Investment Objective

To manage against capital risk while generating income and pursuing long-term capital growth.

Investment Strategy

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

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

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

May be Appropriate for Investors

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

A Focus on Income

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

Daily Price

$11.46

Daily $ Change

$0.00

Daily % Change

0.00%

as of 09/17/2018

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

Performance

As of 08/31/2018

YTD

2.41%

1 Year

7.71%

3 Year

7.93%

5 Year

6.74%

10 Year

---

Inception
(08/01/2012)

6.88%

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 1.27%
Net 0.89%*

*Includes a shareholder servicing fee of 0.25% 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 prior to the expiration date (04/30/2019) without the approval of the Fund’s Board of Directors.

Top Ten Investments

As of 08/31/2018

TREASURY NOTES 6.27%
GOVERNMENT AGENCY 4.83%
TREASURY BONDS 3.78%
JP MORGAN CHASE & CO 1.60%
JOHNSON & JOHNSON 1.44%
INTEL CORP 1.32%
WELLS FARGO COMPANY 1.22%
TREASURY BILLS 1.03%
MERCK & CO INC 1.01%
EXXON MOBIL CORP 0.90%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 08/31/2018

Other 0.37%
Consumer Discretionary 3.92%
Consumer Staples 4.45%
Energy 2.97%
Financials 7.12%
Health Care 6.72%
Industrials 6.99%
Information Technology 5.77%
Materials 2.44%
Real Estate 10.30%
Telecommunication Services 0.33%
Utilities 0.75%
Long Term Fixed Income 11.43%
Intermediate Term Fixed Income 22.75%
Short Term Fixed Income 12.34%
Cash 1.35%

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

Asset Allocation

As of 08/31/2018

Stocks 52.13%
Bonds 46.52%
Cash 1.35%

Credit Quality Distribution

As of 08/31/2018

AAA 50.16%
AA 2.74%
A 7.56%
BBB 20.62%
BB 6.46%
B 5.95%
CCC 0.79%
NR 5.72%

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 08/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 4,392.24 $4,474.60
00206RCK6 AT&T INC FLT 3.26438 06/30/2020 US 35,137.94 $35,521.13
00206RDC3 AT&T INC FLT 4.45000 04/01/2024 US 15,899.92 $16,291.72
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 117,216.48 $115,738.29
00287Y109 ABBVIE INC US ABBV 1,840.13 $176,615.57
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 55,732.89 $57,265.55
004239109 ACADIA REALTY TRUST US AKR 679 $19,364.94
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 116,572.43 $116,674.00
008492100 AGREE REALTY CORP US ADC 308.52 $17,607.08
00928QAG6 AIRCASTLE LTD 7.62500 04/15/2020 BM 14,823.82 $15,747.49
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 12,471.34 $12,876.66
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 114.1 $14,645.15
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 238,192.32 $223,980.52
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 48,997.93 $49,487.91
020002101 ALLSTATE CORPORATION US ALL 390.86 $39,308.76
02004VAB9 ALLYA 2018-2 A2 MTGE 2.64000 02/16/2021 US 8,059.76 $8,056.06
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 37,465.79 $37,503.26
02005NBE9 ALLY FINANCIAL INC 3.25000 11/05/2018 US 10,980.61 $10,980.61
02007CAE2 ALLYA 2016-1 A4 1.73000 11/16/2020 US 3,294.18 $3,273.03
02007MAC4 ALLYA 2018-1 A1 1.75000 02/15/2019 US 168.59 $168.59
02155FAC9 ALTICE US FINANCE I CORP 5.50000 05/15/2026 US 20,082.24 $19,730.80
0237400 DIAGEO PLC GB DGE LN 1,894.06 $66,243.65
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 718.65 $30,133.00
0258M0DU0 AMERICAN EXPRESS CREDIT FLRT 3.04138 05/26/2020 US 32,941.82 $33,227.86
02665T306 AMERICAN HOMES 4 RENT- A US AMH 2,775.56 $64,392.96
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 120,436.71 $116,738.79
026874784 AMERICAN INTL GROUP INC US AIG 602.82 $32,051.98
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.25000 12/15/2021 US 26,036.32 $25,710.87
03027XAC4 AMERICAN TOWER CORP 3.40000 02/15/2019 US 6,149.14 $6,161.34
03027XAF7 AMERICAN TOWER CORP 2.80000 06/01/2020 US 19,765.09 $19,604.76
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 2,411.48 $2,430.71
03064D108 AMERICOLD REALTY TRUST US COLD 512.08 $12,750.85
031162100 AMGEN INC US AMGN 733.33 $146,526.98
03349M105 ANDEAVOR US ANDV 308.9 $47,196.79
03748R101 APARTMENT INVT & MGMT CO -A US AIV 1,033.6 $45,271.76
037612306 APOLLO GLOBAL MANAGMENT - A US APO 1,719.24 $59,365.33
037833100 APPLE COMPUTER INC US AAPL 586.52 $133,508.65
03784Y200 APPLE HOSPITALITY REIT INC US APLE 1,384.82 $24,442.15
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 20,100.59 $19,648.33
040114HB9 REPUBLIC OF ARGENTINA 6.25000 04/22/2019 AR 8,784.48 $8,586.83
04014Y101 ARES MANAGEMENT LP US ARES 1,715.16 $36,532.98
053015103 AUTOMATIC DATA PROCESSING US ADP 603.41 $88,550.05
053484101 AVALONBAY COMMUNITIES INC US AVB 638.58 $117,044.91
055622104 BP PLC-SPONS ADR GB BP 3,791.75 $162,590.11
05565QCG1 BP CAPITAL MARKETS PLC 2.24100 09/26/2018 GB 6,588.36 $6,587.83
05582QAD9 BMWOT 2016-A A3 1.16000 11/25/2020 US 56,295.25 $55,888.14
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 25,761.86 $24,783.91
060505104 BANK OF AMERICA CORP US BAC 7,800.89 $241,281.53
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 177,112.81 $175,201.43
06416CAB4 BANK OF NOVA SCOTIA 1.85000 04/14/2020 CA 35,137.94 $34,521.09
06652K103 BANKUNITED INC US BKU 1,032.18 $40,038.17
086516101 BEST BUY INC US BBY 527.88 $41,998.34
09253U108 BLACKSTONE GROUP LP/THE US BX 1,686.63 $62,253.51
09627J102 BLUEROCK RESIDENTIAL GROWTH US 1,339.21 $13,244.80
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 215,650.69 $230,982.10
097023105 BOEING CO US BA 612.19 $209,851.91
0989529 ASTRAZENECA PLC GB AZN LN 1,136.35 $85,764.09
101121101 BOSTON PROPERTIES INC US BXP 697.35 $90,968.67
105368203 BRANDYWINE REALTY TRUST US BDN 3,531.91 $59,194.80
105756BV1 FED REPUBLIC OF BRAZIL 4.25000 01/07/2025 BR 5,709.92 $5,338.77
110122108 BRISTOL MYERS SQUIBB CO US BMY 3,349.93 $202,838.09
11135F101 BROADCOM INC US AVGO 400.47 $87,714.33
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 20,632.67 $20,374.76
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 19,489.29 $19,245.67
12509KAA4 CCG 2018-2 A1 MTGE 2.47000 08/14/2019 US 21,961.21 $21,961.21
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 323.42 $31,074.56
125896100 CMS ENERGY CORP US CMS 1,519.96 $74,842.82
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 117,216.48 $117,901.11
12592TAA3 COMM 2015-3BP A FLT 3.17800 02/10/2035 US 25,761.86 $25,243.13
126307AC1 CSC HOLDINGS LLC 8.62500 02/15/2019 US 10,883.98 $11,135.61
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 43,776.74 $42,463.44
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 16,757.81 $15,641.83
12647MBY0 CSMC 2013-6 2A1 3.50000 08/25/2043 US 54,154.41 $53,382.28
126650100 CVS HEALTH CORP US CVS 1,500.4 $112,889.99
12686CBA6 CABLEVISION SYSTEMS CORP 8.00000 04/15/2020 US 12,390.52 $13,041.02
12770QAA3 CZR 2017-VICI A 3.53100 10/15/2034 US 36,710.66 $36,948.65
134429109 CAMPBELL SOUP CO US CPB 670.88 $26,466.15
14041NFF3 CAPITAL ONE MULTI-ASSET 1.33000 06/15/2022 US 14,656.91 $14,471.28
14314JAB6 CARMX 2017-1 A2 1.54000 02/18/2020 US 3,207.57 $3,204.78
14314MAC7 CARMX 2016-2 A3 1.52000 02/16/2021 US 10,655.46 $10,584.29
14314WAD3 CARMX 2017-3 A3 1.97000 04/15/2022 US 16,690.52 $16,470.01
149123101 CATERPILLAR INC US CAT 584.92 $81,216.47
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 6,854.19 $85,951.56
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 3,169.6 $3,157.71
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 58,731.03 $58,689.91
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 42,393.99 $39,744.36
15672WAJ3 CEQUEL COM HLDG I/CAP CP 7.50000 04/01/2028 US 20,232.36 $21,092.23
16411QAB7 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 30,486.42 $30,486.42
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 48,305.37 $47,848.47
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 28,633.28 $28,326.95
165240102 CHESAPEAKE LODGING TRUST US CHSP 712.45 $23,446.86
166764100 CHEVRON CORP US CVX 999.57 $118,408.86
168863AU2 REPUBLIC OF CHILE 5.50000 08/05/2020 CL 7,906,036.35 $11,963.01
17275R102 CISCO SYSTEMS INC US CSCO 4,467.26 $213,401.12
172967424 CITIGROUP INC US C 2,835.21 $201,980.00
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 118,504.57 $170,547.12
17305EFS9 CCCIT 2014-A6 A6 2.15000 07/15/2021 US 16,514.83 $16,438.58
189054109 CLOROX COMPANY US CLX 280.71 $40,697.33
194162103 COLGATE-PALMOLIVE CO US CL 1,384.93 $91,973.37
19625JAA1 CAH 2015-1A A 3.27113 07/17/2032 US 41,992.26 $42,024.88
19626G108 COLONY CAPITAL INC US CLNY 10,151.38 $62,227.95
199908104 COMFORT SYSTEMS US FIX 971.04 $55,737.41
20030N101 COMCAST CORP-CL A US CMCSA 3,705.08 $137,050.93
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 3,169.6 $98,352.68
205887102 CONAGRA BRAND INC. US CAG 636.22 $23,381.03
2099084 BORALEX INC -A CA BLX CN 2,041.71 $30,054.60
21871N101 CORECIVIC INC US CXW 3,723.48 $96,400.96
219350105 CORNING INC US GLW 1,702.28 $57,043.49
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 77,607.61 $86,133.95
21987BAV0 CODELCO INC 4.50000 09/16/2025 CL 35,137.94 $35,749.52
222795106 COUSINS PROPERTIES INC US CUZ 6,147.37 $57,477.92
22282E102 COVANTA HOLDING CORP US CVA 5,702.11 $100,642.30
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 30,008.44 $29,863.62
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 21,525.86 $21,122.25
22822V101 CROWN CASTLE INTL CORP US CCI 1,305.94 $148,916.63
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 14,613.86 $13,570.14
229663109 CUBESMART US CUBE 742.24 $22,675.52
231021106 CUMMINS INC US CMI 312.07 $44,251.33
23311VAE7 DCP MIDSTREAM OPERATING 2.70000 04/01/2019 US 5,644.03 $5,608.76
23331A109 DR HORTON INC US DHI 162.67 $7,240.48
233864AB3 DTRT 2018-1 A2 2.60000 05/15/2020 US 19,765.09 $19,767.50
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 41,029.89 $38,875.82
247361702 DELTA AIR LINES INC. US DAL 1,144.95 $66,956.78
253393102 DICK'S SPORTING GOODS INC US DKS 1,755.92 $65,741.83
253868103 DIGITAL REALTY TRUST INC US DLR 1,166.44 $144,964.94
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 120,436.71 $116,839.51
256677105 DOLLAR GENERAL CORP US DG 1,436.17 $154,718.78
26078J100 DOWDUPONT INC US DWDP 2,139.63 $150,052.16
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 30,088.61 $30,615.16
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 26,602 $26,602.00
277276101 EASTGROUP PROPERTIES US EGP 135.22 $13,152.61
277432100 EASTMAN CHEM CO US EMN 358.35 $34,770.46
28370TAA7 KINDER MORGAN ENER PART 6.50000 04/01/2020 US 3,953.02 $4,152.82
291011104 EMERSON ELEC CO US EMR 1,047.38 $80,365.53
29273RAK5 ENERGY TRANSFER PARTNERS 9.70000 03/15/2019 US 1,581.21 $1,640.08
29273RAM1 ENERGY TRAN PTNR ETP 9.00000 04/15/2019 US 1,743.72 $1,810.10
29372EBS6 EFF 2016-2 A2 1.74000 02/22/2022 US 14,717.01 $14,656.21
29372EBT4 EFF 2016-2 A3 2.04000 02/22/2022 US 17,129.75 $16,916.34
29372EBV9 EFF 2017-1 A2 2.13000 07/20/2022 US 7,405.97 $7,367.31
29373LAA9 EFF 2018-1 A1 2.15000 03/20/2019 US 15,763.22 $15,750.64
29444U700 EQUINIX INC US EQIX 557.31 $243,061.26
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 318.29 $30,835.74
29476L107 EQUITY RESIDENTIAL US EQR 1,253.09 $84,896.58
297178105 ESSEX PROPERTY TRUST INC US ESS 144.27 $35,531.65
30161N101 EXELON CORP US EXC 1,068.86 $46,720.01
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 128,809.32 $126,546.91
302154CB3 EXPORT - IMPORT BANK KOREA 1.75000 05/26/2019 KR 33,890.54 $33,605.96
30216HAC3 EXPORT-IMPORT BANK CHINA 2.50000 07/31/2019 CN 32,941.82 $32,731.85
30219GAK4 EXPRESS SCRIPTS HOLDING 3.50000 06/15/2024 US 28,549.58 $27,696.42
30225T102 EXTRA SPACE STORAGE INC US EXR 325.82 $30,043.73
30231G102 EXXON MOBIL CORP US XOM 3,811.68 $305,581.98
302491303 FMC CORP US FMC 1,375.03 $117,496.24
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 2,132.38 $2,122.84
30261KAN6 FREMF 2012-K711 B 3.68407 08/25/2045 US 38,535.22 $38,624.12
30262SAR9 FREMF 2015-K42 B FLT 3.98347 12/25/2024 US 32,819.03 $32,559.42
30263HAL5 FREMF 2011-K15 B FLT 5.11581 08/25/2044 US 10,948.79 $11,440.43
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 34,287.71 $35,091.75
30286XAN9 FREMF 2015-K43 B FLT 3.86215 02/25/2048 US 32,350.23 $31,846.03
30291EAE4 FREMF 2013-K712 B FLT 3.47346 05/25/2045 US 28,895.59 $28,934.45
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 387,075.19 $1,373.77
30291XAE2 FREMF 2014-K715 B FLT 4.11916 02/25/2046 US 39,545.22 $40,173.51
30291YAJ9 FREMF 2014-K716 B FLT 4.08107 08/25/2047 US 11,200.22 $11,353.29
311900104 FASTENAL CO US FAST 705.47 $41,171.34
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 10,955.96 $11,425.57
3128LCD86 FHLM POOL A78227 5.50000 06/01/2038 US 1,052.96 $1,136.22
3128M56M7 FHLM POOL G04176 5.50000 05/01/2038 US 968.71 $1,047.75
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 4,496.37 $4,952.25
3128M7FQ4 FHLM POOL G05275 5.50000 02/01/2039 US 16,901.78 $18,214.19
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 8,733.06 $9,487.91
3128MAGF0 FHLM POOL G07998 4.50000 07/01/2044 US 15,490.4 $16,145.31
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 66.73 $68.85
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 1,077.37 $1,111.75
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 750.64 $774.45
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 581.93 $602.34
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 1,022.6 $1,058.06
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 25,961.8 $27,088.12
3128MJJN1 FHLM POOL G08268 5.00000 05/01/2038 US 49,925.12 $53,282.51
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 10,576.2 $11,051.07
3128P75V1 FHLM POOL C91760 3.50000 05/01/2034 US 12,498.45 $12,677.24
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 10,647.34 $11,211.53
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 8,809.65 $9,199.16
3128P7QL0 FHLM POOL C91359 4.50000 02/01/2031 US 953.16 $993.87
3128P8A92 FHLM POOL C91832 3.50000 06/01/2035 US 46,045.07 $46,560.87
3128P8AL5 FHLM POOL C91811 4.00000 01/01/2035 US 5,583.25 $5,771.57
3128P8CH2 FHLM POOL C91872 3.50000 04/01/2036 US 14,739.71 $14,904.75
312941F69 FHLM POOL A92889 4.50000 07/01/2040 US 22,480.54 $23,604.72
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 58,675.71 $61,602.08
312945B80 FHLM POOL A96363 4.50000 01/01/2041 US 14,403.81 $15,113.52
3132J8YK0 FHLM POOL Q17513 3.50000 04/01/2043 US 14,079.94 $14,112.01
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 54,817.96 $55,972.41
3132QUWT6 FHLM POOL Q37857 4.00000 12/01/2045 US 47,057.61 $48,013.65
3132QVKA8 FHLM POOL Q38388 4.00000 01/01/2046 US 57,139.78 $58,399.89
3132QVMX6 FHLM POOL Q38473 4.00000 01/01/2046 US 21,977.75 $22,423.23
3132WDMZ4 FHLM POOL Q40375 3.50000 05/01/2046 US 23,937.78 $23,858.38
3132WL4Q6 FHLM POOL Q47130 4.50000 04/01/2047 US 25,393.92 $26,396.00
3132WPDP9 FHLM GOLD POOL FG Q49109 4.00000 07/01/2047 US 24,774.4 $25,257.45
3132XSLZ1 FHLM GOLD POOL FG Q50343 4.00000 08/01/2047 US 28,508.74 $29,061.81
31335A5Q7 FHLM POOL G60855 4.50000 12/01/2045 US 22,118.81 $23,010.46
31335ACG1 FHLM POOL G60071 4.50000 07/01/2042 US 22,595.25 $23,721.78
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 30,089.61 $30,752.89
31335ALX4 FHLM POOL G60342 4.50000 05/01/2042 US 13,627.5 $14,307.12
31335ASA7 FHLM POOL G60513 5.00000 07/01/2041 US 52,763.93 $56,310.10
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 1,152.8 $1,163.99
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 57,578.49 $57,600.14
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78469EAB5 SOFI 2014-A A2 3.02000 10/25/2027 US 9,644.96 $9,652.82
78470RAB3 SOFI 2016-E A2A 1.63000 01/25/2036 US 2,023.55 $2,017.52
78470RAC1 SOFI 2016-E A2B 2.49000 01/25/2036 US 64,404.66 $63,524.94
78471CAA7 SOFI 2017-D A1FX 1.72000 09/25/2040 US 7,983.15 $7,931.83
78490DAA2 SOFI 2018-C A1FX 3.08000 01/25/2048 US 40,574.93 $40,641.73
785592AJ5 SABINE PASS LIQUEFACTION 5.75000 05/15/2024 US 43,922.42 $47,230.00
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 162,299.74 $175,603.91
80282KAD8 SANTANDER HOLDINGS USA 2.65000 04/17/2020 US 17,349.36 $17,154.96
80282KAH9 SANTANDER HOLDINGS USA 2.70000 05/24/2019 US 41,489.12 $41,308.13
80282KAS5 SANTANDER HOLDINGS USA 3.40000 01/18/2023 US 119,792.66 $116,458.75
81211K100 SEALED AIR CORP US SEE 1,719.69 $68,976.86
81663AAD7 SEMGROUP CORP 6.37500 03/15/2025 US 39,915.68 $39,017.58
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 12,010.06 $11,503.39
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 16,381.59 $15,842.48
81745FAA4 SEMT 2012-3 A1 3.50000 07/25/2042 US 23,784.27 $23,593.80
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 2,916.68 $2,617.39
81783QAC9 SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 CA 21,071.9 $20,439.74
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 21,603.98 $22,144.08
828806109 SIMON PROPERTY GROUP INC US SPG 890.57 $163,000.58
83088M102 SKYWORKS SOLUTIONS INC US SWKS 1,213.34 $110,778.03
831641FC4 SBIC 2015-10A 1 2.51700 03/10/2025 US 35,077.18 $34,270.71
831641FE0 SBIC 2015-10B 1 2.82900 09/10/2025 US 89,833.3 $88,634.69
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 287.44 $29,715.94
832696AQ1 JM SMUCKER CO 2.20000 12/06/2019 US 21,082.76 $20,872.99
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 10,652.64 $10,560.06
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 12,954.88 $12,651.20
83401LAB0 SOFI 2015-A A2 2.42000 03/25/2030 US 2,582.1 $2,549.24
83402DAB7 SOFI 2016-C A2A 1.48000 05/26/2031 US 1,135.6 $1,133.13
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 2,635.35 $2,586.51
83403YAA2 SOFI 2017-B A1FX 1.83000 05/25/2040 US 774.86 $770.10
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 8,567.93 $8,501.75
83404RAA6 SOFI 2018-B A1FX 2.64000 08/25/2047 US 34,777 $34,620.52
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 21,391.96 $21,219.01
83405JAA3 SCLP 2017-4 A 2.50000 05/26/2026 US 5,582.35 $5,526.18
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 18,941.03 $18,850.76
835495102 SONOCO PRODUCTS CO US SON 2,702.5 $151,448.26
83714RAZ6 SOUTH CAROLINA ST STUDENT LOAN 2.46100 12/01/2023 US 1,328.41 $1,328.14
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 125,240.83 $129,582.82
844741108 SOUTHWEST AIRLS CO US LUV 1,045.76 $64,105.39
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 23,445.41 $23,474.71
852060AG7 SPRINT CAPITAL CORP 6.90000 05/01/2019 US 30,306.47 $30,988.37
852061AK6 SPRINT COMMUNICATIONS 9.00000 11/15/2018 US 11,062.72 $11,187.17
852061AQ3 SPRINT COMMUNICATIONS 7.00000 03/01/2020 US 8,784.48 $9,124.88
85254J102 STAG INDUSTRIAL INC US STAG 2,494.54 $72,017.24
85571BAM7 STARWOOD PROPERTY TRUST 3.62500 02/01/2021 US 8,784.48 $8,564.87
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.28269 11/15/2027 US 32,243 $32,255.65
866674104 SUN COMMUNITIES US SUI 598.83 $61,787.02
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 2,197.42 $36,872.65
867914103 SUNTRUST BANKS INC US STI 1,256.28 $92,412.32
871829107 SYSCO CORP US SYY 1,008.89 $75,485.31
87470LAA9 TALLGRASS NRG PRTNR/FIN 5.50000 09/15/2024 US 19,890.71 $20,338.25
876030107 TAPESTRY INC US TPR 509.07 $25,804.62
87612E106 TARGET CORP US TGT 869.07 $76,043.21
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 10,352.36 $10,336.35
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 24,765.88 $22,289.30
88032WAB2 TENCENT HOLDINGS LTD 3.37500 05/02/2019 KY 16,251.3 $16,289.90
88032WAC0 TENCENT HOLDINGS LTD 2.87500 02/11/2020 KY 878.45 $875.20
88032WAG1 TENCENT HOLDINGS LTD 3.59500 01/19/2028 KY 122,368.85 $116,318.47
882508104 TEXAS INSTRUMENTS INC US TXN 2,233.6 $251,056.33
88579Y101 3M CO US MMM 1,051.39 $221,760.12
88650V208 TIER REIT INC US TIER 1,558.27 $37,149.08
891145W59 TORONTO-DOMINION BANK 2.25000 09/25/2019 CA 17,568.97 $17,458.06
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 45,358.06 $44,232.32
89613BAA5 TAH 2013-SFR1 A 2.58900 11/17/2033 US 42,560.74 $41,288.17
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 32,202.33 $31,094.01
896356AE2 TRINIDAD DRILLING LTD 6.62500 02/15/2025 CA 32,427.93 $32,103.65
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 31,504.15 $32,055.48
90261XHN5 UBS AG STAMFORD CT FLT 3.17075 06/01/2020 CH 35,137.94 $35,418.60
902653104 UDR INC US UDR 1,626.04 $64,992.92
90270YBF5 UBS-BARCLAYS COMMERCIAL MORTGAGE 3.18470 03/10/2046 US 51,523.73 $51,246.80
902973304 U.S. BANCORP US USB 2,027.55 $109,711.00
903002103 UMH PROPERTIES INC US UMH 1,054.29 $16,826.42
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 40,817.54 $40,311.40
907818108 UNION PAC CORP US UNP 923.33 $139,072.32
90945AAA4 UACST 2018-2 A 2.89000 03/10/2021 US 8,784.48 $8,785.40
911312106 UNITED PARCEL SERVICE US UPS 1,055.04 $129,643.18
912796PY9 TREASURY BILL 0.00000 09/06/2018 US 351,005.39 $350,968.43
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 195,854.91 $261,167.93
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 201,563.7 $254,505.67
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 124,613.65 $120,764.91
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 298,466.49 $270,741.75
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 497,010.74 $496,117.68
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 244,737.7 $242,548.45
912828D23 US TREASURY N/B 1.62500 04/30/2019 US 352,293.48 $350,628.34
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 244,201.68 $241,066.49
912828K58 UNITED STATES TREAS NTS 1.37500 04/30/2020 US 359,377.99 $352,246.58
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 386,427.95 $354,577.83
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 123,746.59 $120,544.77
912828WZ9 UNITED STATES TREAS NTS 1.75000 04/30/2022 US 243,127.58 $234,931.52
912828X70 US TREASURY N/B 2.00000 04/30/2024 US 246,347.82 $236,416.92
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 373,547.02 $360,268.58
913017109 UNITED TECHNOLOGIES CORP US UTX 981.49 $129,262.82
91704F104 URBAN EDGE PROPERTIES US UE 2,404.65 $54,970.34
918204108 VF CORP US VFC 626.98 $57,763.30
91913Y100 VALERO ENERGY US VLO 697.48 $82,219.37
92276F100 VENTAS INC US VTR 489.97 $29,334.33
92339V100 VEREIT INC US VER 3,212.72 $25,123.44
92343V104 VERIZON COMMUNICATIONS US VZ 2,093.79 $113,839.60
92343VCA0 VERIZON COMMUNICATIONS FLT 3.10469 06/17/2019 US 38,071.96 $38,273.87
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 163,587.83 $176,803.08
92343VDY7 VERIZON COMMUNICATIONS 4.12500 03/16/2027 US 19,325.87 $19,433.16
92553P201 VIACOM INC CL B US VIAB 725.48 $21,241.92
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 21,027.87 $21,459.77
929042109 VORNADO REALTY TRUST US VNO 778.75 $59,963.91
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 57,281.92 $59,176.29
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 35,126.35 $35,916.70
931142103 WAL MART STORES US WMT 2,756.79 $264,266.21
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 993.77 $68,133.14
94106L109 WASTE MANAGEMENT INC US WM 2,061.66 $187,405.19
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 19,484.27 $18,899.75
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 29,784.77 $28,146.60
949746101 WELLS FARGO COMPANY US WFC 7,103.77 $415,428.34
94974BFQ8 WELLS FARGO & COMPANY 2.15000 01/15/2019 US 37,334.06 $37,289.41
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 23,640.81 $24,151.60
95040Q104 WELLTOWER INC. US WELL 579.57 $38,663.24
958102105 WESTERN DIGITAL CORP US WDC 560.69 $35,458.27
96122WAH3 WESTPAC BANKING CORP 2.00000 03/03/2020 AU 17,568.97 $17,318.44
96145D105 WESTROCK CO US WRK 419.61 $23,112.26
962166104 WEYERHAEUSER CO US WY 2,507.31 $87,028.75
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 49,622.58 $49,870.69
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 30,545.08 $30,429.01
96328DAT1 WHLS 2016-1A A2 1.59000 05/20/2025 US 629.39 $627.30
963320106 WHIRLPOOL CORP US WHR 184.26 $23,028.46
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 113,853.93 $109,288.78
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 11,984.69 $11,988.52
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 13,386.7 $13,156.70
98162EAC1 WOART 2017-A A3 Mtge 1.93000 09/15/2022 US 17,568.97 $17,377.31
98162KAD5 WOLS 2017-A A4 Mtge 2.32000 08/15/2022 US 3,294.18 $3,268.12
AP0787667 MPC CONTAINER SHIPS FLT 7.08188 09/22/2022 NL 30,312.43 $30,873.51
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 39,788.63 $39,191.80
B15C557 TOTAL SA FR FP FP 989.15 $62,027.70
B296BQ5 STORAGEVAULT CANADA INC CA SVI CN 3,953.58 $7,998.04
B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 3,383.68 $34,718.34
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 553,422.54 $27,668.74
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 153,728.48 $8,057.58
B68XHC3 NORTHLAND POWER INC CA NPI CN 2,007.74 $33,585.44
BBG000ZB5GX9 90 DAY EURO FUTR MAR20 EU -.33 $518.01
BBG00JG0FPL5 SHORT EURO-BTP FU SEP18 IT -.94 $1,544.27
BBG00JG0FPY1 EURO-SCHATZ FUT SEP18 DE -.3 $9.99
BBG00JG0FQZ8 EURO-BTP ITALIAN GOV BOND FUTURE IT .22 -$1,044.79
BBG00JG0FSH4 EURO-BOBL FUTURE SEP18 DE -.43 -$56.12
BBG00JG0FT00 EURO-BOND FUTURE SEP18 DE -.65 -$1,248.33
BBG00JG0FT37 EURO BUXL 30 YR BND SEP18 EU -.08 -$58.84
BBG00JGH1VQ5 ULTRA 10-YR US TREASURY FUTURES US .47 $777.17
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 17,913.9 $18,316.96
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 43,344.73 $40,527.33
BFWG293 OKEA AS FLT 8.83563 06/28/2023 NO 20,232.36 $20,861.18
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 169.58 $35,613.56
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 15,316.14 $26,667.38
EDH9 COMDTY 90DAY EURO$ FUTR Mar19 US .33 -$474.37
G29183103 EATON CORP PLC US ETN 826.48 $68,713.83
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 38,753.17 $40,303.29
G47791101 INGERSOLL-RAND PLC IE IR 367 $37,173.01
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 3,083.79 $116,474.83
G96629103 WILLIS TOWERS WATSON PLC GB WLTW 256.35 $37,752.08
H1467J104 CHUBB LTD CH CB 399.47 $54,023.64
N47279109 INTERXION HOLDING NV NL INXN 1,071.25 $70,627.83
N53745100 LYONDELLBASELL INDU-CL A US LYB 683.75 $77,113.53
USD US DOLLAR US 466,641.35 $466,641.35
Y23862AE8 EXPORT-IMPORT BANK CHINA 2.50000 07/31/2019 CN 2,767.11 $2,749.48

Based on the investments of the underlying fund(s): Manning & Napier Fund, Inc. Unconstrained Bond Series, Manning & Napier Fund, Inc. Disciplined Value Series, Manning & Napier Fund, Inc. Equity Income Series, Manning & Napier Fund, Inc. High Yield Bond Series, Manning & Napier Fund, Inc. Core Bond Series, and Manning & Napier Fund, Inc. Real Estate Series. Investments will change over time. Allocations to the underlying funds will change over time; funds may be added or removed at the manager’s discretion.

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

$11.46

Daily $ Change

$0.00

Daily % Change

0.00%

as of 09/17/2018

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

Investment Objective

To manage against capital risk while generating income and pursuing long-term capital growth.

Investment Strategy

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

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

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

May be Appropriate for Investors

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

A Focus on Income

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

Performance

As of 08/31/2018

YTD

2.41%

1 Year

7.71%

3 Year

7.93%

5 Year

6.74%

10 Year

---

Inception
(08/01/2012)

6.88%

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 1.27%
Net 0.89%*

*Includes a shareholder servicing fee of 0.25% 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 prior to the expiration date (04/30/2019) without the approval of the Fund’s Board of Directors.

Top Ten Investments

As of 08/31/2018

TREASURY NOTES 6.27%
GOVERNMENT AGENCY 4.83%
TREASURY BONDS 3.78%
JP MORGAN CHASE & CO 1.60%
JOHNSON & JOHNSON 1.44%
INTEL CORP 1.32%
WELLS FARGO COMPANY 1.22%
TREASURY BILLS 1.03%
MERCK & CO INC 1.01%
EXXON MOBIL CORP 0.90%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 08/31/2018

Other
0.37%
Consumer Discretionary
3.92%
Consumer Staples
4.45%
Energy
2.97%
Financials
7.12%
Health Care
6.72%
Industrials
6.99%
Information Technology
5.77%
Materials
2.44%
Real Estate
10.30%
Telecommunication Services
0.33%
Utilities
0.75%
Long Term Fixed Income
11.43%
Intermediate Term Fixed Income
22.75%
Short Term Fixed Income
12.34%
Cash
1.35%

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

Asset Allocation

As of 08/31/2018

Stocks
52.13%
Bonds
46.52%
Cash
1.35%

Credit Quality Distribution

As of 08/31/2018

AAA
50.16%
AA
2.74%
A
7.56%
BBB
20.62%
BB
6.46%
B
5.95%
CCC
0.79%
NR
5.72%

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 08/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 4,392.24 $4,474.60
00206RCK6 AT&T INC FLT 3.26438 06/30/2020 US 35,137.94 $35,521.13
00206RDC3 AT&T INC FLT 4.45000 04/01/2024 US 15,899.92 $16,291.72
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 117,216.48 $115,738.29
00287Y109 ABBVIE INC US ABBV 1,840.13 $176,615.57
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 55,732.89 $57,265.55
004239109 ACADIA REALTY TRUST US AKR 679 $19,364.94
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 116,572.43 $116,674.00
008492100 AGREE REALTY CORP US ADC 308.52 $17,607.08
00928QAG6 AIRCASTLE LTD 7.62500 04/15/2020 BM 14,823.82 $15,747.49
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 12,471.34 $12,876.66
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 114.1 $14,645.15
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 238,192.32 $223,980.52
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 48,997.93 $49,487.91
020002101 ALLSTATE CORPORATION US ALL 390.86 $39,308.76
02004VAB9 ALLYA 2018-2 A2 MTGE 2.64000 02/16/2021 US 8,059.76 $8,056.06
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 37,465.79 $37,503.26
02005NBE9 ALLY FINANCIAL INC 3.25000 11/05/2018 US 10,980.61 $10,980.61
02007CAE2 ALLYA 2016-1 A4 1.73000 11/16/2020 US 3,294.18 $3,273.03
02007MAC4 ALLYA 2018-1 A1 1.75000 02/15/2019 US 168.59 $168.59
02155FAC9 ALTICE US FINANCE I CORP 5.50000 05/15/2026 US 20,082.24 $19,730.80
0237400 DIAGEO PLC GB DGE LN 1,894.06 $66,243.65
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 718.65 $30,133.00
0258M0DU0 AMERICAN EXPRESS CREDIT FLRT 3.04138 05/26/2020 US 32,941.82 $33,227.86
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316773100 FIFTH THIRD BANCORP US FITB 2,858.52 $84,126.13
32054K103 FIRST INDUSTRIAL REALTY TR US FR 745.29 $24,192.22
336130AB5 FIRST QUALITY FINANCE CO 5.00000 07/01/2025 US 21,171.97 $19,848.73
34531GAD3 FORDL 2017-A A3 1.88000 04/15/2020 US 64,404.66 $64,196.57
34531HAD1 FORDO 2017-B A3 MTGE 1.69000 11/15/2021 US 1,317.67 $1,297.09
345397WX7 FORD MOTOR CREDIT CO LLC FLRT 3.27050 11/04/2019 US 39,530.18 $39,736.14
357081AE8 FREMF 2015-K720 B FLT 3.50683 07/25/2022 US 21,897.58 $21,456.74
35802XAA1 FRESENIUS MED CARE US 6.50000 09/15/2018 US 167,492.74 $167,640.61
36143WAN1 GAHR 2015-NRF BFX FLT 3.49490 12/15/2034 US 34,546.35 $34,546.09
36143WAS0 GAHR 2015-NRF DFX FLT 3.49490 12/15/2034 US 19,220.1 $19,129.23
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 28,982.1 $28,384.44
36251LAE3 GMALT 2016-2 A4 1.76000 03/20/2020 US 64,404.66 $64,173.90
36251MAE1 GMALT 2016-3 A4 1.78000 05/20/2020 US 17,568.97 $17,472.20
363576109 ARTHUR J GALLAGHER & CO US AJG 617.77 $44,565.69
364760108 GAP INC US GPS 1,013.51 $30,760.13
370334104 GENERAL MLS INC US GIS 1,104.02 $50,796.17
372460105 GENUINE PARTS CO US GPC 348.44 $34,792.21
374297109 GETTY REALTY CORP US GTY 857.87 $24,972.63
375558103 GILEAD SCIENCES INC US GILD 1,595.4 $120,819.56
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 41,889.98 $42,204.16
38141EA58 GOLDMAN SACHS GP GS 5.37500 03/15/2020 US 34,259.49 $35,405.31
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 30,407.65 $28,838.34
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 10,476.67 $148,978.27
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 31,620.08 $30,908.63
404119BM0 HCA INC 3.75000 03/15/2019 US 28,549.58 $28,649.50
404119BP3 HCA INC 4.25000 10/15/2019 US 6,588.36 $6,661.89
404121AC9 HCA INC 6.50000 02/15/2020 US 17,568.97 $18,236.59
404121AH8 HCA INC 5.37500 09/01/2026 US 20,410.55 $20,512.61
40414L109 HCP INC US HCP 1,631.24 $44,092.35
418056107 HASBRO INC US HAS 291.6 $28,959.09
421946104 HEALTHCARE REALTY TRUST INC US HR 1,039.89 $32,195.09
42217KAY2 WELLTOWER INC. 4.12500 04/01/2019 US 32,063.37 $32,196.31
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 1,173.92 $33,538.87
427866108 HERSHEY CO/THE US HSY 421.99 $42,418.35
428041BD8 HFLF 2018-1 A2 MTGE 3.23000 05/10/2032 US 30,745.7 $30,812.11
42806DAD1 HERTZ 2015-2A A 2.02000 09/25/2019 US 17,568.97 $17,559.83
42809H107 HESS CORP US HES 1,533.55 $103,269.05
437076102 HOME DEPOT INC US HD 1,124.42 $225,750.64
438516106 HONEYWELL INTERNATIONAL INC US HON 927.69 $147,558.30
440452100 HORMEL FOODS CORP US HRL 761.79 $29,823.90
44053FAA8 HORIZON PHARMA INC/HORIZ 8.75000 11/01/2024 US 30,502.26 $32,484.91
44107P104 HOST MARRIOTT CORP US HST 2,836.66 $61,073.32
444454AB8 HUGHES SATELITE SYSTEMS 6.50000 06/15/2019 US 32,173.18 $32,942.11
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 53,239.9 $50,910.65
446150104 HUNTINGTON BANCSHARES US HBAN 2,700.69 $43,778.21
44890WAD2 HART 2015-A A4 1.37000 07/15/2020 US 3,817.71 $3,812.33
44929EAD7 HALST 2016-C A3 1.49000 02/18/2020 US 4,196.66 $4,189.89
44931PAD8 HART 2017-A A3 1.76000 08/16/2021 US 724.72 $717.07
44935AAA3 HALST 2018-A A1 1.95000 03/15/2019 US 1,204.65 $1,204.66
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 30,840.31 $30,531.90
452281JC3 ISAC 2010-1 A2 2.41742 04/25/2022 US 550.42 $551.48
452308109 ILLINOIS TOOL WKS INC US ITW 424.3 $58,926.76
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 1,889.42 $19,517.75
45763PAE6 INMARSAT FINANCE PLC 4.87500 05/15/2022 GB 21,826.44 $21,881.00
458140100 INTEL CORP US INTC 9,285.65 $449,704.08
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 1,059.13 $155,141.66
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 165,338.26 $169,001.11
46115HAL1 INTESA SANPAOLO SPA 3.87500 01/15/2019 IT 38,651.73 $38,693.37
46187BAA1 IHSFR 2017-SFR2 A 2.91000 12/17/2036 US 12,117.46 $12,124.54
46187BAB9 IHSFR 2017-SFR2 B 3.21000 12/17/2036 US 9,163.43 $9,178.92
46187W107 INVITATION HOMES INC US INVH 2,417.71 $56,501.91
464287598 ISHARES RUSSELL 1000 VALUE US 989.6 $125,778.71
464287739 ISHARES DJ US REAL ESTATE US 1,063.01 $88,421.11
464288513 ISHARES IBOXX H/Y CORP BOND 4.38700 US 755.36 $65,232.67
466032109 J&J SNACK FOODS CORP US JJSF 566.14 $82,372.67
46625H100 JP MORGAN CHASE & CO US JPM 4,737.98 $542,877.41
46625HHL7 JPMORGAN CHASE & CO 6.30000 04/23/2019 US 222,091.16 $227,224.94
46625HHQ6 JPMORGAN CHASE JPM 4.95000 03/25/2020 US 658.84 $677.17
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 15,595.22 $15,818.92
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 10,465.49 $10,120.05
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 11,728.52 $11,539.30
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 15,103.73 $14,976.30
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 70,504.64 $69,772.02
46649HAC6 JPMMT 2017-6 A3 3.50000 12/25/2048 US 21,036.59 $20,605.17
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 35,417.72 $35,049.69
476405105 JERNIGAN CAPITAL INC US JCAP 3,085.77 $61,746.22
478160104 JOHNSON & JOHNSON US JNJ 3,639.53 $490,207.81
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 42,825.99 $33,404.27
482480100 KLA-TENCOR CORPORATION US KLAC 338.54 $39,341.96
485170302 KANSAS CITY SOUTHERN US KSU 1,072.94 $124,418.05
487836108 KELLOGG CO US K 518.9 $37,252.12
493267108 KEYCORP US KEY 5,480.75 $115,479.46
494368103 KIMBERLY CLARK CORP US KMB 584.2 $67,498.03
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 146,198.57 $172,496.96
494550BB1 KINDER MORGAN ENER PART 6.85000 02/15/2020 US 16,150.28 $16,946.48
497864AA6 KISSNER GR HLDG 8.37500 12/01/2022 CA 24,675.53 $25,107.35
500255104 KOHLS CORP US KSS 395.05 $31,252.70
500630CK2 KOREA DEVELOPMENT BANK 1.37500 09/12/2019 KR 70,993.02 $69,878.15
500754106 KRAFT HEINZ CO/THE US KHC 1,423.95 $82,973.53
50077LAH9 KRAFT HEINZ FOODS CO 2.80000 07/02/2020 US 30,921.39 $30,663.18
50117PAA7 KCOT 2018-1A A1 MTGE 2.37000 05/15/2019 US 16,686.57 $16,687.00
50187T106 LGI HOMES INC US LGIH 114.77 $6,610.78
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 31,085.49 $30,891.20
50212YAB0 LPL HOLDINGS INC 5.75000 09/15/2025 US 31,024.62 $30,326.56
502160AM6 LSB INDUSTRIES 9.62500 05/01/2023 US 37,581.08 $39,225.25
50218LAC0 LSTAR COMMERCIAL MORTGAGE TR FLT 2.76700 01/20/2041 US 907.46 $904.87
505742AD8 LADDER CAP FIN LLLP/CORP 5.87500 08/01/2021 US 20,532.59 $20,814.92
512816109 LAMAR ADVERTISING CO US LAMR 721.61 $55,599.82
526057104 LENNAR CORP US LEN 131.45 $6,792.14
531172104 LIBERTY PROPERTY TRUST US LPT 1,159.95 $50,747.99
53223X107 LIFE STORAGE INC US LSI 154.24 $15,054.24
532457108 ELI LILLY & CO US LLY 1,896.49 $200,364.16
534187109 LINCOLN NATL CORP IND US LNC 521.3 $34,186.68
539830109 LOCKHEED MARTIN CORP US LMT 345.54 $110,714.45
554382101 THE MACERICH CO US MAC 334.59 $19,653.72
55616P104 MACY'S INC US M 707.85 $25,871.86
55616XAC1 MACYS RETAIL HLDGS INC 7.00000 02/15/2028 US 54,099.91 $59,729.58
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 32,813.5 $32,403.33
56585A102 MARATHON PETROLEUM CORP US MPC 697.55 $57,401.36
5671735 SANOFI-AVENTIS FR SAN FP 1,173.49 $100,771.34
57772K101 MAXIM INTEGRATED PRODUCTS US MXIM 536.93 $32,467.98
580135101 MCDONALDS CORP US MCD 855.07 $138,717.91
58768MAC5 MBALT 2016-B A3 1.35000 08/15/2019 US 42,676.8 $42,581.27
58933Y105 MERCK & CO INC US MRK 4,992.24 $342,417.74
59001ABA9 MERITAGE HOMES CORP 5.12500 06/06/2027 US 26,584.25 $24,656.89
59022CAA1 BANK OF AMERICA CORP 3.10063 09/15/2026 US 21,131.08 $20,347.30
594918104 MICROSOFT CORP US MSFT 1,542.15 $173,229.96
59522J103 MID-AMERICA APARTMENT COMM US MAA 607.98 $62,962.26
60871R209 MOLSON COORS BREWING CO -B US TAP 970.96 $64,801.62
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 3,303.84 $141,139.87
61744YAG3 MORGAN STANLEY FLT 3.56325 05/08/2024 US 171,960.44 $175,397.58
61746BDM5 MORGAN STANELY 2.50000 01/24/2019 US 37,334.06 $37,327.30
61747YDX0 MORGAN STANLEY FLT 3.47688 01/27/2020 US 38,432.12 $38,897.81
620076307 MOTOROLA SOLUTIONS INC US MSI 321.38 $41,251.98
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 50,260.1 $51,265.30
624758108 MUELLER WATER PRODUCTS INC - A US MWA 9,036.42 $104,551.42
62943WAE9 NRG YIELD OPERATING LLC 5.00000 09/15/2026 US 12,672.09 $12,133.53
62944T105 NVR INC US NVR 2.34 $6,232.02
62954NAA3 NYCTL 2018-A A 3.22000 11/10/2031 US 19,765.09 $19,781.35
637417106 NATIONAL RETAIL PROPERTIES US NNN 523 $24,104.93
63938CAE8 NAVIENT CORP 7.25000 09/25/2023 US 19,129.28 $20,181.39
63940FAA5 NAVSL 2016-2 A1 2.81475 06/25/2065 US 384.33 $384.48
63940HAA1 NAVSL 2016-3A A1 2.66475 06/25/2065 US 1,781.09 $1,781.59
63941DAA9 NAVSL 2018-2A A1 2.30475 03/25/2067 US 15,829.44 $15,833.58
64828AAA1 NRZT 2014-1A A 3.75000 01/25/2054 US 20,195.27 $20,234.47
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 12,420.07 $12,471.47
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 24,615.02 $24,680.53
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 16,217.24 $16,216.71
651229106 NEWELL BRANDS INC US NWL 4,429.64 $96,211.83
65478WAD7 NAROT 2016-C A3 1.18000 01/15/2021 US 14,489.62 $14,353.93
655844108 NORFOLK SOUTHN CORP US NSC 316.56 $55,030.42
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 50,164.73 $51,230.73
66987V109 NOVARTIS AG- REG CH NVS 923.03 $76,620.46
670346105 NUCOR CORP US NUE 688.84 $43,052.20
67087MAA4 OBP DEPOSITOR LLC TRUST 4.64620 07/15/2045 US 8,285.21 $8,472.59
67091GAA1 OCI NV 6.62500 04/15/2023 NL 32,337.58 $33,469.39
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 316.58 $106,188.20
680223104 OLD REPUBLIC INTL CORP US ORI 1,892.25 $41,970.11
683235AA3 ONTARIO (PROVINCE OF) 2.00000 09/27/2018 CA 28,982.1 $28,977.17
68323ADY7 ONTARIO (PROVINCE OF) 1.25000 06/17/2019 CA 25,761.86 $25,486.73
69007J106 OUTFRONT MEDIA INC US OUT 2,132.47 $42,372.23
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 30,439.99 $31,124.89
693475105 PNC FINANCIAL SERVICES GROUP US PNC 295.75 $42,451.81
695156109 PACKAGING CORP OF AMERICA US PKG 235.29 $25,863.00
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 32,115.46 $31,754.16
70338P100 PATTERN ENERGY GROUP INC -A US PEGI 1,930.29 $39,339.40
704326107 PAYCHEX INC US PAYX 650.61 $47,657.23
713448108 PEPSICO INC US PEP 2,215.28 $248,132.95
71654QAU6 PETROLEOS MEXICANOS 8.00000 05/03/2019 MX 35,137.94 $36,095.45
71654QCJ9 PETROLEOS MEXICANOS 6.35000 02/12/2048 MX 95,962.94 $85,167.11
717081103 PFIZER INC US PFE 5,507.05 $228,652.75
71943U104 PHYSICIANS REALTY TRUST US DOC 3,596.02 $62,894.30
729640102 PLYMOUTH INDUSTRIAL REIT INC US 1,949.29 $31,441.99
733174AJ5 POPULAR INC 7.00000 07/01/2019 US 34,539.52 $35,273.48
741503AZ9 PRICELINE GROUP INC/THE 3.60000 06/01/2026 US 232,395.9 $227,282.57
74153WCK3 PRICOA GLOBAL FUNDING 1 1.45000 09/13/2019 US 8,784.48 $8,668.51
74251V102 PRINCIPAL FINANCIAL GROUP US PFG 577.01 $31,844.90
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 33,009.06 $32,099.48
74340W103 PROLOGIS US PLD 1,812.88 $121,789.15
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 120,936.88 $128,797.78
74460D109 PUBLIC STORAGE INC US PSA 352.18 $74,865.52
74834L100 QUEST DIAGNOSTICS INC US DGX 265.53 $29,202.52
758849103 REGENCY CENTERS CORP US REG 521.25 $34,418.30
7591EP100 REGIONS FINANCIAL CORP. US RF 2,488.73 $48,430.69
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 37,081.32 $38,240.11
77340RAP2 ROCKIES EXPRESS PIPELINE 6.00000 01/15/2019 US 13,176.73 $13,300.32
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 1,258.18 $84,776.09
784423AF2 SLCLT 2004-1 A6 2.47375 05/15/2023 US 10,733.81 $10,726.57
78442FEJ3 NAVIENT CORP 8.00000 03/25/2020 US 4,392.24 $4,656.88
78442FER5 NAVIENT CORP 5.50000 01/15/2019 US 5,863.64 $5,909.38
78442FES3 NAVIENT CORP 4.87500 06/17/2019 US 18,399.1 $18,523.30
78442GNG7 SLMA 2004-10 A6A FLT RT 2.88531 04/27/2026 US 10,118.27 $10,143.29
78442PGC4 SLM CORP 5.12500 04/05/2022 US 22,869.1 $22,640.41
78449PAA7 SMB 2018-A A1 FLT 2.41269 03/16/2026 US 13,801.78 $13,808.63
78464A417 SPDR BARCLAYS CAPITAL HIGH 1.95600 US 1,353.32 $48,719.58
78469EAB5 SOFI 2014-A A2 3.02000 10/25/2027 US 9,644.96 $9,652.82
78470RAB3 SOFI 2016-E A2A 1.63000 01/25/2036 US 2,023.55 $2,017.52
78470RAC1 SOFI 2016-E A2B 2.49000 01/25/2036 US 64,404.66 $63,524.94
78471CAA7 SOFI 2017-D A1FX 1.72000 09/25/2040 US 7,983.15 $7,931.83
78490DAA2 SOFI 2018-C A1FX 3.08000 01/25/2048 US 40,574.93 $40,641.73
785592AJ5 SABINE PASS LIQUEFACTION 5.75000 05/15/2024 US 43,922.42 $47,230.00
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 162,299.74 $175,603.91
80282KAD8 SANTANDER HOLDINGS USA 2.65000 04/17/2020 US 17,349.36 $17,154.96
80282KAH9 SANTANDER HOLDINGS USA 2.70000 05/24/2019 US 41,489.12 $41,308.13
80282KAS5 SANTANDER HOLDINGS USA 3.40000 01/18/2023 US 119,792.66 $116,458.75
81211K100 SEALED AIR CORP US SEE 1,719.69 $68,976.86
81663AAD7 SEMGROUP CORP 6.37500 03/15/2025 US 39,915.68 $39,017.58
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 12,010.06 $11,503.39
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 16,381.59 $15,842.48
81745FAA4 SEMT 2012-3 A1 3.50000 07/25/2042 US 23,784.27 $23,593.80
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 2,916.68 $2,617.39
81783QAC9 SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 CA 21,071.9 $20,439.74
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 21,603.98 $22,144.08
828806109 SIMON PROPERTY GROUP INC US SPG 890.57 $163,000.58
83088M102 SKYWORKS SOLUTIONS INC US SWKS 1,213.34 $110,778.03
831641FC4 SBIC 2015-10A 1 2.51700 03/10/2025 US 35,077.18 $34,270.71
831641FE0 SBIC 2015-10B 1 2.82900 09/10/2025 US 89,833.3 $88,634.69
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 287.44 $29,715.94
832696AQ1 JM SMUCKER CO 2.20000 12/06/2019 US 21,082.76 $20,872.99
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 10,652.64 $10,560.06
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 12,954.88 $12,651.20
83401LAB0 SOFI 2015-A A2 2.42000 03/25/2030 US 2,582.1 $2,549.24
83402DAB7 SOFI 2016-C A2A 1.48000 05/26/2031 US 1,135.6 $1,133.13
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 2,635.35 $2,586.51
83403YAA2 SOFI 2017-B A1FX 1.83000 05/25/2040 US 774.86 $770.10
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 8,567.93 $8,501.75
83404RAA6 SOFI 2018-B A1FX 2.64000 08/25/2047 US 34,777 $34,620.52
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 21,391.96 $21,219.01
83405JAA3 SCLP 2017-4 A 2.50000 05/26/2026 US 5,582.35 $5,526.18
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 18,941.03 $18,850.76
835495102 SONOCO PRODUCTS CO US SON 2,702.5 $151,448.26
83714RAZ6 SOUTH CAROLINA ST STUDENT LOAN 2.46100 12/01/2023 US 1,328.41 $1,328.14
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 125,240.83 $129,582.82
844741108 SOUTHWEST AIRLS CO US LUV 1,045.76 $64,105.39
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 23,445.41 $23,474.71
852060AG7 SPRINT CAPITAL CORP 6.90000 05/01/2019 US 30,306.47 $30,988.37
852061AK6 SPRINT COMMUNICATIONS 9.00000 11/15/2018 US 11,062.72 $11,187.17
852061AQ3 SPRINT COMMUNICATIONS 7.00000 03/01/2020 US 8,784.48 $9,124.88
85254J102 STAG INDUSTRIAL INC US STAG 2,494.54 $72,017.24
85571BAM7 STARWOOD PROPERTY TRUST 3.62500 02/01/2021 US 8,784.48 $8,564.87
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.28269 11/15/2027 US 32,243 $32,255.65
866674104 SUN COMMUNITIES US SUI 598.83 $61,787.02
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 2,197.42 $36,872.65
867914103 SUNTRUST BANKS INC US STI 1,256.28 $92,412.32
871829107 SYSCO CORP US SYY 1,008.89 $75,485.31
87470LAA9 TALLGRASS NRG PRTNR/FIN 5.50000 09/15/2024 US 19,890.71 $20,338.25
876030107 TAPESTRY INC US TPR 509.07 $25,804.62
87612E106 TARGET CORP US TGT 869.07 $76,043.21
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 10,352.36 $10,336.35
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 24,765.88 $22,289.30
88032WAB2 TENCENT HOLDINGS LTD 3.37500 05/02/2019 KY 16,251.3 $16,289.90
88032WAC0 TENCENT HOLDINGS LTD 2.87500 02/11/2020 KY 878.45 $875.20
88032WAG1 TENCENT HOLDINGS LTD 3.59500 01/19/2028 KY 122,368.85 $116,318.47
882508104 TEXAS INSTRUMENTS INC US TXN 2,233.6 $251,056.33
88579Y101 3M CO US MMM 1,051.39 $221,760.12
88650V208 TIER REIT INC US TIER 1,558.27 $37,149.08
891145W59 TORONTO-DOMINION BANK 2.25000 09/25/2019 CA 17,568.97 $17,458.06
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 45,358.06 $44,232.32
89613BAA5 TAH 2013-SFR1 A 2.58900 11/17/2033 US 42,560.74 $41,288.17
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 32,202.33 $31,094.01
896356AE2 TRINIDAD DRILLING LTD 6.62500 02/15/2025 CA 32,427.93 $32,103.65
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 31,504.15 $32,055.48
90261XHN5 UBS AG STAMFORD CT FLT 3.17075 06/01/2020 CH 35,137.94 $35,418.60
902653104 UDR INC US UDR 1,626.04 $64,992.92
90270YBF5 UBS-BARCLAYS COMMERCIAL MORTGAGE 3.18470 03/10/2046 US 51,523.73 $51,246.80
902973304 U.S. BANCORP US USB 2,027.55 $109,711.00
903002103 UMH PROPERTIES INC US UMH 1,054.29 $16,826.42
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 40,817.54 $40,311.40
907818108 UNION PAC CORP US UNP 923.33 $139,072.32
90945AAA4 UACST 2018-2 A 2.89000 03/10/2021 US 8,784.48 $8,785.40
911312106 UNITED PARCEL SERVICE US UPS 1,055.04 $129,643.18
912796PY9 TREASURY BILL 0.00000 09/06/2018 US 351,005.39 $350,968.43
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 195,854.91 $261,167.93
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 201,563.7 $254,505.67
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 124,613.65 $120,764.91
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 298,466.49 $270,741.75
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 497,010.74 $496,117.68
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 244,737.7 $242,548.45
912828D23 US TREASURY N/B 1.62500 04/30/2019 US 352,293.48 $350,628.34
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 244,201.68 $241,066.49
912828K58 UNITED STATES TREAS NTS 1.37500 04/30/2020 US 359,377.99 $352,246.58
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 386,427.95 $354,577.83
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 123,746.59 $120,544.77
912828WZ9 UNITED STATES TREAS NTS 1.75000 04/30/2022 US 243,127.58 $234,931.52
912828X70 US TREASURY N/B 2.00000 04/30/2024 US 246,347.82 $236,416.92
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 373,547.02 $360,268.58
913017109 UNITED TECHNOLOGIES CORP US UTX 981.49 $129,262.82
91704F104 URBAN EDGE PROPERTIES US UE 2,404.65 $54,970.34
918204108 VF CORP US VFC 626.98 $57,763.30
91913Y100 VALERO ENERGY US VLO 697.48 $82,219.37
92276F100 VENTAS INC US VTR 489.97 $29,334.33
92339V100 VEREIT INC US VER 3,212.72 $25,123.44
92343V104 VERIZON COMMUNICATIONS US VZ 2,093.79 $113,839.60
92343VCA0 VERIZON COMMUNICATIONS FLT 3.10469 06/17/2019 US 38,071.96 $38,273.87
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 163,587.83 $176,803.08
92343VDY7 VERIZON COMMUNICATIONS 4.12500 03/16/2027 US 19,325.87 $19,433.16
92553P201 VIACOM INC CL B US VIAB 725.48 $21,241.92
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 21,027.87 $21,459.77
929042109 VORNADO REALTY TRUST US VNO 778.75 $59,963.91
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 57,281.92 $59,176.29
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 35,126.35 $35,916.70
931142103 WAL MART STORES US WMT 2,756.79 $264,266.21
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 993.77 $68,133.14
94106L109 WASTE MANAGEMENT INC US WM 2,061.66 $187,405.19
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 19,484.27 $18,899.75
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 29,784.77 $28,146.60
949746101 WELLS FARGO COMPANY US WFC 7,103.77 $415,428.34
94974BFQ8 WELLS FARGO & COMPANY 2.15000 01/15/2019 US 37,334.06 $37,289.41
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 23,640.81 $24,151.60
95040Q104 WELLTOWER INC. US WELL 579.57 $38,663.24
958102105 WESTERN DIGITAL CORP US WDC 560.69 $35,458.27
96122WAH3 WESTPAC BANKING CORP 2.00000 03/03/2020 AU 17,568.97 $17,318.44
96145D105 WESTROCK CO US WRK 419.61 $23,112.26
962166104 WEYERHAEUSER CO US WY 2,507.31 $87,028.75
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 49,622.58 $49,870.69
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 30,545.08 $30,429.01
96328DAT1 WHLS 2016-1A A2 1.59000 05/20/2025 US 629.39 $627.30
963320106 WHIRLPOOL CORP US WHR 184.26 $23,028.46
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 113,853.93 $109,288.78
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 11,984.69 $11,988.52
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 13,386.7 $13,156.70
98162EAC1 WOART 2017-A A3 Mtge 1.93000 09/15/2022 US 17,568.97 $17,377.31
98162KAD5 WOLS 2017-A A4 Mtge 2.32000 08/15/2022 US 3,294.18 $3,268.12
AP0787667 MPC CONTAINER SHIPS FLT 7.08188 09/22/2022 NL 30,312.43 $30,873.51
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 39,788.63 $39,191.80
B15C557 TOTAL SA FR FP FP 989.15 $62,027.70
B296BQ5 STORAGEVAULT CANADA INC CA SVI CN 3,953.58 $7,998.04
B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 3,383.68 $34,718.34
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 553,422.54 $27,668.74
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 153,728.48 $8,057.58
B68XHC3 NORTHLAND POWER INC CA NPI CN 2,007.74 $33,585.44
BBG000ZB5GX9 90 DAY EURO FUTR MAR20 EU -.33 $518.01
BBG00JG0FPL5 SHORT EURO-BTP FU SEP18 IT -.94 $1,544.27
BBG00JG0FPY1 EURO-SCHATZ FUT SEP18 DE -.3 $9.99
BBG00JG0FQZ8 EURO-BTP ITALIAN GOV BOND FUTURE IT .22 -$1,044.79
BBG00JG0FSH4 EURO-BOBL FUTURE SEP18 DE -.43 -$56.12
BBG00JG0FT00 EURO-BOND FUTURE SEP18 DE -.65 -$1,248.33
BBG00JG0FT37 EURO BUXL 30 YR BND SEP18 EU -.08 -$58.84
BBG00JGH1VQ5 ULTRA 10-YR US TREASURY FUTURES US .47 $777.17
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 17,913.9 $18,316.96
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 43,344.73 $40,527.33
BFWG293 OKEA AS FLT 8.83563 06/28/2023 NO 20,232.36 $20,861.18
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 169.58 $35,613.56
BGHQ198 HIBERNIA REIT PLC