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 26% - 66%.

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

$12.67

Daily $ Change

$0.02

Daily % Change

0.16%

as of 06/24/2019

Ticker

MTORX

CUSIP

56382P385

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 05/31/2019

YTD

8.18%

1 Year

3.35%

3 Year

5.39%

5 Year

2.59%

10 Year

---

Inception
(06/25/2012)

6.67%

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 1.47%
Net 1.23%*

*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 without the prior approval of the Fund's Board of Directors.

Top Ten Investments

As of 05/31/2019

TREASURY NOTES 9.76%
GOVERNMENT AGENCY 8.28%
TREASURY BONDS 8.00%
TREASURY BILLS 2.44%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 2.20%
MICROSOFT CORP 1.66%
MEDTRONIC INC 1.50%
NOVARTIS AG- REG 1.44%
MASTERCARD INC-CLASS A 1.38%
VISA INC - CLASS A SHARES 1.36%

Top Ten Investments list is unaudited and excludes cash

Asset Allocation

As of 05/31/2019

Bonds 58.90%
Stocks 40.20%
Cash 0.90%

Detailed Asset Class Allocation

As of 05/31/2019

International Equities 15.73%
Small Capitalization 0.41%
Mid Capitalization 1.06%
Large Capitalization 23.00%
Long Term Fixed Income 19.27%
Intermediate Term Fixed Income 27.57%
Short Term Fixed Income 12.06%
Cash 0.90%

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

May Fund Holdings

As of 05/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 15,290.09 $15,442.99
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 329,574.24 $343,456.97
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 318,569.18 $317,648.52
00287Y109 ABBVIE INC US ABBV 133.44 $10,236.50
004239109 ACADIA REALTY TRUST US AKR 215.74 $5,900.53
00507V109 ACTIVISION INC US ATVI 8,029.75 $348,250.33
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 331,254.53 $341,759.30
0081180 BARRATT DEVELOPMENTS PLC GB BDEV LN 1,940.96 $13,691.24
008492100 AGREE REALTY CORP US ADC 133.41 $8,931.81
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 368,555.89 $374,517.61
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 47.55 $6,961.88
01609W102 ALIBABA GROUP - ADR CN BABA 111.69 $16,671.34
020002101 ALLSTATE CORPORATION US ALL 31.66 $3,024.23
02079K107 ALPHABET INC-CL C US GOOG 457.36 $504,756.46
02079K305 ALPHABET INC-CL A US GOOGL 464.79 $514,295.13
023135106 AMAZON.COM INC US AMZN 135.76 $240,988.95
02319V103 AMBEV SA-ADR BR ABEV 62,515.65 $279,444.97
0237400 DIAGEO PLC GB DGE LN 15,113.95 $635,718.33
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 72,249.72 $72,520.66
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 214.52 $9,936.72
0263494 BAE SYSTEMS PLC GB BA/ LN 2,965.11 $16,951.10
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,307.09 $31,906.12
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 25,917.51 $25,139.99
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 19,112.61 $19,299.19
03027X100 AMERICAN TOWER REIT INC US AMT 1,535.73 $320,614.41
03064D108 AMERICOLD REALTY TRUST US COLD 198.31 $6,207.08
031162100 AMGEN INC US AMGN 59.17 $9,863.54
03748R754 APARTMENT INVT & MGMT CO -A US AIV 386.78 $19,319.68
03784Y200 APPLE HOSPITALITY REIT INC US APLE 370.03 $5,713.24
038222105 APPLIED MATERIALS INC US AMAT 88.88 $3,438.61
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 62.4 $2,390.99
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 3,822.52 $3,669.62
0405207 HALMA PLC GB HLMA LN 482.98 $11,066.81
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 7,645.05 $7,148.12
0490656 KERRY GROUP PLC-A IE KYGA LN 185.54 $21,349.50
05278C107 AUTOHOME INC-ADR CN ATHM 162.98 $14,000.21
053484101 AVALONBAY COMMUNITIES INC US AVB 229.35 $46,560.62
054937107 BB&T CORP US BBT 66.72 $3,119.26
05722G100 BAKER HUGHES A GE CO US BHGE 109 $2,333.62
060505104 BANK OF AMERICA CORP US BAC 436.92 $11,622.06
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 497,343.74 $513,352.33
0673123 ASSOCIATED BRITISH FOODS PLC GB ABF LN 593.37 $18,494.81
0682538 PERSIMMON PLC GB PSN LN 552.63 $13,746.82
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 3,365.09 $664,335.56
086516101 BEST BUY INC US BBY 43.21 $2,707.80
0870612 LLOYDS BANKING GROUP PLC GB LLOY LN 24,382.78 $17,624.02
0878230 TAYLOR WIMPEY PLC GB TW/ LN 6,566.94 $13,720.63
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 2,845.05 $233,977.24
0922320 SMITH & NEPHEW PLC GB SN/ LN 966.05 $20,295.60
09247X101 BLACKROCK INC US BLK 320 $132,979.44
0946580 WEIR GROUP PLC/THE GB WEIR LN 1,314.19 $24,300.76
097023105 BOEING CO US BA 40.75 $13,919.13
09857L108 BOOKING HOLDINGS INC US BKNG 434.51 $719,642.18
101121101 BOSTON PROPERTIES INC US BXP 251.91 $32,957.16
105368203 BRANDYWINE REALTY TRUST US BDN 1,744.29 $26,356.16
110122108 BRISTOL MYERS SQUIBB CO US BMY 147.11 $6,674.51
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 231.03 $8,009.87
11134LAB5 BROADCOM CRP / CAYMN FI 2.37500 01/15/2020 US 319,746.53 $318,876.16
11135F101 BROADCOM INC US AVGO 32.6 $8,202.59
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 17,432.32 $15,645.51
12503M108 CBOE GLOBAL MARKETS INC US CBOE 2,766.08 $300,230.35
12510GAB8 CCG 2019-1 A2 2.80000 09/14/2026 US 371,916.47 $374,180.55
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 29.2 $2,325.39
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 89,008.29 $91,781.14
12572Q105 CME GROUP INC US CME 1,441.64 $276,967.80
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 377,881.23 $377,408.87
12596JAA1 CNH 2019-A A1 2.75334 02/28/2020 US 59,689.27 $59,693.03
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 110,475.04 $106,921.07
12648TAA7 CSMC 2014-IVR3 A1 3.50000 07/25/2044 US 180,104.43 $182,071.35
126650100 CVS HEALTH CORP US CVS 121.3 $6,352.71
12770QAA3 CZR 2017-VICI A 3.53100 10/15/2034 US 128,533.8 $132,500.95
133131102 CAMDEN PROPERTY TRUST US CPT 64.14 $6,629.79
13321L108 CAMECO CORP CA CCJ 1,119.83 $11,299.13
149123101 CATERPILLAR INC US CAT 50.42 $6,041.28
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 164,558.51 $164,820.64
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 28,883.14 $28,161.07
156504AJ1 CENTURY COMMUNITIES 6.75000 06/01/2027 US 14,449.94 $14,228.86
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 241,737.15 $240,268.23
165240102 CHESAPEAKE LODGING TRUST US CHSP 312.61 $8,993.70
166764100 CHEVRON CORP US CVX 103.31 $11,761.75
17275R102 CISCO SYSTEMS INC US CSCO 304.41 $15,838.34
172967424 CITIGROUP INC US C 127.76 $7,940.07
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 165,165.33 $255,185.29
191216100 COCA COLA CO/THE US KO 11,006.7 $540,759.18
194162103 COLGATE-PALMOLIVE CO US CL 92.53 $6,441.97
2011646 ALIMENTATION COUCHE-TARD -B CA ATD/B CN 337.43 $20,708.83
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 439.3 $17,189.64
205887102 CONAGRA BRAND INC. US CAG 70.88 $1,897.48
21036PAM0 CONSTELLATION BRANDS INC 3.87500 11/15/2019 US 168,525.92 $169,330.66
222795106 COUSINS PROPERTIES INC US CUZ 2,669.3 $24,157.13
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 299,248.11 $303,848.44
22822V101 CROWN CASTLE INTL CORP US CCI 148.24 $19,272.45
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 50,599.84 $49,411.10
229663109 CUBESMART US CUBE 265.9 $8,966.02
231021106 CUMMINS INC US CMI 22.58 $3,404.51
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 15,290.09 $15,462.10
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 503.69 $3,667.01
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 4,481.19 $9,344.78
2521800 LOBLAW COMPANIES LTD CA L CN 409.6 $21,019.37
25271C102 DIAMOND OFFSHORE DRILLING US DO 9,881.2 $77,765.07
253868103 DIGITAL REALTY TRUST INC US DLR 168.65 $19,853.82
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 344,864.33 $345,378.76
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 17,432.32 $17,824.55
25960P109 DOUGLAS EMMETT INC US DEI 292.28 $11,775.79
260557103 DOW INC US DOW 70.12 $3,278.63
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 33,605.85 $34,068.61
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 31,957.91 $30,221.00
269246401 ETRADE FINANCIAL CORP US ETFC 2,795.66 $125,245.37
2715777 QUEBECOR INC -CL B CA QBR/B CN 6,099.25 $143,952.36
277432100 EASTMAN CHEM CO US EMN 27.51 $1,785.65
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 7,102.26 $144,241.76
285512109 ELECTRONIC ARTS US EA 3,959.47 $368,547.42
2866857 LUNDIN MINING CORP CA LUN CN 851.33 $3,804.41
291011104 EMERSON ELEC CO US EMR 76.4 $4,602.35
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 233,214.32 $262,455.73
29373FAB0 EFF 2018 -2 A2 MTGE 3.14000 02/20/2024 US 214,223.01 $215,434.29
29444U700 EQUINIX INC US EQIX 970.04 $471,235.83
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 139.75 $17,002.36
29476L107 EQUITY RESIDENTIAL US EQR 532.25 $40,754.73
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 637.18 $13,546.37
297178105 ESSEX PROPERTY TRUST INC US ESS 97.71 $28,504.54
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 298,237.64 $298,678.44
30225T102 EXTRA SPACE STORAGE INC US EXR 94.72 $10,150.51
30261KAN6 FREMF 2012-K711 B 3.51019 08/25/2045 US 74,978.05 $74,851.03
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 28,899.89 $29,188.89
30287EAE0 FREMF 2014-K41 B FLT 3.83223 11/25/2047 US 81,494.2 $84,290.24
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 10,326,693.1 $31,105.03
30291XAE2 FREMF 2014-K715 B FLT 3.97199 02/25/2046 US 79,141.79 $80,625.05
311900104 FASTENAL CO US FAST 87.61 $2,679.91
3128M5VT4 FHLM POOL G03926 6.00000 02/01/2038 US 14,939.75 $16,781.05
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 28,366.65 $30,866.83
3128M6NS3 FHLM POOL G04601 5.50000 07/01/2038 US 30,601.57 $33,299.13
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 15,268.66 $16,704.58
3128MJ2E9 FHLM POOL FG 08772 4.50000 07/01/2047 US 127,924.99 $134,327.48
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 19,283.55 $20,990.59
3128P75X7 FHLM POOL C91762 4.50000 05/01/2034 US 77,652.17 $82,309.59
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 21,755.88 $23,042.60
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 27,871.3 $29,539.62
3132QQFU1 FHLM POOL Q33778 4.00000 06/01/2045 US 40,176.79 $41,720.58
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 129,106.21 $134,656.88
3132WKQ84 FHLM POOL Q45878 3.00000 12/01/2046 US 185,638.6 $187,105.23
31335AQ92 FHLM POOL FG G60480 4.50000 11/01/2045 US 271,202.31 $287,823.49
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 217,838.97 $230,006.29
3134865 BARCLAYS PLC GB BARC LN 4,833.53 $9,109.20
3136AY6W8 FNA 2017-M15 A1 2.95932 09/25/2027 US 191,605.15 $197,276.22
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 151,930.57 $157,251.14
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 46.71 $6,106.45
3137A2B34 FHMS K009 X1 FLT 1.26039 08/25/2020 US 1,037,666.43 $12,894.04
3137AME78 FHMS K017 X1 FLT 1.29785 12/25/2021 US 966,695.88 $26,144.19
3137AUPF0 FHMS K021 x1 FLT 1.43622 06/25/2022 US 802,045.37 $29,956.32
3137B3NB0 FHMS K030 X1 FLT 0.19234 04/25/2023 US 4,164,153.44 $28,526.54
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 177,207.82 $183,125.76
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 176,008.28 $183,492.30
3138EGE26 FEDERAL NATL MTG ASSN AL0152 6.00000 06/01/2040 US 49,309.83 $55,317.89
3138EGHT4 FEDERAL NATL MTG ASSN AL0241 4.00000 04/01/2041 US 118,423.45 $123,232.12
3138EHR87 FEDERAL NATL MTG ASSN AL1410 4.50000 12/01/2041 US 176,504.27 $188,452.98
3138EP2A1 FEDERAL NATL MTG ASSN AL7068 4.50000 09/01/2042 US 120,199.28 $128,309.46
3138EQST0 FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 98,901.66 $102,907.46
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65000 01/01/2049 US 207,254.64 $230,489.07
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 424,716.57 $437,478.84
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 42,038 $44,360.02
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 34,803.91 $38,197.31
3140F8RB5 FEDERAL NATL MTG ASSN BD1381 3.50000 06/01/2046 US 56,876.8 $58,173.49
3140H2PH5 FEDERAL NATL MATG ASSN FN BJ1323 3.50000 11/01/2047 US 405,733.12 $417,771.09
3140HPMQ7 FEDERAL NATIONAL MTGE FN BK9366 4.50000 08/01/2048 US 94,629.22 $99,241.15
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 282,389.6 $295,814.83
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 253,168.45 $267,335.88
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 88,045.05 $92,972.39
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 273,887.74 $287,221.78
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 172,967.91 $182,648.13
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 12,059.19 $12,225.90
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 14,889.44 $15,098.15
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 86,811.51 $92,762.63
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 79,148.02 $83,690.47
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 39,120.75 $41,435.52
31418C4M3 FEDERAL NATL MTG ASSN FN MA3527 5.00000 11/01/2048 US 367,960.81 $388,332.33
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 146,794.41 $148,078.25
31418CZ56 FEDERAL NATL MTG ASSN FN MA3463 4.00000 09/01/2033 US 129,732.63 $134,083.89
31418MGR7 FEDERAL NATL MTG ASSN AD0207 6.00000 10/01/2038 US 32,929.27 $36,956.00
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 20,361.69 $22,307.90
31428X106 FEDEX CORPORATION US FDX 1,524.48 $235,196.21
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 25,077.37 $25,415.91
316773100 FIFTH THIRD BANCORP US FITB 102.54 $2,717.43
32054K103 FIRST INDUSTRIAL REALTY TR US FR 321.93 $11,174.26
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 7,645.05 $7,606.82
346232AD3 FORESTAR GROUP INC 8.00000 04/15/2024 US 31,882.27 $32,360.50
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 22,935.14 $23,049.81
35563BAJ9 FREMF 2014-K37 B FLT 4.55895 01/25/2047 US 137,102.72 $147,279.93
35802XAD5 FRESENIUS MED CARE II 5.62500 07/31/2019 US 232,646.18 $233,427.95
36143WAN1 GAHR 2015-NRF BFX FLT 3.38216 12/15/2034 US 254,318.45 $253,544.79
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 60,084.63 $59,785.88
364760108 GAP INC US GPS 78.86 $1,473.14
369550108 GENERAL DYNAMICS CORP US GD 23.51 $3,781.66
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 301,263.31 $280,325.51
370334104 GENERAL MLS INC US GIS 83.78 $4,142.32
37045VAR1 GENERAL MOTORS CO FLT 3.50063 09/10/2021 US 214,017.98 $213,805.09
37045XAR7 GENERAL MOTORS FINL CO 3.15000 01/15/2020 US 314,538.2 $315,025.73
37185LAF9 GENESIS ENERGY LP/GENESI 5.62500 06/15/2024 US 21,254.84 $19,979.55
372460105 GENUINE PARTS CO US GPC 26.91 $2,661.29
374297109 GETTY REALTY CORP US GTY 374.23 $11,586.13
375558103 GILEAD SCIENCES INC US GILD 130.98 $8,153.67
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 38,225.23 $38,798.61
38141GVR2 GOLDMAN SACHS GROUP INC 4.25000 10/21/2025 US 154,916.12 $160,442.24
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 210,817.72 $206,806.06
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 62.84 $6,150.84
40060QAA3 GTCR AP FINANCE INC 8.00000 05/15/2027 US 3,822.52 $3,746.07
4012250 AIRBUS SE FR AIR FP 139.21 $17,823.26
4031879 VEOLIA ENVIRONMENT FR VIE FP 130.72 $3,025.61
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 7,645.05 $6,651.19
40414L109 HCP INC US HCP 674.07 $21,374.64
4057808 L'OREAL FR OR FP 57.72 $15,484.15
4061412 LVMH MOET HENNESSY LOUIS VUITTON FR MC FP 60.7 $22,904.31
406216101 HALLIBURTON CO US HAL 14,901.02 $317,242.74
4162791 THALES SA FR HO FP 16.13 $1,775.66
4163437 CAPGEMINI FR CAP FP 33.94 $3,794.39
416515104 HARTFORD FINL SVCS US HIG 41.51 $2,185.93
421946104 HEALTHCARE REALTY TRUST INC US HR 567.04 $18,281.22
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 903.88 $26,022.69
427866108 HERSHEY CO/THE US HSY 28.61 $3,774.85
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B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 1,366.87 $8,264.51
B1L3CS6 UBISOFT ENTERTAINMENT FR UBI FP 240.91 $19,687.30
B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 202.89 $9,411.10
B1XH026 VINCI SA FR DG FP 193.56 $19,087.56
B1Y9TB3 DANONE FR BN FP 555.23 $44,351.84
B1YVKN8 ANTA SPORTS PRODUCTS LTD CN 2020 HK 1,100.56 $6,777.58
B1YXBJ7 AIR LIQUIDE FR AI FP 94.64 $11,767.50
B1Z9Q99 ABOITIZ POWER CORP PH AP PM 6,362.19 $4,451.98
B247XZ6 MANILA ELECTRIC COMPANY PH MER PM 583.63 $4,312.70
B3NB1P2 SUNCOR ENERGY INC CA SU CN 470.38 $14,494.95
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 380,570.84 $18,898.10
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 45,844.87 $35,260.79
B4JSTL6 WYNN MACAU LTD MO 1128 HK 5,840.49 $12,478.86
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 619,070.28 $30,427.35
B4P8HQ1 MGM CHINA HOLDINGS LTD MO 2282 HK 5,296.1 $8,183.75
B4R2R50 JULIUS BAER CH BAER SW 236.37 $9,317.21
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 81,289.24 $59,175.34
B5B23W2 SANDS CHINA LTD MO 1928 HK 2,715.26 $12,305.19
B5VJH76 BDO UNIBANK INC PH BDO PM 2,858.24 $7,567.15
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 923,937.85 $47,129.49
B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 833.29 $8,658.28
B63QM77 NEXON CO LTD JP 3659 JP 2,615.87 $38,800.03
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 119,119.51 $5,902.08
B725S29 PUREGOLD PRICE CLUB INC PH PGOLD PM 3,542.76 $3,031.79
B7T7721 ROYAL BANK OF SCOTLAND GB RBS LN 3,396.8 $9,165.10
B92RW83 LT GROUP INC PH LTG PM 10,488.84 $3,004.22
BB22L96 KION GROUP AG DE KGX GR 117.57 $6,394.73
BBG00JQ6ZYX7 BKNG US 06/21/19 P1650 US -.93 -$3,407.48
BBG00KT3R5C3 MDT US 06/21/19 P82.5 IE -21.99 -$329.79
BBG00NWQ17B7 DLTR US 5/31/19 P90 US -30.3 -$151.52
BBG00NYKM5H3 RAMP US 06/21/19 P50 US -36.16 -$4,519.83
BBG00P3GM1T7 ATVI US 06/28/19 P40 US -44.64 -$2,500.05
BBG00P3LNW08 EA US 06/14/19 P88 US -20.46 -$2,188.88
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 266.57 $5,750.02
BD0PJ08 INMOBILIARIA COLONIAL SOCIMI ES COL SM 555.15 $6,146.07
BD3JR69 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 14,433.2 $5,746.33
BD4TZK8 OCI NV NL OCI NA 150.68 $3,412.01
BD9Y5C0 TECHNOGYM SPA IT TGYM IM 841 $9,635.35
BD9Y9B7 BASIC-FIT NV NL BFIT NA 312.06 $10,144.87
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 14,769.26 $7,713.81
BDZV116 EPIROC AB-A SE EPIA SS 204.11 $1,898.21
BF1K7P7 ESSITY AKTIEBOLAG-B SE ESSITYB SS 680.83 $19,976.02
BFTCYP4 ROBINSONS RETAIL HOLDINGS IN PH RRHI PM 2,152.37 $3,012.28
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 6,578.81 $10,039.50
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 18,180.08 $14,377.20
BJ2KSG2 AKZO NOBEL NL AKZA NA 262.45 $22,106.30
BJT1GR5 ALCON INC CH ALC SW 168.5 $9,799.63
BMJ6DW5 INFORMA PLC GB INF LN 1,953.36 $19,144.96
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 19,254.79 $802,879.53
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 1,708.88 $7,602.77
BNGN9Z1 FINECOBANK SPA IT FBK IM 1,450.71 $14,989.77
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 12,230.61 $326,618.20
BSQXJ01 THULE GROUP AB/THE SE THULE SS 683.06 $15,541.15
BSS7GP5 AGL ENERGY LTD AU AGL AU 1,289.5 $18,340.38
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 28,043 $11,451.23
BYXS699 QIAGEN N.V. NL QIA GR 340.42 $12,961.22
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 8,225.04 $668,982.47
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 2,784.48 $14,655.71
BYZR014 AMUNDI SA FR AMUN FP 92.96 $6,023.83
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 266.49 $8,799.34
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 365.03 $20,222.70
G27358103 DESPEGAR.COM CORP AR DESP 306.85 $3,682.23
G29183103 EATON CORP PLC US ETN 55.35 $4,122.79
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 39,527.31 $40,663.72
G45667105 HOLLYSYS AUTOMATION TECHNOLOGIES CN HOLI 318.78 $5,680.70
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 105.17 $4,051.31
G5960L103 MEDTRONIC INC IE MDT 10,343.95 $957,643.18
G97822103 PERRIGO CO PLC IE PRGO 311.52 $13,089.88
H01301128 ALCON INC CH ALC 2,187.28 $127,255.81
H1467J104 CHUBB LTD CH CB 34.13 $4,984.72
H8817H100 TRANSOCEAN LTD US RIG 14,411.08 $89,348.72
N22717107 CORE LABORATORIES N.V. NL CLB 146.85 $6,996.05
N47279109 INTERXION HOLDING NV NL INXN 7,001.91 $516,110.70
N53745100 LYONDELLBASELL INDU-CL A US LYB 51.19 $3,800.73
N72482123 QIAGEN N.V. ADR NL QGEN 209.61 $7,981.92
USD US DOLLAR US 580,420.98 $580,420.98

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 R Distribution History
  • 2019 Distribution Calendar
  • Fourth Quarter 2018 Distributions
  • Third Quarter 2018 Distributions
  • Second Quarter 2019 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

$12.67

Daily $ Change

$0.02

Daily % Change

0.16%

as of 06/24/2019

Ticker

MTORX

CUSIP

56382P385

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 26% - 66%.

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 05/31/2019

YTD

8.18%

1 Year

3.35%

3 Year

5.39%

5 Year

2.59%

10 Year

---

Inception
(06/25/2012)

6.67%

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 1.47%
Net 1.23%*

*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 without the prior approval of the Fund's Board of Directors.

Top Ten Investments

As of 05/31/2019

TREASURY NOTES 9.76%
GOVERNMENT AGENCY 8.28%
TREASURY BONDS 8.00%
TREASURY BILLS 2.44%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 2.20%
MICROSOFT CORP 1.66%
MEDTRONIC INC 1.50%
NOVARTIS AG- REG 1.44%
MASTERCARD INC-CLASS A 1.38%
VISA INC - CLASS A SHARES 1.36%

Top Ten Investments list is unaudited and excludes cash

Asset Allocation

As of 05/31/2019

Bonds
58.90%
Stocks
40.20%
Cash
0.90%

Detailed Asset Class Allocation

As of 05/31/2019

International Equities
15.73%
Small Capitalization
0.41%
Mid Capitalization
1.06%
Large Capitalization
23.00%
Long Term Fixed Income
19.27%
Intermediate Term Fixed Income
27.57%
Short Term Fixed Income
12.06%
Cash
0.90%

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

May Fund Holdings

As of 05/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 15,290.09 $15,442.99
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 329,574.24 $343,456.97
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 318,569.18 $317,648.52
00287Y109 ABBVIE INC US ABBV 133.44 $10,236.50
004239109 ACADIA REALTY TRUST US AKR 215.74 $5,900.53
00507V109 ACTIVISION INC US ATVI 8,029.75 $348,250.33
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 331,254.53 $341,759.30
0081180 BARRATT DEVELOPMENTS PLC GB BDEV LN 1,940.96 $13,691.24
008492100 AGREE REALTY CORP US ADC 133.41 $8,931.81
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 368,555.89 $374,517.61
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 47.55 $6,961.88
01609W102 ALIBABA GROUP - ADR CN BABA 111.69 $16,671.34
020002101 ALLSTATE CORPORATION US ALL 31.66 $3,024.23
02079K107 ALPHABET INC-CL C US GOOG 457.36 $504,756.46
02079K305 ALPHABET INC-CL A US GOOGL 464.79 $514,295.13
023135106 AMAZON.COM INC US AMZN 135.76 $240,988.95
02319V103 AMBEV SA-ADR BR ABEV 62,515.65 $279,444.97
0237400 DIAGEO PLC GB DGE LN 15,113.95 $635,718.33
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 72,249.72 $72,520.66
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 214.52 $9,936.72
0263494 BAE SYSTEMS PLC GB BA/ LN 2,965.11 $16,951.10
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,307.09 $31,906.12
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 25,917.51 $25,139.99
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 19,112.61 $19,299.19
03027X100 AMERICAN TOWER REIT INC US AMT 1,535.73 $320,614.41
03064D108 AMERICOLD REALTY TRUST US COLD 198.31 $6,207.08
031162100 AMGEN INC US AMGN 59.17 $9,863.54
03748R754 APARTMENT INVT & MGMT CO -A US AIV 386.78 $19,319.68
03784Y200 APPLE HOSPITALITY REIT INC US APLE 370.03 $5,713.24
038222105 APPLIED MATERIALS INC US AMAT 88.88 $3,438.61
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 62.4 $2,390.99
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 3,822.52 $3,669.62
0405207 HALMA PLC GB HLMA LN 482.98 $11,066.81
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 7,645.05 $7,148.12
0490656 KERRY GROUP PLC-A IE KYGA LN 185.54 $21,349.50
05278C107 AUTOHOME INC-ADR CN ATHM 162.98 $14,000.21
053484101 AVALONBAY COMMUNITIES INC US AVB 229.35 $46,560.62
054937107 BB&T CORP US BBT 66.72 $3,119.26
05722G100 BAKER HUGHES A GE CO US BHGE 109 $2,333.62
060505104 BANK OF AMERICA CORP US BAC 436.92 $11,622.06
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 497,343.74 $513,352.33
0673123 ASSOCIATED BRITISH FOODS PLC GB ABF LN 593.37 $18,494.81
0682538 PERSIMMON PLC GB PSN LN 552.63 $13,746.82
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 3,365.09 $664,335.56
086516101 BEST BUY INC US BBY 43.21 $2,707.80
0870612 LLOYDS BANKING GROUP PLC GB LLOY LN 24,382.78 $17,624.02
0878230 TAYLOR WIMPEY PLC GB TW/ LN 6,566.94 $13,720.63
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 2,845.05 $233,977.24
0922320 SMITH & NEPHEW PLC GB SN/ LN 966.05 $20,295.60
09247X101 BLACKROCK INC US BLK 320 $132,979.44
0946580 WEIR GROUP PLC/THE GB WEIR LN 1,314.19 $24,300.76
097023105 BOEING CO US BA 40.75 $13,919.13
09857L108 BOOKING HOLDINGS INC US BKNG 434.51 $719,642.18
101121101 BOSTON PROPERTIES INC US BXP 251.91 $32,957.16
105368203 BRANDYWINE REALTY TRUST US BDN 1,744.29 $26,356.16
110122108 BRISTOL MYERS SQUIBB CO US BMY 147.11 $6,674.51
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 231.03 $8,009.87
11134LAB5 BROADCOM CRP / CAYMN FI 2.37500 01/15/2020 US 319,746.53 $318,876.16
11135F101 BROADCOM INC US AVGO 32.6 $8,202.59
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 17,432.32 $15,645.51
12503M108 CBOE GLOBAL MARKETS INC US CBOE 2,766.08 $300,230.35
12510GAB8 CCG 2019-1 A2 2.80000 09/14/2026 US 371,916.47 $374,180.55
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 29.2 $2,325.39
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 89,008.29 $91,781.14
12572Q105 CME GROUP INC US CME 1,441.64 $276,967.80
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 377,881.23 $377,408.87
12596JAA1 CNH 2019-A A1 2.75334 02/28/2020 US 59,689.27 $59,693.03
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 110,475.04 $106,921.07
12648TAA7 CSMC 2014-IVR3 A1 3.50000 07/25/2044 US 180,104.43 $182,071.35
126650100 CVS HEALTH CORP US CVS 121.3 $6,352.71
12770QAA3 CZR 2017-VICI A 3.53100 10/15/2034 US 128,533.8 $132,500.95
133131102 CAMDEN PROPERTY TRUST US CPT 64.14 $6,629.79
13321L108 CAMECO CORP CA CCJ 1,119.83 $11,299.13
149123101 CATERPILLAR INC US CAT 50.42 $6,041.28
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 164,558.51 $164,820.64
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 28,883.14 $28,161.07
156504AJ1 CENTURY COMMUNITIES 6.75000 06/01/2027 US 14,449.94 $14,228.86
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 241,737.15 $240,268.23
165240102 CHESAPEAKE LODGING TRUST US CHSP 312.61 $8,993.70
166764100 CHEVRON CORP US CVX 103.31 $11,761.75
17275R102 CISCO SYSTEMS INC US CSCO 304.41 $15,838.34
172967424 CITIGROUP INC US C 127.76 $7,940.07
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 165,165.33 $255,185.29
191216100 COCA COLA CO/THE US KO 11,006.7 $540,759.18
194162103 COLGATE-PALMOLIVE CO US CL 92.53 $6,441.97
2011646 ALIMENTATION COUCHE-TARD -B CA ATD/B CN 337.43 $20,708.83
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 439.3 $17,189.64
205887102 CONAGRA BRAND INC. US CAG 70.88 $1,897.48
21036PAM0 CONSTELLATION BRANDS INC 3.87500 11/15/2019 US 168,525.92 $169,330.66
222795106 COUSINS PROPERTIES INC US CUZ 2,669.3 $24,157.13
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 299,248.11 $303,848.44
22822V101 CROWN CASTLE INTL CORP US CCI 148.24 $19,272.45
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 50,599.84 $49,411.10
229663109 CUBESMART US CUBE 265.9 $8,966.02
231021106 CUMMINS INC US CMI 22.58 $3,404.51
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 15,290.09 $15,462.10
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 503.69 $3,667.01
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 4,481.19 $9,344.78
2521800 LOBLAW COMPANIES LTD CA L CN 409.6 $21,019.37
25271C102 DIAMOND OFFSHORE DRILLING US DO 9,881.2 $77,765.07
253868103 DIGITAL REALTY TRUST INC US DLR 168.65 $19,853.82
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 344,864.33 $345,378.76
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 17,432.32 $17,824.55
25960P109 DOUGLAS EMMETT INC US DEI 292.28 $11,775.79
260557103 DOW INC US DOW 70.12 $3,278.63
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 33,605.85 $34,068.61
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 31,957.91 $30,221.00
269246401 ETRADE FINANCIAL CORP US ETFC 2,795.66 $125,245.37
2715777 QUEBECOR INC -CL B CA QBR/B CN 6,099.25 $143,952.36
277432100 EASTMAN CHEM CO US EMN 27.51 $1,785.65
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 7,102.26 $144,241.76
285512109 ELECTRONIC ARTS US EA 3,959.47 $368,547.42
2866857 LUNDIN MINING CORP CA LUN CN 851.33 $3,804.41
291011104 EMERSON ELEC CO US EMR 76.4 $4,602.35
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 233,214.32 $262,455.73
29373FAB0 EFF 2018 -2 A2 MTGE 3.14000 02/20/2024 US 214,223.01 $215,434.29
29444U700 EQUINIX INC US EQIX 970.04 $471,235.83
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 139.75 $17,002.36
29476L107 EQUITY RESIDENTIAL US EQR 532.25 $40,754.73
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 637.18 $13,546.37
297178105 ESSEX PROPERTY TRUST INC US ESS 97.71 $28,504.54
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 298,237.64 $298,678.44
30225T102 EXTRA SPACE STORAGE INC US EXR 94.72 $10,150.51
30261KAN6 FREMF 2012-K711 B 3.51019 08/25/2045 US 74,978.05 $74,851.03
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 28,899.89 $29,188.89
30287EAE0 FREMF 2014-K41 B FLT 3.83223 11/25/2047 US 81,494.2 $84,290.24
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 10,326,693.1 $31,105.03
30291XAE2 FREMF 2014-K715 B FLT 3.97199 02/25/2046 US 79,141.79 $80,625.05
311900104 FASTENAL CO US FAST 87.61 $2,679.91
3128M5VT4 FHLM POOL G03926 6.00000 02/01/2038 US 14,939.75 $16,781.05
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 28,366.65 $30,866.83
3128M6NS3 FHLM POOL G04601 5.50000 07/01/2038 US 30,601.57 $33,299.13
3128M6SU3 FHLM POOL G04731 5.50000 04/01/2038 US 15,268.66 $16,704.58
3128MJ2E9 FHLM POOL FG 08772 4.50000 07/01/2047 US 127,924.99 $134,327.48
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 19,283.55 $20,990.59
3128P75X7 FHLM POOL C91762 4.50000 05/01/2034 US 77,652.17 $82,309.59
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 21,755.88 $23,042.60
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 27,871.3 $29,539.62
3132QQFU1 FHLM POOL Q33778 4.00000 06/01/2045 US 40,176.79 $41,720.58
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 129,106.21 $134,656.88
3132WKQ84 FHLM POOL Q45878 3.00000 12/01/2046 US 185,638.6 $187,105.23
31335AQ92 FHLM POOL FG G60480 4.50000 11/01/2045 US 271,202.31 $287,823.49
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903002103 UMH PROPERTIES INC US UMH 444.63 $5,918.04
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912796SJ9 TREASURY BILL 0.00000 09/19/2019 US 1,568,516.38 $1,557,699.50
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92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 15,290.09 $15,041.63
93065PAA9 WBHT 2019-WBM A FLT 3.48963 12/15/2033 US 145,801.53 $144,941.08
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931427108 WALGREENS BOOTS ALLIANCE INC US WBA 96.69 $4,770.64
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94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 28,471.44 $27,973.19
948741103 WEINGARTEN REALTY INVESTORS US WRI 537.76 $15,164.76
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958102105 WESTERN DIGITAL CORP US WDC 49.66 $1,848.32
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962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 25,077.37 $24,830.86
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 256,316.92 $259,384.47
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 66,441.77 $66,642.74
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 33,605.85 $32,473.34
B01FLR7 PING AN INSURANCE GROUP CO-H CN 2318 HK 1,314.79 $14,589.15
B02L3W3 BERKELEY GROUP HOLDINGS GB BKG LN 309 $13,659.46
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B058TZ6 SAFRAN SA FR SAF FP 74.69 $9,799.28
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B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 1,366.87 $8,264.51
B1L3CS6 UBISOFT ENTERTAINMENT FR UBI FP 240.91 $19,687.30
B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 202.89 $9,411.10
B1XH026 VINCI SA FR DG FP 193.56 $19,087.56
B1Y9TB3 DANONE FR BN FP 555.23 $44,351.84
B1YVKN8 ANTA SPORTS PRODUCTS LTD CN 2020 HK 1,100.56 $6,777.58
B1YXBJ7 AIR LIQUIDE FR AI FP 94.64 $11,767.50
B1Z9Q99 ABOITIZ POWER CORP PH AP PM 6,362.19 $4,451.98
B247XZ6 MANILA ELECTRIC COMPANY PH MER PM 583.63 $4,312.70
B3NB1P2 SUNCOR ENERGY INC CA SU CN 470.38 $14,494.95
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 380,570.84 $18,898.10
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 45,844.87 $35,260.79
B4JSTL6 WYNN MACAU LTD MO 1128 HK 5,840.49 $12,478.86
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 619,070.28 $30,427.35
B4P8HQ1 MGM CHINA HOLDINGS LTD MO 2282 HK 5,296.1 $8,183.75
B4R2R50 JULIUS BAER CH BAER SW 236.37 $9,317.21
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 81,289.24 $59,175.34
B5B23W2 SANDS CHINA LTD MO 1928 HK 2,715.26 $12,305.19
B5VJH76 BDO UNIBANK INC PH BDO PM 2,858.24 $7,567.15
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 923,937.85 $47,129.49
B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 833.29 $8,658.28
B63QM77 NEXON CO LTD JP 3659 JP 2,615.87 $38,800.03
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 119,119.51 $5,902.08
B725S29 PUREGOLD PRICE CLUB INC PH PGOLD PM 3,542.76 $3,031.79
B7T7721 ROYAL BANK OF SCOTLAND GB RBS LN 3,396.8 $9,165.10
B92RW83 LT GROUP INC PH LTG PM 10,488.84 $3,004.22
BB22L96 KION GROUP AG DE KGX GR 117.57 $6,394.73
BBG00JQ6ZYX7 BKNG US 06/21/19 P1650 US -.93 -$3,407.48
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BBG00NYKM5H3 RAMP US 06/21/19 P50 US -36.16 -$4,519.83
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BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 266.57 $5,750.02
BD0PJ08 INMOBILIARIA COLONIAL SOCIMI ES COL SM 555.15 $6,146.07
BD3JR69 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 14,433.2 $5,746.33
BD4TZK8 OCI NV NL OCI NA 150.68 $3,412.01
BD9Y5C0 TECHNOGYM SPA IT TGYM IM 841 $9,635.35
BD9Y9B7 BASIC-FIT NV NL BFIT NA 312.06 $10,144.87
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 14,769.26 $7,713.81
BDZV116 EPIROC AB-A SE EPIA SS 204.11 $1,898.21
BF1K7P7 ESSITY AKTIEBOLAG-B SE ESSITYB SS 680.83 $19,976.02
BFTCYP4 ROBINSONS RETAIL HOLDINGS IN PH RRHI PM 2,152.37 $3,012.28
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 6,578.81 $10,039.50
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 18,180.08 $14,377.20
BJ2KSG2 AKZO NOBEL NL AKZA NA 262.45 $22,106.30
BJT1GR5 ALCON INC CH ALC SW 168.5 $9,799.63
BMJ6DW5 INFORMA PLC GB INF LN 1,953.36 $19,144.96
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 19,254.79 $802,879.53
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 1,708.88 $7,602.77
BNGN9Z1 FINECOBANK SPA IT FBK IM 1,450.71 $14,989.77
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 12,230.61 $326,618.20
BSQXJ01 THULE GROUP AB/THE SE THULE SS 683.06 $15,541.15
BSS7GP5 AGL ENERGY LTD AU AGL AU 1,289.5 $18,340.38
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 28,043 $11,451.23
BYXS699 QIAGEN N.V. NL QIA GR 340.42 $12,961.22
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 8,225.04 $668,982.47
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 2,784.48 $14,655.71
BYZR014 AMUNDI SA FR AMUN FP 92.96 $6,023.83
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 266.49 $8,799.34
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 365.03 $20,222.70
G27358103 DESPEGAR.COM CORP AR DESP 306.85 $3,682.23
G29183103 EATON CORP PLC US ETN 55.35 $4,122.79
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 39,527.31 $40,663.72
G45667105 HOLLYSYS AUTOMATION TECHNOLOGIES CN HOLI 318.78 $5,680.70
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 105.17 $4,051.31
G5960L103 MEDTRONIC INC IE MDT 10,343.95 $957,643.18
G97822103 PERRIGO CO PLC IE PRGO 311.52 $13,089.88
H01301128 ALCON INC CH ALC 2,187.28 $127,255.81
H1467J104 CHUBB LTD CH CB 34.13 $4,984.72
H8817H100 TRANSOCEAN LTD US RIG 14,411.08 $89,348.72
N22717107 CORE LABORATORIES N.V. NL CLB 146.85 $6,996.05
N47279109 INTERXION HOLDING NV NL INXN 7,001.91 $516,110.70
N53745100 LYONDELLBASELL INDU-CL A US LYB 51.19 $3,800.73
N72482123 QIAGEN N.V. ADR NL QGEN 209.61 $7,981.92
USD US DOLLAR US 580,420.98 $580,420.98

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 R Distribution History
  • 2019 Distribution Calendar
  • Fourth Quarter 2018 Distributions
  • Third Quarter 2018 Distributions
  • Second Quarter 2019 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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