The Strategic Income Conservative Series is closed to new investors and will be closed to subsequent purchases from existing shareholders on 09/20/2018. The Series will be liquidated on or around 09/27/2018.

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

$10.47

Daily $ Change

$0.00

Daily % Change

0.00%

as of 09/17/2018

Ticker

MSCBX

CUSIP

56382P237

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.

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 08/31/2018

YTD

1.03%

1 Year

3.84%

3 Year

5.20%

5 Year

4.97%

10 Year

---

Inception
(08/01/2012)

4.71%

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 1.30%
Net 0.84%*

Includes a shareholder servicing fee of 0.25% and acquired fund fees and expenses of the underlying Series. Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated prior to the expiration date (04/30/2019) without the approval of the Fund’s Board of Directors.

Top Ten Investments

As of 08/31/2018

TREASURY NOTES 9.62%
GOVERNMENT AGENCY 7.31%
TREASURY BONDS 5.75%
TREASURY BILLS 1.58%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 1.09%
BOARDWALK PIPELINES LP 5.95000 06/01/2026 1.02%
PRICELINE GROUP INC/THE 3.60000 06/01/2026 1.01%
JPMORGAN CHASE & CO 6.30000 04/23/2019 1.01%
ALIBABA GROUP HOLDING 3.40000 12/06/2027 0.99%
JP MORGAN CHASE & CO 0.88%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 08/31/2018

Other 0.20%
Consumer Discretionary 2.20%
Consumer Staples 2.46%
Energy 1.61%
Financials 3.87%
Health Care 3.69%
Industrials 3.84%
Information Technology 3.27%
Materials 1.32%
Real Estate 9.84%
Telecommunication Services 0.18%
Utilities 0.40%
Long Term Fixed Income 17.37%
Intermediate Term Fixed Income 30.74%
Short Term Fixed Income 17.70%
Cash 1.31%

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

Asset Allocation

As of 08/31/2018

Bonds 65.82%
Stocks 32.87%
Cash 1.31%

Credit Quality Distribution

As of 08/31/2018

AAA 53.18%
AA 2.93%
A 8.02%
BBB 22.00%
BB 4.58%
B 3.67%
CCC 0.43%
NR 5.19%

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

August Fund Holdings

As of 08/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 3,561.01 $3,627.78
00206RCK6 AT&T INC FLT 3.26438 06/30/2020 US 28,488.12 $28,798.78
00206RDC3 AT&T INC FLT 4.45000 04/01/2024 US 12,890.87 $13,208.52
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 103,741.65 $102,433.39
00287Y109 ABBVIE INC US ABBV 590.67 $56,692.03
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 34,927.58 $35,888.09
004239109 ACADIA REALTY TRUST US AKR 410.89 $11,718.52
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 103,171.64 $103,261.53
008492100 AGREE REALTY CORP US ADC 186.7 $10,654.76
00928QAG6 AIRCASTLE LTD 7.62500 04/15/2020 BM 12,018.42 $12,767.29
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 5,581.68 $5,763.09
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 69.05 $8,862.38
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 206,894.78 $194,550.36
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 32,298.13 $32,621.11
020002101 ALLSTATE CORPORATION US ALL 121.09 $12,178.17
02004VAB9 ALLYA 2018-2 A2 MTGE 2.64000 02/16/2021 US 6,534.46 $6,531.46
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 23,081.65 $23,104.73
02005NBE9 ALLY FINANCIAL INC 3.25000 11/05/2018 US 8,902.54 $8,902.54
02007CAE2 ALLYA 2016-1 A4 1.73000 11/16/2020 US 2,670.76 $2,653.61
02007MAC4 ALLYA 2018-1 A1 1.75000 02/15/2019 US 136.69 $136.69
02155FAC9 ALTICE US FINANCE I CORP 5.50000 05/15/2026 US 9,054.53 $8,896.07
0237400 DIAGEO PLC GB DGE LN 586.8 $20,522.81
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 434.88 $18,234.71
0258M0DU0 AMERICAN EXPRESS CREDIT FLRT 3.04138 05/26/2020 US 26,707.61 $26,939.52
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,679.6 $38,966.82
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 106,591.7 $103,318.88
026874784 AMERICAN INTL GROUP INC US AIG 186.76 $9,929.96
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.25000 12/15/2021 US 11,117.5 $10,978.53
03027XAC4 AMERICAN TOWER CORP 3.40000 02/15/2019 US 4,985.42 $4,995.32
03027XAF7 AMERICAN TOWER CORP 2.80000 06/01/2020 US 16,024.57 $15,894.58
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 2,093.27 $2,109.97
03064D108 AMERICOLD REALTY TRUST US COLD 309.88 $7,716.06
031162100 AMGEN INC US AMGN 235.39 $47,033.86
03349M105 ANDEAVOR US ANDV 99.15 $15,149.75
03748R101 APARTMENT INVT & MGMT CO -A US AIV 625.47 $27,395.80
037612306 APOLLO GLOBAL MANAGMENT - A US APO 532.63 $18,391.86
037833100 APPLE COMPUTER INC US AAPL 181.71 $41,362.05
03784Y200 APPLE HOSPITALITY REIT INC US APLE 838.01 $14,790.95
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 8,969.49 $8,767.68
040114HB9 REPUBLIC OF ARGENTINA 6.25000 04/22/2019 AR 7,122.03 $6,961.78
04014Y101 ARES MANAGEMENT LP US ARES 531.37 $11,318.21
053015103 AUTOMATIC DATA PROCESSING US ADP 193.69 $28,423.78
053484101 AVALONBAY COMMUNITIES INC US AVB 386.43 $70,828.67
055622104 BP PLC-SPONS ADR GB BP 1,174.71 $50,371.72
05565QCG1 BP CAPITAL MARKETS PLC 2.24100 09/26/2018 GB 5,341.52 $5,341.09
05582QAD9 BMWOT 2016-A A3 1.16000 11/25/2020 US 48,819.8 $48,466.75
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 22,800.36 $21,934.83
060505104 BANK OF AMERICA CORP US BAC 2,416.78 $74,750.95
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 156,752.49 $155,060.84
06416CAB4 BANK OF NOVA SCOTIA 1.85000 04/14/2020 CA 28,488.12 $27,988.00
06652K103 BANKUNITED INC US BKU 319.78 $12,404.15
086516101 BEST BUY INC US BBY 169.45 $13,481.09
09253U108 BLACKSTONE GROUP LP/THE US BX 522.53 $19,286.64
09627J102 BLUEROCK RESIDENTIAL GROWTH US 810.41 $8,014.97
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 186,944.47 $200,235.04
097023105 BOEING CO US BA 196.51 $67,360.60
0989529 ASTRAZENECA PLC GB AZN LN 352.05 $26,570.40
101121101 BOSTON PROPERTIES INC US BXP 421.99 $55,048.87
105368203 BRANDYWINE REALTY TRUST US BDN 2,137.3 $35,821.20
105756BV1 FED REPUBLIC OF BRAZIL 4.25000 01/07/2025 BR 4,629.32 $4,328.41
110122108 BRISTOL MYERS SQUIBB CO US BMY 1,054.1 $63,825.46
11135F101 BROADCOM INC US AVGO 128.55 $28,155.52
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 9,134.44 $9,020.26
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 8,573.79 $8,466.62
12509KAA4 CCG 2018-2 A1 MTGE 2.47000 08/14/2019 US 17,805.07 $17,805.07
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 103.82 $9,974.66
125896100 CMS ENERGY CORP US CMS 470.9 $23,186.90
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 103,741.65 $104,347.58
12592TAA3 COMM 2015-3BP A FLT 3.17800 02/10/2035 US 22,800.36 $22,341.26
126307AC1 CSC HOLDINGS LLC 8.62500 02/15/2019 US 8,824.19 $9,028.21
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 19,305.85 $18,726.67
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 14,831.39 $13,843.70
12647MBY0 CSMC 2013-6 2A1 3.50000 08/25/2043 US 47,929 $47,245.63
126650100 CVS HEALTH CORP US CVS 481.61 $36,236.69
12686CBA6 CABLEVISION SYSTEMS CORP 8.00000 04/15/2020 US 10,045.62 $10,573.02
12770QAA3 CZR 2017-VICI A 3.53100 10/15/2034 US 32,490.52 $32,701.15
134429109 CAMPBELL SOUP CO US CPB 215.35 $8,495.40
14041NFF3 CAPITAL ONE MULTI-ASSET 1.33000 06/15/2022 US 11,883.11 $11,732.61
14314JAB6 CARMX 2017-1 A2 1.54000 02/18/2020 US 2,600.54 $2,598.28
14314MAC7 CARMX 2016-2 A3 1.52000 02/16/2021 US 8,638.92 $8,581.22
14314WAD3 CARMX 2017-3 A3 1.97000 04/15/2022 US 13,531.86 $13,353.07
149123101 CATERPILLAR INC US CAT 187.75 $26,069.77
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 2,829.83 $35,486.04
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 2,766.13 $2,755.75
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 50,152.16 $50,117.05
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 19,017.4 $17,828.81
15672WAJ3 CEQUEL COM HLDG I/CAP CP 7.50000 04/01/2028 US 9,076.32 $9,462.07
16411QAB7 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 13,692.97 $13,692.97
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 41,863 $41,467.03
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 25,341.69 $25,070.58
165240102 CHESAPEAKE LODGING TRUST US CHSP 431.14 $14,188.66
166764100 CHEVRON CORP US CVX 309.67 $36,684.01
168863AU2 REPUBLIC OF CHILE 5.50000 08/05/2020 CL 6,409,826.05 $9,699.02
17275R102 CISCO SYSTEMS INC US CSCO 1,433.95 $68,499.87
172967424 CITIGROUP INC US C 878.37 $62,575.02
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 104,881.67 $150,941.57
17305EFS9 CCCIT 2014-A6 A6 2.15000 07/15/2021 US 13,389.41 $13,327.59
189054109 CLOROX COMPANY US CLX 90.11 $13,063.48
194162103 COLGATE-PALMOLIVE CO US CL 444.55 $29,522.64
19625JAA1 CAH 2015-1A A 3.27113 07/17/2032 US 36,603.62 $36,632.05
19626G108 COLONY CAPITAL INC US CLNY 4,088.75 $25,064.03
199908104 COMFORT SYSTEMS US FIX 300.83 $17,267.90
20030N101 COMCAST CORP-CL A US CMCSA 1,189.3 $43,992.13
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 1,246.85 $38,689.86
205887102 CONAGRA BRAND INC. US CAG 204.22 $7,505.10
2099084 BORALEX INC -A CA BLX CN 632.54 $9,311.15
21871N101 CORECIVIC INC US CXW 1,825.34 $47,257.99
219350105 CORNING INC US GLW 546.42 $18,310.45
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 68,686.09 $76,232.27
21987BAV0 CODELCO INC 4.50000 09/16/2025 CL 28,488.12 $28,983.96
222795106 COUSINS PROPERTIES INC US CUZ 3,720.03 $34,782.24
22282E102 COVANTA HOLDING CORP US CVA 1,766.56 $31,179.79
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 26,004.04 $25,878.55
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 9,658.76 $9,477.66
22822V101 CROWN CASTLE INTL CORP US CCI 520.09 $59,305.49
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 12,725.48 $11,816.63
229663109 CUBESMART US CUBE 449.16 $13,721.89
231021106 CUMMINS INC US CMI 100.17 $14,204.29
23311VAE7 DCP MIDSTREAM OPERATING 2.70000 04/01/2019 US 4,575.9 $4,547.30
23331A109 DR HORTON INC US DHI 98.44 $4,381.51
233864AB3 DTRT 2018-1 A2 2.60000 05/15/2020 US 16,024.57 $16,026.52
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 18,044.68 $17,097.33
247361702 DELTA AIR LINES INC. US DAL 354.72 $20,743.75
253393102 DICK'S SPORTING GOODS INC US DKS 544 $20,367.35
253868103 DIGITAL REALTY TRUST INC US DLR 595.11 $73,959.94
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 106,591.7 $103,408.02
256677105 DOLLAR GENERAL CORP US DG 444.94 $47,933.12
26078J100 DOWDUPONT INC US DWDP 662.87 $46,487.36
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 13,503.66 $13,739.98
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 12,442.05 $12,442.05
277276101 EASTGROUP PROPERTIES US EGP 81.83 $7,959.19
277432100 EASTMAN CHEM CO US EMN 115.03 $11,161.01
28370TAA7 KINDER MORGAN ENER PART 6.50000 04/01/2020 US 3,204.91 $3,366.90
291011104 EMERSON ELEC CO US EMR 336.2 $25,796.62
29273RAK5 ENERGY TRANSFER PARTNERS 9.70000 03/15/2019 US 1,281.97 $1,329.69
29273RAM1 ENERGY TRAN PTNR ETP 9.00000 04/15/2019 US 1,413.72 $1,467.54
29372EBS6 EFF 2016-2 A2 1.74000 02/22/2022 US 12,777 $12,724.22
29372EBT4 EFF 2016-2 A3 2.04000 02/22/2022 US 13,887.96 $13,714.94
29372EBV9 EFF 2017-1 A2 2.13000 07/20/2022 US 6,004.4 $5,973.05
29373LAA9 EFF 2018-1 A1 2.15000 03/20/2019 US 12,780.04 $12,769.85
29444U700 EQUINIX INC US EQIX 282.95 $123,401.84
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 192.61 $18,659.97
29476L107 EQUITY RESIDENTIAL US EQR 758.29 $51,374.40
297178105 ESSEX PROPERTY TRUST INC US ESS 87.31 $21,501.66
30161N101 EXELON CORP US EXC 331.14 $14,474.23
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 114,001.81 $111,999.48
302154CB3 EXPORT - IMPORT BANK KOREA 1.75000 05/26/2019 KR 27,476.79 $27,246.07
30216HAC3 EXPORT-IMPORT BANK CHINA 2.50000 07/31/2019 CN 26,707.61 $26,537.38
30219GAK4 EXPRESS SCRIPTS HOLDING 3.50000 06/15/2024 US 23,146.59 $22,454.90
30225T102 EXTRA SPACE STORAGE INC US EXR 197.17 $18,180.69
30231G102 EXXON MOBIL CORP US XOM 1,180.89 $94,671.75
302491303 FMC CORP US FMC 426 $36,401.28
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 1,846.85 $1,838.59
30261KAN6 FREMF 2012-K711 B 3.68407 08/25/2045 US 33,395.61 $33,472.66
30262SAR9 FREMF 2015-K42 B FLT 3.98347 12/25/2024 US 28,426.27 $28,201.41
30263HAL5 FREMF 2011-K15 B FLT 5.11581 08/25/2044 US 9,690.15 $10,125.27
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 15,209.54 $15,566.20
30286XAN9 FREMF 2015-K43 B FLT 3.86215 02/25/2048 US 28,141.88 $27,703.28
30291EAE4 FREMF 2013-K712 B FLT 3.47346 05/25/2045 US 25,149.65 $25,183.46
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 313,821.56 $1,113.78
30291XAE2 FREMF 2014-K715 B FLT 4.11916 02/25/2046 US 34,286.24 $34,830.98
30291YAJ9 FREMF 2014-K716 B FLT 4.08107 08/25/2047 US 9,080.59 $9,204.69
311900104 FASTENAL CO US FAST 226.45 $13,215.63
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 9,503.57 $9,910.92
3128LCD86 FHLM POOL A78227 5.50000 06/01/2038 US 853.69 $921.19
3128M56M7 FHLM POOL G04176 5.50000 05/01/2038 US 785.38 $849.47
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 3,940.75 $4,340.31
3128M7FQ4 FHLM POOL G05275 5.50000 02/01/2039 US 14,958.81 $16,120.34
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 7,562.64 $8,216.32
3128MAGF0 FHLM POOL G07998 4.50000 07/01/2044 US 12,558.85 $13,089.83
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 54.1 $55.82
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 942.15 $972.22
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 656.43 $677.24
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 508.88 $526.73
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 894.27 $925.28
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 22,977.32 $23,974.15
3128MJJN1 FHLM POOL G08268 5.00000 05/01/2038 US 44,185.89 $47,157.33
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 9,178.21 $9,590.31
3128P75V1 FHLM POOL C91760 3.50000 05/01/2034 US 10,133.13 $10,278.09
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 9,423.36 $9,922.69
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 7,796.92 $8,141.66
3128P7QL0 FHLM POOL C91359 4.50000 02/01/2031 US 772.78 $805.78
3128P8A92 FHLM POOL C91832 3.50000 06/01/2035 US 40,751.88 $41,208.39
3128P8AL5 FHLM POOL C91811 4.00000 01/01/2035 US 4,526.62 $4,679.31
3128P8CH2 FHLM POOL C91872 3.50000 04/01/2036 US 11,950.23 $12,084.04
312941F69 FHLM POOL A92889 4.50000 07/01/2040 US 19,896.25 $20,891.20
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 51,930.54 $54,520.50
312945B80 FHLM POOL A96363 4.50000 01/01/2041 US 11,677.91 $12,253.30
3132J8YK0 FHLM POOL Q17513 3.50000 04/01/2043 US 12,461.36 $12,489.73
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 48,516.26 $49,538.00
3132QUWT6 FHLM POOL Q37857 4.00000 12/01/2045 US 41,648.02 $42,494.15
3132QVKA8 FHLM POOL Q38388 4.00000 01/01/2046 US 50,571.17 $51,686.43
3132QVMX6 FHLM POOL Q38473 4.00000 01/01/2046 US 17,818.48 $18,179.65
3132WDMZ4 FHLM POOL Q40375 3.50000 05/01/2046 US 19,407.58 $19,343.20
3132WL4Q6 FHLM POOL Q47130 4.50000 04/01/2047 US 22,474.72 $23,361.60
3132WPDP9 FHLM GOLD POOL FG Q49109 4.00000 07/01/2047 US 21,926.42 $22,353.94
3132XSLZ1 FHLM GOLD POOL FG Q50343 4.00000 08/01/2047 US 25,231.47 $25,720.96
31335A5Q7 FHLM POOL G60855 4.50000 12/01/2045 US 19,576.1 $20,365.25
31335ACG1 FHLM POOL G60071 4.50000 07/01/2042 US 19,997.78 $20,994.80
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 26,630.61 $27,217.64
31335ALX4 FHLM POOL G60342 4.50000 05/01/2042 US 11,048.51 $11,599.51
31335ASA7 FHLM POOL G60513 5.00000 07/01/2041 US 46,698.36 $49,836.87
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 1,008.1 $1,017.88
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 49,925.92 $49,944.69
3137A2B34 FHMS K009 X1 FLT 1.45070 08/25/2020 US 32,032.87 $644.31
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459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 339.97 $49,799.10
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464288513 ISHARES IBOXX H/Y CORP BOND 4.38700 US 263.01 $22,713.11
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532457108 ELI LILLY & CO US LLY 598.34 $63,214.40
534187109 LINCOLN NATL CORP IND US LNC 161.5 $10,591.31
539830109 LOCKHEED MARTIN CORP US LMT 110.92 $35,538.36
554382101 THE MACERICH CO US MAC 202.47 $11,893.27
55616P104 MACY'S INC US M 227.21 $8,304.64
55616XAC1 MACYS RETAIL HLDGS INC 7.00000 02/15/2028 US 47,880.76 $52,863.26
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56585A102 MARATHON PETROLEUM CORP US MPC 223.91 $18,425.33
5671735 SANOFI-AVENTIS FR SAN FP 363.56 $31,219.77
57772K101 MAXIM INTEGRATED PRODUCTS US MXIM 172.35 $10,421.93
580135101 MCDONALDS CORP US MCD 274.47 $44,527.22
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58933Y105 MERCK & CO INC US MRK 1,576.21 $108,112.12
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594918104 MICROSOFT CORP US MSFT 477.77 $53,668.03
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61747YDX0 MORGAN STANLEY FLT 3.47688 01/27/2020 US 31,158.88 $31,536.44
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624758108 MUELLER WATER PRODUCTS INC - A US MWA 2,799.56 $32,390.87
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63938CAE8 NAVIENT CORP 7.25000 09/25/2023 US 8,448.44 $8,913.11
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63940HAA1 NAVSL 2016-3A A1 2.66475 06/25/2065 US 1,543.56 $1,544.00
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64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 21,419.55 $21,476.55
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 14,352.96 $14,352.49
651229106 NEWELL BRANDS INC US NWL 1,382.24 $30,022.31
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670346105 NUCOR CORP US NUE 221.11 $13,819.38
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67103H107 O'REILLY AUTOMOTIVE INC US ORLY 98.08 $32,897.96
680223104 OLD REPUBLIC INTL CORP US ORI 586.23 $13,002.68
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695156109 PACKAGING CORP OF AMERICA US PKG 75.53 $8,301.79
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70338P100 PATTERN ENERGY GROUP INC -A US PEGI 598.02 $12,187.66
704326107 PAYCHEX INC US PAYX 208.84 $15,297.55
713448108 PEPSICO INC US PEP 703.12 $78,756.65
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717081103 PFIZER INC US PFE 1,767.71 $73,395.51
71943U104 PHYSICIANS REALTY TRUST US DOC 2,176.1 $38,059.92
729640102 PLYMOUTH INDUSTRIAL REIT INC US 909.13 $14,664.32
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744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 106,231.65 $113,136.70
74460D109 PUBLIC STORAGE INC US PSA 213.12 $45,304.20
74834L100 QUEST DIAGNOSTICS INC US DGX 85.23 $9,373.75
758849103 REGENCY CENTERS CORP US REG 315.43 $20,827.93
7591EP100 REGIONS FINANCIAL CORP. US RF 771.03 $15,004.22
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77340RAP2 ROCKIES EXPRESS PIPELINE 6.00000 01/15/2019 US 10,683.04 $10,783.25
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 389.79 $26,264.31
784423AF2 SLCLT 2004-1 A6 2.47375 05/15/2023 US 8,702.45 $8,696.57
78442FEJ3 NAVIENT CORP 8.00000 03/25/2020 US 3,561.01 $3,775.57
78442FER5 NAVIENT CORP 5.50000 01/15/2019 US 4,753.95 $4,791.04
78442FES3 NAVIENT CORP 4.87500 06/17/2019 US 14,917.09 $15,017.78
78442GNG7 SLMA 2004-10 A6A FLT RT 2.88531 04/27/2026 US 8,203.39 $8,223.68
78442PGC4 SLM CORP 5.12500 04/05/2022 US 10,847.71 $10,739.24
78449PAA7 SMB 2018-A A1 FLT 2.41269 03/16/2026 US 11,189.8 $11,195.36
78464A417 SPDR BARCLAYS CAPITAL HIGH 1.95600 US 471.21 $16,963.48
78469EAB5 SOFI 2014-A A2 3.02000 10/25/2027 US 8,536.2 $8,543.16
78470RAB3 SOFI 2016-E A2A 1.63000 01/25/2036 US 1,640.59 $1,635.71
78470RAC1 SOFI 2016-E A2B 2.49000 01/25/2036 US 57,000.91 $56,222.32
78471CAA7 SOFI 2017-D A1FX 1.72000 09/25/2040 US 6,472.35 $6,430.74
78490DAA2 SOFI 2018-C A1FX 3.08000 01/25/2048 US 35,910.57 $35,969.69
785592AJ5 SABINE PASS LIQUEFACTION 5.75000 05/15/2024 US 35,610.14 $38,291.77
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 143,642.28 $155,417.05
80282KAD8 SANTANDER HOLDINGS USA 2.65000 04/17/2020 US 14,066.01 $13,908.40
80282KAH9 SANTANDER HOLDINGS USA 2.70000 05/24/2019 US 33,637.34 $33,490.60
80282KAS5 SANTANDER HOLDINGS USA 3.40000 01/18/2023 US 106,021.69 $103,071.03
81211K100 SEALED AIR CORP US SEE 532.77 $21,369.58
81663AAD7 SEMGROUP CORP 6.37500 03/15/2025 US 17,707.52 $17,309.10
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 10,450.48 $10,009.60
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 14,253.26 $13,784.20
81745FAA4 SEMT 2012-3 A1 3.50000 07/25/2042 US 21,050.1 $20,881.54
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 2,364.7 $2,122.05
81783QAC9 SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 CA 9,490.54 $9,205.82
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 9,655.49 $9,896.87
828806109 SIMON PROPERTY GROUP INC US SPG 538.92 $98,638.33
83088M102 SKYWORKS SOLUTIONS INC US SWKS 375.9 $34,319.92
831641FC4 SBIC 2015-10A 1 2.51700 03/10/2025 US 31,044.82 $30,331.06
831641FE0 SBIC 2015-10B 1 2.82900 09/10/2025 US 79,506.35 $78,445.53
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 92.27 $9,538.55
832696AQ1 JM SMUCKER CO 2.20000 12/06/2019 US 17,092.87 $16,922.79
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 9,249.05 $9,168.67
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 11,220.9 $10,957.86
83401LAB0 SOFI 2015-A A2 2.42000 03/25/2030 US 2,093.44 $2,066.80
83402DAB7 SOFI 2016-C A2A 1.48000 05/26/2031 US 920.69 $918.69
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 2,136.61 $2,097.01
83403YAA2 SOFI 2017-B A1FX 1.83000 05/25/2040 US 628.22 $624.36
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 7,417.59 $7,360.29
83404RAA6 SOFI 2018-B A1FX 2.64000 08/25/2047 US 28,195.49 $28,068.62
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 18,557.09 $18,407.06
83405JAA3 SCLP 2017-4 A 2.50000 05/26/2026 US 4,525.9 $4,480.36
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 16,369.74 $16,291.72
835495102 SONOCO PRODUCTS CO US SON 837.26 $46,919.89
83714RAZ6 SOUTH CAROLINA ST STUDENT LOAN 2.46100 12/01/2023 US 1,077.01 $1,076.79
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 109,864.62 $113,673.53
844741108 SOUTHWEST AIRLS CO US LUV 323.99 $19,860.36
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 10,449.02 $10,462.08
852060AG7 SPRINT CAPITAL CORP 6.90000 05/01/2019 US 24,571 $25,123.85
852061AK6 SPRINT COMMUNICATIONS 9.00000 11/15/2018 US 5,771.84 $5,836.77
852061AQ3 SPRINT COMMUNICATIONS 7.00000 03/01/2020 US 7,122.03 $7,398.01
85254J102 STAG INDUSTRIAL INC US STAG 1,110.81 $32,069.11
85571BAM7 STARWOOD PROPERTY TRUST 3.62500 02/01/2021 US 7,122.03 $6,943.98
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.28269 11/15/2027 US 27,937.37 $27,948.33
866674104 SUN COMMUNITIES US SUI 362.38 $37,389.86
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 1,329.75 $22,313.15
867914103 SUNTRUST BANKS INC US STI 396.16 $29,141.56
871829107 SYSCO CORP US SYY 323.85 $24,230.11
87470LAA9 TALLGRASS NRG PRTNR/FIN 5.50000 09/15/2024 US 8,865.94 $9,065.42
876030107 TAPESTRY INC US TPR 163.41 $8,283.06
87612E106 TARGET CORP US TGT 278.96 $24,409.20
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 8,992.51 $8,978.60
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 10,786.89 $9,708.20
88032WAB2 TENCENT HOLDINGS LTD 3.37500 05/02/2019 KY 13,175.75 $13,207.05
88032WAC0 TENCENT HOLDINGS LTD 2.87500 02/11/2020 KY 712.2 $709.57
88032WAG1 TENCENT HOLDINGS LTD 3.59500 01/19/2028 KY 108,301.72 $102,946.87
882508104 TEXAS INSTRUMENTS INC US TXN 705.21 $79,266.09
88579Y101 3M CO US MMM 333.96 $70,439.50
88650V208 TIER REIT INC US TIER 942.97 $22,480.43
891145W59 TORONTO-DOMINION BANK 2.25000 09/25/2019 CA 14,244.06 $14,154.14
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 39,599.74 $38,616.92
89613BAA5 TAH 2013-SFR1 A 2.58900 11/17/2033 US 36,888.3 $35,785.34
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 28,500.45 $27,519.54
896356AE2 TRINIDAD DRILLING LTD 6.62500 02/15/2025 CA 14,501.03 $14,356.02
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 14,118.44 $14,365.51
90261XHN5 UBS AG STAMFORD CT FLT 3.17075 06/01/2020 CH 28,488.12 $28,715.66
902653104 UDR INC US UDR 983.99 $39,329.88
90270YBF5 UBS-BARCLAYS COMMERCIAL MORTGAGE 3.18470 03/10/2046 US 45,600.73 $45,355.63
902973304 U.S. BANCORP US USB 650.83 $35,216.26
903002103 UMH PROPERTIES INC US UMH 637.99 $10,182.36
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 18,478.66 $18,249.53
907818108 UNION PAC CORP US UNP 296.38 $44,640.98
90945AAA4 UACST 2018-2 A 2.89000 03/10/2021 US 7,122.03 $7,122.77
911312106 UNITED PARCEL SERVICE US UPS 338.66 $41,614.31
912796PY9 TREASURY BILL 0.00000 09/06/2018 US 310,654.94 $310,622.23
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 171,349.57 $228,490.63
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 176,336.84 $222,652.81
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 110,288.47 $106,882.16
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 261,121.06 $236,865.36
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 439,875.99 $439,085.59
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 216,603.44 $214,665.86
912828D23 US TREASURY N/B 1.62500 04/30/2019 US 311,794.96 $310,321.24
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 216,129.05 $213,354.27
912828K58 UNITED STATES TREAS NTS 1.37500 04/30/2020 US 318,065.06 $311,753.45
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 342,005.44 $313,816.71
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 109,521.09 $106,687.33
912828WZ9 UNITED STATES TREAS NTS 1.75000 04/30/2022 US 215,178.42 $207,924.55
912828X70 US TREASURY N/B 2.00000 04/30/2024 US 218,028.47 $209,239.19
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 330,605.26 $318,853.27
913017109 UNITED TECHNOLOGIES CORP US UTX 315.05 $41,492.22
91704F104 URBAN EDGE PROPERTIES US UE 1,455.15 $33,264.80
918204108 VF CORP US VFC 201.25 $18,541.51
91913Y100 VALERO ENERGY US VLO 223.89 $26,391.69
92276F100 VENTAS INC US VTR 296.5 $17,751.40
92339V100 VEREIT INC US VER 1,944.15 $15,203.22
92343V104 VERIZON COMMUNICATIONS US VZ 648.67 $35,268.42
92343VCA0 VERIZON COMMUNICATIONS FLT 3.10469 06/17/2019 US 30,866.87 $31,030.57
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 144,782.3 $156,478.37
92343VDY7 VERIZON COMMUNICATIONS 4.12500 03/16/2027 US 15,668.46 $15,755.45
92553P201 VIACOM INC CL B US VIAB 232.87 $6,818.47
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 18,220.63 $18,594.88
929042109 VORNADO REALTY TRUST US VNO 471.25 $36,286.62
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 50,205.72 $51,866.08
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 17,421.49 $17,813.48
931142103 WAL MART STORES US WMT 884.91 $84,827.11
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 318.99 $21,870.13
94106L109 WASTE MANAGEMENT INC US WM 646.71 $58,786.17
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 8,836.17 $8,571.08
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 13,357.24 $12,622.59
949746101 WELLS FARGO COMPANY US WFC 2,249.75 $131,565.12
94974BFQ8 WELLS FARGO & COMPANY 2.15000 01/15/2019 US 30,268.62 $30,232.42
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 20,482.62 $20,925.17
95040Q104 WELLTOWER INC. US WELL 350.72 $23,396.71
958102105 WESTERN DIGITAL CORP US WDC 179.98 $11,381.79
96122WAH3 WESTPAC BANKING CORP 2.00000 03/03/2020 AU 14,244.06 $14,040.94
96145D105 WESTROCK CO US WRK 134.69 $7,418.83
962166104 WEYERHAEUSER CO US WY 1,035.21 $35,932.14
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 32,871.16 $33,035.52
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 13,540.7 $13,489.24
96328DAT1 WHLS 2016-1A A2 1.59000 05/20/2025 US 510.28 $508.58
963320106 WHIRLPOOL CORP US WHR 59.14 $7,391.93
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 99,460.41 $95,472.39
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 10,380.57 $10,383.88
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 11,594.91 $11,395.70
98162EAC1 WOART 2017-A A3 Mtge 1.93000 09/15/2022 US 14,244.06 $14,088.67
98162KAD5 WOLS 2017-A A4 Mtge 2.32000 08/15/2022 US 2,670.76 $2,649.63
AP0787667 MPC CONTAINER SHIPS FLT 7.08188 09/22/2022 NL 12,586.06 $12,819.03
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 17,937.56 $17,668.50
B15C557 TOTAL SA FR FP FP 306.45 $19,216.68
B296BQ5 STORAGEVAULT CANADA INC CA SVI CN 2,392.47 $4,839.94
B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 1,048.29 $10,756.02
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 448,687.82 $22,432.45
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 124,635.51 $6,532.69
B68XHC3 NORTHLAND POWER INC CA NPI CN 622.01 $10,405.04
BBG000ZB5GX9 90 DAY EURO FUTR MAR20 EU -.27 $419.97
BBG00JG0FPL5 SHORT EURO-BTP FU SEP18 IT -.77 $1,252.02
BBG00JG0FPY1 EURO-SCHATZ FUT SEP18 DE -.24 $8.10
BBG00JG0FQZ8 EURO-BTP ITALIAN GOV BOND FUTURE IT .18 -$847.07
BBG00JG0FSH4 EURO-BOBL FUTURE SEP18 DE -.35 -$45.50
BBG00JG0FT00 EURO-BOND FUTURE SEP18 DE -.53 -$1,012.08
BBG00JG0FT37 EURO BUXL 30 YR BND SEP18 EU -.06 -$47.71
BBG00JGH1VQ5 ULTRA 10-YR US TREASURY FUTURES US .38 $630.09
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 7,862.73 $8,039.64
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 19,155.43 $17,910.33
BFWG293 OKEA AS FLT 8.83563 06/28/2023 NO 9,076.32 $9,358.41
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 102.62 $21,551.22
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 9,268.43 $16,137.52
EDH9 COMDTY 90DAY EURO$ FUTR Mar19 US .27 -$384.59
G29183103 EATON CORP PLC US ETN 265.29 $22,056.53
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 17,331.19 $18,024.44
G47791101 INGERSOLL-RAND PLC IE IR 117.8 $11,932.21
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 968.8 $36,591.76
G96629103 WILLIS TOWERS WATSON PLC GB WLTW 79.42 $11,695.90
H1467J104 CHUBB LTD CH CB 123.76 $16,736.96
N47279109 INTERXION HOLDING NV NL INXN 648.26 $42,739.80
N53745100 LYONDELLBASELL INDU-CL A US LYB 219.48 $24,752.76
USD US DOLLAR US 260,241.54 $260,241.54
Y23862AE8 EXPORT-IMPORT BANK CHINA 2.50000 07/31/2019 CN 2,243.44 $2,229.14

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.

The Strategic Income Conservative Series is closed to new investors and will be closed to subsequent purchases from existing shareholders on 09/20/2018. The Series will be liquidated on or around 09/27/2018.

Daily Price

$10.47

Daily $ Change

$0.00

Daily % Change

0.00%

as of 09/17/2018

Ticker

MSCBX

CUSIP

56382P237

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.

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 08/31/2018

YTD

1.03%

1 Year

3.84%

3 Year

5.20%

5 Year

4.97%

10 Year

---

Inception
(08/01/2012)

4.71%

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 1.30%
Net 0.84%*

Includes a shareholder servicing fee of 0.25% and acquired fund fees and expenses of the underlying Series. Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated prior to the expiration date (04/30/2019) without the approval of the Fund’s Board of Directors.

Top Ten Investments

As of 08/31/2018

TREASURY NOTES 9.62%
GOVERNMENT AGENCY 7.31%
TREASURY BONDS 5.75%
TREASURY BILLS 1.58%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 1.09%
BOARDWALK PIPELINES LP 5.95000 06/01/2026 1.02%
PRICELINE GROUP INC/THE 3.60000 06/01/2026 1.01%
JPMORGAN CHASE & CO 6.30000 04/23/2019 1.01%
ALIBABA GROUP HOLDING 3.40000 12/06/2027 0.99%
JP MORGAN CHASE & CO 0.88%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 08/31/2018

Other
0.20%
Consumer Discretionary
2.20%
Consumer Staples
2.46%
Energy
1.61%
Financials
3.87%
Health Care
3.69%
Industrials
3.84%
Information Technology
3.27%
Materials
1.32%
Real Estate
9.84%
Telecommunication Services
0.18%
Utilities
0.40%
Long Term Fixed Income
17.37%
Intermediate Term Fixed Income
30.74%
Short Term Fixed Income
17.70%
Cash
1.31%

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

Asset Allocation

As of 08/31/2018

Bonds
65.82%
Stocks
32.87%
Cash
1.31%

Credit Quality Distribution

As of 08/31/2018

AAA
53.18%
AA
2.93%
A
8.02%
BBB
22.00%
BB
4.58%
B
3.67%
CCC
0.43%
NR
5.19%

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

August Fund Holdings

As of 08/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 3,561.01 $3,627.78
00206RCK6 AT&T INC FLT 3.26438 06/30/2020 US 28,488.12 $28,798.78
00206RDC3 AT&T INC FLT 4.45000 04/01/2024 US 12,890.87 $13,208.52
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 103,741.65 $102,433.39
00287Y109 ABBVIE INC US ABBV 590.67 $56,692.03
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 34,927.58 $35,888.09
004239109 ACADIA REALTY TRUST US AKR 410.89 $11,718.52
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 103,171.64 $103,261.53
008492100 AGREE REALTY CORP US ADC 186.7 $10,654.76
00928QAG6 AIRCASTLE LTD 7.62500 04/15/2020 BM 12,018.42 $12,767.29
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 5,581.68 $5,763.09
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 69.05 $8,862.38
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 206,894.78 $194,550.36
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 32,298.13 $32,621.11
020002101 ALLSTATE CORPORATION US ALL 121.09 $12,178.17
02004VAB9 ALLYA 2018-2 A2 MTGE 2.64000 02/16/2021 US 6,534.46 $6,531.46
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 23,081.65 $23,104.73
02005NBE9 ALLY FINANCIAL INC 3.25000 11/05/2018 US 8,902.54 $8,902.54
02007CAE2 ALLYA 2016-1 A4 1.73000 11/16/2020 US 2,670.76 $2,653.61
02007MAC4 ALLYA 2018-1 A1 1.75000 02/15/2019 US 136.69 $136.69
02155FAC9 ALTICE US FINANCE I CORP 5.50000 05/15/2026 US 9,054.53 $8,896.07
0237400 DIAGEO PLC GB DGE LN 586.8 $20,522.81
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 434.88 $18,234.71
0258M0DU0 AMERICAN EXPRESS CREDIT FLRT 3.04138 05/26/2020 US 26,707.61 $26,939.52
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,679.6 $38,966.82
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 106,591.7 $103,318.88
026874784 AMERICAN INTL GROUP INC US AIG 186.76 $9,929.96
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.25000 12/15/2021 US 11,117.5 $10,978.53
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357081AE8 FREMF 2015-K720 B FLT 3.50683 07/25/2022 US 19,380.31 $18,990.14
35802XAA1 FRESENIUS MED CARE US 6.50000 09/15/2018 US 139,686.62 $139,809.95
36143WAN1 GAHR 2015-NRF BFX FLT 3.49490 12/15/2034 US 29,922.39 $29,922.17
36143WAS0 GAHR 2015-NRF DFX FLT 3.49490 12/15/2034 US 16,635.37 $16,556.71
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 25,650.41 $25,121.46
36251LAE3 GMALT 2016-2 A4 1.76000 03/20/2020 US 57,000.91 $56,796.68
36251MAE1 GMALT 2016-3 A4 1.78000 05/20/2020 US 14,244.06 $14,165.60
363576109 ARTHUR J GALLAGHER & CO US AJG 191.39 $13,806.81
364760108 GAP INC US GPS 325.33 $9,873.73
370334104 GENERAL MLS INC US GIS 354.38 $16,305.12
372460105 GENUINE PARTS CO US GPC 111.85 $11,167.99
374297109 GETTY REALTY CORP US GTY 519.13 $15,111.96
375558103 GILEAD SCIENCES INC US GILD 512.11 $38,782.01
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 18,841.92 $18,983.23
38141EA58 GOLDMAN SACHS GP GS 5.37500 03/15/2020 US 27,775.91 $28,704.88
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 26,912.08 $25,523.17
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 3,245.76 $46,154.66
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 14,179.12 $13,860.09
404119BM0 HCA INC 3.75000 03/15/2019 US 23,146.59 $23,227.61
404119BP3 HCA INC 4.25000 10/15/2019 US 5,341.52 $5,401.13
404121AC9 HCA INC 6.50000 02/15/2020 US 14,244.06 $14,785.33
404121AH8 HCA INC 5.37500 09/01/2026 US 9,087.58 $9,133.01
40414L109 HCP INC US HCP 987.13 $26,682.09
418056107 HASBRO INC US HAS 93.6 $9,295.61
421946104 HEALTHCARE REALTY TRUST INC US HR 629.28 $19,482.57
42217KAY2 WELLTOWER INC. 4.12500 04/01/2019 US 25,995.41 $26,103.19
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 710.39 $20,295.75
427866108 HERSHEY CO/THE US HSY 135.45 $13,615.91
428041BD8 HFLF 2018-1 A2 MTGE 3.23000 05/10/2032 US 24,927.1 $24,980.95
42806DAD1 HERTZ 2015-2A A 2.02000 09/25/2019 US 14,244.06 $14,236.65
42809H107 HESS CORP US HES 475.11 $31,993.58
437076102 HOME DEPOT INC US HD 360.93 $72,463.95
438516106 HONEYWELL INTERNATIONAL INC US HON 297.78 $47,364.91
440452100 HORMEL FOODS CORP US HRL 244.53 $9,573.21
44053FAA8 HORIZON PHARMA INC/HORIZ 8.75000 11/01/2024 US 13,739.12 $14,632.16
44107P104 HOST MARRIOTT CORP US HST 1,716.58 $36,957.97
444454AB8 HUGHES SATELITE SYSTEMS 6.50000 06/15/2019 US 26,084.43 $26,707.85
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 23,880.76 $22,835.97
446150104 HUNTINGTON BANCSHARES US HBAN 836.7 $13,562.84
44890WAD2 HART 2015-A A4 1.37000 07/15/2020 US 3,095.21 $3,090.85
44929EAD7 HALST 2016-C A3 1.49000 02/18/2020 US 3,402.45 $3,396.96
44931PAD8 HART 2017-A A3 1.76000 08/16/2021 US 587.57 $581.36
44935AAA3 HALST 2018-A A1 1.95000 03/15/2019 US 976.67 $976.68
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 13,846.66 $13,708.20
452281JC3 ISAC 2010-1 A2 2.41742 04/25/2022 US 446.26 $447.11
452308109 ILLINOIS TOOL WKS INC US ITW 136.2 $18,914.97
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 1,143.37 $11,810.99
45763PAE6 INMARSAT FINANCE PLC 4.87500 05/15/2022 GB 9,509.46 $9,533.23
458140100 INTEL CORP US INTC 2,925.98 $141,705.28
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 339.97 $49,799.10
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 134,675.99 $137,659.56
46115HAL1 INTESA SANPAOLO SPA 3.87500 01/15/2019 IT 31,336.93 $31,370.68
46187BAA1 IHSFR 2017-SFR2 A 2.91000 12/17/2036 US 10,562.15 $10,568.32
46187BAB9 IHSFR 2017-SFR2 B 3.21000 12/17/2036 US 7,979.51 $7,992.99
46187W107 INVITATION HOMES INC US INVH 1,463.06 $34,191.62
464287598 ISHARES RUSSELL 1000 VALUE US 306.59 $38,967.25
464287739 ISHARES DJ US REAL ESTATE US 643.27 $53,507.24
464288513 ISHARES IBOXX H/Y CORP BOND 4.38700 US 263.01 $22,713.11
466032109 J&J SNACK FOODS CORP US JJSF 175.39 $25,519.71
46625H100 JP MORGAN CHASE & CO US JPM 1,497.26 $171,556.20
46625HHL7 JPMORGAN CHASE & CO 6.30000 04/23/2019 US 192,644.56 $197,097.66
46625HHQ6 JPMORGAN CHASE JPM 4.95000 03/25/2020 US 534.15 $549.02
46635GAE0 JP MORGAN CHASE COMMERCIAL MORTG 4.06980 11/15/2043 US 13,566.49 $13,761.08
46639GAL0 JPMMT 2013-1 1A2 3.00000 03/25/2043 US 9,113.16 $8,812.35
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 10,205.42 $10,040.77
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 13,103.96 $12,993.40
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 61,257.08 $60,620.56
46649HAC6 JPMMT 2017-6 A3 3.50000 12/25/2048 US 18,618.29 $18,236.47
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 31,346.21 $31,020.49
476405105 JERNIGAN CAPITAL INC US JCAP 1,270.36 $25,419.90
478160104 JOHNSON & JOHNSON US JNJ 1,152.59 $155,242.33
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 19,167.82 $14,950.90
482480100 KLA-TENCOR CORPORATION US KLAC 108.67 $12,628.42
485170302 KANSAS CITY SOUTHERN US KSU 332.41 $38,545.71
487836108 KELLOGG CO US K 166.56 $11,957.60
493267108 KEYCORP US KEY 1,715.23 $36,139.97
494368103 KIMBERLY CLARK CORP US KMB 187.52 $21,666.27
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 129,392.06 $152,667.27
494550BB1 KINDER MORGAN ENER PART 6.85000 02/15/2020 US 13,093.85 $13,739.38
497864AA6 KISSNER GR HLDG 8.37500 12/01/2022 CA 10,846.86 $11,036.68
500255104 KOHLS CORP US KSS 126.81 $10,031.84
500630CK2 KOREA DEVELOPMENT BANK 1.37500 09/12/2019 KR 62,342.43 $61,363.41
500754106 KRAFT HEINZ CO/THE US KHC 457.08 $26,633.77
50077LAH9 KRAFT HEINZ FOODS CO 2.80000 07/02/2020 US 25,069.54 $24,860.20
50117PAA7 KCOT 2018-1A A1 MTGE 2.37000 05/15/2019 US 13,528.65 $13,529.00
50187T106 LGI HOMES INC US LGIH 69.45 $4,000.45
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 14,145.36 $14,056.95
50212YAB0 LPL HOLDINGS INC 5.75000 09/15/2025 US 13,829.57 $13,518.40
502160AM6 LSB INDUSTRIES 9.62500 05/01/2023 US 17,047.02 $17,792.83
50218LAC0 LSTAR COMMERCIAL MORTGAGE TR FLT 2.76700 01/20/2041 US 787.8 $785.55
505742AD8 LADDER CAP FIN LLLP/CORP 5.87500 08/01/2021 US 9,119.91 $9,245.31
512816109 LAMAR ADVERTISING CO US LAMR 299.04 $23,040.74
526057104 LENNAR CORP US LEN 79.55 $4,110.20
531172104 LIBERTY PROPERTY TRUST US LPT 701.94 $30,709.69
53223X107 LIFE STORAGE INC US LSI 93.34 $9,109.94
532457108 ELI LILLY & CO US LLY 598.34 $63,214.40
534187109 LINCOLN NATL CORP IND US LNC 161.5 $10,591.31
539830109 LOCKHEED MARTIN CORP US LMT 110.92 $35,538.36
554382101 THE MACERICH CO US MAC 202.47 $11,893.27
55616P104 MACY'S INC US M 227.21 $8,304.64
55616XAC1 MACYS RETAIL HLDGS INC 7.00000 02/15/2028 US 47,880.76 $52,863.26
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 14,747.03 $14,562.69
56585A102 MARATHON PETROLEUM CORP US MPC 223.91 $18,425.33
5671735 SANOFI-AVENTIS FR SAN FP 363.56 $31,219.77
57772K101 MAXIM INTEGRATED PRODUCTS US MXIM 172.35 $10,421.93
580135101 MCDONALDS CORP US MCD 274.47 $44,527.22
58768MAC5 MBALT 2016-B A3 1.35000 08/15/2019 US 36,978.04 $36,895.26
58933Y105 MERCK & CO INC US MRK 1,576.21 $108,112.12
59001ABA9 MERITAGE HOMES CORP 5.12500 06/06/2027 US 11,328.6 $10,507.27
59022CAA1 BANK OF AMERICA CORP 3.10063 09/15/2026 US 17,132.04 $16,496.60
594918104 MICROSOFT CORP US MSFT 477.77 $53,668.03
59522J103 MID-AMERICA APARTMENT COMM US MAA 367.91 $38,101.05
60871R209 MOLSON COORS BREWING CO -B US TAP 305.19 $20,368.40
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 1,041.36 $44,486.97
61744YAG3 MORGAN STANLEY FLT 3.56325 05/08/2024 US 152,192.42 $155,234.44
61746BDM5 MORGAN STANELY 2.50000 01/24/2019 US 30,268.62 $30,263.14
61747YDX0 MORGAN STANLEY FLT 3.47688 01/27/2020 US 31,158.88 $31,536.44
620076307 MOTOROLA SOLUTIONS INC US MSI 103.16 $13,241.52
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 22,264.2 $22,709.48
624758108 MUELLER WATER PRODUCTS INC - A US MWA 2,799.56 $32,390.87
62943WAE9 NRG YIELD OPERATING LLC 5.00000 09/15/2026 US 4,412.25 $4,224.73
62944T105 NVR INC US NVR 1.41 $3,771.25
62954NAA3 NYCTL 2018-A A 3.22000 11/10/2031 US 16,024.57 $16,037.75
637417106 NATIONAL RETAIL PROPERTIES US NNN 316.49 $14,586.88
63938CAE8 NAVIENT CORP 7.25000 09/25/2023 US 8,448.44 $8,913.11
63940FAA5 NAVSL 2016-2 A1 2.81475 06/25/2065 US 311.6 $311.72
63940HAA1 NAVSL 2016-3A A1 2.66475 06/25/2065 US 1,543.56 $1,544.00
63941DAA9 NAVSL 2018-2A A1 2.30475 03/25/2067 US 12,833.73 $12,837.09
64828AAA1 NRZT 2014-1A A 3.75000 01/25/2054 US 17,873.69 $17,908.38
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 10,758.64 $10,803.17
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 21,419.55 $21,476.55
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 14,352.96 $14,352.49
651229106 NEWELL BRANDS INC US NWL 1,382.24 $30,022.31
65478WAD7 NAROT 2016-C A3 1.18000 01/15/2021 US 11,747.48 $11,637.46
655844108 NORFOLK SOUTHN CORP US NSC 101.61 $17,664.28
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 22,586.54 $23,066.50
66987V109 NOVARTIS AG- REG CH NVS 285.96 $23,737.63
670346105 NUCOR CORP US NUE 221.11 $13,819.38
67087MAA4 OBP DEPOSITOR LLC TRUST 4.64620 07/15/2045 US 7,195.72 $7,358.45
67091GAA1 OCI NV 6.62500 04/15/2023 NL 14,561 $15,070.64
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 98.08 $32,897.96
680223104 OLD REPUBLIC INTL CORP US ORI 586.23 $13,002.68
683235AA3 ONTARIO (PROVINCE OF) 2.00000 09/27/2018 CA 25,650.41 $25,646.05
68323ADY7 ONTARIO (PROVINCE OF) 1.25000 06/17/2019 CA 22,800.36 $22,556.86
69007J106 OUTFRONT MEDIA INC US OUT 894.28 $17,769.34
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 13,788.55 $14,098.79
693475105 PNC FINANCIAL SERVICES GROUP US PNC 91.63 $13,151.91
695156109 PACKAGING CORP OF AMERICA US PKG 75.53 $8,301.79
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 14,514.14 $14,350.85
70338P100 PATTERN ENERGY GROUP INC -A US PEGI 598.02 $12,187.66
704326107 PAYCHEX INC US PAYX 208.84 $15,297.55
713448108 PEPSICO INC US PEP 703.12 $78,756.65
71654QAU6 PETROLEOS MEXICANOS 8.00000 05/03/2019 MX 28,488.12 $29,264.42
71654QCJ9 PETROLEOS MEXICANOS 6.35000 02/12/2048 MX 84,931.35 $75,376.57
717081103 PFIZER INC US PFE 1,767.71 $73,395.51
71943U104 PHYSICIANS REALTY TRUST US DOC 2,176.1 $38,059.92
729640102 PLYMOUTH INDUSTRIAL REIT INC US 909.13 $14,664.32
733174AJ5 POPULAR INC 7.00000 07/01/2019 US 16,912.41 $17,271.80
741503AZ9 PRICELINE GROUP INC/THE 3.60000 06/01/2026 US 201,764.7 $197,325.33
74153WCK3 PRICOA GLOBAL FUNDING 1 1.45000 09/13/2019 US 7,122.03 $7,028.00
74251V102 PRINCIPAL FINANCIAL GROUP US PFG 178.76 $9,865.81
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 28,676.04 $27,885.85
74340W103 PROLOGIS US PLD 1,097.05 $73,699.61
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 106,231.65 $113,136.70
74460D109 PUBLIC STORAGE INC US PSA 213.12 $45,304.20
74834L100 QUEST DIAGNOSTICS INC US DGX 85.23 $9,373.75
758849103 REGENCY CENTERS CORP US REG 315.43 $20,827.93
7591EP100 REGIONS FINANCIAL CORP. US RF 771.03 $15,004.22
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 23,069.68 $23,790.61
77340RAP2 ROCKIES EXPRESS PIPELINE 6.00000 01/15/2019 US 10,683.04 $10,783.25
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 389.79 $26,264.31
784423AF2 SLCLT 2004-1 A6 2.47375 05/15/2023 US 8,702.45 $8,696.57
78442FEJ3 NAVIENT CORP 8.00000 03/25/2020 US 3,561.01 $3,775.57
78442FER5 NAVIENT CORP 5.50000 01/15/2019 US 4,753.95 $4,791.04
78442FES3 NAVIENT CORP 4.87500 06/17/2019 US 14,917.09 $15,017.78
78442GNG7 SLMA 2004-10 A6A FLT RT 2.88531 04/27/2026 US 8,203.39 $8,223.68
78442PGC4 SLM CORP 5.12500 04/05/2022 US 10,847.71 $10,739.24
78449PAA7 SMB 2018-A A1 FLT 2.41269 03/16/2026 US 11,189.8 $11,195.36
78464A417 SPDR BARCLAYS CAPITAL HIGH 1.95600 US 471.21 $16,963.48
78469EAB5 SOFI 2014-A A2 3.02000 10/25/2027 US 8,536.2 $8,543.16
78470RAB3 SOFI 2016-E A2A 1.63000 01/25/2036 US 1,640.59 $1,635.71
78470RAC1 SOFI 2016-E A2B 2.49000 01/25/2036 US 57,000.91 $56,222.32
78471CAA7 SOFI 2017-D A1FX 1.72000 09/25/2040 US 6,472.35 $6,430.74
78490DAA2 SOFI 2018-C A1FX 3.08000 01/25/2048 US 35,910.57 $35,969.69
785592AJ5 SABINE PASS LIQUEFACTION 5.75000 05/15/2024 US 35,610.14 $38,291.77
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 143,642.28 $155,417.05
80282KAD8 SANTANDER HOLDINGS USA 2.65000 04/17/2020 US 14,066.01 $13,908.40
80282KAH9 SANTANDER HOLDINGS USA 2.70000 05/24/2019 US 33,637.34 $33,490.60
80282KAS5 SANTANDER HOLDINGS USA 3.40000 01/18/2023 US 106,021.69 $103,071.03
81211K100 SEALED AIR CORP US SEE 532.77 $21,369.58
81663AAD7 SEMGROUP CORP 6.37500 03/15/2025 US 17,707.52 $17,309.10
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 10,450.48 $10,009.60
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 14,253.26 $13,784.20
81745FAA4 SEMT 2012-3 A1 3.50000 07/25/2042 US 21,050.1 $20,881.54
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 2,364.7 $2,122.05
81783QAC9 SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 CA 9,490.54 $9,205.82
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 9,655.49 $9,896.87
828806109 SIMON PROPERTY GROUP INC US SPG 538.92 $98,638.33
83088M102 SKYWORKS SOLUTIONS INC US SWKS 375.9 $34,319.92
831641FC4 SBIC 2015-10A 1 2.51700 03/10/2025 US 31,044.82 $30,331.06
831641FE0 SBIC 2015-10B 1 2.82900 09/10/2025 US 79,506.35 $78,445.53
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 92.27 $9,538.55
832696AQ1 JM SMUCKER CO 2.20000 12/06/2019 US 17,092.87 $16,922.79
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 9,249.05 $9,168.67
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 11,220.9 $10,957.86
83401LAB0 SOFI 2015-A A2 2.42000 03/25/2030 US 2,093.44 $2,066.80
83402DAB7 SOFI 2016-C A2A 1.48000 05/26/2031 US 920.69 $918.69
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 2,136.61 $2,097.01
83403YAA2 SOFI 2017-B A1FX 1.83000 05/25/2040 US 628.22 $624.36
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 7,417.59 $7,360.29
83404RAA6 SOFI 2018-B A1FX 2.64000 08/25/2047 US 28,195.49 $28,068.62
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 18,557.09 $18,407.06
83405JAA3 SCLP 2017-4 A 2.50000 05/26/2026 US 4,525.9 $4,480.36
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 16,369.74 $16,291.72
835495102 SONOCO PRODUCTS CO US SON 837.26 $46,919.89
83714RAZ6 SOUTH CAROLINA ST STUDENT LOAN 2.46100 12/01/2023 US 1,077.01 $1,076.79
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 109,864.62 $113,673.53
844741108 SOUTHWEST AIRLS CO US LUV 323.99 $19,860.36
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 10,449.02 $10,462.08
852060AG7 SPRINT CAPITAL CORP 6.90000 05/01/2019 US 24,571 $25,123.85
852061AK6 SPRINT COMMUNICATIONS 9.00000 11/15/2018 US 5,771.84 $5,836.77
852061AQ3 SPRINT COMMUNICATIONS 7.00000 03/01/2020 US 7,122.03 $7,398.01
85254J102 STAG INDUSTRIAL INC US STAG 1,110.81 $32,069.11
85571BAM7 STARWOOD PROPERTY TRUST 3.62500 02/01/2021 US 7,122.03 $6,943.98
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.28269 11/15/2027 US 27,937.37 $27,948.33
866674104 SUN COMMUNITIES US SUI 362.38 $37,389.86
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 1,329.75 $22,313.15
867914103 SUNTRUST BANKS INC US STI 396.16 $29,141.56
871829107 SYSCO CORP US SYY 323.85 $24,230.11
87470LAA9 TALLGRASS NRG PRTNR/FIN 5.50000 09/15/2024 US 8,865.94 $9,065.42
876030107 TAPESTRY INC US TPR 163.41 $8,283.06
87612E106 TARGET CORP US TGT 278.96 $24,409.20
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 8,992.51 $8,978.60
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 10,786.89 $9,708.20
88032WAB2 TENCENT HOLDINGS LTD 3.37500 05/02/2019 KY 13,175.75 $13,207.05
88032WAC0 TENCENT HOLDINGS LTD 2.87500 02/11/2020 KY 712.2 $709.57
88032WAG1 TENCENT HOLDINGS LTD 3.59500 01/19/2028 KY 108,301.72 $102,946.87
882508104 TEXAS INSTRUMENTS INC US TXN 705.21 $79,266.09
88579Y101 3M CO US MMM 333.96 $70,439.50
88650V208 TIER REIT INC US TIER 942.97 $22,480.43
891145W59 TORONTO-DOMINION BANK 2.25000 09/25/2019 CA 14,244.06 $14,154.14
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 39,599.74 $38,616.92
89613BAA5 TAH 2013-SFR1 A 2.58900 11/17/2033 US 36,888.3 $35,785.34
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 28,500.45 $27,519.54
896356AE2 TRINIDAD DRILLING LTD 6.62500 02/15/2025 CA 14,501.03 $14,356.02
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 14,118.44 $14,365.51
90261XHN5 UBS AG STAMFORD CT FLT 3.17075 06/01/2020 CH 28,488.12 $28,715.66
902653104 UDR INC US UDR 983.99 $39,329.88
90270YBF5 UBS-BARCLAYS COMMERCIAL MORTGAGE 3.18470 03/10/2046 US 45,600.73 $45,355.63
902973304 U.S. BANCORP US USB 650.83 $35,216.26
903002103 UMH PROPERTIES INC US UMH 637.99 $10,182.36
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 18,478.66 $18,249.53
907818108 UNION PAC CORP US UNP 296.38 $44,640.98
90945AAA4 UACST 2018-2 A 2.89000 03/10/2021 US 7,122.03 $7,122.77
911312106 UNITED PARCEL SERVICE US UPS 338.66 $41,614.31
912796PY9 TREASURY BILL 0.00000 09/06/2018 US 310,654.94 $310,622.23
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 171,349.57 $228,490.63
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 176,336.84 $222,652.81
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 110,288.47 $106,882.16
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 261,121.06 $236,865.36
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 439,875.99 $439,085.59
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 216,603.44 $214,665.86
912828D23 US TREASURY N/B 1.62500 04/30/2019 US 311,794.96 $310,321.24
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 216,129.05 $213,354.27
912828K58 UNITED STATES TREAS NTS 1.37500 04/30/2020 US 318,065.06 $311,753.45
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 342,005.44 $313,816.71
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 109,521.09 $106,687.33
912828WZ9 UNITED STATES TREAS NTS 1.75000 04/30/2022 US 215,178.42 $207,924.55
912828X70 US TREASURY N/B 2.00000 04/30/2024 US 218,028.47 $209,239.19
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 330,605.26 $318,853.27
913017109 UNITED TECHNOLOGIES CORP US UTX 315.05 $41,492.22
91704F104 URBAN EDGE PROPERTIES US UE 1,455.15 $33,264.80
918204108 VF CORP US VFC 201.25 $18,541.51
91913Y100 VALERO ENERGY US VLO 223.89 $26,391.69
92276F100 VENTAS INC US VTR 296.5 $17,751.40
92339V100 VEREIT INC US VER 1,944.15 $15,203.22
92343V104 VERIZON COMMUNICATIONS US VZ 648.67 $35,268.42
92343VCA0 VERIZON COMMUNICATIONS FLT 3.10469 06/17/2019 US 30,866.87 $31,030.57
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 144,782.3 $156,478.37
92343VDY7 VERIZON COMMUNICATIONS 4.12500 03/16/2027 US 15,668.46 $15,755.45
92553P201 VIACOM INC CL B US VIAB 232.87 $6,818.47
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 18,220.63 $18,594.88
929042109 VORNADO REALTY TRUST US VNO 471.25 $36,286.62
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 50,205.72 $51,866.08
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 17,421.49 $17,813.48
931142103 WAL MART STORES US WMT 884.91 $84,827.11
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 318.99 $21,870.13
94106L109 WASTE MANAGEMENT INC US WM 646.71 $58,786.17
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 8,836.17 $8,571.08
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 13,357.24 $12,622.59
949746101 WELLS FARGO COMPANY US WFC 2,249.75 $131,565.12
94974BFQ8 WELLS FARGO & COMPANY 2.15000 01/15/2019 US 30,268.62 $30,232.42
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 20,482.62 $20,925.17
95040Q104 WELLTOWER INC. US WELL 350.72 $23,396.71
958102105 WESTERN DIGITAL CORP US WDC 179.98 $11,381.79
96122WAH3 WESTPAC BANKING CORP 2.00000 03/03/2020 AU 14,244.06 $14,040.94
96145D105 WESTROCK CO US WRK 134.69 $7,418.83
962166104 WEYERHAEUSER CO US WY 1,035.21 $35,932.14
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 32,871.16 $33,035.52
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 13,540.7 $13,489.24
96328DAT1 WHLS 2016-1A A2 1.59000 05/20/2025 US 510.28 $508.58
963320106 WHIRLPOOL CORP US WHR 59.14 $7,391.93
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 99,460.41 $95,472.39
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 10,380.57 $10,383.88
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 11,594.91 $11,395.70
98162EAC1 WOART 2017-A A3 Mtge 1.93000 09/15/2022 US 14,244.06 $14,088.67
98162KAD5 WOLS 2017-A A4 Mtge 2.32000 08/15/2022 US 2,670.76 $2,649.63
AP0787667 MPC CONTAINER SHIPS FLT 7.08188 09/22/2022 NL 12,586.06 $12,819.03
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 17,937.56 $17,668.50
B15C557 TOTAL SA FR FP FP 306.45 $19,216.68
B296BQ5 STORAGEVAULT CANADA INC CA SVI CN 2,392.47 $4,839.94
B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 1,048.29 $10,756.02
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 448,687.82 $22,432.45
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 124,635.51 $6,532.69
B68XHC3 NORTHLAND POWER INC CA NPI CN 622.01 $10,405.04
BBG000ZB5GX9 90 DAY EURO FUTR MAR20 EU -.27 $419.97
BBG00JG0FPL5 SHORT EURO-BTP FU SEP18 IT -.77 $1,252.02
BBG00JG0FPY1 EURO-SCHATZ FUT SEP18 DE -.24 $8.10
BBG00JG0FQZ8 EURO-BTP ITALIAN GOV BOND FUTURE IT .18 -$847.07
BBG00JG0FSH4 EURO-BOBL FUTURE SEP18 DE -.35 -$45.50
BBG00JG0FT00 EURO-BOND FUTURE SEP18 DE -.53 -$1,012.08
BBG00JG0FT37 EURO BUXL 30 YR BND SEP18 EU -.06 -$47.71
BBG00JGH1VQ5 ULTRA 10-YR US TREASURY FUTURES US .38 $630.09
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 7,862.73 $8,039.64
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 19,155.43 $17,910.33
BFWG293 OKEA AS FLT 8.83563 06/28/2023 NO 9,076.32 $9,358.41
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 102.62 $21,551.22
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 9,268.43 $16,137.52
EDH9 COMDTY 90DAY EURO$ FUTR Mar19