITED TECHNOLOGIES CORP US UTX 1,026.58 $133,701.52
91704F104 URBAN EDGE PROPERTIES US UE 1,708.51 $29,915.94
918204108 VF CORP US VFC 701.82 $57,513.93
91913Y100 VALERO ENERGY US VLO 776.36 $58,444.55
92276F100 VENTAS INC US VTR 953.74 $69,994.65
92339V100 VEREIT INC US VER 4,589.84 $44,750.90
92343V104 VERIZON COMMUNICATIONS US VZ 2,348.85 $136,609.05
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 253,131.07 $339,642.06
92553P201 VIACOM INC CL B US VIAB 945.81 $23,626.45
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 148,349.9 $145,753.78
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 24,416.19 $24,666.91
929042109 VORNADO REALTY TRUST US VNO 248.14 $15,004.90
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 48,983.46 $47,269.04
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 75,999.27 $78,030.59
93065PAA9 WBHT 2019-WBM A FLT 3.24513 12/15/2033 US 41,358.03 $41,104.22
931142103 WAL MART STORES US WMT 2,635.01 $301,076.64
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 1,400.78 $71,705.95
94106L109 WASTE MANAGEMENT INC US WM 2,409.24 $287,543.26
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 198,033.12 $198,033.12
948741103 WEINGARTEN REALTY INVESTORS US WRI 1,097.59 $29,075.20
949746101 WELLS FARGO COMPANY US WFC 7,767.29 $361,722.76
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 27,405.92 $27,816.71
95040Q104 WELLTOWER INC. US WELL 596.22 $53,397.60
958102105 WESTERN DIGITAL CORP US WDC 638.87 $36,587.99
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 140,652.5 $151,201.44
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 148,988.57 $155,358.20
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 10,307.77 $10,342.82
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 13,211.56 $13,453.59
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 205,730.52 $193,386.69
B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 3,795.86 $42,280.73
B68XHC3 NORTHLAND POWER INC CA NPI CN 2,252.31 $42,715.13
BGDM907 DIANA SHIPPING INC 9.50000 09/27/2023 MH 97,966.91 $96,007.58
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 13,528.78 $21,827.33
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 19,405.57 $84,724.54
BZ121X9 EURONAV LUXEMBOURG SA 7.50000 05/31/2022 LU 111,962.19 $113,641.62
G29183103 EATON CORP PLC US ETN 797.85 $64,402.16
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 140,652.5 $145,575.34
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 5,307.85 $226,592.05
G5960L103 MEDTRONIC INC IE MDT 2,743.3 $295,975.05
H1467J104 CHUBB LTD CH CB 474.64 $74,176.80
N47279109 INTERXION HOLDING NV NL INXN 873.07 $70,666.42
N53745100 LYONDELLBASELL INDU-CL A US LYB 701.08 $54,249.44
USD US DOLLAR US 772,245.03 $772,245.03

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 S Distribution History
  • 2019 Distribution Calendar
  • Fourth Quarter 2018 Distributions
  • Third Quarter 2019 Distributions
  • Second Quarter 2019 Distributions
  • First Quarter 2019 Distributions
  • Tax Letter

A Word About Risk

All investments involve risks, including possible loss of principal. An investment in the Series will fluctuate in response to stock market movements and changes in interest rates. Because the Series invests in a combination of other affiliated funds, it is subject to asset allocation risk as well as the risks associated with each underlying fund’s investment portfolio. These may include the risk that dividends may be discontinued or decreased; small-cap/mid-cap risk, including the risk that stocks of small- and mid-cap companies may be subject to more abrupt or erratic market movements than the stocks of larger companies and may be less marketable than the stocks of larger companies; risks related to investments in options, which, like all derivatives, can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk; risks related to the direct ownership of real estate (including REITs) such as interest rate risk, liquidity risk, and changes in property value, among others; foreign investment risk, including fluctuating currency values, different accounting standards, and economic and political instability, as well as the risk that investments in emerging markets may be more volatile than investments in developed markets; issuer-specific risk; and the increased default risk associated with higher-yielding, lower-rated securities. There is an inverse relationship between bond prices and interest rates; as interest rates rise, bond prices (and therefore the value of bond funds) fall. Likewise, as interest rates fall, bond prices and the value of bond funds rise. Additionally, a portion of the Series’ underlying holdings may be invested in business development companies (BDCs) or master limited partnerships (MLPs). BDCs are subject to additional risks, as they generally invest in less mature private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly-traded companies. MLPs are subject to additional risks, including, risks associated with the specific industry or industries in which the partnership invests, such as the risks of investing in real estate, or oil and gas industries or other natural resources. Moreover, the potential tax benefits from investing in MLPs depend on their continued treatment as partnerships for federal income tax purposes.

The Income Series is closed to new investors and will be closed to subsequent purchases from existing shareholders on 11/6/2019. The Series will be liquidated on or around 11/20/2019.

Daily Price

$11.31

Daily $ Change

$0.00

Daily % Change

0.00%

as of 09/19/2019

Ticker

MSMSX

CUSIP

56382P211

Inception Date

08/01/2012

Investment Minimum

$2,000.00

Investment minimum may be waived for certain qualified retirement plans, participants in an automatic investment program, 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 08/31/2019

YTD

11.92%

1 Year

6.74%

3 Year

6.71%

5 Year

5.26%

10 Year

---

Inception
(08/01/2012)

6.86%

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 1.13%
Net 0.88%*

*Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee and 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 without the prior approval of the Fund’s Board of Directors.

Top Ten Investments

As of 08/31/2019

TREASURY NOTES 10.63%
GOVERNMENT AGENCY 9.08%
TREASURY BONDS 6.33%
TSY INFL IX N/B 0.50000 04/15/2024 1.11%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 1.09%
JP MORGAN CHASE & CO 1.06%
JOHNSON & JOHNSON 1.00%
BANK OF AMERICA CORP 0.83%
INTEL CORP 0.83%
WELLS FARGO COMPANY 0.73%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 08/31/2019

Other
0.22%
Communication Services
0.40%
Consumer Discretionary
1.92%
Consumer Staples
3.37%
Energy
2.51%
Financials
5.82%
Health Care
4.30%
Industrials
5.07%
Information Technology
3.10%
Materials
1.90%
Real Estate
6.31%
Utilities
0.68%
Long Term Fixed Income
14.26%
Intermediate Term Fixed Income
40.23%
Short Term Fixed Income
8.38%
Cash
1.53%

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 08/31/2019

Bonds
62.87%
Stocks
35.60%
Cash
1.53%

Credit Quality Distribution

As of 08/31/2019

AAA
54.27%
AA
1.98%
A
2.80%
BBB
11.44%
BB
9.79%
B
12.26%
CCC
2.25%
NR
5.21%

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.

August Fund Holdings

As of 08/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 92,368.8 $98,141.85
00101JAM8 ADT CORP 5.25000 03/15/2020 US 96,567.39 $97,533.06
00206R102 AT&T INC US T 1,205.16 $42,494.05
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 181,377.38 $199,566.07
00287Y109 ABBVIE INC US ABBV 1,890.18 $124,260.22
004239109 ACADIA REALTY TRUST US AKR 441.25 $12,068.22
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 97,267.15 $89,579.15
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 180,380.8 $193,446.88
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 96,567.39 $96,084.55
008492100 AGREE REALTY CORP US ADC 272.51 $20,354.06
013093AD1 ALBERTSONS COS LLC/SAFEW 5.75000 03/15/2025 US 96,567.39 $98,981.57
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 100.79 $15,102.02
020002101 ALLSTATE CORPORATION US ALL 1,025.2 $104,969.88
0237400 DIAGEO PLC GB DGE LN 2,124.79 $90,969.84
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 177,040.21 $177,305.77
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 436.33 $20,280.40
02665T306 AMERICAN HOMES 4 RENT- A US AMH 2,733.26 $69,916.90
026874784 AMERICAN INTL GROUP INC US AIG 1,066.46 $55,498.45
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 246,316.81 $248,153.84
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 1,728.52 $1,746.41
03064D108 AMERICOLD REALTY TRUST US COLD 1,155.27 $42,074.88
031162100 AMGEN INC US AMGN 748.91 $156,238.52
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 97,267.15 $89,242.61
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 97,267.15 $88,269.94
03748R754 APARTMENT INVT & MGMT CO -A US AIV 921.46 $46,994.33
038222105 APPLIED MATERIALS INC US AMAT 1,162.06 $55,802.05
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 894.16 $34,022.63
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 100,411.61 $103,926.01
03990B101 ARES MANAGEMENT CORP - A US ARES 2,379.33 $69,238.61
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 100,066.21 $99,065.54
04621X108 ASSURANT INC US AIZ 371.91 $45,745.39
053484101 AVALONBAY COMMUNITIES INC US AVB 664.71 $141,289.85
054937107 BB&T CORP US BBT 965.31 $45,997.07
055622104 BP PLC-SPONS ADR GB BP 3,418.35 $126,308.21
05582QAD9 BMWOT 2016-A A3 1.16000 11/25/2020 US 5,929.51 $5,922.78
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 39,863.16 $41,500.53
05722G100 BAKER HUGHES A GE CO US BHGE 1,539.78 $33,397.78
060505104 BANK OF AMERICA CORP US BAC 15,057.98 $414,244.91
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 274,059.23 $292,776.08
06759L103 BARINGS BDC INC US BBDC 3,787.73 $37,877.28
086516101 BEST BUY INC US BBY 613.28 $39,035.34
09247X101 BLACKROCK INC US BLK 166.14 $70,204.88
0925288 GLAXOSMITHKLINE PLC GB GSK LN 1,866.68 $38,900.38
09260D107 BLACKSTONE GROUP LP US BX 2,755.31 $137,104.32
097023105 BOEING CO US BA 577.17 $210,141.16
0989529 ASTRAZENECA PLC GB AZN LN 637.13 $56,909.32
101121101 BOSTON PROPERTIES INC US BXP 467.06 $59,979.64
105368203 BRANDYWINE REALTY TRUST US BDN 3,495.19 $50,156.00
110122108 BRISTOL MYERS SQUIBB CO US BMY 3,181.08 $152,914.61
11135F101 BROADCOM INC US AVGO 415.36 $117,397.71
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 97,267.15 $69,302.84
12429TAE4 BWAY HOLDING CO 7.25000 04/15/2025 US 102,865.26 $98,236.32
1248EPCB7 CCO HLDGS LLC/CAP CORP 5.37500 06/01/2029 US 93,068.57 $99,467.03
12510GAB8 CCG 2019-1 A2 2.80000 09/14/2026 US 193,336.33 $195,372.38
12527GAB9 CF INDUSTRIES INC 7.12500 05/01/2020 US 92,368.8 $94,908.95
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 380.14 $32,118.07
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 30,552.02 $31,522.57
125896100 CMS ENERGY CORP US CMS 1,705.11 $107,507.36
12592TAA3 COMM 2015-3BP A FLT 3.17800 02/10/2035 US 39,863.16 $42,098.93
12596JAA1 CNH 2019-A A1 2.75334 02/28/2020 US 34,851.19 $34,865.55
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 22,932.14 $22,732.69
12647MBY0 CSMC 2013-6 2A1 3.50000 08/25/2043 US 73,220 $74,478.03
126650100 CVS HEALTH CORP US CVS 1,580.83 $96,304.46
12686CBA6 CABLEVISION SYSTEMS CORP 8.00000 04/15/2020 US 92,368.8 $95,024.41
12770QAA3 CZR 2017-VICI A 3.53100 10/15/2034 US 56,805 $59,363.85
133131102 CAMDEN PROPERTY TRUST US CPT 365.01 $39,512.09
149123101 CATERPILLAR INC US CAT 731.99 $87,107.06
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 615.11 $614.37
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 29,653.16 $29,865.17
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 144,851.08 $149,153.16
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 92,368.8 $93,985.26
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 68,686.94 $68,595.18
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 27,967.66 $27,961.44
165240102 CHESAPEAKE LODGING TRUST US CHSP 629.31 $16,204.79
166764100 CHEVRON CORP US CVX 2,980.92 $350,914.24
17275R102 CISCO SYSTEMS INC US CSCO 4,350.54 $203,648.72
172967424 CITIGROUP INC US C 4,962.36 $319,327.95
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 95,671.59 $159,882.94
194162103 COLGATE-PALMOLIVE CO US CL 2,608.56 $193,424.75
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 1,969.56 $83,981.83
205887102 CONAGRA BRAND INC. US CAG 944.62 $26,789.34
20825C104 CONOCOPHILLIPS US COP 739.76 $38,600.83
2099084 BORALEX INC -A CA BLX CN 2,290.42 $35,576.00
22052L104 CORTEVA INC US CTVA 2,550.56 $74,782.31
222795502 COUSINS PROPERTIES INC US CUZ 2,192.67 $76,085.78
22282E102 COVANTA HOLDING CORP US CVA 6,396.71 $110,023.47
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 13,200.58 $13,203.51
22534BAA2 CAALT 2018-1A A MTGE 3.01000 02/16/2027 US 89,692.11 $90,320.18
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 86,702.38 $87,630.58
22822V101 CROWN CASTLE INTL CORP US CCI 1,108.74 $160,955.87
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 16,188.34 $15,864.59
229663109 CUBESMART US CUBE 374.19 $13,429.52
231021106 CUMMINS INC US CMI 325.6 $48,602.56
23110AAA4 CUMULUS MEDIA NEW HLDGS 6.75000 07/01/2026 US 96,567.39 $99,464.41
25277LAA4 DIAMOND SPORTS GR/DIAMON 5.37500 08/15/2026 US 95,167.86 $99,926.25
25277LAC0 DIAMOND SPORTS GR/DIAMON 6.62500 08/15/2027 US 97,267.15 $101,887.34
253868103 DIGITAL REALTY TRUST INC US DLR 348.84 $43,127.26
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 186,360.28 $210,795.97
256677105 DOLLAR GENERAL CORP US DG 1,092.88 $170,587.29
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 94,468.1 $97,774.48
25960P109 DOUGLAS EMMETT INC US DEI 928.94 $39,201.21
260557103 DOW INC US DOW 2,899.87 $123,621.66
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 189,635.95 $195,799.12
26614N102 DUPONT DE NEMOURS INC US DD 844.43 $57,361.94
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 321,191.53 $295,496.20
277432100 EASTMAN CHEM CO US EMN 382.77 $25,021.38
291011104 EMERSON ELEC CO US EMR 1,099.42 $65,514.16
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 132,545.01 $160,995.48
29372EBS6 EFF 2016-2 A2 1.74000 02/22/2022 US 447.08 $446.86
29444U700 EQUINIX INC US EQIX 526.11 $292,664.33
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 281.14 $37,875.78
29476L107 EQUITY RESIDENTIAL US EQR 870.38 $73,773.18
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 1,325.42 $30,100.30
297178105 ESSEX PROPERTY TRUST INC US ESS 200.99 $64,568.71
30161N101 EXELON CORP US EXC 1,199.07 $56,667.87
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 199,315.81 $200,639.73
30225T102 EXTRA SPACE STORAGE INC US EXR 197.15 $24,037.11
30231G102 EXXON MOBIL CORP US XOM 3,330.46 $228,069.71
302491303 FMC CORP US FMC 1,744.74 $150,623.66
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 1,630.88 $1,627.20
30262SAR9 FREMF 2015-K42 B FLT 3.98244 12/25/2024 US 37,870 $39,817.65
30263HAL5 FREMF 2011-K15 B FLT 5.11574 08/25/2044 US 16,941.84 $17,745.36
30286XAN9 FREMF 2015-K43 B FLT 3.86165 02/25/2048 US 39,863.16 $42,218.54
30291EAE4 FREMF 2013-K712 B FLT 3.40789 05/25/2045 US 35,876.85 $35,847.21
30291XAE2 FREMF 2014-K715 B FLT 4.11226 02/25/2046 US 46,340.93 $47,282.23
311900104 FASTENAL CO US FAST 1,207.47 $36,972.84
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 11,323.19 $12,145.26
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 3,836.22 $4,344.48
3128M7FQ4 FHLM POOL G05275 5.50000 02/01/2039 US 23,064.57 $25,956.05
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 8,417.47 $9,514.65
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 799.59 $819.64
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 548.09 $563.33
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 469.19 $485.73
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 789.48 $815.74
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 33,469.85 $35,555.47
3128MJJN1 FHLM POOL G08268 5.00000 05/01/2038 US 68,039.77 $75,743.81
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 10,011.22 $10,738.23
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 11,855.95 $12,703.77
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 12,654.26 $13,571.77
3128P8A92 FHLM POOL C91832 3.50000 06/01/2035 US 61,228.07 $63,853.78
312941F69 FHLM POOL A92889 4.50000 07/01/2040 US 28,931.89 $31,352.64
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 80,050.03 $86,750.27
3131XVYW9 FEDERAL NATL MTG ASSN FR ZM2525 3.00000 12/01/2046 US 113,483.31 $116,496.46
3132J8YK0 FHLM POOL Q17513 3.50000 04/01/2043 US 20,337.85 $21,283.57
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 76,157.94 $80,460.40
3132QUWT6 FHLM POOL Q37857 4.00000 12/01/2045 US 67,649.81 $71,378.90
3132QVKA8 FHLM POOL Q38388 4.00000 01/01/2046 US 77,230.23 $81,672.37
3132WL4Q6 FHLM POOL Q47130 4.50000 04/01/2047 US 36,842.45 $39,017.29
3132WML28 FHLM POOL FG Q47544 4.00000 03/01/2047 US 93,000.21 $98,885.56
3132Y06K1 FHLM POOL FG Q57173 4.50000 07/01/2048 US 78,337.68 $82,612.68
3132Y33P7 FHLM POOL FG Q59805 4.50000 11/01/2048 US 57,580.27 $60,914.36
3132Y3ZJ6 FHLM POOL FG Q59744 4.50000 11/01/2048 US 103,430.57 $109,711.26
31334WF97 FEDERA; NATL MTG ASSN FR QA0192 3.50000 06/01/2049 US 98,707.98 $101,652.92
31335A5Q7 FHLM POOL G60855 4.50000 12/01/2045 US 28,873.64 $31,055.55
31335ACG1 FHLM POOL G60071 4.50000 07/01/2042 US 29,724.45 $32,204.57
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 34,739.2 $36,411.88
31335ASA7 FHLM POOL G60513 5.00000 07/01/2041 US 68,920.15 $76,686.23
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31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 650.48 $665.19
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31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 27,658.75 $31,203.72
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363576109 ARTHUR J GALLAGHER & CO US AJG 976.02 $88,534.74
364760108 GAP INC US GPS 1,100.31 $17,373.85
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369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 158,456.07 $143,798.88
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374297109 GETTY REALTY CORP US GTY 757.76 $24,066.44
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38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 46,307.74 $46,564.98
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 13,263.4 $183,167.55
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42225P501 HEALTHCARE TRUST OF AMERICA US HTA 2,726.16 $77,313.79
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43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 189.53 $17,507.31
437076102 HOME DEPOT INC US HD 1,131.17 $257,804.98
43731QAA6 HPA 2019-1 A 2.90800 09/17/2039 US 99,657.9 $102,055.92
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44055PAA4 HORIZON PHARMA USA INC 5.50000 08/01/2027 US 95,167.86 $99,212.49
44107P104 HOST MARRIOTT CORP US HST 1,367.37 $21,932.60
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45031UCD1 ISTAR INC 5.25000 09/15/2022 US 96,567.39 $98,981.57
452308109 ILLINOIS TOOL WKS INC US ITW 489.73 $73,390.60
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 6,960.07 $96,814.60
458140100 INTEL CORP US INTC 8,697.27 $412,337.58
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 1,128.7 $152,972.45
460146103 INTERNATIONAL PAPER CO US IP 680.92 $26,623.94
46187BAA1 IHSFR 2017-SFR2 A 3.03200 12/17/2036 US 14,576.69 $14,563.00
46187BAB9 IHSFR 2017-SFR2 B 3.33200 12/17/2036 US 11,460.66 $11,478.14
46187W107 INVITATION HOMES INC US INVH 2,295.04 $66,005.48
46284VAC5 IRON MOUNTAIN INC 4.87500 09/15/2027 US 149,049.66 $153,056.12
464287598 ISHARES RUSSELL 1000 VALUE US 892.19 $111,148.60
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46625H100 JP MORGAN CHASE & CO US JPM 4,780.66 $525,203.60
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 15,934.44 $16,135.22
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46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 12,532.61 $12,777.88
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 14,712.04 $14,962.91
46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 131,548.43 $141,392.13
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 70,296.13 $71,417.49
46649HAC6 JPMMT 2017-6 A3 3.50000 12/25/2048 US 29,067.26 $29,832.53
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 47,338.3 $48,093.44
47232MAE2 JEFFERIES FIN LLC 6.25000 06/03/2026 US 48,983.46 $50,208.04
476405105 JERNIGAN CAPITAL INC US JCAP 4,372.42 $84,431.41
478160104 JOHNSON & JOHNSON US JNJ 3,849.3 $494,095.90
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 151,848.72 $48,591.59
482480100 KLA-TENCOR CORPORATION US KLAC 351.9 $52,046.40
485170302 KANSAS CITY SOUTHERN US KSU 1,203.64 $151,417.78
487836108 KELLOGG CO US K 651.59 $40,919.58
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494368103 KIMBERLY CLARK CORP US KMB 570.26 $80,469.62
49446R109 KIMCO REALTY CORP US KIM 1,168.24 $21,472.17
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500255104 KOHLS CORP US KSS 441.99 $20,888.61
500630CK2 KOREA DEVELOPMENT BANK 1.37500 09/12/2019 KR 99,657.9 $99,645.94
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50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 188,236.43 $196,471.77
512807108 LAM RESEARCH CORP US LRCX 202.15 $42,554.66
529043101 LEXINGTON REALTY TRUST US LXP 6,405 $66,547.94
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53223X107 LIFE STORAGE INC US LSI 184.65 $19,565.62
534187109 LINCOLN NATL CORP IND US LNC 584.8 $30,924.16
539830109 LOCKHEED MARTIN CORP US LMT 339.59 $130,441.12
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 48,983.46 $42,125.77
56585A102 MARATHON PETROLEUM CORP US MPC 1,243.76 $61,205.66
5671735 SANOFI-AVENTIS FR SAN FP 901.33 $77,431.09
57772K101 MAXIM INTEGRATED PRODUCTS US MXIM 594.22 $32,408.65
58502BAC0 MEDNAX INC 6.25000 01/15/2027 US 153,248.24 $150,183.28
58933Y105 MERCK & CO INC US MRK 2,724.39 $235,578.07
594918104 MICROSOFT CORP US MSFT 1,599.94 $220,567.79
59522J103 MID-AMERICA APARTMENT COMM US MAA 251 $31,796.78
60871R209 MOLSON COORS BREWING CO -B US TAP 1,874.38 $96,268.20
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 4,246.23 $234,476.68
61744YAG3 MORGAN STANLEY FLT 3.40700 05/08/2024 US 266,086.6 $269,753.27
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62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 198,033.12 $193,082.29
62957HAC9 NABORS INDUSTRIES INC 5.50000 01/15/2023 US 97,267.15 $86,689.35
637417106 NATIONAL RETAIL PROPERTIES US NNN 689.22 $38,699.74
637870106 NATIONAL STORAGE AFFILIATES US NSA 678.15 $22,690.84
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 91,272.13 $92,213.70
63941MAB7 NAVSL 2019-EA A2A 2.64000 05/15/2068 US 99,657.9 $101,852.19
63941RAB6 NAVSL 2019-2A A2 3.14525 02/27/2068 US 181,377.38 $182,852.40
64110D104 NETAPP INC US NTAP 420.08 $20,188.86
64828AAA1 NRZT 2014-1A A 3.75000 01/25/2054 US 25,572.11 $26,646.83
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 11,435.4 $11,864.22
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 24,981.68 $26,057.16
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 21,226.49 $22,015.94
65342QAK8 NEXTERA ENERGY OPERATING 4.25000 07/15/2024 US 95,867.62 $98,503.98
65548PAF3 NORBORD INC 5.75000 07/15/2027 CA 97,267.15 $98,969.33
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 195,234.06 $121,045.12
66987V109 NOVARTIS AG- REG CH NVS 829.18 $74,717.84
670346105 NUCOR CORP US NUE 755.34 $36,996.39
67059TAD7 NUSTAR LOGISTICS LP 6.75000 02/01/2021 US 93,768.33 $97,753.49
67087MAA4 OBP DEPOSITOR LLC TRUST 4.64620 07/15/2045 US 9,965.79 $10,038.16
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 232.19 $89,106.03
674599105 OCCIDENTAL PETROLEUM CORP US OXY 3,102.74 $134,907.08
680665AL0 OLIN CORP 5.62500 08/01/2029 US 95,867.62 $99,582.49
681936100 OMEGA HEALTHCARE INVS INC US OHI 649.81 $26,434.47
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 89,692.11 $92,528.84
693475105 PNC FINANCIAL SERVICES GROUP US PNC 331.78 $42,775.82
70338P100 PATTERN ENERGY GROUP INC -A US PEGI 2,165.43 $58,791.49
713448108 PEPSICO INC US PEP 798.7 $109,206.26
71642QAB3 PDLLN 7 1/4 05/01/22 7.25000 05/01/2022 GB 97,267.15 $84,622.42
717081103 PFIZER INC US PFE 6,057.76 $215,353.21
718546104 PHILLIPS 66 US PSX 572.43 $56,458.56
71943U104 PHYSICIANS REALTY TRUST US DOC 4,900.8 $84,881.88
729640102 PLYMOUTH INDUSTRIAL REIT INC US 2,944.03 $54,935.63
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 278,045.55 $297,785.52
74166MAB2 PRIME SECSRVC BRW/FINANC 5.25000 04/15/2024 US 95,867.62 $99,022.63
74251V102 PRINCIPAL FINANCIAL GROUP US PFG 647.29 $34,448.91
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 39,863.16 $39,945.61
74333NAA0 PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 US 90,688.69 $93,035.69
74340W103 PROLOGIS US PLD 1,545.7 $129,251.84
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 170,415.01 $182,344.07
74460D109 PUBLIC STORAGE INC US PSA 259.8 $68,779.36
74834L100 QUEST DIAGNOSTICS INC US DGX 290.79 $29,768.03
749685103 RPM INTERNATIONAL INC US RPM 1,922.57 $130,100.35
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 194,534.3 $198,181.82
756109104 REALTY INCOME CORP US O 209.49 $15,462.46
7591EP100 REGIONS FINANCIAL CORP. US RF 4,025.21 $58,848.54
760759100 REPUBLIC SERVICES INC US RSG 1,326.59 $118,398.52
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 143,451.55 $146,644.07
773903109 ROCKWELL AUTOMATION INC US ROK 199.65 $30,504.94
77714PAB5 SEMGROUP / ROSE ROCK FIN 5.62500 07/15/2022 US 150,449.19 $144,959.30
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 1,122.35 $62,582.03
78442PGC4 SLM CORP 5.12500 04/05/2022 US 191,035.48 $195,572.57
78470RAC1 SOFI 2016-E A2B 2.49000 01/25/2036 US 81,998.95 $82,628.97
78490DAA2 SOFI 2018-C A1FX 3.08000 01/25/2048 US 40,771.8 $41,102.29
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 251,137.92 $288,625.63
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 177,391.07 $190,964.22
81211K100 SEALED AIR CORP US SEE 2,321.41 $92,438.65
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 13,450.5 $13,631.24
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 18,456.79 $18,704.81
81745FAA4 SEMT 2012-3 A1 3.50000 07/25/2042 US 33,325.73 $33,894.60
81746NAK4 SEMT 2016-3 A10 3.50000 11/25/2046 US 95,876.55 $97,770.30
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 97,267.15 $86,567.76
828806109 SIMON PROPERTY GROUP INC US SPG 608.47 $90,625.91
831641FC4 SBIC 2015-10A 1 2.51700 03/10/2025 US 42,397.02 $43,538.09
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 280.42 $29,488.55
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 5,615.63 $5,606.06
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 14,948.69 $15,291.69
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 139.5 $139.41
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 5,772.16 $5,762.80
83405TAA1 SCLP 2019-3 A MTGE 2.90000 05/25/2028 US 89,226.27 $89,938.44
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 63,976.96 $64,518.40
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 173,404.75 $176,236.99
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 97,267.15 $85,108.76
85207UAE5 SPRINT CORP 7.25000 09/15/2021 US 92,368.8 $99,361.12
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 90,269.51 $99,789.34
85254J102 STAG INDUSTRIAL INC US STAG 2,322.06 $67,525.59
855030AN2 STAPLES INC 7.50000 04/15/2026 US 147,650.13 $149,126.64
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.41513 11/15/2027 US 36,386.9 $36,308.84
858912AF5 STERICYCLE INC 5.37500 07/15/2024 US 153,948.01 $157,796.71
862121100 STORE CAPITAL CORP US STOR 426.1 $16,089.35
866674104 SUN COMMUNITIES US SUI 366.23 $54,128.60
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 1,137.8 $14,950.65
867914103 SUNTRUST BANKS INC US STI 755.67 $46,481.14
86935CAA0 SCML 2019-SBC8 2.86000 12/25/2035 US 98,599.81 $99,550.81
871829107 SYSCO CORP US SYY 865.41 $64,325.79
87612E106 TARGET CORP US TGT 765.17 $81,903.46
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 7,893.51 $7,883.43
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 121,758.88 $105,930.22
882508104 TEXAS INSTRUMENTS INC US TXN 1,166.93 $144,407.11
88579Y101 3M CO US MMM 890.52 $144,015.62
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 46,282.21 $46,306.48
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 40,589.38 $40,820.76
89177EAA7 TPMT 2019-HY1 A1 3.14525 10/25/2048 US 37,617.56 $37,800.51
89417E109 TRAVELLERS COS INC US TRV 333.15 $48,959.04
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 48,736.01 $48,700.09
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 49,703.95 $50,770.90
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 195,234.06 $181,813.67
902494103 TYSON FOODS INC -CL A US TSN 468.32 $43,572.49
902653104 UDR INC US UDR 725.85 $34,971.34
90270YBF5 UBS-BARCLAYS COMMERCIAL MORTGAGE 3.18470 03/10/2046 US 79,726.32 $82,665.19
902973304 U.S. BANCORP US USB 2,189.35 $115,356.85
903002103 UMH PROPERTIES INC US UMH 931.25 $11,975.93
907818108 UNION PAC CORP US UNP 880.04 $142,530.77
911312106 UNITED PARCEL SERVICE US UPS 2,139.47 $253,870.06
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 460,917.8 $675,856.74
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 454,938.33 $664,903.03
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 196,001.58 $215,110.85
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 818,888.99 $908,359.01
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 731,190.04 $893,451.39
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 811,514.31 $892,665.74
9128286B1 US TREASURY N/B 2.62500 02/15/2029 US 635,319.13 $697,535.74
9128286N5 TSY INFL IX N/B 0.50000 04/15/2024 US 538,956.92 $550,173.50
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 545,858.44 $540,687.71
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 872,504.94 $881,843.47
912828VB3 UNITED STATES TREAS NTS 1.75000 05/15/2023 US 373,218.85 $377,577.93
912828WJ5 US TREASURY N/B 2.50000 05/15/2024 US 627,346.5 $658,174.70
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 835,133.23 $890,460.81
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 844,899.7 $876,715.46
913017109 UNITED TECHNOLOGIES CORP US UTX 1,026.58 $133,701.52
91704F104 URBAN EDGE PROPERTIES US UE 1,708.51 $29,915.94
918204108 VF CORP US VFC 701.82 $57,513.93
91913Y100 VALERO ENERGY US VLO 776.36 $58,444.55
92276F100 VENTAS INC US VTR 953.74 $69,994.65
92339V100 VEREIT INC US VER 4,589.84 $44,750.90
92343V104 VERIZON COMMUNICATIONS US VZ 2,348.85 $136,609.05
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 253,131.07 $339,642.06
92553P201 VIACOM INC CL B US VIAB 945.81 $23,626.45
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 148,349.9 $145,753.78
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 24,416.19 $24,666.91
929042109 VORNADO REALTY TRUST US VNO 248.14 $15,004.90
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 48,983.46 $47,269.04
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 75,999.27 $78,030.59
93065PAA9 WBHT 2019-WBM A FLT 3.24513 12/15/2033 US 41,358.03 $41,104.22
931142103 WAL MART STORES US WMT 2,635.01 $301,076.64
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 1,400.78 $71,705.95
94106L109 WASTE MANAGEMENT INC US WM 2,409.24 $287,543.26
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 198,033.12 $198,033.12
948741103 WEINGARTEN REALTY INVESTORS US WRI 1,097.59 $29,075.20
949746101 WELLS FARGO COMPANY US WFC 7,767.29 $361,722.76
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 27,405.92 $27,816.71
95040Q104 WELLTOWER INC. US WELL 596.22 $53,397.60
958102105 WESTERN DIGITAL CORP US WDC 638.87 $36,587.99
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 140,652.5 $151,201.44
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 148,988.57 $155,358.20
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 10,307.77 $10,342.82
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 13,211.56 $13,453.59
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 205,730.52 $193,386.69
B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 3,795.86 $42,280.73
B68XHC3 NORTHLAND POWER INC CA NPI CN 2,252.31 $42,715.13
BGDM907 DIANA SHIPPING INC 9.50000 09/27/2023 MH 97,966.91 $96,007.58
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 13,528.78 $21,827.33
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 19,405.57 $84,724.54
BZ121X9 EURONAV LUXEMBOURG SA 7.50000 05/31/2022 LU 111,962.19 $113,641.62
G29183103 EATON CORP PLC US ETN 797.85 $64,402.16
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 140,652.5 $145,575.34
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 5,307.85 $226,592.05
G5960L103 MEDTRONIC INC IE MDT 2,743.3 $295,975.05
H1467J104 CHUBB LTD CH CB 474.64 $74,176.80
N47279109 INTERXION HOLDING NV NL INXN 873.07 $70,666.42
N53745100 LYONDELLBASELL INDU-CL A US LYB 701.08 $54,249.44
USD US DOLLAR US 772,245.03 $772,245.03

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 S Distribution History
  • 2019 Distribution Calendar
  • Fourth Quarter 2018 Distributions
  • Third Quarter 2019 Distributions
  • Second Quarter 2019 Distributions
  • First Quarter 2019 Distributions
  • Tax Letter

A Word About Risk

All investments involve risks, including possible loss of principal. An investment in the Series will fluctuate in response to stock market movements and changes in interest rates. Because the Series invests in a combination of other affiliated funds, it is subject to asset allocation risk as well as the risks associated with each underlying fund’s investment portfolio. These may include the risk that dividends may be discontinued or decreased; small-cap/mid-cap risk, including the risk that stocks of small- and mid-cap companies may be subject to more abrupt or erratic market movements than the stocks of larger companies and may be less marketable than the stocks of larger companies; risks related to investments in options, which, like all derivatives, can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk; risks related to the direct ownership of real estate (including REITs) such as interest rate risk, liquidity risk, and changes in property value, among others; foreign investment risk, including fluctuating currency values, different accounting standards, and economic and political instability, as well as the risk that investments in emerging markets may be more volatile than investments in developed markets; issuer-specific risk; and the increased default risk associated with higher-yielding, lower-rated securities. There is an inverse relationship between bond prices and interest rates; as interest rates rise, bond prices (and therefore the value of bond funds) fall. Likewise, as interest rates fall, bond prices and the value of bond funds rise. Additionally, a portion of the Series’ underlying holdings may be invested in business development companies (BDCs) or master limited partnerships (MLPs). BDCs are subject to additional risks, as they generally invest in less mature private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly-traded companies. MLPs are subject to additional risks, including, risks associated with the specific industry or industries in which the partnership invests, such as the risks of investing in real estate, or oil and gas industries or other natural resources. Moreover, the potential tax benefits from investing in MLPs depend on their continued treatment as partnerships for federal income tax purposes.


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