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

$12.26

Daily $ Change

$0.02

Daily % Change

0.16%

as of 04/18/2019

Ticker

MTOKX

CUSIP

56382P393

Inception Date

06/25/2012

Investment Minimum

$2,000.00

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

Important Documents

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

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 03/31/2019

YTD

7.84%

1 Year

4.14%

3 Year

6.29%

5 Year

3.37%

10 Year

---

Inception
(06/25/2012)

7.00%

Market Cycle

---

Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.

Expense Ratio

Gross 1.36%
Net 0.99%*

*Includes acquired fund fees and expenses of the underlying Series, and a 12b-1 fee of 0.25%. Up to 0.25% of the 12b-1 fee is available as a shareholder servicing fee. Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated prior to the expiration date (02/29/2028) without the approval of the Fund's Board of Directors.

Top Ten Investments

As of 03/31/2019

TREASURY NOTES 11.83%
GOVERNMENT AGENCY 8.49%
TREASURY BONDS 7.73%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 2.58%
MICROSOFT CORP 1.80%
NOVARTIS AG- REG 1.65%
MEDTRONIC INC 1.47%
MASTERCARD INC-CLASS A 1.42%
TENCENT HOLDINGS LTD 1.41%
JOHNSON & JOHNSON 1.34%

Top Ten Investments list is unaudited and excludes cash.

Asset Allocation

As of 03/31/2019

Bonds 57.56%
Stocks 42.06%
Cash 0.38%

Detailed Asset Class Allocation

As of 03/31/2019

International Equities 16.13%
Small Capitalization 0.41%
Mid Capitalization 1.13%
Large Capitalization 24.40%
Long Term Fixed Income 18.09%
Intermediate Term Fixed Income 28.81%
Short Term Fixed Income 10.65%
Cash 0.38%

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

March Fund Holdings

As of 03/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAH9 ADT SEC CORP 4.12500 06/15/2023 US 17,463.97 $16,844.00
00101JAM8 ADT CORP 5.25000 03/15/2020 US 15,346.34 $15,499.80
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 291,207.64 $299,403.53
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 318,510.05 $316,617.06
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 140,948.16 $141,652.90
004239109 ACADIA REALTY TRUST US AKR 216.57 $5,905.80
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 297,161.85 $298,817.20
0081180 BARRATT DEVELOPMENTS PLC GB BDEV LN 2,577.58 $20,134.43
008492100 AGREE REALTY CORP US ADC 133.82 $9,279.05
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 21,300.55 $21,690.11
0136701 BRITISH LAND CO PLC GB BLND LN 1,325.31 $10,175.33
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 47.76 $6,808.38
01609W102 ALIBABA GROUP - ADR CN BABA 114.64 $20,915.47
02079K107 ALPHABET INC-CL C US GOOG 514.96 $604,209.76
02079K305 ALPHABET INC-CL A US GOOGL 466.99 $549,597.60
023135106 AMAZON.COM INC US AMZN 149.23 $265,737.94
02319V103 AMBEV SA-ADR BR ABEV 62,618.02 $269,257.49
0237400 DIAGEO PLC GB DGE LN 15,160.95 $620,420.45
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 72,434.3 $73,332.48
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 215.25 $10,241.47
0263494 BAE SYSTEMS PLC GB BA/ LN 2,749.96 $17,285.67
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,311.53 $29,797.89
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 53,287.57 $52,739.35
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 25,996.61 $23,916.88
03027X100 AMERICAN TOWER REIT INC US AMT 1,641.21 $323,416.60
03064D108 AMERICOLD REALTY TRUST US COLD 199.1 $6,074.65
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 17,463.97 $17,725.93
03748R754 APARTMENT INVT & MGMT CO -A US AIV 388.16 $19,520.45
03784Y200 APPLE HOSPITALITY REIT INC US APLE 371.23 $6,051.00
0405207 HALMA PLC GB HLMA LN 485.38 $10,582.22
0490656 KERRY GROUP PLC-A IE KYGA LN 186.34 $20,693.29
05278C107 AUTOHOME INC-ADR CN ATHM 163.78 $17,216.25
053484101 AVALONBAY COMMUNITIES INC US AVB 245.94 $49,367.55
058498106 BALL CORP US BLL 12,569.33 $727,261.56
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 437,670.93 $446,351.83
0673123 ASSOCIATED BRITISH FOODS PLC GB ABF LN 293.76 $9,341.03
0682538 PERSIMMON PLC GB PSN LN 729.78 $20,642.50
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 3,381.19 $679,246.25
0870612 LLOYDS BANKING GROUP PLC GB LLOY LN 24,494.4 $19,844.93
0878230 TAYLOR WIMPEY PLC GB TW/ LN 8,592.61 $19,653.11
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 2,858.05 $253,880.85
0922320 SMITH & NEPHEW PLC GB SN/ LN 759.89 $15,090.82
09247X101 BLACKROCK INC US BLK 321.6 $137,442.17
0946580 WEIR GROUP PLC/THE GB WEIR LN 1,327.64 $26,984.53
09857L108 BOOKING HOLDINGS INC US BKNG 436.82 $762,214.60
101121101 BOSTON PROPERTIES INC US BXP 312.42 $41,826.81
105368203 BRANDYWINE REALTY TRUST US BDN 1,749.32 $27,744.24
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 225.04 $9,388.59
11134LAB5 BROADCOM CRP / CAYMN FI 2.37500 01/15/2020 US 125,483.64 $124,812.34
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 17,463.97 $16,721.75
12503M108 CBOE GLOBAL MARKETS INC US CBOE 2,777.26 $265,061.91
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 93,211.92 $94,730.34
12572Q105 CME GROUP INC US CME 1,448.21 $238,346.31
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 378,004.54 $378,477.05
12596JAA1 CNH 2019-A A1 2.75334 02/28/2020 US 73,981.83 $73,981.11
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 114,164.1 $109,122.19
12648TAA7 CSMC 2014-IVR3 A1 3.50000 07/25/2044 US 182,586.83 $183,218.58
12770QAA3 CZR 2017-VICI A 3.53100 10/15/2034 US 127,057.8 $129,632.73
133131102 CAMDEN PROPERTY TRUST US CPT 64.36 $6,532.79
13321L108 CAMECO CORP CA CCJ 670.58 $7,906.13
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 193,948.79 $193,549.92
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 43,473 $41,299.35
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 261,873.53 $259,316.94
165240102 CHESAPEAKE LODGING TRUST US CHSP 313.74 $8,725.12
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 165,123.29 $248,222.44
191216100 COCA COLA CO/THE US KO 11,056.9 $518,126.34
2011646 ALIMENTATION COUCHE-TARD -B CA ATD/B CN 111.66 $6,577.50
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 612.53 $21,983.82
2180632 CANADIAN NATL RAILWAY CO CA CNR CN 110.4 $9,883.13
222795106 COUSINS PROPERTIES INC US CUZ 2,678.55 $25,874.76
22282EAH5 COVANTA HOLDING CORP 6.00000 01/01/2027 US 21,699.23 $21,699.23
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 299,926.66 $305,340.36
22822V101 CROWN CASTLE INTL CORP US CCI 148.77 $19,042.21
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 51,101.81 $49,208.59
229663109 CUBESMART US CUBE 173.05 $5,544.36
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 15,346.34 $15,617.51
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 413.89 $4,692.21
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 15,346.34 $14,705.63
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 3,923.77 $9,379.74
25271C102 DIAMOND OFFSHORE DRILLING US DO 7,239.11 $75,938.28
253868103 DIGITAL REALTY TRUST INC US DLR 219.94 $26,173.27
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 306,553.97 $297,926.98
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 17,463.97 $17,594.95
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 34,379.08 $34,894.77
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 32,042.99 $30,440.84
269246401 ETRADE FINANCIAL CORP US ETFC 2,808.7 $130,407.96
2715777 QUEBECOR INC -CL B CA QBR/B CN 6,146.8 $150,685.89
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 7,137.26 $148,529.30
285512109 ELECTRONIC ARTS US EA 3,978.16 $404,300.35
2866857 LUNDIN MINING CORP CA LUN CN 910.75 $4,225.43
29373FAB0 EFF 2018 -2 A2 MTGE 3.14000 02/20/2024 US 211,763 $212,667.08
29444U700 EQUINIX INC US EQIX 974.4 $441,561.05
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 140.23 $16,028.82
29476L107 EQUITY RESIDENTIAL US EQR 534.08 $40,227.10
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 639.36 $12,480.39
297178105 ESSEX PROPERTY TRUST INC US ESS 98.03 $28,354.84
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 297,710.7 $297,005.13
30225T102 EXTRA SPACE STORAGE INC US EXR 143.21 $14,594.71
30261KAN6 FREMF 2012-K711 B 3.51915 08/25/2045 US 74,117.05 $74,059.44
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 28,973.72 $29,716.17
30287EAE0 FREMF 2014-K41 B FLT 3.83248 11/25/2047 US 83,369.27 $84,982.72
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 10,249,552.64 $32,078.02
30291XAE2 FREMF 2014-K715 B FLT 3.97555 02/25/2046 US 80,962.73 $82,241.88
3128M5VT4 FHLM POOL G03926 6.00000 02/01/2038 US 15,098.64 $16,623.73
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 29,915.61 $32,667.70
3128M6NS3 FHLM POOL G04601 5.50000 07/01/2038 US 33,252.32 $36,306.53
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 15,530.13 $17,019.38
3128MJ2E9 FHLM POOL FG 08772 4.50000 07/01/2047 US 131,720.16 $138,088.96
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 19,478.51 $21,277.18
3128P75X7 FHLM POOL C91762 4.50000 05/01/2034 US 80,578.08 $84,871.24
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 23,491.88 $24,741.46
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 29,484.81 $31,054.16
3132QQFU1 FHLM POOL Q33778 4.00000 06/01/2045 US 41,351.54 $42,716.07
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 128,120.05 $132,919.98
3132WKQ84 FHLM POOL Q45878 3.00000 12/01/2046 US 186,951.69 $186,130.95
31335AQ92 FHLM POOL FG G60480 4.50000 11/01/2045 US 274,773.95 $289,426.55
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 229,746.13 $243,220.48
3134865 BARCLAYS PLC GB BARC LN 9,983.67 $20,109.90
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 153,386.75 $156,304.13
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 46.9 $6,464.96
3137A2B34 FHMS K009 X1 FLT 1.26972 08/25/2020 US 1,044,712.75 $14,021.30
3137AME78 FHMS K017 X1 FLT 1.30341 12/25/2021 US 992,723.58 $28,853.31
3137AUPF0 FHMS K021 x1 FLT 1.44016 06/25/2022 US 796,159.51 $31,233.02
3137B3NB0 FHMS K030 X1 FLT 0.19480 04/25/2023 US 4,134,044.99 $29,569.17
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 183,324.29 $188,915.56
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 185,883.29 $193,516.26
3138EGE26 FEDERAL NATL MTG ASSN AL0152 6.00000 06/01/2040 US 50,218.34 $55,394.25
3138EGHT4 FEDERAL NATL MTG ASSN AL0241 4.00000 04/01/2041 US 119,365.54 $123,808.85
3138EHR87 FEDERAL NATL MTG ASSN AL1410 4.50000 12/01/2041 US 180,185.47 $190,331.28
3138EP2A1 FEDERAL NATL MTG ASSN AL7068 4.50000 09/01/2042 US 121,475.43 $128,348.50
3138EQST0 FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 101,491.54 $105,265.25
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65100 01/01/2049 US 215,485.64 $237,259.25
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 431,002.44 $439,498.23
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 43,151.09 $45,416.79
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 35,410.26 $38,951.02
3140F8RB5 FEDERAL NATL MTG ASSN BD1381 3.50000 06/01/2046 US 56,426.2 $57,342.02
3140H2PH5 FEDERAL NATL MATG ASSN FN BJ1323 3.50000 11/01/2047 US 411,092.24 $418,317.15
3140HPMQ7 FEDERAL NATIONAL MTGE FN BK9366 4.50000 08/01/2048 US 101,394.7 $106,065.12
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 284,780.13 $297,417.58
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 266,833.23 $282,211.79
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 95,265.31 $100,756.16
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 283,927.89 $297,005.65
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 180,152.36 $190,591.36
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 13,816.79 $14,035.28
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 17,071.89 $17,345.90
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 88,302.46 $93,316.42
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 87,837.93 $92,362.65
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 39,017.86 $41,029.30
31418C4M3 FEDERAL NATL MTG ASSN FN MA3527 5.00000 11/01/2048 US 398,545.62 $421,520.85
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 149,820.72 $149,364.28
31418CZ56 FEDERAL NATL MTG ASSN FN MA3463 4.00000 09/01/2033 US 133,336.96 $137,406.40
31418MGR7 FEDERAL NATL MTG ASSN AD0207 6.00000 10/01/2038 US 34,476.37 $38,014.97
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 21,529.66 $23,585.62
31428X106 FEDEX CORPORATION US FDX 1,532.07 $277,931.99
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 25,137.13 $25,231.40
3163836 INTERTEK GROUP PLC GB ITRK LN 151.35 $9,587.70
32054K103 FIRST INDUSTRIAL REALTY TR US FR 323.13 $11,425.97
335934AK1 FIRST QUANTUM MINERALS L 7.25000 04/01/2023 CA 7,673.17 $7,500.52
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 23,019.5 $22,731.76
35563BAJ9 FREMF 2014-K37 B FLT 4.55956 01/25/2047 US 135,528.32 $143,936.01
35802XAD5 FRESENIUS MED CARE II 5.62500 07/31/2019 US 229,974.62 $231,453.23
36143WAN1 GAHR 2015-NRF BFX FLT 3.38216 12/15/2034 US 254,672.58 $253,601.35
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 60,107.53 $59,426.38
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 301,397.11 $281,504.90
37045VAR1 GENERAL MOTORS CO FLT 3.50063 09/10/2021 US 214,139.4 $212,389.77
37045XAR7 GENERAL MOTORS FINL CO 3.15000 01/15/2020 US 315,272.99 $315,713.60
37185LAF9 GENESIS ENERGY LP/GENESI 5.62500 06/15/2024 US 21,300.55 $20,448.53
374297109 GETTY REALTY CORP US GTY 375.52 $12,028.05
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 38,365.84 $37,886.27
38141GVR2 GOLDMAN SACHS GROUP INC 4.25000 10/21/2025 US 154,933.82 $158,592.71
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 211,774.74 $204,311.18
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 17,463.97 $17,507.63
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 67.4 $5,996.73
4012250 AIRBUS SE FR AIR FP 91.22 $12,089.82
4031976 ADIDAS AG DE ADS GR 36.25 $8,816.38
40414L109 HCP INC US HCP 676.5 $21,174.35
4057808 L'OREAL FR OR FP 56.29 $15,158.64
4061412 LVMH MOET HENNESSY LOUIS VUITTON FR MC FP 37.11 $13,668.08
406216101 HALLIBURTON CO US HAL 10,571.07 $309,732.43
4076836 INTESA SANPAOLO IT ISP IM 3,232.2 $7,888.27
4162791 THALES SA FR HO FP 16.21 $1,941.63
4163437 CAP GEMINI FR CAP FP 24.74 $3,001.82
421946104 HEALTHCARE REALTY TRUST INC US HR 569.07 $18,272.92
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 907.09 $25,933.72
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 150.03 $12,468.62
44107P104 HOST MARRIOTT CORP US HST 665.78 $12,583.33
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 40,882.15 $40,575.53
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 25,044.97 $24,575.38
45337C102 INCYTE CORP US INCY 6,486.62 $557,914.41
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 1,107.51 $11,950.08
4574813 MEDIOBANCA SPA IT MB IM 784.69 $8,170.33
45763PAE6 INMARSAT FINANCE PLC 4.87500 05/15/2022 GB 6,875.82 $6,980.33
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 3,602.85 $274,320.80
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 375,396.07 $376,767.99
46187BAA1 IHSFR 2017-SFR2 A 3.33175 12/17/2036 US 64,547.99 $64,265.16
46187BAB9 IHSFR 2017-SFR2 B 3.63175 12/17/2036 US 48,156.64 $48,123.88
46187W107 INVITATION HOMES INC US INVH 894.67 $21,767.24
464286624 ISHARES MSCI THAILAND ETF TH 359.76 $31,777.76
464287739 ISHARES DJ US REAL ESTATE US 64.36 $5,602.11
46625HHL7 JPMORGAN CHASE & CO 6.30000 04/23/2019 US 558,474.17 $559,557.42
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 61,642.47 $61,447.12
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 85,509.45 $85,584.69
46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 212,881.25 $220,924.52
4682329 PERNOD-RICARD SA FR RI FP 64.82 $11,639.77
4712798 RENAULT SA FR RNO FP 51.13 $3,380.86
4741844 MERCK KGAA DE MRK GR 5,106.02 $582,961.68
476405105 JERNIGAN CAPITAL INC US JCAP 622.78 $13,103.39
478160104 JOHNSON & JOHNSON US JNJ 6,146.42 $859,208.72
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 43,460.58 $23,034.11
4821100 SOLVAY SA BE SOLB BB 207.7 $22,486.72
4824778 SGS SA-REG CH SGSN SW 1.72 $4,281.40
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BF2DSG3 SIKA AG-REG CH SIKA SW 64.82 $9,065.67
BFTCYP4 ROBINSONS RETAIL HOLDINGS IN PH RRHI PM 1,757.9 $2,644.72
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 6,601.09 $9,892.83
BGLP232 MONCLER SPA IT MONC IM 231.52 $9,343.92
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 19,778.34 $18,177.01
BHC8X90 NOVO NORDISK A/S-B DK NOVOB DC 179.92 $9,403.63
BJ2KSG2 AKZO NOBEL NL AKZA NA 256.89 $22,820.21
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 19,616.36 $902,113.20
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 1,717.02 $8,364.08
BNGN9Z1 FINECOBANK SPA IT FBK IM 1,652.07 $21,766.66
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 12,825.29 $377,083.52
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 324.12 $9,292.57
BSQXJ01 THULE GROUP AB/THE SE THULE SS 686.14 $15,527.46
BSS7GP5 AGL ENERGY LTD AU AGL AU 376.57 $5,820.95
BW1YVH8 WALMART DE MEXICO SAB DE CV MX WALMEX* MM 3,501.8 $9,361.47
BYMXPS7 UNICREDIT SPA IT UCG IM 629.98 $8,092.40
BYNXBZ5 ADO PROPERTIES SA DE ADJ GR 141.95 $8,071.37
BYW0PQ6 LAND SECURITIES GROUP PLC GB LAND LN 869.56 $10,352.99
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 25,904.45 $10,659.13
BYXS699 QIAGEN N.V. NL QIA GR 342.04 $13,884.24
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 9,127.84 $766,232.78
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 2,797.71 $10,976.51
G02602103 AMDOCS LTD GG DOX 292.56 $15,830.64
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 240.17 $8,617.38
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 125.75 $6,506.19
G27358103 DESPEGAR.COM CORP AR DESP 280.01 $4,172.13
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 39,623.99 $41,010.83
G5960L103 MEDTRONIC INC IE MDT 10,377.99 $945,226.90
G8473T100 STERIS PLC GB STE 51.99 $6,656.69
G97822103 PERRIGO CO PLC IE PRGO 387.18 $18,646.80
H8817H100 TRANSOCEAN LTD US RIG 12,612.04 $109,850.84
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 78.85 $9,973.65
N22717107 CORE LABORATORIES N.V. NL CLB 156.04 $10,755.96
N47279109 INTERXION HOLDING NV NL INXN 7,034.52 $469,413.45
N72482123 QIAGEN N.V. ADR NL QGEN 210.74 $8,572.81
USD US DOLLAR US 246,969 $246,969.00

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 K Distribution History
  • 2019 Distribution Calendar
  • Fourth Quarter 2018 Distributions
  • Third Quarter 2018 Distributions
  • Second Quarter 2018 Distributions
  • First Quarter 2019 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

$12.26

Daily $ Change

$0.02

Daily % Change

0.16%

as of 04/18/2019

Ticker

MTOKX

CUSIP

56382P393

Inception Date

06/25/2012

Investment Minimum

$2,000.00

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

Important Documents

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

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 03/31/2019

YTD

7.84%

1 Year

4.14%

3 Year

6.29%

5 Year

3.37%

10 Year

---

Inception
(06/25/2012)

7.00%

Market Cycle

---

Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.

Expense Ratio

Gross 1.36%
Net 0.99%*

*Includes acquired fund fees and expenses of the underlying Series, and a 12b-1 fee of 0.25%. Up to 0.25% of the 12b-1 fee is available as a shareholder servicing fee. Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated prior to the expiration date (02/29/2028) without the approval of the Fund's Board of Directors.

Top Ten Investments

As of 03/31/2019

TREASURY NOTES 11.83%
GOVERNMENT AGENCY 8.49%
TREASURY BONDS 7.73%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 2.58%
MICROSOFT CORP 1.80%
NOVARTIS AG- REG 1.65%
MEDTRONIC INC 1.47%
MASTERCARD INC-CLASS A 1.42%
TENCENT HOLDINGS LTD 1.41%
JOHNSON & JOHNSON 1.34%

Top Ten Investments list is unaudited and excludes cash.

Asset Allocation

As of 03/31/2019

Bonds
57.56%
Stocks
42.06%
Cash
0.38%

Detailed Asset Class Allocation

As of 03/31/2019

International Equities
16.13%
Small Capitalization
0.41%
Mid Capitalization
1.13%
Large Capitalization
24.40%
Long Term Fixed Income
18.09%
Intermediate Term Fixed Income
28.81%
Short Term Fixed Income
10.65%
Cash
0.38%

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

March Fund Holdings

As of 03/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAH9 ADT SEC CORP 4.12500 06/15/2023 US 17,463.97 $16,844.00
00101JAM8 ADT CORP 5.25000 03/15/2020 US 15,346.34 $15,499.80
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 291,207.64 $299,403.53
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 318,510.05 $316,617.06
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 140,948.16 $141,652.90
004239109 ACADIA REALTY TRUST US AKR 216.57 $5,905.80
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 297,161.85 $298,817.20
0081180 BARRATT DEVELOPMENTS PLC GB BDEV LN 2,577.58 $20,134.43
008492100 AGREE REALTY CORP US ADC 133.82 $9,279.05
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 21,300.55 $21,690.11
0136701 BRITISH LAND CO PLC GB BLND LN 1,325.31 $10,175.33
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 47.76 $6,808.38
01609W102 ALIBABA GROUP - ADR CN BABA 114.64 $20,915.47
02079K107 ALPHABET INC-CL C US GOOG 514.96 $604,209.76
02079K305 ALPHABET INC-CL A US GOOGL 466.99 $549,597.60
023135106 AMAZON.COM INC US AMZN 149.23 $265,737.94
02319V103 AMBEV SA-ADR BR ABEV 62,618.02 $269,257.49
0237400 DIAGEO PLC GB DGE LN 15,160.95 $620,420.45
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 72,434.3 $73,332.48
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 215.25 $10,241.47
0263494 BAE SYSTEMS PLC GB BA/ LN 2,749.96 $17,285.67
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,311.53 $29,797.89
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 53,287.57 $52,739.35
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 25,996.61 $23,916.88
03027X100 AMERICAN TOWER REIT INC US AMT 1,641.21 $323,416.60
03064D108 AMERICOLD REALTY TRUST US COLD 199.1 $6,074.65
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 17,463.97 $17,725.93
03748R754 APARTMENT INVT & MGMT CO -A US AIV 388.16 $19,520.45
03784Y200 APPLE HOSPITALITY REIT INC US APLE 371.23 $6,051.00
0405207 HALMA PLC GB HLMA LN 485.38 $10,582.22
0490656 KERRY GROUP PLC-A IE KYGA LN 186.34 $20,693.29
05278C107 AUTOHOME INC-ADR CN ATHM 163.78 $17,216.25
053484101 AVALONBAY COMMUNITIES INC US AVB 245.94 $49,367.55
058498106 BALL CORP US BLL 12,569.33 $727,261.56
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 437,670.93 $446,351.83
0673123 ASSOCIATED BRITISH FOODS PLC GB ABF LN 293.76 $9,341.03
0682538 PERSIMMON PLC GB PSN LN 729.78 $20,642.50
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 3,381.19 $679,246.25
0870612 LLOYDS BANKING GROUP PLC GB LLOY LN 24,494.4 $19,844.93
0878230 TAYLOR WIMPEY PLC GB TW/ LN 8,592.61 $19,653.11
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 2,858.05 $253,880.85
0922320 SMITH & NEPHEW PLC GB SN/ LN 759.89 $15,090.82
09247X101 BLACKROCK INC US BLK 321.6 $137,442.17
0946580 WEIR GROUP PLC/THE GB WEIR LN 1,327.64 $26,984.53
09857L108 BOOKING HOLDINGS INC US BKNG 436.82 $762,214.60
101121101 BOSTON PROPERTIES INC US BXP 312.42 $41,826.81
105368203 BRANDYWINE REALTY TRUST US BDN 1,749.32 $27,744.24
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 225.04 $9,388.59
11134LAB5 BROADCOM CRP / CAYMN FI 2.37500 01/15/2020 US 125,483.64 $124,812.34
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 17,463.97 $16,721.75
12503M108 CBOE GLOBAL MARKETS INC US CBOE 2,777.26 $265,061.91
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 93,211.92 $94,730.34
12572Q105 CME GROUP INC US CME 1,448.21 $238,346.31
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 378,004.54 $378,477.05
12596JAA1 CNH 2019-A A1 2.75334 02/28/2020 US 73,981.83 $73,981.11
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 114,164.1 $109,122.19
12648TAA7 CSMC 2014-IVR3 A1 3.50000 07/25/2044 US 182,586.83 $183,218.58
12770QAA3 CZR 2017-VICI A 3.53100 10/15/2034 US 127,057.8 $129,632.73
133131102 CAMDEN PROPERTY TRUST US CPT 64.36 $6,532.79
13321L108 CAMECO CORP CA CCJ 670.58 $7,906.13
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 193,948.79 $193,549.92
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 43,473 $41,299.35
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 261,873.53 $259,316.94
165240102 CHESAPEAKE LODGING TRUST US CHSP 313.74 $8,725.12
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 165,123.29 $248,222.44
191216100 COCA COLA CO/THE US KO 11,056.9 $518,126.34
2011646 ALIMENTATION COUCHE-TARD -B CA ATD/B CN 111.66 $6,577.50
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 612.53 $21,983.82
2180632 CANADIAN NATL RAILWAY CO CA CNR CN 110.4 $9,883.13
222795106 COUSINS PROPERTIES INC US CUZ 2,678.55 $25,874.76
22282EAH5 COVANTA HOLDING CORP 6.00000 01/01/2027 US 21,699.23 $21,699.23
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 299,926.66 $305,340.36
22822V101 CROWN CASTLE INTL CORP US CCI 148.77 $19,042.21
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 51,101.81 $49,208.59
229663109 CUBESMART US CUBE 173.05 $5,544.36
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 15,346.34 $15,617.51
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 413.89 $4,692.21
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 15,346.34 $14,705.63
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 3,923.77 $9,379.74
25271C102 DIAMOND OFFSHORE DRILLING US DO 7,239.11 $75,938.28
253868103 DIGITAL REALTY TRUST INC US DLR 219.94 $26,173.27
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 306,553.97 $297,926.98
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 17,463.97 $17,594.95
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 34,379.08 $34,894.77
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 32,042.99 $30,440.84
269246401 ETRADE FINANCIAL CORP US ETFC 2,808.7 $130,407.96
2715777 QUEBECOR INC -CL B CA QBR/B CN 6,146.8 $150,685.89
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 7,137.26 $148,529.30
285512109 ELECTRONIC ARTS US EA 3,978.16 $404,300.35
2866857 LUNDIN MINING CORP CA LUN CN 910.75 $4,225.43
29373FAB0 EFF 2018 -2 A2 MTGE 3.14000 02/20/2024 US 211,763 $212,667.08
29444U700 EQUINIX INC US EQIX 974.4 $441,561.05
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 140.23 $16,028.82
29476L107 EQUITY RESIDENTIAL US EQR 534.08 $40,227.10
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 639.36 $12,480.39
297178105 ESSEX PROPERTY TRUST INC US ESS 98.03 $28,354.84
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 297,710.7 $297,005.13
30225T102 EXTRA SPACE STORAGE INC US EXR 143.21 $14,594.71
30261KAN6 FREMF 2012-K711 B 3.51915 08/25/2045 US 74,117.05 $74,059.44
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 28,973.72 $29,716.17
30287EAE0 FREMF 2014-K41 B FLT 3.83248 11/25/2047 US 83,369.27 $84,982.72
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 10,249,552.64 $32,078.02
30291XAE2 FREMF 2014-K715 B FLT 3.97555 02/25/2046 US 80,962.73 $82,241.88
3128M5VT4 FHLM POOL G03926 6.00000 02/01/2038 US 15,098.64 $16,623.73
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 29,915.61 $32,667.70
3128M6NS3 FHLM POOL G04601 5.50000 07/01/2038 US 33,252.32 $36,306.53
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 15,530.13 $17,019.38
3128MJ2E9 FHLM POOL FG 08772 4.50000 07/01/2047 US 131,720.16 $138,088.96
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 19,478.51 $21,277.18
3128P75X7 FHLM POOL C91762 4.50000 05/01/2034 US 80,578.08 $84,871.24
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 23,491.88 $24,741.46
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 29,484.81 $31,054.16
3132QQFU1 FHLM POOL Q33778 4.00000 06/01/2045 US 41,351.54 $42,716.07
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 128,120.05 $132,919.98
3132WKQ84 FHLM POOL Q45878 3.00000 12/01/2046 US 186,951.69 $186,130.95
31335AQ92 FHLM POOL FG G60480 4.50000 11/01/2045 US 274,773.95 $289,426.55
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 229,746.13 $243,220.48
3134865 BARCLAYS PLC GB BARC LN 9,983.67 $20,109.90
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 153,386.75 $156,304.13
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 46.9 $6,464.96
3137A2B34 FHMS K009 X1 FLT 1.26972 08/25/2020 US 1,044,712.75 $14,021.30
3137AME78 FHMS K017 X1 FLT 1.30341 12/25/2021 US 992,723.58 $28,853.31
3137AUPF0 FHMS K021 x1 FLT 1.44016 06/25/2022 US 796,159.51 $31,233.02
3137B3NB0 FHMS K030 X1 FLT 0.19480 04/25/2023 US 4,134,044.99 $29,569.17
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 183,324.29 $188,915.56
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 185,883.29 $193,516.26
3138EGE26 FEDERAL NATL MTG ASSN AL0152 6.00000 06/01/2040 US 50,218.34 $55,394.25
3138EGHT4 FEDERAL NATL MTG ASSN AL0241 4.00000 04/01/2041 US 119,365.54 $123,808.85
3138EHR87 FEDERAL NATL MTG ASSN AL1410 4.50000 12/01/2041 US 180,185.47 $190,331.28
3138EP2A1 FEDERAL NATL MTG ASSN AL7068 4.50000 09/01/2042 US 121,475.43 $128,348.50
3138EQST0 FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 101,491.54 $105,265.25
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65100 01/01/2049 US 215,485.64 $237,259.25
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 431,002.44 $439,498.23
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 43,151.09 $45,416.79
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 35,410.26 $38,951.02
3140F8RB5 FEDERAL NATL MTG ASSN BD1381 3.50000 06/01/2046 US 56,426.2 $57,342.02
3140H2PH5 FEDERAL NATL MATG ASSN FN BJ1323 3.50000 11/01/2047 US 411,092.24 $418,317.15
3140HPMQ7 FEDERAL NATIONAL MTGE FN BK9366 4.50000 08/01/2048 US 101,394.7 $106,065.12
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 284,780.13 $297,417.58
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 266,833.23 $282,211.79
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 95,265.31 $100,756.16
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 283,927.89 $297,005.65
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 180,152.36 $190,591.36
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 13,816.79 $14,035.28
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 17,071.89 $17,345.90
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 88,302.46 $93,316.42
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 87,837.93 $92,362.65
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 39,017.86 $41,029.30
31418C4M3 FEDERAL NATL MTG ASSN FN MA3527 5.00000 11/01/2048 US 398,545.62 $421,520.85
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 149,820.72 $149,364.28
31418CZ56 FEDERAL NATL MTG ASSN FN MA3463 4.00000 09/01/2033 US 133,336.96 $137,406.40
31418MGR7 FEDERAL NATL MTG ASSN AD0207 6.00000 10/01/2038 US 34,476.37 $38,014.97
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 21,529.66 $23,585.62
31428X106 FEDEX CORPORATION US FDX 1,532.07 $277,931.99
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 25,137.13 $25,231.40
3163836 INTERTEK GROUP PLC GB ITRK LN 151.35 $9,587.70
32054K103 FIRST INDUSTRIAL REALTY TR US FR 323.13 $11,425.97
335934AK1 FIRST QUANTUM MINERALS L 7.25000 04/01/2023 CA 7,673.17 $7,500.52
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 23,019.5 $22,731.76
35563BAJ9 FREMF 2014-K37 B FLT 4.55956 01/25/2047 US 135,528.32 $143,936.01
35802XAD5 FRESENIUS MED CARE II 5.62500 07/31/2019 US 229,974.62 $231,453.23
36143WAN1 GAHR 2015-NRF BFX FLT 3.38216 12/15/2034 US 254,672.58 $253,601.35
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 60,107.53 $59,426.38
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B1JB4K8 SYMRISE AG DE SY1 GR 103.59 $9,338.27
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 1,373.2 $7,741.73
B1WGG93 GEBERIT AG-REG CH GEBN SW 20.9 $8,548.67
B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 203.86 $10,654.35
B1XH026 VINCI SA FR DG FP 276.76 $26,929.08
B1Y9TB3 DANONE FR BN FP 458.8 $35,327.85
B1YVKN8 ANTA SPORTS PRODUCTS LTD CN 2020 HK 1,111.11 $7,574.41
B1YXBJ7 AIR LIQUIDE FR AI FP 77.99 $9,925.14
B1Z9Q99 ABOITIZ POWER CORP PH AP PM 5,279.78 $3,559.40
B247XZ6 MANILA ELECTRIC COMPANY PH MER PM 543.32 $3,937.10
B249GC0 MATSUMOTOKIYOSHI HOLDINGS CO JP 3088 JP 264.57 $8,840.18
B3NB1P2 SUNCOR ENERGY INC CA SU CN 472.48 $15,312.84
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 381,347.16 $19,129.98
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 45,909.57 $35,628.32
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 620,324.42 $30,776.77
B4R2R50 JULIUS BAER CH BAER SW 293.42 $11,869.63
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 81,445.35 $60,143.54
B5VJH76 BDO UNIBANK INC PH BDO PM 2,597.17 $6,629.12
B607XS1 VERMILION ENERGY INC CA VET CN 429.95 $10,613.92
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 925,423.5 $47,808.16
B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 1,736.56 $18,434.01
B63QM77 NEXON CO LTD JP 3659 JP 1,579.25 $24,835.72
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 119,362.82 $5,942.11
B725S29 PUREGOLD PRICE CLUB INC PH PGOLD PM 3,258.35 $2,988.93
B7T7721 ROYAL BANK OF SCOTLAND GB RBS LN 6,170.39 $19,869.20
B8FMRX8 COLOPLAST-B DK COLOB DC 81.03 $8,894.61
B8K9X70 GRAND CITY PROPERTIES DE GYC GR 635.79 $15,354.37
B92RW83 LT GROUP INC PH LTG PM 10,107.15 $3,098.93
B9G6L89 LEG IMMOBILIEN AG DE LEG GR 212.92 $26,164.72
BBD7Q84 SUNTORY BEVERAGE & FOOD LTD JP 2587 JP 170.65 $8,026.06
BBG00NCXF4P1 RAMP US 04/18/19 P50 US -36.51 -$1,643.05
BBG00NG63J67 EA US 04/05/19 P90 US -20.56 -$61.67
BBG00NH7KDD0 LULU US 04/05/19 P130 CA -10.07 -$30.20
BBJPFY1 VONOVIA SE DE VNA GR 598.88 $31,079.36
BD0Q398 KONINKLIJKE AHOLD DELHAIZE N NL AD NA 236.61 $6,299.48
BD3JR69 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 17,040.44 $8,230.83
BD4TZK8 OCI NV NL OCI NA 352.84 $9,720.08
BD9Y5C0 TECHNOGYM SPA IT TGYM IM 844.76 $10,406.72
BD9Y9B7 BASIC-FIT NV NL BFIT NA 313.4 $10,546.87
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 18,071.81 $8,799.72
BDXN0J5 UK TREASURY BILL GBP 0.00000 05/28/2019 GB 43,246.22 $56,258.16
BDZV116 EPIROC AB-A SE EPIA SS 205.18 $2,072.27
BF1K7P7 ESSITY AKTIEBOLAG-B SE ESSITYB SS 214.45 $6,188.67
BF2DSG3 SIKA AG-REG CH SIKA SW 64.82 $9,065.67
BFTCYP4 ROBINSONS RETAIL HOLDINGS IN PH RRHI PM 1,757.9 $2,644.72
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 6,601.09 $9,892.83
BGLP232 MONCLER SPA IT MONC IM 231.52 $9,343.92
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 19,778.34 $18,177.01
BHC8X90 NOVO NORDISK A/S-B DK NOVOB DC 179.92 $9,403.63
BJ2KSG2 AKZO NOBEL NL AKZA NA 256.89 $22,820.21
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 19,616.36 $902,113.20
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 1,717.02 $8,364.08
BNGN9Z1 FINECOBANK SPA IT FBK IM 1,652.07 $21,766.66
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 12,825.29 $377,083.52
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 324.12 $9,292.57
BSQXJ01 THULE GROUP AB/THE SE THULE SS 686.14 $15,527.46
BSS7GP5 AGL ENERGY LTD AU AGL AU 376.57 $5,820.95
BW1YVH8 WALMART DE MEXICO SAB DE CV MX WALMEX* MM 3,501.8 $9,361.47
BYMXPS7 UNICREDIT SPA IT UCG IM 629.98 $8,092.40
BYNXBZ5 ADO PROPERTIES SA DE ADJ GR 141.95 $8,071.37
BYW0PQ6 LAND SECURITIES GROUP PLC GB LAND LN 869.56 $10,352.99
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 25,904.45 $10,659.13
BYXS699 QIAGEN N.V. NL QIA GR 342.04 $13,884.24
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 9,127.84 $766,232.78
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 2,797.71 $10,976.51
G02602103 AMDOCS LTD GG DOX 292.56 $15,830.64
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 240.17 $8,617.38
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 125.75 $6,506.19
G27358103 DESPEGAR.COM CORP AR DESP 280.01 $4,172.13
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 39,623.99 $41,010.83
G5960L103 MEDTRONIC INC IE MDT 10,377.99 $945,226.90
G8473T100 STERIS PLC GB STE 51.99 $6,656.69
G97822103 PERRIGO CO PLC IE PRGO 387.18 $18,646.80
H8817H100 TRANSOCEAN LTD US RIG 12,612.04 $109,850.84
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 78.85 $9,973.65
N22717107 CORE LABORATORIES N.V. NL CLB 156.04 $10,755.96
N47279109 INTERXION HOLDING NV NL INXN 7,034.52 $469,413.45
N72482123 QIAGEN N.V. ADR NL QGEN 210.74 $8,572.81
USD US DOLLAR US 246,969 $246,969.00

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 K Distribution History
  • 2019 Distribution Calendar
  • Fourth Quarter 2018 Distributions
  • Third Quarter 2018 Distributions
  • Second Quarter 2018 Distributions
  • First Quarter 2019 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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