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

$10.48

Daily $ Change

-$0.02

Daily % Change

-0.19%

as of 01/18/2018

Ticker

MSCBX

CUSIP

56382P237

Inception Date

08/01/2012

Investment Minimum

$2,000.00

Investment minimum may be waived for certain qualified retirement plans and participants in an automatic investment program.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms
XBRL-05/11/17

Annualized Performance

As of 12/31/2017

YTD

---

1 Year

7.17%

3 Year

4.41%

5 Year

4.89%

10 Year

---

Inception
(08/01/2012)

5.10%

Market Cycle

---

Performance data quoted represents past performance and does not guarantee future results. 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 1.43%
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 (04/30/2018) without the approval of the Fund’s Board of Directors.

Top Ten Investments

As of 12/31/2017

TREASURY NOTES 9.34%
GOVERNMENT AGENCY 9.17%
TREASURY BONDS 3.44%
ASSURED GUARANTY US HLDG 5.00000 07/01/2024 0.87%
JP MORGAN CHASE & CO 0.80%
JOHNSON & JOHNSON 0.75%
LLOYDS BANKING GROUP PLC 4.58200 12/10/2025 0.70%
ACTIVISION BLIZZARD 3.40000 06/15/2027 0.69%
PRICELINE GROUP INC/THE 3.60000 06/01/2026 0.69%
AERCAP IRELAND CAP LTD/A 4.50000 05/15/2021 0.68%

Top Ten Investments list is unaudited and excludes cash.

Asset Allocation

As of 12/31/2017

Bonds 68.59%
Stocks 30.81%
Cash 0.60%

Sector Allocation

As of 12/31/2017

Other 0.29%
Consumer Discretionary 1.92%
Consumer Staples 2.49%
Energy 1.69%
Financials 3.69%
Health Care 3.21%
Industrials 3.77%
Information Technology 3.31%
Materials 1.57%
Real Estate 8.60%
Utilities 0.27%
Long Term Fixed Income 11.33%
Intermediate Term Fixed Income 44.73%
Short Term Fixed Income 12.53%
Cash 0.60%

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.

Credit Quality Distribution

As of 12/31/2017

AAA 47.10%
AA 3.89%
A 11.71%
BBB 25.34%
BB 3.54%
B 3.24%
CCC 0.27%
NR 4.91%

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

December Fund Holdings

As of 12/31/2017

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00163UAB2 AMAG PHARMACEUTICALS INC 7.87500 09/01/2023 US 13,687.6 $13,328.30
00206RCK6 AT&T INC FLT 2.62339 06/30/2020 US 37,840.16 $38,291.75
00206RDC3 AT&T INC FLT 4.45000 04/01/2024 US 17,122.67 $18,112.57
00206REM0 AT&T INC 3.90000 08/14/2027 US 150,051.63 $151,054.24
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 171,336.72 $168,657.01
00287Y109 ABBVIE INC US ABBV 762.51 $73,741.89
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 29,978.27 $31,589.60
004239109 ACADIA REALTY TRUST US AKR 471.06 $12,888.27
00507VAM1 ACTIVISION BLIZZARD 3.40000 06/15/2027 US 189,881.67 $191,217.66
00772BAF8 AERCAP IRELAND CAP LTD/A 4.50000 05/15/2021 IE 180,473.25 $189,536.40
008492100 AGREE REALTY CORP US ADC 214.04 $11,010.13
00928QAG6 AIRCASTLE LTD 7.62500 04/15/2020 BM 15,963.82 $17,440.47
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 7,673.29 $8,095.32
009563AD9 AIRXCEL INC 8.50000 02/15/2022 US 19,150.17 $20,299.18
013093AD1 ALBERTSONS COS LLC/SAFEW 5.75000 03/15/2025 US 3,836.64 $3,460.65
013817AQ4 ALCOA INC 5.87000 02/23/2022 US 4,096.8 $4,434.78
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 395.31 $51,623.23
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 142,763.55 $142,727.54
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 12,722.79 $13,056.77
020002101 ALLSTATE CORPORATION US ALL 163.31 $17,099.92
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 4,787.98 $4,811.92
02005NBE9 ALLY FINANCIAL INC 3.25000 11/05/2018 US 11,825.05 $11,854.61
02007CAE2 ALLYA 2016-1 A4 1.73000 11/16/2020 US 3,547.52 $3,533.21
023135BA3 AMAZON.COM INC 3.15000 08/22/2027 US 93,962.26 $94,103.86
0237400 DIAGEO PLC GB DGE LN 1,829.88 $67,072.77
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 12,298.71 $12,636.92
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 473.94 $19,445.73
0258M0DU0 AMERICAN EXPRESS CREDIT FLRT 2.19206 05/26/2020 US 35,475.15 $35,797.85
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,759.09 $38,418.62
026874784 AMERICAN INTL GROUP INC US AIG 251.87 $15,006.30
026874CU9 AMERICAN INTL GROUP 4.87500 06/01/2022 US 20,149.89 $21,910.61
026874CY1 AMERICAN INTL GROUP 4.12500 02/15/2024 US 107,662.04 $113,756.05
03027WAH5 AMERICAN TOWER TRUST I 1.55100 03/15/2018 US 7,686.28 $7,675.86
03027XAF7 AMERICAN TOWER CORP 2.80000 06/01/2020 US 18,920.08 $19,037.95
03027XAH3 AMERICAN TOWER CORP 3.30000 02/15/2021 US 145,174.95 $147,836.83
03040WAQ8 AMERICAN WATER CAPITAL C 2.95000 09/01/2027 US 187,891.79 $185,949.18
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 3,465.84 $3,537.94
031162100 AMGEN INC US AMGN 382.07 $66,442.47
03349M105 ANDEAVOR US ANDV 129.56 $14,814.35
034863AB6 ANGLO AMERICAN CAPITAL 9.37500 04/08/2019 GB 42,980.2 $46,604.90
034863AT7 ANGLO AMERICAN CAPITAL 4.00000 09/11/2027 GB 145,174.95 $144,205.07
03523TBE7 ANHEUSER-BUSCH INBEV WOR 7.75000 01/15/2019 US 38,786.17 $40,962.54
03523TBF4 ANHEUSER-BUSCH INBEV WOR 8.20000 01/15/2039 US 97,758.63 $155,473.08
03748R101 APARTMENT INVT & MGMT CO -A US AIV 977.37 $42,721.01
03761U106 APOLLO INVESTMENT CORP US AINV 1,528.62 $8,651.98
037833100 APPLE COMPUTER INC US AAPL 321.13 $54,344.33
038222AL9 APPLIED MATERIALS INC 3.30000 04/01/2027 US 150,051.63 $152,617.29
03938LAQ7 ARCELORMITTAL 5.75000 08/05/2020 LU 3,836.64 $4,047.66
039483102 ARCHER DANIELS MIDLAND CO US ADM 514.14 $20,606.76
04010L103 ARES CAPITAL CORP US ARCC 665.34 $10,459.15
044186104 ASHLAND GLOBAL HOLDINGS INC US ASH 337.4 $24,022.95
04621WAC4 ASSURED GUARANTY US HLDG 5.00000 07/01/2024 US 223,170.59 $240,445.31
053015103 AUTOMATIC DATA PROCESSING US ADP 333.93 $39,132.70
053484101 AVALONBAY COMMUNITIES INC US AVB 296.51 $52,899.56
054937107 BB & T CORPORATION US BBT 650.18 $32,326.95
055622104 BP PLC-SPONS ADR GB BP 1,915.41 $80,504.61
05565QCS5 BP CAPITAL MARKETS PLC 3.53500 11/04/2024 GB 37,840.16 $39,314.83
05565QDG0 BP CAPITAL MARKETS PLC 3.21600 11/28/2023 GB 135,421.59 $138,335.18
05582QAB3 BMWOT 2016-A A2A 0.99000 05/28/2019 US 3,746.09 $3,741.41
05582QAD9 BMWOT 2016-A A3 1.16000 11/25/2020 US 92,086.61 $91,377.49
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 30,010.33 $29,475.43
060505104 BANK OF AMERICA CORP US BAC 3,259.34 $96,215.58
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 111,038.2 $115,519.90
06416CAB4 BANK OF NOVA SCOTIA 1.85000 04/14/2020 CA 21,285.09 $21,082.25
06652K103 BANKUNITED INC US BKU 431.26 $17,560.91
06739FFU0 BARCLAYS BANK PLC 10.17900 06/12/2021 GB 68,283.61 $83,219.48
086516101 BEST BUY INC US BBY 204.85 $14,026.11
09627J102 BLUEROCK RESIDENTIAL GROWTH US 929.1 $9,393.17
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 126,745.45 $141,378.30
097023105 BOEING CO US BA 278.55 $82,148.37
0989529 ASTRAZENECA PLC GB AZN LN 474.78 $32,762.66
101121101 BOSTON PROPERTIES INC US BXP 390.41 $50,765.52
105368203 BRANDYWINE REALTY TRUST US BDN 1,185.69 $21,567.73
105756BV1 FED REPUBLIC OF BRAZIL 4.25000 01/07/2025 BR 6,149.03 $6,253.56
110122108 BRISTOL MYERS SQUIBB CO US BMY 792.13 $48,541.48
11120U105 BRIXMOR PROPERTY GROUP INC US BRX 462.17 $8,624.05
11133T103 BROADRIDGE FINANCIAL SOLUTIONS US BR 396.25 $35,892.53
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 26,798.2 $25,257.30
12527GAB9 CF INDUSTRIES INC 7.12500 05/01/2020 US 1,807.71 $1,970.94
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 163.64 $14,578.56
125896100 CMS ENERGY CORP US CMS 635.06 $30,038.49
12592TAA3 COMM 2015-3BP A FLT 3.17800 02/10/2035 US 30,010.33 $30,225.54
12623EAF8 CHN INDUSTRIAL CAPITAL L 3.62500 04/15/2018 US 8,750.54 $8,795.87
126304AK0 CSC HOLDINGS LLC 7.62500 07/15/2018 US 1,348.06 $1,378.39
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 24,809.73 $24,437.59
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 20,693.82 $19,685.81
12647MBY0 CSMC 2013-6 2A1 3.50000 08/25/2043 US 69,383.62 $70,630.38
126650100 CVS HEALTH CORP US CVS 580.45 $42,082.48
12673P105 CA INC US CA 483.15 $16,079.08
12770QAA3 CZR 2017-VICI A 3.53100 10/15/2034 US 42,764.71 $43,733.45
13063DAD0 CALIFORNIA ST 2.36700 04/01/2022 US 7,095.03 $7,072.61
133131102 CAMDEN PROPERTY TRUST US CPT 246.01 $22,647.99
134429109 CAMPBELL SOUP CO US CPB 1,181.4 $56,837.32
14041NFF3 CAPITAL ONE MULTI-ASSET 1.33000 06/15/2022 US 15,784.08 $15,588.09
14042RFJ5 CAPITAL ONE NA FLT 2.52796 01/30/2023 US 23,650.1 $23,785.28
14149Y108 CARDINAL HEALTH INC US CAH 301.17 $18,452.96
14312QAB2 CARMX 2016-4 A2 1.21000 11/15/2019 US 9,659.63 $9,639.35
14314EAB7 CARMX 2016-3 A2A 1.17000 08/15/2019 US 6,246.96 $6,239.54
14314JAB6 CARMX 2017-1 A2 1.54000 02/18/2020 US 15,919.65 $15,898.64
14314MAC7 CARMX 2016-2 A3 1.52000 02/16/2021 US 17,775.42 $17,702.14
14314WAD3 CARMX 2017-3 A3 1.97000 04/15/2022 US 17,974.08 $17,876.87
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 5,807.19 $76,248.40
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 7,705.25 $7,676.36
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 26,139.23 $26,269.92
156700BA3 CENTURYLINK INC 7.50000 04/01/2024 US 12,123.22 $12,092.91
161175BB9 CHARTER COMM OPT LLC/CAP 4.46400 07/23/2022 US 5,484.61 $5,722.36
16411QAA9 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 18,617.24 $18,943.04
16412XAD7 CHENIERE CORP CHRISTI HD 7.00000 06/30/2024 US 17,992.93 $20,478.21
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 69,492.3 $69,268.78
165240102 CHESAPEAKE LODGING TRUST US CHSP 831.95 $22,537.48
166764100 CHEVRON CORP US CVX 417.64 $52,283.78
166764AE0 CHEVRON CORP 1.71800 06/24/2018 US 42,333.68 $42,333.59
168863AU2 REPUBLIC OF CHILE 5.50000 08/05/2020 CL 8,514,036.6 $14,479.81
17275R102 CISCO SYSTEMS INC US CSCO 2,823.07 $108,123.52
172967424 CITIGROUP INC US C 1,184.59 $88,145.61
172967DS7 CITIGROUP INC 2.01206 08/25/2036 US 29,941.03 $25,539.70
172967JL6 CITIGROUP INC 3.87500 03/26/2025 US 147,050.59 $150,528.14
17305EFS9 CCCIT 2014-A6 A6 2.15000 07/15/2021 US 17,784.88 $17,803.30
189054109 CLOROX COMPANY US CLX 132.13 $19,652.33
194162103 COLGATE-PALMOLIVE CO US CL 593.17 $44,754.56
19625JAA1 CAH 2015-1A A 2.63185 07/17/2032 US 49,212.47 $49,379.65
19625W104 COLONY NORTHSTAR INC-CLASS A US CLNS 5,701.36 $65,052.55
198280AB5 COLUMBIA PIPELINE GROUP 2.45000 06/01/2018 US 16,555.07 $16,564.86
198287203 COLUMBIA PROPERTY TRUST INC US CXP 587.49 $13,482.87
199908104 COMFORT SYSTEMS US FIX 891.09 $38,896.27
20030NBP5 COMCAST CORP 4.40000 08/15/2035 US 73,150.17 $79,974.67
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 2,652.09 $74,523.59
20825C104 CONOCOPHILLIPS US COP 619.17 $33,986.12
20826FAG1 CONOCOPHILLIPS COMPANY 3.35000 05/15/2025 US 70,149.14 $72,251.21
20826FAH9 CONOCOPHILLIPS COMPANY FLRT 2.31586 05/15/2022 US 33,110.14 $33,830.04
21871N101 CORECIVIC INC US CXW 2,449.21 $55,107.15
219350105 CORNING INC US GLW 732.86 $23,444.28
21987BAV0 CODELCO INC 4.50000 09/16/2025 CL 37,840.16 $40,509.73
21987BAW8 CODELCO INC 3.62500 08/01/2027 CL 146,300.34 $146,459.80
222795106 COUSINS PROPERTIES INC US CUZ 3,570.5 $33,027.12
22282E102 COVANTA HOLDING CORP US CVA 2,382.43 $40,263.12
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 34,300.07 $34,246.74
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 13,275.61 $13,341.99
22822V101 CROWN CASTLE INTL CORP US CCI 759.31 $84,290.68
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 18,843.91 $18,032.47
229663109 CUBESMART US CUBE 2,120.33 $61,319.89
231021106 CUMMINS INC US CMI 140.01 $24,731.52
237194105 DARDEN RESTAURANTS INC US DRI 126.2 $12,117.42
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 18,653.52 $18,647.92
247361702 DELTA AIR LINES INC. US DAL 478.38 $26,789.22
253393102 DICK'S SPORTING GOODS INC US DKS 1,424.73 $40,946.72
253868103 DIGITAL REALTY TRUST INC US DLR 568.89 $64,796.44
25470DAR0 DISCOVERY COMMUNICATIONS 3.95000 03/20/2028 US 108,787.43 $108,206.03
25470XAJ4 DISH DBS CORP 5.87500 07/15/2022 US 5,484.61 $5,512.03
256677105 DOLLAR GENERAL CORP US DG 839.24 $78,058.16
256677AC9 DOLLAR GENERAL CORP 3.25000 04/15/2023 US 96,196.67 $97,493.93
257559AH7 DOMTAR CORP 4.40000 04/01/2022 US 87,011.66 $91,538.87
260003108 DOVER CORP US DOV 161.19 $16,278.82
26078J100 DOWDUPONT INC US DWDP 893.97 $63,668.60
26138E109 DR PEPPER SNAPPLE GROUP-W/I US DPS 191.53 $18,589.48
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 19,618.86 $19,766.01
26884U109 ENTERTAINMENT PROPERTIES TR US EPR 152.83 $10,004.41
269246BP8 E*TRADE FINANCIAL CORP 2.95000 08/24/2022 US 73,150.17 $72,532.65
277432100 EASTMAN CHEM CO US EMN 163.47 $15,143.48
28140H203 EDUCATION REALTY TRUST INC US EDR 288.64 $10,079.16
28336LBR9 KINDER MORGAN INC/DELAWA 7.25000 06/01/2018 US 42,570.18 $43,466.90
28370TAG4 KINDER MORGAN ENER PART 4.30000 05/01/2024 US 147,425.72 $153,493.43
291011104 EMERSON ELEC CO US EMR 496.04 $34,568.93
29250NAR6 ENBRIDGE INC 3.70000 07/15/2027 CA 96,310.9 $96,716.97
29372EBL1 ENTERPRISE FLEET FINANCING FLT 1.59000 02/22/2021 US 15,818.95 $15,805.53
29372EBS6 EFF 2016-2 A2 1.74000 02/22/2022 US 29,019.23 $28,961.65
29372EBT4 EFF 2016-2 A3 2.04000 02/22/2022 US 18,447.08 $18,347.02
29372EBV9 EFF 2017-1 A2 2.13000 07/20/2022 US 11,570.67 $11,570.70
29413XAB3 ENVIVA PARTNERS LP /FIN C 8.50000 11/01/2021 US 18,360.86 $19,554.31
29444U700 EQUINIX INC US EQIX 273.12 $123,785.58
294628102 EQUITY COMMONWEALTH US EQC 688.74 $21,013.40
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 201.8 $17,964.56
29476L107 EQUITY RESIDENTIAL US EQR 587.49 $37,464.18
297178105 ESSEX PROPERTY TRUST INC US ESS 40.94 $9,880.74
30040W108 EVERSOURCE ENERGY US ES 418.2 $26,422.08
30161N101 EXELON CORP US EXC 446.59 $17,600.03
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 150,051.63 $148,726.52
302154CB3 EXPORT - IMPORT BANK KOREA 1.75000 05/26/2019 KR 36,496.84 $36,050.37
30216KAA0 EXPORT-IMPORT BK INDIA 3.37500 08/05/2026 IN 14,190.06 $13,932.62
30219GAK4 EXPRESS SCRIPTS HOLDING 3.50000 06/15/2024 US 143,283.85 $144,551.21
30225T102 EXTRA SPACE STORAGE INC US EXR 404.93 $35,411.13
30231G102 EXXON MOBIL CORP US XOM 1,153.75 $96,499.54
302491303 FMC CORP US FMC 359.16 $33,998.34
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 3,451.28 $3,452.09
30262SAR9 FREMF 2015-K42 B FLT 3.85231 12/25/2024 US 37,496.85 $38,372.31
30263FAL9 FREMF MORTGAGE TRUST FLT 4.77381 04/25/2044 US 1,087.9 $1,088.18
30263HAL5 FREMF 2011-K15 B FLT 4.94821 08/25/2044 US 12,754.39 $13,579.20
30286XAN9 FREMF 2015-K43 B FLT 3.73450 02/25/2048 US 37,105.36 $37,706.26
30291EAE4 FREMF 2013-K712 B FLT 3.36178 05/25/2045 US 33,158.32 $33,453.30
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 423,269.7 $1,734.31
30291YAJ9 FREMF 2014-K716 B FLT 3.95041 08/25/2047 US 12,061.55 $12,382.93
311900104 FASTENAL CO US FAST 350.21 $19,153.22
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 14,577.73 $15,548.02
3128LCD86 FHLM POOL A78227 5.50000 06/01/2038 US 1,402.69 $1,549.52
3128M56M7 FHLM POOL G04176 5.50000 05/01/2038 US 1,213.45 $1,341.43
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 6,361.96 $7,168.81
3128M7FQ4 FHLM POOL G05275 5.50000 02/01/2039 US 23,667.14 $26,002.29
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 11,309.71 $12,578.61
3128MAGF0 FHLM POOL G07998 4.50000 07/01/2044 US 18,693.62 $19,954.75
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 94.92 $99.63
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 1,662.85 $1,745.34
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 1,181.45 $1,239.07
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 896.96 $946.43
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 1,576.39 $1,659.69
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 33,855.45 $36,121.64
3128MJJN1 FHLM POOL G08268 5.00000 05/01/2038 US 67,365.94 $73,311.64
3128MJZU7 FHLM POOL G08754 4.50000 03/01/2047 US 54,180.32 $57,579.36
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 13,910.5 $14,930.62
3128P75P4 FHLM POOL C91754 4.50000 03/01/2034 US 10,725.82 $11,498.94
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67087MAA4 OBP DEPOSITOR LLC TRUST 4.64620 07/15/2045 US 9,489.19 $9,921.75
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 172.2 $41,421.30
67401P108 OAKTREE SPECIALTY LENDING CO US OCSL 1,636.48 $8,002.39
680223104 OLD REPUBLIC INTL CORP US ORI 790.61 $16,903.29
683235AA3 ONTARIO (PROVINCE OF) 2.00000 09/27/2018 CA 33,761.62 $33,775.50
68323ADY7 ONTARIO (PROVINCE OF) 1.25000 06/17/2019 CA 30,010.33 $29,633.72
69007J106 OUTFRONT MEDIA INC US OUT 1,320.13 $30,627.09
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 19,546.84 $20,182.11
69318FAG3 PBF HOLDING CO LLC 7.25000 06/15/2025 US 14,205.21 $14,915.47
693475105 PNC FINANCIAL SERVICES GROUP US PNC 123.57 $17,829.72
695156109 PACKAGING CORP OF AMERICA US PKG 100.32 $12,094.10
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 11,882.41 $11,347.70
704326107 PAYCHEX INC US PAYX 339.02 $23,080.42
708062104 PENNANTPARK INVESTMENT CORP US PNNT 1,195.57 $8,261.38
7110388 ROCHE HOLDING AG-GENUSSCHEIN CH ROG SW 139.84 $35,359.95
713448108 PEPSICO INC US PEP 1,018.53 $122,142.31
713448CX4 PEPSICO INC 3.10000 07/17/2022 US 86,068.18 $88,130.35
71642QAB3 PDLLN 7 1/4 05/01/22 7.25000 05/01/2022 GB 17,774.99 $18,032.73
71654QAU6 PETROLEOS MEXICANOS 8.00000 05/03/2019 MX 37,840.16 $40,413.29
71654QCB6 PETROLEOS MEXICANOS 6.87500 08/04/2026 MX 84,986.82 $96,353.81
717081103 PFIZER INC US PFE 2,868.34 $103,891.20
71943U104 PHYSICIANS REALTY TRUST US DOC 2,171.43 $39,064.05
729640102 PLYMOUTH INDUSTRIAL REIT INC US 293.1 $5,416.48
733174AJ5 POPULAR INC 7.00000 07/01/2019 US 19,551.69 $20,333.75
741503AZ9 PRICELINE GROUP INC/THE 3.60000 06/01/2026 US 190,142.56 $190,956.92
74251V102 PRINCIPAL FINANCIAL GROUP US PFG 241.08 $17,010.73
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 37,814.86 $37,507.82
74340W103 PROLOGIS US PLD 1,062.69 $68,553.81
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 76,908.31 $84,022.33
74460D109 PUBLIC STORAGE INC US PSA 149.29 $31,202.52
747525103 QUALCOMM INC US QCOM 767.31 $49,123.28
749685103 RPM INTERNATIONAL INC US RPM 1,035.1 $54,259.95
755111507 RAYTHEON COMPANY US RTN 226.92 $42,627.69
758849103 REGENCY CENTERS CORP US REG 361.63 $25,017.31
7591EP100 REGIONS FINANCIAL CORP. US RF 1,039.83 $17,968.28
760759100 REPUBLIC SERVICES INC US RSG 295.27 $19,963.53
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 704.71 $20,549.32
767754CH5 RITE AID CORP 6.12500 04/01/2023 US 3,836.64 $3,462.57
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 39,070.2 $40,926.04
780097AM3 RBS 4.7 07/03/18 4.70000 07/03/2018 GB 9,460.04 $9,555.98
780097AY7 ROYAL BK SCOTLND GRP PLC 6.10000 06/10/2023 GB 5,484.61 $6,039.44
78011DAG9 ROYAL BANK OF CANADA 2.20000 09/23/2019 CA 21,285.09 $21,273.41
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 525.69 $35,899.17
78408XAD3 SCGT 2013-SRP1 AJ FLT 3.42703 11/15/2026 US 43,221.66 $43,080.10
784423AF2 SLCLT 2004-1 A6 1.57586 05/15/2023 US 17,591.31 $17,591.26
78442FET1 SLM CORP 6.12500 03/25/2024 US 12,805.3 $12,965.37
78442GNG7 SLMA 2004-10 A6A FLT RT 1.91742 04/27/2026 US 16,027.81 $16,085.67
78442PGC4 SLM CORP 5.12500 04/05/2022 US 21,570.51 $22,433.33
78445CAC6 SLMA 2008-6 A3 FLT 2.11742 01/25/2019 US 495.4 $495.65
78445FAC9 SLMA 2008-7 A3 2.01742 04/25/2019 US 2,068.58 $2,068.57
78447EAB2 SLMA 2015-5 A2 FLT 1.62750 06/25/2019 US 1,001.64 $1,001.76
78447KAB8 SLMA 2012-7 A2 FLT 1.60750 09/25/2019 US 1,043.48 $1,043.69
78447MAB4 SLMA 2013-1 A2 1.57750 09/25/2019 US 447.18 $447.21
78469EAB5 SOFI 2014-A A2 3.02000 10/25/2027 US 15,812.25 $15,895.42
78470RAB3 SOFI 2016-E A2A 1.63000 01/25/2036 US 5,879.18 $5,859.30
78470RAC1 SOFI 2016-E A2B 2.49000 01/25/2036 US 75,025.81 $74,278.14
78471CAA7 SOFI 2017-D A1FX 1.72000 09/25/2040 US 14,762.08 $14,705.63
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 64,897.33 $72,910.09
80282KAD8 SANTANDER HOLDINGS USA 2.65000 04/17/2020 US 17,737.58 $17,728.17
80282KAH9 SANTANDER HOLDINGS USA 2.70000 05/24/2019 US 42,570.18 $42,663.01
80282KAQ9 SANTANDER HOLDINGS USA 3.40000 01/18/2023 US 105,786.4 $105,374.20
808524797 SCHWAB US DVD EQUITY ETF US 803.03 $41,090.83
81211K100 SEALED AIR CORP US SEE 1,342.79 $66,199.63
81663AAC9 SEMGROUP CORP 6.37500 03/15/2025 US 17,629.86 $17,365.41
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 14,915.67 $14,878.38
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 20,420.4 $20,325.88
81745FAA4 SEMT 2012-3 A1 3.50000 07/25/2042 US 31,751.32 $32,202.79
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 3,376.52 $3,189.23
81783QAC9 SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 CA 13,040.72 $13,171.13
828806109 SIMON PROPERTY GROUP INC US SPG 554.13 $95,165.46
82967NAY4 SIRIUS XM RADIO INC 3.87500 08/01/2022 US 5,754.7 $5,769.08
83088M102 SKYWORKS SOLUTIONS INC US SWKS 506.95 $48,135.19
831641FC4 SBIC 2015-10A 1 2.51700 03/10/2025 US 44,481.54 $44,582.08
831641FE0 SBIC 2015-10B 1 2.82900 09/10/2025 US 113,946.73 $114,895.26
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 132.84 $16,504.64
832696AQ1 JM SMUCKER CO 2.20000 12/06/2019 US 22,704.1 $22,671.75
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 16,677.03 $16,633.71
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 14,801.39 $14,821.13
83401LAB0 SOFI 2015-A A2 2.42000 03/25/2030 US 4,016.43 $4,017.43
83402DAB7 SOFI 2016-C A2A 1.48000 05/26/2031 US 4,459.64 $4,442.67
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 2,838.01 $2,802.11
83403YAA2 SOFI 2017-B A1FX 1.83000 05/25/2040 US 1,603.29 $1,598.81
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 18,836.25 $18,745.26
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 42,250.75 $42,080.00
83405JAA3 SCLP 2017-4 A 2.50000 05/26/2026 US 8,501.86 $8,473.98
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 42,256.26 $42,145.90
834423AA3 SOLVAY FINANCE (AMERICA) 3.40000 12/03/2020 US 79,527.36 $81,205.97
835495102 SONOCO PRODUCTS CO US SON 983.63 $52,270.04
83714RAZ6 SOUTH CAROLINA ST STUDENT LOAN 1.62100 12/01/2023 US 3,392.19 $3,391.98
84265VAH8 SOUTHERN COPPER CORP 3.87500 04/23/2025 US 76,601.36 $79,437.88
844741108 SOUTHWEST AIRLS CO US LUV 436.94 $28,597.54
845467AL3 SOUTHWESTERN ENERGY CO 6.70000 01/23/2025 US 14,369.14 $14,925.95
852061AK6 SPRINT COMMUNICATIONS 9.00000 11/15/2018 US 7,849.62 $8,262.51
852061AR1 SPRINT COMMUNICATIONS 7.00000 08/15/2020 US 5,484.61 $5,813.68
85254J102 STAG INDUSTRIAL INC US STAG 1,720.86 $47,031.10
85375CAX9 CALATLANTIC GROUP INC 8.37500 05/15/2018 US 10,756.07 $10,971.19
85571BAJ4 STARWOOD PROPERTY TRUST 4.75000 03/15/2025 US 12,152.5 $12,061.35
85571XAA5 SRPT 2014-STAR A FLTG RATE 2.69703 11/15/2027 US 37,525.11 $37,552.04
862121100 STORE CAPITAL CORP US STOR 1,422.13 $37,032.19
866674104 SUN COMMUNITIES US SUI 227.93 $21,146.98
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 1,282.54 $21,200.43
867914103 SUNTRUST BANKS INC US STI 265.11 $17,123.73
871829107 SYSCO CORP US SYY 450.74 $27,373.44
87470LAA9 TALLGRASS NRG PRTNR/FIN 5.50000 09/15/2024 US 25,775.61 $26,452.22
87612E106 TARGET CORP US TGT 480.61 $31,359.99
876664103 TAUBMAN CTRS INC US TCO 154.32 $10,097.19
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 14,751.94 $14,767.90
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 16,479.33 $13,513.05
88033GBW9 TENET HEALTHCARE CORP 6.75000 02/01/2020 US 5,484.61 $5,539.45
88146M101 TERRENO REALTY CORP US TRNO 579.59 $20,320.29
882508104 TEXAS INSTRUMENTS INC US TXN 1,244.31 $129,955.82
88579Y101 3M CO US MMM 512.31 $120,582.62
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 61,350.22 $60,908.58
89231LAB3 TAOT 2016-D A2A 1.06000 05/15/2019 US 10,539.95 $10,523.87
89237WAB3 TAOT 2016-C 1.00000 01/15/2019 US 1,020.67 $1,020.00
89613BAA5 TAH 2013-SFR1 A 2.58900 11/17/2033 US 48,864.96 $48,178.42
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 37,512.91 $37,358.88
896356AE2 TRINIDAD DRILLING LTD 6.62500 02/15/2025 CA 19,936.25 $18,939.44
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 19,407.09 $20,862.62
90261XHN5 UBS AG STAMFORD CT FLT 2.33063 06/01/2020 CH 37,840.16 $38,301.09
902653104 UDR INC US UDR 746.14 $28,741.36
90270YBF5 UBS-BARCLAYS COMMERCIAL MORTGAGE 3.18470 03/10/2046 US 60,020.65 $61,103.97
902973304 U.S. BANCORP US USB 1,055.48 $56,552.49
903002103 UMH PROPERTIES INC US UMH 1,032.93 $15,390.59
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 25,381.31 $25,556.44
907818108 UNION PAC CORP US UNP 464.06 $62,231.09
911312106 UNITED PARCEL SERVICE US UPS 540.42 $64,390.58
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 225,795.88 $317,446.08
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 232,368.82 $309,567.92
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 142,095.94 $143,478.91
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 344,092.44 $328,030.31
912828D23 US TREASURY N/B 1.62500 04/30/2019 US 431,398.43 $430,067.16
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 146,725.14 $146,424.24
912828K58 UNITED STATES TREAS NTS 1.37500 04/30/2020 US 431,398.43 $426,056.50
912828R28 US TREASURY N/B 1.62500 04/30/2023 US 450,530.01 $436,785.32
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 300,103.25 $282,659.75
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 122,667.5 $121,714.83
912828WZ9 UNITED STATES TREAS NTS 1.75000 04/30/2022 US 511,526 $502,714.16
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 292,600.67 $291,766.30
912828XQ8 US TREASURY N/B 2.00000 07/31/2022 US 223,201.79 $221,501.62
913017109 UNITED TECHNOLOGIES CORP US UTX 420.41 $53,631.29
91704F104 URBAN EDGE PROPERTIES US UE 1,668.26 $42,523.98
91731VAA4 AMERICAN AIRLINES GROUP 6.12500 06/01/2018 US 3,547.52 $3,596.29
918204108 VF CORP US VFC 339.11 $25,093.81
918370AB3 VTR FINANCE BV 6.87500 01/15/2024 NL 18,124.9 $19,121.77
91911KAJ1 VALEANT PHARMACEUTICALS 6.50000 03/15/2022 CA 3,836.64 $4,028.48
91913Y100 VALERO ENERGY US VLO 359.71 $33,061.08
92276F100 VENTAS INC US VTR 339.92 $20,398.70
92339V100 VEREIT INC US VER 3,190.93 $24,857.36
92343VDY7 VERIZON COMMUNICATIONS 4.12500 03/16/2027 US 165,611.91 $172,685.68
92826CAC6 VISA INC 2.80000 12/14/2022 US 110,287.95 $111,903.73
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 24,033.7 $24,886.81
929042109 VORNADO REALTY TRUST US VNO 540.27 $42,238.34
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 67,427.16 $71,440.14
931142103 WAL MART STORES US WMT 1,411.94 $139,428.78
94106L109 WASTE MANAGEMENT INC US WM 790.62 $68,230.48
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 15,655.89 $15,577.61
94856TAA2 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 18,359.78 $18,267.98
949746101 WELLS FARGO COMPANY US WFC 3,120 $189,290.27
94974BFQ8 WELLS FARGO & COMPANY 2.15000 01/15/2019 US 40,205.17 $40,269.72
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 27,017.63 $28,262.15
95040Q104 WELLTOWER INC. US HCN 572.71 $36,521.62
958102105 WESTERN DIGITAL CORP US WDC 262.61 $20,885.40
962166104 WEYERHAEUSER CO US WY 2,278.98 $80,356.79
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 32,258.32 $32,903.48
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 13,292.25 $14,189.48
96328DAT1 WHLS 2016-1A A2 1.59000 05/20/2025 US 1,604.71 $1,600.43
963320106 WHIRLPOOL CORP US WHR 76.87 $12,963.24
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 142,435.72 $142,731.77
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 16,653.46 $16,814.14
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 17,639.74 $17,912.61
98161FAB1 WOLS 2016-A A2A 1.20000 02/15/2019 US 6,405.17 $6,392.18
98162EAC1 WOART 2017-A A3 Mtge 1.93000 09/15/2022 US 18,920.08 $18,801.59
98162KAD5 WOLS 2017-A A4 Mtge 2.32000 08/15/2022 US 3,547.52 $3,544.87
984121608 XEROX CORPORATION US XRX 381.15 $11,110.58
98416JAE0 XERIUM TECHNOLOGIES INC 9.50000 08/15/2021 US 12,818.17 $12,978.40
98954UAB9 ZIGGO BOND FINANCE BV 6.00000 01/15/2027 NL 4,119.91 $4,016.91
AP0787667 MPC CONTAINER SHIPS FLT 6.40793 09/22/2022 NL 11,771.16 $11,552.57
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 11,466.41 $11,409.76
B15C557 TOTAL SA FR FP FP 413.28 $22,813.14
B1YY4B3 UNIBAIL-RODAMCO SE FR UL NA 82.63 $20,794.62
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 595,982.56 $29,013.63
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 165,550.71 $8,487.82
BBG000ZB5GX9 90 DAY EURO FUTR MAR20 EU -.35 $12.41
BBG00GX2G1K1 EURO-SCHATZ FUT MAR18 EU 1.18 -$228.66
BBG00GX2G201 EURO-BTP FUTURE MAR18 EU -.26 $721.59
BBG00GX2G2D7 EURO-OAT FUTURE MAR18 EU .23 -$516.54
BBG00GX2G2N6 EURO-BUND FUTURE MAR18 EU -.31 $390.60
BBG00GXL7SX6 US 10YR NOTE (CBT) MAR18 US -.63 $236.41
BBG00GXL7TM6 US ULTRA BOND CBT MAR18 US -.18 -$272.46
BBG00GXL7V14 US 10YR ULTRA FUT MAR18 US -.27 $1.56
BBG00H15N1C8 US 5YR NOTE (CBT) MAR18 US -1.01 $417.20
BBG00H15N218 US 2YR NOTE (CBT) MAR18 US -1.15 $428.89
BDB46H0 JAPAN (2 YEAR ISSUE) 0.10000 10/15/2018 JP 8,277,535.58 $73,605.60
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 20,242.09 $20,191.48
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 10,625.79 $19,429.96
BP269Z8 AXIA REAL ESTATE SOCIMI SA ES AXIA SM 452.25 $9,995.21
EDH9 COMDTY 90DAY EURO$ FUTR Mar19 US .35 -$18.63
G29183103 EATON CORP PLC US ETN 389.73 $30,792.42
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 19,018.75 $20,112.33
G6518L108 NIELSEN HOLDINGS PLC US NLSN 674.05 $24,535.24
G96629103 WILLIS TOWERS WATSON PLC GB WLTW 107.11 $16,139.72
G97822103 PERRIGO CO PLC IE PRGO 430.69 $37,539.16
H1467J104 CHUBB LTD CH CB 166.9 $24,389.51
N47279109 INTERXION HOLDING NX NL INXN 645.95 $38,065.85
N53745100 LYONDELLBASELL INDU-CL A US LYB 346.88 $38,267.35
QZ4952797 DEXIA CREDIT LOCAL 1.87500 09/15/2021 FR 23,650.1 $23,098.23
USD US DOLLAR US 167,580.45 $167,580.45
Y23862AE8 EXPORT-IMPORT BANK CHINA 2.50000 07/31/2019 CN 2,979.91 $2,980.39

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.

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.

Daily Price

$10.48

Daily $ Change

-$0.02

Daily % Change

-0.19%

as of 01/18/2018

Ticker

MSCBX

CUSIP

56382P237

Inception Date

08/01/2012

Investment Minimum

$2,000.00

Investment minimum may be waived for certain qualified retirement plans and participants in an automatic investment program.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms
XBRL-05/11/17

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.

Annualized Performance

As of 12/31/2017

YTD

---

1 Year

7.17%

3 Year

4.41%

5 Year

4.89%

10 Year

---

Inception
(08/01/2012)

5.10%

Market Cycle

---

Performance data quoted represents past performance and does not guarantee future results. 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 1.43%
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 (04/30/2018) without the approval of the Fund’s Board of Directors.

Top Ten Investments

As of 12/31/2017

TREASURY NOTES 9.34%
GOVERNMENT AGENCY 9.17%
TREASURY BONDS 3.44%
ASSURED GUARANTY US HLDG 5.00000 07/01/2024 0.87%
JP MORGAN CHASE & CO 0.80%
JOHNSON & JOHNSON 0.75%
LLOYDS BANKING GROUP PLC 4.58200 12/10/2025 0.70%
ACTIVISION BLIZZARD 3.40000 06/15/2027 0.69%
PRICELINE GROUP INC/THE 3.60000 06/01/2026 0.69%
AERCAP IRELAND CAP LTD/A 4.50000 05/15/2021 0.68%

Top Ten Investments list is unaudited and excludes cash.

Asset Allocation

As of 12/31/2017

Bonds
68.59%
Stocks
30.81%
Cash
0.60%

Sector Allocation

As of 12/31/2017

Other
0.29%
Consumer Discretionary
1.92%
Consumer Staples
2.49%
Energy
1.69%
Financials
3.69%
Health Care
3.21%
Industrials
3.77%
Information Technology
3.31%
Materials
1.57%
Real Estate
8.60%
Utilities
0.27%
Long Term Fixed Income
11.33%
Intermediate Term Fixed Income
44.73%
Short Term Fixed Income
12.53%
Cash
0.60%

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.

Credit Quality Distribution

As of 12/31/2017

AAA
47.10%
AA
3.89%
A
11.71%
BBB
25.34%
BB
3.54%
B
3.24%
CCC
0.27%
NR
4.91%

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

December Fund Holdings

As of 12/31/2017

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00163UAB2 AMAG PHARMACEUTICALS INC 7.87500 09/01/2023 US 13,687.6 $13,328.30
00206RCK6 AT&T INC FLT 2.62339 06/30/2020 US 37,840.16 $38,291.75
00206RDC3 AT&T INC FLT 4.45000 04/01/2024 US 17,122.67 $18,112.57
00206REM0 AT&T INC 3.90000 08/14/2027 US 150,051.63 $151,054.24
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 171,336.72 $168,657.01
00287Y109 ABBVIE INC US ABBV 762.51 $73,741.89
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 29,978.27 $31,589.60
004239109 ACADIA REALTY TRUST US AKR 471.06 $12,888.27
00507VAM1 ACTIVISION BLIZZARD 3.40000 06/15/2027 US 189,881.67 $191,217.66
00772BAF8 AERCAP IRELAND CAP LTD/A 4.50000 05/15/2021 IE 180,473.25 $189,536.40
008492100 AGREE REALTY CORP US ADC 214.04 $11,010.13
00928QAG6 AIRCASTLE LTD 7.62500 04/15/2020 BM 15,963.82 $17,440.47
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 7,673.29 $8,095.32
009563AD9 AIRXCEL INC 8.50000 02/15/2022 US 19,150.17 $20,299.18
013093AD1 ALBERTSONS COS LLC/SAFEW 5.75000 03/15/2025 US 3,836.64 $3,460.65
013817AQ4 ALCOA INC 5.87000 02/23/2022 US 4,096.8 $4,434.78
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 395.31 $51,623.23
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 142,763.55 $142,727.54
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 12,722.79 $13,056.77
020002101 ALLSTATE CORPORATION US ALL 163.31 $17,099.92
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 4,787.98 $4,811.92
02005NBE9 ALLY FINANCIAL INC 3.25000 11/05/2018 US 11,825.05 $11,854.61
02007CAE2 ALLYA 2016-1 A4 1.73000 11/16/2020 US 3,547.52 $3,533.21
023135BA3 AMAZON.COM INC 3.15000 08/22/2027 US 93,962.26 $94,103.86
0237400 DIAGEO PLC GB DGE LN 1,829.88 $67,072.77
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 12,298.71 $12,636.92
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 473.94 $19,445.73
0258M0DU0 AMERICAN EXPRESS CREDIT FLRT 2.19206 05/26/2020 US 35,475.15 $35,797.85
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,759.09 $38,418.62
026874784 AMERICAN INTL GROUP INC US AIG 251.87 $15,006.30
026874CU9 AMERICAN INTL GROUP 4.87500 06/01/2022 US 20,149.89 $21,910.61
026874CY1 AMERICAN INTL GROUP 4.12500 02/15/2024 US 107,662.04 $113,756.05
03027WAH5 AMERICAN TOWER TRUST I 1.55100 03/15/2018 US 7,686.28 $7,675.86
03027XAF7 AMERICAN TOWER CORP 2.80000 06/01/2020 US 18,920.08 $19,037.95
03027XAH3 AMERICAN TOWER CORP 3.30000 02/15/2021 US 145,174.95 $147,836.83
03040WAQ8 AMERICAN WATER CAPITAL C 2.95000 09/01/2027 US 187,891.79 $185,949.18
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 3,465.84 $3,537.94
031162100 AMGEN INC US AMGN 382.07 $66,442.47
03349M105 ANDEAVOR US ANDV 129.56 $14,814.35
034863AB6 ANGLO AMERICAN CAPITAL 9.37500 04/08/2019 GB 42,980.2 $46,604.90
034863AT7 ANGLO AMERICAN CAPITAL 4.00000 09/11/2027 GB 145,174.95 $144,205.07
03523TBE7 ANHEUSER-BUSCH INBEV WOR 7.75000 01/15/2019 US 38,786.17 $40,962.54
03523TBF4 ANHEUSER-BUSCH INBEV WOR 8.20000 01/15/2039 US 97,758.63 $155,473.08
03748R101 APARTMENT INVT & MGMT CO -A US AIV 977.37 $42,721.01
03761U106 APOLLO INVESTMENT CORP US AINV 1,528.62 $8,651.98
037833100 APPLE COMPUTER INC US AAPL 321.13 $54,344.33
038222AL9 APPLIED MATERIALS INC 3.30000 04/01/2027 US 150,051.63 $152,617.29
03938LAQ7 ARCELORMITTAL 5.75000 08/05/2020 LU 3,836.64 $4,047.66
039483102 ARCHER DANIELS MIDLAND CO US ADM 514.14 $20,606.76
04010L103 ARES CAPITAL CORP US ARCC 665.34 $10,459.15
044186104 ASHLAND GLOBAL HOLDINGS INC US ASH 337.4 $24,022.95
04621WAC4 ASSURED GUARANTY US HLDG 5.00000 07/01/2024 US 223,170.59 $240,445.31
053015103 AUTOMATIC DATA PROCESSING US ADP 333.93 $39,132.70
053484101 AVALONBAY COMMUNITIES INC US AVB 296.51 $52,899.56
054937107 BB & T CORPORATION US BBT 650.18 $32,326.95
055622104 BP PLC-SPONS ADR GB BP 1,915.41 $80,504.61
05565QCS5 BP CAPITAL MARKETS PLC 3.53500 11/04/2024 GB 37,840.16 $39,314.83
05565QDG0 BP CAPITAL MARKETS PLC 3.21600 11/28/2023 GB 135,421.59 $138,335.18
05582QAB3 BMWOT 2016-A A2A 0.99000 05/28/2019 US 3,746.09 $3,741.41
05582QAD9 BMWOT 2016-A A3 1.16000 11/25/2020 US 92,086.61 $91,377.49
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 30,010.33 $29,475.43
060505104 BANK OF AMERICA CORP US BAC 3,259.34 $96,215.58
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 111,038.2 $115,519.90
06416CAB4 BANK OF NOVA SCOTIA 1.85000 04/14/2020 CA 21,285.09 $21,082.25
06652K103 BANKUNITED INC US BKU 431.26 $17,560.91
06739FFU0 BARCLAYS BANK PLC 10.17900 06/12/2021 GB 68,283.61 $83,219.48
086516101 BEST BUY INC US BBY 204.85 $14,026.11
09627J102 BLUEROCK RESIDENTIAL GROWTH US 929.1 $9,393.17
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 126,745.45 $141,378.30
097023105 BOEING CO US BA 278.55 $82,148.37
0989529 ASTRAZENECA PLC GB AZN LN 474.78 $32,762.66
101121101 BOSTON PROPERTIES INC US BXP 390.41 $50,765.52
105368203 BRANDYWINE REALTY TRUST US BDN 1,185.69 $21,567.73
105756BV1 FED REPUBLIC OF BRAZIL 4.25000 01/07/2025 BR 6,149.03 $6,253.56
110122108 BRISTOL MYERS SQUIBB CO US BMY 792.13 $48,541.48
11120U105 BRIXMOR PROPERTY GROUP INC US BRX 462.17 $8,624.05
11133T103 BROADRIDGE FINANCIAL SOLUTIONS US BR 396.25 $35,892.53
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 26,798.2 $25,257.30
12527GAB9 CF INDUSTRIES INC 7.12500 05/01/2020 US 1,807.71 $1,970.94
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 163.64 $14,578.56
125896100 CMS ENERGY CORP US CMS 635.06 $30,038.49
12592TAA3 COMM 2015-3BP A FLT 3.17800 02/10/2035 US 30,010.33 $30,225.54
12623EAF8 CHN INDUSTRIAL CAPITAL L 3.62500 04/15/2018 US 8,750.54 $8,795.87
126304AK0 CSC HOLDINGS LLC 7.62500 07/15/2018 US 1,348.06 $1,378.39
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 24,809.73 $24,437.59
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 20,693.82 $19,685.81
12647MBY0 CSMC 2013-6 2A1 3.50000 08/25/2043 US 69,383.62 $70,630.38
126650100 CVS HEALTH CORP US CVS 580.45 $42,082.48
12673P105 CA INC US CA 483.15 $16,079.08
12770QAA3 CZR 2017-VICI A 3.53100 10/15/2034 US 42,764.71 $43,733.45
13063DAD0 CALIFORNIA ST 2.36700 04/01/2022 US 7,095.03 $7,072.61
133131102 CAMDEN PROPERTY TRUST US CPT 246.01 $22,647.99
134429109 CAMPBELL SOUP CO US CPB 1,181.4 $56,837.32
14041NFF3 CAPITAL ONE MULTI-ASSET 1.33000 06/15/2022 US 15,784.08 $15,588.09
14042RFJ5 CAPITAL ONE NA FLT 2.52796 01/30/2023 US 23,650.1 $23,785.28
14149Y108 CARDINAL HEALTH INC US CAH 301.17 $18,452.96
14312QAB2 CARMX 2016-4 A2 1.21000 11/15/2019 US 9,659.63 $9,639.35
14314EAB7 CARMX 2016-3 A2A 1.17000 08/15/2019 US 6,246.96 $6,239.54
14314JAB6 CARMX 2017-1 A2 1.54000 02/18/2020 US 15,919.65 $15,898.64
14314MAC7 CARMX 2016-2 A3 1.52000 02/16/2021 US 17,775.42 $17,702.14
14314WAD3 CARMX 2017-3 A3 1.97000 04/15/2022 US 17,974.08 $17,876.87
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 5,807.19 $76,248.40
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 7,705.25 $7,676.36
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 26,139.23 $26,269.92
156700BA3 CENTURYLINK INC 7.50000 04/01/2024 US 12,123.22 $12,092.91
161175BB9 CHARTER COMM OPT LLC/CAP 4.46400 07/23/2022 US 5,484.61 $5,722.36
16411QAA9 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 18,617.24 $18,943.04
16412XAD7 CHENIERE CORP CHRISTI HD 7.00000 06/30/2024 US 17,992.93 $20,478.21
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 69,492.3 $69,268.78
165240102 CHESAPEAKE LODGING TRUST US CHSP 831.95 $22,537.48
166764100 CHEVRON CORP US CVX 417.64 $52,283.78
166764AE0 CHEVRON CORP 1.71800 06/24/2018 US 42,333.68 $42,333.59
168863AU2 REPUBLIC OF CHILE 5.50000 08/05/2020 CL 8,514,036.6 $14,479.81
17275R102 CISCO SYSTEMS INC US CSCO 2,823.07 $108,123.52
172967424 CITIGROUP INC US C 1,184.59 $88,145.61
172967DS7 CITIGROUP INC 2.01206 08/25/2036 US 29,941.03 $25,539.70
172967JL6 CITIGROUP INC 3.87500 03/26/2025 US 147,050.59 $150,528.14
17305EFS9 CCCIT 2014-A6 A6 2.15000 07/15/2021 US 17,784.88 $17,803.30
189054109 CLOROX COMPANY US CLX 132.13 $19,652.33
194162103 COLGATE-PALMOLIVE CO US CL 593.17 $44,754.56
19625JAA1 CAH 2015-1A A 2.63185 07/17/2032 US 49,212.47 $49,379.65
19625W104 COLONY NORTHSTAR INC-CLASS A US CLNS 5,701.36 $65,052.55
198280AB5 COLUMBIA PIPELINE GROUP 2.45000 06/01/2018 US 16,555.07 $16,564.86
198287203 COLUMBIA PROPERTY TRUST INC US CXP 587.49 $13,482.87
199908104 COMFORT SYSTEMS US FIX 891.09 $38,896.27
20030NBP5 COMCAST CORP 4.40000 08/15/2035 US 73,150.17 $79,974.67
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 2,652.09 $74,523.59
20825C104 CONOCOPHILLIPS US COP 619.17 $33,986.12
20826FAG1 CONOCOPHILLIPS COMPANY 3.35000 05/15/2025 US 70,149.14 $72,251.21
20826FAH9 CONOCOPHILLIPS COMPANY FLRT 2.31586 05/15/2022 US 33,110.14 $33,830.04
21871N101 CORECIVIC INC US CXW 2,449.21 $55,107.15
219350105 CORNING INC US GLW 732.86 $23,444.28
21987BAV0 CODELCO INC 4.50000 09/16/2025 CL 37,840.16 $40,509.73
21987BAW8 CODELCO INC 3.62500 08/01/2027 CL 146,300.34 $146,459.80
222795106 COUSINS PROPERTIES INC US CUZ 3,570.5 $33,027.12
22282E102 COVANTA HOLDING CORP US CVA 2,382.43 $40,263.12
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 34,300.07 $34,246.74
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 13,275.61 $13,341.99
22822V101 CROWN CASTLE INTL CORP US CCI 759.31 $84,290.68
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 18,843.91 $18,032.47
229663109 CUBESMART US CUBE 2,120.33 $61,319.89
231021106 CUMMINS INC US CMI 140.01 $24,731.52
237194105 DARDEN RESTAURANTS INC US DRI 126.2 $12,117.42
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 18,653.52 $18,647.92
247361702 DELTA AIR LINES INC. US DAL 478.38 $26,789.22
253393102 DICK'S SPORTING GOODS INC US DKS 1,424.73 $40,946.72
253868103 DIGITAL REALTY TRUST INC US DLR 568.89 $64,796.44
25470DAR0 DISCOVERY COMMUNICATIONS 3.95000 03/20/2028 US 108,787.43 $108,206.03
25470XAJ4 DISH DBS CORP 5.87500 07/15/2022 US 5,484.61 $5,512.03
256677105 DOLLAR GENERAL CORP US DG 839.24 $78,058.16
256677AC9 DOLLAR GENERAL CORP 3.25000 04/15/2023 US 96,196.67 $97,493.93
257559AH7 DOMTAR CORP 4.40000 04/01/2022 US 87,011.66 $91,538.87
260003108 DOVER CORP US DOV 161.19 $16,278.82
26078J100 DOWDUPONT INC US DWDP 893.97 $63,668.60
26138E109 DR PEPPER SNAPPLE GROUP-W/I US DPS 191.53 $18,589.48
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 19,618.86 $19,766.01
26884U109 ENTERTAINMENT PROPERTIES TR US EPR 152.83 $10,004.41
269246BP8 E*TRADE FINANCIAL CORP 2.95000 08/24/2022 US 73,150.17 $72,532.65
277432100 EASTMAN CHEM CO US EMN 163.47 $15,143.48
28140H203 EDUCATION REALTY TRUST INC US EDR 288.64 $10,079.16
28336LBR9 KINDER MORGAN INC/DELAWA 7.25000 06/01/2018 US 42,570.18 $43,466.90
28370TAG4 KINDER MORGAN ENER PART 4.30000 05/01/2024 US 147,425.72 $153,493.43
291011104 EMERSON ELEC CO US EMR 496.04 $34,568.93
29250NAR6 ENBRIDGE INC 3.70000 07/15/2027 CA 96,310.9 $96,716.97
29372EBL1 ENTERPRISE FLEET FINANCING FLT 1.59000 02/22/2021 US 15,818.95 $15,805.53
29372EBS6 EFF 2016-2 A2 1.74000 02/22/2022 US 29,019.23 $28,961.65
29372EBT4 EFF 2016-2 A3 2.04000 02/22/2022 US 18,447.08 $18,347.02
29372EBV9 EFF 2017-1 A2 2.13000 07/20/2022 US 11,570.67 $11,570.70
29413XAB3 ENVIVA PARTNERS LP /FIN C 8.50000 11/01/2021 US 18,360.86 $19,554.31
29444U700 EQUINIX INC US EQIX 273.12 $123,785.58
294628102 EQUITY COMMONWEALTH US EQC 688.74 $21,013.40
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 201.8 $17,964.56
29476L107 EQUITY RESIDENTIAL US EQR 587.49 $37,464.18
297178105 ESSEX PROPERTY TRUST INC US ESS 40.94 $9,880.74
30040W108 EVERSOURCE ENERGY US ES 418.2 $26,422.08
30161N101 EXELON CORP US EXC 446.59 $17,600.03
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 150,051.63 $148,726.52
302154CB3 EXPORT - IMPORT BANK KOREA 1.75000 05/26/2019 KR 36,496.84 $36,050.37
30216KAA0 EXPORT-IMPORT BK INDIA 3.37500 08/05/2026 IN 14,190.06 $13,932.62
30219GAK4 EXPRESS SCRIPTS HOLDING 3.50000 06/15/2024 US 143,283.85 $144,551.21
30225T102 EXTRA SPACE STORAGE INC US EXR 404.93 $35,411.13
30231G102 EXXON MOBIL CORP US XOM 1,153.75 $96,499.54
302491303 FMC CORP US FMC 359.16 $33,998.34
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 3,451.28 $3,452.09
30262SAR9 FREMF 2015-K42 B FLT 3.85231 12/25/2024 US 37,496.85 $38,372.31
30263FAL9 FREMF MORTGAGE TRUST FLT 4.77381 04/25/2044 US 1,087.9 $1,088.18
30263HAL5 FREMF 2011-K15 B FLT 4.94821 08/25/2044 US 12,754.39 $13,579.20
30286XAN9 FREMF 2015-K43 B FLT 3.73450 02/25/2048 US 37,105.36 $37,706.26
30291EAE4 FREMF 2013-K712 B FLT 3.36178 05/25/2045 US 33,158.32 $33,453.30
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 423,269.7 $1,734.31
30291YAJ9 FREMF 2014-K716 B FLT 3.95041 08/25/2047 US 12,061.55 $12,382.93
311900104 FASTENAL CO US FAST 350.21 $19,153.22
3128E5VC0 FHLM POOL D98711 4.50000 07/01/2031 US 14,577.73 $15,548.02
3128LCD86 FHLM POOL A78227 5.50000 06/01/2038 US 1,402.69 $1,549.52
3128M56M7 FHLM POOL G04176 5.50000 05/01/2038 US 1,213.45 $1,341.43
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 6,361.96 $7,168.81
3128M7FQ4 FHLM POOL G05275 5.50000 02/01/2039 US 23,667.14 $26,002.29
3128M9ZU9 FHLM POOL G07655 5.50000 12/01/2035 US 11,309.71 $12,578.61
3128MAGF0 FHLM POOL G07998 4.50000 07/01/2044 US 18,693.62 $19,954.75
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 94.92 $99.63
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 1,662.85 $1,745.34
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 1,181.45 $1,239.07
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 896.96 $946.43
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 1,576.39 $1,659.69
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 33,855.45 $36,121.64
3128MJJN1 FHLM POOL G08268 5.00000 05/01/2038 US 67,365.94 $73,311.64
3128MJZU7 FHLM POOL G08754 4.50000 03/01/2047 US 54,180.32 $57,579.36
3128P75F6 FHLM POOL C91746 4.50000 12/01/2033 US 13,910.5 $14,930.62
3128P75P4 FHLM POOL C91754 4.50000 03/01/2034 US 10,725.82 $11,498.94
3128P75V1 FHLM POOL C91760 3.50000 05/01/2034 US 15,089.38 $15,703.87
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 13,100.72 $14,108.46
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 11,823.02 $12,688.88
3128P7QL0 FHLM POOL C91359 4.50000 02/01/2031 US 1,162.61 $1,239.98
3128P8A92 FHLM POOL C91832 3.50000 06/01/2035 US 58,874.92 $61,166.57
3128P8AL5 FHLM POOL C91811 4.00000 01/01/2035 US 6,664.41 $7,043.21
3128P8BX8 FHLM POOL C91854 4.00000 10/01/2035 US 42,616.62 $45,118.10
3128P8CD1 FHLM POOL C91868 3.50000 04/01/2036 US 64,987.03 $67,514.47
3128P8CH2 FHLM POOL C91872 3.50000 04/01/2036 US 17,492.44 $18,172.80
312941F69 FHLM POOL A92889 4.50000 07/01/2040 US 28,717.7 $30,643.05
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 74,824.29 $79,832.13
312945B80 FHLM POOL A96363 4.50000 01/01/2041 US 16,542.42 $17,698.16
3132J8YK0 FHLM POOL Q17513 3.50000 04/01/2043 US 16,704.48 $17,238.44
3132LNE34 FHLM POOL K92054 4.00000 10/01/2034 US 4,466.5 $4,720.24
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 73,355.63 $77,132.30
3132QUWT6 FHLM POOL Q37857 4.00000 12/01/2045 US 63,868.5 $66,796.84
3132QVKA8 FHLM POOL Q38388 4.00000 01/01/2046 US 71,012.58 $74,794.84
3132QVMX6 FHLM POOL Q38473 4.00000 01/01/2046 US 26,567.81 $27,785.05
3132WDMZ4 FHLM POOL Q40375 3.50000 05/01/2046 US 27,558.92 $28,343.33
3132WL4Q6 FHLM POOL Q47130 4.50000 04/01/2047 US 32,652.2 $34,708.24
3132WPDP9 FHLM GOLD POOL FG Q49109 4.00000 07/01/2047 US 31,666.64 $33,117.92
3132XSLZ1 FHLM GOLD POOL FG Q50343 4.00000 08/01/2047 US 33,570.55 $35,109.13
31335A5Q7 FHLM POOL G60855 4.50000 12/01/2045 US 29,829.96 $31,735.50
31335ACG1 FHLM POOL G60071 4.50000 07/01/2042 US 29,407.89 $31,364.97
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 42,158.19 $44,193.05
31335ALX4 FHLM POOL G60342 4.50000 05/01/2042 US 16,524.1 $17,624.96
31335ASA7 FHLM POOL G60513 5.00000 07/01/2041 US 70,380.07 $76,654.58
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 2,828.19 $2,886.81
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760759100 REPUBLIC SERVICES INC US RSG 295.27 $19,963.53
76169C100 REXFORD INDUSTRIAL REALITY IN US REXR 704.71 $20,549.32
767754CH5 RITE AID CORP 6.12500 04/01/2023 US 3,836.64 $3,462.57
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 39,070.2 $40,926.04
780097AM3 RBS 4.7 07/03/18 4.70000 07/03/2018 GB 9,460.04 $9,555.98
780097AY7 ROYAL BK SCOTLND GRP PLC 6.10000 06/10/2023 GB 5,484.61 $6,039.44
78011DAG9 ROYAL BANK OF CANADA 2.20000 09/23/2019 CA 21,285.09 $21,273.41
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 525.69 $35,899.17
78408XAD3 SCGT 2013-SRP1 AJ FLT 3.42703 11/15/2026 US 43,221.66 $43,080.10
784423AF2 SLCLT 2004-1 A6 1.57586 05/15/2023 US 17,591.31 $17,591.26
78442FET1 SLM CORP 6.12500 03/25/2024 US 12,805.3 $12,965.37
78442GNG7 SLMA 2004-10 A6A FLT RT 1.91742 04/27/2026 US 16,027.81 $16,085.67
78442PGC4 SLM CORP 5.12500 04/05/2022 US 21,570.51 $22,433.33
78445CAC6 SLMA 2008-6 A3 FLT 2.11742 01/25/2019 US 495.4 $495.65
78445FAC9 SLMA 2008-7 A3 2.01742 04/25/2019 US 2,068.58 $2,068.57
78447EAB2 SLMA 2015-5 A2 FLT 1.62750 06/25/2019 US 1,001.64 $1,001.76
78447KAB8 SLMA 2012-7 A2 FLT 1.60750 09/25/2019 US 1,043.48 $1,043.69
78447MAB4 SLMA 2013-1 A2 1.57750 09/25/2019 US 447.18 $447.21
78469EAB5 SOFI 2014-A A2 3.02000 10/25/2027 US 15,812.25 $15,895.42
78470RAB3 SOFI 2016-E A2A 1.63000 01/25/2036 US 5,879.18 $5,859.30
78470RAC1 SOFI 2016-E A2B 2.49000 01/25/2036 US 75,025.81 $74,278.14
78471CAA7 SOFI 2017-D A1FX 1.72000 09/25/2040 US 14,762.08 $14,705.63
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 64,897.33 $72,910.09
80282KAD8 SANTANDER HOLDINGS USA 2.65000 04/17/2020 US 17,737.58 $17,728.17
80282KAH9 SANTANDER HOLDINGS USA 2.70000 05/24/2019 US 42,570.18 $42,663.01
80282KAQ9 SANTANDER HOLDINGS USA 3.40000 01/18/2023 US 105,786.4 $105,374.20
808524797 SCHWAB US DVD EQUITY ETF US 803.03 $41,090.83
81211K100 SEALED AIR CORP US SEE 1,342.79 $66,199.63
81663AAC9 SEMGROUP CORP 6.37500 03/15/2025 US 17,629.86 $17,365.41
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 14,915.67 $14,878.38
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 20,420.4 $20,325.88
81745FAA4 SEMT 2012-3 A1 3.50000 07/25/2042 US 31,751.32 $32,202.79
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 3,376.52 $3,189.23
81783QAC9 SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 CA 13,040.72 $13,171.13
828806109 SIMON PROPERTY GROUP INC US SPG 554.13 $95,165.46
82967NAY4 SIRIUS XM RADIO INC 3.87500 08/01/2022 US 5,754.7 $5,769.08
83088M102 SKYWORKS SOLUTIONS INC US SWKS 506.95 $48,135.19
831641FC4 SBIC 2015-10A 1 2.51700 03/10/2025 US 44,481.54 $44,582.08
831641FE0 SBIC 2015-10B 1 2.82900 09/10/2025 US 113,946.73 $114,895.26
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 132.84 $16,504.64
832696AQ1 JM SMUCKER CO 2.20000 12/06/2019 US 22,704.1 $22,671.75
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 16,677.03 $16,633.71
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 14,801.39 $14,821.13
83401LAB0 SOFI 2015-A A2 2.42000 03/25/2030 US 4,016.43 $4,017.43
83402DAB7 SOFI 2016-C A2A 1.48000 05/26/2031 US 4,459.64 $4,442.67
83402DAC5 SOFI 2016-C A2B 2.36000 12/27/2032 US 2,838.01 $2,802.11
83403YAA2 SOFI 2017-B A1FX 1.83000 05/25/2040 US 1,603.29 $1,598.81
83404FAB0 SOFI 2017-A A2A 1.55000 03/26/2040 US 18,836.25 $18,745.26
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 42,250.75 $42,080.00
83405JAA3 SCLP 2017-4 A 2.50000 05/26/2026 US 8,501.86 $8,473.98
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 42,256.26 $42,145.90
834423AA3 SOLVAY FINANCE (AMERICA) 3.40000 12/03/2020 US 79,527.36 $81,205.97
835495102 SONOCO PRODUCTS CO US SON 983.63 $52,270.04
83714RAZ6 SOUTH CAROLINA ST STUDENT LOAN 1.62100 12/01/2023 US 3,392.19 $3,391.98
84265VAH8 SOUTHERN COPPER CORP 3.87500 04/23/2025 US 76,601.36 $79,437.88
844741108 SOUTHWEST AIRLS CO US LUV 436.94 $28,597.54
845467AL3 SOUTHWESTERN ENERGY CO 6.70000 01/23/2025 US 14,369.14 $14,925.95
852061AK6 SPRINT COMMUNICATIONS 9.00000 11/15/2018 US 7,849.62 $8,262.51
852061AR1 SPRINT COMMUNICATIONS 7.00000 08/15/2020 US 5,484.61 $5,813.68
85254J102 STAG INDUSTRIAL INC US STAG 1,720.86 $47,031.10
85375CAX9 CALATLANTIC GROUP INC 8.37500 05/15/2018 US 10,756.07 $10,971.19
85571BAJ4 STARWOOD PROPERTY TRUST 4.75000 03/15/2025 US 12,152.5 $12,061.35
85571XAA5 SRPT 2014-STAR A FLTG RATE 2.69703 11/15/2027 US 37,525.11 $37,552.04
862121100 STORE CAPITAL CORP US STOR 1,422.13 $37,032.19
866674104 SUN COMMUNITIES US SUI 227.93 $21,146.98
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 1,282.54 $21,200.43
867914103 SUNTRUST BANKS INC US STI 265.11 $17,123.73
871829107 SYSCO CORP US SYY 450.74 $27,373.44
87470LAA9 TALLGRASS NRG PRTNR/FIN 5.50000 09/15/2024 US 25,775.61 $26,452.22
87612E106 TARGET CORP US TGT 480.61 $31,359.99
876664103 TAUBMAN CTRS INC US TCO 154.32 $10,097.19
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 14,751.94 $14,767.90
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 16,479.33 $13,513.05
88033GBW9 TENET HEALTHCARE CORP 6.75000 02/01/2020 US 5,484.61 $5,539.45
88146M101 TERRENO REALTY CORP US TRNO 579.59 $20,320.29
882508104 TEXAS INSTRUMENTS INC US TXN 1,244.31 $129,955.82
88579Y101 3M CO US MMM 512.31 $120,582.62
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 61,350.22 $60,908.58
89231LAB3 TAOT 2016-D A2A 1.06000 05/15/2019 US 10,539.95 $10,523.87
89237WAB3 TAOT 2016-C 1.00000 01/15/2019 US 1,020.67 $1,020.00
89613BAA5 TAH 2013-SFR1 A 2.58900 11/17/2033 US 48,864.96 $48,178.42
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 37,512.91 $37,358.88
896356AE2 TRINIDAD DRILLING LTD 6.62500 02/15/2025 CA 19,936.25 $18,939.44
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 19,407.09 $20,862.62
90261XHN5 UBS AG STAMFORD CT FLT 2.33063 06/01/2020 CH 37,840.16 $38,301.09
902653104 UDR INC US UDR 746.14 $28,741.36
90270YBF5 UBS-BARCLAYS COMMERCIAL MORTGAGE 3.18470 03/10/2046 US 60,020.65 $61,103.97
902973304 U.S. BANCORP US USB 1,055.48 $56,552.49
903002103 UMH PROPERTIES INC US UMH 1,032.93 $15,390.59
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 25,381.31 $25,556.44
907818108 UNION PAC CORP US UNP 464.06 $62,231.09
911312106 UNITED PARCEL SERVICE US UPS 540.42 $64,390.58
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 225,795.88 $317,446.08
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 232,368.82 $309,567.92
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 142,095.94 $143,478.91
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 344,092.44 $328,030.31
912828D23 US TREASURY N/B 1.62500 04/30/2019 US 431,398.43 $430,067.16
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 146,725.14 $146,424.24
912828K58 UNITED STATES TREAS NTS 1.37500 04/30/2020 US 431,398.43 $426,056.50
912828R28 US TREASURY N/B 1.62500 04/30/2023 US 450,530.01 $436,785.32
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 300,103.25 $282,659.75
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 122,667.5 $121,714.83
912828WZ9 UNITED STATES TREAS NTS 1.75000 04/30/2022 US 511,526 $502,714.16
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 292,600.67 $291,766.30
912828XQ8 US TREASURY N/B 2.00000 07/31/2022 US 223,201.79 $221,501.62
913017109 UNITED TECHNOLOGIES CORP US UTX 420.41 $53,631.29
91704F104 URBAN EDGE PROPERTIES US UE 1,668.26 $42,523.98
91731VAA4 AMERICAN AIRLINES GROUP 6.12500 06/01/2018 US 3,547.52 $3,596.29
918204108 VF CORP US VFC 339.11 $25,093.81
918370AB3 VTR FINANCE BV 6.87500 01/15/2024 NL 18,124.9 $19,121.77
91911KAJ1 VALEANT PHARMACEUTICALS 6.50000 03/15/2022 CA 3,836.64 $4,028.48
91913Y100 VALERO ENERGY US VLO 359.71 $33,061.08
92276F100 VENTAS INC US VTR 339.92 $20,398.70
92339V100 VEREIT INC US VER 3,190.93 $24,857.36
92343VDY7 VERIZON COMMUNICATIONS 4.12500 03/16/2027 US 165,611.91 $172,685.68
92826CAC6 VISA INC 2.80000 12/14/2022 US 110,287.95 $111,903.73
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 24,033.7 $24,886.81
929042109 VORNADO REALTY TRUST US VNO 540.27 $42,238.34
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 67,427.16 $71,440.14
931142103 WAL MART STORES US WMT 1,411.94 $139,428.78
94106L109 WASTE MANAGEMENT INC US WM 790.62 $68,230.48
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 15,655.89 $15,577.61
94856TAA2 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 18,359.78 $18,267.98
949746101 WELLS FARGO COMPANY US WFC 3,120 $189,290.27
94974BFQ8 WELLS FARGO & COMPANY 2.15000 01/15/2019 US 40,205.17 $40,269.72
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 27,017.63 $28,262.15
95040Q104 WELLTOWER INC. US HCN 572.71 $36,521.62
958102105 WESTERN DIGITAL CORP US WDC 262.61 $20,885.40
962166104 WEYERHAEUSER CO US WY 2,278.98 $80,356.79