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 27% - 67%.

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 2025
  • Who 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

$11.96

Daily $ Change

$0.05

Daily % Change

0.42%

as of 02/15/2019

Ticker

MTOAX

CUSIP

56382P419

Inception Date

06/25/2012

Investment Minimum

$1,000,000.00

Investment minimum may be waived for certain qualified retirement plans.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms

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 01/31/2019

YTD

4.42%

1 Year

-1.37%

3 Year

6.69%

5 Year

3.78%

10 Year

---

Inception
(06/25/2012)

6.84%

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 1.17%
Net 0.74%*

*Includes acquired fund fees and expenses of the underlying Series. Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated prior to the expiration date (02/29/2028) without the approval of the Fund's Board of Directors.

Top Ten Investments

As of 01/31/2019

TREASURY NOTES 10.58%
GOVERNMENT AGENCY 8.01%
TREASURY BONDS 6.41%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 4.09%
NOVARTIS AG- REG 1.55%
MEDTRONIC INC 1.47%
MASTERCARD INC-CLASS A 1.39%
BOOKING HOLDINGS INC 1.34%
JOHNSON & JOHNSON 1.32%
MICROSOFT CORP 1.24%

Top Ten Investments list is unaudited and excludes cash

Asset Allocation

As of 01/31/2019

Bonds 55.90%
Stocks 42.10%
Cash 2.00%

Detailed Asset Class Allocation

As of 01/31/2019

International Equities 15.22%
Small Capitalization 1.27%
Mid Capitalization 2.91%
Large Capitalization 22.70%
Long Term Fixed Income 16.12%
Intermediate Term Fixed Income 28.13%
Short Term Fixed Income 11.65%
Cash 2.00%

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

January Fund Holdings

As of 01/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAH9 ADT SEC CORP 4.12500 06/15/2023 US 24,860.07 $23,927.82
00101JAM8 ADT CORP 5.25000 03/15/2020 US 15,164.86 $15,392.33
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 288,309.2 $291,793.99
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 315,508.86 $312,827.04
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 139,879.13 $140,228.83
004239109 ACADIA REALTY TRUST US AKR 213.99 $6,147.83
0045614 ANTOFAGASTA PLC GB ANTO LN 365.52 $4,178.56
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 294,213.19 $287,884.82
0081180 BARRATT DEVELOPMENTS PLC GB BDEV LN 1,309.38 $9,261.41
008492100 AGREE REALTY CORP US ADC 132.29 $8,734.95
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 21,068.85 $21,521.93
0136701 BRITISH LAND CO PLC GB BLND LN 615.74 $4,638.40
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 47.17 $6,213.16
01609W102 ALIBABA GROUP - ADR CN BABA 117.5 $19,797.26
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 20,223.74 $20,400.70
02079K107 ALPHABET INC-CL C US GOOG 383.35 $427,957.07
02079K305 ALPHABET INC-CL A US GOOGL 241.77 $272,205.31
023135106 AMAZON.COM INC US AMZN 147.42 $253,380.34
02319V103 AMBEV SA-ADR BR ABEV 61,847.81 $297,487.96
0237400 DIAGEO PLC GB DGE LN 15,279.14 $583,148.64
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 71,628.2 $72,136.77
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 212.74 $9,790.40
0263494 BAE SYSTEMS PLC GB BA/ LN 2,391.38 $16,087.67
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,193.02 $26,377.63
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 153,444.94 $147,801.67
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 25,699.28 $23,900.33
03027X100 AMERICAN TOWER REIT INC US AMT 1,620.55 $280,095.59
03064D108 AMERICOLD REALTY TRUST US COLD 196.71 $5,767.50
03748R101 APARTMENT INVT & MGMT CO -A US AIV 384.19 $19,024.90
03784Y200 APPLE HOSPITALITY REIT INC US APLE 366.94 $6,021.45
0405207 HALMA PLC GB HLMA LN 511.73 $9,411.60
0490656 KERRY GROUP PLC-A IE KYGA LN 179.87 $18,497.74
053484101 AVALONBAY COMMUNITIES INC US AVB 265.82 $51,281.87
058498106 BALL CORP US BLL 13,425.3 $701,874.48
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 433,303.01 $436,708.48
0682538 PERSIMMON PLC GB PSN LN 293.54 $9,157.22
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 1,988.67 $408,751.56
0870612 LLOYDS BANKING GROUP PLC GB LLOY LN 12,439.79 $9,483.63
0878230 TAYLOR WIMPEY PLC GB TW/ LN 4,238.13 $9,189.29
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 2,822.68 $277,102.47
0922320 SMITH & NEPHEW PLC GB SN/ LN 678.57 $12,783.32
09247X101 BLACKROCK INC US BLK 317.53 $131,802.14
0946580 WEIR GROUP PLC/THE GB WEIR LN 1,399.38 $27,693.22
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 412,234.16 $423,370.82
09857L108 BOOKING HOLDINGS INC US BKNG 448.11 $821,307.88
101121101 BOSTON PROPERTIES INC US BXP 308.8 $40,720.96
105368203 BRANDYWINE REALTY TRUST US BDN 1,729.49 $26,028.88
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 238.38 $8,410.14
11134LAB5 BROADCOM CRP / CAYMN FI 2.37500 01/15/2020 US 122,525.51 $121,576.87
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 17,277.64 $16,446.24
12503M108 CBOE GLOBAL MARKETS INC US CBOE 2,743.79 $255,913.62
12572Q105 CME GROUP INC US CME 1,430.3 $260,714.34
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 374,322.01 $374,991.62
12596JAA1 CNH 2019-A A1 2.75334 02/28/2020 US 83,921.58 $83,931.55
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 114,939.7 $108,657.88
12648TAA7 CSMC 2014-IVR3 A1 3.50000 07/25/2044 US 183,770.52 $182,582.35
12770QAA3 CZR 2017-VICI A 3.53100 10/15/2034 US 126,766.96 $128,189.55
133131102 CAMDEN PROPERTY TRUST US CPT 63.61 $6,167.13
13321L108 CAMECO CORP CA CCJ 661.98 $8,023.23
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 195,739 $194,836.16
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 42,971.03 $39,533.34
165183AA2 CFII 2016-1A A1 2.11000 03/15/2028 US .02 $0.02
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US .05 $0.05
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 280,709.95 $276,784.22
165240102 CHESAPEAKE LODGING TRUST US CHSP 310.04 $8,829.95
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 163,574.51 $238,533.10
191216100 COCA COLA CO/THE US KO 10,920.11 $525,584.78
2011646 ALIMENTATION COUCHE-TARD -B CA ATD/B CN 181.95 $9,884.32
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 605.35 $19,988.66
2162760 CAE INC CA CAE CN 333.57 $7,087.95
2180632 CANADIAN NATL RAILWAY CO CA CNR CN 80.02 $6,677.75
21871N101 CORECIVIC INC US CXW 1,060.42 $21,070.58
222795106 COUSINS PROPERTIES INC US CUZ 3,029.7 $26,812.87
22282EAH5 COVANTA HOLDING CORP 6.00000 01/01/2027 US 24,860.07 $23,803.51
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 296,642.38 $302,755.06
22822V101 CROWN CASTLE INTL CORP US CCI 147.02 $17,209.94
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 52,423.53 $49,433.01
229663109 CUBESMART US CUBE 171.04 $5,293.66
2328595 BANCO DO BRASIL S.A. BR BBAS3 BZ 353.65 $5,028.60
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 15,164.86 $15,392.33
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 453.52 $5,249.90
23918K108 DAVITA INC. US DVA 5,891.12 $330,668.46
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 25,699.28 $24,735.56
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 3,150.46 $8,437.04
2458771 ITAUSA INVESTIMENTOS ITAU -PR BR ITSA4 BZ 1,347.46 $4,987.59
2516710 LOJAS AMERICANAS SA - PREF BR LAME4 BZ 505.3 $2,919.13
25271C102 DIAMOND OFFSHORE DRILLING US DO 7,153.65 $78,189.35
253868103 DIGITAL REALTY TRUST INC US DLR 293.2 $31,764.97
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 303,474.05 $286,855.81
2583952 METRO INC CA MRU CN 252.27 $9,171.68
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 33,568.63 $33,400.79
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 31,684.25 $30,812.94
269246401 ETRADE FINANCIAL CORP US ETFC 2,773.77 $129,424.08
2715777 QUEBECOR INC -CL B CA QBR/B CN 6,289.38 $148,050.13
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 7,165.23 $145,491.32
285512109 ELECTRONIC ARTS US EA 2,986.2 $275,446.65
2866857 LUNDIN MINING CORP CA LUN CN 899.06 $4,105.46
29278D105 ENEL CHILE SA-ADR CL ENIC 1,238.22 $6,723.52
29373FAB0 EFF 2018 -2 A2 MTGE 3.14000 02/20/2024 US 211,278.26 $211,508.98
29444U700 EQUINIX INC US EQIX 1,046.49 $412,315.14
2945422 WEG SA BR WEGE3 BZ 581.12 $3,001.85
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 138.6 $14,674.60
29476L107 EQUITY RESIDENTIAL US EQR 580.92 $42,151.88
297178105 ESSEX PROPERTY TRUST INC US ESS 96.89 $26,277.42
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 295,199.84 $292,620.38
30225T102 EXTRA SPACE STORAGE INC US EXR 141.55 $13,958.10
30261KAN6 FREMF 2012-K711 B 3.54287 08/25/2045 US 73,947.39 $73,926.89
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 28,651.28 $28,472.21
30287EAE0 FREMF 2014-K41 B FLT 3.83213 11/25/2047 US 81,403.93 $82,283.59
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 10,269,445.59 $33,277.11
30291XAE2 FREMF 2014-K715 B FLT 3.97779 02/25/2046 US 79,054.13 $80,223.59
3128M5VT4 FHLM POOL G03926 6.00000 02/01/2038 US 15,685.98 $17,201.15
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 29,830.65 $31,956.65
3128M6NS3 FHLM POOL G04601 5.50000 07/01/2038 US 34,002.83 $36,376.61
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 15,869.11 $17,139.53
3128MJ2E9 FHLM POOL FG 08772 4.50000 07/01/2047 US 133,873.51 $139,464.17
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 19,902.05 $21,337.02
3128P75X7 FHLM POOL C91762 4.50000 05/01/2034 US 81,348.37 $85,395.67
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 24,903.82 $26,207.53
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 29,047.42 $30,492.55
3132QQFU1 FHLM POOL Q33778 4.00000 06/01/2045 US 41,348.99 $42,502.48
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 128,313.55 $131,773.17
3132WKQ84 FHLM POOL Q45878 3.00000 12/01/2046 US 188,349.49 $185,205.69
31335AQ92 FHLM POOL FG G60480 4.50000 11/01/2045 US 280,195.64 $293,283.03
3134865 BARCLAYS PLC GB BARC LN 4,401.12 $9,173.47
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 153,285.23 $156,203.82
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 46.33 $6,142.47
3137A2B34 FHMS K009 X1 FLT 1.27311 08/25/2020 US 1,047,193.52 $16,116.41
3137AME78 FHMS K017 X1 FLT 1.30246 12/25/2021 US 991,024.19 $30,457.64
3137AUPF0 FHMS K021 x1 FLT 1.44244 06/25/2022 US 797,834.49 $32,710.97
3137B3NB0 FHMS K030 X1 FLT 0.19598 04/25/2023 US 4,143,035.54 $30,798.50
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 186,489.33 $191,776.29
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 192,908.84 $200,433.89
3138EGE26 FEDERAL NATL MTG ASSN AL0152 6.00000 06/01/2040 US 51,079.95 $55,969.67
3138EGHT4 FEDERAL NATL MTG ASSN AL0241 4.00000 04/01/2041 US 121,443.57 $125,370.85
3138EHR87 FEDERAL NATL MTG ASSN AL1410 4.50000 12/01/2041 US 182,815.62 $191,824.56
3138EP2A1 FEDERAL NATL MTG ASSN AL7068 4.50000 09/01/2042 US 123,295.15 $129,511.46
3138EQST0 FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 101,876.72 $105,167.58
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65400 01/01/2049 US 217,356.87 $236,437.18
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 428,451.37 $433,007.03
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 42,273.67 $44,325.42
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 36,356.72 $39,604.79
3140F8RB5 FEDERAL NATL MTG ASSN BD1381 3.50000 06/01/2046 US 61,932.41 $62,412.42
3140H2PH5 FEDERAL NATL MATG ASSN FN BJ1323 3.50000 11/01/2047 US 408,267.23 $410,905.43
3140HPMQ7 FEDERAL NATIONAL MTGE FN BK9366 4.50000 08/01/2048 US 100,500.56 $104,485.35
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 271,255.44 $285,629.36
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 93,246.83 $98,188.34
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 284,750.22 $296,039.99
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 183,843.18 $193,586.00
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 15,553.63 $15,804.41
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 18,940.61 $19,249.61
31410HAQ4 MACYS RETAIL HLDGS INC 6.90000 04/01/2029 US 131,507.39 $138,059.95
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 89,112.25 $93,637.02
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 90,654.73 $95,074.12
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 39,256.4 $41,185.72
31418C4M3 FEDERAL NATL MTG ASSN FN MA3527 5.00000 11/01/2048 US 403,794.34 $425,164.80
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 150,283.92 $147,706.88
31418CZ56 FEDERAL NATL MTG ASSN FN MA3463 4.00000 09/01/2033 US 137,926.53 $141,991.54
31418MGR7 FEDERAL NATL MTG ASSN AD0207 6.00000 10/01/2038 US 34,636.42 $37,941.39
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 21,686.81 $23,551.75
31428X106 FEDEX CORPORATION US FDX 1,512.72 $268,612.98
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 14,325.64 $13,788.43
32054K103 FIRST INDUSTRIAL REALTY TR US FR 319.3 $10,447.54
335934AK1 FIRST QUANTUM MINERALS L 7.25000 04/01/2023 CA 7,582.43 $7,260.25
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 22,747.29 $21,837.39
35563BAJ9 FREMF 2014-K37 B FLT 4.55881 01/25/2047 US 135,218.09 $142,412.89
35802XAD5 FRESENIUS MED CARE II 5.62500 07/31/2019 US 229,448.19 $231,693.32
36143WAN1 GAHR 2015-NRF BFX FLT 3.38216 12/15/2034 US 252,022.41 $250,566.60
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 59,519.91 $58,654.72
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 298,438.76 $261,133.91
37045VAR1 GENERAL MOTORS CO FLT 3.66713 09/10/2021 US 280,726.77 $274,831.51
37185LAF9 GENESIS ENERGY LP/GENESI 5.62500 06/15/2024 US 21,068.85 $19,383.35
374297109 GETTY REALTY CORP US GTY 371.13 $11,898.56
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 37,912.14 $36,822.17
38141GVR2 GOLDMAN SACHS GROUP INC 4.25000 10/21/2025 US 153,444.94 $154,869.44
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 210,069.6 $200,910.63
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 31,603.28 $31,366.26
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 66.53 $5,997.37
4012250 AIRBUS SE FR AIR FP 96.43 $11,114.42
40414L109 HCP INC US HCP 668.53 $21,085.35
4057808 L'OREAL FR OR FP 35.8 $8,628.52
4061412 LVMH MOET HENNESSY LOUIS VUITTON FR MC FP 49.72 $15,950.20
406216101 HALLIBURTON CO US HAL 10,439.2 $327,373.23
4076836 INTESA SANPAOLO IT ISP IM 3,047.75 $6,973.63
4162791 THALES SA FR HO FP 13.05 $1,443.42
4163437 CAP GEMINI FR CAP FP 25.26 $2,790.13
421946104 HEALTHCARE REALTY TRUST INC US HR 562.37 $18,159.03
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 896.43 $25,476.67
44107P104 HOST MARRIOTT CORP US HST 854.33 $15,429.13
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 42,976.92 $41,150.40
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 24,779.09 $24,395.02
45337C102 INCYTE CORP US INCY 6,405.83 $516,245.45
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 1,094.39 $11,436.35
4574813 MEDIOBANCA SPA IT MB IM 789.73 $6,882.27
45763PAE6 INMARSAT FINANCE PLC 4.87500 05/15/2022 GB 6,713.73 $6,495.53
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 3,557.94 $273,107.43
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 371,693.91 $374,863.23
46187BAA1 IHSFR 2017-SFR2 A 3.35750 12/17/2036 US 64,136.04 $63,516.78
46187BAB9 IHSFR 2017-SFR2 B 3.65750 12/17/2036 US 47,607.35 $47,404.16
46187W107 INVITATION HOMES INC US INVH 884.12 $19,883.93
464286624 ISHARES MSCI THAILAND ETF TH 429.89 $39,076.85
464289180 ISHARES MSCI EUROPE FINANCIA XX 1,591.96 $28,687.05
46625HHL7 JPMORGAN CHASE & CO 6.30000 04/23/2019 US 553,061.38 $557,293.80
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 62,984.97 $62,202.57
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 87,338.21 $86,596.62
46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 210,747.51 $215,939.44
4682329 PERNOD-RICARD SA FR RI FP 32.85 $5,449.80
4712798 RENAULT SA FR RNO FP 44.66 $3,160.03
4741844 MERCK KGAA DE MRK GR 5,019.85 $527,078.14
476405105 JERNIGAN CAPITAL INC US JCAP 615.45 $13,342.96
478160104 JOHNSON & JOHNSON US JNJ 6,069.68 $807,753.10
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 42,976.92 $31,802.92
4821100 SOLVAY SA BE SOLB BB 205.1 $22,329.25
4834108 SCHNEIDER ELECTRIC SE FR SU FP 97.73 $6,950.87
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BD3JR69 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 16,855.08 $7,277.95
BD4T6W7 TELEKOMUNIKASI INDONESIA PER ID TLKM IJ 23,222.39 $6,480.88
BD4TZK8 OCI NV NL OCI NA 259.02 $5,477.58
BD6K457 COMPASS GROUP PLC GB CPG LN 299.48 $6,408.34
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 115,718.34 $114,561.15
BD9Y5C0 TECHNOGYM SPA IT TGYM IM 823.79 $9,551.87
BD9Y9B7 BASIC-FIT NV NL BFIT NA 315.91 $9,664.91
BDFLHY1 AIRPORTS OF THAILAND PCL-FOR TH AOT/F TB 3,032.38 $6,715.43
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 17,862.14 $7,298.34
BDZV116 EPIROC AB-A SE EPIA SS 202.55 $1,944.99
BF7LBH4 ATACADAO DISTRIBUICAO COMERC BR CRFB3 BZ 522.08 $2,861.49
BFTCYP4 ROBINSONS RETAIL HOLDINGS IN PH RRHI PM 1,736.02 $2,931.68
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 143.63 $25,832.37
BG36ZK1 B3 SA-BRASIL BOLSA BALCAO BR B3SA3 BZ 597.91 $5,159.07
BG7ZWY7 AMBEV SA BR ABEV3 BZ 2,097.02 $10,067.67
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 6,524.22 $9,812.43
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 19,546.47 $16,027.96
BHC8X90 NOVO NORDISK A/S-B DK NOVOB DC 136.05 $6,376.10
BJ2KSG2 AKZO NOBEL NL AKZA NA 253.83 $21,846.19
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 13,009.16 $579,097.91
BNGN9Z1 FINECOBANK SPA IT FBK IM 1,549.33 $16,847.27
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 12,535.38 $350,653.97
BSQXJ01 THULE GROUP AB/THE SE THULE SS 727.74 $14,858.00
BSS7GP5 AGL ENERGY LTD AU AGL AU 627.95 $9,811.51
BYMXPS7 UNICREDIT SPA IT UCG IM 595.66 $6,886.09
BYNXBZ5 ADO PROPERTIES SA DE ADJ GR 90.15 $5,411.64
BYW0PQ6 LAND SECURITIES GROUP PLC GB LAND LN 406.85 $4,626.78
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 25,618.31 $10,364.34
BYXS699 QIAGEN N.V. NL QIA GR 288.45 $10,653.48
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 9,311.53 $711,430.45
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 2,395.55 $10,607.10
BZ3C3Q4 BANKIA SA ES BKIA SM 4,561.16 $13,295.64
BZ4CMZ5 DAVIDE CAMPARI-MILANO SPA IT CPR IM 1,454.69 $13,069.76
G02602103 AMDOCS LTD GG DOX 457.37 $25,558.11
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 237.08 $8,309.64
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 197.98 $9,420.00
G27358103 DESPEGAR.COM CORP AR DESP 307.84 $4,623.74
G3157S106 ENSCO INTERNATIONAL INC US ESV 25,886.19 $113,899.23
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 39,185.71 $39,773.49
G5960L103 MEDTRONIC INC IE MDT 10,177.17 $899,559.98
G84720104 STERIS PLC GB STE 88.88 $10,137.24
G97822103 PERRIGO CO PLC IE PRGO 383.06 $17,793.14
H8817H100 TRANSOCEAN LTD US RIG 13,407.55 $114,902.67
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 60.23 $6,740.39
N22717107 CORE LABORATORIES N.V. NL CLB 141.49 $9,544.88
N47279109 INTERXION HOLDING NV NL INXN 7,559.17 $453,852.54
N72482123 QIAGEN N.V. ADR NL QGEN 208.02 $7,703.11
USD US DOLLAR US 1,253,936.24 $1,253,936.24

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 2025 Series Class I Distribution History
  • 2019 Distribution Calendar
  • Fourth Quarter 2018 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).

Daily Price

$11.96

Daily $ Change

$0.05

Daily % Change

0.42%

as of 02/15/2019

Ticker

MTOAX

CUSIP

56382P419

Inception Date

06/25/2012

Investment Minimum

$1,000,000.00

Investment minimum may be waived for certain qualified retirement plans.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms

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 27% - 67%.

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 2025
  • Who 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 01/31/2019

YTD

4.42%

1 Year

-1.37%

3 Year

6.69%

5 Year

3.78%

10 Year

---

Inception
(06/25/2012)

6.84%

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 1.17%
Net 0.74%*

*Includes acquired fund fees and expenses of the underlying Series. Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated prior to the expiration date (02/29/2028) without the approval of the Fund's Board of Directors.

Top Ten Investments

As of 01/31/2019

TREASURY NOTES 10.58%
GOVERNMENT AGENCY 8.01%
TREASURY BONDS 6.41%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 4.09%
NOVARTIS AG- REG 1.55%
MEDTRONIC INC 1.47%
MASTERCARD INC-CLASS A 1.39%
BOOKING HOLDINGS INC 1.34%
JOHNSON & JOHNSON 1.32%
MICROSOFT CORP 1.24%

Top Ten Investments list is unaudited and excludes cash

Asset Allocation

As of 01/31/2019

Bonds
55.90%
Stocks
42.10%
Cash
2.00%

Detailed Asset Class Allocation

As of 01/31/2019

International Equities
15.22%
Small Capitalization
1.27%
Mid Capitalization
2.91%
Large Capitalization
22.70%
Long Term Fixed Income
16.12%
Intermediate Term Fixed Income
28.13%
Short Term Fixed Income
11.65%
Cash
2.00%

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

January Fund Holdings

As of 01/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAH9 ADT SEC CORP 4.12500 06/15/2023 US 24,860.07 $23,927.82
00101JAM8 ADT CORP 5.25000 03/15/2020 US 15,164.86 $15,392.33
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 288,309.2 $291,793.99
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 315,508.86 $312,827.04
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 139,879.13 $140,228.83
004239109 ACADIA REALTY TRUST US AKR 213.99 $6,147.83
0045614 ANTOFAGASTA PLC GB ANTO LN 365.52 $4,178.56
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 294,213.19 $287,884.82
0081180 BARRATT DEVELOPMENTS PLC GB BDEV LN 1,309.38 $9,261.41
008492100 AGREE REALTY CORP US ADC 132.29 $8,734.95
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 21,068.85 $21,521.93
0136701 BRITISH LAND CO PLC GB BLND LN 615.74 $4,638.40
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 47.17 $6,213.16
01609W102 ALIBABA GROUP - ADR CN BABA 117.5 $19,797.26
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 20,223.74 $20,400.70
02079K107 ALPHABET INC-CL C US GOOG 383.35 $427,957.07
02079K305 ALPHABET INC-CL A US GOOGL 241.77 $272,205.31
023135106 AMAZON.COM INC US AMZN 147.42 $253,380.34
02319V103 AMBEV SA-ADR BR ABEV 61,847.81 $297,487.96
0237400 DIAGEO PLC GB DGE LN 15,279.14 $583,148.64
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 71,628.2 $72,136.77
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 212.74 $9,790.40
0263494 BAE SYSTEMS PLC GB BA/ LN 2,391.38 $16,087.67
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,193.02 $26,377.63
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 153,444.94 $147,801.67
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 25,699.28 $23,900.33
03027X100 AMERICAN TOWER REIT INC US AMT 1,620.55 $280,095.59
03064D108 AMERICOLD REALTY TRUST US COLD 196.71 $5,767.50
03748R101 APARTMENT INVT & MGMT CO -A US AIV 384.19 $19,024.90
03784Y200 APPLE HOSPITALITY REIT INC US APLE 366.94 $6,021.45
0405207 HALMA PLC GB HLMA LN 511.73 $9,411.60
0490656 KERRY GROUP PLC-A IE KYGA LN 179.87 $18,497.74
053484101 AVALONBAY COMMUNITIES INC US AVB 265.82 $51,281.87
058498106 BALL CORP US BLL 13,425.3 $701,874.48
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 433,303.01 $436,708.48
0682538 PERSIMMON PLC GB PSN LN 293.54 $9,157.22
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 1,988.67 $408,751.56
0870612 LLOYDS BANKING GROUP PLC GB LLOY LN 12,439.79 $9,483.63
0878230 TAYLOR WIMPEY PLC GB TW/ LN 4,238.13 $9,189.29
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 2,822.68 $277,102.47
0922320 SMITH & NEPHEW PLC GB SN/ LN 678.57 $12,783.32
09247X101 BLACKROCK INC US BLK 317.53 $131,802.14
0946580 WEIR GROUP PLC/THE GB WEIR LN 1,399.38 $27,693.22
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 412,234.16 $423,370.82
09857L108 BOOKING HOLDINGS INC US BKNG 448.11 $821,307.88
101121101 BOSTON PROPERTIES INC US BXP 308.8 $40,720.96
105368203 BRANDYWINE REALTY TRUST US BDN 1,729.49 $26,028.88
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 238.38 $8,410.14
11134LAB5 BROADCOM CRP / CAYMN FI 2.37500 01/15/2020 US 122,525.51 $121,576.87
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 17,277.64 $16,446.24
12503M108 CBOE GLOBAL MARKETS INC US CBOE 2,743.79 $255,913.62
12572Q105 CME GROUP INC US CME 1,430.3 $260,714.34
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 374,322.01 $374,991.62
12596JAA1 CNH 2019-A A1 2.75334 02/28/2020 US 83,921.58 $83,931.55
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 114,939.7 $108,657.88
12648TAA7 CSMC 2014-IVR3 A1 3.50000 07/25/2044 US 183,770.52 $182,582.35
12770QAA3 CZR 2017-VICI A 3.53100 10/15/2034 US 126,766.96 $128,189.55
133131102 CAMDEN PROPERTY TRUST US CPT 63.61 $6,167.13
13321L108 CAMECO CORP CA CCJ 661.98 $8,023.23
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 195,739 $194,836.16
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 42,971.03 $39,533.34
165183AA2 CFII 2016-1A A1 2.11000 03/15/2028 US .02 $0.02
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US .05 $0.05
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 280,709.95 $276,784.22
165240102 CHESAPEAKE LODGING TRUST US CHSP 310.04 $8,829.95
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 163,574.51 $238,533.10
191216100 COCA COLA CO/THE US KO 10,920.11 $525,584.78
2011646 ALIMENTATION COUCHE-TARD -B CA ATD/B CN 181.95 $9,884.32
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 605.35 $19,988.66
2162760 CAE INC CA CAE CN 333.57 $7,087.95
2180632 CANADIAN NATL RAILWAY CO CA CNR CN 80.02 $6,677.75
21871N101 CORECIVIC INC US CXW 1,060.42 $21,070.58
222795106 COUSINS PROPERTIES INC US CUZ 3,029.7 $26,812.87
22282EAH5 COVANTA HOLDING CORP 6.00000 01/01/2027 US 24,860.07 $23,803.51
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 296,642.38 $302,755.06
22822V101 CROWN CASTLE INTL CORP US CCI 147.02 $17,209.94
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 52,423.53 $49,433.01
229663109 CUBESMART US CUBE 171.04 $5,293.66
2328595 BANCO DO BRASIL S.A. BR BBAS3 BZ 353.65 $5,028.60
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 15,164.86 $15,392.33
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 453.52 $5,249.90
23918K108 DAVITA INC. US DVA 5,891.12 $330,668.46
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 25,699.28 $24,735.56
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 3,150.46 $8,437.04
2458771 ITAUSA INVESTIMENTOS ITAU -PR BR ITSA4 BZ 1,347.46 $4,987.59
2516710 LOJAS AMERICANAS SA - PREF BR LAME4 BZ 505.3 $2,919.13
25271C102 DIAMOND OFFSHORE DRILLING US DO 7,153.65 $78,189.35
253868103 DIGITAL REALTY TRUST INC US DLR 293.2 $31,764.97
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 303,474.05 $286,855.81
2583952 METRO INC CA MRU CN 252.27 $9,171.68
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 33,568.63 $33,400.79
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 31,684.25 $30,812.94
269246401 ETRADE FINANCIAL CORP US ETFC 2,773.77 $129,424.08
2715777 QUEBECOR INC -CL B CA QBR/B CN 6,289.38 $148,050.13
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 7,165.23 $145,491.32
285512109 ELECTRONIC ARTS US EA 2,986.2 $275,446.65
2866857 LUNDIN MINING CORP CA LUN CN 899.06 $4,105.46
29278D105 ENEL CHILE SA-ADR CL ENIC 1,238.22 $6,723.52
29373FAB0 EFF 2018 -2 A2 MTGE 3.14000 02/20/2024 US 211,278.26 $211,508.98
29444U700 EQUINIX INC US EQIX 1,046.49 $412,315.14
2945422 WEG SA BR WEGE3 BZ 581.12 $3,001.85
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 138.6 $14,674.60
29476L107 EQUITY RESIDENTIAL US EQR 580.92 $42,151.88
297178105 ESSEX PROPERTY TRUST INC US ESS 96.89 $26,277.42
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 295,199.84 $292,620.38
30225T102 EXTRA SPACE STORAGE INC US EXR 141.55 $13,958.10
30261KAN6 FREMF 2012-K711 B 3.54287 08/25/2045 US 73,947.39 $73,926.89
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 28,651.28 $28,472.21
30287EAE0 FREMF 2014-K41 B FLT 3.83213 11/25/2047 US 81,403.93 $82,283.59
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 10,269,445.59 $33,277.11
30291XAE2 FREMF 2014-K715 B FLT 3.97779 02/25/2046 US 79,054.13 $80,223.59
3128M5VT4 FHLM POOL G03926 6.00000 02/01/2038 US 15,685.98 $17,201.15
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 29,830.65 $31,956.65
3128M6NS3 FHLM POOL G04601 5.50000 07/01/2038 US 34,002.83 $36,376.61
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 15,869.11 $17,139.53
3128MJ2E9 FHLM POOL FG 08772 4.50000 07/01/2047 US 133,873.51 $139,464.17
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 19,902.05 $21,337.02
3128P75X7 FHLM POOL C91762 4.50000 05/01/2034 US 81,348.37 $85,395.67
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 24,903.82 $26,207.53
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 29,047.42 $30,492.55
3132QQFU1 FHLM POOL Q33778 4.00000 06/01/2045 US 41,348.99 $42,502.48
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 128,313.55 $131,773.17
3132WKQ84 FHLM POOL Q45878 3.00000 12/01/2046 US 188,349.49 $185,205.69
31335AQ92 FHLM POOL FG G60480 4.50000 11/01/2045 US 280,195.64 $293,283.03
3134865 BARCLAYS PLC GB BARC LN 4,401.12 $9,173.47
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 153,285.23 $156,203.82
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 46.33 $6,142.47
3137A2B34 FHMS K009 X1 FLT 1.27311 08/25/2020 US 1,047,193.52 $16,116.41
3137AME78 FHMS K017 X1 FLT 1.30246 12/25/2021 US 991,024.19 $30,457.64
3137AUPF0 FHMS K021 x1 FLT 1.44244 06/25/2022 US 797,834.49 $32,710.97
3137B3NB0 FHMS K030 X1 FLT 0.19598 04/25/2023 US 4,143,035.54 $30,798.50
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 186,489.33 $191,776.29
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 192,908.84 $200,433.89
3138EGE26 FEDERAL NATL MTG ASSN AL0152 6.00000 06/01/2040 US 51,079.95 $55,969.67
3138EGHT4 FEDERAL NATL MTG ASSN AL0241 4.00000 04/01/2041 US 121,443.57 $125,370.85
3138EHR87 FEDERAL NATL MTG ASSN AL1410 4.50000 12/01/2041 US 182,815.62 $191,824.56
3138EP2A1 FEDERAL NATL MTG ASSN AL7068 4.50000 09/01/2042 US 123,295.15 $129,511.46
3138EQST0 FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 101,876.72 $105,167.58
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65400 01/01/2049 US 217,356.87 $236,437.18
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 428,451.37 $433,007.03
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 42,273.67 $44,325.42
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 36,356.72 $39,604.79
3140F8RB5 FEDERAL NATL MTG ASSN BD1381 3.50000 06/01/2046 US 61,932.41 $62,412.42
3140H2PH5 FEDERAL NATL MATG ASSN FN BJ1323 3.50000 11/01/2047 US 408,267.23 $410,905.43
3140HPMQ7 FEDERAL NATIONAL MTGE FN BK9366 4.50000 08/01/2048 US 100,500.56 $104,485.35
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 271,255.44 $285,629.36
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 93,246.83 $98,188.34
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 284,750.22 $296,039.99
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 183,843.18 $193,586.00
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 15,553.63 $15,804.41
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 18,940.61 $19,249.61
31410HAQ4 MACYS RETAIL HLDGS INC 6.90000 04/01/2029 US 131,507.39 $138,059.95
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 89,112.25 $93,637.02
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 90,654.73 $95,074.12
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 39,256.4 $41,185.72
31418C4M3 FEDERAL NATL MTG ASSN FN MA3527 5.00000 11/01/2048 US 403,794.34 $425,164.80
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31428X106 FEDEX CORPORATION US FDX 1,512.72 $268,612.98
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32054K103 FIRST INDUSTRIAL REALTY TR US FR 319.3 $10,447.54
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40414L109 HCP INC US HCP 668.53 $21,085.35
4057808 L'OREAL FR OR FP 35.8 $8,628.52
4061412 LVMH MOET HENNESSY LOUIS VUITTON FR MC FP 49.72 $15,950.20
406216101 HALLIBURTON CO US HAL 10,439.2 $327,373.23
4076836 INTESA SANPAOLO IT ISP IM 3,047.75 $6,973.63
4162791 THALES SA FR HO FP 13.05 $1,443.42
4163437 CAP GEMINI FR CAP FP 25.26 $2,790.13
421946104 HEALTHCARE REALTY TRUST INC US HR 562.37 $18,159.03
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 896.43 $25,476.67
44107P104 HOST MARRIOTT CORP US HST 854.33 $15,429.13
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 42,976.92 $41,150.40
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 24,779.09 $24,395.02
45337C102 INCYTE CORP US INCY 6,405.83 $516,245.45
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 1,094.39 $11,436.35
4574813 MEDIOBANCA SPA IT MB IM 789.73 $6,882.27
45763PAE6 INMARSAT FINANCE PLC 4.87500 05/15/2022 GB 6,713.73 $6,495.53
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 3,557.94 $273,107.43
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 371,693.91 $374,863.23
46187BAA1 IHSFR 2017-SFR2 A 3.35750 12/17/2036 US 64,136.04 $63,516.78
46187BAB9 IHSFR 2017-SFR2 B 3.65750 12/17/2036 US 47,607.35 $47,404.16
46187W107 INVITATION HOMES INC US INVH 884.12 $19,883.93
464286624 ISHARES MSCI THAILAND ETF TH 429.89 $39,076.85
464289180 ISHARES MSCI EUROPE FINANCIA XX 1,591.96 $28,687.05
46625HHL7 JPMORGAN CHASE & CO 6.30000 04/23/2019 US 553,061.38 $557,293.80
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 62,984.97 $62,202.57
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46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 210,747.51 $215,939.44
4682329 PERNOD-RICARD SA FR RI FP 32.85 $5,449.80
4712798 RENAULT SA FR RNO FP 44.66 $3,160.03
4741844 MERCK KGAA DE MRK GR 5,019.85 $527,078.14
476405105 JERNIGAN CAPITAL INC US JCAP 615.45 $13,342.96
478160104 JOHNSON & JOHNSON US JNJ 6,069.68 $807,753.10
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 42,976.92 $31,802.92
4821100 SOLVAY SA BE SOLB BB 205.1 $22,329.25
4834108 SCHNEIDER ELECTRIC SE FR SU FP 97.73 $6,950.87
4834777 VIVENDI FR VIV FP 147.42 $3,759.13
49446R109 KIMCO REALTY CORP US KIM 559.42 $9,515.76
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 369,227.75 $435,942.86
500630CK2 KOREA DEVELOPMENT BANK 1.37500 09/12/2019 KR 362,337.1 $358,860.82
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 31,603.28 $30,418.16
50212YAB0 LPL HOLDINGS INC 5.75000 09/15/2025 US 21,068.85 $20,717.00
502160AM6 LSB INDUSTRIES 9.62500 05/01/2023 US 28,651.28 $29,152.68
5107401 BEIERSDORF AG DE BEI GR 134.37 $13,450.74
5176177 ORANGE FR ORA FP 283.5 $4,397.22
5253973 HERMES INTERNATIONAL FR RMS FP 4.63 $2,774.96
5263574 FLSMIDTH & CO A/S DK FLS DC 40.43 $1,894.96
529043101 LEXINGTON REALTY TRUST US LXP 1,107.47 $10,642.78
531172104 LIBERTY PROPERTY TRUST US LPT 502.55 $23,690.35
5330047 DASSAULT SYSTEMES SA FR DSY FP 21.47 $2,691.33
53815P108 LIVERAMP HOLDINGS INC US RAMP 9,408.07 $408,686.45
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 14,325.64 $13,752.62
5474008 BANKINTER S.A. ES BKT SM 1,690.65 $13,200.96
550021109 LULULEMON - ADR CA LULU 2,720.61 $402,133.63
5505072 KERING FR KER FP 17.71 $8,882.95
55616XAC1 MACYS RETAIL HLDGS INC 7.00000 02/15/2028 US 131,507.39 $136,623.01
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 31,261.7 $29,698.61
5596991 UCB SA BE UCB BB 106.56 $9,233.63
5669354 REPSOL SA ES REP SM 1,175.06 $20,625.77
5671519 WOLTERS KLUWER NL WKL NA 107.83 $6,706.18
5671735 SANOFI-AVENTIS FR SAN FP 171.44 $14,901.50
5701513 ELISA OYJ FI ELISA FH 149.54 $6,256.19
5713422 METSO OYJ FI METSO FH 70.33 $2,068.84
5727973 SIEMENS AG-REG DE SIE GR 122.16 $13,412.66
5735631 TAG IMMOBILIEN AG DE TEG GR 391.25 $9,888.24
57636Q104 MASTERCARD INC-CLASS A US MA 4,031.92 $851,259.63
58502BAC0 MEDNAX INC 6.25000 01/15/2027 US 21,068.85 $21,226.87
58933Y105 MERCK & CO INC US MRK 3,503.24 $260,746.37
59001ABA9 MERITAGE HOMES CORP 5.12500 06/06/2027 US 18,116.86 $16,254.08
594918104 MICROSOFT CORP US MSFT 7,267.87 $758,983.18
59522J103 MID-AMERICA APARTMENT COMM US MAA 170.6 $17,278.84
5962280 CHOCOLADEFABRIKEN LINDT-PC CH LISP SW .34 $2,134.46
5966516 SOCIETE GENERALE FR GLE FP 137.73 $4,294.27
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6055112 AYALA LAND INC PH ALI PM 8,810.63 $7,527.88
6074968 BANK OF THE PHILIPPINE ISLAN PH BPI PM 2,141.19 $3,747.91
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 12,127.34 $561,010.96
615369105 MOODY'S CORPORATION US MCO 2,118.01 $335,725.33
61744YAG3 MORGAN STANLEY FLT 3.81125 05/08/2024 US 427,399.01 $428,420.50
6175076 KT&G CORP KR 033780 KS 72.47 $6,452.63
6196408 CHUGAI PHARMACEUTICAL CO LTD JP 4519 JP 92.61 $5,468.21
6211732 DAEWOO SHIPBUILDING& MARINE KR 042660 KS 168.46 $5,635.78
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 42,137.71 $42,559.08
6264189 NCSOFT CORP KR 036570 KS 19.8 $8,335.46
6272483 DMCI HOLDINGS INC PH DMC PM 12,163.1 $2,941.53
6284864 GLOBE TELECOM INC PH GLO PM 92.23 $3,587.34
62913TAM4 NGL ENRGY PART LP/FIN CO 6.12500 03/01/2025 US 27,812.07 $25,135.15
6291819 CHINA PETROLEUM & CHEMICAL - H CN 386 HK 25,780.26 $21,557.32
6308913 ELBIT SYSTEMS LTD IL ESLT IT 58.14 $7,202.12
6356934 FANUC LTD JP 6954 JP 75.82 $12,896.32
637417106 NATIONAL RETAIL PROPERTIES US NNN 225.36 $11,878.73
637870106 NATIONAL STORAGE AFFILIATES US NSA 183.66 $5,344.41
63938CAE8 NAVIENT CORP 7.25000 09/25/2023 US 17,277.64 $17,580.00
64110W102 NETEASE.COM INC- ADR CN NTES 16 $4,031.91
6441506 HOYA CORP JP 7741 JP 151.65 $8,801.28
6446620 HYUNDAI HEAVY INDUSTRIES KR 009540 KS 158.36 $19,817.99
6451066 HYUNDAI MIPO DOCKYARD KR 010620 KS 344.51 $19,521.88
6467104 ISUZU MOTORS LTD JP 7202 JP 429.47 $6,388.58
6472119 JARDINE MATHESON HLDGS LTD HK JM SP 96.89 $6,481.63
6474494 JOLLIBEE FOODS CORP PH JFC PM 747.56 $4,540.02
647581107 NEW ORIENTAL EDUCATIO- SP ADR CN EDU 239.19 $18,427.38
6482903 KANAMOTO CO LTD JP 9678 JP 320.08 $8,893.36
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 67,056.89 $67,021.22
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 92,633.03 $92,674.90
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 95,975.82 $95,838.00
6490809 KIKKOMAN CORP JP 2801 JP 244.26 $12,994.45
6490995 KEYENCE CORP JP 6861 JP 33.57 $17,274.94
6514442 METROPOLITAN BANK & TRUST PH MBT PM 2,943.07 $4,750.62
6518808 LION CORP JP 4912 JP 429.47 $8,950.67
6531827 GEELY AUTOMOBILE HOLDINGS LT CN 175 HK 6,997.93 $11,906.26
6641588 NISSAN CHEMICAL INDUSTRIES JP 4021 JP 311.98 $16,587.89
6642387 YAMAHA CORP JP 7951 JP 320.08 $14,007.91
6648891 ORIENTAL LAND CO LTD FIRST SECT JP 4661 JP 16.78 $1,720.96
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 42,137.71 $41,977.58
6683449 KANGWON LAND INC KR 035250 KS 220.73 $6,753.31
66987V109 NOVARTIS AG- REG CH NVS 10,851.34 $949,708.84
67020YAQ3 NUANCE COMMUNICATIONS 5.62500 12/15/2026 US 21,908.07 $21,469.91
6742340 SHANDONG WEIGAO CN 1066 HK 9,770.29 $8,186.16
6743882 JAPAN EXCHANGE GROUP INC JP 8697 JP 505.3 $8,897.64
6772217 SAMSUNG HEAVY INDUSTRIES KR 010140 KS 677.24 $5,562.96
6791591 SECOM CO LTD JP 9735 JP 33.57 $2,810.43
6818843 SM PRIME HOLDINGS INC PH SMPH PM 12,271.39 $8,997.56
68323ADY7 ONTARIO (PROVINCE OF) 1.25000 06/17/2019 CA 123,208 $122,550.15
6865504 SUZUKI MOTOR CORP JP 7269 JP 244.26 $12,755.25
6885074 TERUMO CORP JP 4543 JP 92.61 $5,287.22
6895200 TOHO CO LTD JP 9602 JP 168.43 $6,144.29
6913168 GUANGDONG INVESTMENT LTD HK 270 HK 8,936.97 $17,066.75
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 100,705.9 $100,705.90
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 28,651.28 $29,009.42
6919519 UNIVERSAL ROBINA CORP PH URC PM 2,461.27 $6,999.94
6979728 WOODSIDE PETROLEUM LTD AU WPL AU 594.2 $14,863.04
6985112 YAKULT HONSHA CO LTD JP 2267 JP 75.82 $5,060.34
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 30,167.77 $29,602.12
7021963 DEUTSCHE BOERSE AG DE DB1 GR 73.28 $9,756.68
7062713 SODEXO FR SW FP 64.45 $6,709.38
7088429 AXA SA FR CS FP 370.24 $8,585.82
7103065 NOVARTIS AG-REG CH NOVN SW 260.73 $22,761.50
7103526 PEUGEOT SA FR UG FP 78.75 $1,980.90
7110388 ROCHE HOLDING AG-GENUSSCHEIN CH ROG SW 88.44 $23,528.74
7110902 TECAN GROUP AG-REG CH TECN SW 21.47 $4,336.28
7123870 NESTLE SA-REGISTERED CH NESN SW 6,715.55 $585,487.70
7133608 EQUINOR ASA NO EQNR NO 831.81 $19,020.25
713448108 PEPSICO INC US PEP 4,767.71 $537,178.12
7145056 ENI SPA IT ENI IM 1,144.68 $19,408.98
7156036 SONOVA HOLDING AG-REG CH SOON SW 71.6 $13,437.35
71943U104 PHYSICIANS REALTY TRUST US DOC 1,523.69 $27,594.08
7212477 ESSILORLUXOTTICA FR EL FP 32.85 $4,161.06
7262610 CREDIT AGRICOLE SA FR ACA FP 243.01 $2,775.55
729640102 PLYMOUTH INDUSTRIAL REIT INC US 335 $5,373.39
7309681 BNP PARIBAS FR BNP FP 216.07 $10,182.48
7380482 COMPAGNIE DE SAINT-GOBAIN FR SGO FP 86.36 $2,980.06
741503AZ9 PRICELINE GROUP INC/THE 3.60000 06/01/2026 US 439,207.01 $431,812.77
74340W103 PROLOGIS US PLD 794.1 $54,920.04
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 276,501.2 $287,561.25
74460D109 PUBLIC STORAGE INC US PSA 152.08 $32,320.66
74736K101 QORVO INC US QRVO 8,270 $540,526.91
756109104 REALTY INCOME CORP US O 100.25 $6,886.17
75886F107 REGENERON PHARMACEUTICALS INC US REGN 600.98 $257,981.48
76131D103 RESTAURANT BRANDS INTERN CA QSR 140.65 $8,811.74
7698356 GETINGE AB-B SHS SE GETIB SS 423.69 $4,783.99
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 29,490.5 $30,006.58
77714PAB5 SEMGROUP / ROSE ROCK FIN 5.62500 07/15/2022 US 14,325.64 $13,609.36
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 451.91 $28,379.65
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 110.35 $7,834.86
78409V104 S&P GLOBAL INC US SPGI 1,786.55 $342,392.72
78410G104 SBA COMMUNICATIONS CORP US SBAC 1,507.5 $275,164.67
78442PGC4 SLM CORP 5.12500 04/05/2022 US 29,490.5 $28,605.78
78470RAC1 SOFI 2016-E A2B 2.49000 01/25/2036 US 181,699.3 $179,369.97
78471DAA5 SCLP 2016-1 A 3.26000 08/25/2025 US 75,124.16 $74,987.03
78490DAA2 SOFI 2018-C A1FX 3.08000 01/25/2048 US 103,112.71 $103,072.46
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 424,101.12 $459,541.35
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 288,309.2 $293,566.98
806857108 SCHLUMBERGER LTD NL SLB 7,103.44 $314,042.99
808513105 CHARLES SCHWAB CORP/THE US SCHW 5,956.06 $278,565.03
81141R100 SEA LTD - ADR SG SE 656.95 $9,203.83
81211K100 SEALED AIR CORP US SEE 8,773.12 $346,538.12
812578102 SEATTLE GENETICS INC US SGEN 4,511.87 $344,842.60
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 88,703.98 $86,264.61
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 73,025.89 $65,827.77
81762P102 SERVICENOW INC US NOW 1,383.99 $304,505.84
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 24,860.07 $22,560.51
828806109 SIMON PROPERTY GROUP INC US SPG 366.5 $66,747.65
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 23,855.79 $23,639.69
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 31,691.74 $31,090.23
83402QAA0 SCLP 2016-2 A 3.09000 10/27/2025 US 37,269.61 $37,176.26
83404YAA1 SCLP 2016-5 A 3.06000 09/25/2028 US 70,665.54 $70,352.13
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 106,806.9 $106,048.27
83406EAB1 SOFI 2018-A A2A 2.39000 02/25/2042 US 56,133.64 $55,654.99
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 362,514.02 $372,519.42
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 28,836.82 $27,971.71
85254J102 STAG INDUSTRIAL INC US STAG 486.95 $13,425.32
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.72894 11/15/2027 US 192,194.19 $190,395.28
862121100 STORE CAPITAL CORP US STOR 203.45 $6,575.57
866674104 SUN COMMUNITIES US SUI 223.68 $24,584.85
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 788.23 $11,271.64
874080104 TAL EDUCATION GROUP - ADR CN TAL 158.77 $4,926.54
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 12,420.06 $12,314.01
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 24,860.07 $23,213.09
88104LAE3 TERRAFORM POWER OPERATIN 5.00000 01/31/2028 US 17,277.64 $16,046.61
88650V208 TIER REIT INC US TIER 965.52 $22,689.62
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 167,287.98 $162,268.13
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 150,318.97 $146,288.39
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 151,385.79 $146,566.66
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 31,852.1 $31,502.36
902653104 UDR INC US UDR 621.35 $27,184.25
903002103 UMH PROPERTIES INC US UMH 441.02 $6,187.58
904767704 UNILEVER PLC - ADR GB UL 9,027.49 $474,845.97
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 448,089.31 $603,100.21
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 944,463.24 $1,209,355.67
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 295,673.33 $276,065.73
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 1,328,923.44 $1,208,230.20
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 908,484.25 $907,348.64
9128282N9 US TREASURY N/B 2.12500 07/31/2024 US 944,956.99 $928,272.59
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 954,570.59 $964,414.60
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 2,537,930.17 $2,504,256.33
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 1,284,088.45 $1,206,039.94
912828S92 US TREASURY N/B 1.25000 07/31/2023 US 1,533,880.16 $1,455,987.81
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 277,510.64 $271,189.63
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 1,224,661.3 $1,205,717.33
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 739,473.91 $722,835.75
912828XQ8 US TREASURY N/B 2.00000 07/31/2022 US 167.84 $165.40
91704F104 URBAN EDGE PROPERTIES US UE 893.69 $18,249.13
92276F100 VENTAS INC US VTR 209.79 $13,529.38
92339V100 VEREIT INC US VER 2,236.01 $18,066.93
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 392,843.73 $439,579.99
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 1,109.35 $211,785.20
92826C839 VISA INC - CLASS A SHARES US V 5,355.25 $723,012.83
929042109 VORNADO REALTY TRUST US VNO 300.4 $21,001.25
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 24,860.07 $24,176.42
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 26,972.85 $27,107.71
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 28,228.73 $25,970.43
948741103 WEINGARTEN REALTY INVESTORS US WRI 533.32 $15,300.87
95040Q104 WELLTOWER INC. US WELL 252.77 $19,586.94
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 67,836.99 $67,836.99
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 24,860.07 $23,958.89
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 224,233.93 $218,159.09
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 72,440.89 $72,238.05
98919V105 ZAYO GROUP HOLDINGS INC US ZAYO 5,328.24 $146,260.13
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 33,568.63 $31,806.28
B00FM53 BANCO BRADESCO SA - PREF BR BBDC4 BZ 977.62 $12,131.78
B0190C7 TECHTRONIC INDUSTRIES CO LTD HK 669 HK 926.09 $5,406.07
B01FLR7 PING AN INSURANCE GROUP CO-H CN 2318 HK 1,305.21 $12,706.93
B01JCK9 LI NING CO LTD CN 2331 HK 11,870.31 $14,605.53
B02J639 ADMIRAL GROUP PLC GB ADM LN 247.67 $6,734.72
B02L3W3 BERKELEY GROUP HOLDINGS GB BKG LN 185.31 $9,123.79
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B058TZ6 SAFRAN SA FR SAF FP 49.69 $6,528.80
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B15C557 TOTAL SA FR FP FP 345.78 $18,956.05
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B247XZ6 MANILA ELECTRIC COMPANY PH MER PM 840.72 $5,914.21
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B5VJH76 BDO UNIBANK INC PH BDO PM 2,564.88 $6,663.88
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B725S29 PUREGOLD PRICE CLUB INC PH PGOLD PM 3,217.6 $2,811.25
B7311V6 KALBE FARMA TBK PT ID KLBF IJ 57,960.21 $6,642.79
B7T7721 ROYAL BANK OF SCOTLAND GB RBS LN 2,961.59 $9,394.78
B800MQ5 ASTRA INTERNATIONAL TBK PT ID ASII IJ 11,017.25 $6,683.64
B8FMRX8 COLOPLAST-B DK COLOB DC 68.65 $6,270.82
B8K9X70 GRAND CITY PROPERTIES DE GYC GR 416.52 $10,363.12
B92RW83 LT GROUP INC PH LTG PM 9,981.57 $2,974.50
B9895B7 COCA-COLA HBC AG-DI CH CCH LN 282.17 $9,483.44
B9G6L89 LEG IMMOBILIEN AG DE LEG GR 132.26 $15,536.51
B9N3SQ0 BB SEGURIDADE PARTICIPACOES BR BBSE3 BZ 429.47 $3,657.46
BBD7Q84 SUNTORY BEVERAGE & FOOD LTD JP 2587 JP 109.39 $4,843.56
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BBG00MSXTDS8 NOW US 02/01/19 C202.5 US -5.81 -$10,140.60
BBG00MY7SR35 MSFT US 02/08/19 C111 US -10.86 -$108.64
BBG00N27NTT1 BKNG US 03/01/19 C1970 US -.59 -$1,168.99
BBJPFY1 VONOVIA SE DE VNA GR 400.07 $20,107.03
BD0Q398 KONINKLIJKE AHOLD DELHAIZE N NL AD NA 354.67 $9,344.05
BD1WX84 ENGIE BRASIL ENERGIA SA BR EGIE3 BZ 665.34 $7,634.47
BD3JR69 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 16,855.08 $7,277.95
BD4T6W7 TELEKOMUNIKASI INDONESIA PER ID TLKM IJ 23,222.39 $6,480.88
BD4TZK8 OCI NV NL OCI NA 259.02 $5,477.58
BD6K457 COMPASS GROUP PLC GB CPG LN 299.48 $6,408.34
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 115,718.34 $114,561.15
BD9Y5C0 TECHNOGYM SPA IT TGYM IM 823.79 $9,551.87
BD9Y9B7 BASIC-FIT NV NL BFIT NA 315.91 $9,664.91
BDFLHY1 AIRPORTS OF THAILAND PCL-FOR TH AOT/F TB 3,032.38 $6,715.43
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 17,862.14 $7,298.34
BDZV116 EPIROC AB-A SE EPIA SS 202.55 $1,944.99
BF7LBH4 ATACADAO DISTRIBUICAO COMERC BR CRFB3 BZ 522.08 $2,861.49
BFTCYP4 ROBINSONS RETAIL HOLDINGS IN PH RRHI PM 1,736.02 $2,931.68
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 143.63 $25,832.37
BG36ZK1 B3 SA-BRASIL BOLSA BALCAO BR B3SA3 BZ 597.91 $5,159.07
BG7ZWY7 AMBEV SA BR ABEV3 BZ 2,097.02 $10,067.67
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 6,524.22 $9,812.43
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 19,546.47 $16,027.96
BHC8X90 NOVO NORDISK A/S-B DK NOVOB DC 136.05 $6,376.10
BJ2KSG2 AKZO NOBEL NL AKZA NA 253.83 $21,846.19
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 13,009.16 $579,097.91
BNGN9Z1 FINECOBANK SPA IT FBK IM 1,549.33 $16,847.27
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 12,535.38 $350,653.97
BSQXJ01 THULE GROUP AB/THE SE THULE SS 727.74 $14,858.00
BSS7GP5 AGL ENERGY LTD AU AGL AU 627.95 $9,811.51
BYMXPS7 UNICREDIT SPA IT UCG IM 595.66 $6,886.09
BYNXBZ5 ADO PROPERTIES SA DE ADJ GR 90.15 $5,411.64
BYW0PQ6 LAND SECURITIES GROUP PLC GB LAND LN 406.85 $4,626.78
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 25,618.31 $10,364.34
BYXS699 QIAGEN N.V. NL QIA GR 288.45 $10,653.48
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 9,311.53 $711,430.45
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 2,395.55 $10,607.10
BZ3C3Q4 BANKIA SA ES BKIA SM 4,561.16 $13,295.64
BZ4CMZ5 DAVIDE CAMPARI-MILANO SPA IT CPR IM 1,454.69 $13,069.76
G02602103 AMDOCS LTD GG DOX 457.37 $25,558.11
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 237.08 $8,309.64
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 197.98 $9,420.00
G27358103 DESPEGAR.COM CORP AR DESP 307.84 $4,623.74
G3157S106 ENSCO INTERNATIONAL INC US ESV 25,886.19 $113,899.23
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 39,185.71 $39,773.49
G5960L103 MEDTRONIC INC IE MDT 10,177.17 $899,559.98
G84720104 STERIS PLC GB STE 88.88 $10,137.24
G97822103 PERRIGO CO PLC IE PRGO 383.06 $17,793.14
H8817H100 TRANSOCEAN LTD US RIG 13,407.55 $114,902.67
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 60.23 $6,740.39
N22717107 CORE LABORATORIES N.V. NL CLB 141.49 $9,544.88
N47279109 INTERXION HOLDING NV NL INXN 7,559.17 $453,852.54
N72482123 QIAGEN N.V. ADR NL QGEN 208.02 $7,703.11
USD US DOLLAR US 1,253,936.24 $1,253,936.24

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 2025 Series Class I Distribution History
  • 2019 Distribution Calendar
  • Fourth Quarter 2018 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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