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

$11.06

Daily $ Change

-$0.02

Daily % Change

-0.18%

as of 07/19/2019

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 06/30/2019

YTD

10.32%

1 Year

8.73%

3 Year

7.04%

5 Year

5.12%

10 Year

---

Inception
(08/01/2012)

6.81%

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 06/30/2019

TREASURY NOTES 10.10%
GOVERNMENT AGENCY 7.83%
TREASURY BONDS 5.43%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 1.12%
JOHNSON & JOHNSON 1.08%
JP MORGAN CHASE & CO 1.08%
BANK OF AMERICA CORP 0.87%
INTEL CORP 0.85%
MERCK & CO INC 0.74%
WELLS FARGO COMPANY 0.73%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 06/30/2019

Other 0.23%
Communication Services 0.40%
Consumer Discretionary 2.13%
Consumer Staples 3.23%
Energy 2.59%
Financials 5.88%
Health Care 4.65%
Industrials 5.06%
Information Technology 3.21%
Materials 1.96%
Real Estate 5.98%
Utilities 0.65%
Long Term Fixed Income 13.25%
Intermediate Term Fixed Income 39.93%
Short Term Fixed Income 9.18%
Cash 1.67%

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 06/30/2019

Bonds 62.36%
Stocks 35.97%
Cash 1.67%

Credit Quality Distribution

As of 06/30/2019

AAA 49.94%
AA 1.94%
A 3.00%
BBB 13.71%
BB 11.49%
B 12.04%
CCC 2.45%
NR 5.43%

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.

June Fund Holdings

As of 06/30/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 111,305.17 $112,974.75
00206R102 AT&T INC US T 1,239.52 $41,536.45
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 191,356.12 $205,092.45
00287Y109 ABBVIE INC US ABBV 1,905.53 $138,570.36
004239109 ACADIA REALTY TRUST US AKR 450.56 $12,331.74
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 190,304.71 $200,669.27
008492100 AGREE REALTY CORP US ADC 278.26 $17,822.62
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 120,116.83 $121,815.02
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 102.91 $14,520.02
020002101 ALLSTATE CORPORATION US ALL 1,052.78 $107,056.71
0237400 DIAGEO PLC GB DGE LN 2,185.37 $94,059.10
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 117,334.2 $117,862.20
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 445.53 $20,565.53
02665T306 AMERICAN HOMES 4 RENT- A US AMH 2,790.91 $67,846.95
026874784 AMERICAN INTL GROUP INC US AIG 1,096.86 $58,440.90
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 163,247.58 $164,495.90
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 2,029.88 $2,051.57
03064D108 AMERICOLD REALTY TRUST US COLD 416.68 $13,508.84
031162100 AMGEN INC US AMGN 843.32 $155,407.49
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 111,305.17 $111,305.17
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 102,029.74 $101,009.44
03748R754 APARTMENT INVT & MGMT CO -A US AIV 811.15 $40,654.97
03784Y200 APPLE HOSPITALITY REIT INC US APLE 778.34 $12,344.47
038222105 APPLIED MATERIALS INC US AMAT 1,309.75 $58,820.81
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 892.79 $36,425.77
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 54,261.27 $54,668.23
03990B101 ARES MANAGEMENT CORP - A US ARES 2,447.17 $64,042.48
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 52,869.96 $51,019.51
04621X108 ASSURANT INC US AIZ 382.52 $40,692.21
053484101 AVALONBAY COMMUNITIES INC US AVB 754.22 $153,242.69
054937107 BB&T CORP US BBT 953.88 $46,863.95
055622104 BP PLC-SPONS ADR GB BP 3,515.82 $146,609.56
05582QAD9 BMWOT 2016-A A3 1.16000 11/25/2020 US 14,786.61 $14,753.80
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 42,056.29 $42,853.83
05722G100 BAKER HUGHES A GE CO US BHGE 1,645.85 $40,537.29
060505104 BANK OF AMERICA CORP US BAC 15,250.88 $442,275.60
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 289,136.99 $304,116.26
06759L103 BARINGS BDC INC US BBDC 3,895.72 $38,333.90
086516101 BEST BUY INC US BBY 646.71 $45,095.28
09247X101 BLACKROCK INC US BLK 170.88 $80,193.39
0925288 GLAXOSMITHKLINE PLC GB GSK LN 1,919.9 $38,484.30
09260D107 BLACKSTONE GROUP LP US BX 2,833.87 $125,880.49
097023105 BOEING CO US BA 582.41 $212,003.91
0989529 ASTRAZENECA PLC GB AZN LN 655.3 $53,571.77
101121101 BOSTON PROPERTIES INC US BXP 551.45 $71,136.98
105368203 BRANDYWINE REALTY TRUST US BDN 3,568.9 $51,106.69
110122108 BRISTOL MYERS SQUIBB CO US BMY 3,255.68 $147,645.06
11135F101 BROADCOM INC US AVGO 500.82 $144,166.73
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 118,261.74 $99,339.86
12429TAE4 BWAY HOLDING CO 7.25000 04/15/2025 US 92,754.31 $89,507.91
1248EPCB7 CCO HLDGS LLC/CAP CORP 5.37500 06/01/2029 US 102,029.74 $105,345.71
12510GAB8 CCG 2019-1 A2 2.80000 09/14/2026 US 203,973.01 $205,286.06
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 416.28 $35,113.32
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 34,934.71 $35,771.07
125896100 CMS ENERGY CORP US CMS 1,753.73 $101,558.38
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 191,356.12 $191,400.39
12592TAA3 COMM 2015-3BP A FLT 3.17800 02/10/2035 US 42,056.29 $43,697.41
12596JAA1 CNH 2019-A A1 2.75334 02/28/2020 US 57,197.22 $57,200.31
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 25,231.24 $24,764.51
12647MBY0 CSMC 2013-6 2A1 3.50000 08/25/2043 US 80,888.71 $81,902.53
126650100 CVS HEALTH CORP US CVS 1,735.41 $94,562.27
12770QAA3 CZR 2017-VICI A 3.53100 10/15/2034 US 59,930.21 $62,135.88
133131102 CAMDEN PROPERTY TRUST US CPT 131.5 $13,727.30
14879EAE8 CATALENT PHARMA SOLUTION 5.00000 07/15/2027 US 92,754.31 $94,377.51
149123101 CATERPILLAR INC US CAT 719.14 $98,010.99
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 1,156.72 $1,154.85
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 35,243.06 $35,463.13
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 164,638.9 $165,462.09
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 80,787.85 $80,593.03
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 32,091.11 $31,996.04
165240102 CHESAPEAKE LODGING TRUST US CHSP 642.58 $18,262.24
166764100 CHEVRON CORP US CVX 2,651.3 $329,928.00
17275R102 CISCO SYSTEMS INC US CSCO 4,458.38 $244,007.10
172967424 CITIGROUP INC US C 5,097.21 $356,957.65
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 100,935.1 $161,457.34
194162103 COLGATE-PALMOLIVE CO US CL 2,678.13 $191,941.73
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 2,172.08 $85,601.60
205887102 CONAGRA BRAND INC. US CAG 1,013.92 $26,889.15
2099084 BORALEX INC -A CA BLX CN 2,355.72 $35,419.94
21036PAM0 CONSTELLATION BRANDS INC 3.87500 11/15/2019 US 100,935.1 $101,399.54
22052L104 CORTEVA INC US CTVA 868.5 $25,681.63
222795502 COUSINS PROPERTIES INC US CUZ 2,238.92 $80,981.58
22282E102 COVANTA HOLDING CORP US CVA 6,579.09 $117,831.55
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 20,756.82 $20,756.86
22534BAA2 CAALT 2018-1A A MTGE 3.01000 02/16/2027 US 94,626.65 $95,155.31
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 91,472.43 $92,808.53
22822V101 CROWN CASTLE INTL CORP US CCI 1,138.13 $148,354.80
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 17,602.47 $17,351.21
229663109 CUBESMART US CUBE 563.92 $18,857.35
231021106 CUMMINS INC US CMI 321.53 $55,090.64
23110AAA4 CUMULUS MEDIA NEW HLDGS 6.75000 07/01/2026 US 102,029.74 $101,754.26
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 111,305.17 $112,835.62
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 108,986.31 $107,596.74
253868103 DIGITAL REALTY TRUST INC US DLR 356.2 $41,956.58
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 196,613.16 $207,807.61
256677105 DOLLAR GENERAL CORP US DG 1,124.04 $151,924.86
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 105,739.91 $109,440.81
25960P109 DOUGLAS EMMETT INC US DEI 634.89 $25,293.98
260557103 DOW INC US DOW 3,046.4 $150,218.07
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 198,030.45 $202,400.98
26614N102 DUPONT DE NEMOURS INC US DD 868.5 $65,198.51
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 212,871.14 $204,356.29
277432100 EASTMAN CHEM CO US EMN 392.25 $30,529.08
291011104 EMERSON ELEC CO US EMR 1,140.07 $76,065.18
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 139,837.16 $165,307.22
29372EBS6 EFF 2016-2 A2 1.74000 02/22/2022 US 2,876.6 $2,873.59
29444U700 EQUINIX INC US EQIX 584.31 $294,659.73
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 287.07 $34,833.50
29476L107 EQUITY RESIDENTIAL US EQR 1,134.07 $86,098.23
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 1,353.37 $27,121.59
297178105 ESSEX PROPERTY TRUST INC US ESS 205.22 $59,911.18
30161N101 EXELON CORP US EXC 1,233.25 $59,122.16
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 210,281.45 $211,265.75
30225T102 EXTRA SPACE STORAGE INC US EXR 201.31 $21,359.27
30231G102 EXXON MOBIL CORP US XOM 3,425.41 $262,489.41
302491303 FMC CORP US FMC 1,794.49 $148,852.78
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 3,977.91 $3,967.25
30261KAN6 FREMF 2012-K711 B 3.57602 08/25/2045 US 47,313.33 $47,223.05
30262SAR9 FREMF 2015-K42 B FLT 3.98263 12/25/2024 US 39,953.48 $41,593.36
30263HAL5 FREMF 2011-K15 B FLT 5.11575 08/25/2044 US 17,873.92 $18,731.24
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 99,710.88 $101,206.54
30286XAN9 FREMF 2015-K43 B FLT 3.86175 02/25/2048 US 42,056.29 $43,443.31
30291EAE4 FREMF 2013-K712 B FLT 3.45367 05/25/2045 US 37,850.66 $37,864.20
30291XAE2 FREMF 2014-K715 B FLT 4.11249 02/25/2046 US 48,890.44 $49,921.26
311900104 FASTENAL CO US FAST 1,318.71 $42,976.66
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 12,215.09 $13,011.92
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 4,125.44 $4,604.82
3128M7FQ4 FHLM POOL G05275 5.50000 02/01/2039 US 25,730.23 $28,000.13
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 9,239.66 $10,262.16
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 946.35 $970.38
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 651.34 $671.34
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 544.47 $565.04
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 926.57 $959.40
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 36,970.21 $39,093.09
3128MJJN1 FHLM POOL G08268 5.00000 05/01/2038 US 73,280.8 $79,608.27
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 10,958.13 $11,673.10
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 12,612.76 $13,423.42
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 13,462.26 $14,340.64
3128P8A92 FHLM POOL C91832 3.50000 06/01/2035 US 66,870.54 $69,400.14
312941F69 FHLM POOL A92889 4.50000 07/01/2040 US 31,525.28 $33,881.37
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 87,752.75 $94,312.18
3132J8YK0 FHLM POOL Q17513 3.50000 04/01/2043 US 21,569.61 $22,407.65
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 83,581.64 $87,460.92
3132QUWT6 FHLM POOL Q37857 4.00000 12/01/2045 US 71,649.37 $74,988.81
3132QVKA8 FHLM POOL Q38388 4.00000 01/01/2046 US 82,965.58 $86,901.38
3132WL4Q6 FHLM POOL Q47130 4.50000 04/01/2047 US 38,982.79 $41,070.49
3132WML28 FHLM POOL FG Q47544 4.00000 03/01/2047 US 100,171.82 $105,571.44
3132Y06K1 FHLM POOL FG Q57173 4.50000 07/01/2048 US 90,755.79 $95,147.65
3132Y3ZJ6 FHLM POOL FG Q59744 4.50000 11/01/2048 US 112,811.38 $118,580.31
31334WF97 FEDERA; NATL MTG ASSN FR QA0192 3.50000 06/01/2049 US 105,140.72 $107,636.31
31335A5Q7 FHLM POOL G60855 4.50000 12/01/2045 US 31,646.88 $33,688.59
31335ACG1 FHLM POOL G60071 4.50000 07/01/2042 US 32,894.48 $35,350.57
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 38,360.89 $39,949.71
31335ASA7 FHLM POOL G60513 5.00000 07/01/2041 US 74,571.17 $81,008.47
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 140,997.12 $149,533.85
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 239.25 $239.69
3136AY6W8 FNA 2017-M15 A1 3.05802 09/25/2027 US 104,005.03 $107,946.44
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 68,374.37 $70,976.21
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 101.8 $13,107.19
3137ADTK3 FHMS K014 X1 FLT 1.32347 04/25/2021 US 726,044.91 $12,980.74
3137AJMG6 FMHS K016 X1 FLT 1.63773 10/25/2021 US 108,228.35 $3,213.84
3137AUPF0 FHMS K021 x1 FLT 1.56759 06/25/2022 US 938,028.69 $34,340.10
3137B3NB0 FHMS K030 X1 FLT 0.30291 04/25/2023 US 1,400,746.03 $9,485.43
3137B4GZ3 FHMS K032 X1 FLT 0.21411 05/25/2023 US 821,380.82 $3,468.86
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 80,246.57 $83,238.62
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 76,452.92 $79,898.91
3138A5JC7 FEDERAL NATL MTG ASSN AH3858 4.50000 08/01/2041 US 48,075.78 $51,635.68
3138AJXA5 FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 US 11,548.66 $12,179.79
3138EQST0 FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 15,952.99 $16,822.77
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65000 01/01/2049 US 59,920.26 $67,037.32
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 236,437.05 $245,300.65
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 32,567.18 $34,666.33
3138Y22T9 FEDERAL NATL MTG ASSN FN AX1685 3.50000 11/01/2044 US 121,785.96 $126,818.93
3138YNR25 FEDERAL NATL MTG ASSN AY8604 3.50000 04/01/2045 US 26,476.98 $27,308.17
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 31,137.77 $34,587.72
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 84,654.18 $88,334.88
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 13,659.48 $14,081.86
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 12,445.38 $13,017.04
3140F8KD8 FEDERAL NATL MTG ASSN BD1191 3.50000 01/01/2047 US 52,773.8 $54,347.94
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 29,968.13 $31,344.72
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 24,454.74 $25,759.19
3140HPMQ7 FEDERAL NATIONAL MTGE FN BK9366 4.50000 08/01/2048 US 35,443.65 $37,104.07
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 41,526.12 $43,593.39
3140JAQM3 FEDERAL NATL MTG ASSN FN BM5859 4.00000 10/01/2048 US 102,101.12 $105,981.87
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 75,741.25 $79,465.33
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 90,763.03 $96,419.77
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 56,099.62 $58,989.22
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 137,307.11 $145,864.90
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 80,092.99 $85,084.91
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 684.24 $700.70
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 788.92 $807.85
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 5,100.51 $5,182.20
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 6,259.83 $6,353.77
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 30,036.55 $33,276.49
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 4,378.36 $4,770.48
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 191.61 $193.47
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 3,551.46 $3,608.33
31416CJV9 FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 12,665.68 $14,364.05
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931142103 WAL MART STORES US WMT 2,618.3 $289,295.52
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 1,383.74 $75,648.99
94106L109 WASTE MANAGEMENT INC US WM 2,475.35 $285,580.99
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 150,261.98 $148,383.70
948741103 WEINGARTEN REALTY INVESTORS US WRI 1,120.74 $30,730.66
949746101 WELLS FARGO COMPANY US WFC 7,823.19 $370,193.20
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 28,913.7 $29,389.10
95040Q104 WELLTOWER INC. US WELL 608.8 $49,635.09
958102105 WESTERN DIGITAL CORP US WDC 744 $35,377.16
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 152,580.84 $157,493.94
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 157,185.38 $162,288.24
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 11,574.89 $11,631.99
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 14,315.93 $14,455.50
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 245,798.92 $236,286.50
B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 3,904.08 $41,558.48
B68XHC3 NORTHLAND POWER INC CA NPI CN 2,316.53 $45,108.26
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 148,406.89 $150,633.00
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 13,814.09 $22,776.61
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 33,905.58 $143,610.54
BZ121X9 EURONAV LUXEMBOURG SA 7.50000 05/31/2022 LU 111,305.17 $112,418.22
G29183103 EATON CORP PLC US ETN 817.62 $68,091.67
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 250,436.63 $257,949.73
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 5,453.71 $225,292.74
G5960L103 MEDTRONIC INC IE MDT 2,817.01 $274,348.81
H1467J104 CHUBB LTD CH CB 486.41 $71,642.70
N47279109 INTERXION HOLDING NV NL INXN 966.2 $73,517.95
N53745100 LYONDELLBASELL INDU-CL A US LYB 754.08 $64,948.94
USD US DOLLAR US 865,703.85 $865,703.85

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

Distributions

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

A Word About Risk

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

Daily Price

$11.06

Daily $ Change

-$0.02

Daily % Change

-0.18%

as of 07/19/2019

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 06/30/2019

YTD

10.32%

1 Year

8.73%

3 Year

7.04%

5 Year

5.12%

10 Year

---

Inception
(08/01/2012)

6.81%

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 06/30/2019

TREASURY NOTES 10.10%
GOVERNMENT AGENCY 7.83%
TREASURY BONDS 5.43%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 1.12%
JOHNSON & JOHNSON 1.08%
JP MORGAN CHASE & CO 1.08%
BANK OF AMERICA CORP 0.87%
INTEL CORP 0.85%
MERCK & CO INC 0.74%
WELLS FARGO COMPANY 0.73%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 06/30/2019

Other
0.23%
Communication Services
0.40%
Consumer Discretionary
2.13%
Consumer Staples
3.23%
Energy
2.59%
Financials
5.88%
Health Care
4.65%
Industrials
5.06%
Information Technology
3.21%
Materials
1.96%
Real Estate
5.98%
Utilities
0.65%
Long Term Fixed Income
13.25%
Intermediate Term Fixed Income
39.93%
Short Term Fixed Income
9.18%
Cash
1.67%

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 06/30/2019

Bonds
62.36%
Stocks
35.97%
Cash
1.67%

Credit Quality Distribution

As of 06/30/2019

AAA
49.94%
AA
1.94%
A
3.00%
BBB
13.71%
BB
11.49%
B
12.04%
CCC
2.45%
NR
5.43%

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.

June Fund Holdings

As of 06/30/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 111,305.17 $112,974.75
00206R102 AT&T INC US T 1,239.52 $41,536.45
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 191,356.12 $205,092.45
00287Y109 ABBVIE INC US ABBV 1,905.53 $138,570.36
004239109 ACADIA REALTY TRUST US AKR 450.56 $12,331.74
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 190,304.71 $200,669.27
008492100 AGREE REALTY CORP US ADC 278.26 $17,822.62
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 120,116.83 $121,815.02
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 102.91 $14,520.02
020002101 ALLSTATE CORPORATION US ALL 1,052.78 $107,056.71
0237400 DIAGEO PLC GB DGE LN 2,185.37 $94,059.10
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 117,334.2 $117,862.20
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 445.53 $20,565.53
02665T306 AMERICAN HOMES 4 RENT- A US AMH 2,790.91 $67,846.95
026874784 AMERICAN INTL GROUP INC US AIG 1,096.86 $58,440.90
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 163,247.58 $164,495.90
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 2,029.88 $2,051.57
03064D108 AMERICOLD REALTY TRUST US COLD 416.68 $13,508.84
031162100 AMGEN INC US AMGN 843.32 $155,407.49
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 111,305.17 $111,305.17
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 102,029.74 $101,009.44
03748R754 APARTMENT INVT & MGMT CO -A US AIV 811.15 $40,654.97
03784Y200 APPLE HOSPITALITY REIT INC US APLE 778.34 $12,344.47
038222105 APPLIED MATERIALS INC US AMAT 1,309.75 $58,820.81
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 892.79 $36,425.77
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 54,261.27 $54,668.23
03990B101 ARES MANAGEMENT CORP - A US ARES 2,447.17 $64,042.48
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 52,869.96 $51,019.51
04621X108 ASSURANT INC US AIZ 382.52 $40,692.21
053484101 AVALONBAY COMMUNITIES INC US AVB 754.22 $153,242.69
054937107 BB&T CORP US BBT 953.88 $46,863.95
055622104 BP PLC-SPONS ADR GB BP 3,515.82 $146,609.56
05582QAD9 BMWOT 2016-A A3 1.16000 11/25/2020 US 14,786.61 $14,753.80
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 42,056.29 $42,853.83
05722G100 BAKER HUGHES A GE CO US BHGE 1,645.85 $40,537.29
060505104 BANK OF AMERICA CORP US BAC 15,250.88 $442,275.60
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 289,136.99 $304,116.26
06759L103 BARINGS BDC INC US BBDC 3,895.72 $38,333.90
086516101 BEST BUY INC US BBY 646.71 $45,095.28
09247X101 BLACKROCK INC US BLK 170.88 $80,193.39
0925288 GLAXOSMITHKLINE PLC GB GSK LN 1,919.9 $38,484.30
09260D107 BLACKSTONE GROUP LP US BX 2,833.87 $125,880.49
097023105 BOEING CO US BA 582.41 $212,003.91
0989529 ASTRAZENECA PLC GB AZN LN 655.3 $53,571.77
101121101 BOSTON PROPERTIES INC US BXP 551.45 $71,136.98
105368203 BRANDYWINE REALTY TRUST US BDN 3,568.9 $51,106.69
110122108 BRISTOL MYERS SQUIBB CO US BMY 3,255.68 $147,645.06
11135F101 BROADCOM INC US AVGO 500.82 $144,166.73
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 118,261.74 $99,339.86
12429TAE4 BWAY HOLDING CO 7.25000 04/15/2025 US 92,754.31 $89,507.91
1248EPCB7 CCO HLDGS LLC/CAP CORP 5.37500 06/01/2029 US 102,029.74 $105,345.71
12510GAB8 CCG 2019-1 A2 2.80000 09/14/2026 US 203,973.01 $205,286.06
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 416.28 $35,113.32
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 34,934.71 $35,771.07
125896100 CMS ENERGY CORP US CMS 1,753.73 $101,558.38
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 191,356.12 $191,400.39
12592TAA3 COMM 2015-3BP A FLT 3.17800 02/10/2035 US 42,056.29 $43,697.41
12596JAA1 CNH 2019-A A1 2.75334 02/28/2020 US 57,197.22 $57,200.31
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 25,231.24 $24,764.51
12647MBY0 CSMC 2013-6 2A1 3.50000 08/25/2043 US 80,888.71 $81,902.53
126650100 CVS HEALTH CORP US CVS 1,735.41 $94,562.27
12770QAA3 CZR 2017-VICI A 3.53100 10/15/2034 US 59,930.21 $62,135.88
133131102 CAMDEN PROPERTY TRUST US CPT 131.5 $13,727.30
14879EAE8 CATALENT PHARMA SOLUTION 5.00000 07/15/2027 US 92,754.31 $94,377.51
149123101 CATERPILLAR INC US CAT 719.14 $98,010.99
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 1,156.72 $1,154.85
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 35,243.06 $35,463.13
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 164,638.9 $165,462.09
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 80,787.85 $80,593.03
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 32,091.11 $31,996.04
165240102 CHESAPEAKE LODGING TRUST US CHSP 642.58 $18,262.24
166764100 CHEVRON CORP US CVX 2,651.3 $329,928.00
17275R102 CISCO SYSTEMS INC US CSCO 4,458.38 $244,007.10
172967424 CITIGROUP INC US C 5,097.21 $356,957.65
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 100,935.1 $161,457.34
194162103 COLGATE-PALMOLIVE CO US CL 2,678.13 $191,941.73
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 2,172.08 $85,601.60
205887102 CONAGRA BRAND INC. US CAG 1,013.92 $26,889.15
2099084 BORALEX INC -A CA BLX CN 2,355.72 $35,419.94
21036PAM0 CONSTELLATION BRANDS INC 3.87500 11/15/2019 US 100,935.1 $101,399.54
22052L104 CORTEVA INC US CTVA 868.5 $25,681.63
222795502 COUSINS PROPERTIES INC US CUZ 2,238.92 $80,981.58
22282E102 COVANTA HOLDING CORP US CVA 6,579.09 $117,831.55
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 20,756.82 $20,756.86
22534BAA2 CAALT 2018-1A A MTGE 3.01000 02/16/2027 US 94,626.65 $95,155.31
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 91,472.43 $92,808.53
22822V101 CROWN CASTLE INTL CORP US CCI 1,138.13 $148,354.80
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 17,602.47 $17,351.21
229663109 CUBESMART US CUBE 563.92 $18,857.35
231021106 CUMMINS INC US CMI 321.53 $55,090.64
23110AAA4 CUMULUS MEDIA NEW HLDGS 6.75000 07/01/2026 US 102,029.74 $101,754.26
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 111,305.17 $112,835.62
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 108,986.31 $107,596.74
253868103 DIGITAL REALTY TRUST INC US DLR 356.2 $41,956.58
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 196,613.16 $207,807.61
256677105 DOLLAR GENERAL CORP US DG 1,124.04 $151,924.86
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 105,739.91 $109,440.81
25960P109 DOUGLAS EMMETT INC US DEI 634.89 $25,293.98
260557103 DOW INC US DOW 3,046.4 $150,218.07
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 198,030.45 $202,400.98
26614N102 DUPONT DE NEMOURS INC US DD 868.5 $65,198.51
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 212,871.14 $204,356.29
277432100 EASTMAN CHEM CO US EMN 392.25 $30,529.08
291011104 EMERSON ELEC CO US EMR 1,140.07 $76,065.18
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 139,837.16 $165,307.22
29372EBS6 EFF 2016-2 A2 1.74000 02/22/2022 US 2,876.6 $2,873.59
29444U700 EQUINIX INC US EQIX 584.31 $294,659.73
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 287.07 $34,833.50
29476L107 EQUITY RESIDENTIAL US EQR 1,134.07 $86,098.23
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 1,353.37 $27,121.59
297178105 ESSEX PROPERTY TRUST INC US ESS 205.22 $59,911.18
30161N101 EXELON CORP US EXC 1,233.25 $59,122.16
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 210,281.45 $211,265.75
30225T102 EXTRA SPACE STORAGE INC US EXR 201.31 $21,359.27
30231G102 EXXON MOBIL CORP US XOM 3,425.41 $262,489.41
302491303 FMC CORP US FMC 1,794.49 $148,852.78
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 3,977.91 $3,967.25
30261KAN6 FREMF 2012-K711 B 3.57602 08/25/2045 US 47,313.33 $47,223.05
30262SAR9 FREMF 2015-K42 B FLT 3.98263 12/25/2024 US 39,953.48 $41,593.36
30263HAL5 FREMF 2011-K15 B FLT 5.11575 08/25/2044 US 17,873.92 $18,731.24
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 99,710.88 $101,206.54
30286XAN9 FREMF 2015-K43 B FLT 3.86175 02/25/2048 US 42,056.29 $43,443.31
30291EAE4 FREMF 2013-K712 B FLT 3.45367 05/25/2045 US 37,850.66 $37,864.20
30291XAE2 FREMF 2014-K715 B FLT 4.11249 02/25/2046 US 48,890.44 $49,921.26
311900104 FASTENAL CO US FAST 1,318.71 $42,976.66
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 12,215.09 $13,011.92
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 4,125.44 $4,604.82
3128M7FQ4 FHLM POOL G05275 5.50000 02/01/2039 US 25,730.23 $28,000.13
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 9,239.66 $10,262.16
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 946.35 $970.38
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 651.34 $671.34
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 544.47 $565.04
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 926.57 $959.40
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 36,970.21 $39,093.09
3128MJJN1 FHLM POOL G08268 5.00000 05/01/2038 US 73,280.8 $79,608.27
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 10,958.13 $11,673.10
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 12,612.76 $13,423.42
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 13,462.26 $14,340.64
3128P8A92 FHLM POOL C91832 3.50000 06/01/2035 US 66,870.54 $69,400.14
312941F69 FHLM POOL A92889 4.50000 07/01/2040 US 31,525.28 $33,881.37
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 87,752.75 $94,312.18
3132J8YK0 FHLM POOL Q17513 3.50000 04/01/2043 US 21,569.61 $22,407.65
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 83,581.64 $87,460.92
3132QUWT6 FHLM POOL Q37857 4.00000 12/01/2045 US 71,649.37 $74,988.81
3132QVKA8 FHLM POOL Q38388 4.00000 01/01/2046 US 82,965.58 $86,901.38
3132WL4Q6 FHLM POOL Q47130 4.50000 04/01/2047 US 38,982.79 $41,070.49
3132WML28 FHLM POOL FG Q47544 4.00000 03/01/2047 US 100,171.82 $105,571.44
3132Y06K1 FHLM POOL FG Q57173 4.50000 07/01/2048 US 90,755.79 $95,147.65
3132Y3ZJ6 FHLM POOL FG Q59744 4.50000 11/01/2048 US 112,811.38 $118,580.31
31334WF97 FEDERA; NATL MTG ASSN FR QA0192 3.50000 06/01/2049 US 105,140.72 $107,636.31
31335A5Q7 FHLM POOL G60855 4.50000 12/01/2045 US 31,646.88 $33,688.59
31335ACG1 FHLM POOL G60071 4.50000 07/01/2042 US 32,894.48 $35,350.57
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 38,360.89 $39,949.71
31335ASA7 FHLM POOL G60513 5.00000 07/01/2041 US 74,571.17 $81,008.47
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 140,997.12 $149,533.85
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 239.25 $239.69
3136AY6W8 FNA 2017-M15 A1 3.05802 09/25/2027 US 104,005.03 $107,946.44
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 68,374.37 $70,976.21
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 101.8 $13,107.19
3137ADTK3 FHMS K014 X1 FLT 1.32347 04/25/2021 US 726,044.91 $12,980.74
3137AJMG6 FMHS K016 X1 FLT 1.63773 10/25/2021 US 108,228.35 $3,213.84
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476405105 JERNIGAN CAPITAL INC US JCAP 4,485.25 $91,947.55
478160104 JOHNSON & JOHNSON US JNJ 3,951.63 $550,383.11
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485170302 KANSAS CITY SOUTHERN US KSU 1,237.96 $150,807.84
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56585A102 MARATHON PETROLEUM CORP US MPC 1,286.35 $71,881.11
5671735 SANOFI-AVENTIS FR SAN FP 927.03 $80,116.10
57772K101 MAXIM INTEGRATED PRODUCTS US MXIM 586.02 $35,055.51
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594918104 MICROSOFT CORP US MSFT 1,645.56 $220,438.81
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60871R209 MOLSON COORS BREWING CO -B US TAP 1,926.1 $107,861.82
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63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 104,089.32 $104,722.03
63941RAB6 NAVSL 2019-2A A2 3.40438 02/27/2068 US 191,356.12 $191,639.06
64110D104 NETAPP INC US NTAP 474.73 $29,290.92
64828AAA1 NRZT 2014-1A A 3.75000 01/25/2054 US 28,092.42 $29,104.62
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 12,449.82 $12,854.00
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 27,287.12 $28,230.84
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 23,086.26 $23,835.47
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65548PAF3 NORBORD INC 5.75000 07/15/2027 CA 92,754.31 $93,334.02
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 228,639.37 $157,761.16
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670346105 NUCOR CORP US NUE 796.78 $43,902.68
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67087MAA4 OBP DEPOSITOR LLC TRUST 4.64620 07/15/2045 US 10,514.07 $10,631.17
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 238.81 $88,198.11
674599105 OCCIDENTAL PETROLEUM CORP US OXY 3,159.49 $158,858.93
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 94,626.65 $97,167.83
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 103,421.05 $106,265.13
693475105 PNC FINANCIAL SERVICES GROUP US PNC 341.23 $46,844.73
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 146,551.81 $151,264.91
70338P100 PATTERN ENERGY GROUP INC -A US PEGI 2,227.17 $51,425.39
713448108 PEPSICO INC US PEP 821.47 $107,719.63
71642QAB3 PDLLN 7 1/4 05/01/22 7.25000 05/01/2022 GB 122,899.46 $121,670.46
717081103 PFIZER INC US PFE 6,024.81 $260,994.66
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71943U104 PHYSICIANS REALTY TRUST US DOC 5,020.06 $87,549.88
729640102 PLYMOUTH INDUSTRIAL REIT INC US 1,588.46 $30,085.52
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74251V102 PRINCIPAL FINANCIAL GROUP US PFG 665.75 $38,560.11
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 42,056.29 $42,329.35
74333NAA0 PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 US 95,678.06 $97,357.98
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744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 179,790.64 $190,306.59
74460D109 PUBLIC STORAGE INC US PSA 265.28 $63,181.42
74834L100 QUEST DIAGNOSTICS INC US DGX 298 $30,339.04
749685103 RPM INTERNATIONAL INC US RPM 1,977.39 $120,838.04
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 185,508.62 $186,668.05
756109104 REALTY INCOME CORP US O 213.91 $14,753.24
7591EP100 REGIONS FINANCIAL CORP. US RF 4,112.35 $61,438.49
760759100 REPUBLIC SERVICES INC US RSG 915.53 $79,321.84
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 128,000.95 $130,080.96
773903109 ROCKWELL AUTOMATION INC US ROK 205.28 $33,631.15
77714PAB5 SEMGROUP / ROSE ROCK FIN 5.62500 07/15/2022 US 71,791.83 $70,769.52
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780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 1,154.35 $75,886.70
78442PGC4 SLM CORP 5.12500 04/05/2022 US 229,103.14 $227,384.87
78470RAC1 SOFI 2016-E A2B 2.49000 01/25/2036 US 93,231.65 $93,417.03
78490DAA2 SOFI 2018-C A1FX 3.08000 01/25/2048 US 47,646.42 $48,014.68
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 264,954.63 $302,772.98
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 187,150.49 $199,200.75
81211K100 SEALED AIR CORP US SEE 2,387.6 $102,141.49
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 14,443.64 $14,412.77
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 19,863.38 $19,896.07
81745FAA4 SEMT 2012-3 A1 3.50000 07/25/2042 US 36,470.34 $36,923.37
81746NAK4 SEMT 2016-3 A10 3.50000 11/25/2046 US 104,959.56 $106,700.63
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 156,291.01 $144,256.60
828806109 SIMON PROPERTY GROUP INC US SPG 702.42 $112,219.12
82967NBA5 SIRIUS XM RADIO INC 5.00000 08/01/2027 US 102,029.74 $103,805.06
82967NBE7 SIRIUS XM RADIO INC 4.62500 07/15/2024 US 92,754.31 $94,913.63
831641FC4 SBIC 2015-10A 1 2.51700 03/10/2025 US 44,729.55 $45,691.54
831641FE0 SBIC 2015-10B 1 2.82900 09/10/2025 US 127,197.03 $130,953.76
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 287.37 $33,101.80
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 7,089.47 $7,074.37
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 15,771.11 $15,939.02
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 2,007.73 $2,003.58
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 9,261.08 $9,233.04
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 2,268.37 $2,266.98
83405TAA1 SCLP 2019-3 A MTGE 2.90000 05/25/2028 US 106,192.13 $106,741.95
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 75,724.39 $76,212.91
835495102 SONOCO PRODUCTS CO US SON 635.96 $41,553.73
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 182,944.86 $186,836.31
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 171,131.7 $156,157.67
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 103,421.05 $109,657.34
85254J102 STAG INDUSTRIAL INC US STAG 2,589.95 $78,320.08
855030AN2 STAPLES INC 7.50000 04/15/2026 US 152,117.07 $151,221.10
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.61425 11/15/2027 US 38,569.4 $38,464.45
858912AF5 STERICYCLE INC 5.37500 07/15/2024 US 102,029.74 $106,505.78
862121100 STORE CAPITAL CORP US STOR 435.08 $14,440.34
866674104 SUN COMMUNITIES US SUI 430.14 $55,139.32
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 1,209.55 $16,582.96
867914103 SUNTRUST BANKS INC US STI 740.58 $46,545.31
86935CAA0 SCML 2019-SBC8 2.86000 12/25/2035 US 109,346.35 $109,586.84
871829107 SYSCO CORP US SYY 935.7 $66,172.63
87612E106 TARGET CORP US TGT 1,491.92 $129,215.44
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 9,150.36 $9,131.33
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 129,392.26 $118,393.92
88104LAC7 TERRAFORM POWER OPERATIN 4.25000 01/31/2023 US 32,464.01 $32,423.43
882508104 TEXAS INSTRUMENTS INC US TXN 1,240.3 $142,337.19
88579Y101 3M CO US MMM 912.91 $158,243.64
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 51,345.74 $51,247.15
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 44,484.49 $44,660.88
89177EAA7 TPMT 2019-HY1 A1 3.40438 10/25/2048 US 42,303.67 $42,469.36
89417E109 TRAVELLERS COS INC US TRV 343.44 $51,351.22
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 51,652.78 $51,596.52
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 52,438.48 $53,144.05
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 200,349.31 $191,834.46
902494103 TYSON FOODS INC -CL A US TSN 537.7 $43,413.88
902653104 UDR INC US UDR 1,018.99 $45,742.30
90270YBF5 UBS-BARCLAYS COMMERCIAL MORTGAGE 3.18470 03/10/2046 US 84,112.58 $86,582.18
902973304 U.S. BANCORP US USB 2,165.66 $113,480.57
903002103 UMH PROPERTIES INC US UMH 950.89 $11,800.59
907818108 UNION PAC CORP US UNP 867.79 $146,752.70
911312106 UNITED PARCEL SERVICE US UPS 2,603.67 $268,880.67
912796SJ9 TREASURY BILL 0.00000 09/19/2019 US 359,055.58 $357,397.80
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 486,275.85 $686,066.85
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 479,967.41 $657,255.37
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 206,305.12 $207,068.66
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 764,057.65 $761,162.59
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 597,935.3 $654,855.94
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 856,160.92 $910,339.86
9128286B1 US TREASURY N/B 2.62500 02/15/2029 US 1,211,746.85 $1,277,824.92
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 574,552.27 $568,524.95
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 920,507.05 $905,980.29
912828VB3 UNITED STATES TREAS NTS 1.75000 05/15/2023 US 225,001.15 $225,124.20
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 881,079.27 $910,918.95
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 891,383.06 $906,425.15
913017109 UNITED TECHNOLOGIES CORP US UTX 1,053.28 $137,136.84
91704F104 URBAN EDGE PROPERTIES US UE 1,744.54 $30,232.83
918204108 VF CORP US VFC 767.14 $67,009.58
91913Y100 VALERO ENERGY US VLO 823.53 $70,502.04
92276F100 VENTAS INC US VTR 973.85 $66,562.58
92339V100 VEREIT INC US VER 4,686.63 $42,226.56
92343V104 VERIZON COMMUNICATIONS US VZ 2,415.82 $138,015.66
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 267,057.44 $335,307.14
92553P201 VIACOM INC CL B US VIAB 979.21 $29,249.01
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 159,537.41 $159,138.57
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 25,759.48 $26,138.06
929042109 VORNADO REALTY TRUST US VNO 405.85 $26,014.94
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 106,667.45 $102,134.09
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 80,613.75 $83,065.88
93065PAA9 WBHT 2019-WBM A FLT 3.44425 12/15/2033 US 43,633.4 $43,380.31
931142103 WAL MART STORES US WMT 2,618.3 $289,295.52
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 1,383.74 $75,648.99
94106L109 WASTE MANAGEMENT INC US WM 2,475.35 $285,580.99
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 150,261.98 $148,383.70
948741103 WEINGARTEN REALTY INVESTORS US WRI 1,120.74 $30,730.66
949746101 WELLS FARGO COMPANY US WFC 7,823.19 $370,193.20
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 28,913.7 $29,389.10
95040Q104 WELLTOWER INC. US WELL 608.8 $49,635.09
958102105 WESTERN DIGITAL CORP US WDC 744 $35,377.16
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 152,580.84 $157,493.94
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 157,185.38 $162,288.24
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 11,574.89 $11,631.99
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 14,315.93 $14,455.50
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 245,798.92 $236,286.50
B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 3,904.08 $41,558.48
B68XHC3 NORTHLAND POWER INC CA NPI CN 2,316.53 $45,108.26
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 148,406.89 $150,633.00
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 13,814.09 $22,776.61
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 33,905.58 $143,610.54
BZ121X9 EURONAV LUXEMBOURG SA 7.50000 05/31/2022 LU 111,305.17 $112,418.22
G29183103 EATON CORP PLC US ETN 817.62 $68,091.67
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 250,436.63 $257,949.73
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 5,453.71 $225,292.74
G5960L103 MEDTRONIC INC IE MDT 2,817.01 $274,348.81
H1467J104 CHUBB LTD CH CB 486.41 $71,642.70
N47279109 INTERXION HOLDING NV NL INXN 966.2 $73,517.95
N53745100 LYONDELLBASELL INDU-CL A US LYB 754.08 $64,948.94
USD US DOLLAR US 865,703.85 $865,703.85

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

Distributions

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

A Word About Risk

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


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