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 moderately aggressive, growth-oriented mix of securities that seeks to earn the long-term growth typically associated with the stock market without full market risk. The portfolio is diversified primarily among various stock investments in both domestic and foreign markets, with a portion of the portfolio invested in fixed income securities. Stock exposure can range from 56% - 86%.

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 2040
  • Who have time to pursue growth and can accept significant 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

$10.82

Daily $ Change

$0.06

Daily % Change

0.55%

as of 12/11/2019

Ticker

MTTIX

CUSIP

56382P609

Inception Date

03/28/2008

Investment Minimum

$1,000,000.00

Investment minimum may be waived for certain qualified retirement plans.

Important Documents

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

Information on Underlying Investments

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

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

Performance

As of 11/30/2019

YTD

21.48%

1 Year

14.11%

3 Year

11.56%

5 Year

6.37%

10 Year

8.87%

Inception
(03/28/2008)

7.01%

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 0.99%
Net 0.75%*

*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 11/30/2019

TREASURY NOTES 9.91%
TREASURY BONDS 3.89%
GOVERNMENT AGENCY 3.86%
FACEBOOK INC -A 2.12%
SERVICENOW INC 1.84%
JOHNSON & JOHNSON 1.81%
MEDTRONIC INC 1.77%
MASTERCARD INC-CLASS A 1.74%
BERKSHIRE HATHAWAY INC-CL B 1.61%
MICROSOFT CORP 1.56%

Top Ten Investments list is unaudited and excludes cash

Asset Allocation

As of 11/30/2019

Stocks 70.18%
Bonds 28.53%
Cash 1.29%

Detailed Asset Class Allocation

As of 11/30/2019

International Equities 22.79%
Small Capitalization 1.11%
Mid Capitalization 2.46%
Large Capitalization 43.81%
Long Term Fixed Income 7.72%
Intermediate Term Fixed Income 16.75%
Short Term Fixed Income 4.07%
Cash 1.29%

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

November Fund Holdings

As of 11/30/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 3,206.99 $3,399.41
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 109,100.35 $119,356.44
00287Y109 ABBVIE INC US ABBV 237.72 $20,855.02
004239109 ACADIA REALTY TRUST US AKR 127.58 $3,429.24
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 5,725.66 $5,134.31
00507V109 ACTIVISION INC US ATVI 9,248.45 $507,092.37
00751Y106 ADVANCE AUTO PARTS INC US AAP 1,566.83 $246,117.91
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 110,477.01 $118,902.76
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 5,725.66 $5,625.46
008492100 AGREE REALTY CORP US ADC 75.81 $5,669.09
013093AD1 ALBERTSONS COS LLC/SAFEW 5.75000 03/15/2025 US 3,895.32 $3,973.23
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 29.32 $4,764.54
01609W102 ALIBABA GROUP - ADR CN BABA 224.97 $44,994.95
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 121,396.49 $126,068.57
020002101 ALLSTATE CORPORATION US ALL 57.26 $6,375.53
02079K107 ALPHABET INC-CL C US GOOG 334.78 $436,873.50
02079K305 ALPHABET INC-CL A US GOOGL 334.09 $435,684.60
02209S103 ALTRIA GROUP INC US MO 3,682.97 $183,043.51
023135106 AMAZON.COM INC US AMZN 293.57 $528,666.69
02319V103 AMBEV SA-ADR BR ABEV 76,946.74 $323,945.77
0237400 DIAGEO PLC GB DGE LN 8,512 $347,770.84
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 211.16 $10,144.18
0263494 BAE SYSTEMS PLC GB BA/ LN 6,375.71 $47,214.85
02665T306 AMERICAN HOMES 4 RENT- A US AMH 658 $17,575.10
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 8,932.65 $9,110.58
03027X100 AMERICAN TOWER REIT INC US AMT 1,939.14 $415,033.95
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 122,397.63 $130,524.00
03064D108 AMERICOLD REALTY TRUST US COLD 395.07 $14,862.55
031162100 AMGEN INC US AMGN 104.72 $24,579.92
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 3,206.99 $2,533.53
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 3,206.99 $2,477.40
03748R754 APARTMENT INVT & MGMT CO -A US AIV 349.12 $18,772.09
038222105 APPLIED MATERIALS INC US AMAT 150.08 $8,689.34
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 108.66 $4,664.61
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 3,206.99 $3,251.09
053332102 AUTOZONE INC US AZO 185 $217,920.97
053484101 AVALONBAY COMMUNITIES INC US AVB 124.59 $26,712.88
054937107 BB&T CORP US BBT 122.44 $6,699.66
05722G100 BAKER HUGHES CO US BKR 200.92 $4,504.64
060505104 BANK OF AMERICA CORP US BAC 784.4 $26,136.11
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 163,196.85 $173,659.74
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 3,867.48 $852,006.58
086516101 BEST BUY INC US BBY 80.33 $6,477.42
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 4,610.52 $372,115.06
09247X101 BLACKROCK INC US BLK 1,004.62 $497,196.63
0946580 WEIR GROUP PLC/THE GB WEIR LN 2,211.97 $39,857.46
097023105 BOEING CO US BA 71.67 $26,244.46
09857L108 BOOKING HOLDINGS INC US BKNG 163.12 $310,583.21
101121101 BOSTON PROPERTIES INC US BXP 109.29 $15,140.78
101137107 BOSTON SCIENTIFIC CORP US BSX 4,582.87 $198,209.06
105368203 BRANDYWINE REALTY TRUST US BDN 961.99 $14,843.49
110122108 BRISTOL MYERS SQUIBB CO US BMY 271.49 $15,458.66
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 573.54 $22,717.77
11135F101 BROADCOM INC US AVGO 53.14 $16,803.13
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 3,206.99 $2,052.48
12429TAE4 BWAY HOLDING CO 7.25000 04/15/2025 US 3,206.99 $3,038.63
12503M108 CBOE GLOBAL MARKETS INC US CBOE 3,223.03 $383,218.67
12510GAB8 CCG 2019-1 A2 2.80000 09/14/2026 US 104,626.12 $105,436.91
125269100 CF INDUSTRIES HOLDINGS INC US CF 5,632.37 $260,271.88
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 50.49 $3,879.85
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 18,732.01 $19,088.21
12572Q105 CME GROUP INC US CME 1,803.21 $365,564.61
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 25,289.73 $24,934.81
12648TAA7 CSMC 2014-IVR3 A1 3.50000 07/25/2044 US 44,493.47 $45,079.05
126650100 CVS HEALTH CORP US CVS 216.26 $16,278.21
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 5,725.66 $5,761.56
133131102 CAMDEN PROPERTY TRUST US CPT 125.28 $13,974.56
13321L108 CAMECO CORP CA CCJ 3,284.22 $30,378.99
149123101 CATERPILLAR INC US CAT 92.27 $13,354.35
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 33,667.53 $33,885.19
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 3,206.99 $3,239.35
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 36,997.76 $36,984.45
166764100 CHEVRON CORP US CVX 186.92 $21,893.51
17275R102 CISCO SYSTEMS INC US CSCO 543.61 $24,631.09
172967424 CITIGROUP INC US C 227.2 $17,067.45
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 57,757.17 $95,677.99
191216100 COCA COLA CO/THE US KO 15,477.7 $826,508.98
192422103 COGNEX CORP US CGNX 3,803.92 $190,880.83
194162103 COLGATE-PALMOLIVE CO US CL 3,054.18 $207,134.45
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 99,933.04 $101,465.41
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 235.89 $11,228.56
20451NAG6 COMPASS MINERALS INTERNA 6.75000 12/01/2027 US 8,244.32 $8,532.88
205887102 CONAGRA BRAND INC. US CAG 122.25 $3,529.38
222795502 COUSINS PROPERTIES INC US CUZ 631.79 $25,581.33
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 134,287 $134,796.42
22822V101 CROWN CASTLE INTL CORP US CCI 86.12 $11,510.74
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 27,408.13 $27,758.12
228368106 CROWN HOLDINGS INC US CCK 2,979.49 $226,143.48
231021106 CUMMINS INC US CMI 41.28 $7,549.23
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 1,087.11 $9,943.82
25271C102 DIAMOND OFFSHORE DRILLING US DO 14,529.74 $82,093.01
25277LAC0 DIAMOND SPORTS GR/DIAMON 6.62500 08/15/2027 US 5,725.66 $5,580.86
253868103 DIGITAL REALTY TRUST INC US DLR 98.02 $11,856.07
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 116,891 $133,093.13
256677105 DOLLAR GENERAL CORP US DG 2,515.84 $395,892.31
256746108 DOLLAR TREE STORES INC US DLTR 4,049.55 $370,372.00
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 6,413.99 $6,518.22
25960P109 DOUGLAS EMMETT INC US DEI 278.49 $12,273.16
260557103 DOW INC US DOW 125.82 $6,714.88
262006208 DREYFUS GVT CSH MANAGEMENT US 689,941 $689,941.00
2715777 QUEBECOR INC -CL B CA QBR/B CN 10,828.44 $268,530.32
277432100 EASTMAN CHEM CO US EMN 49.16 $3,852.37
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 12,821.83 $264,969.74
285512109 ELECTRONIC ARTS US EA 6,045.38 $610,643.85
2866857 LUNDIN MINING CORP CA LUN CN 14,484.84 $78,405.46
291011104 EMERSON ELEC CO US EMR 137.08 $10,124.58
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 82,975.08 $96,946.21
29413XAD9 ENVIVA PARTNERS LP/FIN C 6.50000 01/15/2026 US 5,725.66 $5,950.11
29444U700 EQUINIX INC US EQIX 858.71 $486,759.08
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 160.79 $11,911.16
29476L107 EQUITY RESIDENTIAL US EQR 196.74 $16,742.35
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 477.74 $12,464.13
297178105 ESSEX PROPERTY TRUST INC US ESS 39.16 $12,225.87
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 68,832.97 $69,220.47
30225T102 EXTRA SPACE STORAGE INC US EXR 41.91 $4,444.55
30287EAE0 FREMF 2014-K41 B FLT 3.96298 11/25/2047 US 66,767.98 $70,996.57
30291XAE2 FREMF 2014-K715 B FLT 4.11191 02/25/2046 US 64,840.66 $65,855.73
30303M102 FACEBOOK INC -A US FB 5,566.91 $1,122,511.57
30744W107 FARFETCH LTD - CLASS A GB FTCH 1,149.59 $11,449.93
311900104 FASTENAL CO US FAST 159 $5,647.73
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 21,198.04 $23,821.65
3128M6NS3 FHLM POOL G04601 5.50000 07/01/2038 US 22,072.13 $24,791.85
3128P75X7 FHLM POOL C91762 4.50000 05/01/2034 US 19,112.87 $20,535.75
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 16,076.77 $17,273.84
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 21,832.74 $23,458.27
3131XVYW9 FEDERAL NATL MTG ASSN FR ZM2525 3.00000 12/01/2046 US 53,731.46 $54,966.91
3131YBKP2 FEDERAL NATL MTG ASSN FN ZN4802 4.00000 04/01/2049 US 101,218.92 $105,268.78
3132QQFU1 FHLM POOL Q33778 4.00000 06/01/2045 US 31,510.62 $33,335.78
3132Y33P7 FHLM POOL FG Q59805 4.50000 11/01/2048 US 41,585.66 $43,764.27
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 48,017.54 $51,332.10
3133G6L60 FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 US 58,319.04 $59,746.47
3136AY6W8 FNA 2017-M15 A1 3.05802 09/25/2027 US 53,082.77 $55,455.76
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 39,328.53 $40,859.83
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 28.63 $3,780.94
3137AME78 FHMS K017 X1 FLT 1.44530 12/25/2021 US 762,942.85 $15,743.48
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 38,801.24 $39,482.25
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 33,572.58 $34,227.52
3138EGHT4 FEDERAL NATL MTG ASSN AL0241 4.00000 04/01/2041 US 35,493.2 $37,985.66
3138EHR87 FEDERAL NATL MTG ASSN AL1410 4.50000 12/01/2041 US 50,686.23 $54,912.94
3138EQST0 FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 29,222.8 $31,267.11
3138ERN30 FEDERAL NATL MTG ASSN FN AL9409 3.50000 11/01/2031 US 45,656.94 $47,482.25
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64500 01/01/2049 US 59,885.32 $67,115.78
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 134,842.59 $141,929.87
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 30,410.71 $32,700.09
3140H2PH5 FEDERAL NATL MATG ASSN FN BJ1323 3.50000 11/01/2047 US 130,282.37 $136,087.63
3140HPMQ7 FEDERAL NATIONAL MTGE FN BK9366 4.50000 08/01/2048 US 24,928.9 $26,215.05
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 69,581.6 $73,144.96
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 59,389.98 $65,549.09
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 57,495.26 $61,587.36
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 61,216.24 $64,542.33
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 45,590.91 $48,834.79
3140X4JC1 FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 US 90,432.45 $93,748.41
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 2,024.11 $2,051.55
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 2,458.85 $2,488.81
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 20,479.54 $22,181.62
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 28,404.49 $30,503.12
31418C4F8 FEDERAL NATL MTG ASSN FN MA3521 4.00000 11/01/2048 US 96,563.39 $100,215.21
31418C4M3 FEDERAL NATL MTG ASSN FN MA3527 5.00000 11/01/2048 US 94,652.77 $101,041.27
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 39,271.73 $40,181.11
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 83,780 $87,079.26
31418CZH0 FEDERAL NATL MTG ASSN FN MA3443 4.00000 08/01/2048 US 43,528.84 $45,118.28
31418DC67 FEDERAL NATL MTG ASSN FN MA3692 3.50000 07/01/2049 US 121,855.12 $125,079.25
31418MGR7 FEDERAL NATL MTG ASSN AD0207 6.00000 10/01/2038 US 24,329.29 $27,938.97
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 15,386.83 $17,290.34
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 3,206.99 $3,399.41
316773100 FIFTH THIRD BANCORP US FITB 185.51 $5,600.40
32054K103 FIRST INDUSTRIAL REALTY TR US FR 187.13 $7,968.08
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 5,725.66 $5,606.39
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 56,443.04 $58,116.27
346232AD3 FORESTAR GROUP INC 8.00000 04/15/2024 US 3,206.99 $3,463.55
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 8,244.32 $8,484.81
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 5,725.66 $5,768.60
35671D857 FREEPORT-MCMORAN INC US FCX 12,429.59 $141,448.72
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 16,932.91 $16,907.24
364760108 GAP INC US GPS 140.22 $2,329.09
369550108 GENERAL DYNAMICS CORP US GD 42.24 $7,677.56
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 110,477.01 $108,069.71
370334104 GENERAL MLS INC US GIS 151.13 $8,058.38
37045XAR7 GENERAL MOTORS FINL CO 3.15000 01/15/2020 US 103,249.46 $103,285.67
372460105 GENUINE PARTS CO US GPC 50.03 $5,221.22
374297109 GETTY REALTY CORP US GTY 216.21 $7,256.14
375558103 GILEAD SCIENCES INC US GILD 236.13 $15,877.09
37960JAA6 GLOBAL AIR LEASE CO LTD 6.50000 09/15/2024 KY 6,867.67 $7,024.25
38141GVR2 GOLDMAN SACHS GROUP INC 4.25000 10/21/2025 US 54,096.5 $58,411.65
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 66,084.89 $66,509.01
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 18,954.26 $308,385.87
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 147.16 $14,889.86
40051E202 GRUPO AEROPORTUARIO DEL SURESTE MX ASR 122.44 $20,994.37
404119BX6 HCA INC 4.12500 06/15/2029 US 89,858.38 $94,665.75
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 2,518.67 $2,317.17
406216101 HALLIBURTON CO US HAL 20,931.47 $439,351.54
416515104 HARTFORD FINL SVCS US HIG 74.06 $4,581.04
421946104 HEALTHCARE REALTY TRUST INC US HR 327.54 $10,870.92
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 211.16 $6,408.74
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 578.04 $20,162.08
427866108 HERSHEY CO/THE US HSY 52.13 $7,723.83
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 73.06 $7,670.98
437076102 HOME DEPOT INC US HD 146.91 $32,395.51
438516106 HONEYWELL INTERNATIONAL INC US HON 108.7 $19,408.38
44107P104 HOST MARRIOTT CORP US HST 412.7 $7,218.14
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 3,206.99 $3,479.59
445658107 HUNT (JB) TRANSPORT SVCS INC US JBHT 1,783.81 $206,244.42
450913AE8 IAMGOLD CORP 7.00000 04/15/2025 CA 5,725.66 $5,822.31
452308109 ILLINOIS TOOL WKS INC US ITW 60.65 $10,572.26
45337C102 INCYTE CORP US INCY 1,980.34 $186,469.20
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 567.75 $8,482.15
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 5,725.66 $5,840.17
458140100 INTEL CORP US INTC 595.96 $34,595.67
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 4,103.1 $386,388.55
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 142.16 $19,113.72
460146103 INTERNATIONAL PAPER CO US IP 85.04 $3,940.76
46120E602 INTUITIVE SURGICAL INC US ISRG 174.73 $103,595.55
46187BAA1 IHSFR 2017-SFR2 A 2.61250 12/17/2036 US 21,268.64 $21,238.76
46187BAB9 IHSFR 2017-SFR2 B 2.91250 12/17/2036 US 16,519.91 $16,496.25
46187W107 INVITATION HOMES INC US INVH 931.73 $28,445.83
46625H100 JP MORGAN CHASE & CO US JPM 304.87 $40,170.24
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 14,141.71 $14,419.98
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 22,286.78 $22,631.98
46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 80,221.76 $85,348.48
4741844 MERCK KGAA DE MRK GR 4,044.54 $472,083.01
476405105 JERNIGAN CAPITAL INC US JCAP 651.55 $11,389.13
478160104 JOHNSON & JOHNSON US JNJ 6,949.25 $955,452.92
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 6,413.99 $1,860.06
4821100 SOLVAY SA BE SOLB BB 525.24 $60,190.35
482480100 KLA-TENCOR CORPORATION US KLAC 46.04 $7,544.62
483007AJ9 KAISER ALUMINUM CORP 4.62500 03/01/2028 US 3,895.32 $3,998.16
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 5,725.66 $5,954.69
487836108 KELLOGG CO US K 84.22 $5,484.23
493267108 KEYCORP US KEY 251.92 $4,884.66
49427F108 KILROY REALTY CORP US KRC 50.2 $4,178.75
494368103 KIMBERLY CLARK CORP US KMB 74.92 $10,215.25
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 99,025.69 $128,308.46
500255104 KOHLS CORP US KSS 63.6 $2,990.07
50050N103 KONTOOR BRANDS INC US KTB 6.18 $221.53
501044101 KROGER CO US KR 156.12 $4,268.40
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 6,413.99 $6,622.44
5107401 BEIERSDORF AG DE BEI GR 2,409.04 $280,953.88
512807108 LAM RESEARCH CORP US LRCX 26.23 $6,997.73
516806AD8 LAREDO PETROLEUM INC 5.62500 01/15/2022 US 3,895.32 $3,586.06
531172104 LIBERTY PROPERTY TRUST US LPT 165.12 $10,174.77
53223X107 LIFE STORAGE INC US LSI 54.74 $5,994.90
539830109 LOCKHEED MARTIN CORP US LMT 45.08 $17,628.63
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 3,206.99 $2,244.90
550021109 LULULEMON - ADR CA LULU 3,503.45 $790,693.59
56585A102 MARATHON PETROLEUM CORP US MPC 162.71 $9,866.48
57636Q104 MASTERCARD INC-CLASS A US MA 3,147.75 $919,868.08
57772K101 MAXIM INTEGRATED PRODUCTS US MXIM 75.52 $4,279.68
58933Y105 MERCK & CO INC US MRK 2,259.97 $197,023.84
594918104 MICROSOFT CORP US MSFT 5,461.02 $826,688.47
595112103 MICRON TECHNOLOGY INC US MU 17,318.15 $822,785.12
59522J103 MID-AMERICA APARTMENT COMM US MAA 59.78 $8,136.01
60871R209 MOLSON COORS BREWING CO -B US TAP 60.28 $3,042.89
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 15,003.99 $788,309.55
615369105 MOODY'S CORPORATION US MCO 1,751.16 $396,935.87
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 3,895.32 $2,590.39
61965RAB1 MOSS CREEK RESOURCES HLD 10.50000 05/15/2027 US 688.33 $505.92
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 7,102.32 $6,818.23
6356934 FANUC LTD JP 6954 JP 73.21 $13,979.56
637417106 NATIONAL RETAIL PROPERTIES US NNN 171.77 $9,574.45
637870106 NATIONAL STORAGE AFFILIATES US NSA 137.18 $4,595.57
63938CAA6 NAVIENT CORP 5.00000 10/26/2020 US 5,725.66 $5,840.17
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 39,702.95 $39,849.11
64110D104 NETAPP INC US NTAP 53.32 $3,230.70
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 15,539.04 $16,112.63
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 24,408.1 $25,299.80
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 25,400.06 $26,268.46
6490995 KEYENCE CORP JP 6861 JP 582.8 $199,549.37
6514442 METROPOLITAN BANK & TRUST PH MBT PM 586.15 $764.38
654106103 NIKE INC CLASS B US NKE 4,798.71 $448,631.15
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 6,413.99 $4,133.02
66987V109 NOVARTIS AG- REG CH NVS 7,406.06 $683,579.63
670346105 NUCOR CORP US NUE 94.01 $5,298.43
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67066G104 NVIDIA CORP US NVDA 1,629.92 $353,269.20
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674599105 OCCIDENTAL PETROLEUM CORP US OXY 132.83 $5,123.10
680665AL0 OLIN CORP 5.62500 08/01/2029 US 3,206.99 $3,343.29
681936100 OMEGA HEALTHCARE INVS INC US OHI 195.81 $8,230.08
6821506 SONY CORP FIRST SECTION JP 6758 JP 865.11 $54,897.88
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 82,599.57 $84,545.19
7021963 DEUTSCHE BOERSE AG DE DB1 GR 2,052.61 $314,134.74
70450Y103 PAYPAL HOLDINGS INC US PYPL 2,974.09 $321,231.62
7123870 NESTLE SA-REGISTERED CH NESN SW 5,451.3 $566,089.25
713448108 PEPSICO INC US PEP 4,577.45 $621,754.92
717081103 PFIZER INC US PFE 753.09 $29,009.17
718172109 PHILIP MORRIS INTERNATIONAL US PM 3,861.12 $320,202.75
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719245AD4 PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 US 5,725.66 $4,795.24
71943U104 PHYSICIANS REALTY TRUST US DOC 702.19 $13,475.05
729640102 PLYMOUTH INDUSTRIAL REIT INC US 255.31 $4,733.53
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74166MAB2 PRIME SECSRVC BRW/FINANC 5.25000 04/15/2024 US 5,725.66 $5,897.43
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 3,206.99 $3,349.77
74333NAA0 PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 US 52,313.06 $52,833.08
74340W103 PROLOGIS US PLD 440.89 $40,363.61
74460D109 PUBLIC STORAGE INC US PSA 71.46 $15,055.45
74834L100 QUEST DIAGNOSTICS INC US DGX 37.58 $4,003.79
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 5,725.66 $5,997.63
756109104 REALTY INCOME CORP US O 61.15 $4,686.07
7591EP100 REGIONS FINANCIAL CORP. US RF 223.49 $3,718.95
76131D103 RESTAURANT BRANDS INTERN CA QSR 476.5 $31,272.51
7698356 GETINGE AB-B SHS SE GETIB SS 1,521.04 $26,405.97
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 5,725.66 $5,805.84
773903109 ROCKWELL AUTOMATION INC US ROK 23.75 $4,651.31
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 371.45 $30,949.09
78409V104 S&P GLOBAL INC US SPGI 1,508.98 $399,351.22
78410G104 SBA COMMUNICATIONS CORP US SBAC 1,775.72 $419,905.24
78442PGC4 SLM CORP 5.12500 04/05/2022 US 6,413.99 $6,614.43
78490DAA2 SOFI 2018-C A1FX 3.08000 01/25/2048 US 50,484.24 $50,757.91
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 138,448.24 $158,366.49
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 109,100.35 $117,373.67
806857108 SCHLUMBERGER LTD NL SLB 9,266.49 $335,446.80
81141R100 SEA LTD - ADR SG SE 10,883.55 $403,126.72
812578102 SEATTLE GENETICS INC US SGEN 1,817.76 $218,767.15
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 21,006.1 $21,166.92
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 18,198.11 $17,483.33
81762P102 SERVICENOW INC US NOW 3,429.89 $970,797.03
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 3,206.99 $2,720.97
828806109 SIMON PROPERTY GROUP INC US SPG 174.98 $26,458.24
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 36.48 $3,833.52
83402QAA0 SCLP 2016-2 A 3.09000 10/27/2025 US 12,262.56 $12,297.09
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 2,619.88 $2,618.80
83405TAA1 SCLP 2019-3 A MTGE 2.90000 05/25/2028 US 43,216.15 $43,478.59
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 32,232.59 $32,455.66
835699307 SONY CORP SPONSORED ADR JP SNE 10,254.34 $650,945.24
84265V105 SOUTHERN COPPER CORPORATION US SCCO 4,802.13 $182,625.13
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 130,657.59 $131,832.76
852061AR1 SPRINT COMMUNICATIONS 7.00000 08/15/2020 US 8,244.32 $8,441.69
85207UAE5 SPRINT CORP 7.25000 09/15/2021 US 3,206.99 $3,401.02
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 3,206.99 $3,455.54
85254J102 STAG INDUSTRIAL INC US STAG 232.23 $7,196.91
855030AN2 STAPLES INC 7.50000 04/15/2026 US 5,725.66 $5,990.47
85571XAA5 SRPT 2014-STAR A FLTG RATE 2.98538 11/15/2027 US 49,179.18 $49,086.38
858912AF5 STERICYCLE INC 5.37500 07/15/2024 US 5,725.66 $5,983.31
862121100 STORE CAPITAL CORP US STOR 177.95 $7,244.31
866674104 SUN COMMUNITIES US SUI 108.79 $17,918.39
86723CAF5 SUNCOKE ENRGY PART LP/FI 7.50000 06/15/2025 US 3,206.99 $2,902.33
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 340.79 $4,771.01
867914103 SUNTRUST BANKS INC US STI 95.06 $6,734.39
86935CAA0 SCML 2019-SBC8 2.86000 12/25/2035 US 51,341.62 $51,511.73
871829107 SYSCO CORP US SYY 118.5 $9,544.87
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 7,350.22 $7,347.49
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 3,895.32 $3,466.84
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 92,142.39 $98,978.94
882508104 TEXAS INSTRUMENTS INC US TXN 151.59 $18,222.55
883556102 THERMO FISHER SCIENTIFIC INC US TMO 602.98 $189,305.24
88579Y101 3M CO US MMM 103.26 $17,529.76
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 40,689.66 $40,780.60
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 44,548.82 $44,733.43
89177EAA7 TPMT 2019-HY1 A1 2.70800 10/25/2048 US 40,427.26 $40,544.35
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 2,518.67 $2,531.26
89417E109 TRAVELLERS COS INC US TRV 42.8 $5,850.99
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 43,145.05 $43,055.50
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 41,182.95 $41,519.87
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 12,358.67 $12,065.15
902494103 TYSON FOODS INC -CL A US TSN 64.62 $5,808.85
902653104 UDR INC US UDR 296.86 $14,263.89
902973304 U.S. BANCORP US USB 271.19 $16,279.34
903002103 UMH PROPERTIES INC US UMH 262.94 $4,104.53
904767704 UNILEVER PLC - ADR GB UL 9,807.39 $583,441.64
907818108 UNION PAC CORP US UNP 109.07 $19,195.09
911312106 UNITED PARCEL SERVICE US UPS 159.96 $19,152.24
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 325,029.29 $457,567.61
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 186,534.93 $197,087.73
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 623,730.63 $659,083.49
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 806,363.25 $938,814.71
9128284P2 US TREASURY N/B 2.62500 05/15/2021 US 756,272.02 $766,434.43
9128286N5 TSY INFL IX N/B 0.50000 04/15/2024 US 220,034.62 $222,504.78
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 717,213.82 $715,193.73
912828K74 US TREASURY N/B 2.00000 08/15/2025 US 2,132,383.15 $2,168,866.90
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 1,033,259.97 $1,027,730.42
912828WJ5 US TREASURY N/B 2.50000 05/15/2024 US 967,195.78 $1,003,163.37
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 261,062.47 $272,820.48
913017109 UNITED TECHNOLOGIES CORP US UTX 130.21 $19,315.87
91324P102 UNITEDHEALTH GROUP INC US UNH 744.59 $208,387.74
91704F104 URBAN EDGE PROPERTIES US UE 480.77 $9,966.31
918204108 VF CORP US VFC 91.08 $8,064.39
91913Y100 VALERO ENERGY US VLO 95.98 $9,164.68
92276F100 VENTAS INC US VTR 159.76 $9,315.88
92339V100 VEREIT INC US VER 1,303.73 $12,724.40
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 158,159.52 $199,858.49
92511U102 VERRA MOBILITY CORP US VRRM 28,296.61 $423,600.31
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 855.14 $189,627.72
92553P201 VIACOM INC CL B US VIAB 121.57 $2,926.08
92826C839 VISA INC - CLASS A SHARES US V 4,143.96 $764,601.36
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 5,725.66 $5,525.26
929042109 VORNADO REALTY TRUST US VNO 74.43 $4,806.18
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 3,206.99 $2,950.44
93065PAA9 WBHT 2019-WBM A FLT 2.81538 12/15/2033 US 47,494.75 $47,524.33
931142103 WAL MART STORES US WMT 329.64 $39,256.29
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 169.79 $10,119.63
94106L109 WASTE MANAGEMENT INC US WM 89.98 $10,160.05
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 6,413.99 $6,558.30
948741103 WEINGARTEN REALTY INVESTORS US WRI 311.27 $9,910.72
949746101 WELLS FARGO COMPANY US WFC 589.29 $32,092.54
95040Q104 WELLTOWER INC. US WELL 199.38 $16,861.94
958102105 WESTERN DIGITAL CORP US WDC 86.86 $4,371.88
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 84,351.74 $86,360.26
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 12,205.56 $12,217.81
98311A105 WYNDHAM HOTELS & RESORTS INC US WH 133.97 $7,761.12
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 8,244.32 $7,765.13
B02J639 ADMIRAL GROUP PLC GB ADM LN 1,583.29 $43,772.30
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 3,053.06 $20,315.78
B1XH026 VINCI SA FR DG FP 191.56 $20,882.16
B1Y47Y7 GERRESHEIMER AG DE GXI GR 393.19 $28,912.18
B1Y9TB3 DANONE FR BN FP 636.02 $52,332.79
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 122,247.36 $6,215.08
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 14,041.93 $10,874.54
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 198,651.96 $10,067.54
B4R2R50 JULIUS BAER CH BAER SW 3,641.6 $171,535.71
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 287,308.82 $14,752.61
B63QM77 NEXON CO LTD JP 3659 JP 59,126.72 $807,762.15
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 38,271.13 $2,045.02
BBG00Q7Z9PN7 SE US 12/20/19 C39 SG -14.87 -$966.41
BBG00QR025W3 MU US 12/13/19 P43 US -17.76 -$248.62
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 658.22 $11,970.68
BD3HF92 BSR REAL ESTATE INVESTMENT CA HOM/U CN 159.18 $2,024.87
BD4TZK8 OCI NV NL OCI NA 459.79 $8,709.84
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 3,785.57 $6,081.20
BGHVXC0 DRILLING CO OF 1972/THE DK DRLCO DC 359.09 $21,742.00
BH3T8K8 ORBIA ADVANCE CORP SAB DE CV MX 11,644.68 $25,279.48
BJ2KSG2 AKZO NOBEL NL AKZA NA 2,735.22 $261,933.19
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 15,050 $635,037.13
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 5,529.14 $27,023.65
BNGN9Z1 FINECOBANK SPA IT FBK IM 15,234.99 $188,573.65
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 14,360.48 $446,817.82
BYXS699 QIAGEN N.V. NL QIA GR 1,076.82 $46,105.82
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 6,438.37 $510,358.12
G0750C108 AXALTA COATING SYSTEMS LTD US AXTA 5,190.42 $147,771.12
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 924.62 $31,945.49
G29183103 EATON CORP PLC US ETN 101.06 $9,347.72
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 188.25 $8,062.85
G5960L103 MEDTRONIC INC IE MDT 8,381.29 $933,592.05
G97822103 PERRIGO CO PLC IE PRGO 635.33 $32,547.93
H01301128 ALCON INC CH ALC 4,640.88 $256,594.29
H1467J104 CHUBB LTD CH CB 61.65 $9,339.13
H8817H100 TRANSOCEAN LTD US RIG 35,403.61 $176,309.97
N22717107 CORE LABORATORIES N.V. NL CLB 5,216.9 $228,500.21
N47279109 INTERXION HOLDING NV NL INXN 282.39 $24,014.25
N53745100 LYONDELLBASELL INDU-CL A US LYB 93.05 $8,610.54
N72482123 QIAGEN N.V. ADR NL QGEN 7,126.27 $305,004.36

Based on the investments of the underlying fund(s): Manning & Napier Fund, Inc. Pro-Blend® Maximum Term Series and Manning & Napier Fund, Inc. Pro-Blend® Extended Term Series through 10/15/2017, and Manning & Napier Fund, Inc. Blended Asset Maximum Series and Manning & Napier Fund, Inc. Blended Asset Extended 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 2040 Series Class I Distribution History
  • 2019 Distribution Calendar
  • Fourth Quarter 2019 Distribution Estimates
  • Third Quarter 2019 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

$10.82

Daily $ Change

$0.06

Daily % Change

0.55%

as of 12/11/2019

Ticker

MTTIX

CUSIP

56382P609

Inception Date

03/28/2008

Investment Minimum

$1,000,000.00

Investment minimum may be waived for certain qualified retirement plans.

Important Documents

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

Information on Underlying Investments

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

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

Investment Objective

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

Investment Strategy

Currently: The portfolio is currently invested in a moderately aggressive, growth-oriented mix of securities that seeks to earn the long-term growth typically associated with the stock market without full market risk. The portfolio is diversified primarily among various stock investments in both domestic and foreign markets, with a portion of the portfolio invested in fixed income securities. Stock exposure can range from 56% - 86%.

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 2040
  • Who have time to pursue growth and can accept significant 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 11/30/2019

YTD

21.48%

1 Year

14.11%

3 Year

11.56%

5 Year

6.37%

10 Year

8.87%

Inception
(03/28/2008)

7.01%

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 0.99%
Net 0.75%*

*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 11/30/2019

TREASURY NOTES 9.91%
TREASURY BONDS 3.89%
GOVERNMENT AGENCY 3.86%
FACEBOOK INC -A 2.12%
SERVICENOW INC 1.84%
JOHNSON & JOHNSON 1.81%
MEDTRONIC INC 1.77%
MASTERCARD INC-CLASS A 1.74%
BERKSHIRE HATHAWAY INC-CL B 1.61%
MICROSOFT CORP 1.56%

Top Ten Investments list is unaudited and excludes cash

Asset Allocation

As of 11/30/2019

Stocks
70.18%
Bonds
28.53%
Cash
1.29%

Detailed Asset Class Allocation

As of 11/30/2019

International Equities
22.79%
Small Capitalization
1.11%
Mid Capitalization
2.46%
Large Capitalization
43.81%
Long Term Fixed Income
7.72%
Intermediate Term Fixed Income
16.75%
Short Term Fixed Income
4.07%
Cash
1.29%

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

November Fund Holdings

As of 11/30/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 3,206.99 $3,399.41
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 109,100.35 $119,356.44
00287Y109 ABBVIE INC US ABBV 237.72 $20,855.02
004239109 ACADIA REALTY TRUST US AKR 127.58 $3,429.24
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 5,725.66 $5,134.31
00507V109 ACTIVISION INC US ATVI 9,248.45 $507,092.37
00751Y106 ADVANCE AUTO PARTS INC US AAP 1,566.83 $246,117.91
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 110,477.01 $118,902.76
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 5,725.66 $5,625.46
008492100 AGREE REALTY CORP US ADC 75.81 $5,669.09
013093AD1 ALBERTSONS COS LLC/SAFEW 5.75000 03/15/2025 US 3,895.32 $3,973.23
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 29.32 $4,764.54
01609W102 ALIBABA GROUP - ADR CN BABA 224.97 $44,994.95
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 121,396.49 $126,068.57
020002101 ALLSTATE CORPORATION US ALL 57.26 $6,375.53
02079K107 ALPHABET INC-CL C US GOOG 334.78 $436,873.50
02079K305 ALPHABET INC-CL A US GOOGL 334.09 $435,684.60
02209S103 ALTRIA GROUP INC US MO 3,682.97 $183,043.51
023135106 AMAZON.COM INC US AMZN 293.57 $528,666.69
02319V103 AMBEV SA-ADR BR ABEV 76,946.74 $323,945.77
0237400 DIAGEO PLC GB DGE LN 8,512 $347,770.84
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 211.16 $10,144.18
0263494 BAE SYSTEMS PLC GB BA/ LN 6,375.71 $47,214.85
02665T306 AMERICAN HOMES 4 RENT- A US AMH 658 $17,575.10
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 8,932.65 $9,110.58
03027X100 AMERICAN TOWER REIT INC US AMT 1,939.14 $415,033.95
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 122,397.63 $130,524.00
03064D108 AMERICOLD REALTY TRUST US COLD 395.07 $14,862.55
031162100 AMGEN INC US AMGN 104.72 $24,579.92
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 3,206.99 $2,533.53
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 3,206.99 $2,477.40
03748R754 APARTMENT INVT & MGMT CO -A US AIV 349.12 $18,772.09
038222105 APPLIED MATERIALS INC US AMAT 150.08 $8,689.34
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 108.66 $4,664.61
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 3,206.99 $3,251.09
053332102 AUTOZONE INC US AZO 185 $217,920.97
053484101 AVALONBAY COMMUNITIES INC US AVB 124.59 $26,712.88
054937107 BB&T CORP US BBT 122.44 $6,699.66
05722G100 BAKER HUGHES CO US BKR 200.92 $4,504.64
060505104 BANK OF AMERICA CORP US BAC 784.4 $26,136.11
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 163,196.85 $173,659.74
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 3,867.48 $852,006.58
086516101 BEST BUY INC US BBY 80.33 $6,477.42
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 4,610.52 $372,115.06
09247X101 BLACKROCK INC US BLK 1,004.62 $497,196.63
0946580 WEIR GROUP PLC/THE GB WEIR LN 2,211.97 $39,857.46
097023105 BOEING CO US BA 71.67 $26,244.46
09857L108 BOOKING HOLDINGS INC US BKNG 163.12 $310,583.21
101121101 BOSTON PROPERTIES INC US BXP 109.29 $15,140.78
101137107 BOSTON SCIENTIFIC CORP US BSX 4,582.87 $198,209.06
105368203 BRANDYWINE REALTY TRUST US BDN 961.99 $14,843.49
110122108 BRISTOL MYERS SQUIBB CO US BMY 271.49 $15,458.66
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 573.54 $22,717.77
11135F101 BROADCOM INC US AVGO 53.14 $16,803.13
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 3,206.99 $2,052.48
12429TAE4 BWAY HOLDING CO 7.25000 04/15/2025 US 3,206.99 $3,038.63
12503M108 CBOE GLOBAL MARKETS INC US CBOE 3,223.03 $383,218.67
12510GAB8 CCG 2019-1 A2 2.80000 09/14/2026 US 104,626.12 $105,436.91
125269100 CF INDUSTRIES HOLDINGS INC US CF 5,632.37 $260,271.88
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 50.49 $3,879.85
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 18,732.01 $19,088.21
12572Q105 CME GROUP INC US CME 1,803.21 $365,564.61
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 25,289.73 $24,934.81
12648TAA7 CSMC 2014-IVR3 A1 3.50000 07/25/2044 US 44,493.47 $45,079.05
126650100 CVS HEALTH CORP US CVS 216.26 $16,278.21
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 5,725.66 $5,761.56
133131102 CAMDEN PROPERTY TRUST US CPT 125.28 $13,974.56
13321L108 CAMECO CORP CA CCJ 3,284.22 $30,378.99
149123101 CATERPILLAR INC US CAT 92.27 $13,354.35
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 33,667.53 $33,885.19
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 3,206.99 $3,239.35
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 36,997.76 $36,984.45
166764100 CHEVRON CORP US CVX 186.92 $21,893.51
17275R102 CISCO SYSTEMS INC US CSCO 543.61 $24,631.09
172967424 CITIGROUP INC US C 227.2 $17,067.45
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 57,757.17 $95,677.99
191216100 COCA COLA CO/THE US KO 15,477.7 $826,508.98
192422103 COGNEX CORP US CGNX 3,803.92 $190,880.83
194162103 COLGATE-PALMOLIVE CO US CL 3,054.18 $207,134.45
20030NCY5 COMCAST CORP 3.25000 11/01/2039 US 99,933.04 $101,465.41
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 235.89 $11,228.56
20451NAG6 COMPASS MINERALS INTERNA 6.75000 12/01/2027 US 8,244.32 $8,532.88
205887102 CONAGRA BRAND INC. US CAG 122.25 $3,529.38
222795502 COUSINS PROPERTIES INC US CUZ 631.79 $25,581.33
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 134,287 $134,796.42
22822V101 CROWN CASTLE INTL CORP US CCI 86.12 $11,510.74
22822VAN1 CROWN CASTLE INTL CORP 3.10000 11/15/2029 US 27,408.13 $27,758.12
228368106 CROWN HOLDINGS INC US CCK 2,979.49 $226,143.48
231021106 CUMMINS INC US CMI 41.28 $7,549.23
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 1,087.11 $9,943.82
25271C102 DIAMOND OFFSHORE DRILLING US DO 14,529.74 $82,093.01
25277LAC0 DIAMOND SPORTS GR/DIAMON 6.62500 08/15/2027 US 5,725.66 $5,580.86
253868103 DIGITAL REALTY TRUST INC US DLR 98.02 $11,856.07
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 116,891 $133,093.13
256677105 DOLLAR GENERAL CORP US DG 2,515.84 $395,892.31
256746108 DOLLAR TREE STORES INC US DLTR 4,049.55 $370,372.00
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 6,413.99 $6,518.22
25960P109 DOUGLAS EMMETT INC US DEI 278.49 $12,273.16
260557103 DOW INC US DOW 125.82 $6,714.88
262006208 DREYFUS GVT CSH MANAGEMENT US 689,941 $689,941.00
2715777 QUEBECOR INC -CL B CA QBR/B CN 10,828.44 $268,530.32
277432100 EASTMAN CHEM CO US EMN 49.16 $3,852.37
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 12,821.83 $264,969.74
285512109 ELECTRONIC ARTS US EA 6,045.38 $610,643.85
2866857 LUNDIN MINING CORP CA LUN CN 14,484.84 $78,405.46
291011104 EMERSON ELEC CO US EMR 137.08 $10,124.58
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 82,975.08 $96,946.21
29413XAD9 ENVIVA PARTNERS LP/FIN C 6.50000 01/15/2026 US 5,725.66 $5,950.11
29444U700 EQUINIX INC US EQIX 858.71 $486,759.08
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 160.79 $11,911.16
29476L107 EQUITY RESIDENTIAL US EQR 196.74 $16,742.35
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 477.74 $12,464.13
297178105 ESSEX PROPERTY TRUST INC US ESS 39.16 $12,225.87
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 68,832.97 $69,220.47
30225T102 EXTRA SPACE STORAGE INC US EXR 41.91 $4,444.55
30287EAE0 FREMF 2014-K41 B FLT 3.96298 11/25/2047 US 66,767.98 $70,996.57
30291XAE2 FREMF 2014-K715 B FLT 4.11191 02/25/2046 US 64,840.66 $65,855.73
30303M102 FACEBOOK INC -A US FB 5,566.91 $1,122,511.57
30744W107 FARFETCH LTD - CLASS A GB FTCH 1,149.59 $11,449.93
311900104 FASTENAL CO US FAST 159 $5,647.73
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 21,198.04 $23,821.65
3128M6NS3 FHLM POOL G04601 5.50000 07/01/2038 US 22,072.13 $24,791.85
3128P75X7 FHLM POOL C91762 4.50000 05/01/2034 US 19,112.87 $20,535.75
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 16,076.77 $17,273.84
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 21,832.74 $23,458.27
3131XVYW9 FEDERAL NATL MTG ASSN FR ZM2525 3.00000 12/01/2046 US 53,731.46 $54,966.91
3131YBKP2 FEDERAL NATL MTG ASSN FN ZN4802 4.00000 04/01/2049 US 101,218.92 $105,268.78
3132QQFU1 FHLM POOL Q33778 4.00000 06/01/2045 US 31,510.62 $33,335.78
3132Y33P7 FHLM POOL FG Q59805 4.50000 11/01/2048 US 41,585.66 $43,764.27
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 48,017.54 $51,332.10
3133G6L60 FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 US 58,319.04 $59,746.47
3136AY6W8 FNA 2017-M15 A1 3.05802 09/25/2027 US 53,082.77 $55,455.76
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 39,328.53 $40,859.83
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 28.63 $3,780.94
3137AME78 FHMS K017 X1 FLT 1.44530 12/25/2021 US 762,942.85 $15,743.48
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 38,801.24 $39,482.25
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 33,572.58 $34,227.52
3138EGHT4 FEDERAL NATL MTG ASSN AL0241 4.00000 04/01/2041 US 35,493.2 $37,985.66
3138EHR87 FEDERAL NATL MTG ASSN AL1410 4.50000 12/01/2041 US 50,686.23 $54,912.94
3138EQST0 FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 29,222.8 $31,267.11
3138ERN30 FEDERAL NATL MTG ASSN FN AL9409 3.50000 11/01/2031 US 45,656.94 $47,482.25
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64500 01/01/2049 US 59,885.32 $67,115.78
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 134,842.59 $141,929.87
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 30,410.71 $32,700.09
3140H2PH5 FEDERAL NATL MATG ASSN FN BJ1323 3.50000 11/01/2047 US 130,282.37 $136,087.63
3140HPMQ7 FEDERAL NATIONAL MTGE FN BK9366 4.50000 08/01/2048 US 24,928.9 $26,215.05
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 69,581.6 $73,144.96
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 59,389.98 $65,549.09
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 57,495.26 $61,587.36
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 61,216.24 $64,542.33
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 45,590.91 $48,834.79
3140X4JC1 FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 US 90,432.45 $93,748.41
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 2,024.11 $2,051.55
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 2,458.85 $2,488.81
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 20,479.54 $22,181.62
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 28,404.49 $30,503.12
31418C4F8 FEDERAL NATL MTG ASSN FN MA3521 4.00000 11/01/2048 US 96,563.39 $100,215.21
31418C4M3 FEDERAL NATL MTG ASSN FN MA3527 5.00000 11/01/2048 US 94,652.77 $101,041.27
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 39,271.73 $40,181.11
31418CYJ7 FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 83,780 $87,079.26
31418CZH0 FEDERAL NATL MTG ASSN FN MA3443 4.00000 08/01/2048 US 43,528.84 $45,118.28
31418DC67 FEDERAL NATL MTG ASSN FN MA3692 3.50000 07/01/2049 US 121,855.12 $125,079.25
31418MGR7 FEDERAL NATL MTG ASSN AD0207 6.00000 10/01/2038 US 24,329.29 $27,938.97
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 15,386.83 $17,290.34
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 3,206.99 $3,399.41
316773100 FIFTH THIRD BANCORP US FITB 185.51 $5,600.40
32054K103 FIRST INDUSTRIAL REALTY TR US FR 187.13 $7,968.08
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 5,725.66 $5,606.39
34461LAA2 FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 56,443.04 $58,116.27
346232AD3 FORESTAR GROUP INC 8.00000 04/15/2024 US 3,206.99 $3,463.55
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 8,244.32 $8,484.81
35166FAA0 FOXTROT ESCROW ISSUER 12.25000 11/15/2026 US 5,725.66 $5,768.60
35671D857 FREEPORT-MCMORAN INC US FCX 12,429.59 $141,448.72
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 16,932.91 $16,907.24
364760108 GAP INC US GPS 140.22 $2,329.09
369550108 GENERAL DYNAMICS CORP US GD 42.24 $7,677.56
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 110,477.01 $108,069.71
370334104 GENERAL MLS INC US GIS 151.13 $8,058.38
37045XAR7 GENERAL MOTORS FINL CO 3.15000 01/15/2020 US 103,249.46 $103,285.67
372460105 GENUINE PARTS CO US GPC 50.03 $5,221.22
374297109 GETTY REALTY CORP US GTY 216.21 $7,256.14
375558103 GILEAD SCIENCES INC US GILD 236.13 $15,877.09
37960JAA6 GLOBAL AIR LEASE CO LTD 6.50000 09/15/2024 KY 6,867.67 $7,024.25
38141GVR2 GOLDMAN SACHS GROUP INC 4.25000 10/21/2025 US 54,096.5 $58,411.65
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 66,084.89 $66,509.01
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 18,954.26 $308,385.87
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 147.16 $14,889.86
40051E202 GRUPO AEROPORTUARIO DEL SURESTE MX ASR 122.44 $20,994.37
404119BX6 HCA INC 4.12500 06/15/2029 US 89,858.38 $94,665.75
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 2,518.67 $2,317.17
406216101 HALLIBURTON CO US HAL 20,931.47 $439,351.54
416515104 HARTFORD FINL SVCS US HIG 74.06 $4,581.04
421946104 HEALTHCARE REALTY TRUST INC US HR 327.54 $10,870.92
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 211.16 $6,408.74
42250P103 HEALTHPEAK PROPERTIES INC US PEAK 578.04 $20,162.08
427866108 HERSHEY CO/THE US HSY 52.13 $7,723.83
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 73.06 $7,670.98
437076102 HOME DEPOT INC US HD 146.91 $32,395.51
438516106 HONEYWELL INTERNATIONAL INC US HON 108.7 $19,408.38
44107P104 HOST MARRIOTT CORP US HST 412.7 $7,218.14
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 3,206.99 $3,479.59
445658107 HUNT (JB) TRANSPORT SVCS INC US JBHT 1,783.81 $206,244.42
450913AE8 IAMGOLD CORP 7.00000 04/15/2025 CA 5,725.66 $5,822.31
452308109 ILLINOIS TOOL WKS INC US ITW 60.65 $10,572.26
45337C102 INCYTE CORP US INCY 1,980.34 $186,469.20
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 567.75 $8,482.15
45682RAA8 INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 5,725.66 $5,840.17
458140100 INTEL CORP US INTC 595.96 $34,595.67
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 4,103.1 $386,388.55
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 142.16 $19,113.72
460146103 INTERNATIONAL PAPER CO US IP 85.04 $3,940.76
46120E602 INTUITIVE SURGICAL INC US ISRG 174.73 $103,595.55
46187BAA1 IHSFR 2017-SFR2 A 2.61250 12/17/2036 US 21,268.64 $21,238.76
46187BAB9 IHSFR 2017-SFR2 B 2.91250 12/17/2036 US 16,519.91 $16,496.25
46187W107 INVITATION HOMES INC US INVH 931.73 $28,445.83
46625H100 JP MORGAN CHASE & CO US JPM 304.87 $40,170.24
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 14,141.71 $14,419.98
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 22,286.78 $22,631.98
46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 80,221.76 $85,348.48
4741844 MERCK KGAA DE MRK GR 4,044.54 $472,083.01
476405105 JERNIGAN CAPITAL INC US JCAP 651.55 $11,389.13
478160104 JOHNSON & JOHNSON US JNJ 6,949.25 $955,452.92
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 6,413.99 $1,860.06
4821100 SOLVAY SA BE SOLB BB 525.24 $60,190.35
482480100 KLA-TENCOR CORPORATION US KLAC 46.04 $7,544.62
483007AJ9 KAISER ALUMINUM CORP 4.62500 03/01/2028 US 3,895.32 $3,998.16
487526AB1 KEHE DISTRIBUTORS LLC/FI 8.62500 10/15/2026 US 5,725.66 $5,954.69
487836108 KELLOGG CO US K 84.22 $5,484.23
493267108 KEYCORP US KEY 251.92 $4,884.66
49427F108 KILROY REALTY CORP US KRC 50.2 $4,178.75
494368103 KIMBERLY CLARK CORP US KMB 74.92 $10,215.25
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 99,025.69 $128,308.46
500255104 KOHLS CORP US KSS 63.6 $2,990.07
50050N103 KONTOOR BRANDS INC US KTB 6.18 $221.53
501044101 KROGER CO US KR 156.12 $4,268.40
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 6,413.99 $6,622.44
5107401 BEIERSDORF AG DE BEI GR 2,409.04 $280,953.88
512807108 LAM RESEARCH CORP US LRCX 26.23 $6,997.73
516806AD8 LAREDO PETROLEUM INC 5.62500 01/15/2022 US 3,895.32 $3,586.06
531172104 LIBERTY PROPERTY TRUST US LPT 165.12 $10,174.77
53223X107 LIFE STORAGE INC US LSI 54.74 $5,994.90
539830109 LOCKHEED MARTIN CORP US LMT 45.08 $17,628.63
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 3,206.99 $2,244.90
550021109 LULULEMON - ADR CA LULU 3,503.45 $790,693.59
56585A102 MARATHON PETROLEUM CORP US MPC 162.71 $9,866.48
57636Q104 MASTERCARD INC-CLASS A US MA 3,147.75 $919,868.08
57772K101 MAXIM INTEGRATED PRODUCTS US MXIM 75.52 $4,279.68
58933Y105 MERCK & CO INC US MRK 2,259.97 $197,023.84
594918104 MICROSOFT CORP US MSFT 5,461.02 $826,688.47
595112103 MICRON TECHNOLOGY INC US MU 17,318.15 $822,785.12
59522J103 MID-AMERICA APARTMENT COMM US MAA 59.78 $8,136.01
60871R209 MOLSON COORS BREWING CO -B US TAP 60.28 $3,042.89
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 15,003.99 $788,309.55
615369105 MOODY'S CORPORATION US MCO 1,751.16 $396,935.87
61965RAA3 MOSS CREEK RESOURCES HLD 7.50000 01/15/2026 US 3,895.32 $2,590.39
61965RAB1 MOSS CREEK RESOURCES HLD 10.50000 05/15/2027 US 688.33 $505.92
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 7,102.32 $6,818.23
6356934 FANUC LTD JP 6954 JP 73.21 $13,979.56
637417106 NATIONAL RETAIL PROPERTIES US NNN 171.77 $9,574.45
637870106 NATIONAL STORAGE AFFILIATES US NSA 137.18 $4,595.57
63938CAA6 NAVIENT CORP 5.00000 10/26/2020 US 5,725.66 $5,840.17
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 39,702.95 $39,849.11
64110D104 NETAPP INC US NTAP 53.32 $3,230.70
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 15,539.04 $16,112.63
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 24,408.1 $25,299.80
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 25,400.06 $26,268.46
6490995 KEYENCE CORP JP 6861 JP 582.8 $199,549.37
6514442 METROPOLITAN BANK & TRUST PH MBT PM 586.15 $764.38
654106103 NIKE INC CLASS B US NKE 4,798.71 $448,631.15
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 6,413.99 $4,133.02
66987V109 NOVARTIS AG- REG CH NVS 7,406.06 $683,579.63
670346105 NUCOR CORP US NUE 94.01 $5,298.43
67059TAD7 NUSTAR LOGISTICS LP 6.75000 02/01/2021 US 3,206.99 $3,316.35
67066G104 NVIDIA CORP US NVDA 1,629.92 $353,269.20
6742340 SHANDONG WEIGAO CN 1066 HK 22,702.41 $27,398.74
674599105 OCCIDENTAL PETROLEUM CORP US OXY 132.83 $5,123.10
680665AL0 OLIN CORP 5.62500 08/01/2029 US 3,206.99 $3,343.29
681936100 OMEGA HEALTHCARE INVS INC US OHI 195.81 $8,230.08
6821506 SONY CORP FIRST SECTION JP 6758 JP 865.11 $54,897.88
69145AAB4 OXFIN 2019-1A A2 4.45900 02/15/2027 US 82,599.57 $84,545.19
7021963 DEUTSCHE BOERSE AG DE DB1 GR 2,052.61 $314,134.74
70450Y103 PAYPAL HOLDINGS INC US PYPL 2,974.09 $321,231.62
7123870 NESTLE SA-REGISTERED CH NESN SW 5,451.3 $566,089.25
713448108 PEPSICO INC US PEP 4,577.45 $621,754.92
717081103 PFIZER INC US PFE 753.09 $29,009.17
718172109 PHILIP MORRIS INTERNATIONAL US PM 3,861.12 $320,202.75
718546104 PHILLIPS 66 US PSX 74.33 $8,527.18
719245AD4 PHOTO HOLDINGS MERGER SU 8.50000 10/01/2026 US 5,725.66 $4,795.24
71943U104 PHYSICIANS REALTY TRUST US DOC 702.19 $13,475.05
729640102 PLYMOUTH INDUSTRIAL REIT INC US 255.31 $4,733.53
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 166,857.52 $178,412.98
74166MAB2 PRIME SECSRVC BRW/FINANC 5.25000 04/15/2024 US 5,725.66 $5,897.43
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 3,206.99 $3,349.77
74333NAA0 PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 US 52,313.06 $52,833.08
74340W103 PROLOGIS US PLD 440.89 $40,363.61
74460D109 PUBLIC STORAGE INC US PSA 71.46 $15,055.45
74834L100 QUEST DIAGNOSTICS INC US DGX 37.58 $4,003.79
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 5,725.66 $5,997.63
756109104 REALTY INCOME CORP US O 61.15 $4,686.07
7591EP100 REGIONS FINANCIAL CORP. US RF 223.49 $3,718.95
76131D103 RESTAURANT BRANDS INTERN CA QSR 476.5 $31,272.51
7698356 GETINGE AB-B SHS SE GETIB SS 1,521.04 $26,405.97
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 5,725.66 $5,805.84
773903109 ROCKWELL AUTOMATION INC US ROK 23.75 $4,651.31
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 371.45 $30,949.09
78409V104 S&P GLOBAL INC US SPGI 1,508.98 $399,351.22
78410G104 SBA COMMUNICATIONS CORP US SBAC 1,775.72 $419,905.24
78442PGC4 SLM CORP 5.12500 04/05/2022 US 6,413.99 $6,614.43
78490DAA2 SOFI 2018-C A1FX 3.08000 01/25/2048 US 50,484.24 $50,757.91
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 138,448.24 $158,366.49
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 109,100.35 $117,373.67
806857108 SCHLUMBERGER LTD NL SLB 9,266.49 $335,446.80
81141R100 SEA LTD - ADR SG SE 10,883.55 $403,126.72
812578102 SEATTLE GENETICS INC US SGEN 1,817.76 $218,767.15
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 21,006.1 $21,166.92
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 18,198.11 $17,483.33
81762P102 SERVICENOW INC US NOW 3,429.89 $970,797.03
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 3,206.99 $2,720.97
828806109 SIMON PROPERTY GROUP INC US SPG 174.98 $26,458.24
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 36.48 $3,833.52
83402QAA0 SCLP 2016-2 A 3.09000 10/27/2025 US 12,262.56 $12,297.09
83405DAB4 SOFI 2017-C A2A 1.75000 07/25/2040 US 2,619.88 $2,618.80
83405TAA1 SCLP 2019-3 A MTGE 2.90000 05/25/2028 US 43,216.15 $43,478.59
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 32,232.59 $32,455.66
835699307 SONY CORP SPONSORED ADR JP SNE 10,254.34 $650,945.24
84265V105 SOUTHERN COPPER CORPORATION US SCCO 4,802.13 $182,625.13
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 130,657.59 $131,832.76
852061AR1 SPRINT COMMUNICATIONS 7.00000 08/15/2020 US 8,244.32 $8,441.69
85207UAE5 SPRINT CORP 7.25000 09/15/2021 US 3,206.99 $3,401.02
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 3,206.99 $3,455.54
85254J102 STAG INDUSTRIAL INC US STAG 232.23 $7,196.91
855030AN2 STAPLES INC 7.50000 04/15/2026 US 5,725.66 $5,990.47
85571XAA5 SRPT 2014-STAR A FLTG RATE 2.98538 11/15/2027 US 49,179.18 $49,086.38
858912AF5 STERICYCLE INC 5.37500 07/15/2024 US 5,725.66 $5,983.31
862121100 STORE CAPITAL CORP US STOR 177.95 $7,244.31
866674104 SUN COMMUNITIES US SUI 108.79 $17,918.39
86723CAF5 SUNCOKE ENRGY PART LP/FI 7.50000 06/15/2025 US 3,206.99 $2,902.33
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 340.79 $4,771.01
867914103 SUNTRUST BANKS INC US STI 95.06 $6,734.39
86935CAA0 SCML 2019-SBC8 2.86000 12/25/2035 US 51,341.62 $51,511.73
871829107 SYSCO CORP US SYY 118.5 $9,544.87
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 7,350.22 $7,347.49
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 3,895.32 $3,466.84
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 92,142.39 $98,978.94
882508104 TEXAS INSTRUMENTS INC US TXN 151.59 $18,222.55
883556102 THERMO FISHER SCIENTIFIC INC US TMO 602.98 $189,305.24
88579Y101 3M CO US MMM 103.26 $17,529.76
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 40,689.66 $40,780.60
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 44,548.82 $44,733.43
89177EAA7 TPMT 2019-HY1 A1 2.70800 10/25/2048 US 40,427.26 $40,544.35
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 2,518.67 $2,531.26
89417E109 TRAVELLERS COS INC US TRV 42.8 $5,850.99
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 43,145.05 $43,055.50
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 41,182.95 $41,519.87
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 12,358.67 $12,065.15
902494103 TYSON FOODS INC -CL A US TSN 64.62 $5,808.85
902653104 UDR INC US UDR 296.86 $14,263.89
902973304 U.S. BANCORP US USB 271.19 $16,279.34
903002103 UMH PROPERTIES INC US UMH 262.94 $4,104.53
904767704 UNILEVER PLC - ADR GB UL 9,807.39 $583,441.64
907818108 UNION PAC CORP US UNP 109.07 $19,195.09
911312106 UNITED PARCEL SERVICE US UPS 159.96 $19,152.24
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 325,029.29 $457,567.61
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 186,534.93 $197,087.73
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 623,730.63 $659,083.49
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 806,363.25 $938,814.71
9128284P2 US TREASURY N/B 2.62500 05/15/2021 US 756,272.02 $766,434.43
9128286N5 TSY INFL IX N/B 0.50000 04/15/2024 US 220,034.62 $222,504.78
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 717,213.82 $715,193.73
912828K74 US TREASURY N/B 2.00000 08/15/2025 US 2,132,383.15 $2,168,866.90
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 1,033,259.97 $1,027,730.42
912828WJ5 US TREASURY N/B 2.50000 05/15/2024 US 967,195.78 $1,003,163.37
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 261,062.47 $272,820.48
913017109 UNITED TECHNOLOGIES CORP US UTX 130.21 $19,315.87
91324P102 UNITEDHEALTH GROUP INC US UNH 744.59 $208,387.74
91704F104 URBAN EDGE PROPERTIES US UE 480.77 $9,966.31
918204108 VF CORP US VFC 91.08 $8,064.39
91913Y100 VALERO ENERGY US VLO 95.98 $9,164.68
92276F100 VENTAS INC US VTR 159.76 $9,315.88
92339V100 VEREIT INC US VER 1,303.73 $12,724.40
92343VDU5 VERIZON COMMUNICATIONS 5.25000 03/16/2037 US 158,159.52 $199,858.49
92511U102 VERRA MOBILITY CORP US VRRM 28,296.61 $423,600.31
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 855.14 $189,627.72
92553P201 VIACOM INC CL B US VIAB 121.57 $2,926.08
92826C839 VISA INC - CLASS A SHARES US V 4,143.96 $764,601.36
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 5,725.66 $5,525.26
929042109 VORNADO REALTY TRUST US VNO 74.43 $4,806.18
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 3,206.99 $2,950.44
93065PAA9 WBHT 2019-WBM A FLT 2.81538 12/15/2033 US 47,494.75 $47,524.33
931142103 WAL MART STORES US WMT 329.64 $39,256.29
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 169.79 $10,119.63
94106L109 WASTE MANAGEMENT INC US WM 89.98 $10,160.05
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 6,413.99 $6,558.30
948741103 WEINGARTEN REALTY INVESTORS US WRI 311.27 $9,910.72
949746101 WELLS FARGO COMPANY US WFC 589.29 $32,092.54
95040Q104 WELLTOWER INC. US WELL 199.38 $16,861.94
958102105 WESTERN DIGITAL CORP US WDC 86.86 $4,371.88
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 84,351.74 $86,360.26
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 12,205.56 $12,217.81
98311A105 WYNDHAM HOTELS & RESORTS INC US WH 133.97 $7,761.12
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 8,244.32 $7,765.13
B02J639 ADMIRAL GROUP PLC GB ADM LN 1,583.29 $43,772.30
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 3,053.06 $20,315.78
B1XH026 VINCI SA FR DG FP 191.56 $20,882.16
B1Y47Y7 GERRESHEIMER AG DE GXI GR 393.19 $28,912.18
B1Y9TB3 DANONE FR BN FP 636.02 $52,332.79
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 122,247.36 $6,215.08
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 14,041.93 $10,874.54
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 198,651.96 $10,067.54
B4R2R50 JULIUS BAER CH BAER SW 3,641.6 $171,535.71
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 287,308.82 $14,752.61
B63QM77 NEXON CO LTD JP 3659 JP 59,126.72 $807,762.15
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 38,271.13 $2,045.02
BBG00Q7Z9PN7 SE US 12/20/19 C39 SG -14.87 -$966.41
BBG00QR025W3 MU US 12/13/19 P43 US -17.76 -$248.62
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 658.22 $11,970.68
BD3HF92 BSR REAL ESTATE INVESTMENT CA HOM/U CN 159.18 $2,024.87
BD4TZK8 OCI NV NL OCI NA 459.79 $8,709.84
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 3,785.57 $6,081.20
BGHVXC0 DRILLING CO OF 1972/THE DK DRLCO DC 359.09 $21,742.00
BH3T8K8 ORBIA ADVANCE CORP SAB DE CV MX 11,644.68 $25,279.48
BJ2KSG2 AKZO NOBEL NL AKZA NA 2,735.22 $261,933.19
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 15,050 $635,037.13
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 5,529.14 $27,023.65
BNGN9Z1 FINECOBANK SPA IT FBK IM 15,234.99 $188,573.65
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 14,360.48 $446,817.82
BYXS699 QIAGEN N.V. NL QIA GR 1,076.82 $46,105.82
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 6,438.37 $510,358.12
G0750C108 AXALTA COATING SYSTEMS LTD US AXTA 5,190.42 $147,771.12
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 924.62 $31,945.49
G29183103 EATON CORP PLC US ETN 101.06 $9,347.72
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 188.25 $8,062.85
G5960L103 MEDTRONIC INC IE MDT 8,381.29 $933,592.05
G97822103 PERRIGO CO PLC IE PRGO 635.33 $32,547.93
H01301128 ALCON INC CH ALC 4,640.88 $256,594.29
H1467J104 CHUBB LTD CH CB 61.65 $9,339.13
H8817H100 TRANSOCEAN LTD US RIG 35,403.61 $176,309.97
N22717107 CORE LABORATORIES N.V. NL CLB 5,216.9 $228,500.21
N47279109 INTERXION HOLDING NV NL INXN 282.39 $24,014.25
N53745100 LYONDELLBASELL INDU-CL A US LYB 93.05 $8,610.54
N72482123 QIAGEN N.V. ADR NL QGEN 7,126.27 $305,004.36

Based on the investments of the underlying fund(s): Manning & Napier Fund, Inc. Pro-Blend® Maximum Term Series and Manning & Napier Fund, Inc. Pro-Blend® Extended Term Series through 10/15/2017, and Manning & Napier Fund, Inc. Blended Asset Maximum Series and Manning & Napier Fund, Inc. Blended Asset Extended 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 2040 Series Class I Distribution History
  • 2019 Distribution Calendar
  • Fourth Quarter 2019 Distribution Estimates
  • Third Quarter 2019 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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