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 58% - 87%.

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

$9.71

Daily $ Change

$0.00

Daily % Change

0.00%

as of 12/11/2018

Ticker

MTTRX

CUSIP

56382P781

Inception Date

03/28/2008

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
XBRL-3/20/18

Information on Underlying Investments

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

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

Performance

As of 11/30/2018

YTD

0.12%

1 Year

1.54%

3 Year

6.90%

5 Year

4.98%

10 Year

10.03%

Inception
(03/28/2008)

5.85%

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 1.31%
Net 1.26%*

*Includes acquired fund fees and expenses of the underlying Series, and a 12b-1 fee of 0.50%. Up to 0.25% of the 12b-1 fee is available as a shareholder servicing fee. Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated prior to the expiration date (02/29/2028) without the approval of the Fund's Board of Directors.

Top Ten Investments

As of 11/30/2018

TREASURY NOTES 9.24%
TREASURY BONDS 3.77%
GOVERNMENT AGENCY 2.70%
MASTERCARD INC-CLASS A 1.84%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 1.82%
QORVO INC 1.80%
MEDTRONIC INC 1.74%
NOVARTIS AG- REG 1.71%
BOOKING HOLDINGS INC 1.68%
VISA INC - CLASS A SHARES 1.51%

Top Ten Investments list is unaudited and excludes cash

Asset Allocation

As of 11/30/2018

Stocks 70.08%
Bonds 28.34%
Cash 1.58%

Detailed Asset Class Allocation

As of 11/30/2018

International Equities 24.79%
Small Capitalization 1.38%
Mid Capitalization 7.18%
Large Capitalization 36.73%
Long Term Fixed Income 8.11%
Intermediate Term Fixed Income 15.33%
Short Term Fixed Income 4.90%
Cash 1.58%

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 11/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 10,342.82 $10,420.39
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 154,447.76 $148,873.58
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 88,438.71 $87,377.88
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 29,052.33 $29,633.38
004239109 ACADIA REALTY TRUST US AKR 194.38 $5,572.80
0045614 ANTOFAGASTA PLC GB ANTO LN 13,282.72 $136,305.42
00724F101 ADOBE INC US ADBE 1,716.03 $430,534.17
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 153,023.63 $148,952.98
00790X101 ADVANCED DISPOSAL SERVICES US ADSW 15,258.4 $411,213.80
008492100 AGREE REALTY CORP US ADC 104.14 $6,203.64
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 13,315.72 $13,612.95
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 41.37 $5,150.72
01609W102 ALIBABA GROUP - ADR CN BABA 5,318.1 $855,469.09
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 12,696.21 $12,696.21
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 11,766.95 $11,733.89
02079K107 ALPHABET INC-CL C US GOOG 568.16 $621,813.33
02079K305 ALPHABET INC-CL A US GOOGL 501.3 $556,266.34
02209S103 ALTRIA GROUP INC US MO 5,185.25 $284,307.43
023135106 AMAZON.COM INC US AMZN 411.19 $694,974.98
02319V103 AMBEV SA-ADR BR ABEV 131,555.94 $561,743.87
0237400 DIAGEO PLC GB DGE LN 18,033.48 $651,247.84
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 13,315.72 $13,398.94
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 143.38 $6,284.14
0263494 BAE SYSTEMS PLC GB BA/ LN 3,129.29 $19,671.70
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,016.07 $21,164.75
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 160,393.55 $151,416.12
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 17,000.68 $16,448.16
03027X100 AMERICAN TOWER REIT INC US AMT 4,316.64 $710,043.64
03064D108 AMERICOLD REALTY TRUST US COLD 192.7 $5,164.47
03748R101 APARTMENT INVT & MGMT CO -A US AIV 379.71 $17,880.61
03784Y200 APPLE HOSPITALITY REIT INC US APLE 330.97 $5,252.50
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 28,482.68 $26,524.49
0405207 HALMA PLC GB HLMA LN 791.08 $13,885.74
0490656 KERRY GROUP PLC-A IE KYGA LN 246.82 $25,511.79
053332102 AUTOZONE INC US AZO 782.12 $632,793.47
053484101 AVALONBAY COMMUNITIES INC US AVB 237.76 $45,309.97
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 126,605.5 $121,022.96
058498106 BALL CORP US BLL 15,885.23 $780,123.63
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 234,769.17 $227,704.23
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 3,160.23 $689,688.25
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 6,704.38 $643,821.25
0922320 SMITH & NEPHEW PLC GB SN/ LN 1,056.45 $19,280.58
09247X101 BLACKROCK INC US BLK 1,666.96 $713,477.21
0946580 WEIR GROUP PLC/THE GB WEIR LN 1,822.24 $34,413.85
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 217,181.05 $221,154.77
09857L108 BOOKING HOLDINGS INC US BKNG 660.52 $1,249,620.02
101121101 BOSTON PROPERTIES INC US BXP 261.42 $34,298.14
105368203 BRANDYWINE REALTY TRUST US BDN 1,355.12 $19,337.60
110122108 BRISTOL MYERS SQUIBB CO US BMY 6,673.16 $356,746.89
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 333.32 $11,622.89
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 17,000.68 $16,490.66
12503M108 CBOE GLOBAL MARKETS INC US CBOE 2,316.67 $249,319.63
125269100 CF INDUSTRIES HOLDINGS INC US CF 6,379.35 $269,144.70
12572Q105 CME GROUP INC US CME 1,338.57 $254,434.80
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 153,023.63 $152,455.91
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 31,396.09 $29,066.88
12648TAA7 CSMC 2014-IVR3 A1 3.50000 07/25/2044 US 56,671 $55,129.09
13321L108 CAMECO CORP CA CCJ 1,176.89 $13,981.50
134429109 CAMPBELL SOUP CO US CPB 9,236.81 $362,083.07
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 65,158.02 $64,954.06
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 48,499.21 $43,709.92
165183AA2 CFII 2016-1A A1 2.11000 03/15/2028 US 9,490.73 $9,465.64
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 167,893.47 $165,920.85
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 63,571.14 $62,778.19
165240102 CHESAPEAKE LODGING TRUST US CHSP 280.56 $8,296.03
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 161,817.69 $221,077.92
191216100 COCA COLA CO/THE US KO 20,308.26 $1,023,536.34
192422103 COGNEX CORP US CGNX 4,672.61 $205,688.43
194162103 COLGATE-PALMOLIVE CO US CL 4,406.23 $279,883.49
19626G108 COLONY CAPITAL INC US CLNY 1,171.8 $7,218.29
2011646 ALIMENTATION COUCHE-TARD -B CA ATD/B CN 272.53 $14,302.75
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 540.85 $17,058.50
2171573 CANADIAN NATURAL RESOURCES CA CNQ CN 703.15 $17,670.77
2180632 CANADIAN NATL RAILWAY CO CA CNR CN 113.13 $9,720.36
21871N101 CORECIVIC INC US CXW 631.62 $13,864.15
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 97,660.27 $103,098.10
222795106 COUSINS PROPERTIES INC US CUZ 2,257.41 $19,075.07
22282EAH5 COVANTA HOLDING CORP 6.00000 01/01/2027 US 17,837.37 $16,588.76
2242059 FOMENTO ECONOMICO EXICA-UBD MX 1,422.72 $12,328.19
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 64,228.44 $63,921.24
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 14,027.78 $13,501.74
22822V101 CROWN CASTLE INTL CORP US CCI 146.94 $16,882.91
228368106 CROWN HOLDINGS INC US CCK 3,495.55 $179,252.03
229663109 CUBESMART US CUBE 153.72 $4,786.78
2306814 EL PUERTO DE LIVERPOOL -C1 MX 2,756.8 $16,423.99
2328595 BANCO DO BRASIL S.A. BR BBAS3 BZ 568.59 $6,562.22
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 10,342.82 $10,446.25
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 2,079.94 $19,098.56
23918K108 DAVITA INC. US DVA 8,025.15 $530,141.50
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 18,549.44 $17,390.10
2392471 GRUPO BIMBO SAB- SERIES A MX BIMBOA MM 3,332.8 $6,371.26
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 3,775.76 $8,811.57
2458771 ITAUSA INVESTIMENTOS ITAU -PR BR ITSA4 BZ 2,186.42 $6,977.08
2516710 LOJAS AMERICANAS SA - PREF BR LAME4 BZ 823.15 $4,195.60
25271C102 DIAMOND OFFSHORE DRILLING US DO 16,315.94 $205,580.85
253393102 DICK'S SPORTING GOODS INC US DKS 11,463.93 $412,472.27
253868103 DIGITAL REALTY TRUST INC US DLR 271.89 $31,277.79
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 154,447.76 $142,408.68
2583952 METRO INC CA MRU CN 282.28 $9,730.60
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 28,482.68 $27,984.23
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 19,781.31 $19,608.22
269246401 ETRADE FINANCIAL CORP US ETFC 6,041.4 $315,904.83
2715777 QUEBECOR INC -CL B CA QBR/B CN 18,972.31 $409,390.00
277276101 EASTGROUP PROPERTIES US EGP 46.48 $4,648.97
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 20,287.49 $381,883.88
2823885 ARCA CONTINENTAL SAB DE CV MX AC* MM 1,227.61 $6,349.23
285512109 ELECTRONIC ARTS US EA 7,875.43 $662,086.99
2866857 LUNDIN MINING CORP CA LUN CN 29,958.31 $130,552.55
29372EBS6 EFF 2016-2 A2 1.74000 02/22/2022 US 8,956.81 $8,916.47
29444U700 EQUINIX INC US EQIX 1,397.9 $538,583.96
2945422 WEG SA BR WEGE3 BZ 808.91 $3,727.65
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 109.96 $10,944.46
29476L107 EQUITY RESIDENTIAL US EQR 523.92 $37,329.55
297178105 ESSEX PROPERTY TRUST INC US ESS 88.69 $23,281.58
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 71,206.69 $70,103.77
30225T102 EXTRA SPACE STORAGE INC US EXR 118.17 $11,341.77
30261UAJ3 FREMF 2013-K713 B 3.26265 04/25/2046 US 71,206.69 $70,861.25
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 19,261.51 $18,876.28
30287EAE0 FREMF 2014-K41 B FLT 3.96255 11/25/2047 US 69,070.49 $68,233.03
30291EAE4 FREMF 2013-K712 B FLT 3.47306 05/25/2045 US 40,302.99 $40,213.73
30291XAE2 FREMF 2014-K715 B FLT 4.11882 02/25/2046 US 67,076.71 $67,652.19
30292HAU0 FREMF 2014- K503 B 3.13900 10/25/2047 US 71,206.69 $70,979.62
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 26,091.63 $28,028.05
3128M6NS3 FHLM POOL G04601 5.50000 07/01/2038 US 28,989.27 $31,099.68
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 57,281.76 $59,156.22
3128P75X7 FHLM POOL C91762 4.50000 05/01/2034 US 23,026.08 $23,907.10
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 21,298.44 $22,166.88
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 24,840.65 $25,789.39
3132QQFU1 FHLM POOL Q33778 4.00000 06/01/2045 US 35,298.44 $35,605.45
3132XYDL8 FHLM POOL Q55506 4.50000 04/01/2048 US 110,171.6 $113,334.54
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 43,259.28 $43,030.51
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 44.34 $5,857.42
3137AME78 FHMS K017 X1 FLT 1.45146 12/25/2021 US 844,015.13 $27,426.36
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 54,098.17 $55,175.17
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 55,796.25 $57,634.28
3138EGHT4 FEDERAL NATL MTG ASSN AL0241 4.00000 04/01/2041 US 41,597.14 $42,143.90
3138EHR87 FEDERAL NATL MTG ASSN AL1410 4.50000 12/01/2041 US 62,734.35 $65,151.03
3138EHXZ0 FEDERAL NATL MTG ASSN AL1595 6.00000 01/01/2040 US 15,025.61 $16,411.73
3138EQST0 FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 34,818.45 $35,275.72
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65400 01/01/2049 US 72,644.7 $77,657.85
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 151,392.8 $149,077.41
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 35,987.47 $37,327.92
3140EX2Y8 FEDERAL NATL MTG ASSN BC3490 3.50000 02/01/2046 US 89,740.42 $88,367.66
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 49,338.17 $49,646.89
3140H2PH5 FEDERAL NATL MATG ASSN FN BJ1323 3.50000 11/01/2047 US 142,543.98 $140,008.89
3140HPMQ7 FEDERAL NATIONAL MTGE FN BK9366 4.50000 08/01/2048 US 35,471.17 $36,500.91
3140J8YU1 FEDERAL NATL MTGE ASSN FN BM4322 4.00000 07/01/2048 US 143,615.83 $144,644.08
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 80,712.53 $84,559.87
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 80,230.75 $84,051.22
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 83,962.44 $86,451.69
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 64,290.42 $67,348.60
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 5,070.59 $5,155.66
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 6,076.78 $6,177.52
31410HAQ4 MACYS RETAIL HLDGS INC 6.90000 04/01/2029 US 72,951.48 $76,600.78
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 24,720.66 $25,705.39
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 38,060.14 $39,515.00
31418C4M3 FEDERAL NATL MTG ASSN FN MA3527 5.00000 11/01/2048 US 142,374.29 $149,139.59
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 46,245.11 $44,143.89
31418CQA5 FEDERAL NATL MTGE ASSN FN MA3148 3.50000 10/01/2047 US 85,186.69 $83,583.52
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 51,923.72 $53,433.02
31418MGR7 FEDERAL NATL MTG ASSN AD0207 6.00000 10/01/2038 US 30,468.3 $33,331.43
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 18,938.02 $20,364.97
31428X106 FEDEX CORPORATION US FDX 2,714.58 $621,638.90
32054K103 FIRST INDUSTRIAL REALTY TR US FR 264.52 $8,480.39
336130AB5 FIRST QUALITY FINANCE CO 5.00000 07/01/2025 US 11,766.95 $10,766.76
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 16,288.61 $15,759.23
35671D857 FREEPORT-MCMORAN INC US FCX 16,165.97 $193,021.70
35802XAD5 FRESENIUS MED CARE II 5.62500 07/31/2019 US 5,575.54 $5,646.25
36143WAN1 GAHR 2015-NRF BFX FLT 3.49490 12/15/2034 US 80,463.56 $80,007.79
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 17,516.85 $17,164.80
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 122,369.05 $97,283.40
37045VAR1 GENERAL MOTORS CO FLT 3.22706 09/10/2021 US 153,023.63 $151,810.94
371559105 GENESEE & WYOMING INC -CL A US GWR 2,473.37 $205,982.41
37185LAF9 GENESIS ENERGY LP/GENESI 5.62500 06/15/2024 US 13,315.72 $11,651.25
374297109 GETTY REALTY CORP US GTY 329.3 $10,073.19
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 23,533.91 $22,857.31
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 69,603.87 $64,931.19
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 19,973.57 $18,974.89
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 92.07 $6,409.97
4012250 AIRBUS SE FR AIR FP 127.16 $13,637.04
40414L109 HCP INC US HCP 576.35 $16,863.99
4057808 L'OREAL FR OR FP 86.13 $20,322.57
4061412 LVMH MOET HENNESSY LOUIS VUITTON FR MC FP 59.12 $16,922.33
4162791 THALES SA FR HO FP 20.22 $2,481.97
4163437 CAP GEMINI FR CAP FP 33.66 $3,930.58
421946104 HEALTHCARE REALTY TRUST INC US HR 507.51 $15,732.82
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 808.16 $22,725.57
44107P104 HOST MARRIOTT CORP US HST 1,030.47 $19,578.98
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 28,892.26 $26,942.03
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 14,312.61 $13,668.54
45337C102 INCYTE CORP US INCY 13,236.31 $850,432.84
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 990.19 $10,000.89
45763PAE6 INMARSAT FINANCE PLC 4.87500 05/15/2022 GB 37,291.27 $35,892.85
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 3,103.7 $253,634.27
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 157,118.04 $158,786.49
46120E602 INTUITIVE SURGICAL INC US ISRG 856.47 $454,671.60
46187BAA1 IHSFR 2017-SFR2 A 3.15250 12/17/2036 US 23,066.31 $23,037.64
46187BAB9 IHSFR 2017-SFR2 B 3.45250 12/17/2036 US 17,089.61 $17,201.19
46187W107 INVITATION HOMES INC US INVH 889.8 $19,095.02
464286624 ISHARES MSCI THAILAND ETF TH 624.47 $53,848.25
464287739 ISHARES DJ US REAL ESTATE US 9.63 $787.60
46625HHL7 JPMORGAN CHASE & CO 6.30000 04/23/2019 US 225,975.11 $228,711.62
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 17,474.77 $16,878.84
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 28,413.76 $27,978.69
46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 126,641.45 $126,261.38
46647SAJ9 JPMMT 2017-3 1A5 3.50000 08/25/2047 US 56,739.13 $55,545.28
46649HAC6 JPMMT 2017-6 A3 3.50000 12/25/2048 US 51,937.95 $50,069.37
46649HAE2 JPMMT 2017-6 A5 3.50000 12/25/2048 US 69,686.51 $68,178.42
4682329 PERNOD-RICARD SA FR RI FP 83.86 $13,406.92
4712798 RENAULT SA FR RNO FP 52.46 $3,692.80
4741844 MERCK KGAA DE MRK GR 5,024.42 $556,195.72
476405105 JERNIGAN CAPITAL INC US JCAP 557.21 $11,913.21
478160104 JOHNSON & JOHNSON US JNJ 7,013.81 $1,030,328.82
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BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 28,454.37 $21,720.29
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 27,223.76 $1,088,369.04
BNGN9Z1 FINECOBANK SPA IT FBK IM 29,686.51 $319,176.79
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 17,260.38 $530,498.47
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 763.7 $21,071.08
BSQXJ01 THULE GROUP AB/THE SE THULE SS 967.35 $18,119.83
BW1YVH8 WALMART DE MEXICO SAB DE CV MX WALMEX* MM 7,326.25 $18,148.48
BYQ32R1 NEMAK SAB DE CV MX 18,540.56 $13,290.26
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 34,450.01 $14,510.01
BYXS699 QIAGEN N.V. NL QIA GR 442.89 $15,673.21
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 10,734.38 $824,727.04
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 1,928.03 $8,965.16
BYZWX76 CRODA INTERNATIONAL PLC GB CRDA LN 153.19 $9,547.25
BZ3C3Q4 BANKIA SA ES BKIA SM 67,588.46 $223,720.16
BZ4CMZ5 DAVIDE CAMPARI-MILANO SPA IT CPR IM 1,121.64 $9,382.72
G02602103 AMDOCS LTD GG DOX 6,666.61 $432,729.93
G0750C108 AXALTA COATING SYSTEMS LTD US AXTA 9,074.19 $227,127.05
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 277.64 $11,016.62
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 277.76 $13,482.53
G27358103 DESPEGAR.COM CORP AR DESP 352.12 $5,260.66
G3157S106 ENSCO INTERNATIONAL INC US ESV 46,297.2 $262,505.10
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 22,821.84 $23,620.60
G5960L103 MEDTRONIC INC IE MDT 13,291.85 $1,296,354.07
G84720104 STERIS PLC GB STE 119.08 $14,179.59
G97822103 PERRIGO CO PLC IE PRGO 6,862.56 $427,400.23
H8817H100 TRANSOCEAN LTD US RIG 32,268.47 $299,451.41
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 170.7 $19,086.11
N22717107 CORE LABORATORIES N.V. NL CLB 152.03 $12,634.98
N47279109 INTERXION HOLDING NV NL INXN 7,670.81 $477,661.57
N59465109 MYLAN NV US MYL 4,770.19 $161,518.47
N72482123 QIAGEN N.V. ADR NL QGEN 8,414.92 $298,224.69
USD US DOLLAR US 1,196,556.9 $1,196,556.90

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 R Distribution History
  • 2018 Distribution Calendar
  • Fourth Quarter 2017 Distributions
  • Third Quarter 2018 Distributions
  • Second Quarter 2018 Distributions
  • First Quarter 2018 Distributions
  • Tax Letter
  • Fourth Quarter 2018 Distribution Estimates

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

$9.71

Daily $ Change

$0.00

Daily % Change

0.00%

as of 12/11/2018

Ticker

MTTRX

CUSIP

56382P781

Inception Date

03/28/2008

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
XBRL-3/20/18

Information on Underlying Investments

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

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

Investment Objective

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

Investment Strategy

Currently: The portfolio is currently invested in a 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 58% - 87%.

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 11/30/2018

YTD

0.12%

1 Year

1.54%

3 Year

6.90%

5 Year

4.98%

10 Year

10.03%

Inception
(03/28/2008)

5.85%

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 1.31%
Net 1.26%*

*Includes acquired fund fees and expenses of the underlying Series, and a 12b-1 fee of 0.50%. Up to 0.25% of the 12b-1 fee is available as a shareholder servicing fee. Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated prior to the expiration date (02/29/2028) without the approval of the Fund's Board of Directors.

Top Ten Investments

As of 11/30/2018

TREASURY NOTES 9.24%
TREASURY BONDS 3.77%
GOVERNMENT AGENCY 2.70%
MASTERCARD INC-CLASS A 1.84%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 1.82%
QORVO INC 1.80%
MEDTRONIC INC 1.74%
NOVARTIS AG- REG 1.71%
BOOKING HOLDINGS INC 1.68%
VISA INC - CLASS A SHARES 1.51%

Top Ten Investments list is unaudited and excludes cash

Asset Allocation

As of 11/30/2018

Stocks
70.08%
Bonds
28.34%
Cash
1.58%

Detailed Asset Class Allocation

As of 11/30/2018

International Equities
24.79%
Small Capitalization
1.38%
Mid Capitalization
7.18%
Large Capitalization
36.73%
Long Term Fixed Income
8.11%
Intermediate Term Fixed Income
15.33%
Short Term Fixed Income
4.90%
Cash
1.58%

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 11/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 10,342.82 $10,420.39
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 154,447.76 $148,873.58
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 88,438.71 $87,377.88
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 29,052.33 $29,633.38
004239109 ACADIA REALTY TRUST US AKR 194.38 $5,572.80
0045614 ANTOFAGASTA PLC GB ANTO LN 13,282.72 $136,305.42
00724F101 ADOBE INC US ADBE 1,716.03 $430,534.17
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 153,023.63 $148,952.98
00790X101 ADVANCED DISPOSAL SERVICES US ADSW 15,258.4 $411,213.80
008492100 AGREE REALTY CORP US ADC 104.14 $6,203.64
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 13,315.72 $13,612.95
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 41.37 $5,150.72
01609W102 ALIBABA GROUP - ADR CN BABA 5,318.1 $855,469.09
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 12,696.21 $12,696.21
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 11,766.95 $11,733.89
02079K107 ALPHABET INC-CL C US GOOG 568.16 $621,813.33
02079K305 ALPHABET INC-CL A US GOOGL 501.3 $556,266.34
02209S103 ALTRIA GROUP INC US MO 5,185.25 $284,307.43
023135106 AMAZON.COM INC US AMZN 411.19 $694,974.98
02319V103 AMBEV SA-ADR BR ABEV 131,555.94 $561,743.87
0237400 DIAGEO PLC GB DGE LN 18,033.48 $651,247.84
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 13,315.72 $13,398.94
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 143.38 $6,284.14
0263494 BAE SYSTEMS PLC GB BA/ LN 3,129.29 $19,671.70
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,016.07 $21,164.75
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 160,393.55 $151,416.12
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 17,000.68 $16,448.16
03027X100 AMERICAN TOWER REIT INC US AMT 4,316.64 $710,043.64
03064D108 AMERICOLD REALTY TRUST US COLD 192.7 $5,164.47
03748R101 APARTMENT INVT & MGMT CO -A US AIV 379.71 $17,880.61
03784Y200 APPLE HOSPITALITY REIT INC US APLE 330.97 $5,252.50
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 28,482.68 $26,524.49
0405207 HALMA PLC GB HLMA LN 791.08 $13,885.74
0490656 KERRY GROUP PLC-A IE KYGA LN 246.82 $25,511.79
053332102 AUTOZONE INC US AZO 782.12 $632,793.47
053484101 AVALONBAY COMMUNITIES INC US AVB 237.76 $45,309.97
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 126,605.5 $121,022.96
058498106 BALL CORP US BLL 15,885.23 $780,123.63
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 234,769.17 $227,704.23
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 3,160.23 $689,688.25
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 6,704.38 $643,821.25
0922320 SMITH & NEPHEW PLC GB SN/ LN 1,056.45 $19,280.58
09247X101 BLACKROCK INC US BLK 1,666.96 $713,477.21
0946580 WEIR GROUP PLC/THE GB WEIR LN 1,822.24 $34,413.85
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 217,181.05 $221,154.77
09857L108 BOOKING HOLDINGS INC US BKNG 660.52 $1,249,620.02
101121101 BOSTON PROPERTIES INC US BXP 261.42 $34,298.14
105368203 BRANDYWINE REALTY TRUST US BDN 1,355.12 $19,337.60
110122108 BRISTOL MYERS SQUIBB CO US BMY 6,673.16 $356,746.89
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 333.32 $11,622.89
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 17,000.68 $16,490.66
12503M108 CBOE GLOBAL MARKETS INC US CBOE 2,316.67 $249,319.63
125269100 CF INDUSTRIES HOLDINGS INC US CF 6,379.35 $269,144.70
12572Q105 CME GROUP INC US CME 1,338.57 $254,434.80
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 153,023.63 $152,455.91
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 31,396.09 $29,066.88
12648TAA7 CSMC 2014-IVR3 A1 3.50000 07/25/2044 US 56,671 $55,129.09
13321L108 CAMECO CORP CA CCJ 1,176.89 $13,981.50
134429109 CAMPBELL SOUP CO US CPB 9,236.81 $362,083.07
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 65,158.02 $64,954.06
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 48,499.21 $43,709.92
165183AA2 CFII 2016-1A A1 2.11000 03/15/2028 US 9,490.73 $9,465.64
165183AL8 CFII 2017-2A A1 1.99000 05/15/2029 US 167,893.47 $165,920.85
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 63,571.14 $62,778.19
165240102 CHESAPEAKE LODGING TRUST US CHSP 280.56 $8,296.03
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 161,817.69 $221,077.92
191216100 COCA COLA CO/THE US KO 20,308.26 $1,023,536.34
192422103 COGNEX CORP US CGNX 4,672.61 $205,688.43
194162103 COLGATE-PALMOLIVE CO US CL 4,406.23 $279,883.49
19626G108 COLONY CAPITAL INC US CLNY 1,171.8 $7,218.29
2011646 ALIMENTATION COUCHE-TARD -B CA ATD/B CN 272.53 $14,302.75
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 540.85 $17,058.50
2171573 CANADIAN NATURAL RESOURCES CA CNQ CN 703.15 $17,670.77
2180632 CANADIAN NATL RAILWAY CO CA CNR CN 113.13 $9,720.36
21871N101 CORECIVIC INC US CXW 631.62 $13,864.15
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 97,660.27 $103,098.10
222795106 COUSINS PROPERTIES INC US CUZ 2,257.41 $19,075.07
22282EAH5 COVANTA HOLDING CORP 6.00000 01/01/2027 US 17,837.37 $16,588.76
2242059 FOMENTO ECONOMICO EXICA-UBD MX 1,422.72 $12,328.19
22530LAA4 CAALT 2017-1A A 2.56000 10/15/2025 US 64,228.44 $63,921.24
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 14,027.78 $13,501.74
22822V101 CROWN CASTLE INTL CORP US CCI 146.94 $16,882.91
228368106 CROWN HOLDINGS INC US CCK 3,495.55 $179,252.03
229663109 CUBESMART US CUBE 153.72 $4,786.78
2306814 EL PUERTO DE LIVERPOOL -C1 MX 2,756.8 $16,423.99
2328595 BANCO DO BRASIL S.A. BR BBAS3 BZ 568.59 $6,562.22
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 10,342.82 $10,446.25
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 2,079.94 $19,098.56
23918K108 DAVITA INC. US DVA 8,025.15 $530,141.50
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 18,549.44 $17,390.10
2392471 GRUPO BIMBO SAB- SERIES A MX BIMBOA MM 3,332.8 $6,371.26
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 3,775.76 $8,811.57
2458771 ITAUSA INVESTIMENTOS ITAU -PR BR ITSA4 BZ 2,186.42 $6,977.08
2516710 LOJAS AMERICANAS SA - PREF BR LAME4 BZ 823.15 $4,195.60
25271C102 DIAMOND OFFSHORE DRILLING US DO 16,315.94 $205,580.85
253393102 DICK'S SPORTING GOODS INC US DKS 11,463.93 $412,472.27
253868103 DIGITAL REALTY TRUST INC US DLR 271.89 $31,277.79
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 154,447.76 $142,408.68
2583952 METRO INC CA MRU CN 282.28 $9,730.60
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 28,482.68 $27,984.23
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 19,781.31 $19,608.22
269246401 ETRADE FINANCIAL CORP US ETFC 6,041.4 $315,904.83
2715777 QUEBECOR INC -CL B CA QBR/B CN 18,972.31 $409,390.00
277276101 EASTGROUP PROPERTIES US EGP 46.48 $4,648.97
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 20,287.49 $381,883.88
2823885 ARCA CONTINENTAL SAB DE CV MX AC* MM 1,227.61 $6,349.23
285512109 ELECTRONIC ARTS US EA 7,875.43 $662,086.99
2866857 LUNDIN MINING CORP CA LUN CN 29,958.31 $130,552.55
29372EBS6 EFF 2016-2 A2 1.74000 02/22/2022 US 8,956.81 $8,916.47
29444U700 EQUINIX INC US EQIX 1,397.9 $538,583.96
2945422 WEG SA BR WEGE3 BZ 808.91 $3,727.65
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 109.96 $10,944.46
29476L107 EQUITY RESIDENTIAL US EQR 523.92 $37,329.55
297178105 ESSEX PROPERTY TRUST INC US ESS 88.69 $23,281.58
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 71,206.69 $70,103.77
30225T102 EXTRA SPACE STORAGE INC US EXR 118.17 $11,341.77
30261UAJ3 FREMF 2013-K713 B 3.26265 04/25/2046 US 71,206.69 $70,861.25
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 19,261.51 $18,876.28
30287EAE0 FREMF 2014-K41 B FLT 3.96255 11/25/2047 US 69,070.49 $68,233.03
30291EAE4 FREMF 2013-K712 B FLT 3.47306 05/25/2045 US 40,302.99 $40,213.73
30291XAE2 FREMF 2014-K715 B FLT 4.11882 02/25/2046 US 67,076.71 $67,652.19
30292HAU0 FREMF 2014- K503 B 3.13900 10/25/2047 US 71,206.69 $70,979.62
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 26,091.63 $28,028.05
3128M6NS3 FHLM POOL G04601 5.50000 07/01/2038 US 28,989.27 $31,099.68
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 57,281.76 $59,156.22
3128P75X7 FHLM POOL C91762 4.50000 05/01/2034 US 23,026.08 $23,907.10
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 21,298.44 $22,166.88
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 24,840.65 $25,789.39
3132QQFU1 FHLM POOL Q33778 4.00000 06/01/2045 US 35,298.44 $35,605.45
3132XYDL8 FHLM POOL Q55506 4.50000 04/01/2048 US 110,171.6 $113,334.54
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 43,259.28 $43,030.51
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 44.34 $5,857.42
3137AME78 FHMS K017 X1 FLT 1.45146 12/25/2021 US 844,015.13 $27,426.36
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 54,098.17 $55,175.17
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 55,796.25 $57,634.28
3138EGHT4 FEDERAL NATL MTG ASSN AL0241 4.00000 04/01/2041 US 41,597.14 $42,143.90
3138EHR87 FEDERAL NATL MTG ASSN AL1410 4.50000 12/01/2041 US 62,734.35 $65,151.03
3138EHXZ0 FEDERAL NATL MTG ASSN AL1595 6.00000 01/01/2040 US 15,025.61 $16,411.73
3138EQST0 FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 34,818.45 $35,275.72
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65400 01/01/2049 US 72,644.7 $77,657.85
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 151,392.8 $149,077.41
3138WDRZ6 FEDERAL NATL MTG ASSN AS4103 4.50000 12/01/2044 US 35,987.47 $37,327.92
3140EX2Y8 FEDERAL NATL MTG ASSN BC3490 3.50000 02/01/2046 US 89,740.42 $88,367.66
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 49,338.17 $49,646.89
3140H2PH5 FEDERAL NATL MATG ASSN FN BJ1323 3.50000 11/01/2047 US 142,543.98 $140,008.89
3140HPMQ7 FEDERAL NATIONAL MTGE FN BK9366 4.50000 08/01/2048 US 35,471.17 $36,500.91
3140J8YU1 FEDERAL NATL MTGE ASSN FN BM4322 4.00000 07/01/2048 US 143,615.83 $144,644.08
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 80,712.53 $84,559.87
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 80,230.75 $84,051.22
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 83,962.44 $86,451.69
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 64,290.42 $67,348.60
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 5,070.59 $5,155.66
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 6,076.78 $6,177.52
31410HAQ4 MACYS RETAIL HLDGS INC 6.90000 04/01/2029 US 72,951.48 $76,600.78
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 24,720.66 $25,705.39
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 38,060.14 $39,515.00
31418C4M3 FEDERAL NATL MTG ASSN FN MA3527 5.00000 11/01/2048 US 142,374.29 $149,139.59
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 46,245.11 $44,143.89
31418CQA5 FEDERAL NATL MTGE ASSN FN MA3148 3.50000 10/01/2047 US 85,186.69 $83,583.52
31418CRE6 FEDERAL NATL MTG ASSN FN MA3184 4.50000 11/01/2047 US 51,923.72 $53,433.02
31418MGR7 FEDERAL NATL MTG ASSN AD0207 6.00000 10/01/2038 US 30,468.3 $33,331.43
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 18,938.02 $20,364.97
31428X106 FEDEX CORPORATION US FDX 2,714.58 $621,638.90
32054K103 FIRST INDUSTRIAL REALTY TR US FR 264.52 $8,480.39
336130AB5 FIRST QUALITY FINANCE CO 5.00000 07/01/2025 US 11,766.95 $10,766.76
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 16,288.61 $15,759.23
35671D857 FREEPORT-MCMORAN INC US FCX 16,165.97 $193,021.70
35802XAD5 FRESENIUS MED CARE II 5.62500 07/31/2019 US 5,575.54 $5,646.25
36143WAN1 GAHR 2015-NRF BFX FLT 3.49490 12/15/2034 US 80,463.56 $80,007.79
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B292SM8 MEGACABLE HOLDINGS-CPO MX MEGACPO MM 4,132.51 $18,841.57
B296BQ5 STORAGEVAULT CANADA INC CA SVI CN 1,420.28 $2,704.48
B3FP8W8 CANADA HOUSING TRUST 4.10000 12/15/2018 CA 12,247.55 $9,223.11
B3NB1P2 SUNCOR ENERGY INC CA SU CN 595.97 $19,215.95
B3ZCNF7 TELEFONICA BRASIL S.A. - PREF BR VIVT4 BZ 463.91 $5,519.71
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 126,463.09 $5,908.81
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 14,526.17 $11,131.79
B4975P9 MAGAZINE LUIZA SA BR MGLU3 BZ 90.43 $3,850.01
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 205,502.52 $9,391.70
B4Q2TX3 CHINA LONGYUAN POWER GROUP-H CN 916 HK 6,138.05 $4,845.61
B4R2R50 JULIUS BAER CH BAER SW 7,760.81 $313,031.42
B4V5RY4 BANCO SANTANDER BRASIL - UNIT BR SANB11 BZ 554.35 $6,124.06
B4WTBY3 HUANENG RENEWABLES CORP-H CN 958 HK 25,926.5 $8,193.96
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 26,773.72 $19,560.68
B4YVF56 BRENNTAG AG DE BNR GR 19.37 $898.37
B607XS1 VERMILION ENERGY INC CA VET CN 730.87 $18,185.80
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 297,216.74 $14,492.74
B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 2,841.04 $29,490.24
B63QM77 NEXON CO LTD JP 3659 JP 2,154.44 $25,614.94
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 39,590.92 $1,714.23
B8FMRX8 COLOPLAST-B DK COLOB DC 189.25 $18,068.74
B9N3SQ0 BB SEGURIDADE PARTICIPACOES BR BBSE3 BZ 659.02 $4,826.35
BB22L96 KION GROUP AG DE KGX GR 350.45 $19,831.63
BBG00MBFLVG6 QRVO US 12/21/18 C67.5 US -14.1 -$2,255.83
BBG00MCR9B13 BABA US 12/07/18 C165 CN -4.41 -$971.26
BBG00MD5C001 NOW US 12/07/18 C205 US -3.56 -$35.60
BBG00MHMRQ16 GOOG US 12/28/18 C1110 US -.85 -$1,683.33
BD0Q398 KONINKLIJKE AHOLD DELHAIZE N NL AD NA 524.12 $13,506.75
BD1WX84 ENGIE BRASIL ENERGIA SA BR EGIE3 BZ 359.24 $3,995.58
BD3JR69 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 22,458.73 $9,820.58
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 27,913.02 $27,215.20
BD9Y9B7 BASIC-FIT NV NL BFIT NA 455.25 $13,668.82
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 21,269.57 $8,759.65
BDXL6S0 UK TREASURY BILL GBP 0.00000 01/28/2019 GB 61,547.89 $78,340.82
BDZV116 EPIROC AB-A SE EPIA SS 1,849.78 $15,155.93
BF7LBH4 ATACADAO DISTRIBUICAO COMERC BR CRFB3 BZ 973.05 $4,252.51
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 90,433.13 $82,746.32
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 158.4 $27,228.81
BG36ZK1 B3 SA-BRASIL BOLSA BALCAO BR B3SA3 BZ 958.8 $6,992.05
BG7ZWY7 AMBEV SA BR ABEV3 BZ 3,069.03 $13,428.48
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 5,919.3 $9,113.72
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 28,454.37 $21,720.29
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 27,223.76 $1,088,369.04
BNGN9Z1 FINECOBANK SPA IT FBK IM 29,686.51 $319,176.79
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 17,260.38 $530,498.47
BQRRZ00 RECRUIT HOLDINGS CO LTD JP 6098 JP 763.7 $21,071.08
BSQXJ01 THULE GROUP AB/THE SE THULE SS 967.35 $18,119.83
BW1YVH8 WALMART DE MEXICO SAB DE CV MX WALMEX* MM 7,326.25 $18,148.48
BYQ32R1 NEMAK SAB DE CV MX 18,540.56 $13,290.26
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 34,450.01 $14,510.01
BYXS699 QIAGEN N.V. NL QIA GR 442.89 $15,673.21
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 10,734.38 $824,727.04
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 1,928.03 $8,965.16
BYZWX76 CRODA INTERNATIONAL PLC GB CRDA LN 153.19 $9,547.25
BZ3C3Q4 BANKIA SA ES BKIA SM 67,588.46 $223,720.16
BZ4CMZ5 DAVIDE CAMPARI-MILANO SPA IT CPR IM 1,121.64 $9,382.72
G02602103 AMDOCS LTD GG DOX 6,666.61 $432,729.93
G0750C108 AXALTA COATING SYSTEMS LTD US AXTA 9,074.19 $227,127.05
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 277.64 $11,016.62
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 277.76 $13,482.53
G27358103 DESPEGAR.COM CORP AR DESP 352.12 $5,260.66
G3157S106 ENSCO INTERNATIONAL INC US ESV 46,297.2 $262,505.10
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 22,821.84 $23,620.60
G5960L103 MEDTRONIC INC IE MDT 13,291.85 $1,296,354.07
G84720104 STERIS PLC GB STE 119.08 $14,179.59
G97822103 PERRIGO CO PLC IE PRGO 6,862.56 $427,400.23
H8817H100 TRANSOCEAN LTD US RIG 32,268.47 $299,451.41
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 170.7 $19,086.11
N22717107 CORE LABORATORIES N.V. NL CLB 152.03 $12,634.98
N47279109 INTERXION HOLDING NV NL INXN 7,670.81 $477,661.57
N59465109 MYLAN NV US MYL 4,770.19 $161,518.47
N72482123 QIAGEN N.V. ADR NL QGEN 8,414.92 $298,224.69
USD US DOLLAR US 1,196,556.9 $1,196,556.90

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 R Distribution History
  • 2018 Distribution Calendar
  • Fourth Quarter 2017 Distributions
  • Third Quarter 2018 Distributions
  • Second Quarter 2018 Distributions
  • First Quarter 2018 Distributions
  • Tax Letter
  • Fourth Quarter 2018 Distribution Estimates

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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