Investment Objective

To provide capital growth and manage risk for investors planning to retire (or meet another investment goal) in or around the year indicated in the fund’s name.

Investment Strategy

Currently: The portfolio is currently invested in a balanced mix of securities that seeks a more stable rate of long-term growth than that of the broad stock market. The portfolio is diversified among fixed income securities, primarily with intermediate to long-term maturities, and various stocks. Stock exposure can range from 22% - 62%.

Over Time: The portfolio’s investment mix will gradually become more conservative as the target date approaches and for several years after the target date. During the target year, the portfolio’s stock exposure can range from 20% - 60%. At five years after the target date and beyond, the focus will be on capital preservation, and stock exposure can range from 15% - 45%.

May be Appropriate for Investors

  • Who plan to stop contributions and start periodic withdrawals around the year 2020
  • Who currently have a moderate tolerance for risk and can accept fluctuations in current account value
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio that becomes more conservative over time

About Target Date Funds

A target date fund is a single investment portfolio designed to meet an investor’s changing needs over time. The fund gradually shifts from a more aggressive to a more conservative investment objective over the years to reflect an appropriate risk/return trade-off for the investor’s changing time horizon.

Target Series Glide Path Overview

Learn more about our Glide Range SM

Daily Price

$9.53

Daily $ Change

-$0.03

Daily % Change

-0.31%

as of 09/17/2018

Ticker

MTNKX

CUSIP

56382P872

Inception Date

03/28/2008

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-3/20/18

Information on Underlying Investments

Blended Asset Series Prospectus
Blended Asset Series SAI
XBRL Blended Asset Series – 11/02/2017
Blended Asset Series Annual Report
Blended Asset Series Semi-Annual Report

The financial statements of the underlying investments should be read in conjunction with the Series’ financial statements. Beginning 10/16/2017, the underlying funds are the Manning & Napier Fund, Inc. Blended Asset Series. The Blended Asset Series are not currently available for direct investment.

Performance

As of 08/31/2018

YTD

2.09%

1 Year

3.35%

3 Year

5.30%

5 Year

4.73%

10 Year

5.13%

Inception
(03/28/2008)

5.00%

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 1.06%
Net 0.97%*

*Includes acquired fund fees and expenses of the underlying Series, and a 12b-1 fee of 0.25%. Up to 0.25% of the 12b-1 fee is available as a shareholder servicing fee. 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 (02/29/2028) without the approval of the Fund's Board of Directors.

Top Ten Investments

As of 08/31/2018

TREASURY NOTES 19.47%
GOVERNMENT AGENCY 8.03%
TREASURY BONDS 5.28%
INCYTE CORP 1.74%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 1.47%
BOOKING HOLDINGS INC 1.25%
MASTERCARD INC-CLASS A 1.17%
ANHEUSER-BUSCH INBEV SA/NV 1.13%
LULULEMON - ADR 1.10%
QORVO INC 1.09%

Top Ten Investments list is unaudited and excludes cash

Asset Allocation

As of 08/31/2018

Bonds 61.22%
Stocks 37.77%
Cash 1.01%

Detailed Asset Class Allocation

As of 08/31/2018

International Equities 13.08%
Small Capitalization 0.74%
Mid Capitalization 2.33%
Large Capitalization 21.62%
Long Term Fixed Income 17.02%
Intermediate Term Fixed Income 32.82%
Short Term Fixed Income 11.38%
Cash 1.01%

Due to rounding, the sum of the detailed asset class allocation categories may not equal the asset allocation totals provided above.

August Fund Holdings

As of 08/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 432,266.5 $426,815.28
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 399,839.3 $394,137.62
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 9,632.02 $9,896.90
004239109 ACADIA REALTY TRUST US AKR 368.08 $10,497.59
0045614 ANTOFAGASTA PLC GB ANTO LN 3,145.84 $32,952.61
0053673 ASHTEAD GROUP PLC GB AHT LN 467.3 $14,339.73
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 465,685.22 $466,090.97
008492100 AGREE REALTY CORP US ADC 163.62 $9,338.05
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 12,532.02 $12,939.31
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 70.54 $9,054.15
01609W102 ALIBABA GROUP - ADR CN BABA 3,428.34 $599,993.26
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 714,765.04 $672,118.41
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 23,109.81 $23,340.91
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 24,591.89 $24,616.48
02079K107 ALPHABET INC-CL C US GOOG 331.97 $404,403.30
02079K305 ALPHABET INC-CL A US GOOGL 331.97 $408,921.42
023135106 AMAZON.COM INC US AMZN 148.97 $299,828.97
02319V103 AMBEV SA-ADR BR ABEV 162,747.28 $756,774.84
0237400 DIAGEO PLC GB DGE LN 22,007.5 $769,698.72
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 424.2 $17,786.71
0263494 BAE SYSTEMS PLC GB BA/ LN 2,082.36 $16,386.00
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,610.02 $37,352.48
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 465,685.22 $451,386.71
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.25000 12/15/2021 US 20,650.63 $20,392.49
03027X100 AMERICAN TOWER REIT INC US AMT 2,532.26 $377,610.82
03064D108 AMERICOLD REALTY TRUST US COLD 303.53 $7,557.88
03748R101 APARTMENT INVT & MGMT CO -A US AIV 614.07 $26,896.23
03784Y200 APPLE HOSPITALITY REIT INC US APLE 807.34 $14,249.46
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 9,443.15 $9,230.68
0405207 HALMA PLC GB HLMA LN 790.21 $14,689.90
0490656 KERRY GROUP PLC-A IE KYGA LN 255.36 $29,107.67
053484101 AVALONBAY COMMUNITIES INC US AVB 375.02 $68,736.75
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 442,875.63 $426,063.50
058498106 BALL CORP US BLL 17,538.03 $734,492.66
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 682,762.78 $675,394.49
0822011 DS SMITH PLC GB SMDS LN 3,065.92 $19,675.46
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 6,133.67 $613,243.93
09062X103 BIOGEN IDEC INC US BIIB 818.1 $289,191.16
0922320 SMITH & NEPHEW PLC GB SN/ LN 815.51 $14,391.95
09247X101 BLACKROCK INC US BLK 1,543.36 $739,361.93
0946580 WEIR GROUP PLC/THE GB WEIR LN 1,410.96 $34,330.14
09627J102 BLUEROCK RESIDENTIAL GROWTH US 728.51 $7,204.96
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 626,640.8 $671,191.02
09857L108 BOOKING HOLDINGS INC US BKNG 621.37 $1,212,630.13
101121101 BOSTON PROPERTIES INC US BXP 400.55 $52,252.08
105368203 BRANDYWINE REALTY TRUST US BDN 2,090.25 $35,032.60
110122108 BRISTOL MYERS SQUIBB CO US BMY 6,288.58 $380,773.57
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 431.28 $20,865.45
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 20,414.55 $20,159.36
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 20,414.55 $20,159.36
125269100 CF INDUSTRIES HOLDINGS INC US CF 13,247.96 $688,231.44
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 449,920.17 $452,548.04
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 44,548.69 $43,212.23
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 151,549.64 $141,457.26
12648TAA7 CSMC 2014-IVR3 A1 3.50000 07/25/2044 US 254,892.73 $252,214.32
12770QAA3 CZR 2017-VICI A 3.53100 10/15/2034 US 222,310.98 $223,752.23
13321L108 CAMECO CORP CA CCJ 1,121.78 $11,677.69
14314JAC4 CARMX 2017-1 A3 1.98000 11/15/2021 US 166,733.24 $165,409.98
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 1,410.76 $17,690.94
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 283,678.94 $283,480.36
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 48,173.86 $45,162.99
15672WAJ3 CEQUEL COM HLDG I/CAP CP 7.50000 04/01/2028 US 9,443.15 $9,844.49
16411QAB7 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 32,474.41 $32,474.41
165183AA2 CFII 2016-1A A1 2.11000 03/15/2028 US 4,168.26 $4,158.94
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 436,738.2 $432,607.31
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 234,965.49 $232,451.76
165240102 CHESAPEAKE LODGING TRUST US CHSP 416.08 $13,693.24
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 457,802.7 $658,851.65
19625JAA1 CAH 2015-1A A 3.27113 07/17/2032 US 144,707.28 $144,819.67
19626G108 COLONY CAPITAL INC US CLNY 1,741.79 $10,677.15
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 513.1 $15,921.64
2162760 CAE INC CA CAE CN 331.5 $6,617.27
2171573 CANADIAN NATURAL RESOURCES CA CNQ CN 582.21 $19,879.94
2180632 CANADIAN NATL RAILWAY CO CA CNR CN 80.79 $7,184.69
21871N101 CORECIVIC INC US CXW 1,332.1 $34,488.06
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 301,024.46 $334,096.44
222795106 COUSINS PROPERTIES INC US CUZ 3,645.8 $34,088.25
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 210,258.65 $209,243.97
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 24,827.97 $24,362.44
22822V101 CROWN CASTLE INTL CORP US CCI 228.57 $26,064.22
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 95,227.31 $88,426.17
229663109 CUBESMART US CUBE 438.15 $13,385.44
23331A109 DR HORTON INC US DHI 91.9 $4,090.54
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 1,434.44 $17,993.71
23918K108 DAVITA INC. US DVA 8,670.64 $600,788.40
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 32,205.53 $30,514.74
2392471 GRUPO BIMBO SAB- SERIES A MX BIMBOA MM 3,347.77 $6,989.83
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 5,659.03 $19,096.20
2491914 KIMBERLY CLARK DE MEXICO S.A.B. MX 7,897.34 $13,901.28
25271C102 DIAMOND OFFSHORE DRILLING US DO 14,921.94 $259,940.26
253868103 DIGITAL REALTY TRUST INC US DLR 427.51 $53,130.35
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 465,685.22 $451,776.15
2583952 METRO INC CA MRU CN 204.05 $6,388.98
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 9,443.15 $9,608.41
2639349 GRUPO AEROPORT DEL SURESTE-B MX 791.39 $14,840.42
2643674 GRUPO MEXICO SAB DE CV-SER MX GMEXICOB MM 1,894.69 $5,544.66
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 36,288.44 $36,288.44
269246401 ETRADE FINANCIAL CORP US ETFC 5,607.71 $330,069.61
2715777 QUEBECOR INC -CL B CA QBR/B CN 9,870.6 $198,773.50
277276101 EASTGROUP PROPERTIES US EGP 71.25 $6,930.57
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 9,062.34 $182,774.60
285512109 ELECTRONIC ARTS US EA 3,932.86 $446,025.22
2866857 LUNDIN MINING CORP CA LUN CN 40,947.95 $195,169.54
29372EBS6 EFF 2016-2 A2 1.74000 02/22/2022 US 3,924.76 $3,908.55
29372JAB3 EFF 2017-2 A2 1.97000 01/20/2023 US 284,208.99 $282,203.98
294429105 EQUIFAX INC US EFX 3,713.22 $497,459.57
29444U700 EQUINIX INC US EQIX 1,359.81 $593,055.11
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 187.27 $18,142.92
29476L107 EQUITY RESIDENTIAL US EQR 731.03 $49,527.60
297178105 ESSEX PROPERTY TRUST INC US ESS 83.55 $20,575.91
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 394,126.19 $387,203.76
30225T102 EXTRA SPACE STORAGE INC US EXR 192.16 $17,718.86
30261KAN6 FREMF 2012-K711 B 3.68407 08/25/2045 US 129,681.41 $129,980.59
30261UAJ3 FREMF 2013-K713 B 3.26252 04/25/2046 US 245,918.87 $245,640.96
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 32,946.57 $33,719.17
30287EAE0 FREMF 2014-K41 B FLT 3.96243 11/25/2047 US 22,899.65 $22,747.96
30291EAE4 FREMF 2013-K712 B FLT 3.47346 05/25/2045 US 119,330.3 $119,490.75
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 18,186,673.99 $64,546.33
30291XAE2 FREMF 2014-K715 B FLT 4.11916 02/25/2046 US 22,238.63 $22,591.96
30292HAU0 FREMF 2014- K503 B 3.08902 10/25/2047 US 245,918.87 $245,509.69
3128M5VT4 FHLM POOL G03926 6.00000 02/01/2038 US 29,945.67 $33,087.54
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 9,073.55 $9,805.09
3128M6NS3 FHLM POOL G04601 5.50000 07/01/2038 US 9,932.3 $10,715.71
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 29,884.01 $32,319.78
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 305,587.91 $318,845.40
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 37,504.53 $40,551.66
3128P75X7 FHLM POOL C91762 4.50000 05/01/2034 US 105,197.75 $109,888.37
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 8,390.4 $8,835.00
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 8,331.41 $8,699.77
3132QQFU1 FHLM POOL Q33778 4.00000 06/01/2045 US 11,794.25 $12,041.95
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 238,562.46 $243,586.52
3132WF3E7 FHLM POOL Q42596 3.50000 08/01/2046 US 189,755.43 $189,028.01
3132WJX55 FHLM POOL Q45199 4.00000 01/01/2047 US 107,948.11 $110,133.75
3132WJYG0 FHLM POOL Q45210 4.00000 01/01/2047 US 90,914.88 $92,721.10
3132WKQ84 FHLM POOL Q45878 3.00000 12/01/2046 US 346,479.48 $335,817.00
3132XYDL8 FHLM POOL Q55506 4.50000 04/01/2048 US 624,706.62 $649,383.32
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 197,855.33 $197,929.72
3137A2B34 FHMS K009 X1 FLT 1.45070 08/25/2020 US 1,856,060.99 $37,332.62
3137AME78 FHMS K017 X1 FLT 1.48404 12/25/2021 US 287,718.59 $10,183.45
3137ATSC7 FEDERAL NATL MTG ASSN KP01 A2 1.72000 01/25/2019 US 363.66 $362.70
3137AUPF0 FHMS K021 x1 FLT 1.58710 06/25/2022 US 1,417,581.06 $64,562.59
3137B3NB0 FHMS K030 X1 FLT 0.31176 04/25/2023 US 7,341,355.77 $59,336.51
3137B4WB8 FHMS K033 A2 3.06000 07/25/2023 US 566,893.01 $567,192.50
3137BWVV3 FHMS KJ13 A2 2.86400 08/25/2022 US 305,218.72 $303,376.58
3137F4YU0 FHLM POOL FHR4791 4.00000 03/15/2044 US 249,050.01 $254,451.28
3137FG2L8 FHLM POOL 4801 4.50000 05/15/2044 US 260,616.95 $270,313.39
3138EGE26 FEDERAL NATL MTG ASSN AL0152 6.00000 06/01/2040 US 97,898.21 $107,998.33
3138EGHT4 FEDERAL NATL MTG ASSN AL0241 4.00000 04/01/2041 US 144,370.49 $148,071.89
3138EHR87 FEDERAL NATL MTG ASSN AL1410 4.50000 12/01/2041 US 232,228.47 $242,784.01
3138EHXZ0 FEDERAL NATL MTG ASSN AL1595 6.00000 01/01/2040 US 5,328.31 $5,857.76
3138EP2A1 FEDERAL NATL MTG ASSN AL7068 4.50000 09/01/2042 US 230,621.58 $241,618.05
3138EQST0 FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 125,574.17 $128,787.30
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65400 01/01/2049 US 274,285.78 $294,361.33
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 14,039.92 $14,699.19
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 69,260.01 $75,245.61
3140EX2Y8 FEDERAL NATL MTG ASSN BC3490 3.50000 02/01/2046 US 332,385.12 $331,319.02
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 173,841.9 $173,230.47
3140F8RB5 FEDERAL NATL MTG ASSN BD1381 3.50000 06/01/2046 US 109,505.98 $109,041.66
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 16,440.5 $16,749.77
3140FPGZ6 FEDERAL NATL MTG ASSN BE3815 4.00000 12/01/2046 US 15,866.61 $16,164.19
3140H2PH5 FEDERAL NATL MATG ASSN FN BJ1323 3.50000 11/01/2047 US 479,311.89 $477,477.26
3140J8YU1 FEDERAL NATL MTGE ASSN FN BM4322 4.00000 07/01/2048 US 480,694.58 $490,692.00
3140Q7HT7 FEDERAL NATL MTG ASSN FN CA0241 4.00000 08/01/2047 US 503,282.3 $512,968.70
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 26,512.41 $27,059.16
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 31,913.36 $32,551.46
31410HAQ4 MACYS RETAIL HLDGS INC 6.90000 04/01/2029 US 212,428.06 $228,961.41
31416BRR1 FEDERAL NATL MTG ASSN 995196 6.00000 07/01/2038 US 131,222.86 $144,922.14
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 120,955.83 $126,729.57
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 104,450.11 $108,977.95
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 74,109.67 $77,310.93
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 192,161.17 $186,172.38
31418CQA5 FEDERAL NATL MTGE ASSN FN MA3148 3.50000 10/01/2047 US 526,090.99 $523,452.30
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 234,298.89 $243,359.72
31418MGR7 FEDERAL NATL MTG ASSN AD0207 6.00000 10/01/2038 US 10,485.27 $11,582.21
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 6,585.81 $7,131.38
31428X106 FEDEX CORPORATION US FDX 2,096.33 $511,399.55
3163836 INTERTEK GROUP PLC GB ITRK LN 97.5 $6,498.83
3174300 BURBERRY GROUP PLC GB BRBY LN 501.66 $14,579.79
32054K103 FIRST INDUSTRIAL REALTY TR US FR 433.5 $14,071.38
3208986 NEXT PLC GB NXT LN 89.14 $6,364.52
336130AB5 FIRST QUALITY FINANCE CO 5.00000 07/01/2025 US 24,591.89 $23,054.89
35563BAJ9 FREMF 2014-K37 B FLT 4.71387 01/25/2047 US 237,131.72 $247,233.41
35802XAA1 FRESENIUS MED CARE US 6.50000 09/15/2018 US 47,065.14 $47,106.69
35802XAD5 FRESENIUS MED CARE II 5.62500 07/31/2019 US 402,382.88 $411,057.85
36143WAN1 GAHR 2015-NRF BFX FLT 3.49490 12/15/2034 US 302,342.53 $302,340.30
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 73,982.91 $72,457.26
371559105 GENESEE & WYOMING INC -CL A US GWR 4,806 $422,399.32
374297109 GETTY REALTY CORP US GTY 503.33 $14,652.04
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 41,773.41 $42,086.71
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 249,552.1 $236,672.91
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 36,887.83 $36,057.85
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 178.99 $18,491.40
404121AH8 HCA INC 5.37500 09/01/2026 US 20,414.55 $20,516.62
40414L109 HCP INC US HCP 960.72 $25,968.16
4057808 L'OREAL FR OR FP 55.25 $13,227.15
4061412 LVMH MOET HENNESSY LOUIS VUITTON FR MC FP 25.06 $8,786.26
4163437 CAP GEMINI FR CAP FP 58.95 $7,599.10
421946104 HEALTHCARE REALTY TRUST INC US HR 604.53 $18,716.37
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 636.37 $18,181.16
4354350 FUCHS PETROLUB SE - PREF DE FPE3 GR 119.56 $7,000.26
44107P104 HOST MARRIOTT CORP US HST 1,651.79 $35,563.13
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 49,419.85 $47,257.73
4457624 TRIGANO SA FR TRI FP 208.23 $30,519.99
4497749 KBC GROEP NV BE KBC BB 187.11 $13,303.39
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 29,368.62 $29,074.93
45337C102 INCYTE CORP US INCY 22,910.31 $1,693,301.38
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 1,113.93 $11,506.93
45763PAE6 INMARSAT FINANCE PLC 4.87500 05/15/2022 GB 76,733.33 $76,925.16
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B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 2,161.68 $30,385.96
B63QM77 NEXON CO LTD JP 3659 JP 2,243.18 $28,152.07
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 138,361.17 $7,113.50
B798FW0 NOVOZYMES A/S-B SHARES DK NZYMB DC 135.8 $7,454.41
B7VQL46 FNAC DARTY SA FR FNAC FP 216.35 $18,236.39
B8FMRX8 COLOPLAST-B DK COLOB DC 131.86 $14,139.10
BB22L96 KION GROUP AG DE KGX GR 293.19 $20,019.44
BBG00GTNS047 MDT US 09/21/18 P85 IE -28.23 -$28.23
BBG00JT2BST7 EQIX US 09/21/18 P410 US -5.2 -$572.18
BBG00LHTMJJ5 NOW US 09/21/18 C200 US -9.33 -$2,799.54
BBG00LP5FKR4 SCHW US 09/28/18 C51.5 US -36.59 -$3,292.75
BBG00LSPK0K2 LULU 08/31/18 C149 CA -11.98 -$6,828.51
BD3JR69 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 13,934.08 $7,621.23
BD4TZK8 OCI NV NL OCI NA 643.45 $20,740.02
BD6G507 FERRARI NV IT RACE IM 55.25 $7,233.61
BD6K457 COMPASS GROUP PLC GB CPG LN 331.26 $7,132.47
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 157,650.48 $161,197.61
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 17,087.09 $9,723.09
BDZV116 EPIROC AB-A SE EPIA SS 2,320.94 $24,109.98
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 157,650.48 $147,403.20
BFXQMT2 CHINA EVERBRIGHT INTL-RIGHTS HK 5,330.3 $415.27
BFYFZP5 FERGUSON PLC CH FERG LN 87.42 $7,015.74
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 189.4 $39,774.83
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 8,054.84 $14,024.51
BGLP232 MONCLER SPA IT MONC IM 310.14 $14,033.91
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 21,170 $18,972.77
BHC8X90 NOVO NORDISK A/S-B DK NOVOB DC 140.21 $6,902.15
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 18,104.46 $778,259.68
BNBNSG0 EURONEXT NV NL ENX FP 339.85 $22,360.10
BNGN9Z1 FINECOBANK SPA IT FBK IM 2,473 $29,480.66
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 15,768.51 $476,503.56
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 431.9 $13,164.67
BVSS790 ELIS SA FR ELIS FP 1,312.75 $30,436.53
BYQ32R1 NEMAK SAB DE CV MX 16,853.89 $14,035.17
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 25,536.2 $13,000.21
BYXS699 QIAGEN N.V. NL QIA GR 395.1 $15,318.12
BYY8LS2 MAISONS DU MONDE SA FR MDM FP 506.55 $14,828.74
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 11,808.93 $1,101,102.70
BYZ43T4 EUROBANK ERGASIAS SA GR EUROB GA 14,969.16 $12,737.97
BYZFYS3 SPIE SA FR SPIE FP 1,401.42 $26,578.62
BYZWX76 CRODA INTERNATIONAL PLC GB CRDA LN 302.12 $19,994.20
BZ01RF1 WILLIAM DEMANT HOLDING DK WDH DC 349.15 $14,233.51
BZ3C3Q4 BANKIA SA ES BKIA SM 5,309.33 $19,889.26
BZ4CMZ5 DAVIDE CAMPARI-MILANO SPA IT CPR IM 778.62 $6,893.87
BZCNN35 BANCO COMERCIAL PORTUGUES-R PT BCP PL 39,218.42 $11,425.97
G02602103 AMDOCS LTD GG DOX 582.45 $38,022.15
G06242104 ATLASSIAN CORP PLC-CLASS A AU TEAM 80.79 $7,271.54
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 229.59 $12,131.52
G27358103 DESPEGAR.COM CORP AR DESP 306.43 $5,166.48
G3157S106 ENSCO INTERNATIONAL INC US ESV 34,058 $232,956.69
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 45,242.51 $47,052.21
G5960L103 MEDTRONIC INC IE MDT 10,725.39 $1,034,034.74
G97822103 PERRIGO CO PLC IE PRGO 433.88 $33,196.11
H8817H100 TRANSOCEAN LTD US RIG 34,613.18 $419,165.64
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 123.5 $14,349.89
N22717107 CORE LABORATORIES N.V. NL CLB 119.33 $13,668.83
N47279109 INTERXION HOLDING NV NL INXN 6,540.68 $431,227.34
N72482123 QIAGEN N.V. ADR NL QGEN 276.25 $10,765.41
USD US DOLLAR US 995,468.72 $995,468.72

Based on the investments of the underlying fund(s): Manning & Napier Fund, Inc. Pro-Blend® Extended Term Series and Manning & Napier Fund, Inc. Pro-Blend® Moderate Term Series through 10/15/2017, and Manning & Napier Fund, Inc. Blended Asset Extended Series and Manning & Napier Fund, Inc. Blended Asset Moderate Series beginning 10/16/2017. Investments will change over time and as the target date fund gradually becomes more conservative. Fund holdings list does not include securities with positions less than 0.005 shares.

A Word About Risk

Each Manning & Napier Fund, Inc. Target Series is invested in one or two of four proprietary risk-based funds based on the Target Series becoming increasingly conservative over time. Because the underlying funds invest in both stocks and bonds, the value of your investment will fluctuate in response to stock market movements and changes in interest rates. Investing in target date funds will also involve a number of other risks, including issuer-specific risk, foreign investment risk, and small-cap/mid-cap risk, as the underlying investments change over time. Investments in options and futures, 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. Also, the use of leverage increases exposure to the market and may magnify potential losses. Principal value is not guaranteed at any time, including at the target date (the approximate year when an investor plans to stop contributions and start periodic withdrawals).

Daily Price

$9.53

Daily $ Change

-$0.03

Daily % Change

-0.31%

as of 09/17/2018

Ticker

MTNKX

CUSIP

56382P872

Inception Date

03/28/2008

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-3/20/18

Information on Underlying Investments

Blended Asset Series Prospectus
Blended Asset Series SAI
XBRL Blended Asset Series – 11/02/2017
Blended Asset Series Annual Report
Blended Asset Series Semi-Annual Report

The financial statements of the underlying investments should be read in conjunction with the Series’ financial statements. Beginning 10/16/2017, the underlying funds are the Manning & Napier Fund, Inc. Blended Asset Series. The Blended Asset Series are not currently available for direct investment.

Investment Objective

To provide capital growth and manage risk for investors planning to retire (or meet another investment goal) in or around the year indicated in the fund’s name.

Investment Strategy

Currently: The portfolio is currently invested in a balanced mix of securities that seeks a more stable rate of long-term growth than that of the broad stock market. The portfolio is diversified among fixed income securities, primarily with intermediate to long-term maturities, and various stocks. Stock exposure can range from 22% - 62%.

Over Time: The portfolio’s investment mix will gradually become more conservative as the target date approaches and for several years after the target date. During the target year, the portfolio’s stock exposure can range from 20% - 60%. At five years after the target date and beyond, the focus will be on capital preservation, and stock exposure can range from 15% - 45%.

May be Appropriate for Investors

  • Who plan to stop contributions and start periodic withdrawals around the year 2020
  • Who currently have a moderate tolerance for risk and can accept fluctuations in current account value
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio that becomes more conservative over time

About Target Date Funds

A target date fund is a single investment portfolio designed to meet an investor’s changing needs over time. The fund gradually shifts from a more aggressive to a more conservative investment objective over the years to reflect an appropriate risk/return trade-off for the investor’s changing time horizon.

Target Series Glide Path Overview

Learn more about our Glide Range SM

Performance

As of 08/31/2018

YTD

2.09%

1 Year

3.35%

3 Year

5.30%

5 Year

4.73%

10 Year

5.13%

Inception
(03/28/2008)

5.00%

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 1.06%
Net 0.97%*

*Includes acquired fund fees and expenses of the underlying Series, and a 12b-1 fee of 0.25%. Up to 0.25% of the 12b-1 fee is available as a shareholder servicing fee. 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 (02/29/2028) without the approval of the Fund's Board of Directors.

Top Ten Investments

As of 08/31/2018

TREASURY NOTES 19.47%
GOVERNMENT AGENCY 8.03%
TREASURY BONDS 5.28%
INCYTE CORP 1.74%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 1.47%
BOOKING HOLDINGS INC 1.25%
MASTERCARD INC-CLASS A 1.17%
ANHEUSER-BUSCH INBEV SA/NV 1.13%
LULULEMON - ADR 1.10%
QORVO INC 1.09%

Top Ten Investments list is unaudited and excludes cash

Asset Allocation

As of 08/31/2018

Bonds
61.22%
Stocks
37.77%
Cash
1.01%

Detailed Asset Class Allocation

As of 08/31/2018

International Equities
13.08%
Small Capitalization
0.74%
Mid Capitalization
2.33%
Large Capitalization
21.62%
Long Term Fixed Income
17.02%
Intermediate Term Fixed Income
32.82%
Short Term Fixed Income
11.38%
Cash
1.01%

Due to rounding, the sum of the detailed asset class allocation categories may not equal the asset allocation totals provided above.

August Fund Holdings

As of 08/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 432,266.5 $426,815.28
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 399,839.3 $394,137.62
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 9,632.02 $9,896.90
004239109 ACADIA REALTY TRUST US AKR 368.08 $10,497.59
0045614 ANTOFAGASTA PLC GB ANTO LN 3,145.84 $32,952.61
0053673 ASHTEAD GROUP PLC GB AHT LN 467.3 $14,339.73
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 465,685.22 $466,090.97
008492100 AGREE REALTY CORP US ADC 163.62 $9,338.05
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 12,532.02 $12,939.31
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 70.54 $9,054.15
01609W102 ALIBABA GROUP - ADR CN BABA 3,428.34 $599,993.26
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 714,765.04 $672,118.41
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 23,109.81 $23,340.91
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 24,591.89 $24,616.48
02079K107 ALPHABET INC-CL C US GOOG 331.97 $404,403.30
02079K305 ALPHABET INC-CL A US GOOGL 331.97 $408,921.42
023135106 AMAZON.COM INC US AMZN 148.97 $299,828.97
02319V103 AMBEV SA-ADR BR ABEV 162,747.28 $756,774.84
0237400 DIAGEO PLC GB DGE LN 22,007.5 $769,698.72
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 424.2 $17,786.71
0263494 BAE SYSTEMS PLC GB BA/ LN 2,082.36 $16,386.00
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,610.02 $37,352.48
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 465,685.22 $451,386.71
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.25000 12/15/2021 US 20,650.63 $20,392.49
03027X100 AMERICAN TOWER REIT INC US AMT 2,532.26 $377,610.82
03064D108 AMERICOLD REALTY TRUST US COLD 303.53 $7,557.88
03748R101 APARTMENT INVT & MGMT CO -A US AIV 614.07 $26,896.23
03784Y200 APPLE HOSPITALITY REIT INC US APLE 807.34 $14,249.46
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 9,443.15 $9,230.68
0405207 HALMA PLC GB HLMA LN 790.21 $14,689.90
0490656 KERRY GROUP PLC-A IE KYGA LN 255.36 $29,107.67
053484101 AVALONBAY COMMUNITIES INC US AVB 375.02 $68,736.75
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 442,875.63 $426,063.50
058498106 BALL CORP US BLL 17,538.03 $734,492.66
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 682,762.78 $675,394.49
0822011 DS SMITH PLC GB SMDS LN 3,065.92 $19,675.46
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 6,133.67 $613,243.93
09062X103 BIOGEN IDEC INC US BIIB 818.1 $289,191.16
0922320 SMITH & NEPHEW PLC GB SN/ LN 815.51 $14,391.95
09247X101 BLACKROCK INC US BLK 1,543.36 $739,361.93
0946580 WEIR GROUP PLC/THE GB WEIR LN 1,410.96 $34,330.14
09627J102 BLUEROCK RESIDENTIAL GROWTH US 728.51 $7,204.96
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 626,640.8 $671,191.02
09857L108 BOOKING HOLDINGS INC US BKNG 621.37 $1,212,630.13
101121101 BOSTON PROPERTIES INC US BXP 400.55 $52,252.08
105368203 BRANDYWINE REALTY TRUST US BDN 2,090.25 $35,032.60
110122108 BRISTOL MYERS SQUIBB CO US BMY 6,288.58 $380,773.57
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 431.28 $20,865.45
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 20,414.55 $20,159.36
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 20,414.55 $20,159.36
125269100 CF INDUSTRIES HOLDINGS INC US CF 13,247.96 $688,231.44
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 449,920.17 $452,548.04
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 44,548.69 $43,212.23
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 151,549.64 $141,457.26
12648TAA7 CSMC 2014-IVR3 A1 3.50000 07/25/2044 US 254,892.73 $252,214.32
12770QAA3 CZR 2017-VICI A 3.53100 10/15/2034 US 222,310.98 $223,752.23
13321L108 CAMECO CORP CA CCJ 1,121.78 $11,677.69
14314JAC4 CARMX 2017-1 A3 1.98000 11/15/2021 US 166,733.24 $165,409.98
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 1,410.76 $17,690.94
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 283,678.94 $283,480.36
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 48,173.86 $45,162.99
15672WAJ3 CEQUEL COM HLDG I/CAP CP 7.50000 04/01/2028 US 9,443.15 $9,844.49
16411QAB7 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 32,474.41 $32,474.41
165183AA2 CFII 2016-1A A1 2.11000 03/15/2028 US 4,168.26 $4,158.94
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 436,738.2 $432,607.31
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 234,965.49 $232,451.76
165240102 CHESAPEAKE LODGING TRUST US CHSP 416.08 $13,693.24
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 457,802.7 $658,851.65
19625JAA1 CAH 2015-1A A 3.27113 07/17/2032 US 144,707.28 $144,819.67
19626G108 COLONY CAPITAL INC US CLNY 1,741.79 $10,677.15
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 513.1 $15,921.64
2162760 CAE INC CA CAE CN 331.5 $6,617.27
2171573 CANADIAN NATURAL RESOURCES CA CNQ CN 582.21 $19,879.94
2180632 CANADIAN NATL RAILWAY CO CA CNR CN 80.79 $7,184.69
21871N101 CORECIVIC INC US CXW 1,332.1 $34,488.06
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 301,024.46 $334,096.44
222795106 COUSINS PROPERTIES INC US CUZ 3,645.8 $34,088.25
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 210,258.65 $209,243.97
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 24,827.97 $24,362.44
22822V101 CROWN CASTLE INTL CORP US CCI 228.57 $26,064.22
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 95,227.31 $88,426.17
229663109 CUBESMART US CUBE 438.15 $13,385.44
23331A109 DR HORTON INC US DHI 91.9 $4,090.54
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 1,434.44 $17,993.71
23918K108 DAVITA INC. US DVA 8,670.64 $600,788.40
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 32,205.53 $30,514.74
2392471 GRUPO BIMBO SAB- SERIES A MX BIMBOA MM 3,347.77 $6,989.83
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 5,659.03 $19,096.20
2491914 KIMBERLY CLARK DE MEXICO S.A.B. MX 7,897.34 $13,901.28
25271C102 DIAMOND OFFSHORE DRILLING US DO 14,921.94 $259,940.26
253868103 DIGITAL REALTY TRUST INC US DLR 427.51 $53,130.35
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 465,685.22 $451,776.15
2583952 METRO INC CA MRU CN 204.05 $6,388.98
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 9,443.15 $9,608.41
2639349 GRUPO AEROPORT DEL SURESTE-B MX 791.39 $14,840.42
2643674 GRUPO MEXICO SAB DE CV-SER MX GMEXICOB MM 1,894.69 $5,544.66
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 36,288.44 $36,288.44
269246401 ETRADE FINANCIAL CORP US ETFC 5,607.71 $330,069.61
2715777 QUEBECOR INC -CL B CA QBR/B CN 9,870.6 $198,773.50
277276101 EASTGROUP PROPERTIES US EGP 71.25 $6,930.57
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 9,062.34 $182,774.60
285512109 ELECTRONIC ARTS US EA 3,932.86 $446,025.22
2866857 LUNDIN MINING CORP CA LUN CN 40,947.95 $195,169.54
29372EBS6 EFF 2016-2 A2 1.74000 02/22/2022 US 3,924.76 $3,908.55
29372JAB3 EFF 2017-2 A2 1.97000 01/20/2023 US 284,208.99 $282,203.98
294429105 EQUIFAX INC US EFX 3,713.22 $497,459.57
29444U700 EQUINIX INC US EQIX 1,359.81 $593,055.11
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 187.27 $18,142.92
29476L107 EQUITY RESIDENTIAL US EQR 731.03 $49,527.60
297178105 ESSEX PROPERTY TRUST INC US ESS 83.55 $20,575.91
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 394,126.19 $387,203.76
30225T102 EXTRA SPACE STORAGE INC US EXR 192.16 $17,718.86
30261KAN6 FREMF 2012-K711 B 3.68407 08/25/2045 US 129,681.41 $129,980.59
30261UAJ3 FREMF 2013-K713 B 3.26252 04/25/2046 US 245,918.87 $245,640.96
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 32,946.57 $33,719.17
30287EAE0 FREMF 2014-K41 B FLT 3.96243 11/25/2047 US 22,899.65 $22,747.96
30291EAE4 FREMF 2013-K712 B FLT 3.47346 05/25/2045 US 119,330.3 $119,490.75
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 18,186,673.99 $64,546.33
30291XAE2 FREMF 2014-K715 B FLT 4.11916 02/25/2046 US 22,238.63 $22,591.96
30292HAU0 FREMF 2014- K503 B 3.08902 10/25/2047 US 245,918.87 $245,509.69
3128M5VT4 FHLM POOL G03926 6.00000 02/01/2038 US 29,945.67 $33,087.54
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 9,073.55 $9,805.09
3128M6NS3 FHLM POOL G04601 5.50000 07/01/2038 US 9,932.3 $10,715.71
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 29,884.01 $32,319.78
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 305,587.91 $318,845.40
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 37,504.53 $40,551.66
3128P75X7 FHLM POOL C91762 4.50000 05/01/2034 US 105,197.75 $109,888.37
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 8,390.4 $8,835.00
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 8,331.41 $8,699.77
3132QQFU1 FHLM POOL Q33778 4.00000 06/01/2045 US 11,794.25 $12,041.95
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 238,562.46 $243,586.52
3132WF3E7 FHLM POOL Q42596 3.50000 08/01/2046 US 189,755.43 $189,028.01
3132WJX55 FHLM POOL Q45199 4.00000 01/01/2047 US 107,948.11 $110,133.75
3132WJYG0 FHLM POOL Q45210 4.00000 01/01/2047 US 90,914.88 $92,721.10
3132WKQ84 FHLM POOL Q45878 3.00000 12/01/2046 US 346,479.48 $335,817.00
3132XYDL8 FHLM POOL Q55506 4.50000 04/01/2048 US 624,706.62 $649,383.32
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 197,855.33 $197,929.72
3137A2B34 FHMS K009 X1 FLT 1.45070 08/25/2020 US 1,856,060.99 $37,332.62
3137AME78 FHMS K017 X1 FLT 1.48404 12/25/2021 US 287,718.59 $10,183.45
3137ATSC7 FEDERAL NATL MTG ASSN KP01 A2 1.72000 01/25/2019 US 363.66 $362.70
3137AUPF0 FHMS K021 x1 FLT 1.58710 06/25/2022 US 1,417,581.06 $64,562.59
3137B3NB0 FHMS K030 X1 FLT 0.31176 04/25/2023 US 7,341,355.77 $59,336.51
3137B4WB8 FHMS K033 A2 3.06000 07/25/2023 US 566,893.01 $567,192.50
3137BWVV3 FHMS KJ13 A2 2.86400 08/25/2022 US 305,218.72 $303,376.58
3137F4YU0 FHLM POOL FHR4791 4.00000 03/15/2044 US 249,050.01 $254,451.28
3137FG2L8 FHLM POOL 4801 4.50000 05/15/2044 US 260,616.95 $270,313.39
3138EGE26 FEDERAL NATL MTG ASSN AL0152 6.00000 06/01/2040 US 97,898.21 $107,998.33
3138EGHT4 FEDERAL NATL MTG ASSN AL0241 4.00000 04/01/2041 US 144,370.49 $148,071.89
3138EHR87 FEDERAL NATL MTG ASSN AL1410 4.50000 12/01/2041 US 232,228.47 $242,784.01
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7380482 COMPAGNIE DE SAINT-GOBAIN FR SGO FP 968.72 $41,770.32
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74460D109 PUBLIC STORAGE INC US PSA 196.57 $41,787.08
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758849103 REGENCY CENTERS CORP US REG 280.35 $18,511.77
75886F107 REGENERON PHARMACEUTICALS INC US REGN 1,415.93 $575,931.43
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780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 523.73 $35,288.81
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 114.91 $11,706.18
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78442PGC4 SLM CORP 5.12500 04/05/2022 US 32,710.49 $32,383.38
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81211K100 SEALED AIR CORP US SEE 11,869.57 $476,088.57
812578102 SEATTLE GENETICS INC US SGEN 7,166.63 $550,110.50
81663AAD7 SEMGROUP CORP 6.37500 03/15/2025 US 49,419.85 $48,307.91
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 117,357.19 $113,495.08
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81762P102 SERVICENOW INC US NOW 2,019.41 $396,531.86
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822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 28,769.23 $29,488.46
828806109 SIMON PROPERTY GROUP INC US SPG 525.64 $96,207.29
83088M102 SKYWORKS SOLUTIONS INC US SWKS 3,910.91 $357,065.91
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83404YAA1 SCLP 2016-5 A 3.06000 09/25/2028 US 162,131.5 $161,430.37
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 44,530.51 $44,170.50
83406EAB1 SOFI 2018-A A2A 2.39000 02/25/2042 US 120,178.98 $119,249.63
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84265V105 SOUTHERN COPPER CORPORATION US SCCO 488.66 $21,324.99
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852061AK6 SPRINT COMMUNICATIONS 9.00000 11/15/2018 US 9,931.19 $10,042.91
85254J102 STAG INDUSTRIAL INC US STAG 679.96 $19,630.51
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.28269 11/15/2027 US 249,529.72 $249,627.66
866674104 SUN COMMUNITIES US SUI 359.25 $37,067.55
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 1,277.49 $21,436.21
874080104 TAL EDUCATION GROUP - ADR CN TAL 200.11 $5,923.32
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87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 28,769.23 $25,892.30
88032WAG1 TENCENT HOLDINGS LTD 3.59500 01/19/2028 KY 473,567.75 $450,152.76
882508104 TEXAS INSTRUMENTS INC US TXN 3,282.69 $368,974.82
88650V208 TIER REIT INC US TIER 896.95 $21,383.24
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 219,889.89 $214,432.49
89613BAA5 TAH 2013-SFR1 A 2.58900 11/17/2033 US 184,894.24 $179,365.87
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 192,013.52 $185,404.91
896356AE2 TRINIDAD DRILLING LTD 6.62500 02/15/2025 CA 36,194.01 $35,832.07
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 36,335.66 $36,971.53
902653104 UDR INC US UDR 950.07 $37,974.41
903002103 UMH PROPERTIES INC US UMH 621.72 $9,922.58
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912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 719,179.51 $959,009.02
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 1,129,562.34 $1,426,248.95
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 510,837.24 $495,059.82
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 818,466.51 $742,438.65
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 2,005,111.02 $2,001,508.08
9128282N9 US TREASURY N/B 2.12500 07/31/2024 US 272,765.52 $263,048.25
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 994,955.03 $986,054.85
912828D23 US TREASURY N/B 1.62500 04/30/2019 US 2,788,557.2 $2,775,376.92
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 1,449,263.44 $1,430,657.02
912828K58 UNITED STATES TREAS NTS 1.37500 04/30/2020 US 2,853,027.38 $2,796,412.62
912828R28 US TREASURY N/B 1.62500 04/30/2023 US 1,146,032.95 $1,090,566.74
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 1,063,334.73 $975,692.68
912828S92 US TREASURY N/B 1.25000 07/31/2023 US 1,868,582.52 $1,741,212.35
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 501,589.44 $488,611.28
912828WZ9 UNITED STATES TREAS NTS 1.75000 04/30/2022 US 1,976,794.11 $1,910,154.52
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 1,991,393.18 $1,920,605.37
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 988,397.06 $947,509.85
912828XQ8 US TREASURY N/B 2.00000 07/31/2022 US 3,611,118.62 $3,513,928.76
91704F104 URBAN EDGE PROPERTIES US UE 1,322.4 $30,230.07
92276F100 VENTAS INC US VTR 263.41 $15,770.27
92339V100 VEREIT INC US VER 1,806.74 $14,128.67
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 626,640.8 $677,263.26
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 1,581.9 $291,702.39
92826C839 VISA INC - CLASS A SHARES US V 5,456.54 $801,510.69
929042109 VORNADO REALTY TRUST US VNO 430.97 $33,185.02
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 32,474.41 $33,205.09
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 20,650.63 $20,031.11
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 32,205.53 $30,434.23
95040Q104 WELLTOWER INC. US WELL 309.6 $20,653.11
962166104 WEYERHAEUSER CO US WY 513.58 $17,826.25
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 24,591.89 $24,714.85
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 28,769.23 $28,659.90
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 256,910.1 $246,608.89
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 104,098.25 $104,131.48
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 120,981.12 $118,902.57
98919V105 ZAYO GROUP HOLDINGS INC US ZAYO 14,283.46 $495,064.57
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 9,443.15 $9,301.51
B02J639 ADMIRAL GROUP PLC GB ADM LN 276.25 $7,454.99
B037JC2 NEXITY FR NXI FP 221 $13,505.63
B0386J1 JYSKE BANK-REG DK JYSK DC 264.19 $13,383.77
B05LZ02 HAKUHODO DY HOLDINGS INC JP 2433 JP 427.18 $7,207.22
B06JSP1 SYDBANK A/S DK SYDB DC 370.98 $10,869.27
B09DHL9 MTU AERO ENGINES HOLDING AG DE MTX GR 33.89 $7,443.93
B09M9D2 KONE OYJ-B FI KNEBV FH 254.89 $13,761.88
B0JDQD4 BANDAI NAMCO HOLDINGS INC JP 7832 JP 338.91 $13,134.55
B11TCY0 SCHINDLER HOLDING-PART CERT CH SCHP SW 59.66 $14,222.07
B138HB7 KAUFMAN & BROAD SA FR KOF FP 390.93 $20,586.41
B13X013 EIFFAGE FR FGR FP 259.3 $29,212.87
B15C557 TOTAL SA FR FP FP 455.47 $28,561.88
B19NLV4 EXPERIAN PLC GB EXPN LN 280.43 $6,983.57
B1CRLC4 MONDI PLC GB MNDI LN 263.24 $7,335.61
B1FW751 GALP ENERGIA SGPS SA PT GALP PL 1,852.25 $37,592.51
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 1,532.17 $10,071.86
B1WGG93 GEBERIT AG-REG CH GEBN SW 50.84 $23,118.13
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B1XH026 VINCI SA FR DG FP 654.17 $62,509.11
B1Y9TB3 DANONE FR BN FP 369.8 $29,121.99
B1YVKN8 ANTA SPORTS PRODUCTS LTD CN 2020 HK 5,154.46 $28,108.49
B232R05 SK INNOVATION CO LTD KR 096770 KS 80.55 $13,964.33
B249GC0 MATSUMOTOKIYOSHI HOLDINGS CO JP 3088 JP 338.91 $12,805.21
B283W97 CAIXABANK S.A ES CABK SM 7,323.58 $32,645.67
B296BQ5 STORAGEVAULT CANADA INC CA SVI CN 2,313.54 $4,680.26
B3FP8W8 CANADA HOUSING TRUST 4.10000 12/15/2018 CA 42,594.46 $32,859.75
B3MSM28 AMADEUS IT HOLDING SA-A SHS ES AMS SM 80.55 $7,469.65
B3NB1P2 SUNCOR ENERGY INC CA SU CN 450.35 $18,538.66
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 442,087.38 $22,333.62
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 54,465.46 $42,669.62
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 719,503.54 $35,972.07
B4Q2TX3 CHINA LONGYUAN POWER GROUP-H CN 916 HK 31,526.13 $26,568.69
B4R2R50 JULIUS BAER CH BAER SW 894.71 $47,474.64
B4WTBY3 HUANENG RENEWABLES CORP-H CN 958 HK 79,856.05 $25,558.37
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 94,836.81 $69,489.53
B4YVF56 BRENNTAG AG DE BNR GR 183.17 $11,041.08
B607XS1 VERMILION ENERGY INC CA VET CN 681.12 $21,628.91
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 1,090,046.3 $57,134.11
B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 2,161.68 $30,385.96
B63QM77 NEXON CO LTD JP 3659 JP 2,243.18 $28,152.07
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 138,361.17 $7,113.50
B798FW0 NOVOZYMES A/S-B SHARES DK NZYMB DC 135.8 $7,454.41
B7VQL46 FNAC DARTY SA FR FNAC FP 216.35 $18,236.39
B8FMRX8 COLOPLAST-B DK COLOB DC 131.86 $14,139.10
BB22L96 KION GROUP AG DE KGX GR 293.19 $20,019.44
BBG00GTNS047 MDT US 09/21/18 P85 IE -28.23 -$28.23
BBG00JT2BST7 EQIX US 09/21/18 P410 US -5.2 -$572.18
BBG00LHTMJJ5 NOW US 09/21/18 C200 US -9.33 -$2,799.54
BBG00LP5FKR4 SCHW US 09/28/18 C51.5 US -36.59 -$3,292.75
BBG00LSPK0K2 LULU 08/31/18 C149 CA -11.98 -$6,828.51
BD3JR69 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 13,934.08 $7,621.23
BD4TZK8 OCI NV NL OCI NA 643.45 $20,740.02
BD6G507 FERRARI NV IT RACE IM 55.25 $7,233.61
BD6K457 COMPASS GROUP PLC GB CPG LN 331.26 $7,132.47
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 157,650.48 $161,197.61
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 17,087.09 $9,723.09
BDZV116 EPIROC AB-A SE EPIA SS 2,320.94 $24,109.98
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 157,650.48 $147,403.20
BFXQMT2 CHINA EVERBRIGHT INTL-RIGHTS HK 5,330.3 $415.27
BFYFZP5 FERGUSON PLC CH FERG LN 87.42 $7,015.74
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 189.4 $39,774.83
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 8,054.84 $14,024.51
BGLP232 MONCLER SPA IT MONC IM 310.14 $14,033.91
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 21,170 $18,972.77
BHC8X90 NOVO NORDISK A/S-B DK NOVOB DC 140.21 $6,902.15
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 18,104.46 $778,259.68
BNBNSG0 EURONEXT NV NL ENX FP 339.85 $22,360.10
BNGN9Z1 FINECOBANK SPA IT FBK IM 2,473 $29,480.66
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 15,768.51 $476,503.56
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 431.9 $13,164.67
BVSS790 ELIS SA FR ELIS FP 1,312.75 $30,436.53
BYQ32R1 NEMAK SAB DE CV MX 16,853.89 $14,035.17
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 25,536.2 $13,000.21
BYXS699 QIAGEN N.V. NL QIA GR 395.1 $15,318.12
BYY8LS2 MAISONS DU MONDE SA FR MDM FP 506.55 $14,828.74
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 11,808.93 $1,101,102.70
BYZ43T4 EUROBANK ERGASIAS SA GR EUROB GA 14,969.16 $12,737.97
BYZFYS3 SPIE SA FR SPIE FP 1,401.42 $26,578.62
BYZWX76 CRODA INTERNATIONAL PLC GB CRDA LN 302.12 $19,994.20
BZ01RF1 WILLIAM DEMANT HOLDING DK WDH DC 349.15 $14,233.51
BZ3C3Q4 BANKIA SA ES BKIA SM 5,309.33 $19,889.26
BZ4CMZ5 DAVIDE CAMPARI-MILANO SPA IT CPR IM 778.62 $6,893.87
BZCNN35 BANCO COMERCIAL PORTUGUES-R PT BCP PL 39,218.42 $11,425.97
G02602103 AMDOCS LTD GG DOX 582.45 $38,022.15
G06242104 ATLASSIAN CORP PLC-CLASS A AU TEAM 80.79 $7,271.54
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 229.59 $12,131.52
G27358103 DESPEGAR.COM CORP AR DESP 306.43 $5,166.48
G3157S106 ENSCO INTERNATIONAL INC US ESV 34,058 $232,956.69
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 45,242.51 $47,052.21
G5960L103 MEDTRONIC INC IE MDT 10,725.39 $1,034,034.74
G97822103 PERRIGO CO PLC IE PRGO 433.88 $33,196.11
H8817H100 TRANSOCEAN LTD US RIG 34,613.18 $419,165.64
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 123.5 $14,349.89
N22717107 CORE LABORATORIES N.V. NL CLB 119.33 $13,668.83
N47279109 INTERXION HOLDING NV NL INXN 6,540.68 $431,227.34
N72482123 QIAGEN N.V. ADR NL QGEN 276.25 $10,765.41
USD US DOLLAR US 995,468.72 $995,468.72

Based on the investments of the underlying fund(s): Manning & Napier Fund, Inc. Pro-Blend® Extended Term Series and Manning & Napier Fund, Inc. Pro-Blend® Moderate Term Series through 10/15/2017, and Manning & Napier Fund, Inc. Blended Asset Extended Series and Manning & Napier Fund, Inc. Blended Asset Moderate Series beginning 10/16/2017. Investments will change over time and as the target date fund gradually becomes more conservative. Fund holdings list does not include securities with positions less than 0.005 shares.

Distributions

  • Target 2020 Series Class K Distribution History
  • 2018 Distribution Calendar
  • Fourth Quarter 2017 Distributions
  • Third Quarter 2018 Distributions
  • Second Quarter 2018 Distributions
  • First Quarter 2018 Distributions
  • Tax Letter

A Word About Risk

Each Manning & Napier Fund, Inc. Target Series is invested in one or two of four proprietary risk-based funds based on the Target Series becoming increasingly conservative over time. Because the underlying funds invest in both stocks and bonds, the value of your investment will fluctuate in response to stock market movements and changes in interest rates. Investing in target date funds will also involve a number of other risks, including issuer-specific risk, foreign investment risk, and small-cap/mid-cap risk, as the underlying investments change over time. Investments in options and futures, 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. Also, the use of leverage increases exposure to the market and may magnify potential losses. Principal value is not guaranteed at any time, including at the target date (the approximate year when an investor plans to stop contributions and start periodic withdrawals).


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