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

$11.86

Daily $ Change

-$0.01

Daily % Change

-0.08%

as of 10/19/2018

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
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 09/30/2018

YTD

2.47%

1 Year

4.01%

3 Year

7.23%

5 Year

4.90%

10 Year

---

Inception
(06/25/2012)

7.53%

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 09/30/2018

TREASURY NOTES 14.35%
GOVERNMENT AGENCY 7.91%
TREASURY BONDS 4.64%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 3.77%
INCYTE CORP 1.84%
BOOKING HOLDINGS INC 1.50%
MASTERCARD INC-CLASS A 1.34%
VISA INC - CLASS A SHARES 1.29%
QORVO INC 1.28%
MICROSOFT CORP 1.22%

Top Ten Investments list is unaudited and excludes cash

Asset Allocation

As of 09/30/2018

Bonds 55.51%
Stocks 43.54%
Cash 0.95%

Detailed Asset Class Allocation

As of 09/30/2018

International Equities 15.09%
Small Capitalization 0.66%
Mid Capitalization 4.25%
Large Capitalization 23.53%
Long Term Fixed Income 15.37%
Intermediate Term Fixed Income 29.93%
Short Term Fixed Income 10.22%
Cash 0.95%

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

September Fund Holdings

As of 09/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 10,867.14 $11,030.15
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 262,809.95 $259,415.08
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 216,940.79 $213,725.72
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 29,463.04 $30,052.30
004239109 ACADIA REALTY TRUST US AKR 240.52 $6,741.81
0045614 ANTOFAGASTA PLC GB ANTO LN 2,208.46 $24,541.29
0053673 ASHTEAD GROUP PLC GB AHT LN 322.68 $10,238.03
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 261,365.69 $258,612.43
0081180 BARRATT DEVELOPMENTS PLC GB BDEV LN 619.97 $4,578.50
008492100 AGREE REALTY CORP US ADC 108.12 $5,743.39
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 8,150.35 $8,406.29
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 44.74 $5,627.98
01609W102 ALIBABA GROUP - ADR CN BABA 2,514.89 $414,353.52
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 418,322.5 $389,916.11
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 14,347.44 $14,490.91
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 14,856.44 $14,856.44
02079K107 ALPHABET INC-CL C US GOOG 230.68 $275,315.25
02079K305 ALPHABET INC-CL A US GOOGL 230.68 $278,454.87
023135106 AMAZON.COM INC US AMZN 115.14 $230,616.31
02319V103 AMBEV SA-ADR BR ABEV 118,979.98 $543,738.51
0237400 DIAGEO PLC GB DGE LN 15,382.38 $544,971.19
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 271.34 $11,168.15
0263494 BAE SYSTEMS PLC GB BA/ LN 1,957.14 $16,048.57
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,031.18 $22,572.44
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 270,788.56 $259,059.68
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 18,295.36 $18,295.36
03027X100 AMERICAN TOWER REIT INC US AMT 1,759.47 $255,650.90
03064D108 AMERICOLD REALTY TRUST US COLD 193.99 $4,853.69
03748R101 APARTMENT INVT & MGMT CO -A US AIV 399.37 $17,624.08
03784Y200 APPLE HOSPITALITY REIT INC US APLE 517.67 $9,054.02
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 28,885.33 $28,271.52
0405207 HALMA PLC GB HLMA LN 545.76 $10,275.03
0490656 KERRY GROUP PLC-A IE KYGA LN 177.45 $19,582.95
053484101 AVALONBAY COMMUNITIES INC US AVB 241.62 $43,769.84
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 266,081.78 $255,584.59
058498106 BALL CORP US BLL 12,878.74 $566,535.66
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 395,487.45 $390,291.62
0822011 DS SMITH PLC GB SMDS LN 2,130.19 $13,268.82
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 4,243.84 $411,524.80
09062X103 BIOGEN IDEC INC US BIIB 570.73 $201,643.82
0922320 SMITH & NEPHEW PLC GB SN/ LN 497.75 $9,081.38
09247X101 BLACKROCK INC US BLK 1,078.8 $508,469.72
0946580 WEIR GROUP PLC/THE GB WEIR LN 1,077.35 $24,716.60
09627J102 BLUEROCK RESIDENTIAL GROWTH US 477.78 $4,682.20
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 366,118.06 $387,456.34
09857L108 BOOKING HOLDINGS INC US BKNG 451.88 $896,522.41
101121101 BOSTON PROPERTIES INC US BXP 259.37 $31,925.49
105368203 BRANDYWINE REALTY TRUST US BDN 1,353.17 $21,271.77
110122108 BRISTOL MYERS SQUIBB CO US BMY 4,526.54 $281,007.47
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 321.99 $15,014.38
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 12,139.66 $12,018.26
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 18,295.36 $18,089.54
125269100 CF INDUSTRIES HOLDINGS INC US CF 9,042.42 $492,269.33
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 258,820.65 $259,157.12
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 27,608.16 $26,986.97
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 80,502.65 $74,468.48
12648TAA7 CSMC 2014-IVR3 A1 3.50000 07/25/2044 US 137,221.07 $134,342.58
12770QAA3 CZR 2017-VICI A 3.53100 10/15/2034 US 76,351.1 $76,292.63
13321L108 CAMECO CORP CA CCJ 785.28 $8,952.23
14314JAC4 CARMX 2017-1 A3 1.98000 11/15/2021 US 57,263.33 $56,796.97
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 690.24 $7,889.39
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 145,214.75 $144,837.06
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 30,648.14 $28,511.97
15672WAJ3 CEQUEL COM HLDG I/CAP CP 7.50000 04/01/2028 US 28,885.33 $30,293.49
16411QAB7 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 18,845.75 $18,868.93
165183AA2 CFII 2016-1A A1 2.11000 03/15/2028 US 11,667.89 $11,637.39
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 241,585.55 $239,305.32
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 139,293.57 $137,629.36
165240102 CHESAPEAKE LODGING TRUST US CHSP 266.62 $8,550.62
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 272,232.83 $392,958.69
19625JAA1 CAH 2015-1A A 3.33100 07/17/2032 US 49,658.29 $49,719.77
19626G108 COLONY CAPITAL INC US CLNY 1,142.46 $6,957.57
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 332 $10,285.30
2162760 CAE INC CA CAE CN 229.24 $4,653.49
2171573 CANADIAN NATURAL RESOURCES CA CNQ CN 402.53 $13,151.19
2180632 CANADIAN NATL RAILWAY CO CA CNR CN 55.95 $5,020.56
21871N101 CORECIVIC INC US CXW 662.35 $16,114.86
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 166,207.94 $183,890.73
222795106 COUSINS PROPERTIES INC US CUZ 2,358.58 $20,967.80
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 130,034.86 $129,407.63
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 15,578.58 $15,220.27
22822V101 CROWN CASTLE INTL CORP US CCI 145.81 $16,233.31
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 32,418.24 $29,743.28
229663109 CUBESMART US CUBE 283.82 $8,097.33
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 10,867.14 $11,111.65
23331A109 DR HORTON INC US DHI 59.77 $2,521.07
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 1,070.3 $12,189.19
23918K108 DAVITA INC. US DVA 5,917.1 $423,841.77
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 18,295.36 $17,449.20
2392471 GRUPO BIMBO SAB- SERIES A MX BIMBOA MM 2,322.25 $4,941.34
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 3,928.9 $13,451.13
2491914 KIMBERLY CLARK DE MEXICO S.A.B. MX 5,443.17 $9,656.58
25271C102 DIAMOND OFFSHORE DRILLING US DO 10,168.64 $203,372.88
253868103 DIGITAL REALTY TRUST INC US DLR 281.44 $31,656.92
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 262,809.95 $256,958.90
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 28,885.33 $29,246.40
2639349 GRUPO AEROPORT DEL SURESTE-B MX 447.24 $9,138.75
2643674 GRUPO MEXICO SAB DE CV-SER MX GMEXICOB MM 1,368.7 $3,939.19
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 22,463.44 $22,575.76
269246401 ETRADE FINANCIAL CORP US ETFC 4,602.16 $241,106.92
2715777 QUEBECOR INC -CL B CA QBR/B CN 6,750.39 $135,357.96
277276101 EASTGROUP PROPERTIES US EGP 46.91 $4,485.29
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 7,343.6 $143,102.51
285512109 ELECTRONIC ARTS US EA 3,216.39 $387,543.09
2866857 LUNDIN MINING CORP CA LUN CN 28,492.62 $150,884.17
29372EBS6 EFF 2016-2 A2 1.74000 02/22/2022 US 10,948.93 $10,912.32
29372JAB3 EFF 2017-2 A2 1.97000 01/20/2023 US 93,333.13 $92,688.25
294429105 EQUIFAX INC US EFX 1,866.42 $243,698.37
29444U700 EQUINIX INC US EQIX 929.86 $402,526.49
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 120.09 $11,582.58
29476L107 EQUITY RESIDENTIAL US EQR 475.44 $31,502.48
297178105 ESSEX PROPERTY TRUST INC US ESS 54.34 $13,405.16
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 199,465.16 $195,787.02
30225T102 EXTRA SPACE STORAGE INC US EXR 124.97 $10,827.58
30261KAN6 FREMF 2012-K711 B 3.69252 08/25/2045 US 44,538.14 $44,592.55
30261UAJ3 FREMF 2013-K713 B 3.26256 04/25/2046 US 148,564.43 $148,107.92
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 20,290.01 $20,695.81
30287EAE0 FREMF 2014-K41 B FLT 3.96247 11/25/2047 US 70,046.92 $68,872.79
30291EAE4 FREMF 2013-K712 B FLT 3.47300 05/25/2045 US 77,266.77 $77,252.12
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 6,234,265.77 $21,694.62
30291XAE2 FREMF 2014-K715 B FLT 4.11905 02/25/2046 US 68,024.95 $68,818.99
30292HAU0 FREMF 2014- K503 B 3.08905 10/25/2047 US 148,564.43 $148,195.63
3128M5VT4 FHLM POOL G03926 6.00000 02/01/2038 US 10,151.43 $11,236.59
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 27,379.7 $29,497.95
3128M6NS3 FHLM POOL G04601 5.50000 07/01/2038 US 29,537.34 $31,768.93
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 10,064.23 $10,851.12
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 157,199.84 $162,969.24
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 12,651.76 $13,638.95
3128P75X7 FHLM POOL C91762 4.50000 05/01/2034 US 56,883.57 $59,036.72
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 21,768.82 $22,744.06
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 25,387.52 $26,343.93
3132QQFU1 FHLM POOL Q33778 4.00000 06/01/2045 US 35,985.61 $36,429.60
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 81,784.08 $82,793.52
3132WF3E7 FHLM POOL Q42596 3.50000 08/01/2046 US 64,323.61 $63,411.70
3132WJX55 FHLM POOL Q45199 4.00000 01/01/2047 US 37,016.65 $37,444.42
3132WJYG0 FHLM POOL Q45210 4.00000 01/01/2047 US 31,177.01 $31,525.09
3132WKQ84 FHLM POOL Q45878 3.00000 12/01/2046 US 117,400.27 $112,516.05
3132XYDL8 FHLM POOL Q55506 4.50000 04/01/2048 US 313,699.8 $323,978.63
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 106,956.17 $105,860.74
3137A2B34 FHMS K009 X1 FLT 1.44868 08/25/2020 US 637,450.75 $12,263.02
3137AME78 FHMS K017 X1 FLT 1.48234 12/25/2021 US 880,092.16 $30,382.10
3137ATSC7 FEDERAL NATL MTG ASSN KP01 A2 1.72000 01/25/2019 US 1,110.5 $1,108.00
3137AUPF0 FHMS K021 x1 FLT 1.58570 06/25/2022 US 486,857.98 $21,614.89
3137B3NB0 FHMS K030 X1 FLT 0.31093 04/25/2023 US 2,516,276.98 $20,026.29
3137F4YU0 FHLM POOL FHR4791 4.00000 03/15/2044 US 134,658.4 $136,677.58
3137FG2L8 FHLM POOL 4801 4.50000 05/15/2044 US 140,497.44 $144,795.11
3138EGE26 FEDERAL NATL MTG ASSN AL0152 6.00000 06/01/2040 US 32,901.69 $36,237.18
3138EGHT4 FEDERAL NATL MTG ASSN AL0241 4.00000 04/01/2041 US 87,096.41 $88,612.81
3138EHR87 FEDERAL NATL MTG ASSN AL1410 4.50000 12/01/2041 US 139,283.47 $144,830.38
3138EHXZ0 FEDERAL NATL MTG ASSN AL1595 6.00000 01/01/2040 US 16,005.23 $17,522.40
3138EP2A1 FEDERAL NATL MTG ASSN AL7068 4.50000 09/01/2042 US 78,241.58 $81,490.87
3138EQST0 FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 74,668.31 $75,967.32
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65400 01/01/2049 US 160,012.48 $170,518.13
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 40,416.03 $42,055.29
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 23,387.09 $25,268.20
3140EX2Y8 FEDERAL NATL MTG ASSN BC3490 3.50000 02/01/2046 US 192,709.89 $190,462.91
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 59,572.84 $58,859.79
3140F8RB5 FEDERAL NATL MTG ASSN BD1381 3.50000 06/01/2046 US 37,548.15 $37,071.53
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 50,205.94 $50,734.56
3140FPGZ6 FEDERAL NATL MTG ASSN BE3815 4.00000 12/01/2046 US 48,456.65 $48,966.87
3140H2PH5 FEDERAL NATL MATG ASSN FN BJ1323 3.50000 11/01/2047 US 294,008.98 $289,896.73
3140HPMQ7 FEDERAL NATIONAL MTGE FN BK9366 4.50000 08/01/2048 US 71,651.75 $73,982.85
3140J8YU1 FEDERAL NATL MTGE ASSN FN BM4322 4.00000 07/01/2048 US 294,543.97 $298,226.78
3140Q7HT7 FEDERAL NATL MTG ASSN FN CA0241 4.00000 08/01/2047 US 276,849.22 $279,879.23
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 255,008.21 $268,064.99
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 131,157.71 $137,866.58
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 13,674.77 $13,935.17
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 16,513.92 $16,819.51
31410HAQ4 MACYS RETAIL HLDGS INC 6.90000 04/01/2029 US 120,709.59 $127,744.36
31416BRR1 FEDERAL NATL MTG ASSN 995196 6.00000 07/01/2038 US 44,079.23 $48,551.81
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 64,099.91 $66,752.90
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 69,560.37 $72,120.57
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 24,611.93 $25,518.67
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 107,752.3 $103,223.12
31418CQA5 FEDERAL NATL MTGE ASSN FN MA3148 3.50000 10/01/2047 US 257,117.34 $253,215.46
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 127,591.51 $131,708.27
31418CZ56 FEDERAL NATL MTG ASSN FN MA3463 4.00000 09/01/2033 US 86,731.96 $88,732.67
31418MGR7 FEDERAL NATL MTG ASSN AD0207 6.00000 10/01/2038 US 31,712.49 $34,939.19
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 19,844.72 $21,404.12
31428X106 FEDEX CORPORATION US FDX 1,580.74 $380,626.19
3174300 BURBERRY GROUP PLC GB BRBY LN 347.3 $9,119.89
32054K103 FIRST INDUSTRIAL REALTY TR US FR 279.66 $8,781.23
3208986 NEXT PLC GB NXT LN 61.39 $4,393.13
336130AB5 FIRST QUALITY FINANCE CO 5.00000 07/01/2025 US 14,856.44 $13,890.77
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 16,300.71 $16,185.79
35563BAJ9 FREMF 2014-K37 B FLT 4.71393 01/25/2047 US 81,441.18 $84,106.67
35802XAD5 FRESENIUS MED CARE II 5.62500 07/31/2019 US 138,195.5 $140,927.85
36143WAN1 GAHR 2015-NRF BFX FLT 3.49490 12/15/2034 US 176,276.42 $176,051.35
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 41,178.82 $40,271.56
37045VAR1 GENERAL MOTORS CO FLT 3.22706 09/10/2021 US 258,820.65 $258,723.08
371559105 GENESEE & WYOMING INC -CL A US GWR 3,351.94 $304,993.24
37185LAF9 GENESIS ENERGY LP/GENESI 5.62500 06/15/2024 US 14,856.44 $14,039.34
374297109 GETTY REALTY CORP US GTY 322.23 $9,202.94
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 27,167.85 $27,032.01
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 148,421.71 $139,798.32
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 22,284.66 $21,727.55
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 114.79 $12,532.99
404121AH8 HCA INC 5.37500 09/01/2026 US 16,851.09 $17,019.61
40414L109 HCP INC US HCP 614.58 $16,175.72
4057808 L'OREAL FR OR FP 38.21 $9,211.15
4061412 LVMH MOET HENNESSY LOUIS VUITTON FR MC FP 16.3 $5,760.19
4163437 CAP GEMINI FR CAP FP 39.48 $4,970.35
421946104 HEALTHCARE REALTY TRUST INC US HR 390.32 $11,420.86
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 417.28 $11,128.97
4354350 FUCHS PETROLUB SE - PREF DE FPE3 GR 84.01 $4,688.19
44107P104 HOST MARRIOTT CORP US HST 1,058.34 $22,331.06
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 30,435.02 $29,674.14
4457624 TRIGANO SA FR TRI FP 143.95 $15,743.60
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B3MSM28 AMADEUS IT HOLDING SA-A SHS ES AMS SM 55.23 $5,119.17
B3NB1P2 SUNCOR ENERGY INC CA SU CN 311.09 $12,037.44
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 265,682.85 $13,763.72
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 31,783.26 $25,002.14
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 432,116.39 $22,159.30
B4Q2TX3 CHINA LONGYUAN POWER GROUP-H CN 916 HK 21,981.75 $18,510.65
B4R2R50 JULIUS BAER CH BAER SW 623.96 $31,183.24
B4WTBY3 HUANENG RENEWABLES CORP-H CN 958 HK 55,119.5 $16,435.88
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 56,674.64 $41,644.59
B4YVF56 BRENNTAG AG DE BNR GR 127.65 $7,872.59
B607XS1 VERMILION ENERGY INC CA VET CN 473.68 $15,607.83
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 641,944.33 $34,415.06
B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 1,491.16 $18,821.39
B63QM77 NEXON CO LTD JP 3659 JP 1,569.41 $20,514.58
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 83,161.73 $4,348.06
B798FW0 NOVOZYMES A/S-B SHARES DK NZYMB DC 93.44 $5,124.84
B7VQL46 FNAC DARTY SA FR FNAC FP 148.67 $11,723.09
B8FMRX8 COLOPLAST-B DK COLOB DC 91.44 $9,341.26
BB22L96 KION GROUP AG DE KGX GR 217.82 $13,374.54
BBG00LNRP8L0 AMZN US 09/28/18 P1825 US -.69 -$0.69
BBG00LRS8WH5 QRVO US 10/19/18 P70 US -24.73 -$840.92
BBG00LXHFRM9 SCHW US 10/26/18 C51.5 US -25.39 -$1,929.36
BD3JR69 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 13,109.27 $6,882.65
BD6G507 FERRARI NV IT RACE IM 38.21 $5,247.93
BD6K457 COMPASS GROUP PLC GB CPG LN 228.52 $5,080.75
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 79,786.06 $81,581.25
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 12,022.55 $6,324.17
BDZV116 EPIROC AB-A SE EPIA SS 1,401.13 $15,655.01
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 79,786.06 $74,998.90
BFYFZP5 FERGUSON PLC CH FERG LN 60.15 $5,102.41
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 128.75 $25,937.15
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 5,270.97 $8,690.20
BGLP232 MONCLER SPA IT MONC IM 214.21 $9,217.00
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 19,663.9 $15,355.01
BHC8X90 NOVO NORDISK A/S-B DK NOVOB DC 96.88 $4,559.44
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 12,587.44 $513,955.58
BNBNSG0 EURONEXT NV NL ENX FP 234.67 $15,419.32
BNGN9Z1 FINECOBANK SPA IT FBK IM 1,708.99 $22,789.15
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 10,991.81 $332,079.39
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 260.67 $8,706.79
BVSS790 ELIS SA FR ELIS FP 787.28 $18,536.02
BYQ32R1 NEMAK SAB DE CV MX 11,711.68 $8,824.13
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 19,120.54 $9,213.08
BYXS699 QIAGEN N.V. NL QIA GR 272.88 $10,334.68
BYY8LS2 MAISONS DU MONDE SA FR MDM FP 352.18 $10,271.81
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 8,191.54 $717,050.87
BYZ43T4 EUROBANK ERGASIAS SA GR EUROB GA 10,313.07 $7,785.87
BYZFYS3 SPIE SA FR SPIE FP 966.59 $19,249.68
BYZWX76 CRODA INTERNATIONAL PLC GB CRDA LN 209.79 $14,220.39
BZ01RF1 WILLIAM DEMANT HOLDING DK WDH DC 243 $9,121.68
BZ3C3Q4 BANKIA SA ES BKIA SM 3,674.17 $14,342.92
BZCNN35 BANCO COMERCIAL PORTUGUES-R PT BCP PL 27,471.82 $8,133.55
G02602103 AMDOCS LTD GG DOX 403.25 $26,606.52
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 158.98 $8,244.84
G27358103 DESPEGAR.COM CORP AR DESP 239.01 $4,032.04
G3157S106 ENSCO INTERNATIONAL INC US ESV 23,619.29 $199,346.80
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 27,718.23 $28,826.96
G5960L103 MEDTRONIC INC IE MDT 7,413.21 $729,237.23
G97822103 PERRIGO CO PLC IE PRGO 312.4 $22,117.57
H8817H100 TRANSOCEAN LTD US RIG 22,671.45 $316,266.76
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 75.86 $8,926.81
N22717107 CORE LABORATORIES N.V. NL CLB 83.29 $9,647.63
N47279109 INTERXION HOLDING NV NL INXN 4,502.86 $303,042.47
N72482123 QIAGEN N.V. ADR NL QGEN 191.03 $7,236.36
USD US DOLLAR US 571,925.26 $571,925.26

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
  • 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).

Daily Price

$11.86

Daily $ Change

-$0.01

Daily % Change

-0.08%

as of 10/19/2018

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
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 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 09/30/2018

YTD

2.47%

1 Year

4.01%

3 Year

7.23%

5 Year

4.90%

10 Year

---

Inception
(06/25/2012)

7.53%

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 09/30/2018

TREASURY NOTES 14.35%
GOVERNMENT AGENCY 7.91%
TREASURY BONDS 4.64%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 3.77%
INCYTE CORP 1.84%
BOOKING HOLDINGS INC 1.50%
MASTERCARD INC-CLASS A 1.34%
VISA INC - CLASS A SHARES 1.29%
QORVO INC 1.28%
MICROSOFT CORP 1.22%

Top Ten Investments list is unaudited and excludes cash

Asset Allocation

As of 09/30/2018

Bonds
55.51%
Stocks
43.54%
Cash
0.95%

Detailed Asset Class Allocation

As of 09/30/2018

International Equities
15.09%
Small Capitalization
0.66%
Mid Capitalization
4.25%
Large Capitalization
23.53%
Long Term Fixed Income
15.37%
Intermediate Term Fixed Income
29.93%
Short Term Fixed Income
10.22%
Cash
0.95%

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

September Fund Holdings

As of 09/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 10,867.14 $11,030.15
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 262,809.95 $259,415.08
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 216,940.79 $213,725.72
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 29,463.04 $30,052.30
004239109 ACADIA REALTY TRUST US AKR 240.52 $6,741.81
0045614 ANTOFAGASTA PLC GB ANTO LN 2,208.46 $24,541.29
0053673 ASHTEAD GROUP PLC GB AHT LN 322.68 $10,238.03
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 261,365.69 $258,612.43
0081180 BARRATT DEVELOPMENTS PLC GB BDEV LN 619.97 $4,578.50
008492100 AGREE REALTY CORP US ADC 108.12 $5,743.39
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 8,150.35 $8,406.29
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 44.74 $5,627.98
01609W102 ALIBABA GROUP - ADR CN BABA 2,514.89 $414,353.52
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 418,322.5 $389,916.11
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 14,347.44 $14,490.91
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 14,856.44 $14,856.44
02079K107 ALPHABET INC-CL C US GOOG 230.68 $275,315.25
02079K305 ALPHABET INC-CL A US GOOGL 230.68 $278,454.87
023135106 AMAZON.COM INC US AMZN 115.14 $230,616.31
02319V103 AMBEV SA-ADR BR ABEV 118,979.98 $543,738.51
0237400 DIAGEO PLC GB DGE LN 15,382.38 $544,971.19
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 271.34 $11,168.15
0263494 BAE SYSTEMS PLC GB BA/ LN 1,957.14 $16,048.57
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,031.18 $22,572.44
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 270,788.56 $259,059.68
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 18,295.36 $18,295.36
03027X100 AMERICAN TOWER REIT INC US AMT 1,759.47 $255,650.90
03064D108 AMERICOLD REALTY TRUST US COLD 193.99 $4,853.69
03748R101 APARTMENT INVT & MGMT CO -A US AIV 399.37 $17,624.08
03784Y200 APPLE HOSPITALITY REIT INC US APLE 517.67 $9,054.02
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 28,885.33 $28,271.52
0405207 HALMA PLC GB HLMA LN 545.76 $10,275.03
0490656 KERRY GROUP PLC-A IE KYGA LN 177.45 $19,582.95
053484101 AVALONBAY COMMUNITIES INC US AVB 241.62 $43,769.84
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 266,081.78 $255,584.59
058498106 BALL CORP US BLL 12,878.74 $566,535.66
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 395,487.45 $390,291.62
0822011 DS SMITH PLC GB SMDS LN 2,130.19 $13,268.82
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 4,243.84 $411,524.80
09062X103 BIOGEN IDEC INC US BIIB 570.73 $201,643.82
0922320 SMITH & NEPHEW PLC GB SN/ LN 497.75 $9,081.38
09247X101 BLACKROCK INC US BLK 1,078.8 $508,469.72
0946580 WEIR GROUP PLC/THE GB WEIR LN 1,077.35 $24,716.60
09627J102 BLUEROCK RESIDENTIAL GROWTH US 477.78 $4,682.20
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 366,118.06 $387,456.34
09857L108 BOOKING HOLDINGS INC US BKNG 451.88 $896,522.41
101121101 BOSTON PROPERTIES INC US BXP 259.37 $31,925.49
105368203 BRANDYWINE REALTY TRUST US BDN 1,353.17 $21,271.77
110122108 BRISTOL MYERS SQUIBB CO US BMY 4,526.54 $281,007.47
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 321.99 $15,014.38
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 12,139.66 $12,018.26
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 18,295.36 $18,089.54
125269100 CF INDUSTRIES HOLDINGS INC US CF 9,042.42 $492,269.33
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 258,820.65 $259,157.12
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 27,608.16 $26,986.97
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 80,502.65 $74,468.48
12648TAA7 CSMC 2014-IVR3 A1 3.50000 07/25/2044 US 137,221.07 $134,342.58
12770QAA3 CZR 2017-VICI A 3.53100 10/15/2034 US 76,351.1 $76,292.63
13321L108 CAMECO CORP CA CCJ 785.28 $8,952.23
14314JAC4 CARMX 2017-1 A3 1.98000 11/15/2021 US 57,263.33 $56,796.97
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 690.24 $7,889.39
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 145,214.75 $144,837.06
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 30,648.14 $28,511.97
15672WAJ3 CEQUEL COM HLDG I/CAP CP 7.50000 04/01/2028 US 28,885.33 $30,293.49
16411QAB7 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 18,845.75 $18,868.93
165183AA2 CFII 2016-1A A1 2.11000 03/15/2028 US 11,667.89 $11,637.39
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 241,585.55 $239,305.32
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 139,293.57 $137,629.36
165240102 CHESAPEAKE LODGING TRUST US CHSP 266.62 $8,550.62
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 272,232.83 $392,958.69
19625JAA1 CAH 2015-1A A 3.33100 07/17/2032 US 49,658.29 $49,719.77
19626G108 COLONY CAPITAL INC US CLNY 1,142.46 $6,957.57
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 332 $10,285.30
2162760 CAE INC CA CAE CN 229.24 $4,653.49
2171573 CANADIAN NATURAL RESOURCES CA CNQ CN 402.53 $13,151.19
2180632 CANADIAN NATL RAILWAY CO CA CNR CN 55.95 $5,020.56
21871N101 CORECIVIC INC US CXW 662.35 $16,114.86
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 166,207.94 $183,890.73
222795106 COUSINS PROPERTIES INC US CUZ 2,358.58 $20,967.80
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 130,034.86 $129,407.63
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 15,578.58 $15,220.27
22822V101 CROWN CASTLE INTL CORP US CCI 145.81 $16,233.31
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 32,418.24 $29,743.28
229663109 CUBESMART US CUBE 283.82 $8,097.33
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 10,867.14 $11,111.65
23331A109 DR HORTON INC US DHI 59.77 $2,521.07
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 1,070.3 $12,189.19
23918K108 DAVITA INC. US DVA 5,917.1 $423,841.77
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 18,295.36 $17,449.20
2392471 GRUPO BIMBO SAB- SERIES A MX BIMBOA MM 2,322.25 $4,941.34
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 3,928.9 $13,451.13
2491914 KIMBERLY CLARK DE MEXICO S.A.B. MX 5,443.17 $9,656.58
25271C102 DIAMOND OFFSHORE DRILLING US DO 10,168.64 $203,372.88
253868103 DIGITAL REALTY TRUST INC US DLR 281.44 $31,656.92
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 262,809.95 $256,958.90
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 28,885.33 $29,246.40
2639349 GRUPO AEROPORT DEL SURESTE-B MX 447.24 $9,138.75
2643674 GRUPO MEXICO SAB DE CV-SER MX GMEXICOB MM 1,368.7 $3,939.19
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 22,463.44 $22,575.76
269246401 ETRADE FINANCIAL CORP US ETFC 4,602.16 $241,106.92
2715777 QUEBECOR INC -CL B CA QBR/B CN 6,750.39 $135,357.96
277276101 EASTGROUP PROPERTIES US EGP 46.91 $4,485.29
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 7,343.6 $143,102.51
285512109 ELECTRONIC ARTS US EA 3,216.39 $387,543.09
2866857 LUNDIN MINING CORP CA LUN CN 28,492.62 $150,884.17
29372EBS6 EFF 2016-2 A2 1.74000 02/22/2022 US 10,948.93 $10,912.32
29372JAB3 EFF 2017-2 A2 1.97000 01/20/2023 US 93,333.13 $92,688.25
294429105 EQUIFAX INC US EFX 1,866.42 $243,698.37
29444U700 EQUINIX INC US EQIX 929.86 $402,526.49
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 120.09 $11,582.58
29476L107 EQUITY RESIDENTIAL US EQR 475.44 $31,502.48
297178105 ESSEX PROPERTY TRUST INC US ESS 54.34 $13,405.16
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 199,465.16 $195,787.02
30225T102 EXTRA SPACE STORAGE INC US EXR 124.97 $10,827.58
30261KAN6 FREMF 2012-K711 B 3.69252 08/25/2045 US 44,538.14 $44,592.55
30261UAJ3 FREMF 2013-K713 B 3.26256 04/25/2046 US 148,564.43 $148,107.92
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 20,290.01 $20,695.81
30287EAE0 FREMF 2014-K41 B FLT 3.96247 11/25/2047 US 70,046.92 $68,872.79
30291EAE4 FREMF 2013-K712 B FLT 3.47300 05/25/2045 US 77,266.77 $77,252.12
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 6,234,265.77 $21,694.62
30291XAE2 FREMF 2014-K715 B FLT 4.11905 02/25/2046 US 68,024.95 $68,818.99
30292HAU0 FREMF 2014- K503 B 3.08905 10/25/2047 US 148,564.43 $148,195.63
3128M5VT4 FHLM POOL G03926 6.00000 02/01/2038 US 10,151.43 $11,236.59
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 27,379.7 $29,497.95
3128M6NS3 FHLM POOL G04601 5.50000 07/01/2038 US 29,537.34 $31,768.93
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 10,064.23 $10,851.12
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 157,199.84 $162,969.24
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 12,651.76 $13,638.95
3128P75X7 FHLM POOL C91762 4.50000 05/01/2034 US 56,883.57 $59,036.72
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 21,768.82 $22,744.06
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 25,387.52 $26,343.93
3132QQFU1 FHLM POOL Q33778 4.00000 06/01/2045 US 35,985.61 $36,429.60
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 81,784.08 $82,793.52
3132WF3E7 FHLM POOL Q42596 3.50000 08/01/2046 US 64,323.61 $63,411.70
3132WJX55 FHLM POOL Q45199 4.00000 01/01/2047 US 37,016.65 $37,444.42
3132WJYG0 FHLM POOL Q45210 4.00000 01/01/2047 US 31,177.01 $31,525.09
3132WKQ84 FHLM POOL Q45878 3.00000 12/01/2046 US 117,400.27 $112,516.05
3132XYDL8 FHLM POOL Q55506 4.50000 04/01/2048 US 313,699.8 $323,978.63
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 106,956.17 $105,860.74
3137A2B34 FHMS K009 X1 FLT 1.44868 08/25/2020 US 637,450.75 $12,263.02
3137AME78 FHMS K017 X1 FLT 1.48234 12/25/2021 US 880,092.16 $30,382.10
3137ATSC7 FEDERAL NATL MTG ASSN KP01 A2 1.72000 01/25/2019 US 1,110.5 $1,108.00
3137AUPF0 FHMS K021 x1 FLT 1.58570 06/25/2022 US 486,857.98 $21,614.89
3137B3NB0 FHMS K030 X1 FLT 0.31093 04/25/2023 US 2,516,276.98 $20,026.29
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89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 125,385.73 $121,835.33
89613BAA5 TAH 2013-SFR1 A 2.58900 11/17/2033 US 104,735.39 $100,968.15
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 104,408.88 $99,875.58
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 22,607.87 $23,229.58
902653104 UDR INC US UDR 612.21 $24,751.47
903002103 UMH PROPERTIES INC US UMH 402.63 $6,297.20
904767704 UNILEVER PLC - ADR GB UL 8,452.88 $464,654.89
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 445,210.8 $583,069.64
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 696,415.06 $855,284.74
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 320,406.82 $300,648.40
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 497,387.92 $435,622.44
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 942,171.68 $907,429.10
9128282N9 US TREASURY N/B 2.12500 07/31/2024 US 545,499.45 $520,461.88
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 588,515.78 $573,779.90
912828D23 US TREASURY N/B 1.62500 04/30/2019 US 1,476,963.31 $1,469,924.66
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 2,287,916.17 $2,258,036.21
912828R28 US TREASURY N/B 1.62500 04/30/2023 US 950,031.32 $896,592.06
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 660,848.59 $597,809.83
912828S92 US TREASURY N/B 1.25000 07/31/2023 US 950,623.55 $878,324.17
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 307,652.54 $297,828.17
912828WZ9 UNITED STATES TREAS NTS 1.75000 04/30/2022 US 1,217,400.75 $1,169,418.04
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 1,223,825.01 $1,161,916.67
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 608,700.37 $576,339.39
912828XQ8 US TREASURY N/B 2.00000 07/31/2022 US 773,326.59 $747,528.90
91704F104 URBAN EDGE PROPERTIES US UE 865.73 $19,115.22
92276F100 VENTAS INC US VTR 171.88 $9,346.81
92339V100 VEREIT INC US VER 1,180.15 $8,567.89
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 356,695.19 $390,571.31
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 1,106.14 $213,196.90
92826C839 VISA INC - CLASS A SHARES US V 5,154.98 $773,711.21
929042109 VORNADO REALTY TRUST US VNO 282 $20,585.65
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 18,845.75 $19,481.79
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 12,861.79 $12,443.78
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 20,035.51 $19,083.82
95040Q104 WELLTOWER INC. US WELL 202.49 $13,023.92
962166104 WEYERHAEUSER CO US WY 247.95 $8,001.33
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 14,856.44 $14,930.72
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 17,573.23 $17,441.43
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 205,171.95 $195,306.04
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 53,200.67 $53,157.36
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 62,764.16 $61,261.05
98919V105 ZAYO GROUP HOLDINGS INC US ZAYO 11,333.41 $393,496.03
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 28,885.33 $28,524.26
B0190C7 TECHTRONIC INDUSTRIES CO LTD HK 669 HK 687.78 $4,387.16
B02J639 ADMIRAL GROUP PLC GB ADM LN 191.03 $5,178.42
B037JC2 NEXITY FR NXI FP 152.83 $8,446.64
B0386J1 JYSKE BANK-REG DK JYSK DC 184.33 $8,925.46
B05LZ02 HAKUHODO DY HOLDINGS INC JP 2433 JP 246.23 $4,324.60
B06JSP1 SYDBANK A/S DK SYDB DC 259.47 $7,628.27
B09DHL9 MTU AERO ENGINES HOLDING AG DE MTX GR 23.18 $5,221.63
B09M9D2 KONE OYJ-B FI KNEBV FH 176.01 $9,394.95
B0JDQD4 BANDAI NAMCO HOLDINGS INC JP 7832 JP 231.79 $9,005.07
B11TCY0 SCHINDLER HOLDING-PART CERT CH SCHP SW 36.21 $9,036.96
B138HB7 KAUFMAN & BROAD SA FR KOF FP 270.16 $12,678.30
B13X013 EIFFAGE FR FGR FP 160.43 $17,921.24
B15C557 TOTAL SA FR FP FP 355.07 $23,086.98
B19NLV4 EXPERIAN PLC GB EXPN LN 193.75 $4,971.68
B1CRLC4 MONDI PLC GB MNDI LN 181.44 $4,967.78
B1FW751 GALP ENERGIA SGPS SA PT GALP PL 1,409.97 $27,956.60
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 1,064.7 $7,609.46
B1WGG93 GEBERIT AG-REG CH GEBN SW 28.06 $13,024.62
B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 251.87 $14,746.09
B1XH026 VINCI SA FR DG FP 451.6 $42,965.39
B1Y9TB3 DANONE FR BN FP 255.86 $19,884.03
B1YVKN8 ANTA SPORTS PRODUCTS LTD CN 2020 HK 1,918.92 $9,160.62
B232R05 SK INNOVATION CO LTD KR 096770 KS 55.23 $10,705.70
B249GC0 MATSUMOTOKIYOSHI HOLDINGS CO JP 3088 JP 231.79 $9,505.12
B283W97 CAIXABANK S.A ES CABK SM 5,126.88 $23,316.66
B296BQ5 STORAGEVAULT CANADA INC CA SVI CN 1,502.93 $3,083.48
B3FF8W8 HOSHIZAKI CORP JP 6465 JP 54.34 $5,623.99
B3FP8W8 CANADA HOUSING TRUST 4.10000 12/15/2018 CA 25,654.88 $19,955.65
B3MSM28 AMADEUS IT HOLDING SA-A SHS ES AMS SM 55.23 $5,119.17
B3NB1P2 SUNCOR ENERGY INC CA SU CN 311.09 $12,037.44
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 265,682.85 $13,763.72
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 31,783.26 $25,002.14
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 432,116.39 $22,159.30
B4Q2TX3 CHINA LONGYUAN POWER GROUP-H CN 916 HK 21,981.75 $18,510.65
B4R2R50 JULIUS BAER CH BAER SW 623.96 $31,183.24
B4WTBY3 HUANENG RENEWABLES CORP-H CN 958 HK 55,119.5 $16,435.88
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 56,674.64 $41,644.59
B4YVF56 BRENNTAG AG DE BNR GR 127.65 $7,872.59
B607XS1 VERMILION ENERGY INC CA VET CN 473.68 $15,607.83
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 641,944.33 $34,415.06
B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 1,491.16 $18,821.39
B63QM77 NEXON CO LTD JP 3659 JP 1,569.41 $20,514.58
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 83,161.73 $4,348.06
B798FW0 NOVOZYMES A/S-B SHARES DK NZYMB DC 93.44 $5,124.84
B7VQL46 FNAC DARTY SA FR FNAC FP 148.67 $11,723.09
B8FMRX8 COLOPLAST-B DK COLOB DC 91.44 $9,341.26
BB22L96 KION GROUP AG DE KGX GR 217.82 $13,374.54
BBG00LNRP8L0 AMZN US 09/28/18 P1825 US -.69 -$0.69
BBG00LRS8WH5 QRVO US 10/19/18 P70 US -24.73 -$840.92
BBG00LXHFRM9 SCHW US 10/26/18 C51.5 US -25.39 -$1,929.36
BD3JR69 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 13,109.27 $6,882.65
BD6G507 FERRARI NV IT RACE IM 38.21 $5,247.93
BD6K457 COMPASS GROUP PLC GB CPG LN 228.52 $5,080.75
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 79,786.06 $81,581.25
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 12,022.55 $6,324.17
BDZV116 EPIROC AB-A SE EPIA SS 1,401.13 $15,655.01
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 79,786.06 $74,998.90
BFYFZP5 FERGUSON PLC CH FERG LN 60.15 $5,102.41
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 128.75 $25,937.15
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 5,270.97 $8,690.20
BGLP232 MONCLER SPA IT MONC IM 214.21 $9,217.00
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 19,663.9 $15,355.01
BHC8X90 NOVO NORDISK A/S-B DK NOVOB DC 96.88 $4,559.44
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 12,587.44 $513,955.58
BNBNSG0 EURONEXT NV NL ENX FP 234.67 $15,419.32
BNGN9Z1 FINECOBANK SPA IT FBK IM 1,708.99 $22,789.15
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 10,991.81 $332,079.39
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 260.67 $8,706.79
BVSS790 ELIS SA FR ELIS FP 787.28 $18,536.02
BYQ32R1 NEMAK SAB DE CV MX 11,711.68 $8,824.13
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 19,120.54 $9,213.08
BYXS699 QIAGEN N.V. NL QIA GR 272.88 $10,334.68
BYY8LS2 MAISONS DU MONDE SA FR MDM FP 352.18 $10,271.81
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 8,191.54 $717,050.87
BYZ43T4 EUROBANK ERGASIAS SA GR EUROB GA 10,313.07 $7,785.87
BYZFYS3 SPIE SA FR SPIE FP 966.59 $19,249.68
BYZWX76 CRODA INTERNATIONAL PLC GB CRDA LN 209.79 $14,220.39
BZ01RF1 WILLIAM DEMANT HOLDING DK WDH DC 243 $9,121.68
BZ3C3Q4 BANKIA SA ES BKIA SM 3,674.17 $14,342.92
BZCNN35 BANCO COMERCIAL PORTUGUES-R PT BCP PL 27,471.82 $8,133.55
G02602103 AMDOCS LTD GG DOX 403.25 $26,606.52
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 158.98 $8,244.84
G27358103 DESPEGAR.COM CORP AR DESP 239.01 $4,032.04
G3157S106 ENSCO INTERNATIONAL INC US ESV 23,619.29 $199,346.80
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 27,718.23 $28,826.96
G5960L103 MEDTRONIC INC IE MDT 7,413.21 $729,237.23
G97822103 PERRIGO CO PLC IE PRGO 312.4 $22,117.57
H8817H100 TRANSOCEAN LTD US RIG 22,671.45 $316,266.76
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 75.86 $8,926.81
N22717107 CORE LABORATORIES N.V. NL CLB 83.29 $9,647.63
N47279109 INTERXION HOLDING NV NL INXN 4,502.86 $303,042.47
N72482123 QIAGEN N.V. ADR NL QGEN 191.03 $7,236.36
USD US DOLLAR US 571,925.26 $571,925.26

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
  • 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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