Investment Objective

Primarily to manage against capital risk and generate income, with the pursuit of long-term capital growth as a secondary objective.

Investment Strategy

A globally 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 15% - 45%, 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 55% - 85%, and is focused on investment grade bonds, with exposure to a somewhat lesser degree in 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 in retirement, or who have an investment time frame of 0–5 years
  • Who have a focus on stability and income, with a low 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. Strategic Income Conservative Series aims to provide income generation with a meaningful allocation to fixed income securities and a notable exposure to income-oriented equity securities.

Daily Price

$10.38

Daily $ Change

$0.03

Daily % Change

0.29%

as of 07/19/2018

Ticker

MSCIX

CUSIP

56382P245

Inception Date

08/01/2012

Investment Minimum

$1,000,000.00

Investment minimum may be waived for certain qualified retirement plans.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms
XBRL-05/14/18

Performance

As of 06/30/2018

YTD

-0.97%

1 Year

2.90%

3 Year

4.24%

5 Year

4.71%

10 Year

---

Inception
(08/01/2012)

4.72%

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 1.18%
Net 0.59%*

*Includes acquired fund fees and expenses of the underlying Series. Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated prior to the expiration date (04/30/2018) without the approval of the Fund’s Board of Directors.

Top Ten Investments

As of 06/30/2018

TREASURY NOTES 10.46%
GOVERNMENT AGENCY 7.39%
TREASURY BONDS 5.67%
TREASURY BILLS 2.10%
BOARDWALK PIPELINES LP 5.95000 06/01/2026 1.01%
JPMORGAN CHASE & CO 6.30000 04/23/2019 1.00%
PRICELINE GROUP INC/THE 3.60000 06/01/2026 0.99%
ALIBABA GROUP HOLDING 3.40000 12/06/2027 0.97%
JP MORGAN CHASE & CO 0.81%
BANK OF AMERICA CORP 4.00000 01/22/2025 0.77%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 06/30/2018

Other 0.15%
Consumer Discretionary 2.12%
Consumer Staples 2.37%
Energy 1.63%
Financials 3.58%
Health Care 3.33%
Industrials 3.62%
Information Technology 3.24%
Materials 1.47%
Real Estate 9.37%
Utilities 0.40%
Long Term Fixed Income 16.68%
Intermediate Term Fixed Income 32.37%
Short Term Fixed Income 17.90%
Cash 1.77%

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 06/30/2018

Bonds 66.95%
Stocks 31.28%
Cash 1.77%

Credit Quality Distribution

As of 06/30/2018

AAA 53.76%
AA 3.99%
A 7.56%
BBB 20.99%
BB 4.88%
B 3.26%
CCC 0.36%
NR 5.20%

Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Not Rated (NR) is used to classify securities for which a rating is not available. Credit quality ratings for each issue are obtained from Bloomberg using ratings derived from Moody’s Investors Services (Moody’s) or Standard & Poor’s. When ratings from Moody’s are not available, ratings from Standard & Poor’s are used.

June Fund Holdings

As of 06/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00163UAB2 AMAG PHARMACEUTICALS INC 7.87500 09/01/2023 US 14,136.02 $14,993.01
00206RCK6 AT&T INC FLT 3.26438 06/30/2020 US 38,913.75 $39,348.51
00206RDC3 AT&T INC FLT 4.45000 04/01/2024 US 17,608.47 $17,776.80
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 138,050.74 $135,112.31
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 151,704.12 $149,185.83
00287Y109 ABBVIE INC US ABBV 824.1 $76,352.65
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 48,390.41 $50,084.07
004239109 ACADIA REALTY TRUST US AKR 539.82 $14,774.94
008492100 AGREE REALTY CORP US ADC 245.28 $12,943.47
00928QAG6 AIRCASTLE LTD 7.62500 04/15/2020 BM 16,416.74 $17,360.70
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 7,924.9 $8,196.96
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 90.72 $11,445.59
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 276,824.55 $257,928.03
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 13,139.35 $13,205.05
020002101 ALLSTATE CORPORATION US ALL 163.06 $14,882.79
02004VAB9 ALLYA 2018-2 A2 MTGE 2.64000 02/16/2021 US 8,925.84 $8,921.01
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 32,012.63 $31,972.61
02005NBE9 ALLY FINANCIAL INC 3.25000 11/05/2018 US 12,160.55 $12,160.55
02007CAE2 ALLYA 2016-1 A4 1.73000 11/16/2020 US 3,648.16 $3,619.82
02007MAC4 ALLYA 2018-1 A1 1.75000 02/15/2019 US 5,505.29 $5,505.32
02155FAC9 ALTICE US FINANCE I CORP 5.50000 05/15/2026 US 12,847.66 $12,398.00
0237400 DIAGEO PLC GB DGE LN 1,248.01 $44,835.87
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 571.35 $24,499.45
0258M0DU0 AMERICAN EXPRESS CREDIT FLRT 3.04938 05/26/2020 US 36,481.64 $36,792.43
02665T306 AMERICAN HOMES 4 RENT- A US AMH 2,206.66 $48,943.62
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 141,843.35 $135,838.84
026874784 AMERICAN INTL GROUP INC US AIG 251.49 $13,334.09
03027XAC4 AMERICAN TOWER CORP 3.40000 02/15/2019 US 6,809.91 $6,828.24
03027XAF7 AMERICAN TOWER CORP 2.80000 06/01/2020 US 21,888.98 $21,701.11
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 2,982.45 $3,009.39
03064D108 AMERICOLD REALTY TRUST US COLD 407.12 $8,964.81
031162100 AMGEN INC US AMGN 328.42 $60,623.22
03349M105 ANDEAVOR US ANDV 138.34 $18,147.45
03748R101 APARTMENT INVT & MGMT CO -A US AIV 821.75 $34,759.84
037612306 APOLLO GLOBAL MANAGMENT - A US APO 717.25 $22,858.82
037833100 APPLE COMPUTER INC US AAPL 320.65 $59,355.00
03784Y200 APPLE HOSPITALITY REIT INC US APLE 1,100.98 $19,685.49
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 12,738.14 $12,403.76
040114HB9 REPUBLIC OF ARGENTINA 6.25000 04/22/2019 AR 9,728.44 $9,767.45
04014Y101 ARES MANAGEMENT LP US ARES 715.55 $14,811.91
04621WAC4 ASSURED GUARANTY US HLDG 5.00000 07/01/2024 US 48,398.97 $50,576.20
053015103 AUTOMATIC DATA PROCESSING US ADP 270.23 $36,249.29
053484101 AVALONBAY COMMUNITIES INC US AVB 507.69 $87,266.69
055622104 BP PLC-SPONS ADR GB BP 1,581.88 $72,228.85
05565QCG1 BP CAPITAL MARKETS PLC 2.24100 09/26/2018 GB 7,296.33 $7,293.79
05582QAD9 BMWOT 2016-A A3 1.16000 11/25/2020 US 78,850.5 $78,158.44
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 30,340.82 $28,822.33
060505104 BANK OF AMERICA CORP US BAC 3,254.46 $91,743.36
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 208,593.16 $205,913.25
06416CAB4 BANK OF NOVA SCOTIA 1.85000 04/14/2020 CA 38,913.75 $38,213.85
06652K103 BANKUNITED INC US BKU 430.62 $17,590.65
086516101 BEST BUY INC US BBY 236.41 $17,631.54
09253U108 BLACKSTONE GROUP LP/THE US BX 703.65 $22,636.34
09627J102 BLUEROCK RESIDENTIAL GROWTH US 1,064.71 $9,497.26
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 250,276.33 $268,384.85
097023105 BOEING CO US BA 274.17 $91,985.78
0989529 ASTRAZENECA PLC GB AZN LN 474.07 $32,790.34
101121101 BOSTON PROPERTIES INC US BXP 447.4 $56,113.10
105368203 BRANDYWINE REALTY TRUST US BDN 2,807.98 $47,398.67
105756BV1 FED REPUBLIC OF BRAZIL 4.25000 01/07/2025 BR 6,323.48 $5,975.69
110122108 BRISTOL MYERS SQUIBB CO US BMY 1,442.14 $79,807.86
11135F101 BROADCOM INC US AVGO 166.9 $40,496.86
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 19,605.59 $19,213.48
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 12,191 $11,821.61
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 169.12 $14,148.45
125896100 CMS ENERGY CORP US CMS 634.11 $29,980.92
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 138,050.74 $138,161.19
12592TAA3 COMM 2015-3BP A FLT 3.17800 02/10/2035 US 30,340.82 $29,523.36
126304AK0 CSC HOLDINGS LLC 7.62500 07/15/2018 US 1,386.3 $1,387.00
126307AC1 CSC HOLDINGS LLC 8.62500 02/15/2019 US 12,053.53 $12,400.07
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 27,445 $25,935.53
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 19,975.41 $18,634.06
12647MBY0 CSMC 2013-6 2A1 3.50000 08/25/2043 US 65,897.72 $65,012.25
126650100 CVS HEALTH CORP US CVS 596.44 $38,380.80
12673P105 CA INC US CA 406.86 $14,504.56
12770QAA3 CZR 2017-VICI A 3.53100 10/15/2034 US 43,235.67 $43,348.24
134429109 CAMPBELL SOUP CO US CPB 300.45 $12,180.30
14041NFF3 CAPITAL ONE MULTI-ASSET 1.33000 06/15/2022 US 16,231.9 $15,977.40
14312QAB2 CARMX 2016-4 A2 1.21000 11/15/2019 US 2,133.37 $2,131.42
14314JAB6 CARMX 2017-1 A2 1.54000 02/18/2020 US 6,544.02 $6,534.25
14314MAC7 CARMX 2016-2 A3 1.52000 02/16/2021 US 13,687.25 $13,586.08
14314WAD3 CARMX 2017-3 A3 1.97000 04/15/2022 US 18,484.03 $18,211.50
149123101 CATERPILLAR INC US CAT 303.73 $41,207.48
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 6,589.69 $83,886.78
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 5,377.14 $5,350.25
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 26,995.76 $25,510.99
15672WAJ3 CEQUEL COM HLDG I/CAP CP 7.50000 04/01/2028 US 12,884.06 $13,041.25
16411QAA9 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 19,435.51 $18,958.37
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 60,642.5 $60,022.38
165240102 CHESAPEAKE LODGING TRUST US CHSP 566.42 $17,921.63
166764100 CHEVRON CORP US CVX 417.01 $52,722.75
168863AU2 REPUBLIC OF CHILE 5.50000 08/05/2020 CL 8,755,592.92 $13,894.75
17275R102 CISCO SYSTEMS INC US CSCO 2,000.65 $86,088.12
172967424 CITIGROUP INC US C 1,182.82 $79,154.54
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 139,567.79 $196,319.62
17305EFS9 CCCIT 2014-A6 A6 2.15000 07/15/2021 US 18,289.46 $18,182.32
189054109 CLOROX COMPANY US CLX 125.72 $17,003.00
194162103 COLGATE-PALMOLIVE CO US CL 574.83 $37,254.43
19625JAA1 CAH 2015-1A A 3.24638 07/17/2032 US 49,183.93 $49,161.49
19626G108 COLONY CAPITAL INC US CLNY 5,442.5 $33,961.19
198287203 COLUMBIA PROPERTY TRUST INC US CXP 673.24 $15,289.35
199908104 COMFORT SYSTEMS US FIX 706.29 $32,348.22
20030N101 COMCAST CORP-CL A US CMCSA 1,659.31 $54,442.03
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 1,815.37 $54,224.96
205887102 CONAGRA BRAND INC. US CAG 284.93 $10,180.52
2099084 BORALEX INC -A CA BLX CN 851.78 $13,645.13
21871N101 CORECIVIC INC US CXW 3,483.03 $83,209.66
219350105 CORNING INC US GLW 762.36 $20,972.62
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 122,121.81 $136,495.17
21987BAV0 CODELCO INC 4.50000 09/16/2025 CL 38,913.75 $39,737.94
222795106 COUSINS PROPERTIES INC US CUZ 4,887.35 $47,358.43
22282E102 COVANTA HOLDING CORP US CVA 2,378.87 $39,251.41
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 34,817.39 $34,621.90
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 13,710.59 $13,402.10
22822V101 CROWN CASTLE INTL CORP US CCI 692.59 $74,674.96
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 17,695.07 $16,426.44
229663109 CUBESMART US CUBE 1,063.69 $34,272.15
231021106 CUMMINS INC US CMI 175.24 $23,306.74
23311RAC0 DCP MIDSTREAM OPERATING 9.75000 03/15/2019 US 19,939.63 $20,762.14
23331A109 DR HORTON INC US DHI 129.33 $5,302.47
233864AB3 DTRT 2018-1 A2 2.60000 05/15/2020 US 21,888.98 $21,890.74
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 25,658.21 $24,150.79
247361702 DELTA AIR LINES INC. US DAL 477.66 $23,663.48
253393102 DICK'S SPORTING GOODS INC US DKS 732.56 $25,822.63
253868103 DIGITAL REALTY TRUST INC US DLR 785.66 $87,664.14
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 141,843.35 $137,580.19
256677105 DOLLAR GENERAL CORP US DG 599.16 $59,077.04
26078J100 DOWDUPONT INC US DWDP 892.63 $58,842.49
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 19,168.09 $19,072.25
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 17,600.85 $17,600.85
277276101 EASTGROUP PROPERTIES US EGP 107.5 $10,272.91
277432100 EASTMAN CHEM CO US EMN 160.49 $16,042.09
28370TAA7 KINDER MORGAN ENER PART 6.50000 04/01/2020 US 4,377.8 $4,601.06
291011104 EMERSON ELEC CO US EMR 469.07 $32,431.30
29273RAM1 ENERGY TRAN PTNR ETP 9.00000 04/15/2019 US 1,931.09 $2,019.19
29372EBS6 EFF 2016-2 A2 1.74000 02/22/2022 US 20,106.43 $20,021.43
29372EBT4 EFF 2016-2 A3 2.04000 02/22/2022 US 18,970.45 $18,692.10
29372EBV9 EFF 2017-1 A2 2.13000 07/20/2022 US 9,088.72 $9,035.24
29373LAA9 EFF 2018-1 A1 2.15000 03/20/2019 US 25,040.25 $25,015.31
29444U700 EQUINIX INC US EQIX 356.79 $153,379.54
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 253.05 $23,255.19
29476L107 EQUITY RESIDENTIAL US EQR 820.12 $52,233.20
297178105 ESSEX PROPERTY TRUST INC US ESS 114.7 $27,421.77
30161N101 EXELON CORP US EXC 445.92 $18,996.22
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 151,704.12 $148,928.99
302154CB3 EXPORT - IMPORT BANK KOREA 1.75000 05/26/2019 KR 37,532.31 $37,107.63
30216HAC3 EXPORT-IMPORT BANK CHINA 2.50000 07/31/2019 CN 36,481.64 $36,233.05
30216KAA0 EXPORT-IMPORT BK INDIA 3.37500 08/05/2026 IN 14,592.65 $13,395.52
30219GAK4 EXPRESS SCRIPTS HOLDING 3.50000 06/15/2024 US 31,617.42 $30,346.58
30225T102 EXTRA SPACE STORAGE INC US EXR 351.72 $35,105.37
30231G102 EXXON MOBIL CORP US XOM 1,590.2 $131,557.11
302491303 FMC CORP US FMC 573.65 $51,175.36
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 2,722.73 $2,712.63
30262SAR9 FREMF 2015-K42 B FLT 3.98362 12/25/2024 US 38,065.8 $37,913.53
30263HAL5 FREMF 2011-K15 B FLT 5.11582 08/25/2044 US 12,894.85 $13,446.66
30286XAN9 FREMF 2015-K43 B FLT 3.86221 02/25/2048 US 37,637.15 $37,127.36
30291EAE4 FREMF 2013-K712 B FLT 3.47721 05/25/2045 US 33,630.22 $33,706.31
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 430,330.8 $1,584.05
30291YAJ9 FREMF 2014-K716 B FLT 4.08133 08/25/2047 US 12,403.76 $12,586.73
311900104 FASTENAL CO US FAST 315.94 $15,206.39
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 13,036.56 $13,616.14
3128LCD86 FHLM POOL A78227 5.50000 06/01/2038 US 1,205.76 $1,299.12
3128M56M7 FHLM POOL G04176 5.50000 05/01/2038 US 1,100.37 $1,190.83
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 5,412.35 $5,944.64
3128M7FQ4 FHLM POOL G05275 5.50000 02/01/2039 US 20,868.8 $22,509.41
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 10,425.44 $11,306.13
3128MAGF0 FHLM POOL G07998 4.50000 07/01/2044 US 17,908.78 $18,721.70
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 79.03 $81.67
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 1,359.03 $1,406.69
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 954.58 $988.47
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 740.22 $770.13
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 1,295.11 $1,345.17
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 31,484.3 $32,894.68
3128MJJN1 FHLM POOL G08268 5.00000 05/01/2038 US 60,174.85 $64,195.02
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 12,493.11 $13,071.42
3128P75V1 FHLM POOL C91760 3.50000 05/01/2034 US 14,344.44 $14,551.20
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 12,637.03 $13,330.19
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 11,105.52 $11,619.71
3128P7QL0 FHLM POOL C91359 4.50000 02/01/2031 US 1,086.42 $1,134.75
3128P8A92 FHLM POOL C91832 3.50000 06/01/2035 US 55,607.75 $56,239.47
3128P8AL5 FHLM POOL C91811 4.00000 01/01/2035 US 6,381.05 $6,601.03
3128P8CH2 FHLM POOL C91872 3.50000 04/01/2036 US 16,654.43 $16,843.49
312941F69 FHLM POOL A92889 4.50000 07/01/2040 US 27,202.3 $28,609.45
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 71,333.75 $75,020.20
312945B80 FHLM POOL A96363 4.50000 01/01/2041 US 16,029.83 $16,848.39
3132J8YK0 FHLM POOL Q17513 3.50000 04/01/2043 US 16,661.12 $16,711.48
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 64,906.84 $66,362.51
3132QUWT6 FHLM POOL Q37857 4.00000 12/01/2045 US 56,839.05 $58,172.28
3132QVKA8 FHLM POOL Q38388 4.00000 01/01/2046 US 67,546.8 $69,081.84
3132QVMX6 FHLM POOL Q38473 4.00000 01/01/2046 US 25,051.88 $25,638.86
3132WDMZ4 FHLM POOL Q40375 3.50000 05/01/2046 US 26,777.79 $26,723.26
3132WL4Q6 FHLM POOL Q47130 4.50000 04/01/2047 US 31,398.61 $32,693.25
3132WPDP9 FHLM GOLD POOL FG Q49109 4.00000 07/01/2047 US 29,277.84 $29,877.64
3132XSLZ1 FHLM GOLD POOL FG Q50343 4.00000 08/01/2047 US 33,669.37 $34,350.04
31335A5Q7 FHLM POOL G60855 4.50000 12/01/2045 US 27,038.84 $28,175.13
31335ACG1 FHLM POOL G60071 4.50000 07/01/2042 US 27,380.69 $28,794.91
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 37,382.2 $38,246.43
31335ALX4 FHLM POOL G60342 4.50000 05/01/2042 US 15,523.2 $16,325.21
31335ASA7 FHLM POOL G60513 5.00000 07/01/2041 US 64,114.63 $68,387.56
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 1,685.82 $1,706.61
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 67,250.46 $67,273.70
3137A2B34 FHMS K009 X1 FLT 1.45484 08/25/2020 US 43,938.98 $983.94
3137ADTK3 FHMS K014 X1 FLT 1.34101 04/25/2021 US 569,379.06 $15,707.23
3137AJMG6 FMHS K016 X1 FLT 1.67213 10/25/2021 US 109,840.23 $4,467.74
3137AL6W4 FHMS K706 X1 FLT 1.68593 10/25/2018 US 149,029.42 $226.21
3137AME78 FHMS K017 X1 FLT 1.48754 12/25/2021 US 167,006.28 $6,277.03
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780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 524.9 $38,134.09
784423AF2 SLCLT 2004-1 A6 2.50250 05/15/2023 US 13,914.63 $13,905.14
78442FEJ3 NAVIENT CORP 8.00000 03/25/2020 US 4,864.22 $5,131.75
78442FER5 NAVIENT CORP 5.50000 01/15/2019 US 6,493.73 $6,545.68
78442FES3 NAVIENT CORP 4.87500 06/17/2019 US 10,647.77 $10,701.01
78442GNG7 SLMA 2004-10 A6A FLT RT 2.90954 04/27/2026 US 13,001.36 $13,034.38
78442PGC4 SLM CORP 5.12500 04/05/2022 US 15,328.03 $15,251.39
78449PAA7 SMB 2018-A A1 FLT 2.42325 03/16/2026 US 16,611.9 $16,620.62
78469EAB5 SOFI 2014-A A2 3.02000 10/25/2027 US 12,086.51 $12,091.04
78470RAB3 SOFI 2016-E A2A 1.63000 01/25/2036 US 3,091.47 $3,078.22
78470RAC1 SOFI 2016-E A2B 2.49000 01/25/2036 US 75,852.06 $74,533.26
78471CAA7 SOFI 2017-D A1FX 1.72000 09/25/2040 US 10,366.01 $10,292.49
785592AJ5 SABINE PASS LIQUEFACTION 5.75000 05/15/2024 US 48,642.18 $51,884.42
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 191,147.19 $205,004.31
80282KAD8 SANTANDER HOLDINGS USA 2.65000 04/17/2020 US 18,240.82 $18,080.13
80282KAH9 SANTANDER HOLDINGS USA 2.70000 05/24/2019 US 45,947.41 $45,808.98
80282KAS5 SANTANDER HOLDINGS USA 3.40000 01/18/2023 US 141,084.83 $136,219.48
81211K100 SEALED AIR CORP US SEE 1,505.17 $63,894.51
81663AAD7 SEMGROUP CORP 6.37500 03/15/2025 US 25,160.1 $23,902.09
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 14,284.91 $13,775.38
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 19,565.88 $18,939.56
81745FAA4 SEMT 2012-3 A1 3.50000 07/25/2042 US 28,950.08 $28,742.02
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 3,302.06 $2,966.20
81783QAC9 SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 CA 13,467.55 $12,945.68
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 13,710.54 $13,813.36
828806109 SIMON PROPERTY GROUP INC US SPG 708.03 $120,499.44
83088M102 SKYWORKS SOLUTIONS INC US SWKS 506.2 $48,923.79
831641FC4 SBIC 2015-10A 1 2.51700 03/10/2025 US 41,311.86 $40,310.59
831641FE0 SBIC 2015-10B 1 2.82900 09/10/2025 US 105,800.43 $104,284.82
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 128.73 $13,836.02
832696AQ1 JM SMUCKER CO 2.20000 12/06/2019 US 23,348.25 $23,098.96
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 13,522.32 $13,402.93
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 15,025.97 $14,670.14
83401LAB0 SOFI 2015-A A2 2.42000 03/25/2030 US 3,101.08 $3,059.19
83402DAB7 SOFI 2016-C A2A 1.48000 05/26/2031 US 2,057.29 $2,050.39
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 2,918.53 $2,830.70
83403YAA2 SOFI 2017-B A1FX 1.83000 05/25/2040 US 1,023.67 $1,017.19
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 11,603.86 $11,504.86
83404RAA6 SOFI 2018-B A1FX 2.64000 08/25/2047 US 40,968.66 $40,812.31
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 28,470.96 $28,224.75
83405JAA3 SCLP 2017-4 A 2.50000 05/26/2026 US 6,730.39 $6,645.20
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 26,180.69 $26,038.04
835495102 SONOCO PRODUCTS CO US SON 982.16 $51,563.35
83714RAZ6 SOUTH CAROLINA ST STUDENT LOAN 2.44000 12/01/2023 US 1,471.16 $1,470.57
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 146,575.24 $152,014.50
844741108 SOUTHWEST AIRLS CO US LUV 436.28 $22,198.14
845467AL3 SOUTHWESTERN ENERGY CO 6.70000 01/23/2025 US 14,840.88 $14,525.51
852061AK6 SPRINT COMMUNICATIONS 9.00000 11/15/2018 US 8,096.25 $8,258.18
85254J102 STAG INDUSTRIAL INC US STAG 1,473.1 $40,112.64
85571BAM7 STARWOOD PROPERTY TRUST 3.62500 02/01/2021 US 9,728.44 $9,509.55
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.29325 11/15/2027 US 37,578.34 $37,595.13
85572NAA6 STARS GRP HLDS/STARS GRP 7.00000 07/15/2026 NL 1,822.69 $1,840.92
866674104 SUN COMMUNITIES US SUI 496.97 $48,642.98
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 1,747.01 $29,035.38
867914103 SUNTRUST BANKS INC US STI 543.17 $35,860.23
871829107 SYSCO CORP US SYY 367.18 $25,074.87
87243QAB2 TENET HEALTHCARE CORP 6.00000 10/01/2020 US 7,779.08 $7,993.00
87470LAA9 TALLGRASS NRG PRTNR/FIN 5.50000 09/15/2024 US 19,277.56 $19,663.11
876030107 TAPESTRY INC US TPR 227.98 $10,649.16
87612E106 TARGET CORP US TGT 389.21 $29,626.59
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 12,791.25 $12,775.25
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 15,351.01 $13,662.40
88032WAB2 TENCENT HOLDINGS LTD 3.37500 05/02/2019 KY 17,997.61 $18,068.62
88032WAC0 TENCENT HOLDINGS LTD 2.87500 02/11/2020 KY 972.84 $968.34
88032WAG1 TENCENT HOLDINGS LTD 3.59500 01/19/2028 KY 144,118.91 $136,339.37
88146M101 TERRENO REALTY CORP US TRNO 152.33 $5,738.25
88161DAA9 TESLA 2018-A A 2.32000 12/20/2019 US 24,222.88 $24,143.65
882508104 TEXAS INSTRUMENTS INC US TXN 1,107.92 $122,148.42
88579Y101 3M CO US MMM 461.2 $90,727.48
88650V208 TIER REIT INC US TIER 965.66 $22,963.46
891145W59 TORONTO-DOMINION BANK 2.25000 09/25/2019 CA 19,456.87 $19,325.20
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 54,778.01 $53,495.23
89231LAB3 TAOT 2016-D A2A 1.06000 05/15/2019 US 709.1 $708.64
89613BAA5 TAH 2013-SFR1 A 2.58900 11/17/2033 US 49,488.17 $47,891.55
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 37,926.03 $36,530.62
896356AE2 TRINIDAD DRILLING LTD 6.62500 02/15/2025 CA 20,590.12 $19,817.99
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 20,043.21 $20,068.26
90261XHN5 UBS AG STAMFORD CT FLT 3.15031 06/01/2020 CH 38,913.75 $39,250.42
902653104 UDR INC US UDR 1,292.75 $48,530.00
90270YBF5 UBS-BARCLAYS COMMERCIAL MORTGAGE 3.18470 03/10/2046 US 60,681.65 $60,177.62
902973304 U.S. BANCORP US USB 908.04 $45,419.96
903002103 UMH PROPERTIES INC US UMH 838.19 $12,866.23
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 26,210.8 $24,902.88
907818108 UNION PAC CORP US UNP 413.51 $58,586.43
911312106 UNITED PARCEL SERVICE US UPS 472.5 $50,193.34
912796PY9 TREASURY BILL 0.00000 09/06/2018 US 561,305.23 $559,373.17
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 228,783.38 $306,167.58
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 235,445.13 $298,399.11
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 145,921.76 $142,466.42
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 348,645.46 $317,880.22
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 585,350.33 $587,065.22
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 288,237.82 $285,772.03
912828D23 US TREASURY N/B 1.62500 04/30/2019 US 414,910.75 $412,528.26
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 136,474.33 $135,019.10
912828K58 UNITED STATES TREAS NTS 1.37500 04/30/2020 US 423,254.48 $414,590.99
912828P79 US TREASURY N/B 1.50000 02/28/2023 US 70,287.95 $66,540.18
912828R28 US TREASURY N/B 1.62500 04/30/2023 US 292,030.42 $277,451.71
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 455,112.35 $416,303.35
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 144,907.16 $141,655.55
912828WZ9 UNITED STATES TREAS NTS 1.75000 04/30/2022 US 214,282.06 $206,957.97
912828X70 US TREASURY N/B 2.00000 04/30/2024 US 290,134.12 $277,916.75
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 439,941.93 $423,667.52
913017109 UNITED TECHNOLOGIES CORP US UTX 439.56 $54,958.21
91704F104 URBAN EDGE PROPERTIES US UE 1,911.77 $43,722.25
918204108 VF CORP US VFC 280.79 $22,889.99
91913Y100 VALERO ENERGY US VLO 312.37 $34,619.58
92276F100 VENTAS INC US VTR 389.54 $22,184.25
92339V100 VEREIT INC US VER 2,554.21 $19,003.32
92343VCA0 VERIZON COMMUNICATIONS FLT 3.10469 06/17/2019 US 42,163.04 $42,396.55
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 192,664.23 $201,885.27
92343VDY7 VERIZON COMMUNICATIONS 4.12500 03/16/2027 US 21,402.56 $21,180.86
92553P201 VIACOM INC CL B US VIAB 324.9 $9,799.06
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 24,396.5 $24,865.77
929042109 VORNADO REALTY TRUST US VNO 619.13 $45,766.25
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 67,323.99 $69,687.76
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 24,530.75 $24,837.39
931142103 WAL MART STORES US WMT 1,134.69 $97,186.22
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 445.06 $26,710.24
94106L109 WASTE MANAGEMENT INC US WM 882.02 $71,743.41
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 12,531.71 $12,202.76
94856TAA2 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 18,961.44 $17,965.97
949746101 WELLS FARGO COMPANY US WFC 3,006.58 $166,684.95
94974BFQ8 WELLS FARGO & COMPANY 2.15000 01/15/2019 US 41,345.86 $41,208.47
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 27,426.01 $28,075.29
95040Q104 WELLTOWER INC. US WELL 460.78 $28,886.16
958102105 WESTERN DIGITAL CORP US WDC 298.2 $23,084.00
96042NAA5 WLAKE 2018-1A A1 1.75000 02/15/2019 US 1,161.71 $1,161.65
96122WAH3 WESTPAC BANKING CORP 2.00000 03/03/2020 AU 19,456.87 $19,142.26
96145D105 WESTROCK CO US WRK 220.89 $12,595.08
962166104 WEYERHAEUSER CO US WY 932.56 $34,001.24
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 38,092.85 $38,290.93
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 15,192.34 $15,078.40
96328DAT1 WHLS 2016-1A A2 1.59000 05/20/2025 US 942.9 $938.90
963320106 WHIRLPOOL CORP US WHR 88.99 $13,013.61
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 132,855.7 $125,445.86
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 14,203.83 $14,220.37
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 16,118.37 $15,837.86
98161FAB1 WOLS 2016-A A2A 1.20000 02/15/2019 US 15.22 $15.22
98161YAA2 WOLS 2018-A A1 1.95000 03/15/2019 US 5,399.63 $5,398.09
98162EAC1 WOART 2017-A A3 Mtge 1.93000 09/15/2022 US 19,456.87 $19,231.16
98162KAD5 WOLS 2017-A A4 Mtge 2.32000 08/15/2022 US 3,648.16 $3,616.32
AN7903213 SONGA BULK ASA 6.83263 06/13/2022 NO 14,585.98 $15,149.59
AP0787667 MPC CONTAINER SHIPS FLT 7.08188 09/22/2022 NL 17,987.6 $18,446.46
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 25,452.23 $25,102.26
B15C557 TOTAL SA FR FP FP 412.67 $25,059.46
B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 1,411.64 $14,828.86
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 612,891.5 $29,601.73
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 170,247.64 $8,616.69
B68XHC3 NORTHLAND POWER INC CA NPI CN 837.61 $15,628.98
BBG000ZB5GX9 90 DAY EURO FUTR MAR20 EU -.36 $596.47
BBG00JG0FPY1 EURO-SCHATZ FUT SEP18 DE 1.09 $144.13
BBG00JG0FT00 EURO-BOND FUTURE SEP18 DE -.51 -$835.25
BBG00JGH1VQ5 ULTRA 10-YR US TREASURY FUTURES US .52 $811.88
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 11,182.14 $11,349.87
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 27,226.28 $24,775.91
BFWG293 OKEA AS FLT 8.83563 06/28/2023 NO 12,884.06 $12,916.27
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 134.82 $29,686.53
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 12,176.81 $21,330.14
EDH9 COMDTY 90DAY EURO$ FUTR Mar19 US .36 -$525.34
G29183103 EATON CORP PLC US ETN 370.14 $27,664.17
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 24,608.48 $25,531.30
G47791101 INGERSOLL-RAND PLC IE IR 164.36 $14,747.87
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 537.48 $17,978.82
G96629103 WILLIS TOWERS WATSON PLC GB WLTW 106.95 $16,212.92
H1467J104 CHUBB LTD CH CB 166.65 $21,168.31
N47279109 INTERXION HOLDING NX NL INXN 923.87 $57,667.77
N53745100 LYONDELLBASELL INDU-CL A US LYB 306.22 $33,637.91
QZ4952797 DEXIA CREDIT LOCAL 1.87500 09/15/2021 FR 24,321.09 $23,435.66
USD US DOLLAR US 479,862.98 $479,862.98
Y23862AE8 EXPORT-IMPORT BANK CHINA 2.50000 07/31/2019 CN 3,064.46 $3,043.58

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

$10.38

Daily $ Change

$0.03

Daily % Change

0.29%

as of 07/19/2018

Ticker

MSCIX

CUSIP

56382P245

Inception Date

08/01/2012

Investment Minimum

$1,000,000.00

Investment minimum may be waived for certain qualified retirement plans.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms
XBRL-05/14/18

Investment Objective

Primarily to manage against capital risk and generate income, with the pursuit of long-term capital growth as a secondary objective.

Investment Strategy

A globally 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 15% - 45%, 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 55% - 85%, and is focused on investment grade bonds, with exposure to a somewhat lesser degree in 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 in retirement, or who have an investment time frame of 0–5 years
  • Who have a focus on stability and income, with a low 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. Strategic Income Conservative Series aims to provide income generation with a meaningful allocation to fixed income securities and a notable exposure to income-oriented equity securities.

Performance

As of 06/30/2018

YTD

-0.97%

1 Year

2.90%

3 Year

4.24%

5 Year

4.71%

10 Year

---

Inception
(08/01/2012)

4.72%

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 1.18%
Net 0.59%*

*Includes acquired fund fees and expenses of the underlying Series. Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated prior to the expiration date (04/30/2018) without the approval of the Fund’s Board of Directors.

Top Ten Investments

As of 06/30/2018

TREASURY NOTES 10.46%
GOVERNMENT AGENCY 7.39%
TREASURY BONDS 5.67%
TREASURY BILLS 2.10%
BOARDWALK PIPELINES LP 5.95000 06/01/2026 1.01%
JPMORGAN CHASE & CO 6.30000 04/23/2019 1.00%
PRICELINE GROUP INC/THE 3.60000 06/01/2026 0.99%
ALIBABA GROUP HOLDING 3.40000 12/06/2027 0.97%
JP MORGAN CHASE & CO 0.81%
BANK OF AMERICA CORP 4.00000 01/22/2025 0.77%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 06/30/2018

Other
0.15%
Consumer Discretionary
2.12%
Consumer Staples
2.37%
Energy
1.63%
Financials
3.58%
Health Care
3.33%
Industrials
3.62%
Information Technology
3.24%
Materials
1.47%
Real Estate
9.37%
Utilities
0.40%
Long Term Fixed Income
16.68%
Intermediate Term Fixed Income
32.37%
Short Term Fixed Income
17.90%
Cash
1.77%

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 06/30/2018

Bonds
66.95%
Stocks
31.28%
Cash
1.77%

Credit Quality Distribution

As of 06/30/2018

AAA
53.76%
AA
3.99%
A
7.56%
BBB
20.99%
BB
4.88%
B
3.26%
CCC
0.36%
NR
5.20%

Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Not Rated (NR) is used to classify securities for which a rating is not available. Credit quality ratings for each issue are obtained from Bloomberg using ratings derived from Moody’s Investors Services (Moody’s) or Standard & Poor’s. When ratings from Moody’s are not available, ratings from Standard & Poor’s are used.

June Fund Holdings

As of 06/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00163UAB2 AMAG PHARMACEUTICALS INC 7.87500 09/01/2023 US 14,136.02 $14,993.01
00206RCK6 AT&T INC FLT 3.26438 06/30/2020 US 38,913.75 $39,348.51
00206RDC3 AT&T INC FLT 4.45000 04/01/2024 US 17,608.47 $17,776.80
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 138,050.74 $135,112.31
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 151,704.12 $149,185.83
00287Y109 ABBVIE INC US ABBV 824.1 $76,352.65
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 48,390.41 $50,084.07
004239109 ACADIA REALTY TRUST US AKR 539.82 $14,774.94
008492100 AGREE REALTY CORP US ADC 245.28 $12,943.47
00928QAG6 AIRCASTLE LTD 7.62500 04/15/2020 BM 16,416.74 $17,360.70
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 7,924.9 $8,196.96
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 90.72 $11,445.59
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 276,824.55 $257,928.03
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 13,139.35 $13,205.05
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31418B6G6 FEDERAL NATL MTG ASSN FN MA2670 3.00000 07/01/2046 US 29,698.87 $28,813.43
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 9,683.25 $10,132.52
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 84,636.04 $82,112.68
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 4,801.79 $5,198.31
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 929.78 $970.37
315419AA9 FERROGLOBE / GLOBE SPEC 9.37500 03/01/2022 GB 19,763.71 $20,455.44
316773100 FIFTH THIRD BANCORP US FITB 1,235.03 $35,445.30
32054K103 FIRST INDUSTRIAL REALTY TR US FR 847.4 $28,252.28
336130AB5 FIRST QUALITY FINANCE CO 5.00000 07/01/2025 US 13,491.81 $12,345.01
34530QAD2 FORDO 2015-A A3 1.28000 09/15/2019 US 54.83 $54.79
34531AAE4 FORDL 2016-A A4 1.85000 07/15/2019 US 573.57 $573.46
34531GAD3 FORDL 2017-A A3 1.88000 04/15/2020 US 75,852.06 $75,461.28
34531HAD1 FORDO 2017-B A3 MTGE 1.69000 11/15/2021 US 1,459.27 $1,435.50
345397WX7 FORD MOTOR CREDIT CO LLC FLRT 3.29294 11/04/2019 US 43,777.96 $44,079.88
345605109 FOREST CITY REALTY TRUST - A US FCE/A 1,008.9 $23,012.98
357081AE8 FREMF 2015-K720 B FLT 3.50443 07/25/2022 US 25,789.7 $25,249.53
35802XAA1 FRESENIUS MED CARE US 6.50000 09/15/2018 US 187,571.36 $188,810.32
36143WAN1 GAHR 2015-NRF BFX FLT 3.49490 12/15/2034 US 40,069.26 $40,056.46
36143WAS0 GAHR 2015-NRF DFX FLT 3.49490 12/15/2034 US 22,281.3 $22,149.46
36174X101 GGP INC US GGP 1,084.08 $22,147.72
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 34,133.43 $33,491.43
36250UAD6 GMALT 2016-1 A3 1.64000 07/20/2019 US 5,617.7 $5,611.54
36251LAE3 GMALT 2016-2 A4 1.76000 03/20/2020 US 75,852.06 $75,433.17
36251MAE1 GMALT 2016-3 A4 1.78000 05/20/2020 US 19,456.87 $19,309.93
363576109 ARTHUR J GALLAGHER & CO US AJG 257.73 $16,824.42
364760108 GAP INC US GPS 453.9 $14,701.81
369604103 GENERAL ELEC CO US GE 475.21 $6,467.58
370334104 GENERAL MLS INC US GIS 494.43 $21,883.69
372460105 GENUINE PARTS CO US GPC 156.05 $14,323.85
374297109 GETTY REALTY CORP US GTY 682.03 $19,212.91
375558103 GILEAD SCIENCES INC US GILD 755.39 $53,511.54
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 26,740.58 $26,406.32
38141EA58 GOLDMAN SACHS GP GS 5.37500 03/15/2020 US 37,940.9 $39,296.82
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 3,804.5 $55,203.24
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 20,128.3 $19,524.45
404119BM0 HCA INC 3.75000 03/15/2019 US 31,617.42 $31,735.98
404119BP3 HCA INC 4.25000 10/15/2019 US 7,296.33 $7,351.05
404121AC9 HCA INC 6.50000 02/15/2020 US 19,456.87 $20,198.67
40414L109 HCP INC US HCP 1,296.88 $33,485.56
410345AL6 HANESBRANDS INC 4.87500 05/15/2026 US 13,904.99 $13,418.32
418056107 HASBRO INC US HAS 130.59 $12,055.11
421946104 HEALTHCARE REALTY TRUST INC US HR 826.75 $24,041.81
42217KAY2 WELLTOWER INC. 4.12500 04/01/2019 US 35,508.79 $35,716.76
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 933.3 $25,161.83
427866108 HERSHEY CO/THE US HSY 188.99 $17,587.12
428041BD8 HFLF 2018-1 A2 MTGE 3.23000 05/10/2032 US 34,049.53 $34,081.39
42805RBN8 HERTZ 2013-1A A2 1.83000 08/25/2019 US 6,485.62 $6,479.36
42806DAD1 HERTZ 2015-2A A 2.02000 09/25/2019 US 19,456.87 $19,424.96
42809H107 HESS CORP US HES 639.78 $42,795.07
431318AQ7 HILCORP ENERGY I/HILCORP 5.75000 10/01/2025 US 12,738.19 $12,706.35
437076102 HOME DEPOT INC US HD 444.44 $86,709.96
43814RAB2 HAROT 2016-4 A2 1.04000 04/18/2019 US 2,697.3 $2,695.32
438516106 HONEYWELL INTERNATIONAL INC US HON 415.46 $59,847.55
440452100 HORMEL FOODS CORP US HRL 341.16 $12,694.71
44053FAA8 HORIZON PHARMA INC/HORIZ 8.75000 11/01/2024 US 19,496.34 $20,934.20
44107P104 HOST MARRIOTT CORP US HST 2,255.23 $47,517.78
444454AB8 HUGHES SATELITE SYSTEMS 6.50000 06/15/2019 US 35,630.4 $36,465.93
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 33,899.67 $31,780.94
446150104 HUNTINGTON BANCSHARES US HBAN 1,126.71 $16,630.17
44890WAD2 HART 2015-A A4 1.37000 07/15/2020 US 7,422.41 $7,401.44
44929EAD7 HALST 2016-C A3 1.49000 02/18/2020 US 6,245.28 $6,228.63
44931PAD8 HART 2017-A A3 1.76000 08/16/2021 US 802.6 $792.23
44935AAA3 HALST 2018-A A1 1.95000 03/15/2019 US 3,983.34 $3,983.38
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 19,654.29 $19,027.81
452281JC3 ISAC 2010-1 A2 2.41742 04/25/2022 US 1,130.52 $1,131.82
452308109 ILLINOIS TOOL WKS INC US ITW 190.02 $26,325.61
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 1,502.15 $15,487.17
45763PAE6 INMARSAT FINANCE PLC 4.87500 05/15/2022 GB 19,739.44 $19,394.00
458140100 INTEL CORP US INTC 3,529.07 $175,430.22
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 474.33 $66,263.89
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 180,943.57 $185,516.32
46115HAL1 INTESA SANPAOLO SPA 3.87500 01/15/2019 IT 42,805.12 $42,883.85
46186YAA2 IHSFR 2015-SFR3 A FLT 3.37325 08/17/2032 US 50,860.94 $50,924.20
46187BAA1 IHSFR 2017-SFR2 A 2.93506 12/17/2036 US 14,124.35 $14,124.33
46187BAB9 IHSFR 2017-SFR2 B 3.23506 12/17/2036 US 10,668.67 $10,730.50
46187W107 INVITATION HOMES INC US INVH 1,922.16 $44,324.91
464287598 ISHARES RUSSELL 1000 VALUE US 341.05 $41,397.10
466032109 J&J SNACK FOODS CORP US JJSF 236.19 $36,011.40
46625H100 JP MORGAN CHASE & CO US JPM 2,057.23 $214,363.62
46625HHL7 JPMORGAN CHASE & CO 6.30000 04/23/2019 US 257,861.53 $265,114.89
46625HHQ6 JPMORGAN CHASE JPM 4.95000 03/25/2020 US 729.63 $751.40
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 18,252.39 $18,523.47
46636DAE6 JPMCC 2011 - C4 A3 4.10630 07/15/2046 US 1,292.81 $1,291.50
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 12,311.38 $11,915.11
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 13,805.02 $13,585.01
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 18,025.73 $17,872.94
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 83,673.77 $82,686.67
46649HAC6 JPMMT 2017-6 A3 3.50000 12/25/2048 US 25,113.91 $24,619.50
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 42,437.72 $41,910.56
476405105 JERNIGAN CAPITAL INC US JCAP 1,449.87 $27,634.54
478160104 JOHNSON & JOHNSON US JNJ 1,562.23 $189,561.31
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 27,214.48 $21,975.69
482480100 KLA-TENCOR CORPORATION US KLAC 151.62 $15,545.12
485170302 KANSAS CITY SOUTHERN US KSU 447.62 $47,429.94
487836108 KELLOGG CO US K 232.39 $16,237.09
493267108 KEYCORP US KEY 2,333.82 $45,602.79
494368103 KIMBERLY CLARK CORP US KMB 261.63 $27,560.21
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 172,184.17 $196,242.66
494550BB1 KINDER MORGAN ENER PART 6.85000 02/15/2020 US 15,152.04 $15,954.64
497864AA6 KISSNER GR HLDG 8.37500 12/01/2022 CA 15,424.09 $15,771.13
500255104 KOHLS CORP US KSS 176.92 $12,897.75
500630CK2 KOREA DEVELOPMENT BANK 1.37500 09/12/2019 KR 83,148.39 $81,488.25
50065TAE3 KOREA DEVELOPMENT BANK 2.87500 08/22/2018 KR 28,402.17 $28,404.16
500754106 KRAFT HEINZ CO/THE US KHC 535.74 $33,655.12
50077LAH9 KRAFT HEINZ FOODS CO 2.80000 07/02/2020 US 34,244.1 $33,998.94
50117PAA7 KCOT 2018-1A A1 MTGE 2.37000 05/15/2019 US 25,805.89 $25,806.83
50187T106 LGI HOMES INC US LGIH 91.25 $5,267.64
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 20,055.67 $20,005.53
50212YAB0 LPL HOLDINGS INC 5.75000 09/15/2025 US 19,641.99 $19,101.84
502160AM6 LSB INDUSTRIES 9.62500 05/01/2023 US 25,379.1 $25,569.44
50218LAC0 LSTAR COMMERCIAL MORTGAGE TR FLT 2.76700 01/20/2041 US 2,189.31 $2,180.29
505742AD8 LADDER CAP FIN LLLP/CORP 5.87500 08/01/2021 US 12,956.86 $13,241.26
512816109 LAMAR ADVERTISING CO US LAMR 430.43 $29,402.40
526057104 LENNAR CORP US LEN 104.51 $5,486.70
531172104 LIBERTY PROPERTY TRUST US LPT 922.2 $40,881.11
53223X107 LIFE STORAGE INC US LSI 122.63 $11,933.03
532457108 ELI LILLY & CO US LLY 820.78 $70,037.02
534187109 LINCOLN NATL CORP IND US LNC 217.48 $13,538.18
539830109 LOCKHEED MARTIN CORP US LMT 176.16 $52,041.53
55354GAF7 MSCI INC 5.37500 05/15/2027 US 12,543.79 $12,543.79
554382101 THE MACERICH CO US MAC 266.01 $15,117.25
55616P104 MACY'S INC US M 317.01 $11,865.62
55616XAC1 MACYS RETAIL HLDGS INC 7.00000 02/15/2028 US 63,715.73 $69,169.66
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 20,930.56 $20,246.13
56585A102 MARATHON PETROLEUM CORP US MPC 383.56 $26,910.70
5671735 SANOFI-AVENTIS FR SAN FP 489.57 $39,292.54
57772K101 MAXIM INTEGRATED PRODUCTS US MXIM 200.34 $11,751.96
580135101 MCDONALDS CORP US MCD 382.94 $60,003.02
58768MAC5 MBALT 2016-B A3 1.35000 08/15/2019 US 69,946.11 $69,735.55
58933Y105 MERCK & CO INC US MRK 2,163.79 $131,341.84
59001ABA9 MERITAGE HOMES CORP 5.12500 06/06/2027 US 20,213.4 $18,798.46
59022CAA1 BANK OF AMERICA CORP 3.10063 09/15/2026 US 23,401.75 $22,513.53
594918104 MICROSOFT CORP US MSFT 643.37 $63,442.99
59522J103 MID-AMERICA APARTMENT COMM US MAA 544.07 $54,771.16
60871R209 MOLSON COORS BREWING CO -B US TAP 417.08 $28,378.28
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 1,427.15 $58,512.99
61744YAG3 MORGAN STANLEY FLT 3.58313 05/08/2024 US 202,524.99 $204,550.24
61746BDM5 MORGAN STANELY 2.50000 01/24/2019 US 41,345.86 $41,280.65
61747YDX0 MORGAN STANLEY FLT 3.50561 01/27/2020 US 42,561.91 $43,156.54
620076307 MOTOROLA SOLUTIONS INC US MSI 143.93 $16,748.91
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 33,316.63 $33,191.69
624758108 MUELLER WATER PRODUCTS INC - A US MWA 3,769.92 $44,183.45
62944T105 NVR INC US NVR 1.86 $5,515.20
637417106 NATIONAL RETAIL PROPERTIES US NNN 415.8 $18,278.52
63938CAE8 NAVIENT CORP 7.25000 09/25/2023 US 12,008.73 $12,579.14
63940FAA5 NAVSL 2016-2 A1 2.84113 06/25/2065 US 912.64 $913.36
63940HAA1 NAVSL 2016-3A A1 2.69113 06/25/2065 US 7,670.58 $7,673.84
63941DAA9 NAVSL 2018-2A A1 2.33113 03/25/2067 US 19,732.94 $19,744.73
64828AAA1 NRZT 2014-1A A 3.75000 01/25/2054 US 24,730.61 $24,804.06
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 15,052.32 $15,030.42
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 29,623.06 $29,683.37
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 19,755.3 $19,773.99
651229106 NEWELL BRANDS INC US NWL 1,435.33 $37,017.12
65409QBB7 NIELSEN FINANCE LLC/CO 5.00000 04/15/2022 US 13,212.26 $12,982.37
654106103 NIKE INC CLASS B US NKE 209.92 $16,726.65
65478WAD7 NAROT 2016-C A3 1.18000 01/15/2021 US 18,413.09 $18,207.84
655844108 NORFOLK SOUTHN CORP US NSC 141.77 $21,388.80
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 32,052.26 $31,972.13
66987V109 NOVARTIS AG- REG CH NVS 385.08 $29,088.86
670346105 NUCOR CORP US NUE 308.49 $19,280.83
67087MAA4 OBP DEPOSITOR LLC TRUST 4.64620 07/15/2045 US 9,628.18 $9,866.46
67091GAA1 OCI NV 6.62500 04/15/2023 NL 20,663.2 $20,987.61
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 155.32 $42,489.91
680223104 OLD REPUBLIC INTL CORP US ORI 789.43 $15,717.56
683235AA3 ONTARIO (PROVINCE OF) 2.00000 09/27/2018 CA 34,133.43 $34,105.78
68323ADY7 ONTARIO (PROVINCE OF) 1.25000 06/17/2019 CA 30,340.82 $29,953.53
69007J106 OUTFRONT MEDIA INC US OUT 1,305.97 $25,401.10
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 19,557.23 $19,850.59
693475105 PNC FINANCIAL SERVICES GROUP US PNC 123.38 $16,669.17
695156109 PACKAGING CORP OF AMERICA US PKG 105.37 $11,779.74
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 20,590.35 $19,556.71
70338P100 PATTERN ENERGY GROUP INC -A US PEGI 805.3 $15,099.42
704326107 PAYCHEX INC US PAYX 291.37 $19,915.45
713448108 PEPSICO INC US PEP 970.28 $105,634.34
71654QAU6 PETROLEOS MEXICANOS 8.00000 05/03/2019 MX 38,913.75 $40,339.16
71654QCB6 PETROLEOS MEXICANOS 6.87500 08/04/2026 MX 19,116.38 $20,091.31
71654QCJ9 PETROLEOS MEXICANOS 6.35000 02/12/2048 MX 213,902.8 $193,047.28
717081103 PFIZER INC US PFE 2,466.32 $89,478.11
71943U104 PHYSICIANS REALTY TRUST US DOC 2,858.94 $45,571.57
729640102 PLYMOUTH INDUSTRIAL REIT INC US 335.88 $5,374.12
733174AJ5 POPULAR INC 7.00000 07/01/2019 US 20,189.41 $20,492.25
741503AZ9 PRICELINE GROUP INC/THE 3.60000 06/01/2026 US 269,997.86 $262,736.95
74153WCK3 PRICOA GLOBAL FUNDING 1 1.45000 09/13/2019 US 9,728.44 $9,565.59
74251V102 PRINCIPAL FINANCIAL GROUP US PFG 240.72 $12,746.21
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 38,366.78 $37,194.04
74340W103 PROLOGIS US PLD 1,570.7 $103,179.20
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 141,673 $149,642.10
74460D109 PUBLIC STORAGE INC US PSA 279.99 $63,518.68
74834L100 QUEST DIAGNOSTICS INC US DGX 96.27 $10,583.64
749685103 RPM INTERNATIONAL INC US RPM 406.05 $23,680.97
758849103 REGENCY CENTERS CORP US REG 414.41 $25,726.69
7591EP100 REGIONS FINANCIAL CORP. US RF 1,038.28 $18,460.57
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 223 $6,999.96
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 31,976.4 $32,735.84
77340RAP2 ROCKIES EXPRESS PIPELINE 6.00000 01/15/2019 US 14,592.65 $14,756.82
780097AM3 RBS 4.7 07/03/18 4.70000 07/03/2018 GB 9,728.44 $9,728.44
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 524.9 $38,134.09
784423AF2 SLCLT 2004-1 A6 2.50250 05/15/2023 US 13,914.63 $13,905.14
78442FEJ3 NAVIENT CORP 8.00000 03/25/2020 US 4,864.22 $5,131.75
78442FER5 NAVIENT CORP 5.50000 01/15/2019 US 6,493.73 $6,545.68
78442FES3 NAVIENT CORP 4.87500 06/17/2019 US 10,647.77 $10,701.01
78442GNG7 SLMA 2004-10 A6A FLT RT 2.90954 04/27/2026 US 13,001.36 $13,034.38
78442PGC4 SLM CORP 5.12500 04/05/2022 US 15,328.03 $15,251.39
78449PAA7 SMB 2018-A A1 FLT 2.42325 03/16/2026 US 16,611.9 $16,620.62
78469EAB5 SOFI 2014-A A2 3.02000 10/25/2027 US 12,086.51 $12,091.04
78470RAB3 SOFI 2016-E A2A 1.63000 01/25/2036 US 3,091.47 $3,078.22
78470RAC1 SOFI 2016-E A2B 2.49000 01/25/2036 US 75,852.06 $74,533.26
78471CAA7 SOFI 2017-D A1FX 1.72000 09/25/2040 US 10,366.01 $10,292.49
785592AJ5 SABINE PASS LIQUEFACTION 5.75000 05/15/2024 US 48,642.18 $51,884.42
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 191,147.19 $205,004.31
80282KAD8 SANTANDER HOLDINGS USA 2.65000 04/17/2020 US 18,240.82 $18,080.13
80282KAH9 SANTANDER HOLDINGS USA 2.70000 05/24/2019 US 45,947.41 $45,808.98
80282KAS5 SANTANDER HOLDINGS USA 3.40000 01/18/2023 US 141,084.83 $136,219.48
81211K100 SEALED AIR CORP US SEE 1,505.17 $63,894.51
81663AAD7 SEMGROUP CORP 6.37500 03/15/2025 US 25,160.1 $23,902.09
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 14,284.91 $13,775.38
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 19,565.88 $18,939.56
81745FAA4 SEMT 2012-3 A1 3.50000 07/25/2042 US 28,950.08 $28,742.02
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 3,302.06 $2,966.20
81783QAC9 SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 CA 13,467.55 $12,945.68
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 13,710.54 $13,813.36
828806109 SIMON PROPERTY GROUP INC US SPG 708.03 $120,499.44
83088M102 SKYWORKS SOLUTIONS INC US SWKS 506.2 $48,923.79
831641FC4 SBIC 2015-10A 1 2.51700 03/10/2025 US 41,311.86 $40,310.59
831641FE0 SBIC 2015-10B 1 2.82900 09/10/2025 US 105,800.43 $104,284.82
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 128.73 $13,836.02
832696AQ1 JM SMUCKER CO 2.20000 12/06/2019 US 23,348.25 $23,098.96
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 13,522.32 $13,402.93
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 15,025.97 $14,670.14
83401LAB0 SOFI 2015-A A2 2.42000 03/25/2030 US 3,101.08 $3,059.19
83402DAB7 SOFI 2016-C A2A 1.48000 05/26/2031 US 2,057.29 $2,050.39
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 2,918.53 $2,830.70
83403YAA2 SOFI 2017-B A1FX 1.83000 05/25/2040 US 1,023.67 $1,017.19
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 11,603.86 $11,504.86
83404RAA6 SOFI 2018-B A1FX 2.64000 08/25/2047 US 40,968.66 $40,812.31
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 28,470.96 $28,224.75
83405JAA3 SCLP 2017-4 A 2.50000 05/26/2026 US 6,730.39 $6,645.20
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 26,180.69 $26,038.04
835495102 SONOCO PRODUCTS CO US SON 982.16 $51,563.35
83714RAZ6 SOUTH CAROLINA ST STUDENT LOAN 2.44000 12/01/2023 US 1,471.16 $1,470.57
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 146,575.24 $152,014.50
844741108 SOUTHWEST AIRLS CO US LUV 436.28 $22,198.14
845467AL3 SOUTHWESTERN ENERGY CO 6.70000 01/23/2025 US 14,840.88 $14,525.51
852061AK6 SPRINT COMMUNICATIONS 9.00000 11/15/2018 US 8,096.25 $8,258.18
85254J102 STAG INDUSTRIAL INC US STAG 1,473.1 $40,112.64
85571BAM7 STARWOOD PROPERTY TRUST 3.62500 02/01/2021 US 9,728.44 $9,509.55
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.29325 11/15/2027 US 37,578.34 $37,595.13
85572NAA6 STARS GRP HLDS/STARS GRP 7.00000 07/15/2026 NL 1,822.69 $1,840.92
866674104 SUN COMMUNITIES US SUI 496.97 $48,642.98
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 1,747.01 $29,035.38
867914103 SUNTRUST BANKS INC US STI 543.17 $35,860.23
871829107 SYSCO CORP US SYY 367.18 $25,074.87
87243QAB2 TENET HEALTHCARE CORP 6.00000 10/01/2020 US 7,779.08 $7,993.00
87470LAA9 TALLGRASS NRG PRTNR/FIN 5.50000 09/15/2024 US 19,277.56 $19,663.11
876030107 TAPESTRY INC US TPR 227.98 $10,649.16
87612E106 TARGET CORP US TGT 389.21 $29,626.59
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 12,791.25 $12,775.25
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 15,351.01 $13,662.40
88032WAB2 TENCENT HOLDINGS LTD 3.37500 05/02/2019 KY 17,997.61 $18,068.62
88032WAC0 TENCENT HOLDINGS LTD 2.87500 02/11/2020 KY 972.84 $968.34
88032WAG1 TENCENT HOLDINGS LTD 3.59500 01/19/2028 KY 144,118.91 $136,339.37
88146M101 TERRENO REALTY CORP US TRNO 152.33 $5,738.25
88161DAA9 TESLA 2018-A A 2.32000 12/20/2019 US 24,222.88 $24,143.65
882508104 TEXAS INSTRUMENTS INC US TXN 1,107.92 $122,148.42
88579Y101 3M CO US MMM 461.2 $90,727.48
88650V208 TIER REIT INC US TIER 965.66 $22,963.46
891145W59 TORONTO-DOMINION BANK 2.25000 09/25/2019 CA 19,456.87 $19,325.20
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 54,778.01 $53,495.23
89231LAB3 TAOT 2016-D A2A 1.06000 05/15/2019 US 709.1 $708.64
89613BAA5 TAH 2013-SFR1 A 2.58900 11/17/2033 US 49,488.17 $47,891.55
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 37,926.03 $36,530.62
896356AE2 TRINIDAD DRILLING LTD 6.62500 02/15/2025 CA 20,590.12 $19,817.99
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 20,043.21 $20,068.26
90261XHN5 UBS AG STAMFORD CT FLT 3.15031 06/01/2020 CH 38,913.75 $39,250.42
902653104 UDR INC US UDR 1,292.75 $48,530.00
90270YBF5 UBS-BARCLAYS COMMERCIAL MORTGAGE 3.18470 03/10/2046 US 60,681.65 $60,177.62
902973304 U.S. BANCORP US USB 908.04 $45,419.96
903002103 UMH PROPERTIES INC US UMH 838.19 $12,866.23
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 26,210.8 $24,902.88
907818108 UNION PAC CORP US UNP 413.51 $58,586.43
911312106 UNITED PARCEL SERVICE US UPS 472.5 $50,193.34
912796PY9 TREASURY BILL 0.00000 09/06/2018 US 561,305.23 $559,373.17
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 228,783.38 $306,167.58
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 235,445.13 $298,399.11
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 145,921.76 $142,466.42
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 348,645.46 $317,880.22
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 585,350.33 $587,065.22
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 288,237.82 $285,772.03
912828D23 US TREASURY N/B 1.62500 04/30/2019 US 414,910.75 $412,528.26
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 136,474.33 $135,019.10
912828K58 UNITED STATES TREAS NTS 1.37500 04/30/2020 US 423,254.48 $414,590.99
912828P79 US TREASURY N/B 1.50000 02/28/2023 US 70,287.95 $66,540.18
912828R28 US TREASURY N/B 1.62500 04/30/2023 US 292,030.42 $277,451.71
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 455,112.35 $416,303.35
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 144,907.16 $141,655.55
912828WZ9 UNITED STATES TREAS NTS 1.75000 04/30/2022 US 214,282.06 $206,957.97
912828X70 US TREASURY N/B 2.00000 04/30/2024 US 290,134.12 $277,916.75
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 439,941.93 $423,667.52
913017109 UNITED TECHNOLOGIES CORP US UTX 439.56 $54,958.21
91704F104 URBAN EDGE PROPERTIES US UE 1,911.77 $43,722.25
918204108 VF CORP US VFC 280.79 $22,889.99
91913Y100 VALERO ENERGY US VLO 312.37 $34,619.58
92276F100 VENTAS INC US VTR 389.54 $22,184.25
92339V100 VEREIT INC US VER 2,554.21 $19,003.32
92343VCA0 VERIZON COMMUNICATIONS FLT 3.10469 06/17/2019 US 42,163.04 $42,396.55
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 192,664.23 $201,885.27
92343VDY7 VERIZON COMMUNICATIONS 4.12500 03/16/2027 US 21,402.56 $21,180.86
92553P201 VIACOM INC CL B US VIAB 324.9 $9,799.06
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 24,396.5 $24,865.77
929042109 VORNADO REALTY TRUST US VNO 619.13 $45,766.25
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 67,323.99 $69,687.76
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 24,530.75 $24,837.39
931142103 WAL MART STORES US WMT 1,134.69 $97,186.22
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 445.06 $26,710.24
94106L109 WASTE MANAGEMENT INC US WM 882.02 $71,743.41
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 12,531.71 $12,202.76
94856TAA2 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 18,961.44 $17,965.97
949746101 WELLS FARGO COMPANY US WFC 3,006.58 $166,684.95
94974BFQ8 WELLS FARGO & COMPANY 2.15000 01/15/2019 US 41,345.86 $41,208.47
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 27,426.01 $28,075.29
95040Q104 WELLTOWER INC. US WELL 460.78 $28,886.16
958102105 WESTERN DIGITAL CORP US WDC 298.2 $23,084.00
96042NAA5 WLAKE 2018-1A A1 1.75000 02/15/2019 US 1,161.71 $1,161.65
96122WAH3 WESTPAC BANKING CORP 2.00000 03/03/2020 AU 19,456.87 $19,142.26
96145D105 WESTROCK CO US WRK 220.89 $12,595.08
962166104 WEYERHAEUSER CO US WY 932.56 $34,001.24
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 38,092.85 $38,290.93
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 15,192.34 $15,078.40
96328DAT1 WHLS 2016-1A A2 1.59000 05/20/2025 US 942.9 $938.90
963320106 WHIRLPOOL CORP US WHR 88.99 $13,013.61
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 132,855.7 $125,445.86
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 14,203.83 $14,220.37
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 16,118.37 $15,837.86
98161FAB1 WOLS 2016-A A2A 1.20000 02/15/2019 US 15.22 $15.22
98161YAA2 WOLS 2018-A A1 1.95000 03/15/2019 US 5,399.63 $5,398.09
98162EAC1 WOART 2017-A A3 Mtge 1.93000 09/15/2022 US 19,456.87 $19,231.16
98162KAD5 WOLS 2017-A A4 Mtge 2.32000 08/15/2022 US 3,648.16 $3,616.32
AN7903213 SONGA BULK ASA 6.83263 06/13/2022 NO 14,585.98 $15,149.59
AP0787667 MPC CONTAINER SHIPS FLT 7.08188 09/22/2022 NL 17,987.6 $18,446.46
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 25,452.23 $25,102.26
B15C557 TOTAL SA FR FP FP 412.67 $25,059.46
B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 1,411.64 $14,828.86
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 612,891.5 $29,601.73
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 170,247.64 $8,616.69
B68XHC3 NORTHLAND POWER INC CA NPI CN 837.61 $15,628.98
BBG000ZB5GX9 90 DAY EURO FUTR MAR20 EU -.36 $596.47
BBG00JG0FPY1 EURO-SCHATZ FUT SEP18 DE 1.09 $144.13
BBG00JG0FT00 EURO-BOND FUTURE SEP18 DE -.51 -$835.25
BBG00JGH1VQ5 ULTRA 10-YR US TREASURY FUTURES US .52 $811.88
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 11,182.14 $11,349.87
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 27,226.28 $24,775.91
BFWG293 OKEA AS FLT 8.83563 06/28/2023 NO 12,884.06 $12,916.27
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 134.82 $29,686.53
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 12,176.81 $21,330.14
EDH9 COMDTY 90DAY EURO$ FUTR Mar19 US .36 -$525.34
G29183103 EATON CORP PLC US ETN 370.14 $27,664.17
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 24,608.48 $25,531.30
G47791101 INGERSOLL-RAND PLC IE IR 164.36 $14,747.87
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 537.48 $17,978.82
G96629103 WILLIS TOWERS WATSON PLC GB WLTW 106.95 $16,212.92
H1467J104 CHUBB LTD CH CB 166.65 $21,168.31
N47279109 INTERXION HOLDING NX NL INXN 923.87 $57,667.77
N53745100 LYONDELLBASELL INDU-CL A US LYB 306.22 $33,637.91
QZ4952797 DEXIA CREDIT LOCAL 1.87500 09/15/2021 FR 24,321.09 $23,435.66
USD US DOLLAR US 479,862.98 $479,862.98
Y23862AE8 EXPORT-IMPORT BANK CHINA 2.50000 07/31/2019 CN 3,064.46 $3,043.58

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.

Distributions

  • Strategic Income Conservative Series Class I Distribution History
  • 2018 Distribution Calendar
  • Fourth Quarter 2017 Distributions
  • Third Quarter 2017 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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