Investment Objective

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

Investment Strategy

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

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

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

May be Appropriate for Investors

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

A Focus on Income

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

Daily Price

$10.36

Daily $ Change

$0.04

Daily % Change

0.39%

as of 01/17/2019

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 12/31/2018

YTD

---

1 Year

-2.33%

3 Year

5.56%

5 Year

4.43%

10 Year

---

Inception
(08/01/2012)

5.73%

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 12/31/2018

TREASURY NOTES 8.91%
GOVERNMENT AGENCY 6.38%
TREASURY BONDS 4.79%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 2.07%
JOHNSON & JOHNSON 1.33%
JP MORGAN CHASE & CO 1.25%
INTEL CORP 1.17%
MERCK & CO INC 1.01%
WELLS FARGO COMPANY 0.90%
EXXON MOBIL CORP 0.75%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 12/31/2018

Other 0.26%
Communication Services 0.69%
Consumer Discretionary 2.57%
Consumer Staples 3.97%
Energy 2.07%
Financials 5.28%
Health Care 6.08%
Industrials 5.24%
Information Technology 3.99%
Materials 1.84%
Real Estate 6.20%
Utilities 0.70%
Long Term Fixed Income 12.25%
Intermediate Term Fixed Income 37.58%
Short Term Fixed Income 9.56%
Cash 1.72%

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 12/31/2018

Bonds 59.39%
Stocks 38.89%
Cash 1.72%

Credit Quality Distribution

As of 12/31/2018

AAA 46.06%
AA 2.71%
A 2.81%
BBB 16.32%
BB 12.84%
B 12.68%
CCC 1.47%
NR 5.11%

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.

December Fund Holdings

As of 12/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAH9 ADT SEC CORP 4.12500 06/15/2023 US 98,707.4 $90,317.27
00101JAM8 ADT CORP 5.25000 03/15/2020 US 84,606.34 $84,817.86
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 171,017.79 $167,316.91
00287Y109 ABBVIE INC US ABBV 1,641.19 $151,301.72
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 122,679.2 $124,212.69
004239109 ACADIA REALTY TRUST US AKR 402.09 $9,553.75
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 170,078.14 $161,462.51
008492100 AGREE REALTY CORP US ADC 248.33 $14,681.31
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 91,304.35 $93,479.03
013817AW1 ALCOA INC 5.12500 10/01/2024 US 85,311.4 $81,899.79
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 91.84 $10,584.06
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 86,651 $86,651.00
020002101 ALLSTATE CORPORATION US ALL 454.49 $37,554.71
0237400 DIAGEO PLC GB DGE LN 2,202.42 $78,702.11
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 89,189.19 $89,412.16
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 298.74 $12,364.89
02665T306 AMERICAN HOMES 4 RENT- A US AMH 2,234.09 $44,346.77
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 175,716.08 $169,805.36
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 139,953 $131,555.82
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 2,358.12 $2,374.77
03064D108 AMERICOLD REALTY TRUST US COLD 412.18 $10,527.17
031162100 AMGEN INC US AMGN 751.59 $146,311.05
03748R101 APARTMENT INVT & MGMT CO -A US AIV 723.55 $31,749.22
037833100 APPLE COMPUTER INC US AAPL 682 $107,578.98
03784Y200 APPLE HOSPITALITY REIT INC US APLE 694.62 $9,905.28
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 145,240.89 $134,074.77
03990B101 ARES MANAGEMENT CORP - A US ARES 3,336.81 $59,328.42
053015103 AUTOMATIC DATA PROCESSING US ADP 697.78 $91,492.76
053484101 AVALONBAY COMMUNITIES INC US AVB 700.02 $121,838.83
055622104 BP PLC-SPONS ADR GB BP 3,543.25 $134,360.04
05582QAD9 BMWOT 2016-A A3 1.16000 11/25/2020 US 40,463.63 $40,200.69
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 37,586.33 $36,422.68
060505104 BANK OF AMERICA CORP US BAC 9,070.89 $223,506.70
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 258,406.01 $251,725.23
086516101 BEST BUY INC US BBY 609.9 $32,300.44
09247X101 BLACKROCK INC US BLK 129.55 $50,891.41
09253U108 BLACKSTONE GROUP LP/THE US BX 2,855.98 $85,136.82
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 237,733.53 $245,607.74
097023105 BOEING CO US BA 578.43 $186,542.69
0989529 ASTRAZENECA PLC GB AZN LN 1,321.35 $98,633.14
101121101 BOSTON PROPERTIES INC US BXP 561.3 $63,174.86
105368203 BRANDYWINE REALTY TRUST US BDN 2,842.89 $36,588.04
110122108 BRISTOL MYERS SQUIBB CO US BMY 3,747.72 $194,806.49
11135F101 BROADCOM INC US AVGO 338.02 $85,952.19
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 332.45 $27,955.70
125896100 CMS ENERGY CORP US CMS 1,767.41 $87,752.00
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 171,017.79 $169,735.16
12592TAA3 COMM 2015-3BP A FLT 3.17800 02/10/2035 US 37,586.33 $37,021.68
12621EAK9 CNO FINANCIAL GROUP INC 5.25000 05/30/2025 US 84,606.34 $80,587.54
126307AU1 CSC HOLDINGS LLC 5.50000 05/15/2026 US 94,124.56 $88,712.40
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 23,984.43 $22,617.74
12647MBY0 CSMC 2013-6 2A1 3.50000 08/25/2043 US 76,678.17 $75,721.99
126650100 CVS HEALTH CORP US CVS 1,582.79 $103,704.70
12770QAA3 CZR 2017-VICI A 3.53100 10/15/2034 US 53,560.52 $53,901.01
133131102 CAMDEN PROPERTY TRUST US CPT 117.36 $10,333.17
134429109 CAMPBELL SOUP CO US CPB 752.44 $24,822.85
149123101 CATERPILLAR INC US CAT 558.27 $70,938.81
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 2,213.9 $2,201.45
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 43,070.01 $43,097.88
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 197,767.33 $174,035.25
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 96,509.48 $95,497.91
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 36,269.76 $35,876.71
165240102 CHESAPEAKE LODGING TRUST US CHSP 573.47 $13,963.90
166764100 CHEVRON CORP US CVX 1,162.3 $126,446.59
17275R102 CISCO SYSTEMS INC US CSCO 4,724.69 $204,720.90
172967424 CITIGROUP INC US C 3,296.78 $171,630.44
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 90,207.19 $125,148.99
189054109 CLOROX COMPANY US CLX 305.19 $47,041.24
194162103 COLGATE-PALMOLIVE CO US CL 2,244.12 $133,570.10
199908104 COMFORT SYSTEMS US FIX 1,129.12 $49,320.02
20030N101 COMCAST CORP-CL A US CMCSA 3,696.93 $125,880.48
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 2,396.04 $69,077.96
205887102 CONAGRA BRAND INC. US CAG 967.32 $20,661.96
2099084 BORALEX INC -A CA BLX CN 2,374.1 $29,285.02
21871N101 CORECIVIC INC US CXW 3,295.14 $58,752.31
219350105 CORNING INC US GLW 1,732.86 $52,349.59
222795106 COUSINS PROPERTIES INC US CUZ 5,640.71 $44,561.60
22282E102 COVANTA HOLDING CORP US CVA 6,630.43 $88,980.34
22282EAH5 COVANTA HOLDING CORP 6.00000 01/01/2027 US 118,801.41 $106,327.26
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 32,888.04 $32,676.78
22822V101 CROWN CASTLE INTL CORP US CCI 1,111.68 $120,762.02
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 16,672.72 $15,545.12
229663109 CUBESMART US CUBE 317.69 $9,114.61
231021106 CUMMINS INC US CMI 320.2 $42,791.51
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 84,606.34 $84,923.62
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 144,183.31 $130,846.36
247361702 DELTA AIR LINES INC. US DAL 1,107 $55,239.42
253868103 DIGITAL REALTY TRUST INC US DLR 1,073.1 $114,338.32
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 175,716.08 $161,489.71
256677105 DOLLAR GENERAL CORP US DG 1,132.81 $122,433.87
26078J100 DOWDUPONT INC US DWDP 1,890.22 $101,089.23
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 180,141.01 $176,988.54
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 126,556.99 $119,912.75
277276101 EASTGROUP PROPERTIES US EGP 87.09 $7,988.44
277432100 EASTMAN CHEM CO US EMN 334.19 $24,432.90
291011104 EMERSON ELEC CO US EMR 1,081.91 $64,644.01
29372EBS6 EFF 2016-2 A2 1.74000 02/22/2022 US 11,304.28 $11,262.21
29444U700 EQUINIX INC US EQIX 514.4 $181,356.65
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 256.2 $24,884.25
29476L107 EQUITY RESIDENTIAL US EQR 1,092.42 $72,110.46
297178105 ESSEX PROPERTY TRUST INC US ESS 183.15 $44,910.24
30161N101 EXELON CORP US EXC 1,242.88 $56,053.71
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 187,931.64 $185,968.32
30225T102 EXTRA SPACE STORAGE INC US EXR 262.26 $23,729.00
30231G102 EXXON MOBIL CORP US XOM 4,432.22 $302,233.25
302491303 FMC CORP US FMC 1,598.89 $118,253.63
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 1,695.57 $1,687.62
30261KAN6 FREMF 2012-K711 B 3.55808 08/25/2045 US 42,284.62 $42,272.98
30262SAR9 FREMF 2015-K42 B FLT 3.85144 12/25/2024 US 35,707.01 $35,399.47
30263HAL5 FREMF 2011-K15 B FLT 4.94816 08/25/2044 US 15,974.19 $16,630.87
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 180,493.54 $171,468.86
30286XAN9 FREMF 2015-K43 B FLT 3.73421 02/25/2048 US 37,586.33 $37,024.44
30291EAE4 FREMF 2013-K712 B FLT 3.35784 05/25/2045 US 33,827.7 $33,793.89
30291XAE2 FREMF 2014-K715 B FLT 3.97790 02/25/2046 US 43,694.11 $44,328.01
311900104 FASTENAL CO US FAST 674.64 $35,276.93
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 11,722.73 $12,251.02
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 4,394.88 $4,752.37
3128M7FQ4 FHLM POOL G05275 5.50000 02/01/2039 US 24,389.3 $26,007.48
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 8,985.27 $9,689.79
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 1,106.34 $1,131.80
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 760.02 $780.00
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 617.83 $637.75
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 1,080.19 $1,113.74
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 35,929.18 $37,350.25
3128MJJN1 FHLM POOL G08268 5.00000 05/01/2038 US 70,065.85 $74,158.81
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 10,712.01 $11,192.27
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 13,022.4 $13,643.31
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 12,655.97 $13,226.14
3128P8A92 FHLM POOL C91832 3.50000 06/01/2035 US 64,196.7 $65,009.51
312941F69 FHLM POOL A92889 4.50000 07/01/2040 US 31,351.21 $32,826.39
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 83,282.91 $87,202.25
3132J8YK0 FHLM POOL Q17513 3.50000 04/01/2043 US 19,571.12 $19,716.27
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 76,801.07 $78,490.84
3132QUWT6 FHLM POOL Q37857 4.00000 12/01/2045 US 66,241.47 $67,625.70
3132QVKA8 FHLM POOL Q38388 4.00000 01/01/2046 US 81,711.32 $83,594.42
3132WL4Q6 FHLM POOL Q47130 4.50000 04/01/2047 US 35,151.48 $36,415.74
3132WML28 FHLM POOL FG Q47544 4.00000 03/01/2047 US 96,535.69 $98,887.29
3132Y3ZJ6 FHLM POOL FG Q59744 4.50000 11/01/2048 US 107,609.93 $111,435.24
31335A5Q7 FHLM POOL G60855 4.50000 12/01/2045 US 30,506.16 $31,619.47
31335ACG1 FHLM POOL G60071 4.50000 07/01/2042 US 31,529.8 $33,011.60
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 40,059.12 $40,961.01
31335ASA7 FHLM POOL G60513 5.00000 07/01/2041 US 71,987.65 $76,199.92
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 839.11 $843.43
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 62,830.28 $63,345.42
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 90.85 $10,723.48
3137ADTK3 FHMS K014 X1 FLT 1.14906 04/25/2021 US 655,762.33 $15,008.24
3137AJMG6 FMHS K016 X1 FLT 1.49170 10/25/2021 US 100,576.09 $3,526.41
3137AUPF0 FHMS K021 x1 FLT 1.44399 06/25/2022 US 848,967.59 $35,609.78
3137B3NB0 FHMS K030 X1 FLT 0.19689 04/25/2023 US 1,268,144.54 $9,560.03
3137B4GZ3 FHMS K032 X1 FLT 0.10362 05/25/2023 US 744,078.53 $3,468.82
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 78,872.08 $81,201.71
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 79,592.8 $82,853.92
3138A5JC7 FEDERAL NATL MTG ASSN AH3858 4.50000 08/01/2041 US 47,320.94 $49,565.76
3138AJXA5 FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 US 10,833.62 $11,139.75
3138EQST0 FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 15,133.7 $15,560.93
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65400 01/01/2049 US 57,930.9 $62,755.36
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 218,720.84 $219,547.39
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 29,399.32 $30,690.88
3138Y22T9 FEDERAL NATL MTG ASSN FN AX1685 3.50000 11/01/2044 US 112,545.5 $113,075.38
3138YNR25 FEDERAL NATL MTG ASSN AY8604 3.50000 04/01/2045 US 24,838.03 $24,929.39
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 30,931.17 $33,306.16
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 83,871.86 $85,786.00
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 13,558.7 $13,599.46
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 11,469.09 $11,699.67
3140F8KD8 FEDERAL NATL MTG ASSN BD1191 3.50000 01/01/2047 US 49,834.53 $49,920.14
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 28,913.84 $29,495.30
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 26,552.16 $27,755.92
3140HPMQ7 FEDERAL NATIONAL MTGE FN BK9366 4.50000 08/01/2048 US 40,206.91 $41,663.80
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 37,409.69 $38,765.23
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 90,892.38 $95,321.79
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 54,629.27 $56,608.69
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 37,248.36 $39,061.69
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 79,679.15 $83,558.09
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 841.38 $861.90
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 1,023.18 $1,048.75
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 6,806.08 $6,917.65
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 8,321.3 $8,459.76
31410HAQ4 MACYS RETAIL HLDGS INC 6.90000 04/01/2029 US 79,870.95 $85,986.38
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 28,734.29 $30,939.52
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 4,173.12 $4,455.69
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 335.1 $338.92
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 4,779.5 $4,863.18
31416CJV9 FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 12,334.12 $13,450.06
31418B2V7 FEDERAL NATL MTG ASSN MA2587 3.50000 04/01/2036 US 62,177.64 $62,988.95
31418B6G6 FEDERAL NATL MTG ASSN FN MA2670 3.00000 07/01/2046 US 34,890.57 $34,028.17
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 8,687.62 $9,082.69
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 99,489.33 $97,030.17
31418CZ56 FEDERAL NATL MTG ASSN FN MA3463 4.00000 09/01/2033 US 76,529.41 $78,535.78
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 4,336.87 $4,661.81
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 822.85 $856.53
316773100 FIFTH THIRD BANCORP US FITB 2,449.25 $57,630.74
32054K103 FIRST INDUSTRIAL REALTY TR US FR 599.9 $17,313.09
335934AK1 FIRST QUANTUM MINERALS L 7.25000 04/01/2023 CA 44,770.86 $39,398.35
34531GAD3 FORDL 2017-A A3 1.88000 04/15/2020 US 75,462.15 $75,275.16
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 141,010.57 $131,844.89
357081AE8 FREMF 2015-K720 B FLT 3.39018 07/25/2022 US 31,948.38 $31,991.65
35802XAD5 FRESENIUS MED CARE II 5.62500 07/31/2019 US 87,764.08 $88,752.48
36143WAN1 GAHR 2015-NRF BFX FLT 3.38216 12/15/2034 US 37,586.33 $37,416.89
36143WAS0 GAHR 2015-NRF DFX FLT 3.38216 12/15/2034 US 20,672.48 $20,406.64
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 42,284.62 $41,603.67
36251LAE3 GMALT 2016-2 A4 1.76000 03/20/2020 US 47,733.29 $47,684.19
363576109 ARTHUR J GALLAGHER & CO US AJG 718.34 $52,941.68
364760108 GAP INC US GPS 979.66 $25,235.91
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 131,552.15 $100,637.39
370334104 GENERAL MLS INC US GIS 1,097.65 $42,742.33
37045VAR1 GENERAL MOTORS CO FLT 3.66713 09/10/2021 US 166,319.5 $161,708.85
37185LAF9 GENESIS ENERGY LP/GENESI 5.62500 06/15/2024 US 102,232.67 $87,664.51
372460105 GENUINE PARTS CO US GPC 354.61 $34,049.68
374297109 GETTY REALTY CORP US GTY 690.52 $20,308.05
375558103 GILEAD SCIENCES INC US GILD 1,653.1 $103,401.66
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 177,320.8 $168,454.76
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 44,134.58 $42,070.40
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 12,182.29 $129,619.59
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 142,420.68 $139,216.22
40414L109 HCP INC US HCP 1,244.84 $34,768.32
418056107 HASBRO INC US HAS 319.18 $25,933.30
421946104 HEALTHCARE REALTY TRUST INC US HR 2,317.88 $65,920.40
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 3,064.51 $77,562.82
427866108 HERSHEY CO/THE US HSY 407.35 $43,660.11
42809H107 HESS CORP US HES 2,121.32 $85,913.28
437076102 HOME DEPOT INC US HD 1,073.27 $184,409.86
438516106 HONEYWELL INTERNATIONAL INC US HON 946.82 $125,093.65
440452100 HORMEL FOODS CORP US HRL 785.78 $33,537.21
44053FAA8 HORIZON PHARMA INC/HORIZ 8.75000 11/01/2024 US 172,737.95 $175,329.02
44107P104 HOST MARRIOTT CORP US HST 1,566.25 $26,109.42
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 239,717.98 $219,641.60
446150104 HUNTINGTON BANCSHARES US HBAN 1,862.73 $22,203.79
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 142,773.21 $133,478.67
452308109 ILLINOIS TOOL WKS INC US ITW 387.49 $49,091.04
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 5,661.02 $51,968.21
45763PAE6 INMARSAT FINANCE PLC 4.87500 05/15/2022 GB 86,651 $81,703.23
458140100 INTEL CORP US INTC 10,015.02 $470,004.67
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 1,033.8 $117,512.22
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 247,871.03 $250,063.71
46187BAA1 IHSFR 2017-SFR2 A 3.30513 12/17/2036 US 14,260.34 $14,086.24
46187BAB9 IHSFR 2017-SFR2 B 3.60513 12/17/2036 US 10,806.07 $10,747.69
46187W107 INVITATION HOMES INC US INVH 1,946.06 $39,076.81
464287598 ISHARES RUSSELL 1000 VALUE US 955.86 $106,147.80
466032109 J&J SNACK FOODS CORP US JJSF 658.3 $95,184.03
46625H100 JP MORGAN CHASE & CO US JPM 5,140.37 $501,803.17
46625HHL7 JPMORGAN CHASE & CO 6.30000 04/23/2019 US 247,130.11 $249,546.01
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 16,458.38 $16,652.19
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 11,723.92 $11,364.41
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 13,187.24 $12,955.94
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 15,927.91 $15,815.30
46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 124,034.88 $125,021.79
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 76,458.32 $75,481.72
46649HAC6 JPMMT 2017-6 A3 3.50000 12/25/2048 US 29,799.02 $29,239.12
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 49,760.17 $49,094.72
476405105 JERNIGAN CAPITAL INC US JCAP 3,505.43 $69,477.67
478160104 JOHNSON & JOHNSON US JNJ 4,136.3 $533,789.48
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 184,018.8 $117,772.03
482480100 KLA-TENCOR CORPORATION US KLAC 343.76 $30,763.44
485170302 KANSAS CITY SOUTHERN US KSU 1,247.62 $119,084.93
487836108 KELLOGG CO US K 545.12 $31,077.43
493267108 KEYCORP US KEY 5,480.94 $81,008.27
494368103 KIMBERLY CLARK CORP US KMB 575.41 $65,561.87
49446R109 KIMCO REALTY CORP US KIM 1,064.56 $15,595.88
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 213,302.41 $237,906.55
500255104 KOHLS CORP US KSS 422.79 $28,048.10
500630CK2 KOREA DEVELOPMENT BANK 1.37500 09/12/2019 KR 93,965.82 $92,914.95
500754106 KRAFT HEINZ CO/THE US KHC 1,366.63 $58,819.93
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 138,190.36 $124,025.85
50212YAB0 LPL HOLDINGS INC 5.75000 09/15/2025 US 88,836.66 $83,284.37
502160AM6 LSB INDUSTRIES 9.62500 05/01/2023 US 142,068.15 $144,199.18
505742AD8 LADDER CAP FIN LLLP/CORP 5.87500 08/01/2021 US 79,670.97 $79,471.80
529043101 LEXINGTON REALTY TRUST US LXP 2,108.61 $17,311.65
531172104 LIBERTY PROPERTY TRUST US LPT 933.67 $39,101.96
532457108 ELI LILLY & CO US LLY 1,916.66 $221,795.96
534187109 LINCOLN NATL CORP IND US LNC 606.17 $31,102.35
539830109 LOCKHEED MARTIN CORP US LMT 356.57 $93,363.47
55616P104 MACY'S INC US M 828.36 $24,668.55
55616XAC1 MACYS RETAIL HLDGS INC 7.00000 02/15/2028 US 78,931.29 $85,330.32
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 125,499.41 $111,694.48
56585A102 MARATHON PETROLEUM CORP US MPC 1,290.41 $76,147.23
5671735 SANOFI-AVENTIS FR SAN FP 801.02 $69,488.76
57772K101 MAXIM INTEGRATED PRODUCTS US MXIM 521.6 $26,523.40
580135101 MCDONALDS CORP US MCD 840.1 $149,176.44
58502BAC0 MEDNAX INC 6.25000 01/15/2027 US 91,304.35 $88,108.70
58768MAC5 MBALT 2016-B A3 1.35000 08/15/2019 US 3,974.4 $3,972.43
58933Y105 MERCK & CO INC US MRK 5,330.21 $407,281.11
59001ABA9 MERITAGE HOMES CORP 5.12500 06/06/2027 US 108,225.62 $91,991.77
594918104 MICROSOFT CORP US MSFT 1,658.4 $168,443.37
59522J103 MID-AMERICA APARTMENT COMM US MAA 322.37 $30,851.13
60871R209 MOLSON COORS BREWING CO -B US TAP 1,859.4 $104,423.79
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 4,114.24 $164,693.12
61744YAG3 MORGAN STANLEY FLT 3.81125 05/08/2024 US 250,888.74 $247,150.50
620076307 MOTOROLA SOLUTIONS INC US MSI 360.18 $41,435.37
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 207,920.09 $208,543.85
624758108 MUELLER WATER PRODUCTS INC - A US MWA 5,517.63 $50,210.46
62913TAM4 NGL ENRGY PART LP/FIN CO 6.12500 03/01/2025 US 158,777.91 $136,549.00
637417106 NATIONAL RETAIL PROPERTIES US NNN 420.97 $20,421.21
637870106 NATIONAL STORAGE AFFILIATES US NSA 345.97 $9,154.29
63938CAE8 NAVIENT CORP 7.25000 09/25/2023 US 87,074.03 $79,890.42
64828AAA1 NRZT 2014-1A A 3.75000 01/25/2054 US 27,799.37 $27,851.89
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 12,502.23 $12,496.34
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 27,060.79 $27,075.21
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 22,358.53 $22,327.37
651229106 NEWELL BRANDS INC US NWL 6,213.14 $115,502.20
655844108 NORFOLK SOUTHN CORP US NSC 372.56 $55,712.60
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 225,264.39 $222,516.17
66987V109 NOVARTIS AG- REG CH NVS 1,073.3 $92,099.63
67020YAQ3 NUANCE COMMUNICATIONS 5.62500 12/15/2026 US 86,721.5 $82,385.43
670346105 NUCOR CORP US NUE 714.03 $36,993.74
67087MAA4 OBP DEPOSITOR LLC TRUST 4.64620 07/15/2045 US 9,396.58 $9,554.24
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 240.68 $82,871.82
680223104 OLD REPUBLIC INTL CORP US ORI 2,200.31 $45,260.42
68323ADY7 ONTARIO (PROVINCE OF) 1.25000 06/17/2019 CA 37,586.33 $37,335.51
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 115,276.14 $113,547.00
693475105 PNC FINANCIAL SERVICES GROUP US PNC 343.9 $40,205.06
695156109 PACKAGING CORP OF AMERICA US PKG 234.11 $19,538.82
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 139,600.47 $130,526.44
70338P100 PATTERN ENERGY GROUP INC -A US PEGI 2,244.55 $41,793.52
704326107 PAYCHEX INC US PAYX 731.64 $47,666.10
713448108 PEPSICO INC US PEP 2,339.39 $258,455.65
71642QAB3 PDLLN 7 1/4 05/01/22 7.25000 05/01/2022 GB 93,419.51 $86,413.04
717081103 PFIZER INC US PFE 5,415.67 $236,393.79
71943U104 PHYSICIANS REALTY TRUST US DOC 5,115.87 $82,007.41
729640102 PLYMOUTH INDUSTRIAL REIT INC US 1,896.76 $23,918.11
741503AZ9 PRICELINE GROUP INC/THE 3.60000 06/01/2026 US 262,164.64 $254,705.15
74251V102 PRINCIPAL FINANCIAL GROUP US PFG 670.94 $29,635.53
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 37,586.33 $36,909.17
74340W103 PROLOGIS US PLD 1,459.22 $85,685.18
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 160,681.55 $162,288.37
74460D109 PUBLIC STORAGE INC US PSA 283.47 $57,377.61
74834L100 QUEST DIAGNOSTICS INC US DGX 236.24 $19,671.43
756109104 REALTY INCOME CORP US O 190.9 $12,034.32
7591EP100 REGIONS FINANCIAL CORP. US RF 2,342.51 $31,342.72
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 97,297.3 $97,297.30
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 1,163.35 $69,731.38
78388JAV8 SBA COMMUNICATIONS CORP 4.87500 09/01/2024 US 43,360.75 $40,759.11
78442PGC4 SLM CORP 5.12500 04/05/2022 US 143,055.23 $138,763.57
78464A417 SPDR BARCLAYS CAPITAL HIGH 1.98300 US 4,706.93 $158,105.88
78469EAB5 SOFI 2014-A A2 3.02000 10/25/2027 US 12,002.61 $12,000.56
78470RAC1 SOFI 2016-E A2B 2.49000 01/25/2036 US 93,965.82 $92,614.41
78490DAA2 SOFI 2018-C A1FX 3.08000 01/25/2048 US 53,675.07 $53,551.01
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 236,793.87 $250,718.33
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 167,259.16 $165,604.21
81211K100 SEALED AIR CORP US SEE 2,406.23 $83,833.02
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 13,512.36 $12,987.79
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 18,561.68 $17,911.30
81745FAA4 SEMT 2012-3 A1 3.50000 07/25/2042 US 33,950.23 $33,747.33
81783QAC9 SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 CA 94,477.09 $84,556.99
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 137,132.78 $117,248.53
828806109 SIMON PROPERTY GROUP INC US SPG 680.16 $114,259.54
831641FC4 SBIC 2015-10A 1 2.51700 03/10/2025 US 45,480.66 $45,097.10
831641FE0 SBIC 2015-10B 1 2.82900 09/10/2025 US 123,932.95 $124,078.83
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 281.45 $26,312.85
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 9,852.14 $9,745.86
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 14,094.87 $13,777.41
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 6,229.34 $6,179.89
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 17,535.21 $17,394.33
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 12,431.16 $12,369.14
835495102 SONOCO PRODUCTS CO US SON 3,142.48 $166,959.71
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 163,500.53 $167,019.71
844741108 SOUTHWEST AIRLS CO US LUV 1,016.95 $47,267.67
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 130,082.26 $116,261.02
85254J102 STAG INDUSTRIAL INC US STAG 2,491.08 $61,978.09
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.67513 11/15/2027 US 34,954.34 $33,939.70
862121100 STORE CAPITAL CORP US STOR 388.28 $10,992.29
866674104 SUN COMMUNITIES US SUI 459.64 $46,749.99
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 1,466.54 $19,079.73
867914103 SUNTRUST BANKS INC US STI 1,312.67 $66,210.99
871829107 SYSCO CORP US SYY 912.71 $57,190.14
876030107 TAPESTRY INC US TPR 505.99 $17,077.18
87612E106 TARGET CORP US TGT 2,029.06 $134,100.54
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 10,041.84 $10,020.03
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 98,354.88 $90,486.49
88104LAE3 TERRAFORM POWER OPERATIN 5.00000 01/31/2028 US 98,707.4 $86,862.51
882508104 TEXAS INSTRUMENTS INC US TXN 1,235.42 $116,746.73
88579Y101 3M CO US MMM 968.66 $184,568.23
88650V208 TIER REIT INC US TIER 1,783.62 $36,796.14
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 51,515.4 $49,942.24
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 46,736.68 $45,418.15
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 46,932.84 $45,516.51
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 183,313.75 $170,481.78
902653104 UDR INC US UDR 1,163.62 $46,102.66
90270YBF5 UBS-BARCLAYS COMMERCIAL MORTGAGE 3.18470 03/10/2046 US 75,172.66 $75,154.15
902973304 U.S. BANCORP US USB 2,271.56 $103,810.11
903002103 UMH PROPERTIES INC US UMH 848.61 $10,047.58
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 130,716.8 $122,235.90
907818108 UNION PAC CORP US UNP 978.25 $135,223.70
911312106 UNITED PARCEL SERVICE US UPS 1,143.63 $111,537.81
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 259,345.66 $347,816.98
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 400,294.4 $510,172.08
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 182,457.44 $165,532.61
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 591,514.84 $536,060.32
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 532,974.13 $530,684.01
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 513,993.04 $516,643.32
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 849,077.8 $829,984.61
912828R28 US TREASURY N/B 1.62500 04/30/2023 US 509,200.78 $491,000.83
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 546,411.25 $510,254.19
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 181,186.85 $174,999.45
912828WZ9 UNITED STATES TREAS NTS 1.75000 04/30/2022 US 521,510.3 $509,430.01
912828X70 US TREASURY N/B 2.00000 04/30/2024 US 536,356.9 $522,193.73
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 528,557.74 $517,491.06
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 528,369.81 $514,169.87
913017109 UNITED TECHNOLOGIES CORP US UTX 1,042.18 $110,971.41
91704F104 URBAN EDGE PROPERTIES US UE 1,697 $28,204.09
918204108 VF CORP US VFC 756.48 $53,967.03
91913Y100 VALERO ENERGY US VLO 668.98 $50,153.65
92276F100 VENTAS INC US VTR 394.38 $23,106.89
92339V100 VEREIT INC US VER 4,182.53 $29,905.08
92343V104 VERIZON COMMUNICATIONS US VZ 2,434.67 $136,877.02
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 238,673.18 $253,808.78
92553P201 VIACOM INC CL B US VIAB 786 $20,200.08
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 23,021.63 $23,455.77
929042109 VORNADO REALTY TRUST US VNO 561 $34,798.70
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 136,780.26 $119,682.73
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 73,197.95 $75,139.89
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 134,665.1 $133,991.77
931142103 WAL MART STORES US WMT 2,723.61 $253,704.55
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 1,203.81 $82,256.47
94106L109 WASTE MANAGEMENT INC US WM 2,492.42 $221,800.76
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 73,678.03 $68,888.95
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 114,218.57 $104,795.53
948741103 WEINGARTEN REALTY INVESTORS US WRI 1,000.19 $24,814.71
949746101 WELLS FARGO COMPANY US WFC 7,861.04 $362,236.80
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 25,840.6 $26,278.70
95040Q104 WELLTOWER INC. US WELL 466.51 $32,380.27
958102105 WESTERN DIGITAL CORP US WDC 632.4 $23,379.95
96145D105 WESTROCK CO US WRK 468.9 $17,705.68
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 139,953 $138,903.35
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 138,190.36 $123,334.90
963320106 WHIRLPOOL CORP US WHR 197.62 $21,119.16
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 140,478.9 $133,114.68
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 11,752.64 $11,715.84
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 13,867.86 $13,681.27
AP0787667 MPC CONTAINER SHIPS FLT 7.57163 09/22/2022 NL 35,252.64 $34,358.64
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 186,839.01 $172,826.09
B296BQ5 STORAGEVAULT CANADA INC CA SVI CN 3,182.3 $5,524.50
B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 3,934.55 $36,140.64
B68XHC3 NORTHLAND POWER INC CA NPI CN 2,334.61 $37,108.81
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 124,371.33 $121,262.04
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 169,212.69 $153,137.48
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 136.5 $21,122.56
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 12,328.22 $17,684.59
G29183103 EATON CORP PLC US ETN 788.42 $54,132.91
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 184,371.33 $186,215.04
G47791101 INGERSOLL-RAND PLC IE IR 415.99 $37,950.55
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 4,187.75 $124,166.81
G5960L103 MEDTRONIC INC IE MDT 1,165.46 $106,010.21
G96629103 WILLIS TOWERS WATSON PLC GB WLTW 298.08 $45,266.37
H1467J104 CHUBB LTD CH CB 464.5 $60,003.93
N47279109 INTERXION HOLDING NV NL INXN 862.27 $46,700.60
N53745100 LYONDELLBASELL INDU-CL A US LYB 648.01 $53,888.80
USD US DOLLAR US 703,756.64 $703,756.64

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
  • 2018 Distribution Calendar
  • Fourth Quarter 2018 Distributions
  • Third Quarter 2018 Distributions
  • Second Quarter 2018 Distributions
  • First Quarter 2018 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

$10.36

Daily $ Change

$0.04

Daily % Change

0.39%

as of 01/17/2019

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 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 12/31/2018

YTD

---

1 Year

-2.33%

3 Year

5.56%

5 Year

4.43%

10 Year

---

Inception
(08/01/2012)

5.73%

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 12/31/2018

TREASURY NOTES 8.91%
GOVERNMENT AGENCY 6.38%
TREASURY BONDS 4.79%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 2.07%
JOHNSON & JOHNSON 1.33%
JP MORGAN CHASE & CO 1.25%
INTEL CORP 1.17%
MERCK & CO INC 1.01%
WELLS FARGO COMPANY 0.90%
EXXON MOBIL CORP 0.75%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 12/31/2018

Other
0.26%
Communication Services
0.69%
Consumer Discretionary
2.57%
Consumer Staples
3.97%
Energy
2.07%
Financials
5.28%
Health Care
6.08%
Industrials
5.24%
Information Technology
3.99%
Materials
1.84%
Real Estate
6.20%
Utilities
0.70%
Long Term Fixed Income
12.25%
Intermediate Term Fixed Income
37.58%
Short Term Fixed Income
9.56%
Cash
1.72%

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 12/31/2018

Bonds
59.39%
Stocks
38.89%
Cash
1.72%

Credit Quality Distribution

As of 12/31/2018

AAA
46.06%
AA
2.71%
A
2.81%
BBB
16.32%
BB
12.84%
B
12.68%
CCC
1.47%
NR
5.11%

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.

December Fund Holdings

As of 12/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAH9 ADT SEC CORP 4.12500 06/15/2023 US 98,707.4 $90,317.27
00101JAM8 ADT CORP 5.25000 03/15/2020 US 84,606.34 $84,817.86
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 171,017.79 $167,316.91
00287Y109 ABBVIE INC US ABBV 1,641.19 $151,301.72
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 122,679.2 $124,212.69
004239109 ACADIA REALTY TRUST US AKR 402.09 $9,553.75
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 170,078.14 $161,462.51
008492100 AGREE REALTY CORP US ADC 248.33 $14,681.31
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 91,304.35 $93,479.03
013817AW1 ALCOA INC 5.12500 10/01/2024 US 85,311.4 $81,899.79
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 91.84 $10,584.06
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 86,651 $86,651.00
020002101 ALLSTATE CORPORATION US ALL 454.49 $37,554.71
0237400 DIAGEO PLC GB DGE LN 2,202.42 $78,702.11
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 89,189.19 $89,412.16
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 298.74 $12,364.89
02665T306 AMERICAN HOMES 4 RENT- A US AMH 2,234.09 $44,346.77
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 175,716.08 $169,805.36
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 139,953 $131,555.82
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 2,358.12 $2,374.77
03064D108 AMERICOLD REALTY TRUST US COLD 412.18 $10,527.17
031162100 AMGEN INC US AMGN 751.59 $146,311.05
03748R101 APARTMENT INVT & MGMT CO -A US AIV 723.55 $31,749.22
037833100 APPLE COMPUTER INC US AAPL 682 $107,578.98
03784Y200 APPLE HOSPITALITY REIT INC US APLE 694.62 $9,905.28
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 145,240.89 $134,074.77
03990B101 ARES MANAGEMENT CORP - A US ARES 3,336.81 $59,328.42
053015103 AUTOMATIC DATA PROCESSING US ADP 697.78 $91,492.76
053484101 AVALONBAY COMMUNITIES INC US AVB 700.02 $121,838.83
055622104 BP PLC-SPONS ADR GB BP 3,543.25 $134,360.04
05582QAD9 BMWOT 2016-A A3 1.16000 11/25/2020 US 40,463.63 $40,200.69
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 37,586.33 $36,422.68
060505104 BANK OF AMERICA CORP US BAC 9,070.89 $223,506.70
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 258,406.01 $251,725.23
086516101 BEST BUY INC US BBY 609.9 $32,300.44
09247X101 BLACKROCK INC US BLK 129.55 $50,891.41
09253U108 BLACKSTONE GROUP LP/THE US BX 2,855.98 $85,136.82
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 237,733.53 $245,607.74
097023105 BOEING CO US BA 578.43 $186,542.69
0989529 ASTRAZENECA PLC GB AZN LN 1,321.35 $98,633.14
101121101 BOSTON PROPERTIES INC US BXP 561.3 $63,174.86
105368203 BRANDYWINE REALTY TRUST US BDN 2,842.89 $36,588.04
110122108 BRISTOL MYERS SQUIBB CO US BMY 3,747.72 $194,806.49
11135F101 BROADCOM INC US AVGO 338.02 $85,952.19
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 332.45 $27,955.70
125896100 CMS ENERGY CORP US CMS 1,767.41 $87,752.00
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 171,017.79 $169,735.16
12592TAA3 COMM 2015-3BP A FLT 3.17800 02/10/2035 US 37,586.33 $37,021.68
12621EAK9 CNO FINANCIAL GROUP INC 5.25000 05/30/2025 US 84,606.34 $80,587.54
126307AU1 CSC HOLDINGS LLC 5.50000 05/15/2026 US 94,124.56 $88,712.40
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 23,984.43 $22,617.74
12647MBY0 CSMC 2013-6 2A1 3.50000 08/25/2043 US 76,678.17 $75,721.99
126650100 CVS HEALTH CORP US CVS 1,582.79 $103,704.70
12770QAA3 CZR 2017-VICI A 3.53100 10/15/2034 US 53,560.52 $53,901.01
133131102 CAMDEN PROPERTY TRUST US CPT 117.36 $10,333.17
134429109 CAMPBELL SOUP CO US CPB 752.44 $24,822.85
149123101 CATERPILLAR INC US CAT 558.27 $70,938.81
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 2,213.9 $2,201.45
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 43,070.01 $43,097.88
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 197,767.33 $174,035.25
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 96,509.48 $95,497.91
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 36,269.76 $35,876.71
165240102 CHESAPEAKE LODGING TRUST US CHSP 573.47 $13,963.90
166764100 CHEVRON CORP US CVX 1,162.3 $126,446.59
17275R102 CISCO SYSTEMS INC US CSCO 4,724.69 $204,720.90
172967424 CITIGROUP INC US C 3,296.78 $171,630.44
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 90,207.19 $125,148.99
189054109 CLOROX COMPANY US CLX 305.19 $47,041.24
194162103 COLGATE-PALMOLIVE CO US CL 2,244.12 $133,570.10
199908104 COMFORT SYSTEMS US FIX 1,129.12 $49,320.02
20030N101 COMCAST CORP-CL A US CMCSA 3,696.93 $125,880.48
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 2,396.04 $69,077.96
205887102 CONAGRA BRAND INC. US CAG 967.32 $20,661.96
2099084 BORALEX INC -A CA BLX CN 2,374.1 $29,285.02
21871N101 CORECIVIC INC US CXW 3,295.14 $58,752.31
219350105 CORNING INC US GLW 1,732.86 $52,349.59
222795106 COUSINS PROPERTIES INC US CUZ 5,640.71 $44,561.60
22282E102 COVANTA HOLDING CORP US CVA 6,630.43 $88,980.34
22282EAH5 COVANTA HOLDING CORP 6.00000 01/01/2027 US 118,801.41 $106,327.26
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 32,888.04 $32,676.78
22822V101 CROWN CASTLE INTL CORP US CCI 1,111.68 $120,762.02
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 16,672.72 $15,545.12
229663109 CUBESMART US CUBE 317.69 $9,114.61
231021106 CUMMINS INC US CMI 320.2 $42,791.51
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 84,606.34 $84,923.62
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 144,183.31 $130,846.36
247361702 DELTA AIR LINES INC. US DAL 1,107 $55,239.42
253868103 DIGITAL REALTY TRUST INC US DLR 1,073.1 $114,338.32
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 175,716.08 $161,489.71
256677105 DOLLAR GENERAL CORP US DG 1,132.81 $122,433.87
26078J100 DOWDUPONT INC US DWDP 1,890.22 $101,089.23
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 180,141.01 $176,988.54
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 126,556.99 $119,912.75
277276101 EASTGROUP PROPERTIES US EGP 87.09 $7,988.44
277432100 EASTMAN CHEM CO US EMN 334.19 $24,432.90
291011104 EMERSON ELEC CO US EMR 1,081.91 $64,644.01
29372EBS6 EFF 2016-2 A2 1.74000 02/22/2022 US 11,304.28 $11,262.21
29444U700 EQUINIX INC US EQIX 514.4 $181,356.65
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 256.2 $24,884.25
29476L107 EQUITY RESIDENTIAL US EQR 1,092.42 $72,110.46
297178105 ESSEX PROPERTY TRUST INC US ESS 183.15 $44,910.24
30161N101 EXELON CORP US EXC 1,242.88 $56,053.71
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 187,931.64 $185,968.32
30225T102 EXTRA SPACE STORAGE INC US EXR 262.26 $23,729.00
30231G102 EXXON MOBIL CORP US XOM 4,432.22 $302,233.25
302491303 FMC CORP US FMC 1,598.89 $118,253.63
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 1,695.57 $1,687.62
30261KAN6 FREMF 2012-K711 B 3.55808 08/25/2045 US 42,284.62 $42,272.98
30262SAR9 FREMF 2015-K42 B FLT 3.85144 12/25/2024 US 35,707.01 $35,399.47
30263HAL5 FREMF 2011-K15 B FLT 4.94816 08/25/2044 US 15,974.19 $16,630.87
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 180,493.54 $171,468.86
30286XAN9 FREMF 2015-K43 B FLT 3.73421 02/25/2048 US 37,586.33 $37,024.44
30291EAE4 FREMF 2013-K712 B FLT 3.35784 05/25/2045 US 33,827.7 $33,793.89
30291XAE2 FREMF 2014-K715 B FLT 3.97790 02/25/2046 US 43,694.11 $44,328.01
311900104 FASTENAL CO US FAST 674.64 $35,276.93
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 11,722.73 $12,251.02
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 4,394.88 $4,752.37
3128M7FQ4 FHLM POOL G05275 5.50000 02/01/2039 US 24,389.3 $26,007.48
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 8,985.27 $9,689.79
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 1,106.34 $1,131.80
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 760.02 $780.00
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 617.83 $637.75
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 1,080.19 $1,113.74
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 35,929.18 $37,350.25
3128MJJN1 FHLM POOL G08268 5.00000 05/01/2038 US 70,065.85 $74,158.81
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 10,712.01 $11,192.27
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 13,022.4 $13,643.31
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 12,655.97 $13,226.14
3128P8A92 FHLM POOL C91832 3.50000 06/01/2035 US 64,196.7 $65,009.51
312941F69 FHLM POOL A92889 4.50000 07/01/2040 US 31,351.21 $32,826.39
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 83,282.91 $87,202.25
3132J8YK0 FHLM POOL Q17513 3.50000 04/01/2043 US 19,571.12 $19,716.27
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 76,801.07 $78,490.84
3132QUWT6 FHLM POOL Q37857 4.00000 12/01/2045 US 66,241.47 $67,625.70
3132QVKA8 FHLM POOL Q38388 4.00000 01/01/2046 US 81,711.32 $83,594.42
3132WL4Q6 FHLM POOL Q47130 4.50000 04/01/2047 US 35,151.48 $36,415.74
3132WML28 FHLM POOL FG Q47544 4.00000 03/01/2047 US 96,535.69 $98,887.29
3132Y3ZJ6 FHLM POOL FG Q59744 4.50000 11/01/2048 US 107,609.93 $111,435.24
31335A5Q7 FHLM POOL G60855 4.50000 12/01/2045 US 30,506.16 $31,619.47
31335ACG1 FHLM POOL G60071 4.50000 07/01/2042 US 31,529.8 $33,011.60
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 40,059.12 $40,961.01
31335ASA7 FHLM POOL G60513 5.00000 07/01/2041 US 71,987.65 $76,199.92
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 839.11 $843.43
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 62,830.28 $63,345.42
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 90.85 $10,723.48
3137ADTK3 FHMS K014 X1 FLT 1.14906 04/25/2021 US 655,762.33 $15,008.24
3137AJMG6 FMHS K016 X1 FLT 1.49170 10/25/2021 US 100,576.09 $3,526.41
3137AUPF0 FHMS K021 x1 FLT 1.44399 06/25/2022 US 848,967.59 $35,609.78
3137B3NB0 FHMS K030 X1 FLT 0.19689 04/25/2023 US 1,268,144.54 $9,560.03
3137B4GZ3 FHMS K032 X1 FLT 0.10362 05/25/2023 US 744,078.53 $3,468.82
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 78,872.08 $81,201.71
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 79,592.8 $82,853.92
3138A5JC7 FEDERAL NATL MTG ASSN AH3858 4.50000 08/01/2041 US 47,320.94 $49,565.76
3138AJXA5 FEDERAL NATL MTG ASSN A15172 4.00000 08/01/2041 US 10,833.62 $11,139.75
3138EQST0 FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 15,133.7 $15,560.93
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65400 01/01/2049 US 57,930.9 $62,755.36
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 218,720.84 $219,547.39
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 29,399.32 $30,690.88
3138Y22T9 FEDERAL NATL MTG ASSN FN AX1685 3.50000 11/01/2044 US 112,545.5 $113,075.38
3138YNR25 FEDERAL NATL MTG ASSN AY8604 3.50000 04/01/2045 US 24,838.03 $24,929.39
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 30,931.17 $33,306.16
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 83,871.86 $85,786.00
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 13,558.7 $13,599.46
3140F4UB0 FEDERAL NATL MTG ASSN BC8677 4.00000 05/01/2046 US 11,469.09 $11,699.67
3140F8KD8 FEDERAL NATL MTG ASSN BD1191 3.50000 01/01/2047 US 49,834.53 $49,920.14
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 28,913.84 $29,495.30
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 26,552.16 $27,755.92
3140HPMQ7 FEDERAL NATIONAL MTGE FN BK9366 4.50000 08/01/2048 US 40,206.91 $41,663.80
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 37,409.69 $38,765.23
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 90,892.38 $95,321.79
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 54,629.27 $56,608.69
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 37,248.36 $39,061.69
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 79,679.15 $83,558.09
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 841.38 $861.90
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 1,023.18 $1,048.75
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 6,806.08 $6,917.65
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 8,321.3 $8,459.76
31410HAQ4 MACYS RETAIL HLDGS INC 6.90000 04/01/2029 US 79,870.95 $85,986.38
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 28,734.29 $30,939.52
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 4,173.12 $4,455.69
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 335.1 $338.92
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 4,779.5 $4,863.18
31416CJV9 FEDERAL NATL MTG ASSN 995876 6.00000 11/01/2038 US 12,334.12 $13,450.06
31418B2V7 FEDERAL NATL MTG ASSN MA2587 3.50000 04/01/2036 US 62,177.64 $62,988.95
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83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 12,431.16 $12,369.14
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912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 400,294.4 $510,172.08
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912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 532,974.13 $530,684.01
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 513,993.04 $516,643.32
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92553P201 VIACOM INC CL B US VIAB 786 $20,200.08
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931142103 WAL MART STORES US WMT 2,723.61 $253,704.55
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 1,203.81 $82,256.47
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948741103 WEINGARTEN REALTY INVESTORS US WRI 1,000.19 $24,814.71
949746101 WELLS FARGO COMPANY US WFC 7,861.04 $362,236.80
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95040Q104 WELLTOWER INC. US WELL 466.51 $32,380.27
958102105 WESTERN DIGITAL CORP US WDC 632.4 $23,379.95
96145D105 WESTROCK CO US WRK 468.9 $17,705.68
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 139,953 $138,903.35
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 138,190.36 $123,334.90
963320106 WHIRLPOOL CORP US WHR 197.62 $21,119.16
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 140,478.9 $133,114.68
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B68XHC3 NORTHLAND POWER INC CA NPI CN 2,334.61 $37,108.81
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 124,371.33 $121,262.04
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 169,212.69 $153,137.48
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 136.5 $21,122.56
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 12,328.22 $17,684.59
G29183103 EATON CORP PLC US ETN 788.42 $54,132.91
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 184,371.33 $186,215.04
G47791101 INGERSOLL-RAND PLC IE IR 415.99 $37,950.55
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 4,187.75 $124,166.81
G5960L103 MEDTRONIC INC IE MDT 1,165.46 $106,010.21
G96629103 WILLIS TOWERS WATSON PLC GB WLTW 298.08 $45,266.37
H1467J104 CHUBB LTD CH CB 464.5 $60,003.93
N47279109 INTERXION HOLDING NV NL INXN 862.27 $46,700.60
N53745100 LYONDELLBASELL INDU-CL A US LYB 648.01 $53,888.80
USD US DOLLAR US 703,756.64 $703,756.64

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
  • 2018 Distribution Calendar
  • Fourth Quarter 2018 Distributions
  • Third Quarter 2018 Distributions
  • Second Quarter 2018 Distributions
  • First Quarter 2018 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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