Investment Objective

To provide capital preservation and manage risk for investors who have already reached their target date or who desire minimal capital risk as they move towards a future target date.

Investment Strategy

The portfolio is invested in a conservative mix of securities that seeks preservation of capital, with income and long-term capital growth as secondary objectives. The portfolio is diversified primarily among fixed income securities, typically focusing on short to intermediate-term maturities. A position in various stock investments, which may be focused on dividend paying stocks, adds potential for growth opportunities and income generation. For the most part, this approach favors stability over growth. Stock exposure can range from 15% - 45%.

May be Appropriate for Investors

  • Who have reached their target date or are already in retirement and seek to minimize declines in account value with potential for modest capital growth and income generation
  • Who have a future target date and want to assume a minimal amount of capital risk through limited stock exposure
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio

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

$10.14

Daily $ Change

$0.02

Daily % Change

0.20%

as of 06/24/2019

Ticker

MTDRX

CUSIP

56382P831

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

Information on Underlying Investments

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

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

Performance

As of 05/31/2019

YTD

6.20%

1 Year

3.87%

3 Year

4.01%

5 Year

2.18%

10 Year

4.96%

Inception
(03/28/2008)

4.21%

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 1.15%*

*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.

Top Ten Investments

As of 05/31/2019

TREASURY NOTES 10.56%
GOVERNMENT AGENCY 10.04%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 4.05%
TREASURY BILLS 3.61%
TREASURY BONDS 2.70%
FRESENIUS MED CARE II 5.62500 07/31/2019 1.87%
GAHR 2015-NRF DFX FLT 3.38216 12/15/2034 1.68%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 1.31%
SABINE PASS LIQUEFACTION 5.87500 06/30/2026 1.15%
MORGAN STANLEY FLT 3.77988 05/08/2024 1.14%

Top Ten Investments list is unaudited and excludes cash.

Asset Allocation

As of 05/31/2019

Bonds 72.63%
Stocks 26.09%
Cash 1.28%

Detailed Asset Class Allocation

As of 05/31/2019

International Equities 6.69%
Small Capitalization 0.65%
Mid Capitalization 1.41%
Large Capitalization 17.35%
Long Term Fixed Income 20.91%
Intermediate Term Fixed Income 31.11%
Short Term Fixed Income 20.60%
Cash 1.28%

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

May Fund Holdings

As of 05/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 24,670.87 $24,917.57
00206R102 AT&T INC US T 592.1 $18,106.44
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 513,154.01 $534,769.71
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 497,364.66 $495,927.27
00287Y109 ABBVIE INC US ABBV 1,015.45 $77,895.39
004239109 ACADIA REALTY TRUST US AKR 291.12 $7,962.03
00507V109 ACTIVISION INC US ATVI 4,179.24 $181,253.84
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 523,022.36 $539,608.47
008492100 AGREE REALTY CORP US ADC 172.7 $11,562.00
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 601,969.13 $611,706.51
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 69.08 $10,113.77
020002101 ALLSTATE CORPORATION US ALL 276.31 $26,390.72
02079K107 ALPHABET INC-CL C US GOOG 246.71 $272,275.08
02079K305 ALPHABET INC-CL A US GOOGL 236.84 $262,063.81
023135106 AMAZON.COM INC US AMZN 69.08 $122,619.04
02319V103 AMBEV SA-ADR BR ABEV 32,812.25 $146,670.76
0237400 DIAGEO PLC GB DGE LN 8,269.67 $347,836.39
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 93,749.29 $94,100.85
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 281.25 $13,027.40
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,870.05 $45,647.96
026874784 AMERICAN INTL GROUP INC US AIG 513.15 $26,206.78
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 39,473.39 $38,289.18
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 19,736.69 $19,929.36
03027X100 AMERICAN TOWER REIT INC US AMT 720.39 $150,395.67
03064D108 AMERICOLD REALTY TRUST US COLD 261.51 $8,185.30
031162100 AMGEN INC US AMGN 442.1 $73,698.39
03748R754 APARTMENT INVT & MGMT CO -A US AIV 512.17 $25,582.75
03784Y200 APPLE HOSPITALITY REIT INC US APLE 483.55 $7,466.00
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 4,934.17 $4,736.81
03990B101 ARES MANAGEMENT CORP - A US ARES 1,179.27 $30,295.38
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 9,868.35 $9,226.90
04621X108 ASSURANT INC US AIZ 177.63 $17,755.92
053484101 AVALONBAY COMMUNITIES INC US AVB 439.14 $89,150.10
055622104 BP PLC-SPONS ADR GB BP 1,756.57 $71,527.35
060505104 BANK OF AMERICA CORP US BAC 7,610.47 $202,438.47
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 769,731.02 $794,507.26
06759L103 BARINGS BDC INC US BBDC 1,872.03 $18,533.05
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 1,741.76 $343,858.88
088606108 BHP GROUP LTD AU BHP 1,416.11 $73,510.15
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 1,460.52 $120,112.78
09247X101 BLACKROCK INC US BLK 241.77 $100,471.81
0925288 GLAXOSMITHKLINE PLC GB GSK LN 927.62 $17,908.76
09253U108 BLACKSTONE GROUP LP/THE US BX 1,376.63 $52,105.61
097023105 BOEING CO US BA 303.95 $103,830.67
09857L108 BOOKING HOLDINGS INC US BKNG 246.71 $408,603.81
0989529 ASTRAZENECA PLC GB AZN LN 315.79 $23,271.17
101121101 BOSTON PROPERTIES INC US BXP 365.13 $47,769.80
105368203 BRANDYWINE REALTY TRUST US BDN 2,205.58 $33,326.24
110122108 BRISTOL MYERS SQUIBB CO US BMY 1,692.42 $76,785.16
11134LAB5 BROADCOM CRP / CAYMN FI 2.37500 01/15/2020 US 552,627.4 $551,123.11
11135F101 BROADCOM INC US AVGO 228.95 $57,611.88
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 19,736.69 $17,713.68
12503M108 CBOE GLOBAL MARKETS INC US CBOE 1,490.12 $161,737.66
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 117,793.67 $121,463.27
12572Q105 CME GROUP INC US CME 759.86 $145,984.82
125896100 CMS ENERGY CORP US CMS 878.28 $49,280.45
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 779,599.36 $778,624.86
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 144,145.41 $139,508.26
126650100 CVS HEALTH CORP US CVS 897.03 $46,977.60
12770QAA3 CZR 2017-VICI A 3.53100 10/15/2034 US 256,577.01 $264,496.16
133131102 CAMDEN PROPERTY TRUST US CPT 83.88 $8,669.93
149123101 CATERPILLAR INC US CAT 374.01 $44,810.18
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 260,935.63 $261,351.27
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 41,447.05 $40,410.88
156504AJ1 CENTURY COMMUNITIES 6.75000 06/01/2027 US 14,802.52 $14,576.04
165240102 CHESAPEAKE LODGING TRUST US CHSP 419.4 $12,066.27
166764100 CHEVRON CORP US CVX 1,321.37 $150,438.15
16941R108 CHINA PETROLEUM & CHEM-ADR CN SNP 899.99 $59,498.55
17275R102 CISCO SYSTEMS INC US CSCO 2,207.55 $114,858.78
172967424 CITIGROUP INC US C 2,506.56 $155,782.70
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 266,445.35 $411,665.90
191216100 COCA COLA CO/THE US KO 5,802.59 $285,081.13
194162103 COLGATE-PALMOLIVE CO US CL 1,337.16 $93,093.14
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 1,243.41 $48,654.70
2099084 BORALEX INC -A CA BLX CN 1,169.4 $15,971.52
21036PAM0 CONSTELLATION BRANDS INC 3.87500 11/15/2019 US 276,313.7 $277,633.16
222795106 COUSINS PROPERTIES INC US CUZ 3,779.58 $34,205.17
22282E102 COVANTA HOLDING CORP US CVA 3,266.42 $55,071.89
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 542,759.05 $551,102.87
22822V101 CROWN CASTLE INTL CORP US CCI 606.9 $78,903.50
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 92,535.13 $90,361.20
229663109 CUBESMART US CUBE 375 $12,644.90
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 24,670.87 $24,948.41
25271C102 DIAMOND OFFSHORE DRILLING US DO 5,121.67 $40,307.56
253868103 DIGITAL REALTY TRUST INC US DLR 236.84 $27,880.84
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 542,759.05 $543,568.67
256677105 DOLLAR GENERAL CORP US DG 572.36 $72,850.50
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 19,736.69 $20,180.77
25960P109 DOUGLAS EMMETT INC US DEI 419.4 $16,897.82
26078J100 DU PONT DE NEMOURS INC US DWDP 1,248.35 $38,099.51
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 35,526.05 $33,595.21
269246401 ETRADE FINANCIAL CORP US ETFC 1,421.04 $63,662.68
2715777 QUEBECOR INC -CL B CA QBR/B CN 3,098.66 $73,133.53
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 3,483.53 $70,747.85
285512109 ELECTRONIC ARTS US EA 2,077.29 $193,353.87
291011104 EMERSON ELEC CO US EMR 553.61 $33,349.72
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 384,865.51 $433,121.58
29444U700 EQUINIX INC US EQIX 749.99 $364,339.74
29446M102 EQUINOR ASA-SPON ADR NO EQNR 1,796.04 $34,394.15
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 177.63 $21,610.49
29476L107 EQUITY RESIDENTIAL US EQR 764.8 $58,560.49
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 906.9 $19,280.72
297178105 ESSEX PROPERTY TRUST INC US ESS 133.22 $38,866.38
30161N101 EXELON CORP US EXC 616.77 $29,654.38
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 986,834.64 $988,293.18
30225T102 EXTRA SPACE STORAGE INC US EXR 133.22 $14,276.14
30231G102 EXXON MOBIL CORP US XOM 1,613.47 $114,185.60
302491303 FMC CORP US FMC 858.55 $63,060.21
30262DAL5 FREMF 2011-K13 B 4.61178 01/25/2048 US 317,271.28 $326,188.89
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 39,473.39 $39,868.12
30287EAE0 FREMF 2014-K41 B FLT 3.83223 11/25/2047 US 269,405.86 $278,649.09
30291YAJ9 FREMF 2014-K716 B FLT 3.94824 08/25/2047 US 445,062.42 $455,536.92
3128M5VT4 FHLM POOL G03926 6.00000 02/01/2038 US 37,032.22 $41,596.38
3128M7C95 FHLM POOL G05196 5.50000 10/01/2038 US 36,012.57 $39,399.04
3128M7KW5 FHLM POOL G05409 5.50000 03/01/2039 US 31,961.76 $34,946.44
3128P75X7 FHLM POOL C91762 4.50000 05/01/2034 US 110,642.45 $117,278.57
312941F69 FHLM POOL A92889 4.50000 07/01/2040 US 139,864.97 $149,658.49
312941ZQ3 FHLM POOL Q93451 4.50000 08/01/2040 US 151,271.35 $161,850.11
3132M45M3 FHLM POOL Q24752 3.50000 02/01/2044 US 172,016.7 $176,865.23
3132QUNJ8 FHLM POOL Q37592 4.00000 12/01/2045 US 223,404.6 $233,009.44
3132WKQ84 FHLM POOL Q45878 3.00000 12/01/2046 US 304,378.42 $306,783.14
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 106,403.28 $110,669.64
31335ALP1 FHLM POOL G60334 4.50000 10/01/2041 US 119,733.13 $128,096.28
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 287,823.88 $303,900.19
3136AY6W8 FNA 2017-M15 A1 2.95932 09/25/2027 US 273,750.96 $281,853.35
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 310,784.14 $321,667.74
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 64.14 $8,385.58
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 362,377.44 $374,479.22
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 361,008.45 $376,358.83
3138EGE26 FEDERAL NATL MTG ASSN AL0152 6.00000 06/01/2040 US 80,222.37 $89,996.91
3138EQST0 FEDERAL NATL MTG ASSN AL7729 4.00000 06/01/2043 US 72,219.82 $75,144.92
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65000 01/01/2049 US 142,718.59 $158,718.17
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 628,448.39 $647,332.57
3138YTGK4 FEDERAL NATL MTG ASSN AZ2001 3.50000 05/01/2045 US 296,747.9 $306,262.75
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 97,880.28 $101,735.15
3140FEX33 FEDERAL NATL MTG ASSN BD6997 4.00000 10/01/2046 US 95,144.56 $98,656.39
3140FTWF4 FEDERAL NATL MTG ASSN BE7845 4.50000 02/01/2047 US 113,979.99 $120,625.52
3140HPMQ7 FEDERAL NATIONAL MTGE FN BK9366 4.50000 08/01/2048 US 134,266.76 $140,810.49
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 327,793.77 $343,377.59
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 635,958.57 $671,547.14
3140Q9JA2 FEDERAL NATL MTGE ASSN FN CA2056 4.50000 07/01/2048 US 685,390.48 $718,758.25
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 258,967.49 $273,460.71
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 11,119.01 $11,272.72
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 13,645.5 $13,836.77
31410LC75 FEDERAL NATL MTG ASSN 890294 5.50000 01/01/2039 US 78,606.88 $86,216.64
31410LD74 FHLM POOL 890326 5.50000 01/01/2040 US 82,645.62 $90,674.25
31417YJC2 FEDERAL NATL MTG ASSN MA0258 4.50000 12/01/2039 US 101,761.75 $108,737.75
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 73,497.98 $77,716.17
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 84,766.74 $89,782.36
31418C4M3 FEDERAL NATL MTG ASSN FN MA3527 5.00000 11/01/2048 US 544,723.67 $574,881.36
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 305,575.58 $308,248.08
31418CZ56 FEDERAL NATL MTG ASSN FN MA3463 4.00000 09/01/2033 US 324,795.25 $335,688.96
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 40,465.98 $44,333.80
31419AU62 FEDERAL NATL MTG ASSN AE0604 6.00000 07/01/2039 US 46,206.49 $51,875.80
31428X106 FEDEX CORPORATION US FDX 799.34 $123,321.57
315786AC7 FIDELITY & GUARA NTY LIFE 5.50000 05/01/2025 US 29,605.04 $30,004.71
31620R303 FNF GROUP US FNF 458.88 $17,689.75
32054K103 FIRST INDUSTRIAL REALTY TR US FR 424.34 $14,728.80
33834YAA6 FIVE POINT OP CO LP/FIVE 7.87500 11/15/2025 US 9,868.35 $9,819.00
346232AD3 FORESTAR GROUP INC 8.00000 04/15/2024 US 39,473.39 $40,065.49
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 34,539.21 $34,711.91
35802XAD5 FRESENIUS MED CARE II 5.62500 07/31/2019 US 1,406,239.36 $1,410,964.77
36143WAN1 GAHR 2015-NRF BFX FLT 3.38216 12/15/2034 US 300,984.56 $300,068.94
36143WAS0 GAHR 2015-NRF DFX FLT 3.38216 12/15/2034 US 1,273,016.68 $1,267,135.73
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 93,749.29 $93,283.14
363576109 ARTHUR J GALLAGHER & CO US AJG 424.34 $35,729.33
369604BQ5 GENERAL ELECTRIC CO 5.00000 01/21/2021 US 493,417.32 $459,124.81
37045VAR1 GENERAL MOTORS CO FLT 3.50063 09/10/2021 US 370,062.99 $369,694.87
37045XAR7 GENERAL MOTORS FINL CO 3.15000 01/15/2020 US 552,627.4 $553,483.97
37185LAF9 GENESIS ENERGY LP/GENESI 5.62500 06/15/2024 US 29,605.04 $27,828.74
372460105 GENUINE PARTS CO US GPC 537.82 $53,190.88
374297109 GETTY REALTY CORP US GTY 498.35 $15,428.96
375558103 GILEAD SCIENCES INC US GILD 996.7 $62,044.76
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 44,407.56 $45,073.67
38141GVR2 GOLDMAN SACHS GROUP INC 4.25000 10/21/2025 US 256,577.01 $265,729.54
38378HVC7 GNR 2012-113 PY 2.50000 09/20/2042 US 246,708.66 $239,705.72
38379RRX3 GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 315,977.81 $309,965.06
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 6,547.65 $85,119.42
40060QAA3 GTCR AP FINANCE INC 8.00000 05/15/2027 US 4,934.17 $4,835.49
404139AD9 HC2 HOLDINGS INC 11.50000 12/01/2021 US 9,868.35 $8,585.46
40414L109 HCP INC US HCP 893.09 $28,319.74
406216101 HALLIBURTON CO US HAL 7,687.44 $163,665.64
421946104 HEALTHCARE REALTY TRUST INC US HR 1,376.63 $44,382.69
42225P501 HEALTHCARE TRUST OF AMERICA US HTA 1,874.99 $53,980.84
42809H107 HESS CORP US HES 680.92 $38,035.96
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 207.24 $18,535.12
437076102 HOME DEPOT INC US HD 575.32 $109,225.37
438128308 HONDA MOTOR CO LTD -SPONS ADR JP HMC 1,557.23 $38,323.31
438516106 HONEYWELL INTERNATIONAL INC US HON 451.97 $74,263.23
44107P104 HOST MARRIOTT CORP US HST 947.36 $17,156.71
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 39,473.39 $39,287.07
452308109 ILLINOIS TOOL WKS INC US ITW 253.62 $35,415.01
45337C102 INCYTE CORP US INCY 1,766.43 $138,894.71
45378A106 INDEPENDENCE REALTY TRUST IN US IRT 3,251.62 $35,702.79
458140100 INTEL CORP US INTC 4,120.03 $181,446.32
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 1,894.72 $155,765.14
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 581.25 $73,812.38
46187BAA1 IHSFR 2017-SFR2 A 3.28238 12/17/2036 US 75,454.34 $74,947.84
46187BAB9 IHSFR 2017-SFR2 B 3.58238 12/17/2036 US 59,210.08 $59,058.05
46187W107 INVITATION HOMES INC US INVH 1,181.24 $30,275.21
464287598 ISHARES RUSSELL 1000 VALUE US 695.72 $83,187.05
466032109 J&J SNACK FOODS CORP US JJSF 325.66 $52,381.68
46625H100 JP MORGAN CHASE & CO US JPM 2,338.8 $247,819.05
46640BAC8 JPMMT 2013-2 A2 3.50000 05/25/2043 US 78,991.18 $79,869.72
46641YAA1 JPMMT 2014-2 1A1 3.00000 06/25/2029 US 101,300.65 $101,967.49
46647PAY2 JPMORGAN CHASE & CO 4.02300 12/05/2024 US 374,997.16 $392,956.95
46647SAE0 JPMMT 2017-3 1A3 3.50000 08/25/2047 US 301,486.73 $303,905.26
46648HAE3 JPMMT 2017-2 A5 3.50000 05/25/2047 US 308,694.69 $311,865.92
46648HAF0 JPMMT 2017-2 A6 3.00000 05/25/2047 US 331,560.96 $329,619.28
4741844 MERCK KGAA DE MRK GR 2,526.3 $243,795.26
476405105 JERNIGAN CAPITAL INC US JCAP 2,328.93 $49,187.00
478160104 JOHNSON & JOHNSON US JNJ 5,134.5 $673,389.75
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 54,275.9 $31,887.09
485170302 KANSAS CITY SOUTHERN US KSU 611.84 $69,308.95
493267108 KEYCORP US KEY 1,786.17 $28,525.15
494368103 KIMBERLY CLARK CORP US KMB 310.85 $39,754.98
49446R109 KIMCO REALTY CORP US KIM 754.93 $13,135.76
494550AW6 KINDER MORGAN ENER PART 6.95000 01/15/2038 US 661,179.21 $814,184.70
49456BAE1 KINDER MORGAN INC/ DELAWA 3.05000 12/01/2019 US 552,627.4 $553,112.35
50050N103 KONTOOR BRANDS INC US KTB 52.16 $1,528.32
500630CK2 KOREA DEVELOPMENT BANK 1.37500 09/12/2019 KR 592,100.78 $590,565.60
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 49,341.73 $49,711.79
50212YAB0 LPL HOLDINGS INC 5.75000 09/15/2025 US 29,605.04 $29,753.06
502160AM6 LSB INDUSTRIES 9.62500 05/01/2023 US 19,736.69 $20,353.46
529043101 LEXINGTON REALTY TRUST US LXP 3,567.41 $32,713.12
531172104 LIBERTY PROPERTY TRUST US LPT 666.11 $31,620.40
534187109 LINCOLN NATL CORP IND US LNC 296.05 $17,600.20
53815P108 LIVERAMP HOLDINGS INC US RAMP 2,398.01 $123,209.66
539830109 LOCKHEED MARTIN CORP US LMT 188.49 $63,809.85
54238XAC2 LONESTAR RESOURCES AMERICA 11.25000 01/01/2023 US 19,736.69 $19,193.93
550021109 LULULEMON - ADR CA LULU 1,628.28 $269,626.41
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 38,486.55 $36,947.09
563571AL2 MANITOWOC COMPANY INC 9.00000 04/01/2026 US 9,868.35 $9,596.97
56585A102 MARATHON PETROLEUM CORP US MPC 656.25 $30,180.71
5671735 SANOFI-AVENTIS FR SAN FP 444.08 $35,862.56
57636Q104 MASTERCARD INC-CLASS A US MA 1,786.17 $449,204.07
58933Y105 MERCK & CO INC US MRK 4,098.32 $324,628.26
594918104 MICROSOFT CORP US MSFT 5,180.88 $640,771.47
59522J103 MID-AMERICA APARTMENT COMM US MAA 231.91 $26,479.04
60871R209 MOLSON COORS BREWING CO -B US TAP 725.32 $39,878.28
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 8,069.35 $410,326.29
615369105 MOODY'S CORPORATION US MCO 730.26 $133,549.52
61744YAG3 MORGAN STANLEY FLT 3.77988 05/08/2024 US 848,677.79 $857,854.54
61965RAB1 MOSS CREEK RESOURCES HLD 10.50000 05/15/2027 US 4,934.17 $4,557.94
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 39,473.39 $39,374.70
62957HAC9 NABORS INDUSTRIES INC 5.50000 01/15/2023 US 19,736.69 $17,313.03
637417106 NATIONAL RETAIL PROPERTIES US NNN 300.98 $16,111.70
637870106 NATIONAL STORAGE AFFILIATES US NSA 325.66 $9,701.28
63902MAE8 NATURAL RESRCE PART LP 9.12500 06/30/2025 US 4,934.17 $5,020.52
63940YAA4 NAVSL 2019-CA A1 2.82000 02/15/2068 US 276,313.7 $277,463.69
63941RAB6 NAVSL 2019-2A A2 3.48000 02/27/2068 US 542,759.05 $547,535.82
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 85,856.26 $87,817.76
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 96,455.99 $99,507.49
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 128,483.19 $131,418.22
6499550 KYOWA KIRIN CO LTD JP 4151 JP 3,848.66 $72,442.15
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 44,407.56 $34,526.88
66987V109 NOVARTIS AG- REG CH NVS 6,034.49 $516,794.05
67059TAD7 NUSTAR LOGISTICS LP 6.75000 02/01/2021 US 19,736.69 $20,427.48
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 118.42 $43,977.69
674599105 OCCIDENTAL PETROLEUM CORP US OXY 626.64 $31,187.87
68323ADY7 ONTARIO (PROVINCE OF) 1.25000 06/17/2019 CA 203,287.93 $203,196.46
693475105 PNC FINANCIAL SERVICES GROUP US PNC 172.7 $21,977.30
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 24,670.87 $24,946.44
70338P100 PATTERN ENERGY GROUP INC -A US PEGI 1,154.6 $24,488.99
7123870 NESTLE SA-REGISTERED CH NESN SW 2,970.37 $294,657.21
713448108 PEPSICO INC US PEP 2,659.52 $340,418.48
71654V101 PETROLEO BRASIL-SP PREF ADR BR PBR/A 3,699.64 $48,021.37
717081103 PFIZER INC US PFE 3,143.07 $130,500.20
71943U104 PHYSICIANS REALTY TRUST US DOC 3,152.94 $57,730.27
729640102 PLYMOUTH INDUSTRIAL REIT INC US 853.61 $15,177.22
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 779,599.36 $807,769.63
74251V102 PRINCIPAL FINANCIAL GROUP US PFG 330.59 $17,048.51
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 148,025.2 $148,622.05
74333NAA0 PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 US 276,313.7 $279,704.56
74340W103 PROLOGIS US PLD 1,041.11 $76,698.61
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 493,417.32 $516,854.64
74460D109 PUBLIC STORAGE INC US PSA 172.7 $41,080.94
749685103 RPM INTERNATIONAL INC US RPM 952.3 $50,966.85
756109104 REALTY INCOME CORP US O 138.16 $9,682.03
7591EP100 REGIONS FINANCIAL CORP. US RF 1,144.73 $15,831.59
760759100 REPUBLIC SERVICES INC US RSG 429.27 $36,312.21
767204100 RIO TINTO PLC - SPON ADR GB RIO 1,059.86 $61,397.71
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 44,407.56 $45,072.34
77714PAB5 SEMGROUP / ROSE ROCK FIN 5.62500 07/15/2022 US 29,605.04 $29,308.99
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 582.23 $36,599.13
78409V104 S&P GLOBAL INC US SPGI 641.44 $137,191.72
78410G104 SBA COMMUNICATIONS CORP US SBAC 720.39 $155,899.44
78442PGC4 SLM CORP 5.12500 04/05/2022 US 39,473.39 $38,486.55
78470NAB2 SOFI 2015-D A2 2.72000 10/27/2036 US 83,002.6 $83,102.17
78470RAC1 SOFI 2016-E A2B 2.49000 01/25/2036 US 253,280.82 $252,790.26
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 779,599.36 $866,037.33
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 513,154.01 $538,473.35
806857108 SCHLUMBERGER LTD NL SLB 3,779.58 $131,113.51
808513105 CHARLES SCHWAB CORP/THE US SCHW 3,108.53 $129,345.90
81211K100 SEALED AIR CORP US SEE 1,179.27 $49,411.30
812578102 SEATTLE GENETICS INC US SGEN 2,101.96 $136,774.39
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 113,211.55 $112,791.93
81762P102 SERVICENOW INC US NOW 305.92 $80,129.29
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 29,605.04 $27,384.66
828806109 SIMON PROPERTY GROUP INC US SPG 483.55 $78,378.45
831641FC4 SBIC 2015-10A 1 2.51700 03/10/2025 US 90,628.82 $91,839.34
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 41,298.94 $41,116.92
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 74,012.6 $74,736.22
83402JAC2 SOFI 2016-B A2B 2.74000 10/25/2032 US 67,808.62 $67,920.33
83404YAA1 SCLP 2016-5 A 3.06000 09/25/2028 US 117,383.92 $117,901.18
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 23,385.14 $23,357.58
83405TAA1 SCLP 2019-3 A MTGE 2.90000 05/25/2028 US 276,313.7 $277,269.99
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 236,840.31 $238,187.48
83406EAB1 SOFI 2018-A A2A 2.39000 02/25/2042 US 91,634.54 $91,440.00
835495102 SONOCO PRODUCTS CO US SON 606.9 $37,524.83
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 759,862.67 $776,805.74
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 49,341.73 $45,872.51
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 14,802.52 $15,394.62
85254J102 STAG INDUSTRIAL INC US STAG 1,435.84 $41,897.94
855030AN2 STAPLES INC 7.50000 04/15/2026 US 29,605.04 $28,424.09
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.65963 11/15/2027 US 252,227.89 $251,437.27
862121100 STORE CAPITAL CORP US STOR 281.25 $9,624.30
866674104 SUN COMMUNITIES US SUI 296.05 $37,382.28
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 809.2 $10,859.52
87612E106 TARGET CORP US TGT 715.46 $57,558.36
876664103 TAUBMAN CTRS INC US TCO 118.42 $5,253.12
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 34,539.21 $31,776.08
88160RAE1 TESLA INC 5.30000 08/15/2025 US 4,934.17 $4,021.45
882508104 TEXAS INSTRUMENTS INC US TXN 615.78 $64,232.51
88579Y101 3M CO US MMM 447.04 $71,414.02
88650V208 TIER REIT INC US TIER 1,184.2 $31,878.71
89151E109 TOTAL S A SPONSORED ADR FR TOT 1,158.54 $59,665.01
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 203,068.27 $201,812.08
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 183,445.06 $183,079.87
89177EAA7 TPMT 2019-HY1 A1 3.42975 10/25/2048 US 183,302.34 $184,039.91
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 215,931.83 $215,241.69
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 196,871.8 $197,825.35
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 35,526.05 $34,117.44
902653104 UDR INC US UDR 685.85 $30,712.37
902973304 U.S. BANCORP US USB 1,154.6 $57,960.75
903002103 UMH PROPERTIES INC US UMH 606.9 $8,077.88
904767704 UNILEVER PLC - ADR GB UL 6,093.7 $371,167.50
907818108 UNION PAC CORP US UNP 446.05 $74,392.09
911312106 UNITED PARCEL SERVICE US UPS 1,257.23 $116,821.56
912796SJ9 TREASURY BILL 0.00000 09/19/2019 US 2,748,334.46 $2,729,381.25
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 911,835.2 $1,233,007.78
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 369,020.25 $371,618.63
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 816,112.24 $804,826.94
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 1,509,856.99 $1,585,998.62
9128286B1 US TREASURY N/B 2.62500 02/15/2029 US 1,712,158.09 $1,784,055.36
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 3,084,332.06 $3,059,633.32
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 1,564,132.9 $1,522,768.91
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 1,534,527.86 $1,568,335.42
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 1,504,922.82 $1,515,327.94
913017109 UNITED TECHNOLOGIES CORP US UTX 543.75 $68,675.11
91704F104 URBAN EDGE PROPERTIES US UE 1,100.32 $18,980.53
918204108 VF CORP US VFC 365.13 $29,896.75
91913Y100 VALERO ENERGY US VLO 390.79 $27,511.37
92276F100 VENTAS INC US VTR 503.29 $32,361.27
92339V100 VEREIT INC US VER 2,985.17 $26,508.35
92343V104 VERIZON COMMUNICATIONS US VZ 1,189.14 $64,629.53
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 690,784.24 $835,402.82
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 809.2 $134,473.59
92826C839 VISA INC - CLASS A SHARES US V 2,674.32 $431,448.35
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 19,736.69 $19,217.62
929042109 VORNADO REALTY TRUST US VNO 271.38 $17,973.47
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 19,736.69 $19,415.97
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 336,202.89 $346,155.73
93065PAA9 WBHT 2019-WBM A FLT 3.48963 12/15/2033 US 172,696.06 $171,676.90
931142103 WAL MART STORES US WMT 1,244.4 $126,231.78
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 777.63 $38,368.05
94106L109 WASTE MANAGEMENT INC US WM 1,248.35 $136,506.61
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 34,539.21 $33,934.78
948741103 WEINGARTEN REALTY INVESTORS US WRI 715.46 $20,175.83
949746101 WELLS FARGO COMPANY US WFC 4,026.29 $178,646.28
95040Q104 WELLTOWER INC. US WELL 409.54 $33,262.54
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 98,683.46 $97,943.34
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 29,605.04 $29,314.02
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 394,733.85 $399,457.97
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 86,619.74 $86,881.73
B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 1,949 $20,360.94
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 271,379.52 $13,475.96
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 32,565.54 $25,047.23
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 497,364.66 $24,445.51
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 59,210.08 $43,102.59
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 723,349.79 $36,897.62
B68XHC3 NORTHLAND POWER INC CA NPI CN 1,179.27 $21,777.54
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 90,788.79 $4,498.36
BBG00JQ6ZYX7 BKNG US 06/21/19 P1650 US -.99 -$3,605.89
BBG00KT3R5C3 MDT US 06/21/19 P82.5 IE -12.83 -$192.43
BBG00NWQ17B7 DLTR US 5/31/19 P90 US -18.75 -$93.75
BBG00NYKM5H3 RAMP US 06/21/19 P50 US -22.7 -$2,837.15
BBG00P3GM1T7 ATVI US 06/28/19 P40 US -28.62 -$1,602.62
BBG00P3LNW08 EA US 06/14/19 P88 US -12.83 -$1,372.69
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 8,684.14 $13,252.31
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 9,927.56 $413,955.83
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 11,082.15 $49,304.26
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 6,177.58 $164,972.25
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 3,996.68 $325,069.62
G29183103 EATON CORP PLC US ETN 405.59 $30,212.33
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 59,210.08 $60,912.37
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 1,904.59 $73,364.84
G5960L103 MEDTRONIC INC IE MDT 6,518.04 $603,440.40
H01301128 ALCON INC CH ALC 1,124.99 $65,452.00
H1467J104 CHUBB LTD CH CB 256.58 $37,478.20
H8817H100 TRANSOCEAN LTD US RIG 8,309.15 $51,516.72
N47279109 INTERXION HOLDING NV NL INXN 3,927.6 $289,503.53
USD US DOLLAR US 981,132.73 $981,132.73

Based on the investments of the underlying fund(s): Manning & Napier Fund, Inc. Pro-Blend® Conservative Term Series through 10/15/2017, and Manning & Napier Fund, Inc. Blended Asset Conservative Series beginning 10/16/2017. Investments will change over time. Fund holdings list does not include securities with positions less than 0.005 shares.

Distributions

  • Target Income Series Class R Distribution History
  • 2019 Distribution Calendar
  • Fourth Quarter 2018 Distributions
  • Third Quarter 2018 Distributions
  • Second Quarter 2019 Distributions
  • First Quarter 2019 Distributions
  • Tax Letter
  • Target 2010 Merger into Target Income – 2015

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

$10.14

Daily $ Change

$0.02

Daily % Change

0.20%

as of 06/24/2019

Ticker

MTDRX

CUSIP

56382P831

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

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 preservation and manage risk for investors who have already reached their target date or who desire minimal capital risk as they move towards a future target date.

Investment Strategy

The portfolio is invested in a conservative mix of securities that seeks preservation of capital, with income and long-term capital growth as secondary objectives. The portfolio is diversified primarily among fixed income securities, typically focusing on short to intermediate-term maturities. A position in various stock investments, which may be focused on dividend paying stocks, adds potential for growth opportunities and income generation. For the most part, this approach favors stability over growth. Stock exposure can range from 15% - 45%.

May be Appropriate for Investors

  • Who have reached their target date or are already in retirement and seek to minimize declines in account value with potential for modest capital growth and income generation
  • Who have a future target date and want to assume a minimal amount of capital risk through limited stock exposure
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio

About Target Date Funds

A target date fund is a single investment portfolio designed to meet an investor’s changing needs over time. The fund gradually shifts from a more aggressive to a more conservative investment objective over the years to reflect an appropriate risk/return trade-off for the investor’s changing time horizon.

Target Series Glide Path Overview

Learn more about our Glide Range SM

Performance

As of 05/31/2019

YTD

6.20%

1 Year

3.87%

3 Year

4.01%

5 Year

2.18%

10 Year

4.96%

Inception
(03/28/2008)

4.21%

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 1.15%*

*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.

Top Ten Investments

As of 05/31/2019

TREASURY NOTES 10.56%
GOVERNMENT AGENCY 10.04%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 4.05%
TREASURY BILLS 3.61%
TREASURY BONDS 2.70%
FRESENIUS MED CARE II 5.62500 07/31/2019 1.87%
GAHR 2015-NRF DFX FLT 3.38216 12/15/2034 1.68%
EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 1.31%
SABINE PASS LIQUEFACTION 5.87500 06/30/2026 1.15%
MORGAN STANLEY FLT 3.77988 05/08/2024 1.14%

Top Ten Investments list is unaudited and excludes cash.

Asset Allocation

As of 05/31/2019

Bonds
72.63%
Stocks
26.09%
Cash
1.28%

Detailed Asset Class Allocation

As of 05/31/2019

International Equities
6.69%
Small Capitalization
0.65%
Mid Capitalization
1.41%
Large Capitalization
17.35%
Long Term Fixed Income
20.91%
Intermediate Term Fixed Income
31.11%
Short Term Fixed Income
20.60%
Cash
1.28%

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

May Fund Holdings

As of 05/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 24,670.87 $24,917.57
00206R102 AT&T INC US T 592.1 $18,106.44
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 513,154.01 $534,769.71
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 497,364.66 $495,927.27
00287Y109 ABBVIE INC US ABBV 1,015.45 $77,895.39
004239109 ACADIA REALTY TRUST US AKR 291.12 $7,962.03
00507V109 ACTIVISION INC US ATVI 4,179.24 $181,253.84
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 523,022.36 $539,608.47
008492100 AGREE REALTY CORP US ADC 172.7 $11,562.00
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 601,969.13 $611,706.51
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 69.08 $10,113.77
020002101 ALLSTATE CORPORATION US ALL 276.31 $26,390.72
02079K107 ALPHABET INC-CL C US GOOG 246.71 $272,275.08
02079K305 ALPHABET INC-CL A US GOOGL 236.84 $262,063.81
023135106 AMAZON.COM INC US AMZN 69.08 $122,619.04
02319V103 AMBEV SA-ADR BR ABEV 32,812.25 $146,670.76
0237400 DIAGEO PLC GB DGE LN 8,269.67 $347,836.39
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 93,749.29 $94,100.85
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 281.25 $13,027.40
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,870.05 $45,647.96
026874784 AMERICAN INTL GROUP INC US AIG 513.15 $26,206.78
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74251V102 PRINCIPAL FINANCIAL GROUP US PFG 330.59 $17,048.51
74333KAA6 PROG 2017-SFR2 A 2.89700 12/17/2034 US 148,025.2 $148,622.05
74333NAA0 PROGRESS RESIDENTIAL TRUST 3.14700 05/17/2036 US 276,313.7 $279,704.56
74340W103 PROLOGIS US PLD 1,041.11 $76,698.61
744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 493,417.32 $516,854.64
74460D109 PUBLIC STORAGE INC US PSA 172.7 $41,080.94
749685103 RPM INTERNATIONAL INC US RPM 952.3 $50,966.85
756109104 REALTY INCOME CORP US O 138.16 $9,682.03
7591EP100 REGIONS FINANCIAL CORP. US RF 1,144.73 $15,831.59
760759100 REPUBLIC SERVICES INC US RSG 429.27 $36,312.21
767204100 RIO TINTO PLC - SPON ADR GB RIO 1,059.86 $61,397.71
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 44,407.56 $45,072.34
77714PAB5 SEMGROUP / ROSE ROCK FIN 5.62500 07/15/2022 US 29,605.04 $29,308.99
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 582.23 $36,599.13
78409V104 S&P GLOBAL INC US SPGI 641.44 $137,191.72
78410G104 SBA COMMUNICATIONS CORP US SBAC 720.39 $155,899.44
78442PGC4 SLM CORP 5.12500 04/05/2022 US 39,473.39 $38,486.55
78470NAB2 SOFI 2015-D A2 2.72000 10/27/2036 US 83,002.6 $83,102.17
78470RAC1 SOFI 2016-E A2B 2.49000 01/25/2036 US 253,280.82 $252,790.26
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 779,599.36 $866,037.33
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 513,154.01 $538,473.35
806857108 SCHLUMBERGER LTD NL SLB 3,779.58 $131,113.51
808513105 CHARLES SCHWAB CORP/THE US SCHW 3,108.53 $129,345.90
81211K100 SEALED AIR CORP US SEE 1,179.27 $49,411.30
812578102 SEATTLE GENETICS INC US SGEN 2,101.96 $136,774.39
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 113,211.55 $112,791.93
81762P102 SERVICENOW INC US NOW 305.92 $80,129.29
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 29,605.04 $27,384.66
828806109 SIMON PROPERTY GROUP INC US SPG 483.55 $78,378.45
831641FC4 SBIC 2015-10A 1 2.51700 03/10/2025 US 90,628.82 $91,839.34
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 41,298.94 $41,116.92
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 74,012.6 $74,736.22
83402JAC2 SOFI 2016-B A2B 2.74000 10/25/2032 US 67,808.62 $67,920.33
83404YAA1 SCLP 2016-5 A 3.06000 09/25/2028 US 117,383.92 $117,901.18
83405LAA8 SCLP 2017-5 A1 2.14000 09/25/2026 US 23,385.14 $23,357.58
83405TAA1 SCLP 2019-3 A MTGE 2.90000 05/25/2028 US 276,313.7 $277,269.99
83406CAA7 SCLP 2019-2 A MTGE 3.01000 04/25/2028 US 236,840.31 $238,187.48
83406EAB1 SOFI 2018-A A2A 2.39000 02/25/2042 US 91,634.54 $91,440.00
835495102 SONOCO PRODUCTS CO US SON 606.9 $37,524.83
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 759,862.67 $776,805.74
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 49,341.73 $45,872.51
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 14,802.52 $15,394.62
85254J102 STAG INDUSTRIAL INC US STAG 1,435.84 $41,897.94
855030AN2 STAPLES INC 7.50000 04/15/2026 US 29,605.04 $28,424.09
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.65963 11/15/2027 US 252,227.89 $251,437.27
862121100 STORE CAPITAL CORP US STOR 281.25 $9,624.30
866674104 SUN COMMUNITIES US SUI 296.05 $37,382.28
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 809.2 $10,859.52
87612E106 TARGET CORP US TGT 715.46 $57,558.36
876664103 TAUBMAN CTRS INC US TCO 118.42 $5,253.12
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 34,539.21 $31,776.08
88160RAE1 TESLA INC 5.30000 08/15/2025 US 4,934.17 $4,021.45
882508104 TEXAS INSTRUMENTS INC US TXN 615.78 $64,232.51
88579Y101 3M CO US MMM 447.04 $71,414.02
88650V208 TIER REIT INC US TIER 1,184.2 $31,878.71
89151E109 TOTAL S A SPONSORED ADR FR TOT 1,158.54 $59,665.01
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 203,068.27 $201,812.08
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 183,445.06 $183,079.87
89177EAA7 TPMT 2019-HY1 A1 3.42975 10/25/2048 US 183,302.34 $184,039.91
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 215,931.83 $215,241.69
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 196,871.8 $197,825.35
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 35,526.05 $34,117.44
902653104 UDR INC US UDR 685.85 $30,712.37
902973304 U.S. BANCORP US USB 1,154.6 $57,960.75
903002103 UMH PROPERTIES INC US UMH 606.9 $8,077.88
904767704 UNILEVER PLC - ADR GB UL 6,093.7 $371,167.50
907818108 UNION PAC CORP US UNP 446.05 $74,392.09
911312106 UNITED PARCEL SERVICE US UPS 1,257.23 $116,821.56
912796SJ9 TREASURY BILL 0.00000 09/19/2019 US 2,748,334.46 $2,729,381.25
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 911,835.2 $1,233,007.78
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 369,020.25 $371,618.63
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 816,112.24 $804,826.94
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 1,509,856.99 $1,585,998.62
9128286B1 US TREASURY N/B 2.62500 02/15/2029 US 1,712,158.09 $1,784,055.36
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 3,084,332.06 $3,059,633.32
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 1,564,132.9 $1,522,768.91
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 1,534,527.86 $1,568,335.42
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 1,504,922.82 $1,515,327.94
913017109 UNITED TECHNOLOGIES CORP US UTX 543.75 $68,675.11
91704F104 URBAN EDGE PROPERTIES US UE 1,100.32 $18,980.53
918204108 VF CORP US VFC 365.13 $29,896.75
91913Y100 VALERO ENERGY US VLO 390.79 $27,511.37
92276F100 VENTAS INC US VTR 503.29 $32,361.27
92339V100 VEREIT INC US VER 2,985.17 $26,508.35
92343V104 VERIZON COMMUNICATIONS US VZ 1,189.14 $64,629.53
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 690,784.24 $835,402.82
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 809.2 $134,473.59
92826C839 VISA INC - CLASS A SHARES US V 2,674.32 $431,448.35
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 19,736.69 $19,217.62
929042109 VORNADO REALTY TRUST US VNO 271.38 $17,973.47
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 19,736.69 $19,415.97
92935JBC8 WF-RBS COMMERCIAL MORTGAGE T FLT 4.86900 02/15/2044 US 336,202.89 $346,155.73
93065PAA9 WBHT 2019-WBM A FLT 3.48963 12/15/2033 US 172,696.06 $171,676.90
931142103 WAL MART STORES US WMT 1,244.4 $126,231.78
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 777.63 $38,368.05
94106L109 WASTE MANAGEMENT INC US WM 1,248.35 $136,506.61
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 34,539.21 $33,934.78
948741103 WEINGARTEN REALTY INVESTORS US WRI 715.46 $20,175.83
949746101 WELLS FARGO COMPANY US WFC 4,026.29 $178,646.28
95040Q104 WELLTOWER INC. US WELL 409.54 $33,262.54
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 98,683.46 $97,943.34
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 29,605.04 $29,314.02
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 394,733.85 $399,457.97
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 86,619.74 $86,881.73
B29TNV3 INNERGEX RENEWABLE ENERGY CA INE CN 1,949 $20,360.94
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 271,379.52 $13,475.96
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 32,565.54 $25,047.23
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 497,364.66 $24,445.51
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 59,210.08 $43,102.59
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 723,349.79 $36,897.62
B68XHC3 NORTHLAND POWER INC CA NPI CN 1,179.27 $21,777.54
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 90,788.79 $4,498.36
BBG00JQ6ZYX7 BKNG US 06/21/19 P1650 US -.99 -$3,605.89
BBG00KT3R5C3 MDT US 06/21/19 P82.5 IE -12.83 -$192.43
BBG00NWQ17B7 DLTR US 5/31/19 P90 US -18.75 -$93.75
BBG00NYKM5H3 RAMP US 06/21/19 P50 US -22.7 -$2,837.15
BBG00P3GM1T7 ATVI US 06/28/19 P40 US -28.62 -$1,602.62
BBG00P3LNW08 EA US 06/14/19 P88 US -12.83 -$1,372.69
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 8,684.14 $13,252.31
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 9,927.56 $413,955.83
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 11,082.15 $49,304.26
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 6,177.58 $164,972.25
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 3,996.68 $325,069.62
G29183103 EATON CORP PLC US ETN 405.59 $30,212.33
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 59,210.08 $60,912.37
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 1,904.59 $73,364.84
G5960L103 MEDTRONIC INC IE MDT 6,518.04 $603,440.40
H01301128 ALCON INC CH ALC 1,124.99 $65,452.00
H1467J104 CHUBB LTD CH CB 256.58 $37,478.20
H8817H100 TRANSOCEAN LTD US RIG 8,309.15 $51,516.72
N47279109 INTERXION HOLDING NV NL INXN 3,927.6 $289,503.53
USD US DOLLAR US 981,132.73 $981,132.73

Based on the investments of the underlying fund(s): Manning & Napier Fund, Inc. Pro-Blend® Conservative Term Series through 10/15/2017, and Manning & Napier Fund, Inc. Blended Asset Conservative Series beginning 10/16/2017. Investments will change over time. Fund holdings list does not include securities with positions less than 0.005 shares.

Distributions

  • Target Income Series Class R Distribution History
  • 2019 Distribution Calendar
  • Fourth Quarter 2018 Distributions
  • Third Quarter 2018 Distributions
  • Second Quarter 2019 Distributions
  • First Quarter 2019 Distributions
  • Tax Letter
  • Target 2010 Merger into Target Income – 2015

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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